Sound and Communication: An Aesthetic Cultural History of Sanskrit Hinduism 9783110181593, 9783110240030, 2010036854


191 7 11MB

English Pages [1136] Year 2011

Report DMCA / Copyright

DOWNLOAD PDF FILE

Table of contents :
Foreword
Table of Contents
I. Methodology
1 Hinduism as a Culture of Sound
1.1 Notes on Theory, Method and Scope of Inquiry
1.2 Applied Aesthetics of Religion
1.3 Sanskrit Hinduism and Phonocentrism of Sanskrit Culture
1.3.1 Post Orientalism: Religion and Sanskrit Hinduism
1.4 Texts in Practice and the Performativity of Texts
1.4.1 Ritual Sound Spaces and Social Semiotics
1.4.2 Religious Readings and Holy Hearing
1.4.3 Program for a Sonic Literary History and Theory
1.5 Communication and Reception of Sounding Texts
1.5.1 Religion as Symbolic Communication and Sociology of Religious Experience
1.5.2 Aesthetics of Reception and Religion
1.5.3 Religious Aesthetics and Acoustic Piety
1.5.3.1 Modes and Multi-Dimensionality of Acoustic Piety
1.5.3.2 Animated Sound Explained
1.5.4 Review and Outlook for the "Sonic Paradigm" and Sound as Symbolic Form
1.6 Orientation on Scriptures and Orientation on Sounds -Religions Compared
1.6.1 Stone Tablets and Books that Come to Life
1.6.2 Memory Techniques and Internalization
1.6.3 Acoustic Piety in India and Europe
1.6.4 Historical and Cultural Dissonances in Semi-Literate Zones
1.7 The Power of the Media and Their Cultural Contingency
1.7.1 Orality-Literacy Debate and Sanskrit Culture
1.7.2 Orality or Literacy in Ancient India?
1.7.3 Sonality as a Third Space: New Aspects for Debate
1.7.4 Media Practice as Aesthetic Practice
1.7.5 Religious Practices and Literatures as Perception-Generating Networks
1.8 Literati in India and Europe
1.8.1 Audible Abstractions: Pânini's Grammar as Trendsetter of Science :
1.8.2 Scientific Practice and Aesthetic Style of Indian Mathematicians and Astronomers
1.8.3 The Indian Liturgical Model and the Greek Logocentric Model
1.8.4 Public Scholarly Disputes in Medieval Europe and India - Church and State Politics
1.8.5 Science and Religion - Correlation Spaces, Discursive Formations, Pragmatic Functions
1.9 From Media Technology to the Symbolic Forms as Cultural Media
1.10 Sound Rituals of the Goddess Language - Symbolic Forms of Language and Sound
1.10.1 The Language-Cow and Resources of the Brahmins
1.10.2 Mythos and Logos - On the Coexistence of Participation and Emancipation
1.10.2.1 Participatory and Emancipatory World Orientations
1.10.2.2 Magic and Myth
1.10.3 Mythical-Terminological Syntheses
1.10.3.1 The Language Goddess as Substance and Metaphor: "Code-Switching" Strategies
1.10.3.2 The "Cosmic Language" and Other Universal Myths
1.11 Considerations of Cultural Theory on Emancipation and Participation as Guiding Heuristic Difference
II. History
2 The Veda as a Basic Paradigm for Sacred Language and Sacred Sound
2.1 Performance and Aura
2.1.1 Aesthetic Message and Forms of Reception
2.1.2 Mnemonic Techniques and Transmission
2.2 The Veda as Cultural Memory: Eternal Knowledge and the Ever Fresh Vedas
2.3 Evocation and Expression: the Early Rgveda
2.3.1 Hymns, the Food of the Gods
2.3.2 Lowing of Cattle and Croaking of Frogs
2.3.3 The Brahman as Poetic Magic
2.3.4 The Keeper of the Brahman
2.3.5 Language as a Goddess
2.3.5.1 "The Language Speaks": The Vâg Ämbhrni-Hymn
2.3.5.2 "Sifted words" - The Brhaspati Ängirasa Hymn
2.4 Professionalisation of the Sacrificial Language: Late Samhitä and Brähmanas
2.4.1 The Voice and the "Inexhaustible": the Late Rgveda
2.4.2 The Riddle in the Hymn of Dirghatamas
2.4.2.1 The New Brahman
2.4.2.2 The Thousand-Syllabled Buffalo Cow
2.4.3 Metrical Magic with Numbers
2.4.4 Sound Rituals for the Vedic New Year
2.4.4.1 The Great Litany
2.4.4.2 The Syllable of Life
2.4.4.3 Earth-Drum and Life-Harp - Eschatological Carneval Music
2.5 Semanticization and Language Act: the Yajur-Veda
2.5.1 Mantras as Speech Acts and Language Acts
2.5.2 The Disciplined Spirit and the Dionysic
2.5.3 Cosmogonic Function of Language
2.5.4 Etymology as an Interpretation of Reality
2.6 Sound Rituals: the Säma-Veda
2.6.1 Mimetic Magic
2.6.2 "Caterwauling" and Howling Storms
2.6.3 "Incorporeal Songs"
2.6.4 The "Inexpressible" Syllable OM
2.6.5 Humming Pithecanthropoi and "Sososoooonging"
2.6.6 How to Sing Oneself into the Other World
2.7 OM in the earlier Upanisads
2.7.1 OM as "Essence" (Chändogya-Upanisad)
2.7.2 Language Skepticism (Taittiriya-Upanisad)
2.8 OM in the later Upanisads
2.8.1 OM as Tool for Contemplation (Mundaka-Upanisad)
2.8.2 OM as Superstructure (Mändükya-Upanisad)
3 Composition and Decomposition: Analytical Studies and Popularizations of the Veda - Rationality and Aesthetics of Post-Vedic Literatures and Performing Arts
3.1 The Nostalgia of the Bards
3.2 Theistic "Topping" of the Veda in Litanies and Puränas
3.2.1 The Hundred and the Thousand Names of the Universal God
3.2.2 Hearing That Brings Deliverance
3.3 Auxiliary Vedic Studies: Systematics and Abstractions
3.3.1 Grammarians
3.3.1.1 Patafijali's Arguments in Support of Grammar
3.3.1.2 The Phonetic Alphabet
3.3.1.3 Sütra Technique and Pânini's Meta-Language '
3.3.1.4 "Sivasüträni" and the Code Systems it Inspired '
3.3.1.5 "Growth" and Other Participatory "Survivals"
3.3.2 Phoneticians
3.3.2.1 Training the Mind through Sounds
3.3.2.2 Phonetics and Aesthetics
3.4 Theater as the Fifth Veda and the Theory of Aesthetic Moods
3.4.1 Phenomenology of Moods
3.4.2 Sensitization of Gestures
3.4.3 Expressive Vocalization
3.4.4 Onomatopoeic Codes: the Language of Drums
3.5 Entertaining Learning in Theater and Remythification of the Science of Grammar in Light Reading
4 Pluralism and the Search for Orientation: De-Sacralization and Re-Sacralization of Language in Poetics, Linguistics, and Metaphysics
4.1 Courtly Poetry: Ornate and Expressive Speech
4.1.1 The Language Workshop of the Ornamentalists
4.1.1.1 Language Ornamentation
4.1.2 The School of Suggestion
4.2 Brahmanical Aggiornamento: Rationalist Challenges and the Rise of Veda Hermeneutics
4.3 The Pürva-Mimämsä and Their Theory of the Eternal Validity of Words and Sounds
4.3.1 Philosophical Fundamentals and Pragmatic Rationality
4.3.2 On the Theory of the Eternity of Linguistic Statements
4.3.2.1 Eternal Existence of Phonemes
4.3.2.2 Eternal Existence of Words
4.3.3 Areligious Religion
4.4 The Uttara-Mimämsä and Their Communication of the Non-Verbal
4.4.1 On the Limits of Language
4.4.2 Exegesis and Teaching Method of tat tvam asi
4.4.3 Revelation and Reason
4.5 Bhartrhari's "Linguistic Turn" and His Metaphysics of Language
4.5.1 Linguistic Theory
4.5.2 Metaphysical Theory
4.5.3 The Communicative Global Network of Meanings
4.5.4 Culture and Language
4.5.5 The Three Dimensions of Language
5 Performance and Sensuality: The Sound Universes of Tantra and Devotionalism
5.1 The Tantric "Weaving Frame": Notes on Definition, Actors and Politics
5.2 Sex and Crime with the Tantrists: Othering Discourses in East and West
5.3 Mantras as Divine Self-Revelation
5.4 Power Religion and Occult Sounds
5.4.1 The Heavenly Ear
5.4.2 The Singing Skull and the Birth of Bija Mantras
5.4.3 Clanking Ether, Ominous Noises and "Non-Struck Sound"
5.4.4 Mimetic Sound Magic
5.5 The Mantra of the Synthetic Tantras
5.5.1 The Mantric "First Aid Kit"
5.5.2 Morphology of the'Seed Sounds'
5.5.3 Mantra Rituals
5.5.3.1 Encoding and Visualization of Mantras
5.5.3.2 Somatic Applications: Nyâsa
5.5.3.3 Graphic Applications: Yantra and Mandala
5.6 Phonematic Cosmogonies
5.6.1 Energy
5.6.2 Original Matter and Original Sound
5.6.3 Language Creation and World Creation
5.6.4 The Communicative Brahman as a Coiled Snake and Energetic Presence in the Body
5.7 Mantras as Contemplative Instruments
5.7.1 The Cosmo-Grammar of the Srîvidyâ
5.7.2 The Language Goddess on the Shoulders of the Hermeneutist
5.7.3 1103.333 Milliseconds of Eternity
5.8 Abhinavagupta - Language as Reflected Presence
5.8.1 Poetic Biography and Subjective Landscape
5.8.2 Holistic Perception and Cosmic Language
5.8.3 Phenomenology of the Alphabet
5.8.3.1 The Inner Trinity (a, i, u)
5.8.3.2 The Trinity Relevant to Soteriology (a, h, m)
5.8.4 The Four Levels of Language
5.8.5 The Audible Peacock's Tail
5.9 Divine Atmospheres: Text and Music in the Devotional Traditions
5.9.1 Hearing and Sensing the Buffalo-Demon-Slayer
5.9.2 Individual Musical Forms of the "Flood of Beauty"
5.9.3 The Disappearance of Language in Music
6 Sensory Substance: Näda-Brahman in East and West
6.1 A Little Researched Symbolic Form and ist Transreligious Impact
6.2 The Näda-Brahman as a Means of Healing for Western "Eye-People": the "World is Sound" in New Age
6.3 The Näda-Brahman as an Indigenous Category: the "World is Sound" in the Indian Middle Ages
6.3.1 Music as a Yoga for Everybody and the Sound Mysticism of the Indian Musicologists
6.3.2 Developments in the Term "Brahman" and the Transformations of the Language Goodess
6.3.3 The Yogic Tantric Legacy and its Recoding
6.3.4 Devotional Näda-Yoga in South Indian Classical Music
6.3.5 Cultivation of Great Transcendencies and Social Sense Systems
6.3.6 From the Liminal to the Sublime and Popular
6.3.7 Confluence of Traditions in the Näda-Brahman and Transreligiosity
6.3.8 The Mood of Näda-Brahman
6.3.9 The Tämpüra as Total Representation of the Näda-Brahman
6.3.10 Cultural Boundaries and Delimiting Culture
6.3.11 Music of the Universe and Näda-Brahman
6.3.11.1 "Glass Bead Game" in Europe and India
6.3.11.2 Transnationalization of the Näda-Brahman
6.4 Concluding Theses on India's Significance for Modern Spirituality
7 Appendix: Music CD - Accompanying Text
Primary Sources
Secondary Sources
Index
Recommend Papers

Sound and Communication: An Aesthetic Cultural History of Sanskrit Hinduism
 9783110181593, 9783110240030, 2010036854

  • 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

Annette Wilke, Oliver Moebus Sound and Communication

Religion and Society Edited by Gustavo Benavides, Kocku von Stuckrad and Winnifred Fallers Sullivan

Volume 41

De Gruyter

Annette Wilke, Oliver Moebus

Sound and Communication An Aesthetic Cultural History of Sanskrit Hinduism

De Gruyter

ISBN 978-3-11-018159-3 e-ISBN 978-3-11-024003-0 ISSN 1437-5370 Library of Congress Cataloging-in-Publication Data Wilke, Annette, 1953Sound and communication : an aesthetic cultural history of Sanskrit Hinduism / Annette Wilke, Oliver Moebus. p. cm. - (Religion and society, ISSN 1437-5370 ; v. 41) Includes bibliographical references and index. ISBN 978-3-11-018159-3 (hardcover 23 ¥ 15,5 : alk. paper) ISBN 978-3-11-024003-0 1. Sound - Religious aspects - Hinduism. 2. India - Religious life and customs. 3. Hinduism - India. 4. Tantrism - India. I. Moebus, Oliver. II. Title. III. Title: Aesthetic cultural history of Sanskrit Hinduism. BL1215.S67W55 2010 294.51514-dc22 2010036854

Bibliographic information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data are available in the Internet at http://dnb.d-nb.de. ” 2011 Walter de Gruyter GmbH & Co. KG, Berlin/New York Printing: Hubert & Co. GmbH & Co. KG, Göttingen ⬁ Printed on acid-free paper Printed in Germany www.degruyter.com

1Z]PbZ]O ,YdZYP ^[PLVTYR LMZ`_ NZXX`YTNL_TZY z L_ WPL^_ TY _ZOLdv^ BP^_P]Y N`W_`]LW L]PL z bTWW YZ_ YPNP^^L]TWd _STYV ZQ ^Z`YO L^ LY TYOP[PYOPY_ XPOT`X ZQ Pc[]P^ ^TZY LYO NZXX`YTNL_TZY LYO LYdZYP ^_`OdTYR _Pc_^ T^ TY_P]P^_PO TY _SP NZY_PY_ LYO SL]OWd LbL]P _SL_ _Pc_^ LW^Z LWbLd^ SLaP L XL_P]TLW \`LWT_d z _SPT] ^Z`YO z LYO NLY MP [P]NPTaPO TY L ^PY^Z]d LYO PXZ_TZYLW bLd 4Y 3TYO`T^_TN 4YOTL _STYR^ L]P OTQQP]PY_ >TYNP PL]WTP^_ _TXP^ ^Z`YO SL^ PYUZdPO R]PL_ N`W_`]LW TX [Z]_LYNP w=PLOTYRx Z`_ L ]PWTRTZ`^ _Pc_ TY >LY^V]T_ XPLY^ w]PNT_TYRx T_ TY L X`^TNLWWd [WPL^TYR bLd LYO bT_S _SP `_XZ^_ NL]P ]PRL]OTYR NZ]]PN_ []ZY`YNTL _TZY 4Y _`]Y ^TX[Wd WT^_PYTYR _Z _SP ^Z`YO ZQ L ]PWTRTZ`^ _Pc_ T^ LW]PLOd SPWO _Z MP L`^[TNTZ`^ LYO [`]TQdTYR 4Y _SP ^NSZWL]Wd _]LOT_TZY^ L^ bPWW L^ TY PaP]dOLd WTQP bP QTYO L R]PL_ QZN`^ ZY _SP ^ZYTN OTXPY^TZY 4_ T^ YZ_PbZ]_Sd _SL_ _ST^ []POZXTYLYNP ZQ ^PY^TYR _SP bZ]WO _S]Z`RS ^Z`YO^ T^ YZ_ NZYQTYPO _Z ]PWTRTZ`^ WTQP ZYWd M`_ [P]aLOP^ PaPY _SP XZ^_ NZX[WPc ^dXMZWTN ]P[]P^PY_L_TZY^ TY L]_^ LYO ^NTPYNP^ >Z`YO XLd Q`YN_TZY L^ LY Z]RLYTeTYR []TYNT[WP TY ^`NS LM^_]LN_ NZYNP[_`LWTeL_TZY^ L^ _SZ^P QZ`YO TY R]LXXL] XL_SPXL_TN^ LYO L^_]ZYZXd ,_ _SP NZ]P ZQ ;£©TYTv^ TYRPYTZ`^ R]LXXL] QZ] TY^_LYNP WTP NP]_LTY ^Z`YO NZOP^ bSTNS ]PL]]LYRP _SP >LY^V]T_ LW[SLMP_ ?SP LW[SLMP_ MPTYR ^_]`N_`]PO LNNZ]OTYR _Z _SP ^PL_^ ZQ L]_TN`WL_TZY TY L ^_]TN_Wd [SZYP_TN LYO STRSWd ]L_TZYLW Z]OP] WTVPbT^P TY^[T]PO _SP Y`XP]TN NZOP^d^_PX^ `^PO Md L^_]ZYZXP]^ 4Y ^_PLO ZQ OTLR]LX^ LYO Y`XP]TNLW _LMWP^ bP QTYO XPXZ]TeTYR ^d^_PX^ LYO [ZP_TN aP]^P^ Q`WW ZQ LWWT_P]L_TZY^ ?SP ^LXP []POZXTYLYNP ZQ ^Z`YO T^ ^PPY TY XP_L [Sd^TN^ bSP]P ^Z`YO MPNZXP^ L XPLY^ ZQ TY_P][]P_TYR LYO `YOP]^_LYOTYR _SP bZ]WO ?SP ^Z[ST^_TNL_PO NZ^XZWZRTP^ ZQ _SP ?LY_]L L]P LW^Z ML^PO ZY _SP WP_ _P]^ ZQ _SP LW[SLMP_ LYO Xd^_P]TZ`^ ^Z`YO NZOP^ ^P]aP L^ XZOPW^ QZ] Pc[WLTYTYR _SP N]PL_TZY ZQ _SP bZ]WO LYO WLYR`LRP 4Y aL]TZ`^ bLd^ ^Z`YO LYO T_^ ^`M_WP dP_ aP]d [Sd^TNLW \`LWT_d SLaP MPPY L [ZbP]Q`W XPOT`X ZQ NZXX`YTNL_TZY NSZ^PY _Z TYaZVP Z]OP]PO ]PWL_TZY^ST[^ Q`]YT^S ]T_`LW PQQPN_TaPYP^^ LYO RPYP] L_P ^Z`]NP^ ZQ [ZbP] LYO aLW`P LYO YZ_ WPL^_ _Z NZY^_]`N_ w_SP ^LN]POx PXMZOd L^^`X[_TZY^ LMZ`_ [PZ[WPv^ [WLNP TY L WL]RP] Z]OP] ZQ _STYR^ LYO M]TYR LMZ`_ PXZ_TZYLW LM^Z][_TZY ?SP R]PL_P] [L]_ ZQ _ST^ MZZV ]P^`W_PO Q]ZX L NZZ[P]L_TaP []ZUPN_ MP_bPPY L ^NSZWL] ZQ ]PWTRTZY bSZ NZXMTYP^ LY TY_P]P^_ TY ST^_Z]d LYO _SPZ]d bT_S bZ]V TY _SP QTPWO ZQ 0_SYZ4YOZWZRd LYO L >LY^V]T_T^_ bT_S LY TY_P]P^_ TY _SP ST^_Z]d ZQ ]PWTRTZY LYO [STWZ^Z[Sd -Z_S L`_SZ]^ SLaP ^[PY_ WZYRP] [P]TZO^ TY AL]LYL^T LYO ^_`OTPO YZ_ ZYWd L_ `YTaP]^T_TP^ M`_ LW^Z bT_S 4YOTLY [LYOT_^ LYO £N£]dL^ BSPY _SP L`_SZ]^ b]T_P LMZ`_ _Pc_^ ^`NS L^ _SP X`^TNLWWd LNNPY_PO APOTN ;`

1Z]PbZ]O

aT

]`´L>¼V_L LYO _SP ±TaL>¼_]£©T ZQ _SP R]LXXL]TLY ;£©TYT _SPd OZ ^Z YZ_ ^ZWPWd Q]ZX L OP^N]T[_TaP LYO LYLWd_TNLW ^_LYO[ZTY_ ?SPT] VYZbWPORP ZQ _SP XL_P]TLW ^_PX^ YZ_ WPL^_ Q]ZX _SP QLN_ _SL_ _SPd _SPX^PWaP^ SLaP WPL]YPO SZb _Z ]PNT_P _SP QLXZ`^ APOTN _Pc_ LYO SZb TYOTRPYZ`^ ^NSZWL]^ bZ]V bT_S _SP LY NTPY_ R]LXXL] >Z _SP ]PLOP] ^SZ`WO YZ_ MP ^`][]T^PO _Z YZ_TNP LY Z^NTWWL_TZY SP]P LYO _SP]P MP_bPPY PXTN LYO P_TN [P]^[PN_TaP^ z _SP TY^TOP]^v aTPb LYO _SL_ ZQ LNLOPXTN Z`_^TOP]^ z bSTNS bP XLVP NZY^NTZ`^ `^P ZQ TY _SP SZ[P ZQ XLV TYR L []ZO`N_TaP NZY_]TM`_TZY _Z _SP `YOP]^_LYOTYR ZQ Z_SP] N`W_`]P^ LYO XPOT L_TYR MP_bPPY _SP -]LSXLYTN 4YOTLY LYO 0`]ZNPY_]TN aTPb^ ZQ _SP bZ]WO @Y QZ]_`YL_PWd :WTaP] 8ZPM`^ SLO _Z NPL^P bZ]VTYR ZY _SP []ZUPN_ MPQZ]P _ST^ MZZV _ZZV ZY T_^ QTYLW QZ]X O`P _Z TWWYP^^ ,_ _ST^ _TXP _SP w3T^_Z]dx ^PN_TZY bL^ LWXZ^_ NZX[WP_PO , M]TPQ TY_]ZO`N_TZY TYNW`OTYR bSL_ T^ YZb NSL[_P]  TY _SP w8P_SZOZWZRdx ^PN_TZY SLO LW^Z MPPY b]T__PY ?SP^P NZX[]T^P _SP NZ]P ZQ _SP MZZV _Z bSTNS ,YYP__P BTWVP LOOPO _SPZ]P_TNLW NZY^TOP]L_TZY^ 4Y _ST^ _]PL_T^P ZY _Pc_ NZXX`YTNL_TZY LYO ^Z`YO TY 3TYO` >LY^V]T_ bP []Z[Z^P L YPb bLd ZQ LNNP^^TYR 4YOTLY N`W_`]LW ST^_Z]d LYO LY Pc[LYOPO XP _SZO ZQ TY_P][]P_TYR _Pc_ BSTWP OZTYR ^Z bP PcPX[WTQd L ]PNPY_Wd ^`RRP^_PO [L]LOTRX TY _SP LNLOPXTN ^_`Od ZQ ]PWTRTZY^ TY 2P]XLYd z _SP LP^_SP_TN^ ZQ ]PWTRTZY _SP TY_P]OT^NT[WTYL]d Pc[WZ]L_TZY ZQ ^PY^Z]d [P]NP[_TZY LYO ^dXMZWTN ]P[]P^PY_L_TZY TY ]PWTRTZ`^ NZY_Pc_^ ?SP ]ZZ_^ ZQ ^_`OdTYR _SP 3TYO` ^Z`YO `YTaP]^P RZ MLNV _Z _SP [P]TZO $$ _Z $$# _Z ,YYP__P BTWVPv^ TYaP^_TRL_TZY ZQ _SP WT_LYTP^ ZQ _SP _S]PP S`YO]PO YLXP^ LYO ZYP _SZ`^LYO YLXP^ ZQ _SP ?LY _]TN RZOOP^^ 7LWT_£ TY _P]X^ ZQ _SPT] WT_P]L]d ^_]`N_`]P LYO _SPT] [P]QZ]XLYNP TY []TaL_P bZ]^ST[ LYO >Z`_S 4YOTLY _PX[WP ^P]aTNP^ ,^ SdXY^ ZQ ZYP _SZ`^LYO YLXP^ >LSL^]LY£XL>_Z_]L _Z ?LY_]TN LYO YZY?LY_]TN OPT_TP^ L]P Pc_]PXPWd [Z[`WL] TY >LY^V]T_ 3TYO`T^X T_ ^PPXPO _SL_ bSL_ bL^ LW^Z YPPOPO bL^ L w_STNVP]x OP^N]T[_TZY ZQ _SP ]L_TZYLWT_d ZQ _SP [`][Z^P^ LYO aLW`P^ ZQ _ST^ [ZZ]Wd ]P^PL]NSPO QZ]X ZQ WT_P]L_`]P bT_STY T_^ ZbY N`W_`]LW NZY_Pc_ 2]PP_TYR NZYaPY_TZY^ WTYR`T^_TN [STWZ^Z[Sd LYO ^ZYTN NZ^XZRZYTP^ Z`RS_ LW^Z _Z MP TYNW`OPO LYO XZ^_ TX[Z]_LY_Wd XLY_]L []LN_TNP^ _SP OPaZ_TZYLW ]P[P_T_TZY ZQ ZYP ^TYRWP YLXP LYO TYOTRPYZ`^ LP^_SP_TN _SPZ]TP^ /`]TYR _SP NZ`]^P ZQ _ST^ bZ]V T_ MPNLXP XZ]P LYO XZ]P ZMaTZ`^ _SL_ _SP WT_LYTP^ NLY MP ]PLO L^ LP^ _SP_TN YL]]L_TaP _SPZWZRTP^ LYO _SL_ TY _SP [P]QZ]XL_TaP NZY_Pc_^ ZQ ]PNT_L_TZY L XLUZ] ]ZWP T^ [WLdPO YZ_ ZYWd Md _SP NZ]]PN_ []ZY`YNTL_TZY M`_ LW^Z Md _SP ^PY^Z]d L^[PN_ ZQ _SP ^Z`YO 4Y aTPb ZQ _SP ]TNSYP^^ LYO OTaP]^T_d ZQ _SP XL_P ]TLW T_ ZNN`]]PO _Z ZYP ZQ _SP L`_SZ]^ ,B _Z OPOTNL_P L ^P[L]L_P ^_`Od _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  



>ZXP ZQ _SP^P QZ]PRZTYR _Pc_ LYO QTPWO ^_`OTP^ SLaP LW]PLOd MPPY [`MWT^SPO TY L]_T NWP^ ?ST^ _P]X T^ _LVPY Q]ZX . 2PP]_ev w_STNV OP^N]T[_TZYx ZQ ]PWTRTZY L^ L N`W_`]LW ^d^ _PX .Q /TNS_P -P^NS]PTM`YR% -PT_]ÆRP e`X AP]^_PSPY V`W_`]PWWP] >d^_PXP 1]LYV Q`]_ LX 8LTY% >`S]VLX[ $$" ?SP _]LOT_TZYLW R]PP_TYR NZYaPY_TZY^ L[[PL]PO _Z MP TX[Z]_LY_ QZ] _SP LYLWd^T^ ZQ _SP WT_LYTP^ ZQ OTaTYP YLXP^ M`_ L]P YZ_ PcLXTYPO TY _ST^ aZW`XP

1Z]PbZ]O

aTT

WLYR`LRP LYO ^Z`YO TY 4YOTL LYO ^Z L w^ZYTN N`W_`]LW ST^_Z]dx ZQ 4YOTL bL^ OPaPWZ[PO z bSTNS MPNLXP _SP []P^PY_ UZTY_ []ZUPN_ Q]ZX $$# ZYbL]O^ -d _ST^ _TXP 2`d -PNV SLO [`MWT^SPO ST^ MZZV >ZYTN ?SPZWZRd NZY_LTYTYR L ]PWPaLY_ LYO ]TNS NZWWPN_TZY ZQ XL_P]TLW Q]ZX [STWZ^Z[STNLW LYO _SPZWZRTNLW _]LOT_TZY^ 8LYd ZQ _SP PcLX[WP^ L]P _Z MP QZ`YO TY Z`] ^_`Od _ZZ M`_ `YWTVP -PNV bP ^P_ _SP ST^_Z]TNLW XL_P]TLW TY L M]ZLOP] NZY_Pc_`LW Q]LXPbZ]V LYO _LNVWP ^d^_PXL_TN \`P^_TZY^ _SL_ L]P NZYR]`PY_ bT_S ]PNPY_ XZaPXPY_^ bT_STY N`W_`]LW ^_`OTP^ ^`NS L^ _SP \`P^_TZY ZQ _SP ST^_Z]TNLW QW`TOT_d ZQ _Pc_^ _SP \`P^ _TZY ZQ _SP XPLYTYR ZQ ]T_`LW^ _SP \`P^_TZY ZQ QZ]X^ ZQ aP]MLW LYO YZYaP]MLW NZXX`YTNL_TZY LYO _SP \`P^_TZY ZQ _SP [Z^^TMWP N`W_`]P^[PNTQTN L^[PN_^ ZQ ML^TN bZ]WO Z]TPY_L_TZY^ LYO STP]L]NSTP^ ZQ [P]NP[_TZY 4Y ]PNPY_ OPNLOP^ ST^_Z]TLY^ LYO N`W_`]LW ^NSZWL]^ SLaP ]P[PL_POWd QZ`YO _SL_ _]LOT_TZY^ LYO _Pc_^ PcSTMT_ NSL]LN_P]T^_TN^ ZQ OdYLXTN^ LYO ZQ []ZNP^^P^ LYO SLaP MPPY LYO ^_TWW L]P NZY^_LY_Wd ^`MUPN_ _Z _SP wYPRZ_TL_TZYx ZQ aL]TZ`^ N`W_`]LW LN_Z]^ ,__PY_TZY SL^ MPPY RTaPY _Z PX[T]TNLW ^_`Od LYO ]PWTRTZ`^YP^^ L^ T_ T^ WTaPO Z`_ 4Y LOOT_TZY _Z _SP ^PXLY_TN LYO OT^N`]^TaP NZY_PY_ ZQ _Pc_^ _SP NZXX`YTNL_TaP NZY_PY_ ZQ ]T_`LW^ SL^ MPPY _SP ZMUPN_ ZQ XZ]P TYaP^_TRL_TZY w.ZXX`YTNL_TZYx SL^ MPNZXP L VPd _P]X TY ^_`OdTYR ]PWTRTZY TY RPYP]LW L^ NWPL]Wd ^SZbY QZ] PcLX[WP TY _SP NZX[PYOT`X =PWTRTZY LW^ 6ZXX`YTVL_TZY bSTNS `YOP]^_LYO^ _SP ^ZNTLW L^[PN_ L^ NZXX`YTNL_TZY LYO aTPb^ ]PWTRTZY L^ L wNZXX`YTNL_TaP ^ZNTLW PaPY_x 4_ NZY_LTY^ XLYd TYYZaL_TaP NZY_]TM`_TZY^ bSTNS OPLW SZbPaP] ^ZWPWd bT_S _SP ^PXLY_TN []LRXL_TN^ ZQ ]PWTRTZ`^ _Pc_^ :`] XZYZR]L[S ZY _SP Z_SP] SLYO LW^Z Pc[WZ]P^ _SPT] PaPY_ NSL]LN_P] _SPT] [Z_PY_TLW _Z []ZO`NP PaP] YPb XPLYTYR^ LYO _SP NZXX`YTNL_TZYLW L^[PN_^ ZQ _SPT] LP^_SP_TN XL_P]TLWT_d 4Y _SP LYLWd_TNLW bPTRS_TYR ZQ _Pc_ NZXX`YTNL_TZY LYO ^Z`YO bP TY_]ZO`NP L XP_SZOZWZRTNLW L[[]ZLNS _SL_ T^ ^_TWW ]L_SP] `Y`^`LW TY ]PWTRTZ`^ ]P^PL]NS 4Y [L^_ dPL]^ ^_`OTP^ TY 2P]XLYd SLaP NLWWPO QZ] L []Z R]LX ZQ _SP ^_`Od ZQ LP^_SP_TN^ ZQ ]PWTRTZY ]PWTRTZY LYO _SP ^PY^P^ L_ WPL^_ TY _SPZ]d M`_ T_ SL^ SL]OWd SLO LYd []LN_TNLW L[[WTNL_TZY ,_ _SP WPaPW ZQ _SPZ]d _SP]P bL^ _SP []ZR]LXXL_TN L]_TNWP w=PWTRTZY^Æ^_SP_TVx Md 3`MP]_ .LYNTV LYO 3`MP]_ 8ZS]! ,P^_SP_TN^ ZQ =PWTRTZY L^ _SP LNLOPXTN ^_`Od ZQ ^PY^Z]d [P] NP[_TZY LYO ^dXMZWTN ]P[]P^PY_L_TZY^ SL^ MPPY RTaPY LY LOOT_TZYLW _SPZ]P_TNLW

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 

!

2 7 -PNV >ZYTN ?SPZWZRd% 3TYO`T^X LYO >LN]PO >Z`YO .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S .L]ZWTYL $$ 3 ?d]PWW A 6]PNS LYO 3 6YZMWL`NS PO^ =PWTRTZY LW^ 6ZXX`YTVL_TZY BÞ]e M`]R% 0]RZY $$#   >PP LW^Z 4 8Ø]_S w6ZXX`YTVL_TZYx TY% 3LYObØ]_P] M`NS ]PWTRTZY^bT^^PY^NSLQ_WTNSP] 2]`YOMPR]TQQP  [`M Md 3 .LYNTV - 2WLOTRZb LYO 8 7L`M^NSP] >_`__RL]_% 6ZSWSLXXP] $$ $z 3 .LYNTV LYO 3 8ZS] w=PWTRTZY^Æ^_SP_TVx TY% 3LYObØ]_P]M`NS ]PWTRTZY^bT^^PY ^NSLQ_WTNSP] 2]`YOMPR]TQQP  [`M Md 3 .LYNTV - 2WLOTRZb `YO 8 7L`M^NSP] >_`__RL]_% 6ZSWSLXXP] $## z !

aTTT

1Z]PbZ]O

ML^T^ Md >`^LYYP 7LYbP]O LYO /LYTPW 8ÞY^_P]" -`_ TY NZY_]L^_ _Z _SP^P OP O`N_TaP _SPZ]P_TNLW O]LQ_^ bP SLaP PWLMZ]L_PO ]PWTRTZ`^ LP^_SP_TN^ TYO`N_TaPWd L^ L YPNP^^L]d Sd[Z_SP^T^ QZ] Pc[WLTYTYR _SP ]PWTRTZ`^ wSLMT_`^x QZ`YO TY 3TY O`T^_TN 4YOTL% L [Z^^TMWP [`]PWd LP^_SP_TN OTXPY^TZY ZQ ^LN]PO _Pc_^ X`^_ MP ^`[[Z^PO MPNL`^P Z_SP]bT^P ZYP NLYYZ_ LNNZ`Y_ QZ] _SP bLd _SL_ 3TYO`^ L[ []ZLNS _SP^P _Pc_^ TY _SPT] OLTWd ]PWTRTZ`^ WTQP LYO QZ] _SP TYSP]PY_ aLW`P ZQ ^Z`YO L[[L]PY_ TY _ST^ NZY_Pc_ :`] TYO`N_TaP L[[]ZLNS OZP^ YZ_ ZYWd ]PLNS ^TXTWL] NZYNW`^TZY^ _Z _SZ^P ZQ ^NSZWL]^ ^`NS L^ /LYTPW 8ÞY^_P] M`_ TY LO O]P^^TYR >LY^V]T_ 3TYO`T^X bP LW^Z QTYO L [L]_TLW ^ZW`_TZY _Z ^ZXP_STYR _SL_ SP ^_TWW QZ]X`WL_P^ L^ L OP^TOP]L_`X 3P YZ_P^ z U`^_TQTLMWd z _SL_ _SP YPb OT^NT [WTYP TY ]PWTRTZ`^ ^_`OTP^ wLP^_SP_TN^ ZQ ]PWTRTZY^x T^ ^_TWW TY T_^ TYQLYNd% w/P QLN_Z T_ SL^ PcT^_PO `Y_TW YZb XP]PWd L^ LY TOPL L^ L uO]LQ_v bSTNS L^ QL] L^ 4 VYZb SL^ YPaP] MPPY [`_ TY_Z ]P^PL]NS []LN_TNPx# BP bZ`WO YZ_ bLY_ _Z MP \`T_P L^ PcNW`^TaP L^ _SL_$ 4Y ^PaP]LW \`T_P OTQ QP]PY_ OT^NT[WTYP^ bT_STY N`W_`]LW ^_`OTP^ _SP]P ]PLWWd ^PPX^ _Z MP ^ZXP_STYR wTY _SP LT]x NZYNP]YTYR Pc[WZ]L_TZY ZQ _SP u^_LRTYRv L^[PN_^ ZQ NZXX`YTNL_TZY _SP TNZYTN YL_`]P ZQ N`W_`]LW ^dXMZW^ LYO _SP LP^_SP_TN ^PY^Z]d OTXPY^TZY ZQ ]PWTR TZY^ 3P]P [L]_TN`WL] L__PY_TZY T^ [LTO _Z aT^`LWT_d _SP MZOd LYO w[P]QZ]X LYNPx .ZY^TOP]L_TZY ZQ _SP OTXPY^TZY ZQ ^Z`YO ^SZ`WO TYNW`OP YZ_ ZYWd 2`d -PNV^ >ZYTN ?SPZWZRd XPY_TZYPO LMZaP M`_ LW^Z L_ WPL^_ _bZ [TZYPP]TYR ^_`OTP^ Q]ZX _bZ OT^_TYN_ ]P^PL]NS L]PL^ YLXPWd -]`NP 6L[QP]P]v^ P_SYZR]L[Sd

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ > 7LYbP]O =PWTRTZY^Æ^_SP_TV% >_`OTPY e`X AP]SÆW_YT^ aZY >dXMZW `YO >TYYWTNSVPT_ 3LMTWT_L_TZY -P]WTY $$$& [`MWT^SPO TY  Md AP]WLR 6ØYTR^SL`^PY  9P`XLYY BÞ]eM`]R / 8ÞY^_P] =PWTRTZY^Æ^_SP_TV `YO ,Y_S]Z[ZWZRTP OP] >TYYP% AZ]L]MPT_PY e` PTYP] =PWTRTZY^P_SYZWZRTP OP] ;]ZO`V_TZY `YO =PeP[_TZY ]T_`PWWP] 8POTPY 8ÞY NSPY% ,VLOPXT^NSP] AP]WLR  # 8ÞY^_P] =PWTRTZY^Æ^_SP_TV   ,WW 2P]XLY _]LY^WL_TZY^ Md 0WTeLMP_S 3TNV^ $ 1Z] PcLX[WP ZYP ZQ _SP wWPLOTYR _SZ`RS_^x ZQ _SP YPb 8P_eWP] 7PcTVZY =PWTRTZY [`M Md . ,`QQL]_S 3 8ZS] P_ LW >_`__RL]_% 8P_eWP] $$$z T^ _SL_ ]PWTRTZY T^ waT^TMWPx LYO w^PY^Z]dx LYO T^ [L^^PO ZY waTL XPOTLx :_SP] OT^NT[WTYP^ ^`NS L^ :WO 2P]XLY [STWZWZRd ST^_Z]TNLW ]P^PL]NS XPOTPaLW ^_`OTP^ TY [L]_TN`WL] ^ZNTLW LY_S]Z [ZWZRd LYO _SPL_P] ^_`OTP^ LW^Z LOO]P^^ _ST^ L^[PN_ 8ÞY^_P] STX^PWQ RWZ^^P^ L Y`X MP] ZQ PcLX[WP^ Q]ZX P_SYZR]L[Sd LYO O]Lb^ L__PY_TZY _Z LY wLY_S]Z[ZWZRd ZQ ^PY^P^x 8ÞY^_P] =PWTRTZY^Æ^_SP_TV  !z" 8PLYbSTWP > 7LYbP]O PO /P] 6LYZY `YO OTP >TYYP% =PWTRTZY^Æ^_SP_TV LW^ LVLOPXT^NSP /T^eT[WTY 7`cPXMZ`]R  LYO ; 5 -]Æ`YWPTY PO =PWTRTZY `YO 8`^P`X% E`] aT^`PWWPY =P[]Æ^PY_L_TZY aZY =PWTRTZYPY TX ØQQPY_WTNSPY =L`X -TPWPQPWO% _]LY^N]T[_  SLaP MPPY [`MWT^ SPO TYNW`OTYR _SPZ]P_TNLW ]PQWPN_TZY^ LYO TYQZ]XL_TaP PcLX[WP^  ?SP TX[Z]_LYNP ZQ _SP aT^`LW TY 3TYO` 4YOTL SL^ MPPY bZ]VPO Z`_ Md / 0NV /L]²LY% >PPTYR _SP /TaTYP 4XLRP TY 4YOTL .SLXMP]^MP]R% ,YTXL YO ]Pa PO $#  =3 /LaT^ 7TaP^ ZQ 4YOTLY 4XLRP^ /PWST% 8Z_TWLW -LYL]^TOL^^ $$$& ;]TYNP_ZY $$" ^_]P^^P^ _SP NSLYRTYR ]PTY_P][]P_L_TZY^ ZQ TXLRP^ Md OTQQP]PY_ wNZXX`YT_TP^ ZQ ]P ^[ZY^Px LYO TYaP^_TRL_P^ _SP WZNL_TZY _PX[WP Z] X`^P`X

"

1Z]PbZ]O

Tc

ZY _SP LP^_SP_TN QPL_`]P^ ZQ >TYSLWP^P -`OOST^_ PcZ]NT^X ]T_P^ LYO 9LaTO 6P]XLYTv^ WT_P]L]d L[[]LT^LW ZQ _SP TYSLWP^P -`OOST^_^ P^[PNTLWWd _SP `]MLY bZ]VTYR NWL^^ LYO [PL^LY_^ NZX[]PSPYO _SPT] bZ]WO .WZ^P] _Z Z`] ^_`Od SZbPaP] T^ 6P] XLYTv^ L[[]ZLNS ?ST^ ^NSZWL] ZQ 4^WLX XLTY_LTY^ _SL_ _SP]P T^ YZ _]`P `YOP] ^_LYOTYR ZQ _SP `^LYYP 7LYRP] LYO 6`]_ 3ÞMYP] bSZ^P Pc[WZ]L_TZY^ TYNW`OPO _SP []P _P]XTYZWZRTNLW _SP []PWZRTNLW LYO _SP ^PY^Z]d LYO ^SZb _SL_ _SP^P OTXPY ^TZY^ SLaP _SPT] ZbY bLd^ ZQ XLVTYR ^PY^P BP bT^S _Z XPY_TZY TY [L]_TN`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -]`NP 6L[QP]P] , .PWPM]L_TZY ZQ /PXZY^% 0cZ]NT^X LYO _SP ,P^_SP_TN^ ZQ 3PLWTYR TY >]T 7LYVL :cQZ]O% -P]R ;`MWT^SP]^ 7_OBL^STYR_ZY% >XT_S^ZYTLY 4Y^_T_`_TZY ;]P^^ $$ Z]TRTYLWWd [`MWT^SPO $#  9LaTO 6P]XLYT 2Z__ T^_ ^NSØY% /L^ Æ^_SP_T^NSP 0]WPMPY OP^ 6Z]LY 8ÞYNSPY% -PNV $$$

c

1Z]PbZ]O

_SP N`W_`]LW LY_S]Z[ZWZRT^_ >_LYWPd ?LXMTLS bSZ^P P^^Ld ZY X`W_T[WP Z]OP] TYR^ ZQ ]PLWT_d TY^[T]PO Z`] _bZ VPd _P]X^ w[L]_TNT[L_Z]dx LYO wPXLYNT[L_Z ]dx ?SP^P LYLWd_TNLW _P]X^ L]P `^PO _Z OPaPWZ[ L OdYLXTN LYO NZY_Pc_ ^PY^T_TaP ST^_Z]d ZQ TOPL^ bT_STY _SP aL]TZ`^ OTQQP]PY_ WLYR`LRP LYO bZ]WO Z]T PY_L_TZY^ TY 4YOTLY N`W_`]P BP L]P bPWW LbL]P _SL_ TOPL^ LYO Z]TPY_L_TZY^ OZ YZ_ PcT^_ bT_SZ`_ S`XLY LN_Z]^ LYO _SPT] R]Z`[^[PNTQTN TY_P]P^_^ ?SP >LY^V]T_ WLYR`LRP SL^ MPPY L XLUZ] ^Z`]NP ZQ [ZbP] LYO L`_SZ]T_d QZ] -]LSXLYTN LN_Z]^ TY [L]_TN`WL] , Q`YN_TZYLW L[[]ZLNS WTXT_PO _Z -]LSXLYTN TY_P]P^_^ SZbPaP] T^ _ZZ YL]]Zb _Z LNNZ`Y_ QZ] _SP QLN_`LW LYO bTOP^[]PLO [SPYZXPYL bP bLY_ _Z PcLXTYP LYO OPML]^ L M]ZLOP] [P]^[PN_TaP ZY _SP 4YOTLY N`W_`]P L_ WL]RP .L_S P]TYP -PWWv^ ]PXL]V^ ZY ]T_`LW L[[Wd P\`LWWd _Z Z`] ^_`Od ZQ WLYR`LRP _Pc_`LW _]LOT_TZY^ LYO _SPT] [P]QZ]XL_TaP OTXPY^TZY^% ]PWTRTZ`^ ^dXMZW^ LYO _SP ^dX MZWTN LN_TaT_d ZQ ]T_`LW^ L[[PL] _ZZ NZX[WPc _Z MP XP]P ]PQWPN_TZY^ ZQ _SP ^ZNTLW Z]OP]& _SPd L]P PXMPOOPO TY LYO OT^[WLd PWLMZ]L_P ^d^_PX^ _SL_ L[[PL] _Z SLaP _SPT] ZbY WZRTN LYO _SP ]PWL_TZY^ST[ ZQ _ST^ WZRTN _Z ^ZNTLW Z]RLYTeL_TZY T^ QL] Q]ZX ^TX[WP LYO OT]PN_ :`] XLUZ] ZMUPN_TaP T^ _Z ^SZb _SL_ _SP TY_P]LN_TZY^ MP_bPPY Xd_SZ^ LYO WZRZ^ z Z] MP_bPPY [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY _L_TZY^ z L]P XLYd LYO NZX[WPc ?SPd ]LYRP Q]ZX WTYPL] OPaPWZ[XPY_^ LYO QZ]X^ ZQ wNZOP^bT_NSTYRx _Z ]PQWPN_PO PWLMZ]L_P w`YTaP]^LW Xd_S^x bSTNS [Z^T_ ]L_TZYLWT_d bT_STY L Xd_STNLW Q]LXPbZ]V LYO Pc[WLTY Xd_STNLW PXMPOOTYR TY LY LYLWd_TNLW QL^STZY -P^TOP^ N`W_`]LW _SPZ]TP^ bP _LVP ^ZNTLW ^NTPYNP^ WTY R`T^_TN ^PXTZ_TN^ NZRYT_TaP LP^_SP_TN LYO [P]QZXLYNP _SPZ]TP^ TY_Z NZY^TOP]L _TZY ?ST^ MZZV _LNVWP^ L WZYR [P]TZO ZQ _TXP Q]ZX _SP APOL _Z _SP []P^PY_ OLd L [W`]LWT_d ZQ _]LOT_TZY^ LYO L R]PL_ aL]TP_d ZQ _Pc_`LW ^Z`]NP^ ?ST^ T^ L OL]TYR PY_P][]T^P RTaPY _SP STRSWd ^[PNTLWTePO ]P^PL]NS TY NZY_PX[Z]L]d 4YOZWZRd DP_ T_ T^ []PNT^PWd _SP aL^_ LXZ`Y_ ZQ XL_P]TLW NZYNP]YTYR Z`] ^`MUPN_ XL__P] bSTNS XLVP^ T_ _PX[_TYR _Z ^_]TaP QZ] L RWZMLW [P]^[PN_TaP :`] \`P^_TZY^ QTYOTYR^ LYO _SPZ]P_TNLW Q]LXPbZ]V TY_PYO _Z ]PLNS LWW _SZ^P TY_P]P^_PO TY N`W_`]LW LYO ]PWTRTZ`^ ^_`OTP^ M`_ XLd WTVPbT^P L]Z`^P _SP TY_P]P^_ ZQ 4YOZWZRT^_^ ,W_SZ`RS _SP]P PcT^_ L WL]RP Y`XMP] ZQ QTYP ^_`OTP^ ZY _SP APOL APOTN ^NTPYNP^ OPaZ _TZYLW _]LOT_TZY^ [STWZ^Z[Sd 4YOTLY LP^_SP_TN^ _SP ?LY_]L LYO Z_SP] L]PL^ bP bLY_ _Z OPLW bT_S _SP R]Z`YO bP TY_PYO _Z Pc[WZ]P Md QZN`^TYR ZY ^ZYTN NZX X`YTNL_TZY T^ WL]RPWd `YNSL]_PO _P]]T_Z]d LYO ^Z QL] ZYWd L QPb ^_`OTP^ PcT^_ ZY ^TYRWP L^[PN_^ ?SP^P QLN_^ LWZYR bT_S _SP YL_`]P ZQ Z`] _SPZ]P_TNLW OP^TRY Pc[WLTY bSd bP `^P ^PNZYOL]d WT_P]L_`]P ZYWd ]L]PWd LYO ^PWPN_TaPWd LYO ^PPV w_Z WP_ _SP _Pc_^ ^[PLV QZ] _SPX^PWaP^x :Q NZ`]^P wSPL]TYRx _SP _Pc_^v XP^ ^LRP^ T^ LWbLd^ LY TY_P][]P_L_TaP LN_ T_^PWQ LYO TY_P][]P_L_TZY ^_L]_^ L^ ^ZZY L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  > ?LXMTLS w8`W_T[WP Z]OP]TYR^ ZQ ]PLWT_d% _SP OPML_P TYT_TL_PO Md 7Ëad-]`SWx TY% > ?LXMTLS 8LRTN ^NTPYNP ]PWTRTZY LYO _SP ^NZ[P ZQ ]L_TZYLWT_d .LXM]TORP% .LX M]TORP @YTaP]^T_d ;]P^^ $$  . -PWW =T_`LW% ;P]^[PN_TaP^ LYO /TXPY^TZY^ $$" $z!

1Z]PbZ]O

cT

_SP _Pc_^ L]P _]LY^WL_PO ,WW ]P[]P^PY_L_TZY^ z LYO _SZ^P ZQ ^NSZWL]^ TY [L]_TN`WL] z L]P MZ`YO _Z MP NZY^_]`N_^ ?SP XLUZ] ZMUPN_TaP ZQ Z`] NZY^_]`N_ bL^ _Z _]d _Z wWT^_PYx LW^Z _Z _SP [Sd^TNLW ^PY^Z]d LYO PXZ_TaP XP^^LRP^ NZYaPdPO TP _Z _LVP TY_Z LNNZ`Y_ _SP XLYd WPaPW^ bSTNS NZY^_T_`_P _SP XPLYTYR[]ZO`NTYR []ZNP^^ ZQ WT_P]L]d NZXX`YTNL_TZY z L []ZNP^^ _SL_ RZP^ MPdZYO ^PXLY_TN^ ,WW ZQ _SP YZ_L_TZY^ LYO _]LY^WL_TZY^ L]P Z`] ZbY LYO ^ZXP ZQ _SP ^Z`]NP^ SLaP MPPY _]LY^WL_PO QZ] _SP QT]^_ _TXP Md :8 4Y Z`] _]LY^WL_TZY^ bP OZ YZ_ TY _PYO _Z ]PYOP] L _P]X bT_S _SP ^LXP bZ]O PaP]d _TXP ^TYNP XLYd >LY^V]T_ _P]X^ L]P [ZWd^PXLY_TN LYO _SPT] XPLYTYR^ L]P NZY_Pc_OP[PYOPY_ 8Z]PZaP] T_ bL^ TX[Z]_LY_ _Z `^ YZ_ ZYWd _Z b]T_P LY LNLOPXTN bZ]V M`_ _Z OZ ^Z TY L XLY YP] _SL_ T^ MZ_S PY_P]_LTYTYR LYO L[[PLWTYR ?Z ^`M^_LY_TL_P Z`] LYLWd^T^ ZQ _SP OdYLXTN^ bT_STY 4YOTLY ST^_Z]d bP `^P PcLX[WP^ ^ZXP ZQ _SPX SZ[PQ`WWd LX`^TYR LYO PY_P]_LTYTYR M`_ LWW ZQ _SPX TWW`^_]L_TYR _SP QLN_ _SL_ ]PWTRTZ`^ ST^_Z]d NZY_TY`P^ _Z MP XLOP TY _SP []P^PY_ _TXP ?SP 8P_SZOZWZRd ^PN_TZY 4 NZaP]^ XP_SZO LYO _SPZ]d TYNW`OTYR N`W_`]LW NZX[L]T^ZY^ 4_ T^ L ^_]ZYRWd _SPZ]P_TNLW w[]PWTXTYL]dx _Z _SP XLTY ^PN_TZY 3T^_Z]d 44 4Y L X`W_TXP_SZO QL^STZY T_ TYaZWaP^ L WL]RP Y`XMP] ZQ _SPZ]TP^ LYZ_SP] OL]TYR []ZNPO`]P _SL_ []ZaTOP L [ZWdaLWPY_ QZ`YOL_TZY QZ] Z`] bZ]V ?SP OT^N`^^TZY TWW`^_]L_P^ bSTNS ]P^PL]NS NZY_Pc_^ bP M`TW_ ZY LYO bSP]P bP [Z^P OTQQP]PY_ \`P^_TZY^ BP `^P XLYd _SPZ]TP^ ZQ 2P]XLY b]T_P]^ LYO []ZaTOP 0YRWT^S _]LY^WL_TZY^ ?SP MZZV NZY_LTY^ L X`^TN ./ TYNW`OTYR L`OTZ [TPNP^ _Z []ZaTOP PcLX [WP^ ZQ _SP XZ^_ NZXXZY VTYO^ ZQ ]PNT_L_TZY ^ZYR LYO X`^TN ?SP]PQZ]P T_ OZP^ YZ_ NZ]]P^[ZYO PcLN_Wd _Z _SP OT^N`^^TZY^ LYO X`^TNLW LYLWd^P^ TY _SP MZZV ?SP [TPNP^ L]P OP^N]TMPO TY _SP L[[PYOTc , Y`XMP] ZQ _SP^P _]LNV^ L]P ]PNT_PO Md NZY_PX[Z]L]d _PLNSP]^ LYO []TP^_^ bSZ LW^Z aT^T_ Z] WTaP TY _SP BP^_ BP L]P R]L_PQ`W _Z >]T APYVL_L >L^_]d ALX^PP 6 ;LX`WL 3T^ 3ZWTYP^^ >bLXT >LNSNSTOLYLYOL >bLXT -]LSXLYLYOL >bLXT /LdLYLOL LYO >bLXT :X VL]LYOL QZ] LWWZbTYR `^ _Z ]P[]ZO`NP _SP NZ[d]TRS_PO X`^TN BP bT^S _Z _SLYV QT]^_ LYO QZ]PXZ^_ Z`] 4YOTLY Q]TPYO^ LYO _PLNSP]^ QZ] _PLNSTYR `^ _Z ^PP bT_S _SPT] PdP^ LYO _Z SPL] bT_S _SPT] PL]^ BP NLY ZYWd XPY_TZY Md YLXP L QPb ZQ _SP XLYd ^NSZWL]^ bT_S bSZX bP SLaP MPPY LW WZbPO _Z bZ]V% >bLXT /LdLYLYOL >L]L^aL_T ;LYOT_ 3PXPYO]L .SLV]LaL]_d /] ,_`W 6`XL] ,RL]bLWL LYO ;LYOT_ >STaYL_S 8T^S]L BP LW^Z bT^S _Z Pc []P^^ Z`] _SLYV^ _Z Z`] LNLOPXTN _PLNSP]^ ,cPW 8TNSLPW^ LYO -P]YSL]O 6ØWaP] LYO Z`] NZWWPLR`P^ 5ZLNSTX 1]TPO]TNS >[]ZNVSZQQ 8Lc /PPR 5`YP 8N/LYTPW ,aTaL 6PWWP] 2`^_LaZ -PYLaTOP^ LYO 6ZNV` aZY >_`NV]LO QZ] _SPT] SPW[Q`W NZXXPY_^ LYO _SPT] ^`[[Z]_ TY _ST^ []ZUPN_ >[PNTLW _SLYV^ L]P O`P _Z LWW _SZ^P TYaZWaPO TY _SP _T]TYR bZ]V ZQ []ZZQ]PLOTYR LYO POT_TYR% ,YY6]T^_TY -PTYWTNS >TXZY 3ZWOP]XLYY @W]TVP 8ZPM`^ 8PWLYTP 8ØWWP] 8L]_TY =LOP]XLNSP] 7`NTL ?]L`_ .WL`OTL BPMP] LYO XZ^_ ZQ LWW _Z Z`] _]LY^WL_Z] 0WTeLMP_S 3TNV^ BP Pc_PYO Z`] _SLYV^ _Z _SP 1Ø]OP]P]RP^PWW^NSLQ_ OP] BP^_QÆWT^NSPY BTWSPWX^ @YTaP]^T_Æ_ 8ÞY^_P] QZ] T_^ QTYLYNTLW ^`[[Z]_ QZ] _SP _]LY^WL_TZY

cTT

1Z]PbZ]O

B]T_TYR LYO ;]ZY`YNTL_TZY ZQ >LY^V]T_ ?P]X^ 4Y Z]OP] _Z QLNTWT_L_P _SP ]PLOTYR ZQ _SP Y`XP]Z`^ LYO ^ZXP_TXP^ aP]d WZYR >LY^V]T_ _P]X^ bP `^`LWWd []P^PY_ NZX[Z^T_P^ LYO YLXP^ ZQ XLUZ] bZ]V^ TY L QZ]X bSTNS T^ OTaTOPO TY_Z w[LOL^x PR ‹V>LÀST_£ Z] M¯ULXLY_]L `YWP^^ bP L]P OPLWTYR bT_S QLXTWTL] _P]X^ ^`NS L^ ‹RaPOL Z] aZbPW NZYU`YN_^ PR aPO£«RL TY^_PLO ZQ aPO£–«RL >LY^V]T_ _Pc_^ L]P ZYWd RTaPY TY T_LWTN^ bSPY _SPd L]P []P^PY_PO QZ] _SP QT]^_ _TXP TY L NSL[_P] Z] PW^P bSPY bP L]P XZaTYR ZY _Z L XLUZ] L]R`XPY_ >LY^V]T_ _P]X^ _SL_ L]P P^[PNTLWWd Q]P\`PY_ TY NP]_LTY TYOTaTO`LW [L^^LRP^ L]P LW^Z ZYWd T_LWTNTePO _SP QT]^_ _TXP _SPd ZNN`] `YWP^^ bP bLY_ _Z `YOP]WTYP LY L]R`XPY_ 6Pd _P]X^ ^`NS L^ w-]LSXLYx XLd MP NL[T_LW TePO BP TY_P]NSLYRP _SP _P]X^ ±TaLT_TN LYO AT´©`T_TN bSTNS ^Z`YO XZ]P QL XTWTL] _Z YZY4YOZWZRT^_^ bT_S _SP _P]X^ ±LTaL LYO ALT´©LaL NZXXZY TY 4YOZWZRd >LY^V]T_ YLXP^ bSTNS L]P TY N`]]PY_ [Z[`WL] `^P L]P b]T__PY bT_SZ`_ OTLN]T_TNLW ^N]T[_ PR AL]LYL^T Z] >bLXT >STaLYLYOL BP RPYP]LWWd TYOTNL_P Z`] Z]TRTYLW ^Z`]NP^ bT_S _SP Q`WW YLXP ZQ _SP _Pc_ ?SP ^SZ]_N`_^ bP `^P TY ^ZXP [WLNP^ [L]_TN`WL]Wd _SP APOL NSL[_P] ZNN`] ZYWd TY QZZ_YZ_P^ Z] NT_L_TZY^ LYO L]P PL^TWd TOPY_TQTLMWP Q]ZX _SP OT^N`^^TZY ZQ _SP bZ]V TY _SP XLTY _Pc_ 1Z] TY^_LYNP ]PQP]PYNP^ _Z _SP ‹RaPOL TP _SP ‹V>LÀST_£ bTWW MP TYOTNL_PO Md _SP ^SZ]_N`_ w‹Ax ,^ T_ T^ aP]d TX[Z]_LY_ TY >LY^V]T_ _Z []ZYZ`YNP _SP bZ]O^ NZ]]PN_Wd ^ZXP ZQ _SP XZ^_ TX[Z]_LY_ ]`WP^ ZQ []ZY`YNTL_TZY L]P RTaPY MPWZb% − ?SP aZbPW L T^ []ZYZ`YNPO WTVP w`x TY wQ`Yx − ?SP aZbPW £ T^ []ZYZ`YNPO WTVP L WZYR 0YRWT^S wLSx ^`NS L^ TY _SP bZ]O wMLWXx − ?SP aZbPW T T^ []ZYZ`YNPO WTVP _SP wTx TY wMT__P]x − ?SP aZbPW ÎȱT^ []ZYZ`YNPO WTVP wPPx TY wMPP_WPx − ?SP aZbPW ` T^ []ZYZ`YNPO WTVP w`x TY wM`_NSP]x − ?SP aZbPW Ā T^ []ZYZ`YNPO WTVP _SP wZZx TY wXZZOx − ?SP aZbPW P T^ WZYR LYO []ZYZ`YNPO L^ wPSx WTVP L WZYRP] aP]^TZY ZQ _SP aZbPW TY wXPYx − ?SP aZbPW Z T^ []ZYZ`YNPO WTVP _SP wZx TY wZaP]x − ?SP aZbPW LT T^ []ZYZ`YNPO WTVP _SP aZbPW TY w_TXPx − ?SP aZbPW L` T^ []ZYZ`YNPO L^ TY wSZbx − ?SP aZbPW Ž ^Z`YO^ L WT__WP WTVP _SP wP]x TY _SP >bT^^ 2P]XLY []ZY`YNTL _TZY ZQ w8`__P]x LYO wAL_P]x bT_S ZYP ^_]ZVP ZQ _SP _ZYR`P − ?SP ^TMTWLY_^ ² LYO ´ L]P MZ_S []ZYZ`YNPO XZ]P Z] WP^^ WTVP _SP 0YRWT^S ^S LW_SZ`RS ² T^ NWPL]P] _SLY ´ ?SP ^TX[WP ^ T^ []ZYZ`YNPO aZTNPWP^^ L^ TY _SP 0YRWT^S w^PLWx L^ Z[[Z^PO _Z _SP aZTNPO e TY wePLWx − ?SP NZY^ZYLY_ N T^ []ZYZ`YNPO WTVP wNSx TY wNS`]NSx − ?SP NZY^ZYLY_^ U d LYO a L]P []ZYZ`YNPO L^ _SPd L]P TY 0YRWT^S PR U£_T ( ULL_T dLaL ( dLaaL aPOL ( aPSOL

1Z]PbZ]O





− − −

cTTT

?SP NZY^ZYLY_^ « LYO Ó L]P []ZYZ`YNPO WTVP _SP YR ^Z`YO TY w^ZYRx LYO wZ]LYRPx ^Z a£«XLdL ( aLLYRXLddL ?SP NZXMTYL_TZY UÓ T^ L ^[PNTLW NL^P L^ TY UÓ£YL% _ST^ bZ]O SL^ _Z MP []ZYZ`YNPO PT_SP] RYdLLYL Z] OYdLLYL M`_ YPaP] UYdLLYL BSPYPaP] _SP]P T^ L OZ_ XL]VPO `YOP] L NZY^ZYLY_ L^ TY ¶ “ LYO © _ST^ XPLY^ _SL_ _SP _ZYR`P ^SZ`WO MP MPY_ MLNVbL]O^ bSPY _SP bZ]O T^ ^[ZVPY 4Q _SP]P T^ YZ OZ_ `YOP] _ O LYO Y _SP^P NZY^ZYLY_^ L]P ^[ZVPY bT_S _SP _ZYR`P _Z`NSTYR _SP _PP_S BSP]PaP] _SP WP__P] À L[[PL]^ _SP []PNPOTYR aZbPW MPNZXP^ YL^LW ^TXTWL] _Z _SP []ZY`YNTL_TZY ZQ _SP 1]PYNS wMZYx Z] wXL_TYx ,Y à L_ _SP PYO ZQ L bZ]O T^ []ZYZ`YNPO WTVP wSLx M`_ _SP wSx T^ ^ZQ_P] LYO XZ]P ^_]ZYRWd L^[T]L_PO _SLY _SP S TY _SP 0YRWT^S bZ]O wSZ`^Px ^Z ]£XLà ( ]LLXLSL 4Q LY S L[[PL]^ OT]PN_Wd LQ_P] L NZY^ZYLY_ _SP _bZ L]P NZXMTYPO& QZ] PcLX [WP _SP bZ]O ]L_SL T^ YPaP] []ZYZ`YNPO w]L_SLx M`_ TY^_PLO _SP NZY^ZYLY_ LYO _SP L^[T]L_TZY ZNN`] ^TX`W_LYPZ`^Wd

?LMWP ZQ .ZY_PY_^ 1Z]PbZ]O a 4

8P_SZOZWZRd  



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO   

9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d 



,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY 



>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P # 





;Z^_ :]TPY_LWT^X% =PWTRTZY LYO >LY^V]T_ 3TYO`T^X  

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^   

=T_`LW >Z`YO >[LNP^ LYO >ZNTLW >PXTZ_TN^ 



=PWTRTZ`^ =PLOTYR^ LYO 3ZWd 3PL]TYR #



;]ZR]LX QZ] L >ZYTN 7T_P]L]d 3T^_Z]d LYO ?SPZ]d  !!

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^"  

=PWTRTZY L^ >dXMZWTN .ZXX`YTNL_TZY LYO >ZNTZWZRd ZQ =PWTRTZ`^ 0c[P]TPYNP "

 

,P^_SP_TN^ ZQ =PNP[_TZY LYO =PWTRTZY "$

 

=PWTRTZ`^ ,P^_SP_TN^ LYO ,NZ`^_TN ;TP_d  ##   8ZOP^ LYO 8`W_T/TXPY^TZYLWT_d ZQ ,NZ`^_TN ;TP_d  $   ,YTXL_PO >Z`YO 0c[WLTYPO   =PaTPb LYO :`_WZZV QZ] _SP w>ZYTN ;L]LOTRXx LYO >Z`YO L^ >dXMZWTN 1Z]X 

 

?LMWP ZQ .ZY_PY_^

caT

!

"

#

$

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO !

>_ZYP ?LMWP_^ LYO -ZZV^ _SL_ .ZXP _Z 7TQP  !

!

8PXZ]d ?PNSYT\`P^ LYO 4Y_P]YLWTeL_TZY  

!

,NZ`^_TN ;TP_d TY 4YOTL LYO 0`]Z[P   

!

3T^_Z]TNLW LYO .`W_`]LW /T^^ZYLYNP^ TY >PXT7T_P]L_P EZYP^   "

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd " "

:]LWT_d7T_P]LNd /PML_P LYO >LY^V]T_ .`W_`]P  "$

"

:]LWT_d Z] 7T_P]LNd TY ,YNTPY_ 4YOTL* $

"

>ZYLWT_d L^ L ?ST]O >[LNP% 9Pb ,^[PN_^ QZ] /PML_P  $"

"

8POTL ;]LN_TNP L^ ,P^_SP_TN ;]LN_TNP  "

"

=PWTRTZ`^ ;]LN_TNP^ LYO 7T_P]L_`]P^ L^ ;P]NP[_TZY 2PYP]L_TYR 9P_bZ]V^ "

7T_P]L_T TY 4YOTL LYO 0`]Z[P #

,`OTMWP ,M^_]LN_TZY^% ;£©TYTv^ 2]LXXL] L^ ?]PYO^P__P] ZQ >NTPYNP  "

#

>NTPY_TQTN ;]LN_TNP LYO ,P^_SP_TN >_dWP ZQ 4YOTLY 8L_SPXL_TNTLY^ LYO ,^_]ZYZXP]^  #

#

?SP 4YOTLY 7T_`]RTNLW 8ZOPW LYO _SP 2]PPV 7ZRZNPY_]TN 8ZOPW  

#

;`MWTN >NSZWL]Wd /T^[`_P^ TY 8POTPaLW 0`]Z[P LYO 4YOTL z .S`]NS LYO >_L_P ;ZWT_TN^  

#

>NTPYNP LYO =PWTRTZY z .Z]]PWL_TZY >[LNP^ /T^N`]^TaP 1Z]XL_TZY^ ;]LRXL_TN 1`YN_TZY^   

1]ZX 8POTL ?PNSYZWZRd _Z _SP >dXMZWTN 1Z]X^ L^ .`W_`]LW 8POTL!"

 >Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO"#  ?SP 7LYR`LRP.Zb LYO =P^Z`]NP^ ZQ _SP -]LSXTY^ ##  8d_SZ^ LYO 7ZRZ^ z :Y _SP .ZPcT^_PYNP ZQ ;L]_TNT[L_TZY LYO 0XLYNT[L_TZY  $!  ;L]_TNT[L_Z]d LYO 0XLYNT[L_Z]d BZ]WO :]TPY_L_TZY^  $"  8LRTN LYO 8d_S 

?LMWP ZQ .ZY_PY_^

caTT

 8d_STNLW?P]XTYZWZRTNLW >dY_SP^P^    ?SP 7LYR`LRP 2ZOOP^^ L^ >`M^_LYNP LYO 8P_L[SZ]% w.ZOP>bT_NSTYRx >_]L_PRTP^   ?SP w.Z^XTN 7LYR`LRPx LYO :_SP] @YTaP]^LW 8d_S^  

 .ZY^TOP]L_TZY^ ZQ .`W_`]LW ?SPZ]d ZY 0XLYNT[L_TZY LYO ;L]_TNT[L_TZY L^ 2`TOTYR 3P`]T^_TN /TQQP]PYNP 

44 3T^_Z]d  

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO  

;P]QZ]XLYNP LYO ,`]L 

,P^_SP_TN 8P^^LRP LYO 1Z]X^ ZQ =PNP[_TZY 



8YPXZYTN ?PNSYT\`P^ LYO ?]LY^XT^^TZY  



?SP APOL L^ .`W_`]LW 8PXZ]d% 0_P]YLW 6YZbWPORP LYO _SP 0aP] 1]P^S APOL^"



0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL  $





3dXY^ _SP 1ZZO ZQ _SP 2ZO^  !



7ZbTYR ZQ .L__WP LYO .]ZLVTYR ZQ 1]ZR^  !



?SP -]LSXLY L^ ;ZP_TN 8LRTN !



?SP 6PP[P] ZQ _SP -]LSXLY !"



7LYR`LRP L^ L 2ZOOP^^ "   w?SP 7LYR`LRP >[PLV^x% ?SP A£R ¢XMSš©¯ 3dXY "   w>TQ_PO bZ]O^x z ?SP -šSL^[L_T ¢«RT]L^L 3dXY  "!

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^ "# 

?SP AZTNP LYO _SP w4YPcSL`^_TMWPx% _SP 7L_P ‹RaPOL #



?SP =TOOWP TY _SP 3dXY ZQ /¯]RSL_LXL^ #  ?SP 9Pb -]LSXLY #

?LMWP ZQ .ZY_PY_^

caTTT

 



!

"

#

 ?SP ?SZ`^LYO>dWWLMWPO -`QQLWZ .Zb  #" 8P_]TNLW 8LRTN bT_S 9`XMP]^ $ >Z`YO =T_`LW^ QZ] _SP APOTN 9Pb DPL]  $  ?SP 2]PL_ 7T_LYd $  ?SP >dWWLMWP ZQ 7TQP  $"  0L]_S/]`X LYO 7TQP3L][ z 0^NSL_ZWZRTNLW .L]YPaLW 8`^TN 

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL   

8LY_]L^ L^ >[PPNS ,N_^ LYO 7LYR`LRP ,N_^  !

 

?SP /T^NT[WTYPO >[T]T_ LYO _SP /TZYd^TN $

 

.Z^XZRZYTN 1`YN_TZY ZQ 7LYR`LRP 

 

0_dXZWZRd L^ LY 4Y_P][]P_L_TZY ZQ =PLWT_d  !

>Z`YO =T_`LW^% _SP >£XLAPOL !

8TXP_TN 8LRTN  "

!

w.L_P]bL`WTYRx LYO 3ZbWTYR >_Z]X^  

!

w4YNZ][Z]PLW >ZYR^x  

!

?SP w4YPc[]P^^TMWPx >dWWLMWP :¿ 

!

3`XXTYR ;T_SPNLY_S]Z[ZT LYO w>Z^Z^ZZZZYRTYRx  #

!!

3Zb _Z >TYR :YP^PWQ TY_Z _SP :_SP] BZ]WO  

:¿ TY _SP PL]WTP] @[LYT´LO^ "

:¿ L^ w0^^PYNPx .S£YOZRdL@[LYT´LO  

"

7LYR`LRP >VP[_TNT^X ?LT__T]ÅdL@[LYT´LO  #

:¿ TY _SP WL_P] @[LYT´LO^  #

:¿ L^ ?ZZW QZ] .ZY_PX[WL_TZY 8`©“LVL@[LYT´LO  

#

:¿ L^ >`[P]^_]`N_`]P 8£©“¼VdL@[LYT´LO   



.ZX[Z^T_TZY LYO /PNZX[Z^T_TZY% ,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL z =L_TZYLWT_d LYO ,P^_SP_TN^ ZQ ;Z^_APOTN 7T_P]L_`]P^ LYO ;P]QZ]XTYR ,]_^   " 

?SP 9Z^_LWRTL ZQ _SP -L]O^ "



?SPT^_TN w?Z[[TYRx ZQ _SP APOL TY 7T_LYTP^ LYO ;`]£©L^ !

?LMWP ZQ .ZY_PY_^





?SP 3`YO]PO LYO _SP ?SZ`^LYO 9LXP^ ZQ _SP @YTaP]^LW 2ZO !



3PL]TYR ?SL_ -]TYR^ /PWTaP]LYNP  !#

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^ " 







cTc

2]LXXL]TLY^  "  ;L_LÓULWTv^ ,]R`XPY_^ TY >`[[Z]_ ZQ 2]LXXL] "  ?SP ;SZYP_TN ,W[SLMP_  ""  >¼_]L ?PNSYT\`P LYO ;£©TYTv^ 8P_L7LYR`LRP #  w±TaL^¼_]£©Tx LYO _SP .ZOP >d^_PX^ T_ 4Y^[T]PO  #  w2]Zb_Sx LYO :_SP] ;L]_TNT[L_Z]d w>`]aTaLW^x #$ ;SZYP_TNTLY^ $  ?]LTYTYR _SP 8TYO _S]Z`RS >Z`YO^ $  ;SZYP_TN^ LYO ,P^_SP_TN^  

?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^  

;SPYZXPYZWZRd ZQ 8ZZO^ 



>PXLY_TNTeL_TZY ZQ 2P^_`]P^  



0c[]P^^TaP AZNLWTeL_TZY  



:YZXL_Z[ZPTN .ZOP^% _SP 7LYR`LRP ZQ /]`X^  !

0Y_P]_LTYTYR 7PL]YTYR TY ?SPL_P] LYO =PXd_STQTNL_TZY ZQ _SP >NTPYNP ZQ 2]LXXL] TY 7TRS_ =PLOTYR $



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY% /P>LN]LWTeL_TZY LYO =P>LN]LWTeL_TZY ZQ 7LYR`LRP TY ;ZP_TN^ 7TYR`T^_TN^ LYO 8P_L[Sd^TN^  

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS   



?SP 7LYR`LRP BZ]V^SZ[ ZQ _SP :]YLXPY_LWT^_^    7LYR`LRP :]YLXPY_L_TZY  ?SP >NSZZW ZQ >`RRP^_TZY 

-]LSXLYTNLW ,RRTZ]YLXPY_Z% =L_TZYLWT^_ .SLWWPYRP^ LYO _SP =T^P ZQ APOL 3P]XPYP`_TN^  #

?LMWP ZQ .ZY_PY_^

cc



?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^ 





;STWZ^Z[STNLW 1`YOLXPY_LW^ LYO ;]LRXL_TN =L_TZYLWT_d

!



:Y _SP ?SPZ]d ZQ _SP 0_P]YT_d ZQ 7TYR`T^_TN >_L_PXPY_^   0_P]YLW 0cT^_PYNP ZQ ;SZYPXP^  0_P]YLW 0cT^_PYNP ZQ BZ]O^  ,]PWTRTZ`^ =PWTRTZY

! ! ! !$





?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW # 



:Y _SP 7TXT_^ ZQ 7LYR`LRP #$



0cPRP^T^ LYO ?PLNSTYR 8P_SZO ZQ _L_ _aLX L^T  $



=PaPWL_TZY LYO =PL^ZY  !

-SL]_ŽSL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP !  

7TYR`T^_TN ?SPZ]d  !#

 

8P_L[Sd^TNLW ?SPZ]d  !

 

?SP .ZXX`YTNL_TaP 2WZMLW 9P_bZ]V ZQ 8PLYTYR^ !$

 

.`W_`]P LYO 7LYR`LRP !

 

?SP ?S]PP /TXPY^TZY^ ZQ 7LYR`LRP !!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X !! 

?SP ?LY_]TN wBPLaTYR 1]LXPx% 9Z_P^ ZY /PQTYT_TZY ,N_Z]^ LYO ;ZWT_TN^ !"



>Pc LYO .]TXP bT_S _SP ?LY_]T^_^% :_SP]TYR /T^NZ`]^P^ TY 0L^_ LYO BP^_!#



8LY_]L^ L^ /TaTYP >PWQ=PaPWL_TZY!$



;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^!$ 

?SP 3PLaPYWd 0L]  !$



?SP >TYRTYR >V`WW LYO _SP -T]_S ZQ -¯UL 8LY_]L^  !$"



.WLYVTYR 0_SP] :XTYZ`^ 9ZT^P^ LYO w9ZY>_]`NV >Z`YOx "

?LMWP ZQ .ZY_PY_^





!

"

#

$



ccT

8TXP_TN >Z`YO 8LRTN  ""

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^"  

?SP 8LY_]TN w1T]^_ ,TO 6T_x  "

 

8Z][SZWZRd ZQ _SP u>PPO >Z`YO^v  ""

 

8LY_]L =T_`LW^  "   0YNZOTYR LYO AT^`LWTeL_TZY ZQ 8LY_]L^ "   >ZXL_TN ,[[WTNL_TZY^% 9d£^L "!   2]L[STN ,[[WTNL_TZY^% DLY_]L LYO 8L©“LWL  "$

;SZYPXL_TN .Z^XZRZYTP^ "# !

0YP]Rd  "#

!

:]TRTYLW 8L__P] LYO :]TRTYLW >Z`YO  "

!

7LYR`LRP .]PL_TZY LYO BZ]WO .]PL_TZY  "!

!

?SP .ZXX`YTNL_TaP -]LSXLY L^ L .ZTWPO >YLVP LYO 0YP]RP_TN ;]P^PYNP TY _SP -ZOd  "$

8LY_]L^ L^ .ZY_PX[WL_TaP 4Y^_]`XPY_^ "  "

?SP .Z^XZ2]LXXL] ZQ _SP ±]ÅaTOd£  " 

"

?SP 7LYR`LRP 2ZOOP^^ ZY _SP >SZ`WOP]^ ZQ _SP 3P]XPYP`_T^_ " 

"

 m 8TWWT^PNZYO^ ZQ 0_P]YT_d " !

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP "! #

;ZP_TN -TZR]L[Sd LYO >`MUPN_TaP 7LYO^NL[P "!!

#

3ZWT^_TN ;P]NP[_TZY LYO .Z^XTN 7LYR`LRP ""

#

#

;SPYZXPYZWZRd ZQ _SP ,W[SLMP_  "" # ?SP 4YYP] ?]TYT_d L T `  ""# # ?SP ?]TYT_d =PWPaLY_ _Z >Z_P]TZWZRd L S X  "# ?SP 1Z`] 7PaPW^ ZQ 7LYR`LRP "##

#

?SP ,`OTMWP ;PLNZNVv^ ?LTW "$

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^ "$ $

3PL]TYR LYO >PY^TYR _SP -`QQLWZ/PXZY>WLdP]  "$

$

4YOTaTO`LW 8`^TNLW 1Z]X^ ZQ _SP w1WZZO ZQ -PL`_dx  "$$

$

?SP /T^L[[PL]LYNP ZQ 7LYR`LRP TY 8`^TN  #

?LMWP ZQ .ZY_PY_^

ccTT

!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_  #$ !

, 7T__WP =P^PL]NSPO >dXMZWTN 1Z]X LYO T^_ ?]LY^]PWTRTZ`^ 4X[LN_#

!

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx% _SP wBZ]WO T^ >Z`YOx TY 9Pb ,RP ##

!

?SP 9£OL-]LSXLY L^ LY 4YOTRPYZ`^ .L_PRZ]d% _SP wBZ]WO T^ >Z`YOx TY _SP 4YOTLY 8TOOWP ,RP^ # !

8`^TN L^ L DZRL QZ] 0aP]dMZOd LYO _SP >Z`YO 8d^_TNT^X ZQ _SP 4YOTLY 8`^TNZWZRT^_^ #!

!

/PaPWZ[XPY_^ TY _SP ?P]X w-]LSXLYx LYO _SP ?]LY^QZ]XL_TZY^ ZQ _SP 7LYR`LRP 2ZZOP^^  #"

!

?SP DZRTN ?LY_]TN 7PRLNd LYO T_^ =PNZOTYR  # !

!

/PaZ_TZYLW 9£OLDZRL TY >Z`_S 4YOTLY .WL^^TNLW 8`^TN #!

!

.`W_TaL_TZY ZQ 2]PL_ ?]LY^NPYOPYNTP^ LYO >ZNTLW >PY^P >d^_PX^  #"

!!

1]ZX _SP 7TXTYLW _Z _SP >`MWTXP LYO ;Z[`WL] #"$

!"

.ZYQW`PYNP ZQ ?]LOT_TZY^ TY _SP 9£OL-]LSXLY LYO ?]LY^]PWTRTZ^T_d ##"

!#

?SP 8ZZO ZQ 9£OL-]LSXLY $

!$

?SP ?£X[¼]L L^ ?Z_LW =P[]P^PY_L_TZY ZQ _SP 9£OL -]LSXLY  $

! .`W_`]LW -Z`YOL]TP^ LYO /PWTXT_TYR .`W_`]P  $ ! 8`^TN ZQ _SP @YTaP]^P LYO 9£OL-]LSXLY $" ! w2WL^^ -PLO 2LXPx TY 0`]Z[P LYO 4YOTL $# ! ?]LY^YL_TZYLWTeL_TZY ZQ _SP 9£OL-]LSXLY $$

!



.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d!

?LMWP ZQ .ZY_PY_^

"

ccTTT

,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_  

;]TXL]d >Z`]NP^   >PNZYOL]d >Z`]NP^ ! 4YOPc  $"



4 

8P_SZOZWZRd

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO 3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

4Q dZ` aT^T_ _SP SZWd NT_d ZQ -LYL]L^ AL]LYL^T dZ` bTWW YZ_ YPPO LY LWL]X NWZNV _Z RP_ `[ PL]Wd TY _SP XZ]YTYR 4_ T^ \`T_P ^`QQTNTPY_ _Z _LVP L WZORTYR NWZ^P _Z _SP 8`X`V^S` -SLaLY MP_bPPY ,^^T 2SL_ LYO 7LYVL ,_ LX []PNT^PWd LYd NSLYNP ZQ ^WPP[ T^ OT^[PWWPO Md _SP WZ`O NLWW^ ZQ w=LLX =LLX =LLXx PXLYL_TYR Q]ZX _SP WZ`O^[PLVP]^ ZQ _SP ,^S]LX LYO QZ] _SP YPc_ SLWQ SZ`] L XLYv^ aZTNP PY_S`^TL^_TNLWWd ^TYR^ 2ZOv^ []LT^P bSTWP YZZYP TY _SP aTNTYT_d NLY [Z^^TMWd RP_ LbLd Q]ZX _SP ^Z`YO ?SP PY_S`^TL^_TN OPaZ_TZY _Z 2ZO T^ Pc[]P^^PO YZ_ WPL^_ Md _SP QLN_ _SL_ _SP XLY []LdTYR _`]Y^ `[ ST^ LX[WTQTP] _Z XLcTX`X aZW `XP >SZ`WO dZ` ^_P[ Z`_ ZY_Z _SP 7LYVL =ZLO LQ_P] M]PLVQL^_ dZ` bTWW bT_YP^^ LYZ_SP] [LY3TYO`T^_TN [SPYZXPYZY 0aPY TQ _SP ]ZLO^ L]P YZ_ NZX[WP_PWd MWZNVPO bT_S _SP `^`LW NZYRP^_TZY _SP NL]^ O]TaP _S]Z`RS _SP ^_]PP_^ ^Z`YOTYR _SPT] SZ]Y^ LYO L^ QZ] _SP Y`XP]Z`^ NdNWT^_^ dZ` bZ`WO MP QZ]RTaPY QZ] _STYVTYR _SL_ 4YOTLY MTNdNWP^ bP]P [ZbP]PO ^ZWPWd Md _SPT] MPWW^ 0aPY 4YOTLY ^_]PP_ WTQP L[[PL]^ _Z []ZaP _SP bTOP ^[]PLO ?LY_]TN [STWZ^Z[SPXP ZQ _SP NZYYPN_TZY MP_bPPY ^Z`YO LYO NZ^XTN /dYLXT^ 4Y _SP LWWPd^ _SL_ SLaP ST_SP]_Z MPPY \`TP_ TY _SP OT^ _]TN_ ZQ 2ZOZbWTL _SP _]LOP]^ SLaP YZb L[[PL]PO 5`^_ WTVP MT]O^ TY _SP QZ]P^_ _SPd XL]V Z`_ _SPT] _P]]T_Z]TP^ bT_S WZYR O]LbYZ`_ LYO [TP]NTYR NLWW^ LYO _]d _Z L__]LN_ N`^_ZX Md XPLY^ ZQ NZY^_LY_Wd ]P[PL_PO NLWW^ ^`NS L^ w^_PPW [WL_Px w.SLT RL]LX NSLTx w_PL SZ_ _PLx T^ []ZMLMWd _SP XZ^_ ZXYT[]P^PY_ ^Z`YO [SPYZXPYZY TY 4YOTL `^PO Md _SP _PL^PWWP]^ L_ ]LTW]ZLO ^_L_TZY^ _Z XLVP _SPT] []P^PYNP NWPL]Wd L`OTMWP ?SPd TY_ZYP _SPT] WZ`O LYO XZYZ_ZYZ`^ NLWW bT_S L NSL]LN_P]T^_TNLWWd WZYR O]LbYZ`_ TY_P]aLW ZQ L _ST]O WTVP L N`NVZZ bT_SZ`_ bSTNS _ST^ ^PN`WL] XLY_]L L[[L]PY_Wd NLYYZ_ SLaP T_^ PQQPN_ ZQ ^PWWTYR _PL =PWTRTZ`^ ^Z`YO^ _ZZ L]P YZ_ WTXT_PO _Z _SP PL]Wd XZ]YTYR M`_ LW^Z ZNN`] _S]Z`RSZ`_ _SP OLd 4Q ZYP WTaP^ TY L -]LSXTY QLXTWd L_  LX ZYP SPL]^ ]P^ZYLY_ XLY_]L ]PNT_L_TZY^ LYO _SP M]TRS_ ]TYRTYR ZQ ^XLWW MPWW^ NZXTYR Q]ZX _SP ]ZZX SZ`^TYR _SP OZXP^_TN LW_L] z L ]T_`LW LN_ `^PO _Z OPOTNL_P L Q]P^SWd NZZVPO XPLW _Z _SP OPT_d MPQZ]P T_ T^ PL_PY L^ L R]LNTZ`^ RTQ_ 4Y _SP LQ_P]YZZY T_ T^ NZXXZY QZ] ZYP _Z SPL] WZ`O NSLY_TYR Q]ZX L ^TOP^_]PP_%

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



w=£X9£X ^L_dL SLTx bSTNS T^ 3TYOT []ZYZ`YNPO ^ZXP_STYR WTVP w=LLX 9LLX >L_dP SPdx ?ST^ T^ YZ_ L OPXZY^_]L_TZY LYO YPT_SP] SL^ 4YOTL U`^_ bZY L N]TNVP_ XL_NS LRLTY^_ ;LVT^_LY 4Y QLN_ _ST^ T^ _SP ^L N]PO XLY_]L ZQ OPWTaP]LYNP bSTNS T^ _d[TNLW ZQ -LYL]L^% w=£X9£X ^L_dL SLTx w_SP YLXP ZQ =£XL T^ ?]`_Sx bSTNS LNNZ]OTYR _Z _SP Xd_S ±TaL STX^PWQ bST^[P]^ TY_Z _SP PL] ZQ _SP OPNPL^PO ?ST^ wXLY_]L _SL_ WPLO^ MPdZYO OPL_Sx _£]LVLXLY_]L T^ NZY_TY`Z`^Wd NLWWPO Z`_ L_ Q`YP] L]d []ZNP^^TZY^ Md _SP XPY NL]]dTYR _SP MTP] MPL]TYR _SP MZOd ZQ _SP OPNPL^PO bSZ T^ b]L[[PO TY RZWO M]ZNLOP 4Q QTYLWWd dZ` _LVP L bLWV L_ O`^V bSPY _SP ^_]PP_^ SLaP MPNZXP \`TP_P] LRLTY _Z _SP RSL_^ LWZYR _SP MLYV^ ZQ _SP 2LYRP^ Z] _S]Z`RS _SP YL]]Zb LWWPdbLd^ ZQ _SP _ZbY NPY _P] T_ bTWW YZ_ _LVP WZYR _Z QTYO L _PX[WP QZ] dZ` bTWW NP]_LTYWd SPL] ZYP MPQZ]P dZ` NLY ^PP T_ ?SP TY_PY^P ]TYRTYR ZQ ^XLWW MPWW^ LYYZ`YNP^ _SP PaPYTYR ]T_`LW LYO PaPY XZ]P aTRZ]Z`^ MPWW]TYRTYR ^XLWW RZYR^ SLYO O]`X^ LYO NdXMLW^ XL]V T_^ NWTXLc ,Q_P] ^`Y^P_ WZ`O^[PLVP]^ ^_L]_ _Z M]ZLONL^_ ]PWTRTZ`^ ^TYRTYR Z] PW^P R]Z`[^ RL_SP] ^[ZY_LYPZ`^Wd TY _SP _PX[WP^ _Z PY_S`^TL^_TNLWWd LYO `YNPL^TYRWd TY_ZYP w=£XL =£UL ULd >Å_£ =£Xx _Z L ^TX[WP XPWZOd ./  LNNZX[LYTPO Md _SP ^Z`YO^ ZQ NdXMLW^ LYO L SL]XZYT`X ,_  [X \`TP_YP^^ OP^NPYO^ LYO ZYP ZYWd SPL]^ _SP OZR^ _SL_ bLYOP] _SP ^_]PP_^ _LVTYR ZaP] _SP _P]]T_Z]TP^ ZQ _SP ^_PPW[WL_P ^PWWP]^ 3ZbPaP] T_ T^ \`T_P [Z^^TMWP _SL_ L [TZ`^ YPTRSMZ] bTWW MP Q`W QTWWTYR LY ZL_S Md TY_ZYTYR _SP NLWW w=£X =£X >Åd£ =£Xx L_ ]PR`WL] TY_P]aLW^ _S]Z`RSZ`_ _SP YTRS_ ]L_SP] WTVP L BP^_P]Y NWZNV _ZbP] NSTX TYR _SP SZ`]^ , ^TYRWP OLd TY 4YOTL TWW`^_]L_P^ U`^_ SZb X`NS L NZ^XZ^ ZQ ^Z`YO^ [P]aLOP^ _SP bSZWP ZQ PaP]dOLd LN_TaT_d LYO ]PWTRTZ`^ WTQP :`] TX[]P^^TZYT^_TN u_LMWPL`v bTWW []ZMLMWd u]TYR _]`Pv TY _SP PL]^ ZQ PaP]dMZOd bSZ SL^ aT^T_PO 4YOTL  z LYO YZ_ Md NSLYNP ?SP]P T^ ^ZXP U`^_TQTNL_TZY TY NLWWTYR 3TYO`T^X L STRSWd ^Z`YOML^PO N`W_`]P ?SP L`OTMWP LYO ]PNT_PO bZ]O T^ ZQ XLUZ] TX[Z]_LYNP 4Y 9Z]_SP]Y 4YOTL _SP N`W_ ZQ =£XL QZ] PcLX[WP T^ bTOP^[]PLO LYO WTaP^ LWXZ^_ PcNW`^TaPWd Q]ZX ^Z`YO ]T_`LW^ ]PNT_L_TZY LYO _Pc_^ [P]QZ]XPO QZ] _SP ^PY^P^ z Q]ZX _SP `YTY_P]]`[_PO ]P[P_T_TZY ZQ _SP RZOv^ YLXP w =£X =£X x _Z =£X ^ZYR^ MSLULY TY ^TX[WP ]Sd_SX^ _Z [`MWTN ]PNT_L_TZY LYO O]LXL_TN [P]QZ]XLYNP^ ZQ _SP aP]YLN`WL] P[TN =£XNL]T_X£YL^ ZQ ?`W^ÅO£^ ,MZaP LWW TY _SP OPaZ_TZYLW _]LOT_TZY^ ZQ MSLV_T wWZaTYR [L]_TNT[L_TZYx bT_S T_^ PX[SL^T^ ZY PXZ_TZYLW ]PWTRTZ^T_d X`^TN [WLd^ L NPY_]LW ]ZWP ./ z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 

-Z_S _SP L`_SZ]^ ZQ _ST^ MZZV WTaPO TY AL]LYL^T TY OTQQP]PY_ dPL]^ LYO _SP LNZ`^_TN [SPYZXPYL OP^N]TMPO L]P LXZYR _SPT] XZ^_ aTaTO XPXZ]TP^ 4_ ^PPX^ _Z MP LY TY_P] ^`MUPN_TaP Pc[P]TPYNP .ZY^TOP] ,]TPW 2W`NVWTNS bSZ `^P^ TY ST^ MZZV ?SP 0YO ZQ 8LRTN 9Pb DZ]V% :cQZ]O @YTaP]^T_d ;]P^^ $$" z LXLeTYRWd ^TXTWL] bZ]O^ LYO TXLRP^ BP SL[[PYPO _Z ]PLO ST^ LNNZ`Y_ WZYR LQ_P] SLaTYR b]T__PY Z`] ZbY Z`_WTYP

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



! z  ?SP^P _]LOT_TZY^ SLaP ZQ_PY O]LbY ZY _SP aP]YLN`WL]^ LYO YZ_ ^_LYOL]O >LY^V]T_ BP bTWW OPLW ZYWd bT_S >LY^V]T_ N`W_`]P LYO _ST^ T^ OZ`M_WP^^ L ]P^_]TN_TZY ZQ _SP _Z[TN 3ZbPaP] _SP ]P^_]TN_TZY T^ bPWW QZ`YOPO ^TYNP T_ T^ []PNT^PWd >LY^V]T_ 3TYO`T^X _SL_ []ZaTOP^ _SP ]TNS P^_ ^Z`]NP ZQ XL_P]TLW ZY WLYR`LRP LYO ^Z`YO TY 4YOTL BSTWP TY _SP =£X XLY_]L WLYR`LRP SL^ MPPY ]PO`NPO _Z _SP YLXP^ ZQ 2ZO LYO TY _SP -SLULY ^ZYR ZQ _SP MSLV_T _]LOT_TZY^ WLYR`LRP T^ PNWT[^PO Md X`^TN TY >LY^V]T_ 3TYO`T^X bP QTYO L aP]d Pc_PY^TaP ^[PN_]`X ZQ ]PNT_PO LYO ^`YR ^LN]PO _Pc_^ OL_TYR Q]ZX PL]WTP^_ _TXP^ ?SP]P L]P NZX[WP_P ^Z`YO ]T_P^ M`_ LW^Z LY PcNP[_TZYLWWd ]TNS ]PWTRTZ`^ LYO ^PN`WL] WT_P]L_`]P _SL_ `^P^ WLYR`LRP LYO ^Z`YO [ZP_TNLWWd LYO ]PQWPN_^ T_ [STWZ^Z[STNLWWd ?SP NPY_]LW TX[Z]_LYNP ZQ ^Z`YO TY 4YOTL LYO T_^ XLUZ] ]ZWP L^ L XPOT`X ZQ NZXX`YTNL_TZY SLaP ]PNPTaPO WT__WP L__PY_TZY TY BP^_P]Y ^_`OTP^ ZY 3TYO`T^X 4_ T^ NP]_LTYWd _]`P _SL_ L__PY_TZY SL^ ]P[PL_POWd MPPY O]LbY _Z _SP w`Y[L]LWWPWPO QZN`^ ZY Z]LWT_dx TY _SP _]LY^XT^^TZY ZQ _SP APOL TY [L]_TN`WL] LYO TY >LY^V]T_ ^NSZWL]^ST[ RPYP]LW  8TW_ZY >TYRP]v^ QTPWO ^_`Od ZY wN`W_`]LW [P]QZ]XLYNP^x L^ _SP wXZ^_ NZYN]P_P ZM^P]aLMWP `YT_^x ZQ 3TYO` N`W_`]P L]Z`^PO ^PY^T_TaT_d _Z _SP ^[ZVPY bZ]O L^ _SP NPY_]LW XPOT`X ZQ _]LY^XT^^TZY TY PaP]dOLd ]PWTRTZ^T_d LYO [Z[`WL] N`W_`]P  ,Y TYN]PL^TYR Y`XMP] ZQ ^_`OTP^ L[[PL]PO ZY _SP NZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 





?SP ^LX[WP^ ZQ X`^TN ZY _SP ./ L]P Y`XMP]PO^P\`PYNPO TY LNNZ]OLYNP bT_S _SP _Z[TN^ NZaP]PO TY _SP ^PN_TZY^ ZQ _ST^ MZZV& _SP [TPNP^ ZQ ./ "z bSTNS L]P YZ_ XPY_TZYPO LMZaP NZaP] APOL ]PNT_L_TZY ?SP bSZWP ^PWPN_TZY ZQ [TPNP^ LTX^ L_ []ZaTO TYR L M]ZLO LWXZ^_ NZX[WP_P ZaP]aTPb ZQ _SP XZ^_ TX[Z]_LY_ _d[P^ ZQ ^ZYTN NZXX` YTNL_TZY TY ]PWTRTZ`^ NZY_Pc_^ ?SZ^P _d[TNLW ZQ -LYL]L^ LYO 9Z]_SP]Y 4YOTL ./ z OPXZY^_]L_P _SP OTQQP]PYNP MP_bPPY ^ZYR^ LYO w]PLOTYRx LWZ`O , XZ]P OP_LTWPO OP ^N]T[_TZY T^ ^`[[WTPO TY _SP L[[PYOTc :Y _]LOT_TZYLW WPL]YTYR ^PP /LYTPW 4YRLWW^ w?SP -]LSXLY ?]LOT_TZYx TY ?]LOT_TZYLW 4YOTL% >_]`N_`]P LYO .SLYRP PO 8TW_ZY >TYRP] ;STWLOPW[STL% ?SP ,XP]TNLY 1ZWVWZ]P >ZNTP_d $ $ z$& 1]T_^ >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZY LYO _SP :]TRTY^ ZQ >NTPYNPx TY 8POPOPWTYRPY OP] 6ZYTYVWTUVP 9POP]WLYO^P ,VLOPXTP aLY BP_PY^NSL[ [PY $# $#!% z  z##& 3L]]d 1LWV w2ZZOTP^ QZ] 4YOTLx TY 0]^NSPTY`YR^ QZ]XPY V`W_`]PWWP] ;]ZeP^^P PO BZWQRLYR =LTMWP ?ÞMTYRPY% 9L]] $$ z& LYO ,cPW 8TNSLPW^ PO ?SP ;LYOT_% ?]LOT_TZYLW >NSZWL]^ST[ TY 4YOTL 9Pb /PWST% 8LYZSL]  8TNSLPW^ ]PXL]V^% w?SP Q`_`]P ZQ _SP [LYOT_ FuWPL]YPOv [P]^ZYH T^ [P]SL[^ WTYVPO bT_S ^ZXP NZY^_T_`PY_^ ZQ VYZbWPORP _SL_ NLYYZ_ MP ZM_LTYPO _S]Z`RS BP^_P]Y XP_SZO^ bSTNS QZN`^ ZY LM^_]LN_TZY^ TX[P]^ZYLW _PLNSTYR b]T_TYR LYO ]PLOTYR ?SP]P T^ QZ] TY^_LYNP _SP `Y[L]LWWPWPO QZN`^ ZY Z]LWT_d TY _]LOT_TZYLW >LY^V]T_ ^NSZWL]^ST[ bSTNS TX[WTP^ L WZYR ST^_Z]d ZQ [P]^ZYLW NZY_LN_ bT_S _SP _PLNSP] ?Z MP ^`]P [LYOT_^ OZ YZ_ ZMUPN_ _SP `^P ZQ b]T__PY LYO []TY_PO MZZV^ M`_ _SPd LW^Z OZ YZ_ MPWTPaP TY MZZV^ L^ `W_TXL_P ^Z`]NP ZQ VYZbWPORP ?SPd QLaZ] Z]LW NZXX`YTNL_TZY LYO []P^PY_L_TZY bT_S T_^ _PNSYTNLW NZY^P\`PYNP^ QZ] ^_dWP LYO _SP QZ]X ZQ _Pc_^ TP >¼_]L ^_dWP `^P ZQ XP_P]^ ]P[P_T_TZY^ P_Nx TMTO  Z`] PX[SL^T^ 8TW_ZY >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^% ,Y ,Y_S]Z[ZWZRTNLW ,[[]ZLNS _Z 4YOTLY .TaTWTeL_TZY 7ZYOZY% ;LWW 8LWW ;]P^^ $" !z# ?SP TOPL bL^ LW]PLOd QZ]bL]OPO Md >TYRP] TY _SP $ ^ LYO TY^[T]PO Md ST^ TYOTRPYZ`^ NZY^`W_LY_^ bSZX

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



[WPc TY_P][WLd ZQ Z]LWT_d LYO _Pc_`LWT_d LYO ZQ >LY^V]T_ LYO aP]YLN`WL] WT_P]L_`]P 5`WT`^ 7T[YP] NZYOPY^PO ^`NS TY^TRS_^ Md `^TYR _SP _P]X waZTNP^x TY^_PLO ZQ ^LN]PO w^N]T[_`]P^x ! 2`d -PNV PaPY ^[ZVP ZQ w^LN]PO ^Z`YOx L^ _SP wNPY_]LW Xd^_P]dx ZQ _SP 3TYO` Pc[P]TPYNP ZQ _SP OTaTYP" 0aPY >SPWOZY ;ZWWZNVv^ ^_`Od ZQ [ZP_]d LYO [ZWT_d [ZTY_PO Z`_ _SP w[SZYZ NPY_]TN P[T^_PXP ZQ >LY^V]T_x OP^[T_P WT_P]L]d []ZO`N_TZY # -`_ ^_TWW YZ XP_SZOZWZRTNLW NZY^P\`PYNP^ bP]P O]LbY QZ] _SP LN_`LW ^_`Od ZQ _Pc_^ ,NNP^^ _Z _SP _Pc_^ ]PXLTYPO YZY^PY^Z]d LYO [ZZ]Wd ^PY^T_TaP _Z ^Z`YO ?SP]P SL^ MPPY L NZYNPY_]L_TZY ZY _SP WT_P]L]d ^Z`]NP^ LYO _SPT] ^PXLY _TN NZY_PY_ LW_SZ`RS L]NSPZWZRTNLW ^Z`]NP^ LYO OP[TN_TZY^ ^`NS L^ TNZY^ ZQ OPT_TP^ SLaP LW^Z MPPY `^PO ?ST^ STP]L]NSTeTYR ZQ _SP XPOTL NZ]]P^[ZYO^ PcLN_Wd _Z BP^_P]Y Pc[PN_L_TZY^ M`_ SL]OWd L_ LWW _Z _SP LN_`LW `^P ZQ _SP^P XPOTL TY 4YOTLY []LN_TNP 1Z] PcLX[WP XPXZ]TLW^ LYO TY^N]T[_TZY^ SLaP MPPY WT__WP `^PO TY 3TYO` 4YOTL TY NZY_]L^_ _Z 0`]Z[P bSP]P _SP^P XPOTL ZQ N`W_`]LW NZXX`YTNL_TZY L]P P^^PY_TLW _Z _SP QZ]XL_TZY ZQ _SP NZWWPN_TaP TOPY_T_d 3ZbPaP] LYdZYP L__PX[_TYR _Z `YOP]^_LYO 3TYO`T^X ^ZWPWd _S]Z`RS [STWZWZRd P[TR]L[Sd L]NSPZWZRd LYO L]_ ST^_Z]d bTWW XT^^ Z`_ ZY []PNT^PWd _SZ^P XPOTL NSLYYPW^ _SL_ L]P Q]P\`PY_Wd _SP XZ^_ NPY_]LW _Z _SP 3TYO`^ _SPX^PWaP^ ,^ L OTPSL]O [STWZWZRT^_ ZYP PWPN_^ _Z QZ]PRZ LY TX[Z]_LY_ ^Z`]NP ZQ TYQZ]XL_TZY LMZ`_ 3TYO` N`W_`]P TQ ZYP TY^T^_^ ZY ]PLOTYR _SPT] WT_P]L]d ^Z`]NP^ L^ MZZV^ TY _SP BP^_P]Y ^PY^P TP ZYWd L^ OT^N`]^TaP MZOTP^ ZQ OL_L bT_S Z`_ LYd L`OTMWP QZ]X Z] LYd LP^_SP_TN PQQPN_ ?Z TYNW`OP _SP^P ^PY^Z]d L^[PN_^ bP []Z[Z^P LY Pc_PYOPO QZ]X ZQ _Pc_ SP]XPYP`_TN^ 5`^_ _Z RTaP L QPb PcLX[WP^ ZQ Z`] XP_SZO ZQ bZ]VTYR% T_ T^ NP]_LTYWd `Y`^`LW _Z TYaP^_TRL_P _SP ^LN]PO ^dWWLMWP :¿ YZ_ ZYWd TY _P]X^ ZQ ]T_`LW _SPZ]d LYO T_^ ST^_Z]TNLW ZNN`]]PYNP TY _Pc_^ M`_ LW^Z LNZ`^_TNLWWd& _Z OP]TaP _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

! " #

SP L^VPO SZb SP XTRS_ ^_`Od _SP N`W_`]LW [L__P]Y ZQ 4YOTL >PP >TYRP] w?SP .`W_`]LW ;L__P]Y ZQ 4YOTLY .TaTWTeL_TZYx 1L] 0L^_P]Y _`L]_ 3 -WLNVM`]Y LYO ,6 =LXLY`ULY PO ,YZ_SP] 3L]XZYd% 9Pb 0^^Ld^ ZY _SP 1ZWVWZ]P ZQ 4YOTL -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ $#!& 5LY aLY -`T_PYPY w, M]TPQ ST^_Z]d ZQ _SP WLYR`LRP^ TY 4YOTLx TY ?SP 7T_P]L_`]P^ ZQ 4YOTL% ,Y 4Y_]ZO`N_TZY  PO 0ObL]O /TXZNV P_ LW .STNLRZ% .STNLRZ @YTaP]^T_d ;]P^^ $" !z& .L_SP]TYP .SLX[TZY PO ?]LOT_TZY^ Z]LWP^ OLY^ WP XZYOP TYOTPY ;L]T^% ÉNZWP OP^ 3L`_P^ 0_`OP^ PY >NTPYNP^ >ZNTLWP^ $$!& >SPWOZY ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^ TY _SP BZ]WO ZQ 8PY% >LY^V]T_ .`W_`]P LYO ;ZbP] TY ;]PXZOP]Y 4YOTL -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ !& /PWST% ;P]XLYPY_ -WLNV " #z ## z#& 5PQQ]Pd = ?TXX PO ?Pc_^ TY .ZY_Pc% ?]LOT_TZYLW 3P]XPYP`_TN^ TY >Z`_S ,^TL 9Pb DZ]V% >@9D $$ 5`WT`^ 7T[YP] 3TYO`^% ?SPT] =PWTRTZ`^ -PWTPQ^ LYO ;]LN_TNP^ 7ZYOZY% =Z`_WPORP $$ $$#  z! 2`d -PNV >ZYTN ?SPZWZRd% 3TYO`T^X LYO >LN]PO >Z`YO .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S .L]ZWTYL $$  ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  !

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



[P]QZ]XLYNP ZQ APOTN XLY_]L^ Q]ZX _SPT] _d[P ZQ [ZP_TN NZX[Z^T_TZY $& Z] _Z `^P _SP ^`YR ]PLWTeL_TZY ZQ L SdXY _Z _SP MPL`_TQ`W RZOOP^^ 7LWT_£ L^ L Q]LXPbZ]V QZ] _SP TY_P][]P_L_TZY ZQ []PNT^PWd _ST^ _Pc_ ?SP XPOT`X MPWZYR^ _Z _SP XP^^LRP LYO ^ZXP_TXP^ LW^Z LOO^ Pc_]L XPLYTYR _Z T_ :`] L[[]ZLNS T^ NP]_LTYWd YZ_ LY TYOTRPYZ`^ ZYP M`_ T_ T^ XZ]P NZX [L_TMWP bT_S _SP 4YOTLY^v L[[]ZLNS _Z _SPT] ZbY _Pc_^ _SLY T^ _SP ^_LY OL]O ]LYRP ZQ TY^_]`XPY_^ QZ] _Pc_ N]T_T\`P NWL^^TNLWWd []P^N]TMPO Md _SP 0`]Z[PLY ST^_Z]d ZQ ]P^PL]NS :YP NZ`WO PaPY ^Ld _SL_ _SP [STWZWZRT^_v^ u_Pc_v OZP^ YZ_ PcT^_ L^ L _Pc_ _d[P TY _SP 4YOTLY _]LOT_TZY 4Y _SP [L^_ _ST^ _]LOT_TZY YPaP] ]P^`W_PO TY w_Pc_^ U`^_ QZ] ]PLOTYRx M`_ LWbLd^ L_ _LNSPO R]PL_ TX[Z]_LYNP _Z L NL]PQ`W L`OTMWP ]PLWTeL_TZY LYO bL^ ZQ_PY LW^Z aP]d ^PY^T_TaP _Z _SP PXZ_TaP NZY_PY_ ZQ _Pc_^ LYO _SP NZXX`YTNL _TZY ZQ XZZO^ >Z Z`] NZYNPY_]L_TZY ZY ^Z`YO L^ L XPLY^ ZQ Pc[]P^^TZY LYO NZXX`YTNL_TZY T^ TY^[T]PO Md PXTN TP TYOTRPYZ`^ NL_PRZ]TP^ 4_ RTaP^ LNNP^^ _Z LY 4YOTLY N`W_`]LW ST^_Z]d _SL_ TY ^ZXP bLd^ ]PLO^ OTQ QP]PY_Wd _SLY OP^N]T[_TZY^ ZQ 3TYO`T^X _Z OL_P :`] Pc_PYOPO XP_SZOZWZRTNLW L[[]ZLNS _Z _Pc_ PX[SL^TeP^ _SP [P] QZ]XL_TaP L^[PN_^ LYO bT_S _SPX _SP ]PLOP]^v TXLRTYL_TZY LYO _SP PaP] NSLYRTYR QWZb ZQ _]LOT_TZY ?Pc_^ L]P YZ_ ^_L_TN PY_T_TP^ bT_S L QTcPO XPLYTYR LYO YPT_SP] T^ _SPT] XPLYTYR PcSL`^_PO TY _SPT] ^PXLY_TN ^PY^P ?ST^ L[[WTP^ [L]_TN`WL]Wd _Z ]PWTRTZ`^ _Pc_^ 4Y WTM]L]TP^ LYO TY LNLOPXTN^v ^_`OTP^ _SPd XLd bPWW MP _SP ZMUPN_ ZQ ]L_TZYLW LYLWd^T^ LYO bSPY MZ`YO MP_bPPY _SP NZaP]^ ZQ L MZZV _SPd XLd ^`RRP^_ NWZ^PO Z] NZX[WP_P ^d^_PX^ /`]TYR _]LY^XT^^TZY LYO ]PNP[_TZY SZbPaP] _SPd L]P PcNP[_TZYLWWd QW`TO NZY^_]`N_TZY^ ?Pc_^ z PaPY L^ [L]_ ZQ L NLYZY z L]P YZ_ uQTYT^SPOv M`_ L]P _SP ^`MUPN_ ZQ N`W_`]LW OT^NZ`]^P^ /`]TYR _SPT] _]LY^XT^^TZY LYO _SPT] ]PNP[_TZY Md aL]TZ`^ N`W_`]LW LN_Z]^ YPb NZOTYR^ L]P ^`[P]TX[Z^PO ZY _SPX LYO _SPd L]P w]PRWZ^^POx LYO ]P TY_P][]P_PO 4Y QLN_ ^`NS Z[PYYP^^ LYO QW`TOT_d L]P P^^PY_TLW _Z _SP WTQP ZQ L _Pc_ TY Z]OP] _Z ^LQPR`L]O T_^ aT_LWT_d LYO N`W_`]LW ^TRYTQTNLYNP :`] XLTY PX[SL^T^ SZbPaP] bTWW MP ZY _SP ^Z`YO XL_P]TLW BSPY _Pc_^ L]P ]PLO Z`_ _SPd L]P LP^_SP_TN PaPY_^ 7LYR`LRP L^ Pc[]P^^TaP ^Z`YO SL^ T_^ ZbY TYOP[PYOPY_ aLWTOT_d ZQ XPLYTYR T_^ ZbY LMTWT_d _Z NZXX`YT NL_P LYO T_^ ZbY L`]L 4_ `YQZWO^ T_^ PQQPN_^ YZ_ ZYWd TY _SP ^[SP]P ZQ _SP _P]XTYZWZRTNLW LYO WZRTNLW M`_ LW^Z TY _SP ^[SP]P ZQ _SP ^PY^Z]d LYO PXZ_TaP BP L]P _SP]PQZ]P QZN`^TYR ZY _SP PaPY_ NSL]LN_P] ZQ ]PWTRTZ`^ _Pc_^ TY L OZ`MWP ^PY^P% ZY _SP ZYP SLYO ]PWL_TYR _Z _SPT] [Z_PY_TLW LMTW T_d _Z []ZO`NP ^PY^P TY LY `YQTYT^SPO PaP] YPb QL^STZY LYO ZY _SP Z_SP] ]PWL_TYR _Z _SPT] LP^_SP_TN \`LWT_d TP L`OTMWP [Sd^TNLW YL_`]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $

0cNP[_TZY^ bP]P _SP ‹RaPOL ^_`OTP^ ZQ AWLOTXT] 9 ?Z[Z]Za w/TP @]^[]ÞYRP OP] TYOZP`]Z[ÆT^NSPY ;ZP_TVx TY ;ZP_TNL z $#% #$z  LYO ?L_ULYL 0WTeL ]PYVZbL 7LYR`LRP LYO >_dWP ZQ _SP APOTN ‹´T^ 9Pb DZ]V% >@9D $$ 

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

>LY^V]T_ 3TYO`T^X T^ NSL]LN_P]TePO Md L [W`]LWT_d ZQ _SP XZ^_ aL]TPO L[[]ZLNSP^ _Z WLYR`LRP LYO ^Z`YO z L [W`]LWT_d _SL_ MPRTY^ L^ PL]Wd L^ _SP APOL _SP XZ^_ TX[Z]_LY_ wXd_SZ^x TY _SP ^PY^P ZQ R`TOTYR N`W _`]LW TXLRP LYO R]PL_ YL]]L_TaP  _SL_ bL^ _Z WPLaP T_^ XL]V ZY 4YOTLY N`W_`]P LYO _SP ^ZYTN [L]LOTRX [L] PcNPWWPYNP  ?SP APOL T_^PWQ PcSTMT_^ _SP QW`TOT_d ZQ _Pc_^ [L]_TN`WL]Wd bPWW BSP]PL^ _SP APOTN SdXY^ bP]P ^_TWW PaZNL_TaP NLWW^ _Z _SP RZO^ LYO XLRTN [ZP_]d L_ _SP _TXP _SL_ _SPd bP]P NZX[Z^PO TY WL_P APOTN _TXP^ _SPd MPNLXP ^LN]PO WLYR`LRP XL_P ]TLW TY bSTNS ZYP YZ WZYRP] _]TPO _Z QTYO L aT^TZYL]d XPLYTYR M`_ bL^ X`NS ]L_SP] ^PPVTYR Xd^_P]TZ`^ Y`XP]TN NZXMTYL_TZY^ 4Y P[TN _TXP^ _SP XP]P ]PNT_L_TZY ZQ _SP SZWd _Pc_ LN\`T]PO LY TX[Z]_LYNP P\`LW _Z _SL_ ZQ _SP WL_P APOTN QT]P ^LN]TQTNP ?SP =£X£dL©L OP[TN_TZY ZQ _SP wSZWd YZT^Px M]LSXLRSZ´L ZQ _SP ]P^ZYLY_ _S]PP_ZYP APOL ]PNT_L_TZY L^ T_ PXLYL_P^ Q]ZX _SP ^TX[WP ^_]Lb S`_^ ZQ XZOP^_WTaTYR -]LSXTY^ LW ]PLOd ^`RRP^_^ NZX[WP_PWd _SP APOTN L`]L LYO ^ZWPXY ^LN]POYP^^ bSTNS PaPY _ZOLd T^ WTYVPO _Z APOL ]PNT_L_TZY 5`^_ _SP ^Z`YO ZQ _SP APOL ./ "z TX[L]_^ L XPLYTYR L^^ZNTL_PO bT_S ZYP [L]_TN`WL] N`W_`]LW wSLMT _`^x% bSPY L 3TYO` SPL]^ _SP NSL]LN_P]T^_TN _S]PP TY_P]aLW^ ZQ L APOL [P]QZ]XLYNP _ST^ _]LY^[Z]_^ STX _Z _SP [PLNPQ`W [`]P LYO ^_]TN_Wd aPRP _L]TLY bZ]WO ZQ TOPLW -]LSXTYSZZO ?SP APOL SL^ VP[_ T_^ ^LN]PO [ZbP] LW_SZ`RS T_ SL^ LW_P]PO ^`M^_LY_TLWWd TY T_^ ]PNP[_TZY ZaP] _SP NZ`]^P ZQ _TXP :YP LYO _SP ^LXP _Pc_ TYT_TLWWd bL^ `YOP]^_ZZO L^ L wYZ]XLW ^P XLY_TN _Pc_x _SPY L^ LY P^Z_P]TN ^PN]P_ QZ]X`WL LYO QTYLWWd P^^PY_TLWT^ _TNLWWd L^ ^LN]PO ^Z`YO ^`M^_LYNP 8Z]P _SLY LYd_STYR PW^P _SP TYSP]PY_ aLWTOT_d ZQ ^Z`YO^ L^ Pc []P^^PO TY [SPYZXPYL ^`NS L^ _SP wSZWd YZT^Px SL^ WPQ_ T_^ XL]V ZY 4YOTLY `YOP]^_LYOTYR ZQ _Pc_^ PaPY _ZOLd 4Q TY L >Z`_SP]Y 4YOTLY _PX[WP ./ ! LRLTY^_ L MLNVR]Z`YO ZQ MPWW^ LYO _SP LWW[P]aLOTYR YZ_P^ Q]ZX _SP 9£OL^aL]LX L >Z`_S 4YOTLY ]PPO [T[P _SP []TP^_^ OPNWLTX bSZWP _PWP[SZYP OT]PN_Z]TP^ ZQ Y`XTYZ`^ YLXP^ Q]ZX XPXZ]d Md NLWWTYR ZY _SP _PX[WP OPT_TP^ `^TYR _SPT] _]LOT_TZYLW ZYP S`YO]PO LYO PTRS_ Z] ZYP _SZ`^LYO YLXP^ Z] TQ T_TYP]LY_ XZYV^ [`_ _SPX^PWaP^ TY_Z L MWT^^Q`W _]LYNP Md ^TYRTYR _Z _SPT] RZO ±TaL w[]LT^P []LT^P []LT^Px TYNP^^LY_Wd _Z _SP NST]]`[TYR ^Z`YO ZQ _SPT] 0V_L]^ ZYP^_]TYRPO O]ZYP TY^_]` XPY_^ T_ MPNZXP^ NWPL] U`^_ SZb QL] _SP NL_PRZ]d w_Pc_x ^_]P_NSP^ SP]P ?SP _Z_LW OT^L[[PL]LYNP ZQ WLYR`LRP TY X`^TN L^ bP QTYO TY XLYd ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  BP OT^_TYR`T^S Xd_S Z] wXd_SZ^x L^ L QZ]X ZQ _SZ`RS_ LYO L^ L R`TOTYR N`W_`]LW LYO XPY_LWT_dQZ]XTYR TXLRP Q]ZX wXd_Sx L^ ST^_Z]d _SL_ T^ ]PNZ`Y_PO Z] _]LOT_TZYLW YL] ]L_TZY :Y _SP [ZWdaLWPYNd ZQ Xd_S NZYNP[_TZY^ ^PP 7L`]T 3ZYVZ w?SP ;]ZMWPX ZQ /PQTYTYR 8d_Sx TY >LN]PO 9L]]L_TaP% =PLOTYR^ TY _SP ?SPZ]d ZQ 8d_S  PO ,WLY /`Y OP^ -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ $# z  LYO 5LY ,^^XLYY w8d _SZ^x 3]b2 4A >_`__RL]_% 6ZSWSLXXP] $$# "$z& QZ] Z`] `^P TY [L]_TN`WL] $z$  ^PP LW^Z _SP QTYLW NSL[_P]^ ZQ _SP 8P_SZOZWZRd ^PN_TZY ZQ _ST^ MZZV

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

"

_ZOLdv^ MSLV_T _]LOT_TZY^ T^ XP]PWd ZYP ZQ _SP XZ^_ ]LOTNLW QZ]X^ TY bSTNS _SP aLWTOT_d ZQ ^Z`YO T^ Pc[]P^^PO LNSNSTOLYLYOL >bLXT bSZ T^ LW^Z L NZX[Z^P] LYO VPdMZL]O[WLdP] L]P ZQ _SP Z[TYTZY _SL_ bSL_ _SPd bT^S _Z NZXX`YTNL_P NLYYZ_ MP []Z[P]Wd NZXX`YTNL_PO TY bZ]O^ L_ LWW M`_ NLY ZYWd MP TX[L]_PO aTL X`^TN ./ $ 4_ T^ YZ_ ^TWPYNP ^Z ^_]ZYRWd PX[SL^TePO Md 9TVWL^ 7`SXLYY LYO ;P_P] 1`NS^  _SL_ T^ ^Z XPLYTYRQ`W ZYNP WLYR`LRP SL^ PYOPO M`_ _SP NSLY_TYR ZQ _SP YLXP ZQ 2ZO LYO X`^TN ./ z   z 4Y QLN_ TY 4YOTL ZYP NLY ZYWd ^[PLV ZQ _Pc_^ L_ LWW TY L ^PY^P _SL_ TY NW`OP^ L`OTMWP bZ]O^ 3TYO`T^X T^ OPQTYT_PWd YZ_ L MZZV ]PWTRTZY  1Z] BP^_P]Y ST^_Z]d ZQ ]PWTRTZY T_ XLd MP _]`P _SL_ ]PWTRTZ`^ PaZW`_TZY bL^ LNNZX[LYTPO Md _SP OPaPWZ[XPY_ ZQ _SP XPOTL ZQ XL^^ []Z[LRL_TZY  1Z] PcLX[WP L__PY_TZY SL^ MPPY RTaPY _Z _SP NZYYPN_TZY MP_bPPY []TY_ TYR LYO _SP =PQZ]XL_TZY LYO _SP TX[Z]_LYNP ZQ _SP _]LY^T_TZY Q]ZX ^N]ZWW^ _Z MZ`YO MZZV^ QZ] _SP QZ]XL_TZY ZQ _SP NLYZY  4Y 4YOTL SZb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q 9TVWL^ 7`SXLYY LYO ;P_P] 1`NS^ =POPY `YO >NSbPTRPY 1]LYVQ`]_% >`S]VLX[ $$" :]TRTYLW $#$  >PP LW^Z ?SZXL^ - .ZM`]Y wu>N]T[_`]Pv TY 4YOTL% ?ZbL]O^ L ?d[ZWZRd ZQ _SP BZ]O TY 3TYO` 7TQPx 5Z`]YLW ZQ _SP ,XP]TNLY ,NLOPXd ZQ =PWTRTZY  $#%  z $& ,cPW 8TNSLPW^ w/L^ -`NS LW^ 1`YOLXPY_ aZY =PWTRTZYPYx TY /TP -POP`_`YR OP^ -`NSP^ RP^_P]Y z SP`_P z XZ]RPY  PO ; =`^_P]SZWe LYO = 8Z^P] -P]Y% AP]WLR 3L`[_ $$! z& 1]T_^ >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZYx ?SP _P]X^ wMZZV ]PWTRTZYx Z] wSZWd ^N]T[_`]P^x bSTNS MWZNV Z`_ _SP L`OT_TaP OTXPY^TZY L]P TY QLN_ `Y^`T_LMWP QZ] LWW ]PWTRTZY^ Z]TRTYL_TYR TY 4YOTL TP LW^Z QZ] 5LTYT^X >TVST^X LYO PaPY -`OOST^X bSP]P b]T_TYR bL^ TY `^P MPQZ]P T_ bL^ TY -]LSXLYTN N`W_`]P LYO `YOP]^_LYOTYR _SP NZY_PY_ bL^ ]PRL]OPO L^ XZ]P TX[Z]_LY_ .Q /ZYLWO 7Z[Pe 5] w,`_SZ]T_d LYO :]LWT_d TY _SP 8LS£d£YLx 9`XPY C744 $$ % z" ^PP ! P_ ^P\  .Q 8T]TLX @^SP] .S]T^XLY 7Ld .`W_`]P 7PL]YPO .`W_`]P% -ZZV^ LYO >ZNTLW .SLYRP TY >_]L^MZ`]R  #z $$ 9Pb 3LaPY% DLWP @YTaP]^T_d ;]P^^ $#& ,]YZWO ,YRP YPYO_ w=PWTRTZY ebT^NSPY 8ÞYOWTNSVPT_ `YO >NS]TQ_WTNSVPT_% /P] ;]ZeP^^ OP^ 8T__PW LW_P]^x TY ATaL aZc `YO ]L_TZ ^N]T[_L% 8ÞYOWTNSP `YO >NS]TQ_WTNSP 6ZXX`YTVL_TZY^ QZ]XPY TX 8ØYNS_`X OP^ 8T__PWLW_P]^ PO .WPXPY^ 8 6L^[P] LYO 6WL`^ >NS]PTYP] 8ÞY^_P]% 7T_ $$" "z  LYO _SP ]P^_ ZQ _SP aZW`XP& ?SZXL^ 7PY_P^ wu,YOLNS_v `YO u2PMÆ]OPv /L^ ]PWTRTØ^P ,`^O]`NV^aP]SLW_PYx TY 6`W_`]PWWP =PQZ]XL_TZY% >TYY QZ]XL_TZYPY TX @XM]`NS z!  PO -P]YSL]O 5`^^PY LYO .]LTR 6Z^WZQ^Vd 2Ø_ _TYRPY% ALYOPYSZPNV  =`[]PNS_ $$$ $z!"& ?SZXL^ 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x TY /P] ;^LW_P] TY 5`OPY_`X `YO .S]T^_PY_`X PO 0]TNS EPYRP] 1]PTM`]R% 3P]OP] $$# z & 3L]_XLYY ?d]PWW P_ LW PO^ =PWTRTZY LW^ 6ZX X`YTVL_TZY BÞ]eM`]R% 0]RZY $$# "& 3L]_XLYY ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_T ZY% ,`RP :S] `YO 8POTPYaTPWQLW_x TY 1]ØXXTRVPT_ TX 8T__PWLW_P] PO 6WL`^ >NS]PT YP] LYO 8L]N 8ÞY_e 8ÞYNSPY% 1TYV AP]WLR  z$ TY [L]_TN`WL] #z  #  >PP ?d]PWW =PWTRTZY LW^ 6ZXX`YTVL_TZY  " LYO _SP bZ]V^ ZQ 5LNV 2ZZOd LYO 5LY ,^^XLYY% 5LNV 2ZZOd PO 7T_P]LNd TY ?]LOT_TZYLW >ZNTP_TP^ .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $!# PcNP][_^ ZQ bSTNS TY 2P]XLY TY 5LNV 2ZZOd 4LY BL__ LYO 6L_SWPPY 2Z`RS 0Y_^_PS`YR `YO 1ZWRPY OP] >NS]TQ_V`W_`] 1]LYVQ`]_% >`S]VLX[ $#!& 5LNV 2ZZOd ?SP 7ZRTN ZQ B]T_TYR LYO _SP :]RLYT^L_TZY ZQ >ZNTP_d .LX

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

#

PaP] _SP ^[ZVPY bZ]O SL^ YZ_ WZ^_ LYd ZQ T_^ TX[Z]_LYNP O`]TYR _SP TY_]ZO`N_TZY ZQ MZZVMTYOTYR LYO []TY_TYR LW_SZ`RS YPb ]P[]ZO`N_TaP XPOTL SLaP TYOPPO SLO OT^_TYN_ TYQW`PYNP LYO NSLYRP^ OTO ZNN`] TY _SP ]PWTRTZ`^ QTPWO L^ bPWW >SPWOZY ;ZWWZNV T^ NP]_LTYWd ]TRS_ _Z L__]TM`_P _SP ^[]PLO ZQ >LY^V]T_ L^ L _]LY^]PRTZYLW WLYR`LRP bT_S L aT]_`LWWd `YWTXT_PO SZ]TeZY _Z _SP NZ`]_ LYO b]T__PY WT_P]L]d []ZO`N_TZY  BT_SZ`_ b]T_TYR YZ w>LY^V]T_ NZ^XZ[ZWT^x bZ`WO SLaP ZNN`]]PO LYO ZYP XTRS_ LOO YPT_SP] bZ`WO _SP]P SLaP MPPY ^`NS LY PQQPN_TaP OT^_]TM`_TZY ZQ _SP P[TN ;`]£©TN LYO ?LY_]TN bZ]WOaTPb^ LYO _SP R]PL_ [P]^ZYLW RZO^ ±TaL AT´©` QPXLWP /Pa¯±LV_T ]PXZOPWTYR LYO ]P[WLNTYR _SP APOTN bZ]WO 4Y NZY_]L^_ _Z _SP APOL LYO T_^ ^_]TN_Wd Z]LW _]LY^XT^^TZY _SP WL]RP [Z^_APOTN WT_P]L _`]P^ bP]P Pc[]P^^PO TY b]T_TYR 9PaP]_SPWP^^ b]T_TYR OTO YZ_ Pc_TY R`T^S _SP ^[ZVPY bZ]O =L_SP] bP QTYO YPb [P]QZ]XTYR ^_dWP^% ]PNT_L _TaP^ TY ^TX[WP XP_P]^ bT_SZ`_ LNNPY_`L_TZY ^ZYR^ LYO O]LXL_TN ^_LRTYR ;ZWWZNV U`^_Wd ]PXL]V^% w9ZYP ZQ _ST^ ^SZ`WO MP _LVPY _Z ^`R RP^_ _SL_ _SP ]T^P ZQ XLY`^N]T[_ N`W_`]P TY 4YOTL bSP_SP] OTLNS]ZYTNLWWd Z] ^dYNS]ZYTNLWWd aTPbPO PY_LTWPO L NWPLY LYO [P]XLYPY_ M]PLV MP _bPPY _SP Z]LW LYO _SP b]T__PY ?Z _SP NZY_]L]d _SP ZYRZTYR TY_P]LN_TZY ZQ _SP Z]LW LYO _SP WT_P]L_P NZY^_T_`_P^ ZYP ZQ _SP XZ^_ ]PXL]VLMWP LYO `YT\`P QPL_`]P^ ZQ 4YOTLY WT_P]L]d N`W_`]Px ! ?SP]P T^ ZMaTZ`^Wd Pc_]L aLW`P YZ_ ZYWd TY b]T__PY WT_P]L]d []ZO`N_TZY^ M`_ LW^Z TY _SPT] L`OTMTW T_d LYO PXMZOTPO [P]QZ]XLYNP 9Z_P _SL_ TY _SP dPL] " ;ZWWZNV ^[PLV^ TY _SP []P^PY_ _PY^P LW _SZ`RS _SP]P bL^ _SP XZ^_ ^P]TZ`^ OT^]`[_TZY ZQ >LY^V]T_ Z]LW NZXX`YT NL_TZY TY _SP WL_P YTYP_PPY_S LYO PL]Wd _bPY_TP_S NPY_`]TP^ -ZZV []TY_TYR LYO _SP 0YRWT^S WLYR`LRP TOTZX M]Z`RS_ _Z 4YOTL Md _SP -]T_T^S SLO L ^PaP]P TX[LN_ ?SP wbZ]WO ]PWTRTZYx 3TYO`T^X `YOP]^_ZZO L^ wL MZZV ]PWTRTZYx bL^ MZ]Y TY _SP TY_P]LN_TZY ZQ BP^_P]Y w:]TPY_LWT^_^x LYO 3TYO` ]PQZ]XP]^ " ?SP APOL bL^ _Pc_`LWTePO LYO ^PXLY_TNTeT^PO POT_PO LYO _]LY^WL_PO Md L YL_TaP 2P]XLY ^NSZWL] _SP QLXZ`^ 8Lc 8ÞWWP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ M]TORP $#! [`MWT^SPO TY 2P]XLY L^% /TP 7ZRTV OP] >NS]TQ_ `YO OTP :]RLYT^L_TZY OP] 2P^PWW^NSLQ_ 1]LYVQ`]_ $$& ?SP 4Y_P]QLNP -P_bPPY _SP B]T__PY LYO _SP :]LW .LXM]TORP LZ% .LXM]TORP @YTaP]^T_d ;]P^^ $#"& ?SP ;ZbP] ZQ _SP B]T__PY ?]L OT_TZY BL^STYR_ZY% >XT_S^ZYTLY 4Y^_T_`_TZY ;]P^^ & 5LY ,^^XLYY /L^ V`W_`]PW

WP 2POÆNS_YT^% >NS]TQ_ 0]TYYP]`YR `YO [ZWT_T^NSP 4OPY_T_Æ_ TY Q]ÞSPY 3ZNSV`W_`]PY 8ÞYNSPY% -PNV $$$& ZY NLYZY QZ]XL_TZY TMTO z$& =PWTRTZY `YO V`W_`]PWWP^ 2POÆNS_YT^ 8ÞYNSPY% -PNV & ,WPTOL LYO 5LY ,^^XLYY PO -PT_]ÆRP e`] ,]

NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZXX`YTVL_TZY AZW 4% >NS]TQ_ `YO 2POÆNS_YT^& AZW 44% 6LYZY `YO EPY^`] 8ÞYNSPY% 1TYV $#" $$#  ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  Z[ NT_ ! ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  ! " =TNSL]O 6TYR :]TPY_LWT^X LYO =PWTRTZY% ;Z^_NZWZYTLW ?SPZ]d 4YOTL LYO u?SP 8d^_TN 0L^_v 7ZYOZY% =Z`_WPORP $$$ >PP [L]_TN`WL]Wd !z# $!z

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

$

#z$ bSZ M]LaPWd OPNWL]PO _SP APOL bL^ _SP wNLYZYx _SP wMT MWPx _SP w^LN]PO ^N]T[_`]Px ZQ 4YOTL bZ]_Sd ZQ NZX[L]T^ZY bT_S _SP .S]T^_TLY MTMWP # 1Z] 8ÞWWP] _SP OTRYT_d ZQ L ]PaPWL_TZY LYO bZ]WO ]PWTR TZY bL^ ZYWd NZYNPTaLMWP bT_S L w^N]T[_`]Px Z] wSZWd MZZVx bSTNS NZY _LTY^ L MPWTPQ ^d^_PX TP L YZ]XL_TaP ^PXLY_TN NZY_PY_ LYO LY P_STNLW XP^^LRP LYO T^ [STWZ^Z[STNLWWd ^L_T^QdTYR $ 3P bL^ bPWW LbL]P ZQ _SP R]LYO Z]LW _]LY^XT^^TZY M`_ QZ`YO T_ ^ZXPbSL_ ^NLYOLWZ`^ _SL_ SL]OWd LYd XLY`^N]T[_^ PcT^_PO ZQ L _Pc_ ZQ ^`NS R]PL_ L`_SZ]T_d LYO _SL_ PaPY -]LSXTY^ SL]OWd VYPb _SP APOLv^ NZY_PY_^ 8ÞWWP] OPXZY^_]L_P^ _SP QZ]PTRYYP^^ ZQ bSL_ bP NLWW ^ZYTN N`W_`]P _Z BP^_P]Y XTYO^ ,YO _SP]P T^ LYZ_SP] MT__P] L^[PN_ _Z ST^ R]PL_ LNSTPaPXPY_^ 3P XT^`^PO ST^ _]LY^WL_TZY ZQ _SP ‹RaPOL _Z OPXZY^_]L_P _Z _SP 3TYO` ]PQZ]XP]^ =LX XZSLY =Zd LYO /PMPYO]LYL_S ?LRZ]P _SL_ _SPT] XZ^_ ^LN]PO ^N]T[_`]P bL^ Q`WW ZQ NSTWOT^S MWLMMP]TYR MP^TOP^ ^ZXP ]PLWWd w[]PNTZ`^ UPbPW^x LYO YZ_ ]PLWWd L ML^T^ QZ] _SP 3TYO` ]PWTRTZYv^ ]PQZ]XL_TZY  3T^ POT_TZY LYO _]LY^WL_TZY []ZUPN_ bL^ ^[ZY^Z]PO Md _SP -]T_T^S TP _SP 0L^_ 4YOTLY .ZX[LYd _Z RLTY L MP__P] `YOP]^_LYOTYR ZQ SZb _SP 4YOTLY w^`MUPN_^x _SZ`RS_  LYO SLO R]PL_ TX[LN_ ZY PL]Wd 3TYO` ]PQZ]XP]^ ?SP -]T_T^S [P]TZO bL^ YZ OZ`M_ L ^P]TZ`^ M]PLV QZ] _SP [SZYZNPY_]TNT_d ZQ >LY^V]T_ N`W_`]P LYO LNZ`^_TN [TP_d bSTNS L]P _SP XLUZ] ^`MUPN_ ZQ Z`] OT^N`^ ^TZY -`_ LRLTY _SP^P _]LOT_TZYLW QZ]X^ OTO YZ_ OTP Z`_ ?SPd [P]^T^_ TY _SPT] NWL^^TNLW QZ]X^ L^ bPWW L^ TY LOL[_L_TZY^ ]PaTaLW^ LYO LMM]PaTL _TZY^ bSTNS QT_ TY MP__P] bT_S XZOP]Y WTQP ?ST^ T^ bSd TY _SP WL_P _bPY _TP_S NPY_`]d 8TW_ZY >TYRP] NZ`WO ^_TWW b]T_P LMZ`_ ^[ZVPY WLYR`LRP MPTYR _SP []TXL]d N`W_`]LW XPOT`X ?SP XLUZ] ^STQ_ bSTNS SP ZM^P]aPO bL^ YZ_ L XZaP _Z ^TWPY_ ]PLOTYR M`_ L XZaP Q]ZX ]T_`LW LYO WPL]YPO Z]_SZOZcd _Z PXZ_TZYLWTePO OPaZ_TZYLW [P]QZ]XLYNP^ LYO [Z[`WL] ]PWTR TZY PR MSLV_T ]PWTRTZ^T_d Pc[]P^^PO TY OPaZ_TZYLW ^TYRTYR  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 8ÞWWP] bL^ P^[PNTLWWd TY_P]P^_PO TY _SP ZWOP^_ [Z]_TZY ZQ _SP APOL _SP ‹RaPOL .Q 1 8Lc 8ÞWWP] wAZ]WP^`YR ÞMP] OTP APOL^x TY 18 8ÞWWP] 0^^Ld^ % -PT_]ÆRP e`] aP]RWPTNSPYOPY =PWTRTZY^bT^^PY^NSLQ_ 7PT[eTR% 0YRPWXLYY #!$ #"$& :]TRTYLW .ST[^ Q]ZX L 2P]XLY BZ]V^SZ[  z! z !z"& ^PP LW^Z TMTO wAZ]]POPx Tc cTT caT cTc ccTTT QQ ccTc cccTT >PP LW^Z ST^ w;]PQLNPx LYO w;]ZR]LX ZQ L ?]LY^WL _TZYx TY >LN]PO -ZZV^ ZQ _SP 0L^_  AZW % @[LYT^SLO^ _]LY^ 18 8ÞWWP]   #"$z# =P[]TY_% /PWST% 8Z_TWLW -LYL]^TOL^^ $! & LYO w/LXLW^ `YO 5P_e_x /P`_^NSP =`YO ^NSL`  ##% z SP]P $ $ 8ÞWWP] w;]PQLNP _Z _SP >LN]PO -ZZV^ ZQ _SP 0L^_x cccaTTT& ^PP LW^Z TMTO TczcTT caz cTc ccazccaT cccTT cccaT LYO 0^^Ld^   " P_ ^P\  .Q -PNVP 3TYO`T^X`^ #! LYO 8ÞWWP] wAZ]WP^`YR ÞMP] OTP APOL^x   " #  .Q 8ÞWWP] wAZ]WP^`YR ÞMP] OTP APOL^x "  >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^ #z$! >PP LW^Z ST^ ZM^P]aL_TZY^ ZY w]POPQTYTYR Z]_SZOZcdx LYO ZY _SP _]LY^QZ]XL_TZY^ LYO NZY_TY`L_TZY^ bT_STY _]LOT _TZYLW _]LY^XT^^TaP ^d^_PX^ TMTO #z bSTNS OZ YZ_ WLNV LN_`LWT_d PaPY _ZOLd



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

?SP WL^_ _ST]_d dPL]^ SLaP M]Z`RS_ LMZ`_ L Q`]_SP] XZaP _ZbL]O^ b]T_TYR N`W_`]P  M`_ LW^Z YPb bLd^ _Z NZY_TY`P _SP ^ZYTN NZOP 4YOTL SL^ _SP XZ^_ X`^TN ZYWTYP ZY _SP 4Y_P]YP_ bSP]PTY bP QTYO LXZYR Z_SP] _STYR^ APOL ]PNT_L_TZY ./ "z L^ wWTRS_ X`^TNx  .L^^P__P^ LYO ./^ bT_S ]PWTRTZ`^ ]PNT_LW^ ^ZYR^ LYO TY^_]`XPY_LW X`^TN L]P LM`YOLY_ BZXPY LYO PaPY BP^_PYP]^ SLaP ^_L]_PO _Z WPL]Y APOL ]PNT_L_TZY bSTNS bL^ OPYTPO _Z _SPX TY PL]WTP] NPY_`]TP^ ,YO WL^_ M`_ YZ_ WPL^_ -ZWWdbZZO XZaTP^ _SP R]PL_ P[TN^ ZQ _SP XZOP]Y bZ]WO M]ZLONL^_ _SP ^PY^Z]d W`^_ ZQ ^ZYR LYO OLYNP _S]Z`RSZ`_ _SP bZ]WO 4_ T^ YZ_PbZ]_Sd _SL_ _SP ,]NLOTLY QLY_L^d ZQ APOL NSLY_TYR -]LSXTY^ bSZ^P wSZWd YZT^Px ]PXZaP^ LWW PaTW bL^ LW^Z LOZ[_PO Md -ZWWdbZZO ,YO bSPYPaP] ZYP SPL]^ ^ZYZ]Z`^ :¿ ]P[P_T_TZY TY LY 4YOTLY XZaTP ZYP NLY MP ^`]P _SL_ ^ZXP_STYR ]PLWWd RZZO LYO L`^[TNTZ`^ SL^ MPPY SL[[PYTYR TY _SP [WZ_ ,Y Z]LWL`]LW MTL^ _S`^ [P]^T^_^ z PaPY TY Q]P^S YPb NWZ_SP^ LYO NWLXZ] M`_ LW^Z TY _SP _]LOT_TZYLW XZOP ZQ N`W_`]LW [P]QZ]XLYNP^ LYO ]PWTRTZ`^ ]PLOTYR^ @YWTVP TY XZOP]Y 0`]Z[P ^LN]PO _Pc_^ L]P SL]OWd PaP] w]PLOx TY Z`] ^PY^P TP ]PNPTaPO [`]PWd XPY_LWWd LYO YPT_SP] L]P _SPd ]PLO Z`_ TY L YZ]XLW PaP]dOLd aZTNP 0aPY TQ L _Pc_ T^ YZ_ ^`YR _SP w]PLOTYRx ZQ L _Pc_ T^ LWbLd^ L ^PXTX`^TNLW ]PNT_L_TZY L [£¶SL ./ z  4Y LY_T\ `T_d LYO _SP 8TOOWP ,RP^ _ST^ aZNLW _PNSYT\`P bL^ LW^Z _SP `^`LW QZ]X ZQ [P]QZ]XLYNP TY _SP BP^_  3ZbPaP] _ZOLd _ST^ ^_dWP SL^ WL]RPWd OTPO Z`_ MPTYR []P^P]aPO ZYWd TY .S]T^_TLY NS`]NS ^P]aTNP^ TY ^ZXP L]PL^ QZ] _SP ]PLOTYR ZQ _SP 2Z^[PW :_SP]bT^P 0`]Z[PLY^ _PYO _Z ]PNZRYTeP L ^TYR^ZYR XLYYP] ZQ ^[PLVTYR TY X`^TNLW TY_P]aLW^ LYO ]Sd_SX^ X`NS XZ]P Q]ZX XZOP]Y YZY0`]Z[PLY  YZY]PWTRTZ`^ X`^TN ^`NS L^ =L^_L QL]TLY ]PRRLP ^TYRTYR Z] ]L[[TYR TY ST[SZ[ X`^TN ,YO WTVP _SP^P XZO P]Y L]_ QZ]X^ _]LOT_TZYLW 4YOTLY ]PWTRTZ`^ [ZP_]d QLWW^ YPT_SP] \`T_P TY _SP NL_PRZ]d ZQ WT_P]L_`]P YZ] TY _SL_ ZQ X`^TN w?Pc_^x L]P []TXL]TWd _SP]P _Z MP SPL]O PaPY TQ _SPd SLaP MPPY b]T__PY OZbY LYO ]PLOTYR^ L]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :Y _SP ^T_`L_TZY _ZOLd ^PP ,cPW 8TNSLPW^ w?]LOT_TZYLW >LY^V]T_ 7PL]YTYR TY .ZY _PX[Z]L]d 4YOTLx TY ?SP ;LYOT_  PO , 8TNSLPW^ z!  ?ST^ N`]TZ`^ NWL^^TQTNL_TZY NZ]]P^[ZYO^ bT_S _SP PcNW`^TZY ZQ APOTN SdXYZWZRd Q]ZX NWL^^TNLW [ZP_TN^ Z]YL_P [ZP_]d LYO bT_S _SP NWL^^TNLW OTQQP]PY_TL_TZY ZQ L]_Q`W X`^TN NSL]LN_P]TePO Md [P]^ZYLW PXZ_TZYLW TYaZWaPXPY_ LYO Q]PP TX[]ZaT^L_TZY LYO ]PNT_L _TZY^ LYO ^ZYR^ TY w[]PQLM]TNL_POx QTcPO [L__P]Y^  @Y_TW _SP _S NPY_`]d WZ`O _Pc_MZ`YO LYO aZNLWTePO []LdP] bL^ _SP YZ]X TY 0`]Z[P ?SP]P bL^ YZ OT^_TYN_TZY MP_bPPY XPY_LW LYO aZNLW []LdP] ?SP []LdTYR ZQ L QTcPO WT_`]Rd bL^ TOPY_TNLW _Z []TaL_P []LdP] ?SP XLTY XPOTPaLW _Pc_ bL^ _SP [^LW_P] YZ_ _SP 2Z^[PW _SP ^PY^P ZQ bSZ^P bZ]O^ bL^ YZ_ YPNP^^L]TWd `YOP]^_ZZO L^ T_ bL^ b]T__PY TY 7L_TY >PP 7PY_P^ wu,YOLNS_v `YO u2PMÆ]OPvx z& w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x z & 6L^[P] LYO >NS]PTYP] PO ATaL aZc Z[NT_ LYO ZY 7L_P ,Y_T\`T_d 8L__STL^ 6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^ QZ] [`MWTN ]PNT_L_TZY% ?SPT] `^P LYO Q`YN_TZY TY LYNTPY_ ]PWTRTZYx 9`XPY ! $$$% z 

9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d



[P]QZ]XLYNP^ , MZZV T^ LWbLd^ L MZZV ]PLO LWZ`O LYO ZQ_PY LY LN_`LW MZZV T^ YZ_ PaPY YPNP^^L]d L^ T_ T^ [Z[`WL] _Z WPL]Y _Pc_^ Md SPL]_ ?ST^ []POTWPN_TZY QZ] L`OTMWP _Pc_^ LYO [P]QZ]XLYNPZ]TPY_PO NZXX`YTNL_TZY ^d^_PX^ ZQ TY_P]LN_TZY z NSLY_^ ^ZYR^ []ZaP]M^ aP]^P^ LYO ]PNT_L_TaP^ z T^ OPXZY^_]L_PO YZbLOLd^ QZ] PcLX[WP Md _SP QLN_ _SL_ L`OTZ XPOTL [WLd L XZ]P ^TRYTQTNLY_ ]ZWP TY 3TYO`T^X _SLY TY LYd Z_SP] ]PWTRTZY ! 3P]P _SP MZ]OP]^ MP_bPPY _SP ^LN]PO LYO _SP []ZQLYP ZQ_PY MPNZXP MW`]]PO BSTWP O]TaTYR _Z _SP ZQQTNP 4YOTLY M`^TYP^^XPY WTVP _Z WT^_PY YZ_ ZYWd _Z -ZWWdbZZO ST_^ M`_ LW^Z _Z ]PNT_L_TZY ZQ _SP APOL z [L]_Wd QZ] POTQTNL_TZY LYO [L]_Wd QZ] PY_P]_LTYXPY_ 4Y _SP 3TYO` ]PWTRTZ`^ _]L OT_TZY^ T_ SL^ LWbLd^ MPPY _]`P _SL_ _Pc_^ ^ZXP_TXP^ Z] PaPY XZ^_ ZQ _SP _TXP PYUZd TY_P]P^_ L^ ^Z`YO PaPY_^ MZ_S TY ]PLW []LN_TNP LYO LW^Z TY ]PQWPN_PO ]PNP[_TZY



9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d

4Y 4YOZWZRTNLW ^_`OTP^ _SP L[[L]PY_ Z]LWT_d SL^ ZQ_PY MPPY YZ_PO M`_ SL^ ^ZXP_TXP^ LW^Z MPPY ZaP]PX[SL^TePO >Z T_ bL^ L^^`XPO _SL_ _SP PL]Wd APOTN _]LOT_TZY bL^ YZ_ LN\`LTY_PO bT_S LYd VTYO ZQ b]T_TYR L_ LWW :YP XLd OPML_P _SP ]ZWP ZQ b]T_TYR TY _SP aP]d PL]Wd WT_P]L_`]P -`_ L_ WPL^_ Q]ZX ;£©TYT L]Z`YO z_S NPY_ -. ZYbL]O^ _SP -]LSXLYTN _]LOT_TZY SL^ []ZMLMWd LWbLd^ `^PO L NZXMTYL_TZY ZQ Z]LW LYO b]T__PY _]LY^XT^ ^TZY ^d^_PX^ " BSTWP _SP]P bL^ L _PYOPYNd _Z XPXZ]TeP _SP ^LN]PO _Pc_^ PaPY _Z _SP PcNW`^TZY ZQ ^N]T[_`LWTeL_TZY _SP]P bL^ YZ ]P^_]TN_TZY ZY b]T_TYR OZbY ^PNZYOL]d _Pc_^ BT_S L [TYNS ZQ ^LW_ ZYP NZ`WO P^_LMWT^S _SP ]`WP _SL_ _SP XZ]P ^LN]PO L _Pc_ _SP XZ]P _SP YPNP^^T_d bL^ QPW_ _Z XPXZ]TeP T_ LYO _Z _]LY^XT_ T_ Z]LWWd ?ST^ NP]_LTYWd SZWO^ _]`P QZ] _SP APOL # TY ]PRL]O _Z bSTNS bP ^ZXP_TXP^ PaPY QTYO L []ZSTMT_TZY ZY b]T_TYR T_ OZbY -`_ L^ QL] L^ WL_P] ^LN]PO WT_P]L_`]P^ ^`NS L^ _SP ;`]£©L^ L]P NZYNP]YPO _STYR^ L]P XZ]P NZX[WPc ,W_SZ`RS _SP ^[ZVPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 4Y _SP NL^P ZQ _SP ZXP :M^P]aL _TZY^ ZY _SP ;LOL[£¶SL ZQ _SP ‹RaPOLx 4YOZ4]LYTLY 5Z`]YLW  $#% #z#$ # ?ST^ T^ bPWW TWW`^_]L_PO Md >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZYx >PP LW^Z NSL[  LYO  TY _ST^ MZZV



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

bZ]O LWbLd^ ]PXLTY^ NPY_]LW Z]LW LYO b]T__PY _]LY^XT^^TZY OZ YZ_ Pc NW`OP PLNS Z_SP] LYO _SPT] ]PNT[]ZNLW OdYLXT^X PaPY RPYP]L_P^ [Z^^T MTWT_TP^ ZQ NZY^_LY_ []ZO`N_TZY ZQ YPb _Pc_ BP _SP]PQZ]P []PQP] _Z ^[PLV ZQ wL`OTMWP _Pc_^x ]L_SP] _SLY wZ]LW WT_ P]L_`]Px LYO ^PP YPNP^^T_d _Z OT^_TYR`T^S Z]LWT_d LYO ^ZYLWT_d ?SP]P L]P _S]PP XLUZ] ]PL^ZY^ bSd bP RTaP []PQP]PYNP _Z _SP _P]X w^ZYLWT_dx TY NZY_]L^_ _Z wZ]LWT_dx ?SP QT]^_ T^ _SP NZPcT^_PYNP ZQ b]T_TYR LYO Z]LWT_d >TYNP WL_P APOTN _TXP^ bSPY _SP APOL bL^ NZX[TWPO LYO ^d^_PXL_TePO L^ T_ T^ VYZbY _ZOLd LYO MPNLXP L QTcPO Z]LW NLYZY >LY^V]T_ N`W_`]P SL^ MPPY L STRSWd WT_P]L_P ZYP ?SP]PQZ]P >LY^V]T_ 3TYO`T^X OZP^ YZ_ ]P[]P^PY_ LY Z]LW N`W_`]P TY _SP ^_]TN_ ^PY^P M`_ TY^_PLO L NZX[WPc NZPc T^_PYNP ZQ MZ_S b]T__PY LYO Z]LW QZ]X^ ZQ Pc[]P^^TZY bT_S LY PcNP[_TZY LWWd ^_]ZYR TYNWTYL_TZY _Z Z]LWL`]LW NZXX`YTNL_TZY ^d^_PX^ ?SP L`OT MWP bZ]O VP[_ T_^ []TZ]T_d PaPY LQ_P] b]T_TYR bL^ bTOPWd TY `^P LYO YZ ^N]T[_`]LW _]LOT_TZY bL^ LMWP _Z OP^_]Zd Z] OZXTYL_P _SP WTaTYR NZXX` YTNL_TZY ^d^_PX^ 3TYO` 4YOTL SL^ LWbLd^ MPPY L [P]QZ]XLYNP N`W_`]P bSP]P _SP SZWd WT_P]L_`]P^ L]P w^Z`YOPO Z`_x LYO PXMZOTPO TP ]PNT_PO ^`YR ^_LRPO [WLdPO LYO OLYNPO >PNZYO T_ L[[PL]^ _Z `^ _SL_ ^ZYLWT_d T^ _SP XZ]P L[_ _P]X ^TYNP Z] LWT_d T^ _ZZ PcNW`^TaP TY ]PQP]]TYR ZYWd _Z _]LY^XT^^TZY bSTWP ^Z`YO NZYYZ_P^ _SP ^PY^Z]d PXZ_TaP L^[PN_^ LYO _SP Pc[]P^^TaT_d ZQ WT_P]L]d []ZO`N_TZY MP__P] 9Z_ ZYWd _SP ^[ZVPY bZ]O T^ TX[Z]_LY_ M`_ LW^Z _SP ^Z`YOTYR bZ]O ?SP XPOTL ZQ aZTNP LYO L`OTMWP _Pc_ L[[L]PY_Wd QZ^_P]PO L VPPY w^ZYTN LbL]PYP^^x LYO WPQ_ _SPT] XL]V ZY [P]NP[_TZY LYO ^ZNTLW []LN_TNP^ ,XZYR Z_SP] _STYR^ wLNZ`^_TN [TP_dx T^ aP]d bTOPWd ^[]PLO NZX[]T^TYR ]PWTRTZ`^ QZ]X^ TY bSTNS _SP LN_ ZQ ]PNT_L_TZY T_^PWQ Z] _SP OPaZ_TZYLW L__T_`OP ]LYRP QT]^_ bSP]PL^ _SP ^PXLY_TN XPLYTYR T^ YZ_ YPNP^^L]Wd TX[Z]_LY_ Z] VYZbY =L_SP] []LN_T_TZYP]^ XLd ^PP _SP ]PWT RTZ`^ _Pc_ L^ LY TNZY ZQ _SP OTaTYP NSL]RPO bT_S ^[PNTLW [ZbP] LY LYT XL_P ]PLWT_d ?ST^ [Z[`WL] VYZbWPORP T^ TY QLN_ ]ZZ_PO TY ^Z[ST^_TNL_PO _SPZWZRTP^ BSPY bP ^[PLV ZQ w^ZYTN N`W_`]Px _ST^ ]PQP]^ _Z L [SZYZ NPY_]TN WTQPbZ]WO _SL_ PcSTMT_PO ^[PNTLW QZ]X^ ZQ []LN_TNP SLMT_`^ LYO NZYNP[_TZY^ LYO ^_TWW OZP^ _ZOLd LYO LW^Z ^_TX`WL_PO WTYR`T^_TN [Z P_TN [STWZ^Z[STNLW LYO _SPZWZRTNLW ]PQWPN_TZY >ZYLWT_d L[[PL]^ _Z `^ _Z PYNL[^`WL_P _SP^P []LN_TNLW TX[LN_^ MP__P] LYO YZ_ WPL^_ _Z Pc[]P^^ _SPT] wP[T^_PXPx XZ]P NWPL]Wd MPRTYYTYR bT_S WLYR`LRP _SPZ]TP^ _SL_ []PQTR `]PO ^ZXP L^[PN_^ ZQ XZOP]Y WLYR`LRP _SPZ]TP^ LYO LW^Z ^LN]LWTeTYR _PYOPYNTP^ _SL_ NLY MP ZM^P]aPO TY [SZYZNPY_]TNT_d LWW _SP bLd _Z L OPTQTNL_TZY ZQ WLYR`LRP LYO NZ^XZWZRTNLWWd Sd[Z^_L^TePO ^Z`YO ?SP WL__P] ]PQP]^ _Z L _ST]O ]PL^ZY bSd bP NSZZ^P _Z ^[PLV ZQ ^ZYLW T_d w>ZYTN LbL]PYP^^x ZMaTZ`^Wd WPQ_ _]LNP^ ZY _SP [P]NP[_TZY LYO TY _P][]P_L_TZY ZQ _SP `YTaP]^P LYO _SL_ bSTNS _]LY^NPYO^ OLTWd WTQP ?SP]P SLaP MPPY aP]d XLYd ^dXMZWTN QZ]X^ NPY_P]TYR ZY ^Z`YO bSTNS Pc[]P^^

9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d



]PWTRTZ`^ TOPL^ bZ]WOaTPb^ LYO _SP NZX[]PSPY^TZY ZQ _SP OTaTYP ]LYR TYR Q]ZX _SP wWLYR`LRP NZbx LYO _SP wRZOOP^^ ^[PPNSx TY _SP APOL _Z _SP 7Z]O 2ZO ±TaL bSZ N]PL_PO _SP bZ]WO Md _SP ]Sd_SX^ ZQ ST^ SLYO O]`X LYO ST^ OLYNP :YP LW^Z QTYO^ _SP TOPL _SL_ X`^TN T^ L QZ]X ZQ DZRL LYO _SL_ _SP bZ]WO PXLYL_PO Q]ZX N]PL_TaP []TXZ]OTLW ^Z`YO ,YO [SZYP_TN ^dXMZW^ SLaP MPPY `^PO QZ] ^NTPY_TQTN LM^_]LN_TZY^ PR TY XL_SPXL_TN^ 8Z^_ ZQ _SP^P Pc[]P^^TZY^ LYO YZ_LMWd _SP XZ^_ Sd[P] MZWTN ZYP^ OPaPWZ[PO LQ_P] _SP LOaPY_ ZQ b]T_TYR -Z_S _SP [P]^T^_PYNP ZQ _SP ^[ZVPY LYO ^Z`YOTYR bZ]O PaPY LQ_P] _SP TY_]ZO`N_TZY ZQ b]T_TYR LYO _SP Pc[]P^^TaP LYO ]PQWPcTaP PaTOPYNP ZY WLYR`LRP LYO ^Z`YO TYOTNL_P _SP R]PL_ aLW`P ZQ ^ZYLWT_d TY _SP STP] L]NSd ZQ [P]NP[_TZY LW_SZ`RS aT^TZY LYO ^dYLP^_SP_TN^ LW^Z [WLdPO LY TX[Z]_LY_ ]ZWP ?SP LTX ZQ Z`] ^_`Od T^ _Z O]Lb `[ L N`W_`]LW [P]NP[_TZY []ZQTWP ZQ 3TYO` 4YOTL TY bSTNS _SP ^Z`YOTYR bZ]O ]P_LTYPO T_^ ]PWP aLYNP ZaP] _SP NPY_`]TP^ LYO LN]Z^^ OTQQP]PY_ MZOTP^ ZQ _Pc_^ ]T_`LW [P] QZ]XLYNP^ LYO VYZbWPORP N`W_`]P^ :YP ZQ _SP R`TOTYR TY_P]P^_^ T^ _SP \`P^_TZY% bSL_ L]P L N`W_`]Pv^ aT^TZY^ LYO TY_P][]P_L_TZY^ ZQ _SP bZ]WO WTVP bSPY _SP N`W_`]P T^ ^Z ^_]ZYRWd NSL]LN_P]TePO Md _SP ^[ZVPY WLYR`LRP LYO ^Z`YO [P]NP[_TZY* ,YO LW^Z% bSL_ YPRZ_TL_TZY []ZNP^^P^ LYO _]LY^QZ]XL_TZY^ SLaP _SPd MPPY ^`MUPN_ _Z LYO TY aTPb ZQ LWW _SP ST^_Z]TNLW NSLYRP^ SZb NLY _SP [P]^T^_PYNP ZQ WTaP NZXX`YTNL_TZY ^d^ _PX^ MP Pc[WLTYPO* :YP Sd[Z_SP^T^ T^ _SL_ ^Z`YO T^ ZYP ZQ _SP VPd XPOTL ZQ N`W_`]LW ]P[]P^PY_L_TZY LYO ]P[]ZO`N_TZY LYO _S`^ L VPd _Z 4YOTLY N`W_`]P LYO _Z >LY^V]T_ 3TYO`T^X TY [L]_TN`WL] , w^ZYTN N`W_`]LW ST^_Z]dx _SP]PQZ]P []ZXT^P^ _Z Pc[Z^P ZYRZTYR _SPXP^ LYO NZXXZY [L__P]Y^ TY L STRSWd OTaP]^TQTPO N`W_`]P LYO L_ _SP ^LXP _TXP _Z ]PNZ]O OTaP]^T_d LYO ^ZNTZ]PWTRTZ`^ NSLYRP TY L N`W_`]LW NZY_TY``X ?ST^ ]P^PL]NS []ZR]LX NZXMTYP^ L ST^_Z]TNLW WZYR_P]X [P]^[PN_TaP bT_S \`P^_TZY^ NZYNP]YTYR ^d^_PXL_TN^ LYO N`W_`]LW _SPZ]d 4_ NZY_LTY^ L YPb WZZV L_ _Pc_ _]LOT_TZY^ LYO LY Pc[LYOPO _Pc_ SP]XPYP`_TN^ :`] Q`YOLXPY_LW TYT_TLW _SP^T^ T^ L^ LW]PLOd TYOTNL_PO _SL_ _Pc_^ TY >LY^V]T_ 3TYO`T^X z bSP_SP] _SPd ZNN`] TY PaP]dOLd ]PWTRTZ`^ N`W_`]P Z] TY _SP _]LOT_TZY^ ZQ _SP ^NSZWL]^ z L]P LWbLd^ _Pc_^ _Z MP SPL]O LYO _ST^ L^[PN_ ^SZ`WO MP TYNZ][Z]L_PO TY_Z SP]XPYP`_TN^ T_^PWQ z _SP SP]XPYP`_TN^ ZQ _Pc_^ LYO _SP SP]XPYP`_TN^ ZQ N`W_`]P ,^ _SP QZN`^ TY 4YOTL ]PXLTYPO ZY _SP ^[ZVPY LYO ^Z`YOTYR bZ]O PaPY LQ_P] _SP TY_]ZO`N_TZY ZQ b]T_TYR LNNZ]OTYR _Z _ST^ _SP^T^ L [`]PWd [STWZWZRTNLW L[[]ZLNS ]PWL_TYR ZYWd _Z ^PXLY_TN^ XT^^P^ TX[Z]_LY_ TY QZ]XL_TZY ?ST^ ^_`Od _SP]PQZ]P []Z[Z^P^ LY Pc[LYOPO XP_SZO QZ] _Pc_ TY_P][]P_L_TZY Md TYNW`OTYR _SP ^PY^Z]d LP^_SP_TN OTXPY^TZY^ ^Z`YO [L__P]Y^ WLYR`LRP ]Sd_SXTNT_d P_N LYO _SP ^PWQNZXX`YTNL_TYR XP^ ^LRP ZQ _SP XPOT`X _Pc_ LYO T_^ TWWZN`_TZYL]d LYO [P]WZN`_TZYL]d [P] QZ]XL_TaT_d ?ST^ L`_ZXL_TNLWWd TX[WTP^ LY Z]TPY_L_TZY ZY LN_`LW []LN



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_TNP% _SP ]T_`LW OTXPY^TZY LYO _SP [P]QZ]XL_TaP YL_`]P ZQ _Pc_^ :Q NZ`]^P TY LOOT_TZY _Z ]T_`LW ^_LRTYR LYO WT_P]L]d _Pc_ [P]QZ]XLYNP^ bP L]P LW^Z TY_P]P^_PO TY NZY_PY_% _SP XPLYTYR^ _SL_ L]P L^N]TMPO _Z WLYR`LRP ^Z`YO LYO _SP aZTNP LYO _SPT] ]PWTRTZ`^ NZOTYR ?ST^ aZW`XP T^ _SP]PQZ]P NZY NP]YPO bT_S ]T_P^ _Pc_^ LYO _Pc_ [P]QZ]XLYNP^ L^ bPWW L^ _SP ]ZWP ZQ WLYR`LRP LYO ^Z`YO TY _SP N`W_`]LW ^d^_PX ZQ ^dXMZW^ LYO _SP X`W_TXP OTLW NZY^_T_`_TZY ZQ XPLYTYR ?SP TYNW`^TZY ZQ _SP PXTN [P]^[PN_TaP ^PPX^ _Z `^ _Z MP Q`YOLXPY_LW ?SP WT_P]L]d ^Z`]NP^ _SL_ `^P _SP >LY^V]T_ TOTZX TY Pc[]P^^TaP LYO ]PQWPcTaP bLd^ ^[LY L [P]TZO ZQ L[[]ZcTXL_PWd QZ`] _SZ`^LYO dPL]^ ,W_SZ`RS >LY^V]T_ []ZO`N_TZY OTXTYT^SPO NZY^TOP]LMWd L^ L ]P^`W_ ZQ _SP waP]YLN`WL] ]PaZW`_TZYx ^TYNP L]Z`YO _SP  _S NPY_`]d _SP ^Z`]NP^ [L]_TN`WL]Wd _SP ]PWTRTZ`^ ZYP^ SLaP ]PXLTYPO TY `^P `Y_TW _SP []P^PY_ OLd ?SPd NZaP] L M]ZLO LYO SP_P]ZRPYPZ`^ ^[PN_]`X ZQ ]PWTRTZ`^ WT_P]L _`]P^ LYO WT_P]L]d _d[P^ APOL P[TN^ ;`]£©L^ ¢RLXL^ ?LY_]L^ >¼_]L WT_P]L_`]P ]T_`LW XLY`LW^ OPaZ_TZYLW >_Z_]L^ LYO NZXXPY_L]TP^ ,N NZ]OTYRWd _SP]P L]P Y`XP]Z`^ ^NSZWL]Wd LYO [Z[`WL] OT^NZ`]^P bZ]WO^ TY bSTNS L XL]VPO WPLYTYR _ZbL]O ^Z`YO T^ XLYTQP^_PO BP PcLXTYP NZ^XZWZRTP^ [STWZ^Z[STP^ _SPZWZRTP^ Xd_S^ SdXY^ ]T_`LW ]`WP^ LYO []ZNPO`]P^ LYO YZ_ WPL^_ _SP ]PQWPcTaP ]PQP]PYNP^ _Z SPL]TYR LYO ]PNT_ TYR LYO _Z _SP bZ]WONZY^_T_`_TYR [ZbP] ZQ WLYR`LRP _SP PQQTNLNd ZQ XLY_]L^ ^Z`YO L^ L ^dXMZW ZQ _SP `YTaP]^P P_N :`] _P]X wLNZ`^_TN [TP_dx _]TP^ _Z PYNL[^`WL_P LWW _SP^P QPL_`]P^ bT_STY ZYP Pc[]P^^TZY $ =PXL]VLMWd SZbPaP] >LY^V]T_v^ [SZYZNPY_]T^X T^ YZ_ ZYWd XLYTQP^_ TY _SP ]PWTRTZ`^ QTPWO M`_ LW^Z TY ^PN`WL] [ZP_]d LYO TYOTRPYZ`^ ^NTPY_TQTN _]LOT_TZY^ R]LXXL] L^_]ZYZXd P_N :`] ^_`Od _SP]PQZ]P LW^Z TYNW`OP^ ^NTPYNP^ ²£^_]L LYO bZ]V^ ZQ [ZP_]d V£adL bSTNS Pc[WTNT_Wd NWLTXPO L w_ST^bZ]WOWdx WL`VTVL ^_L_`^ ?SP M]ZLOP] _P]X w>LY^V]T_ N`W_`]Px LN_`LWWd MP__P] NZaP]^ _SP ^Z`]NP XL_P]TLW _SL_ bP bT^S _Z PcLXTYP bSTWP _SP _P]X w>LY^V]T_ 3TYO`T^Xx TYOTNL_P^ ZYWd _SL_ _SP TYaP^_TRL_TZY QZN`^P^ XLTYWd ZY ]PWTRTZY ?SP QTPWO ZQ ^ZNTZ[ZWT_TNLW [SPYZXPYL ZaP]WL[^ bT_S bSL_ 8 9 >]TYTaL^ $  NLWWPO w>LY^N]T_TN 3TYO`T^Xx  LYO >SPWOZY ;ZWWZNV ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ :`] _P]X wLNZ`^_TN [TP_dx [WLNP^ YZ_ ZYWd _SP ]T_`LW LYO NZRYT_TaP L^[PN_^ TY _SP QZ]PR]Z`YO M`_ LW^Z _SP ^_]ZYRWd TNZYTN TYOPcTNLW L^[PN_^ LYO _SP TOPL ZQ []P^PYNP ?SP _P]X bL^ ^_TX`WL_PO Md /LaTO 8Z]RLYv^ AT^`LW ;TP_d% , 3T^_Z]d LYO ?SPZ]d ZQ ;Z[`WL] =PWTRTZ`^ 4XLRP^ -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ $$# LYO ?SP >LN]PO 2LeP% =PWTRTZ`^ AT^`LW .`W_`]P TY ?SPZ]d LYO ;]LN_TNP -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^   1Z] XZ]P OP_LTW ZY LNZ`^_TN [TP_d ^PP MPWZb TY [L]_TN`WL] NSL[    1Z] L M]ZLOP] OT^N`^^TZY ZQ 8 9 >]TYTaL^ =PWTRTZY LYO >ZNTP_d LXZYR _SP .ZZ]R^ ZQ >Z`_S 4YOTL 7ZYOZY LYO 9Pb DZ]V% :cQZ]O @YTaP]^T_d ;]P^^ $  ^PP _SP QZW WZbTYR ^`MNSL[_P]& ZY _ST^ LYO TY _SP QZWWZbTYR NSL[_P]^ ^PP LW^Z _SP Z_SP] L`_SZ]^ XPY_TZYPO TY _ST^ [L]LR]L[S

9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d



" NLWWPO w>LY^V]T_ NZ^XZ[ZWT^x  M`_ bP SLaP L OTQQP]PY_ Z]TPY_L _TZY 4Y NZY_]L^_ _Z >]TYTaL^ bP `YOP]^_LYO w>LY^V]T_ 3TYO`T^Xx L^ L [`]PWd OP^N]T[_TaP _P]X QZ] ]PWTRTZ`^ >LY^V]T_ WT_P]L_`]P^ LYO _SPT] QTPWO^ ZQ L[[WTNL_TZY LYO QZN`^ ZY wLNZ`^_TN [TP_dx bSTNS [P]aLOP^ MZ_S [Z[`WL] LYO ^NSZWL]Wd N`W_`]P LYO T^ Pc[]P^^PO TY ]T_`LW LN_TZY^ LYO NZRYT_TaP ^d^_PX^ 4Y NZY_]L^_ _Z ;ZWWZNVv^ LYLWd^T^ ZQ _SP Q`YN_TZYLW NZYYPN_TZY MP_bPPY WT_P]LNd LYO [ZWT_d TP _SP LP^_SP_TNTeL_TZY ZQ [Z WT_TNLW [ZbP] Md V£adL WT_P]LNd P[TN^ LYO L]_T^_TN [ZP_]d bP NZYNPY _]L_P ZY _SP w[SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_x  ?ST^ Pc[]P^^TZY L[_Wd ^`XXL]TeP^ Z`] ]P^PL]NS []ZR]LX MPNL`^P bP L]P TY_P]P^_PO YZ_ ZYWd TY ]PWTRTZ`^ OT^NZ`]^P^ LYO NZ`]_Wd [LYPRd]TN^ M`_ _SP [SZYZNPY _]TNT_d ZQ >LY^V]T_ N`W_`]P L^ L bSZWP ?ST^ TX[WTP^ L M]ZLOP] NZYNP[_ ZQ LP^_SP_TN^ RZTYR QL] MPdZYO L]_T^_TN Pc[]P^^TZY BP ^SL]P L NZY^_]`N_TaT^_ LYO ^PXTZ_TN NZYNP[_ ZQ N`W_`]P bT_S _SP wN`W_`]LW _`]Yx _SL_ ZNN`]]PO TY _SP $"^ TY LWXZ^_ LWW _SP OT^NT[WTYP^ NZYNP]YPO bT_S Pc[]P^^TZY^ ZQ S`XLY N`W_`]P ?SP []PXT^P T^ _SL_ bZ]WOaTPb^ ^ZNTLW TOPY_T_d wSLMT_`^x QZ]XL_TZY P_STN^ LYO MPSLaTZ] TYNW`OTYR _SP ]PWTRTZY^ L]P ^`MUPN_ _Z NZYOT_TZY^ ZQ N`W_`]LW NZY^_]`N _TZY LYO L]P aT]_`LWWd TX[Z^^TMWP _Z R]L^[ L[[]Z[]TL_PWd bT_SZ`_ ST^_Z]T NLW ^ZNTLW LYO N`W_`]LW NZY_Pc_^ BP `YOP]^_LYO wN`W_`]Px WL]RPWd TY .WTQQZ]O 2PP]_ev ^PY^P L^ L NZY_Pc_`LW Q]LXPbZ]V TY bSTNS ^dXMZW^ MPSLaTZ]^ LYO QZ]X^ ZQ _SZ`RS_ MPNZXP NZX[]PSPY^TMWP L NZWWPN_TaP NZY^_]`N_ ZQ XPLYTYR _SL_ T^ PXMZOTPO TY _Pc_^ MPSLaTZ]^ ]T_`LW^ QP^_T aLW^ XL_P]TLW N`W_`]P P_N LYO TY ^ZNTLW TY^_T_`_TZY^ LYO T^ Pc[]P^^PO TY aLW`P^ LYO SZb [PZ[WP QPPW LMZ`_ _STYR^  .`W_`]P LYO ]PWTRTZY L]P YZ_ SZXZRPYPZ`^ LYO QTcPO ^_]`N_`]P^ M`_ SLaP LY TY_P]YLW [W`]LWT^X LYO QW`TOT_d LYO L]P ^`MUPN_ _Z OT^N`]^TaP YPRZ_TL_TZY^ 1Z] _ST^ ]PL^ZY XZ]P ]PNPY_ ^_`OTP^ TY_]ZO`NPO _SP _P]X w[P]QZ]XL_TaT_dx _Z XL]V _SP N`W_`]LW OdYLXTN^ 4Y _SP QZWWZbTYR NSL[_P]^ ZY 8P_SZOZWZRd bP ]P_`]Y ZYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ T^ ZYP NPY_]LW _SP^T^ TY ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^ Z[ NT_  ;ZWWZNV 7LYR`LRP ZQ _SP 2ZO^ !  .WTQQZ]O 2PP]_e /TNS_P -P^NS]PTM`YR% -PT_]ÆRP e`X AP]^_PSPY V`W_`]PWWP] >d^_PXP 1]LYVQ`]_% >`S]VLX[ $$" !z& :]TRTYLW ?SP 4Y_P][]P_L_TZY ZQ .`W_`]P^ 9Pb DZ]V% -L^TN -ZZV^ $"& ]P[] 7ZYOZY% 1ZY_LYL $$ z ,NNZ]OTYR _Z ,Y^RL] LYO AP]L 9ÞYYTYR 6ZYeP[_P OP] 6`W_`]bT^^PY^NSLQ_PY >_`__RL]_% 8P_eWP]  !z " _SP []PQP]PYNP QZ] _ST^ _d[P ZQ `YOP]^_LYOTYR ZQ N`W_`]P L^ L NZX[]PSPY^TaP ^d^_PX ZQ ^dXMZW^ Z] L ^ZQ_bL]PWTVP ZaP]LWW []ZR]LX SL^ MPNZXP P^_LMWT^SPO TY ]PNPY_ OT^ N`^^TZY TY ^PaP]LW OT^NT[WTYP^ OP^[T_P _SP WL]RP Y`XMP] LYO [ZWdaLWPYNd ZQ _SP N`W _`]LW NZYNP[_^ 4_ ^SZ`WO MP LOOPO _SL_ _SP XZ]P ]PNPY_ OT^N`^^TZY^ PX[SL^TeP PaPY XZ]P _SP OdYLXTN^ QW`TOT_d LYO OT^N`]^TaPYP^^ bSTNS TY LYd NL^P PcT^_^ bT_S L NZY ^_]`N_TaT^_TN NZYNP[_ ZQ N`W_`]P bT_S _SP VPd NZYNP[_ ZQ w[P]QZ]XL_TaT_dx Z] LN_`LWWd aP]MLWTeP _SPX TY _P]X^ ^`NS L^ wN`W_`]TYRx LYO w]PWTRTZYTYRx .Q 8LWZ]d 9dP w=P WTRTZY ;Z^_=PWTRTZYT^X LYO =PWTRTZYTYR% =PWTRTZ`^ >_`OTP^ LYO .ZY_PX[Z]L]d .`W _`]LW /PML_P^x 8P_SZO  ?SPZ]d TY _SP >_`Od ZQ =PWTRTZY  % "z"!

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

LRLTY TY ^ZXPbSL_ XZ]P OP_LTW _Z Z`] NZYNP[_ ZQ ]PWTRTZY N`W_`]P LYO [P]QZ]XL_TaT_d LYO OZ YZ_ PcNW`OP Z`] ZbY LNLOPXTN NZY^_]`N_ Q]ZX _SP NZY^_]`N_TaT^_TN L[[]ZLNS 1Z] PcLX[WP bP aTPb >LY^V]T_ 3TYO`T^X L^ aT_LW TY ^SL[TYR 4YOTLY TY_PWWPN_`LW LYO [Z[`WL] N`W_`]P LYO Z`] L[ []ZLNS PX[SL^TeP^ ]PWTRTZ`^ TOPL^ LYO []LN_TNP^ ZaP] [ZbP] ^_]`N_`]P^ LYO ^ZNTLW TY^_T_`_TZY^ ?SP _P]X wOT^NZ`]^Px T^ L ^`T_LMWP ZYP QZ] L QLT] LXZ`Y_ ZQ Z`] XL _P]TLW MPNL`^P NP]_LTY TOPL^ LYO []LN_TNP^ XZaPO Z`_ ZQ _SP NZYQTYPO ^[LNP^ ZQ TY^_T_`_TZY^ LYO ]PRTZYLW _]LOT_TZY^ ZQ ]T_`LW []ZQP^^TZYLW^ ^NSZWL]^ LYO ]PWTRTZ`^ R]Z`[^ LYO NLXP _Z [P]aLOP _SP [`MWTN N`W_`]P ,W_SZ`RS bP QZ`YO 8TNSLPW 1Z`NL`W_v^ ]`WP^ ZQ OT^N`]^TaP QZ]XL_TZY bZ]V bPWW TY Z`] OT^N`^^TZY ZQ 4YOTLY WT_P]L_T PW^PbSP]P TY _ST^ aZW`XP bP `^P _SP _P]X wOT^NZ`]^Px XZ]P RPYP]LWWd L^ T_ SL^ MPNZXP P^_LM WT^SPO TY LNLOPXTN ^_`Od 4_ T^ TY _SP YL_`]P ZQ OT^NZ`]^P^ _SL_ _SPd RZ MPdZYO TYOTaTO`LW _]LOT_TZY^ _Pc_^ LYO LN_Z]^ -`_ _SP]P L]P wN`W_`]LW [ZWTNdXLVP]^x LYO bP bT^S _Z OPaZ_P L WL]RP LXZ`Y_ ZQ ^[LNP _Z _SP^P ^_]L_PRTN LRPY_^ bSZ SLaP NZY^TOP]PO _SP ^PXLY_TN LYO [SZYP_TN L^[PN_^ ZQ WLYR`LRP M`_ SLO WT__WP _Z ^Ld LMZ`_ b]T_TYR ?ST^ MZZV NZY^T^_^ ZQ _bZ ^PN_TZY^ QT]^_Wd w8P_SZOZWZRdx LYO ^PN ZYOWd w3T^_Z]dx bSTNS L]P WTYVPO Md \`P^_TZY^ NZYNP]YTYR _SP ZMUPN_ ZQ ]P^PL]NS LYO ^ZXP ^TRYTQTNLY_ PcLX[WP^ M`_ bSTNS QZWWZb OTQQP]PY_ XP_SZO^ TY L[[]ZLNSTYR _SP ^`MUPN_ ?SP R]PL_P] [L]_ ZQ w8P_SZOZWZRdx bL^ b]T__PY LQ_P] w3T^_Z]dx LYO []P^PY_^ L XP_L[P]^[PN_TaP LYO _SPZ ]P_TNLW ]PQWPN_TZY ZQ _SP XL_P]TLW TY w3T^_Z]dx 4Y LOOT_TZY _Z NWL]TQdTYR _P]X^ >LY^V]T_ 3TYO`T^X ]PWTRTZY NZXX`YTNL_TZY Xd_SZ^ XLRTN P_N _SP ^PN_TZY ZY 8P_SZOZWZRd ^T_`L_P^ _SP L]PL^ L]T^TYR Z`_ ZQ _SP ^PN_TZY ZY 3T^_Z]d TY L M]ZLOP] Q]LXP ZQ N`W_`]LW _SPZ]d LYO OPaPWZ[^ L _SPZ]P_TNLW QZ`YOL_TZY QZ] _SPX ,^ Z`] ^`MUPN_ XL__P] T^ X`W_T OTXPY^TZYLW T_ T^ TX[Z]_LY_ _Z L[[]ZLNS T_ TY L [ZWdaLWPY_ QL^STZY bT_S X`W_T[WP XP_SZO^ ?ST^ T^ bSd _SP ]PLOP] bTWW QTYO L R]PL_ Y`XMP] ZQ _SPZ]TP^ _SL_ bP ]PaTPb LYO PYWL]RP `[ZY >TYNP _SP^P _SPZ]TP^ bP]P OPaPWZ[PO Md BP^_P]Y LNLOPXTN^ TY ^ZXP NL^P^ _SP]P T^ L YPPO _Z LOL[_ LYO ]PQZN`^ _SPX _Z XLVP _SPX L[[WTNLMWP _Z Z`] 4YOTLY XL_P]TLW RLTYPO Q]ZX LY TYO`N_TaP L[[]ZLNS 4Y _SP WZYRP] w3T^_Z]dx ^PN_TZY Md NZY _]L^_ bP SL]OWd OT^N`^^ _SPZ]d Z] PaPY ^PNZYOL]d WT_P]L_`]P L_ LWW M`_ TY^_PLO `^P L R]PL_ Y`XMP] ZQ >LY^V]T_ ^Z`]NP^ WL]RPWd TY Z`] ZbY _]LY^WL_TZY^ LYO ^ZXP QTPWO bZ]V ZM^P]aL_TZY^ _Z OPaPWZ[ L NZY_Pc_ ^PY^T_TaP ^ZYTN ST^_Z]d ZQ WT_P]L_`]P N`W_`]P LYO ]PWTRTZY _SL_ NLY MP ^PPY TY ]T_P^ ^dXMZW^ _]LOT_TZYQZ]XTYR YL]]L_TaP^ LYO OT^NZ`]^P^ 3P]P _SP ]PLOP] bTWW QTYO XZ]P TYOP[_S ^_`OTP^ ZQ XZ^_ ZQ _SP TWW`^_]L_TZY^ L[[PL]TYR TY _SP w8P_SZOZWZRdx ^PN_TZY z _SL_ LW^Z TYaP^_TRL_P^ NZX [L]L_TaP [P]^[PN_TaP^ 4Y _SP w3T^_Z]dx ^PN_TZY ZY _SP Z_SP] SLYO ]PLO P]^ bTWW YZ WZYRP] QTYO _SP Pc[]P^^TZY wLNZ`^_TN [TP_dx bSTNS bP SLaP

9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d

"

NZTYPO _Z NZYNP[_`LWTeP LYO ^`XXL]TeP L [W`]LWT_d ZQ LN_`LW QZ]X^ _SL_ ]LYRP Q]ZX ]T_`LW _Z NZRYT_TaP XLYTQP^_L_TZY^ LYO TYNW`OP ^_]ZYRWd TNZYTN TYOPcTNLW L^[PN_^ LYO _SP TOPL ZQ []P^PYNP 4Y^_PLO _SPd bTWW QTYO L WL]RP Y`XMP] ZQ NZ]]P^[ZYOTYR ]PLW [SPYZXPYL ?SP XLUZ] _Z[TN^ OT^N`^^PO TY _SP _bZ ^PN_TZY^ L]P Z`_WTYPO TY _SP QZWWZbTYR% >PN_TZY w4 8P_SZOZWZRdx ^_L]_^ Md M`TWOTYR ZY _bZ XLTY ]P^PL]NS L]PL^ _SL_ L]P P^[PNTLWWd ]PWPaLY_ QZ] Z`] _Z[TN% _SP OT^NT[WTYP ZQ _SP LP^_SP_TN^ ZQ ]PWTRTZY LYO _SP LMZaPXPY_TZYPO 4YOZWZRTNLW ^_`OTP^ ZQ >LY^V]T_ 3TYO`T^X LYO >LY^V]T_ N`W_`]P BSP]PL^ _SP QZ]XP] []ZaTOP^ _SP Q]LXPbZ]V QZ] Z`] _SPZ]P_TNLW []ZR]LX LY L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZY NSL[  bP bT^S _Z Pc[LYO LYO OPP[PY _SP WL__P]v^ QZN`^ ZY ^ZNTZ[ZWT_TNLW ]T_`LW [P]QZ]XL_TaP LYO NZRYT_TaP TOPZWZRTNLW OTXPY ^TZY^ ZQ 3TYO` 4YOTL Md XPLY^ ZQ _SP L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZY NSL[ z :`] L[[]ZLNS TX[WPXPY_^ _SP LP^_SP_TN^ ZQ ]PWTRTZY TY L []LN_TNLW bLd _SL_ T^ N`]]PY_Wd QZ]XTYR TY _SP 2P]XLY^[PLVTYR L]PL LYO YZ_ ZYWd _SP]P L^ L YPb ]P^PL]NS [L]LOTRX QZ] _SP LNLOPXTN ^_`Od ZQ ]PWTR TZY LYO bZ]V^ TY L X`W_TOT^NT[WTYL]d XLYYP]  4Y _SP ^PY^P ZQ _SP 2]PPV bZ]O LT^_SP^T^  _SP QTPWO ZQ ^_`Od _L]RP_^ _SP [P]NP[_TMWP L^[PN_^ ZQ ]PWTRTZY^ ?ST^ TYaZWaP^ LT^_SP_TN^ ^PY^Z]d OL_L LYO ^PY^P [P]NP[ _TZY ^PXTZ_TN^ ]T_`LWTeL_TZY^ LYO [P]QZ]XLYNP L^[PN_^ aL]TZ`^ L]_ QZ]X^ _SP ]PWTRTZ`^ PaP]dOLd bZ]WO LYO PXZ_TZYLW OTXPY^TZY^ :`] QZN`^ ZY _SP ^PY^Z]d [P]QZ]XL_TaP YL_`]P ZQ _Pc_^ LYO _SP N`W_`]LW [P] NP[_TZY ZQ ^Z`YO PYNZX[L^^P^ LWW _SP^P L]PL^ NSL[  LYO TY OZTYR ^Z OPaPWZ[^ L YPb [P]^[PN_TaP QZ] aTPbTYR >LY^V]T_ 3TYO`T^X LYO >LY ^V]T_ N`W_`]P BT_STY _SP 4YOZWZRTNLW OT^N`^^TZY _SP]P bP]P SL]OWd LYd XZOPW^ TY PcT^_PYNP QZ] _ST^ _d[P ZQ L[[]ZLNS LYO XP_SZO >Z Z`] aPY_`]P OTQQP]^ PaPY Q]ZX _SZ^P []PaTZ`^ ^_`OTP^ _SL_ SLO LW]PLOd TOPY_TQTPO _SP N`W_`]LW aLW`P ZQ _SP >LY^V]T_ TOTZX LYO _SP TX[Z]_LYNP ZQ _SP ^[ZVPY bZ]O ,^ LW]PLOd TYOTNL_PO bP OPaTL_P Q]ZX >]TYTaL^ LYO ;ZWWZNV TY ^ZXP L^[PN_^ LYO _LVTYR Z`] ZbY L[[]ZLNS bSTWP bP LR]PP bT_S _SP^P L`_SZ]^ ZY _SP S`RP TYQW`PYNP _SL_ >LY^V]T_ PcP]_PO ZY 4YOTLY N`W_`]P ?SP OT^N`^^TZY ZQ >]TYTaL^ ;ZWWZNV LYO >TYRP] RTaP^ `^ _SP Z[[Z]_`YT_d ZQ ^P__TYR QZ]_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,Y TYT_TLW ZaP]aTPb ZQ _SP ]P^PL]NS TY _SP 2P]XLY^[PLVTYR L]PL T^ RTaPY Md ,YYP__P BTWVP w=PWTRTZYPY >TYYP `YO 8POTPYx TY% ,YYP__P BTWVP LYO 0^_SP]8L]TL 2`R RPYXZ^ 4X 9P_e OP^ 4YO]L% /L^ 8`^P`X ZQ BZ]WO =PWTRTZY^ ^PTY M`OOST^_T^NSP^ /TLWZRVZYeP[_ `YO OTP YP`P /T^eT[WTY =PWTRTZY^Æ^_SP_TV 8ÞY^_P]% 7T_ #  z  , ^TXTWL] XZaPXPY_ TY _SP 0YRWT^S^[PLVTYR L]PL _ZbL]O _SP ^PY^Z]d L^[PN_^ ZQ ]PWTRTZY T^ PaTOPYNPO Md _SP ]PNPY_ 9`XPY  "% "z" bSTNS T^ OPOTNL_PO _Z _SP _Z[TN ZQ w=PWTRTZY _S]Z`RS _SP >PY^P^x LYO 2`^_LaZ -PYLaTOP^v ]P^PL]NS ZaP] aTPb PY_T_WPO w9Z]_S ,XP]TNLx TY =PWTRTZ`^ >_`OTP^% , 2WZMLW ATPb PO 2]PRZ]d ,WWP^ 7ZYOZY% =Z`_WPORP # z!# TY [L]_TN`WL]  z # 1Z] Q`]_SP] WT_P]L _`]P LYO Pc_PY^TaP OT^N`^^TZY ^PP Z`] ;]PQLNP LYO NSL[  MPWZb

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

MP__P] R]Z`YO^ QZ] bSd bP ^[PLV TY RPYP]LWTeTYR _P]X^ ZQ L ^ZYTN N`W _`]P LYO ]P_LTY _SP X`NSOT^N`^^PO _P]X 3TYO`T^X NSL[  ,WZYR bT_S >TYRP]v^ wN`W_`]LW [P]QZ]XLYNP^x $"  1WZZOv^ w_Pc_^ TY []LN _TNPx " ! .ZM`]Yv^ w[ZbP] ZQ SZWd SPL]TYRx $# " LYO -PNVv^ w^LN]PO ^Z`YOx LYO w^ZYTN _SPZWZRdx $$ # bP QZN`^ ZY _SP ]PWTRTZ`^ OTXPY^TZY ZQ 4YOTLY [SZYZNPY_]T^X z bSL_ bP _P]X wLNZ`^_TN [TP_dx ?SP OT^N`^^TZY ^SZb^ bSP]P bP [P]NPTaP _SP YPPO _Z Pc[LYO _SP [P] ^[PN_TaP 4_ []ZaTOP^ L ]L_TZYLWP QZ] Z`] NSZTNP ZQ `YT_TYR L []LN_TNP Z]TPY_PO L[[]ZLNS bT_S L XP^^LRPZ]TPY_PO ZYP LYO NWL]TQd Z`] NZYNP[_ ZQ [P]QZ]XLYNP ^PP LW^Z NSL[  ZY LP^_SP_TN^ LYO _Z TWW`^_]L_P TY L []Z^[PN_TaP QL^STZY _SP YPNP^^T_d ZQ TYaP^_TRL_TYR YZY]PWTRTZ`^ VYZbW PORP ^d^_PX^ NSL[  ?SP^P NSL[_P]^ QZ]X _SP XL_P]TLW ML^T^ QZ] L _SPZ]P_TNLW NWL]TQTNL_TZY ZQ _SP NZXX`YTNL_TZY NZYNP[_ _SL_ NSL]LN_P]TeP^ _ST^ MZZV NSL[   LYO QZ] NZX[L]L_TaP [P]^[PN_TaP^ NSL[ !z# ?SP XLUZ] _Z[TN^ TY _SP QZWWZbTYR [L]_ ZQ 8P_SZOZWZRd NLY MP NL^_ L^ \`P^_TZY^ ^`NS L^ SZb ^Z`YO NZXX`YTNL_P^ bSL_ _SPZ]TP^ PcT^_ LMZ`_ LP^_SP_TN LYO PXZ_TZYLW XP^^LRP^ SZb LYTXL_P ^Z`YO XLd MP Pc[WLTYPO SZb `Y`^`LW 4YOTL T^ bSP_SP] 2ZZOdv^ QLXZ`^ WT_P]LNd _SP^T^ L[[WTP^ SZb QL] _SP [ZbP] ZQ _SP XPOTL RZP^ LYO bSP]P _SP NZY_TY`T_TP^ LYO OTQQP]PYNP^ MP_bPPY 4YOTL LYO 0`]Z[P WTP TY _SPT] L__T_`OP^ _Z LYO `^P ZQ SZWd MZZV^ LYO TY _SPT] TY_PWWPN_`LW ST^_Z]d LYO LNLOPXTN ^_dWP^ 2TaTYR ^Z X`NS bPTRS_ _Z ^Z`YOTYR _Pc_^ LYO LW^Z TYNW`OTYR Pc[P]T PYNP PXZ_TZYLW L^[PN_^ LYO ^`MUPN_TaP ^PY^P _SP]P T^ L YPPO _Z ^Ld XZ]P LMZ`_ Z`] NZYNP[_ ZQ NZXX`YTNL_TZY NSL[   >ZNTZWZRd 7`SXLYY 6YZMWL`NS ]T_`LW ^_`OTP^ LYO [P]QZ]XLYNP _SPZ]d >_LLW 6]ÆXP] LYO Z_SP]^ LYO WT_P]L]d ^PXTZ_TN^ LYO ]PNP[_TZY LP^_SP_TN^ 5LVZM^ZY 0NZ bTWW MP N]T_TNLWWd ]PaTPbPO LYO `^PO _Z TYQZ]X Z`] LP^ _SP_TN L[[]ZLNS _Z 4YOTLY N`W_`]P 6YZMWL`NSv^ NZXX`YTNL_TZY NZYNP[_ LYO w^ZNTZWZRd ZQ ]PWTRTZ`^ Pc[P]TPYNPx QZ] TY^_LYNP NLY LNNZ`Y_ QZ] MZ_S ^`MUPN_TaP ^PY^P LYO ^ZNTLW ZMUPN_TaTeL_TZY 0NZv^ ^PXTZ_TN ZM^P] aL_TZY^ TY [L]_TN`WL] _SZ^P ]PRL]OTYR _SP [P]QZ]XL_TaT_d ZQ LP^_SP_TN XP^^LRP^ _SPT] PXZ_TZYLW L[[PLW LYO _SPT] NZYYZ_TYR ]L_SP] _SLY OP YZ_TYR YL_`]P SLaP MPPY aP]d SPW[Q`W TY Pc[LYOTYR NZYaPY_TZYLW NZX X`YTNL_TZY LYO ]PNP[_TZY _SPZ]TP^ ?SP NSL[_P] PWLMZ]L_P^ L _d[ZWZRd ZQ _bZ XLUZ] XZOP^ ZQ LNZ`^_TN [TP_d ]`WPRZaP]PYO LYO OPaZ_TZYLW [P] QZ]XLYNP ^_dWP^ :YP ^[PNTQTN L^[PN_ ZQ wLNZ`^_TN [TP_dx T^ _SP Pc[P]T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^ !z# ! 2LaTY 1WZZO [`_ QZ]bL]O _ST^ L[[]ZLNS TY ST^ VPdYZ_P WPN_`]P L_ _SP NZYQP]PYNP w=P WTRTZY ZY _SP -Z]OP]^x TY >_ZNVSZWX ,[]TW $z " " .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx   # -PNV >ZYTN ?SPZWZRd  

9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d

$

PYNP ZQ ]PWTRTZ`^ ^Z`YO L^ LYTXL_P ]PLWT_d Z] w_Z_LW ]P[]P^PY_L_TZYx BP ^`RRP^_ L NZX[WPc MWPYOTYR XZOPW L^ LY Pc[WLYL_TZY LYO O]Lb ZY NZR YT_TaP ^NTPYNP LYO Z_SP] QTPWO^ 3Zb ^TYR`WL] T^ 3TYO` 4YOTL* ?ST^ \`P^_TZY bTOPY^ _SP OT^N`^^TZY _Z PXM]LNP NZX[L]L_TaP ]PWTRTZY LYO N`W_`]LW NZX[L]T^ZY^ TYNW`OTYR QL]]PLNSTYR _SPZ]TP^ ZY _SP ]ZWP ZQ b]T_TYR TY S`XLY N`W_`]P _SL_ SLaP ZQ_PY MPPY ^_]ZYRWd WZRZNPY_]TN LYO WL_PY_Wd 0`]ZNPY_]TN BP LOO]P^^ NZY_TY`T_TP^ L^ bPWW L^ OT^^ZYLYNP^ TY ^LN]PO _Pc_ ]PNP[_TZY^ LYO TY_PW WPN_`LW ST^_Z]d NSL[ !z# :`] L]R`XPY_ ]PRL]OTYR ]PWTRTZY^ NZX[L]PO NSL[ ! bTWW MP _SL_ YPT_SP] T^ ^ZYTN ]PNP[_TZY ZQ SZWd ^N]T[_`]P^ WLNVTYR TY _SP ^ZNLWWPO MZZV]PWTRTZY^ PaPY TY XZOP]Y _TXP^ YZ] L]P TY_P]TZ]T_d LYO TY_P]TZ]Te TYR _PNSYT\`P^ _SL_ bP]P ZQ_PY _ZZ X`NS L__]TM`_PO _Z b]T_TYR N`W_`]P ^TWPY_ ]PLOTYR LYO ;]Z_P^_LY_ ]PQZ]XL_TZY WLNVTYR TY LYNTPY_ 4YOTL ,__T _`OP^ ZQ w]PWTRTZ`^ ]PLOP]^x TY NZY_]L^_ _Z wNZY^`XP]T^_ ZYP^x 2]TQ QT_S^ ]P^PXMWP PLNS Z_SP] LN]Z^^ N`W_`]LW OTaTOP^ >[PNTLW L__PY_TZY bTWW MP [LTO _Z _SP 0`]Z[PLY 8TOOWP ,RP^ bSP]P bP QTYO `^P^ ZQ SZWd _Pc_^ LYO XZOP^ ZQ wLNZ`^_TN [TP_dx _SL_ ]P^PXMWP _SZ^P ZQ 4YOTL TY XZ]P _SLY ZYP bLd ?ST^ NLY MP Pc[WLTYPO Md L ^TXTWL] XPOTL ^T_`L_TZY z L ^PXT WT_P]L_P ^ZNTP_d LYO [P]QZ]XLYNP N`W_`]P bSP]PLQ_P] _SP ^TXTWL]T_TP^ OTXTYT^SPO bT_S _SP LOaPY_ ZQ _SP YPb XPOTL NZYQTR`]L_TZY TY 0`]Z[P ^[]PLO ZQ MZZV N`W_`]P >Z bP L]R`P _SL_ _SP XPOTL L]P [ZbP]Q`W TP XPOTL []LN_TNP SL^ LY TX[LN_ ZY ^PY^P [P]NP[_TZY -`_ L_ _SP ^LXP _TXP bP \`P^_TZY _SP ]PLNS ZQ _SP XPOTL .`W_`]LW NZOP^ ^ZNTLW LYO ]PWTRTZ`^ []PNZYOT_TZY^ _SP aLW`P RTaPY _Z ^Z`YO Z] _Z b]T_TYR P_N L]P P\`LWWd TX[Z]_LY_ z LYO `W_TXL_PWd XZ]P TX[Z]_LY_ z LYO Pc[WLTY LXZYR Z_SP] _STYR^ bSd _SP ST^_Z]d ZQ ^PY^`LWT_d TY_P]TZ]T_d LYO ]L_TZYLWT_d _ZZV OTQQP]PY_ QZ]X^ TY 4YOTL LYO 0`]Z[P MPQZ]P LYO LQ_P] XPOTL NSLYRP^ 8POTL L]P YZ PcNP[_TZY _Z N`W_`]LW NZY_TYRPYNd ?ST^ L]R`XPY_ T^ OPP[PYPO TY _SP YPc_ NSL[_P] " bSP]P bP OT^ N`^^ 5LNV 2ZZOdv^ LYO BLW_P] :YRv^ _SP^P^ ZY Z]LWT_d LYO WT_P]LNd LYO _SPY NZX[L]P _SP OTQQP]PY_ LP^_SP_TN ^_dWP^ LYO OT^N`]^TaP QZ]XL_TZY^ TY PL]Wd ^NTPY_TQTN LYO [STWZ^Z[STNLW WT_P]L_`]P TY LYNTPY_ 4YOTL LYO 0`]Z[P NSL[ # 2ZZOdv^ ^PXTYLW _SPZ]d ZY _SP `YTaP]^LW TX[LN_ ZQ WT_P]LNd ZY _SP bSZWP ^ZNTLW MZOd LYO PaPY ZY NZRYT_TaP ^_]`N_`]P^ SL^ MPPY bPWNZXPO LYO NZYQT]XPO QZ] 0`]Z[P QZ] PcLX[WP Md XPOTPaLWT^_^ bSP]PL^ 4YOZWZRT^_^ >_LLW 1LWV ]LT^PO SL]^S N]T_TNT^X ]PRL]OTYR LY NTPY_ 4YOTL >`XXL]TeTYR _SP OPML_P bP _LVP L XZ]P OTQQP]PY_TL_PO ^_LYNP LYO ]PNZRYTeP _SP ^_]PYR_S ZQ 2ZZOdv^ L]R`XPY_ bSTWP N]T_TNTe TYR STX QZ] YZ_ _LVTYR TY_Z LNNZ`Y_ _SP ^ZNTZN`W_`]LW ^T_`L_TZY 4YOTLY [P]QZ]XLYNP N`W_`]P 3P P^_LMWT^SPO L OTNSZ_ZXd ZQ _SP Z]LW LYO _SP WT_P]LW _SL_ OTO YZ_ PcT^_ TY 4YOTL LYO LW^Z TRYZ]PO _SP LP^_SP_TN OTXPY ^TZY :`] XLUZ] NZ`Y_P]L]R`XPY_ bTWW MP _SL_ 2ZZOd QLTWPO _Z ^PP _SL_



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^d^_PXL_TN WT^_TYR QZ]XLW WZRTN XL_SPXL_TN^ LM^_]LN_TZY LYO ^NTPY_TQTN ]L_TZYLWT_d L]P YZ_ YPNP^^L]TWd MZ`YO _Z R]L[STN ^TRY^ LYO _SP `^P ZQ b]T_TYR M`_ XLd LW^Z MP LNSTPaPO `^TYR LNZ`^_TN ^dXMZW^ L^ 4YOTL []ZaP^ ?SP YZY^PY^`Z`^ LYO ^PY^`Z`^ XPLY^ ZQ Pc[]P^^TZY MZ_S SLO LY TX[LN_ ZY _SP LP^_SP_TN ^_dWP^ ZQ LNLOPXTN ]L_TZYLWT_d LYO WT_P]LNd :`] WT_P]L_T NSL[_P] ZY 4YOTLY L^_]ZYZXP]^ LYO XL_SPXL_TNTLY^ TWW`^ _]L_P^ _SL_ _SPT] XZOP^ ZQ NZXX`YTNL_TYR LM^_]LN_ XP^^LRP^ Md XPLY^ ZQ ^Z`YO NZOP^ L]_T^_TN aP]^TQTNL_TZY [ZP_TN LYO N]d[_TN ^[PPNS X`W_T [WP XPLYTYR^ OTQQP]PO R]PL_Wd Q]ZX _SZ^P ZQ _SPT] 0`]Z[PLY NZ`Y_P] [L]_^ BP bTWW L]R`P _SL_ ZY LNNZ`Y_ ZQ _SP OTQQP]PY_ _d[P^ ZQ Z]TRTYLW WT_P]L_`]P^ _SP Z]LWL`]LW APOL LYO _SP b]T__PY ;WL_ZYTN OTLWZR^ _SP]P PXP]RPO _bZ aP]d OTQQP]PY_ XZOPW^ ZQ L`_SZ]T_L_TaP ^[PPNS TY ^NTPY_TQTN b]T_TYR L wWZRZNPY_]TN XZOPWx LYO L wWT_`]RTNLW XZOPWx ?SP QZ]XP] QZ^_P]PO LQQPN_YP`_]LW LYO YZYLP^_SP_TN NWPL] Pc[Z^T_TZY bSP]PL^ _SP WL__P] Q`^PO LM^_]LN_TZY bT_S LP^_SP_TN N]d[_TNL`]L_TN QZ]X _S`^ OP XLYOTYR R]PL_P] PQQZ]_ LYO LW^Z LWWZbTYR R]PL_P] PXZ_TZYLW [L]_TNT[L _TZY M`_ L_ _SP NZ^_ ZQ PL^d NZX[]PSPY^TMTWT_d /P_LTWPO Pc[Z^T_TZY bL^ ^PPY XZ]P L^ ^ZXP_STYR QZ] _SP O`WWbT__PO 1`]_SP]XZ]P LW_SZ`RS NZXXZY TY_PWWPN_`LW []LN_TNP^ NLY MP _]LNPO ^`NS L^ [`MWTN OT^[`_P^ MP_bPPY _SPZWZRTLY^ TY 4YOTL LYO 0`]Z[P TY _SP 8TOOWP ,RP^ _SP ]PWL _TZY^ST[^ MP_bPPY [STWZ^Z[Sd LYO _SPZWZRd LYO MP_bPPY ^NTPYNP LYO ]PWTRTZY bP]P aL^_Wd OTQQP]PY_ TY 4YOTL O`P _Z OTQQP]PYNP^ TY ]PWTRTZ`^ TY^_T_`_TZYLWTeL_TZY YZ NPY_]LWTePO NS`]NS Z] ]PWTRTZY ]PWTRTZY^_L_P ]PWL_TZY^ ^ZNTZN`W_`]LW [L]LOTRX^ LYO bZ]WOaTPb^ ?SP N`W_`]LW NZX[L]T^ZY^ XLVP NWPL] U`^_ SZb TX[Z]_LY_ _SP QLN_Z] ZQ N`W_`]LWT_d LYO L ^PXTZ_TN LYO XPLYTYRML^PO `YOP]^_LYOTYR ZQ N`W _`]P L]P ?SP []Z[Z`YOP]^ ZQ _SP aL^_ TYQW`PYNP ZQ XPOTL _PNSYZWZRd ZQ_PY _PYOPO _Z MP TY^`QQTNTPY_Wd ^PY^T_TaP _Z N`W_`]LWWd ^[PNTQTN ZMUPN _TaTeL_TZY^ LYO ^dXMZWTN QZ]X^ 0]Y^_ .L^^T]P]v^ _SPZ]d ZQ ^dXMZWTN QZ]X^ LYO ST^ `YOP]^_LYOTYR ZQ _SPX L^ wN`W_`]LW XPOTLx NSL[ $ SLaP YZ_ WZ^_ LYd ZQ _SPT] ]PWPaLYNP _ZOLd :`] QTYLW NSL[_P]^ TY _SP 8P_SZOZWZRd ^PN_TZY bTWW []P^PY_ ^ZXP Z`_^_LYOTYR ^dXMZWTN QZ]X^ Q]ZX 3TYO`T^_TN 4YOTL _SL_ NPY_P] ZY ^Z`YO LYO WLYR`LRP LYO [`_ QZ] bL]O Z`] XZ^_ Q`YOLXPY_LW _SPZ]d QZ] LYLWdeTYR 4YOTLY ^ZYTN ST^_Z]d bT_STY L ^d^_PXL_TN Q]LXPbZ]V NSL[  ?ST^ _SP^T^ NWLTX^ _SL_ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d OT^_LYNPO bZ]WO Z]TPY_L_TZY^ L]P L_ bZ]V TY PaP]d N`W_`]P ^ZNTP_d LYO S`XLY MPTYR LYO RPYP]L_P OTQQP]PY_ ^dXMZWTN QZ]X^ LYO SLMT_`^ ?SP ]PWL_TZY^ST[ LYO TY_P][WLd MP_bPPY _SP _bZ Z]TPY_L_TZY^ aL]d LYO NSLYRP ZaP] _TXP L^ NLY MP ^PPY TY 4YOTL ?SP Pc_]PXPWd STRS OPR]PP ZQ [L]_TNT[L_TZY TY _SP PL]Wd ‹RaPOL [TN_`]P ZQ _SP WLYR`LRPNZb P_N SLO LW]PLOd MPPY ]P[WLNPO TY _SP WL^_ ^PN_TZY^

9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d



ZQ _SP ‹RaPOL Md _SP QT]^_ QZ]X^ ZQ PXLYNT[L_TZY $ z L XZ]P OT^_LYNPO LYO ]PQWPcTaP ]PWL_TZY^ST[ _Z WLYR`LRP LYO _SP bZ]WO L^ L bSZWP L`_Z ]PQP]PY_TLW NZYNP[_ ZQ ^[PPNS LYO WLYR`LRP M`_ ^_TWW ]P_LTYTYR L ^_]ZYRWd [L]_TNT[L_Z]d NZYYPN_TZY_Z`NS _SP WLYR`LRP MPTYR ^PPY L^ w2ZOOP^^ AZTNPx 7L_P] ZY _SP]P PXP]RPO STRSWd ^NTPY_TQTN LYLWd_TNLW L[[]ZLNSP^ _ZbL]O^ WLYR`LRP L[[L]PY_Wd wPXLYNT[L_POx Q]ZX ^PY^Z]d LYO Xd_STN [L]_TNT[L_TZY Z] PW^P ZYWd QLTY_Wd ]P_LTYTYR _SPX -`_ LRLTY QZ]XLWT^_ LYO OT^_LYNPO ]L_TZYLWT_d L[[PL]PO OZaP_LTWPO bT_S XZ]P SZWT^ _TN [L]_TNT[L_Z]d Q]LXP^ ,YO LW^Z _SP 2ZOOP^^ AZTNP Z] 2ZOOP^^ 7LY R`LRP OTO YZ_ OTP Z`_ M`_ L^^`XPO YPb QZ]X^ PR TY _SP RZOOP^^ >L]L^aL_¯ LYO _SP 9£OL-]LSXLY ?SP]P SLaP MPPY LXMTaLWPYNP NZOP ^bT_NSTYR OP^LN]LWTeL_TZY ]P^LN]LWTeL_TZY P_N -`_ _SP XZ^_ _d[TNLW QPL_`]P ZQ >LY^V]T_ 3TYO`T^X TP ZQ T_^ TX[Z]_LY_ N`W_`]LW [ZWTNd XLV P]^ ^PPX^ _Z `^ _Z MP _SL_ _SPd ^Z`RS_ L ]PQWPN_PO OPOTQQP]PY_TL_TZY LYO L]R`PO STRSWd ]L_TZYLWWd QZ] _SP [L]_TNT[L_Z]d XZOP BP bTWW NLWW _ST^ QTR`]P ZQ _SZ`RS_ w`YTaP]^LW Xd_Sx ?SP _SP^T^ ZQ _SP _bZ ML^TN Z]TPY_L _TZY^ SL^ MPPY TY^[T]PO Md 0]Y^_ .L^^T]P] 6`]_ 3ÞMYP] >`^LYYP 7LYRP] LYO >_LYWPd ?LXMTLS bSZ^P NZYNP[_^ bP OPaPWZ[ L WT__WP Q`]_SP] LWZYR _SP WTYP^ ZQ 3ÞMYP]v^ _SPZ]d ZQ wXd_STNLW ^`M^_LYNPx LYO _SP ]L_TZYLWT_d ZQ Xd_S ?SP [L]_TNT[L_Z]d XZOP NLY TYOPPO Pc[WLTY _SP [L]_TN`WL] ]L _TZYLWT_d ZQ Xd_S LYO XLRTN bSTNS T^ OTQQP]PY_ Q]ZX WZRTNLW ^dWWZRT^X LYO XZOP]Y ^NTPY_TQTN _STYVTYR ;L]_TNT[L_TZY T^ LW^Z []PaLWPY_ TY LWW VTYO^ ZQ ^dY_SP_TN bZ]WO NZY^_]`N_TZY _SP wQ`^TYRx ZQ _STYR^ bSTNS L[[PL] ^P[L]L_P TY OLTWd ]Z`_TYP LYO OT^_LYNPO ]PQWPN_TZY BSL_ bP NLWW wPXLYNT[L_Z]d Z]TPY_L_TZYx T^ L OT^_LYNPO QZ]X ZQ bZ]WO ]PWL_TZY^ LY wL_ZXT^_x bZ]WOaTPb TY NZY_]L^_ _Z L SZWT^_TN ZYP ^`NS L^ L XP_L[Sd^T NLW XZYT^X LYO Xd_STNLW PXMPOOPOYP^^ 4Y >LY^V]T_ 3TYO`T^X _SP]P SL^ MPPY L [L]_TN`WL] WTVTYR QZ] YZYO`LWT^_ [P]^[PN_TaP^ _SL_ MTYO _SP TYOTaTO`LW LYO _SP NZWWPN_TaP TY_Z L ^LN]PO `YTaP]^P BZ]WOaTPb^ L]P _SP aP]d ML^T^ bSP]PTY ]PWTRTZ`^ LYO ^ZNTLW WTQP T^ PXMPOOPO ?SZ`RS_ LN_TZY LYO MPSLaTZ] L]P _SPT] ]P[]P^PY_L_TZY^ BP LR]PP _SL_ bZ]WO aTPb^ PY_LTW XZ]P _SLY U`^_ _SP _bZ Z]TPY_L_TZY^ OT^N`^^PO LMZaP LYO _SL_ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d XZOP^ L]P ^NSZWL]Wd _d[ZWZRTP^ _SL_ XTRS_ YPaP] PcT^_ TY [`]P QZ]X TY ]PLW WTQP 3ZbPaP] LW_SZ`RS _SP^P XZOP^ L]P ZYWd SP`]T^_TN Z] LM^_]LN_PO _d[P^ _SP OTNSZ_ZXd Z] ]L_SP] w7PT_OTQQP]PYex SL^ MPPY SPW[Q`W TY ^_]`N_`]TYR Z`] ST^_Z]TNLW XL_P]TLW LYO Pc[WLTYTYR ST^_Z]TNLW NSLYRP^ N`W_`]LW ^[PNTQTN^ LYO OTQQP]PYNP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?Z L ^ZNTLW ^NTPY_T^_ _ST^ _P]XTYZWZRd XLd L[[PL] L WT__WP NZYQ`^TYR L^ _SP^P _P]X^ SLaP MPPY `^PO ]L_SP] OTQQP]PY_Wd TY ^ZNTLW ST^_Z]d bSP]P T_ bL^ PXLYNT[L_TZY _SL_ QT]^_ XLOP [L]_TNT[L_TZY [Z^^TMWP& ZYP _STYV^ QZ] PcLX[WP ZQ _SP XZOP]Y bZXPYv^ XZaPXPY_ 3P]P SZbPaP] bP `^P _SP _P]X TY L [STWZ^Z[STNLW bLd LYO _S`^ TY L XZ]P RPYP]LW NZY_Pc_



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

Q]ZX Z_SP] N`W_`]P^ NZYNP]YTYR bZ]WOaTPb^ BP NZY^TOP] _SPX _Z MP `^PQ`W NL_PRZ]TP^ L[[WTNLMWP LW^Z _Z Z_SP] N`W_`]P^ NSL[  >PN_TZY w44 3T^_Z]dx [`_^ XZ]P QWP^S ZY _SP _SPZ]P_TNLW MZYP^ BP ^bT_NS Q]ZX L []TXL]TWd ^dYNS]ZYTN [P]^[PN_TaP _Z L []TXL]TWd OTL NS]ZYTN ZYP ?SP 3T^_Z]d ^PN_TZY QZ]X^ _SP XLUZ] [L]_ ZQ _SP _]PL_T^P LYO bL^ b]T__PY []TZ] _Z 8P_SZOZWZRd 4_ PcLXTYP^ WTQPbZ]WO^ LYO VYZbWPORP N`W_`]P^ _S]Z`RS _SP LRP^ _SL_ L__LNSPO PcNP[_TZYLW TX[Z] _LYNP _Z WLYR`LRP LYO ^Z`YO LYO _SP NSLYRTYR OT^NZ`]^P^ ZY WLYR`LRP LYO ^Z`YO MPRTYYTYR bT_S _SP APOL ?SP]P XLd MP ]PLOP]^ bSZ _LVP XZ]P TY_P]P^_ TY XP_SZOZWZRd LYO _SPZ]d bSTWP Z_SP]^ L]P XZ]P TY_P] P^_PO TY ST^_Z]d 4Q ^ZXP ZQ _SPX bT^S _Z _`]Y OT]PN_Wd _Z ^PN_TZY 44 bP bZ`WO ^_TWW LOaT^P _SPX _Z ^_L]_ bT_S NSL[_P]  Z`] Z]TRTYLW ^SZ]_P] ^d^_PXL_TN TY_]ZO`N_TZY 4_ OT^N`^^P^ TY NZX[LN_ QZ]X ^ZXP NZ]P _SPXP^ ZQ _SP 3T^_Z]d ^PN_TZY `^TYR ^TRYTQTNLY_ PcLX[WP^ _Z OP_P]XTYP _SP \`P^_TZY^ XZ^_ ]PWPaLY_ QZ] Z`] ^_`Od BSPY LY T_PX ^`NS L^ XLY_]L []LN_TNP T^ Pc[WLTYPO `^TYR _SP ]T_`LW ]PNT_L_TZY ZQ _SP LW[SLMP_ L^ LY PcLX[WP LYO _SP XLY_]L^ L]P []P^PY_PO L^ wWLYR`LRP LN_^x _ST^ T^ ZYWd LY TYT_TLW TY_]ZO`N_TZY ZQ L RPYP]LW YL_`]P ^TYNP APOTN XLY_]L^ NSL[   LYO ?LY_]TN XLY_]L^ NSL[  QQ L]P ZYWd OPLW_ bT_S TY XZ]P OP_LTW O`]TYR _SP NZ`]^P ZQ _SP 3T^_Z]d ^PN_TZY ,^ bPWW L^ L ^dYNS]Z YZ`^ ZaP]aTPb _SP []P^PY_ NSL[_P]  bL^ TYT_TLWWd TY_PYOPO _Z RTaP L _SPZ]P_TNLW NWL]TQTNL_TZY ZQ Q]P\`PY_Wd ZNN`]]TYR XP_LWPaPW _P]X^ ^`NS L^ wXd_Sx LYO wXLRTNx LYO ^P]aP^ []TXL]TWd _Z PWLMZ]L_P Z`] NPY_]LW LYLWd_TNLW _P]X^ w[L]_TNT[L_Z]d LYO PXLYNT[L_Z]d WLYR`LRP LYO bZ]WO Z]TPY_L_TZYx LYO w`YTaP]^LW Xd_Sx 4Y _SP ^`M^P\`PY_ NSL[_P]^ ZY ]PWT RTZ`^ ST^_Z]d _SP^P _P]X^ ^P]aP L^ ^_]`N_`]LW [L__P]Y^ LYO Q]LXPbZ]V^ QZ] ]PNZ]OTYR ^d^_PXL_TNLWWd MZ_S NZY_TY`T_d LYO NSLYRP TY _SP `YOP] ^_LYOTYR ZQ WLYR`LRP LYO ^Z`YO ?SP]P XLd MP YZ MP__P] PcLX[WP ZQ NZY_TY`TYR LYO NSLYRTYR [L__P]Y^ TY 4YOTLY ]PWTRTZ`^ ST^_Z]d _SLY _SP APOL LYO T_^ ]PNP[_TZY MZ_S OT^N`^^PO TY NSL[_P]  w?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YOx BP [`][Z^PWd MPRTY bT_S APOL ]PNP[_TZY _ZOLd LYO _SP APOL L^ wN`W _`]LW XPXZ]dx [L] PcNPWWPYNP bSTNS _SP XZ^_ aL]TPO ]PWTRTZ`^ R]Z`[^ SLaP `_TWTePO QZ] _SPT] ZbY [`][Z^P^ ?SP M`WV ZQ _SP ^`MNSL[_P]^ _Z QZWWZb M]TYR^ Z`_ _SP ST^_Z]TNLW WLdP]^ ZQ WLYR`LRP OPaPWZ[XPY_ bT_STY _SP APOL T_^PWQ Q]ZX _SP PaZNL_TaP SdXY^ LYO XLRTNLW [ZP_]d ZQ _SP PL]Wd [P]TZO _Z _SP TY_P][]P_L _TZY^ ZQ :¿ TY _SP @[LYT´LO^ ,XZYR^_ Z_SP] _STYR^ T_ T^ ^SZbY _SL_ OTQQP]PY_ aTPb^ ZQ WLYR`LRP NZ]]P^[ZYO _Z _SP aL]TZ`^ []TP^_^v ZQQTNP^ LYO _SL_ _SP TY N]PL^TYR ^VP[_TNT^X LMZ`_ WLYR`LRP QZ`YO TY _SP @[LYT´LO^ WPLO^ _Z YPb `YT aP]^LW Xd_S^ YPb bLd^ ZQ TY_P][]P_TYR LYO `YOP]^_LYOTYR _SP bZ]WO LYO YPb ]T_P^ .SL[_P]  T^ PY_T_WPO w.ZX[Z^T_TZY LYO /PNZX[Z^T_TZYx LYO LOO]P^^P^ _SP [Z^_APOTN RWZ]TQTNL_TZY ZQ _SP APOL T_^ _SPT^_TN ^P\`PW^ _SL_ ZNNL^TZYLWWd PaPY

9Z_P^ ZY ?SPZ]d 8P_SZO LYO >NZ[P ZQ 4Y\`T]d



_]d _Z Z`_OZ _SPT] Pc_]PXPWd ^LN]PO []POPNP^^Z] LYO T_^ TY^[T]L_TZY ZQ PL]Wd LNLOPXTN OT^NT[WTYP^ LYO O]LXL _SPZ]d bSTNS ^_dWP^ _SPL_P] _SP wQTQ_S APOLx Z] _SP APOL QZ] _SP [PZ[WP BSL_ T^ NZY^[TN`Z`^ SP]P T^ _SP OT^_TYN_ PXLYNT[L _Z]d NSL]LN_P]T^_TN^ ZQ _SP APOTN OT^NT[WTYP^ TY [L]_TN`WL] _SZ^P ZQ R]LXXL] LW_SZ`RS TY WL_P] _TXP^ T_ T^ LRLTY WPRT_TXTePO TY L [L]_TNT[L_Z]d Xd_STNLW QL^S TZY :Y _SP Z_SP] SLYO _SP []Z_LRZYT^_^ ZQ _SPL_P] ^_`OTP^ LYO ZQ _SPL_P] T_^PWQ L]P LW_ZRP_SP] OTQQP]PY_ ^ZNTLW R]Z`[^ _SLY _SZ^P L^^ZNTL_PO bT_S _SP -]LSXLYTN APOL ?SPd OPaPWZ[ _SPT] ZbY ^PXLY_TN ^d^_PX^ LYO aP]MLW LYO YZYaP]MLW QZ]X^ ZQ Pc[]P^^TZY LYO NZXX`YTNL_TZY TYNW`OTYR LY Pc_]PXPWd ^`M_WP WLY R`LRP ZQ RP^_`]P^ ?SP XLYTQP^_L_TZY^ ZQ ^Z`YO TY _SPL_P] OP^P]aP ^[PNTLW L__PY _TZY% _SP []PNT^P Pc[]P^^TZY ZQ _SP aZTNP L^ _SP [P]NPTaLMWP PXMZOTXPY_ ZQ LP^_SP_TN XZZO^ _SP ^PWPN_TaP `^P ZQ X`^TN LYO XZ^_ TX[Z]_LY_Wd ZQ O]`X^ bSZ^P MPL_^ SPW[ _Z ]PQWPN_ _SP NSL]LN_P]^ ZYZXL_Z[ZP_TNLWWd .SL[_P]  w;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZYx T^ OPOTNL_PO _Z _SP OTQQP]PY_TL_PO Z[[Z]_`YT_TP^ QZ] NSZTNP TY WTQP LYO WLYR`LRP TY _SP 2`[_L LYO [Z^_2`[_L LRP^ _SP NWL^^TNLW P[ZNS ZQ 4YOTL 4Y _SP [ZP_]d []ZXZ_PO L_ _SP NZ`]_^ L ]PQTYPO ^d^_PX ZQ Z]YLXPY_L_TZY OPaPWZ[^ M`_ _SP]P T^ LW^Z LY TYN]PL^ TYR QPPWTYR QZ] _SP ^`RRP^_TaP [ZbP] ZQ [ZP_TN ^[PPNS ,^ bPWW L^ _SP ^PN`WL] TePO NZ`]_ -]LSXTY^ LYO NZ`]_ [ZP_^ _SP]P L]P WPL]YPO -]LSXTY^ bSZ OPOTNL_P _SPX^PWaP^ _Z OP_LTWPO APOL SP]XPYP`_TN^ LYO bSZ QZ]X _bZ aP]d OTQQP]PY_ ^NSZZW^ ?SP ;¼]aL8ÅX£À^£ []LN_TNPO LYO [L^^PO ZY Md WLdXPY `^P^ LY TX[]P^^TaPWd XZOP]Y WTYR`T^_TN _SPZ]d _Z OPaPWZ[ _SP Xd_S ZQ _SP APOL L^ []P PcT^_LY_ ^Z`YO TY Z]OP] _Z ^LQPR`L]O _SP APOTN ]T_`LW NZXXLYO^ -d NZY_]L^_ _SP @__L]L8ÅX£À^£ Z] _Z MP XZ]P []PNT^P _SP ,OaLT_LAPO£Y_L ZQ _SP ±L«VL]L ^NSZZW bSTNS T^ []TXL]TWd []LN_TNPO Md L^NP_TN^ OPaPWZ[^ L _SPZ]d ZQ TX[WTNL_TZY LYO L XP_SZO ZQ WPL]YTYR LNNZ]OTYR _Z bSTNS WLYR`LRP `^PO TY L _L]RP_PO LYO [`][Z^PQ`W bLd WPLO^ _Z _SP XP_LWTYR`T^_TN ?SP QLXZ`^ WTYR`T^_TN [STWZ^Z[SP] -SL]_ŽSL]T LYO ST^ TX[]P^^TaP XP_L[Sd^TNLW OZN_]TYP ^_L_TYR _SL_ _SP [P]NPTaPO bZ]WO TY T_^ PY_T]P_d L]T^P^ Q]ZX LYO T^ ML^PO ZY WLYR`LRP NZY NW`OP NSL[_P]  ?ST^ OT^N`^^TZY WPLO^ _SP ]PLOP] OT]PN_Wd _Z _SP YPc_ ^PN_TZY ^TYNP _SP WTYR`T^_TN [STWZ^Z[Sd ZQ _SP -]LSXTY -SL]_ŽSL]T bL^ LY TX[Z]_LY_ ^Z`]NP ZQ TY^[T]L_TZY _Z _SP XZ^_Wd YZY-]LSXLYTN ?LY_]TN^ LYO SL^ SLO [L] _TN`WL]Wd R]PL_ TYQW`PYNP ZY _SP WTYR`T^_TN [STWZ^Z[Sd ZQ ,MSTYLaLR`[_L .SL[_P]  PY_T_WPO w;P]QZ]XLYNP LYO >PY^`LWT_dx T^ []TXL]TWd RTaPY ZaP] _Z ?LY_]TN XLY_]L ]T_P^ _SP w^NTPYNP ZQ XLY_]L^x LYO ^ZYTN LYO WTYR`T^_TN NZ^ XZWZRTP^ ?SP ?LY_]TN ^[PN_]`X T^ M]ZLO LYO T_^ w^Z`YO `YTaP]^P^x L]P XLYT QZWO ]LYRTYR Q]ZX _SP SP_P]ZOZc ?LY_]L ZQ _SP >TOOSL^ >£OSLVL^ LYO -SLT]LaL bZ]^ST[P]^ bT_S T_^ ZNN`W_ YZT^P^ ZYZXL_Z[ZP_TN LYO RSZ^_Wd ^Z`YO^ LYO bTWO ^ZYR^ _Z _SP OZXP^_TNL_PO LYO -]LSXLYTePO ?LY_]L ZQ _SP >X£]_L^ ±LTaL >TOOS£Y_TY^ LYO ±£V_L^ bSZ OPaPWZ[ XLYd LYO aL]TPO TYNW`OTYR R]L[STNLW ]T_`LW `^P^ ZQ XLY_]L^ Pc[]P^^TaP ^dXMZWTN TY_P][]P_L_TZY^ ZQ _SP [Z_PY_ w^PPO ^Z`YO^x LYO bSZWP ^ZYTN NZ^XZRZYTP^ ?SP ?LY_]TN WTYR`T^_TN ^[PN`WL_TZY^ LW[SLMP_ NZ^XZWZRTP^ LYO XLY_]L ]T_P^ N`WXTYL_P TY _SP _PLNSTYR^ ZQ _SP R]PL_



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

6L^SXT]T _SPZWZRTLY LYO LP^_SP_TN _SPZ]P_TNTLY ,MSTYLaLR`[_L bSZ O]LQ_^ ST^ YZYO`LW [STWZ^Z[Sd ZQ L wNZ^XTN WLYR`LRPx []TXL]TWd ML^PO ZY _SP Pc[P]TPYNP ZQ ^Z`YO LYO T^ []ZMLMWd _SP XZ^_ YZ_LMWP []Z[ZYPY_ ZQ bSL_ bP NLWW w]PQWPN_PO `YTaP]^LW Xd_S^x -`_ ^Z`YO T^ LW^Z _SP NPY_]LW XPOT`X ZQ Pc[]P^^TZY NZXX` YTNL_TZY LYO [P]NP[_TZY TY _SP OPaZ_TZYLW MSLV_T _]LOT_TZY^ LW_SZ`RS SP]P YZ_ TY _SP QZ]X ZQ ^`M_WP TY_P][]P_L_TZY^ ZQ _SP bZ]WO L^ T^ _SP NL^P bT_S ,MST YLaLR`[_L M`_ TY^_PLO TY _SP QZ]X ZQ X`^TN L^ LY Pc[]P^^TZY ZQ [`]P [L]_TNT[L _TZY LYO OPaZ_TZY :`] PcLX[WP^ ]LYRP Q]ZX _SP X`^TNLW WLYR`LRP ZQ L QLXZ`^ SdXY _Z /`]R£ LYO L STRSWd L]_T^_TN [ZPX TYOTaTO`LWWd ^P_ _Z X`^TN _Z _SP R]Z`[ ^TYRTYR ZQ ^TX[WP ^ZYR^ LYO [`]PWd TY^_]`XPY_LW X`^TN -d bLd ZQ NZYNW`^TZY bP LYLWdeP SZb LWW _SP^P _S]PLO^ MPNZXP TY_P] _bTYPO TY _SP _P]X 9£OL-]LSXLY w^ZYTN LM^ZW`_Px XZ]P WT_P]LWWd w>Z`YO -]LSXLYx OT^N`^^PO TY NSL[_P] ! ?SP 9£OL-]LSXLY bL^ wTYaPY_POx Md _SP 4YOTLY X`^TNZWZRT^_ ±£]«RLOPaL TY _SP PL]Wd _ST]_PPY_S NPY_`]d LYO ST^_Z]TNLWWd PQQPN_TaP bT_STY [Z[`WL] ?LY_]TN LYO OPaZ_TZYLW _]LOT_TZY^ -d Q`^TYR _SP ?LY _]TN []TXZ]OTLW ^Z`YO _SL_ [P]aLOP^ _SP `YTaP]^P 9£OL bT_S _SP APO£Y_TN YZY O`LW LM^ZW`_P -]LSXLY ±£]«RLOPaL RLaP 4YOTLY X`^TN L XP_L[Sd^TNLW ML^T^ LYO NWLTXPO WT^_PY_TYR _Z X`^TN bL^ L QZ]X ZQ DZRL QZ] PaP]dMZOd ?SP 9£OL -]LSXLY T^ YZ_ ZYWd _SP XZ^_ ]PNPY_ _]LY^X`_L_TZY ZQ _SP -]LSXLY LYO _SP WL_P^_ ^d^_PXL_TN NZYNP[_TZY TY _SP 4YOTLY L^^P^^XPY_ ZQ ^Z`YO M`_ SL^ LW^Z WPQ_ X`^TNTLY^v NT]NWP^ LYO RLTYPO _]LY^N`W_`]LW ^TRYTQTNLYNP PR TY BP^_P]Y DZRL XZaPXPY_^ ?SP ULee ST^_Z]TLY 5ZLNSTX -P]PYO_ bL^ ZYP ZQ _SP _]LY^XT__Z]^ TY _ST^ []ZNP^^ 3T^ 9Pb ,RP L^^P^^XPY_ ZQ _SP 9£OL-]LSXLY LYO ]PNZ]O ZQ _SP ]PNP[_TZY ZQ 4YOTLY XZOLW X`^TN TY _SP $!^ LYO $"^ T^ RTaPY ^[PNTLW L__PY _TZY MPNL`^P -P]PYO_ XT]]Z]^ []ZNP^^P^ ZQ ]PWTRTZ`^ NSLYRP RZTYR MPdZYO 8Lc BPMP]v^ _SP^T^ ZQ ]L_TZYLWTeL_TZY ,WZYR^TOP L ST^_Z]TNLW ]PNZY^_]`N_TZY ZQ _SP WT__WP^_`OTPO 9£OL-]LSXLY LYO LY Pc[WZ]L_TZY ZQ _SP LP^_SP_TN^ ZQ NWL^^TNLW 4YOTLY X`^TN LYO _SP OZaP_LTYWTYR ZQ X`^TN LYO ]PWTRTZY _SP NSL[_P] OT^N`^^P^ _SP TX[LN_ ZQ 4YOTL TY QZ]XTYR XZOP]Y BP^_P]Y ^[T]T_`LWT_d 4_ PYO^ _SP _]PL_T^P bT_S ^ZXP _SPZ]P_TNLW NZYNW`^TZY^ ZY _ST^ ^`MUPN_ ?SP LNNZX[LYdTYR ./ NZY_LTY^ L ^PWPN_TZY ZQ ^LX[WP^ _SL_ LTX L_ NZaP] TYR _SP bSZWP ]LYRP ZQ _SP XZ^_ NZXXZY QZ]X^ ZQ w]PWTRTZ`^ ]PLOTYR^x ]PNT_L _TZY^ _PX[WP ^Z`YO^ ^ZYR^ LYO X`^TN 4_ []P^PY_^ PcLX[WP^ ZQ _SP OTQQP]PY_ VTYO^ ZQ ]PNT_L_TZY LYO aL]TZ`^ X`^TNLW QZ]X^ LW^Z OPLW_ bT_S TY _ST^ _]PL_T^P >`NS ^[PNTXPY^ LNNZX[LYdTYR _SP _Pc_ bTWW MP TYOTNL_PO Md ^dXMZW^ ^`NS L^ ./  BP SZ[P Z`] ]PLOP]^ bTWW _LVP ^PY^Z]d LP^_SP_TN [WPL^`]P TY WT^_PYTYR _Z _SP L`OTZ ^LX[WP^ bSTNS NZXX`YTNL_P TY ^Z`YO NP]_LTY L^[PN_^ _SL_ L]P OTQQT N`W_ _Z NZYaPd TY bZ]O^ ,^ ^PY^Z]d LP^_SP_TN NZXX`YTNL_TZY TYaZWaP^ _SP WT^_PYP] TY L [L]_TNT[L_Z]d XLYYP] M`_ NLYYZ_ TX[L]_ TYQZ]XL_TZY _Z STX TQ SP SL^ YZ N`W_`]LW VYZbWPORP OP^N]T[_TZY^ ZQ _SP ]PNZ]OTYR^ L]P RTaPY TY _SP L[ [PYOTc NSL[ " 4_ NZY_LTY^ ^SZ]_ ]PQP]PYNP^ _Z T_PX^ _SL_ L]P OT^N`^^PO TY OP_LTW PW^PbSP]P TY _ST^ MZZV LYO bSP]P _ST^ T^ YZ_ _SP NL^P T_ NZY_LTY^ XZ]P

,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY



PWLMZ]L_P OP^N]T[_TZY^ LYO LOOT_TZYLW TYQZ]XL_TZY ZY _SP ^PWPN_PO T_PX^ TYNW`O TYR _SP Wd]TN^ bT_S L _]LY^WL_TZY TY _SP NL^P ZQ ^ZXP ^SZ]_ [TPNP^



,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY

w1Z] QL] _ZZ WZYR ]PWTRTZY SL^ MPPY P\`L_PO bT_S OZN_]TYP P^[PNTLWWd bT_S _SZ^P ^d^_PXL_TePO OZN_]TYP^ VYZbY L^ u_SPZWZRTP^v  TY XLYd NL^P^ OT^ ]PRL]OTYR _SP WTaPO [Sd^TNLW NZX[ZYPY_^ ZQ _SZ^P _]LOT_TZY^x 

?SP^P bZ]O^ ^`XXL]TeP bPWW _SP ^_L]_TYR [ZTY_ ZQ L ]P^PL]NS []ZR]LX _SL_ T^ N`]]PY_Wd P^_LMWT^STYR T_^PWQ TY _SP 2P]XLY^[PLVTYR L]PL L^ L YPb OT^NT[WTYP `YOP] _SP YLXP ZQ wLP^_SP_TN^ ZQ ]PWTRTZYx ?SP YLXP T^ ^ZXPbSL_ XT^WPLOTYR TQ ZYP ^_L]_^ Q]ZX L XZOP]Y PaP]dOLd NZX[]P SPY^TZY ZQ LP^_SP_TN^ ?SP LP^_SP_TN^ ZQ ]PWTRTZY OZP^ YZ_ ]P^PL]NS ZYWd MPL`_TQ`W _STYR^ Z] ]PWTRTZ`^ L]_ M`_ PaP]d_STYR LMZ`_ ]PWTRTZY^ _SL_ NLY MP [P]NPTaPO aTL _SP ^PY^P^ LT^_SP_TN^   4Y NZY_]L^_ _Z ;ZWWZNVv^ wLP^ _SP_TN^ ZQ [ZWT_dx OT^N`^^PO MPWZb _SP wLP^_SP_TN^ ZQ ]PWTRTZYx T^ YZ_ ^ZWPWd LMZ`_ [ZP_TN bZ]V^ LYO [ZP_TN Sd[P]MZWP M`_ T^ NZYNP]YPO TY L X`NS XZ]P RPYP]LW bLd bT_S _SP TY_P]QLNP MP_bPPY ]PWTRTZY LYO _SP ^PY^P^ _SP bSZWP ]LYRP ZQ ]PWTRTZ`^ XPOTL LYO ^dXMZWTN ]P[]P^PY_L_TZY =PWTRTZY^ N]PL_P YP_bZ]V^ ZQ ]PWL_TZY^ST[^ MP_bPPY SPLaPY LYO PL]_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  w=PWTRTZY _S]Z`RS _SP >PY^P^x 9`XPY  " " POT_Z]v^ []PQLNP TY _ST^ T^^`P ZQ 9`XPY   1Z] LY ZaP]aTPb ZQ _SP WT_P]L_`]P ZY _ST^ YPb _SPZ]P_TNLW L[[]ZLNS ^PP _SP ;]PQLNP ?SP LW_P]YL_TaP OP^TRYL_TZY^ []Z[Z^PO QZ] _SP LP^_SP_TN^ ZQ ]PWTRTZY L]P WP^^ Z[PY _Z XT^`YOP]^_LYOTYR% LY_S]Z[ZWZRd ZQ _SP ^PY^P^ 8ÞY^_P]  LT^_SP_TN^ ZQ ]PWTRTZY 8ZSY %    ^ZXL_TN [SPYZXPYZWZRd 6ZNS % #$ LYO ]PWTRTZY _S]Z`RS _SP ^PY^P^ 9`XPY  "% " ?SP LOaLY_LRP ZQ _SP^P LW_P]YL_TaP^ T^ _SL_ T_ MPNZXP^ NWPL] _SP QZN`^ T^ ZY ^PY^Z]d [P]NP[_TZY LYO _SP MZOd ?SP OT^LOaLY_LRP T^ _SL_ T_ T^ YZ_ aP]d _]LY^[L]PY_ _SL_ ^TRY^ ^dXMZW^ LYO bSZWP ^d^_PX^ ZQ ^dXMZW^ .LYNTV8ZS] $$#& 7LYbP]O  ^SZ`WO MP TYNW`OPO bSTNS z L_ WPL^_ TY NZYaPY _TZYLW `YOP]^_LYOTYR z ]PQP] _Z YZYNZ][Z]PLW NZYNP[_`LW [SPYZXPYL LYOZ] []TXL] TWd YZY^PY^Z]d XPY_LW ]PLWT_TP^ 3ZbPaP] _SP OTQQP]PY_TL_TZY MP_bPPY MZOd LYO ^[T]T_ T_^PWQ T^ ^PPY Md XLYd _SPZ]P_TNTLY^ ZQ _SP LP^_SP_TN^ ZQ ]PWTRTZY L^ ZYP _SL_ ^SZ`WO MP ZaP]NZXP ,_ L bZ]V^SZ[ L_ _SP 3PTOPWMP]R NZYQP]PYNP ZY _SP LP^_SP_TN^ ZQ ]PWTRTZY 8Ld # ,WPcLYO]L 2]TP^P] _SP]PQZ]P []Z[Z^PO _SP _P]X w]SP_Z]TNw TY ^_PLO ZQ Z] L^ LY Pc[WLYL_TZY ZQ wLP^_SP_TN^ ZQ ]PWTRTZYx LYO ]PQP]]TYR _Z ,Y_T\`T_d RLaP ]SP_Z]TN L X`NS M]ZLOP] OPQTYT_TZY _SLY _SL_ L[[WdTYR [`]PWd _Z WLYR`LRP ?SP OT^N`^^TZY LW]PLOd ^SZb^ _SP XL]VPO Z]TPY_L_TZY ZY N`W_`]LW ^_`OTP^ TY NZY_]L^_ _Z _SP _d[TNLW LP^_SP_TN^ Z]TPY_PO ZY _SP [SPYZXPYZWZRd ZQ ]PWTRTZY TY 2P]L]O aLY 7PP`bv^ AZX 3PTWTRPY TY OP] 6`Y^_ 2Þ_P]^WZS% -P]_PW^XLYY $ " ?ST^ bZ]V RTaP^ XLYd PcLX[WP^ ZQ _SP LP^_SP_TN^ ZQ ]PWTRTZY LYO Md YZ XPLY^ ^ZWPWd PcLX[WP^ ZQ ]PWTRTZ`^ L]_ LW_SZ`RS _SPd L]P NZX[TWPO TY _SP _d[TNLW NZWWPN_Z]v^ XLYYP] L]]LYRPO TY _P]X^ ZQ PaZW`_TaP ^NSPXP^ LYO []P^PY_PO LRLTY^_ _SP MLNVR]Z`YO ZQ 7PP`bv^ NZYNP[_ ZQ [ZbP]

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

YZ_ ZYWd _S]Z`RS OZN_]TYP^ M`_ LW^Z aTL aT^`LW LNZ`^_TN XZ_Z] LYO ]SP_Z]TNLW XPOTL LYO LQQPN_TaP _TP^ , VPd L^[PN_ QZ] ^`NS LY L[[]ZLNS T^ _SP ]PNZRYT_TZY _SL_ ]PWTRTZY^ z TQ _SPd MP ^ZNTLW QLN_^ z YPPO XL_P]TLWTeL_TZY PXMZOTXPY_ LYO ^PY^`LWT eL_TZY _Z SLaP WL^_TYR PQQPN_^ _Z _Z`NS LYO _Z MTYO  ;L]_TN`WL]Wd TY ^`NS XL_P]TLWTeL_TZY^ TY ]T_P^ _Pc_^ ]PWTRTZ`^ TXLRP^ M`TWOTYR^ P_N _SP]P T^ L ^[PNTLW QZ]NP QZ] N]PL_TYR L MZOTWd VYZbWPORP ZQ ]PWTRTZY _Z ^_TX` WL_P _SP ^PY^P^ TXLRTYL_TZY LYO QPPWTYR^ ?SPd TYaZVP XZ_TaL_TZY^ LYO NZWWPN_TaP _SZ`RS_ [L__P]Y^ LYO LW^Z OT^NT[WTYP LYO NSLYYPW MPSLaTZ] :Y _SP Z_SP] SLYO ]PWTRTZ`^ TOPL^ L]P YZ_ WTXT_PO ^ZWPWd _Z TY_P]YLW VYZbWPORP LYO _SP]PQZ]P L]P YZ_ ^`MUPN_ _Z [`]P TYOTaTO`LWTeL_TZY MP NL`^P _SPd L]P NZWWPN_TaP VYZbWPORP =PWTRTZ`^ NZYNP[_^ L]P PQQPN_TaP ZYWd L^ w^ZNTLW QLN_^x LYO X`^_ NZY^P\`PY_Wd MP NZXX`YTNL_PO LYO ^_LRPO 4_ T^ P^^PY_TLW _SL_ ]PWTRTZ`^ ^dXMZW^ LYO _SPT] XPLYTYR^ NLY MP [P]NPTaPO LYO Pc[P]TPYNPO ^Z _SL_ _SPd NLY PcP]_ _SPT] ^ZNTLW PQQPN_^ L^ ]PR`WL_Z]d ^d^_PX^ LYO bZ]WOaTPb^ []ZaTOTYR ^PY^P ?SP _]LY^WL_TZY ZQ TOPL^ aLW`P^ LYO NZYNP[_^ TY_Z [P]NP[_TMWP QZ]X^ T^ _SP]PQZ]P L NZY^_T _`_TaP PWPXPY_ QZ] P^_LMWT^STYR L [`MWTN ^[LNP QZ] [P]NPTaTYR _SP ]PWT RTZ`^ LYO N]PL_TYR ^ZNTLW PQQP]aP^NPYNP ?SP TYNW`^TZY ZQ _SP LP^_SP_TN OTXPY^TZY bSPY ^_`OdTYR ]PWTRTZY T^ [L]_TN`WL]Wd TX[Z]_LY_ ]PRL]OTYR L N`W_`]P ^Z ^_]ZYRWd Z]TPY_PO ZY [P]QZ]XLYNP L^ >LY^V]T_ 3TYO`T^X ?SP LP^_SP_TN^ ZQ ]PWTRTZY TY_PYO^ _Z M]PLV bT_S _SP [`]PWd _Pc_`LW [L]LOTRX _SL_ []PaLTWPO QZ] L WZYR _TXP TY ]P^PL]NS TY_Z ]PWTRTZY 1Z] T_ T^ YZ_ ZYWd _Pc_^ z `YOP]^_ZZO ^ZWPWd L^ []Z[Z^T_TZYLW ^_L_PXPY_^ _PLNS TYR^ LYO OZN_]TYP^ z _SL_ NLY NZXX`YTNL_P ^ZXP_STYR M`_ ^Z NLY ZM UPN_^ L]NST_PN_`]P SLT]^_dWP^ ]T_`LWTeL_TZY^ aZTNP^ ^Z`YO^ ^XPWW^ P_N ?ST^ _Z`NSP^ ZY L S`RP QTPWO ZQ ]P^PL]NS \`P^_TZY^ ]PWPaLY_ _Z _SP ^_`Od ZQ ]PWTRTZY ^`NS L^ SZb ]PWTRTZY^ TY_PYO _Z LN_TaL_P LYO ^ZNTLWTeP [P] NP[_TZY _SP ^PY^P^ _SP MZOd LYO _SP PXZ_TZY^ SZb ]T_P^ ]PaT^P LYO NSLYRP ^ZNTLW ]PWL_TZY^ LYO LW^Z SZb _SPd TY_PYO _Z XLVP _SP TYaT^TMWP LYO _SP _]LY^NPYOPY_LW aT^TMWP LYO _LYRTMWP 4_ LW^Z TYNW`OP^ SZb bSL_ T^ MPL`_TQ`W z M`_ LW^Z bSL_ T^ `RWd LYO ]P[`W^TaP z T^ `^PO TY _SP NZY^_]`N _TZY ZQ _SP ^LN]PO SZb TXLRP^ ^Z`YO^ LYO ^XPWW^ LYO _SPT] ]P^_]TN_TZY LQQPN_ _SP ]PNT[TPY_^ SZb ^[LNP LYO _TXP L]P ^SL[PO TY ]PWTRTZY SZb ^PLNSLYRP^ TY XPOTL TX[LN_ ZY ]PWTRTZY LYO X`NS XZ]P MP^TOP^ ?SP \`P^_TZY ZQ _SP ^PY^Z]d OL_L LW^Z TYNW`OP^ _SP \`P^_TZY ZQ N`W_`]LWWd ^[PNTQTN ^PY^P []ZQTWP^ LYO _SL_ ZQ L STP]L]NSd ZQ _SP ^PY^P^ L_ OTQQP]PY_ _TXP^ LYO TY OTQQP]PY_ ]PRTZY^ LYO ^ZNTP_TP^ BT_S _SP YPb MZOTWd [L]L OTRX PaPY 2PP]_ev `YOP]^_LYOTYR ZQ N`W_`]P L^ w_Pc_x NLXP `YOP] QT]P bT_S _SP LNN`^L_TZY _SL_ T_ RLaP _ZZ X`NS `YTWL_P]LW bPTRS_TYR _Z _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4Y _SP QZ]X`WL_TZY^ TY _ST^ [L]LR]L[S bP MPYPQT_ Q]ZX LY `Y[`MWT^SPO []ZUPN_ [L[P] _SL_ ZYP ZQ _SP L`_SZ]^ ,B SL^ b]T__PY bT_S >PML^_TLY >NSÞWP]

,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY

"

^PY^P ZQ ^TRS_ LYO NZRYT_TZY LYO bL^ _ZZ ^_]ZYRWd Z]TPY_PO ZY _SP _Pc _`LW ^N]T[_`]LW [L]LOTRX bT_S _SP ]T^V ZQ N`W_`]P MPNZXTYR ^_L_TN LYO NWZ^PO /LaTO 3ZbP^v w.LWW QZ] L =P_`]Y _Z _SP >PY^P^x  TYaT_P^ _SP ^_`Od ZQ N`W_`]P^ L^ [P]NP[_`LW ^d^_PX^ LYO L^V^ SZb ^PY^Z]d ]PWL_TZY^ TYQZ]X _SP OT^NZ`]^P^ LYO []LN_TNP^ ZQ PaP]dOLd WTQP :_SP] ]PNPY_ [`M WTNL_TZY^ SLaP [ZTY_PO Z`_ _SL_ T_ T^ YZ_ T]]PWPaLY_ bSTNS XPOTL L]P `^PO QZ] _]LY^XT^^TZY TY ^ZNTP_TP^ LYO bSTNS ^PY^P^ L]P P^[PNTLWWd ^_]ZYRWd LN_TaL_PO TY N`W_`]P^ LYO ]PWTRTZY^ BP bZ`WO WTVP _Z LOO SZbPaP] _SL_ ^PXTZ_TN LYO XPLYTYR L^[PN_^ ^SZ`WO YZ_ MP _ZZ SL^_TWd OT^XT^^PO BSL_ bP QTYO TX[Z]_LY_ LMZ`_ _SP YPb ]P^PL]NS [L]LOTRX T^ _SL_ T_ O]Lb^ L__PY_TZY _Z OTQQP]PY_ N`W_`]P^ SLaTYR OTQQP]PY_ ^PY^P []ZQTWP^ LYO _SL_ T_ OPWTMP]L_PWd bLY_^ _Z M]PLV bT_S _SP .L]_P^TLY MZOdXTYO ^[WT_ XLdMP MPTYR NWZ^P] _Z bSL_ _SP 8TOOWP ,RP^ VYPb L^ w^PY^`^ NZXX`YT^x 4Y >LY^V]T_ _SP]P T^ YZ_ PaPY L ^P[P]L_P bZ]O QZ] PXZ_TZY _SP _P]X XLYL^ XPLYTYR MZ_S NZRYT_TZY LYO QPPWTYR ,YZ_SP] PcLX[WP bZ`WO MP _SL_ _SP]P T^ YZ OTQQP]PY_TL_TZY TY _P]XTYZWZRd MP_bPPY bZ]O LYO ^Z`YO QZ] ²LMOL XPLY^ MZ_S , ^PY^Z]d []ZQTWP ZQ 3TYO` 4YOTL T^ NP]_LTYWd YZ_ WTXT_PO _Z WLYR`LRP LYO ^Z`YO^  M`_ ^ZYLWT_d T^ ^`NS L ^_]ZYR N`W_`]LW XL]VP] _SL_ ZYP T^ TYNWTYPO _Z ^[PLV ZQ LY PaP][]P^PY_ LWW[P]aLOTYR N`W_`]LW [L__P]Y ?SP wPaP][]P^PY_x L^[PN_ T^ PaTOPYNPO Md L WL]RP Y`XMP] ZQ ST^_Z]TNLW ^Z`]NP^ LYO _SP wLWW[P]aLOTYRx OTXPY^TZY WTP^ TY _SP QLN_ _SL_ _SP [L_ _P]Y ]`Y^ _S]Z`RS L ]LYRP ZQ OTQQP]PY_ ^`MUPN_ L]PL^ Q]ZX ]PWTRTZY _Z ^NTPYNP LYO Q]ZX [STWZ^Z[Sd _Z ]T_`LW ?SP^P L]PL^ NZ]]PWL_P bT_S _SP _]LY^OT^NT[WTYL]d ]P^PL]NS QZN`^P^ QZ]X`WL_PO TY L XLYTQP^_Z Q]ZX _SP dPL] " O]LbY `[ Md 2P]XLY ]P^PL]NSP]^ TY _SP LP^_SP_TN^ ZQ ]PWTR TZY  %  _SP [P]NP[_TZY LYO _SP ^PY^Z]d Z]RLY^ ZQ _SP MZOd _SPT] Q`YN_TZY^ `^P LN_TaL_TZY LYO L^^P^^XPY_ TY ]PWTRTZ`^ _SPZ]d LYO []LN_TNP LYO TY _SPT] YL_`]LW L]_TQTNTLW Z] XPOTLML^PO PYaT]ZYXPY_ LT^_SP_TN^ ZQ ]PWTRTZY&  ^dXMZW^ LYO ^TRY^ L^ NZRYT_TaP QZ`YOL_TZY^ ZQ TY_P]^`MUPN_TaP NZX X`YTNL_TZY LYO L^ _SP aP]d M`TWOTYR M]TNV^ ZQ PWLMZ]L_PO ]PWTRTZ`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  /LaTO 3ZbP^ w.ZY_]ZWWTYR ?Pc_`LWT_d% , .LWW QZ] L =P_`]Y _Z _SP >PY^P^x ,Y_S]Z [ZWZRTNL  $$% z"  .Q QZ] TY^_LYNP /TLYL 0NVv^ /L]²LY% >PPTYR _SP /TaTYP 4XLRP TY 4YOTL 9Pb DZ]V% .ZW`XMTL @YTaP]^T_d ;]P^^ $$! ZY aT^TZY LYO aT^`LWT_d LYO 5LXP^ 8N3`RSv^ w?SP .WL^^TQTNL_TZY ZQ >XPWW^ LYO _SP :]OP] ZQ _SP >PY^P^ TY 4YOTLY =PWTRTZ`^ ?]LOT_TZY^x 9`XPY  "% "z$ ZY _SP ^PY^P ZQ ^XPWW 4Y RPYP]LW ZYP NLY L^^`XP ^_]ZYR ^dYLP^_SP^TL^ L^ bPWW L^ _SP QLN_ _SL_ ^PY^Z]d ^_]ZYRWd NZ][Z]PLW ]T_P^ L]P NSL]LN_P] T^_TN ZQ _PX[WP ^P]aTNP^ LYO LMZaP LWW QP^_TaLW N`W_`]P^  ?SP XLYTQP^_Z ZQ _SP /A=B R]Z`[ ZQ ]P^PL]NSP]^ TY_Z _SP LP^_SP_TN^ ZQ ]PWTRTZY L]Z^P Z`_ ZQ L bZ]V^SZ[ PY_T_WPO w?SP LP^_SP_TN^ ZQ ]PWTRTZYx TY 8`YTNS TY 8Ld " LYO XZ^_ ZQ T_ bL^ b]T__PY Md 3`MP]_ 8ZS]

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^d^_PX^ TY _P]X^ ZQ ]P[]P^PY_L_TZY LYO VYZbWPORP ^PXTZ_TN^ ZQ ]P WTRTZY&  QZ]X^ ZQ LN_TZY TY _SPT] Pc[]P^^TZY^ TY ]PWTRTZ`^ R]Z`[^ LYO ]T_`LW^ [P]QZ]XLYNP ^_`OTP^&  QZ]X^ ZQ L]_TN`WL_TZY TY ]PWTRTZ`^ L]_ X`^TN LYO WT_P]L_`]P LYO _SPT] ]PQWPN_TZY LYO ^_LYOL]OTeL_TZY TY [STWZ^Z[STNLW LYO _SPZWZRTNLW _SPZ ]TP^ ZQ MPL`_d LYO LP^_SP_TN^ L]_ _SPZ]TP^&  _SP ]PWTRTZ`^ PaP]dOLd bZ]WO LYO XL_P]TLW N`W_`]P L^ Pc[]P^^PO bT_STY _SP WT_`]RTNLW ]T_`LW Q]LXPbZ]V LYO TY ]PWTRTZ`^ ZMUPN_^ PR X`^TNLW TY^_]`XPY_^ XL_P]TLW N`W_`]P LYO N`W_`]LW ^_`OTP^& ! _SP ^_TX`WL_TZY ZQ QPPWTYR^ LYO XZZO^ aTL ^_LRPO ^NPYP^ _SL_ NLY MP [P]NPTaPO Md _SP ^PY^P^ [^dNSZWZRd ZQ ]PWTRTZY LYO NZRYT_TaP ^NT PYNP 8Z^_ ZQ _ST^ MZZV bL^ b]T__PY MPQZ]P _SP XLYTQP^_Z L[[PL]PO :`] []Z NPO`]P bL^ TYO`N_TaP QZN`^TYR ZY ST^_Z]TNLW PcLX[WP^ ZQ _SP ^ZYTN [L]LOTRX^ Q]ZX 3TYO` 4YOTL ^`NS L^ _SP w2ZOOP^^ AZTNPx :`] wLT^ _SP_TNx QTPWO ZQ TYaP^_TRL_TZY TY _SP 3T^_Z]d ^PN_TZY NZYNP]Y^ _SP XLYd LYO aL]TPO QZ]X^ ZQ Pc[]P^^TZY ZQ _SP [SZYZNPY_]TNT_d ZQ >LY^V]T_ N`W _`]P LYO LNZ`^_TN [TP_d z _SP WL__P] LY Pc_]PXPWd wLT^_SP_TNx [SPYZXP YZY MPNL`^P XPLYTYR bL^ PT_SP] T]]PWPaLY_ Z] L_ WPL^_ YZ_ ZQ []TXP TX [Z]_LYNP bSP]PL^ ^Z`YO bL^ ZQ_PY [P]NPTaPO L^ LYTXL_P ]PLWT_d _SL_ TY L _SPZ]P_TNLW [P]^[PN_TaP NZ`WO MP NLWWPO LY Pc_]PXP w^PXTZ_TNTeL_TZYx ZQ Z]OTYL]d ]PLWT_d ,NZ`^_TN [TP_d ]PWL_P^ _Z [P]QZ]XL_TaP LN_TZY^ LYO ]PWTRTZY L^ T_ T^bL^ []LN_TNPO TY OLTWd WTQP LYO TYNW`OP^ MZ_S L]_T^_TN LYO WP^^ L]_T^_TN QZ]X^ M`_ []TYNT[LWWd PXZ_TZYLW LYO wL_XZ^[SP]TNx OTXPY^TZY^ =PRL]OTYR _SP []ZNPO`]P QZWWZbPO TY _SP ST^_Z]TNLW ^PN_TZY ZYP NLY ^[PLV ZQ LY L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZY TY bSTNS _SP ^Tc LMZaP XPY_TZYPO L]PL^ SLaP L WZ_ ZQ ZaP]WL[ 4Y LOOT_TZY _Z PaP]dOLd N`W_`]P ^NSZWL]Wd _]LOT_TZY^ SLaP MPPY LNNPY_`L_PO YZY]PWTRTZ`^ _Pc_^ LWZYR ^TOP ]PWTRTZ`^ ZYP^ _SP NZRYT_TaP OTXPY^TZY^ ZQ _Pc_^ LWZYR^TOP _SP ]T_`LW ZYP^ LYO _SPT] ^PXLY_TN^ LWZYR^TOP [SZYP_TN^ LYO ^PY^Z]d LP^ _SP_TN \`LWT_TP^ ?SP 3T^_Z]d ^PN_TZY NZY_LTY^ WT__WP OT^N`^^TZY ZQ _SPZ ]TP^ BP bZ]V aP]d NWZ^P _Z _SP _Pc_ LYO Z`] TY_P]P^_ T^ TY _Pc_ SP]XP YP`_TN^ LYO N`W_`]LW SP]XPYP`_TN^ ?Pc_`LW ^Z`]NP^ ZNN`[d _SP QZ]PR]Z`YO MPNL`^P Z`] QZN`^ T^ ZY ST^_Z]d ?SP ST^_Z]TNLW ]P^PL]NS ZQ ^ZYLWT_d LYO _SP XLYd ^PWQ]PQP]PY_TLW ^_L_PXPY_^ Q]ZX _SP [L^_ QZ] PcLX[WP _SP ;`]£©TN NWLTX _SL_ SPL]TYR _SP ;`]£©L ]PNT_LW M]TYR^ OPWTa P]LYNP L`_ZXL_TNLWWd ^PYO ZYP MLNV _Z _Pc_^ LYO _PLNSTYR^ DP_ Z`] ]P^PL]NS []ZR]LX T^ YZ_ ]P^_]TN_PO _Z L ]P[]P^PY_L_TZY ZQ _PLNSTYR ^d^ _PX^ ?SP ^Z`]NP^ OZ TYOPPO ^`RRP^_ _SP TYNW`^TZY ZQ L XP^^LRP Z]TPY_PO L[[]ZLNS M`_ _SPd OPXZY^_]L_P PaPY XZ]P ^_]ZYRWd _SP YPNP^ ^T_d ZQ L []LN_TNPZ]TPY_PO L[[]ZLNS >LY^V]T_ _Pc_^ L]P _Pc_^ QZ] SPL]TYR

,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY

$

LYO _Pc_ SP]XPYP`_TN^ ^SZ`WO TYNW`OP _ST^ L^[PN_ ?SP Z]LWL`]LW NZX X`YTNL_TZY ^d^_PX^ L]P ^Z ^TRYTQTNLY_ TY 3TYO`T^X _SL_ ZYP NLY UZTY >TYRP] TY ^[PLVTYR ZQ [P]QZ]XLYNP^ ^`]]Z`YOTYR _SP ^[ZVPY LYO L`OTMWP bZ]O L^ VPd XPOTL QZ] 4YOTLY N`W_`]P :`] NZY_]TM`_TZY bTWW TWW`XTYL_P XLYd OTQQP]PY_ []LN_TNP^ _SL_ Pc[]P^^ _ST^ NPY_]LWT_d% XPXZ]TeTYR _PNS YT\`P^ ]PNT_L_TZY^ ^Z`YO ]T_`LW^ PR ZQ _SP LW[SLMP_ _SP >£XLAPOL LYO _SP R]LXXL_TNLW >¼_]L^ QTN_T_TZ`^ _PLNSP]OT^NT[WP OTLWZR`P^ OPaZ _TZYLW ^ZYR^ NWL^^TNLW _SPL_P] LYO ZQ NZ`]^P XLY_]L []LN_TNP _SP []TXP PcLX[WP ZQ PQQTNTPY_ ^Z`YO LYO _SP XZ^_ TX[Z]_LY_ XPLY^ ZQ PX[ZbP] XPY_ LYO ^PWQ_]LY^QZ]XL_TZY 3P]P bP bTWW OT^_TYR`T^S MP_bPPY APOTN LYO ?LY_]TN XLY_]L^ L^ OTQQP]PY_ XLY_]L _d[P^ ,W_SZ`RS _SPT] ]T_`LW [P]QZ]XLYNP [L]_Wd ZaP]WL[^ _SPd PXMZOd \`T_P OTQQP]PY_ NZXX`YTNL _TZY ^d^_PX^ 4Y NZY_]L^_ _Z _SP WL]RPWd _SPZ]P_TNLW O]LQ_^ ^PPY ^Z QL] bP TYO`N _TaPWd OPaPWZ[ LY L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZY BP ^_L]_PO bT_S Pc[P]T PYNP^ TY _SP QTPWO LYO _Pc_ ^_`OTP^ LYO _ST^ ]P^`W_PO TY L bLd ZQ LNNP^^ TYR ]PWTRTZY L^ _SPZ]P_TNLWWd ]P\`T]PO Md _SP LP^_SP_TN^ ZQ ]PWTRTZY :`] TYO`N_TaP QTYOTYR^ QZWWZb ZY bPWW Q]ZX LYO L]P NZYQT]XPO Md ^PaP]LW _SPZ]TP^ LYO XP_SZO^ TY N`W_`]LW ^_`OTP^ _SL_ TYNW`OP LWZYR^TOP _SP LP^ _SP_TN^ ZQ ]PWTRTZY _SPZ]TP^ ZQ [P]QZ]XLYNP ]T_`LW^ WT_P]L_`]P LYO ^dX MZW^ LYO NZRYT_TaP ^_`OTP^ bSTNS L]P OT^N`^^PO TY _SP 8P_SZOZWZRd ^PN_TZY ?SP LP^_SP_TN^ ZQ ]PWTRTZY SL^ ^Z QL] [LTO WT__WP L__PY_TZY _Z _Pc_^ LYO XZ]P _Z YZYaP]MLW XPLY^ LYO aT^`LW N`W_`]P 3ZbPaP] PaPY _Pc_^ PcP]_ _SPT] TX[LN_^ YZ_ ZYWd aTL _SPT] NZY_PY_ M`_ LW^Z _Z L R]PL_ Pc_PY_ aTL _SPT] PXMZOTXPY_ TY ]T_P^ LYO _SPT] [Sd^TNLW []P^PYNP TY ^Z`YO^ BP L[[]ZLNS _Pc_^ L^ L ^Z`]NP ZQ OL_L ZY [PZ[WPv^ `^P ZQ _SP ^PY^P^ LYO L^ L VPd _Z N`W_`]LWWd OP_P]XTYPO [P]NP[_TZY ?SP]PQZ]P _SP L`OT_Z]d L^[PN_ LYO _SP [ZP_TN OTXPY^TZY [WLd L VPd ]ZWP TY Z`] XP_SZO ZQ _Pc_ TY_P][]P _L_TZY >Z bP L]P TY_P]P^_PO YZ_ ZYWd TY _SP ]T_`LWTeL_TZY^ M`_ LW^Z TY _SP [ZP_TN Q`YN_TZY LYO [P]QZ]XL_TaT_d ZQ _Pc_^ L^ ^`NS ?Pc_^ NZXX`YTNL_P _SPX^PWaP^ _S]Z`RS ^_dWP LYO ]SP_Z]TN LYO _S]Z`RS ]Sd_SX LYO ^Z`YO [L__P]Y^ ?SP]PQZ]P L [`]PWd ST^_Z]TNLW [STWZWZRTNLW L[[]ZLNS _Z _Pc_^ LYO _]LOT_TZYLW ]P^PL]NS TY_Z ]PWTRTZY bSTNS ^PP^ TYQZ]XL_TZY NZYaPdPO ^ZWPWd TY ^PXLY_TN^ OZP^ YZ_ RZ QL] PYZ`RS ?Pc_^ LQQPN_ _SP TXLRTYL _TZY^ ZQ _SP w]PLOP]^x LYO WT^_PYP]^ YZ_ ZYWd aTL _SPT] NZY_PY_^ M`_ LW^Z aTL _SP aZTNP LYO [P]QZ]XLYNP []LN_TNP^ LQQPN_TYR _SP MZOd _SP ^PY^P^ _SZ`RS_^ LYO PXZ_TZY^ ?SPd N]PL_P ^ZNTLW PQQP]aP^NPYNP bSPY PXMZO TPO TY [`MWTN [P]QZ]XLYNP^ P^_LMWT^S NZWWPN_TaPWd ^SL]PO ^[LNP^ ZQ TY _P]TZ]T_d LYO QZ] _SP TYOTaTO`LW _SPd N]PL_P Pc[LYOPO ^[LNP QZ] ^`MUPN _TaP LN\`T^T_TZY _Pc_ [L]_TNT[L_TZY LYO TXLRTYL_TaP PWLMZ]L_TZY ?Pc_^



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_SP]PQZ]P SLaP MZ_S TWWZN`_TZYL]d LYO [P]WZN`_TZYL]d PQQPN_^ ! bSP]PMd _SP WL__P] OP[PYO ZY _SP LN_Z]^ _SP ^P__TYR LYO ST^_Z]TNLW [L]LOTRX^ 1Z] LWW ZQ _SP^P ]PL^ZY^ bP [Z^_`WL_P _SP YPNP^^T_d QZ] L ^PY^Z]d L[[]ZLNS _Z _Pc_^ LYO LNLOPXTN ^PY^T_TaT_d _Z _SP LMTWT_d ZQ XL_P]TLW XPOTL _Z NZXX`YTNL_P TXXL_P]TLW _STYR^ ?Pc_^ _SPY L]P YZ_ ZYWd ^`MUPN_^ ZQ ]PQWPN_TZY M`_ L]P LW^Z XPXZ ]TePO OPNWLTXPO ]PNT_PO LYO ^`YR MZ_S TY OLTWd []LN_TNP LYO TY ^NSZW L]Wd _]LOT_TZY^ BZ]VTYR NWZ^P _Z _SP _Pc_^ X`^_ _SP]PQZ]P XPLY [P]NPTa TYR _SPX L^ [P]QZ]XLYNP^ _SL_ OZ ^ZXP_STYR ZY XLYd WPaPW^ ?SPT] [P]QZ]XL_TaT_d NZYNP]Y^ L _SPT] NZY_PY_ LYO NZY_Pc_ M _SPT] ]T_`LWTeL _TZY^ PR ]PNT_PO Z] ^`YR N _SPT] ^PY^Z]d QZ]X^ LYO _Pc_`LW ^_]`N_`]P^ PR ]SdXP ]Sd_SX ]P[P_T_TZY^ P_N LYO O _SPT] TWWZN`_TZYL]d LYO [P]WZN`_TZYL]d L^[PN_^ LYO PQQPN_^ :`] [P]QZ]XLYNP NZYNP[_ T^ OPaPW Z[PO Q]ZX WTYR`T^_TN^ ^ZNTLW ^NTPYNP ]T_`LW _SPZ]d N`W_`]LW LY_S]Z[ZW ZRd LYO WT_P]L_`]P ^_`OTP^ 4_ T^ YPNP^^L]d _Z TYNW`OP XZ]P _SLY ZYP NZY NP[_ _Z _LVP TY_Z LNNZ`Y_ _SP [ZWdQZNLW LYO TY_P]LN_TZYLW OTXPY^TZY^ ZQ _Pc_ [P]QZ]XLYNP ?SP ^PWQNZXX`YTNL_TYR LYO [P]QZ]XL_TaP L^[PN_^ ZQ _Pc_^ TYNW`OP YZ_ ZYWd TY^_]`N_TZY^ ZY SZb _Z ]PNT_P LYO [P]QZ]X Pc [WTNT_ [P]QZ]XL_TaL M`_ LW^Z _SP OdYLXTN^ ZQ _SP ^[PPNS []ZNP^^ ?ST^ NZX[]T^P^ _SP XL_P]TLW PXMZOTXPY_ ZQ XP^^LRP^ TY _Pc_ []ZO`N_TZY LYO TY _Pc_TXXLYPY_ ]SP_Z]TN X`^TNLWT_d LYO _Pc_`]P TWWZN`_TZY LYO LW^Z _SP TXLRTYL_TZY TY _Pc_ ]PNP[_TZY [P]WZN`_TZY TY bSTNS _SP]P T^ LRLTY L ^PY^Z]d LP^_SP_TN OTXPY^TZY wTYYP] ^PY^P^x ?Pc_^ NZYaPd XPLYTYR Q`YN_TZY LYO Pc[]P^^TZY TY _S]PP bLd^% TY ]P WL_TZY _Z _SPT] []Z[Z^T_TZYLW NZY_PY_ _SPT] ^PXLY_TN NZY_PY_ _Z _SPT] LNZ`^_TN LYO ^N]T[_`]LW XL_P]TLWT_d L^ [Sd^TNLW PY_T_TP^ LYO _Z _SPT] [P]QZ]XLYNP LYO [P]QZ]XL_TaT_d _SPT] WT_P]LNd _SL_ LTX^ QZ] TWWZN`_TZY L]d LYO [P]WZN`_TZYL]d TX[LN_^ BSTWP _SP ^PXTZ_TN _SPZ]TP^ ZQ N`W_`]P ^`NS L^ _SZ^P ZQ >TYRP] LYO 2PP]_e `YOP]^_LYO _SP ]T_`LW^ LYO N`W_`]P T_^PWQ L^ _Pc_ _SL_ NLY MP OPNT[SP]PO bP QZN`^ Z`] L__PY_TZY ZY ]PLW _Pc_^ _SL_ ]PaPLW ^ZXP_STYR LMZ`_ _SPT] N`W_`]P ZY LWW _S]PP ZQ _SP LMZaP XPY_TZYPO WPaPW^ BSL_ T^ TX[Z]_LY_ _Z _SP L[[]ZLNS _S]Z`RS _SP LP^ _SP_TN^ ZQ ]PWTRTZY T^ _SP QLN_ _SL_ _SP _S]PP L^[PN_^ L]P YZ_ ^P[L]L_P PY_T _TP^ M`_ NWZ^PWd NZZ[P]L_TYR OZXLTY^ ?ST^ []LN_TNPZ]TPY_PO L[[]ZLNS OZP^ YZ_ ]`WP Z`_ L XP^^LRPZ]TPY_PO ZYP :Y _SP NZY_]L]d _SP XPLYTYR ML^PO `YOP]^_LYOTYR ZQ N`W_`]P T^ ZQ R]PL_ TX[Z]_LYNP MPNL`^P 4YOTLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q 5ZSY ,`^_TY 3Zb _Z /Z ?STYR^ bT_S BZ]O^ :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ $! LYO 5ZSY = >PL]WP >[PPNS ,N_^% ,Y 0^^Ld TY _SP ;STWZ^Z[Sd ZQ 7LYR`LRP .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $!$ ,`^_TYv^ _P]X^ wTWWZN`_TZYx _SP aP]d ^[PPNS LN_ NZY^_T_`_P^ _SP OPPO LYO w[P]WZN`_TZYx _SP NZY^P\`PY_TLW PQQPN_^ ZQ _SP ^[PPNS LN_ `[ZY _SZ`RS_^ QPPWTYR^ Z] LN_TZY^ ZQ _SP L`OTPYNP LYO >PL]WPv^ OPaPW Z[XPY_ ZQ _SP ^[PPNS LN_ _SPZ]d bP]P LOZ[_PO TY ]T_`LW ^_`OTP^ bT_STY N`W_`]LW ^_`OTP^ LYO [P]QZ]XLYNP _SPZ]TP^ LYO Pc[LYOPO MPdZYO ^[PPNS LN_^

,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY



N`W_`]P LYO >LY^V]T_ 3TYO`T^X OTQQP] TY XLYd bLd^ Q]ZX 0`]Z[PLY N`W _`]LW QZ]X^ LYO ]PWTRTZ`^ ]P[]P^PY_L_TZY^ ?ST^ T^ aP]d PaTOPY_ TY 3TYO` T^Xv^ aL^_ ]LYRP ZQ NZYNP[_`LW LYO ]T_`LW ^d^_PX^ bSP]PTY L`OTMWP LYO TYQ]L^ZYTN ^Z`YO MPNZXP L []TXL]d TNZY ZQ LM^ZW`_P ]PLWT_d :YP ^SZ`WO YZ_ QZ]RP_ _SP 4YOTLY L]_ QZ]X^ [L]_TN`WL]Wd X`^TN _SL_ MPNLXP ^Z aT_LW TY OPaZ_TZYLW _]LOT_TZY^ LYO bL^ _SPZ]TePO TY X`^TNZWZRTNLW _]PL_T^P^ ?SP OZaP_LTWTYR ZQ []LN_TNP LYO NZRYT_TZY TY ^ZYTN NZXX`YTNL_TZY T^ [L]_TN`WL]Wd bPWW TWW`^_]L_PO TY ±£]«RLOPaLv^ WT_P]L]d L[[]LT^LW ZQ X`^TN L^ L ^PY^Z]d QZ]X ZQ _SP []TXZ]OTLW 9£OL-]LSXLY w>Z`YO-]LSXLYx LYO WT^_PYTYR _Z X`^TN L^ L [WPL^LY_ QZ]X ZQ DZRL ?ST^ NZ]]P^[ZYO^ _Z ^ZXP ]PLW bZ]WO X`^TNTLY^v aTPb ZQ _SPT] [P]QZ]XLYNP L^ L [L_S _Z RZO X`^TN Pc[P]TPYNP L^ wMWT^^ ZQ -]LSXLYx P_N ,YO TY_P]P^_TYRWd _SP XP]PWd LP^_SP_TN QPL_`]P^ TP _SP LNZ`^_TN TYQZ]XL_TZY ZQ NWL^^TNLW 4YOTLY X`^TN XZOLW LYO XZYZOTN ^_dWP XTN]Z_ZYLW Z]YLXPY_L_TZY^ P_N NLY MP ^PPY L^ ^dXMZWTN QZ]X^ LYO [Sd^TNLW ZMUPN_TaL_TZY^ ZQ _SP X`^TNZWZRT^_^v XP_L[Sd^TNLW YZ_TZY _SL_ X`^TN T^ LY L`OTMWP Pc[]P^^TZY ZQ NZ^XTN `YT_d LYO _SP bSZWP bZ]WO T^ [P]aLOPO Md ^Z`YO :]LWT_d LYO WT_P]LNd SLaP YPaP] MPPY X`_`LWWd PcNW`^TaP TY 4YOTL LYO QZ] _ST^ ]PL^ZY bP []PQP] _SP _P]X ^ZYLWT_d TYOTNL_TaP ZQ ^ZYTN LbL]PYP^^ [SZYZNPY_]TNT_d LYO aZNLW ^dXMZWT^X OP^[T_P b]T__PY []Z O`N_TZY LYO ]TNS aT^`LW N`W_`]P ?Z OL_P _SP ^_TWW dZ`YR OT^NT[WTYP ZQ LP^_SP_TN^ ZQ ]PWTRTZY SL^ [WLNPO L WZ_ ZQ PX[SL^T^ ZY YZYWTYR`T^_TN ^Z`]NP^ LYO aT^TZY TY [L]_TN`WL] ZQ_PY QZ]RP__TYR _SL_ _Pc_^ LW^Z SLaP LP^_SP_TN L^[PN_^ _SL_ LN_TaL_P YZ_ ZYWd _SP wPc_P]YLW ^PY^P^x M`_ LW^Z _SP wTYYP] ^PY^P^x NZYNP[_`LW XL[[TYR^ PXZ_TZY^ LYO TXLRTYL]d ^[LNP^ 4_ T^ PL^d _Z WZ^P ^TRS_ ZQ _SP N]PL_TaP [ZbP] ZQ _SP TXLRTYL_TZY LYO _SP NL[LMTWT_d QZ] ^dXMZWTeL_TZY O`P _Z _SP QZN`^ ZQ LP^_SP_TN^ ZQ ]PWTRTZY ZY _SP MZOd LYO _SP ^PY^P^ :`] bZ]V ZY _Pc_ ^Z`]NP^ bTWW []Z aTOP XLYd PcLX[WP^ ZQ ^SL]PO TXLRTYL]d ^[LNP^ LYO MZOdXTYO NZY_T Y`T_TP^ BP _SP]PQZ]P LTX _Z ]PNZY^_]`N_ L ^PY^Z]d []ZQTWP ZQ ^Z`YO [P] NP[_TZY TY 4YOTL QZN`^TYR ZY _SP ^PY^P ZQ SPL]TYR _SP aZTNP _SP ^[ZVPY bZ]O LYO [P]QZ]XLYNP^ TYNW`OTYR _SP [P]QZ]XL_TaT_d ZQ _Pc_^ 0\`LWWd TX[Z]_LY_ QZ] _ST^ []ZQTWP T^ _SP ]TNS ^ZYTN ^dXMZWT^X ^`NS L^ _SP ]LYRP ZQ RZOOP^^ TXLRP^ L^^ZNTL_PO bT_S ^[PPNS LYO WLYR`LRP TY APOTN ?LY _]TN LYO ;`]£©TN WT_P]L_`]P ?bZ ^_]TVTYR PcLX[WP^ ZQ ^dXMZWTeTYR ^Z`YO bZ`WO MP _SP [SZYP_TN NZOP^ `^PO QZ] LM^_]LN_TZY^ TY _]LOT_TZYLW ^NT PYNP^ WTVP R]LXXL] L^_]ZYZXd LYO XL_SPXL_TN^ LYO ^Z`YO LYO aTM]L _TZY^ L^ _SP ML^T^ ZQ _SP `YTaP]^P TY ?LY_]TN XP_L[Sd^TN^ LYO NZ^XZW ZRd :Y _SP ZYP SLYO bP TYaP^_TRL_P _SP LP^_SP_TN LYO [P]QZ]XL_TaP QPL_`]P^ ZQ ]PWTRTZ`^ WT_P]L_`]P^ _SPT] Q`YN_TZY^ LYO PQQPN_^ LYO ZY _SP Z_SP] bP WZZV L_ VPd ^Z`]NP^ ZY WLYR`LRP LYO LNZ`^_TN [TP_d LYO _SPT] ^dXMZWTN QZ]X^ L^ _SP QZ`YOL_TZY ZQ TY_P]^`MUPN_TaP NZXX`YTNL_TZY LYO



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

L^ L ^SL]PO ^[LNP ZQ ]PWTRTZ`^ TXLRTYL_TZY 1Z] TY^_LYNP PaP]dMZOd bTWW VYZb _SP RZOOP^^ >L]L^aL_¯ L^ _SP RZOOP^^ ZQ WLYR`LRP [ZP_]d LYO X`^TN bSZ R]LY_^ ^VTWW^ TY _SP^P L]PL^ ,WZYR^TOP ^`NS ^dXMZWTN QZ]X^ _SP]P L]P TYOTRPYZ`^ _SPZ]TP^ ZQ L]_^ WTYR`T^_TN^ LYO ^NTPYNP^ bSTNS LW^Z Z`RS_ _Z MP TYNW`OPO _Z L]]TaP L_ L w_STNV OP^N]T[_TZYx LYO []ZQZ`YO N`W_`]LW LYO ]PWTRTZ`^ ^PXTZ_TN^ BP bTWW ^_]`N_`]P Z`] ST^_Z]TNLW XL_P ]TLW TY WTYP bT_S XZ]P [L]_TNT[L_Z]d Z]TPY_L_TZY^ ^`NS L^ WLYR`LRP [P] NPTaPO L^ L MPL`_TQ`W RZOOP^^ Z] X`^TN L^ Pc[]P^^TZY ZQ _SP 9£OL -]LSXLY LYO XZ]P OT^_LYNPO Z]TPY_L_TZY^ LYO [L__P]Y^ _SL_ ]P^`W_ Q]ZX LYLWd_TNLW OPLWTYR^ bT_S WLYR`LRP LYO ^Z`YO ^`NS L^ TYOTRPYZ`^ WTY R`T^_TN^ Z] X`^TNZWZRTNLW NLWN`WL_TZY ,^ _SP XPOT`X ZQ WLYR`LRP ZNN`[TP^ _SP QZ]PR]Z`YO WT_P]L]d _SPZ]d LYO WTYR`T^_TN^ L]P RTaPY L []ZXTYPY_ [WLNP TY _ST^ aZW`XP BP NZY^TOP] TYOTRPYZ`^ _SPZ]TP^ TY LOOT_TZY _Z XZ]P ]PNPY_ BP^_P]Y LNLOPXTN WTYR`T^_TN^ LYO _SPZ]TP^ ZY _SP [P]QZ]XL_TaT_d ZQ QTN_TZY LYO [ZP_]d ?ST^ T^ LYZ_SP] ^[PNTQTN L^[PN_ ZQ _ST^ MZZV TY NZY_]L^_ _Z []PaTZ`^ bZ]V^ ZY _SP LP^_SP_TN^ ZQ ]PWTRTZY BP OPaPWZ[ LY L[[WTPO LP^_SP_TN^ ZQ ]PWTRTZY TYaZWaTYR 4YOTLY _SPZ]TP^ ZQ WLYR`LRP LYO LP^_SP_TN^ _SPL_P] ^_`OTP^ [ZP_TN^ LYO X`^TN _SPZ]d _Z N]PL_P LY L[[]Z[]TL_P NZY_Pc_`LW N`W_`]LW Q]LXPbZ]V LYO _Z ]PQWPN_ ZY _SP ST^_Z]TNLW ^P__TYR ZQ _SP^P _SPZ]TP^ _SPX^PWaP^ ,YZ_SP] ]PL^ZY QZ] OZTYR ^Z T^ _Z _LVP _SPX ^P]TZ`^Wd L^ LY LYLWd_TNLW Q]LXPbZ]V ?ST^ QT_^ TY bT_S Z`] []ZR]LX ZQ LOZ[_TYR YZ_ ZYWd _SP P_TN [P]^[PN_TaP ZQ _SP OT^_LYNPO ]P^PL]NSP] M`_ LW^Z ZQ TYNW`O TYR PXTN ^PWQ]P[]P^PY_L_TZY^ LYO Pc[WZT_TYR _SPX ?SP TYOTRPYZ`^ WTY R`T^_TN^ _SP PL]Wd 4YOTLY ^NTPYNP [L] PcNPWWPYNP  bZ]VPO ]PXL]VLMWd LYLWd_TNLWWd 4YOTLY WTYR`T^_^ SLaP TY^[T]PO XZOP]Y WTYR`T^_TN^ LYO LY _TNT[L_PO XLYd L^[PN_^ TY XZOP]Y BP^_P]Y WTYR`T^_TN^ BP L]P TY_P] P^_PO TY _SP TYOTRPYZ`^ LYLWd^P^ ZQ _SP YL_`]P ZQ WLYR`LRP LYO _SP YL _`]P ZQ ^Z`YO 4YOTLY _SPZ]TP^ ZQ WLYR`LRP ^`NS L^ _SL_ ZQ _SP ;¼]aL 8¯X£À^LVL^ TYaZWaPO PL]Wd YL_`]LW ^NTPYNP LYO YL_`]LW [STWZ^Z[Sd TY Z]OP] _Z ]P^PL]NS ^Z`YO L^ L YL_`]LW [SPYZXPYZY LYO _SP []Z[P]_TP^ ZQ [Sd^TNLW ^Z`YO LYO SPL]TYR ?SPd OTQQP]PY_TL_PO _SP WTYR`T^_TN ^Z`YO Q]ZX [Sd^TNLW ^Z`YO ]PQWPN_PO TY_PY^TaPWd ZY WLYR`LRP L^ L NZXX`YTNL _TZY ^d^_PX LYO PYRLRPO TY aP]d XZOP]Y^Z`YOTYR NZY^TOP]L_TZY^ ZQ WTYR`T^_TN ^TRY^ ?SP TYNW`^TZY ZQ 4YOTLY LP^_SP_TN^ TY [L]_TN`WL] LW^Z L[[PL]^ _Z `^ _Z MP Q`YOLXPY_LW 4_ SPW[^ TY _SP TYaP^_TRL_TZY ZQ _SP XL_P]TLWTeL_TZY ZQ YZYXL_P]TLW TOPL^ LYO _SP XPOTL LYO QZ]X^ ZQ Pc[]P^^TZY ZQ NZWWPN_TaP LYO TYOTaTO`LW PXZ_TZYLW bZ]WO^ ?SP NWL^^TNLW 4YOTLY LP^_SP_TN^ _SPZ ]TP^ L]P YZ_ LYLWd_TNLW O]LQ_^ TY _SP ^PY^P ZQ _SP XZOP]Y LNLOPXTN LP^ _SP_TN^ ZQ ]PWTRTZY DP_ _SPd OZ ZQQP] NL_PRZ]TP^ RZTYR MPdZYO _SP NWL^ ^TNLW 0`]Z[PLY LP^_SP_TN^ _]LOT_TZY L^ _STYR^ ^`NS L^ SZ]]Z] LYO ]Pa`W^TZY L]P NZ`Y_PO LXZYR _SP LP^_SP_TN XZZO^ LYO NWPaP] NZY^TOP]L

,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY



_TZY^ LYO NWL^^TQTNL_TZY R]TO^ bP]P OPaPWZ[PO QZ] WT_P]L]d QTR`]P^ ZQ ^Z`YO LYO ^PY^P RP^_`]P LYO MZOd WLYR`LRP _SP ^_TX`WL_TZY ZQ PXZ _TZY^ Md NP]_LTY ^_dWT^_TN OPaTNP^ _SP ^`RRP^_TaP [ZbP] ZQ [ZP_TN WLY R`LRP LYO L WZ_ XZ]P MP^TOP^ 9Z_ WPL^_ _SP _P]X ]L^L [WPL^`]P XZZO LP^_SP_TN Pc[P]TPYNP T^ VPd _Z _SP NZYNP[_`LWTeL_TZY ZQ XZZO^ LYO LQ QPN_ U`^_ L^ T_ T^ QZ] _SP N`W_`]LW PaLW`L_TZY ZQ QPPWTYR^ LYO PXZ_TZYLW T_d " ?SP TYOTRPYZ`^ _SPL_P] ^_`OTP^ ZQQP] N`W_`]LW VYZbWPORP TY ]PWL_TZY _Z _SP ^_dWTeL_TZY ZQ [`MWTN [P]QZ]XLYNP^ LYO _SP XP^^LRP^ TY YZY aP]MLW QZ]X^ ZQ NZXX`YTNL_TZY ,YO QTYLWWd 4YOTLY [ZP_TN^ LYO X`^TN _SPZ]d L]P TYNW`OPO TY Z`] LYLWd^P^ ZQ _bZ RZOOP^^ SdXY^ LYO _SPT] [P]QZ]XLYNP _SL_ TWW`^_]L_P _SP aP]d OTQQP]PY_ NZYNP[_`LWTeL_TZY^ ZQ RZO OP^^P^ `^TYR ]SP_Z]TNLW ^_dWT^_TN OPaTNP^ LYO YZ_ WPL^_ LW^Z ^SZb SZb PWT_P LYO QZWV N`W_`]P^ L]P ]PQWPN_PO TY X`^TNLW ^_dWP^ ,_ _SP ^LXP _TXP 4YOTLY LP^_SP_TN^ T_^PWQ T^ LY ZMUPN_ ZQ Z`] TYaP^_T RL_TZY ?ST^ T^ O`P _Z ]PL^ZY^ ZQ NZY_PY_ LYO XP_SZOZWZRd :Y _SP ZYP SLYO LP^_SP_TN LYO X`^TN _SPZ]TP^ L]P ZQ TY_P]P^_ MPNL`^P _SPd OT^^ZWaP _SP MZ`YOL]TP^ MP_bPPY _SP ^LN]PO LYO _SP []ZQLYP LYO ]PRL]O PYUZdTYR L [WLd LYO P^[PNTLWWd WT^_PYTYR _Z X`^TN L^ L QZ]X ZQ DZRL :Y _SP Z_SP] SLYO _SP]P T^ LY Pc_]PXPWd ^_]ZYR OPXL]NL_TZY MP_bPPY ^ZNLWWPO STRS LYO WZb N`W_`]P ,NNZ]OTYR _Z NWL^^TNLW 4YOTLY L]_ N]T_TNT^X TY _ST^ NL^P X`^TN _SPZ]d -SLULY ^TYRTYR QZ] TY^_LYNP SL^ WT__WP _Z OZ bT_S LP^ _SP_TN^ LYO L]_ ^TYNP T_ T^ ZYWd _SP ^TYRTYR ZQ L []POP_P]XTYPO XPWZOd :YWd NWL^^TNLW ^TYRTYR NZ`Y_^ L^ RPY`TYP L]_ NSL]LN_P]TePO Md Q]PP TX []ZaT^L_TZY £W£[ LYO ]P\`T]TYR X`^TNLW _]LTYTYR LWZYR bT_S L STRS OP R]PP ZQ PXZ_TZYLW TYaZWaPXPY_ ZY _SP [L]_ ZQ _SP ^TYRP]^ bSZ LWWZb _SPX^PWaP^ _Z MP wNZWZ]POx ]LV_T Md _SP XZZO ZQ _SP =£RL :] _Z RTaP LY PaPY XZ]P MWL_LY_ PcLX[WP ZQ _SP RL[ MP_bPPY _SP `YOP]^_LYOTYR ZQ LP^_SP_TN^ TY LNLOPXTN ^_`Od ZQ ]PWTRTZY LYO _SL_ TY TYOTRPYZ`^ _P]X^% LNNZ]OTYR _Z NWL^^TNLW 4YOTLY L]_ N]T_TNT^X TY _ST^ NL^P [ZP_TN^ PaPY APOTN SdXY^ _SL_ T^ aP]d _]LOT_TZYLW QZ]X^ ZQ ]PWTRTZ`^ Pc[]P^^TZY NSL]LN_P]TePO Md ^[PNTLW [ZP_]d LYO L [L]_TN`WL] ^_dWP ZQ NSLY_TYR SLaP YZ ]PLW LP^_SP_TN OTXPY^TZY MPNL`^P _SPd L]P Z`_^TOP _SP ]PLWX ZQ V£adL  # TP _SP WT_P]L]d bZ]V^ ZQ WL_P] [ZP_]d _SL_ PaZWaPO WTVP WL_P] NWL^^TNLW X`^TN L_ _SP ]ZdLW NZ`]_^ ,YO _SP QZWV Z] [Z[`WL] OZXLTY ZQ bSL_ T^ ^`YR `Yb]T__PY LYO Z]LW T^ ^PPY L^ PaPY WP^^ LP^_SP_TN :Y _SP NZY_]L]d _ST^ OZXLTY T^ ]PRL]OPO L^ `YNZ`]_Wd LYO w`YN`W_`]POx $ 3P]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 9Z_ Md NSLYNP OTO 5`YP 8N/LYTPWv^ OT^N`^^TZY ZQ PXZ_TZY^ TY 4YOTL ]PQP] L R]PL_ OPLW _Z 4YOTLY LP^_SP_TN^ LP^_SP_TN Pc[P]TPYNP ]L^L LYO ]PWTRTZ`^ [ZP_]d .Q w3TYO`T^Xx TY ?SP :cQZ]O 3LYOMZZV ZQ =PWTRTZY LYO 0XZ_TZY  PO 5ZSY .Z]]TRLY :cQZ]O% :c QZ]O @YTaP]^T_d ;]P^^ # z" [L]_TN`WL]Wd z " ! !z!$ # ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^   $ ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  $$



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

YZ_ ZYWd L ^_]L_TQTNL_TZY ZQ QZWV LYO PWT_P N`W_`]P^ MPNZXP^ PaTOPY_ M`_ LW^Z L ^_]L_TQTNL_TZY ZQ bZ]WOWd WT_P]L_T LYO ]PWTRTZ`^ []ZQP^^TZYLW^ 4Y T_^ U`ORXPY_^ ZY L]_ LYO L]_WP^^YP^^ 4YOTLY LP^_SP_TN^ SL^ ^ZXP_STYR _Z NZY_]TM`_P _Z L _d[ZWZRd LYO LYLWd^T^ ZQ ^ZNTLW OTQQP]PY_TL_TZY^ LYO [ZbP] ]PWL_TZY^ M`_ SL^ WT__WP _Z OZ bT_S _SP LNLOPXTN LP^_SP_TN^ ZQ ]PWTRTZY ?SP bTOP QTPWO Z`_WTYPO LMZaP ^SZb^ SZb TX[Z]_LY_ YZ_ ZYWd OT^ NZ`]^P^ ZY ^Z`YO L]P TY _ST^ MZZV M`_ LW^Z OT^NZ`]^P^ ZY WLYR`LRP :`] ^Z`]NP^ _SP]PQZ]P ]LYRP MPdZYO _SP XLYd PcLX[WP^ ZQ ]T_`LWTeL_TZY LYO _SPZ]TP^ ZQ [ZP_]d [STWZ^Z[STP^ ZQ WLYR`LRP ^Z`YO LYO X`^TN LWW _SP bLd _Z _SP LM^_]LN_ LYO _PNSYTNLW WLYR`LRP ZQ _SP ^NSZWL]Wd >¼_]L ^_dWP LYO _PLNSTYR ^d^_PX^ QZ] Z]LW NZXX`YTNL_TZY Q]ZX _PLNSP]^ _Z ^_`OPY_^ SLRTZR]L[STN ^PWQ^_dWTeL_TZY Md ]PWTRTZ`^ R]Z`[^ LYO [ZP_TN MTZR]L[Sd L^ LP^_SP_TNTeL_TZY LYO ^LN]LWTeL_TZY ZQ ZYPv^ ZbY WTQP _Z YLXP U`^_ ^ZXP ZQ _SP []ZXTYPY_ OT^N`]^TaP QTPWO^ LYO _Z[ZT 4Y ^ZXP [WLNP^ bP Pc[LYO _SP NZYNP[_ ZQ wWLYR`LRPx XP_L[SZ]TNLWWd QZ] PcLX[WP Md TY NW`OTYR _SP WLYR`LRP ZQ RP^_`]P^ LYO ZQ O]`X^ 4_ bL^ P^[PNTLWWd TX[Z]_LY_ _Z `^ _Z LOO]P^^ YZ_ ZYWd ^NSZWL]Wd N`W _`]P^ LYO _SP [STWZ^Z[STNLW ]PWTRTZ^T_d ZQ TY_PWWPN_`LW^ M`_ LW^Z PaP]d OLd N`W_`]P LYO [Z[`WL] ]PWTRTZY DP_ PaPY _ST^ U`c_L[Z^T_TZY T^ []ZM WPXL_TN MPNL`^P T_ ^`RRP^_^ _SL_ WP^^ bPWW PO`NL_PO NWL^^P^ WLd [P]^ZY^ bZXPY Z] WZb NL^_P^ bP]P YZ_ NL[LMWP ZQ [STWZ^Z[STNLW LYO _SPZWZRTNLW _SZ`RS_ LYO NZYaP]^PWd _SL_ _SP bPWW PO`NL_PO ^NSZWL]Wd []ZQP^^TZYLW^ TY STRSP] NL^_P^ bSZ VYPb >LY^V]T_ OTO YZ_ []Z[Z`YO LYd [Z[`WL] TOPL^ LYO ZYWd MZ_SP]PO bT_S _SPT] TY_PWWPN_`LW TaZ]d_ZbP] [`]^`T_^ ,^ bP bTWW Pc[WLTY TY XZ]P OP_LTW TY _SP YPc_ NSL[_P] [Z[`WL] ]PWTRTZ`^ N`W_`]P LYO PaP]dOLd []LN_TNP SLaP XLYd [ZTY_^ ZQ NZY_TY`T_d bT_S _SP PWT_P N`W_`]P ]P[]P^PY_PO Md >LY^V]T_ 3TYO`T^X 5`^_ SZb NWZ^PWd ]PWL_PO LNLOPXTN LYO [Z[`WL] TOPL^ L]P LYO SZb X`NS _SPd SLaP PY]TNSPO PLNS Z_SP] T^ ^SZbY Md _SP P[TN^ LYO _SP ;`]£©L^ LXZYR Z_SP] bZ]V^ ?SP]P L]P Y`XP]Z`^ TY_P]QP]PYNP^ LYO TY_P]LN_TaP ]PWL_TZY^ST[^ MP_bPPY >LY ^V]T_ 3TYO`T^X LYO QZWV ]PWTRTZ^T_d LYO >LY^V]T_ 3TYO`T^X T_^PWQ T^ L WZYR bLd Q]ZX MPTYR [`]PWd _SP ]PWTRTZ^T_d ZQ TY_PWWPN_`LW^ Z] MPTYR WTXT_PO _Z -]LSXLYTN [WLdP]^ =PWTRTZ`^ TYYZaL_TZY^ ZQ_PY NLXP L^ _SPd OZ PaP]dbSP]P TY _SP bZ]WO wQ]ZX _SP MZ__ZX `[x ?SP ^`[[Z^PO XZYZ[ZWd ZQ _SP -]LSXTY^ SL^ Q]P\`PY_Wd MPPY PcLRRP]L_PO LYO YZ_ LWW -]LSXTY^ bP]P WZdLW _Z _SP APOL Z] MPWZYRPO _Z _SP TY_PWWPN_`LW PWT_P ?SP]P SLaP MPPY OTQQP]PY_ PWT_P^ bT_STY >LY^V]T_ N`W_`]P MP^TOP^ _SP APOL -]LSXTY^ QZ] TY^_LYNP _SP NZ`]_Wd [ZP_^ LYO _SP ?LY_]TN ±LTaL^ bSZ PYUZdPO ]ZdLW [L_]ZYLRP  9Pb ]PWTRTZ`^ PWT_P^ TY ?LY_]TN LYO OP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SLYV^ _Z [ZbP]Q`W PY_S]ZYTYR ]T_P^ _SL_ bP]P YZ_ TYQP]TZ] _Z _SP APOTN ZYP^ ^_L_P []Z_PN_TZY ]T_P^ _PX[WP ]T_P^ LYO _]LY^]PWTRTZ`^ []ZQP^^TZYLWT_d ±TaLT^X bSTNS bL^

,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY



aZ_TZYLW XZaPXPY_^ YZ XL__P] bSL_ PO`NL_TZYLW LYO ^ZNTLW NWL^^ _SPd NLXP Q]ZX TYT_TL_PO APOLTYOP[PYOPY_ TYT_TL_TZY WTYP^ LYO R]Z`[ TOPY_T _TP^ LYO RPYP]LWWd QZ`YO _SPT] ZbY ^d^_PX _Z MP ^`[P]TZ] _Z _SP Z_SP]^  ?SP]P bP]P XLYd LYO aL]TPO TY_P]LN_TZY^ ZaP]WL[^ MZ]]ZbTYR^ LYO YPRZ_TL_TZY^ MP_bPPY _SP OTQQP]PY_ N`W_`]LW R]Z`[^ ,YO dP_ _SP]P L]P OTQQP]PYNP^ [L]_TN`WL]Wd ]PRL]OTYR [Z[`WL] N`W _`]P 4YaP^_TRL_TYR >LY^V]T_ 3TYO`T^X YPNP^^L]TWd XPLY^ []TXL]TWd _LNV WTYR WT_P]L_`]P^ ZQ wSTRS 3TYO` N`W_`]Px LYO ^NSZWL]Wd NWL^^P^ ^TX[Wd ZbTYR _Z _SP >LY^V]T_ WLYR`LRP LYO _SP WZYR _]LOT_TZY ZQ ^NSZWL]^ST[ LYO WT_P]LNd ?SP _Pc_^ ZQ _SP^P NWL^^P^ P^[PNTLWWd _SP APOL LYO _SPT] VYZbWPORP ^d^_PX^ bP]P YZ_ YPNP^^L]TWd VYZbY TY PaP]dOLd []LN_TNP LXZYR _SP RPYP]LW [Z[`WL_TZY WP_ LWZYP TX[Z]_LY_ z ^TXTWL]Wd _Z LNL OPXTN _SPZWZRd L_ Z`] BP^_P]Y `YTaP]^T_TP^ bSTNS L[[PL]^ _Z SLaP WT__WP NZY_LN_ bT_S [Z[`WL] []LN_TNP^ PR bZ]^ST[ ZQ _SP AT]RTY 8L]d bSTWP QZ] _SP bZ]^ST[P]^ ZQ _SP AT]RTY 8L]d _SPZWZRTP^ NZYNP]YTYR _SP _]TYT_d `^`LWWd ]PXLTY L Xd^_P]d TY _SP _]`P^_ ^PY^P ZQ _SP bZ]O z TQ TYOPPO _SPd SLaP PaP] SPL]O ZQ ^`NS _SPZWZRTP^ >Z _SP]P OPQTYT_PWd L]P ^ZXP OTQQP] PYNP^ ,YO _SP ZM^P]aL_TZY T^ _SP]PQZ]P LWW _SP XZ]P ^TRYTQTNLY_ _SL_ ^NSZWL]Wd N`W_`]P LYO [Z[`WL] N`W_`]P OZ YZ_ OTQQP] TY bSL_ T^ _SP XZ^_ TX[Z]_LY_ [ZTY_ QZ] `^ ?SPd ^SL]P _SP ^Z`YONPY_P]PO WTQPbZ]WO TOPL^ ZQ _SP ^LN]POYP^^ ZQ ^Z`YO _SP PQQTNLNd ZQ _SP XLY_]L^ SZWd QZ]X`WL^ P_N 4_ bL^ TX[Z]_LY_ _Z `^ _SL_ _ST^ MZZV ^SZ`WO TYNW`OP YZ_ ZYWd PaT OPYNP Q]ZX _SP PO`NL_PO PWT_P ^`NS L^ -]LSXLYNPY_P]PO ]PNT_L_TZY ZQ _SP APOL _SP ^NSZWL]Wd WLYR`LRP _SPZ]TP^ _SP NZ`]_Wd [ZPX^ LYO _SP ^ZYTN _SPZWZRTP^ M`_ LW^Z [Z[`WL]TeL_TZY^ QZWV YL]]L_TaP^ LYO ]PWTRTZ`^ PaP]dOLd []LN_TNP /TQQP]PYNP^ TY ^ZNTLW ^_]L_TQTNL_TZY MP_bPPY _SP N`W _`]P ZQ _SP WT_P]L_T LYO [Z[`WL] N`W_`]P L]P L[[L]PY_ TY _SP >LY^V]T_ WT_ P]L_`]P^ _SPX^PWaP^ LYO LW^Z TY _SPT] [P]QZ]XLYNP PR TY _SP OTQQP]PY_ ^TYRTYR ^_dWP^ TY bSTNS L /`]R£ SdXY LYO _SP RZOOP^^ SdXY >L`YO L]dL7LSL]Å L]P ]PLWTePO ?SP QZ]XP] T^ NZWWPN_TaP -SLULY ^TYRTYR LYO _SP WL__P] T^ STRSWd L]_T^_TN TYOTaTO`LWTePO NWL^^TNLW ^TYRTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ^_]ZYRWd TYQW`PYNPO Md ?LY_]T^X PYUZdPO ]ZdLW [L_]ZYLRP LYO bL^ _SP OZXTYLY_ ]PWT RTZ`^ [L]LOTRX MP_bPPY _SP _S LYO _S NPY_`]TP^ ZQ _SP .ZXXZY 0]L .Q ,WPcT^ >LYOP]^ZY w=PWTRTZY LYO _SP >_L_P% ±LTaL :QQTNTLY_^ TY _SP ?P]]T_Z]d ZQ _SP 6TYRv^ -]LSXLYTNLW .SL[WLTYx 4YOZ4]LYTLY 5Z`]YLW " % $z& w?SP ±LTaL ,RP% ,Y 0c[WLYL_TZY ZQ _SP =T^P LYO /ZXTYLYNP ZQ ±LTaT^X /`]TYR _SP 0L]Wd 8POTPaLW ;P]TZO NL ,/ zx F[L[P] L_ _SP 0L]Wd ?LY_]T^X BZ]V^SZ[ ?ZVdZ :N_ZMP]  z   H S__[%LWPcT^^LYOP]^ZYNZXLMZ`_`^L^[c LNNP^^PO 5`Wd _S #& LYO Z`] ?LY_]L NSL[_P] TY _ST^ MZZV NSL[   :Y _SP ]PWL_TZY^ST[ MP_bPPY APOL LYO ?LY_]L ^PP QZ] TY^_LYNP ,WPcT^ >LYOP]^ZY w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x TY ?SP BZ]WOv^ =PWTRTZY^ PO >_PbL]_ >`_SP] WLYO P_ LW 7ZYOZY% =Z`_WPORP $## !!z!! LYO ,YYP__P BTWVP w9PRZ_TL_TYR ?LY_]L LYO APOL TY _SP ;L]L²`]£XL6LW[L _]LOT_TZYx TY 9PRZ_TL_TYR =T_P^ PO 1]LYV 9P`MP]_ LYO @_P 3Þ^VPY QZ]_SNZXTYR

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

4Y _SP OT^N`^^TZY ZQ _SP _bZ RZOOP^^ SdXY^ T_ bTWW MPNZXP [L]_TN` WL]Wd NWPL] SZb QPPWTYR^ LYO XZZO^ L]P ^_TX`WL_PO _S]Z`RS [P]QZ]X LYNP^ _SL_ L]P [P]NP[_TMWP _S]Z`RS _SP ^PY^P^ TY _ST^ NL^P _bZ \`T_P OTQQP]PY_ wRZOOP^^ L_XZ^[SP]P^x LYO _bZ OTQQP]PY_ QZ]X^ ZQ ^_]ZYRWd PXZ_TZYLW PaPY PN^_L_TN [L]_TNT[L_TZY ?ST^ [L]_TNT[L_TZY XLd XLYTQP^_ T_^PWQ [ZbP]Q`WWd TY _SP MZOd Z] Pc_]PXPWd TY_P]TZ]TePO z TY LY TYNZ][Z ]PLW QZ]X ^Z _Z ^[PLV 8`^TN TY [L]_TN`WL] N]PL_P^ ^_]ZYR R]Z`[ TOPY_T _TP^ LYO _TP^ _S]Z`RS ^dYNS]ZYTeL_TZY Md NZWWPN_TaP NSLY_TYR LYO SPL] TYR LYO ^ZNTLW PQQP]aP^NPYNP _SP w^bPWWTYR `[x ZQ XZZO^ ]PLN_TZY^ P_N Md UZTYTYR TY LYO MPNZXTYR [L]_ ZQ L NZXXZY Pc[P]TPYNP 8`^TN NLY LW^Z PWTNT_ L aP]d [P]^ZYLW ]PLN_TZY ZQ XPW_TYR LbLd M]TYRTYR LMZ`_ [PLNP ZQ XTYO TY_PY^P OPaZ_TZY LYO ^L_T^QLN_TZY TY ^PWQQZ]RP_Q`W LM ^Z][_TZY ?ST^ OT^^ZWaTYR T^ _SP ]PT_P]L_TZY ZQ L N`W_`]LW [L__P]Y ZQ [^d NSZWZRTNLW wMWPYOTYRx LYO YZYO`LW wQ`^TYRx bSTNS SL^ ZNN`]]PO LRLTY LYO LRLTY ^TYNP _SP _TXP ZQ _SP @[LYT´LO^ TY YPb LYO aP]d OTQQP]PY_ QZ]X^ z NZRYT_TaP PXZ_TaP ]T_`LW LP^_SP_TN NZY_]ZWWPO LYO ]P^_]TN_PO LYO PN^_L_TN QZ]X^ >ZXP _STYR^ ^`RRP^_ _SL_ _SP 4YOTLY []POTWPN_TZY QZ] SZWT^_TN bZ]WO aTPb^ NZ]]PWL_P^ OT]PN_Wd bT_S _SP ^Z`YONPY_P]PO WTQPbZ]WO LYO bL^ []ZXZ_PO Md _SP [L]LOTRX ZQ ^ZYTN [P]NP[_TZY 4Y >LY^V]T_ 3TYO`T^X WLYR`LRP LYO ^Z`YO L]P LXZYR _SP XLUZ] XPLY^ ZQ TOPY_TQTNL_TZY LYO _SP XZ^_ ^TRYTQTNLY_ SZWT^_TN ^dXMZW^ ZQ YZYO`LW ]PLWT_d BP QTYO QZ] TY^_LYNP LY TOPY_TQTNL_TZY ZQ OPT_TP^ ML^PO ZY _SP [SZYP_TN ^TXTWL]T_TP^ ZQ _SPT] YLXP^ ?SP LNZ`^_TN [TP_d LYO ^ZYTN _SPZWZRd _SL_ L]P _d[TNLW ZQ 3TYO`T^X L[[PL] _Z MP QZ`YOPO YZ_ WPL^_ TY _SP QLN_ _SL_ _SP Pc[P]TPYNP ZQ ^Z`YO NLY PL^TWd M]TYR LMZ`_ TXXPOTL_P LM^Z][_TZY LYO LWWZb^ L ^PY ^Z]d Pc[P]TPYNP ZQ YZYO`LWT_d 4Q [STWZ^Z[STNLW _SPZWZRTNLW ?LY_]TN LYO X`^TNZWZRTNLW ^[PN`WL_TZY^ L]P LW^Z NZY^TOP]PO ^Z`YO PaPY N]PL_P^ L [Sd^TNLW [L]_TNT[L_Z]d WTYV bT_S _SP bSZWP NZ^XZ^ 3P]P ^Z`YO LYO ^[LNPP_SP] L]P ]PRL]OPO L^ wPaP]WL^_TYRx PWPXPY_^ LYO _SP PXP]RPYNP ZQ _SP bZ]WO T^ _]LNPO MLNV _Z ]Sd_SXTN ^Z`YO -`_ ^Z`YO LW^Z SL^ L ^[PNTLW [Z^T_TZY TY WP^^ P^Z_P]TN YZY?LY_]TN OT^NZ`]^P^ >Z`YO T^ _SP XZ^_ wP_SP]PLWx ZMUPN_ ZQ ^PY^Z]d [P]NP[_TZY LYO _SP 4YOTLY NWL^^TQTNL _TZY ZQ _SP ^PY^P^ NZ]]PWL_P^ SPL]TYR LNZ`^_TN^ LYO ^[LNP OT]PN_Wd LYO LWbLd^ aTPbPO _SPX L^ _SP XZ^_ ^`M_WP PWPXPY_^ ZQ _ST^ bZ]WO NZXTYR NWZ^P^_ _Z _SP ^`[P]YL_`]LW ?SP]PQZ]P ^Z`YO bL^ P^[PNTLWWd ^`T_LMWP QZ] ]P[]P^PY_TYR LYO PXMZOdTYR _SP TXXL_P]TLW _]LY^NPYOPY_LW LYO ^`[P] YL_`]LW 1`]_SP]XZ]P ^Z`YO T^ [L]_TN`WL]Wd ^`T_LMWP L^ L ^dXMZW ZQ bSZWPYP^^ LYO NZ^XTN `YT_d >Z`YOv^ aP]d ZbY OZXLTY _SL_ T^ _Z MP LNNP^^TMWP _Z ^PY^Z]d [P]NP[_TZY LYO L_ _SP ^LXP _TXP _Z MP TYLNNP^^TMWP _Z T_ L^ aTM]L_TZY^ LYO ^Z`YO bLaP^ bL^ L[[L]PY_Wd [P]^`L^TaP PaTOPYNP QZ] _SP WTYVLRP LYO NZY_TY`T_d ZQ _SP TY_P]YLW LYO Pc_P]YLW bZ]WO^ ?SP QLN_ _SL_ ^_]TN_Wd ^[PLVTYR L ^TYRWP _ZYP NZY^T^_^ ZQ LY TYQTYT_P ^P]TP^ ZQ

,[[WTPO ,P^_SP_TN^ ZQ =PWTRTZY

"

TYOTaTO`LW aTM]L_TZY^ LYO _S`^ [Z_PY_TLWWd NZY_LTY^ _SP bSZWP _ZYLW ^[PN _]`X YZ_ ZYWd MPYPQT_PO SZWT^_TN XZOPW^ QZ] Pc[WLTYTYR _SP bZ]WO LYO [STWZ^Z[STP^ ZQ Q`^TZY M`_ bL^ LW^Z LNNP^^TMWP _Z _SP ^PY^P^ 9£OL wTY _P]TZ]x ^Z`YO LYO TYQ]L^Z`YO bL^ YZ_ ZYWd ^PPY L^ []TXZ]OTLW ^Z`YO M`_ LW^Z LY LP^_SP_TN ]PLWT_d LYO T^ [Sd^TNLWWd Pc[P]TPYNPO TY X`^TN >Z ZYP OTO YZ_ SLaP _Z Pc[P]TXPY_ QT]^_ ZQ LWW bT_S P^Z_P]TN DZRL []LN_TNP^ LYO XLY_]L NZY_PX[WL_TZY _Z Pc[P]TPYNP _SP []TXZ]OTLW 9£OL z TY^_PLO T_ bL^ ^`QQTNTPY_ _Z L__PYO L [P]QZ]XLYNP ZQ X`^TN ,MZaP LWW _SP QZ`] ^_]TYRPO ?£X[¼]L OPaPWZ[PO TY L]Z`YO _SP ^PaPY_PPY_S NPY_`]d SLO _SP `YT\`P []Z[P]_d ZQ MPTYR _`YPO ^Z _SL_ _SP WT^_PYP] LWbLd^ SPL]O L `YT_d LYO L X`W_T[WTNT_d ZQ _ZYP^ _ZRP_SP] PaPY TQ U`^_ L ^TYRWP ^_]TYR bL^ MPTYR [WLdPO ?ZOLd T_ T^ OTQQTN`W_ _Z QTYO L NWL^^TNLW NZYNP]_ bT_SZ`_ L ?£X[¼]L LYO _SP [Z[`WL]T_d ZQ _ST^ TY^_]`XPY_ QZ] T_^ NZY^_LY_ O]ZYTYR T^ []ZMLMWd Pc[WLTYPO Md _SP SZWT^X _SL_ T^ QPW_ TY _SP MZOd bSTNS L]T^P^ \`T_P YL_`]LWWd bSPY _SP WT^_PYP] SPL]^ T_^ ^Z`YO ^[PN_]`X ;STWZ^Z[SP]^ WTVP -SLš_SL]T ZYP ZQ _SP VPd wN`W_`]LW [ZWTNdXLVP]^x TY XL__P]^ ZQ WLYR`LRP _SZ`RS_ ZQ WLYR`LRP SZWT^_TNLWWd MPNL`^P T_ PYNZX[L^^P^ _]LY ^NPYOPYNd aTL _SP NZY^NTZ`^YP^^ M`_ ^Z`YO T^ LW^Z ^_TWW L SZWT^_TN [SP YZXPYZY TY _SP ^ZNTLW LYO [Sd^TNLW ]PLWT_d 4_ T^ L ST^_Z]TNLW QLN_ _SL_ TY []LN_TNP PaPY TY _SP []PXZOP]Y [P]TZO T_ bL^ WP^^ _SP ]`WPML^PO ]TRZ]^ ZQ APOTN ]PNT_L_TZY LYO XZ]P _SP ^ZYTN ^PY^`LWT^X ZQ ?LY_]L ]P[P_T_TZY ZQ ^TX[WP XLY_]L QZ]X`WL^ LYO _SP PXZ_TZYLW bZ]WO^ ZQ X`^TNLWTePO OPaZ_TZY _SL_ P^_LMWT^SPO _SPX^PWaP^ LWWZbTYR ZYP _Z w_`YP TY_Zx _SP RZO LYO ST^ [ZbP] bT_SZ`_ ]P\`T]TYR _SPZWZRTNLW LYO [STWZ^Z[STNLW VYZbWPORP ?ST^ VTYO ZQ [L]_TNT[L_Z]d LYO ^dY_SP_TN _STYVTYR LN_TYR LYO Pc[P]T PYNTYR L[[PL]^ _Z NZ]]P^[ZYO bT_S L _d[TNLW 3TYO` SLMT_`^  LYO XLd Pc[WLTY bSd Z]LWL`]LW NZXX`YTNL_TZY ^d^_PX^ SLaP YPaP] OTPO Z`_ LYO TOPL^ LMZ`_ _SP [ZbP] ZQ ^Z`YO^ ^Z`YONPY_P]PO []LN_TNP^ LYO `YT_L]d WTYR`T^_TN aT^TZY^ SLaP MPPY ]P[]ZO`NPO ZaP] _SP NPY_`]TP^ LYO NZY_TY `PO _Z MP ]PRPYP]L_PO TY YPb QZ]X^ 4Y LYd NL^P _SPd TWW`^_]L_P bSd PaPY `YNZX[]PSPYOPO ^Z`YO XLVP^ ^PY^P LYO NZY_]TM`_P^ _Z XLVTYR _SP Pc_]LZ]OTYL]d TY_Z L [L]_ ZQ ZYPv^ WTQP BT_S O`P NL`_TZY ZYP NLY ^[PLV ZQ L R`TOTYR N`W_`]LW TXLRP LYO WPT_XZ_Ta ZQ wQ`^TZYx LYO ^PP TY _SP Q`^TYR ^_]L_PRTP^ LYO XPW_TYR Pc[P]TPYNP^ _SP [P]QPN_ Z[[Z^T_P bZ]WO bSP]P ^ZNTLW YZ]X^ LYO MZ`YOL]TP^ L]P YZ WZYRP] aLWTO ?SP MWT^^Q`W ^PWQ_]LY^NPYOPYNd NLY ZQQP] NZX[PY^L_TZY QZ] _SP ]P^_]TN_PO NZOP^ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP OT^N`]^TaP QTPWO ZaP]WL[^ bT_S 3LNVP]v^ w4YNW`^TaT^Xx LYO 8TNSLPW^v wTOPY_TQTNL _Z]d SLMT_`^x bSTNS _SP L`_SZ]^ ]PRL]O L^ _SZ`RS_ QZ]X^ P^[PNTLWWd _d[TNLW ZQ 3TYO` T^X LYO [L]_ ZQ ^ZNTLW ^PY^P .Q ;L`W 3LNVP] w4YVW`^TaT^X`^x TY 4YVW`^TaT^X`^ PTYP TYOT^NSP /PYVQZ]X PO 2P]SL]O :MP]SLXXP] ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP $#& ,cPW 8TNSLPW^ /P] 3TYO`T^X`^% 2P^NSTNS_P `YO 2PRPYbL]_ 8ÞYNSPY% -PNV $$# $z"   !  !  Q       # $$  " ! z""

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

#

^ZNTLW ]ZWP^ Z] TYOPPO Pc[]P^^ L YL_`]LW ^dXMTZ_TN YPPO QZ] SL]XZYd OP^T]PO LYO PaPY ]P\`T]PO TY _SP NWZ^PVYT_ NZPcT^_PYNP ZQ _SP Pc_PYOPO QLXTWd 3ZbPaP] PaPY TY 3TYO` 4YOTL L [L]_TNT[L_Z]d SLMT_`^ T^ YZ_ _SP ZYWd XPLY^ ZQ LNNP^^TYR WLYR`LRP LYO _SP bZ]WO DP_ T_ T^ P^[PNTLWWd ^_]ZYRWd MZ`YO `[ bT_S LP^_SP_TN ^PY^Z]d NZXX`YTNL_TZY LYO _SP XLTY PX[SL^T^ ZQ _ST^ MZZV bTWW MP ZY []PNT^PWd _ST^ _d[P ZQ NZXX`YTNL_TZY -`_ ZYP ^SZ`WO YZ_ QZ]RP_ _SL_ TY _SP [L^_ ^Z`YOLbL]PYP^^ LW^Z QZ^_P]PO QZ]XLW LYO LM^_]LN_ _SZ`RS_ z QZ]X^ ZQ wPXLYNT[L_Z]dx SLMT_`^ z L^ bP bT^S _Z ^SZb



>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P

@YOZ`M_POWd Z`] ]P^_]TN_TZY _Z >LY^V]T_ N`W_`]P LYO >LY^V]T_ 3TYO`T^X T^ L^^ZNTL_PO bT_S L MTL^ _ZbL]O^ PWT_P N`W_`]P LYO -]LSXLYTN _]LOT_TZY _SPT] ^[SP]P^ ZQ [ZbP] LYO N`W_`]LW SPRPXZYd  dP_ T_ bZ`WO MP b]ZYR _Z MPWTPaP _SL_ _ST^ bZ`WO NZX[WP_PWd PcNW`OP [Z[`WL] ]PWTRTZY LYO WT_ P]LW LYO Z]LW ]PWTRTZ`^ N`W_`]P^ ]ZZ_PO TY _SP aP]YLN`WL] BP SLaP LW ]PLOd M]TPQWd STY_PO L_ _ST^ [ZTY_ M`_ SP]P bP L]P NZYNP]YPO bT_S _SP ^ZNTLW ^TRYTQTNLYNP ZQ _SP >LY^V]T_ TOTZX LYO _SP [P]aL^TaP ]LYRP ZQ >LY^V]T_ N`W_`]P 8 9 >]TYTaL^v  ^PXTYLW ^_`Od ZQ _SP .ZZ]R^ TY >Z`_SP]Y 4YOTL TY _SP $ ^ LW]PLOd ]P[WLNPO _SP PL]WTP] NZXXZY _P]X w-]LSXLYT^Xx bT_S _SL_ ZQ w>LY^V]T_TN 3TYO`T^Xx _Z ]PQP] _Z L RPYP]LWTePO [L__P]Y ZQ -]LSXTY []LN_TNP^ LYO MPWTPQ^ _SL_ SLaP ^[]PLO _S]Z`RSZ`_ 4YOTL TY NZY _]L^_ _Z 3TYO` _]LOT_TZY^ bT_S L WZNLW ]PRTZYLW Z] [PYTY^`WL] ^[]PLO 3P XLOP T_ NWPL] _SL_ >LY^V]T_TN 3TYO`T^X T^ YZ_ WTXT_PO _Z -]LSXTY^ M`_ bL^ LW^Z LOZ[_PO Md YZY-]LSXLYTN R]Z`[^ LYO WZNLW QZWV N`W_^ _Z ]LT^P _SPT] ^_L_`^ Md XPLY^ ZQ w>LY^V]T_TeL_TZYx 7L_P] ^_`OTP^ SLaP OPP[PYPO LYO OTQQP]PY_TL_PO _SP^P TY^TRS_^ ?SPd ^SZbPO _SL_ _SP TY_P]LN_TZY^ LYO YPRZ_TL_TZY []ZNP^^P^ MP_bPPY _SP w7T__WP ?]LOT_TZYx LYO _SP w2]PL_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :Y _ST^ ^PP LW^Z ;TP]]P>dWaLTY 1TWWTZeL_ ?SP >LY^V]T_ 7LYR`LRP ,Y :aP]aTPb% 3T^_Z]d LYO >_]`N_`]P 7TYR`T^_TN LYO ;STWZ^Z[STNLW =P[]P^PY_L_TZY^ @^P^ LYO @^P]^ AL]LYL^T% 4YOTNL -ZZV^  Z]TRTYLW 1]PYNS POT_TZY $$ 0aPY TQ ZYP SL^ _Z ^`[ [Z^P L X`W_TWTYR`LWT^X LYO LW^Z Sd[P]RWZ^^ZWLWTL >LY^V]T_ bL^ _SP []PPXTYPY_ WLY R`LRP ZQ _SP XPY ZQ WP__P]^ TMTO !"z$ z -]LSXTY^ TP ]PWTRTZ`^ ^[PNTLWT^_^ LYO P]`OT_P [LYOT_^ LW^Z NZ`]_Wd [ZP_^ LYO Z_SP] [P]^ZY^ ZQ STRSP] PO`NL_TZY .Q LW^Z 5LY 08 3Z`MPY PO 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_% .ZY_]TM`_TZY^ _Z _SP 3T^_Z]d ZQ _SP >LY^V]T_ 7LYR`LRP 7PTOPY% -]TWW $$!  8 9 >]TYTaL^ =PWTRTZY LYO >ZNTP_d LXZYR _SP .ZZ]R^ ZQ >Z`_S 4YOTL 7ZYOZY LYO 9Pb DZ]V% :cQZ]O @YTaP]^T_d ;]P^^ $  ?ST^ _P]X bL^ `^PO _Z OTQQP]PY_TL_P >LY^V]T_ 3TYO`T^X Q]ZX [Z[`WL] 3TYO`T^X LYO LW^Z TY L YL]]ZbP] ^PY^P _Z OT^_TYR`T^S _SP APOTN N`W_`]P Q]ZX WL_P] 3TYO`T^X

>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P

$

?]LOT_TZYx ! bP]P LYO L]P QL] XZ]P NZX[WPc X`W_TQLNP_PO LYO TY_P]LN _TaP LYO _SPT] ]PWL_TZY^ST[ T^ aL]TLMWP LYO Z^NTWWL_P^ R]PL_Wd OP[PYOTYR ZY ^[PNTQTN ]PRTZYLW NZY_Pc_^ " :Y _SP Z_SP] SLYO T_ bL^ LW^Z ^SZbY _SL_ wQZWV 3TYO`T^Xx Z] waTWWLRP 3TYO`T^Xx bT_S T_^ ]TNS aP]YLN`WL] Z]LW N`W_`]P^ Z]LW TY _SP ^_]TN_ ^PY^P LYO T_^ LW_P]YL_TaP [LY_SPZY^ Xd_S^ LYO ]T_P^ SL^ []P^P]aPO XLYd L`_ZYZXZ`^ ^[SP]P^ LYO ZQ_PY LOZ[_TZY^ ZQ _SP >LY^V]T_TN wR]PL_ _]LOT_TZYx _PYO _Z MP TY YLXP ZYWd ATWWLRP 3TYO`T^X bSTNS bP OZ YZ_ TYNW`OP TY Z`] ^_`Od SL^ T_^ ZbY [L]_TN`WL] Z]LWL`]LW [P]QZ]XLYNP^% ^ZYR OLYNP O]`XXTYR LYO O]L XL_TN [P]QZ]XLYNP^ ZQ T_^ ZbY Xd_SZWZRTNLW YL]]L_TaP^ L]P _Z MP QZ`YO TY _SP ^_LYOL]O ]P[P]_ZT]P ZQ WZNLW QP^_TaLW N`W_`]P^ LYO L]P ZQ_PY L^^ZNT L_PO bT_S [Z^^P^^TZY_]LYNP MWZZO ^LN]TQTNP^ LYO ^PWQXZ]_TQTNL_TZY ?SP ]PWL_TZY^ST[ MP_bPPY _SP _P]X w>LY^V]T_TeL_TZYx LYO _SP >LY^V]T_ WLY R`LRP T^ aP]d NZX[WTNL_PO L^ 1]T_^ >_LLW [ZTY_PO Z`_ MPNL`^P w>LY^V]T _TeL_TZY NZaP]^ NL^P^ bSP]P _SP TYQW`PYNP ZQ >LY^V]T_ LYO _SP LXZ`Y_ ZQ >LY^V]T_ XL_P]TLW OPN]PL^P^x # :`] ]P^_]TN_TZY _Z _SP >LY^V]T_ WT_P]L_`]P Pc[WLTY^ _SP _P]X w>LY^V]T_ 3TYO`T^Xx TY^_PLO ZQ >]TYTaL^v w>LY^V]T_TN 3TYO`T^Xx ?SP wMTL^x _ZbL]O^ -]LSXLYTN _]LOT_TZY T^ ]PaPLWPO TY _STYR^ ^`NS L^ Z`] M]ZLO _]PL_XPY_ ZQ _SP APOL L^ L [L]LOTRX ZQ ^LN]PO ^Z`YO DP_ ^ZXP ZQ Z`] XL_P]TLW QZ] TY^_LYNP PL]Wd ?LY_]L^ TY SdM]TO >LY^V]T_ LYO L [Z[`WL] /`]R£ SdXY ]PQWPN_^ ^_]ZYR QZWV TYQW`PYNP^ LYO _SP YPb NZOTYR^ ZQ APOL LYO APOTN TXLRP TY _SP P[TN^ LYO ;`]£©L^ _SL_ bP NZY^TOP] LW^Z MPWZYR _Z [Z[`WL] ]PWTRTZ`^ N`W_`]P ]L_SP] _SLY _Z PWT_P N`W_`]P :YP L^[PN_ _SL_ bP OZ YZ_ PcLXTYP M`_ bSTNS T^ bZ]_S XPY_TZYTYR T^ _SL_ P[TN^ LYO ;`]£©TN _LWP^ SLaP PY_P]PO _SP [`MWTN OZ XLTY aTL _SPL_]TNLW [P]QZ]XLYNP^ TY _SP Z]TRTYLW >LY^V]T_ L^ bPWW L^ TY aP]YLN`WL] _]LY^WL_TZY^ LYO aT^`LWTeL_TZY^ TXLRP^ ^N`W[_`]P^ P_N 9PT_SP] TY _SP ]PRTZYLW LYO WZNLW aP]YLN`WL] N`W_`]P^ YZ] TY >LY^V]T_ 3TYO`T^X T_^PWQ NLY ZYP L^^`XP L `YTQZ]X ^_]`N_`]P L^ ^`RRP^_PO Md >]TYTaL^v w>LY^N]T_TN 3TYO`T^Xx $ ?SP _Pc_`]P ZQ >LY^V]T_ 3TYO`T^X T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP^P _P]X^ bP]P TY_]ZO`NPO Md =ZMP]_ =POQTPWO ?SP 7T__WP .ZXX`YT_d LYO ;PL^LY_ >ZNTP_d LYO .`W_`]P .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $! LYO ]TRS_Wd N]T_T NTePO ZbTYR _Z _SPT] [PUZ]L_TaP XPLYTYR LYO _SPT] PcNP^^TaPWd YL]]Zb NZYYZ_L_TZY^ DP_ _SPd SLaP XLTY_LTYPO L SP`]T^_TN aLW`P " .Q APPYL /L^ >_]`N_`]P LYO .ZRYT_TZY% ,^[PN_^ ZQ 3TYO` .L^_P LYO =T_`LW 9Pb /PWST% :cQZ]O @YTaP]^T_d ;]P^^ $# LYO 0aPWTYP 8L^TWLXLYT8PdP] ,«V£œL [L]LXÚN`aL]T% , 2ZOOP^^ ZQ ?LXTWYLO` SP] 8d_S^ LYO .`W_ BTP^MLOPY% >_PTYP] $#! $z # 1]T_^ >_LLW w>LY^V]T_ LYO >LY^V]T_TeL_TZYx 5Z`]YLW ZQ ,^TLY >_`OTP^  $!% !z"  SP]P "  $ =PWTRTZ`^ L`_ZOPQTYT_TZY^ ZQ_PY aL]d NZY^TOP]LMWd OP[PYOTYR ZY ^PN_L]TLY ]PRTZYLW NL^_P]PWL_PO LYO Z_SP] LQQTWTL_TZY^ >]TYTaL^v NZYNP[_ ZQ w>LY^N]T_TN 3TYO`T^Xx OTO YZ_ OZ U`^_TNP _Z _SP XLYd OTQQP]PY_ ^PN_L]TLY LYO OPYZXTYL_TZYLW OTQQP]PY_TL_TZY^ bT_STY _SP ^_]`N_`]P ZQ >LY^N]T_TN 3TYO`T^X ?ST^ bL^ bPWW TWW`^_]L_PO QZ] TY^_LYNP Md



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

PcNP[_TZYLWWd NZX[WPc ?SP _P]X OP^TRYL_P^ L WL]RP Y`XMP] ZQ _]LOT _TZY^ _SL_ `^PO >LY^V]T_ LYO bSTNS ZbTYR _Z _SP NZXXZY N`W_`]LW NZY _LN_ eZYP ZQ 4YOTL LYO w2]PL_P] 4YOTLx bP]P YZ_ ZYWd TY NZY^_LY_ TY_P] LN_TZY bT_S ZYP LYZ_SP] M`_ LW^Z TY_P]LN_PO bT_S aP]YLN`WL] Z]LW LYO WT_P]L]d ]PWTRTZY^ 1Z] PcLX[WP T_ bZ`WO MP aT]_`LWWd TX[Z^^TMWP _Z QTYO LYdbSP]P TY 4YOTL L [WLNP bSP]P _SP]P T^ YZ_ L bTOP^[]PLO MPWTPQ _SL_ XLY_]L^ YZ XL__P] bSP_SP] APOTN ?LY_]TN Z] ;`]£©TN NLY SLaP LY TX XPOTL_P PQQPN_ ZY ]PLWT_d LYO [Z^^P^^ _]LY^QZ]XL_TaP [ZbP] ! 8LYd _Z[ZT ZQ >LY^V]T_ 3TYO`T^X z PaPY _SP ^Z[ST^_TNL_PO ^ZYTN NZ^XZWZRTP^ ZQ _SP wSTRS ?LY_]Lx _SL_ bP OT^N`^^ L_ WPYR_S z SLaP WPQ_ MZ_S OT]PN_ LYO TYOT]PN_ _]LNP^ TY QZWV 3TYO`T^X LYO SLaP MPPY LOL[_PO ]PNZOPO LYO TY ^ZXP NL^P^ LW^Z TYaP]_PO ! BP NLYYZ_ LOO]P^^ _ST^ PcNT_TYR QTPWO ^`QQTNTPY_Wd SP]P M`_ PaPY Z`] M]TPQ Z`_WTYP TYOTNL_P^ _SP ^TRYTQTNLYNP ZQ _SP >LY^V]T_ WLYR`LRP LYO _SP wRWZMLWx ^[SP]P ZQ [ZbP] ZQ >LY^V]T_ 3TYO`T^X ?SP ^dXMZWTN ^TRYTQTNLYNP LYO _SP N`W_`]LW aLW`P ZQ >LY^V]T_ SLaP MPPY PX[SL^TePO Md XLYd ]P^PL]NSP]^ ! 4Y L bLd >LY^V]T_ N`W_`]P NLY PaPY MP NLWWPO _SP OZXTYLY_ XZOPW ZQ LWW 4YOTLY NTaTWTeL_TZY 0aPY TQ _SP TYYP] ^_]`N_`]P ZQ _ST^ N`W_`]P T^ Pc_]PXPWd OTaP]^P T_ T^ [Z^^TMWP _Z XLVP Z`_ SZXZRPYTeTYR NSL]LN_P]T^_TN^ LYO _SP NZYQTR`]L_TZY ZQ L NZX XZY N`W_`]P 4Y NZY_]L^_ _Z aP]YLN`WL] LYO WZNLW N`W_`]P^ ^TYNP WL_P APOTN _TXP^ TP _SP QT]^_ XTWWPYYT`X ZQ _SP .ZXXZY 0]L >LY^V]T_ `Y OP]bPY_ L _]LY^]PRTZYLW ^[]PLO WPLOTYR _Z _SP bTOP OT^_]TM`_TZY ZQ L NZXXZY ^_ZNV ZQ TOPL^ LYO []LN_TNP^ _S]Z`RSZ`_ 4YOTL LYO ^SZ]_Wd LQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SP QTPWO bZ]V ZQ 8TW_ZY >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^ "$z# ^PP [L]_TN`WL]Wd # ! .Q QZ] PcLX[WP _SP N]PL_TZY Xd_S ZQ _SP ?LXTW QZWV RZOOP^^ ,«V£œ£XXL 8L^TWL XLYT8PdP] ,«V£œL[L]LXÚN`aL]T   Z] _SP XLY_]LNPY_P]PO []LN_TNP^ ZQ L 9P[LWP^P XLRTNTLY LYO SPLWP] TY /LaTO 2Z]OZY BST_P 6T^^ ZQ _SP DZRTY¯ .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^  !z!" ! :Y _ST^ M]ZLO LYO PXML]]L^^TYRWd NZX[WPc ]LYRP ZQ NZY_TY`T_d LYO OTQQP]PYNP NZY ^TOP]% 3PWPYP -L^` AZY -L]OPY `YO 6ØYTRPY% 0_SYZWZRT^NSP >_`OTPY e`] 2Ø__TY `YO e`X 2POÆNS_YT^ TY 6LNNS 4YOTPY 1]LYVQ`]_% ;P_P] 7LYR  !z!!& 6L_SWPPY 8 0]YOW ATN_Z]d _Z _SP 8Z_SP]% ?SP 3TYO` 2ZOOP^^ ZQ 9Z]_SbP^_ 4YOTL TY 8d_S =T_`LW LYO >dXMZW 9Pb DZ]V% :cQZ]O @YTa ;] $$ ##z$ $ $z& 7TOTL 2`ed -LML^ `YO ,WPVS^ z ,^VP^P `YO 0V^_L^P PTYP] =PWTRTZY TX BP]OPY -P]WTY% BPTÁPY^PP AP]WLR  $z$  z"  z" "#z#! $z& 0aPWTYP 8L^TWLXLYT8PdP] 2`L]OTLY^ ZQ ?LXTWYLO`% 1ZWV OPT_TP^ QZWV ]PWTRTZY 3TYO` _SP XP^ 3LWWP% 1]LYNVP >_TQ_`YRPY e` 3LWWP  "Q ##Q Q& BTWWTLX >Lc w3PTW]T_`LWP OP] /LWT_^ TX TYOT^NSPY EPY_]LW3TXLWLdLx TY =T_`LWOdYLXTV% 6`W _`]ÞMP]R]PTQPYOP >_`OTPY e`] ?SPZ]TP `YO 2P^NSTNS_P ]T_`PWWPY 3LYOPWY^ PO /TP_]TNS 3L]_S LYO 2P]]T_ 5L^[P] >NSPYV 3PTOPWMP]R% >dYNS]ZY  !z"$ ! 1Z] L RZZO M]TPQ ^`XXL]d ^PP .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx ! .Q LW^Z _SP XZ]P ]PNPY_ ^_`OTP^ TY 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_  PO 5LY 08 3Z`MPY LYO aLY -`T_PYPY w, M]TPQ ST^_Z]d ZQ _SP WLYR`LRP^ TY 4YOTLx !z

>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P



_P]bL]O^ LN]Z^^ w2]PL_P] 4YOTLx ,_ _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L bP QTYO YZ_ ZYWd _SP MT]_S ZQ 3TYO`T^X L^ bP VYZb T_ _ZOLd  [¼U£ ]T_`LW TXLRP bZ]^ST[ `YTaP]^LW 7Z]O 2ZO^ _PX[WP N`W_`]P P_N M`_ LW^Z L^ >SPWOZY ;ZWWZNV XLTY_LTY^ L w>LY^V]T_ NZ^XZ[ZWT^x ! ;ZWWZNV `^P^ _ST^ _P]X _Z OPYZ_P L SZXZRPYPZ`^ N`W_`]P LYO `YTQdTYR [ZWT_TNLW aT^TZY _SL_ WL^_PO QZ] ^ZXP   dPL]^ LYO Pc_PYOPO Q]ZX 5LaL _Z ,QRSLYT^_LY ?ST^ wRWZMLW [ZbP]^[SP]P ZQ >LY^V]T_x ^_L]_PO bSPY >LY^V]T_ WZYR L ^LN]PO WLYR`LRP QZ] WT_`]RTNLW `^P Pc_PYOPO T_^ Q`YN_TZY _Z WT_P]L]d LYO [ZWT_T NLW Pc[]P^^TZY `YOP] _SP TX[LN_ ZQ b]T_TYR 9Zb >LY^V]T_ bL^ `^PO QZ] LP^_SP_TNTeL_TZY ZQ [ZWT_TNLW [ZbP] LYO VTYR^ST[ ]£UdL _S]Z`RS L]_Q`W [ZP_]d V£adL  ! ,NNZ]OTYR _Z ;ZWWZNV L_ L]Z`YO   ,/ SZbPaP] _SP]P bL^ L ^STQ_ _Z WT_P]L]d []ZO`N_^ TY _SP aP]YLN`WL] LYO ]PRTZYLW QZ]X^ ZQ L waP]YLN`WL] NZ^XZ[ZWT^x 4Y _ST^ ^STQ_ _SP N`W_`]LW aLW`P ZQ >LY^V]T_ ^_TWW [WLdPO L aT_LW ]ZWP ^TYNP _SP waP]YLN`WL] NZ^XZ[ZWT^x MZ]]ZbPO SPLaTWd Q]ZX >LY^V]T_ TY _P]X^ ZQ WT_P]L_`]P LYO WLYR`LRP ! LYO ^TX`W_LYPZ`^Wd _SZ]Z`RSWd XP_LXZ][SZ^PO _SP >LY^V]T_ NZ^XZ[ZWT^ Md `^TYR _SP WZNLW WLYR`LRP _Z RTaP [ZWT_d L OPWTMP]L_P ]PRTZYLW ML^P !! ;ZWWZNV L__]TM`_P^ L Q`YOLXPY_LW ]ZWP _Z _SP P[TN^ =£X£dL©L MPTYR _SP wQT]^_ [ZPXx Z] V£adL TY 4YOTLY ST^_Z]d !" LYO 8LS£MS£]L_L ]PNPTaPO L^ L wbZ]V ZQ [ZWT_TNLW _SPZ]dx !# MZ_S TY OT^^PXTYL_TYR >LY^V]T_ N`W_`]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^   #z$ ! >PP ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  z!  # $$ [L]_TN`WL]Wd ! LYO TY QLN_ _SP bSZWP STRSWd P]`OT_P bZ]V ?SP wX`_`LWWd NZY^_T_`_TaPx ]PWL_TZY^ST[ MP_bPPY ]£UdL VTYR^ST[ LYO [ZbP] LYO V£adL WT_P]L_`]P TY _SP ^_]TN_ ^PY^P ZQ Pc[]P^^TaP LYO L]_Q`W WT_P]L]d []ZO`N_TZY MZ`YO _Z b]T_TYR QZ]X^ _SP XLUZ] _SP^T^ ZQ ;ZWWZNVv^ MZZV 1Z] L ^`XXL]d ZQ _SP NZX[WPc ST^_Z]TNLW []ZNP^^P^ SP Z`_WTYPO ^PP TMTO  ;ZWWZNVv^ L] R`XPY_^ QZ] L []PXZOP]Y wRWZMLW N`W_`]P QZ]XL_TZYx TMTO   _SP ^`[]L]PRTZYLW OTXPY^TZY ZQ w_SP N`W_`]P[ZbP] ^[SP]P ZQ >LY^V]T_x TMTO  T_^ \`L^T`YTaP]^LW ^[]PLO w_Z _SP PYO^ ZQ _SP SZ]TeZY^x LNSTPaPO Md _SP YPb WT_P]L]d TYaPY_TZY^ []L²L^_T TY^N]T[_TZYLW ]ZdLW [LYPRd]TN LYO V£adL TMTO  "z # LYO T_^ ^`NNPPOTYR w_]LY^N`W_`]L_TZYx TY_Z XZ]P WZNLWTePO NZY_Pc_^ TMTO  [Z^P L OPWTMP]L_P NSLW WPYRP _Z OPNZY^_]`N_TaP _SPZ]TP^ ZQ 3TYO`T^X LYO 4YOTLY N`W_`]P bSTNS SLO _SPT] SPd OLd TY _SP $$^ ! ?SP aP]YLN`WL] WT_P]L_`]P XT]]Z]PO >LY^V]T_ TY _P]X^ ZQ R]LXXL] wR]LXXL_TNTeL_TZYx LYO w[STWZWZRTeL_TZYx LYO WT_P]L]d NZOP^ LYO Md SPLad MZ]]ZbTYR Q]ZX _SP >LY^V]T_ WPcTNZY >PP ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^ !z"$ $ z !! ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  #z$ #z! !" .ZY^TOP] SZb ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^   TY_]ZO`NP^ _SP =£X£dL©L % w4_^ YZaPW_d bL^ _SPXL_TePO TY _SP >LY^V]T_ _]LOT_TZY T_^PWQ bT_S _SP ^_Z]d ZQ _SP TYaPY_TZY ZQ V£adL _ZWO TY _SP []PW`OP  4Y ]PQWPcTaPWd Q]LXTYR T_^ ZbY Z]LWT_d TY L bLd _SL_ bZ`WO MP TX[Z^^TMWP TY L []PWT_P]L_P bZ]WOx Z`] PX[SL^T^ :Y ;ZWWZNVv^ L]R`XPY_ ^PP LW^Z TMTO   !# ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^ " :Y Z`] L]R`XPY_ T_ T^ bZ]_SbSTWP NZY^TOP] TYR SZb ;ZWWZNV TY_]ZO`NP^ _ST^ PXTYPY_ >LY^V]T_ 3TYO` NZ]P _Pc_ Z`] PX[SL^T^% w _SP OT^^PXTYL_TZY ZQ T_^ XLY`^N]T[_^ LYO _SP OT^_]TM`_TZY ZQ ]ZdLW PYOZbXPY_^ QZ] T_^ NZY_TY`LW ]PNT_L_TZY LN_`LWTePO WT_P]L]d ^[L_TLWT_d _`]YTYR ]P[]P^PY_L_TZY^ TY_Z NZX[Z

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



LYO TY _]LY^QZ]XTYR T_ TY_Z WZNLW N`W_`]P^ Md XPLY^ ZQ aP]YLN`WL] aP] ^TZY^ _SL_ ]PRTZYLWTePO _SP P[TN bZ]WO !$ ?Z `^P XZOP]Y _P]XTYZWZRd WTVP ;ZWWZNV ZYP NLY ^Ld TY ^`XXL]d _SL_ _SP R]PL_ P[TN^ SLO L VPd TX[LN_ ZY _SP QZ]XL_TZY ZQ L []PXZOP]Y RWZMLW N`W_`]P _]LY^N`W_`]L_TZY LYO RWZNLWTeL_TZY BP LR]PP bT_S ;ZWWZNV _SL_ _SP ^[PNTQTNLWWd LP^_SP_TN OTXPY^TZY ZQ WT_P]L]d []ZO`N_^ SL^ L [L]_TN`WL]Wd OPNT^TaP ]ZWP TY TYaZVTYR NZWWPN_TaP MPWZYRTYR LYO ^ZNTLW _TP^ ?SP LP^_SP_TN ^TOP ZQ L _Pc_ T^ XZ]P _SLY L XP]P L]_T^_TN Pc_]L LYO T_^ ]PNP[_TZY NLYYZ_ MP ]PO`NPO _Z TYOTaTO`LW PYUZdXPY_ ZQ L]_ Md _SP XZ]P PO`NL_PO XPXMP]^ ZQ ^ZNTP_d 4_ QT_^ ]TRS_ TY bT_S _SP SPL]_ ZQ Z`] ^_`Od _SL_ OP^[T_P ;ZWWZNVv^ ^_]ZYR PX[SL^T^ ZY WT_P]LNd SP ]P[PL_POWd ^_]P^^P^ _SP TX[Z]_LYNP ZQ _SP ^[ZVPY bZ]O LYO ^[PLV^ ZQ L w[SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_x =PXL]VLMWd SP YZ_P^ _SL_ V£adL >LY^V]T_ L]_T^_TN WT_P]LNd bL^ wQ`WWd ]PLWTePO ZYWd TY [`MWTN [P]QZ]XLYNPx " LYO _SL_ _SP bZ]WOaTPb TY _SP >LY^V]T_ P[TN^ TY^N]TMPO T_^PWQ ZY_Z [`MWTN NZY^NTZ`^YP^^ YZ_ Md MPTYR QTcPO TY b]T_TYR M`_ Md NZY_TY`LW ]PNT_L_TZY " ?ST^ []ZXTYPYNP ZQ PXMZOTPO [P]QZ]XLYNP Pc _PYOPO TY_Z _SP aP]YLN`WL] bZ]WO^% w?SP bZ]V ZQ L WT_P]L_P [ZP_ []Z O`NPO TY b]T__PY QZ]X _SP 8£YL^ FZQ ?`W^¯O£^H bL^ OT^^PXTYL_PO QL] XZ]P bTOPWd ZY _SP WT[^ ZQ bLYOP]TYR [P]QZ]XP]^ _SLY ZY [LWX WPLaP^x " >`NS WTaTYR NZXX`YTNL_TZY ^d^_PX^ SLaP YZ_ OTPO Z`_ PaPY TY XZO P]Y _TXP^ 8TW_ZY >TYRP] ZM^P]aPO TY ST^ QTPWO ^_`OTP^ _SL_ wN`W_`]LW [P]QZ]XLYNP^x bP]P _SP XZ^_ NZYN]P_P ZM^P]aLMWP `YT_^ ZQ 4YOTLY N`W _`]P " 3P NZTYPO _SP _P]X wN`W_`]LW [P]QZ]XLYNP^x _Z ]PQP] _Z L WL]RP ^[PN_]`X ZQ ^PY^Z]d Pc[]P^^TZY^ ^`NS L^ ]T_`LW ]PLOTYR^ LYO Pc[Z^T _TZY^ ZQ ^LN]PO _Pc_^ OLYNTYR X`^TN _SPL_P] ^TYRTYR ZQ OPaZ_TZYLW ^ZYR^ LYO APOTN []LdP]^ bSTNS LNNZX[LYd XLYd ]T_P^ LYO NP]PXZYTP^ >TYRP] L]R`P^ YZ_ ZYWd _SL_ w>[ZVPY WLYR`LRP T^ _SP []PPXTYPY_ N`W _`]LW XPOT`X% T_ T^ _SP NZY^_T_`PY_ ZQ N`W_`]P ^dXMZWTeP^ PWPXPY_^ ZQ MPWTPQ LYO []LN_TNP LYO L^ LY LN_TaT_d L]_TN`WL_P^ bT_S Z_SP] L^[PN_^ ZQ ^ZNTZN`W_`]LW Z]RLYTeL_TZYx " 3P LW^Z LNNZ]O^ ]PWTRTZ`^ _Z[TN^ TY [L] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

!$ " " " " "

YPY_^ ZQ [Z[`WL] NZY^NTZ`^YP^^% [PZ[WP ]PNT_PO LYO WT^_PYPO _Z _SP 8LS£MS£]L_Lv^ ^_Z]d ZQ L XLN]Z^[LNP ZQ [ZbP] PaPY bSTWP _SPd TYSLMT_PO _SL_ aP]d ^[LNPx 4MTO " ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^   "Q z" ##z$ $z$"   ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  $# >PP LW^Z _SP PY_T]P NSL[_P]^ # TMTO $#z # ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  " ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  " 8TW_ZY >TYRP] w>PL]NS QZ] L 2]PL_ ?]LOT_TZY TY .`W_`]LW ;P]QZ]XLYNP^x TY >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^  !z# >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^ "!

>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P



_TN`WL] L NPY_]LW aLW`P TY N`W_`]LW QZ]XL_TZY _SP PXP]RPYNP ZQ [`MWTN LbL]PYP^^ LYO ^ZNTLW NZSP^TZY 1Z] PcLX[WP NZYNP]YTYR _SP ;`]£©L^ LYO _SPT] ^_Z]TP^ ZQ _SP RZO^ SP YZ_P^% w?SP aP]d _T^^`P ZQ _SP N`W_`]P T^ XLOP `[ ZQ ;`]£©TN _SPXP^ ;]LN_TNLWWd PaP]d N`W_`]LW [P]QZ]XLYNP TY NW`OP^ ZYP z TY ^ZYR OLYNP [WLd ]PNT_L_TZY LYO Pc[Z^T_TZYx " ?SP P[TN^ LW^Z ^_TWW SLaP L ^TXTWL] Q`YN_TZY ;ZWWZNV ]PLO^ _SPX L^ WT_P]L]d LYO [ZWT_TNLW []ZR]LX^ LYO YZ_ L^ ]PWTRTZ`^ _P^_TXZYTP^ BT_SZ`_ bT^STYR _Z OPYd _SP [ZWT_TNLW OTXPY^TZY^ LYO _SP NZY^_T_`_TaP WTYV MP _bPPY _SP [ZbP] _Z ]`WP LYO L]_T^_TN [ZP_]d ZYP X`^_ SZbPaP] L^V bSP_SP] ;ZWWZNV OZP^ YZ_ `YOP]P^_TXL_P _SP ]ZWP ZQ ]PWTRTZY TY TYOTaTO `LW LYO NZWWPN_TaP TOPY_T_d QZ]XL_TZY "! OPaZ_TYR _ZZ WT__WP L__PY_TZY _Z _SP [ZbP] ZQ ]PWTRTZ`^ WLYR`LRP LYO PXMZOTPO [P]QZ]XLYNP TY PaZVTYR ^PY_TXPY_^ LYO ^SL]PO aT^TZY^ "" ?SP ]PNT_L_TZY LYO [P]QZ]XLYNP ZQ _SP P[TN^ YZb LW^Z ^PPY ZY ?A M]TYR YZ_ ZYWd L [ZWT_TNLW aT^TZY _Z XTYO M`_ LW^Z XLVP _SP RZO^ ^`[P]YL_`]LW QZ]NP^ L ^SL]PO P_SZ^ LYO L NP]_LTY WTQP^_dWP []P^PY_ 9Z_ WPL^_ ^`NS ]PWTRTZ`^ ^[T]T_`LW LYO P_STN L^[PN_^ XLVP `[ _SPT] N`W_`]PQZ]XTYR [ZbP] ,P^_SP_TN WT_P]L]d Pc[]P^^TZY _SP]PQZ]P M]TYR^ LMZ`_ XZ]P _SLY XLVTYR wbSL_ T^ ]PLW ^`[P]]PLWx TY _SP [`MWTN NZY^NTZ`^YP^^ "# 1Z] _SP ]PNT[TPY_^ _SP RZO^ L[[PL] TY _SP bZ]WO LYO _SP ]PWTRTZ`^Wd ^`[P]]PLW MPNZXP^ LY PXMZOTPO ]PLWbZ]WO Pc[P]T PYNP 4Y _SP NL^P ZQ P[TN^ T_ T^ []PNT^PWd _ST^ WTYV _Z L ^LN]PO `YTaP]^P "$ _SL_ XLVP^ _SP ^ZNTZ[ZWT_TNLW aT^TZY ^TX`W_LYPZ`^Wd TX[L]_PO ^Z PQQPN _TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^ "! "! ,NNZ]OTYR _Z ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^   w]PWTRTZY SLO YZ N`W_`]LW WP_ LWZYP ^ZNTLW Z] [ZWT_TNLW ^LWTPYNPx 3P PX[SL^TeP^ _SP V£adL v^ _ST^bZ]WOWd WL`VTVL  [ZWT_TNLW LYO b]T__PY YL_`]P TMTO  "Q Z[ NT_ LYO ^`RRP^_^ _SL_ LW^Z aP]YLN` WL]TeL_TZY bL^ L NZ`]_Wd []ZUPN_ LYO _SP NZ`]_^ bP]P YZ_ NZYNP]YPO bT_S ]PWTRTZY TMTO z! ?SP `^P ZQ _SP aP]YLN`WL] TY ]PWTRTZ`^ NZY_Pc_^ T^ ^PPY L^ L ^PNZYOSLYO [Z[`WL] ]P^[ZY^P _Z _SP wNZ^XZ[ZWT_LY aP]YLN`WL]TeL_TZYx ZQ _SP ]ZdLW NZ`]_^ TMTO  5ZSY 9PXPN ]LT^PO OZ`M_^ TY ST^ ]PaTPb  5Z`]YLW ZQ _SP ,XP]TNLY ,NLOPXd ZQ =PWTR TZY "  "% "z LMZ`_ _ST^ NWLTX LYO [ZTY_PO Z`_ _SP NZPcT^_PYNP Z] MZ_S QZ]X^ TMTO  "" .ZY^TOP] SZb ^_]ZYRWd PaPY ST^ XZ^_ `YP\`TaZNLW [ZWT_TNLW WT_P]L]d PaTOPYNP _SP SdXYTN [LYPRd]TN^ []L²L^_T  ]P^Z]_ _Z ]PWTRTZ`^ TXLRP]d _Z []LT^P _SP VTYR^v QLXP aT]_`P LYO aLWZ] ?SP []L²L^_T^ NZY^_]`N_ L _d[P ZQ []PXZOP]Y wNTaTW ]PWTRTZYx Md ^_dWTYR _SP VTYR^ YZ_ ZYWd L^ [TZ`^ OZYZ]^ M`_ LW^Z L^ 7Z]O 2ZO^ Q`WQTWWTYR L ^LWaL_TN XT^^TZY LYO MPQZ]P bSZX PaP]dMZOd MZb^ .Q ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^ !# QQ " Q  "z    # Q z# z! ! Q "# ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  ! "$ 4Y _SP NL^P ZQ _SP =£X£dL©L _SP OTaTYT_d ZQ _SP OPXZY^WLdTYR SP]Z =£XL bL^ ZQ NZ`]^P L WL_P] OPaPWZ[XPY_ _SL_ OTO YZ_ dP_ PcT^_ TY PL]Wd _TXP^ RZTYR MLNV MPQZ]P _SP .ZXXZY 0]L -`_ _SP PL]Wd aP]^TZY bL^ LW]PLOd QTN_TZY Q`WW ZQ XT]LN`WZ`^ PaPY_^ LYO Y`XTYZ`^ QZ]NP^ _SL_ _]LY^NPYO MTZWZRTNLW WTQP LYO YZ]XLW OLTWd ]Z`_TYP 0aPY TY _ST^ NL^P ZYP NLY ^PP L ^LN]TWTeTYR Q`YN_TZY TY _SP P[TN bZ]WOaTPb



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

>]TYTaL^ LYO >TYRP] OPXZY^_]L_P _SP OPY^P TY_P]QLNP MP_bPPY ]PWTR TZY LYO ^ZNTP_d BP ^SL]P >TYRP]v^ []LRXL_TN _`]Y _ZbL]O _SP TYQW`PYNP ZQ ]PWTRTZY TY OLTWd NZYO`N_ LW_SZ`RS Z`] QZN`^ T^ YZ_ []TXL]TWd ZY ^Z NTLW ^_]`N_`]P^ M`_ ZY _SP ^PY^Z]d L^[PN_^ ZQ ]PWTRTZY LYO ]PWTRTZ`^ NZXX`YTNL_TZY BP ^SL]P ;ZWWZNVv^ XLN]Z[P]^[PN_TaP LYO _SP L__PY _TZY _Z WT_P]L]d []ZO`N_TZY^ LYO _SP LP^_SP_TN^ ZQ _Pc_^ BP L__PX[_ _Z ^SZb _SL_ _SP]P bL^ YZ_ ZYWd L XZaP Q]ZX _SP ^LN]PO _Z _SP ^PN`WL] ^[SP]P M`_ LW^Z L ]P^LN]LWTeL_TZY ZQ ^NTPYNP ²£^_]L LYO WT_P]L_`]P V£adL _S]Z`RS _SP LP^_SP_TN^ ZQ ^Z`YO LYO ]PWTRTZ`^ TXLRP]d BSP]PL^ ;ZWWZNVv^ NZYNP]Y T^ _SP ^dXMZWTN PWPaL_TZY ZQ XL_P]TLW b]T__PY TY Z]OP] _Z PYSLYNP [ZWT_TNLW [ZbP] # Z`] NZYNP]Y T^ _SP ^dXMZWTN PWPaL_TZY ZQ ^[PPNS LYO ^Z`YO `^PO _Z PaZVP bZ]WO_]LY^NPYOTYR [ZbP]^ []ZXZ_P SZWT^_TN bZ]WONZY^_]`N_TZY^ QZ^_P] ^[T]T_`LW L`_SZ]T_d LYO PYSLYNP ]PWT RTZ`^ ^PY_TXPY_^ /P^[T_P b]T__PY _]LOT_TZY^ ^ZYTN LbL]PYP^^ SLO WL^_ TYR aLW`P TY N`W_`]LW ]P[]ZO`N_TZY MZ_S bT_STY LYO MPdZYO ]PWTRTZY 4_ T^ YZ_PbZ]_Sd _SL_ MZ_S ;ZWWZNVv^ ST^_Z]TNLW ^_`Od ZQ [ZWT_TN^ LYO WT_P]L_`]P LYO >TYRP]v^ NZY_PX[Z]L]d ^_`Od ZQ ]PWTRTZY LYO ^ZNTP_d NWPL]Wd OPXZY^_]L_P _SP N`W_`]LW ^TRYTQTNLYNP ZQ _SP ^[ZVPY LYO L`OTMWP bZ]O /P^[T_P L ^Z[ST^_TNL_PO WT_P]L]d b]T_TYR N`W_`]P _SP LP^_SP_TN^ ZQ _Pc_^ TY []LN_TNP LYO _SPT] LNZ`^_TN PXMZOTXPY_ bP]P VP[_ LWTaP 4YaP^ _TRL_TZY ZQ _ST^ N`W_`]LW NZY_TY``X _SP]PQZ]P L[[PL]^ ]PWPaLY_ QZ] _SP TYaP^_TRL_TZY ZQ LWW 4YOTLY NTaTWTeL_TZY ,_ _SP ]T^V ZQ ZaP] ^TX[WTQTNL_TZY ZYP NLY ^[PLV ZQ L ^ZYTN N`W_`]LW [L__P]Y :Q NZ`]^P _SP]P L]P Z_SP] L^[PN_^ TY LOOT_TZY _Z LNZ`^_TN^ LYO TY QLN_ ^Z`YO T_^PWQ PcT^_^ bT_STY L ^dYLP^_SP_TN NZX[WPc TYNW`OTYR aT^`LW N`W_`]P XZaPXPY_^ P_N 8Z]PZaP] L^ bT_S LYd TOPLW _d[P _SP ^ZNTLW ]PLWT_d T^ X`NS XZ]P NZX[WPc TYNW`OTYR ST^_Z]TNLW M]PLV^ TYaP]^TZY^ LYO aL]TL_TZY^ LYO OTaP]^P ^ZNTLW ^P__TYR^ N`W_`]LW [WLdP]^ LYO R]Z`[^ PaPY bT_STY ZYP LYO _SP ^LXP _TXP [P]TZO -`_ ^_TWW bP _STYV T_ T^ QLT] _Z ^[PLV ZQ _SP ^ZYTN _SP Z]LW LYO _SP WT_P]LW PcT^_TYR ^TOP Md ^TOP bSTWP L`OTMWP NZXX`YTNL _TZY ]PXLTYPO XZ]P TX[Z]_LY_ L^ L N`W_`]LW [L__P]Y ?SP _SPXL_TN LYO L_SPXL_TN NZY^P\`PYNP^ ZQ _ST^ [SZYZNPY_]TN WTQPbZ]WO L]P _SP]PQZ]P ZQ [L]_TN`WL] TY_P]P^_ 1Z] PcLX[WP _SP TY_PY^TaP L__PY_TZY _Z WLYR`LRP R]LXXL] LYO WTYR`T^_TN^ _SL_ NSL]LN_P]TePO >LY^V]T_ N`W_`]P PaPY MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^  # ?SP PYSLYNPXPY_ ZQ [ZWT_TN^ Md WT_P]L]d []ZO`N_TZY^ bL^ [L]_TN`WL]Wd TX[Z]_LY_ TY _SP aP]YLN`WL] bZ]WO^% w aP]YLN`WL]TeL _TZY T_^PWQ  bL^ L N`W_`]LW[ZWT_TNLW OPNT^TZY LYO ZQ_PY L Q]L`RS_ ZYP 4_ PY_LTWPO LMLYOZYTYR L NZ^XZ[ZWT_LY NZOP LYO ]LOTNLWWd _]LY^QZ]XTYR WZNLW WLYR`LRP []LN_TNP^ TY LNNZ]OLYNP bT_S _SP Pc[]P^^TaP YZ]X^ ZQ _SL_ OZXTYLY_ XZOPW LYO T_ XPLY_ L[[Wd TYR _Z _SZ^P []LN_TNP^ L NP]_LTY _PNSYZWZRd b]T_TYR _SL_ SLO YPaP] []PaTZ`^Wd MPPY L[[WTPO _Z _SPXx TMTO $$ >PP LW^Z TMTO % w PL]Wd^PNZYOXTWWPYYT`X NZ`]_^ ^Z`RS_ _Z ]PNL[T_`WL_P _SP TX[P]TLW LP^_SP_TN ZQ _SP >LY^V]T_ NZ^XZ[ZWT^ L_ _SP ]PRTZYLW WPaPW _SP]PMd []ZO`NTYR L NZ^XZ[ZWT_LYaP]YLN`WL] ^_dWP TY MZ_S WT_P]L_`]P LYO [ZWT_d L^ L Q`YOLXPY_LW ^_]L_PRd ZQ N`W_`]LW TYOTaTO`L_TZY TQ YZ_ [ZWT_TNLW ^PWQTOPY_TQTNL_TZYx

>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P



QZ]P _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L NLY MP ^PPY L^ L ]PQWPcTaP L[ []LT^LW ZQ _ST^ ^Z`YONPY_P]PO bZ]WO :aP] _SP NPY_`]TP^ _SP]P SL^ MPPY L VPPY LbL]PYP^^ ZQ _SP [ZbP] ZQ WLYR`LRP TY bZ]WONZY^_]`N_TZY LYO T_^ ^PXLY_TN LYO [SZYP_TN NL[LNT_TP^ _Z N]PL_P ^dXMZW^ LYO TXLRP^ ZQ MPWZYRTYR _Z L WL]RP] ^[SP]P ?SP]P bL^ L ^_]ZYR _PYOPYNd _Z aTPb _SP ^Z`YO ZQ WLYR`LRP T_^PWQ L^ L SZWT^_TN NZ^XTN ^dXMZW LYO ]PRL]O ^[PPNS LN_^ LMZaP LWW XLY_]L `__P]LYNP L^ L XPLY^ ZQ PX[ZbP]XPY_ LYO ^PWQ _]LY^QZ]XL_TZY BSTWP >TYRP]v^ XTN]Z[P]^[PN_TaP LYLWd^T^ PX[SL^TeP^ [`MWTN [P] QZ]XLYNP^ L^ OT^_TYN_ N`W_`]LW `YT_^ _S]Z`RS bSTNS ^ZNTP_LW Z]RLYTeL_TZY NLY MP OPNZOPO LYO ;ZWWZNVv^ XLN]Z[P]^[PN_TaP LYLWd^T^ ]PQWPN_^ ZY N`W_`]LW `YT_d M]Z`RS_ LMZ`_ Md [ZWT_d LYO b]T__PY [ZP_]d bP bT^S _Z PX[SL^TeP WT_P]L]d aT]_`LW LYO ]PLWbZ]WO [P]QZ]XLYNP^ Pc[]P^^TYR L N`W_`]P ZQ ^Z`YO BP PX[SL^TeP YZ_ Z]LWT_d M`_ _SP [P]NP[_TZY ZQ ^Z`YO LYO bLY_ _Z ^SZb _SL_ ^Z`YO T^ L []PPXTYPY_ [L]LOTRX MZ_S TY _SP ]PWTRTZ`^ ^[SP]P LYO MPdZYO 4Y _SP ^ZNTLW N`W_`]LW LYO ]PWTRTZ`^ QTPWO^ _SP [SZYZNPY_]TN P[T^_PXP ZQ _SP >LY^V]T_ WLYR`LRP SLO MZ_S ]T_`LW TX[LN_^ TY _SP QZ]X ZQ Z]LWL`]LW NZXX`YTNL_TZY ^d^_PX^ LYO LW^Z PQQPN_^ TY [STWZ^Z[STNLW LYO NZ^XZWZRTNLW OT^NZ`]^P L^ bPWW L^ ^LN ]LWTeTYR TX[LN_^ TY _SP ^NTPYNP^ X`^TN P_N ?SP NZX[Z`YO _P]X w[SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_x T^ _SP]PQZ]P aP]d L[_ MPNL`^P [SZYZNPY_]TNT_d TY QLN_ SLO YZ_ ZYWd []LN_TNPZ]TPY_PO NZY^P\`PYNP^ M`_ LW^Z P[T^_PXZWZRTNLW ZYP^ ]PWL_TYR _Z N`W_`]LW LYO [P]^ZYLW TOPY_T_d Md XPLY^ ZQ ^dXMZW ^d^_PX^ []ZaTOTYR XPLYTYR ^LN]LWTeL_TZY^ LYO NZY ^_]`N_TZY^ ZQ L bZ]WOaTPb ;ZWWZNV O]Pb L__PY_TZY _Z NPY_]LW [ZTY_^ _SL_ bP LW^Z ]PRL]O L^ TX [Z]_LY_ QZ] Z`] ^_`Od LYO bTWW PWLMZ]L_P ZY TY _SP ^`NNPPOTYR NSL[_P]^% _SP YPNP^^T_d ZQ YZ_ TOPY_TQdTYR ]PWTRTZY LYO Z_SP] N`W_`]LW L]PL^ _ZZ SL^_TWd LYO _SP QLN_ _SL_ [L__P]Y^ ZQ `YTQTNL_TZY LYO NZY^NTZ`^ [W`]LWT_d L]P YZ_ X`_`LWWd PcNW`^TaP LYO SZXZRPYTeTYR _PYOPYNTP^ LYO TOPL^ ZQ L NZXXZY N`W_`]P L]P YZ_ U`^_ L []ZO`N_ ZQ XZOP]Y _TXP^ 9Z_ WPL^_ SP ^SZbPO _SL_ >LY^V]T_ N`W_`]P T^ L STRSWd WT_P]L_P ZYP z L QLN_ _SL_ SL^ YPaP] []PNW`OPO _SP NZPcT^_PYNP ZQ Z]LWT_d LYO WT_P]LNd



;Z^_ :]TPY_LWT^X% =PWTRTZY LYO >LY^V]T_ 3TYO`T^X

4Y _SP WL^_ OPNLOP TY ]PWTRTZ`^ LYO ^ZNTLW ^_`OTP^ LYO TY 4YOZWZRd T_ SL^ Q]P\`PY_Wd MPPY L]R`PO _SL_ ]PWTRTZY bL^ wTYaPY_POx TY 4YOTL ZYWd ]P NPY_Wd TP L^ L ^`M^d^_PX ZQ XZOP]Y `]MLYTePO TYO`^_]TLWTePO LYO ^PN`WL]TePO ^ZNTP_d bSP]PL^ _]LOT_TZYLW 4YOTL OTO YZ_ PaPY SLaP L bZ]O

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

QZ] T_ LYO OTO YZ_ OT^_TYR`T^S ]PWTRTZ`^ LYO YZY]PWTRTZ`^ ^[SP]P^ # 3TY O`T^X LYO _SP NZY^_]`N_TZY ZQ L `YTQZ]X N`W_`]P bP]P T_ bL^ ^LTO NZWZ YTLW []ZO`N_^ ZQ _SP YTYP_PPY_S NPY_`]d # ,W_SZ`RS bP [L]_TLWWd LR]PP bT_S _SP^P L]R`XPY_^ bP OZ YZ_ LR]PP _SL_ ]PWTRTZY Z] 3TYO`T^X L^ L OT^NP]YTMWP ]LYRP ZQ [SPYZXPYL w;SÆYZXPYMP]PTNSx T^ L XZOP]Y wTYaPY_TZYx :Q NZ`]^P _SP `^P ZQ _SP ^TYR`WL] T^ XT^WPLOTYR MPNL`^P T_ XL^V^ _SP [W`]LWT_d ZQ ]PWTRTZ`^ QZ]X^ ;ZWWZNV ]TRS_Wd [ZTY_PO Z`_ _SL_ PaPY TY NWL^^TNLW 4YOTL ZQ _SP []P XZOP]Y P]L [PZ[WP bP]P LbL]P ZQ _SP OT^_TYN_TZY MP_bPPY ]PWTRTZY LYO Z_SP] L^[PN_^ ZQ N`W_`]P bSTNS T^ Pc[]P^^PO TY [LT]^ ZQ _P]X^ WTVP [£]LX£]_STVL ^L_ LM^ZW`_P ]PLWT_d LYO ad£aLS£]TVL ^L_ PX[T]TNLW PaP ]dOLd ]PLWT_d WL`VTVL bZ]WOWd LYO LWL`VTVL ^`[P]YL_`]LW # LYO £^_TVL MPWTPaTYR LYO Y£^_TVL YZYMPWTPaTYR # BSTWP ;ZWWZNV T^ TY_P] P^_PO TY _SP ^PN`WL] L`_ZYZXd ZQ _SP [ZP_^ LYO [ZWT_TNTLY^ bP L]P TY_P] P^_PO TY _SP OT^_TYN_TZY LYO TY_P]LN_TZY ZQ ]PWTRTZ`^ LYO YZY]PWTRTZ`^ QTPWO^ bSTNS NP]_LTYWd TYNW`OP^ L OTQQP]PY_TL_TZY MP_bPPY ]PWTRTZY LYO ^ZNTP_d 9Z_ ZYWd _SP Z]_SZOZc -]LSXTY^ LYO Z_SP] ]PWTRTZ^T L__LNSPO TX[Z]_LYNP _Z L OT^_TYN_TZY MP_bPPY OSL]XL ^ZNTLW P_STN^ LYO XZV´L WTMP]L_TZY M`_ ^Z OTO _SP bZ]WOWd [ZP_^ OT^_TYR`T^S ^PWQNZY^NTZ`^Wd _SPT] YZY]PWTRTZ`^ LN_TaT_TP^ Q]ZX ]PWTRTZ`^ []LN_TNP^ ?SP bPWWVYZbY N]PL_Z]^ ZQ _SP ]PQTYPO [ZPX^ ZQ NZ`]_Wd `]MLYP N`W_`]P _SL_ bP L]P RZ TYR _Z TY_]ZO`NP ]PRL]OPO _SPX^PWaP^ L^ ^PN`WL] LYO ^Z[ST^_TNL_PO ?SPd SLO SL]OWd LYd TY_P]P^_ TY _SP ^LN]POYP^^ ZQ WLYR`LRP LYO ^Z`YO bSTNS bL^ ^Z TX[Z]_LY_ _Z ]PWTRTZ^T ZQ aL]TZ`^ [P]^`L^TZY^ LYO [L]_ ZQ [Z[`WL] N`W_`]P 7L_P] [ZP_]d _ZZV ZY LY TYN]PL^TYRWd ]PWTRTZ`^ LYO OPaZ_TZYLW NZWZ] _SL_ _SP wRPY`TYPx [ZP_^ LYO L]_ _SPZ]T^_^ SLaP YPaP] ]PLWWd LN NP[_PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP QZ] TY^_LYNP -PNVP 3TYO`T^X`^ z# bSZ Pc[WLTY^ _SP YPbYP^^ ZQ ]PWTRTZY bT_S 9TVWL^ 7`SXLYYv^ _SPZ]d w^d^_PX _SPZ]dx ZQ ^ZNTLW ^_]L_TQTNL_TZY # BPWW ^`XXL]TePO TY /LaTO 9 7Z]PYePY BSZ 4YaPY_PO 3TYO`T^X* 0^^Ld^ ZY =PWTR TZY TY 3T^_Z]d 9Pb /PWST% DZOL ;]P^^ ! z! # ?SP _PYOPYNd ZQ NLWWTYR [ZP_]d w^`[P]YL_`]LWx LW^Z WPO _Z NZY^NTZ`^ QW`TOT_TP^ SZb PaP] .Q ,YYP__P BTWVP wu>_TXX`YRPYv `YO uE`^_ÆYOPv z 4YOT^NSP ¦^_SP_TV `YO 2P QÞSW^]PWTRTZ^T_Æ_x TY 9ZNS PTYP .SLYNP QÞ] OTP =PWTRTZY^[SÆYZXPYZWZRTP*  PO ,cPW 8TNSLPW^ -P]YP% 7LYR  z! # 4Y _SP OT^NZ`]^P L^ T_ T^ _]LOT_TZYLWWd _L`RS_ £^_TVL wMPWTPaTYR MPWTPaP]x bL^ ZQ_PY P\`L_PO bT_S aLTOTVL wAPOTNx _SL_ T^ MPWTPQ TY _SP APOTN ]PaPWL_TZY bSTWP Y£^_TVL OPYZ_PO _]LOT_TZY^ _SL_ OTO YZ_ LNNP[_ _SP APOL 3ZbPaP] Y£^_TVL bL^ ^[PNTQTNLWWd `^PO QZ] _SP XL_P]TLWT^_TN LYO Pc[WTNT_Wd L_SPT^_TN .Ã]a£VL [STWZ^Z[Sd 9£^_TVL T^ _SP]PQZ]P LW]PLOd LW^Z _]LOT_TZYLWWd L^^ZNTL_PO bT_S NZX[WP_P w^PN`WL]TeL_TZYx LYO [`]PWd []ZQLYP WTQP^_dWP^ bSTWP £^_TVL RPYP]LWWd OPYZ_P^ MPWTPQ TY L _]LY^NPYOPY_LW bZ]WO ^`[P]YL_`]LW QZ]NP^ `YTaP]^LW OPT_TP^ P_N Z] _Z MP XZ]P WT_P]LW _SP NZYaTN _TZY _SL_ _SP^P _STYR^ PcT^_ TY L ]PLW bLd LYO NZY^P\`PY_Wd NLY MP ]PYOP]PO Md wMP WTPQx ?SP bZ]O ]ZZ_ L^ TYOTNL_P^ L \`LWT_d ZQ MPTYR bSTWP _SP YPRL_TZY Y£^_TVL OP YTP^ T_ ?SP]P T^ LW^Z L _]LOT_TZYLW >LY^V]T_ _P]X QZ] wQLT_Sx YLXPWd ²]LOOS£ 

>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P

"

4Y P_TN _P]X^ bP []Z[Z^P L^ L SP`]T^_TN OPQTYT_TZY ZQ ]PWTRTZY _SL_ ]PWTRTZY NLY MP OP^N]TMPO L^ LY LN_ ZQ _]LY^NPYOTYR _ST^ PaP]dOLd WTQP bZ]WO L_ _SP ^LXP _TXP XLVTYR ]PQP]PYNP _Z T_ LYO ^SL[TYR T_ OPNT^P aPWd # >`NS _]LY^NPYOPYNTP^ NLY NSLYRP LYO L]P ^`MUPN_ _Z [`MWTN OT^ NZ`]^P^ LYO [P]^ZYLW LYO R]Z`[]PWL_PO []POTWPN_TZY^ 3ZbPaP] _SP NZY^_LY_ QLN_Z] T^ _SL_ ]PWTRTZY [`_^ ^ZNTP_LW LYO TYOTaTO`LW S`XLY WTQP TY L M]ZLOP] NZY_Pc_ ZQ L ^LN]PO `YTaP]^P 4_ T^ _SP ]PQP]PYNP _Z ^`[P]YL_` ]LW ]P^Z`]NP^ _SL_ RTaP^ ]PWTRTZY ^[PNTLW L`_SZ]T_d LYO PQQTNLNd QZ] N]PL_ TYR NZWWPN_TaP MPSLaTZ]LW [L__P]Y^ L NZXXZY P_SZ^ LYO [P]^ZYLW XZ_T aL_TZY^ QZ] ZaP]NZXTYR NZY_TYRPYNd LYO RTaTYR Z]TPY_L_TZY Md []ZaTOTYR NZX[]PSPY^TaP ^dXMZW ^d^_PX^ _SL_ TX[L]_ XPLYTYR 4Y _ST^ ]P^[PN_ Z`] ^_`Od ZbP^ X`NS _Z MZ_S 0XTWP /`]VSPTX LYO 8Lc BPMP] LYO YZ_ WPL^_ _Z .WTQQZ]O 2PP]_e bSZ^P OPQTYT_TZY ZQ ]PWTRTZY^ L^ L wN`W _`]LW ^d^_PXx XLYLRPO _Z `YT_P /`]VSPTX LYO BPMP] 4_ L[[PL]^ TX[Z] _LY_ _Z `^ _Z PX[SL^TeP _SL_ ]PWTRTZ`^ ^dXMZW ^d^_PX^ L]P YZ_ ZYWd TX [Z^PO L^ YZ]XL_TaP LYO ^[]PLO _S]Z`RS _PLNSTYR M`_ L]P LW^Z ^_LRPO QZ] _SP ^PY^P^ ?SP PQQTNLNd ZQ ]PWTRTZY ^_PX^ YZ_ WPL^_ Q]ZX _SP QLN_ _SL_ L YP_bZ]V ZQ ]PWL_TZY^ MP_bPPY _SP bZ]WO LYO LM^ZW`_P ^`[P]YL_`]LW L` _SZ]T_TP^ T^ N]PL_PO LYO Pc[]P^^PO TY L XLYYP] _SL_ _SP ^PY^P^ NLY [P] NPTaP LYO L^ ^`NS T^ LW^Z Pc[P]TPYNPO TY L ]PLW bLd ?SP _P]X w>LY^V]T_ 3TYO`T^Xx ]PQP]^ _Z WT_P]L_`]P^ LYO []LN_TNP^ NZY_LTYTYR _SP^P TY_P][]P _L_TZY^ ZQ _SP bZ]WO LYO YP_bZ]V^ ZQ Q`YN_TZY^ Z] PWPXPY_^ ZQ _SP^P ?ST^ OPQTYT_TZY NZY^NTZ`^Wd LaZTO^ L QZN`^ ZY TY^_T_`_TZYLW ]PWTRTZY 3TYO`T^X VYZb^ YZ NPY_]LWTePO NS`]NSWTVP Z]RLYT^L_TZY L^ TY .S]T^_T LYT_d LYO TY XLYd bLd^ T^ OTQQ`^P ]L_SP] _SLY ^_]`N_`]PO bSTNS XLd MP O`P TY [L]_ _Z _SP LM^PYNP ZQ LY ZaP]L]NSTYR TY^_T_`_TZY ?SP]P L]P ZQ NZ`]^P ]PWTRTZ`^ TY^_T_`_TZY^ WTVP _PX[WP^ XL¶SL^ XZYL^_P]TP^ LYO ^LÀ[]LO£dL^ ^NSZZW _]LOT_TZY^ WTYPLRP^ ZQ TYT_TL_TZY LYO ^ZXP ZQ _SPX bP]P LMWP _Z P^_LMWT^S L NP]_LTY XZYZ[ZWd Z] ZWTRZ[ZWd bT_STY L NP]_LTY ]PRTZY ,Y ZWTRZ[ZWd bL^ NP]_LTYWd L__LTYPO Md _SP R]LYO OPT_TP^ ±TaL AT´©` TYNW`OTYR 6Ž´©L LYO =£XL LYO /Pa¯ _SP RZOOP^^ TY SP] XLYd QZ]X^ bSZ^P wOPYZXTYL_TZY^x bP]P ^[]PLO _S]Z`RSZ`_ 4YOTL bSTWP OPaPWZ[TYR R]PL_ ]PRTZYLW aL]TP_d -`_ _SP TX[Z]_LY_ _STYR T^ _SL_ YZ NPY_]LWTePO ^_]`N_`]P PXP]RPO =L_SP] bP QTYO L [W`]LWT^_TN XL]VP_ ZQ OTQQP]PY_ ]PWTRTZ`^ _]LOT_TZY^ _SL_ ^SL]P L R]PL_ Y`XMP] ZQ QPL_`]P^ Z] wQLXTWd ]P^PXMWLYNP^x BT__RPY^_PTY , XLUZ] ]PL^ZY bSd _SP _P]X w3TYO`T^Xx NZTYPO TY _SP YTYP_PPY_S NPY_`]d NLXP `YOP] L__LNV bL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?ST^ OPQTYT_TZY QZWWZb^ ZY Q]ZX _SP ^ZNTZWZRTNLW _]LOT_TZY ZQ ,WQ]PO >NSÞ_e ?SZXL^ 7`NVXLYY LYO 3`MP]_ 6YZMWL`NS .Q 6YZMWL`NSv^ OT^N`^^TZY ZQ ^dXMZWTN `YTaP]^LW^ L^ ^ZNTLWWd ZMUPN_TaTePO ^d^_PX^ ZQ XPLYTYR TY w?]LY^ePYOPYeP]QLS]`YR `YO ^dX MZWT^NSP 6ZXX`YTVL_TZY /TP [SÆYZXPYZWZRT^NS Z]TPY_TP]_P >ZeTZWZRTP `YO OTP VZXX`YTVL_TaP 6ZY^_]`V_TZY OP] =PWTRTZYx TY =PWTRTZY LW^ 6ZXX`YTVL_TZY  ! 

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_SL_ T_ T^ LY ZaP]^TX[WTQTPO NZWWPN_TaP _P]X NZ`[WPO bT_S _SP OTQQTN`W_d ZQ ^d^_PXL_TNLWWd _LNVWTYR _SP NZPcT^_PYNP ZQ [W`]LW LYO NZXXZY QZ]X^ , Y`XMP] ZQ L`_SZ]^ bSZ LNNP[_PO _SP _P]X 3TYO`T^X SLaP NZY ^_]`N_PO >LY^V]T_3TYO`T^X L^ L wNZWWPN_TaP ]PWTRTZYx LYO aTPb _SP NZYNP[_ ZQ OSL]XL L^ P\`TaLWPY_ _Z w]PWTRTZYx 4Y NZY_]L^_ bP NZY^_]`N_ >LY^V]T_ 3TYO`T^X L^ STRSWd TYOTaTO`LWT^_TN 9Z OZ`M_ OSL]XL SL^ MPPY LY TX[Z]_LY_ ^ZNTZ]PWTRTZ`^ YZ]XL_TaP ^d^_PX _SL_ []P^N]TMPO _SP TOPLW ^ZNTP_LW ^_LYOL]O^ LYO ]PR`WL_PO _SP wNL^_P ^ZNTP_dx bSTNS TY ]PLWT_d aL]TP^ bTOPWd Q]ZX ]PRTZY _Z ]PRTZY LYO _SP NPY_]LW TY^_T_`_TZY T^ _SP QLXTWd NWLY M`_ OSL]XL OZP^ YZ_ NZaP] _SP PY_T]P ]LYRP ZQ ]PWTRTZY #! 3TYO` ^Z_P]TZWZRd T^ PY_T]PWd TYOTaTO`LWT^_TN L^ T^ RZTYR _Z _SP _PX[WP bZ]^ST[ L_ _SP OZXP^_TN [¼U£ ^S]TYP _SP OPT_dOPT_TP^ NSZ^PY TY LOOT_TZY _Z _SP QLXTWd OPT_d NZXX`YTNL_TZY bT_S _SP OTaTYP LYO _SP aL]TP_d ZQ ]PWTRTZ`^ []LN_TNP^ P_N :Q NZ`]^P _ST^ ]PWTRTZ`^ TYOTaTO`LWT^X LYO ^`M UPN_TaT_d T^ `^`LWWd ^SL[PO Md QLXTWd _]LOT_TZY ]PRTZYLW N`^_ZX^ NL^_P ZMWTRL_TZY^ ^`NS L^ APOL NSLY_TYR Md _SP -]LSXTY^ R]Z`[ LYO RPY OP]^[PNTQTN ]T_`LW^ ^`NS L^ a]L_L QL^_^ QZ] bZXPY []LdTYR QZ] S`^MLYO^ LYO ^ZY^ LYO [LY4YOTLY NZYaPY_TZY^ ^`NS L^ bZ]^ST[TYR _SP RZO 2L©P²L QT]^_ Z] ZM^P]aTYR [`]T_d NZOP^ bSPY aT^T_TYR L _PX[WP P_N -`_ _SP XLUZ] L]R`XPY_ T^ _SL_ bT_STY L RPYP]LW Q]LXPbZ]V ZQ N`^_ZX^ ]P WTRTZY ZQQP]^ LY Pc_]PXP LXZ`Y_ ZQ QWPcTMTWT_d LYO [P]^ZYLW NSZTNP PR LMZ`_ bSTNS OPT_TP^ L]P L^^PXMWPO ZY _SP OZXP^_TN LW_L] P_N bSTNS OZP^ YZ_ PcT^_ TY ^ZNTLW WTQP ,YO _ST^ Q]PPOZX QZ] ^`MUPN_TaP Pc[]P^^TZY `YO [P]^ZYLW Pc[P]TPYNP XLd [Z^^TMWd MP ZYP ZQ _SP XZ^_ TX[Z]_LY_ ^ZNTLW Q`YN_TZY^ _SL_ ]PWTRTZY TY 3TYO` 4YOTL Q`WQTWW^ MP^TOP^ _SP XZ]P `YTaP]^LW ZYP^ XPY_TZYPO LMZaP& T_ ZQQP]^ _SP [Z^^TMTWT_d ZQ L [P]^ZYLW ]PWTRTZ`^ bZ]WO TY NZY_]L^_ _Z []ZR]LXXPO QLXTWd WTQP LYO ^ZNTLW WTQP bSTNS []ZaTOP WT__WP TYOTaTO`LW ^[LNP ?ST^ T^ ZQ NZ`]^P SPLad wTOPLW _d[Px NZY^_]`N_TZY TY _SP ^PY^P ZQ 8Lc BPMP] MPNL`^P TYOTaTO`LW^ ZQ_PY []LN_TNP _SP _d[P^ ZQ bZ]^ST[ QLXTWTL] TY _SPT] ZbY ]PRTZY LYO QLXTWd 8Z]PZaP] _SP TYOTaTO`LWT^X T^ RPYP]LWWd L wR]Z`[ TYOTaTO`LWT^Xx ^SL[PO QZ] TY^_LYNP Md R`]`OT^NT[WP WTYPLRP^ LYO ZQ _PY OP[PYOPY_ ZY wXTWTP`^x PR L^NP_TN NT]NWP^ PO`NL_PO SZ`^PSZWOP]^ P_N DP_ TYOTaTO`LW^ ^_TWW SLaP XZ]P Q]PPOZX _SLY TY .S]T^_TLYT_d QZ] TY^_LYNP 4YOTaTO`LW^ LYO R]Z`[^ O]Lb ]PWL_TaPWd Q]PPWd ZY _SP aL^_ ]P^ P]aZT] ZQ ^LN]PO WT_P]L_`]P^ LYO NZXMTYP ^PWPN_PO T_PX^ TY aL]TZ`^ bLd^ LYO TY XLYd QZ]X^ ZQ []LN_TNP ^`NS L^ ]PNT_L_TZY^ XLY_]L ]P[P_T_TZY NSLY_TYR XPOT_L_TZY P_N 4Q _SP]P T^ L ^PY^P ZQ L WL]RP]^NLWP NZWWPN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! ?SP _P]X OSL]XL SL^ ^ZXP_TXP^ MPPY `^PO TY ]PNPY_ _TXP^* L^ P\`TaLWPY_ _Z ]PWTR TZY ±LTaL/SL]XL ±£V_L/SL]XL P_N M`_ LYZ_SP] NZXXZY _P]X bL^ OL]²L©L waTPb[ZTY_x wbZ]WOaTPbx _SL_ bL^ Pc[LYOPO QZ] TY^_LYNP TY ?LY_]TN _Pc_^ ZQ _SP ±]¯aTOd£ _]LOT_TZY MPdZYO _SP NWL^^TNLW [STWZ^Z[STNLW ^NSZZW^ _Z ]PQP] _Z ]PWTRTZ`^ _]L OT_TZY^ Z] ^LX[]LO£dL^ >LTaL/L]²L©L >LV_L/L]²L©L P_N

>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P

$

_TaP L_ LWW T_ T^ ]ZZ_PO TY _SP [P]QZ]XLYNP N`W_`]P :aP]LWW T_ T^ [Z^^TMWP _Z NSL]LN_P]TeP 3TYO`T^X L^ L XL]VPO [P]QZ]XLYNP N`W_`]P TY bSTNS L`OTMWP _Pc_^ YPaP] WZ^_ _SPT] ^TRYTQTNLYNP >`NS [P]QZ]XLYNP^ PR _SZ^P O`]TYR _SP XLUZ] QP^_TaLW^ N]PL_PO L ^PY^P ZQ NZWWPN_TaT_d ^ZNTLW TY_PR]L_TZY LYO `YT_d TY OTaP]^T_d >Z bP ^[PLV NZY^NTZ`^Wd ZQ w^LN]PO _Pc_^x w]PWTRTZYx LYO w3TYO` T^Xx LYO NLWW QZ] _SP TYNW`^TZY ZQ PXTN [ZTY_^ ZQ aTPb @YOP] _SP TYQW` PYNP ZQ _SP N]T_TNLW OPML_P^ LYO OPNZY^_]`N_TaT^_ _SPZ]TP^ bSTNS SLO _SPT] SPdOLd TY _SP $$^ _SL_ bSTNS T^ ^LN]PO ]PWTRTZY LYO [L]_TN` WL]Wd 3TYO`T^X _ZZ SLaP OT^^ZWaPO TY_Z YZ_STYRYP^^ ^Z _Z ^[PLV ?SP OPML_P ZY _SP NZYNP[_ ZQ ]PWTRTZY LYO _SP wTYaPY_TZYx ZQ 3TYO`T^X TY _SP YTYP_PPY_S NPY_`]d M]Z`RS_ TX[Z]_LY_ TY^TRS_^ L XZ]P N]T_TNLW PdP QZ] []PNZYOT_TZY^ LYO :]TPY_LWT^X^ LYO X`NS ^N]`_TYd ]PRL]OTYR NZY NP[_`LW _ZZW^ ?SP OZbY^TOP bL^ LY PcLRRP]L_PO YZXTYLWT^X TYNWTYTYR _Z _SP N`]TZ`^ aTPb _SL_ bSP]P L bZ]O bL^ XT^^TYR _SP T_PX bL^ LW^Z XT^^TYR ,^ TQ ]PWTRTZY LYO 3TYO`T^X TY [L]_TN`WL] bL^ XP]PWd L NZY ^_]`N_TZY Md 0`]Z[PLY ^NSZWL]^ LYO _SPZWZRTLY^ _SP]P bL^ L _PYOPYNd _Z ]P^_]TN_ _SP LNLOPXTN ^_`Od ZQ ]PWTRTZY^ _Z ^ZNTLW ^NTPYNP^ LYO ^ZNTLW T^^`P^ #" ?SP PXTN [P]^[PN_TaP ZQ _SP L`NS_ZYZ`^ N`W_`]P^v ZbY ]P[]P ^PY_L_TZYLW bLd^ bL^ ZQ_PY ZQ WT__WP TY_P]P^_ TY P_TN LNLOPXTN OT^NZ`]^P LYO _SPZ]TeTYR :`] ^ZYTN N`W_`]LW ST^_Z]d OT]PN_^ ZYPv^ aTPb _Z TYOTRP YZ`^ WTQPbZ]WO^ LYO QZ]X^ ZQ ]P[]P^PY_L_TZY ?ST^ OZP^ YZ_ PWTXTYL_P _SP []ZMWPX ZQ LNLOPXTN ]P[]P^PY_L_TZY ^TYNP _SP ^NSZWL]v^ ]PNZY^_]`N _TZY T^ LWbLd^ ML^PO ZY NSZTNP ^PWPN_TZY L^^`XPO VYZbWPORP LYO TX [WTNT_ _SPZ]d BP LR]PP bT_S 5ZYL_SLY E >XT_S bSPY SP ^_L_P^ _SL_ ]P WTRTZY T^ _SP []ZO`N_ ZQ _SP ^NSZWL]v^ RPYP]LWTeTYR TXLRTYL_TZY ## 1Z] LYLWd_TNLW [`][Z^P^ bP L]P MZ`YO L^ ^NSZWL]^ _Z ^PWPN_ LYO RPYP]L_P RPYP]LWTeL_TZY^ LYO wTOPLW _d[P^x 8Lc BPMP] ?Z ^[PLV ZQ 3TYO`T^X L^ L wN`W_`]P ZQ ^Z`YOx T^ NP]_LTYWd LY LNLOPXTN NZY^_]`N_ _ZZ -`_ bP MPWTPaP _SL_ _SP]P L]P MP__P] LYO bZ]^P ]P[]P^PY_L_TZY^ LYO _SL_ PaPY _SP ST^_Z]d ZQ ^NTPYNP LYO _SPZ]d T^ ^`MUPN_ _Z NSLYRTYR QL^STZY^ ?SP [Z^_ NZWZYTLW N]T_TNT^X NZ]]PN_PO ZY_ZWZRTeTYR P^^PY_TLWT^X^ ZQ _SP w:]TPY_LW T^_^x ;ZWWZNVv^ ]P[]P^PY_L_TZY ZQ >LY^V]T_ N`W_`]P TY T_^ _`]Y NZ]]PN_^ ZYP^TOPO L^[PN_^ ZQ _SP [Z^_NZWZYTLW N]T_TNT^X _SL_ NZ`WO YZ WZYRP] [P]NPTaP LYd N`W_`]LW `YT_d L_ LWW , ]PNPY_ ^_`Od Md 7Z]PYePY \`P^ _TZYPO TY L ^TXTWL]Wd N]T_TNLW XLYYP] _SP _SP^T^ ZQ _SP wTYaPY_TZY ZQ 3TY O`T^Xx LYO ST^ L]R`XPY_ MLNVPO `[ bT_S L WL]RP MZOd ZQ XL_P]TLW ^SZb^ _SL_ T_ XLVP^ ^PY^P _Z VPP[ _SP _P]X w3TYO`T^Xx PaPY TQ T_ ]PLWWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" :YP ZQ _SP XLTY []Z[ZYPY_^ ZQ _ST^ _PYOPYNd T^ ?TXZ_Sd 1T_eRP]LWO ?SP 4OPZWZRd ZQ =PWTRTZ`^ >_`OTP^ 9Pb DZ]V% :cQZ]O @YTaP]^T_d ;]P^^  ## 5ZYL_SLY >XT_S 4XLRTYTYR =PWTRTZY% 1]ZX -LMdWZY _Z 5ZYP^_ZbY @YTaP]^T_d ZQ .STNLRZ ;]P^^ $# cT



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

T^ L []ZO`N_ ZQ _SP YTYP_PPY_S NPY_`]d z LW_SZ`RS YZ_ LY TYaPY_TZY ZQ _SP -]T_T^S M`_ L _P]X NZTYPO Md _SP 4YOTLY ]PQZ]XP] =LXXZSLY =Zd #$ ;]ZNP^^P^ ZQ `YTQTNL_TZY LYO RWZMLWTeL_TZY bSTNS L]P ZQ_PY L^^ZNT L_PO ZYWd bT_S XZOP]Y 3TYO`T^X LW]PLOd PcT^_PO TY _SP [L^_ L^ ;ZWWZNV NZYaTYNTYRWd ^SZb^ 4_ T^ [WL`^TMWP _SL_ _SP ]PLW ]PWTRTZ`^ OTaP]^T_d OP^ TRYL_PO Md _SP ^PO`N_TaP NZWWPN_TaP _P]X w3TYO`T^Xx bL^ SPWO _ZRP_SP] Md []PNT^PWd _SL_ w`YT_d ZQ [ZWT_dx _SL_ ;ZWWZNV OP^N]TMP^ LYO _SL_ T_ bL^ WP^^ _SP -]LSXLYTN aLW`P ^d^_PX ZY bSTNS >]TYTaL^ QZN`^PO _SL_ bL^ ]P^[ZY^TMWP QZ] _SP QZ]XL_TZY ZQ L NZXXZY N`W_`]P LYO XZ]P _SP ^ZNTZ[ZWT_TNLW `YTQTNL_TZY []ZNP^^P^ 3ZbPaP] ]PWTRTZ`^ TOPL^ LYO bZ]WOaTPb^ L]P LW^Z [ZbP]Q`W XZ_TaL_TZYLW ^Z`]NP^ L^ 8Lc BPMP] ]TRS_Wd NWLTXPO $ LYO `YTQTNL_TZY [L__P]Y^ L]P YZ_ NZYQTYPO _Z [ZWT_TN^ LWZYP 9L_TaP OT^NZ`]^P^ ZY N`W_`]LW LYO NZ^XTN SZXZRPYPT_d SLaP L WZYR LYO aL]TPO ST^_Z]d [L]_TN`WL]Wd TY _SP QTPWO ZQ ]PWTRTZY ?SP X`NS \`Z_PO APOTN OTN_`X _SL_ _SP :YP L[[PL]^ L^ 8LYd ‹A !! T^ U`^_ ZYP ZQ Y`XP]Z`^ ^`NS PcLX[WP^ 4YOTLY _SPZWZRTLY^ LYO [STWZ^Z [SP]^ YZ_ ZYWd _SP >X£]_L^ bSZ ]PXLTYPO WZdLW _Z _SP APOL NZY_TY` LWWd QZ`YO YPb QZ]X^ ZQ aT]_`LW Z] NZYNP[_`LW ^NSPXP^ ZQ ]PWTRTZ`^ `YT_d LYO SZWT^_TN TY_P][]P_L_TZY ZQ _SP bZ]WO BP bTWW _P]X ^`NS OPWTM P]L_PWd SZWT^_TN _SPZ]TP^ w`YTaP]^LW Xd_Sx $ LYO ^SZb _SL_ L QLT] Y`XMP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ /LaTO 9 7Z]PYePY BSZ 4YaPY_PO 3TYO`T^X*  z! NZY^TOP]^ ST^_Z]TNLW ^Z`]NP^ 3TYO` 8`^WTX LYO 0`]Z[PLY `[ _Z _SP #_S NPY_`]d 7TVP ;ZWWZNV SP `^P^ _SP^P ^Z`]NP^ _Z NZ`Y_P] bTOP^[]PLO OPNZY^_]`N_TaT^_ [Z^_:]TPY_LWT^_ LYO [Z^_NZWZYTLW _SPZ]TP^ _SL_ NWLTX _SL_ MPQZ]P _SP $_S NPY_`]d _SP]P bL^ YZ `YTQZ]X N`W_`]P LYO YZ ]PWTRTZ`^ NZSP]PYNP 7Z]PYePY L]R`P^ _SL_ w3TYO`T^Xx bL^ TQ TYaPY_PO L_ LWW L NZY ^_]`N_ ZQ _SP 4YOTLYMZ]Y 3TYO` =LXXZSLY =Zd bSP]PL^ _SP ]PQWPcTaP ^PWQ [Z^T_TZYTYR L^ w3TYO`x aT^ÂaT^ Z_SP] ]PWTRTZY^ LW]PLOd ZNN`]]PO TY 8`^WTX _TXP^ LYO T^ NWPL]Wd _]LNPLMWP TY aP]YLN`WL] ^Z`]NP^ Q]ZX _SP PL]Wd  _S Z] PaPY _S NPY _`]d ZYbL]O^ 3P XLVP^ _SP [ZTY_ _SL_ :]TPY_LWT^_ ]P[]P^PY_L_TZY^ SLaP YZ_ MPPY LWW _SL_ b]ZYR ^TYNP _SPd NL[_`]P L bTOPWd ^SL]PO ^_ZNV ZQ ML^TN _SPXP^ WT_P]L_`]P^ LYO []LN_TNP^ bSTNS NZ]]P^[ZYO bT_S ZM^P]aL_TZY^ QZ`YO TY L WL]RP ]LYRP ZQ X`NS PL]WTP] ^Z`]NP^ 0`]Z[PLY 8`^WTX LYO 3TYO` 3T^ PcLX[WP^ ZQ _ST^ NZXXZY ^_ZNV L]P bT_SZ`_ PcNP[_TZY XLUZ] _SPXP^ ZQ >LY^V]T_ 3TYO`T^X $ 8Lc BPMP] w/TP BT]_^NSLQ_^P_STV OP] BPW_]PWTRTZYPY% 0TYWPT_`YRx TY 8 BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP AZW  ?ÞMTYRPY% 8ZS] $##   ?ST^ RPYP]LW ML^TN []PXT^P bSTNS SL^ WZ^_ YZ_STYR ZQ T_^ ]PWPaLYNP T^ NSL]LN_P]T^_TN ZQ BPMP]v^ bSZWP ]PWTRTZ`^ ^ZNTZWZRTNLW bZ]V .Q 8Lc BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP  aZW^ ?ÞMTYRPY% 8ZS] $z ]P[] $##& BT]_^NSLQ_ `YO 2P^PWW^NSLQ_% 2]`YO]T^^ OP] aP]^_PSPYOPY >ZeTZWZRTP ?ÞMTYRPY% 8ZS] $ ]P[]  $ BP OT^_TYR`T^S MP_bPPY wXd_Sx L^ L QZ]X ZQ _SZ`RS_ LYO XPY_LWT_dQZ]XTYR R`TOTYR TXLRP LYO wXd_Sx L^ L YL]]L_PO ^_Z]d BSPY bP `^P _SP _P]X wXd_Sx TY XLYd NL^P^ T_ ]PQP]^ _Z _SP QT]^_ XPLYTYR QZ] bSTNS ^ZXP_TXP^ LWZ^ `^P _SP 2]PPV _P]X Xd_SZ^ L^ L NZ`Y_P][L]_ _Z WZRZ^ -d w`YTaP]^LW Xd_Sx bP `YOP]^_LYO bZ]WO XZOPW^ Z] w2]PL_ 9L]]L_TaP^x _SL_ L]P LWbLd^ NZX[]PSPY^TaP ]PQWPcTaPWd _SZ`RS_ _S]Z`RS LYO SZWT^_TN

>LY^V]T_ 3TYO`T^X LYO ;SZYZNPY_]T^X ZQ >LY^V]T_ .`W_`]P



ZQ _SPX L]P R]Z`YOPO TY WTYR`T^_ [STWZ^Z[Sd ^ZYTN XP_L[Sd^TN^ LYO NZ^XZWZRd LYO bP]P TY^[T]PO Md _SP [SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_ 9Z_ ZYWd _SP >LY^V]T_ WLYR`LRP L^ wWTYR`L Q]LYNLx LYO _SP LP^_SP_T NTeL_TZY ZQ [ZWT_TN^ SLaP NZY_]TM`_PO _Z _SP SZXZRPYTeL_TZY ZQ L STRSWd OTaP]^TQTPO N`W_`]P M`_ ^Z SLaP _SP [SZYZNPY_]TN ]PWTRTZ`^ WTQPbZ]WO ^ZYTN LbL]PYP^^ LYO TOPL^ ZQ ^LN]PO ^Z`YO _SL_ NZY_TY`LWWd PcP]_PO _SPT] N`W_`]PQZ]XTYR PQQPN_^ TY PaP]YPb aL]TL_TZY^ 4Y [L]_TN`WL] _SP APOL _SP ZWOP^_ ZQ _SP 4YOTLY ^LN]PO _Pc_^ OTO YZ_ ZYWd LQQPN_ N`W_`]P L^ L ^dXMZW ZQ -]LSXLYTN WTQP^_dWP M`_ LW^Z YZ_ WPL^_ ZbTYR _Z T_^ ]ZWP L^ L [L]LOTRX ZQ ^LN]PO ^Z`YO LYO _SP [ZbP] ZQ _SP WL__P] 4Y WL_P] ^LN]PO _Pc_^ ^`NS L^ _SP ;`]£©L^ _ST^ TOPL bL^ ]PNZOPO _]LY^QZ]XPO LYO OP XZN]L_TePO 4_ bL^ LW^Z Sd[Z^_L^TePO TY ?LY_]TN LYO OPaZ_TZYLW ]P NZOTYR^  M¯ULXLY_]L^ LYO XLY_]L^ bT_S RZOv^ YLXP^ LYO LYTXL_PO bT_S _SP TXXPOTL_P []P^PYNP ZQ _SP OPT_d 4Y >LY^V]T_ 3TYO`T^X L^ T_ T^ []LN_TNPO Z_SP] ^LN]PO _Pc_^ SLaP MPNZXP QL] XZ]P TX[Z]_LY_ _SLY _SP APOL DP_ _SP APOL ]PXLTYPO L N`W_`]LW NLYZY LYO NZY^_LY_ ]PQP]PYNP [ZTY_ LYO _SP]PQZ]P SLO L ^TRYTQTNLY_ ]ZWP TY _SP QZ]XL_TZY ZQ L NZXXZY N`W_`]P , NZXXZY N`W_`]P OZP^ YZ_ PY_LTW WLNV ZQ [W`]LWT_d NSLYRP LYO NZY^_LY_ YPRZ_TL_TZY ?SP >LY^V]T_ NZ^XZ[ZWT^ LWWZbPO L WZ_ ZQ aL]TL _TZY BT_STY _SP wN`W_`]P ZQ [WLNPWP^^ >LY^V]T_x $ _SP]P bL^ L ]TNS ^[PN _]`X ZQ ]PWTRTZ`^ _]LOT_TZY^ LYO OPYZXTYL_TZYLW OTQQP]PY_TL_TZY^ L^ bPWW L^ L aL^_ [W`]LWT_d ZQ ]PRTZYLW N`W_`]P^ WZNLW N`^_ZX^ LYO MPWTPQ^ ?ST^ T^ []PNT^PWd bSd bP `YOP]^_LYO w>LY^V]T_ 3TYO`T^Xx _Z MP L ]L_SP] QZ] XLW XP]PWd OP^N]T[_TaP _P]X ZQ >LY^V]T_ WT_P]L]d []ZO`N_TZY LYO LR]PP bT_S ;ZWWZNV _SL_ [W`]LWT^X bL^ L OPWTMP]L_P NSZTNP ?SP [W`]LWT^_ MTL^ MPNLXP [L]_TN`WL]Wd ZMaTZ`^ TY _SP waP]YLN`WL] ]PaZW`_TZYx M`_ T_ T^ LW^Z XT]]Z]PO LYO []PQTR`]PO TY OTaP]^P [STWZ^Z[STNLW LYO _SPZWZRTNLW ^d^_PX^ ZQ >LY^V]T_ 3TYO`T^X LYO TY _SP _]LOT_TZYMZ`YO TXLRTYL_TZY ZQ 4YOTLY _STYVP]^ bSZ NZ`WO QTYO YPb XPLYTYR^ LRLTY LYO LRLTY TY ZYP LYO _SP ^LXP _Pc_ [L^^LRP ^`NS L^ L N]d[_TN aP]^P Q]ZX _SP APOL LYO ^Lb _SP OP[_S ZQ L ^_L_PXPY_ [L]_TN`WL]Wd TY [ZWdQZNLW TY_P][]P_L_TZY ?SP XLUZ]T_d ZQ Z`] _Pc_ XL_P]TLW []POL_P^ _SP aP]YLN`WL] bL_P]^SPO ZQ   ,/ /`]TYR _SP waP]YLN`WL] ]PaZW`_TZYx Pc[]P^^PO TY _SP ]PWT RTZ`^ QTPWO TY aP]YLN`WL] MSLV_T [ZP_]d >LY^V]T_v^ ^[SP]P ZQ [ZbP] bL^ `YOZ`M_POWd N`]_LTWPO M`_ _ST^ T^ YZ_ \`T_P _SP ^LXP _STYR L^ _SP TYQW` PYNP ZQ >LY^V]T_ 3TYO`T^X :Y _SP NZY_]L]d TY XZOP]Y _TXP^ TY bSTNS `]MLYP PO`NL_PO NT]NWP^ ZQ_PY XLTY_LTY L aP]d ^[T]T_`LWTePO TXLRP ZQ 3TYO`T^X _SP]P SL^ LN_`LWWd MPPY LY TYN]PL^P TY []ZNP^^P^ ZQ >LY^V]T_T eL_TZY LYO -]LSXLYTeL_TZY bSTNS >]TYTaL^ bL^ _SP QT]^_ _Z [ZTY_ Z`_ ?ST^ T^ Pc[]P^^PO QZ] PcLX[WP TY _P]X^ ZQ WLYR`LRP LYO ]PWTRTZY TY _SP NZX[Z^T_TZY Z] LOL[_L_TZY ZQ # LYO YLXP []LdP]^ TY >LY^V]T_ QZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ;ZWWZNV ?SP 7LYR`LRP ZQ _SP 2ZO^   

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



WZNLW OPT_TP^ bSTNS NZY_TY`P^ L NZYaPY_TZY ZQ wSTRS N`W_`]Px []LT^P _Z _SP RZO^ bSZ^P PL]WTP^_ QZ]X^  ±L_L]`O]¯dL LYO AT´©`>LSL^]L9£XL  L]P OT^N`^^PO TY _ST^ MZZV 3ZbPaP] T_ T^ LW^Z Pc[]P^^PO TY XZ]P NZY N]P_P ]PWTRTZ`^ NSLYRP^ WTVP ]P[WLNTYR MWZZO ^LN]TQTNP^ bT_S aPRP_L]TLY RTQ_^ ?ST^ QT_^ TY MP__P] bT_S _SP XZOP]Y TXLRP ZQ 3TYO`T^X ZQ YZY aTZWPYNP SL]XZYd _ZWP]LYNP LYO L Xd^_TN `YT_d bSTNS bL^ NZY^_]`N_PO LYO []Z[LRL_PO _S]Z`RS ±L«VL]Lv^ @[LYT´LO ]PNP[_TZY BP SLaP LW^Z TYNW`OPO _SP @[LYT´LO^ LYO _SP _PLNSTYR XP_SZO ZQ _SP ST^_Z]TNLW ±L«VL]L TY _ST^ aZW`XP PaPY _SZ`RS LYO []PNT^PWd MPNL`^P _SPd NZY_]L OTN_ Z`] _Z[Z^ _SP [SZYZNPY_]TNT_d ZQ >LY^V]T_ 3TYO`T^X BP OZ _ST^ _Z OPXZY^_]L_P _SL_ _SP]P bP]P LW^Z NZY_]L]d aTPb^ LYO MPNL`^P @[LYT´LO _]LOT_TZY LYO ±L«VL]Lv^ ,OaLT_LAPO£Y_L NZXP bT_STY _SP QTPWO ZQ ^[Z VPY WLYR`LRP WTaTYR NZXX`YTNL_TZY ^d^_PX^ LYO _]LY^XT^^TZY ^d^_PX^ LYO L]NST_PN_`]P^ ZQ bSL_ bP NLWW w`YTaP]^LW Xd_Sx 4Y XLYd ]P^[PN_^ TY XZOP]Y _TXP^ >LY^V]T_ 3TYO`T^X SL^ LW^Z ]P XLTYPO LWTaP LYO SLO L QZ]XL_TaP TYQW`PYNP ZY N`W_`]LW wSLMT_`^x LYO ]PWTRTZ`^ ^PWQ]P[]P^PY_L_TZY 4Y NZY_]L^_ _Z ;ZWWZNV bP _SP]PQZ]P NZY NPY_]L_P ZY _SP ]PWTRTZ`^ QTPWO _SP OT^NZ`]^P^ ZQ ^[T]T_`LW [ZbP] L aL] TPO ]LYRP ZQ QZ]X^ ZQ L [STWZ^Z[STNLW NZ^XZ[ZWd LYO _SP N`W_`]Pv^ ZbY NZY^NTZ`^ QZN`^ ZY LYO _SP WL^_TYR ^`NNP^^ ZQ Z]LWL`]LW [P]QZ]XLYNP^ bSTNS SLaP ^L_T^QTPO LYO ^SL[PO [P]^ZYLW LYO NZXX`YLW ]PWTRTZ`^ ^PY _TXPY_^ `[ _Z _SP []P^PY_ OLd LYO XLOP >LY^V]T_ 3TYO`T^X L NZX[ZYPY_ ZQ [Z[`WL] NZY^NTZ`^YP^^



?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^

?Pc_^ SLaP MPPY YPRWPN_PO MZ_S TY _SP OPML_P ZY :]TPY_LWT^X LYO TY [Z^_NZWZYTLW N]T_TNT^X LYO LW^Z TY _SP QZ]XL_TZY ZQ _SPZ]TP^ ZY _SP LP^_SP_TN^ ZQ ]PWTRTZY MPNL`^P _SPd bP]P TOPY_TQTPO bT_S _PLNSTYR^ TP [`]PWd NZRYT_TaP OTXPY^TZY^ LYO YZ_ bT_S LN_`LW ]PWTRTZ`^ []LN_TNP 0aPY >TYRP]v^ wN`W_`]LW [P]QZ]XLYNPx L[[]ZLNS OTO YZ_ ]PLWWd M]PLV _ST^ ZYP^TOPO aTPb LW_SZ`RS SP PX[SL^TePO _SP ^[ZVPY bZ]O LWZYR bT_S SPL]TYR LYO ]PNT_TYR :YP _STYR _SL_ T^ YZ_PbZ]_Sd z LYO P^[PNTLWWd ]PWPaLY_ QZ] _ST^ ^_`Od z bL^ >TYRP]v^ [`]PWd QZ]XLWT^_TN OPQTYT_TZY ZQ w^[ZVPY WLYR`LRP L^ _SP []PPXTYPY_ N`W_`]LW XPOT`Xx bSTNS OZP^ YZ_ NZYNPY_]L_P ZY LYd ^LN]PO WT_P]L_`]P Z] _d[P ZQ WT_P]L_`]P Z] PaPY T_^ NZY_PY_^ 4Y^_PLO T_ QZN`^P^ ZY [P]QZ]XLYNP LYO _SP ^[ZVPY bZ]O DP_ >TYRP] bL^ YZ_ LN_`LWWd TY_P]P^_PO TY _SP^P L^[PN_^ MPNL`^P SP ^Lb _SPX ZYWd L^ L aPSTNWP 3P bL^ TY_P]P^_PO TY SZb ^ZNTP_LW ]PLWT_TP^ bP]P Pc []P^^PO LYO ]PQWPN_PO TY _SP N`W_`]LW [P]QZ]XLYNP^ 4Y _SP ^PY^P ZQ L ^ZNTLW ^PXLY_TN _SPZ]d SP OPNZOPO _SP wN`W_`]LW [P]QZ]XLYNP^x ]PNT_L _TZY^ ]T_`LW^ QP^_TaLW^ [WLd^ P_N L^ Pc[]P^^TZY^ ZQ XZ]P LM^_]LN_ LYO

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^



STOOPY ^_]`N_`]P^ ZQ _SP NZX[]PSPY^TaP N`W_`]LW ^d^_PX LYO ^ZNTP_LW Z]RLYTeL_TZY $ 3P L^VPO LMZ`_ _SP N`W_`]LW ^[PNTLWT^_^ ]PWTRTZ`^ NPY_P]^ NPY_]LW TY^_T_`_TZY^ LYO _SP ^ZNTLW XPLYTYR ?ST^ w^PXLY_TNx L[[]ZLNS _Z N`W_`]P L^ L ^d^_PX ZQ ^dXMZW^ LYO ^ZNTLW XPLYTYR^ OTaP]_PO L__PY_TZY LbLd Q]ZX _SP [Sd^TNLW []P^PYNP ZQ _SP ^[ZVPY bZ]O Z] _Z `^P 1]T_^ >_LLWv^ bZ]O^ _SP w^Z`YO ZQ ]PWTRTZYx $ BP bT^S _Z OT]PN_ L__PY_TZY []PNT^PWd ZY_Z _ST^ ^Z`YO LYO bT_S _ST^ [P]^[PN_TaP TYT_TLWWd _Z [`]^`P >TYRP]v^ ^ZNTZ^PXTZ_TN L[[]ZLNS L WT__WP Q`]_SP] bSTNS SZbPaP] bP bTWW _SPY YZ_ NZY_TY`P []ZR]LXXL_TNLWWd 4Y NZY_]L^_ _Z >TYRP]v^ L[[]ZLNS _ST^ MZZV T^ YZ_ []TXL]TWd NZYNP]YPO bT_S _SP ]PWL_TZY^ST[ MP_bPPY ]PWTRTZY LYO _SP XZOP]Y [P]TZO Z] bT_S [`MWTN [P]QZ]XLYNP^ L^ ^PXTZ_TN ^d^_PX^ ]PQWPN_TYR ^ZNTLW ^_]`N_`]P^ 4Y^_PLO bP L]P NZYNP]YPO bT_S _SP YPb XZOP]Y _TXP^ TY _SP [L^_ LYO bT_S _SP []LN_TNP OTXPY^TZY ZQ _Pc_^ _SP LP^_SP_TN^ ZQ [P]QZ]XLYNP^ _SP ^LN]PO [ZbP] L__]TM`_PO _Z _SPX LYO _SP [P]QZ]XL_TaT_d ZQ _SP _Pc_^ L^ _Pc_^



=T_`LW >Z`YO >[LNP^ LYO >ZNTLW >PXTZ_TN^

, R]PL_ LOaLY_LRP ZQ >TYRP]v^ []LRXL_TN L[[]ZLNS bL^ _SL_ T_ TWW`XT YL_PO _SP ]PWL_TZY^ST[^ MP_bPPY QZ]X^ ZQ Pc[]P^^TZY LYO XPLYTYR^ LYO _SPT] `^P]^ LYO NZY_Pc_^ ?SP aL]TZ`^ OTQQP]PY_ _Pc_ _d[P^ LYO LNZ`^_TN [P]NP[_TZY ^[LNP^ _SL_ L]P LOO]P^^PO TY Z`] MZZV LW^Z NLY MP OPNZOPO TY L [P]^[PN_TaP ZQ ^ZNTZN`W_`]LW ^PXTZ_TN^ TY ]PWL_TZY _Z _SPT] TY ^ZXP NL^P^ bTOPWd OTQQP]TYR ^ZNTLW ^P__TYR^ LYO TXLRTYL_TZY^ OT^_TYN_TaP ]PWTRTZ`^ ^_dWP^ LYO QTPWO^ LYO N`W_`]P^[PNTQTN ^_P]PZ_d[P^ ,W_P]YL _TaPWd _SPd NLY MP TY_P][]P_PO LYO LYLWdePO L^ ^ZNTLW ]P^ZYLYNP ^[LNP^% APOL ]PNT_L_TZY L^ L ^PY^Z]d XPOT`X ZQ -]LSXLYTN N`W_`]P& ;`]£©L ]PNT_L_TZY L^ w^LN]PO SPL]TYRx QZ] PaP]dZYP& ?LY_]TN XLY_]L^ L^ PX[Zb P]XPY_ QZ] _SZ^P _Z bSZX APOTN XLY_]L^ bP]P _]LOT_TZYLWWd QZ]MTOOPY Z] _Z bSZX _SPd L[[PL]PO _Z SLaP _ZZ WT__WP [ZbP] _Z MP ^Z_P]TZWZRTNLWWd PQQPN_TaP& _SP NZYNT^P >¼_]L ^_dWP LYO _SP PWLMZ]L_P NZXXPY_L]d ^_dWP L^ ^SZbTYR ZQQ ZYPv^ ^Z[ST^_TNL_PO LYO wRWZMLWx ^NSZWL]^ST[ _SL_ T^ NZYaP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 4Y L WL_P] L]_TNWP >TYRP] PWLMZ]L_PO _ST^ L[[]ZLNS ZQ L ^PXTZ_TN LY_S]Z[ZWZRd TY L XLYYP] XZ]P NWZ^PWd ]PWL_PO _Z _SPZ]d .Q 8TW_ZY >TYRP] w1Z] L >PXTZ_TN ,Y_S]Z [ZWZRdx TY >TRY >Z`YO LYO >PY^P  PO ?SZXL^ , >PMPZV -WZZXTYR_ZY% 4YOTLYL @YTa ;] $"# z $ 1]T_^ >_LLW w?SP >Z`YO ZQ =PWTRTZYx 9`XPY  $#!% # 1Z] _SP NZX[WP_P L]R`XPY_ ^PP _SP bSZWP L]_TNWP w?SP >Z`YO ZQ =PWTRTZYx 9`XPY  $#! z! LYO QL^N  # z 3ZbPaP] _SP XLTY ZMUPN_ ZQ >_LLWv^ [L]_TLWWd U`^_TQTPO LYO L^ _`_P N]T_TNT^X bL^ YZ_ >TYRP] bSZX SP ]PNPTaP^ [Z^T_TaPWd Z_SP]bT^P ZbTYR _Z ST^ XP_SZOZWZRTNLW ^d^_PX ML^PO ZY ;PT]NPv^ ^PXTZ_TN^ M`_ .WTQQZ]O 2PP]_e TMTO $$z 



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^LY_ bT_S LWW [STWZ^Z[STP^ ZQ _SP _TXP& Z]YLXPY_LWWd [ZX[Z`^ [ZPX^ L^ ^PWQ]P[]P^PY_L_TZY Md PWPRLY_ ^PN`WL]TePO WT_P]L_T LYO `]MLYP NZ`]_Wd N`W_`]P& ^ZYR LYO X`^TN L^ _SP wWLYR`LRPx ZQ OPaZ_TZY LYO NZX[WPc NZXX`YTNL_TZY ^d^_PX^ ]PQWPN_TYR PT_SP] PWT_P Z] [Z[`WL] N`W_`]P OP [PYOTYR ZY _SP ^_dWP ZQ ^TYRTYR LYO Pc[]P^^TYR NZWWPN_TaP LYO TYOTaTO`LW XZOT QZ] ]PWL_TYR _Z _SP OTaTYP ?SP PXMZOTXPY_ ZQ ]PNT_L_TZY^ LYO ^LN]PO X`^TN bSTNS N]PL_P ]T_ `LW ^Z`YO ^[LNP^ _SL_ NLY MP Pc[P]TPYNPO [Sd^TNLWWd O`P _Z _SPT] ^[PNTLW LNZ`^_TN^ Z] ^Z`YO^NL[P ZQ_PY TYNW`OP^ PXMPOOTYR _SPX TY NP]_LTY LN _TaT_d ^[LNP^ PR _PX[WP^ QP^_TaLW^ LYO []ZNP^^TZY^ LYO ]P^_]TN_TZY^ _Z NP]_LTY [WLdP]^ PR -]LSXLYTN []TP^_^ []ZQP^^TZYLW ML]O^ LYO ^TYRP]^ LYO OP[PYOTYR ZY _SP X`^TNLW TY^_]`XPY_ NP]_LTY NL^_P^ P_N $ 4_ T^ _SP]PQZ]P [Z^^TMWP _Z w]PLOx _Pc_^ WTYR`T^_TN [L]LXP_P]^ LYO [P]QZ]XLYNP []LN_TNP^ MZ_S L^ N`W_`]LW XL]VP]^ LYO L^ ^ZNTLW XL]VP]^ [L]_TN`WL]Wd TY NL^P^ bSP]P WTXT_PO LNNP^^ T^ _SP YZ]X $! ,NNP^^ NZY_]ZW NLY MP Pc []P^^PO TY aL]TZ`^ bLd^ QZ] TY^_LYNP Md ]P\`T]TYR TYT_TL_TZY ^[PNTLW _]LTYTYR STRSP] PO`NL_TZY Z] SP]POT_L]d ]TRS_^ 3ZbPaP] _SP]P L]P LW^Z XZ]P TX[WTNT_ QZ]X^ 1Z] PcLX[WP _SP `^P ZQ P^[PNTLWWd WZYR NZX[WT NL_PO bZ]O^ TY _SP QT]^_ _bZ S`YO]PO YLXP^ TY _SP _SZ`^LYOYLXP SdXY _Z _SP RZOOP^^ 7LWT_£ N]PL_P^ L YL_`]LW TX[WTNT_ ML]]TP] _Z WPL]YTYR LYO [L^^TYR OZbY L _Pc_ _SL_ LNNZ]OTYR _Z _SP NZXXPY_L_Z] -S£^VL]L]£dL ]P\`T]P^ ?LY_]TN TYT_TL_TZY ,W^Z _SP bL]YTYR _SL_ TYNZ]]PN_ []ZY`YNTL _TZY LYO OTa`WRTYR ^PN]P_ _Pc_^ bZ`WO WPLO _Z SPWW P]PN_PO L ML]]TP] _Z VPP[ _SP _Pc_ bT_STY _SP NZY_]ZWWPO NT]NWP ZQ _SP TYT_TL_PO >PN]P_ VYZbW PORP LMZ`_ ^LN]PO QZ]X`WL^ XL]V^ Z`_ L`_SZ]T_d ^_L_`^ R]Z`[ TOPY_T_d LYO OTQQP]PY_TL_TZY Q]ZX Z_SP] R]Z`[^ 4Y _SP NL^P ZQ _SP APOL ^PaP]LW ^`NS TYOTNL_Z]^ NZTYNTOP% L]NSLTN WLYR`LRP []Z^ZOd L NP]_LTY ^TYRTYR ^_dWP Pc_]PXPWd []PNT^P []ZY`YNTL_TZY ^[PNTLW _]LTYTYR SP]POT_L]d ]TRS_^ LYO APOTN TYT_TL_TZY ±¼O]L^ L]P YZ_ ^`[[Z^PO PaPY _Z SPL] _SP APOL ?SP APOL T^ _]LOT_TZYLWWd WTXT_PO _Z _SP _S]PP `[[P] NL^_P^ LYO _SP -]LSXTY^ PYUZd L [L]_TN`WL] XZYZ[ZWd ZY T_ 4Y []LN_TNP T_ bL^ LN_`LWWd ZYWd PaP] _SP XLWP -]LSXTY^ bSZ XPXZ]TePO LYO [L^^PO OZbY ZYP ZQ _SP QZ`] APOL^ Z] _bZ _S]PP Z] PaPY _SP bSZWP APOL LYO _ST^ bL^ VYZbY L^ _SP ^[PNTQTN OSL]XL ZQ _SPT] NL^_P $" 4Y _SP Z_SP] NL^_P^ APOTN TYT_TL_TZY T^ []LN_TNLWWd ]P^_]TN_PO _Z WPL]YTYR _SP 2£dL_]¯XLY_]L  bSTNS ^SZ`WO MP ]P[PL_PO PaP]d XZ]YTYR L_ ^`Y]T^P ?SP 2£dL_]¯ T^ ]PRL]OPO L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP LW^Z ,cPW 8TNSLPW^ w=T_`PWWP 6WLYR]Æ`XPx TY% 8`^TV `YO =L`X% /TXPY^TZYPY TX 2P^[]ÆNS  PO ,YYP__P 7LYOL` LYO .WL`OTL 0XXPYPRRP] E`]TNS% .S]ZYZ^   z $! .Q LW^Z 5P^[P] >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN ;WdXZ`_S% ,W_LXT]L ;]P^^ " $z$ $" .Q LW^Z 4YRLWW^ w?SP -]LSXLY ?]LOT_TZYx 

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^



w[L]^ []Z _Z_Zx QZ] _SP bSZWP APOL LYO _SP]PQZ]P LW^Z MPL]^ T_^ PY_T]P ^LN]PO [ZbP] OP^[T_P _SP LMM]PaTL_PO QZ]X $# ?SP WTXT_PO L[[]ZLNS _Z NP]_LTY WT_P]L_`]P^ ]PQWPN_^ ^PWQ]P[]P^PY_L _TZY^ NWLTX^ _Z L`_SZ]T_d LYO WPRT_TXLNd [ZbP] ]PWL_TZY^ LYO STP]L] NSTP^ 3ZbPaP] _ST^ ZQ_PY L[[WTP^ ZYWd _Z \`T_P ^[PNTQTN NZY_Pc_^ L^ RPYP]LWWd T_ T^ ]PWL_TaP STP]L]NSTP^ _SL_ L]P OTQQP]PY_ OP[PYOTYR ZY _SP ^ZNTLW R]Z`[^ $$ LYO XTWTP`^ ?SP]P L]P -]LSXTY^ LYO -]LSXTY^ LYO bT_STY XLYd WTYPLRP^ ZQ ?LY_]L Z] MSLV_T _SP]P T^ YZ -]LSXLYTNLW OZXT YLYNP L_ LWW ,WW ^_]L_L^ bTWW MP QZ`YO =PWTRTZ`^ STP]L]NSTP^ OZ YZ_ YPN P^^L]TWd ]PQWPN_ ^ZNTLW STP]L]NSTP^ _ST^ bL^ /`]VSPTXv^ _ZZ ^TX[WP L^ ^`X[_TZY :Q_PY _SPd ]P[]P^PY_ LW_P]YL_TaP ^LN]PO bZ]WO^ 1`]_SP]XZ]P bP NLY OP_PN_ ST^_Z]TNLW NSLYRP^ YPRZ_TL_TZY []ZNP^^P^ ^`MaP]^TaP TYQTW_]L_TZY ZQ _SP XLTY^_]PLX P_N 1Z] PcLX[WP NZX[WP_PWd OTQQP]PY_ YPb 2£dL_]¯^ bP]P N]PL_PO TY ?LY_]T^X APOL ^TYRTYR T^ _]LOT_TZYLWWd _SP OZXLTY ZQ _SP -]LSXTY^ M`_ _ZOLd T_ T^ \`T_P YZ]XLW QZ] _SP APOL _Z MP ]PNT_PO Md YZY-]LSXTY^ LW^Z PR Md NSTWO]PY MZ_S MZd^ LYO RT]W^ L_ ^NSZZW QP^_TaLW^ 0aPY bSPY T_ NZXP^ _Z _SP WT_`]RTNLW ^[LNP TP L_ _SP OZXP^_TN LW_L] Z] TY _PX[WP^ T_ T^ YZ_ LWbLd^ -]LSXLYTN []TP^_^ bSZ ]PNT_P APOTN XLY_]L^ 1Z] TY^_LYNP ¢RLXL±TaLT^X SL^ TY_PR]L_PO NP] _LTY APOTN XLY_]L^ M`_ YZ_ LWW _SP _]LTYPO LYO SP]POT_L]d []TP^_^ L]P LN_`LWWd -]LSXTY^ .ZYaP]^PWd Md YZ XPLY^ OZ LWW -]LSXTY^ ]PNT_P _SP APOL Z] L]P PaPY TY_P]P^_PO TY OZTYR ^Z 4Y LOOT_TZY T_ X`^_ MP ]PXPXMP]PO _SL_ QZ] NPY_`]TP^ _SP APOL ZQ [Z[`WL] ]PNP[_TZY bL^ YZ_ _SP APOL ZQ _SP QZ`] >LÀST_£^  M`_ L R]PL_Wd Pc_PYOPO wNLYZYTNLWx MZOd ZQ _Pc_ ?SP ;Z]_`R`P^P ST^_Z]TZR]L[SP] /TZRZ OZ .Z`_Z  z!! ZYP ZQ _SP MP^_ NZYYZT^^P`]^ ZQ 4YOTL ZQ ST^ _TXP ]P[Z]_^ _SL_ ST^ TYQZ]XP]^ _ZWO STX _SP]P bP]P QZ`] APOL^ OT aTOPO TY_Z  ^N]T[_^% YLXPWd ^Tc ±£^_]L^  # ;`]£©L^ LYO # ±LTaL ¢RLXL^  3P]P _SP APOL SL^ PaL[Z]L_PO TY_Z NZX[WP_PWd OTQQP]PY_ WT_P]L_`]P^ LYO dP_ _SP PcLX[WP ^SZb^ _SL_ _SP APOL NZY_TY`PO _Z MP L N`W_`]LW XL]VP] PaPY bSTWP MPTYR ]P[WLNPO ?]LOT_TZYLWWd _SP R]PL_ P[ TN^ LYO _SP # NWL^^TN ;`]£©L^ OP^[T_P _SPT] \`T_P OTQQP]PY_ NZY_PY_ L]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# >`NS OPWP_TZY LYO LM]TORTYR ZQ w2]PL_ ?Pc_^x T^ L ^_]L_PRd QZ`YO TY XLYd N`W_`]P^ .Q QZ] TY^_LYNP 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x  QQ $$ :Y _SP NZX[WPcT_d ZQ _SP NL^_P ^d^_PX NQ 8TNSLPW^ 3TYO`T^X`^ "!z  ?SP ±£^_]L^ L]P ]PRL]OPO L^ NZY^T_TYR ZQ _SP ^Tc NWL^^TNLW [STWZ^Z[STNLW ^d^_PX^ _SL_ LNNP[_ _SP APOL LYO _SP _]LOT_TZYLW APOL ^NTPYNP^ TYNW`OTYR Z_SP] ^NTPYNP ^d^_PX^ LYO _SP WPRLW WT_P]L_`]P >PP _SP _LMWP TY 8TNSLPW^ 3TYO`T^X`^  "  =P[]ZO`NPO TY 7`OZ =ZNSP] w8Lc 8ÞWWP] LYO _SP APOLx TY 8ËWLYRP^ ,]XLYO ,MPW  AZW  PO , /P^_]ËP 7PTOPY% -]TWW $"# z  SP]P  :Y _SP [P]^ZY ZQ /T ZRZ ^PP 5Ø]R 1T^NS w/P] 9TPOP]RLYR OP^ ,MPYOWLYOP^ TX 8Z]RPYWLYO% /TZRZ OZ .Z`_Z  z!! `YO OTP [Z]_`RTP^T^NSP 3P]]^NSLQ_ TY ,^TPYx TY 9TPOP]RLYR% >_` OTPY e` PTYPX RP^NSTNS_WTNSPY ?SPXL PO = 6Z^^PWWPNV LYO ; BTOXP] >_`__RL]_% 6WP__.WZ__L $# #z"

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

aTPbPO L^ ]P[]P^PY_L_TaP^ ZQ _SP APOL LYO _SP ^LQPR`L]O ZQ N`W_`]LW XPXZ]d ?SPd [Z^T_TZY _SPX^PWaP^ L^ ^`M_Pc_^ ZQ _SP w2]PL_ ?Pc_x Md NLWWTYR _SPX^PWaP^ wAPOTNx _SP wQTQ_S APOLx LYO wAPOL TY_P][]P_L_TZYx LYO _S`^ WTYV NZXX`YTNL_TaP XPXZ]d _Z _SP N`W_`]LW XPXZ]d _SP Z] _SZOZc NWLTX ZQ _SP APOL _Z MP []TXPaLW ]PaPWL_TZY LYO _SP QZ`YOL_TZY ZQ _SP bZ]WO  ?S]Z`RS _ST^ OT^N`]^TaP ^_]L_PRd _SPd ]LT^P YZ_ ZYWd _SPT] ZbY ^_L_`^ M`_ LW^Z WPYO _SP XLTY _Pc_ [P]XLYPYNP LYO YPb QWLaZ] Md ^PXLY_TNTeTYR T_ LYPb LYO w_]LY^WL_TYRx T_ TY_Z _SP []LN_TNP ZQ _SPT] _TXP  ?ST^ ^TX`W_LYPZ`^Wd LN_TaL_P^ _SP ^LN]PO [ZbP] ZQ _SP w2]PL_ ?Pc_x LYO L[[WTP^ T_ _Z _SP []P^PY_ _TXP .ZYNP]YTYR _SP APOL ZYP NLY ^[PLV ZQ PY^`]TYR T_^ [P]XLYPYNP `YOP] YPb `^LRP NZYOT_TZY^ TY L wXPXZ]d N`W_`]Px w2POÆNSY_T^V`W_`]x .ZYNP]YTYR _SP [Z^_APOTN WT_P]L_`]P^ ZYP NLY ^[PLV YZ_ ZYWd ZQ L bTOP Pc_PY^TZY ZQ _SP ^LN]PO MZOd ZQ _Pc_ M`_ LW^Z ZQ ^TX[WTQTNL_TZY ]PO`N_TZY TY NZX[WPcT_d [Z[` WL]TeL_TZY LYO YPb ^_LYOL]OTeL_TZY ZQ Z]LW [P]QZ]XLYNP ,NNP^^ _Z _SP P[TN^ LYO ;`]£©L^ T^ YZ_ NZY_]ZWWPO ?SPd L]P YZYLNNPY_`L_PO LYO b]T_ _PY TY _SP ^TX[WP ,Y`´¶`MS XP_P] ^Z _SPd L]P X`NS PL^TP] _Z ]PNT_P ?SP P[TN LYO ;`]£©TN bZ]WOaTPb bL^ LYO T^ ^[]PLO LYO LOZ[_PO _S]Z`RS NZ`]_ ML]O^ T_TYP]LY_ ^TYRP]^ LYO N`W_`]LW [P]QZ]XLYNP^ QP^_TaLW^ ]PNT_L_TZY^ LYO YL]]L_TZY TY _SP QLXTWd P_N @YWTVP _SP APOTN ]T_`LW _Pc_ _SP^P L]P YL]]L_TaP^ LMZ`_ _SP RZO^ TP _SP APOL T^ RTaPY LY PY_T]PWd YPb ]PWTRTZ`^ NZOTYR LYO ^PXLY_TNTeL_TZY LYO TY _ST^ YPb QZ]X T_ NLY MP [P]QZ]XPO TY O]LXL LYO ]P[]P^PY_PO TY TXLRP^ ?SP ^T_`L_TZY T^ \`T_P OTQQP]PY_ bT_S _SP P^Z_P]TN ?LY_]L^ LYO _SP # ¢RLXL^ bSTNS LNNZ]OTYR _Z /TZRZv^ TYQZ]XP]^ WTVPbT^P MPWZYR _Z _SP APOL LYO ]P[]P^PY_ L YZY SP_P]ZOZc ?LY_]T^X _SP wbLd ZQ _SP XLY_]L^x XLY_]LX£]RL  bSTNS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :Y _SP APOL L^ L N`W_`]LW ^dXMZW [P] ^P ^PP -]TLY 6 >XT_S w0cZ]NT^TYR _SP ?]LY ^NPYOPY_% >_]L_PRTP^ QZ] /PQTYTYR 3TYO`T^X LYO =PWTRTZYx 3T^_Z]d ZQ =PWTRTZY $#"% z  SP]P ! 1Z] _SP ZYRZTYR ^TRYTQTNLYNP ZQ _SP APOL LYO T_^ `^P QZ] ]LT^ TYR _SP ^_L_`^ LYO L`_SZ]T_d ZQ YPb _]LOT_TZY^ ^PP LW^Z -]TLY 6 >XT_S =PQWPN_TZY^ ZY =P^PXMWLYNP =T_`LW LYO =PWTRTZY /PWST% 8Z_TWLW -LYL]^TOL^^ $$#& .WL^^TQdTYR _SP @YTaP]^P% ?SP LYNTPY_ AL]©L >d^_PX LYO _SP :]TRTY ZQ .L^_P^ :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ $$& 7L`]T ;L__ZY PO ,`_SZ]T_d ,YcTP_d LYO .LYZY% 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY 9Pb DZ]V% >@9D $$& 7L`]TP 7 ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO% 8LY_]L LYO =T_`LW TY 0L]Wd 4YOTLY >LN]TQTNP -P]VPWPd% @YTaP]^T_d ZQ .LWT QZ]YTL ;]P^^  & ,YYP__P BTWVP w/P] APOL LW^ 6LYZY OP^ 3TYO`T^X`^* 9P`P ,^[PV_P e`] 6LYZYOPML__Px QZ]_SNZXTYR  1Z] XZ]P OP_LTW NQ Z`] NSL[_P]  ZY _SP APOL LYO _SP QZWWZbTYR NSL[_P]  1Z] ^_]`N_`]LWWd LYLWZRZ`^ []ZNP^^P^ TY XPOTPaLW .S]T^_PYOZX ^PP 7PY_P^ w?Pc_ OP^ 6L YZY^ `YO 3PTWTRP] ?Pc_x "z# bSZ^P _P]XTYZWZRd ML^PO ZY _SL_ ZQ ,^^XLYY bP SLaP LOZ[_PO LMZaP 4Y LOOT_TZY _Z _SP TY_P]P^_TYR ^_]`N_`]LW LYLWZRd SZbPaP] _SP]P L]P LW^Z ZMaTZ`^ OTQQP]PYNP^ BSTWP _SP [^LW_P] _SP ^PWPN_TZY ZQ [^LWX^ QZ] _SP WT_`]Rd LYO []TaL_P []LdP] QZ] PcLX[WP bL^ _SP XLTY _Pc_ TY _SP 8TOOWP ,RP^ LYO ]PRL]OPO L^ LY wLMM]PaTL_TZYx ZQ _SP -TMWP _SP [^LW_P] TY _SP 4YOTLY ]PRTZY ]P[]P^PY_PO Pc_PY ^TaP YPb MZOTP^ ZQ _Pc_^

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^

"

]P\`T]P^ ^[PNTLW TYT_TL_TZY ?SPd ]PRL]O _SPX^PWaP^ YZ_ L^ ^`M_Pc_^ M`_ L^ Z]TRTYLW ]PaPWL_TZY^ TYOP[PYOPY_ ZQ _SP APOL 4Y _SP ?LY_]L L YPb QZ]X ZQ XLY_]L bL^ TYaPY_PO _SL_ OTO YZ_ []P^`[[Z^P APOTN TYT_TL_TZY M`_ ^PN_L]TLY NZXXT_XPY_ TY^_PLO ?SP ?LY_]TN XLY_]L [L] PcNPWWPYNP NZY^T^_^ ZQ XZYZ^dWWLMTN ^Z`YO QZ]X`WL^ ]P^PXMWTYR _SP APOTN :¿ M`_ PXMZOdTYR _SP NSZ^PY OPT_d bSTNS L]P _Z MP ]P[PL_PO aT^`LWTePO LYO []ZUPN_PO ZY_Z _SP MZOd ]T_`LWWd w^PXLY_TNTePOx TY OTLR]LX^ LYO XPOT_L_PO `[ZY Md NZYNPY_]L_TYR ZY ^Z`YO LYO ^Z`YO ]P^ZYLYNP TY _SP MZOd ?SP ^ZNTZ^PXTZ_TN XP_SZO NLYYZ_ LOP\`L_PWd ]PNZ]O _ST^ OTaP]^T_d ZQ OTLNS]ZYZ`^ LYO ^dYNS]ZYZ`^ L]PL^ ZQ LN_TaT_d LYO _SP STRSWd OTaP] ^TQTPO QZ]X^ ZQ LRPYNd ?ST^ aZW`XP XPY_TZY^ XLYd QZ]XL_TZY^ ZQ NW`^ _P]^ ZQ WTYR`T^_TN [L]LXP_P]^ ^ZNTLW LRPY_^ ^[PNTQTN ^P__TYR^ LYO ST^_Z]T NLW ^T_`L_TZY^ M`_ _ST^ T^ YZ_ L^^ZNTL_PO bT_S LYd NWLTX _Z ^ZNTZ ^PXTZ_TN ^_]`N_`]P^ LYO _SP _d[ZWZRTP^ L]P ]L_SP] XZ]P _SP Md[]ZO`N_ ZQ _SP ST^_Z]TNLW OP^N]T[_TZY^ ZQ OTQQP]PY_ OT^NZ`]^P bZ]WO^ ,^ L ]`WP bP OZ YZ_ RZ TY_Z OP_LTW LMZ`_ _SP ^ZNTLW Z]RLYTeL_TZY ZQ WTaTYR [P]QZ]XLYNP ^d^_PX^ LYO bSPY bP OZ RZ TY_Z OP_LTW ZY _SP ^ZNTLW ^_LYOTYR ZQ TYOT aTO`LW ^ZNTLW LRPY_^ T_ T^ ZYWd TY _SZ^P NL^P^ bSP]P _SPd SLaP []ZaPY _SPX^PWaP^ _Z MP [ZbP]Q`W wNSTPQ TOPZWZR`P^x DP_ PaPY SP]P bP bTWW ]P^_]TN_ Z`]^PWaP^ _Z M]TPQ []ZQTWP^ :YP ]PL^ZY QZ] _ST^ T^ _SL_ _SP ^ZNTLW L^[PN_^ L]P ^PNZYOL]d _Z _SP RPYP]LW [SZYZNPY_]TNT_d ZQ >LY^V]T_ 3TYO` T^X LYO bP L]P XZ^_ TY_P]P^_PO TY _SP ST^_Z]TNLWWd OZXTYLY_ ^Z`YO OT^ NZ`]^P^ /T^NZ`]^P^ L]P NSL]LN_P]TePO Md _SP QLN_ _SL_ _SPd NLYYZ_ MP _TPO _Z TYOTaTO`LW [WLdP]^ LYO _]LOT_TZY^ M`_ ]`Y ]TRS_ _S]Z`RS aL]TZ`^ OTQQP]PY_ _]LOT_TZY^ :Y _SP Z_SP] SLYO bP OZ YZ_ LTX _Z []ZO`NP OP _LTWPO ^ZNTZWZRTNLW LYLWd^P^ MPNL`^P bP bT^S _Z OPXZY^_]L_P _SP [SZYZ NPY_]TNT_d TY _SP WZYRP^_ ST^_Z]TNLW WTYP [Z^^TMWP :`] XLTY QZN`^ T^ ZY OTLNS]ZYZ`^ NZY_TY`T_TP^ LYO ]PNZOTYR^ , M]ZLO ST^_Z]TNLW ZaP]aTPb NLY ZYWd ^VP_NS Z`_ RPYP]LW XLN]Z^ZNTZWZRTNLW WTYP^ LYO _d[ZWZRTP^ M`_ YZ_ XTN]Z^ZNTZWZRTNLW NZYQTR`]L_TZY^ 1Z] _SP WL__P] TYOTaTO`LW ^_`OTP^ L]P L QL] MP__P] NSZTNP , []PNT^P ^ZNTZR]L[Sd bZ`WO SLaP YZ_ ZYWd _Z TYaP^_TRL_P LYO NZX[L]P PaP]d ST^_Z]TNLW ^T_`L_TZY PaP]d [P] QZ]XLYNP _d[P LYO PaP]d R]Z`[ TYOTaTO`LWWd M`_ LW^Z TYNW`OP _SP QLN_ _SL_ L_ _SP WPaPW ZQ _SP TYOTaTO`LW [WLdP]^ LYO [L]_TNT[LY_^ OTQQP]PY_ []LN_TNP^ NLY MP NSZ^PY 1`]_SP]XZ]P ZYP LYO _SP ^LXP [P]QZ]XLYNP _d[P NLY MP ^`MUPN_TaPWd Pc[P]TPYNPO LYO PaLW`L_PO TY OTQQP]PY_ bLd^ PaPY _SZ`RS _SP QZ]X ZQ _SP _Pc_ LYO _SP [P]QZ]XLYNP T^ PcLN_Wd _SP ^LXP ?ST^ NLY ZYWd MP LNNP^^PO TY QTPWO ]P^PL]NS LYO \`LWT_L_TaP TY_P] aTPb^ >TYRP] YZ_TNPO R]PL_ aL]TLMTWT_d MP_bPPY OTQQP]PY_ [P]QZ]XLYNP^ ]PWTRTZ`^ XTWTP`^ LYO ^PWQOPQTYT_TZY^ PaPY bT_STY L aP]d ]P^_]TN_PO RPZ R]L[STNLW L]PL 8LO]L^ LYO L bPWWOPQTYPO _TXP [P]TZO O`]TYR ST^ QTPWO ^_`OTP^ Q]ZX $  _Z $" :YWd ^PRXPY_^ ZQ _ST^ _d[P NLY MP ]PNZ]OPO

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

#

bT_S R]PL_ ^`M_WP_d LYO >TYRP]v^ ^_`Od OTO _ST^ TY PcPX[WL]d QL^STZY 7ZYR`PO`]ËP ST^_Z]TNLW ^_`OTP^ L]P ^`MUPN_ _Z WTXT_L_TZY^ TY _ST^ L]PL DP_ T_ L[[PL]^ TX[Z]_LY_ _Z PX[SL^TeP _SL_ YZ_ PaP]d N`W_`]LW [P] QZ]XLYNP LYO LW^Z YZ_ PaP]d ]PNT_L_TZY T^ YPNP^^L]TWd _TPO _Z L NP]_LTY _TXP L NP]_LTY [WLNP L NP]_LTY TY^_T_`_TZY LYO []ZQP^^TZYLW ^[PNTLWT^_ 4_ ^SZ`WO MP L^^`XPO _SL_ _SP L`OTPYNP PR ZQ _SP ]PLOTYR^ ZQ _SP P[TN^ LYO ;`]£©L^ L]P wWLd [PZ[WPx RPYP]LWWd Q]ZX LWW ^ZNTLW NWL^^P^ ;PZ[WP XLd LW^Z ]PNT_P L_ SZXP LWZYP `^`LWWd MPQZ]P _SP OZXP^_TN LW_L] 8LYd SdXY^ LYO []LdP]^ OZ YZ_ ]P\`T]P TYT_TL_TZY ,^ L ]`WP _SP ]P[P_T_TZY ZQ RZO^v YLXP^ LYO ]PWTRTZ`^ ^TYRTYR TY [L]_TN`WL] L]P _TPO YPT_SP] _Z _TXP^ YZ] [WLNP^ YZ] []ZQP^^TZYLW _]LTYTYR -d NZY_]L^_ bSL_ NLY LWbLd^ MP L^^`XPO LMZ`_ ]T_`LW X`^TN ]PNT_L_TZY^ [P]QZ]XLYNP^ ZQ ^LN]PO WT_P]L _`]P^ -SLULY ^TYRTYR P_N T^ _SL_ _SPd L]P ]PNPTaPO L^ Pc_]LZ]OTYL]d ^LN]PO LN_^ PaPY TY _SP NL^P ZQ OLTWd ]Z`_TYP ]PNT_L_TZY , NP]_LTY wQ]LXTYRx `^`LWWd XL]V^ _SPT] MPRTYYTYR LYO _SPT] PYO =PNT_TYR ]P \`T]P^ L NP]_LTY QZ]XLWTeL_TZY PR ^PXTX`^TNLW ]Sd_SXTN ^[PLVTYR ,YO YZ_ WPL^_ LY PQQPN_ TP _]LY^QZ]XL_TaP [ZbP] T^ L__]TM`_PO _Z _SP SPL]TYR LYO ^[PLVTYR Z] ^TYRTYR Z] OLYNTYR 



=PWTRTZ`^ =PLOTYR^ LYO 3ZWd 3PL]TYR

2LaTY 1WZZO ]PNPY_Wd [`_ QZ]bL]O N]T_TNT^X ZQ L [`]PWd ^ZNTZ LY_S]Z[ZWZRTNLW [P]^[PN_TaP  _SL_ OZP^ XZ]P U`^_TNP _Z _SP ]PWTRTZ`^ LYO ^PY^Z]d LP^_SP_TN L^[PN_^ LYO T^ NWZ^P] _Z Z`] ZbY L[[]ZLNS _SLY >TYRP]v^ T^ 4Y^_PLO ZQ wN`W_`]LW [P]QZ]XLYNP^x 1WZZO ^[PLV^ ZQ w]PWT RTZ`^ ]PLOTYR^x LYO w_Pc_^ TY []LN_TNPx 3P NWLTX^ _SL_ ]PWTRTZ`^ ]PLOTYR Z] Z]LW [P]QZ]XLYNP T^ YZ_ ZYWd L NZRYT_TaP LN_ M`_ LW^Z L MZOTWd ZYP LYO T^ LN_`LWWd ]PNPTaPO L^ ^`NS LP^_SP_TNLWWd Md _SZ^P WT^_PYTYR ?SP aZTNP T^ _SP TY_P]QLNP bSP]P MZOd LYO XPLYTYR XPP_ ! ?SP ]PNT_LW _SP ]T_`LW _SP WT_`]Rd LYO LWZYR bT_S _SPX _SP ^PY^Z]d LbL]PYP^^ LYO XPY _LW ]PNP[_TZY PYLMWP _SP _Pc_ ZQ _SP [L^_ _Z MP M]Z`RS_ _Z WTQP TY _SP []P ^PY_ ?ST^ [P]_LTY^ _Z MZ_S PWT_P LYO [Z[`WL] N`W_`]P 1WZZO L__]TM`_P^ []ZQZ`YO ^ZNTLW ^TRYTQTNLYNP LYO Q`YN_TZY _Z _SP N`W_`]LW [P]QZ]XLYNP^ ZQ b]T__PY LYO `Yb]T__PY ]PWTRTZ`^ _Pc_^ TY ]PNT_LW ]T_`LW QP^_TaLW N`W _`]P O]LXL ^ZYR LYO OLYNP MPNL`^P _SPd N]PL_P NZWWPN_TaPWd ^SL]PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP LW^Z 8TNSLPW^ w=T_`PWWP 6WLYR]Æ`XPx !z#  4Y _SP QZWWZbTYR bP ]PQP] _Z 2LaTY 1WZZOv^ VPdYZ_P WPN_`]P L_ _SP NZYQP]PYNP w=PWTR TZY ZY _SP -Z]OP]^x TY >_ZNVSZWX ,[]TW $z " ! .Q LW^Z _SP XZ]P _SPZ]P_TNLW L]_TNWP Md >dMTWWP 6]ÆXP] w>[]LNSP z >_TXXP z >NS]TQ_% >TPMPY 2POLYVPY ÞMP] ;P]QZ]XL_TaT_Æ_ LW^ 8POTLWT_Æ_x TY ;P]QZ]XLYe% EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_PY PO @bP BT]_S 1]LYVQ`]_% >`S]VLX[  z!

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^

$

TY_P]TZ]T_d " ?SP _Pc_ T^ TY_P]YLWTePO PXMZOTPO LYO _]LY^QZ]XPO TY_Z _SP ]PNT[TPY_^v ZbY WTaP^ ]POPQTYTYR _SPT] WTaP^ z _SZ^P ZQ _SP LN_Z]^ LYO ]PNT_P]^ LYO _SZ^P ZQ _SP ^[PN_L_Z]^ LYO WT^_PYP]^ ?SP XPLYTYR L__]TM `_PO _Z _SP _Pc_^ ^[TWW^ ZaP] TY_Z Z]OTYL]d OLTWd WTQP LYO _S`^ MPNZXP^ Pc_P]YLWTePO ?SP WTQP ZQ _SP [L]_TNT[LY_^ MPNZXP^ _SP WTQP ZQ _SP _Pc_ LYO aTNP aP]^L 1WZZOv^ ZM^P]aL_TZY^ NL[_`]P bPWW _SL_ bSTNS []ZMLMWd L[[WTP^ _Z XZ^_ ZQ _SP [L]_TNT[LY_^ TY ^`NS [P]QZ]XLYNP^ 3ZbPaP] L NZWWPN_TaPWd ^SL]PO TY_P]TZ]T_d ^`NS L^ SP OP^N]TMP^ NLY ZYWd ZNN`] TQ _SP [L]_TNT[LY_^ LW]PLOd ^SL]P L NZXXZY WTQPbZ]WO LYO MPWTPQbZ]WO LYO LW^Z `YOP] ^_LYO _SP ]T_`LW ]PLOTYR^ ?SP QZ]XP] T^ RPYP]LWWd _SP NL^P% ZQ_PY _SPd LW]PLOd VYZb _SP ^_Z]TP^ _SL_ L]P MPTYR _ZWO ?SP WL__P] SZbPaP] ^SZ`WO MP YPRL_PO :YWd aP]d QPb [PZ[WP `YOP]^_LYO _SP bZ]O^ ^TYNP XZ^_ ^`NS ]PLOTYR^ LYO [P]QZ]XLYNP^ L]P TY >LY^V]T_ Z] LY L]NSLTN QZ]X ZQ _SP aP]YLN`WL] >ZXP_TXP^ LY TY_]ZO`N_TZY Z] NZXXPY_^ L]P RTaPY TY _SP N`]]PY_ aP]YLN`WL] -`_ _ST^ T^ Md YZ XPLY^ L RPYP]LW ]`WP ?SZXL^ .ZM`]Y ]TRS_Wd ]PXL]V^ L^ L ML^TN [ZTY_ w_SL_ _SP ^LYN_T_d ZQ 3TYO` ^N]T[_`]P z XZ^_ ZQ bSTNS SL^ MPPY NZX[Z^PO TY >LY^V]T_ z OZP^ YZ_ YPNP^^L]TWd OP[PYO `[ZY T_^ TY_PWWTRTMTWT_d _Z ZYP bSZ SPL]^ Z] ]PNT_P^ T_x # 3P]P .ZM`]Y TY_]ZO`NP^ L [P]^[PN_TaP _SL_ ^PPX^ Q`YOLXPY_LW _Z `^ MPNL`^P T_ YZ_ ZYWd PX[SL^TeP^ _SP []PQP]PYNP QZ] _SP ^[ZVPY bZ]O M`_ LW^Z [ZTY_^ Z`_ L^ w_SP OT^_TYN_Wd 3TYO` bLdx _SP QLN_ _SL_ SPL]TYR LYO ]PNT_TYR z LYO YZ_ YPNP^^L]TWd `YOP]^_LYOTYR z L]P _SP OPNT^TaP L^ [PN_^ $ .ZM`]Y ^[PLV^ ZQ L wNPY_]LW OdYLXTN ZQ 3TYO` _]PL_XPY_ ZQ _SP BZ]O  L]Z`YO _SP _PY^TZY MP_bPPY  _SP OP^T]P _Z []P^P]aP LYO ]P NT_P LYO YZ_ YPNP^^L]TWd `YOP]^_LYO L aP]MLWWd QTcPO `^`LWWd Z]LW _Pc_ LYO  _SP OP^T]P _Z `YOP]^_LYO MZ_S QZ] ZYP^PWQ LYO QZ] Z_SP]^ ]PWT RTZ`^ TOPL^ _SL_ L]P []P^PY_PO TY aP]MLW QZ]Xx  ?SP _PY^TZY MP_bPPY _SP bZ]O L^ _SP NL]]TP] ZQ XPLYTYR LYO T_^ XL_P]TLW LNZ`^_TN []P^PYNP SL^ TY QLN_ ZNN`[TPO XLYd ZQ 4YOTLv^ _STYVP]^ L^ bP bTWW ^SZb DP_ L^ L ]`WP _ST^ SL^ YZ bPTRS_ bSPY T_ NZXP^ _Z ]PNT_L_TZY^ BP bZ`WO LR]PP bT_S .ZM`]Y _SL_ bSL_ T^ _d[TNLW ZQ 3TYO`T^_TN LNNP^^ _Z ^LN]PO WT_P]L _`]P^ LYO _SP APOL TY [L]_TN`WL]  T^ []PNT^PWd bSL_ XTRS_ MP _SP XZ^_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " # $  

?ST^ bL^ L XLUZ] [ZTY_ ZQ 1WZZOv^ VPdYZ_P WPN_`]P XPY_TZYPO TY _SP QZZ_YZ_P LMZaP .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx !Q .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx  z"   .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx $ >PP LW^Z 7Z`T^ =PYZ` ?SP /P^_TYd ZQ _SP APOL TY 4YOTL /PWST% 8Z_TWLW -LYL]^TOL^^ $!     & 1]T_^ >_LLW 9LXM`OT]T APOL =PNT_L_TZY u^2]LaPYSLRP% 8Z`_ZY $! "& w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZY^x Z[ NT_& w?SP .ZYNP[_ ZQ >N]T[_`]P TY _SP 4YOTLY ?]LOT_TZYx TY >TVS >_`OTP^% .ZX[L]L_TaP ;P]^[PN_TaP^ ZY L .SLYRTYR ?]L

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

!

LWTPY _Z L NZY_PX[Z]L]d BP^_P]Y ]PLOP]^ST[% _SP WLNV ZQ YPNP^^T_d _Z `YOP]^_LYO _SP XPLYTYR z bSTNS L[[WTP^ YZ_ ZYWd _Z wWLd [P]^ZY^x M`_ PaPY _Z []ZQP^^TZYLW ]PNT_P]^ ZQ _SP APOL ²]Z_]TdL  ?ST^ WLNV ZQ NZYNP]Y LMZ`_ _SP XPLYTYR NLY ZYWd MP [L]_TLWWd Pc [WLTYPO Md ]T_`LW _SPZ]d 4Y L [P]QZ]XL_TaP ]T_`LW _SPZ]d _SP ]T_`LW^ TYNW`OTYR ]T_`LWTePO ]PWTRTZ`^ _Pc_^ OZ YZ_ SLaP _Z XPLY LYd_STYR L_ LWW TY _SP ^PY^P ZQ L []Z[Z^T_TZYLW NZY_PY_ MPNL`^P _SPd L]P ]PT_P]L_TaP TP _SP TYQZ]XL_TZY T^ LW]PLOd VYZbY LYO L]P ^PWQ]PQP]PY_TLW TP _SPd Pc[]P^^ _SPX^PWaP^ TY _SP QZ]X ZQ ]`WPML^PO aP]MLW LYO YZYaP]MLW LN_^ ^PY^Z]d [LRPLY_]d ]P[P_T_TZY^ P_N LYO LW^Z _S]Z`RS _SPT] _]LOT _TZYLW L`_SZ]T_d ?SPd L]P [P]QZ]XL_TaP TY _SP ^PY^P ZQ LY TWWZN`_TZYL]d LYO [P]WZN`_TZYL]d NZY_PY_ LYO ZQ _SP ^T_`L_TaP N]PL_TZY ZQ LY Pc_]LZ]OT YL]d NZY_Pc_ Y`XTYZ`^ []P^PYNP LYO ]T_`LW PQQTNLNd  =T_`LW^ N]PL_P ^PY^Z]d LbL]PYP^^ LYO ^T_`L_TaP []P^PYNP^ ?ST^ L[[WTP^ _Z ]T_`LW^ LWW L]Z`YO _SP bZ]WO LYO XLYd [L]_TNT[LY_^ TY ]T_`LW^ bZ`WO ^TX[Wd ^Ld _SL_ _SPd OZ bSL_ _SPd OZ MPNL`^P T_ SL^ LWbLd^ MPPY OZYP _SL_ bLd 4Y 4Y OTL SZbPaP] WT_P]L_`]P^ L]P YZ_ ZYWd ]T_`LWTePO M`_ L]P LW^Z ^PWQ ]PQWPcTaP NZYNP]YTYR _SP bLd _SPd ^SZ`WO MP ]T_`LWTePO _SP PQQPN_^ ZQ _SPT] ]T_`LWTeL_TZY LYO _SP SZWTYP^^ ZQ WT^_PYTYR LYO SPL]TYR 0aPY TY YL]]L_TZY^ _SL_ NWPL]Wd SLaP LY TYQZ]XL_TaP NZY_PY_ _SP NZY_PY_ T^ YZ_ YPNP^^L]TWd _SP XLTY N]T_P]TZY LYO _ST^ T^ LW^Z TYOTNL_PO Md L`_Z ]PQWPN_TZY 1Z] PcLX[WP _SP ;`]£©L^ Xd_STN YL]]L_TaP^ bT_S L NWPL] ^_Z]d LYO [WZ_ _SL_ TYNW`OP _PLNSTYR^ bT_S OTOLN_TN _SPZWZRTNLW LYO [ST WZ^Z[STNLW NZY_PY_ TY_PYOPO _Z MP `YOP]^_ZZO LWXZ^_ TYaL]TLMWd NZY_LTY _SP Q]LXTYR TYQZ]XL_TZY _SL_ ]PNT_TYR LYO SPL]TYR _SP ;`]£©L^ M]TYR LMZ`_ R]PL_ PQQPN_^ ?ST^ ]PQP]^ TY _SP QT]^_ [WLNP YZ_ _Z _SP ^PXLY_TN NZY_PY_ M`_ _Z _SP [Sd^TNLW ^Z`YO ?SP ^TRYTQTNLYNP ZQ _SP ;`]£©L^ _SL_ _SPd wXLd MP SPL]O Md LWWx TY NZY_]L^_ _Z _SP APOL OZP^ YZ_ Md LYd XPLY^ ^TRYTQd _SL_ _SPd L]P `YOP]^_ZZO Md LWW >LY^V]T_ MPTYR VYZbY ZYWd _Z L QPb M`_ ]L_SP] _SL_ ZYP [L]_TNT[L_P^ TY _SPX Md ]PNT_TYR LYO SPL]TYR _SPX  :`] [ZTY_ T^ YZ_ _Z ^Ld _SL_ _SP]P T^ YZ TY_P]P^_ TY XPLY TYR M`_ ]L_SP] _SL_ QZN`^ ZY ^Z`YO T^ N`W_`]LWWd LNNP[_PO L^ L WPRT_TXL_P LYO PaPY []PQP]]PO XZOP ZQ ]PNP[_TZY ,WW ZQ _ST^ T^ RPY`TYPWd _d[TNLW ZQ >LY^V]T_ 3TYO`T^X LYO SL^ SLO PQQPN_^ NZYNP]YTYR ]PWTRTZ`^ ]P[]P^PY_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OT_TZY  PO 8L]V 5`P]RPY^XPdP] LYO 9 2P]LWO -L]]TP] -P]VPWPd% -P]VPWPd =PWTRTZ`^ >_`OTP^ >P]TP^ $"$ z  .Q LW^Z BLOP BSPPWZNV w, ?LcZYZXd ZQ _SP 8LY_]L^ TY _SP 9Pb LYO 1`WW8ZZY >LN]TQTNPx 3T^_Z]d ZQ =PWTRTZY^ $ $#% $z!$ BSPPWZNV []Z[Z^P^ _SL_ ]T_` LW^ SLaP WT__WP TYQZ]XL_TaP NZY_PY_ MPNL`^P _SPd ZQ_PY ]P[PL_ L VYZbY QTcPO _Pc_% w4 bTWW ^Ld _SL_ _SP ML^TN TY_PY_TZY ZQ ]T_`LW `__P]LYNP T^  _Z N]PL_P LYO LWWZb _SP [P] QZ]XLYNP ZQ L VYZbY LYO ]P[PL_LMWP ^T_`L_TZYx TMTO    8LTY [ZTY_ XLOP Md ?SZXL^ - .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx  z" $  

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^

!

_TZY ^dXMZWTN bZ]WOaTPb QZ]XL_TZY LYO 4YOTLY N`W_`]P L_ WL]RP .ZM`]Y NZ]]PN_Wd ]PXL]V^% wBSTWP T_ T^ _PX[_TYR _Z L^^`XP _SL_ ^N]T[_`]P^ PT_SP] ]PLO Z] SPL]O ^P]aP L OTOLN_TN ]ZWP TY S`XLY WTaP^ _SP NPY_]LW QLN_ SP]P T^ _SL_ QZ] XLYd 3TY O`^ _SP SZWTYP^^ ZQ SZWd bZ]O^ T^ YZ_ L Q`YN_TZY ZQ _SPT] TY_PWWTRTMTWT_d :Y _SP NZY_]L]d ^LYN_T_d ZQ_PY L[[PL]^ _Z MP TYaP]^PWd ]PWL_PO _Z NZX[]PSPY^T MTWT_dx 

?ST^ NLYYZ_ MP Pc[WLTYPO ^ZWPWd Md QZ]XLWT^X^ LYO ]`WP ^d^_PX^ TY _SP bLd _SL_ 1]T_^ >_LLW ]P[PL_POWd []Z[Z^PO  4_ MPNZXP^ RPY`TYPWd NZX []PSPY^TMWP ZYWd bSPY SPL]TYR LYO ]PNT_TYR L]P _SPX^PWaP^ ^PPY L^ L _]LY^QZ]XTYR ^LN]LXPY_LW LN_TaT_d LYO N`W_`]LW VYZbWPORP PcT^_^ LMZ`_ _SP [ZbP] ZQ _SP ^LN]PO ^Z`YO LYO L Y`XTYZ`^ []P^PYNP ,YO _ST^ T^ TY QLN_ _SP NL^P bT_S _SP TYOTRPYZ`^ WT^_PYP]^ L_ WPL^_ bT_S _SZ^P bSZ SLaP L ]PWTRTZ`^ NZXXT_XPY_ :Y _SP Z_SP] SLYO T_ NLYYZ_ MP L^^`XPO _SL_ _SP XPLYTYR ZQ _SP bZ]O^ T^ `YOP]^_ZZO Z] _SL_ PaP]dZYP L^^ZNTL_P^ _SP ^LXP XPLYTYR bT_S _SP bZ]O^ LYO ^_Z]TP^ 9ZYP_SPWP^^ SPL]TYR LYO ]PNT_TYR YPNP^^L]TWd XLVP _SP [P]^ZY [L]_ ZQ L SZWd NZ^XZ^ 1Z] _SP WZNLW ]PNT[TPY_^ VYZbTYR _SL_ w_ST^ T^ L ^LN]PO _Pc_x T^ ^`QQTNTPY_ _Z L^ N]TMP L MPYPQTNTLW PQQPN_ _Z T_ 4YNW`OTYR ^`NS ]PWTRTZ`^ L__]TM`_TZY^ .ZM`]Y ^PP^ >TYRP]v^ N`W_`]LW [P]QZ]XLYNP^ LYO 1WZZOv^ ]PWTRTZ`^ ]PLO TYR^ L^ wSZWd aP]MLW PaPY_^x LYO SP ^[PLV^ ZQ _SP w[ZbP] ZQ SZWd SPL] TYRx LYO _SP wTY_]TY^TN SZWTYP^^ ZQ _SP bZ]Ox ! 4Y LOOT_TZY _Z _SP [P] QZ]XL_TaP OTXPY^TZY ZQ SPL]TYR LYO ]PNT_TYR .ZM`]Y PX[SL^TeP^ _SP ^[T]T_`LW PcP]NT^P _SP []TXLNd ZQ Pc[P]TPYNP LYO _SP Pc[PN_PO ^PWQ _]LY^QZ]XL_TZY bSTNS L]P L__]TM`_PO _Z _SP ]PNT_TYR LYO SPL]TYR ZQ ^L N]PO _Pc_^ P^[PNTLWWd _SP XLY_]L ]P[P_T_TZY^ LYO MPWTPQ TY _SP TY_]TY^TN SZWTYP^^ ZQ _SP bZ]O% w _SP []Z[PY^T_d _Z XPXZ]TeP LYO _Z ]PNT_P SZWd bZ]O^ z [P]SL[^ L^ L XLYTQP^_L_TZY ZQ OPaZ_TZY MSLV_T  [P]SL[^ bT_S _SP L^[T]L_TZY ZQ SLaTYR ZYPv^ NZY^NTZ`^YP^^ _]LY^QZ]XPO Md _SP XLY_]L^  ]`Y^ aP]d aP]d OPP[ TY 3TYO` WTQP ?SP]P T^ ^NL]NPWd L QP^_TaLW TY 4YOTL _SL_ T^ YZ_ LNNZX[LYTPO Md _SP ]PNT_L_TZY ZQ ^ZXP NWL^^TNLW _Pc_ XZ^_ ZQ_PY TY >LY^V]T_ TY bSTNS NL^P  T_ NLYYZ_ MP TY_PWWTRTMWP _Z XZ]P _SLY L ^PWPN_ QPb Z] TY LY L]NSLTN LYO _SP]PQZ]P L_ MP^_ ]L_SP] Z[L\`P QZ]X ZQ _SP aP]YLN`WL]  BSL_PaP] PW^P bP XLd NZYNW`OP LMZ`_ _SP ^N]T[_`]LW WTQP ZQ 4YOTL U`^_TNP X`^_ MP OZYP _Z _SP QLN_ _SL_ L_ WPL^_ QZ] ^ZXP ZQ _SP _TXP 3TYO`^ SLaP LQQT]XPO _SL_ _SP SZWT

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx    >_LLW w?SP 8PLYTYRWP^^YP^^ ZQ =T_`LWx 9`XPY ! $"$% z& w?SP >Z`YO ZQ =PWTRTZYx Z[ NT_ TY [L]_TN`WL]    Q " Q& =`WP^ bT_SZ`_ 8PLYTYR% =T_`LW 8LY_]L^ LYO _SP 3`XLY >NTPYNP^ 9Pb DZ]V% 7LYR $#$& w1]ZX XPLYTYR^ _Z _]PP^x 5Z`]YLW ZQ =T_`LW >_`OTP^ " $$% z ! .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx     "

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

!

YP^^ ZQ _SP BZ]O T^ TY_]TY^TN LYO _SL_ ZYP [L]_TNT[L_P^ TY T_ YZ_ Md `YOP] ^_LYOTYR M`_ Md SPL]TYR LYO ]PNT_TYR T_x "

?SP TY_]TY^TN SZWTYP^^ ZQ _SP bZ]O Pc[WLTY^ _SP TOPZWZRTNLW MLNVR]Z`YO bPWW LYO ZYP NLY LOO _SL_ TY 3TYO` 4YOTL _SP ^LN]POYP^^ PQQTNLNd LYO ^Z_P]TZWZRTNLW [ZbP] ZQ ^Z`YO^ SL^ MPPY Pc_PYOPO YZ_ ZYWd _Z XLY_]L^ M`_ LW^Z _Z PY_T]P ^LN]PO WT_P]L_`]P^ .ZM`]Y Pc[WLTY^ _SP SZWTYP^^ ZQ _SP XP]P bZ]O bT_S _SP TY_P]LN_TZY ZQ ^PaP]LW QLN_Z]^ MZ_S w[]ZQLYPx LYO w^LN]POx # :Y _SP ZYP SLYO SP NT_P^ _SP TY_]TY^TN aLW`P ZQ >LY^V]T_ WT_ P]LWWd wbPWWQZ]XPOx w]PQTYPOx wbPWW NZZVPOx L^ ]T_`LWWd [P]QPN_PO LYO TY_PWWPN_`LWWd N`W_TaL_PO WLYR`LRP TP L^ _SP WLYR`LRP ZQ _SP WT_`]Rd LYO ZQ _SP PWT_P LYO ^Z SPL]TYR LYO ^[PLVTYR T_ ]P[]P^PY_ L ^[PNTLW ]PWT RTZ`^ LYO TY_PWWPN_`LW []TaTWPRP 8P]PWd SPL]TYR _ST^ STRSWd N`W_TaL_PO WLYR`LRP MZ]OP]PO ZY Y`XTYZ`^ Pc[P]TPYNP :Y _SP Z_SP] SLYO LNNZ]O TYR _Z .ZM`]Y LY TX[Z]_LY_ ]ZWP bL^ [WLdPO YZ_ ZYWd Md _SP wL`]L ZQ PWPRLYNPx M`_ LW^Z Md _SP L^^ZNTL_TZY ZQ LY TXXPOTL_P NZYYPN_TZY bT_S []TXZ]OTLW _TXP^ LYO Z]TRTYLW ]PaPWL_TZYL]d VYZbWPORP 3P]P SP ]PQP]^ _Z _SP APOTN ]PaPWL_TZY WTYVPO bT_S L NP]_LTY ZY_ZWZRd , wXZ^_ TY_TXL_P L[[]PSPY^TZY ZQ NZ^XTN _]`_Sx T^ L^^ZNTL_PO bT_S _SP APOL WT_P]LWWd wVYZbWPORPx LW^Z NLWWPO ±]`_T WT_P]LWWd wSPL]TYRx bSTNS .ZM`]Y ]PY OP]^ L^ wSZWd SPL]TYRx LYO bT_S _SP APOTN w^PP]^x bSZ w^Lbx LYO wSPL]Ox _SP APOL $ ,Y LYLWZRZ`^ _]LY^NPYOPYNd ]PWL_TZY LW^Z L[[WTP^ _Z _SP ?LY_]TN XLY_]L^ L^ _SP P^^PYNP ZQ _SP RZO^% w@W_TXL_P ]PLWT_d ZY _ST^ aTPb XLd TY QLN_ MP R]PL_P] _SLY bSL_PaP] T^ []POTNL_PO ZQ T_ YP_T YP_T M`_ T_ T^ LQQT]XPO L_ WPL^_ _Z SLaP ^Z`YOQZ]Xx  BP LR]PP bT_S _ST^ QL]]PLNSTYR ZM^P]aL_TZY :YP NLY PaPY Pc[LYO T_ LYO [ZTY_ _Z ^PWQ]PQWPcTaP PaTOPYNP _SL_ T^ QZ`YO Q]ZX WL_P APOTN _TXP^ ZYbL]O^ LYO OPaPWZ[^ L NZY^TOP]LMWP ^Z`YO Xd^_TNT^X ?SP]P T^ LY PcNP[_TZYLWWd WL]RP LXZ`Y_ ZQ WTYR`T^_TN [STWZ^Z[STNLW LYO ]PWTRTZ`^ WT_P]L_`]P NZYQTYPO _Z ]PQWPN_TYR ZY WLYR`LRP LYO ^Z`YO ^ZXP ZQ bSTNS NZY^_]`P ^Z`YO L^ []TXZ]OTLW ]PLWT_d [P]aLOTYR LWW N]PL_TZY ?SP XZ^_ Pc_]PXP PcLX[WP T^ _SP 9£OL-]LSXLY w>Z`YO-]LSXLYx bSP]P ^Z`YO NZ^XZ^ LYO `W_TXL_P ]PLWT_d L]P P\`L_PO Md _SP ?LY_]LTY^[T]PO LYO APO£Y_LTY^[T]PO X`^TNZWZRT^_^ LYO _SPT] VPd _SP^T^ ZQ _SP wbZ]WO L^ ^Z`YOx  -`_ T_ LW]PLOd MPRTY^ bT_S _SP wRZOOP^^ AZTNPx TY _SP WL_P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " # $  

.ZM`]Y wu>N]T[_`]Pv TY 4YOTLx " 1Z] _SP QZWWZbTYR ^PP .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx ! .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx  .ZM`]Y wu>N]T[_`]Pv TY 4YOTLx  ?SP _P]X 9£OL-]LSXLY L[[PL]^ _Z SLaP MPPY QT]^_ `^PO Md _SP X`^TNZWZRT^_ ±£]«RLOPaL _S NPY_ bSZ TY_P][]P_PO _SP ^_L_PXPY_ ZQ _SP X`^TNZWZRT^_ 8L_L«RL #_S NPY_ _SL_ _SP PY_T]P `YTaP]^P LYO LWW _SP RZO^ bP]P ^Z`YO TY _SP XPLYTYR ZQ _SP -]LSXLY [STWZ^Z[Sd ZQ _SP APO£Y_L 8L_L«RL STX^PWQ ^PPX^ _Z SLaP MPPY TY^[T]PO Md DZRTN LYO ?LY_]TN ^[PN`WL_TZY^ ZY []TXZ]OTLW ^Z`YO Y£OL -`_ YZ_ `Y_TW WL_P] _TXP^

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^

!

‹RaPOL  _SP NZ^XZWZRTNLW TY_P][]P_L_TZY^ ZQ _SP ^dWWLMWP :¿ TY _SP @[LYT´LO^ _SP DZRL _PNSYT\`P^ QZ] N]PL_TYR TYYP] ^Z`YO^ _SP _PLNSTYR^ ZY []TXZ]OTLW ^Z`YO Y£OL LYO NZ^XZRZYTN XLY_]L ^[PN`WL_TZY TY _SP PL]Wd ¢RLXL WT_P]L_`]P LYO _SP 3TRS ?LY_]L -P^TOP^ SPL]TYR LYO ]PNT_ TYR ^`NS STRSWd ^[PN`WL_TaP _PYOPYNTP^ L]P RPY`TYPWd _d[TNLW ZQ >LY ^V]T_ 3TYO`T^X _ZZ LYO X`^_ MP _LVPY TY_Z LNNZ`Y_ TY NZY_Pc_`LWTeTYR _SP ]T_`LW [P]QZ]XLYNP^ TY _SP M]ZLOP] Q]LXPbZ]V ZQ ]PWTRTZ`^ NZY^_]`N _TZY ZQ XPLYTYR 2`d -PNV OPOTNL_PO ST^ L__PY_TZY []TYNT[LWWd _Z _ST^ L^[PN_ L^ TWW`^ _]L_PO Md _SP _T_WP ZQ ST^ XZYZR]L[S w>ZYTN ?SPZWZRdx 3P U`^_TQTLMWd N]T_TNTeP^ _SP QLN_ _SL_ ST^_Z]TLY^ ZQ ]PWTRTZY wSLaP N`]TZ`^Wd ZaP]WZZVPO Z] uZaP]SPL]Ov _SP OTXPY^TZY ZQ ^LN]PO ^Z`YOx  -PNV PaPY [Z^_`WL_P^ _SL_ ^LN]PO ^Z`YO T^ _SP Xd^_P]T`X XLRY`X ZQ _SP 3TYO` _]LOT_TZY  3P NWLTX^ _SL_ wu3TYO` _SPZWZRdv NZY_LTY^ L YPNP^^L]d ^ZYTN ]PLWX M`TW_ TY_Z T_^ ^_]`N_`]P LYO ^`M^_LYNPx LYO PX[SL^TeP^ _SL_ ^LN]PO ^Z`YO wQ`YN_TZY^ L^ L NZXXZY _S]PLO NZYYPN_TYR L Y`XMP] ZQ Z`_bL]OWd OTQ QP]PY_ ^PN_Z]^ bT_STY T_x  4Y NZY_]L^_ _Z >TYRP]v^ LYO 1WZZOv^ []LN_TNPZ]TPY_PO LYO LN_TZY Z]TPY_PO L[[]ZLNSP^ -PNVv^ ^_`Od T^ XL]VPOWd XP^^LRPZ]TPY_PO :`] L[[]ZLNS ZQ ]PWTRTZ`^ LP^_SP_TN^ ^PPV^ _Z `YT_P _SP^P _bZ MPNL`^P _SP w[SZYZNPY_]TN P[T^_PXP ZQ >LY^V]T_x T^ Pc[]P^^PO MZ_S TY QZ]X^ ZQ ]PWT RTZ`^ LN_^ N`W_`]LW [P]QZ]XLYNP^ LYO _Pc_^ TY []LN_TNP LYO TY NZRYT _TaP ^d^_PX^ LYO _SPZWZRTNLW LYO [STWZ^Z[STNLW OT^NZ`]^P^ 4_ T^ YZ_ ZYWd _SP [P]QZ]XL_TaP ]T_`LW OTXPY^TZY^ TP _SP _Pc_^ TY []LN_TNP bSTNS bP bLY_ _Z Pc[WZ]P M`_ LW^Z _SP [P]QZ]XL_TaP NSL]LN_P] ZQ _SP _Pc_^ _SPX ^PWaP^% _SPT] ^PWQPc[]P^^TaPYP^^ TY _Pc_`]P ^_dWP ]Sd_SX XPWZOd LYO ]SP_Z]TN LYO _SPT] ^PWQ]PQWPcTaT_d NZYNP]YTYR NZ^XZWZRd bZ]WO NZY^_T_`_TYR YL_`]P [P]QZ]XLYNP NSL]LN_P] LYO PQQTNLNd ?SP NZYNP[_ ZQ [P]QZ]XLYNP  T^ L RZZO ZYP QZ] TWW`XTYL_TYR L NPY_]LW XP_SZOZWZRTNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

   

OTO _SP YZXTYLWTeL_TZY w9£OL-]LSXLYx MPNZXP bTOP^[]PLO TY ]PWTRTZ`^ NT]NWP^ _ZZ BP OZ YZ_ OT^N`^^ _SP 9£OL-]LSXLY L^ _SP WL^_ R]PL_ _]LY^QZ]XL_TZY ZQ _SP -]LSXLY NZYNP[_ `Y_TW _SP PYO ZQ _ST^ MZZV 2`d 7PZY -PNV >ZYTN ?SPZWZRd% 3TYO`T^X LYO >LN]PO >Z`YO .ZW`XMTL% @YTa ZQ >Z`_S .L]ZWTYL ;] $$  -PNV >ZYTN ?SPZWZRd   -PNV >ZYTN ?SPZWZRd   >TYRP] bL^ [P]SL[^ _SP QT]^_ [P]^ZY _Z TY_]ZO`NP _SP _P]X [P]QZ]XLYNP TY_Z N`W_`]LW ^_`OTP^ LYO TYQW`PYNPO Z_SP]^ TYNW`OTYR .WTQQZ]O 2PP]_e 9Zb [P]QZ]XLYNP SL^ MP NZXP L VPd _P]X TY N`W_`]LW ^_`OTP^ LYO LMZaP LWW TY ]T_`LW ^_`OTP^ >PP -ZMMd . ,WPcLYOP] w=T_`LW LYO .`]]PY_ >_`OTP^ ZQ =T_`LW% :aP]aTPbx TY ,Y_S]Z[ZWZRd ZQ =P WTRTZY% , 3LYOMZZV  PO >_P[SPY / 2WLeTP] BP^_[Z]_% 2]PPYbZZO ;]P^^ $$" z!& ,YO]ËL -PWWTRP] LYO /LaTO 6]TPRP] PO =T_`LW_SPZ]TPY :[WLOPY% BP^_ OP`_^NSP] AP]WLR $$# "z TY_]ZO`N_TZY& 5ZSY 8N,WZZY =T_P /]LXL 1P^_TaLW >[PN_LNWP% =PSPL]^LW^ _ZbL]O L ?SPZ]d ZQ .`W_`]LW ;P]QZ]XLYNP ;STWLOPW[STL% 4Y^_T

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

L^[PN_ ZQ Z`] bZ]V _SL_ _]LY^QP]^ _SP LN_TZYZ]TPY_PO L[[]ZLNS _Z _SP _Pc_^ _SPX^PWaP^ 3P]P _S]PP _d[P^ ZQ [P]QZ]XL_TaT_d ! NLY MP OT^_TY R`T^SPO% L _SL_ ZQ PXMZOdTYR _Pc_^ `^TYR _SP aZTNP LYO TY LN_`LW [P]QZ]XLYNP^ LYO ]T_`LW^ bSTNS T^ bSL_ >TYRP] _P]XPO wN`W_`]LW [P]QZ]XLYNP^x LYO bSL_ 2LaTY 1WZZO ]PQZ]X`WL_PO L^ w]PWTRTZ`^ ]PLOTYR^x M _SP QZ]X ZQ NZ][Z]PLWT_d LYO [P]QZ]XL_TaT_d _SL_ T^ [PN`WTL] _Z _SP _Pc_^ _SPX^PWaP^ [ZP_]d ]SP_Z]TN ^_dWT^_TN OPaTNP^ ]Sd_SXTNT_d P_N _SL_ T^ _SPT] Z]LWL`]LW ]PLWT_d LYO ^PWQ]PQP]PY_TLW Q`YN_TZY bSTNS LW^Z TYNW`OP^ _SP QZ]XLW ^_]`N_`]P LYO ]PR`WL]T_d _SL_ >_LLW PX[SL^TePO LYO N _SP XPLYTYR^ LYO PQQPN_^ _SL_ L]P LOO]P^^PO TY _SP _Pc_^ TY LY L`_Z ]PQP]PY_TLW bLd LYO bSTNS _SP ]PNT[TPY_^ Pc[P]TPYNP LYO OPaPWZ[ TXLRTYL_TaPWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _`_P QZ] _SP >_`Od ZQ 3`XLY 4^^`P^ $#& LYO _SP N]T_TNLW L[[]LT^LW Md .L_SP]TYP -PWW bSZ `W_TXL_PWd []PQP]^ []LN_TNP _SPZ]d =T_`LW% ;P]^[PN_TaP^ LYO /TXPY^TZY^ 9Pb DZ]V% :cQZ]O @YTa ;] $$" "z"!  $z!$& w;P]QZ]XLYNPx TY .]T_TNLW ?P]X^ QZ] =PWTRTZ`^ >_`OTP^ PO 8L]V . ?LdWZ] .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $$#  z LYO =ZYLWO 7 2]TXP^ bSZ N]T_TNTeP^ -PWW w;P]QZ]XLYNP ?SPZ]d LYO _SP >_`Od ZQ =T_`LWx TY 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ =PWTRTZY  AZW  PO ;P_P] ,Y_P^ P_ LW -P]WTY% OP 2]`d_P]  z#& w;P]QZ]XLYNPx TY ?SPZ ]TeTYR =T_`LW^% 4^^`P^ ?Z[TN^ ,[[]ZLNSP^ .ZYNP[_^ PO 5PY^ 6]PTYL_S P_ LW 7PT OPY% -]TWW ! "$z$ BT_STY ]T_`LW ^_`OTP^ _SP [P]QZ]XLYNP L[[]ZLNS bL^ LW ]PLOd []ZXTYPY_ TY _SP $"^ WL`YNSPO QZ] TY^_LYNP Md ATN_Z] ?`]YP]v^ _SPZ]d ZQ ]T_`LW L^ w^ZNTLW O]LXLx LYO ZYP XLd PaPY ^Ld _SL_ ]T_`LW ^_`OTP^ L^ L OT^NT[WTYP T^ L]P NZP\`LW _Z [P]QZ]XLYNP L[[]ZLNSP^ ! 7L_PWd L w[P]QZ]XL_TaP _`]Yx SL^ MPPY ZM^P]aPO TY _SPZ]TP^ ZQ N`W_`]P LYO XPOTL LYO _SP [P]QZ]XLYNP NZYNP[_ T^ ZQ_PY ]P[WLNPO Md _SP NZYNP[_ ZQ [P]QZ]XL_TaT_d >PP @bP BT]_S w/P] ;P]QZ]XLYeMPR]TQQ TX >[LYY`YR^QPWO aZY 4WWZVL_TZY 4_P]L_TZY `YO 4YOP cTVLWT_Æ_x TY S__[%`^P]`YTQ]LYVQ`]_OPbT]_S_Pc_PBT]_S;P]QZ]XLYeS_X LNNP^^PO ,[]TW  " LYO @bP BT]_S PO ;P]QZ]XLYe% EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_PY 1]LYVQ`]_% >`S]VLX[  TY bSTNS _SP NZX[WP_P L]_TNWP T^ ]P[]ZO`NPO TMTO $z! ,NNZ]OTYR _Z BT]_S L NZYNT^P _SPZ]d SL^ dP_ _Z MP OPaPW Z[PO 2WZMLWWd ^[PLVTYR [P]QZ]XL_TaP L[[]ZLNSP^ _Z WLYR`LRP ]T_`LW LYO N`W_`]P L]P \`T_P OTaP]^P /TQQP]PY_ OT^NT[WTYP^ LYO TYOTaTO`LW ^NSZWL]^ ^`NS L^ [STWZ^Z[SP]^ ZQ WLYR`LRP WTYR`T^_^ WT_P]L]d _SPZ]T^_^ N`W_`]LW LY_S]Z[ZWZRT^_^ QZWVWZ]T^_^ ^NSZWL]^ ZQ ]PWTRTZY ^NSZWL]^ ZQ RPYOP] ^_`OTP^ LYO ]T_`LW _SPZ]T^_^ `^P _SP _P]X OTQQP]PY_Wd ?Z XPY_TZY U`^_ ^ZXP _SL_ _Z`NS OT]PN_Wd ZY _SP _Z[TN ZQ Z`] ^_`Od% =TNSL]O -L`XLY wAP]MLW ,]_ L^ ;P]QZ]XLYNPx ,XP]TNLY ,Y_S]Z[ZWZRd "" $" % $z& 6]ÆXP] w>[]LNSP z >_TXXP z >NS]TQ_x Z[ NT_ z!& ,cPW 8TNSLPW^ w=T_`PWWP 6WLYR]Æ`XPx Z[ NT_ z& 7Lb]PYNP 0 >`WWTaLY w>Z`YO LYO >PY^P^% ?ZbL]O^ L 3P]XPYP`_TN^ ZQ ;P]QZ]XLYNPx 3T^_Z]d ZQ =PWTRTZY^ ! $#!% z& >_LYWPd 5 ?LXMTLS w, ;P]QZ]XL_TaP ,[[]ZLNS _Z =T_`LWx ;]ZNPPOTYR^ ZQ _SP -]T_T^S ,NLOPXd ! $"$% z!$& BLOP BSPPWZNV w, ?LcZYZXd ZQ _SP 8LY_]L^x Z[ NT_& z w?SP ;]ZMWPX ZQ =T_`LW 7LYR`LRP% 1]ZX 4YQZ]XL_TZY _Z >T_`L_TZYx 5Z`]YLW ZQ _SP ,XP]T NLY ,NLOPXd ZQ =PWTRTZY 7 $#% $z"& z w?SP 8LY_]L TY APOTN LYO ?LY_]TN =T_`LWx TY 8LY_]L^  PO 3L]aPd ; ,W[P] ,WMLYd 9Pb DZ]V% >@9D $#$ $!z

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^

!

:YP NPY_]LW _Z[Z^ ZQ N T^ bSL_ .ZM`]Y NLWW^ wSZWd aP]MLW PaPY_^x _SP w[ZbP] ZQ SZWd SPL]TYRx LYO _SP wTY_]TY^TN SZWTYP^^ ZQ _SP bZ]Ox LYO _Z bSTNS -PNVv^ []Z[Z^T_TZY ]PQP]^ _SL_ ^Z`YO T^ _SP NPY_]LW Xd^_P]d TY 3TYO`T^X LYO LW^Z [P]aLOP^ Z_SP]bT^P bTOPWd OTQQP]TYR ^PRXPY_^ ZQ 3TYO` N`W_`]P 4_ T^ _]`P _SL_ ZYP TX[Z]_LY_ QTPWO ZQ OT^NZ`]^P T^ _SP TOPL _SL_ TY aL]TZ`^ ST^_Z]TNLW NZY_Pc_^ LYO ^ZNTLW XTWTP`^ L NZ^XZWZRT NLWNZ^XZRZYTN Q`YN_TZY bL^ L__]TM`_PO _Z WLYR`LRP LYOZ] ^Z`YO LYO _SL_ WLYR`LRP^Z`YO bL^ PaPY aTPbPO L^ L ^dXMZW ZQ _SP `YTaP]^P LYO _SP `W_TXL_P ]PLWT_d @YWTVP -PNV bP bZ`WO SZbPaP] ^PL]NS QZ] _SP [P]aLOTYR _S]PLO WP^^ TY _SP _SPZWZRTNLW _SLY TY L ^Z`YONPY_P]PO WTQP bZ]WO LYO TY _SP PcNP[_TZYLW L__PY_TZY [LTO _Z WLYR`LRP TY 4YOTL ^TYNP PL]WTP^_ _TXP^ 7TVP -PNV bP bTWW TYNW`OP 4YOTLY WTYR`T^_TN^ [W`^ TYOTRPYZ`^ [Z P_]d LYO PcLX[WP^ ZQ PL]Wd ^NTPYNP BSPY _SP L^_]ZYZXP] LYO XL_SPXL _TNTLY ¢]dLMSL¶L bZ]V^ bT_S ^Z`YO NZOP^ TY^_PLO ZQ QTR`]P^ _ST^ TY QLN_ ^SZb^ SZb ^_]ZYRWd ^Z`YO LYO YZ_ ZYWd ^LN]PO ^Z`YO WTYV^ OTQQP]PY_ N`W_`]LW ^PN_Z]^ L^ L NZXXZY _SPXP LYO PaPY L[[PL]^ TY []ZQLYP ^NT PYNP^ ?SP WLMPW w^ZYTN _SPZWZRdx T^ YZ_ ^`QQTNTPY_ _Z Pc[WLTY _ST^ [SP YZXPYZY LYO NLY LN_`LWWd OT^_Z]_ T_ BSPY -PNV OT^N`^^P^ TYOTRPYZ`^ WTYR`T^_TN _SPZ]TP^ SP _PYO^ _ZbL]O^ Xd^_TQTNL_TZY LYO ]L_SP] _ZZ QL^_ SP ^PP^ ^ZYTN 9£OL-]LSXLY _SPZWZRd bSPY _SP [ZTY_ T^ LN_`LWWd R]LXXL] 4YOTLY WTYR`T^_TN^ NP]_LTYWd R]Pb Z`_ ZQ _SP ^_`Od ZQ _SP APOL M`_ T_ SL^ LNNP^^PO L`_ZYZXZ`^ L]PL^ ZQ VYZbWPORP _SL_ bP]P TYOP[PYOPY_ ZQ ]PWTRTZY ?SP [ZWd[SZYd ZQ aZTNP^ TY _SP TY_P][]P_TaP LYO ]PNPTaTYR NZXX`YT_TP^ bSTNS T^ XLYTQP^_PO TY _SP aP]MLW LYO ]T_`LW PaTOPYNP ]PRL]OTYR WLYR`LRP LYO ^Z`YO TY MZ_S PaP]dOLd LYO ^NSZWL]Wd N`W_`]P bTWW ZNN`[d `^ [L]_TN`WL]Wd TY _ST^ MZZV L^ bTWW _SP OdYLXTN^ ZQ L NZY ^_LY_Wd NSLYRTYR QWZb ZQ _]LOT_TZY LYO ZQ NZY_TY`LW ]PTY_P][]P_L_TZY^ BP _SP]PQZ]P _LVP L RWZMLW XP^^LRPZ]TPY_PO L[[]ZLNS ^TXTWL] _Z _SL_ ZQ -PNV M`_ Z`]^ ]PQWPN_^ XZ]P ZY _SP OTaP]^T_d ZQ aZTNP^ _SP OT^ N`]^TaP _]LY^QP]^ LYO _SP ST^_Z]TNLW OdYLXTN^ BP [WLNP WP^^ PX[SL^T^ ZY w^LN]POYP^^x _SLY ZY w^Z`YOx ?SP [L]_TN`WL] YL_`]P ZQ ^Z`YO _SL_ T_ NLY MP [Sd^TNLW LYO TXXL_P]TLW L_ _SP ^LXP _TXP LYO _SP]PQZ]P NLY WTYV TYYP] LYO Z`_P] bZ]WO^ WTVP YZ Z_SP] XPOT`X LYO _]TRRP] ^PY^Z]d LP^ _SP_TN PQQPN_^ L[[PL]^ _Z SLaP TY_P]P^_PO LYO TY^[T]PO XLYd 4YOTLY _STYVP]^ MZ_S ]PWTRTZ`^ LYO []ZQLYP ?SP []PZNN`[L_TZY bT_S ^Z`YO T^ OZ`M_WP^^Wd XZ^_ XL]VPO LYO XZ^_ OTQQP]PY_TL_PO TY _SP ]PWTRTZ`^ QTPWO :`] []TXP PcLX[WP^ ZQ ^LN]PO ^Z`YO L]P _SP APOL LYO _SP ?LY_]L _Z bSTNS bP OPaZ_P LY P^[PNTLWWd WL]RP LXZ`Y_ ZQ ^[LNP LYO bSTNS Q]LXP Z`] ST^_Z]TNLW OT^N`^^TZY^ , WL]RP []Z[Z]_TZY ZQ _SP ^Z`]NP^ L]P LYZYd XZ`^ WT_P]L_`]P^ ^ZXP ZQ bSTNS L]P RTaPY OL_P^ QW`N_`L_TYR ZaP] NPY_` ]TP^ LYO _Z bSTNS LOOT_TZY^ bP]P ZQ_PY XLOP ZaP] NPY_`]TP^ ?SP [Z^_ XZOP]Y XLYYP] ZQ ^[PLVTYR ZQ LY L`_SZ]WP^^ _Pc_ T^ aP]d []P^PY_ SP]P

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

!!

4Y _SP NL^P ZQ _SP APOL L^ wL`_SZ]WP^^ SPL]TYRx LYZYdXT_d PaPY MPNLXP LY TOPZWZRd LYO L XL]V ZQ _SP \`LWT_d ZQ RPY`TYP ]PaPWL_TZY DP_ _ST^ aTPb ZQ _SP ;¼]aL8ÅX£À^£ WZdLW _Z _SP APOL OTO YZ_ ]PXLTY `YNSLW WPYRPO 9ZYAPOTN ^LN]PO WT_P]L_`]P^ NWLTXPO _Z MP XZ]P PQQPN_Q`W ]PaP WL_TZY^ bSTWP NZY_TY`TYR _SP [L]LOTRX ZQ SZWd SPL]TYR ;SZYZNPY_]TNT_d NSL]LN_P]TePO _SP N`W_`]P LYO RPYP]L_PO ]PWTRTZY ?SP wLOOT_TZY^x _Z _SP PcT^_TYR _Pc_^ N]PL_PO YPb ^T_`L_TaP NZY_Pc_^ TY bSTNS _SP ]T_`LW ^Z`YO ^[LNP^ bP]P RTaPY L YPb QZ]X LYO _SP N`W_`]LW VYZbWPORP ZQ _SP TY_]TY ^TN ^LN]POYP^^ ZQ ^Z`YO _ZZV ZY YPb OTXPY^TZY^ LYO \`LWT_TP^ ZQ Pc [P]TPYNP DP_ NSLWWPYRP^ _Z _SP OZXTYLY_ [L__P]Y X`^_ YZ_ MP TRYZ]PO PT_SP] PR _SP WLYR`LRP N]T_TNT^X ZQ _SP PL]Wd @[LYT´LO^ 4Y 3TYO` 4YOTL bP OPQTYT_PWd QTYO L ]LYRP ZQ L__T_`OP^ _ZbL]O^ WLY R`LRP% [L]_TNT[L_Z]d SZWT^_TN ZYP^ LYO PXLYNT[L_Z]d ZYP^ TP LYLWd_T NLWWd OT^_LYNTYR LYO `W_TXL_PWd LW^Z _SZ^P _SL_ LTX QZ] L NZY^TOP]PO ^dY_SP^T^ :`] ^_`Od _SP]PQZ]P LW^Z QZN`^P^ ZY _SP ^_]L_PRTN LRPY_^ LYO N`W_`]LW [ZWTNdXLVP]^ _SL_ XLOP WLYR`LRP LYO ^Z`YO ^_]ZYR VPd NL_P RZ]TP^ QZ] OP^N]TMTYR _SP bZ]WO L^ L bSZWP LYO _SL_ ]PQWPN_PO _SP WLY R`LRP YL_`]P ZQ XPLYTYR LYO _SP ^Z`YO YL_`]P ZQ WLYR`LRP



;]ZR]LX QZ] L >ZYTN 7T_P]L]d 3T^_Z]d LYO ?SPZ]d

w?Pc_`LWT^_ N`W_`]LW ^_`OTP^x ZQ _SP 9Pb 3T^_Z]TNT^X M]ZVP bT_S L ZYP ^TOPO _Pc_NZY_Pc_ L[[]ZLNS LYO ^PY^T_TePO ^NSZWL]^ _Z _SP QLN_ _SL_ _Pc_^ XLd MP ]PLO L^ NZY_Pc_^ QZ] ZYP LYZ_SP] " 4Y ]PQWPN_TYR ZYP LYZ_SP] LYO TY _SPT] TY_P]_Pc_`LW WTYV^ _Pc_^ XL[ Z`_ L wN`W_`]LW L]NSTaPx ]P[]ZO`NP T_ LYO L_ _SP ^LXP _TXP L]P MZ`YOPO Md T_ BP ^SL]P bT_S 9Pb 3T^_Z]T NT^X _SP ]PNT[]ZNLW TY_P]P^_ TY _SP ST^_Z]TNLW YL_`]P ZQ _Pc_^ LYO _SP _Pc _`LWT_d ZQ ST^_Z]d LYO _S`^ QLaZ] LY L[[]ZLNS TY N`W_`]LW ^_`OTP^ bT_S _SP ^_`Od ZQ _Pc_^ L_ T_^ NZ]P 3ZbPaP] ^TYNP bP bT^S _Z TYaP^_TRL_P L wWZYR`PO`]ËPx [SPYZXPYZY bP L]P YZ_ LTXTYR QZ] L w^NTPYNP ZQ _SP [L]_TN`WL]x _SL_ T^ _d[TNLW ZQ _SP 9Pb 3T^_Z]TNT^X L[[]ZLNS # YZ] OZ bP NZY_PYO bT_S L ^dYNS]ZYTN [P]^[PN_TaP ZQ L WTXT_PO _TXP [P]TZO BP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " u9Pb 3T^_Z]TNT^Xv TY _SP YL]]Zb ^PY^P OPYZ_P^ L []LN_TNP ZQ WT_P]L]d ]P^PL]NS TY_Z _SP =PYLT^^LYNP OPaPWZ[PO L_ _SP MPRTYYTYR ZQ _SP $#^ TY .LWTQZ]YTL -P]VPWPd >NSZZW bSZ^P WPLOTYR []Z[ZYPY_^ bP]P >_P[SPY 2]PPYMWL__ LYO 7Z`T^ 8ZY_]Z^P 4_ NZY_TY`PO _Z MP OPML_PO LYO OPaPWZ[PO TY _SP $$^ :YP ZQ T_^ 2P]XLY ^`[[Z]_P]^ T^ 8Z]T_e -LÁWP] /TP V`W_`][ZP_T^NSP 1`YV_TZY `YO OL^ ,]NSTa% 0TYP WT_P]L_`]bT^^PY^NSLQ_WTNSP ?Pc_6ZY_Pc_?SPZ]TP ?ÞMTYRPY% 9L]] 1]LYNVP ,__PX[Z   >PP LW^Z ST^ w9Pb 3T^_Z]TNT^X .`W_`]LW 8L_P]TLWT^X LYO .`W_`]LW >_`OTP^x TY 0TYQÞS]`YR TY OTP 6`W _`]bT^^PY^NSLQ_PY% ?SPZ]P_T^NSP 2]`YOWLRPY z ,Y^Æ_eP z ;P]^[PV_TaPY  PO ,Y^RL] LYO AP]L 9ÞYYTYR >_`__RL]_% 8P_eWP]  z  # -LÁWP] /TP V`W_`][ZP_T^NSP 1`YV_TZY `YO OL^ ,]NSTa  Q z 

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^

!"

]L_SP] LTX _Z OZaP_LTW OTLNS]ZYTN LYO ^dYNS]ZYTN [P]^[PN_TaP^ ?SP R]PL_ OTaP]^T_d ZQ ^LN]PO _Pc_^ L`OTMWP WT_P]L_`]P^ TY >LY^V]T_ 3TYO` T^X LWZYR bT_S _SP TYNW`^TZY ZQ WL]RPWd ^PN`WL] ^d^_PX^ ^`NS L^ R]LX XL] _SPL_P] [ZP_]d LYO XL_SPXL_TN^ ]P\`T]P L ^dYZ[_TNLW []ZNPO`]P LWZYR^TOP _SP ST^_Z]TNLW WZYR_P]X [P]^[PN_TaP _Z ^Z]_ Z`_ _SP ML^TN [L]LOTRX^ ZQ _SP N`W_`]LW L]NSTaP BP ^SL]P bT_S _SP 9Pb 3T^_Z]TNT^X _SP ML^TN _SPZ]P_TNLW L^^`X[_TZY _SL_ _Pc_^ L]P WZLOPO bT_S wN`W_`]LW PYP]Rdx bSTNS T^ ^P_ Q]PP ^Z _Z ^[PLV bSPY X`_`LW P\`TaLWPYNP ]PWL _TZY^ ^dYNS]ZYZ`^ LYO OTLNS]ZYZ`^ TY_P]_Pc_`LWT_d LYO ]PNZOTYR L]P NZY^TOP]PO $ 9Z_ ZYWd OZ _SP TY_P]_Pc_`LW P\`TaLWPYNP^ [ZTY_ Z`_ _Z[T NLW LYO ]SP_Z]TNLW [L]_^ ZQ _SP L]NSTaP TYSP]PY_ _Z _SP _Pc_ M`_ _SPd ^T X`W_LYPZ`^Wd ^SPO WTRS_ ZY _SP N`W_`]LW [L]LOTRX^ ZQ _SP L]NSTaP BSPY L[[WTPO _Z Z`] XL_P]TLW _SP XP_L[SZ] ZQ wN`W_`]LW PYP]Rdx ]PQP]^ _Z L NZ]]PWL_TaP NZY_TY``X ZQ [SZYZNPY_]TNT_d LNZ`^_TN [TP_d LYO SZWT^_TN bZ]WOaTPb NZY^_]`N_TZY^ 8Z]PZaP] bP LR]PP ZY NP]_LTY XP_SZOZWZRT NLW []TYNT[WP^ `^PO Md _SP 9Pb 3T^_Z]TLY^ ?SP^P TYNW`OP YZ_ ^_L]_TYR Q]ZX bSZWP bZ]V^ M`_ Q]ZX TYOTaTO`LW P[T^ZOP^ _]Z[P^ Z] wLYPNOZ_P^x _SL_ OZ YZ_ LWbLd^ MPWZYR _Z bSL_ T^ ]PRL]OPO L^ _SP wWT_P]L]d NLYZYx LYO _SP ]PUPN_TZY ZQ L ^_LYOL]O XP_SZO TY QLaZ] ZQ L [ZWdQZNLW NZXMTYL _TZY ZQ ^PaP]LW _SPZ]P_TNLW LYO XP_SZOTNLW L[[]ZLNSP^ :YP ZQ Z`] TY_P]P^_^ SL^ MPPY _Z ^PL]NS TY _SP N`W_`]LW L]NSTaP QZ] _P]X^ OPYZ_TYR WTYR`T^_TN ^Z`YO PR a£N ²LMOL OSaLYT Y£OL  LYO _SP ST^_Z]TNLW LYO OT^N`]^TaP QZ]XL_TZY^ LYO NSLYRP^ ZNN`]TYR TY _SP `^P ZQ ^`NS XLUZ] _P]X^ ?SP^P PYNZX[L^^ ^[PPNS [SZYP_TN^ TYOTaTO`LW ^Z`YO TYQ]L^ZYTN ^Z`YO P_N M`_ LW^Z XP_ZYdXTP^ ^PXTZ_TeL_TZY^ LYO ^dXMZWTN QZ]X^ QZ] TY^_LYNP TY APOTN LYO [Z^_APOTN _TXP^ _Z aTPb WLYR`LRP L^ L wNZbx ^PP NSL[  >TYNP Z`] []TXL]d ^`MUPN_^ L]P L`OTMWP WT_P]L_`]P^ LYO N`W_`]LW ^PXTZ_TN^ X`W_T[WP L^[PN_^ ZQ [P]QZ]XL _TaT_d bTWW MP TY _SP QZ]PQ]ZY_ ,^ LW]PLOd Z`_WTYPO bP QZN`^ Z`] L__PY _TZY YZ_ ZYWd ZY wN`W_`]LW [P]QZ]XLYNP^x >TYRP] M`_ LW^Z ZY _SP [P] QZ]XL_TaT_d ZQ _SP _Pc_^ BP TYNW`OP _SP L`OT_Z]d OTXPY^TZY L^ L VPd PWPXPY_ ZQ _Pc_`LW ^_`Od LYO TY_P][]P_L_TZY ?ST^ L`OT_Z]d OTXPY^TZY T^ LY P^^PY_TLW [L]_ ZQ _SP _Pc_^v ZbY ^PWQ]PQP]PY_TLWT_d LYO [P]QZ]XL_TaT_d LYO T^ ZYP ZQ _SP XZ^_ NSP]T^SPO [L]LOTRX^ ZQ _SP N`W_`]LW L]NSTaP ?ST^ T^ bSd ^[PNTLW L__PY_TZY T^ [LTO _Z _SP _Pc_^v ZbY ^PWQ]PQP]PY_TLWT_d LYO L`_Z]PQWPcTaT_d TP _Z _SP LP^_SP_TN LYO [P]QZ]XL_TaP QPL_`]P^ ZQ _SP WT_P]L_`]P^ LYO _SP N]PL_TaP TXLRTYL_TZY^ ZQ _SPT] ]PNT[TPY_^ 4Y LOOT_TZY _Z _SP [P]QZ]XLYNP LYO PaPY_ NSL]LN_P] ZQ _SP _Pc_^ bP L]P TY_P]P^_PO TY _SP ^PY^Z]d bZ]WO^ LYO _SP bZ]WO^ ZQ XPLYTYR _SL_ L]P ]PQWPN_PO TY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP _L^V ZQ _SP WT_P]L]d ^NSZWL] T^ _Z STRSWTRS_ TOPY_TNLW LYPNOZ_P^ ]SP_Z]TN^ _]Z[P^ LYO ^_]`N_`]P^ TY OTQQP]PY_ _Pc_^ ZQ _SP L]NSTaP LYO WTYV _SPX _ZRP_SP] ?SP ZMUPN_TaP ZQ _ST^ []ZNPO`]P T^ _Z ]PWPL^P wN`W_`]LW PYP]Rdx Z] TY _SP bZ]O^ ZQ -LÁWP] w^ZNTLW PYP]Rdx .Q -LÁWP] /TP V`W_`][ZP_T^NSP 1`YV_TZY `YO OL^ ,]NSTa  $

!#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_Pc_^ MZ_S TX[WTNT_Wd LYO Pc[WTNT_Wd LYO L]P OPaPWZ[PO Q`]_SP] TY _SP N`W_`]LW XPXZ]d LYO _SP ^`MUPN_TaP [P]NP[_TZY ZQ OTQQP]PY_ R]Z`[^ LYO L`_SZ]^ 4Y^_PLO ZQ _SP NZYNP[_ ZQ w^ZYTN _SPZWZRdx -PNV bP SLaP NZTYPO _SP _P]X wLNZ`^_TN [TP_dx bSTNS bTWW MP OT^N`^^PO TY XZ]P OP_LTW MPWZb NSL[   QQ ?SP NZYNP[_ ZQ LNZ`^_TN [TP_d ^PPX^ _Z `^ _Z MP XZ]P ^`T_LMWP MPNL`^P LW_SZ`RS T_ TYNW`OP^ ^ZYTN _SPZWZRd T_ SL^ L M]ZLOP] ^NZ[P LYO []TXL]Wd ]PQP]^ _Z SLMT_`^ LYO ^ZNTLW []LN_TNP BP `YOP]^_LYO T_ _Z PYNZX[L^^ aL]TZ`^ QZ]X^ ZQ LN_TZY ]T_`LW LYO NZRYT_TaP ^d^_PX^ LWZYR bT_S \`LWT_TP^ ZQ QPPWTYR^ Pc[P]TPYNP LYO TYaZNL_TZY ZQ TNZYTN []P^PYNP ,NZ`^_TN [TP_d TYOTNL_P^ _SL_ bP ^PPV _Z ^_`Od _SP _Pc_^ YZ_ L^ _Pc_^ ZY [L[P] M`_ L^ _Pc_^ _SL_ X`^_ MP SPL]O LYO PXMZOTPO TY _SP aZTNP 4Y RTaTYR bPTRS_ _Z LN_`LW _Pc_ [P]QZ]XLYNP^ ]T_`LW^ XPOT_L _TZY^ P_N LYO _SP [P]QZ]XL_TaP YL_`]P ZQ _SP _Pc_^ _SPX^PWaP^ PXMZO TPO TY _SPT] ]SdXP^ ]Sd_SX^ LYO ]SP_Z]TN L_ _SP ^LXP _TXP bP RTaP bPTRS_ _Z _SPT] WL]RP] Q]LXP _SP N`W_`]P bSTNS _SPd XT]]Z] [P][P_`L_P LYO YZ`]T^S LYO _SP TY_P][]P_L_TaP Q]LXP^ bSTNS _`]Y _SPX TY_Z wXd_ST NLW ^`M^_LYNP^x 3ÞMYP] 8Z]PZaP] LNZ`^_TN [TP_d ^PPX^ XZ]P ^`T_LMWP QZ] N]Z^^N`W_`]LW NZX[L]T^ZY NSL[ ! BP _S`^ bT^S _Z PX[SL^TeP YZ_ ZYWd w_Pc_^ TY []LN_TNPx 1WZZO M`_ LW^Z LNZ`^_TN [P]NP[_TZY ^[LNP^ LYO ^ZYTN LbL]PYP^^ ?ST^ []ZR]LX ^PPV^ _Z OZ U`^_TNP _Z _SP ]PNP[_TZY XZOP TY bSTNS [L]_TNT[L_TZY TY _SP _Pc_ ZNN`]^ O`]TYR ]PNT_TYR LYO WT^_PYTYR bSTWP _SP ^PXLY_TN ^PY^P T^ YZ_ YPNP^^L]TWd `YOP]^_ZZO .ZM`]Y >_LLW 4_ LW^Z PcLXTYP^ [L]_TNT[L_Z]d XZOP^ ZQ bZ]WO Z]TPY_L_TZY LYO OTQQP]PY_ ^dY_SP_TN XZOPW^ ZQ bZ]WO NZY^_]`N_TZY PXMPOOPO TY WLYR`LRP LYO ^ZYLWT_d L^ ^dXMZWTN QZ]X^ _SL_ L_SPXL_TNLWWd `YNZY^NTZ`^Wd `YOP]WTP ^`NS L XZOP ZQ ]PNP[_TZY L]P ^SL[PO Md T_ LYO bSTNS _SPX^PWaP^ SLaP L ^SL[TYR PQQPN_ ZY ]PLWT_d [P]NP[_TZY XPY_LWT_d LYO N`W_`]LW [L__P]YTYR 4Y Z`] ^Z`YO^PY^T_TaP XP_SZOZWZRTNLW L[[]ZLNS _Z _Pc_^ L^ TY _SP TYNW`^TZY ZQ 4YOTLY ^NTPY _TQTN _]LOT_TZY^ PR L^_]ZYZXd LYO LYLWd_TNLW \`P^_TZY^ bP OTQQP] Q]ZX Z`] []POPNP^^Z]^ 1WZZO .ZM`]Y LYO -PNV BT_S Z`] ^Z`]NP ML^P bSTNS bP L]P NZY^NTZ`^Wd XLVTYR L M]ZLO ZYP PaPY TQ T_ SL^ _Z MP LYPNOZ_LW bP ^PPV _Z OPaPWZ[ L ST^_Z]d ZQ WT_P]L_`]P LYO N`W_`]P _SL_ T^ TY_P]P^_PO TY ST^_Z]TNLW WTYV^ LYO L_ bSZ^P NPY_P] L]P OT^NZ`]^P^ ZY WLYR`LRP LYO ^Z`YO LYO [P]QZ]XLYNP^ bSTNS OPXZY^_]L_P SZb QL] _SP wNZXXZY _S]PLO _SL_ T^ ^Z`YOx -PNV ]PLNSP^ ?SP L^[PN_^ ZQ _Pc_`LW w[P]QZ]XLYNPx Z] w[P]QZ]XL_TaT_dx _SL_ NLY SLaP L ^ZWTO ML^T^ TY WT_P]L_`]P ^_`OTP^ Z] ]PNP[_TZY LP^_SP_TN^ bTWW MP OPLW_ bT_S TY OP_LTW TY _SP YPc_ NSL[_P] BP SLaP SZbPaP] ^PWPN_PO

?Pc_^ TY ;]LN_TNP LYO _SP ;P]QZ]XL_TaT_d ZQ ?Pc_^

!$

wNZXX`YTNL_TZYx L^ _SP VPd NZYNP[_ TY Z`] ^_`Od  ?ST^ NZYNP[_ ]P QWPN_^ MP__P] _SP aL]TP_d ZQ OT^NZ`]^P^ LYO QTPWO^ ZQ OT^NZ`]^P  _SL_ bP bTWW PcLXTYP LYO ^SZ`WO RTaP L NWPL]P] TYOTNL_TZY _SL_ bP L]P YZ_ RZTYR _Z []P^PY_ ^ZWPWd ]T_`LWTeL_TZY^ M`_ []TXL]TWd _Pc_`LW _]LOT_TZY^ bT^STYR _Z bZ]V TY L XP^^LRPZ]TPY_PO XLYYP] LYO ]PNZ]O ^d^_PX^ ZQ XPLYTYR TYNW`OTYR T^^`P^ ZQ N`W_`]LW _SPZ]d LYO [STWZ^Z[Sd 9Z_ WPL^_ Z`] NSZ^PY _T_WP >Z`YO LYO .ZXX`YTNL_TZY TYOTNL_P^ Z`] _SP^T^ TY LP^_SP_TN^ ZQ ]PWTRTZY _SL_ ^PY^Z]d OL_L L]P LW^Z MPL]P]^ ZQ Pc[]P^^TZY LYO XPLYTYR []ZO`NP ^PY^P LYO _SP]PQZ]P ^SZ`WO YZ_ MP `YOP]P^_TXL_PO L^ NZXX`YT NL_TaP XPOTL :`] L[[]ZLNS T^ X`W_TXP_SZOZWZRTNLW M`_ []TXL]TWd ZYP ZQ ]PWTRTZ`^ LP^_SP_TN^ LYO _Pc_ SP]XPYP`_TN^ LYO LW^Z LTX^ QZ] L N`W _`]LW SP]XPYP`_TN^ LYO L _SPZ]d ZQ N`W_`]P _SL_ SPW[^ ZYP _Z `YOP]^_LYO LYO Pc[WLTY _SP [SZYZNPY_]TNT_d ZQ >LY^V]T_ N`W_`]P _SL_ YPaP] RLaP `[ _SP ^Z`YOTYR bZ]O LYO Z]LW NZXX`YTNL_ZY ^d^_PX^ TY _SP bLVP ZQ WT_P] LNd 0aPY TQ _SP ST^_Z]TNLW ^PN_TZY bTWW NZY^T^_ XLTYWd ZQ OP^N]T[_TZY^ RLTYPO Q]ZX LYLWd^P^ ZQ _Pc_`LW ^Z`]NP^ TY _P]X^ ZQ ]PNP[_TZY LP^_SP_TN^ LYO _Pc_ SP]XPYP`_TN^ _SL_ T^ YZ_ ZYWd ^PY^T_TaP _Z XPLYTYR M`_ LW^Z ^PY^T_TaP _Z ^Z`YO bP QZWWZb L ^d^_PXL_TN LYLWd_TNLW L[[]ZLNS 2ZTYR _S]Z`RS _SP LRP^ XZ^_ ]PWPaLY_ _Z >LY^V]T_ 3TYO`T^X bP bTWW ^_]`N_`]P Z`] XL_P]TLW ^d^_PXL_TNLWWd ZY XZ]P [L]_TNT[L_Z]d LYO XZ]P OT^_LYNPO Z]OP]TYR [L__P]Y^ L]T^TYR Q]ZX OPLWTYR^ bT_S WLYR`LRP LYO ^Z`YO TYaZWa TYR OTQQP]PY_ ^Z`]NP^ LYO OTQQP]PY_ L`_SZ]^ :`] ^d^_PXL_TN LYLWd_TNLW L[[]ZLNS _Z _SP ST^_Z]TNLW XL_P]TLW Q`]_SP] OPaPWZ[^ 0]Y^_ .L^^T]P]v^ _SPZ]d ZQ ^dXMZWTN QZ]X^ >`^LYYP 7LYRP]v^ ^dXMZW _SPZ]d ZQ OT^N`] ^TaP LYO []P^PY_L_TZYLW QZ]X^ ZQ Pc[]P^^TZY 6`]_ 3ÞMYP]v^ _SP^P^ ZY wXd_STNLW ^`M^_LYNP^x LYO _SP Xd_Sv^ ZbY ]L_TZYLWT_d LYO >_LYWPd ?LXMTLSv^ ZM^P]aL_TZY^ ZY NL`^LW LYO [L]_TNT[L_Z]d bZ]WO Z]TPY_L_TZY^ ?SP^P N`W_`]LW _SPZ]TP^ OT^N`^^PO TY _SP QTYLW NSL[_P]^ ZQ _SP 8P_SZOZW ZRd ^PN_TZY  QQ SLaP MPPY ^Z TX[Z]_LY_ QZ] Z`] ZbY L[[]ZLNS MPNL`^P _SPd XLOP _SP []P_P]XTYZWZRTNLW _SP []PWZRTNLW LYO _SP ^PY ^Z]d [L]_ ZQ N`W_`]LW Pc[WZ]L_TZY^ 4_ T^ STRSWd ]PWPaLY_ _Z >LY^V]T_ N`W _`]P _Z _LVP TY_Z LNNZ`Y_ _SL_ _SP^P OTXPY^TZY^ SLaP _SPT] ZbY Q`YN_TZY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  7TVP [P]QZ]XLYNP[P]QZ]XL_TaT_d _SP _P]X wNZXX`YTNL_TZYx T^ `^PO TY aL]TZ`^ OT^NT [WTYP^ MZ_S _]LY^aP]^PWd LYO [ZWdaLWPY_Wd .Q _SP RZZO ZaP]aTPb Md 4YRZ 8Ø]_S w6ZXX`YTVL_TZYx TY 3LYOM`NS ]PWTRTZY^bT^^PY^^NSLQ_WTNSP] 2]`YOMPR]TQQP >_`__ RL]_% 6ZSWSLXXP] $$ $z  ?SP _P]X OT^NZ`]^P T^ LW^Z `^PO OTQQP]PY_Wd TY OTQQP]PY_ ^NTPY_TQTN _]LOT_TZY^ :`] `^P NZ]]P^[ZYO^ WL]RPWd bT_S _SP OTQQP]PY_TL_TZY MP_bPPY _]LOT_TZY LYO OT^NZ`]^P Z`_WTYPO Md 6ZNV` aZY >_`NV]LO BL^ T^_ 0^Z_P]TV* 6WPTYP 2P^NSTNS_P OP^ RPSPTXPY BT^^PY^ 8ÞYNSPY% -PNV   z& NQ LW^Z 6ZNV` aZY >_`NV]LO w/T^N`]^TaP >_`Od ZQ =PWTRTZY% 1]ZX >_L_P^ ZQ 8TYO _Z .ZXX`YTNL_TZY LYO ,N_TZYx 8P_SZO LYO ?SPZ]d TY _SP >_`Od ZQ =PWTRTZY  %  z"

"

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

LYO Pc[]P^^TaP bLd^ ZQ XLVTYR ^PY^P YZ_ ZYWd TY Xd_S LYO [ZP_]d .L^^T]P] X`^TN LYO [LTY_TYR 7LYRP] LYO XLRTN ?LXMTLS M`_ LW^Z bT_STY ]L_TZYLWTeTYR Q]LXP^ LYO ^NTPY_TQTN ^d^_PX^ :`] N`W_`]LW NZX [L]T^ZY ZQ WT_P]L_T TY LYNTPY_ LYO XPOTPaLW 0`]Z[P LYO 4YOTL NSL[ # bTWW ]PaPLW _SL_ _SPT] LP^_SP_TN ^_dWP^ OTQQP]PO R]PL_Wd Q]ZX PLNS Z_SP] []PNT^PWd MPNL`^P _SPd _L[[PO OTQQP]PY_ ^Z`]NP^ ZQ Pc[]P^^TZY LYO QZW WZbPO OTQQP]PY_ XZOPW^ ZQ L`_SZ]T_L_TaP ^[PPNS 9Z_ ZYWd TY XLYd 4Y OTLY ]PWTRTZ`^ _]LOT_TZY^ M`_ PaPY TY w[]ZQLYPx ^NTPY_TQTN ^d^_PX^ YZY ^PXLY_TN ^Z`YO^ NLY MP XPOTL ZQ _SP `_XZ^_ TX[Z]_LYNP QZ] NZXX`YT NL_TZY 4Y 4YOTL _SP]P SL^ LWbLd^ MPPY VPPY LbL]PYP^^ ZQ _SP [ZWdaLWPY_ NL[LNT_TP^ ZQ WLYR`LRP 7LYR`LRP T^ PQQPN_TaP TY MZ_S T_^ _P]XTYZWZRTNLW []Z[Z^T_TZYLW WZRTNLW OT^N`]^TaP L^[PN_^ LYO T_^ ^PY^Z]d PXZ_TaP [Z P_TN ^`RRP^_TaP L^[PN_^ .]PL_TZY ZQ ^PY^P LYO XPLYTYR _SP]PQZ]P _LVP^ [WLNP ZY L aP]d R]PL_ Y`XMP] ZQ WPaPW^ MZ_S ^PXLY_TN LYO YZY ^PXLY_TN aP]MLW LYO YZYaP]MLW 0aPY 4YOTLY ^NTPY_T^_^ XLOP `^P ZQ _ST^ TY^TRS_ TY _SPT] LM^_]LN_TZY^ ?ST^ SL^ _Z OZ bT_S ^ZYTN LbL]PYP^^ LYO Pc[]P^^TZY bSTNS RLaP bLd _Z L w_ST]O ^[LNP SLMT_`^x bSTNS NZX MTYPO QZ] TY^_LYNP QZ]XLWT^_ LM^_]LN_TZY LYO ^`RRP^_TaP [ZP_TN OTN_TZY ^NTPY_TQTN ]L_TZYLWT_d LYO Xd_STNLW PXMPOOPOYP^^ 1`YOLXPY_LW TY Z`] L[[]ZLNS bTWW MP _SP NZYNP[_[LT] w[L]_TNT[L _TZYx LYO wPXLYNT[L_TZYx bT_S bSTNS bP ]PQZ]X`WL_P _SP LYNTPY_ 0`]Z [PLY OTNS_ZXd Xd_SZ^ LYO WZRZ^ LYO RTaP T_ L YPb Q]LXP 4_ T^ YZ_ ^Z X`NS _Z OPaPWZ[ L YPb N`W_`]LW _SPZ]d M`_ Z`] TY_P]P^_ T^ ZQ L []LN_TNLW YL_`]P 4Y NZY_]L^_ _Z _SP ZNNTOPY_LW ST^_Z]d ZQ ]L_TZYLWTeL_TZY 8Lc BPMP] 3TYO`T^_TN 4YOTL OTO YZ_ ^PP LYd YPNP^^T_d _Z SLaP Xd_SZ^ OP aLWZ]TePO Md WZRZ^  OP^[T_P QLXTWTL]T_d bT_S QZ]XLWT^_TN WZRTN L_ LY PL]Wd ^_LRP ZQ ST^_Z]d _SP PXP]RPYNP ZQ []ZQZ`YO [STWZ^Z[STP^ ^[PN_LN`WL] QTYOTYR^ TY WTYR`T^_TN^ LYO XL_SPXL_TN^ LYO L STRSWd OPaPWZ[PO WT_P]L]d N`W_`]P P_N 4YOTL LW^Z SL^ L WZYR ST^_Z]d ZQ w]L_TZYLWTeL_TZYx M`_ ZMaT Z`^Wd _SP N`W_`]LW Pc[]P^^TZY^ OTQQP] Q]ZX _SP ZNNTOPY_LW ST^_Z]d ZQ ]L _TZYLWTeL_TZY L^ Z`_WTYPO Md 8Lc BPMP] 4_ T^ YZ_ ZYWd L OTQQP]PY_ TY_PW WPN_`LW ST^_Z]d M`_ P\`LWWd L OTQQP]PY_ ST^_Z]d ZQ _SP ^PY^P^ ZQ ]T_`LW Pc[]P^^TZY^ ^ZNTLW []LN_TNP^ TY_P]TZ]T_d LYO bZ]WOaTPb^ ;]PNT^PWd _SP^P L]PL^ LYO _SPT] TY_P]QLNP^ L]P bSL_ bP bLY_ _Z TY\`T]P LMZ`_ bSPY ^_`OdTYR ST^_Z]d TY _SP QZ]X ZQ _Pc_^ LYO [TPNP^ ZQ X`^TN 4Y QLN_ ZYP ZQ Z`] R`TOTYR \`P^_TZY^ bL^ LMZ`_ bZ]WOaTPb^% bSL_ L]P _SPd WTVP bSPY _SP QZ]PR]Z`YO T^ ^Z ^_]ZYRWd ZNN`[TPO Md ^[ZVPY LYO ^Z`YOTYR bZ]O^ bSTNS bP ]PRL]O L^ L STRSWd [L]_TNT[L_Z]d []LN_TNP L^ TY 3TYO` 4YOTL LYO bSL_ NSLYRPO ZaP] _TXP* ?SP ^`MUPN_ ZQ [L]_TNT[L_Z]d XZ]P SZWT^_TN LYO LP^_SP_TN Z]TPY_L_TZY LYO Xd_STNLW PXMPOOPOYP^^ T^ LY TX[Z]_LY_ ZYP TY _ST^ ^_`Od MPNL`^P bP L]P RZTYR _Z ^SZb _SL_ T_ [P]^T^_PO TY _SP >LY^V]T_ N`W_`]P LWZYR^TOP LYO bT_STY bSL_ bP NLWW PXLYNT[L_Z]d Z]TPY _L_TZY^ L _P]X bP `^P _Z ]P[WLNP ?LXMTLSv^ NL`^LW Z]TPY_L_TZY LYO

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

"

^ZXPbSL_ ZY L [L] bT_S BPMP]v^ ]L_TZYLWTeL_TZY :YP ZQ _SP XZ^_ _d[T NLW [L__P]Y^ ZQ >LY^V]T_ 3TYO`T^X SL^ MPPY _Z OPLW bT_S _SP^P _bZ Z]TPY _L_TZY^ TY L ^dY_SP_TN LYO SZWT^_TN XLYYP] LYO NZY^_]`N_ bSL_ bP NLWW w`YTaP]^LW Xd_Sx Md Pc[WLTYTYR [L]_TNT[L_Z]d bZ]WOaTPb^ TY L ]L_TZYLW XLYYP] ?ST^ [L__P]Y T^ YZ_ ZYWd ZQ TY_P]P^_ TY `YOP]^_LYOTYR 4YOTLY N`W_`]P 4_ LW^Z ^PPX^ _Z SLaP TY^[T]PO XZOP]Y LW_P]YL_TaP BP^_P]Y ^[T]T _`LWT_d L^ bP L]P RZTYR _Z ^SZb TY Z`] QTYLW NSL[_P] TY _SP 3T^_Z]d ^PN _TZY ?ST^ ZaP]L]NSTYR L]NST_PN_`]P bTWW MP Q`]YT^SPO Md OP_LTWPO ST^_Z]T NLW PcLX[WP^ LYO L [ZWdQZNLW _SPZ]P_TNLW ML^P 4Y _SP QZWWZbTYR NSL[_P] bP ]PQWPN_ ZY Z`] `YOP]^_LYOTYR ZQ NZXX`YTNL_TZY LYO NWL]TQd bSd bP []PQP] L [P]QZ]XL_TaP NZYNP[_ ZQ NZXX`YTNL_TZY ?ST^ bTWW MP OPP[PYPO LYO PcPX[WTQTPO Md []P^PY_TYR _SP _bZ XZ^_ ML^TN [P]QZ]XLYNP _d[P^ ZQ wLNZ`^_TN [TP_dx TY 4YOTL _SL_ L]P ^_TWW _SP XZ^_ []PaPWLY_ _ZOLd -Z_S _SP NZXX`YTNL_TZY NZYNP[_ LYO _SP QTPWObZ]V ZM^P]aL_TZY^ P^_LMWT^S L ML^T^ QZ] ]PQWPN_TYR _SPZ]P_TNLWWd ZY _SP NZYNP[_ ZQ wLNZ`^_TN [TP_dx ?SP ^`NNPPOTYR NSL[_P]^ Pc_PYO _SP OT^N`^^TZY N]Z^^N`W_`]LWWd LYO PcLXTYP _SP TX[LN_ ZQ Z]LW LYO WT_P]LW XPOTL ZY [P]NP[_TZY LYO ^NSZWL]Wd bZ]WO^ MPdZYO LNZ`^_TN [TP_d ?ST^ bTWW WPLO _Z L YPb L[[]ZLNS _Z _SP Z]LWT_d WT_P]LNd OPML_P LYO _Z _SP N`W_`]LW _SPZ]d Z`_WTYPO LMZaP bSTNS M]ZLO PY^ _SP XPOTL OT^N`^^TZY Md aTPbTYR ^dXMZWTN QZ]X^ L^ N`W_`]LW XPOTL



.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

BP ^[PLV ZQ wNZXX`YTNL_TZYx _Z NL[_`]P MZ_S _SP _Pc_^v ZbY ^PWQ ]PQP]PY_TLW [P]QZ]XLYNP ZY _SP ZYP SLYO LYO ZY _SP Z_SP] OT^NZ`]^P^ Z] ]PWPaLY_ OT^N`]^TaP QTPWO^ LYO OT^N`]^TaP _Z[ZT ]PRL]OTYR _Pc_^ ^Z`YO LYO WLYR`LRP :`] TY_P]P^_ T^ _SP]PQZ]P OT]PN_PO _ZbL]O _SP _Pc_^ L^ ^PY ^Z]d OL_L LYO _SP ]PNZY^_]`N_TZY ZQ _SP N`W_`]LW ^TRYTQTNLYNP ZQ _Pc_^ LYO ]T_P^ _Z _SP NZWWPN_TaP LYO [P]^ZYLW []ZO`N_TZY ZQ XPLYTYR bZ]WO Z]TPY _L_TZY LYO bZ]WOaTPb NZY^_]`N_TZY^ ?ST^ NZYNP[_ ZQ wNZXX`YTNL _TZYx _S`^ ]PQP]^ _Z L aP]d bTOP]LYRTYR QTPWO ZQ NZXX`YTNL_TaP `YOP] ^_LYOTYR LYO T^ ^_]ZYRWd Z]TPY_PO ZY _SP [P]QZ]XL_TaP 4Y ]PNPY_ dPL]^ L []Z[Z^LW SL^ NZXP []TYNT[LWWd Q]ZX ^ZNTZWZRT^_^ _Z _P]X LWW ]PWTRTZY wNZXX`YTNL_TZYx L^ L aZW`XP Q]ZX _SP dPL] $$# OPXZY^_]L_P^  ?SP ^`RRP^_TZY NLXP Q]ZX 9TVWL^ 7`SXLYY bSZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  =PWTRTZY LW^ 6ZXX`YTVL_TZY  PO 3L]_XLYY ?d]PWW AZWVSL]O 6]PNS LYO 3`MP]_ 6YZMWL`NS BÞ]eM`]R% 0]RZY $$# TYNW`OTYR 9TVWL^ 7`SXLYY w=PWTRTZY LW^ 6ZX X`YTVL_TZYx  z  .Q LW^Z _SP WPcTNLW L]_TNWP^ bT_STY ]PWTRTZ`^ ^_`OTP^ NZYNP]Y TYR wNZXX`YTNL_TZYx Md 8Ø]_S 3]b2 LYO ?SZXL^ 8P_eWP] 7PcTVZY =PWTRTZY bSTNS L]P ^_]ZYRWd ML^PO ZY 7`SXLYY L^ T^ 6ZNV` aZY >_`NV]LO w/T^N`]^TaP >_`Od ZQ =PWTRTZYx

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

"

_`]YPO _SP NZYNP[_ ZQ NZXX`YTNL_TZY TY_Z ^ZNTZWZRdv^ WPLOTYR NZYNP[_ LYO TY_]ZO`NPO L wNZXX`YTNL_TaP _`]Yx bSTNS _Z L R]PL_P] Z] WP^^P] OPR]PP ]P[WLNPO _SP []PaTZ`^ R`TOTYR NZYNP[_ ZQ ^ZNTLW LN_TZY  BP _SP]PQZ]P TYT_TLWWd _LVP `[ M]TPQWd 7`SXLYYv^ NZXX`YTNL_TZY NZYNP[_ L^ L ^_L]_TYR [ZTY_ 3ZbPaP] _SP TYNW`^TZY ZQ _SP ^PY^Z]d LP^_SP_TN OTXPY ^TZY LYO ]PWL_PO \`LWT_TP^ ZQ Pc[P]TPYNP LYO PXZ_TZYLW L^^ZNTL_TZY^ LW^Z ]P\`T]P _SP QZN`^ _Z MP ^STQ_PO LYO Pc[LYOPO 3P]P T_ T^ MP__P] _Z QZWWZb ZY Q]ZX [SPYZXPYZWZRTNLWWd Z]TPY_PO ^ZNTZWZRd LYO TY [L]_TN`WL] Q]ZX WT_P]L_`]P ^_`OTP^

 

=PWTRTZY L^ >dXMZWTN .ZXX`YTNL_TZY LYO >ZNTZWZRd ZQ =PWTRTZ`^ 0c[P]TPYNP

?SP TX[Z]_LYNP _SL_ 7`SXLYYv^ ^d^_PX _SPZ]d L__]TM`_P^ _Z _SP NZXX` YTNL_TZY NZYNP[_ NLY MP ^PPY Q]ZX _SP QLN_ _SL_ LNNZ]OTYR _Z 7`SXLYY ^ZNTP_d NLY ZYWd PcT^_ Md ]P[]ZO`NTYR NZXX`YTNL_TZY Q]ZX NZXX`YTNL _TZY _SL_ T^ L`_Z[ZTP_TNLWWd  3P ^PP^ NZXX`YTNL_TZY L^ L w^ZNTLW Z[ P]L_TZYx LYO L ^PWQ]P[]ZO`NTYR wL`_Z[ZTP_TNx `YT_ ML^PO ZY L ^dY_SP ^T^ ZQ TYQZ]XL_TZY NZYaPdTYR LYO `YOP]^_LYOTYR% wBP ]PRL]O NZXX`YTNL_TZY  L^ L XLYYP] ZQ Z[P]L_TYR ZQ LY uL`_Z[ZTP_TNv ^d^_PX _SL_ ]P[]ZO`NP^ T_^PWQ Q]ZX T_^ ZbY []ZO`N_^ 4_ OPXLYO^ _SL_ L ^dY _SP^T^ ZQ TYQZ]XL_TZY NZYaPdLYNP LYO NZX[]PSPY^TZY T^ LNSTPaPO _SL_ NZYaP]RP ^Z R]PL_Wd TY _SPT] XPLYTYR _SL_ _SP NZXX`YTNL_TZY NLY MP NZY _TY`PO .ZY^_L_TaP TYQZ]XL_TaP LYO [P]QZ]XL_TaP NZYaPdTYR NZX[ZYPY_^ ZQ NZXX`YTNL_TZY X`^_ MP LWTRYPO TY PaP]d NZXX`YTNL_TaP Z[P]L_TZY LYO `YOP]^_ZZO TY _SPT] NZY_Pc_x 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP 3L]_XLYY ?d]PWW w3LYOPWY =PWTRTZY `YO 6ZXX`YTVL_TZYx TY =PWTRTZY LW^ 6ZXX`YTVL_TZY  # LYO 3L]_XLYY ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx Z[ NT_ z    7`SXLYY w=PWTRTZY LW^ 6ZXX`YTVL_TZYx   ?]LY^WL_TZY Md 0 3TNV^ 1Z] _SP Z]TRTYLW bZ]OTYR NQ 9TVWL^ 7`SXLYY /TP =PWTRTZY OP] 2P^PWW^NSLQ_ ,`^ OPX 9LNSWL^^ PO ,YO]Ë 6TP^P]WTYR 1]LYVQ`]_% >`S]VLX[  z% w6ZXX`YTVL_TZY MPR]PTQPY bT]  LW^ PTYP ^TNS ^PWM^_ L`^ PTRPYPY ;]Z O`V_PY ]P[]ZO`eTP]PYOP :[P]L_TZY^bPT^P PTYP^ vL`_Z[ZP_T^NSPYv >d^_PX^ >TP P]QZ] OP]_ OLÁ PTYP >dY_SP^P aZY 4YQZ]XL_TZY 8T__PTW`YR `YO AP]^_PSPY P]]PTNS_ bT]O OTP TY TS]PX >TYY ^Z bPT_ VZYaP]RTP]PY OLÁ OTP 6ZXX`YTVL_TZY QZ]_RP^P_e_ bP]OPY VLYY 6ZY^_L_TaP TYQZ]XL_TaP `YO [P]QZ]XL_TaP XT__PTWPYOP 6ZX[ZYPY_PY OP] 6ZXX` YTVL_TZY XÞ^^PY TY UPOP] VZXX`YTVL_TaPY :[P]L_TZY LMRPRWTNSPY `YO TY TS]PX E` ^LXXPYSLYR aP]^_LYOPY bP]OPYx >PP LW^Z 9TVWL^ 7`SXLYY w=PWTRTZY LW^ 6ZXX` YTVL_TZYx TY =PWTRTZY LW^ 6ZXX`YTVL_TZY  ! LYO w7ÆÁ_ `Y^P]P 2P^PWW^NSLQ_ 6ZXX`YTVL_TZY XT_ 2Z__ e`*x " \`Z_PO TY ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx  % wAZY 6ZXX`YTVL_TZY VLYY TXXP] Y`] RP^[]ZNSPY bP]OPY bPYY O]PT >PWPV_TZYPY YÆXWTNS PTYP 4YQZ]XL_TZY PTYP 8T__PTW`YR `YO OL^ AP]^_PSPY e`^LXXPY_]PQQPY `YO ^TNS bPNS^PW^PT_TR MP^_Æ_TRPY 6ZXX`YTVL_TZY T^_ OPXYLNS PTYP >dY_SP^P L`^ O]PT >P

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

"

4Y _P]X^ ZQ _SP ^PXLY_TN^ ZQ bZ]O^ 7`SXLYYv^ ^dY_SP_TN w_S]PP ^PWPN _TZY^x XZOPW ZQ TYQZ]XL_TZY NZYaPdLYNP LYO NZX[]PSPY^TZY T^ ^_]ZYRWd Z]TPY_PO ZY WTYR`T^_TN TYQZ]XL_TZY _]LY^QP] TY_PWWTRTMTWT_d LYO ^PXLY_TN `YOP]^_LYOTYR ! bSTNS T^ []ZMWPXL_TN TY Z`] NL^P M`_ T_ LWWZb^ Z[PY TYR `[ _Z [P]QZ]XL_TaP NZYaPdLYNP " ?SP NZYNP[_ ZQ XPLYTYR T^ VPd _Z 7`SXLYY 3P `YOP]^_LYO^ NZXX`YTNL_TZY L^ L []ZNP^^ ZQ `[OL_TYR XPLYTYR ZY _SP ML^T^ ZQ ^d^_PX ]L_TZYLWT_d ,W_SZ`RS T_ T^ YZ_ Pc[WLTYPO TY X`NS OP_LTW 7`SXLYYv^ NZXX`YTNL_TZY NZYNP[_ T^ Z[PY _Z _SP ^PY ^Z]d [Sd^TNLW XL_P]TLW OTXPY^TZY # TQ _SP WL__P] T^ NZOPO QZ] _SP ^d^_PX LYO T^ NZY^NTZ`^Wd L[[WTPO >Z PaPY ^Z`YO^ YZ_ dP_ `YOP]^_ZZO bZ`WO NL]]d TYQZ]XL_TZY L^ WZYR L^ ^LN]PO ^Z`YO T^ ]PRL]OPO L^ L N`W_`]LW NZOP -`_ T_ MPNZXP^ NWPL] Q]ZX 7`SXLYYv^ OPQTYT_TZY ZQ ]PWTRTZY U`^_ SZb WT__WP L__PY_TZY T^ RTaPY _Z _ST^ OTXPY^TZY 3P OPQTYP^ ]PWTRTZY Pc [WTNT_Wd L^ wNZXX`YTNL_TaP SL[[PYTYRx bSZ^P NPY_P] T^ ZNN`[TPO Md wMPWTPQx LYO wNZYQP^^TZYx $% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !

"

#

$

WPV_TZYPY T^_ PTYP e`YÆNS^_ ]PNS_ `YbLS]^NSPTYWTNSP PXP]RPY_P 0TYSPT_ OTP L`^ SZNSVZY_TYRPY_PY 0TYePWP]PTRYT^^PY RPMTWOP_ bT]Ox 4Y _ST^ ^PY^P LW^Z 7`SXLYYv^ ]PNP[_TZY TY ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx LYO ?d]PWW w3LYOPWY =PWTRTZY `YO 6ZXX`YTVL_TZY z -PR]TQQ^RP^NSTNS_WTNSP `YO ^d^_P XL_T^NSP ¾MP]WPR`YRPYx TY =PWTRTZY LW^ 6ZXX`YTVL_TZY  #z >PP LW^Z 8Ø]_S w6ZXX`YTVL_TZYx $# bSZ M`TWO^ ZY 7`SXLYY% w.ZXX`YTNL_TZY NLY PaPY _LVP [WLNP bT_SZ`_ uWTYR`TQTNL_TZYv TQ YZYWTYR`T^_TN ^dXMZW^ ]T_`LW^ RP^ _`]P^ LYO NP]PXZYTP^ bSZ^P XPLYTYR NLY MP `YOP]^_ZZO ML^PO ZY NZYaPY_TZY LYO _SP ^T_`L_TZY TX[L]_ _SP ]PWPaLY_ TYQZ]XL_TZY 4Y [L]_TN`WL] NZXX`YTNL_TZY TY bSTNS ]P WTRTZ`^ XPLYTYR^ [WLd L ]ZWP T^ Q]P\`PY_Wd ML^PO ZY _SP `^P ZQ YZYWTYR`T^_TN ^dXMZW^ 3ZbPaP] _SPT] XPLYTYR TY WPL]YTYR []ZNP^^P^ T^ XLOP WTYR`T^_TNLWWd Pc[WTNT_ LYO X`^_ F^TN H ]PXLTY Pc[WTNT_Wd WTYR`T^_TN z L_ WPL^_ _S]Z`RS _SP ]PWTRTZ`^ ^[PNTLWT^_^x 7`SXLYY STX^PWQ SL^ ]P^P]aL_TZY^ LMZ`_ _SP NZXX`YTNL_TaP ^_L_`^ ZQ ]T_P^ 4Y /TP 2P^PWW^NSLQ_ OP] 2P^PWW^NSLQ_ 1]LYVQ`]_% >`S]VLX[ $$"  Q SP YZ_P^ w_SL_ _SP ]T_`LW T^ YZ_ NL]]TPO Z`_ L^ NZXX`YTNL_TZY L_ LWW  4_ OZP^ YZ_ OTQQP]PY_TL_P MP_bPPY NZYaPdTYR LYO TYQZ]XL_TZY M`_ ZYWd []ZaTOP^ TYQZ]XL_TZY LMZ`_ T_^PWQ LYO _SP NZ] ]PN_YP^^ ZQ _SP [P]QZ]XLYNPx ?ST^ WPaPW T^ [L]_TN`WL]Wd TX[Z]_LY_ _Z 7`SXLYY TY _SL_ NZXX`YTNL_TZY ^SZ`WO ZQ_PY P^[PNTLWWd TY _SP ]PLWX ZQ ]PWTRTZY YZ_ ZYWd MP `YOP]^_ZZO M`_ ^SZ`WO LW^Z OP_P] XTYP MPSLaTZ] >[PNTLW TX[Z]_LYNP T^ L__]TM`_PO _Z ]T_`LW^ TY _ST^ QTPWO MPNL`^P _SPd WTYV NZXX`YTNL_TZY MLNV _Z _SP Z]RLYTN [Sd^TNLW ^[SP]P , M]TPQ ^`XXL]d T^ ZQQP]PO Md 2ÞY_P] ?SZXL^ w6ZXX`YTVL_TZYx 8P_eWP] 7PcTVZY =PWTRTZY  >_`__RL]_% 8P_eWP] $$$ #z$& NQ LW^Z _SP PY_T]P L]_TNWP "z  bSTNS PX[SL^TeP^ _SP X`W_TXPOTLWT_d ZQ ]PWTRTZ`^ NZXX`YTNL_TZY ,NNZ]OTYR _Z 7`SXLYY w>d^_PX_SPZ]P_T^NSP ,]R`XPY_L_TZYPY% 0TYP 0Y_RPRY`YR L`Q 5Þ]RPY 3LMP]XL^x TY 5Þ]RPY 3LMP]XL^ LYO 9TVWL^ 7`SXLYY ?SPZ]TP OP] 2P^PWW ^NSLQ_ ZOP] >ZeTLW_PNSYZWZRTP% BL^ WPT^_P_ OTP >d^_PXQZ]^NS`YR* 1]LYVQ`]_ L8% >`S]VLX[ $" ! ^ZNTP_LW ^`M^d^_PX^ L]P NZY^_T_`_PO TY PLNS NL^P _S]Z`RS ^[P NTQTN NZXX`YTNL_TZY XPOTL TY _SP QZ]X ZQ w^dXMZWTNLWWd RPYP]LWTePO NZOP^ ZQ L NP] _LTY _d[P LYO Q`YN_TZYx PR _SP PNZYZXd MPTYR PYNZOPO TY XZYPd [ZWT_TN^ TY _P]X^ ZQ [ZbP] LYO ]PWTRTZY TY _P]X^ ZQ MPWTPQ

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

"

wBP NLY  TY _SP NZY_Pc_ ZQ ^ZNTZWZRTNLW _SPZ]d _STYV ZQ ]PWTRTZY PcNW` ^TaPWd L^ L NZXX`YTNL_TaP SL[[PYTYR  4Y NZY_]L^_ _Z ^_L_PXPY_^ ]PWTRTZY^ XLVP LMZ`_ _SPX^PWaP^ bP _SP]PQZ]P L]P YZ_ OPLWTYR bT_S ]PWTRTZ`^ PY_T_TP^ RZOSPLO^ QZ] TY^_LYNP _SL_ L]P OP^N]TMPO L^ PcT^_TYR ?SP ZYWd _STYR _SL_ TY_P]P^_^ `^ T^ _SP QLN_ _SL_ _ST^ T^ ^LTO  3PYNP ]PWTRTZ`^ MPWTPQ LWbLd^ T^ NZYQP^^TZY  -`_ _SP SL[[PYTYRv^ `YT_d T^ RPYP]L_PO L^ NZXX`YTNL_TZY LYO YZ_ L^ `YLaZTOLMWd []PNL]TZ`^ ^_L_P ZQ XTYO ZQ _SP [PZ[WP TYaZWaPOx 

7`SXLYYv^ `YOP]^_LYOTYR ZQ MPWTPQ L^ L ^dXMZWTNLWWd RPYP]LWTePO NZX X`YTNL_TZY XPOT`X NP]_LTYWd PYNZX[L^^P^ YZ_ ZYWd NZYQP^^TZY^ ZQ QLT_S SZWd ^N]T[_`]P^ LYO Xd_S^  bSTNS bZ`WO MP N]T_TNLW TY _P]X^ ZQ ]PWTRTZ`^ LP^_SP_TN^ M`_ LW^Z TYNW`OP^ ^PY^Z]d LYO MZOTWd XPOTL_TZY LYO ^_LRPO [P]QZ]XLYNP^ 3P]P SP bZ`WO ^[PLV ZQ wPc_P]YLWTeL_TZY^x LYO wLTO^ _Z []ZaTOTYR XPLYTYRx _SL_ LN_TaL_P LYO SZWO _SP [P]NP[_TZY ZQ _SZ^P TYaZWaPO LYO PY^`]P MZ_S NZYOPY^L_TZY LYO PYSLYNPXPY_ ZQ XPLYTYR  ?SP NZRYT_TaP WTYV MLNV _Z L ^PXLY_TN ^d^_PX ZQ XPLYTYR _SP]PQZ]P LWbLd^ ]PXLTY^ TX[Z]_LY_ ,NNZ]OTYR _Z 7`SXLYY ]PWTRTZY T^ NSL]LN_P]TePO Md w`YTaP]^LW ]P^[ZY^TMTWT_d QZ] XPLYTYRx LYO SP ]PRL]O^ _SP XLUZ] MTYL]d OTQQP]PYNP MP_bPPY TXXLYPYNP LYO _]LY^NPYOPYNd L^ _SP NPY_]LW NZOP ^[PNTQTN _Z ]PWTRTZY  3P ^PP^ _SP `YOP]WdTYR ^ZNTLW Q`YN_TZY ZQ ]PWTRTZY TY _]LY^QZ]XTYR TYOPQTYLMWP NZX[WPcT_d TY_Z OPQTY LMWP NZX[WPcT_d ,NNZ]OTYR _Z 7`SXLYY ]PWTRTZY NLY ZYWd MP ]PLWTePO L^ NZXX`YT NL_TZY 3T^ L]R`XPY_ _SL_ _SP LNLOPXTN ^_`Od ZQ ]PWTRTZY X`^_ YZ_ XLVP LYd ^_L_PXPY_^ LMZ`_ _SP ]PLWT_d ZQ RZO^ TQ T_ OZP^ YZ_ TY_PYO _Z MP _SP ZWZRd T^ ZMaTZ`^ 4_ T^ _]`P _SL_ ]PWTRTZ`^ PY_T_TP^ MPWTPQ ^d^_PX^ ]PWT RTZ`^ bZ]WO^ ZQ PXZ_TZY^ TOPL^ LMZ`_ _]LY^NPYOPYNd LYO LW_P]PO ^_L_P^ ZQ XTYO NLYYZ_ MP R]L^[PO PcNP[_ TY _P]X^ ZQ _SL_ bSTNS T^ NZXX`YT NL_PO LMZ`_ _SPX 3ZbPaP] ]PWTRTZ`^ bZ]WO^ ZQ Pc[P]TPYNP SLaP WT__WP ^[LNP TY 7`SXLYYv^ _SPZ]d PaPY TQ _SPd NZXX`YTNL_P _SPX^PWaP^& _SP]P T^ YZ YPPO _Z NZY^TOP] ^_L_P^ ZQ XTYO  3T^ NZYNP[_ ZQ _SP ^d^_PX LYO NZXX`YTNL_TZY SL^ YZ ^`MUPN_ ?ST^ SL^ ZQ_PY MPPY N]T_TNTePO ?SP _SPZ]d ZQ _SP NZXX`YTNL_TaP NZY^_]`N_TZY ZQ ]PWTRTZY TY [SPYZXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  9TVWL^ 7`SXLYY /TP =PWTRTZY OP] 2P^PWW^NSLQ_ z Z]TRTYLW PX[SL^T^ 0YRWT^S _]LY^WL_TZY Md 6ZNV` aZY >_`NV]LO w/T^N`]^TaP >_`Od ZQ =PWTRTZYx ! ?SP ^_L_P XPY_ L[[PL]^ _Z 7`NVXLYY _Z MP []ZR]LXXL_TN& T_ LW]PLOd L[[PL]PO TY w=PWTRTZY LW^ 6ZXX`YTVL_TZYx " NQ LW^Z TMTO    4Y _ST^ ^PY^P 7`SXLYYv^ NPY_]LW PcLX[WP^ ZQ ]PWTRTZ`^ NZOP^ Xd_S^ OTaTYP [LY_SPL LYO SZWd ^N]T[_`]P^ TY /TP =PWTRTZY OP] 2P^PWW^NSLQ_ z bSTWP TY w=PWTRTZY LW^ 6ZXX`YTVL_TZYx  QT]^_ LYO QZ]PXZ^_ ^LN]PO [WLNP^ L]P XPY_TZYPO L^ w_Z[ZR ]L[STNLW XPXZ]dx _SL_ LWWZb^ ZYP _Z Pc[PN_ ]PWTRTZ`^ NZXX`YTNL_TZY LYO QTYO _Z`] T^_^ L Y`T^LYNP  .Q 7`SXLYY /TP =PWTRTZY OP] 2P^PWW^NSLQ_  Q  7`SXLYY /TP =PWTRTZY OP] 2P^PWW^NSLQ_   # ! "" "$ $  #  7`SXLYY w=PWTRTZY LW^ 6ZXX`YTVL_TZYx !

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

"

YZWZRTNLWWd Z]TPY_PO ^ZNTZWZRd ZQQP]^ OTQQP]PY_ ^ZW`_TZY^ _SL_ L]P XZ]P NZX[L_TMWP bT_S Z`] L[[]ZLNS 3`MP]_ 6YZMWL`NS OPQTYP^ ]PWTRTZY L^ L QZ]X ZQ ^dXMZWTN NZXX`YTNL_TZY NSL]LN_P]TePO Md XL]VP]^ OTQQP]PY_TL_ TYR T_ Q]ZX _SP PaP]dOLd bZ]WO LYO TY bSTNS _SP NZY^NTZ`^YP^^ Z] ^`M UPN_TaP Pc[P]TPYNP [WLd^ L XLUZ] [L]_  ,NNZ]OTYR _Z 6YZMWL`NS []ZaTYNP^ ZQ XPLYTYR ^`NS L^ ]PWTRTZY LYO ^NTPYNP L]P TYOPPO ^ZNTLWWd NZY^_]`N_PO M`_% w4Y NZY_]L^_  _Z ^d^_PX _SPZ]d _SP NZY^_]`N_TaT^_ [Z^T_TZY X`^_ L^^`XP _SL_ _SP N`W_`]LWWd NZY^_]`N_PO u^dXMZW bZ]WO^v L]P QZ`YOPO ZY ^`MUPN_TaP Pc[P]TPYNP^ ZQ Z_SP] ]PLWT_TP^ _SL_ L]P TY ^ZXP bLd _SP ^_L]_TYR [ZTY_ Q]ZX bSTNS _SL_ bSTNS T^ ]PWTRTZ`^ LP^_SP_TN Z] ^NTPY_TQTN PXP]RP^x !

.ZY_TY`TYR _SP ^ZNTZWZRTNLW _]LOT_TZY ZQ ,WQ]PO >NSÞ_e LYO ?SZXL^ 7`NVXLYY 6YZMWL`NS NWLTX^ _SL_ _SP NZY^NTZ`^YP^^ [Z^^P^^P^ _SP LMTW T_d _Z [P]NPTaP MZ]OP]^ LYO _Z _]LY^NPYO _SPX 4_ _SP]PQZ]P LW^Z [Z^ ^P^^P^ _SP LMTWT_d _Z Pc[P]TPYNP bSL_ L]P NLWWPO wR]PL_ _]LY^NPYOPYNTP^x TP []ZaTYNP^ XPLYTYR _SL_ RZ MPdZYO PaP]dOLd WTQP dP_ bSZ^P NZY_PY_ T^ SZbPaP] LWbLd^ ML^PO ZY N`W_`]LW NZY^_]`N_TZY^% wbSP_SP] _SP^P L]P SZbPaP] ZQ L ]PWTRTZ`^ LP^_SP_TN Z] _SPZ]P_TNLW YL_`]P T^ L NZY^P\`PYNP ZQ N`W_`]LW []ZNP^^P^ ZQ NZY^_]`N_TZYx " 6YZMWL`NS NLY _SP]PQZ]P TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YR `YO ^dXMZWT^NSP 6ZXX`YTVL_TZY% /TP [SÆYZ XPYZWZRT^NS Z]TPY_TP]_P >ZeTZWZRTP `YO OTP VZXX`YTVL_TaP /ZY^_]`V_TZY OP] =PWTRT ZYx 4Y =PWTRTZY LW^ 6ZXX`YTVL_TZY  POT_PO Md 3 ?d]PWW A 6]PNS LYO 3 6YZM WL`NS BÞ]eM`]R% 0]RZY $$# "z#! TY [L]_TN`WL] " #z# ! 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx ! " 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx ! ,NNZ]OTYR _Z ?SZXL^ 7`NVXLYY _]LY ^NPYOPYNd T^ LY_S]Z[ZWZRTNLW LYO QZ`YOPO TY ^ZNTLWT_d TMTO $   LYO SP OTQQP] PY_TL_P^ ^XLWW XPOT`X LYO WL]RP Z] R]PL_ _]LY^NPYOPYNTP^ wVWPTYP XT__WP]P `YO R]ZÁP ?]LY^ePYOPYePYx ?SPT] NZXXZY OPYZXTYL_Z] T^ _Z _]LY^NPYO XP]P MTZWZRTNLW WTQP >XLWW _]LY^NPYOPYNTP^ TYNW`OP _SP [Z^^TMTWT_d _Z ]PXPXMP] _SP [L^_ LYO _STYV LMZ`_ _SP Q`_`]P LYO ^PP ZYPv^ WTQP TY L M]ZLOP] NZY_Pc_ _SLY _SP []P^PY_ XZXPY_ 8P OT`X^NZ[P _]LY^NPYOPYNTP^ ]PQP] _Z _SP S`XLY NL[LNT_d _Z WPLaP ZYPv^ ZbY Q]LXP ZQ NZY^TNTZ`^YP^^ LYO _]LY^[Z]_ ZYP^PWQ TY_Z _SP [Z^T_TZY ZQ Z_SP] [P]^ZY^ `YOP]^_LYO _SPT] _SZ`RS_^ LYO QPPWTYR^ LYO ^dYNS]ZYTeP bT_S _SPX TY ^ZNTLW LN_TZY 2]PL_ _]LY ^NPYOPYNTP^ M]PLV _SP YZ]XLW ]Z`_TYP ZQ OLd_ZOLd WTQP LYO L]P RPYP]LWWd Pc[P]TPYNPO L^ eZYP^ ZQ ]PLWT_d _SL_ L]P XZ]P ]PLW _SLY OLTWd ]Z`_TYP ?SPd RTaP _SP TX[]P^^TZY _SL_ _SP]P T^ ^ZXP_STYR XZ]P _Z T_ LYO ]PQP] [L]_TN`WL]Wd _Z Pc_]LZ]OTYL]d Pc[P]TPYNP^ RZ TYR MPdZYO _SP YZ]XLW PaP]dOLd bZ]WO MP T_ PWL_TYR Q]TRS_PYTYR Z] OPP[Wd ^LOOPYTYR Pc_]LZ]OTYL]d Pc[P]TPYNP^ PR Pc[P]TPYNP^ ZQ _SP OPL_S ZQ L MPWZaPO [P]^ZY Z] TY _PY^TaP LP^_SP_TN Pc[P]TPYNP ^`NS L^ wWZZ^TYR ZYP^PWQx bSTWP WT^_PYTYR _Z X`^TN BP QZWWZb _SP ^ZNTZWZRT^_ ;P_P] -P]RP] bSPY bP ]PWL_P []TXL]TWd _SP R]PL_ _]LY^NPYOPY NTP^ _Z ]PWTRTZY ?SPd L]P _SP aP]d w^_`QQx ]PWTRTZY^ M`TW_ ZY 3ZbPaP] bSPY _SPd RLTY ]PWTRTZ`^ XPLYTYR LYO ]PLWT_d _SPd bTWW LWbLd^ MP PXMPOOPO TY L ^LN]TWTeTYR Q]LXP TP L WL]RP] ^LN]PO `YTaP]^P _SL_ PYNZX[L^^P^ _SP bSZWP ZQ WTQP .ZXX`YTNL_TZY LYO ^ZNTLW LNNP[_LYNP LYO bSL_ /`]VSPTX NLWWPO w^ZNTLW PQQP]aP^NPYNPx L]P aT_LW _SL_ _SPd WPLaP _SP YL]]Zb Q]LXP ZQ ^`MUPN_TaT_d LYO ]PLNS TY_P]^`MUPN_TaP LYO NZWWPN_TaP ^TR YTQTNLYNP @^`LWWd _SP]P bTWW LW^Z MP ^ZXP ^Z]_ ZQ TY^_T_`_TZYLWTeL_TZY

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

"!

NW`OP TY ST^ NZXX`YTNL_TZY _SPZ]d YZ_ ZYWd ]PWTRTZ`^ Pc[P]TPYNP^ TP _]LY^NPYOPY_LW Pc[P]TPYNP^ RZTYR MPdZYO PaP]dOLd WTQP bSTNS L]P TY_P] []P_PO L^ ]PWTRTZ`^ M`_ LW^Z Pc[P]TPYNP^ ZQ wR]PL_ _]LY^NPYOPYNTP^x _SL_ L]P YZ_ YPNP^^L]TWd NZOPO TY ]PWTRTZ`^ _P]X^ ^`NS L^ [PLV Z] _]LYNP Pc[P]TPYNP^ O`]TYR X`^TN LYO OLYNTYR P_N # 1Z] _SPX _Z MPNZXP ]PWT RTZ`^ ]P\`T]P^ L NSLYRP TY _SP ^NSPXL_L ZQ TY_P][]P_L_TZY LYO _SP ZaP]LWW Q]LXPbZ]V $ 4Y ^ZNTZWZRTNLW _P]X^ ZYP NLYYZ_ ^[PLV ZQ ]PWTRTZY `Y_TW _SP]P T^ L w^ZNTLWTeL_TZY ZQ OPLWTYR bT_S _]LY^NPYOPYNTP^x wAP]RP^PWW ^NSLQ_`YR OP^ @XRLYR^ XT_ ?]LY^ePYOPYePYx   ?ST^ NZXP^ LMZ`_ _S]Z`RS NZXX`YTNL_TZY TY bSTNS _SP Pc[P]TPYNP^ L]P ^ZNTLWTePO LYO OZXP^_TNL_PO Md XPLY^ ZQ wTY^P]_TZY TY_Z LaLTWLMWP ^NSPXL_L _SL_ []Z aTOP L _SPZ]d ZQ ]PLWT_dx   TP _SPd L]P ^SL[PO LYO QZ]XPO =PWTRTZY T^ YZ_ _SP ZYWd []ZaTYNP ZQ XPLYTYR LYO TY LYd ZYP OLd _SP NZY^NTZ`^YP^^ NLY Pc[P]TPYNP L M]ZLO ]LYRP ZQ []ZaTYNP^ ZQ XPLYTYR LYO ]PLWT_TP^ PR QLY_L^TeTYR TY OLdO]PLX^ Z] TXXP]^TYR ZYP^PWQ TY _SP NZY_PX[WL_TZY ZQ L [LTY_TYR Z] _SPZ]P_TNLW NZY^TOP]L_TZY^ 3ZbPaP] _SP TX[Z]_LY_ [ZTY_ T^ _SL_ ]PWTRTZ`^ Pc[P]TPYNP^ ZQ _]LY^NPYOPYNd TP ^dXMZWTNLWWd ZaP] NZOPO ZYP^ OP_P]XTYPO LYO NZYaPY_TZYLWTePO Md N`W_`]LW TY_P][]P_L_TZY ^NSPXL_L _SPX^PWaP^ TY _`]Y ZYWd MPNZXP ^ZNTLWWd PQQPN_TaP TP aT^TMWP LYO TY_P]^`MUPN_TaPWd LNNP^^TMWP TY _SP PaP]dOLd bZ]WO bSPY _SPd L]P NZXX`YTNL_PO ,YO _ST^ LN\`T^T_TZY ZQ aT^TMTWT_d TY _`]Y WPYO^ _SPX TXXLYPY_ ]PLWT_d LYO QLN_TNT_d TY PaP]dOLd WTQP   6YZMWL`NS YZ_P^% w,^ L NZXX`YTNL_TaP LN_ ]PWTRTZ`^ NZXX`YTNL_TZY OZP^ YZ_ ZYWd u]PQP]v _Z Z] uXPLYv _SP R]PL_ _]LY^NPYOPY_LW ]PLWT_d z T_ N]PL_P^ _]LY ^NPYOPYNdx   3P LOO^ _SL_ _ST^ LW^Z L[[WTP^ _Z LP^_SP_TN NZXX`YTNL _TZY bSTNS T^ PcLRRP]L_PO LYO OP[]LRXL_TePO TY P\`LW XPL^`]P DP_ SP ^Ld^ w_SP ]PLWT_d _SL_ N]PL_P^ L]_ FXLVP^H YZ NWLTX _Z ]PLWT_d MPdZYO T_^ NZXX`YTNL_TaP PcPN`_TZY LYO _SP Pc[P]TPYNTYR ZQ T_ Z] _SP [P]NPTaTYR ZQ T_ L^ 7`SXLYY bZ`WO ^Ldx   ?ST^ T^ OTQQP]PY_ TY _SP ]PLWT_d ZQ _SP ]PWTRTZ`^ 4_^ \`L^T ZY_ZWZRTNLW NWLTX T^ _SL_ T_ T^ L^ ^`]P L^ PaP]dOLd WTQP% w_SL_ _SP ]PLWT_d ZQ _SP ]PWTRTZ`^ uT^v \`L^T ZY_ZWZRTNLW T^ TYOPPO _SP ]P^`W_ ZQ NZXX`YTNL_TZY DP_ _SP WL__P] _LVP^ ]PNZ`]^P _Z PaTOPYNP TY _SP Pc[P]TPYNP ZQ _SP Pc_]LZ]OTYL]dx  .ZXX`YTNL_TZY TY TY_P]LN_TaP Pc NSLYRP T^ ZYWd ^`NNP^^Q`W bSPY _SZ^P TYaZWaPO ^SL]P _SP ^LXP TY_P][]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # $           

6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx #z# 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx " 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx   6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx #  6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx #z# 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx # 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx # 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx #

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

""

_L_TZY ^NSPXL_L ZQ NZY_Pc_`LWTeL_TZY  ! ,^ Q]LXTYR LYO NZY_Pc_`LWTeL _TZY L]P PX[T]TNLWWd OPXZY^_]LMWP NZYaPY_TZYLWTePO QPL_`]P^ ZQ ^dX MZWTN NZXX`YTNL_TaP LN_^ LYO ]PWTRTZ`^ YZYPaP]dOLd Pc[P]TPYNP^ L]P XLYTQP^_PO TY [`MWTNWd ZMUPN_TQTPO ^ZNTLW L[[PL]LYNP^ T_ T^ _SP]PQZ]P [Z^^TMWP _Z L[[]ZLNS _SPX PX[T]TNLWWd 6YZMWL`NSv^ _SPZ]d T^ P^[PNTLWWd ]PWPaLY_ QZ] Z`] _Z[TN O`P MZ_S _Z _SP TYNW`^TZY ZQ _SP ^`MUPN_ LYO _SP Pc[P]TPYNP OTXPY^TZY LYO _Z _SP ^ZNTZN`W_`]LWWd OP_P]XTYPO ^STQ_TYR ]PWL_TZY^ST[ MP_bPPY L]_ LYO ]PWTR TZY LYO _SPT] OTQQP]PY_TL_TZY 3P NZ`Y_^ _Pc_ _d[P^ ^`NS L^ ^ZYR^ ]PNT_L _TZY^ []LdP]^ LYO XLRTN QZ]X`WL^ LXZYR _SP XZ^_ TX[Z]_LY_ wXPLY^ ZQ NZY_Pc_`LWTeL_TZYx ZQ ]PWTRTZ`^ NZXX`YTNL_TZY MPNL`^P w_SP ^[PNTQTN^ ZQ ]PWTRTZ`^ WLYR`LRPx L]P P^[PNTLWWd NWPL] TY _SPX  " 4Y L bLd ZYP NLY NLWW ]PWTRTZ`^ WT_P]L_`]P^ NZXX`YTNL_TaP MZ]OP]WTYP NL^P^ ^TYNP _SPd N]PL_P _SP []P^PYNP ZQ _SP YZY[]P^PY_ LYO ZQ LW_P]YL_TaP bZ]WO^ _Z PaP ]dOLd ]PLWT_d ?ST^ T^ ^ZXP_STYR _SPd SLaP TY NZXXZY bT_S QTN_TZY -`_ ]PWTRTZ`^ WT_P]L_`]P OTQQP]^ ^TRYTQTNLY_Wd Q]ZX QTN_TZY TY _SL_ _SP ]PQP] PYNP T^ PYOZbPO bT_S LM^ZW`_P QLN_TNT_d YZ]XL_TaT_d LYO L`_SZ]T_d bSPY Pc_]LZ]OTYL]d XP^^LRP^ L]P NZYaPdPO LYO NZXX`YTNL_TZY bT_S _SP TYaT^TMWP _LVP^ [WLNP PR TY []LdP] .LY ZYP ^_TWW NLWW _SL_ NZXX` YTNL_TZY L_ LWW* 7`SXLYY bSZ ]PRL]O^ NZXX`YTNL_TZY L^ L []ZNP^^ NZX[WP_PWd TY_P]YLW _Z ^ZNTP_d wRP^PWW^NSLQ_^TY_P]YP] AZ]RLYRx bZ`WO ^Ld YZ_  # 6YZMWL`NSv^ OPQTYT_TZY ZQ ]PWTRTZY L^ ^dXMZWTN NZXX`YTNL _TZY LWWZb^ T_ ?SP ^ZNTZWZRT^_ 3L]_XLYY ?d]PWW bSZ M`TWO^ ZY 7`SXLYY L__PX[_^ _Z OPaPWZ[ 7`SXLYYv^ TOPL^ Q`]_SP] Md ^`RRP^_TYR wNZXX`YTNL_TZY _LVP^ [WLNP PaP]dbSP]P bSP]P ^ZXP_STYR T^ TY_TXL_PO Z] bSP]P ^ZXPZYP L_ WPL^_ _STYV^ ^ZXP_STYR T^ MPTYR Z] SL^ MPPY TY_T XL_PO _Z STXx  $ ?d]PWW T^ ZMaTZ`^Wd _STYVTYR ZYWd LMZ`_ NZY_PY_ -`_ QZ] MPWTPaP]^ T_ XLd LW]PLOd MP ^`QQTNTPY_ _Z `YOP]^_LYO _SL_ bSL_ _SPd SLaP T^ L ^LN]PO _Pc_ TY Z]OP] _Z Pc[P]TPYNP OPP[ ^TRYTQTNLYNP LYO L` _SZ]T_d _Z TXXP]^P _SPX^PWaP^ TY _SP _]LY^NPYOPY_LW bZ]WO ZQ _SP Y`XT YZ`^ Z] _Z L^N]TMP ^[PNTLW ^LN]TWTeTYR PQQPN_^ _Z _SP _Pc_ P_N ,YO LW^Z _SP QLN_ _SL_ T_ T^ L ^LN]PO _Pc_ T^ ZQ_PY NZXX`YTNL_PO YZ_ ZYWd aTL _SP NZY_PY_^ M`_ LW^Z aTL ]T_`LWTeL_TZY^ TY_ZYL_TZY LYO PXZ_TZYLW XP^^LRP^ ?SP^P L]P XLUZ] XPLY^ _Z ]Z`^P ^ZNTLW PQQP]aP^NPYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ! 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx #z#   " 6YZMWL`NS w?]LY^ePYOPYeP]QLS]`YRx ""  # .Q ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx   bSZ ]P[]ZO`NP^ 7`SXLYY L_ _ST^ [ZTY_% wu,WW NZXX`YTNL_TZY T^ L []ZNP^^ TY_P]YLW _Z ^ZNTP_d v  .ZXX`YTNL_TZY bT_S 2ZO T^ QZ] ^ZNTZWZRd YZ_ _Z MP `YOP]^_ZZO L^ L ^ZNTLW LN_ u9PT_SP] ]PaPWL_TZY YZ] []LdP]v L]P _Z MP _SZ`RS_ ZQ L^ uNZXX`YTNL_TZYvx 4Y ST^ L]_TNWP ?d]PWW ^PPV^ _Z NZY_]LOTN_ _ST^ ^_L_PXPY_ Md 7`SLXYY  $ ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx  

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

"#

4_ _SP]PQZ]P L[[PL]^ TX[Z]_LY_ _Z `^ _Z LOO _SL_ `YOP]^_LYOTYR NZY ^T^_^ YZ_ ZYWd ZQ ^PXLY_TN `YOP]^_LYOTYR _SL_ XPLYTYR T^ NZY^_T_`_PO YZ_ ZYWd aTL []Z[Z^T_TZYLW NZY_PY_^ LYO NZXX`YTNL_TZY T^ YZ_ WTXT_PO _Z ^PY_PYNP^ bT_S WPcTNLW aLW`P 4Y LOOT_TZY LN_^ LYO ^PY^Z]d ^TRY^ z TY NW`OTYR _SP ^Z`YO ZQ bZ]O^ LYO ^PY_PYNP^ z SLaP NZXX`YTNL_TaP NZY _PY_ TQ YZ_ YPNP^^L]TWd `YP\`TaZNLW TYQZ]XL_TaP NZY_PY_ ?SP NZXX`YT NL_TZY ZQ ]PWTRTZ`^ _Pc_^ T^ NZX[WPc LYO X`W_TOTXPY^TZYLW :`] QTYOTYR _SL_ bP bTWW Pc[Z`YO TY XZ]P OP_LTW NZ]]P^[ZYO^ bT_S @XMP]_Z 0NZv^ _SPZ]d ZQ WT_P]L_`]P LNNZ]OTYR _Z bSTNS YZ_ ZYWd NZRYT_TaP NZY_PY_^ MPWZYR _Z WT_P]L]d NZXX`YTNL_TZY M`_ ^Z OZ PXZ_TZYLW XPLYTYR^ XP^ ^LRP^ LYO L^^ZNTL_TZY^% w,^ bTWW MPNZXP L[[L]PY_ bP bT^S _Z TRYZ]P _SP OT^_TYN_TZY XLOP Md XLYd L`_SZ]^ MP_bPPY uNZRYT_TaP XPLYTYRv LYO uPXZ_TZYLW XPLYTYRv MPNL`^P T_ L[[PL]^ _Z `^ _SL_ _SP Z[P]L_TZY ZQ _SP ^TRYTQTNLY_ TY _SP []ZNP^^ ZQ ^PXTZ ^T^ ]PYOP]^ _SP^P _bZ QZ]X^ ZQ XPLYTYR P\`LWWd TX[Z]_LY_ 4Q ZYP MLYT^SP^ _SP ^PNZYO _Z L QTPWO ZQ bSTNS ZYP NLYYZ_ ^[PLV NQ .L]YL[ ZYP NLY TY OPPO TYaP^_TRL_P _SP ]PQP]PY_TLW Q`YN_TZY ZQ WLYR`LRP bT_S L OPR]PP ZQ LNN` ]LNd M`_ ZYP WZ^P^ _SP ]TNSYP^^ ZQ _SP NZXX`YTNL_TZY []ZNP^^ >PXTZ_TN^ X`^_ YZ_ LNNP[_ ^`NS QZ]X^ ZQ NL^_]L_TZY PaPY TQ T_ _SPY LOZ[_^ L QPb TYLN N`]LNTP^x !

4_ T^ _SP]PQZ]P `^PQ`W _Z WTYV NZXX`YTNL_TZY XZ]P NWZ^PWd _Z [P]QZ]XL _TaT_d LYO _Z TYNW`OP _SP TX[LN_^ ZQ _Pc_^ wBT]VOTXPY^TZYx TY LOOT_TZY _Z XPLYTYR :YP NLY ^`XXL]TeP TY _SP bZ]O^ ZQ 2ÞY_P] ?SZXL^% wATPbPO Q]ZX L NZXX`YTNL_TZY _SPZ]d [P]^[PN_TaP ]PWTRTZY^ L]P NZXX` YTNL_TZY []ZNP^^P^ bT_S L NZX[WPc ^_]`N_`]P bSTNS OTQQP] Q]ZX Z_SP] NZX X`YTNL_TZY^ TY _SP QZ]XL_TZY ZQ ^[PNTQTN ^[L_TLW LYO _PX[Z]LW NZXX`YTNL _TZY NZYYPN_TZY^ _SPT] ZbY F]PWTRTZ`^H QZ]X^ LYO ^[PNTQTN FXP_L[Sd^TNLWH _Z[TN^ LYO TY XLYd NL^P^ TY _SP ^`[[Z^T_TZY _SL_ _SP]P L]P OTaTYP [L]_TNT [LY_^ TY _SP NZXX`YTNL_TZYx !

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! @XMP]_Z 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV 8ÞYNSPY% 1TYV L`_SZ]TePO 2P]XLY POT_T ZY #_S PO $$ # ?SP]P T^ YZ 0YRWT^S _]LY^WL_TZY ZQ _ST^ XLUZ] bZ]V ?SP 2P] XLY Z]TRTYLW ]PLO^% wBTP XLY ^PSPY bT]O bZWWPY bT] OPY MPT aTPWPY ,`_Z]PY LYe` _]PQQPYOPY @Y_P]^NSTPO ebT^NSPY VZRYT_TaP] -POP`_`YRu `YO PXZ_TZYLWP] -POP`_`YRu TRYZ]TP]PY bPTW `Y^ ^NSPTY_ OLÁ OL^ 1`YV_TZYTP]PY OP^ >TRYTQTVLY^ TX >PXTZ^P[]ZeP^^ OTP^P MPTOPY -POP`_`YR^QZ]XPY RWPTNS bTNS_TR XLNS_ BPYY XLY OTP ebPT_P TY PTYPY -P]PTNS aP]bPT^_ aZY OPX XLY YTNS_ ^[]PNSPY VØYYP aRW .L]YL[ OLYY VLYY XLY ebL] XT_ PTYP] RPbT^^PY 2PYL`TRVPT_ OTP ]PQP]PY_TPWWP 1`YV_TZY OP] >[]LNSP `Y_P]^`NSPY XLY aP]WTP]_ LMP] OPY =PTNS_`X OP^ 6ZXX`YTVL_TZY^[]ZeP^^P^ /TP >PXTZ_TV OL]Q ^ZWNSP 6L^_]L_TZY^QZ]XPY YTNS_ LVeP[_TP]PY L`NS bPYY ^TP OLMPT PTY [LL] @YRPYL`TRVPT_PY L`Q ^TNS YTXX_x ?SP 0YRWT^S _]LY^WL_TZY bL^ []ZaTOPO Md Z`] _]LY^WL_Z] 0WTeLMP_S 3TNV^ ! 2ÞY_P] ?SZXL^ w6ZXX`YTVL_TZYx 8P_eWP] 7PcTVZY =PWTRTZY aZW  >_`__RL]_% 8P_eWP] $$$ "z  SP]P " :Y _SP NZX[WPcT_d ZQ ]PWTRTZ`^ NZXX`YTNL_TZY NQ LW^Z _SP PcNPWWPY_ OTLR]LX Md 8Ø]_S w6ZXX`YTVL_TZYx ! bSTNS 7`SXLYY LW^Z M`TWO^ ZY

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

"$

?SZXL^ PX[SL^TeP^ QZWWZbTYR ZY Q]ZX 7`SXLYY M`_ Q`WWd TY _SP ^PY^P ZQ _SP LP^_SP_TN^ ZQ ]PWTRTZY _SP X`W_TXPOTLWT_d ZQ ]PWTRTZ`^ NZXX`YT NL_TZY LYO YZYWTYR`T^_TN ^_LRTYR^ TY LOOT_TZY _Z WTYR`T^_TN XPOTL% w]P WTRTZY^ LW^Z `^P TY [L]_TN`WL] NZX[WPc YZYWTYR`T^_TN Z] []P^PY_L_TZYLW ^dXMZWTN NZYOPY^PO LYO LXMTR`Z`^ NZXX`YTNL_TZY XPOTL ?SP^P []TY NT[LWWd TYNW`OP X`^TN L]NST_PN_`]P aT^`LW L]_^ RP^_`]P^ LYO _SP S`XLY MZOd TY _SP ]T_`LWx ! ?SZXL^v ]PXL]V^ ZY ]PWTRTZ`^ ^TYRTYR L]P P^[P NTLWWd ]PWPaLY_ _Z Z`] _Z[TN PaPY TQ _SPd L]P YZ_ OT]PN_Wd L[[WTNLMWP TY PaP]d L^[PN_% w,^ ^SL[PO NZXX`YTNL_TZY ]PWTRTZ`^ ^TYRTYR bSTNS T^ WL]RPWd NZXX`YLW YZ_ ZYWd WTYV^ _SP XPOT`X ZQ WLYR`LRP bT_S _SP XPOT`X ZQ X`^TN M`_ XLVP^ LWW _SZ^P UZTYTYR TY TY_Z XP^^PYRP]^ LYO L_ _SP ^LXP _TXP TY_Z [P] ^ZY^ _SL_ ]PNPTaP _SP XP^^LRP bT_S `YOP]^_LYOTYR FXLNS_ LWWP 8T_^TYRPY OPY e` 8T__PTWPYOPY `YO e`RWPTNS e` ^ZWNSPY OTP OTP 8T__PTW`YR aP]^_P SPYO PX[QLYRPYH 4Y LOOT_TZY X`^TN SL^ _SP NL[LNT_d _Z N]PL_P T_^ ZbY Pc[P]TPYNP ^[LNP _SL_ YZ_ ZYWd ^_TX`WL_P^ TY_PY^TaP QPPWTYR^ M`_ LW^Z WPLO^ _Z L ]PWL_TaP SL]XZYTeL_TZY ZQ QPPWTYR^ ZY _SP [L]_ ZQ _SP [P]^ZY^ RL_SP]PO ?SP]PQZ]P NZXXZY ^ZYR^ LYO SdXY^ ZQ_PY QZ]X L Q]LXPbZ]V QZ] XZ]P NZX[]PSPY^TaP ]PWTRTZ`^ NZXX`YTNL_TZY PaPY_^ ?SP ^TYRTYR LW^Z RTaP^ _SP WTYR`T^_TN XP^^LRP L \`LWT_d ZQ Pc[P]TPYNP ]PTYQZ]NTYR _SP PaTOPYNP ZQ bSL_ T^ ^LTOx !

:MaTZ`^Wd ?SZXL^ SL^ TY XTYO SP]P NZXX`YLW ^TYRTYR WTVP _SL_ TY .S]T^_TLY NS`]NS ^P]aTNP^ LYO YZ_ _SP X`NS M]ZLOP] ^[PN_]`X ZQ ]PNT_L _TaP^ TY 3TYO`T^X 4_ T^ _d[TNLW ZQ STX L^ L [P]^ZY ^ZNTLWTePO TY _SP BP^_P]Y bZ]WO _SL_ w`YOP]^_LYOTYRx LYO wNZX[]PSPY^TZYx wAP]^_P SPYx L]P _Z _SP QZ]P M`_ ST^ Pc[Z^T_TZY^ ZY X`^TN L^ T_^ wZbY Pc[P]T PYNP ^[LNPx LYO ^TYRTYR Z] _SP ^Z`YOTYR bZ]O  L^ LOOT_TZYLW w\`LWT_d ZQ Pc[P]TPYNPx _LVP _SP TOPL Q`]_SP]

 

,P^_SP_TN^ ZQ =PNP[_TZY LYO =PWTRTZY

?SP \`P^_TZY ZQ bSL_ LYO SZb L`OTMWP _Pc_^ NZXX`YTNL_P MZ_S OT]PN_Wd LYO TYOT]PN_Wd LYO bSL_ _SPd NLY wOZx bSTWP MPTYR aZNLWTePO LYO WT^ _PYPO _Z NLY MP _LNVWPO Q]ZX X`W_T[WP [P]^[PN_TaP^ PR TY _P]X^ ZQ ]T_`LW _SPZ]d XPOTL ^_`OTP^ []LN_TNP _SPZ]d Z] [^dNSZWZRd _Z YLXP U`^_ L QPb ]PWPaLY_ L[[]ZLNSP^ BP QZWWZb ZY TY [L]_TN`WL] Q]ZX _SP ]PNP[ _TZY LP^_SP_TN^ ZQ WT_P]L_`]P ^_`OTP^ LYO T_^ NZYNP[_ ZQ [P]QZ]XL_TaT_d M`_ Z`] QZN`^ OPQTYT_PWd ]P^_^ ZY L [P]^[PN_TaP ZQ _SP LP^_SP_TN^ ZQ ]PWTR TZY TP _SP \`P^_TZY ZQ _SP ^PY^Z]d L^[PN_^ ZQ ]PWTRTZY ]PWTRTZ`^ LT^ _SP_TN^ LYO _SPT] ^dXMZWTN ]P[]P^PY_L_TZY TY ^d^_PX^ ZQ ^TRY^ LYO ^dX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SZXL^ w6ZXX`YTVL_TZYx  ! ?SZXL^ w6ZXX`YTVL_TZYx 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

#

MZW^ ]PWTRTZ`^ ^PXTZ_TN^ ?SP PX[SL^T^ ZY ^PY^Z]d OL_L LNZ`^_TN NZXX`YTNL_TZY LYO TYOTRPYZ`^ [L__P]Y^ ZQ LN_TZY LYO TY_P][]P_L_TZY T^ []ZR]LXXL_TN ?ST^ MZZV OZP^ YZ_ TY_PYO _Z NZY_TY`P _SP ^PXTZ_TN LYO ^PXTZWZRTNLW ]PXZaLW ZQ ^PY^P [P]NP[_TZY Q]ZX _SP ^TRY^ WPLaTYR _SPX LM^_]LN_ [WLNPSZWOP]^ Z] XP]P ^_]`N_`]LW PWPXPY_^ L^ T^ _d[TNLW ZQ NZY aPY_TZYLW ^TRY LYO ^dXMZW _SPZ]TP^ LYO ^_]`N_`]LWT^_ QZ]XLWT^_ L[ []ZLNSP^ 4Y^_PLO _SP PXMZOTPO []P^PYNP ZQ _SP ^TRY^ TY ^Z`YO LYO aZTNP T^ LNNPY_`L_PO LYO _SP w;]Z_P^_LY_ RP^_`^x ZQ _SP w_bZbZ]WO ZY _ZWZRdx T^ []ZMPO TY ]PWL_TZY _Z _SP TOPL _SL_ _SP TX[Z]_LY_ L^[PN_ T^ wMPSTYOx _SP [SPYZXPYZY _SL_ NLY MP [P]NPTaPO bT_S _SP ^PY^P^ >dMTWWP 6]ÆXP] bSZ NZTYPO _SP XP_L[SZ] w;]Z_P^_LY_ RP^_`^x TY _SP L]_^ LYO N`W_`]LW ^_`OTP^ XLVP^ L NWLTX _SL_ bTWW LW^Z MP TX[Z]_LY_ TY _ST^ MZZV% w>Z`YO LYO XPLYTYR _ZYP^ LYO ^PY^P bZ]V ^TX`W_LYPZ`^Wd TY ^[ZVPY WLY R`LRP z LYO _ST^ T^ ZQ TX[Z]_LYNP YZ_ ZYWd QZ] [ZP_ZWZRd M`_ LW^Z QZ] NZXX`YTNL_TZY _SPZ]dx !

4Y _SP QZWWZbTYR bP bTWW PcLXTYP _SPZ]P_TNLW L[[]ZLNSP^ _SL_ L]P [L] _TN`WL]Wd NSL]LN_P]T^_TN ZQ Z`] OT^N`^^TZY^ BP bTWW OP^N]TMP Z`] NZYNP[_ ZQ NZXX`YTNL_TZY TY XZ]P OP_LTW LYO Pc[WLTY bSd T_ T^ YPNP^^L]d _Z OT^_TYR`T^S MP_bPPY OTQQP]PY_ WPaPW^ ZQ NZXX`YTNL_TZY LYO L_ _SP ^LXP _TXP _Z [Ld L__PY_TZY _Z _SPT] TY_PR]L_TaP TY_P][WLd BTOP^[]PLO NZXX` YTNL_TZY _SPZ]TP^ SLaP ZQ_PY ZYWd LNNPY_`L_PO ZYP WPaPW Z] _SP Z_SP] 1Z] PcLX[WP _SP >L`^^`]P ^NSZZW T^ NZYNP]YPO ^ZWPWd bT_S bSL_ T^ NZYaPdPO LYO NZX[WP_PWd TRYZ]P^ _SP XPOTL TYaZWaPO -d NZY_]L^_ 8L]^SLWW 8N7`SLYv^ QLXZ`^ OTN_`X w_SP XPOT`X T^ _SP XP^^LRPx PX[SL^TePO ZYWd _SP ]ZWP ZQ _SP TY^_]`XPY_^ XPLY^ LRPYNTP^ NZX[WP_PWd TRYZ]TYR NZY_PY_ 8N7`SLYv^ TY^TRS_^ NZYNP]YTYR _SP XPOTL LYO _PNSYTNLW TYYZ aL_TZY^ L^ Pc_PY^TZY^ ZQ _SP MZOd LYO ST^ [Z^_`WL_P _SL_ LWW XPOTL LYO NSLYRP^ TY _SP XPOTL SLaP TX[LN_^ ZY _SZ`RS_ LYO NL`^P NSLYRP^ TY L__T_`OP^ OT^[Z^T_TZY^ LYO SLMT_^ MZ]P Q]`T_ M`_ _SP ZaP]^TX[WTQTNL_TZY O]Pb U`^_TQTPO N]T_TNT^X ! 9Z_ ZYWd _SP NZY_PY_^ L]P WPQ_ Z`_ M`_ LW^Z _SP NL[LNT_d QZ] ^dXMZWTeL_TZY LYO _SP N`W_`]P^[PNTQTN TXLRTYL_TZY^ >ZNTLW LYO N`W_`]LW ^P__TYR^ bP]P _]PL_PO _ZZ ^NSPXL_TNLWWd LYO bP]P LN_`LWWd OT^_Z]_PO ?SP OT^_TYN_TZY MP_bPPY OT]PN_ LYO TYOT]PN_ NZXX` YTNL_TZY bL^ YZ_ PcLXTYPO ?ZZ WT__WP ^d^_PXL_TN _SZ`RS_ bL^ RTaPY _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 6]ÆXP] w>[]LNSP z >_TXXP z >NS]TQ_x $ Z`] PX[SL^T^ ! .Q QZ] TY^_LYNP 6PYYP_S -`]VP 7LYR`LRP L^ ^dXMZWTN LN_TZY% 0^^Ld^ ZY 7TQP 7T_ P]L_`]P LYO 8P_SZO -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ $!# TY [L]_TN`WL] z# LYO /LYTPW 8ÞY^_P] =PWTRTZY^Æ^_SP_TV `YO ,Y_S]Z[ZWZRTP OP] >TYYP 8ÞYNSPY% ,VLOPXT^NSP] AP]WLR  #z#  bSZ z TY WTYP bT_S _SPT] WT_P]L]d LYO P_SYZWZRTNLW L[[]ZLNSP^ ]P^[PN_TaPWd z LNNPY_`L_P OTQQP]PY_ [ZTY_^ bZ]_Sd ZQ N]T_TNT^X TY 8 8N7`SLYv^ @YOP]^_LYOTYR 8POTL% ?SP 0c_PY^TZY^ ZQ 8LY 7ZYOZY% =Z`_WPORP  6PRLY ;L`W% $! LYO ?SP 2`_PYMP]R 2LWLcd 7ZYOZY% =Z`_WPORP  6PRLY ;L`W $!

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

#

_SP TY_P]P^_TYR \`P^_TZY% bSL_ VTYO ZQ NZY_PY_ T^ QLaZ]PO Md L [L]_TN`WL] VTYO ZQ XPOTL* ,YO QTYLWWd [ZP_TN PQQPN_^ LP^_SP_TN XP^^LRP^ ]SP_Z]T NLW XZ_TQ^ LYO _SP TYaZWaPXPY_ ZQ ^PY^Z]d [P]NP[_TZY LYO PXZ_TZYLWT_d TY _SP NZXX`YTNL_TZY []ZNP^^ L]P ^TX[Wd YZ_ OT^N`^^PO 0XZ_TZYLWT_d T^ LW^Z WPQ_ Z`_ Md OP >L`^^`]P ,WW _SP^P L^[PN_^ L]P [L]_ ZQ ]PWTRTZY L^ L NZX[WPc LYO X`W_TWLdP]PO NZXX`YTNL_TZY ^d^_PX BP QTYO X`W_T OTXPY^TZYLWT_d LYO MWPYOTYR ZY _SP WPaPW^ ZQ ^TRY^ XP^^LRP^ XPOTL LYO ]PNP[_TZY []ZNP^^P^ ,^ TY [ZP_]d TY ]PWTRTZ`^ WT_P]L_`]P _SP _]TLO ZQ w^PWQPc[]P^^TZYx wNZXX`YTNL_TZYx LYO wNZY^`XXL_TZYx !! MPWZYR _ZRP_SP] LYO WTVP T_^ ]SP_Z]TNLW LYO [ZP_TN NZ`Y_P][L]_^ ]PWTRTZ`^ aZ NLM`WL]d WTaP^ Q]ZX XZOP^ ZQ w[P]^`L^TZYx ?SP]PQZ]P ^PY^T_TaT_d _Z _SP [Sd^TNLW ^PY^Z]d LYO [P]QZ]XL_TaP L^[PN_^ ZQ WLYR`LRP T^ LW^Z NLWWPO QZ] TY NZYYPN_TZY bT_S NZXX`YTNL_TZY LYO TY [L]_TN`WL] [ZP_TN LYO ]PWT RTZ`^ NZXX`YTNL_TZY LYO YZ_ ZYWd TY 4YOTL ?SL_ LW^Z XP]P ^Z`YO^ ^SZ`WO SLaP NZXX`YTNL_TaP NZY_PY_ XLd TYT _TLWWd ^`][]T^P ^ZXP ]PLOP]^ 7T_P]L]d _SPZ]TP^ NLY _LVP _ST^ L^[PN_ Q`] _SP] P^[PNTLWWd _SPZ]TP^ ZQ ]PNP[_TZY LP^_SP_TN^ ]PRL]OTYR WTYR`T^_TN [P]QZ]XL_TaT_d 7T_P]L]d _SPZ]T^_^ SLaP [ZTY_PO Z`_ _SL_ _Pc_ [P]QZ]X LYNP w?Pc_[P]QZ]XLYex TP _Pc_`LW [P]QZ]XL_TaT_d TYaZWaP^ YZ_ ZYWd ^PWPN_TZY LYO Z]NSP^_]L_TZY ZQ _SP _Z[ZT M`_ LW^Z _SP ^_dWP ]Sd_SX LYO XPWZOd ZQ _SP WLYR`LRP z bSTNS =ZXLY 5LVZM^ZY NLWWPO _SP w[ZP_TN Q`YN_TZYx LYO Pc[]P^^PO bT_STY NZYNP[_^ ^`NS L^ wOTLR]LXXL_TeL_TZYx LYO wTNZYTeL_TZYx ZQ WLYR`LRP !" 5LVZM^ZYv^ ^PXTZ_TN _SPZ]d `YOP]^_ZZO _SP [ZP_TN Q`YN_TZY _Z MP _SP NZYNPY_]L_TZY ZQ _SP XP^^LRP ZY T_^PWQ bSTNS TY [ZP_]d ]P^`W_^ Q]ZX L ^_]`N_`]PO TY_P]LN_TaP YP_bZ]V ZQ ]PWL _TZY^ ZQ ]Sd_SXTN [SZYP_TN ^PXLY_TN LYO ^dY_LN_TN wP\`TaLWPYNP^x TP Q]ZX L X`_`LW XZ_TaL_TZY ZQ ]SdXP [SZYP_TN^ NSZTNP ZQ bZ]O^ LYO ]SP_Z]TN bSTNS ^_]`N_`]P^ _SP NZYaPdTYR ZQ bSL_ T^ ^LTO TY ^`NS L bLd _SL_ bSL_ T^ ^LTO LW^Z PNSZP^ TY _SP XLYYP] TY bSTNS T_ T^ ^LTO 5LVZM^ZY PX[SL^TePO _SP NWZ^P TY_P][WLd ZQ ^Z`YO LYO XPLYTYR _SL_ bL^ YP RWPN_PO TY 1P]OTYLYO OP >L`^^`]Pv^ ^PXTZWZRd Md LWWZNL_TYR ZYWd L]MT _]L]d LYO NZYaPY_TZYLW _SL_ T^ ^dXMZWTN XPLYTYR _Z _SP ^Z`YO^ !# 5L VZM^ZY ZY _SP Z_SP] SLYO NWLTXPO _SL_ TY [ZP_]d LYO PaPY TY PaP]dOLd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! .Q LW^Z -`]VP 7LYR`LRP L^ ^dXMZWTN LN_TZY   !" =ZXLY 5LVZM^ZY w>`NSP YLNS OPX BP^PY OP] >[]LNSPx $!  TY =ZXLY 5LVZM^ZY >PXTZ_TV% ,`^RPbÆSW_P ?Pc_P $$z$#  PO 0WXL] 3ZWPY^_PTY 1]LYVQ`]_% >`S] VLX[ $## #"z$! TY [L]_TN`WL] $z$! .Q LW^Z B5? 8T_NSPWW w/TLR]LXXL_ZWZ Rdx TY .]T_TNLW 4Y\`T]d $#% !z! LYO =`OZWQ 3PWX^_P__P] w7d]T^NSP AP]QLS ]PY% 7d]TV 2POTNS_ `YO [ZP_T^NSP >[]LNSPx TY 0TYQÞS]`YR TY OTP 7T_P]L_`]bT^^PY^NSLQ_  PO 8TW_Z^ ;PNSWTaLYZ^ P_ LW >_`__RL]_% 8P_eWP] $$  "z TY [L]_TN`WL] z 4MTO  5LVZM^ZYv^ QLXZ`^ QZ]X`WL ZY [ZP_TN Q`YN_TZY bSTNS SLO L WL^_TYR PQQPN_ ZY ]PNPY_ [ZP_]d OT^N`^^TZY% w_SP [ZP_TN Q`YN_TZY []ZUPN_^ _SP []TYNT[WP ZQ P\`TaLWPYNP Q]ZX _SP LcT^ ZQ ^PWPN_TZY ZY_Z _SP LcT^ ZQ NZXMTYL_TZYx !# 5LVZM^ZY w>`NSP YLNS OPX BP^PY OP] >[]LNSPx ""z$#

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

WLYR`LRP wL ^`T_LMWP [SZYZWZRTNLW PYaT]ZYXPY_ FPYSLYNP^H _SP Pc[]P^ ^TaP \`LWT_d ZQ L bZ]Ox !$ LYO QZWWZbPO ZY Q]ZX .SL]WP^ >LYOP]^ ;PT]NP QZ] bSZX _SP MP^_ WTYR`T^_TN ^TRY^ bP]P _SZ^P _SL_ WTYV TNZYTN PR ZYZXL_Z[ZPTN TYOPcTNLW TYOTNL_TYR LYO ^dXMZWTN NZYaPY_TZYLW []Z[P]_TP^ " 4Y OZTYR ^Z 5LVZM^ZY XZaPO [ZP_TN ^TRY^ _SPX^PWaP^ TY_Z _SP QZN`^ ZQ L__PY_TZY 8Z]P ]PNPY_ WT_P]L_`]P _SPZ]TP^ LOO]P^^TYR WTY R`T^_TN [P]QZ]XL_TaT_d _ZZV _ST^ Q`]_SP] L^ TY _SP TOPL _SL_ _SP L`_Z ]PQWPcTaT_d ZQ QTN_TZYLW ^[PPNS L^ TNZYTNLWWd Z]RLYTePO ^[PPNS SLO T_^ QZ`YOL_TZY TY MPTYR w_SP ^TRYTQTPO T_^PWQx " =PQP]]TYR _Z 5LVZM^ZY @X MP]_Z 0NZ LW^Z OPNWL]PO _SP [ZP_TN Q`YN_TZY ZQ L XP^^LRP _Z MP L NP]_LTY QZ]X ZQ L`_Z]PQWPcTaT_d _SL_ T^ ]PQP]]TYR _Z T_^PWQ w>PWM^_MPeÞRWTNS VPT_x " ?S]Z`RS NZY_PY_ LYO ^_dWP _SP _Pc_^ YZ_ ZYWd ^Ld ^ZXP_STYR M`_ LW^Z OZ ^ZXP_STYR% _SPd NZXX`YTNL_P _SPX^PWaP^ O]Lb _SP L__PY _TZY ZQ _SP ]PNT[TPY_ _Z _SPT] ZbY QZ]X LYO YZ_ WPL^_ TY _ST^ bLd OPaPWZ[ _SPT] TX[LN_^ TY _SP ]PNT[TPY_^ >Z TY _SP LNNPY_`L_TZY ZQ [P]QZ]XL_TaT_d NSLYRP^ TY [P]^[PN_TaP NLXP LMZ`_ TY _SP ]PNP[_TZY _SPZ]d L[[]ZLNS 8PLYTYR bL^ ]P[WLNPO Md PQQPN_& _SP OdYLXTN^ ZQ _SP WTYR`T^_TN []ZNP^^ L[[PL]PO LWZYR^TOP _SP ^[PPNS LN_ 0X[SL^T^ bL^ [WLNPO YZ_ WPL^_ ZY _SP bZ]WON]PL_TYR Q`YN_TZY ZQ [ZP_TN WLYR`LRP bSTNS ZQQP]^ PX[_d ^[LNP^ QTWWPO Md _SP TXLRTYL_TZY ZQ _SP ]PNT[TPY_^ " ?Pc_ [P]QZ]XLYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ 5LVZM^ZY w>`NSP YLNS OPX BP^PY OP] >[]LNSPx $ .Q LW^Z 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV 8ÞYNSPY% 1TYV $$ #z$ !Q " 5LVZM^ZY w>`NSP YLNS OPX BP^PY OP] >[]LNSPx #z#& ZY _SP \`Z_L_TZY Q]ZX ;PT]NP TMTO # ;PT]NP TY_]ZO`NPO L SPW[Q`W ^TRY NWL^^TQTNL_TZY Md OTQQP]PY_TL_TYR _S]PP ML^TN _d[P^ ZQ ^PXTZ^T^ Z] _S]PP OTQQP]PY_ w]P[]P^PY_L_TZYLW \`LWT_TP^x ML^PO ZY OTQ QP]PY_ ]PWL_TZY^ST[^ MP_bPPY ^TRYLY^ LYO ^TRYL_`X%  _SP TNZY TXLRP ML^PO ZY LN _`LW ^TXTWL]T_d  _SP TYOPc TYOTNL_Z] OP^TRYL_TYR L QLN_`LWWd PcT^_PY_ NZY_TR`T_d Z] T_^ L^^ZNTL_TZY LYO  _SP ^dXMZW ML^PO ZY P^_LMWT^SPO WPL]YPO NZY_TR`T_d TP L NZYaPY_TZYLW ]`WP ?SP OPNT^TaP L^[PN_ QZ] 5LVZM^ZY T^ YZb _SL_ ^TRY^ L]P ZQ_PY [W`]T Q`YN_TZYLW LYO SLaP OTQQP]PY_ N`W_`]LW NZYYZ_L_TZY^ LYO _SL_ ;PT]NP LW^Z _PYOPO _Z ^PP L ]PWL_TaP STP]L]NSd TY _SP ^P_ ZQ _S]PP ^TRY^ LYO YZ_ L ^_]TN_ ^P[L]L_TZY >Z TNZY^ _ZZ L]P MLNVPO `[ Md NZYaPY_TZYLW ]`WP^ LYO T_ bZ`WO MP U`^_ L^ OTQQTN`W_ _Z QTYO LY Pc LX[WP ZQ L NZX[WP_PWd [`]P TYOPc L^ L ^dXMZW [Z^^P^^TYR YZ TYOPcTNLW \`LWT_d L_ LWW NQ ;PT]NP \`Z_PO TY 5LVZM^ZY TMTO # " >PP BZWQRLYR 4^P] ,V_ OP^ 7P^PY^% ?SPZ]TP Æ^_SP_T^NSP] BT]V`YR 8ÞYNSPY% 1TYV $$ ! LYO @bP BT]_S w/P] ;P]QZ]XLYeMPR]TQQ TX >[LYY`YR^QPWO aZY 4WWZV`_T ZY 4_P]L_TZY `YO 4YOPcTVLWT_Æ_x TY ;P]QZ]XLYe% EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_  PO @bP BT]_S 1]LYVQ`]_% >`S]VLX[   z " @XMP]_Z 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV   Q " ?SP]P T^ OPML_P TY XZOP]Y WT_P]L]d _SPZ]d ZY bSP_SP] _SP L`_Z[ZP_TN Q`YN_TZY ZQ QTN _TZYLW _Pc_^ WTP^ []TXL]TWd TY _SP TWWZN`_TZY Z] _SP [P]WZN`_TZY ,NNZ]OTYR _Z _SPZ]TP^ []PQP]]TYR [P]WZN`_TZY _Pc_^ Q`YN_TZY L^ wOT]PN_Z]v^ TY^_]`N_TZY^ _Z _SP TXLRTYL_TZYx w=PRTPLYbPT^`YRPY LY OTP 4XLRTYL_TZYx -`_ _SP]P T^ TY^`QQTNTPY_ NWL]TQTNL_TZY ZQ _SP Pc_PY_ _Z bSTNS [P]WZN`_TZYL]d PQQPN_^ NLY MP Pc[WLTYPO Md _SP ^_PP]TYR [Z_PY_TLW ZQ _SP _Pc_^ _SPX^PWaP^ Z] L]P _Z MP `YOP]^_ZZO L^ ]SP_Z]TNOP[PYOPY_ w[P]^`L^TaP PQ QPN_^x .Q BT]_S w/P] ;P]QZ]XLYeMPR]TQQ TX >[LYY`YR^QPWOx  

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

#

LYO _SP PQQPN_ ZQ _SP LP^_SP_TN XP^^LRP NZXP _Z Q]`T_TZY TY _SP ]PNT[T PY_^v TXLRTYL_TaP NZZ[P]L_TZY ZY _SP _Pc_ 4OPL^ ^TXTWL] bP]P LW]PLOd MPTYR [`_ QZ]bL]O TY YTY_S NPY_`]d 4YOTL TY ¢YLYOLaL]OSLYLv^ [ZP_]d _SPZ]d LYO _LNVWPO `YOP] _SP L^[PN_ ZQ _SP ^`RRP^_TaP [ZbP] ZQ WLYR`LRP ?ST^ L[[]ZLNS OT^N`^^PO TY Z`] 3T^_Z]d ^PN_TZY TY XZ]P OP_LTW ^_]P^^PO _SL_ [ZP_TN ^[PPNS NZXX`YTNL_P^ XP^ ^LRP^ aTL ^`RRP^_TZY^ ]PQP]PYNP^ LYO _SL_ bSTNS T^ `Y^[ZVPY LYO PX [SL^TePO _SP w]L^Lx TP _SP LP^_SP_TN XZZO @YOP] ]L^L ¢YLYOLaL]O SLYL `YOP]^_ZZO MZ_S _SP L`_Z]PQWPcTaT_d ZQ QTN_TZYLW ^[PPNS LYO _SP LP^_SP_TN Pc[]P^^TaT_d ZQ _SP QZ]X ZQ WLYR`LRP ZY _SP WPaPW ZQ _SP XP^ ^LRP LYO LW^Z L SZWT^_TN NL[_`]P wRLYeSPT_WTNSP^ 0]QL^^PYx ZQ _Pc_ XPLYTYR [ZP_TN Pc[]P^^TZY LYO _SP WTYV MP_bPPY NZRYT_TaP XPLYTYR LYO PXZ_TZYLW XPLYTYR TY _SP []ZNP^^ ZQ ^PXTZ^T^ L_ _SP WPaPW ZQ _SP ]PNT[T PY_ 4Y XZOP]Y _TXP^ @XMP]_Z 0NZ SL^ ^TXTWL]Wd NWLTXPO _SL_ MZ_S QZ]X^ ZQ XPLYTYR L]P P\`LWWd TX[Z]_LY_% TQ _SP PXZ_TZYLW XPLYTYR bP]P TRYZ]PO _SP ]TNSYP^^ ZQ _SP NZXX`YTNL_TZY []ZNP^^ bZ`WO MP ^LN]T QTNPO " ¢YLYOLaL]OSLYL L__]TM`_PO _Z `^P XZOP]Y _P]X^ _SP XLTY ]ZWP _Z _SP TWWZN`_TZYL]d NZY_PY_ _SP ]PQP]PY_TLW Z] ]P[]P^PY_L_TaP Q`YN_TZY ZQ WLYR`LRP ZQ _SP LP^_SP_TN XP^^LRP ML^PO ZY ^`RRP^_TZY^ PR ZQ LWWT_ P]L_TaP LYO XP_L[SZ]TNLW WLYR`LRP ?ST^ X`^_ MP PNSZPO TY _SP [P]WZN` _TZY bSTNS _SP WT^_PYP]^ L]P _Z `YOP]^_LYO LYO NZX[WP_P 0NZ ^[PLV^ ZQ L wOTLWPN_TN MP_bPPY QZ]X LYO Z[PYYP^^ ZY _SP WPaPW ZQ _SP XP^^LRP LYO MP_bPPY WZdLW_d LYO _LVTYR _SP TYT_TL_TaP ZY _SP WPaPW ZQ _SP ]PNT[T PY_x " ?Pc_^ NZXX`YTNL_P _SPX^PWaP^ Md LN_TYR L^ w[P]^`L^TaP [P]QZ]X LYNP^x LQQPN_TYR _SP ]PNT[TPY_^ >PWQ]PQP]PY_TLWT_d OZP^ YZ_ XPLY _SL_ _SP NZY_PY_^ Pc[]P^^PO LYO SPL]O L]P `YP\`TaZNLW TOPY_TNLW LYO ^_LMWP LYO _SL_ _SP PQQPN_ T^ YPNP^^L]TWd TOPY_TNLW ZY PaP]dZYP :Y _SP NZY_]L]d LNNZ]OTYR _Z 0NZ LP^_SP_TN XP^^LRP^ L]P P^[PNTLWWd NSL]LN_P]TePO Md SL]MZ]TYR _SP [Z_PY_TLW _Z QTYO PaP] YPb XPLYTYR^ ^TYNP _SPd OZ YZ_ OPYZ_P M`_ NZYYZ_P "! ?SP QZ]X LWWZb^ aL]dTYR TYOTaTO`LW Pc[P]TPYNP^ Z] L Y`XMP] ZQ [Z^^TMWP Q]PP TY_P][]P_L_TaP NSZTNP^ "" bSTNS SZbPaP] L]P NZY_]ZWWPO _S]Z`RS NZOP^ TP NZYaPY_TZYLWTePO ^NSPXL_L []POP_P] XTYPO ^_]`N_`]P^ LYO NZY_Pc_`LW ]PWL_TZY^ST[^ ,NNZ]OTYR _Z 0NZ _SP]P T^ L wWZRTN ZQ _SP ^TRYTQTNLY_x _S]Z`RS bSTNS L bZ]V wQ`WQTWW^ T_^ O`LW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV  # $Q " w/TLWPV_TV ebT^NSPY 1Z]X `YO :QQPYSPT_ L`Q OP] 0MPYP OP] -Z_^NSLQ_ `YO ebT^NSPY ?]P`P `YO 0TRPYTYT_TL_TaP L`Q 0MPYP OP^ 0X[QÆYRP]^x 0NZ 0TYQÞS]`YR TY OTP >P XTZ_TV  !! "! 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV    ;PT]NPv^ aTPb bL^ ^TXTWL]% LNNZ]OTYR _Z STX _SP TY_P][]P_L_TZY ZQ L ^TRY T^ YZ_ L XPLYTYR M`_ LYZ_SP] ^TRY& _Z `YOP]^_LYO T^ _Z _]LY^WL_P "" 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV   !

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

#

Q`YN_TZY^ ZQ ^_TX`WL_TYR TY_P][]P_L_TZY^ LYO NZY_]ZWWTYR _SP Q]PPOZX ZQ TY_P][]P_L_TZYx "# ?Z [`_ T_ TY Z_SP] bZ]O^% TY LOOT_TZY _Z _SP PX[_d ^[LNP ZQQP]PO Md QTN_TZYLW ^[PPNS _SP]P L]P OP_P]XTYTYR ^NSPXL_L bT_S ^_PP]TYR [Z_PY_TLW bSTNS ZQQP] OPNZOTYR [Z^^TMTWT_TP^ ?SP LP^_SP_TN XP^ ^LRP T^ QZ]XPO ZY _SP WPaPW ZQ _SP [Sd^TNLW NL]]TP] Md ^Z`YO^ XZO`WL _TZY^ LYO `__P]LYNP^ Md OTQQP]PY_TLW PWPXPY_^ [SZYP_TN P\`LWT_TP^ LYO TYP\`LWT_TP^ P_N ^dY_LRXL_TN ]PWL_TZY^ST[^ R]LXXL] OPYZ_PO ^TR YTQTNL_P^ NZYaPY_TZYLWTePO NZOP^ LYO ^`MNZOP^ NZYYZ_PO ^TRYTQTNL_P^ ]SP_Z]TNLW ^d^_PX^ LYO ^_dWT^_TN ]P[P]_ZT]P^ LYO TOPZWZRTNLW Pc[PN_L _TZY^ L^ L wRWZMLW NZYYZ_L_Px "$ ?SP LP^_SP_TN TYQZ]XL_TZY T^ ]PLWTePO TY _SP MWPYOTYR ZQ _SP^P ]PWL_TZY^ST[^ Z] TY 0NZv^ bZ]O^ TY L YP_bZ]V ZQ SZXZWZRZ`^ QZ]X^ _SL_ NZY^_T_`_P^ _SP ^[PNTLW NZOP ZQ _ST^ bZ]V # 4Q L ]PWPaLY_ `YT_ T^ ]PNZRYTePO L^ ^`NS T_ T^ LWbLd^ LW]PLOd ]PNZRYTePO TY ]PWL_TZY _Z L NZOP 0aPY TQ _SP PQQPN_ `W_TXL_PWd NLYYZ_ MP PT_SP] QZ]P ^PPY Z] NZY_]ZWWPO _SP _Pc_^ _S`^ LN\`T]P NP]_LTY TX[WTNT_ ^_PP]TYR [Z_PY _TLW^ ]SP_Z]TNLW PQQPN_^ ML^PO ZY _]Z[P^ LYO NLYZYNTLWWd MTYOTYR PQQPN_^ _S]Z`RS WZYR_P]X `^P :] L^ 0NZ L]R`P^% T_ MPNZXP^ [Z^^TMWP _Z LYL WdeP _SP Pc[]P^^TaP QPL_`]P^ L^ XPLY^ ZQ NZXX`YTNL_TZY ZY _SP ML^T^ ZQ PT_SP] ZM^P]aPO Z] aTZWL_PO NZOP^ # LYO _Z L[[]PSPYO LYO WLd ML]P wLP^_SP_TN Pc[P]TPYNPx PaPY _SZ`RS _SP LP^_SP_TN XP^^LRP LWWZb^ LY Z[PY []ZNP^^WTVP TY_P][]P_L_TZY 4_ ^SZ`WO MP ]PXPXMP]PO _SL_ LNNZ]O TYR _Z 0NZ _SP]P T^ YZ ]TQ_ MP_bPPY w^PXLY_TN TYQZ]XL_TZYx LYO wLP^ _SP_TN TYQZ]XL_TZYx Z] MP_bPPY TY_PWWPN_`LW LYO LQQPN_TaP WLYR`LRP ?SP L`_Z]PQWPcTaP LYO TYSP]PY_Wd LXMTaLWPY_ XP^^LRP T^ MZ_S wL XLNSTYP _SL_ N]PL_P^ PXZ_TZY^x LYO LY wTY^_]`XPY_ ZQ ]PNZRYT_TZYx w4Y^_]`XPY_ OP] 0]VPYY_YT^x% w_ST^ ]PNZRYT_TZY T^ ]PLWTePO MZ_S aT^ÂaT^ _SP NZOP Q]ZX bSTNS _SP XP^^LRP PXLYL_P^ LYO aT^ÂaT^ _SP ]PQP]PY_ _Z bSTNS _SP ^TRYTQTNLY_^ ZQ _SP XP^^LRP ]PQP] _S]Z`RS _SP QTW_P] ZQ _SP ^TRYTQT NL_P^x # ,WW _SP^P ZM^P]aL_TZY^ LW^Z L[[Wd _Z _SP NZXX`YTNL_TZY XZOP^ ZQ ]PWTRTZ`^ WT_P]L_`]P^ ?Pc_^ YZ_ ZYWd XPLY ^ZXP_STYR M`_ LW^Z OZ ^ZXP _STYR ?SPd XLd XPLY LYO OZ OTQQP]PY_ _STYR^ L_ OTQQP]PY_ _TXP^ LYO _Z OTQQP]PY_ [P]^ZY^ M`_ _SP]P T^ L []PNZOPO N`W_`]LW ^d^_PX ZQ VYZbWPORP LYO ]`WP^ _SL_ ^_PP]^ _SP TY_P][]P_L_TZY^ LYO Pc[P]TPYNP^ ?ST^ L[[WTP^ TY 4YOTL U`^_ L^ T_ OZP^ PW^PbSP]P 0LNS OPaZ_PP bTWW [P]NPTaP L _Pc_ _S]Z`RS ST^ ZbY WPY^P^ ^SL[PO Md ^PN_L]TLY ]PRTZYLW NL^_P]PWL_PO LYO Z_SP] LQQTWTL_TZY^ ?ST^ XPLY^ _SL_ PLNS [P]^ZY XLd SPL] ^ZXP_STYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# "$ # # #

0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV  ! 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV    0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV    0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV   ! 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV  !

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

#

OTQQP]PY_ M`_ _SP MPWTPQ TY _SP [ZbP] ZQ _SP ^[ZVPY ^Z`YOTYR bZ]O T_ ^PWQ T^ YZ_ LY TYOTaTO`LW [SPYZXPYZY M`_ L ^ZNTZN`W_`]LWWd ^SL]PO wVYZbWPORP ZQ Pc[P]TPYNPx -d ]PQP]]TYR _Z NZYYZ_L_TZY TY^_PLO ZQ OP YZ_L_TZY LYO _SP YPNP^^L]d TXLRTYL_TZY ZQ _SP ]PLOP] z Z] TY _ST^ NL^P _SP WT^_PYP] z 0NZv^ _SPZ]d ^d^_PXL_TNLWWd TYNW`OP^ TYOTaTO`LW bLd^ ZQ ]PNPTaTYR L _Pc_ LYO ST^_Z]TNLW []ZNP^^P^ ZQ NSLYRP TY _Pc_ ]PNP[_TZY ?SP ^PL]NS QZ] wNZOP^x XLVP^ _SP L[[]ZLNS ZQ ]PNP[_TZY LP^_SP_TN^ ^PY ^T_TaP _Z NZY_Pc_ TP _SP ST^_Z]TNLW N`W_`]LW LYO ^ZNTZ]PWTRTZ`^ ^P__TYR^ LYO TY_P][]P_L_TZY LYO Q]LXPbZ]V ^NSPXL_L ?SP WT_P]L]d Pc[Z^T_TZY^ ZY _SP L`_Z[ZP^T^ ZQ QTN_TZYLW ^[PPNS LYO ZY _SP TY_P][WLd ZQ ^Z`YO XPLY TYR LYO _SP `YT_d ZQ P[T^_PXTNLW LYO LQQPN_TaP Q`YN_TZY L]P P^[PNTLWWd ^TRYTQTNLY_ TY ]PWL_TZY _Z _SP ]PWTRTZ`^ WT_P]L_`]P^ ZQ 4YOTL >LY^V]T_ [Z PX^ LYO WT_P]L_`]P^ LN_ TYOPPO L^ w[P]^`L^TaP [P]QZ]XLYNP^x Z] wXL NSTYP^x QZ] N]PL_TYR PXZ_TZY NZRYT_TZY LYO N]PL_TaP _SZ`RS_ YZ_ WPL^_ ZY _SP WPaPW ZQ _SPT] ^Z`YO QZ]X ,YO SP]P TY [L]_TN`WL] z ZY _SP WPaPW ZQ ^Z`YO QZ]X^ LYO ^Z`YO Pc[P]TPYNP^ z _SP]P L]P L NZXXZY OPYZXTYL_Z] LYO ]PNZRYTeLMWP ^_]`N_`]P^ ?Pc_^ L]P [P]NP[_TMWP _Z _SP ^PY^P^ ?SPd SLaP ]Sd_SX^ LYO QZWWZb ^_dWT^_TN ]`WP^ ^`NS L^ _SP 4YOTLY []POTWPN_TZY QZ] LWWT_P]L_TZY^ L^^ZYLYNP^ [L]ZYZXL^TL^ [SZYP_TNLWWd TY^[T]PO P_dXZWZRTP^ LYO XP_]TN MTYOTYR LYO L^ ^`NS L]P LP^_SP_TNLWWd PQQPN_TaP 8P]PWd Md NZXX`YTNL_TYR _SPT] ZbY QZ]X _Pc_^ OZ ^ZXP_STYR LYO PcP]_ PQQPN_^ :Y _ST^ wMZ__ZX WPaPWx ZQ NZXX`YTNL_TZY _SP `YT_d ZQ NZRYT _TaP LYO PXZ_TZYLW NZYYZ_L_TZY LYO XPLYTYR bSTNS 0NZ LNNPY_`L_P^ T^ P^[PNTLWWd _LYRTMWP ,NNZ]OTYR _Z 0NZ _SP PXZ_TZYLW L^^ZNTL_TZY^ L]P YPNP^^L]TWd L [L]_ ZQ _SP NZXX`YTNL_TZY []ZNP^^ LYO ST^ OT^N`^^TZY ZQ _SP LP^_SP_TN XP^ ^LRP # T^ ZQ ^[PNTLW TX[Z]_LYNP QZ] Z`] NZYNP[_ ZQ NZXX`YTNL_TZY 4Y 4YOTL TY [L]_TN`WL] M`_ Md YZ XPLY^ ZYWd _SP]P ]PWTRTZ`^ NZXX`YTNL _TZY _LVP^ [WLNP WL]RPWd aTL _STYR^ ^`NS L^ _SP [ZP_]d ]SP_Z]TN LYO ^Z`YO \`LWT_d ZQ ]PWTRTZ`^ WT_P]L_`]P^ ^P_ _Z X`^TN Z] [P]QZ]XPO TY L ^PXTX`^TNLW XLYYP] , NZX[]PSPY^TaP NZYNP[_ ZQ NZXX`YTNL_TZY X`^_ _SP]PQZ]P TYNW`OP MZ_S _SP [Sd^TNLW \`LWT_TP^ ZQ aP]MLW XP^^LRP^ [SZYP_TN [SPYZXPYL ]P[PL_PO WP__P]^ LNNPY_^ ]Sd_SX^ LYO NP^`]L^ _SP _ZYLWT_TP^ Y`LYNP^ ZQ ^Z`YO LYO XZO`WL_TZY^ _SP ^_dWP _SP ]SP_Z]TN LYO _SP ^dYP^_SP^TL^ z TY ^SZ]_ _SP Pc[]P^^TaP [P]QZ]XLYNPNSL]LN_P] LYO PaPY_NSL]LN_P] ZQ WLYR`LRP z LYO X`^_ LW^Z NZY^TOP] _SP ^_TX`WL _TZY ZQ QPPWTYR^ LYO _SP N]PL_TZY ZQ ^PY^Z]d LbL]PYP^^ bSPY PcLXTYTYR _SP TYQZ]XL_TaP YL_`]P ZQ WTYR`T^_TN NZXX`YTNL_TZY ,NNZ]OTYR _Z 0NZ L XP^^LRP P^[PNTLWWd LY LP^_SP_TN XP^^LRP NZ`NSPO TY WLYR`LRP SL^ aL]TZ`^ WPaPW^ ZQ ]PLWT_d LYO _SP NZX[WPcP] _SP XP^^LRP T^ _SP XZ]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV   z!"

#!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

TY_PY^TaP T^ T_^ LP^_SP_TNT_d # 3T^ ^PXTZ_TN L[[]ZLNS NWLTX^ _SL_ _SP w^Z NLWWPO Pc_]LR]LXXL_TNLW Z] LQQPN_TaP PWPXPY_^x LYO wPc[]P^^TaP ^ZW` _TZY^x ZMPd NP]_LTY ]`WP^ LYO w]L_TZYLW [L__P]Y^x PR ^NSPXL_L ZQ Z[[Z ^T_TZY Z] ^TX[WP R]LO`LW ^P\`PYNP^ LYO _SL_ wPXZ_TZYLW ^`MNZOP^ FL]PH Z]RLYTePO bT_S _SP ^_]TYRPYNd bT_S bSTNS _SP NZRYT_TaP NZOP^ L]P Z]RLY TePOx # ?SP]PQZ]P _Pc_ [P]QZ]XLYNP^ Pc[P]TPYNP \`LWT_TP^ LYO PaP]YPb XPLYTYR^ L]P LWW RZaP]YPO Md ]`WP^ _SP WT_P]L]d NZOP^ LYO _SP w[L]L OTRX^x ZQ _SP N`W_`]LW L]NSTaP 4_ T^ LWbLd^ TXLRTYL_TZY MZ`YO _Z NZY aPY_TZY LYO _]LOT_TZY _SL_ OT^NZaP]^ aL]TL_TZY^ ZQ XPLYTYR LYO RPYP]L_P^ YPb _Pc_^ ?ST^ T^ Pc[WLTYPO Md _SP [Z^^TMTWT_d ZQ T_P]L_TaP ]P[PL_LMWP ]PWZNL_TZY ZQ ^TRY^ Md MPTYR \`Z_PO LYO [P]QZ]XPO TY PaP]YPb NZY _Pc_^ 1`]_SP]XZ]P _SP OT^N`^^TZY^ ZQ ]PNP[_TZY LP^_SP_TN^ Pc[WLTY bSd OTQQP]PY_ 4YOTLY WT^_PYP]^ TY ZYP LYO _SP ^LXP NZY_Pc_ ^`NS L^ [L]_TNT [LY_^ ZQ _SP ^LXP N`W_`]LW [P]QZ]XLYNP XLd SPL] OTQQP]TYR NZY_PY_ LYO dP_ ^_TWW SLaP L NZXXZY Pc[P]TPYNP 4Y LOOT_TZY _Z _SP ^`MUPN_TaP TY_P] []P_L_TZY^ _SP []PQP]PYNP QZ] _SP ^[ZVPY bZ]O XPLY^ _SL_ _SP]P L]P L ML^TN LNZ`^_TN NZY^PY^`^ ^ZNTLWWd ^SL]PO SPL]TYR SLMT_^ LYO LY ZMUPN _TaP NZOP ZQ Pc[P]TPYNP \`LWT_d LYO LP^_SP_TN [ZbP] ZQ PXMZOTPO _Pc_^ 4Y _SP ]PWTRTZ`^ NZY_Pc_ _ST^ NZOP _]LY^QZ]X^ T_^PWQ TY_Z L NZOP ZQ _SP ^LN]POYP^^ ZQ WLYR`LRP LYO ^Z`YO LYO ZQ _SP XLYTQP^_L_TZY ZQ OPT_TP^ BSL_PaP] T^ [WLdPO Z`_ TY _SP _STYVTYR Z] QPPWTYR ZQ _SP TYOTaTO`LW WT^_PYP] T^ TYOPPO L^ 7`SXLYY PX[SL^TeP^ MPdZYO Z`] ]PLNS -`_ PaPY ^Z ^_L_P^ ZQ XTYO L]P YZ_ NZX[WP_PWd TYLNNP^^TMWP _Z _SP Pc_PY_ _SL_ _SPd NLY MP OP^N]TMPO LYO ]PNZY^_]`N_PO PX[T]TNLWWd TY ^_L_PXPY_^ TY _P]_Pc_`LW ]PQP]PYNP^ NZY_Pc_^ QZ] LN_TZY LYO Q`YN_TZYLW ^P__TYR^ z TP TY L Y`XMP] ZQ NZXX`YTNL_TaP PaPY_^ Z] TY @XMP]_Z 0NZv^ _P]XTYZWZRd TY NZYaPY_TZY^ N`W_`]LW SP]T_LRP ^_]`N_`]P^ LYO `YOP]WdTYR NZOP^ #! 4Y ]PRL]O _Z 3TYO`T^X 1WZZO .ZM`]Y LYO -PNV SLaP O]LbY L__PY _TZY _Z \`LWT_TP^ ZQ Pc[P]TPYNP _SL_ L[[PL] _d[TNLW ZQ PXTN ]PWTRTZ`^ ^Z NTLWTeL_TZY LYO NZWWPN_TaP QZ]X^ ZQ SLMT_`^ % _SP TY_P]TZ]TeL_TZY ZQ _Pc_^ YZ_ TY ^TWPY_ ]PLOTYR M`_ TY [P]QZ]XLYNP ^ZXL_TN LYO PXZ_TZYLW PY RLRPXPY_ [L]_TNT[L_TZY TY _SP _Pc_ _S]Z`RS SPL]TYR LYO ]PNT_TYR z TY bSTNS `YOP]^_LYOTYR T^ YZ_ YPNP^^L]TWd OPNT^TaP ?SP^P SLMT_`^ QZ]X^ TYNW`OP Pc[PN_L_TZY^ ZQ [P]^ZYLW _]LY^QZ]XL_TZY LYO _SP Pc[P]TPYNTYR ZQ Y`XTYZ`^ []P^PYNP TY _SP ^LN]PO ^Z`YO >`NS ^PY^Z]d LP^_SP_TN ]T_`LW [^dNSZWZRTNLWWd PXZ_TaP P_STNLW LYO ^ZNTLW TY^_T_`_TZYLW LYO TOPZWZRT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV  $ # 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV  !  $ #! >PP LW^Z 7`SXLYY /TP =PWTRTZY OP] 2P^PWW^NSLQ_ % w?SP L^[PN_^ ZQ u[^dNSZWZRTNLW XLYTQP^_L_TZY^v _SL_ L]P _Z MP ]PWPaLY_ _Z NZXX`YTNL_TZY X`^_ XLVP _SPX^PWaP^ YZ _TNPLMWP L^ NZXX`YTNL_TZY :_SP]bT^P _SP NSLYRP^ ]PXLTY bT_SZ`_ NZY^P\`PYNP^ QZ] _SP ^ZNTLW ^d^_PX ZQ ^ZNTP_dx 0YRWT^S _]LY^WL_TZY Md 0 3TNV^

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

#"

NLW NZRYT_TaP OTXPY^TZY^ bSTNS L]P L^^ZNTL_PO bT_S _SP SPL]TYR ]PNT_ TYR LYO ^TYRTYR ZQ ]PWTRTZ`^ _Pc_^ bP NLWW wLNZ`^_TN [TP_dx ?SP YPc_ NSL[_P] []ZaTOP^ L XZ]P PWLMZ]L_P OT^N`^^TZY ZQ _ST^ _P]X ,^ L NZWWPN _TaP [SPYZXPYZY NZX[]T^TYR MZ_S PaP]dOLd ]PWTRTZ^T_d LYO _SP N`W_`]P ZQ ^NSZWL]^ST[ LNZ`^_TN [TP_d NLYYZ_ MP [TYYPO OZbY TY _P]X^ ZQ TYOT aTO`LW [WLdP]^ _Pc_^ LYO ]T_P^ >LN]PO SPL]TYR ^LN]PO ^Z`YO LYO _SP PQQTNLNd ZQ XLY_]L^ NZ]]P^[ZYO _Z _SP TOPZWZRTNLW Pc[PN_L_TZY LYO L^ L RWZMLW NZYYZ_L_P _SPd L]P L _]LY^TYOTaTO`LW NZOP ^d^_PX Z] TY Z_SP] bZ]O^ _SPd L]P _SL_ bSTNS 7`SXLYY _P]XPO NZOP^ MPWZYRTYR _Z L ^d^ _PX LYO 6YZMWL`NS NLWWPO _SP ]PWTRTZ`^Wd OP_P]XTYPO []ZaTYNP ZQ XPLY TYR ,^ L ]`WP _ST^ ^NZ[P ZQ XPLYTYR T^ TX[L]_PO YZY_SPXL_TNLWWd LYO [P]QZ]XL_TaPWd LYO TY _SPZWZRTP^ LW^Z _SPXL_TNLWWd 0cNW`OTYR PXZ_TZY LWT_d Q]ZX _ST^ ^NZ[P ZQ XPLYTYR _`]Y^ ]PWTRTZY TY_Z L O]d LM^_]LN_ ^d^ _PX =PWTRTZ`^ [ZP_]d TY [L]_TN`WL] PcP]_^ T_^ PQQPN_^ TY _SP ]PLWX ZQ _SP LQQPN_TaP LYO _ST^ T^ [Z_PY_TL_PO TY _Pc_^ _SL_ L]P [P]QZ]XPO ]PNT_PO LYO ^`YR BP L]P _SP]PQZ]P NZYNP]YTYR Z`]^PWaP^ MZ_S bT_S [P]QZ]XLYNP^ ZQ L ]T_`LW XYPXZ_PNSYTNLW TY^_]`N_TaP _SPL_]TNLW ^NTPY_TQTN LYO X`^TNLW YL_`]P LYO LW^Z bT_S ]PNP[_TZY LP^_SP_TN^ LYO _S`^ bT_S _SP [P]QZ]XL _TaT_d ZQ _SP _Pc_^ _SPX^PWaP^ ?SP _bZ L^[PN_^ L]P `^`LWWd TY_TXL_PWd TY_P]_bTYPO 4Y _SP Z]LWL`]LW NZXX`YTNL_TZY ^d^_PX^ [L]_TNT[L_TZY TY _SP _Pc_^ NZXP^ LMZ`_ YZ_ WPL^_ aTL ^Z`YO [L__P]Y^ ]Sd_SX^ P_N TP WL]RPWd TY L [Sd^TNLW ^PY^Z]d LYO LQQPN_TaP QL^STZY ?ST^ Pc[WLTY^ bSd `YOP]^_LYOTYR OZP^ YZ_ SLaP _Z MP _SP P^^PY_TLW QPL_`]P LYO XPLYTYRQ`W YP^^ NLYYZ_ MP ]PO`NPO _Z ^PXLY_TN XPLYTYR 4Y^_PLO L]P _SP ^PY^P^ LW^Z TYaZWaPO TY N]PL_TYR ^PY^P LYO XPLYTYR ?SPd NLY PaPY MP ^PPY L^ ZbY QZ]X^ ZQ `YOP]^_LYOTYR 5`^_ L^ MZOd XZaPXPY_^ N]PL_P ^[PNTQTN ^ZXL_TN LbL]PYP^^ _SP `^P ZQ _SP ^PY^P^ N]PL_P ^[PNTQTN QZ]X^ ZQ ^PY^Z]d LYO LP^_SP_TN LbL]PYP^^ >TXTWL]Wd ZYP SL^ _Z L^^`XP _SL_ w_STYR^ NZY^T^_ TYR ZQ ^Z`YOx w6WLYRRPMTWOPx SLaP _SPT] ZbY aLWPYNd #" 1Z] []PNT^PWd _ST^ ]PL^ZY bP []Z[Z^P TY^_PLO ZQ L _SPZ]d ZQ N`W_`]LW [P]QZ]XLYNP^ L ^PY^P^PY^T_TaP LYO [P]QZ]XLYNPZ]TPY_PO _SPZ]d ZQ NZXX`YTNL_TZY LYO LY Pc[LYOPO _Pc_ SP]XPYP`_TN^ Md TYNW`OTYR _SP [Sd^TNLW YL_`]P ZQ _Pc_^ LYO _SP ^PWQ]PQP]PY_TLWT_d ZQ _SPT] LNZ`^_TN ]PLWTeL_TZY ?ST^ TX[Z]_LY_ L^[PN_ OTO YZ_ ]PNPTaP LYd L__PY_TZY Q]ZX >TYRP] 1WZZO .ZM`]Y -PNV Z] _SP ^ZNTZWZRTNLW NZXX`YTNL_TZY _SPZ]T^_^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" >PP LW^Z 3LY^2ÞY_P] 3PTXM]ZNV w¾MP] OTP ]PWTRTØ^P BT]V`YR aZY 6WÆYRPY% ;SÆYZ XPYZWZRT^NSP `YO [^dNSZWLYLWd_T^NSP E`RÆYRPx TY ,]NSTa QÞ] =PWTRTZY^[^dNSZWZRTP  PO 9TW^ 2 3ZWX P_ LW 2Ø__TYRPY% ALYOPYSZPNV  =`[]PNS_ $$" z 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

##  

=PWTRTZ`^ ,P^_SP_TN^ LYO ,NZ`^_TN ;TP_d

,^ LW]PLOd ^SZbY XLYd ZQ _SP QTYOTYR^ TY WT_P]L]d ]PNP[_TZY LP^_SP_TN^ NLY MP _]LY^QP]]PO OT]PN_Wd _Z _SP ]PWTRTZ`^ _Pc_^ ?SP^P TYNW`OP _SP `YT_d ZQ _SP PXZ_TZYLWT_d LYO TY_PWWTRTMTWT_d ZQ _SP LP^_SP_TN XP^^LRP T_^ L`_Z ]PQWPcTaT_d _SP OdYLXTN^ ZQ _SP WTYR`T^_TN []ZNP^^ _SP []TZ]T_d ZQ PQQPN_ ZaP] XPLYTYR LYO YZ_ WPL^_ _SP TXLRTYL_TaP NZZ[P]L_TZY ZQ _SP ]PNT[T PY_^ DP_ ^[PNTQTNLWWd `YOP] _SP [P]^[PN_TaP ZQ ]PWTRTZ`^ LP^_SP_ TN^LT^_SP_TN^ LYO ]PWTRTZ`^ ^PXTZ_TN^ _SP]P L]P []ZMWPX^ _Z MP LO O]P^^PO _SL_ NLY ZYWd MP RTaPY TY^`QQTNTPY_ _]PL_XPY_ Md ^ZNTZWZRTNLW WT_P]L]d LYO WTYR`T^_TN NZXX`YTNL_TZY _SPZ]TP^ Z] PW^P L]P YZ_ PaPY NZY^TOP]PO :YP ZQ _SPX T^ _SL_ TY _SP ]PWTRTZ`^ NZY_Pc_ WPcTNLW `YOP] ^_LYOTYR T^ ZQ_PY YZ_ _Z[ []TZ]T_d ,NNZ]OTYR _Z P^_LMWT^SPO NZXX`YTNL _TZY _SPZ]TP^ TY ^`NS NL^P^ ZYP ^SZ`WO YZ_ ^[PLV ZQ NZXX`YTNL_TZY L_ LWW LYd XZ]P ^TYNP YZY^PXLY_TN ^PWQPc[]P^^TaT_d QZ]XLW ^Z`YO ^_]`N _`]P^ ]T_`LW [L]_TNT[L_TZY TY _SP _Pc_ LYO T_^ PQQTNTPYNd L]P ^Z X`NS _Z _SP QZ]P _SL_ OT^N`]^TaP PWPXPY_^ LYO ^PXLY_TN XPLYTYR ]PNPOP NZX [WP_PWd TY_Z _SP MLNVR]Z`YO 3P]P T_ L[[PL]^ _Z MP SPW[Q`W _Z `YOP]^_LYO WLYR`LRP Md LYLWZRd bT_S X`^TN Z] _Z `YOP]^_LYO ^[PLVTYR Md LYLWZRd bT_S X`^TNXLVTYR bT_S Z_SP]^ L^ >dMTWWP 6]ÆXP] []Z[Z^P^ TY SP] L]_TNWP ZY w[P]QZ]XL _TaT_d L^ XPOTLWT_dx ## ?SP LOaLY_LRP ZQ _ST^ LYLWZRd LNNZ]OTYR _Z 6]ÆXP] bZ`WO MP wM]TYRTYR _SP ZYP^TOPOYP^^ ZQ _SP ^[PLVP]NPY_]TNT_d ZQ _SP ^[PPNS LN_ _SPZ]d TY_Z _SP NZY^NTZ`^YP^^x LYO wWPLaTYR _SP OZ XLTY ZQ L XP]P ^TRY_SPZ]dML^PO aTPb ZQ WLYR`LRPx #$ 4Y SP] L[[PLW QZ] wL ]PSLMTWT_L_TZY ZQ _SP ^`]QLNPx Z] wL ]PSLMTWT_L_TZY ZQ _SP aZTNPx $ SZbPaP] 6]ÆXP] T^ YZ_ _STYVTYR ZQ ]T_`LW ]PNT_L_TZY^ M`_ XZ]P ZQ PaP ]dOLd NZXX`YTNL_TZY LYO _SP w[P]QZ]XLYNP NSL]LN_P]x ZQ [P]QZ]XL_TaL LYO w]T_`LWTePO ^[PPNS LN_^x TY ^ZNTLW TY_P]LN_TZY >SP NWLTX^ _SP LYLW ZRd bT_S X`^TNLW PaPY_^ OPXZY^_]L_P^ YZ_ ZYWd _SP [ZWd[SZYd ZQ PaP]d NZYaP]^PL_TZY LYO _SP WL_PY_Wd PQQPN_TaP TOPLW ZQ SZXZ[SZYd M`_ LW^Z _SP N]PL_TaP [ZbP] ZQ _SP aZTNP bSTNS T^ wYZ_ ZYWd L aPSTNWP LYO TY ^_]`XPY_ ZQ ^[PPNSx M`_ LW^Z TY_P][]P_^ NZXXPY_^ ZY LYO `YOP]XTYP^ ^[PPNS wbT_S T_^ Q`WW NZX[WP_PWd `Y[]POTN_LMWP NZ][Z]PLWT_dx $ >SP ^_L_P^ _SL_ _SP aZTNP Pc[]P^^P^ _SP w`Y^LdLMWPx _SL_ ^[PPNS OZP^ YZ_ Pc[]P^^ LYO N]PL_P^ TY T_^ wZbY WTQPx L w^`][W`^x ZQ XPLYTYR MPNL`^P _SP OPNT^TaP [ZTY_ SP]P T^ YZ_ bSL_ M`_ SZb ^ZXP_STYR T^ ^LTO >ZXP ZQ _SP^P NZY^TOP]L_TZY^ NLY LW^Z MP _]LY^QP]]PO _Z ^[ZVPY LYO ^`YR ]PWT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ## #$ $ $

6]ÆXP] w>[]LNSP z >_TXXP z >NS]TQ_x z! 6]ÆXP] w>[]LNSP z >_TXXP z >NS]TQ_x $ 6]ÆXP] w>[]LNSP z >_TXXP z >NS]TQ_x ! # 6]ÆXP] w>[]LNSP z >_TXXP z >NS]TQ_x 

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

#$

RTZ`^ _Pc_^ 3ZbPaP] _SP LYLWZRd bT_S X`^TN SL]MZ]^ _SP [Z^^TMWP OT^ LOaLY_LRP ZQ NZX[WP_P OPWTYR`LWTeL_TZY PaLN`L_TZY ZQ XPLYTYR LYO `W_TXL_PWd WZ^^ ZQ XPLYTYR ?SP ]P^`W_ bZ`WO YZ_ MP _SP ^`][W`^ NZX X`YTNL_TZY _SL_ 6]ÆXP] NWLTX^ M`_ _SP OT^^ZW`_TZY ZQ LYd NZXX`YTNL _TaP NZY_PY_ ?ST^ MPNZXP^ NWPL] _S]Z`RS L WZZV L_ 1]T_^ >_LLWv^ TX[]P^ ^TaP _SPZ]d ZQ _SP WLNV ZQ XPLYTYR ZQ ]PWTRTZ`^ ^Z`YO^ >_LLW OPYTPO ]T_`LW ^ZYR NSLY_^ LYO QZ]X`WL^ LYd OTXPY^TZY ZQ XPLYTYR 3P NZX[L]PO XLY_]L^ YZ_ ZYWd bT_S ^_]TN_ X`^TNLW NZX[Z^T _TZY^ M`_ LW^Z bT_S ^Z`YO^ []ZO`NPO Md LYTXLW^ LYO ZY _ST^ ML^T^ OP YTPO LYd NZXX`YTNL_TaP NZY_PY_ $ 4Y_P]P^_TYRWd SP LW^Z [`]^`PO L N]T_T\`P ZQ ^PXTZ_TN^ ^PPVTYR XPLYTYR^ wMPSTYOx _SP [SPYZXPYL 4Y NZY_]L^_ _Z 6]ÆXP] ST^ L]R`XPY_^ bP]P QZ]XLWT^_TN LYO ^_]`N_`]LWT^_TN >_LLW bL^ aPSPXPY_Wd Z[[Z^PO _Z _SP N`W_`]LW ^PXTZ_TN^ ZQ ^ZNTLW LY _S]Z[ZWZRd LYO T_^ L[[]ZLNS ZQ ]PLOTYR ]T_`LW LYO XL_P]TLW QZ]X^ ZQ Pc[]P^^TZY L^ ^dXMZW^ QZ] ^ZXP_STYR PW^P z PR ^ZNTP_d [ZWT_TN^ Z] ]PWTRTZY z LYO L^ ^`NS SP [P]NP[_TaPWd N]T_TNTePO .WTQQZ]O 2PP]_e TY [L] _TN`WL] >_LLW ]P[]P^PY_PO _SP Z[[Z^T_P PYO ZQ _SP ^[PN_]`X ^_]P^^TYR _SP YZY^PXLY_TN ^_]`N_`]P^ QZ]XLW [L__P]Y^ ZQ ^Z`YO^ LYO _SP ]`WPML^PO YL_`]P ZQ ]T_P^ LYO NWLTXPO% w _SP ^Z`YO^ ZQ ]PWTRTZY L]P YZ_ ^Z`YO^ ZQ LY `YVYZbY WLYR`LRP _SL_ SL^ _Z MP OPNT[SP]PO M`_ L]P QPL_`]P^ ZQ ]T_`LW ^d^_PX^ _SL_ OZ YZ_ Pc[]P^^ XPLYTYR^ M`_ _SL_ L]P RZaP]YPO Md ]`WP^  1Z] _SPT] ^_`Od `YOP]^_LYOTYR LYO LYLWd^T^ ^`NS ^d^_PX^ LNNZ]OTYRWd ]P\`T]P ^dY_LN_TN _SPZ]TP^ _SL_ OPLW bT_S ]`WP^ YZ_ ^PXLY_TN _SPZ]TP^ _SL_ OPLW bT_S XPLYTYR  >Z`YO^ XLd MP []ZaTOPO bT_S XPLYTYR M`_ _SPd OZ YZ_ ]P\`T]P XPLYTYR^ LYO OZ YZ_ PcT^_ QZ] XPLYTYRv^ ^LVP 4 LX TYNWTYPO _Z NZYNW`OP  _SL_ ]T_`LW LN_^ LYO ^Z`YO^ MPWZYR _Z L OZXLTY ZQ MTZWZRd _SL_ RZP^ MPdZYO XLY ?ST^ T^ ^`[[Z]_PO Md _SP OL_L ZQ LYTXLW ]T_`LWTeL_TZY LYO Md ^`NS N`]TZ`^ QLN_^ L^ _SP ^TXTWL]T_d MP_bPPY XLY_]L^ LYO MT]O ^ZYR^x $

BP bTWW NZXP MLNV _Z >_LLWv^ XLY_]L _SPZ]d LRLTY MPWZb ,_ _ST^ [ZTY_ T_ bTWW ^`QQTNP _Z YZ_P _SL_ LW_SZ`RS >_LLW PX[SL^TeP^ bT_S ]PQP]PYNP _Z 5LVZM^ZY _SL_ L [ZPX XLd MP TY_P][]P_PO ZY ^PaP]LW WPaPW^ `W_TXL_PWd SP ZYWd LWWZb^ _SP aLWTOT_d ZQ _SP QZ]XLW WPaPW ZQ ^dY_LN_TN ^_]`N_`]P^ LYO PcNW`OP^ Q]ZX _SP LYLWd^T^ LWW _SP Z_SP] WTYR`T^_TN WPaPW^ Z[P]L_TYR ^TX`W_LYPZ`^Wd TY LYd RTaPY `__P]LYNP BSL_ T^ []ZMWPXL_TN T^ YZ_ ST^ M]TWWTLY_ ^_]`N_`]LW ^Z`YO LYLWd^P^ ]PaPLWTYR _SL_ _SP NZX[Z^T_TZY ZQ APOTN _Pc_^ bL^ ML^PO ZY _SZ]Z`RS [WLYYTYR YZ] ST^ TY^TRS_ _SL_ ]T_`LW^ OZ YZ_ YPNP^^L]TWd SLaP _Z SLaP TY_]TY^TN ^PXLY_TN XPLYTYR M`_ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 3P]P bP ]PQP] QT]^_ LYO QZ]PXZ^_ _Z >_LLW w?SP >Z`YO ZQ =PWTRTZYx 9`XPY  $#!% z!& # z TY [L]_TN`WL] $$z ?SP ^LXP ML^TN _SP^T^ T^ SZbPaP] QZ`YO TY LWW ST^ bZ]V^ LYO T^ OT]PN_PO LRLTY^_ LYd VTYO ZQ SP]XPYP`_TN^ YZ_ ZYWd 2PP]_e >_LLWv^ L[[]ZLNS RZ_ L M]ZLO ]PNP[_TZY LYO bL^ SZ_Wd OPML_PO L^ TYOTNL_PO TY _SP QZWWZbTYR $ >_LLW w?SP >Z`YO ZQ =PWTRTZYx "z#

$

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

WPaPWTYR Z`_ ZQ _SP ]TNSYP^^ ZQ _SP [SZYTN [SZYPXTN XZ][SPXTN WPcT NLW ^dY_LN_TN LYO ^PXLY_TN QPL_`]P^ 3P NZX[WP_PWd WPLaP^ Z`_ _SP NZY YZ_TYR LYO ^`RRP^_TYR Q`YN_TZY^ ZQ WLYR`LRP 3P _`]Y^ _SP L^[PN_^ ZQ _ZYLWT_d LYO XZO`WL_TZY ZQ aZTNP NZXX`YTNL_TZY PX[SL^TePO Md 6]ÆXP] TY_Z L ]`WPML^PO ^d^_PX ZQ WZRTNLW LYO ^_]TN_Wd XL_SPXL_TNLW ^_]`N_`]P^ 4Y >_LLWv^ ^d^_PX ]PWTRTZ`^ ^Z`YO^ SLaP YZ Pc[]P^^TaP LP^ _SP_TN PXZ_TaP NSL]LN_P] 8LY_]L^ TYNW`OTYR _SP ^PXLY_TNLWWd _]LY^[L] PY_ APOTN LYO ;`]£©TN XLY_]L^ L]P PcSL`^_PO TY Y`XP]TNLW aLW`P^ LYO [SZYP_TN ^_]`N_`]LW [L__P]Y^ ,^ 2PZ]RP ?SZX[^ZY ]TRS_Wd ZMUPN_^ T_ XLd TYOPPO MP _SP XZ^_ TX[Z]_LY_ _STYR _Z ]T_`LWT^_^ _SL_ L XLY_]L ^`NS L^ :¿ YLXLà ^Ta£dL w:À SZYZ] _Z ±TaLx NZY^T^_^ ZQ ^Tc ^dWWLMWP^ 3ZbPaP] _SP Z_SP] WPaPW^ z NZRYT_TaP PXZ_TaP LYO [SL_TN QPL_`]P^ z L]P LW^Z PQQPN_TaP L_ _SP ^LXP _TXP ZYP ZYWd SL^ _Z _STYV QZ] TY^_LYNP ZQ _SP ]PWTRTZ`^ ^TRYTQTNLYNP ZQ _SP YLXP ZQ 2ZO TY 4YOTL ?SZX[^ZY NZY NW`OP^% wBP YPPO _Z ZaP]NZXP _SP SLMT_ ZQ L^^`XTYR _SL_ L RTaPY `__P] LYNP SL^ ZYWd ZYP Q`YN_TZY L_ L _TXPx $ 3P PX[SL^TeP^ _SP PXZ_TaP LYO NZRYT_TaP NZY_PY_^ LYO ^ZNTLW Q`YN_TZY^ ZQ ]PWTRTZ`^ LYO [ZP_TN ^[PPNS 8Z]PZaP] SP U`^_Wd L]R`P^ _SL_ PaPY TQ OT]PN_Wd ^PXLY_TN PWPXPY_^ bP]P ^`MZ]OTYL_PO _Z YZY^PXLY_TN Z] QZ]XLW [L__P]Y^ _ST^ bZ`WO ^_TWW YZ_ XPLY _SL_ [ZP_]d bL^ YZY^PXLY_TN LYO Md LYLWZRd _SP YZY^PXLY_TN L^[PN_^ ZQ XLY_]L^ bZ`WO NP]_LTYWd YZ_ ]PYOP] _SPX XPLYTYRWP^^ :_SP] N]T_TNT^X^ ZQ >_LLW SLaP NWLTXPO Q`YN_TZYLW XPLYTYRQ`WYP^^ LYO ]L_TZY LWT_d TY _SP ^PY^P ZQ 8Lc BPMP] $ [ZTY_PO Z`_ _SP PXMPOOTYR TY _SP ZaP]LWW N`W_`]LW ]PWTRTZ`^ NZY_Pc_ _SL_ SL^ MPPY RTaPY _ZZ WT__WP ^d^_PX L_TN L__PY_TZY $! PX[SL^TePO _SP w^_LRTYR ZQ NZY^_LYNd LYO _TXPWP^^YP^^ _d[TNLW ZQ ]T_`LW^x $" Z] NWLTXPO _SL_ _SP XP_ZYdXTN L^^ZNTL_TZY^ LYO XPY_LW TXLRP^ bP]P NZY^_T_`_TaP PWPXPY_^ ZQ XLY_]L ]PNT_L_TZY^ LYO _SPT] PQQTNLNd $# BP bZ`WO WTVP _Z LOO _Z _ST^ LYZ_SP] L]R`XPY_ ^[PNTQTN _Z ]PWTRTZ`^ LP^_SP_TN^ YLXPWd _SL_ >_LLW OZP^ YZ_ NZY^TOP] _SP ^PY^Z]d MZOTWd OTXPY^TZY ,W_SZ`RS SP [ZTY_^ Z`_ _SL_ _SP LN_ ZQ ]PNT_L_TZY T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2PZ]RP ?SZX[^ZY w:Y 8LY_]L^ LYO 1]T_^ >_LLWx 5Z`]YLW ZQ =T_`LW >_`OTP^ $ $$ % z SP]P  $ >PP 3LY^ 3 ;PYYP] w7LYR`LRP =T_`LW LYO 8PLYTYRx 9`XPY  $# % z! SP]P  $z $! ?SZXL^ 7Lb^ZY LYO =ZMP]_ 9 8N.L`WPd =P_STYVTYR =PWTRTZY% .ZYYPN_TYR .ZRYT _TZY LYO .`W_`]P .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $$ !z! !!z!$& QZ] _SP LMZaPXPY_TZYPO L]R`XPY_ NQ LW^Z "z!" TY [L]_TN`WL]  "z!! $" ,cPW 8TNSLPW^ wu3Zb OZ dZ` OZ*v AZ]ÞMP]WPR`YRPY e` PTYP] 2]LXXL_TV OP^ =T_` LW^x TY /P] 8PY^NS z PTY lLYTXLW ^dXMZWTN`Xw* >[]LNSP z /TLWZR z =T_`LW  PO 3PTY]TNS >NSXTOTYRP] LYO .WPXPY^ >POXLV /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP ^PWW^NSLQ_ " $z # TY [L]_TN`WL]  z  $# ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO% 8LY_]L LYO =T_`LW TY 0L]Wd 4YOTLY >LN]TQTNP -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^   z " $z! & QZ] _SP LMZaP XPY_TZYPO L]R`XPY_ NQ TY [L]_TN`WL]  LYO ! LYO LW^Z _SP PY_T]P MZZV

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

$

_SP N]`NTLW L^[PN_ LYO L__LNSP^ R]PL_ TX[Z]_LYNP _Z [SZYP_TN^ SP ]P XLTY^ TY L [`]P QZ]XLWT^X _SL_ ]PXZaP^ LWW XPLYTYR Q]ZX _SP [Sd^TNLW LN_ ,NZ`^_TN [TP_d _SP]PQZ]P ]PXLTY^ TY^`QQTNTPY_Wd ]PNZ]OPO LYO _SP 4YOTLY TYNWTYL_TZY _Z NZXX`YTNL_TZY _S]Z`RS ^Z`YO ]PNPTaP^ _ZZ WT__WP NZY^TOP]L_TZY 4Y_P]P^_TYRWd bT_S >_LLW ^Z`YO^ MPNZXP OTRT_^ Y`XMP]^ ZQ ^dWWLMWP^ LYO XL_SPXL_TNLW QZ]X`WLP bSTWP LY 4YOTLY XL_SPXL_TNTLY ^`NS L^ ¢]dLMSL¶L Pc[]P^^PO ]PLW Y`XMP]^ TY ^Z`YO^ LYO [ZP_]d >_LLWv^ L[[]ZLNS QLTW^ _Z []ZaTOP L [L__P]Y QZ] Pc[WLTYTYR ^`NS [SPYZXPYL 4Y _SP QZWWZbTYR LNZ`^_TN [TP_d bTWW MP OP^N]TMPO TY XZ]P OP_LTW ?ST^ _P]X bP SLaP NZTYPO bSTNS ^[LY^ L M]ZLO ^PXLY_TN QTPWO TYNW`O TYR bSL_ bP bTWW NLWW WL_P] wWLYR`LRP LN_x TY aL]TL_TZY _Z _SP ^[PPNS LN_ _SPZ]d _Z Pc[WLTY _SP APOTN XLY_]L^ v bZ]VTYR NSL[   LYO bSTNS LW^Z L[[WTP^ _Z YZYAPOTN XLY_]L^ L^ ^dXMZWTN QZ]X^ NSL[  ?SP _P]X wLNZ`^_TN [TP_dx bTWW SL]OWd L[[PL] L_ LWW TY _SP ST^_Z]TNLW [L]_ ZQ _ST^ MZZV MPNL`^P _SP]P bP bTWW `^P RPYP]LWWd Z]TRTYLW _P]XTYZWZRd wZMUPV_^[]LNSWTNSP -PR]TQQWTNSVPT_x ZQ _SP _Pc_`LW ^Z`]NP^ LYO TYOTRP YZ`^ OT^NZ`]^P^ 3ZbPaP] TY _ST^ ^d^_PXL_TN [L]_ NZYNP]YPO bT_S []Z aTOTYR L _SPZ]P_TNLW QZ`YOL_TZY LYO ^NTPY_TQTN XZOPW^ ZQ Pc[WLYL_TZY LNZ`^_TN [TP_d T^ LY TX[Z]_LY_ XP_LWTYR`T^_TN _P]X BP `YOP]^_LYO _SP _P]X L^ LY LMM]PaTL_TZY QZ] L X`W_TQLNP__PO ^_dWP ZQ ]PWTRTZY bSP]P _SP ^Z`YOTYR bZ]O LYO YZ_ YPNP^^L]TWd _SP ^PXLY_TN NZY_PY_ T^ _SP OZXTYLY_ L^[PN_ L ^_dWP bSTNS TYNW`OP^ ^Z`YONPY_P]PO ]T_P^ ^Z`YONPY_P]PO NZRYT_TaPWd NZOPO ^dXMZW^ LYO [Z^^TMWd LW^Z PWLMZ]L_PO ^dXMZW ^d^ _PX^ w,NZ`^_TN [TP_dx T^ L ^`T_LMWP NZWWPN_TaP _P]X QZ] ^`XXL]TeTYR TX[Z]_LY_ ]PN`]]TYR ]PWTRTZ`^ QLN_^ TY L ^d^_PXL_TN bLd BSTWP _SP NPY _]LW [STWZ^Z[STNLW LYO TOPZWZRTNLW L^[PN_^ ^`NS L^ ^Z`YO L^ L NZ^XTN ^dXMZW SLaP LW]PLOd MPPY [ZTY_PO Z`_ LYO bTWW MP PWLMZ]L_PO XZ]P TY OP[_S TY NSL[  bP NZYNPY_]L_P MPWZb ZY _SP Z]_SZ[]LN_TNLW ^TOP ZQ LNZ`^_TN [TP_d LYO _SP OTaP]^T_d LYO X`W_TOTXPY^TZYLWT_d ZQ T_^ ]T_`LW XLYTQP^_L_TZY^ BP LTX _Z OZaP_LTW MZ_S PXTN LYO P_TN [P]^[PN_TaP^ :`] PcLX[WP^ TWW`XTYL_TYR _SP PXTN [P]^[PN_TaP L]P TY_PYOPO _Z OPP[PY ^[P NTQTN^ ZQ LNZ`^_TN [TP_d XZ]P XTN]Z^NZ[TNLWWd LYO L_ _SP ^LXP _TXP _Z RTaP L OPY^P] TWW`^_]L_TZY ZQ ^dYNS]ZYZ`^ NZYYPN_TZY^ _SLY T^ [Z^^TMWP TY _SP ST^_Z]TNLW ^PN_TZY BP bTWW `^P QTPWObZ]V ^_`OTP^ [L]_Wd Z`] ZbY _Z TWW`^_]L_P ^ZXP _d[TNLW _]LT_^ ZQ LNZ`^_TN [TP_d _SL_ bP]P VP[_ LWTQP _S]Z`RS _SP NPY_`]TP^ :YP TX[Z]_LY_ PWPXPY_ ZQ _SP P_TN L[[]ZLNS T^ _Z LYLWdeP LNZ`^_TN [TP_d TY _P]X^ ZQ ]PWTRTZ`^ LP^_SP_TN^ LYO ]PWTRTZ`^ ^PXTZ_TN^ BP aPY_`]P SP]P YZ_ ZYWd _Z `YOP]^_LYO SLMT_`^ QZ]X^ ZQ LNZ`^_TN [TP_d SP]XPYP`_TNLWWd LYO PX[L_STNLWWd M`_ LW^Z _Z Pc[WLTY LYLWd_TNLWWd TY L X`W_TXP_SZO L[[]ZLNS bSL_ _SP QLN_Z]^ L]P _SL_ XLVP T_ [Z^^TMWP _Z Pc[P]TPYNP ^Z`YO L^ Y`XTYZ`^ ^`M^_LYNP LYO LYTXL_P ]PLWT_d BT_S _ST^ \`P^_TZY bP L]P ZYWd []ZMTYR bSL_ T^ [P]SL[^ _SP XZ^_ Pc_]PXP L^[PN_ ZQ LNZ`^_TN [TP_d LYO _SP ZYP XZ^_ bZ]_Sd ZQ Pc[WLYL

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

$

_TZY 4_ ^SZ`WO YZ_ MP QZ]RZ__PY _SL_ LNZ`^_TN [TP_d LW]PLOd MPRTY^ bT_S _SP []PQP]PYNP QZ] aZNLWTePO Z] X`^TNLWTePO _Pc_^ bSTNS TY XLYd ]PWTR TZY^ T^ _d[TNLW ZQ _SP WT_`]RTNLW `^P ZQ ^LN]PO WT_P]L_`]P^

  8ZOP^ LYO 8`W_T/TXPY^TZYLWT_d ZQ ,NZ`^_TN ;TP_d ,NZ`^_TN [TP_d TYNW`OP^ ]T_`LW LN_^ ^_]TN_Wd ]PR`WL_PO QZ]X^ LYO ^PY^Z]d [P]NP[_TZY LWZYR bT_S NZRYT_TaP NZY_PY_ []Z[Z^T_TZYLW ^_L_PXPY_^ LYO OPaZ_TZYLW Pc[]P^^TaT_d ?Pc_ [P]QZ]XLYNP^ OZ YZ_ LWbLd^ PcSTMT_ LWW ZQ _SP^P L^[PN_^ M`_ LWbLd^ ^PaP]LW WPaPW^ ZQ NZXX`YTNL_TZY LYO PaPY ZYP LYO _SP ^LXP _Pc_ NLY _SP]PQZ]P N]d^_LWWTeP Z`_ TY TYOTaTO`LW ]PNP[_TZY TY OTQQP]PY_ XZOP^ ZQ LNZ`^_TN [TP_d OP[PYOTYR ZY bSTNS L^[PN_ T^ [P] NPTaPO L^ _SP OZXTYLY_ ZYP ?ST^ bTWW MP Pc[WLTYPO `^TYR _SP PcLX[WP ZQ _SP 7LWT_£>LSL^]L9£XL  _SP _SZ`^LYOYLXP WT_LYd QZ] _SP RZOOP^^ 7LWT_£ ?SP SdXY T^ L _ZVPY ZQ _SP WT_P]L]d _d[P ZQ _SP _SZ`^LYOYLXP WT_L YTP^ ^LSL^]LY£XL  4YaZNL_TZY^ TY _SP QZ]X ZQ WT_LYTP^ bT_S  # Z] QPbP] YLXP^ L]P LXZYR >LY^V]T_ 3TYO`T^Xv^ XZ^_ NZXXZY QZ]X^ ZQ []LdP] LYO OTaTYP []LT^P ?SPd ^P]aP ]PWTRTZ`^ NZXX`YTNL_TZY $$ YZ XL__P] bSP_SP] _SPd L]P [L]_ ZQ L w[`MWTNx ]T_`LW Z] L [P]^ZYLW []LdP]  7TVP LWW []LdP]^ bZ]WObTOP _SP 7LWT_£ WT_LYd TYaZVP^ LYO PaZVP^ _SP []P^PYNP ZQ _SP OTaTYP LYO L_ _SP ^LXP _TXP RTaP^ _ST^ []P^PYNP L QZ]X ,^ bT_S LWW >LSL^]LY£XL^  _SP NSZTNP LYO NZX[TWL_TZY ZQ _SP YLXP^ NZY_LTY^ L bSZWP _SPZWZRd  ?SP aP]^P XP_P] LY`´¶`MS T^ _SP ^LXP L^ _SL_ TY _SP Z_SP] WT_LYTP^ LYO LW^Z _SP ^PXTX`^TNLW ]PNT_L_TZY ^_dWP T^ LYLWZRZ`^ LYO T^ ^`MUPN_ _Z _SP ^LXP ^WTRS_ aL]TL_TZY^ ZQ XZ]P Z] WP^^ ^_]ZYR X`^TNLWTeL_TZY ?SP ]PLOTYR^ XLd MP TY XP_]TN QZ]X Z] XZ]P ^_]ZYRWd ]T_`LWTePO bT_S PLNS YLXP TY _SP OL_TaP LYO Q]LXPO Md _SP ^dWWLMWP :¿ LYO L R]PP_TYR QZ]X`WL bSP]PMd Q]P\`PY_Wd LYO TY _SP _PX[WP ^P]aTNP LWbLd^ L QWZbP] [P_LW T^ ZQQP]PO _Z _SP OPT_d LWZYR bT_S PLNS YLXP ?SP [P_LW NLY LW^Z MP ^TX[Wd LOOPO XPY_LWWd _SL_ T^ TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ PP LW^Z ;L`W 5 2]TQQT_S =PWTRTZ`^ =PLOTYR% ?SP ;WLNP ZQ =PLOTYR TY _SP ;]LN_TNP ZQ =PWTRTZY :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ $$$ " DL^`ST]Z ?^`NSTdLXL w ,MST´PVL TY _SP APOTN LYO [Z^_APOTN =T_`LW^x TY 1]ZX 8L_P]TLW _Z /PT_d% 4YOTLY =T_`LW^ ZQ .ZY^PN]L_TZY  PO >STYRZ 0TYZZ LYO 5`Y ?LVL ^STXL 9Pb /PWST% 8LYZSL]   z$ ]P[]ZO`NPO Md ,cPW 8TNSLPW^ wu3Zb OZ dZ` OZ*v AZ]ÞMP]WPR`YRPY e` PTYP] 2]LXXL_TV OP^ =T_`LW^x !

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

$"

^P]aTNP^ ZQQP]PO Md _SP []TP^_ ZY MPSLWQ ZQ wWLd [P]^ZY^x L^ L _d[P ZQ [P]^ZYLW LOZ]L_TZY ?SP WT_LYd ]PNT_L_TZY^ TY _SP _PX[WP L]P _S`^ WTYVPO _Z ^PaP]LW ]T_`LW NZX[WPcP^ LYO ZYP XLd LW^Z ^`[[Z^P ^PaP]LW XZOP^ ZQ LNZ`^_TN [TP_d BSTWP T_ XLd MP L^^`XPO _SL_ O`_d LYO SLMT_ L]P []ZML MWd LXZYR _SP []TP^_^v []PaLTWTYR XZ_TaL_TZY^ z P^[PNTLWWd bSPY _SPd L]P [LTO QZ] [P]QZ]XTYR ^[PNTQTN ^P]aTNP^ z _SP WLd [P]^ZY^v [Z^^TMWP QPL]^ LMZ`_ aTZWL_TYR ]`WP^ L]P LWWLdPO MPNL`^P ZYP L`_ZXL_TNLWWd Pc [PN_^ NZYQZ]XT_d R]PL_P] VYZbWPORP LYO [P]QPN_ ]T_`LW [`]T_d Q]ZX _SP []ZQP^^TZYLW^ ?SP]PQZ]P WLd [P]^ZY^ NLY MP \`T_P w`YTYSTMT_POx TY ^TX [WP _]`^_ L^ _SPd _`]Y Q`WW ZQ []LdP] LYO OPaZ_TZY _Z _SP OPT_d Q]ZX bSZX _SPd Pc[PN_ SPW[ LYO []Z_PN_TZY Z] bSZX _SPd bT^S _Z _SLYV QZ] SPW[ LYO []Z_PN_TZY ?ST^ T^ []PNT^PWd _SP Q`YN_TZY ZQ _SP ^[ZY^Z]PO £]NLYL^ ?SP ZMUPN_TaP^ ZQ ^`NS NZXXT^^TZY^ L]P LN_`LWWd aP]MLWTePO TY L OPNWL]L_TZY ZQ TY_PY_ ^LÀVLW[L YLXTYR _SP ^[ZY^Z] _SP WZNL_TZY _SP OLd ZQ _SP bPPV _SP SZ`] _SP NZY^_PWWL_TZY L_ MT]_S P_N # .ZYaPY_TZY LYO [P]^ZYLW ]T_`LW NZXXT_XPY_ NZXMTYP TY ^`NS OPNWL]L_TZY^ ZQ TY_PY_ LYO TY ]T_`LW ZMWTRL_TZY^ ^`NS L^ QL^_TYR Q`WQTWWTYR ]`WP^ ZQ [`]T_d P_N _Z bSTNS LW^Z WLd [P]^ZY^ `^`LWWd ^`MUPN_ _SPX^PWaP^ bSPY aT^T_TYR L _PX[WP L_ WPL^_ TY >Z`_SP]Y 4YOTL LYO >]T 7LYVL 1`]_SP]XZ]P LNZ`^_TN [TP_d ZQ_PY LW^Z TYaZWaP^ LN_TaP TXLRTYL_TZY LYO N]PL_TYR _SP WTaTYR []P^PYNP ZQ _SP OPT_d TY ZYPv^ XTYO LYO SPL]_ bSZ T^ [Sd^TNLWWd []P^PY_ TY L aT^`LW TXLRP TY _SP _PX[WP Z] L_ _SP OZ XP^_TN LW_L] ?SP ^PY^Z]d N]PL_TZY MZ_S aT^`LW LYO L`OT_TaP ZQ _SP []P^ PYNP ZQ SZWTYP^^ Md _SP ]T_`LW LYO _SP X`_`LW ]PTYQZ]NPXPY_ _S]Z`RS ^dYLP^_SP^TL PQQPN_^ SPW[^ _Z ^SL[P _SP XPY_LW TXLRP^ LYO N]PL_TaP TY [`_^ ZQ _SP ]PNT[TPY_^ BP ]PNLWW _SP bZXLY bSZ TXXP]^P^ SP]^PWQ TY _SP ^Z`YO^ ZQ _SP YLXP^ WTVP L OLYNP] TY ST^ RP^_`]P^ LYO Pc[P]TPYNP^ \`T P_YP^^ SL[[TYP^^ LYO LM^Z][_TZY ?ST^ TXLRP Pc[]P^^P^ YZ_ ZYWd SP] []ZQP^^TZYLW VYZbWPORP ZQ _SP 4YOTLY ]L^L LP^_SP_TN^ ZQ 4YOTLY OLYNP LYO _SPL_P] bSTNS T^ QLXTWTL] _Z SP] L^ LY L]_ N]T_TN ?SP TXLRP T^ LW^Z TYQW`PYNPO Md L OPaZ_TZYLW _]LOT_TZY ZQ _PX[WP OLYNP LYO Md ]PWTRTZ`^ TXLRP^ ZQ OLYNTYR OPT_TP^ ^`NS L^ ±TaL9L¶L]£U bSZ^P MZOd LYO SLT] TYOTNL_P OdYLXTN XZaPXPY_ bSTWP ST^ QLNP ]LOTL_P^ XPOT_L_TaP \`TP_ YP^^ ?SP wNPWPM]L_TZYx ZQ _SP TYYP] bZ]WO LYO PXZ_TZYLW ]PWTRTZ^T_d T^ YZ_ L OPaPWZ[XPY_ ]P^_]TN_PO _Z ]PNPY_ _TXP^ Z] _Z PO`NL_PO `]MLYT_P^ Z] PaPY _Z XZYL^_TN _]LOT_TZY^ LYO ]L]PWd Pc[]P^^P^ T_^PWQ ^ZWPWd TY ^TWPY_ []LdP] 1Z] PcLX[WP T_ T^ ]P[Z]_PO _SL_ ¢©¶£œ _SP YTY_SNPY_`]d ?LXTW ^LTY_ bPY_ TY_Z L ^_L_P ZQ _Z_LW TXXP]^TZY LYO PN^_L^d TY Q]ZY_ ZQ ]PWT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 8TNSLPW^ TY wu3Zb OZ dZ` OZ*vx  Q LYO PW^PbSP]P PX[SL^TePO []ZXT^^Z]d LN_^ WTVP _SP ^LÀVLW[L^ LYO QZ]X^ ZQ LY TY_PY_TZ ^ZWPXYT^ L^ ^[PNTLW OT^_TYR`T^STYR QPL _`]P^ ZQ ]T_`LW^

$#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

RTZ`^ [TN_`]P^ TY _SP _PX[WP LYO ^[ZY_LYPZ`^ ^TYRTYR ^TX[Wd QWZbPO Z`_ ZQ SP] ¢©¶£œ T^ ZYP ZQ _SP AT´©`T_TN ¢œa£]^ WT_P]LWWd w_SP ZYP^ bSZ L]P TXXP]^PO TY _SP WZaP ZQ 2ZOx bSZ WTVP _SP ±TaLT_TN 9£dLºX£]^ SLaP MPPY N`W_TaL_TYR LY PN^_L_TN MSLV_T LYO [P]^ZYLW ]PWL_TZY^ST[ _Z _SP RZO TY ^ZYR OLYNP LYO _SP ]PNT_TYR ZQ YLXP^ ^TYNP _SP ^Tc_S Z] ^PaPY_S NPY _`]d ?SPd NLXP Q]ZX LWW ^ZNTLW ^_]L_L LYO MPNLXP Pc_]PXPWd [ZbP]Q`W TY ^SL[TYR _SP ]PWTRTZ`^ TOPY_T_d ZQ ?LXTW [PZ[WP 3ZbPaP] _SP PcLX[WP ZQ _SP ¢~a£]^ LYO 9£dLºX£]^ TY [L]_TN`WL] LW^Z ^SZb^ SZb ^_]ZYR ^`M UPN_TaT_d TY_P]YLWT^X LYO ST^_Z]TNLW PQQPN_TaPYP^^ NLY ^ZXP_TXP^ MP L^^ZNTL_PO bT_S L NP]_LTY [P]TZO LYO L NP]_LTY ]PRTZY LYO SZb X`NS ^ZNTLW NZWWPN_TaP []ZNP^^P^ YZ_ ZYWd ]PWTRTZ`^ ZYP^ NLY [WLd L ]ZWP 3P]P T_ bL^ _SP TY_PY^TaP ]PRTZYLW [ZWT_TN^ ZQ _SP ;LWWLaL OdYL^_d LYO T_^ QZ]NTYR ZQ 3TYO` ?LXTW TOPY_T_d 3ZbPaP] _ST^ T^ YZ_ LY L]R`XPY_ LRLTY^_ ^[ZY_LYPT_d TY_P]YLWT^X LYO ^`MUPN_TaP Pc[P]TPYNP M`_ XP]PWd LY L]R`XPY_ TY QLaZ] ZQ _SP YZ_TZY _SL_ _SP NZ]]P^[ZYOTYR ^ZNTZ [ZWT_TNLW ]P\`T]PXPY_^ SLaP _Z MP XP_ QZ] NP]_LTY _Pc_^ SP]P PN^_L_TN aP]YLN`WL] SdXY^ _Z MP ^PWPN_PO []PQP]]PO ]PNPTaP ]ZdLW ^[ZY^Z]^ST[ MP [L^^PO OZbY LYO MPNZXP ST^_Z]TNLWWd PQQPN_TaP 4_ bL^ ^TRYTQTNLY_ _SL_ YZ_ ZYWd >LY^V]T_ WT_LYTP^ ^`NS L^ _SP _SZ`^LYO YLXP^ ZQ 7LWT_£ Z] _SP APOTN ±TaL WT_LYd ±L_L]`O]¯dL  M`_ LW^Z _SP ?LXTW SdXY^ bP]P QT]XWd TY_PR]L_PO TY_Z _SP >Z`_SP]Y 4YOTLY _PX[WP N`W_ LYO LN\`T]PO _SP ^_L_`^ ZQ L w?LXTW APOLx 3ZbPaP] LWW ZQ _ST^ T^ L \`P^_TZY ZQ []ZNP^^P^ ZQ ^ZNTLW TY_P]LN_TZY LYO _]LY^XT^^TZY LYO YZ_ []TXL]TWd ZYP ZQ LNZ`^_TN [TP_d 4Q ?LXTW MPWTPaP]^ _ZOLd ^_TWW ^TYR L ?LXTW SdXY bT_S OPaZ_TZY L_ _SP PYO ZQ _SP _PX[WP ^P]aTNP _SPd NZY_TY`P _SP Z]_SZ[]LN_TNP ZQ _SZ^P TXXP]^PO TY _SP WZaP QZ] _SP RZO Z] PW^P ^TX[Wd LOZ[_ _SP ]TRS_ LYO _SP O`_d ZQ _SP WLd [L_]ZY ZQ L [¼U£  BT_SZ`_ bLY_TYR _Z OPYd _SP ^ZNTLW [ZWT_TNLW LYO PNZYZXTN L^[PN_^ LYO Q`YN_TZY^ ZQ ^TYRTYR LYO ]PNT_L_TZY []LN_TNP^ _SPd L]P YZ_ OPNT^TaP QZ] Z`] L]R`XPY_ ZQ LNZ`^_TN [TP_d 4Y ^_PLO _SP OPNTOTYR L^[PN_ T^ _SL_ LNZ`^_TN [TP_d LYO _SP Pc[P]TPYNP ZQ _]LY^NPYOPYNd L]P WL]RPWd Pc[]P^^PO ^ZXL_TNLWWd LYO _ST^ WPYO^ _SPX _SPT] ZbY ]PLWT_d NZY_PY_ LYO LW^Z LWWZb^ LYO PYNZ`]LRP^ NZWWPN_TaTeL _TZY ?ST^ L[[WTP^ _Z aP]YLN`WL] SdXY^ U`^_ L^ T_ OZP^ _Z >LY^V]T_ _Pc_^ 9Zb LQ_P] _ST^ ^SZ]_ PcN`]^TZY WP_ `^ ]P_`]Y _Z _SP 7LWT_£ WT_LYd Z`] ]P[]P^PY_L_TaP ZQ >LY^V]T_ 3TYO`T^X 4_ T^ ZQ ^[PNTLW TY_P]P^_ QZ] Z`] L]R`XPY_ _SL_ TY MZ_S XZOP^ ZQ LNZ`^_TN [TP_d OP^N]TMPO TY XZ]P OP_LTW LMZaP z _SL_ ZQ NZYQZ]XT_d _Z _SP ]`WP^ LYO _SL_ ZQ OPaZ_TZY bSTNS TY OTQQP]PY_ aL]TL_TZY^ XLd []ZMLMWd MP ]PRL]OPO L^ _SP XZ^_ Q]P\`PY_ QZ]X^ ZQ L]_TN`WL_TZY z ^PXLY_TN `YOP]^_LYOTYR ZQ _SP []Z[Z^T_TZYLW NZY_PY_ ZQ _SP YLXP^ T^ `YTX[Z]_LY_ 4Y MZ_S ML^TN _d[P^ ZQ LNZ`^_TN [TP_d _SL_ bSTNS >_LLW NZY^TOP]PO _SP XLTY L^[PN_ YLXPWd _SP WZRTNLW ^_]`N_`]P ZQ _SP L]]LYRPXPY_ ZQ ^TRY^ LYO ^Z`YO NZX[Z^T_TZY MZ]P YZ bPTRS_ bSTNS OZP^ YZ_ XPLY _SL_ _ST^ L^[PN_ bZ`WO YZ_ LN_`LWWd MP

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

$$

TX[Z]_LY_ TY Z_SP] NL^P^ z XZ^_ ZQ LWW TY APOLXPXZ]TeTYR _PNSYT\`P LYO OLTWd ]PNT_L_TaP wAPOL ^_`Odx 3ZbPaP] TY ZYP PcLX[WP ]`WP RZaP]YLYNP bL^ TYOPPO []P^PY_ _Z L STRS OPR]PP TY NZYQZ]XT_d bT_S >_LLW bSTWP T_ ]PXLTYPO TY^TRYTQTNLY_ TY _SP Z_SP] NL^P 4Y _SP QT]^_ ML^TN _d[P _SP LN_ T_^PWQ T^ OPNT^TaP L^ T^ _SP]PQZ]P T_^ PaP]NZY^_LY_ QZ]XLWWd NZ]]PN_ [P]QZ]XLYNP 0aPY TQ _ST^ T^ OP QLN_Z YZ_ YPNP^^L]TWd _SP NL^P L_ LWW _SP]P T^ _SP NZYaTN_TZY _SL_ _SP ]T_`LW LN_^ L]P PcLN_Wd TOPY_TNLW Z] SLaP _Z MP ^Z 4Y NZY_]L^_ _Z _ST^ TY _SP ^PNZYO ML^TN _d[P _SP ^`MUPN_TaP TYaZWaPXPY_ T^ OPNT^TaP _SL_ T^ _SP w^[T]T_x ZQ _SP LN_ _SP [P]^ZYLW QPPWTYR ZQ MPTYR XZaPO _SP OPaZ_TZY _Z _SP OPT_d LYO _SP ^PWQ_]LY^QZ]XL_TZY ?SP]PQZ]P _SP ]T_P NLY LWbLd^ MP QPW_ _Z MP YPb PaPY TQ T_ LN_`LWWd LWbLd^ ]PXLTY^ _SP ^LXP 4Y MZ_S _d[P^ _SP LN_ T^ STRSWd ^TRYTQTNLY_ LYO XPLYTYRQ`W QZ] _SP [P]QZ]XP]^ M`_ YZ_ TY _SP ^PY^P ZQ ^PXLY_TN `YOP]^_LYOTYR 4Y _SP PcLX[WP ZQ _SP bZXLY T_ bL^ ^_L_PO Pc[WTNT_Wd _SL_ WT_LYTP^ NLY L[[L]PY_Wd PcP]_ [P]^`L^TaP PQQPN_^ ZbTYR ^ZWPWd _Z _SPT] ^ZYTN OTXPY^TZY :YP X`^_ YZ_ QZ]RP_ _ST^ L^[PN_ TY _SP APOL ]PNT_L_TZY PT_SP] z LYO [L]_TN`WL]Wd TY ]PWL_TZY _Z APOL ]PNT _L_TZY L^ _SP [L]LOTRXL_TN [L__P]Y ZQ wSZWd SPL]TYRx LYO QZ]XLWT^_TN ^_]TN_YP^^ 1Z]XLWT^X LYO LNN`]LNd OZ YZ_ ^Z X`NS ^_LYO QZ] PXZ_TZYLW OT^_LYNP z ]L_SP] _SPd L]P TYOTNL_Z]^ ZQ _SP LbL]PYP^^ ZQ OTaTYP [ZbP] $ .ZY^TOP] _SP X`W_TOTXPY^TZYLWT_d ZQ NZXX`YTNL_TZY bSTNS LWWZb^ z TY _SP APOL _ZZ z _SP LNNPY_`L_TZY ZQ ZYP XZOP ZQ LNZ`^_TN [TP_d Z] _SP Z_SP] U`^_ L^ _SPT] ^TX`W_LYPZ`^ []P^PYNP T^ LWWZbPO BT_S L NP]_LTY LXZ`Y_ ZQ NL`_TZY ZYP XLd [Z^^TMWd ^_L_P _SL_ _SP XZ]P TY_PY^TaP _SP ]T_`LW PXMPOOTYR _SP ^_]ZYRP] _SP ]`WPRZaP]YLYNP :] _Z [`_ T_ XZ]P []PNT^PWd _SP NWZ^P] _Z _SP Z]TRTYLW APOTN ]T_`LW _SP XZ]P TX[Z]_LY_ T^ ]`WPRZaP]YLYNP& LYO _SP XZ]P 3TYO`TePO LYO _SP XZ]P ZaP]NZOPO Md MSLV_T [TP_d _SP w_ZVPYx ZQ _SP APOTN ]PNT_L_TZY w_d[Px T^ _SP XZ]P TX[Z]_LY_ L]P _SP L`]LW [P]^`L^TZY LYO _SP LQQPN_TaP TYaZWaPXPY_ TY ^Z`YO -`_ L_ WPL^_ TY _SP ‹RaPOL SdXY^ _SP^P ^_L_P XPY_^ MPNZXP \`P^_TZYLMWP LRLTY LYO T_ bZ`WO MP []P^`X[_`Z`^ _Z OPYd _SP APOTN w^PP]^x OPaZ_TZY PXZ_TZYLWT_d LYO ^PY^Z]d [P]NP[_TZY :Y _SP NZY_]L]d T_ T^ ^`[[Z^PO _SL_ _SPT] [ZPX^ NLXP LMZ`_ O`]TYR PN^_L_TN TY_ZcTNL_TZY `YOP] _SP TYQW`PYNP ZQ _SP O]`R ^ZXL  =PRL]OTYR _SP WT_LYTP^ _SPd ]P[]P^PY_ [ZPX^ TY _SP NWL^^TNLW ^PY^P _Z LY PaPY WP^^P] Pc_PY_ _SLY _SP APOTN SdXY^ 4Y _P]X^ ZQ _SPT] WT_P]L]d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?ST^ ^_L_PXPY_ NZXP^ Q]ZX 6WTYRSL]O_ w;]LdP] 1Z]X`WL]TP^x # LYO ]PQP]^ SP]P _Z .S]T^_TLY 5PbT^S LYO =ZXLY []LdP] QZ]X`WL^ M`_ T^ LW^Z aP]d L[_ QZ] _SP 3TYO` NZY _Pc_  .Q ?SZXL^ :MP]WTP^ /TP =PWTRTZY OP^ ‹RaPOL 0]^_P] ?PTW% /L^ ]PWTRTØ^P >d^_PX OP^ ‹RaPOL ATPYYL% >LXXW`YR OP 9ZMTWT $$# $Q $QQ :MP]WTP^ OT^N`^^P^ ZYWd _SP ^ZXL SdXY^ TY OP_LTW [`__TYR MZ_S _SPX LYO _SP w^ZXL TY_ZcTNL_TZYx []TXL]TWd TY _SP NZY_Pc_ ZQ WPRT_TXTeTYR L`_SZ]T_d



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

QZ]X XP_P] TY _SP ^TX[WP LY`´¶`MS  NZX[Z^T_TZY LYO X`^TNLW ]PLWTeL _TZY _SPd L]P LYd_STYR M`_ TY_ZcTNL_POWd PN^_L_TN ?SPd L]P ^TX[Wd L ^`NNP^^TZY ZQ YLXP^ Z] P[T_SP_^ LYO _SPT] ^_LYOL]OTePO ^_P]PZ_d[TYR SL^ XZ]P _SP NSL]X ZQ L _PWP[SZYP OT]PN_Z]d _SLY _SL_ ZQ XLRTN [ZP_TN ‹RaPOL SdXY^ DP_ _SPd L]P Md YZ XPLY^ NZX[WP_PWd L]_WP^^ NZX[Z^T _TZY^ :Y _SP NZY_]L]d _SPd L]P ZQ_PY L]_T^_TN NZX[Z^T_TZY^ ZQ QTR`]P^ ZQ ^Z`YO LYO QTR`]P^ ZQ XPLYTYR w6WLYR `YO >TYYQTR`]PYx 7T_LYTP^ XLVP ]TNS `^P ZQ _SP ^_dWT^_TN OPaTNP^ ZQ [ZP_]d ^`NS L^ LWWT_P]L_TZY LYL[SZ]L ]P[P_T_TZY [ZWd^PXLY_TN^ P_N bSTNS L]P LW^Z _d[TNLW ZQ APOTN SdXY^ >PXLY_TNLWWd _SP WT_LYTP^ L]P PY_T]P _SPZWZRTP^ ?SP WZYR YLXP NZX[Z^T_P^ L]P ZQ_PY NZY^_]`N_PO bT_S X`W_T[WP XPLYTYR^ ZY [`] [Z^P LYO Pc[]P^^ TX[Z]_LY_ QPL_`]P^ ZQ L NP]_LTY OPT_d MP^TOP^ _]Z[P^ LYO _Z[ZT _SL_ L]P `^PO QZ] LWW ?SPd XLd MP ]PLO L^ ^_]`N_`]PO XP^ ^LRP^ TY L NP]_LTY L]]LYRPXPY_ ZQ ^PXLY_TN LYO [SZYP_TN LWWT_P]L_TZY^ BT_S _SP^P _d[P^ ZQ [SZYP_TN LYO ^PXLY_TN YP_bZ]V^ ZQ ]PWL_TZY^ Z[[Z^ TYR [LT]^ P_N TXLRTYL]d _Z[ZR]L[STP^ LYO aT]_`LW ]PLWT_TP^ L]P N]PL_PO _SL_ YZ_ ZYWd ]PNLWW 5LVZM^ZYv^ w[ZP_TN Q`YN_TZYx M`_ LW^Z ]PXTYO `^ ZQ _SP QZWWZbTYR ^_L_PXPY_ Md 8L]NPW ;]Z`^_% w2]LO`LWWd _SP ^[LNP^ ZQ Xd XPXZ]d NZaP] _SPX^PWaP^  bT_S YLXP^ _SL_ L]]LYRPO LYO NZZ]OTYL_PO _SPX^PWaP^ TY ]PWL_TZY _Z Z_SP]^ LYO PY_P]PO TY_Z Y`XP]Z`^ WTYV^ bT_S ZYP LYZ_SP] ^Z _SL_ _SPd TXT_L_PO _SZ^P [P]QPN_ bZ]V^ ZQ L]_ TY bSTNS YZ_ L ^TYRWP M]`^S^_]ZVP PcT^_^ TY T^ZWL_TZY M`_ TY^_PLO PaP]d TYOTaTO`LW [L]_ ]PNPTaP^ Q]ZX _SP Z_SP]^ T_^ ]LT^ZY Ovê_]P U`^_ L^ T_ OP _P]XTYP^ _SPT]^ TY T_^ _`]Yx 

3ZbPaP] bSL_ T^ _d[TNLW ZQ PXTN 3TYO` ]PNP[_TZY T^ _SL_ _SP^P YP_bZ]V^ ZQ ]PWL_TZY^ LYO ]PNT[]ZNLW XZ_TaL_TZY^ L]P YZ_ ZYWd LYO Q]P\`PY_Wd YZ_ []TXL]TWd ]PRT^_P]PO aTL _SP ^PXLY_TN XPLYTYR M`_ aTL LNZ`^_TN L^[PN_^ TY _SP NL^P ZQ L`OTMWP ]PNT_L_TZY Z] aTL _SP [SZYP_TN XL_P]TLW aT]_`LWWd LN_TaL_PO TY TYYP] ^[PLVTYR 0aPY ^TWPY_Wd ]P[PL_PO XLY_]L QZ]X`WL^ L]P LWbLd^ TYYP] ^[PLVTYR LYO _SP]PQZ]P L^^ZNTL_PO bT_S [P]NP[_TZY ZQ ^Z`YO 4Y _SP NL^P ZQ _SP XLY_]L^ TY [L]_TN`WL] T_ MPNZXP^ aP]d NWPL] _SL_ TY_]TY^TN [ZbP] T^ L_ _]TM`_PO _Z _SP ^Z`YO^ _SPX^PWaP^ LYO _ST^ _SZ`RS_ T^ LW^Z _]LY^QP]]PO _Z Z_SP] _Pc_ _d[P^ LYO _Z PY_T]P WT_P]L_`]P^ ?SP XZ^_ YZ_TNPLMWP TY^_LYNP ZQ _SP ^PXLY_TN XPLYTYR ]PNPOTYR _Z _SP MLNVR]Z`YO LYO _SP ZYP _SL_ T^ _SP XZ^_ ZMaTZ`^Wd L NZYNP[_`LWWd NP]_LTY ZYP T^ _SL_ ZQ _SP w^PPO XLY _]L^x M¯ULXLY_]L  TP _SP P^Z_P]TN XZYZ^dWWLMTN XLY_]L QZ]X`WL^ RPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP 1]PYNS Z]TRTYLW ]PLO^% w,TY^T WP^ P^[LNP^ OP XL XËXZT]P ^P NZ`a]LTPY_ [P` Â [P` OP YZX^ \`T PY ^vZ]OZYYLY_ PY ^P NZX[Z^LY_ WP^ `Y^ ]PWL_TaPXPY_ L`c L`_]P^ PY YZ`LY_ PY_]P P`c OP^ ]L[[Z]_^ OP [W`^ PY [W`^ YZXM]P`c TXT_LTPY_ NP^ ZP`a]P^ OvL]_ LNSPaËP^ ZÛ TW Yvd L [L^ `YP ^P`WP _Z`NSP \`T ^ZT_ T^ZWËP ZÛ NSL\`P [L]_TP _Z`] Â _Z`] ]P ç ZT_ OP^ L`_]P^ ^L ]LT^ZY Ov۶_]P NZXXP PWWP WP`] TX[Z^P WL ^TPYYPx 8L]NPW ;]Z`^_ , WL =PNSP]NSP O` ?PX[^ ;P]O`  AZW  ;L]T^% -TMWTZ_SÊVP OP WL ;WËTLOP $" "

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



P]LWWd PYOTYR bT_S L YL^LW ^Z`YO bSTNS L]P P^[PNTLWWd _d[TNLW ZQ ?LY _]T^X 4Y _SP ?LY_]TN ]PNP[_TZY ZQ _SP 7LWT_£ WT_LYd _SP ^PPO XLY_]L^ ,4¿ 3=®¿ ±=®¿ []PNPOP PLNS YLXP >`NS ^PPO XLY_]L^ SLaP YZ WPcTNLW NZY_PY_ M`_ _SPd L]P ]PRL]OPO L^ _SP PXMZOTPO ]P[]P^PY_L_TZY ZQ _SP OPT_d BP bTWW ]P_`]Y _Z _SP^P ^[PNTLW Sd[P]MZWTN QZ]X^ ZQ ^LN]PO ^Z`YO TY Z`] NSL[_P] ZY _SP ?LY_]L ^SZbTYR SZb _SP ^P]TP^ ZQ QZ]X`WL^ ,4¿ 3=®¿ ±=®¿ bL^ ZaP]NZOPO bT_S ]TNS ^dXMZWTN XPLYTYR 3P]P T_ MP NZXP^ P^[PNTLWWd ZMaTZ`^ SZb PaPY [`]P ^Z`YO QZ]X^ NLY ^_TX`WL_P _SP TXLRTYL_TZY LYO RPYP]L_P XPLYTYR LYO TY _ST^ ^[PNTLW NL^P ZQ LNZ`^_TN [TP_d RPYP]L_P PaPY bSZWP ^PXLY_TN ^d^_PX^ LYO ^dXMZW bZ]WO^ 4Y _ST^ NSL[_P] _SP ]PaP]^P [SPYZXPYZY bL^ TY _SP QZ]PR]Z`YO BP TY_PYOPO _Z TWW`^_]L_P SZb ^_]ZYRWd [SZYZNPY_]TNT_d _SL_ T^ LNZ`^_TN PXMZOTXPY_ T^ LW^Z []P^PY_ TY _SP Z]_SZ[]LN_TNP TY ^PXLY_TN TP WPcTNLWWd _]LY^[L]PY_ _Pc_^ ^`NS L^ _SP 7LWT_£ WT_LYd LYO L WL]RP []Z[Z]_TZY ZQ _SP APOTN XLY _]L^  LYO NLY MP ^Z [ZbP]Q`W _SL_ T_ NZX[WP_PWd ZaP]NZOP^ _SP ^PXLY _TN^ bSTNS _SPY ]PNPOP^ TY_Z _SP MLNVR]Z`YO ?SP]P L]P LP^_SP_TN ]T_`LW LYO ^[PNTQTNLWWd ]PWTRTZ`^ ]PL^ZY^ QZ] _ST^ ,W_SZ`RS _SP []TXL]d QLN_Z] T^ YZ_ Z] L_ LYd ]L_P YZ_ YPNP^^L]TWd _SP ^PXLY_TN XPLYTYR LYO OP QLN_Z ZQ_PY YZ XZ]P T^ VYZbY LMZ`_ _SP NZY_PY_ _SLY ^ZXP VPd bZ]O L^^ZNTL_TZY^ WTYR`T^_TN ^TRY^ QZ] LNZ`^_TN [TP_d L]P LYd_STYR M`_ L]MT_]L]d 4Y^_PLO ^TRY^ L]P XP_ZYdXTN LYO aP]d [Sd^TNLW 1Z] _SP ]PWTRTZ^T ]PNT_TYR LYO SZWd SPL]TYR LN_TaL_P ^`[P]YL_` ]LW QZ]NP^ ?SP _Pc_^ ^[PLV YZ_ ZYWd ZQ Y`XTYZ`^ bZ]WO^ LYO _SPT] ]PNT _L_TZY T^ YZ_ ZYWd PXMZOTPO LYO ]T_`LWTePO []LdP] M`_ _SP ]PNT_L_TZY _TP^ _SP [L]_TNT[LY_^ TY_Z _SP ^LN]PO NZ^XZ^ LYO XLVP^ T_ XLYTQP^_ MZ_S XPY _LWWd LYO [Sd^TNLWWd ?SP ^LN]PO T^ TXXPOTL_PWd []P^PY_ TY _SP ^dXMZWTN LN_TZY LYO _SP _Pc_^ _SPX^PWaP^ MPNZXP Y`XTYZ`^ ^`M^_LYNP^ TY _SPT] [P]QZ]XL_TaP PcPN`_TZY 2ZO^ L[[PL] TY _SP XLY_]L^ LYO YLXP^ , NZW WPN_TaP VYZbWPORP ZQ Pc[P]TPYNP wVZWWPV_TaP^ 0]QLS]`YR^bT^^PYx T^ Pc[]P^^PO TY _SP MPWTPQ TY _SP SZWTYP^^ ZQ _SP _Pc_^ LYO _SP [ZbP] ZQ _SP XP]P ^Z`YO Z] TY _SP MPWTPQ _SL_ OPT_TP^ L]P TXXPOTL_PWd []P^PY_ TY ?LY _]TN LYO OPaZ_TZYLW XLY_]L^ z LYO NZYaPY_TZYLW _SPZ]TP^ ZQ WLYR`LRP LYO NZXX`YTNL_TZY bSTNS PX[SL^TeP _SP [`]PWd ^dXMZWTN Z] ]PQP]PY_TLW YL_`]P ZQ _SP ^TRY^ L]P TY^`QQTNTPY_ QZ] Pc[WLTYTYR _ST^ VYZbWPORP >`NS XZOPW^ LM^_]LN_ _SP bZ]O Q]ZX T_^ [Sd^TNLW []P^PYNP T_^ [P]QZ]XL_TaT_d LYO T_^ LMTWT_d L^ _SP ^[ZVPY LYO ^Z`YOTYR bZ]O _Z TYT_TL_P LY TXXPOT L_P WTYV MP_bPPY _SP SPL]P] LYO _SL_ bSTNS T^ SPL]O _SL_ OZP^ YZ_ SLaP L .L]_P^TLY >[WT_ .ZYaPY_TZYLW ^PXTZ_TN _SPZ]TP^ ^_]P^^ _SP L]MT_]L]d YL _`]P ZQ WTYR`T^_TN ^TRY^ ?SP Z[[Z^T_P L[[WTP^ _Z LNZ`^_TN [TP_d 3P]P _SP ^TRY^ SLaP LY Pc_]PXPWd STRS OPR]PP ZQ L`_Z]PQP]PY_TLWT_d LYO _ST^ SL^ TXXPOTL_P []LN_TNLW PQQPN_^ ?SP Pc[PN_L_TZY ZQ Y`XTYZ`^ []P^PYNP LYO TY_]TY^TN PQQTNLNd _SL_ T^ L bTOP^[]PLO RWZMLW NZYYZ_L_P T^ NZ`[WPO bT_S _SP [`]PWd ^PY^Z]d LP^_SP_TN [SPYZXPYZY ZQ [L]_TNT[L_TZY TY _SP



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^[ZVPY bZ]O LYO LM^Z][_TZY Md ]Sd_SX^ LYO QTR`]P^ ZQ ^Z`YO ?SP _Pc_^ LYO ^Z`YO^ SLaP TXXPOTL_P ^LN]PO PQQTNLNd MPNL`^P _SPd L]P Pc[P]T PYNPO L^ LYTXL_P ]PLWT_TP^ ?SPd L]P ^dXMZW^ L^ bPWW L^ TNZY^ LYO TY OPcP^ ZQ bSL_ T^ ^LN]PO , OP_LTWPO OP^N]T[_TZY ZQ LNZ`^_TN [TP_d YPNP^^L]TWd LW^Z SL^ _Z TY NW`OP _SP P[T^_PXTN L^[PN_^ TY _SP ]PWTRTZ`^ ^dXMZW ^d^_PX _SL_ L]P ZQ _PY YZ_ LOO]P^^PO Pc[WTNT_Wd Md L RTaPY _Pc_ M`_ LWbLd^ TX[WTNT_Wd bZaPY TY_Z T_ ?SP _L^V bTWW MP _Z WZNL_P _SP QZ]X^ ZQ []LN_TNP bT_STY _SP N`W_`]LWWd ^[PNTQTN ]L_TZYLWT_d ZQ _SP ]PWTRTZ`^ ^d^_PX :YWd _SPY OZP^ T_ MPNZXP NWPL] SZb TY_TXL_PWd ^Z`YO LYO ]PWTRTZ`^ XPLYTYR [PYP_]L_P PLNS Z_SP] LYO bSd LNZ`^_TN [TP_d TY 4YOTL SL^ ^`NS L OZXTYLY_ [Z^T _TZY 4Y ^PaP]LW bLd^ NZYaPY_TZYLW _SPZ]TP^ ZQ NZXX`YTNL_TZY LYO ^TRY^ NZXP `[ LRLTY^_ _SPT] WTXT_^ SP]P bSTWP LY L[[]ZLNS TY _P]X^ ZQ ]PWT RTZ`^ LT^_SP_TN^ LYO ^PXTZ_TN^ NLY _LVP `^ Q`]_SP] 4Y L ^`XXL]d ZQ _SP _S]PLO^ ZQ _SP ]PWTRTZ`^ LP^_SP_TNLT^_SP_TN L[ []ZLNS TY _ST^ NSL[_P] T_ ^PPX^ _SL_ _SP QZWWZbTYR OTXPY^TZY^ L]P []P ^PY_ _S]Z`RSZ`_ TYOP[PYOPY_ ZQ SZb _SP NZXX`YTNL_TZY WPaPW^ ZQ _SP ^TRY^ L]P bPTRS_PO LYO bSTNS XZOP^ ZQ LNZ`^_TN [TP_d ZNN`[d _SP QZ]P R]Z`YO% _SP TX[Z]_LYNP ZQ _SP [SZYP_TN XL_P]TLW T_^ [Sd^TNLW []P^PYNP _SP `YOP]^_LYOTYR ZQ _SP ^LN]PO QZ]X`WL^ _Pc_^ LYO RZO^v YLXP^ L^ SZWd ^Z`YO^ _SP Pc[PN_PO PQQTNLNd _SP PX[ZbP]XPY_ LYO _SP N`W_`]LWWd VYZbY ^LN]PO [ZbP] _SL_ LNNZ]OTYRWd NLY MP Pc[P]TPYNPO TY [P]QZ]X LYNP LYO T^ ]PTYQZ]NPO LYO [L^^PO OZbY Md _SP []ZYZ`YNPO [P]QZ]X LYNPML^PO YL_`]P ZQ _Pc_`LW _]LOT_TZY^ LYO _S`^ OPaPWZ[^ NZXX`YT_d QZ]XTYR [ZbP] BSP]PL^ _ST^ NSL[_P] bL^ TY _SP QT]^_ [WLNP NZYNP]YPO bT_S OP^N]T[_TZY LYO NZX[]PSPY^TZY ZQ _SP OTaP]^P bLd^ TY bSTNS LNZ`^_TN [TP_d T^ Pc[]P^^PO TY Z]_SZ[]LN_TNP TY _SP QZWWZbTYR NSL[_P] bP XLVP LY L__PX[_ L_ LY Pc[WLYL_TZY TY _P]X^ ZQ _SP ^PXTZ_TN^ ZQ ]PWTRTZY O]LbTYR [ZWdQZNLWWd ZY aL]TZ`^ OTQQP]PY_ L[[]ZLNSP^ TY _SP ^_`Od ZQ N`W_`]P BP bTWW QZN`^ ZY _SP \`P^_TZY ZQ bSTNS NZYQTR`]L_TZY^ SLaP _Z TY_P]LN_ QZ] ^Z`YO^ _Z MP Pc[P]TPYNPO L^ LYTXL_P LYO PQQPN_TaP

  ,YTXL_PO >Z`YO 0c[WLTYPO ,NZ`^_TN [TP_d T^ QZ`YOPO TY L OPY^P YP_bZ]V ZQ ]PWL_TZY^ L OT^N`]^TaP QTPWO ZQ ]T_`LW LYO ^dXMZWTN Q`YN_TZY^ ZQ MZ_S WTYR`T^_TN LYO YZY WTYR`T^_TN ^Z`YO _SL_ NLY MP ]PO`NPO YPT_SP] ^ZWPWd _Z _SP XPOT`X 8N7`SLY YZ] ^ZWPWd _Z _SP XP^^LRP OP >L`^^`]P  BSL_ XLVP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,^ XPY_TZYPO M]TPQWd LMZaP >L`^^`]Pv^ ^PXTZWZRd `YOP]^_ZZO L WTYR`T^_TN ^TRY _Z MP L MT[ZWL] ]PWL_TZY^ST[ MP_bPPY _SP ^TRYTQTP] LNZ`^_TN TXLRP LYO _SP ^TRYTQTPO NZY NP[_ LYO QZN`^PO ZY _SP NZY_PY_ LYO YZ_ _SP XPOT`X bSTWP _SP []PNT^P Z[[Z^T_P bL^

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



LNZ`^_TN [TP_d ^Z LbVbL]O QZ] [`]PWd NZYaPY_TZYLW ^dXMZWTN _SPZ]TP^ ZQ ^TRY^ LYO NZXX`YTNL_TZY ^`NS L^ _SL_ ZQ OP >L`^^`]P NLY MP Pc[]P^^PO TY _SP _P]XTYZWZRd ZQ ;PT]NP 7`SXLYY LYO 6YZMWL`NS :Y _SP ZYP SLYO _SP]P T^ _SP Q]P\`PY_ Pc_]PXP OPPX[SL^T^ ZQ ^dXMZWTN bZ]O XPLYTYR TY QLaZ] ZQ LY PX[SL^T^ ZQ _SP TNZYTN LYO TYOPcTNLW L^[PN_^ ZQ WLYR`LRP T_^ Pc[]P^^TaP YL_`]P TY _SP QZ]X ZQ ^Z`YO [L__P]Y^ _ZYLWT_d ]Sd_SXTN ^[PLVTYR P_N :Y _SP Z_SP] TYQZ]XL_TZY NZYaPdLYNP LYO `YOP]^_LYO TYR Q`^P TY_Z PLNS Z_SP] LYO _SP]P ZNN`]^ Pc_]PXP ^bT_NSTYR MP_bPPY ^NSPXL_L ZQ TY_P][]P_L_TZY LYO ^NSPXL_L ZQ Q]LXPbZ]V >PXLY_TN XPLY TYR NLY ]PNPOP _Z ^`NS LY Pc_PY_ _SL_ YZ_ ZYWd T^ T_ NZX[WP_PWd `YYPNP^ ^L]d M`_ _SP ^T_`L_TZY T^ ]PaP]^PO% _SP `YTY_PWWTRTMWP bZ]O T^ ]PRL]OPO L^ P^[PNTLWWd ^LN]PO LYO [ZbP]Q`W ?ST^ T^ [L]_TN`WL]Wd ZMaTZ`^ TY _SP NL^P ZQ _SP ^_ZMSL ^ZYR^ ZQ _SP >£XLAPOL >_LLWv^ QLaZ]T_P PcLX[WP^ LYO _SP ?LY_]TN ^PPO XLY_]L^  bSTNS NZY^T^_ ZQ ZYWd L ^TYRWP ^dWWLMWP Z] L ^P]TP^ ZQ WPcTNLWWd XPLYTYRWP^^ ^dWWLMWP^ -`_ LW^Z TY Z_SP] QZ]X^ ZQ Pc[]P^^TZY ZQ LNZ`^_TN [TP_d ^`NS L^ _SP _bZ ML^TN XZOP^ ZQ WT_LYd ]PNT _L_TZY TYQZ]XL_TZY NZYaPdLYNP LYO `YOP]^_LYOTYR L]P ^Z NWZ^PWd TY_P] _bTYPO _SL_ 7`SXLYYv^ NZXX`YTNL_TZY NZYNP[_ L[[PL]^ _Z WZ^P LWW L[ [WTNLMTWT_d `YWP^^ _SP XLYTQP^_L_TZY ZQ XPLYTYR T^ `YOP]^_ZZO TY L NZ]]P^[ZYOTYRWd M]ZLO ^PY^P ZbTYR _Z _SP ]L_TZYLWT_d ZQ _SP ^d^_PX  0aPY TQ XPLYTYR TY _SP ^PY^P ZQ _SP NZYaPY_TZYLW ^dXMZWTN XPLYTYR ZQ bZ]O^ T^ ^Z MWL_LY_Wd LM^PY_ L^ TY _SP ^_ZMSL^ LYO ^PPO XLY_]L^ _ST^ OZP^ YZ_ XPLY _SL_ PaP]d _d[P ZQ TY_P][]P_L_TZY T^ [Z^^TMWP ?SP L__]TM` _TZY ZQ XPLYTYR OP[PYO^ ZY NP]_LTY OT^N`]^TaP ]PRT^_P]^ bSZ^P ^PXTZ_TN Q`YN_TZY TYOTNL_P^ L SZWd ^[LNP L ^LN]PO NZ^XZ^ LYO ^`[P]YL_`]LW [Zb P]^ z TY ^SZ]_ L ]PWTRTZ`^Wd NZY^_]`N_PO ^dXMZWTN XPLYTYR ?SP^P ^[P NTQTNLWWd ]PWTRTZ`^ NZOTYR^ XL]V L QTPWO ZQ NZXX`YTNL_TZY _SL_ OT^_TY R`T^SP^ T_^PWQ Q]ZX YZ]XLW PaP]dOLd WLYR`LRP LYO M]PLV^ bT_S NZXXZY YZ_TZY^ ZQ WLYR`LRP ,^ L ^_L]_TYR [ZTY_ QZ] LY P_TN Pc[WLYL_TZY ZQ LNZ`^_TN [TP_d TY 4YOTL ZYP NLY QZWWZb ZY Q]ZX ;PT]NPv^ _]T[ZWL] ^TRY XZOPW _SL_ M]TYR^ TX[Z] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SP NL^P TY 8N7`SLYv^ MT[ZWL] NZXX`YTNL_TZY XZOPW ZQ _SP XPOT`X LYO _SP XP^^LRP  bSTNS ]PRL]OPO _SP XPOT`X LYO YZ_ _SP NZY_PY_ L^ _SP OPNT^TaP PWPXPY_  ?SP TYNW`^TZY ZQ PXTN aTPb^ ]PaPLW^ L Q`YOLXPY_LW OTQQP]PYNP MP_bPPY Z`] `^P ZQ wNZXX`YTNL_TZYx LYO 7`SXLYYv^ NZYNP[_ ZQ NZXX`YTNL_TZY 7`SXLYY ^_L_P^% w.ZXX`YTNL_TZY T^ LWbLd^ LY Z[P]L_TZY Md _SP ZM^P]aP] MPNL`^P T_ ]P\`T]P^ L_ _SP aP]d XTYTX`X  _SL_ TYQZ]XL_TZY LYO NZYaPdLYNP NLY MP OT^_TYR`T^SPO LYO  _SL_ _SP NZX[ZYPY_ ZQ `YOP]^_LYOTYR bSTNS T^ _SP ML^T^ ZQ _SP OT^_TYN_TZY T^ YZ_ TOPY_TNLW _Z _SP NZYaPdTYR M`_ NLY MP OT^_TYR`T^SPO Q]ZX T_x 7`SXLYY /TP =PWTRTZY OP] 2P ^PWW^NSLQ_  3ZbPaP] _SP OT^N]P[LYNd ^S]TYV^ bSPY ZYP NZY^TOP]^ _SL_ 7`SXLYY `YOP]^_LYO^ NZXX`YTNL_TZY L^ L []ZNP^^ ZQ XLYTQP^_TYR XPLYTYR ZY _SP ML^T^ ZQ ^d^ _PX ]L_TZYLWT_d bSP]PMd XPLYTYR T^ YZ_ _Z MP P\`L_PO bT_S _SP XPLYTYR ZQ _SP bZ]O^ M`_ bT_S L XZ]P NZX[]PSPY^TaP QZ]X ZQ ^LN]PO NZY^_]`N_TZY LYO N]PL_TZY ZQ XPLYTYR LYO ^TRYTQTNLYNP



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_LY_ L^[PN_^ TY_Z [WLd ,NNZ]OTYR _Z ;PT]NP L ^TRY YZ_ ZYWd WTYR`T^_TN ^TRY^ M`_ LYd VTYO^ ZQ ^TRY^ LYO ML^TN ^PXTZ_TN _d[P^% TNZY^ TYOTNP^ LYO ^dXMZW^ T^ L _S]PPbLd ]PWL_TZY^ST[ MP_bPPY _SP ^TRY _SP ZMUPN_ LYO _SP TY_P][]P_LY_ XPLYTYR 3P ^_L_PO% w, ^TRY T^ TY L NZYUZTY_ ]PWL _TZY _Z _SP _STYR OPYZ_PO LYO _Z _SP XTYO  _SP ^TRY T^ ]PWL_PO _Z T_^ ZMUPN_ ZYWd TY NZY^P\`PYNP ZQ L XPY_LW L^^ZNTL_TZY LYO OP[PYO^ ZY SLMT_x  ,NNZ]OTYR _Z ;PT]NP _SP XZ^_ YZ_TNPLMWP []Z[P]_d ZQ ^TRY^ T^ _SL_ _SPd XLVP ^ZXP_STYR []P^PY_ QZ] _SPT] `^P]^ bT_SZ`_ MPTYR _ST^ _STYR _SPX^PWaP^ >TRY^ _SP]PQZ]P SLaP R]PL_ []LN_TNLW aLW`P ;PT]NP ]PRL]OPO WLYR`LRP L^ _SP XZ^_ STRSWd OPaPWZ[PO ^TRY ^d^_PX MPNL`^P T_ XLVP^ _SP bSZWP bZ]WO LaLTWLMWP bT_SZ`_ _SP _STYR^ SLaTYR _Z MP [Sd^T NLWWd []P^PY_ DP_ TY []TYNT[WP LYd_STYR _SL_ NLY MP [P]NPTaPO Md _SP ^PY^P^ NLY MPNZXP L ^TRY ,^ LW]PLOd TYOTNL_PO ;PT]NP OT^_TYR`T^SPO _S]PP _d[P^ ZQ ^TRY^ bT_S OTQQP]PY_ ]P[]P^PY_L_TZYLW \`LWT_TP^ MPNL`^P _SPd L]P ML^PO ZY OTQQP]PY_ L__]TM`_TZY ]PWL_TZY^ST[^ MP_bPPY ^TRYLY^ LYO ^TRYL_`X % L LY TYOPc T^ L ^TRY TY L QLN_`LW ]PWL_TZY^ST[ _Z _SP ^TRYL_`X Z] bSL_ T^ XPLY_& TYOPcTNLW ^TRY^ LWWZb NZYNW`^TZY^ PR ^XZVP bZ`WO MP L ^TRY QZ] QT]P LYO APOL ]PNT_L_TZY L ^TRY QZ] -]LSXLYT^X& M LY TNZY Q]ZX _SP 2]PPV QZ] w[TN_`]Px T^ L ^TRY TY LY TXXPOTL_P ]PWL_TZY^ST[ ZQ TXLRTYR Z] ^TXTWL]T_d _Z _SP ^TRYL_`X PR [TN_Z R]LX^ Z] ZYZXL_Z[ZPTN Pc[]P^^TZY^& N TY NZY_]L^_ _Z TYOPcTNLW LYO TNZYTN ^TRY^ ^dXMZW^ L]P ^TRY^ bSZ^P ]PWL_TZY^ST[ _Z _SP ZMUPN_^ T^ ML^PO YPT_SP] ZY L QLN_`LW ]PWL_TZY^ST[ YZ] ZY ^TXTWL]T_d LYO TY^_PLO ^dXMZW^ LN\`T]P _SPT] XPLYTYR ^ZWPWd _S]Z`RS NZYaPY_TZY ?SP [SZYTN LYO b]T__PY ^TRY^ ZQ WLYR`LRP L]P LNNZ]OTYR _Z ;PT]NP ^dXMZW^ z LWXZ^_ bT_SZ`_ PcNP[_TZY 3ZbPaP] SP `W_TXL_PWd ^Lb YZ _Z_LWWd ^_]TN_ ^P[L]L_TZY PR _SP XPLY TYR ZQ TNZY^ T^ LW^Z OP_P]XTYPO Md N`W_`]P LYO NZYaPY_TZY LYO PaP]d ^dXMZW LW^Z SL^ LY TYOPcTNLW \`LWT_d P_N 1Z] 4YOTLY WT^_PYP]^ _SP ^[PNTQTNLWWd ]PWTRTZ`^ NZOP^ ZQ wSZWd SPL] TYRx LYO _SP _Pc_^v TYOPcTNLWT_d LYO TNZYTNT_d QZ] ^LN]PO [ZbP] MPWZYR _Z L ^SL]PO QTPWO _SL_ T^ _SPd QZ]X ^ZNTLW ]P[]P^PY_L_TZY^ LYO NZYaPY _TZY^ z LYO L]P _S`^ YZ OTQQP]PY_ Q]ZX LWW Z_SP] NZYaPY_TZYLW ^TRY^ LYO ^dXMZW^ DP_ _SPT] NZY_PY_^ LYO TXLRTYPO bZ]WO^ M]PLV bT_S NZYaPY _TZYLW ^NSPXL_L 4Y ;PT]NPv^ _P]XTYZWZRd ZYP NLY ^[PLV ZQ LY Pc_]PXP `YOP]OP_P]XTYL_TZY ZQ _SP ^dXMZWTN YL_`]P ZQ ^TRY^ TY QLaZ] ZQ L XL^ ^TaP MZZ^_ _Z _SP ^_L_`^ ZQ _SP TNZYTN LYO TYOPcTNLW YL_`]P ZQ ^TRY^ ,_ _SP ^LXP _TXP SZbPaP] ZYP ^SZ`WO ]PXPXMP] _SL_ LNNZ]OTYR _Z ;PT]NP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .SL]WP^ >LYOP]^ ;PT]NP .ZWWPN_PO ;L[P]^ # aZW^ .LXM]TORP% 3L]aL]O @YTa ;] $ QQ ! >PP LW^Z >TYRP] w1Z] L >PXTZ_TN ,Y_S]Z[ZWZRdx z# TY [L] _TN`WL]  bSTNS T^ ^_]ZYRWd ML^PO ZY ;PT]NP

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



_SP]P L]P SL]OWd LYd [`]P TNZY^ [`]P TYOTNP^ Z] [`]P ^dXMZW^ TY PcT^ _PYNP z bSTNS T^ LW^Z NZ]]PN_ LYO ^TRYTQTNLY_ TY ]PWL_TZY _Z LNZ`^_TN [T P_d ;PT]NP ^_]P^^PO _SP XPY_LW L^^ZNTL_TZY QZ] LWW _d[P^ ZQ ^TRY^ bSTNS WTYV^ _SP ^TRY LYO _SP ]PQP]PY_ 3P L[[WTP^ _SP P[T_SP_ wXZ^_ [P]QPN_ ^TRY^x _Z _SZ^P wTY bSTNS _SP TNZYTN TYOPcTNLW LYO ^dXMZWTN QPL_`]P^ L]P Q`^PO _ZRP_SP] _Z _SP R]PL_P^_ [Z^^TMWP Pc_PY_x  ?ST^ L^[PN_ bSTNS 5LVZM^ZY LW^Z PX[SL^TePO TY [L]_TN`WL] L[[PL]^ _Z `^ _Z MP P^[PNTLWWd ]PWPaLY_ _Z LNZ`^_TN [TP_d LYO OP[PYOTYR ZY _SP XZOP ZQ LNZ`^_TN [TP_d YZ_ ZYWd 4YOTLY LNZ`^_TN [TP_d ZYP NLY TOPY_TQd OTQQP]PY_ wLWWZd^x ZQ ^`NS Q`^TZY 8Z]PZaP] ;PT]NPv^ TY^TRS_ T^ Q]`T_Q`W _SL_ _P]X^ TP `W_T XL_PWd NZYNP[_^ L]P LW^Z ^TRY^ LYO XPLYTYR X`^_ MP OPQTYPO L^ _SP _]LY^WL_TZY ZQ ZYP ^TRY TY_Z LYZ_SP] ^TRY ^d^_PX ! ?ST^ T^ TX[Z]_LY_ QZ] _P]X^ ^`NS L^ a£N waZTNPx Z] wWLYR`LRPx ^PPY L^ L RZOOP^^ LYO NZY NP[_^ ^`NS L^ wSZWd SPL]TYRx LYO w^LN]PO ^Z`YOx LYO Pc[WLTY^ _SP QLN_ _SL_ _SP ^[PNTQTNLWWd ]PWTRTZ`^ NZOTYR XLd PQQPN_ LY Pc_]PXP ^STQ_ TY _SP ^NSPXL_L ZQ TY_P][]P_L_TZY LYO _SP RPYP]LW Q]LXPbZ]V Md P^_LMWT^STYR LY LW_P]YL_TaP ^TRY ^d^_PX _SL_ OT^_TYR`T^SP^ T_^PWQ Q]ZX PaP]dOLd WTQP 0aPY TQ NZX[WP_PWd YZ]XLW PaP]dOLd WLYR`LRP Z] ^PXLY_TNLWWd _]LY^[L] PY_ ^[PPNS T^ `^PO _SP w_]LY^WL_TZYx TY_Z _SP ]PWTRTZ`^ ^TRY ^d^_PX _`]Y^ _SP ^[PPNS TY_Z ^ZXP_STYR _SL_ T^ Pc_]LZ]OTYL]d ;PT]NPv^ ZM^P]aL_TZY^ L]P _SP]PQZ]P LW^Z Pc_]PXPWd ]PWPaLY_ _Z LNZ`^_TN [TP_d =PWTRTZ`^Wd NZOPO ^Z`YO TY 4YOTL T^ TNZY TYOPc LYO ^dXMZW LWW TY ZYP LYO _ST^ Pc[WLTY^ _SP ST^_Z]TNLW [ZbP] LYO N]PL_TaP QZ]NP _SL_ T_ bL^ LMWP _Z PcP]NT^P ZaP] _SP NPY_`]TP^ ,Y PaPY XZ]P TX XPOTL_P ML^T^ XLd MP QZ`YO TY 5LVZM^ZYv^ OPaPWZ[XPY_ ZQ ;PT]NPv^ TOPL^ ]PRL]OTYR [ZP_TN ^[PPNS LYO Q`YN_TZY 5LVZM^ZY PX[SL^TePO _SP YZYL]MT_]L]d L^[PN_ ZQ NZXMTYL_TZY^ ZQ ^TRY^ _SP TY_P][WLd ZQ ^Z`YO LYO XPLYTYR _SP TNZYTNT_d ZQ WTYR`T^_TN ^_L_PXPY_^ LYO _SP NZXMTYL_Z]d P\`TaLWPYNP ]PWL_TZY^ST[^ 8Z]P ]PNPY_ ^PXTZ_TN WT_P]L]d _SPZ]TP^ WTVP _SL_ ZQ .SL]WP^ 8Z]]T^ ]PRL]O _SP `^P ZQ ^TRY^ TY WT_P]L_`]P LYO L]_ L^ TNZY^ Z] TNZYTN ^TRY^ " 8Z]]T^v^ TY_PY_TZY bL^ _Z PX[SL^TeP _SP L`_Z ]PQP]PY_TLWT_d ZQ ^TRY^ LYO SP NZTYPO _SP _P]X w_Z_LW ]P[]P^PY_L_TZYx bSTNS L[[PL]^ _Z `^ _Z MP P^[PNTLWWd L[_ QZ] ^LN]PO _Pc_^ LYO ^Z`YO^ _SL_ T^ _SP TXXPOTL_P ZMUPN_^ ZQ LNZ`^_TN [TP_d 8Z]]T^ bLY_PO _SP Pc []P^^TZY w_Z_LW ]P[]P^PY_L_TZYx _Z ^SZb _SL_ TNZYTN ^TRY^ YZ WZYRP] OP YZ_P MPNL`^P _SPd _SPX^PWaP^ L]P _SL_ bSTNS T^ ^TRYTQTPO 0NZ LYO 4^P] ^Lb L []ZMWPX TY _ST^ ]LOTNLW aTPb 1ZWWZbTYR ZY Q]ZX 0NZ 4^P] ^_L_P^ XZ]P []PNT^PWd% w4Q TNZYTN ^TRY^ uXL[v LYd_STYR L_ LWW _SPY ^`]PWd YZ_ _SP []Z[P]_TP^ ZQ _SP ZMUPN_ ]P[]P^PY_PO  4Y^_PLO _SPd XL[ NZYOT_TZY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ;PT]NP .ZWWPN_PO ;L[P]^ # .Q LW^Z 5LVZM^ZY >PXTZ_TV  ! ! .Q _SP \`Z_L_TZY^ TY 5LVZM^ZY >PXTZ_TV   LYO  " .Q 4^P]v^ ]PLN_TZY TY /P] ,V_ OP^ 7P^PY^ !

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

QZ] TXLRTYTYR LYO [P]NPTaTYR ^Z _SL_ _SP ZMUPN_ TYOTNL_PO Md _SP ^TRY NLY MP NZY^_T_`_POx # -Z_S L[[Wd _Z LNZ`^_TN [TP_d ?SP _Pc_^ LYO ^Z`YO^ P^[PNTLWWd _SP XLY_]L QZ]X`WL^ L]P w_Z_LW ]P[]P^PY_L_TZYx TY L aP]d WT_P]LW ^PY^P ,Y P^^PY_TLWT^X T^ LN_`LWWd NZY^_T_`_TaP QZ] LNZ`^_TN [TP_d TY 4YOTL LYO XLY_]L QZ]X`WL^ -`_ _ST^ T^ ZYWd LY Pc_]PXP PcLX [WP ZQ L RPYP]LW _]PYO TY ]PWTRTZY^ , XZ]P Z] WP^^ P^^PY_TLWT^_TN ZMUPN _TaTeL_TZYLW YL_`]P T^ Q`YOLXPY_LWWd _d[TNLW ZQ LWW ]PWTRTZ`^ ^PY^P bZ]WO^ SZbPaP] ^_]ZYRWd w;]Z_P^_LY_x LYO wPYWTRS_PYPOx _SPd NWLTX _Z MP :Y _SP Z_SP] SLYO XLY_]L^ bZ`WO YZ_ MP _Z_LW ]P[]P^PY_L_TZY^ TQ _SP]P bP]P YZ NZYOT_TZY^ QZ] TXLRTYTYR LYO [P]NPTaTYR _SL_ XLOP _SPX ^`NS >Z _SPd TY QLN_ XL[ YZ_ _SP ZMUPN_^ _SP OPT_TP^ bZ]WO _]LY^NPYOTYR QZ]NP^ LYO ^LN]PO `YTaP]^P^ M`_ ZYWd _SP NZYOT_TZY^ QZ] TXLRTYTYR LYO [P]NPTaTYR _SP RZO^ LYO M]TYR _SPX _Z XTYO :YP ^SZ`WO YZ_ QZ]RP_ SZbPaP] _SL_ QZ] _SP ]PNT[TPY_^ _SPd SLaP L WTQP LYO [ZbP] ZQ _SPT] ZbY LYO _]`Wd ]P[]P^PY_ _SP OPT_TP^ XZ]P _SLY ^dXMZWTNLWWd .SLY_ TYR L XLY_]L XPLY^ _Z _L[ OTaTYP [ZbP] LYO L`_SZ]T_d TY L aP]d OT]PN_ LYO `YXPOTL_PO bLd :YP NLY ^PP SZb L RL[ L]T^P^ TY _ST^ LXMTaLWPYNP _SL_ NLYYZ_ MP QTWWPO Md WTYR`T^_TN LYO WT_P]L]d _SPZ]TP^ 0aPY QZ] _SPZ]TP^ PX[SL^TeTYR _SP TNZYTN QZ]X ZQ WT_P]L_`]P LYO L]_ _SP [`]P ]PQP]PY_TLW YL_`]P `W_T XL_PWd LWbLd^ ]PXLTY^ _SP []TZ]T_d bSTWP _ST^ OZP^ YZ_ LYO NLYYZ_ ^L_ T^Qd LNZ`^_TN [TP_d 4Y []LN_TNP ]PWTRTZ`^ _Pc_^ MPNZXP wP[T[SLYTP^x Md YZ_ ZYWd ]PQP]]TYR _Z L ]PWTRTZ`^ Z_SP] bZ]WO M`_ LW^Z [Sd^TNLWWd PX MZOdTYR T_ 4Q _SP Sd[P]MZWTN PYSLYNPXPY_ ZQ _SP ^_L_`^ ZQ TNZYTNT_d LYO TYOPcTNLWT_d T^ OTQQTN`W_ _Z R]L^[ TY _P]X^ ZQ NZYaPY_TZYLW NZXX`YTNL _TZY _SPZ]TP^ _SP Y`XTYZ`^ []P^PYNP TY ^Z`YOTYR _Pc_^ T^ LWW _SP XZ]P OTQQTN`W_ _Z R]L^[ ?ST^ [Z^P^ L NSLWWPYRP _Z L ^[PNTQTNLWWd ]PWTRTZ`^ ^P XTZ_TN Pc[WLYL_TZY _SL_ L__PX[_^ _Z OZ U`^_TNP _Z MZ_S _SP PXTN LYO P_TN [P]^[PN_TaP^ >`NS L [P]^[PN_TaP bSTNS bP ^SLWW L__PX[_ TY _SP QZWWZb TYR bTWW QT]^_ ZQ LWW SLaP _Z `YNZaP] LYO QTWW _SP RL[^ WPQ_ Md _SP WTYR`T^ _TN LYO WT_P]L]d ^PXTZ_TNTLY^ ?SP^P TYNW`OP YZ_ ZYWd _SP P^^PY_TLWT^X U`^_ XPY_TZYPO LMZaP M`_ LW^Z [Sd^TNLWT_d 8Z^_ ^TRY _SPZ]TP^ NZaP] ZYWd aP]d TY^`QQTNTPY_Wd _SP [Sd^TNLW L^[PN_ _SL_ T^ _SP [`]P ^ZYTN YL _`]P ZQ _Pc_^ LYO _SPT] ]PLWTeL_TZY Md _SP aZTNP bSTNS L]P ^`NS [ZbP]Q`W NZOP_P]XTYLY_^ ZQ LNZ`^_TN [TP_d LYO LW^Z RTaP _ZZ WT__WP L__PY_TZY _Z _SP ZMUPN_TaTeTYR YL_`]P ZQ _SP ^Z`YO XL_P]TLW w:MUPV_TaTP]`YR^NSL]LV _P] OP^ 6WLYRXL_P]TLW^x 4Y _SP NL^P ZQ ]PWTRTZ`^ _Pc_^ TY [L]_TN`WL] PXMZOTXPY_ LYO ZMUPN_TaTeL_TZY L]P LY L^[PN_ _SL_ T^ ZQ_PY XL]VPO Z`_% _SP w^`[P]YL_`]LWx T^ LW]PLOd ^_]P^^PO Md XPLY^ ZQ ^[PNTLW aZNLWTeL_TZY LYO X`^TNLWTeL_TZY bSTNS SLaP L XLUZ] PQQPN_ TY OP_P]XTYTYR _SP _Pc_ ]PNP[_TZY LYO PY]TNS T_ _S]Z`RS LOOT_TZYLW PXZ_TZYLW L^^ZNTL_TZY^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4^P] /P] ,V_ OP^ 7P^PY^ "

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

"

\`LWT_TP^ 1`]_SP]XZ]P _SP LTX ZQ TYaP^_TRL_TZY ^SZ`WO MP _Z NZY^TOP] _SP ^ZNTZN`W_`]LW []P]P\`T^T_P^ LYO QZ]X^ ZQ wSLMT_`^x LYO _Z TYNW`OP _SP bSZWP ]T_`LW WT_`]RTNLW ^P__TYR L^ L XLUZ] TY_PR]LW QLN_Z] ,YO LMZaP LWW T_ ^SZ`WO ]PQWPN_ ZY _SP N`W_`]LW [L]LOTRX^ LYO ]PWTRTZ`^ ^dXMZW bZ]WO^ _SL_ L]P TY^P[L]LMWd bZaPY TY_Z _SP XPY_LW L^^ZNTL_TZY ZQ bSTNS ;PT]NP ^[PLV^ 4Y _P]X^ ZQ _SP ^PXTZ_TN^ ZQ ]PWTRTZY LY TY_PR]L_TaP TY _P][]P_L_TZY XZOPW TY _SP QZ]X ZQ L ]PQWPcTaP SZWT^X T^ ]P\`T]PO _SL_ NZXMTYP^ LWW _SP^P [P]^[PN_TaP^ LYO L_ _SP ^LXP _TXP Pc[WLTY^ _SP TY_P] LN_TZY^ MP_bPPY ZMUPN_TaP NZYOT_TZY^ ^`NS L^ _Pc_ QZ]X^ ^Z`YO QZ]XL _TZY^ XZOP^ ZQ ]PNT_L_TZY NZY_PY_^ ]T_`LW ^P__TYR P_N LYO NZWWPN_TaP LYO ^`MUPN_TaP [L__P]Y^ ZQ TY_P][]P_L_TZY 0NZv^ YP_bZ]V ZQ SZXZWZRZ`^ QZ]X^ LYO ;]Z`^_v^ XPXZ]d ^[LNP^ ZQ ]PNT[]ZNLW WTYVLRP^ NLY ^P]aP L^ L XZOPW M`_ _SPd ^SZ`WO MP RTaPY ^ZXP [Sd^TNLW PY]TNSXPY_ LYO [WLNPO ZY L RZZO _SPZ]P_TNLW QZZ_TYR Md _SP NZRYT_TaP _SPZ]d ZQ wTY_PR]L_TaP YP_bZ]V^x LYO wNZRYT_TaP MWPYOTYRx 4Y QLN_ bP ^`RRP^_ _Z Pc[LYO _SP NZRYT_TaP MWPYOTYR L[[]ZLNS Md QTWWTYR T_ bT_S ^_]ZYRP] N`W_`]LW SZWT^X L^ Z`_WTYPO MPWZb 4Y _P]X^ ZQ _SP ^PXTZ_TN^ ZQ ]PWTRTZY _SP N`W_`]LW ]PWTRTZ`^ VYZbW PORP _SL_ ]PNT_L_TaP^ SLaP TY_]TY^TN ^LN]PO [ZbP] Z] _SL_ OPT_TP^ L[[PL] TY NP]_LTY ^Z`YO NZXMTYL_TZY^ T^ ML^PO ZY L MWPYO ZQ NZYQTR`]L_TZY^ RPYP]L_TYR L NZXXZY QTPWO _SL_ LWWZb^ ^Z`YO _Z MP Pc[P]TPYNPO L^ LYT XL_P ]PLWT_d $ ?ST^ STRSWd TY_P]LN_TaP YP_bZ]V T^ NZY^_T_`_PO Md ^PaP]LW OTQQP]PY_ QLN_Z]^ OTXPY^TZY^ LYO WPaPW^% ^LN]PO _Pc_ Z] QZ]X`WL ^PY^Z]d ^_TX`WL_TZY ]PQP]PY_ ^P__TYR ]T_`LW []LN_TNP ]PNT_P] LYO WT^_PYP] TY_PY _TZYLWT_d]PWTRTZ`^ NZXXT_XPY_^`MUPN_TaP TYaZWaPXPY_ TXLRTYL_TZY ]PLWWTQP []LN_TNLW Q`YN_TZY LYO P[T^_PXTN [L]LOTRX TY _SP N`W_`]LW ^dX MZW ^d^_PX  LYO LW^Z TX[Z]_LY_Wd PXMZOTPO [L]_TNT[L_TZY ?ST^ YP_ bZ]V ZQ QLN_Z]^ SZXZWZRZ`^Wd ]PWL_PO _Z ZYP LYZ_SP] RPYP]L_P^ _SP ^[P NTQTN NZOP ZQ LNZ`^_TN [TP_d 0LNS ZQ _SP QLN_Z]^ T^ LW]PLOd TX[Z]_LY_ TY T_^ ZbY ]TRS_ LYO XLd RTaP L OTQQP]PY_ NZWZ] _Z LNZ`^_TN [TP_d 1Z] Pc LX[WP _SP ^Z`YO NZXMTYL_TZY TY L XLY_]L QZ]X`WL Z] _SP _d[P ZQ X`^T NLWTeL_TZY XLd OP_P]XTYP bSP_SP] _SP ]PNT_L_TZY _]TRRP]^ PN^_L_TN L]Z`^LW Z] L _]LYNPWTVP ^_L_P ZQ ]PWLcPO bLVPQ`WYP^^ LW[SL ]Sd_SX Z] bSP_SP] T_ TYO`NP^ L NSPP]Q`W ^P]TZ`^ Z] ^LO XZZO P_N ,NZ`^_TN [TP_d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >ZXP ZQ _ST^ ZM^P]aL_TZY bL^ TY^[T]PO Md /LaTO 8Z]RLY^v^ WPN_`]P w?SP 7ZZV ZQ _SP >LN]POx L_ _SP NZYQP]PYNP ZY _SP LP^_SP_TN^ ZQ ]PWTRTZY TY 3PTOPWMP]R !z# 8Ld # LYO [P]^ZYLW NZXX`YTNL_TZY 3ZbPaP] _SP WT_P]L]d _SPZ]TP^ XPY_TZYPO LYO _SP NZRYT_TaP _SPZ]TP^ LW^Z []ZaTOPO ^ZXP QZ`YOL_TZY .Q 2TWWP^ 1L`NZYYTP] LYO 8L]V ?`]YP] w=P_STYVTYR 8P_L[SP]x TY .LXM]TORP 3LYOMZZV ZQ 8P_SL[SZ] LYO ?SZ`RS_ PO =Ld 2TMM^ .LXM]TORP% .LXM]TORP @YTa ;] # LYO 5P^[P] >ø]PY^PY , .ZR YT_TaP ?SPZ]d ZQ 8LRTN 7LYSLX% =ZbXLY LYO 7T__WPQTPWO "  .Q LW^Z _SP NZX[WPc OTLR]LX^ TY 8Ø]_S w6ZXX`YTVL_TZYx   ! LYO TY 0NZ 0TYQÞS]`YR TY OTP >PXTZ_TV  !"

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

NLY NP]_LTYWd MP ]PLWTePO TY OTQQP]PY_ bLd^ PR bSPY _SP ^P__TYR T^ YZ_ _SP _PX[WP M`_ _SP OZXP^_TN LW_L] Z] TQ _SP _PX[WP ZQQP]^ WT_LYd ]PNT_L _TZY L^ L ^P]aTNP Md _SP []TP^_ QZ] WLd [P]^ZY^ L^ TY >Z`_SP]Y 4YOTL Z] YZ_ Z] PW^P ZQQP]^ Z_SP] ]PWTRTZ`^ LN_^ TY^_PLO ^`NS L^ _SP ]P[P_T_TZY ZQ XLY_]L^ LYO _SP bLaTYR ZQ WTRS_^ L^ TY 9Z]_SP]Y 4YOTL BP SLaP LW ]PLOd O]LbY L__PY_TZY _Z XLUZ] OTQQP]PYNP^ TY ]T_`LW []LN_TNP^ _SL_ L]P P^[PNTLWWd _d[TNLW ZQ LNZ`^_TN [TP_d LYO LW^Z _Z OTQQP]PYNP^ TY _SP Z]TPY _L_TZY ZQ TY_PY_TZY LYO TYYP] PXZ_TZY 3ZbPaP] T_ ^PPX^ _Z `^ _SL_ _SP ML^TN OTXPY^TZY bSTNS bP NLWW [L]LOTRX T^ LY PaPY XZ]P NPY_]LW L^[PN_ ^[LYYTYR LWW _SP^P QLN_Z]^ LYO bZaPY TY_Z _SPX @YOP] [L]LOTRX bP `YOP]^_LYO _SP bLd _Pc_^ WLYR`LRP LYO ^Z`YO L]P NZOPO TY _SP N`W _`]LW XZOPW ?ST^ TYNW`OP^ ST^_Z]TNLW L__]TM`_TZY ZQ XPLYTYR _SP ]PWT RTZ`^ ^dXMZW ^d^_PX N`W_`]LW XPXZ]d TOPZWZRTNLW Pc[PN_L_TZY^ LYO _SP RWZMLW NZYYZ_L_P 4Y _P]X^ ZQ N`W_`]LW LY_S]Z[ZWZRd Z] ZQ NZX[L]L_TaP ]PWTRTZ`^ ^_`OTP^ YZ_ WPL^_ L aP]d RPYP]LW \`P^_TZY T^ ZQ OPNT^TaP TX[Z] _LYNP SP]P YLXPWd bSP_SP] _SP]P T^ LYd ^ZYTN [L]LOTRX L_ LWW TY _SP N`W_`]LW ^dXMZW ^d^_PX bSL_ T_ NZY^T^_^ ZQ bSP]P T_ ZNN`]^ bSP]P T_ MPNZXP^ P^[PNTLWWd OZXTYLY_ Z] [Z^^TMWd T^ TY_P]]`[_PO SZb bTOP ^[]PLO T_ T^ bSTNS R]Z`[^ []ZXZ_P T_ SZb T_ T^ _]LY^QZ]XPO TY YPb _Pc_^ LYO [P]QZ]XLYNP^ LYO bSP_SP] _SP]P L]P LYd NZ`Y_P]XZOPW^ BP NWLTX _SL_ QZ] 4YOTL OP^[T_P NZ`Y_P]XZOPW^ bZ]_S XPY_TZYTYR L []LN_TNLWWd NZY^T^_PY_ ^ZYTN [L]LOTRX SL^ PcT^_PO LN]Z^^ _SP NPY_`]TP^ 4_ T^ Pc[]P^^PO YZ_ ZYWd TY _SP aZNLWTeL_TZY LYO X`^TNLWTeL_TZY ZQ _Pc_^ M`_ LW^Z TY Pc_]PXP ZMUPN_TaTeL_TZY^ ^`NS L^ _SP -]LSXLY L^ XLRTN [ZbP]Q`W ^[PPNS TY _SP PL]Wd ‹RaPOL  TY _SP wRZOOP^^ aZTNPx TY _SP WL_P ‹RaPOL  TY _SP MPWTPQ _SL_ _SP ^Z`YO ZQ SZWd _Pc_^ bL]O^ ZQQ LWW PaTW TY _SP ;`]£©L^ Z] TY _SP NZYaTN_TZY _SL_ ^[PLVTYR L XLY_]L L]Z`^P^ Y`XTYZ`^ QZ]NP^ TY _SP ?LY_]L^ _SL_ _SP YLXP ZQ RZO NZY_LTY^ _SP Q`WW []P^PYNP ZQ _SP RZO TY MSLV_T OPaZ_TZY LYO LW^Z TY _SP ^TX[WP QTYOTYR _SL_ L bZ]O T^ QT]^_ LYO QZ]PXZ^_ L ^P_ ZQ ^Z`YO^ 0aPY Pc_]PXP ST^_Z]T NLW _]LY^QZ]XL_TZY^ ^`NS L^ _SP ]P[WLNPXPY_ ZQ _SP APOL bSTNS ZYP NZ`WO OP^N]TMP L^ _SP NPY_]LW ]P[]P^PY_L_TZY ZQ ^LN]PO ^Z`YO Md _SP P[TN^ ;`]£©L^ ?LY_]L^ OPaZ_TZYLW WT_P]L_`]P^ P_N SLaP YZ_ OT^^ZWaPO _SP ^ZYTN [L]LOTRX M`_ TY^_PLO SLaP ]PTY_P][]P_PO T_ ]PQZ]X`WL_PO T_ LYO WTYVPO T_ bT_S YPb TOPL^ LYO YPb QZ]X^ ZQ []LN_TNP 4_ T^ OPQTYT_PWd YZ_ LWW ZYP LYO _SP ^LXP bSP_SP] ^LN]PO ^Z`YO LYO QZ]XLWT^X L]P NWZ^PWd L^^ZNTL_PO L^ TY _SP APOL LYO [L]_TLWWd TY _SP ?LY_]L Z] bSP_SP] ^LN]PO ^Z`YO LYO OPQZ]XLWTeL_TZY NLY MP ZM^P]aPO L^ TY XLYd Z_SP] WL_P] WT_P]L_`]P^ LYO OPaZ_TZYLW ;`]£©TN?LY_]TN SdM]TO QZ]X^ BSL_ T^ XZ]P TX[Z]_LY_ T^ _SP ZM^P]aL_TZY _SL_ ^Z`YO^ L]P NZY^TOP]PO TY L ]PQWPN_TYR bLd L_ LWW LYO _SL_ TOPL^ ZQ ^LN]PO ^Z`YO PcT^_ Z] L_ WPL^_ L bLd ZQ SLYOWTYR LYO `^TYR ^LN]PO WT_P]L_`]P^ PcT^_^ _SL_ ]PRL]O^ _SPT] LNZ`^_TN ]PLWTeL_TZY L^ TX[Z]_LY_ LYO OZP^ YZ_ ^PP L []ZMWPX TY _Pc_

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

$

[P]QZ]XLYNP bT_SZ`_ NZX[]PSPY^TZY ZQ T_^ XPLYTYR ?SP [L]LOTRX L[ [PL]^ _Z `^ _Z MP ^Z NPY_]LW _SL_ T_ T^ WL]RPWd TOPY_TNLW _Z _SP wNZOPx ZQ LNZ`^_TN [TP_d MPNL`^P T_ NSL]LN_P]TeP^ _SP bSZWP NZYRWZXP]L_P ZQ _SP QLN_Z]^ XPY_TZYPO NZXX`YTNL_TZY XPOT`X ^P__TYR P_N LYO []ZaTOP^ L QZ`YOL_TZY QZ] _SPT] w^d^_PX ]L_TZYLWT_dx ?SP [L]LOTRX NZY^_T_`_P^ _SP NZYOT_TZY^ QZ] TXLRTYTYR LYO [P]NPTaTYR TY bSTNS LNZ`^_TN [TP_d MPNZXP^ PT_SP] OZXTYLY_ Z] TY^TRYTQTNLY_ LYO bSTNS XLVP^ w^LN]PO ^Z`YOx LYO wSZWd SPL]TYRx PT_SP] [WL`^TMWP Z] TX[WL`^TMWP 3ZbPaP] _SP L^[PN_ _SL_ T^ _SP XLUZ] OT^_TYR`T^STYR QPL_`]P ZQ LNZ`^_TN [TP_d LYO U`^_TQTP^ _SP `^P ZQ _SP ^TYR`WL] OP^[T_P OTQQP]PY_ ^_dWP^ XZOP^ ^ZNTLW PXMPOOTYR^ LYO ST^_Z]TNLW QZ]X^ T^ _SP QLN_Z] ZQ PXMZOTXPY_ ?SP ^Z`YO^NL[P^ _SP aZTNP LYO _SP SPL]TYR N]PL_P LY TY_P]^PY^Z]d bZ]WO ^ZXL_TN LbL]PYP^^ LYO L QZ]X ZQ [Sd^TNLW NZXX`YTNL_TZY _SL_ NLYYZ_ MP ]PO`NPO _Z _SP XP]P NZRYTeTYR ^PWQ /P^NL]_P^v PRZ NZRT_Z 9Zb T_ T^ OPNT^TaP _SL_ _SP bSZWP T^ LWbLd^ XZ]P _SLY _SP ^`X ZQ T_^ [L]_^ 9ZYP ZQ _SP QLN_Z]^ ZY T_^ ZbY ^`NS L^ _SP ]T_`LW L^[PN_ NZY^_T _`_P^ w^LN]PO ^Z`YOx LYO wSZWd SPL]TYRx 4_ YPPO^ _SP X`_`LW XZ_TaL_TZY ZQ _SP XPOT`X _Pc_ ]PQP]PY_ ^ZNTZ]PWTRTZ`^ ^P__TYR ]T_`LW []LN_TNP Pc[PN_L_TZY ^`MUPN_TaP PXZ_TZYLW ]P^[ZY^P [L]LOTRX LYO PXMZOTXPY_ ?SP [L]LOTRX `YOP][TY^ _SP ]T_`LW LYO T^ PXMZOTPO TY _SP ]T_`LW _SP _Pc_ LYO _SP PXZ_TZY^ _]TRRP]PO :YWd _SP TY_PR]L_TaP TY_P][WLd ZQ _SP OTQQP]PY_ OZXLTY^ RPYP]L_P^ L YPb ]PLWT_d Pc_PYOTYR MPdZYO T_^ TYOTaTO `LW [L]_^ LYO L QTPWO ZQ [P]NP[_TZY Q`WW ZQ ]PWTRTZ`^ NZOTYR bSTNS _]LY ^NPYO^ XP]PWd ^`MUPN_TaP L__]TM`_TZY^ ZQ XPLYTYR LYO Pc[P]TPYNP ^[LNP^ LYO L_ _SP ^LXP _TXP NLY MP ^`MUPN_TaPWd Pc[P]TPYNPO TY aP]d OTQQP]PY_ bLd^ >LN]POYP^^ T^ YZ_ ZYWd ^ZXP_STYR _SL_ L ]PWTRTZ`^ w]PLOP]x LYO WT^_PYP] M]TYR^ _Z _SP _Pc_^ 4Y^_PLO ^LN]POYP^^ PXP]RP^ L^ L WTaTYR \`LW T_d ZQ Pc[P]TPYNP Z`_ ZQ _SP TY_PR]L_TaP MWPYOTYR ?SP ^Z`YO^ MPNZXP WTaTYR MPTYR^ LYO Y`XTYZ`^ ^`M^_LYNP^ 4Y ST^ _SPZ]d ZY _SP ]L_TZYLWT_d ZQ _SP Xd_SZ^ _SP [STWZ^Z[SP] 6`]_ 3ÞMYP] Q]ZX bSZX bP SLaP LOZ[_PO _SP _P]X wY`XTYZ`^ ^`M^_LYNPx Z] wXd_STNLW ^`M^_LYNPx RLaP L RZZO Z`_WTYP ZQ _SP QZ]X ZQ _SZ`RS_ LYO Pc[P]TPYNP LOO]P^^PO% w4Y _SP [P_T_TZY TY _SP []LdP] _S]Z`RS _SP ^LN]PO LN_TZY PaP]d_STYR PY_P]^ _SP _LYRTMWP []ZcTXT_d ZQ _SP RZO ?SP RZO T^ []P^PY_ SP]P LYO YZb :Y _SP ZYP SLYO T_^ P[T[SLYd bSTNS XLd MP PT_SP] ^PPY SPL]O Z] QPW_ T^ ZYWd L u^[PNTLWv ZNN`]]PYNP ZQ T_^ uRPYP]LWv LYO NZX[]PSPY^TaP PcT^_PYNP LYO dP_ T_ T^ bSZWWd []P^PY_ x 

5`^_ L^ MZOTP^ NWZ^P _Z L ^_]ZYR PWPN_]ZXLRYP_TN QTPWO L]P NSL]RPO Md T_ TY L ^TXTWL] XLYYP] _SP ^`M^_LYNP ZQ _SP OPT_d Z] TY _SP NL^P ZQ _SP APOL ZQ _SP Y`XTYZ`^ ]PLWT_d [PYP_]L_P^ _SP _Pc_ LYO _SP [P]^ZY ]PNT_ TYR% w4Y _SL_ []PNT^P XZXPY_ PaP]d_STYR T^ PWPN_]TQTPO Md T_ ^Z _Z ^[PLV ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  6`]_ 3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ 8ÞYNSPY% -PNV $#  #$



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

Md T_^ u^[T]T_`LW XL_P]TLWv QW`TOx  ?SP]P T^ YZ ^_]TN_ ^P[L]L_TZY MP_bPPY ^`MUPN_ LYO ZMUPN_ Z] MP_bPPY NZY^NTZ`^YP^^ LYO ZMUPN_ TY _SP ^PY^P ZQ L ^NTPY_TQTN ZY_ZWZRd& LYO YPT_SP] T^ _ST^ LMZ`_ L w]PNZRYT_TZY _SL_ L ^`MUPN_ NZY_LTY^ bT_STY _SP [`]PWd ^[T]T_`LW TY_P]YLWT_d ZQ T_^ _SZ`RS_ LY ZMUPN_ _SL_ WTP^ Z`_^TOP T_^PWQx  4Y^_PLO _ST^ T^% wL []ZNP^^ TY bSTNS _SP Y`XTYZ`^ ^`M^_LYNP _SL_ [P]aLOP^ _SP ZMUPN_ [L] _TNT[L_TYR TY T_ QWZb^ TY_Z LYO QTWW^ _SP [P]^ZY ]PNZRYTeTYR _ST^ 0aP]d_STYR _SL_ T^ ^[T]T_`LW T^  L_ _SP ^LXP _TXP XL_P]TLW LYO aTNP aP]^L& bSL_ T^ TXLRTYPO T^ TY L NP]_LTY ^PY^P LW]PLOd _SL_ bSTNS SL^ MPPY [P]NPTaPO& _SP YLXP _SP OP^TRYL_TZY LYO _SP ]PLW& _SP u_STYR XZXPY_v LYO _SP uXPLYTYR XZXPY_v L]P YZ_ ^_]TN_Wd ^P[L]L_POx 

4Y L ^TXTWL] XLYYP] _Z 3ÞMYP] 0]Y^_ .L^^T]P] SLO LW]PLOd NWLTXPO _SL_ TY _SP Xd_STNLW ]PWTRTZ`^ LYO ]T_`LW ]PLWT_d ZQ Pc[P]TPYNP _SP ^P[L]L_TZY ZQ _SP ^[T]T_`LW LYO _SP XL_P]TLW YZ WZYRP] L[[WTP^% wBSP]P bP ^PP L ]PWL_TZY^ST[ ZQ XP]P ]P[]P^PY_L_TZY _SP]P PcT^_^ m L ]PWL_TZY^ST[ ZQ ]PLW TOPY_T_d ?SP uTXLRPv OZP^ YZ_ ]P[]P^PY_ _SP u_STYRv z T_ T^ _SP _STYRx  ?ST^ ^d^_PX ZQ _SZ`RS_ LYO Pc[P]TPYNP T^ LW^Z PQQPN_TaP TY LNZ`^_TN [T P_d BSPY _SP XLY_]L T^ ^[ZVPY _SP OPT_d T^ _SP]P 4_ L[[PL]^ TY _SP aZTNP 4_^ [ZbP]Q`W PQQPN_ T^ LN_TaL_PO TY _SP L`OTMWP LYO TYYP] ^[PPNS 4YaZNL_TZY^ ^`NS L^ _SP [Z[`WL] YLXP []LdP]^ LYO WT_LYTP^ L]P PaZNL _TZY^ ?SP OPaZ_TZYLW ^TYRTYR PXMZOTP^ _SP OTaTYP WZaP _SL_ T^ QPW_ _Z MP LYO Pc[P]TPYNPO L^ X`_`LW ?SP RZO^ L[[PL] TY aT^TMWP QZ]X TY _SP OLYNP]^ LYO LN_Z]^ [P]QZ]XTYR _SP Xd_S^ P_N ,YLWZRZ`^Wd _Z .L^^T]P]v^ YZ_P^ ZY Xd_STNLW O]LXL _SP QZWWZbTYR LW^Z L[[WTP^ SP]P% wF?HSP OLYNP] T^ _SP RZO MPNZXP^ _SP RZO  _ST^ T^ YZ_ L XP]P TXT_L_TZY ]P[]P^PY_TYR LY LN_ M`_ T^ _SP LN_ T_^PWQ LYO T_^ TXXPOTL_P PcPN`_TZY& T_ T^ L  ]PLW PaPY_ MPNL`^P T_ T^ LY PQQPN_TaP ZYP _S]Z`RS LYO _S]Z`RSx ! 4_ T^ PQQPN _TaP L^ 3ÞMYP] ]TRS_Wd ]PXL]V^ wMPNL`^P _SP Xd_STNLW ^`M^_LYNP ZQ _SP OPT_d []P^PY_ TY _SP L]NSË FZ]TRTYH [P]aLOP^ _SP  [L]_TNT[LY_^ LYO QTWW^ _SPX LYO _S`^ ^ZXP_STYR ZQ _SP [ZbP] ZQ _ST^ ^`M^_LYNP T^ _]LY^QP]]PO TY_Z _SPXx " 4_ ^SZ`WO MP `YOP]^_ZZO _SL_ bP OZ YZ_ bLY_ _Z XLVP LYd ^_L_PXPY_^ SP]P LMZ`_ _SP ZY_ZWZRTNLW PcT^_PYNP ZQ RZO^ M`_ ZYWd _SL_ _SPd ]P[]P ^PY_ L NZXX`YTNL_TaP ]PLWT_d >TXTWL] _Z 8Lc BPMP] WL_P] ZY _SP dZ`YR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ #$ 3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ !  3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ !  0]Y^_ .L^^T]P] ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY EbPT_P] ?PTW% /L^ Xd_ST^NSP /PYVPY /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $$ :]TRTYLW $!  0YRWT^S _]LY^WL_TZY Md 0 3TNV^ ! .L^^T]P] ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY 44  0YRWT^S _]LY^WL_TZY Md 0 3TNV^ " 3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ $    

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



6L]W 8L]c ^LTO TY _SP dPL] #% w?SL_ bSTNS 4 TXLRTYP _Z MP ]PLW T^ L ]PLW YZ_TZY QZ] XP LQQPN_TYR XP LYO TY _ST^ ^PY^P LWW RZO^  F_SP YZY .S]T^_TLY LYO _SP .S]T^_TLY LWTVPH SLaP L ]PLW PcT^_PYNPx # 3ZbPaP] T_ ^PPX^ _Z MP TX[Z]_LY_ _SL_ _SP^P L]P LW^Z ]PLW [Sd^TNLW Pc[P]TPYNP^ _SL_ RZ MPdZYO XP]P TXLRTYL_TZY LYO [`]P TY_P]TZ]T_d LYO L]P LNNP^^TMWP _Z [`MWTN OT^NZ`]^P^ 8LY_]L [ZbP] LYO _SP []P^PYNP ZQ OPT_TP^ TY ^Z`YO^ YLXP^ LYO [P]QZ]XLYNP^ L]P TY_P]^`MUPN_TaPWd ^SL]PO ^ZNTLW ]P[]P^PY_L _TZY^ ?SPd NLY MP NZOPO LYO OPNZOPO TY OTQQP]PY_ bLd^ OP[PYOTYR ZY _SP ST^_Z]TNLW [L]LOTRX ^ZNTLWTeL_TZY NT]N`X^_LYNP^ ]PWTRTZ`^ R]Z`[ WTYPLRP LYO ^`MUPN_TaP L__T_`OP PR TY _SP QZ]X ZQ OTQQP]PY_ PXP]RTYR YZ_TZY^ ZQ OPT_TP^ Z] Pc[P]TPYNPO TY OTQQP]PY_ bLd^ PR TY _SP QZ]X ZQ QPL]^ ZQ OT^L^_]Z`^ ]P^`W_^ LQ_P] TYNZ]]PN_ []ZY`YNTL_TZY ZQ ^LN]PO QZ]X` WL^ TY _SP QPPWTYR ZQ TY_PY^TaP NWZ^PYP^^ _Z _SP OPT_d LYO SL[[TYP^^ TY _SP [P]NP[_TZY ZQ ^[PNTQTN PQQPN_^ ^`NS L^ SPLWTYR P_N Z] TY _SP [P]NP[ _TZY ZQ _SP ]PWTRTZ`^ PaPY_ L^ LY PY_P]_LTYTYR z Z] PaPY MZ]TYR z [P] QZ]XLYNP ZQ Xd_S^ ?SP Pc[P]TPYNP ZQ _SP LYTXL_P YL_`]P ZQ ^Z`YO _SL_ T^ _SP ^[PNTQTN ]PWTRTZ`^ []ZaTYNP ZQ XPLYTYR T^ LWbLd^ ]PLWTePO PT_SP] _SPXL_TNLWWd Z] YZY_SPXL_TNLWWd ZYWd TY L ^`MUPN_TaP XLYYP] PaPY TQ _SP ]PWTRTZ`^ L^ [PN_^ ZQ NZOTYR L]P QTcPO TY LOaLYNP ?SP ]P\`T]PXPY_ T^ LWbLd^ _SL_ ZYP MPSLaP^ TY L [L]_TNT[L_Z]d QL^STZY TY ]PWL_TZY _Z _SP _Pc_ ^Z ^Z`YO^ NZXP _Z WTQP LYO PcP]_ _SPT] PQQPN_^ LYO _SL_ ^ZXP ^Z]_ ZQ VYZbWPORP X`^_ PcT^_ TY LOaLYNP ^Z _SL_ _ST^ NLY SL[[PY L_ LWW :YP NLY ^`[[Z^P LWZYR bT_S 6YZMWL`NS _SL_ L_ ^ZXP ^_LRP bSP_SP] T_ MP TY LOaLYNP Z] L_ _SP XZXPY_ ZQ SPL]TYR L wR]PL_ _]LY^NPYOPYNdx PT_SP] _LVP^ [WLNP Z] SL^ _LVPY [WLNP ^`NS L^ TY _SP NL^P ZQ _SP bZXLY bSZ TXXP]^P^ SP]^PWQ TY _SP YLXP^ WTVP L OLYNP] TXXP]^P^ STX^PWQ TY ST^ XZaPXPY_^ 3Zb PaP] QZ] Z`] XZOPW ZQ YP_bZ]VTYR Z] MWPYOTYR T_ T^ `W_TXL_PWd TXXL_P ]TLW bSP_SP] ZYP L]R`P^ ^ZNTZ[SPYZXPYZWZRTNLWWd bT_S ^XLWW LYO WL]RP _]LY^NPYOPYNTP^ _SL_ L]P ZYWd ZaP]NZOPO ^PNZYOL]TWd TY L ^ZNTZ N`W_`]LWWd ]PWTRTZ`^ XLYYP] Z] bSP_SP] TY ^ZNTLW LY_S]Z[ZWZRTNLW _P]X^ _SP ^ZNTLW L^[PN_^ LYO bSL_ T^ N`W_`]LWWd QZ]XPO LWbLd^ NZXP QT]^_ XZ]P TY /`]VSPTXv^ ^PY^P $ ?SP TOPL ZQ ^LN]PO [ZbP] LYO OTaTYP []P^PYNP TY ]PWTRTZ`^ ^Z`YO T^ TYOPPO OPP[Wd ]ZZ_PO TY 4YOTLv^ N`W_`]LW L]NSTaP LYO OPQTYT_PWd PYUZdPO X`NS ^ZNTLW PQQP]aP^NPYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # wBL^ TNS XT] bT]VWTNS aZ]^_PWWP T^_ PTYP bT]VWTNSP AZ]^_PWW`YR QÞ] XTNS OL^ bT]V_ L`Q XTNS `YO TY OTP^PX >TYY SLMPY LWWP 2Ø__P] m PTYP ]PPWWP 0cT^_PYex Z`YO

BP SLaP L]R`PO _SL_ LNZ`^_TN [TP_d PYNZX[L^^P^ ^PY^Z]d ]T_`LW [P]QZ]XL_TaP LQQPN_TaP LYO P[T^_PXTN L^[PN_^ LWW ]PQP]]TYR _Z ^`[P] YL_`]LW ]PWTRTZ`^ NZY^_]`N_ ^[LNP^ LYO QZ] _ST^ ]PL^ZY LY L[[]Z[]TL_P TYaP^_TRL_TZY bZ`WO WTP ^[PNTQTNLWWd TY _SP QTPWO ZQ _SP LP^_SP_TN^ LYO ^PXTZ_TN^ ZQ ]PWTRTZY 3P]P NZY_Pc_`LWTeL_TZY XPLY^ []TXL]TWd _Z NZY ^TOP] _SP ]PWTRTZ`^ TOPL^ LYO [L]LOTRX^ ZQ _SP RTaPY N`W_`]P /P^[T_P _ST^ OTaT^TZY ZQ _L^V^ Md OT^NT[WTYP bSTNS bP []ZXZ_P RZZO [ZTY_^ QZ] Z`] ^PXTZ_TN MWPYOTYR XZOPW L]P ZQQP]PO Md ;PT]NPv^ _P]XTYZWZRd ZQ LY wTY_PR]LW ^_]`N_`]Px  5LVZM^ZYv^ XZOPW ZQ P\`TaLWPYNP^ 0NZv^ YP_ bZ]V ZQ SZXZWZRZ`^ QZ]X^ LYO YZ_ WPL^_ ;]Z`^_v^ XPXZ]d ^[LNP ZQ ]PNT[]ZNLW WTYVLRP^ ?ST^ XZOPW bSTNS TYNW`OP^ YZ_ ZYWd WTYR`T^_TN OTXPY^TZY^ M`_ LW^Z L ^P]TP^ ZQ YZYWTYR`T^_TN ZYP^ NLY Pc[WLTY PaPY Pc_]PXP QZ]X^ ZQ LNZ`^_TN [TP_d Z] Pc_]PXP QZ]X^ ZQ TYOPcTNLW TNZYTNT_d ^`NS L^ _SP P[T[SLYd ZQ OPT_TP^ TY XLY_]L ^Z`YO^ ZbTYR _Z LY Pc_PY^TaP YP_bZ]V ZQ TY_P]LN_TaP QLN_Z]^ _SL_ _ZRP_SP] ]P^`W_ TY L NZXXZY QTPWO TY bSTNS L YPb ]PLWT_d PXP]RP^ 2P^_LW_ [^dNSZWZRT^_^ bZ`WO ^[PLV ZQ LY wLYOWTYVLRPx :`] _P]X wMWPYOTYRx T^ MZ]]ZbPO Q]ZX NZRYT_TaP ^NT PYNP 4Y _P]X^ ZQ NZRYT_TaP [^dNSZWZRd _SP NZX[WPc ^_]ZYRWd ^dY_SP_TN LYO ^dYLP^_SP_TN NZYQTR`]L_TZY ZQ SZWd SPL]TYR LYO ^LN]PO ^Z`YO^ NLY MP Pc[WLTYPO Md _SP _SPZ]d ZQ NZRYT_TaP MWPYOTYR LYO NZYNP[_`LW TY_P R]L_TZY YP_bZ]V^ 2TWWP^ 1L`NZYYTP]v^ LYO 8L]V ?`]YP]v^ aP]^TZY ZQ _ST^ _SPZ]d  ^SZb^ `^TYR _SP ^[LNP_TXP XP_L[SZ] SZb L MWPYOTYR ZQ XLYd ^[LNP^ X`W_T[WP []ZUPN_TZY^ LYO Sd[P]MWPYO^ LYO LW^Z NP]_LTY NZRYT_TaP NZY^_]LTY_^ WPLO _Z NZX[WPc NZRYT_TaP TY_PR]L_TaP YP_bZ]V^ L]T^TYR LYO TY _ST^ bLd _SP ]P^`W_ NLY MP _SP PXP]RPYNP ZQ TYaL]TLY_ `YTaP]^LW ^_]`N_`]P^ ^`NS L^ _SP QTcPO OLdWPYR_S ZQ _bPWaP SZ`]^ MPTYR TYOTNL_PO ZY ^ZXP NWZNV^ TY OTRT_^ LYO ZY Z_SP]^ Md _SP SLYO^ M`_ bSTNS L_ _SP ^LXP _TXP L]P Pc[P]TPYNPO ^`MUPN_TaPWd TY NZX[WP_PWd OTQ QP]PY_ bLd^ PYOWP^^ ^PNZYO^ dPL]^ RZYP TY L QWL^S P_N 8LdMP LNZ`^ _TN [TP_d LYO _SP NZYaTN_TZY ZQ _SP ]PWTRTZ`^ [ZbP] ZQ ^Z`YO^ L]P L _d[P ZQ `YTaP]^LW ]PWTRTZ`^ TOPL ^TXTWL] _Z _SP Pc[P]TPYNP ZQ L WTaTYR []P^ PYNP TY ]PWTRTZ`^ TXLRP^  1L`NZYYTP] LYO ?`]YP] YZ_P _SP []ZUPN_TZY ZQ LRPYNd ZY_Z _SP ZNN`]]PYNP ZQ PaPY_^ L^ L bTOP^[]PLO NZRYT_TaP [L_ _P]Y _SL_ TY _SPT] PcLX[WP WPLO^ _Z _TXP T_^PWQ MPTYR [P]NPTaPO L^ _SP LRPY_ 4Q ZYP YZb ]P[WLNP^ _TXP bT_S ^Z`YO _ST^ T^ SZb _SP ?LY_]TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q 5LVZM^ZY >PXTZ_TV  !  ,XZYR _SP XLYd [`MWTNL_TZY^ ZQ _SP L`_SZ]^ _SPT] L]_TNWP w=P_STYVTYR 8P_L[SZ]x TY .LXM]TORP 3LYOMZZV ZQ 8P_SL[SZ] LYO ?SZ`RS_ PO =Ld 2TMM^ .LXM]TORP% .LX M]TORP @; # T^ _SP ML^T^ QZ] _SP QZWWZbTYR LM^_]LN_  3PTXM]ZNV w¾MP] OTP ]PWTRTØ^P BT]V`YR aZY 6WÆYRPYx  Q _]LNP^ _SP _]LY^N`W_`]LWWd bTOP^[]PLO aTPb MLNV _Z LY `YMZ]Y NSTWOv^ ^PY^Z]d Pc[P]TPYNP ZQ SPL]TYR T_^ XZ_SP]v^ SPL]_MPL_

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



wXLY_]L OPT_TP^x L]Z^P >Z`YO SL^ LRPYNd LYO OP]TaP^ T_^ NL[LNT_d Q]ZX _SP YP_bZ]V [SZYP_TN ^_]`N_`]P^ PXMZOTPO [P]QZ]XLYNP ]T_`LW ^P__TYR ]PWTRTZ`^ [L]LOTRX [P]^ZYLW TYaZWaPXPY_ P_N TY bSTNS T_ L[[PL]^ ,_ _SP ^LXP _TXP SZbPaP] []PNT^PWd _SP PcLX[WP ZQ XLY_]L OPT_TP^ ^SZb^ _SL_ TY 4YOTL bP QTYO LNZ`^_TN [TP_d _Z MP ^Z ]LOTNLW _SL_ ZYP X`^_ L^ ^`XP ^_]ZYR N`W_`]LW aL]TLMWP^ _SL_ _SPX^PWaP^ NLYYZ_ MP ^PPY L^ `YT aP]^LW L_ LWW ,_ _ST^ U`YN_`]P 5P^[P] >ø]PY^PYv^ NZRYT_TaP _SPZ]d ZQ ]T_`LW LYO XLRTN ZQQP]^ L MP__P] ^_L]_TYR [ZTY_ @YWTVP NZXXZY NZRYT_TaP _SPZ]TP^ L^^`XTYR ZYWd `YTaP]^LW NZRYT_TaP XPNSLYT^X^ >ø]PY^PYv^ MWPYOTYR XZOPW LW^Z L__PX[_^ _Z TYNW`OP N`W_`]LW TYQW`PYNP^  3P ^[PLV^ ZQ L wNZYaP]RPYNP eZYP MP_bPPY `YTaP]^LW NZRYT_TaP XPNSLYT^X^ ZQ NL_PRZ ]T^L_TZY ZY _SP ZYP SLYO LYO N`W_`]LWWd []P^[PNTQTPO NZYQTR`]L_TZY^ ZQ XPLYTYR ZY _SP Z_SP]x  LYO NWLTX^% wN`W_`]LW []Z[P]_TP^ bTWW TYQW`PYNP NZYNP[_`LW OZXLTY^ _Z L ^`M^_LY_TLW OPR]PP Md _SPT] PXMPOOTYR TY N`W _`]LWWd ^[PNTQTPO ^d^_PX^ ZQ NZYaPY_TZYLW ^dXMZW^ XL_P]TLW N]d^_LWWT^L _TZY LYO []PP^_LMWT^SPO NZYQTR`]L_TZY^ ZQ XPLYTYRx  1`]_SP]XZ]P _SP _Z[Z^ SP OT^N`^^P^ T^ NWZ^P] _Z Z`] _Z[TN ZQ LNZ`^_TN [TP_d ^LN]PO [ZbP] LYO LYTXL_P ^Z`YO >ø]PY^PY ]PRL]O^ NZRYT_TaP MWPYOTYR L^ LY TX[Z]_LY_ PWPXPY_ TY ]PWTRTZ`^ LYO XLRTN ]T_P^ LYO XLRTNLW LRPYNd ! :YP _STYR [L]_TN`WL]Wd NPY_]LW _Z Z`] _Z[TN T^ ST^ QTYOTYR _SL_ NZYNP[_`LW MWPYOTYR LWbLd^ NZY_LTY^ L ^[PNTLW TY_PR]L_TZY WTYVTYR _STYR^ _SL_ L]P OTQQP]PY_ LYO _S`^ LWWZb^ ^ZXP_STYR YPb _Z L]T^P% w4Y NZYNP[_`LW MWPYOTYR PWPXPY_^ LYO ^_]`N_`]P^ Q]ZX _bZ Z] XZ]P XPY_LW ^[LNP^ L]P []ZUPN_PO TY_Z L YPb ^[LNP L MWPYOPO ^[LNP TY bSTNS L YPb ^_]`N_`]P FLYO YPb XPLYTYRH NLY L]T^Px "

,NNZ]OTYR _Z >ø]PY^PY _SP ^[PNTLW LMTWT_d ZQ NZRYT_TaP MWPYOTYR T^ _SL_ PWPXPY_^ ZQ OTQQP]PY_ OZXLTY^ NLY MP Q`^PO _ZRP_SP] _SL_ bZ`WO YZ] XLWWd YZ_ TY_P]LN_ LYO _SL_ _ST^ ]P^`W_^ TY L ^_]`N_`]P _SL_ OTO YZ_ PcT^_ TY _SP TY[`_ ^[LNP^ ?ST^ ^_]`N_`]P TY T_^ _`]Y LWWZb^ YPb TYQP]PY_TLW ^_]`N_`]P^ _SL_ TY _SPT] _`]Y L]P PT_SP] Pc[Z]_PO TY_Z LY TY[`_ ^[LNP Z] []ZUPN_PO MLNVbL]O^ ?ST^ L[[WTP^ _Z LWW _d[P^ ZQ MWPYOTYR .ZRYT_TaP ^NTPY_T^_^ ]PRL]O XP_ZYdXTP^ LYO XP_L[SZ]^ L^ NPY_]LW NZRYT_TaP NL_PRZ]TP^ QZ] Z`] OLTWd _STYVTYR LYO L_ _SP SPL]_ ZQ NZRYT_TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN    z# Q  Q ! >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN   >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN   >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  ! /P[PYOTYR ZY _SP aL]TZ`^ QZ]X^ ZQ NZRYT_TaP MWPYOTYR _SP L`_SZ] OT^_TYR`T^SP^ MP_bPPY OTQQP]TYR _d[P^ ZQ XLRTNLW _]LY^ LN_TZY^& PR OP[PYOTYR ZY bSP_SP] _SP ]PWL_TZY T^ ML^PO ZY ^TXTWL]T_d Z] NZY_LRTZY bSP_SP] _SP LTX ZQ _SP ]T_`LW T^ _Z _]LY^QZ]X Z] XLYT[`WL_P LYO bSP_SP] _SP XLRTNLW LRPYNd T^ ^PPY L^ ]P^TOTYR TY L S`XLY LRPY_ LY ZMUPN_ Z] _SP ]T_`LW LN_ T_^PWQ " >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN   ^PP LW^Z TY XZ]P OP_LTW TMTO Q    !



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

MWPYOTYR -Z_S XP_ZYdXd c ^_LYO^ QZ] T_^PWQ LYO LYZ_SP] LYO XP_L [SZ] c ^_LYO^ QZ] LYZ_SP] NZY_LTY PXMZOTPO VYZbWPORP LYO L]P NZX [WPc QZ]X^ ZQ NZRYT_TZY _SL_ Q`^P XZ]P _SLY ZYP ^[LNP TY_Z ZYP ?SPd ]P[]P^PY_ WL]RP] ZMUPN_^ LYO OZXLTY^ ZQ Pc[P]TPYNP LYO SPW[ `^ `YOP] ^_LYO Z`] bZ]WO TY _P]X^ ZQ []Z_Z_d[P^ ?SPd L]P L_ _SP SPL]_ ZQ LM^_]LN_ _SZ`RS_ # L^ bPWW L^ LMWP _Z Pc[WLTY _SP NZRYT_TaP XPNSLYT^X^ ZQ LNZ`^ _TN [TP_d LYO ^ZNLWWPO XLRTN ?SP QZWWZbTYR OT^N`^^TZY ZQ >ø]PY^PY L__PX[_^ _Z ^SZb SZb Q]`T_Q`WWd _SP NZRYT_TaT^_v^ TY^TRS_^ NLY MP L[[WTPO _Z Z`] _Z[TN LYO bSP]P bP ^PP YPNP^^T_d _Z OTaP]RP >ø]PY^PY XLVP^ `^P ZQ ;PT]NPv^ NL_PRZ]TP^ ZQ ^TRY^ LYO WTYV^ _SPX _Z _SP XLUZ] NZRYT_TaP _P]X^ XP_ZYdXd ^PPY L^ LY TYOPcTNLW ]PWL_TZY ^ST[ LYO XP_L[SZ] ^PPY L^ LY TNZYTN ]PWL_TZY^ST[ TY Z]OP] _Z Pc[WLTY XLRTNLW LRPYNd LYO ]T_`LW PQQTNTPYNd _]LY^QZ]XL_TZY^ LYO XLYT[`WL _TZY^ TP MWPYOTYR []ZNP^^P^ ZQ P^^PYNP _]LY^QP] LYO P^^PYNP NSLYRP NZ]]P^[ZYOTR _Z 1]LeP]v^ wNZY_LRTZ`^x LYO wTXT_L_TaPx XLRTN $ ?d[T NLW QZ] XLRTNLW LN_^ T^ LNNZ]OTYR _Z >ø]PY^PY L OPPX[SL^T^ ZQ _SP ^dXMZWTN XPLYTYR :MaTZ`^Wd _SP]P T^ ^ZXP NZY_TY`T_d bT_S LNZ`^_TN [TP_d _SL_ T^ LW^Z Q]P\`PY_Wd NSL]LN_P]TePO Md _SP PYSLYNPO aLW`P ZQ TYOPcTNLW LYO TNZYTN ^TRY \`LWT_TP^ dP_ _ST^ LWZYP OZP^ YZ_ XLVP T_ XLRTN ?SP ]PL^ZY QZ] _SP PYSLYNPXPY_ T^ X`NS XZ]P ML^TN 4_ T^ XZ^_Wd NZYNP]YPO bT_S L ]PWL _TZY^ST[ _Z ]PWTRTZ`^ []LN_TNP TY bSTNS _Pc_^ L]P SL]OWd PaP] ]PLO ^T WPY_Wd M`_ TY^_PLO L]P ]PNT_PO ^`YR LYO [P]QZ]XPO BP bTWW LW^Z `^P _SP _P]X wXLRTNx TY _ST^ MZZV OP^[T_P T_ MPTYR SPLaTWd M`]OPYPO Md T_^ NZWZ YTLW SP]T_LRP M`_ TY L XZ]P ]P^_]TN_PO ^PY^P _SLY >ø]PY^PY 4Y NZY_]L^_ bP `^P _SP _P]X w[L]_TNT[L_TZYx TY L bTOP] ^PY^P YZ_ XP]PWd L[[WTNLMWP _Z XLRTN ]T_P^ 7TVP >ø]PY^PY bP `YOP]^_LYO ]PWTRTZY L^ L wX`NS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ,NNZ]OTYR _Z _SP NZRYT_TaP ^NTPY_T^_ 8L]V 5ZSY^ZY ?SP -ZOd TY _SP 8TYO% ?SP -ZO TWd -L^T^ ZQ 8PLYTYR 4XLRTYL_TZY LYO =PL^ZY .STNLRZ% .STNLRZ @YTaP]^T_d ;]P^^ $#" XP_L[SZ]^ L]P LXZYR _SP XZ^_ TX[Z]_LY_ []ZO`NP]^ ZQ ]L_TZYLWT_d LYO LM^_]LN _TZY 5ZSY^ZY ^SZb^ SZb ML^TN NZYNP[_^ ^`NS L^ MLWLYNP ^NLWP QZ]NP P_N PXP]RP Q]ZX [Sd^TNLW Pc[P]TPYNP LYO NLY MP XP_L[SZ]TNLWWd Pc_PYOPO _Z Pc[]P^^ LM^_]LN_ XPLYTYR ?SP NL_PRZ]d wXP_L[SZ]x T^ LW^Z _SP XLUZ] ZYP TY 1L`NZYYTP]v^ LYO ?`]YP]v^ _SPZ]d XPY_TZYPO LMZaP =PNPY_ OT^N`^^TZY^ QLaZ] _SP NL_PRZ]d wXP_ZYdXdx L^ _SP XZ]P TX[Z]_LY_ `YO Q`YOLXPY_LW ZYP >PP 6WL`^@bP ;LY_SP] LYO 2ÞY_P] =LOOPY PO^ 8P_ZYdXd TY 7LYR`LRP LYO ?SZ`RS_ ,X^_P]OLX% 5ZSY -PYULXTY^ ;`MWT^STYR .ZX[LYd $$$ 4Y XP_L[SZ] _bZ PWPXPY_^ Q]ZX OTQQP]PY_ NZYNP[_`LW OZXLTY^ L]P ]PWL_PO bSP]PL^ TY XP_ZYdXd _bZ PWPXPY_^ ZQ _SP ^LXP NZYNP[_`LW OZ XLTY L]P ]PWL_PO $ >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN   ^`RRP^_^ _SP QZWWZbTYR L^ _SP XLTY N]T_P]TZY QZ] Pc[WLTYTYR XLRTNLW _]LY^QZ]XL_TZY LYO XLYT[`WL_TZY% w4Y _SP ^_`Od ZQ XLRTN TYOPcTNLW LYO TNZYTN TY_P][]P_L_TZY^ LYO ]P[]P^PY_L_TZY^ L]P _SP []TXL]d WZN`^ ZQ TY_P]P^_ L^ _SP^P OT]PN_Wd LOO]P^^ _SP \`P^_TZY ZQ XLRTNLW LRPYNd LYO ]T_`LW PQQT NLNdx :Y _SP NZ]]PWL_TZY ZQ XP_ZYdXd bT_S TYOPcTNLW ^TRY \`LWT_TP^ ^PP TMTO z "& ZY _SP NZ]]PWL_TZY ZQ XP_L[SZ]^ LYO TNZY^ ^PP "z $

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



M]ZLOP] LYO XZ]P PYNZX[L^^TYR NZYNP[_ _SLY XLRTNx LYO XLRTN L^ wPXMPOOPO TY XZ^_ ]PWTRTZ`^ ]T_`LW^x  0aPY _SZ`RS LNZ`^_TN [TP_d OZP^ YZ_ NZaP] LWW 3TYO`T^_TN QZ]X^ ZQ ]PWTRTZY T_ ]P[]P^PY_^ LW^Z L M]ZLOP] NZYNP[_ _SLY XLRTN z dP_ T_ NZY_LTY^ XLRTNLW L^[PN_^ >ø]PY^PY ^_L_P^ _SL_ XLRTNLW ]T_P^ L]P []TXL]TWd NSL]LN_P]TePO Md ]T_`LW PQQTNLNd TP Pc Z[P]P Z[P]L_Z PQQPN_^ L NSLYRP TY _SP ^_L_P Z] P^^PYNP ZQ ZMUPN_^ LN_^ LYO PaPY_^ MPTYR _SP NPY_P] ZQ L__PY_TZY  3ZbPaP] _SP]P T^ SL]OWd L ^TYRWP ]PWTRTZ`^ ]T_`LW _SL_ OZP^ YZ_ WLd NWLTX _Z ]T_`LW PQQTNLNd LYO LN_` LWWd PcP]_^ _SP TY_PYOPO PQQPN_^ Md MPTYR [P]QZ]XPO 0QQTNLNd T^ _SP]P QZ]P YZ_ L OT^_TYR`T^STYR N]T_P]TZY [PN`WTL] _Z XLRTN  M`_ TY^_PLO L ^PWQOP_P]XTYPO [ZbP] ZQ ]T_`LW [P]QZ]XLYNP :`] XZ]P ]P^_]TN_PO NZY NP[_ ZQ XLRTN bTWW MP ML^PO ZY SZXZWZRd LYO OPWTMP]L_P [ZbP] ZQ LN_TZY _Z Pc[WLTY LN_TaT_TP^ _SL_ SLaP MPPY TOPY_TQTPO TY ]P^PL]NS TY _P]X^ ZQ NZY_LRTZ`^ LYO TXT_L_TaP XLRTN ,NZ`^_TN [TP_d OZP^ YZ_ SLaP L OPNT^TaP ]ZWP SP]P :Y _SP Z_SP] SLYO XLYd ZQ _SP NZRYT_TaP []ZNP^^P^ LYO MWPYOTYR XPNSLYT^X^ >ø]PY^PY `^P^ _Z Pc[WLTY XLRTNLW LRPYNd NLY LW^Z MP _]LY^QP]]PO _Z QZ]X^ ZQ LNZ`^_TN [TP_d LYO LYTXL_P ^Z`YO^ :`] ^_`Od bTWW []PQP] 3ÞMYP]v^ Pc[WLYL_TZY XZOPW ZQ wXd_STNLW ^`M^_LYNP^x _SL_ _LVP^ MP__P] TY_Z LNNZ`Y_ _SP ]PLWT_d aLW`P L__LNSPO _Z LNZ`^_TN [TP_d LYO LYTXL_P ^Z`YO^ LYO _SP [L]_TNT[L_Z]d bZ]WOaTPb bZaPY TY_Z _SPX .L^^T]P]v^ bTOP NZYNP[_ ZQ ^dXMZWTN QZ]X^ bTWW `W_TXL_PWd MP XZ]P L[_ _Z NL[_`]P N`W_`]LWT_d _SLY >ø]PY^PYv^ L[[]ZLNS ,Y PcN`]^TZY TY_Z _SP MWPYOTYR XZOPW LYO _SP XP_ZYZXdXP_L[SZ] _SPZ]d ZQ NZRYT_TaP ^NT PYNP bTWW _SP]PQZ]P MP TYQZ]XL_TaP QZ] MZ_S _Z OP_PN_ ^ZXP ML^TN NZRYT _TaP XPNSLYT^X^ `YOP]WdTYR TOPL^ LYO []LN_TNP^ ZQ ^LN]PO ^Z`YO TY 4Y OTL LYO _Z ^[Z_ _SP Q]LTW_TP^ ZQ >ø]PY^PYv^ _SPZ]d bSPY L[[WTPO _Z >LY^V]T_ 3TYO`T^X ATPbPO Q]ZX L NZRYT_TaP ^NTPYNP [P]^[PN_TaP _SP NPY_]LW NL_PRZ]TP^ TYaZWaPO TY LNZ`^_TN [TP_d LYO LYTXL_P ^Z`YO^ L]P TYOPPO XP_ZYdXd LYO XP_L[SZ] bSTNS ]P[]P^PY_ LYO N]PL_P MWPYOPO ^[LNP^ Md LWWZbTYR TYOPcTNLW LYO TNZYTN ^TRY \`LWT_TP^ LYO TY_P][]P_L_TZY^ _Z NZXP _Z _SP QZ]PR]Z`YO ?SPY _SP]P T^ _SP RPYP]TN NZRYT_TaP []TYNT[WP ZQ _SP w[^d NSZWZRTNLW P^^PY_TLWT^Xx _SL_ P^_LMWT^SP^ ]PWL_TZY^ ZQ TOPY_T_d LYO _SP XPNSLYT^X ZQ wXP_L[SZ]TNLW XL[[TYRx _SL_ LWWZb^ ^`NS ]PWL_TZY^ _Z MP Pc[LYOPO -Z_S NZRYT_TaP []TYNT[WP^ [^dNSZWZRTNLW P^^PY_TLWT^X L^ N]TMTYR STOOPY []Z[P]_TP^ _Z PY_T_TP^ L^ L OPQTYTYR NSL]LN_P]  LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  #!  >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN    ?ST^ T^ bPWW OPXZY^_]L_PO TY 6WTYRSL]O_ w;]LdP] 1Z]X`WL]TP^x bSZ N]POTMWd NSLW WPYRP^ L OT^_TYN_TZY  >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN   :Y w[^dNSZWZRTNLW P^^PY_TLWT^Xx ^PP LW^Z TMTO z "% w@YOP]WdTYR NZYYPN_TZY^ ZQ TOPY_T_d LYO XP_ZYdXd bP QTYO _SP ML ^TN NZRYT_TaP []TYNT[WP ZQ [^dNSZWZRTNLW P^^PY_TLWT^X  ;^dNSZWZRTNLW P^^PY_TLWT^X

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

XP_L[SZ]TNLW XL[[TYR ]P[]P^PY_TYR wZYP ZQ _SP XLUZ] ^_]L_PRTP^ QZ] N]PL_TYR YPb NZ`Y_P][L]_ NZYYPN_TZY^x  L]P [ZbP]Q`W NZRYT_TaP OP aTNP^ LYO QZ`YO LNNZ]OTYR _Z >ø]PY^PY _S]Z`RSZ`_ LWW S`XLY NL_PRZ]T eL_TZY^  ?SP N]PL_TZY ZQ YPb NZ`Y_P][L]_ NZYYPN_TZY^ ZNN`]^ QZ] TY ^_LYNP _S]Z`RS wTXLRP ^NSPXL_Lx ^`NS L^ _SP NZY_LTYP]NZY_LTYPO ^NSPXL_L ?ST^ T^ TX[Z]_LY_ QZ] TOPL^ ZQ TXXPOTL_P XPOTL_TZY 4Y RPYP]LW T_ NLY MP ^LTO _SL_ SZWd _Pc_^ TY 4YOTL LYO YZ_ ZYWd _SP]P L]P ^PPY L^ NZY_LTYP]^ LYO aPSTNWP^ TP XPOTL_TYR ZMUPN_^ ZQ L wYZY PXMZOTPOx OTaTYP P^^PYNP LYO _SP SZWTYP^^ LYO OTaTYP YL_`]P ZQ _ST^ P^^PYNP L]P _]LY^QP]]PO _Z _SPX 4Y LWW N`W_`]P^ ^LN]PO WT_P]L_`]P^ L]P `^`LWWd _]PL_PO bT_S ^[PNTLW NL]P LYO ]P^[PN_ LYO XLd MP ^PPY L^ XP_Z YdX^ TYOPcP^ XP_L[SZ]^ TNZY^ Z] L^ ^dXMZWTN ]P[]P^PY_L_TZY^ ZQ OTaTYP L`_SZ]T_d LYO L ^LN]PO `YTaP]^P >ø]PY^PY NZ]]PWL_P^ XP_ZYdXd bT_S TYOPcTNLW ^TRY \`LWT_TP^ _SP NZRYT_TaP []TYNT[WP ZQ [^dNSZWZRTNLW P^^PY_TLWT^X LYO ]PWL_TZY^ ZQ TOPY _T_d 3T^ OT^N`^^TZY ZQ XP_ZYdXd T^ P^[PNTLWWd ]PWPaLY_ _Z Pc_]PXP QZ]X^ ZQ LNZ`^_TN [TP_d bSP]P _SP OT]PN_ [P]NP[_`LW LYO P^^PY_TLWT^_ L^[PN_^ L]P PX[SL^T^PO LYO _SP ^TRY T^ `YOP]^_ZZO L^ L ^`[P]YL_`]LW LYO P^^PY_TLW Pc_PY^TZY ZQ _SP ZMUPN_ ! 4Q ZYP ]PRL]O^ ^PPO XLY_]L^ LYO QZ]X`WL^ ZQ RZO^v YLXP^ L^ XP_ZYdX^ T_ T^ PL^d _Z Pc[WLTY _SL_ _SPd YZ_ ZYWd ^dXMZWTNLWWd ]P[]P^PY_ OPT_TP^ M`_ LW^Z XLYTQP^_ _SPX TY L ]PLW ^PY^P 8P_ZYdXd LYO wTYOPcTNLW ]PWL_TZY^ ZQ LY P^^PY_TLW WTYV Z] TOPY _T_dx LWWZb MWPYOTYR []ZNP^^P^ ZQ P^^PYNP _]LY^QP] LYO _S`^ LY Z[[Z]_` YT_d QZ] ]LOTNLW _]LY^QZ]XL_TZY >ø]PY^PYv^ PcLX[WP T^ _SP .L_SZWTN TY _P][]P_L_TZY ZQ _SP 0`NSL]T^_ L^ _SP _]LY^`M^_LY_TL_TZY ZQ M]PLO LYO bTYP TY_Z _SP MZOd LYO MWZZO ZQ .S]T^_ " .ZX[L]LMWP _Z _ST^ ?LY_]TN XLY _]L^ L]P aTPbPO L^ wXLY_]L OPT_TP^x NZY_LTYTYR _SP OTaTYT_dv^ YL_`]P LYO [ZbP] bSTNS T^ LW^Z _]LY^QP]]PO _Z _SP S`XLY LRPY_ bSZ ]P[PL_^ _SPX BSTWP _SP]P T^ YPPO _Z `YOP]^_LYO _SP N`W_`]LW [L]LOTRX ZQ _SP [ZbP] ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

 

! "

PY^`]P^ _SL_ [P]^ZY^ LYO Z_SP] PWPXPY_^ u]PXTY _SP ^LXPv PaPY TQ _SPT] Z`_P] [P]NP[ _`LW QPL_`]P^ NSLYRP NZY^TOP]LMWd PR bT_S LRP 4_ LW^Z PY^`]P^ _SL_ PWPXPY_^ NLY [L]_LVP TY L NZXXZY P^^PYNP `YT_TYR PWPXPY_^ LN]Z^^ XPY_LW ^[LNP^ ?S`^ L^N]T[_TZY ZQ P^^PYNP PY^`]P^ _SP [P]XLYPYNP ZQ PWPXPY_^ LN]Z^^ _TXP LYO ^[LNP R`TOPO LYO NZY^_]LTYPO Md ZY_ZWZRTNLW L^^`X[_TZY LYO NL`^LW Pc[PN_L_TZY^x >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  # 1Z] PcLX[WP >ø]PY^PY ^_L_P^ TY ST^ .ZRYT_TaP ?SPZ]d ZQ 8LRTN % w;PZ[WP ]P[]P^PY_ _STYR^ TY RPYP]LW L^ SLaTYR LY TYYP] P^^PYNPw TMTO !& w>ZNTLW NL_PRZ]TP^ L]P  OP [PYOPY_ ZY _SP L^N]T[_TZY ZQ uLY `YOP]WdTYR YL_`]LW ^TXTWT_`OPv  Z] L u[^dNSZWZRTNLW P^^PY_TLWT^Xv  WTVP _SP ZYP QZ`YO XZ^_ Pc[WTNT_ TY _SP MTZWZRTNLW OZXLTYx "& w?ST^ QWZb ZQ P^^PYNP T^ aP]d ^_]ZYR TY ]PWTRTZY LYO XLRTN L^ [Z^T_TZY^ `^`LWWd bTWW MP U`ORPO L^ [Z^^P^^TYR ^ZXP u^LN]PO P^^PYNPvx ! .Q LW^Z TMTO  LYO ! >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  " >PP LW^Z ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  L[[WdTYR _SP NZRYT_TaP []TNTYT[WP ZQ XP_ZYdXd _Z Pc[WLTY APOTN XLY_]L ]T_`LW^ >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  $#z

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

"

^Z`YO _Z L[[]PNTL_P XLY_]L OPT_TP^ _SP NZRYT_TaP XPNSLYT^X^ `YOP]Wd TYR _SPX ^PPX _Z MP `YTaP]^LW >ø]PY^PY ]PRL]O^ _SP WTYV MP_bPPY P^ ^PY_TLWT^_TN ^`[[Z^T_TZY^ [L]^ []Z _Z_Z XP_ZYdXTP^ LYO P^^PYNP _]LY^QP] P^^PYNP NSLYRP LYO P^^PYNP MWPYO _S]Z`RS XP_ZYdXTN L^^ZNTL_TZY^ L^ ZYP ZQ _SP XZ^_ [ZbP]Q`W NZRYT_TaP XPNSLYT^X^ TY LWW N`W_`]P^ # 8P_L[SZ]TNLW ^TRY \`LWT_TP^ XLd ^P]aP ^TXTWL] Q`YN_TZY^ >ø]PY^PY NZ]]PWL_P^ XP_L[SZ] bT_S TNZYTN ]PWL_TZY^ ZQ TXXPOTL_PWd [P]NPTaPO M`_ XZ_TaL_PO YZYYL_`]LW ^TXTWL]T_d >`NS LY TNZYTN ]PWL_TZY ZMaTZ`^Wd PcT^_^ TY ZYZXL_Z[ZPTN XLY_]L^ QZ] PcLX[WP _SP SL]^S w^PPOx ^dWWLMWP ;3,µ _SL_ T^ `^PO _Z O]TaP LbLd LWW PaTW 4NZYTN ]PWL_TZY^ ZQ ^TXTWL]T_d NLY Pc[WLTY _SP NSLYRTYR L ^_L_P ZQ LQQLT]^ Md XLYT[`WL_TYR PWPXPY_^ TY LYZ_SP] OZXLTY 8P_L[SZ]TNLW XL[[TYR T^ Q`YOLXPY_LW _Z _ST^ MPNL`^P _SP [P]NP[_TZY ZQ ^TXTWL]T_d ]PWL_TZY^ LWWZb^ wL NZXXZY ^_LYO[ZTY_ Z] [P]^[PN_TaP ZY _SP ^`M^P\`PY_ `YQZWOTYR ZQ _]LY^QP]]PO TYQP]PY_TLW ^_]`N _`]P LYO ]PWL_PO XL[[TYRx $ BSL_ T^ [L]_TN`WL]Wd TY_P]P^_TYR QZ] Z`] ^`MUPN_ T^ YZ_ WPL^_ _SP ^TXTWL]T_d ]PWL_TZY^ N]PL_PO Md TY_P]_Pc_`LWT_d QZ] TY^_LYNP bSPY ]PNT_L_TZY ZQ _SP ;`]£©L^ T^ L^N]TMPO _SP ^LXP ^LaTYR wXLRTNx PQQPN_ L^ _SL_ L__]TM`_PO _Z _SP APOL 4Y _SP 3T^_Z]d ^PN_TZY ZQ _ST^ MZZV bP bTWW []P^PY_ LY Pc_]PXP NL^P ZQ ^`NS P^^PYNP _]LY^QP] TY _SP ;`]£©TN ^_Z]d ZQ _SP wPYQZ]NPO ]POPX[_TZYx ZQ _SP TYQLXZ`^ -TY O`RL 8P_L[SZ]TNLW ^TXTWL]T_d ]PWL_TZY^ L]P PL^TWd _]LY^QZ]XPO TY_Z XP_ZYdXTN WTYV^ LMWP _Z _]LY^[Z]_ P^^PY_TLW \`LWT_TP^   :Y _SP Z_SP] SLYO MPNL`^P XP_L[SZ]^ XL[ [P]NPTaPO ^TXTWL]T_TP^ _SPd MPNZXP TX [Z]_LY_ TYOTNP^ ZQ `YOP]WdTYR P^^PY_TLW TOPY_T_d   ?SP ^_Z]d ZQ -TY O`RL XPY_TZYPO LMZaP ^PPX^ _Z NZXP TY_Z _ST^ NL_PRZ]d ZQ wXP_ZYdXTN Pc_PY^TZYx LYO ^Z OZP^ _SP w^PPOx ^Z`YO ;3,µ BP bTWW RTaP _SP 9P _]L?LY_]L L^ LYZ_SP] XLdMP XZ]P XPXZ]LMWP PcLX[WP ZQ LY TNZYTN XP_L[SZ]TNLW P^^PY_TLWT^_TN ^TXTWL]T_d ]PWL_TZY 3P]P _SP wTXXZ]_LWT_d XLY_]Lx :¿ 5»¿ >,ž bSTNS OP^_]Zd^ LWW OPXZY^ OT^PL^P LYO OPL_S NZXP^ Z`_ ZQ _SP XZ`_S ZQ _SP ^`[]PXP RZO ±TaL8š_d`ÓULdL ?SP XLY_]L _S`^ PXMZOTP^ _SP WTaTYR bZ]O ZQ 2ZO LYO _SP ]T_`LW Z]LW ]P[]Z O`N_TZY ]PLN_TaL_P^ _SP P^^PYNP ZQ _SP RZO L^ L`^[TNTZ`^ ²TaL LYO OPL_SNZY\`P]TYR Xš_d`ÓULdL [ZbP] ?SP OPNTOTYR QLN_Z] T^ LWbLd^ _SL_ YZ_ ZYWd OZ _SP XP_ZYdXTN TY OPcTNLW LYO XP_L[SZ]TNLW TNZYTN WPaPW^ [L]_TLWWd ZaP]WL[ M`_ _SL_ _SPd LW^Z L]P WTYVPO bT_S ^dXMZWTN NZYaPY_TZYLW L^[PN_^ ZQ ^TRY^ >ø]PY^PYv^ PcLX[WP ZQ _SP .S]T^_TLY 0`NSL]T^_ XLVP^ _ST^ NWPL] LYO ST^ TOPL^ LMZ`_

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # $    

>ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN 

! " # #

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_SP XTc L]P LW^Z L[[WTNLMWP _Z 4YOTLY _Pc_ [P]QZ]XLYNP^ LYO wSZWd SPL] TYRx BP QTYO% w LY TYOPcTNLW TY_P][]P_L_TZY PX[SL^T^TYR _SP _]LY^QP] LYO OT^^PXTYL_TZY ZQ ^LN]PO P^^PYNP _S]Z`RS _]LY^QZ]XL_TaP LN_TZY^ LYO OPPX[SL^T^TYR TNZYTN LYO ^dXMZWTN ]P[]P^PY_L_TZY^&  LY TNZYTN TY_P][]P_L_TZY PX[SL^T^ TYR _SP ]P[]ZO`N_TZY LYO ]PT_P]L_TZY ZQ _SP Xd_STNLW LN_TZY LYO OP PX[SL^T^TYR _SP TYOPcTNLW LYO ^dXMZWTN ]P[]P^PY_L_TZY^& LYO  L ^dX MZWTN TY_P][]P_L_TZY PX[SL^T^TYR _SP [`]PWd ^dXMZWTN L^[PN_^ ZQ _SP ]T_`LW LYO OPPX[SL^T^TYR MZ_S TYOPcTNLW LYO TNZYTN ]P[]P^PY_L_TZY^ ?SP^P TY_P] []P_L_TaP ^_]L_PRTP^ L]P ML^TN _Z TY_P][]P_L_TZY^ ZQ ]T_`LW TY LWW ]PWTRTZY^ M`_ aP]d QPb TQ LYd TY_P][]P_L_TZY^ L]P [`]P PcLX[WP^ ZQ ZYP ZQ _SP^P TY_P] []P_L_TaP ^_]L_PRTP^ LYO XZ^_ bTWW NZY_LTY L XTc ZQ ]P[]P^PY_L_TZY^ Q]ZX LWW _SP^P R]LaT_L_TZYLW [ZTY_^x  

4Y LNZ`^_TN [TP_d bP QTYO _SP bSZWP ]LYRP ZQ TYOPcTNLW TNZYTN LYO ^dX MZWTN ^TRY \`LWT_TP^ LYO _SPT] L]PL^ ZQ ZaP]WL[ BSP]PL^ TY XLY_]L^ _SP XP_ZYdXTN TYOPcTNLW aLW`P LYO _SP [Sd^TNLWWd PXMZOTPO []P^PYNP ZQ _SP ^LN]PO ZNN`[d _SP QZ]PR]Z`YO ;`]£©L ]PLOTYR^ LYO [P]QZ]XLYNP^ _PYO _Z ]P[]ZO`NP TY LY TNZYTN XP_L[SZ]TNLW ^TXTWL]T_dML^PO bLd ^_Z]TP^ ZQ OPT_TP^ LYO Xd_STNLW LN_^ LYO ^LN]PO WT_P]L_`]P^ L]P RPYP]LWWd ]P RL]OPO L^ NZY_LTYP]^ ZQ ^LN]PO P^^PYNP TQ YZ_ ^TX[Wd L^ T_^ NZYaPY_TZYLW ^dXMZWTN ]P[]P^PY_L_TaP^ >TXTWL]Wd _SP WT_LYTP^ L]P QT]^_ LYO QZ]PXZ^_ NZYaPY_TZYLWTePO []LT^P ZQ _SP RZO^ ,_ LWW PaPY_^ T_ L[[PL]^ _Z `^ _SL_ YZ_ ZYWd _SP ]T_P T^ TX[Z]_LY_ M`_ LW^Z T_^ PXMPOOTYR TY L NZ^XZWZRd BT_SZ`_ L ]PWTRTZ`^ ^dXMZW ^d^_PX T_ T^ YZ_ [Z^^TMWP _Z SLaP _SP wQWZb ZQ ^LN]PO P^^PYNPx _SL_ >ø]PY^PY ^[PLV^ ZQ ]PRL]OTYR ]PWTRTZY LYO XLRTN   >ø]PY^PY [`_^ ]TRS_Wd ^_]ZYR PX[SL^T^ ZY _SP ]T_`LW L^[PN_ ZQ XLRTN M`_ _ZZ WT__WP ZY XPY_LWT_TP^ LYO NZYNP[_`LW ^d^_PX^ 9PT_SP] LNZ`^_TN [TP_d YZ] XLRTN LRPYNd L]T^P TY PX[_d ^[LNP M`_ L]P OP[PYOPY_ ZY ^ZNTLW []PNZYOT_TZY^ LYO []P P^_LMWT^SPO bZ]WOaTPb^ _SL_ LWWZb _SPX _Z L]T^P LYO wbZ]Vx 4Y _SP OT^N`^^TZY ZQ ^Z`YO L^ ^dXMZWTN QZ]X _SP]PQZ]P YZ_ ZYWd ]T_ `LW QZ]X^ [WLd LY TX[Z]_LY_ ]ZWP M`_ ^Z OZ NZRYT_TaP ^d^_PX^ bZ]WO aTPb^ LYO ^dXMZWTN aLW`P^ 1Z] LNZ`^_TN [TP_d ^LN]PO _Pc_^ L]P ^dXMZW^ LYO LW^Z XZ]P _SLY ^dXMZW^ ?SPd Q`YN_TZY L^ XP_ZYdX^ LYO XP_L[SZ]^ QZ] L ^LN]PO NZ^XZ^ _SL_ MPNZXP^ []P^PY_ TY NZYaPY_TZYLW ^dXMZWTN TYOPcTNLW LYO TNZYTN bLd^ TY SPL]TYR LYO ]PNT_TYR ?ST^ wMPNZXTYR []P ^PY_x T^ PXMPOOPO TY L NZ^XZWZRd LYO L NZX[]PSPY^TaP ]PWTRTZ`^ ^dX MZW ^d^_PX L^ LNZ`^_TN [TP_d TY 4YOTL T^ XLYTQP^_PO YZ_ ZYWd TY Pc[]P^ ^TaP ]T_P^ M`_ LW^Z TY ]PQWPcTaP Xd_S^ _SPZWZRTP^ LYO [STWZ^Z[STP^ 4_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN     .Q >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN !% w?ST^ QWZb ZQ P^^PYNP T^ aP]d ^_]ZYR TY ]PWTRTZY LYO XLRTN L^ [Z^T_TZY^ `^`LWWd bTWW MP U`ORPO L^ [Z^^P^^TYR ^ZXP u^LN]PO P^^PYNPvx

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

$

L[[PL]^ TX[Z]_LY_ _Z `^ _SL_ MWPYOTYR XPNSLYT^X^ LYO w[L]_TNT[L_Z]d NZYYPN_TZY^x L]P LW^Z QZ`YO TY NZRYT_TaP ^d^_PX^ TYOP[PYOPY_ ZQ _SPT] ]T_`LWTeL_TZY >ø]PY^PY NZ]]PN_Wd L^^ZNTL_P^ ^`NS w[L]_TNT[L_Z]d NZYYPN _TZY^x bT_S ]PWL_TZY^ ZQ TOPY_T_d LYO ^TXTWL]T_d LYO LW^Z bT_S PXZ_TZYLW aLWPYNd M`_ SP ]P^_]TN_^ _SPX PcNW`^TaPWd _Z XLRTN 3ZbPaP] SPL]TYR LYO ]PNT_TYR SZWd _Pc_^ LW^Z N]PL_P [L]_TNT[L_TZY PcNSLYRP TOPY_TQTNL _TZY LYO ^TXTWL]T_d MZ_S MP_bPPY _SP _Pc_^]PQP]PY_^ ]T_`LW LRPY_^ LYO [L]_TNT[LY_^ LYO TY_P]_Pc_`LWWd MP_bPPY _SP _Pc_^ ;L]_TNT[L_Z]d LNNP^^ _Z _Pc_^ T^ YZ_ ZQ T_^PWQ XLRTNLW LYO P^^PY_TLWT^_TN M`_ T_ T^ L RZZO ML^T^ QZ] Pc[P]TPYNTYR ^Z`YO^ L^ LYTXL_P LYO Pc[PN_TYR Pc Z[P]P Z[P]L_Z PQQPN_^ _SL_ L]P Q]P\`PY_Wd TOPY_TQTPO P_TNLWWd bT_S XLRTN ,^ QL] L^ Z`] _Z[TN ZQ LNZ`^_TN [TP_d T^ NZYNP]YPO z LYO TY QLN_ XLRTN _ZZ z T_ ^PPX^ _Z `^ _SL_ ;PT]NPv^ TY^TRS_ T^ Q`YOLXPY_LW _SL_ _SP]P T^ YZ_ L ^TYRWP ^TRY _SL_ T^ L [`]P _d[P ?SP _S]PP [ZWP^ XLd NZPcT^_ TY L ^TYRWP ^TRY TP L ^dXMZW XLd NZY_LTY LY TNZY LYOZ] LY TYOPc ^TX`W_L YPZ`^Wd ;]PNT^PWd _ST^ QZ]X ZQ wMWPYOTYRx L[[PL]^ _Z `^ _Z PcT^_ TY 4Y OTLY _Pc_ [P]QZ]XLYNP^ LYO _Pc_ [P]NP[_TZY O`]TYR ]PNT_L_TZY LYO SPL] TYR ?SP _Pc_ T^ L ^dXMZW ZQ L ^LN]PO NZ^XZ^ _SL_ SL^ TNZYTN LYO TYOPcTNLW YL_`]P^ L_ ZYP LYO _SP ^LXP _TXP Z] LY TNZY _SL_ T^ ^TX`W_LYP Z`^Wd L ^dXMZW LYO LY TYOPc ?ST^ LW^Z L[[WTP^ _Z 2ÆNS_P]v^ QTPWO ZM^P] aL_TZY^ TY -LYL]L^ bSTNS bP SLaP []P^PY_PO L^ LY PcLX[WP ZQ ^_]TN_Wd ]`WPML^PO LNZ`^_TN [TP_d bSTWP >ø]PY^PY NT_P^ _SPX L^ LY PcLX[WP ZQ XLYT[`WL_TaP XLRTN   >ø]PY^PYv^ aTPb T^ [Z^^TMWP MPNL`^P ZQ _SP Pc Z[P]P Z[P]L_Z PQQPN_ -`_ _SP \`P^_TZY L]T^P^ ZQ bSP_SP] _ST^ ]PLWWd OTQ QP]PY_TL_P^ XLRTNLW ]T_P^ Q]ZX Z_SP] ]T_`LW LYO ]PWTRTZ`^ LN_^ Z] _SPd L]P ^TX[Wd NP]_LTY QZ]X^ ZQ ^dXMZWTN LN_^ bSZ^P Pc Z[P]P Z[P]L_Z PQQPN_^ NLY MP MP__P] Pc[WLTYPO Md _SP TY_P]LN_TaP YP_bZ]V ZQ _Pc_ ]T_`LW ^P_ _TYR N`^_ZX N`W_`]LW ^dXMZW ^d^_PX [L]LOTRX Pc[PN_L_TZY P_N LWZYR bT_S [L]_TNT[L_TZY TY _ST^ YP_bZ]V aTL _SP _Pc_ [P]QZ]XLYNP 9Z_ ZYWd _SP ]T_P T^ PQQPN_TaP M`_ LW^Z _Z L XLUZ] OPR]PP _SP XPY_LW TXLRP^ LYO ^dXMZWTN QZ]X^ LYO TY _SP NL^P ZQ 4YOTL YZ_ WPL^_ _SP ^dX MZWTN QZ]X ZQ ^LN]PO ^Z`YO ?SP APOLv^ [SZYP_TN XL_P]TLW SL^ _Z MP [LTY^_LVTYRWd VP[_ TY_LN_ ZbTYR _Z _SP SZWTYP^^ LYO _S`^ LW^Z ^`[P] YL_`]LW [ZbP] ZQ T_^ ^Z`YO^ bSTWP TY _SP NL^P ZQ Z`] L]_ N]T_TN \`Z_PO LMZaP _SP 7LWT_£ WT_LYdv^ ^LN]POYP^^ T^ XLTY_LTYPO Md _SP ]P^[PN_ OPaZ _TZY LYO [P]^ZYLW TXXP]^TZY TY _SP _Pc_ 4Y MZ_S NL^P^ _SP ^TRY TP _SP _Pc_ T^ ZQ L ^_]ZYRWd TNZYTN LYO TYOPcTNLW YL_`]P -`_ T_^ [ZbP] T^ LW^Z L`_SPY_TNL_PO YZ_ WPL^_ Md T_^ NZYaPY_TZYLW ^dXMZWTN YL_`]P z bSP_SP] _ST^ MP T_^ OPNTOPOWd PWT_P -]LSXLYTN ^_L_`^ T_^ L]NSLTN OTRYT_d T_^ ]P[ ]P^PY_L_TaP NZY_PY_ NZYaPY_TZYLW []LT^P ZQ _SP RZO^ Z] T_^ L`_SZ]T_L_TaP LMTWT_d _Z TRYT_P ]P^[PN_ LYO OPaZ_TZY P_N ?SP ^_]TN_YP^^ ZQ _SP ]`WP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  !# $



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

]PQWPN_^ APOTN PWT_P LbL]PYP^^ LYO QT]X MPWTPQ TY _SP N]PL_TaP [ZbP] ZQ WLYR`LRP ?SP OPaZ_TZYLW XZOP ]PQWPN_^ L _]LY^QZ]XL_TZY ZQ _SP ^dXMZW ^d^_PX TY bSTNS _SP PQQTNLNd ]PXLTY^ TY_LN_ M`_ ]P[WLNP^ _SP ^_]TN_YP^^ ZQ _SP ]`WP bT_S Z_SP] QLN_Z]^ ^`NS L^ _SP R]LNP ZQ _SP OPT_d _SP TY_PY _TZYLWT_d ZQ _SP [P]^ZY Z] \`T_P ^TX[Wd _]`^_ LYO QLT_S TY _SP [ZbP] ZQ ^LN]PO ^Z`YO^ 4Y _SP NL^P ZQ _SP L]_ N]T_TN bP QTYO L ^_]ZYR ^STQ_ _Z TY_PY_TZYLWT_d LYO OPaZ_TZY M`_ _SP -TYO`RL ^_Z]d bTWW ^SZb _SL_ _SP PQQTNLNd ZQ ^LN]PO ^Z`YO^ T_^PWQ bZ]V^ bT_SZ`_ _SP ]PNT[TPY_ YPPOTYR _Z OZ LYd_STYR Z] SLaTYR LY TY_PY_TZY 0aPY TQ >ø]PY^PYv^ MWPYOTYR XZOPW T^ aP]d SPW[Q`W TY Pc[WLTYTYR _SP NZRYT_TaP QZ`YOL_TZY^ ZQ XLRTN LNZ`^_TN [TP_d LYO SZWd SPL]TYR T_ ]P XLTY^ _ZZ ^_]ZYRWd MTL^PO _ZbL]O^ ]T_P^ ?SP]P T^ YZ ]PL^ZY _Z WTXT_ NZYNP[_`LW MWPYOTYR _Z ]T_P^ LYO PcNW`OP _SP N`W_`]LW TOPLWTePO NZYNP[ _`LW XZOP^ Z] P[T^_PXTN [L]LOTRX^ TY _SP QZ]X ZQ Xd_S^ _SPZWZRTP^ _PLNSTYR ^d^_PX^ NZ^XZWZRTP^ [STWZ^Z[STP^ YZ_TZY^ ZQ SZWd ^Z`YO^ P_N BP _SP]PQZ]P ^_]P^^ YZ_ ZYWd [P]QZ]XL_TaT_d [Sd^TNLWT_d LYO _SP OTXPY^TZY ZQ PQQPN_ M`_ LW^Z P[T^_PXTN TOPZWZRTNLW L^[PN_^ TP _SP TY _P][]P_L_TZYLW Q]LXP^ Z] bSL_ bP NLWW [L]LOTRX , ]PWTRTZ`^ ^PXTZ_TN L[[]ZLNS NLYYZ_ OZ bT_SZ`_ _ST^ MPNL`^P ^`NS P[T^_PXTN TOPZWZRTNLW L^[PN_^ XL[ _SP bZ]WO^ ZQ TOPL^ TY bSTNS LNZ`^_TN [TP_d TY 4YOTL XZaP^ LYO MPNL`^P _SPd WPYO [WL`^TMTWT_d _Z _SP LOOT_TZY ZQ LY ZY_ZWZRTNLW OT XPY^TZY _Z ^LN]PO _Pc_^ LYO ^Z`YO^ TY PXTN ^PWQ]P[]P^PY_L_TZY >ø]PY^PY L^N]TMP^ ^[PNTLW N]PL_TaT_d LYO _SP [ZbP] _Z M]TYR LMZ`_ NSLYRP ZYWd _Z XLRTNLW ]T_P^ YZ_ _Z Xd_STNLW LYO _SPZWZRTNLW TOPL^ 3P ]PRL]O^ XLRTNLW ]T_`LW^ L^ wOP^dXMZWTeTYR QZ]NP^x LYO w^dYN]P_T^_TN PYRTYP^x  LYO ^PPX^ _Z PcNW`OP _SP [Z^^TMTWT_d _SL_ ^dXMZWTN TY_P][]P _L_TZY^ _PLNSTYR ^d^_PX^ LYO NZYNP[_^ NLY LW^Z NZY_LTY MWPYOTYR LYO NL`^P YPb ]PLWT_TP^ _Z PXP]RP 3T^ ]PL^ZY QZ] _ST^ T^ _SL_ XLRTNLW ]T_P^ L]P NSL]LN_P]TePO Md _]LY^QZ]XL_TZY XLYT[`WL_TZY LYO LMZaP LWW XLRT NLW LRPYNd PXMZOTPO Md NP]_LTY [P]^ZY^ LYO ]T_`LW PQQTNLNd LYO _ST^ []ZXZ_P^ _SP NZY^_]`N_TZY ZQ YPb ]T_`LWTeL_TZY^ LYO _SP PXP]RPYNP LYO N]d^_LWWTeL_TZY ZQ YPb ]PWTRTZY^ 3P ^Ld^ _SL_ XLRTN _SP]PQZ]P [WLd^ L VPd ]ZWP TY _SP OPaPWZ[XPY_ ZQ LWW ]PWTRTZ`^ TY^_T_`_TZY^ LYO _]LOT_TZY^ ?SP OP^T]P _Z WTMP]L_P XLRTN Q]ZX T_^ [PUZ]L_TaP L^^ZNTL_TZY^ LYO Pc [Z^P T_^ N]PL_TaP [ZbP] T^ bPWNZXPO LYO TY ^ZXP NL^P^ >ø]PY^PYv^ _SP ^P^ L]P LW^Z _]LY^QP]LMWP _Z 4YOTLY ]PWTRTZ`^ ST^_Z]d LW_SZ`RS ^ZXP ZQ ST^ XZ^_ Q`YOLXPY_LW []PXT^P^ L]P TY^`QQTNTPY_ QZ] 3TYO`T^X LYO []ZMLMWd YZ_ ZYWd QZ] 4YOTLv^ ]PWTRTZ`^ _]LOT_TZY^ BP QTYO ST^ QZWWZb TYR _SP^T^ [L]_TLWWd _]LY^QP]LMWP LYO TYYZaL_TaP% w?S`^ T_ bTWW MP L]R`PO _SL_ bP QTYO L OdYLXTN _PY^TZY MP_bPPY L _PYOPYNd _Z L^N]TMP ]T_`LW PQQTNLNd _Z PYTRXL_TN ]T_`LW^ LYO L NZ`Y_P]aLTWTYR _PYOPYNd _Z PaZVP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 

>ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN   ! $z$

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



YPb ^dXMZWTN TY_P][]P_L_TZY^ _SL_ OTXTYT^S ]P[]P^PY_L_TZY^ ZQ ]T_`LW PQQTNLNdx  ! 3ZbPaP] >ø]PY^PYv^ NWLTX _SL_ w@_TWT^TYR aP]d ML^TN NZR YT_TaP []ZNP^^P^ XLRTN T^ L [P]XLYPY_ QZ]NP TY _SP ST^_Z]TNLW OPaPWZ[ XPY_ ZQ TY^_T_`_TZYLWT^PO ]PWTRTZY 4_ NZY^_LY_Wd NSLWWPYRP^ P^_LMWT^SPO ]PWTRTZY^v LM^_]LN_ LYO NZY_Pc_OT^_LY_ ^dXMZWTN TY_P][]P_L_TZY^ Md OT ]PN_TYR L__PY_TZY _Z NZYN]P_P NZY_Pc_YPL] LYO RZLWOT]PN_PO `YOP] ^_LYOTYR^ ZQ ]T_`LW LN_TZYx T^ ZYWd _]LY^QP]LMWP _Z >LY^V]T_ 3TYO`T^X TQ ^`MUPN_ _Z ^PaP]P ]P^_]TN_TZY^  " 4_ T^ YZ_ _SL_ ^TX[WP _Z `^P _SP _P]X wTY^_T_`_TZYLWTePO ]PWTRTZYx YPT_SP] T^ _SP L^^`X[_TZY TY 8L`^^v ^PY^P ZQ L R`WQ MP_bPPY wP^_LMWT^SPOTY^_T_`_TZYLWTePO ]PWTRTZY^x LYO w`YL` _SZ]TePO XLRTNLW LN_TZYx _PYLMWP LYO YZ] NLY T_ MP NWLTXPO _SL_ _SP P^_LMWT^SPO ]PWTRTZY SL^ ZYWd LM^_]LN_ LYO NZY_Pc_OT^_LY_ ^dXMZWT^X ?SP^P OTQQTN`W_TP^ MPNZXP [L]_TN`WL]Wd PaTOPY_ TY ^LN]PO ^Z`YO >L N]PO ^Z`YO LYO T_^ PQQTNLNd L]P LY TY_PR]LW [L]_ ZQ _SP wP^_LMWT^SPO ]PWTR TZY^x ZQ >LY^V]T_ 3TYO`T^X ,YO []PNT^PWd _SP ^dXMZWTN TNZYTN TYOPcT NLW NZOP ZQ ^LN]PO ^Z`YO ]PaPLW^ U`^_ SZb NWZ^PWd LM^_]LN_TZY LYO NZYN]P_TeL_TZY NLY MP ]PWL_PO >LN]PO ^Z`YO T^ LY LM^_]LN_ _SPZWZR` XPYZY L^ T^ [Sd^TNLW ]PLWT_d >Z`YO T^ LY Pc_]PXPWd [ZbP]Q`W ]PWTRTZ`^ ^dXMZW _SL_ SL^ ]PXLTYPO Pc_]LZ]OTYL]TWd ^_LMWP LYO L_ _SP ^LXP _TXP SL^ LWbLd^ LN\`T]PO YPb TY_P][]P_L_TZY^ LYO WPO _Z YPb ]T_P^ LYO PaPY YPb ]PWTRTZY^ Z] YPb ]PWTRTZ`^ _]LOT_TZY^ ?SP XLY_]L [ZbP] TY _SP APOL QZ] TY^_LYNP Z]TRTYL_PO bT_STY _SP TY^_T_`_TZY ^LN]TQTNP ?SP ?LY _]TN XLY_]L OPT_TP^ TY_]ZO`NPO L OTQQP]PY_ XLY_]L NZYNP[_TZY _SLY _SP APOL LYO NSLYRPO YZ_ ZYWd _SP ]T_`LW M`_ LW^Z _SP PY_T]P ^dXMZW ^d^ _PX .WPL]Wd L NL^P bSP]P L ^dXMZW bL^ _SP XZaTYR QZ]NP ZQ TYYZaL_TZY bL^ _SP 9£OL-]LSXLY L YPb NZOTYR ZQ _SP -]LSXLY TY _SP _S NPY _`]d bSTNS ^PXTZ_TePO _SP bSZWP bZ]WO L^ [P]aLOPO Md Z]TRTYLW ^Z`YO LYO XLOP T_ [Z^^TMWP _Z `YOP]^_LYO ZYPv^ WT^_PYTYR _Z X`^TN L^ L QZ]X ZQ DZRL ?Z `^P 7`SXLYYv^ bZ]O^ ^LN]PO ^Z`YO T^ [L]_ ZQ w^d^_PX ]L_TZY LWT_dx LYO QZ] S`YO]PO^ ZQ dPL]^ bL^ Pc_]PXPWd PQQPN_TaP L_ ^_LMTWTeTYR LYO []ZO`NTYR PaP] Q]P^S XPLYTYR BSP_SP] ZYP XTRS_ bLY_ _Z NLWW ^LN]PO ^Z`YO ^`NS L^ _SP NZYNP[_TZY ZQ XLY_]L [ZbP] XLRTN Z] YZ_ NLY MP OPML_PO BP bTWW RTaP ZYP NWPL]P] PcLX[WP ZQ XLRTN TY _SP QZ]X ZQ _SP >L]L^aL_¯=LSL^dL@[LYT´LO  ?ST^ PcLX[WP T^ ZQ ^[PNTLW TY_P]P^_ MPNL`^P T_ NZYQT]X^ >ø]PY^PYv^ OT^_TYN_TZY MP_bPPY XLRTNLW ]T_P NZY N]P_P RZLWOT]PN_PO LYO NZY_Pc_YPL] LYO LY LM^_]LN_ _SPZWZRTNLW ^d^ _PX ^dXMZWTN TY_P][]P_L_TZY M`_ ^TX`W_LYPZ`^Wd ^SZb^ _SL_ MZ_S OZ XLTY^ NLY PcT^_ TY_LN_ ^TOP Md ^TOP TY ZYP LYO _SP ^LXP _Pc_ 8Z]PZaP] LM^_]LN_TZY LYO ^dXMZWTN TY_P][]P_L_TZY YPPO YZ_ MP NZY_Pc_OT^_LY_ L_ LWW [L]_TN`WL]Wd TQ L XZYT^_TN bZ]WOaTPb []PaLTW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ! >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  "  " >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  $



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

4_ T^ YZ_PbZ]_Sd _SL_ TY NZY_]L^_ _Z >ø]PY^PY 5LVZM^ZY ^Lb _SP R]PL_ ]ZWP [WLdPO Md ^dXMZW^ TY _SP wWTYR`T^_TN LYO YZ_ ZYWd WTYR`T^_TN N]PL _TaT_dx ZQ S`XLY MPTYR^  # 3P QZWWZbPO ;PT]NP bSPY [ZTY_TYR Z`_ _SP ^_]PYR_S ZQ _SP ^dXMZW bL^ O`P _Z QLN_ _SL_ T_ SL^ L RPYP]LW XPLYTYR LYO _SL_ _ST^ XPLYTYR TY T_^ _`]Y NLY wZYWd MP L ^dXMZWx  $ ?ST^ ^PPX^ _Z MP LY TX[Z]_LY_ TY^TRS_ LW^Z ]PRL]OTYR N`W_`]LW ^dXMZW ^d^_PX^ 3ZbPaP] N`W_`]LW ^dXMZW^ LYO ]PWTRTZ`^ ^dXMZW ^d^_PX^ TY [L]_TN`WL] SLaP L bTOP] ^NZ[P _SLY _SP WTYR`T^_^v ^dXMZW^ ,NNZ]OTYR _Z ;PT]NP LYO 5L VZM^ZY _SP LOaLY_LRP ZQ ^dXMZW^ T^ _SL_ _SPd LWWZb RPYP]LW Z[PYPYOPO ^_L_PXPY_^ LMZ`_ _SP Q`_`]P bSTWP TNZY^ []P^PY_ ZYWd [L^_ Pc[P]TPYNP LYO TYOTNP^ L]P ]PWL_PO _Z _SP []P^PY_ , ^dXMZW Q`YN_TZY^ L^ L RPYP]LW ]`WP 5LVZM^ZY Pc[WLTYPO% w, ^dXMZW QZ] PcLX[WP L bZ]O T^ _SP]PQZ]P T_^PWQ L uRPYP]LW ]`WPv LN\`T]TYR T_^ XPLYTYR ^ZWPWd _S]Z`RS T_^ L[[WTNL _TZY _Z aL]TZ`^ TYOTaTO`LW NL^P^ YLXPWd _SP ^[ZVPY Z] b]T__PY ]P[WTNL^ bSTNS ]P^PXMWP ZMUPN_^ 3ZbPaP] OTQQP]PY_ _SP PXMZOTXPY_ ZQ _SP bZ]O XLd MP TY LWW ZNN`]]PYNP^ T_ ]PXLTY^ uZYP LYO _SP ^LXP bZ]Ovx ! ?ST^ WTYR`T^_TN OPQTYT_TZY ZQ wbZ]Ox bSTNS bP LW^Z QTYO `^PO Md 4YOTLY WTY R`T^_TN _SPZ]T^_^ TY L aP]d ^TXTWL] QL^STZY OZP^ YZ_ WPLaP X`NS ]ZZX QZ] XP_ZYdXTN L^^ZNTL_TZY^ -`_ _ST^ T^ []PNT^PWd bSL_ N`W_`]LW ^dXMZW^ LWWZb >Z`YO NSL]RPO bT_S ^LN]POYP^^ LYO _]LY^QZ]XTYR PQQTNLNd bL^ TY 4YOTL L VTYO ZQ wRPYP]LW ]`WPx 4_ ]PXLTYPO L ]PWL_TZYLW NZY^_LY_ 3Zb PaP] TYaP^_TRL_TYR ^Z`YO L^ ^dXMZWTN QZ]X _SP XL__P] TY^_LY_Wd MP NZXP^ XZ]P NZX[WPc LYO RZP^ MPdZYO _SP ]LYRP ZQ WTYR`T^_TN ^dXMZW^ ?SP APOL T^ L RZZO PcLX[WP :YP ^SZ`WO ]PXPXMP] _SL_ APOTN _Pc_^ ]P[]P^PY_ [L]^ []Z _Z_Z L ^dXMZW LYO NLY MP ^PPY TY _SP ^PY^P ZQ L RPY P]LW ]`WP ^TYNP APOL ]PNT_L_TZY LTX^ QZ] PcLN_Wd _ST^% _SP N]PL_TZY ZQ PcLN_ ^[ZVPY ]P[WTNL^ ZQ _SP SZWd wVYZbWPORPx APOL LYO SZWd wSPL] TYRx ±]`_T ,_ _SP ^LXP _TXP SZbPaP] APOL ]PNT_L_TZY T^ L []TXP Pc LX[WP ZQ _SP OPPX[SL^T^ ZQ _SP NZYaPY_TZYLW ^dXMZWTN ^TRY YL_`]P ZQ WLYR`LRP MPNL`^P T_ T^ YZ_ _SP bZ]Ov^ XPLYTYR _SL_ T^ _SP OPNTOTYR QLN _Z] Z] SL]MZ]^ _SP wXLRTNLWx PQQTNLNd M`_ _SP NZ]]PN_Wd []ZYZ`YNPO ^Z`YO XL_P]TLW LYO _S`^ TY^_PLO _SP TNZYTN LYO TYOPcTNLW ^TRY aLW`P^ 1`]_SP]XZ]P _SP]P L]P APOTN ]P[WTNL^ _SL_ YZb SLaP YZ_STYR L_ LWW _Z OZ bT_S _SP Z]TRTYLW ^`NS L^ _SP w?LXTW APOLx Z] _SP ;`]£©L^ L^ _SP wQTQ_S APOLx 3P]P _SP ^dXMZWTN NLYZY _SP APOL TXLRTYL_TaPWd _]LY^X`_P^ _Z NZX[WP_PWd OTQQP]PY_ WT_P]L_`]P^ _Z bSTNS _SP ^LN]PO ^`M^_LYNP ZQ _SP APOL T^ _]LY^QP]]PO LYO bT_S T_ _SP []P^_TRP ZQ _ST^ aPYP]LMWP _Pc_ LWZYR bT_S T_^ XLRTNLW PQQTNLNd ?SP ^_Z]d ZQ _SP TYQLXZ`^ -TYO`RL bTWW MP LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  # 5LVZM^ZY >PXTZ_TV  "& NQ LW^Z TMTO $!z$"  $ 5LVZM^ZY >PXTZ_TV  $! ! 5LVZM^ZY >PXTZ_TV  $!z$"

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



P^[PNTLWWd MWL_LY_ PcLX[WP ZQ _ST^ >dXMZW^ TNZY^ LYO TYOTNP^ XTYRWP bT_S ZYP LYZ_SP] TY LWW _SP^P PcLX[WP^ ?ST^ LN_`LWWd L[[WTP^ _Z LWW ^L N]PO ^Z`YO^ TY 4YOTL LYO P^[PNTLWWd _Z Z]TRTYLW ^Z`YO L^ `YTaP]^LW ^Z`YO bSTNS _SP ¢RLXL^ LYO ?LY_]L^ aTPb L^ _SP ML^T^ ZQ N]PL_TZY LYO bSTNS _SZ^P WZdLW _Z _SP APOL ^PP PXMZOTPO TY _SP APOL .]PL_TaT_d LYO RPYP]LWTeL_TZY L[[PL] _Z MP WTXT_PO YZ_ ZYWd _Z ^dX MZWTN ^TRY^ z Z] YZ_ ZYWd _Z ^dXMZWTN ^TRY^ NZYNP[_`LWTePO L^ _SP Z[[Z ^T_P ZQ TNZYTN LYO TYOPcTNLW ZYP^ 4Y _SP [Z^_`WL_P ZQ N]PL_TaP [ZbP] LYO ZQ TNZY LYO TYOPc Z] XP_L[SZ] LYO XP_ZYdXd bP LR]PP _Z_LWWd bT_S >ø]PY^PY M`_ bP bT^S _Z PX[SL^TeP TY [L]_TN`WL] _SL_ LWW L^[PN_^ NZTY NTOP TY _SP ^dXMZWTN QZ]X _SL_ T^ ^Z`YO ?ST^ WPLO^ `^ _Z _SP XZ]P RPY P]LW NZYNW`^TZY _SL_ TY ]PWTRTZ`^ ^dXMZW ^d^_PX^ TY 4YOTL LYO MPdZYO YZ_ ^Z X`NS _SP WTYR`T^_^v OPQTYT_TZY ZQ ^dXMZW L[[WTP^ M`_ ]L_SP] ;PT]NPv^ ]`WP _SL_ _SP XZ^_ [P]QPN_ ^TRY^ L]P _SZ^P TY bSTNS ^dXMZWTN TNZYTN LYO TYOPcTNLW NSL]LN_P]T^_TN^ L]P TY_]TY^TNLWWd Q`^PO _ZRP_SP] 4Y _SP ]PWTRTZ`^ ^dXMZW ^d^_PX ZQ >LY^V]T_ 3TYO`T^X ^Z`YO bL^ ^Z [ZbP] Q`W MPNL`^P T_ LWWZbPO YZ_ ZYWd LY TYQTYT_P Y`XMP] ZQ ]P[WTNL^ M`_ LW^Z Y`XP]Z`^ XP_ZYdXTN L^^ZNTL_TZY^ LYO XP_L[SZ]TNLW XL[[TYR^ 4Y >LY^V]T_ 3TYO`T^X TY WTYR`T^_TN _P]X^ ^Z`YO T^ L w[P]QPN_ ^TRYx Z] TY WT_P]L]d _P]X^ T_ T^ LY TNZYTN w_Z_LW ]P[]P^PY_L_TZYx 4Y _P]X^ ZQ _SP N`W_`]LW [STWZ^Z[Sd LYO _SPZ]d ZQ Xd_S TY _SP ^PY^P ZQ .L^^T]P] LYO 3ÞMYP] ZYP NLY ^[PLV ZQ L w^dXMZWTN QZ]Xx LYO wY`XTYZ`^ ^`M^_LYNPx TY bSTNS _SP XL_P]TLW LYO _SP TXXL_P]TLW Q`^P LYO []PNT^PWd _ST^ QLN_Z] [WLd^ L XLUZ] ]ZWP TY bSL_ XLVP^ wSZWd SPL]TYRx LYO w^LN]PO ^Z`YOx 4Y NZRYT_TaP _SPZ]d TY >ø]PY^PYv^ ^PY^P SP]P ^Z`YO bZ`WO MP LY TYOPcT NLW P^^PY_TLWT^_TNLWWd NSL]RPO XP_ZYdXd -`_ _ST^ T^ L XP_ZYdXd _SL_ WPO _Z PaP]YPb ]T_`LWTeL_TZY^ LYO ]PWTRTZ`^ _]LOT_TZY^ _SLYV^ YZ_ ZYWd _Z []ZNP^^P^ ZQ wXP_L[SZ]TNLW XL[[TYRx M`_ LW^Z _Z T_^ NZY^_LY_Wd ^_]ZYR NZYaPY_TZYLW ]PWTRTZ`^ ^dXMZW NZY_PY_ ,NZ`^_TN [TP_d PcT^_^ TY [`MWTN LYO []TaL_P ^[LNP^ LYO _]LY^NPYO^ ^`MUPN_TaP XTYO^P_^ :YP ^SZ`WO YZ_ QZ]RP_ _SL_ aZTNP LYO ^Z`YO L]P L_ ZYNP [ZbP]Q`W YL_`]LW ^dXMZW^ LYO ^PY^Z]d LP^_SP_TN ]PLWT_TP^ LYO _SL_ ^ZYTN QZ]X^ ZQ Pc[]P^ ^TZY [WLd L []TXP ]ZWP bT_STY _SP bSZWP N`W_`]LW ^dXMZW ^d^_PX ?ST^ NLYYZ_ MP ]PO`NPO _Z XP_ZYdXTN L^^ZNTL_TZY^ 8LRTN PQQTNTNLNd T^ L^ X`NS Pc[WLTYPO Md _SP ^ZYTN [L]LOTRX bSTNS PYUZdPO NZY^_LY_ ^ZNTLW PQQP]aP^NPYNP Md _SP [P]QZ]XLYNP N`W_`]P ?SP aZTNP SL^ _SP LMTWT_d _Z XLVP _SL_ bSTNS T^ LM^PY_ []P^PY_ _Z N]PL_P ]PLWT_d Md YLXTYR _STYR^ LYO LW^Z _Z M]TYR TOPL^ LYO LM^_]LN_TZY^ _Z WTQP >ZYTN ]T_P^ L]P MZ_S [Sd^TNLW ]PLWT_TP^ LYO NZRYT_TaP XL[^ ?SPd SLaP TYOTaTO`LW LYO NZWWPN _TaP ]PWTRTZ`^ LYO P_STN Q`YN_TZY^ Md XL_P]TLWTeTYR aLW`P^ LYO bZ]WO aTPb^ /`P _Z _SPT] XP]P [Sd^TNLWT_d _SPd ^dYNS]ZYTeP S`XLY MPSLa TZ`] QZ] TY^_LYNP TY MSLV_T R]Z`[ NSLY_TYR BSP_SP] [P]QZ]XPO TY _SP [`MWTN L]PL Z] []TaL_PWd ^ZYTN ]T_P^ TYaZWaP LWXZ^_ TYaL]TLMWd LW^Z



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

YZY[]LRXL_TN L^[PN_^ >Z`YO TYNW`OP^ [L]_TNT[LY_^ ZY LY PXZ_TZYLW WPaPW LYO N]PL_P^ YL_`]LW LM^Z][_TZY LYO PaPY [Sd^TNLWWd Pc[P]TPYNPO YZYO`LWT_d >`NS L^[PN_^ L]P NPY_]LW TY 4YOTLv^ LNZ`^_TN [TP_d M`_ ^Z`YO NLY LW^Z ZNN`] TY L aP]d LM^_]LN_ bLd L^ ^dXMZWTN QZ]X RZTYR MPdZYO LWW ]PWTRTZ`^ NZOTYR PR T_ NLY MP `^PO L^ QZ]X`WLTN WLYR`LRP TY LM^_]LN_ ^NTPY_TQTN ^d^_PX^ L^ _SP ^Z`YO NZOP^ ZQ _SP R]LXXL]TLY ;£©TYT ^SZb 4Y _SP ]PWTRTZ`^ QTPWO LW^Z ^Z`YO L^ L YL_`]LW ^dXMZWTN QZ]X SL^ YZ_ ZYWd RPYP]L_PO wXd_STNLWx LYO wXLRTNLWx bZ]WO^ ZQ _SZ`RS_ LYO Pc[P]T PYNP LWZYR bT_S ]T_`LW PQQTNLNd M`_ T_ SL^ LW^Z TY^[T]PO STRSWd ]L_TZYLW TePO _SPZWZRTP^ ZQ NZ^XTN `YT_d LYO SZWT^X ,XZYR ^NSZWL]^ LYO wWLd [P]^ZY^x LWTVP ]PWTRTZ`^ ^Z`YO^ SLaP N]PL_PO LYO NZY_TY`P _Z N]PL_P TXXPOTL_P [L]_TNT[L_TZY TY L ^LN]PO NZ^XZ^ L__T_`OP^ ZQ ]P^[PN_ PXZ _TZYLW LM^Z][_TZY YZYO`LWT_d _SL_ T^ Pc[P]TPYNPO [Sd^TNLWWd TYYP] TX LRP^ LYO L ]PXPXMP]TYR VYZbTYR _L^_TYR LYO ^LaZ]TYR ZQ PaP]d_STYR LMZ`_ _SP ]PLWT_d _SL_ T^ NZXX`YTNL_PO TY _SP SZWd _Pc_^ LYO RZP^ MP dZYO Z`] bZ]WO bT_SZ`_ _SP bZ]OTYR SLaTYR _Z MP `YOP]^_ZZO TY OP_LTW 1]ZX _SP [P]^[PN_TaP ZQ _SPZ]TP^ ZQ NZXX`YTNL_TZY LYO [P]QZ]XLYNP ^Z`YO SL^ LRLTY LYO LRLTY []ZaPY _Z MP L wXLNSTYPx ^P__TYR PXZ_TZY^ NZRYT_TZY^ LYO N]PL_TaP TXLRTYL_TZY^ TY XZ_TZY ,YO TY _P]X^ ZQ _SP [^dNSZWZRd ZQ X`^TN _ST^ L[[PL]^ _Z MP []ZaPY :Y _SP ^`MUPN_ ZQ ^L N]PO ^Z`YO^ 3LY^2ÞY_P] 3PTXM]ZNV ^_L_P^ _SL_ w_SP PQQPN_ ZQ ^Z`YO^ FT^ ML^POH WL]RPWd YZ_ ZYWd ZY ]PNP[_TaP M`_ LWbLd^ LW^Z ZY []ZO`N_TaP LN_^ YLXPWd ZY LN_^ ZQ TXLRTYL_TZY TY bSTNS XPLYTYR T^ RPYP]L_PO bT_S TYYP] TXLRP^ ZQ ^Z`YO^x ! >ø]PY^PY L__]TM`_PO N]PL_TaP LYO TYYZaL_TaP [ZbP] ^ZWPWd _Z XLRTNLW ]T_P^ LYO YZ_ _Z ^dXMZW^ Z] S`XLY NL[LNT_d QZ] ^dXMZWTeL_TZY 5LVZM ^ZY .L^^T]P] _SP L`_Z[ZPT^T^ ZQ WT_P]L]d _Pc_^ _SP TXLRTYL_TZY ZQ _SP ]PLOP]WT^_PYP] 0NZ 3PTXM]ZNV Z] _SP ]P[]ZO`N_TZY ZQ XPLYTYR Md ^d^_PX ]L_TZYLWT_d 7`SXLYY DP_ PLNS ZQ _SP QLN_Z]^ T^ OPNT^TaP TY T_^ ZbY bLd LYO []ZMLMWd ZYWd TY _SP TY_P][WLd ZQ ]T_`LW LYO NZRYT_TaP QZ]X^ LYO TNZYTN TYOPcTNLW LYO ^dXMZWTN L^[PN_^ OZ _SP XZ^_ PQQPN_TaP ]PWTRTZ`^ TYYZaL_TZY^ L[[PL] _Z SLaP MPPY PcPN`_PO :`] wLP^_SP_TN N`W _`]LW ST^_Z]dx bTWW []ZaTOP PaTOPYNP ZQ _ST^ 0aTOPY_Wd _SP N`W_`]LW ^[PNTQTNT_d ZQ ]PWTRTZ`^ ^dXMZW ^d^_PX^ LYO bZ]WOaTPb^ [WLd L_ WPL^_ U`^_ L^ TX[Z]_LY_ L ]ZWP L^ `YTaP]^LW NZRYT_TaP XPNSLYT^X^ >dXMZWTN QZ]X^ _SP]PQZ]P LN\`T]P LY P^^PY_TLW ]PWPaLYNP _SL_ NLYYZ_ MP TRYZ]PO BP ^PP TY _SP NZX[WPc ZQ TOPL^ _SL_ T^ w^LN]PO ^Z`YOx L ^dXMZWTN QZ]X TY .L^^T]P]v^ ^PY^P ?ST^ ^PPX^ _Z MP L YPNP^ ^L]d P^^PY_TLW MPNL`^P _SP TOPL^ ZQ SZWTYP^^ NZYYPN_PO bT_S ^Z`YO TY 4YOTL NLYYZ_ ^`QQTNTPY_Wd MP Pc[WLTYPO Md XPLY^ ZQ WTYR`T^_ LYO NZRYT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 3PTXM]ZNV w¾MP] OTP ]PWTRTØ^P BT]V`YR aZY 6WÆYRPYx #

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^



_TaP _SPZ]TP^ M`_ ZYWd Md TYNW`OTYR L XPLYTYR Z]TPY_PO NZYNP[_ ZQ N`W _`]P 4Y QLN_ _SP N`W_`]LW XPLYTYR ^d^_PX SL^ []TZ]T_d MPNL`^P T_ T^ _SP bZ]WOaTPb^ _SL_ OPNTOP _SP XL]RTY^ ZQ ]PLWT_d /P[PYOTYR ZY _SP N`W _`]LW ^dXMZW ^d^_PX _SP]P bTWW MP []ZQLYPYP^^ Z] SZWTYP^^ L__LNSPO _Z YL_`]LW ^dXMZW^ ^`NS L^ aZTNP LYO ^Z`YO -PNL`^P aZTNP LYO ^Z`YO ]L_SP] _SLY b]T_TYR L__LTYPO ^`NS L R]PL_ N`W_`]LW aLW`P TY 4YOTL _SPd bP]P NZY^_LY_Wd LMWP _Z TY^[T]P XLYd aL]TPO LYO YPb QZ]X^ ZQ LNZ`^_TN [TP_d ]T_`LWT^_TN OPaZ_TZYLW LYO NZRYT_TaP ZYP^ ?SP N`W_`]LW aLW`P ^d^_PX YZ_ ZYWd OPNTOP^ LMZ`_ SZWTYP^^ M`_ LW^Z LMZ`_ _SP []TZ]T_d LYO `^P ZQ XPOTL LYO _SP aLW`P L__LNSPO _Z _SPX ,YO SP]P bP NZXP _Z _SP XZ]P ^`M^_LY_TLW LYO ML^TN L^[PN_ _SL_ X`^_ LWbLd^ MP VP[_ TY aTPb 4Y 4YOTL _SP ^ZYTN [L]LOTRX R]Pb ^Z ^_]ZYR MPNL`^P ZQ L WTQPbZ]WO bSP]PTY _SP ^[ZVPY LYO ^Z`YOTYR bZ]O SLO L []TXP ]ZWP ?ST^ L]R`XPY_ T^ XZ^_ aT_LW MPNL`^P T_ Pc[WLTY^ bSd _SP ^ZYTN [L]LOTRX T^ YZ_ WTXT_PO _Z LNZ`^_TN [TP_d LYO SZWd SPL]TYR M`_ LW^Z QZ^_P]PO LM^_]LN_ _STYVTYR LYO ^[PNTQTN LP^_SP_TN ^_dWP^ bT_STY _SP []ZQLYP QTPWO^ ZQ ^NTPYNP

 

=PaTPb LYO :`_WZZV QZ] _SP w>ZYTN ;L]LOTRXx LYO >Z`YO L^ >dXMZWTN 1Z]X

?SP []PaTZ`^ NSL[_P]^ SLaP XLOP T_ NWPL] bSd LYO _Z bSL_ Pc_PY_ bP ]PWL_P ^Z`YO LYO NZXX`YTNL_TZY OT]PN_Wd _Z ZYP LYZ_SP] LYO bSP]P bP QZWWZb ZY Q]ZX ^ZNTZWZRTNLW WTYR`T^_TN LYO WT_P]L]d _SPZ]TP^ ZQ NZXX` YTNL_TZY LYO ^TRY^ ?SPd LW^Z ^SZb bSP]P bP ^PP L YPNP^^T_d _Z RZ Q`] _SP] TY Z]OP] _Z PcLXTYP Z`] 3TYO` OL_L ZY L _SPZ]P_TNLW ML^T^ LYO TY L XLYYP] ^PY^T_TaP _Z NZY_Pc_ ?SP L[[]ZLNS bP QLaZ] ZQ _SP LP^_SP_TN^ LYO ^PXTZ_TN^ ZQ ]PWTRTZY L[[PL]^ _Z MP _SP MP^_ ZYP QZ] OZTYR _ST^ ,_ _SP Z`_^P_ bP Pc[WLTYPO bSd bP NZY^TOP] L [P]QZ]XL_TaP NZXX`YTNL_TZY NZYNP[_ _Z MP P^[PNTLWWd L[[]Z[]TL_P LYO TWW`XTYL_PO T_ Md XPLY^ ZQ L NZX[WPc X`W_TOTXPY^TZYLW NZXX`YTNL_TZY XZOPW TY Z]OP] _Z Pc[WLTY LNZ`^_TN [TP_d LYO LYTXL_P ^Z`YO^ ?ST^ XZOPW SL^ []ZaPO T_^PWQ _Z MP L ^`T_LMWP ZYP QZ] M`TWOTYR ZY LYO Pc[LYOTYR NZRYT_TaP _SPZ]TP^ ZQ wNZY NP[_`LW MWPYOTYRx >ø]PY^PYv^ NZRYT_TaP _SPZ]d ZQ ]T_`LW LYO XLRTN SPW[PO TY _SP PWLMZ]L_TZY ZQ _SP NZRYT_TaP XPNSLYT^X^ `YOP]WdTYR _SP NZXXZY QZ]X^ ZQ LNZ`^_TN [TP_d TY 4YOTL ?SP M]ZLO OT^N`^^TZY ZQ _ST^ _SPZ]d SZbPaP] XLOP T_ U`^_ L^ NWPL] bSd bP RTaP []TZ]T_d _Z ^dXMZWTN QZ]X^ LYO L NZY_Pc_^PY^T_TaP ST^_Z]d ZQ TOPL^ LYO bSd bP YZ WZYRP] bT^S _Z L]R`P TY _P]X^ ZQ NZRYT_TaP _SPZ]d M`_ []TXL]TWd TY _P]X^ ZQ _SP LP^_SP_TN^ ZQ ]PWTRTZY LYO N`W_`]LW ST^_Z]d ,^ 8Lc BPMP] ^SZbPO TOPL^ _SPX^PWaP^ L]P [ZbP]Q`W QZ]NP^ _SL_ ^SL[P N`W_`]LW [P]NP[_TZY^ LYO ^ZNTLW LN_TZY^ 4_ T^ LN_`LWWd L^_Z`YOTYR _SL_ _SP NZRYT_TaP ^NTPY_T^_ >ø]PY^PY bSZ YZ_P^ _SL_ wXPLYTYR T^ NZY

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^_]`N_PO LYO XLYT[`WL_PO TY^TOP XPY_LW ^[LNP^x ! L^N]TMP^ ^`NS ^_]ZYR XPLY^ ZQ ZaP]MWPYOTYR LYO N]PL_TaT_d ZYWd _Z ]T_`LW LYO YZ_ LW^Z _Z _SP N`W_`]LWWd ^[PNTQTN QZ]X^ ZQ Pc[]P^^TZY ZQ ]PWTRTZ`^ TXLRTYL_TZY ]PQWPN _TZY LYO ^_LYOL]OTeL_TZY Z] _Z _SL_ bSTNS bP SLaP NLWWPO _SP w[L]L OTRXx TY Z`] ZbY MWPYOTYR XZOPW ,^ L[[]Z[]TL_P _Z Z`] L]PL ZQ TY_P] P^_ bP `^P _ST^ _P]X []TXL]TWd _Z ]PQP] _Z _SP ^ZYTN [L]LOTRX Z] _SP ^ZYTN [L]LOTRX^ ZQ >LY^V]T_ 3TYO`T^X >`NS N`W_`]LW [L]LOTRX^ ^PPX _Z `^ _Z MP NPY_]LW L^ _SP ML^T^ ZQ _SP N`W_`]LW `YOP]^_LYOTYR _SL_ T^ YPNP^ ^L]d QZ] PcLX[WP TY Z]OP] _Z Pc[P]TPYNP ^Z`YO^ L^ LYTXL_P LYO _Z LY _TNT[L_P ]T_`LW PQQTNLNd LYO Pc[P]TPYNP T_ L ]PLW bLd /Z`M_WP^^ _SP ^ZYTN [L]LOTRX T^ P^[PNTLWWd ^_]ZYRWd []P^PY_ TY ]T_`LW QZ]X^ ZQ []LN_TNP M`_ T_ T^ LW^Z _LYRTMWP TY _SP YL]]L_TZY^ LYO ]PQWPcTaP ^_L_PXPY_^ ZQ _SP ^LN]PO WT_P]L_`]P^ TY wOT]PN_TZY^x QZ] wSZWd SPL]TYRx Z] wSZWd ^[PLVTYRx LYO T^ P^[PNTLWWd XL]VPO TY ^ZYTN NZ^XZWZRTP^ LYO _SPZWZRTP^ 8Z]PZaP] _SP [L]LOTRX Pc_PYO^ ]PWTRTZ`^ NZXX`YTNL_TZY 4_ T^ LY TX[Z]_LY_ L]R`XPY_ TY _ST^ MZZV _SL_ _SP ^ZYTN [L]LOTRX [P]aLOP^ OTQQP]PY_ ^PRXPY_^ ZQ N`W_`]P 0aPY NP]_LTY ^NTPY_TQTN NZOP ^d^_PX^ []P^PY_TYR PWLMZ]L_PO YZY ]PWTRTZ`^ VYZbWPORP ^d^_PX^ ^`NS L^ R]LXXL] LYO L^_]ZYZXd TY M]TPQ LNZ`^_TN QZ]X`WL^ XL[ L ^ZYTN [L]LOTRX :YP ZQ _SP XZ^_ OT^_TYR`T^S TYR XL]V^ ZQ >LY^V]T_ N`W_`]P SL^ MPPY _Z Pc[]P^^ LM^_]LN_TZY^ YZ_ ZYWd TY R]L[STN ^dXMZW^ LYO b]T_TYR M`_ LW^Z TY LNZ`^_TN ^dXMZW^ :MaTZ`^Wd _SP [SZYZNPY_]TN WTQP ]PLWT_d LYO ^ZYTN LbL]PYP^^ LW^Z []ZXZ_PO QZ]XLW T^X LYO LM^_]LN_TZY LWZYR^TOP OTaP]^P QZ]X^ ZQ Q`^TZY 4Y _SP OT^N`^^TZY ZQ ^Z`YO L^ ^dXMZWTN QZ]X _SP]PQZ]P YZ_ ZYWd ]T_ `LW QZ]X^ [WLd LY TX[Z]_LY_ ]ZWP M`_ ^Z OZ NZRYT_TaP ^d^_PX^ aL]TZ`^ ^dXMZWTN QZ]X^ LYO OTQQP]PY_ ^[SP]P^ ZQ ]L_TZYLWT_d 3ZbPaP] _SP^P OTQQP]PY_ ^[SP]P^ ZQ ]L_TZYLWT_d QZ] TY^_LYNP ]PWTRTZY LYO ^NTPYNP SLaP MPPY OTQQP]PY_Wd Z]RLYTePO _SLY _SPT] 0`]Z[PLY NZ`Y_P][L]_^ LYO _SPT] ]PWL_TZY^ST[ MP_bPPY ^NTPYNP LYO ]PWTRTZY ^`QQP]PO WP^^ L M]PLV PaPY TY XZOP]Y _TXP^ BP L]P RZTYR _Z L]R`P _SL_ _SP ^PXTWT_P]LW TY_P]XPOTL_P eZYP ZQ >LY^V]T_ N`W_`]P _SL_ NZXMTYPO Z]LWT_d LYO WT_P]LNd LYO YPaP] RLaP `[ T_^ [SZYZNPY_]TN []PQP]PYNP bSL_ bP NLWW w^ZYLWT_dx N]PL_PO L w_ST]O ^[LNP SLMT_`^x ?ST^ N`W_`]P RPYP]L_PO YZ_ ZYWd []ZYZ`YNPO QZ]X^ ZQ LNZ`^_TN [TP_d M`_ LW^Z OTQQP]PY_ ^NTPY_TQTN ^_dWP^ _SLY _SZ^P QZ`YO TY 0`]Z[P =PRL]OTYR _SP ST^_Z]d ZQ ]L_TZYLWT_d T_ T^ YZ_ TY^TRYTQT NLY_ _SL_ PaPY _SP ^NTPY_TQTN LM^_]LN_TZY^ ZQ YL_`]LW ^NTPYNP^ SLaP MPPY NZXX`YTNL_PO TY ^Z`YO^ LYO [ZP_TN aP]^P^ ?SP LP^_SP_TN ^_dWP^ ZQ _SP _]LOT_TZYLW 4YOTLY ^NTPY_T^_^ OTQQP] []ZQZ`YOWd Q]ZX ^NTPY_TQTN []LN_TNP^ TY _SP BP^_ >`NS L^[PN_^ L]P PL^TWd QZ]RZ__PY MPNL`^P TY _SP BP^_ bP L]P `^PO _Z RTaTYR bPTRS_ ZYWd _Z NZY_PY_ LYO WZRTNLW NZSP]PYNP -`_ _SPd L]P YZ_ _Z MP _LVPY WTRS_Wd YZ] L]P _SPd T]]PWPaLY_ ,P^_SP_TN Z] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

"

YZYLP^_SP_TN ^_dWP^ ZQ ^NTPYNP L]P ^ZNTLW ]P[]P^PY_L_TZY^ LYO SLMT_`^ QZ]XTYR LYO [P]NP[_TZYRPYP]L_TYR [ZbP]^ BT_STY _SP N`W_`]LW ^d^_PX ZQ 3TYO` 4YOTL MZ_S LNZ`^_TN [TP_d LYO ^NTPY_TQTN NZOP ^d^_PX^ ]PaPLW L ^_]ZYRWd [L]_TNT[L_Z]d L[[]ZLNS _Z WLYR`LRP LYO ]PLWT_d BP TYaP^_TRL_P [L]_TNT[L_TZY L^ L QZ]X ZQ wSLMT_`^x TY aL]TZ`^ N`W _`]LW ^[SP]P^ LYO _SPT] ZaP]WL[[TYR^ ?SP ML^T^ T^ L [SZYZNPY_]TN WTQP ]PLWT_d TY bSTNS ^PXLY_TN LYO PXZ_TZYLW XP^^LRP^ LYO PaPY ^NTPY_TQTN XP^^LRP^ L]P XL_P]TLWTePO TY L ^PY^Z]d LP^_SP_TN XLYYP] ?ST^ WTQP bZ]WO TYNW`OPO XLYd NZRYT_TaP MWPYO^ ZQ []ZQLYP LYO ^LN]PO aTPb^ ZQ WLYR`LRP LYO TY_P][]P_L_TZY ZQ ]PLWT_d 4_ []ZO`NPO L QLT] Y`XMP] ZQ SZWT^_TN bZ]WONZY^_]`N_TZY^ LYO [P]QZ]XL_TaP Q`^TZY bL^ YZ_ ZYWd ZYP ZQ _SP XZ^_ NSP]T^SPO ]PWTRTZ`^ RZLW^ M`_ LW^Z LY TX[Z]_LY_ L^[PN_ ZQ N`W_`]LW ]P[]ZO`N_TZY ?SP [L]_TNT[L_Z]d L[[]ZLNS TY [STWZ^Z[Sd SL^ MPPY NLWWPO XP_L[Sd^TNLW XZYT^X PW^PbSP]P 3ZbPaP] >LY^V]T_ 3TYO` T^X SL^ XZ]P _SLY ZYP aP]^TZY ZQ NZ^XTN `YT_d TYNW`OTYR XZ]P O`LWT^_TN ZYP^ bT_STY _SPT^_TN LYO OPaZ_TZYLW XZaPXPY_^ YZ_ QZ]RP__TYR ^ZYTN NZ^XZWZRTP^ 4]]P^[PN_TaP ZQ _ST^ X`W_T[WTNT_d _SP TOPLW ZQ [L]_TNT[L_TZY TY LYO XP]RP] bT_S _SP ^`[]PXP OPT_d Z] STRSP] `YT_d [P]aLOPO []LN_T NLWWd LWW ^d^_PX^ ?SP [P]QZ]XLYNP _d[P^ TYNW`OPO YZ_ ZYWd L^NP_TN Pc P]NT^P^ LYO QL^_TYR Z] TY_PWWPN_`LW NZY_PX[WL_TZY LYO [`]P RYZ^T^ Z] NZX[WP_P OPaZ_TZYLW ^`]]PYOP] LYO QPL_^ ZQ S`XTWT_d M`_ XZ]P ZQ_PY _SLY YZ_ ^Z`YO ]T_P^ BSP_SP] NZXMTYPO bT_S Z_SP] []LN_TNP^ Z] [P] QZ]XPO TYOTaTO`LWWd _SP TOPL _SL_ ZYP NLY XP]RP bT_S _SP STRSP] `YT_d [L]_TNT[L_P TY _SP OTaTYP LYO _L[ OTaTYP [ZbP] Md XPLY^ ZQ ^Z`YO ZQ _SP XLY_]L _SP OTaTYP YLXP Z] X`^TN T^ LWW[P]aLOTYR LYO Pc_PYO^ TY_Z [`MWTN [P]QZ]XLYNP^ 0aPY _ZOLd _SP _Pc_ LYO T_^ ^Z`YO L]P ZQ_PY _SPX ^PWaP^ aTPbPO L^ L ^LN]PO Y`XTYZ`^ ^`M^_LYNP 0^^PY_TLWT^_ ZMUPN_TaTeL _TZY T^ N]`NTLW _Z LNZ`^_TN [TP_d 4Y 4YOTL _ST^ TYNW`OP^ NZYaTN_TZY ZQ _SP SZWTYP^^ LYO [ZbP] ZQ ^LN]PO ^Z`YO LYO _SP MPWTPQ _SL_ OPT_TP^ L]P TX XPOTL_PWd []P^PY_ TY ?LY_]TN LYO OPaZ_TZYLW XLY_]L^ ;L]_TNT[L_TZY TY _SP NL^P ZQ 4YOTLY [SZYZNPY_]TNT_d XPLY^ [L]_TNT[L_ TYR TY _SP ^Z`YO^ LWWZbTYR ZYP^PWQ _Z MP _TPO TY_Z _SPT] ^PY^Z]d L`]LW YL_`]P _Z PYUZd _SP w]L^Lx ZQ _SPT] LP^_SP_TN^ M`_ LW^Z ^ZNTLW ^dYNS]Z YTNT_d Xd_STNLW PXMPOOPOYP^^ LYO ^LN]TWTeTYR ZYPv^ WTQP 4Y _SP NL^P ZQ _SP YL_`]LW ^NTPY_T^_^ XPY_TZYPO [L]_TNT[L_TZY XPLY^ TYNW`^TZY ZQ _SP N]d[_TN L_SXZ^[SP]TN [ZP_TN LYO YZYaP]MLW TY_Z _SP ^NTPY_TQTN []Z[Z^T _TZY LYO _S`^ ^_]ZYRP] PXZ_TZYLW Q`^TZY bT_S _SP ^NTPY_TQTN ^`MUPN_ 4Y _SP NL^P ZQ LNZ`^_TN [TP_d T_ XPLY^ [L]_TNT[L_TYR TY _SP WTQP ZQ _SP _Pc_^ LYO _SP Y`XTYZ`^ ^`M^_LYNP^ NZXX`YTNL_PO TY _SPX BP NZY^TOP] _SL_ NLWWTYR _ST^ L[[]ZLNS wNZXX`YTNL_TZYx PaPY _SZ`RS TYQZ]XL_TZY LYO _SP NZYaPdTYR ZQ L XP^^LRP NZTYNTOP TY _SP ]PLWX ZQ _SP ^PY^Z]d T^ U`^_TQTPO QZ] ^PaP]LW ]PL^ZY^ ?SP QT]^_ ]PL^ZY QZ] _ST^ T^ _SL_ SP]P _ZZ _SP ^TRY WTaP^ O`P _Z T_^ ^ZNTLW `^P BT__RPY

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^_PTY LYO ;PT]NP 1Z] TY^_LYNP T_ bL^ L NZYaPY_TZY _SL_ XL_SPXL_TNTLY^ Pc[]P^^PO _SPT] QTYOTYR^ TY OTQQTN`W_ aP]^P^ LYO _ST^ ^SZb ZQ M]TWWTLYNP SLO L RZZO OPLW ZQ WPRT_TXTeTYR ^ZNTLW Q`YN_TZY >TXTWL]Wd _SP ]PWTRTZ`^ ^d^_PX bTWW SL]OWd PaP] WLNV LY P^^PY_TLWT^_ `YOP]^_LYOTYR ZQ XLY_]L [ZbP] PaPY TQ T_ TYaZWaP^ ^PaP]P WLYR`LRP N]T_TNT^X L^ TY _SP ,OaLT_L APO£Y_L 4_ T^ L w_]`_Sx bSTNS T^ ^Z X`NS [L]_ ZQ _SP ]PWTRTZ`^ OT^NZ`]^P _SL_ T_ bZ`WO MP SL]O _Z QTYO L ]PWTRTZ`^ [P]^ZY bSZ OZ`M_^ T_ 4_ T^ L^ N`^_ZXL]d L^ _Z TYaZVP 7Z]O 2L©P²L L_ _SP MPRTYYTYR ZQ L YPb `YOP] _LVTYR _Z ]PXZaP LWW ZM^_LNWP^ 4Y LWW TY^_LYNP^ ZQ NZXX`YTNL_TZY LYO [L]_TNT[L_TZY XPY_TZYPO LY Pc_]PXP LXZ`Y_ ZQ L`_Z[ZPT^T^ 7`SXLYY T^ []P^PY_ TYNW`OTYR ^PY^Z]d LP^_SP_TN LYO PXZ_TZYLW L^[PN_^ _SL_ MP WZYR _Z _SP NZXX`YTNL_TZY []ZNP^^ 0NZ :YP XLd LOO _SL_ PaPY _SP 7L_TY _P]X NZXX`YTNL_TZ TYNW`OP^ L ^_]ZYRWd [L]_TNT[L_Z]d L^[PN_ TY _SL_ T_ T^ OP]TaPO Q]ZX NZXX`YTNZ wXLVP NZXXZYx w[L]_TNT[L_P TYx wNZYaPdx LYO NZXX`YT^ wNZX XZYx wUZTY_x wRPYP]LWx ,OXT__POWd _ST^ ]PLOTYR ZQ NZXX`YTNZ LYO NZXX`YT^ T^ L OL]TYR ^`RRP^_TaP LYO ^_]ZYRWd L^^ZNTL_TaP XP_ZYdXTN ZaP]TY_P][]P_L_TZY Q`WWd TY VPP[TYR bT_S _SP ^_dWP TY bSTNS XLYd 4YOTLY _STYVP]^ TY_P][]P_ NL_NSbZ]O^ LYO [L^^LRP^ Q]ZX ^LN]PO WT_P]L _`]P^ ,NNZ]OTYR _Z 4YRZ 8Ø]_S _SP _bZ 7L_TY _P]X^ ^TX[Wd XPLY LY wPY_P]TYR TY_Z L ]PWL_TZY Md ^`MUPN_^ _S]Z`RS ^`NNP^^Q`W PcNSLYRP ZQ TYQZ]XL_TZYx ! _SL_ T^ NZX[WP_PWd YZ]XLW TYQZ]XL_TZY _]LY^QP] L^^ZNT L_PO bT_S WLYR`LRP LYO NZXX`YTNL_TZY TY ^ZNTLW TY_P]LN_TZY TY 4YOTL LYO PW^PbSP]P ,_ _ST^ U`YN_`]P bP SLaP _Z [ZTY_ Z`_ _SL_ TY _SP aP]YLN`WL] ^P__TYR ZQ PaP]dOLd WTQP TY 4YOTLY WTYR`T^_TN^ LYO LWW _SP bLd _Z _SP ]PWT RTZ`^ WT_P]L_`]P^ _SP TYQZ]XL_TZYLW L^[PN_ ZQ WLYR`LRP T^ ZQ NZ`]^P []P ^PY_ LYO TY ]PRL]O _Z NZXX`YTNL_TZY T^ YZ OTQQP]PY_ Q]ZX 8Ø]_Sv^ Z] 7`SXLYYv^ OPQTYT_TZY 4Y [L]_TN`WL] TY _SP NL^P ZQ _SP 4YOTLY WLYR`LRP _SPZ]T^_^ T_ MPNZXP^ NWPL] _SL_ _SPd XZ^_ NP]_LTYWd VYPb _SL_ XPLYTYR^ L]P ML^PO ZY NZYaPY_TZY^ LYO _SL_ ^Z`YO LYO XPLYTYR L]P _bZ OTQQP]PY_ _STYR^ 4Y _SP PL]Wd .ZXXZY 0]L 4YOTLY WTYR`T^_^ ^`NS L^ ±LML]L^a£XTY SLO LW]PLOd OT^NZaP]PO WTVP ;PT]NP _SL_ _SP bZ]O PR _SP bZ]O wNZbx bL^ L ^dXMZW Z] wRPYP]LW ]`WPx Z] _SL_ bSTNS ;PT]NP NLWWPO _SP wTXXP OTL_P TY_P][]P_LY_x ! -SL]_šSL]Tv^ WLYR`LRP _SPZ]d _SPY bPY_ Q`]_SP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 8Ø]_S w6ZXX`YTVL_TZYx $ ! :Y ±LML]L^a£XTY LYO -SL]_šSL]T ^PP MPWZb TY _SP TY_]ZO`N_TZY LYO TY XZ]P OP_LTW TY NSL[  ,NNZ]OTYR _Z 5LVZM^ZY >PXTZ_TV   ;PT]NPv^ NZYNP[_ ZQ _SP wTY_P][]P_LY_x T^ ZYP ZQ _SP wXZ^_ M]TWWTLY_ OT^NZaP]TP^ LYO XZ^_ PQQPN_TaP []ZNPO`]P^x _SL_ ;PT]NP TY_]ZO`NPO TY_Z WTYR`T^_TN^ 5LVZM^ZY ^`XXL]TeP^% w,NNZ]OTYRWd vQT]^_ _SP TXXPOTL_P TY_P][]P_LY_ T^ _Z MP OT^_TYR`T^SPO _SL_ T^ _SP TY_P][]P_LY_ L^ T_ ]PaPLW^ T_^PWQ TY _SP NZ]]PN_ `YOP]^_LYOTYR ZQ _SP ^TRY  LYO bSTNS T^ `^`LWWd NLWWPO _SP XPLYTYR ZQ _SP ^TRYv  ! >`NS LY TY_P][]P_LY_ uT^ PaP]d_STYR _SL_ T^ Pc[]P^^PO TY _SP ^TRY T_^PWQ T]]P^[PN_TaP ZQ T_^ NZY_Pc_ LYO _SP NT]N`X^_LYNP^ ZQ _SP `__P]LYNPv  " 9Z MP__P]

.ZXX`YTNL_TZY LYO =PNP[_TZY ZQ >Z`YOTYR ?Pc_^

$

^_L_TYR _SL_ L bZ]O NLY ZYWd MP `YOP]^_ZZO bT_STY L ^PY_PYNP z _ST^ _ZZ T^ L NPY_]LW TY^TRS_ ZQ XZOP]Y BP^_P]Y WTYR`T^_TN^ 4Y ^`NS NL^P^ ZQ NZXX`YTNL_TaPWd Pc[WLTYPO LYLWd_TNLW OT^_LYNTYR LYO ^_]TN_Wd ^NTPY _TQTN OT^NZ`]^P^ bP bTWW ^[PLV ZQ LY wPXLYNT[L_Z]dx L[[]ZLNS _Z WLY R`LRP LYO _SP bZ]WO M`_ LW^Z ^SZb SZb ZYP XZOP bL^ _]LY^WL_PO MLNV TY_Z _SP Z_SP] LYO SZb OTaP]^P ]L_TZYLWWd QZ`YOPO MWPYO^ ZQ PXLYNT[L _Z]d LYO [L]_TNT[L_Z]d XZOP^ NLXP LMZ`_ BSP]PL^ 4YOTLY WTYR`T^_TN^ PYUZdPO `YWTXT_PO ]P^[PN_ PaPY LXZYR BP^_P]Y [STWZ^Z[SP]^ LYO WTYR`T^_^ ^ZXP _STYR^ LMZ`_ LNZ`^_TN [TP_d TY 4YOTL XLd [Z^^TMWd ^PPX QZ]PTRY Z] PaPY LWTPYL_TYR _Z L BP^_P]Y ]PLOP] 3ZbPaP] TQ bP RZ MLNV _Z ,Y_T\`T_d LYO _SP 8TOOWP ,RP^ _SP]P L]P LXLeTYR ^_]`N_`]LW ^TXTWL]T_TP^ TY XLYd L^[PN_^ ?ST^ ^_L]_^ bT_S L ^TXT WL] XPOTL ^T_`L_TZY LYO _SP OZXTYLYNP ZQ _SP aZTNP BSL_ L[[PL]^ _Z OTQQP]PY_TL_P 4YOTL Q]ZX BP^_P]Y N`W_`]P T^ YZ_ ^Z X`NS _SP [L]_TNT[L _Z]d L[[]ZLNS _Z _Pc_^ bSTNS bP SLaP ^`XXL]TePO TY _SP _P]X wLNZ`^_TN [TP_dx M`_ _SP Pc[WTNT_Wd ^ZYTN [L]LOTRX _SL_ M]Z`RS_ QZ]_S _SP ^ZYTN _SPZWZRTP^ NZ^XZWZRTP^ LYO XP_L[Sd^TN^ ZQ ^Z`YO 4Q ZYP TRYZ]P^ QZ] L XZXPY_ ^ZXP OT^_TYN_TaP BP^_P]Y L__PX[_^ L_ ^ZYTN ^d^_PX^ _SL_ OPaPW Z[PO [L]LOTRXL_TN PQQTNLNd ZYWd L_ NP]_LTY _TXP^ Z] TY NP]_LTY NT]NWP^ ^`NS L^ _SP ;d_SLRZ]PLY SL]XZYd ZQ _SP ^[SP]P^ -ZP_ST`^v wX`^TN ZQ _SP `YTaP]^Px  X`^TNL X`YOLYL  bSTNS WPQ_ T_^ XL]V ZY _SP PY_T]P 8TO OWP ,RP^ 6P[WP]v^ ]PTYaTRZ]L_TZY ZQ _SP TOPL Z] 5ZLNSTX -P]PYO_v^ 9Pb ,RP [STWZ^Z[Sd TY^[T]PO Md 4YOTL NLWWPO w?SP BZ]WO T^ >Z`YOx bP QTYO TY _SP BP^_ YZ LYLWZRZ`^ ^ZYTN [L]LOTRX LYO LMZaP LWW YZ NZY ^T^_PY_ ZYP -`_ bSL_ bP OZ QTYO z LYO _ST^ L[[WTP^ _Z LWW _SP ^ZNLWWPO MZZV ]PWTRTZY^ ]TRS_ `[ _Z _SP []P^PY_ _TXP z T^ LY LP^_SP_TN ^PY^Z]d PXZ_TaP ^ZYTN ]PNP[_TZY ZQ _SP SZWd w^N]T[_`]P^x WTaPO Z`_ TY []LN_TNP BP YZb NZXP MLNV _Z _SP XZ^_ ML^TN QZ]X ZQ LNZ`^_TN [TP_d bSTNS T^ L]_TN`WL_PO TY _SP aZNLWTeL_TZY LYO X`^TNLWTeL_TZY ZQ ^LN]PO WT_P]L_`]P^ TY _SP WT_`]RTNLW L[[]ZLNS LYO PaP]dOLd ]PWTRTZ`^ []LN_TNP , NWZ^P] WZZV ]PaPLW^ _SL_ _SP w^Z`YOTYR Z`_x ZQ _SP SZWd w^N]T[_`]Px T^ LW^Z Md YZ XPLY^ QZ]PTRY _Z NZY_PX[Z]L]d ]PNT[TPY_^ ZQ _SP MZZV ]PWTRTZY^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OPQTYT_TZY T^ VYZbY ?ST^ u^PWPN_TaPv TY_P][]P_LY_ bSTNS T^ _Z MP OT^_TYR`T^SPO Q]ZX _SP vNZY_Pc_`LWv TY_P][]P_LY_ T^ LY P^^PY_TLW M`_ LWW _ZZ Q]P\`PY_Wd ZaP]WZZVPO VPd _Z ]P^ZWaTYR _SP aT_LW \`P^_TZY ZQ RPYP]LW XPLYTYR^ TY _SP aL]TZ`^ L^[PN_^ ZQ WTYR`T^_TN LYO Z_SP] ^TRY^x 5LVZM^ZY TMTO  BSL_ T^ TX[Z]_LY_ SP]P T^ _SP YZ_TZY ZQ _SP TYaL]TLYNP Z] _SP YPNP^^T_d ZQ OT^NZaP]TYR _SP TYaL]TLY_ MPSTYO _SP Y`XP]Z`^ aL]T LMWP^ LYO _S`^ _Z [P]NPTaP _SP ]PWL_TZYLW NZY^_LY_^ _SL_ L]P `YLQQPN_PO Md _]LY^QZ]XL _TZY^ ,NNZ]OTYR _Z 5LVZM^ZY _ST^ T^ ZYP ZQ _SP R]PL_ LNLOPXTN OT^NZaP]TP^ PaP] TMTO z 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



!

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ 4Y _SP BP^_ bP RPYP]LWWd QZ]RP_ U`^_ bSL_ L Q`YOLXPY_LW ]ZWP _SP L`OT MWP LYO ^[ZVPY bZ]O ZQ_PY [WLd^ TY PaP]dOLd ]PWTRTZ`^ []LN_TNP 4Y _SP LNLOPXTN L[[]ZLNS LYO QZ] _SP TXLRP ZQ SZWd _Pc_^ _SP QZN`^ SL^ MPPY ZY _SP b]T__PY QZ]X LYO _SP OT^N`]^TaP ]PLOTYR ZQ T_ ?SP XZOPW ZQ _SP wMZZV ]PWTRTZY^x OZXTYL_P^ 4Y _SP $#^ BTWWTLX 2]LSLX NSLWWPYRPO _ST^ aTPb Md TY_]ZO`NTYR _SP _P]X wZ]LW ^N]T[_`]P^x _Z OPYZ_P _SP ]T_`LW Q`YN_TZY ZQ _SP ^LN]PO MZZV^ LYO _SP ]PNP[_TZY ZQ _SP TYNP _SP XTO$#^ XZ]P L__PY_TZY SL^ MPPY [LTO _Z _SP Z]LWL`]LW L^[PN_ ZQ SZWd ^N]T[_`]P^ :YP ZQ _SP WPLOTYR []Z[ZYPY_^ bL^ BTWWTLX , 2]LSLX TY w[Z VPY bZ]O ,Y 4^WLXTN .ZY_]TM`_TZY _Z _SP @YOP]^_LYOTYR ZQ >N]T[_`]Px TY ,[[]ZLNSP^ _Z 4^WLX TY =PWTRTZ`^ >_`OTP^ PO =TNSL]O . 8L]_TY ?`N^ZY% @YTaP]^T_d ZQ ,]TeZYL ;] $#  z LYO -PdZYO _SP B]T__PY BZ]O% :]LW ,^[PN_^ ZQ >N]T[_`]P TY _SP 3T^_Z]d ZQ =PWTRTZY^ .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $#" >PP LW^Z ST^ L] _TNWP^ TY =P_STYVTYR >N]T[_`]P% 0^^Ld^ Q]ZX L .ZX[L]L_TaP ;P]^[PN_TaP PO 8T]TLX 7PaP]TYR 9Pb DZ]V% >@9D $#$ , WL]RP LXZ`Y_ ZQ XL_P]TLW ZY _ST^ ^`MUPN_ LYO []ZNP^^P^ z Q]ZX _SP ^[ZVPY _Pc_ LYO _SP QTcPO b]T__PY NLYZY _Z _SP NZXXPY_L]d z T^ QZ`YO TY _SP aZW`XP^ [`MWT^SPO Md ,WPTOL LYO 5LY ,^^XLYY ,]NSÆZWZRTP OP] WT_P] L]T^NSPY 6ZXX`YTVL_TZY $# QQ ?ST^ VTYO ZQ WTYPL] OPaPWZ[XPY_ ZQ NLYZY QZ]XL _TZY SZbPaP] T^ OTQQTN`W_ _Z XLTY_LTY TY _SP NL^P ZQ 4YOTL

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO



bSZ PY_P] SP]Px !! ?SP PaP]WL^_TYR YL_`]P ZQ _SP OTaTYP OPNT^TZY NZY ^TRYTYR _SP NZYOPXYPO _Z 3PWW T^ ^dXMZWTePO Md MPTYR _SP]P TY b]T_TYR ,NNZ]OTYR _Z 4^WLX _SP Z]LWWd ]PaPLWPO _`YOPYRPMP_ `YO 8PÁQPT P]x TY /P] ;^LW_P] TY 5`OPY_`X `YO .S]T^_PY_`X Z[ NT_  z# 4Y XZYL^_TN ^P_ _TYR^ _ST^ TY_PY^TaP []LN_TNP ZQ [TP_d SL^ ]PXLTYPO LWTaP `[ _Z _SP []P^PY_ OLd LYO T^ LW^Z PYUZdTYR L ]PaTaLW TY ^ZXP NS`]NS NZYR]PRL_TZY^



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

.P]_LTYWd TY .S]T^_TLYT_d X`^TN LWbLd^ ]PXLTY^ L WT_`]RTNLW PXMPW WT^SXPY_ L_ WPL^_ LNNZ]OTYR _Z _SP _SPZ]d 3ZbPaP] TY T_^ _bZ ^T^_P] ]PWTRTZY^ 5`OLT^X LYO 4^WLX _SP]P T^ YZ ^`NS LM^ZW`_P ^P[L]L_TZY MP _bPPY _SP bZ]O LYO _SP ^Z`YO PaPY _SZ`RS SP]P _ZZ _SP NPY_]LW PWP XPY_ T^ bT_SZ`_ OZ`M_ _SP ^N]T[_`]P 4_ T^ bPWW VYZbY _SL_ L_ _SP SPL]_ ZQ 5`OLT^X T^ _SP ?Z]LS _SP ;PY_L _P`NS WT_P]LWWd XPLYTYR wOT]PN_TZY TY^_]`N_TZY Z] _PLNSTYRx 4_ T^ ]P RL]OPO L^ L ^P_ ZQ R`TOPWTYP^ ZY SZb _Z WTaP ZYPv^ WTQP NZ]]PN_Wd LNNZ]O TYR _Z _SP ]PWTRTZY ?SP ?Z]LS T^ QT]^_ LYO QZ]PXZ^_ L MZZV L^ NLY NWPL]Wd MP ^PPY TY _SP OP^N]T[_TZY ZQ SZb _Z SZYZ] _SP ?Z]LS Md _SP ]LMMT 7PZ ?]P[[% w4_ X`^_ MP b]T__PY Md SLYO ZY [L]NSXPY_& QZ] _ST^ T_^ ^N]TMP _SP >ZQP] `^P^ L RZZ^P \`TWW QZ] LY T]ZY [PY T^ ]PXTYT^NPY_ ZQ bL]x !#

0aPY _SP XL_P]TLW L^[PN_ ZQ _ST^ MZZV T^ SZWd BSPY _SP ?Z]LS ^N]ZWW T^ _LVPY Z`_ ZQ T_^ SZWd L]V TY _SP ^dYLRZR`P QZ] L ]PLOTYR w_SP [PZ[WP ]T^P _Z _SPT] QPP_ Z`_ ZQ ]P^[PN_ LYO LWW _SZ^P bSZ L]P NWZ^P _Z _SP ?Z]LS L^ T_ T^ _LVPY _Z _SP WPN_P]Y _Z`NS T_^ uXLY_WPv FTP _SP QLM]TN NZaP] TY bSTNS T_ T^ VP[_H mx !$ 4Y ]PWTRTZ`^ []LN_TNP SZbPaP] _SP ?Z]LS T^ \`T_P OTQ QP]PY_ Q]ZX MPTYR U`^_ L MZZV Z] L b]T__PY _Pc_ 4_ T^ L ^Z`YO PaPY_ =PLOTYR _SP ?Z]LS T^ L NZX[WPc ]PNT_L_TaP QZWWZbTYR L QTcPO ^P_ ZQ ]`WP^ " ?SP]P T^ wL []P^N]TMPO [L__P]Y ZQ FX`^TNLWH VPd^ _SL_ _SP NLY_Z] X`^_ MP LMWP _Z `^P 4_ T^ _]`P _SL_ PaP]d 5Pb  NLY WPLO _SP []LdP]^& M`_ MPNL`^P _SP 5Pb^ SLaP LWbLd^ MPPY PcNP[_TZYLWWd QZYO ZQ X`^TN _SPd SLaP OP XLYOPO _]LTYPO NLY_Z]^ bT_S RZZO aZTNP^ bSZ SLO _Z MP LMWP _Z M]TYR Z`_ _SP ^PY^P LYO _SP XPLYTYR ZQ _SP bZ]O^ _Z RTaP Q`WW Pc[]P^^TZY _Z _SP WZYRTYR ZQ _SP SPL]_ LYO _Z []P^PY_ _SP ]PWPaLY_ XP^^LRP ZQ _SP OLd TY L X`^TNLW QL^STZYx "

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# 7PZ ?]P[[ /TP 5`OPY% AZWV 2P^NSTNS_P =PWTRTZY =PTYMPV% =ZbZSW_ $$#  ?]LY^ 0 3TNV^ !$ ?]P[[ /TP 5`OPY  " ?SP NLY_TWWL_TZY ZQ _SP -TMWP bL^ NZOPO TY L ^[PNTLW ^d^_PX ZQ b]T__PY ^TRY^ 8L^Z]P_TN LNNPY_^ 1Z] XZ]P OP_LTW^ ^PP 3PTOd ETXXP]XLYY ?Z]L `YO >ST]L% @Y_P] ^`NS`YRPY e`] 8`^TVL`QQL^^`YR OP^ ]LMMTYT^NSPY 5`OPY_`X^ -P]YP% ;P_P] 7LYR & ,WPcLYOP] 3L]VLad PO ?SP ;PY_L_P`NS bT_S 3LQ_L]Z_S LYO 1TaP 8PRTWZ_S % 8`^TN 9Z_P^ L]]LYRPO Md 8 9L_SLY^ZY 9Pb DZ]V% 3PM]Pb ;`MWT^STYR .Z $#& 5Z^P[S 3P]XLY 3P]_e _]LY^ ?SP ;PY_L_P`NS bT_S 3LQ_L]Z_S^ AZW  :cQZ]O% >ZY NTYZ ;] $$ !z# YZ_L_TZY^& >LWZXZY =Z^Zb^VT ?SP .LY_TWWL_TZY ZQ _SP -T MWP% ?SP 1TaP -ZZV^ ZQ 8Z^P^ 9Pb DZ]V% =PNZY^_]`N_TZYT^_ ;] $ " :Y _SPZWZRT NLW TY_P][]P_L_TZY ^PP 6L]W 0]TNS 2]ØeTYRP] 8`^TV `YO 2P^LYR TY OP] ?SPZWZRTP OP] Q]ÞSPY UÞOT^NSPY 7T_P]L_`]% ?LWX`O 8TO]L^NS 8d^_TV ?ÞMTYRPY% 8ZS] $# " ?]P[[ /TP 5`OPY  >PP LW^Z 2]ØeTYRP] 8`^TV `YO 2P^LYR  z

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO



,^ 3PTOd ETXXP]XLYY NWLTX^ TY _SP L]PL ZQ >PXT_TN WLYR`LRP LYO N`W_`]P X`^TN LYO _Pc_ L]P YZ_ [P]NPTaPO L^ ^P[L]L_P OTXPY^TZY^ " ,^ TY 4YOTL [PZ[WP ^[PLV ZQ ^`YR ]PNT_L_TZY L^ w]PLOTYRx 4Y^_PLO ZQ w^TYR TYRx _SPd []PQP] _SP Pc[]P^^TZY w_Z ^[PLV L ^ZYRx ,YO _SP ?Z]LS T^ _S`^ LW^Z L _Pc_ TY_PYOPO _Z MP SPL]O ,NNZ]OTYR _Z ETXXP]XLYY _SP wTY_ZYL_TZY ZQ _SP SZWd ^N]T[_`]Px T^ w_Z MP ^PPY MZ_S TY T_^ Q`YN_TZYLW _TP^ _Z WLYR`LRP LYO TY L NZRYT_TaP LYO ^PY^Z]d ZaP]LWW NZY_Pc_x " 4Y 4^WLX _SP ]PWL_TZY^ST[ MP_bPPY ^Z`YO LYO bZ]O^ T^ PaPY NWZ^P] 4_ bL^ NP]_LTYWd P^^PY_TLW _Z 8`SLXXPO _SL_ _SP ,]LM^ ^SZ`WO YZb LW^Z [Z^^P^^ _SPT] ZbY w-ZZVx VT_£M LYLWZRZ`^ _Z _SP 5Pb^v ?Z]LS LYO _SP .S]T^_TLY^v 2Z^[PW " -`_ PaPY _SP bZ]O wST]L  $ ,NNZ]OTYR _Z ETXXP]XLYY _SP^P ZM^P]aL_TZY^ ^SZb _SL_ TY ?Z]LS NLY_TWWL_TZY wOP[PYOTYR ZY _SP N`W_`]P \`T_P OTQQP]PY_ [P]NP[_TZY N]T_P]TL L]P PQQPN_TaP _SLY _SZ^P bSTNS ST^_Z]TNLW X`^TNZWZRd T^ `^PO _Z L[[WdTYR _Z X`^TNx TMTO  " >PP LW^Z 3L]_X`_ -ZMeTY /P] 6Z]LY% 0TYP 0TYQÞS]`YR 8ÞYNSPY% -PNV   " .Q -ZMeTY /P] 6Z]LY  $ LYO  bSZ O]Lb^ L__PY_TZY _Z _SP QLN_ _SL_ _SP " aP]^P^ ZQ _SP Z`YO

_Pc_ LWbLd^ ]PNPTaP^ _SP R]PL_P^_ L__PY_TZY 9LaTO 6P]XLYT QTYO^ _SL_ `YOP]^_LYOTYR _SP N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

"

QZ]NTYR .S]T^_TLYT_d w_Z MP L MZZV ]PWTRTZYx #$ ?d]PWW OP_PN_^ TY _SP =PQ Z]XL_TZY L ]P^_]TN_TZY ZQ XPOTL OT^NZ`]^P _Z b]T_TYR []PLNSTYR LYO QLT_S z L ]P^_]TN_TZY _SL_ OTO YZ_ PcT^_ TY _SP 8TOOWP ,RP^ 3ZbPaP] SP ^PP^ L^ _SP LN_`LW RZLW ZQ _SP =PQZ]XL_TZY _SP w]P_`]Y _Z _SP Z]TRTYLW Z]LW aP]MLW XZOPx $ TY Z]OP] _Z M]TYR _SP XP^^LRP ^P_ OZbY TY _SP ^N]T[_`]P^ _Z WTQP _S]Z`RS Z]LW []ZNWLXL_TZY 3P ^_L_P^ _SL_ ZbTYR _Z _SP ePT_RPT^_ _SP PX[SL^T^ ZY b]T_TYR LYO _SP L`_SZ]T_L_TaP bZ]O Q]ZX _SP [`W[T_ bP]P OT]PN_PO LRLTY^_ _SP wPY_S`^TL^_^x bSZ NWLTXPO TY^_PLO ZQ []PQP]PYNP QZ] []PLNSTYR LYO MPWTPQ TY _SP ^N]T[_`]P^ _SL_ _SP Xd^_TN TXXPOTLNd ZQ 2ZO bL^ _SP wOT]PN_ bZ]O ZQ 2ZO YZ_ _TPO _Z LYd XPOT`X LYO [SZ YPXPx $ 1Z] Z`] TYaP^_TRL_TZY _SP ]P^PL]NS TY_Z _SP 8TOOWP ,RP^ T^ [L]_TN`WL]LWd TX[Z]_LY_ MPNL`^P _SP ^T_`L_TZY bL^ XZ]P NZX[L]LMWP bT_S _SL_ TY 4YOTL 8POTPaLWT^_^ PWLMZ]L_PO _SP L^ dP_ TY_TXL_P NZYYPN _TZY MP_bPPY waTaL aZcx LYO w]L_TZ ^N]T[_`]Lx TY _SP 7L_P 8TOOWP ,RP^ []TZ] _Z _SP =PQZ]XL_TZY $ >ZXP XPOTPaLW ^_`OTP^ PX[SL^TePO _SP TY YP] bZ]WO LYO TY_P]YLWTeL_TZY QZ] TY^_LYNP _SP wWPN_TZ OTaTYLx L^ w_L^_ TYR OTaTYP bT^OZXx LYO N]PL_TaP XPOT_L_TZY TY PL]Wd XPOTPaLW XZYL^_T NT^X $ Z] _SP wTYYP] bZ]Ox ZQ _SP 7L_P 8POTPaLW Xd^_TN^ $ -`_ LW^Z \`T_P RPYP]LWWd ]PWTRTZ`^ MZZV^ ^STQ_PO _Z _SP NPY_P] ZQ L__PY_TZY L^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx #z$ PX[SL^TeP^ _SP wYPb Z]OP] ZQ _SP aL]TZ`^ XPOTLx QLaZ]TYR WLYR`LRP b]T_TYR ^ZWL ^N]T[_`]L LYO _SPZWZRTNLW []ZQP^^TZYLWTeL _TZY LWZYR bT_S _SP NZYYPN_TZY MP_bPPY _SP []TY_TYR ZQ MZZV^ LYO _SP =PQZ]XL_TZY 3T^ XLTY _SP^T^ SZbPaP] T^ _ST^% w?SL_ bSTNS `W_TXL_PWd LN_^ NZ`Y_P] _Z b]T_TYR L^ L [Z^^TMWP uR`TOTYR XPOT`Xv QZ] [TP_d T^ L OPP[^PL_PO []PQP]PYNP QZ] _SP uNZXX`YT NL_TZY ZQ QLT_Sv bSTNS LWbLd^ YPPO^ NZYQT]XL_TZY QZ] _SP TY_P]LN_TZY  LXZYR _SZ^P []P^PY_x TP L []TaTWPRPO [Z^T_TZY QZ] _SP Z]LW XZOP ZQ NZXX`YTNL_TZY ZQ []PLNSTYR L^ wNZXX`YTNL_TZY QTWWPO bT_S _SP ^[T]T_x TMTO #$ ^PP LW^Z #Q 3P ^_L_P^ _SL_ LN NZ]OTYR _Z 7`_SP] _SP b]T__PY QZ]X bL^ YPNP^^L]d _Z []Z_PN_ _SP 2Z^[PW^ Q]ZX TYNZ] ]PN_ TY_P][]P_L_TZY $ ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx ## $ ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx $ Q ^PP^ TY _ST^ L ]PLYTXL_TZY ZQ _SP XPOTP aLW Xd^_TNLW wTXXPOTLNd ZQ 2ZOx 3ZbPaP] bSTWP _SP XPOTPaLW Xd^_TN^ L__LNSPO R]PL_ TX[Z]_LYNP _Z b]T_TYR LYO _Z []PLNSTYR QZ] []P^PY_TYR _SPT] _PLNSTYR^ LYO 8PT^_P] 0NVSL]_v^ PX[SL^T^ ZQ _SP wTXXPOTLNd ZQ 2ZOx LYO _SP TYYP] XLY bL^ N]T_T NT^X ZQ _SP OT^[WLd LYO \`LY_TQTNL_TZY ZQ []LN_TNP^ ZQ [TP_d ;]Z_P^_LY_ wPY_S`^TL^_^x ^`NS L^ >PML^_TLY 1]LYNV STX^PWQ LN_TaP TY _SP []TY_TYR M`^TYP^^ _`]YPO LRLTY^_ _SP =PQZ]XL_TZYv^ []PQP]PYNP QZ] []PLNSTYR LYO LYd QZ]X ZQ wMPWTPQ TY b]T_TYR^x ?SP 3ZWd 2SZ^_ _SP wWTaTYR WTQPx LYO TYYP] BZ]O ^`][L^^ b]T_TYR LYO ^[PPNS $ .Q ATaL aZc & 7PY_P^ w,YOLNS_ `YO 2PMÆ]OPx& w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x $ .Q .L]]`_SP]^ ?SP .]LQ_ ZQ ?SZ`RS_ & ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ TX 8T__PWLW_P] "z"" $ 4Y^_PLO ZQ _SP Y`XP]Z`^ LaLTWLMWP [`MWTNL_TZY^ bP ]PQP] SP]P ZYWd _Z _SP L[[Z^T_P ^`XXL]d TY ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx $ Q

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^SL[TYR TY_P]YLW ^[LNP LYO L^ wZMUPN_F^H ZQ ZaP][ZbP]TYR OPWTRS_ LYO R]PL_ MPL`_dx $ _SL_ L]P TYPcSL`^_TMWP QZ] ]PWTRTZ`^ ]PLOP]^ 4Y aTPb ZQ _SP^P ZM^P]aL_TZY^ Z`] ^_L]_TYR [ZTY_ _SP w^_ZYP _LMWP_^x L[[PL]^ _Z M]PLV OZbY -`_ XP_L[SZ]^ LYO _P]X^ L]P Pc[]P^^TaP ]PLWT _TP^ ?SPd ]PQWPN_ N`W_`]LW NZOP^ 0aPY TQ 2]LSLX [`_^ QZ]bL]O RZZO L]R`XPY_^ QZ] MPTYR LMWP _Z ^[PLV ZQ wZ]LW ^N]T[_`]P^x LYO _SP ^N]T[ _`]LW OT^^ZWaP^ TY WT_`]RTNLW ]PLOTYR LWZ`O Z] ?d]PWW LNNPY_`L_P^ _SP =PQZ]XP]^v w[]PLNSTYR QTWWPO bT_S _SP ^[T]T_x Pc[]P^^TZY^ ^`NS L^ wMZZVx LYO wSZWd ^N]T[_`]Px ^_TWW ]PXLTY ,WZYR bT_S 2]LSLX ZYP NLY N]T_TNTeP _SP TYSP]PY_ P_dXZWZRTNLW NZYYPN_TZY WTYVTYR w^N]T[_`]Px LYO w^N]T[_`]Lx bT_S b]T_TYR $! M`_ ZYP NLYYZ_ PWTXTYL_P T_ 3ZbPaP] 2]L SLX NZ]]PN_Wd O]Pb L__PY_TZY _Z _SP Q`YOLXPY_LW []ZMWPX _SL_ TY _SP YTYP_PPY_S NPY_`]d _SP _P]X w^N]T[_`]Px bSTNS T^ Z]TPY_PO ZY 5`OLT^X LYO LMZaP LWW .S]T^_TLYT_d bL^ Pc[LYOPO _Z L[[Wd _Z Z_SP] ^LN]PO WT_P]L _`]P^ L^ bPWW :YP NLY LOO _SL_ _SP NWPL] `Y\`P^_TZYPO Z[_TZY QZ] _ST^ _P]X T^ YZ_ bT_SZ`_ ST^_Z]TNLW NZY_TYRPYNd ?SP PcNW`^TaP QTcL_TZY ZY _SP b]T__PY QZ]X T^ LMZaP LWW L []ZO`N_ ZQ _SP ^Tc_PPY_S NPY_`]d LYO L ;]Z_P^_LY_ WPRLNd w^ZWL ^N]T[_`]Lx 4Q ZYP bP]P _Z ^_L]_ Q]ZX _SP ^PWQ OP^TRYL_TZY^ TY 3TYO`T^X LYO _]LY^QP] _SPX _Z Z_SP] ^LN]PO WT_P]L_`]P^ _SP ^T_`L_TZY bZ`WO WZZV OT^_TYN_Wd WP^^ ^N]T[_`]LW 3P]P bP QTYO _P]X^NL_PRZ]TP^ ZQ ]PaPWL_TZY ^`NS L^ wVYZbTYRx APOL LYO wSPL]TYRx ±]`_T LYO QZ] _SP [Z^_APOTN b]T__PY ^LN]PO WT_P]L_`]P^ bP QTYO _SP _P]X^ N`W_`]LW wXPXZ]dx >Xš_T wZWO VYZbWPORPx ;`]£©L wQLM]TNx ?LY_]L LYO w_]LY^XT^^TZYx w_]LOT_TZYx LYO wTYQW`c ZQ ^NTPYNPx ¢RLXL ¢RLXL±£^_]L  $" ?SP^P _P]X^ ]PQWPN_ _SP bTWW _Z ^LQPR`L]O _]LOT_TZY LYO WTYVLRP _Z T_ ?SPd NZYYZ_P _SP WTaTYR _]LY^XT^^TZY ZQ _]L OT_TZY^ LYO _SP NWLTX _Z MP ^[PNTQTN VYZbWPORP ^d^_PX^ 9ZbSP]P OZ _SPd NZY_LTY LYd ]PQP]PYNP _Z b]T_TYR 4Y QLN_ _SP 4YOTLY _P]X^ wVYZbWPORPx wN`W_`]LW XPXZ]dx w_]LY^ XT^^TZYx Z] w_]LOT_TZYx LYO PaPY wSPL]TYRx TQ ZYP _STYV^ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2]TQQT_S^ =PWTRTZ`^ =PLOTYR   $! 2]LSLX w[ZVPY BZ]Ox ! $" ?SP _P]X w¢RLXLx T^ L OTQQTN`W_ ZYP _Z _]LY^WL_P MPNL`^P ZQ T_^ [ZWdaLWPYNd 4_ T^ []TXL]TWd `^PO QZ] ±TaLT_TN ?LY_]TN _Pc_^ L^ TY _ST^ MZZV LYO T^ `^PO SP]P L^ L ^dYZ YdX QZ] ¢RLXL±£^_]L  M`_ ^ZXP_TXP^ LW^Z QZ] AT´©`T_TN ?LY_]TN _Pc_^  ;£ÓNL]£_]L  LYO PaPY _SP APOL ,YO _SP ^PXLY_TN QTPWO ^_]P_NSP^ PaPY Q`]_SP] 8ZYYTP] BTWWTLX^v >LY^V]T_0YRWT^S /TN_TZYL]d TYNW`OP^ uNZXTYR YPL] L[[]ZLNS L[[PL]LYNP ]PLOTYR ^_`OdTYR LN\`T^T_TZY ZQ VYZbWPORP ^NTPYNP _]LOT_TZYLW OZN_]TYP Z] []PNP[_ ^LN]PO bZ]V LYd_STYR SLYOPO OZbY LYO QTcPO Md _]LOT_TZY L ?LY_]L Z] Xd^_TNLW bZ]V TYN`W NL_TYR _SP Xd^_TNLW bZ]^ST[ ZQ >TaL LYO >LV_Tv ?SP >LY^V]T_2P]XLY w;P_P]^M`]RP] BØ]_P]M`NSx O]Lb^ L__PY_TZY _Z Q]P\`PY_ NZX[Z^T_L XPLYTYR wTYQWZb ZQx ]PYOP]PO L^ wE`QW`^^ aZYx ^`NS L^ _SP TYQWZb ZQ VYZbWPORP Z] ^NTPYNP M`_ LW^Z RTaP^ wÞMP] WTPQP]_P 7PS]Px LYO wAZ]^NS]TQ_PY 7PS]M`NS `YO ?LY_]Lx w_PLNSTYR SLYOPO OZbY ]`WP^ _Pc_MZZV LYO ?LY_]Lx

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

$

ETXXP]XLYYv^ 6P]XLYTv^ LYO ?d]PWWv^ L]R`XPY_^ L]P YZ_ ]PLWWd _SL_ `Y^`T_LMWP QZ] MPTYR _]LY^QP]]PO _Z _SP 5PbT^S .S]T^_TLY LYO 8`^WTX ^LN]PO WT_P]L_`]P^ :YP NZ`WO _SP]PQZ]P NWLTX _SL_ _SP 3TYO` _P]X^ ZQ ]PaPWL_TZY bZ`WO SLaP MPPY XZ]P ^`T_LMWP QZ] XP_LWLYR`LRP TY _SP ^_`Od ZQ ]PWTRTZY _SLY _SP 0`]ZNPY_]TN WZRZNPY_]TN ^N]T[_`]LWT^X _SL_ ]PXZaPO _SP ^PY^P^ Q]ZX _SP ^LN]PO WT_P]L_`]P^ 3ZbPaP] _ST^ bL^ YZ_ PaPY NZY^TOP]PO BSPY 8Lc 8ÞWWP] TYT_TL_PO ST^ WL]RP^NLWP []ZUPN_ w>LN]PO -ZZV^ ZQ _SP 0L^_x TY _SP YTYP_PPY_S NPY_`]d SP bL^ LMWP WTVP QPb LNLOPXTN^ ZQ ST^ _TXP _Z L[[]PNTL_P YZY^N]T[_`]LW Z]LW WT_P]L_`]P^ ^`NS L^ _SZ^P ZQ _SP PL]Wd APOTN 4YOTLY^ _SP 2]PPV^ 1TYY^ 0^_ZYTLY^ P_N $# 3ZbPaP] SP ^_TWW _]LY^QP]]PO _SP _P]X^ w^N]T[_`]Px wMZZVx LYO wNLYZYx _Z _SP ]LOTNLWWd Z]LW APOL LYO Z_SP] ,^TLY ^LN]PO WT_P]L_`]P^ ?SP Pc[WLYL_TZY QZ] _ST^ ]P^_^ YZ_ ZYWd TY 0`]ZNPY_]TNT_d 8ÞWWP]v^ ;]Z_P^_LY_ MLNVR]Z`YO LYO _SP OTRYT_d NTaTWTeL_TZY LYO PO`NL_TZY L^^Z NTL_PO bT_S WT_P]LNd 3P ^Lb _SP ^LN]PO WT_P]L_`]P^ ZQ ,^TL L^ MPTYR ZQ P\`LW bZ]_S _Z _SP MTMWP >N]T[_`]P SLO L^^ZNTL_TZY^ ZQ Q`YOLXPY_LW _TXPWP^^YP^^ XPLYTYR LYO aLWTOT_d TYOP[PYOPY_ ZQ TYOTaTO`LW ]P[]ZO`N _TZY LYO TY LWW LRP^ BSL_ T^ b]T__PY SL^ [P]XLYPYNP LYO T^ LNNP^^TMWP _Z LWW ,YO SP]P bP NZXP MLNV _Z _SP ^_ZYP _LMWP_^ ?SPd L]P YZ_ XP_L[SZ]^ QZ] SL]OPYTYR LYO ]TRTOT_d L^ NZY^_]`N_PO TY _SP .S]T^_TLY L[ZWZRTL M`_ XP_L[SZ]^ ZQ NZY^_LYNd [P]XLYPYNP LYO P_P]YT_d ,YO SP]P L Q`Y OLXPY_LW OTQQP]PYNP NZXP^ _Z _SP QZ]P MPNL`^P TY 4YOTL ^Z`YO SL^ ZQ_PY _LVPY ZY []PNT^PWd _ST^ Q`YN_TZY 4Y -]LSXLY Z]_SZOZcd _ST^ T^ QZ`YO ]PTQTPO TY _SP Z]LWL`]LW APOL _SP ML^TN [L]LOTRX ZQ ^LN]PO ^Z`YO 3P]P _SP APOL w_SP VYZbTYRx LW^Z NLWWPO ±]`_T   w_SP SPL]TYRx T^ ]PRL]OPO L^ _TXPWP^^ P_P]YLW LYO bT_SZ`_ L`_SZ]^ =TRS_ `[ _Z _SP []P^PY_ OLd _SP APOL SL^ ]PXLTYPO U`^_ bSL_ T_ bL^ ZaP] _SP XTWWPYYTL% []TXL]TWd L ^Z`YO PaPY_ ,^ BLdYP 3ZbL]O L[_Wd YZ_P^% w?SP QZ`] APOL^ ‹R DLU`] >£XL ,_SL]aL L]P YZ_ uMZZV^v TY _SP `^`LW ^PY^P _SZ`RS bT_STY _SP [L^_ S`YO]PO dPL]^ PLNS APOL SL^ L[[PL]PO TY ^PaP]LW []TY_PO POT_TZY^ ?SPd _PYO _Z MP NZX[]T^PO ZQ _ZYLWWd LNNPY_PO aP]^P^ LYO Sd[YZ_TN LM^_]`^P XPWZOTP^ bSZ^P []Z[P] ]PLWTeL_TZY^ OPXLYO Z]LW _]LY^XT^^TZY ]L_SP] _SLY aT^`LW _]LY^XT^^TZY ?SPd L]P ]ZMMPO ZQ _SPT] P^^PYNP bSPY _]LY^QP]]PO _Z [L[P] QZ] bT_SZ`_ _SP S`XLY PWPXPY_ _SP TY Y`XP]LMWP Y`LYNP^ LYO QTYP TY_ZYL_TZY^ z TY^P[L]LMWP LYO YPNP^^L]d NZX [ZYPY_^ ZQ LWW QZ`] NZX[TWL_TZY^ z L]P WZ^_ NZX[WP_PWdx $$

?ST^ Pc_]PXP _d[P ZQ ^Z`YO OZXTYLYNP T^ YZ_ QZ`YO TY _SP wMZZV ]PWTR TZY^x ?ST^ OT^N`^^TZY STY_^ L_ _SP YPPO _Z OTQQP]PY_TL_P MP_bPPY Z]LWT_d LYO ^ZYLWT_d ?SP PQQPN_^ ZQ _SP ^Z`YOTYR bZ]O X`^_ MP OT^_TYR`T^SPO Q]ZX _]LY^XT^^TZY L^[PN_^ LYO []PLNSTYR :YP NLY []ZMLMWd ^Ld _SL_ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# .Q _SP PYWTRS_PYTYR \`Z_P ]P[]ZO`NPO Md 2]TQQT_S^ =PWTRTZ`^ =PLOTYR  " $$ BLdYP 3ZbL]O APOL =PNT_L_TZY TY A£]£©L^¯ /PWST% 8Z_TWLW -LYL]^TOL^^ $#! Tc



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

wMZZV ]PWTRTZY^x SLaP OPaPWZ[PO _SPZWZRTNLW [L]LOTRX^ ZQ Z]LWT_d M`_ SLaP SL]OWd OPaPWZ[PO LYd _SPZWZRTNLW [L]LOTRX^ ZQ ^ZYLWT_d ?SP OTQ QP]PYNP ^SZb^ `[ [L]_TN`WL]Wd MWL_LY_Wd bSPY ZYP _STYV^ MLNV _Z ?d ]PWWv^ PX[SL^T^ ZQ .S]T^_TLY _]LY^XT^^TZY L^ PY_S`^TL^_TN XT^^TZYL]d w^P]aTNP _Z _SP BZ]Ox ?SP]P T^ LW^Z OTQQP]PYNP _Z _SP ]LMMTYTNLW NZYNP[_ ZQ _SP wOZ`MWP ?Z]LSx TP L b]T__PY ]PaPWL_TZY LYO LY Z]LW ZYP _SL_ LNNZX[LYTP^ LYO NZY^_LY_Wd TY_P][]P_^ LYO `[OL_P^ _SP ^N]T[_`]P 3P]P Z]LWT_d \`T_P ZMaTZ`^Wd ZNN`[TP^ _SP QZ]PR]Z`YO ?SP LN_`LW XL^_P] YL] ]L_TaP T^ YZ_ _SL_ 8Z^P^ ]PNPTaPO _SP []PNT^P TY_ZYL_TZY Q]ZX 2ZO ZY 8Z`Y_ >TYLT M`_ TY^_PLO _SL_ 8Z^P^ ]PNPTaPO _SP b]T__PY ?Z]LS LYO T_^ NZ`Y_P][L]_ _SP Z]LW ?Z]LS bSTNS ^SZ`WO LW^Z MP [L^^PO ZY Z]LWWd LYO []ZaTOP _SP ]`WP^ QZ] [P]QZ]XLYNP ZQ _SP b]T__PY ?Z]LS  ?ST^ NPY_]LW ]LMMTYTNLW NZYNP[_ bL^ OPaPWZ[PO TY _SP ^PNZYO NPY_`]d ZQ _SP .ZXXZY 0]L TY _SP bLVP ZQ ]PWTRTZ`^ ]PZ]TPY_L_TZY LQ_P] _SP OP^_]`N_TZY ZQ _SP ^PNZYO _PX[WP , NZX[L]T^ZY bT_S _SP APOL ]PaPLW^ SZb OTQQP]PY_ _SP []ZNP^^P^ ZQ QZ]XTYR L NLYZY LYO `[OL_TYR XPLYTYR^ bP]P TY 5`OLT^X LYO TY >LY ^V]T_ 3TYO`T^X ?SP _PLNSTYR ZQ _SP OZ`MWP ?Z]LS XPLY_ _SL_ _SP ]LM MTYTNLW _]LOT_TZY VP[_ _SP NWZ^PO NLYZY z TY bSTNS YZ_ PaPY L ^TYRWP bZ]O XLd MP LW_P]PO /_Y %  z Z[PY QZ] PLNS YPb `[OL_TYR ZQ XPLY TYR TY _SP ]P^[PN_TaP []P^PY_ _TXP 0aP]d [L^^LRP ZQ _SP SZWd _Pc_ bL^ MPWTPaPO _Z SL]MZ] X`W_T[WP XPLYTYR^ LYO _ST^ []TYNT[WP XPLY_ _SL_ PaP]d aP]^P LYO PaP]d bZ]O ]P\`T]P^ NZY^_LY_ ^_`Od LYO PaP]YPb PcP RP^T^ ?SP Z]LW _]LY^XT^^TZY ZQ YPb XPLYTYR^ bL^ T_^PWQ QTcPO TY b]T_TYR LYO _ST^ bL^ SZb _SP ]LMMTYTNLW ^N]T[_^ L]Z^P ?SP APOTN wNLYZY QZ]XL _TZYx LYO `[OL_TYR bZ]VPO TY L aP]d OTQQP]PY_ bLd , NZX[WPc XYPXZ_TN _PNSYT\`P R`L]LY_PPO [LTY^_LVTYR wNL]P ZQ _SP ^Z`YOx w6WLYR[QWPRPx LYO PY^`]PO _SL_ ^TYNP _SP WL_P APOTN _TXP Q]ZX L[[]Zc ! -. ZYbL]O^  YZ_ L ^TYRWP bZ]O Z] ^dWWLMWP bL^ NSLYRPO ?ST^ XPLY^ _SL_ T_ bL^ YZ_ ^Z X`NS ^PXLY_TN XPLYTYR bSTNS bL^ []P ^P]aPO M`_ []TXL]TWd _SP QZ]X QZ]XLW NZ]]PN_YP^^ []PNT^P []ZY`YNTL _TZY LYO ]T_`LW L[[]Z[]TL_PYP^^ TP _SP APOL L^ L MZOd ZQ ^Z`YO _SL_ ]PXLTYPO LM^ZW`_PWd MTYOTYR ]TRS_ OZbY _SP NPY_`]TP^ 4YOPPO _SP QZ]X ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ETXXP]XLYY ?Z]L `YO >ST]L    ,NNZ]OTYR _Z ,WPTOL LYO 5LY ,^^XLYY 6LYZY `YO EPY^`] 8ÞYNSPY% 1TYV $#"  _ST^ -TMWP aP]^P T^ w_SP NLYZY QZ]X`WLx  ?ST^ T^ LMZ`_ _SP _TXP _SL_ _SP NZX[TWL_TZY ZQ _SP XLTY _Pc_ _SP QZ`] APOTN NZWWPN _TZY^ LYO QTcL_TZY ZQ _SP ^Z`YO XL_P]TLW L]P _SZ`RS_ _Z SLaP _LVPY [WLNP 4_ bL^ []ZMLMWd LW^Z _SP _TXP bSPY _SP _P]X ±]`_T PXP]RPO ?SP NLYZYQZ]XTYR []ZNP^^ LYOZ] _SP QTYLW POT_TYR bL^ SZbPaP] YZ_ NZX[WP_PO `Y_TW L]Z`YO   ,/ LYO LW^Z TY NW`OPO _SP WL_P] @[LYT´LO^ .Q 8TNSLPW BT_ePW w/PaPWZ[XPY_ ZQ _SP APOTN .LYZY LYO T_^ >NSZZW^% ?SP >ZNTLW LYO ;ZWT_TNLW 8TWTP`x TY 4Y^TOP _SP ?Pc_^ LYO -PdZYO _SP ?Pc_^% 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ _SP APOL^ PO 8 BT_ePW .LXM]TORP% 3L] aL]O @YTaP]^T_d ;]P^^ $$"  "z 

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO



]PXLTYPO NZY^_LY_ PaPY LQ_P] APOTN ]T_P^ SLO aT]_`LWWd NPL^PO _Z PcT^_ 4Y NZY_]L^_ _Z _ST^ WT__WP TX[Z]_LYNP bL^ L__LNSPO _Z wNL]P ZQ XPLYTYRx w>TYY[QWPRPx LYO _Z NZXXPY_ ZY _SP APOTN wNLYZYx bSTNS T^ []TYNT [LWWd L ]T_`LWNPY_P]PO _Pc_ PcNP[_ QZ] _SP @[LYT´LO ^PN_TZY 5LY ,^^ XLYY ]PRL]O^ wNL]P ZQ XPLYTYRx LYO NZXXPY_L]d L^ P^^PY_TLW _Z QZ]X TYR L NLYZY LYO T_^ NZY_TY`TYR PcT^_PYNP ZaP] _SP NPY_`]TP^  =PRL]OTYR _SP APOTN NLYZY SZbPaP] _SP ZYWd ^`]aTaTYR NZXXPY_L]d L]Z^P TY _SP QZ`]_PPY_S NPY_`]d z _S]PP _SZ`^LYO dPL]^ LQ_P] _SP ‹RaPOTN SdXY^ T_ ]PQP]^ _Z 8PLYTYR bL^ XLTY_LTYPO LYO NZY^_LY_Wd `[OL_PO Md Z_SP] XPLY^ z ^_L]_TYR bT_S _SP [STWZ^Z[STNLW @[LYT´LO^ bSTNS ZNN`[d L ^[PNTLW [WLNP TY _SP ZaP]LWW APOTN MZOd ZQ _Pc_^ 3P]P ^PXLY_TN ^PY^P bL^ XZ]P TX[Z]_LY_ LYO TY_P]TZ] ^PY^P LYO YPb TOPL^ ZaP]^SLOZbPO _SP APOTN ]T_`LW BP QTYO YZ_ ZYWd YPb _SZ`RS_^ ^`NS L^ NZY^TOP]L_TZY^ ZQ ]PMT]_S Z] wR]PL_ ^PY_PYNP^x ZQ YZYO`LWT_d ^`NS L^ _L_ _aLX L^T w_SL_ dZ` L]Px M`_ LW^Z WTaPWd PcPRP_TN WT_P]L_`]P ZQ NZXXPY_L]TP^ 8Z]P ZaP] @[LYT´LO []ZO`N_TZY NZY_TY`PO WZYR LQ_P] _SP APOTN NLYZY bL^ QTcPO ?SPd bP]P ^_TWW MPTYR []ZO`NPO LYO `[OL_PO TY _SP 8TOOWP ,RP^ LYO PaPY WL_P] 3ZbPaP] `Y_TW XZOP]Y _TXP^ _SP @[LYT´LO^ bP]P WT__WP VYZbY _Z _SP XLUZ]T_d ZQ _SP [Z[`WL_TZY Z] PaPY -]LSXTY^ ,WXZ^_ LWW _SP ^NSZWL]Wd NZXXPY_L]TP^ bP]P b]T__PY TY XZYL^_TN PYaT]ZYXPY_^ ^`NS L^ _SP ,OaLT_LAPO£Y_L WTYPLRP^ ^_L]_PO Md ±L«VL]£N£]dL LYO Z_SP] APO£Y_L ^NSZZW^ 1Z] [Z[`WL] ]PNP[_TZY LYO LN_`LW []LN_TNP T_ bL^ QL] XZ]P TX[Z]_LY_ _SL_ wNL]P ZQ XPLYTYRx LYO NL]P ZQ _SP APOLv^ TXLRP bL^ ^STQ_PO _Z YZYAPOTN ^LN]PO WT_P]L_`]P^ LYO _]LY^QZ]XPO TY_Z aP]d OTQQP]PY_ NZY_PY_^ z YZ_ WPL^_ _SP ;`]£©TN ^_Z]TP^ ZQ _SP RZO^ bSTNS bP]P OPNWL]PO _Z MP _SP APOL QZ] _SP [P]TZO ?SP ;`]£©L^ R`L]LY_PPO LY LRRTZ]YLXPY_Z ZQ NZY_PY_ LYO [Z[`WL]TeL_TZY ZQ _SP PWT_P APOL LYO ZY _SP Z_SP] SLYO _SPd LW^Z NZY_TY`PO _SP ^ZYTN [L]LOTRX TY _SPT] ZbY YPb QL^STZY 3ZbPaP] ZYWd L ^`[P]QTNTLW RWLYNP bZ`WO ^PP TY _SP 4YOTLY _]LOT_TZY _SP PcLN_ NZ`Y_P][L]_ _Z >_ ;L`Wv^ wQZ] _SP WP__P] VTWW^ M`_ _SP >[T]T_ M]TYR^ WTQPx bSTNS _SP .S]T^_TLY _]LOT_TZY bSP]P b]T_TYR T^ XZ^_ ^TR YTQTNLY_ `^PO QZ] T_^ L[ZWZRP_TN N]T_TNT^X ZQ ^N]T[_`]LWT^X ]T_`LWT^X LYO SZb Z_SP] QLT_S^ `^P _SPT] WT_P]L_`]P^ :YP ^SZ`WO VPP[ TY XTYO SZb PaP] _SP aL^_ OTQQP]PYNP TY MZ_S NZY_PY_ LYO QZ]X ZQ _SP APOL Q]ZX Z_SP] NLYZYTNLW _Pc_^ 4_ OZP^ YZ_ NZY_LTY LYd OZRXL^ YZ] L wNZYQP^^TZY ZQ QLT_Sx YZ] MTYOTYR TY^_]`N_TZY^ ZY SZb _Z WTaP ZYPv^ WTQP LYO SL]OWd LYd_STYR _SL_ NZ]]P^[ZYO^ _Z WL_P] 3TYO`T^X ,^ XPY_TZYPO LMZaP T_ T^ WL]RPWd XLOP `[ ZQ ]T_`LW _Pc_ bT_S NZ^XZWZRTNLW []LRXL_TN LYO ^Z_P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ,^^XLYY 6LYZY `YO EPY^`] "z& /L^ V`W_`]PWWP 2POÆNS_YT^  Q ,NNZ]OTYR _Z ,^^XLYY []PNT^P WPL]YTYR Md ]Z_P L^ L XPLY^ ZQ w[]P^P]aTYR _SP _Pc_x T^ TY^`QQT NTPY_ _Z RTaP ]T^P _Z L 2]PL_ ?]LOT_TZY& SP ^_L_PO _SL_ T_ bL^ LW^Z P^^PY_TLW _Z w[]P^P]aP _SP XPLYTYRx



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

]TZWZRTNLW ]PWPaLYNP LYO ]PNT_L_TZY _Pc_ LYO T_^ LYYPcP^ @[LYT´LO^ LW^Z NZY_LTY PL]Wd [STWZ^Z[Sd :Y _SP Z_SP] SLYO T_ bZ`WO MP TYL[[]Z []TL_P _Z L[[Wd >_ ;L`Wv^ ^P[L]L_TZY ZQ _SP OPLO WP__P] LYO _SP WTaTYR ^[T]T_ _Z APOTN _Pc_ ]PNP[_TZY ?SP L`OT_TaP ^PY^Z]d LP^_SP_TN OTXPY^TZY _SL_ T^ ^Z OZXTYLY_ TY APOL ]PNP[_TZY SL^ L ^[PNTLW \`LWT_d WTYVTYR _SP Z`_P] LYO TYYP] bZ]WO^ =PRL]OTYR _SP TYYP] bZ]WO ]P^PL]NS SL^ []LN_T NLWWd RTaPY T_^ ^ZWP L__PY_TZY _Z _SP Xd^_TN _PLNSTYR^ ZQ _SP @[LYT´LO^ =PRL]OTYR _SP Z`_P] bZ]WO `[ _Z YZb _SP APOL SL^ MPPY []P^PY_PO ^ZXPbSL_ _ZZ `YTWL_P]LWWd L^ L []TXP PcLX[WP ZQ Z]LW _]LY^XT^^TZY LYO _SP TX[]P^^TaP QPL_^ ZQ XPXZ]TeL_TZY SLaP MPPY TYaP^_TRL_PO _SZ] Z`RSWd  7T__WP L__PY_TZY SL^ MPPY [LTO _Z _SP QLN_ _SL_ [SZYP_TN^ L^ L APOTN ^NTPYNP [L] PcNPWWPYNP LYO T_^ _Pc_MZZV^ LW^Z Pc[WTNT_Wd _ZZV LN NZ`Y_ ZQ LP^_SP_TN [ZTY_^ ?SPd `^PO WTYR`T^_TN XP_L[SZ]^ TWW`^_]L_TYR bPWW _SP WZaP QZ] _SP APOL LYO ^SZbTYR _SL_ _SP LP^_SP_TN OTXPY^TZY T^ YZ_ ZYWd ^ZXP_STYR wPc_P]YLWx ?SP 9£]LOÅdL±TV´£  bSTNS bP OT^N`^^ TY _SP 3T^_Z]d ^PN_TZY QZ] PcLX[WP YZ_ ZYWd []P^N]TMP^ XP_TN`WZ`^Wd []PNT^P ]`WP^ RZaP]YTYR SZb _SP APOL ^Z`YO^ X`^_ MP ]PLWTePO Md _SP aZTNP LYO SZb _SP XPWZOd ^SZ`WO RWTOP w_S]Z`RS _SP P_SP] WTVP L QLW NZYx M`_ LW^Z WTYV^ T_^ bSZWP bZ]WO NZY^_]`N_TZY bT_S _SP YZ_P^ ZQ _SP ^NLWP% w?SP ^SZ`_TYR PcNP^^TaP ^Z`YO ZQ _SP ^NLWP VPP[^ _SP RZO^ LWTaP ?SP QT]^_ YZ_P QPPO^ _SP [PZ[WP& _SP ^PNZYO QPPO^ _SP LYTXLW^  @W_TXL_PWd _SP bSZWP bZ]WO ZQ _SP WTaTYR LYO _SP WTQPWP^^ WTaP^ ZY _SP ^`[[]P^^PO YZ_P _SL_ T^ LW]PLOd MPdZYO _SP aTM]L_TYR ^[SP]Px  3P]P XPXZ]TeL_TZY MPNZXP^ NZY_PX[WL_TZY ZQ _SP `YTaP]^P L OZZ] _Z L ^[P NTQTN bZ]WOaTPb NZYQZ]XTYR _SP WL_P] 9£OL-]LSXLY NZYNP[_TZY _SL_ _SP bSZWP bZ]WO T^ ML^PO ZY ^Z`YO LYO L aT^TZY ZQ _SP APOL L^ _SP aP]d ML^T^ ZQ PcT^_PYNP bZ]WO Z]OP] LYO P_STN^ z _Pc_ LYO bZ]WO MWPYO TY_Z ZYP ?SP [SZYP_TN _Pc_MZZV ]PQWPN_^ TY ^PY^Z]d XP_L[SZ]^ L w^[T]T_x TY L[[]ZLNSTYR _SP APOL TY L XLYYP] bSTNS BTWSPWX 3LWMQL^^ L[_Wd Z`_ WTYPO% w4Y ]PWL_TZY _Z _SP APOL bP QTYO _SP ^_]TN_P^_ ^`MZ]OTYL_TZY _Z _SP _Pc_ [LTY^_LVTYR MTYOTYR QLT_SQ`WYP^^ _Z T_^ bZ]OTYR ZY _SP ZYP SLYO z LYO _SP R]PL_P^_ Q]PPOZX TY TY_P][]P_L_TaP LYO _]LY^NPYOPY_LW _SZ`RS_ ZY _SP Z_SP] ?SP APOL T^ _SP PY_T]P_d ZQ T_^ bZ]O^ LYO ^dWWLMWP^ 3ZbPaP] T_ T^ LW^Z z YLXPWd TY _SP PcPRP^T^ ZQ _SP ,OaLT_LAPO£Y_L z ^ZXP_STYR _SL_ NLY MP ^`XXL]TePO TY L QPb wR]PL_ ^PY_PYNP^x XLS£a£VdL Z] PaPY TY L ^TYRWP ^dWWLMWP _SP []L©LaL Z] ZX  ,YdZYP bSZ bT^SP^ _Z `YOP]^_LYO _SP ]ZWP ZQ _SP APOL TY 4YOTLY _SZ`RS_ SL^ _Z NZY_PYO YZ_ ZYWd bT_S w_Pc_`LW SP]XP YP`_TN^x M`_ LW^Z bT_S _SP wSP]XPYP`_TN^ ZQ LY PaPY_x LYO _SP ]PNZRYTeTYR

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :Y _ST^ ^`MUPN_ ^PP QZ] TY^_LYNP >_LLW 1TOPWT_d ZQ :]LW ?]LOT_TZY  LYO 3ZbL]O BLdYPv^ ^_`OTP^ ZY _SP >£XLAPOL   9£]LO¯dL±TV´£ ! z# 1Z] _SP PY_T]P \`Z_L_TZY LYO >LY^V]T_ Z]RTYLW ^PP NSL[  MPWZb

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO



ZQ LYO _SP bT^STYR _Z `YOP]^_LYO L Q`YOLXPY_LW ]PLWT_d  4_ F_SP APOLH T^ FQZ] _SZ^P bSZ QZWWZb LYO _]`^_ T_H _SP MPRTYYTYR Z[PYTYR LYO QZ`YOL_TZY [L] PcNPWWPYNP  _SP XLTY_LTYTYR []TYNT[WP LYO PaPY _SP _]`P QZ`YOL_TZY ZQ _SP bZ]WO  ?SP ^PWQTXLRP _SL_ QPPW^ T_^PWQ ZMWTRL_PO _Z LYO MPWZYRTYR _Z _ST^ MPRTYYTYR OZP^ YZ_ YPPO _Z OZ _ST^ TY _SP ^PY^P ZQ LY PcPRP^T^ ZQ _SP _Pc_ Z] _S]Z`RS LNNP[_TYR LYO ]P^[PN_TYR L u_PLNSTYRv z ?Pc_ LYO bZ]WO bZ]O LYO ]PLWT_d L]P TY^P[L]LMWd TY_P]_bTYPO TY _ST^ `YOP]^_LYOTYR ZQ _SP bZ]WO LYO ZYP^PWQ  ?SP APOL RZP^ MPSTYO _SP XPLYTYR ^Z _Z ^[PLVx !

-PL]TYR _ST^ TY XTYO TY _SP NL^P ZQ _SP APOL ZYP NLY ^[PLV ZQ _SP wWTa TYR WP__P]x LYO _SP w^Z`YOTYR ^[T]T_x LYO PX[SL^TeP _SP OTQQP]PYNP Q]ZX Z_SP] NLYZYTNLW _Pc_^ 3ZbPaP] ZYP NLY LW^Z NWLTX _SL_ _]LY^N`W_`]LWWd _SP]P PcT^_^ L ^TXTWL] L[[]ZLNS _Z wSZWd ^N]T[_`]P^x L_ WPL^_ TY w^[T]T_x ;L`W 2]TQQT_S^v OT^N`^^TZY ZQ ]PWTRTZ`^ ]PLOTYR LYO _SP ]PWL_TZY MP_bPPY _Pc_ LYO ]PLOP] XLVP^ _ST^ NWPL] ,NNZ]OTYR _Z 2]TQQT_S^ L ]PWTRTZ`^ w]PLOP]x OZP^ YZ_ SLaP _Z MP WT_P]L_P M`_ bTWW LWbLd^ MP NZYaTYNPO _SL_ wPaP]d_STYR T^ TY _SP _Pc_x " LYO ^PP _SP ^LN]PO WT_P]L_`]P L^ LY wZMUPN_ ZQ ZaP][ZbP]TYR OPWTRS_ LYO R]PL_ MPL`_dx # 4Y LOOT_TZY _Z _SP w^[T]T_x _SP LP^_SP_TN LYO PXZ_TaP L^[PN_ T^ LW^Z TX[Z]_LY_ ?ST^ N]Z^^N`W_`]LW `YT_d TY OTaP]^T_d LYO NWPL] N`W_`]LW OTQQP]PYNP^ bTWW MP PcLXTYPO XZ]P NWZ^PWd TY _SP QZWWZbTYR NSL[_P]^ ]PaPLWTYR _SL_ Q]ZX ,Y_T\`T_d _Z _SP WL_P 8TOOWP ,RP^ [TP_d []LN_TNP^ TY 0`]Z[P LYO 4YOTL PcSTMT_ L^_Z`YOTYRWd ^TXTWL] ^_]`N_`]P^ LYO PWPXPY_^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BTWSPWX 3LWMQL^^ w?]LOT_TZY `YO =PQWPcTZY% E`] 2PRPYbL]_ OP^ APOL TY OP] TYOT ^NSPY ;STWZ^Z[STPx TY -PT_]ÆRP e`] 3P]XPYP`_TV TYOT^NSP] `YO LMPYOWÆYOT^NSP] =PWT RTZY^_]LOT_TZYPY% ,]MPT_^OZV`XPY_L_TZY PTYP^ >dX[Z^T`X^ ATPYYL% AP]WLR OP] ¸^ _P]]PTNST^NSPY ,VLOPXTP OP] BT^^PY^NSLQ_PY $$ z! SP]P !z"% l4X -Pe`R L`Q OPY APOL QTYOPY bT] ^_]PYR^_P @Y_P]Z]OY`YR `Y_P] OPY ?Pc_ LV]TMT^NSP -TYO`YR LY ^PTYPY BZ]_WL`_ PTYP]^PT_^ z `YO R]ØÁ_P 1]PTeÞRTRVPT_ OP`_PYOPY `YO _]LY^ePYOTP]PYOPY /PYVPY^ LYOP]P]^PT_^ /P] APOL T^_ OTP 2P^LX_SPT_ ^PTYP] BZ]_P `YO >TWMPY 0] T^_ LMP] L`NS YLXPY_WTNS TY OP] ,`^WPR`YR OP^ ,OaLT_LAPO£Y_L P_ bL^ OL^ TY bPYTRPY lR]ZÁPY >Æ_ePYw XLS£a£VdL  ZOP] ^ZRL] TY PTYP] PTYeTRPY >TW MP OPX []L©LaL ZOP] ZX e`^LXXPYRPQL^^_ bP]OPY VLYY BP] OTP =ZWWP OP^ APOL TX TYOT^NSPY /PYVPY aP]^_PSPY bTWW SL_ P^ YTNS_ Y`] XT_ l_Pc_WTNSP] 3P]XPYP`_TVw ^ZYOP]Y XT_ OP] l3P]XPYP`_TV PTYP^ 0]PTRYT^^P^w `YO OPX ,YP]VPYYPY `YO -PR]PT QPYbZWWPY PTYP] Q`YOLXPY_LWPY =PLWT_Æ_ e` _`Y 0] FOP] APOLH T^_ FQÞ] OTPUPYTRPY bPWNSP TSX QZWRPY `YO aP]_]L`PYH ,YQLYR ¸QQY`YR 2]`YOWLRP [L] PcNPWWPYNP OL^ P]SLW_PYOP ;]TYeT[ UL ^ZRL] OTP ]PLWP 2]`YOWLRP OP] BPW_ /L^ >PWM^_aP]^_ÆYOYT^ OL^ ^TNS OTP^PX ,YQLYR aP][QWTNS_P_ `YO e`RPSØ]TR QÞSW_ M]L`NS_ OTP^ YTNS_ TX >TYYP PTYP] _Pc_WTNSPY 0cPRP^P ZOP] O`]NS ,VeP[_TP]PY `YO =P^[PV_TP]PY PTYP] v7PS]Pv e` _`Y z ?Pc_ `YO BPW_ BZ]_ `YO BT]VWTNSVPT_ ^TYO TY OTP^PX BPW_ `YO >PWM^_aP] ^_ÆYOYT^ `Y_]PYYML] XT_PTYLYOP] aP]bZMPY /P] APOL ]PTNS_ ^Ze`^LRPY STY_P] OL^ -POP`_PY e`]ÞNVx " 2]TQQT_S^ =PWTRTZ`^ =PLOTYR   # 2]TQQT_S^ =PWTRTZ`^ =PLOTYR  

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

 !

8PXZ]d ?PNSYT\`P^ LYO 4Y_P]YLWTeL_TZY

,XZYR _SP TOPY_TQTLMWP _]LY^N`W_`]LW NZY_TY`T_TP^ TY OPLWTYR^ bT_S ^L N]PO WT_P]L_`]P^ _SP]P L]P aZNLWTeL_TZY^ LYO aL]TZ`^ L__]TM`_TZY^ Q`YN _TZY^ LYO LN_TaT_TP^ L^^ZNTL_PO bT_S Z]LW _]LY^XT^^TZY LYO ^ZYTN LbL]P YP^^ ?SP^P TYNW`OP NZXXZYLWT_TP^ TY L__T_`OP^ TXLRTYPO bZ]WO^ ]T_`LWTeL_TZY^ _SP []ZXZ_TZY ZQ N`W_`]LW XPXZ]d NZWWPN_TaP MPWZYRTYR LYO TYOTaTO`LW TY_P]YLWTeL_TZY =PWTRTZ`^ w]PLOP]^x z Z] SPL]P]^ ]PNT_P]^ LYO ^TYRP]^ z L^^ZNTL_P bT_S _SP aZNLW LP^_SP_TNTeL_TZY NP]_LTY L__T_`OP^ z ^_L]_TYR bT_S ]P^[PN_ aPYP]L_TZY LYO WZaP ZQ _SP SZWd _Pc_ /P^[T_P XL]VPO OTQQP]PYNP^ TY _SP _SPZWZRTNLW NZY_PY_^ LYO _SP N`W_`]P^[PNTQTN []ZNP^^P^ ZQ NLYZY QZ]XTYR LYO `[OL_TYR XLUZ] NZXXZYLWT_TP^ NLY ^_TWW MP TOPY_TQTPO TY LN_`LW []LN_TNP ?ST^ L[[WTP^ PaPY _Z .S]T^_TLYT_d bSP]P L ^STQ_ _Z \`TP_ ]PLOTYR LYO []LdP] SL^ MPPY OPaPWZ[TYR ZYWd ^TYNP _SP WL_P 8TOOWP ,RP^ LYO bSP]P L MWL_LY_ M]PLV L[[PL]^ O`]TYR _SP 0`]Z[PLY =PYLT^^LYNP _SP LOaPY_ ZQ []TY_PO MZZV^ LYO TY [L]_TN`WL] _SP =PQZ]XL_TZY ?ST^ T^ _SP QT]^_ _TXP bSPY bP QTYO NWPL] R]L[SZNPY_]TNT_d Z] L^ ?d]PWW ^LTO L wZYP^TOPOWd []TaTWPRPO [Z^T_TZY QZ] aP]MLWT_d ^`[[Z]_PO Md b]T_TYRx $ @[ `Y_TW _SP QTQ_PPY_S^Tc_PPY_S NPY_`]d SZbPaP] bSL_ bL^ _]`P ZQ APOL LYO N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO



_SP ;^LW_P]  8Z]P Z] WP^^ _SP ^LXP ^_TWW L[[WTP^ _Z _SP LY^V]T_ 3TYO`T^X _SP APOL T^ ]PRL]OPO L^ w_SP XLTY_LTYTYR []TYNT[WP PaPY _SP _]`P QZ`YOL_TZY ZQ _SP bZ]WO& LYO T_ bZ`WO MP b]ZYR _Z OT^XT^^ T_ L^ uXP]PWd XP_L[SZ]TNLWv ?SP APOL T^ _SP ML^T^ ZQ WLYR`LRP LYO ZQ ]T_P^ _SL_ ^_]`N_`]P LYO Z]RLYTeP _SP bZ]WO LYO XLTY_LTY T_ TY T_^ Z]OP]PO TOPY_T_d  4_ F_SP APOLH T^ _SP Z]TRTY LYO ^Z`]NPx  ?ST^ M]TYR^ `^ _Z _SP _S]P^SZWO bSP]P Z]LWL`]LW XPXZ]TeTYR _PNSYT\`P LYO TY_P]YLWTeL_TZY NZTYNTOP ,XZYR _SP Q`YN_TZY^ L^^ZNTL_PO bT_S Z]LWT_d T_ T^ [Z^^TMWP _Z TOPY _TQd _SZ^P _SL_ XLYd ]PWTRTZY^ SLaP WTYVPO _]LY^N`W_`]LWWd bT_S bSL_ bP NLWW ^ZYLWT_d LYO LNZ`^_TN [TP_d ?SP _Pc_^ SLaP YZ_ ZYWd NZY_PY_ LYO R]LXXL] M`_ LW^Z SLaP L XPWZOTZ`^ ^Z`YO -PNL`^P _SPd NLY MP SPL]O bT_S ^[PNTLW TY_ZYL_TZY LYO MP PXZ_TZYLWWd ]PNPTaPO _SPd L]P w^Z MPL` _TQ`Wx TY _SP bZ]O^ ZQ 6P]XLYTv^ _LcT O]TaP] ?SP _LcT O]TaP] bSZ QZ`YO _SP XP]P LNZ`^_TN \`LWT_d NZX[WP_PWd ^L_T^QdTYR SLO ST_ _SP YLTW ZY _SP SPLO% _SP ^ZYTN []P^PYNP ZQ ^LN]PO WT_P]L_`]P^ MPNZXP^ L ^Z`]NP ZQ [WPL^`]P LYO LY PYRLRTYR PaPY_ L_ WPL^_ QZ] ^ZXP [P]^ZY^ z T]]P^[PN _TaP ZQ bSP_SP] _SP Z`YO

ZY_ZWZRd =PWTRTZ`^ ]PLOP]^ bTWW RPYP]LWWd QPPW _SL_ _SP _Pc_^ LYO _SPT] ]T_`LWTeL_TZY^ wbZ]V QZ] XP _SPd QPPW ]TRS_ _SPd L]P TX[Z]_LY_ _Z XP XPLY ^ZXP_STYR _Z XP XZaP XP NZYYPN_ XP bT_S L XZ]P PYNZX[L^^ TYR ]PLWT_d RTaP XP PXZ_TZYLW [WPL^`]P ^L_T^QLN_TZY [PLNP ZQ XTYOx P_N ?SP]PQZ]P QZ] ]PWTRTZ`^ ]PLOP]^ _SP ]PNT_L_TZY^ L]P YZ_ ZYWd LP^ _SP_TNLWWd [WPL^TYR M`_ _SPd _]LY^[Z]_ _SP ]PLOP]^ TXXPOTL_PWd TY_Z _SP ^LN]PO ]PLWT_d ^TYNP _SPd WT_P]LWWd PXMZOd T_ ^Z _SL_ T_ T^ LNNP^^TMWP _Z _SP ^PY^P^ ?SPd XLYTQP^_ TY L XLYYP] LNNP^^TMWP _SP ^PY^P^ _SP PY_T]P VYZbWPORP _SL_ ]PWTRTZ`^ ]PLOP]^ L^^ZNTL_P bT_S _SPT] ^LN]PO _Pc_^ BSPY 6P]XLYTv^ 0Rd[_TLY _LcT O]TaP] ^LTO w4_ T^ ^Z MPL`_TQ`Wx TY ^TX[WP PaP ]dOLd WLYR`LRP SP bL^ Pc[]P^^TYR []PNT^PWd _SL_ bSTNS ]PWTRTZ^T L^^Z NTL_P bT_S _SP Z`YO^ z =PWTRTZY^ .ZX[L]PO

$

-TMWP LYO _SP WT_`]Rd L]P w_ZZW^x Z] wXLNSTYP^x _SL_ ^P_ TY XZ_TZY wN]PL_TaP _STYVTYRx LYO LY TXXPOTL_P XPXZ]d ZQ 2ZO ,NNZ]OTYR _Z .L]]`_SP]^ XPXZ]d T^ wYZ_ ]P^_]TN_PO _Z bSL_ bP YZb NLWW XPXZ]d M`_ T^ L X`NS XZ]P Pc[LY^TaP NZYNP[_ QZ] T_ ]PNZRYTeP^ _SP P^^PY_TLW ]ZWP^ ZQ PXZ_TZY TXLRTYL_TZY LYO NZRT_L_TZYx " ?SP L[[]ZLNS _Z _Pc_^ TY 4YOTL NLY MP OP^N]TMPO TY L aP]d ^TXTWL] XLYYP] LMZaP LWW bSPY _SP NPY_]LW L^[PN_ T^ XPOT_L_TZY ZY XPLYTYR ?SP aL^_ WT_P]L_`]P ZQ NZXXPY_L]TP^ bSTNS T^ P^[PNTLWWd ]TNS LYO aL]TPO TY >LY^V]T_ 3TYO`T^X ZbTYR _Z _SP XLYd ^LN]PO WT_P]L_`]P^ LYO _SP M]TPQ >¼_]L _Pc_^ _SL_ L]P TYNZX[]PSPY^TMWP bT_SZ`_ NZXXPY_L]TP^ NLY MP _P]XPO wLY L]_ ZQ TYaPY_TZYx 9Pb _SPZWZRTP^ LYO [STWZ^Z[STP^ SLaP NZXP TY_Z MPTYR YZ_ WPL^_ aTL NZXXPY_L]TP^ ?SP]P LWbLd^ SL^ MPPY L WZ_ ZQ N]PL_TaP _SZ`RS_ LYO L^^ZNTL_TaP TXLRTYL_TZY M`_ _SPd bP]P LW bLd^ _]LOT_TZYMZ`YO L^ TY .S]T^_TLY OZN`XPY_^ OL_TYR Q]ZX _SP 8TO OWP ,RP^ ,_ _SP ^LXP _TXP XZ^_ ZQ _SP NZXXPY_L]TP^ bP]P QZ]X`WL_PO TY STRSWd ]L_TZYLW _P]X^ LYO L]R`XPY_^ LYO ^ZXP bP]P aP]d ^NSZWL^_TN -`_ PaPY bSP]P P[T^_PXTN XPLYTYR T^ YZ_ TY _SP QZN`^ _Pc_^ ^_TWW ^_TX`WL_P N]PL_TaP _SZ`RS_ TY_P]YLWTeL_TZY LYO TYNZ][Z]L_TZY Md SPW[TYR [PZ[WP _Z w_`YP TYx ?SP]P PcT^_^ YZ_ ZYWd TXXP]^TZY TY _SP ]PWTRTZ`^ _SZ`RS_ bZ]WO ZQ _SP _Pc_^ LYO _SPT] ZQ_PY ^PY^`Z`^ TXLRP^ LYO XP_L [SZ]^ M`_ LW^Z L ^TYVTYR TY_Z _SPT] ^Z`YO bZ]WO^ WLYR`LRP X`^TN LYO ^ZYR ,YO ^PXLY_TN XPLYTYR NLY TY _`]Y PXP]RP Q]ZX _ST^ BSL_ T^ ^[PNTQTN _Z 4YOTL QZ] PcLX[WP T^ _SP N]PL_TaP TY_P][]P_L_TZY ZQ PaP]d ^TYRWP ^dWWLMWP TY L QZ]X`WL QZ] []LdTYR RZOv^ YLXP^ ,WW _SP^P QZ]X^ ZQ [TP_d NZXP `YOP] _SP `XM]PWWL ZQ TXXP]^TZY TY _SP bZ]WO ZQ L ^LN]PO NZ^XZ^ bSTNS L]Z`^P^ aL]TZ`^ PXZ_TZY^ LYO TXLRTYL_TZY^ LYO ^TX`W_LYPZ`^Wd LN_^ L^ L N`W_`]LW L]NSTaP LN_TaL_TYR NZXXZY TXLRTYL_TZY^ LYO NZWWPN_TaP \`LWT_TP^ ZQ Pc[P]TPYNP BSL_ WTYV^ _SP 0`]Z[PLY 8TOOWP ,RP^ bT_S 3TYO` 4YOTLY [TP_d T^ L []ZYZ`YNPO [P]QZ]XLYNP N`W_`]P TY bSTNS _SP ^Z`YOTYR bZ]O SL^ []TZ]T_d ?ST^ [`M WTN N`W_`]P ZQ ]T_`LW^ LYO [P]QZ]XLYNP^ RPYP]L_P ^dYNS]ZYTeL_TZY ^SL]PO bZ]WO^ ZQ XPLYTYR LYO TY_P]^`MUPN_TaP ^[LNP^ ZQ TXLRTYL_TZY ?SP ^NSZWL]Wd OT^NZ`]^P^ LYO [Z[`WL] N`W_`]P ZQ [TP_d TYNW`OTYR _SP PaP]dOLd ]PWTRTZ`^ []LN_TNP ZQ SPL]TYR LYO ]PNT_TYR SLaP N]PL_PO _SPT] ZbY TY_P]LN_TYR TXLRTYPO bZ]WO^ ]PLWT_TP^ ZQ Pc[P]TPYNP LYO aTPb^ ZY XT]LN`WZ`^ ]PWTRTZ`^ LYO wXLRTNLWx PQQTNLNd 4Y .S]T^_TLYT_d L^ TY 3TY O`T^X ^`NS TOPL^ OTO YZ_ ]PXLTY TY _SP wQZWV ]PWTRTZYx LYO _SP w^`MN`W _`]Px 7PY_P^ NT_P^ ^PaP]LW NS`]NS ^Z`]NP^ Q]ZX _SP _ST]_PPY_S NPY_`]d _SL_ LNNZ]O _SP ;^LW_P] bSTNS bL^ TY_ZYPO LYO []LdPO _Z L XPWZOd L^ _SP WT_`]Rd ZQ _SP SZ`]^ T^ ^_TWW []LdPO _ZOLd L ^[PNTLW [WLNP bT_STY _SP STP]L]NSd ZQ SZWd _Pc_^ LYO L^N]TMP TYY`XP]LMWP MPYPQTNTLW PQQPN_^ _Z T_% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .L]]`_SP]^ ?SP .]LQ_ ZQ ?SZ`RS_  

 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

w>TYRTYR _SP [^LWX^ ^SLWW O]TaP LbLd _SP OPXZY^ M]TYR LMZ`_ SZWTYP^^ ]P Q]P^S _SP ^[T]T_ Pc_TYR`T^S _SP ^PO`N_TaP bTWW OP^_]Zd LYRP] _Z`NS PaP]d _STYR OPTQd XLY x #

:YP ^PP^ SZb TY 8POTPaLW 0`]Z[P LW^Z _SP aZNLWTePO _Pc_ MPNZXP^ Y` XTYZ`^ ^`M^_LYNP LYO TY ^ZYR []LdP] LYO ^LN]PO LN_^ PaP]d_STYR PY_P]^ _LYRTMWP []ZcTXT_d _Z _SP /TaTYP LYO XLVP^ 2ZO []P^PY_ SP]P LYO YZb >TXTWL] PQQPN_^ _Z _SZ^P L__]TM`_PO _Z _SP ^TYRTYR ZQ [^LWX^ L]P L^^ZNT L_PO bT_S ]PWTRTZ`^ ]PLOTYR^ TY 3TYO`T^X QZ] TY^_LYNP ]PNT_L_TZY^ ZQ WT_LYTP^ LYO ZQ ;`]£©L^ >ZXP [L]_^ ZQ 7PY_P^v OP^N]T[_TZY ZQ XPOTPaLW [TP_d ]PLO L^ _SZ`RS SP T^ OP^N]TMTYR 3TYO`T^_TN LNZ`^_TN [TP_d -d ]P NT_TYR _SP ]PNT_P] Z] Md SPL]TYR _SP SPL]P] MPNZXP^ [L]_ ZQ _SP ^LN]PO ^[SP]P LYO [L]_TNT[L_P^ TY _SP ^`[P]YL_`]LW OTaTYP VYZbWPORP LYO _SP ^`[P]S`XLY [ZbP] ZQ _SP Y`XTYZ`^ ]PLWT_d 8LVTYR w_SP 3ZWdx []P^PY_ _S]Z`RS _SP XPOT`X ZQ _SP aZTNP M]TYR^ LMZ`_ _SP NZYaTN_TZY ZQ w^PWQ PQQTNLNdx ZQ _SP ^LN]PO bZ]O L`_ZXL_TNLWWd ^Z _Z ^[PLV 4Y XPOTPaLW .S]T^_TLYT_d _ZZ L^ L ]`WP T_ bL^ YZ_ _SP TYOTaTO`LW bZ]O LYO T_^ NZY_PY_ _SL_ bP]P TX[Z]_LY_ M`_ _SP QLN_ _SL_ _Pc_ bL^ SZWd =PWTRTZ`^ ]PLOP]^ LYO SPL]P]^ [L]_TNT[L_P TY _SP ^LN]PO ^[LNP ZQ _SP SZWd _Pc_ TY bSTNS PaP]d_STYR PcT^_^ ?ST^ ^PY^Z]d LP^_SP_TN PXZ_TZYLW LYO NZRYT_TaP [L] _TNT[L_TZY T^ L XLUZ] [L]_ ZQ _SP L__T_`OP^ `YOP]WdTYR ]PWTRTZ`^ ]PLOTYR ?SP QZWWZbTYR NSL[_P] bTWW LOO]P^^ ^TXTWL]T_TP^ MP_bPPY 0`]Z[PLY LYO 4YOTLY [TP_d []LN_TNP^ Q]ZX ,Y_T\`T_d ]TRS_ TY_Z _SP WL_P 8TOOWP ,RP^ 4_ OPaZ_P^ XZ]P OP_LTW _Z ^ZXP YZ_TNPLMWP ^_]`N_`]LW LYLWZRTP^ 8POTPaLW .S]T^_TLYT_d TY [L]_TN`WL] NLY MP ^PPY L^ L VPd _Z `YOP]^_LYO TYR _SP 4YOTLY L[[]ZLNS _Z SZWd _Pc_^ YZ_ L^ ^ZXP_STYR LWTPY M`_ L^ ^ZXP_STYR TY ZYPv^ ZbY N`W_`]P _SL_ SL^ MPPY QZ]RZ__PY 8POTPaLW .S]T^_TLY _Pc_ ]PNP[_TZY T^ ^TXTWL] _Z 4YOTLY _Pc_ ]PNP[_TZY TY XLYd L^ [PN_^ MPRTYYTYR bT_S L QLN_ _SL_ XZ^_ .S]T^_TLY^ bZ`WO _PYO _Z QTYO QZ]PTRY _ZOLd YLXPWd _SL_ _Pc_ ]PNP[_TZY OZP^ YZ_ YPNP^^L]TWd SLaP _Z NPY_P] ZY aP]MLW XPLYTYR :_SP] _STYR^ XLd MP QL] XZ]P TX[Z]_LY_ ?SP LP^_SP_TN ]PNP[_TZY LYO ]PWTRTZ`^ L__T_`OP^ ^`NS L^ ]PaP]PYNP TYYP] OP aZ_TZY PXZ_TZYLW [L]_TNT[L_TZY LYO _SP XP]P VYZbWPORP _SL_ _ST^ T^ L SZWd _Pc_ LWWZb ZYP _Z `YOP]^_LYO _SP _Pc_ bT_SZ`_ `YOP]^_LYOTYR _SP bZ]O^ ?SP ^PY^Z]d LP^_SP_TN \`LWT_TP^ WPLaP ^[LNP QZ] L XZ]P ^[ZY_LYP Z`^ YZ_ []TXL]TWd ]L_TZYLWTeTYR L[[]ZLNS _Z _SP ^LN]PO _Pc_ ?SP bZ]WO^ ZQ Pc[P]TPYNP TY XPOTPaLW .S]T^_TLYT_d LTO Z`] `YOP]^_LYOTYR ZQ _ST^ _d[P ZQ _Pc_ NZX[]PSPY^TZY _SL_ SL^ MPPY WZ^_ TY _ZOLdv^ 0`]Z[P :MaT Z`^Wd TY _SP WL_P 8TOOWP ,RP^ Z]LWT_d LYO WT_P]LNd bP]P YZ_ X`_`LWWd PcNW`^TaP L^ bP _PYO _Z _STYV TY _SP BP^_ _ZOLd ?SP ^ZWP QZN`^ ZY _Pc_ NZX[]PSPY^TZY _SP ;]Z_P^_LY_ wRP^_`^x _SL_ .L_SZWTNT^X SL^ LW^Z LOZ[_PO ^TYNP _SP >PNZYO AL_TNLY .Z`YNTW [`^SPO _SP ^PY^Z]d LP^_SP_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x 

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

 

\`LWT_TP^ LYO PQQPN_^ ^Z aP]d X`NS TY_Z _SP MLNVR]Z`YO _SL_ bP wBP^_PYP]^x SLaP TYN]PL^TYRWd QZ]RZ__PY _SL_ T_ PcT^_^ L_ LWW

!

,NZ`^_TN ;TP_d TY 4YOTL LYO 0`]Z[P

?SP QZZO]PWL_PO XP_L[SZ]^ LYO _SP PcLX[WP ZQ _SP OPXZYOP^_]ZdTYR [ZbP] ZQ ]PWTRTZ`^ ]PNT_L_TZY SLaP TWW`^_]L_PO LYLWZRTP^ TY _SP ]PWTRTZ`^ []LN_TNP^ ZQ OTQQP]PY_ ]PWTRTZY^ YZ_ WPL^_ []PNT^PWd TY [WLNP^ bSP]P _Z OLdv^ ]PLOP]^ bZ`WO YZ_ Pc[PN_ _SPX% TY _SP .S]T^_TLY LYO 3TYO` _]LOT _TZY^ 4Y _SP 8TOOWP ,RP^ TY BP^_P]Y 0`]Z[P bP QTYO _SL_ Z]LWT_d LYO WT_P]LNd L]P TY_P]NZYYPN_PO L^ _SPd bP]P TY 4YOTL L_ _SL_ _TXP LYO TY WL_P] [P]TZO^ , ]TQ_ QT]^_ MPNZXP^ L[[L]PY_ TY _SP =PQZ]XL_TZY bSP]PL^ YZ _TNPLMWP ^_]`N_`]LW ^TXTWL]T_TP^ NLY MP QZ`YO Q]ZX ,Y_T\`T_d _Z _SP WL_P 8TOOWP ,RP^ OP^[T_P \`T_P OTQQP]PY_ RPZR]L[STNLW N`W_`]LW NT]NWP^ LYO OP^[T_P Z[[Z^TYR NWLTX^ Md .S]T^_TLY _SPZWZRTLY^ L^ _SPd _]TPO _Z OT^_TY R`T^S _SPX^PWaP^ Q]ZX YZY.S]T^_TLY ]PWTRTZY^ 4Y ,Y_T\`T_d .S]T^_TLYT_d z Z] .S]T^_TLY _SPZWZRTLY^ _Z MP XZ]P XZ]P []PNT^P z SLO LW]PLOd MPPY VPPY ZY ZQ_PY [ZWPXTNLWWd OT^_LYNTYR _SPX^PWaP^ Q]ZX Z_SP] ]PWTRTZ`^ N`W_`]P^ _Z bSTNS _SPd L[[WTPO [PUZ]L _TaP _P]X^ ^`NS L^ wSPL_SPYx wMLMMWTYR WTVP [LRLY^x wXLRTNx Z] w ZWO ?P^_LXPY_x _Z OTQQP]PY_TL_P _SPX Q]ZX _SP .S]T^_TLY^v [L]_TNT[L_TZY ZQ _SP SPL]_ LYO _SP .S]T^_TLY `YOP]^_LYOTYR ZQ _SP QLT_S L^ _SP _]`P ]PWTR TZY ?ST^ MPRTY^ bT_S >_ ;L`Wv^ ^_L_PXPY_ wQZ] _SP WP__P] VTWW^ M`_ _SP >[T]T_ M]TYR^ WTQPx .Z] !z# bSTNS ]PXLTYPO OZXTYLY_ LWW _SP bLd Q]ZX 5ZSLYYP^ .S]d^_Z^ZXZ^ bSZ ^LTO _SP .S]T^_TLY OZP^ YZ_ MPL] ^_ZYP _LMWP_^ TY ST^ SLYO^ M`_ _SP 3ZWd >[T]T_ TY ST^ SPL]_ _Z _SP 3PT OPWMP]R .L_PNST^X ZQ  ! bSP]P WTaTYR []PLNSTYR T^ NZY_]L^_PO bT_S _SP wO`XM TOZW^x ZQ _SP :WO ?P^_LXPY_ LYO QL] MPdZYO ;LRLY N`W_`]P^ RPYP]LWWd RZ_ PaPY ]Z`RSP] _]PL_XPY_ LYO bP]P ZQ_PY WLMPWPO wXLRTNx TY NZY_]L^_ _Z ]PWTRTZY 8LYd PL]Wd ]P^PL]NSP]^ TY_Z ]PWTRTZY LOZ[_PO _ST^ TXLRP LYO _SP L^^ZNTL_PO [PUZ]L_TaP aLW`L_TZY^ ZQ bSL_ T^ wZ_SP]x bT_SZ`_ ]PQWPN_TZY 3ZbPaP] 8L__STL^ 6WTYRSL]O_v^ L]_TNWP PY_T_WPO w;]LdP] QZ]X`WL]TP^ QZ] [`MWTN ]PNT_L_TZYx $ ^SZb^ NZYaTYNTYRWd SZb NWZ^P .S]T^_TLY 5PbT^S LYO w[LRLYx [`MWTN []LdP] LN_`LWWd bL^ TY WL_P 3PWWPYT^_TN LYO =ZXLY ,Y_T\`T_d OP^[T_P NWLTX^ _Z _SP NZY_]L]d Md .S]T^_TLY _SPZWZRTLY^ 6WTYRSL]O_ NZXP^ _Z _SP QZWWZbTYR NZYNW`^TZY% w4Y ^[T_P ZQ _SP OTQQP]PY_ ]PWTRTZ`^ _]LOT_TZY^ L ^`][]T^TYRWd SZXZRPYZ`^ [TN_`]P PXP]RP^% ;`MWTN []LdP]^ SLO _Z MP ]PNT_PO TY LNNZ]OLYNP _Z QZ]X` WL]TP^ bSZ^P bZ]OTYR bL^ []P^N]TMPO LYO YZ_ L_ bTWW ZQ _SP []LdTYR [P] ^ZY^ ?SP NZ]]PN_ ]PNT_L_TZY ZQ L QZ]X`WL]d LYO PaPY T_^ []Z[P] []ZY`YNTL

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 9`XPY ! $$$% z 

 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_TZY bL^ XPLY_ _Z R`L]LY_PP _SP []LdP]v^ L[[]Z[]TL_PYP^^ LYO PQQTNLNd% LY TX[]Z[P]Wd ]PNT_PO []LdP] bL^ NZY^TOP]PO _Z MP PT_SP] TYPQQPN_TaP Z] PaPY OLYRP]Z`^x 

,NNZ]OTYR _Z 6WTYRSL]O_ _SP]P bP]P YZ_TNPLMWP [L]LWWPW^ TY _P]X^ ZQ QZ]X [P]QZ]XLYNP NZ]]PN_ PcPN`_TZY XPY_LWT_d LYO NZYNP[_^ ZQ PQQT NLNd T]]P^[PN_TaP ZQ _SP OTQQP]TYR _SPZWZRTNLW NZY_PY_ 4Y LWW _SP ]PWT RTZ`^ _]LOT_TZY^ SP TYaP^_TRL_PO NP]_LTY NWZ^PWd OZaP_LTWPO ]PWTRTZ`^ ^`[[Z^T_TZY^ NLY MP TOPY_TQTPO _SL_ PL^TWd Pc[WLTY _SP YZ_TZY ZQ PQQTNLNd bT_SZ`_ YPPOTYR _Z `^P _SP _P]X wXLRTNx% w @^`LWWd _SP [L]_TN`WL] bZ]OTYR ZQ L []LdP] T^ _]LNPO MLNV _Z ^ZXP OT aTYP Z]TRTY bSTNS LQQZ]OPO T_^ PQQTNLNd& VYZbWPORP ZQ _SP []LdP] T^ _SP]P QZ]P _SP ]P^`W_ ZQ ]PaPWL_TZY Z] OTaTYP TY^[T]L_TZY  .Z]]P^[ZYOTYRWd _SP ]PNT_L_TZY ZQ ^`NS QZ]X`WL]TP^ ]P\`T]P^ ^ZXP ^[T]T_`LW \`LWT_d ZQ _SP []Ld TYR [P]^ZY ]TRS_PZ`^YP^^ [`]T_d []TP^_SZZO ^[T]T_`LW uLMTWT_dv P_N&  =P^_]TN_TZY ZQ LNNP^^ _Z []LdP] QZ]X`WL]TP^ QZ] NP]_LTY [PZ[WP ZYWd T^ Pc []P^^PO Md _SP []ZSTMT_TZY _Z OTa`WRP _SP QZ]X`WL]d LYO Md _SP PcNW`^TZY ZQ _SZ^P NZY^TOP]PO `YbZ]_Sdx 

3ZbPaP] T_ T^ PaPY XZ]P L^_Z`YOTYR _SL_ YZ_ ZYWd _SP _d[P ZQ []LdTYR T^ aP]d ^TXTWL] LXZYR OTQQP]PY_ ]PWTRTZY^ ^SL]TYR L NZXXZY N`W_`]LW ^[LNP 6WTYRSL]O_v^ OT^N`^^TZY T^ LW^Z aP]d L[[WTNLMWP _Z APOL NSLY_TYR LYO ?LY_]TN XLY_]L ]PNT_L_TZY 3P]P LWW L^[PN_^ XPY_TZYPO LMZaP LW^Z L[[Wd TYNW`OTYR _SP Q`YOLXPY_LW OZ`MWP XZaPXPY_% w_SP QZ]X`WL]d ZQ LY PQQT NTPY_ []LdP] T^ ZQ OTaTYP Z]TRTYx LYO w_SP ]PNT_TYR  XPLY^ ]P_`]YTYR T_ _Z _SP OTaTYP ^[SP]Px  ,NNZ]OTYR _Z 6WTYRSL]O_ ]T_`LW PQQTNTPYNd ]P ^`W_^ []PNT^PWd Q]ZX _ST^ OZ`MWP XZaPXPY_ 3T^ Q`]_SP] OT^N`^^TZY^ NZ TYNTOP bT_S bSL_ bP SLaP NLWWPO wLNNP^^ NZY_]ZWx  LYO _SP wAPOTN XZOPx ZQ [TP_d% _SP bZ]OTYR T^ []P^N]TMPO LYO YZ_ L_ bTWW LYO LY TX []Z[P]Wd ]PNT_PO []LdP] ]PXLTY^ TYPQQPN_TaP LYO XLd PaPY MP OLYRP] Z`^  ,NNP^^ _Z ^`NS L QZ]X`WL]d LYO _SP [P]XT^^TZY _Z ]PNT_P T_ ]P \`T]P^ NP]_LTY []PNZYOT_TZY^ _Z MP Q`WQTWWPO ^`NS L^ ]TRS_PZ`^YP^^ [`]T_d []TP^_SZZO P_N z -]LSXLYSZZO TY _SP NL^P ZQ _]LOT_TZYLW APOL NSLY_TYR LYO ^[T]T_`LW LMTWT_d LYO TYT_TL_TZY TY_Z L ?LY_]TN WTYPLRP TY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ    

6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x  6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x  ^PP LW^Z ! 6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x ! ,NNP^^ NZY_]ZW PY^`]P^ _SP ]PWTRTZ`^ TOPY_T_d ZQ _SP ]P^[PN_TaP NZXX`YT_d 1Z] _SP .S]T^_TLY aP]^TZY ^PP 6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x z$ 6WTYRSL]O_ ^_]P^^P^ ZMWTRL_Z]d QZ]X`WL^ ^`NS L^ _SP [L]_TN`WL] bZ]OTYR TY 0`NSL]T^_TN []LdP] Z] _SP 7Z]Ov^ ;]LdP] ,NNP^^ NZY_]ZW bL^ ZQ NZ`]^P LW^Z []LN_TNPO TY _SP QZ]X ZQ ML[_T^X _SP NL_PNS`XPYL_P LYO _SP OT^NT[WTYP ZQ _SP ^PN]P_ TMTO z 7TVPbT^P RZO TY^[T]PO PY_S`^TL^_TN []LdP] LYO SdXYZWZRd bP]P Md YZ XPLY^ [PN`WTL] _Z .S]T^_TLY T_d ^PP TMTO z"  1Z] =ZXLY 5PbT^S LYO .S]T^_TLY PcLX[WP^ F^`NS L^ _SP []Z[P] [WLNTYR ZQ wLXPYxH ^PP 6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x z " QQ

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

 

NL^P ZQ ?LY_]TN XLY_]L QZ]X`WL^ .ZY^P\`PY_Wd L^ TY WL_P ,Y_T\`T_d _SP ]PNT_L_TZY ZQ L RTaPY QZ]X`WL]d T^ YZ_ Z[PY _Z _SP [`MWTN M`_ ]P^_]TN_PO  4_ T^ YPNP^^L]d _Z MP TYT_TL_PO TY_Z _SP ]`WP^ ZQ ]PNT_L_TZY LYO _Z SLaP L wVYZbWPORPx ZQ _SP OPP[P] XPLYTYR _SL_ _SP QZ]X`WL T^ L ]PaPWL_Z]d _]`_S LYO L__T_`OP^ PR ]PWL_TYR _Z XLTY_LTYTYR ^PN]PNd ! LYO L NP]_LTY NZ^XZWZRd bSTNS L]P LWW [L]_ ZQ _SP TYT_TL_TZY BP QTYO LWW ZQ _ST^ TY _SP NL^P ZQ _SP APOL LYO LW^Z QZ] PcLX[WP TY _SP TYT_TL_TZY NSL[_P] ZQ _SP ?LY_]TN ;L]L²`]£XL6LW[L^¼_]L  " 1`]_SP]XZ]P TY _SP APOTN -]£SXL©L^ LYO TY _SP 3TRS ?LY_]L ZQ_PY L ^[PNTLW P^Z_P]TN XPLYTYR bSP_SP] T_ bL^ L ^PXLY_TN ZYP Z] ZYP L^^ZNTL_PO bT_S Y`XP]TNLW Xd^_TNT^X bL^ WTYVPO bT_S PaP]d TYOTaTO`LW ^dWWLMWP ZQ _SP XLY_]L^ :_SP] 3TYO` ]PNT_L_TZY^ QZ] TY^_LYNP _SP OTaTYP YLXP^ LYO WT_LYTP^ [Z[`WL] TY _SP _PX[WP WT_`]Rd LYO []TaL_P []LdP] bSTNS bP SLaP OT^ N`^^PO LMZaP LYO ]PNT_L_TZY ZQ _SP P[TN^ PXP]RTYR Q]ZX _SP ML]OTN NZ`]_ _]LOT_TZY LYO _SP ;`]£©L^ YZb [L]_TNT[L_P PT_SP] [L]_TLWWd Z] ZYWd XL]RTYLWWd TY _ST^ ^_dWP ZQ ]PWTRTZY ,^ L ]`WP _SPd L]P SL]OWd ^`MUPN_ _Z LYd LNNP^^ ]P^_]TN_TZY^ LYd WZYRP] SLaP QPbP] ^_]TN_ [P]QZ]XLYNP ]`WP^ LYO L]P ]L]PWd ]P\`T]PO _Z MP VP[_ ^PN]P_ -Z_S _SP ZWO LYO YPb XZOP^ OZ YZ_ PcNW`OP PXZ_TZYLW [L]_TNT[L_TZY M`_ RPYP]LWWd _ST^ TYN]PL^P^ TY _SP WL_P] WT_P]L_`]P^ ?SP _]LY^T_TZY^ MP_bPPY QZ]XLWTeL_TZY LYO OPaZ _TZYLW []LdP] L]P Pc_]PXPWd QW`TO TY _SP [Z^_APOTN >LY^V]T_ WT_P]L_`]P^ :YP NLY ^[PLV ZQ ]T_`LWTePO []LdP] Z] QZ]XLWTePO OPaZ_TZY 4Y _ST^ ]P ^[PN_ ]PNT_L_TZY^ ZQ WT_LYTP^ LYO YLXP^ L]P QL] XZ]P ^TXTWL] _Z _SP [^LWXZOd TY XPOTPaLW 0`]Z[P _SLY _Z 6WTYRSL]O_v^ LYNTPY_ []LdP] QZ] X`WL]TP^ 4Y _SP NL^P ZQ _SP ;^LW_P] _ZZ _SP bZ]O^ ZQ []LdP]^ L]P ^_TWW []P^N]TMPO LYO SP]P LW^Z _SP ]PNT_L_TZY XLVP^ ]PLOP]^SPL]P]^ [L]_ ZQ _SP ^LN]PO ^[SP]P LYO [`_^ _SPX ZY XZ]P QLXTWTL] _P]X^ bT_S _SP OPT_d , NZX[L]T^ZY ZQ .S]T^_TLY XPOTPaLW [TP_d []LN_TNP LYO LNZ`^_TN [T P_d TY 3TYO`T^X _S]Zb^ `[ L Y`XMP] ZQ ^_]`N_`]LW ^TXTWL]T_TP^ ^ZXP ZQ _SPX ]PLNSTYR TY_Z _SP QTYP OP_LTW ?SP NPY_]LW [ZTY_^ QZ] N]Z^^N`W_`]LW NZX[L]T^ZY TYNW`OP _SP QLN_ _SL_ LW^Z TY 0`]Z[P bPWW TY_Z _SP QZ`]_PPY_S NPY_`]d T_ bL^ YZ]XLW _Z []Ld L QTcPO _Pc_ LWZ`O LYO YZ OT^_TYN_TZY bL^ XLOP MP_bPPY XPY_LW LYO aZNLW []LdP] Z] WT_`]RTNLW QTcPO []TaL_P []LdP] ,YZ_SP] LYLWZRd T^ _SL_ TY XPOTPaLW 0`]Z[P _SP ;^LW_P] LYO YZ_ _SP 2Z^[PW MPNLXP _SP XLTY ]PWTRTZ`^ _Pc_ TY _SP .S]T^_TLY WT_`]Rd LYO TY []TaL_P []LdP] # ^TXTWL] _Z _SP bLd TY bSTNS _SP P[TN^ LYO ;`]£©L^ TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x ! ! :Y _SP 3PWWPYT^_TN LYO .S]T^_TLY OT^NT[WTYP ZQ _SP ^PN]P_ ^PP 6WTYRSL]O_ w;]LdP] QZ]X`WL]TP^x  " .Q BTWVP w9PRZ_TL_TYR ?LY_]L LYO APOL TY _SP ;L]L²`]£XL6LW[L^¼_]L ?]LOT_TZYx QZ]_SNZXTYR ?SP ^Z`]NP _Pc_ NLY MP NLWWPO L w^`XXLx ZQ _SP 3TRS ?LY_]L # 4Y 5`OLT^X TY 5P^`^v _TXP _SP [^LWX^ LW]PLOd QZ]XPO _SP ML^TN _Pc_ ZQ [P]^ZYLW [TP_d LYO L w]PLOP]x QZ] _SP [PZ[WP 4Y .S]T^_TLYT_d Q]ZX _SP ^PNZYO NPY_`]d ZYbL]O XZYV^

 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

4YOTL SLO LW]PLOd MPNZXP P^_LMWT^SPO L^ XLTY _Pc_^ L_ _SP MPRTYYTYR ZQ _SP .S]T^_TLY NLWPYOL] LYO PaPY _ZOLd _SPd ]PXLTY XZ]P OZXTYLY_ _SLY _SP APOL TY LN_`LW []LN_TNP ,MZaP LWW SZbPaP] _SP]P L]P L Y`XMP] ZQ QZ]XLW NZXXZYLWT_TP^ TY ]T_`LWTeL_TZY LYO _Pc_ L^^TXTWL_TZY :Y MZ_S ^TOP^ _SP TOPLW QZ]X ZQ [TP_d T^ ]T_`LWTePO OPaZ_TZY TY bSTNS QZ]XLWTePO MPSLaTZ] T^ LNNZX[LYTPO Md TYYP] L__T_`OP ?Pc_ `YOP]^_LYOTYR T^ YZ_ LM^ZW`_PWd YPNP^^L]d QZ] _ST^ 4Y w]PXPXMP]TYRx LYO wL^^TXTWL_TZYx TY .S]T^_TLY []LN_TNP ^TXTWL] _Z _Pc_ [P]QZ]XLYNP TY 3TYO`T^X _SP NZY_PY_ XZaPO NZX[WP_PWd TY_Z _SP MLNVR]Z`YO P^[PNTLWWd L^ 7L_TY bL^ YZ_ YPNP^^L]TWd `YOP]^_ZZO 4Y _SP WL_P 8TOOWP ,RP^ w`YOP]^_LYOTYRx PaPY TY .S]T^_TLYT_d bL^ ^_TWW YZ_ L_ LWW _LVPY _Z XPLY PcLN_ `YOP]^_LYOTYR ZQ _SP NZY_PY_ LYO YPT_SP] bL^ _SP PQQTNTPYNd ZQ []LdTYR Z] _SP ]PNP[_TZY ZQ []LdP]^ _TPO _Z _ST^ $ -d NZY_]L^_ bSL_ bL^ TX[Z]_LY_ bL^ _SP Q`YN _TZY LYO []LN_TNLW MPYPQT_ LYO XLVTYR _SP SZWd []P^PY_ L^ TY 3TYO`T^X z TOPLWWd _S]Z`RSZ`_ _SP OLd L^ TY^_T_`_TZYLWTePO TY _SP WT_`]Rd ZQ _SP SZ`]^ 0aPY _ZOLd TY >LY^V]T_ 3TYO`T^X bP QTYO _SP TOPLW ZQ NZY^_LY_ []LdP] LYO L^ TY _SP XPOTPaLW .S]T^_TLY TOPLW ZQ NZY^_LY_ []LdTYR T_ XLd ^TX[Wd MP L w]P[P_T_TZY ZQ []LdP]^x PR O`]TYR bZ]V PT_SP] bT_S Z] bT_SZ`_ MPTYR LbL]P ZQ _SP XPLYTYR /LTWd []LdTYR ZQ LWW _SP L[[]Z[]T L_P []LdP]^ bL^ Md YZ XPLY^ ^PPY L^ YPRL_TaP PaPY TY XPOTPaLW 0`]Z[P 4Y^_PLO ]PNT_TYR LWZ`O Md ]Z_P LYO _SP ]T_`LW ]P[P_T_TZY L^ LY T_P]L_TaP wNLWWTYR `[ _SP []P^PYNP ZQ _SP SZWd TY _SP XPOT`X ZQ _SP aZTNPx bL^ ]PRL]OPO L^ L ]PWTRTZ`^ TOPLW  4Y ^SZ]_ .S]T^_TLY OPaZ_TZ bL^ YZ_ _TPO _Z NZRYT_TZ  M`_ TY^_PLO _Z [P]QZ]XLYNP LYO L`OT_TZY ?SP N`^_ZX ZQ ]PNT_TYR bL^ LNNZ]OTYR _Z 7PY_P^ w_SP aP]d ^_LRTYR ZQ _SP LM`YOLYNP ZQ ]POPX[_TZY LYO L_ _SP ^LXP _TXP L XYPXZYTN _PNSYT\`P QZ] L^^TXTWL_TYR _SP ML^TN _Pc_x  ?SP _Pc_`LW XL_P]TLW T_^PWQ bL^ ^PPY L^ aLW`LMWP LYO NL[LMWP ZQ M]TYRTYR ^LWaL_TZY ,^ TY 3TYO`T^X _SP QZNLW [ZTY_ bL^ ZQ_PY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ TYT_TLWWd `^PO _SPX TY _SPT] NPL^PWP^^ []LdP] _SPY TY wOTaTYP ]PLOTYRx WPN_TZ WPN_TZ OTaTYL LYO _SP QZWWZbTYR []LdP] Z]L_TZ Z] XPOT_L_TZY XPOT_L_TZ LYO QTYLWWd QZ]XPO _SP XLUZ] ^LN]PO _Pc_ _SL_ LW^Z MPNLXP L NPY_]LW []LdP] _Pc_ QZ] WLd [P]^ZY^ L^ _SP WT_`]Rd MPNLXP QTcPO _SP [^LW_P] MPNLXP L ^_LYOL]O [L]_ ZQ SZ`]Wd []LdP]^ :]TRTYLWWd _SP ^TYRTYR ZQ [^LWX^ L[[PL]^ YZ_ _Z SLaP MPPY [P]NPTaPO L^ []LdP] M`_ TY ^_PLO ^PPY L^ LY TY^[T]PO _Pc_ PYLMWTYR _SP aZTNP ZQ 2ZO _Z MP SPL]O ,NNZ]OTYR _Z 7PY_P^ _SP ^bT_NS _Z _SP [^LW_P] L^ _SP aZTNP ZQ _SP [PZ[WP _LWVTYR _Z 2ZO _ZZV [WLNP O`]TYR _SP !_S NPY_`]d LW_SZ`RS ^_LYOL]OTeL_TZY SLO LW]PLOd NZXXPYNPO _bZ NPY_` ]TP^ PL]WTP] 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x  P_ ^P\ " .Q LW^Z ,YRPYPYO_ w=PWTRTZ^T_Æ_ TX 8T__PWLW_P]x "z"" ""z#" ;P_P] :NS^PYMPTY w;]T aL_P^ -P_PYx LYO Z_SP] L]_TNWP^ TY ATaL aZc $ 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x $z& 7PY_P^ wu,YOLNS_v `YO u2PMÆ]OPvx z  7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x !  7PY_P^ wu,YOLNS_v `YO u2PMÆ]OPvx 

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO





^ZWPWd wbZ]O L^^ZNTL_TZY^x LYO YZ_ `YOP]^_LYOTYR ZQ _SP NZY_PY_  ,_ _SP NPY_P] bL^ _SP w^PWQPQQTNLNdx ZQ _SP bSZWP _Pc_ LYO YZ_ TYOTaTO`LW [L^^LRP^ ^PY_PYNP^ Z] bZ]O^ ?SP Pc_PY^TaP LYLWZRTP^ MP_bPPY XPOTP aLW .S]T^_TLY LYO 3TYO` [P]QZ]XLYNP ^_dWP^ TYNW`OP _SP LWWZNL_TZY ZQ L NP]_LTY Y`XMP] ZQ ]P[P_T_TZY^ _Z OTQQP]PY_ ]P^`W_^ bSTNS NLY MP NLWWPO wNZ`Y_PO [TP_dx LYO _SP NZ]]PWL_TZY ZQ _SP OPT_dv^ YLXP^ Z] WT_LYd QZ] X`WL^ bT_S [L]_^ ZQ _SP MZOd  4Y ^`XXL]d ZYP NLY ^Ld _SL_ XPOTPaLW 0`]Z[P ^_TWW VYPb _SL_ ^L N]POYP^^ T^ YZ_ ZYWd QZ`YO TY bZ]O^ LYO [S]L^P^ TP TY NZY_PY_^ M`_ LW^Z TY _SP bSZWP _Pc_ LYO T_^ LP^_SP_TN ^PY^Z]d OTXPY^TZY ?SP L`OT_TaP OTXPY^TZY `YOP]^NZ]P^ LYO OPP[PY^ _SP XP^^LRP 3P]P T_ T^ NPY_]LW _SL_ Z]LWT_d LYO ^ZYLWT_d XLd TYNW`OP _SP VYZbWPORP ZQ aP]MLW XPLYTYR LYO T_^ [P]^ZYLW L^^TXTWL_TZY M`_ OZ YZ_ YPNP^^L]TWd SLaP _Z :_SP] _STYR^ ^`NS L^ ^PY^Z]d ]PNP[_TZY LYO ]PWTRTZ`^ L__T_`OP^ XLd ZNN`[d _SP QZ]P R]Z`YO LYO MP Q`WWd ^`QQTNTPY_ ?ST^ bL^ TY QLN_ _SP YZ]XLW ^_L_P ZQ LQ QLT]^ TY LN_`LW []LN_TNP TY XPOTPaLW .S]T^_TLYT_d 3ZbPaP] ^_]LYRP T_ XLd ^PPX _ZOLd SP]P _ZZ []ZYZ`YNPO LNZ`^_TN [TP_d bL^ \`T_P _SP YZ]X ?ST^ OTO YZ_ NSLYRP `Y_TW _SP QTQ_PPY_S Z] ^Tc_PPY_S NPY_`]d PaPY _SZ`RS L _]LY^QZ]XL_TZY bL^ LY_TNT[L_PO Md ^NSZWL]^ ZQ _SP _bPWQ_S NPY _`]d LYO Xd^_TN^ ZQ _SP QZ`]_PPY_S NPY_`]d 4_ T^ TX[Z]_LY_ _Z LOO _SL_ _SP NZ]]PWL_TZY WL^_TYR TY_Z _SP QTQ _PPY_S^Tc_PPY_S NPY_`]d bL^ YZ_ ]P^_]TN_PO _Z _SP ]T_`LW OTXPY^TZY LYO _SP L^^TXTWL_TZY ZQ ^LN]PO WT_P]L_`]P^ 4_ LW^Z L[[WTP^ _Z XL]VPOWd ]L _TZYLW OT^NZ`]^P 1P]YLYOZ ?ZWL LYO .L]XPY /]LRZYP__T SLaP O]LbY L__PY_TZY _Z _SP QLN_ _SL_ 4YOTLY LYO 0`]Z[PLY [STWZ^Z[STP^ bP]P aP]d ^TXTWL] `Y_TW bPWW TY_Z _SP ^Tc_PPY_S NPY_`]d% w_SP]P bL^ Q]P\`PY_ ]PQWPN _TZY ZY _SP ^LXP [STWZ^Z[STNLW ^`MUPN_^ LYO T_ bL^ NL]]TPO Z`_ TY _SP ^LXP bLdx  ?SP L`_SZ]^ ]TRS_Wd [`_ QZ]bL]O L WL]RP Y`XMP] ZQ ]PL^ZY^ QZ] _SP XL]VPO ^S]TYVLRP ZQ _SP ML^T^ QZ] NZX[L]T^ZY Q]ZX _SP ^Tc_PPY_S NPY_`]d ?SPd TYNW`OP _d[TNLW 0`]Z[PLY OPaPWZ[XPY_^ TY N`W_`]P PNZY ZXd _SP ^NTPYNP^ LYO _PNSYZWZRd >ZXP L`_SZ]^ L__]TM`_P _ST^ _]LY^QZ]XL_TZY TY 0`]Z[P TY [L]_TN`WL] _Z _SP LOaPY_ ZQ []TY_TYR LYO R]PL_P] PX[SL^T^ ZY _SP b]T__PY bZ]O 1Z] TY^_LYNP ?d]PWW ^_]ZYRWd PX[SL^TePO _SP ]P^`W_TYR LW_P]PO ]LYRP ZQ XP OTL bSTNS WPO _Z YPb SLMT_^ ZQ ^PPTYR LYO SPL]TYR TY 0`]Z[P  ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x  NQ LW^Z TMTO    "  ?SP WL__P] T^ QZ`YO TY .S]T^_TLYT_d TY _SP 4]T^S 7Z]TNL []LdP] LYO TY 3TYO`T^X TY _SP ?LY_]TN Yd£^L []LN_TNP  1P]YLYOZ ?ZWL LYO .L]XPY /]LRZYP__T w@YT_d TY /TaP]^T_d% 4YOTLY LYO BP^_P]Y ;STWZ^Z[STNLW ?]LOT_TZY^x TY -Z`YOL]TP^ /dYLXTN^ LYO .ZY^_]`N_TZY ZQ ?]LOT_TZY^ TY >Z`_S ,^TL  PO 1]POP]TNZ >\`L]NTYT 1WZ]PYNP/PWST% 1T]PYeP @YTaP]^T_d ;]P^^ LYO 8`Y^ST]LX 8LYZSL]WLW   !"z!# SP]P !$  ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx Z[ NT_

 !

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

L]R`XPY_ NZYNP]YTYR _SP XPOTL T^ ZQ [L]_TN`WL] TY_P]P^_ 4_ SPW[^ _Z Pc [WLTY _SP ^_]`N_`]LW ^TXTWL]T_TP^ TY _SP XZOP^ ZQ LNZ`^_TN [TP_d TY 4YOTL LYO 0`]Z[P TY _SP 8TOOWP ,RP^ Md QZN`^TYR ZY _SPT] XL_P]TLW ML^T^ ?SP 0`]Z[PLY XPOTPaLW [P]TZO SL^ MPPY NLWWPO L wXZOPW ZQ XPOTL ST^_Z]dx wXPOTPYRP^NSTNS_WTNSP] 8ZOPWWQLWWx LYO XLYd NSL]LN_P]T^_TN^ L^ N]TMPO _Z T_ LW^Z L[[Wd _Z 4YOTL L_ WPL^_ ^TYNP _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L ! ?SP NZPcT^_PYNP ZQ b]T_TYR LYO [P]QZ]XLYNP _`]YPO WT_P]L]d _Pc_^ TY_Z ^NZ]P^ >TXTWL] _Z >LY^V]T_ 3TYO`T^X _SP 0`]Z[PLY 8TOOWP ,RP^ ]P[]P^PY_ LY TY_P]XPOTL_P eZYP ZQ ^PXTWT_P]L_P LYO ^PXT Z]LW _]LOT_TZYM`TWOTYR LYO []LN_TNP 4Y MZ_S NL^P^ _SP]P bL^ L bPWW OP aPWZ[PO N`W_`]P ZQ [P]QZ]XLYNP TY bSTNS []TZ]T_d bL^ RTaPY YZ_ _Z _SP WP__P] M`_ _Z _SP PXMZOTPO aZTNP ?ST^ PYNZ`]LRPO NP]_LTY SLMT_^ ZQ ^PPTYR LYO SPL]TYR bSTNS NSLYRPO LWZYR bT_S _SP ^STQ_ _Z L N`W_`]P ZQ MZZV^ LYO ^TWPY_ ]PLOTYR ?SP YPb NZXMTYL_TZY ZQ LaLTWLMWP XPOTL L_ _SP _TXP ZQ _SP =PQZ]XL_TZY ]PO`NPO _SP ^PY^Z]d L^[PN_ LYO TYN]PL^PO ^PXLY_TNTeL_TZY ?SP XPOTL _SPZ]d Pc[WLTY^ _SP ^TXTWL]T_TP^ LYO [ZTY_^ QZ] NZX[L]T ^ZY YZ_PO LMZaP RZTYR MPdZYO ST^_Z]TNLW N`W_`]LW LYO ^ZNTLW OT^^Z YLYNP^ , ^TXTWL] XPOTL ^T_`L_TZY M]Z`RS_ LMZ`_ _SP PXP]RPYNP ZQ LYLWZRZ`^ ^_dWP^ ZQ ]T_`LW LYO XPLYTYR ?SP wSLMT_`^x QZ]X^ ZQ LNZ`^_TN [TP_d TWW`^_]L_P _SL_ XPOTL []LN_TNP^ L]P ^TX`W_LYPZ`^Wd _PNSYT\`P^ QZ] LM^Z]MTYR NP]_LTY QZ]X^ ZQ LY LP^_SP_TN ^PY^P ,NZ`^_TN LYO b]T__PY ^TRY^ ^_TX`WL_P OTQQP]PY_ ^PY^P^ ?SPd L]P L^^ZNTL_PO bT_S OTQQP]PY_ [L_ _P]Y^ ZQ [P]NP[_TZY LYO TX[L]_ OTQQP]PY_ Pc[P]TPY_TLW \`LWT_TP^ 4_ T^ _SP]PQZ]P YZ_ LWW ZYP LYO _SP ^LXP bSTNS XPOTL L]P RTaPY []PQP]PYNP ZaP] Z_SP]^ ?SP ^TXTWL] XPOTL ^T_`L_TZY^ TY XPOTPaLW 0`]Z[P LYO >LY ^V]T_ 3TYO`T^X []ZaTOPO L ML^T^ QZ] NZX[L]T^ZY bSP]PL^ _SP ^`M^P \`PY_ NSLYRP^ TY _SP XPOTL TY 0`]Z[P ]P^_]TN_PO T_ :YP NLY ^[PLV ZQ L _]LY^QZ]XL_TZY ZQ LP^_SP_TN ^_dWP^ TY NZ]]PWL_TZY _Z _SP NSLYRP TY QZ]X^ ZQ XPOTL []LN_TNP ?SP XPOTL L]R`XPY_ SL^ R]PL_ LYLWd_TNLW [ZbP] >TXTWL] XPOTL ^T_`L_TZY^ ^PPX _Z RPYP]L_P ^TXTWL] QZ]X^ ZQ []LN_TNP LYO [TP_d 3Zb PaP] _SP XPOTL L]R`XPY_ LW^Z OPXZY^_]L_P^ ^ZXP bPLVYP^^P^ 4_ T^ ZYWd LMWP _Z Pc[WLTY _]LY^N`W_`]LW NZXXZYLWT_TP^ M`_ YZ_ _SP OTQQP]PYNP^ BSL_ _SP XPOTL _SPZ]d NLYYZ_ ]PNZRYTeP T^ _SP ]LYRP ZQ ^dXMZWTN Z]OP]^ ZNN`]]TYR TY _SP TY_P]XPOTL_P ^[LNP 4_ T^ Q`YOLXPY_LW _Z LNNZ`Y_ QZ] _SPX /P^[T_P _SP []PQP]PYNP QZ] _SP aZTNP _SP 0`]Z[PLY 8TOOWP ,RP^ bP]P YZ_ L N`W_`]P ZQ ^Z`YO WTVP 4YOTL bL^% ^Z`YOTYR _Pc_^ OTO YZ_ SLaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >`XXL]TeTYR _SP ^`MUPN_ ZQ _SP 0`]Z[PLY 8TOOWP ,RP^ L^ L wXZOPW ZQ XPOTL ST^_Z]dx 1L`^P] 0TYQÞS]`YR TY OTP 6`W_`]bT^^PY^NSLQ_  #z#! ?SP ^_]`N_`]LW ^TXTWL]T_TP^ Z`_ WTYPO LMZaP NLY LW^Z MP Pc_PYOPO _Z _SP QZ]XL_TZY ZQ aP]YLN`WL] WT_P]L_`]P^ bSTNS SL[[PYPO ^TX`W_LYPZ`^Wd TY 0`]Z[P LYO 4YOTL ZY L WL]RP ^NLWP Q]ZX LMZ`_ _SP _S NPY_ ZYbL]O^ .Q ;ZWWZNV 7LYR`LRP ZQ _SP 2ZO^ "z$

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

 "

_SP ^LXP VTYO ZQ N`W_`]LW aLW`P YZ] LYd [WLNP TY _SPZWZRTNLW ]PQWPN_TZY >Z T_ T^ YZ_ TY^TRYTQTNLY_ bSP_SP] ^LN]POYP^^ T^ L^N]TMPO ^ZWPWd _Z _SP aZNLWTePO _Pc_ L^ SZWd _Pc_ L^ TY _SP 0`]Z[PLY 8TOOWP ,RP^ LYO TY XLYd QZ]X^ ZQ LNZ`^_TN [TP_d TY 4YOTL Z] TY LOOT_TZY ^Z`YO T^ LW^Z ]P QWPN_PO `[ZY _SPZWZRTNLWWd LYO [STWZ^Z[STNLWWd L^ bL^ _SP NL^P TY XP OTPaLW >LY^V]T_ 3TYO`T^X ?SP]P T^ L OTQQP]PYNP bSPY ^Z`YO RLTY^ T_^ ^LN]POYP^^ XP]PWd Q]ZX _SP SZWd TXLRP ZQ ^N]T[_`]P^ Z] bSPY _SP ^Z`YO^ ZQ ^LN]PO QZ]X`WL^ LYO [ZP_]d L]P TY_]TY^TNLWWd L^^ZNTL_PO bT_S ^LN]POYP^^ LYO XLRTN PQQTNLNd L^ NLY MPPY ^PPY TY 4YOTL L^ QL] MLNV L^ _SP PL]WTP^_ APOTN _TXP^ MPTYR NZY_TY`LWWd ]PXZOPWPO LYO ]PNZOPO ZaP] _SP NPY_`]TP^ ?ZOLd [PZ[WP WTVP _Z RTaP ^NTPY_TQTN Pc[WLYL_TZY^ QZ] _ST^ 4Y NZY_]L^_ _Z 4YOTL _SP ^Z`YOTYR _Pc_^ TY 0`]Z[P SLO YZ QTcPO [WLNP TY _SP ZaP]LWW N`W_`]LW ^d^_PX LYO _SP]PQZ]P OTO YZ_ SLaP LY PQQPN_ TY _SP N`W_`]LW XPXZ]d -d NZY_]L^_ TY 4YOTL b]T_TYR LYO MZZV^ OPaPW Z[PO QL] WP^^ aLW`P _SLY _SPd OTO TY 0`]Z[P 4X[Z]_LY_ OTQQP]PYNP^ MPNZXP NWPL] L_ _ST^ [ZTY_ 4_ T^ _]`P _SL_ _SP 0`]Z[PLY 8TOOWP ,RP^ bP]P LY TY_P]XPOTL_P ^[LNP ZQ ^PXTZ]LW XPOTL []LN_TNP -`_ TY aTPb ZQ _SP [SZYZNPY_]TNLWWd Z]TPY_PO ]PWTRTZ`^ LYO ^NTPY_TQTN ^dXMZWTeL_TZY^ TY >LY^V]T_ 3TYO`T^X _SP XPOTL L]R`XPY_ []ZaTOP^ ZYWd [L]_TLW Pc[WLYL_TZY^ 4_ OZP^ YZ_ NZaP] ^ZXP `YT\`P ^dX MZWTN QZ]X^ LYO XZOP^ ZQ ^`MUPN_TaT_d TY >LY^V]T_ N`W_`]P _SL_ OTQQP]PO ^TRYTQTNLY_Wd Q]ZX _SP 0`]Z[PLY XPOTPaLW [P]TZO LYO aTNP aP]^L ?ST^ MPNZXP^ NWPL] TY _SP TX[LN_^ ZQ _SP N`W_`]P ZQ b]T_TYR OT^N`^^PO TY _SP QZWWZbTYR ^PN_TZY 8POTPaLW ^NSZWL]^ _]LNP _ST^ PQQPN_ MLNV L^ QL] L^ _SP WL_P 8TOOWP ,RP^ wZY _SP _S]P^SZWO ZQ WT_P]LNdx ,NNZ]OTYR _Z _SPT] L]R`XPY_ _SP ]P^`W_TYR N`W_`]P ZQ b]T_TYR LYO MZZV^ PYNZ`]LRPO ]L_TZY LWT_d []ZQP^^TZYLWT_d LYO TY_P]TZ]T_d LYO SLO TX[LN_^ ZY _SP XZOP]Y N`W_`]P ZQ ^NTPYNP LYO ^`MUPN_TaT_d >[PNTQTNLWWd 0`]Z[PLY OPaPWZ[XPY_^ LYO [L__P]Y^ ZQ _SZ`RS_ MPNZXP ZMaTZ`^ L_ _ST^ [ZTY_ ]PLNSTYR L^ QL] L^ NZY_PX[Z]L]d ^NTPY_TQTN ]P[]P^PY_L_TZY bSTNS TY _ST^ QZ]X OZ YZ_ L[[Wd _Z 4YOTL BP QTYO OTaP]RPYNP TY VYZbWPORP Z]RLYTeL_TZY _SP N`W_`]P ZQ TY_PWWPN_`LW^ _SP STP]L]NSTP^ ZQ [P]NP[_TZY LYO YZ]X^ bSTNS OPaPWZ[PO TY OTQQP]PY_ bLd^ TY 4YOTL 7ZZVTYR L_ >LY^V]T_ N`W_`]P LY LW_P]YL_TaP X`NS WP^^ WTYPL] ST^_Z]d ZQ ]L_TZYLWT_d LYO TY_P]TZ]T_d MPNZXP^ L[[L] PY_

!

3T^_Z]TNLW LYO .`W_`]LW /T^^ZYLYNP^ TY >PXT7T_P]L_P EZYP^

8LYd L`_SZ]^ SLaP [ZTY_PO Z`_ ]LOTNLW NSLYRP^ ]PRL]OTYR XPOTL ]PWTR TZY LYO ]L_TZYLWT_d TY 0`]Z[P ^TYNP _SP ^Tc_PPY_S NPY_`]d ?SP XPOTPaLW T^_ LYO NS`]NS ST^_Z]TLY ,]YZWO ,YRPYPYO_ ^PP^ L XL]VPO NSLYRP LW ]PLOd ZNN`]]TYR TY _SP _bPWQ_S NPY_`]d 4Y ST^ XLUZ] bZ]V ZY _SP 8TOOWP

 #

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

,RP^ " SP TY_P][]P_^ _SP 0`]Z[PLY XPOTPaLW [P]TZO L^ L wST^_Z]d ZQ ^`M UPN_TaTeL_TZYx w2P^NSTNS_P OP] >`MUPV_bP]O`YRx LYO OTaTOP^ T_ `[ TY_Z _bZ WL]RP P[ZNS^% L w]PL]NSLTeL_TZYx LYO L w]PYLT^^LYNPx BSP]PL^ SP ^PP^ _SP QT]^_ SLWQ ZQ _SP 8TOOWP ,RP^ L^ NSL]LN_P]TePO Md L NZWWPN_TaP Z]TPY_L_TZY ZQ MPTYR PXMPOOPO TY L w[]TXL]d XZOP ZQ Pc[P]TPYNTYR TY XLRTNLWXd_STNLW NL_PRZ]TP^x 9Z]MP]_ 0WTL^ LYO Md ]T_`LW TY _SP ^PN ZYO SLWQ SP ^PP^ L ]L_TZYLW ^[T]T_ P_STN^ TY_P]YLWTeL_TZY LYO TYOTaTO`LW Q]PP ^[LNP^ MPNZXTYR P^_LMWT^SPO MPNL`^P ZQ _SP w]PYLT^^LYNP ZQ _SP _bPWQ_S NPY_`]dx 5LN\`P^ 7P2ZQQ bT_S _SP wMZZV L^ L YPb _ZZWx ,N NZ]OTYR _Z ,YRPYPYO_ _SP `^P ZQ b]T_TYR LYO L N`W_`]P ZQ MZZV^ _S`^ [WLdPO L XLUZ] ]ZWP TY _ST^ OPaPWZ[XPY_ 3P ^_L_P^ _SL_ _SP TYN]PL^TYR `^P ZQ b]T_TYR TY _SP WT_`]Rd TY _SP YTY_S NPY_`]d WPO _Z L ST_SP]_Z `Y^PPY ^_LYOL]OTeL_TZY LYO w]TRTOTQTPOx ]T_`LWT^X TY bSTNS XLRTN _SZ`RS_ bZ]WO^ LYO w^TX[WP ]PWTRTZYx RLTYPO _SP `[[P] SLYO -`_ Q]ZX _SP _bPWQ_S LYO _ST]_PPY_S NPY_`]TP^ WT_P]LNd WPO _Z ST^_Z]TNLW _SZ`RS_ _SL_ ]P[WLNPO _SP XLRTNLW LYO Xd_STNLW LYO YZ_ WPL^_ ZQQP]PO YPb Z[_TZY^ TY ^NSZWL^_TN _SPZWZRd ?SP b]T__PY ]PNZ]O ZQ _SP [`MWTN ^NSZWL]Wd OT^[`_P^ ZQ _SP ]T_`LWTePO \`LP^_TZ LYO ]P^[ZY^TZ WPO LNNZ]OTYR _Z STX _Z L w_P]XTYZWZRTNLW []PNT^TZYx wXZ]P QL]]PLNSTYR ZMUPN_TaP OPML_Px wbPT_P]QÞS]PYOP >LNSOPML__Px LYO _SP WL]RP^NLWP ^[]PLOTYR ZQ _SP YPb ]L_TZYLW _SPZWZRTP^ # ?SP XZOP ZQ []LdP] LW^Z `YOP]bPY_ NSLYRP ;]PaTZ`^Wd []LdP] SLO XPLY_ w]P[PL_TYR [^LWX^x bSP]PL^ YZb wR]PL_Wd TY_P]YLWTePO QZ]X^ FL]Z^PH _SL_ L[[WTPO b]T_TYR TY L _L]RP_PO LYO _]LTYPO XLYYP] TY_PY^TQTPO []LdP] TY _ST^ bLd LYO _S`^ NZY^NTZ`^Wd ^_PP]PO LYO OPP[PYPO L [P]^ZYv^ ZbY ^[T]T_`LW L__T_`OPx $ ,_ _SP PYO ZQ _SP 8TOOWP ,RP^ ,YRPYPYO_ QTYO^ ?SZXL^ 8Z]P bSZ PY_]`^_^ _SP bZ]WO _Z w]PL ^ZYPO PcLXTYL_TZY LYO S`XLY LN_TaT_dx   ,YRPYPYO_ ^PP^ TY _ST^ OPaPWZ[XPY_ 5LNV 2ZZOdv^ WT_P]LNd _SPZ]d   NZYQT]XPO 2ZZOd [Z^_`WL_PO QL]]PLNSTYR PQQPN_^ ZQ WT_P]LNd ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ TX 8T__PWLW_P] 1Z] L M]TPQ Z`_WTYP ZQ _SP QZWWZbTYR _SP^P^ NQ TMTO    z! z LYO ,YRPYPYO_ w=PWTRTZY ebT^NSPY 8ÞYOWTNSVPT_ `YO >NS]TQ_WTNSVPT_x "z  # ,YRPYPYO_ w=PWTRTZY ebT^NSPY 8ÞYOWTNSVPT_ `YO >NS]TQ_WTNSVPT_x # $ ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ TX 8T__PWLW_P]    ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ TX 8T__PWLW_P]    .Q 5LNV 2ZZOd PO 7T_P]LNd TY ?]LOT_TZYLW >ZNTP_TP^ .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $!# 2P]XLY POT_TZY 7T_P]LWT_Æ_ TY _]LOT_TZYPWWPY 2P^PWW^NSLQ_PY 1]LYVQ`]_% >`S]VLX[ $# LYO ]P[]TY_ ZQ VPd PcNP][_^ TY 5LNV 2ZZOd 4LY BL__ LYO 6L_SWPPY 2Z`RS 0Y_^_PS`YR `YO 1ZWRPY OP] >NS]TQ_V`W_`] 1]LYVQ`]_% >`S]VLX[ $#! :Y _SP NZY_TY`L_TZY ZQ _SP _SP^T^ ^PP 5LNV 2ZZOd ?SP 7ZRTN ZQ B]T_TYR LYO _SP :]RLYT^L_TZY ZQ >ZNTP_d .LXM]TORP $#! 2P]XLY POT_TZY /TP 7ZRTV OP] >NS]TQ_ `YO OTP :]RLYT^L_TZY OP] 2P^PWW^NSLQ_ 1]LYVQ`]_ $$& ?SP 4Y_P]QLNP -P_bPPY _SP B]T__PY LYO _SP :]LW .LXM]TORP $#"& ?SP ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY BL^S TYR_ZY% >XT_S^ZYTLY 4Y^_T_`_TZY ;]P^^ 

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

 $

PY_T]P N`W_`]LW XPXZ]d PaPY L^ QL] L^ _SP _SZ`RS_ ^_]`N_`]P^ ?ST^ _SP^T^ bL^ L VPd L]R`XPY_ QZ] ,YRPYPYO_% w,^ QZ] OZN_]TYP L[[L]PY_Wd ZYWd b]T_TYRML^PO ]PWTRTZY^ NLY RPYP]L_P ]P QWPcTaP _SPZWZRTP^ ?SP XLUZ] PWPXPY_^ ZQ L _SPZWZRd ZQ _ST^ _d[P ^`NS L^ _SP OPQTYT_TZY^ ZQ 2ZO P_P]YT_d LYO _TXP  L]P YZ_ ^ZXP_STYR _SP TYOTaTO `LW NLY LNSTPaP Md STX^PWQ M`_ ]P\`T]P NZX[WPc XPY_LW PQQZ]_^ ^`NS L^ NLY ZYWd MP XLOP Md L SZYPO ^[T]T_  F?SP XL_P]TLWH X`^_ MP ^PN`]PO LYO SLYOPO OZbY 3ZbPaP] WT_P]LNd T^ LY P^^PY_TLW ]P\`T]PXPY_ QZ] _ST^ _Z SL[[PY ,WW _SP ]P^PL]NS ]P^`W_^ LNSTPaPO X`^_ MP MZ_S ^PN`]PO LYO Pc [Z^PO TY L]R`XPY_L_TZY LYO ]PWPL^PO QZ] Q`]_SP] PcLXTYL_TZY 3ZbPaP] _ST^ NLY ZYWd ZNN`] TY L _PLNSTYR ^T_`L_TZY bSP]P MZZV^ LYO WTM]L]TP^ L]P LaLTWLMWP  

:MaTZ`^Wd L WZ_ ZQ N`W_`]LW NZY_TYRPYNd SL^ QWZbPO TY_Z _ST^ LNLOPXTN ]P[]P^PY_L_TZY ,YRPYPYO_v^ NL_PRZ]TP^ ZQ LYLWd^T^ LYO PaLW`L_TZY L]P OTQQTN`W_ _Z L[[Wd _Z 4YOTL >_]TN_Wd LYLWd_TNLW ^d^_PX^ LW]PLOd OPaPWZ[PO TY _SP WL_P APOTN [P]TZO bSPY LNNZ]OTYR _Z _SP 4YOZWZRT^_^ 1]T_^ >_LLW LYO 3L]]d 1LWV b]T_TYR bL^ YZ_ dP_ TY NT]N`WL_TZY ?SP 4YOZWZRT^_^ bP]P YZ_ LMWP _Z RLTY YPL]Wd L^ X`NS Q]ZX 2ZZOdv^ L]R`XPY_ L^ _SP XPOTP aLWT^_^ OTO 4Y QLN_ _SPd ]PRL]OPO T_ L^ []ZaPY _SL_ TY LYNTPY_ 4YOTL YPT _SP] ^_Z]LRP YZ] SLYOTYR OZbY YZ] LM^_]LN_ ]L_TZYLWT_d bL^ _TPO _Z b]T_TYR L^ bTWW MP Pc[WLTYPO TY XZ]P OP_LTW WL_P] 4_ T^ _]`P _SL_ >LY^V]T_ N`W_`]P RPYP]L_P^ ^P]TZ`^ OZ`M_^ LMZ`_ bSP_SP] OTQQTN`W_ _SZ`RS_ []ZN P^^P^ ]L_TZYLW _SPZWZRTP^ LYO LY LNLOPXTN ^[T]T_ L]P OP[PYOPY_ `[ZY MZZV^ LYO WTM]L]TP^ Z] bSP_SP] TY_P]YLWTeL_TZY LYO TYOTaTO`LW Q]PP ^[LNP^ YPPO L WT_P]L]d N`W_`]P ,YO bSP]PaP] _SP]P T^ NWPL] PaTOPYNP _SL_ b]T_TYR bL^ TY `^P _SP XPOT`X `^PO TY []LN_TNP bL^ OTQQP]PY_ -ZZV^ bP]P WP^^ TX[Z]_LY_ TY _SP TY_P]ZMUPN_TaP ^d^_PX PaPY Q]ZX _SP _TXP bSPY TOPL^ NT]N`WL_PO aTL b]T__PY OZN`XPY_^ ?Z QTYO []TY_PO MZZV^ ZYP X`^_ WZZV L_ 4YOTL `YOP] -]T_T^S NZWZYTLW ]`WP ,YRPYPYO_v^ TY_P][]P_L_TZY ZQ ST^_Z]d ]PaPLW^ _bZ ML^TN []ZMWPX^ ZQ _SP ^_]TN_ WT_P]LNd LYO XPOTL L]R`XPY_% _SP \`P^_TZYLMWP `YTaP]^LWTeL _TZY LYO _SP ^`^NP[_TMTWT_d _Z TOPZWZRd /TaTOTYR _SP 0`]Z[PLY XPOTPaLW [P]TZO TY_Z _bZ [L]_^ ZYP YZY ]L_TZYLW LYO ZYP ]L_TZYLW LYO _SP _d[TQdTYR _P]X^ w]PL]NSLTeL_TZYx LYO w]PYLT^^LYNPx SLaP L NP]_LTY ZMUPN_TaP ML^T^ M`_ _SP NSZTNP ZQ bZ]O^ ^SZb^ _SL_ _SPd L]P WTYVPO bT_S ^_]ZYRWd YZ]XL_TaP LYO []ZMWPXL_TN aLW`L_TZY^ ?ST^ MPNZXP^ P^[PNTLWWd YZ_TNPLMWP bSPY ZYP NZX[L]P^ N`W_`]P^ BSP]PL^ ,YRPYPYO_ NLY L^^ZNTL_P ZYWd wL]NSLTN^x LYO w^TX[WP ]PWTRTZYx bT_S L ]`WPML^PO ]T_`LWT^X _SL_ TRYZ]P^ ^PXLY_TN^ LYO T^ []T XL]TWd NZYNP]YPO bT_S PQQTNTPYNd >_LLW ZY _SP Z_SP] SLYO ^SZb^ SZb bPWW _SZ`RS__S]Z`RS LYO ^Z[ST^_TNL_PO APOTN ]T_`LWT^X T^ bSTNS TY WT_P]L]d LYO ST^_Z]TNLW _P]X^ T^ LN_`LWWd L]NSLTN LYO NP]_LTYWd Z]TPY_PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   ,YRPYPYO_ w=PWTRTZY ebT^NSPY 8ÞYOWTNSVPT_ `YO >NS]TQ_WTNSVPT_x $

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

ZY ]`WP^ LYO PQQTNTPYNd bSTWP _SP]P T^ WT__WP YPPO QZ] ^PXLY_TN^ 4Q ZY _SP Z_SP] SLYO ZYP [`]^`P^ ,YRPYPYO_v^ L]R`XPY_L_TZY Z`] NZX[L]T ^ZY LMZaP bT_S _SP 8TOOWP ,RP^ MPNZXP^ [Z_PY_TLWWd OLYRP]Z`^ ?SP XZOLWT_d ZQ [TP_d _SL_ L[[PL]PO _Z `^ _Z MP ^Z NZX[L]LMWP MPL]^ _SP ^_TRXL ZQ w]PL]NSLTeL_TZYx wL]NSLTN TY_P][]P_L_TZY ZQ STRSWd OPaPWZ[PO ]PWTRTZYx w^TX[WP ]PWTRTZYx LYO wbPLVPYPO _SPZWZRdx ,NNZ]OTYR _Z ,YRPYPYO_ bP L]P OPLWTYR bT_S L _PX[Z]L]d O]TQ_ TY_Z _SP w`Y_SPZWZRT NLWx LMd^^ ZQ waP]d RPYP]LW ]PWTRTZ`^ TOPL^x ZQ XLRTNXd_STNLW L]NSLTN _SZ`RS_ [L__P]Y^   :YWd TY _SP _bPWQ_S NPY_`]d OTO _SP ]L_TZYLW ^[T]T_ MPRTY _Z ]PRLTY _SP `[[P] SLYO ?SLYV^ _Z _SP MZZV N`W_`]P _SP .S]T^ _TLY wSTRSWd OPaPWZ[PO ]PWTRTZYx P_STN^ _Pc_ NZX[]PSPY^TZY LYO ^[PN` WL_TaP _SPZWZRd MPNLXP P^_LMWT^SPO TY L ^_]ZYRP] QZ]X _SLY TY PL]Wd .S]T^_TLYT_d TY ,Y_T\`T_d ^TYNP _SPd L]P ^PWQ]PQWPcTaP ,YRPYPYO_v^ ]P[]P^PY_L_TZY OPXZY^_]L_P^ LY ZaP]Wd [Z^T_TaP aLW`L _TZY ZQ b]T_TYR ]L_TZYLWT_d LYO TY_P]TZ]T_d LYO ^PP^ _SPX TY L[[Z^T_TZY _Z ]T_`LW XLRTN LYO Xd_S ,W_SZ`RS SP T^ NZYNP]YPO YZ_ _Z []P^PY_ _SP WL__P] L^ L OPQTNTPY_ XZOP LYO ]PWZNL_P^ _SPX TY_Z ST^ ZbY N`W_`]P _SPd ]PXLTY ^ZXP_STYR OTQQP]PY_ QZ]PTRY L]NSLTN LYO OPaTLY_ _SP OL]V 8TO OWP ,RP^ L^ Z[[Z^PO _Z _SP M]TRS_ ]L_TZYLW ^[T]T_ ,YRPYPYO_v^ _SP^P^ L]P LY L]R`XPY_ TY QLaZ] ZQ _SP wSTRSP] N`W_`]Px ZQ b]T_TYR LYO MZZV^ :YP OZP^ YZ_ MPNZXP L _]`P ^`MUPN_ Z] TYOTaTO`LW `Y_TW _SP LOaPY_ ZQ b]T_TYR OP[PYOPY_ ]L_TZYLWT_d []TZ] _Z _SL_ ZYP bL^ L[[L]PY_Wd YZ_ L ^`MUPN_ ?ST^ _SP^T^ OZP^ YZ_ ]PQWPN_ LYd TYOTaTO`LW Z[TYTZY M`_ ZNNTOPY_LW TOPL^ ZQ ]L_TZYLWT_d LYO _SPZWZRTNLW Pc[PN_L_TZY^ ,YRPYPYO_v^ ]P[]P^PY _L_TZY T^ YZ_ ZYWd L OP^N]T[_TZY ZQ L N`W_`]LW NSLYRP M`_ L_ _SP ^LXP _TXP ]PaPLW^ L R]PL_ OPLW LMZ`_ L _d[TNLWWd 0`]Z[PLY ^_dWP ZQ _SZ`RS_ LYO WZRZNPY_]TNT_d >TYNP 7Ëad-]`SW OTQQP]PY_TL_PO MP_bPPY OTQQP]PY_ QZ]X^ ZQ XPY_LWT_d T_ SL^ MPPY L [Z[`WL] LNLOPXTN [L]LOTRX _Z [`_ Z]LWT_d LYO WT_P]LNd LYO NZ]]P^[ZYOTYRWd ]T_`LW LYO OZN_]TYP TY L[[Z^T _TZY _Z ZYP LYZ_SP] ?SPd bP]P NZ]]PWL_PO bT_S wL]NSLTNXLRTNx LYO w]L_TZYLW^NTPY_TQTNx _SZ`RS_ bZ]WO^ LYO w_]LOT_TZYLW[]PXZOP]Yx LYO wXZOP]Yx ^ZNTP_TP^ , NZY^_LY_ []ZMWPX ZQ ]P^PL]NS TY_Z N`W_`]P LYO ]PWTRTZY bL^ _SP NZY^_]`N_TZY ZQ _SP ]P^PL]NSP]v^ ZbY N`W_`]P L^ ^`[P]TZ] LYO _SP Z_SP] N`W_`]P L^ TYQP]TZ] 0QQTNTPY_ _P]X^ QZ] ^`NS NWL^^TQTNL_TZY^ TYNW`OPO wXLRTNx QZ] _SL_ bSTNS bL^ QZ]PTRY LYO `YPYWTRS_PYPO LYO wXd_Sx QZ] _SL_ bSTNS bL^ T]]L_TZYLW LYO Z[[Z^PO _Z _SP wWZRZ^x 4_ bL^ []P__d X`NS _LVPY QZ] R]LY_PO _SL_ T_ bL^ LWbLd^ _SP Z_SP] YZYBP^_P]Y bLd^ ZQ _STYVTYR _SL_ bP]P T]]L_TZYLW []PXZOP]Y LYO []P^NTPY_TQTN bSP]PL^ ZYPv^ ZbY N`W_`]P bL^ ZQ NZ`]^P XZ]P STRSWd OPaPWZ[PO ]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ TX 8T__PWLW_P]  z" TY [L]_TN`WL] " NQ LW^Z TMTO 

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

!

_TZYLW LYO XZOP]Y :YP NZ`WO YZ_ QTYO X`NS RZZO TY Xd_S LYO XLRTN bSTNS bP]P ^`[[Z^PO _Z MP Z`_R]ZbY TY _SP XZOP]Y bZ]WO ?SP TYR]POTPY_^ ZQ _ST^ OT^NZ`]^P VYZbY TY P_SYZWZRd L^ _SP wR]PL_ OTaTOPx NZ`WO MP [P]NPTaPO _Z MP L_ bZ]V TY ,YRPYPYO_v^ NZY^_]`N_TZY ZQ ST^_Z]d 3ZbPaP] T_ T^ L NZY^_]`N_TZY YZ_ _Z_LWWd OT^WZNL_PO Q]ZX ]PLWT_d MPNL`^P L N`W_`]LW NSLYRP L[[L]PY_Wd _ZZV [WLNP 4Y QLN_ _SP ZYWd []ZMWPXL_TN _STYR bL^ _SP YZ]XL_TaP aLW`P U`ORXPY_ LYO `YNZY^NTZ`^ [PUZ]L_TaP NZOTYR ZQ ]T_`LW Xd_S P_N ?SP OPaPWZ[XPY_ _SL_ ,YRPYPYO_ [WZ_^ Z`_ NZ`WO LW^Z MP RTaPY L OTQQP]PY_ YLXP LYO LYLWdePO TY L OTQQP] PY_ bLd 4Q ZYP L[[WTP^ _SP _P]XTYZWZRd ZQ _SP ^ZNTZWZRT^_ ,YO]PL^ =PNVbT_e   ZYP NLY OP^N]TMP _SP ^LXP []ZNP^^ L^ L _]LY^QZ]XL_TZY ZQ LP^_SP_TN ^_dWP^ LYO XZOP^ ZQ ^`MUPN_TaT_d O`P _Z _SP NSLYRP TY _SP XP OTL BSL_ ,YRPYPYO_ NLWW^ w^`MUPN_TaTeL_TZYx w>`MUPV_bP]O`YRx XPLY^ TYOTaTO`LWTeL_TZY Z] _SL_ bSTNS =PNVbT_e ^PP^ L^ _d[TNLW ZQ _SP WT_P]L_P MZ`]RPZT^ N`W_`]P wMÞ]RP]WTNSP >NS]TQ_V`W_`]>`MUPV_V`W_`]x% TY_P]YLWWd Z]TPY_PO NZRYT_TaP LYO XZ]LW ^`MUPN_TaT_d LYO L ]L_TZYLWT^_TN YZYLP^_SP_TN L__T_`OP 4_ T^ YZ_TNPLMWP SZb ^_]ZYRWd ,YRPYPYO_v^ NZY ^_]`N_TZY ZQ ST^_Z]d ]PQWPN_^ _ST^ L__T_`OP MZ_S TY _P]X^ ZQ XP_SZOZWZRd LYO ST^ NZOTYR ZQ NZY_PY_ 9PT_SP] NLY LNLOPXTN N]T_TNT^X OZ LbLd bT_S OTQQP]PYNP^ MP_bPPY _SP _bZ OTQQP]PY_ QZ]X^ ZQ wSLMT_`^x z L XLRTN Xd_STNLW PXMPOOTYR TY L WL]RP] NZ^XZ^ LYO L _P]XTYZWZRTNLW ^d^_PXL_TN OT^_LYNTYR bLd ZQ _STYV TYR BP bZ`WO ^[PLV M]ZLOWd ZQ _bZ ML^TN bZ]WO Z]TPY_L_TZY^ ZYP _SL_ T^ []TXL]TWd [L]_TNT[L_Z]d LYO LYZ_SP] _SL_ T^ PXLYNT[L_Z]d& =PNVbT_e bZ`WO ^[PLV ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ 4Q ZYP bT^SP^ _Z `Y OP]^_LYO ^ZXP_STYR LMZ`_ L N`W_`]P LYO T_^ [PN`WTL]T_TP^ ZYP ^SZ`WO WZZV L_ SZb _SP ]PWTRTZ`^ LYO TY_PWWPN_`LW _]LOT_TZY^ L]P ]PR`WL_PO LN NZ]OTYR _Z _SP _bZ Z]TPY_L_TZY^ BSL_ 4YOTL _PLNSP^ `^ T^ _SL_ _SPd OZ YZ_ SLaP _Z MP U`c_L[Z^PO [ZWPXTNLWWd _SL_ PaLW`L_TZY^ L^ ^`[P]TZ] Z] TYQP]TZ] OP[PYO R]PL_Wd ZY N`W_`]P LYO _SL_ [PLNPQ`W NZPcT^_PYNP NZY_T Y`T_TP^ LYO TY_P]QP]PYNP^ L]P [Z^^TMWP :Y _SP ZYP SLYO TY >LY^V]T_ N`W_`]P _SP]P bP]P LW^Z OPaPWZ[XPY_^ LYLWZRZ`^ _Z _SZ^P Z`_WTYPO Md ,YRPYPYO_ ,^ ^P_ Z`_ TY XZ]P OP_LTW MPWZb TY WL_P APOTN _TXP^ ZYP NLY LW]PLOd ^PP _SP _]LY^T_TZY Q]ZX L Xd_STNLW NZYNP[_ ZQ WLYR`LRP _Z L RPYP]LW XZ]P LM^_]LN_ ZYP ?SP]P bP]P ^[L_P^ ZQ ]L_TZYLWTeL_TZY ^d^_PXL_TeL_TZY LYO []ZQP^^TZYLWTeL_TZY TY _SPZWZRd [STWZ^Z[Sd LYO WT_P]L]d _d[P^ 1Z] PcLX[WP _SP AT´©` >LSL^]L9£XL WT_LYd ]P[]P^PY_^ L QL] XZ]P LM^_]LN_ [LYPY_SPT^_TN _SPZW ZRd _SLY _SP WL_P APOTN ±L_L]`O]¯dL WT_LYd LYO _SP ^NSZWL]Wd >¼_]L WT_ P]L_`]P LYO LYLWd_TNLW b]T__PY OT^[`_L_TZ TY NZXXPY_L]TP^ SLaP PaPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   .Q ,YO]PL^ =PNVbT_e @Y^NSL]QP 2]PYePY% ;P]^[PV_TaPY OP] 6`W_`]^ZeTZWZRTP -TPWP QPWO% _]LY^N]T[_ #  $z!  $z#

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

WP^^ _Z OZ bT_S _SP [`MWTN OPML_P^ ZY NZ^XZWZRTNLW [`eeWP^ ZQ WL_P APOTN _TXP^ -`_ _SL_ WT_P]LNd ^SZ`WO SLaP MPPY _SP N]`NTLW QZ]NP MPSTYO _ST^ T^ WP^^ ZMaTZ`^ ?SP WT_LYTP^ L]P N]PL_PO QZ] [P]QZ]XLYNP LYO _SP >¼_]L WT_P]L_`]P T^ QZ]X`WL_PO TY ^`NS ^SZ]_ L[SZ]T^X^ _SL_ T_ ]P^PXMWP^ L ^P ]TP^ ZQ LTOP^XPXZT]P XZ]P _SLY NZX[]PSPY^TMWP Pc[WLYL_TZY^ -]PaT_d N]d[_TNYP^^ LYO PWPRLYNP ZQ Pc[]P^^TZY L]P ]P\`T]PO bSTWP NZY_PY_ T^ PWLMZ]L_PO TY _SP _]LY^XT^^TZY Q]ZX _PLNSP] _Z [`[TW ,YO PaPY _SP NZXXPY_L]TP^ L]P OTQQTN`W_ _Z `YOP]^_LYO bT_SZ`_ Z]LW Pc[Z^T_TZY 4Y 4YOTL TY _SP PL]Wd 8TOOWP ,RP^ _SP]P bL^ LW]PLOd LY PcNP[_TZY LWWd WTaPWd N`W_`]P ZQ TY_PWWPN_`LW^ _SL_ PcSL`^_PO T_^ Z[_TZY^ QZ] [W`]LW T^_TN OZXLTY^ ZQ XPLYTYR TY \`T_P aL]TPO bLd^ PT_SP] TYOP[PYOPY_Wd ZQ Z] _TPO _Z ]PWTRTZY 4Y _SP NZY_Pc_ ZQ _SP APOL SP]XPYP`_TN^ L 3TYO` ^NSZWL^_TNT^X OPaPWZ[PO Q]ZX LMZ`_ _SP ^PaPY_S NPY_`]d ,/ ZYbL]O^ ^PaP]LW NPY_`]TP^ MPQZ]P .S]T^_TLY ^NSZWL^_TNT^X TY 0`]Z[P ?SP APOL 8ÅX£À^£ ^NSZZW^ Z[PYPO `[ _Z [STWZ^Z[STNLW LYO WTYR`T^_TN L]R`XPY_L _TZY LYO MPRLY _Z `^P _P]X^ Q]ZX P[T^_PXZWZRd LYO WZRTN TY Z]OP] _Z []ZaTOP L ]L_TZYLW Pc[WLYL_TZY ZQ bSd LYO SZb _SP APOL bL^ LY Pc_]L wXPLY^ ZQ VYZbWPORPx ZQ ]PLWT_d MP^TOP^ ^PY^P [P]NP[_TZY LYO WZRTNLW NZYNW`^TZY P_N  -d NZY_]L^_ _SP [STWZ^Z[Sd ^NSZZW^ ZQ _SP 9d£dL LYO ALT²P´TVL bSTNS L]Z^P Z]TRTYLWWd TYOP[PYOPY_ ZQ _SP APOL OPaPW Z[PO L ]L_TZYLW OPQPY^P ZQ _SP APOTN ]PaPWL_TZY _SP]PMd L_ _SP ^LXP _TXP OPQPYOTYR _SP ]PWPaLYNP ZQ S`XLY ]PL^ZY LYO WZRTN  ! ,WZYR^TOP _SPX APOLTYOP[PYOPY_ ]PaPWL_Z]d _Pc_^ LYO _SPZWZRTP^ LW^Z OPaPWZ[PO L^ OTO L M]ZLO ^[PN_]`X ZQ w[]ZQLYPx LNLOPXTN WT_P]L_`]P^ DP_ T_ T^ TX[Z]_LY_ _Z YZ_P _SL_ L ^NTPY_TQTN L[[]ZLNS LYO MPWTPQ TY XLRTNLW PQQTNLNd ZQ SZWd _Pc_^ LYO ^LN]PO ^Z`YO^ bP]P YPaP] YPNP^^L]TWd X`_`LWWd PcNW`^TaP ,YO LNZ`^_TN [TP_d ^_LYO^ LWZYR^TOP _SZ]Z`RSWd ]PQWPN_PO _SPZWZRd 8LRTN bL^ YZ_ ^ZXP_STYR MLO M`_ \`T_P SPW[Q`W TY LWW _d[P^ ZQ OTQQTN`W_TP^ 8d_STNLW PXMPOOTYR bL^ LN_`LWWd L N`W_`]LW aLW`P 0aPY ^NSZWL]^ OTO YZ_ bLY_ _Z OZ bT_SZ`_ T_ L^ T^ ^SZbY MPWZb TY _SP NSL[_P] ZY _SP WT_P]L_T ?SPd LN_`LWWd []PQP]]PO L NP]_LTY LXZ`Y_ ZQ LP^_SP_TN L_XZ^[SP]TN LYO N]d[_TN PWPXPY_^& L O]d ]L_TZYLWT^X NWPL] ^TX[WP ^_L_PXPY_^ bT_SZ`_ LYd LP^_SP_TN \`LWT_d L[[PL]PO `YTY_P]P^_TYR PaPY _Z _SP YL_`]LW ^NTPY_T^_^ ?SP XL_SPXL_TNTLY^ LYO L^_]ZYZXP]^ `YOP][TYYPO L_ WPL^_ ^PN]P_Wd _SPT] [T_Sd PXLYNT[L_Z]d wSLMT_`^x bT_S [L]_TNT[L_Z]d PWPXPY_^ 4_ bL^ L QL^STZY TY >Z`_SP]Y 4YOTL _Z `^P _SP ^Z`YO^ ZQ _SP LW[SLMP_ L^ Y`XP]TNLW NZOP^ bSTNS bL^ L XZ]P LP^_SP_TN OPaTNP _SLY OTRT_^ LYO _LMWP^ ,P^_SP_TN^ N]d[_TNYP^^ LYO _SP YZYaP]MLW LWXZ^_ ]P^PXMWTYR ]PWTRTZ`^ WLYR`LRP [P]aLOP LYO NSL]LN_P]TeP _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 

.Q 3LWMQL^^ w?]LOT_TZY `YO =PQWPcTZYx & QZ] Q`]_SP] XL_P]TLW TOTO z! >PP LW^Z NSL[ z TY _ST^ MZZV  ! 3LWMQL^^ w?]LOT_TZY `YO =PQWPcTZYx $ z& QZ] _SP \`Z_P TMTO 

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

!

[]ZQLYP ^NSZWL]Wd wSLMT_`^x LYO ^NTPY_TQTN NZXX`YTNL_TZY 8d_STNLW PXMPOOTYR bL^ L N`W_`]LW NZY_TY``X ZY bSTNS YZ_ ZYWd LNZ`^_TN [TP_d M`_ LW^Z _SP ^NSZWL]^ SLO LY TYQW`PYNP ?SP bZ]WO XLd MP RTaPY ZaP] _Z ]PL^ZYPO PcLXTYL_TZY LYO dP_ ZYP NLY ^_TWW QPPW NZXQZ]_LMWP TY _SP Xd_STNLW PXMPOOTYR LYO LW^Z NWLTX aP]d ]PL^ZYLMWP R]Z`YO^ L^ _SPZWZ RTLY^ LYO [STWZ^Z[SP]^ bSZ TY 4YOTL L]P ZQ_PY_TXP^ _SP ^LXP [PZ[WP OPXZY^_]L_P ,_ _ST^ [ZTY_ LY LP^_SP_TN NZY_TY``X NZXP^ _Z _SP QZ]P L w_ST]O^[LNP SLMT_`^x PcT^_TYR YZ_ TY _SP PT_SP]Z] M`_ TY ^TX`W_LYPT_TP^ LYO Q`^TZY^ , ]PLW OT^N]P[LYNd MP_bPPY ]PWTRTZY LYO ]L_TZYLWT_d bL^ YPaP] QPW_ _Z MP _SP NL^P :`] L]R`XPY_ TY _SP NSL[_P] ZY WT_P]L_T bTWW MP _SL_ LWW ZQ _ST^ SLO _Z OZ bT_S _SP ^[PNTQTN WT_P]L]d ^T_`L_TZY TY 4YOTL bSP]P _SP QT]^_ _Pc_ bL^ L ]PWTRTZ`^ ZYP 1Z] _SP _]LOT_TZYLW ^NSZWL]^ LYO WT_P]L_T ZQ >LY^V]T_ N`W_`]P _SP WT_`]RTNLW XZOPW ZQ _SP APOL bL^ _SP []Z_Z_d[P ZQ [ZbP]Q`W ^[PPNS 4Y_P]P^_TYRWd _SP ^ZYTN bZ]WO Z]TPY_L_TZY T^ ]PTYQZ]NPO []PNT^PWd LXZYR _SZ^P _SPZWZRTLY^ LYO [STWZ^Z[SP]^ bSZ L]P NWZ^P^_ TY _TXP _Z ,YRPYPYO_v^ ^NSZZWXPY ,_ L]Z`YO _ST^ _TXP bP QTYO ^Z`YO NZ^XZRZ YTP^ LYO Pc[]P^^TaP QTN_TZYLWTeL_TZY^ ^`NS L^ _SP 7LYR`LRP 2ZOOP^^ TY bSZ^P MZOd _SP ^dWWLMWP^ ZQ _SP LW[SLMP_ L]P TY^N]TMPO NSL[  z _ST^ RZOOP^^ bSZ LW^Z SZWO^ L MZZV TY SP] SLYO T^ L _d[ZWZRTNLWWd NSL]LN_P]T^_TN LP^_SP_TN []ZO`N_ ZQ ^ZYTN N`W_`]P _SL_ T^ LW^Z TY [Z^^P^ ^TZY ZQ b]T_TYR 4Y _SP WL_P ‹RaPOL ^SP bL^ ^_TWW _SP wRZOOP^^ AZTNPx bSZ NZYYZ_PO LYO OPYZ_PO L ^TXTWL] `YTaP]^LW ^dXMZWT^X :`] 4YOTLY XL_P]TLW LW^Z TYNW`OP^ _Pc_^ ZY [STWZ^Z[Sd LYO X`^TN _SL_ []ZXZ_P ^_]TN_Wd ]L_TZYLWWd QZ`YOPO SZWT^_TN XZOPW^ QZ] Pc[WLTYTYR _SP bZ]WO bSTNS L]P ML^PO ZY ^Z`YO ?SPd L]P NZY^NTZ`^ QZ]XL_TZY^ ZQ wXd_STNLWx ^dY_SP^P^ _SL_ bP]P ^P_ OZbY TY b]T_TYR ?SP 0`]Z[PLY WL_P XPOTPaLW _]LY^QZ]XL_TZY TY_Z L w]L_TZYLWx _SPZW ZRd LYO YPb ^d^_PXL_TN _P]XTYZWZRd _SL_ ,YRPYPYO_ Z`_WTYPO LYO bSTNS SP TY_P][]P_^ L^ L YPNP^^L]d NZY^P\`PYNP ZQ MZZV N`W_`]P LYO L^ _SP ]P[WLNPXPY_ ZQ L w^TX[WP ]PWTRTZY ZQ XLRTNLW Xd_STNLW PXMPOOTYRx ZMaTZ`^Wd SLaP YZ P\`TaLWPY_ TY _ST^ QZ]X TY >LY^V]T_ 3TYO`T^X BSd T^ _ST^* 8POTL []LN_TNP L^ N`W_`]LW []LN_TNP bL^ OTQQP]PY_ TP _SP `^P ZQ b]T_TYR LYO _SP aLW`P L__LNSPO _Z T_ 0aPY _SP bSZWP N`W_`]LW ^d^_PX bL^ OTQQP]PY_ 4Y _SP [L]_TNT[L_Z]d XZOP ZQ _SP Xd_STNLW PXMPOOTYR Z] T_^ LN_TaP N]PL_TaP []ZO`N_TZY ZYP NLY ]PNZRYTeP L NZY_TY`T_d LYO NZ]]P ^[ZYOPYNP MP_bPPY LNZ`^_TN [TP_d LYO LNLOPXTN ^_dWP^ ?SPd bP]P YZ_ ^PPY L^ Z[[Z^T_P^ :Y _SP NZY_]L]d w`YTaP]^LW Xd_Sx bL^ ^Z`RS_ TY LWXZ^_ LWW [STWZ^Z[STNLW_SPZWZRTNLW ^d^_PX^ ?SP^P ^d^_PX^ []ZaTOPO ]L_TZYLWTePO Q]LXP^ QZ] ^dY_SP_TN bZ]WOOP^TRY^ LYO ^dXMZWTN OP^_LMTWT eL_TZY^ ZQ MZ`YOL]TP^ ?SP WT_P]LNd _SP^T^ L^ QZ]X`WL_PO Md ,YRPYPYO_ T^ YZ_ L[[WTNLMWP _Z >LY^V]T_ N`W_`]P 3T^ MW`P[]TY_ OT^]PRL]O^ N`W_`]LW NZY_TYRPYNd 4Y Z_SP]

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

bZ]O^ _SP 4YOTLY PcLX[WP ZQ _SP TY_P]XPOTL]d ^PXTZ]LW^PXTWT_P]L_P eZYP TYOTNL_P^ SZb TX[Z]_LY_ T_ T^ LWbLd^ _Z WZNL_P Z]LWT_d L N`W_`]P ZQ b]T_TYR LYO MZZV^ LYO LW^Z ]L_TZYLWT_d LYO TY_P]TZ]T_d TY _SP ZaP]LWW N`W_`]LW ^d^_PX @[ _Z XZOP]Y _TXP^ QPbP] MWL_LY_ M]PLV^ L]P _Z MP QZ`YO TY ^NSZW L]Wd bZ]V LYO ^NTPY_TQTN ]PL^ZYTYR TY 4YOTL _SLY TY 0`]Z[P , ^PL NSLYRP LYO ^TX`W_LYPZ`^ YPb MPRTYYTYR TY 0`]Z[P bL^ XL]VPO Md _SP =PYLT^^LYNP bSTNS ]PaTaPO _SP SP]T_LRP ZQ ,Y_T\`T_d& _SP w2`_PYMP]R 2LWLcdx bSTNS PaPY_`LWWd LWWZbPO _SP N`W_`]P ZQ b]T_TYR _Z ]PLNS _SP XL^^P^& _SP OPaPWZ[XPY_ ZQ XZOP]Y ^NTPYNP^ _SL_ Z`_^_]T[[PO _SP ^NTPY _TQTN N`W_`]P^ ZQ 3TYO` 4YOTL LYO 4^WLXTN ,]LMTL _SL_ `[ _Z _SL_ _TXP SLO MPPY QL] XZ]P LOaLYNPO& LYO _SP 0`]Z[PLY NZWZYTLWTeL_TZY ZQ _SP bZ]WO bSTNS LW^Z LQQPN_PO 4YOTL ,YO dP_ L XZOP]Y ST^_Z]TNTeTYR ST^_Z]TZR]L [Sd bSTNS MZ_S ,YRPYPYO_ LYO 2ZZOd L__]TM`_P _Z WT_P]L_P N`W_`]P OTO YZ_ OPaPWZ[ PT_SP] TY 0`]Z[P Z] TY 4YOTL `Y_TW _SP YTYP_PPY_S NPY_`]d 2PYP]LW WT_P]LNd _SP LMTWT_d _Z ]PLO LW^Z MPRTY^ TY 0`]Z[P ZYWd TY _SP PTRS_PPY_S NPY_`]d ?ST^ T^ YZ_ _Z OPYd _SP []ZQZ`YO PQQPN_^ ZQ _SP w=PYLT^^LYNP ZQ _SP _bPWQ_S NPY_`]dx bSTNS bP]P WL]RPWd WTXT_PO _Z ^NSZWL]^ ^_TWW OZXTYL_PO Md NS`]NSXPY 4_ bL^ _SP _TXP bSPY `YTaP]^T _TP^ LYO XZOP]Y `]MLY N`W_`]P PXP]RPO LYO bSPY TY LOOT_TZY _Z _SP wMZZV L^ L YPb _ZZWx ,]T^_Z_WP bL^ ]POT^NZaP]PO LYO bSPY YZ_ ZYWd ^NSZWL^_TNT^X QWZ`]T^SPO M`_ LW^Z XPOTPaLW Xd^_TNT^X ,WW _ST^ SLO [ZWT_TNLW ^ZNTLW PNNWP^TL^_TNLW XPY_LW ST^_Z]TNLW LYO LY_S]Z[ZWZRTNLW NZY^P\`PYNP^ L^ ,YRPYPYO_ LYO Z_SP] XPOTPaLWT^_^ SLaP ^SZbY 1Z] L ST^_Z]TNLW LY_S]Z[ZWZRd T_ T^ YZ_ ZYWd ZQ TY_P]P^_ SZb YZ_ WPL^_ TY Xd^ _TNT^X XZOP]Y TYOTaTO`LWT_d QZ]XPO M`_ LW^Z _SP XL]VPO ^P[L]L_TZY ZQ _SP TYYP] LYO Z`_P] bZ]WO^ _SL_ bL^ _SPY PXP]RTYR LYO bZ`WO WL_P] MP ^PLWPO Md /P^NL]_P^v 8POT_L_TZYP^  3ZbPaP] bSL_ T^ P\`LWWd TY_P]P^_TYR QZ] L ST^_Z]TNLW LY_S]Z[ZWZRd LYO [L]_TN`WL]Wd ]PaPLWTYR QZ] _SP [P]TZO ZQ 4YOTLY ]PWTRTZ`^ ST^_Z]d bSPY b]T_TYR bL^ OPQTYT_PWd TY `^P T^ _SP QLN_ _SL_ bP QTYO ]L]PWd L ^_]TN_ ^P[L]L_TZY MP_bPPY Xd_SZ^ LYO WZRZ^  ]T_`LW LYO _PLNSTYR TYYP] bZ]WO LYO Z`_P] bZ]WO PXZ_TZY LYO TY_PWWPN_`LWT_d bZ]O LYO ^Z`YO Z] ^`[P]YL_`]LW LYO bZ]WOWd ]PLWT_TP^ :Y _SP NZY_]L]d bP Q]P\`PY_Wd QTYO NZY^NTZ`^Wd ^dY_SP_TN ^d^_PX^ ?SP ^ZYTN WTQPbZ]WO T_^PWQ bL^ []ZXZ_ TYR _ST^ TY_PR]L_TaP N`W_`]LW [L__P]Y Md YZ_ ^P[L]L_TYR _SP aZTNP Q]ZX _SP b]T__PY _Pc_ ,YO NZYaP]^PWd []ZMLMWd O`P _Z _ST^ N`W_`]LW [L__P]Y _SP ^ZYTN N`W_`]P YPaP] OT^L[[PL]PO M`_ TY^_PLO bL^ ]PXZOPWPO ZaP] LYO ZaP] LRLTY 4_ T^ NP]_LTYWd YZ_ [Z^^TMWP _Z YLXP ZYWd ZYP ^TYRWP NL`^P QZ] _SP 3TYO` []POTWPN_TZY QZ] SZWT^_TN bZ]WOaTPb NZY^_]`N_TZY^ LYO _SP wTOPY_TQTNL_Z]d SLMT_`^x 8TNSLPW^ _SL_ ^ZXP L`_SZ]^ QZ`YO _d[TNLW ZQ _ST^ N`W_`]P ?SP []POTWPN_TZY SL^ _Z OZ bT_S _SP OZN_]TYP ZQ `YT_d ZQ _SP @[LYT´LO^ LYO _SP XP_L[Sd^TNLW XZYT^X _SL_ NZY_TY`PO XZ]P Z] WP^^

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

!

^_]ZYRWd TY WL_P] [STWZ^Z[TP^ LYO PaPY _SPT^X^ M`_ T_ SL^ LW^Z _Z OZ bT_S ]T_`LW LYO TXLRTYL_TaP P\`L_TZY^ bT_S QLXTWd ^_]`N_`]P^ LYO NZWWPN_TaP P_SZ^ TY ^ZXP NL^P^ LW^Z bT_S [ZWT_TNLW TY_P]P^_^ _Z N]PL_P `YT_d TY _SP ]PLW OTaP]^T_d ZQ QLT_S z LYO TY _SP XZOP]Y LRP LNNPY_`L_TYR _SP `YT_d ZQ _SP YL_TZY 5`^_ SZb R]PL_Wd _SP ]PWTRTZ`^ YZ_TZY ZQ SL]XZYd bL^ `^PO LMZaP LWW ^TYNP _SP YTYP_PPY_S NPY_`]d YZ_ ZYWd QZ] PQQZ]_^ L_ ]PWTRTZ`^ ]PQZ]X M`_ LW^Z QZ] _SP QZ]XL_TZY ZQ _SP 4YOTLY YL_TZY SL^ MPPY [ZTY_PO Z`_ TY L WZ_ ZQ ]P^PL]NS ZY YPZ3TYO`T^XYPZAPO£Y_L 0LNS ZQ _SP^P QLN_Z]^ XPY_TZYPO LOOPO Q`PW _Z _SP 3TYO` []POTWPN_TZY QZ] SZWT^_TN bZ]WOaTPb NZY^_]`N_TZY^ LYO Q`]YT^SPO T_ bT_S XLYd QLNP^ Q`YN_TZY^ LYO XZOLWT_TP^ ZQ Pc[]P^^TZY 3ZbPaP] _ST^ []POTWPN_TZY LW^Z SLO _Z OZ bT_S _SP XPOTL ^T_`L_TZY _SL_ ]PTYQZ]NPO _SP SZWT^_TN wSLMT_`^x LYO QL NTWT_L_PO TY_P]QP]PYNP MP_bPPY OTQQP]PY_ N`W_`]LW ^PN_Z]^ ?SP WTQPbZ]WO NPY_P]PO ZY bZ]O^ LYO ^Z`YO bL^ L NZWWPN_TaP _]LTYTYR R]Z`YO bSP]P L_ YZ _TXP OTO L ]PLWWd Q`YOLXPY_LW RL[ PaP] Z[PY `[ MP_bPPY Xd_STNLW XLRTNLW PXMPOOTYR LYO ]L_TZYLW _SZ`RS_ ^d^_PX^ Z] WT_P]L]d N`W_`]P PaPY TQ ZYP NLY TOPY_TQd ^ZXP ST^_Z]TNLW OPaPWZ[XPY_^ ZQ NZY^NTZ`^YP^^ _ZbL]O XZ]P LM^_]LN_ _SZ`RS_ DP_ WZRZ^ LYO Xd_SZ^ bP]P LW^Z ]P`YT_PO TY YPb ]L_TZYLW ^d^_PXL_TN ^dY_SP^P^ LYO []PNT^PWd _ST^ L[[PL]^ _Z `^ _Z MP _d[TNLW ZQ 3TYO`T^X LYO T^ [Z^^TMWd L []ZO`N_ ZQ _SP QLN_ _SL_ Z]LW T_d LYO WT_P]LNd bP]P YPaP] ^P[L]L_PO 2ZZOd LYO WL_P] ,YRPYPYO_ OTO YZ_ NZY^TOP] L w_ST]O ^[LNPx ZQ _ST^ VTYO L^ L XPOTL]PWL_PO LP^_SP_TN LYO N`W_`]LW NZY_TY``X ?ST^ [ZTY_^ `[ _SP YPNP^^T_d ZQ RTaTYR XZ]P bPTRS_ _Z _SP N`W_`]LW NZY^_]`N_TZY NZYOT_TZY^ LYO ^dXMZWTN Z]OP]^ _SLY _SP ^_]TN_ WT_P]LNd []Z[ZYPY_^ OTO ?SP N`W_`]LW NZY_TYRPYNd LW^Z L[[WTP^ _Z _SP ]TQ_ TY _SP ST^_Z]d ZQ [T P_d TY XPOTPaLW 0`]Z[P >TXTWL]Wd _Z ST^ _PLNSP] ,YRPYPYO_ ?SZXL^ 7PY_P^ TYOPPO NZY^_]`N_^ LY TXXPOTL_P NZYYPN_TZY bT_S _SP LW_P]PO NZY ^_PWWL_TZY ZQ XPOTL z R]PL_P] PO`NL_TZYLW [Z^^TMTWT_TP^ ]P^`W_TYR Q]ZX PL^TP] LNNP^^ _Z MZZV^ _SP []ZO`N_TZY ZQ [L[P] XZ]P bTOP^[]PLO LMTWT_d _Z ]PLO LYO aP]YLN`WL] _]LY^WL_TZY^ ZQ []LdP] MZZV^  " z M`_ SP PX[SL ^TeP^ []TXL]TWd LY TYYP] OdYLXT^X TY _SP WL_P XPOTPaLW NZYNP[_ ZQ [TP_d TY bSTNS _SP Pc_P]TZ] LYO _SP TY_P]TZ] bP]P TYN]PL^TYRWd ^P[L]L_PO 4Y _SP QZ`]_PPY_S LYO QTQ_PPY_S NPY_`]TP^ SP YZ_TNP^ L XL]VPO NSLYRP TY []LdTYR MPSLaTZ]  # 4Y _SP QZ`]_PPY_S NPY_`]d LMZaP LWW TY Xd^_TNT^X bP QTYO _SP QT]^_ N]T_TNT^X ZQ ]T_`LW ]P[P_T_TZY ,NNZ]OTYR _Z 7PY_P^ _SP]P T^ L_ _ST^ [ZTY_ L NWPL] ^STQ_ TY PX[SL^T^ _Z NZX[]PSPY^TZY ZQ XPLYTYR TY_P]TZ]T_d LYO PXZ_TZYLWTeL_TZY LYO LY TYN]PL^TYR XZaP _ZbL]O `YOP] ^_LYOTYR _SP _Pc_ LYO TYYP] NZX[]PSPY^TZY LYO Q]ZX ^[PLVTYR LWZ`O ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  " 7PY_P^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_x "& 7PY_P^ wu,YOLNS_v `YO u2PMÆ] OPvx   # 7PY_P^ wv,YOLNS_v `YO v2PMÆ]OPvx 

!!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_ZbL]O ^TWPY_ []LdP] w?SP TYYP] XLY FuTYYP]P] 8PY^NSvH ]PWPL^PO STX ^PWQ TYN]PL^TYRWd Q]ZX Pc_P]YLW MPSLaTZ] LYO Z_SP] TY_P]YLW ^_]L_PRTP^ QZ] TYYP] _]LTYTYR Fu4YYPY^NS`W`YRvH LYO ^PWQ_]LY^QZ]XL_TZY NLXP _Z _SP QZ]Px  $ ?SP ^P[L]L_TZY MPNZXP^ ZMaTZ`^ O`]TYR _SP NZ`]^P ZQ _SP ^Tc _PPY_S NPY_`]d ,^ L ST^_Z]TLY 7PY_P^ VYZb^ _SL_ ]P[P_T_TZY^ ZQ []LdP] LYO w\`LY_TQdTYR []LdP]x _SL_ O]ZaP `[ _SP Y`XMP] ZQ []LdP]^ NZY_TY `PO `Y_TW bPWW TY_Z _SP ^Tc_PPY_S NPY_`]d LYO bP]P TY_PYOPO YZ_ ZYWd _Z PL]Y XP]T_ M`_ LW^Z ^Z`RS_ LYO QZ`YO OPaZ_TZY L]OPYNd LYO OPWTRS_ DP_ SP LW^Z NWLTX^ _SL_ LQ_P] _SP WL_P 8TOOWP ,RP^ TY_P]TZ]T_d bL^ YZ WZYRP] ^Z`RS_ TY _SP _Pc_ T_^ [Sd^TNLW L`OTMTWT_d LYO TXXLYPY_ ^LN]PO YP^^ wM`_ ^ZWPWd TY _SP Pc[P]TPYNP ZQ _SP [P]^ZY []LdTYRx ! 7PY_P^ LOO^ _SL_ _SP Xd^_TNLW PX[SL^T^ ZQ _SP wTYYP] XLYx SL^ ]PYOP]PO Pc _P]YLW MPSLaTZ] ZM^ZWP_P 3P ^PP^ _ST^ L^ _SP ^d^_PXTN []P]P\`T^T_P QZ] _SP =PQZ]XL_TZY 7`_SP] MPWTPaPO _SL_ OPaZ_TZYLW []LdP] bL^ ZYWd [Z^ ^TMWP ZY _SP ML^T^ ZQ _Pc_ NZX[]PSPY^TZY ! ,NNZ]OTYR _Z 7PY_P^ TYT _TLWWd _SP =PQZ]XL_TZY LYO _SP .Z`Y_P]=PQZ]XL_TZY bP]P YZ_ _SP OTaP] RPYNP ZQ _bZ ]PWTRTZY^ ZbTYR _Z _SPT] OZRXL_T^X% w4Y^_PLO Q]ZX _SL_ [ZTY_ ZY z LYO ZYWd bT_S L WZ_ ZQ MW`]]TYR _TXP OTQQP]PYNP^ LYO _]LY^T _TZY^ z _SP]P bP]P _bZ XZOPW^ ZQ R]Z`[QZ]XTYR ]PWTRTZ`^ MPSLaTZ] _SL_ SLO YPaP] MPQZ]P YPPOPO _Z MP `YOP]^_ZZO L^ Z[[Z^T_P^x ! 7PY_P^ _S`^ PX[SL^TeP^ ST^_Z]TNLW ^STQ_^ bT_STY .S]T^_TLYT_d L ^P[L]L_TZY MP_bPPY _SP TYYP] LYO _SP Z`_P] bSTNS NLY MP TOPY_TQTPO Q]ZX _SP QTQ_PPY_S NPY _`]d ZYbL]O^ LYO bSTNS bP OZ YZ_ QTYO TY _SP ^LXP QZ]X TY Z_SP] _]LOT _TZY^ 3P YZ_P^% w.ZX[]PSPY^TZY LYO TY_P]TZ]T_d M]Z`RS_ LMZ`_ _SP NZWWL[^P ZQ _SP `YT_d ZQ _SP Z`_P] LYO _SP TYYP] _SL_ bL^ ^[PNTQTN _Z WL_P XPOTPaLW [TP_d _SP `YT_d ZQ \`LWT_d LYO \`LY_T_d 4Y _P]X^ ZQ _SP ST^_Z]d ZQ TOPL^ _ST^ NLY MP Pc[WLTYPO Md _SP TYYP] OdYLXT^X ZQ _SP XPOTPaLW NZYNP[_TZY^ ZQ [TP_d 1]ZX _ST^ L]Z^P _SP OPXLYO QZ] TYN]PL^TYR PXZ_TZYLWTeL_TZY ZQ []LdP]x !

BSPY ZYP WZZV^ L_ 3TYO`T^X ZYP YZ_TNP^ \`T_P OTQQP]PY_ ST^_Z]TNLW LYO N`W_`]LW ^T_`L_TZY^ LYO OPaPWZ[XPY_^ LYO L S`RP aL]TLMTWT_d ZQ ]T_`LW^ ^LN]PO WT_P]L_`]P^ NZRYT_TaP LYO LQQPN_TaP ^_dWP^ ZQ ]PWTRTZY LYO [TP_d ^ZXP ZQ bSTNS L]P ^[PNTQTN _Z NP]_LTY R]Z`[^ Z] _d[TNLW ZYWd ZQ L NP]_LTY ]PRTZY 7TVP _SP ST^_Z]d ZQ ]L_TZYLWT_d TY_P]TZ]T_d SL^ L OTQQP]PY_ ST^_Z]d MPRTYYTYR WZYR MPQZ]P _SP QZ`]_PPY_S NPY_`]d , OT^NZaP]d ZQ _SP wTYYP] XLYx bT_S ^STQ_^ ZQ QZN`^ ZY_Z `YOP]^_LYOTYR TY_P]TZ]T_d LYO Xd^_TNT^X RZP^ L WZYR bLd MLNV TY_Z []P.S]T^_TLY _TXP^ BP _SP]PQZ]P QTYO OPaPW Z[XPY_^ _LVTYR [WLNP L_ Pc_]PXPWd OTQQP]PY_ P[ZNS^ NZX[L]PO _Z ^`NS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  $ ! ! ! !

7PY_P^ wu,YOLNS_v `YO u2PMÆ]OPvx  7PY_P^ wu,YOLNS_v `YO v2PMÆ]OPvx  7PY_P^ wu,YOLNS_v `YO v2PMÆ]OPvx $ 7PY_P^ wu,YOLNS_v `YO v2PMÆ]OPvx !" 7PY_P^ wu,YOLNS_v `YO v2PMÆ]OPvx  

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

!"

PaPY_^ TY 0`]Z[P L^ _SPd L]P []P^PY_PO Md 7PY_P^ ! LYO ZY _SP Z_SP] SLYO LW^Z NP]_LTY ^_]`N_`]LW ^TXTWL]T_TP^ ?SP^P TYNW`OP _SP @[LYT´LOTN TY_P]YLWTeL_TZY LYO OT^^ZW`_TZY ZQ _SP APOTN ]T_`LW NZ`[WPO bT_S ]LOTNLW N]T_TNT^X ZQ WLYR`LRP _SL_ ]PXZaP^ _SP QZ`YOL_TZY QZ] _SP ^LN]POYP^^ ZQ ^Z`YO^ LYO TY [Z^_APOTN _TXP^ L ^_]ZYR PXZ_TZYLWTeL_TZY ZQ ]PWTRTZY _SL_ bL^ TYT_TLWWd RPZR]L[STNLWWd WL]RPWd ]P^_]TN_PO _Z ?LXTW 9LO` TY _SP ^Tc_S Z] ^PaPY_S NPY_`]d ,/ 4Y RPYP]LW bP NLY ^Ld _SL_ L ^P[L]L_TZY ZQ _SP TYYP] LYO Z`_P] bZ]WO^ LYO ]LOTNLW TY_P]YLWTeL_TZY bT_S _SP @[LYT´LO^ MPRTY^ L^ PL]Wd L^ _SP ^PaPY_S Z] PTRS_S NPY_`]d MPQZ]P .S]T^_ ,Y TYN]PL^TYR PXZ_TZYLWTeL_TZY NLXP LMZ`_ bT_S _SP YPb XL]VPOWd _SPT^_TN QZ]X^ ZQ [TP_d Q]ZX _SP QT]^_ NPY_`]TP^ LQ_P] .S]T^_ LYO _SPT] aP]YLN`WL] QZ]X^ :YP NLY ^[PLV ZQ LY TYYP] OdYLXT^X _SL_ XLOP _SP APOTN ]T_`LW ZM^ZWP_P ?SP NSLYRP^ LW^Z NZ]]PWL_P bT_S _SP PXP]RPYNP ZQ L N`W_`]P ZQ b]T_TYR LYO TYN]PL^TYR ^N]T[_`]LWT_dWT_P]LNd TY _SP QTPWO ZQ ]PWTRTZY DP_ ^N]T[_`]LWT_d YPaP] Pc_TYR`T^SPO _SP waTaL aZcx LYd XZ]P _SLY TY_P]TZ]T_d LYO PXZ_TZYLWTeL _TZY M]ZVP LbLd Q]ZX _SP _Pc_^ Z] `YOP]^_LYOTYR LYO TYYP] NZX[]PSPY ^TZY XLOP Pc_P]YLW QZ]X^ ZQ []LN_TNP ZM^ZWP_P 4_ T^ [Z^^TMWP _Z QTYO _ST^ TY NP]_LTY R]Z`[^ []TYNT[LWWd TY XZYL^_TN NZXX`YT_TP^ M`_ T_ YPaP] OPaPWZ[PO TY_Z L XL^^ N`W_`]P :Y _SP NZY_]L]d PaPY TY L^NP_TN _]LOT _TZY^ _Z_LW TY_P]YLWTeL_TZY bL^ LRLTY QZWWZbPO Md L ^PY^`LWTeL_TZY LYO XL_P]TLWTeL_TZY TY _SP QZ]X ZQ OT^_TYN_TaP ^Z`YO ]T_P^ LYO ^Z`YO NZY_PX [WL_TZY LYO _SP OT^NZaP]d ZQ _SP TYYP] MZOd LYO TYYP] ^Z`YO^ ?ST^ MPNLXP PQQPN_TaP PaPY TY [Z[`WL] N`W_`]P 3ZbPaP] bSL_ OP_P]XTYPO _SP [Z[`WL] N`W_`]P LYO L XLUZ] [L]_ ZQ LN_`LW []LN_TNP bL^ []TXL]TWd _SL_ _SP APOTN ]T_`LW bL^ ]P[WLNPO Md _SP 3TYO` [¼U£ LYO L _SPT^_TN [TP_d MPNLXP P^_LMWT^SPO _SL_ [L]_TNT[L_PO TY _SP APOTN ^Z`YO [L]LOTRX LYO TY _SP [LY_SPT^_TN YZYO`LW TYL`OTMWP wVYZbWPORPx ZQ _SP @[LYT´LO^ LYO _]LY^QP]]PO _ST^ bZ]WOaTPb ZY_Z _SP R]PL_ OPT_TP^ 4Y _ST^ w_SPTQTNL _TZYx bSTNS bL^ XZYZ_SPTQTNL_TZY L^ L ]`WP _SP]P ^TX`W_LYPZ`^Wd OPaPWZ[PO L ^TXTWL]Wd ]TNS [Z^T_TaPWd R`^STYR ]LYRP ZQ OTQQP]PY_ XPOTL LYO ]T_`LW N`W_`]P ]PWTRTZ`^ TXLRP^ ^LN]PO L]NST_PN_`]P []ZNP^^TZY^ P_N L^ TY XPOTPaLW .S]T^_TLYT_d -`_ TY NZY_]L^_ _SP]P T^ YZ WZYRP] LYd TYYP] OdYLXT^X Z] YPNP^^T_d _Z ]PRL]O _SP ]T_`LW OZXTYLYNP L^ []ZMWPX L_TN L^ SL[[PYPO TY _SP _TXP ZQ _SP WL_P @[LYT´LO^ bSTNS XLOP Xd^_TN VYZbWPORP [ZbP]Q`W LYO Pc_PYOPO `YOP]^_LYOTYR _Z _SP bSZWP ZQ ]PLW T_d 4Y L NP]_LTY bLd bP _SP]PQZ]P QTYO ^_]`N_`]P^ `YOP]RZTYR OPaPWZ[ XPY_ _SL_ T^ _SP PcLN_ Z[[Z^T_P ZQ _SL_ TY 0`]Z[P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! :Q NZ`]^P YPT_SP] _SP OT^NZaP]d ZQ _SP TYYP] bZ]WO YZ] Xd^_TNT^X TY _S NPY_`]d 0`]Z[P bL^ L YPb OPaPWZ[XPY_ L^ 7PY_P^ T^ LW^Z LbL]P 8PT^_P] 0NVSL]_ _Z bSZX 7PY_P^ Q]P\`PY_Wd ]PQP]^ O]Pb ZY _SP NS`]NS QL_SP]^ LYO P^[PNTLWWd ZY 9PZ[WL_ZYT^X :YP NLY ^[PLV ZQ L w]PTYaPY_TZY ZQ _]LOT_TZYx L^ ZNN`]]PO TY 4YOTL LRLTY LYO LRLTY BP L]P TY_P]P^_PO LMZaP ZYWd TY XZ]P RPYP]LW ^_]`N_`]LW ^NSPXP^

!#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

BP NLY LOO _SL_ ^TYNP _SP _TXP ZQ _SP P_dXZWZRT^_ D£^VL !_S _Z _S NPY_ -. _S]Z`RSZ`_ _SP NPY_`]TP^ _SP]P SLaP MPPY ^_L_PXPY_^ ^`NS L^ L ]T_`LWT^_ bT_SZ`_ ^PXLY_TN `YOP]^_LYOTYR T^ WTVP LY L^^ _SL_ NL]]TP^ ^LYOLWbZZO M`_ OZP^ YZ_ VYZb _SP aLW`P ZQ T_^ WZLO 3ZbPaP] _ST^ ]L]PWd WPO _Z NZX[WP_P LMLYOZYXPY_ ZQ ]T_`LW LN_^ YZ_ PaPY TY [WLNP^ bSP]P PXZ_TZYLW ]PNP[_TZY LYO PXZ_TZYLW ]PWTRTZ^T_d MPNLXP OZXTYLY_ 0aPY _SP R]PL_P^_ TY_P]YLWTeL_TZY _ZZV ]PQ`RP TY ]T_`LW WLYR`LRP YZ_ TY Q]P\`PY_Wd L^ TY _SP ]PaPLWTYR XP_L[SZ] ^_L_TYR _SL_ _SP MZOd T^ _SP _PX[WP ZQ 2ZO _SP WZaTYR SPL]_ T^ _SP bZ]^ST[P] LYO _SP XTYO T^ _SP OPNZ]L_PO ]PWTRTZ`^ TXLRP ! ?SP OTaP]^P ]LYRP ZQ XPOTL LYO ]T_`LW NPY_]TNT_d ^_TWW []PaLTW _ZOLd PaPY TQ _SPd SLaP MPPY OTXTYT^SPO Md Pc _P]YLW WL]RPWd QZ]PTRY QLN_Z]^ ^`NS L^ 8`^WTX LYO -]T_T^S ]`WP bSTNS QZ]NTMWd M]Z`RS_ LMZ`_ L YPb Z]OP] LXZYR _SP XPOTL Md OP^_]ZdTYR _PX[WP^ TY_]ZO`NTYR _SP []TY_TYR []P^^ LYO 0YRWT^S L^ L XPOT`X 4Y MZ_S NL^P^ _SP LW_P]PO ]LYRP ZQ XPOTL WPO _Z YPb ^[L_P^ ZQ ^`MUPN_TaTeL _TZY bSP_SP] _SPd bPY_ TY _SP OT]PN_TZY ZQ [LY4YOTLY P^_LMWT^SXPY_ ZQ MSLV_T ]PWTRTZ^T_d LYO OPaZ_TZYLW ^TYRTYR L^ T_^ XLTY XPOT`X Z] _Z bL]O^ LY w`YOP]^_LYOTYRx TYOP[PYOPY_Wd LN\`T]PO Md ^TWPY_ ]PLOTYR ZQ @[LYT´LOTN bT^OZX LYO XZ^_Wd TY [Z[`WL] QZ]X ±L«VL]Lv^ ,OaLT_L APO£Y_L XLOP [Z^^TMWP Md _SPT] ^[]PLO TY 0YRWT^S TY []TY_ XPOTL LYO [`MWTN ^[PPNSP^ BT_S MZ_S OPaPWZ[XPY_^ L [L]_TLW XZaP LbLd Q]ZX _SP _Pc_ MPRLY bSTNS OT^L[[PL]PO TY_Z X`^TN LYO _SP TYYP] bZ]WO -`_ ZYWd TY _SP 4YOTL ZQ _ZOLd OZ bP QTYO LRLTY ^TXTWL] _Z NZY_PX[Z]L]d 0`]Z[P L YPb ^`MUPN_TaTeL_TZY _SL_ [WLd^ w^[T]T_`LWT_dx ZQQ LRLTY^_ w]PWTRTZYx _PX[WP ]T_`LW LMZaP LWW LXZYR _SP PO`NL_PO `]MLY [Z[`WL_TZY LYO SP]P P^[PNTLWWd LXZYR bZXPY 7TVP TY 0`]Z[P _ST^ L[[PL]^ _Z MP L ^[PNTQT NLWWd XZOP]Y [SPYZXPYZY SL]OWd PaP] ^PPY TY _SP [L^_ >Z ZY _SP ZYP SLYO bP NLY ^Ld _SL_ L_ L aP]d PL]Wd ^_LRP TY 3TYO` 4YOTL TY _SP @[LYT´LO^ _SP]P bL^ L OPaPWZ[XPY_ ZQ ^_]L_PRTP^ ZQ TYYP] _]LTYTYR LYO L ^PL]NS QZ] VYZbWPORP LYO ^PWQ_]LY^QZ]XL_TZY ?SP TYYP] _]LTYTYR bL^ [`]^`PO TY XLYd aL]TL_TZY^ ^_L]_TYR bT_S _SP DZRL>¼_]L^ ZQ ;L_LÓULWT LYO _SP aL]TZ`^ APO£Y_L ^NSZZW^ LYO LW^Z TY _SP ?LY_]L LYO _SP OPaZ_TZYLW XZaPXPY_^ BT_S _SP [Z^^TMWP PcNP[_TZY ZQ ±L«VL]L LYO PL]Wd DZRL ZYP NLYYZ_ SZbPaP] ^[PLV ZQ LYd NZX[WP_P M]PLV MP_bPPY _SP Z`_P] LYO TYYP] bZ]WO O`P _Z _SP TYYP] _]LTYTYR 9Z_ ZYWd bL^ _SP APOTN ]T_`LW ]P[WLNPO Md _SP ^PY^Z]d [¼U£ ]T_`LW M`_ LW^Z _SP TYYP] bZ]WO bL^ ]T_`LWWd Z[PYPO `[ LYO ^SL[PO 0aPY TY DZRL MZOd LYO ^Z`YO^ bP]P TYN]PL^TYRWd `^PO _Z LNSTPaP wTXXZ]_LWT_d TY _ST^ WTQPx 9Z_ WPL^_ _SP PXZ_TZYLW ]PWTRTZ^T_d ZQ OPaZ_TZYLWT^X XLVP^ NWPL] SZb Pc_P]TZ] ]T_`LW bZ]^ST[ SPL]TYR ]PNT_TYR LYO ^TYRTYR bP]P L[[WTPO L^ _]LTYTYR QZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ;ZPX^ _Z ±TaL% ?SP 3dXY^ ZQ _SP ?LXTW >LTY_^ _]LY^ 4YOT]L AT^bLYL_SLY ;P_P]^ZY ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^ $#$ 

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

!$

_SP TYYP] bZ]WO LYO _SP PXZ_TZY^ 0aPY _SP PY_S`^TL^_TN PN^_L_TN MSLV_T OPaZ_TZYLWT_d ZQ ?LXTW 9LO` Q]ZX LMZ`_ _SP !_S NPY_ ZYbL]O^ Z] -PYRLW  _S _Z !_S NPY_ T^ NWZ^PWd L^^ZNTL_PO bT_S ]T_`LW QZ]X^ SdXYZOd LYO ^ZYR ?SP PcLX[WP ZQ -PYRLW T^ P^[PNTLWWd TY_P]P^_TYR MPNL`^P SP]P LY Pc_]PXP PXZ_TZYLWTeL_TZY ZQ ]PWTRTZY ZNN`]]PO TY _SP AT´©`T_TN _]LOT_TZY L_ L]Z`YO _SP ^LXP _TXP L^ ZY _SP 0`]Z[PLY NZY_T YPY_ ?SP _SPZWZRTNLW []ZR]LXXP T_^PWQ bL^ _Z PYSLYNP PXZ_TZY ?SP AT´©`T_TN _SPZWZRTLY^ aTPbPO PXZ_TZY L^ wPc_]PXPWd TX[Z]_LY_ _Z ^[T]T _`LW R]Zb_Sx !! LYO bP]P TY_PY_ _Z M`TW_ L w^[T]T_`LW MZOd ZQ WZaPx L^ 5`YP 8N/LYTPW Pc[WLTY^ TY SP] L]_TNWP ZY PXZ_TZY TY 3TYO`T^X% w?SP -SLV_T]L^LX]T_L^TYOS` SL^ _SP OPaZ_PP MPRTY bT_S ]T_`LW LN_TZY aLTOST MSLV_T LYO []ZR]P^^ _Z ]T_`LW PXZ_TZY ]LRLY`RL MSLV_T  ?S]Z`RS [Sd^TNLW LN_TZY LYO TXLRTYL_TaP aT^`LWTeL_TZY _SP OPaZ_PP M`TWO^ L ^Z`W L ^[T]T_`LW MZOd NZX[Z^PO ZQ WZaP bSTNS NLY Pc[P]TPYNP PXZ_TZY XZ]P TY _PY^PWd _SLY _SP Z]OTYL]d [P]^ZYLWT_dx !"

:YP NLY ^PP SZb ^_]ZYRWd TY_P]TZ]T_d LYO PXZ_TZYLWT_d L]P PYNZ`]LRPO TY []ZQP^^TZYLW LYO ^d^_PXL_TN _]LTYTYR `^TYR ]T_`LW LYO LN_TaP TXLRTYL _TZY 4Y .S]T^_TLY 0`]Z[P _ST^ bL^ YPaP] _SP NL^P TY _ST^ Pc_]PXP QZ]X Z] XLdMP ZYWd TY _SP M]TOLW Xd^_TNT^X LYO _SP Xd^_TNT^X ZQ ;L^^TZY 4Y L ^TXTWL] XLYYP] ?SP 2]PL_ >ZYR Z] _SP YL]]L_TaP^ ZQ _SP ;L^^TZY bP]P TXLRTYL_TaPWd TXT_L_PO LYO WTaPO _S]Z`RS TY_PY^TaPWd TY _SP -PYRLW MSLV_T _SP 6š´©L YL]]L_TaP^ LYO _SP RZOv^ wWZaP RLXP^x bP]P aT^`LWTePO ]PN]PL_PO TY _SP TXLRTYL_TZY LYO TY_PY^TaPWd Pc[P]TPYNPO bT_S _SP TYYP] ^PY^P^ LY TOPLW _SL_ NZY_TY`PO TY _SP 3L]P 6]T^SYL XZaPXPY_ Z] PaPY [Sd^TNLWWd PYLN_PO 4_ T^ N`W_`]LWWd ]PWPaLY_ _SL_ TY 4YOTLY WLYR`LRP^ _SP]P T^ L^ WT__WP ^P[L]L_TZY MP_bPPY PXZ_TZY LYO TY_PWWPN_ L^ MP_bPPY Z]LWT_d LYO WT_P] LNd Z] MP_bPPY _SP Z`_P] LYO TYYP] bZ]WO^ 4Y aTPbTYR PXZ_TZYLW LYO TY_PWWPN_`LW NL[LNT_TP^ L^ YZY^P[L]L_P _SP]P T^ R]PL_ N`W_`]LW aL]TLYNP _Z 0`]Z[P bSTNS ^SZ`WO LWbLd^ MP ]PXPXMP]PO bSPY ZYP NZY^TOP]^ _SP 4YOTLY L[[]ZLNS _Z _Pc_^ 1Z] TYOTRPYZ`^ `YOP]^_LYOTYR ZQ PXZ_TZYLWT_d T_ T^ _PWWTYR _SL_ MZ_S TY _SP >LY^V]T_ LYO -PYRLWT WLYR`LRP^ _SP]P T^ YZ PcLN_ _P]X QZ] PXZ_TZY 8N/LYTPW ^`RRP^_^ _SL_ _SP _P]X^ MS£aL bSTNS NZaP]^ L bTOP ^PXLY_TN QTPWO ^`NS L^ XPY_LW ^_L_P XZZO PXZ_TZY WZaP Q]TPYO^ST[ PN^_L^d ]L[_`]P [L^^TZY TYYP] ^TRYTQTNLYNP P^^PYNP P_N Z] LY`MS£aL _SP [Sd^TNLW Pc[]P^^TZY ZQ _SP ^_L_P ZQ MS£aL L]P _SP XZ^_ Q]P\`PY_ P\`TaLWPY_^ `^PO !# ?SP^P _P]X^ bP]P LN_`LWWd LOZ[_PO Q]ZX _SP ]L^L _SPZ]d ZQ 4YOTLY LP^_SP_TN^ Md _SP AT´©`T_TN _SPZWZRTLY^ =L^L T_^PWQ OPYZ_TYR LP^_SP_TN ^PY_TXPY_^ Z] _SP wP^^PYNP FZQ PXZ_TZY^Hx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! 5`YP 8N/LYTPW w.SL[_P] % 3TYO`T^Xx 4Y ?SP :cQZ]O 3LYOMZZV ZQ =PWTRTZY LYO 0XZ_TZY  POT_PO Md 5ZSY .Z]]TRLY :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ # " !" 8N/LYTPW w3TYO`T^Xx # !# 8N/LYTPW w3TYO`T^Xx z 

"

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

MPNLXP L _P]X QZ] PXZ_TZY bSTNS T^ YZ_ bSL_ _SP ]L^L _SPZ]d ZQ LP^ _SP_TN XZZO^ T^ ]PLWWd LMZ`_ 4_ T^ TX[Z]_LY_ _Z YZ_P _SL_ TY _SP >LY^V]T_ WLYR`LRP PXZ_TZY LYO _SZ`RS_ XTYO LYO SPL]_ L]P YZ_ Z[[Z^PO LYO Q]P\`PY_Wd OPYZ_PO Md L ^TYRWP _P]X ^`NS L^ XLYL^  8N/LYTPW ^`XXL ]TeP^ L^ QZWWZb^% w?SP]P T^ YZ ^SL][ OT^_TYN_TZY MP_bPPY PXZ_TZY LYO NZRYT_TZY ?SZ`RS_ T^ L^^ZNTL_PO bT_S VYZbWPORP LYO OT^N]TXTYL_TZY LYO _SP XTYO R]L^[^ LYO SZWO^ XPXZ]TP^ LYO TOPL^ DP_ _SZ`RS_ T^ LW^Z L^^ZNTL_PO bT_S QPPWTYR^ P^ [PNTLWWd LYcTP_d L^ bPWW L^ TXLRTYL_TZYx !$

1`]_SP]XZ]P ZYP ^SZ`WO VPP[ TY XTYO _SL_ PaPY _SP Xd^_TN w TYYP] bZ]Ox ZQ OTaTYP TXXPOTLNd RPYP]LWWd ]PXLTYPO _TPO _Z TYYP] ^[PLVTYR LYO [^dNSZ^ZXL_TN Pc[P]TPYNTYR ZQ _SP ^Z`YO^ LYO ^Z`YO aTM]L_TZY^ ZQ XLY_]L^ OTaTYP YLXP^ Z] X`^TN 4_ bL^ ]L]PWd _Z_LWWd ]P[WLNPO Md NZX[WP_P w^TWPYNPx PaPY _SZ`RS _ST^ OZ`M_WP^^ LW^Z SL[[PY^ z [L]_TN` WL]Wd TY _SP ,OaLT_LAPO£Y_L ?SP APO£Y_TN bLd ZQ XLY_]L NZY_PX[WL _TZY OTQQP]^ Q]ZX _SP `^`LW DZRTN?LY_]TN LYO OPaZ_TZYLW ZYP TY^ZQL] _SP ]P[P_T_TZY ZQ XLY_]L^ []TYNT[LWWd ZQ :¿ LTX^ L_ NZY_PX[WL_TYR _SP ^TWPYNP MP_bPPY _SP ^Z`YO^ TP _SP ^TWPYNP Z`_ ZQ bSTNS _SP ^Z`YO L]T^P^ LYO TY_Z bSTNS T_ ]P_`]Y^ >_]TN_Wd ^[PLVTYR SZbPaP] XLY_]L ]P[P_TZY OZP^ YZ_ QZ]X [L]_ ZQ _ST^ _]LOT_TZY 4Y _SP ,OaLT_LAPO£Y_L T_ bL^ LWbLd^ _SP _PLNSTYR LYO _SP NZX[]PSPYOTYR wSPL]TYRx ²]LaL©L ZQ _SP @[LYT´LOTN wR]PL_ ^PY_PYNP^x ZQ YZYO`LWT_d _SL_ bP]P XZ]P _Z _SP QZ]P ^`[[Z]_PO Md TY_PWWPN_`LW ]PQWPN_TZY XLYLYL LYO _SP NZY_PX[WL _TZY ZQ XPLYTYR YTOTOSd£^LYL  3P]P Xd^_TNT^X bL^ Pc_]PXPWd PWZ \`PY_ ]L_TZYLW LYO ^NSZWL]Wd LYO YZ_ WPL^_ NL[LMWP ZQ MPTYR _L`RS_ LYO WPL]YPO L^ bP bTWW ^SZb TY Z`] NSL[_P] ZY ±L«VL]L ?SP [`]P RYZ^T^ ZQ ,OaLT_L APO£Y_L LYO _SP MSLV_T _]LOT_TZY^ _SL_ QTYO YZYO`LWT_d TY ^TYR TYR OPaZ_TZYLW ^ZYR^ LYO L ^[T]T_`LW MZOd XLOP ZQ PXZ_TZY Z] _SP ?LY _]TN DZRTN _]LOT_TZY^ _SL_ Pc[P]TPYNP YZYO`LWT_d TY _SP aTM]L_TZY Z] ^Z`YO bLaP^ ZQ _SPT] XLY_]L QZ]X`WL^ LYO M`TWO L MZOd NZX[Z^PO ZQ ^Z`YO ^SZb U`^_ SZb M]ZLO _SP Xd^_TN ^[PN_]`X TY 3TYO`T^X T^ LYO SZb OTQQP]PY_Wd YZYO`LWT_d NLY MP [P]QZ]XPO LYO Pc[P]TPYNPO ?SP ]P[P_T_TZY ZQ ^LN]PO QZ]X`WL^ UL[L LYO OPT_TP^v YLXP^ LYO OP aZ_TZYLW ^TYRTYR SLaP P^_LMWT^SPO _SPX^PWaP^ LWZYR^TOP _SP [¼U£ L^ _SP XZ^_ bTOP^[]PLO ]PWTRTZ`^ []LN_TNP^ ZQ LWW ?SP []LdP] XLd MP WZ`O X`]X`]Z`^ Z] [`]PWd XPY_LW M`_ PaPY _SP \`TP_ TYL`OTMWP XLY_]L ]P[P _T_TZY LWbLd^ ]PXLTY^ TYYP] ^[PLVTYR 4_ XLd MP NL]]TPO Z`_ LNNZ]OTYR _Z ZYPu^ ZbY OPWPN_TZY Z] LNNZ]OTYR _Z _SP []P^N]T[_TZYv^ ZQ ZYPv^ R`]` Z] ^NSZZW _]LOT_TZY bT_S _SP R]PL_P^_ L__PY_TZY _Z _SP NZ]]PN_ []ZY`YNTL _TZY wbT_S _SP SPL]_x LYO NZX[]PSPY^TZY Z] XLd []TXL]TWd MP TY_PY^TaP NZY_PX[WL_TZY ZQ ^Z`YO 4_ XLd MP XZ]P ZQ L XPOT_L_TZY Z] XZ]P ZQ L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ 8N/LYTPW w3TYO`T^Xx



:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

"

]T_`LW LYO XLd MP ]P[PL_PO # _TXP^ Z] XZ]P bT_S _SP LTO ZQ L ]Z^L]d QZ] PcLX[WP 4_ XLd SZbPaP] LW^Z MP L^^ZNTL_PO bT_S _SP ]Sd_SX^ ZQ _SP M]PL_S LYO _SP MPL_^ ZQ _SP SPL]_ MPNZXTYR L NZY^_LY_ []LdP] LY^V]T_ M`_ TY _SP ^_dWP ZQ NWL^^TNLW X`^TN LYO _S`^ ^[]PLO^ bT_S R]PL_ QPPWTYR L w-]LSXLYTN L_XZ^[SP]Px LYO NZY_PX [WL_TaP [PLNPQ`W XZZO " L]P _SP^P ZYWd _bZ []TXP PcLX[WP^ Q]ZX L N`W_`]P _SL_ T^ ^_TWW NSL]LN_P]TePO Md ^Z`YO LYO NP]_LTY L^^ZNTL_PO ^_dWP^ ZQ ^`MUPN_TaT_d ?SP PcLX[WP^ Q]ZX _SP QTWX^ TWW`^_]L_P SZb ^_]ZYRWd NZYYPN_PO TY_P]TZ]T_d PXZ_TZY PXMZOTXPY_ LYO ^Z`YOML^PO Pc[P]T PYNP NLY MP ?SPd ^PPX _Z XL[ L _d[TNLW N`W_`]LW [L__P]Y LYO []ZaTOP `^PQ`W TYQZ]XL_TZY TY _S]PP bLd^ YLXPWd L NZYNP]YTYR SZb TY_P]TZ]T_d T^ PXMZOTPO aTL ^Z`YOML^PO NZXX`YT NL_TZY M SZb _SP N`W_`]P ZQ [P]QZ]XLYNP T^ []Z[LRL_PO LYO LNZ`^_TN [TP_d T^ ]PYPbPO LYO ^PN`WL]TePO TY _SP LRP ZQ QTWX LYO N SZb _SP TYYP] LYO Z`_P] bZ]WO^ Q`^P LYO SZb aP]d OTQQP]PY_ ^dX MZWTN MZ`YOL]d OP^_LMTWTeL_TZY^ PXZ_TZYLWT_d LYO TY_PY^TQTNL_TZY ZQ LQQPN_ L]P N]PL_PO _S]Z`RS ^Z`YO P^[PNTLWWd ^TYRTYR >Z`YO SL^ _SP LMTWT_d _Z LM^Z]M _SP ^[T]T_ TYaZWaP T_ PXZ_TZYLWWd LYO `YWTVP b]T_TYR _Z N]PL_P [Sd^TNLWWd YZYO`LW Pc[P]TPYNP >TWPY_ ]PLOTYR []ZXZ_P^ L OTQQP]PY_ _d[P ZQ TY_P]TZ]T_d _SLY MSLV_T X`^TN OZP^ -`_ _SP TY_P]TZ]T_d _SL_ PXP]RPO Q]ZX _SP @[LYT´LOTN N]T_TNT^X ZQ WLYR`LRP Z] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SL_ _SP^P YZ]X^ L]P ZQ NZ`]^P NZY_TY`LWWd M]ZVPY LYO ^`MaP]_PO TY ]PLW WTQP T^ ^SZbY Md XZ]P ]PNPY_ ^_`OTP^ ZY bZXPYv^ N`W_`]P^ .Q QZ] TY^_LYNP 2WZ]TL 2ZZObTY =LSPUL LYO ,YY 2]ZOeTY^ 2ZWO 7T^_PY _Z _SP 3P]ZYv^ BZ]O^% =PTXLRTYTYR 2PYOP] LYO 6TY ^ST[ TY 9Z]_S 4YOTL -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^ $$ " ?SP Z]TRTYLW aP]^TZY ZQ _SP QTWX XLOP Md _SP -]LSXLY 2LYL[L_Sd APYVL_]LXLYL 4dP] OL_TYR Q]ZX $# T^ TY >LY^V]T_ 9Zb _SP]P T^ L aP]^TZY bT_S 0YRWT^S ^`M_T_WP^ ?SLYV^ _Z _SP XLYd [STWZ^Z[STNLW SdXY^ _SL_ L]P _]LOT_TZYLWWd L__]TM`_PO _Z ±L«VL]L LYO SLaP MPPY ^P_ _Z NWL^^TNLW^_dWP X`^TN _SP X`^TNLWTeL_TZY ZQ _SP OZN_]TYP ZQ `YT_d T^ YZ_ L YZaPW_d M`_ L^ TY _SP -ZWWdbZZO QTWX^ T_ bL^ ^_]ZYRWd ^`RRP^_PO 4_ T_ bPWW VYZbY _SL_ -ZWWdbZZO QTWX^ LWbLd^ TYNW`OP ^TYRTYR LYO OLYNTYR BSTWP _SP WLYR`LRP^ `^PO TY _SP^P QTWX^ T^ PaP]dOLd 3TYOT Z] L >Z`_SP]Y 4YOTLY /]LaTOTN WLYR`LRP LYO _SP Sd M]TO w3TYOT 0YRWT^Sx TY NZXXZY `^P LXZYR XZOP]Y NT_dObPWWP]^ TY -ZXMLd LYO /PWST LYO QZWV ]Sd_SX^ QPO TY_Z _SP X`^TN _SP ±L«VL]L QTWX T^ PcNW`^TaPWd TY >LY ^V]T_ LYO T^ _SP]PQZ]P TYNZX[]PSPY^TMWP _Z LWW M`_ L QPb XPXMP]^ ZQ _SP L`OTPYNP LYO TX[L]_^ []PNT^PWd _S]Z`RS _SP XPWZOTP^ LY TY_PY^TaP -]LSXLYTN L`]L bSZ^P XP _ZYdXd ZQ APOL ]PNT_L_TZY PL]Wd XZ]YTYR XZZO bST_P WTYPY ]ZMP^ ^YZbd XZ`Y_LTY [PLV^ aPRP_L]TLY QZZO bPWWVP[_ SZXP^ LYO _PX[WP R]Z`YO^ ]PLNSP^ L^ QL] L^ _SP NT_d ZQ -LYL]L^ ?SP QTWX XLVP^ ^dYLP^_SP_TN `^P ZQ LWW ZQ _SP^P L^[PN_^

:]TPY_L_TZY ZY >N]T[_`]P^ LYO :]TPY_L_TZY ZY >Z`YO^ z =PWTRTZY^ .ZX[L]PO

"

±L«VL]Lv^ OTOLN_TN NZXXPY_^ bP]P U`^_ L^ OTQQP]PY_ L^ bL^ _SL_ bSTNS L]Z^P Q]ZX DZRTN ?LY_]TN NZY_PX[WL_TZY ZQ ^Z`YO 3P]P bP ^PP TY_]L N`W_`]LW OTQQP]PYNP^ _SL_ bP]P U`^_ L^ ^PaP]PWd YPRWPN_PO Md _SP ^_]TN_ WT_P]LNd _SP^T^ L^ _SP N`W_`]LW NZY_TYRPYNTP^ LYO _SP QWZb ZQ ZWO TY_Z YPb 4Y ]PWL_TZY _Z MZ_S ]L_TZYLWT_d LYO TY_P]TZ]T_d 4YOTL NLWW^ ^ZXP L^ ^`X[_TZY^ ZQ _SP XPOTL _SPZ]d TY [L]_TN`WL] _SP WT_P]LNd _SP^T^ TY_Z \`P^_TZY 5`^_ WTVP LM^_]LN_TZY TY_P]TZ]T_d L[[PL]^ YZ_ _Z MP YPNP^^L]TWd _TPO _Z b]T_TYR ;]Z[ZYPY_^ ZQ WT_P]LNd LYO XPOTL _SPZ]TP^ SLaP L^^ZNT L_PO TY_P]TZ]T_d LYO ]L_TZYLWT_d _ZZ PcNW`^TaPWd bT_S _SP XZOP]Y ^`MUPN_ ZQ b]T_TYR >P[L]L_TZY ZQ _SP Z`_P] LYO TYYP] bZ]WO^ bSTNS _SP XPOTP aLWT^_ 7PY_P^ _]LNP^ MLNV YZ_ ZYWd _Z _SP NSLYRP TY _SP XPOTL M`_ LW^Z _Z LY wTYYP] OdYLXT^Xx TY _SP WL_P XPOTPaLW [TP_d OT^NZ`]^P YPaP] PcT^_PO TY 3TYO`T^X ?SP]P bP]P Z_SP] TYYP] OdYLXTN^ 4YOTLY ST^_Z]d ZQ ]PWTR TZY SL^ _SP]PQZ]P OPaPWZ[PO LWZYR OTQQP]PY_ [L_S^ /P^[T_P ^_]ZYR _PY OPYNTP^ _ZbL]O^ TY_P]YLWTeL_TZY ^TYNP []P.S]T^_TLY _TXP^ L NZX[WP_P ^P[L]L_TZY ZQ _SP TYYP] LYO _SP Z`_P] SL^ YPaP] NZXP LMZ`_ ?ST^ NZ]]P WL_P^ bT_S _SP ^ZYTN N`W_`]P NZXMTYTYR Z]LWT_d LYO WT_P]LNd Z] bSL_ bL^ NLWWPO _SP w_ST]O^[LNP SLMT_`^x LMZaP 8POTL L]P U`^_TQTLMWd _P]XPO w_]LTYTYR R]Z`YO^ QZ] _SP QZ]XL_TZY ZQ _SP ^`MUPN_x " ?SP]PQZ]P _SP [ZbP] ZQ _SP XPOTL NLYYZ_ MP OPYTPO -`_ ^_TWW Z_SP] aL]TLMWP^ ^SZ`WO YPaP] MP QZ]RZ__PY 1Z] PcLX[WP _SP ST^_Z]d ZQ TY_P]TZ]T_d TY 4YOTL bL^ OPNT^TaPWd TYQW`PYNPO Md SZb _SP ]PWL_TZY^ST[ MP_bPPY TY_PWWPN_`LWT_d LYO PXZ_TZY^ T^ `YOP]^_ZZO LYO ST^_Z]TNLWWd XZOPWPO TY _SP ^d^_PX ZQ ^ZNTZN`W_`]LW ^dXMZW^ ?ST^ T^ ZYP ZQ _SP XLYd TY_P]QLNP^ _Z L OPY^P ^PXLY_TN QTPWO bSP]P _SP 4YOTLY N`W_`]P OTaP]RP^ Q]ZX BP^_P]Y N`W_`]P ?SP Pc_PY_ _Z bSTNS NSLYRP^ TY XPOTL NL`^P ^STQ_^ Z] _]LY^QZ]XL_TZY^ LYO RPYP]L_P ZaP]WL[[TYR^ LYO YPb QZ]X^ ZQ wSLMT_`^x OP[PYO^ YZ_ ZY _SP XPOTL L^ ^`NS M`_ ZY _SP XPOTL []LN_TNP^ LYO _SPT] Q`YN_TZYLW NZY YPN_TZY^ 8LdMP _SP XZOP]YTeL_TZY ZQ _SP w^ZYTN ^`MUPN_x TY -ZWWdbZZO T^ P^ [PNTLWWd _d[TNLW ZQ ZYP XLTY Q`YN_TZY ZQ ^Z`YO L^ L _]LTYTYR R]Z`YO PXMZOTXPY_ LYO [Z^^TMWd LW^Z _SP ML^T^ ZQ L NZWWPN_TaPWd ^SL]PO ST^ _Z]TNLWWd [ZbP]Q`W N`W_`]LW [L__P]Y TY 4YOTL _SL_ NLY MP Z`_WTYPO TY L QPb VPd bZ]O^ ^`NS L^ dPL]YTYR QZ] Q`^TZY SL]XZYd TY_PR]L_TZY TYNW`^TZY TOPY_TQTNL_TZY LYO _SP ^dXMZWTN N]Z^^TYR ZQ MZ`YOL]TP^ :YP NLY ^[PLV ZQ LY LP^_SP_TN ^_dWP Z] LY LP^_SP_TN ^`MUPN_TaTeL_TZY TY bSTNS Xd_STNLW PXMPOOTYR TY_Z L XPLYTYR NZY_Pc_ _SL_ RZP^ MPdZYO PaP]dOLd ]PLWT_d T^ ^Z`RS_ LYO N]PL_PO TY L ^PY^Z]TWd [P]QZ]XL_TaP LQQPN_TaP LYO NZRYT_TaP XLYYP] LYO bSTNS NLY MP ^`XXL]TePO TY _SP _P]X w[L]_TNT[L_Z]d bZ]WO Z]TPY_L_TZYx :YP Q`YN_TZY ZQ NZXX`YTNL_TZY _S]Z`RS ^Z`YO z LYO [P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " =PNVbT_e @Y^NSL]QP 2]PYePY   $z!"

"

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

SL[^ YZ_ _SP WPL^_ TX[Z]_LY_ ZYP z T^ PXZ_TZYLW Q`^TZY wAP]^NSXPW e`YRx bT_S L WL]RP] bSZWP LYO [L]_TNT[L_TZY TY LY L`^[TNTZ`^ L_XZ^ [SP]P ?ST^ Q`YN_TZY ZQ XP]RTYR NLY MP QZ`YO ]TRS_ `[ _Z _SP NZY_PX[Z ]L]d ^T_`L_TZY TY ]PWTRTZY bSP]P WLYR`LRP ZQ_PY OT^^ZWaP^ NZX[WP_PWd TY X`^TN 4Y XZOP]Y _TXP^ T_ SL^ WL]RPWd MPNZXP TYaT^TMWP _SL_ TY _SP [L^_ ^Z`YO^ LYO ^ZYTN NZXX`YTNL_TZY SLO LW^Z _SP TX[Z]_LY_ Q`YN_TZY ZQ QZ]XTYR LM^_]LN_TZY^ BSP]PL^ L_ ZYP _TXP _SP ^ZYTN wSLMT_`^x LYO _SP NZ]]P^[ZYOTYR QZ]XL_TZY ZQ LP^_SP_TN ^_dWP LW^Z TYQW`PYNPO ^NTPYNP LYO M]Z`RS_ LMZ`_ ^NTPY_TQTN QZ]X^ ZQ LM^_]LN_TZY LWZYR bT_S ^PY^Z]d LQQPN _TaP Q`^TZY bT_S _SP ^NTPY_TQTN ZMUPN_ _ZOLd _ST^ wSLMT_`^x ^PPX^ _Z MP ]PO`NPO _Z _SP Q`YN_TZY ZQ Q`^TZY LYO _Z SLaP bT_SO]LbY Q]ZX _SP ]PLWX ZQ ^NTPYNP ?SP LM^_]LN_TZY^ _SL_ bP]P ZYNP LW^Z QZ]XPO _S]Z`RS ^Z`YO^ ^PPX YZb _Z SLaP XTR]L_PO LbLd TY_Z R]L[SPXP^ LYO OTRT_LW ^TRY NZOP^ DP_ _SP QLN_ _SL_ 4YOTL NZXP^ _Z[ TY NZX[`_P] ^NTPYNP SL^ T_^ ]ZZ_^ YZ_ WPL^_ TY ^Z`YO ?SP ^Z`YO NZOP^ ZQ _SP R]LXXL] RPYT`^ ;£©TYT LYO Z_SP] ^NTPY_T^_^ LW]PLOd XL[[PO LYO []ZXZ_PO _SP LMTWT_d _Z LM^_]LN_ LYO QZ] XLWT^_TN _SZ`RS_ TY ^_]`N_`]P^ L_ LY PL]Wd ^_LRP 4Y _SP [L^_ _SP ^ZYTN wSLMT_`^x LWWZbPO MZ_S ZQ _SP^P z LM^_]LN_TZY [Z^^TMTWT_TP^ ^_]`N_`]TYR ^_LYOL]OTeL_TZY LYO OT^NT[WTYTYR LWZYR bT_S Q`^TZY _SP PaZNL_TZY LYO Pc[P]TPYNP ZQ XZZO^ LQQPN_ TY_PY^TQTNL_TZY LYO [L]_TNT[L_Z]d Pc[P]TPYNP ZQ bSL_ T^ []P^PY_ ?SP ^ZYTN N`W_`]P SL^ []ZO`NPO T_^ ZbY QZ]X^ ZQ ^`MUPN_TaT_d LYO T_^ ZbY QZ]X^ ZQ ZMUPN_TaTeL_TZY ?SP w_ST]O^[LNP SLMT_`^x _SL_ ]P^T^_PO PT_SP]Z] ^ZW`_TZY^ LYO TY^_PLO QLaZ]PO ^TX`W_LYP T_TP^ LYO SZWT^_TN NZXMTYL_TZY^ M]Z`RS_ LM^_]LN_TZY LYO Q`^TZY _ZRP_SP] TY XLYd OTQQP]PY_ QZ]XL_TZY^ 4Y 4YOTL OTNSZ_ZXTP^ `YT_P _SL_ TY _SP ]P^PL]NS bP]P ^[WT_ TY_Z Z]LWT_d SP]P LYO WT_P]LNd _SP]P ,NNZ]OTYR _Z BLW_P] :YR " Z]LW N`W_`]P^ L]P LOOT_TaP ^[PNTQTN PX[L_STN LYO [L]_TNT [L_Z]d bSP]PL^ WT_P]L_P N`W_`]P^ L]P OT^_TYR`T^SPO Md LM^_]LN_ LYLWd_T NLW LYO WZRTNLW _SZ`RS_ BSTWP T_ T^ Pc_]PXPWd Q]`T_Q`W QZ] LY LYLWd^T^ _Z M]TYR XPOTL []LN _TNP^ TY_Z aTPb L^ [P]NP[_TZYRPYP]L_TYR YP_bZ]V^ LYO _]LTYTYR R]Z`YO^ ZQ L NP]_LTY LP^_SP_TN ^PY^P LYO ^ZNTLW SLMT_`^ L_ _SP ^LXP _TXP N`W_`]LW T_d X`^_ ]PNPTaP R]PL_P] bPTRS_TYR _SLY T_ `^`LWWd OTO TY XPOTL _SPZ]TP^ LYO _SPZ]TP^ ZQ Z]LWT_d LYO WT_P]LNd ?ST^ bTWW MP RTaPY XZ]P Pc[WLYL_TZY LYO QZ`YOL_TZY TY _SP QZWWZbTYR

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " BLW_P] 5 :YR :]LWT_d LYO 7T_P]LNd% ?SP ?PNSYZWZRTeTYR ZQ _SP BZ]O 7ZYOZY% =Z`_WPORP =P[]  :]TRTYLW $#

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

"

"

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

w?SP S`XLY ^`MUPN_ TY T_^ [P]NP[_TaP ^_]`N_`]P z LYO ZYP NZ`WO LYO X`^_ LOO% TY T_^ PY_T]P ^_]`N_`]P L^ LY PY^PXMWP ZQ [P]NP[_TZY [L__P]Y^ NZRYT_TaP LYO LQQPN_TaP ^NSPXL_L ZQ [Sd^TNLW ^_dWP LYO OT^[Z^T_TZY^ _Z _LVP LN_TZY z T^ NZY^_T_`_PO YZ_ ZYWd YL_`]LWWd M`_ LMZaP LWW N`W_`]LWWd ^ZNTLWWd LYO ST^ _Z]TNLWWd& T_ T^ L []ZO`N_ ZQ T_^ ^ZNTLW []LN_TNP bSTNS T_^ uYL_`]LWv [WL^_TNT_d `_TWTeP^ ?SP QZ]X TY bSTNS _ST^ [P]NP[_TaP ^_]`N_`]P ZQ _SP ^`MUPN_ _]LY^ QZ]X^ T_^PWQ YZb OP[PYO^ z `YOZ`M_POWd YZ_ NZX[WP_PWd M`_ L_ WPL^_ _Z L NZY^TOP]LMWP Pc_PY_ z ZY _SP ST^_Z]TNLW ^_]`N_`]P ZQ _SP uXPOTLv TY bSTNS _ST^ [P]NP[_TZY T^ Z]RLYTePO Md _PNSYTNLW L]_PQLN_^ XZOPWTYR [P]NP[_TZYx "

?SP _d[P^ ZQ XPOTL _SL_ L]P XZ^_ NZXXZY LYO OZXTYL_P _]LY^XT^^TZY [WLd L YZ_ `YTX[Z]_LY_ ]ZWP LYO NZY_]TM`_P _Z ^SL[TYR XPY_LWT_TP^ 4Y 4YOTL Z]LWT_d LYO WT_P]LNd bP]P NZY_TY`L U`^_ WTVP PXZ_TZY LYO TY_PWWPN_ 8LdMP _ST^ Pc[WLTY^ L_ WPL^_ TY [L]_^ _SP QLN_ _SL_ _SP]P YPaP] bL^ ^`NS L ^PaP]P OTaT^TZY MP_bPPY _SP Z`_P] LYO TYYP] bZ]WO LYO PYNZX[L^^TYR _SP bSZWP ]PWTRTZ`^ N`W_`]P L^ _SP]P bL^ TY _SP 0`]Z[PLY WL_P 8TOOWP ,RP^ LYO _SP =PQZ]XL_TZY 4Y 4YOTL bP QTYO MZ`_^ ZQ ]L_TZYLWTeL_TZY LYO TY_P]TZ]TeL_TZY TY LWXZ^_ PaP]d NPY_`]d LYO LW^Z L WL^_TYR OZXTYLYNP ZQ _SP ^[ZVPY LYO ^Z`YOTYR bZ]O ?ST^ SL^ ]PXLTYPO _SP NL^P LMZaP LWW TY _SP QTPWO ZQ ]PWTRTZY ?Pc_^ ]PXLTYPO _TPO _Z _SPT] aT_LWTeL_TZY TY _SP aZTNP LYO _Z [P]QZ]XLYNP []LN_TNP^ LYO _SP _Pc_^ _SPX^PWaP^ MPL] _]LNP^ ZQ _SP N`W_`]P ZQ [P]QZ]XLYNP ?SP]P L]P Y`XP]Z`^ b]T__PY TXLRP^ ZQ Z]LWT_d 4Y ]PNPY_ OPNLOP^ L__PY_TZY SL^ MPPY O]LbY bT_S ^ZXP U`^_TQTNL_TZY TY aL]TZ`^ OT^NT[WTYP^ ^`NS L^ N`W_`]LW ^ZNTZWZRd WT_P]L_`]P ^_`OTP^ XPOTL ^_`OTP^ LYO ST^_Z]d _Z SZb ^_]ZYRWd XPOTL NZYQTR`]L_TZY^ LQQPN_ LYO OP_P]XTYP ^ZNTZN`W_`]LW []LN_TNP ^dXMZWTN Z]OP]TYR ZQ ]PLWT_d Z]RLYTeL_TZY ZQ VYZbWPORP O]LXL_TN []P^PY_L_TZY^ LYO L[[L]PY_Wd `Y NSLYRTYR ^PY^Z]d [P]NP[_TZY ,W_P]PO XPOTL NZY^_PWWL_TZY^ bP]P ^LTO _Z M]TYR LMZ`_ L NSLYRP TY _SP [P]NP[_TaP L[[L]L_`^ 4_ SL^ MPPY NWLTXPO _SL_ OTQQP]PY_ ^_]`N_`]P^ ZQ [P]NP[_TZY L]P _]TRRP]PO Md PT_SP] Z]LW Z] WT_P]L]d ^_TX`WT _SL_ _SP XPOTL TY _SP YL]]ZbP] ^PY^P TP MZZV^ QTWX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " w/L^ XPY^NSWTNSP >`MUPV_ TY ^PTYP] BLS]YPSX`YR^^_]`V_`] z `YO XLY VØYY_P `YO XÞ^^_P P]RÆYePY% TY ^PTYP] RP^LX_PY >_]`V_`] LW^ PTY 0Y^PXMWP aZY ;P]eP[_TZY^ X`^_P]Y VZRYT_TaPY `YO LQQPV_TaPY >NSPXL_L aZY WPTMWTNSPX >_TW ^ZbTP 3LYOW`YR^ OT^[Z^T_TZYPY z T^_ YTNS_ Y`] YL_Þ]WTNS ^ZYOP]Y L`NS `YO aZ] LWWPX V`W_`]PWW RP^PWW ^NSLQ_WTNS `YO RP^NSTNS_WTNS VZY^_T_`TP]_ P^ T^_ ;]ZO`V_ ^PTYP] ^ZeTLWPY ;]LcT^ bPWNSP ^TNS ^PTYP vYL_Þ]WTNSPv ;WL^_TeT_Æ_ e`Y`_eP XLNS_ /TP 1Z]X TY OP] ^TNS OTP^P [P]eP[ _TaP >_]`V_`] OP^ >`MUPV_^ _]LY^QZ]XTP]_ SÆYR_ Y`Y z ebL] ebPTQPWWZ^ YTNS_ aZWW^_ÆY OTR LMP] e`XTYOP^_ L`NS `YO TY MP_]ÆNS_WTNSPX 8LÁP z LM aZY OP] ST^_Z]T^NSPY >_]`V_`] OP] v8POTPYv TY OPYPY ^TNS OTP^P ;P]eP[_TZY Z]RLYT^TP]_ aZY _PNSYT^NSPY OTP BLS]YPSX`YR XZOPWWTP]PYOPY ,]_PQLV_PYx ,YO]PL^ =PNVbT_e w8POTPY_]LY^QZ] XL_TZY `YO >`MUPV__]LY^QZ]XL_TZYx TY% , =PNVbT_e @Y^NSL]QP 2]PYePY% ;P]^[PV_T aPY OP] 6`W_`]^ZeTZWZRTP -TPWPQPWO% _]LY^N]T[_ #  $z!

"!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_PWPaT^TZY OTRT_LW XPOTL P_N L]P Pc[LY^TZY^ ZQ _SP MZOTWd Q`YN_TZY^ LYO QPPO MLNV ZY_Z _SP MZOd LYO _SL_ NSLYRP TY _SP XPOTL LYO ^`MUPN_ _]LY^QZ]XL_TZY w>`MUPV__]LY^QZ]XL_TZYx L]P NWZ^PWd L^^ZNTL_PO& _SP OP[PYOPYNd ZQ LWW N`W_`]LW [SPYZXPYL ZY _SP XPOTL Z] _SP NZY^_T_`_TaP [ZbP] ZQ XPOTL _PNSYZWZRTP^ ZY S`XLY N`W_`]P bL^ LNVYZbWPORPO L^ `YXT^_LVLMWP "! 3ZbPaP] TY ]PWL_TZY _Z >LY^V]T_ 3TYO`T^X LYO LW^Z _Z XPOTPaLW 0`]Z[P _SP ]P^_]TN_TZY _Z _SP XPOTL Q]P\`PY_Wd QZ`YO TY N`W _`]LW LYO XPOTL _SPZ]TP^ WTXT_TYR _SPX _Z _PNSYTNLW L]_TQLN_^ MZZV^ L`OTZaT^`LW XPOTL NZX[`_P]^ P_N ^SZ`WO MP LMLYOZYPO LYO _SP aTPb ZQ _SP XPOTL Pc[LYOPO _Z TYNW`OP _SP aZTNP LYO [P]QZ]XLYNP []LN_TNP TY bSTNS aT^`LW LYO L`OT_Z]d SLMT_^ NZ]]P^[ZYO XZ]P _Z _SP LRP ZQ QTWX LYO _PWPaT^TZY _SLY _Z _SP XZOP]Y WT_P]L_P MZ`]RPZT^ N`W_`]P 4_ ^SZ`WO LW^Z TYNW`OP _SP ^dXMZWTN QZ]X^ TOPL^ XPY_LW TXLRP^ N]PL_TaP OP^TRY^ LYO TXLRTYL_TaP _PNSYZWZRTP^ L^^ZNTL_PO bT_S SPL]TYR LYO ]PNT_TYR LYO bSTNS SLaP ^ZXP _STYR^ TY NZXXZY bT_S _SP OTRT_LW aT]_`LW bZ]WO >Z QL] TY 4YOTL _SP aZTNP LYO ^Z`YOML^PO Pc[P]TPYNP SLaP ^`]aTaPO bPWW _SP OTaP]^P ^STQ_^ TY XPOTL _SP TY_]ZO`N_TZY ZQ L N`W_`]P ZQ b]T_TYR LYO []TY_TYR LYO _SP L`OTZaT^`LW LYO OTRT_LW ]PaZW`_TZY PaPY TQ _SP]P T^ YZ OZ`M_ _SL_ LWW ZQ _SP^P XPOTL SLaP TYQW`PYNPO _SP ^ZNTLW MZOd -LYL]L^ XPY_TZYPO L_ _SP MPRTYYTYR ZQ _ST^ NSL[_P] LYO -ZWWdbZZO bT_S T_^ WZaP ZQ ^TYRTYR L]P ZYWd _bZ ZQ XLYd PcLX[WP^ 8LYd L`_SZ]^ QZ`YO _SL_ _SP ^PLNSLYRP^ ZQ _SP 7L_P 8TOOWP ,RP^ LYO _SP =PQZ]XL_TZY NZYQT]X _SP QL]]PLNSTYR _SP^P^ ZQ 5LNV 2ZZOd 4LY BL__ LYO BLW_P] 5 :YR NZYNP]YTYR _SP NZY^P\`PYNP^ ZQ L N`W_`]P ZQ b]T_TYR "" :YP ZQ 5LNV 2ZZOdv^ XLTY L]R`XPY_^ bL^ _SL_ _SP NZXXLYO LYO `^P ZQ b]T_TYR XLOP T_ [Z^^TMWP _Z SLaP Pc_P]YLW XPXZ]dMLYV^ LYO TYT_TL_P NZOTQTNL_TZY []ZQP^^TZYLWTeL_TZY ]PQZ]XL_TZY TY_P]YLWTeL_TZY LYO LM^_]LN_ _SZ`RS_ ?SP XZ__Z wYZ =PQZ]XL_TZY bT_SZ`_ _SP []TY_TYR []P^^ LYO aTNP aP]^Lx bSTNS _SP ^ZNTZWZRT^_ ?d]PWW LW^Z _LVP^ `[ "# SL^ YZb LW]PLOd MPNZXP L uNL_NS [S]L^Pv ,NNZ]OTYR _Z ?d]PWW O`]TYR _SP =PQZ]XL_TZY YZ_ ZYWd SLO _SP aT^`LW LYO L`OT_Z]d SLMT_^ NSLYRPO M`_ LW^Z _SP w[]TaTWPRP ZQ _SP b]T__PY _SP NZOTQTPO bZ]O ZQ 2ZOx NZ]]P ^[ZYOPO _Z w_SP []TaTWPRP ZQ _SP _SPZWZRTNLWWd _]LTYPO ]PWTRTZ`^ []ZQP^ ^TZYLW^x "$ ?SP XPOTPaLWT^_ LYO NS`]NS ST^_Z]TLY ,YRPYPYO_ M`TWO^ PaPY XZ]P Pc[WTNT_Wd ZY 2ZZOd bSZX SP ^PP^ L^ LW]PLOd NZYQT]XPO [ZTY_ Md [ZTY_ Md _SP ^NSZWL]^ ZQ _SP 8TOOWP ,RP^ L^ LW]PLOd Z`_WTYPO LMZaP 3P ^Ld^ _SL_ ^TYNP _SP _bPWQ_S NPY_`]d _SP YPb MZZV N`W_`]P M]Z`RS_ LMZ`_ L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! 8L]V`^ 1L`^P] 0TYQÞS]`YR TY OTP 6`W_`]bT^^PY^NSLQ_ /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_  #!z#" NQ LW^Z #Q LYO =PNVbT_e w8POTPY_]LY^QZ]XL_TZY `YO >`MUPV__]LY^QZ]XL_TZYx TMTO @Y^NSL]QP 2]PYePY   $z"! "" >PP QZZ_YZ_P^   LYO " 2ZZOd LYO :YR bTWW MP OT^N`^^PO TY XZ]P OP_LTW MPWZb "# ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx #z$ "$ ?d]PWW w=PWTRTØ^P 6ZXX`YTVL_TZYx #

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

""

^STQ_ _ZbL]O TY_P]YLWTeL_TZY _SP ]L_TZYLW ^[T]T_ LYO SPTRS_PYPO _SZ`RS_ LYO XLVP^ _SP RPYP]LW NWLTX _SL_ ZYWd ^N]T[_`]PML^PO ]PWTRTZY^ L]P LMWP _Z []ZO`NP ]PQWPN_PO _SPZWZRTP^ LYO _SL_ QZ] []PNT^P _P]XTYZWZRd ^PN`] TYR _]LOT_TZY^ [L^^TYR _SPX OZbY LYO NSPNVTYR _SPX WT_P]LNd T^ LY wP^^PY_TLW ]P\`T]PXPY_x LYO MZZV^ LYO WTM]L]TP^ L]P LW^Z YPNP^^L]d ?ST^ XLd L[[Wd _Z .S]T^_TLY 0`]Z[PLY OPaPWZ[XPY_ M`_ _SP RPYP] LWTeL_TZY^ LYO YZ]XL_TaP PaLW`L_TZY^ ^ZXP_TXP^ TX[WTNT_ TY ^`NS ^_L_P XPY_^ L]P \`P^_TZYLMWP 4Y 4YOTL T_ bL^ [Z^^TMWP _Z SLaP L VPPY XTYO LYO [P]QZ]X _]TNVd XPY_LW PcP]NT^P^ bT_SZ`_ WTM]L]TP^ z LYO _ST^ bL^ TY QLN_ YPNP^^L]d ZbTYR _Z L NWTXL_P `Y^`T_LMWP QZ] MZZV^ bSTNS bL^ YZ_ NZYO`NTaP _Z _SP `^P ZQ QLM]TN MT]NS ML]V [LWX WPLaP^ Z] [L[P] LYO TY bSTNS ZYWd ]ZdLW TY^N]T[_TZY^ ZY ^_ZYP LYO ]ZNV LYO NZ[[P] [WL_P^ NZ`WO ^`]aTaP BP SLaP L]R`PO LMZaP _SL_ ^TYNP _SP]P bL^ YPaP] ^`NS L ^_]ZYR XZaP _Z b]T_TYR L^ _SP]P bL^ TY 0`]Z[P LYO NZY^P\`PY_Wd _SP XPOTL NZY^_PWWL_TZY OTO YZ_ NSLYRP ^TRYTQTNLY_Wd _SP]P bP]P YZ XLUZ] NSLYRP^ TY aT^`LW LYO L`OT_Z]d SLMT_^ DP_ _ST^ OZP^ YZ_ XPLY _SL_ _SP ]PaP]^P T^ _]`P TP _SP]P bL^ wYZ []ZQP^^TZYLWTeL_TZYx Z] wYZ ]L_TZYLW ^[T]T_x MPNL`^P 4YOTL SLO L aP]d ZWO TY_PWWPN_`LW N`W_`]P WZYR MPQZ]P MZZV^ bP]P []TY_PO ?SP ^ZYTN N`W_`]P OTO YZ_ ZYWd []ZO`NP LNZ`^_TN [TP_d BSL_ T^ PaPY XZ]P YZ_TNPLMWP T^ _SL_ LM^_]LN_TZY^ bP]P QZ]X` WL_PO YZ_ ^ZWPWd TY b]T_TYR ;SZYZNPY_]TNLWWd Z]RLYTePO _SZ`RS_ ^d^_PX^ bT_S L STRS WPaPW ZQ LM^_]LN_TZY ^_]P_NS LWW _SP bLd MLNV _Z APOTN _TXP^ 2ZZOdv^ _SP^P^ L]P WP^^ L[[WTNLMWP _Z >LY^V]T_ N`W_`]P LYO LNNZ]OTYRWd 4YOZWZRTNLW N]T_TNT^X SL^ MPPY Pc[]P^^PO _SL_ YZ_ WPL^_ \`P^_TZYPO 2ZZOdv^ LYO :YRv^ L]R`XPY_ _SL_ wZ]LW N`W_`]P^ WLNV LYLWd_TNLW NL_P RZ]TP^ b]T_TYR QZ^_P]^ LM^_]LN_TZY^x L^ bP bTWW ^SZb TY XZ]P OP_LTW :`] OTQQP]PY_TL_TZY MP_bPPY ^ZYLWT_d LYO Z]LWT_d SL^ _SP ^d^_PXL_TN LO aLY_LRP ZQ TY_]ZO`NTYR TY_Z _ST^ OPML_P ^ZXP L^[PN_^ LYO YPb [P]^[PN _TaP^ _SL_ bP]P YZ_ []PaTZ`^Wd NZY^TOP]PO MPNL`^P ^ZYLWT_d bL^ YZ_ ^`QQTNTPY_Wd NZY^T^_PY_Wd _SZ`RS_ _S]Z`RS L^ L _ST]O ^[LNP PT_SP] Md 2ZZOdv^ ^`[[Z]_P]^ Z] ST^ Z[[ZYPY_^ LYO _ST^ XPLY_ _SL_ YPT_SP] bL^ _SP]P LYd ]PQWPN_TZY ZY _SP LP^_SP_TN TX[WTNL_TZY^ QZ] [P]NP[_TZY 4_ L[ [PL]^ _Z `^ _SL_ >LY^V]T_ N`W_`]P T^ NSL]LN_P]TePO Md QLN_^ WTVP _SP YZ _TNPLMWP WLNV ZQ ]PWPaLY_ _P]X^ QZ] WT_P]LNd TY >¼_]L bZ]V^ PaPY LQ_P] _SP _TXP ZQ 0X[P]Z] ,²ZVL ]O NPY_ -. # bSPY _SP]P T^ NWPL] PaTOPYNP ZQ LW[SLMP_TN b]T_TYR LYO _SL_ L XLUZ] L^[PN_ ZQ _SP b]T__PY  OPQTYT _TZY ZQ _SP _P]X ²LMOL  wbZ]Ox T^ T_^ ^Z`YO LYO YZ_ ZYWd T_^ Q`YN_TZY ZQ L NL]]TP] ZQ XPLYTYR ?SP NZY_TY`TYR OZXTYLYNP ZQ Z]LWL`]LW NZXX`YT NL_TZY ^d^_PX^ PaPY LQ_P] L N`W_`]P ZQ b]T_TYR MPNLXP P^_LMWT^SPO YZ_ ZYWd XLOP ]PQWPN_PO ^ZYLWT_d [Z^^TMWP M`_ LW^Z Pc[]P^^PO T_^PWQ MZ_S TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 3L]]d 1LWV >NS]TQ_ TX LW_PY 4YOTPY% 0TY 1Z]^NS`YR^MP]TNS_ XT_ ,YXP]V`YRPY ?ÞMTY RPY% 9L]] $$  

"#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

Q`^TZY LYO TY LM^_]LN_TZY TY MZ_S [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d XZOP^ ZQ _SZ`RS_ [P]NP[_TZY LYO Pc[P]TPYNP bSTNS OTO YZ_ L[[PL] ZYWd TY ^P[L]L_TZY M`_ Q`^PO _ZRP_SP] LRLTY LYO LRLTY ;]ZNP^^P^ ZQ XZOP]YTeL _TZY LYO ]PQZ]X MZ_S ]PNPY_Wd LYO TY _SP [L^_ SLaP _LVPY OTQQP]TYR NZ`]^P^ TY OTQQP]PY_ N`W_`]P^ LYO ^SZ`WO LWbLd^ MP NZY^TOP]PO TY _SPT] ZaP]LWW N`W_`]LW NZY_Pc_ 4YOTL []ZaTOP^ [L]LOTRXL_TN PaTOPYNP ZQ _SP N`W_`]LW aL]TLYNP LYO NZY_TYRPYNd ZQ XPOTL []LN_TNP^ LYO OTQQP]PYNP^ TY XPY_LW ST^_Z]d TY _SP []ZO`N_TZY ZQ VYZbWPORP 8POTL Z[PY `[ [Z^^TMTWT_TP^ QZ] Pc[P]TPYNP LYO NZRYT_TZY 3ZbPaP] _SPd OZ YZ_ OZ _ST^ Md _SPT] ZbY YL_`]P M`_ ZYWd TY TY_P][WLd bT_S N`W _`]P]PWL_PO [L__P]Y^ LYO []LN_TNP^ ?ST^ [ZTY_ ^PPX^ _Z `^ _Z MP Q`YOL XPY_LW MPNL`^P _ZZ ZQ_PY TY OT^N`^^TZY ZQ _SP XPOTL TY ^ZNTLW LYO N`W _`]LW ^_`OTP^ _SP L]R`XPY_L_TZY bL^ LWW _ZZ XZYZNL`^LW LYO ]ZZ_PO TY L `YTaP]^LW aTPb ZQ ST^_Z]d LYO N`W_`]LW NZY_TYRPYNd ]PNPTaPO _ZZ WT__WP L__PY_TZY ?SP Z]LWT_d LYO WT_P]LNd _SPZ]TP^ L]P P^[PNTLWWd []ZO`N_TaP [L]_TN`WL]Wd TY _P]X^ ZQ N`W_`]LW NZX[L]T^ZY M`_ _SP NZX[WPcT_d ZQ ]PLW XPOTL OTaP]^T_d TY_P]N`W_`]LW LYO TY_]LN`W_`]LW [W`]LWT_d LYO TY_P]XPOT L]d eZYP^ bL^ `YOP]P^_TXL_PO ?SP ^`NNP^^ ZQ _SP ^_]TN_ WT_P]LNd _SP^T^ WTP^ TY _SP ^_]PYR_S ZQ T_^ ^d^_PXL_TN LYO ^_]`N_`]LW LYLWd^T^ 4_^ OT^LO aLY_LRP T^ _SL_ T_ `YOP]XTYP^ Z_SP] ^ZNTZN`W_`]LW aL]TLMWP^ T^ ^`^NP[_T MWP _Z TOPZWZRTP^ LYO XL^V^ _SP QLN_ _SL_ _SP XPOT`X ZQ b]T_TYR OTO YZ_ YPNP^^L]TWd PWTNT_ PcLN_Wd _SP ^LXP PQQPN_^ PaP]dbSP]P LYO bL^ YZ_ LWbLd^ PcSL`^_PO LYO PaLW`L_PO TY _SP ^LXP bLd 9Z_ ZYWd T^ N`W_`]P OP[PYOPY_ ZY _SP XPOTL M`_ _SP XPOTL L]P LW^Z OP[PYOPY_ ZY N`W_`]P 7TVP PaP]d_STYR PW^P bSP_SP] YL_`]LW Z] L]_TQTNTLW aZTNP LYO bZ]O b]T_TYR LYO MZZV^ L]P ^`MUPN_ _Z N`W_`]LW PaLW`L_TZY^ LYO NZOTYR^ ?ST^ XPLY^ _SL_ _SP `YOP]^_LYOTYR PaLW`L_TZY LYO `^P ZQ bZ]O^ LYO b]T_TYR L]P LW^Z TYQZ]XPO NZOPO LYO ^_]`N_`]PO Md L NZX[WPc ZQ TX[WTNT_ QZ]X^ ZQ TY_P][]P_L_TZY LYO L^N]T[_TZY^ VYZbSZb ^ZNTLW TY^_T_`_TZY^ [Sd^T NLWWd LYNSZ]PO QZ]X^ ZQ MPSLaTZ] []PNZY^NTZ`^ ]Z`_TYP ^P\`PYNP^ LYO N`W_`]LWWd QZ]XPO PXZ_TZYLW XZ_TaL_TZYLW ^_L_P^ 4Y XPOTL _SPZ]TP^ _SP N`W_`]P^[PNTQTN NZOTYR^ LYO _SPT] ST^_Z]TNLW LYO N`W_`]LW NZY_TYRPYNd bP]P YZ_ LWbLd^ ^`QQTNTPY_Wd NZY^TOP]PO LYO _SP]PQZ]P _SP]P bL^ LWbLd^ LW^Z L WZb WPaPW ZQ LbL]PYP^^ ZQ _SP [Z^^TMWP ]PWL_TaT_d ZQ ZYPv^ ZbY []LN_TNP z QZ] PcLX[WP SZb ^_]ZYRWd _SP N`W_`]LWWd QZ]XPO [L__P]Y^ QWZbPO L_SPXL_TNLWWd TY_Z LNLOPXTN ]P[]P^PY_L_TZY ?SP QZWWZbTYR OT^N`^^TZY NZY_TY`P^ Z`] L[[PLW ^`[[Z]_TYR L XPLY TYRZ]TPY_PO NZYNP[_ ZQ N`W_`]P LYO QZ] _SP [ZbP] ZQ XPOTL []LN_TNP^ TY _SP QZ]XL_TZY ZQ N`W_`]P LYO ^`MUPN_ 1]ZX L []LcPZWZRTNLW [P]^[PN_TaP T_ L[[PL]^ _Z MP NPY_]LW YZ_ ZYWd _Z L^V LQ_P] _SP _PNSYZWZRd T_^PWQ M`_ LWbLd^ LW^Z LQ_P] _SP VYZbWPORPOP[PYOPY_ N`W_`]LWWd ^[PNTQTN bLd ZQ OPLWTYR bT_S _SP XPOTL _SL_ T^ LQ_P] _SP XPOTL []LN_TNP^ _SL_ L]P LWbLd^

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

"$

^TX`W_LYPZ`^Wd LP^_SP_TN []LN_TNP^ # @[ _Z YZb _SP LP^_SP_TN L^[PN_ SL^ MPPY RTaPY WT__WP L__PY_TZY TY _SP Z]LWT_dWT_P]LNd OPML_P ?ST^ ]P^`W_PO TY _SP WZ^^ ZQ LY TX[Z]_LY_ QLN_Z] TY _SP LYLWd^T^ MPNL`^P PaP]d ^ZNTLW []LN_TNP T^ L_ _SP ^LXP _TXP LWbLd^ L ^[PNTQTN QZ]X ZQ Pc[P]TPYNTYR ZQ ^PY^Z]d [P]NPTaTYR LYO ZQ LQQPN_TaP Z] YPL]Wd LQQPN_YP`_]LW ^PY^TYR >LY^V]T_ 3TYO`T^X ]P[]P^PY_^ LY TY_P]P^_TYR _P^_ NL^P QZ] _SP Z]LWT_d WT_P]LNd OPML_P LYO ^SZb^ _SL_ LM^_]LN_ _SZ`RS_ T^ [Z^^TMWP YZ_ ZYWd ZY _SP ML^T^ ZQ R]L[STN ]P[]P^PY_L_TZY ?SP ST^_Z]d ZQ _SP aZTNP LYO _SP TY_P]XPOTL]d eZYP ZQ ^ZYLWT_d TP Z]LWT_d N`X WT_P]LNd bT_S LY PX[SL^T^ ZY _SP ^Z`YOTYR bZ]O QZ]NP L OTQQP]PY_ ST^_Z]d ZQ _SZ`RS_ [P]QZ]XLYNP N`W_`]P NLYZY QZ]XL_TZY ^dXMZWTeL_TZY^ TY_P][]P_L_TZY ZQ WLYR`LRP LYO _SP bZ]WO ZQ [ZP_]d LYO PaPY ZQ b]T_TYR LYO _SP N`W_`]P ZQ PO`NL_PO WT_P]L_T Z] XZ]P RPYP]LWWd ^[PLVTYR ZQ _SP QZ]XL_TZY ZQ N`W_`]P LYO ^`MUPN_ ?SP [Z^_`WL_PO ]PWPaLYNP ZQ TYaP^_TRL_TYR YZ_ ZYWd _SP XPOTL M`_ LW^Z _SP N`W_`]LW NZOTYR []LN_TNP^ ]P^`W_^ TY YZ_ ZYWd L ^PWQN]T_TNLW aTPb ZQ _SP ST^_Z]d ZQ ^NTPYNP LYO ^NTPY_TQTN ]P[]P^PY_L_TZY M`_ `W_T XL_PWd LW^Z TY LY Pc[LYOPO NZYNP[_ ZQ _SP XPOTL z T_^ Pc_PY^TZY _Z TY NW`OP ^dXMZWTN QZ]X^ 3P]P T_ T^ YZ_ T]]PWPaLY_ _Z ]P[]P^PY_ 2ZZOdv^ WT_P]LNd _SP^P^ TY ^ZXPbSL_ XZ]P OP_LTW LYO _Z ]ZWW Z`_ _SP Z]LWT_d WT_P]LNd OPML_P M]TPQWd MPNL`^P 2ZZOd LYO ST^ N]T_TN^ MZ_S _`]YPO `[ TX[Z]_LY_ L^[PN_^ LYO Z`] [Z^T_TZY SL^ ^ZXP [ZTY_^ TY NZXXZY bT_S _SP _bZ NLX[^ LYO ^ZXP [ZTY_^ _SL_ OTQQP]PY_TL_P T_ Q]ZX _SPX

"

:]LWT_d7T_P]LNd /PML_P LYO >LY^V]T_ .`W_`]P

,NNZ]OTYR _Z 5LNV 2ZZOd bSZ _ZRP_SP] bT_S 4LY BL__ QT]^_ [`_ QZ]bL]O ST^ ^PXTYLW _SP^P^ ZY _SP PQQPN_^ ZQ b]T_TYR TY _SP $!^ LYO $"^ YZ Z_SP] N`W_`]LW _PNSYZWZRd SLO ^`NS L ^_]ZYR TYQW`PYNP ZY N`W_`]P L^ L bSZWP ^ZNTP_d LYO _SZ`RS_ L^ _SP N]PL_TZY ZQ L b]T__PY _]LOT_TZY 3P L]R`PO _SL_ YZ Z_SP] _PNSYZWZRd SLO M]Z`RS_ LMZ`_ ^`NS L ]LOTNLW NSLYRP LYO MZ`_ ZQ TYYZaL_TZY TY _SP ]PLWX ZQ PNZYZXd ]PWTRTZY ^ZNTLW Z]RLYTeL_TZY LYO NZRYT_TZY L^ LW[SLMP_TN b]T_TYR LYO WL_P] _SP []TY_TYR ZQ MZZV^ 3P ^_L_PO _SL_ bSP]PaP] _SP^P N`W_`]LW _PNSYZWZRTP^ PXP]RPO _SP]P bL^ L ^_PP[ PO`NL_TZYLW [d]LXTO ?SP N]PL_TZY ZQ L b]T__PY _]LOT _TZY LNNZ]OTYR _Z _SP NPY_]LW L]R`XPY_ ]PaZW`_TZYTePO _SP WT_P]L]d []Z O`N_TZY _]LY^XT^^TZY LYO ^_Z]LRP ^d^_PX^ LYO QZ^_P]PO YPb bLd^ ZQ SLYOWTYR TYQZ]XL_TZY LYO YPb ^d^_PX^ ZQ NZXX`YTNL_TZY B]T_TYR LYO []TY_TYR P^_LMWT^SPO Pc_P]YLW XPXZ]d MLYV^ bSTNS ]PYOP]PO TY_P]NZ`]^P MP_bPPY S`XLY MPTYR^ YZ WZYRP] ^`MUPN_ _Z _SP _]LY^TPYNP ZQ Z]LW ^[PPNS LYO XLOP T_ [Z^^TMWP _Z NZXX`YTNL_P LN]Z^^ ^[LNP LYO _TXP LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP LW^Z =PNVbT_e @Y^NSL]QP 2]PYePY  !z!! "  !# "

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

LNNZ]OTYR _Z 2ZZOd _SPd _SP]PQZ]P YPNP^^L]TWd SLO []ZQZ`YO PQQPN_^ ZY _SP ^[]PLO LYO Z]RLYTeL_TZY ZQ VYZbWPORP :Y _SP ZYP SLYO _SPd XLOP [Z^^TMWP NZOTQTNL_TZY []PNT^TZY Pc[WTNL_TZY aP]TQTLMTWT_d LYO _SP QTcTYR ZQ bSL_ bL^ [L^^PO OZbY XLVTYR T_ `YLW_P]LMWP 4Y LOOT_TZY _Z NZY^P] aL_TZY LYO ^_LYOL]OTeL_TZY RZTYR L^ QL] L^ ]TRTOT_d SZbPaP] 2ZZOd NWLTXPO _SP]P bP]P LW^Z ST_SP]_Z `YVYZbY [Z^^TMTWT_TP^ QZ] NSLYRP TYYZaL_TZY LYO ]PQZ]X 4_ bL^ ZYWd b]T_TYR _SL_ Z[PYPO `[ LW_P]YL_TaP^ LYO _S`^ XLOP YPb OPaPWZ[XPY_^ LYO YPb TY_P][]P_L_TZY^ [Z^^TMWP ,NNZ]OTYR _Z 2ZZOd _SP XZ^_ MWL_LY_ Pc[LY^TZY^ TY VYZbWPORP _PNSYZW ZRd TYNW`OPO []ZQP^^TZYLWTeL_TZY RPYP]LWTePO OPNZY_Pc_`LWTePO L`_SZ] T_d QZ]XLW NL_PRZ]TeL_TZY LYO WZRTNLW _SZ`RS_ # 2ZZOd ^Lb ]PWTRTZY^ L^ [WLdTYR L OPNT^TaP ]ZWP TY _SP ^[]PLO ZQ PO` NL_TZY 3P [P]NPTaP^ L NWZ^P NZYYPN_TZY MP_bPPY WT_P]LNd LYO ]PWTRTZY LYO ^ZXP_TXP^ PaPY XPY_TZY^ ]PWTRTZ`^ WT_P]L_`]P^ TY _SP ^LXP M]PL_S L^ LW[SLMP_TN b]T_TYR 3P [Z^_`WL_P^ _SL_ bT_SZ`_ b]T_TYR _SP]P bZ`WO MP YZ ]PWTRTZY LYO LW^Z _SL_ ]PWTRTZY []ZXZ_P^ WT_P]LNd MPNL`^P ]PWTRTZ`^ R]Z`[^ bP]P LXZYR _SZ^P _SL_ bP]P OZXTYLY_ TY ^ZNTP_d LYO NP]_LTY WT_P]L_`]P^ MPNLXP L ]PQP]PY_TLW ML^P QZ] ^ZNTP_d L^ L bSZWP PaPY QZ] _SP `YWP__P]PO XL^^P^ WZYR MPQZ]P MZZV^ bP]P []TY_PO BSTWP 2ZZOd NZY ^TOP]^ L NZYNP[_ QZ] ]PWTRTZY _Z MP XT^^TYR Q]ZX ]PWTRTZ`^ ^d^_PX^ TY N`W_`]P^ bT_SZ`_ b]T_TYR w[L]_Wd MPNL`^P XLRTNZ]PWTRTZ`^ LN_TaT_TP^ QZ]X L [L]_ ZQ XZ^_ ^ZNTLW LN_TZYx # SP YZ_P^ _SL_ _SP ]PWTRTZ`^ WT_P]L _`]P^ LYO WT_P]L_P NS`]NSP^ XLOP _SP _PLNSTYR NZ][`^ LYO WT_`]RTP^ w]TRTOx TP OZRXL_TN STRSWd ]T_`LWT^_TN QTcL_PO ZY ]`WP^ LYO Z]_SZ OZc ,^ ^ZZY L^ Xd_S^ L]P b]T__PY OZbY SP ^LTO _SPT] ^_]`N_`]P NZY _PY_^ LYO WLYR`LRP NSLYRP& _SPd _LVP ZY L `YTaP]^LWT^_TN ^_LYNP LYO MP NZXP RPYP]LWTePO YZ]XL_TaP ^_L_PXPY_^ LYO wTYOP^_]`N_TMWP OZN`XPY_^ ZQ L WL]RP bZ]WO ]PWTRTZYx XPLYTYR TYOP^_]`N_TMWP OZN`XPY_^ ZQ L WT_P] L]d ]PWTRTZY ,NNZ]OTYR _Z 2ZZOd _SP bZ]WO ]PWTRTZY^ L]P NSL]LN_P]TePO Md _SPT] ^[]PLO LYO XT^^TZY LN]Z^^ WL]RP RPZR]L[STNLW ]PRTZY^ _SLYV^ _Z b]T_TYR LYO Md OPQTYT_TZY Md SZWd ^N]T[_`]P^ LYO _SPT] TY_P][]P_L_TZY 3TYO`T^X LYO _SP APOL L]P YZ PcNP[_TZY _Z _ST^ ?SP []ZNP^^ ZQ >LY ^V]T_TeL_TZY bL^ ML^PO ZY _SP Pc[LY^TZY ZQ WT_P]L_`]P TY _SP QZ]X ZQ L WPRLW NZOPc LYO SZWd ^N]T[_`]P^ LYO _SPT] ^[]PLO PaPY TY_Z _SP w^XLWW _]LOT_TZYx ZQ Z]LW aTWWLRP N`W_`]P^ LYO QL] MPdZYO 4YOTL T_^PWQ # 4Y 2ZZOdv^ aTPb 4YOTL SL^ L aP]d ZWO WT_P]L_P N`W_`]P LYO SL^ OPXZY ^_]L_PO NWPL] NSL]LN_P]T^_TN^ ZQ b]T__PY _]LOT_TZY L_ WPL^_ ^TYNP WL_P APOTN _TXP^ ?SP^P NSL]LN_P]T^_TN^ TYNW`OP OPQTYT_TaPWd ^d^_PXTN _SZ`RS_ ^NT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 8Z^_ ZQ _SP XLUZ] L]R`XPY_^ L]P ^`XXL]TePO TY 2ZZOd 7ZRTN ZQ B]T_TYR  "z#  # 2ZZOd 7ZRTN ZQ B]T_TYR  " :Y _SP QZWWZbTYR NQ 2ZZOd 0Y_^_PS`YR `YO 1ZWRPY  & 7ZRTV OP] >NS]TQ_  " LYO ST^ TY_]ZO`N_TZY TY 7T_P]LWT_Æ_   LYO $ # 2ZZOd 7T_P]LWT_Æ_  "Q& 7ZRTN ZQ B]T_TYR  z  "

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

#

PYNP LYO STRSP]WPaPW PO`NL_TZY bSTNS LNNZ]OTYR _Z _SP ^`[[Z]_P]^ ZQ _SP WT_P]LNd L]R`XPY_ LWbLd^ OP[PYO ZY b]T_TYR Z] bP]P ZYWd LMWP _Z PXP]RP LQ_P] _SP LOaPY_ ZQ LW[SLMP_TN b]T_TYR 2ZZOd Pc[WLTY^ _SL_ TY 4YOTL _ST^ OTO YZ_ PWTNT_ _SP ^LXP PQQPN_^ L^ TY 0`]Z[P MPNL`^P ZQ _SP -]LSXLYTN []TP^_^v XZYZ[ZWd ?SP ML^TN XZOPW TY ST^ QT]^_ bZ]V bL^ 2]PPNP ^TYNP T_ bL^ SP]P _SL_ _SP QT]^_ [SZYP_TN LW[SLMP_ LYO WT_P]L_P ^ZNTP_d QZ]XPO Pc_PYOTYR MP dZYO ^NSZWL]^v NT]NWP^ MP_bPPY _SP PTRS_S LYO QTQ_S NPY_`]TP^ -. ?SP _SP^P^ LMZ`_ _SP PQQPN_^ Z] b]T_TYR bP]P QL]]PLNSTYR 2ZZOd LYO BL__ YZ_ ZYWd _SZ`RS_ _SPd SLO WPQ_ _SPT] XL]V ZY _SP bSZWP ZQ BP^_P]Y N`W _`]P M`_ LW^Z NZY^TOP]PO _SPX _Z MP `YTaP]^LW ?SP w[ZbP] ZQ _SP b]T_ _PY _]LOT_TZYx T^ ^TX[Wd `YWTXT_PO ?SP Y`XP]Z`^ LNSTPaPXPY_^ _SL_ L]P L__]TM`_PO _Z _SP `^P ZQ b]T_TYR TY RPYP]LW LYO bTOP^[]PLO WT_P]LNd TY [L]_TN`WL] TYNW`OP []LN_TNLWWd PaP]d_STYR ZQ TY_P]P^_ LMZ`_ L N`W_`]P LYO LW^Z _SL_ bSTNS _SP BP^_P]Y _]LOT_TZY SL^ SPWO OPL] ^TYNP _SP 0YWTRS_ PYXPY_% []ZR]P^^ ]L_TZYLWTeL_TZY `YTaP]^LW PO`NL_TZY OPXZN]LNd N]T_TNLW QLN`W_TP^ ST^_Z]TNLW LYO ^NTPY_TQTN _SZ`RS_ NL[LNT_d QZ] LM^_]LN _TZY LYO RPYP]LWTeL_TZY TYOTaTO`LWT^X LYO XLYd Z_SP] _STYR^ MP^TOP^ 2ZZOdv^ _SPZ]d bL^ TXXPY^PWd [ZbP]Q`W ?SP ^_]TN_ L]R`XPY_L_TZY LYO _SP Y`XP]Z`^ PcLX[WP^ bP]P aP]d NZYaTYNTYR ;]ZMLMWd YZZYP bZ`WO bLY_ _Z OPYd _SP YPb [Z^^TMTWT_TP^ ZQ ^[]PLOTYR VYZbWPORP LYO _SP NZYOT_TZY^ XZ]P NZYO`NTaP _Z M`]PL`N]LNd L ^_L_P PNZYZXd LYO []Z[LRLYOL LYO ]PWTRTZ`^ []Z^PWd_TeL_TZY WP_ LWZYP _SP TYN]PL^PO PO` NL_TZYLW Z[[Z]_`YT_TP^ L]T^TYR Q]ZX R]PL_P] RPYP]LW WT_P]LNd DP_ _SP [Z^_`WL_PO OTQQP]PYNP MP_bPPY _SP Z]LW LYO b]T__PY Z]RLYTeL_TZY ZQ VYZbWPORP bL^ RTaPY LY LXMTaLWPY_ ]PNP[_TZY :Y _SP ZYP SLYO _ST^ _SP^T^ TY [L]_TN`WL] bL^ NZYQT]XPO XLYd _TXP^ ZaP] 4_ bL^ PL^d _Z WTYV T_ bT_S _SPZ]TP^ LMZ`_ _SP []TY_ N`W_`]P 8N7`SLY LYO T_ TY^[T]PO _SPZ ]TP^ LMZ`_ N`W_`]LW XPXZ]d LYO NLYZY QZ]XL_TZY ,^^XLYY 4_ bL^ LW^Z Pc[LYOPO TY _SPZ]TP^ ZY Z]LWWd ML^PO _SZ`RS_ LYO Pc[]P^^TZY :YR 4Y LOOT_TZY _Z ^`NS ^d^_PXL_TN NZY_TY`L_TZY 2ZZOdv^ _SP^P^ bP]P _LVPY `[ Md XLYd ST^_Z]TNLW TYOTaTO`LW ^_`OTP^ TY bSTNS _SPd bP]P NZYQT]XPO LYO [`_ ZY L QT]XP] QZ`YOL_TZY :Y _SP Z_SP] SLYO _SPd LW^Z PWTNT_PO SPQ_d N]T_TNT^X LXZYR ^ZXP 4YOZWZRT^_^ LYO P_SYZWZRT^_^ BSTWP _SP _SPZ]d L[[L]PY_Wd []ZaTOPO L RZZO Q]LXPbZ]V QZ] LYLWd^T^ TY 0`]Z[P T_ bL^ YZ_ aP]TQTPO TY Z_SP] N`W_`]P^ Z] PW^P ZYWd [L]_TLWWd NZYQT]XPO ?SP Z]LW T_dWT_P]LNd OPML_P _SL_ QWL]PO `[ bL^ SZbPaP] ]L]PWd L^^ZNTL_PO ^ZWPWd bT_S ZMUPN_TaP [ZTY_^ ZQ NZY_PY_TZY 4Y^_PLO _SP]P bP]P LW^Z L^[PN_^ ZQ L[ZWZRd LYO N]T_TNT^X ZQ TOPZWZRd bSTNS Pc[WLTY _SP SPL_ ZQ _SP OT^ [`_P :YP ZQ _SP XLTY [ZTY_^ OT^[`_PO bL^ _SP `YTaP]^LWT^_TN L]R`XPY_ ZQ ]L_TZYLWT_d MPTYR OP[PYOPY_ `[ZY b]T_TYR TP T_ bL^ _SP _SP^T^ ZQ OTQQP]PY_ XZOP^ ZQ _SZ`RS_ LYO _d[TNLW L^[PN_^ ZQ N`W_`]P^ ZQ Z]LW LYO WT_P]L_P ^ZNTP_TP^ _SL_ 2ZZOd ]P[PL_POWd OPQPYOPO bSTNS _]TRRP]PO _SP

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

XZ^_ NZY_]ZaP]^TP^ 9Z_ WPL^_ _SP 2]PPV XZOPW bL^ LW^Z L MZYP ZQ NZY _PY_TZY 0_SYZWZRT^_^ ^Lb _SP wR]PL_ OTaTOPx ]PPXP]RTYR LYO LW^Z 4YOZWZ RT^_^ bP]P T]]T_L_PO MZ_S Md _SP _SP^T^ _SL_ ZYWd b]T_TYR SLO XLOP ^d^ _PXL_TN LYO ^NTPY_TQTN _SZ`RS_ LYO LW_P]YL_TaP^ [Z^^TMWP LYO Md _SP XZOPW ZQ 2]PPNP ?SP 2ZZOdBL__ _SP^T^ OTO TYOPPO ^Z`YO L^ TQ ZYWd _SP NZY_TYRPY_ OPaPWZ[XPY_ ZQ ZYP N`W_`]P _SP BP^_P]Y ZYP ZQ NZ`]^P bL^ `YTaP]^LWTePO LYO `^PO L^ L dL]O^_TNV QZ] PLNS LYO PaP]d OPaPWZ[XPY_ L^ SL^ SL[[PYPO ^Z ZQ_PY TY LNLOPXTN ^_`Od ,YO _SP]P bL^ bZ]^P _Z NZXP% _SP _SP^T^ LW^Z ^Z`YOPO WTVP _SP ]PT_P]L_TZY ZQ LY Z_SP] [Z[`WL] []ZMWPXL_TN [L__P]Y TY LNLOPXTN ^_`Od% 2]PPNP TYaPY_PO ]L_TZYLWT_d& Z]LW N`W_`]P^ L]P WP^^ ]L_TZYLW& _SP BP^_v^ `YT\`P ST^_Z]d ZQ ]L_TZYLWTeL_TZY OT^_TYR`T^SP^ T_ Q]ZX LWW Z_SP] N`W_`]P^ 4_ bL^ PL^d _Z SPL] L wBP^_ T^ MP^_x TOPZWZRd TY 2ZZOdv^ QT]^_ [`MWTNL_TZY L^ 1]T_^ >_LLW OTO bSZ^P TX[]P^^TaP ^_`Od ZY _SP APOTN L]_ ZQ XPXZ]TeTYR ^SL][Wd LYO L[ZWZRP_TNLWWd NZ`Y_P]PO 2ZZOd Md ^LdTYR% wBP  QTYO TY 4YOTL L_ WPL^_ _bZ _]LOT_TZY^ ZQ _]LY^XT^^TZY _SL_ L]P QZ]XLW LYO XZ]P Z] WP^^ ]PWTLMWP TY _SPT] []P^P]aTYR Q`YN_TZY :YP T^ b]T__PY LYO ZQ ]PWL_TaPWd ]PNPY_ OL_P& T_ PcSTMT_^ ^_]`N_`]P^ _SL_ L]P LW^Z QZ`YO TY Z_SP] ^TXTWL] _]LOT_TZY^ ?SP Z_SP] T^ Z]LW LYO aP]d LYNTPY_& T_ T^ NWZ^PWd ]PWL_PO _Z _d[TNLWWd 4YOTLY QZ]X^ ZQ ^NTPYNP F_SP APOTN ^_`Od ZQ ]T_`LW LYO _SP R]LX XL]H ?ST^ WL__P] _]LOT_TZY T^ Md QL] _SP XZ]P ]PXL]VLMWP YZ_ XP]PWd MP NL`^P T_ T^ NSL]LN_P]T^_TNLWWd 4YOTLY LYO `YWTVP LYd_STYR bP QTYO PW^PbSP]P M`_ LW^Z MPNL`^P T_ SL^ WPO _Z ^NTPY_TQTN OT^NZaP]TP^ _SL_ L]P ZQ PYO`]TYR TY _P]P^_ LYO Q]ZX bSTNS _SP NZY_PX[Z]L]d BP^_ ^_TWW SL^ X`NS _Z WPL]Y ?SP PcT^_PYNP ZQ _ST^ WL__P] _]LOT_TZY OPXZY^_]L_P^ TY [L^^TYR _SL_ _SP 2ZZOd BL__ _SP^T^ T^ YZ_ bT_SZ`_ TX[Z]_LY_ PcNP[_TZY^  BP L]P ^_TWW `YOP] _SP ^bLd ZQ N`W_`]LW []PU`OTNP^% _SP []PU`OTNP _SL_ b]T_TYR T^ XZ]P ]PWTLMWP LYO _SP]PQZ]P MP__P] _SLY XPXZ]d  LYO _SP N]ZbYTYR []PU`OTNP  _SL_ ^NTPYNP LYO PaPY ]L_TZYLWT_d Z]TRTYL_PO Q]ZX WT_P]LNd ,WW _SP^P []PU`OTNP^ L]P YZ_ XP]PWd N`W_`]LW% _SPd TWW`^_]L_P TY _Pc_MZZV QL^STZY _SP OZ`MWP Z]TRTY ZQ NZY_PX[Z]L]d bP^_P]Y NTaTWT^L_TZY :YP PWPXPY_ RZP^ MLNV _Z _SP ZWO XLcTX  _SL_ _SP 2]PPV^ SLO TYaPY_PO PaP]d_STYR LYO P^[PNTLWWd ^NTPYNP& _SP Z_SP] RZP^ MLNV _Z _SP Z]TRTY^ ZQ XZYZ_SPT^X LYO u_SP ]PWTRTZY^ ZQ _SP MZZVv  MZ_S L]P QTYLWWd LYO YL_`]LWWd ^_]PYR_SPYPO Md _SL_ LWbLd^ NZX QZ]_TYR QPPWTYR _SL_ bP L]P `W_TXL_PWd XZ]P ]PWTLMWP LYO _SP]PQZ]P MP__P] _SLY LYdZYP PW^Px #

2ZZOd SZbPaP] bL^ WP^^ TY_P]P^_PO TY 2]PPNP LYO _SP XZYZ_SPT^_TN MZZV ]PWTRTZY^ _SLY TY L RPYP]LWWd aLWTO ^_]`N_`]LW _SPZ]d 3P NZY_TY` LWWd OPaPWZ[PO LYO OTQQP]PY_TL_PO ST^ WT_P]LNd _SP^P^ QZWWZbTYR ST^ QT]^_ bZ]V LYO L__PX[_PO _Z `YOP][TY _SPX bT_S LOOT_TZYLW XL_P]TLW ZY ^`M UPN_^ ^`NS L^ APOTN 4YOTL 3P]P SP RLaP _SP TY_P]QLNP MP_bPPY Z]LW LYO b]T__PY _]LOT_TZY MP__P] NZY^TOP]L_TZY LYO M]Z`RS_ Z`_ XZ]P ^_]ZYRWd _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >_LLW w1TOPWT_d ZQ :]LW ?]LOT_TZY^x "z# " z"!

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

#

OTQQP]PYNP MP_bPPY [`]PWd Z]LW ^ZNTP_TP^N`W_`]P^ TP _SZ^P bT_SZ`_ b]T_TYR LYO Z]LW _]LOT_TZY^ TY N`W_`]P^ TY [Z^^P^^TZY ZQ b]T_TYR 3P MLNVPO _ST^ `[ PX[T]TNLWWd bT_S NZX[L]T^ZY^ bT_S ST^ ZbY QTPWO ]P ^PL]NS TY BP^_P]Y ,Q]TNL #! 2ZZOd LWbLd^ XLTY_LTYPO _SP _SP^T^ _SL_ 4YOTL _ZZ [Z^^P^^PO L aP]d ZWO N`W_`]P ZQ b]T_TYR LYO PaPY NPXPY_PO T_ Q`]_SP] ^PP MPWZb 3P OTO NZYNPOP _SL_ _SP NZX[WPc APOL XPXZ]TeL _TZY LYO _SP _]LY^XT^^TZY ZQ ;£©TYTv^ TYRPYTZ`^ LM^_]LN_ R]LXXL]  _S _Z _S NPY_ -. bL^ ML^PO ZY Z]LW NZXX`YTNL_TZY M`_ ^PP^ LW[SLMP_TN b]T_TYR L^ L []P]P\`T^T_P >NTPY_TQTN _SZ`RS_ bT_SZ`_ L WT_P]L]d N`W_`]P ]PXLTY^ TYNZYNPTaLMWP QZ] STX 3L]]d 1LWVv^ LWWPYNZX[L^^TYR ]P_Z]_ w2ZZOTP^ QZ] 4YOTL*x bTWW MP PcLXTYPO XZ]P NWZ^PWd MPWZb ,WZYR^TOP Y`XP]Z`^ ZMUPN_TaP L]R`XPY_^ PR _SP []ZaPY `^P ZQ LY LW[SLMP_TN ^N]T[_ ZYWd LQ_P] _SP _ST]O NPY_`]d -. LXZYR _SP -`OOST^_^ LYO _SP ^PN ZYO NPY_`]d -. LXZYR _SP -]LSXTY^ 1LWV ^`RRP^_^ NZY^TOP]TYR T_ XTRS_ MP Z`] BP^_P]Y []ZMWPX _SL_ bP NLYYZ_ TXLRTYP ]PXL]VLMWd PL]Wd ^NTPY_TQTN LNSTPaPXPY_^ ^`NS L^ ;£©TYTv^ R]LXXL] MPTYR [Z^^TMWP bT_S Z`_ b]T_TYR #" 1LWV bT__TWd YZ_P^ _SL_ w:YWd _SP XP_LWLYR`LRP `^PO QZ] NZX[`_P]^ NZXP^ NWZ^P _Z _SP XP_SZO L[[WTPO Md _SP LYNTPY_ R]LXXL] TLY /ZP^ _ST^ XPLY _SL_ ;£©TYT SLO LNNP^^ _Z L ;.*x ## ?SP bZ]V Md 2ZZOd _SL_ 1LWV bL^ ]PLN_TYR _Z NZY_LTYPO YZ_ ZYWd YPb L]R`XPY_^ ]PRL]OTYR 4YOTL M`_ LW^Z L ]P[P_T_TZY ZQ ST^ Q`YOLXPY_LW _SP^T^ _SL_ b]T_TYR YPNP^^L]TWd LQQPN_PO NZRYT_TZY LYO _SZ`RS_ ^_]`N_`]P^ 2ZZOd ^_`NV aPSPXPY_Wd _Z _ST^ L]R`XPY_ TY LWW ZQ ST^ b]T_TYR^ LYO NWLTXPO% wFBH]T_TYR LQQPN_^ NZRYT_TaP []ZNP^^P^ TY TX[Z]_LY_ bLd^ L^ bP SLaP ^PPY TY _SP OT^N`^^TZY ZQ NZYNP[_`LW WT^_TYR LOXTYT^_]L_TaP WT^_^ LYO _SP OPaPW Z[XPY_ ZQ XZ]P ]PR`WL] LYO ^d^_PXL_TN XZOP^ ZQ []ZZQ LYO L]R`XPY_ ?SP^P M]TPQ NZXXPY_^ ^`RRP^_ SZb _SP XL_P]TLW  ZY _SP OTQQP]PYNP^ ZQ b]T__PY LYO Z]LW WLYR`LRP^ OT^[WLd^ ^ZXP ^_]TVTYR ^TXTWL]T_TP^ _Z LYZ_SP] OTQQP]PYNP bSTNS SL^ MPPY _LWVPO LMZ`_ TY aLR`P N`W_`]LW _P]X^  _SP OZ XP^_TNL_PO LYO _SP ^LaLRP  []TXT_TaP LYO LOaLYNPO  ^TX[WP LYO NZX [WPc SZ_ LYO NZWO >ZXP XLUZ] OTQQP]PYNP^ _Z`NSPO `[ZY TY _ST^ OT^N`^^TZY NLY ]PL^ZYLMWd MP L__]TM`_PO _Z _SP LOaPY_ ZQ b]T_TYR LYO _SP ^`M^P\`PY_ OPaPWZ[XPY_^ z _SP QZ]XLWTeL_TZY ZQ OT^NZ`]^P ^ZXP QZ]X^ ZQ LM^_]LN_TZY^ ZQ WZRTN PR _SP ^dWWZRT^X LYO ZQ ]L_TZYLWT_d YZ_ TY _SP ^PY^P _SL_ NZX XZY `^LRP `^`LWWd P^[Z`^P^ M`_ TY L XZ]P ]P^_]TN_PO QL^STZY _SL_ ]PQP]^ _Z _SP LYLWd^T^ ZQ QZ]XLW []Z[Z^T_TZY^ TY bLd^ _SL_ ^PPX _Z OP[PYO `[ZY aT^ `LW TY^[PN_TZY LYO XL_P]TLW XLYT[`WL_TZY #$  FB]T_TYR N`W_`]PH T^ L_ ZYNP XZ]P ]PQWPN_TaP LYO L_ _SP ^LXP _TXP [P]XT_^ _Z ]PZ]RLYTeP _SP Z]OP] ZQ

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! .Q 2ZZOd 4Y_P]QLNP LYO ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY  !z!& ZY _SP ^STQ_ Q]ZX ^[PPNS _Z b]T_TYR TMTO " P_ ^P\ #" 1LWV w2ZZOTP^ QZ] 4YOTLx  ## 1LWV w2ZZOTP^ QZ] 4YOTLx ! #$ 2ZZOd 4Y_P]QLNP  $z$

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_STYR^ _Z bZ]V Z`_ _SP XPLYTYR ZQ _STYR^ _Z Pc[WTNL_P XZ]P QZ]XLWWd  .ZRYT_TaPWd L^ bPWW L^ ^ZNTZWZRTNLWWd b]T_TYR `YOP][TY^ uNTaTWTeL_TZYv _SP N`W_`]P ZQ _SP NT_TP^x $

?ST^ _SP^T^ ZQ 2ZZOdv^ PcP]NT^PO LY L^_ZYT^STYR L__]LN_TZY MZ_S LXZYR []Z[ZYPY_^ bSZ ^Lb T_ NZYQT]XPO LYO LXZYR Z[[ZYPY_^ bSZ NLXP Z`_ bT_S SL]^S N]T_TNT^X 4Q L NZY_PX[Z]L]d NZX[TWL_TZY NZYNP]YTYR _SP 8TOOWP ,RP^ NLWW^ T_^PWQ wATaL AZc `YO =L_TZ >N]T[_`]Lx _ST^ ^SZb^ U`^_ SZb ^_]ZYRWd TY_P]YLWTePO 2ZZOdv^ LYO :YRv^ _SP^P^ MPNLXP TY _SP ST^_Z]d ZQ ^NTPYNP LYO SZb _SP VYZbWPORP RPYP]L_PO _S]Z`RS ST^ ]P[]P^PY_L_TZY X`_L_PO TY_Z QLN_`LW ]PLWT_d 3ZbPaP] _SP]P bP]P LW^Z ^_]ZYR Z[[ZYPY_^ bSZ ]LT^PO ZMUPN_TZY^ ?SPd TYNW`OPO YZ_ ZYWd >_LLW LYO 1LWV M`_ LW^Z P_SYZWZRT^_^ bSZ ^Lb _SP wR]PL_ OTaTOPx ]P[]ZO`NPO LYO LY ZM^ZWP_P ^NTPYNP [L]LOTRX ]PaTaPO& _SP OTaT^TZY ZQ _SP bZ]WO _SL_ 7Ëad-]`SW bL^ LNN`^PO ZQ TY_Z w`^ LYO _SPXx TY_Z wXZOP]Yx wWZRT NLW ]L_TZYLWx LYO w[]TXT_TaPx w[]PWZRTNLWx wXd^_TNx LYO ML^PO ZY _SP wWLb ZQ [L]_TNT[L_TZYx QZ]X^ ZQ XPY_LWT_d LYO ^ZNTP_TP^ 4Y _SP QLNP ZQ NSLWWPYRP^ Q]ZX N]T_TN^ WTVP _SP^P 2ZZOd ]P[PL_POWd OPQPYOPO STX^PWQ LRLTY^_ _SP LNN`^L_TZY ZQ _SP wR]PL_ OTaTOPx $ ?SP \`Z_L_TZY LMZaP T^ T_^PWQ [L]_ ZQ ST^ L[ZWZRd 1Z] STX _SP]P bL^ YZ_STYR OPQLXL_Z]d LMZ`_ OTQQP]PY_TL_TYR MP_bPPY Z]LWT_d LYO WT_P]LNd 3P QPW_ OPP[Wd XT^`YOP]^_ZZO LYO LWW _SP XZ]P ^Z MPNL`^P SP ^Lb _SP PQQPN_^ ZQ WT_P]L_P N`W_`]P LW]PLOd MPNZXTYR L[[L]PY_ TY []PXZOP]Y N`W_`]P^ ^`NS L^ LYNTPY_ 8P^Z[Z_LXTL LYO APOTN 4YOTL , N`W_`]LW LY_S]Z[ZWZRT^_ bT_S QTPWO Pc[P]TPYNP TY BP^_P]Y ,Q]TNL SP OPQTYT_PWd LNVYZbWPORPO _SP ^[PNTLW LNSTPaPXPY_^ ZQ [`]PWd Z]LW WT_P]L_`]P _]LOT_TZY^ ^`NS L^ R]PL_P] QWPcTMTWT_d NZY^_LY_ NZY_Pc_`LWTeL_TZY WTaPWTYP^^ QLNP_ZQLNP TY_P]LN _TZY P_N 3P NWLTXPO SP bL^ P^[PNTLWWd TY_P]P^_PO TY _SP OT^^ZW`_TZY ZQ _ZZ ^TX[WT^_TN U`c_L[Z^T_TZY^ WTVP wXZOP]Yx a^ w_]LOT_TZYLW []P XZOP]Yx -`_ SP LOOPO _SL_ _SP NZX[L]T^ZY MP_bPPY [`]PWd Z]LW N`W _`]P^ bT_SZ`_ b]T_TYR bT_S N`W_`]P^ _SL_ `_TWTeP _SP wb]T__PY NSLYYPW TY aL]TZ`^ bLd^ LYO aL]TZ`^ NZY_Pc_^ RTaTYR ]T^P [P]SL[^ _Z ]P^_]TN_PO WT_P]LNdx $ XLOP T_ YPNP^^L]d YZ_ _Z ZaP]WZZV M`_ _Z ]P^NSPO`WP _SP OTQQP]PYNP^ wRTaTYR XZ]P bPTRS_ _Z _SP _PNSYZWZRTP^ LYO NZY_PY_^x $ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2ZZOd 4Y_P]QLNP   :`] PX[SL^T^ $ .Q 2ZZOd 7ZRTN ZQ B]T_TYR  #z# & 4Y_P]QLNP $z& ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY  Q z  $ 2ZZOd ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY   .Q LW^Z 2ZZOd 4Y_P]QLNP  $ bSP]P SP ^PP^ STX^PWQ TY LY wTY_P]XPOTL]d [Z^T_TZYx _SL_ YPT_SP] ]ZXLY_TNTeP^ Z]LW N`W_`]P^ YZ] RWZ]TQTP^ WT_P]L_P N`W_`]P^% wBP SLaP _Z MP NL]PQ`W YZ_ _Z ^P_ `[ Z]LW N`W_`]P^ L^ XZ]P ^L_T^QdTYR aP]^TZY ZQ Z`] ZbY NZ]]`[_PO NTaTWTeL_TZY LYO ZY _SP Z_SP] SLYO YZ_ _Z ^PP _SL_ NTaTWTeL_TZY _SP N`W_`]P ZQ NT_TP^ L b]T__PY N`W_`]P L^ _SP N`]P QZ] LWW ML]ML]T^X^ 4_ T^ U`^_ ^`NS LY TY_P]XPOTL]d [Z^T_TZY bP SLaP _]TPO _Z XLTY_LTY MP_bPPY _SP b]T__PY LYO _SP Z]LWx $ 2ZZOd 7ZRTN ZQ B]T_TYR  #

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

#

3P QZ`YO ST^ TY^TRS_^ ZY _SP OTQQP]PY_ TX[WTNL_TZY^ ZQ Z]LW LYO b]T__PY NZXX`YTNL_TZY NZ]]P^[ZYOPO bT_S ZM^P]aL_TZY^ Md Z_SP] ]P^PL]NSP]^ bSZ SLO Pc[]P^^PO ^ZNTP_LW OTQQP]PYNP^ L^ NZY_]L^_^ MP_bPPY _SP `YTaP] ^LWT^_TN LYO _SP [L]_TN`WL]T^_TN MP_bPPY _SP LM^_]LN_ LYO _SP NZYN]P_P MP_bPPY _SP QWPcTMWP LYO _SP QZ]XLW $ 2ZZOd LOOPO ST^ TY^TRS_^ wXLd LW^Z SLaP TX[Z]_LY_ [Sd^TZWZRTNLW NZ]]PWL_P^ L]T^TYR Z`_ ZQ _SP SPXT ^[SP]TN OTQQP]PYNP^ TY _SP M]LTY bSTNS TYQW`PYNP _SP []ZNP^^TYR ZQ ^PY ^Z]d XL_P]TLWx $ :]LW N`W_`]P^ SP ^LTO bP]P YZ_ YZYWZRTNLW Z] []P WZRTNLW `YWP^^ wTY L aP]d YL]]Zb ^PY^P ZQ _SZ^P bZ]O^x $! ?SP YPb ]L_TZYLWT_d ZQ WT_P]L_P N`W_`]P^ bL^ L NP]_LTY QZ]X ZQ ]L_TZYLWT_d YLXPWd _d[P^ ZQ QZ]XLW WZRTNLW Z[P]L_TZY^ ^`NS L^ ^dWWZRT^X ?ST^ ]PQZ]X`WL_TZY ZQ 7Ëad-]`SWv^ OT^_TYN_TZY ZQ _bZ XPY_LWT_TP^ LNVYZbWPORPO _SL_ 7Ëad -]`SW SLO M]Z`RS_ _Z WTRS_ TX[Z]_LY_ \`P^_TZY^ M`_ _SL_ _SPd SLO _Z MP QZ]X`WL_PO OTQQP]PY_Wd BP ^SL]P _ST^ aTPb $" LW_SZ`RS bP OZ YZ_ LR]PP bT_S 2ZZOdv^ N`W_`]LW ^NSPXL_T^X ST^ XPOTL OP_P]XTYT^X Z] ST^ ZYP ^TOPO Z]TPY_L_TZY ZY NZRYT_TZY bT_STY _SP L[[L]L_`^ ZQ [P]NP[_TZY ?SP bLd^ ZQ ]PWL_TYR _Z _SP bZ]WO XLd TYOPPO MP OTQQP]PY_ bT_STY OTQQP]PY_ N`W_`]P^ _]LOT_TZY^ Z] ^ZNTLW R]Z`[^ Z] PaPY bT_STY _SP WTQP ZQ L ^TYRWP [P]^ZY ?ST^ MPNZXP^ aT^TMWP [L]_Wd _S]Z`RS _SP ^PWPN_TZY LYO L[[WTNL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ $ $! $"

2ZZOd 7ZRTN ZQ B]T_TYR  #  2ZZOd 4Y_P]QLNP  $ :`] PX[SL^T^ 2ZZOd 7ZRTN ZQ B]T_TYR  # 7Ëad-]`SWv^ ]PNP[_TZY SP]P ZYWd L ^XLWW ^PWPN_TZY ]LYRP^ Q]ZX SL]^S ]PUPN_TZY TY_P]P^_TYRWd LNN`^TYR 7Ëad-]`SW PT_SP] ZQ [PUZ]L_TaP OPQLXTYR ZQ _SL_ bSTNS T^ QZ] PTRY wZ]LW N`W_`]P^x ^PPTYR T_ L^ w[]TXT_TaPx LYO wT]]L_TZYLWx TY NZY_]L^_ _Z ]PRL]O TYR _Z ST^ ZbY wWT_P]L_P N`W_`]P^x L^ w]L_TZYLWx LYO wNTaTWTePOx XZ^_ bTOP^[]PLO Z] ZQ _SP Z[[Z^T_P TP ZQ L YZ^_LWRTN ]ZXLY_TN PcZ_T^_TN ZaP]SPL]TYR ZQ bSL_ T^ QZ]PTRY L^ wSZWT^_TNx P_N 8Z]_ZY ,W_P]YL_TaPWd XZ]P RPYP]LWWd ST^ ]PNP[_TZY XLd ]PRL]O _SP _SPZ]d ZQ _SP wR]PL_ OTaTOPx L^ L []ZMWPX >[P]MP] 8ÞY^_P] TYNW`OP N]T_TNLW Pc LXTYL_TZY BTPMP >ø]PY^PY Z] RZ L^ QL] L^ LNVYZbWPORTYR _SL_ SP ]LT^PO TX[Z]_LY_ \`P^_TZY^ /Z`RWL^ 2ZZOdBL__ BTPMP LYO aL]TZ`^ [Z^T_TaP bZ]V^ _SL_ NZY_TY`PO ST^ WTYP -P]R`YOP] 8Z^NZaTNT >ø]PY^PY ?LXMTLS .Q 5ZSY 8Z]_ZY x-PTYR TY _bZ XTYO^% N]T_TNLW ]PXL]V^ ZY ;]TXT_TaP Xd_SZWZRd LYO _SP ]PSLMTWT_L_TZY ZQ 7Ëad -]`SWx .LYMP]]L ,Y_S]Z[ZWZRd $ $#!% z $& /LYTPW 8ÞY^_P] =PWTRTZY^Æ^_SP_TV `YO ,Y_S]Z[ZWZRTP OP] >TYYP 8ÞYNSPY% ,VLOPXT^NSP] AP]WLR  #& /ZY BTP MP w?SP []PWZRTNLW XPY_LWT_d ]PaT^T_POx =PWTRTZY " $#"% $z!& >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  z"& 8TNSLPW -P]R`YOP] BTPOP]RPM`]_ OP] ,SYPY%

0TYP ]PWTRTZY^P_SYZR]L[ST^NSP `YO ]PWTRTZY^[SÆYZXPYZWZRT^NSP @Y_P]^`NS`YR e`] =PTYVL]YL_TZY^aZ]^_PWW`YR 8ÞY^_P] 3LXM`]R% 7T_ $$ z""& >P]RP 8Z^NZaTNT w2P^NSTNS_P `YO ,V_`LWT_Æ_ ^ZeTLWP] =P[]Æ^PY_L_TZYPYx TY ;^dNSZWZRTP OP^ >ZeTLWPY% =P[]Æ^PY_L_TZYPY TY BT^^PY `YO >[]LNSP PO @bP 1WTNV =PTYMPV% =ZbZSW_ $$  !!z& >_LYWPd 5 ?LXMTLS w8`W_T[WP Z]OP]TYR^ ZQ ]PLWT_dx TY > ?LXMTLS 8LRTN ^NTPYNP ]PWTRTZY LYO _SP ^NZ[P ZQ ]L_TZYLWT_d .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $$ $$  #z bSZ^P XZ]P QL]]PLNSTYR LY_S]Z[ZWZRTNLWWd ^Z`YO ]P Q`^TZY ZQ 7Ëad-]`SWv^ _P]XTYZWZRd _Z w[L]_TNT[L_Z]dx LYO wNL`^LWT^_TN bZ]WO Z]TPY_L _TZYx bP bTWW LOZ[_ LYO OPaPWZ[

#!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_TZY ZQ _SP XPOTL 2ZZOd U`^_TQTLMWd bLY_PO _SP PQQPN_^ ZQ _SP XPOTL _Z MP `YOP]^_ZZO ZYWd L^ wRPYP]LW _PYOPYNTP^x w4Y _SP []ZNP^^ PLNS ]P RTZY PLNS NZ`Y_]d RLaP _SPX LY TYOTaTO`LW _bT^_x $# LYO QLN_Z]^ ^`NS L^ NWL^^ TOPZWZRd ^ZNTLW ^_L_`^ _SP NZY_Pc_^ ZQ Pc[P]TPYNP P_N WTVPbT^P [WLdPO L ]ZWP 2ZZOd LWbLd^ [`_ QZ]bL]O ST^ _SP^P^ bT_SZ`_ XLVTYR aLW`P U`OR XPY_^ -`_ _SPd OZ SLaP L NP]_LTY ^`^NP[_TMTWT_d _Z TOPZWZRd WTVP 7Ëad -]`SWv^ [L]_TNT[L_TZY _SP^T^ LYO BPMP]v^ ]L_TZYLWTeL_TZY _SP^T^ ?SP PcLX[WP ZQ ,YRPYPYO_v^ ]PNP[_TZY ZQ _SP 8TOOWP ,RP^ SL^ LW]PLOd XLOP NWPL] SZb PL^TWd 2ZZOdv^ _Z_LWT_dZ]TPY_PO NZYNP[_ ZQ N`W_`]P NLY NSLYRP TY_Z L YZ]XL_TaP ZYP LYO SZb TX[Z]_LY_ T_ T^ _Z NZ`Y_P] ^`NS L NZYNP[_ bT_S L XPLYTYRZ]TPY_PO ZYP _SL_ NLY MP__P] PYNL[^`WL_P N`W _`]LW NZY_TYRPYNTP^ 4Y_P]P^_TYRWd ,YRPYPYO_ QZ`YO _SL_ WT_P]LNd w]T RTOTQTPOx _SP ]T_`LW M`_ YZ_ _SP OZRXL_TN^ ZQ bSTNS ^NSZWL^_TNT^X bL^ Q]P\`PY_Wd LNN`^PO MPNL`^P SP]P SP QZ`YO ]L_TZYLWT_d _SL_ SP OTO YZ_ QTYO TY ]T_`LW bT_S bSTNS SP _PYOPO _Z L^^ZNTL_P XLRTN 2ZZOdv^ NZY NP[_ ZQ ]L_TZYLWT_d TY _SP \`Z_L_TZY T^ NZY^TOP]LMWd ^_]TN_P] 3ZbPaP] bT_S 2ZZOd _ZZ _SP]P L]P QW`TO MZ`YOL]TP^ MP_bPPY WZRTNLW Z[P]L_TZY^ ^`NS L^ ^dWWZRT^X LYO ^d^_PXL_TN _SZ`RS_ -Z_S ,YRPYPYO_ LYO 2ZZOd SLaP L _d[TNLWWd BP^_P]Y QTcL_TZY bT_S _SP WZRZ^ LYO b]T_TYR ?SP]P T^ L ]PWL_TaPWd WL]RP OLYRP] ZQ _ST^ NZYQT]X TYR LYO TX[WTNT_Wd []Z[LRL_TYR ZWO []PU`OTNP^ :Q_PY _SP []PU`OTNP _SL_ Z]LW N`W_`]P^ bP]P wL]NSLTNx w[]TXT_TaPx w`YOP]OPaPWZ[POx w`Y^VTWWQ`W LYO YZ_ bZ]_S ^P]TZ`^ ^_`Odx bL^ NZXMTYPO bT_S _SP L__]TM`_TZY ZQ XLRTN _Z Z]LW N`W_`]P^ BLW_P] :YR ^Z`RS_ _Z NZ`Y_P] _ST^ []PU`OTNP Md NWLTXTYR _SL_ wZ]LW _STYVTYR NLY MP \`T_P ^Z[ST^_TNL_PO LYO TY T_^ ZbY bLd ]PQWPN_TaPx $$ :YR U`^_TQTLMWd MPXZLYPO _SP w^NSZWL]Wd QZN`^ ZY _Pc_^x w_SP ]PWPY_WP^^ OZXTYLYNP ZQ _Pc_`LWT_d TY _SP ^NSZWL]Wd XTYOx  bSTNS L`_ZXL_TNLWWd L^^TRYP^ PaP]d_STYR ^VTWWQ`W _Z L _]LOT_TZY ZQ b]T_ TYR LYO XLVP^ ^P]TZ`^ XP_SZOZWZRTNLW XT^_LVP^ ZbTYR _Z wZ`] TYLMTWT_d _Z ]P[]P^PY_ _Z Z`] ZbY XTYO^ L SP]T_LRP ZQ aP]MLWWd Z]RLYTePO XL_P]TLW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# 2ZZOd 7ZRTN ZQ B]T_TYR  #z#  $$ :YR :]LWT_d LYO 7T_P]LNd  ! NQ LW^Z TMTO   LYO  ?SP TYN]PL^TYR Y`XMP] ZQ ^_`OTP^ ZY Z]LW N`W_`]P^ ^PPY TY ]PNPY_ dPL]^ []ZaTOP^ NZYQT]XL_TZY ZQ _ST^ .Q QZ] TY^ _LYNP ?]LOT_TZY^ Z]LWP^ OLY^ WP XZYOP TYOTPY  PO .L_SP]TYP .SLX[TZY ;L]T^% 0NZWP OP^ 3L`_P^ 0_`OP^ PY >NTPYNP^ >ZNTLWP^ $$!& >_PaPY 1PWO >Z`YO LYO >PY_TXPY_% -T]O^ BPP[TYR ;ZP_TN^ LYO >ZYR TY 6LW`WT 0c[]P^^TZY ;STWLOPW[STL% @YTaP]^T_d ZQ ;PYY^dWaLYTL ;]P^^ $# LYO /PYYT^ ?POWZNV ?SP >[ZVPY BZ]O LYO _SP BZ]V ZQ 4Y_P][]P_L_TZY ;STWLOPW[STL% @YTaP]^T_d ZQ ;PYY^dWaLYTL ;]P^^ $# ZY E`YT ^_Z]d _PWWTYR LYO Z]LW [ZP_TN^ ,WW _SP^P ^_`OTP^ ^SZb _SL_ [`]PWd Z]LW NZXX`YTNL_TZY ^d^ _PX^ TY TYOTRPYZ`^ N`W_`]P^ ^`NS L^ X`^TN aP]MLW L]_ LYO L`OTMWP _Pc_^ SLaP _SPT] ZbY Pc[]P^^TaT_d NZX[WPcT_d LYO ]L_TZYLWT_d LYO L]P QL] Q]ZX MPTYR w[]TXT_TaPx LYO wL]NSLTNx  :YR :]LWT_d LYO 7T_P]LNd  

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

#"

PcNP[_ L^ ^ZXP aL]TLY_ ZQ b]T_TYRx  -`_ XLdMP :YR OTO RZ _ZZ QL] TY ^LdTYR wL WT_P]L_P [P]^ZY NLYYZ_ Q`WWd ]PNZaP] _SP ^PY^P ZQ bSL_ _SP bZ]O T^ _Z [`]PWd Z]LW [PZ[WPx L^ ^`NS L [P]^ZY NLYYZ_ _STYV LMZ`_ L bZ]O PR _SP bZ]O wYPaP]_SPWP^^x TY LYd bLd Z_SP] _SLY _SL_ TY bSTNS T_ T^ b]T__PY  , WT_P]L_P [P]^ZY LNNZ]OTYR _Z :YR NLY ZYWd _STYV ZQ T_ QZ] L XLcTX`X ZQ ! ^PNZYO^ wbT_SZ`_ LOaP]_TYR _Z LYd WP__P]TYR M`_ ZYWd _Z ^Z`YOx BP OZ YZ_ YPNP^^L]TWd ^SL]P _ST^ Z[TYTZY PaPY TY ]PWL _TZY _Z 0`]Z[PLY^ Z] ,XP]TNLY^ 4Y LYd NL^P TY _SP WT_P]L_P >LY^V]T_ N`W_`]P L bZ]O bL^ YPaP] [P]NPTaPO bT_SZ`_ T_^ ^Z`YO LYO ]PQWPN_TZY^ ZY _ST^ bP]P PaPY ^P_ OZbY TY b]T_TYR ,W_SZ`RS :YR OPQPYO^ Z]LWT_d ST^ _SPZ]d ]PTYQZ]NPO 2ZZOdv^ _SP ^P^ :YR OT^_TYR`T^SP^ L w[]TXL]d Z]LWT_dx w_Z_LWWd `Y_Z`NSPO Md LYd VYZbWPORP ZQ b]T_TYRx Q]ZX L w^PNZYOL]d Z]LWT_dx Z] wYPb Z]LWT_dx TY N`W_`]P^ `^TYR b]T_TYR WTVP 2ZZOd SP [WLNP^ _SP APOL TY _ST^ R]Z`[ LYO []P^PY_OLd STRS_PNSYZWZRd N`W_`]P  3P ZM^P]aP^ _SL_ _ZOLd SL]OWd LYd [`]PWd Z]LW N`W_`]P^ PcT^_ LYd XZ]P LYO [ZTY_^ Z`_ _SL_ w_Z aL]dTYR OPR]PP^ XLYd N`W_`]P^ LYO ^`MN`W_`]P^ PaPY TY L STRS _PNSYZWZRd LXMTLYNP []P^P]aP X`NS ZQ _SP XTYO^P_ ZQ []TXL]d Z]LW T_dx  =PRL]OTYR XTYO^P_^ :YR [`_^ QZ]bL]O LY PaPY ^_]ZYRP] L]R` XP_Y _SLY 2ZZOd 3P _ZZ [Z^_`WL_P^ NZRYT_TaP OTaP]RPYNTP^ MP_bPPY Z]LW LYO WT_P]L_P N`W_`]P^ LYO L OPaPWZ[XPY_ ZQ NZY^NTZ`^YP^^ _]TRRP]PO Md b]T_TYR  M`_ XZ]PZaP] SP PWLMZ]L_P^ _SP OTQQP]PYNP^ TY R]PL_ OP_LTW TY L ^d^_PX ZQ _d[ZWZRTNLW NWL^^TQTNL_TZY ,NNZ]OTYR _Z :YR [`]PWd Z]LWWd ML^PO _SZ`RS_ LYO Pc[]P^^TZY bZ`WO MP LOOT_TaP ]L_SP] _SLY ^`M Z]OTYL_TaP LRR]PRL_TaP ]L_SP] _SLY LYLWd_TNLW LYO Q`]_SP]XZ]P aL^_Wd ]PO`YOLY_ LYO NZ[TZ`^ NZY^P]aL_TaP LYO _]LOT_TZYLWT^_ NWZ^P _Z _SP S`XLY WTQPbZ]WO LRZYT^_TNLWWd _ZYPO PX[L_SP_TN LYO [L]_TNT[L_Z]d ]L_SP] _SLY ZMUPN_TaPWd OT^_LYNPO LYO QTYLWWd SZXPZ^_L_TN LYO ^T_` ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :YR :]LWT_d LYO 7T_P]LNd   >TXTWL]Wd TMTO % wBT_S _SPT] L__PY_TZY OT]PN_PO _Z _Pc_^ ^NSZWL]^ ZQ_PY bPY_ ZY _Z L^^`XP ZQ_PY bT_SZ`_ ]PQWPN_TZY _SL_ Z]LW aP]MLWTeL _TZY bL^ P^^PY_TLWWd _SP ^LXP L^ _SP b]T__PY aP]MLWTeL_TZY _SPd YZ]XLWWd OPLW_ bT_S LYO _SL_ Z]LW L]_ QZ]X^ bP]P _Z LWW TY_PY_^ LYO [`][Z^P^ ^TX[Wd _Pc_^ PcNP[_ QZ] _SP QLN_ _SL_ _SPd bP]P YZ_ b]T__PY OZbYx  :YR :]LWT_d LYO 7T_P]LNd    :YR :]LWT_d LYO 7T_P]LNd    :YR :]LWT_d LYO 7T_P]LNd    .Q :YR :]LWT_d LYO 7T_P]LNd  z % w:]LW N`W_`]P^ TYOPPO []ZO`NP [ZbP]Q`W LYO MPL`_TQ`W aP]MLW [P]QZ]XLYNP^ ZQ STRS L]_T^_TN LYO S`XLY bZ]_S bSTNS L]P YZ WZYRP] PaPY [Z^^TMWP ZYNP b]T_TYR SL^ _LVPY [Z^^P^^TZY ZQ _SP [^dNSP 9PaP]_SPWP^^ bT_SZ`_ b]T_TYR S`XLY NZY^NTZ`^YP^^ NLYYZ_ LNSTPaP T_^ Q`WWP] [Z_PY_TLW^  4Y _ST^ ^PY^P Z] LWT_d YPPO^ _Z []ZO`NP LYO T^ OP^_TYPO _Z []ZO`NP b]T_TYR 7T_P]LNd  T^ LM^ZW`_PWd YPNP^^L]d QZ] _SP OPaPWZ[XPY_ YZ_ ZYWd ZQ ^NTPYNP M`_ LW^Z ZQ ST^_Z]d [STWZ^Z[Sd Pc[WTNL_TaP `YOP]^_LYOTYR ZQ WT_P]L_`]P LYO ZQ LYd L]_ LYO TYOPPO QZ] _SP Pc[WLYL_TZY ZQ WLYR`LRP TYNW`OTYR Z]LW ^[PPNS T_^PWQx

##

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

L_TZYLW ]L_SP] _SLY LM^_]LN_ ]PQWPcTaP LYO ST^_Z]TNLW ! :YR _S`^ [Z^_` WL_P^ OTQQP]PY_ XPY_LWT_TP^ ,W_SZ`RS :YRv^ OTNSZ_ZXZ`^ ^NSPXL_T^X _S]Zb^ `[ L Y`XMP] ZQ []ZMWPX^ _SP SP`]T^_TN N]T_P]TL L]P ^_TWW SPW[Q`W QZ] []ZQTWTYR >LY^V]T_ N`W_`]P _Z _SP Pc_PY_ _SL_ L_ _SP WL_P^_ ^TYNP _SP .ZXXZY 0]L 4YOTL [L] _TNT[L_PO TY MZ_S WT_P]L_P LYO Z]LW N`W_`]P^ ZQ [P]QZ]XLYNP LYO _SZ`RS_ 3ZbPaP] :YR OPaZ_PO _ZZ WT__WP L__PY_TZY _Z SdM]TO N`W_`]P^ ZQ _ST^ _d[P 2ZZOdv^ wTY_P]QLNPx NLXP ^ZXPbSL_ NWZ^P] DP_ :YR SL^ _SP LO aLY_LRP _SL_ SP NZY^TOP]^ YZ_ ZYWd _SP NZRYT_TaP ^`MUPN_ QZ]XL_TZY^ M`_ LW^Z _SP PXZ_TZYLW LYO [P]NP[_TaP ZYP^ LYO _SP TOPL _SL_ _SP ZWO NZY _TY`P^ _Z PcT^_ TY _SP YPb 1Z] _SP >LY^V]T_ WT_P]L_`]P^ LYO ^[PNTQTNLWWd QZ] LNZ`^_TN [TP_d T_ T^ LN_`LWWd QZ`YO _SL_ _SPd _PYO _Z MP LOOT_TaP ]PO`YOLY_ LYO NZ[TZ`^ _]LOT_TZYLWT^_ PX[L_SP_TN LYO [L]_TNT[L_Z]d TP PcSTMT_ NP]_LTY QPL_`]P^ ]PRL]OPO L^ _d[TNLWWd Z]LW ^_]`N_`]P^ ZQ [P]NP[ _TZY 4_ bZ`WO SZbPaP] MP TYL[[]Z[]TL_P _Z ^`[[Z^P _SL_ _SP LYLWd_TNLW LYO _SP LM^_]LN_ bP]P WLNVTYR PaPY bSP]P [L]_TNT[L_Z]d XZOP^ []PaLTW :_SP] L^[PN_^ _ZZ ^`NS L^ wLRZYT^_TNLWWd _ZYPOx " L^[PN_^ LYO _SP ^`[ [Z^T_TZY _SL_ WT_P]LNd LYO _SP ]PWTY\`T^STYR ZQ SZXPZ^_L^T^ YPNP^^L]TWd WPO _Z RTaTYR `[ Xd_S TY QLaZ] ZQ ST^_Z]TNLW _SZ`RS_ # NLY SL]OWd MP NZY^TOP]PO _]LY^QP]LMWP LYO L]P RPYP]LWWd []ZMWPXL_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! :YR :]LWT_d LYO 7T_P]LNd OPaZ_P^ L ^P[L]L_P NSL[_P] _Z PLNS ^P_ ZQ NL_PRZ]TP^ LYO OTNSZ_ZXTP^ LYO L^ SP OZP^ ^Z SP RZP^ TY_Z XZ]P OP_LTW ZY bSL_ 2ZZOd SLO LW]PLOd NWLTXPO " 4Y :]LWT_d LYO 7T_P]LNd  z  :YR YZ_P^ L [L]_TN`WL] aTZWPYNP TY Z]LW L]_ QZ]X^ LYO TY WTQP^_dWP TY MZ_S Z]LW LYO ]P^TO`LWWd Z]LW N`W_`]P^ LYO NZYaP]^PWd _ST^ aTZWPYNP LW^Z NZ]]P^[ZYO^ _Z Q`W^ZXP Sd[P]MZWTN Pc[]P^^TZY^ ZQ []LT^P 3P ]PLO^ MZ_S ZQ _SP^P L^ [PN_^ L^ Pc[]P^^TZY^ wZQ _SP STRSWd [ZWL]TePO LRZYT^_TN Z]LW bZ]WO ZQ RZZO LYO PaTW aT]_`P LYO aTNP aTWWLTY^ LYO SP]ZP^x TMTO   BSP_SP] N`W_`]P^ bT_S b]T_TYR L]P WP^^ [ZWL]TeTYR [P] ^P XLd SZbPaP] MP _SP ^`MUPN_ ZQ OZ`M_ 4Y NZX[L]T^ZY _Z _SP XZYZ _SPT^_TN wMZZV ]PWTRTZY^x ^PXTZ]LW >LY^V]T_ 3TYO`T^X LN_`LWWd _PYOPO _Z MP XZ]P [W`]LWT^XQ]TPYOWd VPPYP] ZY SL]XZYd LYO XZ]P TY_PR]L_TaP 0aPY TQ _SP]P bP]P XLYd ^PN_L]TLY OT^[`_P^ TY _SP QTPWO ZQ ]PWTRTZY NZX[P_TYR ^PY^P ^d^_PX^ bP]P YPaP] QPW_ _Z MP Q`YOLXPY_LWWd []ZMWPXL_TN 4Y >X£]_L 3TYO`T^X _SP]P T^ PaPY LY PL]Wd YZ _TZY ZQ _ZWP]LYNP _SL_ T^ QZ]X`WL_PO ]PQWPcTaPWd -d NZY_]L^_ YZYaTZWPYNP TY 2LYOSTv^ ^PY^P bL^ YPaP] ZY _SP LRPYOL TY _SP [ZWT_TNLW QTPWO ZQ ^[WTY_P]PO NZX[P_TYR VTYR OZX^ TY []PXZOP]Y _TXP^ # 7TVP :YR 2ZZOd ^[ZVP ZQ SZXPZ^_L^T^ L^ L []TYNT[WP PQQPN_TaP TY Z]LW N`W_`]P^ bSTNS NZY_TY`LWWd LYO `YZM_]`^TaPWd LOU`^_PO _]LOT_TZY _Z _SP ]P\`T]PXPY_^ ZQ _SP []P^PY_ Md LOL[_L_TZY LYO ZXT^^TZY ?ST^ bL^ YZ WZYRP] [Z^^TMWP LNNZ]OTYR _Z _SP^P L`_SZ]^ ZYNP NZY_]LOTN_TZY^ TY Xd_S^ SLO MPPY OT^NZaP]PO L^ L ]P^`W_ ZQ SLaTYR b]T__PY ]P NZ]O^ :bTYR _Z _SP OTQQP]PY_TL_TZY MP_bPPY Xd_S LYO ST^_Z]d _]LOT_TZY^ bT_S b]T_TYR TY_]ZO`NPO L YPb NZY^NTZ`^ L__T_`OP _Z _SP [L^_ ?SP wXZ`aLYNPx _SL_ T^ _d[TNLW ZQ Z]LW N`W_`]P^ T^ YZ_ Z] YZ WZYRP] QZ`YO TY _SP >LY^V]T_ WT_P]L_`]P^ DP_ YPT_SP] T^ _SP L__T_`OP _Z Xd_S TY WT_P]L_P N`W_`]P^ L^^`XPO Md 2ZZOd _]LY^QP]LMWP bT_SZ`_ NSLYRP _Z 4YOTL YZ] T^ _SP `YOP]WdTYR OPQTYT_TZY ZQ _SP Xd_S L[[WTNLMWP ,^ QZ] ST^_Z]TNLW _SZ`RS_ ;P_P] aLY OP] APP] w/ZP^ >LY^V]T_ 6YZbWPORP 0cT^_*x 5Z`]YLW ZQ 4YOTLY

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

#$

4Y ^`XXL]d ZYP NLY ^Ld _SL_ 2ZZOdv^ LYO :YRv^ _SPZ]TP^ PcSTMT_ ^TXTWL] bPLVYP^^P^ LYO ^_]PYR_S^ ?SP []ZMWPX^ L]P ^TXTWL] _Z _SZ^P TY 7Ëad-]`SWv^ QZ]X^ ZQ XPY_LWT_d  _SPT] NWLTX ZQ `YTaP]^LW aLWTOT_d T^ `Y_PYLMWP LMZaP LWW bSPY N`W_`]LW []LN_TNP^ L]P `Y\`P^_TZYTYRWd ^`MZ] OTYL_PO _Z _SP _SPZ]d LYO _ZZ WT__WP NZY^TOP]L_TZY T^ RTaPY _Z N`W_`]LW aL]TL_TZY^&  _SPd L]P NZY^_LY_Wd TY OLYRP] ZQ TY^_T_`_TYR _SP wR]PL_ OTaTOPx Md NL_PRZ]TeTYR bSZWP N`W_`]P^ LYO ^ZNTP_TP^&  Z]LW LYO WT_P]L_P _SZ`RS_ bZ]WO^ L]P NZY^TOP]PO _Z MP TYNZXXPY^`]L_P LYO OTNSZ_ZXZ`^  _SP XPOTL L]P RTaPY _ZZ X`NS PX[SL^T^ LYO Z_SP] aL]TLMWP^ _ZZ WT__WP&  _SP PQQPN_^ ZQ b]T_TYR ZY _SP NZRYT_TaP ^_]`N_`]P^ ]PXLTY NZY_]ZaP] ^TLW& LYO ! TY_PWWPN_`LWT_d T^ ^_]P^^PO _ZZ ZYP^TOPOWd bSTWP _SP ZaP]LWW N`W_`]LW QLM]TN ZQ L_SPXL_TN LYO _SPXL_TN NZOP^ LYO [L__P]Y^ ZQ XPLYTYR L]P YPRWPN_PO LYO ^PXTZ]LW TY_P]XPOTL_P eZYP^ L]P YZ_ RTaPY ^`QQT NTPY_Wd ^d^_PXL_TN NZY^TOP]L_TZY 4Y RPYP]LW bP NLY ^Ld _SL_ _SP _SPZ]TP^ N]PL_P L[[L]PY_Wd T]]PNZYNTWLMWP OTQQP]PYNP^ MP_bPPY Z]LW LYO WT_P]L_P _SZ`RS_ bZ]WO^ LYO L_ _SP ^LXP _TXP MW`] N`W_`]LW OTQQP]PYNP^ :Y _SP Z_SP] SLYO T_ NLYYZ_ MP OPYTPO _SL_ OTQQP]PYNP^ PcT^_ MP _bPPY Z]LW LYO WT_P]L_P []LN_TNP^ LYO MP_bPPY Z]LW N`W_`]P^ LYO Z]LW _]LOT_TZY^ _SL_ [Z^^P^^ b]T_TYR bSTNS :YR NLWW^ []TXL]d LYO ^PNZYOL]d Z]LWT_d L^ TWW`^_]L_PO Md _SP OTQQP]PYNP^ MP_bPPY QZWV 3TYO`T^X LYO >LY^V]T_ 3TYO`T^X QZ] TY^_LYNP DP_ ^TXTWL]Wd OTQQP]PYNP^ MP_bPPY >LY^V]T_ N`W_`]P LYO 0`]Z[PLY N`W_`]P NLYYZ_ MP OPYTPO PT_SP] bSTNS >_LLW LYO 1LWV NZ]]PN_Wd [ZTY_PO Z`_ ?SP []ZMWPX WTP^ YZ_ TY QTYOTYR OTQQP]PYNP^ 4_ T^ X`NS XZ]P _SP MTL^P^ LYO aLW`P U`ORXPY_^ _SL_ bP]P ZQ_PY LW^Z []P^PY_ LYO _SP `YOP]WdTYR 0`]ZNPY_]TN LYO WZRZNPY_]TN L[ []ZLNSP^ 4_ MPNZXP^ P^[PNTLWWd []ZMWPXL_TN bSP]PaP] _SP WT_P]L_P ^ZNT P_d T^ OPNWL]PO z PT_SP] TX[WTNT_Wd Z] Pc[WTNT_Wd z _Z MP _SP ^`[P]TZ] N`W _`]P TY L YZ]XL_TaP ^PY^P LYO `YNZY^NTZ`^ L`_ZXL_T^X^ NSL]LN_P]TeP _SP LNLOPXTN ]P[]P^PY_L_TZY 0YZ`RS L__PY_TZY SL^ LW]PLOd MPPY O]LbY _Z _SP NZY^_LY_ []ZMWPX ZQ XLVTYR 2]PPNP _SP QT]^_ LYO ZYWd ^Z`]NP ZQ WZRTN LYO 0`]Z[P _SP dL]O^_TNV QZ] LWW _STYR^ LYO _Z _SP OLYRP] _SL_ []PQZ]XPO _SPZ]TP^ NLY PL^TWd XLVP ZYP MWTYO _Z []LN_TNP LYO OT^_Z]_ _SP TX[L]_TLW aTPb ZQ Z_SP] N`W_`]P^ 5P[[P 5PY^PY LYO ,]XTY 2PP]_e ST_ _SP YLTW ZY _SP SPLO NZYNP]YTYR _SP L^^ZNTL_PO wZ_SP]TYRx LYO ^PWQL^^P]_TZY _SL_ [P]aLOP^ _SP ST^_Z]d ZQ ]P^PL]NS bSPY _SPd ^LTO w7Ëad-]`SW SL^ WZYR MPPY OT^N]POT_PO M`_ YZY]L_TZYLWT_d T^ ^_TWW NZY^TOP]PO XLTYWd _Z

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;STWZ^Z[Sd ! #% !z! NWLTXPO []ZMLMWd bT_S U`^_TQTNL_TZY _SL_ LY TY_P]P^_ TY ST^_Z]d Z] ST^_Z]TZR]L[Sd OTO YZ_ OPaPWZ[ TY 4YOTL z L^ TY 0`]Z[P z `Y_TW _SP $_S NPY_`]d L^ [L]_ ZQ L YL_TZYLW TY_P]P^_ ;L]_TN`WL]Wd TY NZY^_]`N_TYR ST^_Z]d T_ T^ LW^Z L[[L]PY_ U`^_ SZb ^_]ZYRWd _ST^ O]Lb^ ZY L Xd_STNLW [L^_ Z] Xd_STQTNL_TZY^ BP bTWW RZ TY_Z _SP ^`MUPN_ ZQ Xd_S TY XZ]P OP_LTW MPWZb

$

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

MP L XLUZ] NSL]LN_P]T^_TN ZQ YZYBP^_P]Y XZOP^ ZQ _SZ`RS_x $ ?SP Z_SP] ^TOP ZQ _SP []ZMWPX T^ SZbPaP] _Z OPYd TY PcNP^^TaP u[ZWT_TNLW NZ]]PN_YP^^v LYd OTQQP]PYNP^ TY bZ]WO Z]TPY_L_TZY [P]NP[_TZY LYO Z] RLYTeL_TZY ZQ VYZbWPORP 2ZZOd LYO :YR bP]P U`^_TQTPO TY ]PM`__TYR ^`NS N]T_TNT^X BT_S NZY_TY`T_TP^ LYO OTQQP]PYNP^ XZ]P NL]PQ`WWd NZY^TOP]PO TY N`W _`]LW NZX[L]T^ZY^ bT_SZ`_ OPaLW`TYR Z] ]ZXLY_TNTeTYR ZYP N`W_`]P Z] _SP Z_SP] _SP XPOTL L]R`XPY_ SPW[^ TY ]PNZRYTeTYR LYO Pc[WLTYTYR aL]T Z`^ bZ]WO Z]TPY_L_TZY^ _SZ`RS_ LYO Pc[P]TPYNP bZ]WO^ LYO SLMT_^ ZQ ^PPTYR LYO SPL]TYR bSTNS NLYYZ_ MP OPYTPO 3ZbPaP] _Z `^ T_ ^PPX^ _Z MP TX[Z]_LY_ _Z ]PXPXMP] _SL_ LW_SZ`RS TY_P]QP]PYNP^ ]PNT[]ZNT_TP^ LYO NL`^PLYOPQQPN_ ]PWL_TZY^ OZ TYOPPO PcT^_ MP_bPPY XPOTL LYO bZ]WO^ ZQ Pc[P]TPYNP LYO _SZ`RS_ T_ T^ YZ_ ZYPbLd _]LQQTN BZ]WO Z]T PY_L_TZY^ LYO XPY_LWT_TP^ NLYYZ_ MP _]LNPO MLNV ^ZWPWd _Z _SP PQQPN_ LYO `^P ZQ _SP XPOTL M`_ NLY LW^Z ZNN`] `[^_]PLX ZQ ^`NS PQQPN_^ LYO SLaP NZX[WP_PWd OTQQP]PY_ NL`^P^ PR OTQQP]PY_ aLW`L_TZY^ ZQ Z]LW LYO WT_P]L_P NZXX`YTNL_TZY 1`]_SP]XZ]P T_ L[[PL]^ TX[Z]_LY_ _Z TYaP^_TRL_P Z_SP] bZ]WO^ ZQ Pc[P]TPYNP LYO _SZ`RS_ ^`NS L^ _SZ^P ZQ L ^ZYTN N`W_`]P YZ_ ZYWd TY_P]N`W_`]LWWd M`_ LW^Z TY_]LN`W_`]LWWd 5`^_ L^ T_ T^ L [ZZ] L^ ^`X[_TZY _SL_ WT_P]L_P N`W_`]P^ LWbLd^ SLO TOPY_TNLW NZY^P\`PYNP^ PaP ]dbSP]P ^Z T_ T^ L NWTNSË]TOOPY L^^`X[_TZY _SL_ _SP]P L]P YZ OTQQP] PYNP^ L_ LWW MP_bPPY _SP XPY_LWT_TP^ ZQ [PZ[WP bT_STY L ^TYRWP N`W_`]P NZ`Y_]d ^ZNTP_d Z] P[ZNS 4_ T^ YZ_TNPLMWP _SL_ MZ_S ^`[[Z]_P]^ LYO Z[[ZYPY_^ ZQ WT_P]LNd ZQ_PY [TNVPO Z`_ ZYP L^[PN_ TY [L]_TN`WL] YLXPWd _SP NZYYPN_TZY MP_bPPY b]T_TYR LYO ]L_TZYLWT_d bSTNS bL^ ]PRL]OPO L^ PT_SP] aP]TQTPO Z] QLW^T QTPO 4_ T^ P\`LWWd YZ_TNPLMWP _SL_ ^_`OTP^ ZY 0`]Z[P OTO YZ_ NL^_ OZ`M_ ZY _ST^ NZYYPN_TZY 0aPY _SP 4YOZWZRT^_ N]T_TN^ bSZ \`P^_TZYPO _SP NZY YPN_TZY bP]P NZYNP]YPO LMZaP LWW bT_S _SP ]L_TZYLWT_d L]R`XPY_ 1Z] PcLX[WP >_LLW N]T_TNTeP^ 0`]ZNPY_]TNT_d M`_ SZWO^ QL^_ _Z WZRZNPY_]TN T_d LYO TRYZ]P^ ^PY^Z]d LQQPN_TaP LYO XLRTNLW Xd_STNLW PWPXPY_^ _SL_ L]P LW^Z waTM]L_TYRx TY _SP _]`P^_ ^PY^P ZQ _SP bZ]O TY APOTN ]T_`LWT^_TN^ LYO PaPY TY ;£©TYTv^ LM^_]LN_ R]LXXL] LW_SZ`RS []LN_TNLWWd TYaT^TMWP 3P]P T_ MPNZXP^ L[[L]PY_ _SL_ :YRv^ N]T_P]TZWZRd NZ`WO NP]_LTYWd MP SPW[Q`W LYO LW^Z U`^_ SZb ZYP^TOPO _ST^ N]T_P]TZWZRd T^ TQ Z]LW N`W_`]P^ L]P WLMPWPO L^ ZYWd LOOT_TaP NZYN]P_P PX[L_STN LYO [L]_TNT[L_Z]d LYO LM^_]LN_ LYLWd_TNLW LYO WZRTNLW _SZ`RS_ T^ L__]TM`_PO ZYWd _Z WT_P]L_P N`W _`]P^ >`NS OTNSZ_ZXZ`^ ^NSPXL_T^X^ OZ YZ_ PaPY L[[Wd _Z 0`]Z[PLY VYZbWPORP N`W_`]P^ LYO L]P QL] WP^^ L[[]Z[]TL_P QZ] _SP ^ZYTN >LY^V]T_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 5P[[P >TYOTYR 5PY^PY LYO ,]XTY B 2PP]_e w?]LOT_TZY LYO =PYPbLW TY _SP 3T^_Z]TP^ ZQ =PWTRTZY^x TY =PWTRTZY ?]LOT_TZY LYO =PYPbLW PO , B 2PP]_e LYO 5 > 5PY^PY ,L]S`^% ,L]S`^ @YTaP]^T_d ;]P^^ $$ z" SP]P "

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

$

N`W_`]P ?ST^ [P]^[PN_TaP XZOTQTP^ LYO Pc[LYO^ ZYPv^ aTPb TY ]PWL_TZY _Z _SP N]T_TNT^X^ _SL_ >_LLW LYO 1LWV ]LT^PO LRLTY^_ 2ZZOd LYO L_ _SP ^LXP _TXP Z[PY^ 2ZZOdv^ _SP^P^ `[ QZ] OT^N`^^TZY LRLTY BP L]P QL] WP^^ NP]_LTY _SLY >_LLW LYO 1LWV _SL_ _SP APOL XPXZ]TeTYR _PNSYT\`P^ LYO ;£©TYTv^ R]LXXL] bP]P OPaPWZ[PO TY L [`]PWd Z]LW N`W_`]P ?SP \`P^_TZY ZQ bSP_SP] _SP APOL LYO ;£©TYTv^ R]LXXL] ^SZ`WO MP L^^TRYPO _Z _SP WT_P]LNd NLX[ Z] _SP Z]LWT_d NLX[ _ZZV `[ L R]PL_ OPLW ZQ OT^N`^^TZY  >TYNP MZ_S NLX[^ SLO bPTRS_d L]R`XPY_^ bP NZY^TOP] _SPX TY XZ]P OP_LTW TY _SP YPc_ NSL[_P] :Y _SP ZYP SLYO _SP ^_]TYRPYNd LYO NZY^T^_PYNd ZQ 2ZZOdv^ ^_]`N_`]LW LYLWd_TNLW L]R`XPY_L_TZY L]P MPdZYO \`P^_TZY LYO M]Z`RS_ `[ TX[Z]_LY_ L^[PN_^ LMZ`_ TY_P]QP]PYNP MP_bPPY aL]TZ`^ ^PN_Z]^ ZQ ^ZNTP_d WT_P]L_T [ZWT_TN^ PNZYZXTN^ ]PWTR TZY P_N _SL_ bP]P NZYQT]XPO TY Z_SP] N`W_`]LW LYO ST^_Z]TNLW NZY_Pc_^ :Y _SP Z_SP] SLYO _SP 4YOZWZRT^_^ 1]T_^ >_LLW LYO 3L]]d 1LWV Z[[Z^PO _SP L]R`XPY_ QZ] LY PL]Wd N`W_`]P ZQ b]T_TYR TY 4YOTL bT_S ^_]ZYR ST^_Z]T NLW LYO []LcPZWZRTNLW NZ`Y_P]L]R`XPY_^ ^`RRP^_TYR LY PcNP[_TZY _Z _SP RPYP]LW ]`WP 4Y NZY_]L^_ _Z 2ZZOdv^ ^_]`N_`]LW L]R`XPY_ LYO _SP ST^_Z]T NLW L]R`XPY_ ZQ >_LLW LYO 1LWV Z`]^ OPLW^ bT_S _SP ST^_Z]d LYO LP^_SP_ TN^ ZQ ]PNP[_TZY LYO _LVP^ XZ]P LNNZ`Y_ ZQ _SP QLN_ _SL_ _SP Z]LWL`]LW MTL^ TY 4YOTL NZY_TY`PO _Z PcT^_ TY WL_P] [P]TZO^ LYO _SL_ _SP ZWOP^_ ^`] aTaTYR OZN`XPY_ _SP APOL SL^ L QTcPO ^Z`YO QZ]X ^P__TYR T_ L[L]_ MZ_S Q]ZX [`]PWd Z]LW _]LOT_TZY^ LYO _SZ^P ZQ b]T_TYR ?SP PT_SP]Z] NZY_]Z aP]^d  WPQ_ WT__WP ]ZZX QZ] _SP w_ST]O ^[LNP SLMT_`^x _SL_ bP LNNPY_`L_P TY _ST^ aZW`XP >ZYLWT_d ]PXLTYPO `Y]PNZRYTePO L^ L XZOPW ZQ _SZ`RS_ LYO _SP LP^_SP_TN L^[PN_ bL^ ^d^_PXL_TNLWWd TRYZ]PO

"

:]LWT_d Z] 7T_P]LNd TY ,YNTPY_ 4YOTL*

,YNTPY_ 4YOTL SL^ [WLdPO L ^[PNTLW ]ZWP TY _SP Z]LWT_dWT_P]LNd OPML_P ZY >LY^V]T_ N`W_`]P _S`^ QL] 1]T_^ >_LLW QZ`YO _SL_ 2ZZOdv^ _SPZ]d bL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP 4YOZWZRT^_^v N]T_TNT^X bL^ YZ_ WTXT_PO _Z _ST^ 1Z] PcLX[WP LOOT_TZYLW TX[Z]_LY_ L^[PN_^ bP]P SPWO LRLTY^_ 2ZZOd ^`NS L^ _SP ^[ZVPY bZ]O ZQ L R`]` SLaTYR STRSP] L`_SZ]T_d _SLY _SP b]T__PY bZ]O LYO _SP [ZbP] ZQ TYYZaL_TZY ZQ Z]LW ^[PPNS TY _ST^ NZY_Pc_ ;L]]d LYO >XT_S [`_ QZ]bL]O NZ`Y_P]L]R`XPY_^ ZQ _ST^ _d[P LYO 2ZZOd L_ _PX[_PO _Z OPQPYO STX^PWQ TY ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY  $z# `^TYR 1`WWP]v^ ^_`Od ZQ _SP ¢RLXL N`W_`]P TY _SP 8¯YLV´¯ _PX[WP ZQ 8LO`]LT >TYNP ^PXLY_TN L^[PN_^ ]PWL_TYR _Z QTcPO _Pc_ LYO Q]PP TY_P][]P_L_TZY ZNN`[TPO _SP QZ]PR]Z`YO 4YOZWZRT^_ N]T_TN^ ZQ _ST^ _d[P bSZ bP]P NZY^TOP]TYR [Z^_APOTN 4YOTL SLaP WT__WP MPL]TYR ZY Z`] XLTY L]R`XPY_ BP bTWW SZbPaP] RZ TY_Z XZ]P OP_LTW ZY _SP _PLNSP]^_`OPY_ OTLWZR ^T_`L_TZY LYO T_^ ZbY QZ]X^ ZQ ^`MUPN_TaT_d  ?SP Z[[Z^T_TZY MP_bPPY WT_P]LNd LYO Z]LWT_d bL^ TXXPOTL_PWd WTYVPO _Z _SP Z[[Z^T_TZY MP_bPPY LM^_]LN_ ]L_TZYLWT_d LYO YZYLYLWd_TNLW _SZ`RS_ Z] _SP MTYL]d [LT] ZQ TYYZaL _TZY a^ _]LOT_TZYNZY^P]aL_T^X

$

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

NWPL]Wd NZY_]LOTN_PO  3P NWLTX^ _SL_ TY 4YOTL _SP]P bP]P L_ WPL^_ _bZ _]LOT_TZY^ ZQ _]LY^XT^^TZY R`L]LY_PPTYR ]PWTLMWP XLTY_PYLYNP ZQ _SP XL_P]TLW 3P ^Ld^ _SL_ _SP dZ`YRP] ZQ _SP _bZ `^P^ b]T_TYR LYO NP]_LTYWd PcSTMT_^ ^_]`N_`]LW QPL_`]P^ NZ]]PWL_TYR bT_S 2ZZOdv^ _SPZ]d 3ZbPaP] _SP ZWOP] _]LOT_TZY _SP [`]PWd Z]LW ZYP T^ XZ]P TY_P]P^_TYR ?ST^ T^ APOTN ]T_`LW ^NTPYNP LYO ;£©TYTv^ R]LXXL] bSTNS ]P[]P^PY_ L ^[PNTLW PcNP[_TZY _Z _SP WT_P]LNd _SP^T^ LYO TWW`^_]L_P _SL_ STRSWd ^NTPY_TQTN ^d^ _PX^ ZQ [P]QPN_ []P^P]aL_TZY L]P LW^Z [Z^^TMWP bT_S Z]LW XPLY^ LYO OZ YZ_ YPPO LYd Pc_P]YLW XPXZ]d MLYV^ ?SP XP_TN`WZ`^ OZN`XPY_L_TZY ZQ _SP PcNP[_TZYLWWd NZX[WPc ^[ZVPY XPXZ]TeL_TZY ^d^_PX Md bSTNS _SP APOL bL^ [L^^PO OZbY _SP RPYP]L_TZY^ Z]LWWd ZaP] L [P]TZO ZQ _S]PP _SZ`^LYO dPL]^ `YNSLYRPO WPLO^ >_LLW _Z _SP NZYNW`^TZY _SL_ TY _SP NL^P ZQ ^`NS [LTY^_LVTYR XYPXZYTN _PNSYT\`P^ Z]LW _]LY^XT^^TZY ]P[]P^PY_^ L QL] ^`[P]TZ] ]PNZ]OTYR ^d^_PX _SLY b]T_TYR OZP^ 1ZWWZbTYR ZY Q]ZX >_LLW 3L]]d 1LWV LW^Z QZ`YO _SL_ 2ZZOdv^ _SP^P^ bP]P NWPL]Wd []ZaPO b]ZYR Md _SP ST^_Z]TNLW XL_P]TLW Q]ZX LYNTPY_ 4YOTL  LYO NZ`Y_P]PO 2ZZOdv^ L]R`XPY_ _SL_ PL]Wd bZ]V^ TY 4YOTL MPL] SLWWXL]V^ ZQ L WT_P]L_P N`W_`]P LYO PcT^_PO ^TOP Md ^TOP bT_S Z]LW _]LY^XT^^TZY  1T]^_ bP bTWW _`]Y _Z 2ZZOdv^ L]R`XPY_ bSTNS LNNZ]OTYR _Z 1LWV OZP^ YZ_ ^_LYO `[ _Z ST^_Z]TNLW QLN_^ LYO T^ [P[[P]PO bT_S L Y`XMP] ZQ ZaP]TY_P][]P_L_TZY^ LYO XT^]P[]P^PY_L_TZY^ 2ZZOd XLTY_LTYPO _SL_ 4YOTL SLO L aP]d ZWO WZRZR]L[STN N`W_`]P ZQ b]T_TYR ^_]P_NSTYR MLNV TY_Z []PAPOTN _TXP^ _SP 3L]L[[L N`W_`]P bSTNS PcT^_PO TY _SP ^PNZYO XTWWPYYT`X -. LYO _SLYV^ _Z LW[SLMP_TN b]T_TYR TY APOTN _TXP^ L_ L]Z`YO " -. T_ MPNLXP [Z^^TMWP _Z NZOTQd _SP APOTN _]LOT_TZY LYO N]PL_P ^NTPY_TQTN ^d^_PX^  4Y NZY_]L^_ _Z _SP RPYP]LW WT_P]LNd TY 2]PPNP 2ZZOd ^PP^ 4YOTLv^ N`W_`]P ZQ b]T_TYR L^ WTXT_PO _Z -]LSXLYTN []TP^_^ >TYNP 2ZZOdv^ PL]WTP^_ [`MWTNL_TZY^ SP SL^ LWbLd^ ^_`NV _Z _SP L]R`XPY_ _SL_ _SP APOL LW^Z NLY ZYWd MP L []ZO`N_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZYx z  z##& ZY 2ZZOd ^PP  QQ TY [L]_TN`WL]  1LWV w2ZZOTP^ QZ] 4YOTLx z :Y bSL_ QZWWZb^ NQ LW^Z _SP Pc_PY^TaP ]P^PL]NS ]P[Z]_ Md 1LWV >NS]TQ_ TX LW_PY 4YOTPY  TY [L]_TN`WL]  " QQ    " "  2ZZOd 4Y_P]QLNP    2ZZOd 4Y_P]QLNP  z ^`[[Z^P^ _SL_ L_ _SP _TXP LW[SLMP_TN b]T_TYR bL^ OPaPWZ[ TYR _SP APOL ^TX`W_LYPZ`^Wd MPRLY _Z MP QZ]XLWTePO LYO _SP APOTN ^NTPYNP^ LW^Z PXP]RPO 2ZZOd ^Ld^ _SL_ L ]PXL]V Md _SP P_dXZWZRT^_ D£^VL WPLO^ ZYP _Z MPWTPaP _SL_ L b]T__PY aP]^TZY ZQ _SP APOL LW]PLOd PcT^_PO L_ L]Z`YO  -. :Y _SP `YNP] _LTY_d ZQ _ST^ ^Z`]NP ^PP 1LWV w2ZZOTP^ QZ] 4YOTLx #z$ 4Y 2ZZOdv^ QT]^_ MZZV 6L_SWPPY 2Z`RS SLO LW]PLOd L]R`PO _SL_ b]T_TYR bL^ TY `^P TY 4YOTL L_ L]Z`YO ! -. 4Y ST^ WL_P] bZ]V^ ^TYNP 4Y_P]QLNP  z 2ZZOd ]PQP]^ _Z L ]PWPaLY_ L]_TNWP Md .`]_T^ 1 :WTaP] $"$ bSZX SP ZaP]TY_P][]P_^ TY [WLNP^ SZbPaP] NQ 1LWV w2ZZO TP^ QZ] 4YOTLx "z TY [L]_TN`WL] #z$

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

$

ZQ L N`W_`]P ZQ b]T_TYR ! _SL_ LW[SLMP_TN b]T_TYR PcT^_PO TY 4YOTL L_ WPL^_ Q]ZX _SP QT]^_ XTWWPYYT`X MPQZ]P _SP _TXP ZQ .S]T^_ LYO _SL_ LM^_]LN_ VYZbWPORP ^d^_PX^ ^`NS L^ ;£©TYTv^ R]LXXL]  _S _Z _S NPY_`]TP^ -. bZ`WO MP TYNZYNPTaLMWP bT_SZ`_ R]L[STNLW ]P[]P^PY_L_TZY 4Y _P]X^ ZQ ^_]`N_`]LW LYLWd^T^ 2ZZOd NWLTXPO _SL_ _SP APOL LYO ;£©TYT NWPL]Wd SLaP _Z MPWZYR _Z _SP Z]LW _]LOT_TZY^ ZQ WT_P]L_P ^ZNTP_TP^ MPNL`^P _SPd OTQQP] Q`YOLXPY_LWWd Q]ZX _SP _d[TNLW QPL_`]P^ ZQ [`]PWd Z]LW NZX[Z^T_TZY^ ST^ []TXP PcLX[WP ZQ _ST^ T^ BP^_ ,Q]TNL bSTWP LW^Z OPXZY^_]L_TYR XLYd NWPL] QPL_`]P^ _SL_ _SPd SLaP TY NZXXZY bT_S _SP []ZO`N_^ ZQ L b]T__PY N`W_`]P LYO _SP]PQZ]P bT_SZ`_ OZ`M_ ]P\`T]P LY LW[SLMP_TN ^N]T[_ " .ZX[WPc XPXZ]TeL_TZY ^d^_PX^ WTVP _SP APOTN ZYP LYO QZ]X^ ZQ LM^_]LN_TZY WTVP ;£©TYTv^ R]LXXL] LWbLd^ ]P\`T]P _SP []P^PYNP ZQ b]T_TYR SP NWLTXPO :]LW _]LY^XT^^TZY bL^ ^ZXP_STYR \`T_P OTQQP]PY_ Q]ZX NZX[Z^T_TZY 2ZZOd YZ WZYRP] bLY_PO _Z OPYd _SL_ _SP APOL bL^ [L^^PO OZbY ZaP] _SP NPY_`]TP^ Md [`]PWd Z]LW XPLY^& w^_LY OL]OTePO Z]LW QZ]X^x ^`NS L^ _SP APOL R`L]LY_PPO _SL_ Z]LW _]LY^XT^^TZY NZ`WO _LVP [WLNP bT_SZ`_ ]PQP]PYNP _Z L MZZV wbSPY `^P T^ XLOP ZQ _PNSYT\`P^ bSTNS L]P _SPX^PWaP^ NWPL]Wd OP]TaPO Q]ZX WT_P]L_P LN_Ta T_dx # ;£©TYTv^ R]LXXL] ZY _SP Z_SP] SLYO bL^ LNNZ]OTYR _Z 2ZZOd LW^Z [L^^PO OZbY Z]LWWd M`_ L_ _SP ^LXP _TXP T_ bL^ LWbLd^ ^`[[WP XPY_PO bT_S b]T_TYR ?SL_ Z]LW []ZNP^^P^ NZY_TY`PO _Z MP ZQ []TXL]d TX[Z]_LYNP PaPY TQ b]T_TYR bL^ L []P]P\`T^T_P T^ LWW _ZZ PL^TWd Pc [WLTYPO Md 2ZZOd ?SP LOaLY_LRP^ ZQ _SP XZ]P YL_`]LW QLNP_ZQLNP NZXX`YTNL_TZY _SP PL^TP] QWZb ZQ ^[T]T_`LW TY^_]`N_TZY LMZ`_ `W_TXL_P ]PLWT_d _SP [Z^^TMTWT_d ZQ TXXPOTL_P QPPOMLNV _SP ]L]PYP^^ LYO NZ^_ ZQ MZZV^ TY L XLY`^N]T[_ N`W_`]P LYO XZ^_ ZQ LWW _SP []P^P]aL_TZY ZQ -]LSXLYTN VYZbWPORP XZYZ[ZWd LYO TY_P]P^_^ bP]P ]PL^ZY PYZ`RS& TQ MZZV^ bP]P LaLTWLMWP _SP []TP^_ XTRS_ YZ_ MP YPPOPO LYd XZ]P $ ?SP -]LSXTY^ XLTY_LTYPO _SPT] []TaTWPORPO LNNP^^ _Z b]T_TYR LYO PcPRP^T^ TY _SP TY_P]P^_^ ZQ VPP[TYR _SPT] [Z^T_TZY ZQ [ZbP] :]LWT_d LWWZbPO NZY_]ZW ZaP] _SP [ZbP] ZQ OPQTYT_TZY LYO NZX[P_PYNTP^ _Z TY_P][]P_ _SP _Pc_ bSTWP b]T_TYR []ZXZ_PO L`_ZOTOLN_TN LN\`T^T_TZY ZQ VYZbWPORP LYO LW _P]YL_TaP TY_P][]P_L_TZY^ bSTNS _SP -]LSXLYTN []TP^_^ bLY_PO _Z []PaPY_ Md XPLY^ ZQ L _LMZZ ZY b]T_TYR 1LWV NZ`Y_P]PO PLNS ZQ _SP^P L]R`XPY_^ 3P ZMUPN_^ _SL_ M]TYRTYR TY _SP L^ dP_ `YOPNT[SP]PO 3L]L[[L ^N]T[_ bSTNS NPL^PO _Z MP TY `^P TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ,W]PLOd OP_LTWPO M]TPQWd TY 2ZZOd 7T_P]LWT_Æ_ & L XZ]P _SZ]Z`RS ]L_TZYLWP PcT^_^ TY 4Y_P]QLNP  z LYO ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY  !   "  " " .Q LW^Z ZY bSL_ QZWWZb^ 2ZZOd 4Y_P]QLNP  z # 2ZZOd 4Y_P]QLNP   $ 2ZZOd 4Y_P]QLNP  #z >TXTWL]Wd TY 2ZZOd 7ZRTN  ! LYO 4Y_P]QLNP  $z 4Y ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY  2ZZOd SL^ ]TRS_Wd MPNZXP XZ]P NL`_TZ`^ M`_ ^_TWW ^[PLV^ ZQ _SP -]LSXTY^ L^ _SP w^N]TMP^ bSZ L]P TY NSL]RP ZQ _SP Z]LW _]LOT_TZYx

$

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

APOTN _TXP^ LYO _SP TX[WTNT_ NWLTX ZQ L YPL]Wd `YTY_P]]`[_PO WT_P]L]d N`W_`]P T^ YZ_ RZZO []LN_TNP PT_SP] ST^_Z]TNLWWd Z] XP_SZOTNLWWd  ?SP APOL LYO ;£©TYTv^ R]LXXL]  _S _Z _S NPY_`]d -. ^SZ`WO ZMaTZ`^Wd MP ]PRL]OPO L^ Z]LW []ZO`N_^ N]PL_PO _Z MP ^[ZVPY 1LWVv^ XLUZ] L]R` XPY_ T^ _SL_ SL]O PaTOPYNP QZ] _SP `^P ZQ b]T_TYR OZP^ YZ_ L[[PL] `Y_TW _SP _ST]O NPY_`]d -. TY TY^N]T[_TZY^ ZY ^_PWP^ LYO ]ZNV^ Z]OP]PO Md 0X [P]Z] ,²ZVL bSTNS bZ`WO LW^Z TYOTNL_P _SL_ LW[SLMP_TN b]T_TYR QT]^_ L]Z^P L_ _ST^ _TXP  1`]_SP]XZ]P 1LWV O]Lb^ L__PY_TZY _Z _SP QLN_ _SL_ _SP QT]^_ b]T_TYR^ L]P OPOTNL_PO _Z LOXTYT^_]L_TaP LYO [ZWT_TNLW XL__P]^ LYO _SP QT]^_ ]PWTRTZ`^ ZYP^ bP]P b]T__PY YZ_ Md -]LSXTY^ M`_ Md -`O OST^_^ ?SP PL]WTP^_ -]LSXLYTN >LY^V]T_ b]T_TYR^ @[LYT´LO^ LYO TY ^N]T[_TZY^ ^SZ`WO MP OL_PO L NPY_`]d WL_P] L]Z`YO  z -. 8Z]P ZaP] L_ YZ _TXP OTO _SP -]LSXTY^ SLaP L XZYZ[ZWd ZY b]T_TYR Z] TY_P][]P_L_TZY YZ] bL^ _SP]P L RPYP]LW _LMZZ ZY b]T_TYR LYO YPT_SP] bL^ _PLNSTYR LYO PcPRP^T^ WTXT_PO _Z _SP -]LSXTY^ ;]TP^_^ LYO WT_P]L_T OTO YZ_ NZTYNTOP ?SP ZYWd XZYZ[ZWd ZQ _SP -]LSXLYTN []TP^_^ bL^ _SP ]T_ `LWNPY_P]PO APOL M`_ []PNT^PWd TY _ST^ L]PL _PLNSTYR LYO PcPRP^T^ bL^ YZ_ L_ LWW TX[Z]_LY_ 1LWVv^ []LRXL_TN []LcPZWZRTNLW L]R`XPY_ L[[PL]^ _Z `^ _Z MP TX[Z]_LY_% w-PTYR LMWP _Z ]PNT_P _SP ^LN]PO _Pc_^ Md SPL]_ T^ _SP []P]P\`T^T_P _Z [P] QZ]X ^LN]TQTNP^ ?SP Z]LW TY^_]`N_TZY T^  YZ_ L _]LY^QP] ZQ XPLYTYR M`_ L _]LY^QP] ZQ _ZZW^ bT_SZ`_ bSTNS _SP Q`_`]P []TP^_ bZ`WO YZ_ MP LMWP _Z []LN _TNP LYO PL]Y ST^ WTQP , b]T__PY ^LÀST_£ FAPOTN NZWWPN_TZYH T^ OPLO NL[T_LW QZ] L []TP^_ L M`]OPY WTLMWP _Z _SP L__LNV^ ZQ bST_P LY_^ LYO S`XTOT_d  4_ OZP^ YZ_ \`LWTQd _SP [Z^^P^^Z] QZ] LYd_STYR  LYO FT^H `^PWP^^ QZ] []ZQP^ ^TZYLW [P]QZ]XLYNPx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  2ZZOd ^Lb _SP PcT^_PYNP ZQ _ST^ ^N]T[_ bSTNS ]P^PL]NSP]^ RPYP]LWWd OL_P _Z []PAPOTN _TXP^ NL  -. M`_ bSTNS bL^ TY_P]]`[_PO L_ L]Z`YO "  -. L^ PaTOPYNP ZQ L aP]d ZWO N`W_`]P ZQ b]T_TYR TY 4YOTL 2ZZOd 4Y_P]QLNP  z 4Y w2ZZOTP^ QZ] 4Y OTLx " QQ TY [L]_TN`WL]  Q 1LWV ZMUPN_^ _SL_ PaPY TQ 2ZZOdv^ ]PNZY^_]`N_TZY ZQ _SP L[[PL]LYNP ZQ LY LW[SLMP_TN ^N]T[_ L_ L]Z`YO " -. LYO _SP b]T_TYR OZbY ZQ _SP APOL MPQZ]P Z] L]Z`YO  -. bL^ NZ]]PN_ T_ bZ`WO ^_TWW WPLaP L [P]TZO ZQ L _SZ` ^LYO dPL]^ bT_SZ`_ LYd b]T__PY PaTOPYNP `YPc[WLTYPO 1LWV L^^`XP^ _SL_ _SP 3L]L[[LY ^N]T[_ ^_Z[[PO L]Z`YO "  -. 8Z]P ]PNPY_ OT^NZaP]TP^ SZbPaP] ^`RRP^_ _SL_ ]P XLTY^ ZQ T_ PcT^_PO L^ WL_P L^  -.  ?SP PX[P]Z]v^ ^_ZYP TY^N]T[_TZY^ XLOP ZaP] L [P]TZO ZQ QZ`]_PPY dPL]^ L]P b]T__PY TY OTLWPN_^ ]PWL_PO _Z >LY^V]T_ ;]LV]T_ [L]_Wd TY 6SL]Z´¶S¯ ^N]T[_ LYO [L]_Wd TY -]LSX¯ ^N]T[_ ,NNZ]OTYR _Z 1LWV _SPd ]PaPLW L NWPL] OPaPWZ[XPY_ TY WLYR`LRP Q]ZX L QL`W_d WTYR`T^_TN ^_dWP _Z L bPWW SZYPO ZYP LYO _Z _SP QT]^_ PaP] [ZTY_TYR 3P ]PRL]O^ _ST^ L^ NWPL] PaTOPYNP _SL_ LY TYOTRPYZ`^ ^d^_PX ZQ b]T_TYR OTO YZ_ ZNN`] TY 4YOTL `Y_TW L]Z`YO  # -. 4Y LOOT_TZY _SP ^ZXPbSL_ ZWOP] 6SL]Z´¶S¯ ^N]T[_ bSTNS NWPL]Wd Pc STMT_^ YZY4YOTLY ,]LXLTN TYQW`PYNP^ NLY LNNZ]OTYR _Z 1LWV YZ_ MP X`NS ZWOP] _SLY _SP -]LSX¯ Q]ZX LMZ`_  -.  1LWV w2ZZOTP^ QZ] 4YOTLx #

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

$

?SP ^T_`L_TZY T^ ^TXTWL] QZ] APOTN WT^_^ ZQ SdXY^ TP _SPT] XL_P]TLW NZY _PY_^ NLY MP LNNP^^PO LO SZN L_ LYd _TXP QZ] aL]TZ`^ ]T_`LW `^P^ LYO T_ X`^_ MP [Z^^TMWP _Z `^P _SPX TY PaP] YPb NZXMTYL_TZY^  :MaTZ`^Wd _SP SdXY^ L]P LW]PLOd VYZbY Q]ZX XPXZ]d MPNL`^P _SP WT^_^ L]P Z]RLY TePO LNNZ]OTYR _Z XP_P]^ OPT_TP^ P_N LYO NZY_LTY ZYWd _SP QT]^_ _bZ bZ]O^ ZQ L aP]^P WTVP VPd bZ]O^ bT_SZ`_ LYd ^d^_PX ZQ Y`XMP]TYR ?SP]P L]P []LN_TNLW ]PL^ZY^ QZ] _ST^ _ZZ% w, []TP^_ m T^ NL[LMWP ZQ M]Zb^TYR _S]Z`RS _SP bSZWP XL^^ ZQ ^_LYeL^ TY LY TY^_LY_ QT]^_ NSPNVTYR _SP ]PWPaLY_ [L]_^ OPLWTYR bT_S _SP ]P^[PN_TaP RZO _SPY NSPNVTYR _SP XP_]P^ BSP]P _SP _bZ XPP_ SP SL^ L ^_LYeL OP aZ_PO _Z L NP]_LTY RZO TY L NP]_LTY XP_]P BZ]VTYR bT_S MZZV^ bZ`WO TY aZWaP NZY^TOP]LMWP OPWLdx 

BSL_ 2ZZOd OPPX^ _Z MP NWPL] PaTOPYNP ZQ WT_P]LNd YLXPWd _SP WT^_^ ZQ SdXY^ LYO _SP R]PL_ Y`XMP] ZQ _PNSYTNLW OPaTNP^ `^PO Md ;£©TYT SL^ LNNZ]OTYR _Z 1LWV WT__WP TY NZXXZY bT_S WT^_^ TY WT_P]L_P ^ZNTP_TP^ L^ QL] L^ _SP _d[P ZQ ^d^_PXL_TeL_TZY LYO NWPL] [SZYZNPY_]TNT_d L]P NZYNP]YPO 9PT_SP] _SP APOL YZ] ;£©TYTv^ R]LXXL] ML^PO ZY ^d^_PXL_TNLWWd L] ]LYRPO R]TO^ ZQ ^Z`YO OPaPWZ[PO Z`_ ZQ _SP NZYaPY_TZY^ ZQ b]T_TYR  /P^[T_P _SP PaTOPYNP _Z _SP NZY_]L]d bSTNS 1LWV M]TYR^ `[ T_ ^PPX^ _Z `^ _SL_ 2ZZOdv^ _SP^T^ T^ YZ_ NZX[WP_PWd ]`WPO Z`_ 3T^ XLUZ] L]R` XPY_ bL^ _SL_ ^d^_PXL_TN WT^_TYR WPcTNLW ^NTPYNP LYO ^_LYOL]OTePO LW [SLMP_^ TYaL]TLMWd XT]]Z] ^TRY ^d^_PX^ ZQ QTcL_TZY ?SP L]R`XPY_ T^ NZYaTYNTYR MPNL`^P L ‹RaPOTY bSZ LW]PLOd SL^ PaP]d_STYR NZXXT__PO _Z XPXZ]d OZP^ YZ_ YPPO L ]PQP]PYNP _Pc_ -`_ TQ SP bT^SP^ _Z XLVP _SP XL_P]TLW LaLTWLMWP LO SZN _Z Z_SP]^ SP bTWW b]T_P ^`NS L _Pc_ ?SL_ ]PQP] PYNP bZ]V^ OTN_TZYL]TP^ LYO WT^_^ PcT^_ L_ LWW XPLY^ _SL_ _SP]P L]P [PZ [WP bSZ OZ YZ_ SLaP _SP NZX[WP_P XL_P]TLW LYO LWW _SP NZY_Pc_^ ZQ L[[WT NL_TZY ^_Z]PO TY _SPT] SPLO^ _SL_ YZ_ PaP]dZYP VYZb^ PaP]d_STYR LO SZN Md SPL]_ Z] [Z^^TMWd _SL_ _SP XL_P]TLW SL^ MPNZXP _ZZ NZX[WPc LYO LY LTOPXPXZT]P T^ YZb YPNP^^L]d 8Z]PZaP] _SP ^_LYOL]OTeL_TZY ZQ ]T_`LW LYO WLYR`LRP TY OTQQP]PY_ ]PRTZY^ aP]d OT^_LY_ Q]ZX ZYP LYZ_SP] T^ LW XZ^_ TYNZYNPTaLMWP bT_SZ`_ b]T_TYR SZbPaP] RZZO _SP QPL_^ ZQ XPXZ]d XLd MP >Z T_ OZP^ LN_`LWWd ^PPX []ZMLMWP _SL_ _SP `^P ZQ LY LW[SLMP_TN b]T_TYR ^d^_PX PT_SP] OPaPWZ[PO Z] LW]PLOd PcT^_PO L_ _SP _TXP _SL_ _SP ;]£_T²£VSdL ZQ _SP ‹RaPOL bL^ ^_LYOL]OTePO LYO TY _SP >¼_]L [P]TZO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q LW^Z ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO   1LWV w2ZZOTP^ QZ] 4YOTLx   ,W_SZ`RS 1LWV LOXT_^ _SL_ ;£©TYT >¼_]L & NQ LW^Z $ VYZb^ _SP _P]X WT[T VL]LWTMTVL]L  w^N]TMPx SP ^Ld^ _SL_ _ST^ OZP^ YZ_ L[[PL] _Z TX[Wd LYd ^PWQ OP^N]T[_TZY M`_ T^ TY^_PLO L bZ]O _LVPY Q]ZX _SP 4]LYTLY _Z TYOTNL_P bSL_ _SP QZ]PTRY P]^ _SP ,NSLPXTYTO^ OZ .Q 1LWV >NS]TQ_ TX ,W_PY 4YOTPY  LYO w2ZZOTP^ QZ] 4YOTLx  

$!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

1Z] [`]PWd []LRXL_TN ]PL^ZY^ L N`W_`]P ZQ b]T_TYR TY WL_P APOTN _TXP^ NLYYZ_ MP NZX[WP_PWd OT^NZ`Y_PO , ^_LYOL]OTePO []ZY`YNTL_TZY WTVP _SL_ QZ] _SP APOL Z] _SL_ ZQ ;£©TYT T^ SL]O _Z TXLRTYP bT_SZ`_ b]T_ TYR TY ^`NS L WL]RP L]PL [Z[`WL_PO bT_S OTLWPN_^ ?SP WLNV ZQ TY^N]T[_TZY^ MPQZ]P 0X[P]Z] ,²ZVLv^ _TXP OZP^ YZ_ L[[PL] _Z MP ^`QQTNTPY_ PaTOPYNP ZQ _SP RPYP]LW LM^PYNP ZQ L ^d^_PX ZQ b]T_TYR 0L]Wd ZY ZYP NZ`WO SLaP `^PO LYO [L^^PO OZbY _Pc_^ QTcPO ZY ]L[TOWd OPNLdTYR ]ZWW^ ZQ XL_P ]TLW Z] LYZ_SP] ^d^_PX ZQ ^TRY^ ^`NS L^ XLY`LW RP^_`]P^ 4_ T^ PaTOPY_ _SL_ _SP QT]^_ Pc_PY^TaP MZOTP^ ZQ _Pc_ TY LYNTPY_ 4YOTL L]Z^P L_ _SP NZ`]_^ ZQ []TYNP^ ?SP -]LSXTY^ []PQP]]PO TY^_PLO _SP Pc_]PXPWd _]`YNL_PO LYO _SP]PQZ]P XL]VPOWd PNZYZXTNLW bT_S b]T_TYR XL_P]TLW^ >¼_]L ^_dWP z L NWPL] TYOTNL_TZY _SL_ ^`[P]TZ] b]T_TYR XL_P]TLW^ ^`NS L^ _]PL_PO MT]NS ML]V bP]P ^_TWW []P__d Pc[PY^TaP TY ,Y_T\`T_d ?ST^ ^_L_P ZQ LQQLT]^ L[ [PL]^ ZYWd _Z SLaP NSLYRPO bSPY T_ bL^ OT^NZaP]PO _SL_ [LWX WPLaP^ NZ`WO MP `^PO QZ] b]T_TYR L_ _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L 2ZZOdv^ L]R`XPY_L_TZY QZ] WT_P]LNd Q]ZX LMZ`_ _SP ^PaPY_S NPY_`]d -. LW^Z XLVP^ ^PY^P QZ] ^_]`N_`]LW ]PL^ZY^ BP _PYO _Z ^SL]P ST^ Z[TY TZY LYO _STYV _SL_ Z]LWT_d LYO WT_P]LNd PcT^_PO ^TOP Md ^TOP Q]ZX _SL_ _TXP ZYbL]O^ Z] L_ WPL^_ ^TYNP ;£©TYTv^ _TXP ?SP _Pc_ _]LOT_TZY^ TY \`P^_TZY OZ TYOPPO OPXZY^_]L_P ZMaTZ`^ NSL]LN_P]T^_TN^ ZQ L [P]QZ]X LYNP N`W_`]P LYO _SPT] Z]LW _]LY^XT^^TZY _SP [Z^^TMTWT_d ZQ LO SZN LN NP^^ []LRXL_TN `^LMTWT_d LYO [SZYZNPY_]TN Z]RLYTeL_TZY L]P RPY`TYPWd [P]NP[_TMWP 3ZbPaP] _SP]P T^ L bSZWP ]LQ_ ZQ TYOTNL_TZY^ LW^Z ^[PLVTYR TY QLaZ] ZQ 2ZZOdv^ L^^`X[_TZY _SL_ L ^d^_PX ZQ b]T_TYR LW]PLOd Pc T^_PO 4Q ZY _SP Z_SP] SLYO ZYP bP]P _Z QZWWZb _SP L]R`XPY_^ ZQ _SP _bZ ]PYZbYPO 4YOZWZRT^_^ Q]ZX L]Z`YO  -. ZYbL]O^ ZYP bZ`WO QTYO OP^[T_P [`]P Z]LWT_d L Y`XMP] ZQ QPL_`]P^ _SL_ TY Z_SP] N`W_`]P^ L]P L^ ^ZNTL_PO bT_S _SP TY_]ZO`N_TZY ZQ b]T_TYR ?SPd TYNW`OP _SP ^`NNP^^TaP NZX[TWL_TZY ^d^_PXL_TeL_TZY LYO ^_LYOL]OTeL_TZY ZQ _SP QZ`] APOTN NZW WPN_TZY^ _Z QZ]X L wNLYZYx TY _SP WL_P APOTN XLY_]L [P]TZO LYO _SP _TXP ZQ _SP -]£SXL©L^ TY bSTNS YZb ZYP XLd LW^Z QTYO LY TY_P][]P_L _TZY NZ^XTQTNL_TZY LYO []ZQP^^TZYLWTeL_TZY ZQ _SP APOTN ^LN]TQTNP L OTQQP]PY_TL_TZY ZQ _SP []TP^_^v ZQQTNP^ LYO LY ZY_ZWZRTeL_TZY ZQ _SP [Zb P]Q`W ‹RaPOTN ^LN]TQTNTLW ^[PPNS M]LSXLY L^ _SP RZOOP^^ 7LYR`LRP  a£N  WT_P]LWWd waZTNPx ;]ZMLMWd L_ ^ZXP _TXP ]Z`YO LMZ`_ _SP ^Tc_S NPY_`]d -. _SP APOTN bZ]O LYO ^Z`YO XL_P]TLW bL^ QTcPO LYO NZOTQTPO _SP ‹RaPOL bL^ XLOP wTYaL]TLMWPx ! LYO _SP APOTN ^NTPYNP^ [SZYP_TN^ P_dXZWZRd P_N OPaPWZ[PO ?ST^ NZ]]PWL_P^ XZ]P Z] WP^^ bT_S 2ZZOdv^ L^^`X[_TZY _SL_ LY LW[SLMP_TN ^N]T[_ bL^ TY_]ZO`NPO L_ L]Z`YO " -. 3ZbPaP] L^ 8TNSLPW BT_ePW ]PNZY^_]`N_PO ^_P[Md^_P[ _SP QZ]XL _TZY ZQ _SP APOTN NLYZY bL^ L []ZNP^^ _SL_ _ZZV [WLNP TY ^PaP]LW ^_LRP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q -]ZYVSZ]^_ w>ZXP :M^P]aL_TZY^x

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

$"

ZaP] S`YO]PO^ ZQ dPL]^ LYO bL^ TYQW`PYNPO Md _SP [ZWT_TN^ ZQ _SP OLd " BT_ePW ^`[[Z^P^ _SL_ L b]T__PY NLYZY ZQ _Pc_^ LYO _SP []ZO`N_TZY ZQ _SP QTYLW aP]^TZY ZQ _SP APOL ZYWd NLXP TY_Z MPTYR L_ L]Z`YO   -. 4Y_P]P^_TYRWd _SP X`NS PL]WTP] wXLY_]L [P]TZOx TY bSTNS _SP XLUZ]T_d ZQ _SP NZX[TWL_TZY LYO ^_LYOL]OTeL_TZY SLO LW]PLOd _LVPY [WLNP bL^ LW^Z _SP _TXP bSPY _SP _P]X w ±]`_T x wSPL]TYRx bL^ TY_]ZO`NPO QZ] _SP APOTN ]PaPWL_TZY ?ST^ NZ`WO SLaP _bZ OTQQP]PY_ NL`^P^ 4_ NZ`WO MP _LVPY L^ LY L]R`XPY_ QZ] [`]P Z]LWT_d Z] L^ ZYP QZ] Z]LWT_d ]PQWPN_PO TY b]T_TYR BSL_PaP] _SP NL^P T_ T^ NWPL] _SL_ Z]LWL`]LW [P]QZ]XLYNP ZNN` [TPO _SP QZ]PR]Z`YO bSPY _SP YLXP bL^ NSZ^PY ?Z ^`XXL]TeP ZYP NLY ^Ld _SL_ 2ZZOdv^ ^_]`N_`]LW LYLWd^T^ LYO _SP 4YOZWZRT^_^v ST^_Z]TNLW L[[]ZLNS []ZO`NP OTQQP]TYR ]P^`W_^ bSTNS NLY MP ]PNZYNTWPO bT_S ^ZXP ^[PN`WL_TZY ?SP YZ_TZY _SL_ L N`^_ZX ZQ b]T_TYR PcT^_PO L_ L]Z`YO #" -. bTWW []ZMLMWd ]PXLTY [`]P Sd[Z_SP^T^ ,_ MP^_ _SP OPNT[SP]TYR ZQ _SP []PAPOTN 3L]L[[LY ^N]T[_ _SL_ LNNZ]OTYR _Z ]PNPY_ QTYOTYR^ OT^L[[PL]PO Q]ZX `^P L]Z`YO  -. XTRS_ M]TYR YPb TY^TRS_^ -`_ PaPY _SPY _SP]P bZ`WO ^_TWW MP LY `YPc[WLTYPO RL[ ZQ LMZ`_  _Z  dPL]^ 2ZZOdv^ NZX[L]L_TaP ]L_TZYLWP LW^Z ]PXLTY^ ^[PN`WL_TaP 4_ T^ \`P^_TZYLMWP bSP_SP] ST^ QTPWO ZM^P]aL_TZY^ ZQ WZYR ]PNT_L_TZY^ TY BP^_ ,Q]TNL NLY MP _]LY^QP]]PO _Z 4YOTL LYO Z_SP] N`W_`]P^

"

>ZYLWT_d L^ L ?ST]O >[LNP% 9Pb ,^[PN_^ QZ] /PML_P

:YP NLY LR]PP bT_S 2ZZOd _SL_ _SP VYZbWPORP_PNSYZWZRd PO`NL_TZYLW LYO ^ZNTLW ]PWPaLYNP ZQ b]T_TYR LYO LM^_]LN_ ^TRY ^d^_PX^ NLYYZ_ MP \`P^_TZYPO /Z`M_WP^^ ]PO`N_TZY ZQ NZX[WPcT_d T^ YPPOPO TY OTQQP]PY_T L_PO ^ZNTLW ^_]`N_`]P^ WL]RP^NLWP NZWWPN_TaP^ _ZbY^ ^_L_P^ _]LY^WZNLW NZXX`YT_TP^ L]T^TYR _S]Z`RS XTR]L_TZY P_N LYO _SP LNNZX[LYdTYR PWLMZ]L_PO LYO [W`]LWTePO VYZbWPORP N`W_`]P^ ?ST^ T^ LNSTPaPO Md XPLY^ ZQ ^_LYOL]OTeL_TZY RPYP]LWTeL_TZY ^d^_PXL_TeL_TZY QZ]XLWTeL_TZY LYO LM^_]LN_TZY ?SP WL_P APOTN ^LN]TQTNTLW ]T_`LW bT_S T_^ OTQQP]PY_TL_PO ^d^_PX ZQ []TP^_^ bL^ ZYP ^`NS NZX[WPc ^ZNTLW ^_]`N_`]P LYO VYZbWPORP N`W_`]P bSTNS L[[L]PY_Wd NZ]]PWL_PO bT_S _SP ^[]PLO LYO OTQQP]PY_TL_TZY ZQ NZXX`YT_d WTQP PL]Wd ^_L_P QZ]XL_TZY `]MLYTeL_TZY XTR]L_TZY TY_Z _SP 2LYRP^ [WLTY LYO _SP MPRTYYTYR ZQ NL^_P ^ZNTP_d ?SP QZ]XLWT^_TN APOTN L]_ ZQ XPXZ]TeTYR R`L]LY_PPO ZYP NLYZYTNLW QZ]X ;£©TYTv^ ^_LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,NNZ]OTYR _Z BT_ePW w/PaPWZ[XPY_ ZQ _SP APOTN .LYZYx  "z  _SP XLUZ]T_d ZQ _SP []ZNP^^ ZQ NZX[TWTYR POT_TYR LYO ^_LYOL]OTeTYR _SP APOL _ZZV [WLNP TY _SP YZ]_S 0L^_ ZQ 4YOTL O`]TYR _SP XLY_]L [P]TZO ?ST^ bL^ _SP L]PL _Z bSTNS _SP APOTN _]LOT_TZY XZaPO MPNL`^P SPRPXZYTN VTYROZX^ NLXP TY_Z MPTYR _SP]P LYO _SP YPb ]`WP]^ ZM _LTYPO -]LSXTY^ Q]ZX _SP BP^_ _Z >LY^V]T_TeP _SPT] _P]]T_Z]d _S`^ RLTYTYR _SP LNNP[ _LYNP ZQ BP^_P]Y ]`WP]^

$#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

OL]OTeL_TZY ZQ _SP >LY^V]T_ WLYR`LRP XLOP L ^_LYOL]O WTYR`L Q]LYNL [Z^ ^TMWP LYO bL^ QZ]XL_TaP QZ] _SP bSZWP WL_P] [P]TZO ?SP OTQQP]PY_TL_TZY LYO NZX[WPcT_d ZQ VYZbWPORP N`W_`]P^ TYN]PL^PO TY _SP WL_P] w>LY^V]T_ NZ^XZ[ZWT^x QZ] bSZ^P [ZWT_TNLW TY_PR]L_TZY b]T_TYR bL^ `^PO L^ >SPW OZY ;ZWWZNV SL^ NZYaTYNTYRWd ^P_ Z`_ ,_ _SP ^LXP _TXP SP [ZTY_PO Z`_ _SP [SZYZNPY_]TNT_d LYO _SP ^[]PLO ZQ _SP [ZWT_TNLW aT^TZY aTL Z]LW [P] QZ]XLYNP^ ?SP N`W_`]LW ^T_`L_TZY Q]ZX _SP QTQ_S _Z _SP _ST]_PPY_S NPY_`]TP^ ,/ NLY U`^_TQTLMWd NLWWPO _SP SPdOLd ZQ >LY^V]T_ N`W_`]P LYO ZQ _SP 4YOTLY ^NTPYNP^ bSTNS NZY_TY`PO XLVTYR `^P ZQ ^Z`YO NZOP^ L^ bPWW L^ b]T_ TYR 4_ bL^ ^TX`W_LYPZ`^Wd L _TXP bSPY L w]TRS_SLYOPOx ?LY_]T^X _SL_ OTO YZ_ aTZWL_P _SP APOTN -]LSXLYTN ]`WP^ ZQ [`]T_d bL^ _SP ]PWTRTZ`^ XLTY^_]PLX .WL^^TNLW ?LY_]T^X T^ LY Pc_]PXPWd NZX[WPc LYO STRSWd PWLMZ]L_P VYZbWPORP ^d^_PX TY bSTNS R]L[STN OTLR]LXXL_TN LYO LNZ`^ _TN ^dXMZW^ bP]P `^PO _Z []ZaTOP ^_]`N_`]P LYO ]PO`NP NZX[WPcT_d 4Y _SP ?LY_]TN Z]RLYTeL_TZY ZQ VYZbWPORP L ^TYRWP ^dWWLMWP Z] L ^P]TP^ ZQ _SPX MPNZXP^ L NZX[WPc NZOP ^d^_PX z LYO QZ] _SP TYT_TL_PO L ^d^_PX Q`WW ZQ P^Z_P]TN TYQZ]XL_TZY 4Y _SP ?LY_]L ^ZYTN N`W_`]P bL^ ^Z _Z ^[PLV ^PLWPO TY b]T_TYR ?SP P^Z_P]TN ^Z`YO NZ^XZWZRTP^ LYO _SP ?LY _]TN wXLY_]L ^NTPYNPx XZ^_ TY_PY^TaPWd ZMWTRPO _Z _SP ^ZYLWT_d [L]LOTRX OPaPWZ[PO TY _SP XPOT`X ZQ b]T_TYR LYO PaPY QZ`YO TY T_ N]PL_TaP QZ]X^ ZQ Pc[]P^^TZY `^TYR R]L[SPXP^ L^ ^dXMZWTN QZ]X^ Z] _SLYV^ _Z b]T_TYR bP]P LMWP _Z PYN]d[_ _SPT] XLY_]L^ _Z STOP _SPX Q]ZX _SP `YTYT_TL_PO LYO []Z_PN_ _SPT] TY_]TY^TN PQQTNLNd 4YT_TL_TZY TY_Z _SP ^PN]P_ VYZbWPORP LYO _SP ?LY_]TN WTYPLRP ]P\`T]PO Z]LWT_d LYO _SP aP]d NPY_P] ZQ LN_`LW [P] QZ]XLYNP T^ _SP ^Z`YOTYR LYO aTM]L_TYR XLY_]L QZ]X`WL 4Y _SP [`MWTN L]PL _SP w^PN]P_x XLY_]L QZ]X`WL^ ^_]ZYRWd TYQZ]XPO _PX[WP N`W_`]P ^_TWW []P^PY_ _ZOLd TY >Z`_SP]Y 4YOTL LYO _SP [TP_d ZQ WLd [P]^ZY^ BP ]PNZRYTeP _SP ^_]PYR_S ZQ 2ZZOdv^ L]R`XPY_ bSTWP N]T_TeT^TYR STX QZ] YZ_ _LVTYR TY_Z LNNZ`Y_ _SP ^ZNTZN`W_`]LW ^T_`L_TZY z 3TYO` 4YOTLv^ aP]d []ZYZ`YNPO ]T_`LW LYO [P]QZ]XLYNP N`W_`]P ?SP OPML_P QZ] LYO LRLTY^_ WT_P]LNd TY LYNTPY_ 4YOTL OT^_Z]_^ ZYPv^ aTPb ZQ _SP QLN_ _SL_ TY 4YOTL b]T_TYR SL^ YZ_ RPYP]L_PO LYd N`W_`]LW aLW`P LYO Z]LWL`]LW NZXX`YTNL_TZY ^d^_PX^ NZY_TY`PO _Z PcT^_ PaPY LQ_P] _SP TY_]ZO`N_TZY ZQ b]T_TYR 4Y QLN_ _SP [SZYZNPY_]TN MTL^ bL^ PaPY Q]P\`PY_Wd ]PTYQZ]NPO _S]Z`RS b]T_TYR 4_ L[[PL]^ _SP]PQZ]P YPNP^^L]d _Z _LVP L aTPb ML^PO ZY _SP LP^_SP_TN^ ZQ ]PNP[_TZY 2ZZOd P^_LMWT^SPO L OTNSZ_ZXd ZQ _SP Z]LW LYO _SP WT_P]LW _SL_ OTO YZ_ PcT^_ TY 4YOTL LYO ^d^_PXL_TNLWWd TRYZ]PO _SP LP^_SP_TN OTXPY^TZY ?ST^ OTXPY^TZY TY_]ZO`NP^ L NSLYRP TY [P]^[PN_TaP M]TYR^ L^[PN_^ TY_Z _SP QTPWO ZQ aT^TZY _SL_ []PaTZ`^Wd SLO YZ_ MPPY [P] NPTaPO Z] bP]P ]PYOP]PO TYaT^TMWP MPNL`^P _SPd bP]P MWLYVPO Z`_ LYO YZ_ ]PQWPN_PO `[ZY ?SP ZYP^TOPO QZN`^ ZQ ]L_TZYLWT_d PcNW`OPO _SP ]ZWP ZQ _SP ^PY^P^ ,P^_SP_TN L^[PN_^ SPWO YZ TY_P]P^_ PaPY _SZ`RS _SPd L]P L

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

$$

Q`YOLXPY_LW OTXPY^TZY ZQ Z]LWT_d LYO WT_P]LNd MPNL`^P XPOTL []LN_TNP^ L]P LWbLd^ LW^Z LP^_SP_TN []LN_TNP^ LYO TYQW`PYNP [P]NP[_TZY 4_ T^ YZ_ L XL_`]P YPb _SPZ]d _SL_ T^ _Z MP []P^PY_PO ZYWd L QPb ]PL^ZY^ LYO L]R` XPY_^ L^ _Z bSd T_ XLVP^ ^PY^P _Z ]PNZRYTeP ^ZYLWT_d L^ LY TYOP[PYOPY_ OTXPY^TZY LYO _SL_ _ST^ T^ LN_`LWWd XP_SZOZWZRTNLWWd YPNP^^L]d :YP ZQ _SP XLYd ]PL^ZY^ T^ _SL_ TY >LY^V]T_ N`W_`]P LM^_]LN_ ^TRY ^d^_PX^ bP]P QZ]XPO YZ_ ZYWd R]L[STNLWWd M`_ LW^Z Md `^TYR ^Z`YO^ ?ST^ LW^Z ]P XLTYPO NZXXZY TY WL_P] _TXP^ :`] L]R`XPY_ ZQ ]PNP[_TZY LP^_SP_TN^ bSTNS [Z^T_^ _SP NZPcT^_PYNP ZQ Z]LWT_d LYO WT_P]LNd LYO []Z[Z^P^ L ^ZYTN wSLMT_`^x TY bSTNS _SP Z]LWL`]LW XPOT`X bL^ XZ]P TX[Z]_LY_ LaZTO^ _SP ST^_Z]TNLW _STNVP_^ LYO `YNP]_LTY_TP^ ZQ LY PL]Wd N`W_`]P ZQ b]T_TYR TY 4YOTL LYO `W_TXL_PWd ]PXZaP^ LYd TX[Z]_ Q]ZX _SP \`P^_TZY ZQ wZ]LW Z] b]T__PY*x L^ QL] L^ T_ ]P^_^ ZY LY TYNZ]]PN_ OTNSZ_ZXd bT_S ]P RL]O _Z 4YOTL 4Y^_PLO _SP QZ]PR]Z`YO T^ ZNN`[TPO Md N`W_`]LW []LN_TNP^ N`W_`]LW XPLYTYR^ LYO N`W_`]LW NZOTYR^ :YP ML^TN []ZMWPX bT_S 2ZZOdv^ L]R`XPY_L_TZY T^ _SP XPOTL OP_P] XTYT^X bSTNS >_LLW LYO 1LWV U`^_TQTLMWd ZMUPN_PO _Z :YP NLY ^`XXL ]TeP 2ZZOdv^ L]R`XPY_ TY ZYP ^SZ]_ OPO`N_TaP ^PY_PYNP% ^TYNP TY _SP 4YOTLY WT_P]L_`]P LYLWd_TNLW _SZ`RS_ LYO ]L_TZYLW ^d^_PX^ L]P []P^PY_ ZY L R]LYO ^NLWP _PNSYTNLW TYQZ]XL_TZY XZ]LW U`ORXPY_ `YTaP]^LW OPQTYT _TZY 6LY_TLY TX[P]L_TaP XL_SPXL_TN^ P[T^_PXZWZRd WZRTN P_N _SP N`W_`]P NLYYZ_ MP LYd_STYR Z_SP] _SLY L WT_P]L]d ZYP # 1Z] 4YOTL SZb PaP] _ST^ OPO`N_TZY T^ ZMaTZ`^Wd _ZZ ^TX[WP LYO WLNVTYR TY TXLRTYL_TZY :Y _SP ZYP SLYO 2ZZOd T^ []ZMLMWd NZ]]PN_ bSPY SP NWLTX^ _SL_ bT_S Z`_ ^TRY^ _SP]P NLY MP YZ LM^_]LN_TZY LYO bT_SZ`_ LM^_]LN_TZY _SP]P NLY MP YZ w^`[P]TZ]x N`W_`]P >TRY NZOP^ L]P TX[Z]_LY_ QZ] ^d^_PXL_TeL_TZY P_N -`_ _SP [Z^^TMTWT_TP^ QZ] QZ]XTYR ^TRY^ L]P XZ]P Y`XP]Z`^ LYO aL] TPO >TRY^ OZ YZ_ SLaP _Z MP R]L[STNLW LYO aT^`LW ;£©TYT `^PO ^Z`YO NZOP^ _Z ]PR`WL_P _SP QTcPO _Pc_ R]LXXL_TNLWWd ?SP ?LY_]T^_^ L]P QLXTW TL] bT_S MZ_S _SL_ T^ ^Z`YO ]P[]P^PY_L_TZY^ XLY_]L^ LYO R]L[STNLW ]P[]P^PY_L_TZY^ dLY_]L^  DP_ _SP XLY_]L QZ]X TP _SP WTYR`T^_TN QZ]X LWbLd^ ]PXLTYPO _SP XZ]P TX[Z]_LY_ ZYP ?SL_ T^ _Z ^Ld ^Z`YO ^dXMZW^ bP]P []PQP]]PO ZaP] R]L[STNLW ^dXMZW^ ?SP^P _bZ PcLX[WP^ ;£©TYTv^ R]LXXL] LYO ?LY_]TN []LN_TNP L]P QL] L[L]_ ST^_Z]TNLWWd NZaP] aL^_Wd OTQQP]PY_ VYZbWPORP ^d^_PX^ LYO N`W_`]LW ^`M^d^_PX^ LYO L]P TY RPY P]LW ]L]PWd `^PO Md _SP ^LXP ^ZNTLW R]Z`[^ z LYO TY _SP NL^P ZQ _SP ?LY _]L _SPd L]P YZ_ [L^^PO OZbY ^ZWPWd Md TY_PWWPN_`LW PWT_P^ DP_ TY MZ_S NL^P^ _SP L`OTMWP ^dXMZW^ OZ PcLN_Wd _SP ^LXP L^ R]L[STNLW ^dXMZW^% _SPd LWWZb LM^_]LN_TZY ?SP OTNSZ_ZXd 2ZZOd ^P_ `[ MP_bPPY Z]LWT_d LYO WT_P]LNd bSTNS bL^ [L]_TLWWd ]PT_P]L_PO Md >_LLW LYO 1LWV bT_S _SP Z[[Z^T_P TY_P][]P_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 2ZZOd 4Y_P]QLNP  z



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_TZY T^ L NSTXP]L L^ QL] L^ >LY^V]T_ N`W_`]P T^ NZYNP]YPO 2ZZOd ]TRS_Wd ^_]P^^PO _SP YPNP^^T_d ZQ OTQQP]PY_TL_TYR MP_bPPY [`]PWd Z]LW N`W_`]P^ bT_SZ`_ b]T_TYR ^`NS L^ NP]_LTY ,Q]TNLY LYO aTWWLRP 3TYO` _]LOT_TZY^ LYO Z]LW _]LOT_TZY^ _SL_ PcT^_ ^TOP Md ^TOP bT_S _SP `^P ZQ b]T_TYR BP bZ`WO LR]PP bSZWPSPL]_POWd bT_S ST^ L]R`XPY_ _SL_ w_SP]P T^ YZ OTQQT N`W_d TY NZYNPTaTYR L b]T__PY _]LOT_TZY MPTYR [L^^PO ZY WL]RPWd Md Z]LW XPLY^x $ 3ZbPaP] T_ T^ WP^^ NZX[]PSPY^TMWP bSd ZYP ^SZ`WO NL_PRZ ]TeP _SP^P _]LOT_TZY^ L^ WT_P]L_P N`W_`]P^ bT_SZ`_ \`P^_TZY DP_ T_ bZ`WO LW^Z MP b]ZYR _Z ^Ld _SL_ >LY^V]T_ 3TYO`T^X LYO _SP APOL TY [L]_TN`WL] bP]P Z]LW N`W_`]P^ Z] Z]LW _]LOT_TZY^ :]LWT_d LYO Z]LW _]LY^XT^^TZY SLaP MPPY ZaP]PX[SL^TePO TY _SP 4YOZWZRT^_^v LY_T2ZZOd OPML_P ?SP OPNT ^TaP QLN_Z] T^ YZ_ _SP OTNSZ_ZXd MP_bPPY WT_P]LNd LYO Z]LWT_d M`_ _SP OTNSZ_ZXd MP_bPPY QW`TO LYO QTcPO _Pc_^ :]LW N`W_`]P^ ]PR`WL_P N`W_`]LW XPXZ]d Md XPLY^ ZQ YL]]L_TaP^ _SL_ L]P LOL[_PO _Z _SP N`]]PY_ ^T_`L_TZY 2ZZOd LYO :YR ^[PLV ZQ SZXPZ^_L^T^ TY _ST^ NZY_Pc_ :]LW WT_P]L_`]P^ L]P YZ_ QTcPO TYaL]TLMWP _Pc_^ M`_ TY^_PLO _SPd L]P TY NZY^_LY_ wXZ` aLYNPx 1Z] L WZYR _TXP _ST^ LW^Z L[[WTPO _Z _SP >LY^V]T_ P[TN^ bSTNS bP]P LW]PLOd NT]N`WL_TYR TY b]T__PY QZ]X  LYO ;`]£©L^ LYO ZYP XLd ^`[[Z^P _SL_ T_ bL^ LW^Z _]`P ZQ _SP APOL TY _SP PL]Wd APOTN [P]TZO w8Z`aLYNPx ^_TWW L[[WTP^ PaPY _ZOLd _Z ^ZXP ^`]aTaTYR aP]YLN`WL] _Pc_^ 3ZbPaP] TY _SP NL^P ZQ _SP APOL _Z bSTNS >_LLW LYO 1LWV ]PQP] _SP ^T_`L_TZY T^ OTQQP]PY_ ?SP APOL T^ L QTcPO _Pc_ M`_ QTcPO TY L [`]PWd LNZ`^_TN QZ]X >Z >_LLW 1LWV LYO 2ZZOd LWW SLO L [ZTY_ 2ZZOd ST_ _SP YLTW ZY _SP SPLO bSPY SP ^[ZVP ZQ L w^_LYOL]OTePO Z]LW QZ]Xx 3P bL^ LW^Z NZ]]PN_ bSPY SP ^_]P^^PO _SL_ L N`W_`]P bT_S ^_]ZYR TYNWTYL_TZY _Z bL]O Z]LWT_d OZP^ YZ_ YPNP^^L]TWd SLaP _Z MP YZYWT_P]L_P -`_ ST^ NWLTX _SL_ T_ bL^ _TXP _Z ]PNZRYTeP _SP APOL^ L^ Fb]T__PYH w_Pc_^x ]L_SP] _SLY w`__P]LYNP^x TRYZ]P^ LN_`LW []LN_TNP  BP _LVP _SP Z[[Z^T_P aTPb LYO PX[SL^TeP _SP YPNP^^T_d ZQ ]PNZRYTeTYR APOTN LYO [Z^_APOTN WT_P]L_`]P^ XZ]P NZY^T^_PY_Wd L^ w`__P]LYNP^x _LVTYR _SP OZXTYLYNP ZQ L`OTMWP _Pc_^ ^P]TZ`^Wd LYO LN_`LWWd ]PNZRYTeTYR _SP ^ZYLWT_d [L]LOTRX ?ST^ L[[PL]^ Z[[Z]_`YP TY aTPb ZQ _SP QLN_ _SL_ TY WL_P] _TXP^ TY [L]_TN`WL] _SP]P PcT^_PO YZ_ ZYWd Z]LWWd ^`[[Z]_PO WT_P]LNd M`_ LW^Z b]T_TYR ^`[[Z]_PO ^ZYLWT_d BSL_ T^ _d[TNLW ZQ _SP LNZ`^_TN wSLMT_`^x T^ _SL_ _SP APOL bL^ NLWWPO w3PL]TYRx ±]`_T _SL_ TY _SP LNLOPXTN WT_P]L_`]P PaPY LQ_P] _SP []ZaPY TY_]ZO`N_TZY ZQ b]T_TYR _SP]P T^ YZ_TNPLMWP WLNV ZQ _P]X^ L^^ZNTL_PO bT_S b]T_TYR L^ 1LWV ]PXL]V^ TY [L^^TYR LYO _SL_ PaPY bSP]P _SP []ZQLYP ²LMOL wbZ]Ox SLO ]P[WLNPO _SP ^LN]PO A£N _SP RZOOP^^ wAZTNPx _SP aZTNP L^[PN_ LYO LNZ`^_TN XL_P]TLWT_d ]PXLTYPO NZY^_T_`_TaP PWPXPY_^ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2ZZOd 4Y_P]QLNP  !  2ZZOd 4Y_P]QLNP  

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd



WLYR`LRP LYO bZ]O^ ,WW ZQ _ST^ T^ TYOTNL_TaP ZQ _SP WZb ^_LYOTYR ZQ b]T_TYR TY LYNTPY_ LYO XPOTPaLW >LY^V]T_ N`W_`]P 4_ L[[PL]^ _Z `^ ZQ VPd TX[Z]_LYNP _SL_ PaPY TQ LY PL]Wd LYO ^_TWW APOTN N`W_`]P ZQ b]T_TYR PcT^_PO bSTNS 2ZZOd ^`[[Z^P^ LYO bP OZ YZ_ QTYO ^Z aP]d QL] ZQQ _SP XL]V _ST^ bL^ YZ_ L^ N`W_`]LWWd ^TRYTQTNLY_ [Z^^TMWd O`P _Z _SP NWTXL_P Z] [Z^^TMWd MPNL`^P _SP ZWOP^_ _Pc_ T^ L WT_`]RTNLW ZYP L^ TY Z_SP] WZNL _TZY^ ^`NS L^ .STYL LYO 0`]Z[P LYO wSPL]TYRx SLO []PNPOPYNP TY _SP N`W_`]LW XPXZ]d PaPY TY LY L]PL bSP]P b]T_TYR NWPL]Wd PcT^_PO >TYNP _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L L_ _SP WL_P^_ 4YOTL [L]_TNT[L_PO TY _SP NZY^P\`PYNP^ ZQ L WT_P]L_P N`W_`]P P^[PNTLWWd TY NZXX`YTNL_TZY LN]Z^^ _TXP LYO ^[LNP 4_ T^ `YWTVPWd _SL_ WL]RP^NLWP OT^_]TM`_TZY bZ`WO SLaP MPPY [Z^^TMWP bT_SZ`_ b]T_TYR LYO ]ZdLW TY_P]P^_^ M`_ _SP OT^_]TM`_TZY ZQ [Z^_APOTN WT_P]L]d []ZO`N_^ LXZYR _SP XL^^P^ _ZZV [WLNP aTL ML]O^ _]LaPWTYR ^TYRP]^ ]PWTRTZ`^ Pc[P]_^ L_ _SP NZ`]_^ ZQ []TYNP^ LYO [P]QZ]X LYNP []LN_TNP^ 2ZZOd QLTWPO _Z ]PNZRYTeP _SP N`W_`]LW []LN_TNP ZQ L XL]VPO N`W_`]P ZQ [P]QZ]XLYNP LYO _SP Pc_PY_ ZQ _SP ^[ZVPY bZ]O BSP_SP] _ST^ bL^ O`P _Z TRYZ]LYNP Z] OT^TY_P]P^_ MPNL`^P T_ bL^ YZ_ SPW[Q`W _Z ST^ _SPZ]d Z] ^TX[Wd _Z _SP QLN_ _SL_ TY [Z^_APOTN _TXP^ _SP `^P ZQ b]T_TYR TY 4YOTL T^ YZ WZYRP] NZY_P^_PO LYdbLd 2ZZOd OPaZ_PO SL]OWd LYd L__PY_TZY _Z _SP [Z^_APOTN NWPL]Wd b]T__PY WT_P]L_`]P^ bSTNS NZY_TY`PO _SP MTL^ ZQ _SP ^[ZVPY LYO L`OTMWP bZ]O LYO TY [L]_ PaPY ]PTYQZ]NPO T_ 1Z] PcLX[WP _SP]P T^ YZ ]PQWPN_TZY ZY _SP QLN_ _SL_ TY >LY ^V]T_ 3TYO`T^X _SP [ZbP] ZQ ^Z`YO ]PXLTYPO TY_LN_ PaPY _SZ`RS b]T_TYR bL^ TY `^P LYO T_ bL^ PaPY ^_]PYR_SPYPO L`_Z]PQWPcTaPWd Md b]T_TYR :aP]LWW _ST^ _Z`NSP^ ZY L bSZWP ^P]TP^ ZQ ]PL^ZY^ QZ] PX[SL^TeTYR _SP ^ZYLWT_d [L]LOTRX% _SP ^Z`YO LM^_]LN_TZY^ _SP [SZYZNPY_]TN ^dX MZWTN QZ]X^ _SP wRZOOP^^ AZTNPx P_N _SP XPOTL []LN_TNP LYO [P] QZ]XLYNP N`W_`]P LYO _SP NZY_TY`L_TZY LYO `[OL_TYR ZQ Z]LWT_d TY b]T_ TYR 2ZZOdv^ ^d^_PX OZP^ YZ_ RTaP LY Pc[WLYL_TZY ZQ bSd ^dXMZWTN QZ]X^ ^`NS L^ _SP RZOOP^^ A£N Z] X`NS WL_P] _SP 9£OL-]LSXLY w>Z`YO-]LSXLYx bP]P NZY^_]`N_PO L_ LWW LYO ]PXLTYPO ^Z [ZbP]Q`W LYO PQQPN_TaP 4Y _SP WTRS_ ZQ ST^ _SPZ]d LY Pc[WLYL_TZY T^ YPPOPO PaPY XZ]P QZ] _SP QLN_ _SL_ PaPY _SP XZ^_ LM^_]LN_ QZ]X`WL^ ^`NS L^ ;£©TYTv^ LWRPM]LWTVP []L_d£S£]L^  bSTNS `YOP][TY LWW _SP R]LXXL_TNLW Z[P]L _TZY^ NZXP TY _SP QZ]X ZQ ^Z`YO NZOP^ _SL_ MPNZXP _]LY^[L]PY_ LYO []LN_TNLMWP ZYWd bSPY ZYP VYZb^ _SP LNZ`^_TN ^P\`PYNP ZQ ^Z`YO^ TY _SP LW[SLMP_ ,YO bSL_ T^ [Z^^TMWd PaPY XZ]P LXLeTYR T^ _SL_ _SP w8ZZY >PY_PYNP^x ZQ _SP L^_]ZYZXP] LYO XL_SPXL_TNTLY AL]L]`NT _S NPY_ -. bSTNS NWPL]Wd ]P\`T]P VYZbWPORP LYO `^P ZQ LW[SLMP_TN b]T_TYR bP]P LW^Z b]T__PY TY ^Z`YO NZOP^ 2ZZOd NZY^TOP]PO _ST^ _Z MP TX[Z^^T MWP LYO [Z^_`WL_PO _SL_ XL_SPXL_TN^ NZ`WO ZYWd MP ]P[]P^PY_PO `^TYR R]L[STNLW ^TRY^



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

4Q ZYP _LVP^ TY_Z LNNZ`Y_ _SP 4YOTLY PX[SL^T^ ZY ^ZYLWT_d z ]PLNSTYR L^ QL] L^ _SP ^NTPYNP ^d^_PX^ z _SP []ZMWPX ZQ _SP PcT^_PYNP Z] YZY PcT^_PYNP ZQ WT_P]LNd MPNZXP^ QL] WP^^ LN`_P ,Y LW_P]YL_TaP w_ST]O ^[LNPx XZOPW PXP]RP^ _Z _SP OTNSZ_ZXTP^ _SL_ bP]P [Z^_`WL_PO Md 2ZZOd LYO Z_SP] L`_SZ]^ , XP_SZOZWZRTNLW bPLVYP^^ ZQ _SP WT_P]LNd _SPZ]d T^ _SL_ LW_SZ`RS 2ZZOd ]PNZRYTeP^ _SP TY_P]QLNP MP_bPPY Z]LWT_d LYO WT_P]L_P N`W_`]P TY 4YOTL SP OZP^ YZ_ O]Lb LYd ^d^_PXL_TN NZYNW`^TZY^ Q]ZX _ST^ /P^[T_P _SP ^_]ZYR Z]LW MTL^ bSTNS SP ]PNZRYTeP^ SP XZ]P Z] WP^^ L`_ZXL_TNLWWd NL_PRZ]TeP^ 4YOTLY N`W_`]P LXZYR _SP WT_P]L_P N`W_`]P^ TY^_PLO ZQ _LVTYR T_ ^P]TZ`^Wd L^ L _ST]O NL_PRZ]d L _ST]O ^[LNP Z] LY TY_P]XPOTL]d eZYP ?SP [Z^^TMTWT_d ZQ L ^Z`YO N`W_`]P LYO NZ]]P^[ZYOTYR QZ]X^ ZQ VYZbW PORP Z]RLYTeL_TZY LYO LP^_SP_TN^ T^ YZ_ NZY^TOP]PO :]LWT_d LYO LP^_SP_ TN^ L]P OTQQTN`W_ _Z WZNLWTeP TY 2ZZOdv^ ^d^_PX MPNL`^P _SP _SPZ]d _SP L]R`XPY_L_TZY LMZ`_ b]T_TYR T^ ^Z ZaP][ZbP]TYR LYO ZYWd [`]PWd Q`YN _TZYLW [ZTY_^ ^`NS L^ TYQZ]XL_TZY _]LY^QP] NLY MP NZY^TOP]PO ,N_`LW []LN_TNP T^ TY_PWWPN_`LWTePO TY _SL_ bLd BSP]P YPNP^^L]d T_ T^ TY_P] []P_PO _Z QT_ _SP _SPZ]d TY ^ZXP [WLNP^ QZ]NTMWd 2ZZOd Pc[WLTY^ ST^ OT^TY_P]P^_ TY b]T_TYR bT_S `YQZ`YOPO Sd[Z_SP^P^ _LMZZ ZY b]T_TYR LYO L -]LSXLYTN XZYZ[ZWd ZY VYZbWPORP LYO OPaZ_P^ _ZZ WT__WP L__PY_TZY N]T_TNLW ZQ TOPZWZRd _Z _SP YZ_TZY _SL_ `YOP] NP]_LTY NT]N`X^_LYNP^ L`OTMWP _Pc_^ NZ`WO LW^Z MP []PQP]]PO TY L WT_P]L_P N`W_`]P LYO b]T_TYR NZ`WO TY RPYP]LW [WLd L XL]RTYLW ]ZWP TY 4YOTLY []LN_TNP ;]LcPZWZRTNLW L^[PN_^ WTVP _SZ^P OP_LTWPO Md 1LWV TY _SP APOTN WT^_^ ZQ SdXY^ L]P PT_SP] TYLNNP^^TMWP _Z 2ZZOd L^ SP WLNV^ OPP[P] 4YOZWZRTNLW VYZbWPORP Z] L]P w_]TXXPOx _Z ^`T_ _SP _SPZ]d ZQ -]LSXLYTN OZXTYLYNP TY XT^]P[]P^PY_L _TZY^ Z] ZaP]TY_P][]P_L_TZY^ ?SP -]LSXTY^ bP]P YZ OZ`M_ ^TRYTQTNLY_ LYO [ZbP]Q`W N`W_`]LW [WLdP]^ P^[PNTLWWd bSPY _SPd bP]P LMWP _Z LN \`T]P ]ZdLW ^[ZY^Z]^ST[ -`_ 2ZZOdv^ _SPZ]d OZP^ WT__WP U`^_TNP _Z _SP NZX[WPc ]PLWT_d ZQ >LY^V]T_ N`W_`]P _SP TY_P]YLW OTaP]^T_d ZQ ^NSZWL]^v bZ]WO^ LYO _SP -]LSXLYTN _]LOT_TZY^ 4Y ^ZXP NL^P^ 2ZZOd XLVP^ TY NZ]]PN_ L^^`X[_TZY^ O`P _Z TY^`QQTNTPY_ VYZbWPORP ZQ _SP ^`MUPN_ XL__P] QZ] PcLX[WP L^^`XTYR _SL_ ZYWd -]LSXLYTN []TP^_^ bP]P WT_P]L_T LYO bP]P NZX[P_PY_ _Z _PLNS Z] _SL_ L OZXP^_TN [¼U£ LWbLd^ YPPOPO -]LS XLYTN XPOTL_TZY LYO NZY_LTYPO ]PNT_L_TZY ZQ _SP APOL  3P _]LY^QP]^ TOPL^ ZQ WT_P]LNd Q]ZX ST^ ZbY N`W_`]P _Z _SP QZ]PTRY N`W_`]P ^`NS L^ _SP YZ_TZY _SL_ _SP APOL YPNP^^L]TWd SLO _Z MP TY_P][]P_PO 4Y 4YOTL TY _SP [L^_ XPOTL []LN_TNP LYO _SP bLd ZYP `^PO b]T_TYR bP]P z LYO ZQ_PY ^_TWW L]P _ZOLd z OTQQP]PY_ Q]ZX bSL_ 2ZZOd bL^ _STYV TYR ZQ LYO bSL_ SL^ MPNZXP YZ]XLW TY 0`]Z[P , WT_P]L]d N`W_`]P ]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  2ZZOd 4Y_P]QLNP  $z ?SP [L^^LRP NZY_LTY^ PaPY XZ]P ZaP]TY_P][]P_L_TZY^ LYO P]]ZYPZ`^ TY_P][]P_L_TZY^ LYO L^^`X[_TZY^

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd



\`T]P^ OTQQP]PY_ ^ZNTLW ^T_`L_TZY^ 4Y NZY_]L^_ _Z 2ZZOdv^ NWLTX ZQ _SP R]PL_P] TYOP[PYOPYNP ZQ b]T_TYR LYO MZZV^ L^ NZX[L]PO _Z Z]LW NZXX` YTNL_TZY  b]T_TYR T^ YZ_ L`_ZYZXZ`^ , ^P_ ZQ ^TRY^ T^ YPNP^^L]d LYO ^Z L]P LN_Z]^ bSZ SLaP XL^_P]PO T_ LYO OZ YZ_ QZ]RP_ T_ L^ bL^ _SP NL^P bT_S _SP ZWO 3L]L[[LY ^N]T[_ >PLW^ b]T_TYR LYO MZZV N`W_`]P YPPO L NZXX`YT_d _SL_ T^ QLXTWTL] bT_S b]T_TYR LYO NLY ]PLO& M`_ []TY_PO MZZV^ L]P YZ_ QZ`YO TY 4YOTL `Y_TW _SP _TXP ZQ NZWZYTLW -]T_T^S ]`WP 4Y 4YOTL VYZbWPORP ZQ b]T_TYR LYO WT_P]LNd bP]P aP]d WL]RPWd NZYQTYPO _Z _SP `[[P] NWL^^P^ ]TRS_ TY_Z XZOP]Y _TXP^ L^ _SPd bP]P TY ^ZXP [L]_^ ZQ 0`]Z[P LW^Z  3ZbPaP] _ST^ OZP^ YZ_ L[[Wd _Z _SP _Pc_^ QZ] SPL]TYR LYO _SP [P]QZ]XLYNP []LN_TNP^ TP _SP XPOTL []LN_TNP^ L^ LP^_SP_TN []LN _TNP^ -ZZV^ L^ N`W_`]LW LYNSZ]TYR [ZTY_^ LYNSZ] TY OTQQP]PY_ [WLNP^ _SLY _SP L`OTMWP 4YOTLY _Pc_^ >TWPY_ _Pc_^ L^ 2ZZOd TXLRTYP^ _SPX _LVP `^ ZQQ _]LNV -Z_S _SP XZOLWT_TP^ ZQ Pc[]P^^TZY LYO _SP Q`YN_TZY^ LYO PQ QPN_^ ZQ L`OTMWP _Pc_^ L]P OTQQP]PY_ Q]ZX b]T__PY _]LOT_TZY^ ?SPd ZYWd MPNZXP NZX[]PSPY^TMWP bSPY ]T_`LW LYO [P]QZ]XLYNP []LN_TNP^ [P] ^ZYLW QLNP_ZQLNP NZY_LN_ TY _PLNSP][`[TW _]LY^XT^^TZY LYO _SP []TOP TY _SP WTM]L]d TY ZYPv^ XPXZ]d L]P _LVPY ^P]TZ`^Wd -L^TNLWWd T_ T^ ^_TWW _]`P _ZOLd _SL_ b]T_TYR^ OZ YZ_ [WLd L XLUZ] ]ZWP TY OLTWd WTQP 4Y^_PLO T_ T^ TX[Z]_LY_ SZb bSPY LYO bSd ^ZXP_STYR T^ ^[ZVPY LWZ`O ?SP []TP^_ X`^_ SLaP _SP XL_P]TLW QZ] ST^ WT_`]Rd TY ST^ SPLO , XLY`^N]T[_ TY L O]LbP] ^ZXPbSP]P T^ ZQ WT__WP aLW`P 4_ T^ YZ_ _SP [Z^^P^^TZY ZQ b]T_TYR _SL_ QTWW^ ZYP bT_S []TOP M`_ _SP M]TWWTLY_ [P]QZ]XLYNP _SP QTYPWd SZYPO QZ]X ZQ _SP ^[PPNS _SP \`Z_L_TZY Q]ZX XPXZ]d LYO _SP L[[]Z[]TL_PYP^^ ZQ _SP ^T_`L_TZY :Q_PY TY _Pc_ [P]QZ]XLYNP^ T_ T^ YZ_ _SP ^PXLY_TNLWWd _]LY^[L]PY_ Z] _SP OTOLN_TN _SL_ [WLd^ _SP XLTY ]ZWP M`_ ^dXMZWTN aLW `P^ LOXT]L_TZY ZQ _SP ^VTWW ZQ _SP [P]QZ]XP] ^PY^Z]d LP^_SP_TN [WPL^`]P LYO _SP Z]LNWPWTVP _SP YZYaP]MLW LYO Y`XTYZ`^ _SL_ T^ QPW_ _Z MP wMP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q 2ZZOd ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY    :Y _ST^ NQ aLY OP] APP] w/ZP^ >LY^V]T_ 6YZbWPORP 0cT^_*x !z! ALY OP] APP] ^_]P^^P^ _SL_ TY _P]X^ MZ_S ZQ ^ZNTZWZRd LYO OPXZR]L[Sd T_ bL^ ZYNP LRLTY _SP ^LXP N`W_`]LW ËWT_P^ TP TY_PWWPN_`LW^ Z] WT_P]L_T _Z MP XZ]P []PNT^P bSZ NZ`WO `^P >LY^V]T_ LYO WP^^ _SP APOL ^NSZWL]^  bSZ LOaLYNPO LYO []Z[LRL_PO aP]YLN`WL] WT_P]LNd ?SP []ZNP^^ ZQ aP]YLN`WL]TeL_TZY TY 4YOTL T^ NZX[L]LMWP TY XLYd bLd^ bT_S _SL_ TY WL_P XPOTPaLW 0`]Z[P M`_ T_ OTO YZ_ WPLO _Z >LY^V]T_ MPTYR LMLYOZYPO L^ 7L_TY bL^ LMLY OZYPO TY 0`]Z[P ,YO LRLTY T_ bL^ ZYWd _SP ^LXP TY_PWWPN_`LW^ bSZ [L]_TNT[L_PO TY _SP N`W_`]P ZQ []TY_PO MZZV^ L []ZO`N_ ZQ -]T_T^S NZWZYTLW 4YOTL L^ _SZ^P bSZ L^ ^NSZW L]^ ZQ >LY^V]T_ ^`[[WTPO _SP 0YRWT^S :]TPY_LWT^_^ bT_S WTYR`T^_TN LYO N`W_`]LW Pc[P]_T^P 4Y _SP TY_P]LN_TZY XZaPXPY_^ _ZbL]O ]PQZ]X ZNN`]]PO _SL_ bP]P XZ]P QTcL_PO ZY b]T_ TYR _SLY _SP PL]Wd N`W_`]P^ ZQ _SP TY_PWWPN_`LW^ 3ZbPaP] PaPY TY 0`]Z[P _SP ^T_`L_TZY bL^ YZ_ PY_T]PWd OTQQP]PY_ =PLOTYR LYO b]T_TYR []LN_TNP^ _SL_ []ZXZ_PO L bTOP^[]PLO N`W_`]P ZQ _SP wb]T_TYR ^`MUPN_x L]P QZ`YO TY 2P]XLYd _SP NZ`Y_]d ZQ 2`_PYMP]R LYO 7`_SP]   ZYWd Q]ZX _SP #_S NPY_`]d :Y _ST^ NQ =PNVbT_e @Y^NSL]QP 2]PYePY  !# bT_S ]PQP]PYNP _Z Q`]_SP] WT_P]L_`]P



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

STYOx LYO wTYx _SP _Pc_ [P]QZ]XLYNP ?ST^ XPLY^ L bSZWP ]LYRP ZQ LP^ _SP_TN OTXPY^TZY^ [WLd L aT_LW ]ZWP TYNW`OTYR TY_PY^TQTNL_TZY ZQ LQQPN_ TXLRTYL_TaP ^PXTZ_TNTeL_TZY XZXPY_L]T^_TN wLM^ZW`_P []P^PY_x P_N z TY ^SZ]_ ^dXMZWTN OP^_LMTWTeL_TZY ZQ MZ`YOL]TP^ MP^TOP^ []LN_TNLW T^^`P^ ^ZNTLWTeTYR ^ZNTLW PQQP]aP^NPYNP LYO ^dYNS]ZYTeL_TZY bSTNS L]P _SPX ^PWaP^ RPYP]L_PO Md _SP ^PY^Z`^LP^_SP_TN 2ZZOd OTO YZ_ PaPY SLaP ^`NS LP^_SP_TN L^[PN_^ ZY ST^ ]LOL] TP L^[PN_^ _SL_ L]P YZ_ [`]PWd Q`YN _TZYLW LYO L]P LWbLd^ WTYVPO bT_S ^PY^Z]d [P]NP[_TZY LYO PXZ_TZYLWT_d MPNL`^P SP `YOP]^_ZZO NZXX`YTNL_TZY _Z MP aP]d ZYPOTXPY^TZYLW ZYWd TY NZYYPN_TZY bT_S _SP _]LY^QP] ZQ TYQZ]XL_TZY -`_ _SP 4YOZWZRT^_^v N]T_TNT^X ZQ 2ZZOd bL^ LW^Z _ZZ ZYP^TOPOWd OT]PN_PO L_ ]`WP ^d^_PX^ LYO []LRXL_TN LYO QZ]XLW ]L_TZYLWT_d ?SP PQQPN_^ ZQ _SP XPOTL LYO _SP XPOTL []LN_TNP^ L]P YZ_ PcSL`^_PO TY ^_Z]LRP LYO QTWTYR ^d^_PX^ LYO TY_PWWPN_`LW _PNSYZWZRTP^ Z] TY _SL_ bSTNS T^ NZXX`YTNL_PO _S]Z`RS _SPX ^PXLY_TNLWWd 4Y^_PLO TY _SP bZ]O^ ZQ _SP N`W_`]LW ^ZNTZWZRT^_ ,Y O]PL^ =PNVbT_e _SPd LW^Z WPLaP wPQQPN_^ TY _SP OT^[Z^T_TZYLW NZ][Z]LW LYO XPY_LW ^_]`N_`]P ZQ _SP ^`MUPN_x  ?SPd TYQW`PYNP LYO NSLYYPW ^PY ^Z]d LYO LQQPN_TaP Pc[P]TPYNP _SP ^ZNTZN`W_`]LW QZ]XL_TZY ZQ _SP [P] NP[_TaP L[[L]L_`^ LYO _SP ^PXTZ_TNTeL_TZY ZQ ]PLWT_d 4Y _ST^ bLd _SPd M]PPO TY _SP ^`MUPN_ wL NP]_LTY _d[P ZQ uSLMT_`^v  _SL_ T^ YPNP^^L]d TY T_^ _`]Y QZ] ]Z`_TYP LNNZX[WT^SXPY_ ZQ _SP []LN_TNP^x  LYO _ST^ QPPO^ MLNV ZY_Z NZRYT_TZY ^PY^Z]d LQQPN_TaP [P]NP[_TZY LYO bZ]WO Pc[P]TPYNP ?ST^ ^ZYTN ^d^_PX bL^ YZ_ L NWZ^PO ^d^_PX bT_SZ`_ YPb TYaPY_TZY^ M`_ ]L_SP] L OdYLXTN []ZNP^^ ZQ NZY^_LY_ ]PNZOTYR =L_TZYLWTeTYR LYO OP^LN]LWTeTYR []ZNP^^P^ LW_P]YL_PO bT_S ]P^LN]LWTeTYR []ZNP^^P^ 1Z] TY^_LYNP bSPY WLYR`LRP MPNLXP \`T_P []ZQLYP T_ NZ`WO LWbLd^ MP TYQTW _]L_PO LRLTY Md _SP Y`XTYZ`^ A£N ?SP ^PXLY_TNLWWd _]LY^[L]PY_ APOTN XLY_]L^ _SL_ bP]P _SP []P^P]aP ZQ _SP -]LSXTY^ bP]P OPXZN]L_TePO TY YPb XLY_]L QZ]X^ _SP YZY^PXLY_TN ?LY_]TN w^PPO XLY_]L^x bSTNS bP]P YZb LW^Z LNNP^^TMWP _Z bZXPY LYO ±¼O]L^ ,YO _SP ^PXLY_TNTePO ±LMOL-]LSXLY wBZ]O-]LSXLYx X`_L_PO TY_Z _SP Sd[P]^ZYTN 9£OL -]LSXLY w>Z`YO-]LSXLYx _SP NZ^XTN ^Z`YO _SL_ NZ`WO MP SPL]O TY X`^TN P_N ?SP N`W_`]P ZQ ^Z`YO SLO T_^ ZbY OdYLXT^X LYO _ST^ bL^ ^_]PYR_SPYPO Md b]T_TYR :YRv^ _SP^P^ bP]P XZ]P ^PY^T_TaP TY ]PWL_TZY _Z _SP LP^_SP_TN^ ZQ Z]LWL`]LW NZXX`YTNL_TZY M`_ ^PPX^ YZ_ _Z SLaP NZY^TOP]PO _SP [Z^^T MTWT_d ZQ b]T__PY LNNPY_`L_TZY ZQ Z]LWT_d 2ZZOd _SZ`RS_ ZQ LY TY_P]QLNP M`_ OTO YZ_ ]PNZRYTeP PT_SP] _SP [SZYZNPY_]TN WTQPbZ]WOv^ ZbY OdYLX TN^ LYO T_^ PQQPN_^ ZY [P]NP[_TZY Z] _SP LP^_SP_TN^ LYO ^dXMZWTeTYR QZ]NP ZQ _SP ^ZYLWT_d QLN_Z] 4_ T^ PL^d _Z ^`[[Z^P _SL_ _ST^ bL^ MPNL`^P ZQ L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  =PNVbT_e @Y^NSL]QP 2]PYePY  !!  =PNVbT_e @Y^NSL]QP 2]PYePY  !!

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd



aT^`LW 0`]ZNPY_]TN LYO WZRZNPY_]TN MTL^ LYO _SL_ 2ZZOdv^ []TXL]d TY _P]P^_ T^ TY w_PNSYZWZRTP^x bSTWP N`W_`]LW XPLYTYR^ [P]NP[_`LW STP]L] NSTP^ ^dYLP^_SP^TL^ LYO TXLRTYTYR^ U`^_ WTVP [P]QZ]XLYNP SLaP []LN_T NLWWd YZ ^[LNP TY ST^ _SPZ]d ?SP []LcPZWZRTNLW OTXPY^TZY bL^ TRYZ]PO bSTWP LY TY_PWWPN_`LWT^_TN OPQTYT_TZY bL^ QLaZ]PO z 2ZZOd WTVP XLYd Z_SP] LNLOPXTN^ TRYZ]PO [P]QZ]XLYNP ! ?SP LP^_SP_TN^ L]R`XPY_ XLd ^PPX YLTaP LYO TY^TRYTQTNLY_ L_ QT]^_ RWLYNP TY _SP WTRS_ ZQ ^ZNTLWWd XZ]P ZMaTZ`^Wd PQQPN_TaP L^[PN_^ ^`NS L^ NZXX`YTNL_TZY LN]Z^^ _TXP LYO ^[LNP WT_P]LNd LYO QLNP_ZQLNP NZX X`YTNL_TZY Z]LWT_d -`_ []PNT^PWd _SP LP^_SP_TN L^[PN_ T^ P^[PNTLWWd TX[Z]_LY_ MPNL`^P T_ RZP^ ]TRS_ _Z _SP SPL]_ ZQ _SP OPML_P 2ZZOd LYO :YR _`]YPO `[ ^P]TZ`^ \`P^_TZY^ bSPY _SPd [Z^_`WL_PO _SP PQQPN_^ ZQ Z]LWT_d LYO WT_P]LNd ZY NZRYT_TZY LYO QZ]X^ ZQ XPY_LWT_d [ZTY_PO Z`_ _SP Q`YN_TZY^ ZQ _SP _bZ SPXT^[SP]P^ ZQ _SP M]LTY LYO U`c_L[Z^PO LM^_]LN _TZY LYO NZYN]P_TeL_TZY[L]_TNT[L_TZY ,WW _ST^ ^SZ`WO YZ_ ^TX[Wd MP _S]ZbY ZaP]MZL]O LW_SZ`RS bP VYZb _ZOLd _SL_ _SP M]LTY bZ]V^ TY L X`NS XZ]P NZX[WPc LYO YP_bZ]VPO QL^STZY :YP XLd MP U`^_TQTPO TY OZ`M_TYR bSP_SP] b]T_TYR ^d^_PX^ L]P LY LM^ZW`_P ]P\`T]PXPY_ QZ] ^d^ _PXL_TN _SZ`RS_ LM^_]LN_TZY^ LYO QZ]XLW WZRTNLW Z[P]L_TZY^ ?SP [SZYZ NPY_]TNLWWd Z]RLYTePO LM^_]LN_TZY^ TP L`OTMWP ^dXMZWTN ]P[]P^PY_L_TZY^ `^PO Md PL]Wd 4YOTLY ^NTPY_T^_^ ^`NS L^ ;£©TYT R]LXXL]TLY^ LYO LW^Z WL_P] ZYP^ ^`NS L^ AL]L]`NT LYO ¢]dLMSL¶L XL_SPXL_TNTLY^ LYO L^ _]ZYZXP]^ ^SZb _SL_ _SP]P bP]P LW^Z Z_SP] [Z^^TMTWT_TP^ ZQ ^TRY QZ]XL _TZY _SL_ bP]P LM^_]LN_TYR LYO ^dXMZWTN DP_ bP bZ`WO LR]PP bT_S 2ZZOd _SL_ LM^_]LN_TZY^ ]P\`T]P ^TRY NZOP^ LYO _SL_ T_ T^ YZ_ LWW _SP ^LXP bSL_ ZQ _d[P ^TRY NZOP^ _SP^P L]P ?SP L`OTMWP LM^_]LN_TZY^ L]P LY P^[P NTLWWd TY_P]P^_TYR [SPYZXPYZY ZQ _SP LP^_SP_TN^ ZQ XPOTL []LN_TNP% _SPd NZXMTYP LM^_]LN_TZY LYO NZYN]P_TeL_TZY^PY^Z]d [L]_TNT[L_TZY z TP _SPd `YT_P _bZ Q`YN_TZY^ _SL_ 2ZZOd LYO :YR LWWZNL_PO _Z WT_P]LNd TY ZYP [WLNP LYO _Z Z]LWT_d TY LYZ_SP] 4Y NZYN]P_P []LN_TNP MZ_S R]L[STN LYO ^Z`YOTYR LM^_]LN_TZY^ ^ZNTLWTeP QZ]XLWT^_TN _SZ`RS_ M`_ _SPd PLNS []Z XZ_P L OTQQP]PY_ LP^_SP_TN ^PY^P 4Y RPYP]LW _P]X^ ^TWPY_ ]PLOTYR _Pc_^ LYO ^[ZVPY ^`YR Z] [P]QZ]XPO L`OTMWP _Pc_^ []ZaTOP OTQQP]PY_ _PNS YZWZRTP^ LYO _]LTYTYR R]Z`YO^ QZ] QZ]XTYR ^`MUPN_TaT_d LYO N`W_`]LWT_d w?]LTYTYR^Z]_P QÞ] >`MUPV_ `YO 6`W_`]QZ]XL_TZYx ?SP PQQPN_^ ZY _SP [P]NP[_TaP L[[L]L_`^ ^PPX _Z MP aL^_Wd OTQQP]PY_ OP[PYOTYR ZY bSP_SP] L`OTMWP Z] R]L[STNLW ]P[]P^PY_L_TZY^ L]P `^PO L^ OTQQP]PY_ ^PY^Z]d ^_TX `WT ZNN`[d _SP QZ]PR]Z`YO LYO OTQQP]PY_ ^PY^P^ L]P PT_SP] P^[PNTLWWd ^_]ZYRWd LN_TaL_PO Z] YZ_ ?ST^ T^ NZY^T^_PY_ bT_S 2ZZOdv^ ]L_TZYLWT^X _SP^T^ M`_ _LVP^ T_ Q`]_SP] LYO XLVP^ L OPNT^TaP ^STQ_ _ZbL]O^ LY LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! :Y _ST^ []ZMWPX NQ LW^Z 1L`^P] 0TYQÞS]`YR TY OTP 6`W_`]bT^^PY^NSLQ_  #! LYO =PNV bT_e @Y^NSL]QP 2]PYePY   

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_S]Z[ZWZRd ZQ _SP ^PY^P^ LYO L ^ZNTZWZRd ZQ _SP LP^_SP_TN ?SP ^STQ_ ^_PP]^ ZYPv^ L__PY_TZY LbLd Q]ZX NZRYT_TZY [`]PWd XPY_LW []ZNP^^P^ _Z ^PY^Z]d [P]NP[_TZY LYO ZYbL]O _Z [P]NP[_TZY TY _SP M]ZLOP] ^PY^P ZQ bSTNS _SP P[T^_PXTN QTPWO T^ M`_ ZYP L^[PN_ ,_ _SP ^LXP _TXP _ST^ XPLY^ _SL_ ZYPv^ L__PY_TZY T^ OT]PN_PO _ZbL]O^ LP^_SP_TN []LN_TNP^ L^ N`W_`]LW ZYP^ ,^ ^ZNTLW []LN_TNP^ XPOTL []LN_TNP^ L]P YPaP] Q]PP Q]ZX Z`] N`W _`]LW w^PNZYO ^VTYx TP L^^ZNTL_PO bT_S _SP L_SPXL_TNLWWd []P^PY_ N`W _`]LW YZ]X^ aLW`P^ LYO NZOTYR^ z ^[PNTQTN YZ_TZY^ QZ]X^ ZQ XPY_LWT_d LYO wSLMT_`^x MZOd VYZbWPORP LQQPN_TaT_TP^ P_N z _SL_ _SPd MZ_S ]P QWPN_ LYO TX[LN_ `[ZY ?SP ]P^PL]NS \`P^_TZY OT]PN_PO _ZbL]O LP^_SP_TN^ LYO [P]NP[_TZY YPNP^^L]TWd WPLO^ QL] MPdZYO _SP ]PO`N_TZY _Z ^N]T[_^ LYO LYLWd_TNLW ]L_TZYLWT_d LYO ^_PP]^ _SP OT^N`^^TZY ZY_Z L OTQQP]PY_ NZ`]^P ?Z ^`XXL]TeP ZYP NLY ^_L_P _SL_ XPOTL _SPZ]TP^ ZQ_PY LWW _ZZ ^NSP XL_TNLWWd N]PL_P L OTNSZ_ZXd MP_bPPY Z]LWT_d LYO WT_P]LNd LYO SLaP `YTaP]^LWTePO _SP [Z^_`WL_PO NZY^P\`PYNP^ ZQ WT_P]LNd TY L XLYYP] _ZZ XZYZNL`^LW ?ST^ XPLY^ _SL_ YZ_ ZYWd _SP NZX[WPc ]PWL_TZY^ MP_bPPY WT_P]LNd LYO Z]LWT_d bP]P `YOP]XTYPO LWZYR bT_S _SP OTaP]^T_d LYO SP_ P]ZRPYPT_d ZQ XPOTL NZYQTR`]L_TZY^ M`_ ^Z bP]P N`W_`]LWWd ^[PNTQTN XP OTL []LN_TNP^ 4YOZWZRT^_^ SLaP MPPY U`^_TQTPO TY N]T_TNTeTYR 2ZZOdv^ WT_P]LNd _SPZ]d LYO [ZTY_PO Z`_ TX[Z]_LY_ N`W_`]LW aL]TL_TZY^ >LY^V]T_ N`W_`]P TYOPPO ]P[]P^PY_^ L _P^_ NL^P LYO NZ]]PN_TZY QZ] 2ZZOdv^ XPOTL OP_P]XTYT^X 3T^ _SP^P^ L]P ZYWd [L]_TLWWd L[[WTNLMWP _Z _SP 4YOTLY N`W _`]LW L]PL LYO _SPY ZYWd LQ_P] ^PaP]P XZOTQTNL_TZY LYO []LcPZWZRTNLW LYO LP^_SP_TN Pc[LY^TZY ?ST^ LW^Z L[[WTP^ TY []TYNT[WP _Z :YRv^ _SP^P^ 4_ NLYYZ_ MP OPXZY^_]L_PO `YP\`TaZNLWWd _SL_ _SP]P T^ L YPNP^^L]d NZY YPN_TZY MP_bPPY b]T_TYRMZZV N`W_`]P []PNT^P ^_Z]LRP ^d^_PXL_TN _SZ`RS_ ]PQZ]X^ LYO TY_P]YLWTeL_TZY BP ^_]ZYRWd NLWW TY_Z _SP \`P^_TZY _SP TOPL _SL_ T_ T^ ZYWd [Z^^TMWP _Z SLaP LM^_]LN_ ]P[]P^PY_L_TZYLW QZ]X^ TY _SP []P^PYNP ZQ b]T_TYR LYO YZ_ bT_S Z]LW NZXX`YTNL_TZY ,M^_]LN_ ^TRY ^d^_PX^ NLY LW^Z MP XLOP ZQ YZYR]L[STN OPaTNP^ QZ] TY^_LYNP ^Z`YO^ LYO RP^_`]P^ :Y _SP Z_SP] SLYO Z_SP] PQQPN_^ ZQ b]T_TYR N`W_`]P NLYYZ_ MP OPYTPO ^`NS L^ MP__P] XPLY^ ZQ ^[]PLOTYR VYZbWPORP ?SP]P T^ YZ OZ`M_ _SL_ b]T_TYR bL^ `^PO TY _SP ^Z[ST^_TNL_PO w>LY^V]T_ NZ^ XZ[ZWT^x M`_ L_ _SP ^LXP _TXP _SP WTaTYR Z]LWL`]LW NSLYYPW^ ZQ NZX X`YTNL_TZY LYO _]LY^XT^^TZY bP]P YZ_ LMLYOZYPO 4Y _ST^ bLd _SP STRSWd []ZQP^^TZYLW >LY^V]T_ N`W_`]P ^_TWW []P^P]aPO QPL_`]P^ ZQ Z]LW N`W _`]P^ ,^ _SP XPOTL NZY^_PWWL_TZY OTO YZ_ `YOP]RZ XLUZ] NSLYRP^ _SP [ZbP] ZQ ^Z`YO ]PXLTYPO TY_LN_ :YP NLY ZYWd XLVP Z`_ aL]TL_TZY^ TY XPLYTYR SZb _ST^ [ZbP] bL^ TXLRTYPO NSL]LN_P]TePO LYO Pc[WTNL_PO LYO SZb _SP [SZYZNPY_]TNT_d bL^ Pc[]P^^PO TY OTQQP]PY_ []LN_TNP^ :Q NZ`]^P >_LLW LYO 1LWV bP]P NZ]]PN_ TY NWLTXTYR _SL_ _SP APOL LYO ;£©TYTv^ R]LXXL] _SL_ T^ ]PXTYT^NPY_ ZQ NZX[`_P]WTVP LYO LWRPM]LWTVP XP_LWLYR`LRP bP]P []TXP PcLX[WP^ ZQ PcLN_ _]LY^XT^^TZY LYO ^NTPY

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

"

_TQTN _STYVTYR -`_ _SPT] bZ]V^ OZ YZ_ LOO]P^^ _SP ^PY^Z]d LP^_SP_TN LQQPN_TaP [ZP_TN LYO wXLRTNLW Y`XTYZ`^x L^[PN_^ _SL_ NLY MP QZ`YO TY _SP APOL LYO PaPY z L^ _]LNP^ z TY ;£©TYT ,WZYR bT_S =PNVbT_e bP NZY^TOP] T_ Q`YOLXPY_LW YZ_ ZYWd _Z ^STQ_ _SP QZN`^ Q]ZX _SP XPOTL _Z _SP XPOTL []LN_TNP^ _SP SZb LYO bSd ZQ L[[WTNL_TZY M`_ LW^Z _Z PcLXTYP _SP XPOTL []LN_TNP^ L^ ^TX`W_LYPZ`^Wd LP^_SP_TN ZYP^ :`] L]R`XPY_ QZ] L ^ZYTN N`W_`]P L`_ZXL_TNLWWd M]TYR^ Z_SP] L^[PN_^ _Z _SP QZ]P TY LOOT_TZY _Z TY_PWWPN_`LWT_d LYO []LRXL_TN^

"

8POTL ;]LN_TNP L^ ,P^_SP_TN ;]LN_TNP

w4Y RPYP]LW  _SP XPOTL []LN_TNP^ ZQ _SP N`W_`]P  L]P ]P[]P^PY_PO LRLTY LYO LRLTY L^ ^[PNTQTN _PNSYT\`P^ ZQ LY LP^_SP_TNTeL_TZY ZQ _SP ^`MUPN_ L^ _PNSYT\`P^ ZQ PXMZOTXPY_ ZQ OTQQP]PY_ QZ]X^ ZQ LY LP^_SP_TN ^PY^Px "

0aPY TQ _ST^ ^_L_PXPY_ Md _SP N`W_`]LW ^ZNTZWZRT^_ =PNVbT_e Q]ZX _SP dPL] # ]PQP]^ ^[PNTQTNLWWd _Z _SP TYOTaTO`LWTePO N`W_`]P ZQ _SP XZOP]Y BP^_P]Y [P]TZO T_ NLY TY []TYNT[WP LW^Z MP L[[WTPO _Z Z_SP] L]PL^ LYO _TXP^ # 3T^ _SP^T^ _SL_ XPOTL []LN_TNP^ WTVP LWW ^ZNTLW []LN_TNP^ L]P LWbLd^ LW^Z LP^_SP_TN []LN_TNP^ ^TYNP _SPd ^TX`W_LYPZ`^Wd PYNZ`]LRP ^[PNTQTN QZ]X^ ZQ LP^_SP_TN ^PY^P Md ^_TX`WL_TYR NP]_LTY ^PY^P^ M]TYR^ `[ LY TX[Z]_LY_ [ZTY_ _SL_ bL^ LWXZ^_ _Z_LWWd YPRWPN_PO TY _SP ^NTPY_TQTN _]LOT_TZY^ =PNVbT_e STX^PWQ MPXZLY^ _SP wNZY^T^_PY_ ]PXZaLW ZQ _SP ^PY^P^x wOPWTMP]L_P OPLP^_SP_TNTeL_TZYx LYO _SP w]L_TZYLWT^_TN MTL^x TY NWL^^TNLW ^ZNTLW _SPZ]TP^ ^`NS L^ _SZ^P ZQ 8L]c LYO BPMP] $ bSTNS SP TY_P][]P_^ L^ L NZY_TYRPY_ []ZO`N_ ZQ _SP wMZ`]RPZT^ N`W_`]P ZQ ^`MUPN _TaT_d LYO WT_P]LNdx wMÞ]RP]WTNSP >`MUPV_ `YO >NS]TQ_V`W_`]x LYO bSTNS SP N]T_TNTeP^ SL]^SWd  ?SP [L]LOTRX ZQ _SP NWL^^TNLW ^ZNTZWZRTNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " =PNVbT_e @Y^NSL]QP 2]PYePY  "  # ,W^Z =PNVbT_e @Y^NSL]QP 2]PYePY  "! "# LZ $ =PNVbT_e @Y^NSL]QP 2]PYePY  !z! OZP^ SZbPaP] LW^Z XPY_TZY ]PYZbYPO Z[[Z^TYR _PYOPYNTP^ []TYNT[LWWd 2PZ]R >TXXPWv^ w>ZeTZWZRTP OP] >TYYPx LYO w>ZeTZWZRT^NSP ¦^_SP_TVx LYO LW^Z /`]VSPTXv^ WL_P bZ]V TY bSTNS _SP LP^_SP_TN MP NZXP^ _SP ^PN]P_ QZ`YOL_TZY ZQ _SP ^ZNTLW L^ QL] L^ /`]VSPTX ]P[]P^PY_^ _SP ]PWTRTZ`^ ]T_`LW^ L^ L ^T_P ZQ _SP []ZO`N_TZY ZQ ^ZNTLWT_d  =PNVbT_e @Y^NSL]QP 2]PYePY   $z"!&  $z# =PNVbT_e ^PP^ LY TXXPOTL_P NZ]]PWL_TZY MP_bPPY _SP LY_TLP^_SP_TN ]L_TZYLWT^_TN MTL^ LYO _SP ST^_Z]TNLW PXP]RPYNP ZQ ^ZNTZWZRd L_ _SP PYO ZQ _SP $_S NPY_`]d ^SZ]_Wd MPQZ]P _SP M]PLV_S]Z`RS TY _SP XL^^ `^P ZQ L`OTZaT^`LW XPOTL 3P Pc[WLTY^ _SP TYNWTYL_TZY _Z wQZ]XLW ]L_TZYLWT_dx TY NWL^^TNLW ^ZNTZWZRd LYO T_^ WZYRWL^_TYR ^VP[_TNT^X _ZbL]O _SP LP^_SP_TN TY _SP WTRS_ ZQ ST^ _SPZ]d ZY _SP NZ]]PWL_TZY MP_bPPY NSLYRP TY _SP XPOTL LYO ^`MUPN_ _]LY^QZ]XL_TZY ,NNZ]OTYR _Z STX ^ZNTZWZRd bL^ LYO ^_TWW T^ TY [L]_ NSL]LN_P]TePO Md _SP ^`MUPN_TaT eL_TZY _d[TNLW ZQ _SP WT_P]L]d N`W_`]P ZQ LY TYbL]OWd Z]TPY_PO NZRYT_TaP XZ]LW MZ`] RPZT^ wb]T_TYR [P]^ZYLWT_dx _SL_ ^TYNP _SP =PYLT^^LYNP LYO _SP w2`_PYMP]R =PaZW` _TZYx SLO QZ]XPO Q]ZX _SP !_S _Z _SP #_S NPY_`]TP^ M`_ bSTNS bL^ ]P[WLNPO Md YPb

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

OT^NZ`]^P bL^ LNNZ]OTYR _Z =PNVbT_e _SL_ ZQ L ST^_Z]TNLW _]LY^QZ]XL _TZY Q]ZX ]PWTRTZ^T_d _Z XZ]LWT_d LYO `W_TXL_PWd _Z QZ]XLW ]L_TZYLWT_d 1]ZX _ST^ ^_LYO[ZTY_ SP SZWO^ _SP]P bL^ L _PYOPYNd ZQ aLW`TYR _SP LP^_SP_TN ^ZWPWd wL^ _SL_ bSTNS T^ OTQQP]PY_ Q]ZX _SP XZOP]Y [P]TZOx =PNVbT_e `YOP]^_LYO^ _SP LP^_SP_TN _Z MP _SP ^[SP]P ZQ TY_PY^TQTPO ^PY ^Z]d [P]NP[_TZY LYO LQQPN_^ _SP L[[WTNL_TZY ZQ N]PL_TaT_d wV]PL_TaP 2P^_LW_`YRx YZYLN_TZYMZ`YO Pc[P]TPYNP wSLYOW`YR^PY_WL^_P_P^ 0] WPMPYx LYO L M]PLV LbLd Q]ZX NZRYT_TaP YZ]XL_TaP ^d^_PX^ w>TYYM]`NS VZRYT_TaYZ]XL_TaP] >d^_PXPx 3P ^PP^ T_ L^ L NZ`Y_P][L]_ _Z wYZYLP^_SP_TNx QZ]XLW WZRTNLW LYO [`]PWd [`][Z^PZ]TPY_PO ]L_TZYLW T_d @Y_TW bPWW TY_Z XZ]P ]PNPY_ _SPZ]TP^ ZQ LN_TZY LYO NZXX`YTNL_TZY Z] _SPZ]TP^ ZQ ^dXMZWTN TY_P]LN_TZY NWL^^TNLW ^ZNTZWZRd RPYP]L_PO wL OPWTMP]L_P _SPZ]d ZQ OPLP^_SP_TNTeL_TZYx TY bSTNS wL XL]RTYLWTeL_TZY ZQ [P]NP[_TaP ^PY^P LQQPN_TaT_d N]PL_TaT_d LYO ^dXMZWTN OP^_LMTWTeL_TZY ZQ MZ`YOL]TP^x ZNN`]]PO bSTWP ]L_TZYLW WZRTN []POTN_LMTWT_d ZMUPN_TaTeL _TZY wNZY^T^_PY_ ]PXZaLW ZQ ^PY^P Q]ZX []LN_TNPx w[]LRXL_TN OPNT^TZY XLVTYRx LYO wLN_TZY^ bT_SZ`_ Pc[P]TPYNPx []PaLTWPO  >PY^Z]d [P]NP[ _TZY LYO bT_S T_ _SP [Sd^TNLW OTXPY^TZY LQQPN_TaT_d LYO N]PL_TaP LN_TaT_d bP]P _SP]PQZ]P `YU`^_TQTLMWd []ZUPN_PO wZY_Z _SP WPaPW ZQ _SP []P^ZNTLW [^dNSZWZRTNLW Z] TYOTaTO`LWx  9Z_ `Y_TW _SP XZ]P ]PNPY_ ^ZNTZWZRd ^TYNP _SP $#^ L^ _SP LRP ZQ OTRT_LW XPOTL bL^ MPRTYYTYR OTO =PNVbT_e YZ_TNP L ^_]ZYRP] TY_P]P^_ TY _SP LP^_SP_TN P^[PNTLWWd TY _SP NZY_Pc_ ZQ L N`]]PY_ OTLRYZ^T^ ZQ XZOP]Y WTQP^_dWP^ -Z`]OTP` 3Zb PaP] SP NLWW^ PaPY XZ]P ^_]ZYRWd QZ] L w^ZNTZWZRd ZQ _SP LP^_SP_TNx LYO LY wLYLWd_TNLW \`Z_TOTLYTeL_TZY ZQ _SP LP^_SP_TNx  ?S]PP [ZTY_^ TY =PNVbT_ev _SPZ]d ZQ ^ZNTZWZRTNLW XPOTL LYO LP^_SP_ TN^ L]P P^[PNTLWWd ]PWPaLY_ _Z Z`] ^_`Od L^ SL^ LW]PLOd MPPY ^SZbY 1T]^_Wd _SP QT]X []LcPZWZRTNLW [P]^[PN_TaP SP NLWW^ QZ] LYO _SP `YOP] ^_LYOTYR ZQ XPOTL []LN_TNP^ LYO ^ZNTLW []LN_TNP^ L^ LW^Z MPTYR LP^_SP_TN []LN_TNP^& ^PNZYO _SP []PXT^P _SL_ _SP XPOTL []TXL]TWd LQQPN_ _SP ^_]`N _`]P ZQ ^PY^Z]d [P]NP[_TZY LYO YZ_ WPL^_ ]P[]P^PY_ ^PWQ]PQP]PY_TLW w_PNS YZWZRTP^ ZQ _SP ^PWQx LWZYR bT_S NZWWPN_TaP wQTPWO^ ZQ _]LTYTYR QZ] QZ]X TYR ^`MUPN_TaT_d LYO WTQP^_dWPx w?]LTYTYR^Z]_P QÞ] >`MUPV_ `YO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ QZ]XL_TZY^ ZQ ^`MUPN_TaT_d w>`MUPV_QZ]XL_TZYPYx PXP]RTYR TY _SP L`OTZaT^`LW LYO OTRT_LW LRP ?SP N]T_TNT^X ZQ BPMP] T^ Pc[WLTYPO Md ST^ ]L_TZYLWT^X]L_TZYLWTeL_TZY _SP^T^ 3ZbPaP] T_ X`^_ MP ]PNZRYTePO _SL_ Md YZ XPLY^ OZP^ BPMP] WTXT_ ]L_TZYLW T^X _Z _SP ;]Z_P^_LY_T^X _SP^T^ _SP w^[T]T_ ZQ NL[T_LWT^Xx _SP wOPXLRTQTNL_TZYx ZQ _SP bZ]WO M`]PL`N]LNd Z] [`]P WZRZNPY_]TNT_d LYO _SL_ ST^ Pc[WLYL_TZY^ ZQ ^ZNTLW LN _TaT_d TYNW`OTYR XLRTN Xd^_TNT^X LYO L^NP_TNT^X NZY_LTY MZ_S ]L_TZYLW LYO LP^_SP_TN L^[PN_^ ,NNZ]OTYR _Z BPMP] ^ZNTLW LN_TaT_d T^ Md OPQTYT_TZY LWbLd^ ]L_TZYLW PaPY TQ T_ OZP^ YZ_ YPNP^^L]TWd LWbLd^ NZ]]P^[ZYO _Z XZOP]Y N]T_P]TL ZQ ]L_TZYLWT_d  =PNVbT_e @Y^NSL]QP 2]PYePY  !z!  =PNVbT_e @Y^NSL]QP 2]PYePY  !  =PNVbT_e @Y^NSL]QP 2]PYePY  #

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

$

7PMPY^QZ]XPYx LYO w_PNSYZWZRTP^ QZ] PXMZOdTYR LY LP^_SP_TN ^PY^Px& LYO _ST]O _SP ]P\`T]PXPY_ ZQ LY LP^_SP_TNLWWd ^PY^T_TePO ^ZNTLW _SPZ]d 3P]P []LN_TNP ^SZ`WO MP `YOP]^_ZZO _Z SLaP L M]ZLOP] ]PQP]PYNP _SLY XP]PWd _SP _PNSYTNLW VYZbSZb Z] _ZZWVT_ VYZbWPORP ]PWPaLY_ _Z L[[WT NL_TZY bSTNS >_LLW LYO 1LWV OP^N]TMPO NWPL]Wd TY ]PWL_TZY _Z APOL []LN _TNP 4Y^_PLO bP UZTY bT_S =PNVbT_e TY ^PPTYR ^ZNTZN`W_`]LW []LN_TNP L^ L _PX[Z]L]TWd `YQZWOTYR LYO ^[L_TLWWd OT^[P]^PO YPc`^ ZQ OZTYR^ LYO ^LdTYR^ >ZNTZN`W_`]LW []LN_TNP []ZO`NP^ ]PN]PL_P^ LYO M`TWO^ ZY _SP L_SPXL_TNLWWd LYO `YNZY^NTZ`^Wd RTaPY N`W_`]LW VYZbWPORP _SL_ TX[WTN T_Wd []PNPOP^ _d[TQTPO LYO ]Z`_TYTePO QZ]X^ ZQ MPSLaTZ] LYO T^ ]PWPaLY_ _Z LN_TZY w?SP WZRTN ZQ MPTYR TX[WTPOx T^ TX[Z]_LY_ SP]P% wu.`W_`]Pv TY _SP ^PY^P ZQ ^dXMZWTN Z]OP]^ LYO _SPT] NZOP^ L[[PL]^ SP]P TY L []LN_TNLW ^PY^P bT_S TXXPOTL_P ]PWPaLYNP _Z LN_TZY^% T_ SL^ _SP QZ]X ZQ L ^N]T[_WTVP VYZbSZb w^N]T[_QØ]XTRP^ VYZbSZbBT^^PYx ZQ LY TY_P] []P_L_TaP VYZbWPORP Q]LXP wTY_P][]P_L_TaP^ /P`_`YR^bT^^PYx LYO ZQ NP] _LTY ]Z`_TYTePO XZ_TaPLQQPN_ NZX[WPcP^ bSTNS L]P TY_P]bZaPY TY_Z []LN _TNP >ZNTLW `YT_^ ]TRS_ `[ L^ QL] L^ PY_T]P ^ZNTP_TP^ _S`^ L[[PL] L^ YP_bZ]V^ ZQ NZX[WPcP^ ZQ []LN_TNP^ _SL_ L]P WTYVPO PT_SP] WZZ^PWd Z] _TRS_Wd _SL_ NZYYPN_ ^[LNP LYO _TXP _SL_ T^ XLVP [Z^^TMWP MZ_S ^ZNTLW ]P[]ZO`N_TZY TY _TXP LYO OT^[P]^LW _S]Z`RS ^[LNPx 

?SP XPOTL LQQPN_ _SP QZ]XL_TZY ZQ N`W_`]P LYO ^`MUPN_Tad _Z _SP Pc_PY_ _SL_ _SPd L]P L^^TXTWL_PO L[[WTPO LYO L^^ZNTL_PO bT_S ^TRY ^d^_PX^ LYO _S`^ MPNZXP [L]_ ZQ _SP ^PXTZ_TN L]^PYLW ZQ _SP N`W_`]P ?SP]PQZ]P _SP \`P^_TZY LMZ`_ bLd^ ZQ `^TYR _SP XPOTL T^ OT]PN_Wd WTYVPO bT_S _SP \`P^ _TZY ZQ _SP ^ZNTZN`W_`]LW QZ]XL_TZY ZQ _SP [P]NP[_TaP L[[L]L_`^ ZQ _SP S`XLY ^`MUPN_ >TXTWL]Wd _Z :YR =PNVbT_e L^^`XP^ _SL_ _SP NZRYT_TaP PXZ_TZYLW LYO [P]NP[_TaP ^_]`N_`]P^ ZQ [P]^ZYLWT_TP^ L]P QZ]XPO LYO _]LY^QZ]XPO bT_STY XPOTL []LN_TNP^  >Z SP ^[PLV^ ZQ w_]LTYTYR R]Z`YO^x QZ] QZ]X TYR ^`MUPN_TaT_d LYO WTQP^_dWP 4Y XPOTL []LN_TNP^ OT^[Z^T_TZY^ N]d^_LW WTeP Z`_ w_SL_ _SPY bT_STY L ST^_Z]TNLW N`W_`]LW QZ]XL_TZY LYO T_^ Z]OP] TYR ZQ ^`MUPN_TaT_d w>`MUPV_Z]OY`YRx ^`[[Wd _SP []P]P\`T^T_P^ QZ] NZX[P_PY_ [L]_TNT[L_TZY TY Z_SP] ^[PNTLWTePO []LN_TNP NZX[WPcP^ PNZY ZXd [ZWT_TN^ QLXTWd P_Nx ! ?Z _SP TYOTaTO`LW XPOTL L[[PL] L^ w_PNSYZWZRTP^ ZQ _SP ^PWQx `^PO bT_S _SP TY_PY_TZY ZQ NSLYRTYR ZYP^PWQ bSP_SP] _ST^ MP PO`NL_TZY XZ]LW POTQTNL_TZY [L^_TXP^ [WPL^`]P Z] Pc [LYOTYR _SP TXLRTYL_TZY P_N 3ZbPaP] _SP ^ZNTZWZRTNLW NZYNP[_ ZQ ^`MUPN_ LYO ^`MUPN_TaT_d RZP^ MPdZYO _SP TYOTaTO`LW 3P]P w^`M UPN_TaT_dx XPLY^ _SP ^ZNTZN`W_`]LW QZ]X TY bSTNS _SP TYOTaTO`LW _LVP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  =PNVbT_e @Y^NSL]QP 2]PYePY  ! ,W^Z ZY _SP QZWWZbTYR TMTO  =PNVbT_e @Y^NSL]QP 2]PYePY  ! ! =PNVbT_e @Y^NSL]QP 2]PYePY  !!z!"



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^SL[P LYO TY bSTNS _SP []LN_TNP T^ L^^TXTWL_PO " >`MUPN_TaT_d QZ]XL_TZY Z] ^`MUPN_TaTeL_TZY T^ _S`^ XZ]P Z] WP^^ NZYR]`PY_ bT_S -Z`]OTP`v^ wSLMT_`^x ,NNZ]OTYR _Z =PNVbT_e T_ SL[[PY^ YZ_ WPL^_ aTL WPL]YTYR TYNZ][Z]L_TYR LYO []LN_TNTYR ^[PNTQTN QZ]X^ ZQ LP^_SP_TN ^PY^P ?ST^ T^ LNSTPaPO YZ_ ZYWd Md XPOTL []LN_TNP^ M`_ LW^Z Md Z_SP] ^ZNTLW []LN_TNP^ TYNW`OTYR ]PWTRTZ`^ LYO ^NTPY_TQTN []LN_TNP QZ]X^ ?SP ]ZWP ZQ _SP XPOTL TY QZ]XTYR LP^_SP_TN ^PY^P SZbPaP] T^ LY P^[PNTLWWd TX[Z]_LY_ ZYP =PNVbT_e `YOP]^_LYO^ ST^ ^ZNTZWZRd ZQ _SP LP^_SP_TN L^ L YPNP^^L]d Pc_PY^TZY ZQ ^ZNTLW _SPZ]d 3T^ ]P^PL]NS []ZR]LX z ^TXTWL] _Z _SL_ TY _SP LP^_SP_TN^ ZQ ]PWTRTZY z T^ _Z PcLXTYP _SP LP^_SP_TN \`LWT_TP^ ZQ ^ZNTLW []LN_TNP^ TP w_SP ^[PNTQTN QZ]X^ ZQ ^PY^Z]d [P]NP[_TZY LQQPN_TaT_d Pc[P]TPYNTYR LYO ]PQWPcTaP `^P^ ZQ ^TRY ^d^_PX^x LYO ZQ _SP Z[PY YZ_ ZYWd ]`WPML^PO bLd ZQ OPLWTYR bT_S ZMUPN_^ LYO ^`MUPN_^ # 6YZbWPORP T^ YZ_ ZYWd NZRYT_TaP z T_ LW^Z PYNZX[L^^P^ TY_`T_TaP PaP]dOLd VYZbW PORP MZOTWd VYZbWPORP LYO ^PY^Z]d LYO LQQPN_TaP VYZbWPORP ?ST^ LYLWd_TNLW [P]^[PN_TaP PYLMWP^ ZYP _Z WZZV L_ [P]NP[_TZY ^d^_PX^ L^ NZX[WPc SZWT^_TN ^_]`N_`]P^ 4_ ]P[]P^PY_^ LY TX[Z]_LY_ NZ]]PN_TZY _Z 2ZZOdv^ WZRZNPY_]TNT_d Md Pc[LYOTYR _SP QTPWO ZQ XPOTL PQQPN_^ Q]ZX QZ]X^ ZQ TY_PWWPN_`LW NZRYT_TZY _Z bSZWP [P]NP[_TZY ^d^_PX^ LYO RTaTYR _SP Z]LWT_dWT_P]LNd OPML_P L OTQQP]PY_ OT]PN_TZY Md XLVTYR T_ NZY^TOP]L MWd WP^^ TOPZWZRTNLW 4_ T^ YZ_TNPLMWP _SL_ TY _ST^ TOPZWZRTNLW ML__WPQTPWO 2ZZOdv^ ZYP^TOPO PX[SL^T^ ZQ TY_PWWPN_`LWT_d bL^ SL]OWd aTPbPO L^ L []ZMWPX L_ LWW LYO TY^_PLO bL^ [P][P_`L_PO LYO XZ]P Z] WP^^ YL_`]LWTePO Md ^`[[Z]_P]^ LYO Z[[ZYPY_^ LWTVP :YP XLd LR]PP bT_S =PNVbT_e _SL_ _ST^ QZN`^ ZY ]L_TZYLWT_d LYO LM^_]LN_TZY NZ`WO MP NSL]LN_P]TePO L^ L _d[TNLW []ZO`N_ ZQ _SP wWT_P]L_P MZ`]RPZT^x wMÞ]RP]WTNSP^ >NS]TQ_^`M UPV_x ?SP WZRTNLW NZ]]PWL_P ZQ _ST^ bL^ _SL_ SL]OWd LYd NZY^TOP]L_TZY bL^ RTaPY _Z LY Pc[LY^TZY ZQ _SP ]P^PL]NS _Z TYNW`OP aL]TZ`^ QZ]X^ ZQ ^PY^Z]d [P]NP[_TZY ^`NS L^ SPL]TYR LYO ^PPTYR SLMT_^ LYO ZQ LP^_SP_TN ^PY^P bSTNS [Z^^TMWd ]PLWWd L]P []ZXZ_PO OTQQP]PY_Wd Md Z]LWT_d LYO WT_P]LNd 4Y _ST^ OPML_P _SP ^PY^Z]d LP^_SP_TN LYO LQQPN_TaP OTXPY^TZY^ ZQ `^TYR XPOTL RPYP]LWWd PWTNT_PO LXLeTYRWd WT__WP TY_P]P^_ LW_SZ`RS _SP ^_TX`WL_TZY ZQ _SP ^PY^Z]d L[[L]L_`^ LYO [P]NP[_TZY LYO _S`^ ZQ NP]_LTY ^_dWP^ ZQ ^`MUPN_TaT_d bLd^ ZQ Pc[P]TPYNTYR LYO bZ]WO Z]TPY_L_TZY^ bL^ LXZYR _SP R]PL_P^_ PQQPN_^ ZQ _SP XPOTL LYO XPOTL NSLYRP^ 4Y _SP WTRS_ ZQ _SP LW_P]PO LYLWd_TNLW [P]^[PN_TaP []ZXZ_PO Md _SP ^Z NTZWZRd ZQ _SP LP^_SP_TN _SP LP^_SP_TN^ ZQ ]PWTRTZY LYO _SP LY_S]Z[ZWZRd ZQ _SP ^PY^P^ L__PY_TZY T^ QZN`^PO ZY _SP wYL_`]LWx ^PY^Z]d YL_`]P LYO LQQPN_TaT_d ZQ S`XLY MPTYR^ LYO ZY _SP N`W_`]LW ST^_Z]TNLW ^[PNTQTN XZO PWTYR ZQ [P]NPTaTYR Pc[P]TPYNTYR LYO QPPWTYR TY aL]TZ`^ XPOTL []LN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " =PNVbT_e @Y^NSL]QP 2]PYePY  !! # =PNVbT_e @Y^NSL]QP 2]PYePY  "#

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd



_TNP^ 0c[LY^TZY ZQ _SP WT_P]LNd OPML_P _Z TYNW`OP OTQQP]PY_ QZ]X^ ZQ LP^_SP_TN ^PY^P MZ_S TY_P]N`W_`]LWWd LYO TY_]LN`W_`]LWWd ZQQP]^ NP]_LTY LOaLY_LRP^ TY _P]X^ ZQ _SP ^ZNTZWZRd ZQ VYZbWPORP LYO N`W_`]LW ^_`OTP^ LYO T^ `^PQ`W LYO YPNP^^L]d [L]_TN`WL]Wd TY ]PWL_TZY _Z 4YOTL ?SP ^_]PYR_S ZQ =PNVbT_ev _SPZ]d L^ NZX[L]PO _Z 2ZZOdv^ TY_PWWPN _`LWT^_TN ^TX[WTQTNL_TZY WTP^ TY _SP Pc[LY^TZY ZQ _SP QTPWO 4Q XPOTL []LN _TNP^ L]P ]PRL]OPO L^ TY^_]`XPY_^ LYO _]LTYTYR R]Z`YO^ QZ] RPYP]L_TYR [P]NP[_TZY LQQPN_ LYO NZ]]P^[ZYOTYR WTQP^_dWP^ _SP QZN`^ Pc[LYO^ Q]ZX NZRYT_TZY _Z TY_`T_TaP PaP]dOLd VYZbWPORP ^PY^Z]d PXZ_TaP LYO MZOTWd VYZbWPORP LYO ^PPTYR LYO SPL]TYR SLMT_^ ?SP^P SLaP L XLUZ] TYQW`PYNP ZY SZb NZRYT_TaP VYZbWPORP T^ Pc[P]TPYNPO aLW`PO LYO ^_]`N_`]PO 4_ T^ _]`P _SL_ _SP `YTaP]^LWT^_TN []PXT^P ZQ 2ZZOd LYO :YR _SL_ Z]LW N`W_`]P^ WLNV LYLWd_TNLW NL_PRZ]TP^ LYO b]T_TYR QZ^_P]^ LM^_]LN_TZY^ LYO PYSLYNP^ NZY^NTZ`^YP^^ $ T^ \`P^_TZYLMWP -`_ _SP \`P^_TZY ]PXLTY^ NPY_]LW ZQ bSL_ VYZbWPORP T^ N]PL_PO LYO _]LY^QZ]XPO LYO Md bSL_ XPLY^ 4YNW`^TZY ZQ _SP LP^_SP_TN QZ]X^ ZQ VYZbWPORP MZOd]PWL_PO ^PY^Z]d LQQPN_TaP P_N bSTNS bP]P YPRWPN_PO TY _SP WT_P]LNd OPML_P []ZaTOP^ L XZ]P SZWT^_TN LYLWd_TNLW []ZNPO`]P ?SP LOaLY_LRP^ ZQ _SP \`P^_TZY QZN`^PO ZY [L__P]Y^ ZQ [P]NP[_TZY L]P QT]^_Wd _SL_ T_ T^ ]PWPaLY_ QZ] MZ_S NZX[L]L_TaP LYO TY_]LN`W_`]LW ^_`OTP^ >PNZYO _SP ]PQZ]X`WL_PO \`P^_TZY ]P^ZWaP^ ^ZXP []ZMWPX^ L]T^TYR Q]ZX 2ZZOdv^ _SP^T^ bT_SZ`_ ]PWTY\`T^STYR T_ NZX[WP_PWd ?SP \`P^_ QZ] LP^_SP_TN []LN_TNP^ WPLaP^ Z[PY Z_SP] [Z^^TMTWT_TP^ ZQ LM^_]LN_TaP ^dXMZWTN ^TRY QZ]XL_TZY^ _SLY _SZ^P [P]_LTYTYR _Z b]T_TYR PR [SZYZNPY_]TNLWWd Z]RLYTePO LM^_]LN_TZY^ ^`NS L^ _SZ^P QZ`YO TY 4YOTL :Y _SP Z_SP] SLYO ZYP NLY LR]PP bT_S 2ZZOd _SL_ T_ T^ YZ_ LWW ZYP LYO _SP ^LXP bSTNS _d[P _SP XPOTL LYO ^TRY NZOP^ L]P ?SP PQQPN_^ ZY _SP [P]NP[_TaP L[[L]L_`^ L]P YL_`]LWWd OTQQP] PY_ MPNL`^P OTQQP]PY_ ^PY^P^ L]P P^[PNTLWWd ^_]ZYRWd LN_TaL_PO Z] []LN_T NLWWd OPLN_TaL_PO ?SP ]PQZ]X`WL_PO []PXT^P _SPY ^Ld^ _SL_ Z]LWT_d LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .Q :YR :]LWT_d LYO 7T_P]LNd  "z" Z`] PX[SL^T^% w?SP PaZW`_TZY ZQ NZY^NTZ`^ YP^^ _S]Z`RS S`XLY ST^_Z]d T^ XL]VPO Md R]Zb_S TY L]_TN`WL_P L__PY_TZY _Z _SP TY_P]TZ] ZQ _SP TYOTaTO`LW [P]^ZY L^ OT^_LYNPO z _SZ`RS YZ_ YPNP^^L]TWd ^P[L]L_PO z Q]ZX _SP NZXX`YLW ^_]`N_`]P^  >PWQNZY^NTZ`^YP^^ T^ NZPc_PY^TaP bT_S S`XLYT_d% PaP]dZYP bSZ NLY ^Ld v4v SL^ LY LN`_P ^PY^P ZQ _SP ^PWQ -`_ ]PQWPN_TaPYP^^ LYO L]_TN`WL_PYP^^ LMZ`_ _SP ^PWQ _LVP _TXP _Z R]Zb  ?SP STRSWd TY_P]TZ]TePO ^_LRP^ ZQ NZY^NTZ`^YP^^ TY bSTNS _SP TYOTaTO`LW T^ YZ_ ^Z TXXP]^PO `YNZY^NTZ`^Wd TY NZXX`YLW ^_]`N_`]P^ L]P ^_LRP^ bSTNS T_ L[[PL]^ NZY^NTZ`^YP^^ bZ`WO YPaP] ]PLNS bT_SZ`_ b]T_TYR  B]T_TYR TY_]ZO`NP^ OTaT^TZY LYO LWTPYL_TZY M`_ STRSP] `YT_d L^ bPWW 4_ TY_PY^TQTP^ _SP ^PY^P ZQ _SP ^PWQ LYO QZ^_P]^ XZ]P NZY^NTZ`^ TY_P]LN_TZY MP_bPPY [P]^ZY^ B]T_TYR T^ NZY ^NTZ`^YP^^]LT^TYR  ?SP Z]LWT_dWT_P]LNd TY_P]LN_TZY PY_P]^ TY_Z `W_TXL_P S`XLY NZY NP]Y^ LYO L^[T]L_TZY^ ,WW _SP ]PWTRTZ`^ _]LOT_TZY^ ZQ XLYVTYO SLaP _SPT] ]PXZ_P Z]T RTY^ TY _SP Z]LW [L^_ LYO T_ L[[PL]^ _SL_ _SPd LWW XLVP L R]PL_ OPLW ZQ _SP ^[ZVPY bZ]O DP_ _SP XLUZ] bZ]WO ]PWTRTZY^ SLaP LW^Z MPPY TY_P]TZ]TePO Md _SP OPaPWZ[XPY_ ZQ ^L N]PO _Pc_^% _SP APOL^ _SP -TMWP _SP 6Z]LYx



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

WT_P]LNd TY LOOT_TZY _Z Z_SP] aL]TLMWP^ TYQW`PYNP _SP [L__P]Y^ ZQ [P]NP[ _TZY Pc[P]TPYNTYR LYO _SP ]PWL_TZY^ST[ _Z _SP bZ]WO TY OTQQP]PY_ bLd^ ?SP ^STQ_ ZQ _SP R`TOTYR OT^_TYN_TZY Q]ZX Z]LWT_d LYO WT_P]LNd _Z [P] NP[_TZY LYO LP^_SP_TN Z]TPY_L_TZY RTaP^ _SP Z]LWT_dWT_P]LNd _SP^P^ ZQ 2ZZOd LYO :YR L bTOP] Q]LXPbZ]V TY ]PWL_TZY _Z NZRYT_TaP ^_]`N_`]P^ LYO XTYO ^P_^ ,W_SZ`RS _SP ^STQ_ VPP[^ _Z MTYL]d [L__P]Y^ T_ SL^ _SP LOaLY_LRP ZQ MPTYR MP__P] LMWP _Z NZY^TOP] N`W_`]LW NZY_TYRPYNd LYO _Z ^ZWaP _SP []ZMWPX^ RPYP]L_PO Md 2ZZOdv^ LYO :YRv^ _SPZ]TP^ 4Y_P]P^_TYRWd =PNVbT_e LW^Z bZ]V^ bT_S MTYL]d NZOP^ 3T^ N]T_P]TZW ZRd []TXL]TWd U`c_L[Z^P^ ^PY^Z]d LYO YZY^PY^Z]d QZ]X^ ZQ [P]NP[_TZY ?SPd TYNW`OP _SP YL_`]LW NL[LNT_TP^ ZQ ^PY^P [P]NP[_TZY LYO QPPWTYR w0X[QTYOPYx aP]^`^ QZ]XLW WZRTNLW _SZ`RS_ LYO NZRYT_TaP ^PL]NS QZ] TYQZ]XL_TZY L^ [L]_ ZQ LY ZaP]LWW [LNVLRP ZQ LP^_SP_TN LYO YZYLP^_SP_TN QZ]X^ ZQ []LN_TNP 0aPY TQ _ST^ SL]^S MTYL]d ^P[L]L_TZY ZQ LP^_SP_TN^ LYO WZRTN ]PQWPN_^ L _d[TNLWWd 0`]Z[PLY OT^_TYN_TZY TYNW`OTYR _SP OTNSZ_ZXd ZQ ^PY^TYR LYO _STYVTYR P_N _SL_ \`P^_TZY^ LYO _]TP^ _Z ZaP]NZXP Z`] L[[]ZLNS ZQ ]PWTRTZ`^ LP^_SP_TN^ =PNVbT_ev ]PQZ]X`WL_TZY []ZaTOP^ L `^LMWP SP`]T^_TN LYLWd_TNLW Q]LXPbZ]V QZ] TYaP^_TRL_TYR WT_P]L_P LYO Z]LW VYZbWPORP N`W_`]P^ TY L XZ]P OTQQP]PY_TL_PO XLYYP] ,NNZ]OTYR _Z =PNVbT_e NZX[]PSPYOTYR LYO LYLWdeTYR ^ZNTLW LYO XPOTL []LN_TNP^ L^ wLP^_SP_TN []LN_TNP^x ]P\`T]P^ RTaTYR XZ]P TX[Z]_LYNP _Z QTaP ^P_^ ZQ []Z[P]_TP^ _SL_ NLY MP NZXMTYPO TY NP]_LTY []Z_Z_d[TNLW bLd^%  ^PY^Z]d [P]NP[_TZYPc[P]TPYNP a^ LN_TZY&  N]PL_TaP ^SL[TYR a^ ]PR`WL_PO LN _TZY V]PL_TaP 2P^_LW_`YR a^ ]PR`WTP]_P^ 3LYOPWY&  LQQPN_TaT_d a^ ]L_TZYLWT_d&  ^PXTZ_TNTeL_TZY a^ ]PLWT^X LYO  ZY_ZWZRd ZQ [WLd a^ ZY_ZWZRd ZQ Z]OP]   =PNVbT_e LOO^ _SL_ TY RPYP]LW _SP ^ZNTZWZRd ZQ _SP LP^_SP_TN T^ NZYNP]YPO bT_S L w^PY^T_TeL_TZY _Z _SP OTXPY^TZY^ ZQ _SP Pc[P]TPYNP TYSP]PY_ TY []LN_TNP ^PY^Z]d [P]NP[_TZY LYO ]PNP[_TZYx LYO TY _P]X^ ZQ []LN_TNLW ]P^PL]NS bT_S LY LYLWd^T^ ZQ OTQQP]PY_ ST^_Z]TNLW LYO N`W_`]LW aP]^TZY^ ZQ LP^_SP_TN^   ^TYNP _SP ^P_^ ZQ N]T_P]TL NLY LWbLd^ aL]d bTOPWd ^STQ_ LYO ZaP]WL[ P_N ?SP NPY_]LW []PXT^P LYO ]P^PL]NS [L]LOTRX ZQ L ^ZNTZWZRd ZQ _SP LP^_SP_TN T^ _SP]PQZ]P _Z ZM^P]aP ^ZNTZN`W_`]LW []LN_TNP^ YZ_ ZYWd L^ L YPc`^ ZQ XZ]P Z] WP^^ ]Z`_TYTePO XZOP^ ZQ _LVTYR LN_TZY M`_ TY L M]ZLOP] ^PY^P% w0aP]d []LN_TNP T^ TY^_PLO LWbLd^ _Z MP ]PNZY^_]`N_PO L^ L ^[PNTQTN QZ]X ZQ Pc[P]TPYNP ZQ ^PY^Z]d [P]NP[_TZY LYO ZQ MPTYR LQQPN_TaPWd MZ`YO_`YPO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   =PNVbT_e @Y^NSL]QP 2]PYePY  !" 3P]P =PNVbT_e U`^_TQTLMWd ^[PLV^ ZQ TOPLW _d[P^ LYO ZQ NZXMTYL_TZY^ ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ M`_ T^ TYNWTYPO _Z NZY^_]`N_ _ZZ ]TRZ]Z`^Wd NZY_]L^_TYR OTNSZ_ZXTP^ bT_STY _SP QTaP ^P_^ ZQ []Z[P]_TP^ ?ST^ T^ OTQ QP]PY_ _SLY _SP XZ]P SZWT^_TN wLP^_SP_TN^x _P]X TY Z`] L[[]ZLNS bSTNS NZX[]T^P^ YZ_ ZYWd ^`NS L^[PN_^ L^ N]PL_TaT_d M`_ LW^Z ]PR`WL_PO LN_TZY   =PNVbT_e @Y^NSL]QP 2]PYePY  "#

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd



uLQQPV_TaP AP]SLQ_P_SPT_2P^_TXX_SPT_v bSTNS T^ ]P[]ZO`NPO LYO []P OP_P]XTYPO Md PLNS []LN_TNP ;]LN_TNP^ Z]RLYTeP YZ_ ZYWd LN_TZY _SPd LW^Z Z]RLYTeP Pc[P]TPYNP LQQPN_^ LYO ^PY^Z]d [P]NP[_TZY TY _SPT] ZbY N`W_`]LWWd ^[PNTQTN bLd _S]Z`RS L ^PY^T_TeL_TZY ZQ NP]_LTY ^PY^P^ L_ _SP NZ^_ ZQ Z_SP]^ _S]Z`RS _SP ]Z`_TYP PaZNL_TZY ZQ NP]_LTY QPPWTYR^ Z] ZQ YPL]Wd uLQQPN_TaPWd YP`_]LWv ^_L_P^x  

3P]P _SP ^ZNTZWZRTNLWWd OPNT^TaP QLN_Z] T^ YZ_ _Z ^PP [SPYZXPYZWZRTNLWWd wTY_P]YLWx ^_L_P^ Z] _Z RP_ L R]L^[ ZY LQQPN_ TY L [`]PWd w[^dNSZWZRTNLWx bLd 4Y^_PLO L ^ZNTZWZRd ZQ _SP LP^_SP_TN SL^ _SP LP^_SP_TN OTXPY^TZY^ ZQ ^ZNTLW []LN_TNP^ QZ] _SP QTPWO ZQ LYLWd^T^ ?ST^ TYNW`OP^ _SP QZWWZbTYR \`P^_TZY% w3Zb OZ ^`NS _STYR^ L^ NP]_LTY ]PWTRTZ`^ []LN_TNP^ ^_]`N_`]P [P]NP[_TZY Pc[P]TPYNP LYO ]PNP[_TZY TQ ZYP OPNZOP^ _SPX YZ_ ZYWd L^ XZ]LW ^d^_PX^ M`_ LW^Z L^ YP_bZ]V^ ZQ [P]NP[_TZY LYO LQQPN_ RPYP]L_TZY TY OPLWTYR bT_S _]LY^NPYOPY_LW TY^_LYNP^ ZYPv^ ZbY u^Z`Wv LYO _SP MZOd z L^ TYOTNL_PO TY >TXXPWv^ _SPZ]d ZQ _SP ]PWTRTZ`^*x  

-`_ _SP \`P^_TZY^ LW^Z TYNW`OP _ST^ ZYP% wBSL_ LP^_SP_TN^ T^ NZY_LTYPO TY ^NTPY_TQTN []LN_TNP^ TQ ZYP aTPb^ _SPX YZ_ ZYWd L^ TY^_LYNP^ _SL_ []ZO`NP NZRYT_TaPWd YP`_]LW []Z[Z^T_TZY^ M`_ LW^Z L^ TY^_LYNP^ NZY_LTYTYR ^[PNTQTN QZ]X^ ZQ ^PY^Z]d [P]NP[_TaP LYO LQQPN_TaP L^ ^TXTWL_TZY ZQ _SPT] ]P^[PN_TaP uZMUPN_^v*x  

4Y N`W_`]LW ^ZNTZWZRd ^[PNTLW TY_P]P^_ T^ LNNZ]OPO _Z _SP N`W_`]LW ST^_Z]T NLWWd ^[PNTQTN XZOPWTYR _]LY^QZ]XL_TZY^ LYO ^STQ_^ ZQ XPLYTYR bT_STY L N`W_`]P  ?ST^ TYNW`OP^ XLVTYR Z`_ ^`NS T_PX^ L^ w]LOTNLW LP^_SP_TN XZaPXPY_^x w]LOTVLWÆ^_SP_T^NSP -PbPR`YRPYx bSTNS ZY _SP ZYP SLYO P^_LMWT^S OT^NZ`]^P^ ZY LP^_SP_TN Z]TPY_L_TZY^ LYO L_ _SP ^LXP _TXP ^SL[P LP^_SP_TN []LN_TNP^ 0cLX[WP^ ZQ XL]VPO LP^_SP_TN ^SL[TYR TY _SP NL^P ZQ >LY^V]T_ N`W_`]P SLaP MPPY _SP `YOP]^_LYOTYR ZQ _SP APOL L^ Y`XTYZ`^ SPL]TYR ;£©TYTv^ ^NTPY_TQTN ^Z`YO NZOP^ _SP ±TaLT_TN TY_]Z O`N_TZY ZQ ?LY_]TN ^PPO XLY_]L^ `YOP]^_ZZO L^ OPT_TP^ PXMZOTPO TY ^Z`YO _SP AT´©`T_TN QZ]NTYR ZQ MSLV_T X`^TN L^ L`OTMWP OPaZ_TZY LYO _SP 9£OL-]LSXLY PXMZOTPO TY NWL^^TNLW XZOLW X`^TN 1`]_SP]XZ]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   =PNVbT_e @Y^NSL]QP 2]PYePY  "$   =PNVbT_e @Y^NSL]QP 2]PYePY  "#Q Z`] PX[SL^T^% wBTP ^_]`V_`]TP]PY P_bL MP ^_TXX_P ]PWTRTØ^P ;]LV_TVPY BLS]YPSXPY 0]WPMPY `YO 0X[QTYOPY bPYY XLY ^TP YTNS_ Y`] LW^ XZ]LWT^NSP >d^_PXP ^ZYOP]Y z ^Z bTP P^ TY >TXXPW^ ?SPZ]TP OP^ =PWT RTØ^PY LYRPOP`_P_ bT]O z LW^ ;P]eP[_TZY^ `YO ,QQPV_RPYP]TP]`YR^YP_ebP]VP TX @X RLYR XT_ _]LY^ePYOPY_PY 4Y^_LYePY OP] PTRPYPY >PPWPv OPX 6Ø][P] OPNSTQQ]TP]_x   =PNVbT_e @Y^NSL]QP 2]PYePY  "$ `] PX[SL^T^% wBPWNSP ¦^_SP_TV PY_SLW_PY bT^ ^PY^NSLQ_WTNSP ;]LV_TVPY  bPYY XLY ^TP YTNS_ Y`] LW^ 4Y^_LYePY MP_]LNS_P_ OTP VZRYT _Ta YP`_]LW ,`^^LRP^d^_PXP []ZO`eTP]PY ^ZYOP]Y L`NS ^ZWNSP OTP ^[PeTQT^NSP 1Z]XPY OP] ^TYYWTNS[P]eP[_TaPY bTP LQQPV_TaPY ,YPTRY`YR TS]P] UPbPTWTRPY :MUPV_Pv  PY_ SLW_PYx  =PNVbT_e @Y^NSL]QP 2]PYePY  "



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

LNNZ]OTYR _Z =PNVbT_e ZYP ^SZ`WO L^V LMZ`_ ^PXTZ_TNTeL_TZY^ LYO wbLd^ ZQ bZ]WOXLVTYRx ,P^_SP_TN []LN_TNP^ LYO bLd^ ZQ ^`MUPN_TaTeTYR bTWW LWbLd^ PWTNT_ LN_TaP ^PXTZ_TNTeL_TZY LYO QTN_TZYLWTeL_TZY ZQ ]PLWT_d RZTYR MPdZYO PaP]dOLd ]PLWT^X ?SP ^PXTZ_TNTeL_TZY ZQ _SP bZ]WO OP [PYO^ ZY ^d^_PX^ ZQ XPLYTYR 4_ T^ _SP]PQZ]P YZ_ wYL_`]LWx M`_ L]_TQTNTLW LYO Pc[P]TXPY_LW 1Z] _ST^ ]PL^ZY ZYP ^SZ`WO [`]^`P _SP PaP]YPb Z[ _TZY^ ZQ TY_P][]P_L_TZY LYO N]PL_TaP QZ]XL_TZY L^ YPb XPLYTYR []ZO`N _TZY P^_LMWT^STYR ]PNZRYTeLMWP ^_dWP^ ZQ XPLYTYR w>NSLQQ`YR P]V PYYML]P] -POP`_`YR^^_TWPx 8Z]PZaP] _SP OTQQ`^TZY []ZNP^^P^ TY aL]TZ`^ QTPWO^ ^SZ`WO MP TYaP^_TRL_PO ?ST^ TYNW`OP^ _SP ^ZNTLW TY_P]QP] PYNP ZQ LP^_SP_TN Z]TPY_L_TZY^ bT_S YZYLP^_SP_TN ZYP^ QZ] TY^_LYNP TY _SP ^PY^P ZQ SdM]TO NZXMTYL_TZY^ LYO LW^Z TY _SP ^PY^P ZQ OP[Z_PY_TL_ TYR OZXP^_TNL_TYR ]L_TZYLWTeTYR [Z[`WL]TeTYR ^`MZ]OTYL_TYR _Z LY PNZYZXTN WZRTN P_N 8POTL []LN_TNP^ NLY MZ_S MP TY^_]`XPY_^ ZQ OT^NT [WTYP NSLYYPWTYR ^ZNTLW MPSLaTZ] LYO NZ`Y_P]LN_ ]`WPML^PO LN_TZY^ ,NNZ]OTYR _Z =PNVbT_e ZYP _STYR _SL_ _SP]PQZ]P SL^ _Z MP OZYP T^ _Z TOPY_TQd _SP _]LY^MZ`YOL]d LYO OPOTQQP]PY_TL_TYR PQQPN_^ LYO _Z QTYO Z`_ bSTNS Q`YN_TZYLW OTQQP]PY_TL_TZY^ LYO QZ]X^ ZQ ^`MUPN_TaTeL_TZY L]P ^P]aPO Md _SP LP^_SP_TN PWPXPY_^ ?SP^P XLd MP w^`MZ]OTYL_TZY _Z L N`W_`]LWWd ^[PNTQTN NL_LWZR ZQ N]T_P]TL ZQ YZ]XLW LYO OP^T]LMWP ^`MUPN_Ta T_d LOL[_PO _Z _SP ^ZNTP_dx wXL]V_QØ]XTRP >`MUPV_TaT_Æ_x Z] LW_P]YL _TaPWd _SP M]TYRTYR LMZ`_ ZQ [Z^^TMWd `Y^P__WTYR w_S]P^SZWO Pc[P]T PYNP^ TY bSTNS _SP ^`MUPN_ _]LY^QZ]X^ T_^PWQx Z] Pc[P]TPYNP^ ZQ _SP wTYPc[]P^^TMWPx L wYZ_STYRYP^^ YZbx LYO LY wLM^ZW`_P []P^PY_x  ! =PNVbT_e ^`RRP^_^ _SP PcNP[_TZYLW YL_`]P ZQ ^`NS MZ`YOL]d _]LY^T_TZY^ ^SZ`WO MP _LVPY ^P]TZ`^Wd L^ TY^_LYNP^ ZQ N]T_TNT^X ZQ _SP NZXXZY ^PY^P bZ]WO :aP]LWW _ST^ T^ LW^Z \`T_P L RZZO bLd ZQ OP^N]TMTYR Z`] ]P^PL]NS []ZR]LX% >LY^V]T_ 3TYO`T^X L^ L N`W_`]P ZQ ^Z`YO []ZO`NTYR NZ]]P ^[ZYOTYR LP^_SP_TN QZ]X^ ZQ ^`MUPN_TaT_d _SL_ bP]P ST^_Z]TNLWWd XZOPWPO TY OTQQP]PY_ bLd^ 1Z] PcLX[WP Z`] ?LY_]L NSL[_P]^ ZY ZNN`W_ ^Z`YO^ NZY_LTY PcLX[WP^ ZQ PL]Wd ?LY_]TN bLd^ ZQ bZ]WOXLVTYR LYO ZQ _S]P^S ZWO Pc[P]TPYNP^ _SL_ _PYO _Z `Y^P__WP _SP YZ]XLW NT_TePY bSTWP QZ]X^ ZQ [Z[`WL]TeL_TZY LYO OZXP^_TNL_TZY []ZaTOP _SP Z`_WTYP QZ] _SP NSL[_P]^ ZY wSZ`^PSZWO XLY_]L^x ZQ _SP WL_P] ^dY_SP_TN ?LY_]L^ 3ZbPaP] TY _bZ bLd^ =PNVbT_ev NZY^TOP]L_TZY^ NLY MP _]LY^QP]]PO _Z _SP 4YOTLY XL_P]TLW ZYWd TY [L]_ LYO TY L XZOTQTPO QZ]X 1T]^_ T_ bZ`WO XLVP WT__WP ^PY^P _Z U`c_L[Z^P [P]NP[_TZYPc[P]TPYNP LYO LN_TZY^ LYO _Z NZ]]PWL_P _SPX bT_S _SP LP^_SP_TN LYO _SP YZYLP^_SP_TN ?ST^ N]T_P]TZWZRd QLTW^ bSPY T_ XPP_^ L [P]QZ]XLYNP N`W_`]P ?SP ^LXP L[ [WTP^ _Z ^PY^`LWT_d LYO WZRTN LYO PXZ_TZY LYO NZRYT_TZYTY_PWWPN_`LWT_d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ! =PNVbT_e @Y^NSL]QP 2]PYePY  "$

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd



1Z] PcLX[WP _SP ^Z`YO L^[PN_ WTYV^ OPaZ_TZYLW X`^TN LYO ;£©TYTv^ R]LXXL_TNLW NZOP^ LYO L__PY_TZY SL^ LW]PLOd MPPY O]LbY _Z _SP `YT\`PWd 4YOTLY bLd ZQ L[[WdTYR _SP ^LXP _P]X XLYL^  _Z PXZ_TZY LYO NZRYT_TZY >PNZYO T_ bZ`WO MP TYL[[]Z[]TL_P _Z ^[PLV ZQ w_SPx ^ZYTN [P]^ZYLWT_d Md LYLWZRd _Z =PNVbT_ev _d[ZWZRTP^ WT_P]L_P MZ`]RPZT^ P_N  " ?SP PcLX[WP ZQ _SP ?LY_]L TYOTNL_P^ bSd _ST^ T^ TX[P]XT^^TMWP LYO dP_ bP ^[PLV ZQ L w^ZYTN N`W_`]Px% ^Z`YO^ LYO ^Z`YO ]T_P^ [P]aLOP MZ_S _SP PL]Wd LYO _SP WL_P ?LY_]L -PSTYO _SP ^ZYTN N`W_`]P WTP^ STOOPY L NZY^TOP]LMWP TYYP] OTaP]^T_d LYO YZ_ ZYWd ZYP QZ]X ZQ ^`MUPN_TaT_d BT_S L _TXP bTYOZb ZQ ZaP]  dPL]^ _ST^ T^ YZ_ [Z^^TMWP LYd Z_SP] bLd ?SP^P _bZ TY_P]QLNP^ [ZTY_ `[ NPY_]LW OTQQP]PYNP^ Q]ZX 0`]Z[P LYO YZ_ ZYWd Q]ZX XZOP]YOLd 0`]Z[PLY N`W_`]P L^ L^^`XPO Md =PNVbT_e ?SP SP`]T^_TN ^_]PYR_S ZQ ST^ N]T_P]TZWZRd T^ SZbPaP] _SP QLN_ _SL_ T_ Z[PY^ `[ TX[Z]_LY_ ^PXLY_TN QTPWO^ _Z M]TYR ^`NS OTQQP]PYNP^ TY_Z aTPb ,NNZ]OTYR _Z =PNVbT_e LP^_SP_TN L__T_`OP^ LYO ^`MUPN_TaTeL_TZY^ SLaP QT]^_ LYO QZ]PXZ^_ _Z OZ bT_S ^PY^Z]d [P]NP[_TZY LYO ^`MUPN_TaP Pc[P]TPYNP   # LYO bT_S MPTYR WZ^_ TY _SP XZXPY_ L^ wLM^ZW`_P []P^PY_x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  " , _d[ZWZRd WTVP _ST^ bZ`WO NZ]]P^[ZYO _Z _d[ZWZRTP^ ZQ XZOP]Y QZ]X^ ZQ ^`MUPN_TaT_d QZ] bSTNS =PNVbT_e ^PP^ _SP XPOTL L^ []P]P\`T^T_P^ LYO w_]LTYTYR R]Z`YO^x .Q =PNVbT_e @Y^NSL]QP 2]PYePY  !z! !"z"! 3P]P SP ^_L_P^ _SL_ WT_P]L]d N`W_`]P []TY_PO MZZV^ bL^ _SP ML^T^ ZQ L ^[PNTQTNLWWd MZ`]RPZT^ QZ]X ZQ ^`MUPN_TaT_d wMÞ] RP]WTNSP 1Z]X OP^ >`MUPV_^x LYO ZQ LY TY_P]YLWWd OT]PN_PO NZRYT_TaP XZ]LW LYO PXZ _TZYLW Z]TPY_L_TZY ?ST^ ^`MUPN_TaT_d NSLYRPO bT_S _SP LOaPY_ ZQ L`OTZaT^`LW XPOTL _SP ^[]PLO ZQ QTWX LYO WL_P] _PWPaT^TZY ?SP]P bL^ L ^STQ_ Q]ZX wMZ`]RPZT^ XZOP]YT_dx wMÞ]RP]WTNSP 8ZOP]YPx _Z wZ]RLYTePO XZOP]YT_dx L_ L]Z`YO $ _Z $ Q]ZX LY wTYYP]OT]PN_POx _Z LY wZ_SP]OT]PN_PO NSL]LN_P]x ZQ _SP bZ]VTYR PX[WZdPP LYO L _]LY^QZ]XL_ZY TY_Z LP^_SP_TNLWWd LYO ^ZNTLWWd Pc_]ZaP]_PO ^`MUPN_TaT_d =PNVbT_e OT^ NP]Y^ L ]PYPbPO ^_]`N_`]LW NSLYRP TY _SP QZ]XL_TZY ZQ N`W_`]P LYO ^`MUPN_TaT_d _SL_ SL^ _LVPY [WLNP ^TYNP _SP $"^ LYO $#^ bT_S _SP YPb OTRT_LW []LN_TNP^ TY _SP _PNSYZW ZRd ZQ NZX[`_TYR ?ST^ _PNSYZWZRd bL^ OPNT^TaP TY []ZXZ_TYR _SP _d[P ZQ Pc[]P^^TaP PWPN_TaP LYO NZXMTYL_Z]d ^`MUPN_TaT_d TY _SP [Z^_XZOP]Y [P]TZO LYO L ]PZ]TPY_L_TZY Q]ZX ^ZNTLWWd NZ[TPO NZY^`X[_TZY _Z TYOTaTO`LW LP^_SP_TN NZY^`X[_TZY ?ST^ _d[ZWZRd T^ NWPL]Wd Z]TPY_PO ZY BP^_P]Y XZOP]YT_d 1Z] =PNVbT_e SZbPaP] ZYP TX[Z]_LY_ L^ [PN_ TY _SP L]R`XPY_ LMZ`_ _SP MZ`]RPZT^ b]T_TYR [P]^ZYLWT_d _SP ZM^P]aTYR QTWX LYO ?A [P]^ZYLWT_d LYO _SP Pc[]P^^TaP PNWPN_TN NZX[`_P] [P]^ZYLWT_d T^ _SL_ _SP OT^[Z^T _TZYLW ^_]`N_`]P ZQ ^`MUPN_TaT_d TYNW`OTYR _SP L[[L]L_`^ ZQ ^PY^Z]d [P]NP[_TZY SL^ ^STQ_PO TY _SP WL^_ _S]PP S`YO]PO dPL]^ TY _SP NZY_Pc_ ZQ XPOTL []LN_TNP^ TMTO " DP_ SP LOO^ _SL_ _SP PL]WTP] N`W_`]LW QZ]XL_TZY^ NZY_TY`P _Z PcT^_ bT_STY _SP WL_P] ZYP^ ^Z _SL_ NZY_PX[Z]L]d N`W_`]P PcSTMT_^ NZX[WPc SdM]TO QZ]X^ LYO LY ZaP]WL[[TYR ZQ b]T__PYWLYR`LRPML^PO L`OTZaT^`LW LYO OTRT_LW []LN_TNP^ >`NS ZaP]WL[[TYR^ NLY LW^Z MP ZM^P]aPO TY 4YOTL LYO YZ_ ZYWd TY _SP NZY_Pc_ ZQ XZOP]Y _PNSYZWZRTP^  # :Y _SP QZWWZbTYR NQ =PNVbT_e @Y^NSL]QP 2]PYePY  !"z"& ZY _SP ]P^_]TN_TZY wTY _SP XZOP]Y ^PY^Px TMTO !" ,NNZ]OTYR _Z =PNVbT_e L RPYP]LWTeL_TZY ZQ _SP L]_T^_v^ [P]^ZYLWT_d NLY MP XLOP Z`_ TY _SP WL_P XZOP]Y [P]TZO 3P ]PRL]O^ ST^ R]PL_ PX[SL ^T^ ZY N]PL_TaT_d LYO [WLd ^PP LMZaP L^ L[[]Z[]TL_P LMZaP LWW QZ] _SP [Z^_XZOP]Y [P]^ZYLWT_d ZQ _SP OTRT_LW LRP bSTNS ZaP]WL[^ bT_S _SP wb]T_TYR [P]^ZYLWT_dx LYO _SP

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

BT_S _ST^ SP L^^ZNTL_P^ TY_PY^TQTNL_TZY ^PY^T_TeL_TZY LYO PYSLYNPXPY_ ZQ _SP ^PY^Z]d [P]NP[_TaP L[[L]L_`^ Z]TPY_L_TZY ZY LQQPN_ L__T_`OP^ ZQ Q]PPOZX Q]ZX [`][Z^P LYO ]`WP^ LYO LW^Z LY LN_TaP PaZNL_TZY ZQ TYYP] PaPY_^ L [Z^T_TaP ^_]`N_`]TYR ZQ PXZ_TZY^ LYO L []ZLN_TaP ^PXTZ_TNTeL _TZY ZQ ]PLWT_d ?SP ZYWd _d[TNLW XZOP _SL_ T^ LW^Z ]PWPaLY_ _Z wPc_P]TZ] LN_TZYx T^ _SP `^P ZQ N]PL_TaT_d z L N`W_TaL_TZY ZQ _SP w[ZTP_TN \`LWT_TP^ ZQ LN_TZY^x LYO [WLdTYR bT_S Z[_TZY^ -d NZY_]L^_ YZYLP^_SP_TN L__T_`OP^ LYO []LN_TNP^ L]P NSL]LN_P]TePO Md ]PLN_TZY [`][Z^PZ]TPY_PO ]L_TZYLW T_d NZX[WTLYNP bT_S ]`WP^ Z]TPY_L_TZY ZY YZ]X^ TY_P]^`MUPN_TaT_d LYO TY_P]ZMUPN_TaT_d 4Y ^`NS NL^P^ _SP RZLW T^ YZ_ _Z []ZXZ_P [P]NP[_TZY M`_ _Z XTYTXTeP LQQPN_ ?SP ]PWL_TZY _Z _SP bZ]WO T^ YZ_ LY ZY_ZWZRd ZQ [WLd M`_ ZYP ZQ Z]OP] ?ST^ MTYL]d OTaT^TZY XLVP^ _d[ZWZRTNLW ^PY^P M`_ _SP ^P[L]L_TZY ZQ ^PY^`LWT_d LYO WZRTN _SZ`RS_ LYO LN_TZY PXZ_TZY LYO NZRYT_TZY P_N L[[PL]^ _Z MP L _d[TNLWWd 0`]Z[PLY ^[PNTLW_d bSP]PL^ _SP^P L^[PN_^ L]P L^^ZNTL_PO TY L QL] XZ]P ^dY_SP_TN QL^STZY TY _SP ^ZYTN N`W_`]P ZQ 4YOTL :Y _SP ZYP SLYO _SP OTQQP]PYNP^ [ZTY_PO Z`_ Md =PNVbT_e L[[PL] :YP ^SZ`WO ]PXPXMP] _SL_ LNZ`^_TN [TP_d TYNW`OP^ XZOP^ ZQ Z]TPY_L_TZY ZY ]`WP^ [`][Z^P LYO YZ]X^ LYO LW^Z XZOP^ ZQ Q]PPOZX Q]ZX [`][Z^P ZQ LQQPN_TaP Pc[P]TPYNP [ZTP_ZWZRTNLW LN_TZY LYO N]PL_TaT_d >TXTWL]Wd _SP PcLX[WP ZQ _SP ?LY_]L ZY bSTNS bP bTWW RZ TY_Z XZ]P OP_LTW MPWZb PYNZX[L^^P^ L^[PN_^ ZQ ^_LYOL]OTeL_TZY LYO ZaP]^_P[[TYR ZQ YZ]X^ _SP WZRTN ZQ `^PQ`WYP^^ LYO N]PL_TaT_d :Y _SP Z_SP] SLYO _SP^P _bZ [ZWP^ L]P WTYVPO Md _SP Pc[P]TPYNP ZQ ^Z`YO .LWWTYR ZYWd ZYP [L]_ wLP^_SP_TNx bZ`WO YZ_ MP [P]XT__PO PaPY `YOP] =PNVbT_ev N]T_P]TZWZRd L^ T_^ []T XL]d LP^_SP_TN TYOTNL_Z] T^ ^PY^Z]d [P]NP[_TZY -`_ []PNT^PWd _ST^ T^ _SP ^LWTPY_ QPL_`]P ZQ 4YOTLv^ N`W_`]P ZQ ^Z`YO z _SL_ T_ NLYYZ_ MP R]L^[PO `^TYR ^TX[WP [T_Sd ^NSPXL_L ?ST^ N`W_`]P []ZXZ_PO _SP QZ]XL_TZY ZQ [L]LWWPW ^_dWP^ ^Z _Z ^[PLV TY bSTNS =PNVbT_ev MTYL]d w^P_^ ZQ []Z[P] _TP^x Q]P\`PY_Wd L[[PL] `YT_PO 3T^ MTYL]d _d[ZWZRd T^ _SP]PQZ]P ZYWd ^ZXP_TXP^ L[[WTNLMWP _Z >LY^V]T_ N`W_`]P M`_ z ZbTYR _Z _SP XLYd NZX [WPc ^dY_SP^P^ LYO ZaP]WL[[TYR^ z XZ]P ZQ_PY T_ T^ YZ_ L[[WTNLMWP DP_ T_ []ZaTOP^ L aP]d SPW[Q`W SP`]T^_TN Q]LXPbZ]V QZ] LYLWd_TNLWWd ]PNZ]OTYR ^ZXP NSL]LN_P]T^_TN^ LYO ^_]`N_`]LW QPL_`]P^ ZQ LP^_SP_TN ^_dWP QZ]XL_TZY LYO wSLMT_`^x TY 4YOTLv^ ]PWTRTZ`^ LYO ^NTPY_TQTN []LN_TNP^ LYO ZM_LTYTYR L NWPL]P] []ZQTWP ZQ _SL_ bSTNS T^ N`W_`]LWWd ^[PNTQTN

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ wL`OTZaT^`LWx [P]^ZYLWT_d ZQ QTWX LYO _PWPaT^TZY N`W_`]P .Q =PNVbT_e TMTO "z "  "$

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

"

"

=PWTRTZ`^ ;]LN_TNP^ LYO 7T_P]L_`]P^ L^ ;P]NP[_TZY2PYP]L_TYR 9P_bZ]V^

?SP NZX[L]T^ZY TY _SP NSL[_P]^ ZY XPOTPaLW 0`]Z[P LYO 4YOTL SL^ LW ]PLOd OPXZY^_]L_PO _SL_ TY L NZX[L]LMWP XPOTL ^T_`L_TZY ^TXTWL] ]PWT RTZ`^ ^_dWP^ PXP]RPO M`_ L_ _SP ^LXP _TXP LW^Z XL]VPO N`W_`]LW OTQQP] PYNP^ 1Z] PcLX[WP _SP ^P[L]L_TZY ZQ _SP TYYP] LYO _SP Z`_P] bSTNS SL^ MPPY ZM^P]aPO TY _SP ]PWTRTZ`^ OT^NZ`]^P ZY WL_P XPOTPaLW 0`]Z[P YPaP] ZNN`]]PO TY 4YOTL TY ^`NS L ]LOTNLW XLYYP] NSL]LN_P]TeTYR _SP PY_T]P N`W_`]P :YP _SP^T^ bL^ _SL_ TY >LY^V]T_ 3TYO`T^X MTYL]d [LT]^ ^`NS L^ Z]LWT_d LYO WT_P]LNd Xd_SZ^ LYO WZRZ^ LM^_]LN_TZY LYO NZYN]P_TeL_TZY P_N OZ YZ_ ]P[]P^PY_ ^_]TN_ OTNSZ_ZXTP^ M`_ TY^_PLO NZPcT^_ LYO [P] aLOP PLNS Z_SP] ,YZ_SP] _SP^T^ TXXPOTL_PWd L^^ZNTL_PO bT_S _ST^ ZYP bL^ _SL_ _SP [SZYZNPY_]TNT_d ZQ _SP ^ZYTN WTQPbZ]WO PYNZ`]LRPO [L]L OTRX^ MZ_S ZQ QZ]XLWT^_TN LM^_]LN_TZY LYO ZQ [L]_TNT[L_Z]d Q`^TZY ?SP^P _SP^P^ NLY MP ^d^_PXL_TePO TY L XZ]P OTQQP]PY_TL_PO XLYYP] bT_S =PNVbT_ev N]T_P]TZWZRd ZQ LP^_SP_TN LYO YZYLP^_SP_TN []LN_TNP^ L__T _`OP^ LYO QZ]X^ ZQ wSLMT_`^x ,^ LW]PLOd Z`_WTYPO _SP N`W_`]LW ^ZNTZWZ RT^_ =PNVbT_e LWWZNL_P^ _SP QZWWZbTYR OT^_TYN_ QTPWO^ _Z _SP _bZ [ZWP^% ^PY^Z]d [P]NP[_TZY aP]^`^ QZ]XLW WZRTNLW _SZ`RS_& Pc[P]TPYNP QZ] T_^ ZbY ^LVP LYO [WPL^`]LMWP OPaZ_TZY _Z _SP XZXPY_ ZQ wLM^ZW`_P []P^PY_x aP]^`^ LN_TaT^X& NZY^NTZ`^ PaZNL_TZY ZQ TYYP] PaPY_^ aP]^`^ NZRYT_TaP ^PL]NS QZ] TYQZ]XL_TZY& Q]PPOZX Q]ZX [`][Z^P aP]^`^ Z]TPY_L_TZY ZY [`][Z^P& N]PL_TaT_d aP]^`^ NZX[WTLYNP bT_S ]`WP^& ZaP]^_P[[TYR YZ]X^ aP]^`^ Z]TPY_L_TZY ZY YZ]X^& Z]TPY_L_TZY ZY LQQPN_ aP]^`^ XTYTXTeL_TZY ZQ LQQPN_& TXLRTYL_TZY LYO ^PXTZ_TNTeL_TZY aP]^`^ PaP]dOLd ]PLWT^X& LYO _SP ZY_ZWZRd ZQ [WLd bT_S Z[_TZY^ aP]^`^ _SP ZY_ZWZRd ZQ Z]OP] 4Y >LY^V]T_ 3TYO`T^X L^ L ^PXTZ]LW eZYP LYO [P]QZ]XLYNP N`W_`]P _SP TYOTaTO`LW LYO _SP NZWWPN_TaP bP]P QL] XZ]P NWZ^PWd WTYVPO _SLY _SPd L]P TY _SP XZOP]Y TYOTaTO`LWT^_TN XPOTL []LN_TNP^ 4Y_P]P^_TYRWd =PNVbT_ev OTNSZ_ZXd YZYP_SPWP^^ NZ]]PWL_P^ XZ]P Z] WP^^ bT_S _SP _bZ XLTY XZOP^ ZQ LNZ`^_TN [TP_d _SL_ bP SLaP PWLMZ]L_PO 3ZbPaP] LN NZ]OTYR _Z =PNVbT_e ZYWd _SP OPaZ_TZYLW XZOP LYO _SP w]PWTRTZ`^ ]PLOP]x TY 2]TQQT_Sv^ ^PY^P NZXP `YOP] _SP SPLOTYR ZQ wLP^_SP_TNx bSTWP _SP ]`WPML^PO XZOP ZQ APOL ]PNT_L_TZY bZ`WO MP YZYLP^_SP_TN DP_ _ST^ NLaPL_ T^ SL]OWd _PYLMWP TY aTPb ZQ _SP ^[PNTLW ^Z`YO \`LWT_d _SL_ OTQQP]PY_TL_P^ APOL ]PNT_L_TZY Q]ZX Z_SP] ]PNT_L_TZY^ APOTN NZX[Z ^T_TZY^ ^SZb _SL_ PaPY Z]TPY_L_TZY ZY ]`WP^ NLY MP aP]d LP^_SP_TN& >_LLW bL^ U`^_TQTPO TY NZX[L]TYR _SPX bT_S -LNSv^ Q`R`P^ ?SP []TXL]d L^ [PN_ T^ TYOPPO LN_TZY Z]TPY_PO ZY [`][Z^P LYO YZ]X^ LYO WP^^ _SP ^PL]NS QZ] QPPWTYR LYO TYN]PL^TYR LQQPN_ ,QQPN_^ LN_`LWWd _PYO _Z MP OT^_`]MTYR QLN_Z]^ MPNL`^P ZQ _SP ^_]TN_ ]`WPZ]TPY_L_TZY ,WP]_YP^^ T^ TX[Z]_LY_ YZ_ ^PWQQZ]RP_Q`WYP^^ :Y _SP Z_SP] SLYO _SZ`RS _SP ]`WP^ ZQ [SZYP_TN^

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

TWW`^_]L_P _SL_ NZYQZ]XT_d bT_S ]`WP^ LYO PXZ_TZYLWT_d L]P Md YZ XPLY^ X`_`LWWd PcNW`^TaP LYO PaPY N]PL_TaT_d T^ YZ_ LM^PY_ .]PL_TaT_d T^ PaPY P^[PNTLWWd YZ_TNPLMWP TY _SP QTPWO ZQ PaP]YPb L[[WTNL_TZY^ TY SP]XP YP`_TN^ LYO TY ]PNZOTYR^ ?SP APOL L^ _SP []Z_Z_d[P QZ] L`OTMWP _Pc_^ LYO _SPT] [ZbP] SL^ XZ]P _Z OZ bT_S ^PY^Z]d [P]NP[_TZY _SLY OTO ^ZXP WL_P] QZ]X^ ZQ OPaZ_TZY Z] TY_P]YLWTePO ]PLOTYR _PNSYT\`P^ LYO NZY_LTY^ LY Pc_]PXP ^PXTZ_TNTeL_TZY ZQ ]PLWT_d :YP ^SZ`WO ]PXPXMP] _SP TOPL ZQ _SP APOL L^ _SP Z]TRTY LYO QZ`YOL_TZY ZQ _SP bZ]WO L^ _SP []TXPaLW []TYNT[WP _SL_ RZP^ MLNV PaPY MPdZYO XPLYTYR ?SP APOL bL^ ]PRL]OPO Md T_^ LN_Z]^ L^ ^Z ^LN]PO _SL_ ±¼O]L^ bP]P YZ_ PaPY LWWZbPO _Z NZXP bT_STY PL]^SZ_ ZQ _SP APOL  $ ?SP ;`]£©L^ bSTNS QZ]MLOP _ST^ _S`^ ^`[[Z]_PO _SP NZRYT_TaP LYO YZ]XL_TaP XZ]LW Z]OP] []P^N]TMPO Md _SP APOL z Z] bSTNS _SPd []ZUPN_ TY_Z T_ TYT_TL_P LYO [P][P_`L_P -`_ TY_P] P^_TYRWd _SPd LW^Z ]PQWPN_ _SP NSLYRPLMTWT_d ZQ _ST^ Z]OP] Md ^P__TYR _SPX^PWaP^ `[ bT_STY _SP OZN_]TYP ZQ _SP NdNWTNLW LRP^ ZQ _SP bZ]WO L^ L YPb APOL QZ] _SP []P^PY_ OLd _S`^ _LVTYR LbLd _SP APOLv^ XZYZ[ZWd ZY SZWd SPL]TYR 4Y _ST^ bLd _SP ;`]£©L^ N]PL_PO _SPT] ZbY QZ]NPQTPWO ZQ SZWd SPL]TYR _SL_ YZ WZYRP] PcNW`OPO ±¼O]L^ LYO XZ]PZaP] bL^ Pc [LYOPO TY L X`W_T^PY^Z]d XLYYP] _S]Z`RS [P]QZ]XLYNP []LN_TNP^ TNZY^ P_N 4Y _SP bZ]O^ ZQ =PNVbT_e _ST^ TY_PY^TQTPO LYO PYSLYNPO _SP ^PY^Z]d [P]NP[_TaP L[[L]L_`^ LYO L [Z^T_TaP ^_]`N_`]TYR ZQ LQQPN_TaT_TP^ 3ZbPaP] =PNVbT_e [LTO _ZZ WT__WP L__PY_TZY _Z ]T_P^ 4Y ]T_P^ _SZ`RS_^ LYO LN_TZY^ LP^_SP_TN^ LYO _SP WZRTN ZQ `^PQ`WYP^^ L]P LWbLd^ TY_TXL_PWd WTYVPO =T_P^ `^`LWWd SLaP _SP ^[PNTLW QPL_`]P ZQ Q`^TYR MZ_S [ZWP^% _SPd L]P ]`WP LYO [`][Z^PML^PO [Sd^TNLW ^PY^Z]d LN_TZY _SL_ ]PQWPN_^ ^_]`N_`]P^ LYO RPYP]L_P^ ^dXMZWTN Z]OP]^ LYO L_ _SP ^LXP _TXP _SPd M]TYR LMZ`_ ^T_`L_TaP []P^PYNP XZXPY_L]TYP^^ TXLRTYL_TZY LYO LQQPN_^ =T_`LW PQQTNTPYNd T^ N]PL_PO YZ_ WPL^_ aTL _SP [P]QZ]XL_TaT_d Z] RLYTePO QZ] _SP ^PY^P^ 4Y 4YOTL _SP ^ZYTN N`W_`]P L^ L ^[PNTLWTePO N`W_`]P ZQ [P]QZ]XLYNP PY^`]PO _SL_ LW^Z LP^_SP_TN L^[PN_^ TY =PNVbT_ev ^_]TN_P] ^PY^P bP]P LYO ]PXLTY aP]d X`NS []P^PY_ 8`NS ZQ bSL_ SP ^_L_PO bL^ L _d[TNLWWd XZOP]Y QZ]X ZQ LP^_SP_TN L__T_`OP^ LYO ^`MUPN_TaT_d LYO Pc[WLTY^ Md XPLY^ ZQ ]P[WLNPXPY_ ZQ _SP wMZ`]RPZT^ b]T_TYR ^`MUPN_x Md _SP OTRT_LW [P]^ZYLWT_d NSL]LN_P]TePO LMZaP LWW Md LY ZY_ZWZRd ZQ [WLd T^ QZ`YO TY XPOTPaLW 4YOTL TY T_^ ZbY N`W_`]LWWd ^[PNTQTN QZ]X 1Z] PcLX[WP TY _SP ±TaLT_TN ]P[]P^PY_L_TZY ZQ SZb _SP bZ]WO PXP]RPO Q]ZX ±TaLv^ [WLd W¯W£ _SP]P T^ LY ZY_ZWZRd ZQ N]PL_TaP [`][Z^PQ]PP [WLd _SL_ T^ Pc_PYOPO _Z _SP bSZWP ZQ ]PLWT_d :YP X`^_ ]PXPXMP] _SL_ _SP ^_]ZYRWd ?LY_]TN ±TaLT^X P^_LMWT^SPO T_^PWQ MP_bPPY _SP QTQ_S LYO _ST]_PPY_S NPY_`]TP^ L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  $ ?SP TY^_]`N_TZY _SL_ ±¼O]L^ X`^_ YZ_ w]PLOx _SP APOL bSTNS ZNN`]^ Q]P\`PY_Wd TY ;`]£©TN ^_Z]TP^ ^SZ`WO MP _LVPY L^ L []ZSTMT_TZY ^ZWPWd ZY SPL]TYR

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd

$

_SP OZXTYLY_ ]PWTRTZ`^ XZOPW TP T_ PcP]_PO L XLUZ] TYQW`PYNP ZY N`W _`]LW QZ]X^ ZQ xSLMT_`^x LYO _SP QZ]XL_TZY ZQ LP^_SP_TN ^_dWP 1Z] ,MST YLaLR`[_L NL $" _Z  ,/ _SP ?LY_]TN [STWZ^Z[SP] LYO _SPZ]P_T NTLY ZQ LP^_SP_TN^ _SP ZY_ZWZRTNLW [WLd XZOPW ZQ L`_ZYZXZ`^ Q]PPOZX LN_`LWWd MPNLXP _SP TOPLW ZQ `W_TXL_P WTMP]L_TZY 4Y_P]P^_TYRWd _ST^ XP OTPaLW 4YOTLY _STYVP]v^ NZYNP[_ ZQ LP^_SP_TN^ T^ []LN_TNLWWd TOPY_TNLW _Z =PNVbT_ev wXZOP]Yx ZYP M`_ T_ SL^ MZ_S []ZQLYP LYO ]PWTRTZ`^ NSL]LN _P]T^_TN^ ,MSTYLaLR`[_L ^`MUPN_TaT^_TNLWWd `YOP]^_LYO^ LP^_SP_TN [WPL^ `]P L^ PYUZdXPY_ OPaZTO ZQ TY_P]P^_ LYO _SP LM^ZW`_P []P^PY_ 3P LNNPY _`L_P^ DZRTN ^LX£OST LYO _SP PYUZdXPY_ ZQ L]_ L^ NZY_TY`L ?ST^ TY_P][]P_L_TZY bL^ S`RPWd [ZbP]Q`W YZ_ ZYWd TY ^NSZWL]Wd N`W_`]P LYO [ZP_TN^ 4_ LW^Z ]`MMPO ZQQ ZY XLY_]L _PNSYT\`P^ LYO AT´©`T_TN OPaZ_TZY LWT^X , NZYYPN_TZY MP_bPPY _SP XPOTL ^`MUPN_TaTeL_TZY^ LYO LP^_SP_TN ^_dWP^ _SP]PQZ]P L[[PL]^ _Z MP `YXT^_LVLMWP TY 4YOTL _ZZ ;SZYZNPY_]TN T_d LW]PLOd ^PPXPO _Z YL_`]LWWd M]TYR LMZ`_ LY LP^_SP_TNTeL_TZY ZQ ]PLWT_d LYO _ST^ bL^ L^^ZNTL_PO bT_S NP]_LTY QZ]X^ ZQ Pc[P]TPYNP PXZ_TZYLW ]P^[ZY^P LYO RPYP]L_TZY ZQ LQQPN_ ?SP^P L]P YZ_ XP]PWd ^`MUPN_TaP L__T _`OP^ M`_ LW^Z NZWWPN_TaP TOPL^ LYO ,MSTYLaLR`[_L T^ L [ZbP]Q`W Pc[Z YPY_ QZ] _SPX M`_ YZ_ _SP ZYWd ZYP BP _SP]PQZ]P NZY^NTZ`^Wd ^[PLV ZQ w^ZYTN N`W_`]Px M`_ YZ_ ZQ L ^ZYTN ^`MUPN_ TY _SP ^TYR`WL] ?ST^ T^ QZ] MTOOPY YZ_ ZYWd O`P _Z _SP _]LY^T_TZY Q]ZX _SP APOTN bZ]WO _Z _SP ;`]£©TN LYO ?LY_]TN ZYP M`_ LW^Z O`P _Z _SP aL]TLMTWT_d ZQ _SP LP^_SP_TN ^`MUPN_TaTeL_TZY^ bT_STY L NZXXZY QTPWO ^`NS L^ _SP ?LY_]L BSL_ =PNVbT_e _P]X^ LP^_SP_TN LYO YZYLP^_SP_TN L__T_`OP^ LYO []LN_TNP^ PcT^_ SP]P ^TOP Md ^TOP z ZQ_PY bT_S L ^PLXWP^^ _]LY^T_TZY ,^ ?LY_]T^X TY XPOTPaLW 4YOTL P^_LMWT^SPO T_^PWQ L^ _SP ]PWTRTZ`^ XLTY^_]PLX bP QTYO L^ L NZY^P\`PYNP Pc_]PXP ?LY_]TN QZ]X^ MPTYR OZXP^_TNL_PO LYO [Z[`WL]TePO 4Y LOOT_TZY _Z NWLYML^PO TYT_TL_TZY _]LOT _TZY^ ZQ _SP ^PL]NS QZ] WTMP]L_TZY _SP]P LW^Z L]T^P MZ`]RPZT^ XLY_]L ]T_P^ TY bSTNS _SP wYZ]XLW [P]^ZYLWT_d LOL[_PO _Z ^ZNTP_dx =PNVbT_e wOL^ YZ]XLWP XL]V_QØ]XTRP >`MUPV_x `^P^ _SP XLY_]L^ TY L [`][Z^PQ`W bLd _Z ZaP]NZXP LWW _d[P^ ZQ PaP]dOLd OTQQTN`W_TP^ -`_ PaPY TY _ST^ OZXP^_T NL_PO []LRXL_TN PaP]dOLd XLY_]L `^LRP z U`^_ L^ TY PL]Wd ?LY_]L z _SP WZRTN ZQ `^PQ`WYP^^ L^^TXTWL_TZY ZQ _SP OPT_dv^ ^`[P]YL_`]LW [ZbP]^ LYO _SP [`][Z^PWP^^ ^PL]NS QZ] _SP LM^ZW`_P []P^PY_ WTMP]L_TZY Q]ZX _SP bZ]WO L]P Md YZ XPLY^ X`_`LWWd PcNW`^TaP 4Y _SP PL]Wd [P]TZO _SPd bP]P ZQ_PY L^^ZNTL_PO bT_S NZY^NTZ`^ TY ^ZXP NL^P^ Pc_]PXP ZaP]^_P[ [TYR ZQ YZ]X^ bSP]PL^ TY _SP WL_P] [P]TZO LOL[_L_TZY _Z _SP YZ]X^ T^ _SP RPYP]LW ]`WP :YP NLY ^PP L N]PL_TaP ]P^SL[TYR LYO L_ _SP ^LXP _TXP ]`WPML^PO NZY_TY`L_TZY ZQ _SP ZWO N`W_`]LWWd _d[TNLW YZ_TZY ZQ _SP ^LW aL_TN [ZbP] LYO PQQTNLNd ZQ ^LN]PO ^Z`YO^ ?SP Pc[P]TXPY_LW ^Z`YO NZY_PX[WL_TZY ZQ _SP Pc_]PXPWd LM^_]LN_ XZYZ^dWWLMTN w^PPO XLY_]L^x TY



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

ZYPv^ ZbY MZOd bSTNS L]P []P^N]TMPO Md -S£^VL]L]£dLv^ AL]TaL^d£ =LSL^dL "_S NPY_ TY ^_]TN_Wd ^d^_PXL_TN TY^_]`N_TZY^ ^PP NSL[   MPWZb T^ Pc[WTNT_Wd OT]PN_PO _ZbL]O _SP RPYP]L_TZY ZQ LM^ZW`_P []P^PY_ .ZX[L]PO bT_S _SP WTXTYLW L`OTZ aT^TZY^ ZQ _SP DZRTN >TOOSL^ Z] _SP bTWO ^ZYR^ ZQ _SP LY_TYZXT^_TN -SLT]LaL bZ]^ST[P]^ TY _SP PL]Wd ?LY_]L ^PP NSL[  T_ ^PPX^ SZbPaP] _SL_ _SP M]PLV bT_S _SP PaP]dOLd bZ]WO TY _SP 3TRS ?LY_]L Q]ZX LMZ`_ _SP _S NPY_ ZYbL]O^ T^ X`NS WP^^ ]LOTNLW TY ^ZNTLW _P]X^ :YP NLY ^[PLV ZQ XZ]P OZXP^_TNL_PO _S]P^SZWO Pc[P]TPYNP^ LYO XZ]P TY_P]YLWTePO ZaP]^_P[[TYR^ ZQ MZ]OP]^ _SL_ L]P STRSWd PQQPN_TaP MPNL`^P _SPd XZaP WTMP]L_TZY O`]TYR ZYPv^ WTQP_TXP bT_STY ]PLNS ZQ YZ]XLW SZ`^PSZWOP]^ 8LY_]TN ^Z`YO ]T_P^ NSL]LN_P]T^_TN ZQ _SP PL]Wd LYO _SP WL_P ?LY_]L L]P ^_]ZYR wYP_bZ]V^ RPYP]L_TYR [P]NP[_TZY LYO LQQPN_x w;P]eP[_TZY^ `YO ,QQPV_RPYP]T P]`YR^YP_ebP]VPx TY OPLWTYR bT_S _]LY^NPYOPY_LW TY^_LYNP^ ZYPv^ ZbY u^Z`Wv LYO ZYPv^ ZbY MZOd ?SP ?LY_]L PcLX[WP^ ^TX`W_LYPZ`^Wd NWL]TQd _SP ST^_Z]TNLW OdYLXTN^ bT_STY _SP ^ZYTN NZY_TY``X TP _SP ST^_Z]TNLWWd LYO ^ZNTZN`W_`]LWWd aL]TLMWP XZOPWTYR _]LY^QZ]XL_TZY^ LYO ^STQ_^ TY XPLYTYR BSP]PL^ PaPY TY _SP WL_P] wWPQ_SLYOPOx ±LTaL ?LY_]L ZYP NLY ^_TWW ^PP ^_]ZYR NZX[P_T_TZY MP_bPPY ^dXMZWTN OP^_LMTWTeL_TZY ZQ ^ZNTLW LYO YL_`]LW MZ`YOL]TP^ LYO PaP]dOLd YZ]XL_TaT_d TY _SP w]TRS_SLYOPOx XLTY^_]PLX ?LY_]L _SP]P T^ Q`^TZY ZQ bSL_ =PNVbT_e NLWW^ LP^_SP_TN LYO YZYLP^_SP_TN ^`MUPN_TaT_d 3ZbPaP] PaPY MP_bPPY SP_P]ZOZc WPQ_ SLYOP]^ LYO XZ]P Z]_SZOZc ]TRS_SLYOP]^ _SP MZ`YOL]TP^ L]P QW`TO L^ QZ] TY^_LYNP _SP bPWWVYZbY ?LY_]L NWL^^TN 6`W£]©LaL?LY_]L NL _S NPY_ LYO _SP QLXZ`^ ]T_`LW XLY`LW ;L]L²`]£XL6LW[L^¼_]L NL !_S NPY_ TWW`^_]L_P ! ;]PNT^PWd ^TX`W_LYPT_TP^ LYO ^dY_SP^P^ ^`NS L^ _SP^P _SL_ L]P MP dZYO _SP PT_SP]Z] OTNSZ_ZXd L[[PL] _Z MP P^[PNTLWWd _d[TNLW ZQ _SP _ST]O ^[LNP ^ZYLWT_d 4Y _SP YPc_ NSL[_P] bP bTWW ^SZb _SL_ _ST^ T^ LW^Z ]PQWPN_PO TY _]LOT_TZYLW ^NTPY_TQTN ^_`Od =PRL]OTYR ^NTPY_TQTN ^_dWP^ bP bTWW [ZTY_ Z`_ TY XZ]P OP_LTW L ^TOPMd^TOP PcT^_PYNP LYO QW`TO OT^^ZW` _TZY ZQ MZ`YOL]TP^ MP_bPPY XL_SPXL_TN^ LYO [ZP_]d QZ]XLWT^_TN LM^_]LN _TZY LYO ^PY^Z]d LP^_SP_TN ]P[]P^PY_L_TZY^ ?SP^P ]P[]P^PY_L_TZY^ L]P MZ_S aP]d ^SZ]_ LYO N]d[_TN LM^_]LN_ QZ]X`WL^^Z`YONZOP^ LYO R`^STYR [ZP_TN aP]^P^ bT_S NZX[WPc XP_P]^ [ZWd^PXLY_TN ^PY^P P_N ?ST^ NZX MTYL_TZY ZQ QZ]XLWT^_TN LM^_]LN_TZY LYO LP^_SP_TN PWLMZ]L_TZY ^PPX^ _Z MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP _SP QZ]_SNZXTYR ^_`OTP^ Md ,YYP__P BTWVP w9PRZ_TL_TYR ?LY_]L LYO APOL TY _SP ;L]L²`]£XL6LW[L ?]LOT_TZYx TY 9PRZ_TL_TYR =T_`LW  PO @_P 3Þ^VPY LYO 1]LYV 9P` MP]_ :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ QZ]_SNZXTYR LYO w=PNZOTYR _SP YL_`]LW LYO LYTXL_TYR _SP TXLRTYL]d% 6L`WL MZOd []LN_TNP^ TY _SP ;L]L²`]£XL6LW[L^¼_]L ]T_`LW _]LY^QP]^ LYO _SP [ZWT_TN^ ZQ ]P[]P^PY_L_TZYx TY ?]LY^QP]^ LYO ?]LY^QZ]XL_TZY^ ZQ ?LY_]L?LY_]T^X TY ,^TL LYO -PdZYO PO 4^_aLY 6P`W -P]WTY% OP 2]`d_P] QZ]_SNZX TYR

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd



L N`W_`]LW [L__P]Y L[[PL]TYR TY L ]LYRP ZQ OZXLTY^ LW^Z TY _SP aT^`LW ]PLWX ?ST^ L[[WTP^ TY LY PYSLYNPO QZ]X TY _SP 3TRS ?LY_]L 4Y _SP ^LXP WT_P]L_`]P^ LYO []LN_TNP^ ZQ _SP 3TRS ?LY_]L ZYP QTYO^ ZY _SP ZYP SLYO Pc_]PXP NZYNT^PYP^^ LM^_]LN_TZY [T_STYP^^ XZYZ^dWWLMTN w^PPO XLY_]L^x LYO ]`WPML^PO ]T_`LW LN_TZY LYO ZY _SP Z_SP] LP^_SP_TN W`c` ]TZ`^ bZ]Od LYO Xd^_P]TZ`^ N]d[_TN [P]QZ]XLYNP LYO OT^NZ`]^P bZ]WO^ ?LY_]TN w_bTWTRS_x WLYR`LRP ^PY^Z]d LYO MZOTWd ]T_P^ ^Z`YO XP_L[Sd^ TN^^ZYTN NZ^XZWZRd LYO bZ]WOLQQT]XTYR [STWZ^Z[Sd LYO Pc_]PXP QZ]X^ ZQ ^dXMZWTN MZ`YOL]d OP^_LMTWTeL_TZY 3P]P bP NLY ^PP LY LP^ _SP_TN NZY_TY``X NZ]]P^[ZYOTYR ^_]`N_`]LWWd _Z _SP ^ZYTN w_ST]O ^[LNP SLMT_`^x bSTNS bP PWLMZ]L_PO TY _SP []PaTZ`^ NSL[_P]^ ZY WT_P]LNd LYO Z]LWT_d ?SP _d[TNLW ^`MUPN_TaTeL_TZY^ OZ YZ_ WTP TY LY PT_SP]Z] OTNSZ_ ZXd PR PT_SP] WT_P]LNd Z] Z]LWT_d M`_ TY^_PLO TY ^TX`W_LYPT_TP^ LYO Q`^TZY^ ?ST^ T^ L [T_Sd ^_]`N_`]LW _d[ZWZRd w>_]`V_`]_d[ZWZRTPx bSZ^P NZY_PY_^ SZbPaP] OTQQP] OP[PYOTYR ZY _SP VYZbWPORP N`W_`]P LYO ^Z NTLW ]PLWX PR ]PWTRTZ`^ Z] bZ]WOWd LYO ^NTPY_TQTN OT^NZ`]^P 4Y =PNVbT_ev _P]XTYZWZRd _SP ^ZYTN >LY^V]T_ N`W_`]P bL^ L _]LTYTYR R]Z`YO QZ] OT^_TYN_ QZ]X^ ZQ ^`MUPN_TaT_d LYO ZaP]LWW WTQP^_dWP^ w?]LTY TYR^Z]_P QÞ] OT^_TYV_P >`MUPV_ `YO 7PMPY^QZ]XPY LW^ RLYePx 4_ WPQ_ T_^ XL]V^ ZY aL]TZ`^ N`W_`]LW ^PRXPY_^ LYO _SP _PNSYZWZRTP^ ZQ _SP ^PWQ ?bZ OT^_TYN_ LP^_SP_TN ^_dWP^ NLY MP ZM^P]aPO Q]ZX _SP PL]WTP^_ _TXP^ bSTNS bP]P P^[PNTLWWd PYNZ`]LRPO Md _SP [P]QZ]XLYNP N`W_`]P LYO ^Z`YO [P]NP[_TZY ?SP^P bP]P LM^_]LN_TZY LYO Q`^TZY TP LM^_]LN_TaP _SZ`RS_ TY ^_]`N_`]P^ ZY _SP ZYP SLYO LYO L ^dY_SP_T^TeTYR wSLMT_`^x [ZTP_ZWZRTNLW L^[PN_^ ZQ LN_TZY^ Xd_STNLW PXMPOOTYR LYO ^dXMZWTN _]LY^T_TZY^ ZQ MZ`YOL]TP^ ZY _SP Z_SP] ,_ LY PL]Wd ^_LRP _SP]P bL^ LW ]PLOd L STRS OPR]PP ZQ LM^_]LN_TZY LYO QZ]XLWT^_TN WZRTNLW _SZ`RS_ _SL_ TY Z_SP] WZNL_TZY^ L[[L]PY_Wd ]P\`T]PO L N`W_`]P ZQ b]T_TYR :Y _SP Z_SP] SLYO _SP]P L]P LW^Z QZ]X^ ZQ [P]NP[_TZY LYO LP^_SP_TN ^_dWP^ PaPY LQ_P] _SP TY_]ZO`N_TZY LYO ^[]PLO ZQ b]T_TYR bSTNS L]P ]PRL]OPO L^ _d[TNLW ZQ Z]LW YZYWT_P]L_P N`W_`]P^ _SP ^ZNLWWPO wN`W_`]P^ ZQ _SP PL]x 8N7` SLY ! 4Y LOOT_TZY _Z LM^_]LN_TYR OT^_LYNTYR WZRTNLW LYLWd_TNLW NSL]LN _P]T^_TN^ _SP >LY^V]T_ WT_P]L_`]P^ NZY_LTY L YZ_TNPLMWd WL]RP Y`XMP] ZQ ^PY^Z]d LP^_SP_TN [L]_TNT[L_Z]d PX[L_STN LOOT_TaP LYO ]PO`YOLY_ QPL _`]P^ >LY^V]T_ 3TYO`T^X LW^Z VYZb^ bSL_ SL^ MPPY NLWWPO wSPL]TYR bT_S _SP PdPx LYO w^PPTYR bT_S _SP PL]x ZNN`]]TYR QZ] PcLX[WP TY _SP L`OTZ aT^TZY^ XPOT_L_TZY aP]^P^ LYO DZRTN NLV]L aT^`LWTeL_TZY^ ZQ _SP ?LY_]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q 8N7`SLY ?SP 2`_PYMP]R 2LWLcd  3P ^LTO _SL_ L^ ^[ZVPY WLYR`LRP ]P[]P^PY_^ _SP XZ^_ TX[Z]_LY_ XPOT`X ZQ NZXX`YTNL_TZY TY Z]LW N`W_`]P^ _SP PL] T^ _SP XZ^_ TX[Z] _LY_ ^PY^Z]d Z]RLY TY ^`NS N`W_`]P^ BT_S _SP LOaPY_ ZQ b]T_TYR SP LOOPO _SP PL] bL^ ]P[WLNPO Md _SP PdP& M`_ YZ_ `Y_TW _SP TYaPY_TZY ZQ XZaLMWP _d[P bSTNS XLOP WT_P]L]d PO`NL_TZY XZ]P bTOP^[]PLO bL^ _SP]P L NWPL] []TaTWPRP QZ] aT^`LW NZY^NTZ`^YP^^ NSL] LN_P]T^_TN ZQ w_d[ZR]L[STN XLYx



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

>`NS Pc[]P^^TZY^ ^SZb ^_]`N_`]LW ^TXTWL]T_TP^ _Z Z]LW QZ]X^ ZQ [P]NP[ _TZY ! 3P]P ZYP NLY ^PP ^Z`YO^ LYO SPL] NZWZ]^ LYO ^SL[P^ ?SP ^T_`L _TZY T^ ^TXTWL] bT_S _SP =£RLX£WL XTYTL_`]P [LTY_TYR^ LYO ^ZXP OPaZ _TZYLW SdXY^ bSTNS SZbPaP] []TXL]TWd ]PQWPN_ PXZ_TZYLW aLW`P^ LYO bZ]WO^ ! ?SP APOL bL^ LW]PLOd L ML^TN ^dYLP^_SP_TN XZOPW L^ QL] L^ T_ T^ ]P RL]OPO L^ w^PPYx Md _SP ZWO w^PP]^x _SP ‹^T^ 3ZbPaP] T_ T^ _P]XPO w±]`_Tx TP wSPL]TYRx LYO T^ TY QLN_ []TXL]TWd SPL]TYR 4_ T^ LW^Z ZQ ^[PNTLW TY_P]P^_ _SL_ _SP APOL LW]PLOd TYOTNL_PO _SP _bZ _]LTYTYR R]Z`YO^ ZQ LM^_]LN_TZY LYO Q`^TZY 4Y NZX[L]T^ZY _Z Z_SP] QZ]X^ ZQ Pc[]P^^TZY ZQ _ST^ [L]LOTRX PR _SP ^NTPY_TQTN ^Z`YO NZOP^ _SP APOL bL^ LY P^[P NTLWWd NZX[WPc _]LTYTYR R]Z`YO PYNZX[L^^TYR LYO `YT_TYR LWXZ^_ LWW L^[PN_^ ZQ =PNVbT_ev _SPZ]d ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ :Y _SP ZYP SLYO bP QTYO L OPNTOPOWd wAPOTN L`]Lx _SP APOL L^ L [L]LOTRX ZQ ^LN]PO ^Z`YO LYO Y`XTYZ`^ [ZbP] LYO SZWTYP^^ :Y _SP Z_SP] SZb PaP] bP QTYO LY Pc_]PXPWd ^_]TN_ QTcPO QZ]X XL_SPXL_TNLWWd PcLN_ XYPXZ_PNSYT\`P^ []PNT^P []ZY`YNTL_TZY ]`WP^ ^_]TN_Wd ]`WPOML^PO ]T_`LW LN_TZY^ LYO ^ZNTLW YZ]X^ ?SP Z]TRTYLW _Pc_ T^ _SP ML^T^ QZ] L ^_]TN_ Z]OP]  OSL]XL ]`WP^ NZXXLYOXPY_^ NZYNP]YTYR [`]T_d RPYOP] NWL^^ LYO NL^_P ^d^_PX LYO TY XLYd bLd^ ËWT_T^_ ^_L]_TYR bT_S _SP []ZSTMT_TZY ZY ±¼O]L^ SPL]TYR _SP APOL ?SP APOL [WLNP^ R]PL_ OPXLYO^ ZY _SP [P]QZ]XP]^% _SP [P]QPN_ XL^_P]TYR ZQ _SP S`RP MZOd ZQ ]T_`LW Md XPXZ]d ^Z _SL_ _SP VYZbWPORP NLY MP NLWWPO `[ LO SZN L_ LYd _TXP QZ] OTQQP]PY_ ]T_`LW L[[WTNL_TZY^ L^ ]P\`T]PO ?SP NL^P ZQ _SP APOL TY [L]_TN`WL] ^SZb^ _SP R]PL_ Pc_PY_ _Z bSTNS NZRYT_TaP LYO YZ]XL_TaP XZ]LW Z]OP] ZY _SP ZYP SLYO LYO LP^_SP_TN^ ZY _SP Z_SP] [P]aLOP PLNS Z_SP] LYO _SL_ LM ^_]LN_TZY LYO Q`^TZY L]P YZ_ X`_`LWWd PcNW`^TaP >_LLW PWLMZ]L_PO _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 1Z] PcLX[WP TY _SP NL^P ZQ ?^TXSTLYv^ [LTY_TYR^ T_ bL^ QZ`YO _SL_ _SP NZOP ZY bSTNS _SPd bP]P ML^PO bL^ L`OT_Z]d ]L_SP] _SLY aT^`LW .Q 0OX`YO .L][PY_P] :S BSL_ L -WZb _SP ;SLY_ZX 2LaP 8P 9Pb DZ]V% -LY_LX -ZZV^ $"  ! ?SP =£RLX£WL XTYTL_`]P^ bSTNS _ST^ MZZV OZP^ YZ_ NZaP] TY R]PL_P] OP_LTW `^P S` XLY QTR`]P^ _Z TWW`^_]L_P X`^TNLW ^NLWP^ ]£RL  ?SPd L]P XZ]P L ]P[]P^PY_L_TZY ZQ PXZ_TZYLW aLW`P^ ]£RL WT_P]LWWd XPLY^ wNZWZ]TYRx _SLY L NZ]]P^[ZYOPYNP ZQ _ZYP^ bT_S ^SL[P^ Z] NZWZ]^ 0aP]d [TPNP ZQ X`^TN LYO PaP]d =£RL SL^ YZ_ ZYWd ZYP []P NT^PWd OPQTYPO ^NLWP M`_ LNNZ]OTYR _Z 4YOTLY _SPZ]T^_^ ZQ X`^TN T_ LW^Z SL^ LY LP^_SP_T NLWWd OP_P]XTYPO PXZ_TZYLW aLW`P bT_STY bSTNS L X`^TNTLY TX[]ZaT^P^ Q]PPWd ZY L _SPXP TY LNNZ]OLYNP bT_S NP]_LTY ]`WP^ 4Y WTYP bT_S _SP PXZ_TZYLW aLW`P^ _SP =£RL^ L]P LW^Z LWWZNL_PO _Z NP]_LTY _TXP^ ZQ OLd LYO ^PL^ZY^ ZQ _SP dPL] XLWP LYO QPXLWP ^dXMZWTeL_TZY^ P_N bSTNS Pc[]P^^ XP_ZYdXTNLWWd _SP ^LXP ML^TN XZZO >`NS ML^TN XZZO^ LW^Z ^PPX _Z MP [L]_TN`WL]Wd N]T_TNLW QZ] ^ZXP SdXY^ _Z _SP OPT_TP^ 0aPY TY _SP ?LY_]TN XPOT_L_TZY aP]^P^ _SL_ PYNL[^`WL_P TNZYZR]L[STP^ ZQ OPT_TP^ TY Wd]TNLW WLY R`LRP LYO L]P `^PO QZ] aT^`LWTeTYR XLY_]L OPT_TP^ PXZ_TZYLW aLW`P^ LYO LP^_SP_TN XZZO^ [WLd L ]ZWP LWMPT_ L XTYZ] ZYP -d NZY_]L^_ _SP DZRTN NLV]L^ L]P L^^ZNTL_PO YZ_ ZYWd bT_S NZWZ]^ RPZXP_]TN QTR`]P^ LYO ^Z`YO^ M`_ LW^Z bT_S _SP PWPXPY_^ LYO aL]TZ`^ [L]_^ ZQ _SP MZOd

?SP ;ZbP] ZQ _SP 8POTL LYO ?SPT] .`W_`]LW .ZY_TYRPYNd



LM^_]LN_TaP XZOP bPWW Md Pc[Z^TYR _SP QZ]XLW WZRTNLW LYO ^_]`N_`]LWT^_TN [L__P]Y^ ZQ _SP APOTN NZX[Z^T_TZY^ _SL_ ]P^PXMWPO XL_SPXL_TN^ 3P ^[PLV^ ZQ L ^_]TN_ ^NTPYNP LYO ZQ w]`WP^ bT_SZ`_ XPLYTYRx DP_ SP WPQ_ Z`_ _SP ^PY^Z]d LP^_SP_TN LYO XLRTNLW Xd_STNLW L^[PN_^& ?L_dLYL 0WTeL ]PYVZbL OP^N]TMPO _SP N]d[_TN WLYR`LRP ZQ _SP ‹RaPOL L[_Wd L^ XLRTNLW [ZP_]d LYO [ZP_TN XLRTN LYO LNNPY_`L_P^ _SP ^PXLY_TNTeL_TZY ZQ ^Z`YO ^P\`PYNP^ ! 4Y_P]P^_TYRWd L^ QZ] _SP Q`^TZY XZOP wAP]^NSXPWe`YR^XZO`^x TY _SP APOL T_ T^ QZ`YO XZ^_ YZ_TNPLMWd []PNT^PWd L_ _SP [ZTY_ bSP]P ^P XLY_TN^ MPNZXP^ TX[Z]_LY_ TY _SP ^PY^P ZQ _SP XZOP]Y wb]T_TYR [P]^ZY LWT_dx w>NS]TQ_^`MUPV_x LYO bSP]P ^PY^Z]TYP^^ OTXTYT^SP^ ?ST^ SL[ [PY^ TY _SP ^[PN`WL_TaP @[LYT´LO^ _SL_ TY_]ZO`NP LY PcNP[_TZYLWWd Xd^_TN PWPXPY_ BSL_ T^ ^PXLY_TNTePO SP]P T^ []TXL]TWd L YZYaP]MLW LM^ZW`_P ]PLWT_d -]LSXLY LYO ¢_XLY LYO L YZYO`LW Pc[P]TPYNP ZQ _SP `YTaP]^P 3P]P L]P Pc_]PXP QZ]X^ ZQ ]`WPWP^^YP^^ OPaTL_TZY Q]ZX _SP OSL]XL ]PR`WL_PO ^ZNTP_d Q]PPOZX Q]ZX [`][Z^P ^dXMZWTN OT^^ZW`_TZY ZQ MZ`YOL]TP^ OPOTQQP]PY_TL_TZY LYO LM^ZW`_P []P^PY_ ?]LY^NPYOTYR ^dXMZWTN LYO ]PLW YZ]X^ TY _SP L^NP_TN TOPLW MPNZXP^ _SP wR]PL_P^_ YZ]Xx bSTNS T^ ^`[P]TZ] _Z _SP OSL]XL ]`WP^ PaPY TY _SP WL^_ ^PN_TZY ZQ _SP XZ^_ YZ]XL_TaP OSL]XL bZ]V _SP 7Lb^ ZQ 8LY` ?PWWTYRWd _SP @[LYT´LO^ PY_P]PO TY_Z _SP N`W_`]LW XPXZ]d L^ _SP w[P]QPN_TZY ZQ _SP APOLx ,_ _SP ^LXP _TXP SZbPaP] _SP APOL ]PXLTYPO bSL_ T_ SLO LW bLd^ MPPY z L []TXL]TWd WT_`]RTNLW _Pc_ LYO L ^Z`YO PaPY_ ,WW ZQ _SP^P L^[PN_^ TWW`^_]L_P _SL_ _SP APOL ]P[]P^PY_PO LY TOPLW _]LTYTYR QTPWO QZ] MZ_S LP^_SP_TN LYO wYZYLP^_SP_TNx ^_dWP^ LYO QZ]X^ ZQ wSLMT_`^x LYO _SPT] XP]RP] ?SP]P bL^ PL]Wd _]LTYTYR TY QZ]XLWT^_ _STYV TYR L^ bPWW L^ TY LP^_SP_TN LYO STRSWd [L]_TNT[L_Z]d XZOP^ ZQ [P]NPTaTYR LYO _STYVTYR BT_SZ`_ _LVTYR _SP N]T_P]TZWZRd ZQ =PNVbT_e L^ L ^[PNTQTN ML^T^ _SP ST^_Z]TNLW ^PN_TZY ZQ _ST^ MZZV bSTNS bL^ NZX[WP_PO MPQZ]P =PNVbT_ev MZZV bL^ [`MWT^SPO ^SZb^ SZb _SP^P _bZ ^_dWP^ LYO _SPT] Q`^TZY NZY_TY`PO LYO bP]P _]LY^QZ]XPO O`]TYR _SP Q`]_SP] NZ`]^P ZQ 4YOTLY ]PWTRTZ`^ ST^_Z]d ?SP ^_`Od ZQ _SP APOL QZ] TY^_LYNP bL^ NZX [WP_PWd RPL]PO _Z ]L_TZYLWT_d LYO L`_ZYZXZ`^ ]PL^ZY DP_ SP]P _ZZ _SP wO`LW _]LTYTYR QTPWOx LM^_]LN_ ]L_TZYLWT_d LYO [L]_TNT[L_Z]d Q`^TZY bL^ YZ_ M]ZVPY L^ ZYP XTRS_ Pc[PN_ Q]ZX _SP wb]T_TYR ^`MUPN_x ZQ _SP PcP RP_TN NZXXPY_L]TP^ 4Y^_PLO T_ T^ ]PXZOPWPO LYO PaPY ]PNZY^_]`N_PO TY L NP]_LTY bLd ?SP APOL SP]XPYP`_TN^ ZY _SP ]T_`LW [L]_ LYO _SP @[LYT´LOTN wVYZbWPORP [L]_x ZQ _SP APOL TWW`^_]L_P^ TY L aP]d [L]L OTRXL_TN QL^STZY U`^_ SZb ^_]ZYRWd LM^_]LN_TZY LYO Q`^TZY ^NTPY_TQTN ]L_TZYLWT_d LYO Pc_]PXPWd [L]_TNT[L_Z]d XZXPY_^ NLY [P]aLOP ZYP LY Z_SP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 0WTeL]PYVZbL 7LYR`LRP LYO >_dWP ZQ _SP APOTN ‹´T^ Z[ NT_



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

?SP APOL TXLRP LYO [P]QZ]XLYNP LYO _SP N`W_`]LW OdYLXTN^ T_ []Z O`NPO _S`^ ]PaPLW LY PcNP[_TZYLWWd STRS OPR]PP ZQ QPL_`]P^ ZQ _SP _d[Z WZRTNLW O`LW [L__P]Y LM^_]LN_TZY LYO Q`^TZY ?SP ^`XXL]d LMZaP XLVP^ NWPL] _SL_ _SP _SP O`LW [LT]^ L]P YZ_ ^ZXP_STYR ^P_ L[L]_ M`_ ]`Y NZY ^_LY_Wd [L]LWWPW LYO L]P TY_P]_bTYPO bT_S ZYP LYZ_SP] BP SLaP NLWWPO _ST^ ^_]`N_`]LW [L__P]Y w_ST]O ^[LNP SLMT_`^x LYO T_ ZMaTZ`^Wd ]PLNSP^ MLNV TY_Z _SP APOTN bZ]WO Z] _Z MP XZ]P []PNT^P MLNV _Z _SP _TXP bSPY _SP APOL L^ bP VYZb T_ _ZOLd PXP]RPO ?SP ^_L]_TYR [ZTY_ ^PPX^ _Z MP L]Z`YO _SP ^Tc_S NPY_`]d -. bSPY _SP APOL bL^ QTcPO LYO Z]LWWd NZOT QTPO ?SP aP]d ^_]`N_`]P ZQ LY Z]LW dP_ QTcPO NLYZY ZQ ^Z`YO^ ]PaPLW^ T_^PWQ L O`LW Z]TPY_L_TZY XP]RPO TY_Z ZYP -P^TOP^ 2ZZOd ^ZXP 4YOZWZ RT^_^ ^`RRP^_PO _SL_ _ST^ ^ZYTN NZOTQTNL_TZY ZQ _SP APOL bL^ LW^Z QTcPO TY b]T_TYR Z] NZTYNTOPO bT_S _SP YPb `^P ZQ b]T_TYR z LYO _SP]P L]P ^PaP]LW ]PL^ZY^ _Z QTYO _ST^ _SP^T^ NZYaTYNTYR L^ Pc[WLTYPO TY Z`] 2ZZOdOT^N`^^TZY 4Q _ST^ bL^ _]`P T_ bZ`WO MP _SP PL]WTP^_ PaTOPYNP ZQ bSL_ bP NLWW L N`W_`]P ZQ w^ZYLWT_dx _SL_ []PQP]^ _SP ^Z`YOTYR bZ]O OP ^[T_P ZQ b]T_TYR ?SP TY_]ZO`N_TZY ZQ _SP YLXP ±]`_T w3PL]TYRx QZ] _SP APOL Md _SL_ _TXP T^ LYZ_SP] TYOTNL_TZY ZQ _ST^ BT_S ^ZXP NL`_TZY ZYP NLY ^[PN`WL_P _SL_ _SP PXP]RPYNP ZQ LY Z]LWWd QTcPO NLYZY bL^ L_ _SP ^LXP _TXP _SP MT]_S ZQ _SP w_ST]O ^[LNP SLMT_`^x _SL_ Q`YN_TZYPO L^ L MW`P[]TY_ QZ] WL_P] RPYP]L_TZY^ 9Z_ ZYWd OTO _SP APOL P^_LMWT^S L ML^T^ QZ] 4YOTLY [P]QZ]XLYNP N`W_`]P ZYWd _SP XPXZ]TePO ]PNT_PO LYO [P] QZ]XPO APOL T^ _SP APOL 8Z]PZaP] _SP APOL L^ _SP wZ]TRTYLWx WT_P]L _`]P ZQ 4YOTL LYO P[T_ZXP ZQ L`_SZ]T_L_TaP ^LN]PO ^[PPNS ^P_ _SP ^_LY OL]O^ QZ] [ZbP]Q`W WT_P]L]d Pc[]P^^TZY TP _Pc_`LW [P]QZ]XLYNP LYO QZ] _SP ^_]`N_`]LW [L__P]Y ZQ bSL_ bL^ NLWWPO LMZaP wO`LW _]LTYTYR QTPWOx ?ST^ ML^TN ^_]`N_`]P bSTNS T^ _d[TNLW ZQ _SP w_ST]O ^[LNP SLMT_`^x VP[_ ]PL[[PL]TYR TY _]LY^QZ]XL_TZY^ LYO YPb NZY_Pc_^ ;]PNT^WPd _SP ^LXP [L__P]Y T^ QZ`YO TY _SP ^NTPYNP^ bSTNS bP OT^N`^^ TY _SP QZWWZbTYR NSL[ _P] 3P]P XL_SPXL_TN^ LYO [ZP_]d L]P XP]RPO TY_Z ZYP LYO LM^_]LN_ QZ] X`WL^ L[[PL] TY ^ZYTN NZOP^ ?SP OTQQP]PY_ ST^_Z]TNLW XZOPWTYR^ ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ NLYYZ_ MP LWWZNL_PO _Z Z]LWT_d SP]P LYO _Z WT_P]LNd _SP]P LYO YPT _SP] _Z ]PWTRTZY SP]P LYO ^NTPYNP _SP]P ?ST^ bTWW MPNZXP P^[PNTLWWd NWPL] TY _SP QZWWZbTYR bSP]P _SP []TXL]d _Z[TN T^ ]PaPWL_TZY TYOP[PYOPY_ ^NTPY_TQTN WT_P]L_`]P^ ?SP wO`LW _]LTYTYR QTPWOx ZQ N]PL_TaP _SZ`RS_ LYO ]PR`WL_PO LN_TZY LQQPN_TaT_d LYO ]L_TZYLWT_d [WLd LYO Z]OP] L[[WTP^ TY [L]_TN`WL] _Z _SP TYOTRPYZ`^ ^NTPYNP^ , NWZ^P] WZZV L_ _SP ^NTPY_TQTN []LN_TNP^ TY 4YOTL TY ,Y_T\`T_d LYO _SP 8TOOWP ,RP^ NZYQT]X^ _SP ]PWPaLYNP ZQ =PNVbT_ev NLWW QZ] ^NTPY_TQTN QZ]X^ ZQ []LN_TNP _Z MP TYaP^_TRL_PO YZ_ ZYWd L^ TY^_LYNP^ []ZO`NTYR NZRYT_TaPWd YP`_]LW ^_L_P XPY_ ^d^_PX^ wVZRYT_Ta YP`_]LWP ,`^^LRP^d^_PXPx M`_ LW^Z TY ]PWL_TZY _Z _SP ^[PNTQTN QZ]X^ ZQ ^PY^Z]d [P]NP[_TaP LYO LQQPN_TaP L^^TXTWL_TZY ZQ

7T_P]L_T TY 4YOTL LYO 0`]Z[P



_SPT] ZMUPN_^ ;]LN_TNP^ TY _SP YL_`]LW ^NTPYNP^ ]P[]P^PY_ YZ WP^^ _SLY ]PWTRTZ`^ []LN_TNP^ _PNSYT\`P^ QZ] LM^Z]MTYR L NP]_LTY LP^_SP_TN ^PY^P @YWTVP _SP ^T_`L_TZY TY 0`]Z[P _SP]P SLaP MPPY ^_]ZYR TX[WTNT_ LP^_SP_TN TY_P]QP]PYNP^ LYO NZY_TY`T_TP^ MP_bPPY _SP ]PWTRTZ`^ LYO ^NTPY_TQTN OT^ NZ`]^P bZ]WO^ TY 4YOTL :`] _SP^T^ bTWW MP _SL_ L^ L []Z_Z_d[P ZQ L`_SZ]T _L_TaP [L]LOTRXL_TN ^[PPNS _SP APOL TYOT]PN_Wd WPQ_ T_^ XL]V YZ_ ZYWd ZY _SP ]PWTRTZ`^ WT_P]L_`]P^ LYO ]PaPWL_TZYOP[PYOPY_ [STWZ^Z[STP^ M`_ PaPY ZY _SP ]PaPWL_TZYTYOP[PYOPY_ bZ]V^ ZQ YL_`]LW ^NTPYNP 5`^_ SZb ^_]ZYRWd _SP^P L]P [P]aLOPO Md YZ_ ZYWd ^NTPY_TQTN ^_L_PXPY_^ M`_ LW^Z [ZTP_ZWZRTNLW L^[PN_^ ]PaPLW^ _SP N`W_`]LW NZY_TYRPYNd ZQ LP^_SP_TN ^_dWP^ TY ^NTPY_TQTN []LN_TNP

#

7T_P]L_T TY 4YOTL LYO 0`]Z[P

?SP _ST]O ^[LNP z ^ZYTN N`W_`]P z []ZO`NPO T_^ ZbY LP^_SP_TN ^_dWP^ ^`MUPN_TaTeL_TZY^ LYO QZ]X^ ZQ ]L_TZYLWTeL_TZY L^ _SP QZWWZbTYR NZX [L]T^ZY ZQ _SP WT_P]L_T TY 4YOTL LYO 0`]Z[P bTWW ^SZb ,Y_T\`T_d LYO _SP 8TOOWP ,RP^ _SP SPdOLd^ ZQ >LY^V]T_ []ZO`N_TZY bTWW []ZaTOP _SP []T XL]d _TXPQ]LXP 4YOTLY ^NTPY_TQTN N`W_`]P OPXZY^_]L_P^ SZb X`NS _SP _bZ [ZWP^ NSL]LN_P]TePO M]TPQWd L^ LM^_]LN_TZY LYO Q`^TZY Z] PXLYNT[L _TZY LYO [L]_TNT[L_TZY NLY ZaP]WL[ =L_TZYLWT_d LYO ^NTPYNP QZ]XPO LY TX[Z]_LY_ _Z[TN TY _SP Z]LWT_d WT_P]LNd OPML_P ZaP] 4YOTL 2ZZOd SLO NWLTXPO _SL_ L^ QZ]XL_TZY^ ZQ LM^_]LN_TZY LYLWd_TNLW _SZ`RS_ LYO ]L_TZYLW ^d^_PX^ L]P LW]PLOd aP]d X`NS []P^PY_ TY 4YOTLY WT_P]L_`]P L_ L aP]d PL]Wd ^_LRP bP X`^_ MP OPLW TYR bT_S L WT_P]L]d N`W_`]P DP_ 4YOTL TY QLN_ ^SZb^ SZb OP_P]XTYT^_TN ST^ NZYNW`^TZY^ L]P bSTNS NZ]]PN_Wd _]TRRP]PO N]T_TNT^X Q]ZX MZ_S >_LLW LYO 1LWV 4Y ^ZXP bLd^ 2ZZOd XLOP TYNZ]]PN_ L^^`X[_TZY^ LYO LW^Z XLOP L QZ]NPO TY_P][]P_L_TZY ZQ ^ZXP ZQ _SP 4YOTLY XL_P]TLW _Z ^`T_ ST^ _SPZ]d Z] PaPY ]PLO ^ZXP_STYR TY_Z T_ _SL_ bL^ YZ_ _SP]P ?ST^ L[[WTP^ TY [L]_TN`WL] _Z ST^ _]PL_XPY_ ZQ _SP WT_P]L_T bSZ bP]P Md YZ XPLY^ LWW -]LSXLYTN []TP^_^ .P]_LTYWd ZYP NLYYZ_ OPYd _SL_ _SP -]LSXTY^ SLO L XZ]P Z] WP^^ []POZXTYLY_ [Z^T_TZY TY ]PWTRTZ`^ WT_P]L_`]P^ LYO OSL]XL bZ]V^ LYO TY [L]_TN`WL] _SP ^[SP]P ZQ _SP APOL bL^ _SPT] ^[PNTLW []TaT WPRP -`_ WT_P]L]d LYO ^NTPY_TQTN bZ]V bL^ YPaP] ]P^_]TN_PO U`^_ _Z _SPX PaPY TQ T_ bL^ ZQ NZ`]^P WL]RPWd L N`W_`]P ZQ _SP ËWT_P LYO _SP `[[P] NWL^^ >_LLWv^ LYO 1LWVv^ ZMUPN_TZY^ _Z 2ZZOdv^ WT_P]LNd _SP^T^ bSTNS bP]P N]T_TNLW ZQ TOPZWZRd bP]P TX[Z]_LY_ ?SP ST^_Z]d ZQ ^NTPYNP T^ Q`WW ZQ PcLX[WP^ ^SZbTYR 2]PPNP _Z MP _SP QT]^_ LYO ZYWd ^Z`]NP ZQ WZRTN [ST WZ^Z[Sd LYO ^NTPYNP bT_S 0`]Z[PLY ST^_Z]d L^ _SP `YTaP]^LW dL]O^_TNV ?ST^ OT^_Z]_PO _SP TX[L]_TLW aTPb ZQ Z_SP] N`W_`]P^ ,WW _ZZ ZQ_PY 3TY O`T^X bL^ NZY^_]`PO L^ LY wT]]L_TZYLW Z_SP]x 1Z] PcLX[WP TY 4YOTL ZYP

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

QZ`YO w0L^_P]Y Xd^_TNT^Xx L_ PaP]d _`]Y M`_ YZ [STWZ^Z[Sd z LY :]TPY _LWT^_TN OT^_Z]_TZY _SL_ ?ZWL /]LRZYP__T LYO Z_SP]^ ]TRS_Wd NZY_P^_PO ! :YP NLY LR]PP bT_S _SPX _SL_ T_ XLVP^ ^PY^P _Z ]P^_]TN_ NZX[L]T^ZY^ _Z NZY_TY`T_TP^ LYO OTQQP]PYNP^ TY [STWZ^Z[STNLW _SZ`RS_ LYO L]R`XPY_L_TZY `[ _Z _SP ^Tc_PPY_S NPY_`]d !! -`_ TY 4YOTL bP QTYO ^ZXP XPY_LW QTR`]P^ WTVP _SZ^P L[[PL]TYR TY 6LY_ Z] 1TNS_P LYO []ZMWPX^ ZQ WTYR`T^_TN^ Z] WTYR`T^_TN [STWZ^Z[Sd WTVP _SZ^P OT^N`^^PO TY _bPY_TP_S NPY_`]d 0`]Z[P WZYR MPQZ]P _SP ^Tc_PPY_S NPY_`]d >Z _SP]P L]P XLYd NZX[L]LMWP [ZTY_^ TY _SP ST^_Z]d ZQ ]L_TZYLW _SZ`RS_ ^d^_PX^ RZTYR MPdZYO ST^_Z]TNLW LYO N`W_`]LW OT^^ZYLYNP^ 1`]_SP]XZ]P ?ZWL LYO /]LRZYP__T L]P ]TRS_ _Z \`P^_TZY bSP_SP] BP^_P]Y _SZ`RS_ _]LOT_TZY^ bP]P LWbLd^ [`]PWd ]L _TZYLW 9Zb ZYP NLY LNN`^P 2ZZOdv^ _SPZ]d ZQ L WZ_ ZQ _STYR^ M`_ NP]_LTYWd YZ_ ZQ QLTWTYR _Z ]PNZRYTeP 4YOTLv^ ]L_TZYLWT_d 3ZbPaP] _SP WZRZNPY_]TN LYO 0`]ZNPY_]TN wSLMT_`^x T^ YZ_TNPLMWP bSTNS PaPY _SP WT_P]LNd N]T_TN^ SLaP [P][P_`L_PO >_LLW N]T_TNTePO 0`]ZNPY_]TNT_d M`_ L]R`PO TY L WZRZ NPY_]TN XLYYP] >Z QL] _SP OT^N`^^TZY SL^ MPPY OZXTYL_PO Md _SP ^`M UPN_^ ZQ LM^_]LN_ LYO WZRTNLW _SZ`RS_ [`][Z^PQ`W []LRXL_T^X LYO NZRYT _TaPWd YP`_]LW []Z[Z^T_TZY^ 4Y _SP QZWWZbTYR bP bTWW _LVP LNNZ`Y_ ZQ _SP PQQPN_^ ZQ LP^_SP_TN ^PY^Z]d [P]NP[_TaP L^[PN_^ TY _SP ^NTPY_TQTN []LN _TNP^ ZQ _SP 4YOTLY WT_P]L_T bSTNS RZ MPdZYO _SP [`]P TYQZ]XL_TZYLW aLW`P ZQ ^NTPY_TQTN ^_L_PXPY_^ LYO NSL]LN_P]TeP T_ L_ _SP ^LXP _TXP ?SP^P YZ_ ZYWd TY_PWWPN_`LW YZ_ ZYWd [`][Z^PQ`W L^[PN_^ _SL_ L`_ZXL_TNLWWd L[[PL] XZ]P ZY _SP ^NPYP bT_S Z`] QZN`^ ZY ^ZYLWT_d [P]QZ]XLYNP LYO XPOTL []LN_TNP L^ LP^_SP_TN []LN_TNP L]P _]PXPYOZ`^Wd TX[Z]_LY_ QZ] RPYP]L_TYR LQQPN_ _SL_ T^ _SP PXZ_TZYLW ]PWL_TZY^ST[ _Z _SP ZMUPN_ ?SPd ]PaPLW L ^NTPY_TQTN wSLMT_`^x _SL_ MTYO^ TY_PWWPN_`LWT_d ^PY^Z]d [P]NP[ _TZY LYO PXZ_TZYLWT_d QL] XZ]P ^_]ZYRWd _ZRP_SP] _SLY _SP BP^_P]Y XZOPW ZQ ^NTPYNP OZP^ ?SPT] []TXP LTX SZbPaP] bL^ YZ_ YPNP^^L]TWd _]LY^[L]PYNd LYO OTOLN_TN^ L^ TY _SP BP^_ 4Y [L]_TN`WL] _SP LP^_SP_TN L^[PN_^ Z] _SP XT^^TYR LP^_SP_TN L^[PN_^ TWW`^_]L_P ^TRYTQTNLY_ N`W_`]LW aL]TL_TZY^ TY _SP ST^_Z]d ZQ ]L_TZYLWT_d LYO ^NTPYNP ?SPd ]PaPLW _SL_ ^NTPYNP YPaP] []ZO`NP^ ^ZWPWd YP`_]LW ^_L_PXPY_ ^d^_PX^ LYO _SL_ TY ^_PLO ^NTPY_TQTN QZ]X^ ZQ wSLMT_`^x ZMPd LYO ]P[]ZO`NP ^dXMZWTN Z]OP]^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?ZWL LYO /]LRZYP__T w@YT_d TY /TaP]^T_dx !"z!# >PP LW^Z =TNSL]O 6TYR :]TPY_LW T^X LYO =PWTRTZY% ;Z^_NZWZYTLW ?SPZ]d 4YOTL LYO u?SP 8d^_TN 0L^_v 7ZYOZY% =Z`_WPORP $$$ !! ?ZWL LYO /]LRZYP__T w@YT_d TY /TaP]^T_dx !" Q

7T_P]L_T TY 4YOTL LYO 0`]Z[P

#

"

,`OTMWP ,M^_]LN_TZY^% ;£©TYTv^ 2]LXXL] L^ ?]PYO^P__P] ZQ >NTPYNP

4YOTLY ^NTPY_TQTN []LN_TNP ]PaPLW^ OTQQP]PY_ LP^_SP_TN ^_dWP^ LYO QZ]X^ ZQ ^`MUPN_TaTeL_TZY _SLY _SZ^P TY BP^_P]Y TY_PWWPN_`LW N`W_`]P ZQ MZ_S _SP [L^_ LYO _SP []P^PY_ ?ST^ MPRTY^ bT_S ;£©TYT LYO NZY_TY`P^ TY YPb QZ] XL_TZY^ ?SP 4YOTLY ST^_Z]d ZQ ^NTPYNP LNNZ]OPO R]PL_ TX[Z]_LYNP _Z R]LXXL_TNLW _]LOT_TZY ?ST^ T^ ZY _SP ZYP SLYO MPNL`^P 4YOTL bL^ L RWZMLW ^NTPY_TQTN [TZYPP] TY WTYR`T^_TN^ LYO ZY _SP Z_SP] MPNL`^P TY 4Y OTL R]LXXL] bL^ _SP QT]^_ ^NTPY_TQTN N`W_`]P _SL_ Z[PYPO `[ QTPWO^ TYOP [PYOPY_ ZQ ]PWTRTZY PaPY _SZ`RS T_ L]Z^P TY _SP NZY_Pc_ ZQ _SP APOTN ^NTPYNP^ 2]LXXL] bL^ OPOTNL_PO _Z _SP QZ]XLW LYLWd^T^ ZQ _SP YL_`]LW ^_]`N_`]P^ ZQ WLYR`LRP LYO OPaPWZ[PO NZYNP[_^ _SL_ _ZOLd ZYP bZ`WO NLWW ^dXMZWTN WZRTN LYO WTYR`T^_TN^ 4_ bL^ _SP [L]LOTRXL_TN LYLWd_TNLW ^NTPYNP ZQ _SP 4YOTLY TY_PWWPN_`LW _]LOT_TZY LYO SLO L OPQTYTYR TYQW`PYNP ZY _SP XP_SZOZWZRd LYO []P^PY_L_TZY ZQ ^NTPY_TQTN ]P[]P^PY_L_TZY 4_ LW^Z [L]_Wd TY^[T]PO _SP OPaPWZ[XPY_ ZQ XZOP]Y WTYR`T^_TN^ LYO [SZYP_TN^ 4_ T^ _d[TNLW TY ;£©TYT _SP QL_SP] ZQ ^NTPYNP TY 4YOTL _SL_ LM^_]LN_TZY LYO [SZYZNPY_]TNT_d L]P NWZ^PWd _TPO ?SP LYLWd_TNLW L]]LYRPXPY_ ZQ _SP >LY^V]T_ LW[SLMP_ LYO _SP _PNSYTNLW NZOP^ []L_d£S£]L ;£©TYT OPaPWZ[PO L]P ^d^_PXL_TNLWWd Z]OP]PO R]TO^ ZQ ^Z`YO ^P]aTYR _Z P^_LMWT^S L [SZYP_TN ML^T^ QZ] []PNT^P ]`WP^ ZQ bZ]O QZ]XL_TZY :[TYTZY^ XLd OTQQP] ZY bSP_SP] _SP ]`WP^ ZQ QZ]XL_TZY ^P_ Z`_ TY L[[]ZcTXL_PWd  ^SZ]_ L[SZ]T^X^ ^¼_]L^ ]P\`T]PO L ^d^_PX ZQ b]T_TYR Z] YZ_ QZ] _SP LMZaP XPY_TZYPO ]PL^ZY^ ZQ WTYR`T^_TN ^_LYOL]OTeL_TZY bP MPWTPaP _SL_ _ST^ bL^ TYOPPO _SP NL^P M`_ _ST^ OZP^ YZ_ XPLY _SL_ _SP _PNSYTNLW OPaTNP^ QZ]XTYR _SPT] ML^T^ LW^Z ]P\`T]PO aT^`LW YZ_L_TZY^ >_]TN_Wd ^[PLVTYR _SP wLW[SLMP_x NZY^T^_^ YZ_ ZQ wWP__P]^x M`_ ZQ LY LNZ`^_TNLWWd ^_]`N_`]PO ^P]TP^ ZQ ^Z`YO^ ZQ _SP >LY^V]T_ WLYR`LRP bSZ^P ^d^_PX MPNZXP^ L[ [L]PY_ aTL SPL]TYR LYO YZ_ aTL ^PPTYR ;£©TYTv^ _PNSYTNLW LWRPM]LWTVP >¼_]L WLYR`LRP SP]P _SP R]LXXL_TNLW ]`WP^ LW^Z WL]RPWd NZX[]T^P^ XL _P]TLW _SL_ T^ LNZ`^_TNLWWd ]L_SP] _SLY aT^`LWWd XPXZ]LMWP 4Y [L]_TN` WL] _SP `YOP]WdTYR NZOP ^d^_PX _SP QZ`]_PPY []L_d£S£]L^ _SL_ L]P aLWTO QZ] LWW R]LXXL_TNLW Z[P]L_TZY^ L]P YZY^PXLY_TN ^SZ]_ QZ]X`WL^ z L M]TW WTLY_ ]PZ]OP]TYR ZQ _SP ^Z`YO^ ZQ _SP LW[SLMP_ NZXMTYPO bT_S LNZ`^_TN _P]XTYLW ^TRY^ BSPY ]PNT_PO _ST^ P^[PNTLWWd NZYNT^P _ZYLW XL_P]TLW WPLaP^ aP]d ^[PNTQTN TX[]P^^TZY^ TY _SP XPXZ]d ?d[TNLWWd _SP QZ`]_PPY ^Z`YO NZOP^ L]P WPL]YPO LYO VP[_ TY XPXZ]d Md MPTYR ]PNT_PO aZNLWWd TY L ^TXTWL] XLYYP] _Z _SP APOL 4Y ;£©TYTv^ R]LXXL] _SP [Sd^TNLW \`LWT_d ZQ _SP ^Z`YO _SP]PQZ]P SL^ QT]^_ LY PXTYPY_ aLW`P TY ^NTPY_TQTN LM^_]LN _TZY LYO ^PNZYO _SP LP^_SP_TN L^[PN_ T^ YZ_ LM^PY_ Q]ZX ST^ ^_]TN_ STRSWd LM^_]LN_ XP_LWTYR`T^_TN ^NTPY_TQTN ^d^_PX ?ST^ T^ ^SZbY YZ_ ZYWd Md _SP ]PNT_L_TZY ZQ _SP []L_d£S£]L^ 4Y L ^_]ZVP ZQ RPYT`^ ;£©TYT STO TY ST^ ^d^_PX L [ZP_TN XLRTNLW L`^[TNTZ`^ ^dXMZWT^X Md XLVTYR ST^ 

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

L[SZ]T^X^ MPRTY bT_S _SP bZ]O ašOOST  wR]Zb_Sx 4Y ;£©TYTv^ bZ]V ašOOST T^ L XP_LWTYR`T^_TN _PNSYTNLW _P]X _SL_ T^ TXXLYPY_ TY _SP ^d^ _PX M`_ _SP L^^ZNTL_PO aP]YLN`WL] XPLYTYR LYO T_^ TYT_TLW [Z^T_TZY XLVP _SP _PNSYTNLW QZ]X`WL TY_Z L XL«RLWL QZ]X`WL _ZZ ?ST^ XPLY^ _SL_ MP ^TOP^ NZY_LTYTYR _PNSYTNLW TYQZ]XL_TZY ašOOST T^ LW^Z L QZ]X`WL TYaZV TYR L MWP^^PO LYO L`^[TNTZ`^ MPRTYYTYR XL«RLWL  ?ST^ [WLNP^ _SP bSZWP STRSWd ]L_TZYLW wPXLYNT[L_Z]dx ^d^_PX `YOP] L ^[PNTLW W`NVd ^_L] LYO _TP^ T_ TY_Z L [L]_TNT[L_Z]d YPc`^ ZQ XLRTNLW Xd_STNLW PXMPOOTYR TY L ^LN]PO NZ^XZ^ ?SP XP_ZYdXTN _PNSYTNLW O`LW Q`YN_TZY ZQ wR]Zb_Sx T^ VYZbY TY 4Y OZWZRd M`_ XLdMP WP^^ bPWW VYZbY T^ _SP aZNLWTePO ]PNT_L_TZY ZQ _SP []L_d£S£]L^ -Z_S L]P Pc_]TY^TN _Z _SP ^NTPY_TQTN ^_L_PXPY_ LYO L[[L]PY_Wd L]P _SP]PQZ]P `^`LWWd ]PRL]OPO L^ `YTX[Z]_LY_ 4Q YZb ZYP NZY^TOP]^ _SL_ PaP]d ]P[]P^PY_L_TZY T^ YZ_ XP]PWd L ]P[]ZO`N_TZY Z] [Z]_]LdLW ZQ _SP ZMUPN_ M`_ L_ _SP ^LXP _TXP _SP _d[P ZQ ]P[]P^PY_L_TZY XLVP^ _SP ]P[]P^PY_L_TZY _SP ZMUPN_v^ N]PL_TaP []ZO`N_TZY ]P^`W_^ TY L OTQQP]PY_ [P]^[PN_TaP ZY ^NTPY_TQTN []LN_TNP BSP]PL^ ;£©TYTv^ TYOTRPYZ`^ []LN_TNP TYNW`OPO LP^_SP_TN L^[PN_^ _SPd L]P WLNVTYR TY BP^_P]Y ^NTPY_TQTN []LN _TNP LYO L]P LNNZ]OTYRWd TYaT^TMWP TY ]PNP[_TZY :YP NLY LR]PP bT_S =PNVbT_ev ^_L_PXPY_ _SL_ T_ T^ YZ_ TY^TRYTQTNLY_ bSTNS LP^_SP_TN^ L]P NZY_LTYPO TY Z] XT^^TYR Q]ZX ^NTPY_TQTN []LN_TNP^ ?SP^P []LN_TNP^ L]P _SP]PQZ]P YZ_ ZYWd []ZO`NP]^ ZQ NZRYT_TaPWd YP`_]LW ^_L_PXPY_^ M`_ LW^Z ^[PNTQTN QZ]X^ ZQ ^PY^Z]d [P]NP[_TaP LYO LQQPN_TaP Z] []LN_TNLWWd LQQPN_ YP`_]LW L^^TXTWL_TZY ZQ _SPT] ]P^[PN_TaP ZMUPN_^ 4Y QLN_ YZ_ ZYWd _SP NZY_PY_ ZQ ;£©TYTv^ R]LXXL] bL^ ST^_Z]TNLWWd PQ QPN_TaP M`_ ^Z bL^ ST^ _d[P ZQ ^NTPY_TQTN ]P[]P^PY_L_TZY ?SP >¼_]L _PNS YT\`P ZQ ^LdTYR L WZ_ TY _SP ^SZ]_P^_ [T_STP^_ [Z^^TMWP ^_L_PXPY_ T^ L OPQTYTYR QPL_`]P ZQ _SP _]LOT_TZYLW ^NTPY_TQTN WT_P]L_`]P ?SP >¼_]L WT_P]L _`]P T^ aT]_`LWWd TYNZX[]PSPY^TMWP bT_SZ`_ _SP WTaTYR _PLNSTYR NZY_Pc_ LYO _SP NZXXPY_L]TP^ 4Y LOOT_TZY _Z _SP Pc_]PXP LM^_]LN_TZY SZbPaP] _SP]P L]P [L]_TNT[L_Z]d ^PY^Z]d [P]NP[_TaP LYO LQQPN_TaP L^[PN_^ TY _SP QZWWZbTYR [P]TZO L^ bPWW :`] NSL[_P] ZY ;£©TYT TY _SP ST^_Z]d ^PN_TZY ZQ _ST^ MZZV _SP]PQZ]P TYNW`OP^ ^_]TN_Wd ^[PLVTYR ST^_Z]TNLWWd LYO 4Y OZWZRTNLWWd \`T_P TYNZ]]PN_Wd ^NTPY_TQTN ^d^_PX^ `^TYR ^TXTWL] LP^_SP_TN ^PY^Z]d NZOP WLYR`LRP^ BP L]P YZ WZYRP] ^[PLVTYR LMZ`_ R]LXXL] M`_ L^_]ZYZXd LYO XL_SPXL_TN^

#

>NTPY_TQTN ;]LN_TNP LYO ,P^_SP_TN >_dWP ZQ 4YOTLY 8L_SPXL_TNTLY^ LYO ,^_]ZYZXP]^

;£©TYTv^ _]PYO^P__TYR ^NTPY_TQTN ^_dWP Pc_PYOPO _SP R]LXXL_TNLW _]LOT_TZY 4Y Z`] ST^_Z]d ^PN_TZY bP bTWW OT^N`^^ _SP L^_]ZYZXP] AL]L]`NT _S

7T_P]L_T TY 4YOTL LYO 0`]Z[P

$

NPY_ ,/ LYO _SP L^_]ZYZXP] LYO XL_SPXL_TNTLY ¢]dLMSL¶L  _S NPY_ ,/ XZ]P TY OP_LTW 3P]P bP QZN`^ ZY _SP LP^_SP_TN ^_dWP LYO ^NTPY_TQTN SLMT_`^ TY _SP L^_]ZYZXd LYO XL_SPXL_TN^ ZQ AL]L]`NT LYO ¢]dLMSL¶L LYO MPdZYO -Z_S ZQ _SP ^NSZWL]^ NZXX`YTNL_PO _SPT] ^NTPY_TQTN ^_L_P XPY_^ TY OTQQP]PY_ LW[SLMP_TNLW NZ`Y_TYR ^d^_PX^ LYO TY _SPT] _`]Y OP _P]XTYPO _SP WL_P] ^_dWP ZQ L^_]ZYZXd LYO XL_SPXL_TN^ !" ?SPd MPWZYR _Z L _TXP bSPY OPQTYT_PWd b]T_TYR bL^ TY `^P ?SPd L]P L_ _SP MPRTYYTYR ZQ _SP RZWOPY LRP ZQ 4YOTLY YL_`]LW ^NTPYNP _SL_ ^_]P_NSPO Q]ZX L]Z`YO  _Z  ,/ 7TVP R]LXXL] L^_]ZYZXd PXP]RPO L^ L APOTN L`cTW TL]d ^NTPYNP LYO T_^ ]`OTXPY_L]d MPRTYYTYR^ ]PLNS L WZYR bLd MLNV TY_Z APOTN _TXP^ 3ZbPaP] TY 7L_P ,Y_T\`T_d LYO _SP 8TOOWP ,RP^ T_ bL^ L ^NTPYNP ZQ R]PL_ ^_LYOTYR _SL_ TYNW`OPO NZX[WPc NLWN`WL_TZY^ _]TRZ YZXP_]d LYO QTYOTYR ]ZZ_^ LYO WPO _SP bZ]WO L_ _SL_ _TXP `Y_TW T_ bL^ ZaP]_LVPY Md 8`^WTX ^NSZWL]^ TY -LRSOLO bSZ L^^TXTWL_PO _SP L^_]Z YZXTNLW TYQZ]XL_TZY LYO NZY_TY`PO T_^ OPaPWZ[XPY_ TY _SP bLVP ZQ _SP ,]LM^v NZY\`P^_ ZQ 4YOTL 9Z_ WPL^_ ZbTYR _Z ¢]dLMSL¶L XL_SPXL_TN^ OPaPWZ[PO TY 4YOTL Q]ZX _SP QTQ_S NPY_`]d ZYbL]O^ NWZ^PWd _TPO _Z ^NTPY _TQTN L^_]ZYZXd TY_Z _SP w4YOTLY L]_x STYOT^L_  L^ _SP ,]LM^ NLWWPO XL_SPXL_TN^ ?ST^ bL^ []ZMLMWd MPNL`^P _SPd SLO TX[Z]_PO _SP OPNTXLW ^d^_PX Q]ZX 4YOTL bSP]P _SP YTYP OTRT_^ LYO eP]Z bP]P VYZbY Q]ZX PL]Wd _TXP^ !# ,NNZ]OTYR _Z , 7 -L^SLX XL_SPXL_TN^ TY [L]_TN`WL] [WLdPO L [TZYPP]TYR ]ZWP LWW L]Z`YO _SP bZ]WO 3P YZ_P^% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !" 4_ T^ _]LOT_TZYLWWd ^`[[Z^PO _SL_ MZ_S ¢]dLMSL¶L LYO AL]L]`NT Z]TRTYL_PO Q]ZX 6P]LWL M`_ _SP \`P^_TZY T^ NZY_]ZaP]^TLW ZYP LYO T_ SL^ LW^Z MPPY ^`RRP^_PO _SL_ _SPd NLXP Q]ZX -TSL] Z] 2`UL]L_ ?SP OL_P RTaPY QZ] AL]L]`NT T^ ML^PO ZY LY `YNP]_LTY ^Z`]NP .Q 6`YU`YYT =LUL ,^_]ZYZXd LYO 8L_SPXL_TN^ TY 6P]LWL 8LO]L^% ,OdL] =P^PL]NS .PY_P] LYO 7TM]L]d $$  z & ZY _SP PXTYPY_ PQQPN_ ZQ ST^ LW[SLMP_ML^PO YZ_L_TZY ^d^_PX TMTO QQ ?SP OL_P^ RTaPY QZ] ¢]dLMSL¶L M "! ,/ LYO ST^ bZ]V ¢]dLM SL¶TdL $$ ,/ L]P ML^PO ZY bSL_ _SP L`_SZ] ^Ld^ LMZ`_ STX^PWQ TY _SP _Pc_ .Q 6`]_ 0WQP]TYR /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4 8ÞYNSPY% 1TYV $"  " 0WQP]TYR TMTO  ^_]P^^P^ ¢]dLMSL¶Lv^ Z`_^_LYOTYR TX[LN_ bSZ^P ¢]dLMSL¶TdL LOaLYNPO _Z MPNZXP _SP ^_LYOL]O bZ]V ZQ LYNTPY_ 4YOTLY ^NSZWL]^ST[ LYO L XZOPW QZ] T_^ ^`NNP^^Z]^ TY MZ_S ^_dWP LYO NZY_PY_ >TXTWL]Wd =LUL YZ_P^ TY ,^_]ZYZXd LYO 8L_SPXL_TN^ TY 6P]LWL  "  QQ _SL_ []LN_TNLWWd LWW ZQ 6P]LWLv^ TX[Z]_LY_ XL_SPXL_TNLW LYO L^_]ZYZXTNLW bZ]V^ QZWWZbPO _SP ^NSZZW ZQ ¢]dLMSL¶L PR 3L]TOL__L NL ! z" ,/ LYO 2ZaTY OL^a£XTY NL #z#  ,/ 3ZbPaP] AL]L]`NTv^ ^TX[WP] 6L¶L[Ld£OT NZOTYR ^d^_PX WT_P]LWWd w^_L]_TYR bT_S V  ¶  [ LYO d x bL^ []PQP]]PO _Z ¢]dLMSL¶Lv^ XZ]P NZX[WPc LW [SLMP_TNLW YZ_L_TZY TMTO a z# 0WQP]TYR /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4 " ^`[[Z^P^ _SL_ ¢]dLMSL¶Lv^ QTR`]P^ QZ]XPO Z`_ ZQ WP__P]^ X`^_ LW^Z SLaP MPPY _]LY^ QP]]PO Md _SP LYNTPY_ 4YOTLY^ TY_Z NZXXZY Y`XP]LW bZ]O^ _Z MP XZ]P ^`T_LMWP QZ] LN _`LW XL_SPXL_TNLW NLWN`WL_TZY^ !# .Q ,7 -L^SLX ?SP BZYOP] _SL_ bL^ 4YOTL .LWN`__L Z[ NT_% =`[L  .Z $$ :]TRTYLW $  $"z$# 1Z] L ^Z`YO ZaP]aTPb ZQ 4YOTLY XL_SPXL_TN^ LYO _]LY^WL _TZY ZQ ^Z`]NP^ NQ 6TX ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx TY ?SP 8L_SPXL_TN^ ZQ 0Rd[_ 8P^Z[Z_LXTL .STYL 4YOTL LYO 4^WLX% , >Z`]NPMZZV  PO ATN_Z] 6L_e ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^ " # z 



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

wF4HY _SP ^[SP]P ZQ []LN_TNLW VYZbWPORP _SP bZ]WO ZbP^ XZ^_ _Z 4YOTL TY _SP ]PLWX ZQ XL_SPXL_TN^ bSTNS bP]P OPaPWZ[PO TY 2`[_L _TXP^ Fz  ,/H _Z L ^_LRP XZ]P LOaLYNPO _SLY _SL_ ]PLNSPO Md LYd Z_SP] YL_TZY ZQ LY _T\`T_d ?SP ^`NNP^^ ZQ 4YOTLY XL_SPXL_TN^ bL^ XLTYWd O`P _Z _SP QLN_ _SL_ _SP 4YOTLY^ SLO L NWPL] NZYNP[_TZY ZQ LM^_]LN_ Y`XMP] L^ OT^_TYN_ Q]ZX Y`XP]TNLW \`LY_T_d ZQ ZMUPN_^ Z] ^[L_TLW Pc_PY^TZY BSTWP 2]PPV XL_SP XL_TNLW ^NTPYNP bL^ WL]RPWd ML^PO ZY XPY^`L_TZY LYO RPZXP_]d 4YOTL _]LY ^NPYOPO _SP^P NZYNP[_TZY^ \`T_P PL]Wd LYO bT_S _SP LTO ZQ L ^TX[WP Y` XP]LW YZ_L_TZY OPaT^PO L ]`OTXPY_L]d LWRPM]L bSTNS LWWZbPO XZ]P NZX[WTNL_PO NLWN`WL_TZY^ _SLY bP]P [Z^^TMWP _Z _SP 2]PPV^ LYO WPO _Z _SP ^_`Od ZQ Y`XMP] QZ] T_^ ZbY ^LVP  8POTPaLW 4YOTLY XL_SPXL_TNTLY^  XLOP ^PaP]LW OT^NZaP]TP^ bSTNS TY 0`]Z[P bP]P YZ_ VYZbY `Y_TW _SP =PY LT^^LYNP Z] WL_P]x !$

,NNZ]OTYR _Z 2ZZOd XL_SPXL_TN^ NLY ZYWd MP ]P[]P^PY_PO TY b]T_TYR Z] YZ_L_TZY TP ZYWd R]L[STNLWWd LYO aT^`LWWd " 3ZbPaP] WTVP ;£©TYTv^ ML^TN R]LXXL_TNLW QZ]X`WL^ AL]L]`NTv^ LYO ¢]dLMSL¶Lv^ L^_]ZYZXTNLW LYO XL_SPXL_TNLW QZ]X`WL^ LYO QTR`]P^ L]P ]P[]P^PY_PO Md XPLY^ ZQ ^Z`YO ^_]`N_`]P^ _SL_ L]P QZ]XPO Q]ZX _SP NZOPO LW[SLMP_ M`_ TY PLNS NL^P TY LNNZ]OLYNP bT_S L OTQQP]PY_ NZOTYR VPd Z] Y`XP]TNLW YZ_L_TZY " ?SP]P L]P Y`XP]TNLW aLW`P^ RTaPY _Z LWW _SP [SZYPX^ ZQ _SP >LY^V]T_ WLYR`LRP 4Y _ST^ bLd ^NTPY_TQTN QTYOTYR^ ^`NS L^ NLWN`WL_TYR L ^\`L]P ]ZZ_ Z] Z_SP] NZX[WPc WTYVLRP^ LYO WL]RP Y`XMP]^ ^`NS L^ _SP ^[PPO^ ZQ _SP [WLYP_^ L]P NZYOPY^PO _Z L ]PWL_TaPWd ^SZ]_ ^P]TP^ ZQ WP__P]^ LYO ^TX`W_LYPZ`^Wd RTaPY ^PY^`LWT_d LYO WT_P]LWWd XLOP L`OTMWP TY L ^Z`YO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ -L^SLX ?SP BZYOP] _SL_ bL^ 4YOTL  $"z$# .Q LW^Z ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx Q bSZ YZ_P^ _SL_ _SP OPNTXLW[WLNPaLW`P L]T_SXP_TN VYZbY L^ w4YOTLY NZX[`_L_TZYx ]P_LTYPO T_^ ^_L_`^ L^ L N]`NTLW XL_SPXL_TNLW _ZZW PaPY bSTWP _SP LOL[_L _TZY ZQ 2]PPV XL_SPXL_TNLW LYO L^_]ZYZXTNLW _Pc_^ bL^ MPNZXTYR XZ]P TX[Z]_LY_ ?SP ]PL^ZY^ QZ] _ST^ OPaPWZ[XPY_ bP]P []ZMLMWd _SP R]PL_P] LaLTWLMTWT_d TY _SP ]PRTZY LYO _SP QLN_ _SL_ _SP NZY_PY_ bL^ XZ]P LNNP^^TMWP MPNL`^P _SP >LY^V]T_ []LN_TNP ZQ NZX[Z^TYR _PNSYTNLW _]PL_T^P^ TY aP]^P bL^ OPXLYOTYR LYO QL] XZ]P SP]XP_TN _SLY _SP 2]PPV^u []Z^P LYO OPO`N_TaP OP]TaL_TZY^ " 2ZZOd 4Y_P]QLNP   " ,^ ¢]dLMSL¶Lv^ LW[SLMP_ML^PO Y`XP]TNLW NZOTYR ^d^_PX T^ YZ_ aP]d PL^d _Z R]L^[ T_ ]PXLTYPO WL]RPWd WTXT_PO _Z _ST^ ZYP L`_SZ] `YWTVP _SL_ ZQ AL]L]`NT AL]L]`NTv^ ^TX [WP] w6L¶L[Ld£OTx ^d^_PX NQ NSL[  MPWZb MPNLXP _SP XZ^_ bTOPWd `^PO ZYP MZ_S TY 6P]LWL LYO TY Z_SP] [L]_^ ZQ 4YOTL Q]ZX _SP "_S NPY_`]d ZYbL]O^ .Q =LUL ,^ _]ZYZXd LYO 8L_SPXL_TN^ TY 6P]LWL a z# ,NNZ]OTYR _Z =LUL TY 6P]LWL L ]PRTZY P^[PNTLWWd ]TNS TY XL_SPXL_TNTLY^ LYO L^_]ZYZXP]^ _SP 6L¶L[Ld£OT YZ_L_TZY ^d^_PX bL^ `^PO TY LWW XL_SPXL_TNLW _LMWP^ LYO L ^TX[WTQTPO QZ]X ZQ T_ bL^ LW^Z NZXXZY LXZYR WLdXPY LYO Z]OTYL]d ^_`OPY_^ ,WZYR^TOP _SP LW[SLMP_ML^PO 6L¶L[Ld£OT ^d^ _PX _SP -S¼_L^LÀVSd£ bL^ _SP XZ^_ [Z[`WL] Y`XP]TNLW YZ_L_TZY 4_ NZXX`YTNL_P^ _SP Y`XMP]^ Md bPWWVYZbY ZMUPN_^ LYO _SPT] OP^TRYL_TZY^ PR _SP Y`XMP]  bT_S bZ]O^ ^`NS L^ w0L]_Sx Z] w8ZZYx _SP Y`XMP]  bT_S wPdP^x Z] wSLYO^x LYO _SP Y`XMP] bT_S w^PY^P^x Z] wPWPXPY_^x ,WW _SP^P _d[P^ ZQ ]P[]P^PY_TYR Y`XMP]^ RPY P]LWWd []P^PY_PO TY XP_]TNLW QZ]X ZQ aP]^P^ NP]_LTYWd ^P]aP QT]^_ LYO QZ]PXZ^_ _Z QL NTWT_L_P XPXZ]TeL_TZY ,_ _SP ^LXP _TXP _SPd SLaP ^_]ZYR ^PY^Z]d LP^_SP_TN QPL_`]P^

7T_P]L_T TY 4YOTL LYO 0`]Z[P



RP^_LW_ w7L`_RP^_LW_x ,P^_SP_TeL_TZY OZP^ YZ_ PYO SP]P >TYNP _SP]P T^ L ZYP_ZZYP NZ]]P^[ZYOPYNP MP_bPPY _SP OPNTXLW Y`XMP]^ LYO _SP >LY^V]T_ NZY^ZYLY_^ T_ T^ [Z^^TMWP _Z ]P[]P^PY_ QTR`]P^ MZ_S TY _SP [WLNP aLW`P QZ]XL_ LYO L^ >LY^V]T_ bZ]O^ 7LYR`LRP ^Z`YO^ LYO bZ]O^ NLY `YWTVP QTR`]P^ MP NL^_ TY aP]^P LNNZ]OTYR _Z _SP ]`WP^ ZQ [ZP_]d _SL_ T^ TY L QZ]X _SL_ T^ STRSWd LP^_SP_TN ]Sd_SXTN LYO [ZP_TN LYO [Z^^TMWd PaPY L^^ZNTL_PO bT_S NZY^NTZ`^ X`W_T[WP XPLYTYR^ ¢]dLMSL¶L NZXX` YTNL_P^ ST^ _]`Wd L^_]ZYZXTNLW QTR`]P^ TY XP_]TNLW XYPXZYYTN aP]^P^ [L]_Wd TY _SP XPXZ]LMWP ]Sd_SXTNLW 2¯_T XP_P] M`_ QZ]PXZ^_ TY _SP XZ]P NZX[WPc STRSWd L]_T^_TN ¢]dL XP_P] " AL]L]`NTv^ bZ]V .LYO]La£VdL w8ZZY >PY_PYNP^x YZ_ ZYWd MPRTY^ bT_S L`^[TNTZ`^ ^dXMZWT^X WTVP ;£©TYTv^ R]LXXL] LYO XLYd WL_P] ^NTPY_TQTN bZ]V^ _ZZ " M`_ LW^Z PYO^ bT_S T_ ?SP L`^[TNTZ`^ ^_L_PXPY_^ L_ _SP MPRTYYTYR LYO PYO ZQ ST^ M]TPQ w8ZZY >PY_PYNP^x ]PLO WTVP L []LdP] TY _P]X^ ZQ _SPT] ^PXLY_TN NZY_PY_ bSTWP _SP ]PLW ^dXMZWTN NZY_PY_ SZbPaP] ]P[]P^PY_^ LY P[SPXP]TO^ _LMWP ?SP L^_]ZYZXP]^v LYO XL_SPXL_TNTLY^v N`^_ZX ZQ `^TYR aP]^TQTNL _TZY NZX[WTNL_PO XP_P]^ LYO LW[SLMP_ML^PO Y`XP]TNLW YZ_L_TZY^ _SL_ L[[PLWPO _Z _SP ^PY^P^ ]PXLTYPO ^NTPY_TQTN []LN_TNP `Y_TW bPWW TY_Z _SP YTYP_PPY_S NPY_`]d z L^ OTO Pc[]P^^TYR MTZR]L[STNLW OL_L TY NS]ZYZ R]LX^ " 8L«RLWL QZ]X`WL^ TY [L]_TN`WL] SLaP XLTY_LTYPO _SPT] [Z[`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP L^_]ZYZXTNLW LYO XL_SPXL_TNLW 2¯_T aP]^P^ LW^Z NZY_LTY _SP LW[SLMP_TN Y`XMP] ^d^_PX TY LY Pc_]PXPWd NZYNT^P QZ]X TYaZWaTYR [ZP_TN ^_dWT^_TN OPaTNP^ ^`NS L^ LWWT_ P]L_TZY LY`[]£^L LYO _SPd L]P Q]LXPO Md TYT_TLW LYO QTYLW aP]^P^ TY _SP ¢]dL XP_P] ?SP ^PNZYO LYO XZ]P Pc_PY^TaP [L]_ ZQ _SP ^NTPY_TQTN QTYOTYR^ _SP NSL[_P]^  _Z  NZY^T^_^ ^ZWPWd ZQ ¢]dL aP]^P^ 0WQP]TYR /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4   L^ ^`XP^ _SL_ _SP _bZ [L]_^ L]Z^P TYOP[PYOPY_Wd LYO bP]P ZYWd NZXMTYPO Md ¢]dLMSL¶L L_ L WL_P] OL_P M`_ NZY^TOP]^ T_ NP]_LTY _SL_ MZ_S _Pc_^ bP]P b]T__PY Md _SP ^LXP L`_SZ] TY _SP _S NPY_`]d ,/ >PP LW^Z ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx $$QQ " ¢]dLMSL¶L LW^Z QZWWZbPO _ST^ NZXXZY N`^_ZX ?SP QT]^_ aP]^P TY _SP ¢]dL XP_P] RWZ]TQTP^ _SP STRSP^_ OPT_d LYO _SP YZ_TZY ZQ ST^ ^NTPY_TQTN YL_`]P 8Z]P `Y`^`LW T^ _SP ^PWQ[]P^PY_L_TZY 0WQP]TYR /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4 " _]LY^WL_P^% w,Q_P] L ]P^[PN_Q`W MZb MPQZ]P _SP STRSP^_ []TYNT[WP _SL_ T^ ^TX`W_LYPZ`^Wd @YT_d LYO ;W`]LW T_d _SP _]`P OPT_d _SP STRSP^_ -]LSXL ¢]dLMSL¶L LYYZ`YNP^ _SP _S]PP OZN_]TYP^ ZQ XL_SPXL_TN^ NS]ZYZWZRd LYO ^[SLP]TN^x 0YRWT^S _]LY^WL_TZY Q]ZX _SP 2P]XLY Md 0 3TNV^ " =LUL ,^_]ZYZXd LYO 8L_SPXL_TN^ RTaP^ PcLX[WP^ Q]ZX _SP "_S _Z _SP $_S NPY_`]TP^ LYO YZ_P^ TMTO % wBP^_P]Y OZXTYL_TZY ZQ _SP NZ`Y_]d SLO L OPR]LOTYR PQQPN_ PQ QPN_ ZY LWW TYOTRPYZ`^ ^_`OTP^ LYO _SP]P bL^ YZ ^P]TZ`^ L__PX[_ _Z NZ]]PWL_P BP^_P]Y XL_SPXL_TN^ bT_S 6P]LWL XP_SZO^x /PaPWZ[XPY_^ TY 9Z]_SP]Y 4YOTL bP]P ]L_SP] OTQ QP]PY_ bSP]P QTR`]P^ _ZZ bP]P TYN]PL^TYRWd `^PO `YOP] 8`^WTX TYQW`PYNP LMZaP LWW QZ] _SP L^_]ZYZXTNLW _LMWP^ _SL_ bP]P TX[Z]_LY_ _Z _SP SZ]Z^NZ[P LYO NLWPYOL] LWXL YLN []LN_TNP ?SPd bP]P LW]PLOd VYZbY TY aP]^P QZ]X L_ LY PL]Wd ^_LRP LYO MPNLXP TYN]PL^TYRWd Y`XP]TNLW `YOP] _SP TYQW`PYNP ZQ 4^WLX Q]ZX _SP _S NPY_`]d ZYbL]O bSTWP aP]^P^ NZY_TY`PO L^ _SP []PaLTWTYR QZ]X TY L]PL^ _SL_ bP]P YZ_ ^`MUPN_ _Z OT]PN_



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

T_d ]TRS_ `[ _Z _SP []P^PY_ OLd ,`^[TNTZ`^ ^dXMZWT^X T^ QZ`YO TY _SP XZ^_ aL]TPO ZQ LNLOPXTN OT^NT[WTYP^ z TY ^ZXP NL^P^ Pc[WTNT_Wd M`_ []PQP]LMWd TY PYN]d[_PO QZ]X NZY_LTYTYR X`W_T[WP XPLYTYR^ z L_ _SP MPRTYYTYR ZQ L bZ]V 8L_SPXL_TNTLY^ bP]P _S`^ L_ _SP ^LXP _TXP ^VTWQ`W [ZP_^ >ZXP ZQ _SP 4YOTLY WT_P]L_T bP]P OPQTYT_PWd [ZWdXL_S^ ^`NS L^ ,Nd`_L ;T´£]L¶T NL  z! []ZMLMWd 6P]LWLv^ XZ^_ QLXZ`^ YZY-]LSXLYTN L^ _]ZYZXP] LYO XL_SPXL_TNTLY bSZ bL^ LW^Z LY Pc[P]_ TY >LY^V]T_ R]LX XL] XPOTNTYP LYO WT_P]L_`]P LYO T^ VYZbY QZ] b]T_TYR LY TY_]ZO`N_TZY _Z >LY^V]T_ R]LXXL] " , NZY_PX[Z]L]d ZQ ST^ []LT^P^ ST^ Pc[P]_T^P TY L^_]ZYZXd Md ^LdTYR _SL_ ;T´£]L¶T bL^ R]PL_P] _SLY _SP ZXYT^NTPY_ 7Z]O ±TaL STX^PWQ LYO L ^_`OPY_ WL`O^ ST^ R]PL_ []ZQTNTPYNd TY _SP aL]TZ`^ M]LYNSP^ ZQ VYZbWPORP LYO L^ bL^ _SP N`^_ZX N]PL_P^ L 6L¶L[LdLOT  NS]ZYZR]LX QZ] _SP OL_P ZQ ,Nd`_Lv^ OPL_S , ^TXTWL] [ZWdXL_S bSZ bL^ Pc[P]_ TY LWW ^Tc [STWZ^Z[STNLW ^NSZZW^ LYO P^[PNTLWWd _SP APO£Y_L bT_S Pc_PY^TaP VYZbWPORP ZQ LWW ^NTPY_TQTN _]LOT_TZY^ ZQ ST^ _TXP bL^ _SP 9LXM`OT]T -]LSXLY 9¯WLVL©¶SL z  "! ,^ PL]Wd L^ _SP ^Tc _PPY_S NPY_`]d SP b]Z_P ZYP ZQ _SP XZ^_ QLXZ`^ NZXXPY_L]TP^ ZY ¢]d LMSL¶L 3T^ MTZR]L[STNLW OL_P^ LYO _SP OL_P^ bSPY SP b]Z_P ST^ bZ]V^ L]P VYZbY Q]ZX _SP NS]ZYZR]LX^ 3T^ ^PNZYO XLUZ] bZ]V ?LY _]L^LÀR]LSL  SL^  aP]^P^ NZY_LTYTYR L NZYNT^P ZaP]aTPb ZQ _SP WL_P^_ ]P^PL]NS QTYOTYR^ TY L^_]ZYZXd XL_SPXL_TN^ LYO Z_SP] QTPWO^ ZQ VYZbW PORP 0aPY ^ZXP ^NTPY_TQTN PcNSLYRP _ZZV [WLNP TY aP]^TQTPO QZ]X 1Z] PcLX[WP 9¯WLVL©¶SLv^ WPL]YPO [L_]ZY TX[L]_PO ST^ ZbY aTPb^ _Z STX ZY LY L^_]ZYZXTNLW []ZMWPX TY L aP]^P "" :YP SL^ _Z VPP[ TY XTYO _SL_ ^NTPYNP^ ^`NS L^ L^_]ZYZXd bP]P YZ_ OP[PYOPY_ `[ZY _]LOT_TZYLW ^LN]PO ^Z`]NP^ -d _SP PL]Wd 8TOOWP ,RP^ 4YOTLY L^_]ZYZXd SLO WZYR MPPY LY L`_ZYZXZ`^ w[]ZQLYPx ^NTPYNP ,^_]ZYZXP]^ ^`NS L^ AL]£SLXTST]L !_S NPY_ ,/ SLO YZ _]Z`MWP ]P UPN_TYR ;`]£©TN Xd_SZWZRTNLW L^_]ZYZXd TQ _SPd _SZ`RS_ T_ bL^ YZ_ NZY QT]XPO LYO _ZZ TX[]PNT^P ?SPd OPXZY^_]L_PO LY TYOP[PYOPYNP _SL_ Z_SP] ^NTPYNP^ QZ] TY^_LYNP _SP ^Tc NWL^^TNLW [STWZ^Z[STNLW OL]²LYL^  waTPb^x _SL_ LNNP[_ _SP APOL OZ YZ_ SLaP -`_ bSL_ _SPd ^_TWW SLaP TY NZXXZY bT_S _SP Z]TRTYLW APOTN _Pc_ T^ PYTRXL_TN ^[PPNS [ZP_]d LYO XP_]TN QZ]X ZQ Pc[]P^^TZY AL]£SLXTST]L L [L^^TZYL_P Pc[ZYPY_ ZQ _SP >¼]dL^TOOS£Y_L L ^d^_PX _SL_ XLOP T_ [Z^^TMWP _Z NLWN`WL_P XZ^_ []P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 8`^WTX TYQW`PYNP .Q /LaTO ;TYR]PP 5dZ_Tಣ^_]L% ,^_]LW LYO 8L_SPXL_TNLW 7T_P]L _`]P BTP^MLOPY% 3L]]L^^ZbT_e $#  ! " .Q LW^Z ZY _SP QZWWZbTYR =LUL ,^_]ZYZXd LYO 8L_SPXL_TN^  z "! .Q =LUL ,^_]ZYZXd LYO 8L_SPXL_TN^ !z  "" 3ZbPaP] L^ PL]Wd L^ _SP #_S$_S NPY_`]d ZYbL]O L NZYaPY_TZY LW^Z OPaPWZ[PO TY MZZV^ ZY XL_SPXL_TN^ ZQ ]P[]P^PY_TYR _SP ]`WP^ LYO PcLX[WP^ TY aP]^P LYO _SP ^ZW` _TZY^ TY []Z^P .Q ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx  

7T_P]L_T TY 4YOTL LYO 0`]Z[P



NT^PWd LWW _SP XZaPXPY_^ LYO [Z^T_TZY^ ZQ _SP [WLYP_^ b]Z_P ST^ ]PQP] PYNP bZ]V ZY Z]LNWP^ LYO _SP TY_P][]P_L_TZY ZQ ZXPY^ QZ] OZXP^_TN `^P TY L _]`Wd RWT__P]TYR OT^[WLd ZQ L]_T^_TN XP_P]^ 3T^ _Pc_MZZV ]PLO^ ]L_SP] XZ]P WTVP L XLY`LW ZY XP_P]^ _SLY LY PX[T]TNLW bZ]V ZQ YL_`]LW ^NTPYNP bSTNS T^ bSL_ _SP ^_`Od ZQ ZXPY^ NP]_LTYWd bL^ QZ] AL]£SLXTST]L 4_ T^ _SP XZ^_ NZX[WTNL_PO LYO XZ^_ LM^_]LN_ >LY^V]T_ V£adL L]_T^_TN [ZP_TN bZ]V TY PcT^_PYNP z \`T_P OTQQP]PY_ _SLY ZYP bZ`WO Pc[PN_ Q]ZX L bZ]V ZQ YL_`]LW ^NTPYNP BSd OTO AL]£SLXTST]L NSZZ^P _ST^ [L]_TN`WL] ^_dWP* BP NLY L^^`XP _SL_ SP OTO YZ_ bLY_ _Z ]P[PL_ _SP ML^TN ^PY_PYNP w4Q dZ` ^PP _ST^ _SL_ bTWW ^ZZY NZXP _Z [L^^x L _SZ`^LYO _TXP^ -`_ T_ bL^ YZ_ \`T_P L^ ^TX[WP L^ _SL_ MPNL`^P SP T^ YZ_ _SP ZYWd YL_`]LW ^NTPY_T^_ _Z ]PLNS QZ] [ZP_TN QZ]X^ ZQ Pc[]P^^TZY 4_ T^ TY QLN_ _d[TNLW ZQ LWXZ^_ LWW ZQ _SP L^_]ZYZXP]^ _SL_ _SPd OZ YZ_ `^P _SP NL_NSd TX[]ZX[_` ,Y`´¶`MS XP_P] Q]ZX _SP P[TN^ LYO ;`]£©L^ LYO PaPY XLVP L [ZTY_ ZQ LaZTOTYR T_ MPNL`^P T_ T^ ^Z ^TX[WP _Z `^P 4Y ^_PLO _SPd WTVP `^TYR _SP XZ]P OPXLYOTYR XP_P]^ PR _SP ¢]dL XP_P] ?ST^ XP_P] LWWZb^ Y`XP]Z`^ NZXMTYL_TZY^ MPNL`^P T_^ OPQTYTYR QPL_`]P T^ YZ_ _SP ^P\`PYNP ZQ ^SZ]_ LYO WZYR ^dWWLMWP^ M`_ _SP ^`X^ ZQ _SP ^SZ]_ LYO _SP WZYR ^dWWLMWP^ ?SP ^dY_SP^T^ ZQ PcLN_ ^NTPYNP LYO [ZP_]d Pc []P^^P^ L UZd TY _SP WLYR`LRP L M]TWWTLYNP TY ^NSZWL]Wd ^_`Od LYO PWP RLYNP LYO L OPXZY^_]L_TZY ZQ SZb bPWW ZYP NLY _STYV LYO OZ XL_SP XL_TNLW NLWN`WL_TZY^ ?SP [ZP_TN N]d[_TN WLYR`LRP SL^ _SP Q`YN_TZY ZQ NZYaTYNTYR LYO [P]QZ]XL_TaPWd LN_`LWWd N]PL_P^ _SP ^_L_P ZQ MPTYR NZY aTYNPO MPNL`^P _SP [ZP_TN QZ]X ZQ _SP ^NTPY_TQTN ^_L_PXPY_ TX[L]_^ _SP QWLT] ZQ ^ZXP_STYR TX[Z]_LY_ aLW`LMWP LYO Xd^_P]TZ`^ 4Y _P]X^ ZQ T_^ bZ]VTYR L[[]ZLNS L^_]ZYZXd T^ L []ZQLYP OT^NT[WTYP LYO OZP^ YZ_ NZXP TY_Z _SP NL_PRZ]d ZQ ±]`_T ]PaPWL_TZY L_ LWW /P^[T_P _ST^ TYOP[PYOPYNP T_ ^[PLV^ WTVP L ^LN]PO _Pc_ -d OZTYR ^Z T_ _S`^ ]P[]ZO`NP^ L N`W_`]LW [L__P]Y BSL_ T^ MPTYR ^Z`RS_ T^ YZ_ ^Z X`NS L []PNT^P PQQPN_TaP QZ]X` WL_TZY 4Y^_PLO _SP ^_L_PXPY_ X`^_ MP Q`WW ZQ MPL`_d LYO aT]_`Z^T_d LYO ^SZ`WO MP N]d[_TN LYO Xd^_P]TZ`^ ?SP Pc[P]_T^P X`^_ LW^Z MP Pc[P]_Wd XL^VPO ?SP L^_]ZYZXTNLW XPL^`]PXPY_^ X`^_ YZ_ MP ^TX[Wd b]T__PY OZbY 7T_P]L_T _ZZV [LTY^ _Z LaZTO MLYLWT_d LYO XZYZ_ZYd PaPY L_ _SP NZ^_ ZQ MPNZXTYR TYNZX[]PSPY^TMWP .ZX[]PSPY^TMTWT_d bL^ YZ_ _SPT] _Z[ []TZ]T_d :Y _SP NZY_]L]d SPL]P]^ LYO ]PLOP]^ bP]P ]P\`T]PO _Z RZ _Z L R]PL_ OPLW ZQ PQQZ]_ ?ST^ bZ`WO MP Q]ZbYPO `[ZY TY _SP BP^_P]Y _]LOT _TZY M`_ SP]P T_ T^ L VTYO ZQ ^PWQWPRT_TXLNd ?SP N`W_`]LW [L__P]Y SL^ L w]`WPx% _SP XZ]P TX[Z]_LY_ _SP XZ]P NZYaZW`_PO LYO PYTRXL_TN 4Y L^ _]ZYZXd _ST^ LW^Z aP]d X`NS NZ]]P^[ZYO^ _Z LY Pc[PN_L_TZY ,^_]ZWZRd bL^ TY aZR`P L^ PL]Wd L^ AL]£SLXTST]Lv^ _TXP L^ T_ LWbLd^ SL^ MPPY ^TYNP TY 4YOTL ,YO L^_]ZYZXd _ZZ _SP]PQZ]P SLO LY L`]L ZQ ^ZXP_STYR



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

Y`XTYZ`^ "# .]d[_TN LYO MPL`_TQ`W WLYR`LRP bL^ QT__TYR QZ] ^ZXP_STYR _SL_ T^ TY _SP ^_L]^ ?SP Y`XTYZ`^ T^ TYNZX[]PSPY^TMWP [P] ^P& ZYP SL^ _Z XLVP LY PQQZ]_ _Z `YOP]^_LYO T_ 9Zb L^_]ZYZXd T^ YZ PcNP[_TZY 6TX ;WZQVP] LW^Z YZ_P^ _SP QZWWZb TYR ]PRL]OTYR XL_SPXL_TN^ bSTNS MPNLXP TYOP[PYOPY_ L^ LY LM^_]LN_ ^NTPYNP _S]Z`RS ¢]dLMSL¶Lv^ bZ]V LW_SZ`RS T_ LWbLd^ ]PXLTYPO LY L[[WTPO ^NTPYNP NWZ^PWd LWWTPO bT_S L^_]ZYZXd% w4Y QLN_ OP_LTWPO Pc[WLYL_TZY^ LYO OPXZY^_]L_TaP OTLR]LX^ L]P ZNNL^TZY LWWd ]PQP]]PO _Z L^ uQZ] _SP O`WW bT__POv ?SP TY_PWWTRPY_ ^_`OPY_ T^ PaTOPY_Wd Pc[PN_PO _Z [ZYOP] LXMTR`Z`^ Z] ]TOOWTYR [S]L^P^ TY_Z bSTNS _SP [ZP_ SL^ [LNVPO X`W_T[WP XPLYTYR^ _Z NZYaPd _SP R]PL_P^_ [Z^^TMWP LXZ`Y_ ZQ XL_SPXL_TN^ TY _SP ^XLWWP^_ [Z^^TMWP Y`XMP] ZQ bZ]O^ LYO TYQP] Q]ZX _SPX bSL_ _SP WTYR`T^_TNLWWd LYO XL_SPXL_TNLWWd NZY^T^_PY_ TY_P][]P_L_TZY X`^_ MPx "$

8P_SZOZWZRTNLWWd _SP P^Z_P]TN M]PaT_d T^ ]PXTYT^NPY_ ZQ _SP >¼_]L ^_dWP M`_ T_ T^ YZ_ Md NSLYNP _SL_ ;WZQVP] ^[PLV^ ZQ _SP XL_SPXL_TNTLY^ L^ w[ZP_^x ?SP XP_]TN aP]^P QZ]X bL^ _SP ]`WP bSTWP _SP >¼_]L ^_dWP bL^ SL]OWd `^PO L_ LWW LYO PaPY NZXXPY_L]TP^ _ZZ bP]P ZQ_PY YZ_ b]T__PY TY []Z^P >ZXP ^NTPY_T^_^ NZX[Z^PO bSZWP bZ]V^ _SL_ L[[PL] L_ QT]^_ RWLYNP _Z SLaP YZ_STYR L_ LWW _Z OZ bT_S XL_SPXL_TN^ dP_ NLY MP ]PLO TY _bZ bLd^% PT_SP] L^ L [ZP_TN bZ]V ZQ WT_P]L_`]P Z] L^ Y`XP]LW _LMWP^ # 7LWWL #_S NPY_ QZ]X`WL_PO ST^ [Z^_`WL_P ZQ R]LaT_L_TZY TY _bZ aP]^P^ ZQ `Y]T aLWPO WT_P]L]d M]TWWTLYNP ]TNS TY LWWT_P]L_TZY% MSLaLYLMS£aL_`WZ[L_`W£^aLWLÀ ^_ST_LaL_¯ NL dL_S£ RšSLRZOSTV£  ^LXLM STOS£aL_T Y¼YLX LY£V`W£ V`aLWLdL^dL _L_SLTaL ULYZ v[d LOSLà  ²TVST²TVS£ RLRLYLÀ R`]` XPOTY¯À a]LUL_T dLOaLOTS£^XLOLaL^_ST_L`  _LWLRL_£X T_L]P´aL[T _L_ _L_S£ YL _LWLX L^_T MS`aLà VaL [L_L_a L^L`  5`^_ L^ L SZ`^PWTeL]O ]P^_TYR `YOP]YPL_S _SP N]Z^^ MPLX^ ZQ _SP NPTWTYR ZQ L ObPWWTYR ]`Y^ QZ]bL]O bT_SZ`_ SP^T_L_TZY ^Z OZ [PZ[WP ZY _SP MZ__ZX ^TOP ZQ _SP ^[SP]P ZQ _SP PL]_S 4Y Z`] OLTWd WTQP bP ^PP _SL_ _SP QWLXP ZQ QT]P RZP^ _ZbL]O^ _SP ^Vd LYO L SPLad bPTRS_ QLWW^ _ZbL]O^ _SP PL]_S 4Y _SP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# 3ZbPaP] ^TYNP APOTN _TXP^ _SP Q`YN_TZY LYO L[[WTNL_TZY ZQ L^_]ZYZXd ]PXLTYPO TX[Z]_LY_ QZ] ]PWTRTZY :Y AL]L]`NTv^ x8ZZY >PY_PYNP^x =LUL ,^_]ZYZXd LYO 8L_SPXL_TN^  ]PXL]V^% w?SP^P SLaP MPPY aP]d [Z[`WL] TY >Z`_S 4YOTL Q]ZX LYNTPY_ _TXP^ LYO bP]P `^PO QZ] _SP NLWN`WL_TZY ZQ _SP [Z^T_TZY^ ZQ _SP ^`Y LYO _SP XZZY TP _SP _T_ST LYO _SP YLV´L_]L ZQ PLNS OLd& _ST^ NLWN`WL_TZY bL^ NZY^TOP]PO L^ _SP XTYT X`X OLTWd O`_d ZQ L [TZ`^ 3TYO` TY 6P]LWL LYO _SP A£VdL^ bP]P _L`RS_ _Z _SP NSTW O]PY TY _SP []TXL]d ^_LRP ZQ PO`NL_TZY T_^PWQx 0aPY _ZOLd L^_]ZYZXTNLW NLWN`WL_TZY^ L]P _SP QZ`YOL_TZY ZQ _SP WZNLW LWXLYLN^ [LÓN£«RL  bSTNS OP_P]XTYP _SP OL_P^ ZQ ]P WTRTZ`^ QP^_TaLW^ QL^_TYR [P]TZO^ LYO L`^[TNTZ`^ _TXP^ ZQ OLd X`S¼]_L  "$ ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx  # ?ST^ L]_T^_TNLWWd OPXLYOTYR NZYaPY_TZY T^ []TYNT[LWWd QZ`YO L_ L WL_P] OL_P 4Y _ST^ NZYYPN_TZY ;TYR]PP 5dZ_Tಣ^_]L  # XPY_TZY^ L bZ]V Q]ZX _SP  _S NPY_`]d _SL_ L[ [L]PY_Wd `^P^ _SP VL¶L[Ld£OT NZOTYR ZQ AL]L]`NTv^ w8ZZY >PY_PYNP^x _Z OP^N]TMP _SP WTQP ZQ 6š´©L M`_ TY LN_`LW QLN_ NZXX`YTNL_P^ L^_]ZYZXTNLW _LMWP^ TY aP]^P

7T_P]L_T TY 4YOTL LYO 0`]Z[P



^LXP XLYYP] PaP]d_STYR _SL_ SL^ L ^`]QLNP _Z ]PLNS XLVP^ QZ] T_ ?SP PL]_S SZbPaP] SL^ YZ ^`NS ^`]QLNP BSP]P NLY T_ QLWW* 7LWWL ±T´dLOS¯ašOOSTOL  ""z# #

, BP^_P]Y ^NSZWL] bZ`WO SLaP L__PX[_PO _Z OP^N]TMP ^`NS L ^PY^L_TZYLW ^NTPY_TQTN OT^NZaP]d L^ R]LaT_L_TZY TY _SP R]PL_P^_ [Z^^TMWP OP_LTW LYO L[[WTPO _SP L]_ ZQ OPQTYT_TZY LYO YZ_ _SP L]_ ZQ Pc[]P^^TYR ZYP^PWQ TY MPL`_TQ`W WLYR`LRP >`NS MPSLaTZ] bZ`WO YZ_ MP _LVPY ^P]TZ`^Wd TY _SP BP^_ 4Y 4YOTL _SP ^T_`L_TZY T^ ^ZXPbSL_ OTQQP]PY_ 7LWWL OTO _ST^ []P NT^PWd MPNL`^P SP bL^ WZZVTYR QZ] LY L[[]Z[]TL_P QZ]X ZQ Pc[]P^^TZY 3P]P L]_T^_TN PYTRXL_TN WT_P]L]d ^[PPNS SL^ L WPRT_TXTeTYR Q`YN_TZY ?SP Z`_P] LYO _SP TYYP] XP^^LRP NZ]]P^[ZYO _Z PLNS Z_SP] TY _SP [P]QPN_ QZ]X ?SP ^TRYTQTNLYNP ZQ _SP ^_L_PXPY_ T^ PaTOPY_ U`^_ Q]ZX _SP M]TWWTLY_ Pc_P]TZ] XP^^LRP 1Z]X LYO NZY_PY_ OPXLYO LOXT]L_TZY LYO NSL]LN_P] TeP PLNS Z_SP] ?SP XP^^LRP T^ RTaPY LY LP^_SP_TN QZ]X MPNL`^P ZYP NZY^TOP]^ T_ aP]d TX[Z]_LY_ LYO ^P]TZ`^ LYO bT^SP^ _Z L__]LN_ L__PY_TZY ?SP ^NTPY_TQTN ^_L_PXPY_ T^ LW^Z PL^TP] _Z ]PXPXMP] LYO XPXZ]TeP TY L NZX[LN_ QZ]X LYO LP^_SP_TN XP_P] 9Z_ WPL^_ bT_S _SP L]_T^_TN TYaPY_TaP OT^[WLd NLY ZYP OPXZY^_]L_P ZYPv^ R]PL_ WPL]YTYR ^Z[ST^_TNL_TZY LYO M]TWWTLYNP LYO _SP]PQZ]P OZ L MP__P] UZM ZQ [P]^`L^TZY 1Z] _ST^ ]PL^ZY L R]PL_ OPLW ZQ PQQZ]_ T^ TYaP^_PO TY _SP Pc_P]YLW QZ]X 4_ SL^ XZ]P _SLY ZYP NZXX`YTNL_TaP aLW`P LYO L [ZWdaLWPY_ Q`YN_TZY MZ_S bT_STY T_^PWQ LYO MPdZYO _SP ZMUPN_ MPTYR NZXX`YTNL_PO ?ST^ XPLY^ _SL_ L Y`XMP] ZQ QLN_Z]^ NZY_]TM`_PO _Z _SP LP^_SP_TNTeL _TZY ZQ ^NTPY_TQTN ^_L_PXPY_^ LYO ^`MUPN_TaTeL_TZY^ TY 4YOTL% [SZYP_TN LYOZ] [TN_Z]TLW NZOTYR^ LYO ]PNT_L_TaP QZ]X^ ZQ LN\`T^T_TZY OT]PN_PO _Z ^PY^Z]d [P]NP[_TZY _SP TYNW`^TZY ZQ L`^[TNTZ`^ ^dXMZWT^X WTYR`T^_T NLWWd OPXLYOTYR [ZP_TN LYO XP_]TN QZ]X^ LYO MPTYR NZY^NTZ`^Wd N]d[_TN LYO ZQ_PY [ZWd^PXLY_TN ?ST^ Q`WQTWW^ ^ZNTLW Pc[PN_L_TZY^ LYO NZYaPY _TZY^ TY ]PWL_TZY _Z \`LWT_d WPL]YTYR LYO M]TWWTLYNP LYO LW^Z XLVP^ T_ [Z^^TMWP _Z LN\`T]P LYO w_`YP TY_Zx _SP ^NTPY_TQTN ZMUPN_ LQQPN_TaPWd ?SP LN\`T^T_TZY T^ LN_TaPWd QZ]XPO LYO ^_PP]PO ?SP wSLMT_`^x ZQ Pc[]P^^TYR QTR`]P^ TY ^Z`YO^ LYO aP]^P^ LYO NZY^NTZ`^Wd NL^_TYR ^NTPY_TQTN ^_L_P XPY_^ TY LY LP^_SP_TN QZ]X MPWZYR^ TY _SP QTPWO ZQ L X`NS M]ZLOP] N`W _`]LW wSLMT_`^x 4_ NLY MP ^PPY L^ L N`W_`]LW PQQPN_ ZQ bSL_ bP SLaP _P]XPO w_ST]O ^[LNP SLMT_`^x 1T]^_ _ST^ TYNW`OP^ _SP NZY_TY`Z`^Wd []P ^PY_ Z]LWL`]LW XPXZ]d LYO [P]QZ]XLYNP []LN_TNP _SP WL^_TYR []ZXT YPYNP ZQ _Pc_^ QZ] SPL]TYR LYO _SP WZbWd ^_L_`^ ZQ b]T_TYR PaPY bSP]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SP aP]^P^ L]P QZ`YO TY 4YOTLY ,^_]ZYZXd z , >Z`]NPMZZV -L^PO []TXL]TWd ZY >LY^V]T_ ?Pc_^ NZX[TWPO Md -A >`MML]LdL[[L LYO 6A >L]XL -ZXMLd% 9PS]` .PY_]P $#  ,NNZ]OTYR _Z L \`Z_L_TZY `^PO Md _SP 8`^WTX L^_]ZYZXP] ,W-T]`YT  TY 4YOTNL  -]LSXLR`[_L  $#z!!# SLO [Z^_`WL_PO R]LaT_d LYO _SP WLb ZQ R]LaT_L_TZY PaPY MPQZ]P 7LWWL OTO .Q w-]LSXLR`[_Lx TY BTVT[POTL _SP Q]PP PYNd NWZ[POTL PYbTVT[POTLZ]RbTVT-]LSXLR`[_L,^_]ZYZXd LNNP^^PO 8L]NS  $

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

[]LN_T_TZYP]^ [WLdPO bT_S WP__P]^ >PNZYO _SP VYZbWPORP _SL_ L bZ]O NZX[]T^P^ T_^ ^Z`YO U`^_ L^ X`NS L^ T_^ XPLYTYR LYO _SL_ bZ]O XPLYTYR T^ X`W_TOTXPY^TZYLW LYO _SP]PQZ]P [W`]T^PXLY_TN LYO WT_P]LW LYO XP_L [SZ]TNLW WPaPW^ ZQ XPLYTYR NLY MP [WLdPO bT_S z _SL_ T^ LY Pc_]PXPWd N]PL_TaP bLd ZQ `^TYR WLYR`LRP LYO [ZP_TN ^VTWW^ ,YO _ST]O _ST^ wSLMT _`^x LW^Z TYaZWaP^ L _d[P ZQ ^NTPY_TQTN NZXX`YTNL_TZY ^TRYTQTNLY_Wd OTQ QP]PY_ Q]ZX BP^_P]Y NZXX`YTNL_TZY ^TYNP T_^ PYTRXL_TN NZX[WTNL_TZY^ wAP]VWL`^`WTP]`YRx LYO LP^_SP_TN^ ^PY^Z]d LYO [ZP_TN L^[PN_^ LYO _SP L^^ZNTL_PO L`]LW L^[PN_ Xd^_P]d LYO XP_LWTYR`T^_TN NZXX`YTNL _TZY L]P ZQ_PY L STRSP] []TZ]T_d _SLY _SP NWL]T_d ZQ _SP []Z[Z^T_TZYLW ^_L_PXPY_ :`] _SP^T^ bTWW YZb MP _SL_ LWW ZQ _SP^P QLN_^ L]P ML^PO ZY L NZXXZY NL`^LW QZ`YOL_TZY% _SP []POZXTYLYNP ZQ WT_`]RTNLW ^[PPNS ?ST^ T^ [P] NPTaPO LWXZ^_ QZ]NTMWd L^ _SP XZ^_ [P]QPN_ WT_P]L]d QZ]X ZQ Pc[]P^^TZY MPNL`^P _SP APOL _SL_ T^ L WT_`]RTNLW _Pc_ LYO YZ_ Z_SP] WT_P]L_`]P^ ^`NS L^ PNZYZXTN WT^_^ Z] OTOLN_TN _Pc_^ ]P[]P^PY_^ _SP wZ]TRTYLW _Pc_x ZQ >LY^V]T_ N`W_`]P ,^ LW]PLOd Pc[WLTYPO TY _SP []PaTZ`^ NSL[_P] _ST^ Z]TRTYLW _Pc_ T_^PWQ []ZaTOPO _SP wOZ`MWP LP^_SP_TN _]LTYTYR R]Z`YOx ZQ LM^_]LN_TZY LYO Q` ^TZY QZ]XLWTePO ^_]TN_YP^^ LYO ^[PNTQTN ^PY^Z]TYP^^ PcLN_ Z]TPY_L_TZY ZY ]`WP^ LYO ^dXMZWTN MZ`YOL]d _]LY^T_TZY ?SP SdXY^ ZQ _SP ‹RaPOL bP]P Q`WW ZQ N]d[_TN PYTRXL_TN Pc[]P^^TZY^ LYO [ZP_TN XLRTN 7L_P] TY _SP XLY_]L [P]TZO LYO TY _SP P^Z_P]TN TY_P][]P_L_TZY^ ZQ _SP -]£SXL©L^ _ST^ bL^ Pc[WLTYPO TY L ]L_TZYLWT^_TN bLd M`_ _SPT] TY_P][]P_L_TZY bL^ PaPY XZ]P N]d[_TN 4Y XLYd L^[PN_^ _SP WT_`]RTNLW XZOPW ZQ APOL bL^ L STRSWd [Z_PY_ [WLNP ZQ WPL]YTYR ZQ TY_P]LN_TaP LP^_SP_TN LYO wYZYLP^_SP_TNx ^_dWP QZ]XL_TZY 4_ PaPY []PQTR`]PO _SP WTYV MP_bPPY [ZP_TN^ LYO XL_SP XL_TN^ ?SP NZY^_]`N_TZY ZQ _SP APOTN ^LN]TQTNTLW LW_L] TYaZWaPO RPZXP_ ]TN VYZbWPORP LYO TY _SP -]£SXL©L^ _SP]P T^ L N]PL_TaP [WLd bT_S QTR `]P^ _SL_ WTYV^ _SP Y`XMP] ZQ XP_P]^ LYO _SP ^dXMZWTN XPLYTYR ZQ _SP ]T_`LW LN_ _Z ZYP LYZ_SP] ?SP [P]QZ]XL_TaP [L]_TNT[L_Z]d L^[PN_^ TY _SP [`]^`T_ ZQ ^NTPYNP LYO T_^ LP^_SP_TN ^`MUPN_TaTeL_TZY^ L]P L YZ_ `YTX[Z]_LY_ [L]_ ZQ _SP _PLNSP] [`[TW ]PWL_TZY^ST[ L^ OPaPWZ[PO TY PcPX[WL]d QL^STZY TY _SP [L^^TYR OZbY ZQ _SP APOL Q]ZX QL_SP] _Z ^ZY ?SP [P]^ZYLW QLNP_ZQLNP _PLNSP][`[TW _]LY^XT^^TZY T^ LYZ_SP] ]PL^ZY QZ] LYO LYZ_SP] QLN_Z] ^`[ [Z]_TYR _SP WT_`]RTNLW XZOPW TY ^NTPYNP MPNL`^P _SP WT_`]RTNLW XZOPW ZQ [ZbP]Q`W ^[PPNS LW^Z OZXTYL_P^ _ST^ NZXX`YTNL_TZY LYO _]LY^XT^^TZY ^T_`L_TZY ?SP [P]^ZYLW ]PWL_TZY^ST[ LYO _SP []P^PY__TXP NZXX`YTNL _TZY T^ TX[Z]_LY_ LYO SP]P _SP YZYaP]MLW _SP L`]L LYO L`_SZ]T_d ZQ _SP _PLNSP] [WLd U`^_ L^ TX[Z]_LY_ L ]ZWP L^ _SL_ bSTNS T^ MPTYR _L`RS_ ?SP _PLNSP] OZP^ YZ_ SLaP _Z wRP_ LYd_STYR ZaP]x LYO _SP PXZ_TZYLW ]PWL _TZY^ST[ SL^ LW]PLOd MPPY OP_P]XTYPO% _SP [`[TW LOXT]P^ _SP _PLNSP]

7T_P]L_T TY 4YOTL LYO 0`]Z[P

"

]PRL]O^ STX L^ LY L`_SZ]T_d bLY_^ ^ZXP_STYR Q]ZX STX LYO X`^_ XLVP LY PQQZ]_ ?SP _PLNSP] £N£]dL ^SZ`WO MP ]PRL]OPO WTVP L RZO L^ _SP ?LT__T]ÅdL@[LYT´LO $ ^_L_P^ # ?SP _PLNSP] T^ _SP QTR`]P bT_S L`_SZ] T_d LYO _SP [ZbP] ZQ STRSP] VYZbWPORP LYO _SP]PQZ]P ZYP LW^Z LWWZb^ STX _Z ^[PLV ?SP [`[TW ZYWd WT^_PY^ ?SP wNZXX`YT_dx XZOPW TY _SP _PX[WP T^ ^TXTWL]% _SP []TP^_ ]PNT_P^ _SP WT_LYTP^ LYO XLY_]L^ bSTWP _SZ^P L__PYOTYR _SP ^P]aTNP ZYWd WT^_PY 8Z^_ ZQ _SP _TXP _SPd OZ YZ_ `YOP] ^_LYO _SP WLYR`LRP >LY^V]T_ _SP []TP^_ T^ `^TYR L_ LWW -`_ _SL_ T^ YZ_ TX[Z]_LY_ MPNL`^P _SPd VYZb aP]d bPWW bSL_ T_ T^ LWW LMZ`_ PaPY TQ _ST^ T^ ^TX[Wd MPNL`^P _SPd OZ XZ]P Z] WP^^ _SP ^LXP L_ _SPT] OZXP^_TN LW_L]^ L_ SZXP ,]NSP_d[LW WT_P]L]d ^[PPNS T^ WP^^ LMZ`_ _SP PQQTNTPY_ _]LY^ XT^^TZY ZQ TYQZ]XL_TZY _SLY LMZ`_ _SP NZY^T^_PYNd w>_TXXTRVPT_x ZQ _SP ^T_`L_TZY _SP [P]QPN_TZY ZQ _SP QZ]X LYO ]T_`LW PQQTNTPYNd ?SP XLUZ] L^[PN_ TY _SP WT_`]Rd T^ _SP aT]_`Z^T_d LYO _SP PQQTNLNd ZQ _SP ]T_`LW LN_ ?ST^ WT_`]RTNLW XZOPW NZY_TY`P^ TY _SP _PLNSP][`[TW NZXX`YTNL_TZY ?SP _]LY^XT^^TZY ZQ ^PY^P OZP^ `^`LWWd YZ_ SL[[PY TY QZ]X ZQ L OTLWZR 4Y^_PLO _SP _PLNSP]R`]` T^ _SP NSL]T^XL_TN aT]_`Z^Z _SL_ ZYP LW]PLOd MPWTPaP^ TY LYO Q]ZX bSZX ZYP X`^_ Pc_]LN_ _SP VYZbWPORP ?SP [`[TW SL^ _Z XLVP LY PQQZ]_ YZ_ _SP _PLNSP] bSZ T^ LW]PLOd TY [Z^^P^^TZY ZQ _SP [ZbP] ZQ VYZbWPORP LYO _Z bSZX ZYP _SP]PQZ]P aZW`Y_L]TWd ^`MZ] OTYL_P^ ZYP^PWQ ?ST^ XZOPW NLY MP _]LNPO LWW _SP bLd TY_Z _SP Xd_STNLW ^T_`L_TZY^ ZQ Z]LW _]LY^XT^^TZY QTcPO TY b]T_TYR  TY aL]TZ`^ OTQQP]PY_ ]PWTRTZ`^ RPY]P^ 1Z] PcLX[WP TY _SP ±TaLT_TN ;`]£©L^ ¢RLXL^ LYO ?LY_]L^ _SP RZO ±TaL T^ _SP R`]` bSZ ^[PLV^ ,YO T_ T^ []PNT^PWd _SP ^LXP ^T_`L_TZY bSPY _]LOT_TZY^ L]P [L^^PO OZbY TY ]PLWbZ]WO WTQP% _SP ZYP bSZ ^[PLV^ LWbLd^ ZNN`[TP^ L ^`[P]TZ] [Z^T_TZY TY _SP STP]L]NSd _SLY _SP ZYP bSZ L^V^ \`P^_TZY^ LYO WT^_PY^ ?ST^ T^ _SP ML^TN ^T_`L_TZY Q]ZX bSTNS _SP []LN_TNP ZQ XL_SPXL_TNLW ]P^PL]NS LYO _PLNSTYR OPaPWZ[PO 1Z] XL_SPXL_TN^ bL^ Z]TRTYLWWd `Y OP]^_ZZO _Z MP [L]_ ZQ L^_]ZYZXd LYO L^_]ZYZXd bL^ [L]_ ZQ APOTN ]T_`LW ^NTPYNP >Z XL_SPXL_TN^ LW^Z SLO T_^ ]ZZ_^ TY _SP _]LOT_TZYLW PO` NL_TZYLW ^d^_PX ZQ [L^^TYR ZY VYZbWPORP Q]ZX QL_SP] _Z ^ZY 4Y WL_P] [P]TZO^ _ZZ _SP XLUZ]T_d ZQ _SP L`_SZ]^ ZQ XL_SPXL_TNLW bZ]V^ bP]P -]LSXTY^ # 3ZbPaP] bP OZ YZ_ VYZb PcLN_Wd MPNL`^P XZ^_ ZQ _SP _TXP _SP L`_SZ]^ _SPX^PWaP^ OZ YZ_ RTaP X`NS LbLd LMZ`_ _SPT] TXXP OTL_P MLNVR]Z`YO^ PcNP[_ _SPT] YLXP^ LYO MTZR]L[STNLW OL_P^ , ]PaPLW TYR PcNP[_TZY T^ _SP LMZaPXPY_TZYPO 9LXM`OT]T-]LSXTY LYO ¢]dLM SL¶L NZXXPY_L_Z] 9¯WLVL©¶SL z  Q]ZX 6P]LWL bSZ^P OP_LTW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?ST^ T^ ^_L_PO TY L WT^_ ZQ [P]^ZY^ bSZ ^SZ`WO MP ]PaP]PO WTVP RZO^ YLXPWd ZYPv^ XZ_SP] QL_SP] _PLNSP] LYO R`P^_^ ?SP]P QZWWZb^ LY Pc_PY^TaP [L^^LRP ZY SZYZ]TYR -]LSXTY^ # ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx "#

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

LMZ`_ STX^PWQ ]PaPLW ^ZXP_STYR LMZ`_ _SP _]LY^XT^^TZY ^T_`L_TZY LYO XLVP^ NWPL] _SL_ APOTN LYO XL_SPXL_TNLW _]LTYTYR bP]P L_ WPL^_ TY _SP WL_P] [P]TZO _bZ aP]d OTQQP]PY_ _STYR^ # BP OTR]P^^ SP]P QZ] L XZXPY_ Q]ZX Z`] XLUZ] L]R`XPY_ ZQ LP^_SP_TN ^_dWP^ LYO _ST]O ^[LNP SLMT_`^ TY Z]OP] _Z RTaP ^ZXP TYQZ]XL_TZY LMZ`_ _SP ^ZNTLW ^P__TYR^ ,W_SZ`RS 9¯WLVL©¶SL OL_P^ Q]ZX ^PaP]LW NPY_`]TP^ WL_P] _SLY XZ^_ ZQ _SP WT_P]L_T bP OT^N`^^ _SP TY_P]P^_ TY L^_]ZYZXd LYO XL_SPXL_TN^ _SP PQQTNLNd ZQ ¢]dLMSL¶L LYO _SP LP^_SP_TN ^_dWP ZQ ]P[]P^PY_L_TZY TY aP]^P ]PXLTYPO L^ []P^PY_ L^ PaP] TY >Z`_SP]Y 4YOTL TY _ST^ [P]TZO 9¯WLVL©¶SL STX^PWQ NLY MP _LVPY L^ L NL^P ZQ L aP]d WPL]YPO -]LSXLY Q]ZX LY Z] _SZOZc QLXTWd MPWZYRTYR _Z 2L]RLRZ_]L LYO _SP ,²aLW£dLYL ^NSZZW ,^ L NSTWO SP ]PNPTaPO _]LTYTYR TY XL_SPXL_TN^ LYO L^_]ZYZXd M`_ YZ_ Q]ZX ST^ QL_SP] 4Y^_PLO SP bL^ _L`RS_ ZaP] L [P]TZO ZQ ^PaP]LW dPL]^ TY _SP SZ`^P ZQ _SP XL_SPXL_TN^ _PLNSP] L^ bL^ _SP N`^_ZX 3P LW^Z XPY _TZY^ _PLNSP]^ ZQ Z_SP] OT^NT[WTYP^ TY LOOT_TZY _Z L^_]ZYZXd _PLNSP]^ ZQ _SP APO£Y_L LYO ZQ R]LXXL] bSZX SP [Z^^TMWd RZ_ _Z VYZb L^ R`P^_^ TY _SP SZ`^P ZQ ST^ XL_SPXL_TN^ _PLNSP] LYO bSZ TY^_]`N_PO STX TY _ST^ ^P__TYR Z] XZ]P []ZMLMWd SP XP_ _SPX O`]TYR ST^ WL_P] UZ`]YPd^ _S]Z`RS 6P]LWL bSP]P SP bL^ NZWWPN_TYR XLY`^N]T[_^ 3T^ [L_]ZY bL^ ¢~a£ÓNP]T ?LX[]£VLW _SP ^[T]T_`LW SPLO ZQ _SP 9LXM`OT]T -]LSXTY^ ZQ 6P]LWL L[[L]PY_Wd ^`RRP^_PO _Z 9¯WLVL©¶SL _SP TOPL ZQ NWL]TQdTYR NZY _]ZaP]^TLW [ZTY_^ bT_S ¢]dLMSL¶Lv^ ^`NNP^^Z]^ ?SP PcLX[WP ZQ 9¯WLVL ©¶SL T^ TY_P]P^_TYR MPNL`^P T_ TWW`^_]L_P^ _SL_ [L_]ZYLRP bL^ YZ_ ZYWd []LN_TNPO Md ]`WP]^ L^ T^ ZQ_PY OP^N]TMPO TY _SP 4YOZWZRTNLW WT_P]L_`]P 4_ ]PaPLW^ _SL_ _SZ^P Z]_SZOZc _Z _SP APOL SLO L R]PL_ TY_P]P^_ TY [ZTY_^ ZQ XL_SPXL_TNLW OT^[`_P L^_]ZYZXd bL^ TX[Z]_LY_ _Z OPNTOP _SP ]TRS_ _TXP ZQ ]T_`LW LYO LW^Z _SL_ _]LTYTYR TY LYO ^_`Od ZQ XL_SPXL_TN^ _ZZV [WLNP Z`_^TOP ZQ _SP TXXPOTL_P ^[SP]P ZQ _PLNSTYR NZX[P_PYNP ZQ Z]_SZOZc APOL -]LSXTY^ LYO ]P[]P^PY_PO OTQQP]PY_ QZ]X^ ZQ TY^_]`N_TZY LYO PO` NL_TZY ?SP]P bP]P -]LSXTY^ LYO -]LSXTY^ LYO _SP UdZ_T´¯^ L^_]ZYZ XP]^ LYO L^_]ZWZRP]^ bP]P L OTQQP]PY_ NWL^^ ZQ -]LSXTY^ _SLY _SP XZ]P []P^_TRTZ`^ M`_ YZ_ YPNP^^L]TWd XZ]P ^ZNTLWWd ]P^[PN_PO ^_]TN_Wd Z]_SZ OZc NZYYZT^^P`]^ ZQ _SP APOL 7TVP [ZP_TN^ XL_SPXL_TN^ bL^ L VPd PWPXPY_ TY STRSP] PO`NL_TZY LYO MPWZYRPO XZ]P _Z _SP w[]ZQLYPx ^TOP ZQ PO`NL_TZY TY NZY_]L^_ _Z _SP L]_ ZQ APOL XPXZ]TeL_TZY QZ] bSTNS _SP 9LXM`OT]T^ bP]P QLXPO ]TRS_ `[ _Z XZOP]Y _TXP^ .ZY^TOP]TYR _SP STRS LXZ`Y_ ZQ [ZP_TN ^Z[ST^_TNL_TZY T_ XLd NZXP _Z ^`][]T^P SZbPaP] _SL_ `YWTVP [ZP_TN^ L^_]ZYZXd LYO XL_SPXL_TN bP]P YZ_ L ^NTPYNP ]ZZ_PO TY NZ`]_ N`W_`]P =L_SP] T_ Q`WQTWWPO _SP YPPO^ ZQ PaP]MZOd z [L] _TN`WL]Wd bSPY ]PWL_PO _Z L^_]ZWZRd 4Y _SPT] ]ZWP L^ L[[WTPO ^NTPYNP^ L^_]ZYZXd LYO XL_SPXL_TN^ SLaP MPPY aT_LW ]PRL]OTYR PaP]dOLd NZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 1Z] _SP QZWWZbTYR ^PP =LUL ,^_]ZYZXd LYO 8L_SPXL_TN^ !z

7T_P]L_T TY 4YOTL LYO 0`]Z[P

$

NP]Y^ LYO _SP NLWN`WL_TZY ZQ ]T_`LW _TXP `YT_^ z MZ_S YPPOTYR _SP XZ^_ []PNT^P NLWN`WL_TZY^ [Z^^TMWP ?SP TXLRP ZQ L^_]ZYZXP]^ LYO L^_]ZWZRP]^ OTO YZ_ ^_Ld `YNSLYRPO _S]Z`RSZ`_ ST^_Z]d 0aPY TQ TY _SP MPRTYYTYR L^_]ZYZXd bL^ LWbLd^ [L]_ ZQ _SP ZQQTNP ZQ L []TP^_ LYO []ZMLMWd ZYWd TY_P]P^_TYR _Z APOTN []TP^_^ ZaP] _SP NZ`]^P ZQ _TXP T_ TYN]PL^TYRWd MPNLXP LY ZNN`[L_TZY TY T_^ ZbY ]TRS_ P^[PNTLWWd LQ_P] _SP TX[Z]_L_TZY ZQ 3PWWPYTN SZ]L]d L^_]ZW ZRd NL _S NPY_`]d ,/ :YP SL^ _Z _STYV ZQ _SP L`_SZ]^ ZQ bZ]V^ ZY XL_SPXL_TN^ LYO L^_]ZYZXd TY NWL^^TNLW _TXP^ LYO TY [L]_TN`WL] _SPT] Y`XP]Z`^ ]PNT[TPY_^ Q]ZX LWW ^ZNTLW ^_]L_L L^ TYOP[PYOPY_ L^_]ZWZRP]^ z ^PWQPX[WZdPO L^ T_ bP]P z [P]QZ]XTYR ^P]aTNP^ TY _SPT] SZ]Z^NZ[P ZQ QTNP^ QZ] _SPT] XZ]P Z] WP^^ bPLW_Sd NWTPY_PWP Q]ZX LWW ^ZNTLW NWL^^P^ 8Z^_Wd _SPd bP]P YPPOPO QZ] _SP XTOOWP NWL^^P^ =T_`LW NLWPYOL]^ LYO SZ]Z^NZ[P^ bP]P P^^PY_TLW QZ] L ^`NNP^^Q`W WTQP ]LYRTYR Q]ZX MT]_S SZ]Z^NZ[P^ _Z _SP L^_]ZWZRTNLW LYO XL_SPXL_TNLW ML^TN^ ZQ M`TWOTYR L SZ`^P ,^_]ZWZRP]^ PT_SP] SLO L NL^_P ZQ _SPT] ZbY Z] PW^P MPWZYRPO _Z ZYP ZQ _SP NL^_P^ ZQ _SZ^P []ZQP^^TZYLW^ []LN_TNTYR L^_]ZYZXd L^_]ZWZRd LYO XL_SPXL_TN^ NLWWPO UdZ_T´¯^  8Z^_ ZQ _SP L`_SZ]^ ZQ _SP LMZaP XPY_TZYPO XL_SPXL_TNLW LYO L^_]ZYZXTNLW bZ]V^ LYO _SP TXXPOTL_P `^P]^ ZQ ^`NS bZ]V^ Z]TRTYL_PO Q]ZX _ST^ ^ZNTLW ^_]L_`X # ?SPd RPYP] LWWd PL]YPO _SPT] WTaTYR Md XLVTYR NLWPYOL]^ QZ] ]T_`LW `^P LYO L^_]Z WZRTNLW []POTN_TZY^ QZ] WZNLW N`^_ZXP]^ Z] bZ]VTYR QZ] bPLW_Sd [L_]ZY^ bSZ SLO L []LN_TNLW TY_P]P^_ TY Z] ^[PNTLW WTVTYR QZ] L^_]ZYZXd LYO XL_SPXL_TN^ ^`NS L^ bPWWZQQ XP]NSLY_^ Z] bPWW_ZOZ STRS NL^_P APOL -]LSXTY^ LYO ZNNL^TZYLWWd PaPY ±¼O]L^ ?SPY TY _SP PTRS_S NPY_`]d #! XL_SPXL_TN^ QTYLWWd MPNLXP LY TYOP [PYOPY_ ^NTPYNP L^ LY PO`NL_PO ËWT_P QZ]XPO TY 4YOTL ?]LY^]PRTZYLW _]LOP bT_S Z_SP] NZ`Y_]TP^ LYO PaPY Z_SP] NZY_TYPY_^ SLO []ZO`NPO L NZY^TOP]LMWP LXZ`Y_ ZQ ^`][W`^ aLW`P Q]ZX bSTNS ZQ NZ`]^P _SP XP] NSLY_^ MPYPQT_PO XZ^_ ZQ LWW LW_SZ`RS ]PaPY`P bL^ LW^Z RPYP]L_PO QZ] _SP _LcNZWWPN_TYR ]`WP]^ LYO _SPT] Pc_PY^TaP ^_LQQ^ ZQ ZQQTNTLW^ ;Z^^TMWd LW^Z O`P _Z _SP R]PL_ ]P^[PN_ TY bSTNS WPL]YPO []TP^_^ bP]P SPWO TY 4YOTL _ST^ PXP]RTYR NWL^^ ZQ YZ`aPL`c]TNSP^ bL^ ZQ_PY WP^^ TY_P]P^_PO TY XL _P]TLW _SLY TY_PWWPN_`LW bLd^ ZQ _`]YTYR _SPT] PNZYZXTN [Z^T_TZY TY_Z ^ZNTLW []P^_TRP 0O`NL_TZY MPNLXP L N`W_`]LW RZZO TY T_^ ZbY ]TRS_ BPWW_ZOZ [L]PY_^ bT^SPO _SPT] NSTWO]PY _Z SLaP _SP XZ^_ NZX[]PSPY ^TaP PO`NL_TZY [Z^^TMWP TY _SP ^NTPYNP^ PaPY TQ _SP ^VTWW^ LN\`T]PO SLO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q LW^Z ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx "" Q #! ?SP -LV^S£W¯ XLY`^N]T[_ L [`]P XL_SPXL_TN^ SLYOMZZV T^ OL_PO TY _ST^ bLd NQ ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx ! QQ 0aPY _SZ`RS XL_SPXL_TN^ LW]PLOd PcSTMT_^ TYOP[PYOPY_ _]LT_^ TY ¢]dLMSL¶L TY PL]Wd _TXP^ T_ bL^ LWbLd^ TY_PR]L_PO TY_Z L^_]ZY ZXd ?ST^ ZQ_PY ]PXLTYPO ^Z QZ] _SP XLUZ] NLWN`WL_TZY^ M`_ L_ L]Z`YO #$ ,/ bP LW^Z QTYO _Pc_MZZV^ ZY XL_SPXL_TN^ LWZYP



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

YZ_STYR _Z OZ bT_S _SP QLXTWd ZNN`[L_TZY OP_P]XTYPO Md _SPT] NL^_P 8Z]PZaP] PO`NL_TZY bL^ ^Pcd , YPb ZNN`[L_TZYLW R]Z`[ ZQ PO`NL_PO SP_LP]LP PXP]RPO _SL_ SLO YZ_STYR TY NZXXZY bT_S _SP TXLRP ZQ L _]LOT _TZYLW 4YOTLY bZXLY ?SP 4YOTLY NZ`]_P^LY^ ZQ NWL^^TNLW _TXP^ bP]P YZ_ ZYWd ^VTWWPO TY _SP L]_ ZQ WZaP LYO [WPL^LY_ [L^_TXP^ ^`NS L^ ^TYRTYR LYO OLYNTYR ?SPd LW^Z SLO LWXZ^_ LY LNLOPXTN WPaPW ZQ PO`NL_TZY PYLMWTYR _SPX _Z UZTY TY OT^N`^^TZY^ ,^ L NZY^P\`PYNP _SP^P bZXPY bP]P SPWO TY STRS ]PRL]O LYO _SP]P bL^ YZ NZX[L]T^ZY MP_bPPY _SPT] ^_L_`^ LYO _SL_ ZQ L []Z^_T_`_P bZ]VTYR _SP ^_]PP_^ aP²d£  1Z] ]TNS NT_TePY^ _SPd bP]P NZX[LYTZY^ QZ] RLXP^ LYO PWPRLY_ P^NZ]_^ LYO _SPd bP]P PaPY PX[WZdPO L_ _SP NZ`]_^ ZQ ]`WP]^ ?SPT] WTaP^ bP]P YZ WZYRP] OPQTYPO Md QTOPWT_d _Z L S`^MLYO LYO MPL]TYR XLYd NSTWO]PY LYO _ST^ ]`MMPO ZQQ ZY LWW bZXPY _Z ^ZXP Pc_PY_ 1Z] PcLX[WP _SP bZ]V 7¯W£aL_¯ w?SP ;WLdQ`W BZXLYx Md _SP L^_]ZYZXP] -S£^VL]L 44 M  T^ ZQ [L]_TN`WL] TY_P] P^_ MPNL`^P T_ NZY_LTY^ PaTOPYNP _SL_ bZXPY TY w]P^[PN_LMWPx NT]NWP^ YZb LW^Z PYUZdPO PO`NL_TZY TY XL_SPXL_TN^ ?SP _Pc_MZZV 7¯W£aL_¯  b]T__PY TY aP]^P LYO OPLWTYR []TXL]TWd bT_S _SP NZY_]ZaP]^TLW [Z^T_TZY^ ZQ ¢]dLMSL¶L LYO -]LSXLR`[_L bL^ b]T__PY QZ] L RT]W ZQ _SP ^LXP YLXP []ZMLMWd _SP OL`RS_P] ZQ _SP L`_SZ] #" >Z TQ _SPd bP]P W`NVd bZXPY LYO RT]W^ bP]P MZ]Y TY_Z L QLXTWd _SL_ NZ`WO LQQZ]O ^`NS STRSP] WPL]YTYR QZ] _SPX ?ST^ bL^ \`T_P `YWTVP APOTN _]LTYTYR bSTNS ]TRS_ TY_Z XZOP]Y _TXP^ bL^ ]P^P]aPO QZ] w_bTNP MZ]Yx XLWP QLXTWd XPXMP]^ ,^ ZYP XLd TXLRTYP _ST^ OPaPWZ[XPY_ N`WXTYL_PO bSP]P _SP]P bL^ _SP XZ^_ XZYPd z L_ _SP NZ`]_^ ZQ _SP []TYNP^ , ^`]P ^Z`]NP ZQ PaTOPYNP ZQ ]ZdLW [L_]ZYLRP bSTNS _PWW^ `^ L WZ_ LMZ`_ ^NTPY_TQTN N`W_`]P LYO _SP NZ`]_ T^ 8LS£a¯]L _SP QLXZ`^ YTY_S NPY_`]d 5LTY XL_SPXL_TNTLY bSZ^P [L_]ZY bL^ L ]`WP] Q]ZX PT_SP] 8LSL]L^_S]L Z] 6L]YL_LVL 3T^ bZ]V QZ] _PLNSTYR XL_SPXL_TN^ T^ ZYP ZQ _SP PL]WTP^_ [TPNP^ ZQ XL_P]TLW PaTOPYNP ZQ L QZ]X ZQ XL_SPXL_TN^ ^P[L]L_PO Q]ZX L^_]ZYZXd 4Y T_ XL_SPXL_TNLW QTYOTYR^ LYO ]`WP^ QZ] NLWN`WL_TZY L]P ^P_ Z`_ L^ TY L _Pc_MZZV 8LdMP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" .Q ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx "z!" bSTNS NZY_LTY^ L _]LY^WL_TZY ZQ _SP bZ]V ]PQWPN_TYR NWPL]Wd _SP NZXX`YTNL_TaP ^T_`L_TZY TY bSTNS TYN]PL^TYRWd NZX[WT NL_PO XL_SPXL_TNLW _L^V^ bP]P ^P_ ]TRS_ `[ _Z _SP NLWN`WL_TZY ZQ ^\`L]P LYO N`MP ]ZZ_^ LWRPM]L LYO RPZXP_]d 1Z] PcLX[WP T_ ^Ld^ TQ _SP LW[SLMP_TNLW NZOP QZ]X`WL^ L]P _]LY^X`_PO TY_Z Y`XMP] bZ]O^ ^ZXP_STYR WTVP _ST^% w :S 7¯W£aL_¯ TY_PWWTRPY_ RT]W TQ dZ` `YOP]^_LYO LOOT_TZY LYO ^`M_]LN_TZY _PWW XP _SP ^`X ZQ _SP LXZ`Y_^ _bZ QTaP _ST]_d_bZ ZYP S`YO]PO YTYP_d_S]PP PTRS_PPY _PY LYO L S`YO]PO L^ bPWW L^ F_SP ]PXLTYOP] ZQH _SZ^P bSPY ^`M_]LN_PO Q]ZX _PY _SZ`^LYO m " 1LbYPdPO NSTWO 7¯W£aL_¯ WP_ T_ MP ^LTO SZb X`NS T^ _SP Y`XMP] F]P^`W_TYR Q]ZXH ZYP_S]PPQTaP X`W_T [WTPO Md _bPWaP TQ dZ` `YOP]^_LYO X`W_T[WTNL_TZY Md ^P[L]L_P [L]_^ LYO Md ^P[L]L_P OTRT_^ ,YO _PWW FXPH MPL`_TQ`W ZYP SZb X`NS T^ _SL_ []ZO`N_ OTaTOPO Md _SP ^LXP X`W_T[WTP] m  1]TPYO _PWW FXPH _SP ^\`L]P ZQ YTYP ZQ QZ`]_PPY ZQ _S]PP S`YO]PO XTY`^ _S]PP LYO ZQ Ld`_L FH [W`^ QTaP TQ dZ` VYZb _SP bLd _Z []ZO`NP ^\`L]P^ mx TMTO $z 

7T_P]L_T TY 4YOTL LYO 0`]Z[P



_ST^ TYYZaL_TaP bLd ZQ XLVTYR XL_SPXL_TN^ TYOP[PYOPY_ TY^[T]PO 8L S£a¯]L _Z MPRTY bT_S LY LOaP]_T^PXPY_ QZ] ST^ L]_ 3P NWLTX^ _SL_ OZTYR NLWN`WL_TZY^ TY LWW _STYR^ ZQ _ST^ bZ]WO bSP_SP] _SPd MP ^LN]PO Z] []Z QLYP T^ TX[Z]_LY_ LYO YPPOPO TY LWW ^NTPYNP^% w4Y LWW _SP^P _]LY^LN_TZY^ bSTNS ]PWL_P _Z bZ]WOWd APOTN Z] FZ_SP]H ^TXT WL]Wd ]PWTRTZ`^ LQQLT]^ NLWN`WL_TZY T^ ZQ `^P 4Y _SP ^NTPYNP ZQ WZaP TY _SP ^NTPYNP ZQ bPLW_S TY X`^TN LYO TY O]LXL TY _SP L]_ ZQ NZZVTYR LYO ^TXT WL]Wd TY XPOTNTYP LYO TY _STYR^ WTVP _SP VYZbWPORP ZQ L]NST_PN_`]P 4Y []Z^ ZOd TY [ZP_TN^ LYO [ZP_]d TY WZRTN LYO R]LXXL] LYO ^`NS Z_SP] _STYR^ LYO TY ]PWL_TZY _Z LWW _SL_ NZY^_T_`_P^ _SP [PN`WTL] aLW`P ZQ FLWWH _SP FaL]T Z`^H L]_^ _SP ^NTPYNP ZQ NZX[`_L_TZY T^ SPWO TY STRS P^_PPXx ##

?ST^ []LRXL_TN aTPb ZQ _STYR^ T^ []ZMLMWd YZ_ ZYWd L^^ZNTL_PO bT_S _SP QLN_ _SL_ _SP 5LTYL^ bP]P LWbLd^ RZZO _]LOP]^ M`_ LW^Z ]PaPLW^ L NZX XZY wSLMT_`^x ZQ ^NTPY_T^_^ TY _SP NWL^^TNLW [P]TZO z ZQ XLTY_LTYTYR TY _P]OT^NT[WTYL]d PO`NL_TZY LYO []Z[Z`YOTYR LY TY_PR]L_TaP aTPb ZQ _SP ^NTPYNP^ ?ST^ SLMT_`^ bL^ LW^Z bTOP^[]PLO L_ _SP []TYNP^v NZ`]_^ ?SP LMZaP \`Z_L_TZY XLVP^ T_ ZMaTZ`^ _SL_ bSTWP ]PWTRTZY bL^ LY P^^PY_TLW ]P\`T]PXPY_ ZQ _SP PWPRLY_ NZ`]_ N`W_`]P TYNW`OTYR L^_]ZYZXTNLW L^_]Z WZRTNLW NLWN`WL_TZY^ ZQ _SP _TXP^ ZQ QP^_TaLW^ P_N LYO T^ PaPY XPY _TZYPO TY QT]^_ [WLNP T_ T^ YZ_ `^`LWWd _SP XZ^_ TX[Z]_LY_ L^[PN_ NZYNP]Y TYR _SP bLd ZYP WPLO^ ZYPv^ WTQP LYO ]P[]P^PY_^ ZYWd ZYP ^PRXPY_ LXZYR aL]TZ`^ OTQQP]PY_ ^PY^P Z]TPY_L_TZY^ w>TYYZ]TPY_TP]`YRPYx 8LS£a¯]L WT^_^ LWW _SP ^NTPYNP^ _SL_ bP]P TX[Z]_LY_ LYO SPWO TY STRS ]PRL]O L_ NZ`]_ ^_L]_TYR bT_S _SP L]_ ZQ WZaP V£XL²£^_]L LYO _SP ^NT PYNP ZQ bPLW_S L]_SL²£^_]L  4Y WL_P] _TXP^ SP bZ`WO YZ_ SLaP SLO _Z OPQPYO XL_SPXL_TN^ ^Z PWZ\`PY_Wd ,NNZ]OTYR _Z ;WZQVP] TY NZ`]_Wd NT]NWP^ w]PN]PL_TZYLW L]T_SXP_TNx NLXP `YOP] w[ZWT_P LX`^PXPY_ ZQ XPY LYO bZXPY LWTVPx #$ LYO _SP L]_ ZQ NLWN`WL_TZY L[[PL]PO ZY L WT^_ ZQ wNTaTWTePO L]_^x WTVP RLXP^ ZQ NSLYNP []Z^ZOd P_N TY bSTNS RT]W^ LYO bZXPY ^SZ`WO MP NZX[P_PY_ 4Y _SP NZ`]_ ^P__TYR _SP TOPL ZQ [WLd QZ] T_^ ZbY ^LVP OZXTYL_PO DP_ _SP YPNP^^T_d ZQ WPL]YTYR SZb _Z OZ NLWN`WL _TZY^ SZbPaP] OPQTYT_PWd LW^Z SLO L []LRXL_TN L^[PN_ @[[P]NWL^^ bZXPY bP]P Pc[PN_PO _Z SLaP XL^_P]PO _ST^ ^VTWW wL^ L _ZZW TY SZ`^P SZWO XLYLRPXPY_ LYO L^ L NTaTWTePO ]PQTYPXPY_x $ >Z T_ T^ NP]_LTYWd YZ_ NZX[WP_PWd TYNZ]]PN_ _Z ^`[[Z^P _SL_ _SP ^NTPY _T^_^ MPYPQT_PO Q]ZX _SP NZ`]_^ LYO L RZZO [P]QZ]XLYNP OPXZY^_]L_TYR ZYPv^ ZbY M]TWWTLYNP bT_S ]PQTYPXPY_ []ZMLMWd LW^Z SLO MP__P] []Z^[PN_^ ZQ [L_]ZYLRP bSTWP WP^^P] L]_T^_TN ^VTWW^ bZ`WO ]PO`NP ZYPv^ WPRT_TXLNd LYO LWW _SP XZ]P ^Z MPNL`^P _SP ]`WP]^ _PYOPO _Z MP MP__P] aP]^PO TY _SP ]`WP^ ZQ [ZP_]d _SLY TY STRSP] XL_SPXL_TN^ Z] L^_]ZYZXd :YP NLYYZ_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ## Z`YO

OPYd L NP]_LTY NZ]]PWL_TZY MP_bPPY _SP PWPRLY_ WPT^`]P [`]^`T_^ ZQ [ZY OP]TYR [`eeWP^ LYO WPL]YTYR _Z OZ XL_SPXL_TNLW NLWN`WL_TZY^ LYO _SP M]TWWTLYNP [ZP_TN^ LYO N]d[_TN YL_`]P ZQ XL_SPXL_TNLW w^PWQ []P^PY_L_TZYx ?ST^ []P^PY_L_TZY bL^ ^PPY L^ L RZZO NZYaPY_TZY MP WZYRPO _Z _SP XL_SPXL_TNLW P_SZ^ PYSLYNPO ZYPv^ N]POTMTWT_d LYO [P] ^`L^TaP NL[LMTWT_d LYO NP]_LTYWd LW^Z M]Z`RS_ []P^_TRP :YP XLd _SP]P QZ]P ^`[[Z^P _SL_ _SP LMTWT_d _Z N]PL_P Pc_]PXPWd NZX[LN_ ^_L_PXPY_^ LYO LW^Z _Z ^STYP WTYR`T^_TNLWWd WTVP _SP bZ]WOWd [ZP_^ bL^ OPQTYT_PWd W`N]L _TaP L_ WPL^_ QZ] ^ZXP ZQ _SP L^_]ZYZXP]XL_SPXL_TNTLY^ ?SZ^P bSZ SLO XL^_P]PO _ST^ L]_ NZ`WO Pc[PN_ _Z ]PL[ LOXT]L_TZY QLXP ]P^[PN_ LYO ]ZdLW [L_]ZYLRP LYO ^PN`]P _SPT] ]P[`_L_TZY TY WL_P] RPYP]L_TZY^ ?SP NZXXZY ^T_`L_TZY ZQ _SP WPL]YPO WT_P]L_T WTVP _SL_ ZQ _SPT] ]P NT[TPY_^ bL^ SZbPaP] L^ LW]PLOd TYOTNL_PO TYOP[PYOPY_ ZQ _SP NZ`]_ N`W_`]P LYO L RZZO OPLW XZ]P []LRXL_TN _SLY LY PWPRLY_ [L^_TXP Z] _SP OP^T]P QZ] STRSP] PO`NL_TZY QZ] T_^ ZbY ^LVP 8L_SPXL_TN^ bL^ YZ_ ZYWd L ^NTPYNP ZQ PWT_P NWL^^P^ 8Z^_ XL_SPXL_TNTLY^ LYO L^_]ZYZXP]^ bP]P YZ_ NZ`]_Wd ZQQTNP]^ M`_ [P]^ZY^ ZQ _]LOT_TZYLW WPL]YTYR 8Z^_ ZQ _SPT] ]PNT[TPY_^ bP]P wXTOOWPNWL^^x L^_]ZWZRP]^ bSZ bZ]VPO QZ] NWTPY_^ Q]ZX LWW ^ZNTLW ^_]L_L AL]L]`NTv^ LW[SLMP_ML^PO NZOTYR ^d^_PX VL¶L[Ld£OT QZ] _SP YZ_L_TZY ZQ Y`XMP]^ MPNLXP bTOP^[]PLO [L]_TN`WL]Wd TY >Z`_S P]Y 4YOTL LYO TY L ^TX[WTQTPO QZ]X PaPY LXZYR WLdXPY LYO Z]OTYL]d ^_`OPY_^ 4_ LWWZbPO XZ]P [Z^^TMTWT_TP^ ZQ [ZP_TN NZXX`YTNL_TZY ^P XLY_TN WZLOTYR LYO X`W_T[WP XPLYTYR^ _SLY ,]dLMSL¶Lv^ XZ]P NZX[WPc NZOTYR LYO _ST^ XTRS_ SLaP MPPY L XLUZ] ]PL^ZY QZ] T_^ [Z[`WL]T_d :YP _STYR L[[WTPO MZ_S _Z _]LOT_TZYLW _PLNSTYR LYO _Z WL_P] PWPRLY_ NZYaP]^L_TZY% _SP WT_`]RTNLW XZOPW ZQ _SP 4YOTLY WT_P]L_T N`W_`]P L`_SZ] T_d ZQ _SP NZXX`YTNL_Z] PYTRXL_TN ^[PPNS SP]XP_TN _PNSYTNLW WLYR`LRP NZ`[WPO bT_S MPL`_d ZQ Pc[]P^^TZY P_N ]PXLTYPO NZY^T^_PY_ ?ST^ LP^ _SP_TN ^_dWP ZQ wOZTYR ^NTPYNPx bL^ LY PQQPN_ ZQ _SP w_ST]O ^[LNP SLMT _`^x bSTNS NZXMTYPO Z]LWT_d LYO WT_P]LNd LYO M]Z`RS_ LM^_]LN_TZY LYO Q`^TZY _ZRP_SP] ?ST^ SLMT_`^ RPYP]L_PO T_^ ZbY XPLY^ ZQ VYZbWPORP Z]RLYT^L_TZY LYO NZXX`YTNL_TZY ?SP ^T_`L_TZY T^ NZX[WP_PWd OTQQP]PY_ TY _SP BP^_ BP^_P]Y ^NTPY_TQTN _Pc_^ L]P Q`YN_TZYLW LYO [`][Z^PQ`W ?SPd OZ YZ_ SLaP _Z MP _SP NPY_P] ZQ LOXT]L_TZY Z] MP MPL`_TQ`W WP_ LWZYP Xd^_P]TZ`^ 4Y ^NTPYNP _SL_ ^Z]_ ZQ _STYR bZ`WO MP ^PPY L^ LYd _STYR M`_ bZ]_Sd ZQ []ZXZ_TZY BSL_PaP] ZYP ^Ld^ ZYP ^SZ`WO LaZTO MPTYR N]d[_TN 4_ T^ TX[Z]_LY_ YZ_ ZYWd _Z TX[L]_ VYZbWPORP M`_ LW^Z _Z OPXZY^_]L_P PQQTNLNd NWL]T_d QZ]XLW ]TRZ] TY []P^PY_L_TZY ZQ PaTOPYNP LYO _SP bTWW _Z []P^PY_ _SP NZY_PY_ TY [P]^`L^TaP L]R`XPY_ :YP bT^SP^ ZYWd _Z [`_ QZ]bL]O NP]_LTY _SP^P^ LYO _S`^ SLaP L RPY`TYP PQQPN_ ?SP NZY_PY_ ^SZ`WO MP NZYaTYNTYR YZ_ _SP LP^_SP_TN L`]L 4Y 4YOTL Md NZY _]L^_ ^_]ZYR YZYQ`YN_TZYLW L^[PN_^ L]P LW^Z ^TRYTQTNLY_ ?SP ^NTPY_TQTN ^_dWP Z] _Z `^P =PNVbT_ev bZ]O^ _SP LP^_SP_TN XLYYP] ZQ ^`MUPN_TaTeL

7T_P]L_T TY 4YOTL LYO 0`]Z[P



_TZY TY ^NTPYNP T^ L _Z_LWWd OTQQP]PY_ ZYP ?SP TX[L]_TYR ZQ VYZbWPORP T^ NPWPM]L_PO LYO RTaPY L N]PL_TaP QZ]X ?SP ^NTPY_TQTN ^_L_PXPY_^ L]P N]d[ _TNLWWd M]TPQ M`_ LW^Z PWLMZ]L_PO MPNL`^P _SP `^P ZQ NZX[WTNL_PO XP_P]^ LYO _SP [WLd bT_S _SP X`W_T[WP XPLYTYR^ ZQ ^TRY^ LWWZb^ L NZY^NTZ`^ ^PXTZ_TNTeL_TZY LYO QTN_TZYLWTeL_TZY RZTYR MPdZYO _SP ^NTPY_TQTN XP^ ^LRP :YP w^_LRP^x _SP ZMUPN_ LYO LW^Z ZYP^PWQ 8LVTYR _STYR^ SP]XP_TN T^ Q`Y LYO _SP MPL`_TQ`W QZ]X N]PL_P^ L ^_]ZYRP] PXZ_TZYLW ]PWL_TZY^ST[ LYO T^ ËWT_T^_ L_ _SP ^LXP _TXP ?SP ^_]TVTYR XTc_`]P ZQ ^_]TN_YP^^ LYO Z]YLXPY_ T^ WTVP L ^[TNd ^YLNV bT_S ^bPP_ _PL 0WPRLY_ ^NTPY_TQTN NZX X`YTNL_TZY T^ YZ_ [Z^^TMWP bT_SZ`_ Pc_PY^TaP PO`NL_TZY 9Z_ ZYWd SL^ ZYP _Z VYZb _SP NZOP^ LYO _SPT] OPNZOTYR M`_ ZYP X`^_ LW^Z []ZaP ZYPv^ ZbY M]TWWTLYNP `^TYR ]PQTYPXPY_ ?ST^ ]P\`T]P^ XZ]P _SLY ^VTWW TY ZYPv^ OT^NT[WTYP 8L_SPXL_TNTLY^ LYO L^_]ZYZXP]^ X`^_ MP P\`LWWd bPWW aP]^PO TY _SP NZYaPY_TZY^ ZQ [ZP_TN^ LYO []ZaP _SPT] ^VTWW L_ [ZP_]d 7PL]YTYR ^SZ`WO MP NZXX`YTNL_PO bT_S TYaPY_TaP M]TWWTLYNP >Z[ST^_TNL _TZY OPXLYO^ PWPRLY_ LYO N]d[_TN []P^PY_L_TZY ,YO _SP ]PNT[TPY_^ L]P ]P\`T]PO _Z bZ]V SL]O MPNL`^P _SP LXMT_TZ`^ []TXP LTX T^ _Z TY_P][]P_ NZ]]PN_Wd _SP N]d[_TN ]`WP^ _SL_ L]P bZaPY TY_Z PaP]d aP]^P 9Z_ PaPY _SP NZXXPY_L_Z]^ XLVP WTQP PL^d QZ] _SPT] ]PNT[TPY_^ -S£^VL]L bSZ b]Z_P _SP PL]WTP^_ NZXXPY_L]d ZY _SP ¢]dLMSL¶¯dL TY !$ LW]PLOd L^^`XP^ _SL_ ST^ ]PLOP]^ L]P QLXTWTL] bT_S _SP ML^TN L]T_SXP_TNLW Q`YN_TZY^ LYO PaPY OPLW^ ]L_SP] ^[L]TYRWd bT_S _SP Pc_]LN_TZY ZQ ^\`L]P LYO N`MP ]ZZ_^ bSP]PL^ XZ]P NZX[WTNL_PO _PNSYT\`P^ L]P TWW`^_]L_PO TY R]PL_P] OP_LTW ,Q_P] LWW QZ] L NZXXPY_L_Z] _SP]P T^ YZ_STYR bZ]^P _SLY TY^`W_TYR _SP TY_PWWTRPYNP ZQ ST^ ]PLOP]^ST[

#

?SP 4YOTLY 7T_`]RTNLW 8ZOPW LYO _SP 2]PPV 7ZRZNPY_]TN 8ZOPW

,^ Pc[WLTYPO LMZaP Q]ZX _SP LP^_SP_TN w_ST]O ^[LNPx ZQ ^ZYLWT_d z L ^[LNP _SL_ TYNW`OPO _SP Pc[P]TPYNPO ^Z`YO bZ]WO ZQ [P]QZ]XLYNP []LN _TNP^ L^ bPWW L^ _SP b]T__PY WT_P]L_`]P _]LOT_TZY z _SP]P PXP]RPO aP]d TYOTaTO`LW QZ]X^ ZQ ^NTPY_TQTN ]P[]P^PY_L_TZY ^NTPY_TQTN XP_SZO^ LYO ^NT PY_TQTN WLYR`LRP% M]TWWTLY_ QZ]X^ ZQ LM^_]LN_TZY LYO Q`^TZY bT_S _SP ZM UPN_ TY _SP ^PY^P^ LYO _S]Z`RS [ZP_]d ,P^_SP_TN LYO YZYLP^_SP_TN L__T _`OP^ Z] _Z `^P Z`] _P]XTYZWZRd PXLYNT[L_Z]d LYO [L]_TNT[L_Z]d Z]TPY_L_TZY^ QWZb TY_Z ZYP LYZ_SP] ZaP] LYO ZaP] LRLTY ,NNZ]OTYR _Z _SP _SP^T^ [`_ QZ]bL]O SP]P ZYP ^PP^ Q]ZX _SP Z]LNWPWTVP L^[PN_^ [P] aLOTYR PaPY _SZ^P L]PL^ ZQ ^NTPYNP TYOP[PYOPY_ ZQ ]PWTRTZY _SL_ _SP XZOPW T^ LN_`LWWd _SP WT_`]Rd ZQ _SP []TP^_^ ?ST^ T^ YZ_ ^`][]T^TYR TQ ZYP aTPb^ _SP ^T_`L_TZY Q]ZX _SP [ZTY_ ZQ aTPb ZQ N`W_`]LW ST^_Z]d ?SP ZWO P^_ WT_P]L]d ^Z`]NP TY 4YOTL _Z bSTNS PaP]dZYP ]PQP]^ T^ TY QLN_ L WT_`]RT



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

NLW _Pc_ 0aP]dZYP bSZ bL^ PO`NL_PO LYO WT_P]L_P VYPb _SP APOL :_S P]^ Z]TPY_PO _SPX^PWaP^ ZY _SP WT_P]L_T _SP ]`WP^ ZQ [ZP_]d _SP Pc[]P^ ^TaT_d ZQ _SP @[LYT´LO^ _SP P[TN^ _SP ;`]£©L^ LYO _SPT] [P]QZ]XLYNP []LN_TNP^ ,^ WT_`]RTNLW ^[PPNS bL^ [P]NPTaPO _Z MP _SP XZ^_ [P]QPN_ WT_P]L]d QZ]X ZQ Pc[]P^^TZY MPL`_TQ`W QZ]X N]d[_TN NZX[WTNL_PO ^[PPNS LYO _SP N]PL_TZY ZQ LY LP^_SP_TN Y`XTYZ`^ L`]L bP]P YZ_ ^PPY L^ QZ]PTRY _Z ^NTPYNP M`_ ZY _SP NZY_]L]d bP]P NPWPM]L_PO ?SP WT_`]RTNLW XZOPW Pc[WLTY^ bSd _SPd SLaP ^[PNTLW [ZbP]^ ZQ [P]^`L^TZY LYO WPRT_TXLNd PaPY TY _SP ^NTPYNP^ _SL_ L]P TYOP[PYOPY_ ZQ ]PWTRTZY ?SP WT_P]L]d QZ]X ZQ Pc[]P^^TZY TY _SP PL]Wd ^NTPY_TQTN _]LOT_TZY TY 4YOTL ]PQWPN_^ XLYd L^[PN_^ _SL_ =PNVbT_e ]PRL]O^ L^ ^[PNTQTNLWWd wLP^_SP_TNx L^ Z[[Z^PO _Z YZYLP^_SP_TN _]LY^XT^^TZY ZQ TYQZ]XL_TZY% YZ_ ZYWd [`][Z^P M`_ LW^Z L^[PN_^ ZQ [`][Z^PWP^^YP^^ LYO ZQ PYUZdXPY_ YZ_ ZYWd NZX[WTLYNP bT_S ]`WP^ LYO ^_LYOL]OTeL_TZY M`_ LW^Z [ZTP_ZWZRTNLW \`LWT_TP^ ZQ _LVTYR LN _TZY N]PL_TaP ^SL[TYR [WLdTYR bT_S WLYR`LRP ^Z`YO^ LYO X`W_T[WP XPLYTYR^ LYO L NZY^NTZ`^ ^PXTZ_TNTeL_TZY ZQ _SP LN_`LW NZYOT_TZY^ RZ TYR MPdZYO []LN_TNLW `^P ,^ ^NTPYNP bL^ NZYO`N_PO _ST^ bLd YZ_ ZYWd OTO _SP WT_`]RTNLW XZOPW [P]QZ]XL_TaPWd _LVP L []ZQLYP _`]Y M`_ _SP]P bL^ LW^Z L ^LN]LWTeL_TZY ZQ []ZQLYP ^NTPYNP ?SP ]SP_Z]TNLW Q`YN_TZY ZQ NZX[WTNL_PO [ZP_TN LYO Z]LNWPWTVP ^[PPNS T^ QT]^_ LYO QZ]PXZ^_ ZYP ZQ ^SZbTYR ZQQ ZYPv^ NWPaP]YP^^ ZQ WPRT_TXL_TZY LYO ZQ [P]^`L^TZY M`_ L_ _SP ^LXP _TXP T_ T^ LY Pc[]P^^TZY ZQ N]PL_TaT_d LYO L w_PNSYZWZRd ZQ _SP ^PWQx ?ST^ LP^_SP_TN ^_dWP ZYP NLY LW^Z ^[PLV ZQ ^NTPY_TQTN ^`MUPN_TaTeL_TZY NZXX`YTNL_P^ ZY _SP XP_LWTYR`T^_TN WPaPW aP]d X`NS XZ]P _SLY XP]P ^NTPY_TQTN ^_L_PXPY_^ >TYNP WT_`]RTNLW ^[PPNS T^ ]PRL]OPO L^ _SP XZ^_ [P]QPN_ WT_P]L]d QZ]X ZQ Pc[]P^^TZY _SP ^NTPY_T^_^ ^[PLV L^ T_ bP]P WTVP L ^LN]PO _Pc_ ?SP [ZbP] ZQ VYZbWPORP ZQ _SP WT_P]L_T [L]_TNT[L_P^ TY _SP ^dXMZWTN YTXM`^ ZQ _SP Z]TRTYLW APOTN _Pc_ LYO ^TX`W_LYPZ`^Wd L^^P]_^ LYO ^_]PYR_SPY^ T_^ ZbY []ZQLYP L`_ZYZXd LYO L`_SZ]T_d ?ST^ XPLY^ _SL_ _]LOT_TZYPW 4YOTLY ^NTPY_T^_^ LNNZ]O _SP []P^PY_L_TZY ZQ _SPT] ZMUPN_^ L ^dXMZWTN aLW`P LYO NSL]LN_P]TeP _SPX TY _ST^ bLd z L aLW`P RZTYR MPdZYO _SP ZMUPN_^v []LN_TNLW `^P ?SP _PYOPYNd _Z ^LN]LWTeP ^NTPY_TQTN ]L_TZYLWT_d T^ NP]_LTYWd YZ_ QZ`YO TY P\`LW XPL^`]P _S]Z`RSZ`_ LWW ^NTPY_TQTN WT_P]L _`]P^ M`_ LWXZ^_ LWW ^NTPY_TQTN ^d^_PX^ OZ SLaP L [L]_TNT[L_Z]d L^[PN_ =LYRTYR Q]ZX R]LXXL] LYO NWL^^TNLW [STWZ^Z[Sd _Z _]LOT_TZYLW XPOT NTYP _SPd NWLTX _Z M]TYR OPWTaP]LYNP >NTPYNP _ZZ T^ ^`]]Z`YOPO Md LY L`]L ZQ _SP ^LN]PO ZQ _SP Pc_]LZ]OTYL]d YZYaP]MLW LYO Y`XTYZ`^ ?SP bTWW _Z N]PL_P [L]_TNT[L_TZY LYO Xd_STNLW PXMPOOTYR OT^N`] ^TaPWd LYO [P]QZ]XL_TaPWd MPNZXP^ XZ^_ ZMaTZ`^ bSP]P ^NTPYNP L[[PL]^ TY [Z[`WL]TePO QZ]X LYO WZLOPO LW^Z ^PXLY_TNLWWd bT_S Xd_S 1Z] PcLX [WP _SP -SLV^S£W¯ XLY`^N]T[_ LY PTRS_S NPY_`]d XL_SPXL_TN^ SLYO MZZV []P^PY_^ T_^PWQ bT_S _SP QZWWZbTYR bZ]O^%

7T_P]L_T TY 4YOTL LYO 0`]Z[P



w8L_SPXL_TN^ ^_LYO^ L_ _SP _Z[ ZQ LWW ^NTPYNP^ 8L_SPXL_TN^ []ZO`NPO TY _SP X`YOLYP bZ]WO _SL_ SL^ L MPRTYYTYR LYO PYO T^ R]PL_ 4_ bL^ LQ_P] _SP .]PL_TZY _SL_ FXL_SPXL_TN^ bL^H _Z MP RPYP]L_PO Md >TaL _SP >`[]PXP ^[T]T_x $

?d[TNLW ZQ _SP ]PWTRTZ`^ ^PXTZ_TNTeL_TZY ZQ _SP ^NTPY_TQTN ZMUPN_ T^ _SP ^NTY_TWWL_TYR Z^NTWWL_TZY MP_bPPY QTN_TZY LYO ]PLWT_d $ ?SP TX[WTPO w^_L_PXPY_x TY _SP \`Z_L_TZY T^ ZMaTZ`^Wd _SL_ XL_SPXL_TN^ T^ L [`]PWd []ZQLYP ^NTPYNP dP_ L_ _SP ^LXP _TXP T_ LW^Z SL^ ^ZXP_STYR ^`[P]YL_`]LW LYO _TXPWP^^P_P]YLW LMZ`_ T_ ?SP OZ`MWP XPLYTYR NZY_LTYPO TY _SP Xd_STNLW QTN_TZYLWTeL_TZY bL^ NP]_LTYWd NZY^NTZ`^Wd TY_PYOPO ?ST^ ^NT PYNP SL^ _Z MP TY^[T]PO Q]ZX L ^`[P]YL_`]LW ^Z`]NP []PNT^PWd MPNL`^P T_ T^ ^Z PcNPWWPY_ LYO aTNP aP]^L _SP OTaTYP Z]TRTY Pc[WLTY^ bSd XL_SP XL_TN^ T^ _SP _Z[ ^NTPYNP ?SP YL]]L_TZY WPYO^ _SP []ZQLYP ^NTPYNP L` _SZ]T_d WPRT_TXLNd LYO LY L`]L ZQ _SP Y`XTYZ`^ :YP XTRS_ MP _PX[_PO _Z ^PP TY _ST^ PcLX[WP L OP^T]P _Z WPRT_TXTeP XL_SPXL_TN^ z bSTNS SLO ZYWd U`^_ M]ZVPY LbLd Q]ZX L^_]ZYZXd -`_ TY QLN_ _SP [L__P]Y _S]Z`RS Z`_ >LY^V]T_ N`W_`]P T^ OTQQP]PY_ ?SP ]`WP T^ XZ]P ZQ L WL_P] Xd_STNLW ZaP]NZL_TYR LQ_P] _SP ^NTPYNP SL^ MPNZXP P^_LMWT^SPO L`_ZYZXZ`^ LYO ]PNZRYTePO $ ?ST^ T^ [L]_TN`WL]Wd YZ_TNPLMWP TY R]LXXL] bSTNS TY ]PLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ a£dLÀMS`aL >TOOS£Y_L  bSTNS bL^ _L`RS_ Md _SP RZO -]LSX£ STX^PWQ ?ST^ ^_L_PXPY_ T^ YZ_ SZbPaP] L^ YLTaP L^ T_ XLd L[[PL] 4Y QLN_ _SP]P T^ LY PL]WTP] bZ]V Q]ZX _SP _S NPY_`]d b]T__PY L^ L OTLWZR MP _bPPY _SP RZO -]LSX£ LYO L bZ]^ST[P] bSZ bT^SP^ _Z WPL]Y _SP ^NTPYNP ZQ XL_SPXL_ TN^ LYO T_ NZY_LTY^ XLYd _PLNSTYR^ _SL_ L]P LW^Z QZ`YO TY _SP ¢]dLMSL¶¯dL  ?ST^ bZ]V SL^ ZYWd ^`]aTaPO TY L NZ]]`[_PO LYO LM]TORPO QZ]X DP_ T_ L[[L]PY_Wd LW^Z TY^[T]PO -S£^VL]Lv^ NZY_PX[Z]L]d -]LSXLR`[_L !# ,/ bSZ PY_T_WPO ST^ ZbY bZ]V -]£S XL^[S`_L^TOOS£Y_L w.Z]]PN_PO ?]PL_T^P ZQ -]LSX£x LYO TY T_ N]T_TNTePO XLYd ZQ ¢]dLMSL¶Lv^ _PLNSTYR^ ^ZXP_TXP^ bT_SZ`_ U`^_TQTNL_TZY ?ST^ T^ _SP QT]^_ PaTOPYNP ZQ ]TaLW ^NSZZW^ ZQ XL_SPXL_TN^ .Q ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx  PcNP][_ Q]ZX -S£^VL]Lv^ NZXXPY_L]d LYO # ZY _SP bZ]V ;LT_£XLSL^TOOS£Y_L  LW^Z VYZbY L^ -]LSXL^TOOS£Y_L  ?SP WL_P] NZXXPY_L_Z] ;L]LXP²aL]L NL ! ^_TWW NLWW^ _ST^ ^Z`]NP LY TY^[T]L_TZY QZ] ¢]dLMSL¶Lv^ L^_]ZYZXd LYO TY_P][]P_^ _SP L[[PLW _Z -]LSX£ L^ LY TYaZNL_TZY ZQ _SP STRSP^_ w^PWQMZ]Yx OPT_d _SP -]LSXLY bSTNS LN_^ NZ^XZW ZRTNLWWd TY _S]PPQZWO QZ]X -]LSX£AT´©`=`O]L >TXTWL]Wd ¢]dLMSL¶Lv^ ^`MUPN_ T^ OTQQP]PY_TL_PO TY_Z _SP _S]PP L]PL^ ZQ XL_SPXL_TN^ NS]ZYZWZRd LYO ^[SLP]TN^ .Q 0WQP]TYR /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4 "Q $ ?SP YL]]L_TaP [L__P]Y ZQ L__]TM`_TYR XL_SPXL_TN^ LYO L^_]ZYZXd _Z L RZO LYO YZ_ ZYWd L[[PLWTYR _Z STX QZ] ^`NNP^^ L^ ¢]dLMSL¶L OTO MPNZXP^ XZ]P NZXXZY TY WL_P] _TXP^ L^ _SP ePYT_S ZQ TYYZaL_TaP ]P^PL]NS _S NPY_ T^ [L^^PO LYO QZ] ZaP] _S]PP S`YO]PO dPL]^ ZYWd NZXXPY_L]TP^ LYO XTYZ] bZ]V^ L]P b]T__PY .Q ;TYR]PP 5dZ_Tಣ^_]L  #

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

T_d SLO WZYR MPPY w_SP _Z[ ZQ LWW ^NTPYNP^x TY []LN_TNP MPNL`^P _Z `^P XZOP]Y UL]RZY T_ NSL]LN_P]TePO LYO WTYVPO S`XLYT_TP^ LYO YL_`]LW ^NT PYNP^ WTVP YZ Z_SP] OT^NT[WTYP LYO []P^N]TMPO _SP ]`WP^ ZQ [P]QPN_ ^[PPNS QZ] MZ_S ]PWTRTZ`^ LYO []ZQLYP WT_P]L_T 3ZbPaP] TY ]PWL_TZY _Z _SP ^NTPY _TQTN R]LXXL] _SP]P L]P ^ZXP ZQ _SP XZ^_ [Z[`WL] LYO XZ^_ bTOP^[]PLO TY^_LYNP^ ZQ LN_TaP ]PXd_STQTNL_TZY ?SP [Z[`WL] ^_Z]d ZQ SZb ;£©TYTv^ _PNSYTNLW []L_d£S£]L NZOP^ L]Z^P Q]ZX ±TaLv^ SLYO O]`X T^ L w_PWWTYRx PcLX[WP :YP NZ`WO YZ_ Pc[]P^^ T_ bT_S L MP__P] XP_L[SZ]% 2PYT`^ LYO VYZbWPORP^NTPYNP SLaP _SPT] [WLNP TY _SP SPLaPY^ _SPd L]P ^ZXP_STYR wPc_]L_P]]P^_]TLWx LYO Xd^_P]TZ`^ LYO L_ _SP ^LXP _TXP _SP [P]QPN_ Z]OP] ZQ _SP R]LXXL_TNLW ^d^_PX ]PQWPN_^ _SP NZ^XTN Z]OP] LYO T_^ _]LY^NPY OPY_ Z]TRTY ?SP R]LXXL]TLY LYO WTYR`T^_TN [STWZ^Z[SP] -SL]_šSL]T  _S NPY_ ,/ ZYP ZQ 4YOTLv^ XZ^_ M]TWWTLY_ ^NTPY_T^_^ PWLMZ]L_PO _ST^ _SZ`RS_ TY L aP]d ]L_TZYLWWd ]PQWPcTaP bLd TY ST^ WTYR`T^_TN XP_L[Sd^TNLW OT^N`^^TZY^ ZY _SP ±LMOL-]LSXLY WT_P]LWWd wBZ]O-]LSXLYx _SL_ z L^ _SP WLYR`LRP T_^PWQ Z] _SP WLYR`LRP []TYNT[WP z T^ _SP OdYLXTN NZXX` YTNL_TaP Z]TRTY ZQ _SP bSZWP ZQ PcT^_PYNP ,_ _SP ^LXP _TXP -SL]_šSL]T OPaPWZ[PO L []ZQLYP ^NTPY_TQTN _SPZ]d ZQ WLYR`LRP LYO LY L[[]ZLNS QZ] N`W_`]LW ^_`OTP^ bSTNS ^_TWW ^PPX _Z MP PcNP[_TZYLWWd XZOP]Y PaPY _Z OLd 7ZZVTYR L_ ST^ ZaP]LWW ^d^_PX ZYP NLY ^Ld _SL_ SP `^P^ _SP NZYNP[_ ZQ -]LSXLY L^ L SZWT^_TN XP_L[SZ] 3T^ ±LMOL-]LSXLY T^ YZ_ _TPO _Z LYd VTYO ZQ ]PWTRTZ`^ NZYQP^^TZY PcNP[_ _SP _]LOT_TZYLW R]LXXL]TLY^v ^_L_PXPY_ _SL_ R]LXXL] M]TYR^ OPWTaP]LYNP bSTNS TY -SL]_šSL]Tv^ b]T_ TYR^ T^ RTaPY L ]L_TZYLWT^_TN _`]Y _SL_ R]LXXL] LYO WTYR`T^_TN^ ^Ld ^ZXP _STYR LMZ`_ _SP ^_]`N_`]P ZQ ]PLWT_d LYO _SZ`RS_ LYO SZb MZ_S OP[PYO ZY WTYR`T^_TN Pc[]P^^TZY BP bTWW NZXP MLNV _Z -SL]_šSL]T YZ_ ZYWd TY _SP 3T^_Z]d ^PN_TZY M`_ LW^Z TY _ST^ 8P_SZOZWZRd ^PN_TZY MPNL`^P SP T^ ZYP ZQ _SZ^P ^[PNTLW w^_]L_PRTN LRPY_^x bSZ TYT_TL_PO w]LOTNLW LP^_SP_TN XZaPXPY_^x LYO _SP]PQZ]P QZ]XPO LP^_SP_TN Z]TPY_L_TZY^ LYO ^`MUPN_TaT eL_TZY^ LYO TY _ST^ NL^P bSL_ bP NLWW L w`YTaP]^LW Xd_Sx ?Z ^`XXL]TeP _SP ZM^P]aL_TZY^ ZY SZb ^NTPYNP bL^ NZYO`N_PO TY _]LOT_TZYLW 4YOTL ZYP NLY ^Ld _SL_ TY_PWWPN_`LW ^ZNTLWTeL_TZY LYO ^NTPY _TQTN ^_dWP QZ]XL_TZY bP]P R]PL_Wd []PQTR`]PO LYO XL]VPO Md _SP wWT_`]RT NLW XZOPWx :bTYR _Z _SP WT_`]RTNLW XZOPW PYTRXL_TN N]d[_TN LYO NZY aZW`_PO ^[PPNS bL^ YZ_ LaZTOPO TY 3TYO` 4YOTL PaPY TY ^NTPYNP :Y _SP NZY_]L]d T_ bL^ N`W_TaL_PO LYO NPWPM]L_PO L^ T_ [Z^^P^^P^ L ^[PNTLW N`W _`]LW aLW`P LYO L`_SZ]T_d LYO LW^Z _TP^ ZYP TY PXZ_TZYLWWd 9Z_ NWPL] ^_L_PXPY_^ M`_ [P]QPN_Wd QZ]XPO ^[PPNS LYO [ZTP_ZWZRTNLW \`LWT_TP^ ZQ LN_TZY ZNN`[d _SP QZ]PR]Z`YO LYO SLaP PQQTNLNd ,^ L ]`WP [`][Z^PWP^^ L^[PN_^ L]P LWbLd^ bZaPY TY_Z ^NTPY_TQTN ^_L_PXPY_^ ?SP NZYNT^P LP^ _SP_TN ^_dWP NZXMTYP^ ^PY^Z]d [P]NP[_TZY LYO Pc[P]TPYNP bT_S QZ]XLW ]L_TZYLWT_d N]PL_TaT_d bT_S _SP WZRTN ZQ `^PQ`WYP^^ L ^PXTZ_TNTeL_TZY ZQ ]PLWT_d bT_S ZMUPN_TaP ]PLWT^X LYO LY ZY_ZWZRd ZQ [WLd bT_S LY ZY_ZWZRd

7T_P]L_T TY 4YOTL LYO 0`]Z[P

"

ZQ Z]OP] ;WLdTYR bT_S X`W_T[WP XPLYTYR^ LWXZ^_ TYaL]TLMWd L_ _SP MP RTYYTYR^ ZQ _SP bZ]V^ ZQ_PY PY^`]P^ _SL_ ^ZXP_STYR wY`XTYZ`^x NZXP^ TY_Z aTPb wMPSTYOx _SP ^TRY^ LYO LY PXMPOOTYR TY L WL]RP] wXPLYTYR bSZWPx w>TYYRLYeP^x LYO _S`^ L_ _SP ^LXP _TXP ZYP ^LN]LWTeP^ ZYPv^ ZbY ^NTPY_TQTN LN_TaT_d LYO TYOP[PYOPY_ ]PL^ZYTYR @^TYR _SP^P LP^_SP_TN [P]QZ]XLYNP^ PaPY bZ]V^ ZQ YL_`]LW ^NTPYNP Q`YN_TZY L^ ^_]ZYR wYP_ bZ]V^ ZQ [P]NP[_TZY LYO LQQPN_RPYP]L_TZYx w;P]eP[_TZY^ `YO ,Q QPV_RPYP]TP]`YR^YP_ebP]VPx ?SPd YPaP] ^ZWPWd M]TYR LMZ`_ LQQPN_TaPWd YP`_]LW L^^TXTWL_TZY ZQ VYZbWPORP M`_ LW^Z L`_SPY_TNL_P _SP LQQPN_TaP LN\`T^T_TZY ZQ _SP ZMUPN_ ,WW ZQ _ST^ T^ ]PTYQZ]NPO Md _SP _d[P ZQ NZX X`YTNL_TZY LYO [P]^ZYLW _]LY^XT^^TZY TY _SP _PLNSP][`[TW ]PWL_TZY^ST[ bSTNS L^ Z`_WTYPO LMZaP LW^Z ]P[]ZO`NP^ _SP wWT_`]RTNLW XZOPWx ZQ L`_SZ]T_L_TaP ^[PPNS -Z_S L^[PN_^ ZQ _SP wWT_`]RTNLW XZOPWx M]TYR LMZ`_ OT^_TYN_ ^_dWP^ ZQ XPLYTYR LYO L RPYP]L_TZY ZQ LQQPN_ _SL_ L]P OT^_TYN_ Q]ZX BP^_P]Y bLd^ ZQ _PLNSTYR LYO NZYO`N_TYR ^NTPYNP ?SP QZWWZbTYR \`Z_L_TZY ]PaPLW^ U`^_ SZb N]L^^ _SP OT^N]P[LYNd T^ QPW_ _Z MP LYO YZ_ ZYWd _ZOLd M`_ LW^Z Md _SP 8`^WTX L^_]ZYZXP] ,W -T]`YT  bSPY SP _]LaPWPO TY 4YOTL ,W-T]`YT SLO MPPY _]LTYPO TY _SP XP_SZOZWZRd LYO [STWZ^Z[Sd ZQ _SP 2]PPV XL_SPXL_TNTLY^ LYO ]P [Z]_^ ZY ST^ ^NTPY_TQTN PcNSLYRP bT_S 4YOTLY NZWWPLR`P^ L^ QZWWZb^% w4 MPRLY _Z ^SZb F4YOTLY ^NSZWL]^H _SP PWPXPY_^ ZY bSTNS _ST^ ^NTPYNP ]P^_^ _Z [ZTY_ Z`_ _Z _SPX ^ZXP ]`WP^ ZQ WZRTNLW OPO`N_TZY LYO _SP ^NTPY _TQTN XP_SZO^ ZQ LWW XL_SPXL_TN^ LYO _SPY _SPd QWZNVPO _ZRP_SP] ]Z`YO XP Q]ZX LWW [L]_^ bZYOP]TYR LYO XZ^_ PLRP] _Z WPL]Y Q]ZX XP 4 NLY ZYWd NZX[L]P _SPT] XL_SPXL_TNLW LYO L^_]ZYZXTNLW WT_P]L_`]P L^ QL] L^ 4 VYZb T_ _Z L XTc_`]P ZQ [PL]W ^SPWW^ LYO ^Z`] OL_P^ Z] ZQ [PL]W^ LYO O`YR Z] ZQ NZ^_Wd N]d^_LW^ LYO NZXXZY [PMMWP^ -Z_S VTYO^ ZQ _STYR^ L]P P\`LW TY _SPT] PdP^ ^TYNP _SPd NLYYZ_ ]LT^P _SPX^PWaP^ _Z _SP XP_SZO^ ZQ L ^_]TN_Wd ^NTPY_TQTN OPO`N_TZYx $

,W-T]`YTv^ NSL`aTYT^X SP]P NLY SZbPaP] YZ_ MP ^Z aP]d NZX[WP_P z LQ_P] LWW SP _]LaPWPO _Z 4YOTL _Z ^_`Od _SP NZ`Y_]dv^ L^_]ZYZXd bSTNS L_ _SL_ _TXP WPO _SP bZ]WO L_ T_^ ^Z`]NP /P^[T_P _ST^ T_ X`^_ SLaP MZZ^_PO ST^ ^PWQP^_PPX _Z MP LMWP _Z OPXZY^_]L_P ^ZXP_STYR _Z _SP 4YOTLY^ _SL_ _SPd SLO YZ TOPL LMZ`_% XL_SPXL_TNLW OPO`N_TZY _SL_ T^ _SP OP]TaL_TZY ZQ XL_SPXL_TNLW ^_L_PXPY_^ Q]ZX Z_SP] ^_L_PXPY_^ ZY _SP ML^T^ ZQ ^TX[WP []PXT^P^ ^`NS L^ _SP NZXX`YT_L_TaT_d ]`WP wL  M ( M  Lx ?SP 4YOTLY XL_SPXL_TNLW bZ]V^ QZN`^ ZY LWRZ]T_SX^ TP ^_L_PXPY_^ ZQ _SP _d[P wTQ dZ` bT^S _Z NLWN`WL_P _ST^ dZ` X`^_ OZ _SL_ LYO _SL_x LYO YZ_ LWRPM]LTN QZ]X`WLP bSTNS TY LYd NL^P bZ`WO YZ_ SLaP WPY_ _SPX^PWaP^ _Z _SP aP]^P QZ]X _SL_ bL^ MPTYR `^PO TY XLYd NL^P^ 4YOTLY XL_SPXL_TNTLY^ L[[]ZLNS _SPT] ^NTPYNP TY L _Z_LWWd []LRXL_TN bLd 1Z] PcLX[WP _SPd QPW_ _SL_ NP]_LTY []ZMWPX^ TY BP^_P]Y XL_SPXL_TN^ ^`NS L^ _SP []ZaP]MTLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ Z`YO

w^\`L]TYR _SP NT]NWPx bP]P YZ_ []ZMWPX^ L_ LWW ^TYNP _SP ]P^`W_ NZ`WO MP L[[]ZcTXL_PO 4_ T^ _d[TNLW _SL_ _SP QLXZ`^ Y`XMP] [T bSTNS NLY YPaP] MP NLWN`WL_PO PcLN_Wd bL^ QT]^_ `^PO TY 4YOTL -`_ T_ T^ P\`LWWd _d[TNLW _SL_ _SP BP^_ XLYLRPO _Z []ZaP _SP T]]L_TZYLWT_d ZQ [T z _SP 4YOTLY^ SLO YPaP] _SZ`RS_ LWZYR _SP^P WTYP^ 4Y^_PLO _SPd bP]P ^L_T^QTPO bT_S NLWN` WL_TYR [T L^ PcLN_Wd L^ _SPd ]P\`T]PO QZ] bSL_PaP] _SPd bP]P PYRLRPO TY L_ _SP _TXP ?ST^ ^PPX^ _Z MP _SP w[PL]W^ LYO [PMMWP^x ZQ bSTNS ,W -T]`YT ^[PLV^% QLY_L^_TN VYZbWPORP ZY _SP ZYP SLYO LYO _Z_LW OT^TY_P]P^_ TY ^d^_PXL_TeTYR T_ ZY _SP Z_SP] 4Y NZY_]L^_ _Z _SP ^T_`L_TZY NZYNP]YTYR WLYR`LRP bSTNS ^NSZWL]^ OTO TY QLN_ bLY_ _Z ]PNZ]O TY T_^ PY_T]P_d LYO Pc[]P^^ TY L ^d^_PX bSTNS T^ bSd ;£©TYTv^ R]LXXL] T^ LW^Z ZQ_PY NLWWPO L wR]LXXL_TNLW LWRPM]Lx _SP XL_SPXL_TNTLY^ bP]P TY_P]P^_PO TY _SP ^ZW`_TZY^ _Z ^[PNTQTN []ZMWPX^ 7TYR`T^_TN^ ^`NS L^ ;£©TYT LYO -SL]_šSL]T bLY_PO _Z `YOP]^_LYO _SP ^_]`N_`]P^ ZQ WLYR`LRP bSTWP _SP XL_SPXL_TNTLY^ OTO YZ_ bLY_ _Z `YOP]^_LYO QTR`]P^ M`_ _Z `^P _SPX L^ PQQPN_TaPWd L^ [Z^^TMWP ?ST^ bL^ YZ_ ZYWd [`][Z^PQ`W M`_ LW^Z WZRT^_T NLWWd ^XL]_ LYO PNZYZXTNLW 4_ T^ ]PaPLWTYR _SL_ XZOP]Y TYQZ]XL_TZY _PNSYZWZRd T^ XLTYWd ML^PO ZY LWRZ]T_SX^ LYO YZ_ ZY LWRPM]L Z] WZRTN MPNL`^P TY NZX[`_P] []ZR]LXXTYR _SP LXZ`Y_ ZQ bZ]V ]P\`T]PO QZ] []ZNP^^TYR T^ L NPY_]LW NZY^TOP]L_TZY LYO Pc[]P^^TYR L []ZMWPX TY _SP ^_]TN_Wd QZ]XLWTePO YZ_L_TZY ZQ LWRPM]L bZ`WO ]P[]P^PY_ L S`RP LXZ`Y_ ZQ bZ]V ,WRZ]T_SX^ ZY _SP Z_SP] SLYO L]P _LTWZ]PO PcLN_Wd _Z _SP []ZM WPX _SL_ T^ _Z MP ^ZWaPO ,W-T]`YT OPXLYOPO ^ZXP_STYR OTQQP]PY_ Q]ZX PcLN_ ^NTPYNP MP NL`^P SP bL^ QZWWZbTYR L OTQQP]PY_ ^NTPY_TQTN XZOPW z SP OPXLYOPO L NWZ^PO XL_SPXL_TNLW ^d^_PX _SL_ _SP 4YOTLY^ NZ`WO YZ_ ^`[[Wd ,YO _SP QLN_ _SL_ _SPd waP]TQTPOx _SPT] QTYOTYR^ YZ_ TY L ^d^_PXL_TN XLYYP] M`_ TY PWPRLY_ aP]^P^ LYO QLY_L^_TN ^_Z]TP^ LMZ`_ _SP RZO^ []ZMLMWd ZYWd Q`PWPO ,W-T]`YTv^ LYRP] ?SP ^NTPY_TQTN XZOPW _SL_ SP LOZ[_PO Q]ZX 3PWWPYTN N`W_`]P T^ YZ_ L wWT_`]RTNLWx ZYP M`_ L wWZRZNPY_]TNx ZYP :Q NZ`]^P ZYP ^SZ`WO MPL] TY XTYO _SL_ 8`^WTX ^NSZWL]^ MPQZ]P ,W-T]`YTv^ _TXP SLO SLO L OTQQP]PY_ L__T_`OP _Z XL_SPXL_TN^ 4Y _SP PTRS_S NPY_`]d _SP NL WT[SL_P ZQ -LRSOLO SLO >LY^V]T_ bZ]V^ ZY L^_]ZYZXd _]LY^WL_PO TY_Z ,]LMTN LYO ^ZXP _]LY^WL_Z]^ PaPY TXT_L_PO _SP ^_dWP ZQ _SP >LY^V]T_ _]L OT_TZY ZQ b]T_TYR _PNSYTNLW _]PL_T^P^ TY aP]^P $ -`_ _ST^ OT^N`]^TaP QZ] XL_TZY LW_P]PO ]L[TOWd bSPY _SP ,MML^TO^ TY -LRSOLO SLO 2]PPV XL_SPXL_TNLW LYO L^_]ZYZXTNLW WT_P]L_`]P _]LY^WL_PO 4Y _SP ^SZ]_P^_ _TXP _SP 2]PPV ^_dWP ZQ ^NTPY_TQTN ]P[]P^PY_L_TZY SLO MPPY LOL[_PO LYO L w2]LPNZ4^WLXTNx ^NTPYNP bL^ N]PL_PO ]P_LTYTYR ^ZXP NPY_]LW ^NTPY_TQTN T_PX^ Q]ZX _SP >LY^V]T_ _]LOT_TZY ^`NS L^ _SP OPNTXLW ^d^_PX NLWWPO w4YOTLY NZX[`_L_TZYx M`_ _SP LP^_SP_TN QZ]X ZQ ]P[]P^PY_L_TZY bL^ WLTO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .Q ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx 

7T_P]L_T TY 4YOTL LYO 0`]Z[P

$

_Z ]P^_ NZX[WP_PWd 6TX ;WZQVP] XLd MP NZ]]PN_ TY ^`[[Z^TYR _SL_ ZYP ZQ _SP XLTY ]PL^ZY^ QZ] _ST^ ^_]L_PRTN OPNT^TZY bL^ _SL_ T_ bL^ PL^TP] _Z LNNP^^ _SP _]PL_T^P^ LYO _SP XZ]P OP_LTWPO Pc[WLYL_TZY R]PL_P] _]LY^[L] PYNd LYO []Z^LTN QZ]X `^PO TY 2]PPV ^NTPYNP% w;P]SL[^ T_^ []Z^LTN LYO OPO`N_TaP Pc[Z^T_TZY^ ^PPXPO PL^TP] QZ] QZ]PTRY ]PLOP]^ _Z R]L^[ _SLY PWWT[_TN >LY^V]T_ aP]^Px $! ,^ QZ] _SP 3PWWPYTN bZ]WO ZY bSTNS _SP 4^WLXTN bZ]WO O]Pb LY wZ]TRTYLW _Pc_x bT_S aP]d ^TXTWL] Q`YN_TZY NLY MP TOPY_TQTPO TY LYLWZRd _Z _SP wAPOLx TY 4YOTLY N`W_`]P% _SP WT_P]L]d bZ]V^ ZQ _SP ,_SPYTLY WT_P ]L_T LMZaP LWW >ZN]L_P^v XLTP`_TN^ TY _SP b]T_TYR^ ZQ ;WL_Z $" ?SP ;WL_ZYTN wZ]TRTYLW _Pc_^x ZQ _SP 3PWWPYT^_TN bZ]WO L]P ZQ L aP]d OTOLN_TN YL_`]P ?SP XZOPW T^ XLTP`_TN^ wL]_ ZQ XTObTQP]dx ?SP ^VTWW^ LYO LMTWT_TP^ ZQ _SP _PLNSP] >ZN]L_P^ NZY^T^_ ZQ Pc[WLTYTYR ^ZXP_STYR LYO `^TYR L[[Z^T_P \`P^_TZY^ _Z O]Lb Z`_ Q]ZX _SP [L]_YP] _SP NZ]]PN_ WL_PY_ LY^bP]^ LYO TY^TRS_^ _SL_ SP SLO ST_SP]_Z YZ_ PaPY MPPY LbL]P ZQ ?ST^ XLVP^ R]PL_ OPXLYO^ ZY _SP _PLNSP]& T_ T^ LWW `[ _Z STX 3Zb PaP] bSL_ WTYV^ _SP _bZ [L]_TNT[LY_^ T^ _SP WZRZ^ TYSP]PY_ TY MZ_S ZQ _SPX ?SP _PLNSP] T^ OT^_TYR`T^SPO ZYWd Md _SP QLN_ _SL_ _SP 0]Z^ ZQ _SP WZRZ^ T^ LW]PLOd TY STX z SP VYZb^ _SL_ SP OZP^ YZ_ VYZb PYZ`RS bSTWP _SP OTLWZR [L]_YP] MPWTPaP^ _SL_ SP LW]PLOd VYZb^ PaP]d_STYR BSPY >ZN]L_P^ L^V^ ST^ dZ`YR [L]_YP] bSL_ aT]_`P T^ _ST^ OZP^ YZ_ XPLY _SL_ SP z >ZN]L_P^ z T^ P^[PNTLWWd aT]_`Z`^ Z] T^ Z_SP]bT^P P^[PNTLWWd bPWW \`LWTQTPO _Z VYZb L R]PL_ OPLW LMZ`_ aT]_`P ?ST^ NZXX`YTNL_TZY ^T_`L _TZY T^ _SP]PQZ]P NZX[WP_PWd OTQQP]PY_ Q]ZX _SL_ TY _SP WT_`]RTNLW XZOPW bSP]P LWW _SP VYZbWPORP T^ TY _SP [Z^^P^^TZY ZQ _SP _PLNSP] bSZ LWXZ^_ PXMZOTP^ T_ 4Y _SP WZRZNPY_]TN XZOPW _SP _]`_S T^ YZ_ VYZbY L_ _SP Z`_^P_ 4_ T^ OPaPWZ[PO TY _SP \`P^_TZYLYOLY^bP] OTLWZR ?SP OTOLN_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx  $" :bTYR _Z _ST^ TYT_TLW ^T_`L_TZY LYO QZ] ]PL^ZY^ NZYNP]YTYR _SP ST^_Z]d ZQ ]PNP[_TZY ;WL_Z bL^ U`^_ L^ TX[Z]_LY_ L^ ,]T^_Z_WP QZ] _SP PXP]RPYNP ZQ ^NTPY_TQTN ^_dWP ?SP ,]T^_Z_PWPLY ^NTPY_TQTN _]LOT_TZY bSTNS TYQW`PYNPO ,W-T]`YT bL^ TYPQQPN_TaP TY 0`]Z[P L_ _ST^ _TXP =TRS_ TY_Z _SP WL_P 8TOOWP ,RP^ ZYWd ;WL_Z Z] L ;WL_Z PYNZOPO TY 9PZ[WL_ZYT^X bL^ VYZbY TY _SP 7L_TY BP^_ ,]T^_Z_WP bL^ YZ_ OT^NZaP]PO `Y_TW _SP _S_S NPY_`]d aTL _SP STRSWd WPL]YPO ,]LM^ TY .Z]OZML 2]LYLOL LYO >PaTWWP TY [L]_TN`WL] aTL ,aP]]ZP^ 3T^ ]PNP[_TZY bL^ TYT_TLWWd WTXT_PO _Z >TNTWd L^ >LWP]YZ bL^ _SP SZXP ZQ 0`]Z[Pv^ MP^_ [Sd^TNTLY^ 4_ bL^ SP]P _SL_ ,]T^_Z_WP bL^ ]PLO LYO _]LY^ WL_PO LWZYR bT_S _SP XPOTNLW SLYOMZZV^ ZQ _SP 2]PPV^ LYO ,]LM^ BSP]PL^ _SP ,]LM^ WTYVPO [STWZ^Z[Sd bT_S XPOTNTYP TY _SP BP^_ T_ bL^ WTYVPO _Z _SPZWZRd ?SP ]PNP[_TZY ZQ ,]T^_Z_WPv^ ]L_TZYLWT^_TN [STWZ^Z[Sd TYT_TLWWd WPO _Z _SP NZYOPXYL_TZY ZQ ]LOTNLW ,] T^_Z_WPTY^[T]PO _PLNSTYR^ TY ;L]T^ TY "" M`_ LW^Z TY^[T]PO ^NSZWL^_TN _SPZWZRd LYO `YOP] _SP TYQW`PYNP ZQ ?SZXL^ ,\`TYL^ MPNLXP _SP OZXTYLY_ OT^NZ`]^P bSTWP 9PZ [WL_ZYT^X ]PNPOPO TY_Z _SP MLNVR]Z`YO ?SP VYZbWPORP ZQ L ;WL_Z w[`]RPOx ZQ 9PZ [WL_ZYT^X LW^Z L]]TaPO aTL _SP ,]LM^ .Q 6`]_ 1WL^NS 0TYQÞS]`YR TY OTP ;STWZ^Z[STP OP^ 8T__PWLW_P]^ /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $#$ $ QQ LYO /L^ [STWZ^Z[ST^NSP /PYVPY TX 8T__PWLW_P] >_`__RL]_% =PNWLX $#!

 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

WZRTNLW OTLWZRTN LYO OTLWPN_TN L^[PN_^ _SP bPTRSTYR `[ LYO PcLXTYL_TZY ZQ _SP L]R`XPY_^ QZ] LYO LRLTY^_ NWPL] [Z^T_TZY^ LYO NZ`Y_P][Z^T_TZY^ _SP Pc[P]TXPY_LW Pc[WZ]L_TZY LYO _SP NWL]T_d ZQ ^_L_PXPY_^ L]P NPY_]LW QZ]X^ ZQ _ST^ []ZNP^^ O`]TYR bSTNS _SP _]`_S MPNZXP^ L[[L]PY_ LYO LN NP^^TMWP 4Y_P]P^_TYRWd L_ _SP _TXP bSPY _SP ;WL_ZYTN OTLWZR^ bP]P b]T__PY TY 2]PPNP _SP WT_`]RTNLW XZOPW _ZZ bL^ YZ_ `YVYZbY ?SP XZOP TY bSTNS _SP Z]LNWP []TP^_P^^ ;d_STL ^[ZVP _SP xOL]Vx ^[PPNS _SL_ O]Pb T_^ [ZbP] Q]ZX _SP [ZWdaLWPYNd ZQ _SP ^_L_PXPY_^ T^ LW^Z QZ`YO TY _SP _Pc_^ ZQ _SP ;]P^ZN]L_TN^ ^`NS L^ 3P]LNWT_`^ LYO ;L]XPYTOP^ ,RLTY^_ _ST^ MLNVO]Z[ ZYP NZ`WO LN_`LWWd ]PLO ;WL_Zv^ NZYNT^P OTLWZRT^X L^ L NZ`Y_P]NZYNP[_ -`_ ST^ XZOPW MPNLXP _SP YZ]X LYO O`]TYR ,W-T]`YTv^ _TXP T_ L[ [PL]PO _Z ^ZXPZYP bT_S L 3PWWPYTN PO`NL_TZY YZ WZYRP] NZYNPTaLMWP _Z WPRT_TXTeP ^NTPY_TQTN VYZbWPORP TY LYd Z_SP] bLd _SLY Md OPO`N_TZY :YWd _SP TY_P]^`MUPN_TaP WZRZ^ MP_bPPY _SP OT^[`_LY_^ N]PL_P^ aLWTOT_d .ZX[]PSPY^TaP _]`_S TY _SP PcLN_ ^NTPYNP^ LYO TY XL_SPXL_TN^ NLYYZ_ MP Pc[]P^^PO TY LYd bLd Z_SP] _SLY _S]Z`RS L NWZ^PO ^d^_PX ,YO _SL_ XPLY^ _SL_ _SP TYOTaTO`LW ^_L_PXPY_^ ZQ _SP ^d^_PX YZ_ ZYWd OZ YZ_ NZY _]LOTN_ ZYP LYZ_SP] M`_ LW^Z _SL_ _SPd NLY MP OP]TaPO Q]ZX ZYP LYZ_SP] ?SP _bZ XZOPW^ _SP WT_`]RTNLW LYO _SP WZRZNPY_]TN L]P TOPLW NZY ^_]`N_^ ?SPd L]P ^NTPY_TQTN _d[ZWZRTP^ Z`_WTYTYR RPYP]LW _PYOPYNTP^ ,^ bT_S PaP]d TOPLW _d[P SP]P _ZZ _SP ]PLWT_d T^ XZ]P NZX[WPc LYO WP^^ NWPL] :Q NZ`]^P _SP ^NTPY_TQTN OT^NZ`]^P^ SLO LWbLd^ SLO _Z LOL[_ _Z _SP [ZWT_TNLW LYO ^ZNTLW NZYOT_TZY^ z TY MZ_S N`W_`]P^ ?ST^ bTWW MP PaTOPY_ TY _SP YPc_ NSL[_P] bSP]P bP XLVP L WPL[ TY_Z _SP [`MWTN OT^[`_P^ ZQ _SP 8TOOWP ,RP^ TP NZX[WP_PWd OTQQP]PY_ ST^_Z]TNLW LYO ^ZNTLW ^P__TYR^ >TYNP _SP]P bP]P LW^Z [`MWTN OT^[`_P^ TY 4YOTL _SL_ SLO L ^_]TVTYRWd ^TXT WL] QZ]X _ST^ _Z[TN T^ ZQ [L]_TN`WL] TY_P]P^_ 4_ ^SZb^ _SL_ _SP WZRZNPY_]TN LYO _SP WT_`]RTNLW XZOPW SLaP SLO QW`TO MZ`YOL]TP^ LYO bP]P ^`MUPN_ _Z ST^_Z]TNLW NSLYRP

#

;`MWTN >NSZWL]Wd /T^[`_P^ TY 8POTPaLW 0`]Z[P LYO 4YOTL z .S`]NS LYO >_L_P ;ZWT_TN^

0aPY TOPLW _d[P^ `YOP]RZ ST^_Z]TNLW NSLYRP^ LYO _ST^ T^ aP]d PaTOPY_ TY 0`]Z[P 0`]Z[PLY N`W_`]LW ST^_Z]d ]P^_^ ZY _bZ XLUZ] QZ`YOL_TZY^ _SP 2]PPV LYO _SP 5`OLPZ.S]T^_TLY SP]T_LRP 0aP] ^TYNP .S]T^_TLYT_d MP NLXP bTOP^[]PLO TY _SP QTQ_S NPY_`]d _SP .S]T^_TLY L^[PN_ SL^ SLO PYZ] XZ`^ N`W_`]PQZ]XTYR TYQW`PYNP LYO [ZWT_TNLW [ZbP] ?ST^ LW^Z SLO LY TX[LN_ ZY _SP WZRZNPY_]TN XZOPW ?ST^ MPNZXP^ aP]d NWPL] bSPY bP NZY^TOP] _SP [`MWTN ^NSZWL]Wd OT^[`_P^ TY _bPWQ_S_ST]_PPY_S NPY_`]d 0`]Z[P bSTNS bP]P ^PPY Md ,YRPYPYO_ L^ ]PL[[PL]LYNP ZQ ]L_TZYLWT_d

7T_P]L_T TY 4YOTL LYO 0`]Z[P

 

bT_STY _SP PYNSLY_PO XPOTPaLW bZ]WO ^PP LMZaP ?SP^P ]`WPRZaP]YPO OT^[`_P^ bP]P TYOPPO _SZ]Z`RSWd NZY^TOP]PO ]PQWPN_TZY^ ZY _SP .S]T^_TLY XP^^LRP LYO Pc_]PXPWd ]L_TZYLWT^_TN TY _SPT] WZRTNLW L]R`XPY_L_TZY z YZ_ ZYWd bSPY NZX[L]PO bT_S XPOTPaLW [P]QZ]XLYNP N`W_`]P M`_ LW^Z bSPY NZX[L]PO bT_S _SP XPOT_L_TZY ZY XPLYTYR Md _SP PL]Wd NS`]NS QL_SP]^ :YP XLd MP TYNWTYPO _Z QTYO TY _SPX L ]PTY^_L_PXPY_ ZQ _SP wWZRZNPY_]TN XZOPWx ?SP TOPLW _d[P ZQ OT^[`_P NZY^T^_PO ZQ aP]MLW L]R`XPY_ LYO NZ`Y_P]L]R`XPY_ MP_bPPY _SPZWZRTLY^ _SP ]P^`W_ ZQ bSTNS bL^ Md YZ XPLY^ LW]PLOd QTcPO L_ _SP Z`_^P_ ?SP [L]_TNT[LY_^ bP]P RPY`TYPWd PY RLRPO TY L ^PL]NS QZ] _SP _]`_S _S]Z`RS OTLWZR ,YO dP_ ^`NS TY^_T_` _TZYLWTePO OT^[`_L_TZY^ bP]P ZYWd L NZY_TY`L_TZY ZQ _SP wWZRZNPY_]TN XZOPWx _Z L aP]d ^WTRS_ Pc_PY_ 4_ T^ _]`P _SL_ w_]`_Sx bL^ bZ]VPO Z`_ TY OT^[`_L_TZ`^ OT^N`^^TZY ?SP [P]^ZY []P^PY_TYR _SP MP__P] L]R`XPY_^ bZY _SP OLd L_ WPL^_ _ST^ bL^ _SP TOPZWZRd 3ZbPaP] T_ bL^ ZYWd .S]T^_TLY _SPZWZRTNLW _]`_S^ _SL_ bP]P NZY_P^_PO z L QTPWO _SL_ bL^ ZQ NZ`]^P []P ^N]TMPO LYO OPXL]NL_PO Md _SP .S`]NS 1]PP _STYVTYR TY _SP ^NTPYNP^ bL^ YZ_ [Z^^TMWP TY 0`]Z[P QZ] S`Y O]PO^ ZQ dPL]^ WP_ LWZYP L OPXZN]L_TN ^[T]T_ Z[PY _Z OTLWZR >NTPYNP SLO MPPY `YOP] _SP NZY_]ZW ZQ _SP .S`]NS ^TYNP _SP ^[]PLO ZQ .S]T^_TLYT_d ;STWZ^Z[Sd SLO YZ L`_ZYZXd `Y_TW ]TRS_ TY_Z _SP WL_P _ST]_PPY_S NPY_`]d M`_ TY^_PLO bL^ _SP wXLTO^P]aLY_ ZQ _SPZWZRdx ;STWZ^Z[Sd OTO YZ_ P^ _LMWT^S T_^PWQ L^ LY TYOP[PYOPY_ ^NTPYNP TY [Z^_LY_T\`P 0`]Z[P `Y_TW LQ_P] _SP ;L]T^ .ZYOPXYL_TZY^ ZQ _SP ]LOTNLW ,]T^_Z_PWPLY^ L_ _SP @YT aP]^T_d ZQ ;L]T^ "" ?SP OP[L]_`]P ZQ _SP^P wSP]P_TN^x bSZ^P _PLNS TYR^ bP]P NSL]LN_P]TePO Md YL_`]LWT^X LYO [`]P ]PL^ZY LYO TY ^ZXP NL^P^ LW^Z L OPNTOPOWd LY_T.S]T^_TLY L__T_`OP ^`NS L^ _SP ^_L_PXPY_ _SL_ _SPZWZRd bL^ ML^PO ZY QLMWP^ PQQPN_TaPWd O]ZaP _SPZWZRd LYO [STWZ^Z [Sd L[L]_ :_SP] ^NTPYNP^ OTO YZ_ XLYLRP _Z P^NL[P _SP ^_]LT_ULNVP_ ZQ .S`]NS NZY_]ZW `Y_TW _SP =PYLT^^LYNP -`_ PaPY _SPY _SP .S`]NSv^ TYQW` PYNP ]PXLTYPO NZY^TOP]LMWP 4Y LMZ`_ ! _SP /ZXTYTNLY XZYV LYO YL_`]LW [STWZ^Z[SP] 2TZ]OLYZ -]`YZ M  # bL^ M`]Y_ L_ _SP ^_LVP QZ] ST^ [LY_SPT^_TN bZ]WOaTPb _SP `YTaP]^P T^ 2ZO LYO T^ XZaPO Md TYYP] QZ]NP^& PaP]d_STYR T^ LYTXL_P bSTNS SP Pc[Z`YOPO bT_S [ZP_TN PYP]Rd ?SP XL_SPXL_TNTLY LYO [Sd^TNT^_ 2LWTWPZ 2LWTWPT  !z! SLO _Z OPYd MPQZ]P _SP 4Y\`T^T_TZY _SL_ _SP 0L]_S Z]MT_PO _SP ^`Y DP_ 2LWTWPZv^ WPRLNd ^SZb^ _SL_ _SP [ZbP] LYO TYQW`PYNP ZQ _SP .S`]NS SLO MPNZXP _ZZ bPLV _Z SZWO Z`_ LRLTY^_ _SP PXP]RTYR ^NTPY_TQTN bZ]WOaTPb 2LWT WPZ T^ VYZbY QZ] OT^NZaP]TYR _SP WLb ZQ R]LaT_d LYO ^_LYO^ QZ] L XP NSLYTNLW Pc[WLYL_TZY ZQ SZb _SP `YTaP]^P bZ]V^ LYO QZ] XZOP]Y ]L_TZY LWT^X 4Y L bLd ZYP NLY ^[PLV ZQ L 0`]Z[PLY WT_`]RTNLW XZOPW MPQZ]P XZO P]Y ^PN`WL] N`W_`]P 3ZbPaP] T_ bZ`WO MP XZ]P NZ]]PN_ _Z ^[PLV ZQ LY PNNWP^TL^_TNLW XZOPW ^TYNP _SP TY^_T_`_TZY ZQ _SP NS`]NS aP]d X`NS ZN

 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

N`[TPO _SP QZ]PR]Z`YO z bSTNS XPLY_ YZ_ ZYWd [L]_TNT[L_TZY M`_ LW^Z ^_]ZYR OPXL]NL_TZY .S]T^_TLYT_d [L]_Wd NZY_TY`PO _SP 3PWWPYT^_TN SP]T _LRP LYO [L]_Wd M]ZVP bT_S T_ ?Z MP ^`]P T_ bL^ YZ_ ZYWd WZRZNPY_]TN ?SP ^NSZWL^_TN OT^[`_P^ L]P L_ _SP Q]TYRP^ bSP]P L []POZXTYLY_Wd [L] _TNT[L_Z]d Z]TPY_L_TZY ^WZbWd _`]Y^ TY_Z L []POZXTYLY_Wd PXLYNT[L_Z]d Z]TPY_L_TZY ?SPd bP]P ^_TWW aP]d X`NS [L]_ ZQ _SP XPOTPaLW TY_P]XPOTL_P eZYP ZQ Z]LW LYO b]T__PY Pc[]P^^TZY PcT^_TYR TY MZ_S 0`]Z[P LYO 4YOTL L_ _SL_ _TXP >`NS ^_]`N_`]LW ^TXTWL]T_TP^ XLd Pc[WLTY _SP QLN_ _SL_ LWXZ^_ TOPY_TNLW QZ]X^ ZQ [`MWTN OT^[`_P^ L]Z^P 4Y 4YOTL _SP^P OT^[`_P^ XZaPO LbLd Q]ZX _SP [L]_TNT[L_Z]d WT_`]RTNLW XZOPW LYO QZ]RPO []ZYZ`YNPO ^[LNP^ ZQ PXLYNT[L_TZY 3ZbPaP] SP]P _SP [L]LWWPW^ PYO ?SP [ZWT_TNLW LYO ^ZNTLW NZYOT_TZY^ TY 4YOTL bP]P aL^_Wd OTQQP]PY_ LYO _ST^ SLO OPNT ^TaP TX[LN_^ ZY _SP Q`YN_TZY LYO ]ZWP ZQ OT^[`_P N`W_`]P 4Y PWLMZ]L_TYR _ST^ L^[PN_ _SP OTQQP]PYNP MP_bPPY PNNWP^TL^_TNLW XZOPW LYO _SP WT_`]RT NLW XZOPW MPNZXP^ aP]d NWPL] 4Y L ^TXTWL] z dP_ OT^_TYN_Wd OTQQP]PY_ z XLYYP] TY 4YOTL _ZZ [ZWT_T NLW LYO ^ZNTLW ^T_`L_TZY N]PL_PO QZ]X^ LWXZ^_ TOPY_TNLW _Z _SP 0`]Z[PLY OT^[`_L_TZ TP QZ]X^ bSTNS NZ`WO YZ_ MP QPO Q]ZX _SP WT_`]RTNLW XZOPW MPNL`^P ZQ _SP NT]N`X^_LYNP^ ?SP^P bP]P _SP OT^[`_P^ MP_bPPY [ST WZ^Z[SP]^ LYO _SPZWZRTLY^ L_ _SP NZ`]_^ ZQ _SP 4YOTLY ]£UL^  :Q NZ`]^P _SP WT_`]RTNLW XZOPW SLO YZ_ ]PWPaLYNP TY ^`NS OT^[`_P^ 3P]P _SP L`_SZ] T_d ZQ _SP Z_SP] [P]^ZY bL^ YZ_ ]PNZRYTePO LYO TQ ZYP OTO YZ_ ^[PLV NWPL]Wd _SP]P bL^ YZ_STYR _Z OT^[`_P LMZ`_ >Z SZbPaP] LXLeTYRWd ^TXTWL] ^`NS OT^[`_P^ bP]P _Z _SPT] 0`]Z[PLY P\`TaLWPY_^ TY _P]X^ ZQ _SPT] ST^_Z]TNLWWd Q`WWd OPaPWZ[PO QZ]X _SPT] []ZaPYLYNP LYO Q`YN_TZY ]PXLTYPO ]LOTNLWWd OTQQP]PY_ ?SP Z]TRTY^ ZQ _ST^ N`W_`]P ZQ OT^[`_L_TZY L]P ^_TWW aP]d X`NS PX MPOOPO TY _SP WT_`]RTNLW XZOPW 4Y WL_P APOTN _TXP^ ]`WP]^ ^Z`RS_ _Z [L]_TNT[L_P TY _SP XLRTNLW ^[T]T_`LW [ZbP] ZQ _SP -]LSXTY^ z _SPT] -]LSXLY VYZbWPORP ?Z _ST^ PYO _SPd TYaT_PO -]LSXTY^ _Z _SPT] NZ`]_^ _Z PYRLRP TY OPML_P TY Z]OP] _Z bTY L ^`X ZQ []TeP XZYPd Z] RZZO^ ^Z _SP ]`WP]^ bZ`WO QTYO Z`_ bSZ SLO _SP R]PL_P^_ -]LSXLY VYZbWPORP ?SP aTN_Z] bL^ OP_P]XTYPO TY L wWL^_ XLY ^_LYOTYRx []ZNPO`]P ?SP -]LS XTY^ NZ`WO [`_ N`]^P^ ZY ZYP LYZ_SP] _Z _SP PQQPN_ _SL_ ZYP bSZ ^[ZVP LRLTY^_ ST^ MP__P] U`ORXPY_ bZ`WO TXXPOTL_PWd wWZ^P ST^ SPLOx ?SP bTYYP] bL^ _SP ZYP bSZ XLYLRPO _Z XLVP _SP Z_SP]^ VPP[ ^TWPY_ Md `^P ZQ _ST^ XLRTN ?ST^ TYRPYTZ`^ []ZNPO`]P bL^ LW^Z YPNP^^L]d MPNL`^P TY _SP^P PL]Wd OT^[`_P^ _SP]P bP]P YZ LOU`OTNL_Z]^ Z] XZOP]L_Z]^ >`NS L ]ZWP NZ`WO ZYWd SLaP MPPY QTWWPO Md _SP VTYR z bSZ bL^ ZQ WZbP] ^ZNTLW ^_LYOTYR _SLY _SP -]LSXTY^ BSP]PL^ TY _SP^P PL]Wd _TXP^ _SP bZ]WOaTPb ZQ _SP OT^[`_TYR ^NSZW L]^ bL^ ^_TWW ]PWL_TaPWd SZXZRPYPZ`^ LYO _SP OT^[`_P^ bP]P ZYWd LMZ`_ TYOTaTO`LW \`P^_TZY^ bT_STY -]LSXLY _SPZWZRd _SP ]LYRP ZQ bZ]WO

7T_P]L_T TY 4YOTL LYO 0`]Z[P

 

aTPb^ SL^ Pc[LYOPO NZY^TOP]LMWd ^TYNP _SP .ZXXZY 0]L ?ST^ ST^_Z]TNLW ^STQ_ M]Z`RS_ LMZ`_ L NSLYRP TY _SP OT^[`_L_TZY XZOPW ?SP OPML_P^ _`]YPO TY_Z [STWZ^Z[STNLW _SPZWZRTNLW OT^N`^^TZY^ ZQ aL]dTYR -]LSXLYTN LYO YZY-]LSXLYTN ^NSZZW^ LYO NZYQP^^TZY^ _SL_ YZb _ZZV L NZ`]^P QZ]XLWWd aP]d ^TXTWL] _Z _SL_ TY 0`]Z[P 3ZbPaP] _SP OT^N`]^TaP NZY ^_PWWL_TZY bL^ \`T_P OTQQP]PY_ _SLY _SL_ TY 0`]Z[P ?SP]P bL^ YZ ^_L_P ]PWTRTZY 4Y NWL^^TNLW _TXP^ _SP ]PWL_TZY^ST[ MP_bPPY _SP VTYR LYO _SP ]PWTRTZ`^ WPLOP]^ bL^ YZ_ OPQTYPO TY _P]X^ ZQ ^_L_P [STWZ^Z[Sd Z] ^_L_P WLb LYO ^Z YPT_SP] bL^ _SP]P LYd_STYR WTVP LY TYaP^_T_`]P OT^[`_P ?SP VTYR^ `^`LWWd OPQTYPO _SPX^PWaP^ TY ^PN`WL] _P]X^ Z] _S]Z`RS ZYWd L Q`eed NZYNP[_ ZQ ]PWTRTZY bSTNS bZ`WO YZ_ SLaP MPPY [Z^^TMWP LYd Z_SP] bLd ZY L NZY_TYPY_ WTVP 4YOTL bT_S X`W_T[WP ]PWTRTZY^ =PWTRTZ`^ R]Z`[^ bSZ QPW_ OT^LOaLY_LRPO LYO ZaP]LXMT_TZ`^ R`]`^ bT_S L M]ZLO QZWWZbTYR bP]P L NZY^_LY_ [Z_PY_TLW ^Z`]NP ZQ []ZMWPX^ LYO bT^P VTYR^ _ZZV L[[]Z[]TL_P []PNL`_TZY^ 4Y _SP XLYYP] TY bSTNS _SP YL_TZY^ ZQ _SP bZ]WO _LVP ZYP LYZ_SP] ZY _ZOLd TY QZZ_MLWW NSLX[TZY^ST[^ ^Z _SL_ _SPd OZ YZ_ SLaP _Z ^SZZ_ L_ ZYP LYZ_SP] _SP ]`WP]^ ^[ZY^Z]PO w[STWZ^Z[SP]^v NSLX[TZY^ST[^x bT_S L__]LN_TaP []TeP^ TY bSTNS []Z_LRZYT^_^ bT_S OTQQP] TYR bZ]WOaTPb^ SLO _Z OPQPYO _SPX TY L]R`XPY_L_TZY 4_ bL^ RPYP]LWWd _SP VTYR bSZ OPNTOPO bSZ bZY LYO YZ_ L NZXXT^^TZY ZQ WPL]YPO _SPZ WZRTLY^ L^ TY 0`]Z[P ?SL_ VTWWPO _bZ MT]O^ bT_S ZYP ^_ZYP :Y _SP ZYP SLYO _SP NZY^_LY_ []Z^[PN_ ZQ L WL]RP []TeP PY^`]PO _SL_ _SP VTYR NZ`WO LWbLd^ NZ`Y_ ZY ]PWTRTZ`^ WPLOP]^ MPTYR NZZ[P]L_TaP LYO ZY _SP Z_SP] T_ QZ]NPO _SP OTaP]^P R]Z`[^ _Z _LWV _Z ZYP LYZ_SP] LYO YZ_ ZYWd LMZ`_ ZYP LYZ_SP] ?ST^ bLd ZQ ^P__WTYR OT^LR]PPXPY_^ bL^ LW^Z NZ[TPO Z`_^TOP _SP NZ`]_^ /T^[`_P^ MP_bPPY _bZ ]PWTRTZ`^ NZXX`YT_TP^ z ^`NS L^ L OT^ LR]PPXPY_ ZaP] _SP `^P ZQ NP]_LTY ]PWTRTZ`^ ^T_P^ z NZ`WO LW^Z MP ^P__WPO _ST^ bLd TY L NZY_]ZWWPO XLYYP] ?ST^ QZ]X ZQ NZXX`YTNL_TZY MPNZXP^ _LYRTMWP TY _SP WT_P]L_`]P LMZaP LWW TY NZXXPY_L]TP^ _SL_ L]P NSL]LN_P]TePO _S]Z`RS LYO _S]Z`RS Md _SP OT^[`_P ^_dWP 1Z]XLWTePO []P^PY_L_TZY LYO NZ`Y_P][]P^PY_L_TZY _LVP _`]Y^ OZ`M_^ L]P [`_ QZ]bL]O LYO _SPY OT^[PWWPO LYO _SP^P^ Q]ZX ]TaLW ^NSZZW^ L]P ^P_ Z`_ LYO OT^[]ZaPO ?SP^P QTN_T_TZ`^ YL]]L_TaP^ ZQ _SP OT^[`_P^ LW^Z Q]P\`PY_Wd TYNW`OP `YOP]_ZYP^ ZQ ^L]NL^_TN L__LNV^ 0aPY bZ]V^ ^`NS L^ _SP >L]aL/L]²LYL>LÀR]LSL w.ZX[PYOT`X ZQ LWW bZ]WOaTPb^x bP]P NZX[Z^PO []P^PY_TYR LWW _SP PcT^_TYR bZ]WOaTPb^ ZQ _SP _TXP >`NS bZ]V^ bP]P b]T__PY YZ_ ZYWd Z`_ ZQ OZN`XPY_L]d TY _P]P^_ M`_ ZMaTZ`^Wd LW^Z _Z ]PaPLW bPLVYP^^P^ TY Z_SP] bZ]WOaTPb^ _SZ^P Q]ZX L OTQQP]PY_ ^NSZZW ^Z _SL_ TY L Q`_`]P NZYQ]ZY_L_TZY TY ]PLW WTQP ZYP bZ`WO MP MP__P] []P[L]PO _Z _LNVWP _SZ^P bT_S Z[[Z^TYR aTPb^ $# ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# ?PWWTYRWd TY _SP NL^P ZQ _SP >L]aL/L]²LYL>L«R]LSL  _SP ^NSZZW _Z bSTNS _SP L`_SZ] STX^PWQ MPWZYR^ T^ XT^^TYR YLXPWd _SP ,OaLT_LAPO£Y_L ?ST^ bZ]V YZ_ ZYWd OZN`

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

 

/T^[`_P^ ZQ _ST^ _d[P XLd NP]_LTYWd SLaP SLO ^bPP[TYR PQQPN_^ ,YO _SPd OTO L_ WPL^_ TY _SP N`W_`]LW XPXZ]d 4_ T^ ]PaPLWTYR _SL_ WZNLW ^Z`]NP^ OZ YZ_ L__]TM`_P _SP XZaPXPY_ ZQ -`OOST^X Z`_ ZQ 4YOTL _Z ^Z NTLW Z] [ZWT_TNLW NL`^P^ M`_ _Z _SP TX[LN_ ZQ _SP Z]_SZOZc APOL [STWZ^Z [SP] 6`X£]TWL bSZ^P bZ]V^ []ZO`NPO Y`XP]Z`^ bPTRS_d ZMUPN_TZY^ _Z _SP -`OOST^_ XP_L[Sd^TN^ ?ST^ OPXZY^_]L_P^ _SP N`W_`]LW aLW`P L__LNSPO _Z _SP^P [STWZ^Z[SP]^v OT^[`_P^ :YP MWL_LY_ PcLX[WP ZQ _ST^ T^ LW^Z _SP QTR`]P _SL_ ZYP NZ`WO NLWW LY TNZY ZQ XZOP]Y 3TYO`T^X 4_ T^ YZ_ L [Z[P Z] L R`]` M`_ _SP [STWZ^Z[SP] ±L«VL]£N£]dL bSZ ]PXLTYPO WZdLW _Z _SP APOL ?SP `YWTXT_PO L`_SZ]T_d SP LNN`X`WL_PO TY _SP NZ`]^P ZQ _TXP T^ QPO YZ_ WPL^_ Q]ZX Y`XP]Z`^ SLRTZR]L[STP^ []P^PY_TYR STX L^ L SP]Z TY _SP w[STWZ^Z[SP]^v NSLX[TZY^ST[^x ,^ _SP Xd_STNLW SP]Z =£XL bLY OP]^ L]Z`YO 4YOTL aLY\`T^STYR LWW _SP WZNLW OPXZY^ _SL_ N]Z^^ ST^ [L_S ±L«VL]L LW^Z bLYOP]^ L]Z`YO 4YOTL MPL_TYR _SP WZNLW [STWZ^Z[STNLW ^NSZZW^ 4Y _ST^ YL]]L_TaP ST^_Z]d ZQ [STWZ^Z[Sd PaPY _SP ZWO APOL ^NSZZW ZQ 6`X£]TWL WZ^P^ _Z _SP M]TWWTLY_ L]R`XPY_^ ZQ _SP [STWZ^Z[SP] ±L«VL]L MPNL`^P L^ TY MZcTYR _SP ]PTRYTYR NSLX[TZY T^ LWbLd^ _SP [P] ^ZY bSZ SL^ MPL_PY _SP []PaTZ`^ NSLX[TZY ?ZOLd _SP YLXP w±L«VL]£N£]dLx wXL^_P] ±L«VL]Lx T^ _SP _T_WP MPWZYRTYR _Z NS`]NS ]`W P]^ TY ST^ _]LOT_TZY 9Z_ ZYWd _SP QLXZ`^ NZXXPY_L]TP^ L]P L__]TM`_PO _Z _SP Z]TRTYLW ±L«VL]L M`_ LW^Z [TZ`^ SdXY^ LYO ?LY_]TN _Pc_^ LW_SZ`RS T_ ]PXLTY^ `YNWPL] bSP_SP] _SP Z]TRTYLW L`_SZ] Z] ZYP ZQ ST^ ^`NNP^^Z]^ b]Z_P _SP bZ]V 4Y RPYP]LW YZ NZY_]LOTN_TZY T^ ^PPY TY _SP QLN_ _SL_ _SP wO]dx LYO []`OT^S XL^_P] ±L«VL]L bSZ^P bZ]V^ L]P NSL]LN_P]TePO Md L aP]d ^ZMP] LYO OTOLN_TN ^_dWP X`_L_P^ Q]ZX ZYP XZXPY_ _Z _SP YPc_ TY_Z L R`^STYR b]T_P] ZQ OPaZ_TZYLW [ZP_]d LYO _S`^ [Z^_S`XZ`^Wd MPNZXP^ ZYNP LRLTY _TPO TY_Z _SP WT_`]RTNLW XZOPW

#

>NTPYNP LYO =PWTRTZY z .Z]]PWL_TZY >[LNP^ /T^N`]^TaP 1Z]XL_TZY^ ;]LRXL_TN 1`YN_TZY^

,P^_SP_TN ^_dWP^ LYO SLMT_`^ QZ]XL_TZY^ L]P LMZ`_ XZ]P _SLY U`^_ QTYP _L^_P ?SPd ]PQWPN_ bZ]WOaTPb^ aLW`P^ LYO ^ZNTLW []LN_TNP BP SLaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ XPY_PO PaP]d ^NSZZW M`_ LW^Z SL^ PcLX[WP^ ZQ NP]_LTY XLUZ] [ZTY_^ MPTYR OT^[]ZaPO Md L ]P[]P^PY_L_TaP ZQ _SP ^NSZZW TXXPOTL_P LMZaP 1Z] PcLX[WP _SP wWZbP^_x ^NSZZW ZQ [STWZ^Z[Sd LNNZ]OTYR _Z _SP L`_SZ] XL_P]TLWT^X .£]a£VL7ZV£dL_L TYT_TLWWd ]P NPTaP^ LY Z[[Z]_`YT_d _Z []P^PY_ T_^ _SP^T^ ZQ _SP YZYaLWTOT_d ZQ TYQP]]PO NZYNW`^TZY^ M`_ _SPY L -`OOST^_ L[[PL]^ ZY _SP ^NPYP bSZ []ZaP^ _SL_ _ST^ _SP^T^ T^ `Y_PYLMWP -`_ _SP -`OOST^_ SL^ ST^ ZbY bPLVYP^^ _SP wXZXPY_L]TYP^^ ZQ LWW MPTYRx V´L©TVLa£OL LYO L 5LTYL L[[PL]^ bSZ ^Z`YOWd OT^[]ZaP^ _ST^ _SP^T^ P_N P_N ?SP bZ]V LTX^ _Z NZX[TWP ^[PNTXPY NZ`Y_P]L]R`XPY_^ _SL_ LY ,OaLT_LAPO£Y_TY NZ`WO `^P LRLTY^_ ]T aLW ^NSZZW^

7T_P]L_T TY 4YOTL LYO 0`]Z[P





^`RRP^_PO LMZaP L Y`XMP] ZQ TY_P]QP]PYNP^ LYO NZY_TY`T_TP^ MP_bPPY ^ZYTN N`W_`]P _SP WT_`]RTNLW XZOPW LYO NP]_LTY LP^_SP_TN ^_dWP^ bT_STY _SP ^NTPYNP^ BT_STY _ST^ N`W_`]LW bSZWP ]PWTRTZY LYO ^NTPYNP bP]P YPaP] ^_]TN_Wd ^P[L]L_PO :YP NLY ^PP SP]P LYZ_SP] PQQPN_ ZQ _SP w_ST]O ^[LNP SLMT_`^x bSTNS QLaZ]PO wL^bPWWL^x^ZW`_TZY^ LOOT_TZY^ SZWT^X^ LYO Q`^TZY^ ?SP ]PWL_TZY^ST[ MP_bPPY ^NTPYNP LYO ]PWTRTZY bL^ NZY^_]`PO TY L QL] XZ]P NZY_]L^_TaP bLd TY _SP :NNTOPY_ _SLY TY 4YOTL ?ST^ OZP^ YZ_ XPLY SZbPaP] _SL_ _SP]P bP]P WP^^ ^ZNTLW ]P^_]LTY_^ TY 4YOTL _SLY TY _SP wPT_SP]Z]x^ZW`_TZY^ LYO ^SL][ OT^_TYN_TZY^ bSTNS ^PPX _Z MP XZ]P _d[TNLW ZQ _SP WZRZNPY_]TN XZOPW ZQ BP^_P]Y N`W_`]P -`_ LRLTY ^ZNTLW ]P^_]LTY_^ bP]P ZQ L OTQQP]PY_ VTYO LYO ^SZb `[ XZ^_ NWPL]Wd bSPY NZX [L]PO bT_S _SP O`LWT^X^ LYO OPXL]NL_TZY^ ZQ .S]T^_TLY .S`]NS N`W_`]P 4Y _SP QZWWZbTYR bP ]P^`XP _SP OT^N`^^TZY ZQ YL_`]LW ^NTPYNP LYO NZY _TY`P _SP _Z[TN ZQ OTQQP]TYR ^ZNTZN`W_`]LW NZYOT_TZY^ TX[LN_TYR ZY ^NT PYNP ,^ Z`] XLUZ] TY_P]P^_ WTP^ TY _SP ]PWL_TZY^ST[ MP_bPPY ^NTPYNP LYO ]PWTRTZY LYO ST^_Z]TNLW OPaPWZ[XPY_^ TY MZ_S L]PL^ bP ^`[[WPXPY_ XZ]P Pc[WTNT_Wd _SLY TY _SP QZ]PRZTYR NSL[_P]^ =PNVbT_ev _SPZ]d ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ bT_S 8TNSPW 1Z`NL`W_v^ _SPZ]d ZQ OT^N`]^TaP QZ]XL_TZY^ LYO NZ]]PWL_TZY ^[LNP^ $$ ?SP WT_`]RTNLW LYO WZRZNPY_]TN XZOPW^ LYO NZ]]P^[ZYOTYR QZ]X^ ZQ ^NTPYNP ^_dWP^ LYO NZY_PY_^ L]P OT^N`]^TaP QZ]XL_TZY^ LYO _SPd _SPX ^PWaP^ N]PL_PO ^`NS QZ]XL_TZY^ /T^N`]^TaP QZ]XL_TZY^ LWbLd^ SLaP _Z OZ bT_S NZ]]PWL_TZY ^[LNP^ TY bSTNS L ^_L_PXPY_ NLY LN\`T]P XPLYTYR Z] YZ_ ?SP]PQZ]P bSL_ NLY MP ^LTO LYO SZb ^ZXP_STYR NLY MP ^LTO YZ_ ZYWd OP[PYO ZY NZY_PY_ MPTYR ^NTPY_TQTN LYO _SP \`LWT_d ZQ _SP ^_L_P XPY_ M`_ L]P LW^Z ^`MUPN_ _Z ^ZNTP_LW ]P^_]TN_TZY^ []PaTZ`^ []ZNP^^P^ ZQ TYNW`^TZY TY LYO PcNW`^TZY TX[WTNT_ NZYaTN_TZY^ LYO NWLTX^ _Z _SP _]`_S bSTNS LQQPN_ _SP ^_]L_PRTN OPNT^TZY^ LYO _SP [P]^`L^TaP QZ]NP ZQ TOPL^ >[PN_LN`WL] OT^NZaP]TP^ WTVP _SP ^[SP]TNLW ^SL[P LYO ]Z_L_TZY ZQ _SP 0L]_S Z] _SP WLb ZQ R]LaT_d bSTNS TY 0`]Z[P WPO _Z _SP XZOP]Y ^NTPY _TQTN bZ]WOaTPb L]P QZ`YO TY 4YOTL L^ PL]Wd L^ ,Y_T\`T_d LYO TY _SP PL]Wd 8TOOWP ,RP^ LXZYR _SP L^_]ZYZXP]XL_SPXL_TNTLY^ ¢]dLMSL¶L -]LSXLR`[_L LYO 7LWWL M`_ _SPd OTO YZ_ SLaP _SP ^LXP TX[LN_^ L^ TY =PYLT^^LYNP 0`]Z[P ZbTYR _Z _SP OTQQP]PY_ OT^N`]^TaP NZYOT_TZY^ BSd bL^ ¢]dLMSL¶Lv^ [Z^_`WL_P ZQ _SP ]Z_L_TZY ZQ _SP 0L]_S YZ_ [`] ^`PO LQ_P] _SP QTQ_S NPY_`]d ,/ LYO bSd bL^ YZ SPWTZNPY_]TN bZ]WOaTPb OPaPWZ[PO* BSd OTO _SP OT^NZaP]d ZQ _SP WLb ZQ R]LaT_d Md -]LSXL R`[_L LYO 7LWWL TY _SP ^PaPY_S NPY_`]d YZ_ WPLO _Z _SP OPaPWZ[XPY_ ZQ L ^NTPY_TQTN ^d^_PX ZQ [Sd^TN^* BSd NZ`WO _SP ^Tc NWL^^TNLW [STWZ^Z[STNLW ^NSZZW^ OL]²LYL 8ÅX£À^£ LYO APO£Y_L Z] _Z MP XZ]P []PNT^P ;¼]aL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ 1Z] Z`] OT^N`^^TZY bP ]PWd ZY 8TNSPW 1Z`NL`W_v^ 7vL]NSËZWZRTP O` ^LaZT] ;L]T^% 0OT_TZY^ 2LWWTXL]O $!$

 !

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

8ÅX£À^£ LYO @__L]L8ÅX£À^£ >£ÀVSdL LYO DZRL 9d£dL LYO ALT²P´TVL L^^P]_ _SPX^PWaP^ L^ 3TYO` [STWZ^Z[Sd bSTWP Z_SP] [Z^T_TZY^ MPNLXP TYaT^TMWP* BT_S 0`]Z[PLY .S]T^_TLYT_d R`TOTYR ZYPv^ TY_P][]P_L _TZY T_ T^ _PX[_TYR _Z _STYV _SL_ ZYP SL^ _SP LY^bP] TY^_LY_Wd _Z SLYO _SL_ LWW ZQ _ST^ bL^ O`P _Z wPNNWP^TL^_TNLWx WTXT_L_TZY LYO _SP OZXTYLYNP LYO [ZbP] LXMT_TZY^ ZQ _SP -]LSXLYTN 3TYO` Z]_SZOZcd -`_ _SP ^T_`L_TZY T^ YZ_ L^ ^TX[WP L^ _SL_ ?SP [STWZ^Z[STNLW /L]²LYL^ L]P TYOPPO NSL]LN _P]TePO Md _SPT] WZdLW_d _Z _SP APOL M`_ _SPd L]P NZX[WP_PWd OTQQP]PY_ bZ]WOaTPb^ z LN_`LWWd ^Tc /L]²LYL^ WT_P]LWWd waTPb^x bSTNS bP]P WL_P] [`_ _ZRP_SP] TY_Z [LT]^ MPNL`^P TY PLNS NL^P ZYWd _bZ ZQ _SPX ^SL]P _SP ^LXP XP_L[Sd^TNLW QZ`YOL_TZY^ 1Z] _SPT] [L]_ _SPd LW]PLOd OPXZY^_]L_P LY L^_ZYT^STYR [W`]LWT_d TY bZ]WOZ]TPY_L_TZY 4Y _ST^ NZY_Pc_ T_ T^ LW^Z TY_P]P^_TYR _SL_ ZYP X`^_ LOO LYZ_SP] \`P^_TZY _Z _SZ^P [Z^PO L_ _SP Z`_^P_% bSd OTO -]LSXLR`[_L LYO 7LWWL ]PUPN_ ¢]dLMSL¶Lv^ ]Z_L_TZY _SPZ]d bSTWP LNNP[_TYR _SL_ _SP 0L]_S bL^ ^[SP]TNLW PaPY _SZ`RS _ST^ NZY_]LOTN_PO P\`LWWd XL^^TaPWd _SP ;`]£©TN bZ]WOaTPb ZQ _SP 0L]_S L^ QWL_* ?SP LY^bP] _Z LWW _SP \`P^_TZY^ T^ ^TX[Wd _ST^% MPNL`^P _SP NZYOT _TZY^ bP]P OTQQP]PY_ ?SP]P bP]P NP]_LTY OT^N`]^TaP NZXMTYL_TZY^ _SL_ bP]P ^TRYTQTNLY_Wd OTQQP]PY_ _SLY _SZ^P TY XPOTPaLW LYO =PYLT^^LYNP 0`]Z[P bSTNS bP]P ]P^[ZY^TMWP QZ] _SP ^_]L_PRTN NSZTNP^ LYO Pc[WLTY bSd YZ ^d^_PX ZQ [Sd^TN^ bL^ OPaPWZ[PO bSTWP TY L^_]ZYZXd LOaLYNPO XL_SPXL_TN^ OPaPWZ[PO LYO TY _SP QTPWO ZQ ]PWTRTZ`^ OT^NZ`]^P LOaLYNPO [STWZ^Z[STP^ PXP]RPO _SL_ ]PQWPN_PO [W`]LWT^_TN Z]TPY_L_TZY^ -Z_S OT ]PN_Wd LYO TYOT]PN_Wd _SP wWT_`]RTNLW XZOPWx PcP]_PO LY PQQPN_ YZ_ ZYWd ZY _SP QZ]XL_TZY ZQ LP^_SP_TN ^_dWP M`_ LW^Z ZY _SP ^NTPY_TQTN ZMUPN_^ _SPX^PWaP^ QZ] TY^_LYNP _SP QLN_ _SL_ L^_]ZYZXd bL^ LN_`LWWd _SP WPLO TYR OT^NT[WTYP LXZYR _SP YL_`]LW ^NTPYNP^ ,_ _SP ^LXP _TXP _SP WT_`]RT NLW XZOPW bL^ YZ_ QTcPO LYO ]TRTO LYO TY^_PLO LWWZbPO NZY^TOP]LMWP Z[[Z]_`YT_TP^ QZ] XZOPWTYR _SP wR`TOTYR APOTN N`W_`]Px waPOT^NSP 7PT_V`W_`]x bT_STY NP]_LTY WTXT_^ BT_STY _ST^ OT^N`]^TaP QZ]XL_TZY bP QTYO \`T_P OTQQP]PY_ ^_]L_PRTP^ QZ] OP_P]XTYTYR _SP ]PWL_TZY^ST[ MP_bPPY ^NTPYNP LYO ]PWTRTZY LYO OTQQP]PY_ ^_]L_PRTP^ _Z bZ]V _S]Z`RS M]PLV^ LYO _`]YTYR [ZTY_^ _SLY _SZ^P QZ`YO TY XPOTPaLW LYO =PYLT^^LYNP 0`]Z[P ZY _SP _S]P^SZWO _Z _SP XZOP]Y LRP 4Y 4YOTL TY ,Y_T\`T_d LYO _SP 8TOOWP ,RP^ _SP ]PWPaLYNP ZQ ^NTPYNP _Z _SP bZ]WO LYO LN_`LW []LN_TNP LYO _SP O]TaP _Z PYRLRP TY ^NTPY_TQTN LN_TaT_d OTaP]RPO NZY^TOP]LMWd Q]ZX _SZ^P TY 0`]Z[P O`]TYR _SP =PYLT^ ^LYNP ,WW _SP ]PaZW`_TZYL]d ^NTPY_TQTN OT^NZaP]TP^ z _SL_ _SP 0L]_S T^ L ]Z_L_TYR ^[SP]P LYO _SP WLb ZQ R]LaT_d z bP]P XLOP bT_STY _SP ]PLWX ZQ L^_]ZYZXd LYO YZ_ Md NSLYNP MPNL`^P _SP]P bL^ ^[PNTQTN []LN_TNLW TY

7T_P]L_T TY 4YOTL LYO 0`]Z[P

 "

_P]P^_ SP]P  bSP]PL^ _SP]P bL^ YZ LYLWZRZ`^ TX[P_`^ QZ] _SP OPaPWZ[ XPY_ ZQ [Sd^TN^ 4Y 0`]Z[P _SP OPaPWZ[XPY_ ZQ [Sd^TN^ LYO ^NTPY_TQTN XP_SZO []ZQT_PO Q]ZX _SP TY_P]P^_ ZQ _SP =PYLT^^LYNP ]`WP]^ TY [L_]ZYTe TYR ^NTPY_T^_^ ^`NS L^ 2LWTWPZ LYO 7PZYL]OZ OL ATYNT TY Z]OP] _Z RLTY MPYPQT_^ TY bLRTYR bL] 4Y 4YOTL ZYP bLY_PO _Z XLVP MP__P] NLWN`WL_TZY^ ZQ _SP XZaPXPY_^ ZQ _SP [WLYP_^ TY Z]OP] _Z QTYO _SP ]TRS_ _TXP^ QZ] ]T_P^ LYO TX[Z]_LY_ []ZQLYP LN_^ LYO _Z Pc_]LN_ _SP R]PL_P^_ [Z^^TMWP RLTY Q]ZX _SPX _Z MP LMWP _Z XLVP XZ]P PQQPN_TaP ^LN]TQTNP^ LaZTO TYL`^[T NTZ`^ TYQW`PYNP^ LYO O]Lb `[ MP__P] SZ]Z^NZ[P^ QZ] MT]_S^ XL]]TLRP^ LYO M`TWOTYR SZ`^P^ ?SP WLb ZQ R]LaT_d LYO _SP ]Z_L_TZY ZQ _SP 0L]_S bP]P T]]PWPaLY_ _Z ^`NS XL__P]^ LYO bP]P YZ_ [`]^`PO Q`]_SP] 8Z]PZaP] ¢]dLMSL¶Lv^ ^[PN_LN`WL] [Z^_`WL_P ZQ _SP ]Z_L_TZY ZQ _SP 0L]_S LW_SZ`RS T_ bL^ YZ_ L SPWTZNPY_]TN aTPb ZQ _SP `YTaP]^P bL^ NZY^TOP]PO QL] _ZZ TX[]ZMLMWP LYO Z`_WLYOT^S Md ^`NNPPOTYR RPYP]L_TZY ZQ ^NTPY_T^_^ PaPY _SP ^`[[Z]_P]^ ZQ ¢]dLMSL¶Lv^ ^NSZZW 4Y aTPb ZQ _SP QWTRS_ ZQ MT]O^ LYO Z_SP] ZM^P]aL_TZY^ _SPd bP]P NZYaTYNPO ZQ _SP ^_LMTWT_d ZQ ^[L_TLW NZZ] OTYL_P^ >Z _SP _SPZ]d ZQ _SP 0L]_Sv^ ]Z_L_TZY ]PXLTYPO TYPQQPN_TaP MP NL`^P _SP]P bP]P YZ N]T_P]TL QZ] T_^ aLWTOT_d Z] bLd^ ZQ TY_PR]L_TYR T_ TY_Z _SP LNNP[_PO _SPZ]d wVPTYP 2ÞW_TRVPT_^V]T_P]TPY `YO ,Y^NSW`^^XØRWTNS VPT_PYx -`_ L OTQQP]PY_ _SPZ]d MPNLXP bTOPWd P^_LMWT^SPO YLXPWd _SL_ _SP 0L]_S T^ ^[SP]TNLW MS`RZWL  3P]P N]T_P]TL QZ] T_^ aLWTOT_d LYO [Z^^T MTWT_TP^ ZQ TY_PR]L_TZY PcT^_PO ZbTYR _Z T_^ TXXPOTL_P []LN_TNLW ]PWP aLYNP 4_ bL^ _]`P _SL_ _SP MS`RZWL _SPZ]d LW^Z NZY_]LOTN_PO _SP ;`]£©TN bZ]WOaTPb _SL_ _SP 0L]_S bL^ QWL_ M`_ _SP NLWN`WL_TZY^ bP]P PL^TP] bT_S L ^[SP]P _SLY bT_S _SP ^XLWW _STY OT^N LYO _SL_ bL^ bSL_ bL^ TX[Z]_LY_ 1Z] _ST^ ]PL^ZY _SP _SPZ]d LW^Z ^[]PLO LXZYR _SP ]PWTRTZ^T Q]ZX _SP -]LSXLYTN L^_]ZWZRP] O]LbTYR `[ SZ]Z^NZ[P^ L^ L []TaL_P M`^TYP^^ _Z _SP ;`]£©TN WT_P]L_`]P  1Z] ZYP _STYR _SP 4YOTLY ^NTPY_T^_^ NZ`WO _SP]PQZ]P ^Ld _STYR^ QZ] bSTNS _SPd bZ`WO SLaP MPPY M`]YPO L_ _SP ^_LVP TY 0`]Z[P 1Z] LYZ_SP] _SPd _SPX^PWaP^ bP]P [L]_ ZQ LY TY_P][]P_L_TZY ZQ _SP bZ]WO LYO ZQ L ^ZNTLW LYO ]PWTRTZ`^ []LN_TNP _SL_ []P^N]TMPO _SP ^_]L_PRTP^ LYO MZ`YOL ]TP^ LYO OP_P]XTYPO bSTNS QTYOTYR^ bP]P OPaPWZ[PO Q`]_SP] LYO bSTNS ]PXLTYPO TYPQQPN_TaP ?SP OT^NZaP]d ZQ R]LaT_d LYO T_^ WLb ]PXLTYPO L_ _SP TYT_TLW ]`OTXPY_L]d ^_LRP ?SP ^NTPY_T^_^ OTO YZ_ OPaPWZ[ _SP _SP^T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ T^ ]PQWPN_PO Md _SP QLN_ _SL_ PaPY _SP ^NTPY_TQTN NZY_]ZaP]^TP^ ZQ _SP XL_SPXL_T NTLYL^_]ZYZXP]^ ^`NS L^ -]LSXLR`[_Lv^  $#z!!# N]T_TNT^X ZQ ST^ ZbY NZY_PX[Z ]L]d -S£^VL]L _SP XZ^_ ^TRYTQTNLY_ PL]Wd XL_SPXL_TNTLYL^_]ZYZXP] LWZYR^TOP ¢]d LMSL¶L ]PQP]]PO ^ZWPWd _Z L^_]ZYZXd LYO _SP []LN_TNLW L[[WTNL_TZY ZQ _SP NLWN`WL_TZY^  4Y ^ZXP ;`]£©L^ _SP MS`RZWL _SPZ]d bL^ L[[WTPO L^ T_ bL^ ]P[]P^PY_PO Xd_STNLWWd TP YZb _SP]P bL^ YZ_ U`^_ ZYP ^LN]PO 8Z`Y_ 8P]` M`_ _bZ 8Z`Y_ 8P]`^ _SP `[[P] ZYP L_ _SP 9Z]_S ;ZWP ZY bSTNS _SP RZO^ WTaP LYO _SP WZbP] ZYP L_ _SP >Z`_S ;ZWP _SP ObPWWTYR[WLNP ZQ _SP OPXZY^ .Q LW^Z ;TYR]PP 5dZ_Tಣ^_]L  

 #

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

ZQ [Sd^TN^ MPNL`^P _SPd bP]P [`]^`TYR L OTQQP]PY_ ^NTPY_TQTN []ZR]LX ,^_]ZYZXd bL^ ^Z OPNT^TaP MPNL`^P T_ bL^ TX[Z]_PO _ZRP_SP] bT_S L^ _]ZWZRd bSTNS bL^ TX[Z]_PO Q]ZX 2]PPNP LYO _LVPY Q`]_SP] TY 4YOTL L^ L wWTQP ^NTPYNPx TY L aP]d WT_P]LW PcT^_PY_TLW ^PY^P aT_LW QZ] LWW XL__P]^ ZQ ]PWTRTZ`^ LYO ^ZNTLW WTQP ?ST^ O]TaP LWTPY _Z ^NTPY_TQTN OT^NZ`]^P TP TOPL^ LYO NZYaTN_TZY^ LMZ`_ SZb _Z XLcTXTeP bPWWMPTYR LYO ^`NNP^^ TY WTQP YZ_ ZYWd XLOP L^_]ZYZXd TY_Z L WPLOTYR ^NTPYNP M`_ LW^Z XZ_TaL_PO L OT^N`]^TaP QZ]XL_TZY TY bSTNS T_ bL^ [Z^^TMWP _Z SLaP QLM`WZ`^ QZ] bL]OWZZVTYR OT^NZaP]TP^ TY XL_SPXL_TN^ bSTWP XZ_TaL_TZYLW O]TaP^ bP]P WLNVTYR QZ] OPaPWZ[TYR [Sd^TN^ ?SP >¼]dL^TOOS£Y_L XPLY_ _SL_ LWW _SP XZaPXPY_^ ZQ _SP [WLYP_^ NZ`WO MP NLWN`WL_PO Pc_]PXPWd []PNT^PWd TP _SP ^NTPY_TQTNL_TZY ZQ L^_]ZYZXd WPO SP]P _ZZ _Z L XPNSLYT^_TN bZ]WOaTPb M`_ ZYP _SL_ OTQQP]PO Q]ZX _SP XL_P]TLWT^_TN ZYP ZQ ^NTPY_TQTN XZOP]Y [Sd^TN^ @YOP]^_LYOLMWd _ST^ bZ]WOaTPb bL^ YZ_ ]PUPN_PO M`_ bPWNZXPO Md Z]_SZOZc 3TYO`^ LYO []TP^_Wd ËWT_P^ MPNL`^P _SPd bP]P LXZYR _SP XLUZ] MPYPQTNTL]TP^ ?SP >¼]dL^TOOS£Y_L R`L]LY_PPO XZ]P ^PN`]P ]T_`LW PQQTNTPYNd L^ _SP []PNT^P OLd LYO SZ`] QZ] _SP ]T_P^ NZ`WO MP OP_P]XTYPO ^Z _SP]P bZ`WO MP YZ ZM^_LNWP^ _Z LNSTPaTYR _SP XLcT X`X PQQPN_ LYO NZWWPN_TaP LYO [P]^ZYLW bPWWMPTYR ?ST^ M]Z`RS_ MPYP QT_ YZ_ WPL^_ _Z _SP ]`WP]^ ^ZXP ZQ bSZX [L_]ZYTePO _SP L^_]ZYZXP]^ LYO TY [L]_TN`WL] _SP ]PWTRTZ`^ ]T_`LW ^[PNTLWT^_^ LYO WL]RP _PX[WP^ TY _]`Wd []TYNPWd QL^STZY ?SPT] Pc[P]_ VYZbWPORP LYO ]T_`LW VYZbSZb bP]P Q`YOLXPY_LW _Z _SP PcP]NT^TYR ZQ ]ZdLW [ZbP] _SP ^PN`]T_d ZQ _SP NZ`Y _]d LYO _SP bPWWMPTYR ZQ _SPT] ^`MUPN_^ , XPOTPaLW NZ`]_ bL^ []LN_T NLWWd TYNZYNPTaLMWP bT_SZ`_ NZ`]_ L^_]ZWZRP]^ ]PWTRTZ`^ _PLNSP]^ LYO ]ZdLW NSL[WLTY^ L^ LOaT^Z]^ TY bL] LYO [PLNP 4Y _ST^ aP]d OTQQP]PY_ NZ]]PWL_TZY ^[LNP TY bSTNS ^NTPYNP OPaPWZ[PO TY 4YOTL _SP ]PWL_TZY^ST[ MP_bPPY ]PWTRTZY LYO ^NTPYNP bL^ XZ]P ZYP ZQ RTaP LYO _LVP _SLY ZYP ZQ X`_`LW PcNW`^TZY Z] L Q`YOLXPY_LW RL[ ?SP ^NTPY_TQTN \`P^_TZY^ LYO OPML_P^ bP]P OP_P]XTYPO U`^_ L^ _SPd L]P _ZOLd TY _SP XZOP]Y \`LY_T_L_TaP OT^NT[WTYP^ YZ_ Md XL_SPXL_TN^ L^ ^`NS M`_ Md T_^ L[[WTNL_TZY _Z _SP [Sd^TNLW bZ]WO LYO _SL_ XPLY_ ^[PNTQTNLWWd L[[WTNL_TZY _Z _SP L^_]ZYZXTNLW P]L :YP ZQ _SP XLTY NZY_]ZaP]^TLW [ZTY_^ bL^ _SP \`P^_TZY ZQ _SP NZX[L_TMTWT_d LYO TYNZX[L_TMTWT_d ZQ _SP NSZTNP^ ZQ L^_]ZYZXTNLW [L]LXP_P]^ LYO _SPZ]TP^ bT_S _SP ;`]£©TN _SPZ]d ZQ WPYR_S LYO [P]TZO^ TY _SP LRP ZQ _SP bZ]WO d`RL   ?SP]P bP]P OPQT YT_PWd NWL^SP^ LYO NZY_]ZaP]^TP^ DP_ ]PWTRTZ`^ Xd_STNLW TY_P][]P_L_TZY^ ZQ _SP bZ]WO LYO ^NTPY_TQTN TY_P][]P_L_TZY^ bP]P YZ_ ^PPY L^ Z[[Z^T_P^ M`_ TY^_PLO bP]P NZY_TY`LWWd LOL[_PO _Z ZYP LYZ_SP] ?SPd PaPY _PYOPO _Z MP TY_P]NSLYRPLMWP MPNL`^P ZYP L^^`XPO _SL_ MZ_S ZQ _SPX SLO _SP ^LXP _]`_S NZY_PY_ PaPY TQ _SP _]`_S NZY_PY_ ZQ ]PWTRTZY []TXL]TWd _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx #z$& ;TYR]PP 5dZ_Tಣ^_]L   QQ 

7T_P]L_T TY 4YOTL LYO 0`]Z[P

 $

APOL YPNP^^L]TWd bPY_ Q`]_SP] _SLY _SL_ ZQ _SP PX[T]TNT^X MPNL`^P T_ bL^ XZ]P NZX[]PSPY^TaP LYO LW^Z ]PWL_PO _Z TYaT^TMWP _STYR^ LYO _SP LQ_P]WTQP ?ST^ [L__P]Y NZY_TY`PO LXZYR _SP 3TYO` ]PQZ]XP]^ TY _SP YTYP _PPY_S NPY_`]d LYO PaPY ^ZXP NZY_PX[Z]L]d 3TYO`^ bSPY _SPd NWLTX _SL_ LWW XZOP]Y OT^NZaP]TP^ bP]P LW]PLOd []PQTR`]PO TY 4YOTLv^ ZWO ^L N]PO WT_P]L_`]P^ Q]ZX _PWPR]L[Sd LYO LT][WLYP^ TY _SP APOL^ P[TN^ LYO ;`]£©L^ _Z _SP ^NTPY_TQTN bZ]WOaTPb TYNW`OTYR ^`NS _STYR^ L^ L_ZXTN _SPZ]d TY _SP [STWZ^Z[Sd ZQ _SP ALT²P´TVL _SP _SPZ]d ZQ PaZW`_TZY TY _SP AT´©`T_TN ,a£_L]L _SPZ]d LYO _SP XZ^_ XZOP]Y TY^TRS_^ TY_Z XL__P] LYO PYP]Rd TY _SP ±TaLT_TN ±TaL±LV_T _SPZWZRd ?SP TY_P]P^_TYR _STYR LMZ`_ _ST^ TY_P][]P_L_TZY T^ YZ_ ZYWd _SP QLN_ _SL_ NP]_LTY TOPL^ LYO _P]X^ ZQ _SP LYNTPY_ LYO XPOTPaLW N`W_`]P^ ZQ [STWZ^Z[Sd LYO ]PWTRTZY TY 4YOTL L]P L[[L]PY_Wd PL^TP] _Z WTYV _Z _SP [Sd^TNLW bZ]WOaTPb ZQ _SP XZOP]Y [P]TZO _SLY _SP .S]T^_TLY _SPZWZRd ZQ N]PL_TZY T^ _SP XZOP]Y 3TYO`T^X L[ZWZRd RZP^ TY []PNT^PWd _ST^ OT]PN_TZY M`_ LW^Z _SP NZY_TY`L_TZY ZQ L OT^N`]^TaP [L__P]Y _SL_ OZP^ YZ_ [P]NPTaP ]PWTRTZY LYO ^NTPYNP _Z MP TY NZY_]LOTN_TZY ?ST^ [L__P]Y bL^ LW]PLOd []PQTR`]PO TY _SP 4YOTLY 8TOOWP ,RP^ ;WZQVP] bL^ NZ]]PN_ _Z NZXXPY_ ZY _SP XL_SPXL_TNTLYL^_]ZYZXP]^ ZQ ,Y_T\`T_d LYO _SP 8TOOWP ,RP^ Md ^LdTYR% w>TYNP XL_SPXL_TNLW LYO ^N]T[_`]LW _]`_S^ bP]P YZ_ YPNP^^L]TWd _]PL_PO L^ ^P[L]LMWP LR]PPXPY_ bT_S ^LN]PO L`_SZ]T_d bL^ NZY^TOP]PO _Z MP ZYP L^[PN_ ZQ ^NTPY_TQTN aL WTOT_dx  .LWN`WL_TZY^ NZY_]LOTN_TYR _SP ;`]£©TN _SPZ]d ZQ _SP LRP ZQ _SP bZ]WO P_N bP]P _SP]PQZ]P L []ZMWPX PaPY QZ] _SP ^NTPY_T^_^ _SPX^PWaP^ LYO TRYT_PO _SP XZ^_ NZY_]ZaP]^TP^ ?SP]P bL^ LWbLd^ Q]PPOZX ZQ Z[TY TZY -`_ T_ ^PPXPO _SL_ _SPZ]TP^ LYO [L]LXP_P]^ bT_S PaPY L STY_ ZQ _Pc _`LW SP_P]ZOZcd LYO ^ZNTZ]PWTRTZ`^ OPaTLYNP LMZ`_ _SPX bP]P WP^^ LN NP[_LMWP MPNL`^P _SPd NZ`WO YZ_ MP ]PNZYNTWPO bT_S P^_LMWT^SPO aTPb^ 4_ bL^ _SP]PQZ]P WP^^ NZP]NTZY ZY _SP [L]_ ZQ Z]_SZOZc 3TYO`^ Z] L QPL] ZQ MPTYR M`]YPO L_ _SP ^_LVP _SL_ PcP]_PO L ]P^_]TN_TaP PQQPN_ LYO XZ]P ZYPv^ ZbY TY_P]TZ]TePO bZ]WOaTPb LYO _SP OP^T]P QZ] _SP ^NTPY_TQTN ^_L_PXPY_^ _Z MP NZX[L_TMWP bT_S _SP -]LSXLYTN NZ^XZWZRd .ZY aP]^PWd SZbPaP] T_ bL^ _]`P _SL_ bSPYPaP] _SP YPb ^NTPY_TQTN QTYOTYR^ M]ZVP bT_S _SP ;`]£©TN bZ]WOaTPb 3TYO` Z]_SZOZcd OTO YZ_ NL_PRZ]T NLWWd ]PUPN_ _SPX ZY []TYNT[WP 4Y^_PLO T_ _PYOPO _Z MP ]PWTRTZY _SL_ bL^ LOL[_PO 4_ bL^ XZ]P _SP NL^P _SL_ _SP -]LSXTY^ ZYNP LRLTY ^NZ`]PO _SPT] ;`]£©L^ bSPY L YPb OT^NZaP]d L[[PL]PO _Z OPaTL_P ]LOTNLWWd Q]ZX _SPT] NZ^XZWZRd ;P]SL[^ _SP YPb QLN_^ LYO QTR`]P^ bP]P STOOPY TY ^ZXP bLd TY _SP SZWd MZZV^ LYO z SPd []P^_Z z YZ_ `YNZXXZYWd ZYP QZ`YO _SPX Z] OPaPWZ[PO YPb _Pc_^ LYO ^NSPXP^ ZQ L]R`XPY_L_TZY _SL_ M]Z`RS_ _]LOT_TZY LYO TYYZaL_TZY TY_Z _SP ^LXP QZWO 1Z] PcLX[WP _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ;WZQVP] w8L_SPXL_TN^ TY 4YOTLx $

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

;`]£©L NZ^XZWZRd bL^ LOL[_PO _Z _SP YPb VYZbWPORP _SL_ _SP 0L]_S bL^ ^[SP]TNLW Md O`[WTNL_TYR 8Z`Y_ 8P]` L^ _SP SZXP ZQ _SP RZO^ L_ _SP 9Z]_S ;ZWP LYO _SP SZXP ZQ _SP OPXZY^ L_ _SP >Z`_S ;ZWP ,OL[_L_TZY^ WTVP _SP^P _Z YPb ^NTPY_TQTN _SPZ]TP^ Md _SP ]PWTRTZ^T NLY LW^Z MP QZ`YO TY [STWZ^Z[STNLW OT^NZ`]^P 1Z] TY^_LYNP _SP ;¼]aL8ÅX£À^£ _SP ^_]TN_P^_ QZ]X ZQ APOL Z]_SZOZcd bL^ `YLMWP _Z P^NL[P _SP OPaPWZ[XPY_^ TY WZRTN WTYR`T^_TN^ VYZbWPORP _SPZ]d LYO YL_`]LW [STWZ^Z[Sd LYO QZ`YO T_^PWQ QZ]NPO _Z LOL[_ T_^ `YOP]^_LYOTYR ZQ _SP APOL L^ LY P_P]YLW L`_SZ]WP^^ wVYZbWPORPx ZQ TYaT^TMWP _STYR^ _Z _SP ]L_TZYLWT^_TN _SPZ]TP^ TP _Z OPQPYO T_^ NWLTX _Z _SP _]`_S ZQ _SP APOL L^ LY P_P]YLWWd aLWTO _Pc_ ZQ ]PaPWL_TZY TY P\`LWWd ]L_TZYLWT^_TN _P]X^ =L_SP] WTVP L Md[]ZO`N_ Q]ZX _ST^ _SP]P PXP]RPO TYYZaL_TaP NZY_]TM`_TZY^ _Z ]P^PL]NS TY_Z WTY R`T^_TN^ _SL_ ^_LYO `[ _Z NZX[L]T^ZY bT_S XZOP]Y BP^_P]Y WTYR`T^_TN^ @YWTVP _SP =ZXLY .L_SZWTN .S`]NS bSTNS SLO _Z OPQPYO YZ_ ZYWd T_^ SZWd ^N]T[_`]P M`_ LW^Z T_^ XZYZ[ZWd ZY TY_P][]P_L_TZY LRLTY^_ ^`NS QTR`]P^ L^ 2LWTWPZ LYO 2TZ]OLYZ -]`YZ 3TYO` Z]_SZOZcd SLO R]PL_P] QWPcTMTWT_d TY T_^ TY_P][]P_L_TZY^ :YWd _SP _]`_S ZQ _SP ^LN]PO _Pc_^ LYO _SPT] P_P]YLW aLWTOT_d SLO _Z MP OPQPYOPO LYO _ST^ bL^ LWbLd^ [Z^^TMWP Md XPLY^ ZQ w_]LY^WL_TZYx XZOTQTNL_TZY ZQ _SP L]R`XPY_L_TZY [L__P]Y^ ]PNZOTYR ]PTY_P][]P_L_TZY [L]L[S]L^TYR ]Pb]T_TYR XPY_LW TY_P][]P_L _TZY LWWPRZ]TeL_TZY P_N BT_S ^`NS ^_]L_PRTP^ _SP ]PWL_TZY^ST[ MP_bPPY _SP ]PWTRTZ`^ P^_LMWT^SXPY_ LYO ^NTPYNP bL^ XZ]P ZYP ZQ PcNSLYRP _SLY ZYP ZQ X`_`LW PcNW`^TZY 3ZbPaP] _SP TY_P]LN_TaP ]PNT[]ZNLW ]PWL_TZY ^ST[ MP_bPPY ^NTPYNP LYO ]PWTRTZY SLO NP]_LTY WTXT_^ z bSP]PaP] _SP MZ`YOL]TP^ MP_bPPY _SP OTQQP]TYR aTPb^ NZ`WO YZ WZYRP] MP ]PNZYNTWPO ^Z PL^TWd -`_ _SL_ SLO WP^^ _Z OZ bT_S MPWTPQ _SLY bT_S _SP OSL]XL []LN _TNP ZQ _SP ^ZNTLW Z]OP] XZ]LW^ LYO WTQP^_dWP TP _SP YZ]X^ ZQ _SP ^`] ]Z`YOTYR APOTN N`W_`]P _SL_ bL^ ]PTYQZ]NPO [P][P_`L_PO LYO ]PTYaPY_PO TY _SP ;`]£©L^ LYO _SP WLb^ 7TVP LWW OT^N`]^TaP QZ]XL_TZY^ _SP ^NTPY_TQTN ^_L_PXPY_^ ^_dWP^ LYO Q`YN_TZY^ L]P LWbLd^ [L]_ ZQ L X`NS XZ]P NZX[]PSPY^TaP NZX[WPc ZQ ^_L_PXPY_^ ?SPd L]P NZY^_]`N_PO bT_STY L YP_bZ]V LYO OPXL]NL_PO Q]ZX Z_SP] ZMUPN_^ 4Y NWL^^TNLW 4YOTL ZYP NLY TOPY_TQd LY TY_P]LN_TaP NZY_TY ``X TYaZWaTYR _SP WT_`]RTNLW XZOPW _SP Q`YN_TZY ZQ _SP APOL L^ _SP ZaP]LWW N`W_`]P ^ZNTLW NZYaPY_TZY^  OSL]XL ]`WP^ YL_`]LW ^NTPYNP [ST WZ^Z[Sd LYO _SPZWZRd bSTNS bL^ ]PWL_TaPWd NZY^T^_PY_ LYO TY_LN_ TY _SP QT]^_ XTWWPYYT`X ZQ _SP .ZXXZY 0]L ,W_SZ`RS APOTN ]T_P^ bP]P SL]OWd MPTYR [P]QZ]XPO LYd XZ]P LYO L R]PL_ [W`]LWT_d ZQ ]PWTRTZ`^ LYO []Z QLYP XPLYTYR Z]TPY_L_TZY^ bL^ [Z^^TMWP _SP APOL NZY_TY`PO _Z LN_ L^ L ]P^_]TN_TYR LYO WPRT_TXTeTYR QLN_Z] MZ_S aT^TMWd LYO TYaT^TMWd ?SZ^P bSZ OP^T]PO _Z MP LYO ]PXLTY aT^TMWP LYO L`_SZ]T_L_TaP PXMPOOPO _SPX ^PWaP^ TY _ST^ YPc`^ ?ST^ T^ TWW`^_]L_PO Md _SP QLN_ _SL_ ZYWd _SP ^Tc NWL^ ^TNLW [STWZ^Z[STNLW /L]²LYL^ waTPb^x _SL_ LNVYZbWPORP _SP APOL MP

7T_P]L_T TY 4YOTL LYO 0`]Z[P

!

NLXP VYZbY L^ w_SPx 4YOTLY [STWZ^Z[Sd  1Z`] ZQ _SP ^Tc ^NSZZW^ _PYO _Z SLaP ZYWd L YZXTYLW NZYYPN_TZY bT_S _SP APOL  4Y QLN_ T_ T^ ZYWd _SP _bZ APOL 8ÅX£À^£ ^NSZZW^ _SL_ L]P OT^N`^^PO TY R]PL_P] OP_LTW TY _ST^ MZZV _SL_ LN_`LWWd PXP]RPO OT]PN_Wd Z`_ ZQ _SP APOL PcPRP^T^ BSTWP _SPd NZY^NTZ`^Wd TY_PR]L_PO _SPX^PWaP^ TY _SP ]L_TZYLWTePO ^NTPY_TQTN OT^NZ`]^P ZQ _SP PL]Wd 8TOOWP ,RP^ T_ T^ LW^Z ^TRYTQTNLY_ _SL_ _SP Z_SP] /L]²LYL^ _SL_ bP]P ML^PO ^ZWPWd ZY S`XLY ]PL^ZY LYO WZRTN 9d£dL LYO L_ZXT^_TN YL_`]LW [STWZ^Z[Sd ALT²P´TVL ! `^PO _SP Z[[Z^T_P _LN_TN ZQ NZY^NTZ`^Wd WZNL_TYR _SPX^PWaP^ TY _SP APOTN NZY_Pc_ Md OPQPYOTYR _SP APOTN ]PaPWL_TZY L_ WPL^_ YZXTYLWWd ?ST^ NZYYPN_TZY bT_S _SP APOL bL^ ST^_Z]TNLWWd R]PL_Wd PQQPN_TaP ?SL_ TY LOOT_TZY _Z _SP ^Tc /L]²LYL^ _SP]P bP]P LW^Z Z_SP] STRSWd OPaPW Z[PO [STWZ^Z[STNLW _]LOT_TZY^ bL^ TRYZ]PO Md _SP PL]Wd ]P^PL]NS TY_Z 4YOTL LYO ZYWd ]PNZRYTePO TY ]PNPY_ OPNLOP^ ?SP 6L^SXT]T ±TaLT_TN [STWZ^Z[SP] ,MSTYLaLR`[_L _S NPY_ OP^P]aP^ [L]_TN`WL] XPY_TZY bSZ []Z[Z`YOPO L XZOPW ZQ YZYO`LWT_d _SL_ SLO LY P\`LWWd ]L_TZYLW QZ`YOL_TZY M`_ bSTNS bL^ VPPYP] ZY _SP ^PY^P^ _SLY _SP APO£Y_L LYO OTO YZ_ NZYYPN_ STX^PWQ _Z _SP APOL M`_ _Z _SP ?LY_]L " :`] MZZV LN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :YP SL^ _Z OPQTYP wZQ 3TYO` 4YOTLx XZ]P []PNT^PWd MPNL`^P TY -`OOST^X bSTNS OZP^ YZ_ LNVYZbWPORP _SP APOL TYOP[PYOPY_ [STWZ^Z[STNLW _]LOT_TZY^ PXP]RPO L_ L aP]d PL]Wd ^_LRP  BSP]PL^ 9d£dL LYO ALT²P´TVL L]Z^P NZX[WP_PWd TYOP[PYOPY_Wd ZQ _SP APOL ]`OTXPY _L]d MPRTYYTYR^ ZQ >£XVSdL LYO DZRL L]P LW]PLOd QZ`YO TY _SP @[LYT´LO^ 3ZbPaP] TY _SP "_S NPY_`]d _SPd bP]P ^_TWW MPTYR NL_PRZ]TePO Md _SP QLXZ`^ 8¯X£À^£ ^NSZWL] 6`X£]TWL -SL¶¶L TY ST^ ?LY_]La£]__TVL  >¼_]L  L^ wLWTPY _Z _SP APOLx LYO wQLWWPY LbLd Q]ZX _SP APOTN OSL]XLx LW_SZ`RS SP bL^ NP]_LTYWd LbL]P ZQ _SP [L] _TLW ]PQP]PYNP _Z _SP APOL 4Y_P]P^_TYRWd 6`X£]TWL XPY_TZYPO _SP []Z[ZYPY_^ ZQ >£XVSdL LYO DZRL TY ZYP M]PL_S bT_S -`OOST^_^ >Z[ST^_^ LYO PL]Wd ?LY_]TN ^NSZZW^ YLXPWd _SP ±TaLT_TN ;£²`[L_L^ LYO _SP AT´©`T_TN ;LÓNL]£_]TY^ WLMPWTYR _SPX wSP]P _TN^x 4Y LOOT_TZY _Z P_STNLW ZMUPN_TZY^ SP MPWTPaPO _SL_ ^`NS R]Z`[^ bP]P ZYWd TY_P] P^_PO TY [ZbP] [Z^^P^^TZY^ LYO []P^_TRP LYO QZWWZbPO NZOP^ ZQ OSL]XL LYO LOSL]XL _SL_ bP]P OTQQP]PY_ Q]ZX _SP >X£]_L _]LOT_TZY LYO SP LNN`^PO _SPX ZQ ML^TYR _SPT] _PLNSTYR^ ^ZWPWd ZY PX[T]TNT^X ! ALT²P´TVL T^ OP]TaPO Q]ZX aT²P´L  wOTQQP]PYNPx Z] wTYOTaTO`LWT_dx LYO ]PQP]^ _Z L [STWZ^Z[STNLW bZ]WOaTPb ^_L]_TYR YZ_ Q]ZX `YT_d M`_ Q]ZX [W`]LWT_d L^ _SP Z]TRTY ZQ _SP `YTaP]^P LYO L]R`P^ TY QLaZ] ZQ LY L_ZXT^_TN Pc[WLYL_TZY ZQ _SP bZ]WO M`_ YZ_ L [`]PWd XL_P]TLWT^_TN ZYP WTVP _SP .£]aLVL^ ?ST^ XP_L[Sd^TNLW ML^T^ T^ aP]d WL]RPWd ^SL]PO Md _SP ^NSZZW ZQ WZRTNTLY^ ^Z _SL_ _SP _bZ TYT_TLWWd ^P[L]L_P ^NSZZW^ bP]P XP]RPO _Z QZ]X ZYP ^TYRWP ^dY_SP_TN ^d^_PX w9d£dLALT²P´TVLx " ?Z MP XZ]P []PNT^P ,MSTYLaLR`[_L ^dY_SP^TePO OTQQP]PY_ ^_]LYO^ ZQ _SP ?LY_]L _]LOT _TZY []TXL]TWd 6L`WL ?]TVL LYO 6]LXL bT_S ;]L_TMSTUÓ£ NZY^NTZ`^YP^^ [STWZ^Z[Sd WTYR`T^_TN XP_L[Sd^TN^ LYO LP^_SP_TN^ bSTNS bL^ _LY_LXZ`Y_ _Z L ]PQZ]X ZQ _SP ?LY _]L 3P T^ ]PRL]OPO L^ _SP TYT_TL_Z] ZQ _SP 3TRS ?LY_]L []ZMLMWd bT_S U`^_TQTNL_TZY 4Y ST^ ]LOTNLWWd SZWT^_TN bZ]WOaTPb _SP]P L]P YZ OTaT^TZY^ MP_bPPY _SP []ZQLYP LYO _SP ^LN]PO _SP `YTaP]^P LYO _SP OPT_d LY_S]Z[ZWZRd LYO _SPZWZRd WLYR`LRP LYO `YTaP]^LW

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

NZ]O^ ,MSTYLaLR`[_L LYO ST^ SZWT^_TN _PLNSTYR ZQ L NZ^XTN WLYR`LRP LYO ZQ S`XLY MPTYR^ L^ _SP NPY_P] ZQ ]PLWT_d LY TX[Z]_LY_ ]ZWP L^ ZYP ZQ 4YOTLv^ XZ^_ TX[Z]_LY_ w`YTaP]^LW Xd_SZWZRT^_^x 4Y 0`]Z[P ZYP SL^ _Z WZZV L_ _SP =PYLT^^LYNP LYO _STYVP]^ ^`NS L^ 8L]^TWTZ 1TNTYZ LYO ;TNZ OPWWL 8T]LYOZWL  _S NPY_ # Z] 2TZ]OLYZ -]`YZ _Z QTYO Q]PP ^[T]T_^ WTVP ,MSTYLaLR`[_L bSZ ^`[[Z]_PO ^TXTWL] NZYNP[_^ ZQ LP^_SP_TN ]PWTR TZY ZQ ]PL^ZY [LY_SPT^_TN bZ]WOTY_P][]P_L_TZY LYO ]L_TZYLWT^_TN P^Z_P]T NT^X 3ZbPaP] _SPd bP]P YZ_ ]PLWWd LNNP[_PO , ^[PNTLW QPL_`]P ZQ _SP OZXTYLY_ 0`]Z[PLY QTPWO ZQ OT^NZ`]^P T^ _SL_ LW_SZ`RS MZ_S 2LWTWPZ LYO -]`YZ bP]P NZYOPXYPO Md _SP .S`]NS ZYWd 2LWTWPZv^ bZ]WOaTPb OP QTYPO _SP QZWWZbTYR [P]TZO 4Y 4YOTL Md NZY_]L^_ [LYPY_SPT^X SLO MPPY N`W_`]LWWd []PQTR`]PO ^TYNP _SP _TXP ZQ _SP @[LYT´LO^ LYO SLO YPaP] MPPY _SZ`RS_ _Z MP `YLNNP[_LMWP ,MSTYLaLR`[_Lv^ XP_L[Sd^TNLW XZ YT^X SLO L XL]VPO TYQW`PYNP ZY aL]TZ`^ ^NTPY_TQTN _]LOT_TZY^ [ZP_TN^ LP^_SP_TN^ [STWZ^Z[Sd LYO _SP _SPZWZRd ZQ _SP 3TRS ?LY_]L -`_ SP LW^Z LW_P]PO ]PWTRTZ`^ STP]L]NSTP^ Md ]LT^TYR _SP aLW`P ZQ [Z[`WL] N`W_^ BT_S ST^ PX[SL^T^ ZY _SP TYYP] ^PY^P SP ^STQ_PO bTWO OPT_TP^ Q]ZX _SP [P]T[S P]d TY_Z _SP NPY_P] LYO TYT_TL_PO _SP 3TRS ?LY_]L BSL_ bL^ LMSZ]]PY_ _]LY^X`_PO TY_Z ^ZXP_STYR ^`MWTXP 4_ bL^ L_ _ST^ [ZTY_ _SL_ ,MST YLaLR`[_L MPNLXP ZQQPY^TaP LYO []ZaZVPO _SZ^P bSZ bP]P APOL Z]_SZOZc _Z []Z_P^_ BSL_ XLOP T_ TX[Z^^TMWP QZ] _SPX _Z TY_PR]L_P ,M STYLaLR`[_L TY_Z _SP PcT^_TYR ^d^_PX bL^ YZ_ ST^ YZYO`LWT^X M`_ _SP STRSP] ^_LYOTYR SP LNNZ]OPO _Z ^NZ]YPO N`W_^ LYO _SP WPQ_SLYOPO ?LY_]L bSZ^P OSL]XL PcNPPOTYR ]T_P^ SP XLOP LNNP[_LMWP _S]Z`RS [ZP_TN XP_L [SZ]^ WTYR`T^_TN NZYNT^PYP^^ LYO PWPRLYNP TYYP] PX[SL^T^ ZY ^PY^P LYO STRSWd OPaPWZ[PO [STWZ^Z[Sd $ .T]NWP^ ZQ _SP >Z`_SP]Y 4YOTLY ±L«VL]£N£]dL^L OPYZ`YNPO STX L^ L []LN_T_TZYP] ZQ MWLNV XLRTN -`_ ML^TNLWWd _SPd _SPX^PWaP^ bP]P LW]PLOd TYQTW_]L_PO Md ST^ [STWZ^Z[STNLW _SZ`RS_^ Z] bP]P ^ZZY _Z MP ^Z L^ _SPd LOZ[_PO L w[`]TQTPOx ?LY_]T^X NZY_LTYTYR ZYWd _SP LNNP[_LMWP [L]_^ ZQ ,MSTYLaLR`[_L  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ NZY^NTZ`^YP^^ XTN]Z LYO XLN]ZNZ^XZ^ Z] LNZ`^_TN^ LYO aT^`LWT_d LYO MZ`YOL]TP^ MP_bPPY RPYOP]^ LYO NL^_P^ L]P T]]PWPaLY_ # .Q 6ZNV` aZY >_`NV]LO BL^ T^_ 0^Z_P]TV  1TNTYZv^ _SZ`RS_^ ZY NZ^XTN PYP]Rd TMTO $Q QZ] PcLX[WP L[[PL] NZX[L]LMWP _Z _SP 3TYO` 3TRS ?LY_]L bSZ^P XZ^_ TX[Z] _LY_ ]P[]P^PY_L_TaP T^ []ZMLMWd ,MSTYLaLR`[_L 3ZbPaP] 9PZ[WL_ZYTN _PLNSTYR^ LYO _SP ^NSZZW ZQ ,WMP]_ ZQ _SP 2]PL_ _SL_ []ZO`NPO 8PT^_P] 0NVSL]_ bP]P LW]PLOd 0`]Z [PLY ^d^_PX^ bT_S ^TXTWL] LQQTYT_d $ ,_ _SP ^LXP _TXP ,MSTYLaLR`[_L ^_LYO^ QZ] L ?LY_]L ]PQZ]X ^[T]T_`LWTeL_TZY ZQ _SP ?LY_]L LYO ZQ bTWO LYO LY_TYZXT^_TN N`W_^ LYO L [STWZ^Z[STNLWWd NZY^TOP]PO LYO TY_P ]TZ]TePO 6L`WL ?LY_]TN []LN_TNP _SL_ TYNW`OPO _SP NZY^`X[_TZY ZQ bTYP LYO ^Pc`LWT_d LYO aTZWL_PO _]LOT_TZYLW [`]T_d NZOP^ RPYOP] ]`WP^ LYO NL^_P ]`WP^  ?ST^ ]PQP]^ _Z _SP ±]¯aTOd£ _SP XZ^_ bTOP^[]PLO WTaTYR ?LY_]TN _]LOT_TZY _ZOLd bSTNS bL^ NZXXZY TY >Z`_SP]Y 4YOTL LXZYR >X£]_L -]LSXTY^ LYO LM^Z]MPO L R]PL_ OPLW Q]ZX ,MSTYLaLR`[_Lv^ [STWZ^Z[Sd M`_ bL^ ^_]ZYRWd APO£Y_TePO TY >Z`_SP]Y 4YOTL

7T_P]L_T TY 4YOTL LYO 0`]Z[P

!

,^ >X£]_L 3TYO`T^X LYO LY LNNP[_LMWP ?LY_]L MPNLXP XZ]P LYO XZ]P Q`^PO bT_S ZYP LYZ_SP] ZaP] _SP NZ`]^P ZQ _TXP T_ bL^ QZ]RZ__PY TY _SP N`W_`]LW XPXZ]d _SL_ YZ_ _SP APOL Z]_SZOZcd M`_ L XZOP]L_P QZ]X ZQ ?LY_]T^X bL^ _SP OZXTYLY_ ]PWTRTZ`^ N`W_`]P TY _SP 8TOOWP ,RP^ LYO _SL_ ^TYNP _SPY T_ SLO XP]RPO bT_S >X£]_L 3TYO`T^X _Z ^`NS LY Pc_PY_ _SL_ _ZOLd T_ T^ YZ WZYRP] ]PNZRYTeLMWP L^ ?LY_]L BSL_ ]PXLTYPO L^ ?LY_]L TY _SP N`W_`]LW XPXZ]d bL^ ZYWd _SP ]PUPN_PO WPQ_SLYOPO ?LY_]L LYO T_^ MLO ]P[`_L_TZY 4_ bL^ QZ]RZ__PY _SL_ T_ bL^ LN_`LWWd XLY_]L []LN _TNP L^ L XPLY^ ZQ ^PWQ_]LY^QZ]XL_TZY LYO [L]_TNT[L_TZY TY _SP [ZbP] ZQ _SP OPT_d bSTNS `YT_PO LWW ?LY_]TN _]LOT_TZY^ L^ T_^ XLTY PWPXPY_ MP NL`^P ?LY_]TN XLY_]L []LN_TNP MPNLXP ^Z NZXXZY[WLNP TY L [Z[`WL]TePO LYO OPaZ_TZYLWTePO QZ]X ?ST^ T^ _SP ]P^`W_ ZQ L _`]YTYR [ZTY_ TY _SP WT _`]RTNLW XZOPW bSTNS ^_PP]PO T_ ZY_Z YPb [L_S^ LYO XL]VPO Z`_ YPb MZ`YOL]TP^ QZ] _SP QTPWO ZQ ]PWTRTZ`^ OT^NZ`]^P ¢RLXL±TaLT^X bSTNS SL^ LWbLd^ MPPY P^^PY_TLWWd ?LY_]TN T^ P^[PNTLWWd TY^_]`N_TaP ]PRL]OTYR _SL_ bSTNS 1Z`NL`W_ NLWW^ _SP QZ]XL_TZY ZQ ^_]L_PRTP^ Z] ^_]L_PRTN NSZTNP^ bSTNS XL]V _]LY^T_TZYLW [ZTY_^ TY L OT^N`]^TaP QZ]XL_TZY LYO L^ OT^N`]^TaP _`]YTYR [ZTY_^ OP_P]XTYP _SP Q`]_SP] NZ`]^P ZQ L OT^ NZ`]^P  ,XZYR _SP XPOTPaLW ]PWTRTZ^T _SP ±TaLT_TN ]T_`LWXLY_]L ^[PNTLWT^_^ TYNW`OTYR -]LSXTY^ LYO YZY-]LSXTY^ LWTVP bP]P XZ]P ^`NNP^^Q`W _SLY _SP ^_]TN_ APOL -]LSXTY^ z bSTNS Pc[WLTY^ _SP SPdOLd ZQ _SP ?LY _]L MP_bPPY _SP QTQ_S LYO _ST]_PPY_S NPY_`]TP^ 4Y _SP ]PWTRTZ`^ QTPWO TY [L]_TN`WL] bSP]P ZYP XTRS_ WPL^_ Pc[PN_ T_ T_ MPNZXP^ L[[L]PY_ _SL_ _SP WT_`]RTNLW XZOPW bL^ YZ_ ]TRTO LYO TYQWPcTMWP M`_ XLWWPLMWP LYO NL[LMWP ZQ Pc[LY^TZY 4_ bL^ ^`MUPN_PO _Z Pc_]PXP []ZNP^^P^ ZQ ST^_Z]TNLW NSLYRP L^ T_ OTO YZ_ ^_Ld WTXT_PO _Z _SP APOTN bSTWP _ZOLdv^ 3TYO`T^X MPNLXP P^_LMWT^SPO ,Y P^[PNTLWWd OPNT^TaP _`]YTYR [ZTY_ TY _SP OT^N`]^TaP QZ] XL_TZY bL^ _SP ^ZNTLW ]PWPaLYNP LYO [Z^T_TZY ZQ [ZbP] _SL_ _SP ±TaLT_TN ?LY_]L TYN]PL^TYRWd LN\`T]PO TY _SP 8TOOWP ,RP^ _S`^ ]PNL^_TYR _SP WT_`]RTNLW XZOPW :YP ^SZ`WO MPL] TY XTYO _SL_ L_ _SP MPRTYYTYR PaPY _SP ]TRS_SLYOPO ?LY_]L _]LOT_TZY^ _SP ±TaLT_TN LYO AT´©`T_TN ¢RLXL N`W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .Q BTWVP w±L«VL]L LYO _SP ?LXTYR ZQ BTWO 2ZOOP^^P^x w-PL`_d ;P]^ZYTQTPOx LYO w, 9Pb ?SPZWZRd ZQ -WT^^x  ,NNZ]OTYR _Z 1Z`NL`W_ L OT^N`]^TaP QZ]XL_TZY YPaP] ]PLWTeP^ _SP bSZWP [Z^^TMWP aZW`XP _SL_ bZ`WO LN_`LWWd MP [P]XT__PO Md T_^ ZMUPN_^ `__P]LYNP^ LYO NZYNP[_^ ?ST^ ]PYOP]^ _`]YTYR [ZTY_^ LYO _]LY^QZ]XL_TZY^ [Z^^TMWP ,NNZ]OTYR _Z 1Z`NL`W_ L XLUZ] QLN_Z] QZ] _SP QZ]XL_TZY ZQ ^_]L_PRTP^ T^ _SP [Z^^TMWP M]PLV^ TY L OT^N`]^TaP QZ]XL_TZY TP _SP [WLNP^ bSP]P _SP OT^N`]^TaP QZ]XL_TZY RPYP]L_P^ _bZ LW_P]YL_TaP^ _Z MP `YT_PO bSTNS SZbPaP] OZ YZ_ ]P[]P^PY_ LY LM^ZW`_P M]PLV M`_ LWbLd^ ^_TWW MPWZYR _Z _SP ^LXP OT^N`]^TaP QZ]XL_TZY TY Z`] PcLX[WP _SP WT_`]RTNLW XZOPW LYO L XL]VPO ]T_`LW N`W_`]P ?SP [Z^T_TZY^ _LVPY OPNTOP _SP OT]PN_TZY ZQ _SP OT^NZ`]^P _SP OPaPWZ[XPY_ LYO YPb MZ`YOL]TP^ ZQ _SP QTPWO ZQ OT^NZ`]^P LYO _SP PQQPN_ ZY YZYOT^N`]^TaP NZY YPN_TZY^

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_`]P^ NL`^PO ZQQPY^P ?SP^P ^_]ZYRWd NZYQP^^TZYML^PO TYT_TL_Z]d ]T_`LW _]LOT_TZY^ bP]P ]PRL]OPO L^ SLaTYR wQLWWPY LbLd Q]ZX _SP [L_S ZQ _SP APOLx  MPNL`^P _SPd OTO YZ_ ]PNZRYTeP _SP APOL L^ []TXL]d ]PaPWL _TZY QZ`YOL_TZY ZQ OSL]XL LYO ^Z_P]TZWZRTNLW ^d^_PX ?SP APOL bL^ `YTX[Z]_LY_ _Z _SPX MPNL`^P _SPd SLO _SPT] ZbY ]T_`LW ^d^_PX LYO _SPT] ZbY ]PaPWL_Z]d ^N]T[_`]P^ P_STNLW TOPL^ LYO XLY_]L TYT_TL_TZY^ bSTNS _SPd NZY^TOP]PO _Z MP ^`[P]TZ] >`NS LW_P]YL_TaP ]T_`LW N`W_`]P^ bP]P ^PPY L^ OPaTLY_ Md _SZ^P WZdLW _Z _SP APOL LYO LWW _SP XZ]P ^Z MPNL`^P _SPd LW^Z MPNLXP [Z[`WL] LXZYR -]LSXTY^ LYO _SPT] QZ`YOL_TZY ZY NZYQP^^TZY bL^ XZ]P ^ZNTLWWd QWPcTMWP _SLY _SP APOTN TYT_TL_TZY _SL_ ]PXLTYPO ]P^_]TN_PO _Z _SP _bTNPMZ]Y DP_ _SP OPaTLY_ MPNLXP _SP YZ]X ?ST^ bL^ _SP ]P^`W_ ZQ TYN]PL^TYR X`_`LW LNNP[_LYNP LYO ]L[[]ZNSPXPY_ @W_TXL_PWd _SP APOTN wR`TOTYR N`W_`]Px waPOT^NSP 7PT_V`W_`]x ]P _LTYPO ]P^_]TN_TaP [ZbP] PaPY TY _SP ?LY_]TN [P]TZO ?SP WT_`]RTNLW XZOPW LWWZbPO QWPcTMTWT_d LYO PaPY M]PLV^ dP_ bSP]PaP] L M]PLV L[[PL]PO _SP [Z^T_TZY^ bP]P YZ_ [P]XT__PO _Z RZ _ZZ QL] L[L]_ :Y _SP Z_SP] SLYO _SP TYPcZ]LMWP ]T^P ZQ YZYAPOTN ]T_`LW N`W_`]P^ N]PL_PO YPb OT^N`]^TaP QZ] XL_TZY^ BSTWP _SP ¢RLXL `YTaP]^P P^_LMWT^SPO T_^PWQ L^ YPb WT_`]RTNLW XZOPW T_ ^TX`W_LYPZ^Wd Pc[LYOPO _SP aLWTOT_d N]T_P]TL LYO ^ZNTLW LNNP[_ LMTWT_d ZQ _SP ZaP]LWW APOTN N`W_`]P LYO ^_PP]PO T_ ZY_Z YPb [L_S^ :Q NZ`]^P _ST^ ^ZNTZ]PWTRTZ`^ NSLYRP NZ`WO YZ_ SLaP NZXP LMZ`_ bT_SZ`_ L ]PLW ML^T^ TY [ZWT_TN^ LYO QTYLYNTLW [ZbP] TP ]ZdLW [L_]ZYLRP ZQ ±TaLT_TN ]T_`LW Pc[P]_^ ,^ Pc[WLTYPO LMZaP bSP]PL^ _SP ^NTPYNP^ bP]P Q]PP _Z XZaP bT_STY _SP MZ`YOL]TP^ ZQ _SP WT_`]RTNLW XZOPW LYO dP_ TX [WTNT_ NZYaTN_TZY^ []LN_TNLW ]PWPaLYNP LYO Q`YN_TZY^ OP_P]XTYPO _SP ^[LNP bT_STY bSTNS _SP ^NTPY_TQTN ^_L_PXPY_^ bP]P ]PLWTePO _SP WTXT_L _TZY^ LYO Pc[LY^TZY^ ZQ _SP WT_`]RTNLW XZOPW T_^PWQ bP]P OP[PYOPY_ ZY LN_`LW [ZWT_TNLW TY_P]P^_^ ?Z MP XZ]P []PNT^P ]PWTRTZ`^ LYO [ZWT_TNLW ]PWL_TZY^ ZQ [ZbP] LYO OZXTYLYNP bP]P TY L []ZNP^^ ZQ X`_`LW Pc NSLYRP ?SP ]`WP]^ SLO LY TY_P]P^_ TY []Z_PN_TYR _SL_ ]PWTRTZY _SL_ bL^ TY _SPT] PdP^ _SP XZ^_ PQQPN_TaP LYO [ZbP]Q`W QZ] R`L]LY_PPTYR _SPT] ]ZdLW L`_SZ]T_d _SP []Z_PN_TZY ZQ _SP VTYROZX LYO ^ZNTZ]PWTRTZ`^ TY_PR]L_TZY ?SP ]PWTRTZ`^ _]LOT_TZY^ _SL_ NZ]]P^[ZYOPO MP^_ bT_S _SP^P Pc[PN_L_TZY^ LYO Q`YN_TZY^ R]Pb YZ_ ZYWd TY_Z L ]PWTRTZ`^ [ZbP] M`_ L_ _SP ^LXP _TXP TY_Z LY PNZYZXTN LYO [ZWT_TNLW [ZbP] ,NNZ]OTYR _Z ,WPcT^ >LYOP]^ZY _SP [Z[`WL]T_d LYO _SP ^`NNP^^ ZQ _SP ±TaLT_TN ]T_`LWXLY_]L ^[PNTLWT^_^ TY LN\`T]TYR ]ZdLW [L_]ZYLRP T^ Pc[WLTYPO XLTYWd Md _S]PP QLN_Z]^  1T]^_ L `YTaP]^LWT^_TN ^[T]T_ _SL_ bP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  =£XP²aL]L $_S NPY_ ,/ _SP NZXXPY_L_Z] ZY _SP ;L]L²`]£XL6LW[L^¼_]L  MPRTY^ ST^ bZ]V bT_S L WZYR WT^_ ZQ LNN`^L_TZY^ Q]ZX NWL^^TNLW WT_P]L_`]P^ _SL_ `^P _ST^ QZ] X`WL  :Y _SP QZWWZbTYR ,WPcT^ >LYOP]^ZY w=PWTRTZY LYO _SP >_L_P% ±LTaL :QQTNTPY_^ TY _SP ?P]]T_Z]d ZQ _SP -]LSXLYTNLW =ZdLW .SL[WLTYx w,_SL]aLaPOTY^ TY ?LY_]TN ?P]]T_Z]dx

7T_P]L_T TY 4YOTL LYO 0`]Z[P

!

bZ`WO NLWW wPN`XPYTNLWx TY XZOP]Y _P]X^% _SP TYT_TL_TZY ZQ _SP ±TaLT_TN ]PWTRTZ^T bL^ YZ_ ]P^_]TN_PO ZYWd _Z -]LSXTY^ LYO w_bTNP MZ]Yx STRSP] NL^_P^& MPdZYO _SP []P^`XLMWd ^XLWW TYYP] NT]NWP ZQ XLY_]L TYT_TL_P^ ]T_P^ bP]P LW^Z ZY ZQQP] QZ] WLd [P]^ZY^ LYO Z_SP] OPT_TP^ bP]P YZ_ Pc NW`OPO ,^ Pc[P]_^ QZ] NZY^PN]L_TYR _PX[WP^ _SP ±TaLT_TN ]T_`LW ^[PNTLW T^_^ LW^Z Q`YN_TZYPO TY _SP P^_LMWT^SXPY_ ZQ WL]RP YZY±TaLT_TN _PX[WP^ , ^PNZYO TX[Z]_LY_ ]PL^ZY QZ] _SPT] ^`NNP^^ bL^ _SL_ OP^[T_P _SPT] ]T_P^ MPTYR TYOP[PYOPY_ ZQ _SP APOL _SPd Q`WWd LNNP[_PO LYO LNNZXXZOL_PO _SP APOTN -]LSXLYTN _]LOT_TZY LYO P_STN^ ?SPT] _PX[WP ]T_P^ LYO LMZaP LWW _SPT] ]T_P^ QZ] VTYR^ LW^Z TYaZWaPO APOL ]PNT_L_TZY 4Y _SP^P ]T_P^ QZ] _SP []Z_PN_TZY ZQ _SP VTYR LYO _SP VTYROZX _SP]P bL^ ^ZXP OTaT^TZY ZQ WLMZ] LYO ^ZXP NZZ[P]L_TZY MP_bPPY _SP ±TaLT_TN LYO _SP ,_SL]aL APOTN ]ZdLW ]T_`LW ^[PNTLWT^_^ LYO ^ZXP_TXP^ PaPY [P]^ZYLW `YTZY ?ST^ LW]PLOd [ZTY_^ _Z _SP _ST]O ]PL^ZY LYO _SP XZ^_ TX[Z]_LY_ ZYP QZ] ]ZdLW [L_]ZYLRP% _SP NZYYPN_TZY MP_bPPY _SP ±TaLT_TN ]T_`LW Pc[P]_^ bT_S _SP VTYROZX LYO _SPT] ]ZWP L^ ]ZdLW _PLNSP]^ ]£ULR`]` LYO NSL[WLTY^ ]£UL [`]ZST_L  ?SP PcLX[WP ZQ _SP ±TaLT_TN ]T_`LW Pc[P]_^ T^ TYQZ]XL_TaP LMZ`_ _SP 4YOTLY 8TOOWP ,RP^ TY _S]PP bLd^ 1T]^_ T_ ^SZb^ _SL_ _SP wWT_`]RTNLW XZOPWx [P]aLOPO PaPY _SP bZ]WO ZQ [ZWT_TN^ >PNZYO T_ MPNZXP^ NWPL] U`^_ SZb ^_]ZYRWd MPWZYRTYR _Z _SP APOL TY ^ZXP bLd Z] L_ WPL^_ YZ_ Z[PYWd ]PUPN_TYR T_ OP_P]XTYPO bSL_ MPWZYRPO TY _SP OZXTYLY_ OT^ NZ`]^P LYO bSL_ OTO YZ_ ,^ L ]`WP T_ bL^ WP^^ _SP Pc_P]YLW NZY_]ZW LYO XZ]P _SP TY_P]YLW NZY_]ZW _SL_ ]P^`W_PO TY _SP ]PWTRTZ^T ^NTPY_T^_^ LYO [STWZ^Z[SP]^ P^_LMWT^STYR _SPX^PWaP^ TY _SP APOTN YPc`^ ?ST^ WPY_ _SPX WPRT_TXLNd LYO L`_SZ]T_d LYO bL^ YZ_ ZYWd ]P\`T]PO QZ] w[ZWT_TNLW NZ] ]PN_YP^^x M`_ bL^ LW^Z [ZWT_TNLWWd LYO PNZYZXTNLWWd bT^P ?ST]O T_ T^ PaTOPY_ _SL_ bT_STY _ST^ XZOPW _SP]P bP]P _]LY^QP]^ _]LY^X`_L_TZY^ LYO M]ZLO Pc[LY^TZY^ TY _SP ]PWTRTZ`^ QTPWO 9ZYAPOTN ]PaPWL_TZY^ bP]P ^`[P]TX[Z^PO ZY _SP Z]TRTYLW APOTN _Pc_& _SP ?LY_]TN R`]` bL^ ^`[P]TX [Z^PO ZY _SP APOTN £N£]dL & ?LY_]TN []LN_TNP bL^ ^`[P]TX[Z^PO ZY _SP APOTN ]T_`LW LYO XLY_]L []LN_TNP& Pc[P]_ VYZbWPORP bL^ YZ WZYRP] ]P ^_]TN_PO _Z -]LSXTY^ LYO OTQQ`^PO LbLd Q]ZX _SPX PaPY ]PLNSTYR WLd [PZ[WP ?SP^P ZM^P]aL_TZY^ ZQ ]PWTRTZ`^ NSLYRP SLaP YZ_ ^_PP]PO `^ LbLd Q]ZX _SP _]LNV ZQ LP^_SP_TN ^_dWP^ L^ T_ XTRS_ ^PPX 4Y^_PLO LP^_SP_TN^ L]P LY P^^PY_TLW [L]_ ZQ _SP NZ]]PWL_TZY ^[LNP^ OT^N`^^PO ?SP ]P[]P^PY_L _TZYLW LMTWT_d ZQ ±TaLT_TN ]T_`LW N`W_`]P L^ bP ^_TWW QTYO T_ TY >Z`_SP]Y 4YOTL LYO >]T 7LYVL _ZOLd bSP]P ?LY_]L LYO MSLV_T bP]P LW]PLOd NWZ^PWd NZYYPN_PO Q]ZX _SP ^Tc_S Z] ^PaPY_S NPY_`]d ZYbL]O WTVPWd SL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ LYO =PWTRTZY LYO _SP >_L_P% 4YT_TL_TYR _SP 8ZYL]NS TY ±LTaT^X LYO _SP -`OOST^_ BLd ZQ 8LY_]L^

!!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

MPPY LYZ_SP] TX[Z]_LY_ ]PL^ZY QZ] _SP [Z[`WL]T_d LYO _SP ^`NNP^^ ZQ _SP >TaLT_TN ]T_`LW Pc[P]_^  ?SP L]_T^_TN _PX[WP^ LYO ]PWTRTZ`^ TXLRP^ bSZ^P NZY^_]`N_TZY T^ ^P_ OZbY TY QTYP OP_LTW TY _SP ¢RLXL^ SLO L XZ]P [WL^_TN XL_P]TLW YL_`]P XZ]P ^PY^`LW LP^_SP_TN^ LYO WZYRP]WL^_TYR ^_L MTWT_d _SLY _SP XZMTWP QT]P ^LN]TQTNP^ ZQ _SP APOTN -]LSXTY^ LYO _SPT] [`MWTN ]PNT_L_TZY RL_SP]TYR^ _SL_ OT^^ZWaPO LRLTY LQ_P] _SP QP^_TaP ZNNL ^TZY^ SLO [L^^PO ?SP X`W_TXPOTL ¢RLXL ]T_P^ bP]P XZ]P TXLRT^_TN LYO XZ]P _SPL_]TNLW _SLY _SP APOTN QT]P ^LN]TQTNP^ _SL_ ^PPXPO ^TX[WP LYO XZYZ_ZYZ`^ Md NZX[L]T^ZY  ,W_SZ`RS _SP ¢RLXL ]T_P^ bP]P ËWT_T^_ L^ bPWW _SPd bP]P ^_TWW XZ]P LNNP^^TMWP _SLY _SP ËWT_T^_ APOTN NSLY_^ MPTYR LaLTWLMWP QZ] TY^_LYNP YZ_ ZYWd TY >LY^V]T_ M`_ LW^Z TY ?LXTW aP]YLN` WL]^ LYO ^_TX`WL_TYR _SP aT^`LW LYO _SP L`]LW ^PY^P^ ! 9Z_ WPL^_ _SP XZY`XPY_LW _PX[WP^ _SP L]_T^_TN XL_P]TLWTeL_TZY^ ZQ [ZbP]Q`W XLY_]L OPT_TP^ TY LY_S]Z[ZXZ][STN ]PWTRTZ`^ TXLRP^ LYO _SP LM`YOLY_Wd W`c`]T Z`^ ]T_P^ bP]P L R]LYO XPOT`X QZ] ]ZdLW N`W_`]P LYO ^PWQ]P[]P^PY_L_TZY ?SP VTYROZX T_^PWQ bL^ L NZ^XZWZRTNLW OTLR]LX LYO _SP ?LY_]TN XLY_]L ]T_P^ WPY_ _SP VTYR^ ^`[P]YL_`]LW [ZbP] LYO XLOP _SPX TYaTYNTMWP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP NL^P T^ ^TXTWL] bT_S _SP AT´©`T_TN ]T_`LW N`W_`]P TY >Z`_SP]Y 4YOTL bSTNS T^ aP]d ^TXTWL] _Z _SP ±TaLT_TN TY LWW []ZMLMTWT_d LW^Z TY^[T]PO Md ±TaLT^X LYO SL^ T_^ ZbY ¢RLXL ?LY_]L^ _SP ;LÓNL]£_]L WT_P]L_`]P  ?SP ¢RLXL^ LYO ?LY_]L^ LN_`LWWd LM^Z]MPO _SP APOTN QT]P ^LN]TQTNP LOOTYR T_ _Z _SPT] ZbY ]T_P^ 1T]P ^LN]TQTNP^ L]P LY P^^PY_TLW PWPXPY_ ZQ WL]RP^NLWP NP]PXZYTP^ QP^_TaLW^ LYO _PX[WP NZY^PN]L_TZY^ ?SP ¢RLXL QT]P ]T_`LW^ O`]TYR NZY^PN]L_TZY L]P TY XLYd bLd^ PcLN_ ]P[WTNL^ ZQ _SPT] APOTN []POPNP^^Z]^ _SP ^SL[P^ ZQ _SP ^LN]TQTNTLW LW_L]^ _SP [Z^T_TZYTYR ZQ _SP ^LN]TQTNTYR []TP^_^ WZZVTYR TY OTQQP]PY_ OT]PN_TZY^ ZQQP]TYR RSPP LYO Z_SP] NZ^_Wd RZZO^ bSTWP NZY^_LY_Wd ]PNT_TYR XLY_]L^ P_N ?SPT] Q`YN_TZY T^ SZbPaP] _Z_LWWd OTQQP]PY_ Q]ZX _SP APOTN ZYP 1T]P ^LN]TQTNP^ WPYO ^LN]PO [ZbP] _Z _SP bL_P] _SL_ T^ [Z`]PO ZaP] _SP _PX[WP _ZbP]^ _SP ^S]TYP^ LYO TNZY^ ?SP APOTN ]T_P MP NLXP SPLaTWd ?LY_]TePO TP QTWWPO bT_S LM`YOLY_ LP^_SP_TN^ LYO YPb ^PXLY_TN^ ?SP bL_P] []P[L]PO bT_S aL]TZ`^ NZ^_Wd P^^PYNP^ LYO SP]M^ T^ SPWO TY OPNZ]L_PO [Z_^ _SL_ PLNS ]P[]P^PY_^ L _PX[WP OPT_d ?SLYV^ _Z _SP ]T_`LW LYO NZY^_LY_ XLY_]L ]P[P_T_TZY _SP bL_P] T^ TY^_TWWPO bT_S OTaTYP PYP]Rd _SP OPT_d T_^PWQ ! 4Y _SP APOTN -]LSXLYTN LYO >X£]_L OT^NZ`]^P _SP LNNP^^TMTWT_d ZQ ?LY_]TN XLY_]L^ _Z _SZ^P bSZ bP]P YZ_ w_bTNP MZ]Yx LW]PLOd XPLY_ _SL_ _SPd bP]P XZ^_Wd L^^TRYPO _Z bZXPY LYO ±¼O]L^ :Y _SP Z_SP] SLYO TY ^ZXP ]P^[PN_^ _SP ¢RLXL N`W_`]P bL^ L NZY_TY`L_TZY ZQ _SP ËWT_T^_ APOL N`W_`]P P^[PNTLWWd TY _SP QLN_ _SL_ ]TRS_ `[ _Z XZOP]Y _TXP^ /LWT_^ bP]P QZ]MTOOPY _Z PY_P] ¢RLXL _PX[WP^ ±¼O]L^ LYO NL^_PWP^^ [P]^ZY^ SLO _Z ^_LYO Z`_^TOP _SP OZZ] LYO [P]QZ]X _SPT] bZ]^ST[ TY Q]ZY_ ZQ _SP ^PY_TYPW OPT_TP^ ZY _SP [P]T[SP]d ZQ _SP SZWd L]PL ?SP ?LXTW -SLV_T _]LOT_TZY T^ Q`WW ZQ ^_Z]TP^ TY bSTNS _ST^ STP]L]NSTNLW ]PWL_TZY^ST[ T^ ]PaP]^PO _S]Z`RS OTaTYP TY_P]aPY_TZY _Z _SP MPYPQT_ ZQ _SZ^P bSZ SLO MPPY PcNW`OPO >`NS ^_Z]TP^ ]PQWPN_ YZ_ ZYWd []Z_P^_ M`_ LW^Z _SP OP^T]P _Z MPWZYR _Z _SP wR]PL_ _]LOT_TZYx 4Y _SP ]PLW bZ]WO _SP /LWT_^ bP]P YZ_ ]PWT LY_ ZY _SP ËWT_T^_ >LY^V]T_ N`W_`]P LYO TY QLN_ SLO _SPT] ZbY ]T_`LW N`W_`]P []TP^_^ ]PWT RTZ`^ TXLRP^ PR _P]XT_P STWW^ LYO `YSPbY ^_ZYP^ LYO SZWd ^[LNP^ PR XZ`Y_LTY [PLV^ LYO Z[PY ^S]TYP^ TY _SP NZ`Y_]d^TOP

1]ZX 8POTL ?PNSYZWZRd _Z _SP >dXMZWTN 1Z]X^ L^ .`W_`]LW 8POTL

!"

?SP ±TaLT_TN ]T_`LW N`W_`]P ^`[[WTPO ^TXTWL]Wd M]TWWTLY_ LYO PWLMZ]L_P ^_LRTYR^ _Z _SZ^P ZQ _SP ^NTPY_TQTN NZXX`YTNL_TZY ZQ _SP L^_]ZYZXP] XL_SPXL_TNTLY^ _SL_ bP Z`_WTYPO LMZaP BSP]PL^ L^_]ZYZXP] XL_SPXL_TNTLY^ NWZ_SPO _SPT] ZM^P]aL_TZY^ LYO NLWN`WL_TZY^ TY LW[SL MP_TNLW ^Z`YO NZOP^ LYO L]_T^_TN XP_]TN aP]^P^ _SL_ bP]P Z]TPY_PO ZY _SP ^_dWP ZQ Z]YLXPY_LW [ZP_TN^ LYO YZ_ `YNZXXZYWd NZY^NTZ`^Wd RTaPY L X`W_T^PXLY_TN QZ]X _SP ¢RLXL?LY_]L Pc[P]_^ PcPN`_PO bT_S ^TXTWL] QTYP^^P L _d[P ZQ ]T_`LW [Z_WL_NS TY _SP QZ]X ZQ Z]YLXPY_LW _PX[WP L]NST _PN_`]P Z[`WPY_ ]T_P^ LYO []ZNP^^TZY^ LYO RZ]RPZ`^Wd OPNZ]L_PO L]_T^ _TN ]PWTRTZ`^ TXLRP^ bSZ^P bZ]^ST[ TYNW`OPO WT_P]LWWd ML_STYR _SPX TY XTWV LYO SZYPd ,WW ZQ _SP^P ^dXMZWTN QZ]X^ LYO W`c`]TZ`^ [P]QZ]X LYNP^ bP]P NZOPO bT_S L OPP[P] ^TRYTQTNLYNP LYO XP_L[SZ]TNLW XPLYTYR 0aP]d WL^_ OP_LTW ZQ _SP L]_T^_TN ^`]QLNP SL]MZ]PO ^[T]T_`LW LYO NZ^XZ WZRTNLW ^TRYTQTNLYNP L^VTYR _Z MP OPNZOPO ?ST^ ]T_`LW `YTaP]^P TYNW`OPO NZYOPY^PO ^_]TN_ QZ]X LYO NZYNPY_]L_PO LM^_]LN_TZY 8ZYZ^dWWLMTN ^Z`YO^ NZY_LTYPO TY NZYNPY_]L_PO QZ]X _SP OPT_TP^ MPTYR TYaZVPO LYO _SPT] [ZbP]^ ?SP [SZYP_TN Z]OP] ZQ _SP LW[SLMP_ ]PaPLWPO TY w[`]P]x QZ]X _SP Z]OP] ZQ _SP YL_`]LW bZ]WO LYO bL^ _SP]PQZ]P ]PQWPN_PO NZ^ XZRZYTNLWWd LYO `^PO ]T_`LWWd ,M^_]LN_ OTLR]LX^ `YOP][TYYPO _SP NSL]XTYR LY_S]Z[ZXZ][STN TXLRP^ LYO _PX[WP L]NST_PN_`]P^ LYO ]PR` WL_PO _SP QZ]X^ _SPd _ZZV 4Y ]PLWT_d T_ bL^ XLY_]L OPT_TP^ Z] PYP]Rd [ZbP]^ ZQ ^Z`YO LYO NZY^NTZ`^YP^^ _SL_ bP]P SZYZ]PO bT_S ^Z X`NS PQQZ]_ LYO UZd TY _SP ^PY^P^ 7TVP ^NTPYNP _SP ¢RLXL N`W_`]P WTYVPO ^PY^`LWT_d bT_S _SP ^_]TN_P^_ NZYNPY_]L_TZY ZY _SP XZ^_ P^^PY_TLW L^[PN_^ >Z LWW _SP bLd _S]Z`RS OTQQP]PY_ N`W_`]LW ^PN_Z]^ bP QTYO ZMUPN_TaTeL _TZY^ ZQ bSL_ bP SLaP NLWWPO _SP w_ST]O ^[LNP SLMT_`^x LYO _SP wOZ`MWP _]LTYTYR QTPWOx ZQ [P]NP[_TZY

$

1]ZX 8POTL ?PNSYZWZRd _Z _SP >dXMZWTN 1Z]X^ L^ .`W_`]LW 8POTL

?SP QZ]PRZTYR NSL[_P]^ ZY _SP ^NTPY_TQTN N`W_`]P^ TY [L]_TN`WL] SLaP ^SZbY SZb TX[Z]_LY_ T_ T^ YZ_ _Z TRYZ]P LP^_SP_TN L^[PN_^ LYO LWbLd^ _Z NZY^TOP] ]L_TZYLWT_d TY L bTOP] N`W_`]LW NZY_Pc_ TP _Z TYNW`OP _SP N`W _`]LWT_d ZQ ]L_TZYLWTeL_TZY TY ZYPv^ NZY^TOP]L_TZY^ =L_TZYLWT_d T^ XZ]P _SLY LY TY_PWWPN_`LW PY_P][]T^P ?SP]P T^ LW^Z L ]L_TZYLWT_d ZQ _SP ^PY^P^ P_N ?SP 4YOTLY ST^_Z]d ZQ ]L_TZYLWT_d TYNW`OP^ ^PY^Z]d LQQPN_TaP LYO NZRYT_TaP OTXPY^TZY^ L ]LYRP ZQ XPY_LW bZ]WO^ LYO ^dXMZWTeL_TZY^ _SL_ WL]RPWd OTQQP] Q]ZX BP^_P]Y ^NTPY_TQTN N`W_`]P /`P _Z _SP WT_`]RTNLW XZOPW ^NTPY_TQTN ^_dWP QZ]XL_TZY TY 4YOTL _ZZV L OTQQP]PY_ NZ`]^P _SLY _SL_ TY 0`]Z[P 4_ T^ L QZ]XL_TZY ZQ ^_dWP WTYVTYR b]T_TYR LYO Z]LWT_d LYO TY_PR]L_TYR ^NTPY_TQTN ]L_TZYLWT_d TY_Z LY LP^_SP_TN Z`_bL]O QZ]X _SL_ SL^

!#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

XZ]P _SLY L [WPL^LY_ L[[PL]LYNP YZ_ ^LdTYR aP]d X`NS 4Y^_PLO T_ SL^ _SP TX[Z]_LY_ Q`YN_TZY ZQ _SP []ZO`N_TZY ZQ L`_SZ]T_L_TaP ^[PPNS LYO ZQ PXMPOOTYR _SP WT^_PYP] ?ST^ LP^_SP_TN OTXPY^TZY LYO T_^ QZ]XL_TaP ]ZWP QZ] RPYP]L_TYR [P]NP[_TZY LYO LQQPN_TaT_d bL^ YZ_ NZY^TOP]PO PT_SP] Md 2ZZOd Z] ST^ N]T_TN^ LYO ST^ ^`NNP^^Z]^ NL_PRZ]TePO T_ LWW _ZZ ^NSPXL_T NLWWd ZYWd `YOP] Z]LWT_d ?ST^ OT^_Z]_PO _SP PaP] NWZ^P ]PNT[]ZNLW TY_P] [WLd MP_bPPY _PNSYZWZRTP^ XPOTL NZYQTR`]L_TZY^ Pc[P]TPYNP [P]NP[ _TZY TXLRTYL_TZY ]L_TZYLWT_d LYO N`W_`]P _SP QLM]TN ZQ L__]TM`_TZY^ ZQ XPLYTYR _SL_ T^ Pc[]P^^PO [P][P_`L_PO LYO _]LY^QZ]XPO TY OT^NZ`]^P^ LYO [P]QZ]XLYNP^ ?SP _PWWTYR _T_WP ZQ _SP XPOTPaLW ^_`Od ATaL aZc `YO ]L_TZ ^N]T[_`]L ^SZb^ SZb bTOPWd ]PNZRYTePO 2ZZOdv^ WT_P]LNd _SP^T^ bL^ L^ aLWTO LYO ^NTPY_TQTNLWWd YL_`]LWTePO -`_ _SP _T_WP ^TX`W_LYPZ`^Wd TWW`^_]L_P^ _SP ^`^NP[_TMTWT_d ZQ _SP _SPZ]d _Z MZ_S WZRZNPY_]TNT_d LYO 0`]ZNPY_]TNT_d =L_TZYLWT_d T^ L^^ZNTL_PO ZYWd bT_S b]T_TYR LYO LYTXL_TZY ZYWd bT_S _SP aZTNP :`] OT^N`^^TZY SL^ ^SZbY _SL_ LM^_]LN_ ^TRY ^d^_PX^ NLY LW^Z MP QZ]XPO `^TYR _SP WTaTYR aZTNP LYO LW^Z _SL_ _SP ^NTPY_TQTN LM^_]LN_TZY^ ZQ _SP >LY^V]T_ WT_P]L_T bSTNS L]P QTcPO TY b]T_TYR L]P aP]d LYTXL_TYR LYO L[[PLWTYR _Z _SP ^PY^P^ MPNL`^P _SPd TYNW`OP ^_]ZYR LP^_SP_TN L^[PN_^ 4Y 4YOTL _SP ^PXTZ]LW TY_P]XPOTL]d ^[LNP bSTNS bP NLWW ^ZYTN N`W_`]P WTYVPO ]L_TZYLWT_d LYO ^PY^P Pc[P]TPYNP ?SP ZM^P]aL_TZY OT^[]ZaP^ _SP NZXXZY L^^`X[_TZY^ TY XPOTL _SPZ]d M`_ ]PTYQZ]NP^ _SPX _ZZ bSPY WT_P]LNd LYO Z]LWT_d NZXP TY_Z aTPb L^ RPYP]L_Z]^ ZQ [P]NP[_TZY LYO _]LTYTYR R]Z`YO^ QZ] LP^_SP_TN ^_dWP^ :Y _SP ZYP SLYO >LY^V]T_ N`W_`]P ^SZb^ _SL_ _SP U`c_L[Z^T_TZY ZQ Z]LWT_d LYO WT_P]LNd T^ L w^SLX NZYQWTN_x ]PRL]OTYR 4YOTL ,_ _SP ^LXP _TXP _SP LP^_SP_TN ^`MUPN_TaTeL_TZY^ ZQ _SP 4YOTLY WT_P]L_T ]PLWWd OZ OPXZY^_]L_P ^_]TVTYR OTQQP]PYNP^ Q]ZX _SP 0`]Z [PLY ZYP^ 4Y ^TX[WTQTPO _d[ZWZRTNLW _P]X^ N]d[_TN LY_TOTOLN_TN PY NZOTYR ^d^_PX^ MPL`_TQ`W QZ]X^ LYO NZXX`YTNL_TZY ZQ _SP YZYaP]MLW L]P ]LYRPO ZY _SP ZYP ^TOP bT_S OTOLN_TN^ NWL]T_d ZQ ^_L_PXPY_^ YZY ^PY^Z]d YZYLP^_SP_TN QZ]X^ LYO WZRZNPY_]TNT_d ZY _SP Z_SP] ?ST^ ^SZb^ _SL_ LW_SZ`RS _SP ^TX[WP P\`L_TZY Z]LWT_d ( ^PY^`LWT_d aP]^`^ WT_P]LNd ( ]L_TZYLWT_d ]P[]P^PY_^ L QLW^P OTNSZ_ZXd _SPd OZ SZbPaP] Pc[]P^^ ^ZXP_STYR Q`YOLXPY_LW LYO _SL_ 7Ëad-]`SWv^ X`NS N]T_TNTePO _SPZ]d ZQ OTQQP]PY_ QZ]X^ ZQ XPY_LWT_d T^ [Z^^TMWd YZ_ TY QLN_ _Z_LWWd ZM^ZWP_P TQ T_ T^ ]PQZ]X`WL_PO 0aPY 2ZZOd STX^PWQ []Z[Z^PO _ST^ ^PP TYR _SP VPd TY _SP OTQQP]PY_ N`W_`]LW _PNSYZWZRTP^ Z]LWT_d LYO WT_P]LNd -`_ ^TYNP ST^ bPWWQZ`YOPO L]R`XPY_L_TZY OZP^ YZ_ ]PLWWd L[[Wd _SL_ bPWW _Z 4YOTL LYO PaPY _SP ]PQZ]X`WL_TZY Md =PNVbT_e bSZ OT^_TY R`T^SP^ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ ZQ XPOTL []LN_TNP^ T^ ZYWd [L]_TLWWd L[[WTNLMWP bP ^SLWW RTaP []PQP]PYNP _Z _SP XZ]P Z[PY _P]X^ ZQ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d bZ]WOZ]TPY_L_TZY LYO `YOP]^_LYO L N`W_`]Pv^ ^dXMZWTN QZ]X^ L^ XPOTL ?ST^ w^_]L_PRdx ]P[]P^PY_^ L OT^N`]

1]ZX 8POTL ?PNSYZWZRd _Z _SP >dXMZWTN 1Z]X^ L^ .`W_`]LW 8POTL

!$

^TaP _`]YTYR [ZTY_ BP L]P QTYLWWd WPLaTYR _SP XPOTL OT^N`^^TZY TY _SP YL]]Zb ^PY^P 4_ _SP]PQZ]P XLVP^ ^PY^P _Z ^`XXL]TeP ^ZXP VPd _SP^P^ _SL_ SLaP PXP]RPO TY ]PWL_TZY _Z 4YOTL TY Z]OP] _Z M`YOWP _SP w_]LY^T _TZYLW [ZTY_^x _SL_ XLVP T_ YPNP^^L]d _Z RTaP L M]ZLOP] ML^P _Z _SP MT YL]d OTQQP]PY_TL_TZY LYO _SP NZYNP[_ ZQ XPOTL  ?SP NL_NSbZ]O w^SLX NZYQWTN_x ]PRL]OTYR Z]LWT_d LYO WT_P]LNd TY 4YOTL NL[_`]P^ LW]PLOd L XLUZ] N]T_TNT^X ZQ 2ZZOd LYO ^TXTWL]Wd ZQ :YR :`] L^^P^^XPY_ ZQ _SP WT_P]LNd _SPZ]d SZbPaP] SL^ MPPY ^ZXP bSL_ XZ]P OTQQP]PY_TL_PO :Y _SP ZYP SLYO T_ T^ [Z^^TMWP _Z ]LT^P ^P]TZ`^ N]T_TNT^X^ 4Y _SP OT^N`^^TZY _SP N`W_`]LWWd aL]TLY_ L[[WTNLMTWT_dYZY L[[WTNLMTWT_d ZQ _SP Z]LWT_dWT_P]LNd _SP^P^ LYO _SPT] 0`]ZNPY_]TN LYO WZRZNPY_]TN ^`^NP[_TMTWT_d _Z TOPZWZRTP^ MPNLXP NWPL] 2ZZOdv^ _SPZ]d bL^ S`RPWd ^`NNP^^Q`W MPNL`^P T_ L]R`PO TY L NWPL] LYO ^_]TYRPY_ bLd []P^PY_PO L RZZO ^_]`N_`]LW LYLWd^T^ LYO []ZaPO _Z MP `^LMWP QZ] 0`]Z[P 3ZbPaP] T_ _`]YPO Z`_ _Z MP WP^^ L[[WTNLMWP _Z 4YOTL LYO Z_SP] N`W_`]P^ ?SP QL]]PLNSTYR NZY^P\`PYNP^ ZQ L WT_P]L]d N`W_`]P QZ] _SP N`W_`]LW XPXZ]d _SP Z]RLYTeL_TZY ZQ VYZbWPORP LYO _SP bSZWP ^ZNTLW MZOd bSTNS []Z[ZYPY_^ ZQ WT_P]LNd NWLTXPO bP]P `YTaP]^LWWd aLWTO WLb^ L]P ZYWd [L]_TLWWd _]LY^QP]LMWP _Z >LY^V]T_ N`W_`]P LYO TY ^ZXP NL^P^ L]P ^PaP]PWd NLWWPO TY_Z \`P^_TZY 2]TQQT_S^ LYO Z_SP]^ SLaP LW]PLOd [ZTY_PO Z`_ _SP Q`YOLXPY_LW XP_SZOZWZRTNLW []ZMWPX _SL_ _SP ML^TN []PXT^P T^ QL] _ZZ OP_P]XTYT^_TN LYO _PNSYZN]L_TN " 2ZZOdv^ _SPZ]d T^ _ZZ XZYZ NL`^LW LYO ^NSPXL_TNLWWd OT]PN_PO L_ LWW N`W_`]P^ LYO L^^`XP^ _ZZ `Y N]T_TNLWWd _SL_ NP]_LTY _PNSYZWZRTP^ []ZO`NP _SP ^LXP PQQPN_^ PaP]dbSP]P LYO LM^_]LN_TZY^ NLY ZYWd MP QZ]XPO aTL ^d^_PX^ ZQ b]T_TYR 1L] _ZZ WT__WP L__PY_TZY T^ RTaPY _Z Z_SP] aL]TLMWP^ LYO N`W_`]PQZ]XTYR QLN_Z]^ .`W_`]LW aL]TL_TZY^ Pc[]P^^TYR _SPX^PWaP^ TY OTQQP]PY_ XPOTL []LN_TNP^ LYO OTQQP]PY_ PaLW`L_TZY^ ZQ b]T_TYR LYO MZZV^ ]PXLTY `YOP]Pc[Z^PO MPNL`^P _SP N`W_`]LWWd LYO ST^_Z]TNLWWd aL]TLY_ OT^N`]^TaP QZ]XL_TZY^ LYO _SP []LcPZWZRTNLW OTXPY^TZY^ ]PXLTY aP]d WL]RPWd `YNZY^TOP]PO bSTWP TY_P]XPOTL]d eZYP^ ZaP]WL[[TYR^ LXMTaLWPYNP^ _SP NZY_TY`L_TZY ZQ _SP ZWO bT_STY _SP YPb L]P ^`MUPN_ _Z SL]OWd LYd LYLWd^T^ L_ LWW ,WW ZQ _ST^ XLVP^ _SP _SPZ]d NZY_P^_LMWP LYO ^`^NP[_TMWP _Z TOPZWZRd PaPY _SZ`RS T_ T^ aP]d Q]`T_Q`W L^ LY TY^_]`XPY_ ZQ LYLWd^T^ [L]_TN`WL]Wd TY _SP L]PL ZQ N`W_`]LW NZX[L]T^ZY /Z`M_WP^^ _SP WT_P]LNd _SPZ]d LW^Z SL^ R]PL_ ^_]PYR_S^ ?SP LW_P]PO XPOTL NZYQTR`]L_TZY^ XLOP T_ [Z^^TMWP _Z Pc[WLTY OPaPWZ[XPY_^ _d[TNLW ZQ 0`]Z[P TY _SP WL_P 8TOOWP ,RP^ _SP =PQZ]XL_TZY LYO _SP =PYLT^ ^LYNP 0aPY TQ 4YOZWZRT^_^ SLaP U`^_TQTLMWd PX[SL^TePO _SP YZY _]LY^QP]LMTWT_d ZQ XLYd ZQ 2ZZOdv^ L^^`X[_TZY^ _Z 4YOTLY N`W_`]P P^[P NTLWWd LYNTPY_ 4YOTL _SP NZ`Y_P]L]R`XPY_^ SLaP YZ_ LN_`LWWd []ZaPO _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q LW^Z 2]TQQT_S^ =PWTRTZ`^ =PLOTYR  #z TY [L]_TN`WL] 

"

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

MP NZ`Y_P]PaTOPYNP ,_ _ST^ U`YN_`]P T_ T^ ^`QQTNTPY_ _Z RTaP L M]TPQ ^`XXL]d ZQ _SP XZ^_ ^LWTPY_ [ZTY_^ ^_L]_TYR bT_S _SP L]R`XPY_^ LRLTY^_ 2ZZOd ?SP NL[LMTWT_d ZQ [`]PWd Z]LW _]LY^XT^^TZY _Z []ZaTOP PcLN_ ^_Z] LRP TY _SP NL^P ZQ _SP APOL bL^ NZ]]PN_Wd PX[SL^TePO& _SP SdXY WT^_^ _SL_ bP]P O]LbY `[ QZ] LO SZN ]PNT_L_TZY LYO ;£©TYTv^ R]LXXL] N]PL_PO QZ] Z]LW NZXX`YTNL_TZY LYO ST^ LM^_]LN_ [SZYZNPY_]TNLWWd Z]RLYTePO R]TO^ ZQ ^Z`YO  []L_d£S£]L^ LYO [SZYP_TN ^d^_PXL_TeL_TZY ZQ _SP LW[SL MP_ bP]P `YOP]^NZ]PO LWZYR bT_S XT^^TYR []ZZQ ZQ LY LW[SLMP_TN ^d^ _PX ZQ b]T_TYR L_ _SL_ _TXP 3ZbPaP] _SP ZYWd NZ`Y_P]L]R`XPY_ _SL_ ^_ZZO `[ _Z NWZ^P] TY^[PN_TZY bL^ _SL_ _SP]P T^ YZ SL]O PaTOPYNP ZQ LY LW[SLMP_TN ^N]T[_ MPQZ]P _SP _ST]O NPY_`]d -. BSTWP _SP ST^_Z]TNLW QLN_ ZQ _SP YZYPcT^_PYNP ZQ TY^N]T[_TZY^ MPQZ]P _ST^ _TXP YZ_ OZP^ OPWTaP] LYd OPQTYT_TaP []ZZQ LYO _SP L]R`XPY_ T^ _SP]PQZ]P ]PWL_TaPWd bPLV 2ZZOdv^ LYLWd_TNLW ^_]`N_`]LW L]R`XPY_ ZQ PcT^_TYR ^d^_PXL_TN WT^_^ LYO WPcTNL L[[PL]PO _Z MP ^_]ZYR MPNL`^P ^`NS T_PX^ bZ`WO YZ_ SLaP MPPY YPPOPO L_ LWW TQ PaP]dZYP ]PLWWd SLO SLO PaP]d_STYR LaLTWLMWP _Z _SPX LO SZN 3T^ _SP^T^ ZQ LY LW[SLMP_TN ^N]T[_ L_ L]Z`YO " -. OZP^ TYOPPO WLNV PaTOPYNP M`_ T_ NZ]]PWL_P^ bT_S Z_SP] ^_LYOL]OTeL_TZY^ LYO ^d^_PXL _TeL_TZY^ TY WL_P APOTN _TXP^ BP _SP]PQZ]P LW^Z L^^`XP L VYZbWPORP ZQ b]T_TYR TY ;£©TYTv^ _TXP L_ _SP WL_P^_ BSL_ bP QTYO []ZMWPXL_TN LMZ`_ 2ZZOdv^ _SP^T^ T^ YZ_ _SP NZY_]ZaP]^d ]PRL]OTYR _SP PcT^_PYNP Z] YZY PcT^_PYNP ZQ b]T_TYR TY LYNTPY_ 4YOTL M`_ TY^_PLO _SP RPYP]LW L^^`X[_TZY _SL_ LM^_]LN_TZY^ LYO ^_LYOL]OTeL_TZY^ NZ`WO ZYWd L]T^P aTL _Pc_ QTcPO TY b]T_TYR 4Y NZY_]L^_ _SP APOL bL^ TYOPPO L QTcPO _Pc_ M`_ TY [`]PWd LNZ`^_TN QZ]X 4YOTL TWW`^_]L_P^ z YZ_ ZYWd _S]Z`RS _SP PcLX[WP ZQ ;£©TYT z _SL_ LM^_]LN_ ^TRY ^d^_PX^ NLY LW^Z PXP]RP Q]ZX ^d^_PXL_TePO ^Z`YO^ 0aPY TQ ;£©TYTv^ R]LXXL] []ZMLMWd OTO YZ_ Q`YN_TZY L^ L [`]PWd Z]LW _Pc_ TX[Z]_LYNP bL^ ^_TWW L__LNSPO _Z L OT]PN_ ^ZYTN ]P[]P^PY_L_TZY ,YO _ST^ LN_`LWWd ]P^`W_^ TY R]PL_P] PQQTNTPYNd% ;£©TYTv^ QZ]X`WL w TVZ dL© LNT x ^Ld^ aP]d X`NS XZ]P _SLY [ZTY_TYR _Z w>_PYeWP]v^ R]LXXL] [L]L R]L[S x LYO T^ X`NS ^SZ]_P] _SLY wPcNP[_ QZ] L LYO £ ^TX[WP aZbPW^ ZNN`]]TYR MPQZ]P OT^^TXTWL] ZYP^ NZYaP]_ TY_Z _SPT] ^PXTaZbPW^x z dP_ T_ NZY_LTY^ PcLN_Wd _SP ^LXP TYQZ]XL_TZY 3P]P _SP QZ]X ZQ _SP ^_L_PXPY_ T^ [P]QPN_Wd LOL[_PO _Z _SP NZY_Pc_ TY bSTNS _SP^P QZ]X`WL^ L]P XZ^_ NZX XZYWd `^PO ?ST^ bL^ TYOPPO _SP OT]PN_ NZY_LN_ MP_bPPY _PLNSP] LYO [`[TW bT_SZ`_ LYd LTO Q]ZX MZZV^ 2ZZOdv^ L^^`X[_TZY^ LMZ`_ _SP ^Z NTLW NZYOT_TZY^ bP]P TYNZ]]PN_ bSPY T_ NLXP _Z OPLWTYR bT_S b]T_TYR LYO _Pc_^ TY 4YOTL  4_ T^ YZ_ NZTYNTOPYNP _SL_ _SP OPML_P SL^ XZ^_Wd MPPY TRYT_PO Md 2ZZOdv^ _SPZ]d ZQ LY TXXPOTL_P NZYYPN_TZY MP_bPPY b]T_TYR LYO ]L _TZYLWT_d ?ST^ bL^ _SP U`YN_`]P bSP]P _SP _SPZ]d MPNLXP ^`^NP[_TMWP _Z TOPZWZRd M`_ LW^Z bSP]P T_ _]TRRP]PO R]PL_ LYLWd_TNLW QZ]NP 1Z] TY ^_LYNP _SP PcLX[WP ZQ _SP XPOTPaLWT^_ ,YRPYPYO_ ^SZbPO SZb ^NTPY

1]ZX 8POTL ?PNSYZWZRd _Z _SP >dXMZWTN 1Z]X^ L^ .`W_`]LW 8POTL

"

_TQTNLWWd PQQPN_TaP LYO LYLWd_TNLWWd Q]`T_Q`W _SP WT_P]LNd _SPZ]d T^ z LYO ^TX`W_LYPZ`^Wd SZb ^`^NP[_TMWP _Z TOPZWZRd ?SP PcLX[WP TWW`^_]L_P^ SZb PL^TWd 2ZZOdv^ NZYNP[_ ZQ N`W_`]P TY _P]X^ ZQ N`W_`]LW _Z_LWT_TP^ WT_P]L_P N`W_`]P^ a^ Z]LW N`W_`]P^ NLY _`]Y TY_Z L YZ]XL_TaP OPQTYT_TZY ZQ N`W_`]P # _SL_ PcNW`OP^ _SP ST^_Z]TNLW LYO N`W_`]LW NZY_TYRPYNd LYO `YTaP]^LWTeP^ _d[TNLW aLW`P^ ZQ 0`]Z[Pv^ wMZ`]RPZT^ WT_P]L]d N`W_`]Px b]T_TYR ]L_TZYLWT_d []ZR]P^^ .S]T^_TLY _SPZWZRd ^PXLY_TN^ TY_P]TZ]T_d LYO TYOTaTO`LWT_d aP]^`^ Z]LWT_d XLRTN L]NSLTN^ ^TX[WP ]PWTRTZY ]T_`LW LYO NZWWPN_TaP^ 4YOTL ^SZb^ SZb [ZZ]Wd L[[WTNLMWP _ST^ OTaT^TZY ZQ _SP bZ]WO LYO ^TX[WP [L__P]Y T^ PR SZb ]L_TZYLW XLRTN NLY MP LYO SZb XLRTNLW ]L_TZYLWT_d NLY MP LYO _SL_ T_ T^ OTQQTN`W_ _Z [TY[ZTY_ L `YTaP] ^LW `YP\`TaZNLW NZYYPN_TZY MP_bPPY b]T_TYR ]L_TZYLWT_d LYO TY_P]TZ]T_d ?SP ^ZYTN N`W_`]P LYO _SP WT_`]RTNLW XZOPW []ZXZ_PO L OTQQP]PY_ _d[P ZQ ^NTPY_TQTN LYO ^`MUPN_TaT_d N`W_`]P _SLY _SP ZYP _SL_ _SP WT_P]LNd []Z[Z YPY_^ bP]P _STYVTYR ZQ ,YO PaZW`_TaP ^NSPXL_L LYO ^TX[WP WTYPL] OP aPWZ[XPY_^ WTVP _SZ^P _SL_ ,YRPYPYO_ QTYO^ QZ] XPOTPaLW 0`]Z[P bSPY SP ^[PLV^ ZQ L ST^_Z]d ZQ ^`MUPN_TaTeL_TZY LYO ^NTPY_TQTNL_TZY _SLYV^ _Z WT_P]L]d N`W_`]P NLYYZ_ MP _]LY^QP]]PO _Z 4YOTL ?SP TYNZXXPY^`]LMTWT_d ZQ Z]LW LYO WT_P]L]d _SZ`RS_bZ]WO^ L^ T^ ZQ_PY NWLTXPO _Z PcT^_ OZP^ YZ_ L[[Wd _Z >LY^V]T_ N`W_`]P ?SP _bZQZWO ^_]`N_`]P ZQ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d L^[PN_^ T^ L _d[ZWZRTNLW ^_]`N_`]LW [L__P]Y L[[PL]TYR TY LWXZ^_ LWW T_^ QTPWO^ LYO WT_P]L]d []ZO`N_^ >Z OZP^ _SP X`NSOT^N`^^PO _SP^T^ _SL_ Z]LW N`W_`]P^ WLNV LYLWd_TNLW NL_PRZ]TP^ LYO _SL_ b]T_TYR QZ^_P]^ LM^_]LN_TZY^ LYO T^ NZY^NTZ`^YP^^ ]LT^TYR $ SLaP _Z MP ]PUPN_PO L^ `Y_PYLMWP* ,_ LYd ]L_P T_ SL^ _Z MP ]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # :Y _ST^ _d[ZWZRd NQ =PNVbT_e @Y^NSL]QP 2]PYePY  "z  ?SP YZ]XL_TaP N`W_`]P NZYNP[_ _SL_ L]Z^P O`]TYR _SP 0YWTRS_PYXPY_ NZYNPTaP^ ZQ N`W_`]P L^ L XZ]P NTaTWTePO WTQP^_dWP 4_ T^ L N`W_`]P NZYNP[_ ZQ _SP `[bL]OWd XZMTWP MZ`]RPZT^TP _SL_ ^PPV^ _SP wPYYZMWPXPY_ ZQ N`W_`]Px LYO L NTaTN WTQP^_dWP LTXPO L_ PO`NL_TZY LYO TYOTaTO`LWT_d ?SP PXP]RTYR N`W_`]P NZYNP[_ ZQ OTQQP]PY_TLW _SPZ]d YZ WZYRP] ^P[L]L_PO ^ZNTP_d LYO N`W_`]P% SP]P PO`NL_TZY LYO ^NTPYNP bP]P ]PRL]OPO L^ OTQQP]PY_TL_PO ^`M^d^_PX^ ZQ XZOP]Y ^ZNTP_d LYO L OT^_TYN_TZY T^ XLOP MP_bPPY XL^^ N`W_`]P LYO RPYP]LW N`W_`]P bSP]PMd []TXL]d TY_P]P^_ bL^ OT]PN_PO LMZaP LWW _Z STRS N`W_`]P ZMUPN_TaL_TZY^ LYO TY _PWWPN_`LWT^T_TN LYO LP^_SP_TN TY_P][]P_L_TZY^ ZQ _SP bZ]WO ?SP _Z_LWT_dZ]TPY_PO N`W_`]P NZYNP[_ T^ XZ]P SZWT^_TN 4_ NZY_Pc_`LWTeP^ ST^_Z]TNTeP^ LYO [W`]LWTeP^ _SP N`W_`]P NZY NP[_ Md `YOP]^_LYOTYR N`W_`]P^ L^ ^[PNTQTN WTQP^_dWP^ ZQ TYOTaTO`LW NZWWPN_TaP^ N`W_`]LW L]PL^ [PZ[WP^ YL_TZY^ NZXX`YT_TP^ P_N 4Y_P]N`W_`]LW OTaP]^T_d T^ ]PNZRYTePO M`_ TY_]LN`W_`]LW OTaP]^T_d LYO NZY_TYRPYNd RPYP]LWWd ]PXLTY PcNW`OPO ,WW _SP^P []ZMWPX^ LYO ^SZ]_NZXTYR^ Z`_WTYPO SLaP MPPY MP__P] ^ZWaPO Md ^PXTZ_TN LYO XPLYTYRML^PO NZYNP[_^ ZQ N`W_`]P $ >PP QZ] TY^_LYNP :YR :]LWT_d LYO 7T_P]LNd  "z" Z`] PX[SL^T^% w?SP PaZW`_TZY ZQ NZY^NTZ`^YP^^ _S]Z`RS S`XLY ST^_Z]d T^ XL]VPO Md R]Zb_S TY L]_TN`WL_P L__PY_TZY _Z _SP TY_P]TZ] ZQ _SP TYOTaTO`LW [P]^ZY L^ OT^_LYNPO z _SZ`RS YZ_ YPNP^^L]TWd ^P[L ]L_PO z Q]ZX _SP NZXX`YLW ^_]`N_`]P^ m >PWQNZY^NTZ`^YP^^ T^ NZPc_PY^TaP bT_S S` XLYT_d% PaP]dZYP bSZ NLY ^Ld v4v SL^ LY LN`_P ^PY^P ZQ _SP ^PWQ -`_ ]PQWPN_TaPYP^^

"

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

QZ]X`WL_PO 4Y _ST^ QZ]X T_ SL^ YZ aLWTOT_d L[[WTNLMWP _Z 4YOTL 9PT_SP] NLY ZYP NL_PRZ]TeP 4YOTL `YP\`TaZNLWWd PT_SP] L^ L WT_P]L]d N`W_`]P Z] L^ LY Z]LW N`W_`]P DP_ 4YOTL ^SZb^ _SL_ _SP _SPZ]d OZP^ YZ_ SLaP _Z MP _S]ZbY ZaP]MZL]O NZX[WP_PWd MPNL`^P _SP NZPcT^_PYNP ZQ Z]LWT_d LYO b]T_TYR bSTNS bP NLWW ^ZYLWT_d QZ] ^SZ]_ SL^ M]Z`RS_ LMZ`_ _SP QZ]XL _TZY ZQ _]LOT_TZY^ SP]P _SL_ TY XLYd bLd^ `YT_P MZ_S bSL_ T^ aLW`PO L^ _d[TNLW ZQ Z]LW N`W_`]P^ LYO bSL_ T^ aLW`PO L^ _d[TNLW ZQ WT_P]L_P N`W_`]P^ >Z ML^TNLWWd 2ZZOd LYO :YR L]P \`T_P NZ]]PN_ bT_S _SP Q`YN_TZY^ _SPd L__]TM`_P _Z _SP aL]TZ`^ XPOTL ?SP []PXT^P NLY MP ]PQZ]X`WL_PO TY_Z ^ZXP_STYR _SL_ ^PPX^ _Z `^ _Z MP XZ]P aTLMWP% w:]LW NZXX`YTNL_TZY QLaZ]^ PXZ_TZYLW TYaZWaPXPY_ bSTWP WT_P]LNd Z] Z_SP] ^dXMZWTeL_TZY^ `^TYR ^TRY^ QLaZ] LM^_]LN_TZY LYO PLNS SL^ T_^ ZbY [Z_PY_TLW _Z ]LT^P NZY^NTZ`^YP^^x 9Zb _SP \`P^_TZY ZQ L__]TM`_TZY bSTNS TY_P]P^_PO _SP ^NSZWL]^ ^Z X`NS T^ ZQ WT__WP TY_P]P^_ _Z `^ 4Y^_PLO bP L]P TY_P]P^_PO TY SZb Z]LWT_d LYO WT_P]LNd TYQW`PYNP TY _SPT] ZbY OTQQP]PY_ bLd^ _SP ^PP TYR LYO SPL]TYR SLMT_^ Pc[P]TPYNP LYO _SP ]PWL_TZY _Z _SP bZ]WO ?ST^ ^STQ_ _ZbL]O [P]NP[_TZY ^TX`W_LYPZ`^Wd M]PLV^ _SP ZYP^TOPO QZN`^ ZY TY_PWWPN_`LWT_d LYO LWWZb^ L XZ]P SZWT^_TN LYLWd^T^ _SL_ T^ TY L MP__P] [Z^T_TZY _Z _LVP TY_Z LNNZ`Y_ ZQ _SP PXZ_TZYLWT_d LYO _SP YL_`]LW ^PY^Z]d YL_`]P ZQ S`XLY MPTYR^ LYO _SPT] ST^_Z]TNLWWd LYO N`W_`]LWWd NZY_TYRPY_ XZOPWTYR 4_ ^PPX^ _Z MP TX[Z]_LY_ _Z VPP[ SZWO ZQ _ST^ ]PQZ]X`WL_PO []PXT^P TY Z]OP] _Z MP__P] Pc[WLTY _SP 4YOTLY w_P^_ NL^Px bSTNS TY XLYd bLd^ T^ YZ_ ^Z bPWW LNNZXXZOL_PO Md _SP WT_P]LNd _SPZ]d ?SP w^Z`YOTYRx LM^_]LN_TZY^ ZQ _SP ^NTPY_T^_^ OTO ^`NS _STYR^ L^ PY NZ`]LRTYR MZ_S ^_]TN_Wd QZ]XLWT^_TN _SZ`RS_ LYO dP_ L_ _SP ^LXP _TXP OTO YZ_ PcNW`OP ^PY^Z]d LP^_SP_TN L^[PN_^ PR _SP ^PXTX`^TNLWTePO ]PNT_L _TZY ZQ _SP LM^_]LN_ QZ]X`WL^ Z] _SPT] TY^P]_TZY TY_Z XP_]TN aP]^P^ ?SP^P bP]P NZYaPY_TZY^ NP]_LTYWd M`_ _SPd LW^Z LWWZbPO L ^_]ZYRP] LQQPN_TaP Q`^TZY bT_S _SP ^NTPY_TQTN ZMUPN_ ?SL_ [SPYZXPYL ^`NS L^ L`OTMWP LM ^_]LN_TZY PcT^_ L_ LWW T^ LN_`LWWd L NZY_]LOTN_TZY TY _P]X^ QZ] _SP Z]LWT_d WT_P]LNd _SPZ]d L^ NZYNPTaPO ZQ Md 2ZZOd LYO :YR ?SPd L]P YZ_ PaPY NZY^TOP]PO Z] PW^P bZ`WO MP OPNWL]PO XP]PWd Q`YN_TZYLW TY _SP ^PY^P ZQ QLNTWT_L_TYR XPXZ]TeL_TZY =PNVbT_ev ^ZNTZWZRd ZQ _SP LP^_SP_TN ]TRS_Wd N]T_TNTePO _ST^ _d[P ZQ ]P^_]TN_PO aTPb ,NNZ]OTYR _Z =PNVbT_e XPOTL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ LYO L]_TN`WL_PYP^^ LMZ`_ _SP ^PWQ _LVP _TXP _Z R]Zb m ?SP STRSWd TY_P]TZ]TePO ^_LRP^ ZQ NZY^NTZ`^YP^^ TY bSTNS _SP TYOTaTO`LW T^ YZ_ ^Z TXXP]^PO `YNZY^NTZ`^Wd TY NZX X`YLW ^_]`N_`]P^ L]P ^_LRP^ bSTNS T_ L[[PL]^ NZY^NTZ`^YP^^ bZ`WO YPaP] ]PLNS bT_S Z`_ b]T_TYR m B]T_TYR TY_]ZO`NP^ OTaT^TZY LYO LWTPYL_TZY M`_ STRSP] `YT_d L^ bPWW 4_ TY_PY^TQTP^ _SP ^PY^P ZQ _SP ^PWQ LYO QZ^_P]^ XZ]P NZY^NTZ`^ TY_P]LN_TZY MP_bPPY [P] ^ZY^ B]T_TYR T^ NZY^NTZ`^YP^^]LT^TYR ?SP Z]LWT_dWT_P]LNd TY_P]LN_TZY PY_P]^ TY_Z `W _TXL_P S`XLY NZYNP]Y^ LYO L^[T]L_TZY^ ,WW _SP ]PWTRTZ`^ _]LOT_TZY^ ZQ XLYVTYO SLaP _SPT] ]PXZ_P Z]TRTY^ TY _SP Z]LW [L^_ LYO T_ L[[PL]^ _SL_ _SPd LWW XLVP L R]PL_ OPLW ZQ _SP ^[ZVPY bZ]O DP_ _SP XLUZ] bZ]WO ]PWTRTZY^ SLaP LW^Z MPPY TY_P]TZ]TePO Md _SP OP aPWZ[XPY_ ZQ ^LN]PO _Pc_^% _SP APOL^ _SP -TMWP _SP 6Z]LYx

1]ZX 8POTL ?PNSYZWZRd _Z _SP >dXMZWTN 1Z]X^ L^ .`W_`]LW 8POTL

"

[]LN_TNP^ LYO ^NTPY_TQTN []LN_TNP^ L]P LWbLd^ L_ _SP ^LXP _TXP [P]NP[ _TZYRPYP]L_TYR YP_bZ]V^ w;P]eP[_TZY^RPYP]TP]`YR^YP_ebP]VPx LYO QTPWO^ ZQ _]LTYTYR QZ] QZ]XTYR N`W_`]P LYO ^`MUPN_TaT_d LYO QZ] ^ZNTLWTe TYR L NP]_LTY LP^_SP_TN ^PY^P w?]LTYTYR^Z]_P QÞ] OTP 6`W_`] `YO >`M UPV_QZ]XL_TZY `YO PTYPY Æ^_SP_T^NSPY >TYYx >LY^V]T_ N`W_`]P TWW`^_]L_P^ TY XLYd bLd^ _SL_ Z_SP] LP^_SP_TN ^_dWP^ _SLY _SZ^P TY 0`]Z[P SLaP QZ]XPO []PNT^PWd MPNL`^P Z]LWT_d LYO WT_P]LNd ]P[]P^PY_PO LY `YM]ZVPY NZY_TY``X _S]Z`RS _SP NPY_`]TP^  2ZZOd LYO :YR QZ`YO L OTQQP]PYNP ML^PO ZY XPOTL _PNSYZWZRTP^ LYO =PNVbT_e ^[ZVP ZQ LP^_SP_TN LYO YZYLP^_SP_TN ^_dWP^ LYO ^`MUPN _TaTeL_TZY^ :`] ZbY L[[]ZLNS []Z[Z^P^ _SP NZOP^ w[L]_TNT[L_TZYx LYO wPXLYNT[L_TZYx LY LY_S]Z[ZWZRTNLW ]PQZ]X`WL_TZY ZQ _SP QZ]X^ ZQ XPY _LWT_d ZQ _SP X`NSN]T_TNTePO 7Ëad-]`SW -P_bPPY _SP^P OTaP]^P MTYL]d [LT]^ _SP]P L]P NZY_TY`T_TP^ LYO TYYP] ]PWL_TZY^ dP_ _SPd LWW ]PRL]O _SP QLN_^ Q]ZX OTQQP]PY_ [P]^[PN_TaP^ LYO _SP]PQZ]P _SP]P L]P LW^Z TY ^ZXP NL^P^ N]Z^^TYR^ZaP] N]Z^^WTYVLRP^ LYO TYaP]^TZY^ 2ZZOd NWLTXPO _Z ]P^NSPO`WP 7Ëad-]`SWv^ OTQQP]PYNP^ Md RTaTYR XZ]P bPTRS_ _Z _SP _PNS YZWZRTP^ LYO NZY_PY_^ -`_ _SP NZY_PY_ ]PXLTYPO L WZYR bLd MPSTYO _SP _PNSYZWZRd L^[PN_ :`] ]PQZ]X`WL_TZY ZQ _SP VPd OTQQP]PYNP MP_bPPY Z]LWT_d LYO WT_P]LNd TY _P]X^ ZQ [L]_TNT[L_TZY LYO PXLYNT[L_TZY XLVP^ _SP NZY_PY_ [L]_ ^_]ZYR bT_SZ`_ OT^NL]OTYR _SP _PNSYZWZRd [L]_ 1Z] 4YOTL bSP]P Z]LWT_d LYO ^ZYLWT_d ]PXLTYPO TX[Z]_LY_ OP^[T_P b]T_TYR LYO WT_P]LNd _SP ]PQZ]X`WL_TZY L^ [L]_TNT[L_TZY LYO PXLYNT[L_TZY T^ LY P^[PNTLWWd RZZO LW_P]YL_TaP MPNL`^P MZ_S Z]LWT_d LYO WT_P]LNd Pc[]P^^PO _SPX^PWaP^ TY PXLYNT[L_Z]d LYO [L]_TNT[L_Z]d XZOP^ TY LM^_]LN_TZY LYO TY Q`^TZY TY Xd_SZ^ LYO WZRZ^ LYO NZ]]P^[ZYOTYR ^dXMZWTN QZ]X^ z LWW ZQ bSTNS T^ NSL]LN_P]T^_TN ZQ _SP ^ZYTN >LY^V]T_ N`W_`]P -`_ _SP [LT] ZQ NZYNP[_^ L[[PL]^ _Z `^ LW^Z _Z MP L[[WTNLMWP _Z XZ]P _SLY ZYP N`W_`]P 8`NS ZQ bSL_ =PNVbT_e NLWW^ LP^_SP_TN ^`NS L^ Pc[P]TPYNP QTPWO^ ZQ wLM^ZW`_P []P^PY_x NZXP^ bT_STY bSL_ bP NLWW w[L]_TNT[L_Z]d Z]TPY_L _TZYx BSL_ SP NLWW^ wYZYLP^_SP_TNx LYO LWWZNL_P^ _Z ]`WP ^d^_PX^ LYO QZ]XLW WZRTN NZ]]P^[ZYO^ TY [L]_ bT_S Z`] VPd _P]X wPXLYNT[L_Z]d Z]T PY_L_TZYx BP `YOP]^_LYO _ST^ _Z XPLY []TXL]TWd L OT^_LYNPO LYO LM ^_]LN_ L__T_`OP _Z _SP ZMUPN_ M`_ WP^^ [`][Z^PZ]TPY_PO LYO YZ]X Z]TPY_PO LN_TZY WP_ LWZYP L wWZRTN ZQ `_TWT_L]TLYT^X LYO OZXTYL_TZYx bSTNS =PNVbT_e ]PRL]O^ L^ MPTYR LXZYR _SP []TXL]d YZYLP^_SP_TN QPL _`]P^ ,NNZ]OTYR _Z Z`] LW_P]YL_TaP YZXPYNWL_`]P LY PXLYNT[L_Z]d Z]T PY_L_TZY OZP^ YZ_ Md LYd XPLY^ SLaP _Z PcNW`OP LP^_SP_TN^ ?SP ]P QZ]X`WL_TZY T^ `^PQ`W QZ] aL]TZ`^ ]PL^ZY^ ?SP XLUZ] ZYP T^ _SL_ ^Z`YO NWPL]Wd L ^PY^Z]d LP^_SP_TN [SPYZXPYZY bL^ `^PO TY 4YOTL L^ L XPLY^ ZQ Q`^TZY LYO LM^_]LN_TZY _SL_ T^ QZ] MZ_S [L]_TNT[L_Z]d LYO PXLYNT[L _Z]d L__T_`OP^ QZ]X^ LYO ^_dWP^ ?SP Z[[Z^T_TZY T^ WP^^ LY Z[[Z^T_TZY MP_bPPY _SP LP^_SP_TN LYO _SP YZYLP^_SP_TN Z] MP_bPPY _SP [`][Z^P

"

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

WP^^ LYO _SP [`][Z^PQ`W _SLY LY Z[[Z^T_TZY MP_bPPY Q`^TZY LYO LM^_]LN _TZY Z] MP_bPPY SZWT^X LYO TYOTaTO`L_TZY L^ _bZ OTQQP]TYR bLd^ ZQ NZY YPN_TYR bT_S WLYR`LRP LYO _SP bZ]WO ?SP _bZ Z]TPY_L_TZY^ OZ YZ_ LWWZb _SPX^PWaP^ _Z MP TOPY_TQTPO PT_SP] bT_S Z]LWT_d SP]P LYO WT_P]LNd _SP]P Z] bT_S ]PWTRTZY SP]P LYO ^NTPYNP _SP]P 0aPY TQ Z]LWT_d _PYO^ XZ]P _Z PYNZ`]LRP L [L]_TNT[L_Z]d wSLMT_`^x LYO b]T_TYR _PYO^ _Z PYNZ`]LRP LY PXLYNT[L_Z]d LYO OT^_LYNTYR wSLMT _`^x >LY^V]T_ N`W_`]P TY [L]_TN`WL] ^SZb^ _SL_ [L]_TNT[L_TZY NLY LW^Z RZ SLYO TY SLYO bT_S b]T_TYR LYO PXLYNT[L_TZY bT_S Z]LWT_d ?SP NZYNP[_[LT] ZQ [L]_TNT[L_TZY LYO PXLYNT[L_TZY PYNL[^`WL_P^ _bZ aP]d RPYP]LW _PYOPYNTP^ _SL_ ^_LYO QZ] OTaP]^P XZOP^ ZQ Q`^TZY LYO LM^_]LN_TZY ?SPd L]P XZOPWPO OTQQP]PY_Wd OP[PYOTYR ZY _SP _TXP WZNL _TZY R]Z`[TYR_Pc_ _d[P LYO TYOTaTO`LW [P]^ZYLWT_dTYOTaTO`LW _Pc_L`_SZ] ?SPd L]P XZ]P LM^_]LN_ LYO Z[PY _P]X^ LYO L]P _SP]PQZ]P LW^Z XZ]P OTQQTN`W_ _Z R]L^[ _SLY Z]LWT_d LYO WT_P]LNd bSTNS SLaP _SP LOaLY_LRP ZQ L NZYN]P_P XL_P]TLW YL_`]P -`_ _SP]P T^ L bPWWVYZbY [LT] ZQ _P]X^ TY BP^_P]Y N`W_`]P _SL_ L[[]ZcTXL_PWd NL[_`]P^ _SP OTQQP]PYNP MP_bPPY [L]_TNT[L_TZY LYO PXLYNT[L_TZY LYO _SPT] ^NZ[P ZQ L[[WTNL_TZY YLXPWd Xd_SZ^ LYO WZRZ^  3ZbPaP] bSP]PL^ _SP 2]PPV^ RLaP _SP WZRZ^ L X`NS ^`[P]TZ] [WLNP TY _SP XPY_LW `YTaP]^P L_ _SP NZ^_ ZQ OPaLW`L_TYR Xd_S NZX[WP_PWd _SP 4YOTLY^ OTO YZ_ ^PP YPNP^^T_d ZQ ^`NS STP]L]NSTeTYR LYO OPLW_ bT_S _SP _bZ Z]TPY_L_TZY^ TY QL] XZ]P SZWT^_TN bLd^ 4_ ^PPX^ _SPd bP]P \`T_P NWPL] TY OT^NP]YTYR _SP OTQQP]PY_ Q`YN_TZY^ ZQ _SP Xd_SZ^ LYO _SP WZRZ^ QZ] TY^_LYNP _SP Xd_Sv^ NL[LMTWT_d _Z LOO _Z _SP \`LWT_d ZQ WTQP Md NZYYPN_TYR T_ bT_S L WL]RP] bSZWP >Z _SP]P T^ L NP]_LTY QLaZ] QZ] [L]_TNT[L_Z]d Z]TPY_L_TZY^ PaPY bT_STY STRSWd PXLYNT[L_Z]d ^d^_PX^ ZQ _SZ`RS_ BP bTWW NZXP MLNV _Z LWW _SP^P T^^`P^ XZ]P PcSL`^_TaPWd TY _SP YPc_ NSL[_P]  >PaP]LW L`_SZ]^ L]R`P _SL_ Z]LWT_d ^SL[P^ LbL]PYP^^ NZRYT_TZY LYO ^PY^Z]d [P]NP[_TZY TY \`T_P OTQQP]PY_ bLd^ _SLY b]T_TYR N`W_`]P^ _Z bSTNS L w^N]T[_Z]TPY_POx waT^`LWx wLM^_]LN_x LYO XZ]P wOT^_LYNPOx [P]NP[_TZY MPWZYR^ BSTWP ^`NS ^_P]PZ_d[TNLW MTYL]d NWL^^TQTNL_TZY^ ZQ N`W_`]P^ U`^_Wd ]PNPTaPO X`NS N]T_TNT^X LYO LYd `YTaP]^LW _SPZ]d []ZaPO []ZMWPXL_TN XZ]P OTQQP]PY_TL_PO ^_`OTP^ TY ST^_Z]d LYO N`W_`]LW LY_S]Z [ZWZRd ^`M^_LY_TL_PO _SP NWLTX _SL_ XPOTL LYO XPOTL NSLYRP^ OZ XL__P] ?SP TX[Z]_LYNP ZQ _SP XPOTL bL^ TYOPPO Q]P\`PY_Wd ZaP]P^_TXL_PO DP_ _SP [ZbP] ZQ _SP XPOTL T^ `YOPYTLMWP 4_ bZ`WO MP U`^_ L^ b]ZYR _Z OPYd _SPX LYd PQQPN_^ ZY NZRYT_TZY LYO PXZ_TZY L^ _Z NWLTX _SPd bP]P _SPT] ZYWd NL`^P >Z`YO NZX[Z^T_P^ LYO b]T_TYR NZX[Z^T_P^ w6WLYRRPMTWOP `YO >NS]TQ_RPMTWOPx ^_TX`WL_P OTQQP]PY_ ^PY^P^ TY OTQQP]PY_ bLd^ LYO _]TRRP] OTQQP]PY_ \`LWT_TP^ ZQ Pc[P]TPYNP 4_ T^ _SP]PQZ]P YZ_ LWW ZYP LYO _SP ^LXP bSTNS XPOTL L]P `^PO TY []PQP]PYNP _Z Z_SP]^ 4_ TX[LN_^ ZY [P]NP[_TZY LYO [P]NP[_TZY [L__P]Y^ ZY ^PY^Z]d Pc[P]TPYNP ZY _SP PXZ

1]ZX 8POTL ?PNSYZWZRd _Z _SP >dXMZWTN 1Z]X^ L^ .`W_`]LW 8POTL

"

_TZY^ LYO _S`^ LW^Z ZY NZRYT_TZY _STYVTYR SLMT_^ LYO bZ]WO Z]TPY_L_TZY 4Y Z_SP] bZ]O^ XPOTL []ZaTOP _SP [Z_PY_TLW QZ] NP]_LTY Pc[P]TPYNP^ TY bSTNS ^PY^Z]TYP^^ T^ WTYVPO _Z LY TXLRTYL]d NZRYT_TaP NZY_PY_ PR L ^dXMZWTN ZYP 8POTL L]P [ZbP]Q`W M`_ YZ_ [P] ^P 4_ T^ ZYWd _SP WTYVLRP bT_S N`W _`]LW []LN_TNP _SL_ XLVP^ _SPX [ZbP]Q`W z Z] YZ_ :`] _SP^T^ ZQ _SP X` _`LW TYQW`PYNP ZQ XPOTL bZ]WO^ ZQ [P]NP[_TZYPc[P]TPYNP LYO TXLRTYL _TZY LYO N`W_`]P T^ L_ _SP ^LXP _TXP L^^ZNTL_PO bT_S L NWPL] Z[_TZY QZ] L XPLYTYRZ]TPY_PO NZYNP[_ ZQ N`W_`]P TP LY `YOP]^_LYOTYR ZQ N`W_`]P _SL_ T^ Z]TPY_PO ZY XPLYTYR VYZbWPORP LYO ^dXMZW^ LYO NZY^P\`PY_Wd RTaP^ ^PXTZ_TNTeL_TZY^ LYO N`W_`]LW NZOTYR^ L NPY_]LW [Z^T_TZY  BSL_ OPQTYP^ N`W_`]P T^ _SP ^[PNTQTN QZ]X^ ZQ bZ]WO TY_P][]P_L_TZY LYO _SP YL_`]P ZQ _SP `^P ZQ ^dXMZWTN Z]OP]^  >LY^V]T_ N`W_`]P TY [L]_TN`WL] XLVP^ NWPL] U`^_ SZb `YLaZTOLMWP N`W_`]LWT_d LYO L XPLYTYRZ]TPY_PO NZYNP[_ ZQ N`W_`]P L]P ?SP []PNPO TYR NSL[_P]^ ZY _SP WT_P]L_T NZYQT]X SZb ^_]ZYRWd XPOTL []LN_TNP^ L^ LP^_SP_TN []LN_TNP^ XZOPW [P]NP[_TZY [L__P]Y^ LYO ^NTPY_TQTN LYO ]PWT RTZ`^ QZ]X^ ZQ ^`MUPN_TaTeL_TZY BSPY ZYP MPNZXP^ LbL]P ZQ _SP []LN _TNP^ LYO _PNSYZWZRTP^ L^ PXMZOdTYR LYO L^^TXTWL_TYR aL]TZ`^ QZ]X^ ZQ LY LP^_SP_TN ^PY^P N`W_`]LW aL]TLYNP^ MPNZXP L[[L]PY_ LYO NLY MP OP ^N]TMPO LYO LYLWdePO TY L aP]d OTQQP]PY_TL_PO XLYYP] >PNZYO T_ XLd MP NZYNW`OPO _SL_ N`W_`]LWT_d T^ ^`NS L VPd QLN_Z] _SL_ _SP XPOTL L]P [ZbP] WP^^ bSPY _SPd L]P YZ_ ^`[[Z]_PO Md N`W_`]LW []LN_TNP^ LYO [L__P]Y^ Z] L_ WPL^_ _SPT] PQQPN_^ L]P ^`MZ]OTYL_P _Z N`W_`]LW NZY_TYRPYNTP^ 4_ T^ ZYWd _SP TY_P]NZYYPN_TZY bT_S N`W_`]LW []LN_TNP _SL_ XLVP^ XPOTL []LN_TNP [ZbP]Q`W z Z] YZ_ L^ _SP NL^P XLd MP ?Z [`_ T_ NZYNT^PWd _SP NZYNW` ^TZY T^ _SL_ R]PL_P] LNNP^^ _Z N`W_`]LW ^_`OTP^ ^SZ`WO MP LOOPO _Z _SP TY^TRS_^ ZQ _SP XPOTL _SPZ]T^_^ z TYNW`OTYR _SP N`W_`]LW NZOTYR []LN_TNP^ LYO ^dXMZWTN Z]OP]^ ZQ _SP ]P^PL]NSP]^ -Z_S _SP bPLVYP^^P^ LYO _SP ^_]PYR_S^ ZQ L[[]ZLNSP^ bT_STY XPOTL _SPZ]d TWW`^_]L_P _SP YPNP^^T_d ZQ QZN`^TYR ZY L XPLYTYRZ]TPY_PO NZYNP[_ ZQ N`W_`]P ?ST^ bZ`WO _SPY XPLY Pc[LYOTYR _SP XPOTL NZYNP[_ _Z TYNW`OP _SP ^dXMZWTN QZ]X^ L^ 0]Y^_ .L^^T]P] SL^ []Z[Z^PO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1ZWWZbTYR ZY Q]ZX .WTQQZ]O 2PP]_e 0]Y^_ .L^^T]P] LYO =PNVbT_e @Y^NSL]QP 2]PYePY    bP ]PRL]O _SP XPLYTYRZ]TPY_PO NZYNP[_ ZQ N`W_`]P L^ LY `YOP]^_LYOTYR ZQ N`W_`]P _SL_ T^ Z]TPY_PO ZY XPLYTYR VYZbWPORP LYO ^dXMZW^ LNNZ]OTYR _Z bSTNS _SP OTQQP] TYR YL_`]P ZQ MPSLaTZ]LW NZX[WPcP^ LYO ^ZNTLW []LN_TNP^ NLY MP ^PPY L_ OTQQP]PY_ [WLNP^ LYO L_ OTQQP]PY_ _TXP^ LRLTY^_ _SP LN_TZYNZY^_T_`_TYR MLNVR]Z`YO ZQ ^dXMZWTN Z]OP]^ LYO ^[PNTQTN QZ]X^ ZQ bZ]WO TY_P][]P_L_TZY ,NNZ]OTYR _Z _ST^ NZY^_]`N_TaT^_ L] R`XPY_ _SP]P T^ YZ_STYR wZ`_^TOPx N`W_`]P LYO N`W_`]LW NZYOT_TZY^ ZQ NZY^_]`N_TZY 0aP]d_STYR _SL_ ZNN`]^ bT_STY _SP ^ZNTP_d T^ ^ZXP_STYR N`W_`]LW ?SP ^dXMZWTN Z]OP]^ L]P YZ_ ^_LMWP& _SPd L]T^P ]P[]ZO`NP _SPX^PWaP^ LYO NSLYRP

"!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

?SP PX[SL^T^ ZY ^ZYLWT_d Pc[WLTY^ bSd MZ_S L]P L[[WTNLMWP _Z 4Y OTLv^ >LY^V]T_ N`W_`]P% Z]LWT_d LYO WT_P]LNd NZYN]P_PYP^^LOOT_TZY[L] _TNT[L_TZY LYO LM^_]LN_TZY /P_P]XTYL_TZY ZQ _SP ]PWL_TZY^ST[ T^ NZX[WPc 4_ SL^ aL]TPO Q]ZX ZYP [P]TZO _Z LYZ_SP] LYO Q]ZX ZYP L`_SZ] _Z LYZ_SP] :YP ZQ _SP XZ^_ ]PXL]VLMWP QLN_^ T^ SZbPaP] _SL_ ZQ_PY _SP [L]_TNT[L _Z]d L^[PN_ T^ []PQP]]PO PaPY bT_STY _SP Q]LXPbZ]V ZQ LYLWd_TNLW LYO ]L_TZYLW L]R`XPY_L_TZY 8d_STNLW PXMPOOTYR bL^ OPQTYT_PWd OP^T]PO LYO NZ`WO MP Pc[WLTYPO ]L_TZYLWWd ?ST^ NLXP LMZ`_ YZ_ WPL^_ PaPY TQ Md YZ XPLY^ PcNW`^TaPWd aTL _SP XP_L[Sd^TN^ ZQ WLYR`LRP LYO ^Z`YO >ZYLWT_d L^ L ^dXMZWTN QZ]X bL^ QTcPO TY b]T_TYR `^PO ]PQWPcTaPWd LYO M`TW_ `[ `^TYR Sd[P]MZWP , XZ]P Q`YOLXPY_LW WPaPW _SLY ^`NS ^PXTZ_TNTeL_TZY^ T^ _SP LN_`LW []LN_TNP NZY^T^_TYR ZQ _SP XPOTL ZQ Z]LWL`]LW NZXX`YTNL _TZY LYO ^Z`YOTYR bZ]O^ _SL_ X`^_ LW^Z MP SPL]O TY b]T__PY _Pc_^ >Z _SP XPOTL OT^NZ`]^P T^ TY^`QQTNTPY_ ZY T_^ ZbY BSL_ _SP XPOTL XPLY LYO bSL_ QZ]X^ ZQ ZMUPN_TaTeL_TZY^ LYO ^`MUPN_TaT_d PXP]RPO Z`_ ZQ _SP XLYYP] TY bSTNS _SPd bP]P SLYOWPO OP[PYO ZY _SP bSZWP N`W _`]LW ^d^_PX TP _SP Q]LXP bT_STY bSTNS _SP []LN_TNP^ ZNN`] 4_ T^ YZ_ `YTX[Z]_LY_ SZb WLYR`LRP LYO bZ]O^ L]P [P]NPTaPO LYO ]P[]P^PY_PO TY L N`W_`]P SZb PXZ_TZY^ L]P `YOP]^_ZZO SZb X`^TN T^ PaLW`L_PO TY ]PWTR TZY Z] SZb TX[Z]_LY_ T_ T^ _Z `YOP]^_LYO NZY_PY_ ?SP ZaP]LWW N`W_`]LW QLM]TN ZQ L_SPXL_TN LYO _SPXL_TN NZOP^ TYNW`OP^ NZYNP[_^ ^dXMZWTN ]P[]P^PY_L_TZY^ _SPZWZRTP^ _SP bLd ^NTPYNP T^ NZYO`N_PO ]PWTRTZ`^ ^_dWP^ ]T_`LW ^P__TYR^ _SP WTYV MP_bPPY ^[PLVTYR LYO RP^_`]P^ MZOTWd XZaPXPY_^ P_N LYO LW^Z SZb ZYP ^d^_PXL_TNLWWd ]PQWPN_^ ZY WLYR`LRP SZb LYO bSP_SP] LYd NZY^TOP]L_TZY T^ RTaPY L_ LWW TY b]T_TYR _Z Z]LWT_d bSP_SP] STRSWd ]L_TZYLW [STWZ^Z[STP^ LW^Z _`]Y _SPT] L__PY_TZY _Z ^Z`YO [SPYZXPYL LYO bSP_SP] XP_ZYdX^ LYO ^dXMZWTeL_TZY^ WTVP _SP WLY R`LRP RZOOP^^ bSZ^P MZOd T^ NZaP]PO bT_S ^dWWLMWP^ LYO _SP WLYR`LRP NZb bSTNS bP bTWW []P^PY_ MPWZb L]T^P L_ LWW >dXMZWTN QZ]X^ ^`NS L^ _SP WLYR`LRP RZOOP^^ NZaP]PO TY ^dWWLMWP^ Z] _SP w^_ZYP _LMWP_^x Z] _SP 2]PPV Z] 5ZSLYYTYP WZRZ^  L]P _Z MP ^PPY YZ_ ZYWd L^ []ZO`N_^ M`_ L_ _SP ^LXP _TXP L^ N]PL_TaP w_]TRRP]^x LP^ _SP_TN w_]LTYTYR R]Z`YO^x LYO LQQPN_RPYP]L_TYR TY^_]`XPY_^ 4Y _SPT] _`]Y _SPd TYQW`PYNP SZb _SP XPOTL ^`NS L^ _SP aZTNP LYO b]T_TYR L]P SLYOWPO LYO PaLW`L_PO ?SPd N]PL_P XPLYTYR LYO ^_]`N_`]P LYO TX[LN_ ZY MPSLaTZ] ?SP ^dXMZWTN QZ]X^ L^ N]PL_TaP []ZO`NP]^ MPNZXP L[[L] PY_ _S]Z`RS N`W_`]LW ^SL[TYR LYO _SPT] XP_LXZ][SZ^P^ ^`NS L^ _SP _]LY^QZ]XL_TZY ZQ _SP RZOOP^^ AZTNP TY_Z _SP 7LYR`LRP RZOOP^^ LYO _SP X`_L_TZY ZQ _SP ]L_TZYLW 7ZRZ^ ZQ 2]PPV [STWZ^Z[Sd TY_Z _SP 5ZSLYYTYP BZ]O 4YNL]YL_P ,^ TY PaP]d NL^P ZQ ]P[]P^PY_L_TZY _SP MPL`_TQ`W WLY R`LRP RZOOP^^ LYO _SP LM^_]LN_ WZRZ^ P_N L]P YZ_ XP]PWd ]P[]P^PY_L _TZY^ Z] TXLRP^ 4Y^_PLO PaP]d ]P[]P^PY_L_TZY T^ LWbLd^ LW^Z L N]PL_TZY TY _SP ^PY^P ZQ L []ZO`N_TZY TY bSTNS bSL_ T^ ]P[]P^PY_PO TY _SP ]P[]P

1]ZX 8POTL ?PNSYZWZRd _Z _SP >dXMZWTN 1Z]X^ L^ .`W_`]LW 8POTL

""

^PY_L_TZY _LVP^ ZY L ^[PNTQTN QZ]X LYO N]PL_P^ ]PLWT_d BP _SP]PQZ]P OPaZ_P L R]PL_ OPLW ZQ L__PY_TZY TY _ST^ MZZV _Z ^dXMZWTN QZ]X^ WTVP _SP WLYR`LRP RZOOP^^ =PRL]OTYR XPOTL _PNSYZWZRTP^ _SP WTZYv^ ^SL]P QLWW^ `W_TXL_PWd _Z _SP ^dXMZWTN Z]OP]^ MPNL`^P _SPd PT_SP] WPYO [ZbP] LYO PQQTNTPYNd _Z _SP XPOTL Z] OPYd LYO bT_SO]Lb [ZbP] LYO PQQTNTPYNd Q]ZX _SPX ?ST^ T^ bSd ^Z`YO TY >LY^V]T_ 3TYO`T^X ]PXLTYPO ^Z [ZbP] Q`W ?SP^P ZM^P]aL_TZY^ L]P TY WTYP bT_S 0]Y^_ .L^^T]P]v^ N`W_`]LW [ST WZ^Z[Sd LYO ST^ _SPZ]d ZQ ^dXMZWTN QZ]X^ bSTNS SP `YOP]^_ZZO L^ ^PWQ N]PL_PO XPOTL 4_ bL^ .L^^T]P] #"z$  bSZ QT]^_ TY_]ZO`NPO _SP PWPXPY_L]d NZYNP[_ ZQ _SP N`W_`]LWT_d ZQ S`XLY MPTYR^ TY_Z _SP OT^N`^ ^TZY  LYO Md ^Z OZTYR PYLMWPO ZYP _Z _STYV ZQ NZY_TYRPYNd , VPd [ZTY_ bL^ ST^ NLWW QZ] L ^PXTZ_TNLWWd PY]TNSPO ^dXMZW _SPZ]d _SL_ TYaP^ _TRL_P^ N`W_`]LW NZOTYR []LN_TNP^ 3P _S`^ TYT_TL_PO L XPLYTYRZ]TPY_PO ^dXMZWTN LYO ^PXTZ_TN NZYNP[_ ZQ N`W_`]P _SL_ SL^ ^TYNP MPNZXP NZX XZY TY _SP N`W_`]LW ^NTPYNP^ LYO ZYP _SL_ bP LW^Z ^`[[Z]_ .L^^T]P]v^ ^dXMZW NZYNP[_ T^ L aP]d M]ZLO ZYP 4Y ST^ _SPZ]d ZQ ^dXMZWTN QZ]X^ SP ^_]P^^PO _SP TY_P]LN_TZY MP_bPPY S`XLY MPTYR^v XPY _LW PYP]RTP^ LYO _SPT] YPNP^^L]d XLYTQP^_L_TZY TY XPLYTYRQ`W QZ]X^ BP OZ YZ_ ^TX[Wd [P]NPTaP L _STYR M`_ bP LWbLd^ [P]NPTaP T_ wL^x ^ZXP _STYR ?SP]P L]P YZ L]PL^ bT_SZ`_ ^dXMZW^& PaP]d XPY_LW NZY_PY_ ZQ XPLYTYR T^ WTYVPO _Z L ^PY^Z]d ^TRY LYO aTNP aP]^L ?SP]PQZ]P _SP XPY _LW NLYYZ_ PcT^_ TY T^ZWL_TZY Q]ZX _SP XL_P]TLWTeL_TZY LYO YPT_SP] NLY ]PLWT_d MP OT^NZYYPN_PO Q]ZX ZYPv^ XPY_LW TP XPLYTYRRTaTYR []ZNP^^ TYR ,NNZ]OTYR _Z .L^^T]P] [P]NP[_TZY ZQ Pc[]P^^TZY []PNPOP^ PaP]d [P]NP[_TZY ZQ L _STYR 0aP]d TYOTaTO`LW [TPNP ZQ OL_L [ZTY_^ _Z L XZ]P NZX[WPc NZYYPN_TZY bSP]P T_ NLY XLVP ^PY^P z L ^dXMZWTN YP_bZ]V ZQ WLYR`LRP Xd_S L]_ ]PWTRTZY _PNSYZWZRd P_N .ZY^P\`PY_Wd _SP]P T^ YZ_STYR _SL_ T^ []P^PY_PO Md _SP ^PY^P^ TYNW`OTYR ^`[[Z^POWd [`]PWd YL_`]LW QLN_Z]^ ^`NS L^ ^Pc`LWT_d P_N _SL_ T^ YZ_ WTYVPO _Z ^ZXP []P NZYNP[_`LWTePO TOPL Z] N`W_`]LW XPLYTYR ?SP ^dXMZWTN QZ]X^ L]P _SP ^PWQN]PL_PO XPOTL bT_S bSTNS S`XLY MPTYR^ L^^TXTWL_P _SP bZ]WO LYO L_ _SP ^LXP _TXP _]LY^NPYO T_ ?SP^P ^dXMZWTN QZ]X^ z Z] XPOTL ^_]`N_`]P^ TY .L^^T]P]v^ ^PY^P z L]P YZ_ QTcPO M`_ L]P TY L NZY^_LY_ ^_L_P ZQ QW`c .`W_`]P ]P[]ZO`NP^ T_^PWQ TY PaP] YPb QZ]X^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1L`^P] 0TYQÞS]`YR TY OTP 6`W_`]bT^^PY^NSLQ_  z! NLWW^ .L^^T]P]^ [STWZ^Z[Sd ZQ ^dXMZWTN QZ]X^ $ $  $$ _SP wQZ`YOL_TZY NP]_TQTNL_P u2]ÞYO`YR^`]V`YOPv ZQ N`W_`]LW ^NTPYNP^x LYO NLWW^ QZ] .L^^T]P]v^ wOP^P]aPO =PYLT^^LYNPx ,Y LM]TORPO aP]^TZY LYO ]PaT^PO NZY_TY`L_TZY ZQ _SP _S]PPaZW`XP 2P]XLY WLYR`LRP aP]^TZY T^ ZQ QP]PO Md _SP WL_P] bZ]V .L^^T]P] b]Z_P TY PcTWP TY ,XP]TNL ,Y 0^^Ld ZY 8LY% ,Y 4Y _]ZO`N_TZY _Z L ;STWZ^Z[Sd ZQ 3`XLY .`W_`]P 9Pb DZ]V% /Z`MWPOLd $  ?ST^ _T _WP bL^ [`MWT^SPO QZ] _SP QT]^_ _TXP TY $ LYO bL^ YZ_ _]LY^WL_PO TY_Z 2P]XLY `Y_TW $$

"#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

.L^^T]P]v^ N`W_`]P _SPZ]d []PNPOPO _SP Z]LWT_dWT_P]LNd OPML_P^ LYO XPOTL _SPZ]TP^ M`_ ST^ TY^TRS_ TY_Z S`XLY MPTYR^v Q`YOLXPY_LW N`W_`]LW NZY_TYRPYNd LYO _SP N`W_`]LWT_d ZQ VYZbWPORP ^d^_PX^ T^ U`^_ L^ ]PWPaLY_ _ZOLd L^ T_ bL^ _SPY .L^^T]P] ]PRL]OPO WLYR`LRP L^ _SP XZ^_ Q`YOLXPY _LW ^dXMZWTN QZ]X 7TVP STX TY _SP QZWWZbTYR bP bTWW QZN`^ Z`] L__PY _TZY ZY _SP ]ZWP ZQ WLYR`LRP TY NZY^_]`N_TYR N`W_`]LWWd QZ]XPO bZ]WO aTPb^ 9Z_ WPL^_ aTL WLYR`LRP LYO _SP `YOP]^_LYOTYR LYO _SP SLYOWTYR ZQ T_ L]P [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY_L_TZY^ LYO Z]OP]^ N]PL_PO LYO NZY^_LY_Wd []ZO`NPO LYPb ]P[]ZO`NPO LYO _]LY^QZ]XPO :`] WLY R`LRP RZOOP^^ NZaP]PO TY ^dWWLMWP^ SL^ QT]^_ LYO QZ]PXZ^_ _Z OZ bT_S WLYR`LRP LYO _SP QZ]XL_TZY ZQ bZ]WOaTPb^ M`_ L_ _SP ^LXP _TXP LW^Z bT_S XPOTL []LN_TNP^ >SP PcT^_^ TY _SP NZY_Pc_ ZQ L ^ZYTN ]T_P _SL_ `YT_P^ Z]LWT_d LYO WT_P]LNd& Z] _Z MP XZ]P ^[PNTQTN ^SP PcT^_^ TY _SP NZY_Pc_ ZQ _SP ]T_`LWTePO LW[SLMP_ TY _SP XPOT`X ZQ _SP aZTNP



>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

-PNL`^P TY []LN_TNP _SP L`OTMWP bZ]O T^ ^Z TX[Z]_LY_ WLYR`LRP TY 4YOTL SL^ ^PWOZX MPPY ]PXZaPO Q]ZX T_^ LNZ`^_TN [Sd^TNLW YL_`]P LYO T_^ ^ZYTN L`]L 4_ T^ ]PaPLWTYR _SL_ TY _SP 4YOTLY NZY_Pc_ T_ T^ OTQQTN`W_ _Z OTQQP]PY _TL_P MP_bPPY bZ]O^ LYO ^Z`YO^ PaPY TY _P]XTYZWZRd ?SP NPY_]LW >LY ^V]T_ _P]X ²LMOL NZaP]^ _SP 0YRWT^S _P]X^ w^Z`YOx LYO wbZ]Ox P\`LWWd , bZ]O T^ L ^Z`YO _SL_ T^ WTYVPO bT_S L XPLYTYR ?ST^ ^PY_PYNP NZ`WO SLaP MPPY b]T__PY Md _SP ,`^_]TLY [ZP_ 0]Y^_ 5LYOW LYO _ZOLd _ST^ TOPL T^ YZ WZYRP] [L]_TN`WL]Wd QZ]PTRY _Z `^ BP^_P]YP]^ -`_ TY ^[T_P ZQ _ST^ bP L]P ^_TWW XL]VPO Md Z`] ST^_Z]d QZ] TY _SP BP^_ z ]TRS_ `[ _Z XZOP]Y _TXP^ z T_ bL^ ZYWd L bZ]Ov^ XPLYTYR LYO T_^ ^PXLY_TN ]PWPaLYNP _SL_ bP]P [P]NPTaPO LYO ]PQWPN_PO `[ZY 4Y _SP 4YOTLY NZY_Pc_ L bZ]O bL^ LWbLd^ MZ_S L MZOd ZQ ^Z`YO LYO _SP MPL]P] ZQ XPLYTYR ?SP NZY^T^_PY_ NZYNW`^TZY RTaP^ ]T^P _Z L YZ_TZY _SL_ T^ aP]d ^_]LYRP _Z `^% T_ T^ YZ_ ZYWd ^PY_PYNP^ LYO bZ]O^ _SL_ L]P ^PPY L^ NZXX`YTNL_TaP M`_ LW^Z ^dWWLMWP^ LYO PaPY TYOTaTO`LW [SZYPXP^ ,W_SZ`RS _SPd OZ YZ_ TX[L]_ XPLYTYR TY _SP ^PY^P ZQ NZY_PY_ _SPd L]P ^_TWW MZOTP^ ZQ ^Z`YO bT_S _SPT] ZbY L`OT MWP Pc[]P^^TaT_d 1Z] _SP 4YOTLY _STYVP]^ WLYR`LRP T^ YZ_ ZYWd L XPLY^ ZQ NZXX`YTNL_TZY M`_ TY L bLd T^ LW^Z _SP ^`MUPN_ ZQ _SP NZXX`YTNL _TZY []ZNP^^ ?SP WLYR`LRP T_^PWQ T^ PYaT^LRPO L^ L [P]^ZY LYO PaPY TY OTaTO`LW [SZYPXP^ L^ TYOP[PYOPY_ [P]^ZYLWT_TP^ Z] ^[PPNS ^`MUPN_^ bT_S _SPT] aP]d ZbY ^_L_PXPY_^ ?ST^ SL^ MPPY _SZ`RS_ _S]Z`RS TY _P]X^ ZQ WTYR`T^_TN [STWZ^Z[Sd LYO LW^Z TX[WPXPY_PO TY ]T_`LW^ :YP P^[PNTLWWd ^_]TVTYR ]P^`W_ ZQ _SP TYSP]PY_ aLWTOT_d XPY_TZYPO PaPY _SP [P]^ZYLWT_d ZQ TYOTaTO`LW [SZYPXP^ T^ _SP PcT^_PYNP ZQ ^LN]PO

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

"$

_Pc_^ _SL_ L]P YZ_ NZX[Z^PO ZQ bZ]O^ TY Z`] ^PY^P L_ LWW :YP ZQ XLYd [Z^^TMWP PcLX[WP^ bZ`WO MP _SP X£_šV£[¼U£ TY ?LY_]T^X L ]T_`LW ]PNT_L _TZY ZQ _SP >LY^V]T_ LW[SLMP_ TY _SP P^Z_P]TN _PX[WP ^P]aTNP ?SP ±£]LO£ ?TWLVL?LY_]L  L [Z[`WL] ]T_`LW XLY`LW NZX[TWPO Md 7LV´XL©L /P²TVL []ZMLMWd TY _SP _PY_S NPY_`]d ,/  NZXXPY_^ ZY LYO OP^N]TMP^ _SP OPT_d L^^ZNTL_PO bT_S _ST^ ]T_P L^ QZWWZb^% w,YO YZb bP ^[PLV ZQ F_SP RZOOP^^H bT_S _SP MZOd XLOP ZQ _SP LW[SLMP_ bSZ XLVP^ TY_PWWTRPYNP TY _SP `YTaP]^P [Z^^TMWP 4Q _ST^ FLW[SLMP_H OTO YZ_ PcT^_ TY [P]NPTaLMWP QZ]X _SP bSZWP bZ]WO bZ`WO MP bT_SZ`_ WTQP  FBSPY ZYP []Ld^ _Z SP] ZYP _STYV^ _Z ZYP^PWQ%H 4 _`]Y _Z _SP bST_P^STYTYR _S]PP PdPO RZOOP^^ ZQ WLYR`LRP  ZY bSZ^P QLNP ^SZ`WOP]^ M]PL^_ MPWWd LYO QPP_ L]P OT^_]TM`_PO _SP  WP__P]^ FZQ _SP LW[SLMP_Hx 

?SP OTaP]RPYNP Q]ZX _SP BP^_P]Y TOPL ZQ WLYR`LRP T^ LW]PLOd Pc[]P^^PO _S]Z`RS _SP NSZTNP ZQ XP_L[SZ]^ BSPY bP BP^_P]YP]^ NZY^TOP] _SP wP_P]YLW bZ]Ox LYO _SP bZ]WOLNNP^^TYR [ZbP] ZQ WLYR`LRP bP L]P `YWTVPWd _Z _STYV ZQ L MPL`_TQ`W bZXLY bT_S _SP WP__P]^ ZQ _SP LW[SLMP_ [LTY_PO ZY SP] MZOd 1Z] TY _ST^ NZY_Pc_ bP OZ YZ_ _STYV ZQ _SP LNZ`^_TN bZ]O LYO PaPY WP^^ ZQ TYOTaTO`LW [SZYPXP^ QTWWPO bT_S ^PY^P LYO ^Z`YO -`_ _ST^ T^ []PNT^PWd bSL_ 7LV´XL©L /P²TVL OZP^ 1Z] STX 7LY R`LRP T^ L RZOOP^^ NLWWPO >L]L^aL_¯ LYO ^SP PaPY SL^ NZ^XZRZYTN ]PWP aLYNP ?SP ^TX[WP QLN_ _SL_ ^SP T^ aT^`LWTePO L^ L MPL`_TQ`W bZXLY TYOT NL_P^ _SL_ _ST^ T^ YZ_ L [`]PWd LM^_]LN_ LM^ZW`_P M`_ LW^Z ^ZXP_STYR ^PY^Z]d ?ST^ TOPL ]`Y^ _S]Z`RS _SP bSZWP NSL[_P] ZQ _SP ±£]LO£?TWLVL TY bSTNS _SP w]T_P^ ZQ _SP WLYR`LRP OPT_dx L]P OP^N]TMPO% _SP []LdP]^ _Z _SP RZOOP^^ ZQ WLYR`LRP LYO _SP ]PNT_L_TZY^ ZQ SP] WTaTYR MZOd _SP LW [SLMP_ 1Z] 7LV´XL©L /P²TVL bSL_ T^ TX[Z]_LY_ LMZ`_ _SP TXLRP ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ OL_P T^ ML^PO ZY =£RSLaL -SL¶¶Lv^  _S NPY_ ,/ TOPY_TQTNL_TZY ZQ 7LV´XL©L /P²TVL bT_S ZYP ZQ ,MSTYLaLR`[_Lv^ _PLNSP]^ >LYOP]^ZY w,_SL]aLaPOTY^ TY ?LY_]TN ?P]]T_Z]dx z MPWTPaP^ _ST^ TOPY_TQTNL_TZY ZQ _SP ±£]LO£?TWLVL NZXXPY_L_Z] =£RSLaL _Z MP TYNZ]]PN_ MPNL`^P _SP ±£]LO£?TWLVL T^ YZ_ L ?]TVL _Pc_ ,NNZ]OTYR _Z >LYOP]^ZY _SP ±£]LO£?TWLVL bL^ b]T__PY TY :]T^^L PT_SP] TY _SP PL]Wd _S NPY_`]d Z] ^ZXPbSL_ PL]WTP] 4_ T^ TYOPPO L ^dY_SP_TN ?LY_]L MPL]TYR YZ ]PWL_TZY _Z _SP ?]TVL _PLNSTYR ZQ ,MSTYLaLR`[_L :Y _SP Z_SP] SLYO _SP RZOOP^^v^ YLXP w±£]LO£x LYO NZYNP[_^ `^PO ^`NS L^ ^LÀaTO TYOTNL_P 6L^SXT] bSTWP _SP]P T^ WT__WP _Z TYOTNL_P :]T^^L LYO _SP _S NPY_`]d ?SP b]T_P] 7LV´XL©L NZ`WO MP ZYP ZQ _SP _PLNSP]^ _SL_ ,MST YLaLR`[_Lv^ ®²aL]L;]L_dLMSTUÓ£ATaš_TATXL]²TY¯ []P^PY_^ L^ w±]¯±£^_]L6š_x bSTNS NLY XPLY _SP L`_SZ] ZQ L _Pc_ QZ] _PLNSTYR LMZ`_ _SP RZOOP^^ Z] _SP L`_SZ] ZQ L SZWd _PLNSTYR _Pc_ 3ZbPaP] _ST^ 7LV´XL©L T^ YPaP] \`Z_PO Z] NZXXPY_PO ZY L^ L [ST WZ^Z[STNLW L`_SZ]T_d :Q NZ`]^P _SP _bZ bZ]V^ ]P[]P^PY_ OTQQP]PY_ _SPZWZRTP^ 4_ T^ NZYNPTaLMWP _SL_ _SP XLRTNLWWd Z]TPY_PO ±£]LO£?TWLVL ]P[]P^PY_^ L w^TY ZQ dZ`_Sx ZY 7LV´XL©Lv^ [L]_ LYO _SP L`_SZ] ZYWd NZYaP]_PO _Z _SP ?]TVL [STWZ^Z[Sd ZYNP _SP bZ]V bL^ LW]PLOd bPWW VYZbY  L_SL aL]©L_LY`À aLV´dP aT²aLMZOSL[]LO£dTY¯X g dL^d£X LY`[LWLMOS£d£À ^L]aLX P_LU ULRLU UL“LX gg ±£]LO£?TWLVL?LY_]L ! ,WW _]LY^WL_TZY^ ZQ _SP >LY^V]T_ L]P Z`] ZbY _]LY^WL_TZY^ `YWP^^ Z_SP]bT^P TYOTNL_PO

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

WLYR`LRP RZOOP^^ NZaP]PO bT_S ^dWWLMWP^ T^ YZ_ _SP R]L[SPXP^ LYO YZ_ _SP b]T__PY ^PXLY_TNLWWd _]LY^[L]PY_ _Pc_ M`_ _SP  w^Z`YOTYRx ^[Z VPY Z] ^`YR ^dWWLMWP^ ZQ _SP >LY^V]T_ LW[SLMP_ bSTNS L]P ]PNT_PO TY _SP ]T_`LW 7LV´XL©L /P²TVL T^ YZ_ L wbPT]O MT]Ox Z] OP]LYRPO XLY [`]^`TYR ^_]LYRP TOPL^ 4Y QLN_ SP O]Lb^ ^`[[Z]_ Q]ZX L aPYP]LMWP _]LOT_TZY ZQ _SP ^LN]POYP^^ ZQ WLYR`LRP 4Q _ST^ ^LN]POYP^^ XLYTQP^_^ T_^PWQ TY ^Z`YO LYO YZ_ TY _SP WZRZ^ _SP ]PL^ZY QZ] _ST^ T^ _SP QLN_ _SL_ 7LV´XL©L /P²TVLv^ bZ]WO T^ ^Z NZX[WP_PWd QTWWPO Md _SP L`OTMWP Pc[P]TPYNP ZQ WLYR`LRP ?SP]P L]P ]PLW w^Z`YO ]T_`LW^x ^`NS L^ _SP NZY^_LY_ ]P[P_T_TZY ZQ ZYP ZQ 2ZOv^ YLXP^ Z] XLY_]L ]PNT_L_TZY bSTNS L^ LW]PLOd [ZTY_PO Z`_ L]P ^_TWW LXZYR _SP XZ^_ bTOP^[]PLO ]PWTRTZ`^ []LN_TNP^ _ZOLd 4Y XLY_]L^ M`_ Md YZ XPLY^ WTXT_PO _Z _SPX LY TYSP]PY_ [ZbP] T^ PaPY L^N]TMPO _Z ^Z`YO 0aPY _SP WP__P]^ ZQ _SP LW[SLMP_ NLY TY _SP ]T_`LW NZY_Pc_ MP NZXP XLY_]L^ LYO [ZbP]Q`W OPT_TP^ LMWP _Z R]LY_ PaP]d bT^S LYO bL]O ZQQ PaP]d PaTW 1ZWWZbTYR ZY Q]ZX ^[PPNS LN_ _SPZ]d bP NZTY _SP _P]X wWLYR`LRP LN_x QZ] ^`NS [SPYZXPYL ZQ _SP TYSP]PY_ [ZbP] ZQ WLYR`LRP 8LY_]L^ OZ YZ_ SLaP _Z MP `YOP]^_ZZO M`_ LMZaP LWW _SPd SLaP _Z MP `^PO NZ]]PN_Wd TY _SP ]T_`LW LYO []ZYZ`YNPO NZ]]PN_Wd  ?SP [SZYP_TN ^_]`N_`]P T^ ZQ_PY XZ]P TX[Z]_LY_ _SLY _SP WT_P]LW XPLYTYR :`_^TOP _SP [P]QZ]XL_TaP NZY_Pc_ ZQ _SP ]T_`LW _SP LN_`LW XPLYTYR ZQ _SP XLY_]L^ _SPT] _]`P ^PY^P ]PXLTY^ TYNZX[]PSPY^TMWP :YWd TY L _]LOT_TZYLWWd OP QTYPO ^[PPNS LN_ _SPd MPNZXP PQQPN_TaP LYO [ZbP]Q`W L^ T^ MPWTPaPO ?SP XPOT`X T^ LW^Z _SP XP^^LRP 1T]^_ LYO QZ]PXZ^_ L XLY_]L T^ `^PO YZ_ TY_P][]P_PO >Z`YO ]T_`LW^ LYO WLYR`LRP LN_^ ^`NS L^ _SL_ ZQ _SP ±£]LO£?TWLVL ?LY_]L L]P NP]_LTYWd _SP XZ^_ Pc_]PXP XLYTQP^_L_TZY^ ZQ _SP ^_]ZYRWd ^ZYTN Z]TPY_L_TZY ZQ 4YOTLY N`W_`]P -`_ ^`NS Pc_]PXP XLYTQP^_L_TZY^ L]P _SP MP^_ PcLX[WP^ QZ] _SPd L]P XP]PWd _SP NZY^T^_PY_ NZYNW`^TZY ZQ _SP aTPb _SL_ WLYR`LRP T^ YZ_ PcSL`^_PO TY ^PXLY_TN^ LYO OPYZXTYL_TZY M`_ _SL_ _SP L`OTMWP [Sd^TNLW PWPXPY_ ZQ WLYR`LRP _ZZ LYO T_^ ^ZYTN L`]L [WLd L NPY_]LW ]ZWP >TYNP _SP ^ZYTN L^[PN_ T^ ^Z TX[Z]_LY_ LYO ^PXLY_TN^ T^ ^Z `YTX[Z] _LY_ TY XLYd 3TYO` ]T_P^ TY BP^_P]Y ]P^PL]NS T_ SL^ ^ZXP_TXP^ MPPY ^`RRP^_PO YZ_ _Z aTPb _SP XLY_]L^ `^PO _SP]P L^ wWLYR`LRPx L_ LWW ?ST^ T^ []Z[Z^PO L^ XPY_TZYPO PL]WTP] Md _SP 4YOZWZRT^_ LYO ]T_`LW _SPZ]P_T NTLY 1]T_^ >_LLW bSZ^P YPb XLY_]L TY_P][]P_L_TZY XLOP STX _SP XLTY

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP LW^Z _SP L]_TNWP^ Md BLOP BSPPWZNV w?SP 8LY_]L TY APOTN LYO ?LY_]TN =T_`LWx LYO ,YO]Ë ;LOZ`c w8LY_]L^ z BSL_ L]P ?SPd*x TY @YOP]^_LYOTYR 8LY_]L^ PO 3L] aPd ; ,W[P] /PWST% 8Z_TWLW -LYL]^TOL^^ $$ $!z& $ z

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

#

Pc[ZYPY_ ZQ L ]LOTNLW QZ]XLWT^X  bT_S bSTNS SP _]TP^ _Z Pc[WLTY YZ_ ZYWd XLY_]L []LN_TNP M`_ PaP]d ]T_`LW LN_ ! ,NNZ]OTYR _Z >_LLW _SP APOTN XLY_]L^ NLY MP MP__P] NZX[L]PO bT_S -LNSv^ STRSWd ^_]`N_`]PO Q`R`P^ Z] PaPY LYTXLW YZT^P^ 3P ^[PLV^ ZQ w]`WP^ bT_SZ`_ XPLYTYRx LYO wXPLYTYRWP^^ ^Z`YO^x bSP]P _SP TX[Z]_LY_ _STYR T^ YZ_ _SP `YOP] ^_LYOTYR M`_ _SP `^P LYO _SP Q`YN_TZY bT_STY _SP ]T_`LW 1Z] >_LLW ]T_` LW^ QZ]X L NL_PRZ]d ZQ LN_^ ^`T RPYP]T^ YZ_ ]PQP]]TYR _Z LYd NZY_PY_ Z`_ ^TOP ZQ _SP ]T_`LW YZ] ]P\`T]TYR LYd NZYN]P_P RZLW ,YO TY XLY_]L []LN_TNP _ZZ _SP [`]P QZ]X ]P[WLNP^ _SP ^PXLY_TN NZY_PY_ >_LLW PaPY RZP^ ^Z QL] L^ _Z NWLTX _SL_ _SP NZ`]_^ST[ ZQ L NZNV MT]O T^ YZ_ ^TRYTQT NLY_Wd OTQQP]PY_ Q]ZX _SP ]T_`LW LN_^ ZQ LYd []TP^_ >_LLW T^ ]TRS_ TY _SL_ XLY_]L^ OZ ZQ NZ`]^P YZ_ SLaP L XPLYTYR TY _SP ^PY^P TY bSTNS ^ZXP_STYR WTVP L _]LQQTN ^TRY SL^ XPLYTYR -`_ PaPY TQ XLY_]L^ OZ YZ_ [Z^^P^^ LYd LN_`LW ^PXLY_TN XPLYTYR _SPd OZ YZ_ ^_Z[ MPTYR ^Z`YO^ _SL_ L]P ]PNPTaPO aTL _SP ^PY^P^ LYO NLY LQQPN_ _SP ]PNT[T PY_^ OT]PN_Wd aTL _SPT] ^PY^P^ ,_ _ST^ [ZTY_ _SP QWLb TY >_LLWv^ _SPZ]d NZXP^ _Z WTRS_ BP NLY SL]OWd L^V _SP XLWP MT]O bSP_SP] T_ Pc[P]TPYNPO LYd VTYO ZQ QPPWTYR^ O`]TYR T_^ NZ`]_^ST[ OLYNP Z] bSP_SP] T_ L^^ZNTL_PO LYd QZ]X ZQ TY_PY_TZY bT_S T_ Z] bSP_SP] _SP OLYNP bL^ wXPLYTYRQ`Wx _Z _SP MT]O TY LYd Z_SP] bLd -d NZY_]L^_ ZYP NP]_LTYWd NLY [`_ _SP^P \`P^ _TZY^ _Z ^ZXP ZYP bSZ SL^ WT^_PYPO _Z -LNSv^ w,]_ ZQ 1`R`Px 4Y ST^ XLY_]L _SPZ]d >_LLW L^^`XP^ bT_SZ`_ OT^N`^^TZY _SL_ ^Z`YO^ _SL_ L]P YZ_ OPYZXTYL_TaP NLYYZ_ MP TYaZWaPO TY NZXX`YTNL_TZY L_ LWW LYO [Z^ ^P^^ YZ Pc[]P^^TaT_d bSL_^ZPaP] 3P NLWW^ `[ZY >_]LaTY^Vdv^ QZ]XLWT^_TN X`^TN _SPZ]d L^ L bT_YP^^ bSTNS ^_L_P^ _SL_ X`^TN T^ wTYNL[LMWP ZQ Pc []P^^TYR LYd_STYR bSL_^ZPaP]% L ^PY_TXPY_ LY L__T_`OP L ^_L_P ZQ XTYO L YL_`]LW ^NPYP P_Nx " BSPY X`^TN L[[PL]^ _Z L]Z`^P QPPWTYR^ _ST^ T^ XP]PWd L WPL]YPO ^ZNTLW ]PQWPc% w 0c[]P^^TZY SL^ YPaP] MPPY LY TXXLYPY_ []Z[P]_d ZQ X`^TN mx # 3ZbPaP] _ST^ ]LOTNLW aTPb SL^ YZ_ P^_LMWT^SPO T_^PWQ L_ LWW TY PT_SP] _SP _SPZ]d Z] ]PNP[_TZY ZQ X`^TN ?SP $ ^ []ZUPN_ bT_S ^P]TLW X`^TN z NZX[WP_PWd OP_P]XTYPO Md ]`WP^ z SLO _Z MP _Z_LWWd LMLYOZYPO MPNL`^P _SP L`OTPYNP [P]^T^_PO TY SPL]TYR Pc[]P^^TZY TY X` ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >_LLW w?SP 8PLYTYRWP^^YP^^ ZQ =T_`LWx 9`XPY ! $"$% z P^[PNTLWWd TMTO #z$& =T_`LW LYO 8LY_]L^ $$! LYO >_LLW wAPOTN 8LY_]L^x TY @YOP]^_LYOTYR 8LY _]L^ PO ,W[P] #z$  ! :Y _SP ^`MUPN_ ZQ L QZ]XLWT^_TN ]T_`LW TY_P][]P_L_TZY ^PP LW^Z .L]ZWTYP 3`X[S]Pd LYO 5ZSY 7LTOWLb ?SP ,]NSP_d[TNLW ,N_TZY ZQ =T_`LW% , ?SPZ]d ZQ =T_`LW 4WW`^_]L_PO Md _SP 5LTY =T_`LW ZQ BZ]^ST[ :cQZ]O% .WL]PYOZY ;]P^^ $$& ,cPW 8TNSLPW^ wu7P ]T _`PW [Z`] WP ]T_`PWv ZOP] bTP ^TYYWZ^ ^TYO =T_`LWP*x TY =T_`LWP SP`_P% ?SPZ]TPY z 6ZY _]ZaP]^PY z 0Y_bÞ]QP PO . .LO`QQ LYO 5 ;QLQQ.eL]YPNVL -P]WTY% =PTXP] $$$ z" " -Z`WPev \`Z_L_TZY TY% >_LLW =T_`LW LYO 8LY_]L^ #$ ;TP]]P -Z`WPe bL^ ZYP ZQ _SP XLUZ] TYT_TL_Z]^ ZQ w^P]TLW X`^TNx ^PP LMZaP # >_LLW =T_`LW LYO 8LY_]L^ #$

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

^TN TY ^[T_P ZQ _SP _Z_LWWd Z[[Z^TYR TY_PY_TZY ZQ _SP NZX[Z^P]^ 4Y_P]P^_ TYRWd L [^P`OZ^P]TLW ^_dWP MPNLXP [Z[`WL] TY _SP $!^ LYO $"^ L^ MLNVR]Z`YO X`^TN QZ] SZ]]Z] QTWX^ 8`^TN OZP^ YZ_ TX[L]_ XPLYTYR M`_ T_ OZP^ TX[L]_ ^PY^P 4Y QLN_ ZYWd TY ]L]P TY^_LYNP^ L X`^TNTLY NZX[Z^P^ X`^TN bT_S _SP OPQTYT_P [`][Z^P ZQ Pc[]P^^TYR L ^[PNTQTN QPPWTYR z M`_ OP^[T_P _ST^ PaP]d [TPNP ZQ X`^TN bTWW LWbLd^ SLaP ^ZXP QZ]X ZQ Pc []P^^TZY LYO bTWW LWbLd^ SLaP ^ZXP VTYO ZQ PQQPN_ ZY T_^ WT^_PYP]^ 4Y _ST^ ^PY^P X`^TN T^ YPaP] OPaZTO ZQ NZXX`YTNL_TZY LYO YPaP] NZX [WP_PWd OPaZTO ZQ XZZO 1Z] PcLX[WP _SP Q`YOLXPY_LW _SPZ]P_TNTLY 3P]XLYY 6]P_e^NSXL] ^_L_P^ _SL_ X`^TN SL^ LY LWW[P]aLOTYR ^PY^P LYO OPXLYO^ L SP]XPYP`_TN^ PaPY QZ] TY^_]`XPY_LW NZX[Z^T_TZY^ $ >`^LYYP 7LYRP] _LVP^ `[ ^`NS L[[]ZLNSP^ TY SP] [STWZ^Z[Sd ZQ ^dXMZWTN QZ]X^ bSPY ^SP NWLTX^ _SL_ X`^TN T^ Md YZ XPLY^ ZYWd [`]P w^PWQPc[]P^^TZYx M`_ T^ _SP w QZ]X`WL_TZY LYO ]P[]P^PY_L_TZY ZQ PXZ_TZY^ XZZO^ XPY_LW _PY^TZY^ LYO ]P^ZW`_TZY^x  ?ST^ ML^TN ]P^PL]NS LW]PLOd NL^_^ OZ`M_ `[ZY >_LLWv^ XLYTNSPLPT^_TN NZXX`YTNL_TZY _SPZ]PXP z ubSP]P _SP]P T^ YZ ^PXLY_TN NZYYZ_L_TZY _SP]P T^ YZ NZY_PY_ PT_SP] LYO YZ Z[[Z]_`YT_d QZ] SP]XPYP`_TN^v ,YO]Ë ;LOZ`c T^ U`^_TQTPO TY []Z[Z^TYR L NZX[WPXPY_L]d L[[]ZLNS _Z _SP QZ]XLWT^_TN _SPZ]d bSTNS SP _P]X^ w[^dNSZWTYR`T^_TNx  M`_ bSTNS bP bZ`WO []PQP] _Z NLWW w[SPYZXPYZWZRTNLWx LYO wLP^_SP_TNLWx TY _P]X^ ZQ ]PWTRTZY [P]NPTaPO _S]Z`RS _SP ^PY^P^ ;LOZ`c QTYO^ _SL_ XLY _]L^ OZ YZ_ SLaP LYd XPLYTYR TY _SP `^`LW ^PY^P ZQ _SP bZ]O z bSTNS SZbPaP] T^ YZ_ _Z ^Ld _SL_ _SPd L]P YZ_ Q`WW ZQ XPLYTYR QZ] _SZ^P ^[PLV TYR _SPX  -`_ LMZaP LWW _SPd SLaP L ]T_`LW PQQTNLNd _SL_ T^ _SPd PcP]_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .Q 3P]XLYY 6]P_e^NSXL] 2P^LXXPW_P ,`Q^Æ_eP% ,`^ OPY 5LS]MÞNSP]Y OP] 8`^TV MTMWTZ_SPV ;P_P]^ 7PT[eTR% AP]WLR .1 ;P_P]^ $ !#z$ #z$ Z[ NT_ 6]P_e^NSXL] bL^ ^Z TX[Z]_LY_ TY _SP _SPZ]d ZQ X`^TN MPNL`^P SP Z[[Z^PO _SP ZWOP] TOPL _SL_ X`^TN bL^ wQPW_x Md NWLTXTYR _SL_ X`^TN SLO _Z MP TY_P][]P_PO z bT_S L ST^ _Z]TNLW MLNVR]Z`YO 0aPY TQ _SP OPML_P ZY XPLYTYR Z] XPLYTYRWP^^YP^^ WL^_PO QZ] L WZYR _TXP L^ 7Lb]PYNP 6]LXP] 8`^TNLW 8PLYTYR% ?ZbL]O L .]T_TNLW 3T^_Z]d -P]VP WPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^  TWW`^_]L_P^ XLYd ZQ 6]P_e^NSXL]v^ TY^TRS_^ L[[PL] _Z `^ _Z ]PXLTY aLWTO 1Z] _SP bTOP L]PL ZQ _Z[TN ^PP LW^Z _SP aZW`XTYZ`^ 3LYOMZZV ZQ 8`^TN LYO 0XZ_TZY ?SPZ]d =P^PL]NS ,[[WTNL_TZY^ PO ;L_]TV 9 5`^ WTY LYO 5ZSY , >WZMZOL :cQZ]O% :cQZ]O @;   >`^LYYP 6 7LYRP] ;STWZ^Z[Sd TY L 9Pb 6Pd% , >_`Od TY _SP >dXMZWT^X ZQ =PL^ZY =T_P LYO ,]_ .LXM]TORP 8L^^% 3L]aL]O @YTaP]^T_d ;]P^^ $"$ Z]TRTYLW $ ]P aT^PO $"   ;LOZ`c w8LY_]L^ z BSL_ L]P ?SPd*x   ,W_SZ`RS _SP M¯ULXLY_]L^ L]P YZY^PXLY_TN TY L WPcTNLW ^PY^P _SPd LN_`LWWd OZ [Z^ ^P^^ NZYaPY_TZYLWWd NZOPO ^PXLY_TN XPLYTYR ?SP [`][Z^P^ LYO Q`YN_TZY^ aL]d OP [PYOTYR ZY ^T_`L_TZY ^NSZZW _]LOT_TZY LYO []LN_T_TZYP] ,RSPYLYOL -SL]L_T ?LY_]TN ?]LOT_TZY^ /PWST% 3TYO`^_LY ;`MWT^STYR .Z][Z]L_TZY $$  _SP]PQZ]P ^`RRP^_^ L aP]d QZ]XLW OPQTYT_TZY ZQ _SP ?LY_]TN XLY_]L^% w, XLY_]L T^ L \`L^TXZ][SPXP LYO \`L^TXZ][SPXP^ L]]LYRPO TY NZYaPY_TZYLW [L__P]Y^ ML^PO ZY NZOTQTPO P^Z_P]TN _]LOT

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

#

LY PQQPN_ 3P]P _SP X`^TNLW Z] TY XZ]P RPYP]LW _P]X^ _SP [SZYP_TN LYO LNZ`^_TN L^[PN_^ ZQ _SP XLY_]L^ L]P PcNP[_TZYLWWd TX[Z]_LY_ 4_ T^ TY^TR YTQTNLY_ _SL_ L^ L ]`WP XLY_]L^ L]P NZX[Z^PO ]L_SP] OTQQP]PY_Wd _SLY L [TPNP ZQ X`^TN ?SP TX[Z]_LY_ _STYR T^ _SL_ _SPd L]P ^Z`YO^ LYO PaP]d ^Z`YO SL^ LY TYSP]PY_ YL_`]LW Pc[]P^^TaT_d  >Z`YO^ PWTNT_ PXZ_TaP Z] TY_`T_TaP L^^ZNTL_TZY^ _SPd NLY MP QPW_ [Sd^TNLWWd LYO _SPd SLaP XPLY TYR^ LYO NZYYZ_L_TZY^ 4_ T^ _]`P _SL_ wPaPY _SZ`RS XPLYTYR^ LYO NZYYZ _L_TZY^ ZQ XLY_]L^ L]P QTcPO Md _]LOT_TZY _SPd `YOZ`M_POWd SLaP PXZ_TaP L^^ZNTL_TZY^ Z] NZYYZ_L_TZY^ _ZZ LYO _SP^P L]P []ZMLMWd XLOP `^P ZQ LWMPT_ `YNZY^NTZ`^Wd Md _SP _]LOT_TZY^ LYO NZY_]TM`_P _Z _SPT] ]PWTRTZ`^ Z] ^[T]T_`LW PQQTNLNdx  ?SP XZ^_ ML^TN XPLYTYR ZQ ?LY_]TN XLY_]L^ VYZbY _Z PaP]dMZOd LYO NZY^_LY_Wd ^_L_PO TY _SP ?LY_]L NZXXPY_L]TP^ T^ _SL_ _SP XLY_]L ^_L_P^ _SP OPT_d OPaL_£ a£NLVL XLY_]L  ?SP [L]_TN`WL] ^Z`YO NZXMTYL _TZY bTWW TXXPOTL_PWd w_PWWx bSZ _SP OPT_d Z] Y`XTYZ`^ MPTYR T^ LYO bSL_ T_^ ^[PNTQTN [ZbP]^ L]P 4Q _SP LW[SLMP_ T^ _SP RZOOP^^ SP]^PWQ Z] ]T_`LWWd []ZUPN_PO ZY_Z _SP []LN_T_TZYP]v^ MZOd T_ bTWW LWbLd^ NZXX`YT NL_P NZ^XTN ]PWPaLYNP ?SP XLY_]L ^Z`YO^ LYO QZ]X`WL^ LYO _SPT] XP_Z YdXTN L^^ZNTL_TZY^ _S`^ RPYP]L_P NP]_LTY wQPPWTYR^x LYO ^ZXL_TN LbL]P YP^^ ZQ _SP [ZbP]^ LYO Q`YN_TZY^ NZYYPN_PO bT_S _SP XLY_]L OPT_TP^  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _TZY^ LYO [L^^PO ZY Q]ZX ZYP []PNP[_Z] _Z ZYP OT^NT[WP TY _SP NZ`]^P ZQ L []P^N]TMPO TYT_TL_TZYx :Y OTQQP]PY_ XLY_]L QZ]X^ LYO `^LRP^ ^PP TMTO $z  LYO Z`] APOL LYO ?LY_]L NSL[_P]^ MPWZb  -SL]L_T ?LY_]TN ?]LOT_TZY^ ! T^ []ZMLMWd ]TRS_ TY ^`RRP^_TYR bT_S ]PRL]O _Z ?LY _]TN XLY_]L^% w?SP QT]^_ FXZ^_ [WL`^TMWPH _SPZ]d LMZ`_ _SP QZ]XL_TZY ZQ XLY_]L^  ^PPX^ _Z MP  _SL_ ^ZXP PL]Wd []TP^_^ Z] Z_SP] P^Z_P]TN TWW`XTYL_T OTO NZYNZN_ _SP M¯UL^  LYO _SL_ _SPd NZYNPTaPO _SP TOPL `^TYR aP]MLW ^Z`YO NW`^_P]^ bSTNS L]P YZ_ TY _PWWTRPY_ _Z _SP YZYTYT_TL_P _Z XL]V ZQQ LY TYYP] NT]NWP ZQ LOP[_^ 3ZbPaP] T_ OZP^ YZ_ ^PPX WTVPWd _Z XP _SL_ _SPd XLOP `[ _SP QT]^_ M¯UL^ Q]ZX L NZX[WP_P aLN``X TY _SP XLYYP] TY bSTNS NSTWO]PY NZYNZN_ LY L]MT_]L]d ^PN]P_ WLYR`LRP ?SPd OTO _LVP T_ bZ`WO ^PPX _Z XP [SZYP_TN PWPXPY_^ Q]ZX OTaTYP YLXP^ LYO Q]ZX ^LN]PO _Pc_^ LYO [`_ _SPX _ZRP_SP] `YOP] _SP NZX[`W^TZY ZQ ^ZXP PXZ_TZYLW QZ]NP ^ZXP ^_L_P ZQ _]LYNP Z] ^ZXP ^_L_P ZQ YZYOT^N`]^TaP NZY_PX[WL_TZY , RZZO PcLX[WP QZ] _ST^ Sd [Z_SP^T^ bZ`WO MP _SP M¯UL u[SL¶v  NLWWPO L^_]L ubPL[ZYv M¯UL LYO `^PO L^ LY LRR]P^ ^TaP XLY_]L Q]ZX _SP PL]WTP^_ _TXP^x ?SP LRR]P^^TaP ^Z`YO TY _ST^ NL^P Pc[]P^^P^ LYO TXT_L_P^ _SP YPNP^^L]TWd LRR]P^^TaP [`][Z^P ZQ O]TaTYR LbLd PaTW QZ]NP^  ;LOZ`c w8LY_]L^ z BSL_ L]P ?SPd*x   ?ST^ T^ XZ^_Wd LW^Z _]`P QZ] APOTN XLY_]L QZ]X`WL^ L^ 7L`]TP ;L__ZY L]R`P^ TY SP] -]TYRTYR _SP 2ZO^ _Z 8TYO  ;L__ZY PX[SL^TeP^ _SP ]ZWP ZQ XP_ZYdXd LYO T_^ NZRYT _TaP ^PY^`LW LYO LQQPN_TaP [ZbP]^ LNNZ`Y_TYR QZ] XLRTNLW LRPYNd LYO ^SP OPXZY ^_]L_P^ TY OP_LTW SZb _SP XP_ZYdXTN QZ]NP ZQ _SP ^LXP XLY_]L QZ]X`WL T^ `^PO TY OTQ QP]PY_ NZY_Pc_^ ZQ []LN_TNLW L[[WTNL_TZY aTYTdZRL ,WXZ^_ TYaL]TLMWd _SP]P L]P SZXZWZRZ`^ WTYV^ LYO LWWZNL_TZY^ MP_bPPY L bZ]O Z] YLXP TY _SP XLY_]L LYO _SP [`] [Z^P ZQ T_^ L[[WTNL_TZY QZ] TY^_LYNP L ^LQP UZ`]YPd , aP]d NZXXZY XZ]P OPaZ_TZYLW XLY_]L L[[WTNL_TZY T^ OP^N]TMPO LMZaP -`_ T_ ^SZ`WO MP LOOPO _SL_ _SP ?LY_]L LW^Z ]PNZRYTeP^ L WL]RP Y`XMP] ZQ XZ]P _PNSYTNLW [^dNSZ^ZXL_TN LYO NZY_PX[WL_TaP L[[WT

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

?SP PaTOPYNP _SL_ XLY_]L^ LW^Z SLaP STRSWd PXZ_TaP NZY_PY_ T^ NWPL]Wd TWW`^_]L_PO Md _SP QLN_ _SL_ XLY_]L^ QZ] TY^_LYNP _SP XLY_]L wYLXLà ±Ta£dLx w;]Z^_]L_TZY _Z ±TaLx L]P ^`YR TY aL]TZ`^ X`^TNLW bLd^ ! MP T_ STRSWd L]_T^_TN TY_PY^PWd PXZ_TZYLW Z] ^TX[Wd TY ^PXTX`^TNLW QZ]X LYO L]P ]P[PL_PO XZ]P _SLY ZYNP ?ST^ []LN_TNP PL^TWd PWTNT_^ XPY_LW LM^Z][_TZY L ^Z]_ ZQ _]LYNP TYYP] UZd LYO [PLNP ZQ XTYO ?SP XLY_]L wYLXLà ±Ta£dLx bSTNS WT_P]LWWd XPLY^ w;]Z^_]L_TZY _Z _SP ,`^[TNTZ`^ ZYPx RPYP]L_P^ LWXZ^_ WT_P]LWWd L MZOTWd QPPWTYR ZQ wL`^[TNTZ`^YP^^x _S]Z`RS M]TRS_ ^Z`YO^ " X`^TNLW TY_ZYL_TZY ]Sd_SX LYO ]P[P_T_TaP [P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ NL_TZY^ ZQ XLY_]L `__P]LYNP LYO aL]TZ`^ ^Z`YO Pc[P]TXPY_^ TY _SP wMZOdWLMZ]L_Z]dx 1`]_SP]XZ]P ML^PO ZY _SP NZYNP[_TZY ZQ waTM]L_TZYx ^[LYOL LYO _SP _]LTYTYR ZQ _SP LP^_SP_TNLWWd ^PY^T_TaP 4YOTLY PL] _Z [P]NPTaP NP]_LTY ^Z`YO^ L^ SLaTYR L OPQTYT_P [T_NS _SP ?LY_]TN wXLY_]L^NTPYNPx XLY_]L²£^_]L OPaPWZ[PO L Y`XMP] ZQ P^Z_P]TN ^[PN`WL_TZY^ LMZ`_ _SP ^PN]P_ NZYYPN_TZY^ MP_bPPY ^Z`YO^ OPT_TP^ [Sd^TNLW PWPXPY_^ LYO LM^_]LN_ NZYNP[_^ QZ] TY^_LYNP LWWZNL_TYR _SP w^PPO ^dWWLMWPx =,¿ _Z _SP RZO ,RYT _SP []TYNT[WP ZQ QT]P TP T_^ M`]YTYR NL[LNT_d =,¿ `__P]LYNP T^ P^^PY_TLW TY PLNS ?LY_]TN ]T_`LW 4_ MPWZYR^ _Z _SP w[`]TQTNL_TZY ZQ _SP PWPXPY_^x MS¼_L²`OOST LYO ^P]aP^ _SP [`][Z^P ZQ _]LY^QZ]XTYR _SP S`XLY Q]LXP TY_Z L OTaTYP ZYP Md wM`]Y TYRx _SP ^TY^ LYO NZY^PN]L_TYR _SP [Sd^TNLW LYO DZRTN MZOd 1Z] XZ]P PcLX[WP^ NQ -SL]L_T ?LY_]TN ?]LOT_TZY^  ! ?ST^ T^ [L]_TN`WL]Wd NZXXZY TY _SP WP^^ P^Z_P]TN XLY_]L^ _SL_ NZY_LTY L OTaTYP YLXP M`_ T^ LW^Z QZ`YO TY :¿ ]P[P_T_TZY bSP]PL^ APOTN XLY_]L^ bTWW LWbLd^ SLaP L ^_]TN_ _]LOT_TZYLWWd QTcPO ^PXTX`^TNLW QZ]X ?SP [P]QZ]XLYNP ZQ _SP P^Z_P]TN XZYZ^dWWLMTN ^Z`YO QZ]X`WL^ M¯UL^  ZQ _SP ?LY_]L^ bTWW MP VYZbY Q]ZX TYT_TL_TZY ?SPd L]P MP WTPaPO _Z SLaP MPPY ]PaPLWPO TY ^ZXP []ZNP^^ ZQ ^`[P]^PY^Z]d [P]NP[_TZY LYO _Z MP [L]_TN`WL]Wd [Z_PY_ LYO PQQPN_TaP MPNL`^P _SPd NZY_LTY _SP OPT_dv^ P^^PYNP TY MZ_S _SP L`OTMWP ^Z`YO^ LYO TYL`OTMWP ^Z`YO bLaP^ Z] waTM]L_TZY^x ^[LYOL " ?SP OTQQP]PY_ [^dNSZWZRTNLW PQQPN_^ ZQ M]TRS_ SL]^S LYO OL]V ^Z`YO XL_P]TLW SLaP MPPY [WLdPO bT_S LYO ]PQWPN_PO `[ZY TY NWL^^TNLW 4YOTLY [ZP_]d LYO [ZP_TN^ LYO SLaP TY^[T]PO XLY_]L ^[PN`WL_TZY^ LYO []LN_TNP^ TY _SP 8LY_]L±£^_]L ,Y PX[T]TNLW TYaP^ _TRL_TZY ]PRL]OTYR _SP [^dNSZWZRTNLW LYO NZ][Z]LW PQQPN_^ ZQ _SP aZbPW^ ZQ OTQQP]PY_ XZYZ^dWWLMTN YPbWd TYaPY_PO XLY_]LWTVP QZ]X`WL^ bL^ ]PNPY_Wd NL]]TPO Z`_ Md /LYTPW -Ø__RP] 0X[T]T^NSP ;]ÞQ`YR OP] ,`^bT]V`YR aZY QLNTLW QPPOMLNV L`Q OTP ^`M UPV_TaP BLS]YPSX`YR aZY =T_`LWPY 8L^_P] ?SP^T^ 7PT[eTR @YTaP]^T_d $ ?ST^ STRSWd []LT^PO _SP^T^ dRRO]L^TW OT^N`^^TZY WT^_ 8TNSLPW -W`XP # 5LY`L]d $ NLXP _Z _SP NZYNW`^TZY _SL_ _SP [Sd^TNLW LN_ ZQ []ZY`YNTL_TZY QZ] TY^_LYNP ^TYRTYR _SP M]TRS_ aZbPW^ wPx LYO wTx T_^PWQ YL_`]LWWd M]TYR^ LMZ`_ L ^XTWP ZY _SP QLNP LYO []Z aZVP^ []PNT^PWd _ST^ [Z^T_TaP PXZ_TZY ZQ QPPWTYR ]PWLcPO QTYOTYR MPL`_d TY _SP XLY_]L ]P[P_T_TZY LYO bLY_TYR _Z NZY_TY`P NSLY_TYR bSP]PL^ QZ]X`WL^ NZY_LTYTYR OL]VP] aZ NLW XL_P]TLW WTVP w`x LYO wÞx WPLO _Z L WP^^ SL[[d LYO ]PWLcPO ^_L_P ZQ XTYO LYO ]P O`NPO bTWWTYRYP^^ _Z NZY_TY`P NSLY_TYR ?SP L`_SZ] []Z[Z^P^ _ST^ LQQPN_]PR`WL_TYR NL[LNT_d ZQ ^Z`YO^ T]]PWPaLY_ _Z ]PWTRTZ`^ NZYaTN_TZY _SP [Z^^TMWP ^PXLY_TN NZY_PY_^ LYO _SP ]T_`LW ^P__TYR 0aPY TQ ZYP T^ YZ_ ]PLOd _Z LNNP[_ _ST^ QL]]PLNSTYR NZYNW`^TZY _SP]P T^ YZ OZ`M_ _SL_ ^Z`YO^ wOZx ^ZXP_STYR _Z _SZ^P bSZ ]P[PL_ _SPX ?SP TX[Z] _LYNP ZQ LNZ`^_TN Pc[P]TPYNP TY ^SL[TYR ]PWTRTZ`^ TOPY_T_d LYO NZWWPN_TaP MPWZYRTYR bL^ STRSWTRS_PO TY _SP NZX[]PSPY^TaP QTPWObZ]V ^_`Od Md 4^LMPW 7LLNV =PWTRTZY `YO

8`^TV TY 2WL^_ZYM`]d% 0TYP 1LWW^_`OTP e` RPRPYbÆ]_TRPY 1Z]XPY ]PWTRTØ^P] 4OPY _T_Æ_^OT^V`]^P ;S/ OT^^ 3PTOPWMP]R @YTaP]^T_d $ 7LLNV ^`RRP^_^ LY T^ZWL_PO

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

#

QZ]XLYNP NZYO`N_PO TY []TaL_P Z] R]Z`[ ^P__TYR^ LYO _]TRRP]^ aL]TZ`^ ^`MUPN_TaP L^^ZNTL_TZY^ ^`NS L^ QPPWTYR^ ZQ MPTYR []Z_PN_PO MWP^^PO LYO SPW[PO TY OTQQTN`W_ ^T_`L_TZY^ P_N 9L_`]LWWd T_ T^ YZ_ ^`][]T^TYR _SL_ _SP N`W_`]LW LN_Z]^ _SPX^PWaP^ TP _SZ^P bSZ `^P XLY_]L^ OZ YZ_ NZY^TOP] _SPT] XLY_]L^ _Z MP OPaZTO ZQ ^PY^P L_ LWW LYO LW^Z ]PRL]O _SPT] XLY_]L []LN_TNP L^ SLaTYR L [`][Z^P 1Z]XLWT^_^ ^`NS L^ >_LLW ^PP SP]P ZYWd L WLdP] _SL_ SL^ MPPY ^`[P]TX [Z^PO LQ_P]bL]O^ Z] PW^P LY L]_TQTNTLW ]L_TZYLWTeL_TZY ZQ _SPT] ZbY ]PWT RTZ`^ []LN_TNP 3P ^_L_P^ _SL_ PaPY _SP aL^_ aL]TLYNP LYO OTaP]^T_d ZQ _SP Pc[WLYL_TZY^ NWPL]Wd ^SZb _SL_ ^`NS TY_P][]P_L_TZY^ L]P TY_P]NSLYRPLMWP LYO T]]PWPaLY_ ?SP -]LSXTY^ L]P OZ`M_WP^^ Pc[P]_^ L_ QTYOTYR YPb XPLYTYR^ -`_ TY QLN_ _ST^ T^ ZYWd L ^TRY ZQ _SP QW`TOT_d ZQ _Pc_^ LYO YZ_ LY TYOTNL_TZY ZQ _SPT] ^PY^PWP^^YP^^ QZ] ^`NS X`W_T[WP Pc[WLYL_TZY^ L]P NP]_LTYWd LW^Z QZ`YO TY ^PXLY_TNLWWd _]LY^[L]PY_ _Pc_^ z _SP NZY^NTZ`^Wd QZ]NPO [ZWd^PXd T^ L NWPL] _]LOPXL]V ZQ -]LSXLYTN SP]XPYP`_TN^ 4Y Z]OP] _Z `YOP]^_LYO [SPYZXPYL ^`NS L^ ]PNT_L_TZY ZQ _SP >LY^V]T_ LW[SLMP_ LYO _Z SZYZ] _SPX TY _SPT] ZbY NZY_Pc_^ T_ T^ Pc[POTPY_ _Z `^P _SP TYOTRPYZ`^ ]T_`LW WT_P]L_`]P LYO T_^ Pc[WLYL_TZY^ -`_ XLdMP T_ T^ PaPY XZ]P Q`YOLXPY_LW _Z _LVP TY_Z LNNZ`Y_ _SP YL_TaP WLYR`LRP _SPZ ]TP^ LYO WLYR`LRP [STWZ^Z[STP^ ^TYNP _SPd MP^_ ]PQWPN_ _SP N`W_`]P ^[PNTQTN aTPb^ ZQ WLYR`LRP 8LY_]L^ LYO Z_SP] ]PWTRTZ`^ 3TYO` _Pc_^ X`^_ YZ_ MP ]PLO ZYWd LRLTY^_ _SP MLNVR]Z`YO ZQ BP^_P]Y WLYR`LRP _SPZ]TP^ L^ _ST^ bZ`WO TX[Wd _SL_ WLYR`LRP T^ `YOP]^_ZZO TY _SP ^LXP XLYYP] PaP]dbSP]P LYO L_ LWW _TXP^ -`_ _ST^ T^ OPQTYT_PWd YZ_ _SP NL^P 1Z] PcLX[WP L _Pc_ Q]ZX _SP WL_P APOTN -]£SXL©L WT_P]L_`]P NLY STOP aP]d TX[Z]_LY_ TYQZ]XL_TZY TY _SP Y`XMP] ZQ YZ`Y^ `^PO TY ZYP ^PY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ]PQWPN_TZY ZQ _SP L`OT_Z]d ^PY^P _Z MP ZQ WT__WP aLW`P 4Y^_PLO _SP TY_P]QLNP ZQ XLYd WPaPW^ LYO _SP TY_P][WLd ZQ ^Z`YO LYO X`^TN Pc[P]TPYNP bT_S Z_SP] ^PY^`LW OL_L _SP ^ZNTLW LYO ]T_`LW ^P__TYR^ PR L QP^_TaLW L_XZ^[SP]P P_N ^SZ`WO MP _LVPY TY_Z LN NZ`Y_ ?ST^ MZZV T^ L aP]d ]TNS ^Z`]NP ZQ TYQZ]XL_TZY TY _P]X^ ZQ ]PWPaLY_ _SPZ]TP^ ZY X`^TN LYO ]PWTRTZY _SP [^dNSZWZRd ZQ X`^TN [P]QZ]XLYNP PXMZOTXPY_ TOPY_T_d P_N L^ bPWW L^ PX[T]TNLW ]P^PL]NS TY_Z NZY_PX[Z]L]d LW_P]YL_TaP ^[T]T_`LWT_d ?SP 2WL^_ZYM`]d w9Pb ,RPx ^NPYP^ XLVP LW^Z `^P ZQ 4YOTLY XLY_]L^ LYO ^ZXP ZQ _SPT] X`^TN T^ TY^[T]PO Md 4YOTLY MSLULY^  .P]_LTYWd _SP [L]_TNT[LY_^ NZYYPN_ OTQQP]PY_ L^^Z NTL_TZY^ bT_S _SPT] L`OT_Z]d Pc[P]TPYNP _SLY _]LOT_TZYLW 4YOTLY^ bZ`WO OZ -`_ ]P XL]VLMWd _SP]P T^ L_ WPL^_ ZYP NZXXZY Z[TYTZY ^SL]PO bT_S XZOP]Y 4YOTLY R`]`^ YLXPWd _SL_ ZQ ]PRL]OTYR X`^TN XPWZOd SL]XZYd LYO ]Sd_SX L^ L w`YTaP]^LW WLY R`LRP ZQ PXZ_TZYx _SL_ w^[PLV^x OT]PN_Wd _Z _SP QPPWTYR^ _SP ^PY^P^ LYO _SP MZOd& T_ T^ ^LTO _Z wXZaP _SP SPL]_x TY^[T]P L w^[T]T_`LW QZN`^x _]LY^XT_ _SP w`YT_d ZQ MPTYRx LYO _SP wP^^PYNP ZQ ]PWTRTZYx bT_SZ`_ bZ]O^ LYO OZN_]TYP^ LYO NLY MP `YOP]^_ZZO LYO QPW_ Md PaP]dMZOd ^[ZY_LYPZ`^Wd TMTO !z $ ?ST^ TWW`^_]L_P^ bPWW L [Z[`WL] QPPWTYR LMZ`_ ^Z`YO Pc[P]TPYNP T_^ `YTaP]^LWTeTYR NL[LNT_d LYO T_^ [ZbP] _Z P^_LMWT^S NZWWPN _TaP TOPY_T_TP^ ,WW ZQ _ST^ T^ [L]_Wd _Z MP Pc[WLTYPO Md XZOP]Y RWZMLWTePO ^[T]T_`LWT_d [L]_Wd Md _SP NZYN]P_P LYO LM^_]LN_ YL_`]P ZQ X`^TN _SL_ LWWZb^ ^`NS VTYO^ ZQ aTPb^

#!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_PYNP # 9Z BP^_P]YP] bZ`WO NZXP `[ bT_S _SP TOPL ZQ NZ`Y_TYR _SP YZ`Y^ TY PLNS ^PY_PYNP 1Z] _SP -]£SXL©L L`_SZ]^ ZY _SP Z_SP] SLYO Y`XMP]^ SLaP R]PL_ NZ^XZWZRTNLW ]PWPaLYNP ?SP PcLX[WP ^SZb^ _SL_ T_ T^ YZ_ ^`QQTNTPY_ ^TX[Wd _Z _LVP _SP NZY_Pc_ Z] _SP `^P ZQ L ^TRY TY_Z LN NZ`Y_ M`_ _SL_ T_ T^ LW^Z YPNP^^L]d _Z Pc[Z^P LYO TYaP^_TRL_P _SP Q`YOL XPY_LW ZY_ZWZRTNLW N]T_P]TL `^PO QZ] L^N]TMTYR aLW`P^ >Z T_ T^ P^^PY_TLW _Z L[[Wd indigenous WLYR`LRP _SPZ]TP^ ^TYNP _SPd ]PQWPN_ []PNT^PWd _SP^P N]T_P]TL LYO aLW`P^ ,[L]_ Q]ZX _SP XLYd LYO aL]TPO [P]QZ]XL_TaP Q`YN_TZYLWTeL_TZY^ ZQ WLYR`LRP LYO ^Z`YO _SL_ bP QTYO TY 3TYO`T^X [P]SL[^ YZ Z_SP] N`W_`]P SL^ _`]YPO ^Z X`NS ZQ T_^ XPY_LW L__PY_TZY _Z WLYR`LRP LYO ^Z`YO 0aPY _SP L`_SZ]^ ZQ _SP -]£SXL©L^ NZYNPY_]L_PO ^Z X`NS ZY WLYR`LRP _SL_ T_ L[[PL]^ LWXZ^_ L^ TQ _SPd SLO YZ TY_P]P^_ TY LN_`LW _STYR^ M`_ ZYWd TY _SP bZ]O^ LYO YLXP^ ?SPd OZ YZ_ ^[PLV ZQ _STYR^ bSZ^P ^`M^_LYNP T^ XL_ _P] M`_ ZQ bZ]O^ bSZ^P ^`M^_LYNP NZY^T^_^ ZQ [SZYPXP^ LYO XP_P]^ ?ST^ QZN`^TYR ZY WTYR`T^_TN L^[PN_^ LW^Z NSL]LN_P]TeP^ _SP QT]^_ LNLOPXTN ^_`OTP^ L]T^TYR TY 4YOTL ?SP^P bP]P L`cTWTL]d ^_`OTP^ QZ] _SZ^P bSZ bP]P QLXTWTL] bT_S _SP APOL LYO z L[L]_ Q]ZX _SP ^_`Od ZQ WT_`]Rd LYO L^_]ZYZXd z _SPd ]PaPLWTYRWd _LNVWP _SP bSZWP ZQ WLYR`LRP% R]LXXL] P_dXZWZRd XP_]TN^ LYO [SZYP_TN^ ?bZ Z`_ ZQ _SP ^Tc NWL^^TNLW Z]_SZOZc [STWZ^Z[STNLW ^NSZZW^ TY 4YOTL z _SP ;¼]aL8ÅX£À^£ LYO _SP @__L]L 8ÅX£À^£ z L]P PcNW`^TaPWd ML^PO ZY WTYR`T^_TN [STWZ^Z[Sd LYO SP]XP YP`_TN^ ?SP TX[Z]_LYNP ZQ WLYR`LRP T^ YZ_ WPL^_ Pc[]P^^PO TY _SP QLN_ _SL_ _SP NZ^XZWZRTP^ ZQ _SP PL]Wd Xd_SZ^  LYO ZQ _SP WL_P] [STWZ^Z[STNLW WZ RZ^  ^PP TY WLYR`LRP L QZ]NP _SL_ Z[PY^ `[ _SP bZ]WO LYO ^ZXP_TXP^ PaPY N]PL_P^ _SP bZ]WO 7L_P SdXY^ ZQ _SP ‹RaPOL LW]PLOd ^TYR ZQ _SP RZOOP^^ 7LYR`LRP Z] XZ]P WT_P]LWWd TY _ST^ PL]Wd LRP _SP RZOOP^^ AZTNP a£N  L^ _SP N]PL_Z] ZQ _SP `YTaP]^P z L YZ_TZY _SL_ T^ NZY_TY`PO TY PaP] YPb QZ]X^ LYO QTYLWWd N`WXTYL_P^ TY STRSWd PWLMZ]L_P [STWZ^Z[STNLW NZYNP[_^ TY _SP 8TOOWP ,RP^ BP^_P]YP]^ QTYO T_ ]PXL]VLMWP _SL_ LWXZ^_ L^ L Md[]ZO`N_ _SP 4YOTLY WLYR`LRP _SPZ]P_TNTLY^ SLO LY_TNT[L_PO _SP wWTYR`T^_TN _`]Yx ZQ BP^_P]Y [STWZ^Z[Sd Md S`YO]PO^ ZQ dPL]^ 0aPY TY _SP PL]Wd 8TOOWP ,RP^ _SP WTYR`T^_TN [STWZ^Z[SP] -SL]_šSL]T  _S NPY_ ,/ YZ_PO TY ST^ QLXZ`^ WTYR`T^_TN bZ]V A£VdL[LO¯dL   _SP Q`YOLXPY_LW OP[PYOPYNP ZQ [P]NP[_TZY ZY WLYR`LRP%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 1Z] PcLX[WP TY _SP [L^^LRP LMZ`_ _SP w[P]QPN_ QZ]X ZQ WLYR`LRPx bSTNS T^ OT^N`^^PO TY Z`] APOL NSL[  _SP NPY_]LW _P]X wXLYx [`]`´L T^ ^`RRP^_PO [`]PWd LYO ^TX[Wd Md _SP wSTOOPYx Y`XMP] QTaP TY _SP _Pc_

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

#"

w4Y _ST^ bZ]WO _SP]P T^ YZ [P]NP[_TZY ZQ _STYR^ _SL_ T^ bT_SZ`_ WLYR`LRP FLYO Z`]H bSZWP [P]NP[_TZY L[[PL]^ [P]XPL_PO Md WLYR`LRPx $

-SL]_šSL]T ^PPX^ OPNTOPOWd XZOP]Y bT_S ST^ _SP^T^ ZQ _SP TYOT^^ZW`MWP NZYYPN_TZY MP_bPPY WLYR`LRP LYO _SZ`RS_ -`_ _ST^ T^ ZYWd L ^`MZ]OT YL_P L^[PN_ ZQ L SZWT^_TN LYO u]PXd_STQdTYRv []ZR]LX ZQ XP_L[Sd^TN^ TY^[T]PO Md _SP ZWO NZ^XZRPYP_TN YZ_TZY^ ZQ WLYR`LRP TY _SP APOL ?SP Z]TRTYLWWd Xd_STNLW TOPL _SL_ WLYR`LRP bL^ _SP LN_`LW ML^T^ ZQ PcT^_PYNP LYO [Z^^P^^PO NZ^XZRZYTN ]PWPaLYNP T^ OPaPWZ[PO Q`]_SP] Md -SL]_šSL]T `^TYR ^d^_PXL_TN [STWZ^Z[Sd 3T^ [STWZ^Z[Sd _PLNSP^ _SL_ _SP [SPYZXP YLW bZ]WO T^ YZ_STYR M`_ L wXP_LXZ][SZ^T^x aTaL]_L ZQ LY P_P]YLW _]LY^[SPYZXPYLW WTYR`T^_TN []TYNT[WP ²LMOL_L__aL  ,_ _SP ^LXP _TXP _ST^ []TYNT[WP T^ P\`TaLWPY_ _Z LY TY_PR]LW bZ]WO NZY^NTZ`^YP^^ M]LS XLY _SL_ ZY _SP [SPYZXPYLW WPaPW MPNZXP^ _SP XPLYTYR L^[PN_ ZQ WLY R`LRP 4Y -SL]_šSL]Tv^ L^^P^^XPY_ XPLYTYR _LVP^ [WLNP ZYWd MPNL`^P _SP]P T^ L RWZMLW YP_bZ]V ZQ XPLYTYR _Z bSTNS LWW bZ]O^ X`^_ ]PQP] _Z MP MPNZXP XPLYTYRQ`W ATPbPO TY T_^ NZ^XTN OTXPY^TZY _ST^ RWZMLW WTYR`T^_TN YP_bZ]V RZP^ MPdZYO MZ_S _TXP LYO ^[LNP LYO OZP^ YZ_ ]PN ZRYTeP PT_SP] TYOTaTO`LW bZ]O^ Z] TYOTaTO`LW _STYR^ 4Y T_^ bZ]WOWd QZ]X SZbPaP] T_ T^ ^[WTY_P]PO TY_Z _TXP LYO ^[LNP LYO T_^ Q]LRXPY_^ z _SP TYOTaTO`LW bZ]O^ LYO _SPT] XPLYTYR^ TP TYOTaTO`LW _STYR^ z QZ]X _SP bSZWP [SPYZXPYLW ]PLWT_d :Q NZ`]^P _ST^ TOPL ZQ L WTYR`T^_TN ML^T^ QZ] _SP bZ]WOv^ PcT^_PYNP ²LMOLM]LSXLY L[[PL]^ _Z L [P]^ZY ^ZNTLWTePO TY _SP BP^_ _ZOLd _Z MP LYd_STYR M`_ XZOP]Y M`_ TY 4YOTL _ST^ _PLNSTYR SL^ ^P_ L ]PLW ]PaZW`_TZY ZQ _SZ`RS_ TY XZ_TZY 4_ SL^ ^_]ZYRWd TYQW`PYNPO XLYd Z_SP] [STWZ^Z[SP]^ LYO OP_P]XTYPO \`T_P Q`YOLXPY_LWWd _SP ]T_`LW []LN_TNP ZQ WL_P] ?LY_]T^X ,YO _SP ]T_`LWT^_ 7LV´XL©L /P²TVL bSZ T^ \`Z_PO LMZaP M`TWO^ ZY -SL]_šSL]T LYO Pc[WLTY^ _SP TOPL ZQ _SP NZ^ XZRZYTN Q`YN_TZY ZQ WLYR`LRP ]PaPLWTYRWd TY L [STWZ^Z[STNLW bLd% TY_PWWTRPYNP bT_SZ`_ WLYR`LRP LYO _P]X^ N]PL_TaT_d bT_SZ`_ ^PWQ Pc[]P^^TZY Z] L_ WPL^_ XPY_LW aP]MLWTeL_TZY T^ TX[Z^^TMWP ?SP]PQZ]P TY 3TYO`T^X WLYR`LRP T^ ]PRL]OPO L^ L OTaTYP MPTYR L^ A£ROPa¯ _SP wWLY R`LRP RZOOP^^x bSZ T^ []P^PY_ TY PaP]d_STYR LYO NZY_LTY^ PaP]d_STYR >SP bL^ [Z[`WL]TePO TY Y`XP]Z`^ TNZYTN QZ]X^ ^`NS L^ _SP ^ZWPXY APOTN 2£dL_]Å L [P]^ZYTQTNL_TZY ZQ _SP P[ZYdXZ`^ aP]^P XP_P] _SP N]d[_TN ±£]LO£ Z] _SP Q]TPYOWd RPY_WP >L]L^aL_¯

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ YL ^Z u^_T []L_dLdZ WZVP dLà ²LMO£Y`RLX£O Ž_P g LY`aTOOSLX TaL UÓ£YLÀ ^L]aLÀ ²LMOPYL MS£^L_P gg A£VdL[LOÅdL & N]T_ PO =L` 

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

## 

?SP 7LYR`LRP.Zb LYO =P^Z`]NP^ ZQ _SP -]LSXTY^

?SP QLN_ _SL_ WLYR`LRP T^ _SZ`RS_ ZQ LYO aT^`LWTePO L^ L RZOOP^^ XLd [Z^^TMWd LW^Z OPWTRS_ BP^_P]Y TY_PWWPN_`LW^ LYO LMZaP LWW _SP QPXLWP^ LXZYR^_ _SPX -`_ bSL_ T^ ^_]LYRP] LYO NZX[WP_PWd `Y`^`LW T^ QT]^_ LYO QZ]PXZ^_ _SP TOPL _SL_ _SP bZ]O wNZbx RZ²LMOL NLY LW^Z XPLY wWLY R`LRPx a£N L_ _SP ^LXP _TXP LNNZ]OTYR _Z TYOTRPYZ`^ OTN_TZYL]TP^ ^`NS L^ _SP ,XL]LVZ²L  _S NPY_ ,/  Z] _SL_ NWL^^TNLW L`_SZ]^ WTVP ,MSTYLaLR`[_L WL_P _S NPY_ ,/ PaPY QZ]X _SP NZX[Z^T_P wWLY R`LRPNZbx LYO ^[PLV XP_L[SZ]TNLWWd ZQ _SP wXZ^_ STRS OPT_d 7LY R`LRPx L^ L wOT^PXMZOTPO NZbx LYL«RLOSLTYLaÅ  >ZXPSZb _SP _P]X^ L[[PL] _Z MP WTYVPO Md XPLY^ ZQ L^^ZNTL_TZY^ LYO _ST^ WTYV T^ [P]SL[^ XZ^_ TYQZ]XL_TaP LMZ`_ 4YOTLY aTPb^ ZQ WLYR`LRP ?SP WTYV T^ L aP]d ZWO ZYP 4_ OL_P^ MLNV PaPY L^ QL] L^ _SP ZWOP^_ ^`]aTaTYR 4YOTLY _Pc_^ _SP SdXY^ _Z _SP RZO^ TY _SP ‹RaPOL  QZ] PcLX[WP TY _ST^ Pc_]LN_ Q]ZX _SP PTRS_S MZZV% w?SP NZb bSZ WTQ_^ `[ SP] aZTNP TY _SP ^VTWWQ`WWd ^[PLVTYR [P]^ZY bSZ T^ L__PYOPO Md LWW RZZO _SZ`RS_^ bSZ MPTYR L RZOOP^^ FPaPYH QZ] _SP RZO^ XZaP^ L]Z`YO FbT_S _SPXH z WP_ YZ_ _SP XZ]_LW MP ^Z ^TWWd L^ _Z ]PWTY\`T^S SP]x 

4Y _SP SdXY^ ZQ _SP ‹RaPOL _SP _P]X wNZbx NZaP]^ L OTeedTYR OTaP]^T_d ZQ NZYN]P_P XPLYTYR^ bSTNS L]P _LVPY `[ LRLTY LYO LRLTY PaPY TY _SP WL_P] STRSWd OPaPWZ[PO WT_P]L_`]P ^`NS L^ L]_T^_TN [ZP_]d LYO L]P _SP]P QZ]P LW^Z WT^_PO TY _SP ,XL]LVZ²L  ?SP XZ^_ Q]P\`PY_ [Sd^TNLW [SP YZXPYL QZ] bSTNS wNZbx NLY ^_LYO TY _SP ‹RaPOL L[L]_ Q]ZX _SP LYT XLW L]P% wbL_P]x wPL]_Sx wOLdWTRS_x LYO ZQ NZ`]^P wWLYR`LRPx 4Y _ST^ PL]Wd `^LRP _SP _P]X wNZbx T^ NWPL]Wd L XP_ZYdX 0aP]d_STYR _SL_ SL^ LYd_STYR L_ LWW _Z OZ bT_S QZZO Z] LYd ZQ WTQPv^ ]P^Z`]NP^ NLY MP NLWWPO L NZb U`^_ L^ TY 2P]XLY w1`NS^x XPLYTYR wQZcx NLY ^_LYO QZ] N`YYTYR TP L N`YYTYR [P]^ZY w^NSWL`P] 1`NS^x Z] w0^PWx XPLYTYR wOZYVPdx NLY ^_LYO QZ] ^_`[TOT_d wO`XXP] 0^PWx BSP]PL^ _SP^P XZOP]Y PcLX [WP^ XLd LW^Z MP _LVPY L^ XP_L[SZ]TN ^[PPNS LWWPRZ]d Z] QTR`]L_TaP WLYR`LRP U`^_ L^ 4YOTLY [ZP_^ WTVPO _Z ^[PLV ZQ _SP wWZ_`^ QLNPx ZQ L MPL`_TQ`W bZXLY XPLYTYR MPL`_TQ`W wWTVPx L WZ_`^ TY _SP ‹RaPOTN bZ]WO NZb LYO WLYR`LRP SLaP L ]PLW LYO ^`M^_LY_TLW ]PWL_TZY^ST[ bSTNS T^ bSd bP []PQP] _Z ^[PLV ZQ L XP_ZYdX -`_ `W_TXL_PWd _SP]P T^ YZ ^_]TN_ LYO OTPSL]O ^P[L]L_TZY MP_bPPY XP_L[SZ] LYO XP_ZYdX SP]P 4Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ,XL]LVZ²L   N]T_ PO Md , , =LXLYL_SLY 8LO]L^% ,OdL] 7TM]L]d AZW  $"#  "  aLNZaÏOLÀ aÑNLX `O¯]ÃdLY_¯À aϲa£MST] OS¯MSÏ] `[L_Ï´¶SLX£Y£X OPaÐÀ OPaËMSdLà [Ã]T PdÜ´¯À RÑX Ñ X£ašV_L XÃ]_TdZ OLMS]ÃNP_£à gg ‹A #!  3P]P bP ^[PLV ZQ L w_P]Xx MPNL`^P bZ]O^ ^`NS L^ OSPY` wNZbx LYO LNNZ]OTYR _Z _SP ,XL]LVZ²L  L NZb _SL_ SL^ U`^_ RTaPY MT]_S NLY LW^Z L[[PL] bT_S _SP ^LXP Q`YN_TZY

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

#$

_SP [L]_TNT[L_Z]d bZ]WO ZQ Xd_STNLW ]L_TZYLWT_d XP_L[SZ] Pc_PYOPO XPLYTYR LYO ^TXTWL]T_d ]PWL_TZY^ST[ LYO _SP XP_ZYdX _SP Pc[]P^^TZY MPWZYR^ _Z _SP ^LXP NZYNP[_`LW OZXLTY LYO ^_LYO^ QZ] T_^PWQ LYO LY Z_SP] P^_LMWT^STYR WTYV^ ZQ TOPY_T_d LYO [L]^[]Z_Z_Z ]PWL_TZY^ NZTY NTOP ?SP APOTN WLYR`LRPNZb T^ TYOPPO L Xd_SZRPXP TP ^ZXP_STYR _SL_ TY^[T]PO LYO L__]LN_PO Xd_STNLW YL]]L_TaP^  -`_ bP OZ YZ_ SLaP _Z RZ L^ QL] L^ L Xd_STN bZ]WOaTPb _Z `YOP]^_LYO _SP NZ]]PWL_TZY ^[LNP MP_bPPY NZb LYO WLYR`LRP LYO _SP XP_ZYdXTN XPLYTYR ZQ _SP NZb QZ] LYd_STYR bSZWP^ZXP YZ`]T^STYR LYO aLW`LMWP ?ST^ XP_ZYdXTN XPLYTYR ZQ _SP NZb T^ aT]_`LWWd L YL_`]LW ]P^`W_ ZQ _SP NZYOT_TZY^ TY bSTNS L [L^_Z]LW ^ZNTP_d WTaP^ ?SP M]ZLO ^dXMZWTN XPLYTYR ZQ _SP NZb L^ _SP XZ_SP] ZQ WTQP [P]aLOP^ 3TYO`T^X PaPY _Z OLd  APOTN ^ZNTP_d bL^ ML^PO ZY NZb^ L^ ]`]LW 4YOTLY ^ZNTP_d T^ PaPY _ZOLd _Z L WL]RP Pc_PY_ ?SP TOPL^ _SL_ PXP]RP Q]ZX ^`NS L ^dXMTZ_TN ]PWL_TZY^ST[ MP_bPPY S`XLY MPTYR^ LYO WTaP^_ZNV L]P NP]_LTYWd NZX[]P SPY^TMWP TY Z_SP] N`W_`]P^ LYO _SPd LW^Z XLVP _SP wWLYR`LRPNZbx PL^TP] _Z `YOP]^_LYO 1Z] TY^_LYNP TY WL_P] _Pc_^ ZQ _SP ‹RaPOL  7LYR`LRP TY_]ZO`NP^ SP] ^PWQ L^ LY TYOP[PYOPY_ [P]^ZYLWT_d `^TYR _SP QT]^_ [P]^ZY LYO ^Ld^ _SL_ ^SP T^ OT^_]TM`_PO LWW LN]Z^^ _SP bZ]WO LYO PaP]d_STYR [L]_TNT[L_P^ TY SP]% w4 LWZYP bL^ _SP :YP bSZX _SP RZO^ _SPY OT^_]TM`_PO FL^ _SP [L]_^ ZQ _SP ^LN]TQTNPH ^Z _SL_ 4 WTaP TY XLYd [WLNP^ LYO _]PLO ZY X`NS FOTQQP]PY_ R]Z`YOHx 

:Y L NZYN]P_P WPaPW _ST^ LN_`LWWd ZYWd XPLY^ _SL_ TY _SP APOTN ^LN]TQT NTLW NZY_Pc_ PaP]d RZO _SL_ T^ NLWWPO `[ZY SL^ ST^ ZbY XLY_]L 3ZbPaP] _SP TXLRP T^ OPQTYT_PWd TY^[T]PO Md _SP _]LY^N`W_`]LW [SPYZXPYZY ZQ ^ZNTP_TP^ WTaTYR Md VPP[TYR NL__WP RPYP]LWWd ^PPVTYR _Z `_TWTeP LWW w[L]_^x ZQ L NZb 4Y 4YOTL PaPY NZb O`YR T^ `^PO QZ] Q`PW LYO NWPLYTYR XL_P]T LW^ LYO `]TYP Q]ZX NZb^ T^ `^PO L^ XPOTNTYP >`NS `_TWTeL_TZY T^ LW^Z QZ`YO QZ] PcLX[WP TY _SP 2P]XLY ]PRTZY ZQ 3ZW^_PTY bSP]P NL__WP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4Y Z`] _P]XTYZWZRd _SP _P]X wXd_SZRPXPx ]PQP]^ _Z ZMUPN_^ LYO [P]^ZY^ bSZ TY^[T]P LYO L__]LN_ Xd_STNLW YL]]L_TaP^ ,NNZ]OTYR _Z _ST^ OPQTYT_TZY _SP >_L_`P ZQ 7TMP]_d QZ] TY^_LYNP bZ`WO MP L Xd_SZRPXP bT_STY _SP RPYP]LW Xd_S w@>,x PXM]LNTYR TOPL^ ^`NS L^ wQ]PPOZXx w_SP ,XP]TNLY bLd ZQ WTQPx P_N 4Y NZY_]L^_ _SP _P]X wXd _SZWZRPXPx bTWW MP `^PO QZ] ZMUPN_^ LYO [P]^ZY^ ZQ Xd_STNLW YL]]L_TaP^  :Y _SP ^`MUPN_ ZQ _SP NZb TY 4YOTL ^PP LW^Z ,cPW 8TNSLPW^ w?SP 6TYR LYO _SP .Zb% :Y L .]`NTLW >dXMZW ZQ 3TYO`TeL_TZYx TY 9L_TZYLWT^X LYO 0_SYTNT_d TY L 3TYO` 6TYROZX% ?SP ;ZWT_TN^ ZQ .`W_`]P TY .ZY_PX[Z]L]d 9P[LW  PO / 2PWWYP] 5 ;QLQQ .eL]YPNVL LYO 5 BSPW[_ZY ,X^_P]OLX% 3L]bZZO ,NLOPXTN ;`MWT^SP]^ $$" "$z $$& w¾MP] OL^ =TYOaTPS TY `YO `X `Y^ x TY -L^WP] 8LRLeTY  5`Wd "  8TNSLPW^ XLVP^ _SP [ZTY_ _SL_ _SP ^LN]POYP^^ ZQ _SP NZb ZYWd OPaPWZ[PO R]LO`LWWd LYO _SL_ TY APOTN _TXP^ _SP LYTXLW bL^ ^_TWW PL_PY 3ZbPaP] _SP]P T^ XPY_TZY ZQ LY wTYaTZWLMWP NZbx Z] L NZb _SL_ ZYP ^SZ`WO YZ_ SL]X LRSYd£ RL`à L^ PL]Wd L^ ‹RaPOL !  _ÑÀ X£ OPaÑ aÏ LOLOS`à [`]`_]Ñ g MSÌ]T´¶S£_]£À MSÌ]T £aP²ÃdLY_ÅX gg ‹A  NO

$

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

QL]XTYR T^ NZXXZY ?SP]P T^ PaPY L WT__WP QZWV ^ZYR Q]ZX _ST^ ]PRTZY _SL_ NLY ^P]aP L^ L RWZ^^ TWW`^_]L_TYR _SP QLN_ _SL_ MPSTYO _SP YZ_TZY ZQ ^[]PLOTYR 7LYR`LRP TY _SP APOTN _Pc_ _SP]P T^ ^ZNTZPNZYZXTN PaP]dOLd ]PLWT_d% L bSZWP aTWWLRP NLY WTaP ZY L ^TYRWP NZb 4Y _SP 3ZW^_PTY ^ZYR _SP [L^_Z]v^ NZb T^ wN`_ TY_Z [TPNP^x LYO PaP]d one of these [TPNP^ SL^ L Q`YN_TZY bT_STY _SP ^ZNTP_d% PaP]dZYP TY _SP aTWWLRP ]PNPTaP^ [L]_ ZQ _SP NZb wSP__ OP RLYeP /Ø][ bL_ V]PRPYx ?SP aP]RP] ]PNPTaP^ _SP _LTW QZ] L YPb MPWW[`WW _SP _ZbY MLYO RP_^ _SP STOP QZ] L YPb ^VTY QZ] _SPT] O]`X^ LYO _SP 0YRWT^S _PLNSP] ]PNPTaP^ _SP _PP_S QZ] YPb OPY_`]P^ >Z _SP]P T^ SL]OWd LYd [L]_ ZQ _SP NZb _SL_ NLYYZ_ MP `^PO /P 3P]]Y ;L^_Z]Y ^TY 6L` 3ZW^_PTY NZb ^ZYR

 :^_P]Y bØØ] ^ÆT OTNV `Y O]LWW c ;TYR^_PY WPPR ^ÆT OZZO TYvY >_LWW OP 3P]]Y ;L^_Z]Y ^TY 6L` =PQ]LTY  ,^ ^ÆT bØØ] TY >_ÞNVP ^YPOPY c SP__ OP RLYeP /Ø][ bL_ V]PRPY a`Y OP 3P]]Y ;L^_Z]Y ^TY 6L` =PQ]LTY  @Y OP 6Ø^_P] /ÞXPWLYR c V]PPR OP >_PP]_ L^ 6WZNVPY^_]LYR a`Y OP 3P]]Y ;L^_Z]Y ^TY 6L` =PQ]LTY  @Y OP ZWP 4YRWT^NS8T^^ c V]PPR PPY YTRP_ ?PTYRPMT^^ a`Y OP 3P]]Y ;L^_Z]Y ^TY 6L` =PQ]LTY ! @Y OP ZWP >_LO_VL[PWW c V]PPR PPY YTRP_ ?]`XXPWQPWW a`Y OP 3P]]Y ;L^_Z] ^TY 6L` =PQ]LTY

4Y L ^TXTWL] QL^STZY _SP NZY_PX[Z]L]d 3LbLTTLY R`]` >TaLdL >`M]LX` YTdL^bLXT LW^Z Pc[WLTY^ _Z ST^ ,XP]TNLY L`OTPYNP bSd 3TYO`^ ]PRL]O _SP NZb L^ ^LN]PO%

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

$

wBSZ OZ bP ^PP ZY PaP]d _LMWP* 4Y PaP]d NZ`Y_]d ZQ _SP bZ]WO M]PLVQL^_ W`YNS LYO OTYYP]* 4_ T^ _SP NZb ?SP RPYP]Z`^ NZb RTaP^ XTWV LYO N]PLX dZR`]_ LYO NSPP^P M`__P] LYO TNP N]PLX RSPP LYO M`__P]XTWVx !

?SP bLd TY bSTNS _SP _Pc_ NZY_TY`P^ ]PaPLW^ _SL_ YZ -]LSXTY^ L]P []P ^PY_ QZ] T_ bZ`WO XLVP ^_]TN_ aPRP_L]TLY^ ^S`OOP]% w4_ RTaP^ PY_T]PWd ZQ T_^PWQ _S]Z`RS ^T]WZTY ]TM^ ]`X[ \`L]_P]]Z`YO [Z]_P] SZ`^P LYO MPPQ ^_Pb 4_^ MZYP^ L]P _SP ML^P QZ] ^Z`[ M]Z_S^ 4_ RTaP^ _SP bZ]WO WPL_SP] MPW_^ WPL_SP] ^PL_^ WPL_SP] NZL_^ LYO ^SZP^ MPPQ UP]Vd NZb MZd SL_^ z dZ` YLXP T_x "

?SP TOPL ZQ SL]XTYR NZb^ T^ SZ]]TQTN _Z -]LSXLYTNLWWd ^ZNTLWTePO 3TY O`^ M`_ ML^TNLWWd _SP TWW`^_]L_TZY^ _SL_ _SP 3LbLTTLY R`]` _LVP^ Q]ZX BP^_P]Y N`W_`]P L]P YZ_ L_ LWW MLO PaPY TQ RZZO 3TYO`^ bZ`WO YPaP] PL_ NZb^ ,YO TY 4YOTL O]`X^VTY^ L]P XLOP ZQ NZbSTOP U`^_ WTVP _SZ^P ZQ _SP _ZbY MLYO TY 3ZW^_PTY -`_ _ST^ ZYWd ]P^`W_^ TY -]LSXTY^ _PYOTYR _Z LaZTO [WLdTYR O]`X^ LYO O]`XXP]^ _PYOTYR _Z MP Q]ZX _SP WZbP] PYO ZQ _SP NL^_P STP]L]NSd _SL_ T^ L^ QL] LbLd L^ [Z^^TMWP Q]ZX _SP -]LSXTY^ :_SP]bT^P SZbPaP] O]`X^ L]P PaPY `^PO TY _SP _PX[WP ^P]aTNP^ ^Z _SPd L]P STRSWd ]P^[PN_LMWP TY^_]`XPY_^ 0aPY _SP XZ^_ Z]_SZOZc -]LS XTY^ bZ`WO _Z_LWWd LR]PP bT_S _SP 3LbLTTLY R`]` bSPY SP QTYO^ _SL_ _SP TYPcSL`^_TMWP [ZbP] ZQ _SP NZb _Z M]TYR MWP^^TYR NLYYZ_ MP Pc_ZWWPO STRSWd PYZ`RS% w?SP NZb  ]P[]P^PY_^ WTQP LYO _SP ^`^_PYLYNP ZQ WTQP  4_ RTaP^ LYO RTaP^ LYO RTaP^  ?SP NZb T^ L NZX[WP_P PNZWZRd L RPY_WP N]PL_`]P LYO L ^dX MZW ZQ LM`YOLYNP x #

?ST^ XZ_TQ ZQ _SP NZb L^ L ^dXMZW ZQ LM`YOLYNP LYO ZQ L RZZO WTQP SL^ []ZaPO _Z MP ]PXL]VLMWd NZY^_LY_ _S]Z`RSZ`_ 4YOTLv^ ST^_Z]d 4Y APOTN LYO [Z^_APOTN 4YOTL ZbYTYR WL]RP Y`XMP]^ ZQ NL__WP bL^ L ^`]P TYOTNL _TZY ZQ XL_P]TLW []Z^[P]T_d ?SP NZb bL^ P^[PNTLWWd ^`T_PO _Z MPNZXP L [Sd^TNLW ^dXMZW ZQ WTQP LYO LM`YOLYNP _Z MPNZXP L Xd_S ZQ _SP TYPc SL`^_TMWP YZ`]T^SP] ZQ LWW _SP ^PL_ ZQ LWW RZO^ LYO _Z MPNZXP L XP_Z YdX LYO XP_L[SZ] QZ] WLYR`LRP 4Y NWL^^TNLW _TXP^ T_ bL^ [Z[`WL] _Z L^^ZNTL_P WLYR`LRP bT_S _SP Xd_SZWZRPXP ZQ _SP bT^SR]LY_TYR NZb V£XLOSPY`  ^Z _Z ^[PLV L _LMWPWLd_Sd^PWQNZb bSTNS WL^_ M`_ YZ_ WPL^_ XPLY^ _SL_ bT_S WLYR`LRP ZYP NLY SLaP PaP]d_STYR ZYP bLY_^ 4Y QLN_ QZ] _SP -]LSXTY^ WLYR`LRP bL^ L wNZbx TY \`T_P L ^[PNTQTN bLd 7LYR`LRP bL^ _SP ML^T^ ZQ _SPT] WTQP TY L aP]d ]PLW ^PY^P 0aPY TY APOTN _TXP^ _SPd bZ]VPO bT_S WLYR`LRP L^ _SPT] []TXL]d _ZZW ]L_SP] WTVP L ^N`W[_Z] `^TYR L NST^PW ^TYNP _SP LYNTPY_ 4YOTLY QT]P ]T_`LW T^ []T XL]TWd L XLY_]L ]T_`LW ;P]QPN_ XL^_P]d ZQ _SP ]T_`LW WLYR`LRP R`L]LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! bbb^[T]T_bPMZ]RYTYP\`P^_TZY^ LNNP^^PO 5LY`L]d   " bbb^[T]T_bPMZ]RYTYP\`P^_TZY^ LNNP^^PO 5LY`L]d   # bbb^[T]T_bPMZ]RYTYP\`P^_TZY^ LNNP^^PO 5LY`L]d  

$

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

_PPO _SPX _SP XZ^_ aLW`LMWP RTQ_ L^ L ]PbL]O QZ] NL]]dTYR Z`_ _SP ^LN]T QTNP% ]PLW NZb^ 0aPY _ZOLd _SP ^ZNTLW []P^_TRP ZQ L -]LSXTY TY aTWWLRP ^ZNTP_TP^ OP[PYO^ WL]RPWd ZY bSP_SP] SP VYZb^ _SP ^LN]PO QZ]X`WL^ Md SPL]_ Z] YZ_ 4Y WL_P APOTN LYO [Z^_APOTN P[TN _TXP^ z L[[]ZcTXL_PWd TY _SP XTOOWP ZQ _SP QT]^_ XTWWPYYT`X MPQZ]P .S]T^_ z _SP YPbWd PXP]R TYR R]PL_ VTYR^ ZQ _SP 2LYRP^ [WLTY bP]P TYN]PL^TYRWd M]TYRTYR -]LS XTY^ _Z _SPT] NZ`]_^ , -]LSXTYv^ NSLYNP^ ZQ MPTYR L[[ZTY_PO L^ L bPWW [LTO ]ZdLW ZQQTNTLW bP]P ML^PO aP]d X`NS ZY ST^ WT_P]L]d PO`NL_TZY ]TRS_ `[ _Z _SP PL]Wd XZOP]Y [P]TZO MPNL`^P TY 4YOTL L VTYRv^ QLXP z MZ_S O`]TYR ST^ WTQP_TXP LYO LQ_P] ST^ OPL_S z SLO LWbLd^ MPPY SPLaTWd OP [PYOPY_ `[ZY _SP TY_PWWPN_`LW NSL]T^XL ZQ ST^ NZ`]_ ^NSZWL]^ 1TYLWWd O`]TYR _SP 2`[_L OdYL^_d z  ,/ LY P[ZNS TY bSTNS _SP ZWO []TP^_Wd WLYR`LRP >LY^V]T_ SLO MPNZXP L ^PN`WL] WTYR`L Q]LYNL TY PO` NL_PO NT]NWP^ LYO ^ZNTLW PWT_P^ _SP [P]QPN_ XL^_P]d ZQ STRSWd [ZWT^SPO >LY^V]T_ bL^ _SP TX[Z]_LY_ VPd _Z ^`NNP^^ TY LWW L]PL^ ZQ WTQP QZ] []LN_T NLWWd PaP]dMZOd .P]_LTYWd _SP -]LSXTY^ bSZ^P WLYR`LRP SLO MPNZXP ^Z ^`NNP^^Q`W MPYPQT_PO R]PL_Wd Q]ZX _ST^ OPaPWZ[XPY_ 4Q _SPd WZaPO _SPT] WLYR`LRPNZb ^Z X`NS _SP]P bL^ RZZO ]PL^ZY ,[L]_ Q]ZX _SPT] aPRP_L]TLY LYO [LNTQT^_ P_SZ^ _ST^ ^ZNTLW R]Z`[ SLO LWbLd^ P^^PY_TLWWd OPQTYPO T_^PWQ TY _P]X^ ZQ T_^ WTYR`T^_TN NZX[P_PYNP BP NLY ^PP U`^_ SZb ZY ^PaP]LW WPaPW^ _SP NZb MPNLXP L XP_ZYdX LYO L XP_L[SZ] QZ] WLYR`LRP TP SZb LYO bSd WLYR`LRP bL^ [P]NPTaPO wL^x L NZb XTWVTYR ^_]PYR_S LYO LM`YOLYNP LYO wWTVPx L NZb PR TY [ZP_TN ^[PPNS -`_ bSL_ T^ ]PXL]VLMWP T^ YZ_ ZYWd SZb _SP L^^ZNTL_TZY MP_bPPY NZb LYO WLYR`LRP OPaPWZ[^ ST^_Z]TNLWWd M`_ LW^Z _SP QZ]X^ T_ _LVP^ 4Y _SP ‹RaPOL _SP WLYR`LRP RZOOP^^ Z] RZOOP^^ wAZTNPx bL^ ^PPY L^ L XTWNS NZb LYO NLWW^ L]P LW^Z LOO]P^^PO _Z SP] TY _ST^ QZ]X bSPY PaP] ZYP bT^SP^ _Z L^V QZ] PQQPN_TaP ]T_`LW WLYR`LRP 1Z] PcLX[WP% wBSPY _SP RPY_WP 7LYR`LRP _SP \`PPY ZQ _SP RZO^ LWTRS_^ LYO Pc[]P^^P^ ^ZXP_STYR _SL_ T^ TYNZX[]PSPY^TMWP T_ T^ XTWVTYR XTWV LYO PYP]Rd Q]ZX _SP QZ`] FOT]PN_TZY^ ZQ _SP SPLaPY^H  ?SP RZOOP^^ 7LYR`LRP T^ _SP OL`RS_P] ZQ _SP RZO^ >SP T^ _SL_ bSTNS LWW _SP LYTXLW^ ^[PLV 8Ld ^SP MP RPY_WP _Z `^ LYO []ZaTOP PYP]Rd LYO ^_]PYR_Sx $

0aZNL_TaP WLYR`LRP T^ U`^_ L^ TYOT^[PY^LMWP L^ _SP XTWVRTaTYR NZb 4Y _SP PL]Wd APOTN SdXY^ _SP []POZXTYLY_ TOPL T^ _SL_ ZYWd [ZP_TNLWWd Pc []P^^TaP TYaZNL_TZY SL^ XLRTN [ZbP] LYO NLY ]PLNS _SP RZO^ ,_ _ST^ _TXP _SP]P bP]P STRSWd [LTO []TP^_[ZP_^ _Z ^TYR wLY PaP]YPb ^ZYRx _Z _SP RZO^ LYO _SPd bP]P LWbLd^ NZX[Z^TYR YPb L]_T^_TN SdXY^ _Z _SP RZO^ LW^Z MPNZXTYR \`T_P QLXZ`^ L^ L ]P^`W_ ?ST^ NP]_LTYWd TYaZWaP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ dÃO aÑR aÃOLY_¯ LaTNP_LYÑYT ]Ñ´¶]¯ OPaÑY£À YT´L^ÑOL XLYO]Ñ g NÃ_L^]L Ì]ULÀ O`O`SP [Ãd£À^T  gg ‹A #z

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

$

WLYR`LRP M`_ YZ_ YPNP^^L]TWd _SP WZRZ^ TP YZ_ YPNP^^L]TWd ^ZXP_STYR Pc[]P^^PO TY LM^_]LN_ TOPL^ LYO _P]X^ ?Z XLVP _SP RZO^ QLaZ]LMWd OT^ [Z^PO T_ T^ TX[Z]_LY_ _Z _Z`NS _SPX PXZ_TZYLWWd bT_S LY TYOTaTO`LW ^ZYR A£ROPa¯ _SP wRZOOP^^ 7LYR`LRPx wRZOOP^^ AZTNPx T^ []TXL]TWd Pc[]P^^TaT_d LYO PQQTNLNd ?ST^ T^ TYSP]PY_ MZ_S TY _SP `Y^_]`N_`]PO TYNZX[]PSPY^TMWP [`]P ^Z`YO LYO TY ^_]`N_`]PO ^PXLY_TNLWWd XPLYTYR Q`W ^[PPNS 1Z] _SP ^ZYTN NZ^XZWZRd ZQ _SP WL_P] APOL _SP YZY ^_]`N_`]LW PWPXPY_ ZQ _SP Pc[]P^^TaP [`]P ^Z`YO T^ LN_`LWWd _SP XZ]P Q`YOLXPY_LW L^[PN_ ?ST^ YZY^_]`N_`]LW PWPXPY_ XLYTQP^_^ T_^PWQ TY _SP WZbTYR ZQ NZb^ bSTNS T^ NZX[L]PO bT_S _S`YOP] bSTNS SP]LWO^ _SP L[[]ZLNSTYR ]LTY 7L_P [L^^LRP^ TY _SP ‹RaPOL []LT^P _SP WZbTYR ZQ _SP NZb L^ L VTYO ZQ Xd^_P]TZ`^ []TXPaLW ^Z`YO Q]ZX bSTNS LWW Z_SP] ^Z`YO^ QWZb LYO L^ _SP P[T_ZXP ZQ Pc[]P^^TaP ^Z`YO \`LWT_d 9ZY^P XLY_TN _Pc_ [L^^LRP^ ^`NS L^ bP QTYO TY _SP >£XLAPOL  _SP APOL ZQ _SP NSLY_^ L]P ]PRL]OPO L^ P^[PNTLWWd ^LN]PO []ZMLMWd MPNL`^P _SP ^PWQ RPYP]L_TYR PWPXPY_ ZQ L`OTMWP ^Z`YO Pc[]P^^P^ T_^PWQ XZ^_ TXXPOTL_PWd TY _SPX DP_ L _L]RP_PO `^P ZQ YZY^PXLY_TN _Pc_^ T^ TY YZ bLd WTXT_PO _Z 4Y OTL BP QTYO _SP ^LXP [SPYZXPYZY QZ] TY^_LYNP TY _SP ,[[PYePWW dZ OPWTYR ZQ L >bT^^ NZb ^ZYR >_]`N_`]LWWd ^TXTWL] _Z _SP NSLY_TYR ZQ _SP >£XLAPOL _ST^ ^ZYR NZY_LTY^ [L^^LRP^ _SL_ L]P ^PXLY_TNLWWd NZX[]P SPY^TMWP LWZYR bT_S YZY^PXLY_TN [L^^LRP^ 1Z] PcLX[WP _SP]P T^ L NLWW _Z M]TYR TY _SP NZb^ TY _SP PaPYTYR% w2LYR ]ÞPQ OP -]``YPx w2Z LYO NLWW _SP M]ZbY FNZbHx w^T ^ØWTO LLWT^LX TY >_LWW TTP NSZZx w_SPd ^SZ`WO LWW NZXP TY_Z _SP ML]Y _ZRP_SP]x ?ST^ T^ LNNZX[LYTPO Md _SP dZOPWTYR bSTNS T^ NZX[]T^PO ZQ _SP OT^_Z]_PO bZ]O w^PYYPWWLx Q]ZX w^PYYPWWTx XPLYTYR wWT__WP F,W[TYPH ^SP[SP]Ox LYO _SP [`]PWd YZY^PXLY_TN PWPXPY_ wSZL SZLx

$

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

2LYR ]ÞPQ OP -]``YP >bT^^ NZb ^ZYR bT_S ,[[PYePWW dZOPWTYR  2LYR ]ÞPQ OP 2QWPNVP_P RLYR ]ÞPQ OTP 2^NSPRRP_P ^TP ^ØWTO LLWT^LX TY >_LWW TTP NSZZ DZOPWTYR 

,NNZ]OTYR _Z >`^LYYP 7LYRP] XP_L[SZ]TNLW ^[PPNS z bSTNS ^SP NZ`Y_^ L^ []P^PY_L_TZYLW ^dXMZW z T^ _SP QT]^_ ^_P[ _ZbL]O^ RPYP]LWTeL_TZY LYO LM^_]LN_TZY  ?ST^ OZ`M_WP^^ L[[WTP^ TY _SP NL^P ZQ _SP 4YOTLY WLYR`LRP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  7LYRP] ;STWZ^Z[Sd TY L 9Pb 6Pd  $z 3P]P 7LYRP] bL^ QZWWZbTYR ZY Q]ZX .L^^T]P] LYO WTYR`T^_^ TP ^SP PX[SL^TePO ST^_Z]TNLW NSLYRP LYO L_ _SP ^LXP _TXP _SP XP_L[SZ] L^ _SP PL]WTP^_ PaTOPYNP ZQ LM^_]LN_ [P]NP[_TZY M`_ ^_TWW TY _SP w[]P^PY_L _TZYLW XZOPx 8Z]P ]PNPY_ ^_`OTP^ QZWWZb ZY Q]ZX _SP WL__P] LYO ^_]P^^ _SP TY_PWWPN _`LW LN_TaT_d NZRYT_TaP Q`YN_TZY LYO LM^_]LN_TYR NL[LNT_d bT_STY XP_ZYdXd XP_L[SZ] LYO ^dYPNOZNSP _SPT] ]P^ZYLYNP bT_S MZOTWd Pc[P]TPYNP _SPT] LOaLY_LRP ZQ NZXX` YTNL_TYR LOOT_TZYLW TYQZ]XL_TZY LYO _SPT] []LRXL_TN TX[WTNL_TZY^ :Y _SP aT_LW ]ZWP ZQ XP_ZYdXd LYO L^^ZNTL_TZYLW _SZ`RS_ TY _SP ‹RaPOL LYO _SP WL_P] ±]L`_L 2šSdL LYO ATOS£YL _Pc_^ ^PP LW^Z 7L`]TP ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO ,NNZ]OTYR _Z ;L_ _ZY XP_ZYdXd wXTRS_ MP aTPbPO L^ L ^[PNTQTN VTYO ZQ TY_PWWPN_`LW []LN_TNP _SL_ []Z aTOP^ NZRYT_TaP WTYVLRP^ MP_bPPY ]T_`LW TXLRP LYO ]T_`LW LN_x TMTO  1TR`]L_TaP XZOP^ ZQ _SZ`RS_ NZXX`YTNL_P L wNZYNP[_`LW RP^_LW_ x LYO ]P[]P^PY_ WL]RP] ZMUPN_^ Z] OZXLTY^ ZQ Pc[P]TPYNP .Q LW^Z 2PZ]RP 7LVZQQ LYO 8L]V 5ZSY^ZY 7PMPY TY 8P_L [SP]Y 3PTOPWMP]R% .L]W,`P]>d^_PXP $$" PYRW :]TRTYLW $#& 8L]V 5ZSY^ZY ?SP -ZOd TY _SP 8TYO  Z[ NT_ LYO 6WL`^@bP ;LY_SP] LYO 2ÞY_P] =LOOPY PO^ 8P _ZYdXd TY 7LYR`LRP LYO ?SZ`RS_ ,X^_P]OLX% 5ZSY -PYULXTY^ ;`MW .ZX[LYd

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

$

NZb 4_ T^ _]`P _SL_ TY WL_P] P[ZNS^ ZQ 4YOTLY _SZ`RS_ _SP _P]X wWLY R`LRPx MPNLXP LM^_]LN_ 9Zb R]LXXL]TLY^ `^P _SP bZ]O wNZbx L^ L ^_LYOL]O PcLX[WP TY NZYYPN_TZY bT_S WTYR`T^_TN \`P^_TZY^ WTVP% wBSL_ WTYV^ _SP ^Z`YO^ uNZbv bT_S _SP LN_`LW LYTXLW*x Z] w/ZP^ _SP bZ]O uNZbv OPYZ_P LY TYOTaTO`LW LYTXLW Z] _SP NWL^^ ZQ LWW NZb^*x ±LML]L^ a£XTY _SP [STWZ^Z[SP] ZQ WL_P LY_T\`T_d NLY MP WZNL_PO bT_STY _ST^ OT^ N`^^TZY L^ SP QTYO^ _SP QZWWZbTYR% w9Zb _SP]P T^ SZbPaP] _SP TYOTaTO`LW [T©“L uNZbv TY LY TYQTYT_P Y`X MP] ZQ [Z^^TMWP QZ]X^ 3Zb ^SZ`WO ZYP ^PWPN_ _SP ZYP XPLY_ Md _SP bZ]O uNZbv bT_SZ`_ PaPY SLaTYR L bZ]O QZ] _SL_*x 

±LML]L^a£XTY bSZ MPWZYR^ _Z _SP ;¼]aL8ÅX£À^£ ^NSZZW [Z^P^ L \`P^_TZY SP]P U`^_ WTVP ZYP bP XTRS_ QTYO TY XZOP]Y MZZV^ ZY WTYR`T^ _TN^ 1Z] PcLX[WP 5ZSY 7dZY^ b]T_P^ TY ST^ MZZV 4Y_]ZO`N_TZY _Z ?SPZ ]P_TNLW 7TYR`T^_TN^ YZ_P WTYR`T^_^v ^_]TVTYR TY_P]P^_ TY _SP bZ]O uNZbv % wuBSL_ T^ _SP XPLYTYR ZQ NZb *v 4_ T^ ^`]PWd YZ_ LYd [L]_TN`WL] LYTXLW 4^ T_ _SPY _SP bSZWP NWL^^ ZQ LYTXLW^ _Z bSTNS bP RTaP _SP YLXP NZb * ,WW NZb^ L]P OTQQP]PY_ TY ^ZXP bLd Z] Z_SP] F_SP]P L]P M]ZbY dPWWZbT^S [TPMLWO LYO ^[PNVWPO >bT^^ NZb^ MWLNV LYO bST_P 3ZW^_PTY NZb^ S`X[MLNVPO WTRS_ M]ZbY 4YOTLY NZb^ P_NH& LYO TY LYd NL^P YZ ZYP T^ Z] NZ`WO MP LN \`LTY_PO bT_S PLNS XPXMP] ZQ _SP bSZWP NWL^^ ZQ NZb^ LYO dP_ bP bZ`WO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$$ ;LY_SP] OPQTYP^ XP_ZYdXd L^ QZWWZb^% w8P_ZYdXd T^ L NZRYT_TaP []ZNP^^ TY bSTNS ZYP NZYNP[_`LW PY_T_d _SP aPSTNWP []ZaTOP^ XPY_LW LNNP^^ _Z LYZ_SP] NZYNP[ _`LW PY_T_d _SP _L]RP_ bT_STY _SP ^LXP TOPLWTePO NZRYT_TaP XZOPWx TMTO  ?SP NZRYT_TaP ^NTPY_T^_^ PX[SL^TeP XP_ZYdXd LYO XP_L[SZ] L^ LY P^^PY_TLW [L]_ ZQ Z`] PaP]dOLd bLd ZQ _STYVTYR MZ_S MPTYR Pc[]P^^TaP ZQ _SP MZOTWd ML^T^ ZQ NZRYT_TaP []ZNP^^P^ LYO LM^_]LN_ _SZ`RS_ LYO RPYP]L_TYR NZYNP[_`LW TY_PR]L_TZY LYO MWPYOTYR []ZNP^^P^ 8P_ZYdXd LYO XP_L[SZ] L]P R]Z`YOPO TY Pc[P]TPYNP LYO ^_]`N_`]P Z`] _SZ`RS_^ LYO LN_TZY^ TP [Z^^P^^ aT_LW Q`YN_TZY TY ]PWL_TYR NZYNP[_`LW PY_T_TP^ LYO ]PLWbZ]WO PY_T_TP^ ?SPd L]P _SP]PQZ]P YZ_ ]P^_]TN_PO _Z ]PQP]PYNP M`_ ZNN`] L_ _SP [`]PWd NZYNP[_`LW WPaPW NL_PRZ]TeL_TZY WTYR`T^_TN ]PL^ZYTYR P_N LYO []ZaTOP WTYV LRP^ TY_P]]PWL_TYR OTQQP]PY_ ZY_ZWZRTNLW ]PLWX^ NZYNP[_^ QZ]X^^dXMZW^ LYO _STYR^PaPY_^ 8`NS ZQ _ST^ SL^ LW]PLOd MPPY NZY^TOP]PO Md 7LYRP] M`_ SP] [ZTY_ bL^ _SP ^dXMZW`^TYR LYO ^dXMZWXLVTYR NL[LNT_d ZQ S`XLY MPTYR^ LYO ^dXMZWTN _]LY^QZ]XL_TZY% w4_ FXP_L[SZ]H T^ _SP QZ]NP _SL_ XLVP^ T_ F_SP WLYR`LRP _SP WTQPH P^ ^PY_TLWWd ]PWL_TZYLW  TY_PWWPN_`LW QZ]PaP] ^SZbTYR `[ YPb LM^_]LN_LMWP QZ]X^ TY ]PLW T_d QZ]PaP] WLdTYR OZbY L OP[Z^T_ ZQ ZWO LM^_]LN_PO NZYNP[_^ FwQLOPO XP_L[SZ]^xH TY LY TYN]PL^TYR _]PL^`]P ZQ RPYP]LW bZ]O^ ?SP TY_PWWPN_`LW aZNLM`WL]d R]Zb^ bT_S _SP []ZR]P^^ ZQ NZYNP[_`LW _STYVTYR LYO NTaTWTePO WTaTYR ?PNSYTNLW LOaLYNP^ XLVP OP XLYO^ ZY Z`] WLYR`LRP bSTNS L]P XP_ Md _SP PWLMZ]L_TZY ZQ XL_SPXL_TNLW WZRTNLW LYO ^NTPY_TQTN _P]XTYZWZRTP^ m 8PLYTYR^ MPNZXP XZ]P LYO XZ]P []PNT^P  >[PPNS MPNZXP^ TYN]PL^TYRWd OT^N`]^TaP []LN_TNLW []Z^LTN  LYO bL^ WL_P] PXMPWWT^SPO bT_S XP_L[SZ]^ QZ] _SP ^LVP ZQ L N`W_`]LW []ZO`N_ NLWWPO [ZP_]dx 7LYRP] ;STWZ^Z[Sd TY L 9Pb 6Pd  z   RZ[T©“P NL MLS¼Y£X £VŽ_¯Y£À ^LOMS£a£N NSLMOLX LY_L]P©L RZ²LMOLa£Nd£À aTM SLV_£X £VŽ_TÀ VPYL []LV£]P©Z[LOPV´dL_T g  ±LML]LMS£´dL !$

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

$!

bT^S _Z ^Ld _SL_ bP VYZb _SP XPLYTYR ZQ NZb LYO L]P LMWP _Z `^P T_ NZ] ]PN_Wd TY ]PQP]]TYR _Z [L]_TN`WL] LYTXLW^ bP SLaP YPaP] ^PPY MPQZ]P x 

?SP LYNTPY_ LYO XPOTPaLW 4YOTLY WTYR`T^_^ bP]P OZ`M_WP^^ ]L_TZYLWT^_^ LYO YZ WP^^ ^Z _SLY _SP XZOP]Y WTYR`T^_^ bSZ QTYO TY^[T]L_TZY TY _SPX -`_ ^_TWW TY 4YOTL _SP]P T^ YZ_ ZYWd L OPaPWZ[XPY_ Q]ZX _SP Xd_SZ^ _Z _SP WZRZ^ M`_ []PNT^PWd TY _SP NL^P ZQ _SP WTYR`T^_TN [STWZ^Z[SP]^ LW^Z L ^STQ_ M]TYRTYR _SP WZRZ^ NWZ^P] _Z L w`YTaP]^LW Xd_Sx -SL]_šSL]Tv^ WTY R`T^_TN [STWZ^Z[Sd bSTNS SL^ LW]PLOd MPPY XPY_TZYPO M]TPQWd LYO T^ []P^PY_PO MPWZb TY XZ]P OP_LTW T^ TY T_^ ]L_TZYLWT_d QL] ]PXZaPO Q]ZX _SP APOTN Xd_SZRPXP ZQ _SP WLYR`LRPNZb ,YO dP_ -SL]_šSL]Tv^ ^d^ _PX ZQ _SZ`RS_ N`WXTYL_P^ TY L bZ]WO NZY^NTZ`^YP^^ -]LSXLY TXXL YPY_ TY WLYR`LRP LYO Pc[]P^^TYR T_^PWQ L^ XPLYTYR L^[PN_ ZQ bZ]O^ ²LMOLM]LSXLY  1Z] _ST^ WTYR`T^_TN bZ]WO NZY^NTZ`^YP^^ _SP XPOTPaLW [STWZ^Z[SP] NZY^NTZ`^Wd ]PQP]^ MLNV _Z _SP PL]Wd APOTN WTYR`T^_TN TOPL^ ?SP .Z[P]YTNLY ]PaZW`_TZY _SL_ SP M]Z`RS_ _Z 4YOTLY WTYR`T^_TN^ T^ L_ _SP ^LXP _TXP L ]PXd_STQTNL_TZY :YP ZQ _SP R]PL_P^_ 4YOTLY [STWZ^Z[SP]^ ,MSTYLaLR`[_L WL_P _S NPY_ ,/ _SP XLTY TOPZWZRT^_ ZQ SP_P]ZOZc ?LY_]T^X TY 4YOTL PaPY [STWZ^Z[STePO LMZ`_ L [Z^^TMWP wNZ^XTN WLY R`LRPx LYO bT_S _ST^ XP_L[Sd^TNLW NZYNP[_ SP NL]]TPO Z`_ L Q`]_SP] ]LOT NLWTeL_TZY ZQ -SL]_ŽSL]Tv^ Xd_STNLW YZ_TZY ZQ `YT_d >`NS _]LY^X`_L_TZY^ NLY ZYWd MP L[[]Z[]TL_PWd OP^N]TMPO TQ Xd_STNLW LYO LM^_]LN_ _SZ`RS_ L]P `YOP]^_ZZO L^ [ZWP^ ZQ LY Z^NTWWL_TYR ^d^_PX



8d_SZ^ LYO 7ZRZ^ z :Y _SP .ZPcT^_PYNP ZQ ;L]_TNT[L_TZY LYO 0XLYNT[L_TZY

4_ T^ []PNT^PWd _SP [STWZ^Z[STNLW WTYR`T^_TN NZ^XZRZYTP^ _SL_ [ZTY_ `[ L _d[TNLW _]LOPXL]V ZQ _SP NZYNP[_TZYLWTeL_TZY ZQ WLYR`LRP TY 4YOTL =L _TZYLW LYO Xd_STNLW TOPL^ LMZ`_ WLYR`LRP ^`OOPYWd L[[PL] ^TOP Md ^TOP >Z`YO ]T_`LW^ LYO wWLYR`LRP LN_^x z ^`NS L^ XLY_]L ]P[P_T_TZY z NZPcT^_ TY ZYP LYO _SP ^LXP _Pc_ bT_S STRSWd ]PQWPN_PO WTYR`T^_TN [STWZ^Z[Sd ;P]^ZYLWTePO LYO OPTQTPO QZ]X^ ZQ WLYR`LRP L]P L_ ZYP LYO _SP ^LXP _TXP NL]]TP]^ ZQ L [`]PWd LM^_]LN_ NZYNP[_ ZQ WLYR`LRP 4Y BP^_P]Y [ST WZ^Z[Sd T_ bL^ []TYNT[LWWd 0]Y^_ .L^^T]P] bSZ QT]^_ ]PNZRYTePO _SP Q`Y OLXPY_LW ^TRYTQTNLYNP ZQ _SP _bZ OTXPY^TZY^ ZQ _SP Xd_STNLW LYO _SP _P]XTYZWZRTNLW QZ] S`XLYVTYOv^ TY_PWWPN_`LW ST^_Z]d LYO [W`XMPO _SP ^dXMZWTN QZ]X^ bT_S ST^ _SPZ]d  BP bTWW _SP]PQZ]P NZXP MLNV _Z STX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  5ZSY 7dZY^ 4Y_]ZO`N_TZY _Z _SPZ]P_TNLW 7TYR`T^_TN^ .LXM]TORP% .LXM]TORP @YTaP] ^T_d ;]P^^ $!#   0]Y^_ .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^% AZW`XP  z 7LYR`LRP 9Pb 3LaPY% DLWP @YTaP]^T_d ;]P^^ $  2P]XLY POT_TZY% 0]Y^_ .L^^T]P] ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY 0]^_P] ?PTW% /TP >[]LNSP EbPT_P] ?PTW% /L^ 8d_ST^NSP /PYVPY

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

$"

]P[PL_POWd 3ZbPaP] ST^ _SP^T^ ZQ L WTYPL] OPaPWZ[XPY_ Q]ZX Xd_STNLW _Z _P]XTYZWZRTNLW _SZ`RS_ ZYWd [L]_TLWWd QT_^ _SP 4YOTLY aTPb^ ZQ WLY R`LRP  LW_SZ`RS ^`NS OPaPWZ[XPY_^ NLYYZ_ MP OPYTPO L^ _SP PcLX[WP ZQ _SP WLYR`LRPNZb SL^ ^SZbY -`_ _SP ^Z`YO ]T_P^ ZQ _SP WLYR`LRP RZOOP^^ NZaP]PO bT_S ^dWWLMWP^ _SP ]PXd_STQTNL_TZY ZQ -SL]_šSL]T Z] ,MSTYLaLR`[_L LYO _SP XLRTN ]PWTRTZ`^ [ZbP] _SL_ T^ ^_TWW L^N]TMPO _Z _SP XLY_]L^ PaPY _ZOLd LWW TWW`^_]L_P _SL_ L XZOPW ZQ _SP Xd_SZ^ PaZWa TYR TY_Z _SP WZRZ^ T^ TY^`QQTNTPY_

 ;L]_TNT[L_Z]d LYO 0XLYNT[L_Z]d BZ]WO :]TPY_L_TZY^ .L^^T]P] bSZ L^ L N`W_`]LW [STWZ^Z[SP] bL^ TY_P]P^_PO TY []ZNP^^P^ ZQ _SP WZYR`P O`]ËP TOPY_TQTPO L WTYPL]T_d TY _SP _]LY^T_TZY ZQ _SZ`RS_ Q]ZX _SP XLRTN Xd_STNLW LYO TYOTaTO`LW _Z _SP _P]XTYZWZRTNLW LYO RPYP]LW -d NZY_]L^_ _SP LY_S]Z[ZWZRT^_ >_LYWPd ?LXMTLS b]Z_P TY ST^ MZZV 8LRTN >NTPYNP LYO =PWTRTZY LY P^^Ld ZY 7Ëad-]`SW TY bSTNS SP [Z^ _`WL_P^ L ^TX`W_LYPZ`^ XZOPW _SL_ _LVP^ `[ _SP ^LXP OTNSZ_ZXd M`_ OZP^ YZ_ L__PX[_ _Z OP]TaP ZYP OTXPY^TZY Q]ZX _SP Z_SP] bT_S TX[WTNT_ bPTRS_TYR LYO PaLW`L_TZY ,_ _SP SPL]_ ZQ ?LXMTLSv^ _SP^T^ T^ _SP OT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $$ ?SP QTaP aZW`XP^ ZQ _SP 2P]XLY POT_TZY $$ NZY_LTY .L^^T]P]v^ _S]PP aZW`XP^ ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ Z]TRTYLW $ $  $$ 0YRWT^S PO $ " LYO Q`]_SP] ^_`OTP^ ZY _SP ^`M UPN_ ZQ ^dXMZWTN ]P[]P^PY_L_TZY TY Xd_STNLW LYO NZYNP[_`LW _SZ`RS_  :`] OT^N`^^TZY T^ ML^PO ZY .L^^T]P]v^ R]PL_ 2P]XLY _]PL_T^P ZQ ^dXMZWTN QZ]X^ .L^ ^T]P] STX^PWQ NSLYRPO ST^ [P]^[PN_TaP ^ZXPbSL_ TY ST^ 0^^Ld ZY 8LY $ ]P[] $  ?ST^ WL_P] bZ]V LYO [L]_TN`WL]Wd .L^^T]P]v^ aTPb ZY L]_ LYO LP^_SP_TN^ TMTO "!z" NZXP NWZ^P] _Z Z`] L]R`XPY_^ Pc[Z`YOPO MPWZb _SLY _SP PaZW`_TZYL]d ST^ _Z]d ZQ Xd_SZ^ LYO WZRZ^ TY ST^ ;STWZ^Z[Sd ZQ >dXMZWTN QZ]X^ BP bTWW ]PQP] _Z 0^^Ld ZY 8LY TY OP_LTW TY Z`] QZZ_YZ_P^ _Z TYOTNL_P NSLYRP^ LYO NZY_TY`T_TP^ TY .L^^T]P] .ZY^TOP] LW^Z _SP PL]Wd QZ]X`WL_TZY ZQ ST^ L]_ _SPZ]d TY 0]Y^_ .L^^T]P] >[]LNSP `YO 8d_SZ^% 0TY -PT_]LR e`X ;]ZMWPX OP] 2Ø__P]YLXPY -P]WTY% ?P`MYP] $  ]P[] $$& 0YRW _]LY^ Md > 7LYRP] $  4Y _ST^ PL]Wd P^^Ld .L^^T]P] `YOP]^_LYO^ [ZP_]d L^ NZY_LTYTYR L]PL^ bSP]P Xd_STNLW _STYVTYR [P]^T^_^ >_LYWPd ?LXMTLS w8`W_T[WP Z]OP]TYR^ ZQ ]PLWT_dx TY ?LXMTLS 8LRTN ^NTPYNP ]PWTR TZY LYO _SP ^NZ[P ZQ ]L_TZYLWT_d .LXM]TORP% .LXM]TORP @YTa ;] $$  Z]TRTYLW $$ #z .L^^T]P] ]PLNSPO L ^TXTWL] [Z^T_TZY TY ST^ WL_P] 0^^Ld ZY 8LY  bSP]P SP ]P[WLNP^ _SP QZN`^ ZY Xd_STNLW _SZ`RS_ bT_S _SP M]ZLOP] _P]X w^dX[L_SP_TN aT^TZYv ZQ _STYR^x LYO ]PXL]V^ TMTO !% w _SP _]`_S ZQ MPL`_d OZP^ YZ_ NZY^T^_ TY L _SPZ ]P_TNLW OP^N]T[_TZY Z] Pc[WLYL_TZY ZQ _STYR^& T_ NZY^T^_^ ]L_SP] TY _SP u^dX[L_SP_TN aT ^TZYv ZQ _STYR^ ?SP _bZ aTPb^ ZQ _]`_S L]P TY NZY_]L^_ bT_S ZYP LYZ_SP] M`_ YZ_ TY NZYQWTN_ Z] NZY_]LOTN_TZY >TYNP L]_ LYO ^NTPYNP XZaP TY PY_T]PWd OTQQP]PY_ [WLYP^ _SPd NLYYZ_ NZY_]LOTN_ Z] _SbL]_ ZYP LYZ_SP] ?SP NZYNP[_`LW TY_P][]P_L_TZY ZQ ^NTPYNP OZP^ YZ_ []PNW`OP _SP TY_`T_TaP TY_P][]P_L_TZY ZQ L]_ 0LNS SL_ T_^ ZbY [P]^[PN_TaP LYO ^Z _Z ^[PLV T_^ ZbY LYRWP ZQ ]PQ]LN_TZYx :Y Xd_S .L^^T]P] ]PXL]V^ TY ST^ 0^^Ld ZY 8LY TMTO z % w8d_S NZXMTYP^ L _SPZ]P_TNLW PWPXPY_ LYO LY PWPXPY_ ZQ

$#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

NZaP]d ZQ _bZ ML^TN bZ]WO Z]TPY_L_TZY^% L L [L]_TNT[L_Z]d ^PY^Z]d LYO LQQPN_TaP Z]TPY_L_TZY LYO M L NL`^LW ]L_TZYLW LYO OT^N`]^TaP Z]TPY_L _TZY ?LXMTLS OZP^ bT_SZ`_ LY PaZW`_TZYL]d ^NSPXP [Z^_`WL_PO TY LO aLYNP LYO T_ T^ []TXL]TWd _ST^ QLN_ _SL_ XLVP^ T_ L[[PL] XZ]P LOaLY_L RPZ`^ _Z _P^_ ST^ SP`]T^_TN XZOPW PX[T]TNLWWd LYO _Z ]P^_L_P T_ ^d^_PXL_TNLWWd TY XZ]P []PNT^P _P]X^ ?LXMTLS ^`XXL]TeP^ ST^ MT[ZWL] NZX[WPXPY_L]d XZOPW L^ [L]_TNT [L_TZY aP]^`^ NL`^LWT_d BT_S _ST^ NWL^^TQTNL_TZY SP T^ OPaPWZ[TYR 7Ëad -]`SWv^ _SP^P^ ZQ XLRTN _SPZ]d ! M`_ SP Pc[LYO^ _SPT] L]PL ZQ L[[WTNL _TZY ,NNZ]OTYR _Z 7Ëad-]`SW XLRTN T^ OPQTYPO Md _SP wWLb ZQ [L]_TNT [L_TZYx 3P `YOP]^_ZZO w[L]_TNT[L_TZYx L^ L WTYV MP_bPPY S`XLY MPTYR^ LYO _STYR^ bSTNS NLY RZ L^ QL] L^ TOPY_T_d LYO NZY^`M^_LY_TLWT_d 3P ^Lb TY _SP WLb ZQ [L]_TNT[L_TZY L^ L XPY_LWT_d LYO NZWWPN_TaP ]P[]P^PY_L _TZY ZQ w[]TXT_TaP _SZ`RS_x _SP OPQTYTYR XZXPY_ OTQQP]PY_TL_TYR _SP bZ]WO ZQ wYL_TaP^x " Q]ZX _SL_ ZQ XZOP]Y 0`]Z[PLY^ -`_ _SP []ZMWPX SP]P bL^ _SL_ SP OP^N]TMPO _SP _SZ`RS_ ZQ _SP wYL_TaP^x L^ w[]PWZRTNLWx wT]]L_TZYLWx LYO wXd^_TNLWx _S`^ NZY^_]`N_TYR T_ L^ L ^SL][ NZY_]L^_ _Z XZOP]Y w]L_TZYLWx _SZ`RS_ 0aLY^;]T_NSL]Ov^ [TZYPP]TYR bZ]V BT_NS N]LQ_ :]LNWP^ LYO 8LRTN LXZYR _SP ,eLYOP  # XLOP T_ NWPL] _SL_ P_SYTN R]Z`[^ bSTNS LNNZ]OTYR _Z 7Ëad-]`SW ^SZ`WO MP L^^ZNTL_PO bT_S _SP WLb ZQ [L]_TNT[L_TZY LW^Z _STYV LYO LN_ w]L_TZYLWWdx LYO NZSP]PY_Wd 0aLY^;]T_NSL]Ov^ N]T_TNT^X NL`^PO 7Ëad-]`SW _Z XZOTQd ST^ _SPZ]d TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L]_T^_TN N]PL_TZY BSL_ ^_]TVP^ `^ T^ T_^ NWZ^P VTY^ST[ bT_S [ZP_]d u,YNTPY_ Xd_Sv T_ SL^ MPPY ^LTO uT^ _SP uXL^^v Q]ZX bSTNS XZOP]Y [ZP_]d SL^ ^WZbWd R]ZbY Md _SP _SP []ZNP^^ bSTNS PaZW`_TZYT^_^ NLWW OTQQP]PY_TL_TZY m ?SP Xd_SXLVP]v^ XTYO T^ _SP []Z _Z_d[P& LYO _SP XTYO ZQ _SP [ZP_ m T^ P^^PY_TLWWd Xd_SZ[ZPTNv -`_ TY ^[T_P ZQ _ST^ RP YP_TN NZYYPN_TZY bP NLYYZ_ QLTW _Z ]PNZRYTeP _SP ^[PNTQTN OTQQP]PYNP MP_bPPY Xd_S LYO L]_ , NW`P _Z _ST^ T^ _Z MP QZ`YO TY 6LY_v^ ^_L_PXPY_ _SL_ LP^_SP_TN NZY_PX[WL_TZY T^ uPY_T]PWd TYOTQQP]PY_ _Z _SP PcT^_PYNP Z] YZYPcT^_PYNP ZQ T_^ ZMUPN_v ;]PNT^PWd ^`NS TY OTQQP]PYNP SZbPaP] T^ PY_T]PWd LWTPY _Z Xd_STNLW TXLRTYL_TZY  BT_SZ`_ MPWTPQ TY _SP ]PLWT_d ZQ T_^ ZMUPN_ Xd_S bZ`WO WZ^P T_^ R]Z`YO -d _ST^ TY_]TY^TN LYO YPNP^^L]d NZY OT_TZY bP ^PPX _Z MP WPO ZY _Z _SP Z[[Z^T_P [ZWP 4Y _ST^ ]P^[PN_ T_ ^PPX^ _Z MP [Z^^T MWP LYO PaPY TYOT^[PY^LMWP _Z NZX[L]P Xd_STNLW bT_S ^NTPY_TQTN _SZ`RS_ :Q NZ`]^P _SPd OZ YZ_ QZWWZb _SP ^LXP bLd^ -`_ _SPd ^PPX _Z MP TY \`P^_ ZQ _SP ^LXP _STYR% ]P LWT_d  8d_S SL^ L^ T_ bP]P L OZ`MWP QLNP :Y _SP ZYP SLYO T_ ^SZb^ `^ L NZYNP[_`LW ZY _SP Z_SP] SLYO L [P]NP[_`LW ^_]`N_`]Px ! ;`MWT^SPO TY 0YRWT^S L^ 3Zb 9L_TaP^ ?STYV 7ZYOZY% 2PZ]RP ,WWPY LYO @YbTY $! ?SP Z]TRTYLW 1]PYNS POT_TZY ZQ _ST^ [ZbP]Q`W bZ]V 7P^ QZYN_TZY^ XPY_LWP^ OLY^ WP^ ^ZNTË_Ë^ TYQË]TP`]P^  QT]^_ L[[PL]PO TY $ ;L]T^% 1ËWTc ,WNLY " ?P]X^ ^`NS L^ wYL_TaP^x Z] w_]TMLW^x Z] PaPY XZ]P ^Z w[]TXT_TaP N`W_`]P^x L]P YZ WZYRP] `^PO TY P_SYZWZRd Z] N`W_`]LW LY_S]Z[ZWZRd _ZOLd 4Y^_PLO []PNT^P YLXP^ QZ] _SP TYOTaTO`LW P_SYTN R]Z`[^ L]P L[[WTPO BP `^P _SP _P]X wYL_TaP^x SZbPaP] _Z OP YZ_P _SZ^P ^ZNTP_TP^ bSZ^P bZ]WO T^ ^`]]Z`YOPO _Z L WP^^P] Pc_PY_ Md SZXPXLOP L]_P QLN_^ LYO TY^_T_`_TZY^ LYO bSZ^P ^ZNTLW Z]RLYTeL_TZY T^ WP^^ OTQQP]PY_TL_PO _SLY _SP XZOP]Y ^ZNTP_TP^ ZQ 0`]Z[P ,XP]TNL LYO ,^TL # 1T]^_ [`MWT^SPO TY $"

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

$$

WL_P] bZ]V^ 3P YZb []Z[Z`YO^ _SP [^dNSTN `YT_d ZQ T]]L_TZYLW LYO ]L _TZYLW _SZ`RS_ QZ]X^ L^ L ML^TN LY_S]Z[ZWZRTNLW NZY^_LY_ bSTW^_ ^_TWW XLTY_LTYTYR _SL_ ^`NS L ML^TN _SZ`RS_ ^_]`N_`]P OZP^ YZ_ NZY_]LOTN_ ST^ _SP^T^ LYO _SL_ _SP NZWWPN_TaP ]P[]P^PY_L_TZY^ ZQ XLYd ^ZNTP_TP^ bP]P M`TW_ `[ ZY \`T_P OTQQP]PY_ []PXT^P^ LYO NL_PRZ]TP^ _SLY []P^PY_OLd ^NTPYNP LYO XL_SPXL_TNLW WZRTNLW QZ]X^ ZQ _SZ`RS_ z bSP]PMd _SP^P QZ]X^ ^SZ`WO WTVPbT^P MP ^PPY L^ L NZWWPN_TaP [SPYZXPYZY 9Zb SP TX[WTNT_Wd LOXT_^ _SL_ _SP^P Z_SP] _SZ`RS_ ^d^_PX^ OPQTYT_PWd SLO _SPT] ZbY TY_P]YLW wWZRTNx LYO NZY^T^_PYNd ,YO ZY _SP Z_SP] SLYO SP NWLTX^ _SL_ TY PaP]d S`XLY MPTYR _SP]P T^ PaPY TY _SP XZ^_ PYWTRS_PYPO LW^Z LY TYPc_TYR`T^SLMWP ^_]PLV ZQ w[]TXT_TaP XPY_LWT_dx bT_SZ`_ bSTNS _SP]P bZ`WO L[[L]PY_Wd MP YZ [ZP_]d YZ L]_ YZ XP_L[Sd^TN^ LYO YZ_ PaPY LYd ^NTPY_TQTN OT^NZaP]TP^ $ ?ST^ T^ bSP]P ?LXMTLS NZY_TY`P^ :_SP] N`W_`]P^ NZYQ]ZY_ `^ bT_S LW_P]YL_TaP _SZ`RS_ ^d^_PX^ M`_ _SP TX[Z]_LY_ _STYR^ SP]P T^ _Z NZX[L]P WTVP bT_S WTVP LYO [P]SL[^ _Z OTQQP]PY_TL_P MP_bPPY []LN_TNLW PX[T]TNLW PaP]dOLd MPSLaTZ] LYO ]T_`LW w[L]_TNT[L_Z]dx MPSLaTZ] 3ZbPaP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP ?LXMTLS w8`W_T[WP Z]OP]TYR^ ZQ ]PLWT_dx #" $ .L^^T]P] LW^Z ]PLNSP^ L ^TXTWL] L^^P^^XPY_ ZQ _SP ]PWL_TZY^ST[ MP_bPPY Xd_S LYO LM^_]LN_TZY TY ST^ [STWZ^Z[Sd @YWTVP ST^ []POPNP^^Z]^ _SZ`RS ?LXMTLS OZP^ YZ_ _]d _Z NZY^_]`N_ L STP]L]NSd ,W _SZ`RS .L^^T]P]v^ YPZ6LY_TLY [P]^[PN_TaP TY ST^ ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ bL^ WL]RPWd LMLYOZYPO TY ST^ 0^^Ld ZY 8LY  _SP TOPL ZQ L ^PWQ`YQZWOTYR ZQ _SP S`XLY ^[T]T_ w>PWM^_PY_QLW_`YR OP^ 2PT^_P^x L^ L YPNP^^L]d PaZW`_TZYL]d []ZNP^^ [P]^T^_PO 7LYR`LRP ]PXLTYPO LY P^^PY_TLW QPL_`]P ^TYNP _SP ST^_Z]TNLW _]LY^QZ]XL_TZY ZM^P]aPO Md .L^^T]P] XL_P]TLWTeP^ TY WLYR`LRP% w?SP L^NPY_ _Z `YTaP]^LW NZYNP[_^ LYO NL_PRZ ]TP^ L[[PL]^  _Z MP aP]d ^WZb TY _SP OPaPWZ[XPY_ ZQ S`XLY ^[PPNS& M`_ PLNS YPb LOaLYNP TY _ST^ OT]PN_TZY WPLO^ _Z L XZ]P NZX[]PSPY^TaP ^`]aPd _Z L MP__P] Z]TPY_L _TZY LYO Z]RLYT^L_TZY ZQ Z`] [P]NP[_`LW bZ]WOx 0^^Ld ZY 8LY  "! :Y _SP ZYP SLYO TY .L^^T]P]v^ 0^^Ld ZY 8LY _SP TOPL ZQ STP]L]NSd bL^ ]P[WLNPO Md _SP NZYNP[_ ZQ _bZ VTYO^ ZQ NZYNP[_`LW ^d^_PX^ bSTNS NZXP NWZ^P] _Z ?LXMTLSv^ L]R`XPY_^ LYO Z`] ZbY 1Z] .L^^T]P]v^ OT^N`^^TZY ZQ 7Ëad-]`SW ^PP TMTO !z$ .L^^T]P] ^P aP]PWd N]T_TNTePO _SP _SP^T^ ZQ []P]L_TZYLW XPY_LWT_TP^ TY []TXT_TaP N`W_`]P^ LYO LNNPY _`L_PO ]L_TZYLW MPSLaTZ] TY OLTWd _]LY^LN_TZY^ BSP]P SP LR]PPO SZbPaP] bL^ _SP wWLb ZQ [L]_TNT[L_TZYx bSTNS SP ]PQZ]X`WL_PO `^TYR _SP _P]X w^dX[L_Sd ZQ _SP BSZWPx bSTNS bL^ TY QLN_ _SP XLcTX ZQ _SP >_ZL bSZ MPWTPaPO TY LY LWW[P]aLOTYR [YP`XL  :Y _SP Z_SP] SLYO .L^^T]P]v^ NZYaTN_TZY ZQ XZ]P []TXT_TaP LYO XZ]P LO aLYNPO N`W_`]P^ [P]^T^_PO ?SP >_ZTN w^dX[L_Sd ZQ _SP BSZWPx T^ ^PPY L^ LY TY_P][]P _L_TZY LYO U`^_TQTNL_TZY ZQ w[Z[`WL] MPWTPQ^x LYO LY Pc[]P^^TZY ZQ _SP wMZ__ZX ZQ LWW XLRTN ]T_`LW^x TMTO z  ?SP ML^TN _SP^T^ NZYNP]YTYR WLYR`LRP Xd_S LYO WZRZ^ T^ X`NS _SP ^LXP L^ TY _SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^  RTaTYR _SP WZRZ^ ZQ 2]PPV [STWZ^Z[Sd L STRSP] ]LYV TMTO z LYO QQ 3ZbPaP] Xd_S XLRTN LYO ]PWTRTZY L]P YPaP] ^_]TN_Wd ^P[L]L_PO LYO YZ] T^ L ^SL][ OT^_TYN_TZY XLOP MP_bPPY TY^_TYN_ TY _PWWTRPYNP LYO Xd^_TNLW TY_`T_TZY TMTO   ?SP ^dX[L_SP_TN MZYO [P]^T^_^ LNNZ]O TYR _Z .L^^T]P] Q]ZX []TXT_TaP N`W_`]P^ _Z XZ]P OPaPWZ[PO QZ]X^ ZQ ]PWTRTZY^ ^`NS L^ _SP EZ]ZL^_]TLY QLT_S 4_ [P]^T^_^ M`_ _]LY^QZ]X^ T_^PWQ z Q]ZX ^dX[L_SP_TN ZYPYP^^ bT_S YL_`]P bZ]WOaTPb _Z ^dX[L_SP_TN ZYPYP^^ bT_S XLYVTYO P_STN^ LYO R]PL_P] S`XLY Q]PPOZX TMTO $$z



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

?LXMTLSv^ XLTY L]R`XPY_ RZP^ L ^TRYTQTNLY_ ^_P[ Q`]_SP] L^ SP ^PP^ _SP _bZ ML^TN Z]TPY_L_TZY^ L^ MPTYR P\`LWWd wTYSP]PY_x TY S`XLY MPTYR^ ?SPd L]P [L]_ ZQ XLYv^ LY_S]Z[ZWZRTNLW YL_`]P bSTNS OZP^ YZ_ ]`WP Z`_ ZQ NZ`]^P _SL_ _SPT] LN_`LW Pc[]P^^TZY LYO PaLW`L_TZY T^ ^ZNTLWWd NZY ^_]`N_PO LYO NZY^_LY_Wd ]`Y [L]LWWPW -Z_S Z]TPY_L_TZY^ NZPcT^_ ^TX`W_L YPZ`^Wd TY ZYP LYO _SP ^LXP N`W_`]P TY ZYP LYO _SP ^LXP [P]^ZY z PaPY TQ _SPT] [Z^T_TZY TY _SP QZ]X`WL_TZY ZQ NZWWPN_TaP TOPY_T_TP^ aL]TP^ MP _bPPY ^ZNTP_TP^ L^ bP bZ`WO NZY_TY`P ?LXMTLSv^ L]R`XPY_ 3P]P _SP OPR]PP ZQ OTQQP]PY_TL_TZY TY L ^ZNTP_d []ZMLMWd [WLd^ L WP^^P] ]ZWP _SLY T^ ZQ_PY ^`[[Z^PO AP]d NZX[WPc LYO _P]]T_Z]TLWWd WL]RP] ^ZNTP_TP^ ^`NS L^ _SZ^P ZQ _SP RZOVTYROZX^ ZQ ,YNTPY_ 0Rd[_ Z] ZQ _SP 4YNL^ NLY SLaP L NPY_]LW Xd_S L^ _SPT] XZ_TaL_TYR TOPL _S]Z`RS bSTNS _SPd QZ]X`WL_P _SPT] NZWWPN_TaP TOPY_T_d WTVP _SP Xd_S ZQ _SP RZOVTYR 0`]Z[PLY^ ZY _SP Z_SP] SLYO _]LNP _SPT] ST^_Z]d MLNV _Z ^XLWW NT_d^_L_P^ WTVP _SP ,_SPYTLY [ZWT^ bSTNS OTO YZ_ SLaP _SL_ _d[P ZQ TOPY_T_d ^`NS L^ TOPY_T QdTYR bT_S T_^ NT_d SP]Z ?SP^P`^ 4_^ TOPY_T_d OPaPWZ[PO X`NS XZ]P []LRXL_TNLWWd aTL _SP PcPX[WL]d ,_SPYTLY NTaTN ^PY^P _SP \`LWT_d ZQ T_^ PO`NL_TZYLW TY^_T_`_TZY^ LYO aP]d RPYP]LWWd aTL _SP ST^_Z]TNLW ^`NNP^^P^ ZQ _SP NT_d ZQ ,_SPY^ ^`NS L^ QTRS_TYR ZQQ _SP ;P]^TLY^ 0aPY L STRSWd OTQQP]PY_TL_PO XZOP]Y ^ZNTP_d ^`NS L^ _SP @>, T^ OPQTYPO Md L Xd_S% _SP NTaTW ]PWTRTZ`^ XT^^TZY _Z M]TYR PaP]dMZOd Q]PPOZX LYO OPXZN]LNd -d NZY_]L^_ TY >bT_eP]WLYO bSTNS LW^Z M]Z`RS_ QZ]_S L OPXZN]LNd L_ LY PL]Wd ^_LRP _ST^ VTYO ZQ XT^^TZY OZP^ YZ_ [WLd L ]ZWP TY _SP NZWWPN_TaP TOPY_T_d 9L_`]LWWd QZ] _SP >bT^^ _SPT] ^_]`RRWP QZ] WTMP]L_TZY T^ [P]^ZYT QTPO TY _SP Q]PPOZX QTRS_P] BTWWTLX ?PWW LYO _SP >bT^^ L]P NP]_LTYWd []Z`O ZQ _ST^ N`W_`]LW SP]Z /P^[T_P LWW _ST^ ?PWW T^ YZ_ L WTaTYR Xd_S `YWTVP _SP ,XP]TNLY []P^TOPY_ ,M]LSLX 7TYNZWY bSZ bL^ X`]OP]PO O`]TYR _SP ,XP]TNLY .TaTW BL] ?ZOLd PaP]d ,XP]TNLY ^_TWW [L]_TNT[L_P^ TY _ST^ Xd_S LYO TY 7TYNZWYv^ QLXZ`^ 2P__d^M`]R ,OO]P^^ TQ SP T^ bTWW TYR QZ] PcLX[WP _Z QTRS_ LYdbSP]P TY _SP bZ]WO QZ] L Q]PP ^ZNTP_d ! >Z S`XLY MPTYR^ OZ YZ_ QLWW TY_Z R]Z`[^ ZQ _SZ^P bSZ L]P u[L]_TNT[L _Z]dv LYO _SZ^P bSZ L]P uPXLYNT[L_Z]dv TY ?LXMTLSv^ _P]XTYZWZRd _SZ^P bSZ _STYV NL`^LWWd LYO WZRTNLWWd U`^_ L^ ^ZNTP_TP^ LYO N`W_`]P^ L]P YZ_ [L]_TNT[L_Z]d Z] PXLYNT[L_Z]d ,YO _SP]P T^ YZ YPPO L_ LWW QZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 2PYP]LWWd ^[PLVTYR Xd_S^ LYO Xd_STNLW [L]_TNT[L_TZY TY _SPX L]P LXZYR _SP ^_]ZYR P^_ XPLY^ ZQ P^_LMWT^STYR TXLRP^ ZQ _SP bZ]WO LYO ZQ S`XLY WTQP LYO TYaZVTYR TOPL^ ZQ Z]TPY_L_TZY TOPY_T_d LYO MPWZYRTYR ?SPd L]P XLUZ] TY^_]`XPY_^ QZ] bSL_ ,^^XLYY NLWWPO wN`W_`]LW XPXZ]dx LYO _SPd L]P ]L]PWd XT^^TYR TY _SP ]T_`LW NZY^_]`N_TZY ZQ LY TXLRTYL]d [L^_ Z] bSL_ 3ZM^ML`X _P]XPO wTYaPY_TZY ZQ _]LOT_TZYx .Q 5LY ,^^XLYY

/L^ V`W_`]PWWP 2POÆNS_YT^% >NS]TQ_ 0]TYYP]`YR `YO [ZWT_T^NSP 4OPY_T_Æ_ TY Q]ÞSPY 3ZNSV`W_`]PY 8ÞYNSPY% -PNV $$$& 0]TN 3ZM^MLbX w/L^ 0]QTYOPY aZY ?]LOT_TZ YPYx TY 6`W_`]  2P^NSTNS_P% 9P`P 0TYMWTNVP TY PTYP LW_P -PeTPS`YR PO .S .ZY]LO LYO 8 6P^^PW >_`__RL]_% =PNWLX $$# $"z#

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO



^`NS L ZYPOTXPY^TZYLW aTPb 0aPY _SP XZOP]Y [P]TZO TY _SP BP^_ bSTNS T^ ]PRL]OPO L^ ]L_TZYLW N`W_`]P bZ`WO MP TYNZYNPTaLMWP bT_SZ`_ L`_ZYZXZ`^ [L]_TNT[L_Z]d uQTPWO^ ZQ XPLYTYRv ^`NS L^ L]_ WZaP LYO ^[Z]_ LYO ?LXMTLS T^ U`^_TQTPO TY [ZTY_TYR _ST^ Z`_ ! .ZYaP]^PWd ^ZNTP _TP^ bT_S XZ^_Wd [L]_TNT[L_Z]d ubZ]WO^ ZQ XPLYTYRv XZ^_ NP]_LTYWd LW^Z VYZb LMZ`_ [`][Z^PQ`W ]L_TZYLW LYO OT^N`]^TaP bLd^ ZQ _STYVTYR LYO MPSLaTYR -Z_S Z]TPY_L_TZY^ L]P TY_PWWTRTMWP LYO Z[P]LMWP TY _SPT] ZbY bLd LYO ZYP NLY _STYV LYO bZ]V bT_S _SPX ?SP ubZ]WO^ ZQ XPLYTYRv Z[PYPO `[ Md _SP _bZ Z]TPY_L_TZY^ L]P P\`LWWd P^^PY_TLW _Z S`XLY MP TYR^ -Z_S L]P [L]_ ZQ S`XLY YL_`]P ,YO []PNT^PWd _SP Xd_STNLW TY_P] []P_L_TZY^ ZQ _SP bZ]WO XLVP LY TX[Z]_LY_ NZY_]TM`_TZY _Z _SP QZ]XL_TZY ZQ MZ_S TYOTaTO`LW LYO NZWWPN_TaP ^PY^P LYO TOPY_T_d ,NNZ]OTYR _Z _SP PcLX[WP^ _SL_ ?LXMTLS RTaP^ LYO _SPZ]P_TNLWWd `Y OP][TY^ bT_S 1]P`O 7LYRP] 2TWWTRLY 6LVL] LYO >NS`_e [L]_TNT[L_TZY T^ OPQTYPO aTL L YZYOTQQP]PY_TL_TZY ZQ _SP PRZ LYO _SP bZ]WO SZWT^_TN bZ]WO TXLRP^ ZQ NZ^XTN `YT_d ]T_`LW LYO Pc[]P^^TaP LN_TZY^ ^dX[L _SP_TN TXXPOTLNd LYO [P]QZ]XL_TaP ^[PPNS LN_^ .L`^LWT_d ZY _SP Z_SP] SLYO T^ NSL]LN_P]TePO Md LY L_ZXTePO TYOTaTO`LW TY L[[Z^T_TZY _Z _SP bZ]WO LYO Md XL_SPXL_TNLW LYO WZRTNLW ]L_TZYLWT_d LYO _SP QZ]XL_TZY ZQ NL_PRZ]TP^ LYO XP_SZO^ ZQ _SP [Z^T_TaP ^NTPYNP^ 4_^ NSL]LN_P]T^_TN^ LW^Z TYNW`OP OP_LNSXPY_ YP`_]LWT_d Pc[P]TXPY_^ LYO _SP WLYR`LRP ZQ LYL Wd_TNLW _SZ`RS_ BSTWP [L]_TNT[L_TZY PX[SL^TeP^ ^PY^Z]d LYO LQQPN_TaP NZXX`YTNL_TZY LYO _SP WLYR`LRP ZQ PXZ_TZY^ _SP NL`^LW Z]TPY_L_TZY PX[SL^TeP^ _SP ]L_TZYLWT_d ZQ TY^_]`XPY_LW LN_TZY LYO _SP WLYR`LRP ZQ NZRYT_TZY ! ,NNZ]OTYR _Z ?LXMTLS _SP [L]_TNT[L_Z]d Z]TPY_L_TZY T^ XZ]P TYNW`^TaP XZ]P SZWT^_TN XZ]P [ZWdaLWPY_ XZ]P ^PY^Z]d LYO XZ]P TNZYTN 4_ O]Lb^ _Z L R]PL_P] OPR]PP ZY YZYaP]MLW QZ]X^ ZQ Pc[]P^^TZY LYO ]P[]P^PY_^ ^TX`W_LYPZ`^Wd _SL_ bSTNS []P^PY_^ T_^PWQ _Z OT^N`]^TaP _SZ`RS_ TY ^`NNP^^TZY /Z`M_WP^^ _SP wWLYR`LRP LN_^x LYO w^Z`YO ]T_` LW^x ZQ _SP 7LYR`LRP 2ZOOP^^ bP SLaP []P^PY_PO [ZTY_ _Z L XZ]P [L] _TNT[L_Z]d `YOP]^_LYOTYR ZQ WLYR`LRP _SLY T^ YZ]XLW SP]P TY _SP BP^_ LYO QZ] _ST^ ]PL^ZY ]T_`LW^ WTVP _SP^P ^PPX ^Z QZ]PTRY _Z `^ ?SP NZY_]L^_TYR [LT]^ XPY_TZYPO Md ?LXMTLS L[[L]PY_Wd SLaP TY NZXXZY _SP TOPL ZQ _SP wTYNW`^TaP LYO SZWT^_TNx TP [L]_TNT[L_TZY TY NZY_]L^_ _Z _SP wOT^N`]^TaP LYO ^P[L]L_POx TP NL`^LWT_d ! 3ZbPaP] bP bZ`WO NL`^P R]PL_ []ZMWPX^ QZ] Z`]^PWaP^ TQ bP bP]P _Z NZX[WP_PWd ^`M^`XP _SP wOT^N`]^TaP LYO ^P[L]L_POx `YOP] _SP _P]X wNL`^LWT_dx L^ ?LXMTLS OZP^ 4Y ,^TL _SP]P L]P STRSWd ]PQWPN_TaP u_SZ`RS_ bZ]WO^v TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP LW^Z 6`]_ 3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ 8ÞYNSPY% -PNV$#  LYO .L^^T ]P]v^ 7LYR`LRP LYO 8d_S LYO 0^^Ld ZY 8LY  ! ?LXMTLS w8`W_T[WP Z]OP]TYR^ ZQ ]PLWT_dx # Q ! ?LXMTLS w8`W_T[WP Z]OP]TYR^ ZQ ]PLWT_dx $



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

bSTNS _SP]P T^ YZ_ L _]LNP ZQ NL`^LWT_d .STYP^P XPOTNTYP QZ] TY^_LYNP T^ ML^PO ZY [`]PWd ^d^_PXTN _SZ`RS_ bSTNS ]PQ`^P^ _Z OPQTYP TYOTaTO`LW [L]_^ TYOP[PYOPY_ ZQ _SPT] [Z^T_TZY LYO Q`YN_TZY bT_STY _SP bSZWP 8ZYZNL`^LW [L__P]Y^ ZQ Pc[WLYL_TZY L]P _S`^ PcNW`OPO Q]ZX _SP aP]d MPRTYYTYR 9ZYP_SPWP^^ .STYP^P XPOTNTYP z U`^_ WTVP LYd _d[P ZQ XPOT NTYP z T^ LY Pc[P]TXPY_LW ^NTPYNP _SL_ ^_]TaP^ QZ] PQQTNLNd SPLWTYR aTL TY^_]`XPY_LW LN_TZY^ :Y _SP Z_SP] SLYO _SP]P L]P NL`^LW ^d^_PX^ _SL_ L]P Md YZ XPLY^ TY ^`NS ]LOTNLW Z[[Z^T_TZY _Z _SP [L]_TNT[L_Z]d L^ ?LX MTLS ^`RRP^_^ ^`NS L^ XLRTN ^PP MPWZb ?SP LN_`LW Z[[Z^T_TZY WTP^ YZ_ TY _SP NL`^L_TZY M`_ TY _SP ZY_ZWZRd 7P_ `^ WZZV QT]^_ ZQ LWW L_ _bZ u_SZ`RS_ bZ]WO^v ZNN`]]TYR TY 4YOTL bSZ^P [ZWL]T_d ^_TWW NZ]]P^[ZYO^ _Z_LWWd bT_S ?LXMTLSv^ LcTZX^ TY _SP XZ^_ Pc_]PXP QZ]X% _SP APOTN RZO =`O]L L^ NSL]LN_P]TePO TY _SP ±L_L ]`O]¯dL WT_LYd LYO _SP L_ZX L©` ZQ _SP ALT²P´TVL [STWZ^Z[SP]^ BSL_ T^ L =`O]L LYO bSL_ T^ LY L_ZX* =`O]L T^ L [P]^ZY SP SL^ MZb^ LYO L]]Zb^ dPWWZb SLT] LYO L MW`P _S]ZL_ 3P T^ Pc_]PXPWd OLYRP]Z`^ _Z WTaP^_ZNV LYO S`XLY MPTYR^ M`_ SP T^ LW^Z _SP [Sd^TNTLY bSZ SPLW^ :_SP] ^_L_PXPY_^ L^^P]_ _SL_ =`O]L T^ _SP QWZZO _SP ^_Z]X LYO _SP MPL_PY O]`X DP_ Z_SP] [L^^LRP^ RTaP _SP TX[]P^^TZY _SL_ =`O]L T^ PaP]d_STYR _SL_ SL^ LYd_STYR _Z OZ bT_S ML__WP^ LYO bL] ?SP NZYQ`^TZY T^ NZX[WP_P bSPY _SP]P T^ ^`OOPYWd _LWV YZ_ ZYWd ZQ ZYP =`O]L M`_ ZQ =`O]L^ TY _SP [W`]LW _SPY PaPY ZQ L _SZ`^LYO LYO QTYLWWd LRLTY ZYWd ZYP T^ LOO]P^^PO ?SP]P T^ ZYP _STYR _SL_ =`O]L OPQTYT_PWd T^ YZ_% L ^TYRWP TYOTaTO`LW ^TYNP PaPY _SP Y`XMP] ZQ =`O]L^ T^ ZMaTZ`^Wd YZ_ NWPL]Wd OPQTYPO -`_ bSL_ T^ LM^ZW`_PWd OPQTYPO T^ _SP Xd_STNLW ^`M^_LYNP% =`O]L T^ LWbLd^ _SP bTWO LYO NL_L^_]Z[STN ZYP ^ZXP_TXP^ PaPY _SP X`]OP]Z`^ ZYP -`_ TY L ]PXL]VLMWP OTLWPN_TN ^STQ_ SP T^ LW^Z _SP []PNT^P Z[[Z^T_P ZQ bSL_ T^ WP_SLW LYO bTNVPO% SP T^ bSL_ SPLW^ LYO ]P^N`P^ 4Y LWW ST^ L^[PN_^ =`O]L ]P[]P^PY_^ bSL_ T^ WTXTYLW LYO wPcNP[_TZYLWx z bSTNS NLYYZ_ MP WZNLWTePO TY PT_SP] RZZO Z] PaTW ,[[L]PY_Wd _SP]P L]P YZ OPQTYTYR WTXT_^ _Z bSL_ NLY MP NLWWPO =`O]L z [P]SL[^ T_ bZ`WO MP MP__P] YZ_ _Z ^[PLV ZQ =`O]L L_ LWW M`_ ZQ w_SL_ bSTNS T^ =`O]TNx -`_ _SPY PaP]d_STYR _SL_ T^ w=`O]TNx bZ`WO TY ^ZXP bLd MP =`O]L STX^PWQ >`NS N]Z^^TYR ZQ MZ`YOL]TP^ NLY ZYWd MP Pc [WLTYPO Md _SP wWLb ZQ [L]_TNT[L_TZYx 0Y_T_TP^ ^`NS L^ =`O]L OZ YZ_ PcT^_ L_ LWW PcNP[_ _S]Z`RS [L]_TNT[L_TZY =`O]L `W_TXL_PWd ZYWd PcT^_^ TY _SP _STYR^ bSTNS SP TYSLMT_^ 3Zb T_ T^ [Z^^TMWP _SL_ _SP]P L]P L _SZ` ^LYO =`O]L^ M`_ _SL_ _SP^P _SZ`^LYO L]P _SPX^PWaP^ ZYWd ZYP MPNZXP^ NZX[]PSPY^TMWP ZYWd aTL _SP Pc[WLYL_Z]d XZOPW ZQ [L]_TNT[L_TZY 7TVP /PXZN]T_`^v L_ZX _SP L_ZX ZQ _SP [STWZ^Z[STNLW ALT²P´TVL^ T^ _SP []PNT^P Z[[Z^T_P ZQ _ST^ 4_ T^ L _Z_LWWd TYOP[PYOPY_ ^P[L]L_P PY_T_d ,_ZX^ NLY ZYWd PcT^_ OTaTOPO Q]ZX ZYP LYZ_SP] ,_ZX^ SLaP YZ NZY ^`M^_LY_TLWT_d BP NLY XLVP PL]_S bP_ bT_S bL_P] M`_ LY L_ZX ZQ PL]_S

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO



_SL_ T^ ^`]]Z`YOPO Md L_ZX^ ZQ bL_P] OZP^ YZ_ RP_ bP_ M`_ TY^_PLO ]P XLTY^ bSL_ T_ T^ LY L_ZX ZQ PL]_S ,_ZX^ SLaP YZ_STYR L_ LWW _Z OZ bT_S [P]NP[_TZY aTL _SP ^PY^P^ 4Y _SP QT]^_ [WLNP _SPd L]P NZYNPTaPO ZQ L^ LM^ZW`_P TYOTaTO`LW PcT^_PYNP 4Y _SP NL^P ZQ L_ZXT^_TN _SZ`RS_ ^d^_PX^ ZYP NLY ^[PLV ZQ _Z_LW PXLYNT[L_TZY ?ST^ T^ [L]_TN`WL]Wd _]`P ZQ _SP ALT²P´TVL^ MPNL`^P _SPd LW^Z TXLRTYP _SP ^Z`W _Z MP LY L_ZX OPaZTO ZQ LWW []Z[P]_TP^ bSTWP Z`] BP^_P]Y TOPL^ ZQ _SP ^[T]T_ Z] [^dNSP ^_TWW ]P_LTY X`NS Q]ZX QW`TO [L]_TNT[L_Z]d _STYVTYR ?ST^ XPLY^ _SL_ bP BP^_P]YP]^ L]P YZ_ L_ LWW L_ _SP ePYT_S ZQ NL`^LWT^_TN _SZ`RS_ ^TYNP ]TRTO .L]_P^TLY _STYVTYR SL^ ^P[L]L_PO _SP ^[T]T_ NZX[WP_PWd Q]ZX LYd NL`^L_TZY z bSTNS OZP^ YZ_ XPLY _SL_ _SP]P bP]P YZ L__PX[_^ _Z NL`^LWTeP _SP ^[T]T_ _ZZ L^ TY OTLWPN_TN XL_P]TLWT^X Z] 1Z`NL`W_v^ [ZWT_TNLW _SPZ]d ZQ OT^NZ`]^P 5`^_ WTVP =`O]L L_ZX^ L]P LW^Z `W_TXL_PWd ZYWd TOPL^ 5`^_ L^ YZZYP SL^ PaP] ^PPY L ]PLW =`O]L YZZYP SL^ PaP] ^PPY L ]PLW L_ZX :Q NZ`]^P XL__P] PcT^_^ bSTNS ZYP NLY Pc[WLTY L^ MPTYR M`TW_ `[ ZQ L_ZX^ M`_ _SP]P L]P LW^Z bL]^ LYO OT^PL^P^ bSTNS ZYP NLY ^TXTWL]Wd Pc[WLTY aP]d PQQPN_TaPWd L^ _SP []P^PYNP ZQ L OP^_]`N_TaP ^[T]T_ Z] RZO ^`NS L^ =`O]L PaPY _SZ`RS bP bZ`WO SL]OWd PaP] OZ ^Z TY _SP BP^_ _ZOLd -Z_S [SP YZXPYL z XL__P] LYO bL]^ z L]P U`^_ L^ ]PLW L^ LWW Z_SP] [SPYZXPYL ?SP TOPL^ _SL_ bP L^^ZNTL_P bT_S _SPX L]P ^ZXP_STYR \`T_P OTQQP]PY_ 0c [WLYL_Z]d XZOPW^ OZ YZ_ LWbLd^ SLaP _Z OZ bT_S ]PLWT_d M`_ LWbLd^ SLaP L R]PL_ OPLW _Z OZ bT_S ^ZNTLWTeL_TZY LYO SLMT_^ 3ZbPaP] bSL_ XLVP^ _SP OTQQP]PYNP T^ OZ`M_WP^^ SZb bP Pc[WLTY _SP bZ]WO _Z Z`]^PWaP^ 4Y _SP =`O]L XZOPW _SP]P T^ YZ ]PO`NTMWP TYOTaTO`LW PcT^_PYNP L_ LWW& _SP]P T^ ZYWd =`O]Lv^ PcT^_PYNP bSTWP TY _SP L_ZX XZOPW PaP]d [L]_TNWP ]PLWWd PcT^_^ TY T_^PWQ LYO \`T_P LWZYP 1T]^_ ZQ LWW ZYP _STYV^ _SP L_ZX LYO _SPY _SP ]PWL_TZY^ _SL_ _SP L_ZX SL^ >Z _SP ]PWL_`X X`^_ NZXP MPQZ]P _SP ]PWL_TZY^ BT_S =`O]L _SP ^T_`L_TZY T^ ]PaP]^PO% SP]P _SP ]PWL_TZY^ NZXP MPQZ]P _SP ]PWL_`X TP TQ _SP]P bL^ YZ bL] QWZZOTYR Z] OT^PL^P _SP]P bZ`WO MP YZ =`O]L PT_SP] ?SP]PQZ]P PaP]d_STYR _SL_ ?LXMTLS ^Ld^ LMZ`_ NL`^LWT_d NLY MP MP_ _P] Pc[WLTYPO ZY_ZWZRTNLWWd TY _P]X^ ZQ TYOTaTO`LWTeL_TZY Z] _SP TOPL ZQ LY PcT^_PYNP L^ LY TYOTaTO`LW ,_ZXTN TYOTaTO`LWTeL_TZY T^ NPY_]LW _Z ?LXMTLS _ZZ M`_ SP ]PRL]O^ T_ L^ L Sd[ZYdX ZQ NL`^LWT_d 1]ZX L [ST WZ^Z[STNLW LYO N]Z^^N`W_`]LW ^_LYO[ZTY_ _ST^ T^ []ZMWPXL_TN ^TYNP _SP]P L]P NTaTWTeL_TZY^ _SL_ NLYYZ_ LWbLd^ MP QZ]NPO _Z QT_ ?LXMTLSv^ ^NSPXP ZQ [L]_TNT[L_TZY LYO NL`^LWT_d 0aPY _SP 4YOTLY WTYR`T^_TN [STWZ^Z[SP] -SL]_šSL]T bT_S ST^ STRSWd LM^_]LN_ ]PQWPN_TZY^ ST^ \`P^_TZY ZQ bSP]P XPLYTYR NZXP^ Q]ZX LYO ST^ _SP^T^ ZQ _SP WTYR`T^_TN NZY^_T_`_TZY ZQ ]PLWT_d OZP^ YZ_ QT_ TY_Z ?LX MTLSv^ XZOPW L_ LWW ^TYNP QZ] -SL]_šSL]T NL`^LW [L__P]Y^ ZQ Pc[WLYL_TZY L]P YZ_ ZQ _SP ^WTRS_P^_ TX[Z]_LYNP @W_TXL_PWd -SL]_šSL]T OZP^ YZ_ PaPY YPPO NL`^LWT_d ^TYNP LWW TYOTaTO`LW PcT^_PYNP L]T^P^ _S]Z`RS _SP _]LY^



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

X`_L_TZY ZQ LY Z]TRTYLW :YP _Z L [W`]LWT_d 3P LW^Z L[[WTP^ _ST^ XZOPW _Z _TXP ,WW OTaT^TZY^ TY_Z TYOTaTO`LW [TPNP^ LYO TY_Z ^P\`PYNP^ L]P L Q`YN _TZY ZQ PX[T]TNLW NZY^NTZ`^YP^^ LYO YZ_ L Q`YN_TZY ZQ PcT^_PYNP :YWd _SP bSZWP T^ ]PLW ,Y P_SYZR]L[SP] XLd [`_ `[ _SP NZ`Y_P]L]R`XPY_ _SL_ ^`NS PWT_T^_ ^[PN`WL_TZY^ SLaP YZ_STYR _Z OZ bT_S STX LYO _SL_ []T XL]TWd SP T^ ZYWd TY_P]P^_PO TY _SP XLY TY _SP ^_]PP_ -`_ TY QLN_ _SP QZ]X ZQ _SZ`RS_ Z`_WTYPO Md -SL]_šSL]T T^ QZ`YO PaPY TY _SP ^TX[WP aTWWLRP ?LY_]T^_% _SP bSZWP ?LY_]TN ^d^_PX ]P\`T]P^ L_ WPL^_ TX[WTNT_Wd []P NT^PWd _SL_ QZ]X ZQ _SZ`RS_ Pc[WTNT_Wd L]_TN`WL_PO Md -SL]_šSL]T >Z _SP]P L]P ^ZXP STRSWd LM^_]LN_ ^d^_PX^ _SL_ L]P YZ_ NL`^LWT^_TN BP bTWW _SP]PQZ]P `^P _SP _P]X wPXLYNT[L_TZYx TY^_PLO ZQ _SP _P]X wNL`^LWT^Xx ! 1Z] YZ_ ZYWd -SL]_šSL]Tv^ [STWZ^Z[Sd ^SZb^ _SL_ _SP]P L]P ]PQWPN_TaP ^d^_PX^ _SL_ OZ YZ_ WPLO TY_Z _SP _Z_LW PXLYNT[L_TZY ZQ _STYR^ Q]ZX ZYP LYZ_SP] L^ TY XZOP]Y ^NTPYNP M`_ TY^_PLO OPaPWZ[ \`T_P OTQQP]PY_ LM^_]LN_TZY^ ,_ L ML^TN WPaPW bP L]P \`T_P QLXTWTL] bT_S [STWZ^Z[STNLW _SPZ]PX^ ^`NS L^ _SZ^P ZQ -SL]_šSL]T :YP ZYWd SL^ _Z _STYV ZQ ;L]XPYTOP^v _Z ZY w_SP PcT^_PYNPx LYO ;WZ_TY`^v SPY w_SP ZYPx -`_ QZ] `^ BP^_P]YP]^ _SPd L]P WP^^ TX[Z]_LY_ TY _SP TY_PWWPN_`LW ST^_Z]d ZQ XLYVTYO LYO ]PXLTY ]L_SP] w^_]LYRP MT]O^x bSZ L[[L]PY_Wd bP]P ^PWOZX LMWP _Z WPLaP _SP PWT_P NT]NWP LYO bSZ SLO X`NS WP^^ TYQW` PYNP ZY _SP OPaPWZ[XPY_ ZQ N`W_`]LW ^PWQLbL]PYP^^ _SLY ,]T^_Z_WP Z] /P^NL]_P^ ,W_SZ`RS L Q`YOLXPY_LW NSLYRP T^ _LVTYR [WLNP _ZOLd TY 9Pb,RP_d[P ^[T]T_`LWT_d bSTNS SL^ L ]PWL_TaPWd WL]RP QZWWZbTYR NQ Z`] NSL[ ! _ST^ OTO ^_TWW YZ_ MPNZXP L XLUZ]T_d N`W_`]P ?SP]P L]P YZ_ ZYWd STRSWd ]PQWPN_TaP ^d^_PX^ _SL_ L]P YZ_ NL`^LWT^_TN M`_ _SP]P L]P LW^Z [L]_TNT[L_Z]d u_SZ`RS_ bZ]WO^v M`TWOTYR `[ZY NL`^LW ]PWL_TZY^ ^`NS L^ XLRTN 4Q XLRTN SL^ MPPY WLMPWPO wT]]L_TZYLWx LYO wTWWZRTNLWx _SPY _ST^ ZYWd ^SZb^ []TXL]TWd SZb `Y]PQWPN_POWd _SP _P]X^ w]L_TZYLWT_dx LYO wWZRTNx L]P RPYP]LWWd `^PO ?SP []ZMWPX T^ _SL_ _SP^P _P]X^ SLaP L []TXL]d XPLYTYR LYO L ^PNZYOL]d XPLYTYR bSTNS L]P ZQ_PY NZYQZ`YOPO 7ZRTN NLY QT]^_Wd MP `YOP]^_ZZO L^ MPTYR OP]TaPO Q]ZX WZRZ^ ]PQP]]TYR _Z L QZ]X ZQ _SZ`RS_ ML^PO ZY _P]XTYZWZRTNLW OTLWPN_TN LYO LM^_]LN_ L^[PN_^ 4Q XLRTN T^ `YOP]^_ZZO TY _ST^ bLd _SPY T_ T^ YZ_ WZRTNLW MPNL`^P T_ QZ]X^ YZ _P]X^ OZP^ YZ_ L]R`P OTLWPN_TNLWWd LYO VYZb^ YZ LM^_]LN_TZY^ -`_ ZY _SP Z_SP] SLYO TQ QZWWZbTYR L XZ]P XZOP]Y `^P ZQ WLYR`LRP WZRTN T^ `YOP]^_ZZO L^ NZY^T^_PY_ NZYNW`^TZY^ LYO NZX[]PSPY^TMTWT_d XLRTN T^ YZ_ L_ LWW TWWZRTNLW M`_ T^ ^_]TN_Wd NZY ^T^_PY_ LYO NZX[]PSPY^TMWP ,Y LYLWZRZ`^ OTQQP]PY_TL_TZY X`^_ LW^Z MP XLOP TY ]PWL_TZY _Z _SP _P]X ]L_TZYLWT_d 4Q ]L_TZYLWT_d T^ `YOP]^_ZZO _Z MP LYLWd_TNLW OTaTOTYR _SZ`RS_ L ^d^_PXL_TeTYR LYO L XL_SPXL_TeTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ,^ SL^ LW]PLOd MPNZXP \`T_P NWPL] Q]ZX Z`] []PaTZ`^ OT^N`^^TZY^ bP `^P _ST^ _P]X TY L [STWZ^Z[STNLW ^PY^P ]L_SP] _SLY TY _SP ^PY^P ZQ ^ZNTLW ^NTPYNP

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO



\`LY_TQTNL_TZY _SPY XLRTN T^ WL]RPWd wT]]L_TZYLWx -d NZY_]L^_ TQ ]L_TZY LWT_d z L^ T^ ^Z ZQ_PY _SP NL^P z T^ ]PRL]OPO L^ PQQTNTPYNd LYO _SP LMTWT_d _Z Pc[WLTY ZYPv^ LN_TZY^ _SPY XLRTN T^ XZ^_ NP]_LTYWd wPc_]PXPWd ]L _TZYLWx

 8LRTN LYO 8d_S BP `^P _SP _P]X wXd_Sx Z] wXd_SZ^x  []TYNT[LWWd _Z OPYZ_P L [L]_TNT[L _Z]d bZ]WO Z]TPY_L_TZY TY OT^_TYN_TZY _Z Xd_S L^ L _]LOT_TZYLW YL]]L _TaP ! 4Y NP]_LTY NZY_Pc_^ bP LW^Z ^[PLV ZQ XLRTN 1Z] _ST^ ]PL^ZY T_ T^ YPNP^^L]d _Z MP L WT__WP XZ]P []PNT^P LMZ`_ SZb _SP _P]X^ Xd_SZ^ LYO XLRTN L]P `YOP]^_ZZO SP]P LYO SZb bP bZ`WO WTVP _Z OTQQP]PY_TL_P MP _bPPY _SPX BSPY bP ^[PLV ZQ wXLRTNx MPWZb _ST^ []TXL]TWd XPLY^ L NL`^LW ^d^_PX Z] _Z MP XZ]P []PNT^P L ^_]TN_Wd OP_P]XTYT^_TN ^d^_PX bSTNS SZbPaP] T^ ML^PO ZY L [L]_TNT[L_Z]d aTPb ZQ _SP bZ]WO _SL_ XLVP^ YZ NL_PRZ]d OT^_TYN_TZY^ 4Y NZY_]L^_ _Z XZOP]Y ^NTPYNP YZ_STYR SL[[PY^ Md NSLYNP TY XLRTN 4Q _SP ]ZZQ ZQ L M`TWOTYR NZWWL[^P^ ZY_Z L bPOOTYR [L]_d L ^NTPY_TQTN Pc[WLYL_TZY XLd ^Ld _SL_ _SP SZ`^P bL^ YZ_ OP^TRYPO []Z[P]Wd -`_ bSL_ ^NTPYNP NLY YZ_ Pc[WLTY T^ bSd _SP ]ZZQ NZWWL[^PO L_ _ST^ [L]_TN`WL] XZXPY_ bSPY _SP^P [L]_TN`WL] [PZ[WP bP]P `YOP]YPL_S T_ !! ,Y L^_]ZWZRP] bZ`WO _]d _Z Pc[WLTY _SP OT^L^_P] TY _P]X^ ZQ `YQLaZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BP ^ZXP_TXP^ []PQP] _Z `^P _SP 2]PPV Pc[]P^^TZY Xd_SZ^ _Z OPYZ_P XZ]P NWPL]Wd _SP _SZ`RS_ QZ]X OTQQP]PY_ Q]ZX _SP 2]PPV WZRZ^ !! ?ST^ bL^ ZYP ZQ _SP TX[Z]_LY_ ^_L]_TYR [ZTY_^ TY 0aLY^;]T_NSL]Ov^ OT^N`^^TZY ZQ XLRTN , R]PL_ OPLW SL^ MPPY [`MWT^SPO ZY _SP ^`MUPN_ ZQ XLRTN LYO bP OPaPWZ[ LMZaP L QPb ZQ Z`] ZbY _SZ`RS_^ NZYNP]YTYR L bZ]VTYR OPQTYT_TZY _SL_ XLYLRP^ bT_SZ`_ _SP OT^N`^^TZY _SL_ ZQ_PY OP_P]XTYPO _SP OPML_P ZY bSP_SP] XLRTN T^ ]PWTRTZY Z] L []P N`]^Z] ZQ ^NTPYNP 4_ ^T_`L_P^ XLRTN []TXL]TWd TY ]T_`LW LN_TZY M`_ LN_TZY _SL_ SL^ LY `YOP]WdTYR [L]_TNT[L_Z]d ZY_ZWZRd LMZaP LWW TY _SP QZ]X ZQ SZXZWZRTP^ 4_ L[[PL]^ _Z `^ _Z MP `^PQ`W _Z VPP[ SZWO ZQ _SP NZYNP[_ TY L YZY[PUZ]L_TaP QZ]X bT_SZ`_ NWLTXTYR _Z [W`XM _SP [SPYZXPYZY TY LWW T_^ L^[PN_^ Z] []ZaTOP w_SPx OPQTYT_TZY ZQ XLRTN 1Z] L OT^N`^^TZY ZQ _SP OTQQTN`W_TP^ ZQ ^`NS L OPQTYT_TZY NQ ,YYP__P BTWVP wu8LRT^NS ]PWTRTØ^*v 3TYO`T^_T^NSP BPW_Z]TPY_TP]`YR `YO 8LRTP/PML__Px TY E`] ,VeP[_LYe aZY 8LRTP =PWTRTZY `YO BT^^PY^NSLQ_  PO , 1TPOP]X`_e7L`Y P_ LW 8ÞY^_P]% 7T_  #z ?SP L]_TNWP L]R`P^ TY L XZ]P NZY^_]`N_TaT^_ XLYYP] _SLY _SP L]R`XPY_ Z`_WTYPO LMZaP :_SP] L[[]ZLNSP^ _SL_ bP NZY^TOP] _Z MP PY]TNSTYR LYO _SL_ SLaP OTQ QP]PY_ QZN`^P^ TYNW`OP 0aLY^;]T_NSL]O LYO ?LXMTLSv^ aZW`XP ZY XLRTN LYO 8L]NPW 8L`^^ , 2PYP]LW ?SPZ]d ZQ 8LRTN 9Pb DZ]V% 9Z]_ZY  .Z $" Z]TRTYLW 1]PYNS PO $ & >_LYWPd ?LXMTLS w?SP 8LRTNLW ;ZbP] ZQ BZ]O^x 8LY 9>  $!#% " z#& w1Z]X `YO -POP`_`YR XLRT^NSP] ,V_P% 0TY >_LYO[`YV_x TY 8LRTP% /TP ^ZeTLWbT^^PY^NSLQ_WTNSP 6ZY_]ZaP]^P ÞMP] OL^ AP]^_PSPY Q]PXOPY /PYVPY^ PO 3LY^ 6T[[PYMP]R LYO -]TRT__P 7`NSP^T 1]LYVQ`]_% >`S]VLX[ $#"  $z$!& ,WQ]PO ATP] VLY_ w/TP PY_bTNVW`YR^[^dNSZWZRT^NSP ?SPZ]TP OP] EL`MP]PTx TY 8LRTP `YO =PWTRT ZY% -PT_]ÆRP e` PTYP] ?SPZ]TP OP] 8LRTP /L]X^_LO_% BT^^ -`NSRP^PWW^NSLQ_ $"#

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

LMWP NZYU`YN_TZY^ ZQ _SP ^_L]^ LYO [WLYP_^ :_SP] _d[P^ ZQ Pc[WLYL_TZY bZ`WO MP _STYR^ ^`NS L^ _SP ^[T]T_^ ZQ _SP LYNP^_Z]^ MPTYR ZQQPYOPO L ^[PWW _SL_ SLO MPPY NL^_ Z] L OPT_d LYRP]PO Md _SP YPRWPN_ ZQ _SP [PZ[WP TY _SP SZ`^P ?SP ^T_`L_TZY MPNZXP^ XLRTN bSPY YZ_ ZYWd LY Pc[WLYL _Z]d [L__P]Y T^ ^Z`RS_ M`_ LW^Z L [L__P]Y ZQ LN_TZY ?SP LNNTOPY_ NZ`WO SLaP MPPY []PaPY_PO TQ _SP M]TOP LYO R]ZZX SLO bZ]Y _LWT^XLY^ _Z []Z _PN_ _SPX^PWaP^ Q]ZX _SP `YQLaZ]LMWP [WLYP_^ TQ _SP TWWOT^[Z^PO LYNP^ _]LW ^[T]T_^ SLO MPPY L[[PL^PO bT_S L QTYP XPLW TQ _SP ^[PWW SLO MPPY bL]OPO ZQQ Md L NZ`Y_P]^[PWW Z] TQ _SP LYR]d OPT_d SLO MPPY [LNTQTPO _S]Z`RS []LdP] LYO ^LN]TQTNP ,W_SZ`RS XLRTN T^ ML^PO ZY Xd_SZ^ TP L [L]_TNT[L_Z]d bZ]WOaTPb T_ SL^ LY PXLYNT[L_Z]d NSL]LN_P]% ZYP T^ LMWP _Z OZ ^ZXP_STYR ZYP^PWQ  :Q NZ`]^P XLRTN LN_TZY^ LYO ^[PPNS L]P XZ^_Wd ML^PO ZY L MPWTPQ TY ^`[P]YL_`]LW QZ]NP^ LYO [ZbP]^ M`_ _SP TOPL ZQ _SP TYPcZ]LMWP PQQTNLNd ZQ XLRTN RTaP^ [PZ[WP L NZX[WP_PWd YPb [ZbP] _Z _LVP LN_TZY 4_ LW^Z N]PL_P^ ^NZ[P QZ] _LVTYR LN_TZY bSP]P ^NT PYNP LYO _PNSYZWZRd L]P TYPQQPN_TaP , ML^TN LcTZX ZQ XLRTN _SZ`RS_ LYO LN_TZY T^ _SL_ bSP]P _SP]P T^ L SZXZWZRZ`^ NZYYPN_TZY MP_bPPY _bZ _STYR^ _SL_ ^SL]P L NP]_LTY L^[PN_ ZQ _SPT] TOPY_T_d z PR _SPd L]P XLOP ZQ _SP ^LXP XL_P]TLW _SPd ZNN`] TY _SP ^LXP Y`XMP] _SPd SLaP _SP ^LXP QZ]X Z] _SP ^LXP ^_]`N_`]P Z] _SPd ^SL]P L NZXXZY []Z[P]_d P_N z _ST^ NZYYPN_TZY LWWZb^ LY TYP^NL[ LMWP ]PWL_TZY^ST[ bSTNS NLY MP `_TWTePO ?SP XZ]P P^^PY_TLW _SP SZXZW ZRd _SP ^_]ZYRP] _SP ]PWL_TZY^ST[ @YWTVP NL`^LW ]PWL_TZY^ SZXZWZRTNLW ]PWL_TZY^ NLY MP N`X`WL_TaP ?SP]PQZ]P _SP QZWWZbTYR LW^Z L[[WTP^% _SP R]PL_P] _SP Y`XMP] ZQ SZXZWZRTP^ _SP XZ]P PQQPN_TaP _SP XLRTN LN_ ?SP NL_PRZ]TP^ ZQ PcT^_PYNP LYO ZQ _STYR^ L]P ZQ YZ TX[Z]_LYNP w/TP >PTY^ `YO /PYVVL_RPZ]TPY ^TYO OLMPT ZSYP -PWLYRx ?SP XTYO NLY SLaP OT]PN_ PQQPN_^ ZY _SP MZOd LYO _SP MZOd NLY SLaP OT]PN_ PQQPN_^ ZY _SP XTYO ?SP QLXZ`^ .L]_P^TLY OT^_TYN_TZY T^ YZ_ XLOP BP^_P]Y ^NSZWL]^ST[ SL^ L__PX[_PO _Z [`_ XLRTN ]T_P^ TY_Z YPb NL_P RZ]TP^ LYO _Z NWL^^TQd _SPX L^ ^dX[L_SP_TN LN_TYR aTL ^SL]PO []Z[P] _TP^ TXT_L_TaP LN_TYR aTL NZ[dTYR LYO NZY_LRTZ`^ LN_TYR aTL NZY_LN_ 1Z] PcLX[WP _SP ^XLWW T]ZY [Z_^ TY_Z bSTNS [L^^P]^Md TY /PWST _S]Zb NZTY^ ZY >L_`]OLd^ ^Z _SL_ _SP [WLYP_ >L_`]Y NLYYZ_ PcP]_ LY `YQLaZ]LMWP TYQW`PYNP bZ`WO MP LY TY^_LYNP ZQ ^dX[L_SP_TN XLRTN ?SP R]L^^ OZWW ]P[]P^PY_TYR LY PYPXd bSTNS T^ _Z]Y _Z [TPNP^ TY ST^ [WLNP T^ PQQPN_TaP _S]Z`RS LY TXT_L_TaP Z] XTXP_TN ]T_P ?SP L]_TNWP ZQ NWZ_STYR _SL_ L XLY ^_PLW^ LYO O]PYNSP^ TY MWZZO ^Z _SL_ _SP bZXLY bSZ bZ]P _SP O]P^^ bTWW QLWW TY WZaP bZ`WO MP NZY_LRTZ`^ XLRTN ?SP^P NWL^^TQTNL_TZY^ L]P SP` ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !z LYO XZ]P ]PNPY_ L[[]ZLNSP^ ^`NS L^ 2W`NVWTNS ?SP 0YO ZQ 8LRTN $$" Z[ NT_ 6T[[PYMP]R w8LRTPx TY 3]B2 $$# Z[ NT_& /TP_SL]O >LbTNVT 8LRTP 1]LYVQ`]_% 1T^NSP] & >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN " Z[ NT_

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

"

]T^_TNLWWd SPW[Q`W M`_ ML^TNLWWd _SPd L]P ZYWd L[[L]PY_ NL_PRZ]TP^ w>NSL__PYVL_PRZ]TPYx MPNL`^P XLRTN _SZ`RS_ OZP^ YZ_ LWWZb T_^PWQ _Z MP L]_TQTNTLWWd NZX[L]_XPY_LWTePO 4Y _SP QTYLW LYLWd^T^ _ST^ NWL^^TQTNL _TZY T^ ML^PO `[ZY _SP BP^_P]Y NL_PRZ]TP^ ZQ ^`M^_LYNP L__]TM`_P^ LYO ]PWL_TZY^ ?SP XZ^_ L[[]Z[]TL_P L[[]ZLNS T^ ^TX[Wd _Z ^Ld _SL_ XLRTN bZ]V^ SZXZWZRTNLWWd L^ []Z[Z^PO LMZaP ?SP]P T^ LWbLd^ L ]PWL_TZY aTL L NZXXZY QPL_`]P z LYO T_ T^ YZ_ ZQ LYd R]PL_ TX[Z]_ bSTNS _d[P ZQ QPL _`]P _ST^ T^ ?SP ZYWd TX[Z]_LY_ _STYR T^ _SP QLN_ _SL_ _ST^ NZXXZYLWT_d PcT^_^ LYO _SL_ T_ T^ `YOP]^_ZZO _Z MP P^^PY_TLW 4Q QZ] TY^_LYNP L aZZ OZZ []TP^_ O]T[^ NSTNVPYv^ MWZZO ZY_Z L ;ZWL]ZTO [SZ_ZR]L[S ZQ L NP]_LTY [P]^ZY T_ T^ ^LQP _Z L^^`XP _SL_ SP bT^SP^ _Z TYQW`PYNP _SP [P]^ZY ^SZbY TY _SP [SZ_Z LYO YZ_ _SP aLW`P ZQ ;ZWL]ZTOv^ ^SL]P^ ZY _SP ^_ZNV XL]VP_ >dX[L_SP_TN ]T_P^ L]P _SZ^P TY bSTNS ^`M^_LYNP T^ ^PPY L^ P^^PY _TLW 1Z] PcLX[WP >L_`]Y ±LYT  _SP M]TYRP] ZQ OT^L^_P] T^ P^[PNTLWWd XLWPaZWPY_ ZY >L_`]OLd^ w>L_`]Yv^ OLdx TY 3TYO¯ ²LYTa£]  4Y _SP 4Y OTLY aTPb >L_`]Y T^ XLOP ZQ T]ZY LYO _SP]PQZ]P _SP L^^ZNTL_PO [Z_^ L]P LW^Z XLOP ZQ T]ZY ?SP NZTY^ _SL_ L]P _S]ZbY TY_Z _SP [Z_^ L]P PQQPN_TaP MPNL`^P ZQ _SP TOPY_T_d ZQ ^`M^_LYNP 4Q _SPd bP]P _S]ZbY TY_Z ^TWaP] [Z_^ _SP ]T_P bZ`WO SLaP YZ PQQPN_ MPNL`^P ^TWaP] NZ]]P^[ZYO^ _Z _SP XZZY LYO YZ_ _Z >L_`]Y ?SP R]L^^ OZWW TY _SP XTXP_TN ]T_P ZY _SP Z_SP] SLYO T^ YZ_ ZQ _SP ^LXP ^`M^_LYNP L^ _SP PYPXd M`_ T_^ QZ]X T^ L NZ[d ZQ STX LYO ZQ_PY _SP OZWW T^ LW^Z RTaPY _SP YLXP ZQ _SP PYPXd ?SP T_PX ZQ NWZ_STYR TY _SP NZY_LRTZ`^ ]T_P `^PO _Z MP TY NWZ^P NZY_LN_ bT_S _SP MZOd ZQ _SP ZMUPN_ ZQ OP^T]P ?SP MWZZO T^ ]PO WTVP [L^^TZYL_P WZaP _SP WTQPMWZZO ZQ _SP LOXT]P] LYO _SP bZXLYv^ XPY^_]`LW MWZZO ?ST^ ^dX [L_SP_TN XLRTN NZXP^ TY LOOT_TZY _Z _SP NZY_LRTZ`^ XLRTN LYO _S`^ ]PTY QZ]NP^ _SP PQQPN_^ TY ^PaP]LW bLd^ L_ _SP ^LXP _TXP !" 4Y LWW _S]PP PcLX [WP^ SZXZWZRTNLW ]PWL_TZY^ NLY MP QZ`YO LYO SZXZWZRd NLY LWbLd^ MP ^PPY L^ L QZ]X ZQ [L]_TNT[L_TZY ?SP wXd_Sx Xd_SZ^ T^ L [L]_TNT[L_Z]d Z]TPY_L_TZY TY LY PaPY XZ]P XL]VPO QZ]X !# BSTWP ^NTPYNP M]PLV^ `[ _SP bZ]WO TY_Z NL_PRZ]TP^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !" 4Y XLYd XLRTN ]T_P^ WLYR`LRP [WLd^ LY TX[Z]_LY_ ]ZWP TY _SP PQQPN_TaPYP^^ ZQ XLRTN YZ_ WPL^_ MPNL`^P SZXZWZRTP^ XLd LW^Z MP ^_L_PO [`]PWd aP]MLWWd bT_SZ`_ _SP LN_`LW ^`M^_LYNP^ MPTYR _SP]P Z] NP]_LTY ^`M^_LYNP^ XLd MP OPNWL]PO _Z MP Z_SP] ^`M^_LYNP^ !# 4Y _SP TY_P]OT^NT[WTYL]d OT^NZ`]^P ZY Xd_S _SP [SPYZXPYLW L]PL ZQ Xd_S^ T^ `^`LWWd ^PPY TY YL]]L_TZY^ _SL_ SLaP NZY^_T_`_TaP PQQPN_^ NZY^_]`N_ wbZ]WOx LYO _S`^ LWWZb VYZbWPORP LYO Z]TPY_L_TZY LYO Q`WQTWW Q`YN_TZY^ _SL_ SZWO ^ZNTP_TP^ _ZRP_SP] ?SP `Y OP]^_LYOTYR ZQ Xd_S []Z[Z^PO LMZaP bSTNS `YOP]^_LYO^ Xd_S^ YZ_ ZYWd L^ _LWP^ M`_ LW^Z L^ QZ]X^ ZQ _SZ`RS_ _SL_ S`XLY MPTYR^ O]Lb Q]ZX _SP^P _LWP^ T^ _SP]PQZ]P NZX [L_TMWP M`_ T_ T^ []TXL]TWd WTYVPO _Z .L^^T]P]v^ ^dX[L_SP_TN bZ]WOaTPb LYO 3ÞMYP]v^ ZY_ZWZRTeTYR `YOP]^_LYOTYR ZQ wXd_Sx L^ L QZ]X ZQ _SZ`RS_ bSZ^P ]L_TZYLWT_d OTQQP]^ Q]ZX _SP LYLWd_TNLW OTaT^TaP wWZRZ^x LYO NL_PRZ]TN _SZ`RS_ .Q 6`]_ 3ÞMYP] /TP BLS]SPT_ OP^ 8d_SZ^ 8ÞYNSPY% -PNV $#  8d_S^ LW^Z XLVP RPYP]LW ^_L_PXPY_^ LYO LNNZ]OTYR _Z 3ÞMYP] NLY MP NSL]LN_P]TePO Md _SP N]PL_TZY ZQ WLb^ _SPT] wL]NSËx 

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

OTNSZ_ZXTP^ _SP []P^NTPY_TQTN Xd_SZ^ L[[PL]^ YZ_ _Z XLVP LYd OT^ _TYN_TZY MP_bPPY _SP ^[T]T_`LW LYO _SP XL_P]TLW MP_bPPY _SP ^`MUPN_TaP LYO _SP ZMUPN_TaP =L_SP] _SP bSZWP bZ]WO T^ ]PRL]OPO L^ w^PY_TPY_x wWTaTYRx LYO wLYTXL_Px >_]TN_Wd ^[PLVTYR _SP]P L]P YZ YZYWTaTYR _STYR^ 6`]_ 3ÞMYP] _SP 2P]XLY [STWZ^Z[SP] LYO _SPZ]P_TNTLY ZQ ^NT PYNP OPQTYPO _SP 2]PPV Xd_SZ^ LYO T_^ bZ]WO Z]TPY_L_TZY TY []PNT^PWd _ST^ bLd w0aP]d_STYR T^ m ^ZXP_STYR WTaTYR LYO LYTXL_Px !$ :`] `^`LW TOPL^ LMZ`_ _SP LYNTPY_ Xd_STNLW OPT_TP^ ML^TNLWWd XT^^ _SP [ZTY_ MP NL`^P bP PYaT^LRP _SPX L^ [P]^ZY^ M`_ w?ST^ WTaTYR LYO LYTXL_P L^[PN_ OZP^ YZ_ SLaP _Z MP L u[P]^ZYv TY _SP ^_]TN_ ^PY^P WTVP QZ] PcLX[WP _SP RZO^ ZQ :WdX[`^x " ?SP]P T^ LN_`LWWd \`T_P L OTQQP]PY_ [TN_`]P TY _SP NL^P ZQ _SP uYL_`]P OPT_TP^v% QZ] PcLX[WP _SP]P T^ w2LTL TY PaP]d_STYR _SL_ T^ uPL]_Sdv /PXP_P] TY PaP]d ]T[PYTYR R]LTY LYO 0Z^ TY LWW [Z^^T MWP ^`Y]T^P^x " ?SP RZOOP^^ >L]L^aL_¯ T^ PYaT^LRPO TY 4YOTL TY PcLN_Wd _SP ^LXP bLd% ^SP T^ YZ_ ZYWd 7LYR`LRP T_^PWQ M`_ T^ LW^Z ^`M^_LY_TLWWd []P^PY_ TY PaP]d WTYR`T^_TN `__P]LYNP LYO LMZaP LWW TY PaP]d bT^P `__P] LYNP ?ST^ T^ Pc[]P^^PO PaPY TY ^TX[WP `^P ZQ WLYR`LRP ?SP bZ]O w>L]L^aL_¯x NLY ^TRYTQd YZ_ ZYWd _SP RZOOP^^ TY SP] LY_S]Z[ZXZ][STN QZ]X M`_ L_ _SP ^LXP _TXP ^TX[Wd PaP]d _d[P ZQ ^[ZVPY WLYR`LRP ?SP wLYTXL_Px L^[PN_ ZQ _SP Xd_S SL^ YPT_SP] L [`]PWd ^[T]T_`LW NSL]LN_P] YZ] L [`]PWd XL_P]TLW ZYP -L^TNLWWd T_ M]PLV^ LWW OTNSZ_ZXTP^ ^`NS L^ ^[PNTP^ a^ TYOTaTO`LW MZOd a^ ^Z`W LYO XL_P]TLW a^ ^[T]T_`LW 9PT_SP] T^ T_ ^ZXP_STYR _]LY^NPYOPY_LW LYO T^ _SP]PQZ]P YZ_ Z`_^TOP ^[LNP Z] _TXP ,YO T_ ^PPX^ _SL_ []PNT^PWd QZ] _ST^ ]PL^ZY 3ÞMYP] `^P^ _SP bZ]O^ w^Z`Wx Z] wLYTXL_Px ZYWd bSPY [L]L[S]L^TYR 4Y^_PLO SP NZY ^_]`N_^ L YPb _P]X LYO ^[PLV^ ZQ wXd_STNLW ^`M^_LYNPx 8d_STNLW ^`M ^_LYNP^ ]P[]P^PY_ wXL_P]TLW LYO ^[T]T_`LW TYOTaTO`LW^ L_ _SP ^LXP _TXP z ^Z ZaP]LWW bSP]PaP] L NP]_LTY ^`NS ^`M^_LYNP L[[PL]^ _SP ^LXP TYOT aTO`LW T^ []P^PY_ ?ST^ XPLY^ _SL_ TY _ST^ ]P^[PN_ _SP]P T^ YZ OTQQP]PYNP L_ LWW MP_bPPY _SP bSZWP LYO T_^ [L]_^ L^ QZ] PcLX[WP TY _SP NL^P ZQ XL_P]TLW^ _SL_ L]P OT^_]TM`_PO ^ZXPSZb TY ^[LNPx " ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

!$ " " "

ZY _SP QZ`YOL_TZY ZQ Xd_STNLW ]PWL_TZY^ TP ]PWL_TZY^ _SL_ L]P YZ_ ^`MUPN_ _Z _SP WTXT _L_TZY^ ZQ ^NTPY_TQTN WLb^ 3ÞMYP]v^ NZYNP[_TZY ZQ Xd_S bSTNS bL^ OPaPWZ[PO ZY _SP ML^T^ ZQ _SP 2]PPV [LY_SPZY LYO ST^ OPQTYT_TZY ZQ wXd_STNLW ^`M^_LYNP^x L]P NP] _LTYWd YZ_ _]LY^QP]LMWP _Z LWW NZYNPTaLMWP Xd_S^ M`_ _SPd L]P PXTYPY_Wd ^`T_LMWP QZ] _SP 4YOTLY XL_P]TLW LYO P^[PNTLWWd QZ] _SP PL]Wd APOTN XL_P]TLW ?SPd LW^Z Pc[WLTY Z`] _P]X w`YTaP]^LW Xd_Sx L^ L NZ^XZWZRTNLW NZYNP[_`LWTeL_TZY LYO _Z_LWTeTYR QZ]X ZQ _SZ`RS_ Z] XPY_LWT_d :Y _SP OTaP]^T_d ZQ Xd_S OPQTYT_TZY^ LYO _SPZ]TP^ NQ ,^^XLYY w8d_SZ^x Z[ NT_& 3ZYVZ w?SP ;]ZMWPX ZQ /PQTYTYR 8d_Sx Z[ NT_& LYO =ZMP]_ , >PRLW 8d_S% , AP]d >SZ]_ 4Y_]ZO`N_TZY :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^  3ÞMYP] BLS]SPT_ OP^ 8d_SZ^  3ÞMYP] BLS]SPT_ OP^ 8d_SZ^  3ÞMYP] BLS]SPT_ OP^ 8d_SZ^  3ÞMYP] BLS]SPT_ OP^ 8d_SZ^ "

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

$

:Y_ZWZRTNLWWd _SP]P L]P YZ MZ`YOL]TP^ MP_bPPY _SP^P Xd_STNLW ^`M ^_LYNP^ =`O]L T^ L RZO M`_ PaP]d X`]OP]P] LYO PaP]d _STPQ T^ LW^Z L =`O]L LYO NLY MP NLWWPO ^`NS L_ LYd _TXP ?SP Xd_STNLW ^`M^_LYNP^ L]P YZ_ ^P[L]L_P TYOTaTO`LW^ TY _SP bLd _SL_ bP RPYP]LWWd aTPb Z`] PcT^ _PYNP ?SP XZOP]Y LWTPYL_TZY ZQ ^`MUPN_ LYO _SP bZ]WO OZP^ YZ_ PcT^_ 4Y L Xd_STNLW Pc[P]TPYNPO ]PLWT_d _SP ^`MUPN_ Pc[P]TPYNP^ T_^ MPTYR PXMPO OPO TY _SP bZ]WO PaPY L^ QL] L^ _SP NZX[WP_P `YTZY ZQ TY_P]YLW ^[LNP LYO Pc_P]YLW ^[LNP >Z SP]P L S`XLY MPTYR OZP^ YZ_ Pc[P]TPYNP STX Z] SP]^PWQ L^ L ^P[L]L_P TYOTaTO`LW OP_LNSPO Q]ZX _SP bZ]WO L^ L bSZWP >`NS Xd_STNLW TYaZWaPXPY_ T^ LW^Z \`T_P QLXTWTL] _Z `^ L^ XZOP]Y [PZ [WP 4OPL^ ZQ _SP bZ]WO LYO Pc[P]TPYNP^ ZQ _SP bZ]WO wBPW_aZ]^_PWW`Y RPY `YO BPW_P]QLS]`YRPYx L]P _bZ OTQQP]PY_ _STYR^ 4Q 4 RTaP Xd MP WZaPO L ]PO ]Z^P 4 LX RTaTYR SP] Xd WZaP LYO ^SP LW^Z Pc[P]TPYNP^ Xd WZaP TY _SP ]Z^P ?SP ]Z^P T^ WZaP XLOP ^`M^_LYNP LYO T_ [L]_TNT[L_P^ NZX[WP_PWd TY _SP WZaP _SL_ T^ _]LY^QP]]PO _Z T_ ?SP ^LXP T^ _]`P PaPY bSPY ZYP YP`]ZWZRT^_ QLWW^ TY WZaP bT_S LYZ_SP] -Z_S ZQ _SPX L]P NZY aTYNPO _SL_ _SPT] [L^^TZY T^ ZYWd _SP ]P^`W_ ZQ L NP]_LTY NZXMTYL_TZY ZQ NSPXTNLW XP^^PYRP]^ TY _SP M]LTY M`_ _SPd L]P YZ_ RZTYR _Z PcNSLYRP 002^ LYO MWZZO ^LX[WP^ TY LY L__PX[_ _Z []ZaP _SPT] WZaP _Z PLNS Z_SP] 8d_STNLW PcT^_PYNP U`^_ WTVP _SP PcT^_PYNP ZQ WZaP TY _SP ]Z^P T^ TYNZY NPTaLMWP bT_SZ`_ [L]_TNT[L_TZY ?SP ]Z^P [L]_TNT[L_P^ Q`WWd TY _SP WZaP ZQ _SP _bZ YP`]ZWZRT^_^ ?ST^ PcLX[WP ^SZ`WO YZ_ MP OTQQTN`W_ _Z R]L^[ LYO T_ ^SZb^ _SL_ X`W_T[WP Z]TPY_L_TZY^ L]P [Z^^TMWP -`_ TY QLN_ _SP]P L]P LW^Z [PZ[WP LYO N`W_`]P^ _SL_ `YOP]^_LYO LWW _SP ]PWL_TZY^ST[^ _Z _SP bZ]WO L^ L bSZWP WTVP _SP XZOPW ZQ _SP ]Z^P 4Y PL]Wd APOTN _TXP^ QZ] TY^_LYNP _SP]P ^PPX^ _Z SLaP MPPY YZ Pc[WLYL_TZY QZ] ]PWL_TZY^ST[^ Z_SP] _SLY _SL_ ZQ Z`] ]Z^P ?ST^ OZP^ YZ_ XPLY _SL_ [PZ[WP TY ^`NS N`W _`]P^ NZ`WO YZ_ NZ`Y_ _Z _PY Z] bZ`WO YZ_ MP QLXTWTL] bT_S Z_SP] LM ^_]LN_TZY^ Z] bZ`WO YZ_ NZYO`N_ _SPT] OLTWd LQQLT]^ L^ bP OZ :Q NZ`]^P _SPd XPLY L ]PLW NZb LYO YZ_ OLdWTRS_ bSPY _SPd _STYV LMZ`_ _SPT] ]TNSP^ -`_ _SPd OZ YZ_ Pc[WLTY _SP bZ]WO TY _SP ^LXP bLd L^ L YP`]ZWZ RT^_ OZP^ ?ST^ Pc[WLTY^ _SP PL^P bT_S bSTNS _SP NZYQZ`YOTYR ZQ TOPY_T _TP^ T^ ]PRL]OPO L^ YZ]XLW ^`NS L^ bSPY L ^SLXLY _`]Y^ STX Z] SP]^PWQ TY_Z L bZWQ Z] LY ,Q]TNLY >LY _`]Y^ TY_Z L WTZY 4Y _SP^P NL^P^ Xd_STNLW ]PWL_TZY^ L]P [L]LOTRXL_TN 8d_STNLW LYO PXLYNT[L_Z]d bZ]WO Z]TPY_L_TZY^ XLd MP NZX[WPXPY _L]d TY ]PLW Pc[P]TPYNP M`_ Z_SP]bT^P _SPd L]P NZX[WP_PWd TYNZX[L_TMWP 4_ T^ aT]_`LWWd TX[Z^^TMWP _Z _]LY^WL_P Xd_STNLW TOPL^ TY_Z _SP WZRZ^ 4Y L Xd_STNLW bZ]WO ]PWL_TZY^ST[ L ^_]TN_ OT^_TYN_TZY NLYYZ_ MP XLOP MP_bPPY L bSZWP LYO T_^ [L]_^ ?ST^ WPLO^ _Z _SP [L]LOZc _SL_ YZ_ ZYWd T^ _SP [L]_ WZNL_PO bT_STY L bSZWP M`_ LW^Z _ST^ bSZWP T^ WZNL_PO TY^TOP LWW T_^ [L]_^ :`] XZOP]Y WZRTN T^ _S`^ XZ]P Z] WP^^ _`]YPO `[^TOP OZbY 4ZYP^NZ b]Z_P w,WW NL_^ OTP >ZN]L_P^ T^ OPLO ?SP]PQZ]P >ZN]L_P^ bL^ L NL_x 4Y

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



XZOP]Y _SZ`RS_ _ST^ T^ XP]PWd LY PcLX[WP ZQ L QLW^P ^dWWZRT^X 1Z] Xd_STNLW _SZ`RS_ Md NZY_]L^_ NZYNW`^TZY^ ZQ _ST^ _d[P L]P [P]XT^^TMWP L^ WZYR L^ L SZXZWZRTNLW ]PWL_TZY PcT^_^ 0aP]d_STYR _SL_ [L]_TNT[L_P^ TY _SP ^LXP Xd_STNLW ^`M^_LYNP T^ TOPY_TNLW -Z_S Xd_SZ^ LYO XLRTN L]P ML^PO ZY [L]_TNT[L_TZY LYO SZXZWZRT NLW ]PWL_TZY^ " -`_ TY _SP Xd_S bP L]P WZZVTYR L_ bSZWP^ Z] SZWT^_TN QTR`]P^ bSP]PL^ TY XLRTN ^ZXP_STYR T^ ^PWPN_PO LYO [`_ _Z `^P QZ] L NP]_LTY LTX , Xd_S []ZaTOP^ L XPLYTYR bSTWP XLRTN ^P]aP^ L [`][Z^P 7P_ `^ YZb ]P_`]Y _Z _SP WLYR`LRP RZOOP^^ bT_S _SP^P _SPZ]P_TNLW NZY^TOP]L_TZY^ >SP ^SZb^ SZb _SZ`RS_ _SL_ T^ Xd_STNLW LYO XLRTNLW [P]^T^_^ PaPY TY NZX[WPc N`W_`]P^ bT_S OT^_TYN_ PXLYNT[L_Z]d NSL]LN_P] T^_TN^ LYO _SL_ _SP]P T^ YZb L QZ]X ZQ wNZOP^bT_NSTYRx MP_bPPY [L] _TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY_L_TZY^



8d_STNLW?P]XTYZWZRTNLW >dY_SP^P^

 ?SP 7LYR`LRP 2ZOOP^^ L^ >`M^_LYNP LYO 8P_L[SZ]% w.ZOP >bT_NSTYRx >_]L_PRTP^ ;]ZMLMWd _SP XZ^_ [Z[`WL] WLYR`LRP RZOOP^^ TY 3TYO`T^X T^ _SP RPY_WP LYO VTYOWd RZOOP^^ >L]L^aL_¯ 3P] NL]PP] SL^ YZ_ MPPY aP]d ^_]LTRS_QZ] bL]O LYO T^ ]L_SP] `Y`^`LW PaPY QZ] LY 4YOTLY OPT_d 4Y _SP ZWOP^_ _Pc_^ ZQ _SP ‹RaPOL  >L]L^aL_¯ T^ PcLN_Wd bSL_ SP] YLXP w>SP bSZ T^ ]TNS TY ^_]PLX^x " ^`RRP^_^% ^SP T^ L R]PL_ LYO SZWd ]TaP] TY YZ]_SbP^_P]Y 4Y OTL LYO SdXYTN ^`[[WTNL_TZY^ QZ] QZZO L]P ZQ_PY LOO]P^^PO _Z _ST^ ]TaP] TY T_^ OPTQTPO QZ]X 7L_P] _Pc_^ ^_TWW XPY_TZY _SP ]TaP] M`_ ZYWd ^_L_P _SL_ T_ O]TPO `[ TY _SP ^LYO -`_ YPb Xd_S^ ^`]]Z`YOTYR _SP aLYT^SPO ]TaP] L]T^P 4_ YZb QWZb^ TY _SP `YOP]bZ]WO LYO ZYWd NZXP^ _Z _SP ^`]QLNP L_ L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q LW^Z -]`NP 7TYNZWY 8d_S .Z^XZ^ LYO >ZNTP_d% 4YOZ0`]Z[PLY ?SPXP^ ZQ .]PL _TZY LYO /P^_]`N_TZY .LXM]TORP% 3L]aL]O @YTaP]^T_d ;]P^^ $#! 3P]P 7TYNZWY LYL WdeP^ _SP WL_P APOTN ;`]`´L>¼V_L  _SP Xd_S ZQ _SP OT^XPXMP]PO MZOd ZQ _SP []TXLW XLY LYO LYLWZRZ`^ ZWO [ZPX^ TY _SP 4YOZ0`]Z[PLY L]PL _SL_ ^SZb SZb NZX[]PSPY ^TaP SZXZWZRZ`^ YP_bZ]V^ NLY MP% _SP [L]_^ ZQ _SP NZ^XZ^ YL_`]P S`XLY MPTYR^ SPLW_S Y`_]T_TZY LYO ^ZNTP_d L]P WTYVPO Md SZXZWZRTP^ _SL_ XLVP _SPX LWWZQZ]X^ ZQ ZYP LYZ_SP] 7TYNZWY ]PLO^ _SP Xd_S^ L^ TOPZWZRTNLW []ZR]LX^ QZ] _SP wPc_]PXPWd ]TRTO LYO STP]L]NSTNx w[]Z[P]x YL_`]P ZQ ^ZNTP_d TMTO z   QQ " ?SP P_dXZWZRd T^ L WT__WP O`MTZ`^ LYO T^ OT^[`_PO 1Z] _SP APOTN >L]L^aL_¯ ^PP LW^Z 8TNSLPW BT_ePW w>`] WP NSPXTY O` NTPWx -04  $#% z"$ ]P[]ZO`NPO TY [L]_ ZY _SP bPM [LRP S__[%bbb[PZ[WPQL^SL]aL]OPO`ibT_ePW.SPXTY/`.TPW[OQ BT_ ePW ^`RRP^_^ _SL_ >L]L^aL_¯ T^ YZ_ LY PL]_SWd ]TaP] M`_ _SP 8TWVd BLd _SL_ T^ ^PPY L^ L ]ZLO _Z TXXZ]_LWT_d LYO SPLaPYWd LQ_P]WTQP 4Y wXd_STNLW WZRTNx L^ Z`_WTYPO LMZaP _SP _bZ TY_P][]P_L_TZY^ L]P YZ_ SZbPaP] X`_`LWWd PcNW`^TaP ?SP]P L]P [L^^LRP^ bSTNS NWPL]Wd ^`RRP^_ L ]TaP] BP RZ ZYWd TY_Z _SP WL__P] XPLYTYR

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO



QPb [WLNP^ 1Z] PcLX[WP L STOOPY NZYQW`PYNP ZQ _SP ]TaP] >L]L^aL_¯ SL^ MPPY WZNL_PO L_ ^`NS ^T_P^ L^ ;]LdLR L aP]d ^LN]PO [WLNP ZQ [TWR]TXLRP bSP]P TY QLN_ ZYWd _SP DLX`Y£ QWZb^ TY_Z _SP 2L«R£ 9PaP]_SPWP^^ _SP [WLNP T^ NLWWPO w_SP _]T[WP M]LTOx _]TaP©¯  ,Yd NZYQW`PYNP ZQ ^LN]PO ]TaP]^ [Z_PY_TL_P^ _SPT] Y`XTYZ`^ [ZbP] bSTNS T^ bSd ^`NS [WLNP^ L]P ]PRL]OPO L^ SZWd 9Zb DLX`Y£ LYO 2L«R£ L]P _bZ ZQ 4YOTLv^ XZ^_ ^LN]PO ]TaP]^& _SP []P^PYNP ZQ _SP STOOPY >L]L^aL_¯ XLVP^ ;]LdLR _SP `W_TXL_P Y`XTYZ`^ WZNL_TZY -`_ >L]L^aL_¯ LW^Z QZWWZbPO L \`T_P OTQQP]PY_ NZ`]^P Md QWZbTYR TY_Z _SP XZ`_S^ ZQ XPY >SP LOaLYNPO _Z MPNZXP _SP RZOOP^^ ZQ WLYR`LRP LYO aTL WLYR`LRP _Z MPNZXP _SP RZOOP^^ ZQ bT^OZX LYO X`^TN _ZZ BP NLY ZYWd ^[PN`WL_P ZY SZb _ST^ ^ZXPbSL_ N`]TZ`^ XP_LXZ][SZ^T^ NLXP LMZ`_ 4Y _SP PL]Wd APOTN [P]TZO _SP ST^_Z]TNLW ]TaP] >L]L^aL_¯ bL^ _SP ^`M^_]L_P ZQ L ]PLW Xd_STNLW ^`M^_LYNP TY QLN_ ZYP NZ`WO ^Ld L _Z[ZR ]L[STNLWWd _LYRTMWP Xd_SZRPXP bT_S R]PL_ XP_ZYdXTN QZ]NP >L]L^aL_¯ bL^ _SP YZ`]T^SP] ZQ LWW bSZ^P wM]PL^_x ZaP]QWZbPO wbT_S XTWVx -`_ TY P[TN _TXP^ _ST^ bL^ ZMaTZ`^Wd ZYWd L ^XLWW ^Z]]d _]TNVWP TY _SP OP^P]_ bSTNS NZ`WO NP]_LTYWd ^_TWW MP ^LN]PO LYO TY bSTNS [PZ[WP []ZMLMWd ^_TWW ML_SPO L^ L ]T_`LW 3ZbPaP] _SP ]TaP] >L]L^aL_¯ bL^ YZ WZYRP] L ^`M ^_]L_P QZ] _SP TX[Z]_LY_ Xd_SZRPXP ZQ _SP YZ`]T^SP] ZQ LWW 4Y _SP ^LXP R]Z`[ ZQ _Pc_^ bSTNS _SPXL_TeP^ >L]L^aL_¯ O]dTYR Z`_ bP YZb QTYO _SP bZ]O >L]L^aL_¯ LW^Z `^PO L^ L ^dYZYdX QZ] WLYR`LRP 1Z] PcLX[WP _SP]P T^ _LWV ZQ L wOTaTYP -]LSXLYTN >L]L^aL_¯x OLTa¯ M]£SX¯ ^L]L^aL_¯  L[[L]PY_Wd L ]PQP]PYNP _Z _SP APOL ?SP _Pc_ NZX[L]P^ _SP RTQ_ ZQ _ST^ OTaTYP >L]L^aL_¯ Q]ZX _SP APOL _PLNSP] _Z _SP [`[TW bT_S RTQ_^ ZQ WLYO LYO NZb^% w?SP^P _S]PP RTQ_^ SLaP NZX[L]LMWP YLXP^ NZX[L]LMWP ]PbL]O LYO NZX[L ]LMWP MWP^^TYR TY _ST^ bZ]WO% NZb^ QL]XWLYO LYO WLYR`LRP ^L]L^aL_¯  ?SP NZb^ L]P _SP XZ_SP]^ ZQ LWW N]PL_`]P^ LYO MP^_Zb _Z_LW PL]_SWd SL[[T YP^^  :YP ^SZ`WO bLWV L]Z`YO _SPX L^ TQ _SPd bP]P ^LN]PO R]Z`YO FQZ]H _SPd L]P _SP P[T_ZXP ZQ _SP SL]MTYRP]^ ZQ SL[[TYP^^ F_]`PH RZOOP^^P^ bSZX ZYP ^SZ`WO _SP]PQZ]P LWbLd^ SZYZ]x "

>TYNP _SP _bZ Z_SP] RTQ_^ L]P L^^ZNTL_PO bT_S YZ`]T^SXPY_ T_ T^ []ZMLMWd YZ_ LY ZaP]TY_P][]P_L_TZY _Z `YOP]^_LYO WLYR`LRP _ZZ L^ ^ZXP_STYR YZ`]T^STYR ,YO LN_`LWWd RTQ_^ ZQ NZb^ LYO WL_P] LW^Z ZQ WLYO _Z _SP -]LSXTY^ _SZ^P TY [Z^^P^^TZY ZQ _SP APOL _SP ^LN]PO WLYR`LRP bP]P _SP XZ^_ NZXXZY _STYR TY _SP bZ]WO 4Y _ST^ ^PY^P WLYR`LRP T^ LW^Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " dZ M]¼d£N N£[T ²T´d£dL OSL]Xd£À M]£SX¯À ^L]L^aL_¯X g [š_STa¯RZ[]LO£Y£MSd£À ^L _`WdLÀ [SLWLX L²Y`_P gg  X£_L]Là ^L]aLMS¼_£Y£À R£aLà ^L]aL^`VSL[]LO£à gg ašOOSTX £V£«V´L_£ YT_dLÀ R£aLà V£]d£à []LOLV´T©£à g XL«RLW£dL_LYLÀ OPadL^ _L^X£_ [¼Ud£à ^LOLTaL ST gg 8LS£MS£]L_L ,Y`²£^LYL ;L]aLY  !# z"



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

YZ`]T^SXPY_ TY LM`YOLYNP% L^ LW]PLOd OP^N]TMPO ZYP ]PNPTaP^ PaP]d _STYR _SL_ T^ TX[Z]_LY_ aTL WLYR`LRP z L_ WPL^_ TQ ZYP T^ L -]LSXTY 7L_P] >L]L^aL_¯ MPNZXP^ PaP]d_STYR _SL_ QLWW^ `YOP] _SP RPYP]LW _P]X uWLYR`LRPv% ^PXLY_TN L^[PN_^ PO`NL_TZY bT^OZX [P]^`L^TZY ]P[L]_PP _SP LMTWT_d _Z []P^PY_ LY L]R`XPY_ LYO LW^Z [`]PWd L`OTMWP L^[PN_^ >TYNP TY 4YOTL ZYP NLY YPaP] ]PLWWd ^P[L]L_P _SP L`OTMWP L^[PN_^ Q]ZX _SP WTYR`T^_TN L^[PN_^ T_ NZXP^ L^ YZ ^`][]T^P _SL_ >L]L^aL_¯ LW^Z []Z R]P^^PO _Z MPNZXP RZOOP^^ ZQ X`^TN ,YO L^ RZOOP^^ ZQ X`^TN WLY R`LRP LYO bT^OZX ^SP T^ aT^`LWTePO _ZOLd bT_S _SP NWPL] ^dXMZW^ ZQ _SP SL][ aPPYL Z] ^T_L] MZZV LYO ]Z^L]d ,^ PL]Wd L^ _SP _TXP ZQ 7LV´XL©L /P²TVL _S NPY_ ,/ TY _SP TXLRP ZQ >L]L^aL_¯ _SP LM^_]LN_ []Z[P]_TP^ ZQ wWLYR`LRPx LYO w^Z`YOx SLO LW]PLOd MPPY _]LY^QP]]PO NZX[WP_PWd TY_Z L Xd_STNLW ^`M^_LYNP% w>L]L^aL_¯ L^ bST_P L^ ^YZb ^STYTYR WTVP _SP XZZY OPNZ]L_PO bT_S RZWOx "! ]TOP^ ZY L ^bLY "" bSTWP TY SP] SLYO^ ^SP `^`LWWd SZWO^ L aPPYL L ]Z^L]d LYO L MZZV 8PY LYO bZXPY TY [L]_TN`WL] [ZP_^ MPR SP] PaPY _ZOLd _Z WTaP ZY _SPT] _ZYR`P^ bSTWP []TP^_^ L^V QZ] SP] SPW[ bT_S _SP NZ]]PN_ []ZY`YNTL_TZY ZQ _SP ^LN]PO QZ]X`WL^ LYO ^SP WTaP^ TY _SP TY ^_]`XPY_^ ZQ X`^TNTLY^ TY _SP OPNWLXL_TZY^ ZQ LN_Z]^ LYO TY _SP \`TNV bT__PO OT^[`_P^ ZQ ^NSZWL]^ ?SP []P^PYNP ZQ _SP RZOOP^^ NLY _LVP ZY aP]d NZYN]P_P QZ]X^ >T_L][WLdP]^ QZ] TY^_LYNP _`YP _SP XLTY ^_]TYR ZQ _SPT] TY^_]`XPY_^ bT_S L ^XLWW [WL^_TN ^bLY _SP LYTXLW ZY bSTNS _SP RZOOP^^ ]TOP^ >NSZZWNSTWO]PY SZYZ] SP] Md b]L[[TYR _SPT] MZZV^ TY dPWWZb NWZ_S^ L_ SP] QP^_TaLW LYO ZY _ST^ [L]_TN`WL] OLd _SPd SZYZ] _SP RZOOP^^ P^[PNTLWWd Md YZ_ ^_`OdTYR QZ] ]PL^ZY^ ZQ [TP_d ?SP TOPL^ LMZ`_ >L]L^aL_¯v^ ^NZ[P z _SL_ T^ L]_ X`^TN [ZP_]d ^NT PYNP bT^OZX LYO LMZaP LWW WLYR`LRP z L]P NZX[WP_PWd OdYLXTN LYO L^ ^`NS >L]L^aL_¯ ]PXLTY^ L wRZOOP^^ ZQ QWZbx >Z _SP SZXZWZRd NZY_TY`P^ _Z MP PQQPN_TaP >NTPYNP WT_P]L_`]P LYO X`^TN L]P WTVP LY TYQTYT_P LYO TYPcSL`^_TMWP ZNPLY TY_Z bSTNS ZYP NLY OT[ bT_S _SP aZTNP _SP ^[T]T_ LYO _SP TXLRTYL_TZY ?SP >L]L^aL_¯@[LYT´LO Pc[]P^^P^ _ST^ TY aP]d [Sd^TNLW _P]X^% w4Q SP []LT^P^ _SP RZOOP^^ >L]L^aL_¯ TY _ST^ XLYYP] bT_SZ`_ NPL^TYR  LQ_P] ^Tc XZY_S^ _SP XT]LNWP ZQ _SP RZOOP^^ ZNN`]^% Q]ZX _SPY ZY ST^ aZTNP Pc []P^^P^ T_^PWQ ^[ZY_LYPZ`^Wd TY WZaPWd ^Z`YO^ PaP]d_STYR _SL_ SP bLY_^ _Z ^Ld LYO bSL_PaP] PW^P SP NZ`WO YPaP] SLaP TXLRTYPO YZb L[[PL]^ TY _SP QZ]X ZQ aP]^P^ LYO []Z^P [ZPX^ 3P YZb VYZb^ _SP NZY_PY_ ZQ MZZV^ SP SL^ YPaP] ]PLO FWT_P]LWWd uSPL]OvH x "#

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! YÅS£]LS£]LRSLYL^£]L^`OS£VL]£MS£À VLWd£©LO£À VLYLVLNLX[LVLO£XLMS¼´£X g  >L]L^aL_Å=LSL^dL@[LYT´LO  "" :] Z]TRTYLWWd L RZZ^P "# _L^dLTaLÀ ^_`aL_Z YT_dLÀ ^LXLMSdL]NdL ^L]L^aL_ÅX g MSLV_T²]LOOS£MSTd`V_PYL ´L©X£^£_ []L_dLdZ MSLaP_ gg

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO



>L]L^aL_¯ Z] WLYR`LRP T^ L Xd_STNLW ^`M^_LYNP _SL_ ZYP NLY [L]_TNT[L_P TY BSPY _SP OPaZ_PO LOXT]P] ZQ _SP WLYR`LRP RZOOP^^ ]PNPTaP^ [ZP_TN N]PL_TaT_d Z`_ ZQ YZ_STYRYP^^ LYO TY_`T_TaP VYZbWPORP M]TYR^ STX LWW MZZV^ _ST^ T^ L NWPL] TXLRP ZQ OT]PN_ [L]_TNT[L_TZY TY _SP Xd_STNLW WLY R`LRP ^`M^_LYNP _SL_ T^ >L]L^aL_¯ LYO ZQ _SP ML^TN Xd_STNLW LcTZX bSTNS ^Ld^ _SL_ _SP bSZWP T^ []P^PY_ TY LWW ZQ T_^ [L]_^ LYO _SP [L]_^ L]P []P^PY_ TY _SP bSZWP 0aP]d_STYR _SL_ SL^ PaP] MPPY Pc[]P^^PO TY WLY R`LRP WTaP^ TY _SP Xd_STNLW ^`M^_LYNP ZQ wWLYR`LRPx LYO TY _`]Y _SP bSZWP WLYR`LRP WTaP^ TY PaP]d WTYR`T^_TN `__P]LYNP ?SP QT]^_ [L]_ ZQ _SP >L]L^aL_¯@[LYT´LO T^ ^_]ZYRWd Z]TPY_PO ZY XLRTN LYO NSL]LN_P]TePO Md Xd_STNLW _SZ`RS_ 4Y _SP ^PNZYO [STWZ^Z [STNLW [L]_ SZbPaP] bP QTYO L NZX[WP_PWd YZYXLRTNLW LYO OP Xd_SZWZRTePO >L]L^aL_¯ 3P]P ^SP T^ NTNNSLV_T  w[ZbP] _Z MP ^PY_TPY_ LYO NZ^XTN LbL]PYP^^x bSTNS NLYYZ_ MP OP^N]TMPO TY NL_PRZ]TP^ ZQ [SPYZXPYLW ]PLWT_d L_ LWW Z] L_ MP^_ bT_S _SP QLXZ`^ QZ]X`WL ^LNNTO £YLYOL  w[`]P PcT^_PYNP NZY^NTZ`^YP^^ LYO MWT^^x BT_S _ST^ [P]^[PN _TaP _SP Xd_STNLW ^`M^_LYNP OT^^ZWaP^ ]PaPLWPO L^ XP]PWd L _SZ`RS_ NZY^_]`N_% w,YdZYP bSZ SL^ ]PNZRYTePO _SL_ 4 LX YPT_SP] LY TYOTaTO`LW ^Z`W U¯aL YZ] L RZO TY [P]^ZYLW QZ]X ¯²L  M`_ TY^_PLO F_SL_ LWW _SP^P TOPL^H L]P ZYWd L ^[PN`WL_TaP NZY^_]`N_ VLW[T_L T^ _]`Wd WTMP]L_POx "$ ?SP NZTYNTOPYNP ZQ _SP TYOTaTO`LW ^Z`W LYO _SP RZO >L]L^aL_¯ L^ L Y` XPY ]T^TYR LMZaP S`XLY MPTYR^ TY XP_L^`MUPN_TaP NZY^NTZ`^YP^^ NZ] ]P^[ZYO^ _Z LY LcTZX ZQ _SP ,OaLT_LAPO£Y_L _SP XZ^_ [Z[`WL] ^NSZZW ZQ [STWZ^Z[Sd TY 4YOTL YZbLOLd^ bSTNS T^ L^^ZNTL_PO QT]^_ LYO QZ]PXZ^_ bT_S _SP YLXP ZQ _SP R]PL_ [STWZ^Z[SP] ±L«VL]£N£]dL 3P]P LWW ZNN`] ]PYNP^ L]P aTPbPO L^ ^TRY^ LYO _SL_ bSTNS T^ _]`Wd PcT^_TYR T^ TXLRTYPO L^ _]LY^NPYOTYR YLXP LYO QZ]X -PNL`^P WLYR`LRP VYZb^ ZYWd YLXP^ LYO ZYWd OPYZ_P^ QZ]X^ T_ SL^ YZ ZY_ZWZRTNLW bPTRS_ 8LdMP w>L]L^aL_¯ L^ bST_P L^ _SP ^YZb ^STYTYR WTVP _SP XZZYx T^ LP^_SP_TNLWWd [WPL^TYR ^[PPNS QZ] _SP ,OaLT_LAPO£Y_L z L XP_L[SZ]TNLW Pc[]P^^TZY Z] L ^dX MZW ZQ bT^OZX z M`_ YZ_ Xd_STNLW ^`M^_LYNP 3ZbPaP] PYRLRTYR _Z`NS TYR Z] PXZ_TZYLW _SP WTYR`T^_TN QZ]X^ ZQ Pc[]P^^TZY XLd MP `W_TXL_PWd _SPd ]PXLTY `YTX[Z]_LY_ ?SP ZYWd TX[Z]_LY_ _STYR T^ _SP [`]P ZMUPN_ WP^^ ^[T]T_ ?ST^ T^ TYPc[]P^^TMWP ?SP ,OaLT_LAPO£Y_L ^`[[Z]_^ L ]LOT NLW ^VP[_TNT^X ZQ WLYR`LRP L^ QL] L^ bSL_ T^ Y`XTYZ`^ T^ NZYNP]YPO LYO TY ]PWL_TZY _Z bZ]WOWd WLYR`LRP T_ ]P[]P^PY_^ LY PXLYNT[L_Z]d aTPb% QZ] _SP ,OaLT_LAPO£Y_L _SP]P L]P ZYWd NZYaPY_TZYLW _P]X^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _L_Là []LaL]_L_P a£©Å ^aPNNSLd£ WLWT_£V´L]£ g RLOdL[LOd£_XLVLTà ²LMOLT] L[]LXPdLT] aTaLV´T_LTà gg L²]`_Z M`OSdL_P R]LY_SLà   >L]L^aL_Å=LSL^dL@[LYT´LO #z "$ XLdT UÅaL_aLX ŲL_aLÀ VLW[T_LÀ aL^_`_Z YLST g T_T dL^ _` aTU£Y£_T ^L X`V_Z Y£_]L ^LÀ²LdLà gg  >L]L^aL_Å=LSL^dL@[LYT´LO 



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

4Y _SP WL_P aP]d ^SZ]_ >L]L^aL_¯@[LYT´LO  bSTNS ZYWd NZaP]^ _bZ []TY_PO [LRP^ TY _SP LY_SZWZRd @[LYT´L_>L«R]LSL  bP NLY _S`^ OP_P] XTYP L _d[P ZQ wNZOP ^bT_NSTYRx bSTNS L[[PL]^ _Z `^ _Z MP _d[TNLW ZQ N`W_`]P^ _SL_ PcSTMT_ OT^_TYN_ PXLYNT[L_Z]d PWPXPY_^ :YP LYO _SP ^LXP N`W_`]LW ^d^_PX ZQ ^dXMZW^ LYO YZ_ `YNZXXZYWd PaPY _SP ^LXP _]LOT _TZY Z] _SP ^LXP _Pc_ NLY [P]NPTaP _SP YL_`]P ZQ L ^TRY TY aP]d OTQQP]PY_ bLd^ ?ST^ XLd MP Md [L]_TNT[L_TZY TP QTWWPO bT_S XPLYTYR ZQ T_^PWQ w>L]L^aL_¯ ]TOP^ ZY _SP ^bLYx L^ L [ZP_TN ^_L_PXPY_ Z] Xd_STNLW ^`M ^_LYNP ZQ WLYR`LRP LYO LW^Z ]L_TZYLW LYO NL`^LW TP L^ L ^dXMZW QTcPO Md NZYaPY_TZY w>L]L^aL_¯ ( NTNNSLV_T x L^ L _PNSYTNLW _P]X 3P]P bP NLY ^PP NWPL]Wd SZb wNZOP^bT_NSTYRx bZ]V^ TY NZX[WPc N`W_`]P^ :YP LYO _SP ^LXP [P]^ZY NLY ^bT_NS Q]ZX wXd_STNLWx _SZ`RS_ LYO wXLRTNx LN_TZY^ TY ZYP NZY_Pc_ _Z wPXLYNT[L_Z]dx _SZ`RS_ LYO MPSLaTZ] TY LY Z_SP] NZY_Pc_ 3`XLY MPTYR^ NLY Z]TPY_L_P _SPX^PWaP^ TY aL]TZ`^ ]PLWT _TP^ ^TX`W_LYPZ`^Wd z ^ZXP_STYR _SL_ ?LXMTLS LW^Z PX[SL^TeP^ bSPY SP ^[PLV^ ZQ wX`W_T[WP Z]TPY_L_TZY^ _Z ]PLWT_dx Z] wZ]OP]TYR^ ZQ ]PLWT_dx # 4Y _SP >L]L^aL_¯@[LYT´LO _bZ OTQQP]PY_ NZY_Pc_^ ]P\`T]P _bZ OTQQP] PY_ Z]TPY_L_TZY^ ZQ _SP _Pc_ ?ST^ O`LWT^X XLYTQP^_^ T_^PWQ LWW _SP bLd Q]ZX _SP WT_P]LW XPLYTYR ZQ _SP bZ]O^ ]TRS_ `[ _Z ]SP_Z]TNLW LYO ^_dWT^_TN L^[PN_^ ?SP XLRTN NZY_Pc_ T^ OP_P]XTYPO []LRXL_TNLWWd& T_ TYNW`OP^ [P]QZ]XLYNP LY TXXPOTL_P ^PY^TYR ZQ _SP OPT_d LYO QLY_L^_TN XT]LNWP^ LYO TY OZTYR ^Z T_ `^P^ L ]SP_Z]TNLW ^_dWP _SL_ T^ VP[_ N]d[_TN ZY [`][Z^P M`_ LW^Z Pc[]P^^P^ T_^PWQ TY L [ZP_TNLWWd ^`RRP^_TaP XLYYP] ?SP YZP_TN NZY_Pc_ ZY _SP Z_SP] SLYO T^ ^Z_P]TZWZRTNLWWd OT]PN_PO LYO []P^`[[Z^P^ LY TYOTaTO`LW _SL_ ^_LYO^ LWZZQ Q]ZX _SP X`YOLYP bZ]WO LYO bT^SP^ _Z `YOP]^_LYO T_^ ZbY ]LT^ZY Ovê_]P ?ST^ T^ LMZ`_ TY_P][]P_TYR _SP bZ]WO LYO LMZ`_ _SP NZRYT_TZY _SL_ WPLO^ _Z _SP ^`XX`X MZY`X  LYO T_^ []Z[ P]_TP^ L]P _S`^ NL`^LWWd WZRTNLW _P]XTYZWZRTNLW LYO OT^N`]^TaP 4Y ^`XXL]d _SP QZWWZbTYR [ZTY_^ XLd MP VP[_ TY XTYO bSTNS TY Z`] aTPb L]P P^^PY_TLW _Z _SP ]PWL_TZY^ST[ MP_bPPY _SP ^`MUPN_ LYO _SP bZ]WO TY MZ_S QZ]X^ ZQ Z]TPY_L_TZY% _SP TYOTNL_Z] ZQ L Xd_STNLW ^`MUPN_ LYOZ] L Xd_STNLW Pc[P]TPYNPO ]PLWT_d T^ NZX[WP_P TYaZWaPXPY_ LYO PXMPOOPO YP^^ TY _SP bZ]WO LYO L ^LN]PO `YTaP]^P LYO _SP]PQZ]P ZQ_PY M`_ YZ_ LWbLd^ L QPPWTYR ZQ ^PN`]T_d w2PMZ]RPYSPT_x ?SP TYOTNL_Z] ZQ LY PXLYNT[L_Z]d bZ]WO Z]TPY_L_TZY LYOZ] LY PXLYNT[L_Z]d ^`MUPN_ T^ T_^ OP_LNSXPY_ LWZYR bT_S T_^ TYOP[PYOPY_ [ZbP] ZQ TY_P][]P_L_TZY T_^ LMTW T_d QZ] ^PWQ]PQWPN_TZY LYO QZ] NZX[]PSPY^TaP NZYNP[_TZY^ ?SP^P _bZ ]PLWT_d Z]TPY_L_TZY^ LW^Z Pc[]P^^ _SPX^PWaP^ TY OTaP]RPY_ aTPb^ ZQ WLY R`LRP LYO WTYR`T^_TN QZ]X^ M`_ _SP Z]TPY_L_TZY^ L]P YZ_ X`_`LWWd PcNW` ^TaP ,W_SZ`RS _SP LcTZX^ ZQ MZ_S Z]TPY_L_TZY^ L]P OTLXP_]TNLWWd Z[ [Z^PO z SP]P ZYWd _SP bSZWP _SP]P ZYWd _SP TYOTaTO`LW z TY ]PLWT_d MZ_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?LXMTLS w8`W_T[WP :]OP]TYR^ ZQ =PLWT_dx $ Q

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO



ZQ _SPX QWZb NZY^_LY_Wd TY_Z PLNS Z_SP] ?SP]P L]P YZ TY_P][]P_L_TZY^ ZQ _SP bZ]WO _SL_ L]P _Z_LWWd Q]PP ZQ Xd_S^

 w.Z^XTN 7LYR`LRPx LYO :_SP] @YTaP]^LW 8d_S^ ?SP >L]L^aL_¯@[LYT´LO T^ ZYWd ZYP PcLX[WP ZQ _SP aL]TZ`^ XTc_`]P^ ZQ _SP [PLNPQ`W NZPcT^_PYNP ZQ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d aTPb^ ZQ WLYR`LRP -`_ bSTWP _SP >L]L^aL_¯@[LYT´LO `W_TXL_PWd TX[WTP^ _SL_ _SP XLRTN LYO Xd_STNLW PWPXPY_ T^ ^`MZ]OTYL_P _Z LM^_]LN_ LYO [STWZ^Z[STNLW _SZ`RS_ TY 4YOTL bP LW^Z QTYO NZY^NTZ`^ `YTaP]^LW Xd_STNLW ^dY_SP^P^ TY bSTNS ]L_TZYLW Pc[WLYL_TZY ZQ WLYR`LRP T^ QTYLWWd ^`MZ]OTYL_PO _Z L WLY R`LRP Xd_SZ^ ,YO []PNT^PWd _ST^ VTYO ZQ Pc[WLYL_Z]d XZOPW ZQ_PY MPNLXP XZ]P [ZbP]Q`W ^`NS L^ _SL_ ZQ -SL]_ŽSL]T -`_ _ST^ YZ WZYRP] NZ]]P^[ZYO^ _Z _SP TY_PWWPN_`LW WLYO^NL[P TY 0`]Z[P L_ LWW 4Y 0`]Z[P ^`NS L__PX[_^ L_ Pc[WLYL_TZY^ L]P ]PRL]OPO L^ P^Z_P]TN LYO NZY^P\`PY_Wd `YLNNP[_LMWP L_ WPL^_ TY LNLOPXTL 2]LO`L_P^ TY _SP BP^_ ^_TWW []PQP] wNZOP^bT_NSTYRx% _SPd RTaP ]Z^P^ _SPY Pc[WLTY _SPT] WZaP TY _P]X^ ZQ XP^^LRP^ bT_STY _SP M]LTY& M`_ ^_TWW _SPd OZ YZ_ bST^[P] TY_Z PLNS Z_SP]v^ PL]^ w8d M]LTY WZaP^ dZ`] M]LTYx :YWd Xd_S^ NLY []ZaTOP XPLYTYR 0^Z_P]TN _PLNSTYR^ NLY OPQTYT_PWd MP [ZbP]Q`W z ZYP ZYWd SL^ _Z _STYV ZQ _SP 3P]XP_TN _PLNSTYR^ TY LY_T\`T_d L^N]TMPO _Z _SP WPRPYOL]d 3P]XP^ ?]T^XPRT^_Z^ bSZ^P TYQW`PYNP Z] ]PTYaPY_TZY NZY_TY`P^ PaPY _ZOLd TY L^_]ZWZRd LYO LW_P]YL_TaP ^[T]T_`LWT_d # 4Y QLN_ P^Z_P]TN _PLNS TYR^ NLY MP L^ NZX[]PSPY^TMWP L^ _SPd L]P NZY^T^_PY_ LYO XLd NP]_LTYWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4_ bL^ ZYWd ]PNPY_Wd LYO `YOP] _SP []P^^`]P ZQ XZOP]Y LW_P]YL_TaP ^[T]T_`LWT_d _SL_ P^Z_P]TN _]LOT_TZY^ _SL_ RPYP]LWWd []Z[Z`YO L STRSP] WPaPW ZQ VYZbWPORP LYO L [L_S QZ] ]PLNSTYR T_ QZ`YO _SPT] bLd TY_Z ^P]TZ`^ LNLOPXTN ]P^PL]NS ?SP _P]X LYO OPQTYT _TZY ZQ wP^Z_P]TN^Xx SZbPaP] LYO T_^ ^NZ[P L]P OPML_PO LXZYR ^NSZWL]^ .Q 8TNSLPW -P]R`YOP] wBL^ T^_ 0^Z_P]TV* =PWTRTZY^bT^^PY^NSLQ_WTNSP ¾MP]WPR`YRPY e`X 2P RPY^_LYO OP] 0^Z_P]TVQZ]^NS`YRx TY ,`QVWÆ]`YR `YO 0^Z_P]TV  PO 8ZYTVL 9P`RPML` P]BØWV ?ÞMTYRPY% 8Lc 9TPXPdP] # ""z "& /TN_TZYL]d ZQ 2YZ^T^  BP^ _P]Y 0^Z_P]TNT^X  aZW^ PO BZ`_P] 5 3LYPR]LLQ 7PTOPY% -]TWW  & 2YZ^T^ LYO 3P]XP_TNT^X Q]ZX ,Y_T\`T_d _Z 8ZOP]Y ?TXP^ PO =ZPWZQ aLY OPY -]ZPV LYO BZ`_P] 5 3LYPR]LLQ ,WMLYd% >@9D $$#& ,Y_ZTYP 1LTa]P ?SPZ^Z[Sd 4XLRTYL_TZY ?]LOT _TZY% >_`OTP^ TY BP^_P]Y 0^Z_P]TNT^X ,WMLYd% >@9D & z 0^Z_P]TV TX ¾MP]MWTNV% 6WPTYP 2P^NSTNS_P OP^ LMPYOWÆYOT^NSPY /PYVPY^ 1]PTM`]R% 3P]OP] & BZ`_P] 5 3LYPR]LLQ 9Pb ,RP =PWTRTZY LYO BP^_P]Y .`W_`]P% 0^Z_P]TNT^X TY _SP 8T]]Z] ZQ >PN`WL] ?SZ`RS_ 7PTOPY% -]TWW $$!& z w?SP >_`Od ZQ BP^_P]Y 0^Z _P]TNT^X% 9Pb ,[[]ZLNSP^ _Z .S]T^_TLY LYO >PN`WL] .`W_`]Px TY 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ =PWTRTZY  PO ;P_P] ,Y_P^ P_ LW aZW  -P]WTY% OP 2]`d_P]  #$z $& 6ZNV` aZY >_`NV]LO BL^ T^_ 0^Z_P]TV*  Z[ NT_& aZY >_`NV]LO w/TP 0^Z_P]TV TY OP] RPRPYbÆ]_TRPY 1Z]^NS`YR% ¾MP]MWTNV `YO ;Z^T_ZY^MP^_TXX`YRx TY ePT_PYMWTNVP ! Y]  S__[%bbbePT_PYMWTNVPOP!>_`NV]LOTYOPcJS_XW&

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

[Z^^P^ L ^`RRP^_TaP LYO L]R`XPY_L_TaP [ZbP] P^[PNTLWWd TQ _SPd L]P XLOP L^ bPWW L^ _SP WTYR`T^_TN P^Z_P]TN^ ZQ ,MSTYLaLR`[_L ?ST^ 6L^S XT]T R`]` _S_S NPY_ ,/ X`^_ SLaP MPPY L _]`P [ZWdXL_S 3P MPNLXP QLXZ`^ L^ L ±TaLT_TN _SPZWZRTLY L uWPQ_SLYOPOv ?LY_]T^_ L XZ YT^_TN [STWZ^Z[SP] [ZP_ LYO LP^_SP_TN _SPZ]P_TNTLY LWW TY ZYP 0aPY 7LV´XL©L /P²TVL bSZ bL^ []ZMLMWd ZYP ZQ ST^ _PLNSP]^ LYO bSZX bP SLaP LW]PLOd XP_ NZYNP]YTYR ]PNT_L_TZY ZQ _SP LW[SLMP_ SLO ]PQWPN_PO [STWZ^Z[STNLWWd `[ZY XLY_]L []LN_TNP ,MSTYLaLR`[_L `^P^ XLY_]L []LN _TNP _Z OPaPWZ[ ST^ WTYR`T^_TN [STWZ^Z[Sd 3P QZWWZb^ ZY Q]ZX -SL]_šSL]T OT^_TYR`T^STYR QZ`] ^_LRP^ ZQ WLYR`LRP%  _SP ^[ZVPY bZ]O bT_S bSTNS TY_P]^`MUPN_TaP NZXX`YTNL_TZY _LVP^ [WLNP&  OT^N`]^TaP _SZ`RS_&  ^PY^Z]d LYO LQQPN_TaP ZaP]LWW TX[]P^^TZY ZQ LY ZMUPN_& LYO  _SP TY_PR]LW [P]NP[_TZY ZQ _SP bSZWP ^LÀaTO  ?Z ,MSTYLaLR`[_L _ST^ LWWPYNZX[L^^TYR [P]NP[_TZY ZQ _SP bSZWP ]P[]P^PY_^ _SP RLeP ZQ RZO `[ZY _SP bZ]WO LYO _SP wNZ^XTN WLYR`LRPx [L]£ a£N  bSTNS T^ N]d^_LW WTePO XZ^_ [P]QPN_Wd TY _SP >LY^V]T_ bZ]O LSLX XPLYTYR w4x ?Z STX ,3,¿ T^ _SP NPY_]LW XLY_]L ZQ _SP `YTaP]^P QZ] u4v NZY_LTY^ LWW WPaPW^ ZQ WLYR`LRP bT_STY T_^PWQ Q]ZX _SP ^dY_SP_TN aT^TZY ZQ _SP bSZWP _Z _SP U`ORXPY_ w?SL_ T^ _SL_x  TOLY_£  WT_P]LWWd w_SL_YP^^x ?SP WPaPW^ ZQ WLYR`LRP L]T^P ^ZWPWd Z`_ ZQ _SP TYN]PL^TYR OTQQP]PY_TL_TZY MP_bPPY 4 LYO ?SL_ LYO MP_bPPY XP^^LRP LYO ^TRY >Z _SPd L]P YZ_STYR Z_SP] _SLY L NZY_TY`TYR ^PWQQZ]X`WL_TZY LYO ^PWQPc[]P^^TZY ZQ ,3,¿ ?ST^ P^Z_P]TN _PLNSTYR T^ ]L_TZYLWWd N]POTMWP QZ] T_ SL^ TX[]P^^TaP [STWZ^Z[STNLW ^`[[Z]_ ?SP ^_L]_TYR [ZTY_ QZ] ,MSTYLaLR`[_Lv^ WTYR`T^_TN [STWZ^Z[Sd T^ PaTOPYNP TY_PYOPO _Z []ZaP _SP YPNP^^L]d PcT^_PYNP ZQ L ^dY_SP_TN TY_P]^`MUPN_TaP WTYR`T^_TN aT^TZY% wFBP NWLTX _SL_ PaP]d QZ]X ZQH OT^N`]^TaP [P]NP[_TZY ]P\`T]P^ LY TY_PR]LW [P]NP[_TZY ZQ _SP bSZWP F1Z] OT^N`]^TaP [P]NP[_TZYH NZY^T^_^ FYZ_ ZQ LY TY _PR]LW TX[]P^^TZY M`_ T^ ML^PO ZYH NZX[WPXPY_L]d F_P]X^H ^`NS L^ uMWLNVv LYO ubST_Pv T_ NZY^TOP]^ _SP L[[PL]LYNP^ L^ Z[[Z^T_P^ FZQ ZYP LYZ_SP]H LYO ^`M^P\`PY_Wd `YOP]^_LYO^ F_SPXH _Z MP ^P[L]L_P TY ^[LNP Z] _TXP F-`_ T_ T^ LWbLd^ L QZ]X ZQ LY TY_PR]LW [P]NP[_TZY ZQ _SP bSZWP bSTNSH [`_^ _SP NZX [WPXPY_L]d [SPYZXPYL bSTNS L]P OPNWL]PO _Z MP Z[[Z^T_P^ ^`NS L^ uMWLNVv Z] FubST_PvH TY ]PWL_TZY _Z PLNS Z_SP] TY _SP QT]^_ [WLNP F?SL_ T^H NZX[L]LMWP bT_S WZZVTYR L_ L [LTY_TYR Z] _SP aTPb Q]ZX L XZ`Y_LTY_Z[ mx #

7ZYR MPQZ]P >`^LYYP 7LYRP]v^ MZZV ;STWZ^Z[Sd TY L 9Pb 6Pd  # 4YOTLY [STWZ^Z[SP]^ SLO MPPY NZY^TOP]TYR _SP SZWT^_TN YL_`]P ZQ aT^`LW [P]NP[ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # dL_ dL_ aT]ZOS£aLMS£^T^LÀXL_LV]LXTVLaTVLW[dLX£YLY˜W£OTYT´¶SLaTVLW[L[¼]aLMS£aT YT]aTVLW[L^LÀaTO]¼[LÀ _L__LOaTVLW[LY˜dLaT]`OOS£MSTXL_LY˜WL[˜_£Od£MS£^£aTMS£RT MSLaL_T dL_S£ NT_]LUÓ£YL²TVSL]L^_SL^LÀaTYXPNLVLMZOS£OT   ;£]L_]ŲTV£ATaL]L©LX # 1T]^_ PO $ ]PaT^PO TY $" LYO $"$ :Y _SP _Z[TN ZQ OT^N`^^TZY ^PP TY [L]_TN`WL] $"$% !! Q "$z 

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

"

_TZY TY NZY_]L^_ _Z _SP OT^N`]^TaP [P]NP[_TZY ZQ _SP WZRZ^  3ZbPaP] bSTWP 7LYRP] QTYO^ _ST^ OT^_TYN_TZY XLYTQP^_PO TY OT^N`]^TaP WLYR`LRP LYO aT^`LW XZOP^ ZQ []P^PY_L_TZY LYO NZRYT_TZY LYO TY RZZO BP^_P]Y QL^STZY ]PRL]O^ WLYR`LRP L^ ^dYZYdXZ`^ bT_S OT^N`]^TaP ]PL^ZYTYR ,MSTYLaLR`[_L SLO LW]PLOd LY_TNT[L_PO 7LYRP]v^ N]T_TN^ # LN_`LWWd RZ TYR Q`]_SP] _SLY _SPd OTO 3P ^SZb^ _SL_ WLYR`LRP TYNW`OP^ YZ_ ZYWd WTYPL] XZOP^ ZQ []P^PY_L_TZY M`_ LW^Z ^TX`W_LYPZ`^ LYO []P^PY_L_TZYLW XZOP^ bSTNS LNNZ]OTYR _Z 7LYRP] L]P _d[TNLW ZQ _SP QTYP L]_^ OLYNP LYO X`^TN -`_ ,MSTYLaLR`[_L L]R`PO L_ LY PaPY XZ]P Q`YOLXPY_LW WPaPW Md YZ_ ZYWd NZY_]L^_TYR _SP^P _bZ XZOP^ M`_ LW^Z OP]TaTYR ZYP Q]ZX _SP Z_SP] /T^N`]^TaP [P]NP[_TZY ZYWd bZ]V^ MPNL`^P ZQ L SZWT^_TN [P]NP[_TZY ^`]]Z`YOTYR T_ 3ZWT^_TN [P]NP[_TZY TYNW`OP^ YZ_ ZYWd _SP WZRTNLW OT^N`]^TaP L^[PN_ M`_ _ST^ T^ LW^Z bSP]P _SP ^PY^Z]d LYO PXZ _TaP OTXPY^TZY T^ []P^PY_ bSTNS T^ TY_P]bZaPY bT_S _SP WZRTNLW LYO OT^N`]^TaP L^[PN_ ,MSTYLaLR`[_L TY _]`P 4YOTLY ^_dWP OZP^ YZ_ ^P[L]L_P WLYR`LRP LYO X`^TN ,_ _SP NZYN]P_P WPaPW _SP LP^_SP_TN TX[]P^^TZY T^ NZTYNTOPY_ bT_S _SP TY_`T_TaP ZaP]LWW TX[]P^^TZY ZQ LY ZMUPN_ MPQZ]P T_^ LYLWd_TNLW OT^^PN _TZY Md OT^N`]^TaP _SZ`RS_ ?ST^ TY_PR]LW ZaP]LWW TX[]P^^TZY T^ NZX[L]PO bT_S _SP aTPb Q]ZX L XZ`Y_LTY_Z[ LYO L_ Z_SP] [WLNP^ bT_S PYUZdTYR X`^TN ?SP ZaP]LWW TX[]P^^TZY T^ TY L bLd []PWTYR`T^_TN ^TYNP T_ T^ YZ_ LYO NLYYZ_ MP aP]MLWTePO U`^_ WTVP _SP Pc[P]TPYNP ZQ X`^TN -`_ _ST^ OZP^ YZ_ YPNP^^L]TWd XPLY _SL_ T_ T^ YZ_ NZXX`YTNLMWP >Z`YO^ OZ YZ_ SLaP _Z MP _]LY^WL_PO TY_Z ^ZXP_STYR PW^P z ZYP NLY ]PNPTaP _SPX ^dX [L_SP_TNLWWd LYO ^[ZY_LYPZ`^Wd ,MSTYLaLR`[_L NZYNPTaP^ ZQ WLYR`LRP Q]ZX L ^_L]_TYR [ZTY_ _Z_LWWd PXMPOOPO TY _SP L`OTMWP L^[PN_ MPNL`^P _SP [P]NP[_TZY ZQ L`OTMWP ^Z`YO T^ _SP XZ^_ SZWT^_TN ,WW WTYR`T^_TN ^TRY^ OPaPWZ[ Q]ZX L []PNPOTYR ^Z`YO WLYR`LRP w6WLYR^[]LNSPx Z] Z]LW NZXX`YTNL_TZY LYO YZ_ aTNP aP]^L :YWd NZX[WP_P TY_P]^`MUPN_TaP [L] _TNT[L_TZY TY _SP LN_`LW ^Z`YO N]PL_P^ LY Z[[Z]_`YT_d QZ] WTYR`T^_TN NZX X`YTNL_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q QZ] TY^_LYNP >`^LYYP 7LYbP]O =PWTRTZY^Æ^_SP_TV% >_`OTPY e`X AP]SÆW_YT^ aZY >dXMZW `YO >TYYWTNSVPT_ BÞ]eM`]R% 6ØYTR^SL`^PY  9P`XLYY  !#z"" [L]_TN`WL]Wd "z" 3ZbPaP] bP OZ YZ_ LR]PP bT_S 7LYbP]O L_ LWW _SL_ _SP]P NZ`WO YPaP] MP LYd ^[ZY_LYPZ`^ LYO TXXPOTL_P [P]NP[_TZY LYO []PQP] L_ _ST^ [ZTY_ _Z QZWWZb 7LYRP] LYO ,MSTYLaLR`[_L >[ZY_LYPZ`^ ]PNP[_TZY ZQ Pc[]P^^TZY TY ^Z`YO X`^_ MP L^^`XPO QZ] []LN_TNLW ]PL^ZY^ L^ ^SZbY Md _SP OTOLN_TN^ ZQ X`^TN Z] PcLX[WP .STW O]PY OZ YZ_ dP_ WTYV _SP SPL]TYR Pc[PN_L_TZY^ LYO NZOPO L^^ZNTL_TZY^ _SL_ LO`W_^ L`_ZXL_TNLWWd NZYYPN_ bT_S NP]_LTY ^Z`YO^ 8`^TN Q`YN_TZY^ OTQQP]PY_Wd _SLY WLYR`LRP 7LYR`LRP NLYYZ_ MP Pc[P]TPYNPO ^[ZY_LYPZ`^Wd& T_ QT]^_ SL^ _Z MP WPL]YPO Q]ZX T_^ ^[PLVP]^ LYO _SP ^ZNTLW NZOTYR T^ LWbLd^ TYSP]PY_Wd bZaPY TY_Z _ST^ [LNVLRP ?SP [P] NP[_TZY ZQ ^Z`YO LYO X`^TN SZbPaP] NLYYZ_ LYO OZP^ YZ_ SLaP _Z MP WPL]YPO z ZYP NLY []LN_TNP T_

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

1Z] BP^_P]Y ]PLOP]^ ,MSTYLaLR`[_Lv^ L]R`XPY_L_TZY ^TX[Wd ^PPX^ QZ]PTRY MPNL`^P _SPT] bZ]WO NZY_LTY^ ^Z WT__WP Pc[P]TPYNP ZQ WLYR`LRP L^ ^Z`YO -`_ QZ] _SP 6L^SXT]T ,MSTYLaLR`[_L ST^ ^ZNTLWTeL_TZY XPLY^ _SL_ T_ T^ YZ []ZMWPX _Z SLaP ^Z`YO LYO T_^ [P]NP[_TZY L^ _SP ML^TN [L]L OTRX ZQ LWW NZXX`YTNL_TZY 3P]P SP NZ]]PWL_P^ NZXX`YTNL_TZY bT_S [L]_TNT[L_TZY TY L ]PXL]VLMWP XLYYP] QZ] L`OTMWP Pc[P]TPYNP^ L]P ML^T NLWWd [`]P [L]_TNT[L_TZY 8Z^_ ^ZYTN [SPYZXPYL L]P ]PNPTaPO TY L [`]PWd ^PY^Z]d LYO PXZ_TZYLW bLd LYO _ST^ L[[WTP^ QT]^_ LYO QZ]PXZ^_ _Z _SP X`^TNLW LYO ^PXTX`^TNLW QZ]X^ ZQ ^Z`YO bSTNS NLY LW^Z TYNW`OP _SP XP_]TNLW LYO LWWT_P]L_TaP L^[PN_^ ZQ [ZP_]d >Z`YO^ NLY YPaP] MP _Z_LWWd wOP[L]_TNT[L_POx Z] ]PXZaPO Q]ZX _SPT] [Sd^TNLW [P]NP[_TZY ?SPd L]P LWbLd^ O`WW ^S]TWW XPWZOTZ`^ SL]^S Z] ^ZQ_ bSTWP L R]L[SPXP Z] L [TN_`]P NLY MP [P]NPTaPO bT_SZ`_ YPNP^^L]TWd XLVTYR L ^PY^Z]d PXZ _TZYLW TX[]P^^TZY ?SP]P L]P YZ OT^PXMZOTPO ^Z`YO^ 4Q dZ`] SPL]TYR T^ RZZO T_ T^ X`NS SL]OP] _Z P^NL[P Q]ZX L WZ`O ^T]PY _SLY Q]ZX L RL]T^SWd NZWZ]PO bL]YTYR ^TRY ;TN_`]P^ Md QLXZ`^ L]_T^_^ XLd bPWW WPLaP L N`W _`]LW [STWT^_TYP NZWO @W_TXL_PWd PaP]d [LTY_TYR ^_TWW ]PXLTY^ ^ZXP_STYR Pc_P]YLW LYO ZYP NLY NWZ^P ZYP^PWQ _Z T_^ ^`RRP^_TZY^ M`_ ^Z`YO^ L]P TYPcZ]LMWd [PYP_]L_TYR Z] PYR`WQ ZYP SLaTYR L TYP^NL[LMWP []P^PYNP LYO LY TXXPOTL_P Pc[]P^^TaT_d _SL_ bP NLYYZ_ ]P^[ZYO _Z TY LYd XLYYP] Z_SP] _SLY bT_S _SP PXZ_TZY^ 1Z] _ST^ ]PL^ZY ,MSTYLaLR`[_L ]PRL]O^ LP^_SP_TN^ L^ LY P^^PY_TLW [L]_ ZQ NZXX`YTNL_TZY _SPZ]d 4Y WTYP bT_S ST^ _SPZ]d ZQ NZ^XTN WLY R`LRP TY bSTNS [P]NP[_TZY ZQ ZMUPN_^ N]d^_LWWTeP^ Z`_ ZQ _SP [P]NP[_TZY ZQ _SP bSZWP _SP ZMUPN_TaP OTXPY^TZY ZQ WLYR`LRP bSTNS ]PWL_P^ _Z _SP Pc_P]YLW bZ]WO T^ LW^Z L ]PTQTNL_TZY ZQ _SP [`]P L`OTMWP LYO Pc[]P^^TaP L^[PN_ ?SP Pc[]P^^TZY NZXP^ QT]^_ LYO _SPY _SP ^PXLY_TN^% _SP R]PL_P] _SP ^`[P]TX[Z^T_TZY ZQ NZYaPY_TZYLW WTYR`T^_TN ^_]`N_`]P^ ZY _SP ^PY^Z]d L^[PN_ _SP XZ]P OP[PYOPY_ _SP ^_L_PXPY_ T^ ZY ^ZNTLW NZY^_]`N_^ LYO _SP WP^^ ^dX[L_SP_TN T_ T^ M`_ LW^Z XZ]P NZYN]P_P LYO XZ]P ^[PNTQTNLWWd ]PWL_PO _Z L ]PLW ^T_`L_TZY -`_ QZ] ,MSTYLaLR`[_L _SP Q`YOLXPY_LW ML^T^ ZQ NZXX`YTNL_TZY NLY YPaP] WTP TY ^PXLY_TN WLYR`LRP MPNL`^P ST^ TY_P R]L_TaP _SPZ]d ZQ WLYR`LRP NLY ZYWd MP NZYNPTaPO ^_L]_TYR Q]ZX _SP X`NS XZ]P RPYP]LW LYO XZ]P ^dX[L_SP_TN NZY_PY_^ _SL_ L]P NZXX`YT NL_PO L_ _SP WPaPW ZQ [`]P ^Z`YO BSP_SP] bP L]P _LWVTYR ZQ ,MSTYLaLR`[_L -SL]_ŽSL]T Z] ±L«VL]Lv^ ,OaLT_LAPO£Y_L z `W_TXL_PWd _SP ^LXP []ZR]LX LWbLd^ MPNZXP^ NWPL]% _SP ^PL]NS QZ] L Xd_SZ^ _SL_ PYNZX[L^^P^ _SP bSZWP bZ]WO TP L w`YT aP]^LW Xd_Sx -`_ ^_TWW _SP XLYYP] TY bSTNS _ST^ T^ L__PX[_PO ^SZb^ _SL_ 4YOTL T^ YZ_ L_ LWW XZ]P ^_]ZYRWd [L]_TNT[L_TZYZ]TPY_PO _SLY BP^_P]Y ^ZNTP_TP^ LY^V]T_ N`W_`]P TY bSTNS -SL]_ŽSL]T ±L«VL]L LYO ,MSTYLaLR`[_L R]Pb `[ bL^ ^`[[Z]_PO Md L

>Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP z >dXMZWTN 1Z]X^ ZQ 7LYR`LRP LYO >Z`YO

$

STRSWd ]L_TZYLWTePO LYO STRSWd _PNSYTNLW ^ZNTP_d bT_S L NZY^TOP]LMWP ^SL]P TY bZ]WO _]LOP L ^ZNTP_d _SL_ LW^Z [Z^_`WL_PO _SP WLb ZQ R]LaT_L _TZY TYaPY_PO _SP QT]^_ L`_ZXL_PO XLNSTYP TY _SP QZ]X ZQ _SP bL_P] bSPPW LYO ^_L]_PO _Z _LNVWP OTQQP]PY_TLW P\`L_TZY^ -`_ OP^[T_P _SP^P ^_]ZYRWd PXLYNT[L_Z]d PWPXPY_^ TY _SP N`W_`]P _SP Xd_S bL^ YPaP] OP aLW`PO TY NZY_]L^_ _Z 2]PPV ^ZNTP_d bSTNS ^P_ Xd_SZ^ LYO WZRZ^ LRLTY^_ PLNS Z_SP] 4Y 4YOTL _SP]P T^ YZ >ZN]L_TN WZRZ^ []ZR]LX ^[LYYTYR _SP bSZWP N`W_`]P LYO PYRLRTYR TY L OTLWPN_TN ^PL]NS QZ] _SP _]`_S ?SP 4Y OTLY LNLOPXTN []ZR]LX bZ]V^ OTQQP]PY_Wd% ZYP Pc[PN_^ ]PWL_TaPWd WT__WP Q]ZX _SP OTLWPN_TN _L]VL  M`_ L R]PL_ OPLW Q]ZX L []LRXL_TN LMTWT_d _Z OTQQP]PY_TL_P LYO XLVP U`ORXPY_^ aTaPVL  TP _SP LMTWT_d _Z TOPY_TQd _SP NZ]]PN_ L[[]ZLNS QZ] ^ZWaTYR L [L]_TN`WL] []ZMWPX BSL_ NSL]LN_P]TeP^ 4YOTLY N`W_`]P T^ _SP ^_PLOQL^_ ]PQ`^LW _Z ^`MZ] OTYL_P T_^ [L]_TNT[L_Z]d bZ]WO Z]TPY_L_TZY ^TX[Wd _Z LY LM^ZW`_P L_ZX T^_TN ]L_TZYLWT_d bSZ^P [`][Z^P T^ _Z PXLYNT[L_P _SP TYOTaTO`LW ,^ 4Y OTLY N`W_`]P []ZR]P^^P^ T_ LWbLd^ bZ]V^ LOOT_TaPWd LYO TYNW`^TaPWd ?SP BP^_P]Y []ZR]LX bT_S T_^ YPPO QZ] `YP\`TaZNLW ^ZW`_TZY^ ^_]TN_ ^d^ _PX^ ZQ Z]OP] LYO T_^ ^_]TaTYR _ZbL]O^ PaP] YPb PaP] NWPL]P] QZ]X^ ]P\`T]PO _SP QZ]XL_TZY ZQ PcNW`^TaP ^d^_PX^ aT]_`LWWd [P] ^P  :Y _SP ZYP SLYO T_ _PYOPO _ZbL]O^ L _Z_LWT_L]TLY Xd_S ^`NS L^ _SP .S]T^_TLY ZYP LYO ZY _SP Z_SP] _ZbL]O^ L _Z_LWT_L]TLY LY_TXd_S ^`NS L^ _SP 8L]cT^_ ZYP BP^_P]Y N`W_`]P SL^ L_ _SP WL_P^_ ^TYNP T_^ .S]T^_TLYTeL_TZY MPPY P\`LWWd ]LOTNLW TY T_^ N]PL_TZY ZQ Xd_S^ L^ TY T_^ OP^_]`N_TZY ZQ _SPX ?SP []ZR]LX ZQ 4YOTLY TY_PWWPN_`LW ST^_Z]d T^ NZX[WP_PWd OTQQP]PY_ 4_ T^ X`NS WP^^ TYYZaL_TaP L^ T_ RPYP]LWWd LTX^ _Z []P^P]aP _SP YZ]X^ LYO aLW`P^ LYO LaZTO WZ^^ ZQ XPLYTYR BSP]PaP] TYYZaL_TZY^ ZNN`] _SPd WPRT_TXTeP _SPX^PWaP^ YZ_ aTL QZ]NP Z] ST^_Z]TNLW YPNP^^T_d M`_ X`NS XZ]P aTL _SP XZ^_ NZY_TY`Z`^ WTYV [Z^^TMWP _Z bSL_ LW]PLOd PcT^_^ LYO aTL _SP NSLYNP ZQ RLTYTYR YPb ^NZ[P QZ] LN_TZY LYO NSZTNP^ /P^[T_P _SP NZY^P]aL_TaP YL_`]P ZQ 4YOTLY N`W_`]P [W`]LWT_d T^ LWbLd^ OP^T]PO ?SP]P T^ YZ OZ`M_ _SL_ bP L]P ^[PLVTYR SP]P ZQ _PYOPYNTP^ LYO _SL_ _SP ]PLWT_d T^ LN_`LWWd XZ]P NZX[WPc LYO XZ]P OTQQP]PY_TL_PO 1Z] PcLX[WP >X£]_L 3TYO`T^X T^ XZ]P TYNW`^TaP _SLY ±TaLT^X LYO _SP ±TaLT_TN _]LOT_TZY^ L]P TY _SPT] _`]Y XZ]P TYNW`^TaP _SLY _SP AT´©`T^X bSTNS NWPL]Wd PcSTMT_^ PcNW`^TaT^_ _]LT_^ L^ bPWW # -`_ ^_TWW [W`]LWT_d bL^ YPaP] QZ`YO _Z MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SP NZXXZY XZOP]Y TXLRP ZQ _SP []ZaP]MTLW _ZWP]LYNP LYO YZYaTZWPYNP ZQ 3TYO` T^X SL^ MPPY ]TRS_Wd NZ]]PN_PO -`_ TY _ST^ []ZNP^^ ^ZXP LY_LRZYT^X^ bP]P LW^Z ZaP] PX[SL^TePO LYO L ^`MZ]OTYL_TYR TYNW`^TaT^X SL^ MPPY [WLdPO ZQQ _ZZ ZYP^TOPOWd LRLTY^_ LY LOOT_TaP RP^_`]P .Q ;L`W 3LNVP] wE`] 2P^NSTNS_P `YO -P`]_PTW`YR OP^ 3TYO`T^X`^% 6]T_TV PTYTRP] aP]M]PT_P_P] ,Y^TNS_PYx $! =P[]TY_ TY% ;L`W 3LNVP] 6WPTYP >NS]TQ_PY BTP^MLOPY% 1]LYe >_PTYP] AP]WLR $"# "!z# TY [L]_TN`WL] #z#& 6WL`^ 6WZ^_P]XLTP] w:]_SZOZcTP `YO 3Æ]P^TPx TY 6WZ^_P]XLTP] 3TYO`T^ X`^ 6ØWY% -LNSPX $!  LYO 6WZ^_P]XLTP] , >`]aPd ZQ 3TYO`T^X ,WMLYd% >@

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO



[]ZMWPXL_TN LYO T_ T^ LWXZ^_ L aLW`P TY T_^PWQ ?SP YZ_TZY _SL_ [W`]LWT_d NZ`WO T_^PWQ MP L aLW`P SL^ ZYWd MPNZXP QLXTWTL] TY _SP .S]T^_TLY BP^_ TY XZOP]Y OPXZN]LNd #! 8d_SZ^ LYO WZRZ^ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d _SZ`RS_ LYO LN _TZY L^ _bZ NZX[WP_PWd OTQQP]PY_ bLd^ ZQ `YOP]^_LYOTYR LYO TY_P][]P_ TYR _SP bZ]WO X`^_ `W_TXL_PWd MP ]PNZRYTePO L^ ^d^_PX^ ZQ P\`LW aLW`P ^TYNP _SPd NLYYZ_ ]P[WLNP PLNS Z_SP] ?SPd `YNZaP] \`T_P OTQQP]PY_ _]`_S^ Z[P]L_P OTQQP]PY_Wd LYO OZ OTQQP]PY_ _STYR^ 4Y BP^_P]Y N`W_`]P^ [PZ[WP SLaP ^Z`RS_ _Z Z]RLYTeP [W`]LWT_d ZQ Z]TPY_L_TZY^ bSP]P T_ L[ [PL]PO YPNP^^L]d QZ] ^`]aTaLW RPYP]LWWd aTL wNZOP^bT_NSTYRx 4YOTLY^ L^ L ]`WP SLaP []PQP]]PO TY_PR]L_TZY ,Yd L]PL^ QZ] _SP PXLYNT[L_Z]d Z]TPY_L_TZY _SL_ bP]P OT^NZaP]PO OTO YZ_ PWTXTYL_P _SP Xd_S M`_ TY^_PLO bP]P LOOPO _Z T_ LYO PXMPOOPO TY T_ ,YO ^LN]PO WLYR`LRP ]PQWPN_^ _ST^ []ZNP^^ ?SP b]T__PY WZRZ^ ^_]T[[PO ZQ T_^ ^Z`YO LYO XPLYTYR SLO YZ NSLYNP ZQ ^`[[WLY_TYR _SP ^PY^Z]d LYO []P^PY_L_TZYLW NZXX`YTNL_TZY ^d^_PX^ ?SP L`OTMWP _Pc_^ bT_S _SPT] STRS OPR]PP ZQ ^PY^Z]d TY[`_ LWbLd^ ]PXLTYPO ]PLW ^dXMZW^ ZQ _SP Y`XTYZ`^ SZbPaP] Sd[P] ]LOTNLWWd _]LY^NPYOPY_LW _SP _SPZWZRTLY^ bLY_PO _Z MP ?Z_LWT_L]TLY ^ZW` _TZY^ L]P QZ]PTRY _Z >LY^V]T_ 3TYO`T^X bT_S T_^ LOOT_TaP TYNW`^TaP []LRXL_TN L[[]ZLNS ,YO QZ] []PNT^PWd _ST^ ]PL^ZY ^Z`YO L^ _SP XZ^_ [L]_TNT[L_Z]d XPOT`X ZQ LWW LYO L^ _SP XZ^_ PQQPN_TaP XPLY^ ZQ _]LY^[Z]_ QZ] Xd_STNLW TYaZWaPXPY_ SL^ ]P_LTYPO T_^ ^[PNTLW [Z^T_TZY TY MZ_S ]PWTR TZY LYO [STWZ^Z[Sd PaPY _ZOLd



.ZY^TOP]L_TZY^ ZQ .`W_`]LW ?SPZ]d ZY 0XLYNT[L_TZY LYO ;L]_TNT[L_TZY L^ 2`TOTYR 3P`]T^_TN /TQQP]PYNP

.ZY^TOP]L_TZY^ ZQ .`W_`]LW ?SPZ]d ZY 0XLYNT[L_TZY LYO ;L]_TNT[L_TZY :`] QZN`^ ZY _SP w[SZYZNPY_]TN P[T^_PXPx ZQ >LY^V]T_ 3TYO`T^X TY _SP [L^_ LYO _SP []P^PY_ LNZ`^_TN [TP_d LYO ^ZYTN NZXX`YTNL_TZY TYNW`OP^ YZ_ WPL^_ _SP \`P^_TZY ZQ bZ]WOaTPb NZY^_]`N_TZY^ L]T^TYR Q]ZX L WTQP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 9D $#$ z!& ,YYP__P BTWVP w2PbLW_WZ^TRVPT_ `YO 2PbLW_L`^ÞM`YR TY 3TYO` T^X`^ `YO -`OOST^X`^x TY 1]TPOP L`Q 0]OPY* /TP BPW_]PWTRTZYPY ebT^NSPY 2PbLW_ aP]eTNS_ `YO 2PbLW_MP]PT_^NSLQ_ PO ,WQZY^ 1Þ]^_ 1]PTM`]R TX -]PT^RL`% 3P]OP] ! #z!  $"z  #! ?ST^ ZM^P]aL_TZY T^ LW^Z _Z MP `YOP]^_ZZO TY _SP ^PY^P ZQ L _PYOPYNd =PNPY_ [`MWTNL _TZY^ TY ^_`OTP^ ZQ ]PWTRTZY L]P PLRP] _Z [ZTY_ Z`_ L w0`]Z[PLY ]PWTRTZ`^ [W`]LWT^Xx MP QZ]P _SP XZOP]Y LRP .Q -`]VSL]O 2WLOTRZb w0`]Z[ÆT^NSP =PWTRTZY^RP^NSTNS_Px TY 7ZVLWP =PWTRTZY^RP^NSTNS_P PO 3 2 6T[[PYMP]R LYO - 7`NSP^T 8L]M`]R% /TLRZ YLWAP]WLR $$  z& 3LY^ 2 6T[[PYMP]R LYO 6ZNV` aZY >_`NV]LO 0TYQÞS]`YR TY OTP =PWTRTZY^bT^^PY^NSLQ_ 8ÞYNSPY% -PNV  z LYO _SP ]PNPY_Wd [`MWT^SPO bZ]V 0`]Z[ÆT^NSP =PWTRTZY^RP^NSTNS_P 0TY XPS]QLNSP] ;W`]LWT^X`^  aZW^ PO 3 2 6T[[PYMP]R 5 =Þ[VP LYO 6 aZY >_`NV]LO 2Ø__TYRPY% ALYOPYSZPNV  =`[]PNS_ $

.ZY^TOP]L_TZY^ ZQ .`W_`]LW ?SPZ]d ZY 0XLYNT[L_TZY LYO ;L]_TNT[L_TZY



bZ]WO ^_]ZYRWd NSL]LN_P]TePO Md L`OTMWP WLYR`LRP .ZYNP]YTYR _SP QZ] XL_TZY ZQ ^`NS bZ]WOaTPb^ ^ZXP ZQ _SP XZ^_ TYQW`PY_TLW wZ[TYTZY WPLO P]^x bTWW MP XZ]P bTOPWd OT^N`^^PO bSZ bP]P LW]PLOd XPY_TZYPO TY _SP []PNPOTYR OT^N`^^TZY^ TY OTQQP]PY_ NZY_Pc_^ ?SPd TYNW`OP ^`NS ^NSZWL]^ L^ _SP WTYR`T^_ -SL]_šSL]T LYO ST^ `YTaP]^LW R]LXXL] NPY_P]PO ZY _SP ±LMOL-]LSXLY WT_P]LWWd wBZ]O-]LSXLYx _SP WT_P]L_`]P _SPZ]P_TNTLY ¢YLYOLaL]OSLYL LYO ST^ TY^TRS_ ZQ _SP ^`RRP^_TaP Q`YN_TZY ZQ WLY R`LRP _SP ,OaLT_LAPO£Y_L [STWZ^Z[SP] ±L«VL]L LYO ST^ OTOLN_TN XP_SZO [W`XMTYR _SP TYOTNL_TaP Q`YN_TZY ZQ WLYR`LRP _SP YZYO`LW 6L^SXT]T ±LTaL ?LY_]T^_ ,MSTYLaLR`[_L LYO ST^ NZ^XTN aT^TZY ZQ WLY R`LRP LYO _SP X`^TNZWZRT^_ ±£]«RLOPaL bSZ NZYNP[_`LWTePO _SP bSZWP bZ]WO L^ ^Z`YO 9£OL-]LSXLY WT_P]LWWd w>Z`YO-]LSXLYx ?SP^P _STYVP]^ LNNPY_`L_PO ^PXLY_TN^ LYO LNZ`^_TN^ TY OTQQP]TYR bLd^ DP_ bSL_ _SPd SLaP TY NZXXZY T^ _SL_ _SPd _ZZV SZWT^_TN L[[]ZLNSP^ _Z WLY R`LRP LYO ]PLWT_d ?ST^ T^ ]PQWPN_PO TY NZY^_]`N_TZY^ ZQ ^dY_SP_TN [L]_TNT [L_Z]d bZ]WO Z]TPY_L_TZY LYO `YT_L]d aT^TZY^ ZQ _SP bZ]WObSZWP bSTNS L]P RTaPY L ]L_TZYLW LYO LYLWd_TNLW QZ`YOL_TZY BP TY_PR]L_P bT_S ±LYVL]Lv^ [STWZ^Z[STNLW `YTaP]^LW Xd_S L ^dXMZW ^d^_PX _SL_ T^ YZ_TNPLMWd OTQQP]PY_ Q]ZX _SP [SZYZNPY_]TN XLTY^_]PLX >ZYLWT_d L^ L ^dXMZWTN QZ]X LYO T_^ `^P QZ] SZWT^_TN bZ]WOaTPb NZY ^_]`N_TZY^ LN\`T]P^ T_^ NZY_Z`]^ YZ_ WPL^_ TY _SP NZX[P_T_TZY bT_S NZY _]L^_TYR XZOPW^ ZQ _Z_LWT_d 3ZbPaP] L^ L ]`WP 4YOTLY OT^NZ`]^P T^ YZ_ P^[PNTLWWd NZYNP]YPO bT_S NZY_]L^_^ LYO Z[[Z^T_TZY^ M`_ bT_S ^dY_SP_TN XZOPW^ TY bSTNS YZ_ ZYWd ^PXLY_TN^ T^ [L]_ ZQ WLYR`LRP M`_ ^Z YPNP^ ^L]TWd T^ LNZ`^_TN^ ±LYVL]Lv^ aTPb ZQ NZXX`YTNL_TZY bSTNS NZX [WP_PWd PcNW`OP^ LNZ`^_TN^ bL^ L WP^^ OZXTYLY_ XZOP `Y_TW XZOP]Y _TXP^ 4Y _SP QZWWZbTYR ST^_Z]TNLW OP^N]T[_TaP ^PN_TZY ZQ Z`] ^_`Od bP NWL^ ^TQd _SP ^d^_PX^ []P^PY_PO ZY _SP ML^T^ ZQ bSP_SP] _SPd SLaP L XZ]P [L]_TNT[L_Z]d Z] XZ]P PXLYNT[L_Z]d Z]TPY_L_TZY _Z WLYR`LRP ^Z`YO LYO ]PLWT_d ?SP LYLWd_TNLW OTQQP]PY_TL_TZY LYO XP_LWTYR`T^_TN _P]XTYZWZRd L]P TY^[T]PO Md >_LYWPd ?LXMTLSv^ OTQQP]PY_TL_TZY MP_bPPY NL`^LWT^_TN LYO [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY^ LYO LW^Z Md 0]Y^_ .L^^T]P]v^ _SP Z]d ZQ ^dXMZWTN QZ]X^ Md >`^LYYP 7LYRP]v^ OT^_TYN_TZY MP_bPPY []P ^PY_L_TZYLW LYO OT^N`]^TaP QZ]X^ ZQ Pc[]P^^TZY LYO LMZaP LWW Md 6`]_ 3ÞMYP]v^ _SPZ]d ZQ Xd_S bSTNS PWLMZ]L_P^ _SP ]L_TZYLWT_d ZQ _SP Xd_S T_^PWQ LYO _S`^ ]PXZaP^ _SP [PUZ]L_TaP L^^ZNTL_TZY^ ZQ _SP NWL^^TNLW OTQ QP]PY_TL_TZY MP_bPPY Xd_SZ^ LYO WZRZ^  ?ST^ SL^ LW]PLOd MPPY Pc[WLTYPO TY OP_LTW ,_ _ST^ [ZTY_ T_ T^ ^`QQTNTPY_ _Z YZ_P _SL_ MTYL]d N`W_`]LW [L_ _P]Y^ ^`NS L^ w[L]_TNT[L_TZYx a^ wPXLYNT[L_TZYx SLaP MPPY []Z [Z`YOPO XLYd _TXP^ LYO LW_SZ`RS _SPd L]P aP]d [ZbP]Q`W LYLWd_TNLW



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

NZYNP[_^ #" _SPd L]P LW^Z NZY_]ZaP]^TLW 0cLX[WP^ bZ`WO MP 7Ëad -]`SWv^ X`NSN]T_TNTePO OT^_TYN_TZY MP_bPPY w[]TXT_TaPx LYO w[]PWZRT NLWx XPY_LWT_d aP]^`^ wXZOP]Yx wWZRTNLW ]L_TZYLWx wZ[P]L_TZYLWT^_TNx LYO w[Z^T_TaT^_TNx XPY_LWT_d bSTNS SL^ SZbPaP] LRLTY LYO LRLTY MPPY _LVPY `[ XZOTQTPO LYO OTQQP]PY_TL_PO LYO :YRv^ LYO 2ZZOdv^ _SPZ]TP^ ZQ Z]LW LYO WT_P]L_P N`W_`]P^ LYO _SP TYQW`PYNP ZQ b]T_TYR =PNVbT_ev LP^_SP_TN LYO YZYLP^_SP_TN SLMT_`^ QZ]X^ LYO BST_PSZ`^Pv^ TXLRT^_TN LYO OZN_]TYLW XZOP^ ## z _Z XPY_TZY U`^_ L QPb >`[[Z]_P]^ ZQ ^`NS MT YL]d OT^_TYN_TZY^ SLaP ZQ_PY XLOP _SPX _ZZ ^_L_TN LYO LWWZNL_PO bSZWP N`W_`]P^ Z] ^PRXPY_^ ZQ N`W_`]P^ Z] bSZWP ^ZNTP_TP^ Z] ^PRXPY_^ ZQ ^Z NTP_TP^ _Z ZYP ^NSPXP Z] _SP Z_SP] 0aPY >`^LYYP 7LYRP]v^ OTQQP]PY_TL _TZY T^ []ZMWPXL_TN L^ WLYR`LRP T^ TOPY_TQTPO _ZZ ^_]ZYRWd bT_S TY_PWWPN _`LWT_d LYO OT^N`]^TaP ]PL^ZYPO _SZ`RS_ LYO _SP L^[PN_ ZQ ^Z`YO T^ YZ_ TYNW`OPO #$ BP `YOP]^_LYO _SP [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY_L _TZY^ L^ [L__P]Y^ ZQ _SZ`RS_ LN_TZY LYO MPSLaTZ] ZNN`]]TYR TY LWW N`W _`]P^ _Z L XZ]P Z] WP^^ ^_]ZYR OPR]PP LYO PcT^_TYR TY PaP]d S`XLY MPTYR ?SPd ]P[]P^PY_ LYO RPYP]L_P _bZ aP]d OTQQP]PY_ WTQPbZ]WO^ Z] ^PY^P OZXLTY^ LYO []ZaTYNP^ ZQ ]PLWT_d _SL_ NLY MP Z]RLYTePO OTQQP]PY_Wd TY L RTaPY N`W_`]P ^ZNTP_d LYO TYOTaTO`LW LYO LW^Z NLY NSLYRP ZaP] _TXP TY _SPT] NZY^_PWWL_TZY LYO TY_P]LN_TZY DP_ _SPd LWbLd^ ]PXLTY ]PNZRYTeLMWP L^ ^P[L]L_P WTQPbZ]WO^ Z] OZXLTY^ ZQ ]PLWT_d LYO XPLYTYR :YP NLY TYOPPO NZY_TY`LWWd ^bT_NS MP_bPPY _SP^P _bZ bZ]WO^ M`_ _SPd ]PXLTY ^P[L]L_P TY _SP QTPWO ZQ _SP [SPYZXPYLW 3ZbPaP] T_ T^ [Z^^TMWP _Z ^dY _SP^TeP _SPX TY _SP QTPWO ZQ ]PQWPN_TZY 4YOTLY N`W_`]P [L]_TN`WL]Wd WZaP^ _Z ^bT_NS MP_bPPY _SP _bZ bZ]WO^ bSTWP XLTY_LTYTYR [L]_TNT[L_TZY TY _SP PXLYNT[L_Z]d L]PL^ 8d_S T^ YZ_ ZYWd NZY\`P]PO Md ]L_TZYLWT_d TY _SP ^PY^P ZQ _SP WZRZ^ M`_ ]L_TZYLWT_d T^ LW^Z ^`[P]TX[Z^PO ZY T_ LYO NZYaP]^PWd LRLTY LYO LRLTY ]L_TZYLWT_d T^ Xd_STNLWWd PXMPOOPO ;]PNT^PWd _ST^ TY_PR]L_TaP LYO TYNW`^TaP QZ]X ZQ ^bT_NSTYR ^PPX^ _Z `^ _Z MP ZYP ZQ _SP XZ^_ XL]VPO 3TYO` N`W_`]LW [L_ _P]Y^ @YWTVP _SP OZXTYLYNP ZQ _SP PXLYNT[L_Z]d LYO ^bT_NSTYR _SL_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" .ZY^TOP] 7`SXLYYv^ ^d^_PX _SPZ]d Z] 5LVZM^ZYv^ LYO 0NZv^ ^PXTZ_TN^ bSTNS L]P LW^Z ML^PO ZY OdLOTN NZOP^ M`_ LW^Z 7Ëad>_]L`^^v ^_]`N_`]LWT^X ?SP WL__P] L[[PL]^ _Z `^ _Z SLaP OPQTNT_^ TY _SP OP^N]T[_TZY ZQ N`W_`]LW ^d^_PX^ ^TYNP N`W_`]P^ OZ YZ_ LW WZb _SPX^PWaP^ _Z MP ]PO`NPO _Z XL_SPXL_TNLW P\`L_TZY^ ## 3L]aPd BST_PSZ`^P ,]R`XPY_^ LYO 4NZY^% /TaP]RPY_ 8ZOP^ ZQ =PWTRTZ^T_d :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^  #$ 4Y L XLYYP] ^TXTWL] _Z .L^^T]P] 7LYRP] ]PNZY^_]`N_^ L [L_S ZQ _SP OPaPWZ[XPY_ ZQ _SP S`XLY ^[T]T_ WPLOTYR aTL ]T_`LW LYO XLRTN _Z Xd_S LYO ]PWTRTZY LYO _SPY _Z [STWZ^Z [Sd ,W_SZ`RS LWW _SP^P ^dXMZWTN QZ]X^ PcT^_ LWZYR^TOP ZYP LYZ_SP] bT_S P\`LW U`^_T QTNL_TZY LYO ]L_TZYLWT_d T^ PX[SL^TePO Md []P^PY_L_TZYLW XZOP^ ZQ _SZ`RS_ LYO MPSLa TZ] LYO Md QPPWTYR^ _SP RZLW ZQ _ST^ OPaPWZ[XPY_ T^ `W_TXL_PWd ZYWd [STWZ^Z[Sd OT^N`]^TaP QZ]X^ LYO LM^_]LN_ _SZ`RS_ TY^_PLO ZQ NZY^TOP]TYR _SP [W`]LWT_d ZQ _SP ^dX MZWTN QZ]X^ ^dYNS]ZYZ`^Wd

.ZY^TOP]L_TZY^ ZQ .`W_`]LW ?SPZ]d ZY 0XLYNT[L_TZY LYO ;L]_TNT[L_TZY



^bTYR^ MP_bPPY PXLYNT[L_Z]d LYO [L]_TNT[L_Z]d ^PY^P OZXLTY^ L^ T^ _d[TNLW ZQ BP^_P]Y N`W_`]P >LY^V]T_ N`W_`]P ]L]PWd bPY_ bT_SZ`_ [L]_TNT [L_TZY PaPY TY _SP NZY^TOP]PO ]L_TZYLW WZRTNLW L]PL LYO _SP]PQZ]P OTO YZ_ YPNP^^L]TWd LWbLd^ Z]RLYTeP _SP ^PY^P OZXLTY^ ^ZWPWd Md ^bT_NSTYR M`_ LW^Z Md NZY^TOP]PO ^dY_SP^P^ ?ST^ XPLY^ _SL_ _SP ^dY_SP^TeTYR [STWZ^Z[STP^ LYO WLYR`LRP _SPZ]TP^ _SL_ NLY MP ]PLO L^ L__PX[_^ _Z PT_SP] M]TORP Z] OT^^ZWaP _SP OTQQP]PYNP MP_bPPY [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY_L_TZY^ L]P _SP ZYP^ _SL_ L]P P^[PNTLWWd TY_P]P^_TYR ?SPd NZ]]PWL_P bT_S bSL_ bP SLaP OT^NP]YPO L^ w_ST]O ^[LNP SLMT_`^x LYO LN_`LWWd ^PXLY_TNTeP T_ >`NS L__PX[_^ SLaP _SP NSL]LN_P]T^_TN^ ZQ L ]L_TZYLWTeL_TZY QZ`YOPO TY L]R`XPY_ ZQ _SP SZWT^_TN[L]_TNT[L_Z]d XZOP TP _SP QZ]X ZQ L ]PQWPN_PO SZWT^_TN Q`^TZY BP NLWW _ST^ w`YTaP]^LW Xd_Sx LYO []P^PY_ ^ZXP ^TRYTQTNLY_ ^_]L_PRTN LRPY_^ bSZ O]LQ_PO SZWT^_TN bZ]WO TY_P][]P_L_TZY^ ZQ _ST^ _d[P :Q NZ`]^P _SP NZYNP[_^ ZQ [L]_TNT[L_TZY PXLYNT[L_TZY LYO `YTaP]^LW Xd_S ^SZ`WO MP aTPbPO L^ TOPLW _d[P^ TY 8Lc BPMP]v^ ^PY^P ,^ [SPYZXPYL _SPd NLY MP T^ZWL_PO M`_ TY LN_`LW []LN_TNP _SPd L]P YPaP] QZ`YO TY LY LM^ZW`_PWd [`]P QZ]X LYO L^ _P]X^ _SPd L]P L]_TQTNTLWWd N]PL_PO QZ] ^NTPY_TQTN LYLWd ^T^ BP OZ YZ_ `YOP]^_LYO _SP MTYL]d L^[PN_ _Z XPLY _SL_ TYOTaTO`LW N`W_`]LW ^PRXPY_^ ^`NS L^ ^NTPYNP Z] PaPY bSZWP N`W_`]P^ L]P ML^PO PcNW`^TaPWd ZY _SP ZYP Z]TPY_L_TZY Z] _SP Z_SP] 4_ T^ _SP TY_P][WLd MP _bPPY _SPX _SL_ T^ TX[Z]_LY_ -`_ _SP []PaLWPYNP ZQ ZYP Z] _SP Z_SP] []ZaTOP^ L NWL^^TQTNL_TZY [L__P]Y _SL_ T^ aP]d ^`T_LMWP QZ] M`YOWTYR _SP ST^_Z]TNLW XL_P]TLW _SL_ bP []P^PY_ ^_]`N_`]TYR T_ LYO ^`MUPN_TYR T_ _Z LY LYLWd_TNLW L^^P^^XPY_ QZ] ]PaPLWTYR TY_]LN`W_`]LW aL]TLYNP^ LYO NZY_T Y`T_TP^ LYO LW^Z QZ] PWLMZ]L_TYR N`W_`]LW OTQQP]PYNP^ LYO LYLWZRTP^ 1Z] PcLX[WP _SP Sd[Z^_L^TeL_TZY ZQ WLYR`LRPaZTNP ^Z _SL_ T_ MP NLXP L RZOOP^^ TY _SP WL_P ‹RaPOL NL _S NPY_ -. LYO ;£©TYTv^ QZ]X`WLWTVP R]LXXL]  _S NPY_ -. L]P ^dXMZWTN QZ]X^ ZQ Pc[]P^^TZY ZQ LY TY_PY^TaP ZNN`[L_TZY bT_S WLYR`LRP DP_ _SPd SLaP z _Z `^P _SP _P]X^ ZQ _SP 4YOTLY _SPZ]d ZQ LP^_SP_TN^ z L NZX[WP_PWd OTQQP]PY_ ]L^L  TP L OTQQP]PY_ w_L^_Px% ZY _SP ZYP SLYO _SP]P T^ LY Pc_]PXPWd TNZYTN XP_ZYdXTN `YOP]^_LYOTYR ZQ WLYR`LRP NZYNPTaTYR ZQ T_ L^ L wY`XTYZ`^ ^`M^_LYNPx LYO ZY _SP Z_SP] L STRSWd LM^_]LN_ ]P[]P^PY_L_TZY ZQ R]LX XL_TNLW ]`WP^ LYO ^dXMZW^ 4_ T^ `^PQ`W _Z QTYO _P]X^ _Z Pc[]P^^ _ST^ OTQ QP]PYNP MPNL`^P ZaP] _SP NPY_`]TP^ _SP]P SLaP MPPY XLYd LYLWZRTP^ _Z ZYP XZOP Z] _SP Z_SP] M`_ LW^Z XLYd LXMTaLWPYNP^ ^SLOP^ QZ]X^ ZQ wNZOP ^bT_NSTYRx LYO ^dY_SP^P^ :`] RPYP]LWTePO L]R`XPY_ ^_L_P^ _SL_ _SP _bZ OTQQP]PY_ XZOP^ RPYP]L_P OTQQP]PY_ ^PXLY_TN QTPWO^ LYO QZ]X^ ZQ wSLMT_`^x :Y _SP ZYP SLYO _SP]P T^ L SZWT^_TN ^dY_SP_TN []P^PY_L_TZYLW XP_ZYdXTN TNZYTN L[[]ZLNS _Z WLYR`LRP LYO L Xd_STNLW ]L_TZYLWT_d :Y _SP Z_SP] _SP]P T^ LY LYLWd_TNLW OT^N`]^TaP LM^_]LN_TaP L[[]ZLNS _Z WLY R`LRP LYO L ^_]TN_Wd ^NTPY_TQTN ]L_TZYLWT_d 4Y 4YOTL bP QTYO MZ_S 3Zb



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

PaP] TY NZ]]PWL_TZY _Z _SP ^[ZVPY LYO ^Z`YOTYR bZ]O _SL_ bL^ YPaP] QZ]^LVPY TY _SP bLVP ZQ WT_P]LNd _SP]P PXP]RPO LW^Z L _ST]O ^[LNP SLMT _`^ TY OPLWTYR bT_S [L]_TNT[L_TZY LYO PXLYNT[L_TZY ;SPYZXPYL ^`NS L^ _SP OT^L[[PL]LYNP ZQ ^PY^P MPSTYO _SP ^Z`YO LYO XL]VPO ^dXMZWTeL_TZY^ ^`NS L^ _SP Sd[Z^_L^TeL_TZY ZQ _SP ^Z`YO ^Z _SL_ T_ MPNZXP^ L ^dXMZW ZQ _SP `YTaP]^P ^PPX _Z `^ L^ .ZM`]Y L]R`PO _Z MP QPL_`]P^ ^[PNTQTN _Z 3TYO` N`W_`]P 4Y_P]P^_TYRWd PaPY ;£©TYTv^ NZOP QZ]X`WL^ _SL_ L]P ]PXTYT^NPY_ ZQ LWRPM]L L]P ^NTPY_TQTN ^Z`YO NZOP^ BP _SP]PQZ]P ]PRL]O 3TYO`T^Xv^ QZN`^ ZY ^ZYLWT_d L^ PcNP[_TZYLW LYO _SP OTQQP]PYNP Q]ZX L QZN`^ ZY b]T_TYR ^`NS L^ _SL_ TY ;]Z_P^_LY_ .S]T^_TLYT_d L^ ZMaTZ`^ ,_ _SP ^LXP _TXP SZbPaP] wXLVTYR [SZYZ NPY_]TNT_d aT^TMWPx TY ZYP N`W_`]P NLY SPW[ _Z wZ[PY _SP PdP^x LYO wQZN`^ _SP aT^TZYx _Z ]PaPLW _SL_ PaPY _SP ^ZNLWWPO wMZZV ]PWTRTZY^x L]P YZ_ ^Z PcNW`^TaPWd NPY_P]PO ZY b]T_TYR ?SP \`Z_L_TZY XL]V^ TYOTNL_P U`^_ SZb QL] aT^`LWT_d SL^ [PYP_]L_PO Z`] WTYR`T^_TN XPLY^ ZQ Pc[]P^^TZY -`_ TY _SP WTYR`T^_TN QTPWO _ST^ LW^Z L[[WTP^ _Z 4YOTL LYO TY _SP QTPWO ZQ ]PWTRTZY aT^`LWT_d LYO ^ZYLWT_d L]P ZQ_PY NZYYPN_PO ^dYLP^_SP_TNLWWd :`] ^d^_PX ZQ NWL^^TQTNL_TZY [L__P]Y^ ZQ [L]_TNT[L_TZY PXLYNT[L_TZY LYO `YTaP]^LW Xd_S NLY NP]_LTYWd MP `YTaP]^LWTePO LYO `^PO QZ] LYLWde TYR Z_SP] N`W_`]P^ ?ST^ T^ MPNL`^P bP QZWWZb ZY Q]ZX PL]WTP] N`W_`]LW _SPZ]P_TNTLY^ LYO NZRYT_TaP ^NTPY_T^_^ _Z NZY_TY`P TY bSL_ bP _STYV T^ L XZ]P NZY^T^_PY_ XLYYP] ?LXMTLS bSZ ]P[WLNPO 7Ëad-]`SWv^ OTQQP]PY _TL_TZY MP_bPPY w[L]_TNT[L_Z]d[]PWZRTNLWx LYO wWZRTNLWx QZ]X^ ZQ XPY _LWT_d bT_S _SP OdLO^ ZQ w[L]_TNT[L_Z]dx LYO wNL`^LWx Z]TPY_L_TZY^ TY _SP ^PY^P ZQ LY_S]Z[ZWZRTNLW NZY^_LY_^ L__]LN_PO ^PaP]P N]T_TNT^X Q]ZX _SP NZRYT_TaP ^NTPY_T^_ >ø]PY^PY MPNL`^P ZQ ST^ NL`^LWT_d NZYNP[_ z LYO bP MPWTPaP _SL_ _ST^ bL^ U`^_TQTPO ?SP _P]X wNL`^LWx L[[PL]PO _Z `^ WTVP bT^P _Z MP L []ZMWPXL_TN L^[PN_ ZQ ?LXMTLSv^ MTYL]d XZOPW :`] ZbY N]T_TNT^X LYO _SP L]R`XPY_L_TZY Pc[WLTYTYR bSd bP NSLYRP wNL`^LWx _Z wPXLYNT[L_Z]dx bP]P b]T__PY WZYR MPQZ]P >ø]PY^PYv^ MZZV ZY XLRTN bL^ [`MWT^SPO $ -`_ N]T_TNT^X NLY LW^Z MP QZ]X`WL_PO ]P_]Z^[PN_TaPWd ZQ >ø]PY^PYv^ QZN`^ ZY _SP [`]PWd ]T_`LWT^_TN bSTNS OZP^ YZ_ OZ U`^_TNP _Z _SP QWPcTMTWT_d ZQ ?LXMTLSv^ _P]XTYZWZRd >ø]PY^PY TY_P]P^_TYRWd LOZ[_^ _SP NZYNP[_ ZQ [L]_TNT[L_TZY LYO ^_]P^^P^ _SP ]ZWP ZQ PXZ_TZYLWT_d TY XLRTNLW LN_^ M`_ MPXZLY^ TY ST^ OTQQP]PY_TL_PO N]T_TNT^X ZQ 7Ëad -]`SW $ _SL_ _SP WL__P] OTO YZ_ ]PNZRYTeP _SL_ ]T_`LW^ L]P L ]P\`T]PXPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ,^ T^ _SP NL^P bT_S XLYd ^NTPY_TQTN bZ]V^ MPSTYO _ST^ ZYP _SP]P T^ L WZYR []ZNP^^ ZQ bZ]V LYO _]LY^WL_TZY , RZZO [Z]_TZY ZQ _SP ]P^PL]NS XPY_TZYPO TY _SP TY_]ZO`N_TZY ^`NS L^ _SL_ Md ;ZWWZNV -PNV 2W`NVWTNS ;L__ZY P_N bL^ [`MWT^SPO O`]TYR Z`] ZbY b]T_TYR []ZNP^^ LYO bL^ TYNW`OPO WL_P] :_SP] [`MWTNL_TZY^ [P]SL[^ P\`LWWd TX[Z]_LY_ ZYP^ QZ] Z`] _Z[TN NZ`WO YZ_ MP NZY^TOP]PO SP]P Z] XLd SLaP P^NL[PO Z`] L__PY_TZY $ >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  TYOT]PN_  z" Pc_PY^TaP #" Q`]_SP] ]PLOTYR

.ZY^TOP]L_TZY^ ZQ .`W_`]LW ?SPZ]d ZY 0XLYNT[L_TZY LYO ;L]_TNT[L_TZY



QZ] [L]_TNT[L_Z]d WTYVLRP^ 4Y _SP WL^_ NSL[_P] ZQ ST^ MZZV >ø]PY^PY _SPY NZ]]PN_^ 7Ëad-]`SW Md QZ]X`WL_TYR ST^ ZbY XLUZ] OTQQP]PY_TL_TZY YLXPWd L OT^_TYN_TZY MP_bPPY w`YL`_SZ]TePO XLRTNLW LN_TZYx LYO wTY^_T _`_TZYLWTePOx Z] wP^_LMWT^SPO ]PWTRTZY^x LYO MP_bPPY w[L]_TNT[L_Z]d NZYYPN_TZY^x LYO w]L_TZYLWT^PO ^d^_PX^ ZQ MPWTPQx% w7Ëad-]`SWv^ PaZW`_TZYL]d OP^N]T[_TZY ZQ SZb [L]_TNT[L_TZY T^ ZMUPN_TQTPO TY_Z TOPZWZRTNLW ^_]`N_`]P^ NLY MP ]P^_L_PO L^ L ^dYNS]ZYTN OP^N]T[_TZY ZQ _SP ]PWL_TZY MP_bPPY []TXL]TWd PXZ_TZYLWWd QPW_ LYO `YNZY^NTZ`^ [L]_TNT[L _TZY MP_bPPY PWPXPY_^ ZQ _SP bZ]WO LYO N]d^_LWWT^L_TZY ZQ _SP^P TY_Z TOPZ WZRTNLW ^_]`N_`]P^ ?ST^ ^SPO^ WTRS_ ZY _SP ]PWL_TZY MP_bPPY XLRTN L^ L XL YT[`WL_TZY ZQ [L]_TNT[L_Z]d ]PWL_TZY^ LYO ]PWTRTZY L^ L ^dXMZWTN LYO TYN]PL^TYRWd ]L_TZYLWT^PO ^d^_PX ZQ MPWTPQ m ;L]_TNT[L_TZY T^ []PNZYNP[_` LW _SL_ T^ T_ T^ L Q`YOLXPY_LW QPL_`]P TY NZYNP[_`LW ^_]`N_`]P^ _SL_ NLYYZ_ MP Pc[WLTYPO Md ]PQP]PYNP _Z _SP NZYNP[_^ _SPX^PWaP^ Z] _SP ^d^_PX _SPd QZ]X bSPY NZXMTYPO 7Ëad-]`SW $" % !z# ;L]_TNT[L_Z]d NZYYPN_TZY^ L]P ^[ZY_LYPZ`^Wd QPW_ LYO [P]NPTaPO LYO _SPd L]P PXZ_TZYLWWd aLW`PO m 4_ T^ ZYWd _S]Z`RS SL]O ]PQWPcTaP bZ]V _SL_ NZYNP[_^ NLY MP ]PWL_TaPWd TYOP [PYOPY_ ZQ [L]_TNT[L_Z]d QPL_`]P^x $

?ST^ ^Z`YO^ WTVP L ]PWL[^P TY_Z _SP ZM^ZWP_P ^PaP]PWd [PUZ]L_TaP OT NSZ_ZXTP^ ZQ XLRTN LYO ]PWTRTZY LYO T]]L_TZYLW LYO ]L_TZYLW ?ST^ T^ OPQTYT_PWd YZ_ TY_PYOPO Md >ø]PY^PY DP_ ST^ ]P[]P^PY_L_TZY OPXZY ^_]L_P^ _SP []ZMWPX ZQ LYd `YTaP]^LWT^_TN OPQTYT_TZY ?SP 3TYO`T^_TN Pc LX[WP^ NLY MP `^PO _Z L]R`P _SL_ T_ T^ YZ_ _SP NL^P _SL_ PaP]d LN_ ^PPY L^ XLRTNLW T^ NSL]RPO bT_S PXZ_TZY YPT_SP] T^ PaP]d [L]_TNT[L_Z]d SLMT_`^ LW^Z YPNP^^L]TWd XLRTN LYO `W_TXL_PWd YPT_SP] XLRTN YZ] [L]_TNT[L_TZY YPNP^^L]TWd PcNW`OP LY PXMPOOTYR TY L w]L_TZYLWT^PO ^d^_PX ZQ MPWTPQx L^ >ø]PY^PY []Z[Z^P^ z L_ WPL^_ YZ_ TY >LY^V]T_ 3TYO`T^X ,NZ`^_TN [TP_d Xd_STNLW ^`M^_LYNP^ LYO `YTaP]^LW Xd_S^ L^ OP^N]TMPO LMZaP RPYP]L_P L M]ZLOP] NZYNP[_ ZQ [L]_TNT[L_TZY SP]P bP QZWWZb ?LXMTLS BP bZ`WO NP]_LTYWd LR]PP bT_S >ø]PY^PY bSPY SP ^_L_P^ _SL_ w;L]_TNT[L _Z]d NZYYPN_TZY^ L]P ^[ZY_LYPZ`^Wd QPW_ LYO [P]NPTaPO LYO _SPd L]P PXZ_TZYLWWd aLW`POx $ -`_ _SP YL]]ZbP] OPQTYT_TZY ZQ wTNZYTN ]PWL_TZY^ ZQ ^TXTWL]T_dx LYO wTYOPcTNLW ]PWL_TZY^ ZQ P^^PY_TLW WTYV Z] TOPY_T_dx $ _SL_ T^ _ZZ ZYP^TOPOWd Z]TPY_PO ZY 1]LeP]v^ NZYNP[_ ZQ XLRTN T^ _ZZ WTXT_TYR _Z PXM]LNP LWW XZOP^ ZQ [L]_TNT[L_TZY ?SP^P XZOP^ TYNW`OP LWWZbTYR ZYP^PWQ _Z MP _TPO TY Md ]Sd_SX^ LYO ^Z`YO^ wTXXP]^TYR ZYP ^PWQ TY _SPX WTVP LY LN_Z] TXXP]^P^ STX^PWQ TY ST^ RP^_`]P^x OPaZ_TZYLW Q`^TZY ^Z`YO NZY_PX[WL_TZY LP^_SP_TN [WPL^`]P wZNPLYTN QPPWTYRx LYO LW^Z ZY_ZWZRTNLW NZOP^ _SL_ NLY PcT^_ TYOP[PYOPY_ ZQ ]T_P^ LYO L]P YZ_ YPNP^^L]TWd L^^ZNTL_PO bT_S XLRTNLW LRPYNd Z] []LRXL_TN PQQTNTPYNd% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  #" $ >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  #" $ >ø]PY^PY , .ZRYT_TaP ?SPZ]d ZQ 8LRTN  #"

!

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

aL]TZ`^ _d[P^ ZQ _Z_LWTeTYR XTN]ZNZ^X TP ^LN]TWTeTYR _SP ^PWQ LYO NZY NP[_`LW ^d^_PX^ _SL_ ]PWL_P PaP]d_STYR _Z L WL]RP] NZ^XTN Z]OP] SZWT^_TN TXLRP ^NSPXP^ LYO YZYO`LWT^_ bZ]WONZY^_]`N_TZY^ ^`NS L^ ^PPTYR _SP NZ^XZ^ L^ _SP MZOd ZQ _SP RZO LYO _SP bZ]WO L^ ^Z`YO P_N >LY^V]T_ 3TYO`T^X SL^ L [L]_TN`WL] TYNWTYL_TZY _ZbL]O^ SZWT^_TN TY_P][]P_L_TZY^ ZQ _SP bZ]WO LYO _SP S`XLY MPTYR LYO _SP]P T^ SL]OWd LYd MP__P] _P]X QZ] OPQTYTYR _SP^P VTYO^ ZQ bZ]WOaTPb [L__P]Y^ _SLY [L]_TNT[L_Z]d Z]TPY_L _TZY ?ST^ _P]X NZaP]^ _SP bSZWP ]LYRP ZQ XLRTN Xd_S OPaZ_TZY wWZa TYR [L]_TNT[L_TZYx [LYPY_SPT^X LYO XP_L[Sd^TNLW XZYT^X ,^ _Z _SP OT^N`^^TZY ZQ XLRTN T_ L[[PL]^ _Z `^ _SL_ XLRTNLW LRPYNd LYO PQQTNTPYNd L]P TYOPPO TX[Z]_LY_ QZ] Pc[WLTYTYR XLRTN M`_ bP SLaP []Z[Z^PO OPQTYTYR XLRTN L^ L ^d^_PX ZQ ^dXMZW^ _SL_ T^ ML^PO ZY SZ XZWZRTP^ LYO L [L]_TNT[L_Z]d QZ]X ZQ _SZ`RS_ LYO ZY_ZWZRd 4_ ^PPX^ _SL_ ZYP _STYR _d[TNLW ZQ XLRTNLW PQQTNTPYNd T^ LY wPXLYNT[L_Z]dx []Z[ P]_d TY _SP QZ]X ZQ ^PWQNSZ^PY XLRTNLW LRPYNd bT_STY L [L]_TNT[L_Z]d ^d^_PX ;L]_TNT[L_TZY NLY TYNW`OP _SP ^ZNLWWPO XLRTNLW LN_^ M`_ T^ YZ_ TOPY_TNLW _Z XLRTN z T_ PYNZX[L^^P^ XZ]P 8LRTN T^ ML^PO ZY SZXZWZRT NLW ]PWL_TZY^ _SL_ L]P L ^[PNTQTN QZ]X LYO L [L]_ ZQ w[L]_TNT[L_Z]d NZY YPN_TZY^x >ø]PY^PY M`_ bSTNS OZ YZ_ PcSL`^_ _SP WL__P] 3ZXZWZRTP^ N]PL_P NZYYPN_TZY^ _SL_ L ^NTPY_TQTN bZ]WOXZOPW NLYYZ_ Pc[WLTY Z] SLaP YZ [WLNP TY _SPX ?SP OPNZY^_]`N_TYR LYO OT^^PN_TYR XZOP ZQ ^NTPY_TQTN bZ]WOPc[WLYL_TZY^ WZRTN TY _SP ^PY^P ZQ ^dWWZRT^X LY L_ZXTeTYR bZ]WOaTPb LYO TYOP[PYOPY_ L`_ZYZXd ZQ LN_TZY L]P _STYR^ _SL_ bP NLWW PXLYNT[L_TZY ?SP _bZ XZOP^ PXLYNT[L_TZY LYO [L]_TNT[L_TZY NLY ZaP] WL[ M`_ TQ _SPd OZ ^Z T_ T^ ZY Q`YOLXPY_LWWd OTQQP]PY_ WPaPW^ ?SZ^P bSZ NZYO`N_ XLRTN SLaP L [L]_TNT[L_Z]d aTPb ZQ _SP bZ]WO 0aP]d_STYR X`^_ SLaP ^ZXP ^Z]_ ZQ NZYYPN_TZY bT_S PaP]d_STYR PW^P Z] L_ WPL^_ bT_S ^ZXP _STYR^ ?SP]PQZ]P []LN_T_TZYP]^ QTYO T_ WZRTNLW _SL_ SZXZWZRTP^ bZ]V 3ZbPaP] _SPd ]PWL_P _SPX^PWaP^ _Z _SP [L]_TNT[L_Z]d bZ]WO L^ _Z_LWWd TYOP[PYOPY_ ^`MUPN_^ TY NZY_]L^_ QZ] TY^_LYNP _Z _SP ,OaLT_LAPO£Y_L XZYV bSZ ^PPV^ `YT_d bT_S _SP BSZWP Z] _SP 6š´©L OPaZ_PP bSZ ^PPV^ YZ_STYR M`_ ^`]]PYOP] LYO WZaTYR [L]_TNT[L_TZY bT_S ST^ 7Z]O z MZ_S ZQ bSZX SLaP L XZ]P [L]_TNT[L_TaP ]PWL_TZY^ST[ _Z _SP Q]LXTYR [L]_TNT[L _Z]d ^d^_PX >Z _SP VPd OTQQP]PYNP T^ Q`eed bSPY ZYP ^bT_NSP^ Q]ZX ZYP WPaPW _Z LYZ_SP] M`_ T_ T^ ^_TWW TY_`T_TaPWd ]PNZRYTePO L^ L QZ]X ZQ OTQQP]PYNP :YP NLY LR]PP bT_S 3LY^ 6T[[PYMP]R _SP ^NSZWL] ZQ ]PWTR TZY _SL_ LN_TZY^ _SL_ SLaP MPPY TOPY_TQTPO TY _SP ]P^PL]NS L^ TXT_L_TaP LYO NZY_LRTZ`^ XLRTN L]P LWbLd^ PXMPOOPO TY L NZ^XZWZRTNLW Q]LXP _SL_ XLRTNLW TOPL^ NLY MP QZ`YO TY LWW N`W_`]P^ LYO _SL_ wN`W_`]P^ ZYWd OTQQP] TY _SP [Z^T_TZY _SL_ XLRTNLW NZYNP[_^ SZWO ZaP]LWW TY L N`W_`]Px $ 8LRTN YPPO^ L NZ^XZWZRTNLW Q]LXP Z] bZ]WOaTPb _SL_ LWWZb^ QZ] T_ 4_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 6T[[PYMP]R w8LRTPx $  $"

.ZY^TOP]L_TZY^ ZQ .`W_`]LW ?SPZ]d ZY 0XLYNT[L_TZY LYO ;L]_TNT[L_TZY

"

YPPO^ ^ZXP ^Z]_ ZQ [L]_TNT[L_Z]d ZY_ZWZRd bSTNS bP NLWW Xd_S LYO `YT aP]^LW Xd_S >Z Z`] OPQTYT_TZY ZQ _SP NZYNP[_ ZQ [L]_TNT[L_Z]d NZYYPN_TZY T^ X`NS M]ZLOP] _SLY >ø]PY^PYv^ LYO Md YZ XPLY^ OZ bP ]P^_]TN_ T_ ^ZWPWd _Z XLRTN ?SP VPd OTQQP]PYNP MP_bPPY [L]_TNT[L_TZY LYO PXLYNT[L_TZY NZYNP]Y^ YZ_ ZYWd LN_TZY^ M`_ LW^Z TY_P][]P_L_TZY^ ZQ _SP bZ]WO z LYO PaPY []TXL]TWd bZ]WOTXLRP^ TP ^PY^P ^d^_PX^ ?SP LN_TZY^ LYO _SPT] PQQTNTPYNd ZYWd MPNZXP [WL`^TMWP _S]Z`RS _SP^P bZ]WOaTPb^ 4Q bP VPP[ _SP ]PQZ]X`WL_PO OdLO^ TY XTYO bP NLY YZ_ ZYWd ^TX[Wd RP_ L R]T[ ZY N`W_`]LW ^[PNTQTN^ LYO ST^_Z]TNLW [L]LOTRX^ M`_ bP NLY LW^Z OPXZY^_]L_P TY_]LN`W_`]LW LYO N]Z^^N`W_`]LW OTQQP]PYNP^ LYO ZaP] WL[[TYR^ 4_ T^ LXLeTYR SZb RWZMLW N`W_`]LW _]LY^T_TZY^ Q]ZX _SP OZXT YLYNP ZQ ZYP XZOP _Z _SP OZXTYLYNP ZQ _SP Z_SP] SLaP PaZVPO LWXZ^_ TOPY_TNLW ^dXMZWTN QZ]X^ TY OTQQP]PY_ N`W_`]P^ :YP XLd _STYV MLNV _Z _SP OT^N`^^TZY^ ZY _SP ^_dWP ZQ OT^[`_L_TZY DP_ YZ_ ZYWd ^TXTWL] QZ]X^ L]P N]PL_PO M`_ LW^Z TY_P]N`W_`]LWWd ^TXTWL] bZ]WOaTPb QZ]XL_TZY^ MP NZXP aT^TMWP L_ _SP _T[[TYR [ZTY_^ ZQ _ST^ OTQQP]PYNP MP_bPPY PXLYNT[L _TZY LYO [L]_TNT[L_TZY 1Z] PcLX[WP T_ T^ [Z^^TMWP _Z LWWZNL_P 9PZ[WL_ZY T^X LYO ,]T^_Z_PWPLY [STWZ^Z[Sd LYO TY _SPT] XPOTPaLW QZ]X^ bT_STY _SP [STWZ^Z[STP^ ZQ 8PT^_P] 0NVSL]_ LYO ?SZXL^ ,\`TYL^ _Z _SP ZYP XZOP Z] _SP Z_SP] -`_ _ST^ PcLX[WP LW^Z ^SZb^ _SL_ w[L]_TNT[L_Z]dx OZP^ YZ_ YPNP^^L]TWd LWbLd^ XPLY w[]PWZRTNLWx :Y _SP NZY_]L]d 9PZ[WL_ZYT^X LYO 0NVSL]_v^ 7L_TY b]T_TYR^ L]P STRSWd PWLMZ]L_P YZYO`LW [STWZ^Z[STP^ LYO XZOPW^ ZQ bZ]WO TY_P][]P_L_TZY ;L]_TNT[L_TZY T^ LW^Z LNNP^^TMWP _Z _SZ`RS_ TY L ]PQWPN_PO QZ]X ?ST^ [SPYZXPYZY T^ QZ`YO YZ_ ZYWd TY 4Y OTL LYO _SP]PQZ]P RPYP]L_P^ NZX[L]LMWP ^_L_PXPY_^ LYO ^dXMZWTN QZ]X^ >Z T_ T^ YZ_ Md NSLYNP _SL_ ±L«VL]L LYO 8PT^_P] 0NVSL]_ bP]P ]P[PL_POWd NZX[L]PO bT_S PLNS Z_SP] BP L[[Wd _SP _P]X w`YTaP]^LW Xd_Sx _Z []P NT^PWd _ST^ _d[P ZQ TY_PWWPN_`LW [PYP_]L_TZY ZQ [L]_TNT[L_TZY TY _SP QZ]X ZQ ]L_TZYLWWd ]PQWPcTaP SZWT^X^ L^ ]P[]P^PY_PO Md ±L«VL]L LYO 8PT^_P] 0NVSL]_ ?ST^ NZYQTR`]L_TZY SZbPaP] T_ T^ ]P[]P^PY_PO TY 0`]Z[P T^ QZ`YO P^[PNTLWWd Q]P\`PY_Wd LYO TY XLYd OTQQP]PY_ aL]TL_TZY^ TY 3TYO` T^X LYO Z`] Sd[Z_SP^T^ T^ _SL_ L ^Z`YONPY_P]PO WTQPbZ]WO bL^ LYO SL^ ]PXLTYPO LY PcNPWWPY_ MTZ_Z[P QZ] T_ MPNL`^P ^Z`YO L^ L ^TX`W_LYPZ`^ MPL]P] ZQ ^dXMZW^ LYO LQQPN_ T^ Md T_^ YL_`]P L ]PLW XP_L[SZ] Z] _Z_LW ]P[]P^PY_L_TZY ZQ _SP `YTaP]^LW Xd_S ?SP P[T_ZXP LYO XZ^_ Pc[WTNT_ ZMUPN_TaTeL_TZY ZQ _ST^ NZYYPN_TZY bL^ _SP 9£OL-]LSXLY ZQ ±£]«RLOPaL bSTNS SL^ MPPY WT__WP ]P^PL]NSPO ^Z QL] M`_ TY^_PLO QZ`YO T_^ bLd TY_Z XZOP]Y BP^_P]Y ^[T]T_`LWT_d _S]Z`RS _SP [Z[`WL]TePO QZ]X`WL w_SP bZ]WO T^ ^Z`YOx :`] QTYLW NSL[_P] bTWW _]LNP _SP TYOTRPYZ`^ LYO _]LY^YL_TZYLW ST^_Z]d ZQ _SP 9£OL-]LSXLY LYO _SP TX[WTNL_TZY^ ZQ _SP YPb TY_P]P^_ ZQ BP^_P]Y [PZ[WP TY [L]_TNT[L_Z]d bZ]WOaTPb^

#

3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

0aPY _SZ`RS bP RTaP ^[PNTLW PX[SL^T^ _Z [L]_TNT[L_TZY bP OZ YZ_ bT^S _Z NWLTX _SL_ 4YOTL T^ XZ]P [L]_TNT[L_Z]d _SLY Z_SP] ^ZNTP_TP^ LYO N`W_`]P^ M`_ TY^_PLO bP bT^S _Z QTWW TY RL[^ TY _SP ]P^PL]NS NZYO`N_PO _S`^ QL] TY bSTNS _ZZ WT__WP L__PY_TZY SL^ MPPY OPaZ_PO _Z OL_P _Z _SP ^PY^Z]d LP^_SP_TN L^[PN_^ NZ]]PWL_TYR ^_]ZYRWd bT_S _SP [L]_TNT[L_Z]d XZOP ?ST^ SL^ WPO _Z MWTYO ^[Z_^ LYO ^ZXP_TXP^ _Z XT^TY_P][]P_L_TZY^ ?ST^ T^ ^SZbY Md _SP QLN_ _SL_ XLYd 4YOZWZRT^_^ NLYYZ_ ]PNT_P XP_]TN _Pc_^ XP_]TNLWWd QZ] PcLX[WP M`_ TY^_PLO SLaP _Z NZ`Y_ _SP ^dWWLMWP^ z Z] PW^P _SPd PaPY TRYZ]P _SP XP_P] NZX[WP_PWd _S`^ L]]TaTYR L_ TYNZ]]PN_ _]LY^WL_TZY^ MPNL`^P _SPd OZ YZ_ wSPL]x _SP TX[WTNL_TZY^ _SP XP_P] SL^ QZ] _SP QWZb ZQ _SP _Pc_ >Z ^P]TZ`^ []ZMWPX^ ZQ NZX[]PSPY^TZY NLY L[[PL] PaPY ZY ^`NS L ML^TN WPaPW TQ _SP ^PY^Z]d LP^_SP_TN L^[PN_ T^ YZ_ [P]NPTaPO 3Zb X`NS XZ]P OTQQTN`W_ LYO NSLWWPYRTYR T^ T_ _SPY _Z L[ []PNTL_P LYO NZX[]PSPYO _SP NZX[WPc ^dXMZWTN QZ]X^ ZQ _SP ^ZYLWT_d [L]LOTRX _SL_ bP bT^S _Z []P^PY_* ?SP N`W_`]LW NZY^_]`N_TZY ZQ ]PLWT_d bTWW MP L NZY^_LY_ _SPXP TY _ST^ MZZV ,YO dP_ _SP QLN_ _SL_ LY Pc _]PXPWd ^ZYTN [SPYZXPYZY WTVP _SP 9£OL-]LSXLY _ZZV ]ZZ_ TY _SP BP^_ [ZTY_^ _Z NZXXZYLWT_TP^ TY _SP S`XLY NZYOT_TZY LYO QZ]MTO^ LYd ^_L_TN NZYNP[_ ZQ N`W_`]P Z] ]TRZ]Z`^ N`W_`]LW ]PWL_TaT^X 3P]P LRLTY TY _SP _SPZ]P_TNLW QTPWO T_ T^ _SP VPd OTQQP]PYNP MP_bPPY [L]_TNT[L_TZY LYO PXLYNT[L_TZY _SL_ XLVP^ T_ [Z^^TMWP _Z PcLXTYP _SP ^PY^Z]d LP^_SP_TN LYO LQQPN_TaP OTXPY^TZY^ ZQ _SP bLd ZYP SLYOWP^ XP OTL OTQQP]PY_ ]PLWT_d OZXLTY^ LM^_]LN_TZY^ ZMUPN_TaTeL_TZY QZ]XLW ]L _TZYLWT_d [`][Z^PQ`W LN_TZY P_N LYO _SP]PQZ]P _Z OP^N]TMP LN_TYR bT_S Pc[P]TPYNP LYO L []LN_TNP _SL_ OZP^ YZ_ SLaP T_^ XPLYTYR ]PXZaPO Md ^NTPY_TQTN ]P[]P^PY_L_TZY ?SP VPd OTNSZ_ZXd ZQ [L]_TNT[L_TZY LYO PXLY NT[L_TZY LWWZb^ XZ]P ^`M_WP LYLWd_TNLW []ZNPO`]P^ QZ] TY_P]N`W_`]LW LYO TY_]LN`W_`]LW NZY_TY`T_TP^ LYO aL]TLYNP^ _SLY _SP OTNSZ_ZXd ZQ Z]LWT_d LYO WT_P]LNd LYO NLY OZ XZ]P U`^_TNP _Z _SP TY_P][WLd MP_bPPY XPOTL ^[T]T_ LYO N`W_`]P _SLY _SP WT_P]LNd _SP^T^ LYO T_^ ZYP^TOPO QZN`^ ZY WZRZNPY_]TNT_d NLY 4_ SPW[^ ^SPOOTYR WTRS_ ZY _SP OdYLXTN^ ZQ ST^_Z]TNLW ^STQ_^ LYO _]LY^QP]^ TY _SP [L^_ LYO XZOP]Y RWZMLWTePO N`W_`]P ,OXT__POWd [L]_TNT[L_TZY LYO PXLYNT[L_TZY L]P _P]X^ QZ`YOPO TY N`W_`]LW [STWZ^Z[Sd LYO L]P YZ_ PX[T]TNLW PY_T_TP^ WTVP Z]LWT_d LYO WT_P] LNd ?SPd ]P\`T]P L NP]_LTY LXZ`Y_ ZQ Pc[WLYL_TZY LYO L]P MP__P] _SZ`RS_ ZQ TY YL]]L_TaP LYO TY_`T_TaP _P]X^ _SLY Md `^TYR U`^_ _P]XTYZW ZRd >TXTWL] _Z _SP _P]X w^ZYLWT_dx _SP MTYL]d [LT] ZQ w[L]_TNT[L _Z]dPXLYNT[L_Z]dx T^ LY LMO`N_TaP NZY^_]`N_TZY TYL^QL] L^ _SP QZ]XL _TZY ZQ _SP [LT] LTX^ _Z NL[_`]P _SP XPY_LW O]LQ_ ZQ L YPb XPLYTYR RPYP]L_TYR ]`WP 7TVP PaP]d LMO`N_TZY _ST^ [LT] ZQ _P]X^ T^ L N]PL_TaP NZYNW`^TZY LY TY_`T_TZY ^ZXP_STYR _SL_ NLYYZ_ MP Pc[WLTYPO LYO N]T_T NTePO ]L_TZYLWWd dP_ T_ OZP^ YZ_ L]T^P Q]ZX ]LYOZX R`P^^bZ]V M`_ Q]ZX L RZZO OL_LML^P LYO LWWZb^ XZ]P Sd[Z_SP^P^ LYO []POTN_TZY^ _Z MP

.ZY^TOP]L_TZY^ ZQ .`W_`]LW ?SPZ]d ZY 0XLYNT[L_TZY LYO ;L]_TNT[L_TZY

$

XLOP 4Y _SP []PaTZ`^ NSL[_P]^ T_ LW]PLOd MPNLXP NWPL] bSP]P _ST^ T^ SPLOTYR% _SP _bZ _P]X^ NLY MP _SZ`RS_ ZQ L^ _d[P^ ZQ Q`^TZY LYO LM^_]LN _TZY LYO SLaP ^ZXP_STYR _Z OZ YZ_ WPL^_ bT_S LP^_SP_TN ^_dWP^ []LN_TNP^ LYO L__T_`OP^ LYO ZYWd _Z L WTXT_PO Pc_PY_ bT_S Z]LWT_d LYO WT_P]LNd >TWPY_ ]PLOTYR NLY LW^Z MP []TXL]TWd [L]_TNT[L_Z]d Z] []TXL]TWd PXLYNT [L_Z]d 4XXP]^TYR ZYP^PWQ Q`WWd TY _SP _Pc_ LYO MPNZXTYR LM^Z]MPO Md T_ bZ`WO NZ]]P^[ZYO bT_S _SP [L]_TNT[L_Z]d XZOP bSTWP ^PL]NSTYR QZ] TYQZ]XL_TZY LYO L[[]ZLNSTYR _SP _Pc_ TY LY LYLWd_TNLW bLd bZ`WO NZ]]P ^[ZYO bT_S _SP PXLYNT[L_Z]d XZOP 4Y _P]X^ ZQ _d[ZWZRd 2]TQQT_Sv^ OT^N`^^TZY^ ZY _SP ]PWTRTZ`^ LYO NZY^`XP]T^_ ]PLOP]^ O]Pb L__PY_TZY _Z L ^TXTWL] OTQQP]PYNP TY L__T_`OP^ ?Z `^ T_ L[[PL]^ TX[Z]_LY_ _SL_ _SP _bZ XZOP^ [L]_TNT[L_TZY LYO PXLYNT[L_TZY YZ_ ZYWd [P]aLOP []LN_TNP^ LYO L__T_`OP^ M`_ _SL_ _SPd LW^Z []ZO`NP ^SL[P LYO NSLYYPW ]L_TZYLW _SZ`RS_ ^d^_PX^ LYO bSZWP bZ]WOaTPb NZY^_PWWL_TZY^ :`] WT_P]L_T NSL[_P]^ SLaP ^SZbY _ST^ TY OP _LTW ?SP []Z[Z^T_TZY ZQ _SP _bZ XZOP^ LYO _SPT] OdYLXTN^ T^ YZ_ ]P ^_]TN_PO _Z 4YOTL ?SP R]PL_ WL_P XPOTPaLW _STYVP]^ 8PT^_P] 0NVSL]_ LYO ?SZXL^ ,\`TYL^ NZ`WO MP LWWZNL_PO _d[ZWZRTNLWWd _Z _SP _bZ ^P[L]L_P XZOP^ L^ ^`RRP^_PO LMZaP bSP]PMd TY _SP 2P]XLY LYO 7L_TY bZ]V^ 0NVSL]_v^ ZaP]LWW [TN_`]P LW^Z ]P[]P^PY_^ L aL]TLY_ ZQ _SL_ bSTNS bP NLWW w`YTaP]^LW Xd_Sx% _SP ^_]TN_Wd ]L_TZYLW QZ`YOL_TZY QZ] L [L]_TNT[L_Z]d SZWT^_TN ^d^ _PX $! 0NVSL]_ LYO >_ ?SZXL^ [`]^`PO OTQQP]PY_ [STWZ^Z[STNLW _]LOT _TZYLW WTYP^ bSZ^P Pc[ZYPY_^ SLaP MPPY 9PZ[WL_ZYT^X ZY _SP ZYP SLYO LYO ,]T^_Z_WP ZY _SP Z_SP] 4_ T^ NSL]LN_P]T^_TN ZQ 0`]Z[P _SL_ ,]T^_Z_WP MPNLXP _SP XLTY^_]PLX bSTWP 9PZ[WL_ZYT^X _PYOPO _Z NZY_TY`P `YOP] R]Z`YO ?ST^ T^ ^SZbY aP]d ZMaTZ`^Wd TY _SP LNLOPXTN _SPZWZRd ZQ _SP WL_P 8TOOWP ,RP^ LYO bPWW TY_Z _SP YPZ^NSZWL^_TNT^X ZQ _SP XZOP]Y [P]TZO 3P]P ?SZXL^ ,\`TYL^ MPNLXP P^_LMWT^SPO L^ _SP OZXTYLY_ OT^ NZ`]^P bSP]PL^ 0NVSL]_v^ _SP^P^ bP]P NZYOPXYPO L^ SP]P_TNLW 4YOTL PcSTMT_PO _SP Z[[Z^T_P _PYOPYNd :`] Pc[WLYL_TZY QZ] _ST^ T^ YZ_ WPL^_ _SL_ L_ _SP MPRTYYTYR ZQ 4YOTLv^ WT_P]L]d N`W_`]P _SP]P bL^ L WT_`]RTNLW _Pc_ _SP APOL _SL_ bL^ YZ_ L _Pc_ L_ LWW TY Z`] 0`]Z[PLY ^PY^P M`_ bSTNS bL^ ZQ_PY NZYNPTaPO ZQ ^ZWPWd L^ L ^Z`YO [SPYZXPYZY LYO []Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! 0NVSL]_ !z"# T^ `^`LWWd ]PRL]OPO L^ L wXd^_TNx M`_ SP ^Lb STX^PWQ L^ L [STWZ^Z[SP] LYO _SPZWZRTLY 1Z] PcLX[WP SP _bTNP SPWO L NSLT] L_ _SP @YTaP]^T_d ZQ ;L]T^ LYO TY ST^ 7L_TY NZXXPY_L]TP^ TY [L]_TN`WL] SP OPaPWZ[PO wbT_S _SP YL_`]LW XPLY^ ZQ ]PL^ZYx L YPb _d[P ZQ .S]T^_ZWZRd wYZaL P_ ]L]Lx TY bSTNS _SPZWZRd ZQ _SP ?]TYT_d _SP OZN_]TYP ZQ _SP TYNL]YL_TZY _SP _SPZWZRd ZQ N]PL_TZY LYO _SP OZN_]TYP ZQ _SP MT]_S ZQ 2ZO TY PaP]d S`XLY MPTYR TYNL]YL_TZY L^ TYYP] PaPY_ LWW MPWZYR TYPc_]T NLMWd _ZRP_SP] .Q ,YYP__P BTWVP 0TY >PTY z 0TY 0]VPYYPY% 8PT^_P] 0NVSL]_^ .S]T

^_ZWZRTP `YO ±LÀVL]L^ 7PS]P aZX ¢XLY% E`] @YAP]RWPTNSML]VPT_ ebPTP] 0TYSPT_^ WPS]PY -P]YP% 7LYR $$ 



3TYO`T^X L^ L .`W_`]P ZQ >Z`YO

aTOPO L WT_`]RTNLW XZOPW ZQ L`_SZ]T_L_TaP ^[PPNS L^ L ]PQP]PYNP [ZTY_ QZ] _SZ`^LYO^ ZQ dPL]^ _Z NZXP 4_ T^ _ST^ R]PL_ SP]T_LRP bP bTWW ^_L]_ bT_S XL[[TYR T_^ NZY_TY`T_TP^ LYO M]PLV^ ]TRS_ `[ _Z XZOP]Y _TXP^ 4Y ]PNPY_ ST^_Z]d NZWZYTLWT^X LYO RWZMLWTePO N`W_`]P _]LY^[Z^PO TOPL^ ZQ PYWTRS_PYXPY_ LYO ^N]T[_`]LWTeL _TZY _Z 4YOTL LYO dP_ _SP ^ZYTN SLMT_`^ ^`]aTaPO ,^ TY []PaTZ`^ NPY_` ]TP^ _]LOT_TZY NZY_TY`P^ YPbWd ^PXLY_TNTePO _Z QT_ NSLYRTYR NZYOT_TZY^ , ^_L]VP] M]PLV SL[[PYPO TY BP^_P]Y N`W_`]P bSPY 4YOTLY TOPL^ bSP]P _]LY^[Z^PO _Z T_ L^ bTWW MP OT^N`^^PO TY Z`] QTYLW NSL[_P]

44 

3T^_Z]d

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO 

;P]QZ]XLYNP LYO ,`]L

w?ST^ bPM^T_P T^ OPOTNL_PO _Z SZ^_ L`OTZ QTWP^ ZQ APOL XLY_]L^ ]PNT_PO Md APOL ;LYOT_^ APOL WT_P]LWWd XPLY^ 6YZbWPORP 6YZbWPORP T^ 4YQTYT_P :Q _ST^ TYQTYT_P 6YZbWPORP aP]d WT__WP T^ VYZbY _Z `^ ?SP L`OTZ QTWP^ TY _SP QZWWZbTYR WTYV^ []P^PY_ dZ` _SP 6YZbWPORP L^ OT^NZaP]PO Md _SP APOTN =T^ST^ >PP]^ >]`_T ]TRS_ TY_ZYL_TZY T^ Pc_]PXPWd TX[Z]_LY_ QZ] _SP ]PNT_L_TZY ZQ _SP APOL ?SP APOTN XLY_]L^ SLaP MPPY [L^^PO OZbY Z]LWWd QZ] LMZ`_ ! dPL]^ bT_SZ`_ LYd NSLYRP PT_SP] TY _SPT] TY_ZYL_TZY Z] _SP NZY_PY_ bSTNS TY T_^PWQ T^ L ]PXL]VLMWP QPL_ APOL /SaLYT >Z`YO ZQ _SP APOL RTaP^ [PLNP ZQ XTYO bSPY WT^_PYPO _Z bT_S ]PaP]PYNP LYO ]PYOP]^ _SP XTYO QT_ QZ] NZY_PX[WL_TZY ;WPL^P WT^_PY _Z _SP^P aP]d ^LN]PO XLY_]L^ bT_S L NWPLY MZOd LYO L [`]P XTYO bSTNS NP] _LTYWd PYSLYNP^ dZ`] ^[T]T_`LW []ZR]P^^ L^ T_ SLO ZaP] _SP XTWWPYYTLx 

?SP^P L]P _SP ]PXL]VLMWP bZ]O^ `^PO TY _SP bPM[LRP ZQ _SP APOL [LYOT_ LYO .LWTQZ]YTLY _PX[WP []TP^_ >]T APYVL_L >L^_]d _Z bPWNZXP aT^T_Z]^ _Z ST^ bPM^T_P ?SPd L]P YZ_ wQL] Z`_x M`_ TY^_PLO TWW`^_]L_P aP]d NWPL]Wd _SP 4YOTLY L[[]ZLNS _Z _SP APOL LYO T_^ wTXLRPx% − ?ST^ T^ wVYZbWPORPx LW_SZ`RS _SP]P T^ YZ_STYR TYOTNL_TYR bSL_ _SP NZY_PY_ T^ − ?ST^ VYZbWPORP bL^ OT^NZaP]PO Md ^PP]^ − 4_ T^ aP]d TX[Z]_LY_ _Z TY_ZYP _ST^ wVYZbWPORPx NZ]]PN_Wd TP T_ ]P\`T]P^ aZNLW ^[PNTLWT^_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 

S__[%bbbaLX^PP+aPOLXLY_]LXNZX LNNP^^PO >P[_PXMP] "  LYO >P[_PX MP]   BP ZbP _SLYV^ _Z ALX^PP 6 ;LXTWL ;S/ QZ] SLaTYR R]LY_PO `^ LW^Z _SP ]TRS_^ _Z ]P[]ZO`NP ZYP ]PNZ]OTYR Q]ZX _SP bPM^T_P [P]^ZYLW NZXX`YTNL_TZY :N_ZMP]    3P T^ L OTL^[Z]L 3TYO` NZXTYR Q]ZX L YL_TaP -]LSXTY QLXTWd ZQ APOTN []TP^_^ LYO b]Z_P _SP _Pc_ QZ] _SP bPM^T_P bSTWP ST^ R`]`UT >]T APYVL_L >L^_]d ]P NZ]OPO _SP L`OTZ LYO _L`RS_ STX _SP ]PNT_L_TZY ZQ ^ZXP @[LYT´LO^ BP SLaP ^PWPN_PO L [TPNP ZQ _SP ?LT__¯]dL@[LYT´LO ZY Z`] ./ "



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO



?SP VYZbWPORP T^ LYNTPY_ LYO OL_P^ Q]ZX L _TXP bSPY [TWP ObPWWTYR^ LYO ^_ZYP M`]TLW NSLXMP]^ bP]P _SP WL_P^_ L]NST_PN_`]LW QL^STZY − ?SP _Pc_ SL^ NZXP OZbY _Z `^ `YNZ]]`[_PO OP^[T_P MPTYR [L^^PO ZY Z]LWWd& T_^ XPWZOd LYO bZ]O^ SLaP YZ_ NSLYRPO L_ LWW − ?SP [PZ[WP bSZ LNSTPaPO _ST^ X`^_ MP SPWO TY _SP STRSP^_ LOXT]L _TZY − 8P]PWd SPL]TYR _SP _Pc_ M]TYR^ R]PL_ ^[T]T_`LW MPYPQT_ − 3ZbPaP] _SP WT^_PYP] X`^_ RTaP ^ZXP_STYR TY ]P_`]Y% SP X`^_ ^SZb ]P^[PN_ QZ] _SP SZWTYP^^ ZQ _SP XLY_]L^ Md [`]TQdTYR STX^PWQ MZ_S Pc _P]YLWWd LYO TY_P]YLWWd − >`NNP^^ T^ R`L]LY_PPO QZ] RPYP]L_TZY^ ZQ []PaTZ`^ WT^_PYP]^ SLaP MZ]YP bT_YP^^ _Z T_ OZbY _SP LRP^ ?SP^P [ZTY_^ ^SZb U`^_ SZb TX[Z]_LY_ L`]L LYO [P]QZ]XLYNP L]P LYO SZb `YTX[Z]_LY_ NZY_PY_ML^PO N]T_P]TL L]P LNNZ]OTYR _Z _ST^ _P^_TXZYd ?SP APOL _Pc_ T^ L ^Z`YO PaPY_ bSTNS LNNZ]OTYR _Z 4YOTLY `YOP]^_LYO TYR SL^ MPPY [L^^PO OZbY `YNSLYRPO z TY _ST^ PcLN_ QZ]X z ^TYNP _TXP TXXPXZ]TLW ?SP PYZ]XZ`^ NZY^T^_PYNd T^ PX[SL^TePO LRLTY LYO LRLTY 0\`LW PX[SL^T^ T^ RTaPY _Z _SP QLN_ _SL_ NZ]]PN_ ]PNT_L_TZY YPNP^^L]TWd TYNW`OP^ XP_TN`WZ`^ L__PY_TZY _Z VPP[TYR _SP XTN]Z TY_P]aLW^ LM^Z W`_PWd [`]P 4Y Z]OP] _Z OZ ^Z _SP APOL [LYOT_ T^ YZb LYO LRLTY LNNZX [LYTPO Md L MLXMZZ QW`_P LYO L aTZWTY ./ "& SZbPaP] _SP^P TY^_]` XPY_^ OZ YZ_ [WLd LYd XPWZOTP^ L^ ^`NS M`_ ZYWd ^P]aP _Z ]P[PL_ `YNPL^TYRWd L ^SZ]_ _S]PPYZ_P XZ_TQ LYO _S`^ _Z TYOTNL_P _SP NZ]]PN_ YZ_P^  0aPY _ST^ T^ ^`QQTNTPY_ _Z _]LY^[Z]_ aTL _SP ^PY^P^ _SP XZXPY_ ZQ P_P]YT_d _SL_ _SP [LYOT_ T^ ^PPVTYR _Z PaZVP bT_S ST^ OP^N]T[_TZY 3P]P _SP APOL T^ MPTYR []P^PY_PO L^ L ^Z`YO ^dXMZW LYO YZ_ L^ L _Pc_ bT_S L [L]_TN`WL] NZY_PY_ bSTNS T^ bSd _SP [LYOT_ ZYWd ^[PLV^ ZQ _SP ^Z`YO ZQ _SP APOL aPOLOSaLYT  >`NS Xd^_TQTNL_TZY ZQ _SP APOL SL^ YZ_STYR L_ LWW _Z OZ bT_S XZOP]Y P^Z_P]TN^ M`_ T^ TY QLN_ ]ZZ_PO TY _]LOT_TZY 9Z Z_SP] [TPNP ZQ WT_P]L_`]P TY 3TYO`T^X T^ ^`]]Z`YOPO Md ^`NS LY L`]L ZQ _SP Xd_STNLW L^ _SP APOL _SP ZWOP^_ WT_P]L_`]P _Z MP QZ`YO TY 4YOTL 0aPY _SP ]PLW LRP ZQ _SP APOTN WT_P]L_`]P T^ ^_TWW STOOPY Md uXd_STNLW XT^_^v 8ZOP]Y BP^_P]Y 4YOZWZ RT^_^ WTVP _Z OL_P _SP ZWOP^_ _Pc_^ _Z L]Z`YO   -. Z] "  -. M`_ _ST^ OL_P T^ NZY_]ZaP]^TLW LYO bL^ NZY^_LY_Wd ^STQ_TYR 1Z] PcLX[WP 8Z]T_e BTY_P]YT_e ^`RRP^_PO   -. L^ _SP XZ^_ []ZMLMWP OL_P ?SP 4YOTLY ^NSZWL] - 2 ?TWLV ZY bSZX Z`] APOL [LYOT_ L[[PL]^ _Z SLaP ML^PO ST^ ^_L_PXPY_^ PaPY L__PX[_PO _Z []ZaP _SL_ [L]_^ ZQ _SP APOL X`^_ SLaP L[[PL]PO L_ L]Z`YO  -. -L^TNLWWd _SP \`P^_TZY ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 

8`^TNLW LNNZX[LYTXPY_ T^ _]LOT_TZYLWWd YZ_ [L]_ ZQ ]PWTRTZ`^ ]PNT_L_TZY ZQ _SP APOL SZbPaP] T_ T^ _d[TNLW ZQ XZOP]Y L`OTZ ]PNZ]OTYR^

;P]QZ]XLYNP LYO ,`]L



LRP ZQ _SP _Pc_ T^ ZQ YZ TX[Z]_LYNP QZ] _ST^ MZZV MPNL`^P ST^_Z]TNLW OL_P^ OZ YZ_ L`_ZXL_TNLWWd NZXX`YTNL_P QTYOTYR^ NZYNP]YTYR _SP QLN_`LW WTQP L_ _SL_ _TXP 4Y L]_^ ^`MUPN_^ LYO N`W_`]LW ST^_Z]d OL_P^ ZYWd MPNZXP _]`Wd ]PWPaLY_ bSPY _SPd L]P WTYVPO _Z VYZbY []ZNP^^P^ TY XLYVTYOv^ XPY_LW ST^_Z]d ,Q_P] LWW _SP]P T^ LY P^^PY_TLW OTQQP]PYNP TY bSP_SP] L [L]_TN`WL] ^PY_PYNP bL^ `__P]PO L_ _SP _TXP ZQ _SP .]`^LOP^ Z] O`]TYR _SP 0YWTRS_PYXPY_ -`_ L^ WZYR L^ []PST^_Z]d ]PXLTY^ []P ST^_Z]d LYO bP VYZb L^ WT__WP LMZ`_ L N`W_`]P bSTNS QWZ`]T^SPO L]Z`YO  -. L^ bP OZ LMZ`_ L N`W_`]P _SL_ OTO ^Z L]Z`YO   -. Y`XMP]^ WTVP _SP^P ]PXLTY OPaZTO ZQ XPLYTYR MPNL`^P _SPd OZ YZ_ ]PWL_P _Z LYd TOPY_TQTLMWP ^_LRP^ TY N`W_`]LW []ZNP^^P^ -d NZY_]L^_ X`NS XZ]P TX[Z]_LY_ QZ] Z`] ZM^P]aL_TZY^ T^ _SP ^TRYTQTNLYNP ZQ _SP APOL QZ] _SP ST^_Z]d ZQ ^[T]T_`LW OPaPWZ[XPY_ TY 4YOTL LYO TY _ST^ ]P^[PN_ _SP R]PL_ LRP ZQ _SP _Pc_ [WLd^ L YZ_ TYNZY^TOP]LMWP ]ZWP ;]LN_TNLWWd LWW ]PWTRTZ`^ XZaPXPY_^ ]PWPaLY_ TY 4YOTL _ZOLd ]PRL]O _SP APOL L^ ^ZXP_STYR []TXPaLW LYO _SPd SLaP _]TPO _Z QTYO ^ZXP ^Z]_ ZQ WTYV bT_S _ST^ LYNTPY_ _Pc_  4Y MZ_S L ST^_Z]TNLW LYO L ^[T]T_`LW ^PY^P _SP APOL T^ _S`^ _SP ]ZZ_ ZQ _SP N`W_`]LW XPXZ]d LYO _SP N`W_`]LW TOPY_T_d ZQ >LY^V]T_ 3TYO`T^X TY \`T_P _SP ^PY^P TY bSTNS 5LY ,^^XLYY OP_P]XTYPO N`W_`]LW XPXZ]d% w^ZNTP_TP^ TXLRTYP ^PWQTXLRP^ LYO ZaP] ^`NNPPOTYR RPYP]L_TZY^ _SPd []Z[LRL_P LY TOPY_T_d TY bSTNS _SPd QZ]X L N`W_`]P ZQ XPXZ]dx  ?ST^ N`W_`]P ZQ XPXZ]d []Z aTOP^ TOPY_T_d MPNL`^P T_ T^ wXPXZ]d ZQ L NZXXZYWd TYSLMT_PO [L^_x ?ST^ N`W_`]LW XPXZ]d T^ YZ_ LMZ`_ ST^_Z]d L^ T_ SL[[PYPO M`_ ST^ _Z]d L^ T_ T^ ]PXPXMP]PO ,YO TY _SP NL^P ZQ _SP APOL bSL_ T^ ]PXPX MP]PO T^ YZ_ PaPY XP]PWd WPRPYOL]d M`_ LW]PLOd STRSWd Xd_STNLW ZbTYR _Z _SP N]d[_TN YL_`]P ZQ _SP _Pc_ ?SP _Pc_ SL^ MPPY [L^^PO OZbY _Z `^ M`_ T_^ ST^_Z]TNLW ^P__TYR SL^ MPPY NZX[WP_PWd QZ]RZ__PY >Z _SP APOL T^ PaPY XZ]P SPLaTWd NWZ_SPO TY TXLRTYTYR^ LYO SL^ T_^PWQ QTYLWWd MPNZXP L Xd_S 1Z] PcLX[WP _SP APOL T^ ZQ_PY TY_P][]P_PO L^ _SP ML^T^ LYO Z]TRTY ZQ LWW N`W_`]P PaPY L^ _SP Z]TRTY ZQ Z`] bZ]WO TY ^ZXP NL^P^ L^ NL`^L XL_P]TLWT^ L^ -]LSXLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 



?ST^ ^_L_PXPY_ SZWO^ _]`P QZ] LWXZ^_ LWW ]PWTRTZ`^ N`W_`]P^ ZQ 4YOTL _SL_ `^PO _SP >LY ^V]T_ TOTZX PcNP[_ _SZ^P bSZ P^_LMWT^SPO _SPX^PWMP^ L^ ZbY ]PWTRTZY^ []PNT^PWd MP NL`^P _SPd OTO YZ_ LNNP[_ _SP APOL TP -`OOST^X 5LTY^TX LYO >TVST^X 3ZbPaP] _SP ^_L_PXPY_ OZP^ YZ_ Z] YZ_ Q`WWd L[[Wd _Z XLYd _]LOT_TZY^ ZQ [Z[`WL] LYO wQZWVx 3TYO`T^X :Y _SP N`W_`]PQZ]XTYR [ZbP] ZQ _SP APOL ^PP LW^Z 7L`]TP ;L__ZY PO ,` _SZ]T_d ,YcTP_d LYO .LYZY 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY ,WMLYd% >@9D $$& -]TLY 6 >XT_S w0cZ]NT^TYR _SP _]LY^NPYOPY_% >_]L_PRTP^ QZ] OPQTYTYR 3TYO`T^X LYO ]PWTRTZYx 3T^_Z]d ZQ =PWTRTZY " $#"##%   LYO =PQWPN_TZY^ ZY =P^PXMWLYNP =T_`LW LYO =PWTRTZY /PWST% 8Z_T_WLW -LYL]^TOL^^ $## Md _SP ^LXP L`S_Z] bSZ^P XLUZ] _SP^T^ ZQ _SP APOL MPTYR L NLYZY WTVP _SZ^P ZQ _SP Z_SP] wbZ]WO ]PWTRTZY^x bP OZ YZ_ SZbPaP] ^SL]P 5LY ,^^XLYY LYO ?ZYTZ 3ØW^NSP] PO^ 6`W_`] `YO 2POÆNS_YT^ 1]LYVQ`]_ LX 8LTY% >`S]VLX[ $## # LYO QZ] _SP QZWWZbTYR \`Z_P TMTO "



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

,WW _SP^P QLN_Z]^ `W_TXL_PWd WPO _Z _SP APOL MPTYR [WLNPO YZ_ ZYWd L_ _SP MPRTYYTYR ZQ _SP bZ]WO M`_ _Z T_ MPTYR ]PRL]OPO L^ \`T_P Z`_^TOP Z`] bZ]WO LYO Z`_^TOP _TXP 8LYd 4YOTLY [STWZ^Z[SP]^ SLaP SPWO _SP aTPb _SL_ _SP _Pc_ YPaP] PaPY NLXP TY_Z MPTYR M`_ SL^ LWbLd^ PcT^_PO 1Z] _ST^ ]PL^ZY T_ SL^ YZ L`_SZ] Z] N]PL_Z] TY _SP QZ]X ZQ L [P]^ZY [`]`´L YPT_SP] L RZO YZ] L S`XLY MPTYR& T_ T^ ]L_SP] _SP NL^P _SL_ _SP APOL T^ L wYZY[P]^ZYLWx ]PaPWL_TZY L[L`]`´PdL²]`_T ?ST^ SL^ LW^Z MPNZXP L [Z[`WL] QZWV MPWTPQ LYO ^ZXP [PZ[WP ]PRL]O _SP aTPb _SL_ _SP APOL SL^ YZ L`_SZ] L^ _SP Q`YOLXPY_LW N]POZ ZQ 3TYO`T^X ?SP APOTN _]LOT_TZY T_^PWQ ^`[[Z]_^ _ST^ TY_P][]P_L_TZY L^ T_ PX[SL^TeP^ _SL_ _SP bZ]O^ ZQ _SP APOL bP]P w^PPYx TP [P]NPTaPO TY_`T_TaPWd @YWTVP _SP LY^V]T_ _Pc_^ PaPY TY T_^ L`OTMWP TX[]P^^TZY 4_^ XPWZOTP^ L]P \`T_P `YXT^_LVLMWP LYO L]P TX

;P]QZ]XLYNP LYO ,`]L



XPOTL_PWd TOPY_TQTLMWP L^ wAPOTNx 1Z] _ST^ ]PL^ZY _SP QT]^_ ^PXLY_TN XP^^LRP _Z L MPWTPaP] PaPY L YZY^[PNTLWT^_ T^ [`]PWd Pc_P]YLW YLXPWd w?ST^ T^ L APOTN _Pc_x 1Z] LY 4YOTLY WT^_PYP] _SP NSL]LN_P]T^_TN _S]PP _ZYP XPWZOTP^ M QWL_ N O QWL_ ZQ APOL ]PNT_L_TZY^ SLaP L NWPL] ^TRYLW TYR Q`YN_TZY z ^TXTWL] _Z _]`X[P_ QLYQL]P^ NZYYZ_TYR wbL]x Z] _SP ^Z`YO ZQ LY Z]RLY ^TRYLWTYR wNS`]NSx _Z L BP^_P]Y WT^_PYP] 4Y LOOT_TZY _Z _SP XP]P ^TRYLWTYR Q`YN_TZY _SP NSL]LN_P]T^_TN ]Sd_SXTN Z]RLYTeL_TZY LYO _ZYLW ^_]`N_`]P ZQ APOL ]PNT_L_TZY OPaPWZ[^ L ^LN]PO L`]L ZQ ^[PNTLW R]LaT_d LYO ^ZWPXYT_d QZ] _SP ]PNP[_TaP WT^_PYP] ?ST^ ^[PNTQTN wAPOTNx L`]L ]P^`W_^ YZ_ WPL^_ Q]ZX _SP NSL]LN_P]T^_TN X`^TNLW Pc[]P^^TZY ZQ _SP ^Z`YO XL_P]TLW% _SP OL]V ^ZWPXY LYO ]TRTO ^Z`YO ZQ _SP YZ_P^ M QWL_ z N z O QWL_ _SP ]P^_]TN_TZY ZQ _SP YZ_P^ `^PO _Z _SP XZYZ_ZYZ`^ ]P[P_T_TZY ZQ _SP ^LXP _S]PP LYO _SP T]]PR`WL] ]Sd_SX^ _SL_ [P]aLOP _SP bSZWP ZQ _SP ]PNT_L_TZY 4Y X`^TNLW YZ_L_TZY _SP ^Z`YO ZQ _SP QLXZ`^ SdXY ;`]`´L >¼V_L QZ] PcLX[WP NLY MP b]T__PY WTVP _ST^ %

:YP NSL]LN_P]T^_TN ZQ APOTN ]PNT_L_TZY []LN_TNP T^ _SP bLd _SL_ MZ_S XPW ZOd LYO ]Sd_SX L]P NZX[WP_PWd []POP_P]XTYPO _S]Z`RSZ`_ _SP _Pc_ ?ST^ ]P^`W_^ QZ] TY^_LYNP TY L R]Z`[ ZQ -]LSXTY^ MPTYR LMWP ]PNT_P L _Pc_ TY _Z_LW ^dYNS]ZYTNT_d bT_SZ`_ SLaTYR ]PSPL]^PO T_ MPQZ]PSLYO TY LYd bLd ?SP ^LXP ^_TWW SZWO^ _]`P TQ ^ZXP XPXMP]^ ZQ _SP NSZT] OZ YZ_ VYZb _SP _Pc_ Md SPL]_ LYO SLaP _Z ]PLO T_ Z`_ ZQ L MZZV ,WW _SP [T_NSP^ LYO _SP WPYR_S^ ZQ _SP YZ_P^ L]P LM^ZW`_PWd []POP_P]XTYPO Md _SP [SZYP_TN ^_]`N _`]P ZQ _SP _Pc_ _SL_ T^ Md _SP LNNPY_`L_TZY ZQ _SP bZ]O^ LYO _SP WPYR_S ZQ _SP ^dWWLMWP^ 4Y _P]X^ ZQ ]Sd_SX _SP X`^TNLW ^_]`N_`]P PXP]RP^ XZ]P Z] WP^^ Q]ZX _SP QLN_ _SL_ _SP O`]L_TZY^ X£_]£ ZQ _SP WZYRP] LYO ^SZ]_P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

BP SLaP LOOPO _Z _SP _Pc_ _SP Y`XMP]^ ZQ ^dWWLMWP^ LYO _SP ^dXMZW^ Lz`z^z[ QZ] _SP APOTN LNNPY_^ 4Y RPYP]LW uLv ^_LYO^ QZ] _SP LY`O£__L wYZY]LT^POx ( R]LaT^ u`v QZ] _SP `O£__L w]LT^POx ( LN`_P u^v QZ] _SP ^aL]T_L w^Z`YOTYRx  waTM]L_TYRx ( NT]N`X QWPc LYO u[v QZ] _SP []LNLdL ( YZYLNNPY_`L_PO ^dWWLMWP 4Y _SP X`^TN aP]^TZY _SP YZ_P^ M QWL_ LY`O£__L O QWL_ ^aL]T_L LYO N `O£__L LYO []LNLdL NZ]]P^[ZYO _Z _SP^P R]LXXL_TNLW LNNPY_^

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

aZbPW^ L]P VP[_ TY LM^ZW`_PWd []PNT^P []Z[Z]_TZY^ YZ_ U`^_ L[[]ZcT XL_PWd L^ TY YZ]XLW ^[PPNS 4Y L bZ]O bT_S _S]PP ^SZ]_ aZbPW^ ^`NS L^ [`]`´L w[P]^ZYx PLNS ZQ _SP _S]PP ^dWWLMWP^ T^ []ZYZ`YNPO PcLN_Wd L^ WZYR L^ _SP Z_SP]^ 4Y X`^TNLW YZ_L_TZY _ST^ NLY MP b]T__PY L^ QZWWZb^%

Π[`

Π]`

Œ ´L

4Q WZYR LYO ^SZ]_ aZbPW^ LW_P]YL_P _SP WZYR aZbPW^ X`^_ MP []ZYZ`YNPO PcLN_Wd _bTNP L^ WZYR L^ _SP ^SZ]_ ZYP^ 1Z] PcLX[WP _SP bZ]O L_T]ZSL_T ^PP MPWZb z _SP ZaZbPW MPTYR WZYR _SP L LYO TaZbPW MPTYR ^SZ]_ Md YL_`]P z ^Z`YO^ WTVP _ST^%

ΠL

Π_T

™ ]Z



ΠSL

Π_T

?STYR^ MPNZXP L WT__WP XZ]P NZX[WTNL_PO TQ ZYP ^dWWLMWP T^ QZWWZbPO Md L OZ`MWP NZY^ZYLY_ 4Y _ST^ NL^P _SP []PNPOTYR aZbPW SL^ _Z MP Pc_PYOPO Md ZYP `YT_ ^`NS L^ TY OL²£«R`WLX  bSP]P _SP w£«Rx SL^ _SP ^LXP O`]L _TZY L^ _S]PP ^SZ]_ aZbPW^ %'()%%%

ΠOL

™ ²£«



ΠR`

ΠWLX

BT_S _SP _S]PP [T_NSP^ _d[TNLW ZQ APOTN >LY^V]T_ _SP XPWZOd T^ OP_P] XTYPO NZX[WP_PWd L`_ZXL_TNLWWd Md _SP _Pc_ 3P]P T_ T^ _SP LNNPY_^ ZY _SP bZ]O^ _SL_ L]P ZQ [L]LXZ`Y_ TX[Z]_LYNP >TYNP YZYP ZQ _SP XPWZOTP^ SL^ MPPY NZX[Z^PO M`_ TY^_PLO _SPd L]P ^_]TN_Wd OP_P]XTYPO Md _SP _Pc_ LOOT_TZYLW YZ_L_TZY ^`NS L^ _SL_ TY _SP LMZaP PcLX[WP T^ LN_`LWWd YZ_ YPNP^^L]d ,Y LTO XLd MP []ZaTOPO QZ] []P^PY_OLd ]PNT_P]^ bSZ L]P QLXTWTL] bT_S _SP ]Sd_SX Z] _SP []Z^ZOd ZQ >LY^V]T_ M`_ YZ WZYRP] L`_ZXL_TNLWWd VYZb _SP LNNPY_^ MPNL`^P APOTN >LY^V]T_ SL^ OTPO Z`_ TY _SP QZ]X ZQ WTYP^ LMZaP LYO MPWZb _SP _Pc_ TYOTNL_TYR WZb YZ_P^ LYO STRS YZ_P^%

?SP^P QPb ^XLWW WTYP^ TYOTNL_P _SP bSZWP XPWZOd >ZXPZYP QLXTWTL] bT_S APOTN >LY^V]T_ bZ`WO SZbPaP] YZ_ PaPY YPPO _SP^P WTYP^ , ^P[L ]L_P \`P^_TZY ]PWL_P^ _Z SZb STRS YZ_P^ LYO WZb YZ_P^ L]P ]PLWTePO [Sd^TNLWWd _SL_ T^ _Z ^Ld bSTNS YZ_P^ L]P ^`YR L^ STRS Z] WZb YZ_P^ .WL^^TNLWWd _SP]P L]P aL]TZ`^ ^NSZZW^ M`_ _SP ?SLYULa`] ^_dWP ^SZbY LMZaP M QWL_ N O QWL_ SL^ MPNZXP Md QL] _SP XZ^_ NZXXZY ^Z _SL_ _ST^

;P]QZ]XLYNP LYO ,`]L

"

^[PNTLW NZXMTYL_TZY ZQ _ZYP^ T^ YZb NZX[WP_PWd ^dYZYdXZ`^ bT_S APOTN ]PNT_L_TZY 3ZbPaP] _SP]P T^ ZYP _STYR _SL_ T^ NZXXZY _Z LWW APOL ^NSZZW^% _SP ^Z`YO ^_]`N_`]P ZQ _SP ]PNT_L_TZY T^ OP_P]XTYPO Md _SP ^PXTX`^TNLW PYSLYNPXPY_ ZQ _SP NSL]LN_P]T^_TN TY_ZYL_TZY LYO _SP NSL]LN_P]T^_TN ]Sd_SX ZQ _SP APOTN >LY^V]T_ WLYR`LRP ,W_SZ`RS _SP XPWZOTP^ SLaP YZ_ MPPY NZX[Z^PO TY^_PLO MPTYR ^ZWPWd OP[PYOPY_ ZY _SP ^_]`N_`]P ZQ _SP WLYR`LRP z _SL_ T^ L]P OP_P]XTYPO Md ^ZXP_STYR Z`_^TOP X`^TN _SP]P T^ ^_TWW YZ ^_L_P ZQ _Z_LW NSLZ^ L^ T^ ^ZXP_TXP^ QZ`YO TY XZOP]Y Pc[P]T XPY_LW QZ]X^ ZQ X`^TN QZ] PcLX[WP bSPY L NZX[`_P] RPYP]L_P^ NZX [WP_PWd ]LYOZX ^Z`YO^ .P]_LTY X`^TNLW XZ_TQ^ _SL_ L]P ^P_ Md _]LOT _TZYLW ]`WP^ TP _SP ]`WP^ RZaP]YTYR _SP L^^ZNTL_TZY ZQ LNNPY_^ LYO _SP WPYR_S^ ZQ ^dWWLMWP^ bT_S _SP [T_NSP^ LYO O`]L_TZY^ ZQ _SP YZ_P^ LYO Md _SP WLYR`LRP T_^PWQ ]PWL_TZY^ST[^ MP_bPPY WPYR_S^ LYO ^SZ]_YP^^P^ La P]LRP bZ]O WPYR_S^ P_N L]P NZY_TY`LWWd ]P[PL_PO LYO L_ _SP ^LXP _TXP RPYP]L_P ^[PNTQTN XPWZOTP^ bSTWP Z_SP] XZ_TQ^ L]P []PaPY_PO Q]ZX ZN N`]]TYR Md _SP ]`WP^ 4Y LOOT_TZY _Z _SP [`]PWd P^_SP_TNLWWd ]PNPTaPO ^Z`YO TX[]P^^TZY LYO T_^ ^TRYLWTYR Q`YN_TZY w3P]P NZXP^ _SP APOL x _SP MPWTPaP] NLY ZQ_PY `YOP]^_LYO NP]_LTY wNL_NSbZ]O^x TY L ]PNT_L_TZY @^`LWWd SZbPaP] _ST^ T^ _SP ZYWd _d[P ZQ `YOP]^_LYOTYR _SL_ _LVP^ [WLNP MPNL`^P _SP]P L]P SL]OWd LYd _]LY^WL_TZY^ Z] NZXXPY_L]TP^ LYO TY LYd NL^P ^`NS bZ]V^ bZ`WO MP ZQ WT__WP TY_P]P^_ 4Y _SP NL^P ZQ _SP ;`]`´L>¼V_L ^SZbY LMZaP []ZMLMWd ^ZXP [PZ[WP bZ`WO `YOP]^_LYO _SP bZ]O w^LSL^]Lx _SZ`^LYO LYO XLYd bZ`WO `YOP]^_LYO _SP bZ]O w[`]`´Lx ?ZOLd U`^_ L^ TY APOTN _TXP^ w_SZ`^LYOx T^ L ^dYZYdX QZ] wLM`YOLYNPx w;`]`´Lx T^ `YOP] ^_ZZO MPNL`^P T_ T^ L ^dYZYdX QZ] _SP []TYNT[WP ZQ _SP [`]P ^[T]T_ M`_ LMZaP LWW QZ] _SP 7Z]O 2ZO AT´©` ! ?ST^ XPLY^ _SL_ QZ] _SP 4YOTLY WLd [P]^ZY _SP APOTN _Pc_ T^ L SdXY ZQ []LT^P _Z _SP RZO AT´©` LYO _ST^ VYZbWPORP T^ \`T_P ^`QQTNTPY_ _Z PWTNT_ L QPPWTYR ZQ OPaZ_TZY LYO ]P^[PN_ 3ZbPaP] L APOL Pc[P]_ bT_S L ST^_Z]TNLW LYO N]T_TNLW L[[]ZLNS bZ`WO _]d aPSPXPY_Wd _Z NZ]]PN_ STX z TY _SP `YWTVPWd PaPY_ _SL_ _SP _bZ ^SZ`WO XPP_ 1]ZX _SP [ZTY_ ZQ aTPb ZQ _SP 4YOZWZRT^_^ TYaZWaPO TY _Pc_ N]T_T\`P _SP ;`]`´L>¼V_L T^ YPT_SP] L SdXY _Z _SP XZOP]Y RZO AT´©` ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !

,^ ;`]`´L bL^ WL_P] TOPY_TQTPO bT_S 9£]£dL©L AT´©` _SP APOTN SdXY RLTYPO Pc _]LZ]OTYL]d TX[Z]_LYNP TY ALT´©LaT^X 6WL`^ 6 6WZ^_P]XPTdP] , >`]aPd ZQ 3TYO` T^X ,WMLYd% >@9D " $$ ]PXL]V^ _SP SdXY wSL^ MPNZXP _SP ML^T^ ZQ LWW WL_P] ALT´©LaL ^[PN`WL_TZY^ LMZ`_ AT´©` L^ _SP XL_P]TLW NL`^P ZQ LWW MPTYR^x ?SP ^Tc_PPY aP]^P^ Q]ZX _SP ‹RaPOTN aP]^TZY ZQ _SP SdXY ‹A $ [WLd L N`]NTLW ]ZWP TY _SP AT´©`T_TN >X£]_L WT_`]Rd [¼U£ ZQ 8LSL]L^_S]L _SL_ bL^ OZN`XPY_PO Md 2`O]`Y -ÞSYPXLYY ;¼U£ , >_`Od TY >X£]_L =T_`LW ATPYYL% 4Y^_T`_ QÞ] 4YOZWZRTP $## >PP TMTO ! !# -ÞSYPXLYY `^PO LXZYR Z_SP]^ _SP [¼U£ XLY`LW ‹RaPO¯dLM]LS XLVL]XL>LXX`NNLdL bSTNS XLVP^ L RZZO PcLX[WP SZb APOTN SP]T_LRP RZ_ _]LY^ QZ]XPO bSTWP QWZbTYR TY_Z NWL^^TNLW LYO XZOP]Y 3TYO`T^X LYO ]T_`LW

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

YZ] OZP^ ^`NS L _Pc_ TY _SP APOTN P[ZNS RPYP]LWWd OPXLYO L QPPWTYR ZQ OPaZ_TZY Q]ZX T_^ WT^_PYP]^ 4Y _SP WTRS_ ZQ ]P^PL]NS ZY _SP APOL _SP ;`]`´L>¼V_L ‹A $ T^ X`NS XZ]P L NZ^XZRZYTN Xd_S NPY_P]PO ZY _SP APOTN TOPL ZQ 8LN]LY_S]Z[Z^ " ?SP SdXY ^_L]_^ bT_S _SP bZ]O^% w?SZ`^LYOSPLOPO FbL^ _SP NZ^XTNH XLY [`]`´L FbSZ bL^ []P^PY_ TY _SP MPRTYYTYRH _SZ`^LYOPdPO _SZ`^LYOQZZ_PO 3P ^_ZZO ^`]]Z`YOTYR _SP 0L]_S ZY LWW ^TOP^ FPaPYH _PY QTYRP]^ FXZ]PH MPdZYO T_x

>`NS LY PL^dRZTYR L__T_`OP _Z ST^_Z]d T^ NSL]LN_P]T^_TN ZQ XZOP]YOLd APOL ]PNT_L_TZY 8LYd APOTN _Pc_^ _SL_ L]P NZXXZYWd ]PNT_PO PaPY _Z OLd L]P [Z[`WL] MPNL`^P _SPd TYNW`OP OPT_TP^v YLXP^ _SL_ WL_P] MPNLXP [Z[`WL] :Q_PY _SP Z]TRTYLW RZO^ ZQ _SP SdXY L]P TY ]PLWT_d \`T_P OTQQP] PY_ ZYP^ Z] L]P NZX[WP_PWd OTQQP]PY_ QZ]X^ ZQ _SP^P OPT_TP^ PR _SP APOTN SdXY _Z >L]L^aL_¯ _SP >L]L^aL_¯>¼V_L  T^ LOO]P^^PO YZ_ _Z _SP >L]L^aL_¯ bT_S _SP ^bLY LYO aPPYL M`_ ^_TWW _Z _SP ZWO APOTN ]TaP] RZO OP^^& LYO YZbLOLd^ _SP SdXY wRL©£Y£À _a£x LOO]P^^PO _Z _SP XLUP^_TN []TP^_RZO -šSL^[L_T ^PP MPWZb NT]N`WL_P^ L^ L []LdP] ZQ TY_P]NP^^TZY _Z _SP PWP[SLY_SPLOPO ^bPP_XPL_WZaTYR RZO ZQ []Z_PN_TZY 2L©P²L LYO XZ]P ^`NS PcLX[WP^ NZ`WO MP LOOPO 4_ T^ PaPY [Z^^TMWP QZ] L bZ]O TY _SP >¼V_L _Z MP TY_P][]P_PO L^ _SP YLXP ZQ L RZO PaPY _SZ`RS T_ T^ YZ_ ZYP ^`NS L^ TY _SP /`]R£>¼V_L  TY bSTNS _SP bZ]O O`]R£©T L[[PL]^ bSTNS []ZMLMWd XPLY^ ^ZXP_STYR WTVP wOLYRP]^x M`_ bSTNS _ZOLd T^ _Z_LWWd `YR]LXXL_TNLWWd L^^ZNTL_PO bT_S _SP RZOOP^^ /`]R£ 4Y LOOT_TZY _Z ^`NS YPb ^PXLY_TNTeL_TZY LYO _SP _SPT^_TN ]PNZOTYR ZQ ZWO APOTN RZO^ _SP]P T^ ZYP XZ]P QLN_Z] _SL_ L[[L]PY_Wd [WLd^ LY P\`LWWd TX[Z]_LY_ ]ZWP TY _SP [Z[`WL]T_d ZQ ^ZXP APOL _Pc_^ 4_ T^ Q]P \`PY_Wd _SP NL^P _SL_ NP]_LTY LWWT_P]L_TaP ^Z`YO [L__P]Y^ XLVP L _Pc_ ^Z L__]LN_TaP _SL_ T_ T^ ^_TWW `^PO _ZOLd 1Z] PcLX[WP U`^_ WTVP XLYd Z_SP] APOTN _Pc_^ _SP ;`]`´L>¼V_L SL^ L ^_]ZYRWd LWWT_P]L_TaP ^_]`N_`]P bSZ^P STRSWd Z]RLYTePO YL_`]P NLY MP NWPL]Wd TWW`^_]L_PO TY _SP OTLR]LX MPWZb% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "

4P _SP YZ_TZY ZQ L XLN]ZNZ^XTN w[]TXPaLW XLYx bSZ^P MZOd bL^ _SP ^TeP ZQ _SP `YTaP]^P LYO bSZ^P XTN]ZNZ^XTN TXLRP T^ S`XLYVTYO _ZOLd ?SP QLXZ`^ N]PL_TZY Xd_S PcT^_^ TY ^P]aP]LW aP]^TZY^ 4_ L[[PL]^ TY _SP WL_P MZZV _PY ZQ ‹RaPOL ‹A $ TY ! aP]^P^ bSTWP _SP aP]^TZY ZQ _SP ?LT__T]¯dL M]LYNS ZQ _SP DLU`]aPOL NZY_LTY^ # aP]^P^ ?SP ML^TN [STWZ^Z[Sd TY _SP APOTN NZY_Pc_ T^ _SL_ PaP]d_STYR OP]TaP^ Q]ZX ]T_ `LW ^LN]TQTNP ?SP Xd_S YL]]L_P^ _SP ^LN]TQTNP ZQ _SP 8LN]LY_S]Z[Z^ z bSZ bL^ OT^ XPXMP]PO Md _SP RZO^ Z] TY _SP Z_SP] aP]^TZY ^LN]TQTNPO STX^PWQ ?ST^ ^LN]TQTNP P^ _LMWT^SPO _SP bZ]WO LYO _SP Z]OP] ZQ _SP NL^_P^ ?SP XZ_TQ^ ZQ _ST^ NZ^XZRZYd LYO LY_S]Z[ZRZYd SLaP 4YOZP`]Z[PLY ^[]PLO >PP -]`NP 7TYNZWY 8d_S .Z^XZ^ LYO >ZNTP_d% 4YOZP`]Z[PLY _SPXP^ ZQ .]PL_TZY LYO /P^_]`N_TZY .LXM]TORP% 3L]aL]O @; $#! 4_ T^ YZ_PbZ]_Sd _SL_ _SP []TXP Q`YN_TZY ZQ _SP ;`]`´L>¼V_L TY WL_P APOTN ]T_ `LW bL^ _SP [P]QZ]XL_TaP ]PP^_LMWT^SXPY_ ZQ []TXPaLW `YT_d

;P]QZ]XLYNP LYO ,`]L





]L =











^L







]`



$















]L



















_



[`  ^ ²¯ ´£ ´L  >L ^ V´L ^L

SL













À  SL









[£ ^

à SL







AP]^P L z NP]PM]LW^ OPY_LW^ WLMTLW^ ^TMTWLY_^ L^[T]LY_^ Q]ZX _Z[ _Z MZ__ZX 3P]P ^_]`N_`]P L]T^P^ YZ_ ZYWd _S]Z`RS _SP aL]dTYR []POZXTYLY_ R]Z`[^ ZQ ^Z`YO^ M`_ LW^Z _S]Z`RS _SP XLYYP] TY bSTNS _SP LWWT_P]L_TaP ]PWL _TZY^ST[^ L]P Z]RLYTePO 4Y aP]^P L bP QTYO LY LW_P]YL_TZY _S]Z`RS _SP ^Z`YO R]Z`[^ w^Lx wSLx LYO w]Lx 4Y _SP QZWWZbTYR aP]^P M T_ T^ ]P [WLNPO Md L ]PO`N_TZY ZQ _SP [SZYP_TN XL_P]TLW LWXZ^_ ]P^_]TN_PO _Z WLMT LW^  w_x LYO wOx z L VTYO ZQ w]LOTNLW LWWT_P]L_TaP NZX[Z^T_TZYx%

































 dL 











_Z

_

 _



MS¼ XTÀ aT aL

^L





²











R`





¶L











O OL



WL



_T

aš a£ 













X





´



²£À











AP]^P M z R`__`]LW^ [LWL_LW^ NP]PM]LW^ OPY_LW^ WLMTLW^ ^TMTWLY_^ Q]ZX _Z[ _Z MZ__ZX -d NZY_]L^_ _SP QT]^_ SLWaP^ ZQ L LYO M L]P aT]_`LWWd PY_]Z[TN TP bT_SZ`_ LYd NZRYTeLMWP []TYNT[WP ZQ ^_]`N_`]P bSTWP _SPT] ^PNZYO SLWaP^ NZY_LTY _SP ]PO`N_TZY z [LWL_LW^  wMSx TY L LYO LWXZ^_ ^ZWPWd OPY_LW^ TY M%





P







 dL





dL N NL



dLX



=`







]



















OLÀ





_LÀ











[`



aP



´L







aLÀ 

^L











O

MS¼





MS£ a

















AP]^P L z [LWL_LW^ NP]PM]LW^ OPY_LW^ WLMTLW^ ^TMTWLY_^ Q]ZX _Z[ _Z MZ__ZX

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO











dP



 DL













































]Z







_£ _L ` Xš





YZ  



OL Y 9P Y£ _T



_T











^

²£

















































SL









AP]^P M z [LWL_LW^ NP]PM]LW^ OPY_LW^ WLMTLW^ ^TMTWLY_^ L^[T]LY_^ Q]ZX _Z[ _Z MZ__ZX ?ST^ Z]RLYTeL_TZY ZQ _SP ^Z`YO XL_P]TLW ]P^`W_^ TY L [P]TZOTN LW_P]YL_TZY MP_bPPY LY_TNWTXLc LYO NWTXLc ,YO WL^_Wd _S]PP ZQ _SP QZ`] SLWQaP]^P^ PYO bT_S L _d[P ZQ wNLOPYNP QZ]XL_TZYx z ^SZ]_Wd MPQZ]P _SP PYO L ^Z`YO T^ TY^P]_PO _SL_ SL^ YZ_ dP_ ZNN`]]PO _S]Z`RSZ`_ _SP bSZWP SLWQaP]^P ?SP^P ^Z`YO^ L]P TYOTNL_PO TY _SP LMZaP _Pc_ Md MPTYR ^SZbY TY ^\`L]P Q]LXP^% L w_x M wR`x M w]ZSLx ,WW _SP^P ^_]`N_`]LW QPL_`]P^ L]P TY QLN_ ZQ L X`^TNLW YL_`]P >Z XLdMP _SP QL^NTYL_TZY ZQ _SP ;`]`´L >¼V_L WTP^ YZ_ ^Z X`NS TY _SP ST^_Z]TNLWWd STRSWd OZ`M_Q`W XPY_TZY ZQ _SP RZO AT´©` M`_ TY _SP XLRTN ZQ _SP WLYR`LRPX`^TN bSTNS NSL]LN_P] TeP^ _SP MPRTYYTYR ZQ _ST^ APOTN SdXY >`NS OPY^T_d ZQ ^_]`N_`]P T^ LM ^ZW`_PWd _d[TNLW ZQ _SP APOL MZ_S _Pc_`LWWd LYO ]T_`LWWd 9Z_ QZ] YZ_STYR OZP^ 1]T_^ >_LLW _SP]PQZ]P NZX[L]P _SP ^_]`N_`]P ZQ _SP bSZWP APOTN ]T_`LW _Z _SP STRSWd Z]RLYTePO X`^TNLW NZX[Z^T_TZY^ ZQ BP^_P]Y NWL^^TNLW X`^TN z ^`NS L^ -LNSv^ Q`R`P^ LYO -PP_SZaPYv^ ^dX[SZYTP^ # ,Y Z]_SZOZc -]LSXTY bZ`WO []ZMLMWd MP ^ZXPbSL_ MLQQWPO TQ ^`NS LYLWd^P^ bP]P ^SZbY _Z STX APOTN _Pc_^ L]P ]PRL]OPO L^ STRSWd OTRYT QTPO _]LOT_TZYLW WZ]P bSTNS T^ NZX[WP_PWd aLWTO Md T_^PWQ LYO YZ_ ^`MUPN_ _Z LYd WT_P]L]d Z] X`^TNZWZRTNLW N]T_TNT^X 3ZbPaP] LYLWd^P^ ZQ _ST^ _d[P NWPL]Wd ^SZb bSd T_ T^ [Z^^TMWP _SL_ >¼V_L^ L]P ^_TWW [Z[`WL] bSPY _SP]P T^ YZ ]PLW VYZbWPORP ZQ _SP ^PXLY_TN XPLYTYR :YP NZ`WO PaPY ^Ld _SL_ _SP TYOP[PYOPY_Wd aLWTO XPLYTYR ZQ _SP [SZYPXL_TN L^[PN_ T^ ^`QQTNTPY_ QZ] LY 4YOTLY WT^_PYP] TQ _SP [SZYPXP^ L]P L]]LYRPO TY L QL^S TZY _SL_ XLVP^ ^PY^P LYO SP]P _SL_ XPLY^ XLVTYR X`^TNLW ^PY^P QZ] L NZX[WP_P _Pc_ _Z MP LNNP[_PO L^ wXLVTYR ^PY^Px TP T_ SL^ XPLYTYR LYO ^TRYTQTNLYNP .ZYNP]YTYR _SP L`]L_TN L^[PN_ ZQ APOL ]PNT_L_TZY SZbPaP] _SP]P T^ YZ_ ZYWd L NZY_]TM`_TZY Q]ZX _SP [SZYP_TN ^_]`N_`]P OTN_L_PO Md _SP _Pc_ M`_ ZQ_PY bP LW^Z QTYO wTYOP[PYOPY_x [SZYP_TN NZY_]TM`_TZY^ ZQ _SP ]P NT_P]^ bSZ LOO Pc_]L X`^TNLW w^PY^Px _Z _SP _Pc_ ?SP^P _]LY^QZ]XL_TZY^ L]P []TYNT[LWWd ML^PO ZY _SP QLN_ _SL_ TY RPYP]LW -]LSXTY^ OZ YZ_ WPL]Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #

1]T_^ >_LLW =T_`LW LYO 8LY_]L^ =`WP^ BT_SZ`_ 8PLYTYR /PWST% 8Z_TWLW -LYL]^TOL^^ $$! :]TRTYLW 9Pb DZ]V $$ ! $ TY [L]_TN`WL] !#"" #   

;P]QZ]XLYNP LYO ,`]L



_SPT] _Pc_^ Q]ZX MZZV^ M`_ Q]ZX Z_SP] -]LSXTY^ ?S`^ TY L bLd L -]LSXTY QLXTWTL] bT_S _SP APOL T^ NZX[L]LMWP bT_S L STRS\`LWT_d _L[P ]PNZ]OP] _SL_ NLY ]PNZ]O LYO ]P[]ZO`NP LY `YWTXT_PO \`LY_T_d ZQ ^Z`YO TYQZ]XL_TZY 9Zb S`XLY MPTYR^ L]P YZ_ XLNSTYP^ M`_ N]PL_TaP MPTYR^ bSZ ^SL[P _SP _Pc_^ _SPd ]P[]ZO`NP ^ZXP_TXP^ `YNZY^NTZ`^Wd 4Y _ST^ bLd NP]_LTY TY_P][]P_L_TZYLW [L__P]Y^ ^`M_WP_TP^ TY OdYLXTN^ LNNPY_`L _TZY TY_ZYL_TZY LYO L]_TN`WL_TZY MPNZXP P^_LMWT^SPO bSTNS L]P WTVP bT^P NZY^T^_PY_Wd [L^^PO ZY ,YO _SP^P TY_P][]P_L_TZYLW ^`M_WP_TP^ NLY NP]_LTYWd OP_P]XTYP _SP ^PY^P ZQ L _Pc_ 1Z] PcLX[WP _SP APOTN wPaP] R]PPYx .LXLVL;]L²YL SL^ MPPY _S]Z`RS L [L]_TN`WL]Wd N`]TZ`^ _]LY^ QZ]XL_TZY :]TRTYLWWd T_ ^PPX^ _Z SLaP MPPY L ]P\`P^_ QZ] ]TNS ]P^`W_^ Q]ZX XLVTYR L ^LN]TQTNP 0aP]d_STYR _SL_ T^ OP^T]LMWP T^ WT^_PO TY L WZYR WT_LYd% wBPWWMPTYR FbZ`WOH 4 SLaP /P^NPYOLY_^ FbZ`WOH 4 SLaP 2TQ_^ FbZ`WOH 4 SLaP 4YQW`PYNP FbZ`WOH 4 SLaP x

?ZOLd _SP Q`YN_TZY TY _SP ]T_`LW T^ \`T_P OTQQP]PY_ ?SP .LXLVL;]L²YL T^ ]PRL]OPO L^ ²£Y_TXLY_]L  TP L^ L ^[PWW Z] []LdP] M]TYRTYR []Z_PN_TZY LRLTY^_ PaTW TYQW`PYNP^ , Q`YN_TZY WTVP _ST^ T^ NP]_LTYWd NZX[L_TMWP bT_S _SP ^PXLY_TN ^PY^P M`_ _SP ^PXLY_TN ^PY^P OZP^ YZ_ YPNP^^L]TWd ^`RRP^_ ^`NS L Q`YN_TZY ?SP LN_`LW XZ_TaL_TZY T^ XZ]P WTVPWd _Z WTP TY _SP [SZ YP_TN QZ]X ZQ _SP _Pc_ ?ST^ T^ LW^Z TYOTNL_PO Md _SP XZOP]Y YLXP ZQ _SP >¼V_L% .LXLVL T^ L OT^_Z]_TZY ZQ L ^_]TYR ZQ ^Z`YO^ NZY_TY`LWWd ]P[PL_PO TY _SP _Pc_% w²NLXPx ,_ _SP ^LXP _TXP _SP YLXP NLY MP OP]TaPO Q]ZX _SP 3TYO¯ aP]M NLXLVY£ []ZYZ`YNPO wNSLXLVYLLx bSTNS XPLY^ w_Z PXT_ WTRS_YTYRx LYO LW^Z w_Z ^_`Yx Z] w_Z MLQQWPx ,[[L]PY_Wd _SP]P T^ SP]P L STOOPY OP^N]T[_TZY ZQ _SP ^Z`YO TX[]P^^TZY _SL_ L]T^P^ Q]ZX _SP NZY^_LY_ ]P[P_T_TZY ZQ w²NLXPx bSZ^P NZY^_T_`PY_ ^Z`YO^ L]P LWW aP]d M]TRS_ TY >LY^V]T_%

:bTYR _Z _SP XZYZ_ZYZ`^ ]P[P_T_TZY ZQ _SP _bZ ^dWWLMWP^ w²NLXPx _S]Z`RSZ`_ _SP bSZWP ]PNT_L_TZY _SP [P]QZ]XLYNP ZQ _ST^ ^[PNTLW WT_LYd MPNZXP^ LWXZ^_ Sd[YZ_TN ?ST^ PQQPN_ T^ NZX[Z`YOPO Md _SP QLN_ _SL_ _SP ]PNT_P]^ ZQ_PY ^SZ`_ _SP ^dWWLMWP wXPx XÈ% XLVTYR _SP PaZbPW P^[PNTLWWd SL]O ?SP _TXM]P MPNZXP^ LWXZ^_ L^ ^S]TWW L^ _SP ^Z`YO ZQ L _]`X[P_ 0LNS ZQ _SP^P w_]`X[P_ MWL^_^x T^ TY_]ZO`NPO Md L ^SZ]_ MZT^



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_P]Z`^ QTR`]P ^SL][Wd N`_ ZQQ bT_S L []ZYZ`YNPO ^_LNNL_Z w²x PX[SL^Te TYR _SP OdYLXTN^ LYO ]Z`RSYP^^ ZQ _SP ^Z`YO TX[]P^^TZY PaPY XZ]P ,WW _ST^ PYNZ`]LRP^ XLYd ]PNT_P]^ _Z TYN]PL^P _SP _PX[Z ZQ _SPT] [P]QZ]X LYNP ZQ _ST^ [L]_TN`WL] >¼V_L _Z _SP WTXT_^ ?SP LNZ`^_TN PQQPN_ ZQ LWW _SP^P XZOTQTNL_TZY^ T^ PcNP^^TaPWd wPYP]RP_TNx LYO w[TP]NTYRx z LYO _SP]PQZ]P LNNZ]OTYR _Z _SP TYOTRPYZ`^ TY_P][]P_L_TZY _SP >¼V_L T^ LW^Z ^Z PQQPN_TaP L_ VPP[TYR LWW QZ]X^ ZQ PaTW L_ MLd 1TYLWWd _SP]P T^ L _ST]O XZOP ZQ ]PNP[_TZY ZQ APOTN >¼V_L^ _SL_ NLY MP NLWWPO NZX[WP_PWd L]_T^_TN APOL ]PNT_L_TZY NLY TY QLN_ ^TX[Wd PcT^_ L^ L X`^TNLW LNNZX[LYTXPY_ _Z QP^_TaT_TP^ ZQ LWW _d[P^ z ]PWTRTZ`^ LYO YZY ]PWTRTZ`^ z Z] T_ NLY ZNN`[d _SP NPY_P] ZQ TY_P]P^_ L^ LY L]_T^_TN [P]QZ]X LYNP TY T_^ ZbY ]TRS_ ,_ ^`NS ZNNL^TZY^ T_ T^ YPT_SP] _SP NZY_PY_ YZ] _SP ^[PNTQTN ]T_`LW Q`YN_TZY _SL_ L]P P^[PNTLWWd TX[Z]_LY_ M`_ ZYWd _SP XZZO PWTNT_PO ?SP ]PNT_L_TZY []ZXZ_P^ PXZ_TZYLW TYaZWaPXPY_ ^TXTWL] _Z _SP Q`YN_TZY ZQ L ^NSZZW Z]NSP^_]L TY 2P]XLYd []ZaTOTYR QP^_TaP MLNVR]Z`YO X`^TN QZ] _SP ^NSZZWWPLaP]^v NPWPM]L_TZY :Q NZ`]^P ^`NS ZNNL^TZY^ L^ _SP^P ]P\`T]P _SP ]PNT_P]^ YZ_ ZYWd _Z VYZb _SP APOTN XLY_]L^ Md SPL]_ M`_ LW^Z _Z [P]QZ]X _SPX TY L [WPL^TYR QL^STZY ?]LOT_TZYLW [SZYP_TN^ ²TV´£ SL^ TY QLN_ QZ]X`WL_PO Y`XP]Z`^ ]`WP^ QZ] L [WPL^TYR APOL ]P NT_LW ?SP^P ]`WP^ _PLNS X`^TNLWTeTYR [SZYP_TN XLYT[`WL_TZY^ _SL_ _`]Y _SP _Pc_ TY_Z wWLYR`LRPX`^TNx _SL_ PcT^_^ TY T_^ ZbY ]TRS_ aLWTO bT_SZ`_ ^PXLY_TN ^PY^P Z] ]T_`LW Q`YN_TZY ,W_SZ`RS []ZMLMWd ZYWd aP]d QPb -]LSXTY^ SLaP ]PLO _SP ±TV´£ bZ]V^ _SP ]`WP^ SLaP MPNZXP QWP^S LYO MWZZO _Z _SPX aTL _SP []ZNP^^ ZQ TXT_L_TZY , RZZO PcLX[WP ZQ _SP LP^_SP_TN _d[P ZQ ]PNP[_TZY bZ`WO MP _SP Pc PX[WL]d [P]QZ]XLYNP ZQ _SP 9LV´L_]L/PaL_£>¼V_L ./ # ?SP _Pc_ T_^PWQ XP]PWd NZY_LTY^ L WT^_ ZQ NZY^_PWWL_TZY^ LYO _SP OPT_TP^ L^^ZNTL_PO bT_S _SPX LYO L^ QL] L^ bP VYZb T_ T^ YZ WZYRP] `^PO TY LYd ]PWTRTZ`^ NZY_Pc_ 4Y ^[T_P ZQ _ST^ T_ XLd ^_TWW MP QZ`YO _ZOLd ZY _SP 4Y_P]YP_ $ L^ LY PcLX[WP ZQ MPL`_TQ`W APOL ]PNT_L_TZY% ]ZST©Å YLV´L_]LÀ []LU£[L_T] OPaL_£ XŽRL²Å]´LÀ YLV´L_]LR`À ^ZXZ OPaL_£ ]O]£ YLV´L_]LR`À ]`O]Z OPaL_£ [`YL]aL^¼ YLV´L_]LX LOT_T] OPaL_£  w,WOPML]LY _SP NZY^_PWWL_TZY ;]LU£[L_T _SP RZO :]TZY _SP NZY^_PWWL_TZY >ZXL _SP RZO >T]T`^ _SP NZY^_PWWL_TZY =`O]L _SP RZO 2PXTYT _SP NZY^_PWWL_TZY ,OT_T _SP RZOx

?SP QLN_ _SL_ _SP Z]TRTYLW _Pc_ T^ TY _SP QZ]X ZQ L WT^_ OTN_L_P^ _SP NZY ^_LY_ ]P[P_T_TZY ZQ _bZ bZ]O^  YLV´L_]LX  wNZY^_PWWL_TZYx LYO OPaL_£  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $

bbbX`^TNTYOTLZYWTYPNZXOPaZ_TZYLW^LY^V]T_aPOSL^dLU`]aPOL LNNP^^PO >P[_PX MP]  

;P]QZ]XLYNP LYO ,`]L



wRZOx /`]TYR L [P]QZ]XLYNP _SP ]P[P_T_TZY ZQ _SP^P _bZ bZ]O^ N]PL_P^ NZY_TY`LW LW_P]YL_TZY MP_bPPY _PY^TZY LYO ]PWPL^P TP L X`^TNLW WTYP ?ST^ X`^TNLW NZX[ZYPY_ SL^ YZ_ MPPY LOOPO Md _SP ]PNT_P]^ QZ] ]PL^ZY^ ZQ TYOTaTO`LW _L^_P TY ^_dWP Z] MPL`_d Md LYd XPLY^ 4_ T^ X`NS XZ]P _SP NL^P _SL_ T_ PXP]RP^ YPNP^^L]TWd Q]ZX _SP [SZYP_TN ]`WP^ ZQ APOL [P] QZ]XLYNP bSTNS OPXLYO _SL_ _SP bZ]O^ YLV´L_]LX LYO OPaL_£ _LVP ZY _Z_LWWd Z[[Z^T_P ^Z`YO NSL]LN_P]T^_TN^ ZbTYR _Z _SP [SZYP_TN XL_P]TLW NZY_LTYPO TY _SPX ?SP ^Z`YO NSL]LN_P] ZQ _SP bZ]O YLV´L_]LX SL^ _Z MP SL]O LYO LN NPY_`L_PO TY _SP ]PNT_L_TZY ?SP _S]PP ^dWWLMWP^ ZQ _ST^ bZ]O X`^_ YZ_ MP []ZYZ`YNPO ^TX[Wd L^ wYLx  wV´Lx  w_]LXx MPNL`^P _SP OZ`MWP NZY^Z YLY_^ TY wV´Lx LYO w_]LXx ]P\`T]P L []Z^ZOTN WPYR_SPYTYR ZQ _SP []PNPO TYR ^dWWLMWP ?Z ]PQWPN_ _SP NZ]]PN_ []ZY`YNTL_TZY ZYP bZ`WO SLaP _Z b]T_P OZbY ^ZXP_STYR WTVP wYLVx  wV´L_x  w_]LXx ?SP []Z^ZOTN WPYR_SPYTYR T^ ]PLWTePO [Sd^TNLWWd Md []ZYZ`YNTYR _SP QT]^_ _bZ ^dWWLMWP^ TY L VTYO ZQ ^_LNNL_Z QL^STZY TP LNNPY_`L_PO LYO N`_ ZQQ `YPc[PN_POWd LM]`[_Wd L^ wYLVx [L`^P wV´L_x [L`^P :YWd _SP ^dWWLMWP w_]LXx XLd MP WTYVPO _Z _SP QZWWZbTYR bZ]O -d NZY_]L^_ _SP bZ]O OPaL_£ SL^ YZ OZ`MWP NZY^ZYLY_^ L_ LWW LYO NZY^P\`PY_Wd _SP]P L]P YZ NSZ[[POZQQ ^_LNNL_Z ^dWWLMWP^ ,YO _ST^ T^ YZ_ LWW% _SP [SZYP_TN ]`WP^ OTN_L_P _SL_ _SP wax XLd YZ_ MP []ZYZ`YNPO TY T_^ PY_T]P_d M`_ TY^_PLO T_ T^ ZYWd ]PLWTePO L^ L ^XZZ_S _]LY^T_TZY Q]ZX _SP wPx _Z _SP wLx ?SP ^ZQ_ ]P^_Q`W ^Z`YO NSL]LN_P] T^ PYSLYNPO Md _SP WZYR QTYLW w£x 4_ T^ ZYWd _SP _PY^TZY ZQ _SP ^bT_NSTYR MP_bPPY SL]O LYO ^ZQ_ LNNPY _`L_PO LYO ^XZZ_S _SL_ NZXP^ _Z _SP QZ]P SP]P _SL_ MTYO^ _SP TYOTaTO`LW [SZYPXP^ TY_Z L M]ZLOP] XPLYTYRQ`W NZY_Pc_ LYO ]PYOP]^ _SP Q`WW X`^T NLWT_d ZQ _SP _Pc_ L[[L]PY_ ?ST^ X`^TNLWT_d T^ TY_PY^TQTPO Md _SP `^P ZQ _ST^ Pc[LYOPO ^N]T[_ TY _SP NWL^^TNLW _S]PP_ZYP ]PNT_L_TZY _Z MPNZXP L _]`P XPWZOd 3ZbPaP] TY LOOT_TZY _Z ^`NS XLN]Z^_]`N_`]P^ LNNZ]OTYR _Z _SP [SZYP_TN ]`WP^ _SP]P L]P LW^Z XTN]Z^NZ[TN XZOTQTNL_TZY^ _SL_ ^SZ`WO MP ]PLWTePO 1Z] PcLX[WP TY _SP bZ]O XŽRL²Å]´LÀ  _SP wXx LYO _SP wŽx ^SZ`WO MP QZWWZbPO Md ^ZXP ML]PWd L`OTMWP M`_ YZYP_SPWP^^ ]PLW wLQ_P] ^Z`YO^x ]P^`W_TYR TY ^ZXP_STYR WTVP wX Pb Ž Pb RLx TY _SP NZ]]PN_ []ZY`Y NTL_TZY , ^TXTWL] _STYR SL[[PY^ TY w²Å]´LÀx  _`]YTYR T_ TY_Z w²Å] L ´LÀx TY LN_`LW [P]QZ]XLYNP ?SP^P NZX[WPc LYO ^`M_WP LOOT_TZYLW ^Z`YO^ YZ_ ZYWd NWL]TQd _SP []ZY`YNTL_TZY M`_ LW^Z SLaP LY LP^_SP_TN Q`YN_TZY% ^TYNP YZ Pc_]L _TXP T^ LWWZNL_PO _Z _SP^P LOOT_TZYLW ^Z`YO^ z _SP wX Pb Ž Pb x _LVP^ _SP ^LXP _TXP _Z []ZYZ`YNP L^ _SP ^TX[WP wXŽx z _SP^P [SZYP_TN ]T[[WP^ XP]PWd N]PL_P L ]Sd_SXTN NZWZ]L_`]L bT_STY _SP Z]TRTYLW _TXTYR ?SP^P LOOT_TZYLW ^XLWW ]Sd_SXTN OPNZ]L_TZY^ N]PL_P Y`XP]Z`^ TY_P]]`[_TZY^ TY _SP XZYZ_ZYZ`^ WTYP ZQ WZYR^SZ]_ WZYR^SZ]_ ?SP



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

LP^_SP_TN PQQPN_ T^ NZX[L]LMWP _Z _SP Z]YLXPY_L_TZY ZY L ML]Z\`P NL^_WP Z] _SP _]TWW^ TY ZYP ZQ 8ZeL]_v^ ^ZYL_L^ ?SP Y`XMP] ZQ ^`NS XZOTQTNL_TZY^ TY >LY^V]T_ T^ WPRTZY 4Y ]PNT_L _TZY LWW _SP NZY_Pc_OP[PYOPY_ QPL_`]P^ ]P\`T]PO Md _SP [SZYP_TN^ z ^`NS L^ aL]TL_TZY^ TY _TXM]P WTYVTYR ^Z`YO^ PX[SL_TN ]PTYQZ]NPXPY_ [L`^P^ M]PLV^ LYO PWZYRL_TZY^ z SLaP _Z MP ZM^P]aPO 4YOPPO ^ZXP ZQ _SP WLb^ OPQTYTYR _SP^P QPL_`]P^ L]P ^Z NZX[WPc LYO ^ZXP_TXP^ ^PPX _Z MP ^[WT_ _TYR SLT]^ ^Z PcNP^^TaPWd _SL_ ZYP XTRS_ ^P]TZ`^Wd bZYOP] bSP_SP] [P] SL[^ L QPb -]LSXTY^ SLaP SLO _ZZ X`NS _TXP ZY _SPT] SLYO^ 3ZbPaP] _SP TYaPY_TZY ZQ ^`NS L NZX[WPc [SZYP_TN ^d^_PX T^ Md YZ XPLY^ L QLYNd ]P^_]TN_PO _Z _SP -]LSXTY^ =PNT_L_TZY ZQ _SP _LLW =T_`LW LYO 8LY_]L^ $$! " Q  0WLMZ]L_PO ZY Md .SL]WP^ 8LWLXZ`O 7P >a£OSd£dL% =ËNT_L_TZY [P]^ZYPWWP O` APOL ?LT__T]¯dL¢]L©dLVL 7Ta]P 44 ;L]T^% -ZNNL]O $""  1Z] XZ]P OP_LTW^ ^PP >_LLW w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZYx LYO Z`] NSL[  >ZXP T]]PR`WL]T_TP^ TY _SP OP]TaL_TZY ZQ _SP^P XZOTQTNL_TZY^ SLaP MPPY PWLMZ]L_PO Md 3 1LWV w?SP 2LWT_L^ TY _SP ‹RaPOL ;LOL[£¶SLx TY ?SP ;LYOT_  PO ,cPW 8TNSLPW^ /PWST% 8LYZSL]  #z

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

?SP ZMUPN_TaP ZQ LWW _SP^P XZOTQTNL_TZY^ ./ $ T^ L NZY^NTZ`^ TYN]PL^P TY ]PO`YOLYNd bSTW^_ ^TX`W_LYPZ`^Wd []PaPY_TYR [`]PWd XPNSLYTNLW ]P[P_T _TZY ?SP WL__P] T^ LaZTOPO Md ]P[PL_TYR _SP R]Z`[^ ZQ bZ]O^ TY YPb [P]X`_L_TZY^ LYO NZXMTYTYR _SPX LO SZN  ?ST^ ]P\`T]P^ _SP `_XZ^_ NZY NPY_]L_TZY LYO R`L]LY_PP^ []PaPY_TZY ZQ [SZYP_TN OPRPYP]L_TZY BZ]O^ LYO ^dWWLMWP^ ^TX[Wd NLYYZ_ MP OT^_Z]_PO ^W`]]PO Z] [WLTY QZ]RZ__PY ?SP XLYYP] TY bSTNS APOTN XYPXZYTN^ Q`YN_TZY NLY MP TWW`^_]L_PO Md L M]TPQ PcLX[WP Q]ZX _SP ?LT__T]¯dL>LÀST_£  ?ST^ ^[PNTLW XLY_]L w;]L_T´¶ST_dLTx SL^ YZ [L]_TN`WL] ]T_`LW Q`YN_TZY LYO YPT_SP] OZP^ T_ [Z^ ^P^^ L ^[PNTLW NSL]X QZ] _SP NZYYZT^^P`] M`_ L^ T_ NZY_LTY^ _SP _ZYR`P _bT^_P] YT]š_T []ZYZ`YNPO ^ZXP_STYR WTVP wYT] `S š Pb _Tx T_ ZQQP]^ PcNPW WPY_ []LN_TNP XL_P]TLW ?SP XLY_]L T_^PWQ RZP^ WTVP _ST^% YT]Ž_TX Pa£^XLT []L ST©Z_T g

?ST^ Z]TRTYLW aP]^TZY T^ QZWWZbPO Md L R]LXXL_TNLWWd LYO [SZYP_TNLWWd LYLWdePO aP]^TZY ZQ _SP ^LXP _Pc_% YT]Ž_TX T_T  YTà Ž_TX PaL L^XLT []P_T ST©Z_T

,Q_P] _ST^ R]LXXL_TNLW LYLWd^T^ _SP ]PNT_P] LOO^ L aL^_ ]LYRP ZQ [P]X` _L_TZY^ bSTNS YZ WZYRP] SLaP LYd R]LXXL_TNLWWd LYLWd_TNLW Q`YN_TZY LYd XZ]P M`_ bSZ^P [`][Z^P T^ ^ZWPWd _Z MP `^PO QZ] []LN_TNP BP L]P ZYWd RTaTYR L ^TYRWP PcLX[WP SP]P _SP wTY_P]bZaPY ]PLOTYRx UL¶£ [£¶SL  ?Z XLVP T_ NWPL]P] PLNS bZ]O TY _SP Z]TRTYLW NLY MP ]P[]P^PY_PO Md L Y`XMP]% YT]š_TX (  PaL (  L^XLT (  []L (  ST©Z_T (  4Y _SP wTY_P]bZaPY ]PLOTYRx _SP^P bZ]O^ X`^_ ZNN`] TY _SP QZWWZbTYR Z]OP]%                

?SP ]P^`W_ T^% YT]Ž_TX PaLTaL YT]Ž_TÀ YT]Ž_TX PaL g Pa£^XL L^XL PaLTa£^XLT L^XLT []L []£^XL L^XLT []L g []L ST©Z_T ST©Z_T []L []L ST©Z_T ST©Z_Å_T ST©Z_T gg

3P]P T_ ^SZ`WO MP YZ_PO _SL_ _SP NZX[WPc WLb^ ZQ >LY^V]T_ R]LXXL] LW^Z L[[Wd _Z _SP^P aL]TL_TZY^ bSTNS T^ bSd QZ] PcLX[WP _SP bZ]O L^XLT LW^Z L[[PL]^ L^ w^XLx w^XLTx LYO wL^XLx TY Z]OP] _Z NZX[Wd bT_S _SP P`[SZYTN WLb^ ZQ >LY^V]T_ ?ST^ L[[WTP^ _Z LWW [P]X`_L_TZY^ ZQ bSTNS _SP UL¶£[£¶SL T^ ZYWd ZYP ]PWL_TaPWd ^TX[WP aL]TL_TZY ?SP ZMUPN_ ZQ LWW _ST^ []LN_TNP T^ _SL_ WTYR`T^_TN XL_P]TLW LYO _SP ^d^_PX ZQ ]`WP^ ^SZ`WO MZ_S MPNZXP QWP^S LYO MWZZO _Z _SP ]PNT_P]^ 8LYd -]LSXTY^ SLaP LN \`T]PO ^`NS ^VTWW TY _ST^ _PNSYT\`P _SL_ _SPd NLY ]PNT_P LWW _SP ]PLOTYR^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP wT_Tx _SL_ []ZO`NP^ w[]Pu_Tx TY NZXMTYL_TZY bT_S _SP bZ]O w[]Lx Q`YN_TZY^ SP]P L^ L R]LXXL_TNLW XL]VP] LYO XPLY^ ^ZXP_STYR WTVP wNLY MP LYLWdePO L^x Z] wT^ L ^P[L]L_P bZ]Ox

?SP APOL L^ .`W_`]LW 8PXZ]d% 0_P]YLW 6YZbWPORP LYO _SP 0aP] 1]P^S APOL^

"

ZQ _SP ;]L_T´¶ST_dLT L_ _Z[ ^[PPO bT_SZ`_ PaP] ZYNP _]T[[TYR `[ Z] XLVTYR L XT^_LVP :]TRTYLWWd _SP^P aL]TL_TZY^ bP]P ZYWd TY_]ZO`NPO _Z [P]QPN_ _SP [P] QZ]XLYNP ZQ _SP _Pc_ WPL]YPO Md SPL]_ M`_ YZb ^ZXP P^[PNTLWWd TX[Z] _LY_ LYO bPWWVYZbY aP]^P^ SLaP PaPY MPPY TY_PR]L_PO TY_Z 3TYO` ]T_` LW^ LYO L]P ]PNT_PO TY _SP _PX[WP L_ QP^_TaT_TP^ LYO L_ N`W_`]LW PaPY_^ ! BT_S _ST^ LW_P]PO Q`YN_TZY _SP^P ^SZ]_ _Pc_^ LWXZ^_ ]P[]P^PY_ YPbWd N]PL_PO WT_LYTP^ ?SP ]P[P_T_TZY ZQ _SP bZ]O^ TY L []POP_P]XTYPO ^P \`PYNP N]PL_P^ z L^ L VTYO ZQ ^TOPPQQPN_ z X`^TNLWWd PQQPN_TaP TY_P]YLW ]Sd_SX^ ^Z _SL_ LY PYaPWZ[TYR ^ZYTN PYaT]ZYXPY_ PXP]RP^ Q]ZX _SP TYOTaTO`LW ^Z`YO^ ZQ _SP Z]TRTYLW XLY_]L^ ?SP _ZYLWT_d LYO [SZYP_TN Z]RLYTeL_TZY _SL_ L]P NSL]LN_P]T^_TN ZQ _SP APOL ^`]]Z`YO _SP Z_SP] LN _TaT_TP^ bT_S _SP ^[PNTLW STRSWd^LN]PO APOTN L`]L bSTWP _SP NZY^_LY_ ]P[P_T_TZY ZQ QLXTWTL] VPdbZ]O^ PYSLYNP^ _SPT] ^TRYTQTNLYNP PaPY XZ]P



?SP APOL L^ .`W_`]LW 8PXZ]d% 0_P]YLW 6YZbWPORP LYO _SP 0aP] 1]P^S APOL^

BSP]PaP] wAPOTN ]PNT_L_TZY^x L]P SPL]O _ZOLd MP _SPd TY _PX[WP ^P] aTNP^ L_ N`W_`]LW PaPY_^ L^ L OZXP^_TN OPaZ_TZYLW PcP]NT^P L^ OLTWd ^PWQ^_`Od ML^PO ZY QLXTWd _]LOT_TZY Z] bSL_PaP] _SPd L]P Md YZ XPLY^ wRPY`TYPx APOTN ]T_`LW 4Y^_PLO _SPd SLaP MPPY NZX[WP_PWd ]PXZaPO Q]ZX _SPT] Z]TRTYLW NZY_Pc_ BP OZ YZ_ VYZb LWW _SL_ X`NS LMZ`_ _SP Z]TRTYLW NZY_Pc_ PcNP[_ ZQ NZ`]^P bSL_ T^ b]T__PY TY _SP APOL _Pc_ T_^PWQ -`_ _ST^ X`NS T^ NWPL]% _SP dLUÓL  _SP APOTN ^LN]TQTNP ]P[]P^PY_^ L _Z _LWWd OTQQP]PY_ _d[P Q]ZX XZOP]Y ]T_P^ LYO MPWZYR^ WL]RPWd _Z _SP [L^_ 9ZbLOLd^ APOTN ]T_P^ L]P ZYWd ]L]PWd [P]QZ]XPO LYO ZYWd Md L QPb -]LSXTY^ LYO bSP]P _ST^ OZP^ _LVP [WLNP RPYP]LWWd ZYWd aP]d ^TX[WP ]T_P^ ^`]aTaP ,XZYR^_ Z_SP]^ R]Z`[^ ^`NS L^ _SP 9LXM`OT]T -]LSXTY^ NWLTX _Z SLaP L XZ]P Z] WP^^ `YM]ZVPY _]LOT_TZY ZQ LYNTPY_ ^LN]TQTNTLW ]T_P^ -`_ _ST^ NWLTX T^ Md YZ XPLY^ `YOT^[`_PO ?SP ^[PN_LN`WL] QT]P ^LN]TQTNP _SL_ _SPd OPXZY^_]L_PO _Z 1]T_^ >_LLW TY $" " OTO YZ_ NZY_LTY LYd_STYR YZ_ QZ`YO TY WT_`]RTNLW SLYOMZZV^ _SL_ NLXP TY_Z MPTYR TY L]Z`YO  -. LYO _SL_ L]P LaLTWLMWP TY PaP]d bPWW^_ZNVPO MZZV^SZ[ TY 4YOTL ^Z T_ T^ \`T_P OZ`M_Q`W bSP_SP] _SP 9LXM`OT]T^ ]PLWWd SLaP ^`NS L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >aLXT /PaL]`[LYLYO PO 8LY_]L[`´[LX 8`XMLT% =LXLV]T^SL 8L_SL $$# Ta " ?ST^ R]LYO ]T_`LW bL^ ]PNZ]OPO TY 1]T_^ >_LLW ,RYT% _SP APOTN =T_`LW ZQ _SP 1T]P ,W_L]  aZW^ -P]VPWPd% ,^TLY 3`XLYT_TP^ ;]P^^ $# LYO ZY ATOPZ ,__PY_TZY SL^ MPPY O]LbY _Z _SP QLN_ _SL_ _SP ]T_`LW bL^ LW^Z Pc_]PXPWd W`N]L_TaP QZ] _SP 9LXM`OT]T NZX X`YT_d $ OZWWL]^ Md =TNSL]O >NSPNSYP] w=T_`LW `YO ?SPL_P]% =PVZY^_]`V_TZY aZY AP]SLW_PYx TY =T_`LW_SPZ]TPY  PO , -PWWTRP] LYO / 6]TPRP] :[WLOPY% BP^_OP` _^NSP] AP]WLR $$# z!

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

[SPYZXPYLW XPXZ]d Z] bSP_SP] _SPd NLY XP]PWd ]PLO 4Y _SP WL^_ LYLWd^T^ LYd TYQZ]XL_TZY LMZ`_ _SP APOL T_^ P[ZNS T_^ ]T_P^ LYO T_^ _SZ`RS_^ NLY ZYWd MP OT^NZaP]PO Md SP]XPYP`_TN bZ]V ZY _SP APOL _Pc_ T_^PWQ LYO _ST^ L[[WTP^ U`^_ L^ X`NS _Z _]LOT_TZYLW 4YOTLY ^NSZWL]^ L^ _Z XZOP]Y BP^_P]Y ]P^PL]NSP]^ ?Pc_^ TY 4YOTL OZ YZ_ SLaP _Z SLaP ^PXLY_TN XPLYTYR LW_SZ`RS _SPd NLY OZ ^Z >Z bSPY OPLWTYR bT_S L _Pc_ b]T__PY TY ^`NS L]NSLTN WLYR`LRP L^ _SP APOL T^ bP YL_`]LWWd NZXP `[ LRLTY^_ _SP \`P^_TZY ZQ bSP_SP] T_ SL^ LYd XPLYTYR TY _P]X^ ZQ wNZY_PY_x L_ LWW ?SP]P SLaP MPPY LYO ^_TWW L]P [PZ[WP bSZ OPYd _ST^ # 4_ T^ _]`P _SL_ TY 4YOTLv^ WT_P]L]d ST^_Z]d _SP APOL bL^ ]PRL]OPO QZ] WZYR [P]TZO^ YZ_ L^ L w_Pc_x TY Z`] BP^_P]Y ^PY^P TP L^ L MZOd ZQ b]T_TYR NZY^T^_TYR ZQ ^PY_PYNP^ _SL_ SLaP XPLY TYR NZY_PY_ :Q_PY T_ bL^ ZYWd _SP QTYLW NSL[_P]^ ZQ _SP APOTN MZZV^ _SL_ bP]P TY_P][]P_PO TY _P]X^ ZQ Z`] BP^_P]Y `YOP]^_LYOTYR ZQ _Pc_ 4Q bP NSZZ^P _Z MPWTPaP _SP WTYR`T^_^ _SP WLYR`LRP ZQ _SP^P NZYNW`OTYR NSL[_P]^ T^ _SP XZ^_ OPaPWZ[PO LYO TY QLN_ T_ T^ NWZ^P^_ _Z _SP >LY^V]T_ _SL_ T^ ^_TWW ^[ZVPY LYO NLY MP `YOP]^_ZZO _ZOLd ?ST^ QTYLW ^PN_TZY Z] w9ZP_TN [L]_ ZQ _SP APOLx UÓ£YLV£©“L LY ZaP]LWW _P]X QZ] _SP [ST WZ^Z[STNLW RYZ^_TN @[LYT´LO^ T^ ]PRL]OPO Md XLYd _SPZWZRTNLW ^NSZZW^ TY 4YOTL L^ _SP LN_`LW NZ]P _Pc_ L^ _SP wNZX[WP_TZY ZQ _SP APOLx aPO£Y_L  ?SLYV^ _Z _SP NZXXPY_L_Z]^ ZY _SP APO£Y_L bSZ Pc[WLTY T_ bT_S XPOTPaLW _SZ]Z`RSYP^^ bZ]O QZ] bZ]O T_ SL^ WPQ_ T_^ XL]V ZY _SP bSZWP ZQ 4YOTLY [STWZ^Z[Sd ,YO dP_ _SP @[LYT´LO^ ZYWd XLVP `[ ZYP ^XLWW [L]_ ZQ _SP bSZWP MZOd ZQ APOTN _Pc_ >TYNP _TXP TXXPXZ]TLW _SP R]PL_P] [L]_ ZQ _SP APOL bL^ TY_PYOPO [`]PWd QZ] ]T_`LW `^P LYO _SP]PQZ]P MPL]^ _SP L[[]Z[]TL_P YLXP w=T_`LW ;L]_ ZQ _SP APOLx VL]XLVL©“L TY _SP NWL^^TNLW APOL PcPRP^T^ 8Z^_ ZQ _SP ]T_`LW^ T_ OP^N]TMP^ L]P YZ_ VYZbY _Z LYdMZOd _SP^P OLd^ YZ_ PaPY Md YLXP .ZY^P\`PY_Wd XZ^_ ZQ _SP^P ]T_`LW _Pc_^ L]P LW^Z aT]_`LWWd `YVYZbY z PcNP[_ _Z _SP XPXMP]^ ZQ _SP QPb APOL ^NSZZW^ ^_TWW TY PcT^_PYNP ?SP ]T_`LW [L]_ ZQ _SP APOL T^ OTaTOPO TY_Z _Pc_^ QZ] ]PNT_L_TZY  >LÀST_£  LYO ]T_`LW TY_P][]P_L_TZY^ -]£SXL©L  , QPb ]PNT_L_TZY _Pc_^ ^`NS L^ _SP ;`]`´L>¼V_L LYO _SP .LXLVL;]L²YL  bSTNS SLaP MPPY OT^N`^^PO LMZaP SLaP SZbPaP] MPPY TY_PR]L_PO TY_Z 3TYO` bZ]^ST[ [¼U£  XZaTYR MPdZYO _SPT] ZWO ]T_`LW NZY_Pc_ LYO TY _SP NZ`]^P ZQ _TXP _SP^P YPb ]T_P^ SLaP LWXZ^_ NZX[WP_PWd ]P[WLNPO _SP ]T_P^ OP^N]TMPO TY _SP APOL 1Z] L WZYR _TXP _SP]P bL^ YZ YL_TaP SP]XPYP`_TN^ ZQ _SP QT]^_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4Y _SP [L^_ _SP^P TYNW`OPO QZ] PcLX[WP _SP XL_P]TLWT^_TN LYO LY_T-]LSXLYTN .£]a£VL^ LYO Z_SP] SP_P]ZOZc R]Z`[^ 8Z]P ]PNPY_Wd _SP ^PY^PWP^^YP^^ LYO ZM^N`]T_d ZQ _SP APOL XPY_TZYPO LMZaP SLaP ]P[PL_POWd MPPY _SP ^`MUPN_ ZQ ]TOTN`WP Md /]L aTOTN LY_T-]LSXLYTN XZaPXPY_^ ^`NS L^ _SP /]LaTOL 6LeSLRLX XZaPXPY_ QZ] [Z WT_TNLW ]PL^ZY^ >PP LW^Z ;LOXL 9L]L^TXSLY PO >bLXT /LdLYLYOL >L]L^bL_T% ?]LOT _TZYLW ?PLNSP] ZQ -]LSXL ATOd£ 8LO]L^% ?? ;`MW $$ 

?SP APOL L^ .`W_`]LW 8PXZ]d% 0_P]YLW 6YZbWPORP LYO _SP 0aP] 1]P^S APOL^

$

[L]_ ZQ _SP APOL ?SP QT]^_ NZX[]PSPY^TaP NZXXPY_L]d bL^ YZ_ b]T__PY `Y_TW X`NS WL_P] TY _SP QZ`]_PPY_S NPY_`]d ,/ Md >£dL©L ?ST^ bL^ _SP QT]^_ _TXP _SL_ _SP APOL bL^ XLOP TY_Z L XPLYTYRQ`W _Pc_ TY Z`] ^PY^P 3ZbPaP] _SP NZXXPY_L]d bL^ LY ^NSZWL]Wd bZ]V _SL_ SLO WT__WP TYQW` PYNP ZY ]PWTRTZ`^ []LN_TNP 0aPY _ZOLd SL]OWd LYdZYP ]PLO^ >£dL©L QZ] _SP [`][Z^P^ ZQ ]PNT_TYR _SP ;`]`´L>¼V_L  4Y NZY_]L^_ _Z _SP [L]_ NZY _LTYTYR _SP @[LYT´LO^ []LN_TNLW `^P ZQ _SP ]T_`LW [L]_ T^ WT__WP NZYNP]YPO bT_S `YOP]^_LYOTYR ?ST^ YPRWPN_ ZQ ^PXLY_TN^ z PaPY ZY _SP [L]_ ZQ YL_TaP ^NSZWL]^ z OPXZY^_]L_P^ _SL_ ZYP NLYYZ_ TXLRTYP WT^_PYTYR _Z _SP APOL _Z MP WTVP WT^_PYTYR _Z _SP -TMWP ?SP APOL T^ _SP P[T_ZXP ZQ _SP QWZb ZQ _]LOT_TZY _SL_ SL^ PcT^_PO QZ] P_P]YT_d LYO TY bSTNS LWW 3TYO` _]LOT_TZY^ [L]_TNT [L_PO 4_ T^ _d[TNLW ZQ _SP XZYZ_SPT^_TN ]PWTRTZY^ bT_S L ^[PNTQTN QZ`YOP] _SL_ _SPd SLaP L NZYNP[_ ZQ _SP _TXP MPQZ]P LYO LQ_P] _SP ]PaPWL_TZY ?ST^ T^ \`T_P OTQQP]PY_ TY 3TYO`T^X bT_S T_^ NdNWTNLW `YOP]^_LYOTYR ZQ _TXP ,Yd TY^TRS_ ZQ aLW`P X`^_ SLaP LW]PLOd PcT^_PO QZ] P_P]YT_d 4_ bL^ _SP]PQZ]P _SP XZ^_ YL_`]LW _STYR _SL_ YPb []TYNT[WP^ ZQ QLT_S bP]P YZ_ aTPbPO L^ YPb L_ LWW M`_ TY^_PLO L^ `Y^SLVLMWP _]`_S^ _SL_ SLO MPPY aLWTO LYO VYZbY QZ] PaP] 4Y _ST^ ]P^[PN_ _SP APOL L^ _SP ZWOP^_ ^`]aTa TYR 4YOTLY WZ]P YZ_ L^^ZNTL_PO bT_S LYd ^`]aTaTYR XPXZ]d ZQ L ]PLW ST^_Z]TNLW [L^_ ZNN`[TP^ L aP]d ^[PNTLW [Z^T_TZY TY _SP NZWWPN_TaP XPX Z]d ,WW ]PWTRTZ`^ WT_P]L_`]P SL^ _]TPO _Z QTYO T_^ ZbY TY^TRS_^ TY _SP APOL ?SP []TP^_^v Z]_SZOZc >X£]_L WT_P]L_`]P bL^ ]PRL]OPO L^ L ^`[ [WPXPY_ LY L[ZN]d[SLW LOOT_TZY _Z _SP APOL LYO OP]TaP^ T_^ _]LOT_TZY Q]ZX _SP ^LXP WPRPYOL]d ^PP]^ bSZ w^Lbx _SP APOL 7L_P] _SPT^_TN XZaPXPY_^ ^`NS L^ _SP ;£ÓNL]£_]L _]LOT_TZY SLaP XZ]P OTQQTN`W_d TY WTYVTYR _SPX^PWaP^ _Z _SP APOL LYO NWLTX _SP PcT^_PYNP ZQ LY wZ]TRTYLW APOLx ]PaPLWPO Md _SPT] [P]^ZYLW OPT_d _SP APOL VYZbY _ZOLd MPTYR ZYWd L ]PXYLY_ ZQ _SP Z]TRTYLW _Pc_ ?SP ?LXTW MSLV_T [ZP_]d ZQ _SP ^Pa PY_S NPY_`]d ,/ bL^ OPNWL]PO _Z MP _SP ?LXTW APOL ,YZ_SP] aL]TL_TZY T^ QZ`YO TY XZ]P ^PN`WL] _]LOT_TZY^ ^`NS L^ _SPL_P] ^_`OTP^ bSTNS OP NWL]PO _SP _SPL_P] _Z MP _SP QTQ_S APOL 3P]P _SP _SPL_P] T^ ]PRL]OPO L^ _SP APOL QZ] _SP XL^^P^ QZ] T_ T^ Z[PY _Z _SP bSZWP [Z[`WL_TZY TYNW`O TYR _SZ^P ^_]L_L _SL_ L]P YZ_ [P]XT__PO TYT_TL_TZY TY_Z _SP APOL ?ST^ YPb APOL T^ ^LTO _Z XLYTQP^_ T_^PWQ TY PaP]d _TXP NdNWP LWbLd^ LQ_P] _SP ZWO APOL LYO QZ] _ST^ ]PL^ZY LWZYP _SP _SPL_P] bL^ YZ_ XPY_TZYPO TY _SP ZWO APOL _Pc_^ 4Y LOOT_TZY _SP ;`]£©L^ LYO Z_SP] ]PWTRTZ`^ OPaZ_TZYLW WT_P]L_`]P^ WTVP _Z Pc[WLTY _SPT] PcT^_PYNP bT_S _SP OPNLOPYNP ZQ _ZOLdv^ LRP ,_ _SP MPRTYYTYR ZQ _SP bZ]WO Z] L_ _SP MPRTYYTYR ZQ _SP N`]]PY_ _TXP NdNWP [PZ[WP ^_TWW [Z^^P^^PO _SP LMTWT_d _Z `YOP]^_LYO LYO _Z ZMPd _SP Z]TRTYLW APOL -`_ L^ _ST^ LMTWT_d bL^ WZ^_ ZaP] _SP PZY^ T_ MPNLXP YPNP^^L]d _Z [`_ _SP ZWO NZY_PY_ TY_Z L YPb QZ]X ?ST^ ^[PNTLW OPNLOPYNP _SPZ]d T^

 

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

[Z[`WL]Wd WTYVPO bT_S L _SPZ]d ZQ L NdNWP ZQ bZ]WO LRP^ _SL_ T^ ^`[[Z^PO _Z Pc[WLTY _SP PcT^_PYNP ZQ _SP ^_LRP^ ZQ WT_P]L_`]P _SL_ QZWWZb _SP APOL 4_ T^ NWLTXPO _SL_ TY _SP RZWOPY LRP z TY 4YOTL _ST^ NZ]]P^[ZYO^ _Z _SP [L]LOT^PWTVP P[ZNS ZQ _SP ZWO ^PP]^ z _SP aT^TZYL]d LYO XLRTN [ZbP] _L[L^ bL^ ^_TWW ^Z R]PL_ _SL_ S`XLY^ NZ`WO ^_TWW [P]NPTaP _SP APOTN SdXY^ OT]PN_Wd LYO ^[ZY_LYPZ`^Wd ?SP MPL_TQTN APOL T^ ^_TWW NZX[WP_PWd TY_P]YLWTePO _SP [PZ[WP L]P aT]_`LWWd TXXZ]_LW LYO _SP]P T^ YZ YPPO L_ LWW QZ] XL_P]TLW ]T_P^ ?SP TYSLMT_LY_^ ZQ _SP ^TWaP] LRP SLaP WZ^_ _ST^ ^[ZY_LYPZ`^ LNNP^^ _Z _SP APOTN ]PaPWL_TZY ?SPd MPRTY _Z [P]QZ]X _SP XL_P]TLW APOTN ^LN]TQTNTLW ]T_P^ dLUÓL  9Zb _SP APOL SL^ _Z MP Pc _PYOPO Md LOOTYR _SP ]T_`LW XLY`LW^ ZQ _SP >X£]_L WT_P]L_`]P 4Y _SP M]ZYeP LRP SZbPaP] _SP [PZ[WP WZ^P _SP TY_PWWPN_`LW NL[LNT_d _Z [P] QZ]X _SP NZX[WTNL_PO APOTN ]T_P^ LYO _SPd ]P[WLNP _SPX bT_S _SP RTaTYR ZQ LWX^ O£YL  ?ST^ T^ _SP _TXP bSPY _SP ;`]£©L^ PXP]RP L^ _SP aP]^TZY ZQ _SP APOL _SL_ T^ _SP XZ^_ ^`T_LMWP QZ] _ST^ P[ZNS 4Y _ZOLdv^ OPNLOPY_ 6LWTd`RL bSTNS T^ _Z_LWWd OZXTYL_PO Md bL] N]TXP LYO XL_P]TLW YPPO XZ^_ [PZ[WP OZ YZ_ PaPY SLaP _SP XZYPd QZ] RZZO bZ]V^ ?SP ZYWd _STYR _SL_ ]PXLTY^ T^ _SP OPaZ_TZYLW bZ]^ST[ [¼U£ ZQ _SP [P]^ZYLW XZYZ_SPT^_TN OPT_TP^ LYO _SP OPaZ_PO _]`^_ TY _SPT] [ZbP] _Z MP^_Zb MWP^^TYR .ZY^P\`PY_Wd T_ T^ _SP^P OPaZ_TZYLW _SPXP^ bSTNS WL]RPWd OP _P]XTYP _SP bSZWP ZQ _SP wXZOP]Yx ]PWTRTZ`^ WT_P]L_`]P 4Y_P]P^_TYRWd PYZ`RS _ST^ wXZOP]Yx OPNLOPY_ P[ZNS ^_L]_^ ZQQ L_ L _TXP bSTNS TY BP^_P]Y ]PNVZYTYR ^_TWW bZ`WO MP NZY^TOP]PO ]PXZ_P^_ LY_T\`T_d z LN NZ]OTYR _Z 4YOTLY L^_]ZWZRP]^ T_ MPRLY TY  -. ?ST^ XPLY^ _SL_ LNNZ]OTYR _Z _SP TYOTRPYZ`^ TY_P][]P_L_TZY PaP]d LRP SL^ N]PL_PO T_^ ZbY APOL L^ L YPb aP]^TZY ZQ _SP YPaP]NSLYRTYR LYNTPY_ _]`_S 0aPY R]Z`[^ bSZ L]P OPNTOPOWd SP_P]ZOZc LY_T -]LSXLYTN LYO LY_TAPOTN ^`NS L^ _SP 5LTYL^ OZ YZ_ Md LYd XPLY^ NWLTX _Z MP LYYZ`YNTYR L NZX[WP_PWd YPb _]`_S M`_ TY^_PLO _Z MP []P ^PY_TYR _SP Z]TRTYLW QZ]X ZQ L _]`_S _SL_ TY ]PLWT_d SL^ LWbLd^ PcT^_PO =L_SP] `YNSL]T_LMWd _SPd L^^P]_ _SL_ _SP -]LSXTY^ LW^Z VYPb _ST^ _]`_S Z]TRTYLWWd M`_ _SPT] LaL]TNP LYO ^PWQT^SYP^^ WPO _SPX _Z X`_TWL_P LYO OT^_Z]_ T_ ?SP N`W_`]LW aLW`P ZQ _SP APOL []ZaPO T_^PWQ LRLTY LYO LRLTY Md _d TYR _SP XZ^_ OTaP]RTYR XZaPXPY_^ TY_Z L RWZMLW N`W_`]LW YPc`^ 4Y L NP]_LTY bLd LWW _SP aL]TZ`^ MPWTPQ^ QZWWZbPO _SP wAPOTN N`W_`]Px YZ XL__P] bSP_SP] _SPd TYNW`OPO [ZWd_SPT^_^ XZYZ_SPT^_^ [LY_SPT^_^ ]T_` LWT^_^ Z] U`^_ LRYZ^_TN^ 0aPY _SP XLYTQZWO TY^_LYNP^ ZQ TYSP]PY_ ^ZNTZ ]PWTRTZ`^ LY_LRZYT^X NZ`]^TYR ZaP] _SP M]TORP ZQ _SP wAPOTN N`W_`]Px TY T_^ XLYTQZWO L^^P^^XPY_^ OTO YZ_ WPLO _Z _Z_LW X`_`LW LWTPYL_TZY ?SZ^P ^PN_TZY^ ZQ ^ZNTP_d ML]]PO Q]ZX -]LSXLYTN TYT_TL_TZY NZ`WO LWbLd^ WTYV _SPT] _Pc_^ LYO OPT_TP^ _Z _SP APOL TY ^ZXP QZ]X Z] Z_SP] _Z QTYO L [WLNP QZ] _SPX^PWaP^ L^ L aLW`LMWP [L]_ ZQ _SP N`W_`]LW ^d^_PX LYO _Z QZWWZb

?SP APOL L^ .`W_`]LW 8PXZ]d% 0_P]YLW 6YZbWPORP LYO _SP 0aP] 1]P^S APOL^

 

_SPT] ZbY _]LOT_TZY^ bT_SZ`_ QPPWTYR _SL_ _SPd bP]P Z`_^TOP]^ z []ZaTOPO _SPd bP]P bTWWTYR _Z LM^_LTY Q]ZX _SZ^P _STYR^ -]LSXTY^ NP]_LTYWd OZ YZ_ NSP]T^S% LWNZSZW LYO MLO XLYYP]^ PR PL_TYR bT_S _SP WPQ_ SLYO .ZYaP]^PWd _SP -]LSXTY^ NZ`WO LW^Z TY_PR]L_P _SPX^PWaP^ TY_Z [Z[`WL] _]LOT_TZY^ z []ZaTOPO _SL_ _SPd NZ`WO ]PLO _SP QZ]PTRY _Pc_^ LYO OPT_TP^ TY_Z _SP APOL TY _SP aP]d M]ZLO ^PY^P OP^N]TMPO ?SP ^TRYTQTNLYNP ZQ _SP APOL _Z 4YOTLY N`W_`]P WTP^ SZbPaP] YZ_ ZYWd TY T_^ TY_]LN`W_`]LW TY_PR]L_TYR Q`YN_TZY 4_ SL^ LW^Z MPPY PYRLRPO _Z w4YOTQdx BP^_P]Y LNSTPaPXPY_^ LYO NZYNP[_^ 4Y ST^ YTYP_PPY_S NPY _`]d NZXXPY_L]d ZY _SP ‹RaPOL  >bLXT /LdLYLYOL >L]L^bL_T bLY_PO _Z []ZaP w_SL_ TX[Z]_LY_ PWPXPY_^ ZQ XZOP]Y ^NTPYNP LYO _PNSYZWZRd NLY MP QZ`YO TY _SP APOL& LXZYR^_ Z_SP] _STYR^ _SP]P T^ XPY_TZY ZQ APOTN _PLNSTYR^ NZYNP]YTYR _PWPNZXX`YTNL_TZY^ _£]LaTOd£ uL]_ ZQ _]LY^QP]v _SP NZY^_]`N_TZY ZQ ^ST[^ LYO LT][WLYP^ YL`aTX£YLaTOd£  $ _SP QZ]NP ZQ R]LaT_d  L__]LN_TZY £VL]´L©L LY`VL]´L©L m 4Y LWW ZQ _SP^P NL^P^ /LdLYLYOL MPWTPaP^ _SL_ WL_P] 3TYO` NZXXPY_L_Z]^ ^`NS L^ >£dL©L SLaP _Z_LWWd XT^^PO _SP Z]TRTYLW XPLYTYR ZQ _SP APOTN ]PaPWL _TZYx  ?ST^ YZ_TZY _SL_ _SP APOL LY_TNT[L_PO XZOP]Y ^NTPYNP LYO Z_SP] OT^ NT[WTYP^ T^ ^_TWW [Z[`WL] _ZOLd ,_ _SP ^LXP _TXP YPb APOL Xd_S^ SLaP LW^Z L]T^PY TY _SP QTPWO ZQ OPML_P MP_bPPY [Z^_XZOP]Y N]T_TNT^X ZQ MPWTPQ TY _PNSYZWZRTNLW []ZR]P^^ LYO PY_S`^TL^X QZ] YPbWd N]PL_PO ^NTPY_TQTN Xd_S^ ^`NS L^ \`LY_`X _SPZ]d Z] _SP w-TR -LYRx _SPZ]d TY _bPY_TP_S NPY_`]d 4YOTL 3ZbPaP] TY _SP^P NL^P^ ]PNZ`]^P T^ _Z _SP APOL L^ L []T XPaLW ^Z`YO ^_]`N_`]P LYO WP^^ L^ L _Pc_ bT_S XPLYTYRQ`W NZY_PY_ , YPb ^dY_SP^T^ ^`NS L^ _ST^ ZQ XZOP]Y ^NTPY_TQTN Xd_S^ LYO _SP _]LOT _TZYLW APOL Xd_S NLY MP QZ`YO QZ] PcLX[WP bT_STY _SP APOL ;]L^L] >LXT_T w>ZNTP_d QZ] ^[]PLOTYR _SP APOLx  bSZ Pc[WLTY _SP ^Z`YO ZQ _SP APOTN XLY_]L^ TY _P]X^ ZQ aTM]L_TZY^ OL_TYR MLNV _Z _SP -TR -LYR , [SZ_ZR]L[S Q]ZX 9,>, ^P]aP^ L^ []ZZQ bT_S _SP QZWWZbTYR NZXXPY _L]d% w?SP ^XLWWP] WTRS_ ZMUPN_^ L]P RLWLcTP^ Z] RLWLcd NW`^_P]^ NWZ^P _Z bSL_ L^ _]ZYZXP]^ MPWTPaP _Z MP _SP aP]d PORP ZQ _SP `YTaP]^P z MTWWTZY WTRS_ dPL]^ LbLd ?SP 3`MMWP /PP[ 1TPWO ]P[]P^PY_^ L_ _SP _TXP XLYVTYOv^ OPP[P^_ Z[_TNLW aTPb ZQ _SP `YTaP]^P 7TRS_ ]PNPTaPO Q]ZX LY ZMUPN_  MTW WTZY WTRS_dPL]^ LbLd SL^ MPPY XZaTYR _S]Z`RS ^[LNP QZ]  MTWWTZY dPL]^ ?ST^ XPLY^ _SL_ [L]_^ ZQ _SP 3`MMWP /PP[ 1TPWO TXLRP L]P N]PL_PO Md _SP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 4Y _SP Xd_SZWZRd ZQ _SP ;`]£©L^ _SP bZ]O aTX£YL TY YL`aTX£YLaTOd£ wL]_ ZQ M`TWO TYR ^ST[^ LYO aTX£YL^x OPYZ_P^ L [LWLNP _SL_ QWZL_^ _S]Z`RS _SP LT] ^_PP]PO Md _SP _SZ`RS_^ ZQ L RZO ]P^TOTYR TY T_ AP]d NZXXZYWd 4YOTLY^ []Z`OWd [ZTY_ Z`_ _SL_ LT] [WLYP^  ^[LNP^ST[^ bP]P VYZbY _Z _SPT] N`W_`]P QL] MLNV TY LY_T\`T_d  BTWSPWX 3LWMQL^^ 4YOTPY `YO 0`]Z[L -L^PW% >NSbLMP $# "#z"$  bbbLST^_LNZXOa_aPONSLY_S_XW LNNP^^PO >P[_PXMP]  

 

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_PWP^NZ[P L[[L]L_`^ MPTYR ST_ Md [SZ_ZY^ PXT__PO L_ PWPXPY_L]d []ZNP^^P^ _SL_ _ZZV [WLNP z MTWWTZY dPL]^ LRZx

BSL_ OZP^ _ST^ SLaP _Z OZ bT_S APOTN XLY_]L^* 4Y []PNT^PWd _SP ^LXP bLd _SL_ _SP 9,>, [SZ_ZR]L[S OP[TN_^ L NP]_LTY ^_L_P ZQ LQQLT]^ _SL_ PcT^_PO MTWWTZY^ ZQ dPL]^ LRZ PaP]d ]PNT_L_TZY ZQ _SP APOL T^ LW^Z ^ZXP _STYR LVTY _Z _SP [WLdMLNV ZQ LY L`OTZ ]PNZ]OTYR bSZ^P ^Z`YO TYQZ]XL _TZY ]PLNSP^ MLNV TY_Z _SP PL]Wd ST^_Z]d ZQ _SP `YTaP]^P 1Z] TQ PaPY ^TX [WP [SZ_ZY^ NLY _]LaPW `YSTYOP]PO _S]Z`RS _SP `YTaP]^P QZ] MTWWTZY^ ZQ dPL]^ bSd ^SZ`WO APOTN XLY_]L^ YZ_ MP LMWP _Z OZ _SP ^LXP* ?SP]PQZ]P _SP _Pc_ NZY_TY`P^ TY Pc_]LWL]RP WP__P]^% wAPOTN 8LY_]L^ L]P Q]ZX _SP MPRTYYTYR ZQ ?TXP []TZ] _Z -TR -LYR >Z`YO^ L^ aTM]L_TZY^ SLaP NZXP OZbY `YNSLYRPO Q]ZX Z]TRTY ZQ N]PL_TZYx

?SP TX[Z^TYR _Pc_ T^ LN_`LWWd _]dTYR _Z ^`RRP^_ _SP QZWWZbTYR% _SP ]LOTZ bLaP^ PXLYL_TYR Q]ZX _SP -TR -LYR bP]P YZ_ L VTYO ZQ NSLZ_TN bST_P YZT^P L^ BP^_P]Y [Sd^TNT^_^ WTVP _Z _STYV M`_ TY^_PLO _SPd ^Z`YOPO PcLN_Wd WTVP APOTN XLY_]L^ ^`NS L^ _SP ;`]`´L>¼V_L  >Z PaP]d ZYP ZQ _SP APOTN ‹´T^ bSZ LNNZ]OTYR _Z _SP _]LOT_TZYLW TY _P][]P_L_TZY w^Lbx _SP APOL bL^ TY ]PLWT_d L VTYO ZQ 3`MMWP ]LOTZ ?SP ZWO TOPL _SL_ _SP APOL SL^ YZ MPRTYYTYR SLaTYR LWbLd^ PcT^_PO LYO _SL_ _SP bZ]WO TY QLN_ PXLYL_PO Q]ZX _SP APOL []ZaTOP^ L [L__P]Y ZQ [WL`^TMTWT_d bT_S bSZ^P SPW[ XZOP]Y BP^_P]Y YZ_TZY^ ZQ _TXP LYO MPTYR bSTNS L]P ]L_SP] QLY_L^_TNLW NLY MP _]LY^WL_PO LYO TY_PR]L_PO TY_Z ZYPv^ ZbY XPY_LW bZ]WO , ^_TWW XZ]P NZX[WPc NZYNP[_ ZQ w4YOTQTNL_TZYx SL^ MPPY []Z[Z^PO Md 8LSL]T^ST 8LSP^S DZRT 9Z_ ZYWd OZP^ _SP QZ]XP] -PL_WP^ R`]` bLY_ _Z _]LY^WL_P TOPL^ ZQ BP^_P]Y ^NTPYNP TY_Z ST^ ZbY N`W_`]P M`_ LW^Z SP ^PPV^ _Z ^ZWaP []ZMWPX^ ZQ _SP BP^_P]Y ^NTPY_TQTN _]LOT_TZY Q]ZX LY 4Y OTLY ^_LYO[ZTY_ 3T^ _SP^P^ NWLTX _]LY^N`W_`]LWT_d LYO SLaP z ]PaPLWTYRWd z LW^Z QZ`YO ^`[[Z]_P]^ TY _SP BP^_ ,NNZ]OTYR _Z 8LSL]T^ST _SP APOL T^ _SP ZWOP^_ S`XLY XPXZ]d LYO L^ ^`NS OZN`XPY_^ Q`YOLXPY_LW YL_` ]LW WLb^ ZQ MPTYR LYO ZQ _SP NZY^NTZ`^YP^^ 3P ]PQP]^ ZY _SP ZYP SLYO _Z _SP SZ[PO QZ] w`YTQTPO QTPWO _SPZ]dx ZQ XZOP]Y [Sd^TN^ LYO ZY _SP Z_SP] SLYO _Z _SP NZY^NTZ`^YP^^ [STWZ^Z[Sd ZQ _SP ,OaLT_LAPO£Y_L ?Z STX _SP APOTN XLY_]L^ L]P YZ_ ZYWd ^NTPY_TQTNLWWd NZY^T^_PY_ QZ]X`WL _TZY^ ZQ `YTaP]^LW WLb^ M`_ L^ ^Z`YO _SPd L]P LW^Z []TXPaLW aTM]L_TZY^ bSTNS NLY MP `^PO QZ] PcLX[WP _Z ]PWPL^P [P]^ZYLW XPY_LW _PY^TZY^ LYO PaPY _Z ZaP]NZXP NZWWPN_TaP XTWT_L]d NZYQWTN_^ ^TYNP _SPd M]TYR _SP bZ]WO LYO S`XLYVTYO MLNV TY_Z SL]XZYTZ`^ ]P^ZYLYNP bT_S _SP []TXZ] OTLW bZ]WO NZY^NTZ`^YP^^ z bSTNS 8LSL]T^ST NZY^TOP]^ _Z MP NZX[WP_PWd [LNTQT^_ 4Y ST^ TY_P][]P_L_TZY _SP aPYP]LMWP APOL _Pc_ MPNZXP^ L YL_`]LW WLb T_^PWQ LYO _SP WPRPYOL]d APOTN ^PP]^ L[[PL] _]LY^QZ]XPO TY_Z XZO P]Y ^NTPY_T^_^%

?SP APOL L^ .`W_`]LW 8PXZ]d% 0_P]YLW 6YZbWPORP LYO _SP 0aP] 1]P^S APOL^

 

wm _SP NZX[WP_P VYZbWPORP ZQ _SP ^PWQ]PQP]]LW OdYLXTN^ ZQ _SP QTPWO ZQ [`]P NZY^NTZ`^YP^^ T^ LaLTWLMWP TY _SP XZ^_ LYNTPY_ ]PNZ]O ZQ VYZbWPORP =V APOL LYO _SP APOTN 7T_P]L_`]P =V APOL LYO _SP APOTN 7T_P]L_`]P OT^ [WLd _SP uQW`N_`L_TZY^v ZQ _SP @YTQTPO 1TPWO ZQ [`]P NZY^NTZ`^YP^^ bSTNS L]P ^[ZY_LYPZ`^Wd RPYP]L_PO Q]ZX _SP ^PWQ]PQP]]LW TX[`W^P^ A]T__T^ ZQ _SP TY_PWWTRPYNP ZQ _SP @YTQTPO 1TPWO bT_STY T_^PWQ m 4Y APOTN 7LYR`LRP _SP @YTQTPO 1TPWO ZQ 9L_`]LW 7Lb T^ NLWWPO >,834?, F( NZWWPN_TZY ZQ APOTN _Pc_^H _SP ZM^P]aP] T^ NLWWPO =4>34 F( APOTN ^PP]H x 

?SP Xd_SZRPYTN [ZbP] ZQ _SP APOL bL^ L[[L]PY_Wd ^Z R]PL_ _SL_ T_ PaPY O]Pb BP^_P]Y ]PNT[TPY_^ `YOP] T_^ ^[PWW ?SP QZWWZbTYR BP^_P]Y ]PNP[ _TZY^ TWW`^_]L_P aP]d bPWW _SP OTQQP]PYNP Q]ZX 4YOTLY ]PNP[_TZY 8LSL] T^ST [Z^_`WL_P^ L NZWWPN_TaP SZXPZ^_L_TN Z]TRTYLW NZY^NTZ`^YP^^ LYO LM^_]LN_ aTM]L_TZY^ _SL_ L]P YZ_ PaPY XPL^`]LMWP LYO LNNPY_`L_P^ _]LY ^NPYOPYNd -d NZY_]L^_ BP^_P]Y ]PNT[TPY_^ _SP ZYP^ YZ_ TYaZWaPO TY _SP XZOP]Y P^Z_P]TN ^`MN`W_`]P ^PL]NS QZ] TY_PR]L_TZY TY_Z L WTYPL] NZW WPN_TaP ^Z_P]TZWZRd bSTNS LWbLd^ Pc[]P^^P^ T_^PWQ TY [Sd^TNLW ]P[]P^PY _L_TaP^ z Q]ZX N`W_`]LW[ZWTNd []ZR]LX^ _Z ^V`WW ^SL[P^ LYO ^VTY NZWZ]^ ^`NS L^ TY _SP ,]dLY Xd_S _SL_ NZXP^ Q]ZX _SP APOL :Q NZ`]^P TY _SP BP^_ _SP ^PL]NS QZ] L [Sd^TNLW Z]TRTYLW OZN`XPY_ RTaTYR XPLYTYR _Z S`XLY PcT^_PYNP WTVP _SP APOL OZP^ QZ] 8LSL]T^ST T^ YZ_ `YVYZbY ?STYV ZQ ,_WLY_T^ LYO _SP 8LdLY _PX[WP^ ZQ _SP AZY /ÆYTVPY`QZWZRT^_^ NZY^TOP]PO Md _SPX L^ LYNTPY_ LWTPY ^[LNP[Z]_^ z M`_ _SL_ T^ ^`MN`W_`]P BSL_ T^ XZ]P NSL]LN_P]T^_TN ZQ _SP BP^_ T^ _SL_ ZYP OZP^ YZ_ WPLY MLNV NZXQZ]_LMWd TY ZYPv^ Xd^_TN ]ZNVTYRNSLT] M`_ TY^_PLO _LNVWP^ _SP NSLWWPYRP^ ZQ ]PLWT_d SPLOZY z ZYNP ZYP SL^ OPNTOPO bSL_ _SL_ LN_`LWWd T^ 4Y NZY_]L^_ _Z P^Z_P]TN XZaPXPY_^ ^NTPYNPML^PO _STYVTYR `^TYR ^NTPY_TQTN OT^NZaP]TP^ OZP^ YZ_ ^Z X`NS QZ]X`WL_P ]P_]Z ^[PN_TaP XPLYTYR^ ZQ S`XLY PcT^_PYNP M`_ TY^_PLO LWbLd^ NZXP^ `[ bT_S YPb []Z^[PN_^ QZ] [Z^^TMWP []ZR]P^^ =PRL]OTYR _SP APOL _SP TY _P]P^_ ZQ PL]WTP] LRP^ ZQ ^NTPYNP TY T_^ WT_P]L_`]P^ ^SZ`WO MP aTPbPO NZY _TY`Z`^Wd TY _SP WTRS_ ZQ ZYP [L]_TN`WL] OT^NZaP]d ?ST^ bL^ _SP QTYOTYR L_ _SP PYO ZQ _SP PTRS_PPY_S NPY_`]d _SL_ >LY^V]T_ bL^ Pc_]PXPWd NWZ^PWd ]PWL_PO _Z 0`]Z[PLY WLYR`LRP^ LYO P^[PNTLWWd _Z _SP NWL^^TNLW WLYR`LRP^ 7L_TY LYO 2]PPV ?ST^ XPLY_ _SL_ 0`]Z[PLY^ LYO 4YOTLY^ ^`OOPYWd SLO L NZXXZY ST^_Z]d LYO _S`^ L NZXXZY TOPY_T_d ?SP APOL _SP ]PWTRTZ`^ []ZO`N_^ ZQ L >Z`_S,^TLY NZWZYd _SL_ SLO YZ_ MPPY [LTO aP]d X`NS L__PY_TZY `Y_TW _SPY bL^ ^`OOPYWd _SP XZ^_ TX[Z]_LY_ OZN`XPY_ ZQ LY TYOP[PYOPY_ ZaP]LWW ]PWTRTZY ZQ _SP 4YOZ0`]Z[PLY^ _SL_ bL^ _Z MP ]P N]PL_PO L ]PWTRTZY _SL_ OTO YZ_ SLaP _Z ]PQP] _Z _SP >PXT_TN Z] >PXT_TN ML^PO ]PWTRTZY^ 5`OLT^X LYO .S]T^_TLYT_d z LYO _ST^ bL^ ]PQ]P^STYRWd bPWNZXP _Z TY_PWWPN_`LW^ ZQ _SP _TXP bSZ bP]P _T]PO ZQ .S]T^_TLYT_d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  S__[%T^_[[Z]RXTWT_L]dJ^NTPYNPQT]^_JTYaTYNTMWPJOPQPY^PJ[$S_XW LNNP^^PO 9ZaPX MP]  

 

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

,_ LWXZ^_ _SP ^LXP _TXP _SP _]LY^WL_TZY ZQ _SP APOTN _Pc_^ MPRLY TY 0`]Z[P L_ _SP PYO ZQ _SP PTRS_PPY_S NPY_`]d bT_S _SP @[LYT´LO^  bSTNS MPNLXP ZYP ZQ _SP XLUZ] ^Z`]NP^ ZQ _SP 2P]XLY =ZXLY_TN^v R`^STYR PY_S`^TL^X QZ] 4YOTL ?SPd ^Lb 4YOTL L^ L _d[P ZQ Z]TRTYLW ;L]LOT^P QZ] XLYVTYO LYO []P^PY_PO 4YOTLY WT_P]L_`]P L^ LY wZ]TRTYLW QZ`Y_x ZQ bT^ OZX ZWOP] LYO XZ]P NZX[WP_P _SLY _SP bT^OZX ZQ _SP LYNTPY_ 0Rd[ _TLY^ LYO LYNTPY_ 2]PPV^  ZQ bSTNS ZYWd Q]LRXPY_^ SLO ^`]aTaPO 4Q 4YOTL bL^ ^[ZVPY ZQ L^ L wN]LOWP ZQ S`XLYVTYOx _ST^ bL^ SZbPaP] YZ_ []TXL]TWd L ST^_Z]TNLW ^_L_PXPY_ M`_ TY^_PLO L [STWZ^Z[STNLW ]PQWPN_TZY ZQ _SP _PLNSTYR ZQ `YT_d QZ`YO TY _SP @[LYT´LO^ ?Z _SP =ZXLY_TN^ 4YOTL bL^ []TXL]TWd L []TXPaLW ^[T]T_`LW SZXP 4Y _SPT] N`W_`]LW N]T_TNT^X _ST^ bL^ LY LW_P]YL_TaP bZ]WO L [L]LOT^P ZQ SL]XZYd LYO `YT_d MP_bPPY RZO S`XLY^ LYO _SP bZ]WO L `YT_d _SL_ _SPd MPWTPaPO SLO MPPY WZ^_ TY _SP wNZWOx _PNSYZN]L_TN ,RP ZQ _SP 0YWTRS_PYXPY_ ?ZOLdv^ []PaLTWTYR ^NTPY_TQTN TXLRP ZQ _SP APOL ^_L]_PO TY _SP XTO YTYP_PPY_S NPY_`]d bT_S 8Lc 8ÞWWP]v^ POT_TZY ZQ _SP ‹RaPOL  ?ST^ RLaP LNNP^^ _Z L NZX[WP_P ]PWTRTZ`^ _Pc_ ZQ XL]aPWWZ`^ LY_T\`T_d LYO YL_` ]LWWd T_ bL^ L ^PY^L_TZY QZ] BP^_P]Y ^NSZWL]^ 8Lc 8ÞWWP] PaPY _SZ`RS_ _SL_ TY _ST^ ZWOP^_ APOTN _Pc_ SP SLO OT^NZaP]PO SL]O LYO QL^_ PaTOPYNP ZQ L NZXXZY []TXPaLW ]PWTRTZY ZQ _SP 4YOTLY^ LYO 0`]Z[PLY^ z ^`NS L^ _SP NZXXZY RZO w1L_SP] 3PLaPYx Z] w/dL`´[T_Žx TY >LY^V]T_ w/TZ^[L _P]x TY 2]PPV LYO w5`[T_P]x TY 7L_TY 3P NLWWPO _ST^ _SP QTYO ZQ _SP NPY _`]d NZYNP]YTYR _SP LYNTPY_ ST^_Z]d ZQ S`XLYT_d ?ST^ T^ bSP]P _SP LNL OPXTN APOL Xd_S ZQ _SP BP^_ MPRTY^  8ÞWWP] ^_TWW [L]_TNT[L_PO TY _SP =ZXLY_TN^v [`]PWd N`W_`]LW [STWZ^Z[STNLW PY_S`^TL^X QZ] 4YOTL TY ST^ NZY^TOP]L_TZY^ ZQ _SP Z]TRTYLW 4YOZ0`]Z[PLY ]PWTRTZY -`_ SP LW^Z LOOPO L NZX[ZYPY_ NZYNP]YTYR _SP ST^_Z]d ZQ NTaTWTeL_TZY bSTNS bL^ _Z SLaP Pc_]PXPWd TX[Z]_LY_ PQQPN_^ ZY ST^_Z]d ,NNZ]OTYR _Z STX _ST^ ZWOP^_ _Pc_ TY 3TYO`T^X ]PNZ]O^ _SP QT]^_ NZWZYTLWTeL_TZY ZQ 4YOTL Md MPTYR^ NLWWPO _SP ¢]dL^ ( ,]dLY^ _SP wYZMWP [PZ[WPx ! 3P TY_P][]P_PO _SP Q]P\`PY_ Xd_STNLW ML__WP ^NPYP^ _SL_ NSL]LN_P]TeP _SP _Pc_ L^ L _]`P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4Y _SP 7L_TY _]LY^WL_TZY ZQ _SP :`[PVSYL_ _SP ;P]^TLY aP]^TZY ZQ _SP @[LYT´LO^ Md ,Y\`P_TW/`[P]]ZY TY _SP dPL] "#!  >Z ^Ld^ 1 8LUP] ""z## bSZ LNNZ]OTYR _Z B 3LWMQL^^ 4YOTPY `YO 0`]Z[L  $ LN_PO L^ L XLUZ] NL_LWd^_ QZ] _SP =ZXLY_TN PY_S`^TL^X QZ] 4YOTL LYO LXZYR^_ Z_SP] _STYR^ NZY_]TM`_PO _Z >NSZ[PYSL`P]v^ TY_P]P^_ TY _SP @[LYT´LO^  .Q ZY 8ÞWWP] _SP WTYR`T^_ L^ w[]PLNSP] LYO _SPZWZRTLYx 3LY^ 6T[[PYMP]R /TP 0Y_OP NV`YR OP] =PWTRTZY^RP^NSTNS_P 8ÞYNSPY% -PNV $$" !z" ! ?SP bZ]O £]dL T^ []ZMLMWd _Z MP OP]TaPO Q]ZX APOTN >LY^V]T_ L]Ï wSZ^[T_LMWP [P] ^ZYx ^PP LW^Z ;L`W ?STPXP /P] 1]PXOWTYR TX =TRaPOL 9PYOPWY% 6]L`^ $!! 4Y WL_P] >LY^V]T_ T_ XPLY^ ^ZXP_STYR WTVP wYZMWPx waT]_`Z`^x wSZYP^_x P^[PNTLWWd `^PO QZ] YZMWPXPY 4Y -`OOST^_ _P]XTYZWZRd T_ T^ LY LOO]P^^ QZ] LYd ]P[PN_LMWP [P]^ZY LYO NLY PaPY MP L__LNSPO _Z LM^_]LN_ YZ`Y^ bSP]P T_ ^TX[Wd ^TRYTQTP^ wRZZO PcNPWWPY_x PR £]d£´¶LX£]RL ( w_SP PcNPWWPY_ PTRS_QZWO [L_Sx

?SP APOL L^ .`W_`]LW 8PXZ]d% 0_P]YLW 6YZbWPORP LYO _SP 0aP] 1]P^S APOL^





OP^N]T[_TZY ZQ L ML__WP MP_bPPY _SP ^`[P]TZ] TY _P]X^ ZQ NTaTWTeL_TZY ,]dLY NZWZYTLW XL^_P]^ LYO _SP YPR]ZTO YL_TaP [Z[`WL_TZY ZQ _SP WLYO .ZY_PX[Z]L]d 3TYO` N]T_TN^ SLaP LNN`^PO 8ÞWWP] ZQ QZ]X`WL_TYR ST^ _SP^P^ bT_S _SP LTX ZQ RTaTYR TOPZWZRTNLW WPRT_TXLNd _Z -]T_T^S NZWZYTLW ]`WP TY 4YOTL ?ST^ XLd MP _]`P ZQ WL_P] OPaPWZ[XPY_^ ZQ ST^ _SPZ]TP^ M`_ 8ÞWWP] STX^PWQ bL^ YZ_ R`TW_d ZQ _ST^ -L^TNLWWd 8Lc 8ÞWWP] SLO L X`NS R]PL_P] aT^TZY% _SP ]P`YTQTNL_TZY ZQ 4YOTLY LYO 0`]Z[PLY ,]dLY^ L^ _SP [TYYLNWP ZQ L RWZMLW S`XLY OPaPWZ[XPY_ LYO L^ _SP ]P^_Z]L_TZY LYO ^TX`W_LYPZ`^ ]PQZ]XPO ]PNZXXPYNPXPY_ ZQ L `YTaP]^LW XZYZ_SPT^ _TN ]PWTRTZY 4Y ST^ L]XNSLT] TY :cQZ]O TY _SP dPL] #" SP O]PLXPO ZQ ST^ YPb APOL Xd_S LYO NZY_PX[WL_PO bT_S PY_S`^TL^X% wm SZb _SP OP^NPYOLY_^ ZQ _SP ^LXP ]LNP _Z bSTNS _SP QT]^_ NZY\`P]Z]^ LYO XL^_P]^ ZQ 4YOTL MPWZYRPO ]P_`]Y m _Z LNNZX[WT^S _SP RWZ]TZ`^ bZ]V ZQ NTaTWT^L_TZY bSTNS SL^ MPPY WPQ_ `YQTYT^SPO Md _SPT] ,]TLY M]P_S]PYx "

?ST^ Xd_S ZQ 8Lc 8ÞWWP]v^ bL^ LN_`LWWd L S`XLYT^_TN ZYP M`_ T_ ^ZZY _`]YPO OPNTOPOWd TYS`XLY # ?ST^ bL^ L OPaPWZ[XPY_ _SL_ 8ÞWWP] _]TPO _Z NZ`Y_P]LN_ M`_ bSTNS SP NZ`WO YZ WZYRP] []PaPY_ ?SP YZMWP ,]dLY^ bP]P _]LY^X`_PO TY_Z L MTZWZRTNLW w]LNPx LYO _SPT] YZMTWT_d MPNLXP L N]`OP YZ_TZY ZQ MPTYR _SP wbTYYP]^x 7ZYR MPQZ]P _SP 9LeT^ [`_ _ST^ TOPL TY_Z [ZWT_TNLW []LN_TNP TY # $ _SP >bT^^ WTYR`T^_ ,OZW[SP ;TN_P_ OP^N]TMPO _ST^ ^[PNTQTN []Z^[PN_ ZQ []ZR]P^^ z bSTNS _ZOLd bP L]P YZ_ ^Z NZXQZ]_LMWP bT_S LYd XZ]P z bT_S _SP bZ]O^% w4Y L []PST^_Z]TN P]L WZ^_ TY _SP XT^_^ ZQ _TXP L bSZWP ]LNP OP^_TYPO Md ;]ZaTOPYNP _Z ]PTRY ZYP OLd ^`[]PXP ZaP] _SP PY_T]P PL]_S bL^ ^WZbWd R]ZbTYR TY _SP []TXPaLW N]LOWP TY bSTNS T_ bL^ []P[L]TYR QZ] L M]TWWTLY_ Q` _`]Pm 1LaZ]PO LXZYR LWW Z_SP]^ Md _SP MPL`_d ZQ T_^ MWZZOmx $

?SP 0`]Z[PLY^ ZQ _SP _TXP XLd SLaP MPPY OPWTRS_PO Md ^`NS YZ_TZY^ M`_ QZ] _SP 4YOTLY^ _SPd bP]P OT^L^_]Z`^ QZ] TY MZ_S LYNTPY_ LYO XZOP]Y 4YOTL _SP APOL SL^ LWbLd^ MPPY L ^dXMZW ZQ N`W_`]LW TY_PR]L_TZY ?SP ^ZWP ^TRYTQTNLY_ L__PX[_ L_ NZY^_]`N_TYR LY w,]dLY ]LNT^Xx bT_STY 4YOTL NLXP ]PaPLWTYRWd Q]ZX _SP OPNTOPOWd []Z0YRWT^S TY_PWWPN _`LW^ TY -PYRLW LYO XZ]P TX[Z]_LY_Wd TY .LWN`__L bSP]P _SP -]T_T^S 0L^_ 4YOTL .ZX[LYd bL^ SPLO\`L]_P]PO 1Z] PcLX[WP PaPY _SP -PYRLWT [ZP_ -LYVTX .SLYO]L .SL__P]UT ##z#$ _SP L`_SZ] ZQ _SP 4YOTLY wYL_TZYLW ^ZYRx ALYOP8£_L]LX  NWLTXPO _SP PcT^_PYNP ZQ L NTaTWTeTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 1]TPO]TNS 8Lc 8ÞWWP] w:Y _SP ]PWL_TZY ZQ _SP -PYRLWT _Z _SP ,]TLY LYO LMZ]TRTYLW WLYR`LRP^ ZQ 4YOTLx =P[Z]_ ZQ _SP -]T_T^S ,^^ZNTL_TZY QZ] _SP ,OaLYNPXPY_ ZQ >NT PYNP #"% $ # :Y _SP ^`MUPN_ ZQ NSLYRP TY 4YOTL ]PNP[_TZY ^PP LW^Z _SP NZX[PWWTYR ^_`Od ZQ ?SZXL^ = ?]L`_XLYY ,]dLY^ LYO -]T_T^S 4YOTL 9Pb /PWST% DZOL ;]P^^ ! $ ,OZW[SP ;TN_P_ 7P^ Z]TRTYP^ TYOZP`]Z[ËPYYP^ Z` WP^ ,]dL^ []TXT_TQ^ # $ " z "  \`Z_PO Md 8TNSPW /LYTYZ LYO >`UL_L 9LSL] ?SP 4YaL^TZY _SL_ YPaP] bL^ 8d ^Z]P% 8T]L ,OT_T .PY_]P  

 !

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

^`[P]TZ]T_d ZQ _SP -PYRLWT^ LYO _SP -]T_T^S ZaP] Z_SP] YL_TZY^ ML^PO ZY _SP TYQW`c ZQ w,]dLY MWZZOx& _ST^ QZWWZbPO _SP BP^_P]Y [L__P]Y NZX [WP_PWd ?SP b]T_P] >LaT_]T /PaT LWTL^ 8LcTXTLYT ;Z]_L^ $ z$# bSZ LW^Z WTaPO LYO bZ]VPO TY .LWN`__L N]PL_PO L ]PLW Q`^TZY ZQ 9LeT TOPZWZRd LYO 4YOTLY Xd^_TNT^X bT_S SP] w,]dLY ]PWTRTZY ZQ _SP ^`Yx LYO SP] ]PWTRTZ`^ bZ]^ST[ ZQ 3T_WP] L^ _SP TYNL]YL_TZY ZQ AT´©` LYO T_ T^ aP]d [Z[`WL] _ZOLd TY ]LNT^_ NT]NWP^ TY _SP BP^_ 3ZbPaP] YPT_SP] ZQ _SP^P L[[]ZLNSP^ NZ`WO SLaP OP_P]XTYPO _SP [L_S _LVPY Md 4YOTLY OT^ NZ`]^P BSPY _SP _P]X w,]dLYx T^ `^PO YZbLOLd^ T_ T^ XZ^_Wd Md 8L]c T^_ Z] ^P[L]L_T^_ R]Z`[^ bSZ `^P T_ TY LY PcNW`^TaPWd [PUZ]L_TaP ^PY^P L^ LY TY^`W_ _Z _SP -]LSXTY^ 1Z] PcLX[WP WPQ_bTYR TY_PWWPN_`LW^ ^`NS L^ _SP /LWT_ LN_TaT^_ 6LYNSL 4WLTLS LN_`LWWd P\`L_P w,]dLYT^Xx -]LSXLY T^X LYO QL^NT^X bSPY _SPd L__LNV _SP NL^_P ^d^_PX L^ L _ZZW ZQ _SP w,] dLY ]LNPx L^ [L]_ ZQ _SPT] Q`YOLXPY_LW N]T_TNT^X ZQ _SP w^[T]T_`LW QL^NT^_ N`W_x ZQ 3TYO`T^X ?SPd NWLTX _SL_ _SP w,]dLY ]LNPx SLO TYaPY_PO _ST^ _ZZW TY Z]OP] _Z QZ]NP _SP TYOTRPYZ`^ YZY,]dLY ]LNP ZQ _SP “£WT_ MLS`ULY L >LY^V]T_ YPZWZRT^X QZ] w^`[[]P^^PO XL^^P^x `YOP] _SP dZVP ZQ Pc[WZT_L_TZY ?ST^ ^[PNTLW Q`^TZY ZQ QZ]XP] LNLOPXTN _SPZ]d LYO _SP _SPZ]d ZQ NWL^^ ^_]`RRWP []Z[LRL_PO Md _SP 8L]cT^_^ bSZ L]P aP]d [Z[`WL] TY 4YOTL PaPY _ZOLd NLXP _Z OZXTYL_P _ZOLdv^ 4YOTLY `YOP] ^_LYOTYR ZQ _SP ,]dLY 0aPY _SP TY_PWWPN_`LW^ TY _SP ]TRS_bTYR YL_TZYLW T^_TN 3TYO`_aL XZaPXPY_ L]P YZ_ LMWP YZbLOLd^ _Z ^\`PPeP Z`_ LYd XZ]P N]`XM^ ZQ [L_]TZ_TN PY_S`^TL^X Q]ZX _SP wYZMWPx OP^NPY_ ZQ _SP 4YOTLY^ ?SPd YZ WZYRP] ^PP _SP bSZWP Sd[Z_SP^T^ ZQ _SP w,]dLY TYaL ^TZYx L^ L ^P]TZ`^ LNLOPXTN _SPZ]d TY^_PLO _]LNTYR T_ MLNV L^ L NZY^[T] LNd _SPZ]d _Z ^TYT^_P] TY_]TR`P ZY _SP [L]_ ZQ _SP QZ]XP] -]T_T^S NZWZYTLW XL^_P]^ bSZ L]P ^LTO _Z SLaP NZXP `[ bT_S _SP YZ_TZY TY Z]OP] _Z ^[WTY _P] _SP w3TYO` YL_TZYx QZWWZbTYR _SP XZ__Z wOTaTOP LYO ]`WPx TY_Z _SP LMZaPXPY_TZYPO R]Z`[^ ZQ w,]dLY^x LYO wYZY,]dLY^x ^Z _SL_ _SPd NZ`WO NZY_]ZW _SPX XZ]P PL^TWd ?PWWTYRWd z L[L]_ Q]ZX _SP OPXLYO _SL_ 8`^WTX ]`WP TY 4YOTL ^SZ`WO MP ]P[]P^PY_PO L^ LY ZNN`[L_TZY ZQ _SP NZ`Y_]d z T_ T^ _SP OPXLYO _SL_ _SP w,]dLY^x MP ]PXZaPO Q]ZX 4YOTLY ^NSZZWMZZV^ bSTNS T^ XZ^_ aPSPXPY_Wd [`]^`PO Md _SP ]TRS_bTYR YL _TZYLWT^_ Q]LN_TZY ZQ w]PaT^TZYT^_x ST^_Z]TLY^ TY L N`]]PY_Wd ]LRTYR OPML_P ZY _SP ^`MUPN_  ,WW TY LWW NTaTWTeTYR OPaPWZ[XPY_ TY _SP -]LSXLYTN >LY^V]T_ 3TYO` T^X bL^ YPaP] ^PPY L^ _SP ]P^`W_ ZQ NZYQWTN_^ M`_ LWbLd^ L^ _SP []ZO`N_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :Y _SP [ZWT_TNLWWd Pc[WZ^TaP ^`MUPN_ ZQ ,]dLY^ LYO /]LaTOTLY^ _SP]P L]P L WZ_ ZQ bPM ^T_P^ ZY _SP TY_P]YP_ >PP LW^Z 8TNSLPW -P]R`YOP] LYO =LS`W ; /L^ PO^ w,]TP]x `YO w/]LaTOPYx 3LWWP% AP]WLR OP] 1]LYNVP^NSPY >_TQ_`YRPY & 5ZSLYYP^ -]ZYVSZ]^_ LYO 8LOSaLa 8 /P^S[LYOP PO^ ,]dLY LYO 9ZY,]dLY TY >Z`_S ,^TL% 0aTOPYNP 4Y_P][]P_L_TZY LYO 4OPZWZRd .ZW`XMTL >Z`_S ,^TL -ZZV^ $$$& LYO _SP []PQLNP TY ?]L`_XLYY ,]dLY^ LYO -]T_T^S 4YOTL 

?SP APOL L^ .`W_`]LW 8PXZ]d% 0_P]YLW 6YZbWPORP LYO _SP 0aP] 1]P^S APOL^

 "

ZQ L ^dY_SP^T^ 9Z -]LSXTY NZ`WO TOPY_TQd bT_S _SP 0`]Z[PLY NZY^_]`N_ ZQ _SP wXL^_P]]LNPx 4Q _SP BP^_P]Y ,]dLY _SPZ]d bL^ LOZ[_PO Md LYd -]LSXLYTN L`_SZ]^ T_ bL^ LWXZ^_ LWbLd^ TY L SL]XZYTeTYR ]P TY_P][]P_L_TZY 1Z] PcLX[WP TY _SP NL^P ZQ _SP >Z`_SP]Y 4YOTLY LYO NZY^P\`PY_Wd /]LaTOTLY Pc[P]_ ZY Xd_SZWZRd AP__LX 8LYT _SP Z]TRT YLW /]LaTOTLY TYSLMT_LY_^ L[[PL] L^ wM]LaP LYO N`W_TaL_POx PYPXTP^ ZQ _SP ¢]dL^ bSZ^P \`LWT_TP^ L]P ^ZZY ]PNZRYTePO Md _SP TYaLOP]^ ?SP QZ]XP] PYPXTP^ YZb Pc_PYO _SPT] SLYO^ _Z ZYP Z_SP] MPRTY _Z WPL]Y Q]ZX ZYP LYZ_SP] LYO QTYLWWd M`TWO UZTY_Wd _SP QZ`YOL_TZY ZQ _SP wR]PL_ 3TYO` NTaTWTeL_TZYx  3P]P ZYP NLY ^PP LRLTY aP]d NWPL]Wd SZb _SP 4Y OTLY XPY_LWT_d bZ]V^% _SP _Z_LWT_L]TLY NZYNP[_ ZQ SLXXP]TYR L XZYZ WT_STN `YT_d TY_Z [WLNP z bSP_SP] Md XPLY^ ZQ _SP aTN_Z]TZ`^ [ZbP] ZQ L ^`[P]TZ] TOPL Z] ^TX[Wd Md M]`_P QZ]NP z bZ`WO SZ]]TQd -]LSXLYTNLWWd ^ZNTLWTePO 4YOTLY^ BP NLY ^PP Q]ZX _SP ]PNPY_ OT^NZ`]^P ZY _SP N`W_`]LW _P]X wAPOTN NTaTWTeL_TZYx _SL_ T_ T^ []TXL]TWd _SP OTaP]^T_d ZQ _SP P_SYTN R]Z`[^ WLYR`LRP^ LYO ]PWTRTZY^ _SL_ L]P TY_PR]L_PO TY_Z _ST^ N`W_`]P bSTNS XLVP _SP 3TYO` NTaTWTeL_TZY L^ wR]PL_x L^ T_ T^ ?ST^ [L]_TN`WL] _SZ`RS_ T^ QZ`YO YLXPWd YZ_ ZYWd bT_S NZXQZ]_LMWP NZY_PX[Z]L]TP^ ^`NS L^ AP__LX 8LYT M`_ ^_TWW NSL]LN_P]TeP^ _Z L NP]_LTY Pc_PY_ _SP b]T_TYR^ ZQ _SP XZ^_ w]LMTOx 3TYO`_aL YL_TZYLWT^_^ -`_ TY QLN_ _ST^ RTaP^ ]T^P _Z L OPP[ TY_P]YLW NZY_]LOTN_TZY TY YL_TZYLWT^_ OT^NZ`]^P >_]TN_Wd ^[PLVTYR _SP P_SYZYL_TZYLWT^X ZQ R]Z`[^ ^`NS L^ _SP =>>_STYVP]^ bSTNS Pc NW`OP^ YZY4YOTLY P_SYTN R]Z`[^ T^ TYNZX[L_TMWP bT_S _SP TY_PR]L_TaP APOL TOPY_T_d _SL_ T^ WTVPbT^P NWLTXPO _Z PcT^_ Md XLYd Z_SP] 3TYO`_aL []Z[ZYPY_^ ?SPd P\`L_P 3TYO`T^X bT_S P_SYTN [LRLYT^X LYO QPPW _SPX ^PWaP^ _Z MP M]Z_SP]^ TY ^[T]T_ LWZYR bT_S ,XP]TNLY 4YOTLY^ LYO 8LZ]T^ QZ] PcLX[WP ?SPd O]Lb L ^SL][ OT^_TYN_TZY MP_bPPY _SPX^PWaP^ LYO _SP XT^^TZYTeTYR wLRR]P^^TaPx ]PWTRTZY^ ZQ .S]T^_TLYT_d LYO 4^WLX bSTNS OP^_]ZdPO _SP [PLNPQ`W YL_`]LW ^_L_P ZQ _SP P_SYTN ]PWTRTZ^T_d LYO NZY _TY`P _Z OZ ^Z ?SPd ^PP 3TYO`T^X ^Z _Z ^[PLV L^ _SP YL_`]LW ]PWTRTZ^T_d ZQ LWW S`XLY MPTYR^ YZ_ ZYWd _SL_ ZQ _SP 4YOTLY^ ,YO _SL_ T^ YZb ZYNP LRLTY _SP LTX ZQ L bZ]WO N`W_`]P L^ T_ T^ OP]TaPO LRLTY LYO LRLTY Q]ZX _SP APOL TY XZOP]Y _TXP^ ^`NS L^ TY _SP XZ__Z ZQ _SP ¢]dL>LX£U w,]dLY >ZNTP_dx% VŽ©aLY_Z aT²aLX £]dLX z w8LVP _SP bZ]WO YZMWPx ,^ _Z ZMUPN_TaP ^_`Od OZ`M_ SL^ ]PNPY_Wd MPPY Pc[]P^^PO NZYNP]YTYR _SP ,]dLY TYaL^TZY _SPZ]d ?SP]P L]P SPL_PO OPML_P^ MP_bPPY ^`[[Z]_P]^ ZQ _SP ZWO _PLNSTYR TY L bL_P]POOZbY aP]^TZY LYO LNLOPXTN^ XZ^_Wd L]NSPZWZRT^_^ bSZ bLY_ _Z _S]Zb _SP _SPZ]d ZaP]MZL]O WZNV ^_ZNV LYO ML]]PW ,^ NLY MP TXLRTYPO _ST^ NZYQWTN_ bT_STY 4YOTLY LNLOPXTL T^ STRSWd [ZWT_TNTePO 4Y_P]P^_ R]Z`[^ ZQ /LWT_^ @Y_Z`NSLMWP^ LYO /]LaTO TLY ^P[L]L_T^_ XZaPXPY_^ SLO M`TW_ _SP TYaL^TZY _SPZ]d `[ TY_Z L ]PLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  AP__LX 8LYT ;`]LYTN 0YNdNWZ[LPOTL /PSWT% 8Z_TWLW -LYL]^TOL^^ $#$ $

 #

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

3ZWZNL`^_ ^NPYL]TZ TY Z]OP] _Z OT^\`LWTQd _SP -]LSXTY^ L^ OP^NPYOPY_^ ZQ L XL^^X`]OP]TYR SZ]OP ZQ ML]ML]TLY^ bSZ SLO OP^_]ZdPO _SP LY NTPY_ LYO RWZ]TZ`^ N`W_`]P^ ZQ _SP /LWT_^ LYO /]LaTOTLY^ 3TYO`_aL ^`[ [Z]_P]^ ZY _SP Z_SP] SLYO _LVP ]PNZ`]^P _Z _SP YZYTXXTR]L_TZY _SPZ]d _Z MP LMWP _Z [Z^_`WL_P L `YTQTPO 3TYO` YL_TZY bT_S L ST^_Z]TNLW TOPY_T_d 4_^ APOTN LRP T^ ZQ NZ`]^P _SP P[T_ZXP ZQ N`W_TaL_PO MPSLaTZ] LYO NTaT WTeL_TZY ?SPd LW^Z WTVP _Z _`]Y _SP TYaL^TZY _SPZ]d L]Z`YO QZ] TQ _SP]P NLY MP XTR]L_TZY _Z L [WLNP _SP]P NLY LW^Z MP XTR]L_TZY Q]ZX _SL_ [WLNP LYO NWLTX _SL_ TY _SP WL^_ LYLWd^T^ LWW BP^_P]Y LNSTPaPXPY_^ SLaP MPPY M]Z`RS_ LMZ`_ Md APOTN ËXTR]Ë^ _Z 0`]Z[P 4Y OZTYR ^Z _SPd Q]P\`PY_Wd ]P^_L_P _SP ZWO ]ZXLY_TN aT^TZY ZQ 4YOTL L^ _SP N]LOWP ZQ S`XLYT_d 4_ T^ NWPL] bSL_ NLY MP XLOP Z`_ ZQ LY ZWO _Pc_ bSZ^P XPLYTYR T^ YZ WZYRP] []Z[P]Wd `YOP]^_ZZO Md LYdMZOd BP bTWW _SP]PQZ]P VPP[ Z`] L]R`XPY_^ MPWZb ^_]TN_Wd ]PWL_PO _Z _SP _Pc_ ,[L]_ Q]ZX _SP _Pc_ ZQ _SP APOL T_^PWQ bP SLaP YZ OZN`XPY_^ ZY _SP NZYN]P_P ST^_Z]d Z] _SP ^ZNTLW ^_]`N_`]P ZQ APOTN ^ZNTP_d >ZXP L]NSPZWZRTNLW XL_P]TLW OZP^ PcT^_ M`_ _SP NZYYPN_TZY MP_bPPY _SP L]NSPZWZRTNLW OT^NZaP]TP^ LYO _SP APOL _Pc_ T^ L XL__P] ZQ R]PL_ NZY_]ZaP]^d BSP_SP] QZ] PcLX[WP _SP [L^^LRP^ LMZ`_ _SP ¢]dL^ ^[PLV ZQ L ]LNP LY P_SYTN NZXX`YT_d L ]PWTRTZ`^ Z] ^ZNTLW R]Z`[ Z] XP]PWd ZQ wRZZO [PZ[WPx NLYYZ_ MP OP_P]XTYPO Q]ZX _SP L]NSLTN _Pc_ T_^PWQ 4Q ZYP bLY_PO _Z PYRLRP TY ^_]TN_ SP]XPYP`_TN^ T_ bZ`WO YZ_ MP [Z^^TMWP _Z LWWZb ZYP^PWQ _Z MP []POP_P]XTYPO ZY LYd T^^`P LYO QZ] _ST^ ]PL^ZY bP bTWW YZ_ TYO`WRP TY LYd ^[PN`WL_TZY ZY ^ZNTLW OP_LTW^ MPWZb  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  BP bTWW ^_TNV _Z _SP ]PWL_TaP NS]ZYZWZRd ZQ APOTN WT_P]L_`]P^ bSTNS T^ `YLYTXZ`^Wd LR]PPO `[ZY TY 4YOZWZRd bSTWP bP NZY^NTZ`^Wd LaZTO _Z [TY OZbY OL_P^ LYO ^ZNTLW OP_LTW^ ?SP]P SL^ MPPY Pc_PY^TaP ]P^PL]NS TY _SP APOL M`_ LW^Z L _PYOPYNd _Z NZ[d []PP^_LMWT^SPO aTPb^ QZ] TY^_LYNP LMZ`_ _SP ,]dLY TYaL^TZY bT_SZ`_ ]PPcLXTYTYR _SP Z]TRTYLW ^Z`]NP^ ?ST^ T^ YZ_ _Z OPYd _SP TXXPY^P LXZ`Y_ ZQ ^NSZWL]^ST[ LYO ^N]` _TYd _SL_ bPY_ TY_Z APOTN ^_`OTP^ TY _SP [L^_ LYO _SP []P^PY_ 7L_PWd _SP]P SL^ MPPY R]ZbTYR PQQZ]_ _Z _]LNP _SP ^ZNTLW PXMPOOPOYP^^ ZQ _SP APOTN ^Z`]NP^ >PP QZ] TY ^_LYNP 8TNSLPW BT_ePW PO 4Y^TOP _SP ?Pc_^ LYO -PdZYO _SP ?Pc_^ 9Pb ,[ []ZLNSP^ _Z _SP >_`Od ZQ _SP APOL^ .ZW`XMTL% >Z`_S ,^TL -ZZV^ $$" LYO ?SZXL^ :MP]WTP^ /TP =PWTRTZY OP^ ‹RaPOL ATPYYL% 2P]ZWO $$# BP VPP[ L XZ]P ]LOTNLW aTPb _SL_ YZ NP]_LTY PaTOPYNP MPdZYO _SP _Pc_ TP XPY_LW ST^_Z]d LYO bZ]WOaTPb QZ]XL_TZY NLY MP ZM_LTYPO LMZ`_ _ST^ [P]TZO PcNP[_ _Z bSTNS APOTN M]LYNS ²£VS£ _SP _Pc_ MPWZYR^ :`] TY_P]P^_ WTP^ TY _SP []TXL]d ^Z`]NP^ ]L_SP] _SLY PY_P]TYR TY_Z 4Y OZWZRTNLW OPML_P^ ?ST^ OZP^ YZ_ ^ZWaP _SP RPYP]LW []ZMWPX ZQ `YOP]^_LYOTYR L aP]d LYNTPY_ MZOd ZQ WT_P]L_`]P z LYO _SP ^NSZWL]v^ TXLRTYL_TaP TY_P][]P_L_TZY bTWW LWbLd^ MP _SP]P TY LYd LN_TaT_d MPdZYO _Pc_ POT_TZY -`_ ^_TNVTYR _Z _SP _Pc_ SPW[^ LaZTO NZ[d TYR []PP^_LMWT^SPO aTPb^ LYO Z[PY^ [Z^^TMTWT_TP^ _Z QTYO L Q]P^S L[[]ZLNS ?SP]P SLaP MPPY LWXZ^_ YZ []PN`]^Z]^ ]PRL]OTYR Z`] ]P^PL]NS TY_P]P^_ TY ^ZYTN NZXX`YTNL _TZY 4Y NP]_LTY L^[PN_^ NWZ^P^_ _Z Z`] L[[]ZLNS NZXP AWLOTXT] 9 ?Z[Z]Za w/TP @] ^[]ÞYRP OP] TYOZP`]Z[ÆT^NSPY ;ZP_TVx ;ZP_TNL  $#% #$ & -Z]T^ :R`TMËYTYP 7L /ËP^^P @´L^% =PNSP]NSP^ ^`] WP ^LN]TQTNP OP WL [L]ZWP OLY^ WP ‹RaPOL 7Z`aLTY% ;PP_P]^ $## TY [L]_TN`WL]  !!" $$"& LYO ?L_dLYL 5 0WTeL]PYV

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL



 $

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

4Q ZYP bLY_^ _Z ]PLO _SP APOL L^ L ST^_Z]TNLW OZN`XPY_ _SP _Pc_`LW LYO NZYNP[_`LW `YT_d OT^TY_PR]L_P^ TY_Z aL]TZ`^ _Pc_^ LYO _Pc_ _d[P^ Q]ZX OTQQP]PY_ N`W_`]LW P[ZNS^ ?SP ‹V>LÀST_£  L NZWWPN_TZY ^LÀST_£ ZQ SdXY^ šN _Z _SP RZO^ QZ]X^ _SP ZWOP^_ ^PN_TZY ZQ _SP APOL ?ST^ OPNTOPOWd L]NSLTN _Pc_ T^ NSL]LN_P]TePO Md XPY_TZYTYR L WL]RP Y`XMP] ZQ OPT_TP^ bSZ bP]P ZQ_PY TY_P][]P_PO TY _SP ]P^PL]NS L^ [P]^ZYTQTNL_TZY^ ZQ YL_`]LW QZ]NP^ LYO P_STNLW []TYNT[WP^ -`_ TY QLN_ _SP ‹V>LÀST_£ VYZbY L^ ‹RaPOL  T^ _SP []ZO`N_ ZQ L N`W_`]P _SL_ NZXP^ PcNP[_TZYLWWd NWZ^P _Z 6`]_ 3ÞMYP]v^ TOPLW Xd_STNLW bZ]WO Z]TPY_L_TZY @YWTVP _SP WL_P] 3TYO`T^_TN OPT_TP^ _SP APOTN OPT_TP^ ^_TWW NZTYNTOP aP]d []PNT^PWd bT_S 3ÞMYP]v^ NSL]LN_P]TeL _TZY ZQ _SP PL]Wd 2]PPV RZO^ 1Z] PcLX[WP U`^_ L^ _SP 2]PPV RZOOP^^ /PXP_P] T^ TY PaP]d PL] ZQ NZ]Y _SP APOTN RZOOP^^ @´L^ wOLbYx T^ TY PaP]d OLbY -`_ _SP]P L]P LW^Z XZ]P NZX[WPc OPT_TP^ PR AL]`©L _SP RZO ZQ _SP Ž_L w]TRS_YP^^x bSZ T^ []P^PY_ TY PaP]d NZY_]LN_ _SL_ T^ PaP]dbSP]P bSP]P ]TRS_^ L]P NZYNP]YPO 3P LW^Z TYSLMT_^ _SP ^_L]]d ^Vd bSP]P PaP]d ^_L] `YP]]TYRWd QZWWZb^ T_^ w]TRS_x [L_S LYO SP T^ Q`]_SP] XZ]P ]PWL_PO _Z bL_P] ^TYNP bL_P] YPaP] XT^^P^ T_^ w]TRS_x OT]PN_TZY z L ]TaP] QZ] TY^_LYNP TYaL]TLMWd XPP_TYR _SP ZNPLY ?SP APOTN OPT_TP^ L]P YZ_ w[P]^ZY^x LYO L]P NZ]]P^[ZYOTYRWd YZ_ TXLRTYPO TY LY_S]Z[ZXZ] [STN QZ]X^ 4Y^_PLO _SPd L]P NZY^T^_PY_Wd TXLRTYPO Xd_SZRPXP^ LWXZ^_ w^Z`W ^`M^_LYNP^x bSTNS `YWTVP Z`] TOPL ZQ ^Z`W^ NLY LW^Z TYSLMT_ [Sd^TNLW PaPY_^ ^`NS L^ w_SP OLbYx LYO PaPY LM^_]LN_ _P]X^ ^`NS L^ w]TRS_YP^^x ,^ LWW _SP^P _STYR^ _SL_ bP NZY^TOP] WTQPWP^^ L]P LN_`LWWd LYTXL_P MPTYR^ _Z _SP L`_SZ]^ ZQ _SP ‹V>LÀST_£  _SPd NLY LW^Z ^[PLV _Z _SPX LYO L^V _SPX QZ] SPW[ -PNL`^P bSL_ T^ w[P]^ZYLWx TY _ST^ PL]Wd _Pc_ T^ OPQTYPO NZX[WP_PWd aTL Xd_STNLW ^`M^_LYNP L SP]XPYP`_TN^ ZQ _SP ‹V>LÀST_£ T^ L OTQQTN`W_ `YOP]_LVTYR QZ] `^ XZOP]Y [PZ[WP LYO _ST^ QLN_ SL^ WPO _Z XLYTQZWO TY ^ZXP NL^P^ OTLXP_]TNLWWd Z[[Z^PO TY_P][]P_L_TZY^ ?SP WLYR`LRP ZQ _SP PL]Wd SdXY^ SL^ YPT_SP] [`]P LM^_]LN_ TOPL^ YZ] NWPL]Wd OPQTYPO NZYN]P_P TOPL^ 5`^_ L^ _SP 2]PPV 2LTL NLY ^TRYTQd PT_SP] LY 0L]_S RZOOP^^ Z] ^TX[Wd PL]_S TY _SP ‹V>LÀST_£ ZYP NLY YPaP] OT^_TYR`T^S NWPL]Wd bSP_SP] T_ T^ YZb ^[PLVTYR ZQ L Y`XPY Z] LY ZMUPN_ _SL_ T^ TYSLMT_PO Md _ST^ Y`XPY ?]LY^WL_TZY ]P\`T]P^ L OPNT^TZY 1Z] PcLX[WP ZYP NLY ]PY OP] _SP bZ]O LRYT 7L_ TRYT^  bT_S wQT]Px Z] bT_S wQT]P RZOx M`_ MZ_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ZaL 7LYR`LRP LYO >_dWP ZQ _SP APOTN ‹´T^ ,WMLYd% >@9D $$  ?SP]P PcT^_ ZQ NZ`]^P XZ]P ^_`OTP^ ZY ^_dWT^_TN QPL_`]P^ ^`NS L^ 5LY 2ZYOL >_dWT^_TN =P[P_TZY TY _SP APOL ,X^_P]OLX% 9A 9ZZ]O3ZWWLYO^NSP @T_RPaP]^ 8LL_^NSL[[TUT $ $ @^` LWWd ^`NS ^_`OTP^ _PYOPO _Z MP aP]d _PNSYTNLW ?SP]P bL^ R]PL_ [STWZWZRTNLW ]TRZ] M`_ WT__WP ]PQWPN_TZY ZQ _SP ^ZYTN OTXPY^TZY LYO N`W_`]LW LY_S]Z[ZWZRd

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

L]P XPLY_ >`NS LXMTaLWPYNP^ NLYYZ_ MP ]P^ZWaPO L^ XP_L[SZ]^ PT_SP] 8P_ZYdXTN QZ]NP T^ NL]]TPO _Z _SP Pc_]PXP ?SP bZ]O aLWL ^PPX^ _Z XPLY ^ZXP_STYR WTVP wNZaP]TYRx M`_ TY _SP _Pc_ T_ L[[PL]^ ]L_SP] _Z ^TRYTQd L OPXZY LYO L_ LYZ_SP] [WLNP L ]ZNV bT_S L NLaP 4Y _SP PYO T_ T^ TX[Z^^TMWP _Z OPNTOP bSP_SP] NP]_LTY ]ZNV^ L]P TY_PYOPO bSTNS L]P SP]P TY_P][]P_PO XP_L[SZ]TNLWWd L^ OPXZY^ Z] _SP Z_SP] bLd L]Z`YO -Z_S YZ_TZY^ NZPcT^_ ^TX`W_LYPZ`^Wd TY ZYP LYO _SP ^LXP bZ]O aLWL  BSPYPaP] _SP _Pc_ ^[PLV^ ZQ RZO^ LYO OPXZY^ ZYP NZXP^ `[ LRLTY^_ []ZMWPX^ ZQ TY_P][]P_L_TZY ZQ _ST^ YL_`]P 0LNS TYOTaTO`LW _P]X SL^ _Z MP PcLXTYPO NL]PQ`WWd LYO OP_P]XTYPO TY T_^ ZbY NZY_Pc_ ^TYNP ZYP NLY YPaP] L^^`XP _SL_ L ^TX[WP _]LY^WL_TZY T^ [Z^^TMWP 



3dXY^ _SP 1ZZO ZQ _SP 2ZO^

?SP ^ZWP [`][Z^P ZQ _SP SdXY^ ZQ _SP ‹V>LÀST_£ bL^ L[[L]PY_Wd _Z LTO NZXX`YTNL_TZY bT_S _SP RZO^ PaPY bSPY _SPd ^[ZVP LMZ`_ _SP RZO^ ?SPd bP]P _SZ`RS_ _Z MP QZ]X`WL_TZY^ ZQ aT^TZYL]d TY^TRS_ bSZ^P N]PL _Z]^ _SP VLaT^  bP]P LW^Z ^TX`W_LYPZ`^Wd [ZP_^ []TP^_^ LYO PN^_L_TN^ ?SP []PaLTWTYR MPWTPQ bL^ _SL_ ZYWd [L]_TN`WL]Wd TY^[T]PO bZ]O^ ]PLNSPO _SP RZO^ L_ LWW ?SP]PQZ]P ^`NS bZ]O^ TY _SP LYNTPY_ APOTN ]T_`LW [Z^ ^P^^PO L ^[PNTLW XPLYTYR QZ] _SZ^P []TP^_^ bSZ^P _L^V T_ bL^ _Z NLWW `[ZY _SP RZO^ O`]TYR _SP ^LN]TQTNP ?SP^P []TP^_ QLXTWTP^ ZQ SZ_Ž^ wNLWW P]^x MPRLY _Z NZWWPN_ NP]_LTY P^[PNTLWWd bPWWOZYP SdXY^ šN LYO _Z [L^^ _SPX ZY bT_S NL]P ,_ ^ZXP ^_LRP QL] MLNV TY _TXP _SP^P QLXTWd NZWWPN_TZY^ bP]P NZWWL_PO LYO ^Z R]LO`LWWd _SP bZ]V _SL_ bP VYZb _Z OLd L^ ‹V>LÀST_£ NLXP TY_Z MPTYR 4_ T^ [Z[`WL] TY _SP PL]Wd APOL _Z _STYV ZQ _SP ^LN]TQTNP L^ L MLY\`P_ QZ] _SP RZO^ bSTNS TYNW`OPO LW^Z _SP TY_ZcTNL_TYR ^ZXL O]TYV ,W_SZ`RS ]PLW OT^SP^ bP]P ZQQP]PO _SP SdXY ZQ []LT^P bL^ _SP _]`P QZZO QZ] _SP RZO^ w2ZZO _SZ`RS_x XL_T bL^ ZQQP]PO _Z _SP RZO TY _SP ^LXP bLd L^ QZZO ^Z _SL_ SP NZ`WO [L]_LVP ZQ T_ MP ^_]PYR_SPYPO LYO OPWTRS_ TY T_ ?ST^ NZYNP[_ _ZZ ZQ WLYR`LRP L^ wQZZOx NLY LN_`LWWd ZYWd MP `YOP] ^_ZZO `^TYR _SP Xd_STNLW YZ_TZY ZQ _SP L]NSË  ,NNZ]OTYR _Z 6`]_ 3ÞMYP] L RZOv^ ,]NSË T^ _SL_ bSTNS XL]V^ _SP RZO Z`_ L^ ^ZXP_STYR ]PR`WL] QZ] PcLX[WP bSTNS LWWZb^ ^`Y]T^P LYO ^`Y^P_ _Z MP L^N]TMPO _Z L RZO ZQ _SP ^`Y]T^P LYO L RZO ZQ _SP ^`Y^P_ ?ST^ ]PR`WL]T_d T^ _SP wP^^PYNPx ZQ _SP RZO LYO L_ _SP ^LXP _TXP _SP SP]ZTN OPPO []LT^PO TY _SP SdXY ?SP WT_P] L]d QPL_`]P OPQTYTYR L SdXY ZQ []LT^P T^ LN_`LWWd _SP QLN_ _SL_ _SP SP]ZTN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP LW^Z 1-5 6`T[P] ,YNTPY_ 4YOTLY .Z^XZRZYd 9Pb /PWST% ATVL^ $#  6`T[P] ^_]P^^P^ _SP OTQQTN`W_d LYO _SP YPNP^^T_d _Z ^PP _SP RZOv^ Q`YN_TZY bT_STY _SP bSZWP ^d^_PX 3P TY_P][]P_P^ _SP aLWL NZ^XZRZYTNLWWd L^ w[]TXZ]OTLW XZ`YOx

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

!

OPPO^ ZQ LWW _SP XLYd OPT_TP^ L]P OPNWLTXPO ZaP] LYO ZaP] LRLTY bSTW^_ L_ _SP ^LXP _TXP OPXLYOPO LRLTY LYO LRLTY 4_ T^ _SP ]PT_P]L_TaP RP^_`]P ZQ _SP wSdXYTN QZZOx LYO T_^ PaZNL_TaP [ZbP] z ]L_SP] _SLY _SP RTQ_^ ZQ XPL_ M`__P] LYO TY_ZcTNLY_^ z _SL_ WPYO^ ^`M^_LYNP _Z _SP RZO 8LVTYR _SP OTaTYP OPPO VYZbY TY _SP bZ]WO WPYO^ _SP OPPO L_ ZYNP QLXP LYO QZ]X ^Z _SP ]PT_P]L_TZY TY bZ]O^ NZY_TY`LWWd OPQTYP^ _SP ,]NSË LYO _]LY^[Z]_^ T_ Q`]_SP] 4Y _SP SdXY PaP]d YLXTYR T^ L_ _SP ^LXP _TXP LW^Z L N]PL_TYR QZ] PaP]d ,]NSË _LVP^ [WLNP LYPb TY _SL_ TY^_LY_ TY bSTNS T_ T^ YLXPO



7ZbTYR ZQ .L__WP LYO .]ZLVTYR ZQ 1]ZR^

,W_SZ`RS PaZNL_TaP WLYR`LRP _SP LN_`LW wQZZO ZQ _SP RZO^x ]P[]P^PY_^ _SP NPY_]LW WTYV MP_bPPY S`XLY MPTYR^ LYO _SP RZO^ _SP PL]Wd ‹V >LÀST_£ OZP^ YZ_ SLaP L _P]X QZ] WLYR`LRP TY LY LM^_]LN_ ^PY^P TY Z`] ^PY^P LYO _SP]PQZ]P bP OZ YZ_ QTYO LYd ]PQWPN_TZY^ ZY _SP OTQQP]PYNP MP_bPPY []ZQLYP LYO ^LN]PO WLYR`LRP PT_SP] 4Y XZOP]Y >LY^V]T_ _SP _P]X QZ] wWLYR`LRPx T^ a£N  bSTNS T^ ]PWL_PO _Z _SP 0`]Z[PLY bZ]O^ aZc aZTc aZTNP aZNP aZe LWW XPLYTYR waZTNPx ?SP >LY^V]T_ _P]X QZ] wWLYR`LRPx T^ _S`^ L bZ]O _SL_ LN_`LWWd XPLY^ waZTNPx LYO T^ _SP]PQZ]P YZ_ NZX[WP_PWd NZYR]`PY_ bT_S Z`] BP^_P]Y _P]X QZ] WLYR`LRP BSTWP wWLYR`LRPx OPYZ_P^ _SP LMTWT_d _Z QZ]X bZ]O^ _Z `YOP]^_LYO _SPX LYO _Z ^bL[ _SPX L]Z`YO _SP _P]X a£N OZP^ YZ_ ZYWd XPLY wWLYR`LRPx TY _ST^ ^PY^P M`_ LW^Z _SP ^[ZVPY bZ]O^  1Z] _ST^ ]PL^ZY 0YRWT^S^[PLVTYR L`_SZ]^ ZQ_PY _]LY^WL_P _SP _P]X L^ w^[PPNSx ]L_SP] _SLY wWLYR`LRPx  4Y _SP ‹V>LÀST_£ _SP _P]X a£N T^ `^PO QZ] LWW `__P]LYNP^ M`_ LMZaP LWW QZ] _SZ^P _SL_ L]P [L]_TN`WL]Wd Pc[]P^^TaP ?ST^ XPLY^ _SL_ YZ_ ZYWd S`XLY ^Z`YO^ L]P a£N M`_ LW^Z ^Z`YO^ []ZO`NPO Md LYTXLW^ Z] Md TY ^_]`XPY_^ >Z _SP Z]TRTYLW 4YOZ0`]Z[PLY XPLYTYR waZTNPx ZQ_PY ^_TWW NZXP^ _S]Z`RS SP]P LYO _SP _P]X T^ Q]P\`PY_Wd MP^_ _]LY^WL_PO L^ waZTNPx LYO YZ_ L^ wWLYR`LRPx ! :YP aP]d _d[TNLW `^P ZQ _SP bZ]O a£N T^ QZ`YO TY bSL_ T^ NLWWPO _SP wQ]ZR SdXYx% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ;LOZ`c ZM^P]aP^ ^ZXP_STYR ^TXTWL]% w a£N T^ MZ_S bSL_ T^ ^LTO `__P]PO LYO _SL_ bSTNS ^Ld^ Z] `__P]^ z :YP bSZ T^ ^LTO LYO T^ ^LdTYRx .Q _SP TY_]ZO`N_TZY TY ,YO]Ë ;L OZ`c A£N z _SP .ZYNP[_ ZQ _SP BZ]O TY >PWPN_PO 3TYO` ?LY_]L^ ,WMLYd >@9D $$ cTTT  4Y QLN_ TY XZOP]Y >LY^V]T_ a£N YPaP] ]PQP]^ _Z wWLYR`LRPx TY _SP ^PY^P ZQ w_SP 0YRWT^S WLYR`LRPx Z] w_SP >LY^V]T_ WLYR`LRPx 4Y >LY^V]T_ _SP WL__P] bZ`WO MP ^LÀ^Vš_£ MS£´£  LYO YPaP] ^LÀ^Vš_£ a£N  ! , NZXXZY PcLX[WP bZ`WO MP _SP TOTZXL_TN [S]L^P a£NLX TdL]XT  w4 ]LT^P Xd aZTNPx

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

wF7TVPH -]LSXTY^ bSZ SLaP QL^_PO QZ] L dPL] _SP Q]ZR^ SLaP YZb SP]LWOPO _SP ]LTYTY^[T]PO A£N QZ] _SP SPLaPYWd bL_P]^ NLXP OZbY `[ZY STX WTVP L O]TPOZ`_ WPL_SP] MLR ^WPP[TYR TY _SP [ZYO 0cLN_Wd WTVP _SP WZbTYR ZQ NZb^ OP^T]Z`^ QZ] _SPT] NLWaP^ _SP NLWW ZQ _SP Q]ZR^ ]T^P^ `[ _ZRP_SP] x "

?SP TXLRP T^ ^ZXP_STYR WTVP _ST^% _S]Z`RSZ`_ _SP dPL] _SP Q]ZR^ WTP O]TPO Z`_ WTVP WTX[ WPL_SP] MLR^ TY _SPT] [ZYO^ LYO TY _SPT] RL`Y_YP^^ _SPd ]P^PXMWP -]LSXTY^ O`]TYR _SPT] ZL_S ZQ QL^_TYR -`_ bSPY _SP ]LTY NZXP^ _SPd LWW WTQ_ `[ _SPT] a£N LYO N]ZLV WZ`OWd LYO SL[[TWd LRLTY U`^_ WTVP _SP -]LSXTY^ NLWWTYR _Z _SP RZO^ O`]TYR ^LN]TQTNP ,^ TY Z_SP] [WLNP^ _ZZ TY _ST^ Q]ZR [L^^LRP _SP ^[PNTLW aZW`XP LYO Pc[]P^^TaT_d ZQ _SP ^Z`YO T^ WTYVPO bT_S _SP TXLRP ZQ L NZb _SL_ T^ WZbTYR LQ_P] T_^ dZ`YR NLWQ ,YO QTYLWWd _SP Y`XP]Z`^ Q]ZR^ ZQ aL]TZ`^ NZWZ]^ ^_L]_ NLWW TYR PLNS bT_S T_^ ZbY NSL]LN_P]T^_TN a£N TY L R]PL_ Q]ZR NSZT] LYO _SPd TXT_L_P ZYP LYZ_SP] WTVP _SP ^_`OPY_ TY L APOL ^NSZZW TXT_L_TYR _SP _PLNSP] ,MZaP LWW T_ T^ _SP ]TNSYP^^ ZQ _SP ^Z`YO _SL_ XLVP^ _SP OTaP] ^T_d ZQ _SP aL]TZ`^ OTQQP]PY_ aZTNP^ TY _SP Q]ZR NSZT] Z] _SP -]LSXTY NSZT] TY_Z L S`RP YZT^P SP]LWOTYR SL[[TYP^^ z L YZT^P _SL_ LW^Z M]TYR^ XL_P]TLW MWP^^TYR^ ,_ _ST^ [ZTY_ _SP ]PWTRTZ`^ Q`YN_TZY ZQ _SP SdXY MP NZXP^ aP]d NWPL]% w0L]_SWd RZZO^ _SP NL__WPWZbTYR ZYP FYZbH RLaP F`^H _SP RZL_MWPL_TYR ZYP RLaP F`^H _SP dPWWZb ZYP LYO _SP R]PPY ZYP RLaP `^ ?SP Q]ZR^ RLaP F`^H NZb^ TY S`YO]PO^ FLYO bTWW PaP] OZ ^ZH BSPY FTY _SP ]LTYd ^PL^ZYH _SZ`^LYOQZWO [WPY_d T^ []P^^PO Z`_ FZQ _SP NWZ`O^H WTQP FNLYH NZY_TY`Px #

4Y ^ZXP [WLNP^ _ST^ SdXY T^ TY_P][]P_PO L^ XZNVTYR _SP -]LSXTY^ MP NL`^P SP]P S`XLY WLYR`LRP LYO PaPY ^LN]PO WLYR`LRP T^ NZX[L]PO bT_S LYTXLW YZT^P^ ?ST^ NZ]]P^[ZYO^ [P]QPN_Wd _Z Z`] []P^PY_OLd aTPb , ML]T_ZYP TY _SP Z[P]L bZ`WO YZ_ MP aP]d [WPL^PO TQ L N]T_TN []LT^PO STX Md ^LdTYR _SL_ SP ]ZL]PO WTVP LY Zc -`_ TY _SP ‹V>LÀST_£ _ST^ T^ ^LTO QZ] PcLX[WP LMZ`_ _SP RZO >ZXL LYO T_ T^ L NZX[WTXPY_ ?SP N]ZLVTYR TY _SP Q]ZR SdXY T^ _Z MP `YOP]^_ZZO TY L ^TXTWL] XLYYP] ?ST^ T^ YZ_ LMZ`_ _SP MPL`_d ZQ _ST^ ^Z`YO M`_ LMZ`_ T_^ ^TRYLWTYR Q`YN_TZY LYO T_^ Pc[]P^^TZY :YP SPL]^ _SP Q]ZR^ N]ZLVTYR LYO T^ SL[[d _SL_ _SP ]LTY T^ ZY T_^ bLd L_ WPL^_ TY LY LR]TN`W_`]LW ^ZNTP_d ;]PNT^PWd LNNZ]OTYR _Z L [L] _TNT[L_Z]d TY_P][]P_L_TZY ^NSPXP ZYP LW^Z SPL]^ _ST^ SL[[TYP^^ TY _SP Q]ZR^v N]ZLVTYR U`^_ WTVP ZYP MPWTPaP^ ZYP SPL]^ _SP ^_]PYR_S LYO [Z _PYNd ZQ L M`WW TY T_^ MPWWZbTYR ,WW _SP^P YZT^P^ NZXP `YOP] _SP _P]X a£N A£N T^ aZTNP WLYR`LRP ^[PPNS ^Z`YO _SP N]ZLVTYR ZQ Q]ZR^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ^LÀaL_^L]ÃÀ ²L²Ld£YÑ M]£SXL©Ñ a]L_LN£]Ï©Là g aÑNLÀ [L]UÃYdLUTYaT_£À []L XL©“ÌV£ La£OT´`à gg OTadÑ Ñ[Z LMSÏ dÃO PYLX ÑdLY OÄ_TÀ Yà ²Ü´VLÀ ^L]L^Ð ²Ãd£YLX g RÃa£X ÃSL Yà X£dÜ] aL_^ÏY¯Y£X XL©“ÌV£Y£À aLRYÜ] Ã_]£ ^ÃX P_T gg ‹A "z # RÕX£d`] LO£O LUÃX£d`] LO£_ [IJYT] LO£O OSÃ]T_Z YZ aÃ^¼YT g RÃa£X XL©“ÌV£ OÃOL_Là ²L_ÑYT ^LSL^]L^£aË []à _T]LY_L Ñd`à gg ‹A "

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

!

WZbTYR ZQ NZb^ _SP MPWWZbTYR ZQ M`WW^ LYO _SP NWL[ ZQ _S`YOP] z _SP XZ^_ TX[Z]_LY_ L^[PN_ T^ YPaP] ^Z X`NS _SP ^PXLY_TN XPLYTYR M`_ ]L_SP] _SP Pc[]P^^TaP LYO ^TRYLWTYR Q`YN_TZY^



?SP -]LSXLY L^ ;ZP_TN 8LRTN

4Y _SP ‹V>LÀST_£ a£N OPYZ_P^ LYd `__P]LYNP M`_ QZ] ^LN]PO XLRTNLWWd [ZbP]Q`W WLYR`LRP _SP]P T^ L ^P[L]L_P bZ]O% -]LSXLY M]ÃSXLY  w_SP 2]PL_ _SP ;ZbP]Q`Wx ,_ _SP _TXP ZQ _SP APOL _ST^ _P]X OTO YZ_ XPLY _SP LM^ZW`_P TY _SP APO£Y_L [STWZ^Z[Sd TY LYd bLd M`_ ^PPX^ X`NS ]L_SP] _Z XPLY L NP]_LTY P^[PNTLWWd TX[]P^^TaP bLd ZQ QZ]X`WL_TYR WLY R`LRP $ LYO WTVPbT^P _SP PaZNL_TaP [ZbP] TYSP]PY_ TY ^`NS L QZ]X`WL _TZY .ZY^P\`PY_Wd 0YRWT^S^[PLVTYR _]LY^WL_Z]^ Q]P\`PY_Wd ]PYOP] w-]LSXLYx L^ wSZWd [ZbP]x :WOP] 2P]XLY 4YOZWZRT^_^ WTVP _Z _]LY^WL_P _SP _P]X L^ wEL`MP]bZ]_x wXLRTN bZ]Ox LYO ^ZXP_TXP^ 2PWOYP] LW^Z `^P^ w>PRPY^bZ]_x wbZ]O ZQ MWP^^TYRx :NNL^TZYLWWd PaPY _SP _P]X w2PMP_x w[]LdP]x T^ `^PO M`_ _ST^ []ZMLMWd XT^^P^ _SP XL]V ^ZXP bSL_ 4Y RPYP]LW ZYP NLY ^Ld _SL_ -]LSXLY T^ LWbLd^ QZ`YO TY _SZ^P WTYR`T^_TN `__P]LYNP^ _SL_ ]PWL_P _Z ^ZXP_STYR Y`XTYZ`^ 4_ T^ YPaP] bZ]WOWd WLYR`LRP BSPY -]LSXLY T^ OP^N]TMPO ^ZXP_STYR [ZbP]Q`W T^ LWbLd^ ^`RRP^_PO LYO ^ZXP_TXP^ LW^Z ^ZXP_STYR QZ]NPQ`W Z] aTZWPY_ 1Z] PcLX[WP _SP WL_P] ,_SL]aLAPOL NZX[L]P^ ^LN]PO WLYR`LRP _Z _SP _T[ ZQ LY L]]Zb bSTNS SL^ _Z MP ^SL][PYPO bT_S _SP -]LSXLY TY Z]OP] _Z SLaP XLRTN [ZbP]  ?ST^ ]L_SP] XTWT_L]d TXLRP T^ [P]SL[^ Pc[WLTYPO Md _SP QLN_ _SL_ _SP [L^^LRP ZNN`]^ TY L QZ]X`WL QZ] PcZ]NT^X -`_ -]LSXLY LWbLd^ XPLY^ L aP]d ^[PNTLW [ZbP] _SL_ T^ ZYWd QZ`YO TY ^LN]PO WLY R`LRP ?SP Pc_]PXPWd OPY^P LYO STRSWd Z]RLYTePO ^Z`YO ^_]`N_`]P ZQ _SP APOTN _Pc_^ L[[PL]^ _Z MP LY TX[Z]_LY_ QLN_Z] QZ] WLYR`LRP _Z L__LTY XLRTN [ZbP]^ BP SLaP LW]PLOd [ZTY_PO Z`_ _SP ^_]ZYRWd LWWT_P]L_TaP L^[PN_ ZQ _SP APOTN _Pc_^ LYO PaPY _ZOLd _ST^ ^_TWW PcP]_^ LY LP^_SP_TN

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP LW^Z ;L`W ?STPXP l-]ÃSXLYw TY ?STPXP 6WPTYP >NS]TQ_PY 4 BTP^MLOPY% >_PT YP] $" Z]TRTYLW E/82 $  # ,NNZ]OTYR _Z ?STPXP _SP QTPWO L^^ZNTL_PO bT_S M]ÃSXLY T^ []TXL]WTWd N]PL_TaP QZ]XTYR [ZP_TN [ZbP] QZ]X`WL_TZY ZQ _]`_S TP ^[PPNS _SL_ MPNZXP^ _]`P w2P^_LW_`YRx wOTNS_P]T^NSP 1Z]X`YRx wBLS]SPT_^QZ] X`WTP]`YRx bSTWP _SP aP]MLW ]ZZ_ wMšSx OPYZ_P^ w[ZbP]x w[ZbP] ZQ _]`_Sx >PP LW ^Z 7Z`T^ =PYZ` LaPN 7TWTLYP >TWM`]Y l>`] WL YZ_TZY O` M]ÃSXLYw 5Z`]YLW L^TL_T\`P " $$% #! BP []PQP] ]PYOP]TYR PaPY _SP PL]Wd `^P ZQ _SP _P]X u-]LSXLYv YZ_P _SP LNNPY_ TY uM]ÃSXLYv bT_S NL[T_LW WP__P]^ _Z XL]V Z`_ _SP ST^_Z]TNLW wWZYR`P O`]ËPx TX[Z]_LYNP LYO _SP ^`NNP^^TaP _]LY^X`_L_TZY^ ZQ _SP NZYNP[_  [£]LXP´¶STY¯ a£R M]LSXL^LÀ²T_£ ,A$$L

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

PQQPN_ -`_ TY _SP NZY_Pc_ ZQ _SP APOTN ]T_`LW _SP ^TRYTQTNLYNP ZQ _ST^ L^[PN_ Pc_PYO^ X`NS Q`]_SP] _SLY MPTYR LP^_SP_TNLWWd [WPL^TYR 4Q bP QZWWZb ZY Q]ZX OP >L`^^`]Pv^ ,YLR]LXXP^  LYO LYLWdeP _SP aP]d QT]^_ SdXY TY _SP ‹RaPOL  bSTNS RWZ]TQTP^ QT]P LYOZ] _SP RZO ZQ QT]P ,RYT ‹A  bP QTYO _SP NPY_]LW YL_`]P ZQ ,RYT NWPL]Wd ZY aL]T Z`^ WPaPW^ YZ_ ZYWd ZY _SL_ ZQ NZY_PY_ ./  ?SP QT]^_ QTaP aP]^P^ MP RTY bT_S _SP bZ]O LRYT aL]TZ`^Wd TYQWPN_PO% LRYÏX ¯~P [`]ÕST_LÀ dLUÓÃ^dL OPaÃX š_aÏULX  LRYÏX SÕ_£]LÀ ]L_YLOSÑ_LXLX  LRYÏà [Ì]aPMST] Ä´TMST] ГTdZ YÌ_LYLT] `_à  LRYÏà ^à OPaÑÈ ËSà aLV´L_T  LRYÏY£ ]LdÏX L²YLaL_ [Õ´LX Paà OTaËOTaP  LRYÏY£ dL²Ã^LÀ a¯]ÃaL__LXLX  ÃRYP dÃÀ dLUÓÃX LOSaL]ÃÀ aT²aÃ_Là [L]TMSÌ] Ã^T  ÃRYP ^à ÏO OPaË´` RLNNSL_T  LRYÏ] SÕ_£ VLaÏV]L_`à ^L_dò NT_]ò]LaL^_LXLà  LRYÏ] OPaÕ OPaËMST] Ñ RLXL_   w1T]P LRYÏX 4 bZ]^ST[ _SP uQZ]PXLYv _SP RZO ZQ _SP ^LN]TQTNP bSZ ]PR` WL]Wd []P^PY_^ RTQ_^ _SP FRZOHNLWWP] Q`WW ZQ W`c`]d  1T]P LRYÏà bL^ bZ]_Sd _Z MP RWZ]TQTPO QZ] _SP LYNTPY_^ ZQ []PST^_Z]d LYO FT^H QZ] [PZ[WP ZQ _ZOLd 4_ bTWW M]TYR _SP RZO^ ST_SP]  ?S]Z`RS QT]P LRYÏY£ ZYP ]PNPTaP^ RZZO^ NZY^`XP^ QTYP QZZO OLd Md OLd LYO LNSTPaP^ QL]]PLNSTYR QLXP  : QT]P ÃRYP  _SL_ ]T_P LYO ^LN]TQTNP bSTNS DZ` PYNZX[L^^ ZY LWW ^TOP^ bLYOP]^ _]`Wd LXZYR^_ _SP RZO^  1T]P LRYÏà  _SP [ZbP]Q`W NLWWP] bT_S L [ZP_v^ [ZbP] bT_S _SP XZ^_ bZY OP]Q`W QLXP 3P T^ _SP RZO bT_S bSZX _SP FZ_SP]H RZO^ L[[PL]  x

4Y ]PNT_L_TZY _SP PX[SL^T^ ZY _SP bZ]O LRYT T^ PaPY NWPL]P] ,^ T^ ZQ_PY _SP NL^P _SP ]`WP^ ZQ ]PNT_L_TZY Q`YN_TZY WTVP L XLRYTQdTYR RWL^^ SPWO ZaP] _SP PcT^_TYR [SZYP_TN ^_]`N_`]P ?SP []TXL]d [Z^T_TZY ZQ _SP bZ]O LRYT TY PLNS WTYP ZQ _SP aP]^P OP_P]XTYP^ _SP _]PL_XPY_ z bSTNS L^ _SP YZ_L_TZY ^SZb^ T^ WTVP L QLYQL]P z ZQ _SP NPY_]LW [SZYPXP^ LR’YT LYO _SP _]TZWTN ]Sd_SX ZQ _SP bZ]O LNNZ]OTYR _Z _SP WLb^ ZQ _SP ]PNT_L_TZY ZQ _SP ‹RaPOL  4_ ^PPX^ _Z MP LY ZYZXL_Z[ZP_TN ]P[]P^PY_L_TZY ZQ L QWLXP QWL]TYR `[%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  5PLY >_L]ZMTY^VT w7P^ ,YLR]LXXP^ OP 1P]OTYLYO OP >L`^^`]P _Pc_P^ TYËOT_^x 8P] N`]P OP 1]LYNP   $!% z!& ^PP LW^Z w7P^ XZ_^ ^Z`^ WP^ XZ_^% ?Pc_P^ TYËOT_^ OP^ NLSTP]^ OvLYLR]LXXP^ OP 1P]OTYLYO OP >L`^^`]Px TY ?Z 3ZYZ] =ZXLY 5LVZM^ZY  aZW  ?SP 3LR`P $!"& 2P]XLY POT_TZY 1]LYVQ`]_ $#& LYO 1P]OTYLYO OP >L`^ ^`]P .LSTP]^ aZW  $!% #$ 

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

!

‹A 4z L^ ]PNT_PO Md L >£XLAPOL []TP^_ ?SP []TXP [Z^T_TZY L_ _SP MPRTYYTYR NZ]]P^[ZYO^ ^dXMZWTNLWWd _Z ,RYTv^ NZXTYR QT]^_ TY _SP SZWd dPL] bSTNS T^ Pc[]P^^PO L_ aL]TZ`^ WPaPW^% L^ _]ZWZRTNLWWd ]T_`LWWd LYO ZQ_PY LW^Z Xd_SZWZRTNLWWd ?SP QT]^_ ^_L] ^TRY ZQ _SP dPL] _SP ;WPTLOP^ MPWZYR^ _Z ,RYT 9Z ^LN]TQTNP MPRTY^ bT_SZ`_ L QT]P SLaTYR MPPY WT_ ,RYT T^ _SP wOZXP^_TN []TP^_x Z] wQZ]PXLYx ZQ _SP ]T_`LW _SP [`]ZST_L  ,_ _SP ^_L]_ ZQ LWW S`XLY N`W_`]P _SP]P T^ _SP [Z^^P^ ^TZY ZQ _SP SPL]_S QT]P ,YZ_SP] NSL]LN_P]T^_TN ZQ _SP [SZYP_TN ^_]`N_`]P T^ _SP PNSZ PQQPN_ ZQ [`]ÕST_LX TY SÕ_£]LX LYO ZQ SÕ_£]LX TY ]L_YLOSÑ_LXLX  4Y _SP WL__P] NL^P _SP XPWZOd T_^PWQ T^ ]PQWPN_PO LWXZ^_ PcLN_Wd ?ST^ PNSZ _ZZ [Z^ ^P^^P^ ^[PNTLW ^dXMZWTN XPLYTYR ,RYÏ T^ _SP OPTQTNL_TZY ZQ _SP NLWWTYR []TP^_  SÕ_Ž SP]P TY _SP LNN`^L_TaP SÕ_£]LX  bSZ NLWW^ _SP RZO^ _Z _SP ^LN]TQTNP ^Z _SL_ QZZO NLY MP ^P_ MPQZ]P _SPX z QZZO MZ_S TY POTMWP QZ]X LYO L^ SdXY^ 4Y _SP aP]^P^ z ^SZbY LMZaP _SP bZ]O LRYT LWbLd^ L[[PL]^ L_ _SP MPRTYYTYR ZQ L WTYP M`_ _ST^ ^_]`N_`]P M]PLV^ OZbY TY aP]^P ! 3ZbPaP] _ST^ OZP^ YZ_ XPLY _SL_ _SP bZ]O SL^ ]PYZ`YNPO T_^ []ZXTYPY_ ^_L_`^ QZ] T_ T^ YZb [Z_PY_TL_PO Md _SP ^TXTWL]^Z`YOTYR bZ]O^ L«RL LYO L«RT]L^  L«RT]L^ MPTYR SP]P L ^dYZYdX QZ] ,RYÏ% dÃO L«Rà O£²Ü´P _`aÃX ÃRYP MSLO]ÃÀ VL]T´dÃ^T g _ÃaË_ _Ã_ ^L_dÃX L«RT]Là gg wF?SP QLN_H _SL_ DZ` 1T]P ÃRYP  bTWW OZ RZZO _Z _SP RTaP] T^ _]`Wd _]`P TY DZ`] NL^P LWZYP : R]PL_ LYNTPY_ []TP^_ L«RT]Là x

!!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

,NNZ]OTYR _Z ?L_dLYL 5 0WTeL]PYVZaL  _SP LYLR]LXXL_TNLW QZ]X ZQ _ST^ QT]^_ SdXY TY _SP ‹RaPOL ^P_^ _SP []ZR]LX QZ] _SP bSZWP ‹RaPOL ?SP bSZWP T^ [P[[P]PO bT_S ZYZXL_Z[ZPTL LWWT_P]L_TZY L^^ZYLYNP PW WT[^P^ LYO [L]LWWPWT^X^ bSTNS ZNN`] [L]_TN`WL]Wd ZQ_PY LWZYR bT_S _SP YLXP^ ZQ OPT_TP^ ,NNZ]OTYR _Z 0WTeL]PYVZaL _ST^ [SZYP_TN [PN`WTL]T_d T^ WL]RPWd ]P^[ZY^TMWP QZ] _SP wXLRTN [ZP_]dx Z] w[ZP_TN XLRTNx ZQ _SP _Pc_ ?SP []TYNT[WP ZQ LWWT_P]L_TaP [ZP_]d T^ ^Z TY_PY^TaPWd L[[WTPO _SL_ ZYP NLY LN_`LWWd ^[PLV ZQ L ^PXLY_TNTeL_TZY ZQ ^Z`YO ^P\`PYNP^  7LYR`LRP T^ L ^dXMZWTN ]PQWPN_TZY ZQ NZY_PY_ ?SP TYT_TLW [Z^T_TZY ZQ ,RYT TY _SP aP]^P PcLXTYPO T^ YZ_ XP]PWd L NL^P ZQ L^^ZYLYNP M`_ LW^Z ^`RRP^_^ ST^T_^ wLWbLd^ NZXTYR QT]^_x 0c[]P^^TaP XP^^LRP^ L]P _S`^ TX[L]_PO YZ_ ZYWd ^PXLY_TNLWWd M`_ LW^Z L_ _SP ^ZYTN Z] [SZYP_TN WPaPW ?SP `^P ZQ ^`NS w[ZP_TN XLRTNx T^ P^[PNTLWWd ZMaTZ`^ TY _SP NL^P ZQ XLRTN ^[PWW^ ?SP `^P ZQ XLRTN bL^ YZ_ `YNZXXZY TY APOTN _TXP^ 8Z^_ ZQ _SP NZ]]P^[ZYOTYR _Pc_ XL_P]TLW T^ QZ`YO TY L ^P[L]L_P >LÀST_£ QZ] []TaL_P `^P _SP ,_SL]aLAPOL  >`NS XLRTN ^[PWW^ L]P ZQ_PY NZY ^_]`N_PO ^Z _SL_ _SP OP^T]PO PQQPN_ T^ PaZVPO Md _SP NZY^_LY_ ]P[P_T_TZY ZQ NP]_LTY VPd bZ]O^ LYO T^ LY_TNT[L_PO Md ^`RRP^_TZY 4Y _SP ]T_P RTaPY MPWZb L UPLWZ`^ bTQP _]TP^ _Z PWTXTYL_P SP] ]TaLW LYO _Z OZ _ST^ ^SP M`]TP^ L NP]_LTY [WLY_ `YOP] SP] MPO ?SP QZWWZbTYR bZ]O^ L]P ^[ZVPY ZaP] _SP [WLY_ LYO LNNZ]OTYR _Z ¢[L^_LXML _SPd X`^_ MP ]P[PL_PO _S]PP _TXP^ PaP]d PaPYTYR MPQZ]P _SP bZXLY ^WPP[^ bT_S SP] S`^MLYO% Ü__L]£ LSÃX `__L]L Ü__L]£ ÏO Ü__L]£MSdLà g Ã_S£ ^L[Ã_Y¯ dÑ XÃXL ÃOSL]£ ^ÑOSL]£MSTdLà gg w: MP^_ F[WLY_H MP__P] LX 4 MP__P] _SPY _SP MP^_ -`_ _SP ]TaLW _SL_ 4 SLaP T^ bZ]^P _SLY _SP bZ]^_x 

?SP QZ`]QZWO ]P[P_T_TZY ZQ _SP bZ]O `__L]L wMP__P]x T^ YZ_ YPNP^^L]d Q]ZX L ^PXLY_TN aTPb[ZTY_ ^TYNP _SP NZY_PY_ MZTW^ OZbY _Z w4 ( RZZO >SP ( MLOx ?SP ]P[P_T_TZY SL^ _SP ^ZWP Q`YN_TZY ZQ ]PTYQZ]NTYR _SP PaZ NL_TZY 4Y _ST^ NL^P _SP PaZNL_TaP PQQPN_ NLY MP `YOP]^_ZZO \`T_P ^TX[Wd L^ ^PWQ^`RRP^_TZY& PaPY _ZOLd XLRTN ]T_P^ ZQ _ST^ YL_`]P L]P QLXTWTL] _Z `^ L^ w[Z^T_TaP _STYVTYRx -`_ Z`] PcLX[WP TYNW`OP^ YZ_ ZYWd _SP ^TX[WP ]P[P_T_TZY ZQ bZ]O^ bT_S XLRTN [ZbP]& _SP]P T^ LW^Z L NZY_]ZWWPO `^P ZQ L^^ZYLYNP Q`]_SP] LNNPY_`L_TYR _SP VPd bZ]O >`NS L^ TY% LSÃX L^XT ^ÃSLX£Y£ Ã_SL _aÃX L^T ^£^LSÏà g `MSË ^ÃSL^aL_¯ MS¼_aÐ ^L[Ã_Y¯X XP ^LS£aLSLT gg w4 ]P^T^_ LYO DZ` FZ [WLY_H ]P^T^_ >TYNP bP MZ_S L]P ]P^T^_P]^ bP bLY_ _Z ]P^T^_ Xd ]TaLWx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ    

0WTeL]PYVZaL 7LYR`LRP LYO >_dWP ZQ _SP APOTN ‹´T^   0WTeL]PYVZaL 7LYR`LRP LYO >_dWP ZQ _SP APOTN ‹´T^ #" ,A #  ‹A   ,A #  ‹A   

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

!"

?SP aP]^P NZY_LTY^ ZYWd QZ`] ]PR`WL] QZ]X^ OP]TaPO Q]ZX _SP ]ZZ_ ¥^LS wSZWO Z`_x w]P^T^_x wYZ_ WP_ ZYP^PWQ MP [`_ OZbYx% w^LSLX£Y£x w^£^LSTàx w^LSL^aL_¯x LYO w^LS£aLSLTx M`_ _SP [SZYPXP^ w^x wLx LYO wSx OZXTYL_P _SP bSZWP aP]^P _S]Z`RS Q`]_SP] L^^ZYLYNP  wLSLX L^XTx wL^Tx LYO w^L[L_Y¯x  BT_S _ST^ ^Z`YO XL_P]TLW ]LOTL_TYR [ZbP] LYO TY _PY^T_d _SP XLRTN PQQPN_ T^ LY_TNT[L_PO LYO _SP ZNN`]]PYNP ZQ _SP ]P^`W_ T^ LW]PLOd NZYQT]XPO TY LOaLYNP



?SP 6PP[P] ZQ _SP -]LSXLY

4Y_P]P^_TYRWd _SP PaZNL_TaP [ZbP] _SL_ T^ WZNL_PO TY _SP XLRTN [ZP_]d ZQ _SP ‹V>LÀST_£  _SL_ T^ -]LSXLY T^ T_^PWQ YZ_ L RZO z LYO _ST^ TY L N`W _`]P bSP]P YPL]Wd PaP]d_STYR ^PPX^ _Z MP OPTQTPO z TY _Z_LW NZY_]L^_ _Z WL_P] [P]TZO^ bSPY ZY _SP ZYP SLYO _SP -]LSXLY bL^ [P]^ZYTQTPO L^ _SP N]PL_Z] RZO -]LSX£ LYO ZY _SP Z_SP] ]PRL]OPO L^ _SP TX[P]^ZYLW ,M^Z W`_P 3ZbPaP] SP]P T_ T^ ^`MZ]OTYL_PO _Z L wVPP[P]x [L_T LYO _S`^ LW XZ^_ LWWZNL_PO _Z L wOTaTYP ^[PLVP]x YLXPWd _SP -]LSXL©L^[L_T LW^Z VYZbY L^ -šSL^[L_T 3P T^ _SP wVPP[P] ZQ _SP -]LSXLYx bSZ wN]PL_P^ LWW _SP bZ]O^ ZQ MWP^^TYRx ‹A  ! LYO _Z bSZX _SPd wN]d Z`_x LYO wQWZbx ‹A !# $ 3P T^ _SP Y`XTYZ`^ MPTYR _SL_ SL^ []P NT^PWd _SL_ ^[PNTLW LQQTYT_d _Z -]LSXLY bSTNS PYLMWP^ STX _Z TYaPY_ _SP [ZbP]Q`W QZ]X`WL z _SP -]LSXLY ‹A !" & O`P _Z _ST^ LQQTYT_d _SP -]LSXLY ZNN`]^ _Z STX ^[ZY_LYPZ`^Wd LYO L_ _SP ^LXP _TXP T_ ]LOTL_P^ Q]ZX STX ?SP ^ZYR ZQ -šSL^[L_T T^ [ZbP]Q`W w_S`YOP]TYR WTVP _SP SPLaPY^x ‹A !"  LYO _SP Pc[WZ^TaP QZ]NP ZQ _SP _ZYP^ T^ LWbLd^ PX[SL^TePO TY ST^ ^TYRTYR 4Y ST^ OTaTYP LYO Y`XTYZ`^ TOPY_T_d -ŽSL^[L_T T^ ]P[]P^PY_PO L^ L VTYO ZQ QLM`WZ`^ MPTYR% SP T^ ]POOT^S LYO RZWOPY LYO SL^ L MW`P MLNV BT_S L wNWPL] aZTNPx SP ^[PLV^ Z`_ ZQ w^PaPY XZ`_S^x TP TY _SP ^PaPY XP_P]^ ZQ SdXYb]T_TYR 3P T^ _SP w[ZP_ ZQ [ZP_^x 3P SL^ w^SL][ SZ]Y^x bSTNS TYOTNL_P^ ST^ M`WWWTVP YL_`]P _SL_ T^ ST^ []ZN]PL_TaP [ZbP] 3P XZaP^ bT_S L wS`YO]PO bTYR^x [Z^^TMWd L ]PQP]PYNP _Z _SP Z_SP]bZ]WOWd Z]TRTY ZQ ^LN]PO WLYR`LRP LYO T_^ aT^TZYL]d [ZbP] 3P MPL]^ LY LcP XLOP ZQ RZWO LYO L XP_LW NWPLaP] LWZYR bT_S L]]Zb^ LYO L MZb ?SP ^TYPb ZQ _SP MZb T^ ]TRS_PZ`^YP^^ Ž_L  5`^_ WTVP LWW Xd_STNLW RZO^ PR _SP OLbY Z] _SP 7Z]O ZQ ]TRS_PZ`^ YP^^ L]P L_ _SP ^LXP _TXP w[]ZQLYPx LYO wY`XTYZ`^x -ŽSL^[L_T SL^ L []ZQLYP ^TOP _ZZ 4Y _SP PL]_SWd ]PLWX SP T^ PXMZOTPO Md _SP [`]ZST_L  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BP SLaP ML^PO Z`] _]LY^WL_TZY^ ZQ LWW _SP -šSL^[L_T SdXY^ WL]RPWd ZY _SZ^P ZQ 1 6 2PWOYP] =TRAPOL $  bSTWP `^TYR Z`] ZbY _]LY^WL_TZY^ QZ] _SP QZWWZbTYR A£N SdXY^ 1Z] -šSL^[L_T ^PP LW^Z 3LYY^;P_P] >NSXTO_ -šSL^[L_T `YO 4YO]L BTP^ML OPY% 3L]]L^^ZbT_e $!#

!#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_SP wZYP bSZ T^ [WLNPO TY Q]ZY_x " ?ST^ bL^ _SP YLXP RTaPY _Z _SP OZ XP^_TN []TP^_ ZaP]^PPTYR L []TYNPv^ SZ`^P bSZ [P]SL[^ LN\`T]PO _ST^ YLXP MPNL`^P SP bPY_ MPQZ]P _SP []TYNP L_ LWW ]P[]P^PY_L_TaP Q`YN_TZY^ WT_P]LWWd L^ L wQZ]PXLYx ,_ WPL^_ _ST^ bL^ _SP N`^_ZX TY WL_P] _TXP^ bSPY _SP -]LSXTY^ LWbLd^ SLO _Z []PNPOP _SP VTYR^ QZ] ]PL^ZY^ ZQ ]Pa P]PYNP 4Y Z_SP] ]PWTRTZ`^ Q`YN_TZY^ _ZZ _SP [`]ZST_L L[[PL]^ _Z SLaP LN_PO L^ L wWPLOP]x 3P T^ OP^N]TMPO L^ _SP wWPLOP] ZQ _SP SZ]OP^ FZQ ^TYRP]^Hx RL©L[L_T TP SP WPO _SP NSZT] L^ L ^Z]_ ZQ NLY_Z] L_ ^LN]T QTNP^ LYO SP LW^Z Q`YN_TZYPO L^ w_SP WZ]O ZQ []LdP] TY ML__WPx ‹A $ bSTNS XLdMP XPLY^ _SL_ TY _SP ML__WP SP bPY_ TY Q]ZY_ ZQ _SP QTRS_TYR _]ZZ[^ bT_S bZ]O^ ZQ MWP^^TYR TY Z]OP] _Z MPL_ _SP PYPXd aP] MLWWd L^ bPWW L^ [Sd^TNLWWd -`_ T_ T^ P\`LWWd [Z^^TMWP _SL_ bSL_ T^ XPLY_ SP]P T^ _SP ML__WP LRLTY^_ _SP Xd_STNLW OPXZY^ ZQ O]Z`RS_ Z] Z_SP] PYP XTP^ ZQ S`XLY WTQP ?SP Xd_STNLW ^`M^_LYNP SZbPaP] T^ NWPL]P]% LW_SZ`RS SP T^ SPLaTWd L]XPO -ŽSL^[L_Tv^ ]PLW bPL[ZY T^ _SP ^Z`YO ZQ _SP SdXY^ ?ST^ NSL]LN _P]T^_TN T^ XZ^_ XL]VPO TY ST^ ,]NSË YLXPWd TY _SP wM]PLVTYR Z[PY ZQ _SP NZaP]TYRx aLWLMSTO  # 3P SL^ _ST^ SP]ZTN OPPO TY NZXXZY bT_S 4YO]L _SP [`RYLNTZ`^ SP]Z LYO QLaZ]T_P RZO ZQ _SP ‹RaPOL M`_ ZYWd -šSL^[L_T NLY w^TYR Z[PYx Z] w^N]PLX Z[PYx _SP ALWL NZaP]TYR :YP NLY ^PP SZb ^`M_Wd _SP Xd_STNLW ^`M^_LYNP^ OTQQP] Q]ZX ZYP LYZ_SP] LYO L_ _SP ^LXP _TXP SZb QW`TO _SP ZY_TN _]LY^T_TZY^ NLY MP ?SP wNZaP]TYRx T^ L_ ZYNP L OPXZY LYO L ]ZNV ,NNZ]OTYR _Z _SP Xd_S _SP]P L]P NZb^ WZNVPO TY _SP ALWL ^S]Z`O bSTNS wQPPO^ ZY NZb^x 5`^_ WTVP _SP ALWL _SP NZb^ L]P YZ_ ^ZXP_STYR _SL_ NLY MP ^_]TN_Wd OPQTYPO YZ_ w_STYR^x TY Z`] ^PY^P M`_ Xd_SZRPXP^ _SL_ L]P TY _SPT] _`]Y NZY^T^_PY_Wd XLYTQP^_PO TY _SP TXLRTYL_TZY ?SPd OPYZ_P MZ_S ]PLW NZb^ LYO _SP [Z^^P^^TZY ZQ X`NS WTaP^_ZNV LYO ]LTY LYO L[[L]PY_Wd PaPY _SP ^LN]TQTNTLW WLYR`LRP T_^PWQ bSTNS T^ LOO]P^^PO _Z _SP RZO^ 4_ T^ b]T__PY _SL_ -ŽSL^[L_T wNWPLaPO _SP OPY ZQ m ALWL bT_S XLRTN ^ZYR^ L]VL QWLXTYR WTVP QT]Px LYO ^Z _SP wSTOOPY _]PL^`]P ZQ _SP NZb^ bL^ XLOP XLYTQP^_x $ LYO OT^ _]TM`_PO LXZYR^_ _SP SPLaPYWd 3P]P -ŽSL^[L_T L[[PL]^ LRLTY XLTYWd L^ _SP wNSZT] WPLOP]x R£_S£YTdL ‹A $ bSZ wbT_S _SP Q]TPYO^ ^N]PLXTYR WTVP _SP RPP^P SP ^[WT_ _SP ^SPWW XLOP ZQ ^_ZYPx  >Z L_ LY PL]_SWd WPaPW _SP [`]ZST_L ^_L]_^ _SP ^ZYR ZQQ LYO _SP Z_SP]^ NZ[d STX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q ‹A  " ?ST^ [`]ZST_L Q`YN_TZY T^ ]PWL_PO _Z ,RYT L^ bPWW M`_ ^TYNP _SP ^LN]TQT NTLW QT]P SL^ YZ OT]PN_ WTYV _Z WLYR`LRP LYO ^[PPNS TY RPYP]LW -šSL^[L_T ^_TWW ^_LYO^ Z`_ Md L ST^ OT^_TYN_ [P]^ZYLWT_d LW_SZ`RS ^ZXP_TXP^ TOPY_TQTPO bT_S ,RYT .Q >NSXTO_ -šSL^[L_T LYO 4YO]L  ! QQ # :Y _SP ALWL Xd_S ^PP LW^Z _SP TY_P][]P_L_TZY ZQ 6`T[P] ,YNTPY_ 4YOTLY .Z^XZRZYd  $ m aLWÃ^dL [ÐdL_Z UÃ^`X MSËO g MÄSL^[Ã_T] LRYT_Ã[ZMST] L]VLÏà g m £aÏ] YTOSÐÈ] LVš©ZO `^]Ïd£©£X gg ‹A !#!  SLÀ^LÏ] TaL ^ÃVSTMST] aÑaLOLOMST] L²XLYXÃd£YT YÃSLY£ aTÃ^dLY g ‹A !"LM

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

!$

wTY RZZ^P^_P[x TP LY_T[SZYLWWd Z] [Z^^TMWd TY L NLYZY ,WW _SP -šSL^[L_T SdXY^ PX[SL^TeP _SP TY_PY^T_d LYO ^[ZY_LYPT_d ZQ _SP wXLRTN ^ZYR^x ]PNPTaPO Md -ŽSL^[L_T _SPT] NSL]LN_P] _SL_ wQT]P^ ZYP `[x _SPT] Pc[WZ^TaP QZ]NP LYO T]]P^T^_TMWP ^_]PYR_S ,W_SZ`RS _SP _P]X -]LSXLY L[[PL]^ \`T_P QZ]PTRY _Z `^ LYO _SP bZ]O NLY ZYWd MP _]LY^QP]]PO _Z L XZOP]Y WLYR`LRP bT_S OTQQTN`W_d _SP [SPYZXPYZY T_^PWQ T^ bPWWVYZbY BP Pc[P]TPYNP ]Z`^TYR NSLY_TYR ZQ _ST^ _d[P L_ PaP]d QZZ_MLWW XL_NS LYO OPXZY^_]L_TZY ?SP ZYP ^TYRWP _SPXP ZQ _SP wM`]^_TYR ZQ _SP ALWLx ^dXMZW ZQ LWW OTLMZWTNLW QZ]NP^ _SL_ L]P LRLTY^_ _SP RZO^ ZNN`]^ TY Y`XP]Z`^ aL]TL _TZY^ 1Z] PcLX[WP TY^_PLO ZQ wNZb^x bP XTRS_ QTYO _SP bZ]O wSZYPdx bSTWP L w]ZNVx XLd _`]Y TY_Z L w^[]TYRx% w3P P^[TPO _SP SZYPd NZaP]PO Md _SP ]ZNV F^SPWWH L^ L FS`Y_P]H m bZ`WO FP^[dH L QT^S WTaTYR TY F^SLW WZbH bL_P] -ŽSL^[L_T QP_NSPO T_ Z`_ WTVP L F bZZOPYH MPLVP] Q]ZX _SP _]PP LQ_P] SP SLO M`]^_ Z[PY F_SP ^_ZYPH bT_S WZ`O MPWWZbTYRx  ,WW TY^[T]PO [ZP_^ [L]_LVP ZQ _ST^ SZYPd% w,_ _SP ^[]TYR bT_S _SP XZ`_S ZQ ^_ZYP bT_S _SP ^_]PLX ZQ SZYPd bSTNS -]LSXL©L^[L_T SL^ Z[PYPO Md ST^ XTRS_ SP]P O]LYV LWW _SZ^P bSZ ^PP _SP ^Vdx  -ŽSL^[L_T _SP w[ZP_ ZQ [ZP_^x ‹A  QTYO^ _SP STOOPY [ZbP] ZQ _SP -]LSXLY bSTNS T^ ^bPP_ _Z _SP RZO^ LYO ]PYOP]^ _SPX QLaZ]LMWd OT^[Z^PO LYO NZYQP]^ T_ _Z _SP [ZP_^ 4Y _SP^P [L]_TN`WL] aL]TL_TZY^ ZQ _SP ALWL Xd_S bP QTYO L ^_]ZYR Pc []P^^TZY ZQ _SP WTYR`T^_TNLWWd N]PL_TaP NZX[ZYPY_ ZQ _SP -ŽSL^[L_T ?SP SZYPd T^ L ^dXMZW ZQ bSL_ T^ w^bPP_x LMZ`_ WLYR`LRP _SL_ T^ QZ] _SP LP^_SP_TN L^[PN_ ?SP bL_P] OPYZ_P^ TYPcSL`^_TMTWT_d M`_ LW^Z QZ]XWP^^ YP^^ LYO TYOTNL_P^ _SP TYQTYT_d ZQ WLYR`LRP Q]ZX bSTNS _SP []TP^_[ZP_ O]Lb^ ?SP ]PWL_TZY^ST[ MP_bPPY WLYR`LRP LYO [ZP_]d ]P^PXMWP^ _SL_ MP_bPPY L _]PP LYO _SP N`[ _SL_ L bZZONL]aP] NL]aP^ Q]ZX _SP _]PP ?ST^ T^ PcLN_Wd SZb _SP []TP^_[ZP_ N]PL_P^ NZYN]P_P QZ]X^ Q]ZX _SP WTYR`T^_TN XL_P]TLW 4Y _SP APOL _SP w[ZP_x VLaT T^ YPaP] LY PL]_SWd [ZP_ M`_ TY^_PLO _ST^ LWbLd^ ]PQP]^ _Z _SP ZYP bSZ N]PL_P^ LYO Z]OP]^ _SP ^LN]PO [ZP_]d bSTNS L^ wSdXYTN ^LN]TQTNTLW QZZOx T^ bSL_ PYLMWP^ S`XLY^ _Z SLaP NZY_LN_ bT_S _SP ]PLWX ZQ _SP SPLaPYWd bSTNS M]TYR^ MWP^^TYR ?S]Z`RS _SP XPOTL_TZY ZQ -ŽSL^[L_T _SP SPLaPYWd LYO _SP PL]_SWd ]PLWX^ NLY NZXP TY_Z NZY_LN_ bT_S PLNS Z_SP] -ŽSL^[L_T YZ_ ZYWd OT^_]TM`_P^ _SP NZb^ []P^`XLMWd _ST^ ]PQP]^ _Z _SP ^LN]TQTNTLW bZ]O^ LXZYR^_ _SP SPLaPYWd ‹A  M`_ SP STX^PWQ LW^Z bLYOP]^ LMZ`_ L^ L SPLaPYWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  òYÑ[TYLOOSLX XÃOS` [Ã]d L[L²dLY XÃ_^dLÀ Yà O¯Yà `OÃYT V´TdÃY_LX g YÏ´ ¶ÃU ULMS£]L NLXL^ÃÀ Yà ašV´ÑO MÄSL^[Ã_T] aT]LaË©£ aTVÄ_dL gg ‹A !##  òX£^TdLX LaL_ÃX M]ÃSXL©L^ [Ã_T] XÃOS`OS£]LX LMSÏ dÃX ÕUL^Ñ_š©L_ g _ÃX Paà aϲaP [L[T]P ^`aL]OIJZ m ‹A 

"

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

XT]LNWP `[ZY _SP 0L]_S LYO M]TYR^ _SP WTRS_ ZQ SPLaPY _Z _SP 0L]_S _S]Z`RS ST^ XLRTN bZ]O ‹A $ ,^ T^ NZY^T^_PY_ bT_S _SP Xd_STNLW _Z_LWWd [L]_TNT[L_Z]d bZ]WO Z]TPY _L_TZY bP QTYO YZ_ ZYWd _SP TY_P]NSLYRPLMTWT_d LYO QW`TOT_d ZQ bZ]O^ LYO _STYR^ M`_ LW^Z ZQ _SZ`RS_^ ?SP]P L]P YZ LN_`LW ZY_TN MZ]OP]^ BSPY L []TP^_[ZP_ ^[PLV^ TY ]PLWT_d -ŽSL^[L_T T^ ^[PLVTYR 3T^ SdXY T^ [ZbP] Q`W MPNL`^P _SP ^[ZY_LYPZ`^ M]PLV_S]Z`RS ZQ OTaTYP _]`_S _LVP^ [WLNP TY T_% w,^ _SP WL]RP ^`Y N]PL_P^ _SP OLbY _S]Z`RS SP] WTRS_ ^Z LW^Z DZ` F( -ŽSL^[L_TH N]PL_P LWW bZ]O^ ZQ MWP^^TYRx  ?SP [P]QPN_ []TP^_[ZP_ VLaT T^ _SP PN^_L_TN aT[]L LYO ST^ SdXYTN WLYR`LRP TY ^PaPY XP_P]^ LWbLd^ _PWW^ ZQ L OTaTYP ]PLWT_d ?SP TX[Z]_LY_ [Z^T_TZY ZQ -ŽSL^[L_T T^ Pc [WLTYPO Md _SP QLN_ _SL_ bT_SZ`_ STX _ST^ ]PLWT_d bZ`WO ]PXLTY TYaT^TMWP _Z XZ]_LW^ 4Y _ST^ ]P^[PN_ -ŽSL^[L_Tv^ wMPWWZbTYRx _SP -]LSXLY  MPNZXP^ _SP ^[PNTQTNLWWd OTaTYP L_XZ^[SP]P _SP []P^PYNP ZQ _SP OTaTYP bSTNS TY _SP ‹RaPOL T^ RPYP]LWWd NLWWPO w_SP WTRS_x% wbT_S MPWWZbTYR Z`_ ZQ L ^PaPY QZWO XZ`_S SP SL^ MWZbY LbLd _SP OL]VYP^^x ‹A   ^PP LW^Z !$z & $&  ?SP WTRS_ TY _SP SPL]_^ ZQ _SP PN^_L_TN^ O]TaP^ LbLd _SP YZYOTaTYP _SP OL]VYP^^ _SP OPXZYTN LYO _SP TYaT^TMTWT_d ZQ _SP RZO^ :YWd TY _SP aT^TZY ZQ _SP VLaT OZ S`XLY MPTYR^ [L]_LVP ZQ _SP OTaTYP _SP WTRS_ 



7LYR`LRP L^ L 2ZOOP^^

4Y _SP PL]Wd ‹V>LÀST_£  WLYR`LRP T^ ZYWd _SPXL_TePO bSPY _SP _Z[TN T^ [ZbP]Q`W [ZP_TN ^[PPNS LYO _S`^ PaZNL_TaP XLRTN WLYR`LRP z _SL_ T^ M]ÃSXLY  -`_ TY _SP WL_P] SdXY^ ZQ _SP ‹V>LÀST_£ YZ_ ZYWd _SP -]LS XLY M`_ LW^Z _SP bSZWP A£N _SL_ T^ PaP]d _d[P ZQ WLYR`LRP LYO ^Z`YO T^ _]PL_PO L^ ^ZXP_STYR Y`XTYZ`^ 4Y_P]P^_TYRWd L^ ^ZZY L^ _SP Y`XT YZ`^ TOPY_T_d ZQ A£N MPNZXP^ _SP _Z[TN z TY NZY_]L^_ _Z -]LSXLY z T_ L[[PL]^ Q]ZX _SP aP]d MPRTYYTYR L^ L RZOOP^^ TY L [P]^ZYLW QZ]X 3Zb PaP] L_ LWW _TXP^ ^SP ]P_LTY^ SP] YL_`]P L^ PaP]d _d[P ZQ WLYR`LRP LYO ^Z`YO LYO _S`^ NZaP]^ L X`NS M]ZLOP] ]LYRP _SLY _SP -]LSXLY 1ZN`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  `^]Ñ TaL ^Ì]TdZ UdÕ_T´£ XLSÕ aϲaP´£X ÏU ULYT_Ñ M]ÃSXL©£X L^T gg ‹A   L^dà ²WÕVZ OTaÐdL_P [Ž_STadÑX Ã_dZ Yà dLÀ^LO dLV´LMSÄO aÏNP_£à g ‹A $ dLOÑ aLWÃ^dL [ÐdL_Z UÃ^`X MSËO MÄSL^[Ã_T] LRYT_Ã[ZMST] L]VLÏà g OLOMSÏ] Yà UTSaÑ [Ã]TaT´¶LX ÑOLO £aÏ] YTOSÐÈ] LVŽ©ZO `^]Ïd£©£X gg MÄSL^[Ã_T] ÃXL_L SÏ _dÃO £^£À YÑXL ^aL]Щ£À ^ÃOLYP RÜS£ dÃ_ g £©“ËaL MST__aÑ ²LV`YÃ^dL RÃ]MSLX ÜO `^]Ïd£à [Ã]aL_L^dL _XÃY£UL_ gg"gg òYÑ[TYLOOSLX XÃOS` [Ã]d L[L²dLY XÃ_^dLÀ Yà O¯Yà `OÃYT V´TdÃY_LX g YÏ´ ¶ÃU ULMS£]L NLXL^ÃÀ Yà aŽV´ÑO MÄSL^[Ã_T] aT]LaË© ©£ aTVÄ_dL gg#gg ‹A !#!z#

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

"

TYR ZY A£N ]P^`W_^ TY _SP _SPXL_TeL_TZY ZQ WLYR`LRP T_^PWQ ?SP TXLRP ZQ A£N TY _SP ‹V>LÀST_£ _S`^ NZXP^ aP]d NWZ^P _Z L RPYP]LW _P]X wWLY R`LRPx `YWTVP _SP _P]X -]LSXLY 4_ T^ YZ_PbZ]_Sd _SL_ TY _SP WL_P ‹V>LÀST_£ SdXY^ _Z -šSL^[L_T ZN N`] XZ]P LYO XZ]P ]L]PWd bSTWP TYOP[PYOPY_ SdXY^ _Z _SP RZOOP^^ A£N ^_L]_ _Z _LVP _SPT] [WLNP 4_ NLYYZ_ MP OPYTPO _SL_ _ST^ ^STQ_ ZQ TY_P]P^_ Q]ZX -šSL^[L_T _Z A£N NZ]]P^[ZYO^ _Z _SP OPaPWZ[XPY_ TY _SZ`RS_ _SL_ 0]Y^_ .L^^T]P] SL^ [Z^_`WL_PO L^ L _]LY^N`W_`]LWWd aLWTO WLb% _SP ST^_Z]T NLW _]LY^T_TZY Q]ZX _SP Xd_STNLW _Z _SP _P]XTYZWZRTNLW L^ L Q`YOLXPY_LW XZaPXPY_ TY LWW ST^_Z]d ZQ _SZ`RS_% w?ST^ NSL]LN_P]T^_TN ubSZWPYP^^v ZQ _SP Xd_STNLW [TN_`]P ZQ _SP bZ]WO TY bSTNS LWW _SP OTQQP]PY_TL_TZY^ ZQ _STYR^ L]P OT^^ZWaPO TY_Z L Xd_STNLW XLRTNLW NSLTY ZQ NL`^LWT_d NL]]TP^ bT_S T_ L ^TRYTQTNLY_ NZY^P\`PYNP QZ] XLYv^ L[[]ZLNS _Z WLYR`LRP ,^ ^ZZY L^ Xd_S ]T^P^ LMZaP _SP WPaPW ZQ _SP XZ^_ []TXT_TaP XLRTNLW u[]LN_TNPv bSTNS ^_]TaP^ _Z ZM_LTY L ^[PNTQTN PQQPN_ Md _SP `^P ZQ L ^[PNTQTN XPLY^ bSTNS LNNZ]OTYRWd WTYV^ ZYP [L]_TN`WL] bT_S LYZ_SP] TY TXXPOTL_P LN_TZY – L^ ^ZZY L^ Xd_STNLW _STYVTYR ^PPV^ PaPY TY _SP N]`OP^_ XZ^_ TX[P]QPN_ QZ]X _Z `YOP]^_LYO T_^ ZbY LN_TaT_d T_ SL^ [PYP_]L_PO _Z _SP ^[SP]P ZQ `YTaP]^LWT_dx !

,NNZ]OTYR _Z .L^^T]P] _SP O]TaTYR QZ]NP MPSTYO _ST^ XZaPXPY_ Q]ZX _SP Xd_STNLW LYO XLRTNLW TY_Z _SP _P]XTYZWZRTNLW Z] Q]ZX _SP TYOTaTO`LW _Z _SP RPYP]LW WTP^ TY L N`W_`]Pv^ LOaLYNTYR NL[LNT_d QZ] ^PWQ]PQWPN_TZY 3P WTYV^ _ST^ _Z L NWPL] aLW`P U`ORXPY_% Xd_S T^ _SP w[]TXT_TaPx _SP `Y]P QWPN_PO bSTWP _SP _P]XTYZWZRTNLW LYO ]PQWPN_PO ]P[]P^PY_^ LY wPWPaL_TZYx LMZaP _ST^ []TXT_TaP ^`M^_]L_P ?SP]P T^ SZbPaP] YZ ]PL^ZY QZ] ^`NS L U`ORXPY_LW aTPb L_ LWW QZ] _SP _]LY^T_TZY Q]ZX ZYP Q]LXP ZQ _SZ`RS_ _Z LYZ_SP] T^ LW^Z LWbLd^ L^^ZNTL_PO bT_S WZ^^P^ 4Y 4YOTL [PZ[WP SLaP LN _`LWWd LWbLd^ MPPY LbL]P ZQ _ST^ bSTNS T^ bSd 4YOTLY WTYR`T^_TN [ST WZ^Z[Sd bL^ YPaP] L ZYPbLd ^_]PP_ ;L]_TN`WL]Wd _SP^P ^_TWW ^PXT Xd_STNLW LYO LW]PLOd ^PXT_P]XTYZWZRTNLW aTPb^ ZQ A£N TY _SP ‹V >LÀST_£ bP]P _Z MPNZXP LY TX[Z]_LY_ STYRP[TY QZ] _SP ]PXd_STQTNL_TZY Md WTYR`T^_TN [STWZ^Z[SP]^ ^`NS L^ -SL]_šSL]T LYO ,MSTYLaLR`[_L ?ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?SP SdXY^ _Z A£N LYO _SP _Z[TN WLYR`LRP bSTNS bP bTWW PWLMZ]L_P ZY MPWZb SLaP MPPY OT^N`^^PO []PaTZ`^Wd Md B 9Z]XLY -]ZbY w?SP N]PL_TaP =ZWP ZQ _SP 2ZOOP^^ A£N TY _SP ‹RaPOLx TY ;]L_TO£YLX ?SP 3LR`P% 8Z`_ZY $!# $z$"& 7L`]TP ;L_ _ZY w3dXY _Z A£N% 8d_S Z] ;STWZ^Z[Sd*x TY 8d_S LYO ;STWZ^Z[Sd  PO 1 =PdYZWO^ LYO / ?]LNd ,WMLYd% >@9D $$ #z& 7Z`T^ =PYZ` w7P^ [Z`aZT]^ OP WL [L ]ZWP OLY^ WP^ SdXYP^ aËOT\`P^x 0_`OP^ aËOT\`P^ P_ [£©TYËPYYP^ ;L]T^ $$ z!$ z " Pc_PYOPO aP]^TZY ZQ _SP L]_TNWP ZQ $ & 1]T_^ >_LLW w‹RaPOL " ZY _SP :]T RTY^ ZQ 7LYR`LRPx TY =PaPWL_TZY TY 4YOTLY ?SZ`RS_  PO 3 .ZbL]O LYO 6 >TaL]LXLY 0XP]daTWWP% /SL]XL ;`MW $"" z ! 0]Y^_ .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^% AZW`XP  z 7LYR`LRP 9Pb 3LaPY% DLWP @YTaP]^T_d ;]P^^ $  # 0]Y^_ .L^^T]P] ;STWZ^Z[STP OP] ^dX MZWT^NSPY 1Z]XPY% 0]^_P] ?PTW z /TP >[]LNSP /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP ^PWW^NSLQ_ $$ !

"

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

bL^ MPNL`^P T_ T^ ZYWd SP]P _SL_ WLYR`LRP T^ ^_TWW _LYRTMWP L^ LY TY_PR]LW `YTQTPO QZ]X .L^^T]P] Md NZY_]L^_ ^PP^ LY T]]PaP]^TMWP OPaPWZ[XPY_ _LVTYR [WLNP% L `YTaP]^LW _P]X wWLYR`LRPx PXP]RP^ bSPY _SP [ZbP] _SL_ bL^ []PaTZ`^Wd L^N]TMPO _Z LY TYOTaTO`LW bZ]O MPNLXP _Z MP `YOP]^_ZZO LM^_]LN_Wd L^ _SP [ZbP] L]T^TYR Q]ZX WLYR`LRP T_^PWQ% w?SP Xd_STNLW aTPb ZQ WLYR`LRP OPaPWZ[^ TY _SP ^LXP OT]PN_TZY ]T^TYR Q]ZX _SP [P]NP[_TZY ZQ _SP [L]_TN`WL] QZ]NP NZY_LTYPO TY _SP TYOTaTO`LW bZ]O LYO TYOTaTO`LW XLRTNLW QZ]X`WL _Z _SP TOPL ZQ L `YTaP]^LW [Z_PYNd [Z^^P^^ Md _SP bZ]O L^ ^`NS Md u^[PPNSv L^ L bSZWPv 4_ T^ TY _ST^ Xd_STNLW QZ]X _SL_ _SP NZYNP[_ ZQ WLYR`LRP L^ L `YT_d T^ QT]^_ PYRPYOP]POx "

3P]P .L^^T]P] XLVP^ Pc[WTNT_ ]PQP]PYNP _Z _SP APOTN RZOOP^^ A£N MP NL`^P ZY _SP ZYP SLYO TY A£N WLYR`LRP T^ _SZ`RS_ ZQ L^ L `YT_d LYO ZY _SP Z_SP] L Y`XPY T^ []P^PY_ _SL_ T^ OP^N]TMPO U`^_ WTVP Z_SP] Xd_STNLW Y`XTYL # -`_ LNNZ]OTYR _Z .L^^T]P] _ST^ T^ ZYWd _SP QT]^_ ^_P[ ZY _SP bLd _Z L RPY`TYP `YTaP]^LWT_d bSTNS MPNZXP^ _LYRTMWP z YL_`]LWWd z wQZ] _SP QT]^_ _TXPx TY _SP 2]PPV ^[PN`WL_TZY ZQ 3P]LNWT_`^ wTY Q`WW NZY ^NTZ`^YP^^ LYO NWL]T_dx $ 0aPY TY _SP PL]WTP^_ SdXY^ _SP RZOOP^^ A£N LN\`T]P^ L `YTaP]^LW NSL]LN_P] ZQ SP] ZbY% ^SP T^ ]PWL_PO Md MWZZO Z] XL]]TLRP _Z LWW _SP Z_SP] RZO^ ^SP T^ N]PL_PO Md _SPX LYO dP_ ^SP T^ ^_TWW _SPT] \`PPY ]£´¶]¯  ! >Z ^SP bL^ YPaP] L Xd_STNLW OPT_d TY _SP YZ]XLW ^PY^P M`_ LWbLd^ SLO NZ^XTN ]PWPaLYNP BSP]PL^ -]LSXLY T^ L^^ZNTL_PO bT_S [ZP_]d _SL_ T^ `W_TXL_PWd WTYVPO _Z S`XLY MPTYR^ LYO _SPT] N`W_`]P TY _SZ^P PL]Wd SdXY^ A£N T^ ZQ_PY WTYVPO _Z LYTXLW^ Z] _Z YL_`]LW [SPYZXPYL ?SP Pc[]P^^TaP M`_ YZY^PXLY_TN NLWW^ ZQ LYTXLW^ LYO _SP [ZbP]Q`W _S`YOP] Q]ZX _SP SPLa PY^ L]P SP] ZbY ^[PNTQTN OZXLTY^ ?SP QLaZ]T_P ]P[]P^PY_L_TZY ZQ A£N T^ _SP TXLRP ZQ L NZb _SP NZb LWbLd^ MPTYR LW^Z `YOP]^_ZZO L^ L XP_L [SZ] QZ] ]LTY LYO SP] WZbTYR L^ _SP _S`YOP] ZQ _SP NWZ`O^% wBSPY _SP RPY_WP 7LYR`LRP _SP \`PPY ZQ _SP RZO^ LWTRS_^ LYO Pc[]P^^P^ ^ZXP_STYR _SL_ T^ TYNZX[]PSPY^TMWP T_ T^ XTWVTYR XTWV LYO PYP]Rd Q]ZX _SP QZ`] FOT]PN_TZY^ ZQ _SP SPLaPY^H ?SP RZOOP^^ 7LYR`LRP T^ _SP OL`RS_P] ZQ

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .L^^T]P] ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ aZW  #  ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY aZW  " # .L^^T]P] aP]d ^_]ZYRWd WTYV^ _SP^P _SZ`RS_^ ZY A£N _Z _SP []TP^_SZZO ?ST^ T^ YZ_ YPNP^^L]TWd XZ_TaL_PO Md _SP _Pc_ L^ _SP A£N SdXY^ LW^Z NZY_LTY []ZQLYP _Z[TN^ $ .L^^T]P] ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ aZW  $  ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY  aZW  # ! X£_Ñ ]`O]Ñ©£À O`ST_Ñ aÃ^¼Y£À ^aÃ^£OT_dÑY£X LXÄ_L^dL YÑMSTà g []à YÜ aZNLÀ NTVT_Ü´P UÃY£dL XÑ RÑX ÃY£R£X ÃOT_TÀ aLOST´¶L gg ‹A # 

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

"

_SP RZO^ >SP T^ _SL_ bSTNS LWW _SP LYTXLW^ ^[PLV 8Ld ^SP MP RPY_WP _Z `^ LYO []ZaTOP PYP]Rd LYO ^_]PYR_Sx !

4_ ^PPX^ L^ _SZ`RS [PZ[WP TXLRTYP _SP RZOOP^^ A£N L^ L _d[P ZQ []TXP aLW ^[]TYR ZQ LWW ^Z`YO 4_ T^ YZ_ WZRTNLW LYO NZX[]PSPY^TMWP WLYR`LRP _SL_ T^ _SP QZN`^ ZQ L__PY_TZY 4Y^_PLO A£N TXLRP^ LWbLd^ TYOTNL_P _SP Pc[]P^^TaP L^[PN_ L^ _SP OTXPY^TZY ZQ OP[_S ZQ ^Z`YO _SL_ NLY YPaP] MP PcSL`^_PO TY NZY_]L^_ _Z _SP XPL^`]LMWP LYO ]PO`NTMWP WZRZ^  ,MZaP LWW _ST^ LM`YOLYNP ZQ _SP Pc[]P^^TaP T^ TWW`^_]L_PO bT_S _SP TXLRP ZQ _SP NZb _SL_ RTaP^ XTWV `YNPL^TYRWd >Z TY L NP]_LTY bLd _SP RZOOP^^ A£N ]P[]P ^PY_^ PaPY TQ YZ_ PcNW`^TaPWd LY LY_TXd_S _Z _SP LRR]P^^TaP wMPW WZbP]x -šSL^[L_T -šSL^[L_T T^ L^^ZNTL_PO bT_S XP_L[SZ]^ TYaZWaTYR QT]P LYO WTRS_ bSTWP _SP NSL]LN_P] ZQ A£N Md NZY_]L^_ T^ wRPY_WPx XLYO]L  ?SP >LY^V]T_ bZ]O XLYO]L wRPY_WPx M`_ LW^Z wOL]Vx T^ LWbLd^ _SP NZX[WPXPY_L]d _P]X _Z O¯[_L w^S]TWWx M`_ LW^Z wM]TRS_x 4Y X`^TN _SP^P _bZ _P]X^ L]P ^_TWW `^PO _ZOLd _Z TYOTNL_P _SP WZbP^_ LYO _SP STRS P^_ ZN_LaP^ 3P]P wXLYO]Lx L[[PL]^ _Z XPLY []TXL]TWd _SP wRPY_WP YL _`]Px ZQ _SP NZb M`_ T_ LW^Z LWW`OP^ _Z _SP _TXM]P ZQ _SP WZbTYR LYO OPP[ _S`YOP]

  w?SP 7LYR`LRP >[PLV^x% ?SP A£R ¢XMSš©¯ 3dXY 4Y L aP]d RPYP]LW ^PY^P _SP SdXY ZQ _SP A£R¢XMSš©¯ ‹A   T^ NZYNP]YPO bT_S _SP RZOOP^^ A£N 4YNTOPY_LWWd _ST^ SdXY T^ _SZ`RS_ _Z SLaP MPPY NZX[Z^PO Md L bZXLY 4_ T^ ^_TWW [Z[`WL] _ZOLd L^ _SP wSdXY _Z _SP 2]PL_ 2ZOOP^^x /Pa¯>¼V_L  3T^_Z]TNLWWd T_ ]P[]P^PY_^ L YPb _d[P ZQ SdXY bSTNS ZYWd MPNLXP [Z[`WL] L_ _SP _TXP ZQ _SP WL_P >LÀST_£^ ?ST^ YPb _d[P T^ YZ_ ZYWd NZYNP]YPO bT_S _SP ]PT_P]L_TZY ZQ _SP _]LOT_TZYLW Xd_SZRPXP^ M`_ WTaP^ X`NS XZ]P Q]ZX _SP [STWZ^Z[STNLW ^[PN`WL_TZY LYO _SP [L^^TYRZY ZQ P^Z_P]TN ^PN]P_^ ?SP PaZNL_TaP L^[PN_ _LVP^ L MLNV ^PL_ MPSTYO _SP TYQZ]XL_TaP L^[PN_ ?SZ`RS_^ LMZ`_ aTPb^ ZQ _SP bZ]WO L]P OPaPWZ[PO LYO _]LY^XT__PO BSPYPaP] Xd_SZRPXP^ L[[PL] _SPd ^SZ`WO []PQP]LMWd MP `YOP]^_ZZO L^ LWWPRZ]TP^ LYO _SPT] Y`XTYZ`^ NSL]LN_P] QLOP^ :Q_PY _SP SdXY^ TY _SP PL]Wd ‹V>LÀST_£ NZ`WO YZ_ MP TY_P][]P_PO ]L_TZYLWWd 8Z^_Wd bP QTYO YZ_STYR XZ]P TY _SPX _SLY Q]PP L^^ZNTL_TZY^ LYO ^P]TP^ ZQ L^^ZNTL_TZY^ -`_ ^`NS Q]PP ^P]TP^ bP]P YPaP] WTYVPO _ZRP_SP] _Z QZ]X L WZRTNLWWd NZY^_]`N_PO LYO NZX[WP_P _SZ`RS_ ^_]`N_`]P 4_ T^ X`NS XZ]P _SP NL^P _SL_ _SP^P L]P PT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! dÃO aÑR aÃOLY_¯ LaTNP_LYÑYT ]Ñ´¶]¯ OPaÑY£À YT´L^ÑOL XLYO]Ñ g NÃ_L^]L Ì]ULÀ O`O`SP [Ãd£À^T  gg OPaÐÀ aÑNLX LULYLdLY_L OPaÑ^ _ÑÀ aT²aÃ]¼[£à [L²ÃaZ aLOLY_T g ^Ñ YZ XLYO]Ñ Ï´LX Ì]ULÀ OÜS£Y£ OSPYÜ] aÑR L^XÑY Ü[L ^Ü´¶`_LÏ_` gg ‹A #z 

"

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_SP] _Z_LWWd `YL^^ZNTL_PO ^_L_PXPY_^ Z] ZYP LYO _SP ^LXP _Z[TN TWW`^ _]L_PO ZaP] LYO ZaP] TY YPb bLd^ bT_S aL]dTYR TXLRP^ 1Z] PcLX[WP TY _SP -ŽSL^[L_T SdXY^ bZ]O^ ^`NS L^ wSZYPdx wbL_P]x LYO wNZbx L]P PcNSLYRPO bT_SZ`_ LYd ]PL^ZY _SL_ bP NLY [P]NPTaP 4Y _SP NZY_Pc_ ZQ _SP -ŽSL^[L_T SdXY^ _SP _S]PP bZ]O^ OPYZ_P ^LN]PO ^[PPNS bSTW^_ TY LYZ_SP] NZY_Pc_ _SPd NLY SLaP NZX[WP_PWd OTQQP]PY_ XPLYTYR^ :Y _SP Z_SP] SLYO TY _SP [STWZ^Z[STNLWWd ^[PN`WL_TaP SdXY^ _SP TYOTaTO`LW ^_L_PXPY_^ M`TWO `[ZY ZYP LYZ_SP] ?SP XZ^_ ^_]TVTYR QPL_`]P ZQ _SP A£R¢XMSš©¯ SdXY T^ _SP ^PWQ NZYQTOPY_ `^P ZQ _SP QT]^_ [P]^ZY bT_S bSTNS 7LYR`LRP TY_]ZO`NP^ SP] ^PWQ TY [ZP_TN ^[PPNS L^ _SP ZYP bSZ XLTY_LTY^ _SP RZO^ LYO L^ _SP ^Z`]NP ZQ WTQP 4Y _P]X^ ZQ MZ_S QZ]X LYO NZY_PY_ _ST^ WPYO^ SP] L [L] _TN`WL]Wd STRS [Z^T_TZY LYO L VPd NZ^XTN Q`YN_TZY% w4 bLYOP] bT_S _SP =`O]L^ _SP AL^`^ ¢OT_dL^ LYO AT²aLOPaL^ _SP RZO^ ZQ _SP LT] _SP PL]_S _SP SPLaPY^ bT_S _SP `YTaP]^LW RZO^ m 4 M]TYR RZZO^ _Z _SP ^LN]TQTNP] m 4 LX _SP \`PPY bSZ RL_SP]^ LWW RZZO^ _SP 6YZbTYR :YP _SP QT]^_ ZQ _SP SZWd _STYR^ TY _SP ^LN]TQTNP 4 LWZYP bL^ _SP :YP bSZX _SP RZO^ _SPY OT^_]TM`_PO FL^ _SP [L]_^ ZQ _SP ^LN]TQTNPH ^Z _SL_ 4 WTaP TY XLYd [WLNP^ LYO _]PLO ZY X`NS FOTQQP]PY_ R]Z`YOH ,YdZYP bSZ ^PP^ bSZ M]PL_SP^ bSZ SPL]^ bSL_ SL^ MPPY ^LTO SP ^SLWW ]PNPTaP _ST^ QZZO FQZ] ST^ ^PY^P^H Q]ZX XP BT_SZ`_ VYZbTYR T_ _SPd ObPWW NWZ^P _Z XP m 3L]VPY FBSL_H 4 ^[PLV NLY MP MPWTPaPO 4 LWZYP LX _SP :YP bSZ ^[PLV^ _SZ^P F^LN]TQTNTLW bZ]O^H TY bSTNS RZO^ LYO XPY [L]_TNT[L_P FLWTVPH BSZX^ZPaP] 4 WZaP 4 ^SLWW XLVP L VTYR L -]LSXTY L ^PP] L ^LRP m 4 OZ _SP NZYaP]^L_TZY QZ] LWW [PZ[WP 3PLaPY LYO PL]_S _SP bSZWP bZ]WO SLaP 4 _]ZO 4 RTaP MT]_S _Z _SP 1L_SP] FZQ 3PLaPYH ZY _SP ePYT_S ZQ _SP FSPLaPY^H 8d MT]_S[WLNP WTP^ TY _SP QWZZObL_P]^ ZQ NSLZ^ 1]ZX _SPYNP 4 RZ Z`_ TY_Z LWW bZ]WO^ `Y_TW 4 ]PLNS _SP SPLaPY^ bT_S _SP N]ZbY ZQ Xd SPLO 4 MWZb WTVP _SP bTYO LYO _Z`NS LWW bZ]WO^ -PdZYO _SP SPLaPY^ LYO MPdZYO _SP PL]_S 4 LX PYOZbPO bT_S _ST^ R]PL_YP^^x !

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! LSÃÀ ]`O]ËMST] aÃ^`MST² NL]£XT g LSÃX £OT_dLÏ] `_à aT²aÃOPaLTà g m LSÃÀ OLOS£XT O]ÃaT©LÀ SLaÏ´XL_P g m LSÃÀ ]Ñ´¶]Å ^LÀRÃXLYÅ aÃ^¼Y£X g NTVT_Ü´Å []L_SLXƒ dLUÓÏd£Y£X g _ÑÀ X£ OPaÑ aÏ LOLOS`à [`]`_]Ñ g MSÌ]T´¶S£_]£À MSÌ]T £aP²ÃdLY_ÅX gggg XÃd£ ^Õ ÃYYLX L__T dÕ aT[òdL_T g dÃà []Ñ©T_T dà ÅX ²š©Õ_T `V_ÃX g LXLY_ÃaZ XÑÀ _à Ü[L V´TdLY_T g ²]`OST ²]`_L ²]LOOSTaÃÀ _P aLO£XT gggg LSÃX Paà ^aLdÃX TOÃÀ aLO£XT g UÜ´¶LÀ OPaËMST] `_à XÑY`´PMSTà g dÃÀ V£XÃdP _ÃÀ_LX `R]ÃÀ Vš©ZXT g _ÃÀ M]LSXÑ©LÀ _ÃX Ä´TÀ _ÃÀ ^`XPOSÑX gg gg m LSÃÀ UÃY£dL ^LXÃOLÀ Vš©ZXT g LSÃÀ OdÑa£[š_STaÐ Ñ aTaP²L gg!gg LSÃÀ ^`aP [T_Ã]LX L^dL X¼]OSÃY g XÃXL dÕYT] L[^Ü LY_Ãà ^LX`O]Ë g _Ã_Z aÏ _T´¶SP MSÜaLYÑY` aϲaÑ g `_ÑXÌÀ OdÑÀ aL]´XÃYÕ[L ^[š²£XT gg"gg LSÃX Paà aÑ_L TaL []à a£XT g £]ÃMSLX£©£ MSÜaLY£YT aϲa£ g [L]Õ OTaÑ [L]à PYÑ [š_STadÑ g P_ÑaL_Å XLSTYÑ ^ÃÀ MLMS`aL gg#gg ‹A  z#

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

"

,WW _STYR^ L]P RL_SP]PO _ZRP_SP] TY WLYR`LRP 7LYR`LRP T^ P^^PY_TLW ,MZaP LWW NZY_LN_ bT_S _SP RZO^ ]P\`T]P^ WLYR`LRP L^ ^_L_PO TY ‹A #!% w?SP NZb bSZ WTQ_^ `[ _SP MPL`_TQ`WWd ^[PLVTYR aZTNP bSZ T^ L__PYOPO Md LWW RZZO _SZ`RS_^ bSZ MPTYR L RZOP^^ FPaPYH QZ] _SP RZO^ XZaP^ L]Z`YO FbT_S _SPXH z WP_ YZ_ _SP XZ]_LW MP ^Z ^TWWd L^ _Z ]PWTY\`T^S SP]x !

,WW _SP ,]NSÃT ZQ L RZO RLTY ^`M^_LYNP TY _ST^ bZ]WO ^ZWPWd _S]Z`RS WLYR`LRP bSTNS T^ bSd LWW _SP RZO^ ZYWd PcT^_ bSP]P WLYR`LRP LW^Z PcT^_^ 3P]P LRLTY _SP]P T^ LY PNSZ ZQ _SP TOPL ZQ _SP wSdXYTN QZZOx% LQ_P] LWW _SP TXXZ]_LW RZO^ _SPX^PWaP^ L]P ZYWd LWTaP Md XPLY^ ZQ _SP NZY^_LY_ ]PTYaZNL_TZY TY _SPT] ^LN]TQTNTLW SdXY^ -`_ T_ T^ YZ_ ZYWd TY_P]NZ`]^P bT_S _SP SPLaPYWd PY_T_TP^ _SL_ L]T^P^ Q]ZX 7LYR`LRP M`_ LW^Z VYZbWPORP LMZ`_ _SP bZ]WO ,YdZYP bSZ NLY ^[PLV bPWW SL^ L NL]PP]% wBSZX^ZPaP] 4 WZaP 4 ^SLWW XLVP L VTYR L -]LSXTY L ^PP] L ^LRPx /P^[T_P _SP QLN_ _SL_ _ST^ T^ XTcPO bT_S []LR XL_TN L]R`XPY_^ _SP]P T^ ^_TWW _]`P XP_L[Sd^TNLW ^`M^_LYNP wBT_SZ`_ VYZbTYR T_ _SPd ObPWW NWZ^P _Z XPx 7LYR`LRP XLVP^ _SP bZ]WO [Z^^T MWP LYO T^ []P^PY_ TY LM^ZW`_PWd PaP]d_STYR ?ST^ NZ^XTN ]PWPaLYNP T^ `YOP]^NZ]PO Md _SP TXLRP ZQ _SP 8LN]LY_S]Z[Z^ [`]`´L  bSTNS ]P XLTY^ [Z[`WL] PaPY TY WL_P] 3TYO`T^X ?SP QPP_ ZQ _SP RZOOP^^ 7LY R`LRP ]PLNS TY_Z _SP `YOP]bZ]WO LYO _SP _Z[ ZQ SP] SPLO _Z`NSP^ _SP SPLaPY^ 0aPY L XP_L[SZ] _SL_ _PYO^ _ZbL]O^ _]LY^NPYOPYNd T^ `^PO _Z OP^N]TMP A£N% w-PdZYO _SP SPLaPY^ LYO MPdZYO _SP PL]_S 4 LX PYOZbPO bT_S _ST^ R]PL_YP^^x 3P]P _SP NPY_]LW TXLRP ZQ bL_P] SL^ MPPY LOZ[_PO Q]ZX _SP NZ^XZR ZYd 7LYR`LRP [`^SPO `[ Z`_ ZQ _SP OP[_S^ SP] LN_`LW Z]TRTY T^ TY _SP ZNPLY ^LX`O]L  XPLYTYR _SP bZ]WON]PL_TYR w[]TXPaLW QWZZO^x bSTNS ^`]]Z`YO _SP 0L]_S ZY LWW ^TOP^ ?ST^ MT]_S[WLNP T^ NZY_]L^_PO bT_S _SP 1L_SP] ZQ 3PLaPY OdL`´[T_Ž  bSZ WTaP^ L_ _SP STRSP^_ [ZTY_ ZQ _SP SPLaPY^ LYO T^ TY _`]Y N]PL_PO Md A£N 7LYR`LRP T^ L_ ZYNP _SP P[T_ZXP ZQ _SP Z]OP]PO NZ^XZ^ LYO _SP QZ]XWP^^ []TXPaLW QWZZO 4_ T^ NP]_LTYWd YZ_ Md NSLYNP _SL_ _SP SdXY^ NZYNP]YTYR wWLYR`LRP L^ ^`NSx ]PQWPN_ L ]P^ZW`_TZY ZQ _SP Z]TRTYLW Xd_STNLW `YT_d bSTNS ^_TWW ]PTRYPO `YTY_P]]`[_PO TY _SP PL]Wd >LÀST_£ z QZ] PcLX[WP _SP Xd_SZ RPXP ZQ -ŽSL^[L_T z LYO TY _ST^ _SPd NZ`WO MP NLWWPO [L]_TLWWd ]L_TZYLW ,^ WZYR L^ bP L]P OPLWTYR bT_S Xd_SZRPXP^ ZYWd ]PN`]^TaP OPQTYT_TZY^ L]P [Z^^TMWP% -ŽSL^[L_T T^ bSL_ -]LSXLY ^[PLV^ LYO -]LSXLY T^ bSL_ -ŽSL^[L_T ^[PLV^ 4Y NZX[WP_PWd Xd_STNLW _SZ`RS_ TY bSTNS _SP]P L]P ZYWd SZWT^_TN PY_T_TP^ LYO ]PWL_TZY^ NLYYZ_ MP NZY^TOP]PO TY LYd bLd Z_SP] _SLY [L]_TNT[L_Z]d LM^_]LN_ _P]X^ ]PXLTY NZX[WP_PWd `Y_STYVLMWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! aLNZaÏOLÀ aÑNLX `O¯]ÃdLY_¯À aϲa£MST] OS¯MSÏ] `[L_Ï´¶SLX£Y£X g OPaÐÀ OPaËMSdLà [Ã]T PdÜ´¯À RÑX Ñ X£ašV_L XÃ]_TdZ OLMS]ÃNP_£à gg ‹A #!

"!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

?d[TNLW ZQ _SP ZWOP] SdXY^ TY _SP PTRS_S MZZV ZQ _SP ‹RaPOL L]P [`]P Xd_SZRPXP^ ^`NS L^ _SP RPY_WPYL_`]PO NWZ`ONZb bSZ^P WZbTYR T^ _SP _S`YOP] bSTWP _SP A£R¢XMSš©¯ SdXY OPXZY^_]L_P^ WP^^ ^PY^Z]d Z]TPY _L_TZY M`_ TY^_PLO PcSTMT_^ R]PL_P] NWL]T_d A£N bSZ^P N]ZbY ]PLNSP^ TY_Z _SP SPLaPY^ T^ XZ]P LWWPRZ]TNLW XZ]P LM^_]LN_ LYO XZ]P XP_L [Sd^TNLW 4Y NZYYPN_TZY bT_S _SP NZY_TY`TYR LM^_]LN_TZY ZQ _SP YZ_TZY ZQ WLYR`LRP NL`^LW [L__P]Y^ ZQ Pc[WLYL_TZY ZQ 7LYR`LRP L]P YZb LW^Z PXP]RTYR

  w>TQ_PO bZ]O^x z ?SP -šSL^[L_T ¢«RT]L^L 3dXY ,YZ_SP] SdXY bSTNS T^ L^N]TMPO _Z _SP []TP^_ NWLY ZQ _SP ,«RT]L^ T^ NZYNP]YPO ^ZWPWd bT_S WLYR`LRP 4_ T^ QZ`YO TY _SP ‹RaPOL " LYO MPRTY^ Md NLWWTYR ZY -šSL^[L_T M`_ T_ T^ YZ_ L SdXY ZQ []LT^P _Z _SP RZO^ MPTYR TY^_PLO L [`]PWd ^[PN`WL_TaP _Pc_ 4Y_P]P^_TYRWd bP QTYO SP]P LY PL]Wd OTQQP]PY_TL_TZY MP_bPPY WLYR`LRP LYO ^Z`YO LYO _SP aP]d ^_L]_ ZQ L NL`^LW [L__P]Y ZQ Pc[WLYL_TZY QZ] PaP]dOLd WLYR`LRP!% w: -ŽSL^[L_T _ST^ XZ^_ YZMWP ZQ A£N bSTNS T^ QT]^_ `__P]PO Md _SZ^P bSZ RTaP YLXP^ F_Z _STYR^H _ST^ XZ^_ MPL`_TQ`W LYO XZ^_ YL_`]LW FYLXPH OP ^[T_P T_^ STOOPYYP^^ bL^ ]PaPLWPO _Z _SPX Md _SP TYNWTYL_TZY FZQ A£NHx !

BSL_ T^ TYT_TLWWd `__P]PO Md S`XLY MPTYR^ T^ YZ_ dP_ WLYR`LRP TY Z`] ^PY^P M`_ LY Pc[]P^^TaP aZNLWTeL_TZY OPaZTO ZQ ^PY^P z MLMd _LWV ?SP WL_P APOTN ,T_L]PdL¢]L©dLVL  XPY_TZY^ _SP MLMd ^Z`YO^ _L_L LYO _£_L !! TY T_^ Pc[WLYL_TZY ZQ _ST^ aP]^P !" :Q NZ`]^P [PZ[WP NLYYZ_ XLVP _SPX^PWaP^ `YOP]^_ZZO `^TYR ^Z`YO^ ZQ _ST^ ^Z]_ ?SP N`W_`]LW [SPYZXP YZY ZQ uWLYR`LRPv MPRTY^ bT_S _SP NZYYPN_TZY MP_bPPY aZTNP LYO _SZ`RS_%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP]P L]P XLYd Pc_]PXPWd aL]TPO TY_P][]P_L_TZY^ LYO _]LY^WL_TZY^ ZQ _ST^ aP]^P :`] _]LY^WL_TZY T^ ML^PO ZY _SP ZQ_PY YPRWPN_PO >£dL©L NZXXPY_L]d ! MÄSL^[L_P []L_SLXÃÀ a£NÕ ÃR]LX dÃ_ []LÏ]L_L Y£XLOSËdLÀ OÃOS£Y£à g dÃO P´£À ²]Ë´¶SLÀ dÃO L]T[]ÃX Ñ^Å_ []P©Ñ _ÃO P´£À YÏST_LÀ RÜS£aÏà gg ‹A " !! ?SP >LY^V]T_ bZ]O^ _L_L LYO _£_L XPLY ^ZXP_STYR ^TXTWL] _Z Z`] wOLOOdx Z] w[L[Lx M`_ NLY LW^Z MP `^PO QZ] LWW XLWP ]PWL_TaP^ LYO LN\`LTY_LYNP^ !" ?SP ¢]L©dLVL _LVP^ L _SPZWZRTeTYR L[[]ZLNS LYO WTYV^ _ST^ `__P]LYNP bT_S _L_ bSTNS LNNZ]OTYR _Z _SP APOL NZXXPY_L_Z] >£dL©L XPLY^ YZ_STYR Z_SP] _SLY _SP [STWZ^Z[ST NLW -]LSXLY ZQ _SP @[LYT´LO^ MPTYR _SP XZ^_ YZMWP LYO YL_`]LW wYLXPx ZQ LWW ^TYNP T_^ ^SZ]_ QZ]X T^ _L_ w_SPx ,NNZ]OTYR _Z _ST^ L[[]ZLNS _SP ^dY_SP_TN ]PNZRYT_TZY ZQ _SP `YT_d ZQ _SP bZ]WO bT_S -]LSXLY T^ _SP XZ^_ YL_`]LW _STYR TXLRTYLMWP ^TYNP PaPY TYQLY_^ L[[PL] _Z wVYZbx T_

0aZNL_TZY LYO 0c[]P^^TZY% _SP 0L]Wd ‹RaPOL

""

w,^ R]LTY T^ ^TQ_PO _S]Z`RS L ^TPaP _SP bT^P XPY F]PQTYPO _SPT]H WLYR`LRP Md F_SPT]H _SZ`RS_^ LYO _ST^ T^ SZb Q]TPYO^ ]PNZRYTeP _SPT] Q]TPYO^ST[ ?SP R]PL_ PL]_SWd UZd SL^ MPPY ML^PO ZY _ST^ WLYR`LRPx !#

?SP NWZ^P WTYV MP_bPPY WLYR`LRP LYO Q]TPYO^ST[ ^LVSd£YT L[[PL]^ `YXZ_TaL_PO _Z _SP XZOP]Y ]PLOP] -`_ ZYP X`^_ VPP[ TY XTYO _SL_ _SP]P bL^ YZ_ LWbLd^ SL]XZYd LYO Q]TPYO^ST[ ]PTRYTYR MP_bPPY _SP []TP^_^ Z] []TP^_Wd QLXTWTP^ L^ ZYP NLY ^PP Q]ZX _SP QLXZ`^ NWL^S MP_bPPY AT²a£XT_]L LYO AL^T´¶SL -`_ []TP^_^ Q]ZX OTQQP]PY_ QLXTWTP^ X`^_ bZ]V _ZRP_SP] L_ _SP ^LN]TQTNP^ LYO _SP wFOPNWL]L_TZY ZQH Q]TPYO^ST[x LW^Z ^LVSd£YT T^ _SP]PQZ]P PaPY _ZOLd L ]T_P _SL_ ^SZ`WO MP [P]QZ]XPO MPQZ]P PaP]d WL]RP] ^LN]TQTNP !$ /`]TYR _SP ^LN]TQTNP _SP]P T^ z LNNZ]OTYR _Z _ST^ SdXY z L ]P TY_PR]L_TZY ZQ PaP]dOLd WLYR`LRP TY_Z T_^ Z]TRTYLW NZ^XTN NZY_Pc_% w?SPd NLXP aTL _SP ^LN]TQTNP `[ZY _SP [L_S ZQ WLYR`LRP LYO QZ`YO SP] WTa TYR TY _SP ^PP]^ ?SPd MZ]P SP] ST_SP] OT^_]TM`_PO SP] TY XLYd [WLNP^ FL^ [L]_^ ZQ _SP ^LN]TQTNPH LYO _SP ^PaPY MT]O^ FTP _SP ^PaPY XP_P]^H _bT__P]PO SP]x "

4Y _SP WT_`]Rd WLYR`LRP T^ ]PXZaPO Q]ZX T_^ PaP]dOLd Q`YN_TZY LYO Pc [LYOPO TY ]PaP]^P TY_Z _SP NZ^XTN ]PLWX Md MPTYR LWWZNL_PO _Z _SP aL]T Z`^ ]T_`LW PWPXPY_^ ZQ _SP ^LN]TQTNP ?SP wOT^_]TM`_TZYx ZQ WLYR`LRP _Z _SP [L]_^ ZQ _SP ^LN]TQTNP [`_^ _SP []TP^_^ ZY L WPaPW bT_S _SP RZO^ bSZ MPQZ]P _SP MPRTYYTYR ZQ N]PL_TZY OTaTOPO `[ _SP 8LN]LY_S]Z[Z^ TY _SP ^LXP XLYYP] LYO XLOP T_^ XPXMP]^ TY_Z [L]_^ ZQ _SP bZ]WO LYO [L]_^ ZQ _SP ^LN]TQTNP ,^ ]T_`LW WLYR`LRP WLYR`LRP ]PNZaP]^ T_^ Z]TRTYLW Pc[]P^ ^TaP OTXPY^TZY ZQ OP[_S Pc[]P^^PO Md _SP TXLRP ZQ _SP _bT__P]TYR MT]O^ ?SP w^PaPY MT]O^x LW^Z VPP[ NZX[LYd bT_S _SP XLYTQP^_PO w^TQ_POx WLYR`LRP ^dXMZWTeTYR _SP ^PaPY XP_P]^ ?SP ^PP]^ ZQ LY_T\`T_d Ž´T L]P []P^`XLMWd _SP [ZP_^ VLaT ZQ _SP PL]Wd ‹V>LÀST_£ LYO _SP ZYP^ bSZ OT^_]TM`_P _SP w^TQ_POx WLYR`LRP L]P _SP []TP^_^ _SZ^P bSZ VPP[ _ST^ WT_P]L_`]P TY Z]OP] 3P]P WLYR`LRP L^ ^`NS T^ aTPbPO L^ L [Z^^P^^TZY ZQ S`XLYVTYO PaPY TQ _SP Pc[]P^^TaP L^[PN_ ZQ WLYR`LRP LWbLd^ ]PXLTY^ TYPc[WTNLMWP LYO MPL]^ LY PWPXPY_ ZQ _SP wSTOOPYx A£N L^ Pc[]P^^TZY T^ YPaP] N]P L_PO& ^SP ]PaPLW^ SP]^PWQ ,^ L MPL`_TQ`W bZXLY ZYWd ]PaPLW^ SP] YLVPO YP^^ _Z SP] S`^MLYO _SP Pc[]P^^TaP A£N ZYWd ]PaPLW^ SP]^PWQ _Z _SZ^P QPb [PZ[WP bSZ^P ^[T]T_ T^ \`TNV XLYZULaL  4Y _ST^ SdXY _bZ TX[Z]_LY_ XZ_TQ^ NLY MP XLOP Z`_ bSTNS MPNZXP PaP] XZ]P TX[Z]_LY_ ZaP] _SP NZ`]^P ZQ _TXP LYO bSTNS L]P STRSWd ]PWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# ^ÃV_`X TaL _Ï_LÞY£ [`YÃY_Z dÃ_]L OSÐ]£ XÃYL^£ aÑNLX ÃV]L_L g Ã_]£ ^ÃVS£dLà ^LVSTdÑYT U£YL_P MSLO]LÏ´£À WLV´XÐ] YÏST_ÑOST a£NÏ gg ‹A " !$ >PP bbbYLXM`OT]TNZX LNNP^^PO >P[_PXMP] #  " dLUÓËYL a£NÃà [LOLaÐdLX £dLY _ÑX LYaLaTYOLYY Ä´T´` []ÃaT´¶£X g _ÑX £MSÄ_d£ aÏ LOLOS`à [`]`_]£ _ÑÀ ^L[_à ]PMSÑ LMST ^ÃÀ YLaLY_P gg ‹A "

"#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

aLY_ _Z _SP PXLYNT[L_TZY ZQ _SP []TP^_ Q]ZX _SP Xd_S ?SP TXLRP ZQ _SP WLYR`LRPNZb MPNZXP^ TYN]PL^TYRWd ^`[P]TX[Z^PO Md _SP TXLRP ZQ L MPL`_TQ`W bZXLY bSZ^P QLaZ] NLYYZ_ MP QZ]NPO BSZPaP] A£N RTaP^ SP]^PWQ _Z SP Z] ^SP T^ LW^Z QLaZ]PO 1LaZ]PO ^[PPNS T^ PQQPN_TaP 4Q L ^[PLVP] QLTW^ _Z QTYO _SP ]TRS_ bZ]O^ L_ L RL_SP]TYR _ST^ T^ `YQLaZ]LMWP LYO ST^ ^[PPNS ]PXLTY^ TYPQQPN_TaP wbT_SZ`_ Q]`T_ LYO MWZ^^ZXx L[SLWL LYO L[`´[L  " 4Y LOOT_TZY _Z _ST^ L^[PN_ ZQ QLaZ] _SP ^[PNTLW WTYV MP _bPPY _SP -]LSXTY LYO WLYR`LRP " MPNZXP^ L NPY_]LW WPT_XZ_Ta 



;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

BSTWP TY _SP PL]Wd APOTN N`W_`]P _SP []TP^_ T^ _SP ^[PLVP] QZ] L R]Z`[ LYO L^ L ]`WP _SP wbPx QZ]X T^ `^PO TY _SP SdXY^ TY _SP XTOAPOTN LYO WL_P APOTN [P]TZO^ LY TYOTaTO`LWTeL_TZY _LVP^ [WLNP ?SP []TP^_^ L]P YZb wST]POx LYO w[LTOx Md bPLW_Sd [L_]ZY^ dLULX£YL  4Y ^ZXP NL^P^ _SP _Pc_^ XPY_TZY SZ]]PYOZ`^ ^`X^ XZ^_Wd TY NZb^ [LTO _Z _SP []TP^_^ L^ ]PbL]O^ QZ] NL]]dTYR Z`_ _SP ^LN]TQTNP BSP]PL^ []PaTZ`^Wd T_ bL^ _SP NZWWPN_TaP _SL_ OP_P]XTYPO PaP]d_STYR z bT_S NP]_LTY PcNP[_TZYLW TYOT aTO`LW^ ^`NS L^ _SP wNSZT] WPLOP]x RL©L[L_T z LYO _SP []TYNT[WP ZQ []TX`^ TY_P] [L]P^ ]`WPO YZb bP QTYO TYOTaTO`LWTeL_TZY =T_`LW^ L]P YZb [P]QZ]XPO Md TYOTaTO`LW^ QZ] TYOTaTO`LW^ z TP Md -]LSXTY []TP^_^ QZ] bPLW_Sd bZ]WOWd [L_]ZY^ " ,YO TY _SP _SPZWZRd _ZZ _SP P[ZNS ZQ _SP PL]Wd WLYR`LRP SdXY^ XL]V^ L _TXP ZQ ^PLNSLYRP% _SP [ZbP]Q`W Xd_STNLW RZO^ ZQ _SP ‹V >LÀST_£ ]PNPOP Q`]_SP] LYO Q`]_SP] TY_Z _SP MLNVR]Z`YO LYO ]PWTY\`T^S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PP ‹A "  " =PYZ` w7P^ [Z`aZT]^ OP WL [L]ZWPx  ^`XXL]TeP^ _SP ZaP]LWW _PYZ] ZQ _SP 3dXY ZQ BT^OZX " L^ QZWWZb^% w?SP SZWd bZ]O T^ LY TYaPY_TZY ZQ _SP LYNTPY_ ^LRP^ bSZ _ZZV LYO QZ]XPO _SP ^WPP[ TYR ]Lb XL_P]TLW NWPLY^PO T_ LYO PY]TNSPO T_ ?SP ^LN]TQTNP PYLMWPO _SPX _Z QZWWZb _ST^ [L_S ZQ _SP BZ]O ?SPd N]PL_PO T_ L^ L NZZ[P]L_TaP []ZUPN_ L UZTY_ bZ]Vx " 4Y_P]P^_TYRWd _SP 9LXM`OT]T -]LSXTY^ bSZ ^_TWW [P]QZ]X _SP APOTN QT]P ^LN]TQTNP _ZOLd ^PP _SP QZ`YOL_TZY ZQ _SPT] ]T_`LW []LN_TNP L^ ]ZZ_PO YZ_ ^Z X`NS TY _ST^ LYNTPY_ DLULX£YL XZOPW M`_ TY L w^[T]T_`LW []Z_PN_TZY ZQ _SP PYaT]ZYXPY_x LYO `W_TXL_PWd L^ LTXTYR QZ] _SP MPYPQT_ ZQ _SP NZXX`YT_d% w?SP RZLW ZQ LWW DLLRLX^ T^ _SP []Z^[P]T_d ZQ _SP [PZ[WP L_ WL]RP Md PYP]RTeTYR LYO []Z_PN_TYR _SP PYaT]ZYXPY_ ?SP >`Y T^ NZY ^TOP]PO L^ _SP XLTY ^Z`]NP ZQ PYP]Rd ^`[[Wd LYO QT]P T^ NZY^TOP]PO L^ L ]P[]P^PY_L_TZY ZQ _SP >`Yv^ PYP]Rd ,NNZ]OTYR _Z _SP LYNTPY_ _Pc_^ ZY DLLRLX LYd ZQQP] _Z 1T]P L^ L RZO T^ LN_`LWWd LY ZQQP] _Z >`Y ,Yd ^`NS ZQQP] T^ PT_SP] _Z PY]TNS PYP]Rd TY _SP PYaT ]ZYXPY_ Z] _Z OP^_]Zd _SP `YOP^T]LMWP PWPXPY_^ TY _SP PYaT]ZYXPY_ LYO _S`^ TY MZ_S bLd^ PYaT]ZYXPY_ T^ []Z_PN_POx bbbYLXM`OT]TNZX LNNP^^PO >P[_PXMP] # 

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

"$

_SP QTPWO _Z _SP TYN]PL^TYRWd NZX[WTNL_PO ^LN]TQTNP ZQ QT]P LYO _SP P^Z _P]TN ^[PN`WL_TZY^ ZQ _SP []TP^_^ 1]ZX SP]P ZY _SP ^LN]TQTNP ZQ QT]P ^_L]_^ _Z WZ^P T_^ Z]TRTYLW NSL]LN_P] L^ L wMLY\`P_ QZ] _SP RZO^x NZX[WP_PWd LYO L_ _SP ^LXP _TXP _SP bLd TY bSTNS _SP SdXY^ _Z _SP^P RZO^ L]P ]P RL]OPO X`_L_P^ ?SPd L]P YZ WZYRP] ^PPY L^ Pc[]P^^TaP [ZP_]d LYO _SPT] PaZNL_TaP NSL]LN_P] QLOP^ XLVTYR bLd QZ] Y`XP]ZWZRTNLW ^[PN`WL_TZY^ LYO XLYT[`WL_TZY^ ?SP SdXY^ L]P YZb WTYR`T^_TN XL_P]TLW ^LYN_TQTPO Md _TXP XL_P]TLW _Z bSTNS L Xd^_P]TZ`^ QZ]NP T^ L^N]TMPO M`_ YZ_ YPNP^^L] TWd L ^[PNTQTN ^PXLY_TN XPLYTYR .Z^XTN ]T_P^ L[[PL] ZY _SP ^NPYP LM ^Z]MTYR _SP TYOTaTO`LW ^LN]TQTNP^ []PaTZ`^Wd XLOP _Z aL]TZ`^ OPT_TP^ LYO [`__TYR _SPX TY_Z L NZX[]PSPY^TaP NZ^XTN NZY_Pc_ ?Z Q`WQTWW _SP^P YPPO^ YPb WT_P]L_`]P^ L]T^P z _SP -]£SXL©L^ ?SPd []P^PY_ NZX[WPc PcPRP^P^ ZQ _SP PaPY_^ O`]TYR _SP ^LN]TQTNP TY _SP WTRS_ ZQ _ST^ YPb OP XLYO QZ] LY P^Z_P]TN LYO NZ^XTeTYR ]T_`LW BSL_ T^ NSL]LN_P]T^_TN ZQ _SP WT_P]L_`]P ZQ _SP -]£SXL©L P[ZNS T^ L XL]VPO _PYOPYNd _ZbL]O^ _SP XZYZXd_STNLW 9Zb LWW Xd_STNLW ^`M ^_LYNP^ L]P `YOP]^_ZZO L^ MPTYR RL_SP]PO _ZRP_SP] L_ ZYP ^TYRWP WZNL _TZY ?ST^ [WLNP T^ _SP QT]P ^LN]TQTNP bSP]P LWW _SP ,]NSLÏ []P^PY_ TY _SP `YTaP]^P _LVP [WLNP L_ _SP ^LXP _TXP ?SP ^LN]TQTNP T^ ]PRL]OPO L^ _SP NZ^XZ^XLTY_LTYTYR QZ]NP >Z LN_`LWWd ZYWd ZYP ^ZWP Xd_S ]PXLTY^ TY PcT^_PYNP z _SP QT]P ^LN]TQTNP T_^PWQ 6YZbTYR LYO L[[WdTYR _SP NZX[WT NL_PO ]PWL_TZY^ MP_bPPY _SP ^LN]TQTNP ZQ QT]P LYO _SP NZ^XZ^ MPNZXP^ _SP _L^V ZQ L ^[PNTLWTePO PWT_P []TP^_SZZO bSZ^P XZ^_ TX[Z]_LY_ TY^_]`XPY_ T^ WLYR`LRP -d XL^_P]d ZQ _SP WLYR`LRP _SPd PaPY ^`MZ]OTYL_P _SP RZO^ _Z _SPX^PWaP^ LYO L]P _S`^ PY_T_WPO _Z ^P_ _SPX^PWaP^ LMZaP LWW PL]_SWd ]`WP]^ L^ Pc[]P^^PO TY _SP QZWWZbTYR ]TOOWP% w4 L^V dZ` LMZ`_ _SP PORP ZQ _SP PL]_S 4 L^V dZ` LMZ`_ _SP NPY_P] ZQ _SP bZ]WO  4 L^V dZ` LMZ`_ _SP STRSP^_ ^PL_ ZQ WLYR`LRP ?SP LW_L] _SL_ T^ _SP QL]_SP^_ PORP ZQ _SP PL]_S ?SP ^LN]TQTNP _SL_ T^ _SP NPY_P] ZQ _SP bZ]WO  ?SP []TP^_ _SL_ T^ _SP STRSP^_ ^PL_ ZQ WLYR`LRPx "

?SP NZX[WPcT_d ZQ _SP QT]P ^LN]TQTNP T^ XLYTQP^_PO TY ^`NS _STYR^ L^ _SP QLN_ _SL_ `[ _Z ! OTQQP]PY_ []TP^_^ L]P LN_TaP L_ _SP ^LXP _TXP ,XZYR^_ _SPX _SP]P L]P QZ`] XLTY ZQQTNP^% ?SP wNLWWP]x SZ_š SL^ _Z PcPN`_P LWW _SP NLWW^ `[ZY _SP RZO^ 3T^ _L^V^ TYNW`OP LWW _SP ]PLOTYR^ Q]ZX _SP ‹V>LÀST_£ ,_ PLNS ^_LRP ZQ _SP ]T_`LW SP ]PNT_P^ NP]_LTY ^PWPN_TZY^ Q]ZX aP]^P^ LYO [L]_^ ZQ aP]^P^ ²L^ _]L Q]ZX SdXY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " [šNSÑXT _a£ [Ã]LX ÃY_LÀ [š_STadÑ [šNSÑXT dÃ_]L MSÜaLYL^dL YÑMSTà g [šNSÑXT _a£ aÄ´©Z òaL^dL ]Ë_Là [šNSÑXT a£NÃà [L]LXÃÀ aÏZXL gg TdÃÀ aËOTà [Ã]Z ÃY_Là [š_STadÑ LdÃÀ dLUÓÕ MSÜaLYL^dL YÑMSTà g LdÃÀ ^ÕXZ aÄ´©Z òaL^dL ]Ë_Z M]LSXÑdÃÀ a£NÃà [L]LXÃÀ aÏZXL gg ‹A !z  

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

?SP w^TYRP]x `OR£_š [P]QZ]X^ ^[PNTQTN ^LN]PO XPWZOTP^ ^£XLY  [L]_ ZQ bSZ^P _Pc_ XL_P]TLW T^ ML^PO ZY aP]^P^ ZQ SdXY^ LW_SZ`RS [L]_ ZQ T_ NZY^T^_^ ZQ ^dWWLMWP^ OPaZTO ZQ ^PXLY_TN XPLYTYR ,_ NP]_LTY aP]d ^[PNTLW ]T_P^ YZ WZYRP] `^PO SP bZ`WO LW^Z LNNZX[LYd _SP ^LN]TQTNTLW PaPY_^ bT_S TY^_]`XPY_LW X`^TN [WLdPO ZY L SL][ Z] O]`X ?SP w^LN]TQTNP]x LOSaL]d` SL^ _SP XLTY _L^V ZQ [P]QZ]XTYR LWW _SP YZYaP]MLW LN_TZY^% ^P__TYR `[ _SP QT]P LW_L] _SP ^LN]TQTNTLW RTQ_^ _SP ^dXMZWTN XLYT[`WL_TZY^ ZQ _SP ^LN]TQTNTLW P\`T[XPY_ LYO Z_SP] T_PX^ -`_ _SP w^LN]TQTNP]x T^ YZ_ u^[PPNSWP^^v z TY QLN_ PaP]d LN_TZY T^ LNNZX [LYTPO Md L ^LN]PO aP]^P dLU`^  @YWTVP _SP wNLWWP]x LYO _SP w^TYRP]x SZbPaP] SP `^`LWWd ^[PLV^ ST^ _Pc_^ TY L WZb aZTNP `[£À²`  ?SP w-]LSXTYx []TP^_ M]£SXL©L T^ _SP ZYWd []TP^_ TY _SP ^LN]TQTNP bSZ ^_Ld^ ^TWPY_ XZ^_ ZQ _SP _TXP 3P [P]QZ]X^ _SP ^LN]TQTNP ZYWd TY ^[T]T_ LYO ZYWd _LVP^ LN_TZY TQ _SP]P T^ L XT^_LVP TY _SP ^LN]TQTNTLW ]T_P^ Z] TY _SP ]PNT_L_TZY >SZ`WO _SL_ SL[[PY SP ^[PLV^ _SP _S]PP LM^ZWaTYR bZ]O^ wPL]_S LT] SPLaPYx MS¼]MS`aLà^aLà  ?SP QTQ_S [L]_d L_ _SP ^LN]TQTNP T^ _SP [L_]ZY dLULX£YL LYO ST^ bTQP ?SPd L]P _SP ^[ZY^Z]^ ZQ _SP ^LN]TQTNP QZ] bSZ^P MPYPQT_ _SP ]T_`LW T^ [P]QZ]XPO ?SP QT]P ^LN]TQTNP _S`^ NZY_LTY^ aT]_`LWWd PaP]d QZ]X ZQ WLYR`LRP LYO aZNLW ^Z`YO% aP]^P^ LYO []Z^P ^TYRTYR ]PNT_TYR LWZ`O ^ZQ_ X`]X`]TYR LYO ^TWPYNP 1ZWWZbTYR _SP PcLX[WP ZQ _SP ^LÀST_£ wNZWWPN_TZYx ZQ _SP wNLWW P]^x TP _SP ‹V>LÀST_£ _SP QLXTWTP^ ZQ _SP w^TYRP]^x LYO _SP w^LN]TQT NP]^x LW^Z NZX[TWPO _SPT] ZbY ^LÀST_£^  NZY_LTYTYR _SP ^£XLY^ LYO dLU`^  _SL_ T^ _SP TX[Z]_LY_ WTYR`T^_TN XL_P]TLW QZ] _SP w^TYRP]^x LYO _SP w^LN]TQTNP]^x 4Y _ST^ bLd L_ _SP _TXP ZQ _SP WL_P ‹V>LÀST_£ _SP]P NLXP LMZ`_ L >LÀST_£ QZ] _SP >£XLAPOL LYO ZYP QZ] _SP DLU`]APOL  ;L]LW WPW _Z _SP^P _SP]P bL^ LW^Z L ^P[L]L_P -]£SXL©L WT_P]L_`]P QZ] PLNS ZQ _SP^P _S]PP ZQQTNP^ :]TRTYLWWd _SP ZYWd ZQQTNP QZ] bSTNS _SP]P bL^ YZ ^[PNTLW WT_P]L_`]P bL^ _SP QZ`]_S ZQQTNP _SL_ ZQ _SP w-]LSXTY []TP^_x L^ SP bL^ ]P^[ZY^TMWP QZ] LWW _SP APOL^ L_ _SP ^LXP _TXP 4Y WL_P] [P]TZO^ SP bL^ LWWZNL_PO XZ]P QZ] ^d^_PXL_TN ]PL^ZY^ _SP ,_SL]aLAPOL  L wXLRTN MZZVx ML^PO ZY _SP ‹V>LÀST_£ ?SP QZWWZbTYR ZaP]aTPb ZQ _ST^ ^d^_PX ZQ ZQQTNP^ _Pc_^ LYO WLY R`LRP ^_dWP^ TWW`^_]L_P^ _SP []ZQP^^TZYLWTeL_TZY LYO _SP L^^ZNTL_PO OTaT ^TZY ZQ _L^V^ TY _SP WL_P APOTN [P]TZO LYO []ZaTOP^ L M]TPQ ^`XXL]d ZQ bSL_ T^ Pc[WLTYPO TY XZ]P OP_LTW MPWZb%

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

#

;]TP^_

1`YN_TZY^ TY _SP ^LN]T QTNP dLUÓL

?d[P^ ZQ WT_P]L_`]P LYO WTY R`T^_TN NZYNP[_^

.LWWP] SZ_Ž

=PNT_P^ LWZ`O aP]^P^ 3dXY^ ZQ _SP ‹RaPOL Q]ZX _SP SdXY^ ZQ _SP >[PNTLW_d % LYLWZRTP^ ZQ Y` ‹V>LÀST_£ XP]TN NZXMTYL_TZY^ L^^Z NTL_TZY^ ZQ VPd bZ]O^ XLRTN NZYNP[_ ML^PO ZY LYLWZRd

>TYRP]

`OR£_Ž >TYR^ L

`OR£_Ž

>£XLY Q]ZX _SP >£XLAPOL

.ZX[Z^PO XPWZOTP^ >ZXP _Pc_ XL_P]TLW _LVPY Q]ZX _SP ‹V>LÀST_£  ^ZXP QZ]XPO Q]ZX ^dWWLMWP^ bT_SZ`_ ^P XLY_TN XPLYTYR

>[PNTLW_d % X`^TNLWTePO ^dX MZWTN QZ]X^ X`^TN T^ `YOP] ^_ZZO L^ [Z^^P^^TYR XLRTN [ZbP] L XTXP_TN XLRTN NZYNP[_ >LN]TQTNP]

LOSaL]d`

-]LSXTY []TP^_ M]£SXL©L

0cPN`_P^ LWW _SP YZY aP]MLW ]T_`LW LN_TZY^ LYO LNNZX[LYTP^ _SPX bT_S X`]X`]PO QZ]X`WL^ Q]ZX _SP DLU`]APOL 

6PP[^ ^TWPY_% [P] QZ]X^ _SP ^LN]TQTNP TY ^[]T_ XZYT_Z]^ _SP ]T_`LW LYO ZYWd TY_P] aPYP^ TQ P]]Z]^ L]P XLOP

>LN]PO QZ]X`WL^ TY []Z^P WT_LYTP^ TY PT_SP] []Z^P Z] aP]^P ^ZXP ^NL__P]PO aP]^P^ ZQ SdXY^

>[PNTLW_d % STRSWd OPaPWZ[PO [P]QZ]XLYNP ZQ WLYR`LRP LN_^ NZ]]P^[ZYOPYNP MP _bPPY ^[PPNS LYO LN_TZY^ P_dXZWZRTNLW LYLWd_TNLW `Y OP]^_LYOTYR ZQ WLYR`LRP SZXZWZRTN XLRTN NZYNP[_ :YWd _SP _S]PP NZ^XTN wNLWW^x ad£SŽ_T wMS¼]

MS`aLà^aLàx >[PNTLW_d % ]P[]P^PY_L_TaP ZQ ;]LU£[L_T SL^ _SP _S]PP N]PL _TZY XLY_]L^ L_ ST^ OT^[Z^LW bT_S bSTNS _SP ^LN]TQTNP NLY MP ]P[LT]PO TY LY PXP]RPYNd

?SP OZYZ]^ ZQ XZYPd LYO _SP MPYPQTNTL]TP^ L]P _SP [L_]ZY ZQ _SP ^LN]T QTNP dLULX£YL LYO ST^ bTQP [L_YÅ _SPT] ^LN]TQTNP T^ [P]QZ]XPO

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO



?SP AZTNP LYO _SP w4YPcSL`^_TMWPx% _SP 7L_P ‹RaPOL

4Y []TYNT[WP _SP ‹RaPOL SdXY ! bSTNS bP bTWW OT^N`^^ MPWZb T^ LW]PLOd NZX[WP_PWd PXMPOOPO bT_STY _SP XPY_LWT_d ZQ _SP -]£SXL©L^ LW_SZ`RS TY _SP APOL _Pc_ TY NLYZYTNLW QZ]X T_ L[[PL]^ TY _SP >LÀST_£^ ,WW _SP QPL_`]P^ ZQ _SP APOTN NSLYRP _SL_ bP SLaP XPY_TZYPO N`WXTYL_P TY _ST^ SdXY bSTNS LW]PLOd NZXXPY_^ ZY _SP YPb NZ^XTN QT]P ^LN]TQTNP% _SP Sd[Z^_L^T^ ZQ _SP ^LN]TQTNP ZQ _SP WLYR`LRP LYO ZQ _SP []TP^_ LYO _SP []ZR]P^^TaP PXLYNT[L_TZY ZQ _SP []TP^_ Q]ZX _SP Xd_S =PRL]OTYR _SP WL_P WT_P]L_`]P^ ZQ _SP ‹RaPOL _SP]P L]P _bZ \`T_P Z[[Z^TYR bLd^ ZQ `YOP]^_LYOTYR LYO aTPbTYR WLYR`LRP ?SP QT]^_ bLd T^ QZ`YO []TYNT[LWWd TY ^PN]P_ _Pc_^ ?SP []PaLTWTYR YZ_TZY SP]P T^ _SL_ WLYR`LRP L]Z^P Q]ZX L OL]V LXZ][SZ`^ Xd^_P]TZ`^ []TXPaLW ^Z`YO bSTNS L_ _SP MPRTYYTYR QZWWZb^ ZY Q]ZX _SP ZWO TOPL^ ZQ A£N L^ _SP WLYR`LRPNZb LYO WL_P] ZY T^ TY_P][]P_PO PaP] XZ]P XP_L[Sd^TNLWWd LYO PaP] WP^^ Xd_STNLWWd , NZX[WP_PWd Z[[Z^TYR L^[PN_ XLYTQP^_^ T_^PWQ TY _SP `^P ZQ _SP ‹N SdXY^ TY _SP ]T_`LW% SP]P bP QTYO XL]VPO TOPL^ ZQ SL]XZYd LYO Z]OP] LYO Y` XP]TNLW NZ]]P^[ZYOPYNP^ L]P Pc_]PXPWd TX[Z]_LY_ .ZY^P\`PY_Wd _SP -]£SXL©L^ ZQ _SP ‹RaPOL NZYNPY_]L_P WP^^ LYO WP^^ ZY _SP [ZP_TN XLRTN LYO TY^_PLO M`TWO `[ PcNP^^TaP SZXZWZRTeTYR NWL^^TQTNL_TZY XPNSL YT^X^ []TXL]TWd XLRTN Y`XP]TN NZXMTYL_TZY^ bT_S Y`XMP]^ ZQ ^dWWL MWP^ aL]TZ`^ XP_P]^ LYO Y`XMP]^ ZQ aP]^P^ :Q_PY _SP]P T^ SL]OWd LYd TY_P]P^_ LYd XZ]P TY _SP TYOTaTO`LW bZ]O^ LYO ^PY_PYNP^ M`_ ZYWd TY _SP XP_]TNLW XL_SPXL_TNLW []Z[P]_TP^ ZQ _SP aP]^P^ ZQ _SP SdXY^ 9Zb LYO LRLTY ZYP SL^ _SP QPPWTYR _SL_ PaPY TY _SP -]£SXL©L [P]TZO _SP ZWO APOTN >LY^V]T_ bL^ LW]PLOd MPNZXTYR OTQQTN`W_ _Z `YOP]^_LYO 4Q TY _SP -]£SXL©L^ _SP bZ]O^ ZQ _SP SdXY^ L]P LN_`LWWd ZQ ^ZXP TY_P]P^_ LYO _SP]P T^ ^ZXP SP]XPYP`_TN LN_TaT_d _SP^P Pc[WLYL_TZY^ ZQ _SP w_]`Px XPLYTYR^ ZQ_PY SLaP ^ZXP_STYR QZ]NPO LMZ`_ _SPX ?SP `YOP]^_LYOTYR ZQ _SP LYNTPY_ >LY^V]T_ ZQ _SP ‹N SdXY^ bL^ L[[L]PY_Wd ^Z [ZZ] _SL_ [PZ[WP bP]P PT_SP] YZ_ LMWP _Z NZXML_ ^`NS [STWZWZRTNLW M]`_LWT_d Z] OTO YZ_ bLY_ _Z ,Q_P] LWW PaP]d [L]_ ZQ _SP NZ^XTePO QT]P ^LN]TQTNP SLO _Z SLaP L NZZ]OTYL_PO ^dXMZWT^X ,YO ^Z _SP ‹V>LÀST_£ ^[PNTLWT^_^ NZY ^_]`N_PO NZX[WP_PWd YPb ^P_^ ZQ XPLYTYR^ bSTNS bP]P YZ WZYRP] ML^PO ZY _SP Z]TRTYLW ^PXLY_TN XPLYTYR^ ZQ _SP aP]^P^ ZQ _SP SdXY^ ?ST^ XPLY^ _SL_ SP]P bP L]P OPLWTYR bT_S _bZ Z[[Z^TYR TOPL^ z _SL_ ZQ LY LXZ][SZ`^ ^ZYTN []TXZ]OTLW PY_T_d LYO _SL_ ZQ WTYR`T^_TN XL_P]TLW _SL_ NLY MP Pc[]P^^PO XL_SPXL_TNLWWd 3ZbPaP] _SPd L]P YZ_ QPW_ _Z MP Z[[Z^TYR LYO OZ YZ_ MPSLaP TY Z[[Z^T_TZY _Z ZYP LYZ_SP] 4_ T^ X`NS XZ]P _SP NL^P _SL_ WLYR`LRP ]PQWPN_PO TY _SP -]£SXL©L WT_P]L_`]P T^ LW bLd^ LY_T^_]`N_`]P Z]TRTYLWWd LYO T_ T^ _SP ]T_`LW _SL_ OPaPWZ[^ _SP ^_]`N _`]P Q]ZX _SP LY_T^_]`N_`]P ?ST^ []ZNP^^ bT_STY _SP WLYR`LRP T^ ^_]TN_Wd LYLWZRZ`^ _Z _SP Q`YOLXPY_LW bLd TY bSTNS _SP bSZWP WL_P APOTN ]T_`LW

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

#

Q`YN_TZY^ ;P]QZ]XTYR L ]T_`LW XPLY^ SP]P N]PL_TYR ]PWL_TZY^ MP_bPPY _SP XPLYTYR^ ZQ _STYR^ ?SP]P ZNN`]^ L NZY^_LY_ ]PN]PL_TZY ZQ ^PY^P Q]ZX YZY^PY^P  ?SP ]T_`LW ZQ _SP WL_P APOL _S`^ SL^ L NWLTX _Z `YTaP]^LW T_d ,WW _SP QZ]NP^ ZQ _SP NZ^XZ^ X`^_ MP ^dXMZWTNLWWd []P^PY_ TY _SP ^LN]TQTNP ?SP]PQZ]P _SP ^LN]TQTNTLW ]T_`LW NZY_LTY^ YZ_ ZYWd ^PXLY_TNLWWd XPLYTYRQ`W ^[PPNS M`_ LW^Z X`^TN YZY^PY^P ^Z`YO^ LYO Pc[]P^^TaP NLWW^ bSTNS SZbPaP] LWbLd^ SLaP L [L]_TN`WL] Q`YN_TZY -d NZY_]L^_ PaPY ^PXLY_TNLWWd XPLYTYRQ`W `__P]LYNP^ ^`NS L^ MS¼]MS`aLà^aLà wPL]_S LT] SPLaPY^x ZQ_PY OZ YZ_ YPNP^^L]TWd XLVP ^PY^P TY _P]X^ ZQ _SPT] ^PXLY_TN XPLYTYR M`_ ^ZWPWd ZY _SP ML^T^ ZQ _SPT] ]T_`LW Q`YN_TZY ?SP PWPXPY_^ _SL_ PaLOP MPTYR ^_]`N_`]PO ^`NS L^ NSLZ_TN X`^TN Z] TYL]_TN`WL_P ^SZ`_^ L]P LY TX[Z]_LY_ [L]_ ZQ _SP TY_PYOPO NZ^XTN QT]P ^LN]TQTNP ?SP -]LSXTY^ ^PP _SPX^PWaP^ L^ ^[PNTLWT^_^ TY OT^NZaP]TYR ^dXMZWTN ]PWL_TZY^ MP_bPPY _STYR^ ]PYOP]TYR _SPX XPLYTYRQ`W LYO ^TR YTQTNLY_ 5`^_ L^ _SPd SLaP ^PXLY_TNLWWd XPLYTYRQ`W wS`XLYx WLYR`LRP L_ _SPT] `YWTXT_PO OT^[Z^LW _SPd L]P LW^Z XL^_P]^ ZQ _SP ^PPXTYRWd XPLYTYRWP^^ M`_ XLRTNLWWd [Z_PY_ w[`]Px ^Z`YO^ bSZ^P w_]`Px XPLY TYR LWbLd^ ]PXLTY^ STOOPY Q]ZX XP]P XZ]_LW^% w4Q WLYR`LRP T^ XPL^`]PO T_ SL^ QZ`] [L]_^ BT^P -]LSXTY^ VYZb _SPX FLWWH ?S]PP WTP STOOPY TY _SP OP[_S^ LYO ]PXLTY `YYZ_TNPO ?SP QZ`]_S F[L]_H ZQ WLYR`LRP T^ ^[ZVPY Md XPYx "

?ST^ N]d[_TN [`eeWP ZQ L aP]^P SL^ MPPY TY_P][]P_PO TY aL]TZ`^ bLd^ ?SP ±L_L[L_SL-]£SXL©L ^PP^ TY _SP STOOPY _S]PP \`L]_P]^ _SP WLYR`LRP ZQ LYTXLW^ bSTNS OTQQP]^ Q]ZX _SL_ ZQ S`XLY MPTYR^ TY _SL_ T_ T^ w`YTY_P] []P_LMWPx LYT]`V_L  ?SP ^LXP NZXMTYL_TZY ZQ Y`XMP]^ T^ LW^Z QZ`YO TY _SP ;`]`´L>¼V_L  bT_S L aL]TL_TZY ZQ XPLYTYR% w:YP QZZ_ ZQ STX T^ LWW N]PL_`]P^ _S]PP QPP_ L]P TXXZ]_LWT_d TY _SP STRSP^_ SPLaPYx "! BSP]PaP] _ST^ Y`XP]TNLW NZXMTYL_TZY L[[PL]^ _SP _S]PP \`L]_P]^ XPLY ^ZXP_STYR STOOPY LYO `YTY_P][]P_LMWP ?Z L bPWWaP]^PO -]LSXTY _SP XPLYTYR ZQ _SP ]TOOWP ^SZ`WO MP NWPL]% ^_]`N_`]P LYO LY_T^_]`N_`]P ^Z`YO YZ_ MP WZYRTYR _Z _SP ^_]`N_`]P ZQ WLYR`LRP LYO ^_]`N_`]PQZ]XTYR ^PXLY_TN^ LYO XP_P]^ LWW MPWZYR _Z _SP ,]NSË ZQ _SP QT]P ^LN]TQTNP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " NL_aÑ]T aÑV [Ã]TXT_£ [LOÑYT _ÑYT aTO`] M]£SXL©Ñ dË XLY¯´Ï©Là g RÜS£ _]ЩT YÏST_£ YË«RLdLY_T _`]ÐdLÀ a£NÕ XLY`´d„ aLOLY_T gg ‹A !  "! [ÑOÕ^dL aT²a£ MS¼_ÑYT _]T[ÑO L^d£XÄ_LÀ OTaÏ g ,A $!NzO ‹A $NzO

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO



?SP =TOOWP TY _SP 3dXY ZQ /¯]RSL_LXL^

?SP QLXZ`^ NL_aL]T a£V aP]^P ZY _SP QZ`]QZWO ^[PPNS bSTNS bP SLaP \`Z_PO LMZaP T^ [L]_ ZQ _SP /¯]RSL_LXL^ SdXY ‹A ! "" ?SP WLY R`LRP aP]^P^ ZQ _ST^ SdXY L]P L aP]d PL]Wd PcLX[WP ZQ _SP YZ_TZY ZQ LY wLXZ][SZ`^ ^ZYTN []TXZ]OTLW PY_T_dx ?SP SdXY T^ WL]RPWd OL]V LYO Xd^_P]TZ`^ 8LYd ZQ T_^ aP]^P^ L]P [ZWd^PXLY_TN LYO QZ] _ST^ ]PL^ZY T_ T^ ZQ_PY [Z^^TMWP QZ] aL]TZ`^ OTQQP]TYR TY_P][]P_L_TZY^ _Z PcT^_ ^TOP Md ^TOP bT_S P\`LW U`^_TQTNL_TZY >_]TN_Wd ^[PLVTYR _ST^ T^ YZ_ L SdXY _Z _SP RZOOP^^ 7LYR`LRP M`_ TY^_PLO XLYd OTQQP]PY_ OPT_TP^ L]P LOO]P^^PO bSTWP _SP LN_`LW OPT_d ZQ _SP SdXY T^ _SP ^LN]TQTNP T_^PWQ ?SP Xd_STNLW RZO^ `YOP]^_ZZO L^ Q`YOLXPY_LW QZ]NP^ ZQ _SP NZ^XZ^ L]P ]P[]P^PY_PO TY L NZX[]PSPY^TaP bSZWP LYO A£N SL^ LY TX[Z]_LY_ [WLNP

 ?SP 9Pb -]LSXLY 4Y QZ]XLW _P]X^ _SP /¯]RSL_LXL^ SdXY ! T^ L NZWWPN_TZY ZQ ]TOOWP^ ZY _SP ^`MUPN_ ZQ _SP ^LN]TQTNP 4Y ^`NS [`eeWTYR SdXY^ "# M]LSXZOdL _SP -]LSXTY^ ^Z`RS_ _Z QTYO Z`_ _SP ^PN]P_ NZYYPN_TZY^ MP_bPPY _SP NZ^XZ^ LYO T_^ QZ]NP^ 1Z] PcLX[WP \`P^_TZY^ WTVP _SP QZWWZbTYR L]P _Z MP LY^bP]PO% wBT_S _bPWaP ^[ZVP^ _SP bSPPW ZQ _SP ]TRS_ NZ`]^P Ž_L _`]Y^ LN]Z^^ _SP ^Vd LYO YPaP] bPL]^ Z`_ : RZO ZQ QT]P ,RYT `[ZY _ST^ FDZ`]H NSTWO]PY ^P_ _SPX^PWaP^ TY [LT]^ FTY Y`XMP] _SPd bP]PH ^PaPY S`YO]PO LYO _bPY_dx "$

?SP SdXY OZP^ YZ_ []ZaTOP L ^ZW`_TZY QZ] _SP Y`XP]Z`^ ]TOOWP^ ,^ QZ] _SP ]TOOWP \`Z_PO _SP LY^bP] L[[PL]^ _Z MP ]PWL_TaPWd ^TX[WP ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" ?SP SdXY T^ L__]TM`_PO _Z _SP ^PP] /¯]RSL_LXL^ ^ZY ZQ @NL_SdL LYO 8LXL]_S£ 4 4_ T^ L NZWWPN_TZY ZQ ^ZNLWWPO M]LSXZOdL ^ TP ^[PN`WL_TZY^ wNWZ_SPOx TY ]TOOWP^ LYO LWWP RZ]TP^ LMZ`_ _SP bZYOP] ZQ YL_`]P LYO S`XLY WTQP _TXP WLYR`LRP LYO _SPT] NZYYPN _TZY _Z ^LN]TQTNP ?SPd bP]P aP]d [Z[`WL] TY _SP -]£SXL©L [P]TZO LYO LW^Z TYNZ][Z ]L_PO TY_Z ]T_`LW ZY []ZXTYPY_ [WLNP =TOOWP NZY_P^_^ LXZYR [ZP_^ L]P _SP QT]^_ OZN`XPY_^ ZQ 4YOTLY OT^[`_P N`W_`]P ?SP /¯]RSL_LXL^ SdXY T^ []ZMLMWd _SP ZWOP^_ PcLX[WP >PP LW^Z Z`] NSL[ #& BLW_P] =`MPY w¾MP] OTP /PML__PY TY OPY LW_PY @[LYT´LOv^w E/82 91 # $$% #  TY [L]_TN`WL] "& 1- 5 6`T[P] w?SP ,YNTPY_ ,]dLY AP]MLW .ZY_P^_x 445  $!% "#& =TR APOL% /L^ 3PTWTRP BT^ ^PY  _]LY^ LYO PO BT_ePW """ "# :Y _SP ^`MUPN_ ZQ _SP APOTN ]TOOWP NZX[P_T_TZY^ NLWWPO M]LSXZOdL wQZ]X`WL_TZY ZQ -]LSXLYx ^PP LW^Z =PYZ` LYO >TWM`]Y w>`] WL YZ_TZY OP M]ÃSXLYx $ z! 0cLX [WP^ Q]ZX _SP WL_P APOTN [P]TZO XLd MP QZ`YO TY .S@[ #z 0cLX[WP^ ZQ _SP NZY _TY`L_TZY ZQ _ST^ RPY]P TY _SP WL_P APOTN [P]TZO TYNW`OP 8-S  QQ LYO $! QQ "$ O`aÑOL²£]LÀ YLST _ÃUUÃ]£dL aÃ]aL]_T NLV]ÃÀ [Ã]T OdÑX š_Ã^dL g Ñ [`_]Ñ LRYP XT_S`YÑ^Z Ã_]L ^L[_à ²L_ÑYT aTÀ²L_ϲ NL _L^_S`à gg ‹A !

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

#

wbSPPWx T^ _SP dPL] _SP w_bPWaP ^[ZVP^x L]P _SP _bPWaP XZY_S^ LYO _SP w^PaPY S`YO]PO LYO _bPY_d NSTWO]PYx ZQ _SP RZO ZQ QT]P Z] RZO ZQ WTRS_ ,RYT L]P _SP ! OLd^ LYO _SP ! YTRS_^ ZQ _SP ^ZWL] dPL] ?ST^ OZP^ YZ_ LN_`LWWd ]PQP] _Z _SP L^_]ZYZXTNLW dPL] M`_ ]L_SP] _Z _SP ]T_`LW dPL] ,WW _SP NSLYRP^ TY _SP YL_`]LW bZ]WO L]P ]P[PL_PO LNNZ]OTYR _Z _SP ^PL ^ZY ZQ _SP dPL] LYO ^TYNP TY APOTN _TXP^ [PZ[WP bP]P ^_TWW XLTYWd LR]T N`W_`]T^_^ _SP]P bL^ YZ YPPO _Z NZY^TOP] WZYRP] NdNWTN [P]TZO^ ?SL_ T^ bSd _SP dPL] MPNLXP LY L[_ ^dXMZW _Z ]P[]P^PY_ _SP _Z_LWT_d ZQ NdNWTN _TXP 9Zb T_ T^ _Z MP ]PXPXMP]PO _SL_ _SP ,]NSÃT _SP OPPO^ ZQ _SP RZO^ L]P ]PR`WL] []ZNP^^P^ LYO _S`^ ^_]`N_`]PO XLTYWd Md _TXP ?SP]PQZ]P _SP dPL] OTO PYNZX[L^^ LWW [Z^^TMWP ,]NSÃT L^ bPWW LYO NZ`WO MPNZXP L YL_`]LW LYLWZRd QZ] _SP QT]P ^LN]TQTNP ^TYNP _SP ^LN]TQTNP bL^ LW^Z _SZ`RS_ _Z NZY_LTY LWW [Z^^TMWP ,]NSÃT 8LYd TX[Z]_LY_ ^LN]TQTNP^ WL^_PO PcLN_Wd ZYP dPL] LYO T_ T^ Q]P\`PY_Wd ^_L_PO _SL_ _SP ^LN]TQTNP LYO _SP dPL] L]P TOPY_TNLW >Z `W_TXL_PWd _SP aP]^P T^ NZX[WP_PWd PXMPOOPO TY _SP ^LN]TQTNTLW NZY_Pc_ >`NS aP]^P^ bT_S ]TOOWP^ LYO LWWPRZ]TP^ L]P NLWWPO M]LSXZOdL XPLYTYR wbSL_ T^ uPc[]P^^TMWPv LMZ`_ _SP -]LSXLYx 3ZbPaP] _SP _P]X -]LSXLY XPLY^ ^ZXP_STYR OTQQP]PY_ SP]P _SLY T_ OZP^ TY _SP ‹V >LÀST_£ ?SP]P -]LSXLY bL^ [ZbP]Q`W ^[PPNS LYO L_ _SP ^LXP _TXP _SP OT]PN_ `__P]LYNP ZQ _SP SZWd ]PLWX -`_ SP]P -]LSXLY ]PQP]^ _Z L ^_L_P XPY_ ZQ _]`_S NZYNP]YTYR _SP STOOPY ^dXMZWTN NZYYPN_TZY^ ZQ _STYR^ LYO _SP SZXZWZRZ`^ YP_bZ]V^ ]PP^_LMWT^SPO Md _SP ^LN]TQTNP LYO T^ _S`^ LY ZMUPN_TaTeTYR ^_L_PXPY_ LMZ`_ bSL_ T^ ^LN]PO 4Y WL_P] _TXP^ _SP _P]X w-]LSXLYx PaPY NZXP^ _Z ]PQP] _Z _SP NZ^XTN TY_P]NZYYPN_POYP^^ ZQ LWW _STYR^ T_^PWQ _SP ^[T]T_`LW NZ]P ZQ _SP PY_T]P ]PLWT_d ?ST^ NSLYRP TY XPLYTYR ZQ _SP _P]X w-]LSXLYx OZP^ YZ_ XP]PWd TY OTNL_P L NSLYRPO ]T_`LW NZ^XZ^ M`_ LW^Z OT^NWZ^P^ XLUZ] NSLYRP^ TY _SP NZY^_]`N_TZY ZQ ]PLWT_d LYO T_^ L^^`XPO NZY^_T_`_TZY ?SP ‹RaPOTN -]LS XLY L^ [ZbP] TYSP]PY_ TY ^LN]PO ^[PPNS NZ]]P^[ZYO^ bT_S L ]PLWT_d TY bSTNS [SPYZXPYL L]P NZYYPN_PO Md TYOTaTO`LW QZ]NP^ bSZ PcP]NT^P OT]PN_ TYQW`PYNP ZY _SPX ?SP WL_P] APOTN -]LSXLY ZY _SP Z_SP] SLYO OT^NWZ^P^ L ]PLWT_d bSTNS T^ NZY^_T_`_PO Md ^dXMZWTN []Z[P]_TP^& LWW [SP YZXPYL MPNZXP TY_P]]PWL_PO Md _SPT] ^dXMZWTN ^TRYTQTNLYNP bT_STY L NZZ]OTYL_PO bSZWP 4Y _SP -]£SXL©L^ bP SLaP L]]TaPO L_ _SP [ZTY_ bSP]P .L^^T]P] WZNL_P^ _SP QT]^_ ]PLW ^_P[ Z`_ ZQ _SP Xd_S TY_Z ^[PN`WL _TaP _SZ`RS_% w1Z] _SP QT]^_ _TXP _SP Xd_STNLW aTPb ZQ _SP NZ^XTN []ZNP^^ T^ NWPL]Wd LYO NZY^NTZ`^Wd NZYQ]ZY_PO Md _SP Q`YOLXPY_LW [STWZ^Z[STNLW^[PN`WL_TaP TOPL _SL_ _SP `YTaP]^P T^ ^`MZ]OTYL_P _Z L `YTQTPO LYO TYOTaT^TMWP WLb m BT_S

#!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_ST^ _SP XLRTNXd_STNLW QTPWO ZQ QZ]NP^ SL^ _`]YPO TY_Z L NZY_Pc_ ZQ XPLY TYRx #

.L^^T]P]v^ [TZYPP] ZQ _ST^ YPb bLd ZQ _STYVTYR T^ 3P]LNWT_`^ 3T^ ^_dWP ZQ ^[PLVTYR T^ OL]V LYO Xd^_P]TZ`^ LW_SZ`RS T_ T^ wYZ_ LNNTOPY_LW LYO L]MT_]L]d M`_ _SP LOP\`L_P LYO YPNP^^L]d Pc[]P^^TZY ZQ ST^ _SZ`RS_x ^TYNP T_ [ZTY_^ Z`_ []PNT^PWd _ST^ wTYaT^TMWP SL]XZYdx ZQ XPLYTYRQ`W ]PWL_TZY^ MP_bPPY _STYR^ # 3P]P _ZZ _SP]P T^ L NP]_LTY [L]LWWPW _Z _SP M]LSXZOdL^ _SP APOTN ]TOOWP^ ?SPd PaZVP _SP Y`XTYZ`^ Md XPLY^ ZQ L waT^TZYL]dx ^_dWP M`_ LW^Z OP^N]TMP T_ TY _SP ^PY^P _SL_ L ]L_TZYLW ]P^Z W`_TZY T^ TY_PYOPO ?SP N]d[_TN L^[PN_ T^ LY Pc[]P^^TZY ZQ _SP QLN_ _SL_ _SP _]`P YL_`]P ZQ _STYR^ T^ STOOPY bSTWP _SP ]L_TZYLW L^[PN_ LWWZb^ _SP XLYTQP^_L_TZY ZQ bSL_ T^ STOOPY LYO T_^ TY_PWWPN_`LW NZX[]PSPY^TZY >`NS QL^NTYL_TYR ^_]`N_`]LW ^TXTWL]T_TP^ ^SZ`WO SZbPaP] YZ_ OT^ R`T^P _SP QLN_ _SL_ _SP `YOP]WdTYR [L]LOTRXL_TN ^d^_PX^ L]P NZX[WP_PWd OTQQP]PY_ ?SP -]£SXL©L^ L]P YZ_ NZYNP]YPO bT_S ^[PN`WL_TaP QWTRS_^ ZQ QLYNd TY _SP ]PLWX ZQ LM^_]LN_ TOPL^ M`_ bT_S _SP OPaPWZ[XPY_ ZQ L [P] QPN_ ^LN]TQTNTLW XLRTN ,_ QT]^_ RWLYNP MZ_S _SP -]LSXLY ZQ _SP ]TOOWP^ LYO 3P]LNWT_`^v WZRZ^ L[[PL] _Z ]PQP] _Z _SP ^LXP _STYR M`_ _SP _bZ _P]X^ ^ZZY _LVP Z[[Z^T_P [L_S^ -]LSXLY MPNZXP^ _SP P[T_ZXP ZQ _SP [L]_TNT[L_Z]d TY _SP WL_P APOTN @[LYT´LO^ bSTWP _SP >_ZTN^v WZRZ^ QT YLWWd MPNZXP^ _SP P[T_ZXP ZQ _SP PXLYNT[L_Z]d BSP]PL^ _SP @[LYT ´LOTN _STYVP]^ ^PPV YZYO`LW Pc[P]TPYNP LYO MWT^^ £YLYOL Md XP]RTYR bT_S _SP -]LSXLY _SP >_ZTN^ ^_]TaP _Z N`W_TaL_P TX[P]_`]MLWT_d L_L]LcTL LYO NLWX PYO`]LYNP L[L_SPTL TY _SP QLNP ZQ _SP `YLW_P]LMWP OTaTYP ]PL^ZY WZRZ^ RZaP]YTYR _SP QL_P ZQ _SP TYOTaTO`LW 3P]P bP ^PP _SP WTXT_^ ZQ _SP aP]d RWZMLW TOPL ZQ L WTYPL] _]LY^T_TZY TY XPY_LW ST^_Z]d Q]ZX Xd_SZ^ _Z WZRZ^  L^ [`_ QZ]bL]O Md 6`]_ 3ÞMYP] LYO 0]Y^_ .L^ ^T]P] >`NS []ZNP^^P^ OZ PcT^_ TY APOTN 4YOTL _ZZ M`_ SP]P _SP]P LWbLd^ L]T^P YPb bLd^ ZQ WTYVTYR Xd_SZ^ LYO WZRZ^ L^ _bZ NZX[WPXPY_L]d QTPWO^ ZQ ^PY^P TY ZYP N`W_`]LW `YT_ ?SP LNSTPaPXPY_ ZQ TY_PR]L_TZY ZQ _SP -]£SXL©L^ ^SZ`WO []ZMLMWd L^N]TMPO LMZaP LWW _Z _SP Pc_]PXPWd ^_]ZYR XZYZXd_S ZQ _SP QT]P ^LN]TQTNP 3ZbPaP] _SP QT]P ^LN]TQTNP SL^ []PNTZ`^ WT__WP _Z OZ bT_S L [STWZ^Z[Sd TY .L^^T]P]v^ ^PY^P LW_SZ`RS _SP ^T_`L_TZY NLY Z_SP]bT^P MP OP^N]TMPO \`T_P LNN`]L_PWd TY ST^ bZ]O^% w?SP bZ]WO T^ YZ WZYRP] _SP [WLd_STYR ZQ OPXZYTN [ZbP]^ bSZ RZaP]Y T_ LNNZ]OTYR _Z _SPT] bSTX Z] QLYNd M`_ T^ ^`MUPN_ _Z L `YTaP]^LW ]`WP bSTNS

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ AZW`XP :YP% ?SP 7LYR`LRP  $ Q .L^^T]P] ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY AZW% /TP >[]LNSP  # # .L^^T]P] ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^  aZW   2P]XLY PO $

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

#"

MTYO^ _ZRP_SP] PaP]d [L]_TN`WL] ]PLWT_d LYO PaPY_ LYO L^^TRY^ _Z _SPX _SPT] `YNSLYRTYR XPL^`]Px #

?ST^ XPLY^ _SL_ _SP XPLYTYR ZQ _SP bZ]O w-]LSXLYx SL^ NSLYRPO Q]ZX L [ZbP]Q`W QZ]X`WL_TZY _Z L QZ]X`WL_PO wRPYP]LW ]`WPx .Z]]P^[ZYO TYRWd _SP [WLdP]^ SLaP NSLYRPO _ZZ 4_ T^ YZ_ ^PP]^ bT_S _SP RTQ_ ZQ aT ^TZY bSZ ^[PLV z TY^_PLO T_ T^ _SZ^P bSZ SLaP MPPY TYT_TL_PO TY_Z _SP P^Z_P]TN ^PN]P_^ ZQ _SP NZ^XTN ]T_`LW 4Y LOOT_TZY _Z _SP ZWOP] [L]_TNT[L _Z]d L^[PN_ ZQ _SP []TP^_ L^ L waT^TZYL]dx aT[]L  L OPNTOPOWd PXLYNT[L _Z]d L^[PN_ SL^ L[[PL]PO BSTWP _SP aT^TZYL]d ^_TWW ^[ZVP ^ZWPWd Z`_ ZQ _SP TY^[T]L_TZY ZQ ST^ OTaTYP aT^TZY LYO ]PNPTaPO ST^ [ZbP] _S]Z`RS _SP OTaTYP _SP P^Z_P]TN LW^Z bT^SP^ _Z RLTY VYZbWPORP LYO [ZbP] ZaP] _SP OTaTYP ,^ LY P^Z_P]TN _SP []TP^_ PXLYNT[L_P^ STX^PWQ Q]ZX _SP L]NSÃT TY _SL_ SP SL^ LY ZaP]aTPb ZQ _SPX LYO NZY_]ZW^ _SPX `^TYR ST^ VYZbWPORP ?ST^ LOO^ LYZ_SP] N]LNV ^Z _Z ^[PLV _Z _SP Xd_S -`_ T_ T^ ^_TWW YZ_ M]Z VPY YZ_ Md L WZYR bLd z QZ] _SP []TP^_ NZY_TY`P^ _Z [L]_TNT[L_P TY _SP Xd_STNLW TYL^X`NS L^ _SP NZX[P_T_TZY ZQ ]TOOWP^ TY _SP M]LSXZOdL ]P[]P^PY_^ L YPb ]T_`LW >ZXP_TXP^ ^`NS ]TOOWP NZX[P_T_TZY^ L]P TYNW`OPO TY _SP ^LN]TQTNP TY bSTNS NL^P _SP ^ZW`_TZY^ L]P VYZbY -`_ XZ^_ ZQ _SP _TXP _SP ]TOOWP ]T_`LW^ _LVP [WLNP U`^_ LYdbSP]P TY LY TX[]ZaT^PO QZ]X bT_SZ`_ _SP ^ZW`_TZY^ MPTYR []ZaTOPO ?SP^P XZ]P TYQZ]XLW ]T_P^ SLaP L XL]VPO WTXTYLW NSL]LN_P] z TY Pc_]PXP NL^P^ YZ_ LY^bP]TYR L \`P^_TZY NLY NZ^_ ZYP ZYPv^ SPLO LW_SZ`RS _SP]P T^ YZ PcPN`_TZYP] []P^PY_ QZ] _ST^ [`] [Z^P M`_ TY^_PLO L aP]d ^[PNTLW QZ]X ZQ w_]`_S XLRTNx ,YO RPYP]Z`^ VTYR^ ZQ_PY [`_ `[ WL]RP Y`XMP]^ ZQ NL__WP L^ L ]PbL]O QZ] ^`NNP^^Q`W LY^bP]^ _Z M]LSXZOdL^ ^Z _LVTYR L NP]_LTY LXZ`Y_ ZQ ]T^V NZ`WO MP \`T_P W`N]L_TaP QZ] TX[ZaP]T^SPO -]LSXTY^ 3ZbPaP] ^`NS ^[PN_LN`WL] PaPY_^ L]P NP]_LTY _Z SLaP MPPY _SP PcNP[_TZY ]L_SP] _SLY _SP ]`WP ,YO ]TOOWP^ ^`NS L^ _SP aP]^P NT_PO LMZaP bP]P [Z[`WL] TY []TaL_P NT]NWP^ _ZZ

 ?SP ?SZ`^LYO>dWWLMWPO -`QQLWZ .Zb 4Y _SP ]TOOWP SdXY ‹A ! _SP WTQP ZQ _SP bSZWP `YTaP]^P T^ _]LNPO MLNV _Z L ^TYRWP Xd^_P]TZ`^ PWPXPY_ bSTNS T^ RTaPY _SP YLXP LV´L]L w_SP TYPcSL`^_TMWPx 0_dXZWZRTNLWWd _SP bZ]O LV´L]L XPLY^ wYL V´L]L_Tx z _SL_ bSTNS OZP^ YZ_ wPcSL`^_x T_^PWQ OZP^ YZ_ wO]d `[x Z] wOTP ZQQx z LYO TY _SP PL]Wd ‹V>LÀST_£ _ST^ T^ LW^Z `^PO TY L [Sd^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .L^^T]P] ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ aZW  $  ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY  aZW  #

##

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

^PY^P _Z ^TRYTQd _SP ]LTY # 4_ ^PPX^ _SL_ _SP []PaLTWTYR TOPL T^ _SL_ TY 3PLaPY _SP]P T^ LY TYPcSL`^_TMWP ]P^P]aZT] ZQ bL_P] 4YOPPO _SP YZ_TZY ZQ _SP 3PLaPY^ MPTYR LY ZNPLY T^ L [Z[`WL] ZYP 4Y_P]P^_TYRWd _SP XZO P]Y WPcTNLW XPLYTYR ZQ LV´L]L T^ w_SP ^dWWLMWPw bSTNS Pc[WLTY^ bSd _SP _P]X T^ ZQ_PY ]PYOP]PO L^ wPaP]WL^_TYR ^dWWLMWPx TY ‹A ! 8LYd [PZ[WP LW]PLOd ^PP TY _ST^ _SP ^LN]PO ^dWWLMWP :¿ # -`_ _ST^ T^ `YWTVPWd QZ] ST^_Z]TNLW ]PL^ZY^ LYO bSL_PaP] bL^ LN_`LWWd XPLY_ TY ‹A ! bL^ LYO ^_TWW T^ `YNWPL] 4Y LYd NL^P T_ L[[PL]^ _Z SLaP ^ZXP_STYR _Z OZ bT_S LY L`OTMWP ]T_`LW PWPXPY_ ^TYNP _SP QZWWZbTYR T^ ^LTO% w?SP uTYPcSL`^_TMWPv LV´L]L ZQ _SP SdXY ŽN _SP STRSP^_ 3PLaPY `[ZY bSTNS LWW _SP RZO^ L]P ^PL_PO z bSL_ bTWW L [P]^ZY bSZ OZP^ YZ_ VYZb T_ OZ bT_S _SP SdXY* ?SZ^P bSZ VYZb L]P RL_SP]PO _ZRP_SP]x #

,_ Z_SP] [ZTY_^ T_ T^ ^_L_PO _SL_ _S]Z`RS _SP wTYPcSL`^_TMWPx _SP [P]^ZY XLVTYR _SP ^LN]TQTNP [P]QPN_^ LWW _SP SdXY^ TY LWW XP_P]^ #! 4_ ^PPX^ _Z XPLY _SP ^dWWLMWP bT_S ]T_`LW [ZbP] [L] PcNPWWPYNP BSP_SP] _ST^ T^ YZb L NP]_LTY XZYZ^dWWLMTN NLWW bSTNS X`^_ MP LOOPO _Z _SP SdXY^ Z] _SP ^Z`YO ZQ L MZ`]OZY []ZaTOTYR _SP Q`YOLXPY_LW YZ_P QZ] SdXY^TYRTYR Z] ^ZXP Z_SP] QZ]X ZQ LNNZX[LYTXPY_ bP OZ YZ_ VYZb #" ?SP wTYPcSL`^_TMWPx T^ L_ _SP ^LXP _TXP ZYP _STYR LYO XLYd _STYR^ LYO _SP TXLRP T^ LRLTY _SL_ ZQ _SP NZb% w?SP _TOPN]PL_TYR M`QQLWZ NZb SL^ XZZPO bSTNS MPNLXP _SP ZYPXP_P]PO _SP _bZXP_P]PO _SP QZ`]XP_P]PO _SP PTRS_XP_P]PO LYO _SP YTYP XP_P]PO ## LYO FWTaP^H bT_S L _SZ`^LYO uTYPcSL`^_TMWP^v TY _SP STRSP^_

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP ‹A   LYO  # ?SP APOTN NZXXPY_L_Z] >£dL©L LW^Z `YOP]^_LYO^ _ST^ aP]^P TY _ST^ XLYYP] # ŽNÕ LV´Ã]P [L]LXË aÏZXLY dÃ^XTY OPaÑ ÃOST aϲaP YT´POÜà g dÃ^ _ÃY Yà aËOL VÏÀ ŽNÑ VL]T´dL_T dà Ï_ _ÃO aTOÜ^ _à TXË ^ÃX £^L_P gg ‹A !$ #! .Q ‹A ! LYO  #" , ;LOZ`c  A£N% ?SP .ZYNP[_ ZQ _SP BZ]O TY >PWPN_PO 3TYO` ?LY_]L^ ,WMLYd% >_L_P @YTaP]^T_d ZQ 9Pb DZ]V ;]P^^ $$  LYO 0 0WTeL]PYVZaL 7LYR`LRP LYO >_dWP ZQ _SP APOTN ‹´T^ 9Pb DZ]V% >_L_P @YTaP]^T_d ZQ 9Pb DZ]V ;]P^^ $$   Q `Y OP]^_LYO ,V´L]L L^ L ^dWWLMWP TY _SP ^PY^P ZQ L _PNSYTNLW _P]X LYO TY_P][]P_ T_ L^ L XP_]TNLW `YT_ 4Y aTPb ZQ _SP NZY_Pc_ _ST^ ^PPX^ ]L_SP] TX[]ZMLMWP ?SP TXLRP ZQ _SP ZNPLY ^`RRP^_^ ^ZXP_STYR LM^ZW`_PWd bT_SZ`_ ^_]`N_`]P LYO YZ_ L `YT_ ZQ XPL^`]P XPY_ ?SP APOTN ^LN]TQTNP TYNW`OP^ aP]d []ZXTYPY_ ^Z`YO^ ^`NS L^ w3`Àx w3T«x LYO w3Àx 4Y LOOT_TZY _SP]P T^ w3Zx _SP OPP[ _ZYP XLYO]L^aL]L L O]ZYP QZ] _SP >£XLY ^TYRTYR LYO QTYLWWd _SP QLXZ`^ w:¿x bSTNS PYO^ PaP]d ]PNT_L_TZY ZQ SdXY^ LYO _ZOLd LW^Z MPRTY^ _SPX >`NS ^Z`YO^ L]P LWbLd^ _P]XPO LV´L]L PaPY TQ _SPd OZ YZ_ OPYZ_P LYd XP_]TNLW `YT_^ ?SP LV´L]L OP^N]TMPO TY ‹A ! _SL_ T^ _SP ]T_`LWWd [ZbP]Q`W ^dWWLMWP [L] PcNPWWPYNP bL^ []ZMLMWd ^ZXP_STYR ^TXTWL] ## ?SP XPLYTYR ZQ _SP^P Y`XMP]^ T^ YZ_ NWPL] L_ LWW >£dL©L TY_P][]P_^ _SPX L^ QZWWZb^% =LTY 7LYR`LRP :YPXP_P]PO ( .WZ`O BZ]O ^_PX ?bZXP_P]PO ( .WZ`O LYO SPLaPY^ 9Z`Y ^_PX LYO aP]M ^_PX

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

#$

3PLaPY :`_ ZQ SP] _SP ZNPLY^ QWZb OZbY `[ZY bSTNS _SP WTQP ZQ FLWWH QZ`] OT]PN_TZY^ FOP[PYO^H 3P]P _SP uTYPcSL`^_TMWPv L]T^P^ Q]ZX bSTNS _SP bSZWP F`YTaP]^PH WTaP^x #$

3P]P T_ L[[PL]^ _SL_ _SP QLXTWTL] OZ`MWP TXLRP ZQ _S`YOP] LYO XZZTYR ZQ WLYR`LRP LYO ]LTY T^ OPaPWZ[PO Q`]_SP] LYO PaPY Pc[LYOPO ?SP NZb T^ YZ_ ZYWd _SP NWZ`O M`_ LW^Z _SP XZZY _SL_ NZY_]ZW^ _SP ZNPLY bSTNS T^ bSd _ST^ aP]^P T^ ^`YR YZbLOLd^ TY [WLYP_ bZ]^ST[ L^ [L]_ ZQ _SP SdXY _Z _SP XZZY 9LaLR]LSL >¼V_L  ?SP Pc[LY^TZY ZQ _SP TXLRP TY_Z _SP NZ^XTN ]PLWX XLVP^ _SP `YTaP]^LW NSL]LN_P] ZQ WLYR`LRP PaPY NWPL]P] _SLY T_ T^ TY _SP SdXY^ LW]PLOd OT^N`^^PO " LYO  % WLYR`LRP T^ _SP ]LTY _SL_ []ZaTOP^ _SP bSZWP `YTaP]^P bT_S bL_P] _Z O]TYV LYO VPP[^ T_ LWTaP 4Q bP bP]P _Z _]LY^WL_P _SP uTYPcSL`^_TMWPv LV´L]L TY _SP XZOP]Y ^PY^P bT_S _SP bZ]O w^dWWLMWPx bP bZ`WO ZM_LTY _SP [P]QPN_ Xd_STNLW ^`M^_LYNP TY 3ÞMYP]v^ ^PY^P% wm _SP M`QQLWZ NZb m FWTaP^H bT_S L _SZ`^LYO ^dWWLMWP^ TY _SP STRSP^_ 3PLaPY :`_ ZQ SP] _SP ZNPLY^ QWZb OZbYbL]O^ m :`_ ZQ _ST^ QWZb^ _SP ^dWWLMWP Q]ZX bSTNS _SP bSZWP `YTaP]^P WTaP^x $

?SP WLYR`LRPNZb ZQ L _SZ`^LYO ^dWWLMWP^ NLY MP ZYP _STYR Z] PaP]d _STYR ?SP ZYP ^dWWLMWP _SL_ ^SP XZZ^ T^ _SP bSZWP LYO L_ _SP ^LXP _TXP L [L]_ ZQ _ST^ bSZWP 1Z] TY SP] STRSP^_ QZ]X ^SP NZY^T^_^ ZQ L _SZ`^LYO ( TYQTYT_PWd XLYd ^dWWLMWP^ LYO QPPO^ LWW N]PL_`]P^ bT_S L ^PL ( LY TYQTYT_d ZQ ^dWWLMWP^ -`_ LRLTY _SP^P L]P ZYWd ZYP ^dWWLMWP >Z TY _ST^ _d[TNLW ]PWL_TZY^ST[ _SP TOPY_T_d ZQ TYOTaTO`LW LYO NWL^^ T^ ]PQWPN_PO bSTNS T^ NSL]LN_P]T^_TN ZQ _SP Xd_SZ^ ?SP L`OTMWP wTYPcSL`^_TMWPx T^ YZ_ L ]L_TZYLW _P]X TY LYd bLd M`_ T_ T^ L Xd_SZRPXP bSZ^P YZ]XLW QZ]X T^ L NP]_LTY PWPXPY_ ZQ ^Z`YO TY _SP ^LN]TQTNP _SP ^Z`YO ZQ L MZ`] OZY L NP]_LTY VPd QZ]X`WL Z] L ]P[PL_PO NLWW ?SP ^`M^_LYNP LYO ,]NSË ZQ _ST^ Xd_S L]P LWbLd^ _SP WT_P]LWWd wTYPcSL`^_TMWPx ^`][W`^ LYO LM`Y OLYNP ?ST^ bZ`WO LW^Z Pc[WLTY bSd _SP NZX[TWP] ZQ ‹A ! XTcPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z`]XP_P]PO (

1Z`] OT]PN_TZY^

0TRS_XP_P]PO (

1Z`] OT]PN_TZY^ LYO QZ`] L`cTWTL]d OT]PN_TZY^

9TYPXP_P]PO (

,^ LMZaP M`_ bT_S _SP ePYT_S LOOPO

9Z`Y aP]M []P[Z^T_TZY LYO [L]_T NWP 0TRS_ NL^P^ YZXTYL_TaP LNN`^L _TaP TY^_]`XPY_LW OL_TaP LMWL _TaP RPYT_TaP WZNL_TaP LYO aZNL _TaP ,^ LMZaP M`_ bT_S _SP TYOPNWTYL MWP LOOPO

ȱ #$ RL`]Ð] XTX£dL ^LWTWÑYT _ÃV´L_Å ËVL[LOÅ OaT[ÃOÅ ^Ñ NÃ_`´[LOÅ g L´¶Ñ[LOÅ YÃaL[LOÅ MLMS¼aÜ´Å ^LSÃ^]£V´L]£ [L]LXË aÏZXLY gg _Ã^d£à ^LX`O]Ñ ÃOST aÏ V´L]LY_T _ËYL U¯aLY_T []LOϲL² NÃ_L^]Là g _Ã_Là V´L]L_T LV´Ã]LÀ _ÃO aϲaLX Ü[L U¯aL_T gg ‹A !z $ ‹A !z ^PP LMZaP

$

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

uWLYR`LRP aP]^P^v LYO aP]^P^ LMZ`_ Z_SP] OPT_TP^ _ZRP_SP] _SP^P WL__P] aP]^P^ SLaTYR YZ_STYR _Z OZ bT_S WLYR`LRP LW_SZ`RS _SPd LWW SLaP _SP TXLRP ZQ wPcNP^^x TY NZXXZY 0aPY _SP XTWNS NZb TY aP]^P  bSTNS w^PYO^ LWW RZZO _STYR^x NZ`WO MP `YOP]^_ZZO L^ TYPcSL`^_TMWd QWZbTYR WLYR`LRP LYO SP] XTWV L^ [ZP_]d 4Y_P]P^_TYRWd >L]L^aL_¯ bSZ WL_P] LOaLYNPO _Z MPNZXP L WLYR`LRP RZOOP^^ z SP]P ^_TWW MPTYR L L ]TaP] z T^ OPYZ_PO TY aP]^P $ bT_S L ^TXTWL] `^P ZQ XP_L[SZ] 3P] M]PL^_ ^bPWW^ bT_S TYPcSL`^_TMWd LM`YOLY_ QZZO w^SP NZY_LTY^ FLWWH _]PL^`]P^ OT^NZa P]^ FLWWH PL]_SWd RZZO^ LYO XLVP^ RPYP]Z`^ RTQ_^ ZQ _SPXx $



8P_]TNLW 8LRTN bT_S 9`XMP]^

?SP LN_`LW Xd^_P]d ZQ WLYR`LRP _SP wTYPcSL`^_TMWPx LV´L]L  _SL_ PWP XPY_ ZQ WLYR`LRP _SL_ T^ L_ ZYNP ZYP LYO XLYd MPNZXP^ ^ZXP_STYR \`T_P ^TX[WP L_ _SP []ZQLYP WPaPW% _SP LN_`LW ^dWWLMWP TY _SP SZWd APOL _Pc_ ?ST^ XPLY^ _SL_ _SP wTYPcSL`^_TMWPx NLY MP LYd ^dWWLMWP LYO LYd ^dWWLMWP T^ TY _`]Y _SP wTYPcSL`^_TMWPx ^TYNP _SP]P L]P YPT_SP] ^_]`N_`]P YZ] XPL^`]LMWP `YT_^ bT_STY L ^dWWLMWP& T_ ^Z`YO^ QZ] L^ WZYR L^ ZYP XLTY_LTY^ T_ ?SP WPaPW ZQ _SP XPL^`]LMWP ZYWd MPRTY^ L_ _SP aP]^P >dX MZWTN ]PWL_TZY^ LYO ]PQP]PYNP^ L]P ZYWd [Z^^TMWP Q]ZX _ST^ WPaPW `[bL]O^ ?SP ,]NSË bSTNS T^ ]P[WLdPO ZaP] LYO ZaP] LRLTY TY _SP NZ^XTN QT]P ^LN]TQTNP _SL_ T^ _SP N]PL_TZY ZQ ^PY^P Q]ZX YZY^PY^P ZQ ^_]`N_`]P Q]ZX LY_T^_]`N_`]P ZQ Z]OP] Q]ZX NSLZ^ LW^Z QZ]X^ _SP ML^T^ QZ] SZb bP OPLW bT_S _SP [SZYP_TN OTXPY^TZY ZQ bZ]O^ ?SP Pc[WLYL_TZY QZ] XP_P] LYO _SP NZ`Y_TYR ZQ ^dWWLMWP^ MPTYR ^Z TX[Z]_LY_ QZ] _SP -]£SXL©L _Pc_^ []ZMLMWd WTP^ TY _SP QLN_ _SL_ ^dWWLMWP^ WTYV MZ_S OTXPY^TZY^ ^_]`N_`]P LYO LY_T^_]`N_`]P $ ?SP ^dWWLMWP T^ ^Z`YO ^`M^_LYNP _SL_ NLYYZ_ MP ]PO`NPO LYO T^ _SP]PQZ]P L_ _SP ^LXP _TXP _SP []TXL]d XP_]TNLW `YT_ ZQ XPL^`]PXPY_ >TYNP bP L]P ^_TWW Z[P]L_TYR z TY .L^^T]P]v^ _P]XTYZWZRd z XZ]P ZY _SP ^PY^Z]d WPaPW LYO YZ_ ^Z X`NS ZY _SP WPaPW ZQ LM^_]LN_TZY WLYR`LRP NLY ZYWd MP XPL^`]PO TY _P]X^ ZQ WLYR`LRP LYO YZ_ TY bL_P] O]Z[WP_^ Z] ^LYO TY SZ`]RWL^^P^ L^ ^XLWW `YT_^ ZQ _TXP bP]P XPL^`]PO TY LYNTPY_ N`W_`]P^ 4Y _SP 5LTXTY¯dL-]£SXL©L  _SP NZ`Y_TYR ZQ _SP WTYR`T^_TN ]T_`LW XL _P]TLW ±L^_]L^ LYO >_Z_]L^ PaPY NZY_LTY^ _SP OTQQP]PYNP MP_bPPY OPL_S LYO WTQP 3P]P OPL_S OZP^ YZ_ XPLY _SP PYO ZQ ^PY^Z]d [P]NP[_TZY LYO PY_P]TYR L ^_L_P ZQ YZ_STYRYP^^ M`_ WZ^TYR ZYP^PWQ _SP WZ^^ ZQ PaP]d

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ dÃ^ _P ^_ÃYLà m dÕ ]L_YLOSÑ aL^`aÏO dÃà ^`OÃ_]Là  ‹A !$LzN $ 4_ T^ aP]^P^ LYO ^dWWLMWP^ _SL_ L]P NZ`Y_PO ,W_SZ`RS bZ]O^ bZ`WO LW^Z MP L [Z^^TMWP ^_]`N_`]LW T_PX bZ]O^ L]P aT]_`LWWd YPaP] NZ`Y_PO

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

$

_d[P ZQ PXLYNT[L_TZY ?SP aTN_Z] ZaP] OPL_S T^ _SP [P]^ZY bSZ NLY _LXP LYO ^`MU`RL_P _SP bZ]WO LWZYR bT_S T_^ OLYRP]Z`^ LYO NSLZ_TN L^[PN_^% wBSPYPaP] ;]LU£[L_T LYO /PL_S XLOP ^LN]TQTNP^ _SPd NZX[P_PO bT_S PLNS Z_SP] TY _SPT] ^LN]TQTNP^ m ;]LT^TYR _SP RZO^ ]PNT_L_TZY^ _SP LN_TZY^ ZQ _SP ^LN]TQTNP z _ST^ bL^ _SP L]Xd ZQ ;]LU£[L_T >ZYR^ LNNZX[LYTPO Md _SP eT_SP] OLYNP^ LYO `^PWP^^ LN_TZY^ z _ST^ bL^ _SP L]Xd ZQ /PL_S F1Z] L WZYR _TXPH _SP L]XTP^ ]PXLTYPO P\`LWWd ^_]ZYR BSL_PaP] ZYP SLO _SP Z_SP] SLO LW^Z ,YO XLYd dPL]^ [L^^PO bT_SZ`_ ZYP OPQPL_TYR _SP Z_SP] ;]LU£[L_T bT^SPO FQTYLWWdH _Z aLY\`T^S /PL_S 3P [P]NPTaPO _SP NZY^T^_PYNd ^LÀ[LO TY _SP ^LN]TQTNP bSTNS WTP^ TY _SP NZ`Y_TYR ^LÀVSd£YL  ?S`^ SP aLY\`T^SPO /PL_S mx $

6YZbTYR LMZ`_ _SP ^_]`N_`]P LYO XPL^`]P ZQ L _STYR SPW[^ TY `YOP] ^_LYOTYR LYO _LXTYR T_ ?SP QTYLW aTN_Z]d ZaP] /PL_S _SL_ ;]LU£[L_T LNSTPaP^ WTP^ TY ST^ VYZbWPORP ZQ _SP `YTaP]^LW L[[WTNL_TZY ZQ Y`XMP]^ ?SP ^_]`N_`]P LYO XPL^`]P ZQ LYd u_STYRv NLY MP Pc[]P^^PO TY Y`XMP]^ ?SP]PQZ]P TY _SP -]£SXL©L^ bP QTYO L MPWTPQ TY Y`XMP]^ ^TXTWL] _Z _SL_ ZQ _SP ;d_SLRZ]PLY^ LW_SZ`RS _SP MPWTPQ SP]P OTQQP]^ XL]VPOWd Q]ZX _SP 2]PPV Y`XP]TN ^[PN`WL_TZY^ MPNL`^P SP]P _SP NLWN`WL_TZY^ L]P NL]]TPO Z`_ YZ_ bT_S Y`XMP]^ M`_ bT_S XP_P]^ LYO _S`^ bT_S WTaTYR MZOTP^ ZQ ^Z`YO 7P_ `^ ]PXPXMP] _SL_ _SP XP_P]^ SLO LWbLd^ MPPY ^_]ZYRWd [P] ^ZYTQTPO bSPYPaP] _SP]P bL^ _LWV ZQ w^PaPY XZ`_S^x w^PaPY MT]O^x Z] w^PaPY aZTNP^x ?SP ^_]`N_`]P LYO XPL^`]P ZQ L SdXY L]P []TXL]TWd Pc[]P^^PO TY T_^ XP_P] w8P_P]x T^ wNSLYOL^ x TY >LY^V]T_ -`_ _SP YZ_TZY ZQ NSLYOL^ T^ Q`YOLXPY_LWWd OTQQP]PY_ Q]ZX TOPL^ _SL_ L]P WTYVPO bT_S Z`] wXP_P]x 4Q ZYP `YOP]^_LYO^ XP_P] TY L aP]d ^_]TN_ ^PY^P L^ L ^d^_PX ZQ XPL^`]P XPY_ NZX[WP_P WTYPL]T_d ^SZ`WO []PaLTW $ ?SP ZWO ^d^_PX ZQ _SP NSLYOL^ z _SP w^PaPY MT]O^x Z] w_SP ^PaPY XZ`_S^ ZQ -šSL^[L_Tx z SZbPaP] bL^ YZ_ L WTYPL] ^d^_PX 0LNS ZQ _SP ^PaPY XP_P]^ L[[L]PY_Wd SLO T_^ ZbY ^PY^Z]d LP^_SP_TN L`]L T_^ ZbY ]Sd_SXTN NSL]LN_P] LYO T_^ ZbY XZaP XPY_^ z LYO TY _SP QTYLW LYLWd^T^ YZYP ZQ _SP^P []Z[P]_TP^ NLY MP NZY ^_]`N_PO `^TYR L]T_SXP_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ Xš_d`[]LU£[L_¯ dLO LdLUP_£À _L` dLUÓ£MSd£À Pa£^[L]OSP_£X  m m  _LO dLO dLUÓP ^_¼dL_P dLN NSL^dL_P dL_ []LNL]dL_P ^£ []LU£[L_P^ ^PY£^L  L_SL dLO a¯©£d£À R¯dL_P dLY Yš_dL_P dLO aš_S£NL]dL_P ^£ Xš_dZ^ ^PY£^L  _LdZ] SL ^LX£aL_d£a PaL ^PYP £^L_`] d£aL_d PaP_L]L^dL _£aL_¯_L]L^dL  _L` SL UdZR Pa£aTULdLX£YL` NP]L_`] MLS¼Yd PaL aL]´£©T  ^L []LU£[L_T] LV£XLdL_L ULdPdLÀ Xš_d`X T_T  ^L P_£À dLUÓP ^LÀ[LOLX L[L²dLO P_L_ ^LÀVSd£YLX  _PYL Xš_d`X LULdL_  m 5LT-]£ 4!$ PO .LWLYO# NQ B .LWLYO PO LYO _]LY^ /L^ 5LTXTY¯dL-]£SXL©L TY ,`^bLSW BTP^MLOPY% 8 >ÆYOTR $"  1Z] L [L]LWWPW [WLNP TY _SP _Pc_ ^PP TMTO $ Q $ 4Y QLN_ SP]P ZYP ^SZ`WO ^[PLV ZQ T^Z_]Z[d TP _SP ^XZZ_S R]Zb_S ZQ PWPXPY_^ 4^Z_ ]Z[d []PaLTW^ TY ^`NS L]PL^ L^ _SP ^P]TP^ ZQ YL_`]LW bSZWP Y`XMP]^ 4Y _ST^ NL^P _SP OTQQP]PYNP MP_bPPY ^Tc LYO ^PaPY T^ TOPY_TNLW _Z _SP OTQQP]PYNP MP_bPPY ^PaPY LYO PTRS_ >Z _SP OTQQP]PYNP MP_bPPY _bZ ^`NNP^^TaP Y`XMP]^ LWbLd^ ]PXLTY^ ZYP YZ XL__P] SZb STRS _SP Y`XMP]^ L]P

$

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

,^ bP NLY ^PP TY _SP _LMWP MPWZb _SP ZWO APOTN XP_P]^ L]P YZ_ M`TW_ `[ QZWWZbTYR LYd VTYO ZQ NZY^T^_PY_ ^_]`N_`]LW []TYNT[WP ?SP]P L]P XP _P]^ ZQ _S]PP aP]^P^ XP_P]^ ZQ QZ`] aP]^P^ LYO XP_P]^ ZQ QTaP aP]^P^ $ 0LNS aP]^P XLd SLaP PTRS_ PWPaPY Z] _bPWaP ^dWWLMWP^ 4Y Z]OP] _Z M]TYR L WTYPL] []ZR]P^^TZY TY_Z _ST^ XP_]TN ^d^_PX bSTNS SL^ L]T^PY TY L YL_` ]LW bLd _SP ‹RaPOTY^ `^P L aP]d ^[PNTLW NZ`[OPQZ]NP% _SPd _]PL_ LWW _SP XP_P]^ L^ TQ _SPd SLO QZ`] aP]^P^ z LYO WZ LYO MPSZWO _SP XT]LN` WZ`^ ]P^`W_ T^ L WTYPL] ^P\`PYNP ZQ _SP ^PaPY XP_P]^ -`_ LW_SZ`RS _SP NSLYOL^ bP]P Z]OP]PO TY _ST^ XLYYP] _SPd L]P YPaP] XP]PWd PWPXPY_^ ZQ L XZYZ_ZYZ`^ ^P]TP^ 4Y^_PLO _SPd ]PXLTY TYOTaTO`LW QTR`]P^ PLNS bT_S T_^ ZbY [ZWdXZ][ST^X 1Z] PcLX[WP _SP XP_P] 2£dL_]¯ T^ L^^ZNTL_PO bT_S NSL]T^XL  _PUL^  WT_P]LWWd WTRS_SPL_ LYO bT_S bT^OZX LYO _SP L]_ ZQ ^[PLVTYR  M]LSXL aL]NL^  WT_P]LWWd RWPLX ZQ M]LSXLY  bSTWP _SP XP_P] @´©TS NZYYZ_P^ SPLW_S LYO WZYR WTQP £d`^  /P[PYOTYR ZY bSP_SP] _SP [L_]ZY ZQ _SP ^LN]TQTNP OP^T]PO ^VTWW TY _SP L]_ ZQ ^[PLVTYR Z] RZZO SPLW_S L^ XLYd SdXY^ L^ [Z^^TMWP bP]P ^`YR TY ZYP Z] Z_SP] ZQ _SP XP_P]^ O`]TYR _SP ]T_`LW 0LNS ZQ _SP ^PaPY XP_P]^ M]TYR^ T_^ ZbY ^[PNTQTN MPYPQT_^% 9,80

R£dL_]¯

,.?@,7 .:9>?=@.?4:9 -,>4. 9: :1

 aP]^P^ ZQ # ^dWWLMWP^

-09014? 1=:8 ?30

>D77,-70>

>,.=414.0

   ( !

NSL]T^XL _PUL^ WT_ WTRS_ RWPLX aL]NL^ ZQ M]ÃSXLY

#   ( "

WZYR WTQP £d`^

LY`´¶`MS  aP]^P^ ZQ # ^dWWLMWP^

   ( #

SPLaPYWd bZ]WO ^aL]RL

MŽSL_¯

 aP]^P^ ZQ # ^dWWLMWP^  aP]^P ZQ  ^dWWLMWP^  aP]^P ZQ # ^dWWLMWP^

!   ( $

PL]_SWd SL[[TYP^^ ²]¯

[L«V_T

aP]^P^ ZQ # ^dWWLMWP^

   ( 

_SP ^LN]TQTNP dLUÓL

_]T´¶`MS

 aP]^P^ ZQ  ^dWWLMWP^

   ( 

aT]TWT_d a¯]dL PYP]Rd ZUL^

ULRL_¯

 aP]^P^ ZQ  ^dWWLMWP^

#   ( 

XLYd NL__WP [L²`

`´©TS

 aP]^P^ ZQ # ^dWWLMWP^  aP]^P ZQ  ^dWWLMWP^

PL]_SWd QLXP dL²L^

LQ_P] ,T_L]PdL-]£SXL©L  

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 6`]_ 3ÞMYP] SL^ LW]PLOd ^SZbY U`^_ SZb TX[Z]_LY_ WTYPL]T_d T^ QZ] Z`] XZOP]Y TOPL^ LMZ`_ ^[LNP LYO _TXP LYO SZb ^_]ZYRWd _SP Xd_STNLW ^[LNP_TXP TOPL^ OPaTL_P Q]ZX T_

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

$

?SP ]PL^ZY^ QZ] XL_NSTYR XP_P]^ LYO MPYPQT_^ _Z ZYP LYZ_SP] L]P XLYT QZWO :Y _SP ZYP SLYO _SP XP_P] [L]_TNT[L_P^ TY _SP Xd_STNLW ^`M^_LYNP ZQ _SP OPT_d bSZ^P XZ^_ QLXPO SdXY^ L]P b]T__PY TY _ST^ [L]_TN`WL] XP _P] >Z QZ] PcLX[WP ?]T´¶`MS SdXY^ _Z 4YO]L L]P aP]d NZXXZY LYO _SP]PQZ]P ^TYRTYR L ?]T´¶`MS SdXY []ZXT^P^ XZ]P aT]TWT_d ^TYNP T_ T^ []PNT^PWd _ST^ []Z[P]_d _SL_ T^ [L]_TN`WL]Wd L^^ZNTL_PO bT_S 4YO]L 4Y _SP NL^P ZQ ,Y`´¶`MS  _SP ,T_L]PdL-]£SXL©L []ZaTOP^ L \`T_P OTQQP]PY_ ]PL^ZYTYR QZ] LWWZNL_TYR _ST^ XP_P] _Z _SP wSPLaPYWd bZ]WOx _Z bSTNS ZYP RZP^ LQ_P] OPL_S 3P]P XZ]P TX[Z]_LYNP T^ L__LNSPO _Z Y` XP]ZWZRTNLW ^[PN`WL_TZY^ :YP ,Y`´¶`MS SL^  _TXP^ # (  ^dWWLMWP^ LYO ^Z _bZ ,Y`´¶`MS^ NZY^T^_ ZQ ! ^dWWLMWP^ 9Zb _SP]P L]P _SP _S]PP bZ]WO^% _SP PL]_S MS¼]  _SP L_XZ^[SP]P MS`aLà LYO _SP SPLaPY^ ^aLà  LYO PLNS ZQ _SP^P bZ]WO^ NZY_LTY^  ^`MbZ]WO^ ?SP Y`XMP]  T^ []ZMLMWd OP]TaPO Q]ZX _SP YZ_TZY _SL_ _SP Y`XMP]^ _S]PP LYO ^PaPY L]P `YTaP]^LW LYO P^[PNTLWWd SZWd ?SP]P L]P YZ_ ZYWd _S]PP bZ]WO^ M`_ LW^Z _S]PP APOL^ bT_SZ`_ _SP WL_P ,_SL]aLAPOL  bSTNS OZP^ YZ_ dP_ MPWZYR _Z _SP NLYZY LYO _S]PP ^LN]TQTNTLW QT]P^ TY PaP]d ^LN]TQTNP 4Y _ST^ ^LN]TQTNP ^PaPY XP_P]^ L]P ^`YR ^LN]TQTNP^ L]P XLOP _Z _SP ^PaPY [WLY P_^ ^L[_LOST´©dL  LYO TY _SP QZ]X ZQ _SP NZY^_PWWL_TZY ZQ _SP 2]PL_ -PL] ^PaPY ^PP]^ ^L[_L]´T VPP[ bL_NS ZaP] _SP MZ]OP]^ ZQ _SP SPLa PY^ ?S]PP _TXP^ ^PaPY T^  ,NNZ]OTYR _Z _SP ,T_L]PdL-]£SXL©L  T_ T^ _S`^ [Z^^TMWP _Z OTaTOP _ST^ NZ^XZ^ Md XPLY^ ZQ X`W_T[WTNL_TZY bT_S _SP _S]PP bZ]WO^ TY_Z _S]PP _TXP^  ^PRXPY_^ bSTNS XLVP^ ! ^PRXPY_^ LW_ZRP_SP] $! ?SP ! _S ^PRXPY_ T^ _SP STRSP^_ SPLaPY bSTNS T^ LMZaP LWW _SP bZ]WO^ LYO T^ _SP SZXP ZQ _SP RZO^% w?S]PP FTY Y`XMP]H L]P _SP^P `[bL]O F]PLNSTYRH  bZ]WO^ ,YO bT_S PaP]d  SP NWTXM^ FZYP ZQ _SP^PH bZ]WO^ ^Z _Z ^[PLV LYO QTYO^ ST^ [WLNP TY _SP SPLaPYWd bZ]WO _SP !_S bZ]WOx $"

BP LW^Z QTYO Y`XP]ZWZRTNLW L^^ZNTL_TZY^ WTVP _SP^P TY aP]d WL]RP Y`X MP]^ WTYVTYR _SP TYOTaTO`LW XP_P]^ 4Y _ST^ bLd _SP XP_P]^ LNSTPaP L NP]_LTY WTQP ZQ _SPT] ZbY MPNL`^P _SPd NLY LW^Z OPQTYP ZYP LYZ_SP] bT_SZ`_ YPNP^^L]TWd SLaTYR _Z ]PQP] _Z _SP RZO^ >ZXP XP_P]^ P^[PNTLWWd _SP Pc_]PXPWd ^LN]PO 2£dL_]¯  PaPY RLTY LY TYOP[PYOPY_ Xd_STNLW ^`M ^_LYNP Q]ZX ^`NS Y`XP]ZWZRTNLW YP_bZ]V^% :bTYR XZ^_Wd _Z T_^ [Z^T_TZY L^ _SP QT]^_ ZQ _SP XP_P]^ _SP 2£dL_]¯ T^ L^^ZNTL_PO bT_S _SP QT]P RZO ,RYT bSZ T^ LW^Z L [Z[`WL] -]LSXTY RZO >Z T_ T^ _]`Wd TOPY_TNLW _Z _SP -]LSXTY^v NSL]T^XL LYO _SPT] L]_ ZQ ^[PLV TYR LYO T_ LW^Z MP^_Zb^ _SP^P []Z[P]_TP^ L^ _SP MPYPQT_ ZQ _SP ^LN]TQTNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! 4_ T^ YZ_PbZ]_Sd _SL_ _SP LYNTPY_ 4YOTLY X`^TNLW ^NLWP T^ M`TW_ ZY PcLN_Wd _SP ^LXP Y`XP]TNLW NZXMTYL_TZY% T_ ^_]P_NSP^ ZaP]  ZN_LaP^ ^L[_LVL NZX[]T^TYR " YZ_P^ ^aL]L L]]LYRPO TY  XTN]Z_ZYLW ^_P[^ ²]`_T $" _]LdL TXL ¼]OSa£ PVLaT«²£ WZV£ PVLaT«²L_dLTVLVLaT«²L_dLTaPX£«W WZV£Y ]ZSL_T ^aL]RL PaL WZVP NL_`à´L´¶T_LXPYL []L_T_T´¶SL_T  ,T-] 4 

$

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

^PP _LMWP -`_ _ST^ T^ ZYWd ZYP ^XLWW L^[PN_ ZQ T_^ [P]^ZYLWT_d ,OOPO _Z _ST^ TY _SP ]PLW NZY^_]`N_TZY ZQ _SP XP_P]  _TXP^ # ^dWWLMWP^ _SP NZ^ XTN Y`XMP] PTRS_ ZNN`]^ PcLN_Wd _S]PP _TXP^ L^ _SP Q`YOLXPY_LW Y`X MP] ZQ _SP ,Y`´¶`MS  _TXP^ # ^dWWLMWP^ TY _SP _S]PP aP]^P^ ZQ _SP 2£dL_]¯ ?SP 2£dL_]¯ T^ _S`^ aT]_`LWWd L STRSP] aP]^TZY ZQ _SP ,Y`´¶`MS bSTNS T_^PWQ T^ LW]PLOd ^LN]PO ,Y PaPY XZ]P Xd^_P]TZ`^ L^[PN_ WTP^ STOOPY TY _SP _Z_LW Y`XMP] ZQ ^dWWLMWP^  T^ L SL]XZYTZ`^ Y`XMP] TP T_ T^ _SP []ZO`N_ ZQ LWW _SP Y`XMP]^ MP_bPPY ZYP LYO _SP Y`XMP] QZ`] bSTNS T^ Q`YOLXPY_LW _Z LWW _SP APOTN XP_P]^  c  c  c  (  $# 4Q bP OZ`MWP  bP RP_ _SP Y`XMP] ZQ ^dWWLMWP^ TY _SP 5LRL_Å  _SL_ T^ _SP WL^_ LYO WZYRP^_ XP_P] 1Z] _SP Y`XMP]WZaTYR L`_SZ]^ ZQ _SP -]£SXL©L _ST^ XLOP _SP 2£dL_]Å _SP P^Z_P]TN ]P[]P^PY_L_TaP ZQ LWW APOTN XP_P]^ 7L_P] _SP 2£dL_]Å bL^ LW^Z Q]P\`PY_Wd L^^ZNTL_PO bT_S _SP XZ]YTYR ]T_P^ ZQ _SP QT]^_ ^ZXL []P^^TYR MPNL`^P T_ ^_LYO^ L_ _SP MPRTYYTYR ZQ LWW _SP XP_P]^ >TYNP _SP XZ]YTYR ]T_P^ TY _SPT] _`]Y SLaP L XL]VPO P^NSL_ZWZRT NLW NSL]LN_P] ^PP MPWZb _ST^ L^[PN_ T^ WTVPbT^P [L]_TN`WL]Wd NPY_]LW _Z _SP 2£dL_]Å ?SP NZXMTYL_TZY ZQ LWW _SP^P PWPXPY_^ XLVP^ `[ T_^ Xd_ST NLW ^`M^_LYNP bSTNS PaPY _ZOLd T^ ^Z ^_]ZYR _SL_ T_ T^ bZ]^ST[[PO L^ L RZOOP^^ _SP bZ]O wR£dL_]¯x MPTYR TY _SP QPXTYTYP RPYOP] ?ZOLd -]LS XTY^ ^_TWW ]PNT_P L NP]_LTY 2£dL_]Å aP]^P TY _SP PL]Wd XZ]YTYR MPQZ]P ^`Y]T^P bSTNS T^ LW^Z ^TX[Wd NLWWPO w_SP 2£dL_]Åx ?SP APOTN ^d^_PX ZQ XP_P]^ T^ _S`^ LY PL]Wd ]L_TZYLWTeTYR ^d^_PX LYO dP_ _SP T]]L_TZYLW ^_TWW ]PXLTY^ _SP QZ`YOL_TZY QZ] _SP ]L_TZYLW ,N NZ]OTYR _Z _SP /¯]RSL_LXL^ SdXY OT^N`^^PO LMZaP LWW _SP ^PaPY XP_P]^ z U`^_ WTVP WLYR`LRP L^ L bSZWP z NZXP Q]ZX _SP T]]L_TZYLW _SP ,V´L]L LYO _SPd ]P_`]Y L^ ^SZbY TY _SP QZWWZbTYR _Pc_ _Z _SP T]]L_TZYLW TP _SP TXXPL^`]LMWP



>Z`YO =T_`LW^ QZ] _SP APOTN 9Pb DPL]

4Y _SP ‹RaPOL ZQ _SP ,T_L]PdL ^NSZZW _SP WL^_ ^PN]P_ ZQ WLYR`LRP LYO T_^ Y`XP]ZWZRTNLW NZXMTYL_TZY^ T^ NZY_LTYPO TY L ^PN]P_ -]£SXL©L NSL[_P] >`NS ^PN]P_ NSL[_P]^ MPL] _SP YLXP £]L©dLVL wbTWOP]YP^^ F_Pc_^Hx LYO LOO]P^^ _SP OLYRP]Z`^ LYO WTXTYLW _Z[TN^ ZQ OPL_S LYO WTQP LQ_P] OPL_S ?SPd bP]P _SP]PQZ]P ]PLO TY _SP bTWOP]YP^^ LbLd Q]ZX ^P__WPXPY_^ :YP ZQ _SP bPT]OP^_ ]T_`LW^ ZQ _SP APOL T^ NZaP]PO TY _SP ,T_L]PdL¢]L©dLVL  LYO T_ T^ L^N]TMPO L OPP[P] P^NSL_ZWZRTNLW XPLYTYR ?SP ]T_`LW T^ NLWWPO XLS£a]L_L Z] w_SP 2]PL_ =T_Px ?ST^ YLXP OPYZ_P^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# , ^TXTWL] P^Z_P]TN NZYYPN_TZY T^ NP]_LTYWd LW^Z _SP ML^T^ ZQ _SP " OLd^ LYO YTRS_^ ZQ _SP dPL] XPY_TZYPO TY _SP u]TOOWP aP]^Pv =A ! " T^ _SP SL]XZYTN []ZO`N_ ZQ ^Tc _SP Y`XMP] ZQ ^PL^ZY^  _TXP^  _TXP^  _TXP^  _TXP^ _TXP^ !

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

$

_SP WL^_ OLd ZQ _SP ZYPdPL] ^LN]TQTNP RLa£X£dLYL  ZQ bSTNS _SP QZWWZbTYR T^ ^LTO% w,WW WLYR`LRP^ ^SZ`WO ]P^Z`YO ZY _ST^ OLdx LYO TY NZYN]P_P _P]X^ _ST^ XPLY^ _SL_ LWW YZT^P^ LYO ^Z`YO^ _SL_ NLY [Z^^TMWd MP N]PL_PO ^SZ`WO ]P^Z`YO O`]TYR _SP ]T_`LW ?SP ^LN]TQTNTYR []TP^_^ XLVP LWW [Z^^TMWP YZT^P^ LYO LWW [Z^^TMWP TY^_]`XPY_^ ^`NS L^ W`_P^ LYO SL][^ L]P M]Z`RS_ _Z _SP ^T_P ZQ _SP ^LN]TQTNP _SP bZXPY ZQ _SP [L_]ZYv^ SZ`^PSZWO XLVP X`^TN LYO _SP ^P]aLY_ RT]W^ bLWV TY L NT]NWP bT_S [Z_^ ZQ SZYPd ZY _SPT] SPLO^ NLWWTYR _Z ZYP LYZ_SP] WZ`OWd TY OTLWPN_ w: 2]PL_ F/LdH 3P]P T^ _SP SZYPd SP]P T^ _SP SZYPdx ?ST^ T^ []ZMLMWd _SP ZWOP^_ ^Z`YO ]T_`LW TY 4YOTL

 ?SP 2]PL_ 7T_LYd 4Y _SP 8LS£a]L_L _SP NLWWTYR []TP^_ XLVP^ ST^ NZY_]TM`_TZY _Z _SP []Z O`N_TZY ZQ _SP ^Z`YO ZQ _SP bSZWP WLYR`LRP Md ^TYRTYR L WT_LYd _SL_ SL^ L _SZ`^LYO aP]^P^ TY _SP -šSL_¯ XP_P] L^N]TMPO _Z T_ :YP aP]^P ZQ _SP -šSL_¯ SL^ ! ^dWWLMWP^ ^Z ZYP _SZ`^LYO aP]^P^ NZY_LTY ! ^dWWLMWP^ bSTNS NZ]]P^[ZYO^ _Z _SP XLcTX`X WTQP ^[LY ZQ L S`YO]PO dPL]^ L^ _SP ]T_`LW dPL] SL^ ! OLd^ ?ST^ XPLY^ _SL_ _SP WT_LYd SL^ L^ XLYd ^dWWL MWP^ L^ _SP XLcTX`X Y`XMP] ZQ OLd^ _SL_ L S`XLY MPTYR NLY WTaP LYO T^ _SP]PQZ]P NLWWPO _SP w2]PL_ 7T_LYdx XLSLO`V_SLX  9Zb w_SZ` ^LYOx NLY LW^Z XPLY wTYQTYT_PxLYO _SP w2]PL_ 7T_LYdx NZY_LTY^ PaP]d _STYR _SL_ PcT^_^ L_ LWW TY WLYR`LRP LYO ^Z`YO LYO LWW _d[P^ ZQ Z[[Z^T_P^ TY _SP ]PLWX ZQ WLYR`LRP 4Y LOOT_TZY _SP Y`XMP] QTaP [WLd^ L ^TRYTQT NLY_ ]ZWP TY _ST^ ]PLOTYR ²L^_]L  1Z] PcLX[WP T_ T^ NZX[Z^PO ZQ aP]^P^ ZQ SdXY^ XLOP `[ ZQ QTaP OTQQP]PY_ XP_P]^ ?SP Y`XMP] QTaP T^ L RPYP]LW ^dXMZWTN Y`XMP] QZ] S`XLY MPTYR^ [`]`´L  $$ ,YO MPNL`^P bP L]P NZY NP]YPO bT_S _SP WLYR`LRP ZQ S`XLY MPTYR^ SP]P WLYR`LRP T^ LW^Z QTaP QZWO bSP]PMd TY _SP -]£SXL©L^ _SP Y`XMP] QTaP LWbLd^ LW^Z OP^N]TMP^ L NP]_LTY [PY_LOTN ^_]`N_`]P% _bZ MTYL]d NZOP^ L]P LWbLd^ R]Z`[PO L]Z`YO ZYP NPY_]LW PWPXPY_ 1Z] PcLX[WP U`^_ L^ L S`XLY MPTYR SL^ _bZ L]X^ _bZ WPR^ LYO ZYP _Z]^Z WLYR`LRP NZY^T^_^ ZQ [L]_^ _SL_ L]P XP_]TNLW LYO YZYXP_]TNLW ^LN]PO WLYR`LRP LYO PaP]dOLd WLYR`LRP bSTWP X`^TN T^ T_^ _Z]^Z% w9Zb _SP]P T^ L Q`WWd OPaPWZ[PO QZ]X ZQ WLYR`LRP _SP 2]PL_ 7T_LYd  bSTNS T^ QTaPQZWO% T_ T^ XPL^`]PO LYO `YXPL^`]PO T_ T^ ^Z`YOTYR ^aL]L T_ T^ LQ QT]XL_TaP ^L_dL LYO YPRL_TaP LYŽ_L  ?SP SdXY^ LYO bZ]WOWd aP]^P^ L]P bSL_ T^ XPL^`]PO ?SP WZ`O LYO _SP X`]X`]PO ^LN]TQTNTLW QZ]X`WL^ LYO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ ^L P´L [`]`´Là [LÓNLaTOSLà g m ,T_¢]  LYO Z_SP] [WLNP^

$!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

`^PWP^^ WLYR`LRP FPaP]dOLd WLYR`LRPH L]P bSL_ T^ `YXPL^`]PO >£XLY LYO PaP]d _d[P ZQ bZ]WOWd ^TYRTYR L]P bSL_ T^ ^Z`YOTYRx 

,Q_P] _SP^P ML^TN^ _SP _Pc_ NZY_TY`P^ M`TWOTYR `[ _SP TYQZ]XL_TZY MPL]TYR LYO P_STNLW PWPXPY_ bSTNS NZY^T^_^ ZQ _SP Q`YOLXPY_LW Z[[Z^T _TZY ZQ LQQT]XL_TZY LYO YPRL_TZY  4Y RPYP]LW ^LdTYR udP^v T^ RZZO LYO ^LdTYR uYZv T^ MLO 1]ZX L []LRXL_TN ^_LYO[ZTY_ SZbPaP] ZYP ^SZ`WO MP XZOP]L_P z LQ_P] LWW ZYP OZP^ YZ_ bLY_ _Z ]`TY ZYP^PWQ% wuDP^v ZX  T^ LQQT]XL_TZY LYO uYZv YL T^ YPRL_TZY ,YO LQQT]XL_TZY T^ _SP XZ^_ MPL`_TQ`W Q]`T_ LYO _SP XZ^_ MPL`_TQ`W QWZbP] ZQ WLYR`LRP BSZ PaP] ^[PLV^ _SP QWZbP] LYO Q]`T_ ZQ WLYR`LRP bTWW MPNZXP L QLXZ`^ ]`WP] bT_S L ^[Z_WP^^ ]P[`_L_TZY _SL_ T^ SP bSZ ^[PLV^ LQQT]XL_TZY 3ZbPaP] _SP ]ZZ_ ZQ WLYR`LRP T^ YPRL_TZY 5`^_ L^ L _]PP bSZ^P ]ZZ_^ L]P Pc[Z^PO X`^_ O]d Z`_ LYO [P]T^S ^Z _ZZ X`^_ L S`XLY MPTYR O]d Z`_ LYO [P]T^S TQ SP LWWZb^ YPRL_TZY _Z MP ^Z`YOPO QZ] SP Pc[Z^P^ ST^ ZbY ]ZZ_^ ?SP]PQZ]P SP ^SZ`WO YZ_ LWWZb YPRL_TZY _Z MP ^Z`YOPO LYO TY^_PLO ^SZ`WO PcP]NT^P NL`_TZY ?]`Wd udP^v T^ L QZ]bL]OWZZVTYR LY Z`_RZTYR ^dWWLMWP BSPYPaP] SP ^Ld^ udP^v _Z ^ZXP ZYP SP RTaP^ ^ZXP_STYR LbLd ,YO TQ SP bP]P _Z ^Ld T_ _Z PaP]dZYP SP bZ`WO YZ_ WPLaP PYZ`RS QZ] ST^ ZbY YPPO^ QZ] SP bZ`WO SLaP RTaPY STX^PWQ LbLd NZX[WP_PWd -`_ uYZv T^ L ^dWWLMWP _`]YPO TY ZY T_^PWQ L Q`WW F]PXLTYTYR ^dWWLMWPH 4Q SP bP]P _Z ^Ld uYZv _Z PaP]dZYP ST^ ]P[`_L_TZY bZ`WO MP WZLOPO bT_S N`]^P^ ,YO _ST^ bZ`WO N]`^S STX ZY _SP ^[Z_ ?SP]PQZ]P _SP]P T^ L _TXP bSPY ZYP ^SZ`WO RTaP LYO L _TXP bSPY ZYP ^SZ`WO YZ_ RTaP 4Y _ST^ bLd SP XLVP^ L `YT_PO [LT] Z`_ ZQ LQQT]XL_TZY LYO YPRL_TZY LYO _S]Z`RS _ST^ [LT] SP MPNZXP^ XZ]P _SLY SP bL^ MPQZ]Px 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ^L a£ P´L a£NLà [L]LXZ aTV£]Z dLO P_LY XLSLO `V_SLÀ _LO P_L_ [LÓNLaTOSLÀ% XT_LX LXT_LÀ ^aL]Là ^L_d£YŽ_P g ŽR R£_S£ V`XMd£ _LY XT_LÀ dLU`] YTRLOZ aŽ_S£a£V _LO LXT _LÀ ^£X£_SZ dLà VL²NL RP´©Là ^L ^aL]L m ,T_¢] !  :`] _]LY^WL_TZY^ ZQ ^L_dL LYO LYŽ_L wLQQT]XL_TZYx LYO wYPRL_TZYx L]P ]L_SP] `Y`^`LW 4Y 4YOZWZRd ^L_dL LYO LYŽ_L L]P RPYP]LWWd _]LY^WL_PO L^ w_]`_Sw LYO w`Y_]`_Sx LYO TY _SP XLUZ]T_d ZQ NL^P^ _ST^ T^ LW^Z _SP MP^_ _]LY^WL_TZY 4YOTLY NZXXPY_L_Z]^ ZQ_PY LW^Z ^PP LY ZY_ZWZRTNLW NSL]LN_P] TY ^L_dL LYO LYŽ_L % ^L_dL T^ `YOP]^_ZZO L^ PcT^_PYNP Z] _SL_ bSTNS PcT^_^ QZ]PaP] LYO LYŽ_L L^ YZYPcT^_PYNP _SL_ bSTNS T^ NZY_TYRPY_ 9PT _SP] ZQ _SP^P aTPb^ QT_^ aP]d bPWW TY _ST^ _Pc_ MPNL`^P ^ZXP [WLNP^ TY _SP _]LY^WL_TZY bZ`WO LWbLd^ ]PXLTY TYNZY^T^_PY_ LYO XPLYTYRWP^^ ?SP `^P ZQ _SP _bZ _P]X^ TY _ST^ _Pc_ ]PQWPN_^ L aP]d L]NSLTN aTPb ZQ WLYR`LRP LNNZ]OTYR _Z bSTNS WLYR`LRP T^ LWbLd^ []TXL]TWd PaZVPO LYO YZ_ []TXL]TWd NZXX`YTNL_PO% bSPY wdP^x T^ ^LTO ^ZXP_STYR ZNN`]^ LYO bSPY wYZx T^ ^LTO YZ_STYR ZNN`]^ ,YdZYP bSZ T^ L^VPO QZ] ^ZXP_STYR wXLVP^x _SP ]P\`P^_ TY_Z PT_SP] _]`_S Z] `Y_]`_S OP[PYOTYR ZY bSP_SP] SP LQQT]X^ Z] OPYTP^ LYO _S`^ LWWZb^ _SL_ bSTNS T^ OP^T]PO PT_SP] _Z MP Z] YZ_ _Z MP  3P]P :¿ OZP^ YZ_ dP_ L[[PL] _Z XPLY L NZ^XTNLWWd _]LY^NPYOPY_LW ^dWWLMWP M`_ L^ L ^TX[WP wDP^x L^ T^ OZN`XPY_PO TY ^PaP]LW [WLNP^ ?SP Y`XMP]  [ZTY_^ Z`_ _SP []Z _]LN_PO _TXP XPL^`]P _S]PP XZ]LP Z] X£_]L bT_S bSTNS T_ T^ NSLY_PO  m ZX T_T ^L_dLÀ YP_d LYŽ_LX g _LO P_L_ [`´[LÀ [SLWLÀ a£NZ dL_ ^L_dLÀ ^L SP²aL]Z dL²L^a¯ VLWd£©LV¯]_T] MSLaT_Zà [`´[LÀ ST [SLWLÀ a£NLà ^L_dLÀ aLOL_T g L_SLT_LY X¼WLÀ a£NZ dLO LYŽ_LÀ _LO dL_S£ aŽV´L £aT]X¼WLà ²`´dL_T ^L `OaL]_L_L PaLX Pa£YŽ_LÀ aLOLYY £aT]X¼WLX £_X£YLÀ VL]Z_T ^L ²`´dL_T ^L `OaL]_L_P _L^X£O LYŽ_LÀ YL aLOPO OLdP_L _aLYPYL g [L]£R a£ P_LO ]TV_LX LV´L]LÀ dLO P_LO ZX T_T _LO dL_

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

$"

?SP bSZWP ZQ WLYR`LRP ^L]a£ a£N  PaP]d_STYR _SL_ SL^ PaP] MPPY `_ _P]PO Z] PaP] bTWW MP `__P]PO T^ NZY_LTYPO TY _SP w2]PL_ 7T_LYdx% XP_]T NLW LYO YZYXP_]TNLW ^[PPNS QZ]X^ X`^TN PaP]d wdP^x LYO PaP]d wYZx ?ST^ _ZZ T^ ]PLWTePO TY ]T_`LW QZ]X TY _SL_ ZY _SP OLd ZQ _SP 8LS£a]L_L _SP ^LN]TQTNTLW aPY`P MPNZXP^ L ^_LRP bSTNS T^ L XPP_TYR [WLNP QZ] NL_P RZ]TNLW udP^^LdP]^v LYO uYZ^LdP]^v _SZ^P RTaTYR []LT^P LYO _SZ^P RTa TYR TY^`W_^ LYO LWW [Z^^TMWP VTYO^ ZQ Z[[Z^T_TZY^% ]P[]P^PY_L_TaP^ ZQ _SP STRSP^_ ^ZNTLW ]LYV^ LYO ]P[]P^PY_L_TaP^ ZQ WZbP^_ ^ZNTLW ^_]L_L LYO Z] OP]^ ?SP STRS]LYVTYR [PZ[WP L]P LWbLd^ L^^ZNTL_PO bT_S _SP 9Pb DPL] LYO _SP WZb]LYVTYR bT_S _SP ZWO dPL] LYO XZNV QTRS_^ L]P [WLdPO Z`_ TY L NL]YTaLWWTVP QL^STZY 1Z] PcLX[WP L ^NSZWL] ZQ _SP APOL LYO L []Z^_T_`_P _LVP _SP ^_LRP bSP]P _SPd S`]W TY^`W_^ L_ PLNS Z_SP] z ^ZXP _TXP^ []P__d a`WRL] ZYP^ ?SP ]T_P TY bSTNS _SP LY_T^_]`N_`]P ]P[WLNP^ _SP YZ]XL_TaP ^ZNTLW ^_]`N_`]P TY _SP WTXTYLW ]T_`LW [P]TZO QZ] L ^SZ]_ _TXP N`WXTYL_P^ TY _SP ]T_`LW TY_P]NZ`]^P MP_bPPY L []Z^_T_`_P LYO L 8£RLOSL  4Y TY_P]NZ`]^P _SP NZYQWTN_ T^ ]P^ZWaPO LYO ^_]`N_`]P LYO LY_T^_]`N_`]P L]P `YT_PO

 ?SP >dWWLMWP ZQ 7TQP ,^ bPWW L^ _SP XZ]P wbZ]WOWdx ^[PN`WL_TZY^ LMZ`_ _SP Y`XMP] QTaP TY _SP 2]PL_ 7T_LYd XLSLO`V_SLX  TY _SP ,T_L]PdL¢]L©dLVL _SP]P L]P LW^Z ^[PN`WL_TZY^ ZQ L aP]d XP_L[Sd^TNLW YL_`]P ZY _SP Y`XMP] _SZ` ^LYO u?SZ`^LYOv XPLY^ uTYQTYT_Pv TP _SP Y`XMP] ZQ bSL_ NLY MP XPL^`]PO T^ PcNPPOPO 4Y _SP PL]Wd /¯]RSL_LXL^ SdXY bP QTYO _SP P\`L _TZY  (  LYO SP]P bP QTYO _SP P\`L_TZY  (  ?SP]P L _SZ` ^LYO ^dWWLMWP^ L]P TY _SP SPLaPY^ LYO ZYP T^ ZY _SP 0L]_S bSTWP SP]P TY _SP PL]_SWd ]T_`LW L _SZ`^LYO ^dWWLMWP^ L]P ]PNT_PO bSTNS _`]Y TY_Z L ^TYRWP ^dWWLMWP TY _SP ]PLWX ZQ _SP _]LY^NPYOPY_ LYO Y`XTYZ`^ ?ST^ ZYP ^dWWLMWP T^ TOPY_TQTPO L^ L \`T_P NZYN]P_P ^Z`YO% _SP [SZYPXP , LV£]L  _SP QT]^_ WP__P] ZQ _SP >LY^V]T_ LW[SLMP_ LW_SZ`RS []ZMLMWd L_ L WL_P] OL_P%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ VTÀNZX T_d£S£_]LTa£^XLT _LO]TNdL_P ^L dL_ ^L]aLX ZÀ V`]d£O ]TÓNd£O £_X£YLÀ ^L V£XPMSdZ Y£WLÀ ^d£_ g L_SLT_L_ [¼]©LX LMSd£_XLÀ dLY YP_T ^L dL_ ^L]aLÀ YP_T M]¼d£_ [£[TV£^dL V¯]_T] U£dP_L ^LTYLÀ _L_]LTaL SLYd£_ g _L^X£_ V£WL PaL OLOd£_ V£WP YL OLOd£_ _L_ ^L_d£YŽ_P XT_S`Y¯VL]Z_T _LdZ] XT_S`Y£_ []LU£dL_P MS¼d£Y MSLaL_T g ,T_¢] !  7T_P]LWd wL XLY Q]ZX 8LRLOSLx ;PZ[WP Q]ZX 8LRLOSL SLO L MLO ]P[`_L_TZY LYO _SP bZ]O 8£RLOSL bL^ LW^Z `^PO L^ L _P]X ZQ LM`^P >Z T_ T^ YZ_ YPNP^^L]TWd ^ZXPZYP Q]ZX _ST^ [L]_TN`WL] L]PL bSZ T^ XPLY_ SP]P M`_ ZYWd ^ZXPZYP bT_S ^`MLW_P]Y []ZQP^ ^TZY Z] OP^NPY_ PR L ^ZY ZQ L []Z^_T_`_P

$#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

wAP]TWd bSZPaP] VYZb^ _SP WLYR`LRP a£N  _Z bSTNS _ST^ FQ`WWd OPaPW Z[POH QZ]X MPWZYR^ T^ _]`Wd P]`OT_P 1Z] _SP ^Z`YO , T^ LWW WLYR`LRP 7LY R`LRP MPNZXP^ XLYTQZWO LYO X`W_TQLNP__PO bSPY NZY^ZYLY_^ LYO ^TMTWLY_^ WPYO T_ L NWPL] QZ]X 4Y T_ T^ _SL_ bSTNS T^ bST^[P]PO _SP M]PL_S ?SL_ bSTNS T^ WZ`O T^ _SP MZOd  ?SP]PQZ]P _SL_ bSTNS ^Z _Z ^[PLV T^ LWbLd^ STOOPY T^ bSL_ T^ TYNZ][Z]PLW LYO _SL_ bSTNS T^ LWbLd^ ^SZbY _SL_ T^ _SP MZOdx !

,NNZ]OTYR _Z _SP ¢]L©dLVL _SP ]PL^ZY QZ] _ST^ TOPY_TQTNL_TZY T^ QZ`YO TY _SP [W`]LWT_d LYO _SP XLYd QZ]X^ _SL_ wLx NLY _LVP 4_ T^ _SP XZ^_ NZX XZY aZbPW TY >LY^V]T_ LYO L_ _SP ^LXP _TXP L ^[PNTLW [SZYP_TN NL^P 4_ SL^ YZ OPQTYPO MZ`YOL]TP^ _Z T_^ ^Z`YO LYO _SP WL_P] [SZYP_TNT^_^ NZY ^TOP]PO T_ L wN]d[_Z^Z`YOx ^LÀaš__L  BSPYPaP] T_ L[[PL]^ OT]PN_Wd LQ_P] NZY^ZYLY_^ Z] ^TMTWLY_^ _SP]P T^ YZ M]TRS_ Z[PY wLx _Z MP SPL]O L^ _SP]P T^ TY 2P]XLY M`_ ZYWd L X`_PO LQ_P]^Z`YO bSZ^P [Sd^TNLW []Z Y`YNTL_TZY LWbLd^ OP[PYO^ ZY T_^ TXXPOTL_P ^`]]Z`YOTYR^ " ?SP WL_P] >LY^V]T_ b]T_TYR^ OZ YZ_ YZ_P _SP wLx ^Z`YO L_ LWW TY ^`NS ^T_`L_TZY^ -`_ _SP ¢]L©dLVL RZP^ PaPY Q`]_SP] _SLY _SP [SZYP_TNT^_^ Md ^LdTYR _SP QZWWZbTYR% BSPY _SP wLx T^ bST^[P]PO T_ MPNZXP^ ^Z _Z ^[PLV _SP M]PL_S LYO T^ SPL]O L^ LY L^[T]LY_ ,NNZ]OTYR _Z _SP ^dXMZWTN XPLYTYR ZQ _SP ^Z`YO _SP L`OTMWd []ZYZ`YNPO wLx T^ _SP MZOd ZQ WLYR`LRP LYO _SP ML]PWd L`OTMWP L^[T]L_TZY aT^L]RL ZQ _SP M]PL_S TY ^[PLVTYR wàx T^ _SP TYNZ][Z]PLW [YP`XL ZQ WLYR`LRP L²L]¯]L[]£©L  1Z] _ST^ ]PL^ZY _SP]PLQ_P] _SP ¢]L©dLVL NLWW^ _SP NZXMTYL_TZY ZQ _SP^P _bZ ^Z`YO^ z _SL_ T^ _SP ^dWWLMWP wLàx z w_SP ^dWWLMWP ZQ WTQPx U¯a£V´L]L  LYO ^PP^ TY T_ _SP w`YT_PO [LT]x XT_S`YL ZQ MZOd LYO [YP`XL # ?ST^ ^dWWLMWP Q`YN _TZY^ L^ _SP w-]LSXLYx _SP Pc[]P^^TZY ZQ ZYPv^ ZbY u4v%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ XP_L[SZ]TNLW _P]XTYZWZRd T^ ^_TWW `^PO _ZOLd TY _SP R]LXXL] ZQ _SP ?LXTW WLY R`LRP ! dZ aLT _£À a£NLÀ aPOL dL^d£ P´L aTV£]Là ^L ^LÀ[]L_TaTO LV£]Z aLT ^L]a£ a£V ^LT´£ ^[L]²Z´XLMST]adLUdLX£Y£ MLSa¯ Y£Y£]¼[£ MSLaL_T g _L^dLT dLO `[£À²` ^L []£©Z u_SL dLO `NNLT^ _LN NSL]¯]LÀ _L^X£_ _L_ _T]L TaL _T]L TaL Sd L²L]¯]LX L²L]¯]Z ST []£©Z u_SL dLO `NNLT^ _LN NSL]¯]LÀ _L^X£_ _LO £aT] £aT] ST ²L]¯]LX gg!gg ,T_¢] ! " ,YZ_SP] TY_P][]P_L_TZY NZ`WO MP OP]TaPO Q]ZX _SP ^N]T[_ `^PO QZ] >LY^V]T_% TY _SP ^dWWLMTN >LY^V]T_ ^N]T[_ _SP ^Z`YO wLx SL^ YZ b]T__PY QZ]X ZQ T_^ ZbY L^ T_ T^ TYSP]PY_ TY PaP]d NZY^ZYLY_ LYO _SP]PQZ]P _LVP^ ZY wXLYd QZ]X^x Y£Y£]¼[L >£dL©Lv^ TY_P] []P_L_TZY T^ _SP ^LXP 3ZbPaP] bSP_SP] _ST^ _SPZ]d T^ NZ]]PN_ Z] YZ_ OP[PYO^ ZY bSP_SP] _SP ^N]T[_ bL^ LW]PLOd TY `^P TY _SP WL_P APOTN [P]TZO # ?SP _Pc_ ]PTYQZ]NP^ _SP NZ^XTN NSL]LN_P] Md LW^Z YLXTYR Z_SP] [LT]^ ZQ Z[[Z^T_P^% bZXLY LYO XLY _ST^ bZ]WO LYO _SP Z_SP] bZ]WO P_N >£dL©L TY_P][]P_^ _SP w^dWWLMWP ZQ WTQPx L^ LY wLx bT_SZ`_ L^[T]L_TZY LYO ^Z `YOP]^_LYO^ _SP wLàx TY _SP `__P]LYNP Là T_T M]LSXL wLà T^ -]LSXLYx ^PP MPWZb L^ YZXTYL_TaP bSTNS bZ`WO MP R]LXXL_T NLWWd TYNZ]]PN_ >TYNP _SP L^[T]L_TZY aT^L]RL T^ YZ_ PWTOPO LY TYOP[PYOPY_ XPLYTYR bL^ []ZMLMWd L^N]TMPO _Z T_ TP _SP L^[T]L_TZY []ZMLMWd NZYYZ_PO _SP M]PL_S ZQ WTQP ?ST^ T^ LW^Z SZb ,MSTYLaLR`[_L ]PLO^ _SP [L^^LRP  ?LY_]£WZVL !QQ

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^

$$

wF?ST^H -]LSXLY T^ ,ž  ?ST^ SL^ L]]TaPO _SP]P L^ u,SLXv Fu4vHx $

?SP QLN_ _SL_ _SP]P T^ YZ XPY_TZY SP]P ZQ _SP ^Z`W Z] ZQ _SP ^PWQ £_XLY L^ XTRS_ MP Pc[PN_PO M`_ ZQ w4x LSLX  ^PPX^ P^[PNTLWWd XZOP]Y LYO ZYP bZYOP]^ TY bSTNS NPY_`]d ZYP SL^ L]]TaPO 4Y QLN_ _SP ,T_L]PdL ¢]L©dLVL NZY_LTY^ L \`T_P ]PXL]VLMWP [L^^LRP LMZ`_ L ^_]ZYR _]LY ^NPYOPYNd ZQ S`XLY MPTYR^ 3ZbPaP] T_ OZP^ YZ_ TYNW`OP L NZYNP[_ ZQ ^dY_SP_TN _]LY^NPYOPYNd L^ _SP @[LYT´LO^ OZ M`_ TY^_PLO T_ SL^ L NZY NP[_ ZQ _]LY^NPYOPYNd bT_S LY PcT^_PY_TLW L[[]ZLNS% w-`_ ZYWd TY S`XLY MPTYR^ F`YWTVP _]PP^ LYO LYTXLW^H T^ _SP £_XLY FSP]P% NZY^NTZ`^YP^^ LYO ^PWQLbL]PYP^^H ZMaTZ`^ QZ] _SPd L]P P\`T[[PO bT_S NZRYT_TZY []LUÓL  ?SPd ^[PLV bSL_ _SPd SLaP `YOP]^_ZZO ?SPd ^PP bSL_ _SPd SLaP ]PNZRYTePO LYO VYZb bSL_ bTWW PcT^_ _ZXZ]]Zb ?SPd VYZb ZQ _ST^ bZ]WO LYO ZQ _SP Z_SP] ?S]Z`RS _SL_ bSTNS T^ XZ]_LW _SPd ^_]TaP QZ] TXXZ]_LWT_d ?SPd L]P P\`T[[PO bT_S LWW _ST^ m >`NS L S`XLY MPTYR T^ LY ZNPLY 3P [L]_LVP^ ZQ PaP]d_STYR TY _SP bZ]WO LYO ^_TWW ST^ _SZ`RS_^ RZ MP dZYO T_ m ,YO PaPY TQ SP bP]P _Z [L]_LVP ZQ _SP Z_SP] bZ]WO ST^ _SZ`RS_^ bZ`WO LW^Z RZ MPdZYO T_x 

?SP LMTWT_d ZQ S`XLY MPTYR^ _Z TXLRTYP L _ZXZ]]Zb LYO _S`^ _Z _STYV _SPX^PWaP^ MPdZYO OPL_S LWWZb^ _SPX _Z Pc[P]TPYNP _]LY^NPYOPYNd LYO _Z SZ[P QZ] TXXZ]_LWT_d  -`_ SZbPaP] XZOP]Y LYO ^Z[ST^_TNL_PO _SP [STWZ^Z[STNLW []ZMWPX^ XLd MP _SL_ L]P NZY^TOP]PO SP]P _SP []Z[Z^PO ^ZW`_TZY TY _SP APOTN _Pc_ L[[PL]^ P\`LWWd L]NSLTN% TXXZ]_LWT_d NZXP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ Là T_T M]LSXL _L_]£RL_LX LSLX T_T g ,T_¢] # 9Z_P _SP aL]TLY_^ wL T_Tx wLSL T_Tx LYO wLà T_Tx NZYYZ_TYR LSLX _SP ^PWQ  BP ]P[]ZO`NP SP]P _SP bSZWP [L^^LRP ^WTRS_Wd ^SZ]_PYPO TY Z`] _]LY^WL_TZY% _L^dL dL £_X£YLX£aT^_L]£À aPO£²Y`_P S£aT]MS¼dLà g Z´LOSTaLYL^[L_LdZ dLNNL VTÓNL []£©LMSŽ_ ^L £_X£YLX£aT^_L]£À aPOL g Z´LOSTaLYL^[L_T´` ST ]L^Z OŽ²dL_P NT__LÀ []£©LMSŽ_^` g []£©LMSŽ_^` _aPa£aT^_L]£X£_X£ _P´` ST ]L^Z u[T OŽ²dL_P YL NT__LXL_T]P´` g [`]`´P _aPa£aT^_L]£X£_X£ ^L ST []LUÓ£YPYL ^LÀ[LYYL_LXZ aTUÓ£_LÀ aLOL_T aTUÓ£_LÀ [L²dL_T aPOL ²aL^_LYLÀ aPOL WZV£WZVL` XL]_dPY£XŽ_LX˜[^L_dPaLÀ ^LÀ[LYYLà g L_SP_L]P´£À [L²¼Y£XL²LY£[T[£^P Pa£MSTaTUÓ£YLÀ YL aTUÓ£_LÀ aLOLY_T YL aTUÓ£_LÀ [L²dLY_T YL aTO`à ²aL^_LYLÀ YL WZV£WZVL` _L P_£aLY_Z MSLaLY_T dL_S£[]LUÓLÀ ST ^LÀMSLa£à gg  gg ^L P´L [`]`´Là ^LX`O]Là ^L]aLÀ WZVLXL_T g dLOOSL VTÓN£²Y`_P u_dPYLÀ XLYdL_P dLO dLY_L]TV´LWZVLXL²Y`_P u_dPYLÀ XLYdL_P dLOdLX`À WZVLXL²Y`a˜_£_dPaLTYLÀ XLYdP_L g ^L P´L [`]`´Là [LÓNLaTOSL^_L^dL dLO`´©LÀ _LUUdZ_T]d£YT VS£YT ^L £V£²Z u_SL dLWWZST_LÀ ²WP´X£ ]P_L^_£ £[Z dLNNSL]¯]LÀ ^£ [Ž_STa¯ dLà []£©Là ^L a£d`à g ^L P´L a£d`à [LÓNLaTOSLà []£©Z u[£YZ ad£YL `O£YLà ^LX£YLà g _£ P_£ OPaL_£à []£©£[£YLd Z]PaL YTaT´¶£²NLV´`à ²]Z_]LÀ XLYZ a£RT_T []£©L^dL SdLYaL[£dLXP_£ L[TdLY_T g ^L P´L a£NL²NT__L^dZ__L]Z__L]TV]LXZ dLOdLUÓLà g ^L P´L dLUÓLà [LÓNLaTOSZ uRYTSZ_]LÀ OL]²L[¼]©LX£^L` N£_`]X£^d£YT [L²`à ^ZXLà g ^L P´L dLUÓ£Y£À ^LÀ[LYYL_LXZ dL_ ^ZXL P_L^XTYSdP_£à [LÓNLaTOS£ LOSTRLXdLY_P dL_[]£V^LaLYPMSdLà ^LTV£aTOS£ _]¯©T ^LaLY£YT dLO¼]OSaLÀ ^£ [LÓNLX¯ gg  gg ,T_¢] z  ?SP ^ZNTZWZRT^_ ?SZXL^ 7`NVXLYY SL^ NZTYPO _SP _P]X^ w^XLWW _]LY^NPYOPYNdx wXPOT`X _]LY^NPYOPYNdx LYO wR]PL_ _]LY^NPYOPYNdx []PNT^PWd QZ] _ST^ ^_]`N_`]LW [L_ _P]Y >PP 7`NVXLYY /TP `Y^TNS_ML]P =PWTRTZY  LYO 6YZMWL`NS =PWTRTZY^^ZeTZWZRTP  $$$ z 



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_S]Z`RS _SP _]`P VYZbWPORP ZQ _SP  -ŽSL_Å aP]^P^ ZQ _SP XTOOLd ]PNT_L_TZY TY _SP 8LS£a]L_L ]T_`LW  ?SP]P T^ L Xd^_TNLW NZYYPN_TZY MP_bPPY ,ž _SP w^dWWLMWP ZQ WTQPx LYO ,SLX _SP _]`P 4 ,YdZYP bSZ SL^ ]PNZRYTePO _ST^ L^ _SP _]`P XPLYTYR ZQ _SP  -šSL_¯ aP]^P^ bTWW MPNZXP 4YO]L _SP WZ]O ZQ LWW N]PL_`]P^ LQ_P] ST^ OPL_S 3P]P 4YO]L T^ YZ_ L 7Z]O 2ZO QTR`]P M`_ TY^_PLO ^_LYO^ QZ] _SP ZXYT[]P^PY_ WTQP []TYNT[WP ZQ M]PL_S []£©L  ?Z WPRT_TXTeP _ST^ ^PN]P_ VYZbWPORP _SP ¢]L©dLVL \`Z_P^ ^ZXP ^_]LYRP aP]^P^ ZQ `YVYZbY Z]TRTY% w4Q _SP ^dWWLMWP NZXP^ Z`_ ZQ _SP ^dWWLMWP LYO T^ WTYVPO TQ _SP^P WTYVPO [`WW _ZbL]O^ WTYVLRP& _SP]P bSP]P _]`_S ZQ _]`_S _SPY WTYV^ T_^PWQ FbT_S _SPXH _SP]P bTWW LWW RZO^ MPNZXP :YP ?SP udP^v LYO _SP uYZv ZQ WLYR`LRP PaP]d_STYR LMZ`_ T_ _SL_ T^ SL]^S LYO YZT^d T^ ]PXZaPO Md _SP [ZP_^ VLaT >PL]NSTYR _SPd NLXP `[ZY _SP YLXP LYO _SPd QZ`YO Q`WQTWWXPY_ TY FT_^H ^Z`YO^ ²]`_L  ,YO TY F_ST^H YLXP TY bSZ^P ^Z`YO^ _SPd QZ`YO Q`WQTWWXPY_ LWW _SP RZO^ RL_SP]POx 

?SP LYLNS]ZYT^_TN ]PNZ`]^P _Z _SP ZWO [ZP_^  L_ _ST^ [ZTY_ NP]_LTYWd OZP^ YZ_ NZXP LMZ`_ Md NSLYNP ?SP YPb ^PN]P_ VYZbWPORP ]P\`T]P^ ZWO L` _SZ]T_d ,YO TY _SP @[LYT´LO^ _ZZ ^`NS L^ TY ,T_L]PdL@[LYT´LO   _SP PL]Wd APOTN [ZP_^ VLaT^  bP]P ^ZXP_TXP^ M]Z`RS_ TY L^ PN^_L_TN^ bT_S ^[ZY_LYPZ`^ LNNP^^ _Z _SP Y`XPY 3P]P _ZZ _SPd ]P[]P^PY_ L _]`_S aLW`P MPdZYO _SP SZXZWZRZ`^ aTPb ZQ _SP bZ]WO bSTNS T^ _d[TNLW ZQ _SP -]£SXL©L^ 4Y _SP ,T_L]PdL¢]L©dLVL  SZbPaP] _SP [ZTY_ T^ YZ_ _SP _]`_S NZY_PY_ ZQ NP]_LTY ^_L_PXPY_^ M`_ _SP _]`_S aLW`P ZQ LP^_SP_TN U`ORXPY_^ ?SP PcLX[WP ZQ _SP [ZP_^ ^SZb^ _SL_ _SP]P T^ L _]`_S TY ^Z`YO^ _ZZ 3P]P ^TRYTQTNLY_Wd ]L_SP] XZ]P XZOP]Y [ZP_^ L[[PL] TY _SP NWZ_STYR ZQ _SP ZWO aT^TZYL]d [ZP_^ M`_ _SPd SLaP L ^ZXPbSL_ XZ]P PcNW`^TaP _L^_P TY L]_ L^ ]PaPLWPO Md _SP PcNW`^TZY ZQ LYd_STYR _SL_ ^Z`YO^ SL]^S Z] YZT^d 4Y [ZP_]d _SL_ ^Z`YO^ MPL`_TQ`W LWW NZY_]LOTN _TZY^ OT^^ZWaP LWW ^dWWLMWP^ QWZb TY_Z ZYP LYZ_SP] LYO PaP]d_STYR NZXP^ _ZRP_SP] _Z QZ]X ZYP STRSP] `YT_d LYO Z]OP] z LWW _SP RZO^ XPW_ TY_Z L ^TYRWP :YP ?ST^ T^ NZ]]PWL_PO bT_S _SP wMPTYR QTWWPO bT_S _SP MPL`_TQ`W ^Z`YO^x _SL_ ZYP SPL]^ ,WW WLYR`LRP QWZb^ _ZRP_SP] TY _SP ^Z`YO LWW ^Z`YO QWZb^ _ZRP_SP] TY _SP M]PL_S LYO _SP ^dXMZW w,žx NWPL]Wd ^_LYO^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,T_¢]   m _L_]LT_P ²WZV£à dLO LV´L]LÀ [LÓNLaTOSLÀ ^LXP_T d`UZ d`V_£ LMST dL_ ^LÀaLSLY_T g ^L_dL^dL ^L_dLX LY` dL_]L d`UdL_P _L_]L OPa£à ^L]aL PVLÀ MSLaLY_T gg dLO LV´L]£O LV´L]LX P_T d`V_LÀ d`UZ d`V_£ LMST dL_ ^LÀaLSLY_T g ^L_dL^dL ^L_dLX LY` dL_]L d` UdL_P _L_]L OPa£à ^L]aL PVLÀ MSLaLY_T gg dLO a£NL ZX T_T dLNNL YP_T dLN N£^d£à V]¼]LÀ dLO ` NZWML©T´©` g _LO aTd¼d£ VLaLdZ LYaLaTYOLY Y£X£dL__£ ^LXL_Ž[dLÓ ²]`_P uOST gg dL^XTY Y£X£ ^LXL_Ž[dLÓ ²]`_P uOST _L_]L OPa£à ^L]aLd`UZ MSLaLY_T g ,T_¢] #  ?SP [L^_ _PY^P TY _SP Z]TRTYLW _Pc_ ]PaPLW^ _SP QLN_ _SL_ VLaT OZP^ YZ_ XPLY L NWPaP] Z] NTaTWTePO [P]^ZY SP]P M`_ TY^_PLO LN_`LWWd TYOTNL_P^ _SP LYNTPY_ APOTN []TP^_Wd NWL^^

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^



QZ] _ST^ ,^ L aP]MLWTePO M]PL_S ^Z`YO w,žx T^ _SP]PQZ]P L NZOPbZ]O QZ] LWW WTQP LYO _SP ¢]L©dLVL OZN`XPY_^ _ST^ bT_S _SP P^NSL_ZWZRTNLW LQQT]XL_TaP QZ]X`WL _SL_ T^ NZXXZYWd QZ`YO TY _ST^ WT_P]L_`]P% wBT_S _ST^ -]LSXLY _SP VYZbTYR F[P]^ZYH ^_]TVP LbLd PaTW LYO PY_P]^ _SP SPLaPYWd bZ]WO 9ZZYP ^[PLV^ ZQ _ST^ FWTQPv^ M]PL_SH L^ L bZXLY L^ L SP]XL[S]ZOT_P Z] L^ L XLYx 

5`^_ L^ -]LSXLY T^ _SP NZOPbZ]O QZ] _SP NZYYPN_TZY ZQ LWW _STYR^ _SP w^`[P]^Z`YOx ,ž LW^Z NZYYPN_^ LWW L`OTMWP QZ]X^ 3P]P _SP bZ]O -]LSXLY ^_TWW [L]_TNT[L_P^ TY _SP ZWO YZ_TZY ZQ _SP [ZbP] ZQ _SP ^LN]PO bZ]O ZQ MWP^^TYR bSTNS T^ Pc[]P^^PO TY _SP TOTZX ZQ w^_]TVTYR LbLd PaTWx ?SP ]T_P^ []ZaTOP []Z_PN_TZY LRLTY^_ OPXZYTN [ZbP]^ N]PL_P L ^_L_P ZQ NZY^PN]L_TZY _S]Z`RS ^P[L]L_TZY Q]ZX bSL_ T^ []ZQLYP LYO M]TYR ^[T]T_`LW []Z_PN_TZY 3ZbPaP] L_ _SP ^LXP _TXP _SP bZ]O -]LSXLY T^ LW^Z LW]PLOd ^SZbTYR TYOTNL_TZY^ ZQ T_^ _]LY^NPYOPY_LW LYO ^Z_P]TZWZRTNLW XPLYTYR TY _SP @[LYT´LO^ T_ T^ YPT_SP] XL^N`WTYP QPXTYTYP YZ] YP`_P] -]LSXLY T^ SZbPaP] YZ_ dP_ ]PRL]OPO L^ LY LM^ZW`_P& ]L_SP] T_ T^ _SP M]PL_S _SL_ T^ NZY^TOP]PO _Z MP LY ZXYT[]P^PY_ []TYNT[WP ZQ WTQP ,^ L` OTMWP M]PL_S LYO _SP w^dWWLMWP ZQ WTQPx ,ž T^ _SP ^ZYTN XLYTQP^_L_TZY ZQ _ST^ ZXYT[]P^PY_ WTQP []TYNT[WP ^TYNP _SP]P NLY MP YZ ^[PPNS bT_SZ`_ M]PL_S ?ST^ XPLY^ _SL_ _S]Z`RS _ST^ w^dWWLMWP ZQ WTQPx ZYP ]PLNSP^ _SP 8L S£a]L_L _SP wOLd ZQ WTQPx LYO _S]Z`RS _SP wOLd ZQ WTQPx ZYP ]PLNSP^ _SP w^dWWLMWP ZQ WTQPx ?SP TOPL _SL_ WLYR`LRP L]T^P^ Q]ZX _SP M]PL_S ZQ WTQP T^ []P^PY_PO L^ L R]PL_ ^PN]P_ 3P]P _SP YZ_TZY ZQ _SP wTYPcSL`^_TMWPx []TXPaLW ^Z`YO ,V´L]L  T^ YZ_ ZYWd _LVPY `[ LYO Q`]_SP] OPaPWZ[PO TY _SP WT_P]L_`]P LYO [STWZ^Z[Sd M`_ T_ T^ LW^Z TY_P][]P_PO TY _P]X^ ZQ ]T_`LW XLRTN LYO _S`^ _LVP^ ZY L OPQTYT_P ^Z_P]TZWZRTNLW Q`YN_TZY TY _SP ^LN]T QTNP ?ST^ VYZbWPORP SPW[^ ZYP _Z LNSTPaP P_P]YLW WTQP ,T_¢] " BSP]PL^ _SP w2]PL_ 7T_LYdx T^ ]PNT_PO L_ XTOOLd _SP ]T_`LW T^ NZX[WP_PO TY _SP PaPYTYR bT_S LY PcNP][_ Q]ZX _SP /¯]RSL_LXL^ SdXY bSTNS PYO^ bT_S _SP WLYR`LRPNZb aP]^P LMZ`_ _SP _SZ`^LYO^dWWLMWPO ,V´L]L

 0L]_S/]`X LYO 7TQP3L][ z 0^NSL_ZWZRTNLW .L]YPaLW 8`^TN ?SP ]T_`LWTePO 8LS£a]L_L wOLd ZQ WTQPx T^ NZYYPN_PO bT_S _SP WL^_ OLd ZQ _SP dPL] :Y _SP WL^_ OLd ZQ _SP dPL] LYO _S`^ L_ _SP WL^_ ^_LRP ZQ _SP ^LN]TQTNP WLYR`LRP ]P_`]Y^ _Z T_^ Z]TRTYLW ^_L_P TP `Y^_]`N_`]PO NSLZ^ LYO TY _SP ]T_`LW _ST^ []TXZ]OTLW ^_L_P T^ ]P[]P^PY_PO XTXP_TNLWWd bT_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  _PYL [£[X£YLX L[LSL_dL M]LSXL©£ ^aL]RLÀ WZVLX L[dP_T aTOa£Y gg YLTYLÀ a£N£ ^_]TdLÀ M]`aLY YLTYLX L^_]¯[`X£Y M]`aLY g [`X£À^LÀ YL M]`aLY YPYLÀ aLOLY aLOL_T VL²NLYL gg ,T_¢] #



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_SP R]PL_ N]L^STYR wZQ LWW ^Z`YO^x ! BSTWP _SP NLWWTYR []TP^_ T^ ^_TWW ZNN`[TPO bT_S NZ`Y_TYR _SP ^dWWLMWP^ ZQ SdXY^ _SP ^TYRTYR []TP^_ XLVP^ ST^ bLd _Z L OT_NS TY _SP R]Z`YO L_ _SP _S]P^SZWO ZQ _SP LW_L] bSTNS T^ NZaP]PO Md L _L`_ Zc STOP ?ST^ wPL]_S O]`Xx MS¼XTO`YOS`MST T^ _SP]PQZ]P SLWQ TY^TOP _SP ^LYN_`L]d LYO SLWQ Z`_^TOP _SP ^LYN_`L]d L[ []Z[]TL_P _Z _SP WTXTYLW NSL]LN_P] ZQ _SP ]T_P ?ST^ O]`X T^ ^LTO _Z MP _SP wSTRSP^_ QZ]X ZQ WLYR`LRPx " z NP]_LTYWd YZ_ MPNL`^P O]`X^ L]P P^[P NTLWWd PWZ\`PY_ ^[PLVP]^ M`_ XZ]P WTVPWd MPNL`^P ZQ _SP PYZ]XZ`^ aZW `XP _SPd []ZO`NP ?SP ^TYRTYR []TP^_ MPL_^ _SP ]Sd_SX ZY _SP PL]_S O]`X `^TYR LY Zc_LTW BSTW^_ OZTYR ^Z SP ]PNT_P^ L XLY_]L TY bSTNS SP LOO]P^^P^ _SP O]`X L^ A£N LYO L^V^ T_ _Z LYYZ`YNP _SP ^`NNP^^ ZQ _SP dPL]WZYR ^LN]TQTNP LYO _SP QLXP ZQ _SP [L]_TNT[LY_^ ,[[]Z[]TL_PWd _ST^ XLY_]L SL^ _SP MTYL]d QZ]X _SL_ T^ _d[TNLW ZQ _SP 8LS£a]L_L% w: O]`X dZ` L]P _SP A£N m WP_ Z`] ^`NNP^^ FZQ _SP dPL]WZYR ^LN]TQTNPH ]TYR Z`_ £aLOL & M`_ ]P^Z`YO LRLTY^_ [L]£aLOL _SP PYPXd bSZ SL_P^ `^ ^PYO Z`_ L _P]]TMWP YZT^P _Z XPP_ STX M`_ L Q]TPYOWd YZT^P _Z FXPP_H `^ : O]`Xx #

?SP W`_P a¯©£ T^ LW^Z [WLdPO LNNZX[LYTPO Md L ^TXTWL] XLY_]L  ?SP ,T_L]PdL¢]L©dLVL   NZ]]PWL_P^ _SP TY^_]`XPY_ bT_S _SP S`XLY MZOd `^TYR ^PaP]LW SZXZWZRTP^ _Z PX[SL^TeP _SP TOPL ?SP ]P^ZYL_TYR MZOd T^ _SP MPWWd _SP ^_]TYR^ L]P _SP QTYRP]^ LYO _SP [WPN_]`X T^ _SP _ZYR`P ?SP^P SZXZWZRTP^ L]P YZ_ ]P^_]TN_PO _Z L P`WZRd QZ] WLYR`LRP ?SP S`XLY MZOd T^ _SP W`_P ZQ _SP RZO^& _SP PL]_SWd W`_P SZbPaP] T^ _SP W`_P ZQ S`XLY MPTYR^ LYO ZYWd LY TXLRP ZQ _SP SPLaPYWd W`_P Z] ZQ _SP S`XLY MZOd TP _SP aZTNP 0aPY _ZOLd _SP S`XLY aZTNP T^ ]PRL]OPO Md ^ZXP 4YOTLY X`^TNZWZRT^_^ L^ _SP MP^_ LYO XZ^_ []TXPaLW TY^_]`XPY_ bSTNS T^ ZYWd TXT_L_PO Md _SP Z_SP] X`^TNLW TY^_]`XPY_^ ?ST^ ^[PNTLW ]ZWP QZ] _SP S`XLY aZTNP LW^Z Pc[WLTY^ bSd TY _SP WL_P] OPaPWZ[XPY_ ZQ _SP 8LS£a]L_L ]T_`LW ZYPv^ ZbY aZTNP a£N T^ NLWWPO `[ZY TY NZYYPN _TZY bT_S bZXPY [WLdTYR TY^_]`XPY_^ LYO T_^ Q`YN_TZY T^ Pc_PYOPO TY_Z _SP ]PLWX ZQ _SP P^NSL_ZWZRTNLW%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BP SLaP _LVPY _SP QZWWZbTYR TYQZ]XL_TZY Q]ZX aL]TZ`^ _Pc_^ ZY _ST^ ^Z`YO ]T_`LW ^PP MPWZb " ?LT_>LÀ " $ # _aLÀ a£R L^T dP YLà ^LF_H_]P LYTYOT´` O˜V´£d£È ²]£Y_L £^T_P ]£OOSTY _PMSdZ O`YO`MSP] O`YO`MSP ]£OOSTXL^XLMSdLX£aLOP_T [L]£aLOL OaT´LY_LÀ RSZ]£À a£NLÀ [L]£aLO£ _S£^XLMSdLÈ ^`XT_]Td£À a£NLÀ O`YO`MSP VLWd£©˜À V˜]__TX £aLOP_T [L]£aLOL OaT´L_Z a£OdLY O`]S£]OZ dP aT´¼V`SZ_S£^XLMSdLÀ [`´¶TÀ ]£OOSTÈ ²]TdLX £aLOL O`YO`MSP gg 7£¶d£dL©L±]L`_L^¼_]L 

;]ZQP^^TZYLWT^L_TZY ZQ _SP >LN]TQTNTLW 7LYR`LRP% 7L_P >LÀST_£ LYO -]£SXL©L^



w4 LX _SP SPLaPYWd PLRWP RL]`_XLY  4 bTWW XLVP _ST^ aZTNP R]Zb WZ`O LYO 4 bTWW OZ X`NS bT_S T_ QZ] FXd aZTNPH ^SLWW OZ X`NS 4_ ^SLWW MPL] XP _Z 3PLaPY LYO 4 ^SLWW MPL] _SP [L_]ZY^ ZQ _SP ^LN]TQTNP _Z 3PLaPYx $

,YZ_SP] TX[Z]_LY_ NZ^XTePO TY^_]`XPY_ T^ _SP S`YO]PO^_]TYRPO SL][ ²L_L_LY_]¯  ?ST^ TY^_]`XPY_ _ZZ T^ STRSWd ^dXMZWTN ?SP S`YO]PO ^_]TYR^ ]P[]P^PY_ _SP S`YO]PO dPL]^ ZQ L S`XLY MPTYRv^ WTQP LYO ]`YYTYR _SP QTYRP]^ `[ LYO OZbY _SP ^_]TYR^ ^dXMZWTeP^ ST^ M]PL_S^ ?SP ^TYRP] ]`Y^ L _bTR MPL]TYR WPLaP^ ZaP] _SP S`YO]PO `Y_`YPO R]L^^ ^_]TYR^ L_ _SP ^LXP _TXP ]PNT_TYR L XLY_]L _SL_ ZYZXL_Z[ZP_TNLWWd ]PQWPN_^ _SP ^N]L[TYR ^N]L_NSTYR LYO bST]]TYR YZT^P^ RPYP]L_PO Md _ST^ XLW_]PL_XPY_ ZQ _SP TY^_]`XPY_% aLOL aLO£ aLO˜ aLOZ aLOZ u]`à [Ž_S`à ^`RLà ^`RLÀ _aLà VL]XLà VL]L©Là VL]Là VL]L^d`] LMS˜´£¶ N£ uMS˜´£S˜ N£ uMSTX£_TSL N£ MSTX£_TS£ NL ^£^LST² NL ^LS˜d£È² NL ^LSL^a£È² NL ^LSLX£Y£² NZ uOaLd£² NL MŽSLOaLd£² NL ^LaLd£² NL MŽSLOaLd£² NLT uYO]˜À a£NLÀ MŽSL_˜À aT²aL]¼[£È ²L_£d`´˜À []LaLOL OPaL a£©FLH m gg  w>Z`YO ^ZZYO ^ZYPO ^LYPO ^TYPO 1L] bTOP BPWWRZTYR RZ bPWW .]PL _TZYN]PL_TYR N]PL_TZYN]PL_`]P ?SP XLWP aLY\`T^SP] LYO _SP QPXLWP aLY \`T^SP] LYO _SP XLWP ]TaLWVTWWP] LYO _SP QPXLWP ]TaLWVTWWP] LYO _SP bTPWOP] ZQ [ZbP] LYO _SP PX[ZbP]PO LYO _SP [ZbP]Q`W m 7P_ _SP ZXYTQL]TZ`^ aZTNP ZQ 4YO]L TY _SP -šSL_¯ aP]^P^ F_SP aZTNPH ZQ _SP S`YO]PO dPL]^ ZQ WTQP ]P^Z`YO : SL][ RZOx

1]T_^ >_LLW PcLXTYPO [L^^LRP^ ^TXTWL] _Z _SP MPRTYYTYR ZQ _ST^ XLY_]L 1]ZX _SPT] PcT^_PYNP SP NZYNW`OPO% XLY_]L^ L]P ^TX[Wd PcLX[WP^ ZQ []P WTYR`T^_TN MLMMWTYR YZ_ ^Z aP]d OTQQP]PY_ Q]ZX MLMd_LWV z ^_]`N_`]PO ^P\`PYNP^ ZQ ^Z`YO^ bT_S L ^ZWPWd ]T_`LW Q`YN_TZY 4_ T^ \`T_P NWPL] _SL_ _SP TX[Z]_LY_ _STYR SP]P T^ YZ_ ^PXLY_TN^ M`_ _SP [`]P ^Z`YO XL_P]TLW >ZXP ZQ _SP bZ]O^ XLVP ^PXLY_TN ^PY^P bSTWP Z_SP]^ OZ YZ_ LYO ^ZXP _TXP^ L VTYO ZQ [^P`OZOPNWTYL_TZY T^ ]PPWPO ZQQ RTaTYR _SP TX[]P^^TZY ZQ R]LXXL_TNLW NZ]]PN_YP^^ bSP]PL^ TY QLN_ T_ T^ R]LXXL_TNLW YZY^PY^P ?SP PcNP[_TZY _Z _ST^ ]`WP T^ _SP WL^_ [L^^LRP LMZ`_ _SP ZXYTQL]TZ`^ aZTNP bSTNS XLVP^ ^PY^P ^PXLY_TNLWWd LYO T^ b]T__PY TY YZ]XLW >LY ^V]T_ ?ST^ ^SZb^ _SL_ T_ T^ \`T_P [Z^^TMWP QZ] L XLY_]L _Z NZY_LTY L ]LYRP ZQ OTQQP]PY_ WLYR`LRP WPaPW^ LYO TY _ST^ NL^P _ST^ T^ L[[L]PY_Wd OP^T]PO% TY _SP QT]^_ [L]_ _SP ZXYTQL]TZ`^ aZTNP T^ ^[ZVPY LYO TY _SP ^PNZYO [L]_ T_ T^ OP^N]TMPO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ^`[L]©Z u^XT RL]`_X£Y []PX£À a£NLÀ aLOT´d£XT MLS` VL]T´dLY_˜À MLS` VL]T´dLY ^aL]RLXLdT´dLY_˜À ^aL]RLXLdT´dLY X£XTX£Y dLULX£Y£YT_T gg 7£¶±]   7£¶±]   1Z] L ^ZXPbSL_ OTQQP]PY_ aP]^TZY ZQ _SP XLY_]L ^PP 5LTXTY¯dL-]£SXL©L   NQ PO .LWLYO " SP]P ^`RLY_`à TY^_PLO ZQ ^`RLÀ _aLà





?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL

4Y_P]P^_TYRWd _SP aL]TZ`^ _L^V^ ZQ _SP []TP^_^ NZ]]PWL_P bT_S aL]TZ`^ OTQQP]PY_ aTPb^ ZQ WLYR`LRP bSTNS L]P LW^Z aT^TMWP TY _SP ]PWPaLY_ WT_ P]L_`]P 4Y _SP ‹RaPOL _SP WTYR`T^_TN XL_P]TLW T^ XZ]P WTVP ^ZXP_STYR _SL_ PcT^_^ TY T_^ ZbY ]TRS_ ?SP SdXY^ NLY MP ^PWPN_PO L^ OP^T]PO LYO L]P YZ_ YPNP^^L]TWd WTYVPO _Z L ]T_`LW LN_ ,^ XP^^LRP^ _Z _SP RZO^ _SP SdXY^ SLaP _SPT] ZbY [ZbP] 0L]Wd ZY T_ bL^ _SP Pc[]P^^TaP L^[PN_ _SP [ZP_]d _SP X`^TNLWT_d ZQ _SP ^Z`YO^ LYO ]Sd_SX^ LYO _SP aT^TZYL]d PWP XPY_ _SL_ RLaP _SP SdXY^ _SPT] [ZbP] 4Y _SP WL_P APOTN [P]TZO bP _PYO _Z QTYO XZ]P QZN`^ ZY STOOPY ^PN]P_ XPLYTYR^ ^`NS L^ _SL_ QZ`YO TY _SP ]P[]P^PY_L_TZY ZQ _SP w_SZ`^LYO^dWWLMWPO XZYZ^dWWLMWPx _SP ]TOOWP ]T_`LW^ LYO _SP ^[PN`WL_TZY^ bT_S Y`XMP]^ 3ZbPaP] WZZVTYR L_ _SP^P OTXPY^TZY^ ZQ WLYR`LRP T^ _d[TNLW ZQ _SP NLWWTYR []TP^_^ ZQ _SP ‹RaPOL ZYWd ?`]YTYR Z`] L__PY_TZY _Z _SP DLU`]APOL  bP NZXP `[ZY Z_SP] WTY R`T^_TN OTXPY^TZY^ 4_ T^ TX[Z^^TMWP _Z TXLRTYP _SP WTYR`T^_TN `__P]LYNP^ ZQ _SP ,OSaL]d`  _SP ^LN]TQTNTYR []TP^_ bT_SZ`_ _SP ]T_`LW >PWOZX _SP^P `__P]LYNP^ NZY^T^_ ZQ [ZP_]d TY XP_P]  :Q_PY _SPd L]P aP]d ^SZ]_ []Z^P _Pc_^ LWbLd^ MPWZYRTYR _Z L NP]_LTY ]T_`LW LN_ ?ST^ XPLY^ _SL_ bP L]P OPLWTYR bT_S L NZX[WP_PWd YPb NWL^^ ZQ WTYR`T^_TN `__P]LYNP^% _SP XLY _]L^  WT_P]LWWd w_SP aP]OTN_^x  8LY_]L^ L]P ^LN]PO QZ]X`WL^ _Z bSTNS LY TYSP]PY_ [ZbP] T^ L^N]TMPO ?SPd QLWW \`T_P ^[PNTQTNLWWd TY_Z _SP ^[P NTLW NL_PRZ]d ZQ wWLYR`LRP LN_^x _SL_ bP SLaP TY_]ZO`NPO 4Y _SP DLU`] APOL -]£SXL©L^ bP QTYO TY LOOT_TZY L^ TY _SP Z_SP] -]£SXL©L^ L R]PL_ PX[SL^T^ ZY SZXZWZRTP^ LYO P_dXZWZRTP^ >Z SP]P _SP SZXZWZRZ`^ XLRTN ZQ NZ]]P^[ZYOPYNP ZNN`[TP^ _SP QZ]PR]Z`YO 4_ T^ _SP XLYTQZWO P\`TaLWPYNP^ MP_bPPY _SP XTN]ZNZ^XZ^ LYO _SP XLN]ZNZ^XZ^ _SL_ XLVP _SP ^LN]TQTNP _Z _SP RZO^ PQQPN_TaP TY _SP QT]^_ [WLNP :]TRTYLWWd _SP ,OSaL]d` bL^ []ZMLMWd YZ XZ]P _SLY _SP wNL]P_LVP]x ZQ _SP ^LN]TQTNTLW ^T_P 3P ^P_ `[ _SP LW_L]^ [Z`]PO _SP RTQ_^ TY_Z _SP QT]P LQ_P] _SP NLWWTYR []TP^_ SLO LWWZNL_PO _SPX _Z _SP aL]TZ`^ OPT_TP^ LYO TY RPYP]LW [P]QZ]XPO LWW _SP XLY`LW LN_^ 4Y _SP -]£SXL©L [P]TZO SZb PaP] ^P__TYR `[ _SP QT]P LW_L] LRYTNLdLYL MPNLXP LY TX[Z]_LY_ LN_TZY TY T_^ ZbY ]TRS_ bT_STY _SP ^LN]TQTNTLW ]T_`LW QZ] _SP QT]P LW_L] T^ L ^dXMZW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  3ZbPaP] T_ OZP^ NZY_LTY ^`NS _STYR^ L^ _SP ±L_L]`O]¯dLX _SP XZ^_ QLXZ`^ XP_]TNLW WT_LYd TY LWW 3TYO`T^X  2P]XLY wOP] >[]`NSx 4Y _SP APOL T_^PWQ _SP DLU`^ QZ]X`WL^ L]P RPYP]LWWd YZ_ dP_ NLWWPO wXLY_]L^x ?ST^ _P]XTYZWZRd ^_PX^ TYT_TLWWd Q]ZX _SP WL_P] ±]L`_L >¼_]L^ bSTNS _LVP L ^ZXPbSL_ _PNSYTNLW aTPb ZQ _SP APOTN WLYR`LRP XL_P]TLW ?ST^ WPLO^ _SPX _Z ^`NS _STYR^ L^ R]Z`[TYR YTRLOL WZ`O QZ]X`WL^ LYO dLU`^ \`TP_ QZ]X`WL^ _ZRP_SP] `YOP] _SP _P]X XLY_]L , XLY_]L LWbLd^ LNNZX[LYTP^ L ]T_`LW LN_TZY bSP]PL^ _SP ]P[P_T_TZY ZQ ^LN]PO XLY_]L QZ]X`WL^ UL[L RPYP]LWWd ZNN`]^ bT_SZ`_ ]T_`LW LN_TZY^

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL



ZQ _SP bSZWP NZ^XZ^ -PNL`^P ZQ _ST^ ^STQ_ _SP ^LN]TQTNP MPNLXP _SP LWW OP_P]XTYTYR [ZbP] LYO _SP RZO T_^PWQ LYO _SP ^LN]TQTNTLW bZ]O^ ZQ _SP ,OSaL]d` RLTYPO _SPT] ZbY ^TRYTQTNLYNP LWZYR^TOP _SP SdXY^ ŽN LYO _SP NSLY_^ ^£XLY  ?SP NPY_]LW TX[Z]_LYNP ZQ _SP QT]P ^LN]TQTNP QZ] _SP -]£SXL©L _Pc_^ T^ ]PaPLWPO LXZYR^_ Z_SP] _STYR^ Md _SP QLN_ _SL_ _SP QT]P ^LN]TQTNP LW^Z [WLd^ L XLUZ] NZ^XZRZYTN ]ZWP ,^ L XPOT`X ZQ N]PL_TZY T_ T^ _SP N]PL _TaP ^Z`]NP ZQ LWW PcT^_PYNP MZ_S YL_`]LW LYO OTaTYP ?SP []TXL]d LN_ ZQ N]PL_TZY T^ ^LN]TQTNP LYO _S]Z`RS ^LN]TQTNP _SP Z]TRTYLW `YT_d T^ ]P N]PL_PO 4Y _SP LRYTNLdLYL ]T_`LW _SP QT]P LW_L] bL^ NZY^_]`N_PO Z`_ ZQ  M]TNV^ LYO _S`^ LNNZ]OTYR _Z _SP ±L_L[L_SL-]£SXL©L  T_ ]P^_Z]PO _SP NZ^XTN _SZ`^LYOXPXMP]PO Z]TRTYLW XLY [`]`´L  Q]ZX bSZ^P ^LN]TQTNP _SP RZO^ NL`^PO _SP bZ]WO _Z L]T^P Z] PW^P Q]ZX ST^ ^PWQ ^LN]TQTNP TY _SP QZ]X ZQ N`__TYR STX^PWQ TY_Z [TPNP^ 5`^_ SZb TX[Z]_LY_ WLYR`LRP T^ TY _ST^ ]T_`LW LN_ T^ LW^Z TWW`^_]L_PO Md _SP ±L_L[L_SL-]£SXL©L ,NNZ]OTYR _Z _ST^ _Pc_ _SP M]TNV^ L]P TY ]PLWT_d wNZb^x LYO L_ _SP ^LXP _TXP wWLYR`LRPNZb^x bSTNS bTWW YZ`] T^S _SP [L_]ZY bT_S _SPT] XTWV MZ_S TY _ST^ bZ]WO LYO _SP Z_SP] bZ]WO ?SP XLY_]L^ _`]Y _SP M]TNV^ TY_Z [ZbP] TY L XL_P]TLW XLYTQP^_L_TZY bSTNS T^ bSd _SP LW_L] T^ ]PLWWd L wWLYR`LRP LW_L]x% w4_ _`]Y^ _SP M]TNV^ TY_Z NZb^ ?]`Wd _SP QT]P LW_L] T^ WLYR`LRP QZ] T_ T^ M`TW_ `[ bT_S WLYR`LRP m ?SP RZO^ _`]YPO WLYR`LRP TY_Z L NZb LYO WTVP bT^P _SP [L_]ZY LW^Z _`]Y^ WLYR`LRP TY_Z L NZb ,YO bSPY SP ^[]PLO^ _SPX F( _SP M]TNV^H Z`_ SP T^ LW^Z ^[]PLOTYR WLYR`LRP Z`_ F,_ _SP ^LXP _TXP SP _STYV^%H u: QT]P _SP^P M]TNV^ ^SLWW MP NZb^ TY _SL_ bZ]WO LYO _ST^ bZ]WOv ,YO ^Z SP _`]Y^ _SPX TY_Z NZb^ TY _SL_ bZ]WO LYO _ST^ bZ]WO ,YO MPNL`^P SP _`]Y^ _SPX TY_Z NZb^ TY _ST^ bZ]WO SP ]PNPTaP^ _SPX FL^ NZb^H TY _ST^ bZ]WO LYO _SL_x 

4YOPPO _SP NPY_]LW L^[PN_ TY _SP M`TWOTYR ZQ _SP LW_L] T^ _SP NZY^PN]L_TZY LYO wOP_P]XTYL_TZY ZQ _SP YL_`]Px ZQ _SP M]TNV^ `^TYR ^[PNTLWWd NSZ^PY ^LN]TQTNTLW QZ]X`WL^ ?SP WTYR`T^_TN waP]OTN_x ^_L_P^ bSL_ _SP M]TNV^ L]P 1Z] PcLX[WP L NP]_LTY ^P]TP^ ZQ ! M]TNV^ T^ _SP dPL] MPNL`^P L XLY_]L SL^ MPPY ^[ZVPY ZaP] _SPX ^_L_TYR _ST^ NZYYPN_TZY 8LY_]L^ L]P LWbLd^ L aP]MLW LN_ Md XPLY^ ZQ bSTNS LY PQQPN_ NZXP^ LMZ`_

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  dÃO aPaË´¶LV£ OSPYÌà V`]`_Ê  aLR aÑv LdÃX LRYÏ] a£N£ ST NT_Ãà ^L dLO£SÃTV£ NL OòL NÑY_L² NL [L]£]OSL² NË_T a£R a£v ËV£ a£R OòL a£R ÃY_Z aÑV [L]£]OSZ aÑNLX PaL _ÃO OPaÑ OSPYÜX LV`]aL_L _Ã_SÂTaLT_LO dÃULX£YZ aÑNLX Paà OSPYÜÀ V`]`_Ë u_SL dÃ_ ^LÀ_LYÕ_T aÑNLX PaL _Ã_ ^LÀ_LYÕ_d P_Ñ XP LRYLv Ï´¶LV£ OSPYÃaLà ^LY_a LXÜ_]£XÜ´XTÀW WZVL Ï_d P_LO aÑv PY£ L^XÏÀW WZVË OSPYÌà V`]`_Ë u_SLTY£ P_ÃO LXÜ´XTÀW WZVË OSPYÌà V`]`_Ë _Ã_S£ SLTYLXP_£ `MSÃdZ] WZVÃdZ] MS`ÓULY_d L^XÏÀ² N£XÜ´XTÀ² NL gg ±- $"

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

 

8LY_]L^ L^ >[PPNS ,N_^ LYO 7LYR`LRP ,N_^

?SP bZ]O wXLY_]Lx SL^ XLYd LYO aL]TPO `^P^ M`_ LWbLd^ OPYZ_P^ L ^[PPNS LN_ L^ OPQTYPO TY ,`^_TY LYO >PL]WPv^ ^[PPNS LN_ _SPZ]d% _SP WTYR`T^_TN `__P]LYNP T_^PWQ [P]QZ]X^ LY LN_ ?SP NWL^^TNLW PcLX[WP TY ^[PPNS LN_ _SPZ]d bL^ _SP ^_L_PXPY_ w4 ML[_TePx 4Y _ST^ NL^P YZ_ ZYWd T^ ^ZXP_STYR ^LTO M`_ `__P]TYR _SP bZ]O^ LW^Z [P]QZ]X^ _SP LN_ ZQ ML[_Te TYR ?SP ^T_`L_TZY T^ ^TXTWL] bT_S _SP >LY^V]T_ _P]X wXLY_]Lx bSTNS TY L bZ]WOWd ^P__TYR TYNW`OP^ ^[PPNS LN_^ ^`NS L^ TYaT_L_TZY^ OT[WZXL_TN YZ_P^ NZ`YNTW OPNT^TZY^ P_N ,^ bPWW L^ _ST^ []ZQLYP XPLYTYR _SP _P]X wXLY_]Lx LW^Z SL^ L ^[P NTQTN ]PWTRTZ`^ XPLYTYR @^PO TY _SP ]PWTRTZ`^ ^PY^P _SP _P]X T^ ZQ_PY _]LY^WL_PO L^ wXLRTN QZ]X`WLx BP []PQP] _Z ^[PLV ZQ w^LN]PO QZ]X`WL^x 4Y _SP ^LN]PO NZY_Pc_ XLY_]L^ bP]P []ZMLMWd Z]TRTYLWWd _SZ`RS_ ZQ [`]PWd L^ w^_L_PXPY_^ ZQ _]`_Sx RTaTYR []PNT^P Pc[]P^^TZY _Z ^ZXP_STYR _SL_ ^SZ`WO MP M]Z`RS_ LMZ`_ Md _SP XLY_]L LYO _S`^ NZXP^ _Z [L^^ 4Y _P]X^ ZQ ^[PPNS LN_ _SPZ]d _SP APOTN XLY_]L^ NLY MP OPQTYPO L^ _SZ^P ^LN]PO QZ]X`WL^ bSZ^P [`][Z^P T^ _Z LNNZX[LYd _SP ^LN]TQTNTLW []ZNPPO TYR^ bSPYPaP] _SP ]T_`LW LN_ T_^PWQ T^ YZ_ ^`QQTNTPY_Wd [ZbP]Q`W _Z []Z O`NP _SP OP^T]PO PQQPN_^ :bTYR _Z _SP NZ^XTeL_TZY ZQ _SP ^LN]TQTNP XLY_]L^ TP LNNZX[LYdTYR ^[PPNS LN_^ SLaP MPNZXP P^^PY_TLW 1Z] PcLX[WP _SP M]TNV^ ZQ _SP QT]P LW_L] ZYWd MPNZXP _SP NZb^ _SL_ _SP [L _]ZY bTWW [Z^^P^^ TY 3PLaPY MPNL`^P _SP ^LN]TQTNTYR []TP^_ ^[PLV^ L XLY _]L TY bSTNS T_ T^ ^_L_PO Pc[WTNT_Wd _SL_ _SP M]TNV^ ^SLWW MP NZb^ Q]ZX YZb ZY% w: QT]P XLd _SP^P M]TNV^ MP NZb^ _Z XP z ZYP ZYP S`YO]PO ZYP _SZ`^LYO ZYP S`YO]PO _SZ`^LYO mx 

3ZbPaP] ^[PPNS LN_ _SPZ]d T^ TY^`QQTNTPY_ _Z Pc[WLTY XLY_]L^ Q`WWd MPNL`^P _SPd L]P ]PRL]OPO L^ PQQPN_TaP ZQ _SPX^PWaP^ ?SP XLY_]L^ M]TYR `^ _Z L ]LOTNLWWd [L]_TNT[L_Z]d TY_P][]P_L_TZY ZQ WLYR`LRP LYO _Z _]`P WLYR`LRP LN_^ TP _Z L `^P ZQ WLYR`LRP _SL_ NLY MP NL_PRZ]TePO TY ^[PPNS LN_ _SPZ]d LYO dP_ L_ _SP ^LXP _TXP RZP^ MPdZYO T_ 4Q QZ] PcLX [WP _SP QZ]X`WL wQZ] Xd WTQPx T^ ^[ZVPY ZaP] _SP ]TNP NZZVPO ZY _SP OLTWd ^LN]TQTNTLW QT]P _ST^ QZ]X`WL T^ PQQPN_TaP ZQ T_^PWQ ZbTYR _Z _SP ^LN]TQTNTLW NZY_Pc_ 4Y _SP `YOP]^_LYOTYR ZQ _SP 4YOTLY []TP^_ XLY_]L^ L]P _SP]PQZ]P YZ_ L ^[PPNS LN_ L_ LWW TY _SP ^_]TN_ ^PY^P 4_ T^ YZ_ _SP []TP^_ bSZ [P]QZ]X^ ^ZXP_STYR _S]Z`RS WLYR`LRP TP M]TYR^ LMZ`_ _SP MWP^^ TYR ?SP MWP^^TYR T^ M]Z`RS_ LMZ`_ Md _SP QZ]X`WL T_^PWQ >Z _SP]P PcT^_^ ^ZXP_STYR WTVP L XLY_]L ^`M^_LYNP Z] _Z [`_ T_ MP_ _P]% ^Z`YO ^`M^_LYNP ?ST^ NLY MP TWW`^_]L_PO Md _SP QZWWZbTYR ^TX[WP PcLX[WP ,NNZ]OTYR _Z _SP BP^_P]Y .S]T^_TLY aTPb _SP QZ]X`WL w4NS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  TX£v XP LRYL Ï´¶LV£ OSPYÃaLà ^LY_a ËV£ ²L_ÃX NL ^LSÃ^]LÀ N£dÜ_LÀ NL gg ?> 

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL

"

_L`QPx 2P]XLY QZ] w4 ML[_TePx [P]QZ]X^ _SP LN_ ZQ ML[_TeTYR PaPY TQ T_ T^ ^[ZVPY TY OTLWPN_ ^`NS L^ ,WPXLYYTN w4^NS OL`bbPx Z] -P]WTY OTL WPN_ w4V _L`Qx BSL_ T^ TX[Z]_LY_ SP]P T^ _SP TY_PY_TZY MPSTYO _SP bZ]O^ LYO _SL_ _SP^P bZ]O^ L]P LN_`LWWd `__P]PO LYO `YOP]^_ZZO LYO LNNP[_PO Md _SP WLYR`LRP NZXX`YT_d ?SP^P _S]PP PWPXPY_^ NZY^_T_`_P _SP ^[PPNS LN_ ,_ _SP ^LN]LXPY_ ZQ ML[_T^X _SP^P PWPXPY_^ L]P ]PTY QZ]NPO Md _SP ^LN]PO L`_SZ]T_d ZQ _SP QZ]X`WL ZQ _SP ?]TYT_d% wTY _SP YLXP ZQ _SP 1L_SP] _SP >ZY LYO _SP 3ZWd >[T]T_x 4Y PaP]d NL^P bSL_ T^ TX[Z]_LY_ T^ _SL_ TY _SP BP^_P]Y .S]T^_TLY NZY_Pc_ _SP [Z_P^_L^ WTP^ bT_S _SP ^[PLVP] LYO ST^ TY_PY_TZY ?ST^ T^ \`T_P OTQQP]PY_ TY LY 4YOTLY aTPb 3P]P _SP [Z_P^_L^ ]P^TOP^ TY _SP bZ]O LWZYP ?SP PQQPN_ _LVP^ [WLNP L`_ZXL_TNLWWd bSPY _SP ^Tc [SZYPXP^ TNS_L`QP Z] _SP _S]PP ^dWWL MWP^ TNS_L`QP L]P `__P]PO TY L ^[PNTQTN NZ^XTePO NZY_Pc_ 4_ T^ TXXL _P]TLW bSP_SP] _SZ^P []P^PY_ `YOP]^_LYO _SP XPLYTYR YZbLOLd^ _SPd OZ YZ_ L^ L ]`WP Z] bSP_SP] _SP ^[PLVP] SL^ _SP TY_PY_TZY ZQ ML[_TeTYR ?SP ZYWd _STYR ZQ LYd TX[Z]_LYNP T^ _SP NZXMTYL_TZY ZQ [SZYPXP^ 4Y _ST^ aTPb w4^NS OL`bbP /T^NSx Z] w4V _L`Q /T]x OZ YZ_ SLaP _SP ^LXP PQQPN_ L^ w4NS _L`QP /TNSx LWW aL]TL_TZY^ ZQ u4 ML[_TeP dZ`v ?SP ^Z`YO ^`M^_LYNP ZQ _SP QZ]X`WL NLY ZYWd MP PQQPN_TaP bSPY T_ T^ []ZYZ`YNPO NZ]]PN_Wd :_SP] aL]TL_TZY^ OZ YZ_ Q`WQTW _ST^ Q`YN_TZY ?SP]PQZ]P T_ T^ ZQ _SP `_XZ^_ TX[Z]_LYNP _Z L [`[TW ZQ L -]LSXTY _Z WPL]Y _SP NZ]]PN_ []Z Y`YNTL_TZY ZQ XLY_]L^ QZ] ZYWd _SPY bTWW _SP MPYPQTNTLW PQQPN_ MP LNSTPaPO 0aPY L ^WTRS_ ^WT[ N]PL_P^ Z_SP] [Z^^TMWd `YOP^T]LMWP LYO OT^L^_]Z`^ ]PWL_TZY^ Z] ]PXLTY^ bT_SZ`_ LYd PQQPN_ L_ LWW 0aPY MPQZ]P MPRTYYTYR _SP LN_`LW WP^^ZY^ _SP -]LSXTY [`[TW _SP]PQZ]P WPL]Y^ _SP QZWWZbTYR aP]^P Md SPL]_% w, ^TYRWP TYNZ]]PN_ bZ]O bSP_SP] T_ MP _S]Z`RS LNNPY_ _S]Z`RS ^Z`YO Z] LY TYNZ]]PN_ [WLNTYR OZP^ YZ_ LNSTPaP T_^ ZMUPN_TaP 4_ T^ FX`NS ]L_SP]H L OTLXZYO FMWLOPH aLU]L ZQ WLYR`LRP _SL_ ^_]TVP^ OZbY _SP [L_]ZY U`^_ L^ _SP FbZ]OH u TYO]L²L_]` v FOP^_]ZdPO _SP OPXZY^H Md OPaTL_TYR Q]ZX _SP FNZ] ]PN_H LNNPY_x 

?SP OPXZY^ bLY_PO _Z bT[P Z`_ _SP RZO^ bT_S L XLY_]L TY bSTNS _SPd NLWWPO _SPX^PWaP^ _SP wOP^_]ZdP]^ ZQ 4YO]Lx TYO]L±,_]` -`_ bT_S _SP NL]PWP^^YP^^ TY WTYR`T^_TN XL__P]^ bSTNS T^ _d[TNLW ZQ OPXZY^ _SPd XLOP L ^P]TZ`^ XT^_LVP bT_S _SP LNNPY_ _SL_ XLOP LWW _SP OTQQP]PYNP LYO TY ]PLWT_d ^[ZVP ZQ ZYP wOP^_]ZdPO Md 4YO]Lx 49O]L²L_]` ,YO ^Z T_ NLXP _Z [L^^ _SL_ TY^_PLO ZQ OP^_]ZdTYR _SP VTYR ZQ _SP RZO^ _SPd _SPX^PWaP^ bP]P OP^_]ZdPO ;]PNT^P []ZY`YNTL_TZY T^ PaP]d_STYR TY WLYR`LRP LN_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  O`´¶Là ²LMOLà ^aL]L_Z aL]©L_Z a£ XT_Sd£[]Ld`V_Z YL _LX L]_SLX £SL g ^L a£RaLU]Z dLULX£YLÀ STYL^_T dL_SPYO]L²L_]`à ^aL]L_Z u[L]£OS£_ gg ;L_L†ULWT 8LS£MS£´dL 

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

?SP -]£SXL©L^ TY_P][]P_ _SP ^_]TN_ ]`WP^ NZYNP]YTYR []ZY`YNTL_TZY L^ RZTYR X`NS Q`]_SP] _SLY U`^_ YZ_ XTcTYR `[ bZ]O^ ,RLTY^_ _SP MLNV R]Z`YO ZQ _SP TXXPL^`]LMWP OTaP]^T_d ZQ _SP NZ^XTN ]PWL_TZY^ TY _SP -]LSXLY PaP]d ^_L_PXPY_ SL^ L S`RP ]LYRP ZQ XPLYTYR^ ;ZWd^PXd PYR]LXXL_TN L^[PN_^ NZ^XTN NZYYZ_L_TZY^ LYO aL]TL_TZY^ TY []ZY`YNTL _TZY L]P U`^_ L^ TX[Z]_LY_ TY L XLY_]L L^ _SP WT_P]LW XPLYTYR :YP _STYR _SL_ T^ _d[TNLW ZQ XLY_]L^ TY _SP DLU`]APOL T^ _SP `^P ZQ ^SZ]_ QTcPO QZ]X`WL^ ^TXTWL] _Z _SP .S]T^_TLY wLXPYx ?bZ aP]d NZX XZY ZYP^ L]P _SP N]d ZQ w^a£S£x L^ _SP RTQ_^ L]P [Z`]PO TY_Z _SP QT]P LYO _SP N]d ZQ w^a£OS£x O`]TYR _SP ^LN]TQTNP QZ] _SP ^Z`W^ ZQ OP[L]_PO LYNP^ _Z]^ ?SP R]Z`[ LW^Z TYNW`OP^ _SP N]TP^ ZQ waL´L¶x waL`´L¶x waL¶x LYO waP¶x .]TP^ WTVP _SP^P NLYYZ_ MP _]LY^WL_PO z _SPd SLaP YZ XPLYTYR L[L]_ Q]ZX _SPT] ]T_`LW Q`YN_TZY -`_ LW_SZ`RS _SP]P T^ YZ WPcTNLW Z] P_d XZWZRTNLW XPLYTYR _SP NZ]]PN_ []ZY`YNTL_TZY T^ LM^ZW`_PWd P^^PY_TLW bSTWP TY LOOT_TZY ^dXMZWTN ]PWL_TZY^ST[^ L]P N]PL_PO 1Z] PcLX[WP _SP bZ]O aL´L¶  bSTNS _SP ,T_L]PdL-]£SXL©L  NZaP]^ T^ []P^`XLMWd LY ZYZXL_Z[ZP_TN ^Z`YO []ZMLMWd L VTYO ZQ ST^^TYR YZT^P WTVP wa^S_ x ?SP NLWWTYR []TP^_ LWbLd^ NZX[WP_P^ ST^ ]PNT_L_TZY ZQ SdXY^ Md N]dTYR wAL´L¶x bSPY _SP ^LN]TQTNTYR []TP^_ [Z`]^ L RTQ_ ZQ M`__P] TY_Z _SP QT]P ?SP N]d ZQ AL´L¶ T^ YZ_ ZYWd LY ZYZXL_Z[ZP_TN ]PQWPN_TZY ZQ _ST^ ]T_`LW LN_ M`_ T_ LW^Z NZY_LTY^ L ]TNS ]LYRP ZQ ^dXMZWTN ]PWL_TZY^ST[^ :bTYR _Z _SP Pc[WZ^TaP YL_`]P ZQ _SP ^Z`YO AL´L¶ T^ L^^ZNTL_PO bT_S w^_]PYR_Sx LYO w[ZbP]x >TYNP _SP ^Z`YO ZQ AL´L¶ NZY_LTY^ _SP Y`XMP] ^Tc ´L_  PaP]d_STYR T^ LW^Z XPLY_ _SL_ T^ ^TcQZWO QZ] bSZPaP] ^Ld^ waL´L¶x LW^Z ^Ld^ w´L_x ^Tc ?ST^ XPLY^ L_ _SP ^LXP _TXP _SP NdNWP ZQ aPRP_L_TZY TY _SP ^Tc 4YOTLY ^PL^ZY^ LYO Q`]_SP]XZ]P _SP ^Tc _P]]LNP^ ZQ _SP ^_]`N_`]P ZQ _SP bZ]WO% SPLaPY^ LT] PL]_S []TXPaLW ZNPLY -]LSXLY LYO N]PL _TaP SPL_ LYO LW^Z Z_SP] NWL^^P^ ZQ ^Tc XPXMP]^ ?SP NPY_]LW _SZ`RS_ T^ _SL_ bT_S ´L_ _SP ^LN]TQTNTYR []TP^_ NLY LOO]P^^ PaP]d_STYR _SL_ T^ ^Tc QZWO 4_ XPLY^ _SL_ TQ _SP ´L_ T^ `Y^`NNP^^Q`W TP YZ_ []ZYZ`YNPO []Z[ P]Wd _SPY _SP NLWWTYR []TP^_ MPNZXP^ wPX[_dx LYO wWZ^P^ ^`[[Z]_x >_]PYR_S LYO PYP]Rd L]P _SP ^`[[Z]_ LWZYR bT_S _SP ^Tc ^PL^ZY^ LYO _SP ^Tc _P]]LNP^ ZQ _SP ^_]`N_`]P ZQ _SP bZ]WO ?SP]PQZ]P TQ _SP N]d T^ ^`N NP^^Q`W LYO NZ]]P^[ZYO^ _Z _SP [T_NS ZQ _SP SdXY _ST^ bTWW PY^`]P []Z^ [P]T_d LM`YOLYNP ZQ NL__WP LYO LWW _SP RZZO _STYR^ TY WTQP QZ] _SP [L_]ZY ?ST^ PcLX[WP XLVP^ _SP STRSWd [L]_TNT[L_Z]d YL_`]P ZQ PaP]d bZ]O NWPL] ?SP]P L]P ZYZXL_Z[ZP_TN ^dXMZWTN Y`XP]ZWZRTNLW LYO ^ZYTN ]PWL_TZY^ST[^ 4_ T^ LY PYR]LX [ZWd^PXLY_TN SZXZWZRd LYO ^Z`YO XLRTN LWW L_ _SP ^LXP _TXP -`_ LMZaP LWW T_ T^ L WLYR`LRP LN_ TY L _]`P ^PY^P LYO _SP]PQZ]P T_ T^ ^Z`YO ^`M^_LYNP _SL_ T^ `W_TXL_PWd YZY TY_P]NSLYRPLMWP wAL`´L¶x QZ] PcLX[WP SL^ TY T_^ _`]Y ^ZXPbSL_ OTQ QP]PY_ ]PWL_TZY^ST[^ LW_SZ`RS T_ [P]QZ]X^ _SP ^LXP Q`YN_TZY L^ wAL´L¶x

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL

$

?SP LMTWT_d _Z QZ]X`WL_P L XLY_]L ^Z _SL_ T_ T^ LN_`LWWd PQQPN_TaP T^ _SP ^[PNTLW_d ZQ _SP -]LSXTY^ LYO ZQ >LY^V]T_ _SP wWLYR`LRP ZQ _SP RZO^x w?SP RZO^ STO WLYR`LRP Q]ZX _SP OPXZY^ ?SPd _ZZV T_ QZ] _SPX^PWaP^ LYO [`_ T_ TY_Z _SP ^LN]TQTNTLW QT]P m >Z _SP OPXZY^ bP]P ]ZMMPO ZQ WLYR`LRP £__LaLNL^  -PNL`^P _SPd FNZ`WO ZYWdH []ZYZ`YNP F jSP u]ÃdZ SP u]ÃdLà v u3Pd dZ` Z[[ZYPY_^ 3Pd dZ` Z[[ZYPY_^ v L^H u SP WÃaZ SP WÃaLà v ! u3Pd dZ` Z[[YPY^S u3Pd dZ` Z[[YPY^S v _SPd bP]P OPQPL_PO m ?SP]PQZ]P _SP -]LSXTY ^SZ`WO YZ_ ^[PLV LYd OTLWPN_ XWPNNSL_T QZ] _SL_ T^ L WLYR`LRP ZQ OPXZY^x "

?SP aTN_Z]d ZQ _SP RZO^ ZaP] _SP OPXZY^ ]P^_^ ZY _SP QLN_ _SL_ _SP WL__P] bP]P ]ZMMPO ZQ _SPT] WLYR`LRP [ZbP] Z] _Z [`_ T_ XZ]P []PNT^PWd ZQ _SP ^LN]TQTNTLW WLYR`LRP _SL_ N]PL_P^ NZ^XTN ]PWL_TZY^ST[^ ?SP OPXZY^ L]P YZ_ O`XM TY _SP ^PY^P _SL_ _SPd NLYYZ_ ^[PLV M`_ _SPd U`^_ ^[PLV OTL WPN_ OZ`MWP /`_NS YZY^PY^TNLW ]`MMT^S LYO YZ_ NL]PQ`WWd L]_TN`WL_PO >LY^V]T_ 4Y _ST^ ^PY^P _SP bZ]O wOPXZY^x OZP^ YZ_ YPNP^^L]TWd XPLY Y`XTYZ`^ MPTYR^ M`_ ^TX[Wd [P]^ZY^ `YbZ]_Sd ZQ _SP ^LN]TQTNP ?SP OPXZY^ TY _ST^ _Pc_ L]P L[[L]PY_Wd S`XLY MPTYR^ bSZ ^[PLV _SP aP] YLN`WL] ;]£VŽ_ ?SPd SLaP YZ LNNP^^ _Z _SP OTaTYP ]PLWT_d QZ] _SP ZYWd WLYR`LRP TY bSTNS _SP RZO^ NLY MP LOO]P^^PO T^ >LY^V]T_ _SP WLYR`LRP ZQ _SP APOL _SP RZO^ LYO _SP ^PP]^

 

?SP /T^NT[WTYPO >[T]T_ LYO _SP /TZYd^TN

?SP ±L_L[L_SL-]£SXL©L _Pc_^ ZQ _SP DLU`]APOL SLaP L aP]d OTQQP]PY_ NZYNP[_ ZQ WLYR`LRP LYO T_ T^ XLYTQP^_PO TY \`T_P OTQQP]PY_ TXLRP^ _SLY TY _SP ‹RaPOL  ?SP]P WLYR`LRP T^ ^ZXP_STYR bSTNS ]P^TOP^ bT_STY _SP [ZP_[]TP^_^ _SP OP_P]XTYTYR PWPXPY_ T^ _SP N]PL_TaP LYO _SP [L]LOTRX T^ _SP [ZP_ _Z bSZX WLYR`LRP QWZb^ ^dXMZWTePO Md _SP XTWNS NZb _SL_ []ZaTOP^ TY ^`[P]QW`T_d LYO Z_SP] TXLRP^ ZQ LM`YOLYNP _SP ZNPLY _SP ]TaP] >L]L^aL_¯ ?SP L^[PN_ ZQ ]PNPTaTYR T^ LW^Z NPY_]LW _Z _SP Xd_SZ RPXP ZQ -ŽSL^[L_T 4Y _SP ±L_L[L_SL-]£àXL©L _SP ]PWL_TZY^ST[ ZQ WLY R`LRP _Z ^[PLVP] SL^ MPNZXP []ZMWPXL_TN QZ] ZYWd NZY_]ZWWPO ^[PLVTYR bTWW SLaP _SP PQQPN_^ _SL_ L]P ]PLWWd OP^T]PO 8LVTYR LY PQQZ]_ _Z `^P _SP NZ]]PN_ WLYR`LRP ]P[WLNP^ _SP N]PL_TaP LYO TY_`T_TaP L^[PN_ 1Z] L ^[PLVP] WLYR`LRP T^ L XPLY^ ZQ ]`WTYR LY TY^_]`XPY_ QZ] NZY_]ZWWTYR LYO XLYT[`WL_TYR _SP NZ^XZ^ -`_ _ST^ TY^_]`XPY_ T^ YZ_ TYMZ]Y L^ T_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! , [L]LWWPW [WLNP \`Z_PO TY _SP 8LS£MS£´dL RTaP^ _ST^ LW_P]YL_TaP% w SP uWLdZ SP uWLdL T_T m x ;L_L†ULWT 8LS£MS£´dL  PO >L^_]T # " _ÑÀ OPaÝà g Ã^`]PMSdZ uY_Ã]£dLÀ^ _ÑÈ ^aÅVÄ_d£RYÑa PaL [L]TRÄSdL m _Ë u^`]£ Ñ__LaL NL^Z SP WÃaZ SP WÃaL Ï_T aÃOLY_Là [Ã]£MLMS¼a`à g m _Ã^X£Y Yà M]£SXL©Õ XWPNSPO L^ á]d£ SLT´£ m  ±L_L[L_SL-]£SXL©L 



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

bP]P LYO TY QLN_ TY^_PLO T_ SL^ _Z MP LN\`T]PO ^Z ZYP NLY LW^Z WZ^P _SP LMTWT_d _Z ^[PLV PQQPN_TaP XLRTN L_ LYd _TXP 7LYR`LRP NLY QLTW ZYP Z] P^NL[P Q]ZX _SP NZY_]ZW ZQ _SP [P]^ZY XLVTYR _SP ^LN]TQTNP ?ST^ XPLY^ _SL_ _SP TXLRP `^PO _Z aT^`LWTeP WLYR`LRP LW^Z LW_P]^ 4Y^_PLO ZQ _SP Xd_SZRPXP ZQ _SP RPY_WP XTWNS NZb SP]P TY _SP ±L_L[L_SL-]£SXL©L bP QTYO _SP XP_L[SZ] ZQ L QTNVWP dZ`YR bZXLY bSZX ZYP X`^_ NZ`]_ NZY_TY`Z`^Wd TQ ZYP OZP^ YZ_ bLY_ _Z WZ^P SP] ZYP OLd 3TOOPY MPSTYO _ST^ TXLRP ZQ WLYR`LRP L^ L NL[]TNTZ`^ bZXLY T^ L QLT]Wd ^TXTWL] TOPL _Z _SL_ ZQ _SP OPXZY^ bSZ ^[PLV OTLWPN_% _SP []TP^_ OZP^ bPWW _Z XLVP LY LN_TaP LYO ^`^_LTYPO PQQZ]_ _Z [P]QPN_ ST^ []ZY`YNTL_TZY ZQ >LY^V]T_ ^TYNP _ST^ T^ _SP ZYWd [Z^^TMWP bLd _Z ^[PLV PQQPN_TaP XLRTN ?ST^ TXLRP ZQ WLYR`LRP L^ L QTNVWP bZXLY T^ L Q`]_SP] OPaPWZ[XPY_ LYO ]PTY_P][]P_L_TZY ZQ _SP ]T_P^ TY _SP >ZXL ^LN]TQTNP bSTNS SLaP L NZYYPN_TZY bT_S _SP WLYR`LRP RZOOP^^ LYO bSTNS NZY_LTY WT_P]LWWd w^[PPNSWP^^x Z] XZ]P []PNT^P% aZTNPWP^^ [L^^LRP^ ?SP []TP^_^ ^SZ`WO LWbLd^ []Z_PN_ _SP NZY_]ZWWPO WLYR`LRP Md NZY^NTZ`^Wd OZTYR bT_SZ`_ WLYR`LRP bSPY _SPd WPLaP _SP ^LN]PO R]Z`YO _Z M`d _SP ^ZXL O]`R LYO _S`^ PY_P] LY `YNZY^PN]L_PO LYO PaPY OLYRP]Z`^ L]PL 9Zb Xd_SZWZRT NLWWd _ST^ w^ZXL [`]NSL^Px ^ZXLV]LdL T^ L _]TNVd XL__P] MPNL`^P _SP O]`R T^ R`L]OPO Md ^SLOd ^[T]T_^ NLWWPO _SP 2LYOSL]aL^ 4Y _ZOLdv^ Xd _SZWZRd _SP 2LYOSL]aL^ L]P SPLaPYWd X`^TNTLY^ LYO _SP ,[^L]L^ _SPT] QPXLWP NZ`Y_P][L]_^ L]P SPLaPYWd OLYNP]^ 3ZbPaP] TY _SP APOL _SP 2LYOSL]aL^ LYO ,[^L]L^ L]P ]PRL]OPO L^ OLYRP]Z`^ OPXZY^ ZQ [Z^^P^ ^TZY bSZ LWbLd^ SLaP L ^_]ZYRWd w/TZYd^TNx PWPXPY_ LMZ`_ _SPX ?SPd L]P YZ_ ZYWd L^^ZNTL_PO bT_S X`^TN M`_ LW^Z bT_S TY_ZcTNL_TZY LYO XLO YP^^ BSPY 2LYOSL]aL^ LYO ,[^L]L^ w_LVP ZaP]x TP [Z^^P^^ L S`XLY MPTYR _SPd NL`^P `YNZY_]ZWWPO MPSLaTZ] PcNP^^ NSLZ^ LYO XLOYP^^ ,_ ZYP [ZTY_ TY _SP ,_SL]aLAPOL LY PcZ]NT^X ZQ 2LYOSL]aL^ OP^N]TMP^ _SPX WTVP LY w0]WVØYTRx z _SPd L]P PcNP[_TZYLWWd L__]LN_TaP WL^NTaTZ`^ dZ`YR XPY bT_S L ^_]ZYRWd P]Z_TN []P^PYNP% w?SP]P bSP]P _SP WL]RP _]PP^ bT_S FM]ZLO NLYZ[TP^H ^_LYO RZ _ST_SP] : ,[^L]L^ QZ] dZ` SLaP MPPY ]PNZRYTePO ?SP]P bSP]P _SP RZWO LYO ^TWaP] ^bTYR^ L]P bSP]P NdXMLW^ LYO W`_P^ ]P^Z`YO RZ _ST_SP] : ,[^L]L^ QZ] dZ` SLaP MPPY ]PNZRYTePO m ?SP N]ZbYPO 2LYOSL]aL bSZ L]]TaP^ OLYN TYR _SP S`^MLYO ZQ _SP ,[^L]L^ bSZ^P _P^_P^ 4 N]`^S LYO bSZ^P XPXMP] 4 N`_ ZQQ m F?SP 2LYOSL]aLH bSZ L^ L dZ`YR XLY bT_S LM`YOLY_ SLT] MPL` _TQ`W _Z MPSZWO ]`Y^ LQ_P] _SP bZXPY bP O]TaP STX LbLd bT_S _ST^ [ZbP] Q`W -]LSXLY  x #

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ²aËaLÏVLà VL[Ï] TaLÏVLà V`X£]Ãà ^L]aLVP²LVÃà g []TdÕ Oš²Ã TaL MS¼_aÑ RLYOSL]aÃà ^LNL_P ^_]ÏdL^ _ÃX T_Õ Y£²Ld£XL^T M]ÃSXL©£ a¯]FTHdÑaL_£ gggg  dÃ_]L aLà []P«VSÑ SÃ]T_£ Ã]U`Y£ `_à dÃ_]£RS£_Ñà VL]VL]dÂà ^LÀaÃOLY_T g _Ã_ [Ã]P_£[^L]L^Là []Ã_TM`OOS£ LMS¼_LYL gg gg  £YÄ_dL_Là ²TVSL©“ÏYZ RLYOSL]aÃ^d£[^L]£[L_Ëà g MSTYÃOXT X`´VÑa Ã[T d£XT ²Ë[Là gg"gg ,A "z "

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL



?SP WZ^^ ZQ NZY_]ZW LYO _SP QPPWTYR^ ZQ W`^_ bSTNS NLY MP _]TRRP]PO Md OLYNTYR LYO X`^TN L[[PL] [P]^ZYTQTPO TY L ^_]LYRP XTc_`]P ZQ _SP ZM UPN_ ZQ QL^NTYL_TZY LWZYR bT_S ^Pc`LW LYO OPXZYTN L^[PN_^ ?SP^P OT^TY STMT_TYR L^[PN_^ L]P ]PRL]OPO L^ ]PLW QZ]NP^ z _SP 2LYOSL]aL NLY ZYWd MP ]PYOP]PO SL]XWP^^ Md NL^_]L_TZY _SP WZ^^ ZQ ST^ aT]TWT_d ;Z^^P^^TZY Md _SP 2LYOSL]aL T^ LWbLd^ LW^Z ^PPY L^ ^Pc`LW TY_P]NZ`]^P L^ TYN`MTYL _TZY ?SP]P T^ ZYWd ZYP bLd QZ] _SP -]LSXTY^ _Z LN\`T]P _SP ^ZXL O]`R bT_SZ`_ bSTNS ZYP NLYYZ_ XLVP L ^LN]TQTNP ?SPd SLaP _Z ]PWTY\`T^S _SPT] WLYR`LRP _Z _SP 2LYOSL]aL^ ?SP ‹RaPOL-]£SXL©L ZQ _SP ,T _L]PdL ^NSZZW Pc[]P^^P^ _ST^ L^ QZWWZb^% w>ZXL _SP VTYR ZQ _SP ^LN]TQTNP bL^ ^_LdTYR bT_S _SP 2LYOSL]aL^ ,YO _SP RZO^ m NZY^TOP]PO SZb _SP ^ZXL NZ`WO ]PLNS _SPX 7LYR`LRP a£N ^[ZVP _Z _SPX% F,WW _SPH 2LYOSL]aL^ L]P N]Led LMZ`_ bZXPY ^Z 4 ^SLWW _`]Y Xd ^PWQ TY_Z L bZXLY LYO dZ` NLY PcNSLYRP XP QZ] _SP ^ZXL u9Zv ^LTO _SP RZO^ uSZb NZ`WO bP WTaP bT_SZ`_ dZ`*v >SP ^LTO u>PWW XP LYdbLd BSPY dZ` YPPO XP 4 ^SLWW ]P_`]Y _Z dZ`v ,YO ^SP MPNLXP L WT__WP RT]W $ LYO F_SP RZO^H ^ZWO FSP]H QZ] _SP ^ZXL ,YO _SP TXLRP ZQ _ST^ FRT]WH T^ _SP FZYPdPL] ZWOH NZbNLWQ bT_S bSTNS _SP []TP^_^ [Ld F_SP ^ZXL ^PWWP]H LYO M`d _SP ^ZXL VTYRx 

4Y _SP ^LXP _Pc_ LYZ_SP] TY_P][]P_L_TZY ZQ _ST^ WTXTYLW ^T_`L_TZY T^ []P ^PY_PO 4Y^_PLO ZQ WLYR`LRP SP]P _SP _ST]_PPY_S XZY_S L[[PL]^ L^ _SP []TNP ZQ _SP ^ZXL LYO TY^_PLO ZQ _SP 2LYOSL]aL^ L ]PLW ^ZXL ^PWWP]% w,YO _SPd MZ`RS_ F_SP ^ZXLH bT_S _SP _ST]_PPY_S XZY_S ?SP _ST]_PPY_S XZY_S T^ `YVYZbY ?SP ^ZXL ^PWWP] T^ `YVYZbY QZ] _SP ^ZXL ^PWWP] T^ _SP bTNVPO ZYP [£[L x 

?SP _ST]_PPY_S XZY_S bSTNS ZYWd ZNN`]^ bSPY _SP NdNWP^ ZQ _SP ^`Y LYO _SP XZZY YZ WZYRP] NZTYNTOP  T^ _SZ`RS_ _Z MP LY Pc_]PXPWd `YQLaZ] LMWP [P]TZO LYO T^ _LY_LXZ`Y_ _Z L NZ^XTN OT^L^_P] MPNL`^P _SP dPL] T^ OT^]`[_PO LYO bT_S T_ _SP ^LN]TQTNP ?SP _ST]_PPY_S XZY_S T^ LW^Z TY_]TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >£dL©L Pc[WLTY^ XLS£YLRY¯ L^ V`X£]¯]¼[P©L  \`Z_TYR LYZ_SP] ±£VS£% wm ^_]Td£ YT´V]¯©£XP_T  _P a£NLÀ ^_]TdLX PVLS£dLY¯À VŽ_a£ _Ld£ YT´V]¯©LYx  ^ZXZ aLT ]£U£ RLYOSL]aP´a £^¯_ _LÀ OPa£² NL Ž´LdL² N£MSdLOSd£dLY VL_SLX LdLX L^X£Y ^ZXZ ]£U£RLNNSPO T_T ^£ a£R LM]La¯_% ^_]¯V£X£ aLT RLYOSL]a£ XLdLTaL ^_]Td£ MS¼_Ld£ [L©LOSaLX T_T YP_T OPa£ LM]`aLY VL_SLÀ aLdLÀ _aLO Ž_P ^d£XP_T ^£M]La¯_% V]¯©¯_LTaL dL]ST a£aL aZ XLd£]_SZ MSLaT_£ _L]SdPaL aZ uSLÀ [`YL] £RLY_£^X¯_T _L_SP_T _Ld£ XLS£YLRYd£ MS¼_Ld£ ^ZXLÀ ]£U£YLX LV]¯©LY g _£X LY`VŽ_TX L^VLYY£À aL_^L_L]¯X £ULY_T ^ZXLV]LdL©¯À _Ld£ ^ZXLÀ ]£U£YLÀ V]¯©LY_T g _£À [`YL] YT´V]¯©¯d£_ [`YL] ST ^£ _£Y £RLNNSL_L g _L^X£O `[£À²` a£N£ NL]T_LadLÀ ^ZXP ]£ULYT V]¯_P RLYO SL]aP´` ST _L]ST a£R MSLaL_T ^£ uRY£a PaL []L©¯dLX£YP [`YL] £RLNNSL_T gg ,T_-] "  []£Nd£À aLT OT²T OPa£à ^ZXLÀ ]£U£YLX LV]¯©LÀ^ _L^X£_ []£Nd£À OT²T V]¯dL_P g _LÀ _]LdZOL²£Y X£^£O LV]¯©LÀ^ _L^X£_ _]LdZOL²Z X£^Z Y£Y`aTOdL_P YL aLT ^ZXLaTV]Ldd LY`aTOdL_P [£[Z ST ^ZXLaTV]Ld¯ g m ,T_-]   4Y DLU`]aPOTN _TXP^ _SP]P bL^ L _ST]_PPY_S XZY_S PaP]d QTaP dPL]^



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

^TNLWWd OP^_]`N_TaP _Z ^_]`N_`]P ,YO U`^_ L^ _SP _ST]_PPY_S XZY_S T^ ]P RL]OPO L^ WTXTYLW LYO OT^L^_]Z`^ _SP ^ZXL ^PWWP] T^ LW^Z ^PPY L^ L QTR`]P bSZ M]TYR^ XT^QZ]_`YP 7LYR`LRP bSZ T^ ^ZWO _Z STX T^ TY R]PL_ OLYRP] O`]TYR _ST^ ]T_`LW [P]TZO LYO _SP]PQZ]P _SP []TP^_^ VPP[ ^TWPYNP L^ _SPd ]P_`]Y bT_S _SP ^ZXL _Z _SP ^LN]PO ^LN]TQTNTLW ^T_P TP _SPd OZ YZ_ WP_ _SPT] WLYR`LRP ]PLNS _SP Z`_^TOP bZ]WO U`^_ L^ TY _SP Xd_S LMZaP _SP RZO^ STOP WLYR`LRP Q]ZX _SP OPXZY^ TY _SP ^LN]TQTNTLW QT]P -PNL`^P L_ _SP _TXP bSPY _SP ^ZXL T^ MZ`RS_ 7LYR`LRP T^ bT_S _SP 2LYOSL]aL^ LYd `__P]LYNP bZ`WO MP NZY_LXTYL_PO Md _SP NSLZ_TN /TZYd^TN 2LY OSL]aL ^`M^_LYNP LYO _SP aLW`LMWP -]LSXTY WLYR`LRP bZ`WO MP PL^d []Ld QZ] _SP OPXZY^ bSZ WTaP Z`_^TOP _SP ^LN]PO R]Z`YO ?SP OPXZY^ NZ`WO w_PL] _SP ^LN]TQTNP Z`_ ZQ _SP []TP^_v^ SLYOx WTVP _SL_ ZQ wL N]LePO XLYx  ?SP ±L_L[L_SL-]£SXL©L  bSTNS NZY_LTY^ XLYd [L^^LRP^ LMZ`_ _SP WZ^^ ZQ NZY_]ZW ZaP] ^LN]PO WLYR`LRP ]P_PWW^ _SP ^LXP ^_Z]d bT_S L OTQ QP]PY_ TY_PY_TZY 4Y _ST^ NL^P T_ T^ []TXL]TWd LMZ`_ _SP -]LSXLYTN PWP XPY_ _SP OTRYT_d ZQ _SP -]LSXTY LYO LWW`^TZY^ _Z ^ZNTLW L^[PN_^ ?SP ^_Z]d T^ NZY^_]`N_PO L^ L R]Z_P^\`P L[[L]PY_Wd QZ] _SP [`][Z^P ZQ PY_P] _LTYTYR _SP []TP^_^v [`[TW^ 3P]P LRLTY _SP []Z_LRZYT^_^ L]P _SP RZO^ LYO _SP 2LYOSL]aL^ ?SP QZ]XP] ]P[]P^PY_ _SP []TP^_^ bSTWP _SP WL__P] ^_LYO QZ] _SP ^ZXL ^PWWP] L O]`R OPLWP] [`]^`TYR L OT^SZYZ]LMWP WTYP ZQ M`^T YP^^ M`_ bSZ T^ P^^PY_TLW _Z _SP -]LSXTY^ MPNL`^P SP ^PWW^ _SPX _SP XZ^_ TX[Z]_LY_ XL_P]TLW QZ] _SP ^LN]TQTNP TP _SP ^ZXL 4Y LWW _ST^ _SP 2LYOSL]aL^ LYO _SP ^ZXL OPLWP] ]P[]P^PY_ L NZ`Y_P]bPTRS_ _Z _SP NZY _]ZWWPO OT^NT[WTYPO -]LSXTY^ 4Y L XLYYP] _d[TNLW ZQ _SP _TXP _SP^P [^dNSZWZRTNLW Z[[Z^T_P^ L]P LW^Z TY_P][]P_PO ^ZNTLWWd L^ Z[[Z^T_P^ ZQ TY_PWWPN_`LW L]T^_ZN]LNd  []TP^_ ZWTRL]NSd LYO _SP XL^^P^ bSZ YPT_SP] ]PQWPN_ ZaP] _STYR^ YZ] [Z^^P^^ ^PWQLbL]PYP^^ :Q NZ`]^P ZYP NLY ZYWd XLVP L R`P^^ L_ _SP NZOPc ZQ aLW`P^ LYO SZYZ] L_ _SP _TXP ZQ _SP ±L_L[L_SL-]£SXL©L M`_ T_ ^_TWW MPNZXP^ NWPL] _SL_ T_ T^ L [TPNP ZQ XZ]LW ^L_T]P _SL_ OZP^ YZ_ [`_ dZ`YR bZXPY NZ]]PWL_PO bT_S X`^TN LYO ^ZXL O]`R TY L aP]d RZZO WTRS_ ?SP WPRPYO LW^Z Pc[WLTY^ L NP]_LTY ]T_`LW P[T^ZOP ?SP ^LN]TQTNP SL^ U`^_ MPR`Y LYO 2£dL_]Å  _SP XZ]YTYR []LdP] SL^ LW]PLOd MPPY ]PNT_PO 9Zb _SP QZWWZbTYR SL[[PY^% w>SP F( 2£dL_]ÅH QWPb `[ _Z 3PLaPY M`_ bSPY ^SP ]P_`]YPO bT_S _SP ^ZXL _SP 2LYOSL]aL AT²a£aL^` VTOYL[[PO SP] ?SP RZO^ OT^NZaP]PO _ST^ ?SPd ^LTO u?SP 2LYOSL]aL^ ]PLWWd L]P N]Led LMZ`_ bZXPYv ?SPd ^PY_ 7LYR`LRP a£N LYO ^SP NLXP MLNV bT_S _SP ^ZXL ?SP 2LYOSL]aL^ ]LY LQ_P] SP] LYO ^LTO% u6PP[ dZ`] ^ZXL bP bLY_ dZ`] 7LYR`LRPv u2ZZOv ^LTO _SP RZO^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ ZNN`]^ TY _SP NZY_Pc_ ZQ _SP ,[ZYL[_]¯dL% L_SL dL_ ^LSL [L_Y¯MST] dLY_T g RLYO SL]a£ SL a£ TYO]L^dL ^ZXLX L[^` []L_d£ST_£ RZ[£dLY_T g _L ` SL ^_]¯V£X£à g _P S£^` XLY£À^T V`]aL_P g _LO dL_S£ []LXL__£Y£À dLUÓLX £SL]PO PaLÀ _L_ g `[LY£X`VL ` PaLTYLÀ dLUÓZ MSLaL_T g m 6L`-] 

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL



uBP bLY_ _Z NZX[P_P QZ] SP]v ,YO FMZ_SH NZX[P_PO QZ] SP] ?SP 2LYO SL]aL^ ]PNT_PO _SP APOL F_Z A£NH _SP bSZWP _TXP LYO N]TPO% uF5`^_ WZZVH bP VYZb T_ F( _SP APOLH bP VYZb T_v -`_ YZb _SP RZO^ N]PL_PO L eT_SP] ^L_ OZbY LYO ^LYR ?SPd ^LTO _Z 7LYR`LRP uBP bTWW XLVP dZ` SL[[d bP bTWW ^TYR dZ` ^ZXP_STYRv ,YO _SPd NL`^PO 7LYR`LRP _Z _`]Y _Z _SPX FZYNP XZ]PH -`_ SP] _`]YTYR LbLd Q]ZX _SZ^P F2LYOSL]aL^H bL^ aLTY LYO `^PWP^^ XZRSLX QZ] ^SP _`]YPO LbLd Q]ZX _SZ^P _SL_ []LT^P _SP RZO^ bT_S ]PNT_L _TZY^ LYO _`]YPO TY^_PLO _Z ^ZYR LYO OLYNP ,YO _SL_ T^ bSd dZ`YR RT]W^ NSZZ^P _SPT] NZX[LYd aLTYWd LYO `^PWP^^Wd 1Z] 7LYR`LRP ^SZbPO _SPX SZb _Z MPSLaP LYO dZ`YR RT]W^ NZ[d SP] bSPY _SPd RTaP _SPX^PWaP^ _Z _SP ZYP bSZ OLYNP^ LYO ^TYR^ ,YO ^Z MZ_S bP]P bT_S _SP RZO^ ^ZXL LYO 7LY R`LRPx 

4_ T^ TY_P]P^_TYR _SL_ [Z^^P^^TZY ZQ _SP 7LYR`LRP RZOOP^^ T^ LNNZX[L YTPO Md VYZbWPORP ZQ _SP APOL ?SP TOPL ZQ ^[ZY_LYPZ`^ TY_`T_TaP VYZbWPORP ZQ _SP bSZWP WT_P]L_`]P ^TX[Wd L]T^TYR Q]ZX _SP LM^Z][_TZY ZQ Xd_STNLW WLYR`LRP ^`M^_LYNP T^ LW^Z QZ`YO TY _SP N`W_ ZQ WL_P] w7LY R`LRP RZOOP^^P^x 9Zb ^`NS L Xd_STNLW _]LY^QP] ZQ WLYR`LRP T^ YZ_ _Z_LWWd `Y[]ZMWPXL_TN Q]ZX _SP ^_LYO[ZTY_ ZQ _SP APOTN []TP^_^ ,Q_P] LWW WLYR`LRP OZP^ YZ_ ZYWd TYNW`OP _SP APOL M`_ LW^Z ^Z`YO^ bT_SZ`_ ^PY^P Z] [`][Z^P z SP]P ]PQP]]TYR _Z X`^TN 4Y LYLWZRd _Z _SP wOZ`MWP /`_NSx^[PLVTYR OPXZY^ L_ _ST^ [ZTY_ _SP 2LYOSL]aL^ L]P WP^^ ^dXMZWTN ZQ Y`XTYZ`^ [ZbP]^ ^_LYOTYR XZ]P QZ] X`^TNTLY^ LYO T_TYP]LY_ ^TYRP]^ R£_STY  7LYR`LRP WTVP^ _Z VPP[ _SPT] NZX[LYd M`_ _SPd OZ YZ_ SLaP WLYR`LRP `YOP] NZY_]ZW z TY^_PLO _SPd L]P NZY_]ZWWPO Md SP] ?SP XZZOd PWPXPY_ LYO `YOTRYTQTPO MPSLaTZ] ZQ _SP WLYR`LRP RZOOP^^ WTP^ TY _SP QLN_ _SL_ ^SP _`]Y^ _Z _SZ^P bSZ PYRLRP TY `^PWP^^ ^TYRTYR LYO OLYNTYR LYO QWZb^ _Z _SZ^P bSZ L]P N]PL_TaP LYO YZ_ _Z _SZ^P bSZ L]P L]T^_ZN]L_TN LYO OT^_LY_ ?SP [ZP_^ bSZ bP]P LW^Z LWbLd^ X`^TNTLY^ SLaP XLTY_LTYPO L [L]_TNT[L_Z]d `YOP]^_LYOTYR ZQ WLYR`LRP bSTWP _SP []TP^_^ SLaP PXLYNT[L_PO _SPX^PWaP^ Q]ZX SP] ^`R RP^_TaP [ZbP] LYO w`^Px SP] NLWWTYR _SP _`YP LYO bLY_ _Z Pc[WZT_ SP] TY L NZY_]ZWWPO bLd ?SP 2LYOSL]aL^v NL]OTYLW ^TY T^ _SL_ _SPd _]d Z`_ ]ZWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  m R£dL_]Å ^ÕXLX ÃNNS£[L_L_ g _Ã^d£v £SÃ]LY_dLT RLYOSL]aÕ aT²aÑaL^`à [Ã]dLX`´©£_ _Ë OPaÑ LaTO`à []ÃNd`_Z aÃT [L]Ã^_£_ ^ZXÕ u_SL YZ YÑRLNNSL_T RLYOSL]a£ aLT [Ã]dL XZ´T´`] Ï_T gg _Ë SZN`à g dZ´Ï_V£X£ aÃT RLYOSL]a£ aÑNLX ÊaLTMSdLà []ÃST©a£XL ^Ñ YLà ^LSL ^ÕXPYÑRLXT´dL_Ð_T _ËMSdZ aÑNLÀ []ÑST©aÂY_ ^LTY£Y_ ^LSL ^ÕXPYÑRLNNSL_ gg _Ë RLYOSL]aÑ LYa£RÃ_d£M]`aLY g ^ÕXZ d`´XÑVLÀ aÑR Êa£^XÑVLX Ï_T _L_SË_T OPaÑ LM]`aLYY m aTSaLd£XLS£v Ï_T _ÝÀ ad£SaLdLY_L gg _Ã^dLT RLYOSL]aÑà g aËO£YPaL []ÕNT]Lv Ï_T aÃT aLdÃÀ aTOXË_T aLdÃÀ aTOXË_T gg Ã_SL OPaÑà g aЩ£XPaà ^Ž´¶aÑ a£OÃdLY_Z YTRÑdLY_Z YÏ´PO`] Ï_T aÃT _P aLdÃÀ R£^dÑXL Ï_T _a£ []ÃXZOLdT´d£XLSLv Ï_T ^Ñ OPaÑY `[ÑaLaL]_L ^£ aLT ^£ _£Y XÕRSLX `[ÑaLaL]_L dÑ ^_`aÃOMSdLà ²ÃÈ^LOMSdZ YŽ__ÃÀ RÅ_ÃX `[ÑaLaL]_L _Ã^X£O Ã[d P_Ã]ST XÕRSL^LÈST_£ PaL dÕ´£ PaLÈ ST aÑR `[ÑaLaL]_L _ÑX ` Sd LYd£ ÃY` dÕ´£^ _Ã^X£O dà PaL YÄ_dL_T dZ RÑdL_T _Ã^XTYY ÊaLT_£ YÏXT²WL_LX£ TaL gg _LO aÑv P_ÃO `MSÃdLÀ OPaË´a £^Å_ g ^ÕXL² NL aÑV NL m ±-  QQ



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

^bL[[TYR LYO TY ^Z OZTYR _SPd ^PaP]PWd ZaP]P^_TXL_P _SPX^PWaP^ ?SPd ]PNT_P _SP APOL _Z ^SZb ZQQ _SPT] YPbWd LN\`T]PO []TP^_WTVP ^_L_`^ bSTNS L RPY`TYP -]LSXTY bZ`WO YPaP] OZ -`_ _ST^ L[[PL]^ ZYWd _Z MZ]P _SP WLYR`LRP RZOOP^^ 9Zb _SP RZO^ L]P LW^Z QZ]NPO _Z ^bL[ _SPT] ]ZWP bT_S _SP 2LYOSL]aL^ 3ZbPaP] PXML]]L^^TYR T_ T^ QZ] _SPX _Z LML^P _SPX^PWaP^ _SPd L]P P\`LWWd ^`NNP^^Q`W bT_S _ST^ _LN_TN% _SPT] eT_SP] [WLdTYR LYO ^TYRTYR PY_TNP _SP WLYR`LRP RZOOP^^ MLNV _Z _SPX :MaT Z`^Wd ZYP SL^ _Z XLVP PaP]d [Z^^TMWP PQQZ]_ _Z bTY _SP RZOOP^^ 7LY R`LRP ZaP] QZ] WLYR`LRP T^ U`^_ L^ TX[Z]_LY_ L^ _SP [Sd^TNLW ^LN]TQTNTLW XL_P]TLW :YP NLY ^PP SZb _SP NZYNP[_ ZQ ^LN]PO WLYR`LRP SL^ PaZWaPO TY _SP ±L_L[L_SL-]£SXL©L  BSTW^_ X`^TN LYO WLYR`LRP ^_TWW MPWZYRPO _ZRP_SP] TY _SP ‹RaPOL  YZb _SP^P _bZ PWPXPY_^ L]P ^_]TN_Wd ^P[L]L_PO 4Y _SP PL]Wd ‹RaPOL _SP LP^_SP_TN L^[PN_ bL^ TY_PR]LW _Z _SP [ZbP] ZQ ^LN]PO WLYR`LRP ?SP [ZP_TN TXLRP]d ZQ -ŽSL^[L_Tv^ -]LSXLY M]ÃSXLY ^SZ`WO SLaP LY wTYQWLXTYRx TYQW`PYNP -`_ TQ ^LN]PO WLYR`LRP T^ `YOP]^_ZZO L^ L XLY_]L  _SP LP^_SP_TN L^[PN_ T^ XZ]P WTVPWd _Z MP OT^_]LN_TYR ?SP WT__WP _LWP ZQ _SP aLTY LYO TOWP WLYR`LRP RZOOP^^ T^ _d[TNLW ZQ _SP YPb aTPb ZQ WLYR`LRP TY _SP -]£SXL©L^ ZQ _SP DLU`]APOL  9Zb _SP []Z_LRZYT^_^ MPRTY _Z NZYaP]^P bT_S 7LYR`LRP 4Y _SP DLU`]APOL _SP [L]_TNT[L_Z]d PWPXPY_^ _SL_ TX[TYRP ZY _SP ^`MUPN_ L]P ^STQ_PO TY_Z _SP YZYWTYR`T^_TN ]PLWX ZQ X`^TN ;L]_TNT[L_TZY T^ LN_`LWWd YZ_ OP^T]PO LYO TY _ST^ ]P^[PN_ bZXPY ]P[]P^PY_ L []ZMWPX 0aPY _ZOLd TY _SP ^LN]TQTNP L ^[PNTLW MZbW ZQ bL_P] T^ VP[_ ]PLOd bT_S bSTNS _SP bTQP ZQ _SP [L_]ZY X`^_ NWPLY^P SP]^PWQ TQ ^SP ^SZ`WO MPNZXP _ZZ L]Z`^PO `[ZY SPL]TYR _SP >£XLY NSLY_^  BSL_ L[[WTP^ _Z _SP bZXPY LW^Z L[[WTP^ _Z L WP^^P] Pc_PY_ _Z _SP []TP^_^% [L]_TNT[L_TZY T^ PcNW`OPO Q]ZX _SP ,OSaL]d` ZQ QTNP ^Z L^ YZ_ _Z PYOLYRP] _SP L`_ZYZXd ZQ _SP ^`MUPN_^ bSZ [P]QZ]X _SP LN_TZY^ ?SP WLYR`LRP ]PXLTYTYR TY _SP ^LN]TQTNP T^ _SP NZY^NTZ`^ NZY_]ZWWPO `__P]LYNP ZQ LY PXLYNT[L_PO ^`MUPN_ ?SP ML^TN [L]LOTRX ZQ _ST^ `__P]LYNP T^ _SP NL]PQ`WWd ^[ZVPY XLY_]L LYO L OT^NT[WTYPO ^[T]T_

 

.Z^XZRZYTN 1`YN_TZY ZQ 7LYR`LRP

?SP TXLRP ZQ _SP XLYbZXLY ]PWL_TZY^ST[ T^ LW^Z ]PQWPN_PO TY _SP N]PL _TZY Xd_S^ ZQ _SP ±L_L[L_SL-]£SXL©L  ?SP RZOOP^^ 7LYR`LRP T^ _SP NZX[LYTZY ZQ _SP RZO ;]LU£[L_T bSZ N]PL_P^ _SP bZ]WO bT_S SP] ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :Y _SP bPM^T_P ZQ _SP 9LXM`OT]T -]LSXTY^ T_ ^Ld^ w?SP bTQP ;L_SYT T^ WPO LYO ^PL_PO TY _SP >LOL^^ MPQZ]P >_S`_ST DLUYLLdLUYLdLX LYO ,LRYTXLL]`_SLX >L^_S]LX 4Q _SP bTQP RP_^ PcNT_PO bSTWP WT^_PYTYR _Z _SP XPWZOTZ`^ >_S`_ST ^SP ^SZ`WO NWPLY^P SP] MZOd bT_S _SP ;LYYP 5LYT F( bL_P] QZ] [`]TQdTYR _SP bTQP ZQ _SP [L _]ZYHx bbbYLXM`OT]TNZX LNNP^^PO ,`R`^_  

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL



-]£SXL©L^ ]PRL]O ;]LU£[L_T _SP w7Z]O ZQ _SP N]PL_`]P^x L^ _SP NPY_]LW OPT_d LYO TY [L]_TN`WL] L^ _SP N]PL_Z] ZQ _SP bZ]WO 4Y _ST^ WL__P] Q`YN_TZY SP T^ L _d[P ZQ OPTQTPO []TP^_ bSZ NLWW^ LWW _STYR^ TY _SP NZ^XZ^ TY_Z MPTYR _S]Z`RS w^LN]TQTNTLW XLRTNx ?SP _ZZW SP `^P^ _Z [P]QZ]X _ST^ LN_ ZQ N]PL_TZY T^ ZQ NZ`]^P WLYR`LRP bT_SZ`_ bSTNS _SP []TP^_ bZ`WO YZ_ MP LMWP _Z OZ LYd_STYR L_ LWW 4YL^X`NS ;]LU£[L_T T^ ^PPY L^ _SP QL_SP] ZQ LWW N]PL_`]P^ LYO Md LYLWZRd A£N T^ ]PRL]OPO L^ _SP XZ_SP] ZQ LWW WTaTYR _STYR^ ! ?SP]PQZ]P 7LYR`LRP T^ LW^Z LWbLd^ LW]PLOd NZPcT^_PY_ bT_S ;]LU£[L_T TY _SP ^_Z]TP^ ZQ N]PL_TZY ;]LU£[L_T T^ L^^ZNTL_PO bT_S N]PL_`]P^ NZXTYR TY_Z MPTYR z YPaP] bT_S _SP N]PL_TZY ZQ WLYR`LRP L^ ^`NS ?ST^ NLY TY _`]Y MP Pc[WLTYPO Md _SP XZOPW ZQ _SP []TP^_ >TYNP XLY_]L^ L]P P^^PY_TLW QZ] _SP ^LN]TQTNP LYO ^TYNP bZ]WO N]PL_TZY T^ LW^Z `YOP]^_ZZO _Z MP L ^LN]TQTNP T_ T^ TX[Z^^TMWP _Z TXLRTYP L ^_L_P ZQ _SP bZ]WO TY bSTNS _SP]P bL^ L^ dP_ YZ WLYR`LRP 7LYR`LRP X`^_ LWbLd^ SLaP PcT^_PO TY ^ZXP QZ]X Z] Z_SP] ,YO PaPY ;]LU£[L_T YPPOPO LNNP^^ _Z _ST^ WLYR`LRP _SL_ SLO LWbLd^ PcT^_PO QZ] [P]QZ]XTYR ST^ QT]^_ ^LN]TQTNP _SP N]PL_TZY ZQ _SP bZ]WO >Z ;]LU£[L_T LYO WLYR`LRP L]P LWbLd^ NZPcT^_PY_ U`^_ L^ YLXP LYO ZMUPN_ L]P ,^ _SP ^`MUPN_ ZQ _SP ^LN]TQTNP ;]LU£[L_T X`^_ []POL_P _SP bZ]WO LYO L^ _SP TY^_]`XPY_ ZQ _SP ^LN]TQTNP WLYR`LRP X`^_ OZ _SP ^LXP " ?SP QZWWZbTYR ^_Z]d ZQ N]PL_TZY # ^SZb^ SZb ZYP SL^ _Z TXLRTYP _ST^ WLYR`LRP _SL_ SLO LWbLd^ PcT^_PO ?SP ^_Z]d PcT^_^ TY _SP NZY_Pc_ ZQ _SP ^LN]TQTNTLW LW_L] bSTNS T^ M`TW_ `[ Q]ZX WLdP]^ ZQ M]TNV^ ,^ `^`LW _SP LW_L] T^ ]PRL]OPO L^ _SP ]PNZY^_]`N_TZY ZQ _SP []TXPaLW NZ^XTN XLY ;`]`´L bT_S bSZX ;]LU£[L_T T^ LW^Z TOPY_TQTPO ?SP QT]^_ wLN_ ZQ N]PL _TZYx NZY^T^_^ ZQ ;]LU£[L_T w^bPL_TYR Z`_x ST^ _ZZW bSTNS T^ _SP APOL 4Y OZTYR ^Z SP T^ ZYWd Pc[]P^^TYR Z] ZMUPN_TaTeTYR bSL_ bL^ TXXLYPY_ TY STX L^ L []TP^_ L_ LYd _TXP -`_ WLYR`LRP T^ L[[L]PY_Wd L OTQQP]PY_ NL_P RZ]d% w,YO bSL_ _ST^ ;`]`´L bL^ ;]LU£[L_T FMPNLXP _SP ^LXPH ,YO ;]LU£[L_T NZaP_PO% u4 bT^S _Z MP XZ]P 4 bT^S _Z []ZN]PL_Pv 3P L[[WTPO R]PL_ PQQZ]_ LYO SP MPNLXP SZ_ F( SP LNN`X`WL_PO N]PL_TaP [ZbP] _L[L^ H ,YO bSTWP SP bL^ ^Z _T]PO LYO ^Z SZ_ SP QT]^_ N]PL_PO _SP -]LSXLY _SL_ T^ _SP _S]PPQZWO VYZbWPORP _]Ld¯ aTOd£ ( _SP APOL _SL_ MPNLXP ST^ QZ`YOL_TZY ,YO _ST^ T^ bSd ZYP ^Ld^ _SL_ _SP -]LSXLY T^ _SP QZ`YOL_TZY ZQ PaP]dMZOd m ,YO `[ZY _ST^ QZ`YOL_TZY SP ]P^_PO LYO MPNLXP SZ_ 3P N]PL_PO bL_P] F( _SP ZNPLY ZQ NSLZ^H ,YO Q]ZX _SP ^[SP]P ZQ WLYR`LRP LWZYP bL^ _SP WLYR`LRP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP ?LT-]£ ##  " >PP ±-  # ±- !#z

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

N]PL_PO _SL_ bL^ ST^ FZbYH ?ST^ FWLYR`LRP ZQ ;]LU£[L_TH TYNW`OPO PaP]d _STYR _SL_ T^ TY _SP bZ]WO F_ZOLdHx $

0aPY ;]LU£[L_T NLY ZYWd []ZYZ`YNP bSL_ T^ LW]PLOd ^P_ OZbY TY WLY R`LRP 4Y ST^ XZ`_S SZbPaP] PaP]d bZ]O MPNZXP^ L XLY_]L  TP L ^_L_PXPY_ ZQ _]`_S bSTNS XLVP^ PaP]d_STYR _SL_ bL^ `__P]PO _]`P L_ _SP ^LXP _TXP ;]LU£[L_Tv^ XZ^_ TX[Z]_LY_ bZ]O^ L]P _SP _S]PP wN]TP^x ad£SŽ_T^ % MS¼à MS`aLà ^aLà % PL]_S LT] SPLaPY^ bSTNS OP^TRYL_P _SP _S]PP Q`YOLXPY_LW OTaT^TZY^ ZQ ^[LNP _SL_ X`^_ PcT^_ MPQZ]P LYd_STYR PW^P NLY MP NZXP TY_Z MPTYR ?SP QT]^_ `__P]LYNP ZQ _SP^P bZ]O^ Md STX LW^Z NL`^P^ _SP ^TX`W_LYPZ`^ N]PL_TZY ZQ _SP NZ]]P^[ZYOTYR ]PLWX% w3P ^LTO MS¼à  LYO _SP 0L]_S NLXP TY_Z MPTYR mx  -P^TOP^ MPTYR L N]PL_TZY Xd_S _SP YL]]L_TaP OT^NWZ^P^ _SP Q`YOLXPY_LW P^^PY_TLWT^_ aTPb ZQ _SP -]£SXL©L L`_SZ]^ _ZbL]O^ WLYR`LRP ?SP ^P XLY_TN XPLYTYR ZQ L >LY^V]T_ bZ]O T^ LNNZ]OTYR _Z _SP -]£SXL©L^ YPaP] _SP ]P^`W_ ZQ L S`XLY NZYaPY_TZY M`_ ]L_SP] _SP YLXP ZQ L _STYR Pc[]P^^P^ L ^_L_PXPY_ ZQ _]`_S 9Z_STYR PcT^_^ _SL_ bL^ YLXPO LQ_P] T_ bL^ N]PL_PO z TY^_PLO _SP bZ]O LYO _SP ZMUPN_ SLaP _SP ^LXP Z]TRTY 4Q _SP 0L]_S L]T^P^ _SP bZ]O MS¼à LW^Z L]T^P^ LYO TQ _SP bZ]O MS¼à PcT^_^ _SP 0L]_S LW^Z PcT^_^ ?SP TX[WTNT_ Q`YOLXPY_LW XP_L[Sd^TNLW LcTZX^ ZQ _SP -]£SXL©L^ _S`^ MPNZXP NWPL] ?SP bSZWP bZ]WO NLY MP _]LNPO MLNV _Z _SP TY_P]LN _TZY MP_bPPY ;]LU£[L_T LYO A£N ?SP -]£SXL©L^ ]P[]P^PY_ L ]LOTNLWWd WTYR`T^_TN NZY^_T_`_TZY LYO NZY^_]`N_TZY ZQ ]PLWT_d

 

0_dXZWZRd L^ LY 4Y_P][]P_L_TZY ZQ =PLWT_d

, YLXP OZP^ YZ_ ^_LYO QZ] L _STYR% TY^_PLO T_ T^ X`NS XZ]P _SP NL^P _SL_ _SP _STYR ^_LYO^ QZ] _SP YLXP , _STYR T^ _SP]P MPNL`^P L YLXP QZ] T_ PcT^_^ ,YO _ST^ XPLY^ _SL_ _SP YLXP T^ LWbLd^ XZ]P ]PLW _SLY _SP _STYR ?ST^ Q`YOLXPY_LW LcTZX _SL_ w]PLWT_d T^ OPQTYPO aTL WLYR`LRPx LW^Z OP _P]XTYP^ _SP SP`]T^_TN^ ZQ _SP -]£SXL©L^ ?SP wYL_`]Px ZQ L _STYR T^ OP^N]TMPO Md _SP NZY_Pc_ ZQ T_^ N]PL_TZY Z] T_^ ,]NSË MPTYR OP^N]TMPO -`_ MPNL`^P _SP NZY^_]`N_TZY ZQ ]PLWT_d Md _SP -]£SXL©L^ ]P^_^ []TXL] TWd ZY WLYR`LRP _SP]P L]P YZ []TXL]d ]PWL_TZY^ST[^ MP_bPPY _STYR^ XLOP ZQ _SP ^LXP XL_P]TLW^ 4Y^_PLO []TXL]d ]PWL_TZY^ST[^ PcT^_ MP_bPPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ^Z udLÀ [Ü]`´Là []LUÑ[L_T] LV£XLdL_L g MS¼dÑY_ ^d£À []LULdPdË_Î ^Z u²]£XdL_ ^L _Ã[Z u_L[dL_L ^à ²]£Y_Ã^ _P[£YZ M]ÃSXLTaà []L_SLXÃX L^ŽUL_L _]LdÐX Paà aTOdÝÈ ^ÂTa£^ XLT []L_δ¶S£MSLaL_ _Ã^X£O £S`] M]ÃSX£^dL ^Ã]aL^dL []L_T´¶SË_T _Ã^X£O LYÌNdL []Ã_T_T´¶SL_T []L_T´¶SÝ Sd P´£ dLO M]ÃSXL _Ã^d£À []L_T´¶SÑd£À []Ã_T´¶ST_Z u_L[dL_ gg ^Ô u[Z u^ŽUL_L g a£Nà Paà WZV£O aÑR Êa£^d ^£^ŽUdL_ ^POLÈ ^Ã]aLX £[YZO dÃO TOLÀ VÏÀ NL m gg ±- !#z$  ±- !

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL

"

bZ]O^ NZY_LTYTYR [SZYPXP^ _SL_ ^Z`YO _SP ^LXP 4Y _ST^ bLd LY PL]Wd P_dXZWZRd T^ MZ]Y bSZ^P L[[WTNL_TZY^ LWbLd^ Q`YN_TZY LNNZ]OTYR _Z L ^TX[WP ^NSPXP% TQ _SP YZ`Y c NLY MP OP]TaPO P_dXZWZRTNLWWd Q]ZX _SP aP]M d O`P _Z [SZYP_TN ^TXTWL]T_d _SPY d T^ LY L]NSP_d[LW LN_TZY ZQ c LYO LW^Z NZY^_T_`_P^ T_^ YL_`]P z L_ WPL^_ LNNZ]OTYR _Z _SP WLb^ ZQ Xd_ST NLW _SZ`RS_ 1Z] PcLX[WP LNNZ]OTYR _Z _SP ,T_L]PdL-]£SXL©L  _SP _]`P YL_`]P ZQ _SP w[Z`]TYR TYx £S`_T ZQ _SP QZZO ZQQP]TYR^ _Z _SP RZO^ bSTNS L]P [Z`]PO TY_Z _SP QT]P T^ _SP wNLWWTYR ST_SP]x £S¼_T _SP ]PNT_L_TZY ZQ _SP SZ_Ž []TP^_ ?ST^ T^ MPNL`^P _SP NLWW ZQ _SP NLWWTYR []TP^_  SZ_Ž  WTVPbT^P OP]TaPO Q]ZX ¥S¼ wNL`^P^x _SP RZO^ w_Z NZXP ST_SP]x £a£SLdL_T   /P]TaL_TZY^ WTVP _SP^P L]P YZ_ LNLOPXTN _SPZ]PX^ ^_]TaTYR QZ] P_dXZ WZRTNLW NZ]]PN_YP^^& TY^_PLO _SPd L]P ]L_SP] _SP LN_`LW ^_L_PXPY_^ ZQ _]`_S TY _SP ^PY^P ZQ L ]LOTNLWWd WTYR`T^_TN NZY^_]`N_TZY ZQ ]PLWT_d ?SP P_dXZ WZRTNLW Z[P]L_TZY LTX^ _Z XLVP T_ _]LY^[L]PY_ _SL_ _SP]P T^ LY P^Z_P]TN NZYYPN_TZY MP_bPPY _SP ^LN]TQTNTLW RTQ_ LYO _SP TYaZNL_TZY ZQ _SP RZO^ >Z P_dXZWZRd T^ `YOP]^_ZZO \`T_P TY _SP Z]TRTYLW XPLYTYR ZQ _SP bZ]O YLXPWd L^ w_SP ^_`Od ZQ bSL_ T^ _]`P ZQ _SP LN_`LW XPLYTYRx ZQ _SP bZ]O^ 1T]^_ LYO QZ]PXZ^_ T_ T^ L SP]XPYP`_TN ^_`Od 0_dXZWZRTP^ NLY MP NZXMTYPO bT_S ZYP LYZ_SP] PXMPOOPO TY M]ZLOP] NZY_Pc_^ LYO `^PO TY ^`NS L QZ]X PR _Z TY_P][]P_ ^_LRP^ ZQ _SP ]T_`LW ?SP P_dXZWZRTP^ ]PaPLW _SP P^Z_P]TN NZ]]PN_YP^^ ZQ _SP _PX[Z]LW LYO ^[L_TLW Z]OP] ZQ _SP TYOTaTO`LW ]T_`LW PWPXPY_^ >`NS [L^^LRP^ L]P XZ^_Wd PXMPOOPO TY _SP NZY_Pc_ ZQ N]PL_TZY ^_Z]TP^ ?SP Z]TRTY ZQ L YZ`Y Q]ZX _SP aP]MLW ]ZZ_ NZ]]P^[ZYO^ SP]P _Z _SP []ZNP^^ ZQ N]PL_TZY BT_STY _SP wQZWVP_dXZWZRdx ZQ _SP -]£SXL©L^ _ST^ XPLY^ _SL_ _SP P_d XZWZRTNLWWd TY_P][]P_PO [SZYP_TN L^[PN_ ZQ L YZ`Y Pc[]P^^P^ _SP NZY_Pc_ TY bSTNS L _STYR bL^ N]PL_PO LYO bSL_ T_ bL^ N]PL_PO QZ]% w,YO MPNL`^P F_SP ZNPLYH TYNW`OPO T_ £[YZ_T £[YZ_T T_ T^ NLWWPO ubL_P]^v £[L^ LYO MPNL`^P T_ NZaP]PO T_ a aŽ© Ž©Z_T Z_T T_ T^ NLWWPO uQWZZO^v a£] x  Ž© Z_T wu, QZ`YOL_TZY SL^ YZb MPPY N]PL_PO LMS¼_ v SP _SZ`RS_ ?ST^ MPNLXP _SP ^ZTW MS¼XT  ?ST^ F^ZTWH SP ^[]PLO LMZ`_ []L_SLdL_T LYO T_ MPNLXP _SP PL]_S [ [ŽŽ_STaÅ _STaÅ x  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,T-]   >PP ;L`W ?STPXP w0_dXZWZRTP% PTY^_ `YO SP`_Pw F$#H TY ; ?STPXP 6WPTYP >NS]TQ _PY   PO = >ØSYPY?STPXP >_`__RL]_% >_PTYP] $$   LYO _SP bSZWP L]_TNWP TMTO z .Q LW^Z TY _SP ^LXP aZW`XP l>[]LNSXLWP]PTx $$z ?SP LY NTPY_ 4YOTLY P_dXZWZRd SL^ MPPY OPW_ bT_S TY XZ]P OP_LTW Md 8Lc /PPR /TP LW_TYOT ^NSP 0_dXZWZRTP YLNS OPX AP]^_ÆYOYT^ D£^VLv^ `YO ^PTYP] AZ]RÆYRP] $$  >ZXP ZQ _SP PcLX[WP^ RTaPY MPWZb L]P _LVPY Q]ZX _ST^ ^_`Od  dLO Ñ[YZ_ _Ã^X£O Ñ[Z dLO Ãaš©Z_ _Ã^X£O a£à gg ±- !$  ÃMS¼O aÑv TdÃÀ []L_T´¶SË_T g _LO MSÌXT] LMSLaL_ _ÑX L[]L_SLdL_ ^Ñ [Ž_SÎad ÂMSLaL_ m ±- ! 

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

4_ T^ ]PaPLWTYR _SL_ _SP QZ]X`WL wQZ] _SP RZO^ WZaP bSL_ T^ N]d[_TNx T^ ZQ_PY LOOPO _Z _SP P_dXZWZRTP^ ZQ _SP -]£SXL©L^ P^[PNTLWWd TQ _SP P_d XZWZRTP^ L]P aP]d ZM^N`]P% w9Zb LY PXM]dZ SLO L]T^PY TY _SP PRR ?ST^ FPXM]dZH bL^ _SP QT]^_ LR]T TY _SP `YTaP]^P _Z L]T^P m 4Y _]`_S _SL_ T^ L uQT]^_v LR]T bSTNS F_SP RZO^H N]d[_TNLWWd NLWW uQT]Pv LRYT  QZ] _SP RZO^ L]P VYZbY _Z WZaP bSL_ T^ N]d[ _TN  -`_ YZb _SP _PL]^ FZQ _SP PXM]dZH QWPb _ZRP_SP] m 4Y _]`_S T_ T^ _PL]^ L²]`  ! bSTNS _SPd N]d[_TNLWWd NLWW uSZ]^Pv L²aL  QZ] _SP RZO^ WZaP bSL_ T^ N]d[_TN m ,YO YZb T_ NLXP _Z [L^^ _SL_ F_SP PXM]dZH ^N]PLXPO L^ T_ bP]P ]£^L_T LYO _SL_ MPNLXP L OZYVPd ]£^LMSL x "

0_dXZWZRTNLW Z[P]L_TZY^ ZQ _ST^ _d[P L]P aP]d ZQ_PY L[[WTPO _Z _SP YLXP^ ZQ OPT_TP^ 4Y ^`NS L Q`YN_TZY _SPd M]TYR _Z WTRS_ STOOPY ,]NSÃT ZQ L RZO NSL]LN_P]T^_TN^ _SL_ bP]P []PaTZ`^Wd STOOPY ?Z _SP TYT_TL_PO £S`_T w[Z`]TYR TYx NLY LW^Z XPLY £S¼_T wNLWWTYR TYx LYO LR]T w_SP QT]^_x NLY LW^Z XPLY LRYT wQT]Px ^Z _SP YLXP ZQ _SP RZO 4YO]L LN_`LWWd XPLY^ w4YOSLx LY wTYNT_P]x Z] wTRYT_P]x QZ] ST^ [ZbP] TYO]TdL TRYT_P^ √TYOS _SP aT_LW WTQP QZ]NP^ []£©L  # 4Y _ST^ bLd NZX[WP_PWd YPb Xd_SZWZRTP^ L]P N]PL_PO L^ YPb wSTO OPYx ,]NSÃT L]P NZY_TY`LWWd OT^NZaP]PO LYO WTYVPO >`NS YPb Xd_SZWZ RTP^ L]P YZ_ TYQ]P\`PY_Wd wPc[WZT_POx PR _Z LOaP]_T^P YPb ]PWTRTZ`^ R]Z`[^ LYO _Z []ZXZ_P L NP]_LTY OPT_d ?SP YL]]L_TaP ^_]`N_`]P ZQ NSLTY^ ZQ P_dXZWZRTP^ _SPY LW^Z XLVP^ T_ [Z^^TMWP QZ] PcLX[WP _Z OP^N]TMP _SP R]LO`LW OPaPWZ[XPY_ ZQ _SP NSL]LN_P]T^_TN^ ZQ _SP OPT_d ?SP WL_P] P_dXZWZRT^_ D£^VL Pc[WLTY^ _SP P_dXZWZRTNLWWd ZM^N`]P YLXP =`O]L L^ QZWWZb^ w=`O]L T^ NLWWPO =`O]L MPNL`^P SP SZbWPO L ]`OL_ x $ ?SL_ T^ SP OP]TaP^ _SP OPT_dv^ YLXP w=`O]Lx Q]ZX _SP ]ZZ_ w]`Ox _Z SZbW bPP[ ^N]PLX ?ST^ T^ LY TX[Z]_LY_ [TPNP ZQ TYQZ]XL _TZY LMZ`_ _SP YL_`]P ZQ _ST^ RZO 4Y OZTYR ^Z D£^VL ]PQP]^ _Z L [L]_ ZQ _SP _Pc_ TY _SP 6L¶SL¢]L©dLVL ZQ _SP DLU`]APOL    4_^ ^`]]Z`YOTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SL_ _SP QT]PRZO ,RYT LWbLd^ wNZXP^ QT]^_x SL^ LW]PLOd MPPY PWLMZ]L_PO ! ?SP _]LY^WL_TZY ZQ _SP _P]X L²]` T^ \`T_P `YNWPL] 8Z^_ []ZMLMWd T_ ]PQP]^ _Z _SP _PL]^ ZQ _SP YPbMZ]Y MLMd 4Y APOTN ]T_`LW _SP SZ]^P _SP aTN_TX ZQ _SP ]ZdLW ^LN]TQTNP L²aLXPOSL SL^ L ^dXMZWTN NZYYPN_TZY bT_S bL_P] TY bSTNS T_ T^ _SZ`RS_ _Z Z]TRTYL_P " Ã_SL dZ RÃ]MSZ uY_L]£^¯_ g ^Z uR]ƒ] L^šUdL_L ^L dÃO L^dL ^Ã]aL^dÑR]LX Ã^šUdL_L _Ã^X£O LR]ƒ] LR]ƒ] SL aLT _ÃX LRYT] T_d ÑNLNSL_P [L]„ uV´LX [L]„ uV´LV£X£ Sƒ OPa£ Ã_SL dLO ò]` ^ÃÀV´L]T_LX Ñ^¯_ ^„ u²]`] LMSLaLO ò]`] SL aLT _LX òaL T_d ÑNLV´L_P [L]„ uV´LX [L]„ uV´LV£X£ Sƒ OPa£ Ã_SL dLO Ã]L^LO TaL ^L ]Ñ^LMSZ uMSLaLF_H m ±- ! # ±- ! ?SP PXTYPY_ LYNTPY_ APOTN RZO 4YO]L M]TYRP] ZQ WTRS_ LYO ^WLdP] ZQ _SP O]LRZY ZQ_PY L[[PL]^ TY _SP -]£SXL©L^ L^ _SP ]P[]P^PY_L_TaP ZQ LY LM^_]LN_ WTQP []TY NT[WP L^ T_ bL^ QZ`YO QZ] TY^_LYNP TY _SP ,T_L]PdL¢]L©dLVL LW]PLOd OT^N`^^PO $ m dLO L]`O ]`OL_ _LO ]`O ]`O]L^dL ]`O ]`O]L_aLX m ]`O ]`O ]`O   dLO ]`aLYY LMSdLaLOL_ _LO ]`O]L^dL ]`O]L_aLX /PPR $$ % #" _]LNP^ D£^VLv^ \`Z_L _TZY T_T V£¶SLVLX  MLNV _Z 6>  % wMPNL`^P SP QPWW L[L]_ =`O]L SL^ _ST^ YLXPx dL_ ^LXL]`U ]`UL_ _LO ]`O ]`O]L^dL ]`O ]`O]L_aLX  3P LW^Z WTYV^ [WLNP^ TY _SP @[LYT´LO^ _Z _SP ]`U PWPaPY =`O]L^ ^`NS L^ -ŽSLO£]L©dLVL $ bSTNS TY_P][]P_ _SP PWPaPY =`O]L^ XP_L

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL

$

NZY_Pc_ T^ _SP =`O]L Xd_S LYO [P]SL[^ T_ ]P[]P^PY_^ _SP PL]WTP^_ YL]]L _TaP OP^N]TMTYR SZb _SP bTWO RZO =`O]L MPNLXP _SP MPYPaZWPY_ ±TaL ?Z `YOP]^_LYO _ST^ _LWP _SP ]PLOP] T^ ]PXTYOPO _SL_ TY _SP Z]TRTYLW =`O]L Xd_S =`O]L w_SP bTWO ZYP _SP _P]]TMWP ZYPx   Z] LNNZ]OTYR _Z _]LOT_TZYLW P_dXZWZRd w_SP SZbWP] _SP ^N]PLXP]x T^ L OLYRP]Z`^ LX MTaLWPY_ RZO :YP LaZTO^ ^[PLVTYR ST^ YLXP 3P T^ ]PRL]OPO L^ _SP RZO ZQ _SP ^_Z]X L^ LYRP] [P]^ZYTQTPO L^ L ^LN]TQTNPOP^_]ZdTYR L]NSP] L^ ZYP bSZ M]TYR^ [WLR`P^ LYO OPL_S `[ZY S`XLY MPTYR^ LYO NL__WP LYO PYOLYRP]^ NSTWO]PY bSZ X`^_ MP L[[PL^PO LYO [LNTQTPO ^Z _SL_ SP bTWW ]PXZaP _SP OLYRP] LYO M]TYR SPLWTYR 3P T^ PcNW`OPO Q]ZX _SP APOTN ^LN]TQTNP LYO _SP QZWWZbP]^ ZQ _ST^ RZO _SP A]£_dL^ L]P LN_`LWWd aTPbPO L^ wSP]P_TN^x   BSPY P_dXZWZRd _`]Y^ _SP bTWO RZO TY_Z L RPY_WP RZO _ST^ SL^ _bZ ^TX`W_LYPZ`^ MPYPQT_^% QT]^_ _SP `YNTaTWTePO =`O]L T^ ]PY OP]PO bZ]_Sd ZQ _SP -]LSXTY `YTaP]^P LYO ^PNZYO _SP A]£_dL^ L]P TY_PR]L_PO TY_Z _SP ]PWTRTZ`^ ^d^_PX ?SP P_dXZWZRTNLWWd QZ`YOPO YPb OPQTYT_TZY ZQ _SP YL_`]P ZQ _SP OPT_d N]PL_P^ L QZ]XLW LNNP[_LYNP ZQ _SP QZ]PTRY ]T_P^ LYO L_ _SP ^LXP _TXP ]P[]P^PY_^ LY L__PX[_ _Z TYQW`PYNP _SP^P ]T_P^ ^Z _SL_ _SPd QT_ TY bT_S _SP []PaLTWTYR aLW`P ^d^_PX% wBSPY =`O]L NLXP TY_Z _SP SPLaPYWd bZ]WO _SP RZO^ OTO YZ_ ]PNZRYTeP STX FQZ]H SP XZaPO L]Z`YO L^ M]TRS_ L^ _SP ^`Y ?SPd ^LTO% uBSZ L]P dZ`*v z u4 LX =`O]L 4 LX 4YO]L 4 LX ¢OT_dL F( _SP ^`YH 4 LX _SP PL]_SWd

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ [SZ]TNLWWd L^ _SP ¢_XLY LYO _SP _PY wM]PL_S^x []£©L  bSTNS LNNZ]OTYR _Z _SP ±L«VL]L NZXXPY_L]d L]P _SP QTaP Z]RLY^ ZQ ^PY^P LYO _SP QTaP Z]RLY^ ZQ LN_TZY LYO WTVPbT^P `^TYR _SP aP]M w_Z N]dx SP]P TY _SP NL`^L_TaP QZ]X w_Z XLVP N]dx _Z Pc[WLTY _LO dLO ]ZOLdLY_T _L^X£O ]`O ]`O]£ T_T TMTO # ]ZO ]`O   ?SP Z]TRTY LYO _SP XPLYTYR ZQ _SP YLXP SLaP YZ_ MPPY Pc[WLTYPO ?SP _]LY^WL_TZY w_SP _P]]TMWP ZYP _SP bTWO ZYPx T^ ^`RRP^_PO Md PL]WTP] PaTOPYNP ^`NS L^ ‹A ! bSTNS ^[PLV^ ZQ w]L`O]L -]LSXLYx wQZ]NP TY _SP ^LN]TQTNTLW bZ]O _SL_ TY^[T]P^ QPL] LYO LbPx Z] wbTWO ^LN]TQTNTLW bZ]Ox 4Y _ST^ NL^P w=`O]Lx bZ`WO MP L YZ`Y QZ]X ZQ _SP LOUPN_TaLW ]L`O]L wbTWO QPL]^ZXP N]`PW aTZWPY_ _P]]TMWP LbP^ZXPx LYO _SP _]LY^WL _TZY bZ`WO NZ]]P^[ZYO _Z _SP PL]Wd Xd_S^ ZQ =`O]L L^ [P]^ZYTQTPO LYRP]   .`]TZ`^Wd SL]OWd LYd ]P^PL]NSP]^ NZYYPN_ _ST^ L[[L]PY_Wd YZYAPOTN Z] LW_P]YL_TaP ]PWTRTZ`^ R]Z`[ _SL_ T^ OZN`XPY_PO TY _SP APOL bT_S ±TaLT^X ?SP A]£_dL RZO OP ^N]TMPO TY _SP ,_SL]aLAPOL  -ZZV CA T^ NLWWPO 8LS£OPaL LYO ®²£YL ^Z SP NLYYZ_ MP LYd PY_T_d Z_SP] _SLY =`O]L±TaL STX^PWQ bSZ L[[PL]^ SP]P LW]PLOd WTYVPO _Z L XL]VPO [LÓNLX`VSL _SPZWZRd ?ST^ PY_T]PWd OTQQP]PY_ ^LN]PO `YTaP]^P _SLY _SP APOTN ZYP XZaPO TY [Z^_APOTN _TXP^ Q]ZX _SP [P]T[SP]d _Z _SP NPY_P] ?SP ]PWL_TZY^ST[ T^ SZbPaP] L XL__P] ZQ OT^[`_P >TXTWL] _Z Z`] aTPb L]R`P^ 2WPY DZN`X bSZ ^`RRP^_PO L ^_]TVTYR NZY_TY`T_d bT_S WL_P] ?LXTW ±TaLT^X WPLaTYR T_ Z[PY bSP_SP] _SP A]£_dL^ X`^_ MP ^PPY bT_STY Z] Z`_^TOP _SP APOTN QZWO .Q DZN`X 3dXY^ _Z _SP /LYNTYR ±TaL 9Pb /PWST% 3P]T_LRP ;`MW $#  1Z] OTaP]RTYR TY_P][]P_L_TZY^ ^PP _SP OT^N`^^TZY ZQ 2PZQQ]Pd >LX`PW ?SP :]TRTY^ ZQ DZRL LYO ?LY_]L% 4YOTN =PWTRTZY^ _Z _SP ?ST]_PPY_S .PY_`]d .LXM]TORP .LXM]TOP @; # 1Z] TY^_LYNP 5. 3PP^_P] XLYY wA]£_dL LYO >LN]TQTNPx 4YOZT]LYTLY 5Z`]YLW 4A $!z! z" _]LNP^ _SP A]£_dL^ bT_STY _SP Z]_SZOZc APOTN QZWO 3P [Z^_`WL_P^ _SPX _Z MP APOTN ,]dLY^ LYO _SP []POPNP^^Z]^ ZQ _SP ^LN]TQTNP] LYO TYT_TLYO O¯V´T_L ZQ WL_P] ±]L`_L ^LN]TQTNP



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

XLYTQP^_L_TZY ZQ LWW SPLaPYWd [ZbP]v ?SP FRZO^H ^LTO% u?Z ZYP ^`NS L^ _ST^ bP bTWW RTaP YZ_STYR FQ]ZX _SP ^LN]TQTNTLW QZZOHv 3P ^N]PLXPO L_ _SPX ]ZL]TYR 3P [`^SPO _ZbL]O^ _SPX ?SPd ^LTO% u7Z]O PaP]d_STYR F^SLWW dZ` SLaPHv 3T^ ^N]PLXTYR L_ _SPX ]ZL]TYR ]`aLY ]`aLY F]PaPLWPOH bSL_ bL^ _P]]TMWP ]`aLY LMZ`_ STX ]`O]L_aLX  FbSTNS T^ bSd SP T^ NLWWPOH =`O]L =`O]L ?SPT] ^LdTYR u7Z]Ov MSLa£Y MSLa£Y  T^ ST^ PY_P]TYR TY_Z PcT^_PYNP MSLaL_aLX FbSTNS T^ bSd MSLa£Y SP T^ NLWWPOH -SLaL ^L]]aLX aLX F]PaPLWPOH _SP -SLaL ?SPT] ^LdTYR uPaP]d_STYRv ^L ^L L]NSP] TY STX ²L]aL_aLX  FbSTNS T^ bSd SP T^ NLWWPOH ±L]aL ±L]aL   3P NLWXPO OZbY ²TaL ²TaL FLRLTYH ?ST^ F]PaPLWPOH _SP R]LNP TY STX ²TaL_aLX  FbSTNS T^ ²TaL bSd SP T^ NLWWPOH ±TaL LXŽœ ŽœL_L L_L _SPX ?ST^ F]PaPLWPOH ST^ NL] ±TaL 3P ^[L]PO LX LX Žœ L_L TYR YL_`]P XŽ¹L_aLX  FLYO bSd SP T^ NLWWPOH 8 Ž “L ?SP RZO^ ^LTO _Z STX% “L uDZ`]^ T^ _SP OZXTYTZY ZaP] bSL_ T^ []P^PY_ [L^_ LYO Q`_`]Pvx  

?ST^ aL]TL_TZY ZQ _SP ZWO =`O]L±TaL Xd_S NZY_LTY^ _SP ^P\`PYNP ZQ QTaP YLXP^ w=`O]L -SLaL ±L]aL ±TaL 8Ž“Lx LYO _SPT] OP]TaL_TZY^ Z`_WTY TYR L OPaPWZ[XPY_ bT_STY _SP OTaTYP [P]^ZYLWT_d TY bSTNS _SP ZWO YLXP^ ZQ _SP RZO L]P [`_ TY_Z L YPb ^_Z]d ?ST^ T^ ZQ L ST^_Z]TNLW YL_`]P ]L_SP] _SLY L Xd_STNLW ZYP 1T]^_ ZQ LWW _SP]P T^ LY L[ZWZRd QZ] _SP wZWOx =`O]L NSL]LN_P] LYO ST^ wYPbx NSL]LN_P]T^_TN^ L]P TY_]ZO`NPO% T_ bL^ ZYWd _SP ]PUPN_TZY Md _SP Z_SP] RZO^ _SL_ _]TRRP]PO =`O]Lv^ LYRP] 9Zb _SP Z_SP] RZO^ L]P TY_TXTOL_PO Md =`O]Lv^ [ZbP] LYO _SPd YZ WZYRP] [`_ `[ LYd ]P^T^_LYNP ?ST^ OT^[PW^ ST^ LYRP] LYO SP NLY ^SZb ST^ RPY_WP ^TOP bSTNS T^ LN_`LWWd ST^ _]`P ^TOP ?SP YLXP^ L]P XZ]P _SLY XP]P wWLMPW^x L^ _SP ^`QQTc _aLX XLVP^ NWPL] ?SPd L]P OTQQP]PY_ P^^PY_TLW L^[PN_^ ZQ _SP YL_`]P ZQ L ^TYRWP RZO bSTNS NLY ]PaPLW _SPX^PWaP^ Z] ]PNPOP _Z _SP MLNVR]Z`YO OP[PYOTYR ZY _SP NZY_Pc_ ?SP YPc_ PcLX[WP T^ ^ZXPbSL_ XZ]P NZX[WPc MPNL`^P SP]P L^[PN_^ ZQ _SP [P]^ZYLWT_d ZQ ZYP RZO =`O]L L]P _]LY^QP]]PO _Z LYZ_SP] ,RYT ,RLTY^_ _SP MLNVR]Z`YO ZQ _SP [ZbP]Q`W ,RYT QT]P LW_L] ^dXMZWTeTYR _SP bSZWP NZ^XZ^ _SP LXMTaLWPY_ RZO =`O]L YZb L[[PL]^ L^ L 7Z]O 2ZO []P^PY_ PaP]dbSP]P TY _SP NZ^XZ^ ?ST^ T^ YZ WZYRP] ^TX[Wd LY TY_P]QLT_S OTLWZR MP_bPPY aL]TZ`^ ]PWTRTZ`^ R]Z`[^ z T_ T^ _]LY^QP] ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   :YP ]PaPLWTYR _STYR LMZ`_ _SP _]LY^T_TZY Q]ZX L [P]T[SP]LW RZO _Z _SP `YTaP]^LW WZ]O RZO T^ _SP P_dXZWZRd L^^ZNTL_PO bT_S _SP ZWO YLXP ±L]aL ±L]aL OP]TaPO Q]ZX ±L]aL ²L]`  XPLYTYR wL]]Zb ^SZ_x ±L]aL _SP RZO bSZ VTWW^ bT_S L]]Zb^ _SP bTWO S`Y_P] LYO L]NSP] bSZ OP^_]Zd^ _SP ^LN]TQTNP _SP F[TP]NP]H ZQ _SP N]PL_Z]QL_SP] ;]LU£[L_T bSZ^P L]]Zb T^ TY _PYOPO _Z []PaPY_ N]PL_TZY ^PP 6]LX]T^NS $## z  MPNZXP^ _SP WZ]O ZQ LWW TY L \`L^TP_dXZWZRTNLW QL^STZY ^L]aL  0aPY TQ TY _ST^ Xd_S _SP ZWO YLXP ±L]aL T^ ^_TWW WTYVPO _Z ^L]aL  TY WL_P] NZY_Pc_^ >L]aL T_^PWQ MPNZXP^ L YLXP QZ] =`O]L±TaL   OPaÑ aÃT ]`O]ÃÀ ^aL]RÃÀ WZVÃÀ RL_ÃÀ Yà adÂU£YLYY £OT_dÃaL]©LÀ NÃ]LY_LY _Ê uM]` aLY% VÔ u^Ð_d LSÃÀ ]`O]Ô uSÃX ÏYO]Z uSÃX £OT_dÔ ^Ã]aL^d£aLdÑ SÃ]L^Z OTadL^dË_T _Ê uM]`aLY% YÏ]MSLU£XLTYLX Ï_T _ÑY ]`aÃYY LMSdÂaLOL_ _ÑY []ÑOS]LUL_ _Ê uM]`aLY% MSLa£Y ^Ã]aLX T_T dÃO ]`aÃYY LMSdÂaLOL_ _ÃO ]`O]Ã^dL ]`O]L_aÃÀ dÃO MSLaÑY Ï_T _ÃO MSLaÃ^dL MSLaL_aÃX dÃ_ ^Ã]aLX Ï_T _ÃN NSL]aÃ^dL ²L]aL_aÃÀ ^à ²TaÔ uMSLaL_ _ÃN NSTaÃ^dL ²TaÃ_aLÀ _ÃÀ OPaÑ LM]`aLY% MSLaÃ^dL MS¼_Ã^dL MSÃadL^dÑOST[L_dLX Ï_T g 6L¶SL¢]L©dLVL  \`Z_PO TY BT_ePW /L^ 6L¶SL ¢]L©dLVL # Q

>PXLY_TNTeL_TZY LYO 7LYR`LRP ,N_% _SP DLU`]APOL



_SPZWZRd BSTWP ,RYT bL^ _SP XZ^_ TX[Z]_LY_ RZO ZQ _SP -]LSXTY^ bT_SZ`_ MPTYR L 7Z]O 2ZO T_ ^PPX^ _SL_ _SP RZO ZQ _SP A]£_dL^ bL^ ]PRL]OPO ]TRS_ Q]ZX _SP MPRTYYTYR L^ L [LY_SPT^_TN 7Z]O 2ZO ?ST^ T^ L YPb TOPL QZ] _SP -]LSXTY^ bSTNS NSLYRPO -]LSXLYT^X L_ L Q`YOLXPY _LW WPaPW Md NZY_TY`LWWd _LVTYR ZY MZL]O YPb =`O]LML^PO ]T_P^  ?SP QZWWZbTYR ^_Z]d L__PX[_^ _Z P\`L_P ,RYT LYO =`O]L NZX[WP_PWd z LYO _SP ST^_Z]d ZQ _SP ]PWTRTZY ^SZb^ _SL_ _ST^ LN_`LWWd _ZZV [WLNP 4Y NWL^^TNLW 3TYO`T^X ,RYT PT_SP] [WLd^ L XL]RTYLW ]ZWP Z] T^ ]PRL]OPO L^ L ^`MQZ]X ZQ =`O]L±TaL ?PWWTYRWd TY _SP NL^P ZQ _SP YLXTYR ZQ L 7Z]O 2ZO Z] _SP NZXTYR TY_Z MPTYR ZQ L 7Z]O 2ZO _SP Pc[WLYL_TZY OPaTL_P^ Q]ZX _SP NWL^^TNLW ^NSPXP ZQ P_dXZWZRd L^ [^P`OZ ST^_Z]d ?SP YLXP^ OZ YZ_ L]T^P _S]Z`RS L ^_Z]d TY bSTNS _SP NSL]LN_P]T^_TN^ ZQ _SP RZO L]T^P ^TX`W_LYP Z`^Wd bT_S _SP YLXPRTaTYR 4Y^_PLO _SP RZO LW]PLOd PcT^_^ bT_S LWW ST^ NSL]LN_P]T^_TN^ M`_ L_ QT]^_ _SP]P L]P YZ YLXP^ QZ] STX bSZ SL^ _SP^P NSL]LN_P]T^_TN^ ?SP]P T^ YZ ,]NSË bT_S _SP PcNP[_TZY ZQ _SP RTaTYR ZQ _SP QT]^_ YLXP w=`O]Lx ?SP RZO T^ LW]PLOd ^ZXP_STYR LW_SZ`RS SP SL^ YZ_ dP_ OZYP LYd_STYR ?SP YLXP^ OZ YZ_ NSLYRP _SP RZO& TY^_PLO T_ T^ _SP bZ]WO _SL_ T^ NSLYRPO bSTNS NLY [L]_TNT[L_P TY STX _S]Z`RS _SP YLXPRTaTYR ?SP QZWWZbTYR aP]^TZY ZQ _SP Xd_S Q]ZX _SP ±L_L[L_SL-]£SXL©L ^[PLV^ YZ_ ZYWd ZQ QTaP M`_ ZQ PTRS_ YLXP^ ZQ =`O]L LYO Pc[WLTY^ _SPT] Z]TRTY TY _P]X^ ZQ _SP wN]dTYRx  ¥ ]`O ZQ _SP YPbMZ]Y RZO -PNL`^P SP ^N]PLX^ SP T^ RTaPY _SP YLXP w=`O]Lx M`_ ST^ ^N]PLXTYR ZYWd OTP^ OZbY bSPY SP ]PNPTaP^ _SP PTRS_S YLXP ,NNZ]OTYR _Z _ST^ Xd_S LWW _SP PWPXPY_^ ZQ YL_`]P SLaP ^ZXP_STYR w=`O]TNx LMZ`_ _SPX Z] SLaP ZYP ZQ ST^ NSL]LN_P]T^_TN^ LYO _ST^ `W_TXL_PWd `YTQTP^ _SP RZO bT_S _SP bSZWP NZ^XZ^% w?S]Z`RSZ`_ _SP dPL] _SP WZ]O ZQ _SP N]PL_`]P^ ;]LU£[L_T [Z`]PO ST^ ^PPO TY_Z FST^ bTQPH _SP ]PO OLbY ^Vd @´L^ LYO ZaP] _SP dPL] L MZd bL^ MZ]Y  ! ;]LU£[L_T ^LTO _Z STX% u-Zd bSd L]P dZ` N]dTYR* 4 SLaP bZ]VPO Xd^PWQ SL]O LYO ^bPL_PO ^Z _SL_ dZ` NZ`WO MP MZ]Y WT_P]LWWd% _S]Z`RS _T]POYP^^ LYO SPL_ bP]P dZ` MZ]Yv 3P ^LTO% u4 OZ YZ_ dP_ SLaP _SP SZWd ^_L_P WT_P]LWWd% _SP bTNVPOYP^^ SL^ YZ_ dP_ MPPY ^_]`NV Z`_ ZQ XP QZ] 4 ^_TWW SLaP YZ_ dP_ ]PNPTaPO L YLXP 2TaP XP L YLXPv 3P ^LTO _Z STX% uDZ` L]P =`O]L F_SP _P]]TMWPHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP =`O]L QT]P LRYT _ZZV ZY _ST^ F_P]]TMWPH QZ]X FbSTNS T_ ^_TWW SL^ _ZOLdH QZ] _SP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 1Z] PcLX[WP ?LT__T]¯dL¢]L©dLVL ! #z! !z" PO >SL^_]T LYO =LYRLNL]dL [!z! T^ TOPY_TNLW _Z _SP [TaZ_LW ±TaLT_TN ;LÓNLM]LSXL XLY_]L ZQ _SP ¢RLXL^ LYO L ±L_L]`O]ÅdL ]T_`LW L[[PL]^ TY _SP PWPaPY_S NSL[_P] ZQ _SP 8£YLaL±]L`_L^¼_]L _SL_ T^ ]PXTYT^NPY_ ZQ WL_P] ?LY_]T^X  ! ?SP ZYP bSZ T^ MZ]Y ZaP] _SP dPL] T^ LN_`LWWd _SP QT]P RZO ,RYT ^TYNP _SP ]T_`LW WL^_^ QZ] ZYP dPL]





?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

QT]P T^ =`O]L  " -PNL`^P SP SLO MPPY N]dTYR  ¥ ]`O SP T^ =`O]L 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P >L]aL >L]aL FPaP]d_STYRHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP ZNPLY _ZZV ZY _ST^ FLWWPYNZX[L^^TYRH QZ]X QZ] PaP]d_STYR ^L]aL SP]P T^ MZ]Y ZQ _SP ZNPLY 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P ;L²`[L_T F_SP WZ]O ZQ _SP LYTXLW^Hv ,YO bSPY SP SLO RTaPY ;L²`[L_T STX _ST^ YLXP _SP [WLY_^ _ZZV ZY _ST^ QZ]X FZQ _SP WZ]O ZQ _SP LYTXLW^H QZ] _SP [WLY_^ L]P _SP WZ]O ZQ LYTXLW^ [L²`[L_T  1Z] bSPY LYTXLW^ PL_ [WLY_^ _SPd MPNZXP OZXTYPP]TYR 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P @R]L @R]L F_SP bTWO ZYP _SP QZ]NPQ`W ZYPHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP bTYO _ZZV ZY _ST^ FQZ]NPQ`WH QZ]X QZ] _SP bTYO T^ QZ]NPQ`W ,YO _ST^ T^ bSd _SPd ^Ld _SL_ bSPY _SP bTYO MWZb^ ^_]ZYRWd T_ MWZb^ bTWOWd `R]L  QZ] _SP bTYO T^ _SP bTWO ZYP 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P ,²LYT ,²LYT F_SP MZW_ ZQ WTRS_YTYRHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP WTRS_YTYR _ZZV ZY _ST^ FWTRS_YTYRMZW_H QZ]X QZ] _SP WTRS_YTYR T^ L MWZb ,YO _ST^ T^ bSd _SPd ^Ld _SL_ bSPY T_ ^_]TVP^ L [P]^ZY _SP MWZb L²LYT SL^ ST_ STX 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P -SLaL -SLaL F_SP MPNZXTYRHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP ]LTY _ZZV ZY _ST^ FMPNZXTYRNL`^TYRH QZ]X QZ] PaP]d_STYR SP]P R]Zb^ MSLaL_T MPNL`^P ZQ _SP ]LTY 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P 8LS£Y /PaL / PaL PaL F_SP R]PL_ RZOHv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP XZZY _ZZV ZY _SP QZ]X FZQ _SP 2]PL_ 2ZOH QZ] _SP XZZY T^ ;]LU£[L_T LYO ;]LU£[L_T T^ _SP 2]PL_ 2ZO 3P ^LTO% u4 LX XZ]P _SLY _SL_ 2TaP XP XZ]P YLXP^v 3P ^LTO _Z STX% uDZ` L]P ®²£YL ®²£YL F_SP ]`WP]Hv ,YO bSPY SP SLO RTaPY STX _ST^ YLXP _SP ^`Y _ZZV ZY _ST^ QZ]X FZQ L ]`WP]H QZ] _SP ^`Y T^ _SP ]`WP] Ų£YL  ?SP ^`Y NZY_]ZW^ PaP ]d_STYR 3P ^LTO% u4 LX PcLN_Wd LWW _ST^ DZ` OZ YZ_ SLaP _Z RTaP XP LYd XZ]P YLXP^v ,YO _SP^P L]P _SP PTRS_ QZ]X^ ZQ QT]P mx  #

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  " ?ST^ []ZMLMWd ]PQP]^ _Z _SP YL_`]LW PWPXPY_ QT]P LYO YZ_ _Z _SP QT]P RZO ,RYT  # MS¼_ÑY£À NL [Ã_Tà ^LÀaL_^L]à `´Ã^T ]Ë_Z u^TÓNLY_ ^à ^LÀaL_^L]Ë V`XÝ]Z uU£dL_ ^Z u]ZO¯_ gg _ÃÀ []LUÑ[L_T] LM]La¯_ g VÜX£]L VÏÈ ]ZOT´T dLN NS]ÃX£_ _L[L^Õ uOST U£_Z u^Ð_Î ^Z uM]La¯O ÃYL[LSL_L[£[X£ aÑv L^Xd ÃST_LY£XL YÑXL XL OSPSÐ_T m gg _ÃX LM]La¯O ]ÛO]Z u^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO LRYT^ _ÃO ]¼[ÃX LMSLaLO LRYT] aÃT ]`O]Z dÃO L]ZO¯_ _Ã^X£O ]`O]Âà ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd Paà XP Y£XË_T gg _ÃX LM]La¯_ ^Â]aZ u^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO Ñ[L^ _ÃO ]¼[ÃX LMSLaLYY Ñ[Z aÃT ^Â]aZ uOMSdÔ S¯OLÈ ^Ã]aLÀ UÑdL_Ê ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd Paà XP Y£XË_T gg _ÃX LM]La¯_ [L²`[Ã_T] L^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO Õ´LOLdL^ _ÃO ]¼[ÃX LMSLaLYY Õ´LOSLdZ aÃT [L²`[Ã_T^ _Ã^X£O dLOÑ [L²ÃaL Õ´LOS¯] WÃMSLY_Ê u_SL [L_¯dLY_Î ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd Paà XP Y£XË_T gg _ÃX LM]La¯O áR]Z u^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO a£d`^ _ÃO ]¼[ÃX LMSLaLO a£d`] aÑv `R]L^ _Ã^X£O dLOÑ MÃWLaLO aÑ_d `R]Õ a£_Ð_d £SÛà ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd Paà XP Y£XË_T gg _ÃX LM]La¯O L²ÃYT] L^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO aTOd`_ _ÃO ]¼[ÃX LMSLaLO aTOd`O aÃv L²ÃYT^ _Ã^X£O dÃÀ aTOd`O OSÃY_d L²ÃYT] LMLOS¯O Ï_d £SÛà ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd Paà XP Y£XË_T gg _ÃX LM]La¯O MSÂaZ u^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO [L]UÃYdL^ _ÃO ]¼[ÃX LMSLaL_ [L]UÃYdZ aÃT MSLaÃà [L]UÃYdÝO OS¯OLÈ ^Ã] aLÀ MSÃaL_Î ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd Paà XP Y£XË_T gg _ÃX LM]La¯Y XL SÑY OÊaZ u^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZN NLYO]ÃX£^ _ÃO ]¼[LX LMSLaL_ []LUÑ[L_T] aÃT NLYO]ÃX£à []LUÑ[L_T] aÃT XLSÑY OPaÂà ^Z uM]La¯U UdÑd£Y a£v Ã_Z u^XT OSÊSd PaÃ

>Z`YO =T_`LW^% _SP >£XLAPOL



=`O]L ]PNPTaP^ YLXP^ M`_ bSL_ T^ NSLYRPO T^ _SP bZ]WO -PNL`^P _SP bZ]WO T^ LW]PLOd TY _SP RZO ;]LU£[L_Tv^ ^_L_PXPY_^ ZQ _]`_S OP_P]XTYTYR _SP YL_`]P ZQ _SP OPT_d L]P LW^Z N]PL_TaP LN_^ TY _SP bZ]WO -`_ _SP RZO T^ YZ_ NSLYRPO Md ]PNPTaTYR YLXP^ ?SP YLXP^ OZ YZ_ N]PL_P STX M`_ TY ^_PLO Pc[WLTY STX ?ST^ T^ _SP ]PLW XL]V ZQ L _]`P 7Z]O 2ZO ?ST^ Pc[WLTYTYR ZQ _SP RZO LW^Z QZ]X^ _SP NPY_]LW L^[PN_ ZQ _SP ±L_L ]`O]¯dL  _SP ZWOP^_ WT_LYd bSTNS ZNN`]^ TY _SP DLU`]APOL LYO bSTNS bP L]P PaPY U`^_TQTPO TY NLWWTYR XZYZ_SPT^_TN ?SP _Pc_ NZY^T^_^ LWXZ^_ Pc NW`^TaPWd ZQ _SP YLXP^ ZQ =`O]L bSTNS NZXP _Z YPL]Wd ZYP S`YO]PO ²L_L TY Y`XMP] 3P]P bP QTYO YZ_ ZYWd _SP NWL^^TNLW P[T_SP_^ M`_ LW^Z []ZQP^^TZYLW R]Z`[^ LYO YL_`]LW [SPYZXPYL _SL_ SLaP ^ZXP_STYR u=`O]TNv LMZ`_ _SPX ,WW _SP^P _P]X^ L[[PL] _Z SLaP P\`LW ^_LYOTYR L^ YLXP^ QZ] _ST^ RZO ^PP .SL[  TY _ST^ MZZV ?ST^ WT_LYd bL^ Z]TRTYLWWd `^PO bSTWP _SP WL]RP QT]P LW_L] bL^ MPTYR M`TW_ >Z TY _P]X^ ZQ Q`YN_TZY _ST^ T^ ZYP ]T_`LW _Pc_ LXZYR^_ L _SZ`^LYO -`_ PaPY PL]Wd -]LSXLYTN ±TaLT_TN L^NP_TN _]LOT_TZY^ `YOP]^_ZZO _SP _Pc_ L^ L []TXL]d XLYTQP^_L_TZY ZQ _SP 7Z]O 2ZO ±TaL LYO `^PO T_ TY L _d[TNLWWd _SPT^_TN XLYYP] L^ L `YTaP]^LW XPLY^ ZQ [`]TQTNL_TZY LYO ^LWaL_TZY >`NS WT_LYTP^ ZQ YLXP^ MPNLXP L `YT\`P WT_P]L]d [L]LOTRX TY _SP WL_P] XZYZ_SPT^_TN XZaPXPY_^ bSTNS SLO YZ_STYR L_ LWW _Z OZ bT_S _SP ^LN]TQTNP LYd XZ]P ,[L]_ Q]ZX ^`NS ]T_`LW LYO XPOT_L_TaP Q`YN_TZY^ ZQ _SP YLXP^ ZQ RZO^ _SPT] P_dXZWZRTP^ _ZZ ]PXLTYPO NPY_]LW LYO _SPd bP]P _SP ^`MUPN_ ZQ L RZZO OPLW ZQ _SPZWZRd ^PP .SL[  MPWZb

!

>Z`YO =T_`LW^% _SP >£XLAPOL

BSPY bP WZZV MLNV Q]ZX WL_P] [P]TZO^ _SP >£XLAPOL T^ ZQ_PY _LVPY _Z MP _SP XZ^_ [P]QPN_ APOL 1Z] PcLX[WP TY _SP -SLRLaLOR¯_£ _SP 7Z]O 2ZO 6š´©L OPNWL]P^% w,XZYR^_ LWW _SP NPWP^_TLW MZOTP^ 4 LX _SP ^`Y LXZYR^_ LWW _SP MZOTP^ ZQ _SP YTRS_ 4 LX _SP XZZY LXZYR^_ LWW _SP APOL^ 4 LX _SP >£XLaPOLx  $

?ZOLdv^ WTYR`T^_^ LYO ST^_Z]TLY^ ^PP _SP ^T_`L_TZY aP]d OTQQP]PY_Wd QZ] _SP >LÀST_£ ZQ _SP >£XLAPOL SL^ SL]OWd LYd _Pc_^ ZQ T_^ ZbY _SL_ bP NLY LYLWdeP TY^_PLO MZ]]ZbTYR aT]_`LWWd LWW T_^ ^PXLY_TN XL_P]TLW Q]ZX _SP ‹RaPOL  ,YO _SL_ T^ YZ_ LWW ?SP ‹RaPOL _Pc_^ L[[PL] SP]P TY L OT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ XP Y£XË_T gg _ÃX LM]La¯O в£YZ u^Ð_T g _LO dÃO L^dL _LY Y£XÑVL]ZO £OT_dL^ _ÃO ]¼[LX LMSLaLO £OT_dZ aÃT вÃYL £OT_d SdL^dL ^Ã]aL^dË´¶Ê ^Z uM]La¯O P_Ña£Y aÑv L^XT X£ XË_Là [L]Z Y£XL OS£ Ï_T gg _ÑYd P_ÑYd L´¶Ña LRYT]¼[Ñ©T g ±- !#z#  $ £OT_d£Y£X LSLÀ aT´©`] UdZ_T´£À ]LaT] LÀ²`X£Y g XL]ÅNT] XL]`_£X L^XT YLV´L_]£©£X LSLÀ ²L²Å gg aPO£Y£À ^£XLaPOZ u^XT OPa£Y£X L^XT a£^LaLà g -S2 zL



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_Z]_PO QZ]X L^ L _d[P ZQ OZ`MWP /`_NS LYO bT_S Pc_]L Xd^_P]TZ`^ ^dWWL MWP^ _SL_ OZ YZ_ SLaP LYd OT^NP]YTMWP ^PXLY_TN XPLYTYR -`_ _SP >£XL APOL  L^ T_^ YLXP ^`RRP^_^ OZP^ [Z^^P^^ T_^ ZbY TYOP[PYOPY_ XPWZOTP^ ^£XLY  L^ T_ T^ ^`YR LYO YZ_ ]PNT_PO ./  1Z] LWW _SP^P ]PL^ZY^ WTY R`T^_TN LYO ST^_Z]TNLW NZY^TOP]L_TZY^ ZQ _SP WT_P]L_`]P ZQ_PY WZZV L_ _SP >£XLAPOL TY L bLd _SL_ dZ`]^ _]`Wd bZ`WO ]PRL]O L _L[OLYNTYR SZ]^P TY _SP ^_]PP_% bT_S ^`][]T^P _SL_ ^`NS L _STYR PcT^_^ M`_ ZYP NLYYZ_ LN_` LWWd OZ aP]d X`NS bT_S T_ ! ?LVP QZ] PcLX[WP _SP WTYP Q]ZX L SdXY TY _SP 2£dL_]¯ XP_P]% ! LRYL £ d£ST a¯_LdP RŽ©£YZ SLadLO£_LdP  YT SZ_£ ^L_^T ML]ST´T w1T]P NZXP _Z _SP NPWPM]L_TZY ^TYRTYR QZ] ]TNS OZYL_TZY _SZ` NLWWP] OP ^NPYOP^_ ZY _SP R]L^^P^x

?ST^ MPNZXP^ ^ZXP_STYR PW^P PY_T]PWd TY _SP ^`YR >£XLY% ZRY£¯  £ d£S¯  aZT_Zd£T  _Zd£T  Rš©£YZ SL  adLO£_Zd£T  _Zd£T  Y£T SZ_£ ^£  _^£T  M£S£ £ £ L`SZa£  S¯¯ ¯ ´¯ 

4Q ZYP bLY_PO _Z _]LY^WL_P T_ _SP ]P^`W_ bZ`WO MP ^ZXP_STYR WTVP _ST^% w1ZTdLLT  NZXP _Z _SP  NZTWZM]LLT  WZM]LLT  ^TYRTYR QZ] ]TNS OZ  YLLT  YLLT  _SLLT NLWWP] OLL  ^NPYOLLT  ^_ZY _SP R]LL LL LL L`SZaLL L`SZaLL  ^^P P P P^ x

?SP bZ]O^ TY _SP >£XLYAP]^TZY L]P OT^_Z]_PO NSZ[[PO `[ LYO ]P^S`Q QWPO >PXLY_TN XPLYTYR NZX[WP_PWd _LVP^ L MLNV ^PL_ MPSTYO _SP ^Z`YO ,WW _SP aP]^P^ ZQ _SP SdXY L]P ^`MUPN_PO _Z _SP XZ^_ aL]TPO NSLYRP^ ! ;SZYPXP^ X`_L_P TY_Z OTQQP]PY_ ZYP^ aTV£]L  PR LRYP w: QT]Px _`]Y^ TY_Z ZRY£¯  bSP]PMd wLx MPNZXP^ wZx 1`]_SP]XZ]P ^TX[WP ^Z`YO^ MP NZXP NZX[WPc OT[S_SZYR^ aTVL]´L©L Z] PaPY bSZWP NSLTY^ ZQ aZbPW^ aT²WP´L  PR a¯_LdP w_Z _SP NPWPM]L_TZYx MPNZXP^ aZT_Zd£T  4Y LOOT _TZY ]P[P_T_TZY^ LMSd£^L LYO T]]PR`WL] [L`^P^ aT]£XL L]P TY_]ZO`NPO QZ] PcLX[WP Rš©£YZ SLadLO£_LdP w^TYRTYR QZ] ]TNS OZYL_TZYx MPNZXP^ Rš©£YZ SL [L`^P adLO£_Zd£T PNSZ% _Zd£T  -`_ _SP]P L]P XZ]P ZQ _SP^P ^_]LYRP QPL_`]P^ BP LW^Z SLaP YZY ^PY^PbZ]O^ LYO OT^_Z]_PO bZ]O^ TY X`^TN M`_ ZYWd TY UZWWd WTRS_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 7T__WP ]P^PL]NS SL^ MPPY OZYP ZY _SP >£XLAPOL  ,[L]_ Q]ZX =TNSL]O >TXZY /TP 9Z_L_TZY OP] aPOT^NSPY 7TPOP]MÞNSP] BTP^MLOPY% >_PTYP] $"$ $ LWXZ^_ _SP ZYWd BP^_P]Y ]P^PL]NSP] _Z SLaP _`]YPO ST^ L__PY_TZY LYLWd_TNLWWd TY ^PaP]LW bZ]V^ _Z _SP >£XLAPOL ^TYRTYR bL^ BLdYP 3ZbL]O >£XLaPOTN .SLY_ 7ZYOZY% DLWP @YT aP]^T_d ;]P^^ $""& w8`^TN LYO ,NNPY_`L_TZY TY APOTN 7T_P]L_`]Px ?SP BZ]WO ZQ 8`^TN  $#% z& APOL =PNT_L_TZY TY A£]£©L^Å /PWST% 8Z_TWLW -LYL]^TOL^^ $#! $$z!& ?SP /PNT[SP]XPY_ ZQ _SP >£XLaPOTN 9Z_L_TZY ZQ _SP 5LTXTYÅdL^ 3PW^TYVT% 1TYYT^S :]TPY_LW >ZNTP_d $## ! £XLaPOL >LÀST_£  [`M Md /LXZOL]L >£_LaL¹PVL]L >LÀaL_  ! ?SP _]LOT_TZY ]PNZRYTeP^ QTcPO _d[P^ ZQ ^`NS [P]X`_L_TZY^ bSTNS bP []P^PY_ MPWZb .Q >£XLaPOL >LÀST_£  [`M Md /LXZOL]L >£_LaL¹PVL]L >LÀaL_  z 4Y_]ZO`N _TZY

>Z`YO =T_`LW^% _SP >£XLAPOL



SPL]_PO ^ZYR^ ^`NS L^ _SZ^P LNNZX[LYdTYR OLYNTYR Z] NSTWO]PYv^ ^ZYR^ -`_ LYdZYP bSZ _STYV^ _SL_ >£XLY _Pc_^ NZ`WO MP ^`YR _Z L XPWZOd ^`NS L^ w/P] AZRPWQÆYRP] MTY TNS UL ^_P_^ W`^_TR SPT^^L SZ[^L^^Lx ;L [LRPYZ TY 8ZeL]_v^ w8LRTN 1W`_Px LY PcLX[WP `^PO Md 1]T_^ >_LLW ! bTWW SLaP _Z _STYV LRLTY ?SP X`^TNLW TX[]P^^TZY ZQ >£XLY ^TYRTYR T^ YZ_ L_ LWW UZWWd LYO WTRS_SPL]_PO M`_ QT]^_ LYO QZ]PXZ^_ PcNP[_TZYLWWd ^_]LYRP 4Y RPYP]LW T_^ X`^TNLW _d[P T^ ZYP ZQ L XZYZ_ZYZ`^ WLXPY_L_TZY 4_ T^ OZXTYL_PO Md WZYR O]LbYZ`_ LYO aTM]L_TYR ^`^_LTYPO _ZYP^ ^`YR _Z _SP aZbPW w£x ?SP ^NLWP _Z bSTNS _SP^P _ZYP^ L]P ^`YR `^`LWWd TY OP^NPYOTYR Z]OP] T^ L N`]TZ`^ aP]^TZY ZQ bSL_ bZ`WO MP _SP /Z]TN ^NLWP TY BP^_P]Y NS`]NS X`^TN ?SP]P T^ L ]PXL]VLMWP `^P ZQ XTN]Z_ZYLW ^STQ_^ L^ Z[[Z^PO _Z _SP YL_`]LW ^NLWP SP]P / LYO - bSTNS XLVP^ L ^TR YTQTNLY_ NZY_]TM`_TZY _Z _SP w^[ZZVdx LYO wYZYS`XLYx NSL]LN_P] ZQ _SP^P XPWZOTP^ >`NS TY_P]aLW^ ^Z`YO wb]ZYRx _Z XZOP]YOLd WT^_PYP]^ MZ_S BP^_P]Y LYO 4YOTLY LYO NLY ZYWd MP ^`YR Md _ZOLdv^ ^TYRP]^ bT_S OTQQTN`W_d .ZY^TOP] LW^Z _SP aP]d ^WZb XZaPXPY_ ZQ _SP XPWZOd%

>£XLAPOL  8PWZOd% 2Z_LXL^dL ;L]VL  ^`YR TY _SP ?SLYULa`] 6L`_S`XL ^_dWP ?SP [SZYP_TN OT^_Z]_TZY^ ZQ _SP _Pc_ NLY ZYWd Md `YOP]^_ZZO aTL _SP XPW ZOd ?SP _Pc_`LWWd `YXZ_TaL_PO [L`^P L_ wRš©£YZ SL [L`^P adLO£_Zd£T PNSZ% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 1]T_^ >_LLW =T_`LW LYO 8LY_]L^% =`WP^ BT_SZ`_ 8PLYTYR /PWST% 8Z_TWLW -LYL]^TOL^^ $$! 



!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_Zd£Tx T^ Pc[WLTYPO Md _SP QLN_ _SL_ LQ_P] _SP TYT_TLW wRšx ZYWd _S]PP XZ]P ^dWWLMWP^ L]P YPPOPO QZ] ^TYRTYR _SP NZY_TY`LWWd ]P[PL_PO _S]PP_ZYP XZ_TQ ZQ 0 QWL_ / . -`_ _SP _Pc_ SL^ ^Z XLYd ^dWWLMWP^ _SL_ _SP XZ_TQ NLYYZ_ LM^Z]M _SPX LYd XZ]P LYO T^ _SP]PQZ]P M]`_LWWd _]`YNL_PO ?SP PX[SL_TN PcNWLXL_TZY wL`SZa£x L_ _SP PYO ZQ _SP >£XLY SL^ SZbPaP] YZ []PNPOPY_ L_ LWW TY _SP SdXY bSTNS NWZ^P^ bT_S ML]ST´T wZY _SP R]L^^P^x ?SP >£XLY wNSZ[^ `[x _ST^ QTYLW bZ]O TY_Z wM£ S£ £ £x  w¯ ¯ ¯ ´¯x LYO [`_^ _SP ^_]TYR ZQ ^Z`YO^ wL`SZa£x TY _SP RL[ 4Y^P] _TZY^ ^`NS L^ _SP^P NLWWPO ^_ZMSL [L`^P ^Z`YO Q]ZX √ ^_`MS  w_Z ]T[ `[x TY >LY^V]T_ L]P LWbLd^ YZY^PXLY_TN wYZY^PY^Px ,YO T_ T^ []P NT^PWd XPLYTYRWP^^ YZY^PY^P WTVP _ST^ bSTNS T^ LNNZ]OPO ^[PNTLW ^LN]PO YP^^ BSd* ,^ [L`^P ^Z`YO^ Z] QTWWP]^ _SP >_ZMSL^ SLaP _SP []TXL]d Q`YN_TZY ZQ []ZaTOTYR [SZYP_TN XL_P]TLW L_ _SZ^P [WLNP^ bSP]P _ST^ T^ WLNVTYR TY _SP _Pc_ T_^PWQ ,_ _ST^ [ZTY_ _SP ^Z`YO MPRTY^ _Z OTN_L_P _SP [SZYP_TN^ TY L ^TXTWL] XLYYP] _Z L XZOP]Y ULee ^TYRP] `^TYR YZY^PY^P [S]L^P^ ^`NS L^ w^SZZMPPOZZMPPOZZx TQ SP NLYYZ_ _STYV ZQ LYd XZ]P bZ]O^ ?ST^ OZP^ YZ_ ^Z`YO P^[PNTLWWd SZWd _Z `^ M`_ LQ_P] LWW bP L]P YZ_ []TP^_^ [P]QZ]XTYR ^LN]TQTNP^ TY _SP PL]Wd 4]ZY ,RP ?Z _SP L`_SZ]^ ZQ _SP -]£SXL©L^ ^`NS ^[ZY_LYPZ`^ [S]L^P^ LYO NLWW^ bP]P ]PLW WLY R`LRP LN_^ ZQ _SP SZWd ZYP MPNL`^P _SP ^PWQRPYP]L_TYR []TYNT[WP ZQ ^Z`YO XLYTQP^_^ T_^PWQ SP]P 1Z] PcLX[WP _SP [Sd^TNLW [SZYPXP^ ZQ _SP L`SZa£ L]P LN_`LWWd ZYWd ^dYP^_SP_TN XLYTQP^_L_TZY^ ZQ _SP XPWZOTN WTYP%

?SP PX[SL_TN WZ`O LYO ^`OOPY ^QZ]eL_Z . _Z bSTNS _SP Pc[WZ^TaP w^W`YR Z`_x ^dWWLMWP wSZx T^ ^`YR ^TYV^ OZbYbL]O^ LYO MPNZXP^ L ^ZQ_ bLaPWTVP XZaPXPY_ ZY _SP ^ZQ_ Z[PY ^dWWLMWP wa£x LYO _SP ^ZQ_ XZaP XPY_ ZQ L _ST]O OZbYbL]O^ 9ZYP ZQ _SP^P ^Z`YO^ OPYZ_P _STYR^ M`_ MPNL`^P ZQ _SPT] YZY^PXLY_TN ^TRYTQTNLYNP _SPd L]P TY^_PLO ]PLWT_TP^ Q]ZX LYZ_SP] bZ]WO ?ST^ T^ LW^Z ]PQWPN_PO TY L ^[PNTLW aZNLW _PNSYT\`P `^PO QZ] _SP _bZ SL ^Z`YO^ TY MLS£ LYO L`SZa£  ?SP wSx T^ w^[L_ Z`_x ^Z aTRZ]Z`^Wd _SL_ _SP aZTNP uM]PLV^v ^SZbY Md _SP QLW^P__Z YZ_P^ TY _SP LMZaP PcLX[WP ?SP SZWTP^_ >£XLY^ ZYWd NZY_LTY STRSWd Pc[]P^^TaP >_ZMSL ^dWWLMWP^ WTVP _SP^P ?SP _PNSYTNLW _P]X QZ] _ST^ _d[P ZQ ^TYRTYR T^ wLYŽNx >£XLY TP w>£XLY bT_SZ`_ L SdXY ŽN x ,W_P]YL_TaPWd _SP^P >£XLY^ NLY LW^Z MP NLWWPO wTYNZ][Z]PLWx L²L]¯]L  MPNL`^P _SP bZ]O^ ZQ _SP SdXY L]P

>Z`YO =T_`LW^% _SP >£XLAPOL

"

]PRL]OPO L^ _SP MZOd ZQ _SP >£XLY w4YNZ][Z]PLWx >£XLY^ L]P _SZ`RS_ _Z MP [L]_TN`WL]Wd [ZbP]Q`W L]NLYLP M`_ LW^Z [L]_TN`WL]Wd OLYRP]Z`^ ZYP^ 7TVP _SP P^NSL_ZWZRTNLW [L]_^ ZQ _SP -]£SXL©L^ _SPd L]P ]P^_]TN_PO _Z ^[PNTLW ^PN]P_ NSL[_P]^ ZQ _SP >£XLAPOL -`_ _SP >_ZMSL ^dWWLMWP^ X`^_ YZ_ MP NZX[WP_PWd LM^PY_ Q]ZX LYd >£XLY ^TYRTYR _SL_ T^ _Z XLTY _LTY T_^ PQQTNLNd ?SP OZaP_LTWTYR ZQ ^_]`N_`]P LYO LY_T^_]`N_`]P ZQ ^PY^P LYO YZY^PY^P NSL]LN_P]TeP^ YZ Z_SP] APOL L^ X`NS L^ _SP >£XLAPOL

!

8TXP_TN 8LRTN

:YP NZ`WO YZ_ NWLTX _SL_ _SP -]£SXL©L^ ZQ _SP ‹RaPOL LYO _SP DLU`] APOL bZ`WO ^Z`YO P^[PNTLWWd WZRTNLW Z] ]PWPaLY_ Q]ZX L XZOP]Y [ZTY_ ZQ aTPb .ZX[L]PO bT_S _SP LWXZ^_ w^`]]PLWx -]£SXL©L^ ZQ _SP >£XL APOL  SZbPaP] _SPd L]P U`^_ L^ TYQZ]XL_TaP L^ LY TY^_]`N_TZY MZZVWP_ QZ] L aLN``X NWPLYP] -L^TNLWWd _ST^ T^ YZ_ ^`][]T^TYR QZ] TY >£XLY ^TYRTYR _SP ^_]`N_`]TYR XP_P] T^ M]ZVPY `[ Md _SP ^TYRTYR T_^PWQ LYO _SP ^PXLY_TN _Pc_ T^ ]PYOP]PO `Y]PNZRYTeLMWP Md _SP [SZYP_TN OT^_Z]_TZY^ >Z T_ T^ TX[Z^^TMWP _Z N]PL_P PT_SP] NZY^T^_PY_ Y`XP]ZWZRTNLW WTYV^ Z] ^P XLY_TN P_dXZWZRTNLW WTYV^ BSPY Pc[WLYL_TZY^ L]P RTaPY QZ] _SP PQQPN_^ _SL_ >£XLY^ PcP]_ _SPd L]P ZQ_PY ML^PO ZY ^`RRP^_TaP L^^ZNTL_TZY^ _SL_ OZ YZ_ SLaP _Z QZWWZb L ^TYRWP WTYP ^_]TN_Wd 0c[WLYL_TZY^ `^TYR XP_L [SZ]^ L]P NZXXZY :YP ^_]TVTYR QPL_`]P T^ _SP L^^ZNTL_TZY MP_bPPY _SP ^TYRTYR LYO LYTXLW^ ZQ LWW _d[P^ 1Z] PcLX[WP _SP A£XLOPadL XPWZOd ./  T^ ]PRL]OPO L^ L ^_dWP ZQ ^TYRTYR bSTNS T^ wNL__WPMPRP__TYRx Z] wMPWZYRTYR _Z NL__WPx [L²LadL  ! 5`^_ L^ WTaP^_ZNV SL^ _Z MP QPYNPO TY _SP ^TYRTYR ZQ _SP A£XLOPadL L[[L]PY_Wd LW^Z SL^ _Z MP QPYNPO TY ^Z _SP NL__WP wOZ YZ_ ^_]Ldx ?SP 5LTXTY¯dL-]£SXL©L OP^N]TMP^ L XP_SZO QZ] LaZTOTYR _ST^% w.ZX[WP_PWd NZaP]PO FMd ZYPv^ ZaP]RL]XPY_H ^SZ`WO ZYP ^TYR T_ bSTW^_ YZ_ XZaTYR 4Q ZYP XZaPO ZYP bZ`WO ^NL__P] _SP NL__WP 4Y PL]WTP] _TXP^ _SPd WLTO _SP LcWP ZQ L NL]_ ZY _SPT] SPLO^ LYO bSZPaP] NZ`WO ^TYR _SP FA£XLOPadLH bT_SZ`_ _SP LcWP QLWWTYR ZQQ FST^ SPLOH bL^ _SP ZYP _SPd NSZ^P _Z MP _SPT] ^TYRP] WT_ ZQ bSZX _SPd ^LTO uSP ^SLWW ^TYR QZ] `^v ?ST^ T^ _SP bLd _SL_ T^ SPW[Q`W bT_S ^TYRTYRx !

-`_ _ST^ T^ YZ_ _SP ZYWd []PNL`_TZYL]d XPL^`]P _Z MP ZM^P]aPO TY ^TYRTYR _ST^ >£XLY BSPY L >£XLY T^ ^`YR _SP QTYLW ^PN_TZY T^ P^[PNTLWWd N]T_T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP LW^Z B .LWLYO PO _]LY^ /L^ 5LTXTY¯dL-]£SXL©L TY ,`^bLSW BTP^MLOPY% 8 >ÆYOTR $" z QZ] _SP QZWWZbTYR PcLX[WP^ ! []£aš_L Pa£YPULYY `OR£dPO& LV´LÀ SL ^XL a£ P_L_ [`]£ aT²Là ²¯]´LY YTOLOSL_T% dL PaL _LX `OR£dLY Y£aL[£_LdT´dL_T ^L YL `OR£^dL_¯_T& _LO ` _LO `[LV£]dL]¼[LX PaL 5LT -]£ #$& B .LWLYO PO _]LY^ /L^ 5LTXTY¯dL-]£SXL©L TY ,`^bLSW BTP^ML OPY% 8 >ÆYOTR $" $ Q

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

NLW _SL_ T^ _SP wWPLaTYRx ZQ _SP ^ZYR ?ST^ wWPLaTYRx T^ L^^ZNTL_PO bT_S wMPTYR O]TaPY LbLdx wPYOx LYO PaPY wOPL_Sx ,^ XTRS_ MP Pc[PN_PO ^`NS QTYLW ^PN_TZY^ NZY_LTY aP]d XLYd ^_ZMSL^  4Y _SP NL^P ZQ _SP A£XLOPadL NZ]]PN_ ^TYRTYR ZQ _SP QTYLW ^PN_TZY T^ OP^N]TMPO L^ QZWWZb^% w?SP FA£XLOPadLH T^ NT]NWTYR ^a£]LX !! F[]P^`XLMWd MPNL`^P _SP XPWZOd NZY_LTY^ XLYd uNT]NWTYRv XZ_TQ^ Z] bLaPWTVP PWPXPY_^H ?]`Wd _SP M]PL_S ZQ WTQP T^ L NT]NWTYR >Z SP F_SP ^TYRP]H [`_^ _SP M]PL_S ZQ WTQP TY_Z _SP NL__WP FZQ _SP [L_]ZY ZQ _SP ^LN]TQTNP LYO NL`^P^ _SPX _Z WTaP WZYR Md ^TYRTYR TY NT]NWP^H -`_ YZb SP bZ`WO MP LMWP _Z O]TaP Z`_ WT_ _Z NT]NWP Z`_ _SP [L _]ZYv^ NL__WP FQ]ZX _SP ^_LMWPH bT_S ST^ NT]NWTYR ^Z`YOx !"

?ST^ XPLY^ _SL_ _SP ^TYRP] QTYO^ STX^PWQ MP_bPPY >NdWWL LYO .SL]dMOT^ :Y _SP ZYP SLYO _SP YZ_TZY ZQ wWPLaTYRx Z] wO]TaTYR Z`_x bSTNS T^ YPN P^^L]TWd WTYVPO bT_S _SP QTYLW [L]_ T^ []ZMWPXL_TN TY ]PWL_TZY _Z _SP NL_ _WP ?SP ^TYRP] NZ`WO M]TYR XT^QZ]_`YP `[ZY _SP [L_]ZY ^TYNP _SP WL__P] T^ SL]OWd RZTYR _Z bT^S _SL_ ST^ NL__WP ^_]Ld wZ`_^TOPx LXZYR^_ LWW _SP bTYO^ M`_ TY^_PLO bLY_^ _SPX _Z ]PXLTY []Z[P]Wd wTY^TOPx TY _SP ^_LMWP :Y _SP Z_SP] SLYO _SP wNT]NWTYRx Pc[]P^^PO TY _SP >£XLY T^ L YPNP^^L]d ^TOPPQQPN_ ZQ WTQP -]PLVTYR T_ ZQQ bZ`WO XPLY TY_P]]`[_TYR _SP YL_`]LW NdNWP ZQ _SP M]PL_S LYO _S`^ PYOLYRP]TYR _SP [L_]ZYv^ NL__WP% w-`_ TQ SP WPQ_ Z`_ _SP QTYLW [L]_ SP bZ`WO []P^^ LbLd _SP M]PL_S ZQ WTQP m F3P ^SLWWH OZ T_ L^ TQ ZYP bP]P VPP[TYR _SP NZb^ TY _SP ^_LMWP WT_ []P^^TYR LbLd Md ML]]TYR _SP OZZ]x

?SP ^TYRP] XZOTQTP^ _SP QTYLW ^PN_TZY bSTNS T^ OT]PN_PO Z`_bL]O^ TY L bLd _SL_ ^SZ`WO NZ`Y_P]LN_ _SP Pc_P]YLW TYNWTYL_TZY 9Zb SP NLY ^Ld w4 SLaP [`_ _SP M]PL_S ZQ WTQP TY_Z _SP XTO^_ ZQ _SP NL__WP F-`_ TQ YZb _SP [L_]ZY ^SZ`WO WZ^P ST^ NL__WP Z] TQ _SPd ^SZ`WO OTPH LYO ^ZXPMZOd bP]P _Z LNN`^P STX F( _SP ^TYRP]H ZQ NL`^TYR F_ST^H SP F( _SP LNN`^P]H M]TYR^ XT^QZ]_`YP `[ZY STX^PWQ F_S]Z`RS _SP ^TY ZQ ^WLYOP]Hx !# .ZaP]TYR ZYP^PWQ YZ_ XZaTYR _SP NT]NWTYR ^TYRTYR _PNSYT\`P LYO T_^ XZOTQTPO QZ]X NLY MP _P]XPO XTXP_TN XLRTN ,Q_P] WZZVTYR L_ _ST^ Pc LX[WP _SP bLd L >£XLY bZ]V^ NLY MP OP^N]TMPO L^ L XTXP_TN RP^_`]P M]TYRTYR LMZ`_ T_^ OP^T]PO PQQPN_ Md XPLY^ ZQ TXT_L_TZY 3ZbPaP] _SP XTXP^T^ WTP^ YZ_ TY L [TN_`]PWTVP TXLRP M`_ TY L RP^_`]LW TXLRP TY _SP ^Z`YO LYO TY _SP L[[PL]LYNP ZQ _SP ^TYRP] ?SP >£XLY^ L]P [ZbP]Q`W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! 3P]P ^aL]L NLYYZ_ U`^_ XPLY wL YZ_Px M`_ X`^_ MP ^ZXP_STYR WTVP w_]TWWx Z] wNT]N`X QWPcx L^ TY ^aL]T_L ?SL_ ^aL]L TY _SP NZY_Pc_ ZQ M]PL_STYR NLY LW^Z XPLY _SP NT]N`WL _TZY ZQ M]PL_S T^ PaTOPYNPO Md _SP OP^TRYL_TZY ^aL]L²£^_]L L ^NTPYNP OPLWTYR bT_S _SP XLY_TN TY_P][]P_L_TZY ZQ M]PL_STYR !" _L_ ^a£]LÀ MSLaL_T& []£©Z aLT ^aL]Là% []£©£Y PaLT_L_ [L²`´` OLOS£_`  ²aL]Z SL _` ^aL]P©L dLULX£YL^dL [L²¼Y YT^aL]T_Z]& dLOd LYTOSLYLÀ V`]d£_ []£©£Y L[TSLYd£_&  ^L dL_S£ a]LUP R£ LYL[£Od L]RLWPY£[TSLYd£_ _£OšV _L_  5LT-]£  PO .L WLYO z !# m []£©LX PaLT_LO LOS£ XLOSdL_Là [L²¼Y£X T_T& dL PaLTYLX PaLÀ NLVša£À^LX `[LX¯X£À^P_L ^L £]_TX £]NSL_T 4MTO

>Z`YO =T_`LW^% _SP >£XLAPOL

$

^Z`YO ^`M^_LYNP^ _SL_ L]P NSLYYPWPO LYO OT]PN_PO _S]Z`RS _SP ^TYRP] ?ST^ OTQQP]PY_TL_P^ _SPX Q]ZX _SP Z_SP] QZ]X^ ZQ WLYR`LRP LYO ^Z`YO PaPY_^ TY_PR]L_PO TY_Z _SP ^LN]TQTNP ,NNZ]OTYR _Z _SP TY_P][]P_L_TZY ZQ _SP -]£SXL©L TY _SP NL^P ZQ SdXY^ šN _SP XLRTN [ZbP] L]T^P^ Q]ZX _SP LOOT_TZY ZQ Y`XP]ZWZRTNLW LYO WPcTNLW []Z[P]_TP^ 4Y _SP NL^P ZQ _SP QZ]X`WL^ ZQ _SP DLU`]APOL  _SP]P L]P LW^Z _SP SZXZWZRTNLW ]PWL_TZY^ ZQ _SP ^LN]TQTNTLW PaPY_^ bSTNS LXZYR^_ Z_SP] _STYR^ L]P ]PaPLWPO Md P_dXZWZRd ,_ _SP ^LXP _TXP TY L NP]_LTY QL^STZY _SP >£XLY^ L]P LW ]PLOd ^`M^_LY_TLWWd PQQPN_TaP TY _SPT] ZbY ]TRS_ ?SPd OZ YZ_ ^_LYO QZ] [Sd^TNLW Z] ^dXMZWTN ]PWL_TZY^ MP_bPPY _STYR^ M`_ QZ] Q`YOLXPY_LW QZ]NP^ LYO ^P]TP^ ZQ XZaPXPY_^ bSTNS _SPd w^ZYTQdx @YWTVP _SP XLY _]L^ _SP LN_`LW PQQPN_^ _SL_ L >£XLY ^ZYR M]TYR^ LMZ`_ ^`NS L^ bSP_SP] T_ _]TRRP]^ XLRTN _SL_ M]TYR^ MPYPQT_ Z] XT^QZ]_`YP L]P YZ_ OP_P]XTYPO Q]ZX _SP aP]d MPRTYYTYR ?SPd L]P TY QLN_ OP_P]XTYPO Md _SP bLd TY bSTNS _SP >£XLY T^ ^`YR 9Z_ ZYWd _SP A£XLOPadL M`_ Z_SP] XP_SZO^ ZQ ^TYRTYR LW^Z ^_LYO QZ] Q`YOLXPY_LW ^P]TP^ ZQ XZaPXPY_^ Z] P^^PY_TLW LYO ^`M^_LY_TLW QZ]NP^ ?SPd ZYWd SLaP L ML^TN RP^_`]P LYO WP^^ ZQ L ^[PNTQTN XPLYTYR LW_SZ`RS _SPd ]P[]P^PY_ STRSWd ^dXMZWTN QZ]X^ ?ST^ T^ [L]_TN`WL]Wd ZMaTZ`^ TY _SP _bZ LY_T[SZYTN >£XLY^ =L_SLY_L]L LYO -šSL_  ?SPd L]P LWbLd^ ^P_ OTLXP_]TNLWWd Z[[Z^PO _Z PLNS Z_SP]% w?SP SdXY T^ =L_SLY_L]L _SP >£XLY T^ -šSL_ ?SP -]LSXTY T^ =L_SLY_L]L _SP VTYR T^ -šSL_ ?ST^ bZ]WO T^ =L_SLY_L]L _SP Z_SP] bZ]WO T^ -šSL_ BSL_PaP] XZaP^ ^Z _Z ^[PLV MPWZYR^ _Z =L_SLY_L]L bSL_PaP] ^_LYO^ ^_TWW MPWZYR^ _Z -šSL_ 3P]MTaZ]P^ WT_ LYTXLW^ bT_S ZYWd ZYP VTYO ZQ _PP_S MP WZYR _Z =L_SLY_L]L FLYOH NL]YTaZ]P^ WT_ LYTXLW^ bT_S _bZ VTYO ZQ _PP_S MPWZYR _Z -šSL_x !$

=L_SLY_L]L ZMaTZ`^Wd ^dXMZWTeP^ _SL_ bSTNS T^ ^ZQ_ LYO NZX[WTLY_ bSTWP -šSL_ ^dXMZWTeP^ _SL_ bSTNS T^ SL]O ]P^T^_LY_ LYO LRR]P^^TaP ?SP^P [SPYZXPYZWZRTNLW WT^_^ Z] ^dXMZWTN QTPWO^ L]P NZY_TY`PO TY LY Z_SP] ^PN_TZY ZQ _SP _Pc_ TY bSTNS _SP _bZ Q`YOLXPY_LW QZ]NP^ `W_T XL_PWd N`WXTYL_P LYO NZXMTYP bT_STY S`XLY MPTYR^% w-šSL_ LYO =L_SLY_L]L bP]P N]PL_PO LYO _SP LYTXLW^ bP]P N]PL_PO TY _SPT] TXLRP LYO _SZ^P ZQ _SPX _SL_ bP]P =L_SLY_L]TN bP]P N]PL_PO TY _SP WTVP YP^^ ZQ =L_SLY_L]L LYO _SZ^P ZQ _SPX _SL_ bP]P -šSL_TN bP]P N]PL_PO TY _SP WTVPYP^^ ZQ -šSL_ F?ST^H Z[[Z^T_TZY ^LXLO FQTYLWWdH NL`RS_ _SPX ?SP]P bL^ _SP FOLYRP] _SL_ _SPd XTRS_H T^ZWL_P _SPX^PWaP^ NZX[WP_PWd FQ]ZX PLNS Z_SP]H F?SPdH ^LTO u4Q bP _bZ L]P _Z MPNZXP _S`^ F( T^ZWL_PO Z[[Z^T_P^H bP bTWW YZ WZYRP] MP LMWP _Z VPP[ _SP N]PL_`]P^ LWTaP ^Z WP_ `^ PcNSLYRP Z`] QZ]X^v ,YO _SPd PcNSLYRPO _SPT] QZ]X^ ,YO ^Z _SP =L_SLY_L]TN aZTNP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ šR aLT ]L_SLY_L]LÀ ^£XL MšSLO& M]LSXL aLT ]L_SLY_L]LÀ V´L_]LÀ MšSLO& TOLÀ aLT ]L_SLY_L]LX LOZ MšSLO& dLO a£ PUL_L TaL _LO ]£_SLY_L]LÀ dLO `[L^_ST_LÀ _LO M£]SL _LÀ& dP a£ LYdL_ZOLY_£à [L²LaL^ _P ]£_SLY_L]£& dL `MSLdL_ZOLY_£^ _P M£]SL_£à  5LT-]£ # PO .LWLYO  Q



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

PY_P]PO _SP -šSL_TN LYTXLW^ LYO _SP -šSL_TN aZTNP PY_P]PO _SP =L_SLY_L]TN LYTXLW^ ?SP NZb T^ _]`Wd =L_SLY_L]TN QZ] ^SP [ZTY_^ OZbYbL]O^ ^Z _Z ^[PLV bSPY ^SP MPYO^ OZbY -`_ ^SP ^[PLV^ bT_S L -šSL_TN aZTNP LYO ^Ld^ uMS£v ?ST^ T^ NZX[WP_PWd FOT]PN_POH _ZbL]O^ _SP Z`_^TOP ?SP RZL_ T^ _]`Wd L -šSL_TN LYTXLW QZ] ^SP [ZTY_ `[bL]O^ ^Z _Z ^[PLV bSPY ^SP NSL]RP^ F_ZbL]O^ ZYPH -`_ ^SP ^[PLV^ bT_S L =L_SLY_L]TN aZTNP bSPY ^SP MWPL_^ ?SPd OTO YZ_ LR]PP ZY _SP XLY ?SPd ^LTO uBP MZ_S bLY_ _Z PY_P] _SP XLYv u,R]PPOv _SPd ^LTO LYO MZ_S PY_P]PO STX ?SP]PQZ]P XLY SL^ MZ_S aZTNP^ L =L_SLY_L]TN ZYP LYO L -šSL_TN ZYP ,YO _SP =L_SLY_L]TN LYTXLW^ ^Lb _SL_ SP ^[ZVP =L_SLY_L]TNLWWd LYO bLT_PO ZY STX ,YO _SP -šSL_TN LYTXLW^ ^Lb _SL_ SP ^[ZVP -šSL_TNLWWd ?]`Wd XLY T^ _SP OT^^ZYLY_ ^Z`YO ^LÀV]Z²L ZQ -šSL_ LYO =L_SLY_L]Lx "

4Y ^ZXP ]P^[PN_^ _ST^ MT[ZWL] XZOPW L[[PL]^ ^TXTWL] _Z _SP DTYDLYR [SPYZXPYZWZRd ZQ _SP .STYP^P /LZT^_^ -`_ SP]P bSL_ T^ TY_PYOPO T^ YZ_ ZYWd LY Pc[WLYL_TZY ZQ _SP bZ]WO M`_ LMZaP LWW L QPPWTYR QZ] _SP NZ]]PN_ `^P ZQ _SP =L_SLY_L]L LYO -šSL_ ^ZYR -d YZ XPLY^ OZ _SP _bZ _d[P^ RZ _ZRP_SP] SL]XZYTZ`^Wd z TY^_PLO _SPd L[[PL] ]L_SP] L^ LY_LRZYT^_TN Z[[Z^TYR QZ]NP^ LYO NLY MP OLYRP]Z`^ TY NZXMTYL_TZY :YP [L^^LRP NZX[L]P^ _SPX bT_S _bZ XTRS_d _]PP^ bSZ^P M]LYNSP^ ^_]TVP ZYP LY Z_SP] O`]TYR _SP ^_Z]X LYO N]`^S PaP]d_STYR MP_bPPY _SPX ,NNZ]OTYR _Z _SP 5LTXTY¯dL-]£SXL©L  _SP _bZ ^_dWP^ ZQ ^TYRTYR NLY _SP]PQZ]P LW^Z MP `^PO QZ] SL]XQ`W XLRTN 4_ T^ ^_L_PO _SL_ L S`XLY MPTYR TY ST^ [Z^T _TZY MP_bPPY _SP^P _bZ ^ZYR^ T^ L w]LeZ]^SL][ LcP ZQ _S`YOP]x LYO NZ`WO _SP]PQZ]P [`WaP]TeP ST^ Z[[ZYPY_ MP_bPPY =L_SLY_L]L LYO -šSL_ TQ SP `^PO _SP _bZ >£XLY^ NZ]]PN_Wd BSZX^ZPaP] SP SL_P^ SP w_S]Zb^ TY_Z _SPT] ULb^x LYO MPQZ]P L dPL] SL^ [L^^PO _ST^ [P]^ZY bTWW OTP

!

w.L_P]bL`WTYRx LYO 3ZbWTYR >_Z]X^

4Y _SP XP_L[SZ]TNLW LYO ^dXMZWTN TY_P][]P_L_TZY^ ZQ _SP -]£SXL©L^ _SP >£XLY^ L[[PL] ^`][]T^TYRWd ZQ_PY NZ]]PWL_PO bT_S LYTXLW aZTNP^ 0aPY _SP _Pc_ T_^PWQ PX[SL^TeP^ L ^_]ZYRWd wYZYS`XLYx L^[PN_ LYO _ST^ T^ LW^Z _SP TX[]P^^TZY WPQ_ Md _SP _ZYLW XL_P]TLW ZQ _SP ^ZYR^ ?ST^ L^[PN_ NLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " MšSLO]L_SLY_L]P a£ L^šUdP_£À& _LO LY` [L²LaZ u^šUdLY_L% dP ]£_SLY_L]£ £^LY ]L_SLY_L ]LÀ _P uYa L^šUdLY_L& dP M£]SL_£ MšSL_ _P& _£Y ^LXLO LaTYOL_& _LO adLaLMSTYO£YLX L _T´¶SL_& _P LM]¼_£X% T__SLÀ NPO aLT MSLaT´d£aZ YL aLT _L]ST ²LV´d£aLà []LU£ MSL]_`À& SLY_L ]¼[£©T adL_T´LU£aLS£ T_T& _P ]¼[£©T adL_T´LUP_£À% d£ ]£_SLY_L]¯ a£R £^¯_ M£]SL_£Y ^L [L²¼Y £aT²LO& d£ M£]SL_¯ ]£_SLY_L]£Y ^£& RL`] aLT ]£_SLY_L]¯ Y¯N¯aL Yd`MUT_£& ^£ M£]SL_¯À a£NLÀ aLOL_T MS£ T_T [L]£N¯X PaL&  LU£ aLT M£]SL_d ¼]OSaPa£V]£Y_£& ^£ ]£ _SLY_L]¯À a£NLÀ aLOL_T XLVV£]P©L& _P [`]`´P YL ^LXL[£OLdP_£À& _P LM]¼_£X% `MSP TXLX £aT²£aP_T& _L_SP_T& _LX `MSP £aT²L_£À& _L^X£_ [`]`´L `MSLd¯À a£NLÀ aLOL_T d£ NL ]£_SLY_L]¯ d£ NL M£]SL_¯& _P dP ]£_SLY_L]£à [L²LaZ ]£_SLY_L]¯X L^dL _P a£NLÀ [L² dLY_L `[L_T´¶SLY_P& dP M£]SL_£ M£]SL_¯À _P& [`]`´Z aLT MšSLO]L_SLY_L]LdZà ^LÀV]Z²Là m 5LT-]£ $$  PO .LWLYO #Q

>Z`YO =T_`LW^% _SP >£XLAPOL



MPNZXP ^Z [ZbP]Q`W _SL_ _SP XPWZOTP^ LWXZ^_ WPLaP _SP ]LYRP ZQ bSL_ bP NLWW X`^TNLW :Q_PY _SP ^ZYR^ PcSTMT_ YZ_ ZYWd XTN]Z_ZYLW ^STQ_^ bSPY [P]QZ]XPO Md NP]_LTY ^TYRP]^ LYO LW^Z Pc_]PXP NS]ZXL_TN [L^ ^LRP^ :aP] _SP NZ`]^P ZQ _TXP NZX[WP_PWd L_ZYLW ^TYRTYR ^_dWP^ SLaP OPaPWZ[PO bSZ^P L`OTMWP TX[]P^^TZY^ ^PPX SL]OWd _Z SLaP LYd_STYR _Z OZ bT_S X`^TN LYd XZ]P TY _SP ^PY^P _SL_ 3P]MP]_ aZY 6L]LULY Z] u5ZP ;`MWTNv bZ`WO _STYV ZQ X`^TN BT_S T_^ TY_PY^TaP XZ`]YQ`W NLOPYNP^ _SP XPWZOd ZQ _SP QZWWZbTYR wNS]ZXL_TNx >£XLY L aP]^TZY ZQ _SP A£XLOPadL ^PP MPWZb PcSTMT_^ XZ]P ^TXTWL]T_d bT_S _SP _ZYLW ^_]`N_`]P ZQ LYTXLW YZT^P^ ^`NS L^ _SP SZbWTYR ZQ L _ZXNL_ WZZVTYR QZ] L XL_P Z] bT_S YL_`]LW YZT^P^ ^`NS L^ _SP bLTWTYR ZQ L R`^_ ZQ bTYO%

>£XLAPOL,]NTVL  !# FMPRTYYTYRH _SP A£XLOPadL



>NLWP^ WTVP _ST^ L]P YZ_ QZ`YO LYdbSP]P PW^P TY 4YOTLY X`^TN LYO PaPY _SP XTYTXLWT^_TN _S]PP_ZYP ]PNT_L_TZY^ ZQ _SP NLWWTYR []TP^_ L]P _ZYLWWd MZ`YO _Z L NP]_LTY Q`YOLXPY_LW YZ_P -`_ _ST^ T^ YZ_ _SP NL^P SP]P ?SP _ZYP^ L[[PL] _Z QWZL_ LbLd bT_SZ`_ LYd OT]PN_TZY MPNL`^P _SP]P T^ YZ Q`YOLXPY_LW YZ_P _ZbL]O^ bSTNS _SPd NZ`WO XZaP ,W_SZ`RS _SP _ZYP^ _SPX^PWaP^ NSLYRP _SP XPWZOd ^PPX^ _Z ]PXLTY ^_L_TZYL]d ,WW _SP^P



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

QPL_`]P^ L]P OPQTYT_PWd TY_PY_TZYLW MPNL`^P ^`NS L_ZYLW ^TYRTYR T^ X`NS XZ]P OPXLYOTYR QZ] _SP ^TYRP]^ _SLY _SP XZOLW 6L`_S`XL ^_dWP ZQ >£XLY ^TYRTYR OP^N]TMPO PL]WTP] 3P]P _SP]P T^ YZ [ZTY_ ZQ Z]TPY_L_TZY _SL_ _SP ^TYRP] NZ`WO `^P _Z QTYO _SP NZ]]PN_ [T_NSP^ 1Z] _ST^ ]PL^ZY >£XLY ^TYRTYR Q]P\`PY_Wd ]T^P^ R]LO`LWWd TY [T_NS L^ T_ T^ MPTYR [P] QZ]XPO ?ST^ >£XLY ^TYRTYR _SP A£XLOPadL ./  T^ aP]d ^TXTWL] _Z LY TYNZ][Z]PLW >£XLY ^PP MPWZb TY _SP ^PY^P _SL_ _SP ^_ZMSL ^dWWLMWP^ OZXTYL_P WL]RP ^PN_TZY^ ZQ _SP _Pc_ ,YO ^PXLY_TNLWWd XPLYTYRQ`W bZ]O^ LW^Z SLaP L ^_]ZYR _PYOPYNd _Z OT^^ZWaP TY ^_ZMSLWTVP [SZYPXP^ 1Z] PcLX[WP _SP _bZ NPY_]LW _P]X^ _SL_ OPYZ_P _SP OPT_d STX^PWQ% ^LVS£ MPNZXP^ ^Z S£  L`SZS£T  LYO ²LNT´¶SLd£ MPNZXP^ ²ZN£T ²LdL`SZ S`ÀMS£  3ZbPaP] bZ]O^ bT_S WP^^ aLWTO XPLYTYR ]PXLTY PL^TWd NZX []PSPY^TMWP% wBSZ m bSTNS m bSZ*x ?ST^ TY_PY_TZYLW TXT_L_TZY ZQ _SP wYZYS`XLYx L^[PN_ `^TYR _SP XPWZOd LYO _LN_TNLW OT^^ZW`_TZY ZQ _SP _Pc_ ^PXLY_TN^ L[[PL]^ XZ]P _Z NZY_]LOTN_ _SLY _Z NZYQT]X >_LLWv^ MP SLaTZ]T^_ _SPZ]TP^ L^ _SP WL__P] ZYWd LN_ L_ L aP]d ^`[P]QTNTLW WPaPW 4_ T^ X`NS XZ]P _SP NL^P _SL_ _ST^ T^ L NZX[WPc QZ]X ZQ L]_ bT_S LWW _SP L__PY OLY_ NSL]LN_P]T^_TN^ TP T_^ ZbY aT]_`Z^T_d LYO L `YT\`P NZX[Z^T_TZYLW L[[]ZLNS ?SP bLd TY bSTNS _SP bZ]O^ TY _SP aP]^P^ ZQ _SP SdXY^ L]P ]PLWTePO TY ^Z`YO ^_PX^ Q]ZX L NWPL]Wd OPQTYLMWP aZNLW RP^_`]P BSL_ T^ PaZVPO T^ LY L_XZ^[SP]P ZQ ^ZXP_STYR ^`[P]S`XLY LYO NZX[WP_PWd QZ]PTRY LYO _SP bZYOP]WTVP LXLePXPY_ TY aTPb ZQ ^`NS L ^_]LYRP ]PLW T_d bSTNS Pc[]P^^P^ T_^PWQ TY _SP WLXPY_TYR ^TRS^ ZQ _SP Y`XP]Z`^ NS]ZXL_TN ^WTOP^ LYO _SP PcNWLXL_Z]d wSL SZx NLWW^

!

w4YNZ][Z]PLW >ZYR^x

,NNZ]OTYR _Z _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L !z " ^ZXP ZQ _SP TYNZ][Z]PLW >£XLY^ L]P ^Z [Z_PY_ _SL_ [PZ[WP bSZ L]P w^`YR STRSx Md _SPX PY_P] _SP SPLaPYWd bZ]WO ZQ _SP RZO^ LYO MPNZXP TXXZ]_LW L^ _SP ^_L]^ TY _SP SPLaPY^ L]P TXXZ]_LW ?ST^ ^Z]_ ZQ _STYVTYR TY P^NSL_ZWZRT NLW NL_PRZ]TP^ WTVP bP QTYO TY _SP ¢]L©dLVL ZY _SP ^`MUPN_ ZQ _SP wYZT^P ]T_`LWx ZQ _SP 8LS£a]L_L T^ ^ZXP_STYR _Z_LWWd YPb LYO _d[TNLW ZQ _SP WL_P APOTN [P]TZO ?SP NSL]LN_P]T^_TN L^[PN_ SP]P TY _SP wTYNZ][Z]PLWx >£XLY^ T^ _SP YZ_TZY ZQ LY TXXZ]_LW ^Z`YO ^`M^_LYNP BP XPP_ SP]P bT_S LY LcTZX _SL_ MPNLXP NZXXZY TY WL_P] _TXP^% bSL_ T^ MZOdWP^^ T^ LW^Z OPL_SWP^^ ?SP >£XLY ]P[WLNP^ _SP XZ]_LW MZOd bT_S L YPb wMZOdx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP _Pc_ T^ NLWWPO w@[LYT´LO-]£SXL©Lx M`_ T_^ QZ]X T^ LN_`LWWd _SL_ ZQ LY ¢]L©dLVL ;]ZMLMWd _SP YLXP @[LYT´LO SL^ MPPY RTaPY _Z _ST^ _Pc_ MPNL`^P _SP 6PYL@[LYT´LO T^ WL^_ NSL[_P] ZQ _ST^ -]£SXL©L :Y _SP 5LT@-]£ ^PP LW^Z 8L^L_Z 1`UTTv^ TYQZ]XL_TaP L]_TNWP TY 4Y^TOP _SP ?Pc_^ z -PdZYO _SP ?Pc_^ #$

>Z`YO =T_`LW^% _SP >£XLAPOL



bSTNS ]P_LTY^ _SP QZ]X ZQ _SP ZWO ZYP M`_ `YWTVP _SP ZWO ZYP NZY^T^_^ ^ZWPWd ZQ [`]P wOPL_SWP^^x >£XLY ^`M^_LYNP ?SP wOT^PXMZOTPO ZYP^x YZb TYSLMT_ _SP SPLaPY^ M`_ NLY ^_TWW LW^Z _]PLO _SP PL]_S ^PP 5LT@-]£ !z 3ZbPaP] ZY _SP PL]_S _SPd L]P XP]PWd ^[T]T_^ MPNL`^P _SPd YZ WZYRP] SLaP LYd PL]_SWd \`LWT_TP^ ?SPd L]P ^_TWW ]PNZRYTePO Md _SPT] ]PWL_TaP^ M`_ _SPd NLYYZ_ MP _Z`NSPO Z] PXM]LNPO Md _SPX QZ] _SPd L]P TY_LYRTMWP WTVP ^XZVP Z] bTYO >Z RLTYTYR TXXZ]_LWT_d LW^Z XPLY^ _SL_ LWW PL]_SWd _STYR^ L]P WZ^_ =T_P^ WTVP _SP^P L]P YZ WZYRP] TY RPYP]LW [Z^^P^^TZY LYO L^ L ]`WP wYZ]XLWx []TP^_^ L]P YZ_ LMWP _Z [P]QZ]X _SPX >`NS OT^PXMZOTXPY_ ^[PNTLWT^_^ L]P _SPX^PWaP^ []P__d wLWTPYx WTaTYR TY N]PXL_TZY R]Z`YO^ LNNZ]OTYR _Z 5LTXTYÅdL@[LYT´LO-]£SXL©L ! U`^_ WTVP _SP WL_P] LOSP]PY_^ ZQ _SP =`O]L?LY_]L ?SPd PcSTMT_ [ZZ] ^ZNTLW TY_PR]L_TZY TY Z_SP] bLd^ _ZZ 2LTYTYR TXXZ]_LWT_d Md XPLY^ ZQ _SP TYNZ][Z]PLW YZY^PXLY_TN >£XLY^ QZ]X^ _SP XLTY _SPXP ZQ _SP 5LTXTYÅdL@[LYT´LO-]£SXL©L >£XLY^ WTVP _SP^P L]P ^`YR TY _SP ]T_`LW L_ _SP _TXP ZQ _SP XZ]YTYR []P^^TYR _SL_ T^ bSPYPaP] _SP ^`Y ]T^P^ TY _SP SPLaPY^ ( TY_Z _SP Z_SP] bZ]WO 4XLRP]d Pc[]P^^P^ T_^PWQ SP]P% _SP ^`Y M]PLV^ TY_Z _SP uZ_SP] ^TOPv LYO _SP wTYNZ][Z]PLWx >£XLY^ L]P ^`YR TY _SP PL]Wd XZ]YTYR MP NL`^P _SPd LW^Z WPLO _Z _SP Z_SP] ^TOP -`_ _ST^ T^ WTYVPO _Z _SP ^LXP LXMTaLWPYNP _SL_ T^ LW^Z ^`RRP^_PO TY _SP OP^_TYd ZQ _SP OT^PXMZOTPO ZYP^% PL]_SWd bPTRS_ TP LY PL]_SWd MZOd T^ LW^Z PL]_SWd SL[[TYP^^ ?SP aP]^P^ ZQ SdXY^ TY _SP ‹V>LÀST_£ L]P L^^ZNTL_PO bT_S _SP PL]_S LYO PL]_SWd SL[[TYP^^ ²]¯  LYO _SP ^_ZMSL^ L]P L^^ZNTL_PO bT_S _SP SPLaPY^ ?ST^ T^ LW^Z TWW`^_]L_PO Md _SP QZWWZbTYR ^_Z]d TY bSTNS PaPY _SP RZO^ SLaP _Z RTaP `[ _SPT] PL]_SWd MZOTP^ TY Z]OP] _Z PY_P] 3PLaPY -`_ L_ XTOOLd bSPY _SP ^`Y T^ L_ T_^ STRSP^_ T_ T^ ^_]ZYRWd ]PNZXXPYOPO _Z ^_L]_ ZY _SP [L_S SZXPbL]O _Z _SP PL]_S ^Z _SL_ _SP OPXZY^ OZ YZ_ _LVP ZaP] _SP bZ]WO ,^ TY XLYd N`W_`]P^ XTOOLd T^ ^PPY L^ LY P^[PNTLWWd WTXTYLW LYO OLYRP]Z`^ _TXP L_ bSTNS _SP OPXZY^ SLaP R]PL_P] [ZbP]^ _SLY L_ Z_SP] _TXP^% w?SP RZO^ bT^SPO _Z PY_P] 3PLaPY ?SPd OTO FbSL_ _SPd bLY_PO _SPd NZ`WOH WTP ^T_ ^_LYO ]`Y z FM`_H _SPd NZ`WO YZ_ PY_P] 3PLaPY ?SP RZO^ ]LY _Z ;]LU£[L_T% uBP bZ`WO WTVP _Z PY_P] 3PLaPYv m 3P ^LTO _Z _SPX% ?S]Z`RS L >£XLY bT_SZ`_ L SdXY ŽN bTWW DZ` PY_P] 3PLaPYv m -`_ bSPY _SPd ]LY F3PLaPYbL]OH _SPd ^SZZV ZQQ F_SPT]H MZOTP^ FLYO _SP^P bP]PH _SP SdXY aP]^P^ BSP]P`[ZY F_SP aP]^P^H QPWW FWTVP WPLaP^H Q]ZX 3PLaPY LYO WLd FZY _SP R]Z`YOH m 9Zb _SP SdXY T^ FPL]_SWdH SL[[TYP^^ ²]Å  ,YO _SP OPXZY^ RL_SP]PO _ST^ FSL[[TYP^^H m ?SP RZO^ ^LTO% u3Zb NZ`WO bP RP_ _ST^ SL[[TYP^^ MLNV* BP bTWW ^TYR _SP >£XLY _Z _SP FbZ]O^ ZQ



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

_SPH SdXY m >Z T_ T^ YZ _]LY^R]P^^TZY _Z ^TYR L F>£XLYH L_ _SP _TXP ZQ _SP XTOOLd []P^^TYR Z] _SP LQ_P]YZZY []P^^TYR _Z _SP FbZ]O^ ZQ _SPH SdXYx "

?SP SdXY^ L]P _SP MZOTP^ ZQ _SP RZO^ >Z _SPd ^SLVP ZQQ _SPT] MZOTP^ M`_ TY OZTYR ^Z _SPd LW^Z WZ^P _SP ^LN]PO SdXY^ bSTNS L]P YZ WZYRP] OT]PN_PO _Z _SP RZO^ ?ST^ LWWZb^ _SP OPXZY^ _Z _LVP [Z^^P^^TZY ZQ _SPX ?Z []PaPY_ _ST^ Q]ZX XTOOLd ZYbL]O^ wMZOTWdx SdXY^ L]P LRLTY ^`YR ?ST^ ^_Z]d ^SZb^ _SP ]PXL]VLMWP LXMTaLWPYNP ZQ _SP YZY^PXLY_TN :Y _SP ZYP SLYO T_ T^ L SPLaPYWd LYO ]PWTRTZ`^ PWPXPY_ LYO Pc_]PXPWd ]PWPaLY_ ^Z_P]TZWZRTNLWWd M`_ ZY _SP Z_SP] T_ LW^Z SL^ L ^[PNTLW ^dX[L _SP_TN ]PWL_TZY^ST[ bT_S _SP OPXZYTN ?SP WL_P] 2LYOSL]aL X`^TN LW^Z SL^ YZY^PXLY_TN _Pc_^ ^`NS L^ _SP QZWWZbTYR Q]ZX _SP -S£]L_¯dL9£¶dL²£^_]L % USL©¶`À ULRL_T dLaL_TWLVL ULXM`VL USL©¶`À _T_T NL WLRS` NL USL©¶`À _T_T N£ g OT«RWP RL©L[L_T[L²`[L_TULXM`VL OT«RWP aL]LMS`UL OTRTYTRT N£ g _T_TN£ OTYTYTRTN£ [L²`[L_T Y¯_TN£ gg "

?ST^ [L^^LRP NZY_LTY^ SL]OWd LYd XPLYTYRQ`W bZ]O^ L_ LWW bT_S _SP Pc NP[_TZY ZQ _SP YLXP^ ZQ _SP MPTYR^ 2L©L[L_T LYO ;L²`[L_T bSZ bP]P L_ _SL_ _TXP ^_TWW ]PRL]OPO L^ OPXZYTN LYO _SP TYL`^[TNTZ`^ YLXP 5LX M`VL >`NS YZY^PXLY_TN [L^^LRP^ TY ^ZYR^ ^SZ`WO LWbLd^ []PNPOP _SP ^PXLY_TN ^ZYR^ TY L _SPL_P] ZaP]_`]P ?SP 9£¶dL²£^_]L  bSTNS bP bTWW NZXP _Z WL_P] ]PWL_P^ L WPRPYO LMZ`_ _SP `^P ZQ YZY^PXLY_TN ^ZYR ?SP QT]^_ _TXP _SL_ _SP SPLaPYWd 2LYOSL]aL^ [P]QZ]XPO L _SPL_P] ZaP]_`]P _SPd MPRLY Md ^TYRTYR LMZ`_ _SP SP]ZTN OPPO^ ZQ _SP RZO^ bSTNS YL_` ]LWWd PY]LRPO _SP OPXZY^ bSZ bP]P LW^Z []P^PY_ TY _SP L`OTPYNP ?Z LaZTO L NWL^S 2LYOSL]aL^ MPRLY _SP X`^TN bT_SZ`_ ^TYRTYR NZX[]PSPY ^TMWP bZ]O^ ?ST^ YZY^PXLY_TN X`^TN _ZZV _SP OPXZY^ NZX[WP_PWd `YOP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " OPa£ aLT ^aL]RLÀ WZVLX LT[^LY g _LÀ YL ²Ld£Y£ Y£^¯Y£ YL _T´¶SLY_Z YL OS£aLY_Z YLTaL VPYLNLYL VL]XL©£[Y`aLY gggg _P OPa£à []LU£[L_TX`[£OS£aLY g ^aL]RLÀ WZVLXLT[ ^T´XL g _LÀ YL ²Ld£Y£ Y£^¯Y£ YL _T´¶SLY_Z YL OS£aLY_Z YLTaL VPYLNLYL VL]XL©£[£XL g _L_S£ YZ uY`²£OST dL_S£ ^aL]RLÀ WZVLX£[Y`d£XP_T gggg _£YLM]La¯_ g ^£XY£YŽNPYL ^aL] RLÀ WZVLÀ []Ld£_P_T g _P ^£XY£YŽNPYL ^aL]RLÀ WZVLÀ []£dLY gggg []L a£ TXP ^£X Y£R`]T_T g _L^X£_ []L^£XL g _L^X£O ` []L^£Xd LYYLX L__T gggg _L P_£YT ŽV[LO£YT ²L]¯]£©T OS`YaLY_L £dLY g _P ^aL]RLÀ WZVLXLULdLY gg gg OPa£ aLT ^aL]RLÀ WZVLX£dLY g _L P_£YT ŽVL[LO£YT ²L]¯]£©T OS¼YaLY_L £dLY g _£Yd£ OTaLà []LV¯]©£YdL²P]LY g L_SPX£YT []L U£[L_T] ŽV[LO£YT ^LÀNT_d£MSdL]NL_ g dLOLMSdL]NL_ _£ PaL ]NZ uMSLaL_ gg!gg ^LTaL]RLMSL aL_ g L_Z OPa£ LMSLaLY g L_SLT´£XTX£XL^`]£à ²]TdLXLaTYOLY_L g _LOPa£^`]LXLMSLaL_ gggg _P OPa£ LM]`aLY d£ aLT YLà ²]¯]LMS¼OLaTYOLY_L _£XL^`]£à g VL_SLÀ YaP´£XTX£À ²]TdLÀ [`YL]PaL ULdPXL T_T gggg _P [`YLà []L_d£O]`_dL ]NT ^£X£R£dLY g _PY£^ X£WWZV£OL^`]£YLY`OLY_L gg gg _LO aLT X£OSdLÀOTYP NL ^LaLYP _Ž_¯dL^LaLYP NL YL]NZ u[L]£OSZ u^_T g ^L dL_ _P ŽNT R£dL_T _PY£^X£ÈWWZV£O OaT´LY_LÀ MS]£_ŽadLÀ Y`OL_P g m 5LT@-]£ 4 Q " 9£±£ $#$

>Z`YO =T_`LW^% _SP >£XLAPOL



T_^ ^[PWW 1]ZX _SPY ZY _SPd bP]P L^ [PLNPQ`W L^ WLXM^ LYO OTO YZ_ PY RLRP TY _SPT] `^`LW XT^NSTPQ ?ST^ T^ LN_`LWWd L R]Z_P^\`P Q]ZX L WL_P] [P]TZO TY bSTNS z L_ WPL^_ TY L WT_P]L]d XTWTP` z T_ T^ YZ WZYRP] _SP LYNTPY_ QPL] ZQ _SP OPXZYTN _SL_ []PaLTW^ M`_ L Xd_SZWZRTeTYR ZQ _SP OPXZY^ L^ w_]Z`MWPXLVP]^x Md _SPT] aP]d YL_`]P -`_ _Z _SP LYNTPY_ >£XLaPOTY^ _SL_ bSTNS T^ OPXZYTN T^ ^_TWW LY PcNP[_TZYLWWd ^P]TZ`^ XL__P] LYO L _SPZWZRTNLW TY_P]P^_ TY RSZ^_ ^_Z]TP^ T^ P^[PNTLWWd _d[TNLW ZQ _SP 5LTXTY¯dL ^NSZZW ZQ _SP >£XL APOL

!

?SP w4YPc[]P^^TMWPx >dWWLMWP :¿

?SP _d[TNLW >£XLaPOTN OT^NZ`]^P ZY _SP NL_PRZ]TP^ w_ST^ bZ]WOx LYO _SP wZ_SP] bZ]WOx _SP ^PXLY_TN LYO YZY^PXLY_TN OZP^ YZ_ [WLd L ]ZWP ZYWd TY _SP OT^N`^^TZY ZQ _SP XPWZOTP^ M`_ LW^Z TY _SP OT^N`^^TZY ZQ L ^XLWW ^dWWLMWP _SL_ bL^ WL_P] _Z MPNZXP [Z^^TMWd _SP XZ^_ TX[Z]_LY_ ^dXMZW ZQ 3TYO`T^X% _SP NZ^XTN ^dWWLMWP :¿ BP SLaP LW]PLOd XP_ :¿ TY _SP OT^N`^^TZY ZQ _SP ,T_L]PdL¢]L©dLVL L^ L bZ]O ZQ LQQT]XL_TZY " ?SP QZWWZbTYR [L^^LRP Q]ZX _SP ,T_L]PdL-]£SXL©L PcLXTYP^ _SP^P TOPL^ TY R]PL_P] OP_LTW LYO WZNL_P^ _SP Pc[]P^^ LQQT]XL_TZY aTL :¿ TY _SP ]PLWX ZQ _SP OTaTYP% wu:¿v T^ _SP LR]PPXPY_ []L_TRL]L bT_S L SdXY 7TVPbT^P T^ u _L_S£ v ( u>Z MP T_v F_SP LR]PPXPY_H bT_S L FbZ]WOWdH ^ZYR R£_S£ F( _SP L[[WL`^PH -`_ :¿ T^ ^ZXP_STYR OTaTYP LYO _L_S£ T^ ^ZXP_STYR S`XLY F,YO TQ SP ^Ld^ u:¿vH SP Q]PP^ STX F( _SP [L_]ZY ZQ _SP ^LN]TQTNPH Q]ZX SL]X LYO ^TY MZ_S aTL bSL_ T^ OTaTYP LYO aTL bSL_ T^ S`XLYx "

;]ZYZ`YNTYR w:¿x TYaL]TLMWd NWZ^P^ PaP]d ]PNT_L_TZY ZQ SdXY^ LYO ^SZ`WO MP aTPbPO TY _ST^ [Z^T_TZY L^ LY PX[SL_TNLWWd LQQT]XL_TaP LYO QZ]NPQ`W ^dWWLMWP []L©LaL  bSTNS RTaP^ _SP SdXY LOOT_TZYLW XZXPY_`X LYO PYP]Rd WTVP L[[WL`^P LQ_P] L _SPL_P] [P]QZ]XLYNP ,_ _SP ^LXP _TXP w:¿x T^ _SP WL^_ ^dWWLMWP ZQ _SP ]PNT_PO _Pc_ LYO L^ ^`NS L`_ZXL_TNLWWd NZXP^ ZY _SP QTYLW YZ_P _SP Q`YOLXPY_LW _SP ZYP _SL_ NZYQT]X^ LYO NZYNW`OP^ _SP XPWZOd ?SP X`^TNLW Q`YN_TZY LYO _SP ^PXLY_TN Q`YN_TZY ZQ _SP NLWW L]P _S`^ TY QLN_ TOPY_TNLW 4_ T^ []ZMLMWd _ST^ NZX[]PSPY^TaP [P]QZ]XL_TaP LYO L`OTMWP L^[PN_ ZQ :¿ LYO YZ_ T_^ T^ZWL_PO ^PXLY_TN XPLYTYR ZQ wDP^ ^Z MP T_x _SL_ M]TYR^ LMZ`_ T_^ ^_]ZYRWd ]T_`LW []P^PYNP LYO _SP Y`XP]Z`^ XP_L[Sd^TNLW TY_P][]P_L_TZY^ TY _SP QZWWZbTYR [P]TZO -PNL`^P :¿ T^ aT]_`LWWd ZXYT[]P^PY_ TY _SP ]T_P T_ NLY ^_LYO QZ] _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ;P]SL[^ w:¿x T^ L OP]TaL_TaP ZQ _SP /]LaTOTN w¢Xx% PaPY _ZOLd w¢Xx T^ _SP ?LXTW bZ]O QZ] wdP^x -`_ _SP Z[[Z^T_P T^ LW^Z [Z^^TMWP TP _SL_ w¢Xx T^ OP]TaPO Q]ZX :¿ " ZX T_d ŽNLà []L_TRL]L PaLÀ _L_SP_T R£_S£d£ ZX T_T aLT OLTaLÀ _L_SP_T X£Y`´LÀ OLTaPYL NLTaLTYLÀ _LYX£Y`´P©L [£[£O PYL^Là []LX`ÓNL_T g m ,T-]£ !

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

bSZWP APOL TY ^TXTWL] bLd _Z MS¼]MS`aLà^aLà  ;]LU£[L_Tv^ _S]PP bZ]O^ ZQ N]PL_TZY 4Y _SP ,T_L]PdL-]£SXL©L z w,x w@x LYO w8x _SP _S]PP [SZYP_TN NZX[ZYPY_^ ZQ :¿ L]P PaPY Pc[WTNT_Wd TOPY_T QTPO bT_S _SP^P _S]PP N]PL_TZY XLY_]L^ ?SP NZY_Pc_ ^`RRP^_^ _SL_ :¿ NZYOPY^P^ _SP^P _S]PP ^Z`YO^ U`^_ L^ MS¼]MS`aLà^aLà NZYOPY^P^ _SP bSZWP APOL w-S¼àx F( 0L]_SH NLY MP ^[ZVPY Md _SP -]LSXTY []TP^_ TQ P]]Z]^ ZNN`] TY _SP ]PNT_L_TZY ZQ _SP ‹RaPOL  LYO Md LYLWZRd _SP bZ]O^ MS`aLà LYO ^aLà w]P[LT]x _SP DLU`]APOL LYO _SP >£XLAPOL  >Z LN NZ]OTYR _Z _ST^ -]£SXL©L _SP]P T^ LY P^Z_P]TN TOPY_T_d ZQ :¿ LYO MS¼] MS`aLà^aLà -`_ TY NZX[L]T^ZY _Z _SP bZ]O^dXMZW wMS¼]MS`aLà ^aLàx :¿ SL^ L ^[PNTQTN Xd^_TNLW NSL]LN_P] ?SP ,T_L]PdL-]£SXL©L WTYV^ T_ _Z _SP ^`[P]YL_`]LW LYO _Z _SP bZ]WO MPdZYO _SP ^`Y ?ST^ NSL] LN_P] T^ LW^Z [SPYZXPYZWZRTNLWWd NWPL]% :¿ T^ XZYZ^dWWLMTN LYO _SP]P QZ]P SL^ _SP \`LWT_d ZQ _SP LV´L]L  _SP Z]TRTYLW Xd^_P]TZ`^ TYPcSL`^_TMWP ^dWWLMWP :bTYR _Z T_^ bPLV P_dXZWZRTNLW LYO ^PXLY_TN _TP^ :¿ WPLaP^ XZ]P ^NZ[P QZ] _SP TXLRTYL_TZY _SLY wMS¼]MS`aLà^aLàx OZP^ bSTNS T^ NZX[WP_PWd NSLTYPO _Z T_^ XPLYTYR ZQ wPL]_S LT] SPLaPY^x ;]LU£[L_T XLOP _ST^ OT^NZaP]d L^ bP QTYO L_ _SP MPRTYYTYR ZQ _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L  bSP]P :¿ [WLd^ L NPY_]LW ]ZWP% ;]L U£[L_T ^Z`RS_ _Z OPQPYO ST^ waTN_Z]d ZaP] _ST^ bZ]WOx LRLTY^_ _SP RZO^ 5`^_ L^ _SP []TP^_^ TY _SP >ZXL ^LN]TQTNP []P^^PO _SP TY_ZcTNL_TYR WT\`Z] w^ZXLx Z`_ ZQ _SP ^_PX^ ZQ _SP ^ZXL [WLY_ ;]LU£[L_T []P^^PO Z`_ ZQ _SP ^Z`YO ZQ _SP bZ]O^ wMS¼àx ( w0L]_Sx wMS`aLàx ( wLT]x LYO w^aLàx ( wSPLaPY^x _SPT] wP^^PYNPx ]L^L  TP _SP ]PRTZY^ 0L]_S LT] LYO SPLaPY^ LYO _SPY Z`_ ZQ _SP^P QWZbPO _SP wP^^PYNP^x QT]P bTYO LYO ^`Y w9Zb SP NZ`WO YZ_ _LVP QZ] STX^PWQ _SP P^^PYNP ZQ ZYP ^dWWLMWP TY [L]_TN` WL] YLXPWd _SL_ ZQ :¿ ?ST^ F^dWWLMWPH MPNLXP WLYR`LRP a£N 1Z] FWLY R`LRPH T^ :¿ ,YO _SP P^^PYNP FZQ WLYR`LRPH T^ M]PL_Sx "!

?ST^ ZYP ^TYRWP ^dWWLMWP bSTNS ;]LU£[L_T NZ`WO YZ_ NZX[WP_PWd Pc[]P^^ QLWW^ TY _SP NL_PRZ]d ZQ _SP TYPcSL`^_TMWP _SZ`^LYO^dWWLMWPO XZYZ^dWWL MWP ?SP _S]PP Z_SP] w[]TXZ]OTLW bZ]O^x MS¼à MS`aLà ^aLà SLaP L ^PXLY_TN XPLYTYR ^Z L_ ^ZXP ^_LRP _SPd NLY MP wPcSL`^_POx -d NZY _]L^_ _SP ^dWWLMWP :¿ LWbLd^ ]PXLTY^ wTYPcSL`^_TMWPx MPNL`^P :¿ T^ WLYR`LRP LYO WLYR`LRP T^ TYQTYT_P ?ST^ XPLY^ _SL_ _SP N]PL_TaP Q`YN_TZY bSTNS bL^ LWWZNL_PO _Z _SP N]d[_TN w_SZ`^LYO^dWWLMWPO XZYZ^dWWLMWPx TY _SP ]TOOWP ZQ /¯]RSL_LXL^ T^ YZb L^N]TMPO _Z LY LN_`LW ^dWWLMWP bT_S L OPQTYT_P [Sd^TNLW ^Z`YO NSL]LN_P] TP _SP ]T_`LW ^dWWLMWP :¿ LYO N]PL_TZY T^ \`LWTQTPO L^ WLYR`LRP N]PL_TZY @W_TXL_PWd :¿ LYO WLYR`LRP L]P TOPY_TNLW MPNL`^P _SP P^^PYNP ZQ MZ_S ZQ _SPX T^ _SP M]PL_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! m L_SLTVL^dLTa£V´L]L^dL ]L^LÀ Y£²LVYZO £O£_`X g ZX T_d P_L^dLTaL g ^PdLÀ a£R LMSLaL_ g ZX PaL Y£XLT´£ g _L^d£ ` []£©L PaL ]L^Là gg 5LT@-]£  

>Z`YO =T_`LW^% _SP >£XLAPOL

"

4Y >LY^V]T_ bSL_ bP _]LY^WL_P L^ wP^^PYNPx T^ NLWWPO ]L^L  WT_P]LWWd w[WLY_ U`TNPx LYO Q]ZX _ST^ _SP _]LY^WL_TZY^ wXPOTNTYPx wP^^PYNPx LYO wNZYOPY^L_Px L]P LW^Z OP]TaPO 3P]P _SP bZ]O ^_LYO^ QZ] _SL_ bSTNS NSL]LN_P]TeP^ _SP P^^PY_TLW _SL_ bSTNS T^ ]PWPL^PO Q]ZX T_^ ^`M^_]L_P >Z U`^_ L^ ]Z^P ZTW NZY_LTY^ _SP P^^PYNP ZQ _SP ]Z^P [WLY_ _SP M]PL_S T^ _SP P^^PYNP ZQ WLYR`LRP ?ST^ ]PWL_TZY^ST[ LW^Z OP_P]XTYP^ L ^PNZYO ^P\`PYNP ZQ Y`XP]TNLW SZXZWZRTP^ bSTNS QZWWZb ZY OT]PN_Wd Q]ZX _SP QT]^_ ^P\`PYNP TY _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L % wBSL_ u:¿v T^ _SL_ T^ QT]P uA£Nv T^ 0L]_S& u:¿v T^ _SP bTYO uA£Nv T^ LT]& u:¿v T^ _SP ^`Y uA£Nv T^ _SP SPLaPY^& u:¿v T^ _SP M]PL_S uA£Nv T^ WLYR`LRPx

>`[P]TX[Z^TYR _SP^P _bZ ^P\`PYNP^ ]P^`W_^ TY _SP QZWWZbTYR [TN_`]P% >dWWLMWP^ LYO bZ]O^ >`M^_]L_P



0^^PYNP







w0^^PYNPx



w0^^PYNP ZQ P^^PYNPx

MS¼à



0L]_S ( A£N



QT]P ( :¿

MS`aLà



LT] ( A£N



bTYO ( :¿

^aLà



SPLaPY^ ( A£N

^`Y ( :¿





A£N ( A£N

M]PL_S ( :¿ ""



BP NLY ^PP _SL_ TY PLNS NL^P WLYR`LRP a£N T^ P\`L_PO bT_S _SP ^`M ^_]L_P^ LYO :¿ T^ P\`L_PO bT_S _SP P^^PYNP ZQ _SP^P ^`M^_]L_P^ ,^ _SP -]£SXL©L []TP^_ NZYOPY^P^ _SP bSZWP ZQ _SP APOL bT_S _SP _S]PP bZ]O^ MS¼]MS`aLà^aLà :¿ NZYOPY^P^ _SP _S]PP bZ]O^ MS¼]MS`aLà^aLà LYO _S`^ _SP bSZWP ZQ ]PLWT_d >Z _SP ^dWWLMWP :¿ T^ _SP wP^^PYNP ZQ P^^PYNP^x ?ST^ ^PNZYO ^P\`PYNP ZQ SZXZWZRTP^ LW^Z ]P^`W_^ TY L OTQQP] PYNP MP_bPPY :¿ LYO WLYR`LRP :¿ T^ _SP ^dWWLMWP Q]ZX bSTNS WLY R`LRP L^ L ^`M^_]L_P LYO M]PL_S L^ P^^PYNP L]T^P -`_ L_ _SP ^LXP _TXP TY _SP ^PNZYO ^P\`PYNP M]PL_S T^ TOPY_TQTPO bT_S :¿ :¿ T^ _S`^ LXZYR^_ Z_SP] _STYR^ _SP P^^PYNP ZQ :¿ ?ST^ T^ []PNT^PWd bSL_ OZP^ YZ_ L[[Wd _Z WLYR`LRP 7LYR`LRP OZP^ YZ_ L[[PL] TY _SP QT]^_ ^P]TP^ MS¼à MS`aLà ^aLà ZÀ L_ LWW 4Y QLN_ T_ ZYWd ZNN`]^ TY _SP ^PNZYO ^P]TP^ ZQ ^`M^_]L_P^ bSP]P T_ T^ TOPY_TQTPO bT_S T_^PWQ% wu7LYR`LRPv ^TX[Wd XPLY^ WLYR`LRPx "#

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" ^L dLO ZX T_T ^Z uRYT] a£R T_T [š_STad ZX T_T a£d`] a£R T_d LY_L]TV´LX ZX T_d £OT_dZ a£R T_T OdL`] ZX T_T []£©Z a£R T_d PaL a£V g 5LT@-]£  "# m ZX T_T []£©Là a£R T_d PaL a£V gg 5LT@-]£ 

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

>Z _SP 5LTXTYÅdL@[LYT´LO-]£SXL©L ^PP^ WLYR`LRP L^ L aP]d `YT\`P _STYR% wWLYR`LRP T^ WLYR`LRPx ?ST^ TOPL T^ YPb NZX[L]PO _Z _SP []PNPO TYR _Pc_^ TY bSTNS WLYR`LRP bL^ LWbLd^ `YOP]^_ZZO L^ Xd_STNLW ^`M ^_LYNP ?ST^ Xd_STNLW ^`M^_LY_TLWT_d SL^ YZb _Z_LWWd ^STQ_PO _Z _SP ^dWWL MWP :¿ bSTNS T^ NSL]LN_P]T^_TNLWWd ^TX`W_LYPZ`^Wd MZ_S L [L]_ LYO _SP bSZWP ,^ ^PPY TY _SP ,T_L]PdL¢]L©dLVL ZQ _SP ‹RaPOL ]P[]ZO`NPO LMZaP SP]P _ZZ _SP]P PcT^_^ _SP YZ_TZY _SL_ M]PL_S T^ _SP P^Z_P]TN ML^T^ ZQ LWW WLYR`LRP -`_ SP]P T_ T^ YZ_ L^^ZNTL_PO bT_S _SP ^Z`YO ^dXMZW ,ž M`_ TY^_PLO bT_S LY LN_`LW ^Z`YO aLW`P BSTWP ,ž T^ ]P[]P^PY_PO _SP]P L^ L Sd[Z_SP_TNLW ^_]TYR ZQ ^Z`YO^ :¿ T^ L ^dWWLMWP TY ]T_`LW `^P ?SP ^dX MZW ,ž T^ OP]TaPO Q]ZX _SP TXT_L_TaP _SP ^_]`N_`]LW _SP Y`XP]TNLW LYO _SP ^dXMZWTN bSTWP _SP ^dWWLMWP :¿ T^ ^ZWPWd OP]TaPO Q]ZX _SP L`OTMWP LYO _SP X`^TNLW =PaPLWTYRWd bP QTYO _SP PL]WTP^_ XPY_TZY^ ZQ :¿ L^ LY ,V´L]L Z] Z]TRTYLW ^dWWLMWP TY _SP ¢]L©dLVL _Pc_^ ZQ _SP >£XLAPOL ^NSZZW^ Z] _Z MP XZ]P []PNT^P TY _SP _Pc_^ ZQ _SP 5LTXTY¯dL M]LYNS LYO _SP ?LWLaLV£]L M]LYNS TP TY _SP .S£YOZRdL@[LYT´LO 

!

3`XXTYR ;T_SPNLY_S]Z[ZT LYO w>Z^Z^ZZZZYRTYRx

>dXMZWTN ^TRYTQTNLYNP T^ ZYWd ZYP L^[PN_ ZQ _SP ^dWWLMWP :¿ z LYO XLdMP YZ_ PaPY _SP XZ^_ TX[Z]_LY_ L^[PN_ ^TYNP _SP VYZbWPORP ZQ Q`YN_TZY LYO ZQ ^dXMZWTN XPLYTYR ]P\`T]P^ LY L^[PN_ ZQ ]PQWPN_TZY bSTNS T^ ZQ_PY YZ_ []P^PY_ TY ]PLW [P]QZ]XLYNP TY _SP Z]_SZ[]LN_TNP -`_ bSL_ T^ LWbLd^ []P^PY_ T^ _SP [Sd^TNLW ^Z`YO ^`M^_LYNP ZQ _SP ^dWWLMWP ?ZOLdv^ []ZY`YNTL_TZY w:Xx T^ L[[L]PY_Wd L ^SZ]_PYPO LYO NZY_]LN_PO aP]^TZY ZQ _SP Z]TRTYLW w:`Xx Z] w,`Xx ,W_SZ`RS _SP ^N]T[_ SL^ MPPY LOL[_PO _Z _SP YPbP] []ZY`YNTL_TZY ZYP ZQ_PY ^_TWW SPL]^ _SP ZWO Z]TRT YLW []ZY`YNTL_TZY w:`Xx Z] w,`Xx _ZOLd ,YLWZRZ`^ _Z _ST^ _SP ZWO Z]_SZR]L[Sd SL^ LW^Z MPPY []P^P]aPO bSTNS T^ bSd _ZOLd _SP]P T^ L ^[PNTLW ^dXMZW `^PO ZYWd QZ] b]T_TYR _SP ^dWWLMWP :¿ 9Z_ ZYWd _SP >£XLY ^ZYR^ [`_ R]PL_ PX[SL^T^ ZY wZx AZbPW^ _SL_ bP]P Z]TRTYLWWd YZ_ wZx^ _`]Y TY_Z wZx^ PR LRYT MPNZXP^ ZRY£T  ^PP LMZaP ,YO Z_SP] APOTN _Pc_^ _ZZ  XLY_]L^ LYO ‹N SdXY^ L]P LW^Z LOL[_PO `YOP] NP]_LTY NZYOT_TZY^ Md L]MT_]L]d OT^_Z]_TZY ZQ _SP aZbPW^ LYO TYZ]RLYTN YL^LWTeL_TZY _Z _SP ^Z`YO ZQ :¿ 1Z] PcLX[WP _SP TYaT _L_TZY ZQ _SP NLWWTYR []TP^_ O`]TYR _SP XZ]YTYR []P^^TYR ^Z`YO^ ^ZXP _STYR WTVP _ST^ _]LY^WL_PO TY_Z LY P\`TaLWPY_% wF:H WP_ `^ MZ_S ^_L]_ _SP ^ZZZZYRTYR x

?SP ^LN]TQTNP] LY^bP]^ bT_S% wFDP^H DZ` OTaTYP ZYP bP bTWW OZ _SP ^ZZZZYRTYR x

>Z`YO =T_`LW^% _SP >£XLAPOL

$

4Y_P]P^_TYRWd _SP NZY_LXTYL_TZY^ Q]ZX :¿ TY _ST^ NLWW _Z _SP ^LN]TQTNP TYN]PL^P O`]TYR _SP NZ`]^P ZQ _SP ]T_`LW OLd 4Y _SP LQ_P]YZZY []P^^TYR _ST^ PcNSLYRP ^Z`YO^ WTVP _ST^% wF:H WP_ `^ MZ_S ^_L]_ _SP ^Z^Z^ZZZZYRTYRx wFDP^H DZ` OTaTYP ZYP bP bTWW OZ _SP ^Z^Z^ZZZZYRTYRx "$

?SP `YT\`P wL]NSLTNx PQQPN_ L]T^TYR Q]ZX []ZWZYRTYR ZQ _SP ^Z`YO^ LYO _SP OL]V _TXM]P ZQ _SP wZx T^ Pc[WLTYPO Md _SP XTYTXTeTYR ZQ _SP XP NSLYTNLW PQQZ]_ TY L]_TN`WL_TZY ?SP M]TRS_ w£x bSTNS T^ ]P[WLNPO SP]P Md wZx ]P\`T]P^ _SP XZ`_S _Z MP bTOP Z[PY MPQZ]P L _ZYP T^ []ZO`NPO Md _SP QWZbTYR M]PL_S ?ST^ OPXLYO^ L NZY_]ZWWPO PQQZ]_ TY L]_TN`WL_TZY 3ZbPaP] QZ] :¿ ^`NS PQQZ]_ T^ YZ_ ]P\`T]PO 1]T_^ >_LLW LW^Z YZ_TNPO _ST^ bT_S ]PQP]PYNP _Z _SP WTYR`T^_ 5LVZM^ZY% wu?SP XZ^_ YL_`]LW Z]OP] ZQ ^Z`YO []ZO`N_TZY T^ LY Z[PYTYR ZQ _SP XZ`_S QZWWZbPO Md T_^ NWZ^`]Pv ?ST^ T^ L aP]d L[_ OP^N]T[_TZY ZQ _SP XLY_]L ZXx #

?ST^ T^ LW^Z []PNT^PWd SZb Y`XP]Z`^ 4YOTLY TYQZ]XLY_^ Pc[WLTY _SP YL_`]LW Z]TRTY LYO TXXPOTL_P NZX[]PSPY^TMTWT_d ZQ :¿ L^ _SP []TXZ] OTLW ^dWWLMWP 8P]PWd L ^WTRS_ Z[PYTYR ZQ _SP XZ`_S T^ ^`QQTNTPY_ _Z []Z O`NP _SP ^SZ]_ wLx L aP]d OL]V ^Z`YO TY >LY^V]T_ NWZ^TYR _SP XZ`_S ^WZbWd L`_ZXL_TNLWWd ]P^`W_^ TY _SP w`x LYO bT_S _SP XZ`_S Q`WWd NWZ^PO _SP ZYWd ^Z`YO PXT__PO T^ LY wXx 1]T_^ >_LLW SZbPaP] Pc[WLTY^ _SP PcT^_PYNP ZQ ^`NS ^[ZY_LYPZ`^ ^Z`YO^ X`NS WP^^ Xd^_TNLWWd _SLY _SP 3TYO`^ 3P []Z[Z^P^ L[[]ZLNSTYR ^Z`YO^ WTVP :¿ L^ L_LaT^X^ TY _P]X^ ZQ PaZW`_TZYL]d MTZWZRd% w7P_ `^ L^^`XP _SL_ ZÀ bL^ LY uZ]TRTYLWv XLY_]L& _SL_ T^ bP L^^`XP T_ Pc T^_PO MPQZ]P WLYR`LRP bL^ MZ]Y >`[[Z^P _SL_ ;T_SPNLY_S]Z[`^ QZ] PcLX [WP bL^ S`XXTYR ZÀ M`_ NZ`WO YZ_ _LWVx #

?ST^ XPLY^ _SL_ `__P]LYNP^ ^`NS L^ w:¿x L]P YZ_ WLYR`LRP TY _SP S`XLY ^PY^P M`_ L]P PT_SP] w[]TXZ]OTLW ^Z`YO^x QTcPO Md ]T_`LWTeL_TZY Z] []P WTYR`T^_TN NLWWTYR ^TRYLW^ LYO TY _SP NL^P ZQ 3ZXZ ^L[TPY^ _SP^P ^Z`YO^ XLYTQP^_PO _SPX^PWaP^ TY _SP QZ]X ZQ WLYR`LRP bT_SZ`_ LN_`LWWd MPTYR WLYR`LRP ?SPT] ]PWL_TZY^ST[ _Z ^PXLY_TNLWWd XPLYTYRQ`W WLYR`LRP T^ WTVP _SL_ ZQ _SP QTY^ ZQ L QT^S _Z _SP WPR^ ZQ S`XLY MPTYR^ bSTNS NLY YZb YZ_ ZYWd MP `^PO QZ] ^bTXXTYR M`_ LW^Z QZ] ]`YYTYR NWTXMTYR LYO VTNVTYR ,NNZ]OTYR _Z >_LLW WLYR`LRP ^Z`YO^ WTVP _SP^P L]P _SP ]PXLTY^ ZQ LYTXLW NLWW^ bSTNS SLaP NZY_TY`PO _Z PcT^_ TY S`XLY WLYR`LRP L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ ²ZÀ^£aZ T_T []£_Là ^LaLYL £SaLdL_P g ²ZÀ^£XZ OLTaP_d LOSaL]d`à g m LOSaL]dZ ²ZÀ^£aZ T_T X£OSdLÀOTYP ^LaLYL £SaLdL_P g ²ZÀ^£XZ OLTaP_d LOSaL]d`à g m LOSaL]dZ ²Z ²ZÀ^£aZ T_T _Ž_¯dL^LaLYP uMSd£^LX £SaLdL_P g ²Z ²ZÀ^£XZ OLTaP_d LOSaL]d`à []L_dLMSdL^dL_T g m 6L`-]£  # >_LLW =T_`LW LYO 8LY_]L^ " # >_LLW =T_`LW LYO 8LY_]L^ !



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

]PWTN^ Z] ^`]aTaLW^ LYO Q`YN_TZY \`T_P OTQQP]PY_Wd _SLY ^PXLY_TN WLY R`LRP 4Q L^ >_LLW []Z[Z^P^ ZYP bP]P _Z TY_P][]P_ :¿ L^ L []PWTYR`T^_TN NLWW ZYP bZ`WO PYO `[ [SPYZXPYZWZRTNLWWd bT_S _SP PcLN_ Z[[Z^T_P ZQ L MLMdv^ N]d ?ST^ T^ []ZO`NPO Md _SP MLMd Z[PYTYR T_^ XZ`_S bTOP Z[PY QZ] XLVTYR _SP ^Z`YO bSTNS ]P^`W_^ TY _SP _d[TNLW wbLLLLS bLLLLSx ^Z`YO :YP NZ`WO TY_P][]P_ _ST^ ^TRYLW L^ O]LbTYR L__PY_TZY _Z _SP RL[TYR XZ`_S LNNZX[LYTPO Md ^Z`YO ,W_P]YL_TaPWd ML^PO ZY _SP ^S]TWW _TXM]P ZYP NZ`WO TY_P][]P_ T_ L^ LY LNZ`^_TN LWL]X ^TRYLW 4Y PT_SP] NL^P _SP XPLYTYR T^ NWPL]% QPPOTYR T^ ]P\`T]PO 3ZbPaP] _SP NSL]LN_P] ZQ :¿ T^ _SP Z[[Z^T_P ZQ _ST^% _SP XZ`_S T^ NWZ^PO LYO _SP _TXM]P XZO`WL_P^ Q]ZX L Q`WW w]TNSWd NZWZ]POx SL]XZYTN ^[PN_]`X L _Z L YPL]Wd wNZWZ]WP^^x ^[PN_]`X OPaZTO ZQ ZaP]_ZYP^ X bSTNS T^ LWXZ^_ NZX[WP_PWd ]PO`NPO _Z _SP Q`YOLXPY_LW _ZYP LYO NLY ZYWd MP SPL]O L^ L QLTY_ S`X >Z L^ L ^Z`YO PaPY_ :¿ T^ NSL]LN_P]TePO LNZ`^_TNLWWd Md _SP TY_P] YLWTeTYR XZaPXPY_ Q]ZX _SP Q`WW _ZYP _Z S`XXTYR ?SP []ZY`YNTL_TZY ZQ _ST^ ^dWWLMWP OZP^ TYOPPO TYaZWaP WPLOTYR LNZ`^_TN OTaP]^T_d MLNV _Z `YT_d :Q NZ`]^P :¿ T^ YZ_ _SP ZYWd NZXMTYL_TZY ZQ ^Z`YO^ _SL_ SL^ _ST^ ^[PNTLW []Z[P]_d 4Y WL_P] ?LY_]T^X bP VYZb aP]d XLYd XZYZ^dWWLMTN XLY_]L^ NZY^_]`N_PO ^Z _SL_ _SPd [Z^^P^^ _SP ^LXP NSL]LN_P]T^_TN ,WW ZQ _SPX PYO bT_S _SP QTYLW YL^LW wÀx bSTNS XL]V^ _SP wS`XXTYR LQ_P] ^Z`YOx 4Y QLN_ _SP WL__P] T^ PaPY WPYR_SPYPO LYO NZY^NTZ`^Wd []Z YZ`YNPO TY LY PcLRRP]L_PO QL^STZY TY _SP ?LY_]TN ]PNT_L_TZY ZQ XLY_]L^ ^Z L^ _Z ^STQ_ _SP aTM]L_TZY ZQ _SP ^Z`YO TY_Z _SP QZ]PSPLO `Y_TW _SP bSZWP ^V`WW MPNZXP^ L ]P^ZYL_Z] bSTNS NLY TYO`NP _]LYNPWTVP ^_L_P^

!!

3Zb _Z >TYR :YP^PWQ TY_Z _SP :_SP] BZ]WO

,WW :¿ ^[PN`WL_TZY^ TY _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L L]P _Z MP ^PPY TY _SP NZY_Pc_ ZQ _SP Pc[WLYL_TZY ZQ L NP]_LTY >£XLY% _SP 2£dL_]L  ?ST^ T^ LY LWXZ^_ PcNW`^TaPWd YZY^PXLY_TN >£XLY ^ZYR LYO T_^ XLTY [L]_ _SP @OR¯_SL  MPRTY^ bT_S _SP QZWWZbTYR YZY^PY^P _Pc_% w:a£ :a£ :a£ 3`ÀMS£ :a£x

?SP^P ^dWWLMWP^ LWWZb _SP _Pc_ _Z OPaPWZ[ LY PWLMZ]L_P TY_P][]P_L_TZY ^SZbTYR _SL_ LW_SZ`RS _SP wTYNZ][Z]PLWx >£XLY^ OZ YZ_ LN_`LWWd SLaP LYd ^PXLY_TN XPLYTYR TY _SP YZ]XLW ^PY^P _SPd NLY MP WZLOPO LWW _SP XZ]P bT_S ^dXMZWTN XPLYTYR LYO _SP w:a£x QZ]X`WL ZNN`[TP^ _SP NPY _]LW QZN`^ 4Y _SP WTRS_ ZQ _SP ^[PN`WL_TZY^ ZY :¿ LYO WLYR`LRP LW]PLOd OT^N`^^PO T_ T^ TY_P][]P_PO L^ MTYL]d NZOP w:x ^_LYO^ QZ] w:¿x LYO wA£x QZ]X^ _SP PYR]LXXL_TN ^dXMZW QZ] wA£Nx WLYR`LRP 3P]P _SP bZ]O wA£Nx T^ ^P[L]L_PO TY_Z wA£xw.x :Q _SP^P _bZ NZX[ZYPY_^ ZYWd wA£x T^ LOZ[_PO TY _SP 2£dL_]L ^TYNP w.x T^ ]PRL]OPO

>Z`YO =T_`LW^% _SP >£XLAPOL



L^ L ^Z`YO _SL_ PXMZOTP^ OPL_S L^ T_ T^ L [`]P NZY^ZYLY_ LYO _SP]PQZ]P OZP^ YZ_ ^Z`YO LYO ^Z SL^ YZ M]PL_S ZQ T_^ ZbY ?SP -]£SXL©L PaPY SL^ L _PNSYTNLW _P]X QZ] _ST^ [SZYP_TN XLYT[`WL_TZY LYO NLWW^ T_ w]T[[TYR Z`_ _SP XZ]_LW ^dWWLMWPx% wF?SP RZO^H ^LTO% BP bLY_ _Z ^TYR _SP 2£dL_]L _Z [`]P OPL_SWP^^ ^dWWLMWP^ Q]ZX bSTNS PaTW SL^ MPPY ^_]`NV Z`_ ,YO _SP XZ]_LW ^dWWLMWP^ Q]ZX bSTNS PaTW SL^ YZ_ MPPY ^_]`NV Z`_ bP bLY_ _Z ]T[ Z`_x #

4Y L [L]LMWPWTVP Pc[WLYL_TZY _SP OT^L[[PL]LYNP ZQ _SP w.x TY wA£Nx T^ YZ WZYRP] XP]PWd ^dXMZWTN M`_ LW^Z SL^ L X`^TNLW Pc[WLYL_TZY% w?SP ±LTWLYL^ ^TYR L^ 2£dL_]L% u :a£N :a£N :a£N 3`XMS£ :a£N v ?ST^ T^ ^ZXP_STYR WPLOTYR LbLd ^ZXP_STYR ^SZ]_PYTYR WTQP :YP ^SZ`WO ^TYR T_ _Z _SP XPWZOd ZQ _SP bL_P] LYO ZQ _SP bTYO 1Z] TQ _SP bTYO LWbLd^ ZYWd MWPb LbLd FQ]ZX SP]PH T_ bZ`WO OTP m 4_ F_SP]PQZ]PH MWZb^ TY LWW _SP OT]PN_TZY^ ZQ _SP SPLaPY^ 4Q T_ ^_Ld^ TY ZYP [WLNP LYO XLVP^ POOTP^ T_ T^ LQ]LTO ZQ OdTYR ,YO TQ _SP bL_P] FLWbLd^ ZYWdH QWZbPO LbLd T_ bZ`WO OTP 4Q T_ ^_Ld^ TY ZYP [WLNP LYO QZ]X^ bST]W[ZZW^ LYO N`]W^ T_ T^ LQ]LTO ZQ OdTYR >Z ZYP ^SZ`WO ^TYR T_ _Z _SP XPWZOd ZQ _SP bTYO LYO ZQ _SP bL_P] 3P OZP^ T_ TY _ST^ bLd% u :a£ :a£ :a£ 3`ÀMS£ :a£ v BT_S _SP^P _bZ F`YT_PO ^dWWLMWP^ : LYO A£H T_ LNSTPaP^ FT_^H Q`WW WTQP_TXP 5`^_ L^ ZYP NWTXM^ L _]PP ^WZbWd T_ UZTY^ _bZ YLXP^ ZQ RZO^ PLNS _TXP LYO NWTXM^ _SP^P FdZYOP]H bZ]WO^x #

?SP QWZb ZQ _SP XPWZOd bZ`WO MP TY_P]]`[_PO Md _SP SL]^S wNx ^Z`YO ^TYNP _SP aZTNP bZ`WO SLaP _Z ^_Z[ L_ _SP wa£Nx ^dWWLMWP -`_ _SP XPWZ OTP^ ZQ _SP >£XLY X`^_ YZ_ NZY_LTY LYd_STYR M]ZVPY Z] LM]`[_ ?SP NZY^_LY_ bLaPWTVP XZaPXPY_ bSTNS X`^TNLWWd NSL]LN_P]TeP^ >£XLY ^TYRTYR ^dXMZWTeP^ LYO PaZVP^ _SP wOPL_SWP^^x L^[PN_ bSTNS TY _SP >£XLY^ T^ _SZ`RS_ ZQ L^ ^`M^_LY_TLWWd STOOPY LYO bSTNS T^ XL]VPO Md _SP LTXWP^^ QWZbTYR ZQ _SP NS]ZXL_TN [L^^LRP^ , NZY_TY`Z`^ QWZb ^`NS L^ _ST^ T^ L XLYTQP^_L_TZY ZQ WTQP _SL_ NLY MP [P]NPTaPO aTL _SP ^PY^P^ U`^_ L^ ^`OOPY TY_P]]`[_TZY LYO PaP]d QZ]X ZQ OT^NZY_TY`T_d L]P L ^TXTWL] XLYTQP^_L_TZY ZQ OPL_S ?SP XLTY ^TYRP] LYO _SP ;]L_TSL]_š w]P^[ZY^Z]d ^TYRP]x QZWWZb _SP QZ]X`WL w:a£ :a£ :a£ 3`ÀMS£ :a£x Md bSL_ T^ NLWWPO wWZbTYRx

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # _£ LM]`aLY d£YT YZ X£]_d£Yd LYL[LSL_L[£[X£YT LV´L]£©T _£Yd `OOSŽ_d£XŽ_P´a L[L SL_L[£[XL^` ²`OOSP´a LV´L]P´` R£dL_]LÀ R£d£X£RYL` a£d£a £OT_dP []£©P uYYP a£NT g 5LT@-]£ # # _LO P_LN NSLTWLY£ R£dL_]LÀ R£dLY_T g Za£N Za£N Za£N S`X MS£ Za£N T_T gg _LO ` SL _L_ [L]£« Ta£Y£d`´dLX TaL g _LO a£dZ² NL L[£À N£Y` aL]_XL RPdLX gg dLO OSL aLT a£d`à [L]£« PaL [LaP_L V´¯dP_L g ^L [`]L^_£O a£_T g ^L OLV´T©L_Là g ^L [L²N£_ g ^L `[L]T´¶£_ g ^L ^L]a£ OT²Z uY`^LÀa£_T gg _LO P_LO £S`] T_d TO£Y¯À a£ LdLX T_Z ua£^¯_ g L_SP__S£O a£_¯_T g ^L dLO ]P²X£©LX LULX£YZ YTaP´¶LX£YZ a£_T g V´Ld£O PaL MTMSdP_ gg!gg dLO ` SL a£ £[Là [L]£N¯] PaL []L^Ž_£à ^dLYOP]LY V´¯dP]LÀ^ _£à g dLO L«V£À^T V`]a£©£ YTaP´¶LX£Y£ £aL]_£Y ^ŽULX£Y£ dLY_T V´Ld£O PaL MTMSdL_¯à g _LO P_LO a£dZ² NLTaL L[£À N£Y` aL]_XL RPdLX gg 5LT@-]£ z"



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

ST«V£]L  ^`YR _Z _SP ^Z`YO^ ZQ w3TÀMS£x # ?ST^ [L]_ ZQ _SP >£XLY _ZZ SL^ ^dXMZWTN ]PWPaLYNP ?SP ZYZXL_Z[Z_PTN w3TÀx []ZMLMWd Z]TRTYLWWd ]PQP]]PO _Z _SP ^Z`YO ZQ _SP []TXPaLW NZb bSTNS MPWWZb^ _SP ^`Y _SP NLWQ ST_SP] 3P]P _SP ^dWWLMWP w3TÀx ^_LYO^ TY L RPYP]LW ^PY^P QZ] PaP]d QZ]X ZQ QZZO _SL_ S`XLY MPTYR^ X`^_ ]PNPTaP TY _ST^ bZ]WO LYO _SP Z_SP] bZ]WO TY Z]OP] _Z OPQPL_ w_ST^ ^_L]aL_TZY LYO _SP Z_SP] ^_L]aL_TZYx ?ST^ ^PPX^ _Z XPLY OPL_S TY _ST^ bZ]WO LYO _SP [Z^^TMWP QZWWZbTYR OPL_S [`YL]Xš_d` TY _SP Z_SP] bZ]WO @YWTVP _SP [`]PWd NZ^XTN :a£ LYO _SP NZ^XTN LYO PL]_SWd 3TÀ w-S£x T^ LWWZNL_PO _Z _SP PL]_SWd ]PLWX LWZYP 4_ T^ _SP ZYWd bZ]O TY _SP 2£dL_]L _SL_ SL^ L ^PXLY_TN XPLYTYR YLXPWd wWTRS_x wu-S£v T^ PL]_SWd SL[[TYP^^ ?SP ^`Y T^ u-S£v F( uWTRS_vHx #

BT_S w-S£x _SP 2£dL_]LX PY_P]^ TY_Z L ^Z]_ ZQ PL]_SWd [SL^P w-S£x T_^PWQ T^ YZb `YOP]^_ZZO _Z MP LY ZYZXL_Z[Z_PTN ]PYOP]TYR ZQ _SP N]TP^ ZQ L YPbMZ]Y MLMd #! LYO L_ _SP ^LXP _TXP T^ TY_P][]P_PO Md QZWV P_d XZWZRd L^ ]PQP]]TYR _Z _SP `_P]`^ LYO _SP PXM]dZ RL]MSL % w?SP ^LXP Z] ^TXTWL] F_Z _SP ^Z`YO uMS£vH T^ u RL]MSL v `_P]`^ Z] PXM]dZ BSPY L bZXLYv^ NSTWO T^ MZ]Y bT_S FL WZ`OH u-SLv #" L^ L -]LSXTY SP bTWW _S`^ MPNZXP ^TXTWL] _Z L ^PP] ZQ LY_T\`T_d š´T FZ]H L^ L YZMWPXLY ]£ULYdL ^TXTWL] _Z L NZ`]LRPZ`^ L]NSP]x ##

w-SLx T^ SL[[TYP^^ TY WTQP LYO _SP bLd TY bSTNS T_ ]P^Z`YO^ L_ _SP MP RTYYTYR ZQ L WTQP OTN_L_P^ bSL_ SL[[TYP^^ TY WTQP bTWW MP WTVP :bTYR _Z _ST^ ^[PNTLW XLRTN [ZbP] ZQ -SL _SP NZ]]PN_ ^TYRTYR ZQ _SP w3TÀMS£x TY _SP ]T_`LW SL^ L \`T_P P^^PY_TLW XPLYTYR ?SP ^TYRP] T^ ^Z _Z ^[PLV TY _SP ]ZWP ZQ _SP RZO^ TY _SP ^_Z]d ZQ _SP L^NPY^TZY TY_Z _SP SPLaPY^& _SPd L]P _S]PL_PYPO bT_S _SP WZ^^ ZQ _SPT] PL]_SWd SL[[TYP^^ _S]Z`RS _SP WZ^^ ZQ _SPT] SdXY^ ZQ []LT^P ?Z NZ`Y_P]LN_ _ST^ WZ^^ _SP ^TYRP] ^SZ`WO SZWO ST^ M]PL_S TY _ST^ [L^^LRP LYO _SP _ZYP^ ^SZ`WO MP LWXZ^_ TYL`OTMWP #$ ?SP b]ZYR []ZY`YNTL_TZY ZQ _SP^P ^dWWLMWP^ z _SL_ T^ b]ZYR TY XLRTNLW _P]X^ TP WZ`O bT_S NZYNZXT_LY_ PcSLWL_TZY NZ`WO PaPY [`_ LY `Y _TXPWd PYO _Z _SP PL]_SWd WTQP ZQ _SP ^TYRP]^% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4Y _SP _Pc_ _SP]P T^ ZYWd L NZXXPY_L]d ZY 3TÀMS£ bSTNS T^ bSd bP NLYYZ_ []ZaTOP LY Pc[WLYL_TZY QZ] 3`ÀMS£ # _LÀ a£ P_LÀ STÀV£]LÀ STÀMS£ T_T STÀV`]aLY_T g ²]¯] aLT MS£à g L^L` a£ £OT_dZ MS£ T_T gg 5LT@[-]£  #! .ZX[L]P -šSLO¢]L©dLVL@[LYT´LO  bSP]P _SP ^Z`YO wMS£©x ]PQP]^ _SP N]dTYR ZQ L MLMd #" :MaTZ`^Wd _SP L`_SZ]^ OZ YZ_ OTQQP]PYNTL_P MP_bPPY wMS£x LYO wMSLx ## P_LÀ SL a£ P_LÀ YdL«RLÀ RL]MSLà g dLO MSL T_T ^_]Å©£À []LULYLYLÀ YTRLNNSL_T _L^X£_ _L_Z M]£SXL©L ]´TVLW[Z U£dL_P u_Tad£OSÅ ]£ULYdLà ²¼]Là gg 5LT@-]£ z #$ .Q >_LLW =T_`LW LYO 8LY_]L^ "

:¿ TY _SP PL]WTP] @[LYT´LO^



wF-`_ LYdZYP bSZ ^TYR^ T_ Z`_ TY _SL_ XLYYP]H bZ`WO SLaP [`_ STX^PWQ Z`_^TOP PL]_SWd SL[[TYP^^ LYO bZ`WO MPNZXP WP^^ 4Q SP OTP^ ZYP [`_^ STX TY_Z _SP QT]P u,WL^ SP bTWW ^ZZY OTP ?SPd bTWW [`_ STX TY_Z _SP QT]Pv 4_ bZ`WO MP _SL_ bLdx $

>Z SP]P _ZZ L ^`M^_LY_TLWTePO QZ]X ZQ _SZ`RS_ OZXTYL_P^% LYdZYP bSZ ^TYR^ Z`_ ST^ SL[[TYP^^ _ZZ ^_]ZYRWd bTWW YZ_ SLaP LYd ZQ T_ WPQ_ QZ] STX ^PWQ ?SP]P YZb QZWWZb^ QZ] _SP QTQ_S _TXP _SP wZa£x bT_S _SP NZ^XTN ^dWWLMWP :¿ ?ST^ :¿ MPSLaP^ _ZbL]O^ _SP L`^[TNTZ`^ 3TÀMS£ ^Z`YO WTVP _SP Z_SP] bZ]WO MPSLaP^ _ZbL]O^ _ST^ ZYP 4_ T^ _SP RL_PbLd _Z _SP bZ]WO ZQ bSL_ T^ .ZX[WP_PWd :_SP] LYO T^ LW^Z aT^`LWTePO L^ L _]`P SPLaPYWd [Z]_LW% wBT_S u:¿v SP RZP^ TY_Z _SP ^`Y LYO T^ WTMP]L_PO ?ST^ T^ _SP SZWP TY _SP SPLaPY^ ?SP SZWP TY _SP SPLaPY^ T^ WTVP _SP S`M ZQ L NL]_bSPPW ?SP ]Ld^ ZQ _SP ^`Y NZaP] T_ FYZb ZYWdH Q]ZX aTPbx $

?SP WTYVLRP ZQ LWW _SP^P ^dWWLMWP^ TY _SP 2£dL_]L WP_^ ZYP [`^S _S]Z`RS _Z _SP :_SP] >TOP bT_SZ`_ SLaTYR _Z WPLaP PL]_SWd WTQP 5`^_ WTVP _SP w/T^PXMZOTPOx ZYP bZ`WO MP WZ^_ _Z LWW _SL_ T^ PL]_SWd TQ ZYP bP]P _Z ^TYR ZYWd :¿ -`_ TY _ST^ bLd _SP ^TYRP] NLY L[[]ZLNS _SP wOPL_SWP^^x ]PRTZY^ TY ^[T]T_ bT_SZ`_ LN_`LWWd SLaTYR OTPO bSP]P _SP aTPb ZQ _SP 0_P]YLW L_ _SP ^LXP _TXP LW^Z WPLO^ _Z [Z^^P^^TZY ZQ P_P]YLW WTQP bT_SZ`_ OdTYR LRLTY% w3P ^SZ`WO _LVP `[ _SP F2£dL_]LH TY ST^ _SZ`RS_^ FTY _SP XZ]YTYRH 3P ^SZ`WO L[[]ZLNS NWZ^P _Z T_ L^ _Z L STWW 4Y _ST^ XLYYP] SP bLWV^ bT_S _SP OPT_d FZQ _SP 2£dL_]LH _ZbL]O^ _SP OPL_SWP^^ F^[SP]PH bSP]P _SL_ F^`YH bL]X^ _ST^ FbZ]WOHx $

"

:¿ TY _SP PL]WTP] @[LYT´LO^

wu:¿ T^ _SP ,V´L]L _SP WZ`O ^TYRTYR FZQ _SP >£XLYHv ?ST^ T^ SZb ZYP ^SZ`WO _STYV ZQ T_ 1Z] ZYP ^TYR^ _SP WZ`O ^TYRTYR `OR¯_SL bT_S :¿x $

?ST^ T^ _SP Z[PYTYR ^PY_PYNP ZQ _SP .S£YOZRdL@[LYT´LO  []ZMLMWd _SP ZWOP^_ _Pc_ TY _SP w9ZP_TN [L]_ ZQ _SP APOLx 5Ó£YLV£©“L LYO T_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ m MLST]OS£ Ya£ LdLÀ ²]TdLX LOST_L [£[Åd£Y MSLaT´dL_FTH m ^L dLO£ aLT X]TdL_P L_S£RYL` []£^_Z MSLaL_T g V´T[]P ML_L XL]T´dL_d LRa£a PYLÀ []£^T[dLY_T T_T g _L_S£ SLTaL ^d£_ gg 5LT@-]£ " $  ZX T_d P_LX Pa£OT_dLÀ ^LXLd£_TX`NdL_P g P_LO PaL OTaL² NSTO]LX gg dL_S£ VSLÀ a£YL^Là ^d£O ]L_SL^dL aLTaLX P_LO OTaL² NSTO]LX g ]LO ]L²XTMSTà ^LÀNSLYYLÀ OŽ²dL_P gg 5LT@-]£  ! $ _LO MLST´[LaLX£YP ^_¼dLX£YP XLYL^ZORŽS©¯d£_ g ^L dL_SZNNS]£dLÀ []L_T L^dL []L [LOdP_L g PaLX PaLT_Ld£ OPaL_Ld£ TOLX LXŽ_LX LMST[L]dP_T dL_]£dLX TOLÀ _L[L_¯_T gg 5LT@-]£  z! $ ZX T_d P_LO LV´L]LX `ORÅ_SLX `[£^Å_L g ZX T_T Sd `OR£dL_T m .S@ 



?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

L[[PL]^ _Z MP YZ OTQQP]PY_ Q]ZX _SP XPY_LW bZ]WO ZQ _SP 5LTXTY¯dL @[LYT´LO-]£SXL©L bSTNS ^_TWW MPWZYR^ _Z _SP w=T_`LW [L]_ ZQ _SP APOLx 6L]XLV£©“L 4_ T^ _]`P _SL_ _SP TYT_TLW NSL[_P]^ ZQ _SP .S£YOZRdL @[LYT´LO `^P ^LN]TQTNTLW _P]XTYZWZRd LWXZ^_ PcNW`^TaPWd -`_ TY QLN_ LY TX[Z]_LY_ _`]YL]Z`YO SL^ _LVPY [WLNP ?SP RZLW T^ YZ WZYRP] _Z [P]QPN_ _SP ]T_`LW L^ T_ bL^ TY _SP -]£SXL©L WT_P]L_`]P M`_ YZb _SP LTX T^ _Z Pc[WLTY _SP bZ]WO PaPY _Z SLaP LY PL]Wd YL_`]LW [STWZ^Z[Sd LYO _Z OZ _ST^ ZYP `^P^ _SP WLYR`LRP ZQ _SP ^LN]TQTNP ,_ _SP _TXP ZQ _SP -]£SXL©L^ _SP ^LN]TQTNP bL^ T_^ ZbY Pc[WLYL_TZY ,WW S`XLY L^[T]L_TZY^ NZ`WO MP ]PLWTePO TY _SP ^LN]TQTNP LYO _SP]PQZ]P T_ OTO YZ_ ZNN`] _Z LYdZYP L_ LWW _Z \`P^_TZY bSL_ XTRS_ MP MPdZYO _SP ^LN]TQTNP 9Zb _SP XZYZXd_S ZQ _SP ^LN]TQTNP SL^ N]`XMWPO TY _SP QLNP ZQ _SP \`P^_TZY ZQ [P]^ZYLW TXXZ]_LWT_d ,^ PL]Wd L^ TY _SP WL_P APOTN _Pc_^ TY _SP ¢]L©dLVL^ bP QTYO _SP YZ_TZY ZQ TXXZ]_LWT_d ZNN`]]TYR PaP] XZ]P ^_]ZYRWd YZ_ _SZ`RS_ ZQ L^ L ^ZUZ`]Y TY L SPLaPY bSP]P _SP RZO^ ]P^TOP M`_ L^ [L]_TNT[L_TZY TY _SP 0_P]YLW 0cT^_PYNP 4Y _SP 5LTXTY¯dL@[LYT´LO -]£SXL©L _SP TXXZ]_LW ZYP bL^ ^_TWW []P^PY_ TY aT^TMWP QZ]X M`_ ZYWd L^ L ^SLOZbd ^[T]T_ BT_S _SP £_XLY  _SP w^PWQx ZQ _SP @[LYT´LO^ bP YZb QTYO _SP QT]^_ ZNN`]]PYNP ZQ _SP YZ_TZY ZQ L ^Z`W _SL_ PcT^_^ TY L bZ]WO MPdZYO Z`] bZ]WO ZQ _SP ^PY^P^ :YP OT^NZaP]^ ZYPv^ ZbY _]LY^NPYOPYNd LYO TXXZ]_LWT_d TY L XP_L[Sd^TNLW ^PY^P ?SP ¢_XLY NLY YZ WZYRP] MP LQQPN_PO Md _SP [ZbP] ZQ _SP ^LN]TQTNP TY LYd bLd LYO NLYYZ_ MP XLYT[`WL_PO bT_S _SP ]T_`LW ^LN]TQTNTLW XLRTN 1Z] L Y`XMP] ZQ [PZ[WP T_ T^ _SP ^PWQ _SP ^Z`W _SP ¢_XLY TY LWW _STYR^ _SL_ SL^ MPNZXP _SP LN_`LW L^[T]L_TZY ZQ S`XLYVTYO LYO _SP ^PL]NS QZ] _ST^ SL^ MPNZXP _SP YPb XZYZXd_S NQ .S@ !z!! bSP]PTY _SP QLXZ`^ _L_ _aLX L^T ZNN`]^ BT_STY _SP Q]LXPbZ]V ZQ _ST^ YPb _]LY^NPYOPY_LW bZ]WO aTPb L [`]P PcT^_PYNP bT_SZ`_ _SP ^PY^P^ QTYLWWd PXP]RP^ Q]ZX _SP ZWO -]LSXLY Z`_ ZQ _SP QZ]X`WL_TZY ZQ _SP Y`XTYZ`^ bSTNS LW]PLOd L[[PL]PO TY _SP -]£SXL©L^ L^ LY LM^ZW`_P QZ]X ZQ _SP STOOPY YP_bZ]V ZQ NZ^XTN LYO XLRTN ]PWL_TZY^ST[^ ?SP ¢_XLY T^ NZ]]PWL_PO LYO PaPY TOPY_TQTPO bT_S _ST^ [`]P PcT^_PYNP ?SP ]T_`LW ^Z`YO :¿ T^ OP ]T_`LWTePO ^TXTWL] _Z _SP -]LSXLY LYO T_ MPNZXP^ NZX[WP_PWd ^`NVPO TY_Z _SP XLPW^_]ZX ZQ _SP ¢_XLY-]LSXLY ^[PN`WL_TZY^ $ 5`^_ WTVP _SP ¢_XLY LYO _SP -]LSXLY :¿ _LVP^ ZY L XZYZXd_STNLW NSL]LN_P] bSTNS T_ SL^ ]P_LTYPO ]TRS_ `[ _Z _SP []P^PY_ OLd >TYNP _SP _TXP ZQ _SP @[LYT´LO^ :¿ SL^ ^dXMZWTePO LYO ^TRYLWPO _SP NZYNP[_ ZQ LM^ZW`_P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ AL]TZ`^ ¢_XLY-]LSXLY ^[PN`WL_TZY^ L]P \`T_P []ZXTYPY_ LYO LY Z`_^_LYOTYR QPL_`]P ?ST^ T^ SZbPaP] YZ_ _SP ZYWd _PLNSTYR TY _SP PL]Wd @[LYT´LO^ ?SP^P _Pc_^ L]P SP_P] ZYZXZ`^ LYO PaPY ZYP LYO _SP ^LXP @[LYT´LO NZY_LTY^ OTQQP]PY_ _PLNSTYR^ >PP LW^Z ;L_]TNV :WTaPWWP _]LY^ @[LYT´LO^ :cQZ]O% :cQZ]O @; $$! ccTTTWaT TY_]ZO`N _TZY& >TRYP .ZSPY ?Pc_ LYO ,`_SZ]T_d TY _SP :WOP] @[LYT´LO^ 7PTOPY% -]TWW #& LYO 5ZPW ; -]P]P_ZY wv?L_ ?aLX ,^Tv TY .ZY_Pc_x E/8 ! $#!% $#$

:¿ TY _SP PL]WTP] @[LYT´LO^



_]LY^NPYOPYNd LYO LM^ZW`_P TXXLYPYNP 0\`T[[PO bT_S _ST^ ^dXMZWTN aLW`P T_ N]PL_P^ QZ] T_^PWQ YPb ]T_`LW NZY_Pc_^ LYO PaPY _]LY^QP]^ T_^PWQ TY_Z YPb _SPZWZRTNLW ^d^_PX^ ^`NS L^ _SP XZYZ_SPT^X ZQ ;L_LÓULWT _SP NZX[Z^P] Z] NZX[TWP] ZQ _SP DZRL>¼_]L^  TY bSTNS T_ LOaLYNP^ _Z MPNZXP _SP YLXP ZQ 2ZO ¯²aL]La£NLVL z YZ_ L MLO NL]PP] QZ] ^`NS L ^XLWW ^dWWLMWP

"

:¿ L^ w0^^PYNPx .S£YOZRdL@[LYT´LO

,^ PL]Wd L^ _SP 5LTXTY¯dL@[LYT´LO-]£SXL©L :¿ bL^ ]PRL]OPO L^ _SP P^^PYNP ZQ P^^PYNP^ LYO _ST^ TOPL LW^Z OZXTYL_P^ _SP QT]^_ NSL[_P] ZQ _SP .S£YOZRdL@[LYT´LO z bSTNS T^ []ZMLMWd _SP ZWOP^_ @[LYT´LO 3P]P _ZZ :¿ T^ _SP P^^PYNP ZQ _SP bSZWP `YTaP]^P% w?SP P^^PYNP ZQ _SP^P MPTYR^ T^ _SP 0L]_S _SP P^^PYNP ZQ _SP 0L]_S T^ bL _P] _SP P^^PYNP ZQ bL_P] T^ _SP [WLY_^ _SP P^^PYNP ZQ _SP [WLY_^ T^ XLYVTYO ?SP P^^PYNP ZQ XLYVTYO T^ WLYR`LRP _SP P^^PYNP ZQ WLYR`LRP T^ _SP SdXY ŽN _SP P^^PYNP ZQ _SP SdXY T^ ^TYRTYR ^£XLY LYO _SP P^^PYNP ZQ ^TYRTYR T^ _SP @ORÅ_SLx $

?SP @OR¯_SL T^ _SL_ [L]_TN`WL] [L^^LRP ZQ _SP >£XLY _SL_ T^ ^`YR _Z STRS YZ_P^ aP]d WZ`OWd LYO aP]d PYP]RP_TNLWWd LQ_P] _SP TY_]ZO`N_TZY bSTNS SL^ RPYP]LWWd XZOP]L_P Pc[]P^^TZY 4Y ^ZXP _]LOT_TZY^ _ST^ @OR¯_SL [L]_ ZQ _SP >£XLY TYaL]TLMWd MPRTY^ bT_S :¿ $!%

-PRTYYTYR ZQ _SP =L_SLY_L]L>£XLY ?SP @OR¯_SL [L]_ MPRTY^ bT_S wZX£O` mx ,_ _SP ^dWWLMWP wZX mx YZ_ ZYWd T^ L YPb WPaPW ZQ aZW`XP ]PLNSPO M`_ SP]P _SP XPWZOd LW^Z U`X[^ `[ XZ]P Z] WP^^ L \`L]_P] _ZYP TY [T_NS bSTNS T_ bL^ YZ_ [Z^^TMWP _Z ^SZb TY _SP YZ_L_TZY

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ P´£À MS¼_£Y£À [Ž_STaÅ ]L^Là [Ž_STad£ £[Z ]L^Z u[£X Z´LOSLdZ ]L^L Z´LOSÅY£À [`]`´Z ]L^Là [`]`´L^dL a£R ]L^Z a£NL ŽR ]L^L ŽNLà ^£XL ]L^Là ^£XYL `ORÅ_SZ ]L^Là gg .S@  $! 9Z_L_PO Md :8 Q]ZX L ]PNZ]OTYR XLOP Q]ZX L >Z`_S 4YOTLY ;L©“T_

!

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

,NNZ]OTYR _Z _SP .S£YOZRdL@[LYT´LO  _ST^ STRSWd PYP]RP_TN >£XLY ^PN_TZY bSTNS T^ TOPY_TQTPO bT_S :¿ T^ _SP XZ^_ TY_]TY^TN P^^PYNP ZQ _SP bSZWP APOL LYO _SP bSZWP bZ]WO% wF:¿ T^H _SP @OR¯_SL _SP \`TY_P^^PYNP ZQ F_SP^PH P^^PYNP^ _SP STRSP^_ FP^^PYNPHx $"

BSd LWW _SP^P ^`[P]WL_TaP^* 3P bSZ NZY_PX[WL_P^ _SP @OR¯_SL L^ :¿ wMPNZXP^ L ^TYRP] _Z ^TYR LWW OP^T]P^ ST_SP]x  ^PP LW^Z "z# 3P bSZ []ZYZ`YNP^ :¿ PX[SL_TNLWWd LN\`T]P^ wOPL_SWP^^YP^^ LYO QPL] WP^^YP^^x z  QZ] :¿ T^ _SP PYP]Rd ZQ WTQP % wBSPYPaP] SP F( _SP APOL [`[TWH ZM_LTY^ L FYPbH SdXY ST^ aZTNP uU`X[^v FQZ] UZdH bT_S w:¿x LYO T_ T^ PcLN_Wd _SP ^LXP bT_S L ^LN]TQTNTLW ^ZYR ^£XLY LYO L ^LN]TQTNTLW QZ]X`WL dLU`^  ?SPd L]P FLWWH ^Z`YO ^aL]L  0aP]d_STYR _SL_ _ST^ 4YPcSL`^_TMWP >dWWLMWP LV´L]L T^ T^ OPL_SWP^^ LYO QPL]WP^^ ,YO bSPY _SP RZO^ PY_P]PO TY_Z T_ _SPd MPNLXP OPL_SWP^^ ZYP^ LYO _SPd MPNLXP QPL]WP^^ ZYP^x $# w,YO ^Z _ZZ T^ L VYZbTYR F[P]^ZYH bSZ VYZb^ ^`NS _STYR^ YLXPWd _SL_ _ST^ ^dWWLMWP :¿ T^ WTQP []£©L  LYO _SPY SP _ZZ PY_P]^ TY_Z _SP 4YPc SL`^_TMWP >dWWLMWP TY_Z _SL_ bSTNS T^ OPL_SWP^^ TY_Z _SL_ bSTNS T^ QPL]WP^^ ,YO ^Z SP bTWW MP OPL_SWP^^ L^ _SP RZO^ L]Px $$

BSL_ OPQTYP^ :¿ [SPYZXPYZWZRTNLWWd L^ @OR¯_SL T^ _SL_ bSTNS T^ Od YLXTN PX[SL_TN LYO WTaTYR z _SL_ bSTNS T^ LN_TaP ZQ T_^PWQ LYO SL^ LY LYTXL_TYR PQQPN_ /PL_S LYO PaTW L]P ]P[PWWPO L^ WTVP L O]TPO Z`_ NWZO ZQ PL]_S ^XL^SP^ bSPY T_ ^_]TVP^ L SL]O ]ZNV "z# TQ ZYP VYZb^ _SL_ ZYPv^ ZbY M]PL_S ZQ WTQP T^ L w^TYRTYR Z`_x `OR¯_SL ZQ :¿ BSL_ T^ ]P\`T]PO SP]P T^ ]PNP[_TaP QPPWTYR z aP]d TYOTaTO`LW TY_P]YLW bLd^ ZQ Pc[P]TPYNTYR z YZ_ NZYaPY_TZYLW [P]NP[_TZY^ ?Z _SP .SLYOZRL^ _SP >£XLY ^TYRTYR T^ XZ]P _SLY ]T_`LW L[[WTNL_TZY z T_ T^ XPOT_L_TaP []LN_TNP WPLOTYR _Z ^PWQ]PLWTeL_TZY ?ST^ XPOT_L_TaP >£XLY ^TYRTYR ]PXTYO^ `^ aP]d ^_]ZYRWd ZQ _SP WL_P] []LN_TNP ZQ :¿ XPOT_L_TZY TY bSTNS _SP ^dWWLMWP T^ YZ WZYRP] `^PO TY ]T_`LW M`_ XZ]P TY Z]OP] _Z TYO`NP _]LYNPWTVP ^_L_P^ .SL]LN_P]T^_TNLWWd _SP @[LYT´LO LW^Z XPY_TZY^ wNZY_PX[WL_TZY^x ZQ _SP M]PL_S bSTNS ^_TWW ]P[]P^PY_ P^^PY_TLW _PNSYT\`P^ ZQ XPOT_L_TZY PaPY _ZOLd -d NZY_]L^_ _SP NZY_Pc_ ZQ _SP ^LN]TQTNP SL^ MPNZXP _Z_LWWd T]]PWPaLY_ ?SP Y`XP]Z`^ NZY_PX[WL_TZY^ ZQ >£XLY ^TYRTYR OZ YZ_ ]PWL_P _Z _SP [Sd^TNLW ]T_`LW M`_ NLY MP [P]QZ]XPO LYdbSP]P L^ TYOTaTO`LW XPOT_L_TaP []LN_TNP^ ?Z PY_P] TY_Z P_P]YT_d ZYP OZP^ YZ_ YPPO _Z M`TWO `[ L _SZ`^LYO M]TNV^ LYO NZ`Y_ ZQQ L _SZ`^LYO ^dWWLMWP^ ZQ SdXY^ LYd XZ]P 4_ SL^ LWW MPNZXP X`NS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $" ^L P´L ]L^£Y£À ]L^L_LXLà [L]LXLà dLO `ORÅ_SLà gg .S@  $# dLO£ a£ ŽNLX £[YZ_d ZX T_d Pa£_T^aL]L_d PaLÀ ^LXLTaLÀ dLU`]PaL ` ^aL]Z dLO P_LO LV´L]LX P_LO LXŽ_LX LMSLdLÀ _L_ []LaT²dL OPa£ LXŽ_£ LMSLd£ LMSLaLY gg .S@  $$ ^L dL P_LO PaLÀ aTOa£Y LV´L]LÀ []L©L`_d P_LO Pa£V´L]LÀ ^aL]LX LXŽ_LX LMSLdLÀ []LaT²L_T _L_ []LaT²dL dLO LXŽ_£ OPa£^ _LO LXŽ_Z MSLaL_T gg .S@  

:¿ TY _SP PL]WTP] @[LYT´LO^

"

^TX[WP] =T_P^ L]P MPNZXTYR TYN]PL^TYRWd TY_P]NSLYRPLMWP 1Z] TY^_LYNP _SP .S£YOZRdL@[LYT´LO z YL]]L_P^ SZb -LVL /£WMSdL _SP QZ`YOP] ZQ L ^NSZZW XLOP L [LNV ZQ OZR^ MPRRTYR QZ] QZZO ^TYR LYO OLYNP _SP Pc_]PXPWd ^LN]PO -LST´[LaLX£YL>_LaL ^Z _SL_ _SPd bZ`WO RP_ ^ZXP_STYR _Z PL_ z LY TOPL _SL_ bZ`WO ^Z`YO ]L_SP] _]L`XL_TN _Z -]LSXTY^ ^TYNP OZR^ bP]P LYO ^_TWW L]P ^PPY L^ _SP PXMZOTXPY_ ZQ `Y NWPLYWTYP^^ LYO ZQ PaTW 3ZbPaP] _SP RZLW ZQ _SP .S£YOZRdL@[LYT´LO T^ YZ WZYRP] _SP XLRTNLW LN\`T^T_TZY ZQ QZZO NZb^ LYO ^ZY^ M`_ VYZbWPORP TY _SP ^PY^P ZQ LY TY_`T_TaP LYO NZX[WP_P aT^TZY ZQ _SP NZ^XZ^% w?]`Wd LWW _ST^ T^ YZ_STYR M`_ _SP ^Z`YO :¿ ?]`Wd LWW _ST^ T^ YZ_STYR M`_ _SP ^Z`YO :¿x 

?SP _PYOPYNd _ZbL]O^ TY_P]YLWTeL_TZY bSTNS bP QTYO PaPY TY _SP PL]WTP^_ @[LYT´LO^ MPNZXP^ ]PTYQZ]NPO ZaP] _SP NZ`]^P ZQ _TXP ?SP L^[PN_ ZQ YL_`]LW [STWZ^Z[Sd TY _SP .S£YOZRdL@[LYT´LO bSTNS NLXP Q]ZX _SP -]£SXL©L^ _`]Y^ NZX[WP_PWd TY_Z [^dNSZWZRd LYO RYZ^T^ TY _SP WL_P] @[LYT´LO _Pc_^ , ^Z_P]TZWZRd ZQ WTMP]L_TZY Q]ZX _SP bZ]WO ZQ ^`QQP]TYR L[[PL]^ SP]P QZ] _SP QT]^_ _TXP bSTNS ^`]aTaP^ TY WL_P] _]LOT_TZY^ ZQ L^ NP_TNT^X LYO DZRL LYO QZ]X`WL_P^ L _Z_LWWd YPb [TN_`]P ZQ _SP bZ]WO ?SP ^dXMZWT^X ZQ _SP ^LN]TQTNP NLYYZ_ TY^[T]P S`XLY MPTYR^v TXLRTYL _TZY LYd XZ]P& T_ SL^ XZaPO ZY _Z_LWWd TY_Z _SP ]PRTZY^ ZQ _SP TY_P]YLW LYO _SP XP_L[Sd^TNLW ?SP YPb N]PL_TaP _PLNSTYR^ LMZ`_ VL]XL  ^PWQ VYZbWPORP TXXZ]_LWT_d LYO Q]PPOZX NLXP L[[L]PY_Wd YZ_ ZYWd Q]ZX -]LSXTY^ M`_ LW^Z Q]ZX XPXMP]^ ZQ _SP ]`WTYR NWL^^P^ V´L_]TdL LYO Z_SP] ^ZNTLW R]Z`[^ -`_ ^`]PWd -]LSXTY^ SLaP MPPY _SP NZX[Z^P]^ LYO _]LY^XT__Z]^ ZQ _SP PL]Wd @[LYT´LO^ LYO LW^Z _SPT] XLUZ] NZY^`XP]^ ^PPVTYR ^`MUPN_TaP ^PY^P TY ^LN]TQTNP LYO [L]_TNT[L_TZY TY NZ^XTN `YT_d ?SP @[LYT´LO P[ZNS PcSTMT_^ QPL_`]P^ _d[TNLW ZQ LY PXP]RTYR XZO P]Y [P]TZO% _SP Y`XTYZ`^ SL^ ^S`_ T_^PWQ LbLd NZX[WP_PWd TY _SP TY_P]YLW bZ]WO ?SP]P T^ LY Pc_]PXP TYOTaTO`LWTeL_TZY ZQ ]PWTRTZ^T_d ?SP APOTN ]T_`LW^ NZY_TY`P _Z PcT^_ M`_ _SPd L]P ^PN`WL]TePO LYO YZb QLWW bT_STY _SP ^[SP]P ZQ _SP []ZQLYP MPNL`^P SP]P wZYWd bZ]WOWd RZZO^ L]P _SP RZLWx 1Z] _ST^ ]PL^ZY _SPd ZQ_PY MPNZXP [P_]TQTPO TY_Z [`]P NZYaPY_TZY , STP]L]NSd ZQ MPL_T_`OP^ OPaPWZ[^ bT_STY _ST^ OTQQP]PY_TL_TZY ZQ LY TYOTaTO`LWTePO ^Z_P]TZWZRd ?SP ^`[P]YL_`]LW T^ [WLNPO LMZaP _SP bZ]WOWd BSP]PL^ []PaTZ`^Wd ZYP SLO LY TY_PR]L_TaP `YOP]^_LYOTYR ZQ _SP ]T_P bSTNS R`L]LY_PPO ZYP _SP UZd^ ZQ _ST^ bZ]WO LYO ZQ _SP Z_SP] bZ]WO TY P\`LW XPL^`]P YZb ZYP bL^ ZYWd ^PPVTYR bSL_ T^ P_P]YLW PaPY TY _ST^ WTQP ?ST^ [Z^T_TZY N`WXTYL_P^ TY _SP 8TOOWP ,RP^ TY ±L«VL]Lv^ ,OaLT_LAPO£Y_L LYO _SP YZ_TZY ZQ wMPTYR WTMP]L_PO TY WTQPx U¯aLY X`V_T  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ZÀV£]L PaPOLÀ ^L]aLX ZÀV£]L PaPOLÀ ^L]aLX m .S@ 

#

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

"

7LYR`LRP >VP[_TNT^X ?LT__T]ÅdL@[LYT´LO

-PNL`^P TOPL^ ZQ _SP ^`[P]YL_`]LW bP]P [Z[`WL] O`]TYR _SP P[ZNS ZQ _SP @[LYT´LO^ _ST^ bL^ L MLO _TXP QZ] NZb^ LYO LW^Z QZ] WLYR`LRPNZb^ 4Y Z_SP] WP^^ XP_L[SZ]TNLW bZ]O^ _SP OT^TY_P]P^_ TY _SP bZ]WO NZTYNTOP^ bT_S L OT^TY_P]P^_ TY WLYR`LRP LYO T_^ WL]RP^NLWP PcNW`^TZY Q]ZX _SP bZ]WO ZQ ]PWTRTZY >TYNP TY _SP RYZ^T^ ZQ _SP @[LYT´LO^ L YZYaP]MLW VYZbWPORP bL^ [Z^_`WL_PO LYO _SP LNNP^^ _Z _ST^ VYZbWPORP bL^ XPOT_L _TaP LYO NZY_PX[WL_TaP WLYR`LRP WZ^P^ LWW ZQ T_^ NZ^XTN ^Z_P]TZWZRTNLW Q`YN_TZY ?SP Sd[Z^_L^T^ ZQ WLYR`LRP `YOP]RZP^ L RPYP]LW ]PNP^^TZY 1Z] PcLX[WP _SP ?LT__T]ÅdL@[LYT´LO bSTNS MPWZYR^ _Z _SP ?LT__T]¯dL ^NSZZW ZQ _SP DLU`]APOL ^Ld^ _SP QZWWZbTYR% w1]ZX bSPYNP WLYR`LRP LYO _SZ`RS_ ]P_`]Y L^ _SPd OZ YZ_ ]PLNS T_ _SL_ T^ _SP MWT^^ ZQ _SP -]LSXLY LYO QZ] SP bSZ VYZb^ T_ _SP]P T^ YZ WZYRP] LYd ]PL^ZY QZ] QPL]x 

?SP ?LT__T]ÅdL@[LYT´LO ./ " OPQTYP^ _ST^ YPb -]LSXLY OPaZTO MZ_S ZQ _SP ^PY^P^ LYO ZQ WLYR`LRP L^ w ^L_dLÀ UÓ£YLX LYLY_LX x _SL_ bSTNS T^ w_]`Wd PcT^_TYR [`]P NZY^NTZ`^YP^^ LYO TYQTYT_dx ?SP WTYV MP_bPPY PcT^_PYNP LYO NZY^NTZ`^YP^^ bT_STY TYQTYT_d LWWZb^ -]LSXLY _Z MP _SP ]ZZ_ NL`^P QZ] _SP PcT^_PYNP ZQ _SP ^Z`W LYO ZQ _SP bZ]WO% w1]ZX bSPYNP _SP^P bZ]WO^ L]T^P _SL_ _S]Z`RS bSTNS _SPd WTaP LQ_P] _SPT] MT]_S LYO _SL_ bSTNS _SPd ]PPY_P] LQ_P] _SPT] OPL_S z Pc[WZ]P _ST^ 4_ T^ -]LSXLY  x 

BSL_ OZP^ _ST^ Pc[WZ]L_TZY ZQ -]LSXLY NZY^T^_ ZQ* ,^ TY _SP .S£Y OZRdL@[LYT´LO  _ST^ T^ YZ_ L ]PQP]PYNP _Z LYd aP]MLWTePO VYZbWPORP M`_ _Z L RYZ^_TN TY^TRS_ _SL_ SL^ TX[LN_ ZY MZOd LYO ^Z`W ?SP TX[Z]_LY_ L^[PN_ T^ YZ_ LN_`LWWd _SP OPQTYT_TZY ZQ -]LSXLY M`_ _SP Pc[P]TPYNP ZQ T_ L^ RPY`TYPWd QPW_ wMWT^^x £YLYOL  ?SP OPQTNTLY_ NZXX`YTNLMTWT_d ZQ -]LSXLYVYZbWPORP T^ QZ`YOPO TY _ST^ [`]P ^`MUPN_TaT_d LYO TYYP] VYZbWPORP :Y _SP Z_SP] SLYO TQ ^`NS Pc[P]TPYNP ZQ MWT^^ ]PLWWd ZNN`]^ _SP ^VP[_TNT^X LMZ`_ WLYR`LRP WZ^P^ T_^ ML^T^ LYO _ST^ T^ LW^Z ]PQWPN_PO TY _SP ^_]`N_`]P ZQ _SP _Pc_ ,_ _SP PYO ZQ _SP ?LT__T]ÅdL@[LYT´LO _SP WPL]YPO OT^N`]^TaP WLYR`LRP NSL]LN_P]TeTYR _SP @[LYT´LO^ PW^PbSP]P T^ ]P[WLNPO Md _SP SdXYTN PcNWLXL_TZY _SL_ L[[PL]^ SP]P TY _SP QZ]X ZQ L >£XLY ?ST^ SdXYTN PcNWLXL_TZY T^ YZ WZYRP] LY Pc[WLYL_TZY M`_ _SP ^`MUPN_TaP Pc[]P^^TZY ZQ _SP MWP^^PO Pc[P]TPYNP ZQ -]LSXLY .ZY^TOP] _SP Pc_]L WPYR_SPYTYR ZQ _SP aZbPW^ bSTNS `YOP]WTYP^ _SP PN^_L_TN ]`[ _`]P% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  dL_Z a£NZ YTaL]_LY_P g L[]£[dL XLYL^£ ^LSL g £YLYOLÀ M]LSXL©Z aTOa£Y g YL MTMSP_T VLO£NLYP_T g m ?LT@   m dL_Z a£ TX£YT MS¼_£YT U£dLY_P g dPYL U£_£YT UÅaLY_T g dL_ []LdLY_d LMST^LÀaT²LY_T g _LO aTUÓ£^L^aL gg ?LT@ 

:¿ TY _SP PL]WTP] @[LYT´LO^

$

S£a` S£a` S£a` g LSLX LYYLX LSLX LYYLX LSLX LYYLX g LSLX LY Y£OZ uSLX LYY£OZ uSLX LYY£OLà g  w,LLWWPW`TL ,WWPW`TL ,WWPW`TL 4 LX YZ`]T^SXPY_ 4 LX YZ`]T^SXPY_ 4 LX YZ`]T^SXPY_ 4 LX _SP ZYP bSZ NZY^`XP^ _SP YZ`]T^SXPY_ 4 LX _SP ZYP bSZ NZY^`XP^ _SP YZ`]T^SXPY_ 4 LX _SP ZYP bSZ NZY^`XP^ _SP YZ`]T^S XPY_ x ?LT_@[  z! 

4Y _SP ?LT__T]ÅdL@[LYT´LO # TY LOOT_TZY _Z _SP QLXTWTL] ^PY_PYNP Q]ZX _SP .S£YOZRdL@[LYT´LO  w:¿ T^ _ST^ bSZWP bZ]WOx bP LW^Z QTYO _SP ^_L_PXPY_ w:¿ T^ -]LSXLY FQZ]H :¿ T^ _SP LNNZX[LYTXPY_ LY`VŽ_T F_Z _SP APOTN ]T_`LWHx BSP]PL^ _SP .S£YOZRdL@[LYT´LO ]PTY QZ]NP^ _SP P^^PY_TLWT^_TN L^[PN_ ZQ :¿ _SP ?LT__T]ÅdL@[LYT´LO ^PP^ :¿ ]L_SP] L^ LY LYLWZRd QZ] _SP bSZWP NZ^XZ^ LYO Pc[WLTY^ _ST^ TY _P]X^ ZQ _SP _]LOT_TZYLW Q`YN_TZY^ ZQ :¿ TY _SP QZ`] XLTY []TP^_^v ZQQTNP^% wBT_S u:¿v F_SP ^TYRTYR []TP^_^H ^TYR _SP >£XLY BT_S u:¿ ±ZÀv F_SP NLWWTYR []TP^_^H ]PNT_P _SP SdXY^ BT_S u:¿v _SP ,OSaL]d` L[[WL`O^ STX BT_S u:¿v _SP -]LSXLY []TP^_ RTaP^ ST^ L^^PY_ m u:¿v T^ ^LTO Md L -]LSXLY bSPY SP []ZaTOP^ L FXd^_TNLWH Pc[WLYL_TZY ZQ XPLYTYR bT_S _SP _SZ`RS_ u4 ^SLWW LNSTPaP -]LSXLYvx 

0aPY _SP ?LT__T]ÅdL@[LYT´LO bSTNS T^ RPYP]LWWd ^_PP[PO TY L]R`XPY_^ ZQ _]LY^NPYOPY_LW [STWZ^Z[Sd ^_TWW Pc[WLTY^ T_^ TY_P]P^_ TY NLWWTYR u:¿v TY _P]X^ ZQ APOTN ^LN]TQTNTLW Xd^_TNT^X ?SP ]T_`LW T^ LY LYLWZRd ZQ _SP bZ]WO LYO :¿ LN\`T]P^ T_^ Q`YN_TZY L^ L ^dXMZW ZQ PaP]d_STYR Md MPTYR []P^PY_ _S]Z`RSZ`_ LWW ]T_`LW [L^^LRP^ ?SP NLWW ZQ :¿ LaZTO^ WLYR`LRP ^VP[_TNT^X MPNL`^P T_ T^ YZ_ ]PLWWd ^_]TN_Wd `YOP]^_ZZO L^ WLYR`LRP M`_ TY^_PLO X`NS XZ]P TY Q`YN_TZYLW _P]X^ :¿ SL^ L ^[PNTLW ]PWL_TZY^ST[ bT_S -]LSXLY _SP Xd^_P]TZ`^ NZYYPN_TZY `[ZY bSTNS LWW ]T_`LW SZ XZWZRTP^ L]P ML^PO -`_ PaPY _ST^ ]T_`LW -]LSXLY T^ ZYWd ZQ LYd TY_P]P^_ TY _SP @[LYT´LO MPNL`^P T_ T^ `YOP]^_ZZO L^ L ]LOTNLW XP_L[SZ] Z] _Z_LW ]P[]P^PY_L_TZY QZ] _SP XP_L[Sd^TNLW NL`^P ZQ _SP PcT^_PYNP ZQ _SP bZ]WO _SP _]LY^NPYOPY_LW -]LSXLY :¿ T^ _SP ^dXMZW ZQ _SP _]LY^NPYOPY_LW -]LSXPY U`^_ L^ T_ T^ _SP ^dXMZW ZQ _SP ]T_`LW -]LSXLY @YWTVP _SP .S£YOZRdL@[LYT´LO _SP TX[Z]_LY_ _STYR^ SP]P L]P YZ_ ZYWd _SL_ T_ T^ LY LTO _Z XPOT_L_TZY M`_ LW^Z _SP QTYOTYR ZQ L XP_LWTYR`T^_TN NZOPbZ]O QZ] _SP ,M^ZW`_P bSTNS WLYR`LRP NLY YZ WZYRP] OPQTYP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  BSTNS T^ _Z ^Ld w4 LX XL__P] 4 ]`WP ZaP] XL__P]x @YWTVP w,WWPW`TLx _SP Z]TRTYLW wS£a`x T^ L YZY^PXLY_TN NLWW LW_SZ`RS T_ SL^ _SP ^LXP [Z^T_TaP PX[SL_TN NSL]LN_P]  ZX T_T M]LSXL g ZX T_ÅOLÀ ^L]aLX g ZX T_d P_LO LY`VŽ_TFàH m ZX T_T ^£X£YT R£dLY_T g ZÀ ²ZX T_T ²L^_]£©T ²LÀ^LY_T g ZX T_d LOSaL]d`à []L_TRL]LÀ []L_TRŽ©£_T g ZX T_T M]LSX£ []L^_L`_T g m ZX T_T M]£SXL©Là []LaLV´dLYY £SL M]LSXZ[£[YLa£YÅ_T g ?LT@ # >ZXP ]P^PL]NSP]^ L^^`XPO _SP QT]^_ ZQ _SP _S]PP NSL[_P]^ ZQ _SP ?LT__T]¯dL @[LYT´LO NLWWPO ±TV´£aLWWT _Z MP L ^P[L]L_P _Pc_ 4_ []P^PY_^ _SP @[LYT´LO L^ _SP ^P N]P_ `YOP]WdTYR _]`_S ZQ _SP APOL LYO _SP `YTaP]^P L^ L wNZ^XTN _Pc_ bSP]P _SP OTQ QP]PY_ [L]_^ L]P UZTYPO _ZRP_SP] WTVP _SP bZ]O^ TY _]LOT_TZYLW APOTN ]PNT_L_TZYx .Q .ZSPY ?Pc_ LYO ,`_SZ]T_d  $ Q

 

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

#

:¿ TY _SP WL_P] @[LYT´LO^

?SP PL]WTP] @[LYT´LO^ L]P LY TY_PR]LW [L]_ ZQ _SP APOL ZQ L NP]_LTY ^NSZZW M`_ YZ_ _SP WL_P] @[LYT´LO^ ?SP^P L]P _Pc_^ _SL_ ^TX[Wd PcT^_ ^ZXPbSP]P L^^ZNTL_PO bT_S _SP APOL ZYWd MPNL`^P ZQ _SP STRS ]PRL]O TY bSTNS _SPd L]P SPWO 8Z^_ ZQ _SPX L]P QZ]XLWWd LWWZNL_PO _Z _SP ]L_SP] NZY_]ZaP]^TLW ,_SL]aLAPOL  bSTNS bL^ YZ_ ]PNZRYTePO L^ L APOL `Y_TW L WL_P] OL_P LW_SZ`RS _SPd OZ YZ_ YPNP^^L]TWd SLaP LYd_STYR _Z OZ bT_S T_^ NZY_PY_ ?SP^P _Pc_^ NLY L]_TN`WL_P \`T_P L ]LYRP ZQ OTQQP]PY_ ]PWTRTZ`^ TOPL^ >ZXP ZQ _SPX L]P NZYNP]YPO bT_S _]LY^NPYOPY_LW [STWZ^Z[Sd& ^ZXP LTX _Z [Z[`WL]TeP YPb ]T_P^& XLYd @[LYT´LO^ L]P L^^ZNTL_PO bT_S YPb 7Z]O 2ZO^& LYO L QPb L]P PaPY NZYNP]YPO bT_S YL_`]LW [STWZ^Z[Sd

#

:¿ L^ ?ZZW QZ] .ZY_PX[WL_TZY 8`©“LVL@[LYT´LO

BSTWP _SP PL]WTP] @[LYT´LO^ L]P LOO]P^^PO PcNW`^TaPWd _Z []LN_TNTYR -]LSXTY^ ^PPVTYR _Z ]PQWPN_ ZY _SP ^LN]TQTNTLW N`W_ Q]ZX bT_STY LYO _Z ]P^ZWaP T_ ^ZXP ZQ _SP WL_P] @[LYT´LO^ Z]TRTYL_PO TY ]PWTRTZ`^ R]Z`[^ bSZ SLO LMLYOZYPO _SP APOTN ^LN]TQTNP NZX[WP_PWd LYO SLO _SPT] ZbY ]T_P^ ?SP 8`©“LVL@[LYT´LO  QZ] PcLX[WP T^ LOO]P^^PO _Z _SP YPb ]PWTRTZ`^ R]Z`[ ZQ _SP ]PY`YNTL_P^ ^LYYd£^TY  TP _Z _SZ^P SLO WPQ_ _SP ZWO ^LN]TQTNTLW ]PWTRTZY bSZ WTaPO Z`_ _]`P wOPYTLW ZQ _SP bZ]WOx TY 8Lc BPMP]v^ ^PY^P L^ T_TYP]LY_ MPRRTYR XZYV^ ,NNZ]OTYR _Z _SP WL_P] -]LSXLYTN _]LOT_TZY ^`NS L ^_LRP ZQ WTQP £²]LXL T^ ZMWTRL_Z]d L^ _SP WL^_ ^_LRP ZQ WTQP QZ] _SP _Z[XZ^_ _S]PP ^ZNTLW NWL^^P^ 8`©“L XPLY^ w^SZ]Yx ^Z TY L WT_P]LW _]LY^WL_TZY bP L]P _LWVTYR LMZ`_ wTY^_]`N_TZY^ QZ] MLWO SPLO^x XPLYTYR w_SZ^P bSZ ]PYZ`YNP _SP bZ]WOx bSZ RTaP `[ LWW _SPT] [Z^^P^^TZY^ TYNW`OTYR _SPT] SLT] ?SPd _Z_LWWd ]PUPN_ _SP ^LN]TQTNP LYO T_^ ^dXMZW^ L^ ^`NS bT_S _SP PcNP[_TZY ZQ :¿ ?SP L^NP_TN^ _S`^ ]PYZ`YNP YZ_ ZYWd _SPT] XL_P]TLW [Z^^P^^TZY^ M`_ LW^Z _SPT] ^[T]T_`LW [Z^^P^^TZY _SP APOL BT_S _SP NZ^XTN XLY_]L wMS¼à F( PL]_SH ^a£S£x _SPd XPY_LWWd _S]Zb _SPT] APOL TY_Z _SP bL_P] bSTNS XPLY^ _SL_ _SPd ^LN]TQTNP T_ ^dXMZWTNLWWd  ?SP XLY_]L :¿ T^ _SP ZYWd XLY_]L _SL_ T^ ]P_LTYPO MPNL`^P T_ OZP^ YZ_ M]TYR LYd ]PbL]O QZ] [P] QZ]XTYR L ^LN]TQTNP ?ST^ YZ_TZY NLY MP OT]PN_Wd OP]TaPO Q]ZX _SP ]T_`LW PcPRP^T^ ZQ _SP -]£SXL©L^ 0aPY _SP]P :¿ bL^ ]PRL]OPO L^ LY P^Z_P]TN XLY_]L _SL_ ]PWL_P^ ZYWd _Z _SP Z_SP] bZ]WO bSTWP _SP _S]PP NZ^XTN NLWW^ MS¼à MS`aLà ^aLà wPL]_S LT] SPLaPY^x OP^TRYL_P _SP _S]PP [L]_^ ZQ _ST^ bZ]WO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP LW^Z 5£M£WL@[LYT´LO !

:¿ TY _SP WL_P] @[LYT´LO^

 

?SP]PQZ]P TY _SP ^Z_P]TZWZRTNLW NZY_Pc_ ZQ LWW _SP PWPXPY_^ ZQ _SP ^PN`WL]TePO ^LN]TQTNP T_ T^ :¿ _SL_ ]P_LTY^ T_^ ZbY ^LN]POYP^^ >PN`WL]T eL_TZY ZQ _SP ^LN]TQTNP T^ XPY_TZYPO Pc[WTNT_Wd TY _SP 8`©“LVL @[LYT´LO  ! :YP XTRS_ LWXZ^_ bLY_ _Z ^Ld _SL_ _SP Q`]_SP] ZYP OT^_LYNP^ ZYP^PWQ Q]ZX _SP ^LN]TQTNP _SP XZ]P :¿ NZXP^ _Z _SP QZ]P ,YO T_ T^ _ST^ @[LYT´LO TY bSTNS :¿ L[[PL]^ QZ] _SP QT]^_ _TXP L^ L _ZZW QZ] NZY _PX[WL_TZY \`T_P TYOP[PYOPY_ LYO OP_LNSPO Q]ZX _SP NZY_Pc_ ZQ _SP ^LN]TQTNP% w:YP ^SZ`WO _LVP `[ _SP MZb ZQ _SP @[LYT´LO^ _ST^ [ZbP]Q`W bPL[ZY LYO ^PWPN_ LY L]]Zb ^SL][PYPO Md NZY_PX[WL_TZY :YP ^SZ`WO ^_]TYR F_SP ^TYPbH TY _SZ`RS_ ZY _SP ^_L_P ZQ -]LSXLY& _SP RZLW MPTYR ^ZWPWd _SP w4Y PcSL`^_TMWPx LV´L]LX F( -]LSXLYH 1Z] :¿ T^ _SP MZb _SP ^PWQ T^ _SP L] ]Zb LYO -]LSXLY T^ _SP RZLW m ?ST^ ^PWQ £_XLY LWZYP T^ bSL_ dZ` SLaP _Z ]PNZRYTeP RTaTYR `[ PaP]d Z_SP] FQZ]X ZQH WLYR`LRP ?ST^ FLWZYPH T^ _SP M]TORP _Z TXXZ]_LWT_dx "

3P]P _SP TXXLYPY_ YL_`]P ZQ :¿ :¿ T^ PaP]d_STYR ]PNPOP^ TY_Z _SP MLNVR]Z`YO TY NZX[L]T^ZY bT_S _SP PL]WTP] @[LYT´LO^ LYO LYZ_SP] NZY ^_]`N_TZY NZXP^ _Z _SP QZ]P% :¿ MPNZXP^ L NZOPbZ]O QZ] _SP ]LOTNLW _]LY^NPYOPYNd _L`RS_ TY _ST^ @[LYT´LO :¿ ^`RRP^_^ T_^PWQ SP]P MPNL`^P T_ OZP^ YZ_ PY_LTW LYd ]PbL]O TY _ST^ bZ]WO `YWTVP _SP ^LN]TQTNTLW WLY R`LRP LYO LN_TZY LYO _SP]PQZ]P OZP^ YZ_ SLaP LYd ]PWPaLYNP L_ LWW _Z Z`] _]LY^T_Z]d bZ]WO ZQ XP]P L[[PL]LYNP^ :YWd QZ] _ST^ ]PL^ZY NLY T_ MPNZXP _SP wMZbx z _SL_ T^ _SP ^_L]_TYR [ZTY_ LYO TY^_]`XPY_ z ZQ _SP NZY_PX[WL_TZY ZQ -]LSXLY 4_ T^ _SP ZYWd bZ]O TY S`XLY WLYR`LRP _SL_ [L]_TNT[L_P^ TY _SP Z_SP]bT^P LM^ZW`_P _]LY^NPYOPYNd ZQ -]LSXLY # -`_ :¿ T^ ZYWd L M]TORP _Z _SP 0aP]WL^_TYR z T_ T^ YZ_ _SP 0aP]WL^_ TYR T_^PWQ ?SP]PQZ]P _SP Pc[]P^^TZY w4YPcSL`^_TMWPx ,V´L]L  T^ YZ_ `^PO QZ] :¿ M`_ ZYWd QZ] -]LSXLY 3P]P _SP ,V´L]L Xd_S SL^ LW]PLOd MPPY T]]PaZNLMWd M]ZVPY 1T]^_ T_ SL^ MPNZXP L [`]PWd XP_L[Sd^TNLW _P]X bSTNS YZ WZYRP] SL^ LYd_STYR L_ LWW _Z OZ bT_S _SP Xd^_P]TZ`^ Z]TRTYLW ^Z`YO ZQ _SP ‹V>LÀST_£ Z] bT_S [Sd^TNLW ^dWWLMWP^ LYO ^PNZYOWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q 8`©“@  " OSLY`] RŽSÅ_aL`[LYT´LOLÀ XLS£^_]LÀ ²L]LÀ Sd `[£^£YT²T_LÀ ^LYOLOSÅ_L g £dLXdL _LOMS£aLRL_PYL NP_L^£ WLV´dLÀ _LO Pa£V´L]LÀ ^ZXdL aTOOST gg []L©LaZ OSLY`à ²L]Z Sd £_X£ M]LSXL _LWWLV´dLX `NdL_P g L[]LXL__PYL aPOOSLadLÀ ²L]LaL_ _LYXLdZ MSLaP_ gg m _LX PaLTVLÀ U£YL_SL £_X£YLX LYd£ a£NZ aTX`ÓNL_S£XŽ_L^dLT´L ^P_`à gg 8`©“@ z  # ?SP L^^ZNTL_TZY MP_bPPY :¿ LYO ]LOTNLW _]LY^NPYOPYNd T^ ZYP L^[PN_ ZQ _ST^ ^dWWLMWP _SL_ T^ ^_TWW PX[SL^TePO _ZOLd ?SP []PaLTWTYR Z[TYTZY T^ _SL_ ]P[P_T_TZY ZQ _SP ^dWWLMWP :¿ ^SZ`WO MP ]P^_]TN_PO _Z L^NP_TN^ 4_ XLd MP aP]d OLYRP]Z`^ QZ] SZ`^PSZWOP]^ MP NL`^P LNNZ]OTYR _Z [Z[`WL] Z[TYTZY `YNPL^TYR []LdP] ZQ :¿ WPLO^ _Z OT^TY_P]P^_ TY _SP bZ]WO z LYO NZY^P\`PY_Wd _Z YPRWPN_ ZQ QLXTWd O`_TP^

 

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

wLV´L]Lx YZb L[[PL]^ XP]PWd L^ L _PNSYTNLW _P]X QZ] w^dWWLMWPx TY _SP ^PY^P ZQ L R]LXXL_TNLW Z] []Z^ZOTN ^dWWLMWP

#

:¿ L^ >`[P]^_]`N_`]P 8£©“¼VdL@[LYT´LO

,YZ_SP] R]Z`[ ZQ WL_P] @[LYT´LO^ T^ OPOTNL_PO _Z :¿ TY \`T_P L OTQQP] PY_ XLYYP] ?SPd ZYNP XZ]P _LVP `[ LYO [`]^`P _SP _]TLOTN TY_P][]P_L _TZY ZQ _SP _S]PP ^Z`YO^ TY :¿ w,x w@x LYO w8x ZQ _SP -]£SXL©L^ 4_ T^ ^_TWW [Z[`WL] _Z aTPb :¿ L^ LY LMM]PaTL_TZY ^_LYOTYR QZ] _SP bSZWP APOL ,NNZ]OTYR _Z _SP ;]L²YL@[LYT´LO z  :¿ NZYOPY^P^ _SP _S]PP APOL^ TY _SPT] PY_T]P_d 3P]P :¿ ^_LYO^ QZ] MZ_S _SP wWZbP]x LYO _SP wSTRSP]x -]LSXLY TP P\`LWWd QZ] bZ]WOWd LYO ^`[P]YL_`]LW RLTY 5`^_ L^ TY PL]WTP] _TXP^ _SP _S]PP ^Z`YO^ ZQ :¿ ]P[]P^PY_ _SP _S]PP AP OL^  ‹VDLU`à>£XLY   _SP _S]PP bZ]WO^ PL]_S LT] LYO SPLaPY^ LYO _SP ]PWPaLY_ waTN_Z]TP^x ZaP] _SP^P bZ]WO^ :YP LNSTPaP^ R]PL_YP^^ TY _SP bZ]WO ZQ XPY aTL _SP ‹N SdXY^ bSTWP _SP DLU`^ ^LdTYR^ WPLO TY_Z _SP bZ]WO ZQ _SP XZZY LYO QTYLWWd _SP >£XLY ^ZYR^ bT_S _SP NZXMTYL _TZY ZQ LWW _S]PP ^Z`YO^ TY :¿ WTQ_ ZYP TY_Z _SP bZ]WO ZQ WTRS_ -`_ `YWTVP _SP -]£SXL©L _ST^ WTRS_bZ]WO T^ TY_P][]P_PO L^ _SP bZ]WO ZQ -]LSXLY M]LSXLWZVL  TY bSTNS _SP w^[T]T_`LW MPTYR _SL_ WTaP^ TY _SP NT_d FZQ _SP MZOdHx $ T^ [P]NPTaPO z _SL_ T^ _SP TXXZ]_LW ^Z`W ?SP 8£©“¼VdL@[LYT´LO T^ OPOTNL_PO PcNW`^TaPWd _Z :¿ 4YOP [PYOPY_ ZQ _SP YPbWd LN\`T]PO [P]QZ]XLYNP ZQ _SP ^dWWLMWP LXZYR^_ _SP L^NP_TN^ TY _bPWaP ^SZ]_ aP]^P^ T_ OPaPWZ[^ LY TY_P][]P_L_TZY ZQ _SP bZ]WO _SL_ T^ ML^PO ZY :¿ ?SP TY_P][]P_L_TZY T^ ^_]TN_Wd P[T^_PXZWZRT NLW LYO _S`^ _LVP^ L NZX[WP_PWd YPb [L_S ?ST^ aP]d ^[PNTLW :¿ Xd^_T NT^X MPNLXP PcNP[_TZYLWWd [ZbP]Q`W ?SP @[LYT´LO MPRTY^ bT_S _SP NWL^^TNLW ^_L_PXPY_% w:¿ ?ST^ ^dWWLMWP T^ LWW _ST^x 

-`_ TY _SP 8£©“¼VdL@[LYT´LO :¿ T^ YPT_SP] P^^PYNP YZ] LY TXLRP ZQ _SP bZ]WO& TY^_PLO T_ T^ `YOP]^_ZZO L^ L ^_]`N_`]LW [L__P]Y QZ] _SP NZ^ XZ^ :¿ T^ _SL_ bSTNS T^ bSTNS bL^ LYO bSTNS ^SLWW MP bSTW^_ ^TX`W_L YPZ`^Wd Pc_PYOTYR MPdZYO _TXP a  :¿ T^ -]LSXLY _SP wQZ`] XP_P]POx NL_`´[£_ ^PWQ ZQ LWW _SL_ T^ a  ?SP QT]^_ XP_P] _SP L ^Z`YO T^ _SP bLVTYR ^_L_P U£RL]T_L^_S£YL Z] _SP [P]NP[_TZY ZQ _SP Pc_P]YLW bZ]WO a^   $ ?SP ^PNZYO XP_P] _SP ` ^Z`YO T^ _SP ^_L_P ZQ O]PLXTYR ^aL[YL^_S£YL Z] _SP [P]NP[_TZY ZQ _SP TY_P]YLW bZ]WO a^    ?SP _ST]O XP_P] _SP X ^Z`YO T^ _SP O]PLXWP^^ OPP[ ^WPP[ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ m [`]T²LdLÀ [`]`´LX ÅV´L_P gg  ZX T_d P_LO LV´L]LÀ TOLÀ ^L]aLX m 8£©“¼VdL@[LYT´LO 

:¿ TY _SP WL_P] @[LYT´LO^

 

^`´`[_L  _SP RP]XTYLW NZY^NTZ`^YP^^ TY _SP ^_L_P ZQ [`]P MWT^^ a  ,_ _ST^ WPaPW _SP ¢_XLY T^ _SP XL^_P] ŲaL]L LYO _SP TY_P]YLW ^_PP]^XLY LY_L]d£XTY ZQ LWW _SL_ T^ a ! ?SP QZ`]_S XP_P] SZbPaP] WTP^ MP dZYO WLYR`LRP LYO MPdZYO _SZ`RS_& T_ NLY ZYWd MP OP^N]TMPO _S]Z`RS YPRL_TZY ZQ _SP Z_SP] wXP_P]^x% SP]P ZYWd [`]P ^PWQ[P]NP[_TZY PcT^_^ TY bSTNS _SP [SPYZXPYLW bZ]WO QLWW^ ^TWPY_ a^ "  % w4_ T^ YZ_ TY_P]YLW bZ]WO [P]NP[_TZY YZ_ Pc_P]YLW bZ]WO [P]NP[_TZY YZ_ [P] NP[_TZY ZQ MZ_S FbZ]WO^H YZ_ `YOTQQP]PY_TL_PO [P]NP[_TZY YZ_ ]PNZRYTeTYR M`_ LW^Z YZ_ YZY]PNZRYTeTYR 4_ T^ TYaT^TMWP TYOP^N]TMLMWP TY_LYRTMWP TY OPQTYLMWP `Y_STYVLMWP `YYLXPLMWP& T_ ^TX[Wd NZY^T^_^ ^ZWPWd ZQ Pc[P]T PYNTYR ZYP^PWQx 

?SP ^_]`N_`]TYR Q`YN_TZY ZQ :¿ PcP]_^ T_^ PQQPN_^ YZ_ ZYWd aTL _SP Y` XP]TNLW LYLWZRd ZQ _SP QZ`] wXP_P]^x bT_S _SP QZ`] XZ]LP M`_ LW^Z aTL _SP ^Z`YO ZQ :¿ T_^PWQ ?SP NZ]]PWL_TZY ZQ _SP ^P\`PYNP ,@8 bT_S bLVTYR O]PLXTYR LYO O]PLXWP^^ OPP[ ^WPP[ T^ [SPYZXPYZWZRTNLWWd NWPL] ?SP wLx T^ _`]YPO Z`_bL]O _SP w`x T^ _`]YPO TYbL]O LYO _SP wXx T^ NZX[WP_PWd TY_P]YLWTePO ?ZRP_SP] _SPd QZ]X L ^_P[Md^_P[ LNZ`^_TN LYO L]_TN`WL_Z]d TYaZW`_TZY bSTNS XLVP^ _SP LM^_]LN_ NZY_PY_^ ZQ _SP aP]^P^ TY_Z ^ZXP_STYR _SL_ NLY MP Pc[P]TPYNPO aTL _SP ^PY^P^ LYO _SL_ NLY MP `^PO MZ_S QZ] XPOT_L_TaP LYO QZ] NZY_PX[WL_TaP [`][Z^P^ ,_ _SP ^LXP _TXP :¿ LN\`T]P^ LY LOOT_TZYLW ^dXMZWTN w[SZYP_TNx PWPXPY_ ?SP [ZTY_ L_ bSTNS _SP ML]PWd L`OTMWP wXx L[[PL]^ TY _SP ^TWPYNP T^ ]P RL]OPO L^ _SP QZ`]_S [SL^P ZQ :¿ LYO T_ T^ []PNT^PWd _ST^ [SL^P _SL_ T^ _SP XZ^_ TX[Z]_LY_ 3ZbPaP] OP^[T_P _SP PX[L_STN NZX[ZYPY_ _SP _Pc_ T^ ^PaP]PWd ]L _TZYLWTePO ,[L]_ Q]ZX _SP Y`XP]TNLW LYLWZRTP^ _SP]P L]P LW^Z P_dXZWZ RTP^ TY _SP -]£SXL©L ^_dWP TY_PYOPO _Z WPRT_TXTeP _SP NZY_PY_ bSTNS T^ YZ_ QZ`YOPO TY _]LOT_TZY -`_ _SP^P P_dXZWZRTP^ L]P ]L_SP] ^_dWT^_TN \`Z _L_TZY^ bT_SZ`_ R]PL_ ]PWPaLYNP TY _P]X^ ZQ NZY_PY_ ^TYNP _SP @[LYT´LO LW]PLOd L]R`P^ TY L NZX[WP_PWd ^d^_PXL_TN bLd `YWTVP _SP QWTRS_^ ZQ QLYNd TY _SP -]£SXL©L^ 4Y _SP -]£SXL©L^ P_dXZWZRTP^ L]P TX[Z]_LY_ ^Z`]NP^ ZQ TYQZ]XL_TZY bSTWP TY _SP @[LYT´LO _SPd XP]PWd NZYQT]X _SP Z_SP]bT^P [`]PWd ^d^_PXL_TNLWWd OPaPWZ[PO ^PY_PYNP^ 1Z] PcLX[WP _SP O]PLX LYO _SP ` [SL^P ZQ :¿ L]P XZ]P Z] WP^^ NSL]LN_P]TePO Md F\`LWT _L_TaPH w[]ZXTYPYNPx ` ` _VL]´L LYO w_bZ^TOPOYP^^x `` MSLdL_aL  TYL^ X`NS L^ _SP O]PLX T^ WZNL_PO MP_bPPY _SP bLVTYR ^_L_P LYO _SP O]PLX WP^^ OPP[ ^WPP[ a^    ?SP^P P_dXZWZRTP^ L]P YZ_ aP]d NZYaTYNTYR TQ ZYP NZX[L]P^ _SPX bT_S _SP M]TWWTLY_ LYO ^ZXP_TXP^ LW^Z ^WTRS_Wd N]Led P_dXZWZRTP^ ZQ _SP -]£SXL©L^ ?SP N]PL_TaT_d TY b]T_TYR SL^ ^STQ_PO TY_Z _SP OPaPWZ[XPY_ ZQ L ^d^_PXL_TN LYO ^_]TN_ ]P[]P^PY_L_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  Y£Y_Là[]LUÓLÀ YL MLSTà[]LUÓLÀ YZMSLdL_Là[]LUÓLÀ YL []LUÓ£RSLYLÀ YL []LUÓLÀ Y£[]LUÓLX g LOŽ²dLX LadLaLS£]dLX LR]£SdLX LWLV´L©LX LNTY_dLX LadL[LOP²dLX £_XL[]L_dLdL^£]LFXH m 8£@ "

 

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

:YWd ZYP PWPXPY_ T^ ]PXZaPO Q]ZX _SP ]L_TZYLWT_d ZQ _SP ^d^_PX% _SP ¢_XLY ?SP ¢_XLY T^ aTPbPO L^ :¿ LYO T^ _SP BSZWP M`_ TY ^[T_P ZQ _ST^ T_ T^ L_ _SP ^LXP _TXP TOPY_TNLW bT_S _SP wQZ`]_Sx ^_L_P _`]¯dL  bSTNS T^ OP^N]TMPO ^ZWPWd TY YPRL_TaP^ @YWTVP _SP _S]PP []PNPOTYR ^_LRP^ _ST^ ]PWL_TZY^ST[ ¢_XLY ( QZ`]_S ^_L_P T^ L NWL^^TNLW Xd_STNLW ]PWL_TZY^ST[% ¢_XLY T^ L wQZ`]_Sx [L]_ LYO L_ _SP ^LXP _TXP _SP BSZWP bSTNS LW^Z NZY_LTY^ _SP []PNPOTYR _S]PP [L]_^ bT_STY T_^PWQ >Z _SP LN_`LW YZP_TN RZLW T^ WZNL_PO L_ _ST^ ^_LRP a " 4Y _SP 8£©“¼VdL@[LYT´LO _SP ^dY_SP^T^ ZQ _bZ XZYZXd_S^ ZNN`]^ ?SP ¢_XLY z bSTNS T^ OPaPWZ[PO Q]ZX _SP >`MUPN_TaP z LYO _SP NZ^XTN NZOPbZ]O :¿ bSTNS `Y_TW YZb SL^ MPPY TYOP[PYOPY_ ZQ L ^`MUPN_ _]LY^QP] _SPT] NSL]LN_P]^ _Z ZYP LYZ_SP] ?SP ¢_XLY bSTNS _]LY^NPYO^ _SP [SPYZXPYLW LYO bSTNS NZ`WO ZYWd MP NZX[]PSPYOPO TY YPRL_TaP^ ^`NS L^ wT_ T^ YZ_ _ST^ LYO YZ_ _SL_x% YP_T YP_T  LYO TY P\`L_TZY^ bT_S _SP bSZWP NZ^XZ^ w,WWL`^^LRPYx YZb RP_^ wQZ`] XP_P]^x ,YO dP_ _ST^ ¢_XLY T^ _ZZ NZX[]PSPY^TaP QZ] T_ _Z MP ]PO`NTMWP _Z TYOTaTO`LW PWPXPY_^ 4_ PYNZX[L^^P^ PaP]d_STYR _SL_ T^ LWW L^[PN_^ ZQ [SPYZXPYLW ]PLWT_d M`_ LW^Z _SL_ bSTNS T^ YZ_ _SP [SPYZXPYLW ]PLWT_d LYO NLY ZYWd MP OP^N]TMPO TY _P]X^ ZQ _SP YPRL_TZY ZQ [SPYZXPYLW ]PLWT_d ?SP TY_P][]P_L_TZY ZQ :¿ TY _SP 8£©“¼VdL@[LYT´LO M]Z`RS_ LMZ`_ LY P^[PNTLWWd [ZbP]Q`W ST^_Z]d ZQ ]PNP[_TZY 4_ bL^ LMWP _Z M]TYR _Z RP_SP] _SP _]LY^NPYOPY_LWT^_ [STWZ^Z[Sd ZQ _SP APO£Y_L bT_S _SP APOL _Pc_ TY T_^ P^Z_P]TN Y`NWP`^ :¿ 4Y ^`NS L ]PNP[_TZY ZQ _SP APOL _SP ^LN]PO _Pc_ _`]Y^ TY_Z _SP ]ZZ_ PWPXPY_ ZQ L N`W_`]P ZQ XPXZ]d w2POÆNS_YT^V`W_`]x ?ST^ APOL T^ YZ WZYRP] ]PRL]OPO L^ L ]T_`LW _Pc_ L_ LWW LYO T_ MPNZXP^ L []TXZ]OTLW ]PaPWL_TZY _Z bSTNS LWW ]PQP] LYO :¿ MPNZXP^ T_^ ]P[]P^PY_L_TZY ?SP OPQTYT_PWd [Z^_APOTN ;]L©LaL@[LYT´LO T^ PcNW`^TaPWd NZY NP]YPO bT_S :¿ TY LY LWXZ^_ PYNdNWZ[POTN XLYYP] 4Y NZY_]L^_ _Z _SP PL]Wd @[LYT´LO^ T_ OZN`XPY_^ L ^_]ZYRWd Xd_SZWZRTePO aTPb ZQ _SP APOL 4_ MPRTY^ _ST^ bT_S L ^_Z]d ZQ N]PL_TZY LNNZ]OTYR _Z bSTNS _SP TX[P]^ZYLW -]LSXLY ZQ _SP @[LYT´LO^ N]PL_P^ L [P]^ZYLW -]LSXLY YLXPWd _SP []TP^_RZO LYO N]PL_Z]RZO -]LSX£ 3P _STYV^ _Z STX^PWQ% wBT_S bSTNS ^dWWLMWP ^SLWW 4 LNSTPaP LWW OP^T]P^ LWW bZ]WO^ LWW RZO^ LWW APOL^ LWW ^LN]TQTNP^ LWW bZ]O^ LWW ]TNSP^ LWW WTaTYR _STYR^ LYTXL_P LYO TYLYTXL_P*x 

?SP N]PL_Z] RZO [P]NPTaP^ _SP ^dWWLMWP :¿ LYO TY T_ _SP bSZWP NZ^XZ^ TY LWW [Z^^TMWP SZXZWZRTNLW ^P]TP^% _SP OTaT^TZY^ ZQ _SP `YTaP]^P _SP PWPXPY_^ _SP APOL^ _SP XP_P]^ _SP ^PL^ZY^ ZQ _SP dPL] _SP OT]PN_TZY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  VPY£SLX PVPY£V´L]P©L ^L]a£À² NL V£X£Y ^L]a£À² NL WZV£Y ^L]a£À² NL OPa£Y ^L]a£À² NL aPO£Y ^L]a£À² NL dLUÓ£Y ^L]a£À² NL ²LMO£Y ^L]a£² NL ad`´¶Åà ^L]a£©T NL MS¼_£YT ^_S£aL]LUL«RLX£Yd LY`MSLaPdLX T_T g  ;]L©LaL@[LYT´LO 

:¿ TY _SP WL_P] @[LYT´LO^





ZQ _SP NZX[L^^ _SP ^PY^P^ LYO X`NS XZ]P MP^TOP^ 8Z^_ ZQ _SP^P SZ XZWZRTP^ L]P [`_ _ZRP_SP] Q]ZX _SP -]£SXL©L^ >ZXP ^[PNTLW APOTN _P]X^ ZNN`] M`_ _SPd SLaP YZ Q`YN_TZY QZ] _SP _Pc_ L^ L bSZWP XP]PWd N]PL_TYR L APOTN L_XZ^[SP]P -`_ _SP QTYLW ^Z`YO ZQ :¿ SL^ L ^[PNTLW ^TRYTQTNLYNP% bSTWP TY _SP 8£©“¼VdL@[LYT´LO T_ T^ WTYVPO bT_S bSL_ T^ _]LY^NPYOPY_ LYO MPdZYO _ST^ bZ]WO TY _SP ;]L©LaL @[LYT´LO T_ SL^ _SP Q`YN_TZY ZQ N]PL_TYR N`W_`]P% w?SP PNSZ T^ _SP APO£«RL^ N]PL_TZY LYO OPNLd _SP OT^N`^^TZY^ ZQ _SP APOL _SP R]PL_ ^LdTYR^ _SP @[LYT´LO^ _SP ]`WP^ ZQ _SP APOL _SP ^PaPY Ad£SŽ_T^ _SP ^PaPY _ZYP^ LYO L]_ OLYNTYR ^[PLVTYR LYO X`^TN& LYO _SP ^ZYR^ ZQ .T_]L]L_SL LYO ZQ _SP Z_SP] F2LYOSL]aL^H& LYO TY ]PWL_TZY _Z _SP ^PWQ% _SP PL] _SP aZTNP LYO SPL]TYRx 

?ST^ XPLY^ _SL_ Z`_ ZQ _SP WL^_ OPNLdTYR ^Z`YO ZQ :¿ LWW WT_P]L_`]P^ L]T^P LWZYR bT_S LWW Z_SP] N`W_`]LW LNSTPaPXPY_^ L^^ZNTL_PO bT_S ^Z`YO ?SP [L^^LRP L[[PL]^ _Z MP QZWWZbTYR ZY Q]ZX LY wZ]TRTYLWx APOTN XZOPW YLXPWd _SP -ŽSLO¢]L©dLVL@[LYT´LO  ?SP]P _SP APOL^ LYO WL_P] ^LN]PO WT_P]L_`]P L]P wM]PL_SPO Z`_ ZQ _SP R]PL_ MPTYRx -`_ SP]P _SP N]PL_TZY ZQ LWW _SP^P ^Z`YO [SPYZXPYL PXP]RP \`T_P ^[PNTQT NLWWd Q]ZX _SP Z]TRTYLW ^Z`YO :¿ LYO _SP]PQZ]P _SP _Pc_ NLY LW^Z LOO ^ZYR OLYNP LYO X`^TN 4Y _ST^ @[LYT´LO :¿ M]TYR^ _ZRP_SP] -]LSXLY L^ NL`^L XL_P]TLWT^ LYO _SP YZ_TZY ZQ N]PL_TZY Z`_ ZQ _SP APOL 4_ T^ TXLRTYPO _Z MP L []T XZ]OTLW WTYR`T^_TN ^`M^_LYNP _SL_ []PNPOPO _SP N]PL_Z]RZO LWW APOL^ LYO LWW XLY_]L^  1]ZX _ST^ [ZTY_ ZQ aTPb _SP :¿ ^dXMZW `W_TXL_PWd ^_LYO^ QZ] _SP bSZWP APOTN ]PaPWL_TZY 4_ NZOP^ QZ] PaP]d_STYR _SL_ T^ YZb WTYVPO bT_S _SP APOL% T_^ aT^TZYL]d LYO P^Z_P]TN NSL]LN_P] L^ _SP []TXZ]OTLW ]PaPWL_TZY T_^ L`]L LYO TYSP]PY_ ^LN]POYP^^ T_^ ZXYT[]P^PY_ YL_`]P bSTNS XLVP^ T_ ^_LYO MZ_S QZ] _SP bZ]WOWd LYO QZ] _SP ^`[P]YL_` ]LW LYO WL^_ M`_ YZ_ WPL^_ T_^ ^Z_P]TZWZRTNLW Q`YN_TZY LN\`T]PO aTL _SP @[LYT´LO^ 4Y LWW _SP^P L^[PN_^ _SP aP]d OTaP]^P ^PXLY_TN QTPWO ZQ _SP _P]X u-]LSXLYv bSTNS T^ Pc_]PXPWd NWZ^PWd L^^ZNTL_PO bT_S _SP APOL NZY_TY`P^ _Z PcP]_ T_^ PQQPN_^% :¿ T^ _SP -]LSXLYTN bZ]O ZQ [ZbP] [L] PcNPWWPYNP LYO L_ _SP ^LXP _TXP _SP L]NLYP YP_bZ]VPO \`LWT_d ZQ _STYR^ T^ ]PQWPN_PO TY T_ :¿ L^ ^Z`YO ^dXMZW LYO bZ]O ^dXMZW MPNZXP^ _SP ^ZYTN LYO ^PXLY_TN []TXPaLW XP_L[Sd^TNLW ]ZZ_ ZQ ]PLWT_d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ;]L©LaL@[LYT´LO  _]LY^WL_PO Md ;L`W /P`^^PY >PNSeTR @[LYT^SLO^ OP^ APOL /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $! #! Q ?SP NZ]]P^[ZYOTYR >LY^V]T_ _Pc_ TY _SP ;]L©LaL@[LYT´LO T^ ^Z NZ]]`[_ _SL_ TY _ST^ NL^P bP []PQP] _Z `^P /P`^^PYv^ :`[PVSYL_ _]LY^WL_TZY  -`_ TY_P]P^_TYRWd TY _ST^ @[LYT´LO :¿ T^ Z_SP]bT^P _]PL_PO L^ L [P]QPN_Wd YZ]XLW bZ]O [Z^^P^^TYR L ML^TN XPLYTYR ^`MUPN_ _Z NP]_LTY P`[SZYTN ]`WP^ bT_S L NP]_LTY XZ][SZWZRd P_N

 !

?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO

9Z bZYOP] _SL_ L WL_P ^PN_TZY ZQ _SP 8LT_]£dL©¯dL@[LYT´LO LW^Z VYZbY L^ 8LT_]T8LT_]¯@[LYT´LO TY_]ZO`NPO _SP _P]X ±LMOL-]LSXLY wBZ]O-]LSXLYx L^ L YPb []Z[P] YLXP QZ] :¿ 8LT@ ! ?ST^ @[LYT´LO NZY_LTY^ ^TXTWL] TOPL^ ZQ :¿ L^ _SP STRSP] LYO WZbP] -]LS XLY L^ _SP ;]L²YL LYO ZQ :¿ MPTYR _SP `W_TXL_P ^`[P]^_]`N_`]P ZQ PaP ]d_STYR L^ _SP 8£©“¼VdL  M`_ T_ LOO^ _SPT^_TN SZXZWZRTP^ _]TX¼]_T LYO _SP QLY_L^_TN bZ]WO ZQ ZNN`W_ ^Z`YO^ SPL]O Md _SP DZRTY^ LYO ?LY_]TN^ ?ST^ @[LYT´LO T^ STRSWd N`X`WL_TaP TY NSL]LN_P] z T_^ ZWOP^_ [L]_^ MP WZYR _Z _SP [P]TZO ZQ _SP PL]WTP^_ @[LYT´LO^ LYO ZQQP] ^[T]T_`LW SP]XP YP`_TN^ ZQ OLTWd QT]P ^LN]TQTNP ?SP WL_P] [L]_^ ]PLNS QL] TY_Z XPOTPaLW 3TYO`T^X LYO RTaP PaPY _SP TYPQQLMWP wQZ`]_Sx _`]¯dL ^_L_P L _LYRTMWP ^PY^Z]d Pc[]P^^TZY% T_ NLY MP Pc[P]TPYNPO TY ^Z`YO aTM]L_TZY^ LYO bZY OP]Q`W L`OT_TZY^  W 3TYO`T^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1Z] OP_LTWPO ^_`Od LYO _Pc_`LW N]T_TNT^X ZQ _ST^ @[LYT´LO ^PP 5,- aLY -`T_PYPY 8LT_]£dL©¯dL @[LYT´LO% , N]T_TNLW P^^Ld bT_S _Pc_ _]LY^WL_TZY LYO NZXXPY_L]d > 2]LaPYSLRP% 8Z`_ZY $! ALY -`T_PYPY ]PNZY^_]`N_^ _SP ZWOP^_ WLdP]^ ZQ _SP 8LT_]¯8LT_]£dL©¯dL@[LYT´LO 3P T^ SZbPaP] YZ_ OPLWTYR bT_S _SP XZ]P ]PNPY_ WLdP]^ XPY_TZYPO LMZaP :Y _SP _SPT^_TN wMPY_x ^PP ,]aTY >SL]XL w?SP ?S]PP 2ZO^ _SP ?S]PP R`©L^ LYO _SP ?S]PP >dWWLMWP^ ZQ :Xx -`WWP_TY ZQ _SP 4Y^_T_`_P ZQ ?]LOT _TZYLW .`W_`]P^ $##% "z"" , OTQQP]PY_ ]PNZY^_]`N_TZY _SLY _SP ZYP ZQ aLY -`T_PYPY bL^ ^`RRP^_PO Md .ZSPY ?Pc_ LYO ,`_SZ]T_d   !$ bSZ ]PRL]O^ _SP ^SZ]_P] >Z`_SP]Y ]PNPY^TZY PY_T_WPO 8LT_]£dL©¯  L^ _SP Z]TRTYLW _Pc_ LYO WZNL_P^ _SP @[LYT´LO bT_STY _SP DLU`]aPOTN _]LOT_TZY 3ZbPaP] .ZSPY OZP^ YZ_ OTaP]RP Q]ZX aLY -`T_PYPY TY ]PRL]OTYR NSL[_P] ! L^ WL_P] LOOT_TZY 4_ T^ []PNT^PWd _ST^ ^PN_TZY bSTNS ^[PLV^ ZQ _SP :¿ L^ w±LMOL-]LSXLYx _SP _]TYT_d -]LSX£ AT´©` LYO ±TaL _]TX¼]_T LYO DZRTN?LY_]TN NZYNP[_^ ZQ w^_]`NVx LYO w`Y^_]`NVx ^Z`YO ^PP NSL[  MPWZb ?SP NWZ^PYP^^ _Z _SP ;]L²YL@[LYT´LO NLY MP _]LNPO L^ L \`Z_L_TZY YZ_ dP_ QZ`YO TY _SP >Z`_SP]Y ]PNPY^TZY

 .ZX[Z^T_TZY LYO /PNZX[Z^T_TZY% ,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL z =L_TZYLWT_d LYO ,P^_SP_TN^ ZQ ;Z^_APOTN 7T_P]L_`]P^ LYO ;P]QZ]XTYR ,]_^ ,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL 

?SP 9Z^_LWRTL ZQ _SP -L]O^

?SP wPYO ZQ _SP APOLx bL^ _SP MPRTYYTYR ZQ _SP TYaPY_TZY ZQ T_^ _]LOT _TZY ?SP APOL T^ YZ WZYRP] ]PLWT_d _SL_ T^ WTaPO Z`_ M`_ TY^_PLO SL^ MPNZXP L ]TRTO NLYZY ZQ QTcPO _Pc_^  ?SP YPb L^[PN_ T^ _SP _PNSYTNLW LYO LNLOPXTN WT_P]L_`]P^ LMZ`_ _SP APOL bT_S _SP -]LSXTY^ _`]YTYR XZ]P LYO XZ]P TY_Z ^NSZWL]^ 4_ T^ []ZMLMWd YZ_ Md NSLYNP _SL_ _SP PL]WT P^_ ^`]aTaTYR OZN`XPY_^ ZQ YZYAPOTN WT_P]L_`]P z MPL]TYR bT_YP^^ _Z ^ZNTLW LYO ]PWTRTZ`^ NSLYRP^ _SP R]Zb_S ZQ VTYROZX^ LYO _SP ]T^P ZQ _SPT^_TN _]LOT_TZY^ z LW^Z OL_P Q]ZX _ST^ [P]TZO LMZ`_  -. _S]Z`RS _SP QT]^_ NPY_`]TP^ ,/ ?SP ZWOP^_ ^`]aTaTYR [L]LWWPW _]LOT_TZY T^ _SL_ ZQ _SP ^¼_L^  WT_P]LWWd w^_PP]P]^ ZQ NL]_^x M`_ LW^Z XPLYTYR ML]O^ ^TYNP _SP XPY ^_PP]TYR NL]_^ LNNZX[LYdTYR _SP []TYNP^ TY_Z ML__WP bP]P PcNPWWPY_ NLYOTOL_P^ QZ] _SP ]ZWP ZQ PL]Wd wST^_Z]TZR]L[SP]^x ?ST^ YPb R]Z`[ ZQ L`_SZ]^ TYaPY_^ T_^ aP]d ZbY _]LOT_TZY 4Y QTYP Xd_SZWZRTNLW QL^STZY _SPd ^PP _SPX^PWaP^ L^ OP^NPYOPO Q]ZX L WPRPYOL]d []TXPaLW >¼_L LYO _ST^ QL_SP] ZQ LWW ML]O^ T^ _]LNPO OT]PN_Wd MLNV _Z _SP wNZX[TWP] ZQ _SP APOLx APOLad£^L  bSZX ^ZXP ]PRL]O L^ _SP TYNL]YL_TZY ZQ _SP 7Z]O 2ZO AT´©` bSZ bL^ U`^_ P^_LMWT^STYR STX^PWQ L_ _SP _TXP ?ST^ YPb WT_P]L]d R]Z`[ _]TP^ _Z NL^_ _SP YTXM`^ ZQ _SP APOTN ^LN]TQTNTLW _]LOT_TZY L]Z`YO T_^PWQ .ZY^P\`PY_Wd RTRLY_TN ^LN]TQTNTLW QP^_TaT_TP^ WL^_TYR L _SZ`^LYO dPL]^ L]P []ZUPN_PO TY_Z _SP [L^_ L^ L WT_P]L]d QTN_TZY _Z ^P]aP L^ L WPR PYOL]d ^_LRP QZ] _SP QT]^_ ]PNT_L_TZY ZQ _SP ML]OTN _Pc_^ ?SP _bZ R]PL_ P[TN^ 8LS£MS£]L_L LYO =£X£dL©L RZ MLNV _Z _SP^P NZ`]_ ^TYRP]^ LYO bP]P LM^Z]MPO Md T_TYP]LY_ ]PNT_P]^ ZQ -]LSXTY_d[P WZ]P  LYO X`NS ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 



?SP NZX[WPc []ZNP^^P^ ZQ NLYZY QZ]XL_TZY SLaP MPPY OT^N`^^PO Md 8TNSLPW BT_ePW w?SP APOTN .LYZY LYO ;ZWT_TNLW 8TWTP`x TY 4Y^TOP _SP ?Pc_^ LYO -PdZYO _SP ?Pc_^% 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ _SP APOL^ PO 8 BT_ePW .LXM]TORP% 3L]aL]O @YT aP]^T_d $$"  "z  4_ T^ NP]_LTY _SL_ _SP NZ]P ^PN_TZY ZQ _SP P[TN^ bL^ NZX[Z^PO L_ L]Z`YO  -. ^TYNP _SP [ZWT_TNLW ^T_`L_TZY TY 4YOTL _SPd OP^N]TMP SLO NSLYRPO Md _SP _TXP _SP 2]PPV LX

 #

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

_SP aL^_ MZOd ZQ _Pc_ ZQ _SP ;`]£©L^ LW^Z Z]TRTYL_PO Q]ZX _SP ML]OTN _]LOT_TZY  BSL_ _SP ML]O^ ^TYR T^ [P]QZ]XPO Md _SP LN_Z]^ ZY ^_LRP 4Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ



ML^^LOZ] 8PRL^_SPYP^ NL  -. L]]TaPO TY ;£_LWT[`_]L 3ZbPaP] _ST^ OZP^ YZ_ LW WZb `^ _Z O]Lb LYd NZYNW`^TZY^ LMZ`_ _SP LRP ZQ TYOTaTO`LW [L^^LRP^ TY _SP P[TN^ ^ZXP ZQ bSTNS XLd OL_P Q]ZX L ^`M^_LY_TLWWd PL]WTP] [P]TZO ^ZXP Q]ZX L X`NS WL_P] ZYP .Q ?SP 8LS£MS£]L_L  _]LY^W LYO PO Md 5 , - aLY -`T_PYPY AZW % 4Y_]ZO`N _TZY .STNLRZ% @YTaP]^T_d ZQ .STNLRZ $" cTTTzccca& ?SP =£X£dL©L ZQ A£WX¯VT  PO = 2ZWOXLYY AZW % 4Y_]ZO`N_TZY ;]TYNP_ZY% ;]TYNP_ZY $# BSP]PL^ _SP STRSWd ^Z[ST^_TNL_PO XYPXZ_PNSYTN^ ZQ _SP APOL R`L]LY_PPO LY Z]LW NZOTQTNL_TZY bT_SZ`_ aL]TLY_^ >_LLW ?SP 1TOPWT_d ZQ :]LW ?]LOT_TZY  _SP P[TN^ bP]P ML^TNLWWd Z]LW _Pc_^ _SL_ QW`N_`L_PO ZaP] L WZYR [P]TZO LYO bP]P NZY_TY`LWWd MPTYR ]PaT^PO TY _SP Q]PP ^_dWP ZQ ^PXTTX[]ZaT^PO wQZWV WT_P]L_`]Px ZY _SP PORP ZQ Z]LW LYO b]T__PY _]LOT_TZY BSTWP _SPT] Z]TRTY^ WLd TY YZY-]LSXLYTN R]Z`[^ L^^ZNTL_PO bT_S _SP 6´L_]TdL L]T^_ZN ]LNd _SP P[TN ^_Z]TP^ bP]P \`TNVWd L[[]Z[]TL_PO Md >LY^V]T_TN -]LSXTY^ LYO ZaP] NZOPO bT_S L -]LSXLYTN TOPZWZRd bSTNS PX[SL^TePO _SP [P]QZ]XLYNP ZQ ^ZNTLW O`_d ?SP Q]PP LYO `YQP__P]PO OPaPWZ[XPY_ ZYWd PYOPO L_ L]Z`YO  ,/ bSPY _SP >LY ^V]T_ _Pc_^ R]LO`LWWd MPRLY _Z MP ^PPY L^ L NLYZY bSTWP TY _SP aP]YLN`WL] WLYR`LRP^ _SP _]LOT_TZY^ SLaP ]PXLTYPO QW`TO `[ _Z _SP []P^PY_ OLd 4Y LOOT_TZY _Z _bZ XLUZ] >LY^V]T_ ]PNPY^TZY^ 9Z]_SP]Y LYO >Z`_SP]Y ZQ MZ_S P[TN^ _SP]P L]P L R]PL_ Y`XMP] ZQ WZNLW QZ]X^& _SP >LY^V]T_ YL]]L_TaP _]LOT_TZY^ L]P LW^Z LN_PO Z`_ LYO ]PNT_PO Z]LWWd TY aP]YLN`WL] WLYR`LRP^ ?SP TYQW`PYNP ZQ MZ_S P[TN^ ZY 3TYO` NTaTWTeL_TZY SL^ MPPY TXXPY^P LYO SL^ ^SL[PO LN_`LW N`W_`]LW WTQP XZ]P _SLY _SP APOL 4Y XZOP]Y _TXP^ _SPd SLaP MPPY NL^_ TY L _PWPaT^TZY ^P]TP^ bSTNS PYUZdPO R]PL_ [Z[`WL]T_d ?]LOT_TZYLWWd MZ_S P[TN^ LYO ;`]£©L^ w^_Z]TP^ ZQ _SP LYNTPY_ [L^_x L]P ^ZXP_TXP^ NWL^^TQTPO _ZRP_SP] L^ T_TS£^L[`]£©L PXM]LNTYR _SP BP^_P]Y NL_PRZ]TP^ ZQ uST^_Z]dv uWPRPYOv LYO uXd_Sv LYO L]P PaPY VYZbY L^ _SP wQTQ_S APOLx ?SP ;`]£©L^ _ZZ SLO LYO NZY_TY`P _Z SLaP LY TXXPY^P TX[LN_ `[ZY 3TYO`T^X L_ LWW WPaPW^ 8TW_ZY >TYRP] ]TRS_Wd ZM^P]aP^% w?SP aP]d _T^^`P ZQ _SP N`W_`]P T^ XLOP Q]ZX [`]£©TN _SPXP^ ;]LN_T NLWWd PaP]d N`W_`]LW [P]QZ]XLYNP TYNW`OP^ ZYP z TY ^ZYR OLYNP [WLd ]PNT_L_TZY LYO Pc[Z^T_TZYx 8TW_ZY >TYRP] BSPY L 2]PL_ ?]LOT_TZY 8ZOP]YTeP^% ,Y ,Y_S]Z[ZWZRT NLW ,[[]ZLNS _Z 4YOTLY .TaTWTeL_TZY  9Pb DZ]V% ;]LPRP] $" "! ,WW NL^_P^ SLaP LNNP^^ _Z ;`]£©TN ]T_P^ YZ_ ZYWd _SP _bTNPMZ]Y L^ T_ T^ _SP NL^P TY _SP APOTN ]T_`LW _]LOT_TZY ?SP Z]LW _]LY^XT^^TZY NSLYYPW^ bT_S L STRS OPR]PP ZQ Q]PPOZX NZY^_LY_Wd ]PNL^_TYR _SP ^_Z]TP^ TX[]ZaT^TYR LYO LOOTYR WZNLW NZWZ]TYR SLaP MPPY aP]d X`NS WTVP _SZ^P ZQ _SP P[TN^ ?SZXL^ .ZM`]Y w?SP >_`Od ZQ _SP ;`]£©L^ LYO _SP >_`Od ZQ =PWTRTZYx =PWTRTZ`^ >_`OTP^ ! $#% z  ?SP >¼_L^ ]PNT_TYR _SP ;`]£©L^ L]P ^LTO _Z MP ^ZY^ ZQ 6´L_]TdL QL_SP]^ LYO -]LSXTY XZ_SP]^ LYO _ZOLd _SP]P L]P ^[PNTLW TePO ]PNT_P]^ VYZbY Md _SP 3TYOT _P]X MSL¶ 2LaTY 1WZZO ,Y TY_]ZO`N_TZY _Z 3TYO` T^X $$! $& 7`OZ =ZNSP] ?SP ;`]£©L^  BTP^MLOPY% 3L]]L^^ZbT_e $#! z $ BSTWP _SP ]PWL_TaP NS]ZYZWZRd ZQ _SP APOL NLY L_ WPL^_ MP OP_P]XTYPO QLT]Wd LNN` ]L_PWd T_ T^ TX[Z^^TMWP _Z P^_LMWT^S L NS]ZYZWZRd QZ] _SP ;`]£©L^ LYO YZ ^[PNTQTN OL_P NLY MP TOPY_TQTPO QZ] LYd ZQ _SPX =ZNSP] ?SP ;`]£©L^  4Y RPYP]LW _SPd OZN` XPY_ L ^ZXPbSL_ WL_P] [P]TZO _SLY _SP P[TN^ LYO L XZ]P LOaLYNPO ^_L_P ZQ ^PN_L]TLY LYO OPaZ_TZYLW bZ]^ST[ NPY_P]TYR ZY _SP R]PL_ [P]^ZYLW OPT_TP^ AT´©` ±TaL LYO _SP 2ZOOP^^ 4_ T^ L aL^_ MZOd ZQ NZX[WPc YL]]L_TaP^ NZY_LTYTYR RPYPLWZRTP^ ZQ OPT_TP^ LYO VTYR^ `[ _Z _SP 2`[_L^ NZ^XZWZRTP^ NZOP^ ZQ YZ]XL_TaP MPSLaTZ] OP^N]T[_TZY^ ZQ ]T_`LW [TWR]TXLRP Xd_SZWZRd LYO XLYd RWZ]TQTNL_TZY^ ZQ WZNLW ^LN]PO [WLNP^ ?SP M`WV ZQ _SP XL_P]TLW NZY_LTYPO bT_S T_^ _d[TNLW XTcTYR ZQ _]LOT_TZY^ TYNW`OTYR LYNTPY_ LYO wXZOP]Yx TOPL^ bL^ P^_LMWT^SPO O`]TYR _SP 2`[_L [P]TZO NL z  ,/ /P

?SP 9Z^_LWRTL ZQ _SP -L]O^

 $

^[T_P ZQ _SPT] WZb ^ZNTLW ^_L_`^ _SP LN_Z]^ LW^Z _]LNP _SPX^PWaP^ MLNV _Z L ^PXTOTaTYP Z]TRTY ?SPd ^_dWP _SPX^PWaP^ L^ _SP OP^NPYOPY_^ ZQ _SP 2LYOSL]aL^ bSZ SLaP TY _SP XPLY_TXP bZ]VPO _SPT] bLd `[ Q]ZX 0]W VØYTR _Z SPLaPYWd NSP]`MTX ?SP LN_Z]^ Pc[WLTY _SPT] ]L_SP] WZbWd ^ZNTLW ^_LYOTYR L_ _SL_ _TXP bT_S L ^WT[ XLOP Md _SPT] Xd_SZWZRTNLW []POPNP^ ^Z]^ bSZ ZYNP [P]QZ]XPO L [L]ZOd ZQ _SP SZWd APOTN ^PP]^ š´T X`YT bSZ _SPY N`]^PO _SPX 0aPY TQ _SP ^LN]TQTNP^ ZQ _SP -]LSXTY^ L]P YZ WZYRP] P^[PNTLWWd [Z[`WL] _SPT] N`]^P^ ²£[L L]P ^_TWW QPL]PO U`^_ L^ X`NS L^ PaP] ?SPd TYPaT_LMWd NZXP _]`P >TYNP _SL_ _TXP LN_Z]^ SLaP MPPY LY T_TYP]LY_ R]Z`[ ^NZ]YPO Md Z_SP]^ -`_ LXZYR^_ _SPX^PWaP^ _SPd ^ZZY OPaPWZ[PO LY LNLOPXTN OT^NT[WTYP YLXPWd _SP ^_`Od ZQ _SP _SPL_P] LYO _ST^ OT^NT[WTYP z SZb NZ`WO T_ MP Z_SP]bT^P z T^ Z]TRTYLWWd LYYZ`YNPO Md L []TXPaLW LN_Z] bSZ NZ]]P^[ZYO^ PcLN_Wd _Z _SP TOPLW ZQ _SP APOL]PNT_TYR ^LRP ?SP P[TN LYO ;`]£©TN _]LOT_TZY PaLW`L_P^ _SP APOL TY L Q`YOLXPY _LWWd OTQQP]PY_ XLYYP] _SLY _SP ]T_`LWWd N]T_TNLW @[LYT´LO^ ?SP ML]O^ NZY^_]`N_ L N`W_`]LW XPXZ]d ZQ _SP APOTN [P]TZO L^ L VTYO ZQ 2ZWOPY ,RP LYO _S`^ bP QTYO YZ_ ZYWd L Xd_SZWZRTeL_TZY ZQ _SP APOL M`_ QZ] _SP QT]^_ _TXP LW^Z L ST^_Z]TNLW ]P_]Z^[PN_TaP OTXPY^TZY% wFBSPY _SP 2]PL_ 2ZO =`O]L [P]QZ]XPOH L ^LN]TQTNP LWW _SP L^NP_TN^ NLXP LWW _SP RZO^ LWW _SP ^LN]TQTNTLW ZMUPN_^ _SP AL´L¶ NLWW TY MZOTWd QZ]X _SP >£XLY^ LYO _SP _SZ`^LYO^ ZQ ^LN]TQTNTLW QZ]X`WL^ ?SP ‹RaPOL NLXP LOZ]YPO bT_S T_^ ;LOL[£¶SL LYO 6]LXL[£¶SL ]PLOTYR^ ?SP]P NLXP PaP]d LNNPY_ _SP >_ZMSL ^dWWLMWP^ _SP P_dXZWZRd _SP >aL]LMSLV_T ^Z`YO^ LYO LW^Z _SP :¿ ^Z`YOx 

?SP APOL L^ L _Pc_ T^ ]PXZaPO Q]ZX _TXP LYO T^ L aLW`P TY T_^PWQ 0aPY T_^ WT_P]L]d [L]_^ L[[PL] L^ OPT_TP^ 3ZbPaP] _SPd L]P YZ WZYRP] Xd_SZ RPXP^ M`_ ZYWd Xd_SZWZRPXP^ WPRPYOL]d ^SLOZb^ bSZ^P XPLYTYR T^ YZ_ YPNP^^L]TWd NWPL] LYd XZ]P M`_ bSZ SLaP _SP wAPOTNx L`]L ?ST^ LW^Z OP_P]XTYP^ _SP ^ZXPbSL_ XTcPO MLR ZQ R`P^_^ ,_ _SP _TXP ZQ _SP -]£SXL©L^ QZ] PcLX[WP _SP XP_P]^ L[[PL]PO L^ \`L^T[P]^ZYLW MPTYR^ M`_ T_ bZ`WO SLaP MPPY TYNZYNPTaLMWP _Z SLaP QTYO ^`NS L XTc_`]P ZQ S`XLY MPTYR^ RZO^ _Pc_^ LYO XP_P]^ L^ bP SLaP SP]P ,Yd_STYR LYO PaP]d_STYR _SL_ T^ wAPOTNx T^ WT^_PO PaPY L`cTWTL]d APOTN ^_`OTP^ ^`NS L^ P_dXZWZRd LYO T_^ _P]X^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 

^[T_P _ST^ PaPY TY _SP PTRS_PPY wR]PL_x NWL^^TNLW ;`]£©L^ _SP]P L]P LW^Z ^_TWW Y`XP]Z`^ WL_P] LOOPYOL `[ _Z WL_P] XPOTPaLW _TXP^ LYO XLYd LOOT_TZYLW ;`]£©L^ bP]P b]T__PY £ULRX`] X`YLdLà ^L]aP OPa£² N£RYT[`]ZRLX£à g dLUÓ£«R£YT NL ^L]a£©T aL´L¶V£]L² NL X¼]_TX£Y gg X¼]_TXLY_T NL ^£X£YT dLU¼À´T NL ^LSL^]L²Là g šRaPOL² N£RLXL_ _L_]L [LOLV]LXLaTMS¼´T_Là gg WLV´L©£YT ^aL]£à ^_ZMS£ YT]`V_LÀ ^aL]LMSLV_LdLà g Z«V£]L² NL m gg 8LS£MS£]L_L  ,Y`²£^LYL[L]aLY # z 

!

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

?SP APOL SL^ T_^ ZbY aLWTOT_d& ZYP NLYYZ_ TXLRTYP YZ_ SLaTYR T_ PaPY TQ MPWTPQ TY L 7Z]O 2ZO LYO L YPb [LY_SPZY ZQ [P]^ZYLW OPT_TP^ TYN]PL^TYRWd NZX[P_P^ bT_S _SP APOTN ]T_`LW QZ] ^_L_`^ 1Z] _ST^ ]PL^ZY _SP `YOT^_Z]_PO LYO `YM]ZVPY _]LY^XT^^TZY ZQ _SP APOL ]PXLTY^ L STRSWd aLW`PO RZLW ZQ _SP -]LSXLYTNLW ^ZNTP_d LYO LY TY_PR]LW PWPXPY_ TY _SP []P^P]aL_TZY ZQ _]LOT_TZY NLWWPO w OSL]XL x ?SP _P]X OSL]XL T^ OP]TaPO Q]ZX _SP aP]MLW ]ZZ_ OSš  w_Z ^`[[Z]_ _Z `YOP]RT]O _Z P^_LMWT^Sx z XPLYTYR TY L RWZMLW ^PY^P XLTY_LTYTYR LYO NZY_TY`TYR PaP]d_STYR _SL_ T^ RZZO LYO ]TRS_ ?ST^ XLd TYNW`OP N`^_ZX^ Z]OP] ^ZNTLW YZ]X^ LYO N`W _`]P U`^_ L^ X`NS L^ TYOTaTO`LW ]`WP^ ZQ NZYO`N_ LYO [P]^ZYLW P_STNLW aLW`P^ ,^ QZ] _SP _P]Xv^ NZWWPN_TaP L^[PN_ OSL]XL LYO aLTOTVL w_SL_ bSTNS T^ APOTNx MPNZXP LWXZ^_ TY_P]NSLYRPLMWP _P]X^ OPQTYTYR bSL_ T^ wZ]_SZOZcx ?SP TOPL ZQ Z]_SZOZcd T^ LWbLd^ WTYVPO _Z L ^_]ZYRWd YZ^ _LWRTN PWPXPY_% LYdZYP bSZ ]PNT_P^ _SP APOL [P][P_`L_P^ _SP 2ZWOPY ,RP bSPY _SP bZ]WO bL^ [Z[`WL_PO Md SZWd []TP^_^ bSZ NL]]TPO Z`_ ^LN]TQTNP^ `YNPL^TYRWd ,_ _SL_ _TXP _SP bZ]WO bL^ ^_TWW L^ T_ ^SZ`WO MP LYO _SP]P bL^ YZ LOSL]XL  ?ST^ _d[P ZQ RWZ]TQTNL_TZY ZQ bSL_ T^ APOTN T^ ]PQWPN_PO TY _SP P[TN^ TY QTcPO WT_P]L]d _Z[ZT ?SP =£X£dL©L TYaPY_^ ST_SP]_Z `YVYZbY []TP^_Wd [L^_Z]LW TOdWW^ , _d[TNLW -]LSXLY ^P__WPXPY_ `^`LWWd WTP^ STOOPY OPP[ TY _SP bZZO^ ,^NP_TN -]LSXTY^ WTaP _SP]P PcT^_TYR ZYWd ZY ]ZZ_^ LYO Q]`T_^ LYO ^[]PLOTYR ^`NS L [PLNPQ`W L`]L _SL_ PaPY _SP bTWO LYTXLW^ R]LeP L_ _SP PORP^ ZQ _SP ^P__WPXPY_ bT_SZ`_ L STY_ ZQ QPL] ?SP -]LSXTY^v OLTWd _L^V^ NZY^T^_ ^ZWPWd ZQ XLVTYR ^LN]TQT NTLW RTQ_^ LYO _SPT] ^_]Lb S`_^ aTM]L_P YT√YLO bT_S _SP wSZWd YZT^Px M]LSXLRSZ´L ZQ APOL ]PNT_L_TZY ?SP TOPLW -]LSXLYTN bZ]WO T^ P\`LWWd Pc_ZWWPO TY _SP 8LS£MS£]L_L % wF?SP VTYRH NLXP _Z L aL^_ bTWOP]YP^^ _SL_ bL^ OZ__PO bT_S SZWd SP]XT_ LRP^ L UZd _Z _SP SPL]_ LYO L QPL^_ _Z _SP PdP m 9Z _]PP WLNVPO MWZZX Z] Q]`T_ YZ _]PP bL^ _SZ]Yd m 3P ^Lb LY TOdWWTN LYO SPL]_QP_NSTYR SP]XT_ LRPm ,YO ZY ^PPTYR MPL^_^ ZQ []Pd LYO OPP] [PLNPQ`WWd _ZRP_SP] _SP VTYR bL^ QTWWPO bT_S _SP [`]P^_ UZdm 3P _TRP] LXZYR XPY SPL]O SdXY^ ZQ _SP ‹RaPOL _SL_ bP]P MPTYR ]PNT_PO MZ_S bZ]ObT^P LYO ^_P[bT^Pm ?SP SP] XT_LRP bL^ ]LOTLY_ bT_S ^_]TN_ []TP^_^ ZQ MZ`YOWP^^ ^[T]T_ bSZ ^_]ZOP _SPT] ^_]TOP^ Pc[P]_^ ZY ^LN]TQTNP^ LYO _SP M]LYNSP^ ZQ _SP APOL 2]PL_ ^NSZWL]^ ZQ _SP ,_SL]aLaPOL  P^_PPXPO Md _SP L^^PXMWPO ^LN]TQTNP]^ ]PNT_PO _SP >LÀST_£ TY MZ_S bZ]ObT^P LYO ^_P[bT^P XZOP^ :_SP] M]LSXTY^ bSZ ^[ZVP bT_S ]PQTYPXPY_ ZQ ^[PPNS XLOP _SP SP]XT_LRP ]TYR ^Z _SL_ T_ RWZ]TZ`^Wd ]P^PXMWPO _SP bZ]WO^ ZQ -]LSX£ 4_ ]P^Z`YOPO bT_S []TP^_^ bSZ VYPb ^LN ]TQTNP LYO ^LN]LXPY_ bSZ bP]P NZYaP]^LY_ bT_S _SP ^_P[bT^P ]PNT_L_TZY LYO [SZYP_TN^ LYO LNNZX[WT^SPO TY _SP ]`WP^ ZQ TY_P][]P_L_TZY LYO _SP ^TRYTQT NLYNP ZQ _SP []TYNT[WP^ _SP]PZQ z [L^_ XL^_P]^ ZQ _SP APOL []ZQTNTPY_ TY _SP NZXMTYL_TZY ZQ LWW VTYO^ ZQ ^PY_PYNP^ ^NSZZWPO TY L aL]TP_d ZQ ]T_P^ TY_PY_ `[ZY >LWaL_TZY LYO 7Lb FOSL]XLHm ,YO ^PPTYR M]LSXTY^ OZTYR [¼U£ _Z

?SP 9Z^_LWRTL ZQ _SP -L]O^

!

_SP ^LYN_`L]TP^ ZQ _SP 2ZO^ _ST^ XZ^_ ^_]TN_ VTYR _SZ`RS_ STX^PWQ L__PYOTYR _SP bZ]WO^ ZQ -]LSX£x

3ZbPaP] U`^_ SZb WT__WP _ST^ wAPOTNx L^[PN_ NZ]]P^[ZYO^ _Z APOTN _STYVTYR T^ ]PaPLWPO Md _SP -]LSXTY^ ZQQP]TYR YZYAPOTN bZ]^ST[ [¼U£ _Z [P]^ZYLW RZO^ LYO PaPY Md _SP _d[TNLW Xd_SZWZRPXP^ OP_P]XTYTYR _SP P^NSL_ZWZRTNLW NZX[ZYPY_ ZQ OSL]XL  ?SP UZd^ ZQ _SP SPLaPYWd -]LSX£ bZ]WO _Z bSTNS _SP SP]XT_LRP T^ NZX[L]PO LYO bSTNS _SP ]TRS_PZ`^ NLY Pc[PN_ NZY^T^_ []TXL]TWd ZQ QWZL_TYR _S]Z`RS _SP P_SP] TY QWdTYR [LWLNP^ bSTWP MWZ^^ZX^ ]LTY OZbY ZY _SPX 4_ T^ YPT_SP] _ZZ SZ_ YZ] _ZZ NZWO LYO _SP QZZO T^ LWbLd^ PcNPWWPY_ ?SP PL]Wd APOL LYO PaPY _SP -]£SXL©L^ OTO YZ_ TXLRTYP _SP YPc_ bZ]WO TY ^`NS NZYN]P_P _P]X^ L_ LWW ?SP^P TOPL^ ^PPX _Z SLaP L]T^PY TY _SP L]T^_ZN]L_TN bL]]TZ] NL^_P LYO _SPd SLaP YZ_STYR _Z OZ bT_S _SP APOTN -]LSXLYT^_TN wbZ]WO MPdZYO _SP ^`Yx z M`_ YZb _SPd LW^Z MPNZXP XPLYTYRQ`W QZ] _SP -]LSXTY^% w3L]VPY DZ` 2]PL_ ;]Z_PN_Z] ZQ _SP OSL]XL  Q]ZX _SP OSL]XL ZQ _SP NL^_P^ TY _SPT] ^P\`PYNP% m ?SZ^P -]LSXTY^ bSZ LWbLd^ SLaP TY XTYO _SPT] STRSP] ^PWQ m bSZ ]PR`WL]Wd [P]QZ]X _SP FAPOTNH ]T_P^ m bSZ L__PYO _Z _SPT] R`P^_^ bT_S NZ`]_P^d bSZ O`_TQ`WWd NZYO`N_ _SPT] OLTWd APOL ]PLO TYR^ LYO [P]QZ]X _SPT] ^LN]TQTNP ZQ ]PNT_L_TZY FZ]% LYO LNNZ]O WT_LYTP^ L^ X`NS ]P^[PN_ L^ _Z L ^LN]TQTNPH m bSZ L]P Q]PP Q]ZX MZL^_TYR LYO _PWWTYR WTP^ bSZ L]P ^L_T^QTPO bT_S _SPT] ZbY bTQP m _SPd F_S`^H OP^_]Zd _SPT] PaTW OPPO^ LYO PY_P] _SP bZ]WO ZQ -]LSX£ ,YO TY F_ST^H bZ]WO ZQ -]LSX£ _SPd ^SLWW MP SZYZ]PO TY ^ZYR^ ZQ PY_S`^TL^_TN []LT^P U`^_ L^ _SPd OP^T]P Md _SP 2LYOSL]aL^ bSZ ^TYR _SP APOL F_SP]PH LYO FPaPYH _SP ^PWQN]PL_PO F-]LSX£H bTWW ^SZb _SPX ]P^[PN_ ?SPd ^SLWW PYUZd _ST^ bZ]WO ZQ -]LSX£ `Y_TW _SP OT^^ZW`_TZY ZQ .]PL_TZYx !

, XLUZ] TOPL T^ _SL_ OSL]XL T^ L ^PWQLOU`^_TYR wLN_TZY NZYNP[_x "% VPP[ TYR _]LOT_TZYLW ]`WP^ T^ L aT]_`P TY T_^PWQ LYO LWbLd^ wM]TYR^ SL[[TYP^^x [`©dL  >Z T_ T^ LW^Z `YOP]^_LYOLMWP _SL_ ]PNT_L_TZY ZQ _SP APOL LN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !

"

8-S "! _]LY^WL_PO Md 5 , - aLY -`T_PYPY ?SP 8LS£MS£]L_L% AZW % ?SP MZZV ZQ _SP MPRTYYTYR  .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $" $"   #z! ?SP [L^^LRP bT_S T_^ [L]_TLWWd NZ]]`[_ >LY^V]T_ LYO XP_P] bL^ TYNW`OPO TY _SP ,[[PY OTNP^ ZQ _SP N]T_TNLW POT_TZY ZQ _SP 8LS£MS£]L_L % ²š©` aL]©LV]LXP©LTaL OSL]XLÀ OSL]XLMSš_£À aL]L g Y£^_T VTÀNTY YL]L²]P´¶L O`´Vš_LX M]£SXL©L^dL _` g dP ^_ST_£à ^d`à ^LO£OSd£_XLYP ^LÀOSd£À dP N£[d `[£^L_P FXP_P]*H g dLT² NL [¼]©£S`_Tà []£[_£ aTOSTaLU U`SaL_P NL dP g aLT²aLOPaLÀ NL dP V`]d`à [¼ULdLY_d L_T_S¯À² NL dP g YT_dLÀ ^a£OSd£dL²¯W£² NL UL[LdLU†L[L]£² NL dP g m “LXMS£FOLXMS£z*HYš_LaTX`V_£² NL ^aLO£]LYT]L_£² NL dP g m YL´¶LO`´Vš_LVL]X£©Z M]LSXLWZVLÀ a]LULY_T _P g M]LSXLWZVP [`YLà V£XLÀ RLYOSL]aLT] M]LSXLR£dLVLTà g `OR¯dLX£Y£à []LdL_LTà [¼UdLX£Y£à ^aLdLÀMS`a£ g M]LSXLWZVP []LXZOLY_P d£aLO £ MS¼_L^LÀ[WLaLÀ g 8-S  ¢²aLXPOSTVL[L]aL A^ " z#  ,[[PYOTc 4 9Z  [ "  BP SLaP MZ]]ZbPO _ST^ _P]X Q]ZX 7T[YP] 3TYO`^ "z"

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

!

\`T]P^ T_^ ZbY aLWTOT_d L^ L [`]P []P^PY_L_TZY ZQ T_^ [SZYP_TN XL_P]TLW BSPY L APOTN ^LN]TQTNP T^ [P]QZ]XPO _SP XZ_TaL_TZY T^ WP^^ _SP MPWTPQ TY _SP [ZbP] ZQ SZXZWZRTNLW XLRTN M`_ ]L_SP] T_ T^ [`]PWd LYO ^TX[Wd _SP QLN_ _SL_ bSL_ T^ [P]QZ]XPO T^ L APOTN ]T_`LW z TP LY LYNTPY_ aPYP]LMWP ]T_`LW LYO _S`^ TY LM^ZW`_P NZYQZ]XT_d bT_S OSL]XL  ?SP VPd L^[PN_ T^ YZ WZYRP] _SP ]T_`LW XLRTN LN_ bT_S L ^[PNTQTN [`][Z^P M`_ _SP ]PT_P]L _TZY ZQ _SP APOTN WPRLNd >Z L^ L ]`WP T_ T^ ^`QQTNTPY_ _Z WPL]Y _SP APOL Md SPL]_ TY Z]OP] _Z [L]_LVP ZQ T_^ Q`WW ^Z_P]TZWZRTNLW [ZbP] ,N_TaT_TP^ ^`NS L^ ]PLOTYR _SP APOL QZ] ZYP^PWQ ^a£OSd£dL  R]LXXL_TNLW LYLWd^T^ NZ]]PN_ []ZY`YNTL_TZY LYO RZZO _PNSYT\`P TY []ZYZ`YNTYR >LY^V]T_ SLO []PaTZ`^Wd ZYWd MPPY L bLd ZQ WPL]YTYR _SP ^[ZVPY ]T_`LW XL_P]TLW z M`_ YZb _SP^P LN_TaT_TP^ MPNZXP LY PYO TY _SPX^PWaP^ BSL_PaP] T^ WPQ_ ZQ _SP Xd_STNLW ^Z_P]TZWZRTNLW ^`M^_LYNP ZQ _SP TOPL ZQ _SP ^LN]TQTNP T^ YZb NZX[WP_PWd `YT_PO bT_S _SP APOTN >LY^V]T_ LYO T_^ [P]QZ]XL_TaP L^[PN_^ TY _SP ]PNT_L_TZY ZQ XLY_]L^ ?SP ]T_`LW _Pc_^ SLaP MPNZXP _Pc_ ]T_`LW^ ;`]P _Pc_ ]PNT_L_TZY bL^ ^Z STRSWd aLW`PO _SL_ _SP -]LSXTY^ YZb PaPY ^[ZVP ZQ L w^LN]TQTNP ZQ ]PNT_L_TZYx UL[LdLUÓL  bSTNS XPLY^ YZ_S TYR Z_SP] _SLY _SP OLTWd ]P[P_T_TZY ZQ [L^^LRP^ ZQ _SP APOL _SL_ SLaP MPPY WPL]YPO Md SPL]_ ^a£OSd£dL  ?ST^ w]PNT_L_TZY ^LN]TQTNPx bL^ ]P RL]OPO L^ _SP STRSP^_ [Z^^TMWP ^LN]TQTNP ^TYNP TY _ST^ OLTWd ]PLOTYR ]T_`LW _SP ^LN]TQTNTLW QT]P bL^ PYaT^LRPO YZ_ L^ XT^^TYR M`_ L^ []P^PY_ TY_P]YLW TePO TY _SZ`RS_ # ?SP TYQW`PYNP ZQ _SP @[LYT´LO^ T^ ZMaTZ`^% _SP _Z_LW NZYNPY_]L_TZY ZY LY TY_P]YLW PaPY_ T^ bZ]_S L _SZ`^LYO _TXP^ XZ]P _SLY _SP XP]P SL[_TN ]T_`LW LN_



?SPT^_TN w?Z[[TYRx ZQ _SP APOL TY 7T_LYTP^ LYO ;`]£©L^

?ST^ YPb `YOP]^_LYOTYR ZQ _SP APOL z _SP XP]P _Pc_ [P]QZ]XLYNP Z] w]PNT_L_TZY ^LN]TQTNPx MPTYR L STRSWd XP]T_Z]TZ`^ OPPO TY T_^PWQ z LW^Z SLO L ^TRYTQTNLY_ TYQW`PYNP ZY _SP XZYZ_SPT^_TN bZ]V^ PXP]RTYR L_ _SL_ _TXP TP _SP P[TN LYO ;`]£©TN [Z]_TZY^ LOO]P^^PO _Z AT´©` Z] ±TaL ?SP ]PNT_LW ZQ _SP^P bZ]V^ LYO ZQ _SP R]PL_ 2ZOv^ YLXP^ LYO OPPO^ TY [L] _TN`WL] MPNLXP L XLUZ] LN_ ZQ bZ]^ST[ LYO L ^PWQLOU`^_TYR LN_TZY NZY NP[_ M]TYRTYR LMZ`_ L`^[TNTZ`^YP^^ LYO ^LWaL_TZY -Z_S RZO^ [L]_TNT[L_P TY _SP YZ_TZY ZQ _]LY^NPYOPYNd bSTNS _SP ¢_XLY SLO LN\`T]PO TY _SP @[LYT´LO^ -`_ _ST^ T^ WP^^ LMZ`_ ZYPv^ ZbY ^PWQ LYO XZ]P LMZ`_ TOPL^ ZQ L [P]^ZYLW RZO z LY ZXYT^NTPY_ ZXYT[Z_PY_ LYO ZXYT[]P^PY_ 2ZO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #

,YO]Ë ;LOZ`c w.ZY_]TM`_TZY^ Â WvË_`OP O` 8LY_]L²£^_]Lx -010: "! $#" $& ,YYP__P BTWVP w:[QP] 2PMP_ `YO 2PMP_^Z[QP] TX 3TYO`T^X`^x TY :[QP] `YO 2PMP_ TY OPY =PWTRTZYPY  PO @ -P]YP] P_ LW 2Þ_P]^WZS% 2Þ_P]^WZSP] AP]WLR^SL`^   z

?SPT^_TN w?Z[[TYRx ZQ _SP APOL TY 7T_LYTP^ LYO ;`]£©L^

!

bSZ YZ_ ZYWd N]PL_PO _SP bZ]WO M`_ LW^Z R]LY_^ WTMP]L_TZY Q]ZX _SP bZ]WO



?SP 3`YO]PO LYO _SP ?SZ`^LYO 9LXP^ ZQ _SP @YTaP]^LW 2ZO

?SP XLYYP] TY bSTNS APOTN _Pc_ ]T_`LW^ X`_L_PO TY_Z _SPT^_TN _Pc_ ]T_`LW^ NLY MP ^PPY TY L ]Z`RS QZ]X TY _SP YL]]L_TaP _SL_ N]PL_P^ _SP MLNVO]Z[ _Z _SP QLXZ`^ WT_LYd ZQ _SP ?SZ`^LYO 9LXP^ ZQ AT´©` AT´©`>LSL^]L 9£XL ./  bSTNS T^ TYNZ][Z]L_PO TY_Z _SP bL] P[TN 8LS£MS£]L_L  $ 4Y _SP _LWP 6TYR D`OOST´¶ST]L L^V^ -S¯´XL bSZ T^ WdTYR ^PaP]PWd bZ`YOPO ZY L MPO ZQ L]]Zb^ LMZ`_ _SP _]`P YL_`]P ZQ _SP OTaTYP _SP NPY_]LW OSL]XL ZQ S`XLY MPTYR^ LYO _SP MP^_ ]PNT_L_TZY UL[L _SL_ NLY WTMP]L_P S`XLYVTYO Q]ZX _SP NdNWP ZQ ]PMT]_S ?SP \`P^_TZY T_^PWQ XLVP^ T_ NWPL] _SL_ ZYWd L w]PNT_L_TZY ^LN]TQTNPx NLY MP LOO]P^^PO _Z _SP 7Z]O 2ZO LYO _SL_ T_ PaPY [Z^^P^^P^ ^Z_P]TZWZRTNLW PQQTNLNd -S¯´XLv^ ]P[Wd T^ _ST^% w0aP] MPTYR PYRLRPO TY []LT^TYR _SP 7Z]O ZQ _SP bZ]WO _SP 2ZO ZQ RZO^ _SP 4YQTYT_P :YP _SP ;`]P >[T]T_ `^TYR  YLXP^ bZ]^ST[[TYR Q`WW ZQ OPaZ_TZY _ST^ PaP]WL^_TYR ^[T]T_ LWZYP NZY_PX[WL_TYR LYO []LT^TYR STX LWZYP MZbTYR _Z STX LWZYP SP bSZ XLVP^ _ST^ ^LN]TQTNP dLULX£YL ^SLWW m WPLaP LWW ^`QQP]TYR MPSTYO STX m 4Y Xd Z[TYTZY _ST^ T^ L OSL]XL LMZaP LWW OSL]XL^  TQ L XLY NZY_TY`LWWd []LT^P^ bT_S OPaZ_TZY _SP WZ_`^PdPO FAT´©`Hx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $



?SP WT_LYd NZY_LTYTYR $ aP]^P^ bL^ LOOPO L^ _SP $ _S NSL[_P] _Z _SP ¢Y`²£^LYTVL ;L]aLY ZQ _SP 8-S ?SP Y`XMP] ZQ NSL[_P] T^ RTaPY OTQQP]PY_Wd TY ^ZXP NZXXPY_L]TP^ LYO XLY`^N]T[_^& TY _SP ;ZZYL N]T_TNLW POT_TZY T_ T^ _SP  _S NSL[_P] ?SP WT_LYd SL^ MPNZXP L _Pc_ ZQ T_^ ZbY []TY_PO ^P[L]L_PWd TY XLYd POT_TZY^ PWTNT_TYR XLYd NZX XPY_L]TP^ `[ _Z _SP []P^PY_ OLd _SP XZ^_ QLXZ`^ ZQ _SPX MPTYR L^N]TMPO _Z _SP ,O aLT_LAPO£Y_L [STWZ^Z[SP] ±L«VL]L "_S#_S NPY_ ,/ ,YZ_SP] _]LOT_TZYLW NZXXPY _L_Z] ;L]£²L]L -SL¶¶L] NZY^TOP]^ _SP WT_LYd _Z MP _SP \`TY_P^^PYNP ZQ _SP 8-S LYO STRSP] _SLY _SP -SLRLaLOR¯_£ .Q AT´©`^LSL^]LY£XL bT_S _SP NZXXPY_L]TP^ ZQ ±L«VL]£N£]dL LYO ;L]£²L]L -SL¶¶L] 8LO]L^% 2LYP^S   :Q LWW _SP SdXY^ ZQ  YLXP^ z bSTNS PcT^_ TY R]PL_ Y`XMP] z _SP AT´©`>LSL^]LY£XL T^ YZ OZ`M_ _SP XZ^_ QLXZ`^ SPWO TY R]PL_ aPYP]L_TZY LWW ZaP] 4YOTL LYO ]PNT_PO Md LWW ^ZNTLW R]Z`[TYR^ >ZXP ZQ _SP XZ^_ NZXXZY XP_SZO^ LYO ^T_`L_TZY^ ZQ ]PNT_L_TZY ZQ _SP SdXY L]P QZ`YO TY _SP TY_]ZO`N_TZY ZQ AT´©`^LSL^]LY£XL bT_S -S£´dL ZQ ±]¯ ±L«VL]£N£]dL  PO LYO _]LY^W TY_Z 0YRWT^S Md ,YLY_SLV]T^SYL >L^_]d 8LO]L^% ,OdL] 7TM]L]d $# ccTTTz ccc 4_^ [P]QZ]XLYNP T^ YZ_ ]P^_]TN_PO _Z ALT´©LaLT_P^ 4YOTRPYZ`^ L`_SZ]^ bTWW ZQ_PY _LVP T_ L^ L YZY^PN_L]TLY OZN`XPY_ LYO XLVP L NZYYPN_TZY _Z _SP APOL  AT´©`^LSL^ ]LY£XL  PO LYO _]LY^W ; >LYVL]LYL]LdLYLY 8`XMLT% -SL]L_TdL ATOdL -SLaLY $$! cTTT cTc :`] aP]^P Y`XMP]^ L]P _LVPY Q]ZX ^`NS TYOP[PYOPY_ POT_TZY^ LYO MZZVWP_^ `^PO QZ] NZY_PX[WL_TZY LYO ]PNT_LW ULRL_[]LMS`À OPaLOPaLX LYLY_LX [`]`´Z__LXLX g ^_`aLY Y£XL^LSL^]P©L [`]`´Là ^L_L_Z__ST_Là gg _LX PaL N£]NLdLY YT_dLÀ MSLV_d£ [`]`´LX LadLdLX g

!

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

?SP [P]^ZY bSZ XLVP^ L _]`P ^LN]TQTNP bSZ bT^SP^ _Z RTaP ^ZXP_STYR aLW`LMWP _Z 2ZO OZP^ YZ_ RTaP 3TX L RZL_ Z] NWL]TQTPO M`__P] M`_ ]L_SP] ST^ OPaZ_TZY MSLV_T  >Z LXZYR^_ _SP _SPT^_^ _ZZ _SP]P T^ _SP ^`MWT XL_PO YZ_TZY ZQ ^LN]TQTNP QZ] bSTNS _SP TY_P]YLW L^[PN_ T^ XZ]P TX[Z] _LY_ _SLY _SP Pc_P]YLW ?SP STRSP^_ QZ]X ZQ ^LN]TQTNP T^ _SP ^LN]TQTNP ZQ _SZ`RS_ LYO NZYNPY_]L_TZY -`_ TQ bP ]PLO MP_bPPY _SP WTYP^ -S¯´XL ^Ld^ L WZ_ XZ]P TP _SL_ _SP ^LN]TQTNP ZQ ]PNT_L_TZY _Z AT´©` T^ bZ]_S XZ]P _SLY LYd ]PNT_L_TZY ZQ _SP APOL z LYO SP LOO^ ^WTRS_Wd L[ZWZRP_T NLWWd _SL_ _ST^ T^ ST^ [P]^ZYLW Z[TYTZY 3P]P _SP bZ]O OSL]XL ^SZ`WO MP `YOP]^_ZZO YZ_ ZYWd L^ aLTOTVL aPOTN M`_ LW^Z TY _SP Z]TRTYLW ^PY^P L^ []P^P]aL_TZY ZQ _SL_ bSTNS T^ RZZO LYO Z]TRTYLW -S¯´XL ^PPX^ _Z bLY_ _Z ^Ld bSL_ NZ`WO MP XZ]P Z]TRTYLW _SLY _SP ^[T]T_ bT_S YZ MPRTYYTYR bSTNS SL^ PcT^_PO PaPY Q]ZX _SP MPRTYYTYR ZQ _TXP* ,YO bSL_ NZ`WO MP MP__P] _SLY NZXXPXZ]L_TYR T_ LYO []P^P]aTYR T_^ YLXP* ,WXZ^_ L^ ^ZZY L^ _SP NZYNP[_ ZQ OSL]XL L[[PL]^ T_ T^ _]LY^WL_PO TY_Z ^ZXP_STYR XP_L [Sd^TNLW ?SP YZ_TZY ZQ L `YTaP]^LW OSL]XL ^LY£_LYLOSL]XL _SL_ T^ NZYNPTaPO ZQ TY NZ^XTN LYO XP_L[Sd^TNLW _P]X^ LYO Z`_^STYP^ LWW Z_SP] O`_TP^ N]PL_P^ _Pc_^ _SL_ ^`][L^^ _SP APOL bT_SZ`_ ]PYOP]TYR T_ TYaLWTO -`_ QZ]XLWWd _ZZ _SP WT_LYd ZQ _SP _SZ`^LYO YLXP^ ZQ AT´©` T^ WTYVPO _Z _SP APOL ?SP XZOPW QZ] _ST^ NLWWTYR _Z L 7Z]O 2ZO T^ _SP ±L_L ]`O]¯dL WT_LYd ZQ _SP DLU`]APOL bSTNS Pc`W_^ _SP  ²L_L QZ]X^ ZQ =`O]L  0aPY TY _SP -]£SXL©L PcPRP^T^ L ^[PNTLW \`LWT_d bL^ LW]PLOd L^N]TMPO _Z _SP YLXP^ ZQ =`O]L LYO PL]Wd L[ZN]d[SLW @[LYT´LO _]LOT _TZY^ 6LTaLWdL 5£M£WL ^PP _SP ±L_L]`O]¯dL L^ L Q`YOLXPY_LW ]P[]P^PY _L_TZY ZQ _SP 7Z]O 2ZO ±TaL  ?SP `Y`^`LW NL]PP] ZQ _ST^ L]NSLTN _Pc_ NLY SL]OWd MP Pc[WLTYPO Md T_^ NZY_PY_ Z] ^_dWP 7TVP XLYd Z_SP] PL]Wd _Pc_^ _SP ±L_L]`O]¯dL XLTYWd []P^PY_^ ^ZXP L^^ZNTL_TaP ^P]TP^ ZQ T_PX^ LYO T^ bSZWWd ML^PO ZY L Xd_STNLW WZRTN 3ZbPaP] bSL_ OT^_TYR`T^SP^ _ST^ _Pc_ Q]ZX Z_SP] APOTN SdXY^ T^ L NP]_LTY ML^TN ^_]`N_`]P 4_ NZY_LTY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OSd£dLY ^_`aLY YLXL^dLÀ² NL dLULX£YL^ _LX PaL NL gg LY£OTYTOSLYLX aT´©`À ^L]aLWZVLXLSP²aL]LX g WZV£OSdLV´LÀ ^_`aLY YT_dLÀ ^L]aLO`àVS£_TRZ MSLaP_ gg m P´L XP ^L]aLOSL]X£©£À OSL]XZ uOSTVL_LXZ XL_Là g dLO MSLV_d£ [`©“L]¯V£V´LÀ ^_LaLT] L]NPY YL]Là ^LO£ gg AT´©`>LSL^]LY£XL  aP]^P^ z! #  ?SP WT_LYd T^ VYZbY TY MZ_S _SP ]PNPY^TZY^ ZQ _SP bST_P DLU`]APOL A£UL^LYPdL >LÀST_£ !z!! LYO MWLNV DLU`]APOL ?LT__T]¯dL>LÀST_£  z LYO L]P LW^Z LaLTWLMWP ^P[L]L_PWd QZ] []LN_TNLW `^P TY ]PNT_L_TZY PR =`O]L[]L²YL  PO LYO _]LY^W A 6 >`M]LXLYTLY 8LO]L^% =LXLV]T^SYL 8L_S $!  1Z] L OT^N`^^TZY ZQ _ST^ PXTYPY_ _Pc_ ^PP 5LY 2ZYOL w?SP ±L_L]`O]¯dLx TY >LY^V]T_ LYO 4YOTLY >_`OTP^ 0^^Ld^ TY SZYZ`] ZQ /LYTPW 3 3 4YRLWW^ Md 8 9LRL_ZXT P_ LW /Z]O]PNS_% =PTOPW ;`MW .Z $"$ " z$& -]`NP 7ZYR w=`O]L L^ LY 0XMZOdXPY_ ZQ /TaTYP ,XMTaLWPYNP TY _SP ±L_L]`O]¯dL >_Z_]LX x TY 0c[P]TPYNTYR ±TaL 0YNZ`Y _P]^ bT_S L 3TYO` /PT_d  Md 1 .WZ_SPd LYO - 7ZYR 7`NVYZb% >Z`_S ,^TLY -ZZV^ $# z# LYO ,YYPXL]TP 8P]_PY^ /P] /LV´LXd_SZ^ BTP^MLOPY $$"

?SPT^_TN w?Z[[TYRx ZQ _SP APOL TY 7T_LYTP^ LYO ;`]£©L^

!

L NZWWPN_TZY ZQ _SP YLXP^ ZQ =`O]L ^ZXP ZQ bSTNS L]P []P^PY_PO NZY U`YN_TaPWd LYO Z_SP]^ OT^U`YN_TaPWd& _ST^ NZWWPN_TZY QZ]X^ L R]LYO XP_L [SZ] QZ] NZ^XTN `YTaP]^LWT_d ?SP ZWO Xd_STNLW ^`M^_LYNP ZQ _SP Z]TRT YLWWd OP^_]`N_TaP RZO T^ LNNZX[LYTPO Md _SP TOPL ZQ ST^ ZXYT[]P^PYNP , WL]RP []Z[Z]_TZY ZQ _SP NLWW^ OP[TN_ _SP Xd_STNLW ^`M^_LYNP ZQ _SP RZO TY _SP LXMTaLWPY_ QL^STZY bP OT^N`^^PO LMZaP [ $$% _SP bTWO LYO NL_L^_]Z[STN M`_ LW^Z ^`YWTVP LYO [ZbP]Q`W L^[PN_^ ZNN`] TXXPOTL_PWd LWZYR^TOP _SP WTQP[]P^P]aTYR L^[PN_^ LYO PaPY XP]NTQ`W ZYP^ .LWWTYR _SP RZOv^ YLXP^ MPRTY^ L^ QZWWZb^% w-Zb _Z _SP RZWOPYL]XPO 7PLOP] ZQ _SP ,]Xd _Z _SP 7Z]O ZQ _SP SZZ_^ F,]]Zb^H _Z _SP 7Z]O ZQ NP]PLW^ MZb MZb _Z _SP DPWWZbSLT]PO :YP LYO _SP -PL]P] ZQ _SP ^LN]T QTNTLW NZ]O _Z _SP 7Z]O ZQ ]P[WP_TZY MZb MZb _Z _SP ^SZ_^ ZQ -SLaL _Z _SP 7Z]O ZQ _SP bZ]WO^ MZbx 

?SP XZ^_ XL]VPO L^[PN_ ZQ _SP NZY_PY_ T^ _SP XLYd XP_L[SZ]^ ]PWL_TYR _Z _SP ^`Y LMZaP LWW Md YLXTYR Y`XP]Z`^ NZWZ]^ 4Y LOOT_TZY _SP]P L]P _bZ \`T_P Z[[Z^TYR NSLTY^ ZQ L^^ZNTL_TZY^ _SL_ NZ]]P^[ZYO _Z _SP LX MTaLWPY_ NSL]LN_P] ZQ =`O]L% XTWT_L]d _P]X^ ^`NS L^ wL]Xdx wL]]Zbx P_N NZY_]L^_ bT_S wNP]PLW^x w]P[WP_TZYx LYO w^LN]TQTNTLW NZ]Ox WL_P] XPLYTYR _SP SZWd NZ]O ZQ _SP -]LSXTY^ ?SP L^^ZNTL_TaP ^P]TP^ ZQ YLXP^ T^ SPWO _ZRP_SP] Md _SP ^_]TN_ ]PQ]LTY :aP] _SP NZ`]^P ZQ _SP WT_ LYd _SP ]Sd_SX NSLYRP^ L^ _SP ]PQ]LTY T^ ^SZ]_PYPO bSTWP _SP NZY_PY_ T^ M]ZLOPYPO ,^ _ST^ OPaPWZ[XPY_ ^_L]_^ _SP _Pc_ OZP^ YZ_ XPY_TZY SPLa PYWd QZ]X^ ZQ =`O]L M`_ TY^_PLO T_ XPY_TZY^ _SP ^ZNTLW R]Z`[^ _SL_ SLaP _SP XZ^_ [ZbP]Q`W =`O]L ^`M^_LYNP TY _SPX% ^ZWOTP]^ _STPaP^ LYO X`] OP]P]^ LYO LW^Z [ZWT_TNTLY^ LYO XP]NSLY_^ ?ST^ QZN`^TYR ZY _SP w=`O]TNx L^[PN_^ T^ \`TNVWd QZWWZbPO Md L WZYR WT^_ ZQ LWW NZYNPTaLMWP ZNN`[L_TZY^% wm -Zb _Z _SP L]XTP^ _Z _SP RPYP]LW^ MZb MZb _Z _SP SP]LWO^ _Z _SP R]ZZX^ MZb MZb _Z _SP NL][PY_P]^ _Z _SP NL]_b]TRS_^ MZb MZb _Z _SP [Z_ _P]^ _Z _SP ^XT_S^ MZb MZb _Z _SP QLWNZYP]^ _Z _SP QT^SP]XPY MZb MZb _Z _SP QWP_NSP]^ _Z _SP MZbXLVP]^ MZb MZb _Z _SP S`Y_P]^ _Z _SP OZR SLY OWP]^ MZb MZb _Z _SP OZR^ _Z _SP OZRPL_P]^ MZb mx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  YÃXZ SÏ]L©dLM£SLaP ^PY£YdÊ OT²ÑÀ NL [Ã_LdP YÃXZ YÃXZ aŽV´ËMSdZ SÃ]TVP²PMSdLà [L²¼YÑÀ [Ã_LdP YÃXZ YÃXLà ^L^[ÏÓUL]£dL _aÏ´ÅXL_P [L_SÅYÑÀ [Ã_LdP YÃXZ YÃXZ MLMSW`²ÑdL aTad£OSÏYË uYY£Y£À [Ã_LdP YÃXZ YÃXZ SÃ]TVP²£dZ[LaÅ_ÏYP [`´¶ÑY£À [Ã_LdP YÃXZ YÃXZ MSLaÃ^dL SP_dÃT UÃRL_£À [Ã_LdP YÃXFLàH m ?LT>LÀ    YÃXZ ^ËY£MSdLà ^PY£YÏMSdL² NL aZ YÃXZ YÃXLà V´L__ÄMSdLà ^LÀRŽSÅ_ÄMSdL² NL aZ YÃXZ YÃXL^ _ÃV´LMSdZ ]ËMSdL² NL aZ YÃXZ YÃXLà VÜW£WPMSdLà VL]XÑ]PMSdL² NL aZ YÃXZ YÃXLà [`ÓUÏ´¶PMSdZ YT´£OËMSdZ YÃXZ YÃXL T´`VÄOMSdZ OSLYaLVÄOMSdL² NL aZ YÃXZ YÃXZ XŽRLdÜMSdLà ²aLYÏMSdL² NL aZ YÃXZ ²aÃMSdLà ²aÃ[L_TMSdL² NL aZ YÃXLà gg ?LT>LÀ  

!!

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

?SPY NZXP YL_`]LW TXLRP^ bSTNS Pc[LYO TY_Z _SP NZ^XTN ]PLWX% wm -Zb _Z _SP QPY^ _Z _SP WLVP^ MZb MZb _Z _SP ]TaP]^ _Z _SP [ZYO^ MZb MZb _Z _SP ^[]TYR^ _Z _SP [T_^ MZb MZb _Z _SP ]LTY _Z _SP O]Z`RS_ MZb MZb _Z _SP _S`YOP] _Z _SP WTRS_YTYR MZb MZb _Z _SP L`_`XY NWZ`O _Z _SP ^`Y MZb MZb _Z _SP ^_Z]X _Z _SP QWZZO MZb MZb _Z _SP WLYO _Z _SP 7Z]O ZQ _SP WLYO MZbx 

?SP _Pc_ PYO^ TY   bT_S LY Pc[WTNT_ NZYQT]XL_TZY ZQ _SP NZ^XTN ZXYT[]P^PYNP ZQ =`O]L ?SP []ZNP^^ _SL_ NLY MP XLOP Z`_ TY _ST^ WT_LYd T^ L ^`M_WP Pc[LY^TZY ZQ _SP Z]TRTYLWWd NL_L^_]Z[STN L^[PN_ TY_Z _SP ]PLWX ZQ _SP Pc_]LZ]OTYL]d LYO QTYLWWd TY_Z _SP NZ^XTN `YTaP]^LWT_d ?SP WL_P] ]PNP[_TZY TY T_^ _`]Y QZWWZb^ ZY aP]d ^_]ZYRWd Q]ZX _SP]P LYO TY L ]P ]PLOTYR T_ []TYNT[LWWd ^PWPN_^ _SP PWPXPY_^ _SL_ M]TYR XP]Nd QZ] _SP _Pc_ NZY_LTY^ LXZYR^_ Z_SP] _STYR^ _SP QZ]X`WL wYLXLà ±Ta£dLx w-Zb _Z _SP ,`^[TNTZ`^ :YP FbSZ -]TYR^ >LWaL_TZYHx bSTNS MPNZXP^ _SP XZ^_ QLXZ`^ ±TaL XLY_]L 4_ bL^ []ZMLMWd _SP PcT^_PYNP ZQ _SP ±L_L]`O]¯dL _SL_ LW^Z RLaP _SP AT´©`T_TN bL]]TZ][]TYNP^ L VTYO ZQ uYL_`]LWv TOPL _SL_ _SP WT_LYdWTVP ^[PLVTYR ZQ _SP YLXP^ ZQ 2ZO bL^ _SP MP^_ bLd _Z bZ]^ST[ L 7Z]O 2ZO 5`^_ _SP bLd _SP^P YLXP^ L]P [`_ _ZRP_SP] MZ_S NZYU`YN_TaP LYO OT^ U`YN_TaP L^ TY^[T]PO Md _SP ±L_L]`O]¯dL XPLY_ _SL_ _SP AT´©` WT_LYd LW^Z SLO _SP QZ]XLW NSL]LN_P] ZQ L XP_L[SZ] QZ] `YTaP]^LWT_d ?ST^ T^ `YOP]^NZ]PO YZ_ WPL^_ Md _SP ^dXMZWTN Y`XMP] ZQ YLXP^ 4Y _SP ?SZ` ^LYO 9LXP^ ZQ AT´©` _SP TOPL ZQ `YTaP]^LWT_d T^ ^P_ ]TRS_ L_ _SP MPRTY YTYR Md _SP XPY_TZY ZQ _SP bZ]O w`YTaP]^Px aT²aLX % aT²aLÀ aT´©`] aL´L¶V£]Z MS¼_LMSLadLMSLaL_[]LMS`à g MS¼_LVšO MS¼_LMSšO MS£aZ MS¼_£_X£ MS¼_LMS£aLYLà gg [¼_£_X£ [L]LX£_X£ NL X`V_£Y£À [L]LX£ RL_Tà g LadLdLà [`]`´Là ^£V´¯ V´P_]LUÓZ uV´L]L PaL NL gg w?SP `YTaP]^P T^ AT´©` FbSZ T^H _SP AL´L¶ NLWW _SP 7Z]O ZaP] [L^_ []P^PY_ LYO Q`_`]P  _SP .]PL_Z] ZQ _SP bZ]WO _SP >`^_LTYP] ZQ LWW MPTYR^ FbSZ T^H -PTYR T_^PWQ _SP 0^^PYNP ZQ PaP]d_STYR N]PL_PO _SP :YP bSZ NL`^P^ LWW N]PL_TZY _Z MP  F3P T^H _SP ;`]P >Z`W _SP 3TRSP^_ >Z`W LYO _SP 7L^_ =P ^Z]_ ZQ _SP WTMP]L_PO  _SP @YNSLYRTYR >[T]T_ _SP F0_P]YLWH BT_YP^^ _SP ;P]NPTaTYR .ZY^NTZ`^YP^^ LYO _SP 4YPcSL`^_TMWP _ZZ mx !

,^ bP NLY ^PP _SP OT^U`YN_TZY^ TY _SP _Pc_ ZQ WL_P LY_T\`T_d SLaP L \`T_P OTQQP]PY_ NZYNP[_ _SLY TY _SP PL]WTP] XZOPW 4Q QZ] PcLX[WP _SP RZO T^ NLWWPO w_SP :YP bSZ NL`^P^ LWW N]PL_TZY _Z MPx M`_ LW^Z w-PTYR T_^PWQx LYO w0^^PYNP ZQ PaP]d_STYR N]PL_POx _SPY LWW _SP^P _P]X^ L]P LW]PLOd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  m YÃXLà ^ÌOd£dL NL ^L]L^dÝdL NL YÃXZ Y£OdÑdL NL aLT²LY_ÑdL NL YÃXLà VÌ[d£dL N£aL¶dÝdL NL YÃXZ aÃ]´d£dL NL YÃXZ XPRSdÝdL NL aTOd`_dÝdL NL YÃXL ÅRS]Ïd£dL N£_L[dÝdL NL YÃXZ aÑ_d£dL NL ]Ë´XTd£dL NL YÃXZ a£^_LadÝdL NL a£^_`[ÑdL NL gg ?LT>LÀ  " ! AT´©`>LSL^]LY£XL aP]^P^ z 

?SPT^_TN w?Z[[TYRx ZQ _SP APOL TY 7T_LYTP^ LYO ;`]£©L^

!"

_SPZWZRTNLW wYLXP^x ?SPd XLd bPWW L[[PL] [L]LOZcTNLW TY _SPT] NZX[T WL_TZY M`_ _ST^ [L]LOZc Pc[]P^^P^ L WLb ZQ [LY_SPT^_TN _SPZWZRd% 2ZO T^ _]LY^NPYOPY_ LYO TXXLYPY_ L_ _SP ^LXP _TXP >ZXP_TXP^ _SP _Pc_ T_^PWQ []ZaTOP^ ]P^ZW`_TZY QZ] PcLX[WP TY _SP QZWWZbTYR WTYP^% aT²aLX¼]_T] XLS£X¼]_T] O¯[_LX¼]_T] LX¼]_TX£Y g LYPVLX¼]_T] LadLV_Là ²L_LX¼]_Tà ²L_£YLYLà gg wF3P [Z^^P^^P^H _SP QZ]X ZQ _SP `YTaP]^P L S`RP QZ]X L QWLXTYR QZ]X F3P T^H L QZ]XWP^^ FZYPH  SLaTYR XLYd QZ]X^ FbSTWP MPTYRH L YZYQZ]XPO FZYPH ZYP bT_S L S`YO]PO QZ]X^ ZYP bT_S L S`YO]PO QLNP^ x "

?SP NZY_PY_ ZQ _SP^P YLXP^ T^ ZMaTZ`^Wd ]PXTYT^NPY_ ZQ _SP =`O]L YLXP^ M`_ SP]P _SPd L]P _`]YPO TY_Z ^ZXP_STYR _Z_LWWd LM^_]LN_ 1Z] PcLX[WP _SP _Pc_ ^Ld^ wTY _SP QZ]X ZQ _SP `YTaP]^Px bSTWP _SP ±L_L ]`O]¯dL XPY_TZY^ XLYd [Sd^TNLW _STYR^ _SL_ ^`RRP^_ ^`NS L QZ]X M`_ OZ YZ_ PYNL[^`WL_P T_ TY ZYP _P]X >`RRP^_TaP YLXP^ L]P NP]_LTYWd LW^Z []P ^PY_ TY _SP AT´©` WT_LYd ^`NS L^ wTY L S`RP QZ]Xx LYO wTY L QWLXTYR QZ]Xx ?SP XPY_LW Q]LXPbZ]V ZQ _SP aP]^P SZbPaP] T^ XLOP `[ ZQ LM^_]LN_ _SPZWZRTNLW _P]X^ bSTNS LW^Z NSL]LN_P]TeP _SP bSZWP WT_LYd TY RPYP]LW 4YT_TLWWd T_ T^ ^_L_PO _SL_ 2ZO SL^ w_SP QZ]X ZQ _SP `YTaP]^Px bSTNS T^ _SPY TXXPOTL_PWd YPRL_PO Md wL QZ]XWP^^ FZYPHx -`_ _ST^ [L]LOZc T^ ]P^ZWaPO TY _SP YPc_ SLWQ ZQ _SP aP]^P Md _SP YLXP wL YZY QZ]XPO FZYPHx TP 2ZO _]LY^NPYO^ LWW QZ]X^ ?ST^ OTXPY^TZY ZQ QZ]X WP^^YP^^ T^ NZX[WP_PWd LM^PY_ Q]ZX _SP APOTN _Pc_ ?SP w?SZ`^LYO 9LXP^ ZQ AT´©`x XLVP `[ L NZY^T^_PY_Wd ^_]`N_`]PO LWXZ^_ [ZP_TN _Pc_ 5`^_ L^ TY _SP ±L_L]`O]¯dL ^ZXP ZQ _SP YLXP^ L]P Z]RLYTePO TY [SZYP_TN NW`^_P]^ ^ZXP ZQ _SPX TY ^PXLY_TN NW`^_P]^ ?ST^ N]PL_P^ MZ_S OT^N`]^TaP LYO L`OT_Z]d QTPWO^ ZQ L^^ZNTL_TZY bSTNS LTX QZ] LP^_SP_TN PQQPN_^ , YPb _d[P ZQ NW`^_P]M`TWOTYR WTP^ TY _SP _SPXL_TN NZX[WPcP^ ZQ _SP AT´©` WT_LYd 1Z] PcLX[WP _SP SLWQaP]^P  M NZY_LTY^ _P]X^ PcNW`^TaPWd Q]ZX _SP _SPT^_TN >£ÀVSdL [STWZ^Z[Sd >TXTWL] _SP XL_TN NZX[WPcP^ ZQ APOTN _P]X^ L]P LW^Z QZ`YO BSP]PaP] _SPd L[[PL] _SPd RPYP]L_P TY_P]_Pc_`LW ]PWL_TZY^ NZYNP]YTYR L YPb TXLRP ZQ 2ZO 1Z] PcLX[WP _SP YPbWd QZ]XPO wYLXPx aT²a£_XLY w_SP @YTaP]^P T_^PWQx TY aP]^P " LYO _SP TXXPOTL_PWd QZWWZbTYR YLXP^ w?SZ`^LYOPdPOx ^L SL^]£V´L LYO w?SZ`^LYOQZZ_POx ^LSL^]L[£_ Pc[WLTY ZYP LYZ_SP] ?SP^P WL__P] YLXP^ L]P _LVPY Q]ZX _SP ;`]`´L>¼V_L  bSP]P _SPd OP ^N]TMP _SP XLN]LY_S]Z[Z^ ?SP YPb _SPZWZR`XPYZY w2ZO LYO bZ]WO L]P TOPY_TNLWx T^ WTYVPO _Z LYO NZYQT]XPO Md _SP APOL 4Y _ST^ PcLX[WP _ZZ 0]Y^_ .L^^T]P]v^ aTPb T^ NZYQT]XPO% NZX[L]PO _Z _SP =`O]L WT_LYd _SP AT´©` WT_LYd OPQTYT_PWd PcSTMT_^ R]PL_P] LbL]P YP^^ ]PQWPN_TZY NWL]T_d LYO RPYP]LWT_d BSL_ T^ ]PXL]VLMWP T^ _SP ]PQWPc TaP _]LY^QZ]XL_TZY ZQ _SP [L^_% ZWOP] _SZ`RS_ ^d^_PX^ L]P _LVPY `[ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " AT´©`>LSL^]LY£XL aP]^P $ 

!#

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

TY_PR]L_PO TY_Z _ST^ YPb ZYP 3ZbPaP] bSL_ T^ WLNVTYR TY _SP w?SZ` ^LYO 9LXP^ ZQ AT´©`x T^ _SP PaZNL_TaP N]d[_TNYP^^ LYO TYOPNT[SP]LMTW T_d LWZYR bT_S _SP Xd^_P]TZ`^ LXMTaLWPYNP ZQ _SP APOTN []POPNP^^Z] ?SP AT´©` WT_LYd ZQQP]^ L NZY^T^_PY_ _SPZWZRd M`_ T_ T^ YZ_ L^ R]T[[TYRWd [Sd^TNLW Z] L^ WTaPWd L^ _SP APOTN XZOPW .ZX[L]PO _Z _SP TXLRP^ TY _SP ±L_L]`O]¯dL T_ WZZV^ ^ZXPbSL_ [LWP M`_ T_ NZX[PY^L_P^ QZ] _SP^P OPQT NT_^ bT_S T_^ ^_dWT^_TN M]TWWTLYNP LYO _SP NZX[Z^T_TZYLW QZ]X ZQ T_^ WTY R`T^_TN XL_P]TLW NSZ^PY _Z XLcTXTeP _SP MPL`_d ZQ T_^ ^Z`YO /P^[T_P _SP OP^T]PO NZY^_LYNd _SP _bZ _Pc_^ `W_TXL_PWd Q`YN_TZY TY aP]d OTQQP]PY_ bLd^ :YP NLY ^PP SZb X`NS bL_P] SL^ QWZbY OZbY _SP 2LYRP^ ^TYNP _SPY LYO SZb aP]d X`NS ZaP]LWW bLd^ ZQ _STYVTYR SLaP NSLYRPO% _SP _P]XTYZWZRTNLW SL^ R]ZbY Z`_ ZQ _SP ^`RRP^_TaP LYO PaZNL_TaP 3ZbPaP] X`NS _SP P[TNv^ L`_SZ]^ _]TPO _Z L^^ZNTL_P _SPX^PWaP^ bT_S _SP ZWO _Pc_^ _SP OT^NZY_TY`T_d ZQ _SZ`RS_ U`^_ MPNZXP^ NWPL]P]



3PL]TYR ?SL_ -]TYR^ /PWTaP]LYNP

,YZ_SP] TX[Z]_LY_ L^[PN_ ZQ _SP TXLRP ZQ APOTN ]PNT_L_TZY TY LOOT_TZY _Z _SP ]PNT_L_TZY ^LN]TQTNP T^ _SP L`^[TNTZ`^ PWPXPY_ ?SP wAPOL YZT^Px M]LSXLRSZ´L MPWZYR^ YZ_ ZYWd _Z _SP TYaPY_Z]d ZQ TYOT^[PY^LMWP QPL _`]P^ ZQ _SP -]LSXLYTN QZ]P^_SP]XT_ ^P__WPXPY_^ M`_ LW^Z _Z LWW _SP ^P__TYR^ _SL_ YPPO L`^[TNTZ`^ []Z_PN_TZY 4Y _SP ^Tc_S NPY_`]d ,/ _SP L^_]ZWZRP] AL]£SLXTST]L bSZ Z_SP]bT^P SL^ L XZ]P bZ]WOWd Z]TPY_L_TZY b]T_P^ \`Z_TYR LY ZWOP] ^Z`]NP ZY _SP ]TRS_ bLd _Z N]ZbY L VTYR% w?SP SP]LWO^ ^SZ`WO NLWW Z`_ WZ`OWd F_SP aT]_`P^ ZQ _SP YPb ]`WP]H _SP [PZ [WP ^SZ`WO []LT^P _SP OLd LYO _SP -]LSXTY^ ^SZ`WO OPNWLTX _SP APOL YZT^ TWd 4Y LOOT_TZY L`^[TNTZ`^ ^Z`YO^ ^SZ`WO ]P^Z`YO Q]ZX O]`X^ LYO NZYNS SZ]Y^ ?ST^ ^_TQWP^ Q`_`]P `YSL[[TYP^^ TY _SP M`Ox #

?SP TOPL _SL_ PaPY _SP LNZ`^_TN PYaT]ZYXPY_ ZQ L APOL ]PNT_L_TZY SL^ L`^[TNTZ`^ PQQPN_^ LYO MLYT^SP^ LWW SL]XQ`W TYQW`PYNP^ bSP]PaP] T_ T^ SPL]O T^ LOZ[_PO LYO Q`]_SP] OPaPWZ[PO QZ] _SP _SPT^_TN _Pc_^ 0aPY _SP ^_Z]d QZ]XTYR _SP MLNVR]Z`YO _Z _SP w?SZ`^LYO 9LXP^ ZQ AT´©`x SL^ _SP ^_LYOL]O QZ]X`WL _d[TNLW ZQ _SPT^_TN LYO OPaZ_TZYLW _Pc_^ ^_L_TYR _SL_ _SP ]PNT_L_TZY ZQ _SP YLXP^ ZQ AT´©` [`]TQTP^ LYO WTMP]L_P^ ZYP Q]ZX LWW M`]OPY^ ZQ ^TY ?SP _Pc_^ _LVP ZY _SP L`^[TNTZ`^ [ZbP] ZQ _SP OPT_d& XP]PWd SPL]TYR _SPX M]TYR^ _SP RTQ_ ZQ OPWTaP]LYNP LYO PaPY NZ`Y_P]LN_^ VL]XL WLb^ :Q NZ`]^P [PZ[WP RPYP]LWWd ]PNT_P _SP _Pc_ QZ] _SPX^PWaP^ 3ZbPaP] bSPY ZYP [P]^ZY ]PNT_P^ LYO LYZ_SP] ZYWd WT^_PY^ T_ T^ ZMaT Z`^ _SL_ _SP ]PNP[_TZY ZQ _SP L`^[TNTZ`^ P^^PYNP ]P^TOP^ []TYNT[LWWd TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # aLYOTULYL[L`]LaT[]LTà []LRS`´¶L[`©d£SLaPOLYT]RSZ´LTà g ^LXšOL«RL²L«VSL_¼]dLT] XL«RLWL²LMOLT] SL_£YT´¶Là gg -ŽSL_>LÀST_£ "$

?SPT^_TN w?Z[[TYRx ZQ _SP APOL TY 7T_LYTP^ LYO ;`]£©L^

!$

_SP SPL]TYR 1Z] PcLX[WP _SP P`WZRd QZWWZbTYR _SP w?SZ`^LYO 9LXP^ ZQ AT´©`x PX[SL^TeP^ _SP YZ_TZY _SL_ LWW ^ZNTLW P^_L_P^ NLY [L]_TNT[L_P TY _SP L`^[TNTZ`^ PQQPN_^ ZQ _SP _Pc_ 1Z] _SP Z]_SZOZc NZXXPY_L_Z] ±L«VL]£N£]dL _ST^ T^ YZb []ZMWPXL_TN 4Y ST^ _TXP NL "_S#_S NPY_ $ _SP AT´©` WT_LYd bL^ LW]PLOd ^Z STRSWd ]PRL]OPO _SL_ T_^ ]PNT_L_TZY bL^ L^ ^LN]PO L^ L APOTN ]PNT_L_TZY LYO _S`^ NZ`WO LW]PLOd MP bSZWWd aTPbPO L^ L w]PNT_L_TZY ^LN]TQTNPx :]_SZOZc XPXMP]^ ZQ _SP STRS NL^_P^ SZb PaP] L__LNS _SP R]PL_P^_ TX[Z]_LYNP _Z MPTYR _SP ZYWd ZYP^ LWWZbPO _Z [P]QZ]X ^LN]TQTNP^ LYO ]PNT_P _SP APOL ?SP ±¼O]L^ bSZ MPWZYR _Z _SP WZbP] NL^_P^ L]P PcNW`OPO ?ST^ Pc[WLTY^ bSd ±L«VL]L PX[SL^TeP^ TY ST^ NZXXPY_L]d z TY NZY_]L^_ _Z _SP Z]TRTYLW _Pc_ z _SL_ ±¼O]L^ L]P ZYWd LWWZbPO _Z SPL] _SP w?SZ`^LYO 9LXP^ ZQ AT´©`x M`_ YZ_ _Z ]PNT_P _SPX LYO O]Lb^ ^`[[Z]_ Pc[WTNT_Wd Q]ZX LY L`_SZ]T_L_TaP \`Z_L_TZY ZY _SP NWL^^TNLW []ZSTMT_TZY ZQ [P]QZ]XTYR ^LN]TQTNP^ 4Y_P]P^_TYRWd TY ^Z OZTYR ±L«VL]L OZP^ YZ_ Md LYd XPLY^ OPYd _SL_ _SP L`^[TNTZ`^ P^^PYNP ZQ _SP _Pc_ T^ PQQPN_TaP QZ] ±¼O]L^ ?SPd L]P ZYWd []ZSTMT_PO Q]ZX ]PNT_TYR T_ _SPX^PWaP^ -`_ _ST^ -]LSXLYTN []P^P]aP T^ ^ZZY ^bP[_ LbLd Md OPaZ _TZYLW XZaPXPY_^ 9Zb _SP]P T^ PaPY LY TY_PY^TQTNL_TZY ZQ _SP L`^[TNTZ`^ L^[PN_ ZQ SPL]TYR bSTNS PY_P]^ _SP ^Z_P]TZWZRTNLW ?ST^ T^ _]LY^WL_PO TY_Z ]LOTNLW XP_L[SZ]^ TY _SP QZWWZbTYR []ZMLMWd WL_P ;`]LYTN ±TaL;`]£©L 8£S£_XdL z  YL]]L_TaP  3P]P LRLTY T_ T^ ZYWd SPL]TYR LYO YZ_ ]PNT _L_TZY _SL_ M]TYR^ LMZ`_ _SP ]PNP[_TZY ZQ _SP ^`M^_LYNP ZQ OPWTaP]LYNP ?SP NZYOT_TZY^ L]P ^Z `Y`^`LW _SL_ _SPd NLYYZ_ MP ^`XXL]TePO TY ZYP ^TYRWP ^PY_PYNP% , bTNVPO -]LSXLY NLWWPO -TYO`RL WPLO^ L NZX[WP_PWd `Y -]LSXLYTN WTQP ,W_SZ`RS SP SL^ L MPL`_TQ`W dZ`YR bTQP SP SL^ QLWWPY QZ] L []Z^_T_`_P LYO YZ WZYRP] _Z`NSP^ ST^ bTQP .LÓN`W£ 1Z] L QPb dPL]^ [ZZ] .LÓN`W£ _]TP^ _Z VPP[ QLT_SQ`W M`_ _SPY QLWW^ aTN_TX _Z _SP L]]Zb^ ZQ _SP 2ZO ZQ 7ZaP LYO _LVP^ L WZaP] 3P] S`^MLYO ^ZZY OT^NZa P]^ SP] -TYO`RL RTaP^ SP] L M]`_LW MPL_TYR -`_ ^SP SZWO^ STX ]P^[ZY^T MWP QZ] SP] LO`W_P]d z LQ_P] LWW SP SLO MPPY YPRWPN_TYR SP] @[ZY bSTNS _SP bTNVPO -TYO`RL XLVP^ SP] LY ZQQP]% ^SP XLd ^WPP[ L]Z`YO L^ X`NS L^ ^SP bLY_^ M`_ ^SP ^SZ`WO L_ WPL^_ NSL]RP XZYPd QZ] T_ >SP LR]PP^ LYO _SP]P QZWWZb dPL]^ ZQ _Z_LWWd `Y-]LSXLYTN uXL]]TPO WTQPv `Y_TW -TYO`RL QTYLWWd OTP^ 9Zb _SP SPLaPY^ TY_P]aPYP .LÓN`W£ SL^ Md YZb RTaPY MT]_S _Z XLYd NSTWO]PY bSZ _LVP SP] bT_S _SPX ZY L [TWR]TXLRP 4Y L _PX[WP ^SP SPL]^ _SP ±TaL;`]£©L MPTYR ]PNT_PO \`T_P Md NSLYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP]P T^ OPML_P LXZYR ST^_Z]TLY^ L^ _Z bSP_SP] _SP QLXZ`^ NZXXPY_L]d ZY _SP YLXP^ ZQ AT´©` bL^ b]T__PY Md ±L«VL]L STX^PWQ 3ZbPaP] T_ T^ NP]_LTY _SL_ _SP L`_SZ] NLXP Q]ZX _ST^ ^NSZZW  :Y _SP WL_PYP^^ ZQ _SP _Pc_ ^PP =ZNSP] ?SP ;`]£©L^ z z 

"

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

[]PNT^PWd _SP [L]_ OP^N]TMTYR _SP _P]]TMWP [`YT^SXPY_^ TY 3PWW QZ] LO`W _P]P^^P^ >SP RP_^ L _P]]TMWP Q]TRS_ LYO RZP^ _Z ^PP _SP -]LSXLY bSZ T^ ]PNT_TYR _Z bSZX ^SP NZYQP^^P^ _SP ^TY^ ZQ SP] WTQP% w8d ^TY T^ ^Z R]PL_ _SL_ PaPY ML_STYR TY _SP 2LYRP^ QZ] L S`YO]PO dPL]^ bZ`WO YZ_ bL^S T_ LbLdx ?SP -]LSXLY NZXQZ]_^ SP] Md ^LdTYR _SL_ SPL]TYR _SP ±TaL ;`]£©L SL^ LW]PLOd ^LaPO XLYd ^TYYP]^ 4Y QLN_ T_ SL^ LW]PLOd ^SZbY T_^ [ZbP] TY _SL_ T_ SL^ LW]PLOd NL`^PO SP] _Z ]PR]P_ SP] LN_TZY^ >SP L^V^ STX TQ ^SP XLd SPL] _SP bSZWP ;`]£©L LYO _SP ]PNT_L_TZY ]PWPL^P^ bT_STY SP] ^`NS UZd _SL_ LWW SP] QPL]^ L]P MLYT^SPO >SP WTaP^ _SP ]P^_ ZQ SP] WTQP L^ LY L^NP_TN XPOT_L_TYR ZY ±TaL BSPY ^SP OTP^ ±TaL STX^PWQ ^PYO^ L SPLaPYWd uLT]^ST[v aTX£YL bT_S ST^ RSZ^_Wd PY_Z`]LRP _Z NL]]d SP] _Z 3PLaPY ?SP]P ^SP ]PNPTaP^ L SPLaPYWd MZOd TY _SP QZ]X ZQ ±TaLv^ bTQP ;£]aL_¯ ,YO _ST^ T^ YZ_ LWW% ^SP T^ PaPY L^^`XPO TY_Z _SP OTaTYP QLXTWd LYO MPNZXP^ L NWZ^P NZYQTOLY_P ZQ ;£]aL_¯ SP]^PWQ :YP OLd ^SP RZP^ _Z _SP RZOOP^^ ;£]aL_¯ bT_S _PL]^ TY SP] PdP^ ;£]aL_¯ _LVP^ [T_d ZY SP] LYO L^V^ SP] bSL_ _SP []ZMWPX T^ .LÓN`W£ _PWW^ SP] _SL_ SP] S`^MLYO bL^ L bTNVPO ^TYYP] -`_ OP^[T_P _ST^ ^SP ^_TWW bLY_^ _Z MP `YT_PO bT_S STX LW_SZ`RS ^SP OZP^ YZ_ VYZb bSP]P SP T^ ;£]aL_¯ Pc[WLTY^ _Z SP] _SL_ SP] S`^MLYO bL^ TY SPWW QZ] L WZYR _TXP M`_ T^ YZb WTaTYR L^ LY PaTW RZMWTY TY _SP ATYOSd£ 8Z`Y_LTY^ LYO SL^ YZ_ XPYOPO ST^ bLd^ .LÓN`W£ T^ _]Z`MWPO LYO bT^SP^ _Z VYZb bSP_SP] _ST^ OP[]LaPO ^TYYP] NLY ^_TWW MP ^LaPO L_ LWW z LYO ;£]aL_¯ ]P[WTP^ _SL_ SP NLY 3P ZYWd SL^ _Z SPL] _SP ±TaL;`]£©L  .LÓN`W£ LYO _SP 2LYOSL]aL ?`XM`]` QWd TY LY LT]^ST[ _Z _SP R]TX ATYOSd£ 8Z`Y_LTY^ bSP]P _SPd ^ZZY NZXP `[ZY _SP Pc -]LSXLY bSZ T^ ^N]PLXTYR LYO WL`RSTYR TY ST^ XLOYP^^ ?`XM`]` NL[_`]P^ _SP RZMWTY bSZ T^ U`X[TYR L]Z`YO bTWOWd `^TYR L ]Z[P LYO []P[L]P^ QZ] L R]LYO ;`]£©L ]PNT_L_TZY -TYO`RL bSZ T^ NL`RS_ TY _SP ]Z[P T^ YZb QZ]NPO _Z SPL] _SP ±TaL;`]£©L LYO MPNZXP^ LbL]P ZQ ST^ ZbY ^_Z]d TY _SP []ZNP^^ bSP]P`[ZY SP TXXPOTL_PWd OT^NL]O^ ST^ `RWd MZOd LYO _LVP^ ZY L SPLaPYWd ZYP TY _SP QZ]X ZQ ±TaL ?ZRP_SP] bT_S ST^ bTQP SP L^NPYO^ _Z SPLaPY LYO _SP NZ`[WP WTaP SL[[TWd PaP] LQ_P] bZ] ^ST[[TYR ±TaL LYO ;£]aL_¯ :Y _SP ZYP SLYO _SP _Pc_ NZYQT]X^ LYO ^_LMTWTeP^ _SP Z]_SZOZc ^d^ _PX% XLUZ] -]LSXLYTN aTNP^ LYO aT]_`P^ L]P TWW`^_]L_PO 1TOPWT_d T^ ZYP ZQ _SP XZ^_ TX[Z]_LY_ 4YOTLY aT]_`P^ LYO TY QLN_ T_ T^ L bZXLYv^ R]PL_ P^_ aT]_`P LYO ^SP ^SZ`WO _LVP NL]P _Z []P^P]aP T_ YZ XL__P] SZb MLOWd SP] S`^MLYO _]PL_^ SP] :Y _SP Z_SP] SLYO _SP uXZ]LW ZQ _SP ^_Z]dv T^ []PNT^PWd _SP QLN_ _SL_ T_ T^ YZ_ L XZ]LWTeTYR ^_Z]d L_ LWW 4_ T^ TY_PYOPO _Z TWW`^_]L_P _SL_ _SP ±TaL;`]£©L NLY TY QLN_ OZ LYd_STYR  QZ] _SP _]LOT _TZYLW Z]_SZOZc OSL]XL ^d^_PX NZ`WO YZ_ MP Z`_OZYP TY LYd R]LYOP] QL^STZY% XP]PWd SPL]TYR L OPaZ_TZYLW _Pc_ bT[P^ Z`_ _SP bZ]^_ [Z^^TMWP ^TY^ ]PYOP]^ _SP NZ^XTN WLb^ ZQ VL]XLY [ZbP]WP^^ LYO PaPY _]LY^QZ]X^ [P]^ZYLWT_TP^ TY_Z _SPT] PcLN_ Z[[Z^T_P 4Y _SP ^_Z]d ZQ .LÓN`W£ ]PXZ]^P

?SPT^_TN w?Z[[TYRx ZQ _SP APOL TY 7T_LYTP^ LYO ;`]£©L^

"

_]`^_TYR _SP OPT_d LYO _SP XP]NTQ`W _]PL_XPY_ Q]ZX _SP OPT_d ZNN`] NZX [WP_PWd [L]LWWPW bT_S _SP ]P\`P^_ QZ] L ]PNT_L_TZY ZQ _SP _Pc_ LYO _SP SPL] TYR ZQ T_ 3PL]TYR _SP _Pc_ OT^^ZWaP^ LWW OZ`M_ LYO _SP S`XLY XZ]_LW T^ NWLO TY _SP QZ]X ZQ _SP OPT_d :YP ]PXL]VLMWP QPL_`]P ZQ _SP ^_Z]d T^ _SL_ PY_]d TY_Z ±TaLv^ 3PLaPY OZP^ YZ_ ^TRYTQd _SP ZY^P_ ZQ SZXPZ^_L^T^ M`_ TY^_PLO YZb _SP SP]ZTYP SP]^PWQ MPNZXP^ [L]_ ZQ _SP ^Z_P]TZWZRTNLW LN_ ZQ _SP OTaTYP LYO Q`YN_TZY^ L^ _SP M]TYRP] ZQ ^LWaL_TZY ?SP XZ_TQ^ ZQ ]P XZ]^P wPY_]`^_TYR ZYP^PWQ _Z _SP OPT_dx LYO _SP wUZd TY 3PLaPY ZaP] L ^TYRWP ^TYYP]x ]PXTYO `^ ZQ ^TXTWL] QPL_`]P^ TY .S]T^_TLYT_d -`_ bSL_ T^ XPLY_ _Z MP TWW`^_]L_PO SP]P T^ _SP R]PL_YP^^ ZQ _SP ±TaL;`]£©L  4Y _SP PdP^ ZQ _SP L`_SZ] .LÓN`W£v^ TY_P]YLWTeL_TZY ZQ _SP ±TaL;`]£©L bSTNS N`WXTYL_P^ TY SP] [L]_TNT[L_TZY TY _SP ^LWaL_TZY ZQ SP] S`^MLYO ]LT^P^ SP] LMZaP Z_SP] S`XLY MPTYR^ bSZ L]P \`T_P Z]OTYL]TWd ^LaPO MPNL`^P ZQ _SPT] RZZO OPPO^ .LÓN`W£v^ TY_P]YLWTeTYR SPL]TYR ZQ _SP ±TaL;`]£©L XLVP^ SP] _SP MPL]P] ZQ _SP ^`M^_LYNP _SL_ M]TYR^ ^LWaL_TZY LYO QZ] _ST^ ]PL^ZY ^SP PYUZd^ ]PLW A4; _]PL_XPY_ TY 3PLaPY -`_ LQ_P] LWW _ST^ L_ _SP PYO ZQ _SP ^_Z]d bP QTYO _SP NWL^^TNLW _Z[Z^ bSTNS T^ _SL_ ]PNT_TYR L ^LN]PO _Pc_ ^[]PLO^ LY L`^[TNTZ`^ L_XZ^[SP]P LYO SL^ PcZ]NT^TYR PQQPN_^ z TY _SP M]ZLOP^_ ^PY^P z Md MLYT^STYR LWW PaTW TYQW`PYNP^ TY MZ_S [P]^ZYLW LYO YZY[P]^ZYLW QZ]X :]TRTYLWWd _ST^ ZYWd L[[WTPO _Z _SP APOL -`_ TY _ST^ ^_Z]d _SP APOL LYO _SP ±TaL ;`]£©L NZYaP]RP TY L `YT\`P XLYYP] z LW_SZ`RS _ST^ NZYaP]RPYNP ZYWd NZXP^ LMZ`_ O`]TYR _SP NZ`]^P ZQ _SP ^_Z]d 2TaPY _SP ^_L]_TYR [ZTY_ ZQ _SP YL]]L_TaP _SP WPLOTYR ZQ L MLO WTQP QZWWZbPO Md XZ]LW NZYaP]^TZY ZYP bZ`WO YZ_ SLaP Pc[PN_PO LYd ^`NS NZYaP]RPYNP ^TYNP _SP APOL T^ YZ_ TY_PYOPO QZ] _SP [`][Z^P ZQ _SP XZ]LW TX[]ZaPXPY_ ZQ T_^ WT^_PYP]^ ,_ _ST^ ^_LRP TY _SP ^_Z]d _SP ±TaL;`]£©L LYO _SP APOL ^_TWW Q`YN_TZY TY \`T_P OTQQP]PY_ bLd^ .LÓN`W£ bSZ T^ ML^TNLWWd aT]_`Z`^ ]PNPTaP^ ^LWaL _TZY _S]Z`RS ]PXZ]^P LYO WPLOTYR L MP__P] WTQP 4Y SP] NL^P _SP _Pc_ Q`YN _TZY^ L^ L XZ]LW U`ORP ?SP _Z_LWWd OP[]LaPO -TYO`RL SZbPaP] bZ`WO SLaP _Z bLT_ QZ] PaP] QZ] ST^ OPWTaP]LYNP TQ _SP ±TaL;`]£©L bP]P ZYWd _Z bZ]V ZY _SP WPaPW ZQ OTOLN_TN TY^_]`N_TZY -`_ YZb _SP L`_SZ] NZY_TY `P^ _SP ^_Z]d ^Z NWPaP]Wd _SL_ L_ _SP PYO _SP]P T^ NZYaP]RPYNP bT_S _SP ^LN]PO APOL ?SP bTNVPO XLY SL^ MPNZXP L bTNVPO ^[T]T_ LYO _SP _Z[Z^ ZQ L XZ]LWWd TYOTQQP]PY_ M`_ STRSWd L`^[TNTZ`^ L_XZ^[SP]P bSTNS LW^Z SL^ PcZ]NT^TYR PQQPN_^ T^ NP]_LTYWd L^^ZNTL_PO bT_S _ST^ ,_ _ST^ [ZTY_ _SP ±TaL;`]£©L MPNZXP^ L \`L^TAPOL LYO LN\`T]P^ XLRTN [ZbP] ,^ LWW OPXZY^ ]`Y ZQQ bSPY ^LN]PO _Pc_^ L]P SPL]O -TYO`RL bZ`WO NP]_LTYWd SLaP OZYP _SP ^LXP TQ _SP 2LYOSL]aL SLO YZ_ MPPY ^XL]_ PYZ`RS _Z _TP STX OZbY 4Y aTPb ZQ _SP PcNP[_TZYLWWd L`^[TNTZ`^ [ZbP] ZQ _SP ±TaL ;`]£©L _SP OPXZY YZb SL^ YZ NSZTNP M`_ _Z ]PWTY\`T^S ST^ bTNVPO bLd^ LYO MPNZXP RZZO 3ZbPaP] TX[]ZMLMWP _ST^ XLd ^Z`YO z NZY_TY`PO

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

"

PcT^_PYNP ZQ _SP OPXZYTN T^ _Z_LWWd TYNZYNPTaLMWP TY _SP L`^[TNTZ`^ L_ XZ^[SP]P ZQ SZWd _Pc_^ @W_TXL_PWd _SP XP]Nd ZQ _SP XZYZ_SPT^_TN OPT_d _SL_ NLY MP NZX [WP_PWd _]LY^QP]]PO _Z T_^ _Pc_^ Z`_^STYP^ PaPY _SP ^Z_P]TZWZRTNLW [ZbP] ZQ _SP APOL ,YO dP_ _SP APOL LYO T_^ ]PNT_L_TZY ]PXLTY ^aLOSL]XL  L N`W_`]LW [L]LOTRX LYO L]P ^_TWW _SP QZ`YOL_TZY ZQ _SZ^P ZaP]L]NSTYR NZYNP[_^ _SL_ _]d _Z RZ MPdZYO T_



,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

:bTYR _Z _SP ^_L_TN LYO ^PWQPc[WLYL_Z]d NSL]LN_P] ZQ _SP YPb OSL]XL  ML^PO YZ_TZY^ LMZ`_ -]LSXLYTNLW []LN_TNP LYO _SP QL^NTYL_TZY bT_S _SP YPb Xd_SZWZRPXP^ z bSTNS YZb PWTNT_ X`NS XZ]P TY_P]P^_ _SLY _SP APOL T_^PWQ z _SP MZOd ZQ _Pc_ ZQ _SP APOL NLY NZY_TY`P _Z PcT^_ L^ T_ T^ 4_ T^ YZ_ QZ]RZ__PY M`_ YPT_SP] T^ T_ ]PaT^PO LYO NSLYRPO ?SP \`P^_TZY T^ YZ WZYRP] uBSL_v M`_ u3Zbv >TYNP _SP APOLv^ aLWTOT_d LYO TYOT^[PY^L MTWT_d NLYYZ_ MP NLWWPO TY_Z \`P^_TZY TY_P]P^_ ^STQ_^ _Z _SP []P^P]aL_TZY ZQ _SP _Pc_ LYO [P]QPN_TYR T_^ [P]QZ]XLYNP 1Z] _SP^P ]PL^ZY^ TY -]LS XLY NT]NWP^ _SP]P YZb L]T^P bSL_ L]P NLWWPO w,[[PYOTNP^ _Z _SP APOLx aPO£«RL  bSTNS L]P [`]PWd _PNSYTNLW ?SPd L]P L`cTWTL]d ^_`OTP^ QZ] _SP ]T_`LWT^_^% _SP ^_`Od ZQ WT_`]Rd VLW[L []ZaTOP^ []TP^_^ bT_S L ]L[TO ZaP]aTPb ZQ _SP _STNVP_ ZQ APOTN ]T_`LW QZ]X^ L^_]ZYZXd UdZ_T´L LW WZb^ XZ]P PcLN_ OP_P]XTYL_TZY ZQ _SP NZ]]PN_ [ZTY_^ TY _TXP QZ] _SP ^LN ]TQTNTLW QP^_TaLW^ LYO R]LXXL] ad£VL]L©L  P_dXZWZRd YT]`V_L  []Z^ ZOd NSLYOL^ LYO [SZYP_TN^ ²TV´£ SPW[ TY _SP PcLN_ OP_P]XTYL_TZY ZQ _SP APOL _Pc_ LYO T_^ []PNT^P []ZY`YNTL_TZY ,^ bP NLY ^PP QZ`] ZQ _SP ^Tc L`cTWTL]d ^_`OTP^ SLaP _Z OZ bT_S WLYR`LRP bSTWP ZYWd ZYP P_dXZW ZRd T^ NZYNP]YPO bT_S ^PXLY_TN^ 8Z^_ ZQ _SP^P L`cTWTL]d _Pc_^ RZ MLNV _Z []P,²ZVLY _TXP^ TP bP]P OPaPWZ[PO MPQZ]P "z -.  :YP SL^ _Z MPL] TY XTYO _SL_ L_ _ST^ _TXP z NZTYNTOTYR bT_S _SP WL_P APOTN WT_P]L_`]P LYO _SP OLbY ZQ YPb ]PWTRTZ`^ WT_P]L_`]P^ z [PZ[WP NZ`WO SL]OWd `YOP]^_LYO _SP L]NLYP APOTN >LY^V]T_ ZQ _SP XLY_]L^ LYd XZ]P _SP ]PL^ZY^ MPTYR ST^_Z]TNLW L]NSLTN WLYR`LRP N`W_`]LW _SP @[LYT´LOTN _`]Y L^ bPWW L^ RPZR]L[STNLW LYO [ZWT_TNLW  \`T_P L[L]_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1LWV >NS]TQ_ TX LW_PY 4YOTPY    ?SP WLYR`LRP ZQ _SP @[LYT´LO^ XL]V^ _SP TY_]ZO`N_TZY ZQ NWL^^TNLW >LY^V]T_ QZ`YO TY _SP P[TN^ LYO ;`]£©L^ -d _SP _TXP ZQ _SP @[LYT´LO^ _SP N`W_`]LW NPY_P] SLO ^STQ_PO _Z _SP 0L^_ BSP]PL^ _SP >LY^V]T_ ZQ _SP APOTN XLY_]L^ APOTN >LY^V]T_ bL^ []PaLWPY_ TY YZ]_SbP^_P]Y 4YOTL _SP NLYZYTNLW @[LYT´LO^ bP]P NZX[Z^PO TY YZ]_SPL^_P]Y 4Y OTL 2LYRP^ [WLYP& w2LYRP^ >LY^V]T_x bSP]P []PaTZ`^Wd ZYWd OTLWPN_^ SLO MPPY ^[Z VPY BP X`^_ ^`[[Z^P L WLNV ZQ VYZbWPORP ZQ _SP ZWOP] APOTN >LY^V]T_ LW]PLOd TY ^ZXP ZQ _SP -]£SXL©L^ LYO TY LWW ]PRTZY^ ]PXZaPO Q]ZX _SP ZWO NPY_P] TP TY ]PRTZY^

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

"

Q]ZX _SP RPYP]LW [L__P]Y ZQ RTaTYR []TXP NZYNP]Y _Z _SP ^Z`YO ZQ _SP SZWd `__P]LYNP^ ,WW ZQ _ST^ XLd Pc[WLTY _SP QLN_ _SL_ _SP `_XZ^_ NL]P LYO Pc_]LZ]OTYL]d XPXZ]TeL_TZY LYO NZYNPY_]L_TZY PQQZ]_^ bPY_ TY_Z _SP PcLN_ _]LY^XT^^TZY ZQ _SP ^Z`YO XL_P]TLW LYO _SP NZ]]PN_ P`[SZYTN NZX MTYL_TZY^ ^LYOST  M`_ YZ_ TY_Z _SP []P^P]aL_TZY ZQ XPLYTYR LYO TY_PWWT RTMTWT_d  7PL]YTYR _SP APOL bL^ MPNZXTYR XZ]P LYO XZ]P L NL^P ZQ WPL]YTYR L ^P]TP^ ZQ ^PXLY_TNLWWd XPLYTYRWP^^ [SZYPXP^ Md SPL]_ :YP ZQ _SP L`cTWTL]d ^_`OTP^ ZQ _SP APOL z P_dXZWZRd z L__PX[_^ _Z NZ`Y_P] LN_ _ST^ []ZNP^^ ZQ ^PXLY_TN OPNLd 7T^_^ ZQ ^dYZYdX^ LYLWd^P^ ZQ aP]M ]ZZ_^ LYO [SZYP_TN P\`TaLWPYNP^ L]P `^PO _Z _]d _Z ]PN]PL_P _SP XPLY TYR^ ZQ bZ]O^ bSZ^P XPLYTYR SL^ MPNZXP SLed ,^ bP VYZb Q]ZX _SP P_dXZWZRT^_ D£^VL []ZM _S NPY_`]d -. PaPY O`]TYR ST^ WTQP_TXP _SP]P bL^ OZ`M_ L^ _Z bSP_SP] _SP APOL SLO LYd NZX[]PSPY^TMWP XPLY TYR L_ LWW LYO bSP_SP] _SP]P bL^ LYd ^PY^P TY b]T_TYR NZXXPY_L]TP^ ZY _SP _Pc_ D£^VL YZ_P^ ^L]NL^_TNLWWd _SL_ T_ T^ YZ_ _SP QL`W_ ZQ _SP [WLYV _SL_ _SP MWTYO XLY SL^ YZ_ ^PPY T_ -`_ ST^_Z]TNLWWd ST^ NZYaTN_TZY OTO YZ_ P^_LMWT^S T_^PWQ `Y_TW  dPL]^ WL_P]% _SP QT]^_ NZXXPY_L]d ZY _SP NZX[WP_P APOL _SL_ ^`]aTaP^ _ZOLd bL^ b]T__PY Md _SP APO£Y_TN ^NSZWL] >£dL©L _S NPY_ ,/ 9ZYP_SPWP^^ _SP aTPb ]PXLTYPO ]PWPaLY_ _Z []LN_TNP _SL_ _SP ^LaTYR [ZbP] ZQ _SP APOL WLd STOOPY WP^^ TY T_^ NZY_PY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ bSP]P [ZbP]Q`W WT__WP VTYROZX^ ]Z^P TY []P8L`]dLY _TXP^% _SP ZYP^ OP^N]TMPO TY _SP P[TN^ XTOOWP 2LYRP^ [WLYP L^ bPWW L^ _SP XTRS_d 8LRLOSL LYO 6Z^SLWL _SP -`O OSLv^ MT]_S[WLNP  ?ST^ QLN_ bSTNS ]PXLTY^ _]`P `[ _Z _SP []P^PY_ SL^ MPPY ZM^P]aPO Md XLYd ^NSZWL]^ bSZ SLaP RTaPY OTQQP]PY_ Pc[WLYL_TZY^ QZ] T_% 7Z`T^ =PYZ` ?SP OP^_TYd ZQ _SP APOL TY 4YOTL _]LY^W Md /Pa =LU .SLYO]L /PWST% 8Z_TWLW -LYL]^TOL^^ $!     NZY _PYO^ _SL_ QZ]X ]L_SP] _SLY XPLYTYR SL^ LWbLd^ []PZNN`[TPO _SP 4YOTLY XTYO LYO ]PNT_L_TZY NZY^_T_`_PO L_ LWW _TXP^ w_SP []TYNT[LW TQ YZ_ PcNW`^TaP ZMUPN_ ZQ APOTN _PLNSTYRx ^P]aTYR L aL]TP_d ZQ ]T_`LW [`][Z^P^ YZ_ WPL^_ _SP ZYP ZQ MPTYR LY TY_P]XP OTL]d QZ] OPaZ_TZY 4Y =PYZ`v^ QZZ_^_P[^ ?SZXL^ .ZM`]Y w>N]T[_`]P TY 4YOTLx 5Z`] YLW ZQ _SP ,,= $#% ! Q ]PXL]V^ _SL_ _SP ML^TN [ZTY_ T^ _SP ^LYN_T_d L__]TM`_PO _Z XPXZ]TeTYR LYO SPL]TYR _SP SZWd `__P]LYNP^ w[P]SL[^ L^ L XLYTQP^_L_TZY ZQ OPaZ _TZY -SLV_T  [P]SL[^ bT_S _SP L^[T]L_TZY ZQ SLaTYR ZYPv^ NZY^NTZ`^YP^^ _]LY^QZ]XPO Md _SP XLY_]L^x 1]T_^ >_LLW  1TOPWT_d ZQ :]LW ?]LOT_TZY  $#!  ZY _SP Z_SP] SLYO ZM^P]aP^ _SL_ _SP ZYWd _STYR _SL_ NZ`Y_PO TY [P]QZ]XLYNP ZQ _SP APOTN ]T_`LW bL^ _SP NZX[WP_P XL^_P]d ZQ _SP APOL TY L ^_L]_WTYRWd NZX[WP_P XLYYP] L^ SP T^ TWW`^_]L_TYR LYO _SP VYZbWPORP ZQ L[[WTNL_TZY TY OTQQP]PY_ ]T_`LW NZY_Pc_^ 4Y _SP ^LXP aPTY 3L]]d 1LWV 2ZZOTP^ QZ] 4YOTL  $$ # L]R`P^% w?SP ]T_`LW _SPd ^P]aP OZP^ YZ_ ]P\`T]P _SL_ _SP bZ]O^ ZQ _SP aP]^P^ L]P `YOP]^_ZZO m ?SP Z]LW TY^_]`N_TZY T^ _S`^ YZ_ L _]LY^ QP] ZQ XPLYTYR M`_ L _]LY^QP] ZQ _ZZW^ bT_SZ`_ bSTNS _SP Q`_`]P []TP^_ bZ`WO YZ_ MP LMWP _Z []LN_TNP LYO PL]Y ST^ WTaPWTSZZO m 9Z Z_SP] N`W_`]P SL^ []P^P]aPO _Pc_^ bT_S ^Z WT__WP NL]P QZ] _SPT] XPLYTYRx ?SP ]T_`LW L]R`XPY_ XLVP^ L WZ_ ZQ ^PY^P L^ WZYR L^ WL]RP^NLWP APOTN ]T_`LW^ L]P NZXXZYWd [P]QZ]XPO M`_ WP^^ LQ_P] _SPd SLaP MPPY ^` [P]^POPO Md YPb ]T_`LW QZ]X^ ^`NS L^ [¼U£ LYO UL[LdLUÓL  , MP__P] XZOPW QZ] Pc[WLTY TYR _SP ZYRZTYR NL]P _Z []P^P]aP _SP ^Z`YO XL_P]TLW ^PPX^ _Z MP RTaPY Md =PYZ` LYO .ZM`]Y

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

"

_SLY TY T_^ [SZYPXL_TN ^_]`N_`]P bSTNS T^ bSd L__PY_TZY NLXP _Z QZN`^ ZY [SZYP_TN^ R]LXXL] LYO []Z^ZOd z _SL_ T^ []PNT^PWd _SP YZY PcPRP_TN OT^NT[WTYP^



2]LXXL]TLY^

4Y NZY_]L^_ _Z _SP YLTaP Xd_SZWZRT^X^ ZQ _SP P[TN LYO [`]£©TN APOL NZYNP[_ z _SP YZ^_LWRTN TOPL^ ZQ L WZYR[L^_ 2ZWOPY ,RP QTWWPO ^ZWPWd bT_S ^LN]TQTNP^ LYO _SP ^TYRTYR ZQ _SP APOL z _SP WTYR`T^_TN L`cTWTL]d ^_`OTP^ ZQ _SP APOL L]P STRSWd ]L_TZYLW LYO ^ZXP_TXP^ ^_]ZYRWd LM^_]LN_ TYR ^d^_PX^ bSTNS OZ bT_SZ`_ ]PWTRTZ`^ bZ]WO^ ZQ ^dXMZW^ LYO TXLRP^ LWXZ^_ NZX[WP_PWd  ,W_SZ`RS _SP PXP]RPYNP ZQ _SP PXLYNT[L_Z]d Z]T PY_L_TZY SLO L ]PWTRTZ`^ XZ_TaL_TZY ^TYNP T_ bL^ Z]TRTYLWWd NZYNPTaPO ^ZWPWd _Z []P^P]aP _SP _Pc_ ZQ _SP APOL TY _ST^ [`]P QZ]X ZQ ^NTPYNP T_ ^PPX^ _Z SLaP L__LTYPO NZX[WP_P L`_ZYZXd 4Y L ]PWL_TaPWd ^SZ]_ [P]TZO ZQ _TXP _SP L`cTWTL]d APOTN ^_`OTP^ LNSTPaPO aLWTOT_d ZQ _SPT] ZbY .SL]LN_P]T^_TNLWWd _SP APOTN ^_`OTP^ YZb ^_L]_ _Z MP TYN]PL^TYRWd NZY NP]YPO bT_S L]PL^ ZQ VYZbWPORP bT_SZ`_ LYd ]PWPaLYNP _Z _SP ]T_`LW ^`NS L^ ^PN`WL] WLYR`LRP LYO X`^TN

 ;L_LÓULWTv^ ,]R`XPY_^ TY >`[[Z]_ ZQ 2]LXXL] 9Z_ QZ] YZ_STYR T^ ;L_LÓULWTv^ w2]PL_ 2]LXXL_TNLW /T^NZ`]^Px FAd£VL]L©LH 8LS£MS£´dL ]PRL]OPO L^ _SP NWL^^TNLW XZOPW QZ] LNL OPXTN _Pc_^ 4_ T^ b]T__PY bT_S L R]PL_ OPLW ZQ OTOLN_TN ^VTWW L^ L OTLWZR TY NWPL] ^TX[WP >LY^V]T_ LYO NZY_LTY^ XLYd PYWTRS_PYTYR PcLX[WP^ :YP YZ_TNP^ _SL_ _SP _Pc_ QZWWZb^ TY L _]LOT_TZY ZQ TY^_]`N_TZY ^TXTWL] _Z _SP OTLWZR ^_dWP ZQ _SP BP^_P]Y NWL^^TN^ ZQ LY_T\`T_d 9Z]XLWWd _SP 4YOTLY ^NSZWL]^ PYUZd L WZQ_d u_TXPWP^^YP^^v TY _SP ^PY^P _SL_ _SPd ^Ld YZ_STYR L_ LWW LMZ`_ _SPT] ZbY WTQP_TXP ;L_LÓULWT NP]_LTYWd TY_PYOPO _Z OZ _SP ^LXP M`_ TY LY `YR`L]OPO XZXPY_ SP TYNW`OP^ TY _SP R]LXXL_TNLW [L]LOTRX w4 [P]QZ]X L ^LN]TQTNP QZ] Cx YZ_ _SP `MT\`T_Z`^ PcLX[WP ZQ /PaLOL__L L [ZZ] NSL[ bSZ T^ YZ_ ZYWd NZY^_LY_Wd Z]OP]PO L]Z`YO bT_S LWW VTYO^ ZQ _L^V^ _Z TWW`^_]L_P _SP `^P ZQ TX[P]L_TaP aP]MLW QZ]X^ M`_ T^ LW^Z SPW[WP^^Wd ^`MUPN_PO _Z LYd NZYNPTaLMWP _]LY^T_TaP aP]M z M`_ _SP QT]^_ VTYRv^ YLXP _SL_ ZNN`]^ _Z STX ,Q_P] LWW APOTN ^LN]TQTNP^ L]P L W`c`]d _SL_ ZYWd VTYR^ NLY TYO`WRP TY 4_ SL[[PY^ _Z MP 6TYR ;`´dLXT_]L bSZ `^`][PO _SP PX[T]P ZQ _SP 8L`]dL^ TY # -. LYO ^Z QZ]_`YL_PWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP LW^Z 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[Sd% AZW % ?SP ;STWZ^Z[Sd ZQ _SP 2]LX XL]TLY^ PO 3L]ZWO .ZbL]O LYO 6`YU`YYT =LUL /PWST% 8Z_TWLW -LYL]^TOL^^ $$

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

"

QZ] `^ bP YZb VYZb bT_S L QLT] OPR]PP ZQ NP]_LTY_d _SL_ ;L_LÓULWT WTaPO TY _SP ^PNZYO NPY_`]d -. ?ST^ XLVP^ STX _SP PL]WTP^_ [P]^ZY TY _SP >LY^V]T_ _]LOT_TZY ZY bSZX bP NLY RP_ L _TXP QTc .SL]LN_P]T^_TNLWWd QZ] ST^ _TXP ;L_LÓULWT QTYO^ _SL_ ZYP ^SZ`WO ^_`Od _SP w,[[PYOTNP^ _Z _SP APOLx QZ] _SPT] ZbY ^LVP _SL_ T^ \`T_P TYOP [PYOPY_Wd ZQ _SPT] ]ZWP TY _SP WT_`]Rd _S`^ ^[PLVTYR Z`_ TY QLaZ] ZQ ^NSZWL]Wd L`_ZYZXd BSd ^SZ`WO _SP]P MP _ST^ Z[[Z^T_TZY MP_bPPY LY ZaP]Wd ]ZXLY_TN aTPb ZQ _SP [L^_ LYO L STRSWd _PNSYTNLW LNLOPXTN []ZR]LX* BSL_ Pc[WL YL_TZY T^ _SP]P QZ] _SP _Z_LW ^STQ_ ZQ []TP^_Wd _SZ`RS_ TY_Z _SP ]PLWX ZQ _SP PXLYNT[L_Z]d* ;L_LÓULWT [`_^ QZ]bL]O _ST]_PPY L]R`XPY_^ _Z Pc[WLTY _SP YPPO QZ] L ^_]TN_Wd QZ]XLWTePO R]LXXL]  ?SP QT]^_ _bZ ]PQP] _Z _SP _]LOT _TZYLW OPXLYO QZ] [LTY^_LVTYRWd NZ]]PN_ XLY_]L []ZY`YNTL_TZY LYO TWW`^ _]L_P _ST^ bT_S PcLX[WP^ LW]PLOd QLXTWTL] _Z `^ Q]ZX _SP APOL ^PN_TZY% QZ] TY^_LYNP ;L_LÓULWT XPY_TZY^ _SP aTN_Z]d ZaP] _SP OZ`MWP/`_NS ^[PLVTYR OPXZY^ LYO SZb _SP w4YO]L²L_]`^x NLXP _Z L ^_TNVd PYO MP NL`^P _SPd SLO YPRWPN_PO _SP ]`WP^ RZaP]YTYR LNNPY_^ TY []ZY`YNTL_TZY ?SP _ST]O L]R`XPY_ T^ L YPb ZYP LYO NZXP^ Q]ZX _SP P_dXZWZRT^_ D£^VL 4_ ]P\`T]P^ _SL_ L -]LSXTY ^SZ`WO LW^Z `YOP]^_LYO _SP NZY_PY_ ZQ _SP XLY_]L^  :_SP]bT^P SP T^ WTVP L W`X[ ZQ QT]PbZZO _SL_ NLYYZ_ M`]Y MPNL`^P _SP]P T^ YZ QT]P ?SP _bZ L]R`XPY_^ _SL_ QZWWZb ]PQP] _Z L QTPWO ZQ WLYR`LRP _SL_ T^ _Z_LWWd Z`_^TOP _SP APOTN ]PWTRTZY ?SP QZ`]_S L]R` XPY_ RZP^ WTVP _ST^% w4Q L bT^P XLY V`²LWL `^P^ L[[]Z[]TL_P bZ]O^ TY NZX[LYd SP bTWW LNSTPaP LY `YWTXT_PO aTN_Z]d TY _SP Z_SP] bZ]WO -`_ TQ SP `^P^ _SP b]ZYR bZ]O^ _ST^ bTWW MP ST^ OZbYQLWWx !

?ST^ XPLY^ _SL_ a`WRL] Z] NL]PWP^^ `^P ZQ WLYR`LRP T^ LWbLd^ LW^Z L aTZ WL_TZY ZQ OSL]XL LOSL]XL  >[PLVTYR TY _ST^ XLYYP] T^ NZX[L]PO bT_S _SP bZ]^_ ^TY^ ^`NS L^ O]TYVTYR LWNZSZW bSTNS WPLO _Z 3PWW ?SP ZYWd bLd _Z ]PNZRYTeP LYO LaZTO TYNZ]]PN_ QZ]X^ LYO Pc[]P^^TZY^ T^ bT_S _SP []Z[P] VYZbWPORP ZQ R]LXXL] 3ZbPaP] TQ ZYP VYZb^ LYO `^P^ _SP ]TRS_ bZ]O^ _SP OSL]XL ]PXLTY^ TY_LN_ LYO _SP ^[PLVP] NLY MP ^`]P ZQ PY_P]TYR _SP 6TYROZX ZQ 3PLaPY ,YO _SP QTQ_S L]R`XPY_ _ZZ T^ LMZ`_ L ^`T_LMWP NSZTNP ZQ bZ]O^ TY [ZWT_P NZX[LYd z TY [L]_TN`WL] LMZ`_ _SP NZ]]PN_ QZ]X^ ZQ R]PP_TYR >Z _SP ^LN]POYP^^ ZQ ]T_`LW WLYR`LRP ^[TWW^ ZaP] TY_Z _SP []ZQLYP bZ]WO aTL _SP Y`XTYL OSL]XL LYO LOSL]XL  4Y L ^PY^P _SP PY_S`^TL^_TN R]LXXL]TLY^ PaPY ]PRL]O _SP ^_]TN_ ]`WP^ RZaP]YTYR _SP QZ]XL_TZY ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ;L_L†ULWT 8LS£MS£´dL  PO -S£]RLaL ±£^_]¯ 8`XMLT $  z  ! dL^ _` []Ld`«V_P V`²LWZ aT²P´P ²LMO£Y dL_S£aLO adLaLS£]LV£WP g ^Z uYLY_LX £[YZ_T ULdLÀ [L]L_]L a£RdZRLaT_ O`´dL_T N£[L²LMOLTà gg 8LS£MS£´dL  PO -S£]RLaL ±£^_]¯ z

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

"!

bZ]O^ ZQ STRS >LY^V]T_ L^ Y`XTYL L^ MPNZXP^ L[[L]PY_ TY _SP ^`NNPPO TYR L]R`XPY_^ z XZ^_Wd L`_SZ]T_L_TaP \`Z_L_TZY^ Q]ZX _SP WLYR`LRP SdXY^ ZQ _SP ‹RaPOL  ;L_LÓULWTv^ TY_P][]P_L_TZY ZQ _SP QZWWZbTYR ]TOOWP Q]ZX _SP ‹RaPOL T^ \`Z_PO P^[PNTLWWd ZQ_PY% w1Z`] SZ]Y^ _S]PP QPP_ _bZ SPLO^ LYO ^PaPY SLYO^ SP SL^ ?SP M`WW T^ _S]TNP MZ`YO LYO ]ZL]^ 2]PL_ T^ _SP RZO bSZ SL^ PY_P]PO _SP XLYx "

,NNZ]OTYR _Z ;L_LÓULWT _SP QZ`] SZ]Y^ ]P[]P^PY_ _SP QZ`] [L]_^ ZQ ^[PPNS% YZ`Y^ aP]M^ []PQTcP^ LYO [L]_TNWP^ ?SP _S]PP QPP_ L]P _SP _S]PP XLTY _PY^P^% []P^PY_ Q`_`]P LYO [L^_ LYO _SP _bZ SPLO^ L]P _SP NZYaPY _TZYLW LYO _SP P_dXZWZRTNLW XPLYTYR ZQ L bZ]O ?SP ^PaPY SLYO^ L]P _SP ^PaPY NL^P^ TY >LY^V]T_ ?SP _S]PP [WLNP^ bSP]P _SP w]ZL]TYR M`WWx T^ MZ`YO L]P _SP _S]PP ]P^ZYL_TYR ^[LNP^ z _SP NSP^_ YPNV LYO SPLO >Z _SP Pc[]P^^TZY w_SP R]PL_ RZOx XPLY^ _SP bZ]O ?SP P^Z_P]TN NSL]LN_P] ZQ _SP ]TOOWP LWWZb^ ZYP _Z TY_P][]P_ T_ TY LWXZ^_ LYd bLd ZYP NSZZ^P^ ;L_LÓULWT Pc[WZT_^ _ST^ QLN_ LYO YZMZOd _LVP^ PcNP[_TZY _Z ST^ TY_P][]P_L _TZY z bSTNS NZXP^ ZaP] _Z `^ L^ ]L_SP] QZ]NPO 4Y ;L_LÓULWTv^ TY_P][]P_L _TZY _SP aP]^P OZP^ YZ_ []P^PY_ ]T_`LW QLN_^ Z] L^_]LW ^dXMZWT^X L^ _SP ‹RaPOTN NZY_Pc_ bZ`WO ^`RRP^_ M`_ TY^_PLO _PNSYTNLW R]LXXL_TNLW _P]X^ _Z_LW LM^_]LN_TZY^ MPdZYO LYd ^Z]_ ZQ [L]_TNT[L_TZY z bSTNS L YL_TaP ]PLOP] YPaP]_SPWP^^ ]PRL]O^ L^ \`T_P TY VPP[TYR bT_S _SP PYTR XL_TN L`]L ZQ _SP aP]^P ?SP ^LXP ‹RaPOL aP]^P _d[TNLWWd L[[PL]^ TY _SP L[ZN]d[SLW ±L`YLVL@[LYT´LO  TY_P][]P_PO TY ]PWL_TZY _Z u:¿v% _SP QZ`] SZ]Y^ L]P _SP QZ`] [SL^P^ _SP _S]PP QPP_ L]P wLx w`x LYO wXx _SP _bZ SPLO^ L]P wZx LYO wXx _SP ^PaPY SLYO^ L]P _SP ^PaPY _ZYP^ ZQ _SP ^NLWP LYO _SP _S]PP ^SLNVWP^ L]P _SP _S]PP ^LN]TQTNTLW QT]P^ BP NLYYZ_ ]`WP Z`_ _SP [Z^^TMTWT_d _SL_ ;L_LÓULWT VYPb LMZ`_ _ST^ @[LYT´LO [L^^LRP z M`_ _SL_ bZ`WO NP]_LTYWd YZ_ SLaP [`_ STX ZQQ ?SP QL^NTYL_TZY _SL_ _SP APOTN ]TOOWP aP]^P^ SLaP LWbLd^ SLO PaPY _ZOLd WTP^ []PNT^PWd TY _SPT] LXMTaLWPYNP z ZYP NLY LWbLd^ QTYO YPb ^ZW`_TZY^ bSTW^_ L_ _SP ^LXP _TXP L^^`XTYR _SL_ _SP aP]^P TY_PYOPO LWW ZQ _SP^P ^ZW`_TZY^ ,^ _SP YLXP ad£VL]L©L ^`RRP^_^ L_ _SP SPL]_ ZQ R]LXXL] T^ L wOT^ ^PN_TZYx Z] w_LVTYR L[L]_x ;L_LÓULWT SL^ L M]TPQ Xd_SZWZRTNLW _LWP NZY NP]YTYR _SP YPNP^^T_d ZQ ^`NS L wOT^^PN_TYRx R]LXXL]% 4YO]L VTYR ZQ _SP RZO^ SLO L^VPO ST^ OZXP^_TN []TP^_ -ŽSL^[L_T _Z _PLNS STX NZ]]PN_ >LY ^V]T_ -ŽSL^[L_T SLO _SP VTYR WPL]Y Md SPL]_ LYO OPNWTYP PaP]d bZ]O _SL_ PcT^_^ TY >LY^V]T_ ?SP^P R]LXXL] WP^^ZY^ WL^_PO QZ] ! dPL]^ -`_ PaPY _SPY 4YO]L SLO YZ_ XLYLRPO _Z XL^_P] _SP bSZWP WLYR`LRP ,[[L] PY_Wd L_ ^ZXP ^_LRP _SP _bZ RZO^ ]PLWTePO _SL_ PaPY _SP WTQP_TXP ZQ L RZO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "

NL_a£]T ²Ž«R£ _]LdZ L^dL [£O£ OaP ²Å]´P ^L[_L SL^_£^Z L^dL g _]TOS£ MLOOSZ aŽ´LMSZ ]Z]LaÅ_T XLSZ OPaZ XL]_d£È £aTaP²L gg ‹A  # \`Z_PO TY% 8LS£MS£´dL  PO -S£]RLaL ±£^_]¯ 

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

""

bZ`WO YZ_ MP ^`QQTNTPY_ QZ] _ST^ XP_SZO ZQ WPL]YTYR L WLYR`LRP # >Z _SP []ZMWPX bL^ YZ_ ]P^ZWaPO Md _SP R]PL_ -ŽSL^[L_T M`_ Md _SP NWPaP] -]LSXTY^ :YWd S`XLY MPTYR^ NLY NZXP `[ bT_S ]L_TZYLW ^d^_PX^ _SL_ bTWW LN_`LWWd bZ]V TY aTPb ZQ _SP LXZ`Y_ LYO OTaP]^T_d ZQ WLYR`LRP XL_P]TLW 4Y QLN_ _SP 4YOTLY R]LXXL]TLY^ QT]^_ LYO QZ]PXZ^_ ;L_LÓULWTv^ []POPNP^^Z] ;£©TYT O]Pb `[ TYRPYTZ`^ ]L_TZYLW ^d^_PX^ @YWTVP TY _SP BP^_ 4YOTLY R]LXXL]TLY^ `^P L XL]VPO OPML_TYR ^_dWP LYO _LNVWP YZ_ ZYWd [`]PWd _PNSYTNLW T^^`P^ M`_ LW^Z ^d^_PX _SPZ]d _SP OTOLN_TN^ ZQ ^NTPYNP LYO WTYR`T^_TN [STWZ^Z[Sd 4_ T^ _d[TNLW ZQ ;L_LÓULWT _SL_ PaP]d _STYR _Z OZ bT_S _SP ZMUPN_ ZQ LNLOPXTN ^_`Od T^ LW^Z `[ QZ] OT^N`^^TZY LYO SL^ _Z MP ^`[[Z]_PO Md ]L_TZYLW L]R`XPY_^ 4Y L bLd ZYP NLY ^Ld _SL_ L`_ZYZXZ`^ QTPWO^ ZQ _STYVTYR bP]P OT^NZaP]PO []PNT^PWd _S]Z`RS _SP WTYR`T^_TN OT^NT[WTYP^ -`_ _SP^P QTPWO^ L]P LWbLd^ WTXT_PO _Z _PNSYT NLW L^[PN_^ ?SP]P NLY MP YZ OT^N`^^TZY ZQ OSL]XL aLW`P^ L^ LW]PLOd ^SZbY Md ;L_LÓULWTv^ L]R`XPY_^

 ?SP ;SZYP_TN ,W[SLMP_ 4_ T^ NP]_LTY _SL_ MPQZ]P LYdZYP NZ`WO ^_L]_ _Z LYLWdeP ZWO bZ]O^ ^Z L^ _Z MP LMWP _Z QZ]X YPb ZYP^ NZ]]PN_Wd _SP LW[SLMP_ SLO _Z MP QTcPO ^TYNP YZ LNLOPXTN OT^NT[WTYP NLY PWLMZ]L_P NWPL]Wd OPQTYPO ]`WP^ `YWP^^ _SP ZMUPN_ ZQ T_^ ^_`Od SL^ MPPY NWPL]Wd OPQTYPO 4Y _SP ?LT__T]ÅdL ;]£_T²£ VSdL  ZYP ZQ _SP ZWOP^_ bZ]V^ ZY _SP ^`MUPN_ ZQ [SZYP_TN^ _ST^ LW[SLMP_ L[[PL]^ _PWWTYRWd `YOP] _SP YLXP ZQ w.ZX[WP_P _]LOT_TZYLW WTYR`T^_TN ^Z`YO^x aL]©L^LX£XY£dL  $ >Z _SP LW[SLMP_ T^ LW^Z ]PRL]OPO L^ ^ZXP _STYR _]LOT_TZYLW z TY _SP QZ]X ZQ L _Pc_ _SL_ OPQTYP^ PcSL`^_TaPWd bSTNS ^Z`YO^ ZNN`] TY _SP >LY^V]T_ WLYR`LRP 3ZbPaP] T_ SL^ _SP ^[PNTLW QPL _`]P _SL_ T_ T^ L]]LYRPO [SZYZWZRTNLWWd 9ZYP ZQ _SP BP^_P]Y N`W_`]P^ SL^ PaP] XLOP LY PQQZ]_ _Z ^Z]_ _SP ^Z`YO^ _SL_ SLaP ^`]aTaPO TY T_^ WLYR`LRP TY_Z L ^P\`PYNP OP_P]XTYPO Md _SP L`OTMWP ^Z`YO^ _SPX^PWaP^ ?SP ^P \`PYNP ZQ _SP ^Z`YO^ ,-./012 m T^ NZX[WP_PWd L]MT_]L]d LYO _SP ]PL^ZY^ QZ] _ST^ [L]_TN`WL] ^P\`PYNP L]P ST^_Z]TNLW -`_ _SP >LY^V]T_ LW[SLMP_ T^ \`T_P OTQQP]PY_% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q 8LS£MS£´dL  PO -S£]RLaL ±£^_]¯  $ ?SP QTcTYR ZQ _SP LW[SLMP_ TY L STRSWd ]L_TZYLW Z]OP] ^PP MPWZb MPWZYR^ _Z _SP QT]^_ ^`MUPN_^ ZQ _SP ;]£_T²£VSdL^ _SP PL]WTP^_ bZ]V^ ZY [SZYP_TN ^NTPYNP []ZM OL_TYR MLNV _Z ! -. L_ _SP WL_P^_ LYO T^ WTVPbT^P QZ`YO TY WL_P] ±¯V´£ _]PL_T^P^ ^`NS L^ _SP Ad£^L ±¯V´£ ZQ _SP MWLNV DLU`]APOL M]LYNS bSTNS T^ LW^Z NZX[L]L_TaPWd ZWO LYO QZWWZb^ NWZ^PWd _SP ?LT__T]¯dL ;]£_T²£VSdL 3 7ÞOP]^ /TP Ad£^L±¯V´£ MP^ZYOP]^ TY TS]PX AP]SÆW_YT^ e`X ?LT__T]¯dL ;]£_T²£VSdL 6TPW% /TP_P]TNS #$ & 3 7ÞOP]^ PO Ad£^L ±¯V´£  ;L__LMST]LXL >L^_]T AL]LYL^T% .SL`VSLXMSL $"!

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

"#

L £ T ¯ ` ¼ Ž œ ¥ P LT Z L` VL VSL RL RSL «L NL NSL UL USL ÓL ¶L ¶SL “L “SL ©L _L _SL OL OSL YL [L [SL ML MSL XL dL ]L WL aL ²L ´L ^L SL

?SP ^Z`YO^ L]P L]]LYRPO TY L ^_]TN_ Z]OP] L^ ^SZbY TY _SP QZWWZbTYR _LMWP  ?SP]P SL^ ZMaTZ`^Wd MPPY LY L__PX[_ _Z LaZTO LYd ]LYOZX Z] L]MT_]L]d ^P\`PYNTYR ,XZYR^_ Z_SP] _STYR^ L ML^TN ^d^_PX ZQ Z]OP]TYR SL^ MPPY NSZ^PY _SL_ T^ OP]TaPO Q]ZX L YL_`]LW ^P\`PYNP ZQ _SP [Sd^TZ WZRTNLW WZNL_TZY^ ZQ L]_TN`WL_TZY bT_STY _SP XZ`_S Q]ZX _SP MLNV _Z _SP Q]ZY_% _S]ZL_ L_ _SP aP]d MLNV [LWL_P [LWL_LW ]TORP _PP_S WT[^ L_ _SP aP]d Q]ZY_

?SP PcLN_ ^P\`PYNP ZQ LWW _SP ^Z`YO^ TY _SP LW[SLMP_ NLY MP TYQP]]PO Q]ZX _SP Y`XMP]^ TY^P]_PO TY _SP QZWWZbTYR _LMWP 2`__`]LW^

;LWL_LW^

=P_]ZQWPc

/PY_LW^

7LMTLW^

>TX[WP aZbPW^ ^SZ]_ 7ZYR ^SZ]_ L

£

T

WZYR

^SZ]_

WZYR

^SZ]_

WZYR

^SZ]_

WZYR

¯









`

¼!

¹$

¥



AZbPW NZY^ZYLY_^







Ž"

#





/T[S_SZYR^



ȱ ȱ ȱ ȱ



R`©L aŽOOST P

LT

















R`©L aŽOOST Z

L`

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1Z] ]PL^ZY^ ZQ ^[LNP TY _SP _LMWP bP SLaP WPQ_ Z`_ _SP TYSP]PY_ wLx ^Z`YO _SL_ ZNN`]^ bT_S PaP]d NZY^ZYLY_ 4Y QLN_ NZY^ZYLY_^ NLYYZ_ MP []ZYZ`YNPO L_ LWW bT_SZ`_ T_ ,YO TY 0YRWT^S bP NLWW wMx wMPPx LYO wax waPPx 3ZbPaP] L^ `^`LW _SP BP^_P]Y ^d^_PX T^ NSLZ_TN LYO NLXP LMZ`_ Md ST^_Z]TNLW LNNTOPY_ bSTWP >LY^V]T_ T^ ^d^_PXL_TN

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

2`__`]LW^

;LWL_LW^

=P_]ZQWPc

"$

/PY_LW^

7LMTLW^

.ZY^ZYLY_^ L[[PL]TYR TY _SP Z]OP]% aZTNPWP^^`YL^[T]L_PO z aZTNPWP^^L^[T]L_PO z aZTNPO`YL^[T]L_PO z aZTNPOL^[T]L_PO z YL^LW V VS R RS « $

N NS U US Ó

¶ ¶S “ “S ©

$

_ _S O OS Y

[ [S M MS X $

>PXTaZbPW^

d

]

W

a

´

^!



>TMTWLY_^

²



,^[T]LY_^ S"









5`^_ L^ TX[Z]_LY_ L^ _SP NZ]]PN_ ]P[]P^PY_L_TZY ZQ _SP ZMUPN_ ZQ ^_`Od T^ _SP [`]P MPL`_d ZQ _SP QZ]X ZQ _SP ^NTPY_TQTN XZOPW 4Y L NP]_LTY ^PY^P _SP >LY^V]T_ LW[SLMP_ NLY MP ]PLO WTVP L uXLRTN ^\`L]Pv 1Z] TY^_LYNP LY LW_P]YL_TaP ]PLOTYR bZ`WO _LVP _SP NZW`XY^ Q]ZX _Z[ _Z MZ__ZX LYO YZ_ _SP ]Zb^ Q]ZX WPQ_ _Z ]TRS_% L£ VLVSLRLRSL«L SL RWZ__LW ^Z`YO^ T¯ NLNSLULUSLÓL dL ²L [LWL_LW ^Z`YO^ m  4_ T^ LW^Z [Z^^TMWP _Z SLaP _Z_LWWd OTQQP]PY_ NZXMTYL_TZY^ z ZYP NLY ]PLO ZQQ _SP YL^LW ^Z`YO^ «LÓL©LYLXL  Z] _SP aZTNPO ZYP^ Z] _SP aZTNPWP^^ ZYP^ PR _SP aZTNPO NZY^ZYLY_^ L^ RLRSL«L ULUSLÓL “L“SL©L OLOSLYL MLMSLXL dL]LWLaL P_N 3ZbPaP] _SP^P aL]TZ`^ OTQQP]PY_ ]PLOTYR^ L]P YZ_ ^`XXL]TePO LYd bSP]P TY LY ZaP]aTPb ?SP ^d^_PXL_TN Z]OP] _SL_ bP SLaP ^SZbY ^NSP XL_TNLWWd TY Z`] _LMWP PcT^_^ TY _SP Z]TRTYLW NZY_Pc_ []TYNT[LWWd TY L XPY _LW LYO LNZ`^_TN bLd BSPY ^Z`YO^ L]P aT^`LWTePO _ST^ OZP^ YZ_ RPYP]LWWd TYaZWaP R]L[SPXP^ M`_ `^P^ Y`XP]Z`^ uSLYO ^TRY^v  X`O]£  WT_P]LWWd w^PLW^x 5`^_ L^ L ^ST[v^ NL]RZ bL^ []Z_PN_PO bT_S L ^PLW _Z PY^`]P _SL_ YZYP ZQ L S`YO]PO MLWP^ ZQ .STYP^P ^TWV WZLOPO TY 2`UL]L_ bZ`WO OT^L[[PL] MPQZ]P _SP NL]RZ L]]TaPO TY ?LXTW 9LO` _SP wSLYO ^PLWx PY^`]P^ _SL_ _SP ]P_]ZQWPc ^Z`YO ZQ _SP APOL _Pc_ OZP^ TY QLN_ QTYO T_^ bLd TY_Z _SP XZ`_S ZQ _SP [`[TW bT_SZ`_ MPTYR uOLXLRPOv ?ST^ ^[P NTLW _PNSYT\`P QZ] NZXX`YTNL_TYR NZY_PY_ aTL SLYO ^TRY^ T^ QZ`YO YZ_ ZYWd TY APOL OTOLN_TN^ M`_ LW^Z TY 4YOTLY OLYNP bSP]P _SP SLYO RP^ _`]P^ ^TRYTQd NZX[WP_P WTYR`T^_TN _P]X^ ^`NS L^ WZaP 2ZO P_N ^PP MP WZb ,YO PaPY _ZOLd _SP >Z`_S 4YOTLY APOL _]LOT_TZY ZQ _SP 9LX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  9£¶dL²£^_]L $ QQ

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

#

M`OT]T^ SL^ LY Pc_PY^TaP NL_LWZR ZQ ^`NS SLYO ^TRY^ ^ZXP ZQ bSTNS L]P TOPY_TNLW _Z _SZ^P ZQ _SP WZNLW 6L_SLVLœT OLYNP _]LOT_TZY  1Z] PcLX[WP bSPY _SP _PLNSP] bT^SP^ _Z TYOTNL_P L ^SZ]_ aZbPW SP ^TX[Wd Pc_PYO^ ST^ Z[PY [LWX 1Z] Z_SP] ^Z`YO^ NP]_LTY QTYRP]^ L]P MPY_ Z] _SP b]T^_ T^ ]Z_L_PO P_N P_N ?SP []PQP]PYNP QZ] L ^d^_PX ZQ _ST^ _d[P []ZMLMWd NLXP Z]TRTYLWWd Q]ZX _SP OP^T]P QZ] L ^`T_LMWP XP_SZO ZQ []P^PY_TYR _SP ^LN]PO >LY^V]T_ WLYR`LRP 4Y RPYP]LW TY L [P]QZ]XLYNP ^T_`L_TZY L RP^_`]P T^ LWbLd^ XZ]P ^`RRP^_TaP _SLY L R]L[SPXP ?SP RP^_`]P LW^Z LOO^ ^ZXP _STYR _Z _SP [P]QZ]XL_TaP NZY_Pc_ ^ZXP_STYR _SL_ _SP R]L[SPXP NLYYZ_ []ZaTOP :YP ZYWd SL^ _Z _STYV ZQ _SP NZYO`N_Z] ZQ L NWL^^TNLW Z]NSP^_]L bSZ OZP^ YZ_ [WLd LYd ZQ _SP TY^_]`XPY_^ LYO dP_ ]PXLTY^ _SP XZ^_ TX[Z]_LY_ [P]^ZY ?SP LM^ZW`_P []PNT^TZY OPXLYOPO ZQ L NWL^^TNLW Z] NSP^_]L TY T_^ [S]L^TYR LYO Pc[]P^^TZY bZ`WO YPaP] MP ]PLWTePO bT_SZ`_ _SP OT]PN_TYR RP^_`]P^ ZQ _SP NZYO`N_Z] 4_ T^ ST^ RP^_`]P^ _SL_ _`]Y _SP ^dXMZWTN ^VPWP_ZY ZQ OT^N`]^TaP ^TRY^ ZY _SP ^SPP_ X`^TN TY_Z L NZSP]PY_ [Sd^TNLW ^Z`YO [SPYZXPYZY ,[L]_ Q]ZX _ST^ wOT]PN_TYRx Q`YN_TZY _SP aT^`LW TX[]P^^TZY LW^Z ^PPX^ _Z [WLd LY TX[Z]_LY_ ]ZWP 1Z] PcLX[WP LNNZ]OTYR _Z _SP APO£«RL XLY`LW^ _SP [Z^_`]P ZQ _SP >LY^V]T_ ]PNT_P] T^ TX[Z]_LY_ , NL^`LW Z] ^WZ[[d [Z^_`]P T^ U`^_ L^ `YOP^T]LMWP L^ MLO []ZY`YNTL_TZY ?SP LOaLY _LRP ZQ _SP RP^_`]P^ ZaP] L R]L[SPXP T^ _SL_ _SP _PLNSP] SL^ R]PL_P] NZY _]ZW ZaP] ST^ XZaPXPY_^ LYO OZP^ YZ_ YPPO LYd LTO^ PcNP[_ ST^ ZbY MZOd z SP OZP^ YZ_ SLaP _Z `^P MZZV^ MZL]O^ LYO NSLWV bSTNS bZ`WO ]P\`T]P L WZ_ ZQ [Sd^TNLW LN_TZY^ LYO XZaTYR L]Z`YO ?ST^ XPLY^ _SL_ SP ]PXLTY^ QZN`^PO ZY bSL_ T^ TX[Z]_LY_ TP _SP ^Z`YO ZQ _SP WLYR`LRP 1`]_SP]XZ]P _]LY^WL_TYR _SP ^Z`YO^ TY_Z RP^_`]P^ ^`[[Z]_^ _SP ]P\`T]PO XPXZ]TeL_TZY ZQ _SP WT_`]RTNLW _Pc_^% X`^N`WL] XPXZ]d T^ LOOPO _Z _SP LNZ`^_TN XPXZ]d

 >¼_]L ?PNSYT\`P LYO ;£©TYTv^ 8P_L7LYR`LRP , ^_]TN_Wd ^dXXP_]TNLW LW[SLMP_ OPQTYT_PWd SL^ []LN_TNLW LOaLY_LRP^ TY WLYR`LRP _PLNSTYR M`_ _ST^ T^ LWXZ^_ NP]_LTYWd YZ_ _SP ]PL^ZY QZ] T_^ STRSWd NZX[WPc ^_]`N_`]P ,Q_P] LWW ^ZXP ^XLWWP] TYNZY^T^_PYNTP^ X`^_ MP LNNP[_PO _Z XLVP _SP ^dXXP_]d ZQ _SP ^Z`YO^ [P]QPN_ ?SP XZ^_ ZM aTZ`^ ZQ _SP^P T^ _SP LOOT_TZY ZQ _SP LWXZ^_ `Y[]ZYZ`YNPLMWP z ^Z`YO w¥x YZ  TY _SP _LMWP bSTNS ^TX[Wd OZP^ YZ_ ZNN`] TY _SP >LY^V]T_ WLYR`LRP , MP__P] Pc[WLYL_TZY ZQ _SP ^_]`N_`]LW OPY^T_d T^ _SP ^_]TaTYR QZ] [P]QPN_ LYO MPL`_TQ`WWd QZ]XPO ]P[]P^PY_L_TZY ZQ _SP ZMUPN_ ZQ ^_`Od ?SP ]`WP^ ZQ _SP R]LXXL]TLY^ ^SZb L ^TXTWL] ^_]TaTYR QZ] Z]OP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q >_LLW ,RYT   QQ

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

#

@YWTVP BP^_P]Y _]LOT_TZY ZQ ^NSZWL]^ST[ 4YOTLY ^NSZWL]^ LW^Z _]d _Z NZYOPY^P _SPT] LM^_]LN_TZY^ `^TYR WTYR`T^_TN XPLY^ ?SPd ^_]TaP QZ] _SP ^SZ]_P^_ LYO XZ^_ []PNT^P QZ]X`WL_TZY^ [Z^^TMWP TP _SPd _]d _Z QZ]X ^NTPY_TQTN WLYR`LRP ^ZWPWd Z`_ ZQ ^TRYTQTNLY_ _P]X^ LYO LaZTO LYd ]PO`Y OLYNd , [P]QPN_ ^NTPY_TQTN ^PY_PYNP _SP]PQZ]P L[[PL]^ L^ L WTYR`T^_TN XTYTL_`]P z ZQ_PY OTQQTN`W_ _Z `YOP]^_LYO bT_SZ`_ LYd NZXXPY_L]d z NZY^T^_TYR XLTYWd ZQ N]d[_TN LMM]PaTL_TZY^ LYO PWWT[^P^ >`NS L[SZ]T^X^ L]P NLWWPO >¼_]L w_S]PLO^x [Z^^TMWd MPNL`^P _SPd []ZaTOP L ^Z]_ ZQ _S]PLO bSTNS _SP _PLNSP] NLY QZWWZb O`]TYR WP^^ZY^ ^TXTWL] _Z Z`] BP^_P]Y OTLR]LX^ BSP]PL^ bP _]LY^[Z]_ _SP LM^_]LN_TZY aT^`LWWd 4Y OTLY ^NSZWL]^ L__PX[_ _Z LNSTPaP ^`NS ]P[]P^PY_L_TZY^ TY ^Z`YO ?SP L[SZ]T^X MPNZXP^ _SP ^`M^_LY_TLWWd NZX[]PSPY^TMWP ]P[]P^PY_L_TZY ZQ _SP LM^_]LN_ ]`WP Z] ^_L_PXPY_ 9PL]Wd LWW 4YOTLY ^NSZWL]^ P^[PNTLWWd R]LXXL]TLY^ SLaP `_TWTePO _ST^ ^_dWP LYO ^P_ OZbY _SPT] _PLNSTYR^ TY _SP QZ]X ZQ >¼_]L^ ?SP R]LXXL]TLY 6£_d£dLYL   -. _]PL_^ L NZX[WPc OT^N`^^TZY ^`NS L^ w,]P ^Z`YO^ TYOTaTO`LW^ Z] _d[P^*x Md ^P[L]L_TYR T_ TY_Z QTaP L[SZ]T^X^ _SP WZYRP^_ ZQ bSTNS NZY^T^_ ZQ YZ XZ]P _SLY ^Tc bZ]O^ ?]LY^WL_TYR _SP^P bZ]O^ TY_Z 0YRWT^S bZ`WO YZ_ []ZO`NP LYd NZX[]PSPY^TMWP _Pc_ L_ LWW bSTNS T^ bSd bP OZ YZ_ L__PX[_ _Z OZ ^Z ?SP L[SZ]T^X ZYWd MPNZXP^ `YOP]^_LYOLMWP bT_S LNNP^^ _Z _SP NZXXPY _L]d ZQ ;L_LÓULWT 4Y _SP PcLX[WP MPWZb ZYWd _SP bZ]O^ TY MZWO _d[P TYOTNL_P _SP TYQZ]XL_TZY _SL_ T^ RTaPY Pc[WTNT_Wd TY _SP >¼_]L _Pc_& LWW _SP ]P^_ T^ NZXXPY_L]d % £YdLMS£adLÀ _` V£WL²LMOLadLa£d£_ g wF:YP NZ`WOH SZbPaP] SZbPaP] _` FZMUPN_% TY _SP Pc[]P^^TZY wOL©“L LR]LXx QZ] PcLX[WP _SP WL^_ wLx TY wOL©“Lx SL^H _Z MP MP F^ZXP_STYRH Z_SP] Z_SP] £YdL MS£adLX F_SLY _SP QT]^_ wLx TY wLR]LXxH MPNL`^P MPNL`^P FZYPH XPL^`]P V£WL FZQ \`TP_YP^^ TP L [L`^PH NZXP^ MP_bPPY MP_bPPY F_SP _bZ ^Z`YO^H adLa£d£_  F7TVPbT^P _SP QT]^_ wLx TY wOL©“Làx X`^_ MP ^ZXP_STYR Z_SP] _SLY _SP ^PNZYO wLx MPNL`^P LYZ_SP]H ^Z`YO ^Z`YO ^Z`YO ²LMOL FNZXP^ MP_bPPY _SP _bZHx

?SP bZ]O wSZbPaP]x _` TYOTNL_P^ _SL_ LY Z[[Z^TYR [Z^T_TZY [¼]aL [LV´L T^ MPTYR OP^N]TMPO ?ST^ Z[[ZYPY_ NWLTX^ _SL_ ^Z`YO^ PR PaP]d TYOTaTO`LW wLx ^Z`YO L]P TYOP[PYOPY_ TYOTaTO`LW^ LYO MLNV^ _ST^ `[ Md ^LdTYR _SL_ ^Z`YO^ L]P OT^_]TM`_PO U`^_ WTVP ^`M^_LYNP^ TY ^[LNP% d`RL[LN NL OP²L[Ž_SLV_aLOL]²LY£_ g wF,YO _ST^ T^ _SP]PQZ]PH LW^Z LW^Z NL F_Z MP ^`[[Z^POH MPNL`^P MPNL`^P F^Z`YO^H NLY MP OP_P]XTYPO OP_P]XTYPO   OL]²LY£_ L_ _SP ^LXP _TXP d`RL[L_ L_ OTQQP]PY_ WZNL_TZY^ OP²L[Ž_SLV_aL  FTP TY OTQQP]PY_ bZ]O^H FL^ TY wL²aLx wL]VLx LYO wL] _SLxHx

>Z U`^_ L^ L NP]_LTY 8] >XT_S NLYYZ_ MP TY ;L]T^ LYO TY -P]WTY L_ _SP ^LXP _TXP LRLTY ;L_LÓULWT ^[PLV^ ZQ /PaLOL__L bSZ NLYYZ_ MP TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ;L_L†ULWT 8LS£MS£´dL  PO -S£]RLaL ±£^_]¯ $ z$#

#

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

>]`RRSY£ LYO 8L_S`]£ L_ _SP ^LXP _TXP _SP ^P[L]L_P wLx ^Z`YO^ X`^_ MP OTQQP]PY_ TYOTaTO`LW^ ?SP QT]^_ L__PX[_ L_ QTYOTYR L NZ`Y_P] L]R`XPY_ NWLTXTYR _SL_ _SP wLx ^Z`YO T^ ZYP ^TYRWP ^`M^_LYNP QLTW^ MPNL`^P ZQ _SP naivete ZQ _SP L]R`XPY_ T_^PWQ% ²LV`YTaL_ ^d`à g wF4_ bZ`WO MP XT^_LVPY _Z ]PUZTYH% [P]SL[^ _SP F^Z`YO^ XZaP MLNV [P]SL[^ ^d`à _SP LYO QZ]_S MP_bPPY _SP aL]TZ`^ [WLNP^ L^ QL^_H L^ L^ aL_ FLH QLWNZY ²LV`YT FbSTNS T^ bSd _SPT] XZaPXPY_ NLYYZ_ MP [P]NPTaPOHx

?SP ^PNZYO NZ`Y_P]L]R`XPY_ T^ YZ_ L_ LWW NZYaTYNTYR PT_SP]% £OT_dLaL_ ^d`à g wF4_ bZ`WO MP U`^_ L^ XT^_LVPY _Z ]PUZTYH [P]SL[^ [P]SL[^ F_SP ^Z`YO^ NLY MP [P] NPTaPO Q]ZX OTQQP]PY_ [WLNP^H WTVP WTVP F_SPH ^`Y ^`Y*x WTVP ^`Y

?ST^ T^ LY `Y^`T_LMWP PcLX[WP :Q NZ`]^P _SP ^`Y NLY MP [P]NPTaPO Q]ZX aL]TZ`^ WZNL_TZY^ M`_ YZ_ L_ aL]TZ`^ WZNL_TZY^ ?SP ^ZW`_TZY _Z _SP []ZM WPX _SL_ L ^Z`YO ^`NS L^ wLx ZNN`]^ L_ aL]TZ`^ _TXP^ LYO TY aL]TZ`^ [WLNP^ WTP^ TY _SP QLN_ _SL_ _SP ^Z`YO wLx T^ L WTYR`T^_TN RP^_LW_ _SL_ TY NW`OP^ _SP bSZWP QLXTWd ZQ wLx ^Z`YO^ LaL]©LV`WLX % £VŽ_TR]LSL©£_ ^TOOSLX g wF?ST^ ZYWd MPNZXP^H Pc[WTNLMWP Pc[WTNLMWP ^TOOSLX TQ TQ FZYPH LNNP[_^ LNNP[_^ TQ LNNP[_^ R]LSL©£_ F_SP TOPL _SL_ _SP wLx ^Z`YOH T^ FLH 2P^_LW_ £VŽ_T x -`_ OP^[T_P _SPT] STRS OPR]PP ZQ LM^_]LN_TZY LYO NZYOPY^L_TZY _SP >¼_]L^ Z] ]L_SP] A£]__TVL^ ZQ 6£_d£dLYL L]P ^_TWW WZYRbTYOPO TY NZX [L]T^ZY _Z _SP >¼_]L^ ZQ _SP wQL_SP] ZQ R]LXXL]TLY^x ;£©TYT bSZ X`^_ SLaP WTaPO ^ZXP S`YO]PO dPL]^ MPQZ]P ;L_LÓULWT   -. LYO LW^Z MPQZ]P 6£_d£dLYL   -. 3T^ OL_P^ SLaP MPPY L XL__P] ZQ OPML_P ]LYRTYR Q]ZX !  -. _Z   -. M`_ LWW L`_SZ]^ 4YOTLY L^ bPWW L^ BP^_P]Y NZY^TOP] STX _Z MP L XL^_P]XTYO bT_S L _]`Wd ^NTPY_TQTN ^[T]T_  ;£©TYT N]PL_P^ L YPb XP_LWLYR`LRP ^TXTWL] _Z Z`] LWRPM]LTN QZ]X`WL^ Z] XZOP]Y NZX[`_P] WLYR`LRP^ 3P]P _ZZ bP ^PP Pc_]PXP ^[PNTLWTeL _TZY [L]_TN`WL]Wd TY _SP WTYR`T^_TN L]PL

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ;£©TYT SL^ L__]LN_PO L aL^_ LXZ`Y_ ZQ ]P^PL]NS ^PP 2PZ]RP .L]OZYL ;£©TYT L ^`]aPd ZQ ]P^PL]NS ?SP 3LR`P% $"!& 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[Sd AZW % 2]LX XL]TLY^ /PWST% 8Z_TWLW -LYL]^TOL^^ $$ z $ =PNPY_ ]P^PL]NS ZbP^ X`NS _Z .L]OZYLv^ NZX[]PSPY^TaP ^_`OTP^ LYO ^PPX^ _Z ^P__WP _SP \`P^_TZY ZQ OL_P TY QLaZ] ZQ   -.& ZY  -. ^PP 0YNdNWZ[POTL AZW    1Z] _SP SZYZ]PO ^_L_`^ RTaPY _Z ;£©TYT ^PP 1]T_^ >_LLW 1TOPWT_d ZQ :]LW ?]LOT_TZY   bSZ QZWWZb^ ?STPXP TY OL_TYR ;£©TYT _Z ! -. :Y ;£©TYTv^ NZOP ^d^_PX OT^N`^^PO MPWZb ^PP LW^Z 3L]_X`_ >NSL]QP ;£©TYTv^ 8P_LWLYR`LRP ;STWLOPW[STL% ,XP]TNLY ;STWZ^Z[STNLW >ZNTP_d $"

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

#

 w±TaL^¼_]£©Tx LYO _SP .ZOP >d^_PX^ T_ 4Y^[T]PO ;£©TYTv^ R]LXXL] _SP ,´¶£OSd£d¯  SL^ L OPR]PP ZQ PWLMZ]L_TZY LYO L ]PQTYPXPY_ ^_TWW LOXT]PO Md _ZOLdv^ WTYR`T^_^ z TYNW`OTYR BP^_P]Y ^NSZW L]^ ?ST^ T^ O`P _Z T_^ XL_SPXL_TNLW []PNT^TZY LYO OP_LTWPO NZOTYR ^d^ _PX ?SP ^[PNTLW QPL_`]P ZQ ;£©TYTv^ R]LXXL] T^ L ^d^_PX ZQ ^SZ]_ [SZ YP_TN NZOP^ []L_d£S£]L  bSTNS NLY MP Z[P]L_TZYLWTePO QZ] LWW _SP R]LXXL_TNLW OPNWPY^TZY^ LYO bZ]O QZ]XL_TZY^ 1Z] PcLX[WP TY^_PLO ZQ _SP Pc[]P^^TZY w^TX[WP aZbPW^x ;£©TYT LWbLd^ `^P^ _SP LMM]PaTL_TZY wL©x ?SP _P]X wL©x T^ YZ_ L bZ]O _SL_ ZNN`]^ TY _SP >LY^V]T_ WLYR`LRP ^Z bP bZ`WO YZ_ QTYO T_ TY L OTN_TZYL]d BSd ^SZ`WO ;£©TYT NWLTX _SL_ wL©x XPLY^ w^TX[WP aZbPWx* ?SP ^PN]P_ WTP^ TY ST^ NZOTYR bSTNS N]P L_P^ L `YT\`P [SZYP_TN ^dXMZW QZ] PaP]d R]LXXL_TNLWWd ]PWPaLY_ Pc[]P^ ^TZY 3T^ wL©x T^ XP]PWd ZYP ZQ XLYd ?SP XZ^_ TX[Z]_LY_ ^dXMZW^ ]PQP] _Z _SP ML^TN PWPXPY_^ ZQ LYd R]LXXL] _SL_ T^ _Z _SP R]LXXL_TNLWWd ]PWPaLY_ ^Z`YO R]Z`[^ 1Z] LWW Pc[]P^^TZY^ ^`NS L^ w^TMTWLY_x wYZY,aZbPWx LYO _SP WTVP _SP]P T^ L `YT\`P [SZYP_TN ^dXMZW N]PL_PO OP_P]XTYT^_TNLWWd Md ;£©TYTv^ ^[PNTLW NZOTYR ^d^_PX ?SP VPd QZ] _SP NZOTYR ^d^_PX T^ L XZOTQTPO aP]^TZY ZQ _SP >LY^V]T_ LW[SLMP_ bSTNS T^ ^`XXL]TePO TY_Z QZ`]_PPY ^SZ]_ QZ]X`WL^ `^TYR L w_P]XTYLW ^TRYx L^ TY XZOP]Y NZX[`_P] WLYR`LRP^ ?SP R]Z`[ ZQ aZbPW^ TY _SP LW[SLMP_ z U`^_ _Z RTaP ZYP PcLX[WP z L[[PL]^ TY ;£©TYTv^ NZOTYR VPd TY _SP QZWWZbTYR QZ]X%

©

LT` 

V

Ž¹

«

PZ

LTL`

N

?SP^P NZXMTYL_TZY^ ZQ WP__P]^ WZZV WTVP LWRPM]LTN ^dXMZW^ -`_ _SPd L]P YZ_ ^TX[Wd R]L[SPXP^ QZ] _SPd L]P LW^Z ]PNT_PO TY R]LXXL] WP^^ZY^ WTVP LYd Z_SP] NWL^^TNLW >LY^V]T_ _Pc_ LYO TY QLN_ _SPd QZWWZb _SP ^LXP XP WZOTN XZOPW L^ L APOTN []Z^P _Pc_  %

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ T^ _SP bLd _SP L`_SZ] ,B WPL]YPO T_ Q]ZX 4YOTLY ^NSZWL]^

#

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

?SP WPRPYO _SL_ WL_P] PXP]RPO PaPY QLYNTP^ _SZ^P QZ`]_PPY []TXL]d NZOP PWPXPY_^ L^ ^Z`YO^ SLTWTYR Q]ZX ±TaLv^ SLYO O]`X bSTNS T^ bSd _SPd bP]P RTaPY _SP YLXP w8£SP²aL]£©T >¼_]£©Tx Z] w±TaL >¼_]£©Tx XPLY TYR w_SP ,[SZ]T^X^ ZQ _SP 2]PL_ 2ZOx ,^ T^ ^Z ZQ_PY _SP NL^P PXLYNT[L_Z]d LYO Xd_STNLW L^[PN_^ L]P TY _P]XTYRWPO TY _SP Xd_SZWZRTeTYR ]PNP[_TZY ZQ WL_P] [P]TZO^ 4Y _]`_S SZbPaP] _ST^ T^ L STRSWd _PNSYTNLW ^d^_PX bSZ^P Z[P]L_TZY T^ ML^PO ZY _SP TY_]ZO`N_TZY ZQ _SP _P]XTYLW ^TRY^ 4_ T^ _SP^P ^dXMZW^ _SL_ LWWZb Q`WW Q`YN_TZYLWT_d ZQ _SP R]LXXL_TNLW ^dXMZW^ 1Z] PcLX[WP _SP R]LXXL_T NLW ^dXMZW wL©x XPLY^ _SP ^P_ ZQ LWW NZOP PWPXPY_^ TY wLT`©x MP_bPPY _SP TYT_TLW PWPXPY_ wLx LYO _SP _P]XTYL_TYR NSL]LN_P] w©x z _SL_ T^ _SP PWPXPY_^ wLT`x bSTNS OP^TRYL_P _SP LN_`LW ^Z`YO^ f L £ T Å ` ¼ h z TP LWW _SP ^TX[WP aZbPW^ bT_SZ`_ _SP aZbPWNZY^ZYLY_^ Ž LYO ¹ 1ZWWZbTYR _SP ^LXP []TYNT[WP Z_SP] ^dXMZW^ NLY YZb MP N]PL_PO _ZZ ^`NS L^ _SP QZWWZbTYR Pc[]P^^TZY^ Q]P\`PY_Wd YPPOPO Md >LY^V]T_ R]LXXL]TLY^% wLWW ^TX[WP aZbPW^x wLWW ^TX[WP aZbPW^ PcNP[_ L LYO £x LYO wLWW OT[S _SZYR^x% .ZOP%







LT` ©

Ž¹ V

PZ «

,TL` N

8PLYTYR%







f L £ T ¯ ` ¼ h

fŽ  œ ¥ h

f P Z h

f LT L` h

>ZXP PcLX[WP^ QZ] [Z^^TMWP >dXMZW^% L V Æf L £ T ¯ ` ¼ Ž  œ ¥ h ( LWW ^TX[WP aZbPW^ T V Æ f 4 ¯ ` ¼ Ž  œ ¥ h ( LWW ^TX[WP aZbPW^ PcNP[_ L LYO £ P N Æ f P Z LT L` h ( LWW OT[S_SZYR^ 4Q ZYWd L ^TYRWP ^Z`YO T^ XPLY_ _SP ^[PNTLW _P]XTYL_TYR NSL]LN_P] w_x L[[PL]^ >Z _SP YLXP ZQ _SP aZbPW TY _SP ZMUPN_ WLYR`LRP wLx MPNZXP^ wL_x TY ;L©TYTv^ XP_LWLYR`LRP ;£©TYT NZY^T^_PY_Wd RTaP^ _SP YLXP wLNx _Z _SP R]Z`[ ZQ aZbPW^ _SP YLXP wSLWx _Z _SP R]Z`[ ZQ NZY^ZYLY_^ bSTWP _SP ^P_ ZQ LWW _SP WP__P]^ T^

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

#

NLWWPO wLWx ?SP YLXP wLWx PaPY MPNLXP L ^dYZYdX QZ] _SP bSZWP LW [SLMP_ LXZYR^_ ^NSZWL]^ bSZ SLO YZ_STYR _Z OZ bT_S R]LXXL] 2]LX XL]TLY^ YZb `^PO _SP^P ^dXMZW^ bSPY QZ]XTYR _PNSYTNLW _P]X^ 1Z] PcLX[WP T_ T^ ZQ R]PL_ TX[Z]_LYNP QZ] _SP OPNWTYL_TZY ZQ L ^`M^_LY_TaP bSP_SP] _SP ^_PX PYO^ TY L aZbPW L NZY^ZYLY_ Z] L OT[S_SZYR ;£©TYTv^ ^d^_PX []ZaTOP^ LRLTY TY L NZX[WP_PWd OP_P]XTYT^_TN QL^STZY _SP _P]X^ LULY_L ( wPYOTYR TY LNx ! QZ] L ^_PX PYOTYR TY L aZbPW SLWLY_L QZ] L ^_PX PYOTYR TY L NZY^ZYLY_ LYO PULY_L ( wPYOTYR TY PNx QZ] L ^_PX PYOTYR TY L OT[S_SZYR >Z _SP R]LXXL_TNLW ^dXMZW^ L]P XZ]P _SLY XP]P LMM]PaTL_TZY^ =L_SP] _SPd L]P YPb XP_LWTYR`T^_TN PWPXPY_^ bT_S L [`]PWd R]LXXL_TNLW ^TRYTQTNLYNP ?SP `^P ZQ ^`NS NZOTYR ^d^_PX^ T^ YZ_ Md LYd XPLY^ WTXT_PO _Z ;£©TYTv^ R]LXXL] 4_ T^ NSL]LN_P]T^_TN _SL_ PaP]d APOTN L`cTWTL]d OT^NT [WTYP bT_S _SP PcNP[_TZY ZQ P_dXZWZRd LYO [SZYP_TN^ SL^ OPaPWZ[PO ^TXTWL] ^Z`YO NZOP^ 9ZYAPOTN OT^NT[WTYP^ LYO ^NTPYNP^ LW^Z ZQ_PY Pc[]P^^PO _SPT] ML^TN L^^P]_TZY^ TY ^Z`YO NZOP^ 1Z] PcLX[WP _SP NWL^^TNLW XP_P] ^d^_PX LNNZ]OTYR _Z _SP 9£¶dL²£^_]L []ZMLMWd NZX[TWPO MP_bPPY ^PNZYO LYO _S _S NPY_`]d ,/ OZP^ YZ_ RTaP T_^ ML^TN PWPXPY_^ z _SP XP_P]^ ZQ aP]^P z ^[PNTLW YLXP^ L^ _SP 2]PPV^ OTO M`_ TY^_PLO RTaP^ _SPX NZOP ^dWWLMWP^ PR w8Lx w-SLx w9Lx LYO w?Lx ?SP NZOP^ ^_LYO QZ] _SP _S]PP^dWWLMWPO `YT_^ TY_Z bSTNS L aP]^P T^ OTaTOPO _Z XLVP T_ PL^TP] _Z OP_P]XTYP _SP XP_P] 4_ T^ YZ]XLW _Z SLaP _SP^P OPQTYT_TZY^ ZQ XP_P]^ TY L aP]^P b]T__PY TY _SP [L]_TN`WL] XP_P] >Z bP RPYP]LWWd SLaP L [L]LWWPW OPQTYT_TZY% ZY _SP ZYP SLYO _SP OPQTYTYR aP]^P PcPX[WTQTP^ _SP XP_P] bSTWP ZY _SP Z_SP] _SP XP_P] LW^Z ]P^TOP^ TY _SP NZOP ^dWWLMWP^ YLXPO TY _SP aP]^P% XZ MSYL` NL ^d`² NL]L©L]LNT_£^ _L` _L` R`]¼ NL []LaT´¶£ XZ MSYL` _L` NNSPOLà ²WT´¶Z dLOT NL OL²LMSTà ^d£_ _L_S£YdLT² NL_`]MSTà g  " w4Q _SP aP]^P XP_P]^ NL]L©L NZY^T^_ ZQ F^`NNP^^TaPWdH 8L F™ ™ ™H -SL F™ Œ ŒH 9L FŒ Œ ŒH _bZ _TXP^ ?L F™ ™ ŒH L^ bPWW L^ _bZ WZYR ^dWWLMWP^ R`]` F™H LYO L [L`^P NSPOL T^ TY^P]_PO LQ_P] _SP _S ^dWWLMWP LYO LQ_P] _SP _S ^dWWLMWP F_SPY _ST^ T^ _SP XP_P] u±]¯OSL]£vHx

, X`NS ^SZ]_P] QZ]X ZQ_PY L[[PL]^ TY []Z^P _Pc_^ 1Z] PcLX[WP _ST^ XP_P] bZ`WO MP LMM]PaTL_PO _Z XLMSLYL_L_LRLRL  ?ST^ MPNZXP^ L WT__WP XZ]P NZX[WPc TY L^_]ZYZXd MPNL`^P T_ `^P^ Pc_]PXPWd WL]RP Y`XMP]^ LYO ^Z T_ T^ TY^`QQTNTPY_ _Z SLaP U`^_ L QPb ^XLWW NZOP ^dWWLMWP^ 4Q ZYP bP]P _Z NZOP _SP Y`XMP]^ TY _SP ^LXP QZ]X L^ _SP XP_P]^ ZYP bZ`WO TXXPOTL_PWd SLaP _bZ []ZMWPX^% QT]^_ _SP NZOP^ []ZO`NPO bZ`WO MP ^Z WZYR _SL_ T_ bZ`WO MP aT]_`LWWd TX[Z^^TMWP _Z ]PXPXMP] _SPX LYO ^PNZYOWd ^`NS WZYR NZOP^ bZ`WO MP _ZZ WZYR QZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! /`P _Z P`[SZYTN ]`WP^ wNx _`]Y^ TY_Z wUx bSPY QZWWZbPO Md L aZbPW " 9£¶dL²£^_]L  L

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

#!

LYd XP_P] ,W^Z T_ T^ [Z[`WL] QZ] ^NTPY_TQTN bZ]V^ TY >LY^V]T_ _Z MP b]T_ _PY TY L XP_]TN QZ]X :YP ]PL^ZY QZ] _ST^ ^PPX^ _Z MP [`]PWd LP^_SP_TN bSTWP LYZ_SP] T^ _SL_ _ST^ XLVP^ _SP _Pc_^ PL^TP] _Z WPL]Y Md SPL]_ , [Z^^TMWP ^ZW`_TZY _Z _SP []ZMWPX T^ []ZaTOPO Md _SP ¢]dLMSL¶L NZOTYR ?SP L`_SZ] ¢]dLMSL¶L L ]PYZbYPO XL_SPXL_TNTLY LYO L^_]ZWZRP] $$ ,/ # `^P^ _SP ¢]dL XP_P] L QWPcTMWP ^TYRTYR XP_P] LYO _SP aP]d ^TXTWL] 2¯_T XP_P] QZ] _SP [L]_TLWWd NZOPO aP]^P^ ?SP NZOTYR QZWWZb^ L ^TX[WP []TYNT[WP% TY PaP]d ^dWWLMWP ZQ NZOP _SP TYT_TLW NZY^ZYLY_ TYOT NL_P^ L OTRT_ LYO _SP QZWWZbTYR aZbPW TYOTNL_P^ _SP [Z^T_TZY ZQ _ST^ OTRT_ TY _SP Y`XMP] _Z MP OPNZOPO $ ?SP YL_`]LW ^P\`PYNP ZQ _SP ^Z`YO^ TY _SP LW[SLMP_ T^ `^PO QZ] NZ`Y_TYR%    

( ( ( ( (

VL VSL RL RSL «L





! " # $ P_N

( ( ( (

NL NSL UL USL



ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SP OL_P ZQ ST^ XLUZ] bZ]V ¢]dLMSL¶¯dL , XLY`LW ZQ L^_]ZYZXd bT_S _SP .ZXXPY _L]d -SL¶LO¯[TV£ ZQ ;L]LX£OT²aL]L PO 3 6P]Y :^YLM]ÞNV% -TMWTZ AP]WLR $" =P[] ZQ _SP POT_TZY ZQ #" bSTNS SP b]Z_P L_ _SP LRP ZQ  :Y OL_P LYO NZOP ^d^ _PX `^PO Md ¢]dLMSL¶L TY ST^ XL_SPXL_TN^ L^ bPWW ^PP LW^Z 6`]_ 0WQP]TYR /TP 8L _SPXL_TV OP^ ¢]dLMSL¶L 4  ?Pc_ ¾MP]^P_e`YR L`^ OPX >LY^V]T_ `YO 6ZXXPY_L] 8ÞYNSPY% 1TYV $"  " $z .Z`Y_TYR ^d^_PX^ `^TYR WP__P]^ SLaP L X`NS XZ]P LYNTPY_ [L^_ ?SPd bSP]P `^PO TY _SP QT]^_ 4YOTLY ^N]T[_ 6SL]Z´¶S¯ L]Z`YO  ,/ LYO TY _SP WL_P] -]£SX¯  ,/ z BP^_P]Y ^NSZWL]^ L__]TM`_P _ST^ QLN_ _Z >PXT_TN TY QW`PYNP^ 1LWV >NS]TQ_ TY 4YOTPY  !#z"! $ >Z TY XL_SPXL_TNLW _P]X^ _SP NZY^ZYLY_^ OP^TRYL_P aLW`P^ LYO _SP aZbPW^ OP^TRYL_P TYOTNP^ 4Y LY Pc_]PXPWd _P]^P >¼_]LWTVP ^_dWP ¢]dLMSL¶L OPQTYP^ ST^ ^d^_PX WTVP _ST^% aL]R£V´L]£©T aL]RP uaL]RPv aL]R£V´L]£©T V£_ ©XL` dLà g VSLOaTYLaLVP ^aL]£ YLaL aL]RP uaL]RP YLa£Y_dLaL]RP a£ gg NT_PO Md 0WQP]TYR 8L_SPXL_TV  $ bSZ _]LY^WL_P^% w/TP uAL]RL6ZY^ZYLY_PYv LY OPY uAL]RL>_PWWPYv LY OPY u,aL]RL^_PWWPYv OTP u,aL]RL6ZY^ZYLY_PYv& XT_ uVLv MPRTY YPYO& ©XL` ( dLà& OTP YP`Y AZVLWP TY OPX L`^ c$ 9`WWPY MP^_PSPYOPY >NSPXL ^Z bZSW TY AL]RL `YO ,aL]RL^_PWWP& ZOP] TY OP] AL]RLR]`[[P OTP L`Q OTP YP`Y AZVL WP QZWR_x TMTO 0WQP]TYR Pc[WLTY^ _ST^ NZOTYR ^d^_PX TMTO $z TY L ^WTRS_Wd OTQQP]PY_ bLd _SLY Z`]^ RTaPY MPWZb MPNL`^P SP OZP^ YZ_ LNNZ`Y_ QZ] _SP ^dWWLMTN ^N]T[_ TYSP]PY_ wLx ^Z`YO ZNN`]TYR bT_S PaP]d NZY^ZYLY_ LYO []P_PYO^ _SL_ _SP OTQ QP]PYNP MP_bPPY ^SZ]_ LYO WZYR aZbPW^ OZP^ YZ_ XL__P] $z& NZY_]LOTN_TYR ^_L_P XPY_ TMTO  3P XPY_TZY^ OTQQP]PY_ TY_P][]P_L_TZY^ QZ] _SP TYOTNP^ OPNTXLW^ TMTO 

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

#"

,YLWZRZ`^ _Z _ST^ _SP ^P\`PYNP ZQ aZbPW^ ]P[]P^PY_^ PaP]STRSP] [Zb P]^ ZQ _PY% L £ T ¯

( ( ( (

       

` ¼ š 

( ( ( (

    !  "

¹ ¥ P_N

( (

 #  $





1Z] PcLX[WP «£NSL NZ]]P^[ZYO^ _Z _SP Y`XMP] " «L ( c £ (   NSL ( " bSTWP R£VSL NZ]]P^[ZYO^ _Z _SP Y`XMP]  RL (  c £ (   VSL (  >TYNP _SP aZbPW^ ZQ _SP NZOP ^dWWLMWP^ LW]PLOd NWPL]Wd TYOTNL_P _SP [Z^T_TZY ZQ _SP OTRT_^ bT_STY _SP OPNZOPO Y`XMP] _SP TYOTaTO`LW ^dWWLMWP^ OZ YZ_ SLaP _Z L[[PL] TY _SP NZOP bZ]O T_^PWQ TY L NP]_LTY Z] OP] 3ZbPaP] TQ _SP aP]^TQTNL_TZY ^_TWW _`]Y^ Z`_ _Z MP TX[Z^^TMWP _SP TYaPY_Z] SL^ LYZ_SP] P^NL[P ]Z`_P ?SP ^PXTaZbPW^ dL ]L WL LYO aL LYO _SP ^`M^P\`PY_ ^TMTWLY_^ OP^TRYL_P _SP QZWWZbTYR wL`cTWTL]d Y`X MP]^x% dL ]L WL aL

( ( ( (

   !





²L ´L ^L

( ( (

" # $



?ST^ XPLY^ _SL_ _bZ OTRT_^ bSTNS ^SZ`WO MP YPc_ _Z PLNS Z_SP] TY _SP Y`XMP] _Z MP OPNZOPO NLY LW_P]YL_TaPWd MP YZ_PO L^ L OZ`MWP NZY^Z YLY_ PR NSWL ( " TY^_PLO ZQ «£NSL ( " Z] VSdL (  TY^_PLO ZQ R£VSL (  9Zb ¢]dLMSL¶L NLY LWbLd^ NSZZ^P MP_bPPY L ZYP ^dWWLMWPO LYO L _bZ^dWWLMWPO ]P[]P^PY_L_TZY ZQ _bZ OTRT_^ bSTNS PY LMWP^ STX _Z XLTY_LTY _SP ^PWPN_PO ¢]d£ Z] 2¯_T XP_P] TY LY `YTY_P] ]`[_PO LYO ]PR`WL] QL^STZY 1Z] PcLX[WP SP T^ LMWP _Z ^\`PPeP _SP ^[PPO^ ZQ LWW _SP ^PaPY [WLYP_^ TY _SPT] Z]MT_^ TY_Z L ^TYRWP aP]^P% d`RL]LaTMSLRL©£à VSd`RSš VSd`RSš ²L²T NLdLRTdT«`²`NSWš NLdLRTdT«`²`NSWš VSd`RSš NLdLRTdT«`²`NSWš V` «T²T´`©œšVS´š «T²T´`©œšVS´š []£V g «T²T´`©œšVS´š ²LYT “S`«aTRSaL “S`«aTRSaL R`]` VS]TNd`MSL VS]TNd`MSL V`UL MSLOWTUSY`VSš MSLOWTUSY`VSš “S`«aTRSaL VS]TNd`MSL MSLOWTUSY`VSš MSšR`M`OSL^L`]£à gg  w4Y ZYP NZ^XTN NdNWP d`RL _SP [WLYP_^ FNZX[WP_P _SP QZWWZbTYRH Z]MT_^ ^_L]_TYR Q]ZX _SP PL^_% _SP ^`Y  _TXP^ _SP XZZY "" ! _TXP^ mx

4Q bP ]PLO _SP ^dWWLMWP^ ZQ _ST^ aP]^P LNNZ]OTYR _Z _SP []Z^ZOTN ]`WP^ ZQ >LY^V]T_ bP RP_ L NZY^T^_PY_ ]Sd_SX _SL_ T^ PL^d _Z ]PXPXMP]%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ¢]dLMSL¶¯dL  PO 6P]Y 

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

##

?SP QT]^_ _bZ NZOP bZ]O^ QZ] _SP ^`Y LYO _SP XZZY L]P OPNZOPO L^ QZWWZb^% VSd`RSŽ ( 

c ! 

 



 

c 

2S

š

VS



d

`

(  NLdLRTdT«`²`NSWš ( !

 

C  c 

c " c "   c!

NL

dL

4

`

R

D

T

«

²

`

NS

W

š

( "" ! ,W_SZ`RS XZ^_ ZQ _SP NZOP ^dWWLMWP^ L]T^TYR TY _ST^ bLd ^Z`YO ]L_SP] ^_]LYRP LYO NLY ZYWd MP []ZYZ`YNPO bT_S R]PL_ OTQQTN`W_d _SPT] M]PaT_d LYO [SZYP_TN NSL]LN_P] ^_TWW XLVP _SPX PL^TP] _Z ]PXPXMP] _SLY _SP XZY^_]Z`^ Y`XMP]^ _SL_ ]P^`W_ Q]ZX _SP OPNZOTYR .ZX[L]PO _Z _SP OTeedTYRWd WZYR ^_]TYR^ ZQ bZ]O^ bSPY ZYP ]PLO^ _SP Y`XMP] wQTQ_d ^PaPY XTWWTZY ^PaPY S`YO]PO LYO QTQ_d_S]PP _SZ`^LYO _S]PP S`YO]PO LYO _ST]_d^Tcx wNLdLRTdT«`²`NSWšx XLd bPWW MP L XTYZ] _ZYR`P_bT^_P] M`_ T_ OZP^ WPYO _SP ]PLOTYR LY L`OTMWP TYOTaTO`LWT_d z L ^Z`YO NSL]LN_P] `YT\`P _Z _ST^ Y`XMP] 4YOTLY ^NSZWL]^ LWbLd^ QTYO T_ []PQP]LMWP _Z SLaP PaPY L NZX[WTNL_PO ^ZYTN ]P[]P^PY_L_TZY ZQ LY LM^_]LN_ NZY_PY_ _SLY YZYP L_ LWW

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^



#$

w2]Zb_Sx LYO :_SP] ;L]_TNT[L_Z]d w>`]aTaLW^x

3ZbPaP] _SZ]Z`RSWd ]L_TZYLWTePO _SP^P NZOTYR _PNSYT\`P^ L]P _SPd ^_TWW LW^Z SLaP [L]_TNT[L_Z]d L^[PN_^ ?ST^ MPNZXP^ ZMaTZ`^ TY ;£©TYTv^ QT]^_ >¼_]L  ,´¶£OSd£dT  bSTNS [Z^^P^^P^ LY TY_P]P^_TYR OZ`MWP NSL]LN _P]% aŽOOST]£OLTN gg

4Y L bZ]OQZ]bZ]O ]PLOTYR [LOL[£¶SL _ST^ MPNZXP^% ašOOSTà £_LTN LYO bSPY _]LY^WL_PO XPLY^% wu2]Zb_Sv aŽOOST T^ £_ FLYOH LTN x >TYNP _SP _bZ ^dXMZW^ £_ LYO LTN z QZ]XPO Q]ZX _SP PWPXPY_ w£x bT_S _SP _P]XTYL_TYR NSL]LN_P] w_x LYO _SP PWPXPY_ wLTx bT_S _SP _P]XTYL_TYR NSL]LN_P] wNx z TY _SPT] _`]Y ^_LYO QZ] ^Z`YO R]Z`[^ _SP Pc[]P^^TZY LN _`LWWd XPLY^% wu2]Zb_Sv  aŽOOST  T^ £ LT LYO L` x >Z _SP _S]PP ^Z`YO^ w£x wLTx LYO wL`x SLaP MPPY LWWZNL_PO _Z _SP ^dX MZW uR]Zb_Sv aŽOOST  LYO bSPYPaP] ;£©TYT ^[PLV^ ZQ uR]Zb_Sv WL_P] ZY SP XPLY^ ZYP ZQ _SP^P aZbPW^ 4Y ST^ ZaP]LWW ^d^_PX _SP ^dXMZW uR]Zb_Sv ]P[]P^PY_^ _SP ]`WP^ ZQ []Z_]LN_TZY ZQ L aZbPW ^`NS L^ _SP wLTx TY aLTd£VL]L©L wR]LXXL]TLYx OP]TaPO Q]ZX ad£VL]L©L wR]LXXL]x .SL]LN_P]T^_TNLWWd TY _SP QZ]X`WL_TZY ZQ _ST^ QT]^_ L[SZ]T^X ;£©TYT LWWZb^ STX^PWQ L ^XLWW M]PLNS TY _SP ^dY_Lc ZQ ST^ XP_LWLYR`LRP Md MPRTYYTYR bT_S _SP bZ]O waŽOOSTx LNNZ]OTYR _Z ST^ YZ]XLW ^dY_LN_TN NZYaPY_TZY _SP L[SZ]T^X ^SZ`WO PYO LYO YZ_ MPRTY bT_S waŽOOSTx 3P TY_PY_TZYLWWd STOP^ bT_STY _ST^ LY LOOT_TZYLW [TPNP ZQ PaP]dOLd YZY _PNSYTNLW TYQZ]XL_TZY ,NNZ]OTYR _Z LY LYNTPY_ LYO aP]d NZXXZY PcP RP_TN LYO WT_P]L]d NZYaPY_TZY _SP QT]^_ bZ]O Z] aP]^P ZQ L _Pc_ LWbLd^ SL^ ^[PNTLW XPLYTYR LYO [ZbP]  LYO L_ _SP MPRTYYTYR ZQ _SP _Pc_ _SP]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,W]PLOd ;L_L†ULWT ^_L_PO TY ST^ NSL[_P] ZY _SP R]LXXL]TLY 6£_d£dLYL TY _SP 8LS£ -S£´dL % w4Y_PY_ ZY ^`NNP^^ _SP XL^_P] MPRTY^ bT_S _SP FL`^[TNTZ`^H bZ]O ^TOOSL  TY Z]OP] _Z ^PN`]P _SP ^`NNP^^ ZQ _ST^ R]PL_ XL^^ ZQ TY^_]`N_TZY NZY^TOP]TYR _SL_ bZ]V^ _SL_ MPRTY bT_S FbZ]O^ _SL_ []ZXZ_PH ^`NNP^^ XL«RLWL MPNZXP bPWW VYZbY m x 6`X£]TWL bSZ []P^PY_^ STX^PWQ L^ L ^_L`YNS L_SPT^_ TY _SP XLTY MZOd ZQ ST^ ±WZ VLa£]__TVL YPaP]_SPWP^^ ^_L]_^ ST^ MZZV bT_S L XL«RLWL aP]^P LO]P^^PO _Z _SP 7Z]O 2ZO TY L STOOPY QZ]X /`P _Z _ST^ NZYaPY_TZY _SP QT]^_ bZ]O ZQ _SP -]LSXL^¼_]L^ APO£Y_L^¼_]L wL_SLx wYZbx SL^ PWTNT_PO ^ZXP ZQ _SP WZYRP^_ LYO XZ^_ TX[Z]_LY_ NZXXPY_L]TP^ ^PP ±L«VL]LMS£´dL MPNL`^P ZQ T_^ ^`[[Z^PO TX[Z]_LYNP 4Y WL_P] >LY ^V]T_ bZ]V^ TYNW`OTYR YZY]PWTRTZ`^ _Pc_^ T_ T^ aP]d NZXXZY _Z ^_L]_ bT_S LY TYaZNL _TZY ZQ 2L©P²L 2L©L[L_T _SP OTaTYP =PXZaP] ZQ :M^_LNWP^ Z] Z_SP] OPT_TP^ MPQZ]P OPLWTYR bT_S _SP ^`MUPN_ XL__P] ¢]dLMSL¶L QZ] TY^_LYNP ^_L]_^ ST^ XL_SPXL_TNLW _]PL _T^P bT_S LY TYaZNL_TZY ZQ _SP 3TRSP^_ =PLWT_d [L]LX M]LSXL LYO ST^ _]PL_T^P ZY L^

$

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

^SZ`WO MP L bZ]O bT_S [Z^T_TaP NZYYZ_L_TZY^ bSTNS []ZXZ_P^ ^`NNP^^ Md OT^[PWWTYR _SP STYOP]TYR [ZbP]^ _SL_ XLd [Z^^TMWd TX[POP _SP NZX[WP _TZY ZQ _SP PYOPLaZ`] 4Y T_^ NZWWZ\`TLW XPLYTYR ZQ wR]Zb_Sx aŽOOST MPNZXP^ L XL«RLWL bZ]O Z] wL`^[TNTZ`^ QZ]_`YPM]TYRTYRx bZ]O L_ _SP MPRTYYTYR ZQ L _Pc_ ?ST^ TOPL ZQ M]TYRTYR MWP^^TYR T^ ZMaTZ`^Wd TY_PYOPO Md ;£©TYT L^ T^ XLOP NWPL] Md _SP bZ]O Z]OP] TY _SP QT]^_ L[SZ]T^X LYO Md _SP bSZWP L]]LYRPXPY_ ZQ ST^ R]LXXL] ?ST^ ^SZb^ _SL_ _SP [L]_TNT [L_Z]d bZ]WOZ]TPY_L_TZY T^ YZ_ NZX[WP_PWd LM^PY_ Q]ZX _SP Z]TRTYLW NZYNP[_ ZQ ST^ ^_]TN_Wd ^NTPY_TQTN ^d^_PX PT_SP] ?ST^ bLd ZQ `^TYR NZOP ^dWWLMWP^ L_ L ^dXMZWTN LYO ^PXLY_TN WPaPW SL^ LW^Z TY^[T]PO _SP QZ]XL_TZY ZQ Z_SP] ^d^_PX^ 1Z] PcLX[WP PaPY _ZOLd TY >Z`_SP]Y 4YOTL [PZ[WP WTVP _Z `^P _Z _SP w6L¶L[Ld£OTx NZ`Y_TYR ^d^_PX bSTNS T^ ]PXTYT^NPY_ ZQ ¢]dLMSL¶Lv^ ^d^_PX M`_ RZP^ Q`]_SP] _SLY _SP [SZYP_TN ]P[]P^PY_L_TZY _Z LWWZb LW^Z ^PXLY_TNTeL_TZY ZQ Y`X MP]^ 4_ T^ `^PO TY L^_]ZYZXd X`^TNZWZRd LYO _SP XL_SPXL_TNLW OT^NT [WTYP^ LYO [PZ[WP LW^Z WTVP _Z `^P T_ _Z TY_PR]L_P OL_P^ TY_Z WT_P]L]d _Pc_^  ?SP NZOTYR []TYNT[WP L[[WTPO SP]P T^ X`NS ^TX[WP] _SLY ¢]dLM SL¶Lv^ LW_SZ`RS SP]P LRLTY _SP YL_`]LW ^P\`PYNP ZQ _SP ^Z`YO^ TY _SP LW[SLMP_ T^ `^PO QZ] NZ`Y_TYR%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _]ZWZRd bT_S LY TYaZNL_TZY ZQ 2L©L[L_T -d OZTYR ^Z _SP L`_SZ]^ ^PPV _Z MPRTY _SPT] bZ]V^ L`^[TNTZ`^Wd  ?SP ^d^_PX T^ NLWWPO 6L¶L[Ld£OT MPNL`^P _SP ^dWWLMWP^ VL ¶L [L LYO dL OPYZ_P _SP Y`XMP]  L^ ^SZbY TY _SP _LMWP >PP LW^Z 5 1 1WPP_ w?SP 6L_L[LdLOT ^d^_PX ZQ Pc []P^^TYR Y`XMP]^x 5Z`]YLW ZQ _SP =ZdLW ,^TL_TN >ZNTP_d $% "##z"$& 6`YU`YYT 6 =LUL w,^_]ZYZXd LYO XL_SPXL_TN^ TY 6P]LWL ,Y LNNZ`Y_ ZQ T_^ WT_P]L_`]Px ,OdL] 7TM]L]d -`WWP_TY " $! #z!"& 6 8PYYTYRP] 9`XMP] bZ]O^ LYO Y`XMP] ^dX MZW^ ?]LY^W ; -]ZXP] .LXM]TORP 8,% 84? ;]P^^ $!$ ?SP ^d^_PX T^ LW^Z `^PO TY ±LTaL ¢RLXL LYO ?LY_]TN bZ]V^ LYO [L]_TN`WL]Wd TY NWL^^TNLW >Z`_S 4YOTLY X`^TN #_S NPY_`]d -. M`_ T_ LW^Z L__]LN_PO XZOP]Y 4YOTLY NZX[`_P] ^[PNTLWT^_^% ,YLYO A =LXLY w?SP 6L_L[LdLOT 1Z]X`WL LYO _SP 8ZOP]Y 3L^STYR ?PNSYT\`Px 4000 ,YYLW^ ZQ _SP 3T^_Z]d ZQ .ZX[`_TYR $  $$" $ QQ

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^











!

"

$

#

$



USL

ÓL

VL VSL 2L RSL «L

NL NSL

UL

¶L

_L

_SL

OL OSL YL











´L

^L

SL





¶SL

“L “SL ©L

[L [SL -L MSL XL

dL

]L

7L

aL

²L

>Z PaP]d Y`XMP] SL^ L XLcTX`X ZQ QZ`] ]P[]P^PY_L_TaP^ LYO L XTYT X`X ZQ _bZ 4Y LOOT_TZY ZYWd _SP WL^_ NZY^ZYLY_ ZQ LY TYT_TLW ^Z`YO TY L ^dWWLMWP SL^ L Y`XP]TNLW aLW`P LYO _SP Z_SP] ^Z`YO^ SLaP YZ NZ`Y_TYR Q`YN_TZY M`_ TY^_PLO NLY MP NSZ^PY L_ bTWW ?ST^ XPLY^ _SL_ _SP bSZWP 6L¶L[Ld£OT ^d^_PX T^ XZ]P QWPcTMWP LYO X`NS WP^^ OP_P]XTYT^_TN _SLY ¢]dLMSL¶Lv^ ^d^_PX ?ST^ QWPcTMTWT_d PY^`]P^ _SL_ T_ T^ LWbLd^ [Z^^TMWP _Z QZ]X NZOP bZ]O^ _SL_ LW^Z SLaP L ^PXLY_TN XPLYTYR ?SP PL]WTP^_ VYZbY L[[WTNL_TZY ZQ _ST^ ^d^_PX ZNN`]^ TY LY L^_]Z YZXTNLW _LMWP N]PL_PO Md AL]L]`NT _S NPY_ ,/ ?SP^P w8ZZY >PY _PYNP^x NLYO]La£Vd£YT ]PNZ]O Y`XP]TNLW aLW`P^ TY _ST^ NL^P _SP [Z^T _TZY^ ZQ _SP ]PLW XZZY TY _SP W`YL] dPL] ZQ # OLd^ `^TYR ^PXLY_TNLWWd LNNP[_LMWP ^PY_PYNP^%   ^_ OLd% w7LYR`LRP T^ Z`] R]PL_P^_ [Z^^P^^TZYx R¯] YLà ²]PdLà ] ’ v  YO OLd% w.Zb^ FXPLYH PL]_SWd SL[[TYP^^x OSPYLaLà ²]¯à ] ’ $v  ]O OLd% w=`O]L ZY _SP Z_SP] SLYO T^ bZ]_Sd _Z MP bZ]^ST[[POx ]`O]L^ _` YLXdLà ] !’ v  _S OLd% w1Z] ZYP ^SZ`WO XLVP ^LN]TQTNP^ _Z ±TaLx MSLaZ ST d£UdLà ] #’ v

So the collection of “Moon Sentences” also begins characteristically with a blessing ,YO _SP WTYR`T^_TN MZbTYR _Z _SP OPT_d =`O]L±TaL NZY _]TM`_P^ _Z _SP L`^[TNTZ`^ NSL]LN_P] ZQ _SP _Pc_ ,YZ_SP] _d[TNLW QPL_`]P

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4YOTLY ,^_]ZYZXd% , >Z`]NP -ZZV  .ZX[TWPO Md - A >`MML]LdL[[L LYO 6 A >L]XL -ZXMLd% 9PS]` .PY_P] $# 

$

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

T^ _SL_ _SP w8ZZY >PY_PYNP^x OZ YZ_ ZYWd MPRTY bT_S []ZXT^P^ ZQ SL[[T YP^^ M`_ _SPd LW^Z QTYT^S _SL_ bLd% # _S OLd% w8Ld ZYP MP SL[[dx MSLaP_ ^`VSLX ] "’ v ?SP MPRTYYTYR LYO _SP PYO ZQ _SP ^NTPY_TQTN _Pc_ ^`]]Z`YO T_ bT_S LY L_XZ^[SP]P _SL_ [Z]_PYO^ bPWW LYO _SPd RTaP _SP ]PNT_P] L wRZZO QPPWTYRx ZQ NZY^T^_PYNd ?SPd MTYO _SP PYNZOPO _LMWP ZQ Y`XMP]^ TY_Z _SP RPYP]LW NZY_Pc_ ZQ ^LN]PO `__P]LYNP^ ?SP []LdP] QZ]X`WL L_ _SP MPRTYYTYR NZY QZ]X^ _Z L bTOP^[]PLO NZYaPY_TZY M`_ _SP L`_SZ] T^ L[[L]PY_Wd YZ_ ^ZWPWd TY_P]P^_PO TY QZ]XLW NZ]]PN_YP^^ ?SP WL]RP Y`XMP] ZQ L`^[TNTZ`^ bZ]O^ ZNN`]]TYR NWZ^P _ZRP_SP] bT_STY _ST^ OZ`MWd NZOPO _Pc_ T^ LY Pc _]PXP Pc[]P^^TZY ZQ _SP LNNZX[LYdTYR [L]_TNT[L_Z]d L^[PN_ ZQ _SP N]PL _TZY LYO ]PNP[_TZY ZQ _Pc_^ bSTNS T^ LN_`LWWd LWbLd^ []P^PY_ L_ WPL^_ `YOP] _SP ^`]QLNP 1Z]XLWWd _SP QT]^_ w8ZZY >PY_PYNP^x ^PPX _Z ]P ^PXMWP L []LdP] LW_SZ`RS _SPd L]P YZ_ L []LdP] ,^ AL]L]`NTv^ L^_]Z YZXTNLW _LMWP T^ TY_PYOPO _Z MP WPL]YPO Md SPL]_ LYO T^ _SP]PQZ]P L _Pc_ QZ] ]PNT_TYR T_ X`^_ SLaP LY L`OTMWP L^[PN_ _ZZ bSTNS SL^ _Z MP NZY ^NTZ`^Wd QZ]XPO LYO XLTY_LTYPO 4Y NZY_]L^_ _Z ¢]dLMSL¶Lv^ M]`_LW _ZYR`P_bT^_P]^ TY _SP 6L¶L[Ld£OT ^d^_PX _SP ^PY^Z]d OTXPY^TZY ZQ _SP _Pc_ T^ PX[SL^TePO Md NSZZ^TYR MPL`_TQ`W bZ]O^ bT_S [WPL^LY_ L^^ZNTL _TZY^ ?ST^ T^ []ZMLMWd L XLUZ] ]PL^ZY bSd _SP 6L¶L[Ld£OT ^d^_PX MP NLXP ^Z [Z[`WL] bSTWP ¢]dLMSL¶Lv^ ^d^_PX OTPO Z`_ 4_ bL^ ^TX[WP] LYO LP^_SP_TNLWWd XZ]P ^L_T^QdTYR Md LWWZbTYR R]PL_P] R]PL_P] [WLd bT_S ^Z`YO^ LYO XPLYTYR^



;SZYP_TNTLY^

;SZYP_TN^  ²TV´£  WT_ wWP^^ZY^x T^ []ZMLMWd _SP ZWOP^_ L`cTWTL]d APOTN LNLOPXTN OT^NT[WTYP LYO TY _SP _]LOT_TZYLW ^NSPXP LW^Z _SP QT]^_  ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  0cNP[_ QZ] ^ZXP []PN`]^Z]^ ZQ APOTN WTYR`T^_TN^ _SP ZWOP^_ _Pc_`LW ]P[]P^PY_L_TaP^ ZQ ±TV´£ L]P _SP ;]£_T²£VSdL^ w_Pc_MZZV^ QZ] PLNS M]LYNSx ²£VSL ZQ _SP APOL bSTNS L]P NZYNP]YPO bT_S _SP TY_]TNLNTP^ ZQ APOTN ]PNT_L_TZY PR aP]d []PNT^P []ZYZYNTL _TZY LYO _SP OP_P]XTYL_TZY bT_S bZ]O ^_PX^ 7L_P] ±TV´£ bZ]V^ L]P XZ]P ^[PNTLWT^PO LYO PaPY_`LWWd XZ]P ^d^_PXL_TN BSTWP _SP ;]£_T²£VSdL^ PXP]RPO []ZMLMWd L_ _SP WL_ P^_ TY ! -. _SP]P PaZWaPO L_ L WL_P] _TXP L R]PL_ Y`XMP] ZQ ^XLWWP] [SZYP_TN _]PL _T^P^ MPL]TYR _SP YLXP w±TV´£x PR _SP Ad£^L±TV´£ bSTNS QZWWZb^ aP]d NWZ^PWd _SP ?LT__T]¯dL ;]£_T²£VSdL LYO _SP 9£]LO¯dL±TV´£ ZQ _SP >£XLAPOL  :YP ^SZ`WO YZ_ L^ ^`XP SZbPaP] SZXZRPYT_d LXZYR _SP [SZYP_TN bZ]V^ ?SPd OTQQP] WL]RPWd TY ^TeP LYO NZY_PY_ .Q =LWQ >_L`_ePMLNSv^ TY_]ZO`N_TZY _Z ST^ POT_TZY LYO _]LY^WL_TZY ZQ _SP ;£]T±TV´£ LYO _SP >L]aL^LÀXL_L±TV´£ >_`__RL]_% >_PTYP] $$ " ?SP QPL_`]P^ OT^N`^^PO MPWZb bTWW _SP]PQZ]P YZ_ MP QZ`YO TY P\`LW OP_LTW TY _SP [SZYP_TN bZ]V^ ?SP OTQQP]PY_ w]PLOTYR^x LTXPO L_ XPXZ]TeTYR RZ TY QLN_ MPdZYO _SP [SZYP_TNv^ []TXL]d LTX ZQ LM^_]LN_TYR _SP XZ^_ []PNT^P []ZYZ`YNTL_TZY ZQ _SP ^Z`YO XL_P]TLW 4Y NZY_]L^_ _SP LP^_SP_TN NZY^TOP]L_TZY^ OT^N`^^PO L]P OT]PN_Wd _TPO _Z _ST^ ZMUPN_TaP

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

$

[SZYP_TNTLY^ OTQQP] Q]ZX _SP R]LXXL]TLY^ LYO P_dXZWZRT^_^ TY ZYP L^ [PN_ _SL_ T^ TX[Z]_LY_ QZ] `^% _SPT] XZ_TaL_TZY T^ YZ_ ZYWd _Z []P^P]aP _SP APOL L^ L MZOd ZQ WTYR`T^_TN ^dXMZW^ M`_ LW^Z L^ L MZOd ZQ ^Z`YO Z] L ^Z`YO PaPY_ ;SZYP_TN^ T^ _SP]PQZ]P YZ_ NZYNP]YPO bT_S _SP OPNZY^_]`N _TZY ZQ WLYR`LRP TY _SP XLYYP] ZQ R]LXXL]TLY^ M`_ bT_S T_^ ]PNZY^_]`N _TZY ?SP [SZYP_TNTLY^v []TXL]d LTX T^ LM^_]LN_TYR _SP []ZYZ`YNTL_TZY ZQ _SP WTYR`T^_TN ^Z`YO XL_P]TLW TY _SP XZ^_ []PNT^P LYO [P]QPN_ bLd LYO ^ZXP [SZYP_TN bZ]V^ ^`NS L^ _SP ;£]T±TV´£  bTWW []TYNT[LWWd NZY^T^_ ZQ OP^N]TMTYR TY XTY`_P OP_LTW _SP TYOTaTO`LW ^Z`YO^ ZQ _SP [SZYP_TNLWWd Z]OP]PO LW[SLMP_ aL]©LV]LXL  ?ST^ TYNW`OP^ _SP _ZYLW TX[LN_^ ZQ _SPT] X`_`LW NZXMTYL_TZY _SP APOTN LNNPY_^ LYO _SP O`]L_TZY^ ?ST^ XP_S ZOTN NZYNPY_]L_TZY ZY ^Z`YO _Z _SP `_XZ^_ []PNT^TZY T^ \`T_P L OTQQP]PY_ []ZNPO`]P _SLY _SP OT^^PN_TYR ZNN`[L_TZY ZQ R]LXXL] 3ZbPaP] _ST^ OZP^ YZ_ XPLY _SL_ [SZYP_TNTLY^ L]P YZ_ NZYNP]YPO bT_S R]LXXL] L_ LWW , RZZO [SZYP_TNTLY bTWW WTVPWd LW^Z MP L RZZO R]LXXL]TLY LYO LW_SZ`RS ²¯V´£ OZP^ YZ_ ZNN`[d L []ZXTYPY_ [WLNP TY R]LXXL] _SP ^_`Od ZQ R]LX XL] TY QLN_ ^_L]_^ bT_S [SZYP_TN^ TP bT_S QTcTYR _SP ^Z`YO^ ZQ _SP LW [SLMP_ _SP Z]OP] ZQ aZbPW^ LYO NZY^ZYLY_^ LYO R]Z`[^ ZQ WP__P]^ LN NZ]OTYR _Z _SP [WLNP^ ZQ L]_TN`WL_TZY LYO _d[P^ ZQ `__P]LYNP^ WTVP Z[PY aZbPW NWZ^PO aZbPW WT\`TO ^TMTWLY_ P_N bSTNS LW^Z Z]OP]^ _SP XTYO >`NS ^d^_PXL_TN L[[]ZLNS _Z _SP ^Z`YO XL_P]TLW ZQ WLYR`LRP T^ _SP QZ`YOL_TZY ZQ [SZYP_TN^ LYO _]LOT_TZYLW APOL WPL]YTYR 7PL]YTYR _SP APOL Md SPL]_ Z] _SP APOL M]LYNS ZQ ZYPv^ QLXTWd T^ L aP]d PcLN_TYR []ZNPO`]P LYO LY wLN_TaT_d RZaP]YPO Md ]`WP^x L^ 1]T_^ >_LLW [`_^ T_  -`_ T_ T^ LW^Z LY LP^_SP_TN Pc[P]TPYNP L^ bP bZ`WO WTVP _Z LOO ?SP [SZ YP_TNTLY^v XTY`_P OP^N]T[_TZY ZQ []ZYZ`YNTL_TZY T^ YZ_ ZYWd STRSWd _PNS YTNLW M`_ ZQ_PY TY^P]_^ [ZP_TN LYO XP_L[SZ]TN TXLRP]d 4Y _SP QZWWZbTYR bP ^_L]_ bT_S _SP _]LOT_TZYLW _]LTYTYR LYO _SP wN`W_`]LW NL[T_LWx LN\`T]PO LWZYR bT_S _SP _PNSYTNLW ^VTWW^ ZQ _SP XYPXZ_TN _PNSYT\`P^ ?SP]PLQ_P] bP ^SZb SZb [SZYP_TN bZ]V^ OP^N]TMP _SP LP^_SP_TN^ ZQ ]PLWTeL_TZY LYO TYaZVP LY PXZ_TZYLW Q`^TZY bT_S _SP ^`MUPN_ _S]Z`RS TXLRP^ ZQ R]PL_ XP_L[SZ]TNLW OPY^T_d

 ?]LTYTYR _SP 8TYO _S]Z`RS >Z`YO^ ?SP ±TV´£ bZ]V^ OTQQP] TY ^TeP LYO NZY_PY_ M`_ _SP []TXL]d LTX ZQ LWW T^ `_XZ^_ [P]QPN_TZY TY APOL ]PNT_L_TZY ,WW bTWW _SP]PQZ]P NZY_LTY ]`WP^ QZ] L]_TN`WL_TZY TY XZ]P Z] WP^^ OP_LTW >ZXP bZ]V^ ZY [SZYP_TN^ LW^Z NZY _LTY _SP XPXZ]TeTYR _PNSYT\`P^ TP OTQQP]PY_ w]PLOTYR^x [£¶SL ZQ _SP _Pc_ XL_P]TLW bSTNS _Z ]PYOP] TY ]T_`LW _SP []TP^_^ X`^_ SLaP L XZ^_ [P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >_LLW SL^ LX[WTQTPO _ST^ L^^P]_TZY TY XZ^_ ZQ ST^ b]T_TYR^

$

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

QPN_ XL^_P]d ZaP] T_ BT_S _SP OTQQP]PY_ w]PLOTYR^x [£¶SL ZQ _SP ^LXP _Pc_ >LÀST_£ ;LOL 6]LXL[£¶SL bSTNS L]P []ZNPPOPO Md NZX[WPc wXZOTQTNL_TZY^x aTVš_T 5L¶£ 2SLYL[£¶SL _SP APOL ^_`OPY_ TYNZ][Z ]L_P^ _SP APOL TY L aP]d _SZ]Z`RS XLYYP] LYO LWZYR bT_S T_ LW^Z ML^TN R]LXXL] LYO _SP P`[SZYTN ]`WP^ ^LYOST^ ZQ _SP >LY^V]T_ WLYR`LRP z XP]PWd Md WPL]YTYR _SP ^Z`YO^ LYO ^Z`YO NZXMTYL_TZY^ ! 4Y _SP >LÀST_£[£¶SL _SP ^_`OPY_ WPL]Y^ _SP _Pc_ Md WT^_PYTYR LYO ]P [PL_TYR T_^ ]PNT_L_TZY 3T^ _PLNSP] ZQ_PY ST^ QL_SP] bZ`WO _PLNS _bZ Z] _S]PP bZ]O^ ^_P[ Md ^_P[ LYO _SPY L WTYP _SP]PLQ_P] L aP]^P Z] XLY_]L LYO _SP ^_`OPY_ _SP ^ZY Z] L R]Z`[ ZQ ^_`OPY_^ bZ`WO ]P[PL_ _bTNP ,WZYR bT_S WPL]YTYR YPb [L^^LRP^ TY _SP ^LXP XLYYP] _SP [L^^LRP^ LW]PLOd WPL]YPO L]P ]PR`WL]Wd ]P[PL_PO L^ bPWW YZb ZYWd ZYNP Md _PLNSP] LYO ^_`OPY_ Z] Md _SP R]Z`[ ZQ ^_`OPY_^ ?ST^ bLd ZQ NZXXT_ _TYR _Pc_ XL_P]TLW _Z XPXZ]d TYaZWaP^ _SP R]PL_P^_ L__PY_TZY _Z NL]PQ`W []ZY`YNTL_TZY PLNS ^_`OPY_ MPTYR TYOTaTO`LWWd NSPNVPO Md _SP _PLNSP] ?SP ^LXP _PLNSTYR []ZNPO`]P _SP ^_`OPY_ L__PY_TaPWd WT^_PY^ LYO ]P[PL_^ _bTNP P_N L[[WTP^ LW^Z TY _SP QZWWZbTYR XZ]P NZX[WPc ]PLOTYR^ LYO XZOTQTNL_TZY^ ?SP YPc_ ^_P[ bTWW MP _Z ^`[[WPXPY_ _SP >LÀST_£[£¶SL Z] NZY_TY`Z`^ ]PNT_L_TZY Md _SP ;LOL[£¶SL  TP _SP bZ]OQZ]bZ]O ]PNT_L _TZY TY bSTNS _SP ^LYOST^ P`[SZYTN NZXMTYL_TZY^ ZQ _SP _Pc_ L]P OT^ ^ZWaPO LYO _SP bZ]O^ L]P wM]Z`RS_ MLNVx ^Z _Z ^[PLV _Z _SPT] bZ]O ^_PX^ -`_ _SP ±TV´£ bZ]V^ LW^Z NZY_LTY _SP ]`WP^ ZQ ]PNZY^_]`N_TYR _SP >LÀST_£[£¶SL Q]ZX _SP ;LOL[£¶SL TP _SP _Pc_ bT_S LWW _SP ^LYOST NZXMTYL_TZY^ ]PTY_]ZO`NPO ?ST^ T^ LNSTPaPO TY _SP 6]LXL[£¶SL  TY bSTNS PLNS bZ]O T^ ]P[PL_PO _bTNP% QT]^_ Md WTYVTYR T_ _S]Z`RS ^LYOST bT_S _SP bZ]O _SL_ []PNPOP^ LYO _SPY bT_S _SP bZ]O _SL_ QZWWZb^ ?Z TWW`^_]L_P _ST^ ]PNZY^_]`N_TZY bP NLY ]PQP] _Z _SP ;LOL[£¶SL Md Y`XP]LW^ L^ QZWWZb^%         m bSTNS XPLY^ _SL_ _SP 6]LXL[£_SL []Z O`NP^ _SP ^P\`PYNP%         m BSTWP ]PP^_LMWT^STYR TY _ST^ ]PLOTYR _SP [SZYP_TN `YT_^ TY _SP bLd _SPd L]P QZ`YO TY _SP Z]TRTYLW _Pc_ ^`M^P\`PY_ ]PLOTYR^ ]PLWWd ^[PLVTYR XZOTQTNL_TZY^ OZ YZ_ ZYWd [P]QPN_ _SP XL^_P]d ZQ _SP _Pc_ M`_ LW^Z TY_]ZO`NP YPb ^LYOST NZXMTYL_TZY^ _S]Z`RS L ^d^_PXL_TN [P]X`_L_TZY ZQ _SP bZ]O^ 4Y _SP 5L¶£[£¶SL Z`] PcLX[WP TY _SP APOL NSL[_P] _SP bZ]O^ L]P ]PNT_PO TY _SP QZWWZbTYR ^P\`PYNP%                 m bSP]PL^ TY _SP 2SLYL[£¶SL ./ $ _SP ^P\`PYNP NSLYRP^ _Z%              m ?SP^P XZOTQTPO ]PLOTYR^ SLaP L ^_]ZYR LP^_SP_TN LWWT_P]L_TaP PQQPN_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 1Z] _SP QZWWZbTYR bP ]PQP] _Z >_LLW 1TOPWT_d ZQ Z]LW _]LOT_TZY  !z LYO z LYO _Z ,NSL]dL ; 9 ;L__LMST]LXL >L^_]T POT_Z] ZQ _SP Ad£^L±TV´£  LYO _SP NZXXPY_L]d ZQ >`]dL 9L]LTY >`]LaLOSLYT AL]LYL^T% .SL`VLXMSL $"! TzccTT bSZ ZQQP]^ L RZZO TX[]P^^TZY ZQ _SP Pc_]LZ]OTYL]TWd _SZ]Z`RS LYO XP_TN`WZ`^ TY_P]YLWTeL_TZY ZQ _SP APOTN ^Z`YO XL_P]TLW

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

$

?SP XP_SZOTNLW [SZYP_TN []ZNPO`]P PY^`]P^ L Y`XMP] ZQ ZMaTZ`^ LOaLY_LRP^% L _SP MZOd ZQ _SP APOL _Pc_ T^ []P^P]aPO bT_SZ`_ _SP ^WTRS_P^_ aL]T LY_^ TY _SP XZ^_ QLT_SQ`W bLd [Z^^TMWP :]LW _PLNSTYR bSPY T_ T^ OZYP TY ^`NS L NZX[WP_P LYO ^d^_PXL_TN XLYYP] LNSTPaP^ XZ]P []PNT^TZY _SLY LYd b]T__PY ^_Z]LRP ^d^_PX ?SP Pc_]LZ]OTYL]d ]P_PY_TZY _PNSYT\`P^ R`L]LY_PP _SP XZ^_ [P]QPN_ NLYZY YZ_ U`^_ TY _P]X^ ZQ `YLW_P]PO bZ]O Z]OP] M`_ LW^Z TY _P]X^ ZQ ^Z`YO 8Z]T_e BTY_P]YT_e bL^ []ZMLMWd ]TRS_ TY L^^`XTYR _SL_ _SP PL]Wd ±TV´£ bZ]V^ TP _SP ;]£_T²£VSdL^  YZ_ ZYWd PY^`]PO _SL_ _SP APOL bL^ NZXTYR OZbY _Z _SP []P^PY_ `YNSLYRPO M`_ LW^Z [WLdPO L ]ZWP TY _SP NLYZYTeL_TZY ZQ _SP APOL _Pc_ XL_P]TLW ^TYNP T_ bL^ _SP [SZYP_TNLWWd _]LTYPO POT_Z]^ bSZ RLaP _SP APOL T_^ []P^PY_ QZ]X aP]d PL]Wd ZY BTY_P]YT_e SZWO^ _SL_ w_SP >LÀST_£^ _SPX^PWaP^ L]P LW ]PLOd _SP bZ]V ZQ [SZYP_TNTLY^x " ?ST^ T^ ^_]PNS_TYR _SP NL^P _ZZ QL] M`_ NP]_LTYWd _SP [SZYP_TNTLY^ [Z^^TMWd LTOPO Md b]T_TYR SLO L XLUZ] SLYO TY M]TYRTYR LMZ`_ _SP XZ^_ _d[TNLW QPL_`]P ZQ _SP APOL YLXPWd _SL_ ZQ MPTYR L QTcPO Z]LW NLYZY BSTWP _SP XPXZ]TeTYR XP_SZO^ LYO _SP [`]PWd Z]LW _]LY^XT^^TZY ZQ L WL]RP _Pc_ NZ][`^ SLaP MPPY RTaPY R]PL_ L__PY_TZY TY BP^_P]Y ^NSZWL]^ST[ T_ bL^ RPYP]LWWd ZaP]WZZVPO SZbPaP] _SL_ _SP _PLNSTYR XP_SZO LTX^ QT]^_ ZQ LWW L_ N`W_TaL_TYR _SP APOL TY _P]X^ ZQ ^ZYLWT_d ,^ L ]`WP ±TV´£ bZ]V^ OPaZ_P XZ^_ L__PY_TZY _Z _SP []ZY`YNTL_TZY LYO TY_ZYL_TZY ZQ PLNS aZbPW NZY^ZYLY_ LYO LNNPY_ LYO TY OZTYR ^Z RZ TY_Z _SP XZ^_ XTN]Z^NZ[TN OP_LTW^ PR ^WTRS_ NSLYRP^ TY _SP ^Z`YO OP[PYOTYR ZY _SP [Z^T_TZY ZQ _SP WP__P] TY _SP bZ]O LYO _SP ^PY_PYNP& TYT_TLW LYO QTYLW ^Z`YO^ ZQ bZ]O^ QZ]X^ ZQ []Z_]LN_TZY P_N # M , ^PNZYO LOaLY_LRP ZQ [SZYP_TN^ [P]_LTY^ _Z _SP N`W_`]LW NL[T_LW LYO _SP TY_PWWPN_`LW [ZbP] ZQ TYOTaTO`LW ]PNT_P]^ ?SP PcP]NT^P^ OP ^N]TMPO R`L]LY_PP L _]LTYPO LYO OT^NT[WTYPO XTYO bT_S _]PXPYOZ`^ [Zb P]^ ZQ ]P_PY_TZY ?SP ^_`OPY_ LNSTPaP^ NZX[WP_P XL^_P]d ZaP] PYZ]XZ`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " BTY_P]YT_e 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P AZW  ! ,NNZ]OTYR _Z BTY_P]YT_e _SP APOL NLYZY T^ L []ZO`N_ ZQ _SP NZXMTYL_TZY ZQ >LÀST_£[£¶SL LYO ;LOL[£¶SL  ?SP ^`M^P\`PY_ ]PLOTYR^ []P^`[[Z^P LY LW]PLOd QTcPO NLYZY .ZYNP]YTYR NLYZY QZ]XL_TZY LYO _SP QTcL_TZY ZQ _SP ^Z`YO XL_P]TLW ^PP LW^Z /LaTO .L][PY_P] w?SP 8L^_P]d ZQ >[PPNSx TY ,`_SZ]T_d ,YcTP_d LYO .LYZY 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY  PO 7 ;L_ _ZY ,WMLYd% >@9D $$ $z& ZY _SP TYNW`^TZY ZQ b]T_TYR NQ -]ZYVSZ]^_ w>ZXP ZM^P]aL_TZY^ ZY _SP ;LOL[£¶SLx LYO ZY NLYZY QZ]XL_TZY BT_ePW w?SP APOTN .LYZY LYO T_^ ;ZWT_TNLW 8TWTP`x  "z  TY [L]_TN`WL] z BT_ePW L^^`XP^ _SP >LÀST_£^ APOTN NZWWPN_TZY^ YZ_ _Z MP _SP []ZO`N_ ZQ XLYdWLdP]PO []ZNP^^P^ ZQ ]PaT ^TZY LYO `YTQTNL_TZY 3P L__]TM`_P^ _SPT] QZ]XL_TZY _Z L WL]RP ^NLWP NZX[TWL_TZY TY 0L^_P]Y 4YOTL LYO ^`^[PN_^ [ZWT_TNLW ]PL^ZY^ # .SL]LN_P]T^_TNLWWd _SP TYOTRPYZ`^ ^NSZWL] ;L__LMST]LXL >L^_]T OPLW^ TY ST^ TY_]ZO`N_TZY _Z _SP Ad£^L±TV´£ bT_S _SP LW[SLMP_ _SP OTQQP]PY_ R]Z`[^ ZQ WP__P]^ _SP LNNPY_^ LYO _SP XZ]LP TY L XZ^_ OP_LTWPO bLd bSTWP XPY_TZYTYR _SP OTQQP]PY_ [£¶SL^ ZYWd TY [L^^ TYR bSTWP _SP BP^_P]Y ^NSZWL] 1]T_^ >_LLW RTaP^ L__PY_TZY ^ZWPWd _Z _SP [£¶SL^

$!

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

_Pc_ `YT_^ LYO TY OZTYR ^Z _]LTY^ ST^ TY_PWWPN_`LW NL[LNT_TP^ $ 4_ LW]PLOd [`eeWPO _SP 2]PPV LXML^^LOZ] 8PRL^_SPYP^  -. _SL_ 4YOTLY^ OTO YZ_ `^P LYd b]T__PY OZN`XPY_^ bSP]P SP bZ`WO SLaP Pc[PN_PO _SPX XZ^_ TP bT_STY NZ`]_^ ZQ U`^_TNP 7TVPbT^P .STYP^P -`OOST^_ [TWR]TX^ ]P[Z]_PO _SL_ PaPY ^LN]PO MZZV^ ^ZXP_TXP^ bP]P YZ_ LaLTWLMWP TY b]T__PY QZ]X M`_ _SP]P bP]P Pc_]LZ]OTYL]d QPL_^ ZQ XPXZ]d LYO R]PL_ TY_PWWPN _`LW LNSTPaPXPY_^ ?SP .STYP^P [TWR]TX 4?^TYR !" ,/ bSZ NLXP _Z 4YOTL TY ^PL]NS ZQ -`OOST^_ XLY`^N]T[_^ bL^ OT^L[[ZTY_PO YZ_ _Z QTYO LYd M`_ R]PL_Wd TX[]P^^PO Md _SP -]LSXTY^v Z]LW XL^_P]d ZQ _SP APOL LYO _SPT] Pc_]LZ]OTYL]d TY_PWWPN_`LW ^VTWW^ 3P b]T_P^% w?SP -]LSXTY^ L]P ]PRL]OPO _S]Z`RSZ`_ _SP QTaP [L]_^ ZQ 4YOTL L^ _SP XZ^_ SZYZ]LMWP NL^_Pm ?SP APOL^ SLaP MPPY SLYOPO OZbY Q]ZX XZ`_S _Z XZ`_S YZ_ _]LY^N]TMPO ZY [L[P] Z] WPLaP^ 4Y PaP]d RPYP]L_TZY _SP]P PcT^_ ^ZXP TY_PWWTRPY_ -]LSXTY^ bSZ NLY ]PNT_P _SP  aP]^P^x  4?^TYR RZP^ ZY _Z YZ_TNP _bZ XLUZ] _PNSYT\`P^ ZQ WPL]YTYR _Z LN\`T]P ^`NS R]PL_ XPY_LW NL[LNT_TP^% w4Y _SP _]LOT_TZY ZQ _SP BP^_P]Y ]PRTZY^ FTP 4YOTLH _SP]P L]P F_bZH bLd^ Md bSTNS ZYP NLY L__LTY TY_PWWTRPYNP 1T]^_Wd Md ]P[PL_POWd ^N]`_TYTeTYR FNZXXT__TYR _Z XPXZ]dH ^LRLNT_d T^ M]Z`RS_ LMZ`_& ^PNZYOWd _SP WP__P]^ F_SP LW[SLMP_H RTaP [PLNP ZQ XTYO FZ]% L[ [PL^P _SP ^[T]T_^Hx  ?SP QT]^_ XP_SZO ZMaTZ`^Wd [P]_LTY^ _Z _SP _]LOT _TZYLW []LN_TNP^ ZQ APOL XL^_P]d XYPXZ_PNSYT\`P^ LYO OLTWd w]PNT_L _TZY ^LN]TQTNPx bSP]PL^ _SP ^PNZYO XP_SZO T^ `YNWPL] 4_ L[[L]PY_Wd TYaZWaP^ _SP LW[SLMP_ LYO ]PQP]^ _Z L _PNSYT\`P _Z NLWX LYO wZ]OP]x _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP XL^_P]d ZQ _SP APOL SZbPaP] T^ ZYWd _SP XZ^_ Z`_^_LYOTYR []ZO`N_ ZQ _SP ^ZYLW N`W_`]P ZQ 3TYO` 4YOTL LYO _SP APOLv^ XYPXZYTN _PNSYT\`P^ L]P U`^_ _SP XZ^_ ]P QTYPO ?]LOT_TZYLW ^NSZWL]^ST[ LYO >LY^V]T_ WPL]YTYR TYaZWaP^ XZ]P _SLY APOL ^_`Od LYO ^ZXP_TXP^ YZ_ PaPY ^_`Od ZQ _SP APOL M`_ T_ LWbLd^ TYNW`OP^ R]LXXL] LYO ZQ _PY NWL^^TNLW [ZP_]d ?SP XP_SZO L[[WTPO QZ] NZXXT__TYR _SP WL]RP bZ]V^ ZQ [ZP_]d _Z XPXZ]d T^ PcLN_Wd _SP ^LXP L^ _SP ZYP TY _SP APOTN >LÀST_£ LYO ;LOL[£¶SL >PP ,cPW 8TNSLPW^v ^`XXL]d ZQ _SP L`_ZMTZR]L[Sd ZQ _SP WL_P >SL]XL ;P]T $!z bSZ Md _SP LRP ZQ _bPWaP SLO LW]PLOd WPL]YPO Q]ZX ST^ QL_SP] _SP ±LMOLXLÓUL]¯  _SP QT]^_ NSL[_P] ZQ _SP ,XL]LVZ²L  _SP QT]^_ YTYP NLY_Z^ ZQ _SP =LRS`aLÀ²L  _SP QT]^_ ^PaPY NLY_Z^ ZQ _SP 6`X£]L^LXMSLaL LYO _SP PY_T]P 8PRSLO¼_L & LYO O`]TYR ST^ `YT aP]^T_d >LY^V]T_ ^_`OTP^ _ST^ LW]PLOd ]PXL]VLMWP WT^_ MPNLXP ^`M^_LY_TLWWd WZYRP] 8TNSLPW^ ?SP ;LYOT_  z  ?]LY^WL_TZY Md 5 ?LVLV`^` #$! \`Z_PO Md 1LWV >NS]TQ_ TX ,W_PY 4YOTPY  ##z#$  BP ZbP _ST^ _]LY^WL_TZY ZQ ?LT^SZ aZW   $M! QQ _Z 8Lc /PPR @YTaP] ^T_d ZQ .L]OTQQ @6 [P]^ZYLW PXLTW ZQ 8L]NS  ! bSZ bL^ ^Z VTYO L^ _Z ]P NSPNV ?LVLV`^`v^ _]LY^WL_TZY \`P^_TZYPO Md 3L]]d 1LWV LYO 3D 3`aZY 3TYÞMP] 1LWV >NS]TQ_ TX ,W_PY 4YOTPY  #$ /PPR ^`RRP^_^ TY 2P]XLY% w2PXÆÁ OP] ?]LOT_TZY OP] BP^_WTNSPY 2PRPYOPY FOL^ ^NSWTPÁ_ 4YOTPY PTYH RTM_ P^ FQZWRPYOPH BPT^PY 6W`R SPT_ e` P]bP]MPY%  BPT^SPT_ SP]aZ]RP]`QPY FXT__PW^H bTPOP]SZW_PX ¾MP][]ÞQPY  OTP u-`NS^_LMPYv MP]`STRPY OPY 2PT^_ FZOP]% OTP 2PT^_P]Hx ?LVL^`V` _]LY^WL_PO% w4Y 4YOTL _SP]P L]P _bZ _]LOT_TZYLW bLd^ Md bSTNS ZYP NLY L__LTY R]PL_ TY_PWWPN_`LW [ZbP] 1T]^_Wd Md ]P[PL_POWd NZXXT__TYR _Z XPXZ]d _SP TY_PWWPN_ T^ OPaPWZ[PO& ^PNZYOWd _SP LW[SLMP_ QTcP^ ZYPv^ TOPL^x NT_ Md 1LWV >NS]TQ_ TX ,W_PY 4YOTPY  #$

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

$"

XTYO Z] _Z L XLRTN NSL]X ?SP .STYP^P aZNLM`WL]d ^`RRP_^ _SL_ L ?LY _]TN MLNVR]Z`YO XLd YZ_ MP PcNW`OPO  TP ?LY_]TN []LN_TNP^ ZQ ]PNT_TYR _SP LW[SLMP_ LYO L__]TM`_TYR P^Z_P]TN NZ^XZWZRTNLW LYO XLRTN ^TRYTQT NLYNP _Z _SP [SZYPXP^  4_ bZ`WO MP ]PXL]VLMWP M`_ YZ_ _Z_LWWd TX [WL`^TMWP _Z U`c_L[Z^P APOL LYO ?LY_]L ^Z PL]Wd TY _SP NZY_Pc_ ZQ -]LSXLYTN N`W_`]LW _PNSYT\`P^  4?^TYR L__]TM`_P^ LWXZ^_ ^`[P]YL_`]LW [ZbP]^ _Z WPL]YPO -]LSXTY^ z bSTNS ]PXTYO `^ ZQ _SP XLRTN ]P^`W_^ OP^N]TMPO TY _SP >L]L^aL_¯@[LYT´LO NQ Z`] NSL[  LYO Z_SP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4_ SL^ MPPY \`P^_TZYPO bSP_SP] _SP LW[SLMP_ T^ TY _SP Z]TRTYLW _Pc_ LYO MPWZYR^ _Z _SP ^PNZYO XP_SZO 1LWV >NS]TQ_ TX ,W_PY 4YOTPY  #$ -`_ _SP .STYP^P bZ]O weTX`x ZNN`]TYR TY _SP ^Z`]NP `YXT^_LVLMWd ]PQP]^ _Z _SP NZY^ZYLY_ LYO aZbPW NSL]LN_P]^ ZQ _SP >LY^V]T_ LW[SLMP_ 8Lc /PPR [P]^ZYLW PXLTW NZXX`YTNL_TZY 8L]NS  LYO  ! LYO XLd MP _]LY^WL_PO L^ w^N]T[_XZ_SP]x : 8ZPM`^ ?SP bZ]O eTX` T^ RPY P]LWWd `^PO _Z ]PQP] _Z _SP w>TOOSLX LW[SLMP_x NZYYZ_TYR ?LY_]TN []LN_TNP^ LYO _SP .STYP^P bZ]O QZ]XL_TZY T_^PWQ ^PPX^ _Z MP TY^[T]PO Md 4YOTLY ?LY_]TN _P]XTYZWZRd% w X` x MPTYR L WT_P]LW _]LY^WL_TZY ZQ X£_šV£  wXZ_SP]^x L _P]X ]PQP]]TYR _Z _SP >LY ^V]T_ wLW[SLMP_x bSPY `^PO TY ?LY_]TN ]T_P^ XPOT_L_TZY^ LYO NZ^XZWZRTP^ z _SP WP__P]^ MPTYR ]PRL]OPO L^ wXZ_SP]^x Z] N]PL_TZYLW QZ]NP^ ZQ _SP bZ]WO = 3 aLY 2`WTVv^ ^PXTYLW ^_`Od >TOOSLX% ,Y 0^^Ld ZY _SP 3T^_Z]d ZQ >LY^V]T_ >_`OTP^ TY .STYL LYO 5L [LY 9Pb /PWST% 4Y_P]YL_TZYLW ,NLOPXd ZQ 4YOTLY .`W_`]P $ !  " QQ XLTY _LTY^ _SL_ _SP -]£SX¯ ^N]T[_ []PQP]]PO Md .STYP^P -`OOST^_^ QZ] b]T_TYR XLY_]L^ LYO OS£]L©¯^ bL^ LW]PLOd VYZbY Md _SP YLXP ZQ >TOOSLX LYO _SL_ _ST^ YLXP MPNLXP L NZXXZY _P]X QZ] LWW QZ]X^ ZQ 4YOTLY ^N]T[_^ TYNW`OTYR aP]YLN`WL]^ bSTNS QZWWZb _SP ^_]`N_`]P ZQ _SP >LY^V]T_ LW[SLMP_ ALY 2`WTV O]Lb^ L__PY_TZY _Z _SP VPPY .STYP^P TY _P]P^_ TY _SP 4YOTLY WLYR`LRP TYNW`OTYR R]LXXL] LYO [SZYP_TN^ LYO SZWO^ _SL_ Md !z ,/ _SPT] []TXP NZYNP]Y bL^ ?LY_]TN XLY_]L^ OS£]L©¯^ ^TYRWP >TOOSLX WP__P]^ LW[SLMP_ ^[PN`WL_TZY^ LYO ]T_P^ ?SP ]T_`LW ^d^_PX^ ZQ ?LY_]L 3TYO` -`O OST^_ LYO >STYRZY ^SL]P L R]PL_ Y`XMP] ZQ QPL_`]P^ ^`NS L^ _SP [ZbP] ZQ ^Z`YO ZQ w^PPOx ^dWWLMWP^ ZQ WP__P]^ b]T__PY TY_Z XLRTN OTLR]LX^ _SP ^[PNTLW ^TRYTQTNLYNP L_ _]TM`_PO _Z _SP WP__P] wLx P_N ^PP Z`] NSL[  z  z ! LYO # LYO aLY 2`WTV >TOOSLX "z$  ALY 2`WTV >TOOSLX z  ^`^[PN_^ _SL_ _SP YLXP w>TOOSLX LW[SLMP_x `^PO QZ] _SP ?LY_]TN LW[SLMP_ LYO QZ] _SP 4YOTLY ^N]T[_ TY RPYP]LW RZP^ MLNV _Z ]PLOTYR LYO b]T_TYR PcP]NT^P^ QZ] WPL]YTYR _SP LW[SLMP_% bSPYPaP] _SP _PLNSP] TY_]ZO`NPO L YPb [L]LOTRX SP bZ`WO QT]^_ b]T_P ^TOOSLX w^`NNP^^x LYO ^TOOST] L^_` wXLd _SP]P MP ^`NNP^^ x LYO XLVP _SP NSTWO]PY []LN_TNP _SP^P L`^[TNTZ`^ bZ]O^ QT]^_ ZQ LWW 8LdMP ^`NS NZYYZ_L _TZY^ ZQ RZZO ZXPY Pc[WLTY _SP ^PNZYO _P]X `^PO Md 4?^TYR TP w LY^SPY x ?ST^ _P]X XLd XPLY wNLWXTYR _SP XTYOx L^ bPWW L^ wL[[PL^TYR _SP RZO^ ^[T]T_^ LYO LYNP^_Z]^x /PPR [P]^ZYLW PXLTW ZQ 8L]NS  ! ^`^[PN_^ L XLRTN PQQTNTPYNd L__]TM`_PO _Z _SP ^PNZYO XP_SZO _Z M]TYR LMZ`_ L QT]X LYO [PLNPQ`W XTYO 7TVP eTX` w LY^SPY x LW^Z ^PPX^ _Z MP OP]TaPO Q]ZX >LY^V]T_ TP Q]ZX w ^SLY_T x w[PLNPx [Z^^TMWd Q]ZX ^SLY_T ]T_P^ [P]QZ]XPO _Z [LNTQd RSZ^_^ NZ`Y_P]LN_ MWLNV XLRTN LYO M]TYR L`^[TNTZ`^YP^^ : 8ZPM`^ 8LRTN PQQTNTPYNd bZ`WO LW^Z QT_ bT_S _SP ?LY_]TN TY_P][]P_L_TZY ?SP _P]X >TOOSLX LW[SLMP_ T_^PWQ ]PNLWW^ [Z[`WL] ?LY_]L N`W_`]P TP _SP ^TOOSL^ WT_P]LWWd w[P] QPN_PO ZYP^x OPYZ_TYR ^PXTOTaTYP MPTYR^ LYO [P]QPN_PO ?LY_]TN []LN_TZYP]^  4Q _SP ?LY_]TN Z] []Z_Z?LY_]TN TY_P][]P_L_TZY ZQ 4?^TYRv^ ^_L_PXPY_ T^ NZ]]PN_ _ST^ bZ`WO MP L ]PWL_TaPWd PL]Wd ^Z`]NP QZ] L wSTRS 3TYO`x ?LY_]L Z] []Z_ZwSTRS 3TYO`x  ?LY_]L TP L ?LY_]L MPWZYRTYR _Z _SP PWT_P -]LSXLY N`W_`]P 4Y WL_P] _TXP^ T_ T^ L bPWWVYZbY []LN_TNP _SL_ -]LSXTY^ ^`[[WPXPY_ APOTN ]T_P^ bT_S ?LY_]TN ZYP^

$#

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

?LY_]TN YL]]L_TaP^ zbSPY SP ^_L_P^% w-d _ST^ bLd LQ_P] L []LN_TNP ZQ _PY OLd^ Z] L XZY_S F`^TYR _SP _bZ XP_SZO^H L ^_`OPY_ QPPW^ ST^ _SZ`RS_^ ]T^P WTVP L QZ`Y_LTY LYO NLY NZXXT_ _Z XPXZ]d bSL_PaP] SP SL^ ZYNP SPL]O FYZ_ ]P\`T]PO _Z MP _ZWO _bTNPH ?ST^ T^ QL] Q]ZX MPTYR L Xd_S QZ] 4 Xd^PWQ SLaP XP_ ^`NS XPYx ?SP Pc_]LZ]OTYL]d XPXZ]d [ZbP]^ ZQ WPL]YPO -]LSXTY^ SLaP LW^Z MPPY YZ_TNPO Md BP^_P]Y ^NSZWL]^ >`NS ^VTWW^ L]P ZQ NZ`]^P SL]OWd _SP []ZO`N_ ZQ _PY OLd^v ^_`Od LYO _SP PL^P bT_S bSTNS _SPd XPXZ]TeP XL_P]TLW []P^`[[Z^P^ L _]LTYPO XTYO ! 4Y QLN_ T_ ^PPX^ []ZMLMWP _SL_ _SP _d[TNLWWd ?LY_]TN LW[SLMP_ ]T_P^ LYO [L]_TNT[L_Z]d ^[PN`WL_TZY^ LYO NZ^XZWZRTP^ PaZWaPO bT_STY APOTN -]LSXLYTN NT]NWP^ bSZ OPaZ_PO R]PL_ L__PY_TZY _Z _SP LW[SLMP_ 3Zb PaP] _SP >LY^V]T_ LW[SLMP_ bL^ LW^Z _SP XZOPW ZQ aP]YLN`WL] LW[SLMP_^ 8Z]PZaP] bSPY [SZYP_TN LYO R]LXXL_TNLW _]PL_T^P^ L__LNS []TXP aLW`P _Z _SP LW[SLMP_ _SPd OZ ^Z TY L aP]d PXLYNT[L_Z]d TP L aP]d _PNSYTNLW LYO ]L_TZYLW XLYYP] ?SP STRSWd ^d^_PXL_TN L]]LYRPXPY_ ZQ WP__P]^ LYO R]Z`[^ ZQ WP__P]^ _]LTY^ _SP XTYO _Z _STYV TY ^_]`N_`]P^ LYO [L__P]Y^ bSTNS TY _`]Y SPW[^ _Z OPLW bT_S WL]RP LXZ`Y_^ ZQ TYQZ]XL_TZY 3P]P _SP ^Z`YO L^[PN_ [WLd^ LY TX[Z]_LY_ ]ZWP :YP ^SZ`WO VPP[ TY XTYO _SL_ _SP _]LOT_TZYLW ^_`Od TYaZWaP^ XZ]P _SLY XP]PWd XPY_LWWd [ZYOP]TYR ZY _SP LW[SLMP_ Z] ^PPTYR _SP ^N]T[_% _SP L]]LYRPXPY_ T^ ^_]TN_Wd [SZYP_TN LYO _ST^ T^ ]PLWTePO ZYWd TY L`OTMWP ^[PPNS 7PL]YTYR _SP >LY^V]T_ LW[SL MP_ Q]ZX L b]T__PY OZN`XPY_ T^ L _]Z`MWP^ZXP PcP]NT^P L^ BP^_P]Y ^_` OPY_^ ZQ >LY^V]T_ VYZb M`_ bSPY ^[ZVPY T_ MPNZXP^ PL^d ?SP ^_]`N _`]P^ L]P L`OTMWP LYO X`^_ MP SPL]O LYO `__P]PO& _ST^ SZWO^ aP]d _]`P QZ] _SP ^LYOST ]`WP^ LW^Z 9Z_ WPL^_ _SP []PaLTWTYR TX[Z]_LYNP ZQ _SP ^ZYLW RLaP ]T^P _Z _SP wXLRTNx ZQ Pc_]LZ]OTYL]d XPY_LW [ZbP]^ N ?SP APOTN _]LTYTYR SPW[^ _Z OPaPWZ[ TY_PWWPN_`LW LNNZX[WT^SXPY_^ TY L [L]_TNT[L_Z]d QL^STZY LYO YZ_ LNSTPaPO Md ^TWPY_ ]PLOTYR 4_ T^ NWPL]Wd XZ]P _SLY XP]P XPXZ]TeTYR TY LY Z]OTYL]d ^PY^P 4Y _SP NL^P ZQ _SP LW[SLMP_ _SP XL^_P]d TYNW`OP^ LWW [Z^^TMWP bLd^ ZQ R]Z`[TYR _SP WP__P]^ PR LWW RWZ__LW ^Z`YO^ _ZRP_SP] P_N LYO L]]TaTYR L_ PLNS R]Z`[ TYaZWaP^ LY Pc_]L XPY_LW PQQZ]_ 4Y _SP NL^P ZQ _SP OTQQP]PY_ w]PLOTYR^x ZQ _SP APOL Pc_]L TYQZ]XL_TZY T^ []ZO`NPO ^Z _Z ^[PLV L^ L Md[]ZO`N_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ .T_ Md 1LWV >NS]TQ_ TX ,W_PY 4YOTPY  #$ ! 4Y QLN_ QZ] L WPL]YPO -]LSXLY ^_`Od ZQ _SP APOL T^ L NZY_TY`Z`^ WTQPNZY^`XTYR LN_TaT_d ?SP >LÀST_£[£¶SL T_^PWQ _LVP^ ^ZXP QTaP dPL]^ LYO ^_`OPY_ ^_L]_ WPL]YTYR T_ L_ LY PL]Wd LRP LYO _SP Z_SP] ]PLOTYR^ _LVP ^PaP]LW XZ]P dPL]^ APOL ^_`OTP^ _]LOT _TZYLWWd _LVP L_ WPL^_ _bPWaP dPL]^ ZQ WTaTYR bT_S _SP _PLNSP] M]LSXLN£]TY& _SP]PLQ_P] _SP ^_`OPY_ _`]Y^ _Z QLXTWd WTQP LYO NZY_TY`P^ ST^ ^_`OTP^ L^ L SZ`^PSZWOP] RšSL^_SL bT_S ^a£OSd£dL  ]P[PL_TYR OLTWd ST^ ZbY APOL [Z]_TZY TP ST^ w]PNT_L_TZY ^LN]TQTNPx , QPb -]LSXTY^ XL^_P] XZ]P _SLY ZYP APOL L^ _SP QLXTWd YLXP^ /aTaPOT ?]TaPOT LYO .L_`]aPOT TYOTNL_P 3ZbPaP] XZ^_Wd _SP^P L]P LN_`LWWd SZYZ]L]d _T_WP^ ZQ -]LS XLYTN LYNP^_Z]^ bSZ XL^_P]PO _bZ _S]PP Z] PaPY QZ`] APOTN >LÀST_£^ LY LNSTPaP XPY_ bSTNS SL^ MPNZXP aP]d ]L]P YZbLOLd^

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^

$$

ZQ _SP PYNZX[L^^TYR _Pc_`LW XL^_P]d :YWd _SP >LÀST_£[£¶SL NZY_TY` Z`^ ]PNT_L_TZY XLd MP NLWWPO XPXZ]TeTYR TY LY Z]OTYL]d ^PY^P 4Y _SP ^`M^P\`PY_ w]PLOTYR^x _SP ^_`OPY_ OZP^ YZ_ ZYWd WPL]Y ST^ APOL TY _SP XZ^_ NZX[WP_P bLd M`_ LW^Z LM^Z]M^ R]LXXL_TNLW ]`WP^ ?SP ;LOL[£¶SL bZ]OQZ]bZ]O aP]^TZY bT_S ^LYOST^ OT^^ZWaPO LYO 6]LXL[£_SL SLa TYR _SPX ]PP^_LMWT^SPO RTaP LNNP^^ _Z MZ_S L ^`M_WP QLXTWTL]T_d bT_S _SP [Z]_TZY^ XPXZ]TePO LYO L YL_`]LW QPPWTYR ZQ R]LXXL_TNLWWd NZ]]PN_ ^Z`YO NZXMTYL_TZY^ ?SP 5L¶£[£¶SL LYO 2SLYL[£¶SL LNNZX[WT^S TY L XZ^_ WT_P]LW ^PY^P _SP RZLW _SL_ _SP _Pc_ T^ VYZbY TY^TOP Z`_ LYO TY_]Z O`NP Md XPLY^ ZQ OTQQP]PY_ wXZOTQTNL_TZY^x ZQ _SP bZ]O Z]OP] YPb ^LY OST NZXMTYL_TZY^ PR  LYO  _SL_ OTO YZ_ ZNN`] TY _SP >LÀST_£ [£¶SL 4Y _ST^ bLd TY OTQQP]PY_ w]PLOTYR^x _SP ^_`OPY_ XLVP^ R]LXXL] ST^ ZbY Md XP]PWd SPL]TYR LYO ]P[PL_TYR 3P PXMZOTP^ T_ [Sd^TNLWWd bSTWP _SP BP^_P]Y ^_`OPY_ ZQ R]LXXL] T^ WPL]YTYR ]`WP^ BP bZ`WO WTVP _Z ^_]P^^ TY _SP QZWWZbTYR NSL[_P] dP_ LYZ_SP] TX[Z] _LY_ L^[PN_ bSTNS XLd LW^Z PL^TWd P^NL[P L w_d[ZR]L[STN XLYx `YNZY NP]YPO bT_S _SP ^PY^P^& LY L^[PN_ bSTNS XLd MP _P]XPO LP^_SP_TN LYO SZWT^_TN ?SP ±TV´£ bZ]V^v PWLMZ]L_TZY^ ZY []PNT^P []ZY`YNTL_TZY LYO TY_ZYL_TZY ZQ PLNS aZbPW NZY^ZYLY_ LYO LNNPY_ L]P YZ_ ZYWd STRSWd _PNSYTNLW M`_ LW^Z SLaP L ^_]ZYR LP^_SP_TN TP ^PY^`Z`^ LYO PaPY PXZ _TaP OTXPY^TZY 4YOTLY [SZYP_TN^ L]P PXLYNT[L_Z]d QZ^_P]TYR ^_]`N_`]PO _STYVTYR LYO TY_PWWPN_`LW ^VTWW^ M`_ LW^Z STRSWd [L]_TNT[L_Z]d =PNT_L _TZY TYaZWaP^ _SP bSZWP MZOd LYO T^ LW^Z OP^N]TMPO TY [SZYP_TN _]PL_T^P^ L^ L MZOTWd Pc[P]TPYNP " 1`]_SP]XZ]P ^ZXP ±TV´£ bZ]V^ ^`NS L^ _SP 9£]LOÅdL±TV´£ NWL^^TQd _SP bSZWP `YTaP]^P TY _P]X^ ZQ ^Z`YO^% RZO^ PWPXPY_^ NZWZ]^ ^ZNTLW NWL^^P^ MZOd [L]_^ LYTXLW^ P_N L]P ]PWL_PO _Z ^TYRWP WP__P]^ _Z R]Z`[^ ZQ WP__P]^ QZ] TY^_LYNP _Z SL]O Z] ^ZQ_ L^[T]LY_^ LYO NP]_LTY aZbPW^ L^ bPWW L^ _Z LNNPY_^ []Z_]LN_TZY^ XZOP^ ZQ ^TYR TYR P_N 4_ T^ YZ_PbZ]_Sd _SL_ _SP bZ]O aL]©L XPLY^ wWP__P]x [SZYPXP wNZWZ]x TYNW`OTYR _SP _TXM]P Z] wNZWZ]x ZQ ^Z`YO # LYO LW^Z ^TRYTQTP^ _SP QZ`] ^ZNTLW R]Z`[^ -]LSXLY 6´L_]TdL ALT²dL ±¼O]L $ bSZ TY _`]Y L]P L^^ZNTL_PO bT_S ^Z`YO^ Md _SP 9£]LOÅdL±TV´£ LYO _SP Ad£^L±TV´£ 8Z]PZaP] _SP [SZYP_TN bZ]V^ NZY_LTY aP]d [ZP_TN TXLRP^ bSTNS SLaP PXZ_TZYLW L[[PLW

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q 9£]LO¯d£±TV´£   z& "z LYO ;Ã]T²TV´£  F$H PO LYO _]LY^ >_L`_ePYMLNS !" # -PNL`^P ZQ _SPT] wXTcPO YL_`]Px _SP OT[S_SZYR^ OZ _]LOT_TZYLWWd YZ_ QLWW `YOP] aL]©L $ ?ST^ ^ZNTLW XPLYTYR [Z^^TMWd OP]TaPO Q]ZX _SP NZWZ]^ ZQ O]P^^ []POL_P^ _SP XPLYTYR wWP__P]x



,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

 ;SZYP_TN^ LYO ,P^_SP_TN^ BP ^_L]_PO _ST^ NSL[_P] Md XPY_TZYTYR _SL_ [SZYP_TN^ OTQQP]^ Q]ZX R]LXXL] Md T_^ Q`YN_TZY ZQ ]PNZY^_]`N_TZY ?SP _PNSYTNLW [L]_ ZQ _ST^ ]PNZY^_]`N_TZY SL^ MPPY OP^N]TMPO M`_ _SP ]PNZY^_]`N_TZY LW^Z TYaZWaP^ LY LP^_SP_TN PWPXPY_% _SP ]PNT_P] _`]Y^ _SP APOTN _Pc_ bSTNS T^ LWbLd^ NZX[Z^PO L^ WLYR`LRPX`^TN MLNV TY_Z L X`^TNLWWd NZY^T^_PY_ [P]QZ]X LYNP ?SP WTaTYR ^Z`YO QZ]X T^ ]PLWTePO LYPb Z`_ ZQ _SP ^VPWP_ZY ZQ b]T__PY ^TRY^ ?SP QZWWZbTYR PcLX[WP^ L]P _LVPY Q]ZX _SP 9£]LOÅdL ±TV´£  L [SZYP_TN _]PL_T^P ZQ `YNP]_LTY OL_P ZY _SP >£XLAPOL  ! M`_ ^TXTWL] PcLX[WP^ LYO NWL^^TQTNL_TZY^ NLY MP QZ`YO TY ±TV´£ _Pc_^ MPWZYR TYR _Z Z_SP] APOL M]LYNSP^ L^ bPWW ! ,^ bP [ZTY_PO Z`_ TY _SP OP^N]T[_TZY ZQ _SP APOL ]PNT_L_TZY _ZOLdv^ ^P]TZ`^ ]PNT_P]^ ^_TWW [Ld U`^_ L^ X`NS L__PY_TZY _Z _SP XZOTQTNL_TZY^ LYO WPYR_S^ ZQ ^Z`YO^ ]P\`T]PO Md _SP [SZYP_TNTLY^ L^ _SPd OZ _Z _SP TY_PR]T_d ZQ _SP _Pc_ T_^PWQ ,]_TN`WL_TZY X`^_ MP []PNT^P PaPY QZ] _SP XTN]Z^Z`YO^ ^TYNP _SP TYOTaTO`LW ^Z`YO^ L]P ]PRL]OPO LWXZ^_ L^ TYOP [PYOPY_ [P]^ZYLWT_TP^ bSZ ^SZ`WO OPaPWZ[ _SPT] ZbY NSL]LN_P] LYO _SPT] ZbY _TXM]P ?SP 9£]LOÅdL±TV´£ Pc[]P^^P^ _ST^ [P]^ZYLWT_d ZQ [SZYPXP^ TY _SP QZWWZbTYR ^TXTWP% w5`^_ L^ L _TR]P^^ _LVP^ SP] N`M^ _TRS_Wd TY SP] _PP_S bT_SZ`_ S`]_TYR _SPX bSTW^_ QPL]TYR _SL_ ^SP XTRS_ O]Z[ _SPX LYO TYU`]P FMZ_S ZQH _SPX ^Z ZYP ^SZ`WO L[[]ZLNS _SP TYOTaTO`LW ^dWWLMWP^x !

4_ T^ []PNT^PWd _SP Sd[P][]PNT^TZY ZQ _SP [SZYP_TNTLY^ _SL_ ]PaPLW^ _SP UZd L_ OPLWTYR bT_S WLYR`LRP LYO _SP WZaP LYO NL]P _SL_ L]P TYaZWaPO 0aPY TY _SP STRSWd LNLOPXTN _Pc_^ ZYP SL^ L QPPWTYR _SL_ _SP -]LSXTY^ L]P OPQTYT_PWd XZ_TaL_PO Md L _d[P ZQ P]Z^ bSP]P _SPT] MPWZaPO WLYR`LRP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 9£]LO¯d£±TV´£% BT_S _SP .ZXXPY_L]d ZQ -SL¶¶L ±ZMS£VL]L N]T_TNLWWd POT_PO bT_S 0YRWT^S _]LY^WL_TZY Md @^SL = -ST^P ;ZZYL $#! ?ST^ POT_TZY T^ ML^PO ZY XLY` ^N]T[_^ Q]ZX ^PaP]LW [L]_^ ZQ 4YOTL ?SP POT_Z] ^`^[PN_^ _SL_ _SP _Pc_ T^ aP]d ZWO M`_ SL^ MPPY SLYOPO OZbY TYNZX[WP_P :Q _SP >£XL ^NSZZW^ _SP ?£©“TY^ LYO -S£WWLaTY^ L]P XPY_TZYPO Pc[WTNT_Wd& _SP []P^PY_ _Pc_ SZbPaP] ^PPX^ _Z bLY_ _Z NZaP] LWW >£XLY ^NSZZW^ -ST^Pv^ TY_]ZO`N_TZY Pc[Z`YO^ ZY X`^TN TY APOTN ]PWTRTZY LYO _SP X`^TNLW TY^_]`XPY_^ `^PO TMTO z ?SP 9£]LO¯d£±TV´£ bL^ []ZMLMWd _SP QT]^_ [SZYP_TN XLY`LW POT_PO TY _SP $_S NPY_`]d >L_dLa]L_L >£XL²]LXT @´L 4 .LWN`__L #$ ! >PP QZ] TY^_LYNP _SP ;£]T±TV´£ #$ ZQ _SP ?LT__T]¯dL M]LYNS PO >_L`_ePY MLNS  bSTNS NZY_LTY^ ^TXTWL] TXLRP^ ZQ XP_L[SZ]TNLW OPY^T_d L^ _SP ZYP^ OT^N`^^PO MPWZb .Q LW^Z _SP Ad£^L±TV´£  bSZ^P POT_Z] TMTO aTTTzc cTTT LYO cTaz cc SL^ YZ_ ZYWd R]Z`[PO ^ZXP ZQ ^`NS TY^_LYNP^ _ZRP_SP] M`_ LW^Z RTaPY _LM`WL] R]TO^ bSTNS TWW`^_]L_P SZb OP_LTWPO _SP []ZY`YNTL_TZY ]`WP^ LYO _SP NZZ]OTYL_PO L^^Z NTL_TZY^ bT_S OPT_TP^ LT] QT]P PL]_S XZZY LYO ^`Y LYO ^ZNTLW NWL^^P^ L]P ! dL_S£ ad£RS]¯ SL]P_ [`_]£Y OLÀ´¶]£MST] YL NL [¯“LdP_ g MS¯_£ [L_LY LMSPO£MSd£À^ _LOaLO aL]©£Y []LdZULdP_ gg 9£]LO¯d£±TV´£ # PO -ST^P "

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^



RZOOP^^ T^ NZYNP]YPO ,Yd ZYP bSZ [P]^T^_^ TY TYU`]TYR _SP WLYR`LRP RZOOP^^ Z`_ ZQ WLNV ZQ WTYR`T^_TN ^PY^T_TaT_d ^SZ`WO TY^_PLO VPP[ ^TWPY_ LYO YZ_ ]PNT_P _SP APOL TY [`MWTN% w?SP ^[PPNS ZQ L WTX[TYR WLYR`LRP RZOOP^^ TY _SP [`MWTN ]PNT_L_TZY ZQ _SP APOL T^ FL^H TYL[[]Z[]TL_P L^ bSPY L NWPaP] bZXLY bT_S MPL`_TQ`W PdP^ FbST^[P]^ ^bPP_ YZ_STYR^H TY _SP MPO ZQ L OPLQ XLYx !

3P]P bP SLaP _SP _SZ`RS_ Q]ZX _SP ±L_L[L_SL-]£SXL©L TY L YPb aL]TL _TZY% WLYR`LRP T^ L MPL`_TQ`W L__]LN_TaP bZXLY M`_ ZYP bSZX ZYP NLY ZYWd PYUZd TQ ZYP SL^ _SP ]TRS_ VTYO ZQ PL] ?SP NZX[WPcT_d ZQ _SP ^Z`YO ZQ WLYR`LRP L^ LY LP^_SP_TN [SPYZXP YZY NLYYZ_ MP WLTO OZbY TY Q`WW PaPY bT_S ^`NS L OP_LTWPO ^d^_PX L^ _SP ²TV´£  9Z ^NSPXP NZ`WO MP OTQQP]PY_TL_PO PYZ`RS _Z OP^N]TMP LWW _SP Y`LYNP^ TY _SP XZO`WL_TZY^ ZQ [T_NS LYO _TXM]P TY _SP S`XLY aZTNP ,YO dP_ T_ T^ []PNT^PWd _SP^P Y`LYNP^ _SL_ L]P P^^PY_TLW QZ] _SP LP^_SP_TN TX []P^^TZY -PNL`^P ZQ _ST^ OTQQTN`W_d Q]ZX _TXP _Z _TXP _SP [SZYP_TNTLY^ `^P L ^ZXPbSL_ OTQQP]PY_ OTOLN_TN XP_SZO _SLY _SL_ ZQ _SPT] NZWWPLR`P^ ^_`OdTYR R]LXXL] LYO []Z^ZOd ?PNSYTNLW LYLWd_TNLW WLYR`LRP T^ ZQ_PY TY^`QQTNTPY_ _Z QTc LWW _SP [P]NPTaLMWP ^`M_WP_TP^ ZQ ^Z`YO LYO _SP]PQZ]P ZYP ZQ_PY _LVP^ ]PNZ`]^P _Z TXLRP^ LYO XP_L[SZ]^ 1Z] PcLX[WP _SP ]L_SP] ]L]P NLYO]LMTYO` YL^LW ^Z`YO L[[PL]^ _Z SLaP PW`OPO LWW L__PX[_^ L_ NL_PRZ]TeTYR T_ TY _SP ^NTPY_TQTN ^d^_PX ZQ ^Z`YO^ ZQ _SP 4YOTLY LW[SL MP_ ^TYNP _SP OTQQP]PYNP MP_bPPY T_ LYO _SP LY`^a£]L YL^LW ^Z`YO T^ U`^_ _ZZ ^`M_WP% w?SP YL^LW ^Z`YO wÈx ]L«RL NLYO]LMTYO` ]T^P^ Q]ZX _SP SPL]_ LYO ^Z`YO^ WTVP L NdXMLW XLOP ZQ M]L^^ 4_ T^ L RPY_WP _ZYP bSTNS ^_]P_NSP^ ZaP] _bZ XZ]LP mx !

4XLRP^ LYO XP_L[SZ]^ L]P LW^Z [Z[`WL] TY OP^N]T[_TZY^ ZQ ]PNT_L_TZY ^_dWP^ 4Y RPYP]LW _SP ]PNT_P] ZQ L APOTN _Pc_ X`^_ SLaP _SP ^LXP aZNLW \`LWT_TP^ L^ L RZZO ^TYRP] ?SP TX[Z]_LY_ [ZTY_^ TYNW`OP YZ_ ZYWd TY ^_]`N_TZY^ NZYNP]YTYR _SP NZ]]PN_ []ZY`YNTL_TZY M`_ LW^Z LMZ`_ _SP \`LWT_TP^ ZQ _SP ^TYRTYR 0aP]d_STYR ^SZ`WO MP ^`YR L^ WZ`OWd L^ [Z^^T MWP M`_ ^bPP_Wd LYO _PYOP]Wd ^XZZ_SWd LYO [L^^TZYL_PWd 9£]LOÅdL ±TV´£  4_ T^ ZQ NZ`]^P ^WTRS_Wd OTQQP]PY_ Q]ZX Z`] BP^_P]Y `YOP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 9£]LO¯dL ±TV´£  #"  Z`] _]LY^WL_TZY QZWWZbTYR ZY Q]ZX _SP L`_SZ] ZQ _SP NZX XPY_^ ?SP ^Z`]NP _Pc_ ^Ld^% YL ST [£]´©TSL_£ aL©¯ []LdZR£Y aLV_`X L]SL_T g MLOST]L^d PaL _LW[L^_S£ aTOLROS£ a£XLWZNLY£ gg , XZ]P WT_P]LW _]LY^WL_TZY XTRS_ ]PLO% w, WTX[TYR WLYR`LRP RZOOP^^ ^SZ`WO YZ_ ^[PLV TY _SP ^LN]TQTNP^ U`^_ L^ L NWPaP] bZXLY bT_S MPL`_TQ`W PdP^ WdTYR TY _SP MPO ZQ L OPLQ XLY ^SZ`WO YZ_ ^[PLVx ! SšOLd£O `__T´¶SL_P ]L«RLà V£À^dP©L ^LXLYTà^aLYLà g XšO`² NLTaL OaTX£_]L² NL OLOSLYa£À T_T OL]²LYLX gg 9£]LO¯d£±TV´£ # PO -ST^P !



,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

^_LYOTYR ZQ L MPL`_TQ`W aZTNP bSPY _SP ]PNZXXPYOL_TZY T^ QZ] _SP aZTNP _Z MP L^ STRS LYO L^ ^S]TWW aTV]`´¶L L^ [Z^^TMWP TMTO ! =PNT_L_TZY ^SZ`WO MP aP]d QZ]NPQ`W LYO PX[SL_TN -`_ Z_SP] \`LWT_TP^ L]P ]P\`T]PO _ZZ% _SP OdYLXTN^ ^SZ`WO MP ^XZZ_S LYO _SP _ZYP^ ^SZ`WO ^WTOP RPY_Wd TY_Z ZYP LYZ_SP] ?SP [P]QPN_ XPWZOd RWTOP^ wWTVP L QLWNZY _S]Z`RS _SP P_SP]x LYO _SP _ZYP^ ^bT_NS Q]ZX ZYP _Z LYZ_SP] WTVP wQTYP ^SLOZb^ TY _SP ^`YWTRS_x ! 1WZbP]d XP_L[SZ]^ WTVP _SP^P L]P LN_`LWWd YZ_ aP]d _d[T NLW ZQ _SP 4YOTLY ^NTPY_TQTN _Pc_^ -`_ ^_TWW [PZ[WP ^PPX YZ_ _Z SLaP LYd OTQQTN`W_d RZTYR MLNV _Z ^`RRP^_TaP WLYR`LRP bSPYPaP] LNLOPXTN WLY R`LRP NLYYZ_ NZ[P :YP \`T_P ^[PNTQTN _PNSYT\`P TY ^`RRP^_TaP OP^N]T[_TZY T^ QZ`YO TY ]PWL_TZY _Z _SP _ZYLW XL_P]TLW 1ZWWZbTYR ZY OT]PN_Wd Q]ZX _SP -]£SXL ©L^ _SP [SZYP_TN^ SLYOMZZV RTaP^ Y`XP]Z`^ NZ]]P^[ZYOPYNP^ MP_bPPY _SP XTN]ZNZ^XZ^ LYO _SP XLN]ZNZ^XZ^ 1Z] PcLX[WP _SP ^NLWP PNSZP^ _SP bLd TY bSTNS _SP bSZWP bZ]WO T^ ^_]`N_`]PO% w?SP ^N]PLXTYR PcNP^^TaP _ZYP ZQ _SP ^NLWP VPP[^ _SP RZO^ LWTaP ?SP QT]^_ _ZYP YZ`]T^SP^ S`XLYVTYO _SP ^PNZYO YZ`]T^SP^ _SP LYTXLW^ _SP _ST]O YZ`]T^SP^ _SP 2LYOSL]aL^ LYO _SP ,[^L]L^ _SP QZ`]_S YZ`]T^SP^ _SP XLYP^ LYO _SL_ bSTNS T^ MZ]Y Q]ZX PRR^ LYO _SP OPP[ _ZYP RTaP^ WTQP _Z LWW _SP OPXZY^ LYO RZMWTY^ 1TYLWWd _SP ^`[[]P^^PO _ZYP bSTNS PcT^_^ MPdZYO _SP aTM]L_TYR ^[SP]P RTaP^ WTQP _Z _SP bSZWP bZ]WO ZQ _SP WTaTYR LYO _SP WTQP WP^^x !!

?ST^ NZ^XTN TXLRP []ZMLMWd ^P]aP^ NZY_PX[WL_TaP [`][Z^P^ ]L_SP] _SLY PO`NL_TZYLW ZYP^ 4_ NZ]]P^[ZYO^ bT_S _SP _d[TNLW 4YOTLY _PYOPYNd _Z M]TYR PaP]d_STYR TY_Z L [L]_TNT[L_Z]d Z]OP] ?SP ^T_`L_TZY T^ ^TXTWL] bSPY NZWZ]^ OPT_TP^ ^ZNTLW P^_L_P^ LYO LYTXLW^v aZTNP^ L]P LWWZNL_PO _Z _SP _ZYP^ ZQ _SP ^NLWP [WLdPO ZY L QW`_P ?ST^ T^ YZ_ L_ LWW L]MT_]L]d z T_ T^ X`NS XZ]P _SP NL^P _SL_ ^ZXP L^[PN_^ NLY LW^Z MP `YOP]^_ZZO TY L [SP YZXPYZWZRTNLW LYO YL_`]LWT^_TN XLYYP] Z_SP]^ TY LY TOPZWZRTNLW ZYP LYO dP_ Z_SP]^ TY L ^dXMZWTN XP_L[SZ]TNLW ZYP% w4Y _SP ^P\`PYNP [PLNZNV NZb RZL_ N]LYP N`NVZZ SZ]^P LYO PWP[SLY_ _SP LYTXLW^ []ZO`NP L []ZR]P^^TaPWd STRSP] TY_P]aLW TY _SPT] NLWW^ F_SP [PL NZNV []ZO`NP^ _SP _ZYTN m LYO _SP PWP[SLY_ L ^PaPY_SHx !"

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 9£]LO¯d£±TV´£ ! & !# !! V]`´¶P©L OPa£ U¯aLY_T []L_SLXPYL NL X£Y`´£à g [L²LaL^ _` OaT_¯dPYL RLYOSL]a£[^L]L^L^_aLY` gg L©“LU£à [T_L]L² NLTaL NL_S`]_SL^aL]LU¯aTYLà g XLYO]LÀ _a PaZ[LU¯aLY_T [T²£N£^`]L]£V´L^£à gg L_T^a£]P©L Y¯NPYL ULRL_ ^_S£aL]LUL«RLXLX g ^L]a£©T VSLW` MS¼_£YT OS£]dLY_P m gg 9£]LO¯d£±TV´£ "!z#L PO -ST^P   !" BP SLaP _]LY^WL_PO _SP QZWWZbTYR _bZ aP]^P^ TY L ^WTRS_Wd ^TX[WTQTPO XLYYP] WPLaTYR Z`_ _SP _PNSYTNLW _P]X^ QZ] YZ_P^ LYO [T_NSP^% ´L“ULÀ aLOL_T XLd¼]Z R£aZ ]LXMSLY_T NL]´LMSLÀ g LU£aTVP F^TNH _` R£YOS£]LÀ V]L`ÓNZ aLOL_T XLOSdLXLX gg

,`cTWTL]d APOTN >_`OTP^% >d^_PXL_TN^ LYO ,M^_]LN_TZY^



w?SP Q`YOLXPY_LW _ZYP^ _ZYTN QZ`]_S LYO QTQ_S L]P _SP -]LSXTY^ _SP [ZbP]Q`W L^^ZYLYNP^ ^PNZYO LYO ^Tc_S L]P bL]]TZ]^ V´L_]TdL  _SP ]TNS Q`WW L^^ZYLYNP^ _ST]O LYO ^PaPY_S L]P _SP QL]XP]^ aLT²dL  LYO _SP L`R XPY_PO WPLOTYR YZ_P^ XLUZ] _ST]O L^ WPLOTYR YZ_P _Z _SP QZ`]_S LYO XLUZ] ^PaPY_S L^ WPLOTYR YZ_P _Z _SP ZN_LaP ]P[]P^PY_ _SP ^P]aLY_^ ²¼O]L MP NL`^P _SPd QPWW Z`_ ZQ _SP Z_SP] _S]PP P^_L_P^x !# w?SP OPT_d ZQ _SP _ZYTN T^ -]LSX£ _S`^ _SP VYZbWPORPLMWP [PZ[WP ^Ld LYO _SP OPT_d ZQ _SP ^PNZYO T^ _SP QT]P RZO MPNL`^P ZQ _SP RL]T^S WTRS_ ,YO LWW NZb^ ]PUZTNP bSPY _SP _ST]O T^ ^`YR ?SL_ T^ bSd _SPd NZXP bSPY _SPd SPL] _ST^ TY_P]aLW ?SP SPLaPYWd NZb >`]LMST T^ _SP OPT_d ZQ _SP _ST]O -`_ _SP XZZY T^ _SP OPT_d ZQ _SP QZ`]_S LYO _SP QTQ_S QZ] _SP XZZY T^ ]PRL]OPO L^ _SP OPT_d ZQ _SP -]LSXTY^ ,YO MPNL`^P _SP ^PaPY_S ^_LYO^ LMZaP PaP]d _STYR m T_ SL^ L^ T_^ OPT_d _SP ^`Yx !$

?ST^ T^ SZb _SP 9£]LOÅdL±TV´£ L^^ZNTL_P^ ^Z`YO^ LYO ^ZNTLW aL]©L^  NZY_TY`TYR _SP YP_bZ]V NSL]LN_P] ZQ _SP bZ]WO _SL_ T^ L NZXXZY [L__P]Y ^TYNP WL_P APOTN _TXP^ ?SP]P T^ YZ_ ]PLWWd L STP]L]NSd ZQ STRSP] LYO WZbP] NWL^^P^ M`_ ]L_SP] _SP ^ZNTLW R]Z`[^ QZ]X L SL]XZYTN bSZWP WTVP LY Z]NSP^_]L_PO [TPNP ZQ X`^TN BSL_ T^ [SPYZXPYZWZRTNLWWd NWPL] T^ _SL_ _SP []TXL]d TY_P]aLW ZQ _PY^TZY _SP ^PNZYO T^ WTYVPO _Z _SP bL]]TZ]^ LYO _Z QT]P aTL _SP []Z[P]_d ZQ ^_]PYR_S ?SP [`]P TY_P]aLW^ L]P L^^ZNT L_PO bT_S bSL_ T^ -]LSXLYTN ?SP LYTXLW NLWW^ TY _SPT] _`]Y L]P LWWZ NL_PO TY L NZX[WP_PWd YL_`]LWT^_TN QL^STZY ?SP ^P\`PYNP ZQ OPT_TP^ ZY _SP Z_SP] SLYO L[[PL]^ _Z NZY^T^_ LWXZ^_ NZX[WP_PWd ZQ [`]P ^dYP^_SP ^TL^ BP L]P LW]PLOd QLXTWTL] Q]ZX _SP 8£©“¼VdL@[LYT´LO bT_S _SP YZ _TZY ZQ ^Z`YO [SPYZXPYL []ZaTOTYR L Q]LXPbZ]V QZ] ^_L_PXPY_^ LMZ`_ `YTaP]^LWT_d ,YO TY _ST^ _Pc_ ZY [SZYP_TN^ _ZZ bP QTYO XP_L[SZ]^ QZ] _ST^ `YTaP]^LWT_d bSTNS SZbPaP] NLY MP YZ_ ZYWd TY_P][]P_PO TY L XP]PWd ^dXMZWTN bLd L^ TY _SP 8£©“¼VdL@[LYT´LO M`_ bSTNS LW^Z Q`YN_TZY ZY aL]TZ`^ WPaPW^ ^`NS L^ _SP ^ZNTLW YL_`]LWT^_TN LYO LP^_SP_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

!#

!$

[`´[L^£OS£]L©P V£WP VZVTWZ aLV_T [LÓNLXLX g L²aL^ _` OSLTaL_LÀ aLV_T YT´£OLÀ aLV_T V`ÓUL]Là gg  9£]LO¯d£±TV´£  z PO -ST ^P " [LÓNLXZ XLOSdLXLà ´LOUL T_d P_P M]£SXL©£à ^Xš_£à g š´LMSZ OSLTaL_L² N£[T T_d P_L` V´L_]Td£a `MSL` gg R£YOS£]L² NL YT´£OL² NL aLT²d£a L]OSPYL aLT ^Xš_L` g ²¼O]L_aLÀ aTOST N£]OSPYL [L_T_L_a£Y YL ^LÀ²LdLà gg  9£]LO¯d£±TV´£ z PO -ST^P   £OdL^dL OLTaL_LÀ M]LSX£ ´LOUL^d£[d `NdL_P M`OSLTà g _¯V´©LO¯[_T[]LV£²L_a£O š´LMSL^dL S`_£²LYLà gg R£aLà []LR¯_P _`´dLY_T R£YOS£]L^ _PYL SP_`Y£ g ²]`_a£ NLTaZ[L_T´¶SLY_T ^L`]LMSPMSd£ YL ^LÀ²LdLà gg ^ZXL^ _` [LÓNLXL^d£[T OLTaL_LÀ M]LSXL]£¶ ^Xš_LX g m gg"gg L_T^LYOS¯dL_P dL^X£O P_£Y [¼]aZ__ST_£Y ^aL]£Y g _L^X£O mgg#gg mg ^L]a£À² N£MSTMSLaL_d P´L dLO £OT_dZ ^dL OLTaL_LX gg  9£]LO¯d£±TV´£   z$ PO -ST^P $z

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL





?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^

w>_`OPY_^ ZQ _SP APOL L]P QZ]MTOOPY _Z [WLd OTNP ]PLO MZZV^ NSL^P bZXPY ^WPP[ LWW OLd WZYR Z] RZ _Z _SP _SPL_P]x "

?SP \`Z_L_TZY T^ Q]ZX _SP 9£]LOÅdL±TV´£  M`_ ^ZXP ^_`OPY_^ ^PPX YZ_ _Z SLaP ZMPdPO L_ WPL^_ _SP WL^_ ZQ _SP^P []ZSTMT_TZY^ ^TYNP _SP _Pc_^ ZY _SPL_P] ^_`OTP^ LW^Z NZY_LTY z ]L_SP] ZXTYZ`^Wd z \`Z_L_TZY^ Q]ZX _SP bZ]V^ ZQ _SP APOTN [SZYP_TNTLY^ LYO ^ZXP [L^^LRP^ ZY ^NLWP _SPZ]d TY NP]_LTY ±TV´£ bZ]V^ LW^Z ^PPX _Z SLaP MPPY _LVPY Q]ZX _SPL_P] ^_`OTP^ ,^ ZYP XLd OT^]PRL]O _SP [Z^^TMTWT_d ZQ [L]LWWPW TY^[T]L_TZY ZYP APOL ^_`OPY_ Z] LYZ_SP] X`^_ SLaP ^YPLVPO ZQQ _Z _SP _SPL_P] bSP]P T_ ^PPX^ _SL_ ^ZXP XLY`^N]T[_^ bP]P PcNSLYRPO 4_ T^ _]`P _SL_ _SPL_P] ^_`OTP^ L[[WTP^ aP]d ^TXTWL] XP_SZO^ _Z _SZ^P `^PO TY [SZYP_TN^ bSTNS T^ YZ_ ^`][]T^TYR ^TYNP `W_TXL_PWd MZ_S OT^NT[WTYP^ L]P OPOTNL_PO _Z _SP ^PY^Z]d L^[PN_ ZQ ^TRY^ LYO ^Z`YO 4YOTLY _SPL_P] NZX[]T^P^ ^[PPNS [WLd OLYNP ^ZYR LYO TY^_]`XPY_LW X`^TN >_]TN_Wd ^[PLVTYR _SPL_P] T^ OLYNP O]LXL Z] X`^TN O]LXL 5`^_ WTVP _SP APOTN ]PNT_L_TZY XLY`LW^ _SPL_P] ^_`OTP^ LW^Z []ZaTOP OP_LTWPO _PNSYTNLW TY^_]`N_TZY^ LMZ`_ SZb ZYP ^SZ`WO ]PNT_P _Pc_^ , OT^_TYN_TZY T^ XLOP MP_bPPY []P^PY_L_TZY^ _SL_ `^P _SP aZTNP RP^_`]P^ Z] QLNTLW Pc[]P^^TZY LMSTYLdL  ?SPL_P] ^_`OTP^ SZbPaP] T^ Md YZ XPLY^ WTXT_PO _Z _SP PcLN_ OP^N]T[_TZY LYO LYLWd^T^ ZQ LN_TYR _PNSYT\`P^ M`_ LW^Z [`_^ _SP^P _PNSYT\`P^ TY_Z L RWZMLW XP_LWTYR`T^_TN NL_PRZ]d bSTNS _]TP^ _Z NZaP] _SP ^PY^Z]d PXZ_TaP NZY_PY_ ZQ _SP LN_Z]^v aZTNP^ RP^_`]P^ LYO QLNP^ z _SP ]L^L BSL_ T^ XZ]P NSL]LN_P]T^_TN ZQ _SPL_P] ^_`OTP^ _SLY LYd_STYR PW^P T^ _ST^ NPY_]LW _P]X ]L^L  TP XZZO Pc[]P^^TZY O]LXL_TN PQQPN_ ?SP XLTY ^Z`]NP QZ] _SPL_P] ^_`OTP^ T^ -SL]L_Lv^ 9£¶dL²£^_]L w?Pc_ MZZV QZ] _SP _SPL_P]x " 4_ bL^ []ZMLMWd [`_ _ZRP_SP] ZaP] L [P]TZO ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 8Z]P WT_P]LWWd w?SP ^Tc ZM^_]`N_TZY^ _Z L__LTYTYR FAPOTNH VYZbWPORP L]P OTNP WZaP ZQ _SP _SPL_P] ]PLOTYR MZZV^ bZXPY LYO ^WPP[TYP^^x% Od¼_LÀ [`^_LVLa£OdLÀ NL Y£¶LVP´` NL ^LV_TV£ F^LV_L_£*H g ^_]TdL^_LYO]£ NL YTO]£ NL aTOd£aTRSYLVL]£©T ´L¶ gg  9£]LO¯d£±TV´£ # PO -ST^P " " ?SP 9£¶dL²£^_]L ZQ -SL]L_L bT_S _SP NZXXPYL]d Md ,MSTYLaLR`[_L 0O 8LYLaLWWT =LXLV]T^SYL 6LaT -L]ZOL% $! QQ& LYO = > 9LRL]  aZW^ /PWST% ;L]TXLW 0OT _TZY^  $## @YWTVP WL_P] MZZV^ ZY _SP ^`MUPN_ -SL]L_Lv^ _]PL_T^P T^ ZY _SPL_P] LYO YZ_ dP_ L bZ]V ZY OLYNP z L QLN_ ZY bSTNS _SP NZXXPY_L_Z] ,MSTYLaLR`[_L _S NPY_ [ZYOP]^ ZaP] XLYd [LRP^ ?SP bZ]V bL^ _SP QT]^_ _]PL_T^P ZQ ]L^L LP^_SP_TN^ bSTNS ,MSTYLaLR`[_L ]PQTYPO ?SP]P SLaP MPPY L R]PL_ Y`XMP] ZQ ^PNZYOL]d ^_`OTP^ ZY 4YOTLY _SPL_]P OLYNP LYO LP^_SP_TN^ ?Z XPY_TZY ZYWd L QPb% .SLYO]L -SLY 2`[_L ?SP 4YOTLY ?SPL_]P -LYL]L^% 8Z_TWLW -LYL]^TOL^^ $ & ;L`W ?STPXP w/L^ TYOT^NSP ?SPL_P]x TY 1P]YØ^_WTNSP^ ?SPL_P] PO 36TYOP]XLYY >_`__RL]_% 6]ØYP] $!! z

?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^



^PaP]LW NPY_`]TP^ " LYO NZY_LTY^ ^ZXP aP]d ZWO XL_P]TLW bSTNS XLd [Z^^TMWd OL_P MLNV _Z ;£©TYTv^ _TXP ?SP bZ]V NZaP]^ LWW _SP L]_^ _SL_ L]P TX[Z]_LY_ QZ] X`^TNLW _SPL_P]% [ZP_]d []Z^ZOd OLYNP X`^TN _SPZ]d ^TYRTYR LYO _SP ^_`Od ZQ TY^_]`XPY_^ O]LXL _SPZ]d ^_LRP NZY^_]`N_TZY NZ^_`XP^ LYO XLVP`[ LYO _PNSYT\`P^ QZ] OT]PN_TYR 4_ T^ _SP 9£¶dL²£^_]L bSP]P _SP _SPL_P] XLVP^ T_^ NWLTX _Z MP _SP wQTQ_S APOLx L APOL QZ] _SP [PZ[WP TMTO z# 4Y QLN_ _SP ZYWd _STYR T_ ^SL]P^ bT_S _SP APOL T^ _SP NWLTX _Z `YTaP]^LWT_d% w0aP]d_STYR _SL_ ZNN`]^ TY _SP _S]PP bZ]WO^ FPL]_S LT] LYO SPLaPY^H T^ _SP ^`MUPN_ ZQ _SP _SPL_P]x " ?ST^ NWLTX ZQ `YTaP]^LWT_d bSTNS T^ L__]TM`_PO _Z _SP APOL T^ QZ`YOPO TY _SP MPWTPQ TY T_^ _TXPWP^^YP^^ LYO P_P]YLW aLWTOT_d ?SP `YTaP]^LWT_d ZQ _SP _SPL_P] WTP^ TY _SP YZ_TZY _SL_ _SP bSZWP ZQ ]PLWT_d T^ ]P[]P^PY_PO 4_ TX[L]_^ Pc_PY^TaP VYZbWPORP LMZ`_ _SP bZ]WO LYO [ZTY_^ Z`_ _SP NZY^P \`PYNP^ ZQ OZTYR ]TRS_ LYO b]ZYR OP^N]TMP^ _SP aL]TZ`^ QL_P^ ZQ _SP MPTYR^ LYO _SPT] MPSLaTZ] TY SL[[TYP^^ LYO TY XT^P]d >Z T_ T^ YZ_ ZYWd PY_P]_LTYTYR M`_ LW^Z PO`NL_TZYLW LYO NZXQZ]_TYR TMTO z -SL]L_Lv^ _SPL_P] T^ _]dTYR _Z MP w`YTaP]^LW _SPL_P]x TY _SP _]`P^_ ^PY^P ZQ _SP bZ]O LYO _ST^ T^ Pc[]P^^PO YZ_ WPL^_ TY ST^ XP_LWTYR`T^_TN ]L^L _SPZ]d



;SPYZXPYZWZRd ZQ 8ZZO^

?SP Z]TRTYLW XPLYTYR ZQ ]L^L bL^ w^L[ ZQ L [WLY_x ?SP]P L]P XLYd WPcTNLW XPLYTYR^ ZQ _SP _P]X TY NWL^^TNLW >LY^V]T_% u_L^_Pv LMZaP LWW uL bSZWP^ZXP _L^_Pv LYO _SP]PQZ]P LW^Z uP^^PYNPv MZ_S TY L _PNSYTNLW ^PY^P LYO L XP_L[SZ]TNLW ZYP& TY LOOT_TZY uNZYOPY^L_Pv LYO uNZYNPY_]L_Pv LYO _SP]PQZ]P LW^Z uO]`Rv Z] uXPOTNTYPv 1Z] -SL]L_L ]L^L XPLY^ _SP ^[PNTQTN XZZO^ L]Z`^PO LXZYR^_ _SP L`OTPYNP O`]TYR L [P]QZ]XLYNP TY _SP _SPL _P] :YP NLY YPT_SP] ^PP YZ] SPL] _SP ]L^L Z] _SP O]LXL_TN PQQPN_ ,N NZ]OTYR _Z -SL]L_L ZYP NLY ZYWd w_L^_Px T_ z bP bZ`WO ^Ld wQPPWx T_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ & 0YLV^ST -SLaYLYT ?SP /LYNP TY 4YOTL -ZXMLd% ?L]L[Z]PaLWL  $"& 1LM]TeTL -LWOT^^P]L LYO ,cPW 8TNSLPW^ /P] TYOT^NSP ?LYe 6ØWY% /`8ZY_ $##& 2L^_ZY ,YYP8L]TP -SL]L_L 9L_dLX% 1]ZX ?PX[WP _Z ?SPL_]P /PWST% 8LYZSL] $$!& 6LY_T .SLYO]L ;LYOPd 4YOTLY ,P^_SP_TN^ -LYL]L^% .SZbVSLXML $ & =LYTP]Z 2YZWT ?SP LP^_SP_TN Pc[P]TPYNP LNNZ]OTYR _Z ,MSTYLaLR`[_L =ZXP% 4^80: $ !& ? ; =LXLNSLYO]LY ?SP 4YOTLY ;STWZ^Z[Sd ZQ -PL`_d   aZW^ 8LO]L^% @YTa ZQ 8LO]L^ $"$z$#& ;L`W 3LNVP] 2]`YOWLRPY TYOT^NSP] /TNS_`YR `YO TYOT^NSPY /PYVPY^ ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP $#  " 1Z] ^TX[WTNT_d bP ^SLWW ^[PLV ZQ w-SL]L_Lx LW_SZ`RS _SP bZ]V X`^_ SLaP SLO XZ]P _SLY ZYP L`_SZ] ?SP _Pc_ bL^ []Z[LMWd NZX[TWPO Q]ZX YO]O NPY_`]d -. _Z _S _S NPY_`]d ,/ M`_ XLd NZY_LTY X`NS XZ]P LYNTPY_ XL_P]TLW " m _]LTWZVdL^d£^dL ^L]aL^dL YL¶dLÀ MS£a£Y`V¯]_LYLX g 9£¶dL²£^_]L "

!

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

=L^L^ NLY MP PXMZOTPO aZNLWTePO LYO aT^`LWTePO LYO _ST^ T^ []P NT^PWd bSL_ SL[[PY^ TY _SP _SPL_P] -SL]L_L NL_PRZ]TeP^ _SP [Z^^TMWP ]P[]P^PY_L_TZY^ L^ QZWWZb^% − ]P[]P^PY_L_TZY Md RP^_`]P^ [P]QZ]XPO bT_S _SP WTXM^ £«RTVL Z] _SP MZOd& − ]P[]P^PY_L_TZY Md _SP OP^N]T[_TZY ZQ ^T_`L_TZY^ TY _SP XZYZWZR`P^ LYO OTLWZR`P^ ZQ _SP LN_Z]^ LYO LW^Z Md _SP NSL]LN_P] ZQ _SP Pc[]P^ ^TZY ZQ _SP OPNWLXL_TZY a£NTVL  TP aZNLW RP^_`]P^& − ]P[]P^PY_L_TZY Md [^dNSZWZRTNLW Z] [^dNSZ[Sd^TNLW RP^_`]P^ ^£__ aTVL  ^`NS L^ ZYPv^ SLT] ^_LYOTYR ZY PYO Z] bPP[TYR L^ LY Pc[]P^ ^TZY ZQ ^_]ZYR PXZ_TZY^ LYO QPPWTYR^ MS£aL & − ]P[]P^PY_L_TZY Md Z_SP] _STYR^ ^`NS L^ NZ^_`XP UPbPW]d XLVP`[ LYO X`^TNLW LNNZX[LYTXPY_ ?SP R]PL_P^_ TYQW`PYNP TY _SP OPaPWZ[XPY_ ZQ _SP ]L^L _SPZ]d bL^ []ZML MWd _SP YPPO _Z []ZaTOP ^[PNTQTN TY^_]`N_TZY^ QZ] _SP ^£__aTVL RP^_`]P^ _ZZ bSZ^P PcPN`_TZY ]P\`T]PO _SP [P]QZ]XP] _Z TXXP]^P STX^PWQ TY _SP XZZO ZQ L ^NPYP ,^ L NZY^P\`PYNP _Z OP^N]TMP _SP ]PLWTeL_TZY ZQ _SP ^£__aTVL RP^_`]P^ ZYP SLO LW^Z _Z OP^N]TMP _SP XZZO^ ?ST^ YPNP^^L]TWd WPO _Z _SP N]PL_TZY ZQ LY PL]Wd [SPYZXPYZWZRd LYO _SP QZ]XL_TZY ZQ LY Pc_PY^TaP LYO ^`M_WP WLYR`LRP ZQ RP^_`]P^ 4Y ST^ [SPYZXPYZWZRTNLW Pc[WZ]L_TZY ZQ _SP ^[PN_]`X ZQ S`XLY QPPW TYR^ -SL]L_L NWL^^TQTP^ PTRS_ Q`YOLXPY_LW ^_L_P^ ZQ _SP ^Z`W Z] _d[P^ ZQ PXZ_TZY^ ^_S£dTMS£aL  ?SPd L]P NZYOPY^PO TY _SP L]_T^_TN Pc[]P^^TZY ZQ _SP O]LXL LYO WPLO _Z PTRS_ ]L^L^  Z] wLP^_SP_TN XZZO^x -SL]L_L XLVP^ L ^_]TN_ OT^_TYN_TZY MP_bPPY _SP Z]OTYL]d _d[P^ ZQ PXZ_TZY^ PR UZWWT_d LYO LP^_SP_TN ^PY_TXPY_^ TY _ST^ NL^P _SP NZXTN XZZO ?d[P^ ZQ PXZ_TZY^ L]P ^`MUPN_TaP LYO [P]^ZYLW bSTWP ]L^L^ L]P _]LY^[P]^ZYLW 1Z] PcLX[WP _SP V]L`ÓNL P[T^ZOP bSTNS []PW`OP^ _SP =£X£dL©L  OP^N]TMP^ SZb _SP L`_SZ] ZQ _SP P[TN A£WXÅVT ^Lb L QPXLWP MT]O ^SZ_ Md L MT]ONL_NSP]v^ L]]Zb LYO _SP [LTY ZQ T_^ XL_P ?ST^ NL`^PO STX _Z b]T_P ST^ QLXZ`^ bZ]V TY _ST^ Q`YOLXPY_LW XZZO ,NNZ]OTYR _Z WL_P] L]_ _SPZ]T^_^ T_ T^ YZ_ _SP [L]_TN`WL] [LTY ZQ _SP MT]O YPT_SP] T^ T_ _SP ^`MUPN _TaP QPPWTYR ZQ _SP [ZP_ _SL_ QZ`YO Pc[]P^^TZY TY _ST^ QT]^_ aP]^P M`_ [LTY LYO [T_d TY RPYP]LW ,NNZ]OTYR _Z 4YOTLY LP^_SP_TN^ _SPZ]d QPPWTYR^ LWbLd^ L[[PL] TY bZ]V^ ZQ L]_ TY L OP[P]^ZYLWTePO QZ]X ^£OS£]L©ÅVŽ_L  1Z] _ST^ ]PL^ZY _SPd L]P LMWP _Z L]Z`^P _SP ^LXP QPPWTYR^ TY OTQQP]PY_ [PZ[WP LYO L]P NL[LMWP ZQ Pc[]P^^TYR `YTaP]^LW QPL_`]P^ LMZ`_ WTQP 4Y _ST^ ^PY^P _SP _]LY^[P]^ZYLW LP^_SP_TN ^PY_TXPY_^ L]P NWL^^TQTPO%  P]Z_TN ]ZXLY_TN XZZO ²š«R£]L T^ ML^PO ZY [WPL^`]P ZQ WZaP LYO UZTP OP aTa]P ]L_T &  NZXTN XZZO S£^dL T^ ML^PO ZY _SP ^`MUPN_TaP PXZ_TZY^ ZQ WL`RSTYR LYO NSPP]Q`WYP^^ S£^L &

?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^

"

 _]LRTN LYO [T_dTYR XZZO VL]`©£ T^ ML^PO ZY ^Z]]Zb LYO ^`QQP]TYR ²ZVL &  _]PXPYOZ`^ LbP^ZXP LYO _P]]TQTN XZZO ]L`O]L " T^ ML^PO ZY T]]T_L _TZY ]LRP LYO LYRP] V]ZOSL &  SP]ZTN XZZO aÅ]L T^ ML^PO ZY bTWW ^_LXTYL ^_PLOQL^_YP^^ PQQZ]_ LYO ^_]PYR_S `_^£SL & ! XZZO ZQ SZ]]Z] ^S`OOP] LYO N]PP[d XZZO TY _SP LP^_SP_TN ^PY^P MSLd£YLVL T^ ML^PO ZY QPL] LYO LYcTP_d MSLdL & " ]PaZW_TYR XZZO OT^R`^_ LYO ]Pa`W^TZY L^ LY LP^_SP_TN \`LWT_d MÅM SL_^L T^ ML^PO ZY LaP]^TZY LYO SL_]PO U`R`[^£  TP ZY ]Pa`W^TZY TY L [^dNSZWZRTNLW ^PY^P LYO # ^PY_TXPY_ ZQ _SP QLY_L^_TN LYO bZYOP]Q`W LOMS`_L T^ ML^PO ZY L^ _ZYT^SXPY_ aT^XLdL  " ,NNZ]OTYR _Z _ST^ _SPZ]d _SP ]P[]P^PY_L_TZY ZQ [WPL^`]P ZQ WZaP LYO W`^_ QZ] WTQP ]L_T Md NP]_LTY RP^_`]P^ LYO OP^N]T[_TZY^ N]PL_P^ LY P]Z_TN LYO ]ZXLY_TN XZZO ²Ž«R£]L]L^L  :] _Z Pc[]P^^ T_ _SP Z_SP] bLd ]Z`YO _SP P]Z_TN LYO ]ZXLY_TN ^PY_TXPY_ T^ ML^PO ZY _SP XTXTN ]P[]P^PY_L_TZY ZQ WZaP]PWL_TZY^ST[^ ±Ž«R£]L T^ _S`^ YZ_ _SP OP^T]P ZQ Z] QZ] LY TYOTaTO`LW [P]^ZY M`_ L _]LY^[P]^ZYLW LP^_SP_TN ^_L_P bSTNS X`^_ YZ_ MP P\`L_PO bT_S _SP PXZ_TZYLW ^_L_P MS£aL ZQ ^ZXP ZYP TY WZaP 4_ T^ TY_P]P^_TYR _SL_ `YWTVP NWL^^TNLW BP^_P]Y LP^_SP_TN^ PaPY ]Pa`W ^TZY LYO OT^R`^_ LW^Z MPWZYR _Z _SP ^_L_P^ ZQ _SP XTYO _SL_ L]P PWTRTMWP QZ] _]PL_XPY_ TY _SP L]_^ 4YOTLY LP^_SP_TN^ SL^ L NSL]LN_P]T^_TN ^_]TaTYR _Z TY_PR]L_P _SP OTaP]RTYR ^_L_P^ ZQ _SP ^Z`W TY bZ]V^ ZQ L]_ 4_ OZP^ YZ_ _]d _Z ]P[]P^PY_ bSL_ T^ wMPL`_TQ`Wx bT_S ^TX`W_LYPZ`^ PcNW`^TZY ZQ bSL_ T^ w`RWdx z _SL_ T^ T_ SL^ L _Z_LWWd OTQQP]PY_ []ZR]LX _SLY _SL_ ZQ NWL^^T NLW BP^_P]Y LP^_SP_TN^ ?SP _SPL_P] LTX^ _Z SL]XZYTeP _SP XLYd LYO aL]TPO QTPWO^ ZQ XPLYTYR TY WTQP bT_S ZYP LYZ_SP] bSTNS PcT^_ TY PaP]d OLd WTQP ^P[L]L_PO Q]ZX LYO NZYQWTN_TYR bT_S ZYP LYZ_SP]% w>ZXP_TXP^ bP ^SZb OSL]XL YZMWP OPPO^ bT_S STRS XZ]LW^ ^ZXP_TXP^ NZXPOd LYO RLXP^ ^ZXP_TXP^ ^_]TaTYR QZ] ]TNSP^ ^ZXP_TXP^ L [PLNPQ`W ^Z`W >ZXP_TXP^ [PZ[WP WL`RS ^ZXP_TXP^ _SPd QTRS_ ^ZXP_TXP^ _SPd L]P TY WZaP LYO ^ZXP_TXP^ _SPd NZXXT_ X`]OP]x "!

?ST^ SZWT^_TN NWLTX T^ _LVPY ^P]TZ`^Wd 0aP]d XZZO T^ [LTY^_LVTYRWd OP ^N]TMPO TY L [SPYZXPYZWZRTNLW XLYYP] ?Z PaP]d XZZO L OPT_d LYO L

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 7T_P]LWWd wMPWZYRTYR _Z =`O]Lx Z] w^TXTWL] _Z =`O]Lx " >PP LW^Z =LXLNSLYO]LY 4YOTLY ;STWZ^Z[Sd ZQ -PL`_d ;_  $# & 3LNVP] 2]`YOWLRPY TYOT^NSP] /TNS_`YR $#   "! VaLNTO OSL]XLà VaLNT_ V]¯“£ VaLNTO L]_SLà VaLNTNNSLXLà g VaLNTOOS£^dLÀ VaLNTO d`OOSLÀ VaLNT_ V£XLà VaLNTO aLOSLà gg 9£¶dL²£^_]L #

#

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

NZWZ] L]P LWWZNL_PO ,^ LY TWW`^_]L_TZY XLd ^P]aP _SP w_]PXPYO`Xx Z] _P]]TQdTYR ]L`O]L LYO _SP wQL^NTYLY^x Z] bZYOP]Q`W LOMS`_L  "" BSL_ T^ _P]]TQdTYR  ]L`O]L WT_ w_SP ^_L_P ZQ _SP RZO =`O]Lx SL^ =`O]L L^ T_^ OPT_d ?SP NZWZ] ZQ _ST^ XZZO T^ FMWZZOH ]PO% w?SP Q`YOLXPY_LW ^_L_P ZQ _SP _P]]TQdTYR XZZO T^ LYRP] LYO Z`_]LRP V]ZOSL  4_ SL^ _SP NSL]LN_P] ZQ L OPXZY ZQ L bTWO RTLY_ Z] ZQ LY L]]ZRLY_ S`XLY MPTYR 4_ WPLO^ _Z bL] 4_ L]T^P^ aTMS£aL bSPY ^ZXPMZOd T^ LYR]d LYO Z`_]LRPO XT^_]PL_PO ZQQPYOPO OPNPTaPO L__LNVPO Z] LM`^PO bSPY SP T^ MPTYR _S]PL_PYPO Z] NSL^PO ?SP^P Pc[]P^^TZY^ LY`MS£aL ]PaPLW T_% _SP [P]^ZY WP_^ QWd bT_S ST^ QT^_^ SP NL`^P^ S`]_ ZY [`][Z^P OP^_]Zd^ _STYR^ ^PTeP^ _STYR^ aTZWPY_Wd QZ] STX^PWQ _LVP^ `[ bPL[ZY^ LYO TYU`]P^ Z_SP]^ LYO O]Lb^ MWZZO 4_ NLY LW^Z MP Pc[]P^^PO TY _ST^ bLd% _SP PdP^ _`]Y ]PO _SP PdPM]Zb^ L]P O]LbY _ZRP_SP] SP []P^^P^ ST^ WT[^ _ZRP_SP] LYO R]TYO^ ST^ _PP_S bSTWP ST^ NSPPV^ QWL[ LYO SP NWPYNSP^ ST^ QT^_^ ?SP _PX[Z]L]d ^_L_P^ adLMSTN£]TY L]P _SP^P% ^ZXP_TXP^ ZYP SL^ L NWPL] SPLO ^ZXP_TXP^ ZYP T^ ZQ bLY_ZY YL_`]P Z] L]Z`^PO ^ZXP_STYR PL_^ ZYP `[ ^ZXP_TXP^ ZYP MPNZXP^ M]`_LW LYO aTZWPY_ LYO _SPY TYOPNT^TaP LRLTY XP]NTWP^^ LYO L]]Z RLY_ :YP ^bPL_^ ^SLVP^ ZYPv^ SLT] ^_LYO^ ZY PYO LYO ZYP ^_`__P]^x "#

1L^NTYL_TZY  LOMS`_L  WT_ wbZYOP]Q`W XL]aPWZ`^ Pc_]LZ]OTYL]d ^`[P] YL_`]LW LY ZXPYx SL^ -]LSX£ L^ T_^ OPT_d LYO NLYL]d Z] WPXZY dPWWZb L^ T_^ NZWZ]% w?SP Q`YOLXPY_LW ^_L_P ZQ _SP XZZO ZQ _SP QLY_L^_TN LYO bZYOP]Q`W T^ L^ _ZYT^SXPY_ 4_ L]T^P^ bSPY ZYP ^PP^ SPLaPYWd MPTYR^ bSPY L WZYR^_LYOTYR bT^S T^ Q`WQTWWPO bSPY ZYP PY_P]^ L R]ZaP Z] L _PX[WP bSPY ZYP TXLRTYP^ SPLaPYWd L^^PXMWTP^ SPLaPYWd [LWLNP^ ^`[P]YL_`]LW [SPYZXPYL ^`NS L^ _]LY^QTR`]L_TZY Z] XLRTN TWW`^TZY^ Z] bSPY ZYP ^PP^ Z] SPL]^ ZQ _SP^P _STYR^ ?SP^P Pc[]P^^TZY^ ]PaPLW T_% _SP PdP^ L]P bTOP Z[PY LYO TXXZaLMWP ZYP SL^ RZZ^PQWP^S _SP PdP^ bL_P] _SP]P T^ ^bPL_ ZY ZYPv^ M]Zb ^STaP]^ ZQ UZd ]`Y OZbY ZYPv^ MLNV ZYP NLWW^ u: :v LYO uM]LaZv XLVP^ ^[ZY_LYP Z`^ RTQ_^ XLVP^ `YNZY_]ZWWLMWP XZaPXPY_^ bT_S ZYPv^ L]X^ LYO QLNP LYO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" =`OZWQ :__Zv^ XLUZ] _P]X^ ZQ _SP 9`XTYZ`^ Z] 3ZWd z _SP NZY_]L^_SL]XZYd w8d^_P ]T`X _]PXPYO`Xx LYO w8d^_P]T`X QL^NTYLY^x :__Z /L^ 3PTWTRP  $" z L]P \`T_P ^`T_LMWP QZ] _SP 4YOTLY NWL^^TQTNL_TZY ZQ OPT_TP^ `R]L LYO ^L`XdL  LYO TY [L]_ LW^Z QZ] _SP LP^_SP_TN XZZO^ OP^N]TMPO LMZaP 4_ T^ _d[TNLW SZbPaP] _SL_ _SP 4YOTLY [P]^[PN _TaP T^ YZ_ ]P^_]TN_PO _Z ^`[]LX`YOLYP >PP LW^Z ,YYP__P BTWVP wu>_TXX`YRPYv `YO uE`^_ÆYOPv 4YOT^NSP ¦^_SP_TV `YO 2PQÞSW^]PWTRTZ^T_Æ_x TY 9ZNS PTYP .SLYNP QÞ] OTP =P WTRTZY^[SÆYZXPYZWZRTP*  PO , 8TNSLPW^ / ;PeeZWT:WRTL_T LYO 1 >_ZWe -P]YP% 7LYR  z! "# L_SL ]L`O]Z Y£XL V]ZOSL^_S£dTMS£a£_XLVZ ]LV´ZO£YLaZOOSL_LXLY`´dL[]LVš_Tà ^LÀR]£XLSP_`VLà g ^L NL V]ZOS£OSL]´L©£OSTV´P[£Yš_LaLNLYZ[LRS£_La£V[£]`´d£MST O]ZSLX£_^L]d£OTMST] aTMS£aLT]`_[LOdL_P g _L^dL NL _£“LYL[£¶LYL[¯“LYLNNSPOLYL MSPOLYL[]LSL]L©£SL]L©L²L^_L^LÀ[£_L^LÀ[]LS£]L]`OST]£VL]´L©£Od£YT VL]X£©T g [`YL² NL ]LV_LYLdLYLMS]`V`¶¯VL]L©LOLY_Z´¶SL[¯“LYLRL©“L^[S`]L©LSL^_£R]TYT´[P´£OTMST ]LY`MS£aLT] LMSTYLdLà []LdZV_LadLà g MS£a£² N£^d£^LÀXZSZ_^£S£aPR£XL]´L NL[LWL_L`R]dLRL]aL^aPOLaP[L_S`]ZX£ÓNLRLORLO£OLdLà g 9£¶dL²£^_]L !!

?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^

$

ZYPv^ ]ZMP QWL[^ LMZ`_ :YP Pc[P]TPYNP^ ^_L_P^ ZQ MPTYR ^[PWWMZ`YO ZQ L]Z`^LW NZYQ`^TZY LYO ^`][]T^P Z] ZYP NZWWL[^P^ TY L QLTY_x "$

>Z -SL]L_L OPQTYP^ ST^ ]L^L^ []TXL]TWd TY L WT_P]L]d bLd% aTL NP]_LTY ^NPYL]TZ^ LYO []PQP]LMWd WT_P]L]d _]Z[P^ ^`NS L^ _SP _Z[ZT wSPLaPYWd L^^PXMWTP^x LYO wSPLaPYWd [LWLNP^x bSTNS RPYP]L_P _SP^P XZZO^ LYO SL]MZ] _SPX bT_STY _SPX^PWaP^ 3ZbPaP] L^ _SP aZNLW _PNSYT\`P XLVP^ NWPL] _SP XZZO^ L]P YZ_ U`^_ ]SP_Z]TNLW PWPXPY_^ L^ _SP WL_P] ^NSZWL]^ ZQ [ZP_]d ^`NS L^ /L©“TY ^PP MPWZb ZQ_PY XT^_LVPYWd _SZ`RS_ ?SP WT_P] L]d _Z[ZT _Z bSTNS -SL]L_L ]PQP]^ L]P XP]PWd PcLX[WP^ _SL_ L]P bPWW VYZbY _Z PaP]dZYP TY ST^ L`OTPYNP 4Y QLN_ SP ^_]TaP^ QZ] NWL^^TQTNL_TZY ZQ `YTaP]^LW QPPWTYR^ LYO _SPT] LP^_SP_TN QZ]X^ ZQ Pc[]P^^TZY BSL_ T^ TX[Z]_LY_ _Z STX T^ `YTaP]^LW LP^_SP_TN NL_PRZ]TP^ 1Z] PcLX[WP _SP wQWL[[TYR NSPPV^x ^TX[Wd ]PaPLW LY TYYP] _PY^TZY wMPTYR `YOP] []P^ ^`]Px bSTNS XLYTQP^_^ T_^PWQ [Sd^TZWZRTNLWWd L^ LY TYN]PL^P TY _SP ]L_P ZQ M]PL_STYR z _SP LN_Z] `^P^ wQWL[[TYR NSPPV^x _Z TYOTNL_P _SP R]PL_P] aZW`XP ZQ LT] M]PL_SPO TY LYO Z`_ , BP^_P]Y LN_Z] bZ`WO ]P[]P^PY_ _SP ^LXP [^dNSZ[Sd^TNLW [SPYZXPYZY OTQQP]PY_Wd >Z _SP ^NPYL]TZ^ LN _TZY^ LYO RP^_`]P^ `^PO L]P YPaP] LYd_STYR Z_SP] _SLY ^TRY^ ?SP ]L^L _P]XTYZWZRd TY _SP 9£¶dL²£^_]L XLd MP _P]XPO L XP_L WLYR`LRP _ZZ ?SP Q`YN_TZY^ ZQ _ST^ XP_LWLYR`LRP L]P NZX[L]LMWP bT_S _SP QZ]X`WLTN WLYR`LRP ZQ ;£©TYT M`_ T_^ NZY_PY_ T^ _SP []PNT^P Z[[Z^T_P BSTWP R]LXXL] T^ NZYNP]YPO bT_S _STYR^ _SL_ PcT^_ ZYWd TY LM^_]LN_ QZ]X LP^_SP_TN^ T^ NZYNP]YPO bT_S _STYR^ _SL_ PcT^_ ZYWd TY [L]_TNT[L _TZY ;£©TYTv^ XP_LWLYR`LRP ^_]T[^ _SP bZ]O wR]Zb_Sx ZQ T_^ YL_`]LW L^^ZNTL_TZY^ LYO WPYO^ T_ L [`]PWd R]LXXL_TNLW XPLYTYR ?SP XP_L_P]X wR]Zb_Sx OZP^ YZ_ ^`RRP^_ SL[[TYP^^ LYO []Z^[P]T_d M`_ T^ ^TX[Wd L R]LXXL_TNLW OPQTYT_TZY .ZY^P\`PY_Wd _SP QZ]X`WL aŽOOST] £O LTN OZP^ YZ_ TYOTNL_P _SL_ _SP aZbPW^ w£x wLTx LYO wL`x M]TYR SL[[TYP^^ LYO []Z^[P]T_d M`_ TY^_PLO XP]PWd OP^N]TMP^ _SP R]LXXL_TNLW []Z[P]_d ZQ []Z_]LN_TZY -SL]L_Lv^ XP_LWLYR`LRP ZYP _SP Z_SP] SLYO `^P^ _SP bZ]O wP]Z_TNT^Xx  ²Ž«R£]L WT_P]LWWd w^STYTYR LOZ]YXPY_x M`_ LW^Z wP]Z_TN WZaPx _Z O]LQ_ L XP]P ^dXMZW bSTNS T^ ^P[L]L_PO Q]ZX LWW LN_`LW ZNN`] ]PYNP^ ZQ MPTYR TY WZaP LYO ^Pc`LWT_d LYO SL^ L [`]PWd LP^_SP_TN XPLY TYR ,W_SZ`RS _SP P]Z_TN L_XZ^[SP]P ZQ L ^NPYP NLY MP QPW_ ZYP NLYYZ_ LN_`LWWd OPQTYP T_ z L_ XZ^_ ZYP NLY QTYO bLd^ ZQ OP^N]TMTYR NT]N`X ^N]TMTYR LYO LWW`OTYR _Z T_ ?ST^ T^ LNSTPaPO Md aP]MLW LYO YZYaP]MLW XPOTL TY [L]_TN`WL] Md aT^`LW LYO ^ZYTN wRP^_`]P^x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ L_S£OMS`_Z Y£XL aT^XLdL^_S£dTMS£a£_XLVLà g ^L NL OTadLULYLOL]²LYP[^T_LXLYZ]L_S£ a£[_d`[LaLYLOPaLV`W£OTRLXLYL^LMS£aTX£YLX£dPYO]LU£WL^LÀMS£aLY£OTMST ]aTMS£aLT] `_[LOdL_P g _L^dL YLdLYLaT^_£]£YTXP´L[]PV´L©L]ZX£ÓN£²]` ^aPOLSL]´L^£OS`a£OLO£YL[]LMLYOSLS£S£V£]LM£S`aLOLYLNPW£«R`WTMS]LXL©£OTMST] LY`MS£aLT] LMSTYLdLà []LdZV_LadLà g MS£a£² N£^dL ^_LXMS£²]`^aPOL RLORLOL]ZX£ÓN£aPRL^LÀMS]LXLUL“L_£[]LWLd£OLdLà g  9£¶dL²£^_]L !" 



,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL



>PXLY_TNTeL_TZY ZQ 2P^_`]P^

-SL]L_L OP^N]TMP^ _SP L`OTZaT^`LW NZXX`YTNL_TZY ZQ _SP ]L^L^ L^ SLaTYR XLYd ^_LRP^ 3P MPRTY^ bT_S _SP XZ^_ []PNT^P [SPYZXPYZWZRTNLW OP ^N]T[_TZY ZQ  _]LY^T_Z]d ^`MUPN_TaP PXZ_TZYLW ^_L_P^ adLMSTN£]T MS£aL  LOOPO _Z _SP PTRS_ OZXTYLY_ PXZ_TZYLW ^_L_P^ ^_S£dTMS£aL  ?ST^ LW^Z TYNW`OP^ ^_L_P^ ^`NS L^ OP[]P^^TZY OZ`M_ _T]POYP^^ bZ]]d UPLWZ`^d NP]_LTY_d UZdQ`W L]Z`^LW LYO XLOYP^^ ?SP^P ^`[[WPXPY_L]d PXZ_TZYLW ^_L_P^ PYNZX[L^^ [^dNSZ[Sd^TNLW ZYP^ ^`NS L^ O]PLXTYR LRZYd TWWYP^^ LYO LXYP^TL 5`^_ WTVP _SP ]L^L^ _SP^P ]PLWbZ]WO QPPWTYR^ L]P OPQTYPO LNNZ]OTYR _Z _SP NZYOT_TZY^ `YOP] bSTNS _SPd L]T^P LYO _SP bLd^ _SPd NLY MP NZXX`YTNL_PO L`OTZaT^`LWWd 1Z] PcLX[WP LNNZ]OTYR _Z -SL]L_L XLOYP^^ NLY MP _]TRRP]PO Md ^P[L]L_TZY Q]ZX WZaPO ZYP^ Md _SP WZ^^ ZQ ZYPv^ RZZO ]P[`_L_TZY Z] Md TWWYP^^ 4_ T^ Pc[]P^^PO Md WL`RS TYR bT_SZ`_ LYd ]PL^ZY bPP[TYR Z] ^N]PLXTYR ^[PLVTYR L NZY_TY`Z`^ ^_]PLX ZQ YZY^PY^P ^TYRTYR OLYNTYR ]PNT_TYR ^XPL]TYR ZYP^PWQ bT_S L^SP^ Z] OT]_ LYO NL]]dTYR L ^V`WW 4Y_P]P^_TYRWd _SP WL__P] TYOTNL_Z]^ L]P QZ`YO LXZYR^_ _SP ±LTaL L^NP_TN^ bSZ TY QLN_ TY PL]Wd ±TaLT^X []P _PYOPO _Z MP N]Led LYO bP]P ]PRL]OPO Md _SP RPYP]LW [`MWTN L^ ^`NS -SL]L_L [`_^ _SP PXZ_TZYLW Pc[]P^^TZY^ ZQ XLOYP^^ TY _SP ]L^L NL_PRZ ]TP^ ZQ _]LRPOd VL]`©£ LYO WZaP^TNVYP^^ .ZY^P\`PY_Wd ZYP LYO _SP ^LXP ^`MUPN_TaP ^_L_P NLY QTR`]P TY ^PaP]LW ]L^L^ ?SP ^£__aTVL RP^_`]P^ z _SP PXMZOTXPY_^ ZQ QPPWTYR^ z L]P ^d^_PX L_TNLWWd _Z MP OT^_TYR`T^SPO Q]ZX _SP PXZ_TZYLW ^_L_P^ M`_ TY []LN_TNP _SPd L]P ZQ_PY NZYQ`^PO bT_S _SPX ?ST^ R]Z`[ TYNW`OP^ ^`NS _STYR^ L^ bPP[TYR ^SLVTYR \`TaP]TYR MWLYNSTYR LYO ^bPL_TYR ?SP^P [SPYZXPYL NLY ZYWd MP ]P[]P^PY_PO NZ]]PN_Wd TQ _SP LN_Z] T^ LMWP _Z PY_P] TY_Z _SP PXZ_TZYLW ^_L_P^ bSTNS _]TRRP] _SP^P ^dX[_ZX^ 3PYNP _SP YLXP ^£__ aTVL OP]TaPO Q]ZX ^L__aL  ^ZXP_STYR w_SL_ ]PLWWd PcT^_^x 4_ ^PPX^ `YWTVPWd _SL_ _ST^ TOPLWT^_TN ]P\`T]PXPY_ NZ`WO MP Q`WQTWWPO ?SP]PQZ]P -SL]L_L LW^Z []ZaTOP^ TY^_]`N_TZY^ LMZ`_ SZb _SP [^dNSZ[Sd^TNLW ^£__aTVL RP^_`]P^ NLY MP ^TX`WL_PO Md `^P ZQ _SP MZOd LYO _SP aZTNP -PNL`^P ZQ _SP OTQQTN`W_d TY ]P[]P^PY_TYR _SP ^£__aTVL RP^_`]P^ _SP XLUZ] XPOTL ZQ NZXX`YTNL_TYR L ]L^L `_TWTeP ^PY^P [P]NP[_TZY TP L`OTZaT^`LW ^TRY^% bPWWOPQTYPO ^_dWTePO RP^_`]P^ [P]QZ]XPO Md _SP WTXM^ L«R£uMSTYLdL  LYO waZNLW RP^_`]P^x Z] Pc[]P^^TaP ^[PPNS a£R LMSTYLdL  ?SP NZYNP[_ ZQ _SP _SPL_]TNLW ]L^L NLY TY QLN_ ZYWd MP ]PLWTePO TY L X`W_TXPOTLW QL^STZY ?SP]P L]P _bZ []P]P\`T^T_P^ QZ] _SP _SPL_P]v^ NWLTX _SL_ T_ [Z]_]Ld^ LWW L^[PN_^ ZQ Z`] bZ]WO% L _SL_ LWW ZMUPN_^ LYO PaPY_^ X`^_ MP ^`]]Z`YOPO Md ]L^L TP X`^_ SLaP L O]LXL_TN [ZbP] LYO TYPcZ]LMWd M]TYR LMZ`_ PXZ_TZYLW [L]_TNT[L_TZY& LYO M _SL_ LWW ZMUPN_^ LYO PaPY_^ TY _SP bZ]WO NLY LW^Z MP ]P[]P^PY_PO TY _ST^ L_XZ^[SP]TN QZ]X ZQ LP^_SP_TN XZZO^ ?SP ]PLWT_d ZQ _SP _SPL_P] OZP^ YZ_ ]PQWPN_ [SP

?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^



YZXPYLW ]PLWT_d Md LYd XPLY^ Z_SP]bT^P T_ bZ`WO YZ_ MP _SPL_P] -`_ TY NZY_]L^_ _Z L WT_P]L]d bZ]V _SP ZMUPN_^ LYO PaPY_^ ZQ PaP]dOLd ]PLWT_d WZVLOSL]XL L]P YZ_ ZYWd YLXPO M`_ _SPd LW^Z ZNN`] TY L \`T_P ]PLW bLd LYO TXXPOTL_PWd bT_STY _SP ]PLWT_d ZQ _SP _SPL_P] ^SZbY ZY _SP ^_LRP Y£¶dLOSL]XL  ?SP ]PLWT_d ZQ _SP _SPL_P] ^SZ`WO []ZaTOP MZ_S PWPXPY_^% ^PY^Z]d TXXPOTLNd TY _SP RP^_`]P [W`^ L]_T^_TN NZXX`YTNL _TZY ZQ XZZO^ , ^_LRP ]P[]P^PY_L_TZY TP [`__TYR bSL_ T^ XPLY_ TY_Z ^PY^Z]d QZ]X T^ ZYWd [Z^^TMWP aTL RP^_`]P^ ?ST^ _]LY^QP] ZQ XPLYTYR TY_Z OT]PN_ ^PY^P [P]NP[_TZY bSTNS T^ ]PLWTePO `^TYR RP^_`]P^ T^ XT^^TYR TY WLYR`LRP 7LYR`LRP LWbLd^ OPaPWZ[^ L_ L OT^_LYNP Q]ZX _SL_ bSTNS T_ OP^N]TMP^ L^ .L^^T]P] YZ_P^% wYZ_ TY []ZcTXT_d _Z _SP TXXPOTL_PWd RTaPY M`_ TY []ZR]P^^TaP ]PXZaLW Q]ZX T_ WTP _SP aLW`P LYO _SP ^[PNTQTN NSL]LN_P] ZQ WTYR`T^_TN L^ ZQ L]_T^_TN Q`YN_TZY 7LYR`LRP _ZZ MPRTY^ ZYWd bSP]P Z`] TXXPOTL_P ]PWL_TZY _Z ^PY^Z]d TX[]P^^TZY LYO ^PY^Z]d LQQPN_TaT_d NPL^P^ x #

BSPY -SL]L_L ^[PLV^ ZQ Y£¶dLOSL]XL  SP WTYV^ _ST^ bT_S _SP OPXLYO _SL_ _SP _SPL_P] ^SZ`WO SLaP _SP NSL]LN_P] ZQ L ]PLWT_d _SL_ Z[PY^ T_^PWQ `[ TXXPOTL_PWd _Z _SP ^PY^Z]d TX[]P^^TZY -`_ L_ _SP ^LXP _TXP _SP _SPL_P] ^SZ`WO LW^Z Q`WQTWW _SP OPXLYO QZ] L]_T^_TN QZ]X >Z TY _ST^ ]P ^[PN_ _SP _SPL_P] TXT_L_P^ PaPY_^ wTY ]PLW _TXPx L^ TQ _SPd bP]P ]PLWWd SL[[PYTYR& M`_ T_ OZP^ ^Z TY L ^_dWTePO QZ]X bSTNS TY _`]Y T^ YZ_ [`]P XTXTN]d M`_ TY^_PLO LY L]_T^_TN ]P[]P^PY_L_TZY 7LYR`LRP NLY ZYWd ^[PLV LMZ`_ L _STYR z M`_ T_ NLYYZ_ LW^Z MP _SL_ _STYR 4_ NLY Q`WQTWW _SP OPXLYO QZ] L]_T^_TN ]P[]P^PY_L_TZY M`_ T_ OZP^ YZ_ Z[PY T_^PWQ `[ _Z TXXPOTL_P ^PY^Z]d [P]NP[_TZY ?ST^ T^ bSP]P _SP wWLYR`LRP ZQ RP^_`]P^x MPNZXP^ TX[Z]_LY_ z _SP MZOTWd RP^_`]P^ LYO _SP ^Z`YO RP^_`]P^ TY _SP _SPL_P] ,Y LN_Z] bSZ NZXP^ ZY ^_LRP bT_S ST^ SLYO^ NL^`LWWd ^_`QQPO TY_Z ST^ _]Z`^P] [ZNVP_^ LYO LYYZ`YNP^ TY _SP aZTNP ZQ L YPb^NL^_P] _SL_ L _P]]TMWP OPXZY T^ [`]^`TYR STX LYO bLY_^ _Z PL_ STX `[ T^ YZ_ P^[PNTLWWd N]POTMWP LYO bTWW YZ_ N]PL_P L ]L^L 4Q SZbPaP] SP QZWWZb^ -SL]L_Lv^ TY^_]`N_TZY^ L^ SP NZXP^ ZY ^_LRP TP ^[PLVTYR _SP ^LXP ^PY_PYNP bT_S ST^ PdP^ bTOP Z[PY LY `Y^_PLOd RLeP LYO ^SLVTYR WTXM^ TY_ZYTYR _SP ^LXP ^PY_PYNP bT_S L OL]V LYO \`TaP] TYR aZTNP SP T^ _SP QPL] _SL_ T^ _Z MP ]P[]P^PY_PO >Z _SP TXT_L_TZY SL^ L \`LWT_d RZTYR MPdZYO WLYR`LRP% T_ T^ XZ]P ^PY^Z]d XZ]P OT]PN_ NWPL]P] LYO WP^^ NZYaPY_TZYLW _SLY WLYR`LRP .L^ ^T]P] ^VP_NSP^ Z`_ _SP L]PL ZQ _PY^TZY bT_STY bSTNS _SP XTXP_TN RP^_`]P ZNN`]^ z SP LW^Z ^[PLV^ ZQ wZMUPN_ ^TRY^x w/TYRePTNSPYx ?SP QT]^_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 0]Y^_ .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ AZW  9Pb 3LaPY  7ZYOZY% DLWP @YTaP]^T_d ;]P^^ $$ #$  ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY 0]^_P] ?PTW% /TP >[]LNSP /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $  $$ #



,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

^TOP ZQ _SP NZTY T^ _SL_ _SP LN_`LW LMTWT_d ZQ _SP NZY^NTZ`^YP^^ _Z N]PL_P ^dXMZWTN QZ]X^ SL]OWd L[[PL]^ TY _SP LN_Z]v^ [Sd^TNLW TXT_L_TZY% w4Q bP NZY^TOP] ZYWd _ST^ QLN_Z] ZQ [LY_ZXTXTN TXT_L_TZY ZQ RTaPY ZMUPN_^ ZQ ^PY^P [P]NP[_TZY bP OZ YZ_ ^PPX _Z MP ZY _SP ]ZLO _Z WLYR`LRP L^ L Q]PP LYO Z]TRTYLW LN_TaT_d ZQ _SP S`XLY ^[T]T_x # 1Z] wTXT_L_TZY L^ ^`NS QZ]X^ L NZ`Y_P][L]_ _Z LYd Q]PP QZ]X ZQ ^[T]T_`LW LN_TaT_d 4Y TXT_L_TZY _SP 4 ]PXLTY^ L []T^ZYP] ZQ Z`_bL]O TX[]P^^TZY LYO T_^ []Z[P]_TP^ m #

-`_ _ST^ T^ ZYWd L ]PO`N_TZY ZQ _SP _]`P ]PWL_TZY^ ,YO .L^^T]P] NZY_TY `P^ ]PQP]]TYR _Z ,]T^_Z_WP% w?S`^ `YOP]^_ZZO FL^ _SP Z]TRTY ZQ L]_T^_TN LN_TaT_dH ȝȓȝȘıȚȢ FXTXP^T^H T_ ^PWQ MPWZYR^ _Z _SP ^[SP]P ZQ ʌȠȓȘıȚȢ F[ZP^T^H N]PL_TaP LYO QZ]XL_TaP LN_Ta T_d 4_ YZ WZYRP] TX[WTP^ _SP XP]P ]P[P_T_TZY ZQ ^ZXP_STYR Z`_bL]OWd RTaPY M`_ L Q]PP []ZUPN_ ZQ _SP ^[T]T_% _SP L[[L]PY_ u]P[]ZO`N_TZYv w9LNSMTWOPYx LN_`LWWd []P^`[[Z^P^ LY TYYP] u[]ZO`N_TZYv wAZ]MTWOPYxx #

-SL]L_Lv^ NL_LWZR ZQ RP^_`]P^ NZY_LTY^ L OTQQP]PY_TL_PO MZOd WLYR`LRP _SL_ [W`XM^ _SP bSZWP QTPWO MP_bPPY XP]P TXT_L_TZY LYO ^dXMZWTN NZX X`YTNL_TZY _S`^ NZX[WPXPY_TYR aP]MLW NZXX`YTNL_TZY ?SP RP^_`]P^ ZQ 4YOTLY OLYNP _SPL_P] L]P WZNLWTePO ZY XLYd OTQQP]PY_ WPaPW^ MP_bPPY TXT_L_TZY LYO ^dXMZW ]LYRTYR Q]ZX ^TX[WP TXT_L_TZY ^`NS L^ QLWWTYR _Z _SP QWZZ] TY Z]OP] _Z [Z]_]Ld _SP ^£__aTVL RP^_`]P ZQ QLTY_TYR _Z NZX[WPc \`L^TWPcPXP^ 1Z] PcLX[WP _SP]P L]P XLY`LW RP^_`]P^ QZ] uOPP]v _SP QTYRP]^ QZ]X _bZ WT__WP SZ]Y^ LYO L ^YZ`_ uWZ_`^v _SP SLYO^ L]P [`_ _ZRP_SP] _Z TXT_L_P L QWZbP] Z] uPWP[SLY_v _SP SLYO^ LYO L]X^ L]P SPWO LMZaP _SP SPLO _Z TXT_L_P _bZ WL]RP QWL[[TYR PL]^ 0aPY uSPLaPY^v uWZaPv uWTVTYRv LYO LM^_]LN_ TOPL^ ^`NS L^ uNSL]T_dv ubZ]Ov LYO uOPNT ^TZYv NLY MP ]P[]P^PY_PO Md _SP [Z^T_TZY^ ZQ _SP SLYO^ LYO MZOd ?ST^ N]PL_P^ L ^d^_PX ZQ ^PXLY_TN^ _SL_ TY ^ZXP NL^P^ NLY ZYWd MP OPNZOPO Md L NZYYZT^^P`] ZQ _SP _SPL_P] TP T_ Q`YN_TZY^ _S]Z`RS NZYaPY_TZY^ LYO ^dXMZW^ >`NS \`L^TWPcPXP^ ZQ_PY SLaP L Q`YN_TZY _SL_ bP Pc[PN_ _Z MP Q`WQTWWPO Md _SP ^NPYP]d 1Z] TY^_LYNP L OLYNP] NLY TYOTNL_P _SL_ _SP]P T^ L _]PP ZY _SP ^_LRP Z] _SL_ SP T^ ]TOTYR ZY LY PWP[SLY_ bT_SZ`_ _SP YPPO QZ] L _]PP Z] LY PWP[SLY_ ZY _SP ^_LRP 3ZbPaP] XZ^_ ZQ _SP RP^_`]P^ ZQ _SP 9£¶dL²£^_]L L]P WZNL_PO ]TRS_ TY MP_bPPY TXT_L_TZY LYO ^dXMZWT^X ?SP PdP^ LYO PdPM]Zb^ L]P L RZZO PcLX[WP ?SP PdP^ L]P ]PRL]OPO L^ ZYP ZQ _SP XZ^_ [ZbP]Q`W XPLY^ ZQ Pc[]P^^TZY P^[PNTLWWd QZ] _SP ]L^L^ bSTNS L]P YPaP] ]P[]P^PY_PO Md _SP aP]d _PNSYTNLW XLY`LW RP^_`]P^ >Z ZaP] ZYP S`YO]PO aP]^P^ L]P OPOT NL_PO _Z _SP PdP^ LWZYP :YP _STYR _SL_ T^ NWPL]Wd XTXP_TN T^ _SP PdP^ bSPY OP[TN_TYR _SP ^PY_TXPY_ ZQ SZ]]Z] ?SP PdPWTO^ L]P bTOP Z[PY LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ AZW  # 2P]XLY PO  # .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ AZW  # 2P]XLY PO  # .L^^T]P] ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^ AZW  # 2P]XLY PO 

?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^



]TRTO _SP [`[TW^ \`TaP]TYR ?ST^ ^TX[Wd ]P[]P^PY_^ _SP [Sd^TZWZRTNLW ]PLN_TZY _Z bSL_PaP] _d[P ZQ _S]PL_ T^ TXXTYPY_ 4Y _SP NL^P ZQ _SP P]Z_TN ]L^L _SP PdP^v wRP^_`]P^x L]P XZ]P ^dXMZWTN 1Z] PcLX[WP L Q`] _TaP WZZV Q]ZX _SP NZ]YP] ZQ _SP PdP VL¶£V´L [WLd^ L ^TRYTQTNLY_ ]ZWP ;]PNT^PWd TY XL__P]^ ZQ WZaP 4YOTLY^ []PQP] YZYaP]MLW XPLY^ ZQ Pc[]P^ ^TZY 4Y XTXP_TN _P]X^ _SP Q`]_TaP WZZV Q]ZX _SP NZ]YP] ZQ _SP PdP T^ TY _SP QT]^_ TY^_LYNP ZYWd LY TXT_L_TZY ZQ L [P]^ZY bSZ SL^ ^PPY ^ZXP_STYR OP^T]LMWP M`_ bSZ bT^SP^ _Z NZYNPLW ST^ Z] SP] OP^T]P YZ XL__P] bSP_SP] _SP ZMUPN_ T^ L []PNTZ`^ ^_ZYP L N]PLX NLVP Z] L MPL`_TQ`W bZXLY ,_ _ST^ [ZTY_ L ^PXLY_TNTeL_TZY _LVP^ [WLNP% TY _SP _SPL_P] VL¶£V´L LWbLd^ XPLY^ L WZZV ZQ WZaP LYO ^TRYLW^ P]Z_TN TY_P]P^_ ?SP OPWTMP]L_P LXMTR` T_d ZQ _SP ^TRYLW MPNL`^P ZQ T_^ aZWT_TZYLW ^_L_P ZQ ^`^[PY^P _SP OP^T]P MPTYR wSTOOPY M`_ `YXT^_LVLMWPx TY NZY_]L^_ _Z _SP `YP\`TaZNLW ]TRTO RLeP ZQ QPL] ]PNPTaP^ R]PL_ PWLMZ]L_TZY ?SP ^`RRP^_TaP LXMTR`T_d L^ L _Z[TN ZNN`]^ LRLTY LYO LRLTY TY ^NPYP^ LYO [ZPX^ LYO SL^ TY^[T]PO ^ZXP ZQ _SP XZ^_ MPL`_TQ`W aP]^P^% w7TVP LY L]]Zb _SL_ T^ _Z`NSPO bT_S MZ_S [ZT^ZY LYO LXM]Z^TL T_ SL^ [PYP _]L_PO XP OPP[Wd z _SP RWLYNP Q]ZX _SP NZ]YP] ZQ dZ`] PdPx #

,^ _SP ^TRYLW T^ _]LY^QP]]PO SP]P TY_Z L XP_L[SZ] _SP XP^^LRP z bSTNS T^ YZ_ XPY_TZYPO Pc[WTNT_Wd bT_S bZ]O^ z MPNZXP^ NZYOPY^PO LYO Pc LRRP]L_PO -`_ ZYWd [ZP_TN WLYR`LRP T^ NL[LMWP ZQ OZTYR _ST^ 4_ SL^ _SP [ZbP] ZQ TX[WTNL_TZY []PNT^PWd MPNL`^P L^ .L^^T]P] ^Ld^ T_ ZYWd MPRTY^ L_ ^ZXP OT^_LYNP Q]ZX _SL_ bSTNS T^ [P]NPTaPO aTL _SP ^PY^P^ 1Z] `W_T XL_PWd YZ L]]Zb T^ ^SZ_ M`_ TY _SP `Y]PLW bZ]WO ZQ [ZP_]d PaP]d_STYR T^ [Z^^TMWP 4Y _SP ]PLWX ZQ TXLRTYL_TZY YZ_ ZYWd OZ WZZV^ ZQ WZaP MPNZXP ^bPP_Wd [ZT^ZYPO L]]Zb^ M`_ LW^Z _SP ]PLOP] QTYO^ _SP TXLRP [L]_TN` WL]Wd L[_ PaPY _SZ`RS _SP]P T^ YZ TXT_L_TZY SP]P L_ LWW >TYNP _SP ^TRYLW T^ TY L ^PY^P wYL_`]LWTePOx LYO NPL^P^ _Z MP L ^TRY _SP [ZP_TN PcLRRP]L _TZY RTaP^ _SP RP^_`]P LY PXZ_TZYLW TXXPOTLNd LYO OPY^T_d _SL_ RZ MP dZYO T_^ Z]TRTYLW ^TRYLW Q`YN_TZY



0c[]P^^TaP AZNLWTeL_TZY

?SP XTXP_TN RP^_`]P^ NZXX`YTNL_P aTL ^TXTWL]T_d LYO ]PNZRYT_TZY bSTWP _SP ^dXMZWTN RP^_`]P^ NZXX`YTNL_P aTL ^TRY^ LYO ^TRYLW^ _SL_ NLY LYO X`^_ MP OPNZOPO 4Y NZY_]L^_ _SP ^ZYTN NZXX`YTNL_TZY T^ [`]PWd Pc[]P^^TaP OZP^ YZ_ NLWW _STYR^ Md _SPT] YLXP^ LYO LWbLd^ bZ]V^ ZY L ^dX[L_SP_TN WPaPW YPaP] L NZYaPY_TZYLW ZYP ?SP [`]PWd LNZ`^_TN L^[PN_ T^ YPT_SP] XTXP_TN QZ] T_ OZP^ YZ_ TXT_L_P LYd_STYR YZ] T^ T_ ^dXMZWTN 4_ OZP^ YZ_ SLaP _Z MP OPNZOPO ^TYNP T_^ aLW`P OZP^ YZ_ WTP TY T_^ XPLYTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # _`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

Z] TYQZ]XL_TZYLW NZY_PY_ LYO YPT_SP] OZP^ T_ WTP TY _SP ]P[]P^PY_L_TZY ZQ ^PY^Z]d ZMUPN_^ 4Y -SL]L_Lv^ _SPL_P] _ST^ [`]PWd ^ZYTN OTXPY^TZY ZNN`]^ []TXL]TWd TY _SP SL][ X`^TN [WLdPO L^ MLNVR]Z`YO X`^TN _Z N]PL_P LY L_XZ^[SP]P BSL_ _SP X`^TNTLY^ [WLd T^ X`NS WP^^ NZYYPN_PO bT_S _SP ^_LRPO O]LXL _SLY _SP X`W_T[WP ^`RRP^_TaP RP^_`]P^ ^`NS L^ _SP PdP XZaPXPY_^ BT_S _SP PcNP[_TZY ZQ L ]L_SP] WZZ^P LWWZNL_TZY ZQ NP]_LTY ^_dWP^ _Z NP]_LTY ]L^L R]Z`[^ _SP X`^TN ]PXLTY^ ^_]LYRPWd aLR`P z \`T_P L_d[TNLW ZQ _SP 9£¶dL²£^_]L T_^PWQ bSTNS T^ Z_SP]bT^P ZaP]QWZbTYR bT_S OP_LTWPO TY^_]`N_TZY^ ,YO _SP _Pc_^ ZQ _SP ^ZYR^ [P]QZ]XPO Md _SP ^TYR P]^ TY _SP Z]NSP^_]L OZ YZ_ YPNP^^L]TWd SLaP LYd_STYR _Z OZ bT_S bSL_ T^ SL[[PYTYR ZY _SP ^_LRP PT_SP] ?SPd L]P ]L_SP] YZY^[PNTQTN LYO SLaP XZ]P _Z OZ bT_S _SP XZZO LYO XLTYWd bT_S XZZO^ L]Z`^PO Md ^NPYP]TP^ ZQ YL_`]P ^`NS _SP XZY^ZZY 1Z] _SP X`^TN _PWWTYRWd _SP]P PcT^_ ^[PNTLW RZO^ 1Z] _SP XLTY ^TYRP] _SP]P T^ _SP 2LYOSL]aL 9£]LOL L RZMP_bPPY WTYVTYR _SP bZ]WO ZQ _SP RZO^ LYO _SL_ ZQ XPY& QZ] _SP SL][^ _SP]P T^ ?`XM`]` L QWL_ YZ^PO QZ]X ZQ ±TaL& >a£_T L NPY_L`] _LVP^ NL]P ZQ _SP O]`X^& LYO _SP ,[L^L]L^ @]aL²¯ T^ _SP []TXL MLWWP]TYL BSL_ T^ ^_]TVTYR T^ _SL_ SPLaPYWd MPTYR^ L]P ]P^[ZY^TMWP QZ] _SP X`^TN bSTWP _SP _SPL_]TNLW WLYR`LRP RP^_`]P^ LYO QPPWTYR^ L]P _SP []ZaTYNP ZQ L S`XLY MPTYR MSL]L_L  ]L_SP] _SLY _SP^P ^ZXPbSL_ N`]TZ`^ OPXTRZO^ ?SP TY^_]`XPY_^ [WLd LY TX[Z]_LY_ ]ZWP YZ_ ZYWd QZ] _SP ]PQ]LTY ^ZYR^ bSTNS L]P TY^P]_PO TY_Z _SP [WZ_ M`_ LW^Z QZ] _SP uZaP]_`]Pv [¼]aL]L«RL  ?SP Q`YN_TZY ZQ _SP ZaP]_`]P T^ YZ_ ^Z X`NS _Z [`_ _SP L`OTPYNP TY _SP ]TRS_ XZZO QZ] _SP [WLd M`_ TY^_PLO T^ []TXL]TWd L ]PWT RTZ`^ ZYP ,WW _SP RZO^ ^[T]T_^ LYO OPXZY^ SLaP _Z MP SZYZ]PO LYO w[LNTQTPOx TQ ZYWd _Z []PaPY_ _SP [P]QZ]XLYNP Q]ZX MPTYR OT^]`[_PO ,^ LW]PLOd XPY_TZYPO TY _SP ^PN_TZY ZY >£XLY ^TYRTYR _SP OPXZY^ [Z^^P^^ L ^[PNTQTN LQQTYT_d QZ] LYd_STYR _SL_ T^ YZY^PXLY_TN 1Z] _ST^ ]PL^ZY _SP ^ZYR^ ZQ []LT^P _Z _SP RZO^ L]P []PNPOPO Md L X`^TNLW [L^^LRP TY bSTNS _SP Z]NSP^_]L OZXTYL_P^ ZaP] _SP ^TYRP]^ ?SP ^TYRP]^ L]P LN_`LWWd ^TYR TYR L_ _SP ^LXP _TXP M`_ _SP ubZ]O^v _SPd `^P OZ YZ_ MPWZYR _Z LYd NZX[]PSPY^TMWP WLYR`LRP :YWd LQ_P] _SP bTNVPO ^[T]T_^ SLaP MPPY w[LNTQTPOx NLY _SP RZO^ MP []LT^PO LYO _SP ^_LRP ^LYN_TQTPO Md L NT]NLX M`WL_TZY ,^ TYOTNL_PO TY NZYYPN_TZY bT_S _SP >£XLY w[`]Px X`^TN LWbLd^ SL^ L _PYOPYNd _ZbL]O^ _SP bZ]WO MPdZYO _Z bSL_ T^ Y`XTYZ`^ LYO SPLaPYWd LYO _SP]PQZ]P LW^Z LWbLd^ ]PXLTY^ L WT__WP OLYRP]Z`^ ?SP w_SPL_P] Pc[]P^^TYR _SP bSZWP bZ]WOx YPNP^^L]TWd LW^Z PYNZX[L^^P^ _SP uZ_SP] bZ]WOv M`_ T_ OZP^ YZ_ TYNZ][Z]L_P T_ TY_Z _SP LN_`LW O]LXL /P^[T_P _ST^ _SP L`OTMWP L^[PN_ T^ YZ_ _Z_LWWd OP_LNSPO Q]ZX _SP O]LXL_TN L^[PN_ LYO T_^ _SPL_]TNLW ]L^L^  1Z] PcLX[WP _SP ]L^L^ L]P ^_]ZYRWd XLYTQP^_ TY _SP V£V`  TP TY _SP _PNSYT\`P ZQ OPNWLXL_TZY PX [WZdPO Md _SP LN_Z]^ bSZ [P]QZ]X _SP XLTY O]LXL _SL_ T^ _Z QZWWZb _SP

?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^



[]PW`OP [¼]aL]L«RL  4Y_P]P^_TYRWd SZbPaP] _SP XZZO^ bSTNS NLY MP OTQQP]PY_TL_PO L_ _SP ^PXLY_TN WPaPW LYO TY ^ZXP NL^P^ PaPY L[[PL] _Z MP NZY_]L]d N]PL_P LM^ZW`_PWd TOPY_TNLW ^ZYTN QZ]X^ ZQ Pc[]P^^TZY 1Z] PcLX[WP TY _P]X^ ZQ L`OTMWP ^Z`YO _SP _P]]TQdTYR LYO _SP QL^NTYL_TYR L]P _Z MP QZ`YO TY _SP ^LXP R]Z`[ L^ _SP SP]ZTN z L R]Z`[ NSL]LN_P]TePO Md M]TRS_ PYP]RP_TN ^Z`YO^ LYO ]Sd_SX^ ZQ _PY^TZY .ZXPOd LYO P]Z_T NT^X NLY LW^Z MP R]Z`[PO _ZRP_SP] Pc[]P^^TYR _SPX^PWaP^ TY L ^XZZ_S XPWZOTZ`^ aTM]L_TZY ZQ _SP aZTNP # 4Y _P]X^ ZQ _SP ^Z`YO^ `^PO _SP Z[[Z^T_P ZQ NZXPOd LYO P]Z_TNT^X L[[PL]^ _Z MP QPL] LYO ]Pa`W^TZY ?SPd OPXLYO OL]V STOOPY _TXM]P^ LYO M]ZVPY T]]PR`WL] ]Sd_SX^ :YWd _]LRPOd ^_LYO^ LWZYP 4Y L NP]_LTY bLd T_ T^ _SP Z[[Z^T_P ZQ SP]ZT^X QL^NTYL_TZY LYO _P]]Z] ^TYNP T_ T^ NSL]LN_P]TePO Md L XZYZ_ZYZ`^ aZTNP _SL_ WLNV^ PYP]Rd LYO ^TYV^ TY WLXPY_L_TZY -SL]L_L OTQQP]PY_TL_P^ ^Tc NL_PRZ]TP^ ZQ XPLY^ ZQ aZNLW Pc[]P^^TZY TY _SP LN_Z]v^ OPNWLXL_TZY ?SP QZWWZbTYR L]P STRSWd ]PWPaLY_ _Z _SP ]L^L% ?SP ]L^L ]P[]P^PY_L_TZY TY _SP wWLYR`LRP X`^TNx TP TY _SP Q`YOL XPY_LW _ZYP ZQ ]PNT_L_TZY ^aL]L LYO _SP XPWZOd aL]©L bSTNS NZ]]P ^[ZYO^ _Z _SP APOTN LNNPY_^  `O£__L  P_N% L^NPYOTYR OP^NPYOTYR [WLTY XZYZ_ZYP LYO _]TWW^ aTM]LY_ LYO \`TaP]TYR LW_P]YL_TZY MP_bPPY OTQQP] PY_ _ZYP^ ?SP ]ZXLY_TN P]Z_TN LYO NSPP]Q`W XZZO^ L]P ZYWd ]P[]P ^PY_PO Md bPWWOPQTYPO _ZYLW ^_P[^ bSTWP _SP Z_SP] ^PY_TXPY_^ Pc[]P^^ TY_P]YLW LXMTaLWPYNP bT_S _SP SPW[ ZQ _]TWW^ 9PRL_TaP XZZO^ SLaP OP ^NPYOTYR TY_P]aLW^ bSTWP _SP [Z^T_TaP XZZO^ L]P ]PYOP]PO Md PX[SL_TN L^NPYOTYR TY_P]aLW^ 9Z_P _SP ^TYR`WL] QPL_`]P ZQ _]LRPOd w?]LRTVx%

=P[]P^PY_L_TZY aTL aZNLW Pc[]P^^TZY LW^Z TYaZWaP^ XZO`WL_TZY ZQ _SP aZTNP ?ST^ T^ _SP LWL«V£]L  WT_ wQTYP^^P ]PQTYPXPY_x TY _SP ]PNT_LW% − >[PLVTYR TY L STRS `NNL Z] ^S]TWW O¯[_L aZTNP SPLO aZTNP% PR TY WTaPWd OT^N`^^TZY^ L]R`XPY_^ OP^[P]L_P [WPLOTYR LYO TY ^T_`L_TZY^ ZQ L]Z`^LW ?ST^ aZNLW wRP^_`]Px T^ NSL]LN_P]T^_TN ZQ _SP _P]]TQdTYR LYO QL^NTYL_TYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # :MaTZ`^Wd L_ _ST^ [ZTY_ -SL]L_L `YOP]^_LYO^ _SP NZXTN XZZO L^ `__LXLS£^dL z NSPP] Q`WYP^^ LYO Z[_TXT^X z LYO YZ_ WL`RSTYR Z`_ WZ`O

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

! −

>[PLVTYR TY L OPP[ XLYO]L Z] _S]Z__WPO Y¯NL aZTNP% PR bSPY NZRT_L_ TYR WZ^_ TY _SZ`RS_ bST^[P]TYR ^PN]P_TaPWd Z] bSPY OP[]P^^PO ?ST^ T^ _d [TNLW ZQ _]LRPOd LYO OP^[P]L_TZY >Z L ^S]TWW STRS ^N]PPNSTYR _ZYP RPYP]LWWd ^_LYO^ QZ] aT_LW QZ]NP M`_ LW^Z QZ] LRR]P^^TZY LYO PYP]Rd -d NZY_]L^_ L \`T_P O`WW OPP[ _ZYP ^_LYO^ QZ] ObTY OWTYR aT_LW QZ]NP :_SP] _ZYLW \`LWT_TP^ ^TRYLW OTQQP]PY_ PXZ_TaP XP^^LRP^% − >[PLVTYR P^[PNTLWWd ]L[TOWd Z] SL^_TWd O]`_L% PR bST^[P]TYR _PYOP]Wd Z] LYcTZ`^Wd Z] ^[PLVTYR QPaP]T^SWd ?ST^ XLYYP] ZQ ^[PLVTYR T^ _d[TNLW LMZaP LWW ZQ _SP XZZO^ ZQ SZ]]Z] LYO OT^R`^_ − >[PLVTYR P^[PNTLWWd ^WZbWd aTWLXMT_L% PR bSPY ZYP T^ L^SLXPO [PY ^TaP Z] TY WZaP ?ST^ T^ QZ`YO bSPY _SP XZZO T^ ]ZXLY_TN LYO P]Z_TN LYO LW^Z bSP]P _SP]P T^ _]LRPOd Z] ^ZXP_STYR bZYOP]Q`W LYO QL^NTYL_TYR BSTWP P]Z_TNT^X LYO _]LRPOd NLY ]P^`W_ TY _SP ^LXP aZNLW Pc[]P^^TZY _SP QL^NT YL_TYR LYO _SP _P]]TQdTYR OTaP]RP ?SP QL^NTYL_TYR []ZO`NP^ ^WZb ^[PPNS bSTWP _SP _P]]TQdTYR []ZO`NP^ QL^_ ^[PPNS ?ST^ XPLY^ _SL_ _SP ^[PPO ZQ ^[PLVTYR T^ OTQQP]PY_ LW_SZ`RS MZ_S QZ]X^ `^P _SP ^LXP STRS ^S]TWW _ZYP^ ?SP _PX[Z _ZZ SL^ T_^ ZbY Pc[]P^^TaP Q`YN_TZY% ^WZb ^[PPNS ^TRYLW^ L [L^^TaP ]PNP[_TaP L__T _`OP bSP]PL^ L XZ]P Pc[LY^TaP []ZLN_TaP ZYP T^ Pc[]P^^PO TY QL^_P] ^[PPNS 8Z]PZaP] _SP]P T^ ]P[]P^PY_L_TZY _S]Z`RS [S]L^TYR L«RL L ^PY _PYNP TP _SP XZZO T^ LW^Z TYOTNL_PO Md QLN_Z]^ ^`NS L^ bSP_SP] _SP ^PY_PYNP^ L]P []ZYZ`YNPO QW`PY_Wd Z] QLW_P]TYRWd bSP_SP] _SP ^[PLVP] XLVP^ [L`^P^ Z] NZY_TY`P^ bT_SZ`_ LYd M]PLV^ LYO bSP_SP] L ^PY_PYNP T^ ^[ZVPY bT_S L ]T^TYR Z] QLWWTYR TY_ZYL_TZY 0]Z_TNT^X LYO NZXPOd L]P Pc[]P^^PO _S]Z`RS L bPWWQZ]XPO XLYYP] ZQ ^[PLVTYR LYO L ^TYR^ZYR TY_ZYL_TZY Z] L [WLdQ`W ZYP , aZTNP _SL_ QLW_P]^ Z] RTaP^ `[ T^ NSL]LN_P] T^_TN ZQ SZ]]Z] LYO OT^R`^_ ?SP _d[TNLW QPL_`]P ZQ _SP XZZO^ ZQ _SP SP ]ZTN _SP _P]]TQdTYR LYO _SP QL^NTYL_TYR T^ _SL_ L bSZWP ^PY_PYNP T^ `_ _P]PO bT_SZ`_ _SP ^[PLVP] _LVTYR L ^TYRWP M]PL_S LYdbSP]P TY _SP XTOOWP ,YO QTYLWWd XZYZ_ZYd LYO LM^PYNP ZQ [L`^P^ TOPY_TQd _SP _]LRTN XZZO 4_ T^ []PNT^PWd TY _ST^ QTYPWd Y`LYNPO aZTNP XZOPW _SL_ bP QTYO bSL_ R]PL_ L__PY_TZY 4YOTLY LP^_SP_TN^ SL^ [LTO _Z PcLN_ [SPYZXPYZWZRd `YWTVP BP^_P]Y LP^_SP_TN^ 4Y _SP [SPYZXPYZWZRd ZQ ^[PPNS LYO aZTNP bP QTYO LY L__PX[_ _Z OPQTYP _SP ]L^L^ TY L aP]d []PNT^P bLd L_ L [`]PWd [^dNSZ[Sd^TNLW WPaPW LYO _Z OPaPWZ[ LY L`OTMWP ]P[]P^PY_L_TZY ZQ _SPX



:YZXL_Z[ZPTN .ZOP^% _SP 7LYR`LRP ZQ /]`X^

9Z_STYR L_ LWW NLY SL[[PY TY L OPNPY_ 4YOTLY _SPL_P] TQ _SP]P L]P YZ O]`X^ 0aP]d L[[PL]LYNP ZQ L NSL]LN_P] PaP]d TX[Z]_LY_ NSLYRP LYO PaP]d NWTXLc ZQ O]LXL_TN OPaPWZ[XPY_ T^ TY_]ZO`NPO bT_S ^[PNTLW O]`X ^TRYLW^ 4Y _SP _SPL_P] O]`X^ WTYV _SP Z_SP]bT^P ]L_SP] OT^NZYYPN_PO L]PL^ ZQ ^[PPNSO]LXL LYO X`^TN LYO _`]Y _SP [P]QZ]XLYNP TY_Z L X`^TN

?SPL_P] L^ _SP 1TQ_S APOL LYO _SP ?SPZ]d ZQ ,P^_SP_TN 8ZZO^

"

O]LXL 1Z] PaP]d NWL^^ ZQ NSL]LN_P]^ _SP]P T^ L ]Sd_SX ZY _SP O]`X^ bSTNS OZP^ YZ_ ZYWd TXT_L_P _SP ]Sd_SX ZQ _SP NSL]LN_P]v^ RLT_ M`_ LW^Z uOP^N]TMP^v ST^ NSL]LN_P]T^_TN^ TY ^Z`YO ,YO QZ] _ST^ ]PL^ZY _SP O]`X TY^_]`XPY_^ YZ_ ZYWd SLaP _SPT] ZbY ^[PNTLW OPT_d M`_ LW^Z L ^[PNTLW Xd_SZWZRd 4_ T^ L ^[PNTLW Xd_SZWZRd LW^Z TY _SP ^PY^P ZQ L ]L_SP] `Y `^`LW Xd_SZWZRPXP z `Y`^`LW MPNL`^P T_ T^ L aP]d YL_`]LWT^_TN ZYP ?SP QZWWZbTYR QP_NSTYR ^_Z]d ZNN`]^ L_ _SP MPRTYYTYR ZQ NSL[_P]  ZQ _SP 9£¶dL²£^_]L  bSTNS T^ PY_T]PWd OPaZ_PO _Z O]`X^% :YP OLd _SP NPY_L`] >a£_T bPY_ _Z O]Lb bL_P] Q]ZX L WZ_`^ [ZYO LYO bL^ ZaP]_LVPY Md L ^PaP]P ^_Z]X ?SP ]LTYO]Z[^ bP]P ^Z WL]RP LYO SPLad _SL_ OTQQP]PY_ _ZYP^ ]LYR Z`_ Q]ZX _SP aL]TZ`^ WZ_`^ WPLaP^ TY _SP [ZYO BSL_ L XT]LNWP SP _SZ`RS_ z SZb OPP[ LYO ^bPP_ _SP^P ^Z`YO^ L]P bSL_ L OPWTRS_ _Z _SP SPL]_ 3P ]P_`]YPO _Z ST^ ,^S]LX _Z XPOT_L_P ZY SZb _Z M`TWO LY TY^_]`XPY_ _SL_ NZ`WO N]PL_P ^Z`YO^ WTVP _SZ^P SP SLO SPL]O 1TYLWWd SP TYaPY_PO _SP [`´VL]L^ _SP wO]`X TY^_]`XPY_^x bSTNS MPL] _ST^ YLXP MPNL`^P _SPd ]P^PXMWP WZ_`^ WPLaP^ LW^Z NLWWPO [`´VL]L  3P]P _SP ^Z`YO ZQ O]`X^ T^ OP]TaPO Q]ZX YL_`]LW ^Z`YO^ ]L_SP] WTVP L ]PLOdXLOP ^Z`YO 4Y NZX[WP_P NZY_]L^_ _Z _SPT] LOSZN NSL]LN_P] TY _SP Xd_S O]`X^ TY _SP _SPL_P] L]P [WLdPO bT_S _SP XZ^_ NZX[WTNL_PO _PNSYT\`P^ LYO TY _SP XZ^_ aL]TPO ^T_`L_TZY^ >Z _SP]P bL^ L R]PL_ YPPO QZ] YZ_L_TZY QZ] _SP O]`XXP]^ ?SP YZ_L_TZY OPaPWZ[PO bL^ YZ_ L R]L[STNLW ZYP L^ bZ`WO `^`LWWd MP _SP NL^P TY 0`]Z[P M`_ z L^ bT_S ;£©TYT z L YZ_L_TZY ML^PO ZY LW[SLMP_TeL_TZY LYO aZNLWTeL_TZY ?SP ]P ^`W_TYR WLYR`LRP ZQ _SP O]`X^ NZ`WO MP NLWWPO LY Pc_]PXPWd ]PQTYPO WTYV MP_bPPY [`]P ^ZYLWT_d LYO w_SPL_P] ^PXLY_TN^x TP _SZ^P ^[PNTQTN QZ]X^ ZQ NZXX`YTNL_TZY _SL_ SLaP OPaPWZ[PO TY _SP _SPL_P] ?SP O]`X YZ_L_TZY T^ ML^PO ZY bSL_ T^ NLWWPO _SP waZNLWTeL_TZYx a£VVL]L©L ZQ O]`XMPL_^ 4Y _SP QT]^_ TY^_LYNP _ST^ XPLY^ _SL_ ZYP `^P^ ZYPv^ aZTNP _Z TXT_L_P L O]`XXPO ]Sd_SX ?ST^ TXT_L_TZY NLY _SPY MP b]T__PY OZbY 4_ SPW[^ _SL_ TY >LY^V]T_ _SP]P T^ ^_]TN_ OTQQP]PY_TL_TZY MP _bPPY WZYR LYO ^SZ]_ ^dWWLMWP^ ;]ZYZ`YNTYR _SP WZYR ^dWWLMWP^ PcLN_Wd _bTNP L^ WZYR L^ _SP ^SZ]_ ZYP^ L^ T^ `^`LW TY ]PNT_L_TZY L`_ZXL_TNLWWd ]P^`W_^ TY L X`^TNLW ]Sd_SX >Z TY _ST^ bLd _SP >LY^V]T_ ^N]T[_ T_^PWQ NLY Q`YN_TZY L^ X`^TNLW YZ_L_TZY ?SP QZWWZbTYR PcLX[WP XLd bPWW WZZV WTVP LY LWWT_P]L_TaP [ZPX M`_ TY ]PLWT_d T_ T^ L O]`X ^ZWZ% RSL¶LXL_ST V`©LVT¶T RLVS£VS£ VL_STOSTU£©L©LVZVSZY£VS£ g V`¶LVL¶T V`©LVT¶T VL¶LVSP gg

#

,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

9ZYP ZQ _SP^P wbZ]O^x SL^ LYd ^PXLY_TN XPLYTYR L_ LWW 4Y^_PLO _ST^ _Pc_ T^ [`]PWd L YZ_L_TZY ZQ _SP ]Sd_SX LYO ^TXTWL] YZ_L_TZY^ bP]P OP aPWZ[PO WL_P] QZ] XPWZOTP^ _ZZ ?SP aL]TL_TZY TY _SP ^dWWLMWP^ T^ Pc [WLTYPO Md _SP QLN_ _SL_ PLNS ^dWWLMWP XL]V^ L OTQQP]PY_ _d[P ZQ O]`X MPL_ BSPYPaP] [Z^^TMWP _SP ^dWWLMWP TXT_L_P^ _SP _d[P ZQ MPL_ ZYZXL_Z[ZPTNLWWd ,YO ZQ NZ`]^P _SP ^[ZVPY ^dWWLMWP^ NLY MP _]LY^WL_PO MLNV TY_Z O]`XMPL_^ ?ST^ ^bT_NSTYR MP_bPPY _SP XPOT`X ZQ ^[ZVPY ^dWWLMWP^ LYO _SL_ ZQ O]`XMPL_^ T^ L OPaTNP ZQ_PY `^PO YZbLOLd^ TY X` ^TNLW NZYNP]_ [P]QZ]XLYNP^ z LYO T^ aP]d [Z[`WL] ?SP]P L]P WTaPWd NZX [P_T_TZY^ MP_bPPY _SP aL]TZ`^ O]`XXP]^ ./  LYO NZYaP]^L_TZY^ MP _bPPY O]`X^ LYO TY^_]`XPY_^ _SL_ [WLd XPWZOTP^ ?Z _SP R]PL_ OPWTRS_ ZQ _SP WT^_PYP]^ _SP O]`X _]TP^ _Z TXT_L_P _SP ^[PLVP] Z] _SP TY^_]`XPY_ bT_S _SP XPWZOd L^ NWZ^PWd L^ [Z^^TMWP LW_SZ`RS T_ NLY YPT_SP] ^[PLV YZ] ^TYR 4Y -SL]L_Lv^ _SPL_P] _SP O]`X^ SLaP L ^_]`N_`]TYR Q`YN_TZY L^ T^ NZXXZYWd ^_TWW _SP NL^P TY _ZOLdv^ ]PWTRTZ`^ ]T_P^ 4Y _SP _SPL_P] _SPd XL]V _SP _]LY^T_TZY [ZTY_^ Q]ZX ^ZYR _Z OPNWLXL_TZY LYO MLNV LRLTY LYO LW^Z ^P_ _SP ^NPYP QZ] YPb L[[PL]LYNP^ 4_ T^ TY _SP WL__P] NL^P _SL_ _SPd SLaP _SP R]PL_P^_ ^PXLY_TN Q`YN_TZY 3P]P L]P L QPb PcLX[WP^% − 9`XTYZ`^ MPTYR^ L]P LWbLd^ TY_]ZO`NPO bT_S OPP[ ]P^ZYLY_ MPL_^ WTVP _SZ^P Q]ZX L VP__WPO]`X ?SPT] ^WZb [ZbP]Q`W ^_P[^ L]P ]P[]P ^PY_PO TY _SP WLYR`LRP ZQ O]`X^ WTVP _ST^% OSLÀO]£ÀOSLÀO]£À OSLV`_£ÀRSPRSP¶£  − -L^P Z] bTNVPO MPTYR^ LYYZ`YNP _SPT] L]]TaLW bT_S _STY YZT^d QL^_P] O]`X ^Z`YO^ bSTNS _SPY ^Z`YO WTVP _ST^% _SZVL¶LVS`VSL©£  − ,^NP_TN^ LYO -`OOST^_ XZYV^ SLaP _ST^% OSLS`OSLS`RSPRSP  TP ^Z`YO^ _SL_ L]P LRTWP STRS LYO X`_PO − :WO [PZ[WP APOTN ^NSZWL]^ NZ`]_TP]^ LYO NZ][`WPY_ [P]^ZY^ SLaP z L[[]Z[]TL_PWd z w[ZYOP]Z`^x SPLad O]`XMPL_^ LYO R]LaP ^ZWPXY QZZ_QLWW^ ^Z`YOTYR WTVP VS]ZÀRS]ZOSZVSZVSZ  ?SP]P L]P XLYd XZ]P ^`NS NZXMTYL_TZY^ ZQ O]`XMPL_^ QZ] _SP XZ^_ aL]TPO ^ZNTLW R]Z`[^ ZQ [P]^ZY^ LYO QZ] LYTXLW^ ^`NS L^ PWP[SLY_^ SZ]^P^ LYO NLXPW^ ?SP WLYR`LRP ZQ _SP O]`X^ LWZYP _S`^ NZX[]T^P^ aL]TZ`^ OTQQP]PY_ XZOP^ ZQ ]P[]P^PY_L_TZY LYO NZXX`YTNL_TZY MZ_S XTXP_TN LYO ^PXLY _TN :Y _SP ZYP SLYO _SP]P T^ _SP QLN_`LW WPaPW ZQ X`^TN _SP O]`XXTYR ZQ ]Sd_SX^ _SL_ XL]V _]LY^T_TZY^ :Y _SP Z_SP] SLYO _SP]P T^ L waZNLW TePOx WPaPW bSP]P _SP WLYR`LRP ZQ _SP O]`X^ MPNZXP^ L QZ]X ZQ []Z[P] ^[PPNS& ZY _ST^ WPaPW _SP ]Sd_SX^ L]P LW^Z ^[ZVPY Z] b]T__PY

0Y_P]_LTYTYR 7PL]YTYR TY ?SPL_P]

$

0Y_P]_LTYTYR 7PL]YTYR TY ?SPL_P]



0Y_P]_LTYTYR 7PL]YTYR TY ?SPL_P] LYO =PXd_STQTNL_TZY ZQ _SP >NTPYNP ZQ 2]LXXL] TY 7TRS_ =PLOTYR 0Y_P]_LTYTYR 7PL]YTYR TY ?SPL_P]

6LY_ ^Lb PYWTRS_PYXPY_ L^ wS`XLY MPTYR^ M]PLVTYR Z`_ ZQ _SPT] ^PWQ XLOP XTYZ]T_d w^PWM^_aP]^NS`WOP_P @YXÞYOTRVPT_xx 1Z] _SP 4YOTLY N]PL_Z] RZO -]LSX£ T_ bL^ TYT_TLWWd ^SPP] `YLO`W_P]L_PO N]T^T^ XLYLRP XPY_ BP ^SZ`WO ]PXPXMP] _SL_ LNNZ]OTYR _Z 4YOTLY NZ^XZWZRd _SP bZ]WO SL^ LWbLd^ QZWWZbPO L OZbYbL]O [L_S ?SP Q]LXP ^_Z]d Z] MLNV R]Z`YO YL]]L_TaP ZQ _SP 9£¶dL²£^_]L T^ _d[TNLW ZQ _SP [Z^_APOTN _]LOT _TZY LYO ]PaPLW^ _SP _SPL_P] L^ LY TY^_LYNP ZQ PO`NL_TZYLW PYWTRS_PYXPY_ ]L_SP] WTVP L [L_NS QZ] _SP R]PL_ 8TN]Z^ZQ_ ^ZQ_bL]P ZQ _SP N]PL_PO bZ]WO bSTNS L_ _SP PYO ZQ _SP 2ZWOPY ,RP LQ_P] ZYWd  dPL]^ ZQ `^P OZP^ YZ_ bZ]V LYd XZ]P LYO T^ ]TOOWPO bT_S aT]`^P^ ?SP bZ]^_ aT]`^P^ L]P LYRP] R]PPO ^PWQOPNP[_TZY []TOP PYad LYO W`^_ ?SP^P aT]`^P^ SLaP LW]PLOd TYQPN_PO L Y`XMP] ZQ [PZ[WP bSZ TXXPOTL_PWd _`]YPO TY_Z ±¼O]L^ `Y^`T_LMWP QZ] ^LN]TQTNP z L OLYRP]Z`^ OPaPWZ[XPY_ MPNL`^P ZQ NZ`]^P _SP RZO^ QPPO ZY _SP ^LN]TQTNTLW RTQ_^ ZQ _SP [PZ[WP ?SP L`_SZ]T _L_TaP bZ]O ZQ _SP APOL SL^ MPNZXP NZX[WP_PWd TYPQQPN_`LW MPNL`^P L_ _SP ^LXP _TXP L^ _SP QT]^_ ZNN`]]PYNP^ ZQ PRZ_T^X LYO R]PPO _SP]P L]P LW^Z ^_]ZYR ^TRY^ ZQ _SP PYN]ZLNSTYR ^_`W_TQTNL_TZY ZQ WTaTYR N]PL_`]P^% _SPd NLYYZ_ `YOP]^_LYO _SP APOL LYd XZ]P #! ?SP RZO^ _`]Y _Z -]LSX£ QZ] SPW[ LYO SP N]PL_P^ L YPb APOL _SP _SPL_P] 3P _]TP^ _Z OPWPRL_P T_ _Z _SP RZO^ M`_ _SPd NLYYZ_ OZ LYd_STYR bT_S T_ ?ST^ T^ MPNL`^P T_ T^ LY TYYZaL_TZY LYO _SP RZO^ L]P NZX[WLNPY_ N]PL_`]P^ ZQ [WPL^`]P LYO NLY YZ_ _LVP LYd LN_TZY _SL_ RZP^ MPdZYO _SPT] PaP][]P^PY_ ]P^[PN_TaP NZ^ XTN Q`YN_TZY^ _SPT] Á]NSLT :YWd S`XLY MPTYR^ NLY LN_ L`_ZYZXZ`^Wd LYO N]PL_TaPWd 5`^_ L^ R]LXXL] NZ`WO ZYWd MP NZYNPTaPO Md _SP S`XLY ;£©TYT LYO YZ_ Md _SP OTaTYP STRS[]TP^_ -ŽSL^[L_T `W_TXL_PWd _SPL_P] ^_`OTP^ NLY ZYWd MP PY_]`^_PO _Z S`XLY MPTYR^ TY _ST^ NL^P _SP bT^P SZWd XLY -SL]L_L LYO ST^  ^ZY^ ?SP NZYNP[_ _SL_ -SL]L_L ]PLWTePO _`]Y^ Z`_ _Z MP TYRPYTZ`^ ?SP YPb APOL T^ X`NS ^TX[WP] _SLY _SP ZWO ZYP LYO L[L]_ Q]ZX _SL_ T_ T^ LW^Z Pc_]PXPWd [WPL^`]LMWP QZ] T_ NZY_LTY^ PaP]d_STYR _SL_ XLVP^ ;L]LOT^P ^Z bZYOP]Q`W% X`^TN MPL`_TQ`W bZXPY LYO RZZO >LY^V]T_ 4Y _SP _SPL_P] T_ T^ Q`Y _Z WPL]Y SZb _Z MPSLaP NZ] ]PN_Wd 0aPY _SP XZ^_ O`XM LYO _SP XZ^_ bTNVPO [P]^ZY^ NLY ^_TWW WPL]Y ^ZXP_STYR LYO PYUZd _SPX^PWaP^ S`RPWd L_ _SP ^LXP _TXP 4Y _ST^ bLd _SP _SPL_P] RTaP^ PaPY _SP XZ^_ bZ]WOWd [PZ[WP ^ZXP APOLWPL]YTYR TY L aP]d PY_P]_LTYTYR QL^STZY LYO ^P]aP^ _Z PO`NL_P _SP NZXXZYP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! 4Y _ST^ TY_P][]P_L_TZY ZQ _SP QLXZ`^ w±¼O]Lx [L^^LRP 9£¶dL²£^_]L  >LÀV´T[_L bP []TYNT[LWWd QZWWZb _SP NZXXPY_L]d ZQ ,MSTYLaLR`[_L bSZ TY_]ZO`NP^ _SP _P]X ad`_[L__T L_ _ST^ [ZTY_ LYO `^P^ T_ TY _SP ^PY^P ZQ wPO`NL_TZYx PO`NL_TYR _SP SPL]_ Z] _SP [PZ[WP L^ L NPY_]LW _SPXP _S]Z`RSZ`_ _SP 9£_dL²£^_]Lv^ Q]LXP ^_Z]d



,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

?ST^ RWLYNP L_ _SP LNSTPaPXPY_^ ZQ S`XLYVTYO `YOP]RZP^ NP]_LTY []ZQZ`YO NSLYRP^ TY _SP NZY_Pc_ ZQ _SP MPWTPQ TY L 7Z]O 2ZO ?SP^P NSLYRP^ L]P ]PQWPN_PO aP]d NWPL]Wd TY _SP WPRPYO^ L^^ZNTL_PO bT_S _SP TYaPY_TZY ZQ R]LXXL] 4Y -SL]L_Lv^ Q]LXPbZ]V ^_Z]d S`XLY MPTYR^ bP]P _SP TOPLW NLYOTOL_P^ QZ] TX[WPXPY_TYR _SP TYYZaL_TaP []ZUPN_ ZQ w_SPL_P]x MPNL`^P _SPd bP]P wNWPaP] TYaPY_TaP []ZLN_TaP LYO LXMT _TZ`^x #" 4Y WL_P] WPRPYO^ LMZ`_ _SP TYaPY_TZY ZQ R]LXXL] _SP^P \`LWT_TP^ ZQ TYYZaL_TZY LYO ^NTPY_TQTN TYaP^_TRL_TZY ]PXLTY P^^PY_TLW QZ] R]PL_ S`XLY LNSTPaPXPY_^ ^`NS L^ ;£©TYTv^ R]LXXL] M`_ bT_SZ`_ _SP MWP^^ TYR ZQ _SP 7Z]O 2ZO ;£©TYT bZ`WO YZ_ SLaP MPPY ;£©TYT z ^TYNP _SP ^Z`]NP ZQ LWW ^_]ZVP^ ZQ RPYT`^ T^ _SP OPT_d ,YO L^ _Z bSL_ XLVP^ S` XLY LNSTPaPXPY_ ^Z R]PL_ T_ T^ XP]PWd _SP NSPPVTYP^^ ZQ OPXLYOTYR TY^[T]L_TZY Q]ZX _SP OPT_d 4Y _ST^ NZY_Pc_ _SP 6L_S£^L]T_^£RL]L L WL_P] NZWWPN_TZY ZQ 4YOTLY QLT]d _LWP^ LYO WPRPYO^ Q]ZX _SP _PY_S NPY_`]d ,/ ]PbZ]VTYR _SPXP^ Q]ZX _SP _TXP ZQ _SP 9LYOL LYO 8L`]dL OdYL^_TP^ NL  z # -. ^[TY^ L aP]T_LMWP YP_bZ]V ZQ QLY_L^_TN QLT]d_LWP WTVP ^_Z]TP^ ^`]]Z`YOTYR _SP QLXZ`^ R]LXXL]TLY^ LYO WT_P]L]d [P]^ZYLWT_TP^ ZQ _ST^ QT]^_ QZ]XL_TaP [P]TZO ZQ 4YOTLY LNLOPXTL 1Z] PcLX[WP LNNZ]OTYR _Z _SP 6L_S£^L]T_^£RL]L NSL[  ;£©TYT Md YZ XPLY^ ^_L]_PO Z`_ L^ _SP RPYT`^ ZQ _SP XTWWPYYT`X _SL_ SP T^ ]PRL]OPO L^ _ZOLd ## =L_SP] SP bL^ Z]TRTYLWWd _SP bZ]^_ [`[TW TY _SP APOL ^NSZZW ,_ _SL_ _TXP PaP]d NZ]]PN_ bZ]O bL^ ^_TWW WPL]YPO Md SPL]_ Q]ZX _SP 4Y O]L R]LXXL] ?SP XZ^_ M]TWWTLY_ [`[TW bL^ AL]L]`NT bSZ NZ`WO ]PXPX MP] _STYR^ LQ_P] SPL]TYR _SPX ZYWd ZYNP ;£©TYT bL^ L VPPY ^_`OPY_ LYO PLRP] _Z WPL]Y M`_ SP NZ`WO YZ_ ]PXPXMP] LYd_STYR 4Y^_PLO ZQ RTaTYR STX WP^^ZY^ _SP _PLNSP] SLO STX ]`Y P]]LYO^ QZ] ST^ bTQP BT_S L SPLad SPL]_ ;£©TYT bT_SO]Pb _Z _SP 3TXLWLdL^ _Z WTaP L^ LY L^NP_TN ^P]aTYR _SP R]PL_ RZO ±TaL ±TaL SLO XP]Nd ZY STX LYO ]PaPLWPO _Z STX _SP QL XZ`^ ,´¶£OSd£d¯ R]LXXL] ;£©TYT ]P_`]YPO _Z _SP APOL ^NSZZW bSP]P SP NSLWWPYRPO ST^ QPWWZb ^_`OPY_ AL]L]`NT _Z L OPML_P 1Z] ^PaPY OLd^ SP SPWO Z`_ LRLTY^_ _SP ^_L] [`[TW M`_ ZY _SP PTRS_S OLd ;£©TYT bL^ _S]PL_PYPO bT_S OPQPL_ ?SPY _SPd SPL]O ±TaLv^ _P]]TMWP _S]PL_PYTYR 3`X3`X PXLYL_TYR Q]ZX _SP SPLaPY^ ?SP 4YO]L R]LXXL] OT^L[ [PL]PO Q]ZX _SP QLNP ZQ _SP PL]_S LYO LWW _SZ^P bSZ SLO MPPY ^NSZWL]^ MPNLXP MWZNVSPLO^ z PcNP[_ QZ] _SP ±TaL OPaZ_PP ;£©TYT 9Zb ;£©TYTv^ R]LXXL] QZ]X`WL_P^ _SP ]`WP^ ZQ >LY^V]T_ TY LY Pc NP[_TZYLWWd TY^[T]PO LYO MPL`_TQ`W ^d^_PX M`_ T_ T^ YZ_ PcLN_Wd bSL_ dZ` bZ`WO NLWW ^TX[WP ?]LOT_TZYLWWd T_ T^ ^LTO _SL_ ZYP YPPO^ _bPWaP dPL]^ _Z WPL]Y T_ LWW >Z T_ T^ `YOP]^_LYOLMWP _SL_ _SP 4YOTLY^ bLY_PO _Z OPaPWZ[ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" 9£¶dL²£^_]L  ## 6L_S£^L]T_^£RL]L z 

0Y_P]_LTYTYR 7PL]YTYR TY ?SPL_P]



PL^TP] R]LXXL]^ QZ] [PZ[WP bSZ OZ YZ_ SLaP M]LTY^ WTVP 0TY^_PTYv^ 4Y >Z`_SP]Y 4YOTL _SPd OPaPWZ[PO _SP aP]d X`NS WP^^ ^d^_PXL_TN M`_ XZ]P WPRTMWP w;PLNZNV 2]LXXL]x 6LW£[LAd£VL]L©LX  LW^Z NLWWPO 6£ ?LY_]L ?SP w0YWTRS_PYXPY_ QZ] _SP .ZYQ`^POx 8`ROSLMZOSL bL^ OPaPWZ[PO TY _SP _ST]_PPY_S NPY_`]d QZ] PaPY XZ]P SZ[PWP^^ NL^P^ ?ST^ WL__P] R]LXXL] bZ]V bL^ `^PO Md _SP QT]^_ BP^_P]Y >LY^V]T_ ]P^PL]NSP]^ _Z WPL]Y _SP >LY^V]T_ WLYR`LRP ?SP ^_Z]d ZQ SZb _SP w;PLNZNV 2]LXXL]x L]Z^P T^ LW^Z _ZWO Md _SP 6L_S£^L]T_^£RL]L NSL[ !z" BP ZbP _SP YL]]L_TaP _Z L NZWWPN_TZY ZQ WPRPYO^ ^`]]Z`YOTYR _SP `YW`NVd VTYR >£_La£SLYL bSZ bL^ YZ_ LY 0TY ^_PTY PT_SP] ,NNZ]OTYR _Z ST^_Z]TLY^ _SP ^Z`_SbP^_ 4YOTLY >£_La£SLYL OdYL^_d _SL_ T^ RTaPY ^`NS L ]TMMTYR SP]P Q]ZX # -. ZYbL]O^ NLXP Q]ZX ,YOS]L LYO _ST^ ]PRTZY _PYO^ _Z MP ]PRL]OPO L^ L _]TMLW ^ZXPbSL_ ]P_L]OPO TQ YZ_ _Z_LWWd []TXT_TaP ]PRTZY ?SP 6L_S£^L]T_^£RL]L _PWW^ `^ #$ _SL_ _ST^ VTYR >£_La£SLYL ZYNP XLOP L _Z_LW QZZW ZQ STX^PWQ MPNL`^P ZbTYR _Z ST^ ^[L]^P `YOP]^_LYOTYR ZQ _SP WLb^ ZQ P`[SZYTN^ SP `YOP] ^_ZZO L NP]_LTY ^PY_PYNP TY >LY^V]T_ NZX[WP_PWd b]ZYRWd bSTWP SP bL^ SL[[TWd ^[WL^STYR LMZ`_ bT_S _SP WLOTP^ ZQ ST^ SL]PX TY ST^ ^bTXXTYR [ZZW 3P OTO YZ_ TY_P][]P_ _SP ^PY_PYNP wX£À XZOLVLTà [L]T_£“LdLx $ L^ w/Z YZ_ [Z`] LYd bL_P] ZaP] XPx M`_ z bT_S O]L^_TN NZY^P\`PYNP^ z L^ w;Z`] ^bPP_XPL_^ ZaP] XPx >TYNP _SP bT^S ZQ L bZXLY bL^ ]PRL]OPO L^ LY LM^ZW`_P NZXXLYO SP TXXPOTL_PWd ^_L]_PO _Z NL]]d T_ Z`_ LYO Pc[Z^PO STX^PWQ _Z _SP OP]TOTYR WL`RS_P] ZQ _SP bSZWP NZ`]_ ?SP VTYR bL^ ^Z L^SLXPO _SL_ SP bT^SPO _Z OTP 0aP]d OLd SP bZYOP]PO bSL_ `^P LWW ST^ ]TNSP^ bP]P bSPY SP bL^ ^Z ^_`[TO 9Pb^ ZQ >£_La£SLYLv^ [P] XLYPY_ ^_L_P ZQ OP[]P^^TZY ]PLNSPO _bZ NWPaP] R]LXXL]TLY^ bSZ _SZ`RS_ _SL_ _SPd NZ`WO _`]Y _ST^ ^T_`L_TZY _Z _SPT] LOaLY_LRP LYO S`] ]TPO ZQQ _Z _SP [LWLNP :YP ZQ _SPX ±L]aLaL]XLY bLY_PO _Z OPNPTaP _SP VTYR LYO _ZWO STX w4Y L O]PLX 4 ^Lb ]LTY QLWWTYR Q]ZX _SP SPLaPY^ ^PY_ Md L SPLaPYWd MZd LYO Z`_ ZQ _SP ]LTY ^_P[[PO L bZXLY TY bST_P NWZ_S TYR bSZ : VTYR OT]PN_Wd PY_P]PO dZ`] XZ`_S BSP]P`[ZY 4 LbZVP LYO TXXPOTL_PWd _SZ`RS_ u_SL_ bL^ >L]L^aL_¯vx 6TYR >£_La£SLYL L^VPO PcNT_POWd w3Zb WZYR OZP^ T_ _LVP _Z MPNZXP WPL]YPO*x 2`©£“SdL _SP Z_SP] R]LXXL]TLY LY^bP]PO MZWOWd w?bPWaP dPL]^ M`_ 4 NLY _PLNS dZ` bSL_ dZ` YPPO TY ^Tc dPL]^x ±L]aLaL]XLY bLY_PO _Z RP_ ST^ ZbY MLNV ZY ST^ NZWWPLR`P LYO ^LTO wBSd ^SZ`WO L VTYR SLaP _Z RZ _Z ^`NS _]Z` MWP* 4 bTWW _PLNS dZ` TY ^Tc XZY_S^x 2`©£“SdL PY]LRPO Md ±L]aLaL] XLYv^ []P^`X[_TZY ^LTO _SL_ TQ _SL_ NLXP _Z [L^^ Q]ZX _SPY ZY SP bZ`WO YZ_ ^[PLV LYd WLYR`LRP VYZbY _Z XLY bSTWP ±L]aLaL]XLY NZ`Y _P]PO _SL_ TQ 2`©£“àdL bL^ ^`NNP^^Q`W SP bZ`WO bPL] 2`©£“SdLv^ ^LY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ 6L_S£^L]T_^£RL]L !#z!"  $ 6L_S£^L]T_^£RL]L !



,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

OLW^ ZY ST^ SPLO QZ] _bPWaP dPL]^ :Y _SP bLd SZXP ±L]aLaL]XLY bL^ LW]PLOd ]PR]P__TYR ST^ ]L^S []ZXT^P 1Z]_`YL_PWd ST^ bTQP VYPb bSL_ _Z OZ% PaPY TY ^`NS OTQQTN`W_ ^T_`L_TZY^ _SP]P bL^ ^_TWW _SP [Z^^TMTWT_d ZQ ZM_LTYTYR LTO Q]ZX _SP RZO >VLYOL ?SL_ aP]d YTRS_ ±L]aLaL]XLY ^P_ ZQQ QZ] _SP _PX[WP ZQ >VLYOL ?SP QZWWZbTYR T^ ST^ ZbY WL_P] LNNZ`Y_ ZQ PaPY_^ z LYO ^TYNP _ZOLdv^ R]LXXL]TLY^ RPYP]LWWd bZ]V TY L aP]d OTQQP] PY_ XLYYP] bP ^SZ`WO \`Z_P ±L]aLaL]XLY SP]P% w>TYNP 4 SLO ^P_ ZQQ : 6TYR 4 SLO QL^_PO LYO VP[_ ^TWPYNP 9Zb _SP]P bL^ ZYWd L ^SZ]_ bLd _Z RZ& 4 QPWW _Z _SP R]Z`YO TY L QLTY_ bZ]Y Z`_ Md Xd ^_]TN_ L^NP_TNT^X ,WW L_ ZYNP T_ ^PPXPO _Z XP _SL_ L XLY bT_S L ^[PL] bL^ L[ []ZLNSTYR XP LYO 4 SPL]O _SP bZ]O^ SP ^[ZVP NWPL] L^ N]d^_LW% u>_LYO `[ Xd ^ZY 4 ^SLWW R]LY_ dZ` PaP]d_STYRv 4Y _SL_ XZXPY_ T_ ^PPXPO _Z XP _SL_ 4 bL^ MPTYR ML_SPO TY L ^_]PLX ZQ YPN_L] 4 LbZVP bT_SZ`_ L _]LNP ZQ S`Y RP] Z] _ST]^_ LYO 4 bL^ \`T_P bSZWP 1`WW ZQ ZaP]bSPWXTYR OPaZ_TZY 4 L] ]TaPO L_ _SP _PX[WP ML_SPO LYO PY_P]PO _SP ^LYN_`L]d Q`WW ZQ PN^_L^d 4Y ^TOP 7Z]O >VLYOL ]PaPLWPO STX^PWQ _Z XP RLaP XP ST^ ^TRS_ OL]²LYL  LYO L aT^TMWP >L]L^aL_¯ PY_P]PO Xd XZ`_S 9Zb bSPY _SP ^TcSPLOPO 7Z]O >VLYOL L[[PL]PO _Z XP TY [P]^ZY SP ]PNT_PO _SP >¼_]L% u?SP LW[SLMP_ T^ L^ ^`XPO _Z MP VYZbYv XZ]P WT_P]LWWd% uF?SP ^_`OdH ZQ _SP _]LOT_TZYLW ^d^_PX ZQ WP__P]^ F^SZ`WOH MP NZX[WP_PO FMPQZ]P NZXXPYNTYR _SP ^_`Od ZQ _ST^ ?LY _]LX ^TOOSLà Hv z :Y SPL]TYR T_ LWL^ MPNL`^P bP S`XLY^ ZQ_PY MLMMWP 4 [`_ _SP YPc_ >¼_]L _ZRP_SP] Xd^PWQ LYO `__P]PO T_ ?SPY _SP RZO ^[ZVP _Z XP% u4Q dZ` SLO FYZ_ TY_P]]`[_PO XP LYO SLOH YZ_ `__P]PO FT_H dZ`]^PWQ _ST^ MZZV ZQ WPL]YTYR bZ`WO SLaP MPPY R]PL_P] _SLY _SL_ ZQ ;£©TYT -`_ YZb T_ bTWW MP L WP^^P] ^d^_PX NLWWPO w6£_LY_]Lx LYO bTWW MP NLWWPO _SP w[PLNZNV R]LXXL]x LQ_P] _SP LYTXLW `[ZY bSTNS 4 ]TOPvx $

?SP]P L]P ^PaP]LW [ZTY_^ ZQ TY_P]P^_ LMZ`_ _SP^P YL]]L_TaP^ ?SPd L]P YTNP PcLX[WP^ ZQ SZb ^NTPY_TQTN ^d^_PX^ MPNLXP [Z[`WL]TePO LYO ]PXd_SZWZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ T_Z ]£ULY YT]£S£]Z XL`YL^_SZ uSLÀ _LO£ RL_Là gg _L_Z uOSaLYT XLY£VNSP´P U£_P _¯a]L_L[LàVš´Là g VW£Y_Là [L_T_La£Y L^XT YTà^LÀUÓZ OSL]L©¯_LWP gg `__T´¶SL [`_]L ^L]aLÀ _P ^LÀ[L_^dL_L T_T ^[S`¶LX g ²LV_TSL^_Là [`X£Y P_dL U£YP X£X LM]La¯_ _LO£ gg _PY£SLX LXš_£^£]L^LÀ^TV_L TaL _L_V´L©LX g []LM`OOSLà V´`_[T[£^£OTS¯YLà ^aL^_SL Ta£MSLaLX gg L_SL OPaL^dL YTVL¶LÀ []£[dL MSLV_TMSL]£V`WLà g ^Y£_a£ RL]MSLRšSLÀ _L^dL []LaT´¶Z uMS¼aLX `YXLY£à gg _L_Z uY_Là []LMS`©£ F[]LMS`Y£H _PYL ^VLYOPYL XLXL OL]²LYLX g OL__LÀ _L_Là []LaT´¶£ XP X`VSP X¼]_£ FX¼]__£*H ^L]L^aL_¯ gg L_S£^L` MSLRLa£Y ^£V´£_ ´L“MST] £YLYL[L«VLULTà g ^TOOSZ aL]©L^LX£XY£dL T_T ^¼_]LX `OLT]LdL_ gg _LN NS]`_aLTaL XLY`´dL_aL^`WLMS£N N£[LW£OML_L g `__L]LÀ ^¼_]LX LMSd¼SdL ^aLdLX PaL XLdZOT_LX gg L_S£M]La¯_ ^L OPaZ XLÀ Y£aLOT´dLà ^aLdLÀ dLOT g LMSLaT´dLO TOLÀ ²£^_]LÀ [£©TY¯dZ[LXL]OLVLX gg LOS`Y£ ^aLW[L_LY_]L_a£_ V£_L_LY_]£VSdLÀ MSLaT´dL_T g XLO a£SLYLVLW£[L^dL Y£XY£ V£W£[LVLÀ _L_S£ gg  6L_S£^L]T_^£RL]L "Mz

0Y_P]_LTYTYR 7PL]YTYR TY ?SPL_P]



RTePO TY [Z[`WL] OT^NZ`]^P ?ST^ T^ [L]_TN`WL]Wd _]`P ZQ R]LXXL] _SP XZ^_ LYLWd_TNLW ^d^_PX ZQ 4YOTLY TY_PWWPN_`LW ST^_Z]d 4_^ Xd_STQTNL_TZY ^SPO^ WTRS_ ZY TP XT]]Z]^ _SP N`W_`]LW aLW`P ^d^_PX .ZY^TOP] SZb `YNZYNPTaLMWP T_ bZ`WO MP TY 0`]Z[P _Z QTYO R]LXXL]TLY^ L^ []Z_LRZ YT^_^ TY 2]TXXv^ QLT]d _LWP^ z TY ZMaTZ`^ NZY_]L^_ _Z _SP 6L_S£^L ]T_^£RL]L  4Y 0`]Z[P L_ MP^_ bP QTYO LYPNOZ_P^ LMZ`_ [STWZ^Z[SP]^ LYO X`^TNTLY^ ?ST^ NZX[L]T^ZY XLVP^ NWPL] SZb bPTRS_d _SP ^_L_`^ ZQ R]LXXL]TLY^ SL^ MPPY TY _SP NZWWPN_TaP XPXZ]d ZQ >LY^V]T_ 4YOTL ?SP R]LXXL]TLY^ L[[PL] SP]P L^ L NZWWPN_TaP ]P[]P^PY_L_TZY]P[]P^PY_L_TaP^ ZQ 4YOTLY N`W_`]P 4Y 0`]Z[P ZYWd R]PL_ [STWZ^Z[SP]^ LYO X`^TNTLY^ SLaP L\`T]PO ^`NS L ]P[]P^PY_L_TZYLW Q`YN_TZY ?SP NZY_PY_ L__]TM`_PO TY 4YOTL _Z _SP NZWWPN_TaP ]P[]P^PY_L_TZY PX MZOTPO Md _SP R]LXXL]TLY^ T^ P\`LWWd YZ_PbZ]_Sd ?SPT] R]PL_YP^^ LYO QLXP WTP QT]^_ LYO QZ]PXZ^_ TY _SPT] NL[LNT_d _Z NZXXT_ PaP]d_STYR _Z XPXZ]d PaPY LQ_P] ZYWd ZYP SPL]TYR PVL²]`_L  ,NNZ]OTYR _Z _SP 6L_S£^L]T_^£RL]L _SP M]TWWTLYNP _SL_ ;£©TYT LN\`T]PO LQ_P] bZ]^ST[TYR _SP RZO ±TaL NZY^T^_^ []PNT^PWd TY ST^ MPNZXTYR LY PVL²]`_L  LYO YZ_ TY ST^ TY_PWWPN_`LW ]TRZ] LYO Z`_^_LYOTYR LYLWd_TNLW NL[LNT_TP^ _SL_ _SP ST^_Z]TNLW ;£©TYT OPQTYT_PWd SLO Z] TY ST^ PcNPWWPY_ R]LXXL] ?ST^ ]P QWPN_^ \`T_P QLT_SQ`WWd _SP [Z[`WL] YZ_TZY ZQ R]PL_ ^NSZWL]^ST[ LYO -]LS XLYTN WPL]YPOYP^^ ,YLWd_TNLW ^_]PYR_S T^ bSL_ T^ aLW`PO TY 0`]Z[P bSTWP L NZX[]PSPY^TaP XPXZ]d T^ aLW`PO TY 4YOTL >`NS L XPXZ]d L[ [L]PY_Wd SL^ LY LT] ZQ ZXYT^NTPYNP 4_ bL^ PL^TWd L^^ZNTL_PO bT_S _SP Pc_]LZ]OTYL]d _SP ^`[]LX`YOLYP LYO OTaTYP LYO O]LbY TY_Z _SP ^[SP]P ZQ ]PWTRTZY ZQ Xd_S ZQ QLY_L^d LYO ZQ QTN_TZY :XYT^NTPYNP LYO _SP OTaTYP ^[SP]P MPWZYR YL_`]LWWd _ZRP_SP] .ZX []PSPY^TaP VYZbWPORP SL^ T_^ YL_TaP [WLNP TY SPLaPY BT_S _SP ]T^P ZQ _SP R]PL_ 7Z]O 2ZO^ ±TaL AT´©` LYO /Pa¯ _SP ]PWTRTZ`^Wd XTYOPO YL_` ]LWWd NLXP _Z _SP NZYNW`^TZY _SL_ M]TWWTLYNP T^ LNSTPaPO Md OPaZ_TZY LYO ^`]]PYOP] _Z _SP 7Z]O ,YO bSL_ _SP R]PL_ [LY4YOTLY RZO^ NLY OZ _SP WZNLW OPT_TP^ NLY OZ L^ bPWW ?SP >Z`_SP]Y 4YOTLY 6£_LY_]L Z] w;PLNZNV 2]LXXL]x bL^ NZYQP]PO Md _SP >Z`_SP]Y 4YOTLY 2ZO 8`]`RLY bSZ^P 9Z]_SP]Y 4YOTLY YLXP T^ >VLYOL ?SP R]PL_ RZO^ NLY NSLYRP PaP]_STYR Q]ZX ZYP XZXPY_ _Z _SP YPc_ ?SPT] _]LY^QZ]XL_TaP [ZbP] LYO R]LNP ^`MaP]_^ VL]XL LYO OSL]XL XPNSLYT^X^ ?SP ^WZbXTYOPO [P]^ZY MP NZXP^ L RPYT`^ _SP WTL] MPNZXP^ L ^[PLVP] ZQ _]`_S LYO _SP ^TYYP] L_ _LTY^ ]POPX[_TZY LYO ^LWaL_TZY PaPY TQ SP OZP^ YZ_ ^PPV _SPX /`]TYR _SP [P]TZO ZQ _SP R]PL_ 7Z]O 2ZO^ _SP TOPL OPaPWZ[^ _SL_ YZ ZYP NLY ]P^T^_ _SP Z`_^_LYOTYR R]LNP LYO [ZbP] ZQ _SP 7Z]O ?ST^ YPb _SPZWZRd _SL_ ]PLNSPO T_^ XZ^_ Sd[P]MZWTN QZ]X^ TY AT´©`T^X NZXMTYPO PL^TWd bT_S _SP ZWOP] TOPL^ ZQ ^ZYTN [ZbP] ,WW _SP bZYOP]Q`W _STYR^ XPY_TZYPO LMZaP SL[[PY LWXZ^_ L`_ZXL_TNLWWd bSPY ZYP PY_P]^ _SP OTaTYP QTPWO Md



,YLWd_TNLW >_`OTP^ LYO ;Z[`WL]TeL_TZY^ ZQ _SP APOL

]PNT_L_TZY 9Z_STYR _]TRRP]^ OTaTYP R]LNP L^ PL^TWd L^ ]PNT_L_TZY ^TYNP _SP ]PNT_LW LYO T_^ XP]P ^Z`YO XLVP OTaTYP ^`M^_LYNP []P^PY_ :MaTZ`^Wd Xd_STQTNL_TZY^ LYO QTN_TZYLWTeL_TZY^ bP]P WP^^ _SP ^PWQ L^N]T[_TZY^ ZQ _SP ^NTPY_T^_^ _SPX^PWaP^ -`_ ZY _SP Z_SP] SLYO 4YOTLY TY_PWWTRPY_^TL ]L]PWd ^Lb L ]PL^ZY _Z Z[[Z^P _Z T_ ,Q_P] LWW PaPY ;£©TYT M`TW_ TY_Z ST^ QZ]XLWT^_TN R]LXXL] LY LWXZ^_ TX[P]NPTaLMWP QWLaZ] ZQ Xd_STNLW PXMPOOPOYP^^ Md `^TYR _SP _P]X wR]Zb_Sx TY L [ZWd^PXLY_TN bLd 8Z^_ 4YOTLY ^NTPY_T^_^ OTO YZ_ bLY_ _Z RTaP `[ Xd_STNLW PX MPOOPOYP^^ Z] ]PUPN_ Xd_STNLW TYaZWaPXPY_ LYO LY PYNSLY_PO bZ]WO >ZXP QZ]X ZQ [L]_TNT[L_TZY T^ LWXZ^_ LWbLd^ _SP]P z L_ WPL^_ TY STOOPY QZ]X TY _SP TYT_TLW XL«RLWL aP]^P^ ZQ LNLOPXTN bZ]V^ ?ST^ [L]_TNT[L_Z]d MTL^ OZP^ YZ_ XPLY _SL_ PaP]_STYR T^ ]PWTRTZ`^ TY 4YOTL L^ ^ZXP BP^_P]Y ]PNT[TPY_^ _PYO _Z ^`RRP^_ YZ] OZP^ T_ PY_LTW _SL_ PaP]dZYP _LVP^ _Z T_ TY _SP ^LXP XLYYP] Z] TY P\`LW XPL^`]P :`] NWLTX T^ ZYWd _SL_ Xd_SZ^ LYO WZRZ^ SLaP MPPY WP^^ OTaTOPO TY 4YOTL _SLY TY 0`]Z[P 9PT_SP] OZP^ PXLYNT[L_TZY PcNW`OP _SP [L]_TNT[L_Z]d OTXPY^TZY YZ] _SP [L]_TNT[L_Z]d bZ]WOaTPb LY PXLYNT[L_TaP L[[]ZLNS ?SP [Z^_APOTN [P]TZO LMZ`YO^ TY TY_PWWPN_`LW LM^_]LN_TZY^ LYO L [W`]LWT_d ZQ NSZTNP^ ZY SZb _Z WPLO ZYPv^ WTQP LYO L[[]ZLNS T^^`P^ ZQ bZ]WOaTPb ]PWTRTZY LYO WLYR`LRP BP QTYO OPXd_STQTNL_TZY LYO ]PXd_STQTNL_TZY LYO ^PN`WL] LYO ]PWT RTZ`^ Z]TPY_L_TZY^ ?SP [ZP_TNTLY^ bT_S bSZX bP ^_L]_ _SP YPc_ NSL[_P] bP]P []Z`OWd PX[SLeTYR _SPT] []ZQLYP ^_L_`^ LYO w^PN`WL] NZYQP^^TZYx >ZXP ZQ _SPX bP]P ]PLW _PNSYZWZRT^_^ ZQ WLYR`LRP bSZ QLaZ]PO MPL`_T Q`W QZ]X LYO Z]YLXPY_L_TZY ZaP] NZY_PY_ 4_ T^ _d[TNLW SZbPaP] _SL_ PaPY bT_STY _ST^ aP]d bZ]WOWd Z]TPY_PO XTWTP` L [L]_TNT[L_Z]d Z]TPY_L_TZY _ZbL]O^ [ZP_TN OTN_TZY L]Z^P L ^PY^P ZQ _SP ^`RRP^_TaPYP^^ ZQ WLYR`LRP LYO _SP ]L^L T_ NZYQP]^ ?SP ]L_TZYLWP MPSTYO _ST^ [ZP_TN _`]Y bL^ ^TXTWL] _Z YPb QTYOTYR^ TY WTYR`T^_TN^ P[T^_PXZWZRd LYO XP_L[Sd^TN^% ?SP bSZWP T^ LWbLd^ XZ]P _SLY _SP ^`X ZQ T_^ [L]_^ ,W_SZ`RS _SP Xd_STNLW bZ]WOaTPb ZQ _SP PL]Wd APOL SL^ WZYR MPPY Z`_OL_PO TY _SP [Z^_APOTN [P]TZO YPb QZ]X^ ZQ Xd_STNLW TYaZWaPXPY_ VP[_ ]PL[[PL]TYR BP YZb QTYO _STYVP]^ bSZ RTaP [L]_TNT[L_TZY L XP_L[Sd^TNLW Q]LXPbZ]V LYO OPaPWZ[ bSL_ bP NLWW ]PQWPN_PO `YTaP]^LW Xd_S^ ?SPT] TY_PWWPN_`LW ]TRZ] TYaL]TLMWd TYaZWaPO L^ bP L]P RZTYR _Z OT^N`^^ LY TY_PY^TaP TYaP^_TRL _TZY ZQ WLYR`LRP T]]P^[PN_TaP ZQ bSP_SP] _SPd bP]P [ZP_^ ]T_`LWT^_^ [STWZ^Z[SP]^ Z] R]LXXL]TLY^ ?SPT] Pc[WZ]L_TZY ZQ WLYR`LRP []ZO`NPO ^ZXP Z`_^_LYOTYR ]P^`W_^ []PQTR`]TYR XZOP]Y WTYR`T^_TN^ z [L]_Wd L^ XP]P Md[]ZO`N_^ L^ TY _SP NL^P ZQ _SP ;¼]aL8¯X£À^£ ^NSZZW bSZ^P ^ZWP TY_P]P^_ bL^ _Z []P^P]aP APOTN ]T_`LW TY L _TXP ZQ ^ZNTLW LYO ]PWT RTZ`^ NSLYRP

 ;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY% /P>LN]LWTeL_TZY LYO =P>LN]LWTeL_TZY ZQ 7LYR`LRP TY ;ZP_TN^ 7TYR`T^_TN^ LYO 8P_L[Sd^TN^ ;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY w>SZ`WO bP ^P__WP L^ L^NP_TN^ Md ^LN]PO ]TaP]^* >SZ`WO bP OPOTNL_P Z`] ^PWaP^ ^PWQWP^^Wd F_Z Z`]H aT]_`Z`^ bTaP^* >SZ`WO bP O]TYV Q]ZX _SP ^PL ZQ WPL]YPOYP^^ Z] ]L_SP] O]TYV _SP OPWTNTZ`^ YPN_L] ZQ _SP Y`XP]Z`^ [ZPX^* BP OZ YZ_ VYZb BSL_ ^SZ`WO bP OZ* 1Z] _SP WTQP ZQ L XLY WL^_^ M`_ L QPb XZXPY_^x 

4Y _SP QT]^_ SLWQ ZQ _SP QT]^_ XTWWPYYT`X ,/ _SP WT_P]L]d ^_]L_`X ZQ 4YOTLY ^ZNTP_d MPRTY^ _Z ^SZb L OTQQP]PY_TL_TZY ZQ WTQP^_dWP^ LYO TYN]PL^TYR NSZTNP MP_bPPY aL]TZ`^ L`_ZYZXZ`^ QTPWO^ ZQ XPLYTYR >`NS L [W`]LWT^X ZQ [Z^^TMWP bLd^ ZQ WTaTYR NLY ZYWd OPaPWZ[ TY L N`W_`]P ZQ W`c`]d LYO ^`][W`^ 4Y [L]_TN`WL] _SP OdYL^_d ZQ _SP 2`[_L^ bSZ ]`WPO TY 9Z]_SP]Y 4YOTL Q]ZX  _Z  ,/ T^ ]PRL]OPO L^ L ^dYZYdX QZ] L [P]TZO ZQ N`W_`]LW ]PYLT^^LYNP  [ZWT_TNLW ^_LMTWT_d LYO PNZYZXTN []Z^[P]T_d _SL_ SL^ YPaP] ^TYNP MPPY P\`LWPO TY 4YOTL 4Y _SP aP]^P \`Z_PO LMZaP -SL]_ŽSL]T _SP QLXZ`^ QTQ_S Z] ^Tc_SNPY_`]d [ZP_ LYO [Z^^TMWd TOPY_T NLW bT_S _SP R]LXXL]TLY -SL]_šSL]T  OZN`XPY_^ _SP [W`]LWT_d ZQ Z]TPY_L _TZY^ _SL_ PcT^_PO L_ _SL_ _TXP 3P VYZb^ bSL_ SP T^ _LWVTYR LMZ`_ ^TYNP LNNZ]OTYR _Z _SP ST^_Z]TZR]L[STN ^Z`]NP^ SP Z^NTWWL_PO LWW ST^ WTQP MP _bPPY XZYL^_TN LYO bZ]WOWd WTQP MP_bPPY L^NP_TNT^X LYO SPOZYT^X ?SP APOTN P[ZNS PYOPO bT_S _SP OT^NZaP]d ZQ _SP TYYP] bZ]WO& _SP NWL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 





_L[L^dLY_Là ^LY_Là VTX LOSTYTaL^£XLà ^`]LYLO¯À R`©ZO£]£Y O£]£Y `_L [L]TNL]£XLà ^LaTYLdLX g [TM£XLà ²£^_]L`RS£Y `_L aTaTOSLV£ad£XŽ_L]L^£Y YL aTOXLà VTÀ V`]XLà VL_T[LdLYTXP´£d`´T ULYP gg -SL]_ŽSL]T ALT]£RdL ±L_LVL  a "! >`[[Z^POWd L WL]RP Y`XMP] ZQ WT_P]L]d bZ]V^ bSTNS L]P NZY^TOP]PO YZb NWL^^TNLW L__LTYPO _SPT] OPQTYT_P QZ]X^ TY _ST^ [P]TZO >PP 5ZSLYYP^ -]ZYVSZ]^_ w?bZ 7T_P]L]d .ZYaPY_TZY^ ZQ .WL^^TNLW 4YOTLx ,^TL_T^NSP >_`OTPY C7A $$%  8Lc 8ÞWWP] []P^`XPO _SPT] TOPY_T_d ZY _SP ML^T^ ZQ L ]P[Z]_ Md _SP .STYP^P [TWR]TX 4 ?^TYR !$ ,/ :Y _SP [ZP_ ^PP BTY_P]YT_e 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P  aZW   z!& ZY _SP \`P^_TZY ZQ TOPY_T_d 3L]ZWO 2 .ZbL]O -SL]_šSL]T -Z^_ZY% ?bLdYP $"! $ z ,^SZV ,VW`UVL] w-SL]_šSL]Tx TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z [STP^ aZW  /PWST% 8Z_TWLW -LYL]^OTL^^ $$  ^`XXL]TePO _SP OPML_P Md ^_L_ TYR _SL_ _SP L]R`XPY_^ ZY TOPY_T_d L]P w[P]SL[^ MPdZYO SZ[P ZQ LYd OPQTYT_P ^ZW` _TZYx >PP LW^Z 5LY 08 3Z`MPY ?SP >LÀMLYOSL>LX`OOP²L NSL[_P] ZY ]PWL_TZY LYO -SL]_šSL]Tv^ ;STWZ^Z[Sd ZQ 7LYR`LRP 2]ZYTYRPY% 0RMP]_ 1Z]^_PY $$  z

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

^TNLW P[ZNS MPRTY^ bT_S _SP []ZR]P^^TaP OTQQP]PY_TL_TZY ZQ NSZTNP^ ?SP^P Z[[Z]_`YT_TP^ TYNW`OP _Z_LW ]PUPN_TZY ZQ _SP [Sd^TNLW bZ]WO U`^_ L^ X`NS L^ _Z_LWWd PXM]LNTYR T_ z _SPd TYNW`OP L WTQP TY L ^LN]PO ^P__TYR U`^_ L^ X`NS L^ L WTQP TY L []ZQLYP ZYP ?SP ^LXP LW^Z L[[WTP^ _Z SZb ^NSZW L]^ OPLW bT_S _SP >LY^V]T_ WLYR`LRP% ZYP NLY NSZZ^P bSP_SP] _Z OPLW bT_S WLYR`LRP L^ L [ZP_ Z] L^ L R]LXXL]TLY 4Y _SP NWL^^TNLW [P]TZO bP QTYO XLYd OTQQP]PY_ _PYOPYNTP^ ZQ XLVTYR WLYR`LRP PT_SP] WP^^ ^LN]PO Z] XZ]P ^LN]PO LRLTY TP aL]TZ`^ _PYOPYNTP^ ZQ OP^LN]LWTeL_TZY Z] ]P ^LN]LWTeL_TZY ?SP []TXL]d ^dX[_ZX ZQ _SP OPXd_STQTPO L__T_`OP _Z WLYR`LRP T^ _SP QZN`^TYR ZY _SP R]LXXL_TNLW _P]X ²LMOL TY^_PLO ZQ _SP Xd_STNLW a£N  =PaPLWTYRWd L^ PL]Wd L^ ;L_LÓULWTv^ _TXP _SP ^_`Od ZQ WLYR`LRP T^ YZ_ NLWWPO wa£RLY`²£^LYLXx  M`_ w²LMO£uY`²£^LYLXx 4Y NWL^^TNLW >LY^V]T_ ²LMOL T^ QT]^_ LYO QZ]PXZ^_ _SP RPYP]LW _P]X QZ] _SP NL_PRZ]d ZQ bSL_ T^ L`OTMWP -`_ L_ _SP ^LXP _TXP ²LMOL LW^Z XPLY^ wbZ]Ox 1Z] PcLX[WP ^ZXP_STYR WTVP _SP 0YRWT^S Pc[]P^^TZY w_SP bZ]O uNZbvx bZ`WO MP wRZ²LMOLx TY NWL^^TNLW >LY^V]T_ bSTNS TY QLN_ WT_P]LWWd XPLY^ w_SP ^Z`YO uNZbvx 1`]_SP]XZ]P TY _SP NZY_Pc_ ZQ S`XLY WLYR`LRP _SP _P]X L]_SL T^ LWXZ^_ LWbLd^ XPY_LWWd LOOPO _Z _SP _P]X ²LMOL ?ST^ _P]X L]_SL NLY SLaP XLYd LYO aL]TPO XPLYTYR^ ^`NS L^ ZMUPN_ TY_PY_TZY Z] RZLW 4Y WTYR`T^_TN _P]X^ L]_SL XPLY^ _SP XP^^LRP _SL_ T^ TX[L]_PO Md ²LMOL _SL_ T^ _SP XPLYTYR ZQ _SP bZ]O^ TY L ^PY_PYNP -`_ TY NZY_]L^_ _Z _SP 0YRWT^S [LT] ZQ _P]X^ wbZ]Ox LYO wXPLYTYRx SP]P T_ T^ YZ_ wbZ]O^x _SL_ SLaP wXPLYTYR^x TY^_PLO _SP]P L]P ZYWd NP]_LTY ^Z`YO^ ²LMOL  bSTNS L ^[PLVP] NLY `^P _Z NZXX`YTNL_P _SP ZMUPN_^ L]_SL ZQ ST^ bTWW Z] ST^ ZM^P]aL_TZY^ -`_ ^TYNP ²LMOL T^ YZ_ ]P^_]TN_PO _Z S`XLY WLY R`LRP T_ NLY LW^Z ]PQP] _Z ^Z`YO^ _SL_ ZNN`] TY _SP YL_`]LW bZ]WO 1Z] PcLX[WP _SP]P PcT^_ Pc[]P^^TZY^ ^`NS L^ [L¶L[L¶£²LMOL  bSTNS ]PYOP]^ _SP YZT^P ZQ ^ZXP_STYR QLWWTYR _Z _SP QWZZ] LYO NZ`WO [P]SL[^ MP _]LY^ WL_PO L^ wN]L^S NWL__P]x 4Y RPYP]LW T_ NLY MP ^LTO _SL_ _SP bZ]O ²LMOL T^ `^PO bSPY LY TOPY_TQTLMWP XP^^LRP NLY MP RLTYPO Q]ZX _SP ^Z`YO 4_ OZP^ YZ_ XL__P] bSP_SP] _ST^ T^ _SP XP^^LRP wNZbx Z] _SP XP^^LRP w^ZXP_STYR T^ QLWWTYR ZY _SP QWZZ]x BP NLY ^PP SZb OTQQTN`W_ T_ T^ _Z _]LY^WL_P _SP bZ]O u²LMOLv MPNL`^P OP[PYOTYR ZY _SP NZY_Pc_ T_ NLY SLaP \`T_P OTQQP]PY_ XPLYTYR^ ^`NS L^ wbZ]Ox wYZT^Px Z] U`^_ w^Z`YOx TY RPYP]LW 2`d -PNV ^`RRP^_^ L^ _SP MP^_ _]LY^WL_TZY NZaP]TYR _SP []Z Q`^PWd OTaP]^P L]PL^ ZQ L[[WTNL_TZY wuWTYR`T^_TN ^Z`YOv XZ^_Wd NZYYZ_ TYR aZNLW ^Z`YO _Z bSTNS XPLYTYR T^ L__LNSPO PT_SP] TY QZ]X ZQ LY ZM UPN_ Z] L _SZ`RS_x  3ZbPaP] TQ ZYP OZP^ YZ_ bLY_ _Z ^[PLV ZQ _SP XP^^LRP NZYaPdPO Md L ^Z`YO LYO TY^_PLO _Z ]PQP] _Z T_^ [`]PWd LNZ`^_TN \`LWT_d TY NWL^^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 

-PNV >ZYTN ?SPZWZRd  #

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

"

>LY^V]T_ ZYP `^P^ _SP bZ]O^ OSaLYT LYO Y£OL ?SP^P bZ]O^ NLY MP _]LY^ WL_PO TY_Z 0YRWT^S L^ w[SZYP_TN ^Z`YOx Z] w^Z`YO [L__P]Yx QZ] OSaLYT  LYO w[Sd^TNLW ^Z`YOx waZTNPO ^Z`YOx w^Z`YO bLaP^x Z] w]P^ZYLYNPx QZ] Y£OL  ?SP OTQQP]PYNP Q]ZX _SP _P]X ²LMOL T^ MP^_ OPXZY^_]L_PO Md L QPb ]PLW PcLX[WP^% VZVTWL²LMOL XPLY^ _SP wNLWW ZQ _SP N`NVZZx bSTNS NZYaPd^ _SP XP^^LRP w_SP N`NVZZ^ SLaP L]]TaPOx LYO bT_S _SPX _SP ^[]TYR

VZVTWLOSaLYT bZ`WO TYOTNL_P ^ZXP_STYR WTVP w_SP ^ZYR ZQ _SP N`NVZZ^x 3P]P _SP PX[SL^T^ bZ`WO MP ZY _SP TYOTaTO`LW \`LWT_TP^ ZQ _ST^ [L]_TN`WL] MT]ONLWW z TY _ST^ NL^P T_^ MPL`_d ^TYNP 4YOTLY N`NVZZ^ NLWWPO NZTW^  SLaP L XZ]P MPL`_TQ`W LYO XZ]P aL]TPO ^ZYR _SLY 0`]Z[PLY N`NVZZ^ VZVTWLY£OL  Z`] QTYLW aL]TL_TZY bZ`WO XPLY wN`NVZZ YZT^Px TY _SP ^PY^P ZQ w_SP QZ]P^_ ]PaP]MP]L_P^ bT_S _SP NLWW^ ZQ _SP N`NVZZ^x ?SP _P]X uY£OLv LWbLd^ XPLY^ L NP]_LTY ^Z`YO^NL[P LYO TY _ST^ NL^P ^`RRP^_^ _SL_ _SP]P L]P XLYd N`NVZZ^ []P^PY_ LYO YZ_ U`^_ ZYP L^ bZ`WO MP TYOTNL_PO Md OSaLYT 

,^ bP NLY ^PP _SP _P]X^ OSaLYT LYO Y£OL `YWTVP ²LMOL LNNPY_`L_P _SP YZY^PXLY_TN LNZ`^_TN L^[PN_ ZQ _SP ^Z`YO bSTWP ²LMOL LWbLd^ PX[SL ^TeP^ _SP NSL]LN_P]T^_TN YZT^P _SL_ T^ WTYVPO bT_S LY ZMUPN_ Z] L []ZNP^^ L YZT^P _S]Z`RS bSTNS LY ZMUPN_ Z] []ZNP^^ NLY MP TOPY_TQTPO ?ST^ T^ _]`P YZ XL__P] bSP_SP] _SP ^Z`YO T^ ZYP _SL_ ZNN`]^ bT_STY S`XLY WLYR`LRP Z] YL_`]LW ^Z`YO [SPYZXPYL >Z ZYWd ²LMOL TYNW`OP^ MZ_S _SP [SZYP_TN LYO _SP ^PXLY_TN WPaPW^% T_ T^ ^Z`YO _SL_ NL]]TP^ L XP^^LRP ?SP bLd^ TY bSTNS WLYR`LRP T^ aTPbPO LYO `YOP]^_ZZO TY PL]Wd XP OTPaLW 4YOTL L]P aT]_`LWWd LWW ML^PO `[ZY _SP L[[Z^T_TZY ZQ ²LMOL LYO L]_SL  bT_S _SP QZN`^ ZY _SP \`P^_TZY ZQ _SP YL_`]P ZQ _SP WTYV MP_bPPY _SPX 0T_SP] ^PY^P LYO ^Z`YO bP]P `YOP]^_ZZO L^ MPTYR LWWZNL_PO _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

?SP OT^N`^^TZY RZP^ MLNV _Z []P.S]T^_TLY _TXP^ M`_ ]PLNSPO L STRS OPR]PP ZQ ^Z[ST^ _TNL_TZY TY XPOTPaLW _TXP^ ;L_LÓULWT L^V^ L_ _SP MPRTYYTYR ZQ ST^ 8LS£-S£´dL % wBSL_ T^ _SP bZ]O uNZbv*x LYO LY^bP]^ w4_ T^ _SL_ bSTNS bSPY `__P]PO M]TYR^ `^ VYZbWPORP ZQ N]PL_`]P^ bT_S OPbWL[ _LTW S`X[ SZZaP^ LYO SZ]Y^x 1Z] STX VYZbW PORP T^ _SP VPd QLN_Z]% L bZ]O T^ L bZ]O ZYWd bSPY T_ SL^ XPLYTYR 3P T^ L]R`TYR _SP 8¯X£À^£ aTPb _SL_ LYd LRR]PRL_P ZQ WP__P]^ T^ L ²LMOL  PaPY bSPY _SP]P T^ YZ XPLY TYR Z] bSPY _SP XPLYTYR T^ YZ_ `YOP]^_ZZO ?SP "_S Z] #_S NPY_`]d 8¯X£À^LVL WTY R`T^_ 6`X£]TWL -SL¶¶L OPQPYO^ _ST^ aTPb LYO ^Ld^ _SL_ PaPY _SP TYOTaTO`LW WP__P]^ ^SZ`WO MP NZY^TOP]PO L ²LMOL _SZ`RS _SPd OZ YZ_ NZYaPd LYd XPLYTYR LYO _SL_ TY _SP NL^P ZQ bZ]O^ _SP TOPL ZQ ²LMOL ZNN`]^ PaPY MPQZ]P XPLYTYR T^ `YOP]^_ZZO 3P N]T_T NTeP^ ;L_LÓULWTv^ OPQTYT_TZY QZ] MPTYR MZ_S _ZZ bTOP LYO _ZZ YL]]Zb , bZ]O OZP^ YZ_ []ZO`NP _SP NZRYT_TZY ZQ XPLYTYR `YWP^^ T_^ NZY_Pc_^ L]P VYZbY :Y _SP 8¯X£À^£ LYO Z_SP] [Z^T_TZY^ ^PP MPWZb LYO 5 -]Z`RS w?SPZ]TP^ ZQ 2PYP]LW 7TYR`T^_TN^ TY _SP >LY^V]T_ 2]LXXL]TLY^x 7ZYOZY% ?]LY^LN_TZY^ ZQ _SP ;STWZWZRTNLW >ZNTP_d $ & w>ZXP 4YOTLY ?SPZ]TP^ ZQ 8PLYTYRx TMTO $  z MZ_S ]P[]TY_PO TY , =PLOP] ZY _SP >LY^V]T_ 2]LXXL]TLY^ PO 1]T_^ >_LLW .LXM]TORP% 84? ;]P^^ z z& 6 6`YU`YYT =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR 8LO]L^% ,OdL] $!& 8LOPWPTYP -TL]OPL` ?SËZ]TP OP WL .ZYYLT^^LYNP P_ ;STWZ^Z[STP OP WL ;L]ZWP OLY^ WP M]LSXLY T^XP NWL^^T\`P ;L]T^% 8Z`_ZY $!& 3L]ZWO 2 .ZbL]O LYO 6 6`YU`YYT =LUL

#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

PLNS Z_SP] TY L NZYaPY_TZYLW XLYYP] Z] PW^P ^PY^P LYO ^Z`YO bP]P NZXMTYPO TY L STRSP] XP_LWTYR`T^_TN `YT_ >dY_SP^P^ WTVP _ST^ ^`NS L^ _SZ^P ZQ -SL]_šSL]T LYO ,MSTYLaLR`[_L ]PaPLWTYRWd LRLTY _LVP ]PNZ`]^P _Z _SP ZWO APOTN _P]X a£N  ! 3ZbPaP] SP]P a£N SL^ LW]PLOd MPPY _`]YPO TY_Z L NZX[WP_PWd XP_L[Sd^TNLW _P]X -`_ TY_P]P^_TYRWd []PNT^PWd _SP XZOP]Y YZYWTYR`T^_TN _P]X^ OSaLYT LYO Y£OL bSTNS L[[PLW XZ]P _Z ^PY^Z]d LbL]PYP^^ MZOTWd ]P^[ZY^P LYO PXZ_TZYLW Pc[P]TPYNP LW^Z MPNZXP TY \`T_P OTQQP]PY_ NZY_Pc_^ TX[Z]_LY_ _P]X^ QZ] ]LOTNLW YPb bLd^ ZQ ^dY_SP^TeTYR _SP ZMUPN_^ ZQ _SP [Sd^TNLW LYO XPY_LW bZ]WO bT_S XL_P]TLW LYO TXXL_P]TLW L^[PN_^ ZQ WLYR`LRP LYO LNZ`^_TN Pc[]P^^TZY " 0LNS ZQ _SP^P _bZ _P]X^ ^_LYO^ QZ] _SP L__PX[_ _Z ZaP]NZXP _SP O`LWT^X ZQ ²LMOL LYO L]_SL  ^`NS L^ TY _SP OSaLYT [ZP_]d ZQ ¢YLYOLaL]OSLYL Z] TY _SP Y£OL NZ^XZWZRd ZQ _SP ?LY_]L LYO _SP WL_P] 9£OL-]LSXLY OZN _]TYP _SL_ []P^`XLMWd RZP^ MLNV _Z _SP X`^TNZWZRT^_ 8L_L«RL # 5`^_ L^ -SL]_šSL]T bSZX bP \`Z_PO LMZaP Z^NTWWL_PO MP_bPPY _SP M]Z_SPW LYO _SP XZYL^_P]d _SP Pc[WLYL_Z]d XZOPW^ TY PL]Wd XPOTPaLW 4YOTL LW^Z Z^NTWWL_PO MP_bPPY _SP ^LN]PO LYO _SP []ZQLYP _SP XL_P]TLWT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

!

"

#

wBZ]O 8PLYTYRx TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW % ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ PO .ZbL]O LYO =LUL /PWST% 8Z_TWLW -LYL]^TOL^^ $$ LYO _SP PY_T]P aZW`XP bSTNS `YQZ]_`YL_PWd NZY_LTY^ ^ZXP QWLb^ ^PP _SP ]PaTPb Md 5ZSLYYP^ -]ZYVSZ]^_ TY ,^TL_T^NSP >_`OTPY C7A44  $$% "#z" & -TXLW 6 8L_TWLW ?SP BZ]O LYO _SP BZ]WO 4YOTLv^ .ZY_]TM`_TZY^ _Z _SP >_`Od ZQ 7LYR`LRP /PWST% :cQZ]O @YTaP]^T_d ;]P^^ $$& BTWSPWX 3LWMQL^^ ?]LOT_TZY LYO =PQWPN_TZY% 0c[WZ]L_TZY^ TY 4YOTLY ?SZ`RS_ ,WMLYd% >@9D $$& -PNV >ZYTN ?SPZWZRd  z#& 3Z`MPY >LÀMLYOSL>LX`OOP²L  z  -SL]_šSL]T T^ LNNZ]OTYR _Z ,^SZV ,VW`UVL] w4Y_]ZO`N_TZY _Z _SP >_`Od ZQ -SL]_š 3L]Tx ,^TL_T^NSP >_`OTPY C7A44 $$% # w_SP ZWOP^_ LaLTWLMWP LYO NWPL]P^_ WTYV _Z _SP _]LOT_TZY ZQ a£N Xd^_TNT^X _SL_ ZMaTZ`^Wd ^`]aTaPO TY 4YOTL ]TRS_ OZbY Q]ZX _SP APOTN [P]TZOx >PP LW^Z 6]T^SYL >TaL]LXLY w?SP BZ]O L^ L .L_PRZ]d ZQ =PaPWL_TZYx LYO 3L]ZWO 2 .ZbL]O% w-SLš_šSL]Tv^ /SaLYT% , .PY_]LW 9Z_TZY TY 4YOTLY ,P^_SP_TN^x TY 3 .ZbL]O LYO 6 >TaL]LXLY =PaPWL_TZY TY 4YOTLY ?SZ`RS_ 0XP]daTWWP% /SL]XL ;`MWT^STYR $""  z! ! z#  >TaL]LXLYv^ L]_TNWP NZY_LTY^ LY POT_TZY LYO _]LY^WL_TZY ZQ _SP 9£OL 6£]TVL^ L ^SZ]_ TY_P]P^_TYR ±LTaL _Pc_ ZY Y£OL TMTO z $ 8L_L«RLv^ -šSLOOP²¯ #_S NPY_ T^ ZYP ZQ _SP ZWOP^_ ^Z`]NP^ ZY ^PN`WL] ^ZYR LYO T_^ 9£OL XP_L[Sd^TN^ MPNLXP STRSWd TYQW`PY_TLW TY _SP X`^TNZWZRTNLW _]LOT_TZY ?SP aP]^P^ "z# ^_L_P _SL_ _SP PY_T]P `YTaP]^P NZY^T^_^ ZQ ^Z`YO LYO _SP R]PL_ RZO^ L]P -]LSXLY TY _SP QZ]X ZQ 9£OL 4_ T^ WTVPWd _SL_ _SP aP]^P^ ]PQWPN_ DZRTN LYO ?LY_]TN TY QW`PYNP 3ZbPaP] _SP]P L]P YZ ^Z`]NP^ SP]P []POL_TYR A£NL^[L_Tv^ DZRL^¼_]L NZX XPY_L]d _S NPY_ _SL_ [Z^_`WL_P -]LSXLY TY _SP QZ]X ZQ ^Z`YO -PNV >ZYTN ?SP ZWZRd  #$ ?SP _P]X w9£OL-]LSXLYx T^ L[[L]PY_Wd PaPY XZ]P ]PNPY_ TP L WL_P] wYZXTYLWTeL_TZYx bSTNS LM^Z]MPO ^PaP]LW _]LOT_TZY^% DZRTN ^Z`YO NZY_PX[WL_TZY LYO ?LY_]TN Y£OL ^[PN`WL_TZY^ >X£]_L LYO -SLV_T TYQW`PYNP^ LYO X`^TNZWZRTNLW NZYNP[ _TZY^ 4_ ^PPX^ ^ZXPbSL_ XT^WPLOTYR Q]ZX _SP ^_LYO[ZTY_ ZQ ST^_Z]TNLW N]T_TNT^X _SL_ -PNVv^ >ZYTN ?SPZWZRd  #z" []P^PY_^ L WL]RP Y`XMP] ZQ DZRL LYO ±£V_L ?LY_]L ^Z`]NP^ `YOP] _SP NZXXZY SPLOTYR w9£OL-]LSXLYx LW_SZ`RS _ST^ T^ U`^_TQTPO TY _P]X^ ZQ ]PNP[_TZY ST^_Z]d NQ Z`] NSL[ !

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

$

_TN LYO _SP TOPLWT^_TN _SP NL`^LWT^_TN LYO _SP Xd_STNLW ,WW ZQ _SP aL]TZ`^ L[[]ZLNSP^ Z[PY `[ _SPT] ZbY ^PY^Z]d bZ]WO^ NZRYT_TaP ^NSPXL_L LYO YP_bZ]V^ ZQ XPLYTYR TY bSTNS ZYP NLY WTaP ?SP^P OTaP]^P bZ]WO^ ZQ XPLYTYR LYO ]L_TZYLWT_d L]P ZQ_PY TY NZX[P_T_TZY bT_S ZYP LYZ_SP] LYO _SPd NLYYZ_ MP `YT_PO Md L NZXXZY OPYZXTYL_Z] ?SP bZ]WOWd [ZP_ /L©“TY QZ] TY^_LYNP bT_S bSZX bP bTWW ^_L]_ Z`] OT^N`^^TZY SL^ WT__WP TY NZXXZY bT_S _SP APOL ]T_`LWT^_ LYO WTYR`T^_TN [STWZ^Z[SP] 6`X£]TWL -SL¶¶L LW_SZ`RS _SPd WTaPO L]Z`YO _SP ^LXP _TXP NL "_S#_S NPY_ ,/ 4Y Z`] _P]XTYZWZRd bP QTYO bZ]WO Z]TPY_L_TZY^ _SL_ L]P OPWTMP] L_PWd wPXLYNT[L_Z]dx LYO Z_SP]^ w[L]_TNT[L_Z]dx M`_ ^ZXP ZQ _SP XZ^_ TYQW`PY_TLW _STYVP]^ z -SL]_šSL]T YZ_ WL_P] _SLY  z  ,/ $ ±L«VL]£N£]dL NL ! z#  ,/ ¢YLYOLaL]OSLYL $_S NPY_ ,/ LYO ,MSTYLaLR`[_L NL $" z ,/  z bSZX bP OT^N`^^ XZ]P PWLMZ ]L_PWd TY _SP QZWWZbTYR NSL[_P] z ^Z`RS_ PLNS TY _SPT] ZbY bLd L ]L _TZYLW SZWT^_TN ^dY_SP^T^ LYO T_ T^ []PNT^PWd _SP^P L`_SZ]^ bSZ MPNLXP ST^_Z]TNLWWd XZ^_ PQQPN_TaP ?SP []P^PY_ NSL[_P] T^ OPaZ_PO _Z _SP XZOP^ ZQ OTQQP]PY_TL_TZY bT_STY [ZP_]d APOL SP]XPYP`_TN^ LYO WTYR`T^_TN [STWZ^Z[Sd _SL_ YZ_ ZYWd ]PQWPN_ L OTQQP]PY_TL_TZY ZQ PWT_P N`W_`]LW ^ZNTLW LN_Z]^ M`_ LW^Z PXMZOd OTaP]RPY_ N`W_`]LW aT^TZY^ ZQ bZ]O LYO XPLYTYR ,WW L`_SZ]^ OT^N`^^PO L]P wWTYR`T^_TN LN]ZML_^x TY _SPT] ZbY ]TRS_ LYO TYRPYTZ`^Wd OPXZY^_]L_P OTQQP]PY_ VTYO^ ZQ XL[[TYR^ ZQ ²LMOL LYO L]_SL  ?SPT] _SPZ ]TP^ ZQ LP^_SP_TN^ ZQ XPLYTYR LYO ZQ RPYP]LW WTYR`T^_TN^ SLaP MPPY R]PL_Wd TYQW`PY_TLW TY 4YOTL ZbTYR _Z _SPT] ^Z[ST^_TNL_TZY LYO ^ZXP LY _TNT[L_PO ]PWPaLY_ [ZTY_^ _SL_ MPNLXP []ZXTYPY_ TY XZOP]Y BP^_P]Y WTYR`T^_TN^  :`] ^Z`]NP^ ]LYRP Q]ZX _SP QTQ_S _Z _SP YTY_S NPY_`]TP^ ?SP WTYR`T^_ -SL]_šSL]T LYO _SP 8ÅX£À^£ NZXXPY_L_Z] ±LML]L WTaPO TY 2`[_L _TXP^  M`_ XZ^_ Z_SP] L`_SZ]^ bP]P b]T_TYR TY _SP ^PaPY_S Z] PTRS_S NPY_`]d BP bTWW []P^PY_ -SL]_šSL]Tv^ WTYR`T^_TN ^dY_SP^T^ TY _SP QTYLW [L]LR]L[S^ ZQ _ST^ NSL[_P] ?SP NS]ZYZWZRTNLW M]PLV T^ XLOP QZ] ^d^_PXL_TN ]PL^ZY^% bP ^_L]_ bT_S _SP [ZP_TNTLY^ _Z ^SZb _SP NZ`]^P LP^ _SP_TN^ SL^ _LVPY ^TYNP -SL]L_Lv^ 9£¶dL²£^_]L QTYLW aP]^TZY L]Z`YO !_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ,VW`UVL] w,Y 4Y_]ZO`N_TZY _Z _SP >_`Od ZQ -SL]_š3L]Tx   ,WPcT^ >LYOP]^ZY w,MSTYLaLR`[_Lx TY 0YNdNWZ[POTL ZQ =PWTRTZY  aZW  #z$  /P >L`^^`]Pv^ OTQQP]PY_TL_TZY ZQ w^TRYTQTLY_x LYO w^TRYTQTËx bL^ TY^[T]PO Md 4YOTLY _SPZ]TP^ _SL_ SLaP TY NZXXZY L OT]PN_ ]PWL_TZY^ST[ ZQ ²LMOL LYO L]_SL =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR  z XLTY_LTY^ _SL_ PaPY OP >L`^^`]Pv^ N]T_TN^ :ROPY LYO =TNSL]O^ LYO _SPT] _SPZ]TP^ ZQ ^TRY^ Z] ^dXMZWT^X _SL_ []Z[Z^P LY TX[`_PO ]PWL_TZY ^ST[ ZQ bZ]O LYO XPLYTYR L]P NZX[L_TMWP bT_S 4YOTLY _SPZ]TP^ =LUL [TY[ZTY_^ L Y`XMP] ZQ PL]Wd 4YOTLY LY_TNT[L_TZY^ ZQ XZOP]Y _SPZ]TP^ ^`NS L^ _SP 8¯X£À^£v^ _SP Z]d ZQ _SP [P]XLYPYNP ZQ WP__P]^ LYLWZRZ`^ _Z XZOP]Y [SZYP_TN^ TMTO  LYO T_^ _SPZ]d ZQ WPL]YTYR WLYR`LRP LYO XPLYTYR Md `^LRP ]PXTYT^NPY_ ZQ BT__RPY^_PTY  5ZSLYYP^ -]ZYVSZ]^_ w?bZ 7T_P]L]d .ZYaPY_TZY^x 

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY



NPY_ ,/ bSTNS T^ ^_TWW Q]P^S TY _SP ]PLOP]v^ XTYO ?SP WTYR`T^_TN OT^ N`^^TZY^ _SL_ QZWWZb bTWW _LVP `[ _SP _S]PLO ZQ APOL ]PNP[_TZY ST^_Z]d TY _ST^ NSL[_P] Md OT^N`^^TYR _SP SP]XPYP`_TN 8ÅX£À^£ _]LOT_TZY^ LYO _SPT] [STWZ^Z[STN L[[]ZLNSP^ _Z _SP APOL L^ waP]MLW L`_SZ]T_dx ²LMOL []LX£©L  ?SP R]LXXL]TLY LYO WTYR`T^_ XL^_P]XTYO -SL]_šSL]T NZXP^ L_ _SP PYO MPNL`^P ST^ ]PXL]VLMWP XP_L[Sd^TN^ ZQ WLYR`LRP SLO L R]PL_ TX[LN_ ZY STRS 3TYO` ?LY_]L bSZ^P ZbY XLUZ] XL^_P]XTYO bL^ ,MST YLaLR`[_L -SL]_šSL]T STX^PWQ XLd [Z^^TMWd SLaP MPPY TYQW`PYNPO YZ_ ZYWd Md _SP APOTN _]LOT_TZY M`_ LW^Z Md PL]Wd ¢RLXL?LY_]L ]PRL]OTYR ST^ SZWT^_TN L[[]ZLNS LYO [P]^`L^TaP OTQQP]PY_TL_TZY ZQ _S]PP WPaPW^ ZQ WLYR`LRP bSTNS bP]P ]PbZ]VPO TY_Z QZ`] Md ,MSTYLaLR`[_L LYO Z_SP] ?LY_]TN ^NSZWL]^  -SL]_šSL]T _S`^ WTYV^ _SP []P^PY_ NSL[_P] bT_S _SP ^`NNPPOTYR ZYP ZY ?LY_]L -`_ LW^Z _SP LP^_SP_TN _SPZ]TP^ bSTNS bP ^_L]_ bT_S QZ]X L WTYV ?SP OPaZ_TZYLW ?LY_]TN SdXY^ bP L]P RZTYR _Z OT^N`^^  XLVP ]TNS `^P ZQ _SP XLUZ] OPaTNP^ ZQ L]_T^_TN [ZP_TN^ TP ZQ Z]YLXPY_L_TZY LYO ^`RRP^_TZY LYO ,MSTYLaLR`[_L bL^ YZ_ ZYWd L []Z YZ`YNPO ?LY_]T^_ LYO [STWZ^Z[SP] ZQ WLYR`LRP M`_ LW^Z ZYP ZQ _SP XZ^_ PXTYPY_ _SPZ]P_TNTLY^ ZQ 4YOTLY LP^_SP_TN^



.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS 

?SP 7LYR`LRP BZ]V^SZ[ ZQ _SP :]YLXPY_LWT^_^

?SP [ZP_^ ZQ _SP NWL^^TNLW [P]TZO L]P YZ WZYRP] NSL]TZ_O]TaP]^ bSZ LN NZX[LYd _SPT] []TYNP^ TY_Z ML__WP TY [P]^ZY z TY^_PLO _SPd L]P ]PQTYPO NZ`]_ [ZP_^  ?SP [ZP_^ L_ _SP ]ZdLW NZ`]_^ bP]P STRSWd ^[PNTLWTePO LYO WPL]YPO N]LQ_^XPY ?SPd YZ_ ZYWd SLO _Z SLaP PcNPWWPY_ VYZbWPORP ZQ R]LXXL] LYO XP_P] M`_ LW^Z QZ] PcLX[WP ZQ b]T_TYR^ LMZ`_ bLRTYR bL] LYO XLVTYR WZaP LYO _Z MP LMWP _Z OP^N]TMP NZ]]P^[ZYOTYR ^NPYP^ QLT_S Q`WWd ?SP NZ`]_ [ZP_^v WPaPW ZQ PO`NL_TZY NZ`WO PaPY MP NZX[L]PO bT_S _SL_ ZQ _SP -]LSXLYTN ^NSZWL]^ bT_S bSZX _SPd NZX[P_PO TY OPML_P^ :Q NZ`]^P _SP R]PL_P^_ O`_d ZQ L NZ`]_ [ZP_ bL^ _Z b]T_P P`WZRTP^ RWZ]T QdTYR ST^ XL^_P] @W_TXL_PWd T_ bL^ _SP [ZP_^ bSZ TYN]PL^PO _SP []TYNP^v RWZ]d LYO XLOP _SPT] YLXP^ TXXZ]_LW z LYO _SPd bP]P \`T_P LbL]P ZQ bSL_ _SPd bP]P OZTYR 1Z] PcLX[WP _SP [ZP_ /L©“TY []ZMLMWd TY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP NSL[   LYO # MPWZb  >PP NSL[ $ MPWZb  >PP LW^Z BTY_P]YT_e 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P  aZW  z QZ] bSL_ QZWWZb^ 1Z] Q`]_SP] ]PQP]PYNP^ ZY 4YOTLY [ZP_TN^ Z] V£adL WT_P]L_`]P% , >LYVL]LY >ZXP ,^[PN_^ ZQ 7T_P]L]d .]T_TNT^X TY >LY^V]T_ 8LO]L^% @YTaP]^T_d ZQ 8LO]L^ $$& >`^STW 6`XL] /P 3T^_Z]d ZQ >LY^V]T_ ;ZP_TN^ .LWN`__L% 678 NZX[WP_P ]PaT^PO PO $##& LYO 0ObTY 2P]Zb 4YOTLY ;ZP_TN^ BTP^MLOPY% 3L]]L^^ZbT_e $""

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS



"_S Z] [Z^^TMWd _SP #_S NPY_`]d b]T_P^ _SP QZWWZbTYR TY _SP TY_]ZO`N_TZY _Z ST^ 6£ad£OL]²L % w>PP QZ] dZ`]^PWQ z TY _SP XT]]Z] ZQ WLYR`LRP _SP QLXP ZQ _SP ZWO VTYR^ OZP^ YZ_ QLOP PaPY _SZ`RS _SPd L]P ^Z QL] LbLd Q]ZX `^x !

3ZbPaP] _SP [ZP_^ XLOP _SPX^PWaP^ PaPY XZ]P TXXZ]_LW _SLY _SP VTYR^ _SPd RWZ]TQTPO 4Y LY P]L LYO L ^ZNTP_d TY bSTNS ^ZNTLW []P^_TRP bL^ LWXZ^_ LWbLd^ OP_P]XTYPO Md OP^NPY_ Z] uLNNTOPY_v ZQ MT]_S T_ X`^_ SLaP MPPY `[WTQ_TYR _Z [P]NPTaP PaPY _SP XP]P^_ [Z^^TMTWT_d ZQ ]T^TYR LMZaP _SP ^_L_`^ ZQ L ^XLWW YLXPWP^^ O]Z[WP_ _Z MPNZXP L ST^_Z]TNLW [P] ^ZYLWT_d LYO _Z XLVP L YLXP QZ] ZYP^PWQ _SL_ bZ`WO WL^_ QZ] S`YO]PO^ ZQ dPL]^ .ZY^P\`PY_Wd _SP [ZP_^ `^`LWWd [Z^^P^^PO L aP]d SPLW_Sd ^PWQ TXLRP% w4_ T^ _SLYV^ ^ZWPWd _Z _SP ^[PPNSP^ ZQ _SP N`W_`]PO ^NSZWL]^ _SL_ PaP]d_STYR T^ QWZ`]T^STYR ?ST^ bSZWP NZ^XZ^ bZ`WO MP MWTYO OL]VYP^^ TQ _SP WTRS_ ZQ _SP bZ]O SLO YZ_ ^SZYP Q]ZX _SP MPRTYYTYR ZQ _TXPx "

/L©“TYv^ NZYNP[_ ZQ WLYR`LRP T^ bSZWWd ]ZZ_PO TY _SP ]PLWX ZQ _SP ^PN` WL] z OP^[T_P _SP SdXYTN TY_ZYL_TZY ZQ _SP^P XL«RLWL aP]^P^ /L©“TY ]PRL]O^ _SP XPY_TZY ZQ []LN_TNLW `^P bSTNS WTP^ TY MPTYR LMWP _Z NZX X`YTNL_P bT_S Z_SP]^ `^TYR WLYR`LRP L^ _SP QTYP^_ bZ]O ZQ []LT^P bT_S bSTNS SP NLY SZYZ] _SP WLYR`LRP RZOOP^^ ?SP NZRYT_TaP L^[PN_ ZQ WLY R`LRP L^ _SP WTRS_ ZQ _SP WZRZ^ TY _SP OL]VYP^^ ZQ RPYP]LW TRYZ]LYNP T^ ZYWd ZQ ^PNZYOL]d TX[Z]_LYNP -`_ XL^_P]d ZQ _SP WLYR`LRP T^ XZ]P _SLY LYd_STYR PW^P L N`W_`]LW aLW`P TY T_^PWQ% w.Z]]PN_Wd `^PO WLYR`LRP RL`à z L^ _SP bT^P ^Ld z T^ TYOPPO L ubT^S XTWVTYRv FbT^SR]LY_TYRH NZb RL`à  -`_ bSPY T_ T^ `^PO b]ZYRWd T_ ZYWd ]PaPLW^ _SL_ _SP ^[PLVP] T^ L MPPQ M`WW RL`à x # ?SP L`_SZ] NP]_LTYWd OZP^ YZ_ NZ`Y_ STX^PWQ LXZYR^_ _SP MPPQ WTaP^_ZNV ,YO _Z XLVP _ST^ LM^ZW`_PWd NWPL] _Z ST^ ]PLOP]^ SP `^P^ _SP bZ]O wRL`àx TY _SP ^LXP aP]^P TY _S]PP \`T_P OTQQP]PY_ XPLYTYR^ z L OPaTNP _SL_ ]P\`T]P^ L aT]_`Z^Z XL^_P]d ZQ WLYR`LRP -`_ TY ^Z OZTYR _SP [ZP_ T^ ^TX`W_LYPZ`^Wd OPXZY^_]L_TYR ST^ ZbY LRPYOL ^TYNP TY 4YOTLY [ZP_]d /L©“TY ^_LYO^ L^ LY PcLX[WP ZQ L STRSWd _PNSYTNLW Pc_]PXPWd XLYYP]T^ _TN bLd ZQ `^TYR WLYR`LRP LYO ZQ PX[SL^TeTYR WTYR`T^_TN aT]_`Z^T_d LYO PXMPWWT^SPO Pc[]P^^TZY 3P T^ ZYP ZQ _SP XZ^_ PXTYPY_ _SPZ]P_TNTLY^ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! £OT]£ULdL²ZMTXMLX £OL]²LÀ []£[dL a£«XLdLX g _P´£X L^LYYTOS£YP v[T YL ^aLdLÀ [L²dL YL²dL_T gg 6£ad£OL]²L   " TSL ^T´¶£Y`²T´¶£Y£À ²T´¶£Y£X L[T ^L]aL_S£ g a£N£X PaL []LXZOPYL WZVLd£_]£ []LaL]_L_P gg TOLX LYOSLà _LXLà VŽ_^YLÀ ULdP_L MS`aLYL_]LdLX g dLOT ²LMO£SaLdLÀ UdZ_T] £ ^LÀ^£]£Y YL O¯[dL_P gg 6£ad£OL]²L z # RL`] RL`à V£XLO`RS£ ^LÀdLV []Ld`V_£ ^XL]dL_P M`OSLTà g O`´[]Ld`V_£ [`YL] RZ_aLÀ []LdZV_`à ^LTaL ²LÀ^L_T gg 6£ad£OL]²L !



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

V£adL WT_P]L_`]P TP L]_Q`W [ZP_]d LYO T^ N]POT_PO bT_S PT_SP] P^_LMWT^S TYR _SP ,WL«V£]L ^NSZZW ZQ [ZP_TN^ Z] NZOTQdTYR PcT^_TYR _]LOT_TZY^ ZQ wZ]YLXPY_L_TZYx Z] wPXMPWWT^SXPY_x LWL«V£]L  QZ] bSTNS SP ZQQP]PO L NZSP]PY_ LYO ST^_Z]TNLWWd PQQPN_TaP []P^PY_L_TZY $ 4Y^_PLO ZQ NZYNPY_]L_ TYR ZY O]LXL LYO ^_LRTYR L^[PN_^ bSTNS L]P L_ _SP SPL]_ ZQ -SL]L_Lv^ 9£¶dL²£^_]L  /L©“TY LYO ST^ NZY_PX[Z]L]TP^ QZN`^ ^_]Z[STN [ZP_]d ZQ L STRS ^_LYOL]O L^ aP]MLW LYO b]T__PY L]_

 7LYR`LRP :]YLXPY_L_TZY ,Y ZWO 4YOTLY ^LdTYR ^_L_P^ _SL_ SZbPaP] MPL`_TQ`W L MPL`_TQ`W bZXLY T^ ^SP T^ YPaP] _]`Wd MPL`_TQ`W bT_SZ`_ SP] UPbPW]d -PL`_d SL^ _Z MP NL]PO QZ]& T_ X`^_ MP N`W_TaL_PO -PL`_d LYO OPNZ]L_TZY TY _ST^ ^PY^P L]P YZ_ ZYWd L aT^`LW NL_PRZ]d M`_ LW^Z L ^[T]T_`LW LYO XP_ZYdXTN ZYP ,OZ]YXPY_ T^ L XP_ZYdX Z] TYOPcTNLW ^TRY _SL_ OZP^ YZ_ ^Z X`NS OPYZ_P Pc_]LaLRLYNP Z] PcNP^^ M`_ TY^_PLO PXMZOTP^ L ^ZNTLW ]P[]P^PY_L_TZY ZQ N`W_`]POYP^^ []Z[]TP_d L[[]Z[]TL_PYP^^ LYO NZX[WP_PYP^^  -PL`_d SL^ _Z OZ bT_S NZRYT_TZY LYO ^PY^Z]d LbL]PYP^^% ZYP NLY ^PP bSP_SP] ^ZXP ZYP NL]P^ QZ] _ST^ bZXLY LYO [P]NPTaP^ SP] L^ MPL`_TQ`W 4Q LY 4YOTLY bZXLY [`_^ ZY SP] UPbPW]d ^SP LW^Z ^TRYLW^ _SP QLN_ _SL_ ^SP QTYO^ SP] ^PWQ YZ_ ZYWd MPL`_TQ`W LYO L__]LN_TaP M`_ LW^Z ^ZNTLWWd LNNP[_LMWP LYO []Z[P]Wd O]P^^PO z bT_SZ`_ T_ ^SP bZ`WO QPPW `YO]P^^PO OT^Z]OP]Wd LYO wYLVPOx 4Q ^SP OZP^ YZ_ [`_ T_ ZY ^SP ^`RRP^_^ _SP Z[[Z^T_P% T_ bZ`WO MP TYL`^[TNTZ`^ TYOPNZ]Z`^ LYO OT^]P^[PN_Q`W Z] ^TRYLW bTOZbSZZO XPY^_]`L_TZY Z] _SL_ SP] S`^MLYO T^ LbLd ZY L UZ`]YPd ?SP [ZP_TN Z] YLXPY_L_TZY LWL«V£]L ZQ _SP ¢WL«V£]TVL Z] ;]£N¯YL ^NSZZW T^ ML^PO ZY L ^TXTWL] NZYNP[_  ?SP [WZ_ ZQ L [ZPX T^ ZYWd ^PPY L^ T_^ MZOd z Z] TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ /L©“TY ^SL]P^ _ST^ N]POT_ bT_S -S£XLSL bSZ bL^ bZ]VTYR L_ LMZ`_ _SP ^LXP _TXP -Z_S _SPT] bZ]V^ 6£adLOL]²L LYO 6£ad£WLÀV£]L ^SL]P ^TXTWL] QPL_`]P^ >PP 2P]Zb 4YOTLY ;ZP_TN^ " QQ  ,6 .ZZXL]L^bLXd w:]YLXPY_x TY >PWPN_PO ;L[P]^ PO = 7T[^Pd /PWST% ;]TYNP _ZY @YTaP]^T_d ;]P^^ $#! z  [ZTY_^ Z`_ _SL_ wLOZ]YXPY_x wOPNZ]L_TZYx Z] wZ]YLXPY_L_TZYx T^ ^PPY L^ LY TY_PR]LW QLN_Z] ZQ MPL`_d TY 4YOTLv^ 8TOOWP ,RP^ LYO QZ]X^ L wYPNP^^L]d LNNTOPY_x LYO PaPY L NZY^_T_`_TaP [L]_ ZQ LY ZMUPN_v^ Z] [P]^ZYv^ NZX[WP_TZY LYO []Z[]TP_d 4Q ^ZXP_STYR T^ LOZ]YPO _ST^ XPLY^ T_ RTaP^ aLWTOT_d Z] PY SLYNP^ T_^ PQQPN_ XLVTYR T_ L[_ LYO PX[ZbP]TYR RWZ]TQdTYR XLRYTQdTYR T_ /PNZ]L _TZY T^ TY_]TY^TNLWWd MZ`YO `[ bT_S ^ZNTLW ^TRYTQTNL_TZY P_STNLW ]ZWP LYO L bSZWP bLd ZQ WTQP LYO TY _ST^ ^PY^P NZYYPN_^ bT_S Z_SP] ^PRXPY_^ ZQ N`W_`]P  4Y QLN_ _SP ^PXLY_TN QTPWO Z]YLXPY_ UPbPW]d L[_YP^^ aT]_`P L`^[TNTZ`^YP^^ RWZ]d ^[WPYOZ] P]Z_TN L__]LN_TZY LYO Z]YL_P [ZP_]d TP [ZP_TNLW QTR`]P^ QZ]X LY Pc[WTNT_ NZY_TY``X TY 4YOTLY [ZP_TN^ >PP 6ØWaP] wE`] 1]ÞSRP^NSTNS_P OP] =L^L7PS]Px z !& ZY _SP ^PXLY_TN _]LY^QZ]XL_TZY ZQ _SP _P]X uLWL«V£]Lv ^TYNP APOTN LYO P[TN _TXP% .ZZXL]L^bLXd w:]YLXPY_x ! Q

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS



Z_SP] bZ]O^ _SP NZY_PY_ T^ YZ_ _SP XLUZ] _STYR 4_ T^ YZ_ ^Z TX[Z]_LY_ bSL_ T^ ^LTO L^ SZb T_ T^ ^LTO ?SP L]_T^_TN QZ]X z Z]YL_P WLYR`LRP LYO [ZWT^SPO Pc[]P^^TZY z T^ _SP []TXP T^^`P TP ]SP_Z]TNLW QTR`]P^ NZX [L]T^ZY^ _]Z[P^ PWWT[^P^ L^^ZYLYNP^ LYO ]SdXP^ ?SP ML^TN ]`WP T^% _SP XZ]P Z]YLXPY_L_TZY _SP MP__P]& _SP R]PL_P] _SP LXZ`Y_ ZQ OPNZ]L_TZY LYO _SP Y`XMP] ZQ aL]TL_TZY^ _SP XZ]P bZ]_Sd LYO Pc\`T^T_P _SP [ZPX ?SP Q`YOLXPY_LW L^[PN_ T^ _SP YZ_TZY _SL_ PaP]d ^_L_PXPY_ NLY MP Pc[]P^^PO TY LY TYQTYT_P Y`XMP] ZQ QZ]X^ 8L^_P]TYR _SP WLYR`LRP XPLY^ MPTYR LMWP _Z `^P _SP WL]RP^_ [Z^^TMWP Y`XMP] ZQ aL]TL_TZY^ /T^ _TYN_TZY^ L]P XLOP MP_bPPY QTR`]P^ ZQ ^Z`YO ²LMO£WL«V£]L LYO QTR`]P^ ZQ ^PY^P L]_S£WL«V£]L 4Y _SP wQTR`]P^ ZQ ^PY^Px _SP XLYd LYO aL]TPO Z[_TZY^ ZQ [L]L[S]L^TYR L]P `^PO 3P]P _SP bZ]^_ Z[_TZY ZQ LWW T^ _Z Pc []P^^ ^ZXP_STYR TY LY ZMaTZ`^ LYO NWPL] XLYYP] TP _Z ^Ld PcLN_Wd bSL_ ZYP XPLY^ >`NS ^_L_PXPY_^ L]P ]PRL]OPO L^ a`WRL] R]£XdL bSTNS WT_P]LWWd XPLY^ w[P]_LTYTYR _Z _SP aTWWLRPx z TY NZY_]L^_ _Z `]MLY ]PQTYP XPY_ Y£RL]TVL  3P]P T^ L NWL^^TNLW PcLX[WP ZQ L a`WRL] ^_L_PXPY_% VLYdP V£XLdLX£YLÀ X£À YL _aLÀ V£XLdL^P VL_SLX g  w2T]W BSd OZ dZ` YZ_ OP^T]P XP bSZ OP^T]P^ dZ` z _SL_ T^ _SP LN_`LW a`W RL] ^_L_PXPY_ L]_SL & T_ ^TX[Wd WPLO^ _Z _SP WZ^^ ZQ ]L^L x 

?SP [ZP_TN aP]^TZY ZQ _SP ^LXP ^_L_PXPY_ ]PLO^ _S`^% V£XLÀ VLYOL][LNL©“£WZ XLdT a£X£V´T YT]OLdLà g _aLdT YT]XL_^L]Z OT´¶d£  gg w4_ XLd MP _]`P _SL_ _SP NL©“£WL  0]Z^ : OZPPdPO ZYP SL^ YZ NZX[L^ ^TZY QZ] XP QZ]_`YL_PWd SP T^ bT_SZ`_ LXMT_TZY bT_S dZ` z ^`NS L ^_L_PXPY_ SL^ ]L^L x 

,^ bT_S -SL]L_L SP]P _SP XZZO Z] LP^_SP_TN wQWLaZ]x ]L^L T^ LWW TX[Z]_LY_ :Y _SP ML^T^ ZQ _SP^P PcLX[WP^ ZYP NLY OPO`NP _SL_ /L©“TY ^PP^ _SP XZZO L]T^TYR TY _SP QLN_ _SL_ _SP LN_`LW ^PY^P T^ YZ_ Pc[]P^^PO ZY _SP ^`]QLNP M`_ ]L_SP] TY LY TYOT]PN_ bLd >`NS TYOT]PN_ ]PQP]PYNP _Z XPLYTYR T^ L aP]d P^^PY_TLW LNSTPaPXPY_ ZQ LWL«V£]L Z] wPXMPWWT^S XPY_x ?SP ]PLOP] YPPO^ L QPb ^PNZYO^ _Z OT^PY_LYRWP _SP NZX[WPc NZY ^_]`N_TZY ZQ _SP ^PNZYO aP]^P LYO T^ _SPY ^`][]T^PO _Z QTYO _SL_ _ST^ ZYP Pc[]P^^P^ PcLN_Wd _SP ^LXP NZY_PY_ L^ _SP QT]^_ -`_ TY QLN_ _SP QZ]X ZQ _SP ^_L_PXPY_ SL^ MPPY _`]YPO TY_Z _SP PcLN_ Z[[Z^T_P% _SP QT]^_ ^_L_P XPY_ T^ L []P__d MW`Y_ L[[PLW bSTWP _SP ^PNZYO STOP^ _SP L[[PLW TY LY Pc[]P^^TZY ZQ _SLYV^ wQZ]_`YL_PWdx LYO [P]^`L^TaP LWW`^TZY^ 4Y _SP ^PNZYO ^_L_PXPY_ _SP bZ]O^ L]P _LVPY Q]ZX \`T_P OTQQP]PY_ ^PXLY_TN QTPWO^ wNL©“£WLx w0]Z^x wbT_SZ`_ NZX[L^^TZYx wLXMT_TZYx bSTWP TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  6£ad£OL]²L !  .L©“£WL^ QZ]X _SP aP]d WZbP^_ NL^_P TY 3TYO`T^X ?SPd NWPLY WLaL_Z]TP^ M`]Y NZ][^P^ LYO RPYP]LWWd OZ LWW _SP ]PaZW_TYR Z] OT]_d UZM^  6£ad£OL]²L !



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

_SP QT]^_ ^_L_PXPY_ L ^TYRWP bZ]O T^ ]P[PL_PO XZYZ_ZYZ`^Wd% wOP^T]Px wOP^T]Px V£XL  ?ST^ bZ]O ZYWd L[[PL]^ ZYNP TY _SP ^PNZYO aP]^P LW MPT_ bT_S L \`T_P OTQQP]PY_ XPLYTYR TP L^ L XZOLW LOaP]M wT_ XLd MP _SL_ mx ?ST^ ]P[]P^PY_^ L aP]d ^[PNTLW ]PQTYPXPY_ bSTNS _SP [ZP_ X`^_ SLaP MPPY [L]_TN`WL]Wd []Z`O ZQ 3ZbPaP] _SP XZ^_ TX[Z]_LY_ _STYR T^ _SL_ _SP PXZ_TaP L^[PN_ ZQ _SP bZ]O^ _ZZ [ZTY_^ TY L _Z_LWWd OTQQP]PY_ OT]PN_TZY _SLY TY _SP Z]TRTYLW MW`Y_ aP]^TZY 0]Z^ T^ ^NZWOPO L^ L NL©“£WL LYO _SP bZXLYv^ ]P^T^_LYNP T^ NZYQT]XPO ?SP []Z_LRZYT^_^ TP _SP OP^T]Z`^ XLY LYO _SP bZXLY bSZ T^ L[[L]PY_Wd [`__TYR `[ ]P^T^ _LYNP SLaP NZX[WP_PWd OT^L[[PL]PO TY _SP U`YRWP ZQ Y`XP]Z`^ Z]YL XPY_^ LYO ZYWd L _]LNP ZQ 0]Z^ T^ ^_TWW SLYRTYR TY _SP LT] ,YO []PNT^PWd QZ] _ST^ ]PL^ZY _SP ^PNZYO ^_L_PXPY_ T^ Q`WW ZQ L_XZ^[SP]TN XZZO `YWTVP _SP QT]^_ aP]^TZY z LYO _SP ZYWd ]PL^ZY QZ] _ST^ T^ _SP WTYR`T^_TN QTYP^^P bSTNS L_ _SP ^LXP _TXP LWbLd^ O]Lb^ L aPTW ZaP] bSL_ T^ ^LTO 4XLRTYL_TaP ^PY^`Z`^ NZX[L]T^ZY^ `[LX£  TP [ZP_TN ^TXTWP^ XP_L[SZ]^ LYO XP_ZYdX^ [WLd L NPY_]LW ]ZWP L^ PXMZOTXPY_^ ZQ QTR`]P^ ZQ ^PY^P L]_S£WL«V£]L   /L©“TY NZ`Y_^ L _Z_LW ZQ  bLd^ ZQ Pc[]P^^ TYR L NZX[L]T^ZY bT_SZ`_ LW_P]TYR _SP LN_`LW ^_L_PXPY_ 3P]P L]P ^ZXP ZQ _SPX% ! ]£U¯aLX TaL _P aLV_]LÀ YP_]P Y¯WZu_[LWP TaL g  ! w7TVP L ]PO WZ_`^ T^ dZ`] QLNP WTVP MW`P WTWTP^ L]P dZ`] PdP^x :MUPN_ ^TXTWP aL^_¼u[LX£

_La£u£YLYLX TaZuYYTO]LX L]LaTYOLX LMS¼F_H  g " w?SP LbLVPYTYR WZ_`^ NLXP _Z ]P^PXMWP dZ`] QLNPx 4YaP]_PO ^TXTWP aT[L]d£^Z[LX£

_La£uYLYLX Ta£uXMSZULX LXMSZULX TaL _P X`VSLX g # w7TVP _SP WZ_`^ T^ dZ`] QLNP WTVP dZ`] QLNP T^ _SP WZ_`^x =PNT[]ZNLW ^TXTWP LYdZYdZu_VL]´Zu[LX£

_aLYX`VSLÀ VLXLWPYLTuaL _`WdLÀ Y£uYdPYL VPYLNT_ g  $ wDZ`] QLNP T^ ZYWd NZX[L]LMWP bT_S L WZ_`^ YZ_ bT_S LYd Z_SP] F_STYRHx =P^_]TN_PO ^TXTWP YTdLXZu[LX£

_aLdd PaL _aLYX`VSLÀ Oš´¶LÀ Oš²dL_P OTaT NLYO]LX£à g TdL_d PaL MSTO£ Y£uYd£  gg 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP XZ^_ TX[Z]_LY_ QTR`]P^ ZQ ^[PPNS TP wPXMPWWT^SXPY_^x L]P aL]TZ`^ _d[P^ ZQ `[LX£ wNZX[L]T^ZYx w^TXTWPx Q]ZX bSTNS ]¼[LVL wXP_L[SZ]TNLW TOPY_TQTNL_TZYx XLd MP OT^_TYR`T^SPO L^ L ^`MNL_PRZ]d ZQ `[LX£ TY bSTNS _SP ^TXTWT_`OP T^ ^`[ []P^^PO ,YZ_SP] TX[Z]_LY_ _d[P _SP dLXLVL wbZ]O [WLd Md XPLY^ ZQ ]P[P_T_TZYx w]SdXTYRx XLd [P]_LTY _Z QTR`]P^ ZQ TXLRP]d ^dY_Lc LYO ]SdXP M`_ /L©“TY `^P^ T_ ^_]TN_Wd _PNSYTNLWWd _Z OPYZ_P ]PR`WL]T_TP^ ZQ [SZYP_TN LYO [SZYPXL_TN QPL_`]P^ TP wQTR`]P^ ZQ ^Z`YOx XZ^_ TX[Z]_LY_Wd LWWT_P]L_TZY^ LY`[]£^L LYO Z_SP] _d[P^ ZQ ]SdX TYR 4Y NZY_]L^_ _Z _SP [ZP_ -S£XLSL /L©“TY [`_^ SPLad PX[SL^T^ ZY Z]YLXPY_^ ZQ ^Z`YO LW_SZ`RS WP^^ ^Z _SLY ZY QTR`]L_TaP NZX[L]T^ZY^ ! 6£ad£OL]²L !z!

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS



w:YP ^PP^ dZ`] QLNP ZYWd ZY dZ` FZYP ^PP^H _SP XZZY TY _SP ^Vd& _SL_ T^ _SP ZYWd OTQQP]PYNP LYO _SP]P L]P YZ Z_SP]^x >`[P]WL_TaP ^TXTWP L_T²LdZu[LX£

XLdd Pa£ u^d£ X`VSL²]¯] T_d LWLX TYOZ] aTVL__SLYLTà g [LOXP u[T ^£ dLO L^_¯uaL  gg  wu:YWd bT_S XP FOZP^ ZYP QTYOH _SP MPL`_d ZQ SP] QLNPv z PYZ`RS ZQ _ST^ F^PWQH []LT^P ZQ _SP XZZY QZ] T_ T^ LW^Z TY _SP WZ_`^x >TXTWP ZQ ^`[[Z^T_TZY `_[]PV´T_Zu[LX£

dLOT VTÀNTO MSLaP_ [LOXLÀ ^`MS]` aTMS]£Y_LWZNLYLX g _L_ _P X`VSL²]TdLÀ OSL__£X  gg  w4Q L WZ_`^ R]Pb bT_S MPL`_TQ`W PdPM]Zb^ LYO M]TRS_ PdP^ T_ bZ`WO [Z^^P^^ _SP MPL`_d ZQ dZ`] QLNPx >TXTWP ZQ R]Zb_S `OMS¼_Zu[LX£

²L²¯u_d `_[]PV´dL _LYaL«RT _aLYX`VSLÀ _aLYX`VS£u²Ld£ g TYO`X L[d LY`OS£a£XT m gg   w-PNL`^P : bZXLY bT_S ^WPYOP] WTXM^ 4 NZYQ`^P dZ`] QLNP bT_S _SP XZZY 4 ]`Y LQ_P] _SP XZZY z SZ[TYR QZ] dZ`] QLNPx >TXTWP ZQ NZYQ`^TZY XZSZu[LX£

VTÀ [LOXLX LY_L]MS]£Y_£uWT VTÀ _P WZWPuV´L©LÀ X`VSLX g XLXL OZWLdL_P NT__LX m gg ! w4^ T_ L WZ_`^ bSP]P MPP^ M`ee LTXWP^^Wd LMZ`_* 4^ T_ L QLNP bT_S M]TRS_ PdP^* 8d ^PY^P^ L]P bLaP]TYR x >TXTWP ZQ OZ`M_ ^LÀ²LdZu[LX£

?SP NZX[L]T^ZY ZQ L wbZXLYv^ QLNPx L wWZ_`^x LYO _SP wXZZYx T^ YZ_STYR Z_SP] _SLY L [Z[`WL] ^_P]PZ_d[PO ^_L_PXPY_ _SL_ X`^_ MP []P^PY_ TY LWW Z]YL_P [ZP_]d TP NWL^^TNLW V£adL WT_P]L_`]P /L©“TYv^ PcLX[WP^ L]P []TXL]TWd XZOPW ^_L_PXPY_^ ?SPd NZ`WO SLaP LYd ^_P]PZ_d[P L^ NZY _PY_ 1Z] PcLX[WP bT_S L WT__WP TXLRTYL_TZY TQ T_ T^ YZ_ L bZXLY bSZ T^ _SP ZMUPN_ ZQ []LT^P M`_ L []TYNP ZYP NZ`WO ]P[WLNP wQLNPx bT_S wQLXPx LYO wWZ_`^x bT_S w^`Yx LYO RZ _S]Z`RS LWW _SP aL]TL_TZY^ ZQ NZX[L]T^ZY `^TYR _SP^P bZ]O^ TY^_PLO 4Y _SP QTYLW LYLWd^T^ _SP ^PXLY_TN NZY_PY_^ L]P TY_P]NSLYRPLMWP ?Z L R]PL_ Pc_PY_ /L©“TYv^ [ZP_]d T^ L S`RP ^P_ ZQ M`TWOTYR MWZNV^ LYO ]SP_Z]TN OPaTNP^ QZ] NZY^_]`N_TYR PaP] YPb [L__P]Y^ ZQ L]_T^_TN [L_NSbZ]V LYO ZaP]NZOTYR ^PY^P bT_S LWW`]TYR _]Z[P^ ZQ ^PY ^`LWT_d 4_^ MPL`_d WTP^ TY _SP [P]X`_L_TZY^ ?SP wQTR`]P^ ZQ ^Z`YOx ²LMO£uWL«V£]L OPXLYO XZ]P ]LOTNLW TY_P] aPY_TZY^ TY _SP ^`M^_LYNP Z] YZ]XLW ^_]`N_`]P ZQ WLYR`LRP LYO LOO _Z _SP OPNZ]`X LYO LY LWXZ^_ NZ][Z]LW TX[]P^^TZY PaZVPO Md V£adL^_dWP WT_P]L]d bZ]V^ ZQ L]_ 3P]P _SP [SZYP_TN QZ]X ZQ _SP [ZPX T^ ^`MZ]OT YL_PO _Z Y`XP]Z`^ LYO ZQ_PY_TXP^ aP]d QLYNTQ`W LYO ZM^N`]P ]P^_]TN _TZY^ =PaPLWTYRWd _SP NZ]]P^[ZYOTYR NSL[_P] ZQ /L©“TYv^ bZ]V MPL]^ _SP YLXP w>`VL]LO`´VL]LaTMS£RLx w:aP]aTPb ZQ _SP PL^d LYO _SP OTQQTN`W_ F^Z`YO QTR`]P^Hx 4_ T^ _]`P _SL_ ^ZXP ZQ _SP PcLX[WP^ []P ^PY_PO _SP]PTY L]P aT]_`Z^Z WTYR`T^_TN [TPNP^ ?Z LTO _SP NZX[]PSPY^TMTW

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

T_d ZQ _SP^P PcLX[WP^ bP ^SZ`WO ^Ld _SL_ _SP]P L]P YZ ]P^_]TN_TZY^ ZY _SP QZ]XL_TZY ZQ YPb bZ]O^ TY >LY^V]T_ L^ WZYR L^ _SPd NZX[Wd bT_S ;£©TYTv^ ]`WP^ 4Q YZ bZ]O^ NLY MP QZ`YO QZ] L NP]_LTY _P]X PR WZaP _SL_ QZWWZb _SP [SZYP_TN WTXT_L_TZY^ _SL_ _SP [ZP_ SL^ TX[Z^PO `[ZY STX^PWQ PR SP OZP^ YZ_ bLY_ _Z `^P LYd bZ]O^ _SL_ NZY_LTY _SP aZbPW w`x SP NLY L_ LYd _TXP N]PL_P L YPb bZ]O _SL_ Q`WQTWW^ _SP ]P\`T]PO N]T_P]TL 1Z] TY^_LYNP _SP]P T^ ZYP aP]^P _SL_ ]P^_]TN_^ T_^PWQ _Z L ^TYRWP aZbPW T L Z] ` TY PLNS ZQ T_^ QT]^_ _S]PP ^PN_TZY^ L^ TY _SP QZWWZbTYR PcLX[WP .ZY^TOP] _SP []ZYZ`YNPO LNZ`^_TN TXLRP L^ bPWW _SP R]L[STN TXLRP bSTNS L]P YZ_ ]P[]ZO`NTMWP TY LYd _]LY^WL_TZY%

IJIIJPIIJ.IIJTIIJPIIJQ0IIJPIIJ.IIJRIJPIIPINPIŽIÊLINGIPIŽIÊb +ŠŠŠ3IKMI KŠSK3IK.IKŽI KIJ3IOIKŸN.IÊQ.IGIIJNOIKŸaGIHbbbb V´T_TaTUT_T^_ST_TaTST_Ta]L_L]L_LdLà [L]LXL_LdLà g `]` ]`]`OS`] R`]` O`OS`a`] d`OST V`]LaLà ^aLX L]TV`WLX gg " XP_P]% ?aL]T_LRL_T w?SP 6L`]LaL^ ^ZWPWd TY_PY_ ZY aLY\`T^STYR _SP PYPXd QZWWZbTYR _SPT] ZL_S _Z PWPaL_P F_SPX^PWaP^H _Z _SP P^_L_P ZQ NZY\`P]Z]^ ZQ _SP PL]_S OP QPYOPO _SPX^PWaP^ ZY LWW ^TOP^ LYO [ZbP]Q`WWd L^^L`W_PO _SP PYPXd NWLY TY ML__WPx

?SP]P T^ LY P^^PY_TLW OTQQP]PYNP MP_bPPY _ST^ _PNSYT\`P ZQ [SZYP_TN QZ] XL_TZY LYO _SP ^Z`YO ^P\`PYNP^ TY APOTN [ZP_]d ?SP APOTN LWWT_P]L_TaP ]SdXTYR _PNSYT\`P ^P]aPO _Z ]PTYQZ]NP _SP NZY_PY_ ZQ _SP ^_L_PXPY_& T_ bL^ TY_PYOPO _Z N]PL_P XZXPY_^ ZQ NWTXLc LYO LY_TNWTXLc APOTN ^Z`YO QZ]X^ bP]P X`^TNLW Md _SPT] aP]d YL_`]P z LYO LW_SZ`RS _SP ^Z`YO bL^ Z]RLYTePO ]Sd_SXTNLWWd Md _SP XP_P] _SP]P bP]P Y`XP]Z`^ ^`][]T^P^ LYO YPb ^Z`YO TOPL^ bT_STY _SP ]PR`WL] XP_]TNLW [L__P]Y^ ?SP _PNSYT\`P^ ZQ ^Z`YO QZ]XL_TZY bP]P `^PO QWPcTMWd LYO bP]P YPaP] _`]YPO TY_Z L QZ]XLW ^NSPXP 0LNS XPLY^ ZQ Pc[]P^^TZY ^P]aPO _SP Pc[]P^^TaP -]LSXLY [Z P_]d bSTNS SLO _Z OPWTRS_ LYO _]LY^[Z]_ T_^ [P]QZ]XP]^ TY Z]OP] QZ] T_ _Z ]PLNS _SP RZO^ LYO M]TYR _SPX _Z XTYO 9Zb SZbPaP] bP L]P YZ_ OPLW TYR bT_S bZ]^ST[ ZQ _SP RZO^ M`_ bT_S OZN`XPY_LMWP aT]_`Z^T_d LYO T_^ NZOTQTNL_TZY >Z _SP ^_]LYRP OT^N]P[LYNd MP_bPPY _SP MWZZOd XL^^LN]P O`]TYR _SP 8LS£MS£]L_L bL] OP^N]TMPO TY _SP aP]^P \`Z_PO LMZaP LYO _SP ^ZXPbSL_ ^TWWd ^Z`YO TX[]P^^TZY V´T_TaTUT_T m `]` ]`]`OS` m T^ WP^^ N`]TZ`^ TQ _LVPY L^ OZN`XPY_PO aT]_`Z^T_d ?SP aP]^P L[[PL]^ _Z NZY^T^_ ZQ L wYZ]XLWx ^PY_PYNP _SL_ SL^ MPPY L]MT_]L]TWd OT^_Z]_PO z L^ TY _SP 2P]XLY Y`]^P]d ]SdXP w/]PT .STYP^PY XT_vX 6ZY_]LML^^ mx bSTNS MPNZXP^ w/]T .STYT^TY XT_vX 6TY_]TMT^^ mx LYO _SPY w/]` .S`Y`^`Y X`_vX 6`Y_]`M`^^ mx TY 0YRWT^S% w?S]PP .STYP^P bT_S L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 6£ad£OL]²L # 

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS

"

OZ`MWPML^^x w?S]ZZ .SZZYZZ^P bZZ_S ZZ OZZMWPMZZ^^x P_N >Z`YO^ L]P YZ_ MPTYR QZ]XPO _Z ]PTYQZ]NP _SP XP^^LRP M`_ TY^_PLO _SP ^Z`YO ^dXMZW^ L]P MPTYR XLYT[`WL_PO ?SP L[[]ZLNS T^ XZ]P ^_]`N_`]LW LYO XLdMP R]L[STN _ZZ ?SP LTX L[[PL]^ _Z MP _Z []ZO`NP L_ _SP [SZ YP_TN WPaPW L NZX[WP_P `YT_d ZQ QZ]X LYO XLcTX`X ]PO`YOLYNd bT_SZ`_ WZ^TYR _SP ^PXLY_TN NZY_PY_ 4Y _SP QZWWZbTYR PcLX[WP _SP XZYZ_ZYZ`^ ]P[P_T_TZY ZQ _SP ^Z`YO wV£Wx √VLW N]PL_P^ LWXZ^_ _Z_LW ^ZYTN ]PO`Y OLYNd%

OIŸIaOIŸIaMIaOIŸIaOIŸIaGIK/IOIŸIaOIŸIaOIŸIaOIŸIaLIZIOIŸIaOIŸIa-IZIOIŸIaOIŸIab OIŸIaOIŸIaIJQIPIOIŸIaOIŸIaaIJZIOIŸIaOIŸIaOIŸIaOIŸIaMIPIKOIŸIaOIŸIaOIŸIJaOIŸIaOIŸIabb V£WLV£WLRLWLV£WLV£WLX`VSLV£WLV£WL g V£WLV£WL[LYLV£WLV£WLRSLYLV£WLV£WL g V£WLV£WL^T_LV£WLV£WLWLYTV£WLV£WL g V£WLV£ WLRL_` V£WLV£WLVLWTV£WLV£WL gg # F, WZaP] OP^P]_PO Md ST^ RT]W [P_T_TZY^ _SP XZY^ZZY%H wDZ` _S]Zb XP TY_Z _SP OL]V X`]OP]Z`^ XZ`_S ZQ OPL_S L^ MWLNV L^ _SP _S]ZL_ ZQ OPL_S NZY\`P]TYR F±TaLH dZ` M]TYR _SP ^PL^ZY ZQ _SP ]LTYNWZ`O^ LYO ^PL^ZY ZQ _SP NLWW^ ZQ _SP MWLNVSPLOPO F[PLNZNV^H 8Ld _SP ZYP bT_S _SP bLad MWLNV SLT] bSZ OTWWdOLWWTP^ PXM]LNP XP : 6`MP]L dZ` LOZ]YXPY_ ZQ _SP NT_d ZQ ,WLV£ : dZ` ]LTYd ^PL^ZY bSZ ]PNZYNTWP^ FWZaP]^vH \`L]]PW^x $

8Z]P _SLY LYd_STYR PW^P _SP L`_SZ] T^ Pc[WZT_TYR _SP ^PXLY_TN [ZWd^PXd ZQ _SP ]ZZ_ √VLW bSTNS NLY SLaP L_ WPL^_ QZ`] Z] QTaP \`T_P OTQQP]PY_ XPLYTYR^ ,_ _ST^ WPaPW ZQ ^`NS ^Z`YO XLYT[`WL_TZY^ _SP ]P^`W_TYR ^PY^P NLY ZYWd NZXP LMZ`_ bT_S _SP SPW[ ZQ L OTN_TZYL]d LYO L R]LXXL] QZ] _SP aP]^P SL]OWd NZY_LTY^ LYd w]PLWx TOTZXL_TN >LY^V]T_ Pc[]P^^TZY^ LYd XZ]P MPTYR TY^_PLO Q`WW ZQ L]_TQTNTLW WLYR`LRP NZY^_]`N_^ ?SP ^`MUPN_TaP ^Z`YO TX[]P^^TZY _LVP^ ZY L XPNSLYTNLW \`LWT_d bSTNS T^ LW^Z ]PXTYT^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 6£ad£OL]²L   $ :`] _]LY^WL_TZY T^ ML^PO ZY _SP QZWWZbTYR NZXXPY_L]d ZY _SP aP]^P% NL_`]´` [£OP´` £OTXLOSd£Y_LdLXLVLX LadL[P_LadL[P_LÀ m []Td£aT]LST_Là VL²NT_ L_]L RSLYLV£WLÀ []£]_SLdL_P g V£WLV£WLRLWLV£WL z V£WLV£WLà ¯²aL]Là _L^dL RLWLaL_ V£WL V£WLX`VSLV£WLV£WL z XŽ_d`X`VSP V£WLà V´P[L©LÀ _L_VL]Z_¯_T V£WLà V£]XL ©dL© ]LWLdZ]LMSPOLà aT]LST©£À [¯“£VL]L T_T d£aL_& V£WLV£WL[LYLV£WL z VŽ´©LÀ ²T]Z dP´£À _P V£WLV£à XLd¼]£à& _P´£À £WL[LYL^dL V£WLà V£]Là VL]L©LÀ _L^dL V£WL ^LXLdL& RSLYLV£WL aL]´£V£WL& V£WLV£WLVL z V£WLVLÀ NP_Là& _L_ £W£_¯_T £OL__P T_T £« [¼]a£_ W£ O£YP T_dL^X£_ VL[]L_dLdLà XLYZSL]P_T d£aL_& dLOa£ V£WLV£WL^T_LV£WLV£ z V£ ¯´L_ LWLVLTà £ ^LXLY_£_ WL^T_LÀ ²ZMST_LÀ V£WLÀ VŽ´©LÀ VLÀ X¼]OS£ dL^d£à ^£& WL WLYTV£ []L²L^_LWLWLY£ []L²LÀ^£d£À VLà LWLV£WLV£WLVL z LWLV£ YLRL]¯ _£X LWL«VL]Z_¯_T LWLV£WLVLà aLT²]LaL©Là _LOaL_ LWLVL ^LXL]_SL ^£XL]_SdLa£NTYLà LWLÀ²LMO£_ ©TNT ©a`W £WLRL_` £²WT´dL_`& V£WLV£WL z V£à ²LMOLà VLT RLT ²LMOP MS£aP VaT[ V£À ]£_¯_T V£]Là V£WLà VLÀ ULWLX £W£_¯_T V£WLà XPRSLà V£]Là V£WLà dL^XTY _L ^dL ^LXMZOSLYLX& VLWTV£WLV£WL z VLWPà VLWLSL^dL V£]LÀ V´P[LÀ VL]Z_¯_T []L©LdLVL WLSL²£Y_TVL]Z_T d£aL_ g PaLXMS¼_LRSLYLV£WL V£WLV£WL^T_LV£WLV£ WLWLYTV£ X£ £WLRL_` z T_dLYaLdLà gg

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

#

NPY_ ZQ L XLRTN ^[PWW ZbTYR _Z _SP ^PXLY_TN QTPWO ZQ _SP ]ZZ_ √VLW PY NZX[L^^TYR w_TXPx wMWLNVx LYO wOPL_Sx -`_ _ST^ T^ YZ_ LN_`LWWd _SP [ZTY_ ?SP L[[PLW ZQ ^`NS ]PQTYPO ^Z`YO RLXP^ WTP^ TY _SP LM^_]LN_ RPZ XP_]TN QZ]X 1Z] PcLX[WP _SP QZWWZbTYR aP]^P NLY PaPY MP ]PLO L^ L XLRTN ^\`L]P Z] [LWTYO]ZXP%

QIIGIIŽIIGIIGIIŽIIGIIQIIGIINIZIIŽIIŽIIZIINIGIIb ŽIIZII.IININI.IIZIIŽIIGIIŽIINIGIIGIINIŽIIGIIbbbb ^£X£d£X£ X£d£ X£^£ X£]£Y£d£d£Y£ ]£X£ g d£Y£a£]£]£a£Y£d£ X£d£]£X£ X£]£d£X£ gg  XP_P]% ATOd`YX£W£ w?SP RZOOP^^ ZQ QZ]_`YP bSZ SL]MZ]^ TXXPL^`]LMWP ]TNSP^ _SP MPL`_TQ`W bZXLY bSZ _ZRP_SP] bT_S _SP XZZYFWTRS_H M]TYR^ 0]Z^ bSPY ^SP L]]TaP^ F?ST^H MPL`_TQ`W TXLRP ZQ L bZXLY FWPLO^H _Z OPL_S Md NSL]XTYR F_SP ^PY^P^H bT_S _SP ^Z`YO ZQ SP] LYVWP NSLTYx 

^£ X£ d£ X£ X£ d£ X£ ^£

X£ ]£ Y£ d£ d£ Y£ ]£ X£

d£ Y£ a£ ]£ ]£ a£ Y£ d£

X£ d£ ]£ X£ X£ ]£ d£ X£

X£ d£ ]£ X£ X£ ]£ d£ X£

d£ Y£ a£ ]£ ]£ a£ Y£ d£

X£ ]£ Y£ d£ d£ Y£ ]£ X£

^£ X£ d£ X£ X£ d£ X£ ^£

?SP P^^PY_TLW u[WLdR]Z`YOv ZQ Z]YL_P [ZP_]d T^ _SP ^_]LTYPO ]PWL_TZY MP _bPPY ^Z`YO LYO XPLYTYR ²LMO£u]_SL  LYO _SP O`LWT^X _SL_ PcT^_^ MP_bPPY _SPX ?SP ^`M^_LY_TLW [Z_PYNd LYO TY_]TY^TN ^TRYTQTNLYNP _SL_ ]PWTRTZ`^ NZY_Pc_^ L__]TM`_P _Z _SP bZ]O L^ ^LN]PO Pc[]P^^TaP ^Z`YO SL^ RTaPY bLd NZX[WP_PWd _Z _SP XL_P]TLW YL_`]P ZQ WLYR`LRP bSTNS LN_`LWWd XLVP^ aT]_`Z^Z RLXP^ bT_S ^Z`YO LYO XPLYTYR LYO _SPT] LN]ZML_TN XL YT[`WL_TZY [Z^^TMWP TY _SP QT]^_ [WLNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  6£ad£OL]²L #  ?]LY^WL_TZY ML^PO ZY _ST^ NZXXPY_L]d% ^£ LX£d£X£ X£d£à X£^£ X£]£Y£d£d£Y£ ]£X£ d£Y£a£]£]£a£Y£d£ X£d£]£X£ X£]£dL LX£ g ^£ []LVŽ_£& LX£d£X£ z LXLX LXT _LX £dLX L]_SLX LXL_T []£[YZ_¯_T LXL_Pà [L²N£OdLN& X£d£à WLV´Xd£à& X£^£ NLY O]P©L& X£]£Y£d£d£Y£ z X£]LÀ ^XL]LX& £YLdL_¯_T X£]£Y£dLX& X£]£Y£dLX £d£YLX £RLXLYLX dL^d£à ^£& ]£X£ ]LXL©¯d£& d£Y£a£]£]£a£Y£d£ z d£YLÀ [£OLX £aŽ©Z_¯_T d£Y£a£]Là ©`[`]LÀ _L^dL £]£aLà ²LMOLà ^L PaL £Y£dLà U£WLVLÀ dL^d£à ^£& SŽOLdLS£]TY¼[`]L²LMO£ T_T d£aL_ g X£d£]£X£ z £²NL]dL]¼[£ ^_]¯& X£]£dL XL]L©£dL& LX£ ^LSL g

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS

$

?SP Z]YLXPY_LWT^_^v XL^_P][TPNP SZbPaP] T^ _SP ±WP´L wQ`^PO aP]^Px bSTNS NLY MP aTPbPO L^ _SP PcLN_ Z[[Z^T_P ZQ L ^Z`YO QTR`]P BSTWP TY _SP ^Z`YO QTR`]P _SP ]PO`YOLYNd ZQ _SP [SZYP_TN XL_P]TLW bL^ _LVPY _Z L XLcTX`X SP]P ]PO`YOLYNd T^ ]PO`NPO _Z L XTYTX`X :YP LYO _SP ^LXP aP]^P TY _SP ±WP´L ^_dWP SL^ _bZ \`T_P OTQQP]PY_ XPLYTYR^ /P[PYOTYR ZY SZb ZYP TY_P][]P_^ T_ ^PXLY_TNLWWd LYO LYLWdeP^ T_ R]LX XL_TNLWWd T_ ^[PLV^ ZQ _bZ \`T_P OTQQP]PY_ _STYR^ Z] XLVP^ aP]d OTQQP] PY_ ^_L_PXPY_^ LMZ`_ NP]_LTY _STYR^ 1Z] TY^_LYNP /L©“TYv^ QT]^_ PcLX[WP ZQ _ST^ ^_dWT^_TN _d[P XLVP^ `^P ZQ _SP OZ`MWP XPLYTYR^ ZQ _SP bZ]O^ ]LV_L w]POx Z] wTY WZaPx LYO XL©“LWL wNT]NWPOT^Nx Z] wFRZaP]YXPY_LWH OT^_]TN_VTYROZXx ?SP TY _P][WLd bT_S ^ZXP Z_SP] bZ]O^ LW^Z bT_S OZ`MWP XPLYTYR^ LWWZb^ ST^ QZWWZbTYR aP]^P _Z MP _]LY^WL_PO TY _bZ OTQQP]PY_ bLd^% L^£a `OLdLX £]¼“SLà V£Y_TX£Y ]LV_LXL©“LWLà g ]£U£ SL]L_T WZVL^dL SšOLdLÀ XšO`MSTà VL]LTà gg   w3P T^ WZaPWd _Z MPSZWO TY ST^ ^`NNP^^ MPWZaPO TY ST^ VTYROZX ?SP VTYR ^_PLW^ _SP SPL]_^ ZQ _SP [PZ[WP bT_S _PYOP] SLYO^ F( bT_S NSL]T_LMWP bZ]V^Hx  w>SP T^ WZaPWd _Z MPSZWO L^ ^SP ]T^P^ bT_S _SP ]PO OT^N z _SP ]LOTLY_ F^`YH ^_PLW^ _SP SPL]_^ ZQ _SP [PZ[WP bT_S _PYOP] ]Ld^x

?SP ±WP´L _PNSYT\`P bL^ LN_`LWWd [P]QPN_PO Md /L©“TYv^ ^`NNP^^Z]^ TY ^`NS L bLd _SL_ [ZPX^ NZ`WO MP b]T__PY _SL_ QZ] PcLX[WP _ZWO _SP ^_Z ]TP^ ZQ _SP _bZ P[TN^ 8LS£MS£]L_L LYO =£X£dL©L L_ _SP ^LXP _TXP 3ZbPaP] _SP OPaPWZ[XPY_ ZQ _ST^ _PNSYT\`P NZY_TY`PO TY L ]L_SP] OTQ QP]PY_ OT]PN_TZY 4_ bL^ YZ_ /L©“TYv^ QZ]XLWT^_TN LN]ZML_TN^ _SL_ bP]P NZY_TY`PO M`_ TY^_PLO _SP ^`M_WP Y`LYNP^ ZQ ^PY^P _SL_ NLY ZNN`] TY ZYP LYO _SP ^LXP aP]^P XZaPO TY_Z _SP QZ]PR]Z`YO ?ST^ bL^ TY QLN_ L YL_` ]LW OPaPWZ[XPY_ , NL]PQ`W WZZV L_ ±WP´L [ZPX^ ]PaPLW^ _SL_ _SP^P [L]LW WPW M`_ OTQQP]PY_ ]PLOTYR^ L]P YZ_ _]`P [L]LWWPW^ 1Z] PcLX[WP _SP `^P ZQ _SP bZ]O VL]L wSLYOx QZ] L bZ]V LYO M ]Ld FZQ ^`YWTRS_H T^ XP_Z YdXTN TY _SP QT]^_ NL^P LYO XP_L[SZ]TNLW TY _SP ^PNZYO ?SL_ _SP bZ]O ]£ULY XPLY^ wVTYRx LYO w^`Yx L_ _SP ^LXP _TXP ]P^_^ ZY _SP QLN_ _SL_ MZ_S L]P OP]TaPO Q]ZX _SP ^LXP ]ZZ_ √]£U w_Z MPLX _Z ]LOTL_P _Z PXT_ ]Ld^x >Z _SP wQ`^POx [ZP_TN ^_dWP NLWWPO ±WP´L T^ LN_`LWWd ^ZXP_STYR Z_SP] _SLY bSL_ _SP NZXMTYL_TZYXLO Z]YLXPY_LWT^_^ _SZ`RS_% T_ ]PaPLW^ OPP[ WTYR`T^_TN ^_]`N_`]P^ Md [W`XMTYR LYO ]P^PL]NSTYR P_dXZWZRTNLW LYO ^PXLY_TN QTPWO^ /L©“TY bL^ ^_TWW L^^`XTYR _SL_ _SP _P]X wVTYRx NZ`WO MP QTWWPO Z`_ bT_S LYd ^dYZYdX bT_SZ`_ NSLYRTYR _SP NZY_PY_ 7L_P] _SPZ]P_TNTLY^ ^PP _STYR^ \`T_P OTQQP]PY_Wd 0aPY _SP bZ]O ]£ULY WTYV^ _SP _P]X wVTYRx bT_S _SL_ bSTNS T^ w]LOTLY_x LYO w^`YWTVPx LYO _SP]PQZ]P OZP^ YZ_ ZYWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  6£ad£OL]²L 



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

XPLY wVTYRx M`_ LW^Z ^TX`W_LYPZ`^Wd w^`YWTVP VTYRx LYO w^`Y VTYRx bT_SZ`_ _ST^ SLaTYR _Z MP Pc[]P^^PO Md LOOTYR Pc_]L LOUPN_TaP^ 3P]P bP L]P ZY _SP _S]P^SZWO ZQ _SP [ZP_TNLW NZYNP[_ ZQ OSaLYT wTYOTaTO`LW PWZ\`PY_ ^Z`YO _SL_ NL]]TP^ Pc[]P^^TZYx w^`RRP^_TZYx bSTNS MPNLXP _SP P[T_ZXP ZQ L [ZbP]Q`W ]TaLW XZOPW _Z [`]P Z]YLXPY_L_TZY LYO TY ^[T]PO QZ] _SP QT]^_ _TXP L RPYP]LW _SPZ]d ZQ ^TRYTQTNL_TZY LYO [ZP_TN Pc[]P^^TZY ?ST^ ^TRYTQTNLY_ ST^_Z]TNLWWd R]PL_Wd PQQPN_TaP ^STQ_ bT_STY 4YOTLY [ZP_TN^ bL^ M]Z`RS_ LMZ`_ TY _SP WL_P YTY_S NPY_`]d Md ¢YLYOLaL]OSLYL bSZ ^dY_SP^TePO -SL]L_Lv^ ]L^L LP^_SP_TN^ LYO _SP Z]YLXPY_LWT^_^v LWL«V£]L LP^_SP_TN^ TY_Z L NZSP]PY_ _SPZ]d ¢YLYOLaL]OSLYL L__LNSP^ []TXP TX[Z]_LYNP _Z _SP XP_LWTYR`T^_TN OSaLYT  LYO `^P^ _ST^ _P]X QZ] MZ_S _SP ^`RRP^_PO [^dNSZWZRTNLW NZRYT_TaP LYO PXZ_TZYLW NZY_PY_ ZQ ^[PPNS QTR`]P^ LYO _SP ^`RRP^_TaP [ZbP] ZQ [ZP_TN WLYR`LRP _SL_ T^ LMWP _Z TYNT_P XZZO^ LYO LQQPN_TZY^ 0]bTY 2P]Zb ^`^[PN_^ _bZ XLUZ] ^ZNTLW ]PL^ZY^ QZ] ¢YLYOLaL]OSLYLv^ TY_P]TZ]TePO LP^_SP_TN _SPZ]d LYO ]P PaLW`L_TZY ZQ [ZP_TN^% ZY _SP ZYP SLYO _SP OPNWTYP ZQ ^Z[ST^_TNL_PO [`M WTN O]LXL^ LYO ^ZNTP_TP^ ZQ bPLW_Sd WT_P]L_T []ZO`NTYR LYO PYUZdTYR STRSWd L]_TQTNTLW L]_QZ]X^ O`P _Z ]PO`NPO ^[ZY^Z]^ST[ LYO WP^^ [ZWT_TNLW LYO N`W_`]LW ^_LMTWT_d TY [Z^_2`[_L _TXP^ LYO ZY _SP Z_SP] R]ZbTYR OPaZ_TZYLWT^X bT_S T_^ PX[WZdXPY_ ZQ ^ZYR X`^TN LYO wOP ^Z[ST^_TNL_POx [ZP_]d  BT_STY _ST^ RPYP]LW NWTXL_P ¢YLYOLaL]OSLYLv^ _SPZ]d ZQ [ZP_]d L^ Pc[]P^^Z] z T]]PWPaLY_ ZQ RPY]P^ LYO bT_S L ^_]ZYR QZN`^ ZY YZYWT_P]LW TY_PY_TZY LYO ]L^L z bL^ L WL^_TYR ^`NNP^^ ?SP ^ZNTLW NSLYRP^ SLO LW]PLOd ^_L]_PO O`]TYR _SP Z]YLXPY_LWT^_^v SPdOLd []ZO`NTYR STRSWd Z]YL_P [TPNP^ ZQ WT_P]L_`]P _SL_ bP]P []LN_TNLWWd TX[Z^ ^TMWP _Z [P]QZ]X O`P _Z _SPT] OTQQTN`W_ Pc_]LaLRLY_ WLYR`LRP ¢YLYOL aL]OSLYLv^ ]PbZ]VTYR ZQ -SL]L_Lv^ ]L^L _SPZ]d ZY _SP Z_SP] SLYO SLO _SP LOaLY_LRP _SL_ T_ OTO YZ_ YPPO ZQ ^_LRPO O]LXL^ LYO Pc[]P^^TaP MZO TWd RP^_`]P^ ?SP [ZP_TN WLYR`LRP T_^PWQ T^ _SP Pc[]P^^TaP MZOd PYLMWTYR XP_LWTYR`T^_TN NZXX`YTNL_TZY Md WLYR`LRP T_^PWQ bT_SZ`_ ]P^Z]_TYR _Z NZ][Z]LW RP^_`]P^ _SP O]LXL_T^_^v QLaZ]T_P wWLYR`LRPx ¢YLYOLaL]O SLYLv^ YPb OSaLYT _SPZ]d LYO WT_P]L]d TWW`^_]L_TZY^ OZ YZ_ _LVP ]PNZ`]^P _Z ]PWTRTZY z _SP [ZP_TNTLYv^ _]LOT_TZY T^ ^_]ZYRWd ^PN`WL] z M`_ ST^ [ZP_TN NZYNP[_ XLd SLaP MPPY TY^[T]PO Md OPaZ_TZYLW Pc[]P^^TZYT^X .P]_LTYWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  2P]Zb 4YOTLY ;ZP_TN^   z  :Y _SP [Z[`WL] RPY]P ZQ OPaZ_TZYLW SdXY^ ^_Z_]L ^PP LW^Z >`^STW 6`XL] /P w>LY^V]T_ /PaZ_TZYLW ;ZP_]d LYO 3dXYZWZRdx 9Pb 4YOTLY ,Y_T\`L]d $ $"% $z!& 2`O]`Y -ÞSYPXLYY w>ZXP ]PXL]V^ ZY _SP >_]`N_`]P LYO ,[[WTNL_TZY ZQ 3TYO` >LY^V]T_ >_Z_]L^x BE6> # $# "z& 2`d 7PZY -PNV w/PaZ_TZYLW 3dXY^ Q]ZX _SP >LY^V]T_x TY =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP PO /ZYLWO > 7Z[Pe 5] ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^ $$ & ATULd 8T^S]L /PaZ_TZYLW ;ZP_TN^ LYO _SP 4YOTLY >`MWTXP 9Pb /PWST% /6 ;]TY_bZ]WO & LYO L R]PL_ Y`XMP] ZQ YL_TaP >_Z_]L NZWWPN_TZY^ TP -šSL_>_Z_]L=L_Y£VL]L POT_TZY^

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS



T_ SLO L XLUZ] TX[LN_ ZY _SP ]PWTRTZ`^ WT_P]L]d []ZO`N_TZY  LYO WL_P] >LY^V]T_ [ZP_]d MPNLXP ^_]ZYRWd wOPaZ_TZYLWTePOx ?SP OSaLYT _SPZ]d bL^ STRSWd ^`T_LMWP QZ] MPTYR []LN_TNLWWd L[[WTPO TY OPaZ_TZYLW SdXYZW ZRd LYO Pc[WLTYTYR T_^ Q`YN_TZY ZQ Pc[]P^^TYR LYO ^_TX`WL_TYR ]PWTRTZ`^ QPPWTYR^ LYO XZZO^% _]LY\`TWT_d ²£Y_L ]L^L  OPaZ_TZY MSLV_T ]L^L LYO w^bPP_YP^^x X£OS`]dL ]L^L   -`_ ZYWd L QPb OPaZ_TZYLW SdXY^ ]PLNS _SP STRS WT_P]L]d ^_LYOL]O ZQ NWL^^TNLW w^PN`WL]x V£adL WT_P]L_`]P ! _SL_ bL^ ¢YLYOLaL]OSLYLv^ QZ`YOL_TZY LYO _Z bSTNS SP LOOPO TX[Z]_LY_ TY^TRS_^ 3P O]Pb Q]ZX _SP PWT_P N`W_`]LW ^NSZZW ZQ Z]YLXPY_L_TZY LYO LOOPO L YPb QZ]X ZQ ^Z[ST^_TNL_TZY TY _P]X^ ZQ [STWZ^Z[STNLW [PYP_]L _TZY



?SP >NSZZW ZQ >`RRP^_TZY

wBSL_ ZYP NLWW^ [ZP_]d T^ _SP Z]TRTY ZQ LWW FPL]_SWdH SL[[TYP^^ L RL]OPY ZQ _SP RZO^ 4Q _SP M]TWWTLY_ ^_dWP LYO _SP RZ]RPZ`^ Z]YLXPY_L_TZY^ ^`T_ ZYP LYZ_SP] LYO LY `YQLW^TQTPO ]L^L ]P^TOP^ TY T_ PaP]d_STYR T^ QZ`YO _SP]P _SL_ _SP [P]QPN_ ZYP^ F( L]_WZaP]^ L]_NZYYZT^^P`]^H NLY OP^T]P BP SLaP YZb ^SZbY _SP OSaLYT  bSTNS NZY_LTY^ FLWWH _ST^ bT_S T_^ bZYO]Z`^ [ZbP] ZQ

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  5LdLOPaLv^ 2¯_LRZaTYOL _S NPY_ T^ ]PNVZYPO _Z MP L NSPQOvZP`a]P ZQ ]PWTRTZ`^ OSaLYT [ZP_]d LYO _SP ]PWTRTZ`^ WT_P]L_`]P ZQ _SP ALT´©LaL LYO 6š´©L -SLV_T XLOP ]TNS `^P ZQ LP^_SP_TN _SPZ]TP^ >PP _SP -S£RLaL_LX  LYO  LWZYR bT_S ALWWLMSLv^ NZXXPY_L]d& 5LXP^ =POTYR_ZY ALWWLMS£N£]dL ZY _SP 7ZaP 2LXP^ ZQ 6š´©L /PWST% 8Z_TWLW -LYL]^TOL^^ $$& 3LNVP] 2]`YOWLRPY TYOT^NSP] /TNS_`YR  & =LXLNSLYO]LY 4YOTLY ;STWZWZ^Z[Sd ZQ -PL`_d  [L]_   QQ  4_ bL^ ¢YLYOLaL]OSLYL bSZ LOOPO _SP w`YZ]_SZOZcx ²£Y_L]L^L ^[T]T_`LW ^P]PYT_d L^ L YTY_S ]L^L _Z -SL]L_Lv^ NWL^^TNLW WT^_ ZQ PTRS_ >PP =LXLNSLYO]LY 4YOTLY ;STWZ^Z[Sd ZQ -PL`_d  [L]_  & 3LNVP] 2]`YOWLRPY TYOT^NSP] /TNS_`YR & .ZbL]O w-SL]_šSL]Tv^ /SaLYTx " BSP]PL^ _SP ²£Y_L]L^L QZ`YO XZ]P Z] WP^^ RPYP]LW LNNP[ _LYNP LXZYR [ZP_TNTLY^ _SP YPb ]L^L^ -SLV_T LYO X£OS`]dL L^ ]PWTRTZ`^Wd _]LY^ QZ]XPO P]Z_TN ]L^L bSTNS XPLYbSTWP OZXTYL_PO []ZQLYP [ZP_]d YPaP] OTO ?SPd bP]P _SP wTYaPY_TZYx ZQ ALT´©LaL _SPZWZRTLY^ >PP /P 3T^_Z]d ZQ >LY^V]T_ ;ZP_TN^ !" LYO ZY _SP OP^N]T[_TZY ZQ ]PWTRTZ`^ QPPWTYR^ TY LP^_SP_TN _P]X^% ,YYP__P BTWVP wu>_TXX`YRPYv `YO uE`^_ÆYOP%v 4YOT^NSP ¦^_SP_TV `YO 2PQÞSW^]PWTRTZ^T_Æ_x TY 9ZNS PTYP .SLYNP QÞ] OTP =PWTRTZY^[SÆYZXPYZWZRTP* PO , 8TNSLPW^ / ;PeeZWT:WRTL_T LYO 1]T_e >_ZWe -P]YP% 7LYR  z & w-PL`_d ;P]^ZYTQTPO% ?SP 2ZOOP^^ 7L WT_£?]T[`]L^`YOL]¯ LYO 3P] ?SZ`^LYO 9LXP^x TY 1Z`YOL_TZY^ ZQ 4YOTLY ,]_  PO = 9LRL^bLXd .SPYYLT% ?LXTW ,]_^ ,NLOPXd  #z& w9LS]`YR^XP_L[SP]Y TYOT^NSP ,P^_SP_TV `YO OTP 2P^_PY OP] /PaZ_TZYx TY /P] 6LYZY `YO OTP >TYYP  PO >` ^LYYP 7LYbP]O 7`cPXMZ`]R% ,00>=  z! ! , YZ_LMWP PcNP[_TZY TY LOOT_TZY _Z _SP 2¯_L 2ZaTYOL T^ _SP >L`YOL]dL 7LSL]¯ OT^ N`^^PO MPWZb TY NSL[_P] $ -`_ PaPY WP^^ L]_T^_TN SdXY^ LYO PaPY ^TX[WP -SLULY^ TYNZ][Z]L_P wQTR`]P^ ZQ ^Z`YOx LYO wQTR`]P^ ZQ ^PY^Px TY Z]OP] _Z Pc[]P^^ LYO PaZVP NP]_LTY XZZO^ BTWVP w>_TXX`YRPYx  Q



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

OPWTRS_ _SL_ NLY ZYWd MP NZX[L]PO bT_S _SP XLRYTQTNPY_ bT^SR]LY_TYR _]PP FZQ [L]LOT^PHx "

?ST^ T^ SZb ¢YLYOLaL]OSLYL $_S NPY_ PYO^ ST^ P[ZNSOPQTYTYR bZ]V /SaLYd£WZVL  4Y OZTYR ^Z SP TYT_TL_PO L YPb YLaÅYL ^NSZZW ZQ LP^_SP_ TN^ Md PX[SL^TeTYR XZ]P _SLY _SP PL]WTP] L]_ _SPZ]P_TNTLY^ _SL_ _SP TX [Z]_LY_ _STYR LMZ`_ LY L]_T^_TN [TPNP ZQ [ZP_]d bL^ YZ_ T_^ bPWW NZY^_]`N_PO LYO PXMPWWT^SPO QZ]X LWL«V£]L Z] _SP MPL`_d ²ZMSL ZQ T_^ ]P[]P^PY_L_TZY M`_ _SP PXZ_TZY LYO XZZO ]L^L T_ TX[L]_^ ,NNZ]O TYR _Z ¢YLYOLaL]OSLYL _ST^ OZP^ YZ_ NZXP LMZ`_ _S]Z`RS _SP TXXPOTL_P XPLYTYR ZQ _SP bZ]O^ M`_ _S]Z`RS OSaLYT  /SaLYT WT_P]LWWd wTYOTaTO`LW  Pc[]P^^TaP ^Z`YOx T^ NZXXZYWd `^PO TY NZWWZ\`TLW ^[PPNS bSPY L QTYP LWXZ^_ TYL`OTMWP ^Z`YO T^ [P]NPTaPO _SL_ ZYP YPL]Wd XT^^P^ LW_Z RP_SP] ¢YLYOLaL]OSLYL LOZ[_^ _ST^ _P]X TY _SP ^PY^P ZQ LWW`^TZY LN NZX[LYdTYR `YOP]_ZYP L^^ZNTL_TaP QTPWO LYO ^`RRP^_TZY adLÓULY£  # 3P XPLY^ _SP XP_LWTYR`T^_TN [^dNSZWZRTNLW NZY_PY_ ZQ bZ]O^ LYO ^Z`YO^ ?SPd NZY_LTY XZ]P TYQZ]XL_TZY _SLY _SP WT_P]LW XPLYTYR ZY T_^ ZbY LYO _ST^ TYQZ]XL_TZY T^ LWbLd^ SPL]O L^ bPWW L^ _SP WT_P]LW XPLY TYR >Z _SP OSaLYT T^ YZ_ \`T_P _SP ^LXP _STYR L^ _SP QTR`]L_TaP XPLYTYR _SP LWWPRZ]d _SP XP_ZYdXd Z] _SP XP_L[SZ] >_dWT^_TN QTR`]P^ WTVP _SP^P NLY NP]_LTYWd ]PaPLW _SP OSaLYT ZQ L ^PY_PYNP Z] [ZPX M`_ _SPd L]P YZ_ _SP OSaLYT T_^PWQ w7T_P]L]d \`LWT_d T^ ZYWd []P^PY_ bSP]P L]_WZaP]^ ^LSšOLdL [P]NPTaP T_ :YWd bSPY _SP ]Ld^ ZQ _SP ^`Y MWP^^ _SPX L]P WZ_`^P^ WZ_`^P^x $

, NZYYZT^^P`] ZQ L]_ bTWW `YOP]^_LYO _SL_ _SP _bZ bZ]O^ wWZ_`^x OZ YZ_ XPLY _SP ^LXP _STYR ?SP QT]^_ _TXP wWZ_`^x XP]PWd ^TRYTQTP^ _SP WZ_`^ [WLY_ -`_ _SP ^PNZYO wWZ_`^x ]PQP]^ _Z _SP bSZWP L^^ZNTL_TaP QTPWO _SL_ T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " T_d LVWT´¶L]L^£²]LdZNT_LR`©£WL«V£]L²ZMS£MSš_Z dL^X£O aL^_` ^LX¯ST_LÀ ^`Vš_TMSTà ^L]aLÀ ^LX£^£OSdL_P g V£ad£VSdP uVSTWL^L`VSdLOS£XYT aTM`OSZOd£YP OSaLYT] OL]²T_Là ^Z udLÀ VLW[L_L]¼[LX£YLXLSTX£ MSZRdZ u^_` MSLad£_XLY£X gg  /SaLYd£WZVL " Aš__T   ,WW Z`] \`Z_L_TZY^ L]P ML^PO ZY _SP N]T_TNLW POT_TZY /SaLYd£WZVL ZQ ¢YLYOLaL]OSLYL PO 6 6]T^SYLXZZ]_Sd /SL]bL]% 6L]YL_LV @YTaP]^T_d $" SP]P% $# ?SP WL_P YTY_SNPY_`]d bZ]V TYNW`OP^ L NZXXPY_L]d aš__T ZY _SP V£]TV£ aP]^P^ ?SP \`P^_TZY ZQ bSP_SP] ¢YLYOLaL]OSLYL bL^ _SP NZX[Z^P] ZQ MZ_S Z] ZYWd ZQ _SP Aš__T bL^ SZ_Wd OPML_PO 2P]Zb 4YOTLY ;ZP_TN^   # 3L]ZWO 2 .ZbL]O w-SL]_šSL]Tv^ /SaLYTx !!z" L^^`XP^ _SL_ ¢YLYOLaL]OSLYL [TNVPO `[ _SP _P]X OSaLYT Q]ZX -SL]_šSL]Tv^ A£VdL[O¯dL " LYO Aš__T TY   LYO Pc[LYOPO T_^ XPLYTYR Q]ZX XLYTQP^_PO ^Z`YO^ _Z MZ_S _SP ^`RRP^_TaP [ZbP] ZQ ^[ZVPY bZ]O^ LYO _SP _STYR ^`RRP^_PO TP _SP []TYNT[WP [ZP_TN XZZO LYO _SP `YT_L]d TOPL ZQ _SP [ZPX $ _£W£ U£LY_T R`©£ U£W£ OP ^LSTLPST RSP[[LY_T g ]L|VT]L©£©`RRLST£STÈ SZY_T VLXLW£TÈ VLXLW£TÈ gg F_LO£ U£dLY_P R`©£ dLO£ _P ^LSšOLdLT]RšSdLY_P g ]LaTVT]L©£Y`RšS¯_£YT MSLaLY_T VLXLW£YT VLXLW£YT ggH /SaLYd£WZVL  Aš__T  

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS



WTYVPO bT_S wWZ_`^x ^`NS L^ ^[WPYOZ] LYO MPL`_d 4Q _SP^P _bZ TOPY_T NLW bZ]O^ ^LTO _SP ^LXP _STYR _SP ^PY_PYNP bZ`WO MP _L`_ZWZRTNLW 3ZbPaP] _SP]P T^ YZ OZ`M_ _SL_ _SP ^PY_PYNP OZP^ ^Ld ^ZXP_STYR XPLY TYRQ`W LYO T_ OZP^ ^Z TY LY L]_T^_TN bLd ?SP XPLYTYR ZYWd MPNZXP^ L[[L]PY_ bSPY _SP [ZP_TN NZY_PY_ T^ `YOP]^_ZZO LYO LWZYR bT_S T_ _SP NZRYT_TaP LYO PXZ_TZYLW wQWLaZ]x ZQ _SP [ZP_TN `__P]LYNP TP T_^ ]L^L -d XPLY^ ZQ _SP OSaLYT NZYNP[_ LYO bT_S ]PNZ`]^P _Z _SP 9£¶dL²£^_]L  ¢YLYOLaL]OSLYL ZQQP]PO _SP QT]^_ Pc[WTNT_ LNNZ`Y_ ZQ _SP ]L^L TY [ZP_]d 4Y OZTYR ^Z SP WTYVPO ]L^L ^PY_TXPY_ LYO LWL«V£]L Z]YLXPY_L_TZY TY L ^dY_SP_TN LYO NZSP]PY_ _SPZ]d ZQ WT_P]L]d LP^_SP_TN^ _S`^ QZ`YOTYR L RPYP]LW _SPZ]d ZQ WTYR`T^_TN ^TRYTQTNL_TZY  ?SP OSaLYT OZP^ YZ_ SLaP _Z ]PXLTY RW`PO _Z L NP]_LTY bZ]O& TY QLN_ T_ T^ XZ]P _SP NL^P _SL_ _SP XZOP ZQ OP^N]T[_TZY T_^PWQ NLY PaZVP T_ L^ TY _ST^ aP]^P% RLL©LÀ XL__LXPSLÀ OS£]£W`WTLUU`©T£TÈ L aL©£TÈ g ©T]LSL«V£]LXTL«V£ SL]LY_T ©¯W£Z aT ©T^£Z gg FRLRLYLÀ XL__LXPRSLÀ OS£]£W`WT_£]U`Y£YT NL aLY£YT g YT]LSL«V£]LXšR£«V£ SL]LY_T Y¯W£ L[T YT²£à ggH w?SP NWZ`O^ _`XMWP LMZ`_ TY _SP ^Vd _SP F_LWWH ,]U`YL QZ]P^_^ bLaP] TY _SP ]ZL]TYR ]LTY LYO LW_SZ`RS _SP YTRS_^ L]P F^ZH OL]V _SL_ _SP F_TXTOH XZZY MPNZXP^ OP ^[ZYOPY_ F_SPT] MPL`_dH ^_PLW^ FLWW XdH _SZ`RS_^x 

3P]P _SP OSaLYT ]P^TOP^ TY _SP bZ]O^ XL__L wO]`YVx wN]Ledx w_`X MWTYRx LYO YT]LSL«V£]L wPRZWP^^x wOP^[ZYOPY_x wbT_SZ`_ L^^P]_TaP YP^^x wTY_TXTOL_POx bSTNS []PNT^PWd MPNL`^P ZQ _SPT] ]L_SP] YPRL_TaP NZYYZ_L_TZY^ P^[PNTLWWd PX[SL^TeP _SP LXMTaLWPY_ MPL`_d ZQ _SP XZY ^ZZY LYO T_^ OL]V ZaP]NL^_ YTRS_^ ?SP^P L^^ZNTL_TZY^ PcNPPO _SP WT_P]LW XPLYTYR LYO ^`]]Z`YO _SP bSZWP aP]^P bT_S _SPT] ^`RRP^_TaP [ZbP] w?`XMWTYRx OZP^ YZ_ ZYWd XPLY _SP ]LTYNWZ`O^ _SL_ ]ZWW LN]Z^^ _SP ^Vd TY _SP ^PY^P ZQ L YL_`]LWT^_TN OP^N]T[_TZY M`_ LMZaP LWW T_ PaZVP^ _SP bTWO LYO `YN`]MPO [ZbP] ZQ _SP XZY^ZZY bT_S T_^ ]LTY MPL_TYR OZbY T_^ _S`YOP] T_^ QWZZO^ LYO _SP MPL`_d ZQ _SP YL_`]LW bZ]WO bSTNS MPNZXP^ W`^S LRLTY LQ_P] _SP SPL_ LYO O]Z`RS_ ZQ _SP ^`XXP] w/P^[ZYOPY_x OZP^ YZ_ ZYWd ]PQP] _Z _SP XZZY STOOPY MPSTYO L _STNV MWLYVP_ ZQ NWZ`O^ M`_ LW^Z LWW`OP^ _Z L [L]_TN`WL] _Z[Z^ _SL_ ZNN`]^ Q]P\`PY_Wd TY 4YOTLY [Z P_]d ?ST^ T^ _SP _Z[Z^ ZQ _SP WZaP]^ ^P[L]L_PO Md _SP ^_Z]X bSZ MPNZXP LWW _SP XZ]P OP^[ZYOPY_ bSPY _SPd ^PP _SP [PLNZNV^ [P]QZ]XTYR _SPT] NZ`]_^ST[ OLYNP TY L Q]PYed ZQ OPWTRS_ _SL_ _SP ]LTY SL^ L]]TaPO ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  2P]Zb 4YOTLY ;ZP_TN^   & , >LYVL]LY ?SP ?SPZ]TP^ ZQ =L^L LYO /SaLYT 8LO]L^% ,OdL] $$  /SaLYd£WZVL  Aš__T 



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

4YOTLY NZYYZT^^P`] ZQ WT_P]L_`]P _S`^ ^PP^ TY ST^ XTYOv^ PdP L SZXZRP YPZ`^ TXLRP ZQ XZZO^ bT_S L ^_]ZYR TX[LN_ ZY LQQPN_ LYO PXZ_TZY^ BSL_ NLY _]TRRP] ^`RRP^_TZY^ ZQ LP^_SP_TN L_XZ^[SP]P^* 4Y []TYNT[WP LYd WTYR`T^_TN XL_P]TLW /L©“TY NZY^TOP]PO bZ]O LYO XPLYTYR ²LMOL LYO L]_SL _Z MP _SP Q`YOLXPY_LW WTYR`T^_TN NL_PRZ]TP^ LYO SP QZ`YOPO ST^ PY_T]P [ZP_ZWZRTNLW ^d^_PX `[ZY _SP OTQQP]PYNP MP_bPPY _SP^P _bZ _P]X^ ?ST^ ^d^_PX OZP^ YZ_ SZWO QZ] ¢YLYOLaL]OSLYL ^TYNP OSaLYT T^ L `YT\`P _d[P ZQ L]_SL ZY T_^ ZbY 8PLYTYR TYNW`OP^ YZ_ ZYWd _SP NZRYT _TaP WZRTNLW NZY_PY_ M`_ LW^Z PXZ_TaP PWPXPY_^ LYO _SP ^ZNTZN`W_`]LW ^TRYTQTNLYNP ZQ `__P]LYNP^ ?SP \`P^_TZY ZQ XPLYTYR X`^_ MP L[[]ZLNSPO TY L SZWT^_TN XLYYP] ?Z _SP QZ]XLWT^_^ WTVP /L©“TY MPL`_d PcT^_^ TY _SP MPL`_d ZQ _SP TYOTaTO`LW [L]_^% _Z _SPX L MPL`_TQ`W bZXLY T^ MPL`_TQ`W MPNL`^P LWW SP] WTXM^ L]P Pc\`T^T_P Md _SPT] aP]d YL_`]P LYO LW^Z OPNZ ]L_PO bT_S aLW`LMWP UPbPW]d 3ZbPaP] LNNZ]OTYR _Z ¢YLYOLaL]OSLYL _SP ]PLW MPL`_d WTP^ YZ_ TY _SP TYOTaTO`LW [L]_^ M`_ TY L \`T_P OTQQP]PY_ OTXPY^TZY ?SP bZXLY SP]^PWQ T^ MPL`_TQ`W 4Q ZYP bT^SP^ _Z OP^N]TMP QPXLWP MPL`_d ZYP NLYYZ_ OZ LYd_STYR Z_SP] _SLY _Z OP^N]TMP TYOTaTO`LW [L]_^ M`_ _SP ]PLW LYO _]`P MPL`_d wZY bSTNS _SP PdP^ ZQ _SP NZYYZT^^P`] QPL^_ L^ ZY _SP YPN_L] ZQ TXXZ]_LWT_dx WTP^ YZ_ TY _SP^P TYOTaTO`LW [L]_^ M`_ TY _SP ZaP]LWW TX[]P^^TZY  4Y [ZP_]d _ST^ VTYO ZQ SZWT^_TN TXLRP NZ]]P^[ZYO^ _Z _SP OSaLYT /SaLYT T^ LWbLd^ []TXL]TWd []P^PY_ TY _SP bSZWP aP]^P Z] _SP bSZWP [ZP_TN bZ]V -`_ PaPY L ^TYRWP bZ]O NLY QWZZO L aP]^P bT_S OSaLYT 0aPY TYOTaTO`LW [SZYPXP^ NLY MPL] OSaLYT LYO MP wQWZZOPO bT_S ]L^L  x BSP]PL^ T_ T^ TX[Z]_LY_ _Z /L©“TY _SL_ [ZP_]d ^Z`YO^ RZZO SP]P ZYP bT^SP^ _Z SLaP ZYPv^ PXZ_TZY^ _Z`NSPO ?ST^ T^ bSd T_ bL^ YZ_ /L©“TYv^ ^Z[ST^_TNL_PO PXMPWWT^SPO L]_ _SL_ MPNLXP LY TX[Z]_LY_ XZOPW QZ] OPaZ_TZYLW WT_P]L_`]P M`_ TY^_PLO ¢YLYOLaL]O SLYLv^ OSaLYT bSTNS Q`^P^ YZ_TZY^ ZQ LP^_SP_TN XZZO^ LYO TXLRP]TP^ ZQ ]PQTYPO PXMPWWT^SXPY_ LYO bSTNS bL^ Q`]_SP] PWLMZ]L_PO LYO TY_P]TZ] TePO Md ,MSTYLaLR`[_L _S_S NPY_  ¢YLYOLaL]OSLYLv^ LYO ,M ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  /SaLYd£WZVL  Aš__T   ,MSTYLaLR`[_L b]Z_P L NZXXPY_L]d ZY ¢YLYOLaL]OSLYLv^ /SaLYd£WZVL NLWWPO 7ZNLY£  L^ bPWW L^ _SP XZ^_ TYQW`PY_TLW NZXXPY_L]d ZY -SL]L_Lv^ 9£_dL²£^_]L  NLWWPO ,MSTYLaLMS£]L_T  BSTWP ¢YLYOLaL]OSLYL OT^_TYR`T^SPO _bZ L^[PN_^ ZQ OSaLYT z LY Z`_P] OSaLYT L^ _SP ^`RRP^_TaP Q`YN_TZY ZQ `__P]PO bZ]O^ LWWT_P]L_TaP QZ]X^ P_N LYO LY TYYP] OSaLYT L^ _SP ^`RRP^_PO LP^_SP_TN XZZO z ,MSTYLaLR`[_L ^STQ_^ _SP PX[SL^T^ LWXZ^_ NZX[WP_PWd _Z _SP WL__P] bSTNS SP NLWW^ _SP ^Z`W ZQ _SP LP^_SP_TN Pc[P]TPYNP Z] _SP ]L^LOSaLYT .ZbL]O w-SL]_šSL]Tv^ /SaLYTx " ,MSTYLaLR`[_L OPaPWZ[PO L YPb ]L^L _SPZ]d Md `W_TXL_PWd LNNP[_TYR ZYWd ZYP ]L^L% _SP LP^_SP_TN Pc[P]TPYNP L_ T_^ STRSP^_ WPaPW T^ _SP NZY^`XXL_TZY ZQ ZYPv^ ZbY TYYP] YL_`]P ZQ [`]P LYO `YXTcPO MWT^^ LYO ]PLNSP^ L WPaPW ZQ LM^Z][_TZY P\`TaLWPY_ _Z DZRTN LM^Z][_TZY 1Z] Q`]_SP] ]PQP]PYNP^ ^PP =LYTP]Z 2YZWT ?SP ,P^_SP_TN 0c[P]TPYNP LNNZ]OTYR _Z ,MSTYLaLR`[_L =ZXP% 4^80: $ ! ccTa Q z Y 

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS



STYLaLR`[_Lv^ LP^_SP_TN^ Z`_MLWLYNPO _SP Z]YLXPY_LWT^_^ LYO MPNLXP _SP XZ^_ TYQW`PY_TLW TY _SP ST^_Z]d ZQ ]PNP[_TZY ?SP ]PNT[P QZ] _SP ZaP]L]NSTYR ^`NNP^^ ZQ OSaLYT LP^_SP_TN^ bT_STY ^PN`WL] LYO ^LN]PO WT_P]L_`]P^ WTP^ TY T_^ ^dY_SP_TN \`LWT_d bSTNS LNSTPaPO aL]TZ`^ Q`^TZY^% _SP ^`[P]^POTYR ZQ _SP ^LMOLL]_SL Z[[Z^T_TZY _SP XP]RP] ZQ ^PY^`Z`^ LYO PXZ_TZYLW L[[PLW^ ZQ [ZP_]d _Z QZ]X L XLcTX`X _SP WTYVTYR ZQ _SP TYYP] LYO Z`_P] bZ]WO^ LYO _S`^ [Z_PY _TLWWd _SP NZX[WP_P Q`^TZY ZQ _SP ^PN`WL] LYO ^LN]PO ^[SP]P^ /SaLYT WT_P]L_`]P T^ Pc[]P^^TZY L^ bPWW L^ ^_TX`W`^ ZQ L_XZ^[SP]TN XZZO^ ^PY ^`Z`^Wd PXZ_TaP ^PY_TXPY_^ ^ZNTLW aLW`P^ LYO XP_ZYdXTN L^^ZNTL_TZY^ LYO MZ_S []ZQLYP LYO ]PWTRTZ`^ NT]NWP^ XLOP `^P ZQ _SP X`W_TQ`YN_TZYLW [ZbP] ZQ _SP OSaLYT _Z PXMZOd QPPWTYR^ LYO ^_TX`WL_P _SPX ?SPT] WT_P] L]d OSaLYT []ZO`N_TZY^ ^SL[PO N`W_`]LW [P]NP[_TZY^ Md PaZVTYR N]PL_TYR LYO ]PPXMZOdTYR NZWWPN_TaPWd ^SL]PO ^PY_TXPY_^ LYO NZRYT_TaP bZ]WO^ MZ_S bT_STY LYO MPdZYO _SP PWT_P N`W_`]P XTWTP` ZQ L]_ N]T_TN^ ?SP LWW`^TZY^ bT_STY L OSaLYT aP]^P ZQ_PY `^P WT_P]L]d QTPWO^ ZQ XPLYTYR _SL_ ^`[P]TX[Z^P [L]_TN`WL] _]Z[P^ ZY NZWWZ\`TLW ^PXLY_TN^ 1Z] PcLX[WP _SP w[ZP_TNx XZY^ZZY ZQ _SP aP]^P \`Z_PO LMZaP T^ ML^PO ZY _SP [Sd^TNLW XP_PZ]ZWZRTNLW PaPY_ M`_ T_ T^ LW^Z NZY^_T_`_PO Q]ZX _SP NWL^^TNLW XZY^ZZY ^NPYP^ TY 4YOTLY WT_P]L_`]P bSTNS SLaP ^[]`YR `[ L]Z`YO _SP YL_`]LW PaPY_ 4Y L NP]_LTY XLYYP] TY PaP]d XZY^ZZY [ZPX _SP]P T^ _SP R]TPQ ZQ =£XL ZaP] _SP WZ^^ ZQ ST^ MPWZaPO >¯_£ U`^_ L^ X`NS L^ _SP RZO 6š´©Lv^ WZaPLQQLT] bT_S _SP MPL`_TQ`W =£OS£ LYO L NZYYZT^ ^P`] ZQ 4YOTLY WT_P]L_`]P bTWW NZY^_LY_Wd SLaP _SP^P bPWWVYZbY [Z[`WL] TXLRP^ TY _SP MLNV ZQ ST^ XTYO ?SP OSaLYT T^ ^L_`]L_PO bT_S ]PLW LYO TXLRTYPO bZ]WO^ bSTNS XPP_ TY T_ /SaLYT T^ RPYP]LWWd YZ_ LNNP^^TMWP bT_SZ`_ L VYZbWPORP ZQ _SP M]ZLOP] N`W_`]LW NZY_Pc_ LYO _SP WT_P]L]d bZ]WO^ ZQ _SP ]P^[PN_TaP N`W _`]P =PXPXMP] _SP PcLX[WP ZQ _SP WZ_`^ bSP]P MZ_LYTNLW VYZbWPORP T_ YZ_ ^`QQTNTPY_ QZ] _SP ]PLOP] _Z L]]TaP L_ _SP ^PXLY_TN LYO XP_ZYdXTN QTPWO^ L^^ZNTL_PO bT_S _SP 4YOTLY WZ_`^ ^`NS L^ MPL`_d []ZQLYP WT_P]L _`]P LYO [`]T_d ]PWTRTZ`^ WT_P]L_`]P 5`^_ SZb aP]d YPNP^^L]d _SP VYZbWPORP ZQ WT_P]L]d _Z[ZT T^ QZ] `YOP]^_LYOTYR NP]_LTY OSaLYT ^L_`]L_PO aP]^P^ T^ ^SZbY Md _SP QZWWZbTYR PcLX[WP bSTNS T^ MZ_S \`Z_PO LYO NZXXPY_PO ZY Md ¢YLYOLaL]OSLYL% w?SP bTQP ZQ _SP S`Y_P] XZaP^ bT_S PL]]TYR^ ZQ [PLNZNV QPL_SP]^ Q`WW ZQ []TOP  LXZYR^_ ST^ Z_SP] bTaP^ TY _SPT] ^[WPYOZ] ZQ TaZ]dx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ^TST[TNNSLVL©©L¼]£ U££ a£SL^^L RLaaT©¯ MSLXL| g X`__£[SLWL]L|L[L^£SL©£©LÈ XLUUSP ^LaL__¯©LX gg F²TVST[TNNS£VL]©L[¼]£ U£d£ ad£OSL^dL RL]aT©¯ MS]LXL_T g X`V_£[SLWL]LNT_L[]L^£OS£Y£À XLOSdP ^L[L_Y¯Y£X ggH  /SaLYd£WZVL  Aš__T  

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

,WW _SP XZ_TQ^ L[[PL]TYR SP]P NZXP Q]ZX L WT_P]L]d _Z[Z^ _SL_ ZYP SL^ _Z VYZb TQ ZYP T^ _Z `YOP]^_LYO _SP aP]^P L_ LWW  4Y _P]X^ ZQ _d[ZWZRd Z] RPY]P T_ T^ L [L^_Z]LW ^NPYP z bSTNS SZbPaP] OZP^ YZ_ XPLY L w>NSÆQP]TOdWWPx& TP L ]ZXLY_TN ^NPYP ZQ WZaP]^ TY LY TOdWWTN WLYO^NL[P [Z^^TMWd RZ]RPZ`^Wd O]P^^PO L]T^_ZN]L_TN WZaP]^ OLWWdTYR bT_S PLNS Z_SP] bSTWP ^`]]Z`YOPO Md RPY_WP ^SPP[ L^ L BP^_P]Y L^^ZNTL_TZY ZQ [L^_Z]LW ^NPYP^ bZ`WO MP O`P _Z _ST^ VTYO ZQ 0`]Z[PLY ML]Z\`P [ZP_]d LYO [LTY_TYR LYO ]ZXLY_TN QTN_TZY^ ZQ [PLNPQ`W NZ`Y_]d WTQP 4Y QLN_ T_ T^ LMZ`_ _SP QZWWZbTYR% _SP NSTPQ ZQ L YL_TaP _]TMP SL^ _LVPY L []P__d dZ`YR bTQP LYO SL^ MPPY TYO`WRTYR TY WZaPXLVTYR bT_S SP] QZ] \`T_P L bSTWP 9Zb SP T^ ^Z bZ]Y Z`_ _SL_ SP NLY ZYWd S`Y_ [PLNZNV^ bSP]PL^ MPQZ]P SP bL^ ^_]ZYR PYZ`RS _Z VTWW PWP[SLY_^ ?SP ^[PNTQTN OSaLYT WTP^ TY _SP YL_`]LW NZYNW`^TZY _SL_ ST^ Z_SP] bTaP^ bP]P WP^^ L__]LN_TaP bSTNS LW^Z Pc[WLTY^ _SP []TOP ZQ _SP YPb bTQP ¢YLYOLaL]OSLYL bSZ []ZMLMWd YPaP] ^Lb _SP TY^TOP ZQ L U`YRWP T^ LbL]P ZQ _ST^ XPLYTYR YZ_ MPNL`^P T_ MPWZYR^ _Z ST^ PYaT]ZYXPY_ M`_ MPNL`^P T_ L[[L]PY_Wd ]P[]P^PY_^ L [Z[`WL] WT_P]L]d RPY]P ?ST^ T^ ZMaTZ`^Wd L WT_P]L]d NZ`Y_P]bPTRS_ _Z ]PLW WTQP LY TXLRTYL_TaP LY_T[ZOP N]PL_PO Md _SP STRSWdN`W_`]PO NT_d ObPWWP]^ ^Z _SPd NZ`WO []ZUPN_ ^ZXP_STYR TY_Z T_ _SL_ _SPd NZ`WO YZ_ z Z] bP]P YZ_ LWWZbPO _Z z TYO`WRP TY ZbTYR _Z N`W_`]LW LYO ]PWTRTZ`^ YZ]X^% L wQ]PPx WTQP `YTYSTMT_PO ^Pc`LWT_d [ZWdRLXd LYO _SP ^[Z]_ ZQ S`Y_TYR bSTNS bL^ LYL_SPXL _Z 3TYO` OSL]XL ! 7T_P]L_`]P N]PL_P^ T_^ ZbY bZ]WO^ LYO ]PLWT_TP^ LYO _ST^ T^ bSP]P z LNNZ]OTYR _Z ¢YLYOLaL]OSLYL z bP QTYO T_^ ^[PNTLW [ZbP] bSTNS SP MLNV^ `[ bT_S _SP QZWWZbTYR aP]^P Md L w2]PL_ ;ZP_%x w?S]PP NSPP]^ _Z _SP WLYR`LRP RZOOP^^ bSZ ObPWWTYR TY NWZ^P []ZcTXT_d _Z Pc_]LZ]OTYL]d [ZP_^ LWWZb^ _STYR^ _Z PY_P] _SP SPL]_ _SL_ ^PPX _Z MP ]PLW QLN_^ bSTWP _SPd L]P LN_`LWWd \`T_P OTQQP]PY_x "

:Q NZ`]^P _SP WT_P]L]d []ZUPN_TZY ZQ _SP dZ`YR YL_TaP bZXLY OPNZ]L_PO bT_S [PLNZNV QPL_SP]^ SL^ WT__WP _Z OZ bT_S ]PLW 6T]£_L^ L YL_TaP _]TMP WTaTYR TY _SP QZ]P^_^ -`_ _SP [ZP_]d SL^ _SP [ZbP] _Z _]LY^QZ]X bSL_ T^ ]PLW TY_Z bSL_ T^ TXLRTYL]d TY_Z ^ZXP_STYR NZX[WP_PWd OTQQP]PY_ bSTNS T^ Pc[P]TPYNPO L^ U`^_ L^ ]PLW L^ PX[T]TNLW ]PLWT_d ¢YLYOLaL]OSLYL _SP]PQZ]P ^_]P^^P^ _SL_ PaPY TY [WLNP^ bSP]P ^ZXP_STYR T^ OP^N]TMPO L^ T_ T^ TY ]PLW WTQP L RZZO [ZP_ bTWW LWbLd^ RTaP T_ L ^[PNTLW QZ]X LYO _S`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP]P T^ L [L]LWWPW TY /SaLYd£WZVL  bSP]P _SP aP]^P T^ LW^Z Pc[WLTYPO ! ?SP WL__P] T^ YZ_ RWZMLWWd L[[WTNLMWP _Z 3TYO` OSL]XL  ^TYNP []TYNP^ SLaP SLO S`Y_TYR [L]_TP^ LYO _SP VTYR RZTYR _Z _SP QZ]P^_ bT_S ST^ NZ`]_TP]^ QZ] S`Y_TYR L[[PL]^ L^ L _Z [Z^ TY _SP 8LS£MS£]L_L  " L_LSL¶¶STP aT _LSL^L©¶STP aaL STLLXXT U£ ©TaP^P| g L__SLaT^P^P ^£ ULL| aTVL“LVL|RZL]£ a£©¯ gg FL_L_S£^_ST_£Y L[T _L_S£^LÀ^_ST_£Y TaL SšOLdP d£ YTaP²LdL_T g L]_SLaT²P´£Y ^£ ULdL_T aTVL¶LVLaTRZNL]£ a£©¯ ggH  /SaLYd£WZVL  Aš__T 

.Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS

"

_SP ZMUPN_ ZQ ST^ OP^N]T[_TZY _`]Y^ TY_Z ^ZXP_STYR _SL_ T^ NZX[WP_PWd OTQQP]PY_ Q]ZX _SP Z]TRTYLW # ,YO _ST^ T^ []PNT^PWd bSd [ZP_]d T^ TYPc SL`^_TMWP% w5`^_ WTVP _SP []TXLW XL__P] ZQ bSTNS _SP bZ]WO T^ XLOP [ZP_TN WLYR`LRP NLYYZ_ PaP] MP PcSL`^_PO YZ_ PaPY TQ _SZ`^LYO^ `[ZY _SZ`^LYO^ ZQ -šSL^[L_T^ bP]P _Z _]d _Z OZ _ST^x $

-PNL`^P _ST^ SL^ YZ_STYR _Z OZ bT_S _SP [ZP_TN ZMUPN_^ M`_ TY^_PLO bT_S WLYR`LRP _SP [ZP_^ YPaP] SLaP _Z QPL] _SL_ _SPT] _Z[TN^ bTWW MPNZXP bZ]Y Z`_ Z] PcSL`^_PO ?SP ^`M_WP_TP^ TY OP^N]TMTYR ^ZXP_STYR L]P TYQT YT_P LYO PaP]d RZZO [ZPX Z] Z_SP] RZZO bZ]V ZQ WT_P]L_`]P `_TWTeP^ _SPX LYPb >TYNP _SP OSaLYT [P]_LTY^ _Z _SP aP]^P Z] _SP NZX[Z^T_TZY L^ L bSZWP _SP]P NLYYZ_ MP LYd []ZaT^TZY Z] TY^_]`N_TZY QZ] _SP L^[T]TYR NZ`]_ [ZP_ ZY SZb _Z NZY^_]`N_ T_ /L©“TY PYaT^TZYPO [ZP_]d L^ LY L]_T^ _TN [L_NSbZ]V LYO []ZaTOPO L WL]RP ^P_ ZQ Z]YL_P WT_P]L]d M`TWOTYR MWZNV^ QZ] _SP NZY^_]`N_TZY ZQ M]TWWTLY_ XL^_P][TPNP^ -`_ LNNZ]OTYR _Z ¢YLYOL aL]OSLYL _SP]P L]P YZ _PNSYT\`P^ ZQ N]LQ_^XLY^ST[ _SL_ ZYP NZ`WO WPL]Y LYO L[[Wd QZ] []ZO`NTYR L ]PLW OSaLYT[ZPX Z] bZ]V /L©“TY ^PP^ ]L^L L]T^TYR _S]Z`RS [P]QPN_ _PNSYT\`P LYO _L^_PQ`W L]]LYRPXPY_ bSTWP TY ¢YLYOLaL]OSLYLv^ Z[TYTZY ]L^L ZYWd L[[PL]^ bSPY _SP w_ZYPx T^ ]TRS_ LYO bSPY L _Z_LWWd `YT\`P XZZO T^ Pc[]P^^PO LYO PaZVPO Md _SP [ZP_TN L^^P]_TZY .ZX[WP_PWd TY VPP[TYR bT_S _ST^ _SP [ZP_ YPPO^ bSL_ bP bZ`WO NLWW RPYT`^ z LYO TY QLN_ _SP ]PNT[TPY_ OZP^ L^ bPWW ^TYNP SP X`^_ MP ZYP wbT_S LY P\`LW SPL]_x TP SP STX^PWQ X`^_ MP [L]_ ZQ _SP N]PL_TaP []ZNP^^  ¢YLYOLaL]OSLYL ^[PLV^ bSPY ]PQP]]TYR _Z _SP [ZP_ ZQ []L_TMS£ wTY^[T]L_TZYx ZQ ^ZXP_STYR _SL_ wTY_`T_TaPWd PYWTRS_PY^x 3P NZY^TOP]^ _SP NL[LNT_d ZQ _SP [ZP_TN RPYT`^v ^[ZY_LYPZ`^ TOPL^ _Z MP _SP ]PbL]O QZ] PL]WTP] WTaP^ LYO L^^P]_^ _SL_ _SP aP]d ^Z`]NP ZQ [ZP_TN TY^[T ]L_TZY T^ _SP RZOOP^^ >L]L^aL_¯ 1Z] STX SZbPaP] >L]L^aL_¯ T^ ZYWd L XP_L[SZ] TY _SP ^PY^P _SL_ _SP LN_`LW NZ]P LYO _SP NL`^P ZQ [ZP_TN `__P] LYNP `W_TXL_PWd ]PXLTY TYPc[WTNLMWP 4Q ZYP bLY_PO _Z ]PO`NP _SP OPML_P MP_bPPY _SP ZWO Z]YLXPY_LWT^_^ TY /L©“TYv^ ^_dWP LYO _SP YPb ^NSZZW ZQ ¢YLYOLaL]OSLYL _Z L ^SZ]_ [T_Sd [S]L^P LYO ]PNZY^_]`N_ LY wTOPLW _d[Px ZQ _SPT] OT^NZ`]^P ZYP NZ`WO ^[PLV ZQ L ]PO`N_TZYT^XSZWT^X OPML_P , OPaPWZ[XPY_ _ZbL]O^ SZWT^_TN XZOPW^ ^`NS L^ _SP ZYP TY [ZP_]d NLY LW^Z MP ^PPY TY WTYR`T^ _TN^ ^ZXPbSL_ PL]WTP] 4Y _ST^ ^PY^P _SP [ZP_ZWZRTNLW OT^N`^^TZY^ L]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # /SaLYd£WZVL  Aš__T  $ a£NL^[L_T^LSL^]£©£À ^LSL^]LT] L[T dL_YL_Là g YTMLOOS£ ^£ V´LdLÀ YLTv_T []LVš_T] ULRL_£X TaL gg /SaLYd£WZVL   ?ST^ Q`YOLXPY_LWWd N]PL_TaP ]ZWP ZQ _SP L]_WZaP] L^ ^LSšOLdL bL^ XLOP Pc[WTNT_ Md ,MSTYLaLR`[_L LYO _SP TOPL _SL_ T_ T^ _SP ]PNT[TPY_^ bSZ []ZO`NP L bZ]V ZQ L]_ L^ X`NS L^ _SP L]_T^_ STX^PWQ T^ \`T_P NZYR]`PY_ bT_S XZOP]Y BP^_P]Y _SPZ]TP^ ZQ L]_

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

#

ZYWd L [L]_ ZQ L aP]d X`NS XZ]P RWZMLW N`W_`]LW OT^NZ`]^P bSZ^P P^^PY _TLW [Z^T_TZY^ MPNLXP aP]d NWPL] SZbPaP] PaPY TY _ST^ ^XLWW Q]LRXPY_ ?SP QZWWZbTYR NSLYRP ZQ ^NPYP T^ TY_PYOPO _Z _LNVWP _ST^ XZ]P RWZMLW OT^NZ`]^P

=L_TZYLWT^_ .SLWWPYRP^ LYO _SP =T^P ZQ APOL 3P]XPYP`_TN^ 

-]LSXLYTNLW ,RRTZ]YLXPY_Z% =L_TZYLWT^_ .SLWWPYRP^ LYO _SP =T^P ZQ APOL 3P]XPYP`_TN^ =L_TZYLWT^_ .SLWWPYRP^ LYO _SP =T^P ZQ APOL 3P]XPYP`_TN^

:Q NZ`]^P _SP bZ]WO ZQ WL_P 4YOTLY LY_T\`T_d LYO _SP PL]Wd XPOTPaLW [P]TZO OTO YZ_ NZY^T^_ ZYWd ZQ R]LYO [LWLNP^ TY bSTNS VTYR^ TYO`WRPO TY Z]YLXPY_PO Z] L_XZ^[SP]TN [ZP_]d OP[PYOTYR ZY _SPT] ZbY []ZNWTaT_TP^ 8ZOP^_ WPL]YPO -]LSXTY^ ^_TWW PcT^_PO bSZ OTO YZ_ LWWZb _SPX^PWaP^ _Z MP uMZ`RS_v Md _SP VTYR^ M`_ WPL]YPO _SP APOL Md SPL]_ TY _SPT] ^_]Lb S`_^ ,YO ^TYNP WLYR`LRP SLO LWbLd^ MPPY ZYP ZQ _SPT] Q`YOLXPY_LW _ZZW^ _SPd LW^Z NZY_TY`PO NZY_PX[WL_TYR T_ , bZ]WOWd XLY ^`NS L^ /L©“TY bSZ ^PPX^ _Z SLaP OPaZ_PO STX^PWQ []TYNT[LWWd _Z ST^ WZaPLQQLT]^ LYO VPP[TYR ST^ []TYNP TY L RZZO XZZO NZ`WO LQQZ]O _Z MP L^ PL^dRZTYR LMZ`_ WLYR`LRP L^ SP bL^ 1Z] /L©“TY WLYR`LRP T^ L []P__d Z`_[Z`]TYR ZQ L STRSP] N`W_`]P T_ T^ Q`Y LYO ZYP NLY `^P T_ _Z ]LT^P ZYPv^ []ZQTWP -`_ _SP [ZZ] Z]_SZOZc -]LSXTY^ NZ`WO YZ_ ^SL]P _ST^ aTPb ZQ WLYR`LRP ^TX[Wd MPNL`^P ZQ _SPT] ^PWQTXLRP% WLYR`LRP T^ _SPT] XZ^_ MPL`_TQ`W LYO OPL]P^_ _]PL^`]P >Z -]LSXTY^ PY ^`]P _SL_ _SP MPL`_TQ`W WLYR`LRPNZb OZP^ YZ_ QLWW TY_Z _SP SLYO^ ZQ ]ZR`P^ -`_ _ST^ T^ []PNT^PWd bSL_ YZb SL[[PY^ ?SP]P T^ L M]ZLO NWL^^ ZQ ^_]ZYRWd ^PN`WL]TePO >LY^V]T_ Pc[P]_^ QZ] bSZX WLYR`LRP T^ YZ WZYRP] L Y`XTYZ`^ ^`M^_LYNP ?SP ^`M^_LY_TLW TOPY_TQTNL_TZY ZQ WLYR`LRP LYO -]LSXLY LN_Z] SL^ MPPY M]ZVPY 9Zb T_ T^ YZ WZYRP] ^`QQTNTPY_ _Z ^[]PLO L MPL`_TQ`W -]LSXLYTN L`]L bT_S ^ZWPXY APOTN ^ZYR^ z PaPY TQ ZYWd QZ] _SP ^TX[WP ]PL^ZY _SL_ _SP -`OOST^_ []TP^_ YPc_ OZZ] XTRS_ LW^Z SLaP L WZaPWd aZTNP >P]TZ`^ bZ]V ZY _SP ^LN]PO ]T_`LW WLYR`LRP _LVP^ L _Z_LWWd YPb [L_S 4_ T^ `YOT^[`_PO _SL_ WLYR`LRP PcT^_^ U`^_ WTVP LYd Z_SP] XL_P]TLW ?SPZ ]TP^ ZQ _SP [Sd^TNLW L^[PN_^ ZQ ^Z`YO ML^PO ZY L_ZXT^_TN TOPL^ SLO WZYR ^TYNP MPPY bPWW P^_LMWT^SPO 1Z] PcLX[WP LNNZ]OTYR _Z _SP ALT²P´TVL^ PaP]d ^Z`YO T^ ML^PO ^ZWPWd ZY L XPNSLYTNLW NSLTY ]PLN_TZY LXZYR^_ Y`XP]Z`^ L_ZX^ ZQ _SP wP_SP]x Z] ^[LNP bSTNS L]P PYaT^LRPO WTVP MTW WTL]O MLWW^ , ^`OOPY NZY_LN_ MP_bPPY _bZ ZMUPN_^ ^`NS L^ _SP _ZYR`P LYO _SP _PP_S Z] MP_bPPY L O]`X^_TNV LYO L O]`X^VTY [`^SP^ LbLd _SP wP_SP] L_ZX^x _SL_ L]P TY MP_bPPY LYO NL`^P^ _SPX _Z ]`^S LbLd TY LWW OT]PN_TZY^ ?SP^P L_ZX^ _SPY w^_]TVPx XZ]P P_SP] L_ZX^ bSTNS TY _`]Y TX[TYRP ZY Z_SP] P_SP] L_ZX^ ,_ ^ZXP ^_LRP ^ZXP ZQ _SP L_ZX^ ]PLNS _SP Pc_P]YLW PL] ZQ _SP SPL]P] w^_]TVPx _SP PL]O]`X LYO ZYWd _SPY T^ _SP

=L_TZYLWT^_ .SLWWPYRP^ LYO _SP =T^P ZQ APOL 3P]XPYP`_TN^

$

^Z`YO SPL]O ?SPZ]TP^ WTVP _ST^ L]P aP]d _d[TNLW ZQ _SP PL]Wd ]L_TZYLW [P]TZO 9Z_ ZYWd T^ ^[LNP OTaTOPO `[ TY_Z L NZY_TY``X ZQ TYOTaTO`LW [ZTY_^ M`_ _TXP T^ LW^Z _`]YPO TY_Z L NZY_TY``X ZQ TYOTaTO`LW XZXPY_^ 4Y RPYP]LW _SP [STWZ^Z[SP]^ SLaP MPNZXP Pc_]PXPWd ^`^[TNTZ`^ ZQ LWW P_P]YLW PY_T_TP^ ?SP XZ^_ ]LOTNLW TY _ST^ ]P^[PN_ L]P _SP -`OOST^_^ bSZ OPYd LYd LYO PaP]d QZ]X ZQ [P]XLYPY_ ^`M^_LYNP z LYO L^ QZ] PcT^_PYNP _SPd ZYWd ]PNZRYTeP QWPP_TYR XZXPY_^ BSL_ SZWO^ QZ] ^Z`YO _SPZ]d LW^Z SZWO^ QZ] NZXX`YTNL_TZY _SPZ]d ?SP]P L]P YZ P_P]YLW bZ]O^ L_ LWW ?SP]P L]P ZYWd NSLTY^ ZQ ^[PLVP]^ XLOP `[ ZQ TYOTaTO`LW^ bSZ NL`^P WLYR`LRP _Z MP [P][P_`L_PO LYO _SP]P T^ YZ_STYR Xd^_P]TZ`^ LMZ`_ _ST^ ,YdZYP bSZ MPWTPaP^ TY _SP Y`XTYZ`^ NSL]LN_P] ZQ _SP APOL NLY YZ WZYRP] MLNV _ST^ `[ bT_S ^`M^_LY_TLWT^_ L]R`XPY_^ QZ] _SP APOL NZY^T^_^ ZQ WLYR`LRP LYO WLYR`LRP T^ [L]_ ZQ _ST^ bZ]WO 4Y aTPb ZQ _SP QL]]PLNSTYR LNNP[_LYNP ZQ ^`NS YPb ]L_TZYLW _SPZ ]TP^ _SP Z]_SZOZc MPWTPQ TY _SP APOL SL^ L OTQQTN`W_ _TXP Q]ZX _ST^ [ZTY_ ZYbL]O^ ?SP APOTN aTPb ZQ _SP bZ]WO SL^ MPPY ^SLVPY _Z T_^ NZ]P 9Z_ ZYWd SLaP XZ^_ ZQ _SP APOTN ]T_P^ MPNZXP ZM^ZWP_P M`_ LW^Z _SP ^TX[WP ^`M^_LY_TLWT^_ XZOPW NWLTXTYR _SL_ PaPY _SP ^Z`YO ZQ _SP APOL T^ ^LN]PO LYO [`]TQdTYR SL^ MPNZXP `YLNNP[_LMWP _Z _SP TY_PWWPN_`LW^ ?SP ^LN]PO bZ]O^ ZQ _SP APOL _ZZ NZY^T^_ ZQ YZ_STYR Z_SP] _SLY NWZ`O^ ZQ P_SP] L_ZX^ bSTeeTYR L]Z`YO LYO z Q]ZX L YL_`]LWT^_TN ^_LYO[ZTY_ z L]P _SP]P QZ]P YZ XZ]P ^LN]PO _SLY LYd Z_SP] bZ]O /P^[T_P _ST^ _SP APOL ]PXLTY^ _PNSYTNLWWd P^^PY_TLW L^ L ]PQP]PYNP [ZTY_ LYO L^ N`W_`]LW XPXZ]d [P] ^P  -`_ ^TYNP T_ SL^ WZ^_ T_^ TYSP]PY_ aLWTOT_d L^ L _Pc_ QZ] ]T_`LW^  LYO _Z MP WT^_PYPO _Z XLYd Z]_SZOZc -]LSXTY^ YZb NZYNPY_]L_P _SPT] PQQZ]_^ ZY ]P^PL]NSTYR _SP NZY_PY_ ?SP APOL SL^ _Z MP ]PaLW`L_PO L^ L _Pc_ bT_S L ^[PNTLW NZXX`YTNLMWP NZY_PY_ ?SP -]LSXTY^ OPaPWZ[ Q]ZX w[P]QZ]X TYR L]_T^_^x _Z SP]XPYP`_TNT^_^ ZQ _SPT] ZbY N`W_`]P TY Z]OP] _Z ]P^_Z]P _SPT] N]POTMTWT_d L^ _SP PWT_P ZQ WPLOP]^ST[ 3ZbPaP] ]P^T^_LYNP T^ SPQ_d >TYNP _SP PXP]RPYNP ZQ SP_P]ZOZc XZaPXPY_^ TY _SP XTOOWP ZQ _SP QT]^_ XTWWPYYT`X -. -]LSXLYT^X SL^ SLO _Z ^_]`RRWP LRLTY^_ PaP] XZ]P [ZbP]Q`W ]P^T^_LYNP >ZXP ZQ _SP TX[`OPYNP _SL_ _SP -]LSXTY^ SLO _Z [`_ `[ bT_S bL^ []P__d ^_]ZYR ^_`QQ ?SP XL_P]TLWT^_TN .£]a£VL^ PaPY NWLTXPO _SL_ _SP _Pc_ ZQ _SP APOL ^Z`YOPO ^Z XPLYTYRWP^^ MPNL`^P LWW T_^ L`_SZ]^ SLO MPPY XLOXPY ?SPd ^LTO _SL_ ^ZXP [PZ[WP bSZ bP]P _ZZ WLed Z] _ZZ ^_`[TO _Z bZ]V SLO WPL]YPO _ST^ ]`MMT^S Md SPL]_ TY Z]OP] _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ ^_L_PXPY_ YPPO^ _Z MP OTQQP]PY_TL_PO ^TYNP _SP ]T_P^ ZQ [L^^LRP ^`NS L^ XL]]TLRP LYO OPL_S ]T_P^ SLaP ]PXLTYPO wAPOTNx ]TRS_ `[ _Z _SP []P^PY_ OLd TP ML^PO ZY _SP 2šSdL >¼_]L^ _SL_ _LVP _SPT] XL_P]TLW Q]ZX _SP APOL 7L_PWd 7L`]TP ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  L]R`PO QZ] LY ZYRZTYR ^TRYTQTNLYNP ZQ APOTN ]T_P^ PaPY ZQ ^ZXP ±]L`_]L ]T_P^ O`P _Z _SPT] NZY^_LY_ ]PbZ]VTYR bT_STY OTQQP]PY_ PL]Wd ]T_`LW wNZXXPY _L]TP^x  ±]L`_]L >¼_]L^ 2šSdL >¼_]L^ ATOS£YL WT_P]L_`]P LYO YPb QZ]X^ ZQ L[[WTNL _TZY aTYTdZRL



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

NWLTX _SL_ T_ STO L aP]d ^[PNTLW LYO OPP[ XPLYTYR bSTNS SZbPaP] ZYWd _SPd NZ`WO TY_P][]P_ ,YO TY _ST^ bLd _SPd SLO Pc_Z]_PO XZYPd Q]ZX [PZ[WP QZ] NPY_`]TP^ ,^ L ]`WP _SP -]LSXTY^ bP]P ]L_SP] SPW[WP^^ TY _SP QLNP ZQ ^`NS XL WTNTZ`^ LNN`^L_TZY^ ?SP]P T^ ]L]PWd LYd XPY_TZY ZQ LN_TaP ]P^T^_LYNP TY _SP P[TN^ LYO ;`]£©L^ 0aPY ^Z ZYP R]Z`[ ZQ -]LSXTY^ ZYNP MPL_ L .£]a£VL _Z OPL_S bT_S _SPT] ^_LWV^ ZQ SZWd 6`²L R]L^^ bSPY ST^ XZNV P]d MPNLXP _ZZ X`NS _Z MPL] 4Y _SP XTOOWP ZQ _SP QT]^_ XTWWPYYT`X -. SZbPaP] _SP -]LSXTY^ MPRLY _Z OPQPYO _SPX^PWaP^ ^ZXPbSL_ XZ]P PQQPN_TaPWd 7PRPYO SL^ T_ _SL_ _SP -]LSXLY 6`X£]TWL -SL¶¶L MP_bPPY ! LYO " ,/ LY PXTYPY_ APOTN ]T_`LWT^_ LYO 8ÅX£À^£ ^NSZWL] ^YPLVPO STX^PWQ TY_Z L -`OOST^_ XZYL^_P]d ^Z _SL_ SP NZ`WO ^_`Od -`O OST^_ WZRTN LYO OTLWPN_TN^ bSTNS bP]P `Y^`][L^^PO L_ _SL_ _TXP LYO _Z `_TWTeP _SPX QZ] _SP MPYPQT_ ZQ -]LSXLYT^X  7ZZVTYR L_ ST^ bZ]V^ ZYP QTYO^ _SL_ SP L[[PL]^ _Z SLaP NZX[WP_PO _SP XLUZ] NZ`]^P^ ZQ ^_`Od -`_ ST^ ^_`OTP^ NLXP _Z L ^_TNVd PYO bSPY ST^ -`OOST^_ _PLNSP] N]T_TNTePO _SP APOL L^ XPLYTYRWP^^ LYO NZY_]LOTN_Z]d 6`X£]TWL bL^ `YLMWP _Z SZWO MLNV ST^ _PL]^ LYO _S`^ RLaP STX^PWQ LbLd L^ LY PYPXd -]LSXLY ^[d ?SP ^_Z]d PYOPO _]LRTNLWWd QZ] MZ_S [L]_TP^ ?SP -`OOST^_^ bLY_PO _Z VTWW 6`X£]TWL LYO [`^SPO STX ZQQ _SP ]ZZQ ZQ _SP XZYL^_P]d -`_ MP NL`^P ZQ ST^ MPWTPQ TY _SP APOL SP ^`]aTaPO ,NNZ]OTYR _Z _SP WPRPYO SP MPNLXP ZYP ZQ _SP XZ^_ `YNZX[]ZXT^TYR Z[[ZYPY_^ ZQ _SP -`OOST^_^ LYO bZ]VPO ^`NNP^^Q`WWd QZ] _SPT] [Sd^TNLW LYYTSTWL_TZY -`_ SP _SPY [LTO QZ] _ST^ bT_S ST^ ZbY WTQP 3P SLO ^TYYPO LRLTY^_ ST^ -`OOST^_ R`]` LYO LNNZ]OTYR _Z _SP OSL]XL WLb^ ZYWd ]T_`LW ^`TNTOP NLY L_ZYP QZ] ^`NS L SPTYZ`^ N]TXP ;]ZMLMWd PaP]d_STYR LMZ`_ _ST^ ^_Z]d T^ TYaPY_PO -`_ ^_TWW T_ NLYYZ_ MP OPYTPO _SL_ TY _SP PL]Wd 8TOOWP ,RP^ OPaZ`_ -]LSXTY^ TY [L]_TN`WL] bT_S L ^_]ZYR MPWTPQ TY _SP APOL L]R`PO TY ^`NS L OTLWPN_TN NL`^LWT^_TN LYO TY ^ZXP NL^P^ PaPY XL_P]TLWT^_TN XLYYP] LYO P^[PNTLWWd _SP ST^_Z]TNLW 6`X£]TWL _SL_ ^ZXP_TXP^ T_ ^PPX^ L^ _SZ`RS _SPd SLO LN_`LWWd NZ[TPO _SPT] L]R`XPY_^ Q]ZX _SPT] bZ]^_ PYPXTP^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  AP]^TZY^ ZQ _ST^ WPRPYO MPWZYR _Z _SP XZ^_ QLXZ`^ P[T^ZOP^ ZQ _SP SLRTZR]L[STP^ ZQ ±L«VL]L ^PP LW^Z MPWZb ,Y TY_P]P^_TYR -`OOST^_ TYaP]^TZY ZQ _SP ^_Z]d T^ VYZbY TY _SP ?TMP_LY _]LOT_TZY& ^PP 2Z[TYL_S 6LaT]LUv^ QZ]PbZ]O _Z 2LYRLY£_SL 5SLv^ _]LY^WL _TZY ZQ 6`X£]TWLv^ ?LY_]La£]__TVL .LWN`__L% -L[_T^_ 8T^^TZY ;]P^^ $ azcaTTT 6`X£]TWLv^ _TXP SL^ MPPY aL]TZ`^Wd L^^TRYPO _Z _SP PL]Wd "_S Z] _Z _SP #_S NPY_`]d& QZ] ]PQP]PYNP^ ZY _SP OL_P !z" ,/ ^PP 5PLY8L]TP AP][ZZ]_PY 8¯X£À^£ 7T_P]L _`]P BTP^MLOPY% 3L]]L^^ZbT_e $#" 

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^





?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

;]ZMLMWd YZ Z_SP] R]Z`[ SL^ _LVPY _SP APOTN WPRLNd ^Z ^P]TZ`^Wd LYO _PYOPO T_ ^Z NL]PQ`WWd L^ _SP ;¼]aL8ÅX£À^£ Z] 8ÅX£À^£ QZ] ^SZ]_  4_ T^ _]`P _SL_ XLYd ^NSZWL]^ []TOPO _SPX^PWaP^ ZY _SPT] NZYYPN_TZY bT_S _SP APOL LYO _SPT] ^_`Od ZQ T_ LYO PaPY _ZOLd ^NSZWL]^ SLaP YZ_ _T]PO ZQ \`Z_TYR APOTN XLY_]L^ L_ PaP]d LaLTWLMWP Z[[Z]_`YT_d _Z []ZaP _SL_ PaP]d NZYNPTaLMWP S`XLY LNSTPaPXPY_ SL^ LW]PLOd MPPY XPY_TZYPO TY _SP APOL z M`_ ZYWd _SP 8¯X£À^LVL^ SLaP MPPY _]`Wd TY_P]P^_PO TY _SP NZY_TY`T_d ZQ _SP APOTN ^LN]TQTNP LYO LWbLd^ _LVPY _SP R]PL_P^_ NL]P _SL_ APOTN ]T_P^ ^SZ`WO YZ_ MP NZXMTYPO bT_S WL_P] ]T_`LW QZ]X^ 4Y OZTYR ^Z _SPd XLVP LY LM^ZW`_P OT^_TYN_TZY ?SPd L]P _SP QT]^_ _Z ]PRL]O _SP APOL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP YLXP 8¯X£À^£ SL^ MPPY _]LY^WL_PO L^ wQ`WW OT^N`^^TZYx Z] wL__PX[_^ L_ ]L_TZYLW TY\`T]dx 4_ ^_LYO^ QZ] _SP APOTN ^NSZZW ZQ ]T_`LW [STWZ^Z[Sd TP _SZ^P APOL -]LSXTY^ NZYNP]YPO bT_S _SP Pc[Z^T_TZY ZQ ]T_`LW TYU`YN_TZY^ TYNW`OTYR OT^N`^^TZY^ ZY _SP ]PWL _TZY^ST[ ZQ bZ]O LYO XPLYTYR SP]XPYP`_TN ]`WP^ XP_SZOZWZRd LYO [STWZ^Z[Sd ZQ ^[PPNS ?SP ;¼]aL8¯X£À^£ T^ L [ZZ]Wd ]P^PL]NSPO L]PL NZX[L]PO bT_S Z_SP] 4YOTLY _]LOT_TZY^ 1Z] ^`XXL]TP^ ZQ T_^ [Z^T_TZY^ ^PP 2LYRLYL_SL 5SL ;¼]aLX¯X£À^£ TY 4_^ >Z`]NP^ AL]LYL^T% -LYL]L^ 3TYO` @YTaP]^T_d $& >`]PYO]LYL_S /L^R`[_L , 3T^ _Z]d ZQ 4YOTLY ;STWZ^Z[Sd  aZW  /PWST% 8Z_TWLW -LYL]^TOL^^ ]P[] $$ !"z & 8 3T]TdLYYL :`_WTYP^ ZQ 4YOTLY ;STWZ^Z[Sd /PWST% 8Z_TWLW $$ Z]TRTYLW $ $#z & >SWZXZ -TOP]XLY w:]_SZOZcd LYO ;STWZ^Z[Sd TY 4YOTL% ;STWZ^Z[STNLW 4X [WTNL_TZY^ ZQ _SP 8¯X£À^£ >NSZZWx TY :]_SZOZcd 3P_P]ZOZcd LYO /T^^PY_ TY 4YOTL  PO > 9 0T^PY^_LO_ P_ LW -P]WTY% 8Z`_ZY $# "#& AP][ZZ]_PY 8¯X£À^£ 7T_ P]L_`]P  Z[NT_ ?SP ^NSZZW ^PPX^ _Z MP aP]d LYNTPY_ [Z^^TMWd OL_TYR MLNV _Z _SP _S Z] _S NPY_ -. _Z bSTNS ^ZXP ^NSZWL]^ L^N]TMP _SP QT]^_ _]PL_T^P 5LTXTYTv^ 8¯X£À^£ >¼_]L^ ^PP QZ] TY^_LYNP ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  !$ :_SP]^ OL_P 5LTXTYT _Z z -. ^`NS L^ :_SXL] 2ÆNS_P] 3P]XPYP`_TN^ LYO WLYR`LRP TY ;¼]aL 8¯X£À^£% , >_`Od TY ±ÃML]L -S£´dL /PWST% 8Z_TWLW -LYL]^TOL^^ $# $ 1]LYNT^ C .WZZYPd wBSL_v^ L RZO* ?SP \`P^_ QZ] _SP ]TRS_ `YOP]^_LYOTYR ZQ OPaL_£ TY -]£S XL©TNLW ]T_`LW _SPZ]d X¯X£À^£x 4Y_P]YL_TZYLW 5Z`]YLW ZQ 3TYO` >_`OTP^  $$"% " L^^`XP^ NL  -. LYO .ZbL]O LYO =LUL 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z [STP^ aZW  "" []Z[Z^P  ,/ bT_S L \`P^_TZY XL]V ?SP ZWOP^_ Pc_LY_ NZXXPY _L]d ±LML]L^a£XTYv^ 8¯X£À^£^¼_]LMS£´dL ±£ML]L-S£´dL QZ] ^SZ]_ T^ _]LOT_TZYLWWd OL_PO _Z  -. , Y`XMP] ZQ BP^_P]Y ^NSZWL]^ LOZ[_PO _ST^ OL_P NQ -TOP]XLYY Z[NT_ " bSP]PL^ Z_SP]^ L]R`PO QZ] ,/ ?SP OL_P^ ^`RRP^_PO ]LYRP Q]ZX ^PNZYO NPY_ ,/ .WZZYPd " LYO  ,/ 3T]TdLYYL  _Z _SP _S NPY_ ,/ ^PP 2ÆNS_P]v^ OT^N`^^TZY Z[ NT_ $z LYO _SP L]R`XPY_^ ZQ 0]TNS 1]L`bLWWYP] 8L_P]T LWTPY e`] ÆW_P^_PY 0]VPYY_YT^WPS]P OP] 6L]XLX¯X£À^£ ATPYYL% -ØSWL` $!# -L^PO ZY ±LML]Lv^ NZXXPY_L]d _bZ ^NSZZW^ ZQ ^d^_PXL_TN PWLMZ]L_TZY PXP]RPO% _SP ZYP ZQ ;]£MS£VL]L -SL¶¶L N !  ,/ LYO _SP ZYP ZQ 6`X£]TWL -SL¶¶L MP_bPPY ! LYO " ,/ ?SP WL__P]v^ ±WZVLa£]__TVL LYO ?LY_]a£]__TVL L]P _SP XZ^_ PWLMZ]L_P Pc[Z^T_TZY^ ZY ±LML]L LYO ]PRL]OPO L^ _SP XZ^_ L`_SZ]T_L_TaP ^Z`]NP ZY 8¯X£À^£ [STWZ^Z[Sd =LXL^bLXT >L^_]T PO ?SP 8¯X£À^£^WZVLa£]__TVL ZQ 6`X£]TWLMSL¶¶L [_ 444 ?]TaLYO]`X% 2ZaP]YXPY_ ;]P^^ $  >TYNP ±LML]L OPaPWZ[PO L WTYR`T^_TN _SPZ]d bP bTWW \`Z_P XLTYWd Q]ZX ST^ NZXXPY_L]d M`_ LW^Z TYNW`OP 6`X£]TWLv^ Pc[Z^T_TZY



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

L^ ±]`_T wSPL]TYRx wSPL]O ]PaPWL_TZYx  TP L^ YZ_ NZX[Z^PO Md LYd MZOd L[L`]`´PdL LYO L^ L ]PaPWL_TZY _SL_ SL^ LWbLd^ PcT^_PO -d NZY _]L^_ _SP >XŽ_T w_SP XPXZ]dx TP _SP ^LN]PO WT_P]L_`]P^ bSTNS L]P L^^ZNTL_PO bT_S S`XLY LYO ^`[P]S`XLY L`_SZ]^ ZYWd SL^ ^PNZYOL]d TX[Z]_LYNP ?SP >XŽ_T ^[PNTQTNLWWd TYNW`OP _SP ^LN]PO Z]_SZOZc _Pc_^ _SL_ ^`]aTaP Q]ZX [Z^_APOTN _TXP^% _SP []P^N]T[_TaP bZ]V^ LMZ`_ OSL]XL  _SP P[TN^ _SP ;`]£©L^ bSTNS WPRT_TXTeP _SPT] NZY_PY_^ PT_SP] _S]Z`RS L RZO Z] _S]Z`RS LY L`_SZ]T_L_TaP WTYP ZQ _]LOT_TZY -`_ _SP YZ _TZY ZQ ZXYT^NTPY_ RZO^ LYO WPRPYOL]d MPTYR^ bSZ NLY XLVP `YTaP] ^LWWd aLWTO ^_L_PXPY_^ LMZ`_ _SP bZ]WO T^ LYL_SPXL _Z _SP 8¯X£À^LVL^ ?SP ^Z`]NP ZQ LM^ZW`_P _]`_S NLY ZYWd MP _SP APOL bSZ^P ^_]PYR_S T^ []PNT^PWd _SP QLN_ _SL_ T_ bL^ YZ_ b]T__PY Md LYd [P]^ZY 0aP] ^TYNP _SP QT]^_ 8ÅX£À^£ _]PL_T^P 5LTXTYTv^ >¼_]L^ [Z^^TMWd OL_TYR MLNV _Z _SP SZL]d [L^_ ZQ _SP QTQ_S Z] QZ`]_S NPY_`]d -. _SP VYZbWPORP ZQ OSL]XL  TP ZQ ^LN]TQTNTLW LN_TZY LYO T_^ w`YQZ]P^PPYx aT]_`Z`^ Q`_`]P PQQPN_^ L[¼]aL  SL^ MPPY OP_P]XTYPO L^ _SP aP]d P^^PYNP ZQ _SP APOL -`_ YZb L _SZ`^LYO dPL]^ WL_P] ^_]ZYR YPb L]R`XPY_^ L]P YPPOPO _Z ^`[ [Z]_ _SP []TaTWPRPO ]ZWP ZQ _SP APOTN TYU`YN_TZY^ L^ _SP ^ZWP XPLY^ ZQ LNSTPaTYR OSL]XL LYO _Z []ZaP _SP Z`_^_LYOTYR [Z^T_TZY ZQ _SP APOL L^ _SP ZYWd _P^_TXZYd ZY _STYR^ _SL_ NLYYZ_ MP [P]NPTaPO Md _SP ^PY^P^% OSL]XL T_^PWQ PYO`]TYR SL[[TYP^^ LYO _SP STRSP^_ RZZO ZQ SPLaPY ^aL]RL  ±LML]L^a£XTY []ZM _S NPY_ ,/ _]LOT_TZYLW OL_P  -. L]R`P^ _SL_ ZYWd LY L`_SZ]WP^^ `__P]LYNP _SP APOL NLY MP _]`^_PO bSP]PL^ ^_L_PXPY_^ Md [P]^ZYLW L`_SZ]^ bZ`WO YPaP] MP LMWP _Z []ZO`NP ]PWTLMWP OL_L ^TYNP _SPd XLd LWbLd^ MP OZ`M_PO Z] XLd MP [Z^^TMWd QLW^P Z] YZ_ `YTaP]^LWWd L[[WTNLMWP% w>`NS L ^_L_PXPY_ bSTNS T^ ML^PO ZY L ]PWL_TZY^ST[ MP_bPPY L bZ]O LYO L _STYR bSTNS SL^ MPPY N]PL_PO Md [P]^ZYLW ^[PLVP]^ bZ`WO LWbLd^ MP OZ`M_Q`W :Q NZ`]^P T_ NZ`WO MP L ^_L_PXPY_ Md ^ZXP ZYP PW^P FbSTNS T^ [P]SL[^ aLWTO QZ] STX M`_ YZ_ QZ] XPH -`_ TQ YZb _SP bZ]O T_^PWQ ^[PLV^ SZb NZ`WO T_ MP b]ZYR* 1Z] _SP ^_L_PXPY_ OZP^ YZ_ NZXP Q]ZX LYZ_SP] [P] ^ZY >Z TQ _SP bZ]O XLVP^ T_^PWQ NZX[]PSPY^TMWP L^ L ^Z`]NP SZb NZ`WO ZYP ^Ld T_ T^ WdTYR LYO NWLTX u4_ T^ YZ_ _SL_ bLdvx !

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,NNZ]OTYR _Z 8TNSLPW BT_ePW w?SP /PaPWZ[XPY_ ZQ _SP APOTN .LYZYx # Q _SP ±]`_T ^_L_`^ bL^ LW]PLOd L__]TM`_PO _Z _SP APOL TY _SP ±]L`_L ]T_`LW [P]TZO TP TY _SP QT]^_ XTWWPYYT`X -. []ZMLMWd L]Z`YO  -. TY YZ]_SPL^_P]Y 4YOTL bSPY _SP QZ`] >LÀST_£^ bP]P `YTQTPO LYO NZOTQTPO ?SP 5LTXTYT>¼_]L^ ^_L]_ bT_S _SP QLXZ`^ L[SZ]T^X w9Zb NZXP^ _SP TY\`T]d TY_Z OSL]XLx L_S£_Z OSL]XLUTUÓd£^L bSTNS SL^ MPPY _SP ML^TN [Z^_`WL_P QZ] LWW ^`M^P \`PY_ NZXXPY_L]TP^ ! [L`]`´PdP ST ^L_T ^LÀMLYOSP dLà []L_dLdLà _L^dL XT_Sd£MS£aL £²L«VP_L g [L]L []L_dLdZ ST _LO£ ^d£_ g L_SL ²LMOP M]`aL_T VL_SLÀ XT_Sd£ T_T g YL ST _LO£Y¯X LYdL_Là [`]`´£O LaLRLXLà g  ²LMOL * NPY YTXT__LMS¼_P ^aLdLX LaLM`OSdL_P VL_SLÀ aT[]L

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^



?SP LMZaP ^_L_PXPY_ ZNN`]^ bT_STY L RPYP]LW OT^N`^^TZY ZQ NZRYT_TZY " =PXL]VLMWd ±LML]L OPaPWZ[^ L RPY`TYP _SPZ]d ZQ NZRYT_TZY P[T^_PXZW ZRd LYO WTYR`T^_TN^ _Z []ZaP Md ]L_TZYLW L]R`XPY_^ _SL_ _SP APOTN _Pc_ T^ L ^PWQ^`QQTNTPY_ aP]MLW _P^_TXZYd 6`X£]TWL -SL¶¶L N "_S NPY_ ,/ RZP^ ZYP ^_P[ Q`]_SP] TY _P]X^ ZQ ZY_ZWZRd TP TY uP^^PY_TLWTeTYRv _SP APOL _Z _SP ZY_ZWZRTNLW ^_L_`^ ZQ P_P]YT_d # 3T^ ±WZVLa£]__TVL Pc[Z`YO^ ^ZWPWd ZY ±£ML]L-S£´dL  bSTNS T^ OPaZ_PO _Z WZRTN LYO ]L_TZYLW L]R`XPY_L_TZY _L]VL[£OL  LYO ST^ []TXP T^^`P ^PPX^ _Z MP _SP P_P]YLW PcT^_PYNP YT_dL_aL ZQ _SP APOL ?SP]P T^ ^_]ZYRP] PX[SL^T^ ZY ]TRTOWd OPYdTYR LYd _]`_SQ`WYP^^ _Z S`XLY LYO ^`[P]S`XLY LRPY_^ Z] NWLTX^ ZQ ^`[P]YL_`]LW VYZbWPORP bSTWP R]PL_P] ^_]P^^ T^ WLTO ZY _SP APOLv^ L` _SZ]WP^^YP^^ LYO _SP ^[PNTLW ^_L_`^ ZQ aP]MLW _P^_TXZYd L^ L ^P[L]L_P XPLY^ ZQ VYZbWPORP []LX£©L  ?SP ±WZVLa£]__TVL PYO^ bT_S _SP L^^P] _TZY _SL_ _SP APOL T^ _SP ZYWd ]L_TZYLWWd LNNP[_LMWP XPLY^ ZQ L]]TaTYR L_ _SP ]TRS_ YZ_TZY ZQ OSL]XL  LYO TY ST^ ?LY_]La£]__TVL  6`X£]TWL ]PXL]V^ _SL_ YZbLOLd^ XLYd SLaP WPQ_ _SP ]TRS_ [L_S 4_ T^ YPNP^^L]d _Z ]P P^_LMWT^S _SP APOTN OSL]XL LYO []PaPY_ XT^NZYNP[_TZY^ LYO XT^_LVPY U`ORXPY_^ XLOP `^TYR ^NTPY_TQTN ]PL^ZYTYR LYO ^d^_PXL_TN L]R`XPY_L _TZY $ ?SP XLUZ] QZN`^ ZQ ST^ L__LNV T^ _SP -`OOST^_^ bSZ YZ_ ZYWd N]T_T NTeP _SP T]]L_TZYLWT_d ZQ _SP APOL LYO [Z^_`WL_P _SP TX[P]XLYPYNP LYO wPX[_TYP^^x ZQ LWW PcT^_PYNP M`_ LW^Z NWLTX _SPT] ZbY ]PaPWL_TZY SLTW^ Q]ZX LY ZXYT^NTPY_ QZ`YOP] LYO ST^ Pc_]LZ]OTYL]d DZRTN TY^TRS_ ! ,N ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "

#

$ !

WLMOSLÀ M]¼d£Y wYLT_LO PaLXx T_T g ±£ML]L-S£´dL  ( 8¯X£À^£^¼_]LMS£´dLX 4  PO 1]L`bLWWYP] 8L_P]TLWTPY   WTYP^ "z 1Z] _SP bSZWP L]R`XPY_ ^PP ±LML]L-S£´dL z# LO 5LTXTYT >¼_]L^ z XZaTYR ZY Q]ZX _SP OPQTYT_TZY ZQ OSL]XL LYO _SP TYSP]PY_ `Y]PWTLMTWT_d ZQ S`XLY ^Z`]NP^  _Z Pc_PY^TaP []ZZQ ZQ aLWTO NZRYT_TZY Md aP]MLW TYU`YN_TZY^   LYO NZYNW`^TaP L]R`XPY_^ LMZ`_ _SP P_P]YLW YL_`]P ZQ bZ]O^ ! _SP L`_SZ]WP^^YP^^ ZQ _SP APOL LYO _SP ^P]TZ`^YP^^ ZQ T_^ TYU`YN_TZY^ # .Q _]LY^ Md 2LYRLYL_SL 5SL -L]ZOL% :]TPY_LW 4Y^_T_`_P $" z  ,NNZ]OTYR _Z ±LML]L  QQ _SP aLWTOT_d ZQ >Xš_T TP /SL]XL WT_P]L_`]P ]P^TOP^ PY_T]PWd TY _SP APOL LYO T_^ TYYL_P ^PWQ ^`QQTNTPY_ L`_SZ]T_d ?SP WLb^ ZQ 8LY` QZ] TY^_LYNP bZ`WO MP TYNL[LMWP ZQ []ZO`NTYR ]PWTLMWP VYZbWPORP bP]P _SPd YZ_ ML^PO ZY _SP APOL TMTO _]LY^ 5SL #"z$! >PP _SP QTYLW ^PN_TZY ZQ 6`X£]TWLv^ ±WZVLa£]__TVL aPOLYT_d£OSTVL]L©LX LYO _SP []TYNT[LW ^PN_TZY^ L`_[L__TVL^¼_]LX LYO ²LMOL[L]TNNSPOL  ZY aP]MLW L`_SZ]T_d LYO _SP P_P]YLW ]PWL_TZY^ST[ MP_bPPY ²LMOL LYO L]_SL  ?SP]P T^ YZ N]T_TNLW ±WZVLa£]__TVL POT _TZY L^ dP_ YZ] L NZX[WP_PWd ^_LYOL]OTePO Y`XMP]TYR ^d^_PX >ZXP POT_Z]^ ^`NS L^ = >L^_]T Z[ NT_ $ LYO ; 8T²]L AL]LYL^T% ?L]L ;`MWTNL_TZY^ $"# XPY_TZY ZYWd _SP >LY^V]T_ YLXP^ ZQ _SP ^`M^PN_TZY^ PR ²LMOL[L]TNNSPOL ?LY_]La£]__TVL  LO >¼_]L  _]LY^ 5SL  >PP LW^Z ±WZVLa£]__TVL  bSP]P 6`X£]TWL OP[WZ]P^ _SP QLN_ _SL_ PaPY XZ^_ 8¯X£À^LVL^ SLaP WPQ_ _SP ]TRS_ [L_S 6`X£]TWLv^ ±WZVLa£]__TVL TYNW`OP^ Pc_PY^TaP OT^N`^^TZY^ ZQ -`OOST^_ OZN_]TYP^  YT]£WLXMLYLa£OL ²¼YdLa£OL ^PP MPWZb LYO NZ`Y_P]L]R`XPY_^ LRLTY^_ _SP OZN_]TYP ZQ XZXPY_L]TYP^^ PR LY`X£YL[L]TNNSPOL ! ( ±WZVLa£]__TVL ! []PNPOPO Md L N]T_T\`P ZQ _SP TOPL ZQ ZXYT^NTPY_ [P]^ZY^ NZOLY£^¼_]LX ±WZVLa£]__TVL !z" PO .SZbVSLXML >LY^V]T_ >P]TP^ !z" ?SP WL__P] L]R`XPY_^ TYNT_PO L[ZWZRP_TN ]P



;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

NZ]OTYR _Z 6`X£]TWL DZRTN VYZbWPORP _ZZ X`^_ ]PWd ZY Z]OTYL]d ^PY ^Z]d [P]NP[_TZY Z_SP]bT^P T_ T^ XP]P QLYNd z M`_ PaPY DZRTN VYZbWPORP bTWW YZ_ R]L^[ OSL]XL  ! .WLTX^ LMZ`_ _SP -`OOSLv^ ZXYT^NTPYNP NLYYZ_ MP M`_ `Y]PL^ZYLMWP L^^`X[_TZY^ LMZ`_ TX[P]NP[_TMWP _STYR^ LYO X`^_ ]PXLTY LWbLd^ Z[PY _Z ^`^[TNTZY -d NZY_]L^_ _SP ^_]PYR_S ZQ _SP APOL WTP^ []PNT^PWd TY _SP QLN_ _SL_ T_ T^ _SP ZYWd SZWd ^N]T[_`]P bSTNS T^ YZ_ ML^PO ZY S`XLY LRPYNd LYO _SP]PQZ]P LM^ZW`_PWd ]PWTLMWP LYO TYQLWWTMWP NZYNP]YTYR ]PWTRTZ`^ XL__P]^ _SL_ L]P YZ_ LXPYLMWP _Z ^PY^Z]d LbL]P YP^^ NZRYT_TZY LYO []ZZQ ^`NS L^ OSL]XL OPT_TP^ SPLaPY LYO _SP N]PL_TaP QZ]NP ZQ ^LN]TQTNTLW LN_TZY _SL_ M]TYR^ QZ]_S NSP]T^SPO ]P^`W_^ _SL_ OTO YZ_ PcT^_ MPQZ]P L[¼]aL  4_ T^ N]`NTLW QZ] _SP 8ÅX£À^£ _SL_ _SP ^LN]TQTNTLW [P]QZ]XLYNP T_^PWQ T^ aT^TMWP z `YWTVP T_^ NZY^P\`PYNP^ ?SP ]T_`LW TY^_]`N_TZY^ QLWW bT_STY ZYPv^ OT]PN_ ^PY^Z]d NZY_]ZW LYO _SP ZYWd _STYR _SL_ T^ YPPOPO T^ _Z NZX[]PSPYO _SPX LYO QZWWZb _SPX .ZXXZY ^PY^P LYO R]LXXL_TNLW P_dXZWZRTNLW LYO SP]XPYP`_TN ^VTWW^ ! L]P ^`QQT NTPY_ LYO _SP]P T^ YZ YPPO bSL_^ZPaP] QZ] ^[PN`WL_TaP _SZ`RS_ ^`[P]^PY ^Z]d LbL]PYP^^ ZXYT^NTPY_ [P]^ZY^ Z] PaPY RZO^ ! ?ST^ N]PPO ZQ L YZY ^[PN`WL_TaP []LRXL_T^X LYO _SP N`]TZ`^ U`c_L[Z^T_TZY ZQ L ]TRZ]Z`^ ]L _TZYLW []ZR]LX ZQ OPXd_SZWZRTeTYR YZYAPOTN ]PaPWL_TZY^ L^ bPWW L^ APOTN OPT_TP^ bSTWP ]PXd_SZWZRTeTYR _SP APOTN ]T_`LW NLYZY T^ _d[TNLW ZQ _SP PL]Wd ;¼]aL8ÅX£À^£ ZQ _SP [P]TZO ,/ -`_ bSL_ T^ XZ^_ ^_]TV TYR T^ _SP QLN_ _SL_ PaPY _SP w]PXd_SZWZRTeTYRx LRPYOL T^ [`]^`PO Md ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ UZTYOP]^ LXZYR 5LTYL^ LYO -`OOST^_^ PR _SP OPQPY^P ZQ _SP -`OOST^_ N]PPO Md =L_ YLV¯]_T N z  ,/ bSZ ^_]P^^P^ NWL]T_d ZQ XTYO LYO DZRTN VYZbWPORP bSTWP L__LNVTYR _SP APOL L^ PX[_d _LWV ^_`[TO MLMMWP LYO L XPLYTYRWP^^ SPL[ ZQ bZ]O^ 6`X£]TWLv^ L]R`XPY_^ L]P []ZMLMWd L[ZWZRP_TN ]PLN_TZY^ _SPX^PWaP^ /SL]XLV¯]_T !z!! ,/ L]R`PO QZ] _SP aLWTOT_d ZQ DZRTN VYZbWPORP TY L ^TXTWL] aPTY _Z =L_ YLV¯]_T .Q 2`O]`Y -ÞSYPXLYY /P] LWWbT^^PYOP -`OOSL% 0TY -PbPT^ `YO ^PTYP ;]ZMWPXP% =L_YLV¯]_T^ >L]aLUÓL^TOOST  _]LY^WL_PO LYO bT_S NZXXPY_L]d ATPYYL% ,] MPT_^V]PT^ QÞ] _TMP_T^NSP `YO M`OOST^_T^NSP >_`OTPY $# azaTTT cT  QQ ! 6`X£]TWL ±WZVLa£]__TVL #z []L_dLV´L^¼_]LX PO .SZbVSLXML >LY^V]T_ >P ]TP^  z" ! ?SP 8¯X£À^LVL^ Q]ZX 5LTXTYT ZYbL]O^ bP]P []ZMLMWd _SP QT]^_ _Z bZ]V Z`_ PcPRP_TN LYO SP]XPYP`_TN ]`WP^ _SL_ MPNLXP TX[Z]_LY_ XZOPW^ QZ] Z_SP] ^NSZZW^ LYO _SP NZX XPY_L]d WT_P]L_`]P ?Pc_ TY_P][]P_L_TZY TYaZWaP^ LXZYR Z_SP] _STYR^ _SP OT^NP]YXPY_ ZQ []TXL]d LYO ^PNZYOL]d _Pc_`LW NL_PRZ]TP^ WT_P]LW LYO QTR`]L_TaP ^PY^P ^dY_LN_TN `YT_d NZY_Pc_`LWT_d _SP TX[Z]_LYNP ZQ _SP MPRTYYTYR LYO _SP PYO ZQ _SP _Pc_ [L^^LRP TY_P]_Pc_`LWT_d ]PQ`_L_TZY ZQ Z[[ZYPY_^ RZLW ZQ _SP _Pc_ [L^^LRP P_N 5LTXTYT LYO _SP WL_P] ;¼]aL8¯X£À^£ bP]P YZ_ ^Z X`NS TY_P]P^_PO TY XP]P ^PXLY_TN ^PY^P M`_ QT]^_ LYO QZ]PXZ^_ TY _SP []LN_TNLW ]T_`LW L[[WTNL_TZY ^PP LW^Z ;L__ZY -]TYRTYR _SP 2ZO^ _Z XTYO  !$z" ! 8LY_]L^ LYO OP^N]T[_TZY^ ZQ _SP RZO^ OPaL_£ L]P `YOP]^_ZZO _Z MP L]_SLa£OL WT_ wPc[WLYL_Z]d [L^^LRP^x w^`[[Z]_TYR ^_L_PXPY_^x TP L^ WL`OL_Z]d QTR`]L_TaP ^[PPNS ^`[[Z]_TYR _SP ^LN]TQTNP >PP ±£ML]L-S£´dL   $  LYO 6`X£]TWLv^ ±WZ VLa£]__TVL ^LXMLYOS£V´P[L[L]TS£]Là z" LYO ?LY_]La£]__TVL  _]LY^ 5SL aZW  z 

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^



]L_TZYLW YZY^[PN`WL_TaP XPLY^ YLXPWd L NZX[WP_PWd YZYXd_STNLW WTYR`T^_TN _SPZ]d LMZ`_ _SP Q`YN_TZY LYO NL[LNT_d ZQ aP]MLW ^_L_PXPY_^ z LYd aP]MLW ^_L_PXPY_^ YZ_ ZYWd _SZ^P ZQ _SP APOL ;`]`´Z__LXL -TWTXZ ]TL ^`RRP^_^ _SL_ _SP 8ÅX£À^£v^ NWLTX ZQ L u_Pc_ bT_SZ`_ LY L`_SZ]v [P]SL[^ ^SL]P^ L ]P^PXMWLYNP bT_S _SP [Z^_XZOP]Y OT^NZ`]^P ZY uL`_SZ]WP^^ _Pc_v z T_^ NWLTX wLMZ`_ _SP _]`_S^ NZYaPdPO _S]Z`RS WLY R`LRPx MPTYR ZY_ZWZRTNLW ! ?SP]P bP]P ]PL^ZY^ QZ] QZN`^TYR ZY _SP APOL L^ LY P_P]YLW _Pc_ bT_S TY_]TY^TN aLWTOT_d ?SP XZ^_ TX[Z]_LY_ T^^`P QZ] _SP 8ÅX£À^£ bL^ YL_` ]LWWd _SP OPQPY^P z LYO ^`[[Z^POWd ]P[Z[`WL]TeL_TZY z ZQ _SP APOTN ]T_P^ -`_ L^ _SP APOTN Xd_S ZQ NZ^XTN ^LN]TQTNP LYO APOTN YZ_TZY^ ZQ _SP RZO^ bP]P LW]PLOd WL]RPWd TQ YZ_ NZX[WP_PWd Pc_TYN_ LYO QZ]RZ__PY _SP 8¯X£À^LVL^ ]P\`T]PO L ^_]TN_ N]T_T\`P LYO PcPRP^T^ ZQ _Pc_^ _Z MP LMWP _Z ]PNZY^_]`N_ _SP NZX[WPc []ZR]LX ZQ L APOTN ]T_`LW ^Z _SL_ T_ ]PLWWd bL^ wU`^_ WTVP _SP Z]TRTYLWx ?SP _Pc_`LW ML^T^ QZ] _ST^ bL^ YZ_ _SP @[LYT´LO^ M`_ _SP WL_P ]T_`LW [L]_ ZQ _SP APOL TP _SP -]£SXL©L^ BSL_ TY_P]P^_^ _SP 8¯X£À^LVL^ T^ YZ_ _SP -]£SXL©L^v ]T_`LWWd PcPRP_TN SZ XZWZRTP^ M`_ ZYWd _SZ^P [L^^LRP^ _SL_ LWWZb NZYNW`^TZY^ NZYNP]YTYR _SP ^[PNTQTN WT_`]Rd ZQ _SP ^LN]TQTNP ?SPd XLVP L ^_]TN_ OT^_TYN_TZY MP _bPPY ]T_`LW wNZXXLYOXPY_^x Z] wTYU`YN_TZY^x aTOST LYO _SP ]PNT_L _TZY _Pc_^ XLY_]L  bSTNS _SPd ^PP L^ LW^Z TYNW`OTYR _SP ‹RaPOTN SdXY^ ! 4_ T^ TY _ST^ NZY_Pc_ _SL_ _SPd OPaPWZ[ L RPYP]LW _SPZ]d ZQ _SP wP_P]YT_d ZQ WTYR`T^_TN ^_L_PXPY_^x bSTNS _SPd `W_TXL_PWd `^P _Z WPRT_T XTeP _SPT] PcPRP^P^ 4Y OZTYR ^Z _SPd QZWWZb ZY Q]ZX _SP APOL M`_ L]R`P ]L_TZYLWWd bT_S _SP [STWZ^Z[SP]^ ZQ _SPT] _TXP^ 4Y XLYd L^[PN_^ _SP 8ÅX£À^£v^ WTYR`T^_TN _SPZ]d T^ TY^[T]PO Md _SP TX[WTNT_ WTYR`T^_TN _SPZ]d ZQ _SP -]£SXL©L WT_P]L_`]P BSL_ _SPd SLaP TY NZXXZY bT_S _SP -]£SXL©L^ T^ _SP TOPL ZQ ]PLWT_d MPTYR OP[PYOPY_ ZY Pc[]P^^TZY TY WLYR`LRP LYO LMZaP LWW _SP TOPL _SL_ L bZ]O LYO _SP ZMUPN_ T_ ]P[]P^PY_^ wSLaP _SP ^LXP Z]TRTYx L`_[L__TVL_aLX -`_ ^TYNP _SP PL]Wd 8ÅX£À^£ OPaPWZ[PO TY LY TY_PWWPN_`LW PYaT]ZYXPY_ LW]PLOd ^_]ZYRWd NSL]LN_P]TePO Md [STWZ^Z[STNLW OT^NZ`]^P T_ NZ`WO YZ WZYRP] NZY_TY`P _Z ]P[]P^PY_ APOTN LcTZX^ bT_SZ`_ [STWZ^Z[STNLW L]R`XPY_L _TZY ?SP ^_L_`^ ZQ WLYR`LRP L^ LY LM^ZW`_P bSTNS bL^ _LVPY QZ] R]LY_PO TY APOTN _TXP^ bL^ ]ZNVPO _Z T_^ NZ]P Md _SP ^VP[_TNT^X ZQ _SP @[LYT´LO^ _ZbL]O^ WLYR`LRP LYO LW^Z Md XL_P]TLWT^_TN LYO ]L_TZYLWT^_ _SPZ]PX^ ^`NS L^ _SP ^VP[_TNT^X ZQ _SP 9LTd£dLdTVL^ LYO _SP -`O ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ;`]Z´Z__LXL -TWTXZ]TL ±LMOL[]LX£©L% BZ]O LYO 6YZbWPORP /Z]O]PNS_% 6W`bP] $##  -TWTXZ]TLv^ bZ]V QZN`^P^ ZY _SP ,OaLT_LAPO£Y_L LYO ZYWd XPY_TZY^ _SP ;¼]aL8¯X£À^£ TY [L^^TYR ! 6`X£]TWL OT^_TYR`T^SP^ TY ST^ ?LY_]La£]__TVL aTOST^ TYU`YN_TZY^ L]_SLa£OL Pc[WLYL _Z]d [L^^LRP^ `YOP]^_ZZO _Z MP WL`OL_TZY ZQ ^LN]TQTNP XLY_]L^ ]PNT_L_TZY _Pc_^ LYO YLXP^ ZQ ^LN]TQTNP^

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

!

OST^_^ ?PWWTYRWd _SP P[T^_PXZWZRd ZQ _SP 8ÅX£À^£ T^ U`^_ L^ LY_T ^VP[_TNLW L^ T_ T^ LY_TXP_L[Sd^TNLW LYO T_ []ZMLMWd _]TPO _Z `_TWTeP _ST^ TY ]PLN_TYR _Z LWW _SP^P XZaPXPY_^



;STWZ^Z[STNLW 1`YOLXPY_LW^ LYO ;]LRXL_TN =L_TZYLWT_d

4Y NZY_]L^_ _Z _SP [Z^T_TZY^ ZQ _SP -`OOST^_ DZR£N£]L LYO _SP WL_P] ,OaLT_LAPO£Y_L LNNZ]OTYR _Z _SP ;¼]aL8ÅX£À^£VL^ _SP bZ]WO [P] NPTaPO Md _SP ^PY^P^ T^ ]PLW 6`X£]TWL ^_]ZYRWd ZMUPN_^ _Z _SP -`OOST^_ OZN_]TYP _SL_ ZYWd NZRYT_TZY^ L]P ]PLW bSTNS SP NZY^TOP]^ NZX[WP_PWd `Y_PYLMWP !! .ZRYT_TZY^ OPaZTO ZQ ]PLW ZMUPN_^ _SP waZTOx Z] wPX[_T YP^^x ZQ _SP Pc_P]YLW bZ]WO _SP TWW`^Z]d LYO XZXPY_L]d NSL]LN_P] ZQ LWW _STYR^ LYO _SP WLNV ZQ L [P]XLYPY_ ^`M^_]L_`X z LWW _SP^P 8LS£d£YL -`OOST^_ OZN_]TYP^ L]P `__P]Wd `YQZ`YOPO LNNZ]OTYR _Z 6`X£]TWL MP NL`^P _SP]P T^ YZ XZOP ZQ []ZZQ Z] aLWTO XPLY^ ZQ VYZbWPORP []LX£©L _Z L^NP]_LTY _SPX !" ?SP XZ^_ ML^TN LYO []TXL]d XPLY^ ZQ VYZbWPORP T^ ^PY^Z]d [P]NP[_TZY ?SP -`OOST^_ NWLTX^ _`]Y QLN_^ `[^TOP OZbY z L_ WPL^_ LNNZ]OTYR _Z 6`X£]TWL bSZ L]R`P^ _SL_ ^PY^Z]d [P]NP[_TZY []P NPOP^ TOPL^ ?SP]P T^ L ^PY^Z]d ML^T^ QZ] LWW TOPL^ TP TOPL^ QZ]X ZYWd MPNL`^P ZQ ^PY^Z]d OL_L []TZ] _Z _SPX 3ZbPaP] NZX[WP_P VYZbWPORP ZQ ]PLWT_d XP]PWd _S]Z`RS _SP ^PY^P^ T^ TX[Z^^TMWP bSTNS TY _`]Y T^ _LVPY L^ L ]PL^ZY QZ] ]PUPN_TYR _SP PX[T]TNT^X ZQ _SP XL_P]TLWT^_TN .£]a£VL^ QZ] PcLX[WP ?SP 8¯X£À^LVL^ []Z[Z`YO L ]PLWT^_TN _SPZ]d ZQ VYZbWPORP TP L w]PLWx [Sd^TNLW bZ]WO ]PNZRYTeLMWP TY T_^ MPTYR _SL_ bLd LYO L [Z^T _TaT^_TN SP`]T^_TN^ ML^PO ZY _SP [ZbP] ZQ WLYR`LRP _Z NZXX`YTNL_P XPLYTYR LYO ZY _SP _]`_S ZQ _SP APOL ?SP Q`YOLXPY_LW YL_`]P ZQ WLY R`LRP T^ Pc[WLTYPO Md LY ZY_ZWZRTNLW O`LWT^X ^[PNTQTN _Z _SP ;¼]aL 8ÅX£À^£% _SP bZ]WO T^ OTaTOPO TY_Z LY PX[T]TNLW ^[SP]P LYO LY LM^Z W`_PWd YZYPX[T]TNLW ZYP z OŽ´¶L LYO LOŽ´¶L  bSTNS WT_P]LWWd XPLY w_SP aT^TMWPx LYO w_SP TYaT^TMWPx :_SXL] 2ÆNS_P] ^`XXL]TeP^ _ST^ [Z^T_TZY ZQ _SP 8ÅX£À^£ TY _SP^P bZ]O^% w-`_ _SP OŽ´¶L LYO _SP LOŽ´¶L L]P YZ_ XP]RPO TY_Z ZYP LYZ_SP] _SZ`RS _SPd QZ]X ZYP ]PLWT_d -Z_S _SP^P OTXPY^TZY^ MPWZYR _Z _SP ^LXP ]PLWT_d LYO L]P TY ^[T_P ZQ _SPT] OTQQP]PY_ QPL_`]P^ TY^P[L]LMWP Q]ZX ZYP LYZ_SP] bT_S ]PRL]O _Z VYZbWPORP 8LY T^ OT]PN_PO _Z ]PLWT_d TY MZ_S T_^ aT^TMWP LYO TYaT^TMWP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! 6`X£]TWLv^ Pc[Z^T_TZY ZQ >¼_]L TYNW`OP^ _SP WZYR ^PN_TZY^ YT]£WLXMLYLa£OL ( ±WZVLa£]__TVL z LYO ²¼YdLa£OL ( ±WZVLa£]__TVL z!! >PP LW^Z ST^ £_XLa£OL ^PN_TZY  #z" !" ?SP OT^N`^^TZY ZQ _SP aLWTO XPLY^ ZQ S`XLY VYZbWPORP NZY^_T_`_P^ L ^`M^_LY_TLW [L]_ ZQ 6`X£]TWLv^ ±WZVLa£]__TVL LYO bL^ TY_PYOPO _Z []ZaP _SL_ _SP APOL X`^_ MP L ^P[L ]L_P XPLY^ ZQ VYZbWPORP

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

"

OTXPY^TZY^ -Z_S OTXPY^TZY^ L]P LNNP^^TMWP ZYWd _S]Z`RS XLY QZ] bSZ^P MPYPQT_ ]PLWT_d PcT^_^x !#

?SP _P]X wTYaT^TMWP ]PLWT_dx T^ XZ]P _SLY L XP_L[SZ] 9PT_SP] T^ T_ Sd [P]MZWP ,YO T_ OPQTYT_PWd OZP^ YZ_ ]PQP] _Z LYd Xd^_TNLW aT^TZYL]d ^[T]T_`LW Z] Z_SP] _d[P ZQ w^`[P]YL_`]LWx VYZbWPORP ?SP QLN_ T^ _SL_ _SP]P T^ SL]OWd LYd Z_SP] [STWZ^Z[STNLW ^NSZZW TY 4YOTL _SL_ T^ ^Z OZbY _ZPL]_S QZ]RTYR []LRXL_TN ]L_TZYLWT_d L^ _SP 8ÅX£À^£ BSPY T_ ^Ld^ wTYaT^TMWPx T_ LN_`LWWd XPLY^ wLM^ZW`_P `YVYZbLMTWT_dx LYO TY _ST^ ]P^[PN_ _SP _P]X T^ LW]PLOd L WT__WP ]PXTYT^NPY_ ZQ BT__RPY^_PTYv^ TOPL ZQ w_SP `Y^LdLMWPx% wBSP]PZQ ZYP NLYYZ_ ^[PLV _SP]PZQ ZYP X`^_ MP ^T WPY_x ,NNZ]OTYR _Z _SP 8ÅX£À^£VL^ _SP [Z^^TMTWT_d ZQ ZaP]NZXTYR _ST^ OTWPXXL T^ YZ_ _Z MP QZ`YO TY L YPb `YOP]^_LYOTYR L_ LWW M`_ TY _LVTYR LN_TZY ,_ LYd _TXP _SP wTYaT^TMWPx NLY MP ]PLWTePO L^ LY Z[_TZY LaLTW LMWP TY S`XLY MPTYR^ Md S`XLY LN_TaT_d LYO PQQZ]_ [`]`´L[]LdL_YL z QZ] _SP 8ÅX£À^£ _ST^ YL_`]LWWd XPLY^ ^_]TN_ LOSP]PYNP _Z _SP ]`WP^ ZQ _SP APOTN ^LN]TQTNP ?SP 8¯X£À^LVL^ `^P _SP _P]X ^aL]RL  wSPLaPYx _Z ]PQP] _Z _SP ^LW aL_TZY _SL_ bTWW NZXP QZWWZbTYR ZY Q]ZX _SP APOL -`_ _SPd bP]P ]PQP] ]TYR _Z ^ZXP_STYR \`T_P OTQQP]PY_ Q]ZX _SP ]PLW ^_L]]d ^VTP^ LYO 8TWVd BLd L^ PYaT^LRPO TY _SP APOL LYO LW^Z ^ZXP_STYR \`T_P OTQQP]PY_ Q]ZX _SP [L]LOT^P ZQ _SP P[TN^ LYO _SP ;`]£©L^ bSP]P T_ ]LTY^ QWZbP] [P_LW^ LYO _SP NWTXL_P T^ LWbLd^ LR]PPLMWP% w3PLaPY T^ QZ] PcLX[WP QTYP ^TWVPY ]ZMP^ T_ T^ ^LYOLWbZZO T_ T^ !dPL] ZWO XLTOPY^ 0aP]d UZdM]TYRTYR ^`M^_LYNP T^ NZY_LTYPO TY _SP bZ]O u^aL]RLv uSPLaPYv m -`_ YZb _SP [PZ[WP MPWTPaP _SL_ _SP bZ]O ^aL]RL ]PQP]^ _Z L [L]_TN`WL] [WLNP bSP]P _SP]P T^ YZ SPL_ YZ] NZWO YZ S`YRP] LYO YZ _ST]^_ YZ _`]XZTW YZ ^LOYP^^ LYO YZ _T]POYP^^ :YWd _SP ZYP^ bSZ^P LN _TZY^ L]P MWP^^PO [`©dLVŽ_ RZ _SP]P YZ_ LYdZYP PW^P F?ST^ T^ bSL_ _SPd NWLTXH M`_ _SP]P T^ YZ PaTOPYNP QZ] _ST^ FQZ] _SP]P PcT^_H YZ F^`NSH [ZbP] Q`W ^TOOSL^ F( NZY^`XXL_P XL^_P]^ ZQ DZRLH bSZ NZ`WO ^PP ^`NS _STYR^ LYO _PWW `^ ZQ _SPX ?SP]PQZ]P YZ ^`NS [WLNP PcT^_^ F-`_ YZb _SP bZ]O uSPLaPYv X`^_ SLaP L XPLYTYRH LYO ^TYNP ^`NS L FuSPLaPYvH OZP^ YZ_ PcT^_ L^ L F[Sd^TNLWH [WLNP TY _SP ]PLWT_d ZQ _SP NZXX`YT_d ZQ ^[PLVP]^ adLaL S£]L  FbP L^V Z`]^PWaP^H% bSP]P OZP^ _SP bZ]O NZXP Q]ZX _SL_ YLXP^ ^`NS L _STYR FL^ _ST^ ^aL]RL H* ,YO QZ] FLWWH _SP^P ]PL^ZY^ bP ^Ld% _SP bZ]O NLYYZ_ MP XPLYTYRWP^^ FQZ] T_ L[[PL]^ TY _SP APOLH LYO bP _SP]PQZ]P NZY NW`OP _SL_ ^aL]RL T^ ^ZXP_STYR _SL_ ZYP NLY Z] ^SZ`WO ]PLWTeP VL]_LadL_£ !$

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# 2ÆNS_P] 3P]XPYP`_TN^ LYO WLYR`LRP TY ;¼]aL 8¯X£À^£ " ?SP OT^_TYN_TZY ZQ _SP Oš´¶L LYO _SP LOš´¶L bT_S ]PQP]PYNP _Z ±£ML]L-S£´dL bL^ QT]^_ PWLMZ]L_PO Md -TL]OPL` ?SËZ]TP OP WL NZYYLT^^LYNP  !  !#z$$ !$ ?SP 8¯X£À^£ NZY_TY`LWWd [WLd^ bT_S _SP LXMTR`T_d ZQ _SP QZ]XL_TZY^ bT_S YZXTYLW ^`QQTc _LadLX ?SP bZ]O VL]_LadL_£ SL^ _SP Q`YN_TZY ZQ V`]d£_ w_SL_ ZYP OZ _ST^x ?ST^ QZ]X NLY MP TY_P][]P_PO L L^ LY TX[P]L_TaP wOZ _ST^x M L^ L [Z_PY_TLW wZYP NLY OZ _ST^x Z] N L^ L NZYOT_TZYLW wZYP NZ`WO OZ _ST^x

#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

-`_ bSL_ NSL]LN_P]TeP^ S`XLY PQQZ]_ [`]`´L[]LdL_YL T^ _SP ^LN]TQTNP LYO ^Z _SP ^LN]TQTNP T^ _SP TY^_]`XPY_ FQZ] T_^ ]PLWTeL_TZYHx "

,NNZ]OTYR _Z _SP 8¯X£À^LVL^ L bZ]O X`^_ LWbLd^ NZ]]P^[ZYO _Z ^ZXP _STYR ?SP]P X`^_ MP L ]PQP]PY_ _SL_ T^ ]PLW ,YO _ST^ aTPb ZQ ²LMOL bZ]O LYO L]_SL XPLYTYR T^ \`T_P NZX[L]LMWP _Z XZOP]Y WTYR`T^_TN^ 4Y XZOP]Y WTYR`T^_TN^ ]PQP]PYNP LW^Z LWbLd^ TX[WTP^ PcT^_PYNP% wm u]PQP]PYNPv YPNP^^L]TWd NL]]TP^ bT_S T_ []P^`[[Z^T_TZY^ ZQ uPcT^_PYNPv Z] u]PLWT_dv bSTNS OP]TaP Q]ZX Z`] OT]PN_ Pc[P]TPYNP ZQ ZMUPN_^ TY _SP [Sd^TNLW bZ]WO ?Z ^Ld L [L]_TN`WL] bZ]O Z] Z_SP] T_PX bSTNS SL^ XPLY TYR u]PQP]^ _Z LY ZMUPN_v TX[WTP^ _SL_ T_^ ]PQP]PY_ T^ LY ZMUPN_ bSTNS uPc T^_^v T^ u]PLWv TY _SP ^LXP ^PY^P TY bSTNS bP ^Ld _SL_ [L]_TN`WL] [P]^ZY^ LYTXLW^ LYO _STYR^ uPcT^_v m ?ST^ YZ_TZY ZQ u[Sd^TNLW PcT^_PYNPv XLd MP _LVPY L^ Q`YOLXPY_LW QZ] _SP OPQTYT_TZY ZQ _SP ^PXLY_TN ]PWL_TZY^ST[ ZQ ]PQ P]PYNP ?SP L[[WTNL_TZY ZQ _SP _P]X^ uPcT^_PYNPv LYO u]PQP]PYNPv XLd _SPY MP Pc_PYOPO TY aL]TZ`^ bLd^ 1Z] TY^_LYNP LW_SZ`RS _SP]P L]P YZ ^`NS ZM UPN_^ bP bTWW L^^`XP L^ RZMWTY^ `YTNZ]Y^ Z] NPY_L`]^ bP NLY \`T_P ]PL ^ZYLMWd L^N]TMP _Z _SPX L QTN_TZYLW Z] Xd_STNLW uPcT^_PYNPv TY L NP]_LTY VTYO ZQ OT^NZ`]^P m >TXTWL]Wd bP NLY Pc_PYO _SP L[[WTNL_TZY ZQ _SP _P]X^ uPcT^ _PYNPv LYO u]PQP]PYNPv _Z ^`NS _SPZ]P_TNLW NZY^_]`N_^ ZQ ^NTPYNP L^ L_ZX^ RPYP^ P_N& LYO PaPY _Z \`T_P LM^_]LN_ ZMUPN_^ 4_ T^ TX[Z]_LY_ _Z YZ_TNP SZbPaP] _SL_ _SP ^Z`]NP ZQ _SP^P uLYLWZRTNLWv Pc_PY^TZY^ ZQ _SP YZ_TZY^ ZQ uPcT^_PYNPv `YO u]PQP]PYNPv T^ _Z MP QZ`YO TY _SPT] Q`YOLXPY_LW Z] []TXL]d L[[WTNL_TZY _Z [Sd^TNLW ZMUPN_^ TY _SP uPaP]dOLdv `^P ZQ WLYR`LRPx "

?SP 8¯X£À^LVL^ _LVP PcLN_Wd _SP ^LXP aTPb% PaP]d bZ]O LWbLd^ SL^ L ]PQP]PYNP PaPY TQ _ST^ T^ YZ_ YPNP^^L]TWd L ]PQP]PYNP _Z L [Sd^TNLW Z] XPY_LW ZMUPN_ PYNZ`Y_P]PO TY _ST^ bZ]WO ,YO ^TYNP _SP bZ]O w^aL]RLx T^ L APOTN bZ]O [P] ^P T_ LW]PLOd SL^ wXPLYTYRx ZYP ]PWL_TYR _Z _SP P^ ^PYNP ZQ Z`] WTaP^ PaPY TQ T_ OZP^ YZ_ [Z^^P^^ LYd YZYWTYR`T^_TN w]PQ P]PYNPx TY L [Sd^TNLW Z] XPY_LW ^PY^P >ZXP ]P^`W_ X`^_ MP L^^`XPO LNNZ]OTYR _Z ±LML]L^aLXTY ^TYNP Z_SP]bT^P _SP]P bZ`WO MP YZ ^PY^P TY TYU`YN_TZY^ WTVP w/P^T]Z`^ ZQ SPLaPY ZYP ^SZ`WO ^LN]TQTNPx " >Z XZ]P _SLY LYd_STYR PW^P _SP VPd T^ _LVTYR LN_TZY -`_ LYd _d[P ZQ LN_TZY []P^`[[Z^P^ L VYZbWPORP ZQ _SP [`][Z^P LYO wQ]`T_x [SLWL  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " VL`²Pd£YT ^¼V´X£©T a£^£À^T ^aL]RLà NLYOLY£YT ^aL]RLà OadL´¶LaL]´£ ^_]TdLà ^aL]RL T_T g dLO dL_ []¯_TXLOO]LadLÀ _L_ _L_ ^aL]RL²LMOPYZNdL_P g  YLY` ^aL]RL²LMOZ WZVP []L^TOOSZ aT²T´¶P OP²P g dL^XTY YZ´©LÀ YL ²Å_LÀ YL V´`O YL _Ž´©£ Y£]L_Tà YL RW£YTà [`©dLVŽ_L PaL []P_dL _L_]L RLNNSLY_T Y£YdP g  YL _L_]L []LX£©LX L^_T ^TO OS£ PaLÀU£_¯dLV£à ^LY_T _P NL OŽ´¶a£NLV´¯]LYY T_T g _L^X£O PaLÀU£_¯dLVZ OP²Z Y£^_T m _PYL OP²PYL adLaLS£]£MS£a£_ V`_L^ _L^d£MSTOS£dLVLà ^aL]RL²LMOZ MSLaT´dL_T g  _L^X£O LYL]_SLVZ X£ MS¼O T_T ^aL]RL^dL VL]_LadL_£ RLXdL_P g [`]`´L[]LdL_YL² NL d£RLaT²T´¶L T_T d£RL^ _L^dL VL]L©LÀ ^d£_ g  ±£ML]L-S£´dL ! TY 8¯X£À^£OL]²LYL  aZW A ¢YLYO£²]LXL >LY^V]T_ >P]TP^ $" $" "!z & ""$z& ""z!& ""z"#& #z " 7dZY^ 4Y_]ZO`N_TZY _Z ?SPZ]P_TNLW 7TYR`T^_TN^   " ±£ML]L-S£´dL  LO >¼_]L 

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

$

4Y bZ]WOWd XL__P]^ _ST^ T^ YZ_ L []ZMWPX ^TYNP bP VYZb _SP [`][Z^P^ LYO NLY _P^_ bSP_SP] _SPd L]P LNSTPaPO Z] YZ_ -`_ SPLaPY T^ LY wTYaT^T MWPx PQQPN_ LOŽ´¶L[SLWL ZQ Z`] PQQZ]_^ LYO bP OZ YZ_ VYZb bSP_SP] bP bTWW TY QLN_ RP_ _SP]P Md XPLY^ ZQ Z`] LN_TZY^ Z] YZ_ BP NLYYZ_ _P^_ _SP ^aL]RL  _Z bSTNS bP YPaP] Z^_PY^TMWd ]PQP] QZ] T_^ ^`NNP^^ Z] QLTW`]P /`_d T^ YZ_ [P]NP[_TMWP []TZ] _Z T_^ [P]QZ]XLYNP LYO PaPY bSPY T_ SL^ MPPY [P]QZ]XPO T_^ PQQPN_^ ]PXLTY TX[P]NP[_TMWP " ?Z L^^`XP ^ZXP ]P^`W_^ T^ L OTN_L_P ZQ TYQP]PYNP M`_ _SP ]P^`W_^ NLY YPaP] MP [P]NPTaPO OT]PN_Wd ,NNZ]OTYR _Z _SP 8¯X£À^LVL^ _SP TYaT^TMWP NL`^LW QZ]NP ZQ ]T_P^ []ZO`NP^ ^ZXP_STYR PY_T]PWd YPb _SL_ bL^ YPT_SP] VYZbY YZ] Pc _LY_ MPQZ]P L[¼]aL  " ?SPd ]PRL]O _SP APOL LWZYP LYO YZ_STYR PW^P L^ NZX[P_PY_ _Z []ZO`NP ]PWTLMWP OL_L ]PRL]OTYR _ST^ XL__P] ?SP ±]`_T OT ]PN_Wd OPWTaP]^ YPb _STYR^ _Z Z`] NZRYT_TZY _SL_ bZ`WO Z_SP]bT^P YZ_ MP VYZbY L_ LWW 4_ T^ _SP ZYWd ^Z`]NP ZQ TYQZ]XL_TZY LMZ`_ _SL_ bSTNS T^ TYaT^TMWP LYO QZ] S`XLY MPTYR^ T_ SL^ LM^ZW`_P L`_SZ]T_d TY ]T_`LW LYO ^Z_P]TZWZRTNLW XL__P]^ -PSTYO _ST^ aTPb _SP]P T^ _SP ZM^P]aL_TZY _SL_ bT_STY WLYR`LRP _SP]P NLY MP ]PQP]PYNP^ _Z _STYR^ _SL_ OZ YZ_ PcT^_ Z`_ ^TOP Z] L[L]_ Q]ZX _SPT] WTYR`T^_TN L^^P]_TZY z _SL_ L]P YZ_ waT^TMWPx bT_SZ`_ WLYR`LRP z ^`NS L^ _SP _P]X ^aL]RL wSPLaPYx >Z TY WLYR`LRP LYO TY _SP aTPb ZQ _SP 8¯X£À^LVL^ ZYWd _SP]P bP SLaP WTYV^ _Z _SP ]PLWX ZQ _SP TYaT^TMWP LYO bP ^SZ`WO XLVP `^P ZQ _SP^P WTYV^ L^ ±LML ]L^a£XTY QZ]NPQ`WWd ^_L_P^% w4Y _SP []ZQLYP ^[SP]P WZVL LN_TZY T^ OP_P]XTYPO Md _SP []LN_TNLW MPYPQT_ YZ_ Md ²LMOL _SP bZ]O :YP _LVP^ LN_TZY LNNZ]OTYR _Z _SP []LN_TNLW MPYPQT_ YZ_ ZY _SP ML^T^ ZQ _SP bZ]O 4Y _SP APOL Md NZY_]L^_ ZYP WPL]Y^ ZQ _SP []LN_TNLW MPYPQT_ ZYWd _S]Z`RS _SP bZ]O LYO FZYWd _S]Z`RS _SP bZ]OH NLY ZYP [`]^`P T_x "

?SP 8¯X£À^LVL^ ^PP _SP APOL L^ SLaTYR LM^ZW`_P L`_SZ]T_d ZbTYR _Z T_^ P_P]YLW PcT^_PYNP ?SPT] PQQZ]_^ _SP]PQZ]P NZYNPY_]L_P ZY []ZaTYR _SP P_P]YLW YL_`]P ZQ _SP APOL ?SP XP]P PcT^_PYNP ZQ _SP wXZOP]Yx L_ZX T^_TN LYO XZXPY_L]T^_TN _PLNSTYR^ bL^ L OT]PN_ L__LNV ZY _SP APOTN aTPb ZQ _SP bZ]WO LYO OPXLYOPO L APOTN L[ZWZRd ?SP _SP^T^ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP APOL ^SZ`WO MP NZY^TOP]PO YZ_ WPL^_ LRLTY^_ _ST^ MLNV R]Z`YO "! ?SP -]LSXLYTN YZ_TZY ZQ OSL]XL  PYUZdTYR bTOP [Z[`WL]T_d TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 6`X£]TWL >WZVLaL]_TVL  PO .SZbVSLXML >PP LW^Z ±£ML]L-S£´dL  " ±£ML]L-S£´dL z LO >¼_]L^ z  _]LY^ LYO YZ_P^ Md 5SL aZW  !"z# " WZVP VL]X£]_SLWLV´L©LÀ MSLaL_T YL ²LMOLWLV´L©LX g dL_S£]_SL^ _L_S£ V]TdL_P YL dL_S£ ²LMOLà g aPOP _` ²LMOPYLTa£]_SZ uaLRLXdL_P _L_SLTa£Y`´¶SPdLX T_T g ±£ML]L -S£´dL !#" TY 8¯X£À^£OL]²LYL  aZW A !!z "! ?ST^ T^ [L]_TN`WL]Wd _]`P ZQ 6`X£]TWL bSZ^P ±WZVLa£]__TVL TYNW`OP^ Pc_PY^TaP OT^N`^ ^TZY^ ZQ -`OOST^_ LYO Z_SP] ]L_TZYLW OZN_]TYP^ 4_ bL^ ZYWd 6`X£]TWL OPQTYT_PWd [Z^_ 9LR£]U`YL QZ] bSZX _SP P_P]YT_d YT_dL_aL ZQ _SP APOL MPNLXP _SP []TXP T^^`P TY _P]X^ ZQ ZY_ZWZRd ^`[[Z^POWd MPNL`^P ZQ _SP [STWZ^Z[STNLW ^_]PYR_S ZQ _SP -`OOST^_

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

_SP P[TN^ LYO ;`]£©L^ L^ _SP [P][P_`L_TZY ZQ LY PaP]WL^_TYR NZ^XTN Z] OP] LYO _SP -`OOST^_ aTPb ZQ L bZ]WO TY NZY_TY`LW QW`c bP]P ^TX[Wd T]]PNZYNTWLMWP ?SP -`OOST^_ _SZ`RS_^ bP]P L__]LN_TaP LYO [Z[`WL] LYO _SP 8¯X£À^LVL^ SLO YZ OP^T]P _Z NWZ^P _SPX^PWaP^ _Z _SP YPb _SP^P^ 4Y Z]OP] _Z ^LaP bSL_ NZ`WO MP ^LaPO _SPd NZYNPY_]L_PO ZY _SP XZ^_ NPY _]LW PWPXPY_ ZQ _SPT] ]PWTRTZY _SL_ NZ`WO MP N]d^_LWWTePO Z`_ Md ]PO`N_TZY% _SP APOL L^ _Pc_ TP L^ LY L`_SZ]T_L_TaP `__P]LYNP ZQ `YNSLYRTYR aLWTO T_d 6`X£]TWLv^ QTYLW bZ]O^ TY _SP ±WZVLa£]__TVL aPOLYT_d£OSTVL]L©LX XLVP T_ \`T_P NWPL] _SL_ P_P]YT_d YT_dL_aL X`^_ PcT^_ QZ] _SP APOL :YWd TQ T_ T^ L`_SZ]WP^^ LYO P_P]YLW T^ T_ aLWTO ZQ T_^PWQ XLVTYR VYZbY _STYR^ _SL_ bZ`WO Z_SP]bT^P YPaP] MP VYZbY 4Q ZY _SP Z_SP] SLYO _SP APOL bP]P YZ_ P_P]YLW T_ bZ`WO WZZ^P T_^ aLWTOT_d LYO bP bZ`WO MP WPQ_ bT_S Z`_ VYZbWPORP LMZ`_ OSL]XL LYO T_^ TYaT^TMWP ]P^`W_^ ?ST^ XPLY^ z aP]d MW`Y_Wd z _SL_ _SP]P bZ`WO MP WT__WP NSLYNP ZQ L SL[[d WTQP TY _ST^ WTQP LYO _SP SP]PLQ_P] ?SP 8¯X£À^LVL^ []ZaTOP _SPT] []ZZQ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP APOL TY _bZ ^_LRP^% []ZaTYR _SP P_P]YLW PcT^_PYNP ZQ WLYR`LRP TY RPY P]LW LYO []ZaTYR _SP P_P]YLW PcT^_PYNP ZQ _SP APOTN _Pc_ ?SP WL__P] [L]_ T^ YZ_ YPNP^^L]TWd L [STWZ^Z[STNLW XL^_P][TPNP ?SP 8¯X£À^LVL^ Pc[WZT_ _SP QLN_ _SL_ _SP]P L]P YZ ST^_Z]TNLW OZN`XPY_^ XPY_TZYTYR _SP L`_SZ]^ ZQ _SP APOL bT_S _SP PcNP[_TZY ZQ _SP ;`]£©TN Xd_SZWZRTP^ bSTNS ZQ NZ`]^P _SPd ]PUPN_ z L^ ]L_TZYLWT^_^ LYO ^VP[_TN^ 1Z] _SPX PaPY _SP QLN_ _SL_ _SP]P L]P YZ OZN`XPY_PO APOTN L`_SZ]^ T^ ^`QQTNTPY_ R]Z`YO^ QZ] ]PRL]OTYR _SP APOL L^ P_P]YLW LYO bT_SZ`_ LY L`_SZ] "" ?SP 8ÅX£À^£ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OZN_]TYP ZQ PX[_TYP^^ bSTNS ±£ML]L SLO YZ_ dP_ MPPY NZYNP]YPO bT_S -`_ ±£ML]Lv^ -S£´dL NZX[Z^PO TY L ^NSZWL]Wd NZXXPY_L]d ^_dWP z TY_]ZO`NTYR L]R`XPY_^ ZQ Z_SP] ^NSZZW^ LYO ]PQ`_TYR _SPX z LW]PLOd NZY_LTY^ [L^^LRP^ N]T_TNTeTYR _SP -`OOST^_^ 4_ NZYNPY_]L_P^ []TXL]TWd ZY _SP NZRYT_TZY _SPZ]d ZQ _SP wXLS£d£YTVLà [LV´Lx LYO _SPY LW^Z ]PQ`_P^ _SP NZYNP[_ ZQ wXZXPY_L]TYP^^x V´LYTVL_aL ^PP QZ] TY^_LYNP ±£ML]L -S£´dL 4  PO 1]L`bLWWYP]   LYO !!z" ?SP]P SLO LW]PLOd MPPY ]TaLW X`_`LW TY_P]LN_TZY^ []TZ] _Z ±LML]L bSTNS YZb LNNPWP]L_PO L^ 1]L`bLWWYP] 8L_P]T LWTPY  #z [ZTY_^ Z`_ NZYNP]YTYR /TRY£RLv^ NZRYT_TZY _SPZ]d 8LYRLWL = .STY NSZ]P ,YTNNL_£,YT_dL_£% ,Y ,YLWd^T^ ZQ -`OOST^_ :[[Z^T_TZY _Z ;P]XL YPYNP>_LMTWT_d LYO ,W_P]YL_TaP 1Z`YOL_TZY ZQ :Y_ZWZRd LYOZ] ,Y_S]Z[ZWRd /PWST% >L_R`]` $$  z  ^`[[Z^P^ _SP MPWTPQ TY _SP [P]XLYPYNP ZQ _SP APOL _Z MP ZYP ]PL^ZY _Z QZ^_P] _SP -`OOST^_ OZN_]TYP ZQ XZXPY_L]TYP^^ bSTWP Z_SP] L`_SZ]^ PX[SL ^TeP TY_P]YLW PcTRPYNTP^ >PP ,WPcLYOP] aZY =Z^[L__ ?SP -`OOST^_ /ZN_]TYP ZQ 8Z

XPY_L]TYP^^% , >`]aPd ZQ _SP :]TRTY^ LYO 0L]Wd ;SL^P^ ZQ _ST^ /ZN_]TYP `[ _Z AL^`MLYOS` >_`__RL]_ $$  !& _SP L]_TNWP^ Md aZY =Z^[L__ w4X[P]XLYPYNP LYO ?TXP ?SP .ZY_PX[WL_TZY ZQ 4X[P]XLYPYNP LYT_dL_£ TY _SP DZRLN£]L ?]LOT_TZY ZQ 8LT_]PdL LYO ,^L«RLx LYO 5PY^ >NSWTP_P] w/L^ u0Y_^_PSPY TY ,MSÆYRTRVPT_v []L_¯ _dL^LÀ`_[£OL `YO OTP ,YQÆYRP OP] M`OOST^_T^NSPY ?SPZ]TP OP] EPT_ LW^ ,`RPYMWTNV^ [SL^PYx TY ?TXP% -PRTYYTYR LYO 0YO  PO BLW_P] >NSbPTOWP] >_ ,`R`^_TY% ,NLOP XTL  !$z# & #$z "" ±£ML]L-S£´dL " ! _]LY^ 5SL aZW  !

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

!

SL^ L WZRTNLW LcTZX _SL_ LWWZb^ OPO`N_TZY^ _Z MP ]PaP]^PO 1Z] PcLX[WP YZ_ ZYWd T^ _SP QZWWZbTYR WZRTNLW NZYNW`^TZY aLWTO% w4Y _ST^ SZ`^P _SP]P L]P XTNP _SP]PQZ]P _SP]P L]P YZ NL_^ WTaTYR SP]Px M`_ LW^Z _ST^% w4Y _ST^ SZ`^P _SP]P L]P YZ XTNP _SP]PQZ]P ^ZXP NL_^ X`^_ WTaP SP]Px ?ST^ ]L_SP] OZ`M_Q`W NZYNW`^TZY z VYZbY L^ L]R`XPY_`X Pc ^TWPY_TZ TY _SP BP^_ z bL^ L[[L]PY_Wd ZYWd TY_]ZO`NPO QZ] _SP MPYPQT_ ZQ _SP APOL ?SP 8¯X£À^LVL^ ZQ _SP .ZXXZY 0]L SLO _Z XPP_ _bZ NSLWWPYRP^ :Y _SP ZYP SLYO _SP]P bL^ L NZY^_LY_Wd R]ZbTYR LYO TYN]PL^TYRWd NZX [WPc X`W_T]PWTRTZ`^ ^T_`L_TZY -`OOST^_^ 5LTYL^ >X£]_L^ ±LTaL^ ALT´©LaL^ LYO QZWV ]PWTRTZY^ _SP ]T^P ZQ R]PL_ 7Z]O 2ZO^ LYO LW_P]YL _TaP ]PaPWL_TZY^ ZaP] bSTNS _SPd SLO WT__WP NZY_]ZW :Y _SP Z_SP] SLYO _SPd bP]P _S]PL_PYPO Md XLYd ZQ _SP ]L_TZYLWT^_TN WTYR`T^_TN [STWZ^Z [STP^ N`]]PY_ L_ _SP _TXP BSL_ WTYV^ _SP 8¯X£À^LVL^ z Q]ZX _SPT] P\`LWWd ]L_TZYLWT^_TN ^_LYO[ZTY_ z bT_S _SP WL__P] T^ _SP NZYaTN_TZY _SL_ WLYR`LRP OZP^ YZ_ PcT^_ bT_SZ`_ T_^ ^[PLVP]^ ?SPd ]PRL]O Xd_SZWZRTP^ L^ `YLNNP[_LMWP ^`NS L^ _SP TOPL _SL_ L RZO ]PaPLWPO _SP APOL "# LYO _SPd bZ`WO YZ_ LR]PP _SL_ ^ZXP ‹´T^ w^Lbx _SP APOL TY_`T_TaPWd L_ L RTaPY _TXP 1Z] _ST^ ]PL^ZY _SPd _]d _Z []ZaP _SL_ _SP APOL SL^ MPPY [L^^PO OZbY Md LY `YM]ZVPY NSLTY ZQ ^[PLVP]^ TP Q]ZX _PLNSP] _Z [`[TW QZ] PaP] "$ 9Zb XZ^_ Z_SP] 4YOTLY [STWZ^Z[STP^ LW^Z L^^`XP _SL_ _SP bZ]WO T^ P_P]YLW 3ZbPaP] TY _SP NL^P ZQ WLYR`LRP _SP]P L]P _bZ [Z^T_TZY^ ?SP WZRTNTLY^ 9LTd£dTVL LYO _SP -`OOST^_^ NWLTX _SL_ WLY R`LRP T^ L []ZO`N_ ZQ S`XLY MPTYR^ >Z `W_TXL_PWd LYd QZ]X ZQ S`XLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# 6`X£]TWLv^ WPYR_Sd OT^N`^^TZY ZQ ;]LU£[L_T TY _SP ±WZVLa£]__TVL^PN_TZY ^LXMLYO S£V´P[L[L]TS£]Là z" T^ OPaZ_PO _Z _SP WZRTNLW []ZMWPX^ ZQ L MPWTPQ TY L N]PL_Z] RZO LYO ST^ OT^NZ`]^P T^ LW]PLOd ^_]ZYRWd ^SL[PO Md ]PWTRTZ`^ MPWTPQ^ ZQ _SP 8LS£M S£]L_L LYO ;`]£©L^ ?SP RT^_ ZQ ST^ NZ`Y_P]L]R`XPY_ T^ _SL_ PaPY TQ _SP]P bP]P L N]PL _Z] RZO _SP APOL X`^_ SLaP PcT^_PO []TZ] _Z STX LYO YZ_ _SP Z_SP] bLd ]Z`YO >`NS NSLWWPYRP^ ^_L]_PO _Z TY_PY^TQd L]Z`YO LYO LQ_P] 6`X£]TWLv^ _TXP bT_S _SP PXP]RPYNP LYO R]ZbTYR TYQW`PYNP ZQ ^_]ZYR _SPT^_TN N]PPO^ TP _SP R]ZbTYR [Z[`WL]T_d ZQ ?LY_]TN LYO -S£V_L _]LOT_TZY^ ?SP ALT´©LaL ;£ÓNL]£_]TY^ QZ] TY^_LYNP OPNWL]PO _SPT] ZbY _SPT^_TN ]PaPWL_TZY L^ _SP ]PLW []TXZ]OTLW APOL LYO _SP QZ`] APOTN >LÀST_£^ L^ L WL_P] MZbOWP]TePO aP]^TZY% ^PP 5Ld£VSdL >LÀST_£ N "_S NPY_ ,/ ;L]LXP²aL]L >LÀST_£ N _S NPY_* LYO 8L]TZY =L^_PWWTv^ ^_`OTP^ ?SP ?LXTW ±LTaL -S£V_L^ NZYNPTaPO ZQ _SPT] WZ]O RZO ±TaL L^ _SP `W_TXL_P ^Z`]NP LYO P^^PYNP ZQ _SP APOL LYO _SP >Z`_SP]Y ±LTaL >TOOS£Y_TY^ ^PP MZ_S ¢RLXL^ LYO APOL L^ ±TaLv^ ]PaPWL_TZY PR ?T]`X¼W£] ?T ]`XLY_T]L N "_S NPY_ \`Z_PO Md 3 B >NSZXP]`^ ±LTaL >TOOS£Y_L  _]LY^ 8 7Lb /PWST 8Z_TWLW -LYL]^TOL^^ $"$ #& 8PdVL©“PaL ±TaLMZOSLUÓ£YL _S NPY_ LYO T_^ NZXXPY_L]d ±TaLUÓ£YL >TOOST£] _S NPY_* \`Z_ TMTO #  !& 8£©TV VLa£NLVL] ?T]`a£NLVLX N $_S NPY_ \`Z_ Md 9Z]XLY .`_WP] w?LXTW 2LXP >ZYR^ _Z ±TaLx TY =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP PO / 7Z[Pe 9Pb /PWST% 8`Y^ST]LX 8LYZSL]WLW $$  ! ?SP ±£V_L ±]¯aTOd£ _]LOT_TZY PR _SP ;L]L²`]£XL 6LW [L^¼_]L  NSL[  N !_S NPY_ LW^Z LOZ[_PO _SP NWLTX _SL_ ±TaL bL^ _SP ]PaPLWP] ZQ _SP APOL "$ ±£ML]L-S£´dL  LYO # $ _]LY^ 5SL aZW   LYO $& 6`X£]TWL ±WZVLa£]_ _TVL  

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

!

WLYR`LRP NLXP TY_Z MPTYR L_ ^ZXP _TXP LYO bTWW LW^Z OT^L[[PL] LRLTY L_ ^ZXP _TXP ?SP Z_SP] ^TOP z []TYNT[LWWd LOaZNL_PO Md _SP ;¼]aL 8¯X£À^LVL^ z SZWO^ _SP aTPb _SL_ WLYR`LRP TY T_^ []P^PY_ QZ]X X`^_ LWbLd^ SLaP PcT^_PO ^TYNP WLYR`LRP NLYYZ_ MP N]PL_PO PT_SP] TY [L]_ Z] L^ L bSZWP ?SPd SLaP _Z SZWO _ST^ [Z^T_TZY LMZaP LWW MPNL`^P _SPd MP WTPaP TY _SP P_P]YLW PcT^_PYNP ZQ _SP APOL 4Q WLYR`LRP bP]P YZ_ P_P]YLW Md T_^ aP]d YL_`]P M`_ SLO MPPY N]PL_PO L_ ^ZXP _TXP Z] Z_SP] Md S`XLY MPTYR^ _SPY _SP]P bZ`WO SLaP MPPY L _TXP bSPY _SP APOL OTO YZ_ PcT^_ ,NNZ]OTYR _Z _SP 8¯X£À^LVL^ _SP QLN_ _SL_ _SP]P T^ YZb L WLYR`LRP []ZaP^ _SL_ WLYR`LRP X`^_ LWbLd^ SLaP MPPY []P^PY_ >Z _SPT] LN_`LW _L^V T^ _Z NZY_]LOTN_ _SP aTPb _SL_ ZYP NLY N]PL_P WLYR`LRP



:Y _SP ?SPZ]d ZQ _SP 0_P]YT_d ZQ 7TYR`T^_TN >_L_PXPY_^

?SP RPYP]LW 8ÅX£À^£ _SPZ]d NZYNP]YTYR _SP P_P]YLW PcT^_PYNP ZQ WTY R`T^_TN ^_L_PXPY_^ LYO _SP P_P]YLW ]PWL_TZY^ST[ MP_bPPY bZ]O LYO XPLY TYR z bSTNS T^ L_ _SP SPL]_ ZQ _SP 8ÅX£À^£ [STWZ^Z[Sd z T^ OTaTOPO TY_Z _S]PP ^_P[^% []ZZQ ZQ _SP PcT^_PYNP ZQ P_P]YLW [SZYPXP^ aL]©L  []ZZQ ZQ _SP PcT^_PYNP ZQ P_P]YLW bZ]O^ ²LMOL  LYO []ZZQ ZQ _SP P_P]YLW PcT^ _PYNP ZQ _SP APOTN ^_L_PXPY_^ ?SP WL__P] []P^`[[Z^P^ _SP LWMPT_ YZ_ aP]d NZYaTYNTYR w[]ZZQx ZQ _SP APOTN _Pc_ RTaPY LMZaP% w>TYNP YZ L` _SZ]^ L]P OZN`XPY_PO _SP APOL T^ L`_SZ]WP^^ >TYNP _SP]P T^ YZ L`_SZ] _SP APOL bZ]O T^ NLYYZ_ MP OZ`M_PO LYO P_P]YLWx Z] TY ^SZ]_ w-PNL`^P _SP]P T^ YZ TYT_TL_Z] _SP APOL SL^ YZ MPRTYYTYRx 4Y NZY_]L^_ _Z _ST^ SZbPaP] _SP Z_SP] []ZZQ^ L]P XZ]P _SLY XP]P ^Z[ST^X^ LYO L]P _Z MP _LVPY ^P]TZ`^Wd ?PWWTYRWd _SPd L]P X`NS XZ]P PWLMZ]L_P LYO LY_TNT[L_P [ZTY_^ ZQ aTPb _SL_ L]P ^_TWW OT^N`^^PO TY WTYR`T^_TN [STWZ^Z[Sd _ZOLd

 0_P]YLW 0cT^_PYNP ZQ ;SZYPXP^ ?SP QT]^_ []ZZQ TP _SP []ZZQ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP [SZYPXP^ ZQ _SP LW[SLMP_ T^ `^PO _Z NZ`Y_P] _SP _SPZ]TP^ ZQ ^Z`YO PWLMZ]L_PO Md _SP 9LTd£dTVL^ LYO ALT²P´TVL^ bSZ NWLTX _SP QZWWZbTYR% >Z`YO ²LMOL T^ L []ZO`N_ >Z`YO T^ YZ_ P_P]YLW M`_ T^ _]LY^T_Z]d -`_ ^TYNP T_ SL^ NZXP TY_Z MPTYR T_ NZ`WO YZ_ MP WTYVPO _Z XPLYTYR TQ YZMZOd XLOP ^`NS L WTYV #

?SP 8¯X£À^LVL^ OPYd _SL_ ²LMOL^ L]P []ZO`NPO Md XLVTYR LY TX[Z] _LY_ OT^_TYN_TZY ±LM-S£ !# ?SPd OTQQP]PY_TL_P MP_bPPY ^Z`YO MPL]TYR L XP^^LRP ²LMOL LYO LNZ`^_TN ^Z`YOaTM]L_TZY Y£OL  ;Sd^T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >`XXL]d ZQ ±LML]L-S£´dL ! PO =LXWLW 6L[`] !!

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

!

NLW ^Z`YO Y£OL T^ L [`]PWd [Sd^TNLW [SPYZXPYZY TP L [SPYZXPYZY ZQ _SP YL_`]LW bZ]WO ,NNZ]OTYR _Z _SP 8¯X£À^LVL^ T_ LN_`LWWd Z]TRTYL_P^ L^ _SP ALT²P´TVL^ TXLRTYP z _S]Z`RS NT]N`WL] XZaPXPY_^ ZQ XZWPN`WP^ ZQ LT] a£dLaL^LÀdZRLaTMS£RL _SL_ ^[]PLO Z`_ WTVP ]T[[WP^ XPP_TYR ZM^_LNWP^ ^_TXT_L TY _SPT] bLd bSPY Z_SP] XZaPXPY_^ ZQ LT] Z[[Z^P _SPX ,YO _ST^ T^ bSd ^Z`YO L[[PL]^ _Z MP WTXT_PO _Z L [L]_TN`WL] WZNL _TZY 3ZbPaP] _ST^ [Sd^TNLW [SPYZXPYZY ZYWd L[[WTP^ _Z _SP LNZ`^_TN L^[PN_ ZQ ^Z`YO Y£OL  ?SP XP^^LRPMPL]TYR ^Z`YO ²LMOL  ZY _SP Z_SP] SLYO T^ YZ_ TOPY_TNLW _Z LNZ`^_TN ^Z`YO M`_ LWbLd^ ZNN`]^ TY aT] _`LW QZ]X L^ [`]P TYQZ]XL_TZY ²LV_T % , XPNSLYTNLW TX[`W^P []LdL_YL ^_]TVP^ LMSTSLY _SP bTYO TY _SP XZ`_S ?ST^ ^[LNP _LVP^ `[ _SP QZ]X LY`]`OS NZ]]P^[ZYOTYR _Z _SP XPNSLYTNLW XZaPXPY_ ZQ _SP L]_TN`WL_TZY ^LÀdZRLaTMS£RL ZQ _SP Z]RLY^ ZQ L]_TN`WL _TZY ?SP bTYO NZY_TY`P^ []L_T´¶S£ QZ] L^ WZYR L^ T_ [Z^^P^^P^ ^[PPO aPRL  # /`]TYR _SP XZaPXPY_ ZQ _SP bTYO L NZYU`YN_TZY LYO OT^U`YN_TZY X`^_ ZNN`] ZQ T_^ ZbY L_ZX^ LYO _SP FL_ZX^ ZQ _SPH ^_L_TZYL]d ^_TXT_L bTYO FZ`_^TOP _SP XZ`_SH ?ST^ bTYO _]LY^QP]^ T_^ TYQZ]XL_TZY ²LV_T _Z _SP FSZWWZbH ^[LNP adZXLY ZQ _SP PL] # ;Sd^TNLW ^Z`YO Z] ^Z`YO bLaP^ _]LY^[Z]_^ _SP NSL]LN_P]T^_TN ^Z`YO ZQ [SZYPXP^ bSTNS T^ bSd L NP]_LTY ^Z`YO PR _SP XZ][SPXP wLx NLY MP SPL]O L_ XLYd [WLNP^ L_ _SP ^LXP _TXP Z] NLY ^PPX PT_SP] WZ`O Z] ^ZQ_ bT_SZ`_ _SP ^Z`YO TYQZ]XL_TZY LN_`LWWd NSLYRTYR 4_ T^ ZYWd _SP LT] XZWPN`WP^ _SL_ ^STQ_ LYO NSLYRP z LYO _SPd L]P YZ_ WTYR`T^_TNLWWd ]PWP aLY_ >Z _SP 8¯X£À^LVL^ ]P[]P^PY_ L ^_]`N_`]LWT^_ [SZYP_TN^% _SPd ]PRL]O [SZYP_TN ^Z`YO YZ_ L^ [Sd^TNLW `YT_d M`_ L^ L QZ]X _SL_ T^ NWPL]Wd OP QTYPO [SPYZXPYZWZRTNLWWd >Z`YO TYQZ]XL_TZY XLYTQP^_^ T_^PWQ TY _SP [Sd^TNLW ]PLWT_d M`_ T_ OZP^ YZ_ L]T^P _SP]P ;SZYPXP^ ^`NS L^ wLx Z] ^Z`YO [L__P]Y^ ^`NS L^ wLRYTx wQT]Px LW^Z ]PXLTY XZ][SZWZRTNLWWd NZY^_LY_ bSPY _SPd L]P `Y^LTO ?SPd L]P YZ_ NZY_TY`LWWd MPTYR QZ]XPO LYPb L^ L 9LTd£dTVL bZ`WO NWLTX ?SP ^Z`YO [L__P]Y wLRYTx ]PXLTY^ _SP ^LXP TYOTaTO`LW NSLTY ZQ ^Z`YO^ TY LWW NZYNPTaLMWP ^[PLVTYR ^T_`L _TZY^ YZ XL__P] SZb XLYd wNZ[TP^x ZQ T_ L]P N]PL_PO ?ST^ ^`M_WP OTQQP]PY_TL_TZY ]PaPLW^ LY LW_P]YL_TaP _Z _SP wNZOP ^bT_NSTYRx Z`_WTYPO TY Z`] TY_]ZO`N_TZY NSL[  LW_SZ`RS T_^ Q`YN_TZY T^ ]L_SP] ^TXTWL] ?SP T]]L_TZYLW bSTNS TY _ST^ NL^P T^ _SP MPWTPQ TY _SP P_P]YLW PcT^_PYNP ZQ _SP APOL T^ YZ_ [WLNPO LWZYR^TOP bSL_ T^ ]L_TZYLW NZX[WPXPY_TYR T_ M`_ TY^_PLO T^ RTaPY L ]L_TZYLW [LNVLRTYR :Y _SP ZYP SLYO bP QTYO LY Pc_]PXPWd ]PO`N_TZYT^_ XZOPW ML^PO ZY Q`YOLXPY_LW ^NTPY_TQTN L_ZXT^_TN []TYNT[WP^ LYO ZY _SP Z_SP] _ST^ ML^T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SP PWPXPY_ ZQ bTYO T^ OP_P]XTYPO Md ^[PPO TY L ^TXTWL] bLd _Z _SP PWPXPY_ ZQ PL]_S MPTYR OP_P]XTYPO Md ^ZWTOT_d P_N # .Q ±£ML]L-S£´dL " PO =LXWLW 6L[`] !"

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

T^ `^PO LWW _SP XZ]P _Z PX[SL^TeP _SP ^LN]PO ^Z`YO^ LYO ^dWWLMWP^ L^ TYaTZWLMWP bSZWP^ YT]LaLdLaL  ;]PNT^PWd _SP ^LXP []ZNPO`]P bTWW NZY _TY`P TY _SP QZWWZbTYR NZYNW`^TZY^

 0_P]YLW 0cT^_PYNP ZQ BZ]O^ ±LML]L^a£XTYv^ []ZZQ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP ^Z`YO_STYR ]PWL _TZY^ST[ QZ]X`WL_P^ _SP NZ`Y_P]L]R`XPY_ _Z _SP ZMUPN_TZY bSTNS ]`Y^ WTVP _ST^% w3Zb NLY T_ MP _SL_ ^Z`YO TYQZ]XL_TZY T^ WTYVPO _Z ZMUPN_^ bT_SZ`_ LYdMZOd PaP] SLaTYR N]PL_PO _ST^ WTYV*x ?SP NZX[WP_P NZ`Y_P] []ZZQ ]PLO^ L^ QZWWZb^% wBSPY _SP bZ]O uNZbv T^ ^[ZVPY T_ ^TRYTQTP^ LWW NZb^ L_ ZYNP ?SP]PQZ]P _SP bZ]O YLXP^ _SP FWTYR`T^_TN LYO XPY_LWH RP^_LW_ £VŽ_T ,YO _SP NZYYPN _TZY MP_bPPY _SP RP^_LW_ FNZRYT_TZYH LYO _SP [SZYPXP ²LMOL T^ YZ_ ^ZXP _STYR _SL_ NLY MP N]PL_PO F:_SP]bT^PH _SP]P bZ`WO SLaP _Z MP L N]PL_Z] FZQ _ST^ NZYYPN_TZYH bSZ NZ`WO WTYV F_SP ^Z`YOH bT_S L RP^_LW_ _Z bSTNS SP NZ`WO LW]PLOd ]PQP] 3ZbPaP] _SP TYOTaTO`LW  [T©“L  uNZbv ZNN`]^ TY LY TY QTYT_P Y`XMP] ZQ [Z^^TMWP QZ]X^ 3Zb bZ`WO ZYP ^PWPN_ _SP [L]_TN`WL] QZ]X _SL_ T^ XPLY_ Md XPLY^ ZQ _SP bZ]O uNZbv bT_SZ`_ SLaTYR LYd bZ]O QZ] _SL_* -`_ YZb ^TYNP _SP bZ]O uNZbv RL`à FT^H [P]XLYPY_Wd YT_dL FLWWZ NL_PO _Z _ST^ RP^_LW_H ZYP SL^ ZQ_PY FL^ L NSTWOH SPL]O T_ MPTYR ^[ZVPY FbSTWP L NZb bL^ []P^PY_H m 9Zb FL^ LY LO`W_H ZYP bTWW MP LMWP _Z _P^_ LYaLdLadL_T]PVL LWW Z_SP] TYOTaTO`LW NZb^ RZadLV_T LRLTY^_ _SP N]T_P ]TZY uOZP^ T_ SLaP _SP QZ]X ZQ L NZb*v ,YO QZ] _ST^ ]PL^ZY _ZZ F_SP WTYVH T^ [P]XLYPY_x #

BSL_ ±LML]L^a£XTY ^PPX^ _Z XPLY Md w RP^_LW_ x T^ []ZMLMWd ^ZXP_STYR ^TXTWL] _Z _SP w]PQP]PY_x TY _SP w^PXTZ_TN _]TLYRWPx ZQ XZOP]Y WTYR`T^_^ ,NNZ]OTYR _Z STX _SP bZ]O w£VŽ_Tx XPLY^ YPT_SP] L NWL^^ U£_T  TP _SP NZb wL^ ^`NSx 9d£dL [Z^T_TZY YZ] L NP]_LTY TYOTaTO`LW NZb -`OOST^_ [Z^T_TZY M`_ TY^_PLO PYNZX[L^^P^ _SP bSZWP ]LYRP ZQ LWW TYOTaTO`LW^ _SL_ SLaP PaP] MPPY ^PPY LYO TOPY_TQTPO Z] []P^PY_PO L^ NZb^ ?SP]P T^ LY TYQTYT_P Y`XMP] ZQ TYOTaTO`LW SZZQPO LYTXLW^ bT_S _LTW^ SZ]Y^ STOP^ ^YZ`_^ P_N P_N ZQ XLYd ^SL[P^ LYO ^TeP^ 4Q 4 bLY_ _Z ^Ld bSTNS ZQ _SP^P L]P NZb^ LYO bSTNS L]P YZ_ 4 X`^_ SLaP L LW]PLOd ^PPY L NZb L_ ^ZXP _TXP TY Xd WTQP LYO M SPL]O _SP bZ]O wNZbx `^PO QZ] _ST^ [L]_TN`WL] NZb ?ST^ T^ _SP ZYWd bLd _SL_ 4 NLY OT^_TYR`T^S L NZb Q]ZX Z_SP] SZZQPO LYTXLW^ ^`NS L^ L SZ]^P RZL_ Z] bL_P] M`QQLWZ ,W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # RZ²LMOL `NNL]T_P ^L]aLRLa¯´` d`RL[L_ []L_dLdZ MSLaL_T g L_L £VŽ_TaLNLYZ udLX g YL N£VŽ_d£ ²LMOL^dL ^LÀMLYOSLà ²LVdL_P VL]_`X g YT]OT²dL Sd £VŽ_TÀ VL]_£ ^LÀMLOSY¯d£_ g RZ[T©“P NL MLS¼Y£X £VŽ_¯Y£À ^LOMS£a£N NSLMOLX LY_L]P©L RZ²LMOLa£Nd£À aTMSLV _£X £VŽ_TÀ VPYL []LV£]P©Z[LOPV´dL_T g YT_dP _` ^L_T RZ²LMOP MLS`VŽ_aL `NNL]T_Là ²]` _L[¼]aL² N£Yd£^` RZadLV_T´a LYaLdLadL_T]PV£MSd£X £VŽ_TaLNLYLX LaLRLXT´dL_T _L^ X£O L[T YT_dLà gg  ±£ML]L-S£´dL $ TY 8¯X£À^£OL]²LYL  aZW 4 z 

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

!

_SZ`RS _ST^ ^PPX^ ZMaTZ`^ TY QLN_ T_ T^ YZ_ ^TYNP _SP]P L]P TY _`]Y TY NZYNPTaLMWd XLYd _d[P^ ZQ NZb^ z ^`NS L^ L >bT^^ >TXXPY_LW NZb TY 0XXPY_LW RTYRP] LYO bST_P L 2P]XLY 3ZW^_PTY NZb MWLNV LYO bST_P LY 4YOTLY NZb bST_P LYO M]ZbY ^ZXP_TXP^ bT_S L S`X[ >Z NZb^ L]P U`^_ L^ aL]TPO L^ SZZQPO LYTXLW^ ,NNZ]OTYR _Z ±LML]L^a£XTY TOPY_TQTNL_TZY ZQ L wRP^_LW_x ZNN`]^ aTL LYaLdLadL_T]PVL  WT_P]LWWd wRZTYR _S]Z`RSx LYO wWPLaTYRx # ?ST^ _PNS YTNLW _P]X ]PQP]^ _Z L `YTaP]^LW NZRYT_TaP []ZNPO`]P # LYO NLY MP TWW`^ _]L_PO TY Z`] NZY_Pc_ QZ] TY^_LYNP Md _SP QZWWZbTYR PcLX[WP% bSPY ^ZXP ZYP Q]ZX 0XXPY_LW _]LaPW^ _Z 4YOTL _SP ZYWd NZb TY ST^ ^PXLY_TN QTPWO .:B bTWW MP _SP >TXXPY_LW NZb BSPY SP WLd^ PdP^ ZY L bL_P] M`QQLWZ QZ] _SP QT]^_ _TXP SP bTWW []ZMLMWd _STYV _SL_ T_ T^ L NZb MP NL`^P SP OZP^ YZ_ VYZb LMZ`_ bL_P] M`QQLWZP^ ?SL_ T^ _Z ^Ld _SP bL_P] M`QQLWZ wRZP^ _S]Z`RSx _SP ^PXLY_TN QTPWO .:B LYaLdL  :YWd bSPY _SP 0XXPY_LWP] SPL]^ _SP bZ]O wbL_P] M`QQLWZx `^PO _Z ]PQP] _Z _SP bL_P] M`QQLWZ bTWW _ST^ QZ]X wWPLaPx adL_T]PVL _SP ^PXLY_TN QTPWO .:B  ,WW Z`] VYZbWPORP LMZ`_ _SP bZ]WO L]T^P^ TY _ST^ XLYYP] ,YO _SP 8ÅX£À^£v^ _SPZ]d ZQ WPL]YTYR  aŽOOSLadLaLS£]L  WT_P]LWWd w`^P ZQ WLY R`LRP Md _SP LYNP^_Z]^x ]PXTYO^ `^ ZQ XZOP]Y WTYR`T^_TN _SPZ]TP^ _SL_ ^_L_P _SL_ _SP XPLYTYR^ ZQ bZ]O^ L]P VYZbY MPNL`^P _SPd SLaP MPPY [L^^PO OZbY Md _SP NSLTY ZQ ^[PLVP]^ 4_ LW^Z ]PXTYO^ `^ TY [L]_TN`WL] ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP LW^Z 6`X£]TWL ±WZVLa£]__TVL  NSL[  a£Vd£OSTVL]L©L  "z! # 1Z] T_^ `^P TY R]LXXL] LYO ,OaLT_LAPO£Y_L ^PP 2PZ]RP .L]OZYL w LYaLdL LYO adL_ T]PVL TY 4YOTLY 2]LXXL]x ,OdL] 7TM]L]d -`WWP_TY CCCzCCC44 $!"z!# F1PWTNT_L _TZY aZW`XP A =LRSLaLYH% z  LYO w:Y =PL^ZYTYR Q]ZX ,YaLdL LYO AdL_T]PVL TY 0L]Wd ,OaLT_Lx TY >_`OTP^ TY 4YOTLY ;STWZ^Z[Sd , 8PXZ]TLW AZW`XP TY 3ZYZ`] ZQ ;LYOT_ >`VSWLWUT >LYRSaT ,SXPOLMLO% 4Y^_T_`_P ZQ 4YOZWZRd $# "$z -d LY aLdL LYO adL_T]PVL  _SP R]LXXL]TLY^ OPYZ_P _SP NZY^_LY_ NZZNN`]]PYNP ^£SLNL]dL ZQ L WTYR`T^_TN T_PX ²LMOL LYO L XPLYTYR L]_SL 3P]P LYaLdL Z] LadL_T]PVL  XPLY^ QZ] TY^_LYNP _SP YZYOTQQP]PYNP ZQ _SP ]ZZ_ XPLYTYR bSPY _SP]P L]P OTQQP]PY_ ^`Q QTcP^ .L]OZYL _]LY^WL_P^ LYaLdL L^ wN`]]PY_ ZNN`]]PYNP ZQ L NP]_LTY XPLYTYR LYO L NP]_LTY WTYR`T^_TN `YT_x LYO adL_T]PVL L^ w^`][L^^POx wYZ_ WTXT_PO _Z L NP]_LTY OZ XLTYx wLM^PYNP ZQ L XPLYTYR LYO WTYR`T^_TN `YT_x bSTNS XPLY^ _SP ^`][L^^TYR ZQ L ML^P XPLYTYR TY L bZ]O YZXTYLW ^_PX Z] TY ^PY_PYNP^ Md ^`QQTcP^ NL^P PYOTYR^ LYO _SP WTVP -Z_S X`^_ MP VYZbY QZ] `YOP]^_LYOTYR _Z ZNN`] .L]OZYL ^`[[Z^P^ _SL_ _SP WZRTNTLY^ LOZ[_PO _SP R]LXXL]TLY `^P ZQ LYaLdLadL_T]PVL  4Y LYd NL^P _SP ML^TN ^_]`N_`]P T^ LYLWZRZ`^ LYO _SP NZYU`YN_ _P]X XLd MP _]LY^WL_PO aL]TZ`^Wd L^ wN`]]PY_ ZNN`]]PYNP LYO NSLYRPx wRZTYR _S]Z`RS LYO WPLaTYRx w[Z^T_TaP LYO YPRL_TaP NZY NZXT_LYNPx wLR]PPXPY_ LYO OTQQP]PYNPx wYZYOTQQP]PYNP LYO OTQQP]PYNPx w`YNSLYR TYR LYO NSLYRTYRx w_SL_ bSTNS [P]^T^_^ LYO _SL_ bSTNS OT^L[[PL]^x LYOZ] wNZY_TY` T_dLYOOT^NZY_TY`T_dx 4Y ,OaLT_LAPO£Y_L XP_SZOZWZRd LYO XP_L[Sd^TNLW OT^NZ`]^P _SP LYaLdLadL_T]PVL T^ LW^Z aT_LW _Z OT^_TYR`T^S ^PWQ LYO YZY^PWQ% ^PP MPWZb NSL[  LYO BTWSPWX 3LWMQL^^ >_`OTP^ TY 6`X£]TWL LYO ±L«VL]L =PTYMPV% :]TPY_LW T^_T^NSP 1LNS[`MWTVL_TZYPY $# z!"& ^WTRS_Wd ]PaT^PO TY 3LWMQL^^ ?]LOT_TZY LYO =PQWPN_TZY  !z""

!!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

BT__RPY^_PTYv^ ^_L_PXPY_ _SL_ _SP ^TRY WTaP^ Md MPTYR `^PO 6`YU`YYT =LUL ^`XXL]TeP^ _SP XZOP]YT_d ZQ _SP 8ÅX£À^£ [Z^T_TZY WTVP _ST^% wBP WPL]Y _SP XPLYTYR ZQ bZ]O^ LYO ^PY_PYNP^ Q]ZX _SPT] `^P TY LN_`LW ^[PPNS NZY_Pc_^& LYO ^Z X`NS ZQ _SP ^Z`YO[L__P]Y TY L QTcPO Z]OP] bSTNS T^ QZ`YO L[[WTPO _Z L [L]_TN`WL] ^PY^P T^ _LVPY _Z MP L bZ]O SLaTYR _SL_ XPLYTYR 6`X£]TWLMSL¶¶L ^Ld^ _SL_ _SP XPLYTYR ZQ L bZ]O T^ OP_P]XTYPO Md `^LRP LYO L^ ^`NS _SZ^P WP__P]^ `__P]PO TY L [L]_TN`WL] Z]OP] ZQ ^P\`PYNP Md ZYP TYOTaTO`LW bSTNS Pc[]P^^PO _SP ^PY^P _Z `^ bSPY bP QT]^_ WPL]YPO _SP bZ]O Q]ZX Z`] PWOP]^ bTWW Pc[]P^^ _SP ^LXP ^PY^P L_ LWW Q`_`]P _TXP^x #!

,_ _ST^ [ZTY_ bP NZXP `[ LRLTY^_ LY ZMUPN_TZY% ZQ NZ`]^P bZ]O ^Z`YO^ NLY MPNZXP LW_P]PO ZaP] _TXP TY _]LY^XT^^TZY _S]Z`RS _SP NZXX`YT_d ZQ ^[PLVP]^ ?SP 0XXPY_LWP] bZ`WO ^Ld w.S`Æx LYO ^ZXP ZYP Q]ZX >NSWP^bTR3ZW^_PTY bZ`WO ^Ld w6L`x bSPY ^[PLVTYR LMZ`_ L NZb 3ZbPaP] _SP bZ]O _SL_ T^ XPLY_ LWbLd^ ]PXLTY^ _SP 2P]XLY bZ]O w6`Sx wNZbx :WO 3TRS 2P]XLY 8TOOWP 3TRS 2P]XLY% V`Z z _Z `^P ±LML]L^a£XTYv^ L]R`XPY_^ #" ?ST^ T^ _SP NZ]]PN_ bZ]O ^£OS`²LMOL  bSTWP _SP OTLWPN_ QZ]X^ L]P NZ]]`[_TZY^ ZQ _ST^ bZ]O ?SPd L]P ZYWd aLWTO LYO NZX[]PSPY^TMWP WZNLWWd TP bT_STY _PX[Z]LWWd LYO RPZR]L[ST NLWWd WTXT_PO _]LOT_TZY^ ±LML]L^a£XTY _LVP^ T_ L^ ]PLO _SL_ ZYWd _SP >LY ^V]T_ bZ]O wRL`àx T^ _SP Z]TRTYLW bZ]O 3P bZ`WO NZY^TOP] _SP 3TRS 2P]XLY bZ]O w6`Sx L wNZ]]`[_x w^`M^_LYOL]Ox OTLWPN_ QZ]X L[LM S]L´¶L L[LMS]LÀ²L ZQ _SP bZ]O TY >LY^V]T_ LYO _SP]PQZ]P TY _SP Z]TRT YLW WLYR`LRP TY _SP ^LXP bLd L^ bP ]PRL]O w.S`Æx LYO w6L`x _ZOLd ,YO ^Z QZ] STX _SP aL]TLYNP TY ^Z`YO TYQZ]XL_TZY LYO XPLYTYR ZQ ZYP LYO _SP ^LXP bZ]O bSTNS T^ OTLRYZ^PO TY LN_`LW ^[PPNS bT_STY OTQQP]PY_ WLYR`LRP NZXX`YT_TP^ T^ Md YZ XPLY^ LY ZMUPN_TZY _Z _SP wP_P]YLW WTYV MP_bPPY ^Z`YO LYO _STYRx >`NS aL]TL_TZY^ L]P LWbLd^ ML^PO ZY []PPcT^ _PY_ ^PXTZ_TN ^_]`N_`]P^ LYO TY _ST^ ^PY^P _SP]P L]P YZ YPb bZ]O^ ## 1Z] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR   z! #" :`] NZX[L]T^ZY T^ YZ_ L^ QL]QP_NSPO L^ T_ XLd L[[PL] 4Y XPOTPaLW _TXP^ _SP WTYR`T^ _TN ^T_`L_TZY TY 4YOTL NZYNP]YTYR _SP `^LRP ZQ >LY^V]T_ LYO OTLWPN_ QZ]X^ aL]TZ`^ _d[P^ ZQ ;]LV]T_ P_N bL^ \`T_P NZX[L]LMWP _Z XZOP]Y >bT_eP]WLYO Z] OP[PYOTYR ZY _SP 4YOTLY ]PRTZY _Z XZOP]Y >NSWP^bTR3ZW^_PTY TY 2P]XLYd 4Y >bT_eP]WLYO 3TRS 2P]XLY T^ _SP b]T__PY LYO QZ]XLW WLYR`LRP `^PO TY ^NSZZW^ bSP]PL^ >bT^^ 2P]XLY TY T_^ aL]TZ`^ OTLWPN_^ T^ _SP ]PLW wXZ_SP]_ZYR`Px ^[ZVPY Md PaP]dMZOd L_ SZXP LYO ZY _SP ^_]PP_^ LYO WL]RPWd ]P^_]TN_PO _Z Z]LW NZXX`YTNL_TZY 4Y >NSWP^bTR3ZW^_PTY ZY _SP Z_SP] SLYO 3TRS 2P]XLY T^ L ^ZNTLW OT^_TYR`T^STYR XL]V ZQ _SP `[[P] NWL^^ L_ SZXP LYO ZY _SP ^_]PP_ TY NZY_]L^_ _Z WZb NWL^^ OTLWPN_ ?SP^P VTYO^ ZQ X`W_TWTYR`LW ^T_`L_TZY^ SLaP MPPY ]PQWPN_PO ZY Md 4YOTLY WTYR`T^_^ LYO L]P _P]XPO wOTLRWZ^^TLx TY XZOP]Y LNLOPXTN ^ZNTZWTYR`T^_ ^_`OTP^ >PP 5LY 08 3Z`MPY w>ZNTZWTYR`T^_TN L__T _`OP^ ]PQWPN_PO TY _SP bZ]V ZQ -SL]_šSL]T LYO WL_P] 2]LXXL]TLY^x TY 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_% .ZY_]TM`_TZY^ _Z _SP 3T^_Z]d ZQ _SP >LY^V]T_ 7LYR`LRP  PO 5LY 08 3Z`MPY 7PTOPY% -]TWW $$!  "z$ ## -PNL`^P _SP ]`WP^ RZaP]YTYR bZ]O QZ]XL_TZY TY >LY^V]T_ L]P PcNP[_TZYLWWd bTOP ]LYRTYR >LY^V]T_ NZY_LTY^ SL]OWd LYd QZ]PTRY bZ]O^ LYO T^ `^`LWWd LMWP _Z QZ]X YPb

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

!"

_ST^ ]PL^ZY TQ L [P]^ZY Q]ZX >NSWP^bTR3ZW^_PTY LYO L [P]^ZY Q]ZX 0XXPY_LW _]LaPW _Z 4YOTL _ZRP_SP] OP^[T_P _SP OTQQP]PY_ _d[P^ ZQ NZb^ _SL_ _SPd VYZb L_ SZXP _SPd bTWW []ZMLMWd MP TY _Z_LW LR]PPXPY_ _SL_ L WTRS_ M]ZbY 4YOTLY ePM` T^ L .:B LYO YZ_ L]R`P LMZ`_ bSP_SP] T_ T^ XZ]P ZQ L w6L`x Z] L w.S`Æx 3ZbPaP] _SPd NLY L]R`P QZ] SZ`]^ LMZ`_ bSP_SP] w6L`x Z] w.S`Æx T^ _SP ]TRS_ bZ]O QZ] ]PQP]]TYR _Z _ST^ LYTXLW z ^Z WZYR L^ YZ -]LSXLY NZXP^ LWZYR LYO [`_^ _SPX ]TRS_ 9Zb ZQ NZ`]^P ±LML]L _ZZ VYZb^ _SL_ T_ T^ P\`LWWd [Z^^TMWP _Z QZ]X L]_TQTNTLW bZ]O^ PR L ^NTPY_TQTN XP_LWLYR`LRP -`_ LNNZ]OTYR _Z _SP 8ÅX£À^£ _SP^P L]P YZ_ ]PLW bZ]O^ ,Yd ZYP bSZ bT^SP^ _Z `YOP] ^_LYO _SP ^PY^P ZQ _SP bZ]O aŽOOST wR]Zb_Sx TY _SP ;£©TYPTN L[SZ]T^X aŽOOST] £O LTN ^PP LMZaP NZ]]PN_Wd X`^_ L MP QLXTWTL] bT_S _SP R]LX XL]TLY ;£©TYT LYO ST^ ^d^_PX LYO M VYZb _SL_ _SP R]LXXL_TNLW _P]X aŽOOST ( wOPR]PP ZQ []Z_]LN_TZY ZQ L aZbPWx T^ XPLY_ LYO YZ_ R]Zb_S TY L NZYaPY_TZYLW ^PY^P 9L_`]LWWd ^`NS Pc_]L wTY^TOP] VYZbWPORPx T^ YPT_SP] RTaPY YZ] YPNP^^L]d bT_S NZYaPY_TZYLW bZ]O^ bSTNS L^ L ]`WP NZYaPd _SPT] NZY_Pc_ _SPX^PWaP^ 4Q ^ZXP ZYP bLY_^ _Z ^[PLV ZQ L NZb SP OZP^ YZ_ SLaP _Z _PWW ST^ WT^_PYP] _SL_ SP bT^SP^ _Z ^[PLV LMZ`_ SZZQPO LYTXLW^ LYO YZ_ LMZ`_ R]LXXL] 4Y QLN_ _SP ]PNT[TPY_ NLY OP]TaP QZ] STX^PWQ Q]ZX _SP bZ]O wNZbx _SP QLN_ _SL_ ST^ NZX[LYTZY T^ _LWVTYR LMZ`_ SZZQPO LYTXLW^ 8LOPWPTYP -TL]OPL` XLTY_LTY^ _SL_ _SP bZ]O YT_dL wP_P]YLWx `^PO L^ ±LML]L `^P^ T_ OZP^ YZ_ ^Z X`NS LTX L_ _SP YZ_TZY ZQ P_P]YLW PcT^ _PYNP [P]XLYPYNP Z] ^ZXP_STYR YL_`]LWWd TXXLYPY_ ^aLMS£aTVL  #$ ?SP XPLYTYR ZQ L bZ]O YPPO^ _SP ^Z`YO YZ_ MPNL`^P ZQ ^ZXP TY_P]YLW PcT RPYNd M`_ LN_`LWWd _SP ^Z`YO T^ ^ZXP_STYR _SL_ _SP XPLYTYR YL_`]LWWd LN\`T]P^ Md wL VTYO ZQ Pc_]TY^TN L[[]Z[]TL_TZYx 8PLYTYR^ LYO ^Z`YO^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ bZ]O^ bSPYPaP] YPb _PNSYTNLW OPaPWZ[XPY_^ L[[PL] ,YLWZRZ`^ _Z _SP 2P]XLY bZ]O w1P]Y^PSPYx XPLYTYR w_PWPaT^TZYx _SP 4YOTLY bZ]O QZ] _ST^ T^ O¼]OL]²LY  Q]ZX _SP >LY^V]T_ O¼]L QL] LYO OL]²LYLX ^PP .ZY^TOP] TY NZY_]L^_ _SP 1]PYNS WLYR`LRP bSTNS TY ^`NS NL^P^ T^ QZ]NPO _Z NZXMTYP PWPXPY_^ Q]ZX QZ]PTRY WLYR`LRP^ ^`NS L^ w_ËWËaT^TZYx 4Y L ^TXTWL] XLYYP] XZOP]Y 4YOTLY 4YOZ,]dLY WLYR`LRP^ LYO /]LaTO TLY WLYR`LRP^ MZ]]ZbPO ZaP] _SP NPY_`]TP^ LMZ`_ QTQ_d [P]NPY_ Q]ZX _SP w^_LYOL]O WLY R`LRPx ZQ >LY^V]T_ 3ZbPaP] MZ]]ZbTYR^ LW^Z SL[[PYPO _SP Z_SP] bLd ]Z`YO [L] _TN`WL]Wd L_ _SP _]LY^T_TZY Q]ZX _SP APOTN _Z _SP NWL^^TNLW [P]TZO LYO Md ^[]PLOTYR TY_Z YPb L]PL^ bSP]P 8TOOWP 4YOZ,]dLY LYO /]LaTOTLY bZ]O^ SLaP MPPY LOZ[_PO _]LY^ QZ]XPO TY_Z >LY^V]T_ TY LNNZ]OLYNP bT_S VYZbY [SZYP_TN NZ]]PWL_TZY^ >`NS MZ]]Zb TYR^ L]P ^LYN_TZYPO Md 6`X£]TWL []ZaTOPO L >LY^V]T_ _P]XTYL_TZY T^ LOOPO ?SP ]PWL _TZY^ST[ MP_bPPY _SP _S]PP TYOP[PYOPY_ WLYR`LRP R]Z`[^ 4YOZ0`]Z[PLY /]LaTOTLY LYO 8`©“L bL^ ^Z NWZ^P _SL_ ^NSZWL]^ NZTYPO _SP Pc[]P^^TZY w4YOTLY _d[P ZQ WLY R`LRPx O`P _Z L Y`XMP] ZQ NZXXZY QPL_`]P^ WTVP ]P_]ZQWPc LYO NP]PM]LW ^Z`YO^ aP] MLW NZX[Z^T_TZY YZXTYLWTeL_TZY P_N >PP 1]T_^ >_LLW w>LY^V]T_ LYO >LY^V]T_TeL_TZYx 5Z`]YLW ZQ ,^TLY >_`OTP^  8Ld $!% !z"  [L]_TN`WL]Wd "z" #$ >PP -TL]OPL` ?SËZ]TP OP WL .ZYYLT^^LYNP P_ ;STWZ^Z[STP OP WL ;L]ZWP OLY^ WP M]LS XLYT^XP NWL^^T\`P ;L]T^ $!  !z " LYO 2ÆNS_P] 3P]XPYP`_TN^  z

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

!#

LWbLd^ L__LNS _Z ZYP LYZ_SP] LW_SZ`RS _SPd L]P ZQ LY PY_T]PWd OTQQP]PY_ YL_`]P BSL_ T^ wP_P]YLWx YT_dL LMZ`_ L bZ]O T^ []TXL]TWd _SP YPPO QZ] XPLYTYR _Z SLaP L ^Z`YO _SL_ ]PQP]^ _Z T_ LYO _SP YPPO QZ] _SP ^Z`YO _Z NZXX`YTNL_P L XPLYTYR 4Y _ST^ bLd Z`] bSZWP ]PLWT_d T^ QZ]XPO Q]ZX bZ]O^ TY bSTNS ^Z`YO LYO XPLYTYR L]P WTYVPO BP ]PNZRYTeP _SP bZ]WO ZYWd TY _SP ^_]`N_`]PO Q]LXPbZ]V ZQ _SP ^PXLY_TN QTPWO^ _SL_ L]P OP_P] XTYPO aTL X`_`LWWd WTYVPO ^TRY^ LYO ]PQP]PY_^ £VŽ_T  XPLYTYR

L]_SL

bZ]O

^LXMLYOSL

QZ]X

²LMOL

]PWL_`X £VŽ_T

ȱ

?SP WTYR`T^_^v ^PXTZ_TN _]TLYRWP ?SP `YOP]WTYPO _P]X^ NZXP Q]ZX BP^_P]Y WTYR`T^_TN^ 9Z_P _SL_ YZ NZ]]P^[ZYOTYR >LY^V]T_ _P]X NLY MP Q`WWd LWTRYPO bT_S L bZ]O L^ T_ T^ `YOP]^_ZZO SP]P 4Y^_PLO z L_ WPL^_ L^ QL] L^ _SP 8¯X£À^LVL ^d^_PX T^ NZYNP]YPO z bZ]O NZ]]PWL_P^ MP__P] bT_S _SP X`NS XZ]P OdYLXTN wWTYVx ^LXMLYOSL MP_bPPY ^Z`YO LYO XPLYTYR

?SP 8¯X£À^LVL^ OZ YZ_ OPYd _SP [Z^^TMTWT_d ZQ aL]TLYNP ZQ ^Z`YO^ LYO XPLYTYR^ M`_ ^`NS aL]TLYNP^ OZ YZ_ NSLYRP LYd_STYR LMZ`_ _SP YPNP^ ^T_d ZQ _SP ^Z`YO_STYR ]PWL_TZY^ST[ TY _SP bZ]O 4_ T^ []PNT^PWd _ST^ [L] _TN`WL] L^[PN_ _SL_ T^ NLWWPO wP_P]YLWx -PNL`^P _ST^ YPNP^^T_d PcT^_^ YZ [ZTY_ TY _TXP TY _SP ST^_Z]d ZQ WLYR`LRP NLY MP OP_P]XTYPO bSPY _SP]P bL^ YZ ^`NS ]PWL_TZY^ST[ >Z _SP ^_]TN_ WZRTNLW L]R`XPY_L_TZY ZQ _ST^ []ZZQ WPLO^ _Z _SP NZY NW`^TZY _SL_ WLYR`LRP SL^ LWbLd^ PcT^_PO ?SP 8¯X£À^LVL^ YZb RZ ZYP ^_P[ Q`]_SP] LYO [Z^_`WL_P L w[]TXZ]OTLWx WLYR`LRP z bSTNS ZQ NZ`]^P T^ >LY^V]T_ $ ?SP ML^T^ QZ] _ST^ NWLTX TY T_^ _`]Y T^ LRLTY _SP L]R`XPY_`X ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ;TP]]P>dWaLTY 1TWWTZeL_ ?SP >LY^V]T_ 7LYR`LRP% ,Y :aP]aTPb AL]LYL^T 4YOTNL & Z]TRTYLW 1]PYNS POT_TZY $$ $ []POTNL_P^ _ST^ TOPL LW]PLOd ZY _SP ZWO

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

!$

Pc ^TWPY_TZ  bSTNS T^ _d[TNLW ZQ _SP 8ÅX£À^£% _SP 4YOTLY^ OZ YZ_ VYZb ZQ LYd WLYR`LRP _SL_ T^ ZWOP] _SLY >LY^V]T_ LYO _SP]PQZ]P _SP]P T^ YZ ^`NS WLYR`LRP .ZY^P\`PY_Wd >LY^V]T_ X`^_ MP _SP Z]TRTYLW ZYP



,]PWTRTZ`^ =PWTRTZY

BT_S _SP SPW[ ZQ _SP _S]PP []ZZQ^ ZQ _SP P_P]YLW PcT^_PYNP ZQ [SZYPXP^ bZ]O^ LYO APOTN ^_L_PXPY_^ _SP P_P]YLW PcT^_PYNP ZQ _SP APOL L^ bP VYZb T_ _ZOLd SL^ MPPY OP_P]XTYPO z L_ WPL^_ TY _SP Z[TYTZY ZQ _SP 8¯X£À^LVL^ z LYO Q]ZX YZb ZY ^SZ`WO YZ WZYRP] MP OZ`M_PO APOTN ^_L_PXPY_^ XPLYTYR APOTN ^LN]TQTNTLW ]`WP^ ^`NS L^ wZQQP] `[ _SP ,RYT SZ_]Lx L]P Z]TRTYLW LYO TY_PR]LW [L]_^ ZQ bSL_ XLVP^ `[ WLYR`LRP U`^_ L^ [SZYPXP^ LYO bZ]O^ L]P ?SPd L]P LY TY_PR]LW [L]_ ZQ _ST^ bZ]WO _SPd L]P [L]_ ZQ WTQP TY T_ LYO L]P PaTOPYNP ZQ WTQP LQ_P] T_ ?Z OZ`M_ bSP_SP] ZYP ^SZ`WO ZQQP] `[ ,RYTSZ_]L _SP OLTWd RTQ_ ZQ QT]P bZ`WO MP U`^_ L^ LM^`]O L^ OZ`M_TYR bSP_SP] NZb^ PcT^_ -Z_S WTYR`T^_TN ^_L_P XPY_^ PcT^_ LYO SLaP L Q`YN_TZY TY _SP bZ]WO ZQ _SP aT^TMWP LYO TY _SP bZ]WO ZQ _SP TYaT^TMWP% _SP bZ]O NZb TY _ST^ bZ]WO LYO _SP APOTN NZX XLYOXPY_ wZQQP] `[ _SP ,RYTSZ_]Lx TY _SP Z_SP] bZ]WO 4_ MPWZYR^ _Z _SP XLUZ] L]R`XPY_^ ZQ _SP ;¼]aL8ÅX£À^£ _SL_ _SP XPLYTYR ZQ bZ]O^ `^PO TY _SP APOL LYO _SP ZYP TY NZXXZY [L]WLYNP L]P PcLN_Wd _SP ^LXP $ 3`XLY MPTYR^ ]P\`T]P YZ L`_SZ]T_d Z_SP] _SLY _SP bZ]O ZQ _SP APOL 6`X£]TWL TY [L]_TN`WL] SL^ YZ _TXP QZ] [PZ[WP bSZ QZWWZb ST^_Z]TNLW QZ`YOP]^ ZQ ]PWTRTZY^ ^`NS L^ -`OOSL Z] 8LS£a¯]L 3P NZY^TOP]^ _SP aP]d TOPL _SL_ ZXYT^NTPY_ MPTYR^ NZ`WO PcT^_ YZ XL__P] bSP_SP] _ST^ ]PQP]^ _Z RZO^ Z] PYWTRS_PYPO S`XLY MPTYR^ _Z MP T]]L_TZYLW 3P _LVP^ L ^TXTWL] aTPb ZQ _SP YZ_TZY ZQ L `YTaP]^LW N]PL_Z] RZO L^ QZ`YO TY _SP _PLNSTYR^ ZQ _SP ;`]£©L^ 6`X£]TWL ]PRL]O^ ^`NS _PLNSTYR^ L^ XP]P w[]LT^Px ^_`_T LYO w^_Z]d_PWWTYRx LYO OPaZ_P^ L WPYR_Sd OT^N`^^TZY _Z _SP WZRTNLW []ZMWPX^ ZQ LYd MPWTPQ TY LY ZXYT^NTPY_ Z]TRTYL_Z] z T]]P ^[PN_TaP ZQ bSP_SP] _SP RZO T^ `YOP]^_ZZO L^ PXMZOTPO Z] MZOTWP^^ $ BT_SZ`_ LYd M]PLV _SP OT^N`^^TZY XZaP^ ZY _Z R]LXXL] LYO WTYR`T^_TN^ 4Q ZYP L^^`XP^ L OPQTYT_TZY ZQ ]PWTRTZY L^ _SP TY_P]LN_TZY bT_S ^`[P] YL_`]LW MPTYR^ _SP ;¼]aL8ÅX£À^£ T^ []ZMLMWd _SP XZ^_ wL]PWTRTZ`^x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ R]LXXL]TLY^ 6£_d£dLYL LYO ;L_LÓULWT bSZ L^^ZNTL_P >LY^V]T_ LYO T_^ wP_P]YLW PcT^ _PYNPx bT_S _SP TOPL ZQ `YNZ]]`[_PO [P]QPN_TZY $ ±£ML]L-S£´dL  LO >¼_]L  $ 6`X£]TWL ±WZVLa£]__TVL  ^LXMLYOS£V´P[L[L]TS£]Là z" QQ ?SP OT^N`^^TZY NPY_P]^ ZY _SP APOTN N]PL_Z] RZO ;]LU£[L_T bSZ T^ SZbPaP] NWPL]Wd ^SL[PO Md ]PWTRTZ`^ MP WTPQ^ ZQ _SP 8LS£MS£]L_L LYO ;`]£©L^ ?SP^P WT_P]L_`]P^ L]P LW^Z Pc[WTNT_Wd STY_PO L_ TMTO !z!  LYO _SP ]PQ`_L_TZY TYNW`OP^ _SP >£«VSdLAPO£Y_L [Z^T_TZY TMTO #!z 

"

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

]PWTRTZY _SL_ _SP]P T^ ?SP Y`XP]Z`^ RZO^ bSZ [Z[`WL_P _SP APOTN SdXY^ SLaP LW]PLOd MPPY ^TX[Wd L]R`PO LbLd Md ±LML]L^a£XTY L^ Y` XTYZ`^ MPTYR^% w4_ T^ YZ_ _SP Q`YN_TZY ZQ _SP OPT_d _Z ^`[[Z]_ F_SP ^LN]TQTNPH _S]Z`RS T_^ QZ]X  -`_ _S]Z`RS bSL_ FOZP^ T_H _SPY F^`[[Z]_ T_H* ?SP LY^bP] T^ _S]Z`RS _SP bZ]O _SL_ T^ WTYVPO _Z T_ FTY _SP XLY_]LH 5`^_ L^ _SP ,OSaL]d` LN_^ XLY`LWWd _SP OPT_d LN_^ aP]MLWWd F_S]Z`RS T_^ YLXPH m BSL_ NZXP^ Z`_ ZQ _ST^* @W_TXL_PWd _SP ^LN]TQTNTLW QZZO SLaT^ T^ WTYVPO ZYWd _Z _SP bZ]O m M`_ m _SP XPLYTYR L]_SL ZQ _SP bZ]O T^ YZ_ T_^PWQ _SP OPT_d m ?S`^ PaP]d FYLXPH _SL_ T^ NZYYPN_PO bT_S ^LN]TQTNTLW QZZO T^ L OPT_dx $

/PT_TP^ ZYWd NZY_TY`P _Z PcT^_ L^ _SPT] YLXP^ ?SP ;¼]aL8ÅX£À^£ ]P RL]O^ APOTN XLY_]L^ TYaZNL_TZY^ LYO OP^N]T[_TZY^ ZQ _SP RZO^ OPaL_£ L^ L]_SLa£OL wWL`OL_TZY^x WT_ wPc[WLYL_Z]d [L^^LRP^x w^`[[Z]_TYR ^_L_PXPY_^x ?Pc_^ ZY RZO^ L]P WL`OL_Z]d STRSWd QTR`]L_TaP ^[PPNS LYO LWbLd^ Q`YN_TZYLW ?SPd ^P]aP _SP ^LN]TQTNP Md P`WZRTeTYR LYO ^`[[Z]_ TYR T_ ±LML]L^a£XTY OPQTYP^ OPaL_£ L^ L ]PWL_TaP _P]X bT_S []PNT^P []LN _TNLW L[[WTNL_TZY ?SP NSZTNP ZQ _SP OPT_dv^ YLXP TY _SP ZQQP]L_Z]d QZ] X`WL T^ YZ_ ]LYOZX M`_ OP[PYOPY_ ZY _SP ]T_`LW NZY_Pc_ LYO Pc[]P^^TaP ZQ _SP OP^T]PO RZLW $ 6`X£]TWL LYO WL_P] NZXXPY_L_Z]^ ^`RRP^_ ]L_SP] MW`Y_ Q`YN_TZYLW OPQTYT_TZY^% w?SL_ bSTNS T^ PYUZTYPO QZ] _SP ^LVP ZQ ^ZXP_STYR T^ T_^ OPaL_£x $ ?SP RZO^ L]P NZ`Y_PO LXZYR _SP wTY^_]` XPY_^x ZQ ]T_`LW LN_TZY WTVP ]TNP QT]PbZZO LYO NSLY_TYR bSTNS SPW[ _Z M]TYR LMZ`_ _SP ]P^`W_ $! ?SP RZO^ OZ YZ_ MP^_Zb _SP Q]`T_^ L^ L _SPT^_ bZ`WO SZWO M`_ ]L_SP] _SP LN_ ZQ ZQQP]TYR T_^PWQ RPYP]L_P^ ^ZXP_STYR PY_T]PWd YPb ±LML]L^a£XTY SPLaTWd ZMUPN_^ _Z _SP TOPL ZQ PXMZOTPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ OPaL_£d£² NL dLUÓL^£OSLYLMS£aP YL ]¼[P©L MSLaL_T g VPYL _L]ST g ^LXMLYOSTY£ ²LM OPYL g dL_S£ LOSaL]d`] SL^_£MSd£X `[LVL]Z_T PaLÀ OPaL_£ ²LMOPYZ[LVL]Z_T g  g VTX _L]ST g ²LMOL PaL SLaT´£ ^LÀMLOSdL_P g _L_^LÀMLYOS£O L]_SZ u[T OPaL_£ MSLaT´dL_T g  g 4SL _` ²LMOL PaL V£]dLÀ ^LÀMSLaL_T g _L^X£Y Y£]_SL[]L_d£dLY£]_Là ²LMOL T_T g g YLYa PaLÀ PaL OPaL_£ []£[YZ_T g  ±£ML]L-S£´dL  TY 8¯X£À^£OL]²LYL  aZW A4 # z #& z#& z $ 1Z] Q`]_SP] ]PQP]PYNP^ ^PP LW^Z Z`] OT^N`^^TZY ZQ 6`X£]TWL MPWZb LYO .WZZYPd wBSL_v^ L RZO*x   .WZZYPdv^ L]_TNWP T^ L R]PL_ ^Z`]NP ZY _SP ^`MUPN_ ZQ OPaL_£% SP OT^N`^^P^ _SP ;¼]aL8¯X£À^£ >¼_]L^ $z& !"z#& $!z&  LYO ±L ML]Lv^ LYO 6`X£]TWLv^ TY_P][]P_L_TZY MZ_S _]LY^ Md 5SL LYO WL_P] NZXXPY_L]TP^ .ZY_Pc_`LW ]PWL_TaT_d LYO RZLWZ]TPY_PO L[[WTNL_TZY ZQ _SP OPT_TP^v YLXP^ L[[PL]^ _Z MP L NZXXZY [L__P]Y bT_STY _SP Z]_SZOZc APOL ]PNP[_TZY ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  " [ZTY_^ Z`_ _SL_ PaPY TQ _SP ^LXP XLY_]L T^ `^PO _SP TYaZNL_TZY QZ]X`WL XLd NSLYRP OP[PYOTYR ZY _SP RZLW Z] wQ]LXPx 1Z] TY^_LYNP TQ L[[WTPO TY L XL]]TLRP ]T_P bSTNS P^_LMWT^SP^ L ]PWL_TZY^ST[ MP_bPPY S`^MLYO LYO bTQP _SP N]PL_Z] RZO ;]LU£[L_T T^ TYaZVPO z bSTNS T^ aP]d L[[]Z[]TL_P ]PRL]OTYR _SP RZLW ZQ []ZO`NTYR []ZRPYd 4Q _SP ^LXP XLY_]L T^ L[[WTPO _Z P^_LMWT^S L ]PWL_TZY MP_bPPY []PNP[_Z] LYO [`[TW _SP []TP^_ RZO -šSL^[L_T _SP 7Z]O ZQ PWZ\`PYNP bTWW MP `^PO $ ;£]_SL^£]L_ST 8T²]L _S NPY_ \`Z_PO Md .WZZYPd wBSL_v^ L RZO*x "& ^PP LW^Z " w_SL_ bSTNS T^ PYUZTYPO QZ] ^ZXP [`][Z^P T^ OPaL_£x $! >PP LW^Z .WZZYPd wBSL_v^ L RZO*x  

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

"

RZO^ bSZ SLaP TY_PWWTRPYNP LYO LN_ WTVP S`XLY LRPY_^ $" 3P ^_]TN_Wd OPYTP^ _SPT] SLaTYR PL_TYR SLMT_^ LYO MPTYR [WPL^PO Md ZQQP]TYR^ z L^ _PX[WP []TP^_^ bZ`WO _STYV bSZ L]P LN_`LWWd [WPL^TYR _SPX^PWaP^ TY ^_PLO 9Z LN_`LW PcT^_PYNP T^ YPNP^^L]d bSPY _SP APOL ^[PLV^ ZQ MZO TP^ SLYO^ L]X^ PdP^ LYO WTXM^ >`NS ^_L_PXPY_^ ^SZ`WO MP _LVPY L^ YL]]L_TaP OPaTNP^ QZ] _SP RZO^ _Z MPNZXP LOO]P^^PP^ ?SPT] TYaZNL_TZY^ M]TYR _SPX TY_Z MPTYR BSTWP ±LML]L [Z^_`WL_P^ _SL_ T_ T^ YZ_ _SP XL_P ]TLW QZ]X ZQ OPaL_£ M`_ T_^ aP]MLW QZ]X _SL_ SPW[^ LNNZX[WT^S _SP ^LN]T QTNP 6`X£]TWL Pc[WLTY^% w?SL_ ZMUPN_ ZQ ]PQP]PYNP L]_SL bSTNS T^ `_ _P]PO Md _SP _Pc_ Pc[]P^^TaP FZQ T_H T^ []Z[Z`YOPO L^ OPaL_£ YZ_ LYd_STYR PW^Px LYO WL_P] NZXXPY_L_Z]^ ]P^_L_P _SP ^LXP L]R`XPY_ ;£]_SL^£]L_ST 8T²]L _S NPY_ [Z^_`WL_P^% w?SL_ _SP OPaL_£ T^ TY LY TYSP]PY_ ]PWL_TZY _Z _SP ]T_`LW T^ O`P YZ_ _Z T_^ []Z[P] YL_`]P M`_ ]L_SP] _Z _SP bZ]O FOP^TRYL_TYR T_Hx $# LYO 6SL©“LOPaL "_S NPY_ ]P QZ]X`WL_P^% wBP ^Ld _SL_ OPaL_£ T^ _SP ZMUPN_ ZQ _SP `__P]LYNP ZQ L bZ]O _SL_ T^ PYUZTYPO L_ _SP _TXP ZQ ^LN]TQTNP >Z _SP ]PQP]PY_ TY T_^PWQ T^ _SP OPaL_£x $$ ,^ bP NLY ^PP _SP]P T^ SL]OWd LYd QZ]X ZQ XZOP]YT^X _SL_ _SP 8ÅX£À^£ NZ`WO YZ_ _]`X[ TY T_^ ZbY bLd .ZY^_]`N_TaT^X LYO YZXTYLW T^X L[[PL] _Z MP QLXTWTL] _Z _SPX ?SP _S`YOP]TYR NWZ`ONZb LYO _SP [ZbP]Q`WWd ]ZL]TYR -ŽSL^[L_T L]P YZb XP]P _Pc_`LW TY^_LYNP^ bT_S ]T_`LW L[[WTNL_TZY z TP []PNT^PWd bSL_ 1]T_^ >_LLW LWbLd^ ]PRL]OPO _SPX  @W _TXL_PWd _SP \`P^_TZY ZQ _SP ^PY^P LYO XPLYTYR ZQ TYOTaTO`LW PWPXPY_^ ZQ _SP ^LN]TQTNP MPNZXP^ ^`[P]QW`Z`^ :YWd _SP Q`YN_TZYLW L^[PN_ ZQ _SP ]T_`LW TY_P]P^_^ _SP 8ÅX£À^£ ;]PNT^P LOSP]PYNP _Z _SP ]`WP^ SL^ _Z[ []TZ]T_d ?SP ^N]T[_ T^ ^`QQTNTPY_ Md T_^PWQ 4_ OZP^ YZ_ SLaP _Z MP QTWWPO bT_S XPLYTYR MPNL`^P U`^_ VYZbTYR _SP ^P\`PYNP ZQ LN_TZY^ TY _SP ]T_ `LW T^ PYZ`RS ?ST^ NZY^NTZ`^ QZ]PRZTYR ZQ XPLYTYR T^ LN_`LWWd ZYWd Pc[WLTYPO TQ ZYP VPP[^ TY XTYO _SP [Z^_`WL_P ZQ _SP LM^ZW`_PWd wTYaT^TMWPx OTXPY^TZY bSTNS LWW ]T_`LW^ LTX QZ] ?SP ZYWd _STYR _SL_ T^ TX[Z]_LY_ _SP]PQZ]P T^ _SP _Pc_^ Z] NZXXLYOXPY_^ _SL_ OTN_L_P _SP LN_TZY^ ?Pc_^ _SL_ TY_P][]P_ ^`NS L^ _SP @[LYT´LO^ L]P Q`YN_TZYLWWd ^`MZ]OTYL_PO _Z _SP TY^_]`N_TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $" ±£ML]L-S£´dL  LO >¼_]L^ z#&  LO >¼_]L^ z& $ LO >¼_]L^ z /Pa£OSTVL]L©L ±LML]Lv^ OPYTLW ZQ LYd LY_S]Z[ZXZ][STN _]LT_^ T^ aP]d X`NS TY VPP[TYR bT_S _SP LYTNZYTN YL_`]P ZQ APOTN OPT_TP^ TY NZY_]L^_ _Z _SP TNZYTN OPT_TP^ ZQ NWL^^TNLW 3TYO`T^X bSZ L]P ^PPY Y`]_`]PO LYO WZaPO >PP .SL]WP^ 8LWLXZ`O .ZZV TYR _SP BZ]WO% =T_`LW LYO ?SZ`RS_ TY ,YNTPY_ 4YOTL /PWST% :cQZ]O @YTaP]^T_d ;]P^^ $$! "z  bSZ NZXXPY_^ ZY WL_P APOTN ]PWTRTZY% _SP RZO ;]LU£[L_T T^ YZ_ L [P] ^ZY& SP T^ _SP dPL] LYO _SP [TWPO `[ LW_L]& SP T^ NZY^_]`N_PO Md _SP ^`X _Z_LW ZQ ]T_`LW LN_^& _SP ]Sd_SX^ ZQ APOTN [ZP_]d NZY^_T_`_P ST^ wMZOdx TMTO  #  $# ¼_]L LYO ATOS£YL WT_P]L_`]P LYO ^_]P^^P^ _SP ]ZWP ZQ TXLRTYL_TZY LYO XP_ZYdXTN L^^ZNTL_TZY^ _SL_ WTYV _SP XLY_]TN TXLRP ZQ RZO^ _Z ]T_`LW LN_TZY z XZOP]Y `^LRP XLd PaPY TYaZWaP [SZ_ZR]L[S^ ZQ OPT_TP^ WTVP >¼]dL Z] >L]L^aL_¯  ;L__ZY L]R`P^% w4Q .WZZYPd T^ ]TRS_ _SPY PaPY L []TXL]TWd aP]MLW aTPb ZQ OPaL_£ ^_TWW WPLaP^ ]ZZX QZ] _SP TOPL _SL_ L XPY_LW TXLRP []ZO`NPO Md WLYR`LRP NLY MP U`c_L[Z^PO _Z m Z_SP] TY^_]`XPY_^ ZQ _SP ]T_`LW TY Z]OP] _Z SPW[ _SP ]T_`LW []ZNPPO PQQPN_TaPWd ?ST^ T^ PcLN_Wd bSL_ ZNN`]^ TY APOTN XP_ZY dXdx  8Z]PZaP] ;L__ZY ^`RRP^_^% w±LML]L PX[SL^TeP^ _SP WTYR`T^_TN ML^T^ ZQ _SP OPaL_£ L^ L _ZZW TY _SP ^LN]TQTNP& T_^ ^_L_`^ L^ L bZ]O T^ _SP ZYWd _STYR _SL_ SPW[^ bT_S _SP WL]RP] RZLW m 3ZbPaP] ±LML]L OZP^ YZ_ PcNW`OP _SP \`P^_TZY ZQ XPLYTYR LYO Pc_P]YLW ]PQP]PYNP PY_T]PWd& SP L]R`P^ TY PQQPN_ _SL_ [L]_ ZQ _SP PQQTNLNd ZQ _SP bZ]O T^ ^_TWW ML^PO ZY _SP QLN_ _SL_ T_ OZP^ SLaP XPLYTYR TY ]PWTLYNP ZY _SP bZ]Ov^ ]PQP]PY_ m F:H]RLYTeTYR _SP ^LN]TQTNP LWZYR WTYR`T^_TN WTYP^ 8ÅX£À^£ _STYVP]^ X`^_ XTYTXTeP M`_ YZ_ PY_T]PWd PcNW`OP _SP Pc_]LWTYR`T^_TN [Z^^TMTWT_d bT_STY _SPT] ^d^_PX ^`NS L^ NZY^TOP]L_TZY^ ZQ _SP ]PLWT_d ZQ _SP RZO^ _SL_ L]P TYaZVPO /PaL_£^ NLY YPaP] MP uU`^_ L bZ]Ov& _SPd X`^_ MP []T XL]TWd L bZ]Ox ! ?SP TY_P][]P_L_TZY T^ NZX[PWWTYR z L_ WPL^_ QZ] L OPQTYT_TZY ZQ ]PWTR TZY ML^PO ZY ^`[P]YL_`]LW LN_Z]^ ;L__ZY ^_]ZYRWd ]PWTP^ ZY NZRYT_TaP _SPZ]TP^ ZQ ]PWTRTZY _SL_ OPQTYP ]PWTRTZY TY L ^`M^_LY_TLWT^_ XLYYP] L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP .WZZYPd wBSL_v^ L RZO*x "z#  .WZZYPdv^ LYLWd^T^ T^ z `[ZY L NWZ^P] WZZV z XZ]P NZX[L_TMWP bT_S Z`]^ _SLY ;L__ZYv^ ^`XXL]d ZQ ST^ _SP^T^ TY -]TYRTYR _SP 2ZO^ _Z 8TYO  "z"  .WZZYPd wBSL_v^ L RZO*x  z $& "z" >PP LW^Z ST^ PcLX[WP^ ZQ 8¯X£À^£ OT^N`^^TZY^ ZQ ®²aL]L LYO -]LSXLY TMTO ""z"$ bSTNS L]P SZbPaP] ZQ L X`NS WL_P] OL_P _SLY 6`X£]TWL LYO TWW`^_]L_P L R]ZbTYR _SPT^X LYO wOPaZ_TZYLWTeL_TZYx bT_STY _SP 8¯X£À^£ N]PPO  ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  z "  ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  " ! ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  "

"

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

MPWTPQ TY ^`[P]S`XLY LN_Z]^ z X`NS WTVP _SP YTYP_PPY_S NPY_`]d LY_S]Z [ZWZRT^_ 0ObL]O -`]YP__ ?dWZ] z M`_ ^`M^_LY_TL_PO Md PX[T]TNLW OL_L LYO R]PL_ ^NTPY_TQTN ^Z[ST^_TNL_TZY ?ST^ OPQTYT_TZY SZbPaP] XLd MP _ZZ YL]]Zb LYO L Q`YN_TZYLW ZYP XLd [Z^^TMWd QT_ TY MP__P] bT_S _SP ]PWTRTZ`^ ^_dWP ZQ _SP 8¯X£À^LVL^ ZQ _SP .ZXXZY 0]L ?SP]P T^ YZ ]PLW YPPO _Z [Z^_`WL_P _SP RZO^v ]PLWT_d TY _SP ^PY^P ZQ ]PLWbZ]WO PY_T_TP^ @YWP^^ bP [Z^T_ []TaL_P MPWTPQ^ LYO []LN_TNP^ _SL_ PcNPPO _SP b]T__PY ^Z`]NP^ LYO ^_TNV NWZ^PWd ZYWd _Z _SP _Pc_ XL_P]TLW bP NLY ]PNZY^_]`N_ L OTQQP]PY_ ]PWTRTZ`^ ^_dWP bSTNS T^ YZ_ TY _SP WPL^_ NZX[PWWTYR% L ^ZMP] ]T_`LW []LR XL_T^X ML^PO ZY _SP [ZbP] ZQ WLYR`LRP LYO LY `Y^[PN`WL_TaP ]L_TZYLW T^X _SL_ ]TRZ]Z`^Wd \`P^_TZY^ _SP PcT^_PYNP ZQ RZO^ Z`_^TOP _SP ]T_`LW 4YOPPO _SP RZO^ TYaZVPO L]P ]PLW ]PQP]PY_^ LYO ^`[[Z]_ ]T_`LW PQQTNLNd -`_ Z`] [ZTY_ T^ _SL_ _SPd L]P ]PLW ]PQP]PY_^ PaPY bT_SZ`_ MPTYR wZ`_ _SP]Px TY ^ZXP Pc_]LWTYR`T^_TN ^[SP]P ?SPd L]P ]PLW L^ ]PQP]PY_^ ?SP YL_`]P ZQ WLYR`LRP T^ ^`NS _SL_ ]PQP]PYNP LYO ]PLWT_d L]P LXMTR`Z`^ _P]X^% bZ]O^ XLd OPYZ_P ZY_ZWZRTNLW ]PLWT_TP^ TP ]PLWbZ]WO PY_T_TP^ M`_ bZ]O^ NLY LW^Z PaZVP XP]P NZYNP[_`LW ]PLWT_TP^ TP XPY_LW PY_T_TP^ BSTWP _SP [Z[`WL] MPWTPQ TY RZO^ T^ ML^PO ZY _SP QT]^_ [Z^^TMTWT_d _SP 8¯X£À^LVL^ ^PPX _Z MP TY QLaZ] ZQ _SP WL__P] .P]_LTYWd bZ]O^ []ZO`NP XPY_LW TXLRP^ M`_ .WZZYPd LYO ;L__ZY OZ YZ_ _LVP TY_Z LNNZ`Y_ _SP ]PLWT_d ZQ NZYNP[_`LW PY_T_TP^ 4Y _ST^ ^PY^P TYOPPO _SP OPaL_£^ NLY YPaP] MP wU`^_ L bZ]Ox LW_SZ`RS _SPd X`^_ MP []TXL]TWd L bZ]O ?SP bZ]O^ PaZVP NZYNP[_`LW PY_T_TP^ LYO _Z wPYWTaPYx _SP XPY_LW TXLRP^ XLd [Z^^TMWd TYaZWaP XPOT_L_TaP aT^`LWTeTYR []LN_TNP^ L^ ;L__ZY ^PPX^ _Z ^`RRP^_ 3ZbPaP] TY _SP b]T__PY ^Z`]NP^ bP QTYO YZ ]T_`LW L[[WTNL _TZY^ _SL_ TYaZWaP LN_TaPWd wTXLRTYTYR _SP RZO^x " ?SP]P L]P QTR`]L_TaP z XP_L[SZ]TNLW Z] XP_ZYdXTN z TY_P][]P_L_TZY^ M`_ _SP]P T^ YZ XPY_TZY ZQ aT^`LWTeTYR _PNSYT\`P^ TY NZY_]L^_ _Z ?LY_]TN _]LOT_TZY^ Z] XPOT_L _TaP []LN_TNP^ TY NZY_]L^_ _Z NP]_LTY ^NSZZW^ ZQ APO£Y_L 1]ZX _SP QTQ_S NPY_`]d ±LML]L _Z _SP ^PaPY_PPY_S NPY_`]d ,YLY_LOPaL bP QTYO _SP TOPL _SL_ _SP RZO^ L]P wNZY_]TM`_Z]d _Z _SP ]T_`LW LN_TZYx # M`_ YZbSP]P OZ bP QTYO L NWPL] STY_ LMZ`_ _SPT] PcT^_PYNP Z] LMZ`_ L MPWTPQ TY ^`[P]YL_` ]LW MPTYR^ ?SP ML^TN 8ÅX£À^£ [Z^T_TZY ^PPX^ _Z MP _SL_ _SP bZ]O RTaP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,W_SZ`RS _SP _P]X MS£aLYL  wM]TYRTYR TY_Z PcT^_PYNPx T^ `^PO bSTNS XLd Z_SP]bT^P ]PQP] _Z LN_TaP wTXLRTYL_TZYx TP XPY_LW LN_TaT_d aT^`LWTeTYR XPOT_L_TZY _SP 8¯X£À^LVL^ ^TX[Wd `YOP]^_LYO T_ L^ wPQQPN_TYRx LYO ]PWL_P T_ _Z aP]M^ Pc[]P^^TYR LY LN_TaT_d bSTNS wPQQPN_^x ^ZXP_STYR bSTNS SL^ YZ_ MPPY _SP]P MPQZ]P 6`X£]TWLv^ RWZ^^ ZY MS£aLY£ ±WZVLa£]__TVL a£Vd£OSTVL]L©LX #z OZP^ YZ_ ^[PLV ZQ RZO^ M`_ ^ZWPWd ZQ ^aL]RL TYU`YN_TZY^ LYO []ZSTMT_TZY^ WTYR`T^_TN^ >PP LW^Z 2ÆNS_P]v^ OT^ N`^^TZY ZY ±LML]L LYO ±£ML]L-S£´dL  TY 3P]XPYP`_TN^ LYO 7LYR`LRP z 2ÆNS_P] _]LY^WL_P^ MS£aLY£ L^ wPQQTNTPY_ QZ]NPx Pc[]P^^PO Md aP]M^ LYO OT^NP]Y^ L YL]]Zb NZYYPc _Z SPLaPY LYO L[¼]aL # ,YLY_LOPaL 44 \`Z_PO Md .WZZYPd wBSL_v^ L RZO*x "

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

"

_SP RZO^ _SPT] MPTYR LYO _SP ^LN]TQTNP ^SL[P^ _SPX $ ?SP RZO^ L]P ]PLWWd []P^PY_ TY _SP ^LN]TQTNP _S]Z`RS _SPT] YLXP^ OP^N]T[_TZY^ LYO XLY_]L^ ,YO _SPd X`^_ MP _SP]P ^TYNP _SPd L]P YPPOPO L^ [P]QZ]XL_TaP ^[PPNS _Z ^P]aP L^ aPSTNWP^ ZQ ZMWL_TZY LYO Pc[]P^^ _SP OP^T]PO RZLW ?SP YLXP^ LYO XLY_]L^ PXMZOd _SPX LYPb TY PLNS ^[PNTQTN ]T_`LW ^P__TYR :Y _SP ZYP SLYO T_ T^ _]`P _SL_ _SP XLY_]L^ OP^N]T[_TZY^ LYO ZQQP]L _Z]d QZ]X`WL^ bT_S _SP OPT_dv^ YLXP ^P]aP L^ TX[Z]_LY_ XZ_TaL_Z]^ ?ST^ T^ PcLN_Wd 6`X£]TWLv^ [Z^T_TZY  bSZ NZY_PYO^ ^`NS L^^P]_TZY^ SLaP _SP `^PQ`W [`][Z^P ZQ [P]^`L^TZY LYO ]PYOP] _SP TYU`YN_TZY^ L__]LN_TaP :Y _SP Z_SP] SLYO ST^ TY_P][]P_L_TZY ZQ ^`NS [L^^LRP^ T^ ^_]TN_Wd Q`YN_TZYLW LYO ZQ_PY XP]PWd QTR`]L_TaP ?SP RZO^ L]P LWbLd^ ]PWL_PO _Z L ]T_`LW LN_ LYO SLaP SP]P LYO ZYWd SP]P L Q`YN_TZY ?SPT] TXLRP SPW[^ _Z Pc[WLTY _SP ^LN]TQTNP XLVP _SZ^P []P^PY_ LbL]P ZQ T_^ R]PL_YP^^ LYO WL`O T_^ ]P^`W_^ 1Z] TY^_LYNP L ^_L_PXPY_ WTVP wbTYO a£d` T^ _SP ^bTQ_P^_ OPT_dx T^ YZ_ ^PPY L^ L ^_L_PXPY_ LMZ`_ _SP RZO A£d`v^ YL_`]P M`_ L^ WLTO OZbY _Z LNNZX[WT^S ^ZXP_STYR ]PRL]OTYR _SP TYU`YN_TZY ?SP ^_L_PXPY_ T^ STRSWd XPLYTYRQ`W MPNL`^P T_^ Q`YN_TZY T^ LNNZ]OTYR _Z 6`X£]TWL _Z NZXX`YTNL_P _SL_ _SP ^LN]TQTNP bSTNS T^ ZQQP]PO _Z L ^bTQ_ OPT_d bTWW LWbLd^ LNNZX[WT^S ^bTQ_ ]P^`W_^ ?ST^ T^ []PNT^PWd bSL_ ;L__ZY _P]X^ wXP_ZYdXdx 6`X£]TWL ^[PLV^ ZQ L ^PNZYOL]d Z] wTX[WTPO XPLYTYRx 3P ]L_TZYLWTeP^ _SP LYNTPY_ TOPL ZQ Xd_STNLW ^`M^_LYNP^ TP _SP TOPL _SL_ _SP OPT_TP^ ^`NS L^ _SP PWPXPY_LW RZO A£d` L]P YZ_ [P]^ZY^ 1Z] 6`X£]TWL _SP PWPXPY_ bTYO MPNZXP^ L OPT_d TY _SP ^LN]TQTNP MPNL`^P ZQ T_^ \`LWT_d ZQ ^bTQ_YP^^ 4Y _SP ^_L_PXPY_ wbTYO T^ _SP ^bTQ_P^_ OPT_dx ^ZXP_STYR T^ NZXX`YTNL_PO LMZ`_ _SP aP]d YL_`]P ZQ ^LN]TQTNP T_^PWQ YLXPWd T_^ PQQTNTPYNd LYO PcNPWWPYNP ?SP OP^N]T[_TZY wA£d` T^ _SP ^bTQ_P^_ OPT_dx T^ _SP]PQZ]P NWPL]Wd YPPOPO QZ] _SP TYU`YN_TZY LYO ^SZ`WO MP ]PNZRYTePO L^ SPW[TYR _SP LNNZX[WT^SXPY_ ZQ _SP ^LN]TQTNP]v^ [`] [Z^P ,NNZ]OTYR _Z 6`X£]TWL _SP]P T^ LWbLd^ X`_`LW OP[PYOPYNP ZQ _SP ,]_SLa£OL LYO _SP PcNPWWPYNP ZQ _SP ]T_P LYO ^_L_PXPY_^ LMZ`_ OPT_TP^ L]P ]P\`T]PO _Z TYOTNL_P _SP WL__P] -`_ ^`NS ^_L_PXPY_^ NLYYZ_ Pc[]P^^ LYd_STYR Z_SP] _SLY _SP PcNPWWPYNP ZQ ^LN]TQTNP LYO ^dXMZWTNLWWd STY_ L_ _SP LNNZX[WT^SXPY_ ZQ L NSP]T^SPO PYO ?SP TYU`YN_TZY^ PYUZTYPO L]P LWbLd^ ZQ []TXL]d TX[Z]_LYNP LYO _SPd L]P XLOP P\`LWWd L__]LN_TaP LYO PcNPWWPY_ Md _SP ,]_SLa£OL [L^^LRP^ -`_ _SP]P T^ LY LM^ZW`_P OTQQP]PYNP MP_bPPY _SP _bZ _SP TYU`YN_TZY^ MPTYR _SL_ bSTNS T^ _Z MP SPW[PO Md []LT^P LYO _SP ,]_SLa£OL _SL_ bSTNS SPW[^ 4_ T^ TXXL_P]TLW bSP_SP] _SP OP^N]T[_TZY ZQ L RZO T^ QLW^P Z] YZ_ MPNL`^P PT_SP] bLd T_ ^`[[Z]_^ _SP ^LN]TQTNP Md T_^ WL`OL_Z]d Q`YN_TZY 7TVP _SP L]_SLa£OL [L^^LRP^ XLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 8LWLXZ`O .ZZVTYR _SP BZ]WO    1Z] _SP QZWWZbTYR ^PP 6`X£]TWL ?LY_]LaL]__TVL  LO >¼_]L " _]LY^ 5SL z!

"!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

_]L^  _ZZ L]P ^`MZ]OTYL_P 6`X£]TWLv^ ?LY_]La£]__TVL NZY_LTY^ L OT^N`^ ^TZY ZY _SP XPLYTYR Z] XPLYTYRWP^^YP^^ ZQ XLY_]L^ _SP QTYLW [Z^T_TZY MPTYR _SL_ _SPd SLaP XPLYTYR TY _P]X^ ZQ _SPT] wTYOTNL_TaP [ZbP]x WT«RL LYO L`cTWTL]d Q`YN_TZY  ?SP XLY_]L^ L]P []LT^TYR LN_^ L^ bPWW :YWd bSPY LOOPO _Z _SP [Sd^TNLW ]T_`LW [P]QZ]XLYNP bSTNS TYNW`OP^ LN_TaT_TP^ ^`NS L^ _S]P^STYR LYO [Z`YOTYR NZ]Y _Z XLVP _SP ^LN]TQTNTLW NLVP P_N bTWW _SP ]T_P M]TYR _SP MP^_ ]P^`W_^ 9Z XLY_]L LYO YZ OP^N]T[ _TZY T^ XPLYTYRWP^^ Z] `^PWP^^ ,W_SZ`RS L ^_L_PXPY_ ^`NS L^ w;]LU£[L_T N`_ Z`_ ST^ ZbY QL_ LYO [`_ T_ TY_Z _SP ^LN]TQTNPx X`^_ MP U`ORPO _Z MP WT_P]LWWd QLW^P _SP]P T^ L _]`P XP_L[SZ]TN NZY_PY_ bSTNS NLY MP QTR`]PO Z`_ Md WTYR`T^_TN LYLWd^T^ P_dXZWZRd _SP ^TXTWL]T_d ZQ aP]MLW ^Z`YO^ P_N  6`X£]TWL TY_P][]P_^ T_ TY ^PaP]LW bLd^ PR ;]LU£[L_T MPTYR _SP PWPXPY_^ L^ _SP^P ^`[[Z]_ [£Y_T _SP WTaTYR MPTYR^ []LUÓ£à & LYO _SP QL_ OPYZ_TYR _SP TYYP]XZ^_ P^^PYNP ZQ _SP^P PWPXPY_^ P_N 0aPY _SZ`RS TY 6`X£]TWLv^ PcPRP^T^ _SP RZO^ ^PPX _Z QLOP TY_Z LWWPRZ]TP^ SP PX[SL ^TeP^ _SL_ _SP]P T^ LWbLd^ L ]PLW ^`M^_]L_`X ?ST^ ^`M^_]L_`X T^ L ZMaT Z`^Wd YZ_ L [P]^ZY M`_ L XPY_LW ]PLWT_d 4Y^_PLO ZQ PXMZOTPO RZO^ ^`[P]S`XLY LN_Z]^ Z] ZXYT^NTPY_ MPTYR^ _SP 8¯X£À^LVL^ PX[SL^TeP _SP N]PL_TaP ]ZWP ZQ WLYR`LRP LYO ]T_`LW LN_TZY BZ]O^ SLaP _SP NL[LNT_d _Z []ZO`NP L wXPY_LW TXLRPx bSTNS T^ L [ZbP]Q`W LTO TY ]T_P^ ?SP RZO^ L]P NZYNP[_`LW PY_T_TP^ bT_SZ`_ bSZX YZ ^LN]TQTNP NLY _LVP [WLNP ?SP ZMWL_TZY T^ ZQQP]PO _Z _SPX 3ZbPaP] T_ T^ XZ^_ N]`NTLW QZ] _SP 8¯X£À^LVL^ _SL_ T_ T^ YZ_ _SP RZO^ bSZ MP^_Zb _SP ]P^`W_^ ZQ _SP ^LN]TQTNP M`_ ]L_SP] _SP [ZbP] ZQ _SP ]T_P T_^PWQ ?Z L^^`XP _SP OPT_TP^ _Z MP []ZaTOP]^ TP L^ LN_TaP PYRLRPO MPTYR^ bZ`WO MP LY `YYPNP^^L]d NZX[WTNL_TZY  BP ]PNLWW _SP TOPL _SL_ _SP ^LN]TQTNTLW LN _TZY T_^PWQ RPYP]L_P^ LY TYaT^TMWP N]PL_TaP QZ]NP _SL_ M]TYR^ LMZ`_ PQQPN_^ _SL_ bP]P YPT_SP] VYZbY YZ] SLaP PcT^_PO MPQZ]P L[¼]aL  ,[¼]aL NLY YZ_ MP [P]NPTaPO YZ] ^[ZVPY ZQ YZ] aP]TQTPO YZ] []ZaPO 4_ T^ XZ^_ WT_P]LWWd LY `YVYZbY [ZbP] _SL_ NLY ZYWd MP Pc[]P^^PO YPRL_TaPWd% L [¼]aL YZ_ [¼]aL YZ_ SLaTYR MPPY _SP]P MPQZ]P -`_ ^`NS LY L[¼]aL [ZbP] X`^_ MP ]L_TZYLWWd L^^`XPO MPNL`^P Z_SP]bT^P _SP]P bZ`WO MP WT__WP ^PY^P TY _SP APOTN TYU`YN_TZY^ _SL_ PYUZTY ]T_`LW LN_TZY^ QZ] ^`NS LYO ^`NS L RZLW PR w/P^T]Z`^ ZQ SPLaPY ZYP ^SZ`WO ^LN]TQTNPx ,N ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  6`X£]TWL ?LY_]La£]__TVL  LO >¼_]L^ z  ,NNZ]OTYR _Z 6`X£]TWL _SP]P T^ YZ PaTOPYNP z YPT_SP] TY _SP APOL YZ] TY Z]OTYL]d Pc[P]TPYNP z _SL_ _SP XLY_]L^ _SPX ^PWaP^ M]TYR LYd ^`[P]YL_`]LW ]P^`W_  6`X£]TWL ?LY_]La£]__TVL  LO >¼_]L  _]LY^ 5SL aZW  z  ,_ QT]^_ ]PLO TYR T_ L[[PL]^ _SL_ 6`X£]TWL LNNP[_^ TY _ST^ [L^^LRP _SP TOPL ZQ ;]LU£[L_T SLaTYR N]P L_PO _SP bZ]WO Md ST^ ^PWQXZ]_TQTNL_TZY M`_ _LVP^ _SP APOTN OP^N]T[_TZY L^ L P`WZRd _Z _SP [ZbP] ZQ ^LN]TQTNP bSTNS NLY []ZO`NP TXXPOTL_P ]P^`W_^ 3T^ `W_TXL_P [Z^T_TZY T^ _SL_ _SP OP^N]T[_TZY T^ WT_P]LWWd QLW^P M`_ SL^ L XP_L[SZ]TN NZY_PY_  >PP LW^Z .WZZYPdv^ \`Z_L_TZY^ LYO OT^N`^^TZY TY wBSL_v^ L RZO*x   "

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

""

NZ]OTYR _Z _SP 8ÅX£À^£ _SP ^LN]TQTNTLW ]T_P RPYP]L_P^ ^ZXP_STYR NZX [WP_PWd YPb% _SP L[¼]aL [ZbP] LYO T_^ MPYPQTNTLW PQQPN_^ ^`NS L^ LY `Y_]Z`MWPO UZ`]YPd L SPLW_Sd WTQP LYO SPLaPY 6`X£]TWL ]PXL]V^ _SL_ YZ_ PaPY L QZZW bTWW LN_ bT_SZ`_ [`][Z^P 1Z] _ST^ [^dNSZWZRTNLW Pc[PN _LYNd _Z MP ^L_T^QTPO SP ^`RRP^_^ _SP _P]X ^aL]RLV£XL wMd ZYP OP^T] Z`^ ZQ SPLaPYx _Z MP LOOPO _Z _SP TYU`YN_TZY w_SP AT²aLUT_ ^LN]TQTNP T^ _Z MP [P]QZ]XPOx aT²aLUT_£ dLUP_L   6`X£]TWL NLY ^`RRP^_ _ST^ MZWO LOOT_TZY MPNL`^P ZQ ST^ RPYP]LW WLYR`LRP _SPZ]d BZ]O^ N]PL_P X`_`LW Pc[PN_LYNd% aP]MLW NZX[]PSPY^TZY T^ [Z^^TMWP ZYWd Q]ZX ^dY_LN_TNLWWd NZX[WP_P ^PY_PYNP^ LYO T^ _SP]PQZ]P YPNP^^L]d _Z ^`[[Wd ZXT__PO bZ]O^ Z] ZXT__PO XPLYTYR LNNZ]OTYR _Z ;]LMS£VL]L _Z XLVP ^PY^P ZQ ^_L_P XPY_^ 4Y PaP]dOLd NZYaP]^L_TZY bSPY SPL]TYR LY TYNZX[WP_P ^PY_PYNP ^`NS L^ wz_SP OZZ]x PaP]dMZOd bTWW `YOP]^_LYO LWZYR bT_S T_ ^ZXP aP]M WTVP wZ[PYx Z] wNWZ^Px _Z QZ]X L ^dY_LN_TNLWWd NZX[WP_P ^PY_PYNP 7TVP bT^P TY _SP APOTN TYU`YN_TZY waT²aLUT_£ dLUP_Lx _SP bZ]O ^aL]RLV£XL X`^_ MP LOOPO _Z XLVP T_ NZX[WP_P LYO _Z Q`WQTWW _SP ^dY_LN_TNLW L^ bPWW L^ _SP [^dNSZWZRTNLW Pc[PN_LYNd -Z_S SPLaPY LYO RZO^ MPWZYR _Z _SP `Y^PPY ^[SP]P M`_ _SP]P T^ LY TX[Z]_LY_ OTQQP]PYNP ?SP RZO^ L]P ]PLWWd []P^PY_ TY _SP ]T_`LW bSP]PL^ SPLaPY T^ YZ_  >aL]RL T^ L Q`_`]P ]P^`W_ LYO []P^PY_Wd ZYWd PcT^_^ L^ []ZXT^P LYO OP^T]P 4Y NZY_]L^_ _Z _SP RZO^ _SP]P T^ YZ OP^N]T[_TZY ZQ SPLaPY BSP]PL^ _SP OPaL_£ T^ LNSTPaPO SPLaPY T^ YZ_ dP_ LNSTPaPO 4_ T^ _SP P[T_ZXP ZQ L[¼]aL _SP `YVYZbY ]PXZ_P NZY^P\`PYNP bSTNS T^ `Y[]PNPOPO `YQZ]P^PPY ]LOTNLWWd YPb LYO TYNZX[L]LMWP LYO dP_ L NSP]T^SPO RZLW 3PLaPY _SP `YVYZbY ^`XX`X MZY`X bSTNS NLYYZ_ PaPY MP LY_TNT[L_PO T^ _SP RZLW LYO WTVPbT^P L SL[[d LYO `Y_]Z`MWPO WTQP bSTNS NLY MP PL^TWd LY_TNT[L_PO M`_ YZ_ _SP RZO^ Z] _SPT] OPWTRS_ Q`W [L]LOT^P ZQ NZY^_LY_ SPLaPYWd SZWTOLd^ .WZZYPd LYO ;L__ZY XLVP LY TX[Z]_LY_ [ZTY_ bSPY _SPd PX[SL^TeP _SP RZLW L^ _SP wQ]LXPx ZQ ^LN]TQTNP ! -`_ T_ T^ WP^^ NWPL] bSP_SP] _SP w]PLWT_dx ZQ _SP RZO^ LYO _SP PXZ_TZYLW L[[PLW bL^ TX[Z]_LY_ _Z _SP 8TX£À^LVL^ L_ LWW ?SPT] XLUZ] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  =LUL 4YOTLY ?SPZ]TP^ ZQ XPLYTYR  ! "z"& ZY _SP bSZWP L]R`XPY_ LYO ;]LM S£VL]Lv^ aTPb bSZ SZWO^ _SL_ ZYWd _SP XPLYTYR LYO YZ_ _SP bZ]O SL^ _Z MP ^`[[WTPO ^PP  !z!  ?ST^ [ZTY_ T^ XLOP Md 2ÆNS_P] 3P]XPYP`_TN^   ! ?SP TOPL ZQ wQ]LXTYRx T^ NZYaTYNTYRWd `YOP]WTYPO Md ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  "z"% w.WZZYPd ^`RRP^_^ _SL_ _SP RZLW ZQ _SP ]T_`LW ^P]aP^ L^ T_^ uQ]LXPv ^TXT WL] _Z _SP bLd TY bSTNS _SP NZY_Pc_ ZQ _SP ^[PLVTYR ^T_`L_TZY ^P]aP^ L^ _SP Q]LXP QZ] NP]_LTY XP_ZYdXTN WTYVLRP^ ,]_SL  _SPY TY T_^ ^PY^P L^ uRZLW ZQ _SP ]T_`LWv XTRS_ MP aTPbPO L^ L [^dNSZWZRTNLW Q]LXP _SL_ OP_P]XTYP^ _SP bLd APOTN ]T_`LW WLYR`LRP Q`YN _TZY^ LYO _SL_ L^[PN_^ ZQ LY `__P]LYNP L]P PX[SL^TePO ZaP] Z_SP] L^[PN_^ 4Q _SP L]_SL T^ bPLW_S _SPY _SP [^dNSZWZRTNLW XZ_TaL_TZY^ _Z ^PWPN_ Z`_ NP]_LTY OPaL_£^ LYO _Z SPL] NP]_LTY L^[PN_^ ZQ LY PY_T]P ]PNT_PO ^¼V_L L^ ]PWL_PO _Z bPLW_S bTWW MP RPL]PO TY _SL_ OT ]PN_TZYx

"#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

ZMUPN_TaP T^ _SP ^LN]TQTNP ?SP RZLW ZQ _SP ^LN]TQTNP LYO _SP _]`^_ TY _SP APOL LYO _SP `Y^PPY [ZbP] ZQ ]T_`LW T^ XZ_TaL_TZY PYZ`RS LYO TYaZVTYR _SP RZO^ ^`[[Z]_^ T_ " .WZZYPdv^ NZYNW`^TZY ^SZ`WO MP `YOP]WTYPO _SL_ TY ^[T_P ZQ _SP []T XLNd ZQ WLYR`LRP wT_ ]PXLTY^ QT]^_ LYO QZ]PXZ^_ L _SPZ]d TY_PY_TZYLWWd ]ZZ_PO TY _SP OdYLXTN^ ZQ WLYR`LRP L^ []LcT^x # ?SP [ZTY_ bSP]P bP OP[L]_ T^ .WZZYPdv^ Z[TYTZY ^_]ZYRWd PX[SL^TePO Md ;L__ZY _SL_ _ST^ wOZP^ YZ_ aPP] ZQQ TXXPOTL_PWd TY_Z L _SPZ]d ZQ WLYR`LRPx $ z bSTNS bP NZY^TOP] _Z MP aT_LW QZ] _SP aP]d ^LWaL_TN []ZUPN_ L^ PYaT^TZYPO Md _SP 8ÅX£À^£ ?SPT] w_SPZ]d ZQ WLYR`LRPx Pc[WLTY^ _SP wOdYLXTN^ ZQ WLY R`LRP L^ []LcT^x ?SPZ]d XPLY^ SP]P L ]PQWPN_TZY ZY bSL_ ^[PPNS NLY OZ YLXPWd N]PL_P ]PLWT_TP^ ?SP _SPZ]d ZQ WLYR`LRP Pc[WLTY^ bSd _SP APOL Z[P]L_P^ ZY MZ_S WPaPW^ _SP ^PPY LYO _SP `Y^PPY ?SP APOL OZP^ ^Z []PNT^PWd MPNL`^P ZQ T_^ aP]MLW YL_`]P BZ]O^ NZXX`YTNL_P QT]^_ ZQ LWW TOPL^  L]_SL TY _SP ^PY^P ZQ XPLYTYR LYO ^PNZYOWd ZMUPN_^  L]_SL TY _SP ^PY^P ZQ PX[T]TNLW _STYR^ LNNZ]OTYR _Z 6`X£]TWL 4_ T^ ZYWd WLY R`LRP Z] ²LMOL  _SP bZ]O _SL_ PYNZX[L^^P^ _SP ^PPY LYO _SP `Y^PPY SL^ LNNP^^ _Z MZ_S ^[SP]P^ LYO XLVP^ _SPX TY_P]^`MUPN_TaPWd NZXX`YT NLMWP TY NZY_]L^_ _Z XP]P _SZ`RS_ 7LYR`LRP LWZYP SL^ _SP ^`[]PXP LYO Pc_]LZ]OTYL]d [ZbP] _Z RPYP]L_P NZRYT_TZY^ _SL_ []P^PY_ ZMUPN_^ ZQ _SP [L^_ []P^PY_ LYO Q`_`]P R]Z^^ LYO ^`M_WP ]PXZ_P LYO YPL] w^PPYx LYO w`Y^PPYx 4_ N]PL_P^ TY Z`] XPY_LW aT^TZY L_ WPL^_ QZ] L _TXP ZMUPN_^ bSTNS OZ YZ_ ]PLWWd PcT^_  :_SP] XPLY^ ZQ VYZbWPORP []LX£©L ^`NS L^ ^PY^Z]d [P]NP[_TZY []L_dLV´L  OZ YZ_ SLaP _ST^ `YT\`P [ZbP] ZQ ²LMOL ?ST^ T^ L[[L]PY_Wd _SP ]PL^ZY bSd _SP 8ÅX£À^£ NWLTX _SL_ ²LMOL T^ L ^P[L]L_P []LX£©L aLWTO XPLY^ ZQ VYZbWPORP% ²LMOL YZ_ ZYWd _SP bZ]O ZQ _SP APOL XLVP^ `YVYZbY _STYR^ VYZbY  ?ST^ aT_LW ]ZWP ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?ST^ T^ aP]d X`NS TY WTYP bT_S .WZZYPdv^ NT_L_TZY^ TY wBSL_v^ L RZO*x z # " " Q # .WZZYPd wBSL_v^ L RZO*x "$ $ .WZZYPd wBSL_v^ L RZO*x "$& ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  "  ,NNZ]OTYR _Z = >L^_]T 8¯X£À^£²WZVLa£]__TVL  $ bSZ \`Z_P^ Q]ZX _SP ±WZVLa£]__TVL  z AP]^P !% L_dLY_£^L_d L[T UÓ£YLX L]_SP ²LMOLà VL]Z_T ST gg  3T]TdLYYL :`_WTYP^ ZQ 4YOTLY ;STWZ^Z[Sd  ""z# [ZTY_^ Z`_ _SL_ ^PY^P [P]NP[_TZY LYO TYQP]PYNP L]P ]PNZRYTePO Md LWW NWL^^TNLW ^NSZZW^ ZQ 4YOTLY [STWZ^Z[Sd LYO TY QLN_ `YTaP]^LWWd L^ TX[Z]_LY_ XPLY^ _Z L]]TaP L_ aLWTO VYZbWPORP bSP]PL^ _SP wbZ]Ox Z] waP]MLW _P^_TXZYdx T^ YZ_ LNNP[_PO Md LWW LYO TY QLN_ [PN`WTL] _Z 4YOTL LYO _Z _SP 8¯X£À^£ TY [L]_TN`WL] z LW_SZ`RS YZ_ PcNW`^TaPWd YZ] U`^_ ]P^_]TN_PO _Z _SP APOL PaPY LXZYR _SP 8¯X£À^LVL^ 3T]TdLYYL ^`[[Z^P^ _SL_ TY _SP MPRTYYTYR ²LMOL []LX£©L bL^ U`^_ L ^dYZYdX QZ] ^d^_PXL_TePO _]LOT_TZY bT_STY OTQQP]PY_ ^NSZZW^ [L] _TN`WL]Wd QZ] ]PaPWL_TZY^ LMZ`_ _STYR^ _SL_ L]P YZ_ VYZbLMWP Md XP]P ]PL^ZY LYO [P] NP[_TZY ?SP ]L_TZYLWP MPSTYO _SP LNNP[_LYNP ZQ ²LMOL L^ L []LX£©L TY T_^ ZbY ]TRS_ T^ Pc[WLTYPO Md 3T]TdLYYL Md _SP QLN_ _SL_ ZYWd L ^XLWW [L]_ ZQ L [P]^ZYv^ VYZbWPORP SL^ MPPY ZM^P]aPO Z] OPO`NPO Md STX Z] SP]^PWQ& XZ^_ ZQ bSL_ bP VYZb OP[PYO^ ZY _SP _P^_TXZYd ZQ Z_SP]^

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

"$

²LMOL Pc[WLTY^ bSd ±LML]L OPaZ_P^ L WPYR_Sd OT^N`^^TZY _Z WLYR`LRP _SPZ]d ]TRS_ L_ _SP MPRTYYTYR ZQ ST^ NZXXPY_L]d bSP]PL^ ST^ WL_P] OT^N`^^TZY ZQ L[¼]aL _LVP^ `[ WP^^ ^[LNP 6`X£]TWLv^ ±WZVLa£]__TVL QZWWZb^ ZY _SP WTYR`T^_TN LRPYOL  LYO LOO^ L WPYR_Sd OT^N`^^TZY ZQ _SP []LX£©L^  TP _SP XPLY^ Z] PaTOPYNP _SL_ WPLO _Z aLWTO VYZbWPORP []LX£  ?ST^ T^ YPNP^^L]d MPNL`^P 6`X£]TWLv^ []TXP RZLW T^ _SP P^_LMWT^SXPY_ ZQ _SP P_P]YLW PcT^_PYNP ZQ _SP APOL LYO T_^ `YOZ`M_PO aLWTOT_d L^ L `YT\`P XPLY^ ZQ VYZbWPORP NZYNP]YTYR `Y^PPY _STYR^ ^`NS L^ OSL]XL LYO SPLaPY :Q _SP ^Tc []LX£©L^ bSTNS SP LNNP[_^  _SP QT]^_ _S]PP L]P _SP XLUZ] ZYP^% ^PY^Z]d [P]NP[_TZY TYQP]PYNP LYO bZ]O aP]MLW _P^_TXZYd 0aPY _SZ`RS _SP _ST]O ZYP T^ ZQ NZ`]^P _SP XZ^_ N]`NTLW QZ] _SP 8ÅX£À^£ _SP ^_L]_TYR [ZTY_ LYO QZ`YOL_TZY ]PXLTY^ ^PY^Z]d [P]NP[_TZY 4Y OT^N`^^TYR DZRTN VYZbWPORP LYO NWLTX^ ZQ ZXYT^NTPYNP _STYR^ bSTNS L]P TX[P]NP[_TMWP LYO QLWW Z`_^TOP _SP ]LYRP ZQ ]PL^ZYLMWd LNNP[_LMWP []LX£©L^ 6`X£]TWL _LVP^ []TOP TY NZY_]L^_TYR _SP 8ÅX£À^£ [Z^T_TZY bT_S Z_SP] OZN_]TYP^ 3P ^PP^ _SP aP]d ^_]PYR_S ZQ 5LTXTYTv^ [Z^T_TZY TY _SP QLN_ _SL_ ZYWd _STYR^ _SL_ NLY MP TXXPOTL_PWd ^PPY LYO QLWW TY_Z _SP ]PLWX ZQ ^PY ^Z]d [P]NP[_TZY L]P LNNP[_PO  ?ST^ XL_P]TLWT^_TN Z] YL_`]LW [P]NP[_TZY _SPZ]d LW^Z L[[WTP^ _Z APOTN ^LN]TQTNP% _SP aP]d ^_L]_TYR [ZTY_ LYO ML^P T^ _SP [Sd^TNLW ^LN]TQTNP bSP]PL^ _SP N]PL_TaP L^[PN_ ZQ ]T_`LW LN_TZY M]TYRTYR LMZ`_ Q`_`]P SL[[TYP^^ P_N XLd ZYWd MP TYQP]]PO BSTWP ^LN]T QTNP Z[P]L_P^ TY _SP aT^TMWP OTXPY^TZY ZQ ]PLWT_d LYO SL^ LY PYO T_^ Q]`T_^ z LYO _SP ^`XX`X MZY`X TY [L]_TN`WL] z L]P Md OPQTYT_TZY `Y VYZbLMWP PcNP[_ QZ] _SPT] PaTOPYNP TY _SP APOL >Z YZ_STYR PW^P T^ WPQ_ LYO YZ] T^ LYd_STYR YPPOPO Z_SP] _SLY _Z QZWWZb _SP APOTN TYU`YN_TZY^ 4YOPPO _SP []TXLNd ZQ WLYR`LRP ]PXLTY^ QT]^_ LYO QZ]PXZ^_ L _SPZ]d TY_PY_TZYLWWd ]ZZ_PO TY _SP OdYLXTN^ ZQ WLYR`LRP L^ []LcT^ ?SP 8TX£À^£VL^v XZOP ZQ APOL ]PNP[_TZY T^ L OPP[ _]`^_ TY _SP _]`_S ZQ _SP APOTN _Pc_ L^ T_ T^ LYO _SPT] LRPYOL T^ ]L_SP] L Q`YOLXPY_LW T^_ ZYP _Z []P^P]aP -`_ _SPd OZ ^Z TY L YZYQ`YOLXPY_LWT^_ bLd Md _SPT] STRSWd ]L_TZYLW L]R`XPY_L_TZY ?SPT] ]T_`LW LYO WTYR`T^_TN [STWZ^Z[Sd TWW`^_]L_P^ L QL^NTYL_TYR XP]RP] ZQ PXLYNT[L_TZY LYO [L]_TNT[L_TZY% ZY _SP ZYP SLYO LY LWXZ^_ wL_SPT^_TNx Z] LRYZ^_TN ]L_TZYLWT^X LYO ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1Z] _SP R]PL_ NZY_]TM`_TZY^ ZQ 6`X£]TWL _Z RPYP]LW WTYR`T^_TN^ ^PP =LUL ?SPZ]TP^ ZQ XPLYTYR  bSZ NT_P^ 6`X£]TWL Q]P\`PY_Wd  >PY^P [P]NP[_TZY []L_dLV´L TYQP]PYNP LY`X£YL bZ]O ²LMOL Z] aP]MLW _P^_TXZYd NZX[L]T^ZY Z] LYLWZRd `[LX£YL []P^`X[_TZY Z] Sd[Z_SP^T^ L]_S£[L__T LYO YZY L[[]PSPY^TZY LY`[LWLMOST LW^Z NLWWPO wYZYPcT^_PYNPx LMS£aL TP _SP VYZbWPORP ZQ LM^PYNP 1Z] L ^SZ]_ OT^N`^^TZY ^PP 3T]TdLYYL :`_WTYP^ ZQ 4YOTLY ;STWZ^Z[Sd  #z   >PP 6`X£]TWL ±WZVLa£]__TVL  z  _]LY^ 2LYRLYL_SL 5SL .LWN`__L% -L[_T^_ 8T^^TZY ;]P^^ $$ 

#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

Z_SP] SLYO L NZX[WP_P ]PXd_STQTNL_TZY ZQ _SP APOL L^ LY P_P]YLW `__P] LYNP LYO z aTL _SP ^LXP RPYP]LW _SPZ]d ZQ bZ]O LYO XPLYTYR  ²LMOL LYO L]_SL  NZ`[WPO bT_S ]T_`LW []LRXL_T^X z L^ LY TYOP[PYOPY_ XPLY^ _Z aLWTO VYZbWPORP Z] w²LMOL[]LX£©Lx  .WZZYPd ^`^[PN_^ _SL_ _SP 8¯X£À^LVL^v ePLW QZ] XTYTXTeTYR _SP Pc _]LYPZ`^ ]PLWT_d ZQ OPT_TP^ T^ L ]PLN_TZY _Z _SPT] ]PWTRTZ`^ PYaT]ZYXPY_ TP L ^Z]_ ZQ ]L_TZYLWT^_ N`]P ZQ XZ]P [Z[`WL] NZYNP[_TZY^ ZQ OPaL_£^ LYO _SPT] LN_TaP ]ZWP^ TY ]T_`LW LYO _SPZWZRd z ^`NS MPWTPQ^ MPTYR TY _SP PdP^ ZQ _SP 8ÏX£À^LVL^ wZQ_PY OPWP_P]TZ`^x ! ?ST^ T^ TYOPPO STRSWd []ZM LMWP LYO TY _ST^ ]P^[PN_ _SP]P T^ L N`]TZ`^ OP_LTW LMZ`_ 6`X£]TWLv^ ]L _TZYLWT_d _SL_ OP^P]aP^ ^[PNTLW XPY_TZY BP ^SZ`WO ]PXPXMP] _SL_ _SP _TXP^ SLaP NSLYRPO ^TYNP WL_P APOTN _TXP^ LYO 5LTXTYT YZ_ ZYWd TY _P]X^ ZQ LY TYQW`c ZQ ]L_TZYLW _SPZ]TP^ M`_ LW^Z TY _P]X^ ZQ YPb ]PWT RTZ`^ XZaPXPY_^ ?SP]P L]P YPb Z[_TZY^ YZ_ ZYWd TY NSZZ^TYR L []ZQLYP Z] ]PWTRTZ`^ WTQP ^_dWP M`_ LW^Z X`W_T[WP Z[_TZY^ bT_STY _SP ]PWTRTZ`^ QTPWO T_^PWQ 4Y 6`X£]TWLv^ _TXP _SP R]PL_ 7Z]O 2ZO^ ±TaL LYO AT´©` bP]P LW]PLOd QT]XWd P^_LMWT^SPO LYO LWZYR bT_S _SPX YPb ]T_P^ YPb N]PPO^ YPb ]PaPWL_TZY^ YPb P^Z_P]TN _PLNSTYR^ YPb ^Z_P]TZWZRTP^ LYO L [P]^ZYLW ]PWTRTZ^T_d bSTNS T^ YZ WZYRP] ]P^_]TN_PO _Z _SP -]LSXLY wL]T^_ZN]L_^x ?SP [ZbP]Q`W `YTaP]^LW RZO^ LYO _SPT] ]PaPWL_TZY^ SLaP MPNZXP ^P]TZ`^ ]TaLW^ _Z _SP APOL 4Y >Z`_SP]Y 4YOTL _PX[WP N`W_`]P L^^`XP^ [ZWT_TNLW OTXPY^TZY^ MPTYR ^[ZY^Z]PO Md LYO TY ^P]aTNP ZQ VTYR^ ?SP]P L]P YZb R]PL_ ¢RLXL _PX[WP^ ]T_P^ QZ] ]ZdLW ]`WP]^ LYO ^PY^Z]d XZOP^ ZQ TNZYTN bZ]^ST[ _SL_ L]P XZ]P [Z[`WL] _SLY _SP APOTN ]T_`LW^ =PWTRTZ`^ TXLRTYL_TZY SL^ ^STQ_PO _Z _SPT^X ?SP NZRYT_TaP ^PY^Z]d LYO PXZ_TZYLW L[[PLW ZQ _SP _SPT^_TN XZaPXPY_^ bL^ ^_]ZYR PaPY QZ] _SP APOL -]LSXTY^ 4_ ^PPX^ _SL_ 6`X£]TWL Z] ST^ QLXTWd NZ`WO YZ_ ]P^T^_ PT_SP] 3P ]PaPLW^ STX^PWQ L^ L ±LTaL _SPT^_ TY _SP TY_]Z O`N_Z]d XL«RLWL aP]^P ZQ ST^ ±WZVLa£]__TV£  ?ST^ MPYPOTN_Z]d aP]^P TYaZVP^ ±TaL TY L ^`RRP^_TaP V£adL WTVP ^_dWP " :YP bLd z TY QLN_ _SP XZ^_ WT_P]LW bLd z ZQ ]PLOTYR _SP aP]^P T^%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4_ bL^ []ZMLMWd ;]£MS£VL]L "_S NPY_ bSZ QT]^_ TOPY_TQTPO ²LMOL LYO APOL LYO ^[ZVP ZQ _SP APOL LWZYP L^ w²LMOL[]LX£©Lx ?ST^ aTPb SLO ST^_Z]TNLW PQQPN_^% ²LMOL L^ L []LX£©L NZY_TY`P^ _Z _ST^ OLd _Z ]P[]P^PY_ ZYWd _SP APOL >PP 3T]TdLYYL :`_WTYP^ ZQ 4YOTLY ;STWZ^Z[Sd  "# Y  # bSZ NSL]LN_P]TeP^ ;]LMSLVL]L L^ _SP XZ]P []LN_TNLW _d[P LYO 6`X£]TWL L^ _SP XZ]P ]L_TZYLW _d[P ! .WZZYPd wBSL_v^ L RZO*x "$ " aT²`OOSLUÓ£YLOPS£dL _]TaPO¯OTadLNLV´`´P g ²]PdL%[]£[_TYTXT¶¶£dL YLXLà ^ZX£]OSLO S£]T©P gg  ±WZVLa£]__TVL  PO >aLXT /aL]TVLOL^L >L^_]T AL]LYL^T% ?L]L ;`MW $"# 

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

#

w=PQP]PYNP _Z 3TX bSZ bPL]^ _SP N]P^NPY_ XZZY 3TX bSZ^P MZOd T^ [`]P VYZbWPORP 3TX bSZ^P _S]PP PdP^ L]P _SP _S]PP APOTLW_L]^ LYO bSZ T^ _SP ^Z`]NP QZ] _SP L__LTYXPY_ ZQ _SP STRSP^_ RZZOx #

?ST^ ±TaL TXLRP T^ YZ_ ^Z X`NS Pc[]P^^TaP ZQ ±TaLv^ TNZYTN LY_S]Z[Z XZ][STN []P^PYNP L^ VYZbY TY ±LTaL ¢RLXL _PX[WP N`W_`]P ZQ >Z`_S P]Y 4YOTL M`_ ]L_SP] _SP bZ]O^ NSZ^PY STY_ L_ L XZ]P ^[T]T_`LW L^^P^^ XPY_ bSTNS T^ _d[TNLW QZ] _SP ±LTaT_P DZRL?LY_]L ZQ 9Z]_SP]Y 4YOTLY L^NP_TN _]LOT_TZY^ $ 3P]P bP SLaP L XZOPW TY bSTNS RZO^ OZ YZ_ YPNP^ ^L]TWd SLaP _Z SLaP LY Pc_]LWTYR`T^_TN PcT^_PYNP ^TYNP ?LY_]TN OPT_TP^ L[[PL] QT]^_ ZQ LWW LYO ^ZXP_TXP^ ZYWd TY _SPT] XLY_]L^ LYO XPOT_L_TZY aP]^P^ OSd£YL ²WZVL  TY bSZ^P ]PNT_LW LYO aT^`LWTeL_TZY bSTNS _SP RZO^ LYO _SPT] [ZbP]^ L]P XLOP []P^PY_ -`_ ZQ P\`LW TY_P]P^_ T^ _SP 8ÅX£À^£ [P]^[PN_TaP ZY _SP aP]^P ?SP NZXXPY_L_Z] ;£]_SL^£]L_ST 8T²]L _S NPY_ ,/ LNVYZbWPORP^ T_ L^ []LT^P ZQ _SP R]PL_ RZO ±TaL _SP WZ]O ZQ _SP `YTaP]^P aT²aP²aL]LÀ XLS£OPaLÀ ^_`_T  M`_ MPTYR L ^_L`YNS 8¯X£À^LVL SP TY_P][]P_^ _SP ^LXP bZ]O^ \`T_P OTQQP]PY_Wd 4Y ST^ aTPb _SPd LTX QZ] L ^PNZYOL]d QTR`]L_TaP XPLYTYR% w aT²`OOSLUÓ£YLOPSL z ?SL_ bSZ^P MZOd T^ _SP VYZbWPORP [`]TQTPO Md _SP 8¯X£À^L ±£^_]L _]TaPOTOTadLNLV´`´P z ?SL_ bSTNS T^ XLYTQP^_PO Md _SP _S]PP APOL^ ^ZX£]OSLOSLOSL]T©P z ?SL_ bSTNS T^ P\`T[[PO bT_S aP^^PW^ ZQ >ZXL ,WW _SP^P P[T_SP_^ TY _ST^ NL^P ]PQP] _Z u^LN]TQTNPv dLUÓL x  ?ST^ ^ZXPbSL_ QZ]NPO w]PLWx ^PY^P ^`RRP^_PO Md ;£]_SL^£]L_ST NL[_`]P^ QLT_SQ`WWd 6`X£]TWLv^ aTPb ZQ RZO^ TY _SP XLTY MZOd ZQ ST^ bZ]V^ 3Zb _Z XLVP ^PY^P ZQ _ST^ TY_]ZO`N_Z]d aP]^P LYO _SP OZ`MWP PY_PYO]P wSPL]Ox Md ;£]_SL^£]L_ST* 4^ _SP aP]^P L WL_P] LOOT_TZY* z bSTNS bZ`WO MP L ]L_SP] `Y`^`LW LYO PL]Wd TY_P][ZWL_TZY []TZ] _Z _SP _S NPY_  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 5SL 6`X£]TWL -SL¶¶L .WZVLa£]_TVL   _]LY^WL_P^ SP]P% w=PQP]PYNP _Z 3TX bSZ bPL]^ _SP N]P^NPY_ XZZY z 3TX bSZ T^ PXMZOTPO TY [`]P NZY^NTZ`^YP^^ 3TX bSZ^P _S]PP PdP^ L]P _SP _S]PP APOL^ LYO bSZ T^ _SP ^Z`]NP Q]ZX bSTNS LWW []Z^[P]T_d QWZb^x $ 1Z] TY^_LYNP ZYP _d[TNLW TOPL T^ _SL_ ±TaLv^ wMZOdx T^ [`]P VYZbWPORP Z] _SL_ _SP _S]PP PdP^ L]P NLWWPO _S]PP APOT^ APOTN QT]P LW_L]^ bSTNS OPYZ_P SP]P _SP DZRTN ^`Y XZZY LYO QT]P TP DZRTN?LY_]TN [Sd^TZWZRd ?SP^P NZYNP[_`LWTeL_TZY^ OZ YZ_ ^PPX _Z MPWZYR _Z _SP >Z`_S 4YOTLY ¢RLXL ZQ _SP ±LTaL >TOOS£Y_L >ZXP _]LOT_TZYLW ^Z`]NP^ OP_P]XTYP 6`X£]TWLv^ YL_TaP [WLNP TY _SP >Z`_S bSP]PL^ Z_SP]^ [WLNP STX TY _SP 9Z]_S Q]ZX bSP]P SP XTR]L_PO _Z _SP >Z`_S LYO [P]^PN`_PO -`OOST^_^ LYO 5LTYL^ ^PP 6LaT]LUv^ TY_]ZO`N_TZY _Z _SP ?LY_]La£]__TVL c  aT²`OOSLX X¯X£À^Ld£ ^LÀ²ZOST_LÀ UÓ£YLX PaL OPSZ dL^dL g _]TaPOdPaL OTadLÀ NLV´`à []LV£²LVLÀ dL^dL g ^ZXL^dL L]OSLÀ ^_S£YLÀ R]LSLNLXL^£OT _LO OS£]T©P T_T dLUÓL[LV´P u[T ^L«RLNNSL_P gg 9d£dL]L_Y£VL]L ZY ±WZVLa£]__TVL  PO >aLXT /aL]TVL OL^L >L^_]T  _]LY^WL_PO Md 5SL 6`X£]TWL -SL¶¶L .WZVLa£]_TVL   Y  4Y_P][ZWL_TZY^ RPYP]LWWd [P]_LTY _Z _SP XLTY MZOd ZQ L _Pc_ LYO L]P _Z Z`] VYZbWPORP `YVYZbY NZYNP]YTYR XL«RLWL aP]^P^ 4Y _ST^ NL^P L WL_P] LOOT_TZY XLd YZ_ PY_T]PWd MP ]`WPO Z`_ , ^_]`N_`]LW [L]LWWPW NLY MP ^PPY TY _SP QLN_ _SL_ XLYd OPaZ_TZYLW >_Z_]L^ L]P L__]TM`_PO _Z _SP ^_]TN_ ,OaLT_LAPO£Y_TY ±L«VL]L z L XLUZ] [L]_ ZQ _SP SdXY^ ZQ ^_LYOL]O -šSL_^_Z_]L]L_Y£VL]L NZWWPN_TZY^ L]P L^N]TMPO _Z STX ,[L]_ Q]ZX _SP `]RP _Z

#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

BL^ _SP]P L ]ZdLW ±LTaT_P ^[ZY^Z] bSZX 6`X£]TWL bLY_PO _Z [WPL^P* 1Z] ]ZdLW [L_]ZYLRP X`^_ MP L^^`XPO QZ] LWW bZ]V^ ZQ WL^_TYR TYQW`PYNP :] T^ T_ [Z^^TMWd LY L]_T^_TN XZOP]Y aP]^TZY ZQ L]_SLa£OL  L OPXZY^_]L _TZY _SL_ OTaTYP LRPY_^ L]P M`_ ]T_`LW Q`YN_TZY^ TYNW`OTYR _SP R]PL_ 7Z]O 2ZO^ _Z `YOP]WTYP _SP []P^_TRP ZQ _SP APOL LYO _SP WL^_TYR YPNP^^T_d ZQ APOTN ^LN]TQTNP* ,WW _SP^P TY_P][]P_L_TZY^ L]P [Z^^TMWP M`_ _SP WPL^_ ^[PN`WL_TaP ZYP T^ _SP XZ^_ QWLMMP]RL^_TYR% 6`X£]TWL XLVP^ STX^PWQ VYZbY L^ ±LTaLT_P _SPT^_ TY L ^ZXPbSL_ STOOPY bLd ?ST^ bZ`WO MP L [P]QPN_ NL^P ZQ wNZOP ^bT_NSTYRx LY Pc[]P^^TZY ZQ L []TaL_P LYO ZQQTNTLW ^TOP ZQ 6`X£]TWL LYO bZ`WO XLdMP PaPY ]PaPLW ST^ ^PN]P_ TOPY_T_d L^ DZRTN ?LY_]T^_ bSZ [P]QZ]X^ ST^ P^Z_P]TN ]T_P^ OLTWd LQ_P] _SP [`MWTN APOTN ZYP^ :] WP^^ ^[PN_LN`WL]% Md XPLY^ ZQ _SP MPYPOTN_Z]d aP]^P SP T^ ^TX[Wd SZYZ]TYR ST^ ±LTaLT_P QLXTWd _]LOT_TZY LYO ST^ QLXTWd OPT_d ?SP XP^^LRP ZQ _SP aP]^P TQ U`c_L[Z^PO bT_S _SP XLTY MZOd ZQ _Pc_ T^ QL^NTYL_TYR ,^ L []TaL_P XLY 6`X£]TWL T^ L _SPT^_ LYO ±TaL OPaZ_PP M`_ SP OPWTMP]L_PWd STOP^ ST^ TYNWTYL_TZY MPSTYO ST^ YZY_SPT^_ PaPY L_SPT^_ ^_]TN_Wd ^NTPY_TQTN L[[]ZLNS []ZXZ_TYR L []LRXL_TN ]L_TZYLWT^X LYO LY wL]PWTRTZ`^ ]PWTRTZYx _SL_ NLY OZ bT_SZ`_ `Y[]ZaPY ^`[P]S`XLY LN_Z]^ LYO bSP]PTY ^LN]TQTNP _LVP^ _SP []TXP LYO ZYWd [WLNP ,^ LY LOSP]PY_ ZQ ±LTaL DZRL?LY_]L SP Z] ST^ QL_SP] bTWW VYZb LYO []LN_TNP XLY_]L ]P[P_T_TZY LYO L[[Wd aT^`LWTeL_TZY _PNSYT\`P^ M`_ L^ LY TY_PWWPN _`LW ]L_TZYLWT^_ LYO 8ÅX£À^£ [STWZ^Z[SP] SP T^ L ^VP[_TN LYO ^`^[TNTZ`^ ZQ ^[PNTLW aT^TZYL]d DZRTN TY^TRS_ ZXYT^NTPY_ LRPYNd Z] ^`[P]YL_`]LW [ZbP]^ bSTNS ±LTaL ?LY_]TN^ z ZY _SP Z_SP] SLYO z QT]XWd MPWTPaP TY LYO ^PPV 3T^ Z[_TZY T^ NWPL] 3P OZP^ YZ_ b]T_P L bZ]V ZY ?LY_]L Z] DZRL M`_ ZYP ZY 8ÅX£À^£ LYO _SP APOL z L STRSWd []P^_TRTZ`^ `YOP] _LVTYR LYO L ^_L`YNS Z]_SZOZc LYO ]L_TZYLWT^_ wN]POZx 5`^_ L^ _SP P_P] YLW WLYR`LRP ZQ >LY^V]T_ X`^_ MP VP[_ `YNZ]]`[_PO Md OTLWPN_TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ WTYV WL_P] _Pc_^ _Z L QLXZ`^ YLXP T_ ^PPX^ _Z MP N]`NTLW _Z 3TYO`^ _SL_ _SPT] XZ^_ ]P aP]PO APOL [STWZ^Z[SP]^ bP]P LW^Z _SPT^_^ LYO ZMaTZ`^Wd _SPd OZ YZ_ ^PP L XLUZ] NZY_]LOTN_TZY ?d[TNLWWd _SP _PY aZW`XP^ ZQ _SP 4YOTLY POT_TZY^ ZQ _SP BZ]V^ ZQ ±LYVL]L z Q]ZX _SP QT]^_ POT_TZY ZYbL]O^ T^^`PO Md _SP ±L«VL]£N£]dL ZQ >]TYRP]T L^ aZW & TY _SP WL_P] >LXL_L POT_TZY L^ aZW  TYNW`OP OPaZ_TZYLW >_Z_]L^ L^ bPWW L^ [STWZ^Z[STNLW ZYP^ LYO _SP ;]L[LÓNL^£]L?LY_]L  >`NS _SPT^_TN ]PNP[_TZY^ L]P RPYP] LWWd RWZ^^PO ZaP] Md BP^_P]Y ^NSZWL]^ bSP]PL^ XZ^_ 4YOTLY ZYP^ WTVP _SP TOPL _SL_ _SPT] 6`X£]TWL LYO ±L«VL]L SLaP MPPY OPaZ_TZYLW [P]^ZYLWT_TP^ ,^ QL] L^ 6`X£]TWL T^ NZYNP]YPO _SP]P L]P _PY TY_]ZO`N_Z]d aP]^P^ LWW _ZRP_SP] _SP WL^_ ZYP ZQ bSTNS ^Ld^ _SL_ _SP bZ]V T^ b]T__PY _Z M]TYR MLNV _SP [PZ[WP _Z _SP [L_S ZQ _SP wMPWTPaP]^x £^_TVL z L bZ]O bSTNS T^ NZXXZYWd `^PO QZ] MPWTPaP]^ TY _SP APOL 5SL 6`X£]TWL -SL¶¶L .WZVLa£]_TVL   _]LY^WL_P^% w1Z] _SP XZ^_ [L]_ 8¯X£À^£ SL^ TY _ST^ bZ]WO MPPY XLOP ,_SPT^_TN& LYO _ST^ PQQZ]_ ZQ XTYP T^ XLOP _Z _`]Y T_ _Z _SP _SPT^_TN [L_Sx LW _SZ`RS SP ]PRL]O^ 6`X£]TWL Z_SP]bT^P L^ L YZY_SPT^_TN L`_SZ] z LY Z[TYTZY QZ] bSTNS SP ]PNPTaPO TYOTRPYZ`^ N]T_TNT^X ^PP ST^ TY_]ZO`N_TZY _Z 6`X£]TWLv^ ?LY_]La£]__TVL  TzTa

?SP ;¼]aL8ÅX£À^£ LYO ?SPT] ?SPZ]d ZQ _SP 0_P]YLW ALWTOT_d ZQ BZ]O^ LYO >Z`YO^

#

QZ]X^  _SP P_P]YLW APOL LYO T_^ ]T_`LW^ X`^_ MP VP[_ `YNZ]]`[_PO Md XZOP]Y ]PWTRTZ`^ TOPL^ 6`X£]TWL MPWTPaP^ ZYWd TY bSL_ T^ [P]NPTaLMWP Md _SP ^PY^P^ bSL_ NLY MP []ZaPO Md ]PL^ZY LYO bSL_ T^ ^LYN_TZYPO Md wP_P]YLWx ^LN]PO _]LOT_TZY ?SP]P L]P _ZZ XLYd ]L_TZYLW []ZMWPX^ bT_S ZXYT^NTPY_ N]PL_Z] RZO^ WTVP ±TaL 0aPY L^ L ±TaL OPaZ_PP ST^ [P]^[PN _TaP ZY _SP RZO^ T^ wOPXd_SZWZRTeTYRx NZY^_]`N_TaT^_ LYO YZXTYLWT^_ ,W_SZ`RS ±TaL XLd MP aP]d ]PLW _Z STX L^ _SP ]PQP]PY_ ZQ ST^ OPaZ_TZY 6`X£]TWL LNNP[_^ L^ ]PLW ZYWd bSL_ NLY MP ^PPY LYO []ZaPO LYO LMZ`_ bSTNS _SP]P NLY MP YZ OZ`M_^ 2ZTYR Md _SP _Pc_`LW ^Z`]NP^ _SP ]PWTRTZ`^ ^_dWP ZQ _SP ;¼]aL 8ÅX£À^£VL^ T^ LY `YNZX[]ZXT^TYR ]L_TZYLWT^X LYO OZbY_ZPL]_S []LRXL_T^X bT_SZ`_ LYd ^[PN`WL_TZY LYO TXLRTYL_TZY ,_ WPL^_ _ST^ T^ _SP [`MWTN TXLRP _SPd NZY^_]`N_ ZQ _SPX^PWaP^ z _SPT] LN_`LW []TaL_P []LN_TNP XLd MP OTQQP]PY_ -`_ _SP]P L]P YZ ]PL^ZY^ _Z OZ`M_ _SP ^P]TZ`^ YP^^ ZQ _SP TXLRP 4Y _P]X^ ZQ ]L_TZYLW NSZTNP LYO [^dNSZWZRd T_ T^ L^ PL^d _Z Pc[WLTY L^ MPWTPaTYR TY _SP PcT^_PYNP ZQ ^`[P]S`XLY LN_Z]^ ?SP ;¼]aL8ÅX£À^£VL^ bLY_ _Z MP ZY _SP ^LQP ^TOP TY ]PWTRTZ`^ XL__P]^ MPWTPaTYR ZYWd bSL_ T^ LM^ZW`_PWd _]`^_bZ]_Sd LYO ]PWTLMWP% _SP aP]MLW _P^_TXZYd ZQ _SP APOL LYO T_^ ]T_`LW TYU`YN_TZY^ ?SPd OPYd _Z _SPX ^PWaP^ PXZ_TZYLW ^L_T^QLN_TZY PcNP[_ QZ] _SP ZYP ZQ [P]QZ]XTYR LN_^ _SL_ NP]_LTYWd WPLO _Z SL[[TYP^^ LYO TY^_PLO `]RP OPaZ_TZY _Z O`_d TP aP] MLW LYO YZYaP]MLW ]T_`LW LN_^ LYO _LYRTMWP ZQQP]TYR^ L^ _SP ZYWd NP]_LTY XPLY^ _Z ^LWaL_TZY ?SP ^LN]TQTNP QLWW^ bT_STY ^PY^P [P]NP[_TZY LYO _ST^ T^ LY ZMUPN_TaP ML^T^ _Z ]PWd ZY ?SP]P T^ YZ YPPO _Z ^PPV ^`[P]YL_`]LW DZRTN VYZbWPORP P^Z_P]TN ^PY^P LYO RYZ^_TN TY^TRS_ ?SP]P T^ ZYWd L YPPO QZ] _SP ]T_`LW TYU`YN_TZY^ LYO _SPT] []Z[P] WTYR`T^_TN NZX[]PSPY ^TZY bT_SZ`_ bSTNS YZ ^LN]TQTNP NLY MP [P]QZ]XPO 4_ T^ _SP ^LN]TQTNTLW LN_TZY TP _SP QLT_SQ`W [P]QZ]XLYNP ZQ _SP TYU`YN_TZY^ _SL_ T^ _SP XPLY^ ZQ L__LTYTYR TYaT^TMWP ]P^`W_^ APOTN NZXXLYOXPY_^ L]P ]PNT[P^ QZ] P_P] YT_d 5`^_ L^ L NSPP^P QZYO`P SL^ _Z MP ^_T]]PO NZY_TY`Z`^Wd ^Z _SL_ T_ OZP^ YZ_ QZ]X W`X[^ L RZZO WTQP TY _SP SP]P LYO YZb YZ_ OT^]`[_PO Md TYNZYaPYTPYNP^ LYO ^LWaL_TZY TY _SP LQ_P]WTQP NLY ZYWd MP LNSTPaPO _S]Z`RS NZY^_LY_ LOSP]PYNP _Z _SP TY^_]`N_TZY^ TY _SP APOL

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ TOPL LYO LOOT_TZYLWWd _SP ]P^[ZY^TMTWT_d ZQ PWT_P N`W_`]PO R]LXXL]TLY^ _Z QTc LYO XLTY_LTY _SP NZ]]PN_ bZ]O^ L]P ZWO LYO Pc[WTNT_Wd XPY_TZYPO Md ;L_LÓULWT ?SP R]LX XL]TLY -SL]_šSL]T  _S NPY_ QZWWZbTYR LQ_P] STX ]PNZ]O^ L QPPWTYR ZQ WTaTYR TY L OPNL OPY_ LRP bSP]P _SP LYNTPY_ _]LOT_TZY ZQ NZ]]PN_ ^[PPNS LYO MPSLaTZ] T^ WL]RPWd WZ^_ >PP 8LOSLa 8 /P^S[LYOP w?SP .SLYRTYR 9Z_TZY ZQ ±T´¶L Q]ZX ;L_LÓULWT _Z -SL]_šSL]Tx ,^TL_T^NSP >_`OTPY C7A44  $$% $ z 

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

#



?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

.P]_LTYWd 8L©“LYL 8T²]L L QLXZ`^ 8ÅX£À^£ [STWZ^Z[SP] TY _SP ^Pa PY_S NPY_`]d LYO _]LOT_TZYLWWd MPWTPaPO _Z SLaP MPPY 6`X£]TWLv^ OT^NT [WP LW^Z bT^SPO QZ] YZ_STYR Z_SP] _SLY L RZZO WTQP TY _ST^ bZ]WO LYO _SP YPc_ ?SP QLN_ _SL_ YZ_STYR NLXP ZQ T_ z L_ WPL^_ LNNZ]OTYR _Z _SP WL_P XPOTPaLW SLRTZR]L[Sd ±L«VL]L/TRATULdL  z bL^ L ]P^`W_ ZQ ST^ WPR PYOL]d XPP_TYR bT_S ±L«VL]£N£]dLL NL ! z# ,/ []ZMLMWd #_S NPY_ _SP QZ`YOP] ZQ L NZX[WP_PWd YPb aL]TL_TZY ZQ APOTN _Pc_ PcPRP ^T^ _SP @__L]L8ÅX£À^£  ?ST^ _Z_LWWd TYOP[PYOPY_ aL]TL_TZY ZQ APOTN SP]XPYP`_TN^ ^PPX^ _Z SLaP OPaPWZ[PO WL]RPWd ^P[L]L_P Q]ZX LWW []TP^_Wd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ _P]X WT_P]LWWd w±L«VL]Lv^ ?Z`] ZQ ATN_Z]d TY LWW /T]PN_TZY^x OZP^ YZ_ OPYZ_P L ^TYRWP bZ]V M`_ L Y`XMP] ZQ OTQQP]PY_ aP]^TZY^ LYO TY QLN_ L bSZWP RPY]P ZQ wbZ]WO aTN_Z]d _Z`]^x TY bSTNS L ^LTY_ OPQPL_^ ST^ Z[[ZYPY_^ ?SP ±L«VL]L/TRATULdL^ L[ [PL]PO L]Z`YO _SP _S NPY_`]d ±L«VL]L bLYOP]^ L]Z`YO TY _SP bSZWP 4YOTLY ^`MNZY _TYPY_ _Z ]PP^_LMWT^S _SP ]TRS_ Z]OP] NZYaP]_ XPXMP]^ ZQ XLYd Z_SP] ^NSZZW^ LYO ^PN_^ LYO ]PQZ]X aL]TZ`^ N`W_^ ?SP QZWWZbTYR ^_Z]d T^ ZYP ZQ _SP XZ^_ QLXZ`^ LYO bTWW LWbLd^ L[[PL] TY LYd ±L«VL]L/TRATULdL LW_SZ`RS _SP PYNZ`Y_P] z LYO [L]_TN` WL]Wd _SP ^_L]_ z OTQQP]^ ^ZXPbSL_ TY _SP aL]TZ`^ aP]^TZY^ ^ZXP ZQ bSTNS OPaZ_P ZYWd L QPb WTYP^ _Z T_ bSTWP T_ T^ NPY_]LW TY Z_SP]^ BP SLaP NSZ^PY _SP aP]^TZY ZQ 8£O SLaLFATOd£]L©dLH bSTNS T^ []ZMLMWd _SP XZ^_ QLXZ`^ ±L«VL]L SLRTZR]L[Sd 4_ T^ ZQ _PY _SZ`RS_ _Z OL_P Q]ZX _SP _S NPY_ ,/ M`_ bL^ []ZMLMWd NZX[Z^PO TY _SP "_S NPY_`]d :Y _SP aL]TZ`^ ±L«VL]L/TRATULdL^ ^PP ,Y_ZY @YRPXLNS ±LÀVL]L 8LYO£]L>L`]LMSL >_`__RL]_% >_PTYP] $$ z#  4Y NLWWTYR ±L«VL]L wQZ`YOP]x bP QZWWZb ?TWXLYY AP__P] >_`OTPY e`] 0Y_bTNVW`YR `YO 7PS]P ±L«VL]L^ ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP $"$  z! bSZ [ZTY_^ Z`_ _SP ]LOTNLWWd YZaPW `YNZX[]ZXT^TYR L[[]ZLNS ZQ ±L«VL]L TY _SP YL_TaP _]LOT_TZY ]P^[PN_ Q`WWd NLWWPO w±L«VL]£N£]dLx TY PXLYNT[L_TYR _SP @[LYT´LO^ L^ LY L`_ZYZXZ`^ [L]_ ZQ _SP APOL LYO _SPT] NZX[WP_P ^P[L]L_TZY Q]ZX ]T_`LW LN_TZY ±L«VL]L bL^ SZbPaP] YZ_ _SP ZYWd ZYP bSZ PX[SL^TePO @[LYT´LO PcPRP^T^ APO£Y_L LYO _SP ^P[L]L_TZY ZQ _SP APOL TY_Z L w]T_`LW [L]_x LYO L wVYZbWPORP [L]_x []ZMLMWd SL[[PYO []TZ] _Z STX L^ 9L_LWTL 4^LdPaL >SLYVL]L LYO 4YOTLY ;STWZ^Z[Sd ,WMLYd% >@9D $$ $ # Q [ZTY_^ Z`_ -P^TOP^ _SP _]LOT_TZYLW ;¼]aL8¯X£À^£ _SP]P QWZ`]T^SPO ^PaP]LW ,OaLT_L [Z^T_TZY^ ]PRL]OTYR _SP APOL^ L^ []ZaTOTYR RYZ^_TN VYZbWPORP []TZ] _Z _SP $_S NPY _`]d 4]ZYTNLWWd T_ bL^ []PNT^PWd 8L©“LYL 8T²]L bSZX ±L«VL]L OPQPL_^ L^ L ]T_`LWT^_ LNNZ]OTYR _Z _SP SLRTZR]L[Sd bSZ []ZX`WRL_PO LYZ_SP] _d[P ZQ ,OaLT_L _SL_ PX[SL ^TePO `YWTVP ±L«VL]L XPOT_L_TZY PaPY LQ_P] WTMP]L_TZY 8L©“LYLv^ aTPb bL^ XZ]P []ZXTYPY_ _SLY ±L«VL]Lv^ `[ _Z _SP _S NPY_`]d LNNZ]OTYR _Z ;L`W 3LNVP] w:Y ±L«VL]L LYO ,OaLT_T^Xx ]P[]TY_PO TY ;STWZWZRd LYO .ZYQ]ZY_L_TZY% ;L`W 3LNVP] ZY ?]LOT_TZYLW LYO 8ZOP]Y APO£Y_L PO BTWSPWX 3LWMQL^^ ,WMLYd% >@9D $$   4Y^_PLO _SP WPRPYO ]PQWPN_^ _SP ^_L`YNS N]T_T\`P ZQ _SP ;¼]aL8¯X£À^£ LYO ]T_`LW LN _TZY _SL_ _LVP^ L []ZXTYPY_ [WLNP TY ±L«VL]Lv^ NZXXPY_L]TP^ LYO L MW`]]PO WL_P] [P] ^[PN_TaP ZY PL]Wd ]TaLW ^d^_PX^ :Y _SP aL]TP_d ZQ ,OaLT_L [Z^T_TZY^ MPQZ]P LYO LQ_P] ±L«VL]L ^PP 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW % ,OaLT_L APO£Y_L `[ _Z ±L«VL]L LYO ST^ ;`[TW^ LYO AZW % ,OaLT_L APO£Y_L Q]ZX # _Z   PO 6L]W 3 ;Z__P] /PWST% 8Z_TWLW -LYL]^TOL^^ $# !

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

#

NT]NWP^ 4_ L]T^P^ Q]ZX _SP ^_TWW aP]d X`NS LWTaP @[LYT´LO _]LOT_TZY bSTNS PcT^_PO LWZYR^TOP 5LTYT^X LYO -`OOST^X L^ LY L^NP_TN XZaPXPY_ `[ _Z _SP _TXP ZQ 8L©“LYL 8T²]L ;]ZMLMWd YZ_STYR OP^N]TMP^ _SP []P aLTWTYR LWTPYL_TZY ZQ _SP _bZ R]Z`[^ z MZ`]RPZT^ ]T_`LWZ]TPY_PO []TP^_^ LYO XPYOTNLY_ [STWZ^Z[STeTYR O]Z[Z`_^ z MP__P] _SLY 8L©“LYLv^ WPRPYO ZQ NZYaP]^TZY LNNZ]OTYR _Z bSTNS ST^ RZZO WTQP NLXP _Z L ^`OOPY PYO z WT_P]LWWd Z`_ ZQ _SP MW`P ,NNZ]OTYR _Z _SP 8£OSLaL ±L«VL]L/TRATULdL  8L©“LYL 8T²]L bL^ _SP XZ^_ PXTYPY_ ;¼]aL8ÅX£À^£ ^NSZWL] ZQ ST^ _TXP 3T^ Pc[P] _T^P TY LWW ^NSZWL]Wd OT^[`_P^ bL^ ]PRL]OPO L^ `Y^`][L^^PO LYO LYd ZYP bSZ bT^SPO _Z MP _LVPY ^P]TZ`^Wd L^ L ^NSZWL] ZQ APOL SP]XPYP`_TN^ SLO _Z MP LMWP _Z ^_LYO `[ _Z STX TY L OPML_P ?SP dZ`YR MPRRL] XZYV ±L«VL]L OPNTOPO _Z OZ []PNT^PWd _ST^ LYO _SP]PQZ]P ^P_ STX^PWQ _SP _L^V ZQ NZY\`P]TYR 8L©“LYL% wBSPY SP bPY_ _Z _SP SZXP ZQ _SP ^NSZWL] 8L©“LYL SP P^[TPO TY _SP ^_]PP_ 8L©“LYLv^ XLTO^P]aLY_^ ZY _SP bLd _Z _SP bPWW LYO L^VPO _SPX uBSP]P T^ _SP SZ`^P ZQ _SP ^NSZWL] 8L©“LYL*v 1`WW ZQ UZd _SPd WZZVPO `[ZY _SP bZYOP]Q`W ±L«VL]L LYO ^LTO muBSP]P _SP [L]]Z_^ TY L NLRP Md _SP OZZ] PYOWP^^Wd ]P[PL_ u?SP bZ]WO T^ P_P]YLW& _SP bZ]WO T^ YZ_ P_P]YLWv z _SL_ T^ _SP SZ`^P ZQ _SP ^NSZWL] 8L©“LYLv 0YNZ`]LRPO SP LM^Z]MPO _SPT] bZ]O^ LYO NZY_TY`PO ZY ST^ bLd _Z F8L©“LYLv^H P^_L_P F3ZbPaP]H SP QZ`YO _SP RL_P FTY _SPH Z`_P] bLWW ML]]PO LYO TX[L^^LMWP F>Z SP ]Z^P `[bL]O^H `^TYR _SP [ZbP] ZQ dZRL LYO QWZL_PO _S]Z`RS _SP LT] LYO OZbY TY_Z _SP TYYP] NZ`]_dL]O ?SP]P SP ^Lb L SZ`^P TY Q]ZY_ ZQ STX FL^ QTYPH L^ _SP [LWLNP ZQ _SP RZOVTYR 4YO]L bT_S ^_LYOL]O^ QW`__P]TYR TY _SP TYNZY^_LY_ bTYO LYO bST_P [WL^_P]PO bLWW^ bSZ^P ML__WPXPY_^ bP]P ^Z STRS _SL_ _SPd NZX[WP_PWd NZaP]PO _SP bSZWP ^Vd mx 

:MaTZ`^Wd ;]ZQP^^Z] 8L©“LYL T^ bPWW^T_`L_PO LYO SP]XP_TNLWWd ^PLWPO ZQQ Q]ZX _SP Z`_^TOP bZ]WO L^ TQ TY LY TaZ]d _ZbP] 0aPY _SP [L]]Z_^ SLaP TY_P]YLWTePO _SP ^NSZWL]Wd PYaT]ZYXPY_ 8L©“LYL T^ TY _SP []ZNP^^ ZQ [P]QZ]XTYR L XLYP^ ^LN]TQTNP bSPY _SP ^SLaPYSPLOPO MPRRL] XZYV QWTP^ TY_Z ST^ ^_`Od _Z_LWWd `YLYYZ`YNPO 9Zb _bZ bZ]WO^ NZWWTOP ,_ QT]^_ _SPT] ]P[L]_PP T^ _P^_PO bT_S ±L«VL]L ^SZbTYR _SL_ SP T^ YPaP] L_ L WZ^^ QZ] bZ]O^% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  m RLNNSLYY L^L` XL©“LYL[L©“T_L`VZ O£^¯^ _LO¯d£à ^L OLOL]²L X£]RP gg V`_]£WLdZ XL©“LYL[L©“T_L^dP_d P_£à ^L [L[]LNNSL ULW£dL RLY_]¯à g _£² N£[T Oš²¶a£OMS`_L²LÀVL]LÀ _LÀ ^LÀ_Z´LaL_dZ OLO`] `__L]LÀ ^XL gg   ULRLO OS]`aLÀ ^d£O LOS]`aLÀ ^d£_ V¯]£«RLY£ dL_]L RT]LÀ RT]LY_T g Oa£aL]L^_SLY¯“£Y_L]L^LÀYT]`OOS£ U£Y¯ST _LY XL©“LYL[L©“T_L`VLà gg [¯_a£ _LO`V_¯] L_SL _L^dL RPS£O RL_a£ MLSTà ^LOXL VLa£¶LR`[_LX g O`]aP²LX £WZNdL ^L dZRL²LV_d£ adZX£OSaLY£a£_L]LO L«RLY£Y_Là gg _LO£ ^L WPVSPYO]LYTVP_LY£MSLÀ ^[S`]LYXL]`NNLÓNLWLVP_LY£MSLX g ^LXLR]LX £WZVL_L XL©“LYL^dL YTaP²LYLÀ MS¼_LWLXL©“LYL^dL gg ^L`OS£R]L^LÀNSLYYLYLMSZvaLV£²LÀ []LaT²dL _L_[]£[dL VLaPà ^LV£²LX g  8£O SLaL ±L«VL]L/TRATULdL #z$

#!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

8L©“LYL% wBSP]P OZP^ _SP MLWO [L_P bT^S _Z RZ*x ! ±L«VL]L% w9Z Q`]_SP] _SLY _SP YPNVx 8L©“LYL% w4 bZ`WO WTVP _Z SPL] dZ`] RZLWx ±L«VL]L% w,YO bSL_ OZP^ T_ ^Ld _Z dZ`*x "

,Q_P] ^ZXP XZ]P [`Y^ _SP [L]_TNT[LY_^ XZaP ZY R]LO`LWWd _Z LY PaP] XZ]P ^P]TZ`^ OPML_P PLNS LNN`^TYR _SP Z_SP] ZQ QZWWZbTYR L QLW^P _]LOT _TZY LYO _S`^ M]TYRTYR `YYPNP^^L]d SL]O^ST[^ `[ZY STX^PWQ% 8L©“LYL% wDZ` SLaP NSZ^PY YZ_ _Z MP XL]]TPO _Z L bTQP MPNL`^P ZQ dZ`] TYLMTWT_d _Z []Z_PN_ LYO []ZaTOP QZZO QZ] SP] 9Zb dZ` bZ`WO ]L_SP] MPL] _SP M`]OPY ZQ MZZV^ LYO ^NSZWL]^ST[ ?ST^ T^ SZb QL] dZ`] u]ZZ_^ TY _SP -]LSXLYv M]LSXLYT´¶SL_£ RZx ±L«VL]L% wDZ` bP]P _ZZ WLed _Z ^P]aP _SP R`]` ?SL_ T^ bSd dZ` ]LY ZQQ Q]ZX ^NSZZW LYO YZb dZ` ^P]aP bZXPY ?ST^ T^ SZb QL] dZ`] u]ZZ_^ TY _SP ]T_`LWv VL]XLYT´¶SL_£ RZx 8L©“LYL% wDZ` WTaPO TY L bZXLYv^ bZXM dZ` bP]P MPTYR ]LT^PO Md bZXPY : bSL_ TYR]L_T_`OP BSd dZ` QZZW OZ dZ` ^WLYOP] _SPX TY [L] _TN`WL] m*x ±L«VL]L% w,YO bSd OZ dZ` MPSLaP WTVP LY LYTXLW LXZYR bZXPY* DZ` L]P PaPY XZ]P QZZWT^Sx 8L©“LYL% wDZ` SLaP M]Z`RS_ _SP ^TY ZQ LMZ]_TZY `[ZY dZ`]^PWQ MPNL`^P dZ` WP_ _SP QT]P RZ Z`_x ±L«VL]L% wDZ` SLaP NZXXT__PO _SP ^TY ZQ ^`TNTOP MPNL`^P dZ` SLaP YZ_ ]PNZRYTePO _SP STRSP^_ [L_Sx #

?ST^ T^ L NWL^S MP_bPPY _bZ bLd^ ZQ WTaTYR ZYPv^ WTQP MZ_S ZQ _SPX QZ`YOPO TY _SP APOL M`_ NZ]]P^[ZYOTYR _Z T_^ OTQQP]PY_ _Pc_ _d[P^ _SP ]T_`LW ^PN_TZY LYO _SP RYZ^_TN @[LYT´LO^ 8L©“LYL NWLTX^ _SL_ Md MPTYR L XZYV ±L«VL]L T^ YZ_ Q`WQTWWTYR ST^ O`_d _Z _SP bZ]WO PR Md YZ_ []Z O`NTYR NSTWO]PY LYO YZ_ NL]TYR QZ] _SP OZXP^_TN QT]P ±L«VL]L TY ST^ _`]Y LNN`^P^ 8L©“LYL ZQ ^`TNTOP LY PaPY bZ]^P ^TY :Q NZ`]^P SP]P ^`TNTOP SL^ _Z MP `YOP]^_ZZO XP_L[SZ]TNLWWd 4Y _SP MLNVR]Z`YO _SP]P T^ LY L` _SZ]T_L_TaP \`Z_L_TZY Q]ZX _SP ®²L@[LYT´LO % w3P bSZ OZP^ YZ_ ]PNZR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ±L«VL]L bL^ L XPYOTNLY_ XZYV LYO _SP]PQZ]P SLO L ^SLaPY SPLO " V`_Z X`©“d £RLW£Y X`©“¯ [LY_S£^ _P [šNNSdL_P XLd£ g VTX £SL [LY_S£^ _aLYX£_£ X`©“P_d £SL _L_SLTaL ST gg [LY_S£YLÀ _aLX L[šNNSL^ _a£À [LY_S£à []L_d£SL XL©“LYL g  8£OSLaL ±L«VL]L /TRATULdL #!z" # _dLV_a£ [£©TRšS¯_¯À ^a£X L²LV_d£ [L]T]LV´L©P g ²T´dL[`^_LVLMS£]PNNSZ] ad£VS£_£ M]LSXLzYT´¶SL_£ gg R`]`²`²]¼´L©£WL^d£_ ^LX£aL]_dL R`]Zà V`W£_ g ^_]TdLà ²`²]¼²LX£©L^dL ad£VSd£_£ VL]XLzYT´¶SL_£ gg ^_ST_Z u^T dZ´T_£À RL]MSP _£MST] PaL aTaL]OST_Là g LSZ Vš_LRSYL_£ X¼]VSL VL_SLÀ _£ PaL YTYOL^T gg  _£^` X¼]VSL_LXL ^_]¯´` [L²`aLO ]LXL^P VL_SLX gg a¯]LSL_d£X La£[_Z u^T aLSY¯Y `Oa£^dL dL_YL_Là g £_XLSL_d£X La£[_L^ _aLX LaTOT_a£ [L]LÀ [LOLX gg 8£OSLaL ±L«VL]L/TRATULdL #z!

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

#"

YTeP ST^ ZbY ^PWQ NZXXT_^ ^`TNTOPx bSTNS T^ WTYVPO SP]P _Z _SP LNN`^L _TZY _SL_ _SP APOTN ^NSZWL] 8L©“LYL SL^ XT^`YOP]^_ZZO _SP APOL 0LNS ZQ _SPX NWLTX^ _SL_ _SP ]P^[PN_TaP APOTN _Pc_ _d[P _SL_ T^ NPY_]LW QZ] STX T^ _SP XZ]P TX[Z]_LY_ LYO ^`[P]TZ] _Z _SP Z_SP] ,^ TY LWW NWL^^TNLW OPML_P^ bT_STY _SP SLRTZR]L[STN WT_P]L_`]P _SP WZ^P] ^SZ`WO LNNP[_ _SP [STWZ^Z[Sd LYO _SP WTQP^_dWP ZQ _SP bTYYP] .ZY ^P\`PY_Wd TQ 8L©“LYL WZ^P^ SP ]T^V^ SLaTYR _Z RTaP `[ ST^ bTQP LYO ST^ bZ]WOWd RZZO^ M`_ _SP dZ`YR XPYOTNLY_ ]T^V^ TXXPOTL_P XL]]TLRP LYO SLaTYR _Z _LVP `[ L ]PR`WL] UZM ZQ bZ]V ,Q_P] _SP _]LOP TY TY^`W_^ _SP [STWZ^Z[STNLW OT^[`_P NZY_TY`P^ Md NZYNPY_]L_TYR ZY _SP aP]d OTQQP]PY_ [Z^T_TZY^ ZQ _SP ;¼]aL8ÅX£À^£ LYO _SP @__L]L8ÅX£À^£ ,OaLT_L APO£Y_L -Z_S _SP ^NSZWL]^ L]P LR]PPO _SL_ _SP ^`XX`X MZY`X T^ ^P_ OZbY TY _SP APOL >ZXP [PZ[WP MPWTPaP _ST^ T^ LNSTPaPO _S]Z`RS LN _TZY^ LYO Z_SP]^ _SL_ T_ T^ LNSTPaPO _S]Z`RS VYZbWPORP 8L©“LYL bLY_^ _Z LN_ TY LNNZ]OLYNP bT_S _SP APOL LYO ±L«VL]L bLY_^ _Z ]PNZRYTeP _SP XP^^LRP 4_ T^ YZ bZYOP] _SL_ _SP OT^[`_L_TZY RZP^ TY QLaZ] ZQ _SP dZ`YR MPRRTYR XZYV z LQ_P] LWW bP VYZb _SP ^_Z]d Q]ZX L SLRTZR]L[Sd TY _SP @__L]L8ÅX£À^£ $ 9ZYP_SPWP^^ _SP WPRPYO NZY_LTY^ XZ]P _SLY L R]LTY ZQ ST^_Z]TNLW _]`_S 4Y QLN_ _SP @__L]L8ÅX£À^£ TP _SP @[LYT´LO SP]XPYP`_TN^ ZQ _SP APO£Y_L LYO _SP ,OaLT_LAPO£Y_L TY [L]_TN`WL] LM^Z]MPO _SP ;¼]aL 8ÅX£À^£ ZaP] L [P]TZO ZQ ^PaP]LW S`YO]PO dPL]^ LYO ZaP]_ZZV T_ TY _P]X^ ZQ _SP RPYP]LW P^_PPX TY bSTNS T_ bL^ SPWO ?ST^ T^ YZ_ WPL^_ _Z MP N]POT_PO _Z ±L«VL]£N£]dL  _SP QZ`YOP] ZQ _SP ^NSZZW ZQ _SP ,OaLT_L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP ST^_Z]TNLW QLN_^ bP]P L MT_ OTQQP]PY_ 3LNVP] w:Y ±L«VL]L LYO ,OaLT_T^Xx  [ZTY_PO Z`_ _SL_ `Y_TW A£NL^[L_T 8T²]L _S NPY_ ,/ _SP bZ]V^ ZQ ±L«VL]L ^PPX _Z SLaP MPPY ZaP]^SLOZbPO Md 8L©“LYL 8T²]L ?ST^ XPLY^ _SL_ QZ] LMZ`_ _bZ Z] _S]PP NPY_`]TP^ 8L©“LYL bZ`WO SLaP MPPY NZY^TOP]PO L^ _SP XLUZ] ]P[]P^PY_L_TaP ZQ _SP ,OaLT_L [Z^T_TZY  ?ST^ OZP^ YZ_ XPLY SZbPaP] _SL_ ±L«VL]L bL^ _SP NSTPQ [STWZ^Z[SP] ZQ 4YOTL []TZ] _Z _SP $_S NPY_`]d LYO [Z^^TMWd YZ_ PaPY _SP NSTPQ APO£Y_L [STWZ^Z[SP] X`NS WP^^ _SP XLUZ] ]P[]P^PY_L_TaP ZQ 3TYO`T^X 8`NS SL^ MPPY ^LTO LW]PLOd LMZ`_ _SP TY_P]LN_TaP []ZNP^^P^ MP_bPPY BP^_P]Y ^NSZWL]^ NLWWPO _SP w:]TPY_LWT^_^x LYO 3TYO` ]PQZ]XP]^ _SL_ M]Z`RS_ LMZ`_ _ST^ TXLRP ,^ 5`WT`^ 7T[YP] ?SP 1LNP ZQ ?]`_S% , >_`Od ZQ 8PLY TYR LYO 8P_L[Sd^TN^ TY _SP APO£Y_TN ?SPZWZRd ZQ =£X£Y`UL ,WMLYd% >@9D $#! c ]TRS_Wd ]PXL]V^% w8LYd bP^_P]YP]^ MPWTPaP z LWL^ _ST^ T^ _]`P QZ] _ZZ XLYd ZQ _SP XZOP]Y TY_PWWTRPY_^TL L^ bPWW z _SL_ _SP R]PL_ ,OaLT_TY ±LÀVL]L T^ ]P[]P^PY_L_TaP ZQ 3TYO` ]PWTRTZ`^ _STYVP]^ m 9Z OZ`M_ ±LÀVL]L T^ NPY_]LW QZ] Z`] L[[]PNTL_TZY ZQ _SP ]PWTRTZ`^ _PLNSTYR LYO OPaPWZ[XPY_ ZQ APO£Y_L LYO TYOPPO QZ] 3TYO`T^Xv^ ^PWQ `YOP]^_LYOTYR _ZOLd M`_ SP T^ SL]OWd ]P[]P^PY_L_TaP ZQ 3TYO` _SPZWZRTLY^ Z] PaPY ZQ APO£Y_TY^x 6WL`^ 6WZ^_P]XLTP] TY ST^ >`]aPd ZQ 3TYO`T^X ,WMLYd% >@9D $#$ z! Z`_WTYP^ _SP ^_]ZYR ]TaLW]TP^ MP_bPPY _SP OTQQP]PY_ 3TYO` _]LOT_TZY^ TYNW`OTYR _SP OTQQP]PY_ ^NSZZW^ ZQ APO£Y_L bSZ bZ`WO X`_`LWWd OPN]d PLNS Z_SP] L^ SP]P_TN^ 1Z] PcLX[WP _SP APO£Y_TY^ ZQ _SP ALT´©LaL N]PPO PR _SP OT^NT[WP^ ZQ =£X£Y`UL _S_S NPY_ ,/ bSZ SLO _SPT] ZbY @[LYT´LO TY_P][]P_L_TZY ]PRL]OPO ±L«VL]L

##

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

APO£Y_L L OZN_]TYP ZQ ^_]TN_ YZYO`LWT_d VPaLW£OaLT_L   3P bL^ _SP ^ZY ZQ L >Z`_S 4YOTLY -]LSXLY QLXTWd LYO bL^ L QZ]XTOLMWP NZYYZT^ ^P`] ZQ _SP APOTN _]LOT_TZY 3P bL^ _SP QT]^_ [P]^ZY _Z ^PP _SP bSZWP APOL TY _P]X^ ZQ _SP SP]XPYP`_TN VPd ZQ _SP @[LYT´LO bZ]O _L_ _aLX L^T wDZ` L]P ?SL_ FbSL_ T^ OTaTYP M]LSXLY Hx  ,NNZ]OTYR _Z ±L«VL]L _ST^ w2]PL_ >PY_PYNPx XLS£a£VdL T^ TY_PYOPO _Z XLVP _SP [`[TW ]PLWTeP w4 LX _SL_ ]PLWT_dx TY NZY_]L^_ _Z w4 SLaP _Z [P]QZ]X ,RYTSZ_]Lx LYO ^SPO _SP TRYZ]LYNP LMZ`_ b]ZYR YZ_TZY^ LMZ`_ _SP ^PWQ ^`NS L^ LRPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L^ L SP]P_TN LYO wL_SPT^_x Z] bZ]^P 4Y _SP BP^_P]Y ]P^PL]NS _SP APO£Y_L aP]^TZY ZQ _SP =£X£Y`UL ^NSZZW LW_SZ`RS aP]d []ZXTYPY_ TY >Z`_S 4YOTL SL^ MPPY ZaP]^SLO ZbPO QZ] L WZYR _TXP Md L ZYP^TOPO QZN`^ ZY ±L«VL]Lv^ ,OaLT_LAPO£Y_L ,YO 8LO SaLv^ _S NPY_ /aLT_L APO£Y_L bL^ SL]OWd _Z`NSPO 9PaP]_SPWP^^ bP ^_TWW _STYV Z`] ^_L_PXPY_ LMZaP _Z MP NZ]]PN_ ^TYNP T_ bL^ ±L«VL]L #_S NPY_ bSZ P^_LMWT^SPO _SP APO£Y_L L^ L ^d^_PX ZQ T_^ ZbY LYO TQ SP SLO MPPY TY^TRYTQTNLY_ YZ ]TaLW ^NSZZW^ ]PLN_TYR _Z STX bZ`WO SLaP PaZWaPO :`] NZYNPY_]L_TZY ZY ±L«VL]L LYO ST^ ,OaLT_L APO£Y_L T^ O`P _Z _SP `YT\`P XP_SZOZWZRd LYO OTOLN_TN^ bSTNS bL^ OPaPWZ[PO bT_STY _ST^ _]LOT_TZY TY Z]OP] _Z OT^NWZ^P L X`NS XZ]P ]LOTNLW YZYO`LWT_d _SLY _SP ZYP ^`R RP^_PO Md _SP WL_P] =£X£Y`UL ^NSZZW z bSZ^P OTQQP]PY_TL_PO YZYO`LWT_d TY _`]Y ^PPX^ _Z NZXP NWZ^P] _Z _SP Z]TRTYLW TY_PY_TZY ZQ _SP -]LSXL>¼_]L^ ZQ -£OL]£dL©L _S NPY_ ,/* _SP ML^TN APO£Y_L _]PL_T^P _SL_ SLO MPPY ^_`OTPO []TZ] _Z ±L«VL]L LWZYR bT_S _SP 5LTXTYT>¼_]L^   ±L«VL]L T^ ZYP ZQ _SP MP^_ ^_`OTPO L`_SZ]^ ZQ 4YOTL 4Y 2P]XLYd LWZYP _SP]P SLaP MPPY ^PaP]LW [TZYPP]TYR ^_`OTP^ ;L`W 3LNVP]v^ 6WPTYP >NS]TQ_PY PO 7LXMP]_ >NSXT_SL`^PY BTP^MLOPY% 1]LYe >_PTYP] $"# T^ L R]PL_ ^Z`]NP NZY_LTYTYR L WL]RP Y`XMP] ZQ TX[Z]_LY_ 2P]XLY LYO 0YRWT^S L]_TNWP^ _SL_ L]P OPaZ_PO _Z ST^_Z]TNLW N]T_TNLW LYO [STWZ^Z[STNLW ^_`OTP^ ZQ ±L«VL]L >PP LW^Z ;L`W 3LNVP] @Y_P]^`NS`YRPY ÞMP] ?Pc_P OP^ Q]ÞSPY ,OaLT_L APO£Y_L%  /TP >NSÞWP] ±L«VL]L^ 8LTYe% ,VLOPXTP OP] BT^^PY^NSLQ_PY $ & ATaL]_L >_`OTPY e`] 2P^NSTNS_P OP] TWW`^TZYT^_T^NSPY 6Z^XZWZRTP `YO 0]VPYY_YT^WPS]P OP] 4YOP] 8LTYe% ,VLOPXTP OP] BT^^PY^NSLQ_PY $ & 6WL`^ =Þ[TYR >_`OTPY e`] 1]ÞSRP^NSTNS_P OP] APO£Y_L[STWZ^Z[STP ?PTW W%

;STWZWZRT^NSP @Y_P]^`NS`YRPY e` OPY -]LSXL^¼_]L6ZXXPY_L]PY OP^ ±L«VL]L `YO OP^ -S£^VL]L BTP^MLOPY% >_PTYP] $""& ?TWXLYY AP__P] x0]QLS]`YR OP^ @YP]QLS] ML]PY MPT ±L«VL]Lw TY ?]LY^ePYOPYeP]QLS]`YR  PO 2P]SL]O :MP]SLXXP] ATPYYL% 4Y ^_T_`_ QÞ] 4YOZWZRTP $"#  z $& w/TP 2L`“L[£O¯dL6£]TV£^% E`] 0Y_^_PS`YR `YO e`] -POP`_`YR aZY ,OaLT_Lx TY BE6>  $"#% $ z& >_`OTPY e`] 0Y_bTNV W`YR `YO 7PS]P ±L«VL]L^ Z[ NT_  ?ST^ QZ]X`WL SL^ ZQ_PY _]LY^WL_PO L^ w?SL_ ?SZ` L]_x bSTNS T^ L MT_ ZWOQL^STZYPO M`_ ^_TNV^ XZ]P WT_P]LWWd _Z _SP bZ]O Z]OP] ±L«VL]L OPLW_ Pc[WTNT_Wd bT_S T_ TY ST^ .S£YOZRdL @[LYT´LO -S£´dL !! LYO @[LOP²L>£SL^]¯ # ;LOdLMLYOSL M`_ _SP ^_]TN_Wd YZYO`LW NZY _PY_ SP Pc_]LN_^ Q]ZX _SP QZ]X`WL T^ LWW[P]aLOTYR TY ST^ WL]RP bZ]V TP ST^ NZXXPY_L]TP^ ZY _SP w_S]PPQZWO NLYZYx []L^_S£YL_]LdL ZQ _SP APO£Y_L% _SP @[LYT´LO^ _SP -SLRLaLO R¯_£  LYO _SP -]LSXL >¼_]L^ ,[L]_ Q]ZX _SP^P NZXXPY_L]TP^ MS£´dL bSTNS L]P LN NP[_PO L^ ST^_Z]TNLWWd L`_SPY_TN LXZYR _SP _PY @[LYT´LO NZXXPY_L]TP^ _SP ZYP ZY _SP -šSLO£]L©dLVL .S£YOZRdL ?LT__T]¯dL 6PYL LYO 8£©“¼VdL LXZYR _SP 2L`“L[£OL 6£]TV£^ XZ]P _SLY  _]PL_T^P^ LYO bZ]V^ ZQ ?LY_]TN NZY_PY_ L]P L^N]TMPO _Z STX ,XZYR _SP^P _]PL_T^P^ TYOZWZRT^_^ ]PRL]O ZYWd _SP @[LOP²L>£SL^]¯ L^ L`_SPY_TN MP dZYO OZ`M_ LYO NZY^TOP] T_ L^ TX[Z]_LY_ L^ _SP Pc_PY^TaP -]LSXL >¼_]L NZXXPY_L]d _SP wZ[`^ XLRY`Xx ZQ ±L«VL]L BP bTWW ]P^_]TN_ Z`] OT^N`^^TZY WL]RPWd _Z _ST^ PXT YPY_ _]PL_T^P

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

#$

^ST[ LYO PYUZdP]^ST[ L^ SPWO Md _SP ;¼]aL8ÅX£À^£ ,RYTSZ_]L [P] _LTY^ _Z _SP [Sd^TNLW ^PWQ bSZ LN_^ OP^T]P^ PYUZd^ LYO ^`QQP]^ bSP]PL^ VYZbWPORP ]PaPLW^ _SP ^PWQv^ YL_`]P L^ ^PWQW`XTYZ`^ LbL]PYP^^ LYO T_^ TYYL_P Q]PPOZX 0XLYNT[L_TZY XPLY^ YZ_ WPL^_ _SP PYWTRS_PYPO ^PWQv^ TYYL_P Q]PPOZX Q]ZX TOPL^ LMZ`_ MZOd NL^_P O`_d LRPY_^ST[ LYO PY UZdP]^ST[ LYO XZ^_ ML^TNLWWd _SP ]PLWTeL_TZY ZQ _SP wTYYP] ^PWQx MPTYR PaP] OPaZTO ZQ ^`QQP]TYR LYO [LTY 4Y^_PLO ZQ _LVTYR LN_TZY _SP]PQZ]P VYZbWPORP T^ ]P\`T]PO _Z ]PLNS _SP ^`XX`X MZY`X MPNL`^P PXLYNT[L _TZY NZY^T^_^ []PNT^PWd TY _SP Q]PPOZX Q]ZX PY^WLaTYR OP^T]P^ ^PWQ NZYNP[_TZY^ LYO TOPL^ ZQ bSL_ ^SZ`WO MP OZYP LYO LNSTPaPO ,WW ZQ _SP^P MPWZYR _Z TRYZ]LY_ ^PWQ bSTNS T^ _SP ML^TN []ZMWPX ,_ XZ^_ _SP ]T_`LW [L^^LRP^ ^P]aP XPY_LW [`]TQTNL_TZY LYO []P[L]L_TZY M`_ L]P _Z_LWWd T]]PWPaLY_ ^Z_P]TZWZRTNLWWd% LN_TZY M]TYR^ MZYOLRP ZYWd VYZbWPORP M]TYR^ WTMP]L_TZY ?SP ]PPaLW`L_TZY ZQ _SP aLW`P^ _S]Z`RS _SP L^NP_TN _]LOT_TZY YZb ^[]PLO^ _Z _SP bSZWP PcPRP^T^ ZQ _SP APOL LYO NL`^P^ _SP ]T_`LW [L]_ _Z aLYT^S NZX[WP_PWd MPSTYO _SP VYZbWPORP [L]_ MPNL`^P T_^ PQQPN_^ bSTNS L]P YZ_ YPRL_PO L]P YZb ZYWd OP^T]PO `YOP] NP]_LTY NT] N`X^_LYNP^



:Y _SP 7TXT_^ ZQ 7LYR`LRP

5`^_ WTVP _SP ;¼]aL^ _SP @__L]L^ z _SP 6PaLWL,OaLT_LAPO£Y_TY^ ^_L]_TYR bT_S ±L«VL]£N£]dL  z LW^Z SZWO L NL`^LWT^_TN aTPb ZQ WLYR`LRP LYO L STRSWd ]L_TZYLWT^_ _SPZ]d ZQ NZXX`YTNL_TZY  .ZY_PY_ T^ _]LY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  BSPYPaP] bP _LWV LMZ`_ _SP w@__L]L^x w@__L]L8¯X£À^£x wWL_P] 8¯X£À^£x APO£Y_L Z] ,OaLT_LAPO£Y_TY^ TY _ST^ ^PN_TZY bP XPLY _SP 6PaLWL,OaLT_LAPO£Y_L ZQ ±L«VL]L bSTNS bL^ XZ^_ NWZ^PWd QZWWZbPO Md >`]P²aL]L LYO Q`]_SP] OPaPWZ[PO QZ] TY^_LYNP Md >LO£YLYOL bT_SZ`_ []P_PYOTYR _SL_ T_ T^ _SP ZYWd w@__L]Lx Z] ,OaLT_L [Z^T_TZY 1Z] L ^SZ]_ ^`XXL]d ZQ _SP [W`]LWT_d ZQ PL]WTP] ,OaLT_L LYO _SP _bZ Z] _S]PP [Z^_±L«VL]L ^NSZZW^ ^PP ;Z__P]v^ 4Y_]ZO`N_TZY _Z 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z [STP^ aZW  z  ,OaLT_LAPO£Y_L SL^ ZQ_PY MPPY ]P[]P^PY_PO L^ wXd^_TNT^Xx ?ST^ T^ L []ZMWPX NZY^TOP]TYR ZY _SP ZYP SLYO _SL_ Xd^_TNT^X T^ WTVPWd _Z MP `YOP]^_ZZO L^ ^ZXPbSL_ LY_T_SP_TNLW _Z ]L_TZYLWT_d LYO XZ]P ]PWL_PO _Z PXZ_TZY^ z _SP bLd =`OZWQ :__Z LYO XLYd Z_SP]^ NZYNPTaPO ZQ T_ TY ST^ TYQW`PY_TLW MZZV^ /L^ 3PTWTRP QT]^_ POT_TZY $" z LYO ZY _SP Z_SP] SLYO _SL_ ^ZNLWWPO w4YOTLY Xd^_TN^x WTVP ±L«VL]L []ZO`NPO TY_PW WPN_`LW ^d^_PX^ ZQ L STRSWd P]`OT_P YL_`]P ?ST^ OT^N]P[LYNd WPO _Z XLYd VTYO^ ZQ XT^ ]P[]P^PY_L_TZY^ 8LdMP _SP QT]^_ _Z NZ`Y_P]L]R`P ^`NS XT^]P[]P^PY_L_TZY^ bT_S R]PL_ ^Z[ST^_TNL_TZY bL^ -TXLW 6]T^SYL 8L_TWLW ?SP 7ZRTNLW 4WW`XTYL_TZY ZQ 4YOTLY 8d^_T NT^X :cQZ]O% .WL]PYOZY ;]P^^ $"" 8L_TWLW STRSWTRS_TYR _SP -`OOST^_ [STWZ^Z[SP] 9£R£]U`YL LYO LW^Z XPY_TZYTYR ±L«VL]L ^_]P^^P^ _SP STRSWd TY_PWWPN_`LW ^_LYOL]O ZQ 4YOTLY [STWZ^Z[STNLW OPML_P^ LYO WZRTNLW L]R`XPY_L_TZY z [L]_TN`WL]Wd LRLTY^_ =. ELPSYP]v^ 8d^_TNT^X >LN]PO LYO ;]ZQLYP :cQZ]O% .WL]PYOZY $ " , XZ]P ]PNPY_ LYO P\`LWWd NZYaTYNTYR N]T_TNT^X ZQ _SP NZY^_]`N_ ZQ _SP w8d^_TN 0L^_x bL^ ]LT^PO Md

$

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

[Z]_PO aTL ^[PLVP]^ ,YO _SPd LW^Z ^PP _SP APOL L^ _SP NPY_]LW ]PaPWL _TZY  -`_ bSL_ OT^_TYR`T^SP^ _SP _bZ ^NSZZW^ OPNT^TaPWd Q]ZX PLNS Z_SP] T^ _SP ]P^[PN_TaP ZMUPN_^ ZQ _SPT] SP]XPYP`_TN^ ?SP ;¼]aL^ TYaP^ _TRL_P _SP YL_`]P ZQ WLYR`LRP bSP]PL^ _SP @__L]L^ Pc[WZ]P _SP YL_`]P ZQ _SP ^[PLVP] TP _SP ML^TN YL_`]P ZQ ST^ NZY^NTZ`^YP^^ ST^ w^Z`Wx Z] w^PWQx £_XLY  ! ?SP ;¼]aL^ ZYWd ^[PLV LMZ`_ PX[T]TNLW ZMUPN_^ ^`NS L^ ^LN]TQTNTLW WLOWP^ LYO MZbW^ QZ] _SP ^LN]TQTNTLW NLVP^ Z] OT^N`^^ _SP OTQ QP]PYNP MP_bPPY ]TNP TY T_^ YL_`]LW ^_L_P bT_S T_^ S`^V LYO _S]P^SPO ]TNP bT_SZ`_ T_^ S`^V z LWW ZQ _SP^P ^XLWW _STYR^ NLY MP LM^ZW`_PWd P^^PY_TLW _Z _SP PQQTNLNd ZQ L APOTN ^LN]TQTNP 8P_L[Sd^TN^ LYO TY_]Z^[PN_TZY OZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ =TNSL]O 6TYR :]TPY_LWT^X LYO =PWTRTZY% ;Z^_NZWZYTLW ?SPZ]d 4YOTL LYO u?SP 8d^_TN 0L^_v 7ZYOZY% =Z`_WPORP  $$$ bSZ OT^N`^^P^ ,OaLT_LAPO£Y_L XZ]P PWLMZ ]L_PWd 4Y _SP [L^_ [STWZ^Z[STNLW LN_TaT_d TY 4YOTL bL^ WL]RPWd PcPN`_PO bT_STY _SP ]TNS NZXXPY_L]d LYO ^`MNZXXPY_L]d WT_P]L_`]P bSTNS OT^NWZ^P^ L WTaPWd OPML_TYR N`W_`]P RZaP]YPO Md ^[PNTQTN OTLWPN_TNLW LYO SP]XPYP`_TNLW ]`WP^ LYO _PNSYT\`P^ ZQ L]R`XPY _L_TZY% 3PTO]`Y -]ÞNVYP] w-PbLS]PY `YO 0]YP`P]Y% ;STWZ^Z[ST^NSP 6ZXXPY_L]WT_ P]L_`] TX TYOT^NSPY 8T__PWLW_P]x TY ?Pc_ `YO 6ZXXPY_L] PO 5 ,^^XLYY LYO - 2WLOTRZb 8ÞYNSPY 1TYV% $$  "z" 4_ bL^ YZ_ WPL^_ _SP 8¯X£À^LVL^ bSZ TY _]ZO`NPO L_ LY PL]Wd _TXP ]PWPaLY_ XZOPW^ ZQ SP]XPYP`_TN^ L^ ;L__ZY -]TYRTYR _SP 2ZO^ _Z 8TYO  !$z" [ZTY_^ Z`_ :Y _SP ]ZWP ZQ ]PL^ZY TY _SP _PLNSTYR^ ZQ ±L«VL]L ^PP BTWSPWX 3LWMQL^^v M]TWWTLY_ ^_`Od w3`XLY =PL^ZY LYO APOTN =PaPWL_TZY TY ,O aLT_LAPO£Y_Lx TY ?]LOT_TZY LYO =PQWPN_TZY  PO B 3LWMQL^^ z []PaTZ`^Wd [`MWT^SPO TY 3LWMQL^^ >_`OTP^ TY 6`X£]TWL LYO ±L«VL]L  "z# 1Z] LY PXTN N]T_T NT^X ZQ wXd^_TNx XT^]P[]P^PY_L_TZY^ LYO L W`NTO TY_]ZO`N_TZY _Z _SP aL]TZ`^ ]L_TZYLW OPaTNP^ LYO ^Z[ST^_TNL_PO _]LOT_TZYLW XP_SZO^ []LV]Td£ ZQ P^_LMWT^STYR YZYO`LWT_d ]L_TZYLWWd LYO Pc[P]TPY_TLWWd ^PP >bLXT /LdLYLYOL >L]L^bL_T ?]LOT_TZYLW _PLNSP] ZQ -]LSXL ATOd£  PO ;LOXL 9L]L^TXSLY 8LO]L^% ?? 8L[^  ;`MWTNL_TZY^ $$  z  ;L]_TN`WL]Wd TY ST^ @[LOP²L>£SL^]¯  ;LOdLMLYOSL #& #z& #& ##& #"!z"$& #$# QQ& #z& $"& $  ±L«VL]L ]P[PL_POWd L]R`P^ _SL_ _SP]P T^ YZ ]TRS_ VYZbWPORP LMZ`_ _SP ^PWQ bT_SZ`_ _SP APOL% ±]`_T LYO ]PL^ZYTYR L]P _SP ZYWd XPLY^ _SL_ WPLO _Z NZ]]PN_ `YOP]^_LYOTYR LYO YZYO`LW Pc[P]TPYNP bSP]PMd ±]`_T T^ _SP XLUZ] []LX£©L LYO TYQP]PYNP LY`X£©L Z] WZRTN d`V_T ZYWd ^`[[Z]_^ T_ >PP LW^Z ;LOdLMLYOSL " LYO 3LWMQL^^ >_`OTP^ TY 6`X£]TWL LYO ±L«VL]L & LYO w3` XLY =PL^ZY LYO APOTN =PaPWL_TZYx ! , XTYZ] LYO dP_ ]PaPLWTYR TWW`^_]L_TZY ZQ _SPT] NZX[WP_PWd OTQQP]PY_ L[[]ZLNSP^ T^ _SPT] ]P^[PN_TaP ]PQ`_L_TZY ZQ -`OOST^X 4Y NZY_]L^_ _Z 6`X£]TWL ±L«VL]L OZP^ YZ_ ^PPV _Z P^_LMWT^S _SP P_P]YLW PcT^_PYNP ZQ _SP APOL M`_ _SP P_P]YLW PcT^_PYNP ZQ _SP ^PWQ ,W_SZ`RS _ST^ T^ LW^Z ZYP ZQ 6`X£]TWLv^ ZMUPN_TaP^ ^PP ST^ £_XLa£OL NSL[_P] 6`X£]TWLv^ P_P]YLW ^PWQ OTQQP]^ aL^_Wd Q]ZX _SP ZYP ZQ ±L«VL]L BSTWP SP OPQPYO^ _SP [P]QZ]XP] ZQ APOTN TYU`YN_TZY^ LYO SPYNP _SP P_P]YT_d ZQ LRPYNd LYO PYUZdP]^ST[ _ST^ T^ []PNT^PWd bSL_ ±L«VL]L OPYTP^ LW_SZ`RS `^TYR X`NS _SP ^LXP L]R`XPY_^ LRLTY^_ _SP -`OOST^_^ L^ 6`X£]TWL ?SP ]PQ`_L_TZY ZQ Z[[Z^TYR ^NSZZW^ z -`OOST^_^ >£«VSdL ALT´P²TVL LYO [L]_TN`WL]Wd _SP ;¼]aL8¯X£À^£ LYO _SPT] LN_TZYZ]TPY_PO APOL TY_P] []P_L_TZY z _LVP^ L []TXP [WLNP TY ±L«VL]Lv^ NZXXPY_L]TP^ :Y OPLWTYR bT_S -`OOST^_ OZN_]TYP^ ^PP LW^Z @[LOP²L>£SL^]¯  ;LOdLMLYOSL !z & !& # z!& #"& #! QQ& LYO -]TLY .L]] w±L«VL]L ZY XPXZ]d LYO _SP NZY_TY`T_d ZQ _SP ^PWQx =PWT RTZ`^ >_`OTP^ ! % $z

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

$

YZ_ TY_P]P^_ _SP ;¼]aL^ ?SP @__L]L^ ZY _SP Z_SP] SLYO L]P ZYWd TY_P] P^_PO TY TY_P]TZ] []ZNP^^P^ LYO _]LY^NPYOPY_LW ZMUPN_^ ^`NS L^ _SP TYOT aTO`LW ^Z`W U¯aL  ¢_XLY Z] -]LSXLY >Z _SP WLYR`LRP []ZMWPX T^ OTQ QP]PY_ QZ] _SPX _SLY T_ T^ QZ] _SP ;¼]aL^% T_ T^ TX[Z^^TMWP _Z [ZTY_ [Sd^TNLWWd L_ _SP -]LSXLY Z] ¢_XLY L^ ZYP NLY [ZTY_ L_ L NZb YZ XL_ _P] bSP_SP] T_ SL[[PY^ _Z MP R]LeTYR TY L XPLOZb TY 0XXPY_LW Z] TY >NSWP^bTR3ZW^_PTY >Z _SP []ZMWPX T^ ZYP ZQ NZXX`YTNL_TYR bSL_ T^ YZYaP]MLW " L []ZMWPX _SL_ PXP]RPO TY `YOP]^_LYOTYR LYO _PLNSTYR _SP NZY_PY_ ZQ ML^TN [L^^LRP^ ZQ _SP @[LYT´LO^ ±L«VL]L ^`XXL]TeP^ _SP OTWPXXL TY ST^ @[LOP²L>£SL^]¯ w, ?SZ`^LYO ?PLNSTYR^x # bT_S _SP QZWWZbTYR L]R`XPY_% w?SZ^P bSZ F^PP _SL_H _SP ^PWQ £_XLY T^ ZYWd ZYP Q]PP Q]ZX ^`QQP]TYR LYO YPaP] NSLYRTYR X`^_ LW^Z FLNNP[_ []TXL QLNTP H _SL_ _SP]P T^ YZ bZ]O QZ] T_ LYO _SL_ `W_TXL_PWd T_ NLYYZ_ MP VYZbYx $

?SP]P L]P YZ NZYaPY_TZYLW bZ]O^ QZ] XP_L[Sd^TNLW _P]X^ ¢_XLY T^ YZ_ LY ZMUPN_ LYO NLY YPaP] MP ZMUPN_TaTePO QZ] _SP ^PWQ NLY L []TZ]T ZYWd MP LNNP^^PO Md L ^dY_SP_TN aTPb TP T_ NLY MP R]L^[PO ^[ZY_LYPZ`^Wd LYO T^ LM^ZW`_PWd ^PWQPaTOPY_   ?SP Z[[Z^T_P ZQ _ST^ QLN_ NLYYZ_ MP NZYNPTaPO L_ LWW% ZYP NLYYZ_ ^Ld w?SP]P T^ YZ ^PWQx Z] w4 LX YZ_x w?SP aP]d ZbY YL_`]P ZQ _SP ^PWQ T^ VYZbWPORP LYO P_P]YLW WTRS_ QZ] ^Z ^Ld^ _SP ]PaPWL_TZY ,YO _SP]PQZ]P VYZbWPORP T^ YZ_ N]PL_PO Md TY_PWWT RPYNP YZ] Md _SP ^PWQ Z] LYd Z_SP] QLN_Z]x   w4_ T^ LWbLd^ XP]PWd L ]PQWPN_TZY ZQ _SP ^PWQ _Z bSTNS _SP bZ]O^ _]LaPW ?SPd NLY ZYWd [ZTY_ _Z WLV´LdPd`à _SP ^dY_SP_TN aTPb  M`_ _SPd NLY YPaP] OP^TRYL_P T_ OT]PN_Wd 1Z] ZMUPN_^ bSTNS OZ YZ_ MPWZYR _Z LYd ZMUPN_ NL_P

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " @[LOP²L>£SL^]¯  ;LOdLMLYOSL  $& ##& #& $ # ?SP @[LOP²L>£SL^]¯ NZY^T^_^ ZQ L 8P_]TNLW ;L]_ ;LOdLMLYOSL LYO L ;]Z^P ;L]_ 2LOdLMLYOSL  >TYNP _SPd SLaP MPPY _]LOT_TZYLWWd _]PL_PO L^ TYOP[PYOPY_ bZ]V^ _SPT] Z]OP] aL]TP^ TY _SP OTQQP]PY_ POT_TZY^ LYO LW^Z _SP aP]^P Y`XMP]^ XLd OTaP]RP ^WTRS_Wd 4Y Z`] \`Z_L_TZY^ bP `^P _SP N]T_TNLW POT_TZY ZQ >PYRLV` 8LdPOL ?ZVdZ% @YTaP]^T_d ZQ ?ZVdZ ;]P^^ $"$ LYO TYOTNL_P TY M]LNVP_^ _SP aL]TLY_^ ZQ _SP POT_TZY ZQ >bLXT 5LRLOLYLYOL 8dWL[Z]P 8LO]L^% >]T =LXLV]T^SYL 8L_S ! $"$ $ YL dP´£X PVL Pa£_X£ YT]O`àVSZ uaTV]TdLà ^LO£ g _P´£À ^d£N NSLMOLa£NdL_aLÀ UÓPdL_aLÀ N£_XLYLà ^LO£ gg  @[LOP²L>£SL^]¯  ;LOdL MLYOSL # "   ?ST^ T^ TY QLN_ _SP XZ^_ ML^TN _PLNSTYR ZQ _SP @[LOP²L>£SL^]¯ LYO ZYP ZQ _SP _P]X^ XZ^_ ZQ_PY `^PO T^ w^PWQW`XTYZ^T_dx >PP MPWZb LYO ;L`W 3LNVP] @[LOP²L^£SL^]¯ aZY 8PT^_P] >SLYVL]L ,`^ OPX >LY^V]T_ ÞMP]^P_e_ `YO P]WÆ`_P]_ -ZYY% =ØS]^NSPTO $$& w±L«VL]Lv^ .ZYNP[_TZY ZQ 8LYx $"& w/TP 4OPP OP] ;P]^ZY TX /PYVPY aZY APO£Y_L;STWZ^Z[SPYx $!& w.T_ `YO 9ZÞ^ Z] _SP .ZYNP[_ ZQ >[T]T_ TY APO£Y_T^X LYO TY 9PZ[WL_ZYT^Xx $"! TY ;L`W 3LNVP] 6WPTYP >NS]TQ_PY  z & "z$& z"   ^aL]¼[LX £_XLYZ UÓ£YLÀ YT_dLÀ UdZ_Tà ²]`_P] dL_Là g YL M`OOSd£ V]TdL_P _L^X£Y Y£_XLY£YdPYL a£ ^LO£ gg  @[LOP²L>£SL^]¯  ;LOdLMLYOSL #!!

$

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

RZ]d YZ_ PcSTMT_TYR LYd ^[PNTQTN _d[P^ ZQ LN_TZY^ Z] []Z[P]_TP^ NLYYZ_ MP OP^N]TMPO TY bZ]O^x  

?SP ^PWQ L^ _SP [`]P WTRS_ ZQ NZY^NTZ`^YP^^ SL^ YZ ^[PNTQTN ^_L_P^ LYO _SP]PQZ]P YZ LOUPN_TaP^ MS£aL²LMOL ^`NS L^ wSL[[dx Z] w`YSL[[dx NLY MP `^PO _Z NSL]LN_P]TeP T_ 4_ OZP^ YZ_ [P]QZ]X LYd LN_TZY^ LYO _SP]PQZ]P _SP]P L]P YZ []ZNP^^P^ TY T_ Z] LMZ`_ T_ bSTNS T^ bSd aP]M^ NLYYZ_ MP `^PO TY NZYYPN_TZY bT_S _SP ^PWQ PT_SP] 0aPY _SP bZ]O wVYZbTYRx OZP^ YZ_ QT_ ^TYNP VYZbTYR z L^ L ]PQWPcTaP LN_ z T^ L _PX [Z]LW []ZNP^^ bSTNS LTX^ _Z []ZO`NP _SP ]P^`W_ ZQ wVYZbWPORPx LYO []P^`[[Z^P^ _SP LRPYNd ZQ _SP TY_PWWPN_ TP L wVYZbP]x ^P[L]L_P Q]ZX VYZbWPORP   7LYR`LRP T^ YZ_ Md LYd XPLY^ QZ]XPO TY ^`NS L bLd L^ _Z MP NL[L MWP ZQ OP^N]TMTYR _SP ^PWQ 4_ T^ X`NS MP__P] ^`T_PO _Z OP^N]TMTYR _SP ZM UPN_ bZ]WO 1Z] _ST^ ]PL^ZY WTYR`T^_TN LNNP^^ T^ ZQ_PY YPRL_PO TY _SP APO£Y_L _Pc_^ bT_S _SP QZ]X`WL YP_T YP_T wYZ_ _ST^ LYO YZ_ _SL_x TP _SP ^PWQ _]LY^NPYO^ _SP^P NL_PRZ]TP^   ±L«VL]£N£]dL _SP]PQZ]P QLNP^ _SP \`P^_TZY ZQ bSP_SP] T_ T^ L_ LWW WPRT_TXL_P _Z `^P L NZWWZ\`TLW _P]X ^`NS L^ wVYZbTYRx :Y _SP ZYP SLYO _SP []ZMWPX ]P^TOP^ TY _SP QLN_ _SL_ TY _P]X^ ZQ YL_`]LW NZXXZY[WLNP `YOP]^_LYOTYR ZQ WLYR`LRP _SP `^P ZQ _ST^ _P]X TY QZ]X`WL_TZY^ ^`NS L^ w4 VYZb Xd^PWQ 4 LX WLed LYO ^WZa PYWdx bZ`WO LWbLd^ MP TYNZ]]PN_ TY _SP ^PY^P ZQ L [`]PWd _]LY^NPYOPY_LW [STWZ^Z[Sd :Y _SP Z_SP] SLYO TQ _SP _P]X wVYZbTYRx TY NZWWZ\`TLW `^LRP bP]P NZX[WP_PWd TYL[[WTNLMWP _SPY _SP APOL bZ`WO YZ WZYRP] MP L ^Z`]NP ZQ VYZbWPORP LYO T_ bZ`WO LW^Z NZY_]LOTN_ _SP ^[ZY_LYPZ`^ 4 VYZbWPORP _SL_ NLY YPaP] ^Ld w4 LX YZ_x ?SP _P]X w4x LWbLd^ LW^Z TX[WTP^ wPcT^_PYNPx LYO wNZY^NTZ`^YP^^x ?SP ^PY_PYNP^ w4 OZ YZ_ Pc T^_x Z] w4 LX YZ_ NZY^NTZ`^x L]P TX[Z^^TMWP ^PY_PYNP^ ?ST^ XPLY^ _SL_ _SP]P X`^_ MP ^ZXP QZ]X ZQ VYZbWPORP LMZ`_ _SP XPLYTYR ZQ w4x bSTNS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   £MS£^Z dL_]L _L_]LTaL ²LMO£à []L_dLROŽ²TÀ ^_ST_£à g WLV´LdPd`] YL ^£V´£_ _LX LMSTOLOSd`à VL_SLÀNLYL gg YLSd LU£_d£OTX£Y VL²NTO L]_SLà ²LMOLT] YT]¼[dL_P g  gg  @[LOP²L>£SL^]¯  ;LOdL MLYOSL #$z   @[LOP²L>£SL^]¯  ;LOdLMLYOSL # z!!   ?SP ML^TN QZ]X`WL YP_T YP_T L[[PL]^ QZ] _SP QT]^_ _TXP TY _SP -šSLO£]L©dLVL@[LYT´LO ! 4_ ZNN`]^ TY OTQQP]PY_ ^PN_TZY^ ZQ _SP @[LOP²L>£SL^]¯ LYO T^ `^PO SP]P TY L XZ]P _PNSYTNLW ^PY^P ?SP YPRL_TZY ZQ QLW^P L^^`X[_TZY^ LMZ`_ ZYP^PWQ PR MPWZYRTYR _Z L NL^_P LYO ZQ _SP X`_`LW w^`[P]TX[Z^T_TZYx ZQ _SP \`LWT_TP^ ZQ [P]XLYPY_ _STYR^ ZY TX[P]XLYPY_ _STYR^ LYO aTNP aP]^L T^ LY TX[Z]_LY_ [L]_ ZQ _SP _PLNSTYR []ZNP^^ _Z L]]TaP L_ _SP w]PXLTYOP]x bSTNS NLYYZ_ MP YPRL_PO YLXPWd _SP wTYYP] ^PWQx []L_dLR£_XL L^ _SP P^^PYNP ZQ _L_ LYO _aLX >PP 2LOdLMLYOSL "QQ LYO  & ;LO dLMLYOSL z& z!& & #& "" "" PO 5LRLOLYLYOL #$z & #$ #$# PO 5LRLOLYLYOL& $#& $ :Y _SP NZXXPY_L]d WT_P]L_`]P LYO _SP wYP_T YP_Tx% 8LOPWPTYP -TL]OPL` w£SL^]¯  ;LOdLMLYOSL " @YWTVP ±L«VL]Lv^ NZXXPY_L]TP^ _SP @[LOP²L >£SL^]¯ ;LOdLMLYOSL Q]P\`PY_Wd `^P^ _SP _P]X []L_dLR£_XLY LYO `^P^ _SP _P]X w^PP TYRx Oš´Tà XZ]P ZQ_PY _SLY wNZY^NTZ`^YP^^x NT_ NTYX£_]L   ! ?SP []Z[Z^T_TZY _SL_ _SP wTYYP] ^PWQx Z] NZY^NTZ`^YP^^ T_^PWQ T^ w^PWQW`XTYZ`^x `Y NSLYRTYR LYO TYOP[PYOPY_ bSP]PL^ _SP TY_PWWPN_ LYO LWW T_^ NZRYT_TZY^ TYNW`OTYR _SP wPRZ NZRT_Zx LYO _SP NZXXZY 4YZ_TZY T^ L XP]P ]PQWPN_TZY NSLYRTYR OP[PYOPY_ LYO SPYNP w`Y]PLWx MPWZYR^ _Z _SP XLUZ] L]R`XPY_^ ZQ MZ_S [L]_^ ZQ _SP @[LOP²L >LSL^]¯  1Z] _SP NZY_Pc_ ZQ _SP QZWWZbTYR \`Z_P ^PP @[LOP²L>£SL^]¯  ;LOdLMLYOSL # #!z" QQ& _SP ^TXTWP ZQ _SP QLNP TY _SP XT]]Z] T^ XPY_TZYPO QZ] _SP QT]^_ _TXP TY # LYO T^ _LVPY `[ LYO Q`]_SP] Pc[WLTYPO TY # ! #"  z! z & ^PP LW^Z !z `^TYR _SP ^LXP ^TXTWP LYO  z#& ! $z!& "!z"& "z"& " z! ±L«VL]L ^PP^ _SP ML^TN []ZMWPX TY L X`_`LW ^`[P]TX[Z^T_TZY ZQ ^PWQ LYO TY _PWWPN_ LYO ZQ wTYYP] ^PWQx LYO PRZ SLaTYR YZ_TZY^ WTVP w4x LYO wXTYPx ?SP P^^PYNP ZQ ]TRS_ ^PWQVYZbWPORP WTP^ _SP]PQZ]P TY _SP []Z[P] OT^NP]YXPY_ LYO OTQQP]PY_TL_TZY ZQ _SP _bZ :Y _SP ZYP SLYO T_ ^SZ`WO MP `YOP]^_ZZO _SL_ _SP MZOd ^PY^Z]d LbL]PYP^^ LYO _SP TY_PWWPN_ ZYWd L[[PL] _Z MP _SP NZY^NTZ`^ 4 ^TXTWL] _Z LY TYP]_ XT]]Z] ]PQWPN_ TYR WTaTYR [P]^ZY^ :Y _SP Z_SP] SLYO T_ ^SZ`WO MP `YOP]^_ZZO _SL_ _SP ^PWQ T^ ]LOTNLWWd OTQQP]PY_ LW_SZ`RS T_ L[[PL]^ _Z MP _SP MZOd _SP ^PY^P^ _SP TY_PWWPN_ _SP PRZ _Z bSZX T_ WPYO^ _SPT] `YT_d Md [P]aLOTYR _SPX ?SP ^PWQ T^ NZX[L]PO _Z P_SP] [P]aLOTYR LWW _STYR^& _Z WTRS_ _SL_ L^^`XP^ _SP QZ]X^ ZQ ZMUPN_^ ]PaPLWPO Md T_& _Z L NWPL] N]d^_LW _SL_ WZZV^ ]PO MPNL`^P ZQ L ]PO ZMUPN_ YPc_ _Z T_ LYO _Z _SP ^`Y TWW`XTYL_TYR PaP]d _STYR ?SP TY_PWWPN_ ZY _SP Z_SP] SLYO T^ NZX[L]PO _Z bL_P] _SL_ T^ SPL_PO Md _SP ^`Y M`_ SL^ YZ SPL_ T_^PWQ BSP]PL^ _SP TY_PWWPN_ LYO T_^ XZOTQTNL_TZY^ L]P _SP TWW`XTYL_PO _SP ^PWQ Z] [`]P NZY^NTZ`^YP^^ T^ _SP TWW`XTYL_Z] LYO wbT_YP^^x SP]P bP QTYO LOSdLV´L TY^_PLO ZQ ^£V´TY  `^PO TY Z_SP] _Pc_^



$

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

QLNP BSPY ZYP ]PQWPN_^ _SP Z_SP] _SP _bZ NLYYZ_ MP OT^_TYR`T^SPO ZYP Q]ZX _SP Z_SP] aTaPVL  LYO _SP]PQZ]P PaP]d ZYP YL_`]LWWd ^Ld^ _SL_ SP ]PN ZRYTeP^ FSTX^PWQHx  "

?SP bZ]O w]PNZRYTePx WT_ wVYZbx U£Y£_T  [ZTY_^ TY _SP ]TRS_ OT]PN_TZY LW_SZ`RS TY LN_`LW WTYR`T^_TN []LN_TNP _SP bZ]O NLY ZYWd MP _]LY^QP]]PO _Z TX[P]XLYPY_ [SPYZXPYL ^`NS L^ _SP TYOTaTO`LW [P]^ZY _SP w^[T]T_x Z] w^Z`Wx TP _SP [^dNSP NZRYT_TaP []ZNP^^P^ ^PY^P^ LYO _SP M]LTY  # 9ZYP_SPWP^^ T_ [ZTY_^ TY _SP ]TRS_ OT]PN_TZY QZ] PaP]d ]PNZRYT_TZY LW bLd^ []P^`[[Z^P^ _SP []P]PQWPcTaP ^PWQLbL]PYP^^ TP _SP [`]P ZMUPN_ WP^^ w^PWQW`XTYZ`^x NZY^NTZ`^YP^^ L^ T_^ ML^T^ ?SP ]PQWPN_TZY ZQ Xd QLNP TY _SP XT]]Z] T^ YZ_ Xd QLNP LYO _SP ^LXP T^ _]`P ZQ _SP w]PQWPN _TZYx ZQ _SP ^[ZY_LYPZ`^ ^PWQVYZbWPORP ZY_Z bSTNS _SP WLb^ ZQ _SP TY_PWWPN_ L]P _]LY^QP]]PO 3ZbPaP] _SP ^PWQVYZbWPORP T_^PWQ T^ YZ_ L WTYPL] []ZNP^^ L^ T_ L[[PL]^ TY Z`] TY_PWWTRPYNP 0aPY _SP ^PWQ ]PQWPcTaPYP^^ ZQ _SP NZY^NTZ`^YP^^ T^ ZYWd L w]PQWPN_TZYx ZQ _SP QZ`YOL _TZY ZQ MPTYR LYO ZQ VYZbWPORP _SL_ `YOP][TY^ LWW _STYR^ z L ]PQWPN_TZY ZQ _SP [P]XLYPY_ NZY^NTZ`^YP^^ bT_SZ`_ bSTNS _SP]P bZ`WO MP YZ ]PN ZRYT_TZY L_ LWW 3ZbPaP] _ST^ NZY^NTZ`^YP^^ T_^PWQ NLY YPaP] MP ]PNZR YTePO ^TYNP _SL_ bZ`WO XPLY _SL_ NZY^NTZ`^YP^^ NZ`WO _`]Y T_^PWQ TY_Z T_^ ZbY ZMUPN_ 4Y_PWWTRPYNP LYO _SP NZY^NTZ`^ XTYO NLY ]PQWPN_ `[ZY _SPX^PWaP^ M`_ _SP _]LY^NPYOPY_LW QLN`W_d ZQ NZY^NTZ`^YP^^ NLYYZ_  $ ?SP]P L]P _]LOT_TZY^ _SL_ ^ZWaP _SP []ZMWPX ZQ _SP TYNZXX`YTNLMTWT_d ZQ ^`NS _]LY^NPYOPY_LW NZY_PY_^ `^TYR NZYNP[_^ ^`NS L^ \`TP_YP^^ LYO VPP[TYR ^TWPYNP -`_ _SP ,OaLT_LAPO£Y_L T^ OPNTOPOWd L _PLNSTYR _]LOT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  " £OL]²LX`VSL^£X£YdLÀ X`VSL^dP´¶LÀ ST X£YLaLTà g X`VSL^dL []L_TMTXMZ ST X`VS£V£]P©L OŽ²dL_P gg dL_]L dL^d£aLMS£^L^ _` _LdZ] Pa£aTaPVL_Là g U£Y£_Å_T V]Td£À ^L]aZ WZVZ aLV_T ^aLMS£aL_Là gg  @[LOP²L>£SL^]¯  ;LOdLMLYOSL #!z!  # 7TVP LWW 4YOTLY ^NSZZW^ ZQ [STWZ^Z[Sd _SP APO£Y_TY^ LW^Z ]PRL]O bSL_ bZ`WO TY BP^_ P]Y OT^NZ`]^P MP NLWWPO w^[T]T_x XTYO NZRYT_TZY TY_PWWPN_`LW NL[LNT_d XPY_LW XLVP `[ `YNZY^NTZ`^ TX[]P^^TZY^ P_N L^ wYL_`]LWx wXL_P]TLWx LYO wNZ][Z]LWx LW_SZ`RS _ST^ T^ L XZ]P ^`M_WP MZOd ^¼V´XL²L]¯]L _SLY _SP [Sd^TNLW ZYP [P]NPTaPO Md _SP ^PY^P^ ?ST^ ^SZ`WO MP VP[_ TY XTYO bSP]PaP] _SP _P]X NZY^NTZ`^YP^^ T^ `^PO TY _SP QZWWZbTYR ?SP]P T^ L Q`YOLXPY_LW OTQQP]PYNP MP_bPPY ±L«VL]Lv^ NZYNP[_ ZQ NZY ^NTZ`^YP^^ LYO _SP ZYP TY BP^_P]Y _SZ`RS_ z LW_SZ`RS L QPb BP^_P]Y ^d^_PX^ NZXP NWZ^P _Z ±L«VL]Lv^ [P]^[PN_TaP ^`NS L^ _SP YPZ[WL_ZYTN ^NSZZW^ TOPLWT^_ _]LY^NPY OPY_LW [STWZ^Z[Sd LYO XZOP]Y [STWZ^Z[STP^ ZQ NZY^NTZ`^YP^^ LYO ^`MUPN_TaT_d  $ 4Y QLN_ _SP VYZbWPORP ZQ _SP wTYYP] ^PWQx X`^_ LW^Z _LVP [WLNP TY _SP TY_PWWPN_ Z] XTYO ?SP @[LOP²L>£SL^]¯ LWW`OP^ _Z _ST^ aP]d M]TPQWd ;LOdLMLYOSL !& & " Z] " PO 5LRLOLYLYOL LW_SZ`RS TY^_PLO SP L]R`P^ _SL_ [`]P NZY^NTZ`^YP^^ T^ LWbLd^ _SP]P TY LYd 4YZ_TZY& LWW _SL_ SL^ _Z MP OZYP T^ _Z ]PXZaP b]ZYR L^N]T[_TZY^ PaP]d_STYR _SL_ NLY MP _P]XPO w_ST^x% ^PP ;LOdLMLYOSL z LYO " 7L_P] _]LOT _TZY L^^`XP^ L ^[PNTLW NZRYT_TZY Z] XPY_LW XZOTQTNL_TZY LVSL©“£V£]Laš__T _SL_ T^ _Z _LWWd [P]aLOPO Md _SP `YM]ZVPY YZYO`LW WTXT_WP^^ QZ]X ZQ _SP ^PWQ

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

$

_TZY bT_S L ]L_TZYLW QZ`YOL_TZY 4Y Z]OP] _Z _]LY^XT_ T_^ _]LY^NPYOPY_LW NZY_PY_^ OTOLN_TNLWWd T_ OPaPWZ[PO L _SPZ]d ZQ NZXX`YTNL_TYR _SP YZY aP]MLW



0cPRP^T^ LYO ?PLNSTYR 8P_SZO ZQ _L_ _aLX L^T

1]ZX _SP ^_LYO[ZTY_ ZQ _SP 8ÅX£À^£v^ _]LOT_TZYLW `YOP]^_LYOTYR ZQ WLYR`LRP _SP []ZMWPX ZQ _SP TYNZXX`YTNLMTWT_d ZQ _SP ¢_XLY bZ`WO MP NZX[WP_PWd TY^ZW`MWP ?SP ZWO L`_SZ]T_TP^ L^^`XPO _SL_ bZ]O LYO ZMUPN_ L]P _Z_LWWd NZYR]`PY_ 1Z] PaP]d ^TYRWP TYOTaTO`LW bZ]O _SP]P PcT^_^ []PNT^PWd ZYP TYOTaTO`LW NWL^^ ZQ ZMUPN_^ LYO aTNP aP]^L @YOP] _ST^ []PXT^P NZYNP[_^ ^`NS L^ _SP ¢_XLY L^ T_ T^ `YOP]^_ZZO Md ±L«VL]L bZ`WO MP XP]P NSTXP]L^ z ZYP bZ`WO YZ_ MP LMWP _Z TXLRTYP _SP ¢_XLY LYd Z_SP] bLd _SLY L^ L [Sd^TNLW Z] [^dNSZWZRTNLW ^PWQ LYO PaP]d ^PY _PYNP NWLTXTYR _SL_ _SP ¢_XLY bP]P YPT_SP] _SP MZOd YZ] _SP [^dNSP bZ`WO MP YZY^PY^TNLW ±L«VL]Lv^ bSZWP [STWZ^Z[Sd bZ`WO QLWW aTN_TX _Z BT__RPY^_PTYv^ QPL]PO ^_L_PXPY_ LMZ`_ _SP ^PY^PWP^^YP^^ ZQ LWW XP_L [Sd^TNLW ^_L_PXPY_^ z XP_L[Sd^TN^ bZ`WO TY QLN_ MP YZ_STYR Z_SP] _SLY L OPY_ _SL_ ?SZ`RS_ SLO LN\`T]PO L_ _SP WTXT_^ ZQ WLYR`LRP 4Q bZ]O^ NZ`WO ZYWd MP `YOP]^_ZZO aTL _SPT] `^P bT_STY L NZXX`YT_d ZQ ^[PLVP]^ _SP bZ]O w^PWQx bZ`WO LWbLd^ ZYWd XPLY Xd PX[T]TNLW ^PWQ MPNL`^P ZYWd _SP PX[T]TNLW ^PWQ ]PLN_^ bT_S _SP bZ]WO LYO bT_S _SP [L]_TNT[LY_^ TY _SP WLYR`LRP NZXX`YT_d ,YO TY _SP ^LXP bLd 4 bZ`WO ZYWd MP LMWP _Z ]PQP] _Z _SPT] PX[T]TNLW ^PWaP^ ?SP []ZMWPX ZQ NZXX`YTNL_TYR XP_L [Sd^TNLW NZYNP[_^ ZYWd MPNZXP^ ^ZW`MWP _S]Z`RS _SP NZYNP[_ ZQ WLV´L©£  bSTNS XPLY^ _SL_ bZ]O^ NLY SLaP L ^PNZYOL]d ^TRYTQdTYR Q`YN_TZY Z] LY TX[WTPO ^PY^P bSTNS T^ TY_TXL_PWd WTYVPO _Z _SP []TXL]d ZYP TP bZ]O^ LYO ^PY_PYNP^ NLY Q`YN_TZY L^ LY wTYOPcTNLW ^TRYx Z] wTYOTNL_TZYx LYO NZXX`YTNL_P _SPT] ]PLW ^PY^P Z] LN_`LW ]PQP]PY_^ ZYWd bSPY _SP NZY_Pc_ T^ NL]PQ`WWd NZY^TOP]PO LYO _SP TX[WTPO XPLYTYR T^ `YOP]^_ZZO ! ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR  z" OT^N`^^P^ _SP _P]X WLV´L©£ TY ST^ NSL[_P] w8P_L[SZ]x LYO RTaP^ LY ZaP]aTPb ZQ T_^ `^LRP TY [ZP_TN^ LYO OTQQP]PY_ ^NSZZW^ ZQ [STWZ^Z[Sd 3T^ RPYP]LW OPQTYT_TZY ]PLO^ TMTO % w?ST^ Q`YN_TZY ZQ L bZ]O OPYZ_ TYR L ]PQP]PY_ OTQQP]PY_ Q]ZX T_^ YZ]XLW LYO []TXL]d ^PY^P M`_ ^ZXPSZb ]PWL_PO _Z T_ T^ NLWWPO WLV´L©£ Z] `[LN£]L & Z_SP] _P]X^ WTVP RL`©¯ aš__T LYO MSLV_T L]P LW^Z `^PO _Z ]PQP] _Z _ST^ ^PNZYOL]d ^TRYTQdTYR Q`YN_TZY ZQ bZ]O^x ,NNZ]OTYR _Z _SP ;¼]aL 8¯X£À^£ WLV´L©£ T^ LWbLd^ ]P^Z]_PO _Z bSPY _SP]P T^ TYNZX[L_TMTWT_d ZQ _SP Pc []P^^PO ^PY^P LYO _SP ]PWL_TZY MP_bPPY _SP []TXL]d ^PY^P LYO _SP TY_PYOPO ^PY^P 8Z]PZaP] WLV´L©£ T^ ML^TN _Z Pc[WLTYTYR SZb ^PY^P _LVP^ [WLNP L_ LWW bSPY L ^PY_PYNP T^ `__P]PO >TYNP TYOTaTO`LW bZ]O^ NZYaPd ZYWd _SPT] ZbY TYOTaTO`LW T^ZWL_PO XPLY TYR^ _SP]P X`^_ MP L ^P[L]L_P Q`YN_TZY _SL_ NZYaPd^ _SP X`_`LW ]PWL_TZY ZQ XPLYTYR^ TP _SL_ NZYaPd^ _SP ^dY_LN_TNLWWd `YTQTPO ^PY_PYNP XPLYTYR 6`X£]TWL LYO ST^ ^NSZZW -SL¶¶L 8¯X£À^£ NLWW _ST^ Q`YN_TZY wWLV´L©£x LYO _ST^ NZYNP[_ LW^Z XLVP^ T_ [Z^^T

$!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

7LV´L©£ T^ OP]TaPO Q]ZX _SP aP]M ]ZZ_ WLV´  w_Z LTXx 5`^_ L^ LY L]NSP] LOU`^_^ ST^ MZb MLNV LYO QZ]_S `Y_TW _SP L]]Zb T^ LTXPO OT]PN_Wd L_ _SP M`WWv^ PdP LYO ZYWd _SPY ]PWPL^P^ ST^ L]]Zb ^Z T^ T_ bT_S bZ]O^ _ZZ 5`^_ L^ _SP ]LYRP ZQ LY L]]Zb NLY MP Pc_PYOPO QL]_SP] LYO QL]_SP] OP[PYOTYR ZY _SP OT^NSL]RTYR QZ]NP z ^Z _SP XPLYTYR ZQ L bZ]O NLY MP Pc_PYOPO _Z LYd WPYR_S ! @^TYR aP]MLW Pc[]P^^TZY^ NZY^NTZ`^Wd bSTWP MPTYR LbL]P ZQ _SPT] bTOP ]LYRP ZQ XPLYTYR Z] `YOP]^_LYOTYR _SP TY _PYOPO ^PY^P ZQ LY `__P]LYNP PR _SP bZ]O w^[ZYRPx T^ LY L]NSP]WTVP LN_TaT_d Z] WLV´L©£ 4YT_TLWWd _SP bZ]O ZYWd SL^ _SP _PYOPYNd _Z OP^TRYL_P ^ZXP_STYR _SL_ T^ ^[ZYRPWTVP 4Q ZYP OPP[^PL OTaP] ^Ld^ _Z LYZ_SP] wM]TYR XP _SP ^[ZYRPx T_ XPLY^ ^ZXP_STYR OTQQP]PY_ _SLY TQ L ^NSZZW _PLNSP] ^Ld^ _SP ^LXP _STYR ?bZ _Z_LWWd OTQQP]PY_ ZMUPN_ NWL^^P^ LYTXLW a^ ZMUPN_ `^PO QZ] NWPLYTYR L]P TYOTNL_PO M`_ _SP NZXX`YTNL_TaP LMTW T_d ZQ _SP bZ]O Z[P]L_P^ TY _SP ^LXP bLd TY MZ_S NL^P^ ?SP XPY_LW [TN _`]P ZQ w^[ZYRPx TYNW`OP^ PaP]d_STYR _SL_ T^ ^[ZYRPWTVP ]LYRTYR Q]ZX L OPP[^PL ^[ZYRP _Z L Q]P^SWd L^[SLW_PO [LaPXPY_ _SL_ QPPW^ w^[ZYRdx LYO TY 2P]XLY [L]WLYNP PaPY _Z L w^[ZYRd L]R`XPY_L_TZYx w^NSbLX XTRP ,]R`XPY_L_TZYx XPLYTYR w^WZ[[d Z] `YNWPL] L]R`XPY_L_TZYx ?ST^ T^ SZb bP WPL]Y _SP bZ]O Q]ZX NSTWOSZZO LYO T_^ []TXL]d LYO Pc_PYOPO XPLYTYR^ L]P VYZbY Q]ZX NZY_Pc_ LYO `^LRP ! >Z _SP bZ]O ]PXLTY^ NZXX`YTNL_TaP PaPY bSPY _SP]P T^ L ^bT_NS _Z L OTQQP]PY_ WPaPW& TY _SP PcLX[WP ZQ _SP w^[ZYRdx Z] ^WZ[[d L]R`XPY_L_TZY _SP]P T^ L ^bT_NS Q]ZX L [Sd^TNLW ]PLWT_d _Z L NZYNP[_`LW LM^_]LN_TZY ! ?ST^ T^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ MWP _Z TYNW`OP _SP ]LYRP ZQ ^`RRP^_TZY bT_SZ`_ ]P^Z]_TYR _Z _SP _P]X OSaLYT =LUL 4Y OTLY ?SPZ]TP^ ZQ 8PLYTYR   Q "  $# ±L«VL]L O]Lb^ ^_]ZYRWd Q]ZX _SP^P PL]WTP] NZY^TOP]L_TZY^ _Z PcNW`OP L QTR`]L_TaP Z] XP_L[SZ]TNLW ^PY^P TY ^_L_PXPY_^ ZQ YZYO`LWT_d :Y ±L«VL]Lv^ `^LRP ZQ WLV´L©£ ^PP MPWZb LYO 2`d 8LcTXTWTPY w7P 7LYRLRP P_ Wv¢_XLY Ov,[]Ê^ @>; #x TY BE6> $ $" % "z& =TNSL]O OP >XP_ w7LYRLRP P_ NZYYLT^^LYNP OP Wv,M^ZW`_ NSPe ÇLÀVL]Lx =;7  $ % z" ! =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR  $$ ! =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR  !z! ^`XXL]TeP^ _ST^ ML^TN TY^TRS_ ZQ _SP 8¯X£À^£ LYO _SPT] WLV´L©£ _SPZ]d bSTNS LNNZ`Y_^ QZ] _]LY^QP]PYNP^ ZQ []TXL]d ^PY^P LYO Pc_PYOPO QTR`]L_TaP ^PY^P L^ QZWWZb^% w±LML]L^a£XTY FH ]PXL]V^ _SL_ WLV´L©£ T^ ML^PO ZY `^LRP TY PaP]dOLd WTQP 4_ T^ LY L]MT_]L]d L^^`X[_TZY ZQ L ^PY^P Md ^ZNTP_d >ZXP_TXP^ _SP YPbWd L^^`XPO ^PY^P MPNZXP^ ^Z []ZXTYPY_ _S]Z`RS `^LRP _SL_ _SP []TXL]d Z]TRTYLW ^PY^P ZQ _SP bZ]O T^ YZ_ YZ]XLWWd YZ_TNPO PcNP[_ Md _SP R]LXXL]TLY^x& w6`X£]TWLMSL¶¶L ^Ld^ _SL_ ZWO LYO OPP[]ZZ_PO WLV´L©£ ^ Pc[]P^^ _SP ^PNZYOL]d ^PY^P L^ TQ T_ bP]P _SP []TXL]d ^PY^P T_^PWQ LYO _SL_ TY _SP NL^P ZQ XZOP]Y LYO YPbWd XLOP WLV´L©£^ ^ZXP L]P [Z^^TMWP M`_ ^ZXP L]P TX[Z^^TMWP ^TYNP _SPd L]P YZ_ LWWZbPO Md `^LRPx ! ?SP 8¯X£À^£ OT^N`^^TZY ZQ WLV´L©£ []PQTR`]P^ ^ZXP ML^TN TY^TRS_^ ZQ ]PNPY_ NZRYT _TaP _SPZ]TP^ ZY XP_L[SZ]^ LYO XP_ZYdXd% ^PP 8L]V 5ZSY^ZY ?SP -ZOd TY _SP 8TYO .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $#"& 2PZ]RP 7LVZb LYO 8L]V 5ZSY^ZY 8P_L[SZ]^ BP 7TaP -d .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $#& 8P_ZYdXd TY 7LYR`LRP LYO ?SZ`RS_  PO 6WL`^@bP ;LY_SP] LYO 2ÞY_P] =LOOPY ,X^_P]OLX% 5ZSY -PYULXTY^ ;`MW $$$

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

$"

WLV´L©£ _SPZ]d L^ LW]PLOd `YOP]^_ZZO Md _SP ;¼]aL8ÅX£À^£ []Z[ZYPY_ 6`X£]TWL -SL¶¶L BZ]O^ []TXL]TWd NZXX`YTNL_P TOPL^ LYO YZ_ PX[T]TNLW ZMUPN_^ ?SP TYOTNL_TZY ZQ PX[T]TNLW ZMUPN_^ T^ ZYWd _SPT] ^PNZYOL]d Q`YN_TZY ?SP ]PQP]PY_TLW [ZbP] LWbLd^ []P^`[[Z^P^ _SP []PaP]MLW SLMT_`LW NZXX`YTNL_TaT_d ZQ bZ]O^ bSTNS bZ]O^ X`^_ SLaP MPQZ]P _SPd NLY OP^TRYL_P [Sd^TNLW _STYR^ L_ LWW 6`X£]TWL -SL¶¶Lv^ [Z^T_TZY bSTNS OP_P]XTYP^ NZXX`YTNL_TZY RLXLYL L^ _SP []TXL]d Q`YN_TZY ZQ WLYR`LRP LYO OPYZ_L_TZY LMSTOS£YL LMSTOS£ L^ L XP]P ^PNZYOL]d Q`YN_TZY ! MPNZXP^ TY _SP 6PaLWL,OaLT_LAPO£Y_L ZQ _SP @__L]L 8ÅX£À^£ Q`YOLXPY_LW QZ] _SP `W_TXL_P NZXX`YTNLMTWT_d ZQ _SP _]LY^ [SPYZXPYLW []P]PQWPcTaP ¢_XLY LYO T_^ MPTYR TOPY_TNLW bT_S _SP NZ^ XTN -]LSXLY BSL_ OT^_TYR`T^SP^ _SP SP]XPYP`_TNTLY Q]ZX L YZ]XLW [L]_TNT[LY_ TY _SP WLYR`LRP NZXX`YT_dv^ NZXX`YTNL_TaP `__P]LYNP^* ?SP WL__P] OZP^ YZ_ `^`LWWd YPPO _Z `YOP]^_LYO _SP WLV´L©£ ZQ bZ]O^ LYO [ZYOP] WTYR`T^ _TN^ LYO ^PXTZ_TN^ 3P OZP^ YZ_ SLaP _Z VYZb SZb L ^PY_PYNP wXLVP^ ^PY^Px Z] bSd []PNT^PWd _ST^ [L]_TN`WL] bZ]O NLY ^TRYTQd _SL_ [L]_TN`WL] NZY_PY_ BP SPL] w^[ZYRPx LYO RPYP]LWWd VYZb `YNZY^NTZ`^Wd bSL_ T^ XPLY_ ?SP SP]XPYP`_TNTLY ZY _SP Z_SP] SLYO X`^_ MP LMWP _Z `YOP] ^_LYO _SP []ZNP^^ ZQ WLV´L©£ LYLWd_TNLWWd 3P X`^_ MP TY L [Z^T_TZY _Z OP^N]TMP _SP PaP]NWZ^P] _L]RP_ ZQ L bZ]O TY L ^PY_PYNP L_ L NP]_LTY XPLYTYR LYO _Z Pc[WLTY bSd []PNT^PWd ^`NSLYO^`NS XPLYTYR T^ XPLY_ TY ^`NSLYO^`NS L NZY_Pc_ ?SP []ZR]P^^TaP APO£Y_L SP]XPYP`_TNTLY^ LOZ[_PO LYO OPaPWZ[PO _ST^ XP_SZOZWZRd 4Y _SP ±L«VL]L ^NSZZW ZQ _SP @__L]L8ÅX£À^£ _SP Z]TRTYLWWd LYLWd_TNLW XP_SZO bL^ OPaPWZ[PO TY_Z L ^Z[ST^_TNL_PO OTOLN_TN XP_SZO ^Z _SL_ T_ NZ`WO XLVP _SP \`T_P ^[PNTQT NLWWd XP_L[Sd^TNLW ^PY^P ZQ _SP bZ]O^ LYO ^PY_PYNP^ ZQ _SP @[LYT´LO^ NWPL]Wd ]PNZRYTeLMWP LYO _S`^ _]LY^XT_ Pc[P]TPYNPML^PO VYZbWPORP ZQ [`]PWd XP_L[Sd^TNLW ]PLWT_d ?SP _P]X WLV´L©£  WLV´L©L TY _SP ,OaLT_LAPO£Y_L _S`^ L^^`XP^ _SP ^PY^P ZQ SP]XPYP`_TN OT^NZaP]d ZQ XPLYTYR Md ]PaPLWTYR TY L ]L_TZYLWWd LYO WTYR`T^_TNLWWd _]LY^[L]PY_ bLd _SP XP_L[Sd^TNLW NZY_PY_ ZQ L bZ]O ?SP XP_SZO [WLd^ L VPd ]ZWP TY _SP TY_P][]P_L_TZY ZQ _SP .S£YOZRdL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ,NNZ]OTYR _Z 6`X£]TWL _SP ^PY_PYNP XPLYTYR T^ LWbLd^ NZYaPdPO Md _SP ^PNZYOL]d [ZbP] ZQ _SP bZ]O^ WLV´dLX£©L  ^TYNP TY L ^PY_PYNP _SP T^ZWL_PO bZ]O^ _SPX^PWaP^ L]P `YTY_PWWTRTMWP ?SP _P]X WLV´L©L OPYZ_P^ _ST^ ^PNZYOL]d [ZbP] _S]Z`RS bSTNS _SP ^dY_LN_TNLWWd `YTQTPO ^PY_PYNP XPLYTYR T^ NZYaPdPO =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLY TYR   Q "  1`]_SP]XZ]P L bZ]O _LVPY L^ ^P[L]L_P WTYR`T^_TN `YT_ YPaP] []ZO`NP^ _SP NZRYT_TZY ZQ XPLYTYR OT]PN_Wd LYO TYOP[PYOPY_Wd 8PLYTYR NLY ZYWd MP Pc[WLTYPO TY _P]X^ ZQ L ]PWL_TZY^ST[ MP_bPPY `__P]LYNP LYO NZY_Pc_^ ?Z `YOP]^_LYO bZ]O^ LYO ^PY_PYNP^ []P^`[[Z^P^ _SL_ bP SLaP WPL]YPO XPLYTYR Q]ZX _SP `^P ZQ bZ]O^ TY ^[PPNS NZY_Pc_^ 7LYR`LRP LNNZ]OTYR _Z _SP ;¼]aL8¯X£À^£ T^ L NZYOT _TZYPO ]PQWPc bSP]PMd XPY_LW TX[]P^^TZY^ ZQ _STYR^ []PaTZ`^Wd VYZbY L]P LN_TaL_PO =LUL TMTO  z!   ! "

$#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

@[LYT´LO QZ]X`WL _L_ _aLX L^T w_SL_ dZ` L]Px ! ,NNZ]OTYR _Z ±L«VL]L _ST^ w2]PL_ >PY_PYNPx XLS£a£VdL OZP^ YZ_ ^TRYTQd L OZRXL M`_ L QLN_ 4_ T^ ^TX[Wd L MLYLW ^_L_PXPY_ ZQ QLN_ LYO SL^ L ^PY^P _SL_ NLY MP WPL]YPO LYO Pc[P]TPYNPO Md _SP LOO]P^^PP \`T_P TXXPOTL_PWd z bSTNS T^ \`T_P `YWTVP _SP .S]T^_TLY OZRXL ZQ _SP O`LW YL_`]P ZQ 5P^`^ L^ w_]`P XLY LYO _]`P 2ZOx .S]T^_TLY^ ]PRL]O _ST^ L^ LY LM^ZW`_P _]`_S M`_ T_ LWbLd^ ]PXLTY^ L Xd^_P]d ZQ QLT_S ,NNZ]OTYR _Z ±L«VL]L ZY _SP Z_SP] SLYO _SP ^PY_PYNP w_L_ _aLX L^Tx ZNN`]^ TY _SP .S£YOZRdL@[LYT´LO []PNT^PWd MPNL`^P ZYP ^SZ`WO `YOP]^_LYO T_ LYO YZ_ ZYWd ^Z _SL_ ZYP NLY ]PNZRYTeP T_ L^ L Xd^_P]d ZQ QLT_S 4_ T^ L OTOLN_TN ^PY_PYNP bSTNS _]TRRP]^ \`T_P ]PLW VYZbWPORP bSPY ZYP `YOP]^_LYO^ T_ NZ]]PN_Wd 3Zb NLY ZYP `YOP]^_LYO T_ NZ]]PN_Wd* ±L«VL]L LYO ST^ ^NSZZW bZ`WO ]P[Wd Md WZZVTYR aP]d NWZ^PWd L_ SZb ^PY^P NZXP^ LMZ`_ TY _ST^ ^PY _PYNP ?Z ]PLNS L NZ]]PN_ `YOP]^_LYOTYR _bZ [Z^^TMWP TY_P][]P_L_TZY^ SLaP _Z MP ]`WPO Z`_% L T_ T^ L _SPZWZRTNLW ^PY_PYNP TY _SP ^PY^P ZQ L Xd^_P]d ZQ QLT_S LYO M T_ T^ L QTR`]L_TaP ^_L_PXPY_ L ?SP _SP^T^ _SL_ _ST^ T^ L [`]PWd _SPZWZRTNLW ^PY_PYNP NLY MP Pc NW`OPO MPNL`^P _L_ w_SL_x LYO _aLX wdZ`x bZ`WO ^TRYTQd Z[[Z^TYR _STYR^ bSTNS YPRL_P PLNS Z_SP] !! w?SL_x _SP OPT_d _SP `YTaP]^P _SP LM^ZW`_P `YLW_P]LMWP PcT^_PYNP LYO w4xwdZ`x _SP TYOTaTO`LW NZY_TY RPY_ PcT^_PYNP z `^PO L^ _SPZWZRTNLW [STWZ^Z[STNLW _P]X^ Z] TY _SP WT_ P]LW ^PY^P ZQ Z]OTYL]d [L]WLYNP z ^TRYTQd OTNSZ_ZXZ`^ NL_PRZ]TP^ LYO _SP ^PY_PYNP bZ`WO _SP]PQZ]P XLVP L^ X`NS ^PY^P L^ wbST_P T^ MWLNVx 1Z] ±L«VL]L T_ T^ ZMaTZ`^ _SL_ _SP APOL NLYYZ_ NZY_LTY ^PY^PWP^^ LYO NZY_]LOTN_Z]d ^PY_PYNP^ LYO SP ^PP^ TY _SP APOL _SP ZYWd XPLY^ ZQ QTYOTYR VYZbWPORP TY ]PWTRTZ`^ T^^`P^ U`^_ L^ _SP ;¼]aL^ OZ M 9PT_SP] T^ T_ L QTR`]L_TaP ^_L_PXPY_ L^ TY _SP ^PY_PYNP wdZ` L]P L WTZYx Z] wdZ` L]P 4YO]Lx bSTNS XPLY^% dZ` L]P ^_]ZYR LYO [ZbP]Q`W M`_ TY^_PLO T_ T^ L OT]PN_ WT_P]LW ^_L_PXPY_ TP ZYP OZP^ YZ_ SLaP _Z Pc [LYO _SP @[LYT´LO ^PY_PYNP w_SL_ dZ` L]Px TY LYd bLd _Z wdZ` L]P WTVPx Z] wdZ` L]P ^TXTWL] _Z _SL_x !" >Z _SP XPLYTYR T^ YZ_ ^ZXP_STYR WTVP wdZ`] ^Z`W T^ WTVP _SP `YTaP]^Px Z] wdZ` ]P^PXMWP 2ZOx ^TYNP _SP ^PY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! @[LOP²L^£SL^]Å  ;LOdLMLYOSL # LYO z$ ?SP _P]X^ `^PO L]P WLV´LdPd`à @>; #$ LYO WLV´LdP_ @>; ## ±L«VL]Lv^ NZXXPY_L]d ZY .S£YOZRdL@[LYT´LO ! _LNVWP^ _SP ^_L_PXPY_ _L_ _aLX L^T TY PcLN_Wd _SP ^LXP bLd bT_SZ`_ SZbPaP] `^TYR _SP _PNSYTNLW _P]X WLV´L©L Z] T_^ aP]MLW QZ]X^ ^PP TY [L]_TN`WL] _SP NZXXPY_L]d ZY !! .]`NTLW _Z _SP WLV´L©£ SP]XPYP`_TN^ T^ LW^Z ±L«VL]Lv^ ?LT__T]ÅdL@[LYT´LO -S£´dL  LYO _SP ^`MNZXXPY_L]TP^ ZQ _SP ±L«VL]L ^NSZZW ?SP WLV´L©£ _SPZ]d bL^ Q`WWd OPaPWZ[PO TY WL_P] _]PL_T^P^ ^`NS L^ >LO£YLYOLv^ APO£Y_L^£]L TY Z]OP] _Z Pc[WLTY LYO ]L_TZYLWTeP bSd NP]_LTY ^PY_PYNP^ L]P LMWP _Z NZYaPd YZYO`LW TY^TRS_ 4_ NZY^_T _`_P^ L RPY`TYP APO£Y_TN NZY_]TM`_TZY _Z WTYR`T^_TN _SPZ]d !! ±L«VL]L LNNP[_^ _SP TOPL ZQ RZO ¯²aL]L  WT_ w_SP 7Z]O _SP =`WP]x M`_ OPYTP^ L O`LW T^_ _SPZWZRd Z] _SP [Z[`WL] `YOP]^_LYOTYR ZQ L N]PL_Z]RZO LYO ^`[]PXP MPTYR OTQQP] PY_ Q]ZX _SP bZ]WO LYO ZYP^PWQ >PP @[LOP²L>£SL^]¯  ;LOdLMLYOSL  !" ±L«VL]L .S£YOZRdL@[LYT´LO -S£´dL !!

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

$$

_PYNP T^ ]PNZRYTeLMWP L^ L QLN_`LW ^_L_PXPY_ LMZ`_ ]PLWT_d L^ L bSZWP ZbTYR _Z T_^ NZY_Pc_`LW PYaT]ZYXPY_ TY _SP .S£YOZRdL@[LYT´LO  BT_STY _ST^ NZY_Pc_ _SP _Pc_ `YT_d ZQ NSL[_P] ! T_ SL^ _Z ]PQP] _Z PcT^ _PYNP ^L_ T_^PWQ wdZ` L^ LY PcT^_PY_ MPTYR L]P _SL_x LYO YZ_ ^ZXP_STYR WTVP wdZ` L^ L -]LSXTY Md MT]_S L]P _SL_x ,NNZ]OTYR _Z ±L«VL]£N£]dL _SP NZY_PY_ ZQ _SP w_L_ _aLX L^Tx X`^_ MP `YOP]^_ZZO L^ RPY`TYP TOPY_T_d ?SP VYZbWPORP _SL_ T^ _Z MP _]LY^XT__PO _Z _SP LOO]P^^PP T^ w4 LX _SL_ _SP -]LSXLY _SP bSZWP bZ]WOx !# ?ST^ T^ ZYWd [Z^^TMWP TQ _SP ^PY_PYNP T^ `YOP]^_ZZO L^ L WLV´L©£ ^_L_PXPY_ Z] TX[WTNL_TZY TY bSTNS _SP bZ]O^ _L_ w_SL_x LYO _aLX wdZ`x ^SPO WTRS_ ZY PLNS Z_SP] ^TYNP _SP _bZ ZQ _SPX L]P WTYVPO Md _SP NZ[`WL L^T wT^x -PNL`^P ZQ _SP NZ[`WL wT^x _aLX NLYYZ_ XPLY _SP NZYaPY_TZYLW Z]OT YL]d ^PY^P ZQ wdZ`x Z] w4x WTVP LY PaP]dOLd 4 z _SL_ T^ L _TXPMZ`YO [Sd^TNLW LYO TY^`QQTNTPY_ TYOTaTO`LW _SL_ LN_^ LYO Pc[P]TPYNP^ [WPL^`]P LYO [LTY z QZ] _ST^ T^ YPRL_PO Md _L_  4Y NZXMTYL_TZY bT_S _L_ LYO L^T _SP]P L]T^P^ TXXPOTL_PWd _SP LN_`LW TX[WTPO WLV´dL ^PY^P ZQ _aLX bSTNS NZY^T^_^ ZQ _SP wTYYP] ^PWQx []L_dLR£_XLY  _SP ^[ZY_LYPZ`^Wd [P]NPTaPO ^PWQPaTOPY_ w^PWQW`XTYZ`^x LbL]PYP^^ WT_ w^PPTYRx ZQ ZYP^PWQ ^aLdLÀaPOdL^aL[]LX£©L^aLdLÀUdZ_T] OŽ²Tà  !$ ?SP ]PLW `YOP]^_LYOTYR ZQ _ST^ ^[PNTQTN ^PY^P NLY ZNN`] MPNL`^P TY _aLX wdZ`x _SP []P]PQWPcTaP 4 LYO T_^ YZYYPRL_LMWP MPTYRPcT^_PY_ T^ LWbLd^ TY NW`OPO LW_SZ`RS ZYP T^ YZ]XLWWd YZ_ LbL]P ZQ _ST^ -d NZY_]L^_ 4 NZX XZYWd `^P _SP _L_ Z] w_SL_x _Z ^TRYTQd L YZY4 _Z bSTNS 4 L^ _SP ^`MUPN_ LX U`c_L[Z^PO 4 ]PWL_P _SP w_SL_x _Z TYOTaTO`LW ZMUPN_^ TY Xd PX[T]TNLW bZ]WO Z] TY _SP ^PY^P ZQ L O`LWT^_ _SPZWZRd _Z L OTaTYP Z_SP] ,YO ZM aTZ`^Wd _ST^ NZXXZY `YOP]^_LYOTYR NLYYZ_ MP bSL_ T^ TY_PYOPO SP]P PT_SP] QZ] T_ T^ YPRL_PO Md _aLX  ?SP ^PY_PYNP _L_ _aLX L^T ZYWd ^SLVP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# 4Y _SP @[LOP²L>£SL^]¯  ;LOdLMLYOSL _ST^ YZYO`LW `YT_d T^ ]P[PL_POWd ]P^_L_PO OP[PYOTYR ZY _SP NZY_Pc_ ZQ OT^NZ`]^P L^% w4 LX _SP 7Z]Ox  w4 LX PcT^_PYNPx  w7TVP P_SP] _SZ`RS LMTOTYR TY LWW MPTYR^ 4 LX Q]PP Q]ZX FLWWH QL`W_^& 4 LX _SP bT_YP^^ _SP ZM^P]aP] _SP [`]P L__]TM`_PWP^^ -]LSXLYx !& w4 LX [`]P NZY^NTZ`^ YP^^ NTYX£_]Lx "& w4 LX LWbLd^ NSLYRPWP^^ [`]P Q]PP ZQ ZWO LRP ]PWPL^PO YZYO`LWx $ wF4 LXH TYOP[PYOPY_ ZQ MZOd ^PY^P^ NL^_P [`]T_d LN_TZY PaTW [WPL^`]P LYO [LTY [L^^TZY LYO LaP]^TZY 4 LYO XTYP bLVTYR O]PLX LYO O]PLXWP^^ ^WPP[x   z!   QQ& wF4 LXH _SP ^PWQPQQ`WRPY_ VYZbP] LYO bT_YP^^ FZQ LWW _SP^PHx  " Q  # z & w_SP ¢_XLY T^ ZYP LYO _SP ^LXP TY LWW MPTYR^ LYO _SP^P MPTYR^ L]P TY T_ L^ F_SPd L]PH TY P_SP]x  $ w4 LX PaP] Q]PP _SP PcT^_PY_x #& w?SZ` LYO ?SL_ L]P OPaZTO ZQ [LTYx #!$& wF4 LXH QPL]WP^^x #  P_N -d _SP^P OTQQP]PY_ ^_L_PXPY_^ L ^PXLY_TN QTPWO ZQ ^dYZYdXZ`^ ^PY_PYNP^ T^ N]PL_PO _SL_ _L]RP_^ _SP PYNZX[L^^TYR ]LYRP ZQ YZYO`LW `YT_d LYO T_^ NZRYT_TaP PXZ_TZYLW LYO P_STNLW OTXPY^TZY^ !$ ?SP^P _P]X^ LYO ^dYZYdXZ`^ QZ]X`WL^ ^`XXL]TeP _SP P^^PY_TLW _PLNSTYR ZQ MZ_S [L]_^ ZQ _SP @[LOP²L>LSL^]Å  >PP 2LOdLMLYOSL $ $  & ;LOdLMLYOSL & & "!$& #! $#   ( # PO 5LRLOLYLYOL #& LYO ±L«VL]Lv^ -šSLO£]L©dLVL@[LYT´LO-S£´dL "

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

ZQQ LWW _SP NZY_]LOTN_TZY^ bSPY _SP _L_ _L]RP_^ Xd []PaP]MLW YZ_TZY ZQ PcT^_PYNP bSTNS TY T_^ PY_T]P_d NLYYZ_ MP ]PO`NPO _Z LYd TYOTaTO`LW QZ]X ZQ PcT^_PYNP LYO T^ `W_TXL_PWd NZYR]`PY_ bT_S NZY^NTZ`^YP^^ ,N NZ]OTYR _Z ±L«VL]L _SP]P L]P XLYd TY^_LYNP^ bSP]P _SP @[LYT´LO^ []ZaP _SL_ ST^ TY_P][]P_L_TZY ZQ _SP _Pc_ T^ _SP NZ]]PN_ ZYP ^TYNP _SPd PYaT^LRP _SP RZOSPLO YZ_ ZYWd L^ L wNL`^Px ZQ LWW _SL_ PcT^_^ M`_ LW^Z L^ T_^ wXL_P]TLW Z]TRTYx >TYNP -]LSXLY L^ XL_P]TLW Z]TRTY T^ _Z_LWWd TOPY_T NLW bT_S PaP]d_STYR _SL_ PcT^_^ WTVP _SP NWLd TY NWLd [Z_^ NZYaP]^PWd YZ_STYR _SL_ PcT^_^ NLY MP ^P[L]L_P Q]ZX -]LSXLY% _SP TYSP]PY_ TOPY_T_d ZQ _L_ LYO _aLX T^ _SP]PQZ]P L u_SZ`RS_ YPNP^^T_dv LYO _SP w2]PL_ BZ]O^x ZQ _SP @[LYT´LO^ WZ^P _SPT] [L]LOZc >Z _SP ^PY_PYNP w_L_ _aLX L^Tx _]LY^XT_^ _SP TOPL _SL_ _SP]P T^ L MPTYRNZY^NTZ`^YP^^ NZY_TY``X LYO _SL_ bT_STY T_ 4 LYO _SP `YTaP]^P L]P TOPY_TNLW ?SP WLV´L©£ SP]XPYP`_TN^ PYNZX[L^^P^ L []PNT^P LYLWd^T^ ZQ MZ_S _aLX LYO _L_  4Y _SP NSLTY ZQ _PLNSP]^ LYO [`[TW^ YZ_ ZYWd bL^ _SP TY _PYOPO ^PY^P ZQ ^_L_PXPY_^ ZQ TOPY_T_d _SP]PQZ]P _]LY^XT__PO M`_ LW^Z _SP OTOLN_TN XPLY^ ZQ _SPT] NZXX`YTNL_TZY LYO XP_SZOTNLW TYaP^_TRL_TZY bP]P [L^^PO ZY _Z ^`NNPPOTYR RPYP]L_TZY^ :YP VPd XPOT`X T^ _SP WZRT NLW OPO`N_TZY Md L[[WdTYR _SP LYaLdLadL_T]PVL XP_SZO bSTNS XLVP^ T_ [Z^^TMWP _Z [P]NPTaP _SP `YNSLYRTYR LYaLdL TY bSL_ T^ NZY_TYRPY_ adL_T]PVL LYO NZY^P\`PY_Wd ^P]aP^ _Z OTQQP]PY_TL_P _SP [P]XLYPY_ ^PWQ Q]ZX _SP _]LY^TPY_ ^PWQ ?ST^ XP_SZO ZQ NZXX`YTNL_TYR bSL_ T^ YZY aP]MLW T^ `^PO QZ] TY^_LYNP TY _SP LYLWd^T^ ZQ _SP _S]PP ^_L_P^ ZQ bLVTYR O]PLXTYR LYO O]PLXWP^^ OPP[ ^WPP[ :YWd NZY^NTZ`^YP^^ _`]Y^ Z`_ _Z MP `YTaP]^LW SP]P TP `YYPRL_LMWP LYO LWW[P]aL^TaP 0aPY TY O]PLXWP^^ ^WPP[ ZYP QZ]X ZQ NZY^NTZ`^YP^^ X`^_ MP []P^PY_ ^TYNP Z_SP]bT^P ZYP NZ`WO YZ_ MP LbL]P ZQ w4 SLaP ^WP[_x " 4_ T^ []PNT^PWd _SP O]PLXWP^^ OPP[ ^WPP[ _SL_ TWW`XTYP^ z LNNZ]OTYR _Z _SP ,OaLT_LAPO£Y_L z _SP _]`P YL_`]P ZQ _aLX L^ YZYOTQQP]PY_TL_PO ZMUPN_WP^^ LYO MWT^^Q`W NZY^NTZ`^ YP^^ ?SP bLVTYR XPXZ]d T^ LbL]P ZQ _SP TY_]TY^TN MWT^^% w4 SLaP ^WP[_ bPWW x L]_TN`WL_P^ LY TY_P]^`MUPN_TaPWd aLWTO Pc[P]TPYNP MPNL`^P T_ T^ ^`MUPN_TaPWd VYZbY _Z PaP]dMZOd ?SP OTXPY^TZY ZQ 4 Pc[]P^^PO Md _SP _P]X _aLX T^ _S`^ L L_ ZYNP YL_`]LW LYO ^[ZY_LYPZ`^Wd LNNP^^TMWP _Z PaP]dZYP M T_ _]LY^NPYO^ _SP Pc[P]TPYNP ZQ NZY_TYRPYNd LYO N _SP L`_ZYZXZ`^ LYO TYSP]PY_ MWT^^ ZQ _SP ^PWQ T^ XLYTQP^_PO TY T_ 9L_`]LWWd _SP LYaLdLadL_T]PVL XP_SZO ZQ wRZTYR _S]Z`RS LYO WPLa TYRx LW^Z ZNN`[TP^ L []TXP [WLNP TY _SP _L__aLXL^T LYLWd^T^ LYO _PLNS TYR T_^PWQ " ?SP XP_SZO T^ Q`YOLXPY_LW TY OP_P]XTYTYR []PNT^PWd _SP ]TRS_ VYZbWPORP ZQ _SP 4 Md OT^_]LN_TYR P]]ZYPZ`^ 4YZ_TZY^ Q]ZX _SP TYYP] ^PWQ >`NS L OT^N]TXTYL_TYR VYZbWPORP T^ P^^PY_TLW _Z L]]TaP L_ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PP _SP _PLNSP][`[TW OT^N`^^TZY @[LOP²L>LSL^]Å 2LOdLMLYOSL $z$ " >PP @[LOP²L>£SL^]Å  ;LOdLMLYOSL #$! "!z# #$

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

!

NZXXZY OPYZXTYL_Z] ZQ _L_ LYO _aLX  bSTNS T^ aP]MLWWd Pc[]P^^PO Md _SP NZ[`WL wL^Tx ?SP NZ[`WL wL]Px TYOTNL_P^ _SL_ _SP]P X`^_ MP L NZY aP]RPYNP ZQ wdZ`x LYO w_SL_x _Z XLVP ^PY^P ZQ _SP ^PY_PYNP bSTNS T^ L_ QT]^_ ^TRS_ ^TX[Wd LY TYNZX[L_TMWP ^_L_PXPY_ ?SP ZYP bSZ Pc[P]TPYNP^ [LTY _SP PaP]dOLd ^PWQ _SP MZOd ^PY^Z]d LbL]PYP^^ LYO TY_PWWPN_ NLY YZ_ MP _SP wdZ`x bSTNS _SP ±]`_T T^ ^[PLV^ ZQ TP L ^PWQ _SL_ T^ PaP] Q]PP Q]ZX [LTY LYO P\`L_PO bT_S -]LSXLY 4Q ZYP bP]P _Z `YOP]^_LYO _SP wdZ`x L^ ^`NSLYO^`NS ZYP bZ`WO YPaP] RLTY _SP ]TRS_ VYZbWPORP ZQ w4 LX _SP 0cT^_PY_x " LYO TQ _SP wdZ`x bP]P YZ_STYR Z_SP] _SLY ^`NS LYO^`NS T_ NZ`WO YPaP] MP Q]PP LYO ±]`_T ^PY_PYNP^ bZ`WO MP XPLYTYR WP^^ -`_ _SP]P T^ L OTXPY^TZY ZQ Q]PPOZX bSTNS T^ LWbLd^ _SP]P LYO bSTNS L [P]^ZY NLY MPNZXP LbL]P ZQ Md ±]`_T LYO ]PL^ZY -PTYR LMZ`_ ZYP^PWQ _SP ±]`_T ^_L_PXPY_^ NLY _]TRRP] TXXPOTL_P TY^TRS_ TY bSTNS ]PL^ZY NZTYNTOP^ bT_S Pc[P]TPY_TLW PaTOPYNP w4 LX _SL_ PaP] Q]PP ^PWQx ?SP wdZ`x NLY ZYWd XPLY _SP wTYYP] ^PWQx bSTNS T^ _SP `Y]PO`NPLMWP ]PXLTYOP] ZQ _SP ]TRZ]Z`^ LYLWd^T^ ZQ _SP 4v^ NSLYRTYR LYO `YNSLYRTYR NZYOT_TZY^ ?SP]P T^ L[[L]PY_Wd LY L^[PN_ ZQ _SP 4 bSTNS ]PXLTY^ []P^PY_ [P]XLYPY_Wd `YWTVP _SP ^ZNTLW ^PWQ _SP MZOd _SP ^PY^P^ _SP TY_PWWPN_ LYO T_^ NZRYT_TaP Q`YN_TZY^ ?SP ZYWd QLN_Z] _SL_ wRZP^ _S]Z`RSx LY aLdL LWW ZQ _SPX [P]aLOTYR _SPX LYO dP_ L_ _SP ^LXP _TXP ]PXLTY^ TYOP[PYOPY_ ZQ _SPX T^ _SP wZaP]^PPTYRx NZY^NTZ`^YP^^ _SP wNSLYRPWP^^ ^PPTYRx _SP w^PWQPaTOPY_x w^PWQW`XTYZ`^x ¢_XLY _SL_ T^ PaP] OPaZTO ZQ [LTY ,YO []PNT^PWd TY _ST^ [P]XLYPYNP [P]aL^TaPYP^^ LYO Q]PPOZX Q]ZX [LTY _SP]P T^ NZYaP]RPYNP ZQ _SP TYYP] ^PWQ _SP ]TRS_Wd `YOP]^_ZZO wdZ`x LYO w_SL_x w_SP PcT^_PY_ PcT^_PYNP T_^PWQx " :YNP _ST^ T^ ^PPY _SP SLMT_`LW TOPY_TQTNL_TZY bT_S _SP MZOd LYO XTYO MPNZXP^ `Y]PL^ZY LMWP " ?SP]P T^ YZ XZ]P ^`MUPN_ ZQ TYU`YN_TZY^ ^TYNP w4 LX -]LSXLYx LYO w4 LX LY LRPY_x NLY YPaP] NZPcT^_ " ?SP]P T^ YZ XZ]P OPW`^TZY :YNP ^L_T^QTPO Md _SP w^bPP_ QZZOx ZQ ^PWQ]PNZRYT_TZY LYO YZYO`LW Pc[P]TPYNP YZMZOd PcNP[_ QZ] L QZZW bTWW bLY_ _Z PL_ [ZT^ZY PaPY bSPY ^`QQP]TYR Q]ZX S`YRP] "! 4_ T^ N]`NTLW QZ] ±L«VL]L _SL_ _SP _P]X^ w_SL_x LYO wdZ`x X`^_ SLaP _SP ^LXP ]PQP]PY_ ?ST^ PYNZX[L^^P^ z QZ] _SP wdZ`x z _SP ^PXLY_TN QTPWO ZQ [LTYWP^^YP^^ Q]PPOZX Q]ZX QPL] LYO OP^T]P PXLYNT[L_TZY Q]ZX O`_d LYO NL^_P NP^^L_TZY ZQ _SP 4YZ_TZY LRPYNd LYO ZbYP]^ST[ _SP YZ_TZY ZQ wXTYPx LYO LMZaP LWW ^PWQW`XTYZ^T_d 1Z] _ST^ VTYO ZQ ^PWQ ]PNZRYT_TZY _Z _LVP [WLNP ZYP [L]_ ZQ _SP w4x X`^_ MP ^`MWL_PO YLXPWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " @[LOP²L>£SL^]Å  ;LOdLMLYOSL #! " @[LOP²L>£SL^]Å  ;LOdLMLYOSL #!"z!$ #z#" #$ " @[LOP²L>£SL^]Å  ;LOdLMLYOSL # #" PO 5LRLOLYLYOL LYO _SP PY_T]P NSL[_P] $ " @[LOP²L>£SL^]Å  ;LOdLMLYOSL #z # z! PO 5LRLOLYLYOL "! @[LOP²L>£SL^]Å  ;LOdLMLYOSL # # PO 5LRLOLYLYOL

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

_SP w_ST^x[Z]_TZY PaP]d_STYR LMZ`_ ZYP^PWQ _SL_ NLY MP ZMUPN_TaTePO ^`NS L^ w_ST^ T^ Xd MZOdx w_ST^ XTYO ZQ XTYPx QPPWTYR [WPL^`]P LYO [LTY P_N bSP]PL^ _SP NZY^NTZ`^YP^^ [L]_ Z] [`]P ^PPTYR Oš´¶T]¼[L T_^PWQ T^ ]P_LTYPO LYO QZN`^PO w_SP `YOP]^_LYOP] ZQ `YOP]^_LYOTYRx "" ?ST^ XPLY^ _SL_ bT_SZ`_ RTaTYR `[ T_^ ZbY XPLYTYR _SP _P]X w4x Z] w^PWQx LYO ^TXTWL]Wd _SP _P]X w_SL_x NZYaPd^ L ^[PNTLW XPLYTYR "# YLXPWd LY TX[WTPO XPLYTYR Z] WLV´L©£ ?SP WL_P] _]LOT_TZY ^_L]_TYR bT_S >LO£YLYOL ^d^_PXL_TePO _ST^ TOPL LYO OT^NP]YPO _SP ULSLOLULSLO WLV´L©£ L^ _SP ^[PNTLW QZ]X ZQ WLV´L©£ bSTNS WPLO^ _Z ]TRS_ ^PWQ VYZbWPORP z bSTNS T^ TY QLN_ L ]P^_L_PXPY_ ZQ LYaLdLadL_T]PVL TY _P]X^ ZQ WLV´L©£ SP]XPYP`_TN^% ^ZXP_STYR X`^_ MP ]P_LTYPO LYO ^ZXP _STYR X`^_ MP ]PXZaPO _Z RP_ _SP NZ]]PN_ XPLYTYR ?SP TWW`^_]L_TZY T^ _SP ^PY_PYNP% w?ST^ T^ _SL_ /PaLOL__Lx ^Z vdLX OPaLOL__Là  "$ ?SP ^PY _PYNP WZZV^ NZY_]LOTN_Z]d O`P _Z _SP `^P ZQ _SP NZY_]L^_TYR _P]X^ w_ST^x LYO w_SL_x M`_ TY QLN_ T_ T^ YZ_ L_ LWW NZY_]LOTN_Z]d LYO _SP TYNZX[L_T MTWT_d T^ ]P^ZWaPO TQ _SP NZY_Pc_ T^ VYZbY >ZXPMZOd TY_]ZO`NP^ _Z XP 8] /PaLOL__L LMZ`_ bSZX 4 SLaP SPL]O L WZ_ TY _SP [L^_ M`_ bSZX 4 SLaP YZ_ XP_ [P]^ZYLWWd MPQZ]P >Z w_SL_x LYO w_ST^x L]P YPT_SP] TOPY_T NLW YZ] NZX[WP_PWd OTQQP]PY_ L^ TX[WTP] MPNL`^P _SPd ]PQP] _Z _SP ^LXP /PaLOL__L _SP TX[WTPO bSZ T^ ZYNP \`LWTQTPO Md _SP [L^_ ST^ TXLRP TY Xd XPXZ]d LYO ZYNP Md _SP []P^PY_ ST^ [Sd^TNLW []P^PYNP ?SP ^PY_PYNP XPLY^ ZYWd TOPY_T_d bSPY _SP TYNZX[L_TMWP PWPXPY_^ L]P ]PUPN_PO LYO MZ_S _P]X^ `YOP]^_ZZO _Z ]PWL_P _Z _SP ^LXP TYOTaTO`LW /PaLOL__L bSZ STX^PWQ T^ YZ_ P^^PY_TLWWd \`LWTQTPO Md Z] ]PWL_PO _Z [L^_ LYO []P^PY_ ]PXZ_PYP^^ LYO TXXPOTLNd P_N 4Y L ^TXTWL] bLd _SP]P T^ ]P^ZW`_TZY ZQ _SP TYNZX[L_TMTWT_d ZQ _L_ ]PXZ_PYP^^ LYO _aLX TXXPOT LNd TY _SP w2]PL_ >LdTYRx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" @[LOP²L>£SL^]Å  ;LOdLMLYOSL  z "# @[LOP²L>£SL^]Å  ;LOdLMLYOSL #" #" PO 5LRLOLYLYOL "$ >PP >LO£YLYOL APO£Y_L^£]L #z  PO 9TVSTWLYLYOL LYO [ $z PO 3T]T dLYYL ?SP 4YOTLY _]LOT_TZY^ VYZb OTQQP]PY_ VTYO^ LYO NWL^^TQTNL_TZY^ ZQ WLV´L©£^ QZ] PLNS ZQ bSTNS LY TWW`^_]L_TaP PcLX[WP T^ []ZaTOPO ,[[L]PY_Wd _SP XZ^_ NZXXZY T^ _SP RL`©¯ WLV´L©£  bSTNS OPYZ_P^ LWW \`LWT_L_TaP XP_L[SZ]^ ML^PO ZY ^TXTWL]T_d PR w_SP MZd T^ L WTZYx XPLYTYR wL^ ^_]ZYR L^ L WTZYx 1Z] L NZX[]PSPY^TaP WT^_ ZQ WLV´L ©£^ ^PP =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR   " ?SP ULSLOLULSLO WLV´L©£ LW^Z NLWWPO MS£RL_d£RL WLV´L©£  bL^ TY_]ZO`NPO Md _SP ,OaLT_LAPO£Y_TY^ L^ L _ST]O VTYO ZQ _bZ NZXXZYWd LNNP[_PO LYO LW]PLOd PcT^_PY_ WLV´L©£^ =LUL TMTO $z % L _SP ULSLO WLV´L©£  TWW`^_]L_PO Md w_SP aTWWLRP T^ ZY _SP 2LYRP^x LYO M _SP LULSLO WLV´L©L TWW`^ _]L_PO Md w_SP ]PO ]`Y^x 4Y L _SP []TXL]d ^PY^P T^ LMLYOZYPO TY QLaZ] ZQ _SP ^PNZY OL]d XPLYTYR wZY _SP MLYV^x Z] wYPL] _SP 2LYRP^x bSP]PL^ TY M _SP []TXL]d ^PY^P ^SZ`WO YZ_ MP PcNW`OPO M`_ ]L_SP] ^[PNTQTPO Md NZY_Pc_ VYZbWPORP 4Y WLV´L©£ _SP bZ]O w]POx TYOTNL_P^ YZ_ ZYWd _SP NZWZ] M`_ LW^Z _SP ]PONZWZ]PO SZ]^P _SL_ T^ ]`YYTYR _SP ]LNP w_SP ]PO SZ]^P ]`Y^x ?SP ULSLOLULSLO WLV´L©£ T^ L NZXMTYL_TZY% bSTWP L [L]_ Z] LY L^[PN_ ZQ _SP []TXL]d XPLYTYR T^ []P^P]aPO _SP ]P^_ T^ ]PUPN_PO

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

!

?Z L]]TaP L_ YZYO`LWT_d YZ_ ZYWd _SP _P]X^ _aLX LYO L^T ]P\`T]P SP]XPYP`_TN PQQZ]_ M`_ LW^Z _SP _L_  ?SP ±]`_T ^[PLV^ ZQ _SP L[P]^ZYLW TP WTYR`T^_TNLWWd YP`_P] -]LSXLY L^ _SP ZYP Q]ZX bSZX LWW MPTYR^ L]T^P bSZ ^`^_LTY^ _SPX LYO _Z bSZX _SPd LWW ]P_`]Y LQ_P] OPL_S  ?LT_ _T]ÅdL@[LYT´LO  -`_ LNNZ]OTYR _Z _SP ,OaLT_LAPO£Y_L NZXXPY_L _Z]^ _SP OTXPY^TZY ZQ _SP OTaTYP TY _L_ ]PQP]^ YZ_ ZYWd _Z _ST^ ZaP]L]NS TYR _TXPWP^^ ^`[]PXP NZ^XTN RZOSPLO 0XLYL_TZY ^`^_PYLYNP LYO LM^Z][_TZY L]P TY QLN_ wYZY]PLWx L__]TM`_TZY^ LYO []ZUPN_TZY^ ZY_Z -]LSXLY bSTNS LNNZ]O _Z -]LSXLY []Z[P]_TP^ LYO LNNTOPY_LW XZOLWT _TP^ Z] wWTXT_TYR LOU`YN_^x # _SL_ L]P YZ_ [L]_ ZQ T_^ ]PLW YL_`]P ?SP ]PaPWL_TZY T_^PWQ XLVP^ _ST^ NWPL] TY T_^ L[[L]PY_Wd [L]LOZcTNLW STRSWd XP_L[SZ]TNLW ^_L_PXPY_^ :Y _SP ZYP SLYO T_ ^Ld^ w3P SL^ SLYO^ LYO QPP_ PaP]dbSP]P 3P SL^ PdP^ SPLO^ LYO XZ`_S^ PaP]dbSP]Px  ;`]`´L >¼V_L& -SLRLaLORÅ_£  -`_ TY Z_SP] [WLNP^ T_ ^Ld^ w3P R]L^[^ bT_SZ`_ SLYO^ SP ]`Y^ QL^_ bT_SZ`_ QPP_ SP ^PP^ bT_SZ`_ PdP^ LYO SP SPL]^ bT_SZ`_ PL]^x  ±aP_L²aL_L]L@[LYT´LO $ ?SP ]PaPWL_TZY bZ]V^ LNNZ]OTYR _Z ±L«VL]L TY _ST^ OTOLN_TN XLYYP] Md _SP XP_SZOTNLW XPLY^ ZQ []ZUPN_TZY LYO LM^_]LN_TZY LOSd£]Z[LL[La£OL  # >_L_PXPY_^ _SL_ NSL]LN_P]TeP -]LSXLY L^ SLaTYR L__]TM`_P^ ^LR`©LM]LSXLY # L]P XP]PWd L NZYNP^^TZY _Z S`XLY Pc[P]TPYNP TY _SL_ _SPd bZ]V bT_S OP ^N]T[_TZY^ _SL_ _LVP `[ bSL_ T^ VYZbY TY Z]OP] _Z WPLO _Z LY `YVYZbY _SL_ T^ ]PXZaPO Q]ZX LWW NZYaPY_TZYLW S`XLY Pc[P]TPYNP% _SP TYOP^N]TM LMWP 9T]R`©L-]LSXLY _SL_ T^ wQ]PP ZQ L__]TM`_P^x ,NNZ]OTYR _Z ±L«VL]L LXZYR^_ _SP XLYd ±]`_T [L^^LRP^ ZYWd _SP QZ]X`WL ^L_dLXUÓ£YLXLYLY_LX w[`]P ^_L_P ZQ MPTYR NZY^NTZ`^YP^^ TYQTYT_dx ZQ _SP ?LT__T]ÅdL@[LYT´LO  NLY MP aLWTO L^ LY LN_`LW ^_L_P XPY_ LMZ`_ _SP P^^PY_TLW YL_`]P ZQ -]LSXLY ?SP^P _S]PP _P]X^ LW^Z SLaP _Z MP PcLXTYPO NL]PQ`WWd QZ] _SPT] WLV´L©£ NZY_PY_ # -PTYR TY R]LXXL_TNLW L[[Z^T_TZY _Z PLNS Z_SP] _SP _P]X^ X`^_ SLaP LY TY_]TY^TN X`_`LW ]PWL_TZY^ST[ ?SPT] WLV´L©£ LYLWd^T^ ]PaPLW^ _SL_ PLNS _P]X T^ YPPOPO _Z OPWTXT_ PLNS Z_SP]v^ XPLYTYR ?SP PcT^_PY_ Z] _]`P MPTYR LYO ]PLWT_d L^ ^`NS ^L_dLX X`^_ MP NZY^NTZ`^ LbL]PYP^^ UÓ£YLX LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SP ,OaLT_LAPO£Y_L `^P^ SP]P _SP _PNSYTNLW _P]X `[£OST  ,NNZ]OTYR _Z T_^ _SPZ]d ^`NS LNNTOPY_LW XZOLWT_TP^ Z] `[£OST z RPYP]LWWd _]LY^WL_PO L^ wWTXT_TYR LOU`YN_^x z L]P Q`YOLXPY_LWWd QWLbPO XT_Sd£ # ±L«VL]L -SLRLaLORÅ_£-S£´dL Q ?SP -SLRLaLORÅ_£ aP]^P  T_^PWQ NZY_LTY^ ^`NS L [L]LOZcTNLW ^_L_PXPY_ [L]LOZcTNLW L_ QT]^_ ^TRS_ NZYNP]YTYR _SP OPT_d L^ OP aZTO ZQ L__]TM`_P^ YT]R`©L LYO [Z^^P^^TYR L__]TM`_P^ R`©LMSZV_Ž # ?SP _P]X ^LR`©LM]LSXLY T^ `^PO Md _SP ±L«VL]L ^NSZZW _Z LNNPY_`L_P _SP OTQQP]PYNP MP_bPPY _ST^ LYO _SP YT]R`©LM]LSXLY _SL_ T^ OPaZTO ZQ L__]TM`_P^ # >PP _SP Pc_PY^TaP NZXXPY_L]TP^ ZQ ±L«VL]L >`]P²aL]L LYO ATOd£]L©dL ZY _SP ?LT_ _T]ÅdL@[LYT´LO  1ZWWZbTYR ZY Q]ZX _ST^ @[LYT´LO [L^^LRP _SP ±L«VL]L ^NSZZW SL^ NZTYPO _SP VPd QZ]X`WL ^LNNTO£YLYOL wMPTYR NZY^NTZ`^YP^^ MWT^^x

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

WTXT_WP^^ wbT_SZ`_ MPRTYYTYRx LYO PYO LYLY_LX  ?SP VYZbWPORP UÓ£YLX  ZY _SP Z_SP] SLYO NLYYZ_ SLaP [L]_^ LYO MP ]PQ]LN_PO O`P _Z _SP L[[Z^T_TZYLW wTYQTYT_P PcT^_PYNPx 9PT_SP] OZP^ _SP Z]OTYL]d OTaT^TZY ZQ _SP NZRYT_TaP ^PWQ VYZbWPORP VYZbP] VYZbY PcT^_ SP]P YZ] _SP NSLYRTYR XZOLWT_TP^ ZQ VYZbWPORP VYZbP] VYZbY ^TYNP _SP bZ]O^ ^L_dLX LYO LYLY_LX ]`WP Z`_ ^`NS LY `YOP]^_LYOTYR ,YO QTYLWWd _SP TYQTYT_d LYLY_LX NLYYZ_ MP ^ZXP_STYR TYP]_ LYO `YNZY^NTZ`^ MPNL`^P _SP _P]X U†£YLX T^ []P^PY_ ?S`^ ^SPOOTYR WTRS_ ZY PLNS Z_SP] _SP WLV´L©£ NZY_PY_ ZQ _SP _S]PP _P]X^ LYO _SPT] NZY_TY`T_d T^ L]]TaPO L_ ?SP LYLWd^T^ ]P^`W_^ TY L []Z[P] OPQTYT_TZY WLV´L©L ZQ _SP /TaTYP L^ ^LNNTO £YLYOL w-PTYR .ZY^NTZ`^YP^^ -WT^^x LYO ]PaPLW^ L_ _SP ^LXP _TXP _SP _P]_T`X NZX[L]L_TZYT^ TY bSTNS _L_ LYO _aLX NZYaP]RP bT_SZ`_ OTQ QP]PY_TL_TZY 3P]P _SP]P T^ L XPP_TYR ZQ _SP [STWZ^Z[STNLW 4LYLWd^T^ _SP ]PaPWL_TZY LYO PcT^_PY_TLW Pc[P]TPYNP MPNL`^P _SP QZ]X`WL OP^N]TMP^ LWW _ST^ L_ _SP ^LXP _TXP 4_ YZ_ ZYWd NZY_LTY^ _SP NZRT_Z  NTO  NZRYT_TZY NZY^NTZ`^YP^^ LYO _SP ^`X  ^L_  PcT^_PYNP bSTNS L]P LW^Z VYZbY _Z `^ TY BP^_P]Y [STWZ^Z[Sd _S]Z`RS /P^NL]_P^v QLXZ`^ QZ]X`WL wNZRT_Z P]RZ ^`Xx M`_ LW^Z TY_PR]L_P^ P\`LWWd aTL _SP PWPXPY_ ZQ 4YQTYT_d-WT^^ LY LY_L£YLYOL _SP PcT^_PY_TLW Pc[P]TPYNP ZQ TYQTYT_d TY PaP]d XZXPY_ ZQ SL[[TYP^^ 4YQTYT_d-WT^^ T^ L S`XLY [Z_PY_TLW bSTNS NZY^NTZ`^ LYO PcT^_TYR MPTYR^ Pc[P]TPYNP L`_ZXL_TNLWWd LYO \`T_P YL_`]LWWd& bSPYPaP] _SPd QPPW UZd _SPd M]PLV Z`_ ZQ _SP YZ]XLW NZY^_]LTY_^ LYO WTXT_L_TZY^ ZQ PL]_SWd PcT^_PYNP 4Y _ST^ ^PY^P _SP VPd ,OaLT_LAPO£Y_TN QZ]X`WL ^LN NTO£YLYOL T^ aLWTO L^ _SP QTYLW LYO ZYWd [Z^^TMWP OPQTYT_TZY ZQ LM^ZW`_P OTaTYP PcT^_PYNP =PaPLWTYRWd _ST^ QZ]X`WL SL^ LW^Z QZ`YO ]P^ZYLYNP TY _]LOT_TZY^ _SL_ SLaP YZ_STYR L_ LWW _Z OZ bT_S _SP APOL Z_SP]bT^P



=PaPWL_TZY LYO =PL^ZY

1Z] ±L«VL]£N£]dL _SP APOL T^ L VTYO ZQ RZ^[PW TY _SP WT_P]LW ^PY^P ZQ w2ZZO 9Pb^x 4Y _SP @[LYT´LO^ _SP APOL ]PaPLW^ L `YTaP]^LW ]PLWT_d ZQ OPWTaP]LYNP LYO Q]PPOZX bSTNS S`XLY MPTYR^ NZ`WO YPaP] MP LbL]P ZQ Md _SPX^PWaP^ ,W_SZ`RS 4 VYZb _SL_ 4 PcT^_ LYO _SL_ 4 LX NZY^NTZ`^ 4 OZ YZ_ VYZb _SL_ 4 LX PaP] Q]PP ZQ NL^_P LYO N]PPO # `YSL[[TYP^^ LYO [LTY LYO ZYP bT_S -]LSXLY Z] _SP TYYP] ¢_XLY ZQ PaP]d_STYR MPNL`^P 4 P]]ZYPZ`^Wd TOPY_TQd bT_S LRPYNd LYO PYUZdP]^ST[ # ?SP ±]`_T ]PaPLW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?SL_ _SP TYYP] ^PWQ T^ Q]PP Q]ZX NL^_P LYO _SP WTVP T^ ]P[PL_POWd XPY_TZYPO TY MZ_S [L]_^ ZQ _SP @[LOP²L>£SL^]¯  # ?]LOT_TZYLWWd _ST^ w4x bL^ WL]RPWd ]P^_]TN_PO _Z PO`NL_PO XLWP -]LSXLY XZYV^ .SL] LN_P]T^_TNLWWd ±L«VL]L ^[PLV^ ZQ Q]PPOZX ZQ NL^_P P_N M`_ YZbSP]P ZQ RPYOP] 4_ T^ ZYWd TY XZOP]Y _TXP^ LYO ]PQZ]X 3TYO` NT]NWP^ _SL_ _SP `YTaP]^LW XP^^LRP T^ ]PLWWd `YTaP]^LW LYO LW^Z _L`RS_ _Z LYO Md QPXLWP^ -]LSXTY^ LYO YZY -]LSXTY^ ?SP ^ZNTLW

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

!

LY `YVYZbY _]`_S LMZ`_ ZYP^PWQ _SL_ T^ TY VPP[TYR bT_S ]PL^ZY ?Z MP _]`^_bZ]_Sd T_ X`^_ MP ]L_TZYLWWd LNNP[_LMWP ±L«VL]L ]P[PL_POWd ^_L_P^ TY _SP @[LOP²L>£SL^]¯ _SL_ ±]`_T ]PaPWL_TZY LYO ]PL^ZY TP LWW LaLTW LMWP []LX£©L^  LYO [L]_TN`WL]Wd TYQP]PYNP X`^_ MP L[[WTPO ,YO TY QLN_ YZYO`LW ^PWQVYZbWPORP SL^ _Z MP ^Z`RS_ QZ] LNNZ]OTYR _Z _SP ,OaLT_L APO£Y_L SP]XPYP`_TNTLY^ ?SP ±]`_T T_^PWQ OZP^ YZ_ ZYWd ^Ld w YP_T YP_T x M`_ LW^Z w_SP ¢_XLY ^SZ`WO MP VYZbYx ?ST^ TY _`]Y XPLY^ _Z LM^Z]M bSL_ SL^ MPPY SPL]O Q]ZX _SP ±]`_T TY_Z ZYPv^ ZbY VYZbWPORP LYO L^ NP]_LTY T_ Md ]PL^ZY >Z ]L_TZYLW LYLWd^T^ _LVP^ LY TX[Z]_LY_ [WLNP L^ bPWW @W_TXL_PWd YZ_TZY^ ZQ w4x LYO wXTYPx OZ YZ_ ^_LYO `[ _Z ]TRZ]Z`^ ]L_TZYLW LYLWd^T^ LNNZ]OTYR _Z ±L«VL]L MPNL`^P _SP]P T^ L OTXPY^TZY ZQ w4x _SL_ NLYYZ_ MP ^`MWL_PO bSTNS T^ Pc[P]TPY_TLWWd TYOP[PYOPY_ ZQ _SP MZOdXTYO NZX[WPc LYO bSTNS T^ PaP] Q]PP Q]ZX LWW L__]TM`_TZY^ NZX XZYWd []ZUPN_PO ZY_Z LYO _]LY^QP]]PO _Z T_ ?ST^ YL_`]LW TYOP[PYOPYNP LYO TYYL_P Q]PPOZX _SP w^PWQW`XTYZ`^x `YTaP]^LW ¢_XLY MPdZYO bZ]O^ NLY MP L__LTYPO _S]Z`RS _SP bZ]O^ ZQ _SP APOL _]LY^XT__PO Md L NZX[P_PY_ _PLNSP] bSZ T^ L []ZQZ`YO APOL ^NSZWL] ²]Z_]TdL LYO QT]XWd wP^_LMWT^SPO TY -]LSXLYx M]LSXLYT´¶L  LYO ZYPv^ ZbY ]PL^ZYTYR LYO OT]PN_ ^`MUPN_TaP Pc[P]TPYNP ±L«VL]Lv^ `YOP]^_LYOTYR ZQ _SP APOL T^ _S`^ YPT_SP] YZ^_LWRTN Xd_STNLW LYO XLRTN WTVP _SL_ ZQ _SP P[TN^ LYO ;`]£©L^ YZ] T^ T_ YZXT^_T NLWWd QTcPO ZY NZXXLYOXPY_^ WTVP _SL_ ZQ _SP ;¼]aL^ ?SP ^Z_P]TZWZRTNLW ]PLWT_d NZXX`YTNL_P^ T_^PWQ YZ_ _S]Z`RS Xd_STNLW ^`M^_LYNP APOTN wXd_Sx LYO ^LN]PO ^Z`YO Z] Md ^P__TYR YZ]X^ ]T_`LW TYU`YN_TZY^ M`_ OTOLN_TNLWWd -PNL`^P ZQ _SPT] ^[PNTLW NZXMTYL_TZY _SP ]PaPLWPO bZ]O^ OPaPWZ[ _S]Z`RS ^PXLY_TN TX[WTNL_TZY _SP LMTWT_d _Z _]LY^NPYO L[[L] PY_Wd TY^`]XZ`Y_LMWP NZYOT_TZY^ ZQ _STYVTYR ±L«VL]L TWW`^_]L_P^ _ST^ [SPYZXPYZY TY _SP @[LOP²L>£SL^]Å bT_S _SP ^PY_PYNP wdZ` L]P _SP _PY_Sx #! 4Y _ST^ ^PY_PYNP SP LWW`OP^ _Z L _]LOT_TZYLW [L]LMWP% _PY XPY N]Z^^ L OLYRP]Z`^ ]TaP] LYO ZYNP _SPd SLaP ]PLNSPO _SP Z_SP] ^SZ]P _SPd NZ`Y_ _Z ^PP bSP_SP] _SPd SLaP LWW L]]TaPO -`_ _SPd VPP[ ZY RP__TYR _SP Y`XMP] YTYP MPNL`^P PLNS ZYP SL^ QZ]RZ__PY _Z NZ`Y_ STX^PWQ 4_ T^ LY Z`_^TOP] bSZ O]Lb^ _ST^ QLN_ _Z _SPT] L__PY_TZY LYO ^Z OT^[PW^ _SP [LTY NL`^PO Md _SP P]]Z] ?SP @[LYT´LOTN ^_L_PXPY_^ ZY YZYO`LW ]PLWT_d Q`YN_TZY TY _SP ^LXP bLd LNNZ]OTYR _Z ±L«VL]L ?SPd L]P ^_L_PXPY_^ ZQ _]`_S bSTNS NLY _]TRRP] TXXPOTL_P ^`MUPN_TaP VYZbWPORP LYO WTMP]L_TZY Q]ZX LY PcT^_PYNP ZQ ^`QQP]TYR MPNL`^P _SPd L]P LMZ`_ ZYPv^ ZbY TOPY

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ [P]aL^TaPYP^^ SL^ T_^ WTXT_^ PaPY SP]P% L _SZ]Z`RS ^_`Od ZQ 6PaLWL,OaLT_LAPO£Y_L YPaP] WPQ_ L XZ]P Z] WP^^ PWT_P N`W_`]P XTWTP` ^TYNP T_ TYaZWaP^ RZZO >LY^V]T_ VYZb WPORP #! 0R @[LOP²L>£SL^]¯  ;LOdLMLYOSL & #"z" #" $

!!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

_T_d #" BSPY ZYP ]PLWTeP^ _SL_ ZYPv^ ZbY [STWZ^Z[STNLW ]PQWPN_TZY WTVP _SL_ ZQ _SP OPP[ ^WPP[ LYLWd^T^ LYO _SP ]PaPLWPO ^_L_PXPY_^ ZQ _]`_S L]P _bZ ^TOP^ ZQ _SP ^LXP NZTY TP bSPY _SP [`[TW SL^ `YOP]^_ZZO _SL_ _SP APOL T^ LN_`LWWd LMZ`_ STX^PWQ LYO YZ_ LMZ`_ LY LM^_]LN_ _SPZ]P_TNLW 4 []TYNT[WP _SPY QZ] ±L«VL]L _SP LN_`LW ^PY^P ZQ _SP ZQ_PY [L]LOZcTNLW LYO L[Z[SL_TN @[LYT´LO ^_L_PXPY_^ NZYNP]YTYR -]LSXLY Z[PY^ `[ _Z _SP [`[TW /`P _Z _SP ^[PN`WL_TaP NZY_PY_ ZQ ST^ APOL SP]XPYP`_TN^ ±L«VL]L SL^ TY_P]P^_PO BP^_P]Y ^NSZWL]^ST[ X`NS XZ]P _SLY ±LML]L Z] 6`X£]TWL -`_ QZ] _SP WTaTYR _]LOT_TZY T_ T^ P^^PY_TLW _SL_ ,OaLT_LAPO£Y_L T^ L^ QLT_SQ`W _Z _SP APOTN ]PaPWL_TZY LYO Z]_SZOZcd L^ _SP ;¼]aL^ LYO XZ^_ ZQ LWW _SL_ T_ T^ YZ_ L [STWZ^Z[STNLW w^d^_PXx M`_ L _PLNSTYR XP_SZO ## ?SP XP_SZOv^ TY_PY_TZY T^ _Z XLVP _SP [`[TW ]PLWTeP w4 LX _SL_ ]PLWT_dx Z] w4 LX _SL_ ^L_dLX  UÓ£YLX  LYLY_LX x bSTNS _SP ±]`_T ^[PLV^ ZQ L^ _SP P^^PYNP LYO ^Z`]NP ZQ _SP bZ]WO BSTWP _SP P_TN [P]^[PN_TaP QTYO^ LY LM^_]LN_ _]LY^NPYOPY_LW [STWZ^Z[Sd Z] L ^`[P]M [STWZ^Z[Sd ZQ NZY ^NTZ`^YP^^ LYO ^`MUPN_TaT_d _SP PXTN [P]^[PN_TaP QTYO^ LY Pc[P]TPY_TLW ]PLWT_d z ^`MUPN_TaP OT]PN_ Pc[P]TPYNP RYZ^_TN TY^TRS_ LYO NZY_PX[WL _TaP TY^_]`N_TZY z bT_S ^`M^_LY_TLW ^[T]T_`LW LYO ^ZNTLW PQQPN_^ ZY ZYPv^ WTQP ?SP OZN_]TYP ZQ WTMP]L_TZY LYO Q]PPOZX Q]ZX O`_TP^ T^ PXLYNT[L_TZY TY _SP XZ^_ WT_P]LW ^PY^P ,W_SZ`RS YZ_ MPTYR OZRXL_TN LMZ`_ T_ ±L«VL]L []LT^P^ ]PY`YNTL_TZY L^ XZ^_ ^`T_LMWP LYO NZYaPYTPY_ WTQP^_dWP TP WTM P]L_TZY ZQ NL^_P TY L aP]d WT_P]LW ^PY^P 3T^ QZWWZbP]^ NZXXPY_L_Z]^ LYO _SP aL]TZ`^ XPXMP]^ ZQ _SP PaZWaTYR ±L«VL]L ^NSZZW^ LYO XZYL^_P]TP^ SLaP RPYP]LWWd MPPY STRSWd PO`NL_PO XZYV^ LYO -]LSXTY^ Md MT]_S #$ 9Z_bT_S^_LYOTYR _SP `YTaP]^LW LYO PcT^_PY_TLW L[[]ZLNS ZQ ±L«VL]£N£]dL _SP QWZb ZQ _PLNSTYR _S]Z`RS _SP NSLTY ZQ _PLNSP]^ LYO OT^NT[WP^ R`]`[L]LX[L]£ bL^ TY _SP [L^_ RPYP]LWWd ]P^_]TN_PO _Z ^`NS N`W_`]LW PWT_P^ LYO ^[T]T_`LW L`_SZ]T_TP^ -Z_S _SP ;¼]aL^ LYO _SP @__L]L^ z LWW APO£Y_L ^NSZZW^ YZ_ ZYWd _SP ZYP^ TYT_TL_PO Md ±L«VL]L z TWW`^_]L_P _SP APOL Z]_SZOZcdv^ STRSWd TY_PWWPN_`LW _]LOT_TZY^ 7TVP _SP ;¼]aL^ _SP @__L]L^ SZWO _SL_ ]PaPWL_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" ?ST^ TXXPOTLNd T^ LW^Z ^_]P^^PO Md _SP ±L«VL]L OT^NT[WP^ LYO NZXXPY_L_Z]^ >`]P²aL]L LYO ;LOXL[£OL bSZ Z_SP]bT^P OTQQP] TY _SPT] ±L«VL]L ]PNP[_TZY 4Y NZY_]L^_ _Z _SPX A£NL^[L_T 8T²]L bSZ WTYV^ _SP [Z^T_TZY^ ZQ ±L«VL]L LYO 8L©“LYL 8T²]L LYO QZ`YOPO _SP -S£XL_T ^NSZZW SZWO^ _SL_ ²LMOL NLY ZYWd []ZO`NP TYOT]PN_ LYO XPOT L_PO VYZbWPORP& SP ^_]P^^P^ NZY^_LY_ []LN_TNP LYO NZY_PX[WL_TZY LYO ]PRL]O^ NZY_PX [WL_TZY L^ _SP []TYNT[LW Z]RLY`X ZQ VYZbWPORP 4_ bL^ ZYWd TY [Z^_±L«VL]L _TXP^ _SL_ _SP _S]PPQZWO ^[T]T_`LW []LN_TNP ZQ ²]LaL©L WT^_PYTYR XLYLYL ]PQWPN_TYR YTOTOSd£^LYL NZY_PX[WL_TYR bL^ QZ]RPO ## >PP 9L]L^TXSLY /LdLYLYOL ?]LOT_TZYLW ?PLNSP] ZQ -]LSXL ATOd£  #$ 9PT_SP] T^ `YTaP]^LWWd _]`P SZbPaP] ,NNZ]OTYR _Z _]LOT_TZY _SP ±L«VL]L OT^NT[WP ?Z¶LVL bL^ LY Z`_NL^_ LYO _SP QZ`]_PPY_SNPY_`]d ,OaLT_LAPO£Y_L ^NSZWL] ATOd£]L ©dL bL^ L []ZXTYPY_ SZ`^PSZWOP] LYO XTYT^_P]

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

!"

SL^ _Z ^_LYO `[ _Z ]PL^ZY LYO Q`WQTWW _S]PP NZYOT_TZY^% L _SP ]PaPLWPO _]`_S ^SZ`WO MP YPb Z] Pc_]LZ]OTYL]d TP Z_SP]bT^P `YL__LTYLMWP& M bSL_ T^ ]PaPLWPO ^SZ`WO YZ_ MP NZY_]LOTN_PO Md _SP Z_SP] []LX£©L^ LYO YZ_ Z[[Z^P ]PL^ZY& N _SP ]PaPLWPO _]`_S X`^_ L[[PL] []ZMLMWP _Z ]PL ^ZY $ =PL^ZY X`^_ MP L[[WTPO TY ±L«VL]Lv^ ,OaLT_LAPO£Y_L YZ_ ZYWd _Z ^`[[Z]_ _SP ]PaPWL_TZY M`_ LW^Z _Z XLVP T_ ZYPv^ ZbY VYZbWPORP LYO Pc[P]TPYNP ?SP @[LYT´LO [L]_ ZQ _SP APOL T^ YZ_ ^PPY L^ XP]P ,]_SLa£OL M`_ L^ L`_ZYZXZ`^ ²LMOL[]LX£©L _SL_ XLVP^ `YVYZbY _STYR^ VYZbY LYO _ST^ ]PaPWL_TZY T^ _Z MP _P^_PO Md TY_]Z^[PN_TZY LYO ]L_TZYLW LYLWd^T^ 4Y^_PLO ZQ TY\`T]TYR TY_Z LYO QZWWZbTYR _SP TYU`YN_TZY^ ZQ ^LN]TQTNP _SP]P T^ _L__aLXL^T SP]XPYP`_TN^ LYO RYZ^_TN TY^TRS_ ?SP XZ__Z T^ YZ_ wOP^T]Z`^ ZQ SPLaPY ZYP ^SZ`WO [P]QZ]X _SP ^LN]TQTNPx M`_ ]L_SP] wOP^T]Z`^ ZQ WTMP]L_TZYx Q]ZX [LTY LYO QPL] XTR]L_TYR PcT^_PYNP LYO SPLaPYWd bZ]WO^ w_SP ¢_XLY ^SZ`WO MP VYZbYx $ 4Y^_PLO ZQ []LRXL_TN ]L_TZYLWT_d bP QTYO ^[PN`WL_TaP [STWZ^Z[Sd ?SP `__P] `Y VYZbLMTW_d ZQ SPLaPY T^ PcNSLYRPO QZ] ^PL]NSTYR OPP[P] XPLYTYR TY WTQP Md Pc[WZ]TYR _SP YL_`]P ZQ TYYP] NZY^NTZ`^YP^^ LYO ]PLWTeTYR ZYPv^ TY YL_P Q]PPOZX ?ST^ Q]PPOZX T^ ^PPY L^ L XL__P]ZQQLN_ ]PLWT_d LYO LY Pc[P]TPY_TLW _]`_S ?SP]P L]P P^^PY_TLW OTQQP]PYNP^ MP_bPPY _SP ;¼]aL^ LYO _SP @__L]L^ LYO [L]_TN`WL]Wd MP_bPPY ^`NS PXTYPY_ ]P[]P^PY_L_TaP^ L^ 6`X£]TWL LYO ±L«VL]L M`_ _SP]P L]P LW^Z TY_P]P^_TYR NZY_TY`T_TP^ ]PRL]OTYR WTYR`T^_TN _SPZ]d LYO ]L_TZYLW PcPRP^T^ ±L«VL]Lv^ ¢_XLY SP]XPYP`_TN^ T^ PcNP[ _TZYLW LYO ^TYR`WL] M`_ ST^ XLUZ] _P]X^ LYO XP_SZO^ SLaP MPPY []PQTR `]PO Md 6`X£]TWL z TQ bP LNNP[_ _SP STRS []ZMLMTWT_d _SL_ 6`X£]TWL []P OL_P^ ±L«VL]L 4Y _SP £_XLa£OL ^PN_TZY ZQ ST^ ±WZVLa£]__TVL  $ 6`X£]TWL LW]PLOd `^P^ _SP _P]X w^PWQW`XTYZ^T_dx L^ L XLUZ] NSL]LN_P]T^_TN ZQ _SP ¢_XLY Z] w^Z`Wx _SP NZ]P^PWQ ZQ _SP [P]^ZY MP^TOP^ _SP NZ]P QPL_`]P wTX[P]XLYPYNPx z 6`X£]TWLv^ XLTY ZMUPN_TZY _Z _SP -`OOST^_^ 0aPY _SP LYaLdLadL_T]PVL XP_SZO T^ []PQTR`]PO $ =PNZRYTeTYR _SP _]`P [P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 3T]TdLYYL :`_WTYP^ ZQ 4YOTLY ;STWZ^Z[Sd  #z# $ 8`X`V´`_aLX L M`]YTYR wTY_PY_ ZY WTMP]L_TZYx T^ _SP ZYWd OP^T]P LNNP[_PO Md ,O aLT_LAPO£Y_TY^ ?SP XL]V ZQ _SP WTMP]L_PO [P]^ZY ZY _SP Z_SP] SLYO T^ []PNT^PWd OP ^T]PWP^^YP^^ Z] ]L_SP] LV£XLSL_L_aLX wYZ_ MPTYR OP^_]ZdPO Md ZYPv^ OP^T]P^x ^PP ±L«VL]Lv^ NZXXPY_L]d ZY _SP £YLYOLaLWWT ZQ _SP ?LT__T]¯dL@[LYT´LO  $ 1Z] _SP QZWWZbTYR ^PP ±WZVLa£]__TVL # _]LY^ 5SL #z# [L]_TN`WL]Wd #"  z$ z ! # $ 6`X£]TWL LW^Z [Z^_`WL_P^ _SL_ YZ_TZY^ WTVP w4 LX QL_x X`^_ MP SPWO _Z MP XT^NZYNP[ _TZY^ ]PRL]OTYR _SP NZ]P^PWQ 4Y NZY_]L^_ _Z _SP^P _SP ¢_XLY Z] ^Z`W T_^PWQ T^ [P]XL YPY_ TX[P]T^SLMWP ^PWQW`XTYZ`^ LYO ^PWQXLYTQP^_PO ?ST^ TX[P]T^SLMWP ^PWQ T^ OT ]PN_Wd NZRYTeLMWP Md _SP YZ_TZY ZQ w4x LYO bT_SZ`_ T_^ NZY^_LY_ []P^PYNP _SP MZOd ^PY^P Z]RLY^ P_N NZ`WO YZ_ LN_ L_ LWW ?SZ`RS TY w4 RZx _SP bZ]O w4x ]PQP]^ _Z _SP MZOd LYO RZTYR T^ TX[Z^^TMWP QZ] _SP ^Z`W _SP YZ_TZY ZQ 4 T^ YZ_ L XT^_LVPY ZYP L^ T_ T^ YZ_ ^P_ L^TOP Md LYd ^`M^P\`PY_ NZRYT_TZY

!#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

XLYPY_ YL_`]P ZQ _SP ^PWQ TP _SP [P]^T^_TYR w4x bSZ T^ L^ NZRYTeP] OTQQP]PY_ Q]ZX _SP ^PWQNZYNP[_TZY^ L^ []ZaPO Md ^`NS ^_L_PXPY_^ WTVP wXd MZOdx wXd PdP^x wXd XTYO T^ bLYOP]TYRx P_N _SP]P T^ MZ_S [L]_TLW NZY_TY`T_d [P]XLYPY_ TY_PWWTRPYNP LYO [L]_TLW NP^^L_TZY TX [P]XLYPY_ NZRYT_TZY^ QPPWTYR^ ZQ [WPL^`]P LYO [LTY P_N 3ZbPaP] LW_SZ`RS _ST^ VTYO ZQ LYLWd^T^ T^ []PNT^PWd _SP ^LXP L^ _SL_ ZQ ±L«VL]L 6`X£]TWL O]Lb^ L aP]d OTQQP]PY_ NZYNW`^TZY ,NNZ]OTYR _Z STX LRPYNd LYO PYUZdP]^ST[ MPWZYR P^^PY_TLWWd _Z _SP `YNSLYRTYR 4 Z] NZ]P [P]^ZY []PNT^PWd MPNL`^P _SP ^Z`W T^ NZY_TY`Z`^ _S]Z`RSZ`_ _SP aL]TZ`^ XZOTQT NL_TZY^ :YNP T_ T^ ]PNZRYTePO _SL_ _SP YZ_TZY^ ZQ 4 TY w4 LX QL_x P_N L]P XT^_LVPY LYO _SL_ _SP MZOd ^PY^P^ LYO XTYO L]P YZ_ _SP NZRYTeP] _SPX ^PWaP^ LYd YZ_TZY ZQ TOPY_T_d MP_bPPY _SP NZRYTeTYR 4 LYO _SP MZOd T^ YZ_ L XT^_LVP O`P _Z _SPT] Pc_]PXP []ZcTXT_d w4x LYO wXTYPx NLYYZ_ ]PQP] _Z LYd Z_SP] _SLY _SP P_P]YLW ZXYT[]P^PY_ ^Z`W bSZ T^ NL[LMWP ZQ XTR]L_TZY TY_Z LYZ_SP] MZOd 6`X£]TWLv^ XLUZ] ZMUPN_TaP T^ YZ_ ZYWd _SP ]PQ`_L_TZY ZQ _SP -`OOST^_ OZN_]TYP ZQ TX[P]XLYPYNP $ M`_ XZ^_ ZQ LWW LY L[ZWZRd QZ] _SP APOL ?SP APOTN TYU`YN_TZY^ ^_LYO TY YPPO ZQ L [P] XLYPY_ ^Z`W LYO TYOTNL_P T_^ PcT^_PYNP ZY LNNZ`Y_ ZQ _SP TYPc[WTNLMTWT_d ZQ TYU`YN_TZY^ TY NL^P ZQ T_^ YZYPcT^_PYNP BSTWP _SP TYU`YN_TZY^ ^_]PYR_SPY _SP TOPL ZQ _SP ^Z`W TYOT]PN_Wd _SP TOPL ZQ LY P_P]YLW PcT^ _PYNP ZQ _SP [P]^ZY NZXP^ _Z MP ^_]PYR_SPYPO Md ^_`OdTYR _SP APO£Y_L TP _SP @[LYT´LO^ BP LW]PLOd VYZb _SL_ ±L«VL]L O]Lb^ []PNT^PWd _SP Z[[Z^T_P NZYNW` ^TZY^ ]PRL]OTYR _SP YL_`]P ZQ _SP ^PWQ z ]PQ`_TYR _SP]PMd YZ_ ZYWd _SP -`OOST^_^ M`_ XZ^_ ZQ LWW _SP ;¼]aL8ÅX£À^£ ±L«VL]Lv^ ^PWQW`XTYZ`^ ¢_XLY T^ NZX[WP_PWd ^_]T[[PO ZQ OZP]^ST[ LYO PYUZdP]^ST[ BSP]PL^ 6`X£]TWL NZYNPTaP^ ZQ L X`W_T_`OP ZQ ¢_XLY^ _SP]P NLY ZYWd MP ZYP `YTaP]^LW ¢_XLY QZ] ±L«VL]L bSTNS T^ _SP ^LXP TY PaP]dMZOd LYO [P] aLOP^ _SP PY_T]P NZ^XZ^ L^ [`]P PcT^_PYNPNZY^NTZ`^YP^^TYQTYT_dMWT^^ ?ST^ `YT\`P YZYO`LW wXd^_TNLWx aT^TZY NLY MP WPL]YPO LYO NZXX`YT NL_PO Md TYaP^_TRL_TYR _SP WLV´L©£ NZY_PY_ ZQ @[LYT´LOTN bZ]O^ LYO ^PY_PYNP^ :Q NZ`]^P _SP 6PaLWL ,OaLT_LAPO£Y_TY^ LW^Z ZbP _SP WLV´L©£ NZYNP[_ _Z _SP ;¼]aL^ M`_ _SPd XLVP TYRPYTZ`^ `^P ZQ T_ TY _SPT] SP]XPYP`_TN ^PXTZ_TN LYO OTOLN_TN L[[]ZLNS 4Y OZTYR ^Z _SPd NZY_]TM `_PO _SPT] ZbY TYYZaL_TaP ^SL]P _Z WTYR`T^_TN _SPZ]d ?SPd ^SZb _SL_ T_ T^ [Z^^TMWP QZ] bZ]O^ _Z ^`RRP^_ XPLYTYR^ LYO TOPL^ _SL_ RZ MPdZYO _SP ]LYRP ZQ _SPT] NZYaPY_TZYLW Pc[]P^^TaP [ZbP] BT_SZ`_ RTaTYR `[ _SPT] ZbY XPLYTYR bZ]O^ TY L[[Z^T_TZY NLY OPWTXT_ PLNS Z_SP] LYO _ST^ T^ []PNT^PWd SZb _SP @[LYT´LOTN NZ]P QZ]X`WL^ w_L_ _aLX L^Tx LYO w^L_dLX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 6`X£]TWLv^ ML^TN L]R`XPY_ T^ _SL_ _SP NZRYTeP] ZQ dP^_P]OLdv^ w4 VYZbx T^ _SP ^LXP _ZOLd z _S`^ _SP [P]XLYPYNP ZQ _SP ^Z`W T^ []ZaPO Md ]PNZRYT_TZY LYO _SP]PQZ]P _SP [P]^ZY Z] ^Z`W X`^_ MP LNNP[_PO L^ P_P]YLW

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

!$

UÓ£YLX LYLY_LXx NZ]P QZ]X`WL^ LNNZ]OTYR _Z ±L«VL]L X`^_ MP `YOP] ^_ZZO -PSTYO _SP QLNP aLW`P ZQ ^`NS ^_L_PXPY_^ _SP]P T^ L OPP[P] ^PY^P _SP WLV´L©£ ^PY^P TP _SP XPLYTYR _SL_ T^ RPY`TYPWd TY_PYOPO bSTNS WPLO^ _Z L NZX[WP_PWd `YNZYaPY_TZYLW ^PWQ[P]NP[_TZY LYO PYNZX[L^^TYR YZYO`LW TY^TRS_ 4Y _SP 6PaLWL ,OaLT_LAPO£Y_TY^v [P]^[PN_TaP 6`X£]TWLv^ ]L_TZYLW LYLWd^T^ bL^ YZ_ OPP[ PYZ`RS LYO bL^ _ZZ NL]PWP^^ LMZ`_ ^_L_PXPY_^ ^`NS L^ _L_ _aLX L^T 6`X£]TWL bL^ ^VP[_TNLW LYO SP^T_LY_ LMZ`_ _SP @[LYT´LO^% SP QZ`YO _SPX _ZZ NZYQ`^TYR MPNL`^P ZQ _SPT] XLYd NZY_]LOTN_Z]d ^_L_PXPY_^ LYO ]P^ZWaPO _Z ^_TNV _Z _SP -]£SXL©L^ _Z MP ZY _SP ^LQP ^TOP $ ±L«VL]Lv^ TY_P]P^_ TY NZY_]L^_ WTP^ []PNT^PWd TY _SP NZY_]LOTN_TZY^ LYO _SP []ZZQ _SL_ _SPd L]P TY QLN_ YZ_ NZY_]LOTN_TZY^ L_ LWW M`_ NLY MP ]P^ZWaPO Md _SP WTYR`T^_TN XPLY^ ZQ WLV´L©£ LYO Z_SP] VPd SP]XPYP`_TN XP_SZO^ 3P _SP]PMd LOZ[_^ L ^_]L_PRd ^`T_TYR ST^ _Pc_ XL_P]TLW ^TYNP _SP @[LYT´LO^ LW]PLOd bZ]V bT_S ^`RRP^_TZY LYO XZ_TaP _]LY^QP] LYO _SP]P T^ ]TNS `^P ZQ [ZP_TN XP_L[SZ]^ XP_ZYdX^ LYO [L]LOZcP^ 4Y _SP @[LOP²L>£SL^]¯ _SP _PLNSP] T^ LOaT^PO _Z ^_L]_ ST^ _PLNSTYR bT_S ±]`_T ^_L_PXPY_^ ^`NS L^ w¢_XLY TYOPPO T^ _ST^ LWWx w-]LSXLY TYOPPO T^ _ST^ LWWx wQ]PP Q]ZX PaTWx w_SL_ bSTNS _]LY^NPYO^ S`YRP] LYO _ST]^_x wYZ_ NZL]^P YZ_ QTYPx w_SP `Y^PPY ^PP]x wVYZbWPORP MWT^^x wQ`WWYP^^x LYO _Z LWbLd^ MP NZYNP]YPO bT_S _SP ZYPYP^^ ZQ ¢_XLY LYO -]LSXLY $! ;W`XMTYR _SP QTPWO ZQ WLV´L©£ TP _SP TX[WTPO XPLYTYR ZQ _L_ _aLX L^T WPLO^ _Z OT]PN_ TXXPOTL_P VYZbWPORP w^PWQW`XTYZ^T_dx LYO Z[PY^ YPb PXZ_TZYLW ^[SP]P^ Q]PPOZX Q]ZX [LTY ^Z]]Zb QPL] LYO _SP wQPaP] ZQ OP^T]P^x _Z_LWWd YPb NZRYT_TZY^ w4 LX _SP 7Z]Ox LYO L YPb bZ]WOaTPb ^PPTYR _SP ^PWQ TY PaP]d_STYR LYO LW^Z SL^ LY TX[LN_ ZY P_STN^ ]PYZ`YNTYR PRZT_d OPNPT_ []TOP P_N MPSLaTZ] NZX[L^^TZY ^PWQNZY_]ZW _]LY\`TW WT_d P_N $" ^ZNTLW WTQP LYO WTQP^_dWP RTaTYR `[ []TOP ZQ NL^_P LYO _SP WTVP RTaTYR `[ NL^_P LW_ZRP_SP] LYO NSZZ^TYR _SP WTQP ZQ L ]PY`YNTL_P 7LV´L©£ T^ L SZWT^_TN L[[]ZLNS _Z WLYR`LRP ^TXTWL] _Z OSaLYT  ,YO WTVP OSaLYT T_ wWPLO^ _Z _SP WLYO ZQ ^`RRP^_TZYx L^ 6`YU`YYT =LUL [`_^ T_ $# >TXTWL] _Z L ^_L_PXPY_ WTVP w_SP S`_ T^ ZY _SP 2LYRP^x bSTNS NZX X`YTNL_P^ YZ_ ZYWd L RPZR]L[STNLW WZNL_TZY M`_ ^`RRP^_TaPWd LW^Z NZZW YP^^ [`]T_d LYO ^LN]POYP^^ _SP]P T^ LW^Z YZYaP]MLW NZXX`YTNL_TZY XZ_TaP _]LY^QP] LYO PaZNL_TZY ZQ NP]_LTY NZRYT_TZY^ LYO XZZO^ TY ¢YLYOLaL]OSLYLv^ WLYR`LRP L NP]_LTY w]L^Lx  TY ^_L_PXPY_^ WTVP w _L_ _aLX L^T x ?SP @[LOP²L>LSL^]¯ ;LOdLMLYOSL []P^PY_^ TY OTQQP]PY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 6`X£]TWL ±WZVLa£]__TVL # _]LY^ 5SL " $! @[LOP²L>LSL^]¯  2LOdLMLYOSL !z" $" 0_STN^ LYO NZOP^ ZQ MPSLaTZ] L]P ]L]PWd XPY_TZYPO LYO PaPY WP^^ ZQ_PY OT^N`^^PO Md ±L«VL]L :YP PcNP[_TZY T^ _SP aT]_`P^ XPY_TZYPO LMZaP bSTNS MPWZYR _Z _SP OP^N]T[ _TZY ZQ _SP APO£Y_L _PLNSP] TY _SP @[LOP²L>£SL^]¯  2LOdLMLYOSL ! $# =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR  $#

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

NZY_Pc_^ OTQQP]PY_ ^_L_PXPY_^ ZQ YZYO`LWT_d bSTNS N]PL_P L ^PXLY_TN QTPWO ZQ WTMP]L_PO PcT^_PYNP LYO PaZVP L XPY_LW TXLRP ZQ YZYO`LW Pc [P]TPYNP Md XPLY^ ZQ ^`RRP^_TZY LYO XZ_TaP _]LY^QP] 1ZWWZbTYR _SP NS]ZYZWZRd ZQ _SPT] _Pc_`LW L[[PL]LYNP $$ bP RP_ LY PYNZX[L^^TYR [TN _`]P ZQ _L_ LYO _aLX LYO _SPT] XP]RP]% w4 LX _SP 7Z]Ox w4 LX PcT^ _PYNPx wWTVP P_SP] _SZ`RS LMTOTYR TY LWW MPTYR^ 4 LX Q]PP Q]ZX QL`W_^x w4 LX [`]P L__]TM`_PWP^^ -]LSXLYx w4 LX [`]P NZY^NTZ`^YP^^x w4 LX LWbLd^ NSLYRPWP^^ [`]P Q]PP ZQ ZWO LRPx LYO TYOP[PYOPY_ ZQ wWTYPLRP MZOd [WPL^`]P LYO [LTY LN_TZY^ PaTW^ TX[`]T_d u4v LYO uXTYPv YZ_TZY^ [L^^TZY LYO LaP]^TZYx w4 LX PaP] Q]PPx 0cLN_Wd _SP ^LXP VTYO ZQ TXLRP Z] XPOT_L_TaP OPaTNP T^ []P^PY_PO TY L NZX[LN_ QZ]X TY _SP WL^_ NSL[_P] ZQ _SP @[LOP²L>£SL^]¯ ;LOdLMLYOSL $ bSTNS T^ NLWWPO w,Y YTSTWL_TZY ZQ 1PaP]x ?SP NSL[_P] NZY^_]`N_^ L OTLWZR bT_S ZYPv^ XTYO 8Z]P _SLY ]PL^ZYTYR LYO LYLWd^T^ _ST^ TY_TXL_P OTLWZR N]PL_P^ YZ_ ZYWd L NWPL] NZRYT_TZY LW^Z LY PXZ_TZYLW QWLaZ] ZQ YZYO`LWT_d% wDZ` F: 8d 8TYOH ^PPV _Z ZM_LTY aLW`PWP^^ _STYR^ ^`NS L^ _SP YZ_TZY^ ZQ u4v LYO uXTYPv m DZ` TYOPPO SLaP YZ VYZbWPORP ZQ _SP ZMUPN_^ FMd dZ`] ^PWQH LYO 4 FbSZ SLaP T_H SLaP YZ OP^T]P _Z [Z^^P^^ _SPX m ,^ 4 LX YZYP Z_SP] _SLY _SP P_P]YLW :YP 4 LX LWbLd^ ^L_T^QTPO FLYOH 4 SLaP YZ OP^T]P ,YO MPTYR LWbLd^ ]PWPL^PO 4 OZ YZ_ bT^S F8dH bPWQL]P m ?SP]PQZ]P : 8TYO dZ` XLVP `^PWP^^ PQQZ]_^ BSPY dZ` SLaP MPPY NLWXPO _SP]P T^ TY OPPO YZ YZ_TZY ZQ OTQQP]PYNP ZY LNNZ`Y_ ZQ bSTNS [PZ[WP QLWW TY_Z OPW`^TZY _S]Z`RS TWW`^TZY m 4 LX YZ_ OPW`OPO Md dZ`] LN_TaT_d ^TYNP 4 LX Md _]`P YL_`]P PYWTRS_PYPO `YQP__P]PO LYO NSLYRPWP^^ mx 

=`OZWQ :__Z bSZ ^_`OTPO ±L«VL]Lv^ -]LSXL^¼_]L NZXXPY_L]d PaLW` L_PO _SP 4YOTLY XL^_P]v^ wXd^_TNT^Xx L^ Q]PPeTYRWd NZWO [LWP ^_L_TN \`TP_T^_ LXZ]LW `YNZYNP]YPO bT_S P_STN^ LYO OPYdTYR _SP bZ]WO LYO WLNVTYR LYd PXZ_TZYLW L[[PLW TY NZY_]L^_ _Z _SP Xd^_TNT^X ZQ _SP 2P] XLY 8PT^_P] 0NVSL]_ bSTNS :__Z \`LWTQTP^ L^ bL]X LWTaP LYO OdYLXTN Q`WW ZQ aT_LWT_d LYO XZ]LWT_d LYO L^ ]TNSWd NZWZ]PO PXZ_TZYLW WTQP  =TNSL]O 6TYRv^ M]TWWTLY_ LYLWd^T^ ZQ _SP NZY^_]`N_TZY ZQ _SP w8d^_TN 0L^_x ]TRS_Wd ZM^P]aP^ _SL_ :__Z `^PO ±L«VL]L L^ L QZTW _Z ]POPPX 0NV SL]_ TY ST^ ZbY 2P]XLY 7`_SP]LY ;]Z_P^_LY_ NT]NWP^% wm bSL_ :__Z L_ _PX[_^ TY ST^ 8d^_TNT^X 0L^_ LYO BP^_ T^ L OT^[WLNPXPY_ ZQ _SP YPRL_TaP NZYYZ_L_TZY^ ZQ u_SP Xd^_TNLWv F[LWP LM^_]LN_TZY PX[_d QZ]X`WL^ NSL]RP ZQ LY_TYZXTLY LXZ]LWT^X P_NH bSTNS SP ]PWZNL_P^ Z] []ZUPN_^ ZY_Z L

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ @[LOP²L>£SL^]¯  ;LOdLMLYOSL & & !z"& $&   z"&  &  z& #  @[LOP²L>£SL^]¯  ;LOdLMLYOSL $z! _]LY^WL_PO Md >PYRLV` 8LdPOL ?ZVdZ% @YT aP]^T_d ZQ ?ZVdZ ;]P^^ $"$   =`OZWQ :__Z BP^_¸^_WTNSP 8d^_TV 2Z_SL% 6WZ_e $!& 8d^_TNT^X 0L^_ LYO BP^_ $ ]P[] 7ZYOZY% PP QZ] TY^_LYNP _SP /šR /š´dL ATaPVL Z] ATOd£]L©dLv^ ;LÓNLOL²¯ 

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

N]PL_Z] RZO M`_ `W_TXL_PWd OT^NL]O T_ bT_S OTQQP]PY_ ]L_TZYLW L]R`XPY_^ L^ L []ZMWPXL_TN XT^]P[]P^PY_L_TZY LYO S`XLY []ZUPN_TZY  4_ T^ ^_]TV TYR SZbPaP] _SL_ YPT_SP] ZQ _SPX OT]PN_Wd N]T_TNTeP^ _SP R]PL_ 7Z]O 2ZO^ ±TaL LYO AT´©` bSZ OZXTYL_P _SP ]PWTRTZ`^ ^NPYP LYO SLaP LM ^Z]MPO _SP NZ^XTN Q`YN_TZY^ N]PL_TZY ^`^_PYLYNP LYYTSTWL_TZY LYO _SP @[LYT´LOTN -]LSXLY LYO ¢_XLY ! 8PLYbSTWP _SP]P T^ PaPY L ^P[L]L_P NZYNP[_ _SP _]TX¼]_T -]LSX£ AT´©` =`O]L±TaL bSTNS XLd MP ^PPY L^ L [P]^ZYLWTePO TXLRP ZQ _SP ?LT__T]¯dL [L^^LRP LMZ`_ _SP NZ^XTN -]LSXLY Q]ZX bSZX PaP]d_STYR NZXP^ QZ]_S Md bSZX PaP]d_STYR T^ ^`^_LTYPO LYO `Y_Z bSZX PaP]d_STYR ]P_`]Y^ 4_ T^ []PNT^PWd _ST^ [L^^LRP z U`c_L[Z^PO bT_S _SP QZ]X`WL w0cT^_PYNP .ZY^NTZ`^YP^^ 4YQTYT_dx z bSTNS SL^ TY^[T]PO XLYd [LRP^ ZQ NZXXPY_L]d TY _SP ,OaLT_LAPO£Y_L ZQ ±L«VL]L LYO ST^ ^NSZZW _SP QT]^_ MPTYR ^`MWL_PO L^ L wYZYP^^PY_TLWx LYO `W_TXL_PWd XT^_LVPY OPQTYT_TZY bSTWP _SP Z_SP] T^ PX[SL^TePO L^ _SP _]`P LYO ZYWd OPQTYT_TZY BSP]PL^ 6`X£]TWLv^ N]T_T\`P ZQ L N]PL_Z] RZO bL^ LTXPO L_ _SP w[]ZZQx ZQ _SP []TZ]T_d ZQ _SP P_P]YLW APOL ±L«VL]Lv^ ZMUPN_TaP T^ L OP[P]^ZYLWTePO LWWTYNW`^TaP LYO ^[T]T_`LWTePO NZYNP[ _TZY ZQ _SP ,M^ZW`_P wbT_SZ`_ L ^PNZYOx LYO L ]LOTNLW [STWZ^Z[Sd ZQ Q]PPOZX -`_ ±L«VL]Lv^ YZY[P]^ZYLW NZYNP[_TZY bSTNS `W_TXL_PWd OPYTP^ LYd L__]TM`_P^ ZQ -]LSXLY X`^_ LW^Z MP ^PPY L^ L ]TaLW NZYNP[_ ZQ ^`[]PXP ]PLWT_d ]PQ`_TYR _SPT^_ LYO YZY_SPT^_ 8¯X£À^LVL^ ;¼]aL^ LYO LW_P]YL_TaP ^d^_PX^ ZQ @__L]L^ " z bSP]PMd bP ^SZ`WO YZ_ QZ]RP_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  =PXL]VLMWd _SP XZOP]Y 6PaLWL,OaLT_LAPO£Y_L _PLNSP] >bLXT /LdLYLYOL >L]L^ aL_T NZY_]ZaP]_^ _SP .S]T^_TLY N]PL_Z] RZO bT_S ^TXTWL] L]R`XPY_^ _Z _SZ^P []PaTZ`^Wd `^PO Md 6`X£]TWL _Z OT^NZ`Y_ _SP N]PL_Z] RZO ;]LU£[L_T LYO NZXMTYP^ ST^ N]T_TNT^X bT_S ±L«VL]Lv^ aTPb ZY ®²aL]L >PP , APOLY_TYv^ ATPb ZQ .S]T^_TLY .ZYNP[_^% , /TL WZR MP_bPPY >bLXT /LdLYLYOL >L]L^bL_T LYO ;]ZQP^^Z] 3PWX`_ 2T]YO_  PO 7L^L /ZYYP]MP]R >LdWZ]^M`]R% ,]^SL ATOdL 2`]`V`WLX $$# ! ?SP XT^^TYR N]T_TNT^X XLd SLaP _Z OZ bT_S _SP R]PL_ [Z[`WL]T_d ZQ _SP^P RZO^ ^TYNP P[TN _TXP^ _SPT] APOTN Z]TRTY LYO PL]Wd _SPT^_TN @[LYT´LO^ OPaZ_PO _Z _SPX ^`NS L^ _SP ±aP²aL_L]L LYO 9£]£dL©L@[LYT´LO bSTNS L]P WPQ_ `YNZXXPY_PO Md ±L«VL]L ;Z^^TMWd MZ_S 6`X£]TWL LYO ±L«VL]L L]P _SPX^PWaP^ _SPT^_^ LYO OZ YZ_ ^[PLV LMZ`_ _SPT] ZbY [P]^ZYLW MPWTPQ^ ?ST^ bZ`WO YZ_ YPNP^^L]TWd NZY_]LOTN_ _SPT] N]T_TNT^X ZQ _SPT^X ^TYNP ±TaL LYO AT´©` XLd LW^Z MP WZZVPO `[ZY L^ wLM^_]LN_x []TYNT[WP^& NZY ^TOP] ±L«VL]Lv^ NZXXPY_L]d LYO TY_]ZO`N_TZY _Z _SP -SLRLaLOR¯_£ >PP LW^Z ;L`W 3LNVP] w=PWL_TZY^ ZQ 0L]Wd ,OaLT_TY^ _Z ALT´©LaT^Xx TY 6WPTYP >NS]TQ_PY   z  bSZ ^`^[PN_^ _SL_ ±L«VL]L SL^ MLNVR]Z`YO TY ALT´©LaL bSP]PL^ _SP WL_P] PXTN _]LOT_TZY WTYV^ ±L«VL]L _Z ±LTaT^X " .WZZYPdv^ ^_`Od wBSL_v^ L RZO*x NZY_LTY^ ZNNL^TZYLW ;¼]aL8¯X£À^£ OT^NZ`]^P^ LMZ`_ ®²aL]L LYO -]LSXLY bSTNS Pc_PYO TY_Z APO£Y_L ^PP [ " z"$ ?SP PcLX [WP^ [Z^_OL_P 6`X£]TWLv^ LYO ±L«VL]Lv^ _TXP ^`M^_LY_TLWWd M`_ ZYP SL^ _Z L^^`XP _SL_ LW^Z TY PL]WTP] _TXP^ _SP]P bL^ L M]ZLOP] ^[PN_]`X ZQ 8¯X£À^£ aZTNP^ _SLY _SZ^P ]PQWPN_PO Md ±LML]L LYO 6`X£]TWL >PP LW^Z 2P]SL]O :MP]SLXXP]v^ Q`YOLXPY_LW ^_`O TP^ ZY _SP \`TP_T^_ LYO ^NSZWL^_TN ALT´©LaL Z]_SZOZcd bSTNS SL^ LWbLd^ MPPY ^_]ZYRWd MZ`YO _Z T_^ APOTN Z]TRTY^ LYO []ZXZ_PO ,OaLT_T^X L^ bPWW% :MP]SLXXP] w?SP TYQW`PYNP ZQ :]_SZOZc ALT´©LaT^X ZY AT²T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]Lx TY

?SP @__L]L8¯X£À^£ LYO ?SPT] .ZXX`YTNL_TZY ZQ _SP 9ZYAP]MLW

!

_SL_ _SP OTaTOTYR WTYP MP_bPPY ;¼]aL^ LYO @__L]L^ bL^ aP]d QW`TO []TZ] _Z ±L«VL]L BT_S ST^ aTPb ZQ _SP APOL ±L«VL]L LN_`LWWd NZY^_]`N_^ L YPb NL_P RZ]d ZQ APOL _Pc_ bSTNS ZYP SL^ _Z NLWW L w`YTaP]^LW Xd_Sx TY L PcNP[ _TZYLWWd ^_]ZYR ^PY^P MPNL`^P ±L«VL]Lv^ ^_L_PXPY_^ L]P ZY _SP ZYP SLYO LWbLd^ ML^PO ZY _SP Xd_STNLW WZ]P ZQ _SP APOL LYO NZY^P\`PY_Wd L]P LWbLd^ ^`]]Z`YOPO Md _SP YTXM`^ ZQ _SP APOTN bSTWP ZY _SP Z_SP] _SPd LW^Z LWbLd^ ]P[]P^PY_ STRSWd ]L_TZYLWT^_ ^_L_PXPY_^ ZQ [STWZ^Z[STNLW ]PQWPN_TZY LYO L]P YZ_ TY_PYOPO _Z MP `YOP]^_ZZO TY L OZRXL_TN bLd L_ LWW BSL_ bP _P]X [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d Z]TPY_L_TZY^ XP]RP SP]P NZX[WP_PWd LYO _ST^ T^ LW^Z ]PQWPN_PO TY ±L«VL]Lv^ ^_]TN_Wd YZYO`LW NZY^_]`N_TZY ZQ ]PLWT_d LYO WTMP]L_TZY >Z _SP ^PLNSLYRP Q]ZX _SP PL]Wd ;¼]aL _Z _SP @__L]L8ÅX£À^£ WLd TY _SP OPaPWZ[XPY_ ZQ L APOLML^PO ^Z_P]TZWZRd LYO _SP TY_]ZO`N_TZY ZQ L NL_PRZ]d ZQ _SP YZYaP]MLW TY_Z SP]XPYP`_TN ^_`Od .SL]LN_P]T^_TNLWWd ]LOTNLW YZYO`LWT_d 6PaLWL ,OaLT_L T^ RLTYPO TY _SP 8ÅX£À^£ Md L ]LOTNLW _Pc_ aTPb 4_ T^ _d[TNLW ZQ _SP ]LOTNLW _Pc_ aTPb bSTNS _SP @__L]L^ ^SL]P bT_S _SP ;¼]aL^ _SL_ _SP Q`YOLXPY_LW ^Z_P]TZWZRTNLW bZ]V T^ []Z aTOPO Md _SP Z]TRTYLW _Pc_ T_^PWQ LYO PaPY _SP QTYLW RZLW _SP YZP_TN [Z^ ^TMTWT_d ZQ Pc[P]TPYNTYR bSL_ T^ wQ]PP ZQ WLYR`LRPx ]P^`W_^ OT]PN_Wd Q]ZX _SP APOL z _SP WLYR`LRP [L] PcNPWWPYNP ?SP _bZ 8ÅX£À^£ ^NSZZW^ ]PQWPN_ TY LY Pc_]PXP QL^STZY _SP ^PL]NS QZ] Z]TPY_L_TZY LYO _SP [W`]LW T^X ZQ Z]TPY_L_TZY O`]TYR _SP _]LY^T_TZY Q]ZX WL_P 4YOTLY LY_T\`T_d _Z _SP PL]Wd XPOTPaLW [P]TZO BP QTYO OTaP]^P YZYTY_PR]L_LMWP XZOPW^ ZQ `YOP]^_LYOTYR _SP bZ]WO LYO ]LOTNLWWd NZY_]L^_TYR [STWZ^Z[STP^ bSTNS L]P LW^Z _d[TNLW ZQ _SP MPRTYYTYR ZQ _SP _bPY_TP_S NPY_`]d% [Z^T_TaT^X ^VP[_TNLW LRYZ^_TNT^X LYO _SP WTYR`T^_TN _`]Y L]P T]]PNZYNTWLMWd U`c_L [Z^PO bT_S ]LOTNLW _]LY^NPYOPY_LWT^X ^`MUPN_TaT^_TN [SPYZXPYZWZRd LYO _SP NZY^NTZ`^YP^^ _`]Y  >Z T_ ^SZ`WO NZXP L^ YZ ^`][]T^P U`^_ bSd LNNZ]OTYR _Z _SP SLRTZR ]L[Sd TYT_TLWWd 8L©“LYL 8T²]L LYO ±L«VL]L OZ YZ_ _STYV ZQ LYd_STYR Z_SP] _SLY PcNSLYRTYR _SP bZ]^_ [Z^^TMWP TY^`W_^ LW_SZ`RS MZ_S ZQ _SPX MPWZYR _Z _SP ^_]TN_P^_ APOL Z]_SZOZcd ?SP]P T^ YZ [L_S Q]ZX _SP [`]PWd YZP_TN ^_L_PXPY_^ ZQ _SP @__L]L8ÅX£À^£ MLNV _Z _SP ;¼]aL8ÅX£À^£v^ _PNSYZN]L_TN ^_L_PXPY_^ LMZ`_ LN_TZY ?SP @__L]L^ [`]^`P L ^_`Od ZQ OdYLXTN `YOP]^_LYOTYR YZ_ L ^_`Od ZQ _SP ^_L_TN TX[WPXPY_L_TZY ZQ TYQZ]XL_TZY WTVP _SP ;¼]aL^ ±L«VL]L OTO YZ_ bLY_ _Z N]PL_P NL_PNST^X^ 3P bL^ TY_P]P^_PO TY _SP _]LY^WL_TZY ZQ _SP _Pc_ TY_Z [P]^ZYLW `YOP] ^_LYOTYR -`_ L_ _ST^ [ZTY_ _SP @__L]L SP]XPYP`_TN^ OTW`_P^ _SP XPLYTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >_`OTP^ TY 3TYO`T^X 4A% :Y _SP 8`_`LW 4YQW`PYNP^ LYO =PWL_TZY^ST[ ZQ AT²T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]L  PO 2 :MP]SLXXP] LYO 8 =L^_PWWT ATPYYL% ¸^_P]]PTNST ^NSP ,VLOPXTP OP] BT^^PY^NSLQ_PY QZ]_SNZXTYR "z  0aPY NWZ^P] _Z _SP APOTN Z]_SZOZc _]LOT_TZY bP]P z LYO ^_TWW L]P z _SP ALTVS£YL^L ALT´©LaL^

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

ZQ _SP APOL _Pc_ TY L NP]_LTY ^PY^P QZ] T_ T^ YZ_ _SP _Pc_ L^ ^`NS M`_ ZYWd _SP ^`MUPN_TaPWd `YOP]^_ZZO _Pc_ _SL_ w^P_^ _SP _ZYPx ,NNZ]OTYR _Z _SP @__L]L^ _SP @[LYT´LO ^_L_PXPY_^ SLaP L _Z_LWWd ZMUPN_TaP NZY_PY_ M`_ T_ NLYYZ_ MP OPYTPO _SL_ _SP]P T^ LY TY_`T_TaP L^[PN_ TY _SP bLd TY bSTNS _SPd LN_`LWWd _]PL_ WLYR`LRP .SL]LN_P]T^_TNLWWd _SPT] wYZYO`LWx L OaLT_L _SPZWZRd []ZaPO T_^PWQ _Z MP YZ_STYR WTVP ^Z NWZ^PWd MZ`YO _Z _SP APOL L^ XTRS_ SLaP L[[PL]PO Z]TRTYLWWd 4Y 4YOTL _ZOLd T_ SL^ MPNZXP LY LWXZ^_ `MT\`T_Z`^ ]PWTRTZ`^ [Z^T_TZY LYO T^ QZ`YO TY L bTOP ]LYRP ZQ OTQQP]PY_ ^`M^_]L_P^ ^`NS L^ TY _SP 3L¶SLdZRL _]LOT_TZY LYO TY ?LY_]TN []LN_TNP^ Z] TY _SP wNTaTW ]PWTRTZYx ZQ `]MLY XTOOWP NWL^^ TY_PWWPN_`LW^ # ?PWWTYRWd []PNT^PWd _SP ±L«VL]L ^NSZZW _ZZ SL^ TY^[T]PO L []LN_TNP ML^PO ZY L aP]d ^`M^_LY_TLWT^_TN `YOP]^_LYOTYR ZQ WLYR`LRP LW_SZ`RS _SP @__L]L^ NWLTX _SL_ _SPd NZYO`N_ [`]P SP]XPYP`_TN^ LYO ]PLO _SP _Pc_ TY _SP ^PY^P _SL_ bP `YOP]^_LYO _SL_ TY _SP BP^_ YLXPWd OT^NZ`]^TaPWd -`_ T_ T^ YZ ^`][]T^P _SL_ ^`NS ^SZ]_ M`_ P^^PY_TLW APO£Y_L [L^^LRP^ L^ _L_ _aLX L^T LW^Z MPNLXP [`]P QZ]X`WL^ _SL_ bP]P NZY_TY`LWWd ]P[PL_PO z LWMPT_ TOPLWWd TY _SP NZX[WP_P VYZbWPORP ZQ bSL_ _SP _Pc_ XPLY^ ?SP w2]PL_ BZ]Ox MPNLXP _SP ^[T]T_`LW []Z[P]_d ZQ PaP]dZYP Q]ZX _SP APO£Y_L XZYV _Z _SP ^WTRS_Wd LYZXT^_TN ±LTaL QLVT] bSZ WTRS_^ ST^ SL^ST^S [T[P bT_S L M`][TYR w:¿ _L_ ^L_x w:¿ T^ bSL_ _]`Wd PcT^_^x ?SP _]LY^QP] []ZNP^^P^ bP]P Md YZ XPLY^ ZYP^TOPO LYO TY^_PLO bP]P NZX[WPcWd TY_P]LN_TaP Q`WW ZQ ]TaLW]TP^ LYO Z^XZ^P^ ?ST^ T^ WL]RPWd O`P _Z _SP QLN_ _SL_ _SP [W`]LWT^X ZQ Z]TPY_L_TZY^ LW^Z TYNW`OPO LY TNZYTN _`]Y M]Z`RS_ LMZ`_ Md _SP ^_]PYR_S ZQ _SPT^_TN TXLRP bZ]^ST[ [¼U£ LYO _SP R]PL_ [Z[`WL]T_d ZQ w^PN_L]TLYx ?LY_]TN LYO OPaZ_TZYLW XZaPXPY_^ bSTNS Z]TRTYL_PO Z`_^TOP APOL Z]_SZOZcd 4_ T^ WTVPWd _SL_ _SP _P]X £YLYOL bL^ STRSWTRS_PO TY _SP WL_P] ±L«VL]L ^NSZZW O`P _Z T_^ PXZ_TZYLW QWLaZ] LYO R]PL_ []ZXTYPYNP TY STRS 3TYO` ?LY_]L ?SP WTaTYR ±L«VL]L _]LOT_TZY bSZ^P ZQQTNTLW ]P[]P^PY_L_TaP^ L]P _SP ±L«VL]£N£]dL^ LYO _SPT] XZYL^_P]TP^ ]P_`]YPO _Z ]T_`LW LN_TZY Md NZXMTYTYR ,OaLT_L

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # BSTWP _SP ?LY_]TN ]PNP[_TZY [L]_TN`WL]Wd _SP LOZ[_TZY ZQ ±L«VL]L TY _SP ±]¯aOTd£ ^NSZZW LYO aTNP aP]^L SL[[PYPO TY []PXZOP]Y _TXP^ LYO bL^ QLT]Wd TYQW`PY_TLW LXZYR >X£]_L -]LSXTY^ TY >Z`_S 4YOTL _SP bTOP^[]PLO ]PNP[_TZY ZQ ±L«VL]Lv^ ,O aLT_LAPO£Y_L TY PO`NL_PO `]MLY NT]NWP^ [L]_TN`WL]Wd TY -PYRLW LYO >Z`_SP]Y 4YOTL T^ L $_S NPY_`]d []ZO`N_ ZQ NZX[WPc PcNSLYRP []ZNP^^P^ MP_bPPY BP^_P]Y TYOZWZRT^_^ w:]TPY_LWT^_^x LYO 4YOTLY ]PQZ]XP]^ ,Y P^^PY_TLW L^[PN_ bL^ _SP 0YRWT^S _]LY^WL_TZY ZQ _SP @[LYT´LO^ LYO ±L«VL]Lv^ NZXXPY_L]TP^ ATaPVLYLYOL TY [L]_TN`WL] ^[]PLO L [Z[`WL]TePO QZ]X ZQ ,OaLT_LAPO£Y_L TY 4YOTL LYO _SP BP^_ LYO ST^ =LXLV]T^SYL 8T^^TZY SL^ WL^_TYR LYO []ZQZ`YO TYQW`PYNP TY 4YOTL /TQQP]PY_ 2`]`^ >bLXT^ SZWd XPY LYO ]PQZ]XP]^ SLaP ^[]PLO OTQQP]PY_ aP]^TZY^ ZQ ,OaLT_LAPO£Y_L TY XZOP]Y _TXP^% ZYP Z`_^_LYOTYR PcLX[WP T^ ,`]ZMTYOZv^ Q`^TZY ZQ APO£Y_L ?LY_]L YL_`]LW ^NTPYNP LYO 9TP_e^NSP

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

APO£Y_L bT_S TNZYTN [¼U£ bZ]^ST[ OPaZ_TZYLW >X£]_L 3TYO`T^X LYO M]LSXLYTePO ±LTaL±£V_L ?LY_]L ±]¯aTOd£ $ -PQZ]P XZaTYR ZY _Z _SP TNZYTN _`]Y bSP]P ^Z`YO NZXP^ _Z _SP QZ]P Q]ZY_ LRLTY bP _LVP L ^_P[ MLNV TY _TXP _Z OT^N`^^ -SL]_šSL]T bSZ []P [L]PO _SP R]Z`YO QZ] ?LY_]TN NZ^XZWZRd LYO WLYR`LRP ^[PN`WL_TZY 4Y ST^ XP_L[Sd^TN^ SP []P^PY_PO LY PL]Wd ^dY_SP^T^ MP_bPPY WTYR`T^_TN _`]Y LYO NZY^NTZ`^YP^^ _`]Y bSTNS bL^ Q`]_SP] OPaPWZ[PO TY wSTRS 3TYO`x ?LY_]L



-SL]_ŽSL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

-SL]_ŽSL]T PL]Wd _S NPY_ ,/ bSZ ^PPX^ _Z SLaP MPPY L NZY_PX[Z ]L]d ZQ ±LML]L^a£XTY  T^ ZYP ZQ _SP XZ^_ NZWZ]Q`W LYO PYTRXL_TN ZQ 4YOTLv^ [STWZ^Z[SP]^  3T^ _SP^P^ SLaP MPPY TY_P][]P_PO TY aP]d OTQQP] PY_ bLd^ Md NZY_PX[Z]L]d ^NSZWL]^  ZY _SP ZYP SLYO O`P _Z -SL]_šSL]Tv^ Pc_]PXPWd OTQQTN`W_ LYO NZX[WPc WLYR`LRP ^_dWP LYO L]R` XPY_L_TZY LYO ZY _SP Z_SP] ^TYNP _SPd LN_`LWWd OZ YZ_ QT_ TY bT_S LWW _SP NWL^^TNLW QTcPO BP^_P]Y [L__P]Y^ ZQ _STYVTYR -SL]_šSL]T ^[PLV^ QZ] TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 1Z] XZ]P ]PQP]PYNP^ ^PP DZ^ST_^`R` >LbLd ?SP 1LT_S ZQ ,^NP_TN^ LYO 7Ld >X£]_L^% , >_`Od ZQ _SP ±L«VL]LY _]LOT_TZY ZQ ±š«RP]T ATPYYL% 4Y^_T_`_P ZQ 4YOZWZRd $$& ,YYP__P BTWVP w, 9Pb ?SPZWZRd ZQ -WT^^% uAPOLY_TeL_TZYv ZQ ?LY_]L LYO u?LY_]TeL _TZYv ZQ ,OaLT_LAPO£Y_L TY _SP 7LWT_£?]T²L_T-S£´dLx TY >£XL]L^dL% >_`OTP^ TY 4Y OTLY ,]_^ ;STWZ^Z[Sd LYO 4Y_P]]PWTRTZ`^ /TLWZR`P z TY 3ZYZ] ZQ -P__TYL -Æ`XP] PO >LOLYLYOL /L^ LYO 0]Y^_ 1Þ]WTYRP] 9Pb /PWST% /6 ;]TY_bZ]WO   $z"   -SL]_šSL]T L[[L]PY_Wd OZP^ YZ_ VYZb _SP ±LML]L-S£´dL  ZY LNNZ`Y_ ZQ bSTNS 5ZSLY YP^ -]ZYVSZ]^_ w-SL]_šSL]T LYO ALT²P´TVLx ,^TL_T^NSP >_`OTPY C7A44 $$% # #! NZYNW`OPO _SL_ SP XLd MP PL]WTP] Z] ]Z`RSWd NZY_PX[Z]L]d bT_S ±LML]L -PWZYRTYR _Z _SP 8£YLaL ^NSZZW ZQ _SP 8LT_]£dL©¯>LÀST_£ -]ZYVSZ]^_ w?bZ 7T_P]L]d .ZYaPY _TZY^x  -SL]_šSL]T bL^ aP]d X`NS ^_PP[PO TY _SP APOTN _]LOT_TZY LYO L]R`P^ [L]_Wd TY QLaZ] ZQ _SP 8¯X£À^LVL^ LYO [L]_Wd LRLTY^_ _SPX  1Z] ]PQP]PYNP^ ZY _SP WT_P]L]d bZ]V LYO _SP aL^_ ^PNZYOL]d WT_P]L_`]P ^PP% 0YNdNWZ[P OTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW  !!z"& DaP^ =LX^PTP] w-TMWTZR]L[Sd ZY -SL]_šSL]Tx ,^TL_T^NSP >_`OTPY C7A44 $$% ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL _TZYLW .ZYQP]PYNP ZY -SL]_šSL]T  z!"& ,VW`UVL] w,Y 4Y_]ZO`N_TZY _Z _SP >_`Od ZQ -SL]_š3L]Tx z! LW^Z RTaTYR LY ZaP]aTPb ZQ _SP ]P^PL]NS ZY -SL]_šSL]T TMTO $z  1Z] LY `[OL_P ^PP 3Z`MPY >LÀMLYOSL>LX`OOP²L  z!  .ZY^TOP] QZ] TY^_LYNP _SP aL^_Wd OTQQP]PY_ L[[]ZLNSP^ ZQ -]Z`RS w?SPZ]d ZQ 2PYP]LW 7TYR`T^_TN^x& 5ZSLYYP^ -]ZYVSZ]^_ w>_`OTP^ ZY -SL]_šSL]T % -SL]_šSL]T ZY ^[SZ¶L LYO `YTaP]^LW^x ,^TL_T^NSP >_`OTPY C7A $$% z#& 9L_LWTL 4^LdPaL 1]ZX 0L]Wd APO£Y_L _Z 6L^SXT] >SLTaT^X% 2L`OL[LOL -SL]_]SL]T LYO ,MSTYLaLR`[_L ,W MLYd% >@9D $$  !$z$& .ZbL]O LYO =LUL LYO ,VW`UVL] TY 0YNdNWZ[POTL 4YOTLY ;STWZ^Z[STP^ aZW   QQ [L]_TN`WL]Wd z  LYO z! 8Z^_ NZY_]ZaP]^TP^ SLaP NPY_P]PO L]Z`YO _SP _P]X^ ^[SZ¶L LYO ²LMOL_L__aL ±LMOL-]LSXLY ^PP MPWZb

!!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

^_LYNP ZQ _SP ZYP -]LSXLY bSTNS SL^ X`W_T[WTPO T_^PWQ TY_Z XLYd LYO ]PQP]^ _SP]PMd _Z WTYR`T^_TN T^^`P^ WTVP YZXTYLW ^_PX^ LYO aP]MLW ]ZZ_^ LYO _SPT] QWPcTZY^ _PY^P^ LYO XZZO^  Z] SP ^[PLV^ ZQ L Xd^_P]TZ`^ PY_T_d _SP ^[SZ¶L  bSTNS L[[PL]^ _Z OPYZ_P L_ ZYP _TXP XPLYTYR LYO LYZ_SP] _TXP ^Z`YO Z] L_ ZYP _TXP _SP `YTaP]^LW Z] NWL^^ YZ_TZY LYO L_ LYZ_SP] _TXP _SP TYOTaTO`LW ^`M^_LYNP 8Z]PZaP] -SL]_šSL]Tv^ WTYR`T^_TN ]TRZ] LYO ST^ ^[PN`WL_TaP []ZR]LX  L]P ^`NS _SL_ T_ ^PPXPO SL]O _Z ]PN ZYNTWP _SP _bZ LYO _SP `^`LW bLd _Z OPLW bT_S T_ bL^ _Z _LNVWP ZYP L_ _SP Pc[PY^P ZQ _SP Z_SP] >ZXP ^NSZWL]^ NZY^TOP] -SL]_šSL]T _Z SLaP QZ]P ^_LWWPO _SP XZ^_ PXTYPY_ WZRTNTLY^ LYO WLYR`LRP [STWZ^Z[SP]^ ZQ XZOP]Y _TXP^ ^`NS L^ 1]PRP PP LW^Z 8L_TWLW ?SP BZ]O LYO _SP BZ]WO  z ! 3L]ZWO .ZbL]O w/P]]TOL LYO -SL]_šSL]Tv^ A£VdL[LO¯dL ZY _SP :]TRTY ZQ 7LYR`LRPx ;STWZ^Z[Sd 0L^_ LYO BP^_  $$% z! " 5ZSY / 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^% -SL]_šSL]T LYO _SP -`OOST^_^ LYO ;Z^_>_]`N_`]LWT^Xx ,^TL_T^NSP >_`OTPY C7A44 $$% #$ # 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x $z$

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!"

L^ L YZYO`LWT^_ ,OaLT_L [STWZ^Z[SP] $ bSZ z `YWTVP ±L«VL]Lv^ WL_P] ,OaLT_LAPO£Y_L z OP_P]XTYPO _SP -]LSXLY aTL WLYR`LRP LYO TY OZTYR ^Z QZ`YOPO ST^ ZbY XP_L[Sd^TN^ ZQ WLYR`LRP  3T^ XLTY bZ]V _SP ZYWd NZX[WP_P ZYP _Z ^`]aTaP A£VdL[LO¯dL   bL^ NP]_LTYWd NZYNPTaPO L^ L WTYR`T^_TN _]PL_T^P Md -SL]_šSL]T STX^PWQ LW_SZ`RS ST^ ]PNT[TPY_^ RPYP] LWWd ]PLO T_ L^ L bZ]V ZQ [STWZ^Z[Sd 5ZSLYYP^ -]ZYVSZ]^_ ]PXL]VPO TY _SP $$^ _SL_ wbP L]P ^_TWW aP]d QL] Q]ZX LY `YOP]^_LYOTYRx ZQ -SL]_šSL]Tv^ [STWZ^Z[STNLW TOPL^ LYO Q]ZX LY wTY_PR]L_PO [Z]_]LT_ ZQ -SL]_šSL]Tv^ _SZ`RS_ m _SL_ bZ`WO NZYaPd P^^PY_TLW WTYV^ MP_bPPY ST^ R]LXXL_TNLW TOPL^ LYO ST^ XP_L[Sd^TNLW ZYP^x  4Y _SP QZWWZbTYR [LRP^ bP [`_ QZ]bL]O L Q]P^S L[[]ZLNS _Z ^`NS LY TY_PR]L_PO [Z]_]LT_ :`] ^Z`]NP T^ _SP A£VdL[LO¯dL LYO ]PRL]O TYR ^ZXP ]PWPaLY_ XP_L[Sd^TNLW [L^^LRP^ bP LW^Z TYNW`OP _SP LYNTPY_ Aš__T NZXXPY_L]d bSTNS bL^ _]LOT_TZYLWWd _]LY^XT__PO LWZYR bT_S _SP A£VdL[LO¯dL 6L]TV£^ LYO bSTNS []P^`XLMWd -SL]_šSL]T STX^PWQ b]Z_P  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP QZ] TY^_LYNP ST^ NZXXPY_L_Z] 3PW£]£UL NL  z ,/ LYO ST^ ]PNT[TPY_^ >ZX£YLYOLYL NL _S NPY_ ,MSTYLaLR`[_L _S NPY_ @_[LWLOPaL NL _S NPY_ LYO >£dL©L8£OSLaLv^ >L]aL/L]²LYL>LÀR]LSL _S NPY_  1Z] _SPT] OTQQP]PYNP _SP _P]X^ wbZ]O XZYT^X YZYO`LWT^Xx ²LMO£OaLT_L LYO x^Z`W XZYT^Xx £_X£OaLT_L SLaP MPPY NZTYPO 3LNVP] ATaL]_L  $"& 3Z`MPY >LÀMLYOSL >LX`OOP²L  z  0aPY _ST^ `YOT^[`_PO bZ]V TYNT_PO OPML_P^% 4Y ST^ w,Y 4Y_]ZO`N_TZY _Z _SP >_`Od ZQ -SL]_š3L]Tx LYO Z_SP] [`MWTNL_TZY^ ,VW`UVL] PX[SL_TNLWWd L]R`P^ _SL_ w A£VdL [LO¯L x T^ LN_`LWWd _SP _T_WP ZYWd ZQ _SP QT]^_ MZZV ZQ _SP _S]PP [L]_^ ZQ _SP bZ]V TP YZ _SP _T_WP ZQ _SP bSZWP bZ]V bSTNS Z]TRTYLWWd bL^ _P]XPO ?]TV£©“¯  ,YZ_SP] [ZTY_ ZQ OT^[`_P bL^ _SP WZYRP] NZXXPY_L]d aš__T _]LOT_TZYLWWd L__LNSPO _Z _SP A£VdL[LO¯L z LYO MPWTPaPO _Z MP -SL]_šSL]Tv^ L`_ZNZXXPY_L]d 1`]_SP]XZ]P LY TYNZX[WP_P NZXXPY_L]d ZY ;L_LÓULWTv^ 8LS£-S£´dL ¶¯V£  LW^Z NLWWPO ?]T[£“¯ T^ L^N]TMPO _Z -SL]_šSL]T 4_ ^SZb^ R]PL_ ^TXTWL]T_d ZQ TOPL^ bT_S _SP A£VdL[LO¯dL  M`_ LW^Z ^P]TZ`^ OTQQP]PYNP^ bSTNS XLd STY_ L_ LYZ_SP] L`_SZ] Z] LY PL]WTP] [SL^P TY -SL]_šSL]Tv^ ZbY TOPL^% ^PP 5LY 3Z`MPY wBSZ L]P -SL]_šSL]Tv^ [LOLOL]²TY^* :Y _SP OPaPWZ[XPY_ ZQ -SL]_šSL]Tv^ [STWZ^Z[Sd ZQ WLYR`LRPx ,^TL_T^NSP >_`OTPY C7A44  $$%  z!$  -]ZYVSZ]^_ F]PaTPb L]_TNWPH w0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ Ax "$ LYO w-SL]_šSL]T ZY >[SZ¶L LYO @YTaP]^LW^x ,^TL_T^NSP >_`OTPY C7A  $$% z# 4Y ST^ w0_`OP^ ^`] -SL]_šSL]T % 7vLM^ZW` OLY^ WP A£VdL[LO¯dL P_ ^ZY WTPY LaPN WP 8LOSdLXLVLx ,^TL_T^NSP >_`OTPY C7A4  $$% !z# -]ZYVSZ]^_ STX^PWQ ^`R RP^_^ ^`NS LY TY_PR]L_TZY 1Z] LYZ_SP] L__PX[_ bSTNS WZNL_P^ -SL]_šSL]T bT_STY L XZ]P RPYP]LW OT^N`^^TZY ZQ ²LMOL  ^PP -PNV >ZYTN ?SPZWZRd  !QQ 4Y $$ 3Z`MPY >LÀMLYOSL>LX`OOP²L   ^_TWW ]PXL]V^ _SL_ YZ `YTaP]^LWWd LNNP[_PO Q]LXPbZ]V SL^ MPPY L]]TaPO L_ dP_  BP RPYP]LWWd `^P _SP N]T_TNLW POT_TZY ZQ BTWSPWX =L` BTP^MLOPY% >_PTYP] $"" M`_ LW^Z 4dP]v^ POT_TZY [L]_TN`WL]Wd bSPY \`Z_TYR Q]ZX _SP Aš__T YZ_ POT_PO Md =L` @Y QZ]_`YL_PWd _SP Y`XMP]^ ZQ _SP 6£]TV£ aP]^P^ ZQ_PY OTQQP] ^`M^_LY_TLWWd TY _SP _bZ POT _TZY^& LYO ,VW`UVL] TY ST^ Z_SP]bT^P aP]d SPW[Q`W ^`XXL]d ZQ _SP A£VdL[LO¯dL TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^  aZW  !z" `^P^ dP_ LYZ_SP] ST^ ZbY PY`XP]L_TZY 7TVP ,VW`UVL] TMTO  LYO w:YNP LRLTY ZY _SP L`_SZ]^ST[ ZQ _SP

!#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

 

7TYR`T^_TN ?SPZ]d

4Y _SP WTYR`T^_TN [L]_ ZQ _SP A£VdL[LO¯dL w?]PL_T^P ZY ^PY_PYNP LYO bZ]O FZ]OP]Hx  -SL]_šSL]T OPaZ_P^ STX^PWQ _Z \`P^_TZY^ ZQ ^dY_Lc L _Z[TN bSTNS bL^ NZY^TOP]PO XL]RTYLW LYO bL^ _SP]PQZ]P SL]OWd RTaPY LYd _]PL_XPY_ Md PL]WTP] R]LXXL]TLY^ ?SP XLTY NZYNP]Y ZQ PL]Wd R]LXXL] _]LOT_TZY^ bL^ _SP XL_P]TLW ZQ WLYR`LRP% WP__P]^ P_dX^ LYO bZ]O QZ]XL_TZY ?SP ^P\`PYNP ZQ bZ]O^ TY L ^PY_PYNP bL^ NZY^TOP]PO YL_`]LW LYO ^PWQPaTOPY_ BT_S -SL]_ŽSL]T bP PYNZ`Y_P] L ^STQ_ ZQ TY_P] P^_ Q]ZX WTYR`T^_TN L_ZX^ _Z WTYR`T^_TN ^P\`PYNP^ LYO ^_]`N_`]P^ -`_ ZQ NZ`]^P ST^ ^_L]_TYR [ZTY_ bL^ LW^Z _SP PaP]]P_`]YTYR Q`YOLXPY_LW \`P^ _TZY ZQ 4YOTLY WTYR`T^_TN^% bSL_ WTYV^ ^Z`YO LYO XPLYTYR* 0aPY _SP PL]Wd R]LXXL]TLY^ bP]P NZYQ`^PO TY _SP QLNP ZQ _SP SZb WT__WP _SP ^Z`YO^ ZQ L bZ]O ZQ_PY SLaP _Z OZ bT_S T_^ XPLYTYR ?SP bZ]O^ YLO¯ w]TaP]x LYO O¯YL wXT^P]LMWP ^LOx L]P NZX[Z^PO ZQ _SP ^LXP WP__P]^ M`_ _SPT] XPLYTYR^ L[[PL] _Z SLaP YZ NZYYPN_TZY bSL_^ZPaP] 4_ T^ YZ_ _]`P _SL_ LWW ]TaP]^ L]P ^LO LYO YPT_SP] T^ T_ _]`P _SL_ LWW ^LO [PZ[WP L]P ]TaP]^ .]PL_TYR ^`NS ]PWL_TZY^ST[^ LWW _SP ^LXP `^TYR NZX[WTNL_PO P_d XZWZRTP^ bL^ _SP ^[PNTLW_d ZQ _SP -]£SXL©L^ ?SP ]L_TZYLW R]LXXL]T LY^ YZ WZYRP] SLO ^`NS XPLY^ LaLTWLMWP ?SPd bP]P TY_P]P^_PO TY RPY P]LW _SPZ]TP^ YZ_ TY Pc[WLYL_TZY^ ZQ TYOTaTO`LW NL^P^ 3ZbPaP] _SP \`P^_TZY ]PXLTYPO _SP ^LXP% bSL_ OZ ^Z`YO LYO XPLYTYR SLaP _Z OZ bT_S PLNS Z_SP]* ?SP aL]TZ`^ [Z^T_TZY^ ZQ _SP [SZYPXP^ TY wYLO¯x LYO wO¯YLx ZMaTZ`^Wd _S]Zb `[ Pc_]L TYQZ]XL_TZY 4_ PaPY ^PPXPO L^ TQ L WL]RP []Z[Z]_TZY ZQ _SP LN_`LW XPLYTYR WLd TY _SP ^P\`PYNP ZQ _SP WP__P]^ LYO YZ_ TY _SP WP__P]^ _SPX^PWaP^ 2]LXXL] TY 4YOTL []ZO`NPO ^ZXP_STYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?]TV£©“¯Aš__Tx ,^TL_T^NSP >_`OTPY C744 F$$H%  z " bP ^`[[Z^P _SP Aš__T _Z MP -SL]_]šSL]Tv^ ZbY bZ]V .L]`OPaL ±£^_]T bSZ [`MWT^SPO T_ QT]^_ $ ]LT^PO OZ`M_^ LMZ`_ _ST^ _]LOT_TZYLW L^N]T[_TZY M`_ ^_TWW NZYNW`OPO _SL_ -SL]_šSL]T STX^PWQ X`^_ SLaP MPPY _SP L`_SZ] ?SP]P SL^ MPPY X`NS OPML_P ZY _ST^ T^^`P ?SP OPML_P SL^ MPPY ^`XXL]TePO LYO Q`]YT^SPO bT_S YPb L]R`XPY_^ Md 5LY 3Z`MPY w-SL]_šSL]Tv^ A£VdL [LO¯dL LYO _SP ,YNTPY_ Aš__T x ,YYLW^ -:=4 7CCA444 $$"% ""z$#& [L]_  TY >_`OTPY e`] 4YOZWZRTP `YO 4]LYT^_TV  PO 2 -`OO]`^^ P_ LW =PTYMPV% :]TPY_LW T^_T^NSP 1LNS[`MWTVL_TZYPY& [L]_  BE6> C7444 $$$% !"z$" 3Z`MPY L]R`P^ QZ] ^`M_WP OTQQP]PYNP^ LYO ^`[[Z^P^ L OT]PN_ [`[TW ZQ -SL]_šSL]T _Z MP _SP L`_SZ] ZQ _SP Aš__T bSZ Pc[WLTYPO SZbPaP] _SP A£VdL[LO¯dL \`T_P SZYP^_Wd 4Y Z`] Z[TYTZY T_ T^ aP]d WTVPWd _SL_ _SP NZXXPY_L]d bL^ b]T__PY Md -SL]_ŽSL]T STX^PWQ ^TYNP _SP _Pc_ LW^Z TY_]ZO`NPO YPb TOPL^ ?ST^ ^Z]_ ZQ _STYR T^ ZYWd NZXXZY bSPY _SP RWZ^^ bL^ b]T__PY Md _SP ^LXP L`_SZ] 4Y QLN_ XLYd 6L]TV£ aP]^P^ bZ`WO MP aT]_`LWWd TX[Z^^TMWP _Z `Y OP]^_LYO bT_SZ`_ _SP Aš__T LYO PaPY TQ b]T__PY Md L NWZ^P QZWWZbP] ZQ -SL]_šSL]T T_ NL[_`]P^ aP]d QLT_SQ`WWd _SP XLTY YZ_TZY^ ZQ _SP A£VdL[LO¯dL   ?ST^ T^ []TXL]TWd _SP ^`MUPN_ XL__P] ZQ MZZV  bSTNS ^_L]_^ bT_S OTQQP]PY_ Z[TYTZY^ ZY _SP _Z[TN LYO LW^Z ZQ MZZV  -`_ A£VdL[LO¯dL  TY_]ZO`NP^ L WTYR`T^_TN [L]_ LYO _SP]P QZWWZb^ L OT^N`^^TZY ZQ _SP bZ]O TY L XZ]P RPYP]LW bLd TP _SL_ _SP bZ]O T^ Pc []P^^TaP ZQ XPLYTYR

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!$

WTVP L XZ][SZWZRd Z] ^_]`N_`]LW _SPZ]d% [PZ[WP WPL]YPO _Z _STYV TY ^_]`N _`]P^ LYO _Z LM^_]LN_ Q]ZX _SP XL_P]TLW L^ SLO LW]PLOd MPNZXP NWPL] bT_S _SP [SZYP_TN _SPZ]d ZQ _SP ;¼]aL8ÅX£À^£^ -`_ PLNS YPb QTYOTYR N]PL_PO TY T_^ _`]Y YPb []ZMWPX^ ^`NS L^ _ST^ ZYP% TQ WLYR`LRP T^ XLTYWd [P]NPTaPO aTL ^_]`N_`]P^ _SP \`P^_TZY L]T^P^ wSZb OZP^ ZYP ]PNZRYTeP ^_]`N_`]P^*x >ZXP 4YOTLY WLYR`LRP ]P^PL]NSP]^ Pc[WLTYPO _SP QLN_ _SL_ L bZ]O T^ `YOP]^_ZZO Md ]PQP]]TYR _Z _SP XPXZ]d _SL_ XLTY_LTY^ _SP TYOTaTO`LW ^Z`YO^ LYO _SPT] ^P\`PYNP L^ WL_PY_ TX[]P^^TZY^ LYO SL^ _SP PQQPN_ _SL_ _SP ^PY^P ZQ _SP bZ]O MPNZXP^ NWPL] LQ_P] SPL]TYR _SP WL^_ ^Z`YO 1Z] -SL]_šSL]T SZbPaP] _SP [SPYZXPYZY ZQ `YOP]^_LYOTYR WLYR`LRP NLYYZ_ MP Pc[WLTYPO Md ^`NS L [Z^_`WL_P 4Y^_PLO WTVP _ZOLdv^ WTYR`T^_TN ^NSZW L]^ SP ]PNZRYTeP^ _SL_ TY WLYR`LRP T_ T^ []TXL]TWd YZ_ bZ]O^ _SL_ L]P `YOP]^_ZZO M`_ ^PY_PYNP^ ?SP ^PY_PYNP T^ _SP []TXL]d XPLYTYRQ`W LYO wTYOTaT^TMWPx WTYR`T^_TN `YT_ bSP]PL^ bZ]O^ L]P ZYWd ^`MZ]OTYL_P ^PN ZYOL]d WTYR`T^_TN `YT_^  5`^_ L^ TY _SP NZYaPY_TZYLW `^P ZQ WLYR`LRP WP__P]^ OZ YZ_ SLaP LYd XPLYTYR ZQ _SPT] ZbY LYO ZYWd []ZO`NP bZ]O^ TY NZXMTYL_TZY ^Z T_ T^ bT_S bZ]O^ _ZZ 1Z] PcLX[WP ^ZXP_STYR ^`NS L^ _SP NZXXZY bZ]O w L²aLVL]©L x NLY XPLY PT_SP] wSZ]^P L²aL  PL] VL]©L ( SZ]^Pv^ PL]x Z] LW_P]YL_TaPWd wQTR _]PPx ! >Z T_ T^ YZ_ ^`QQTNTPY_ XP]PWd _Z SPL] _ST^ ZYP bZ]O z _SP XPLYTYR NLY ZYWd MP OP_P]XTYPO TY NZYYPN_TZY bT_S Z_SP] bZ]O^ ^`RRP^_TYR PT_SP] _SP NZY_Pc_ wLYTXLWx Z] _SP NZY_Pc_ w[WLY_x ?ST^ PcLX[WP NZ`WO [P]SL[^ MP Pc[WLTYPO `^TYR _SP WLV´L©£ _SPZ]d bSTNS LNNZ`Y_^ QZ] _SP YL_`]LW [ZWd^PXd ZQ bZ]O^ -`_ T_ T^ LW^Z [Z^^TMWP _Z QTYO PcLX[WP^ TY bSTNS _SP OZ`MWP XPLYTYR ZQ L ^_L_PXPY_ T^ YZ_ ML^PO XP]PWd ZY L bZ]O bT_S _bZ XPLYTYR^ .ZY^TOP] QZ] PcLX[WP _SP NL^P ZQ w ]£UL[`]`´L x% _SP WT^_PYP] NZ`WO PT_SP] ^[WT_ _SP Pc[]P^^TZY TY_Z _bZ bZ]O^ LYO `YOP]^_LYO w>STYP  ]£UL L^ L aP]MLW QZ]X FZH XLY  [`]`´L L^ L aZNL_TaPx Z] ZYP NZ`WO `YOP]^_LYO T_ L^ L NZX[Z`YO bZ]O TY _SP ^PY^P ZQ w_SP VTYRv^ ]£UL XLY [`]`´L x F( XPXMP] ZQ _SP ]ZdLW R`L]OH ?SP bZ]O w]£ULx L^ WTYR`T^_TN `YT_ NZ`WO LN_`LWWd U`^_ L^ PL^TWd

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP QZ] TY^_LYNP A£VdL[LO¯dL  QQ z  z ?SP `W_TXL_P []PQP] PYNP bSTNS -SL]_šSL]T RTaP^ _SP ^PY_PYNP T^ NZXXZYWd LNNP[_PO TY _SP ]P^PL]NS ZY -SL]_šSL]T LYO NZ`Y_PO LXZYR^_ ST^ XZ^_ OT^_TYR`T^SPO QPL_`]P^ 1Z]XP]Wd R]LX XL]TLY^ NZYNPY_]L_PO ZY bZ]O^ LYO _SPT] TYOP[PYOPY_ XPLYTYRQ`WYP^^ ?SP Z[[Z^T_TZY MP_bPPY _SP^P aTPb^ T^ OT^N`^^PO TY A£VdL[LO¯dL  " M`_ _SP OT^N`^^TZY ZQ bZ]O LYO ^PY_PYNP `YT_^ [P]aLOP^ _SP bSZWP ^PNZYO MZZV ?SP wTYOTaT^TMWP ^PY_PYNPx aTPb XLd MP -SL]_šSL]Tv^ ZbY wTYaPY_TZYx Z] XLd SLaP ^_L]_PO _Z RLTY []ZXTYPYNP LXZYR R]LXXL]TLY^ L_ _SP _TXP ZQ _SP NZX[Z^T_TZY ZQ _SP A£VdL[LO¯dL % ^PP 3Z`MPY wBSZ L]P -SL]_šSL]Tv^ [LOLOL]²TY^*x ! >PP A£VdL[LO¯dL ! LYO Aš__T

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

MP L YZ`Y L^ L aP]M " 4_ T^ ZYWd _SP NZX[WP_P NZY_Pc_ _SL_ OPNTOP^ bSTNS QZ]X T^ ]PLWWd TY_PYOPO 1Z] 6`X£]TWL _SP XPLYTYR ZQ _SP ^PY_PYNP T^ OP_P]XTYPO Md _SP TY QZ]XL_TZY Q]ZX _SP TYOTaTO`LW bZ]O^ LWZYR bT_S _SP TYQZ]XL_TZY Q]ZX _SPT] ^P\`PYNP -`_ -SL]_ŽSL]T O]Lb^ L__PY_TZY _Z _SP QLN_ _SL_ _SP XPLY TYR ZQ _SP ^PY_PYNP OZP^ YZ_ ^`OOPYWd MPNZXP ZMaTZ`^ _Z L WT^_PYP] LQ_P] _SP WL^_ bZ]O SL^ MPPY SPL]O 0aPY MPQZ]P _SP WL^_ bZ]O T^ SPL]O _SP]P T^ ^ZXP ^Z]_ ZQ []PWTXTYL]d `YOP]^_LYOTYR ZY _SP [L]_ ZQ _SP WT^_PYP] z SP NLY P^_TXL_P XZ]P Z] WP^^ bSL_ _SP ^PY_PYNP T^ LMZ`_ 1Z] _ST^ ]PL^ZY -SL]_šSL]T ^[PLV^ ZQ XPLYTYR wQZ]XTYRx Z] wNWL]TQdTYRx adLUdL_P T_ ^PWQ& T_ OZP^ YZ_ L]T^P TY LY LOOT_TaP QL^STZY M`_ R]LO`LWWd >Z WTVP ^ZXP ZYP bSZ SL^ SPL]O _SP Y`XMP]^   LYO  ZYP LQ_P] _SP Z_SP] NLY ^`[[Z^P _SL_ _SP YPc_ Y`XMP] bTWW MP  _SP WT^_PYP] OPaPWZ[^ LY TOPL ZQ _SP ^PY^P ZQ _SP ^PY_PYNP bSTWP SP T^ SPL]TYR T_ LYO _ST^ TOPL R]LO`LWWd TX[]ZaP^ L^ _SP ^PY_PYNP `YQZWO^ ,YO dP_ _ST^ []PWTXTYL]d `YOP]^_LYO TYR T^ LWbLd^ L MT_ OPNP[_TaP L^ WZYR L^ _SP ^PY_PYNP SL^ YZ_ MPPY ^[Z VPY TY T_^ PY_T]P_d # 1Z] PcLX[WP _SP Y`XP]TNLW ^P\`PYNP LMZaP NZ`WO MP _SP MPRTYYTYR ZQ _SP ^P\`PYNP ZQ []TXP Y`XMP]^% w    "x 3P]P _ZZ T_ T^ ZYWd _SP NZX[WP_P NZY_Pc_ _SL_ ]PLWWd N]PL_P^ XPLYTYR TY _SP ^_]TN_ ^PY^P >Z -SL]_ŽSL]T ]PRL]O^ _SP NPY_]LW \`P^_TZY TY WTYR`T^_TN^ _Z MP wbSZ Z] bSL_ LN_`LWWd OPNTOP^ bSP_SP] L NZY_Pc_ T^ uNZX[WP_Pv LYO bSP_SP] L ]PLW XPLYTYR SL^ MPPY NZXX`YTNL_PO*x -SL]_šSL]T NLWW^ _SP NZXX`YTNL_TaP PWPXPY_ OP_P]XTYTYR _SL_ L NZX[WP_P `YT_ ZQ ^PY^P SL^ MPPY NZXX`YTNL_PO LYO LY LN_`LW XPLYTYR T^ []P^PY_ L ^[SZ¶L  $ ?ST^ _P]X SL^ MPPY TY_P][]P_PO TY L Y`XMP] ZQ aP]d OTQQP]PY_ bLd^  ,Y P_dXZWZRTNLW LYLWd^T^ NLY SZbPaP] MP^_ NWL]TQd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " A£VdL[LO¯dL   " # A£VdL[LO¯dL $z$ "z$ $ z  $ ?ST^ ^`MUPN_ XL__P] T^ TY_]ZO`NPO TY A£VdL[LO¯dL z$ LYO _SP _P]X ^[SZ¶L ZNN`]^ QZ] _SP QT]^_ _TXP TY A£VdL[LO¯dL   QQ 1Z] _SP QT]^_ []P^PY_L_TZY ZQ _SP >[SZ¶L A£OL w_SPZ]d ZQ ^[SZ¶Lx []Z[P] ^PP A£VdL[LO¯dL  ?SP _P]X ^[Z¶SL bL^ LW]PLOd VYZbY _Z ;L_LÓULWT M`_ `^PO TY L OTQQP]PY_ bLd _SLY Md WL_P] R]LXXL]TLY^ ^_L]_TYR bT_S -SL]_šSL]T LYO _SP LYNTPY_ Aš__T :Y aL]TZ`^ YL_TaP L`_SZ]^ LNNP[_TYR _SP >[SZ¶L A£OL Z] ]PUPN_TYR T_ PR ±L«VL]L ^PP -PNV >ZYTN ?SPZWZRd  # bSZ TYNW`OP^ ^ZXPbSL_ LYLNS]ZYT^_TNLWWd D£^VL QZ] TY^_LYNP  ?SP _SPZ]d ZQ _SP ^[SZ¶L  _SL_ T^ ZQ _SP TXXPOTL_P ]P^ZW`_TZY ZQ XPLYTYR `[ZY SPL] TYR L bZ]O Z] ^PY_PYNP SL^ MPPY TY_P][]P_PO TY _bZ \`T_P Z[[Z^T_P bLd^% L L^ L ]L _TZYLW Pc[WLYL_TZY ZQ _SP bZ]O L^ L WTYR`T^_TN ^TRY ZQ TYQP]PYNP Z] L^ MPL]TYR XPLYTYR TP w-POP`_`YR^_]ÆRP]x -]Z`RS =LUL LYO Z_SP]^ LYO LW^Z M L^ L Xd^_TN Sd[Z^_L ^T^ ZQ _SP ^Z`YO L^ L ?]LY^NPYOPY_LW BZ]O w0_P]YLW AP]M`Xx 6PT_S /P& ^PP -]Z`RSv^ ^SL][ N]T_TNT^X TY w?SPZ]TP^ ZQ 8PLYTYRx  z! ZQ ^`NS w`YYPNP^^L]d Xd^_TQTNL_TZY^x -PNV >ZYTN ?SPZWZRd   OZP^ YZ_ ^PP L NZY_]LOTN_TZY% w _SP 2]LXXL]TLY^ >[SZ¶La£OL OPaPWZ[PO _SP YZ_TZY ZQ ^[SZ¶L _Z Pc[WLTY _SP Xd^_P]TZ`^ XLYYP] Md bSTNS XPLYTYR T^ NZYaPdPO TY L ^PY_PYNP& L []ZNP^^ ZQ NZRYT_TZY bSTNS N`WXTYL_P^ TY _SP TY_`T_TaP [P]NP[_TZY ZQ _SP ,M^ZW`_P L^ ±LMOL-]LSXLYx& LYO TMTO

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

bSL_ T^ XPLY_ XZ]P Z] WP^^ 4Y _SP NZWWZ\`TLW ^PY^P _SP ]ZZ_ √ ^[S`¶ Q]ZX bSTNS _SP bZ]O w^[SZ¶Lx T^ OP]TaPO XPLY^ w_Z M`]^_ [Z[ Z[PYx >Z _SP bZ]O NLY ^_LYO QZ] ^`NS _STYR^ L^ _SP Z[PYTYR ZQ L M`O Z] M]PLV TYR Z[PY L Y`_^SPWW ?SP QTR`]L_TaP LYO LW^Z XZ]P NZXXZY ^PY^P T^ _SP]PQZ]P w_Z MP ^PWQPaTOPY_x >Z L ^[SZ¶L T^ ^ZXP_STYR _SL_ wNL`^P^ M`]^_TYRx wZ[PY^x Z] wXLVP^ PaTOPY_x ?SP WTYR`T^_TN ^[SZ¶L _SP]PQZ]P OPYZ_P^ _SP TXXPOTL_P ]P^ZW`_TZY ZQ XPLYTYR `[ZY SPL]TYR L bZ]O Z] ^PY_PYNP 4Y -SL]_ŽSL]Tv^ ^d^_PX _SP ^[SZ¶L ]PQP]^ _Z L Q`YN_TZY ZQ `YOP]^_LYO TYR _SL_ SL^ _Z MP [Z^_`WL_PO LY TY_PR]LW LYO T]]PO`NPLMWP RP^_LW_  bSTNS ZYWd PcT^_^ TY _SP NZY^NTZ`^YP^^  4_ T^ TX[Z]_LY_ QZ] STX _SL_ _SP TY QZ]XL_TZY NZY^_T_`_TYR _SP ^[SZ¶L T_^PWQ T^ YZ_ TY LYd bLd NZY_LTYPO TY _SP bZ]O^ YZ] NLY T_ MP TYQP]]PO Q]ZX _SPX :YWd bSPY _SP TY_PR]LW TOPL ZQ LY LWWPYNZX[L^^TYR ^PY^P L[[PL]^ MP_bPPY LYO MPSTYO _SP bZ]O^ NLY ZYP ^Ld _SL_ _SP ^PY_PYNP SL^ MPPY u`YOP]^_ZZOv LYO _SP XPLYTYR SL^ ]PaPLWPO T_^PWQ -SL]_šSL]T NZX[L]P^ _ST^ bT_S _SP TXLRP ZQ L S`XLY MPTYR TY L O]LbTYR  .ZY^TOP] QZ] TY^_LYNP L ^_TNVXLY :YP NLY ZYWd ]PNZRYTeP _SL_ T_ T^ L OP[TN_TZY ZQ L S`XLY MPTYR TQ ZYP NLY LWWZNL_P _SP u^_TNV^v NZ]]PN_Wd% _ST^ ZYP SP]P T^ LY L]X _SL_ MT_ T^ _SP SPLO P_N LYO NZYaP]^PWd ZYP ZYWd VYZb^ _SL_ _ST^ ^_TNV T^ XPLY_ _Z MP LY L]X LYO _SL_ NT]NWP T^ XPLY_ _Z MP _SP SPLO MPNL`^P ZYP SL^ LW]PLOd ]PNZRYTePO _SP S`XLY QZ]X TY _SP O]LbTYR 4Y [Z^_`WL_TYR LY TY_PR]LW aT^TZY -SL]_šSL]T TY_]ZO`NP^ []PNT^PWd _SL_ _SZ`RS_ TY_Z ^PXLY_TN^ _SL_ bL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !% w?SP 0_P]YLW AP]M`X XLYTQP^_^ T_^PWQ TY _SP QZ]X ZQ ^[SZ¶L  L VTYO ZQ XPLYTYR MPL]TYR ^Z`YOx -PNVv^ -SL]_šSL]T ]PNP[_TZY TMTO !z"! ^`RRP^_^ L [L]_TN`WL] DZRL ZQ _SP R]LXXL]TLY^ !Q "  LYO wSTRSP] TY_`T_TZYx ZQ wNZ^XTN ^Z`YOx " Z] _SP w>ZYTN ,M^ZW`_Px " Q , OTQQP]PY_ L[[]ZLNS T^ ^`RRP^_PO Md -]ZYVSZ]^_ w-SL]_š SL]T ZY >[SZ¶Lx % w7TVP PaP]d_STYR PW^P bZ]O^ _ZZ SLaP _bZ L^[PN_^ _SP ]PLW bZ]O F^[SZ¶LH LYO T_^ [SPYZXPYLW XLYTQP^_L_TZY^ bSTNS L]P YZ_ ]PLWx 1TYLWWd 3L]ZWO .ZbL]Ov^ ?SP >[SZ¶L ?SPZ]d ZQ 7LYR`LRP% , ;STWZ^Z[STNLW ,YLWd^T^ /PWST% 8Z_TWLW -LYL]^TOL^^ $# LYO Z_SP] [`MWTNL_TZY^ TP w-SL]_šSL]Tv^ /SaLYTx !" OPQTYP^ ^[SZ¶L L^ w`YT_L]d TOPLx Z] wXPLYTYR bSZWPx ?SP TY_]TY^TN OTQQP]PYNP^ ZQ _SP aL]TZ`^ TY_P][]P_L_TZY^ NLY MP Pc[WLTYPO Md _SP OZ`MWP^TOPO NSL]LN_P] RTaPY _Z ^[SZ¶L Md YL _TaP TY_P][]P_P]^ .ZbL]O TMTO !" O]Lb^ L__PY_TZY _Z 9£RP²L -SL¶¶Lv^ >[SZ¶La£OL #_S NPY_ bSP]PTY ^[SZ¶L T^ OP^N]TMPO TY w_bZ bLd^% L^ _SL_ Q]ZX bSTNS XPLYTYR M`]^_ QZ]_S Z] ^STYP^ QZ]_S& LYO L^ LY PY_T_d bSTNS T^ XLYTQP^_PO Md _SP `__P]PO ^Z`YO^ ?SP ^[SZ¶L XLd _S`^ MP _SZ`RS_ ZQ L^ L VTYO ZQ _bZ^TOPO NZTY :Y _SP ZYP ^TOP T_ T^ XLYTQP^_PO Md _SP `__P]PO ^Z`YO^ LYO ZY _SP Z_SP] ^TOP T_ ^TX`W_LYPZ`^Wd ]P aPLW^ _SP TYYP] XPLYTYR 4Y L XZ]P [STWZ^Z[STNLW ^PY^P ^[SZ¶L XLd MP OP^N]TMPO L^ _SP _]LY^NPYOPY_ R]Z`YO TY bSTNS _SP ^[ZVPY ^dWWLMWP^ LYO NZYaPdPO XPLYTYR QTYO _SPX^PWaP^ `YT_POx :Y -SL]_šSL]Tv^ NZYNP[_TZY ^PP LW^Z 2- ;LW^`WP w;ZTY_ ZQ LR]PPXPY_ LYO OTQQP]PYNP MP_bPPY _SP A£VdL[LO¯dL LYO _SP 8LS£-S£´dL/¯[TV£ TY _SP XL__P] ZQ ^[SZ¶Lx ,^TL_T^NSP >_`OTPY C7A44 $$%  z  >PP QZ] TY^_LYNP A£VdL[LO¯dL z!! "!z$ ! $ z   z ! z!  z " !  >PP A£VdL[LO¯dL  z 

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

WL_P] _LVPY `[ Md _SP ^NSZWL] ZQ [ZP_]d ¢YLYOLaL]OSLYL LYO OPaPWZ[PO TY_Z _SP OSaLYT _SPZ]d 5`^_ L^ _SP WL__P] Pc[WLTY^ TY WTYP bT_S ST^ ^_L_P XPY_ w_SP MPL`_d ZQ L bZXLY T^ YZ_ Pc[WLTYPO Md _SP MPL`_d ZQ SP] [L]_^x _SL_ [ZP_TN MPL`_d OZP^ YZ_ L]T^P Q]ZX _SP TYOTaTO`LW bZ]O^ XLV TYR `[ _SP aP]^P M`_ Q]ZX LY TY_PR]LW PWPXPY_ _SL_ PYNZX[L^^P^ _SP bSZWP aP]^P _SL_ T^ _SP OSaLYT -SL]_šSL]T WZNLWTeP^ WTYR`T^_TN ^PY^P YZ_ TY TYOTaTO`LW bZ]O^ Z] [SZYPXP^ M`_ TY _SP BSZWP ZQ L WTYR`T^_TN `__P] LYNP 4Y MZ_S NL^P^ bP L]P OPLWTYR bT_S L SZWT^_TN QZ]X ZQ _SZ`RS_ bSTNS LWbLd^ ^PP^ XZ]P TY _SP bSZWP _SLY _SP ^`X ZQ T_^ [L]_^ ,NNZ]OTYR _Z -SL]_ŽSL]T L bSZWPYP^^ XPOTL_TYR MP_bPPY ^Z`YO LYO ZMUPN_ X`^_ PcT^_ QZ] ^PaP]LW ]PL^ZY^ TYNW`OTYR _ST^ ZYP% L bZ]O Z] L ^PY_PYNP T^ ^_TWW NZX[]PSPY^TMWP PaPY TQ ZYP OZP^ YZ_ SPL] _SP bSZWP bZ]O Z] _SP bSZWP ^PY_PYNP ?SP [Sd^TNLW ^Z`YO ZQ _SP WLYR`LRP Z] _SP NSLTY ZQ ^Z`YO^ NZX[]T^TYR L bZ]O T^ ZYWd _SP NZY_Z`] Z] _SP Z`_WTYP _SL_ TYOTNL_P^ Z] ^`RRP^_^ _SP bZ]O TOPL Z] u RP^_LW_ v _SL_ T^ LN_`LWWd XPLY_ ?ST^ LN_`LW bZ]O uRP^_LW_v TP _SP bZ]O TY _SP NZY^NTZ`^YP^^ OZP^ YZ_ [Z^^P^^ LYd [Sd^TNLW OTXPY^TZY^ M`_ T^ LYO LWbLd^ ]PXLTY^ L bSZWP bSTNS T^ ZYWd _]LY^WL_PO bT_STY _SP ^[ZVPY bZ]O TY_Z L WTYPL] ^P\`PYNP ZQ OPQTYPO ^Z`YO^  ?SP QLN_ _SL_ NP]_LTY ^dWWLMWP^ L]P u^bLW WZbPOv Z] NP]_LTY [SZYPXP^ L]P OT^_Z]_PO TY OTLWPN_^ OZP^ YZ_ YPNP^^L] TWd ]PYOP] L bZ]O Z] L ^PY_PYNP TYNZX[]PSPY^TMWP ?SP ]PLWTeL_TZY ZQ _SP Z]TRTYLW RP^_LW_ ZQ _SP ^[SZ¶L TY ^Z`YO LWbLd^ [Z^^P^^P^ L NP]_LTY aL]T LYNP ?SP X`_`LW _]LY^QP] ZQ bZ]O ^Z`YO LYO ZMUPN_ T^ ML^PO ZY _SP PQQT NLNd ZQ _ST^ ZYP TY_PR]L_TaP QZ]X Z] ^[SZ¶L bSTNS T^ YPT_SP] ^Z`YO YZ] _STYR M`_ ]L_SP] _SP `YT_L]d XPY_LW TXLRP PXMZOTPO Md LYO L]T^TYR bT_S _SP bZ]O LYO _SP ^PY_PYNP% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  A£VdL[LO¯dL z  ZY _SP bZ]O ^[SZ¶L ^PP LW^Z $z$"  LYO _SP Aš__T Pc[Z^T_TZY ZQ  bSTNS Pc[Z`YO^ bZ]O^ WTYR`T^_TN ^Z`YO^ XPLYTYR^ LYO _SPT] ]P WL_TZY^ST[

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

>PXLY_TN ^[SP]P

>[SP]P ZQ _SP ^[SZ¶L

ȱ

ȱ

!

;SZYP_TN ^[SP]P

>Z`YO

Y£OL ȱ 1Z]X

.ZY_Z`]

adL«RdL

adLÓULVL

ȱ

ȱ ^[SZ¶L ȱ

8P^^LRP

>TRY

a£NdL

a£NLVL ȱ

ȱ

:MUPN_

L]_SL ?SP []P^PYNP ZQ L ^[SZ¶L TY _SP ^Z`YO RTaP^ _SP ^Z`YO _SP NSL]LN_P] ZQ L XP^^LRP LYO _]LY^QZ]X^ T_ TY_Z L ^TRY :] NZYaP]^PWd _SP []P^PYNP ZQ L XP^^LRP TY _SP ^Z`YO ]P\`T]P^ L NP]_LTY ^Z`YO NZY_Z`] LYO _]LY^QZ]X^ T_ TY_Z L XPY_LW uQZ]Xv ^PP OTLR]LX ?SP ^Z`YO ]P[]P^PY_^ _SP ^[SZ¶L TY _SP ^[PLVTYR []ZNP^^ LYO _SP ^[SZ¶L ]P[]P^PY_^ _SP ZMUPN_ >Z SP]P OZ` MWP _]LY^QP] _LVP^ [WLNP TY_P]WTYVTYR _SP [Z^T_TZY^ z L _SP bZ]O T^ P^^PY _TLWWd NZYYPN_PO bT_S _SP ZMUPN_ LYO M _SP bZ]O T^ LNNTOPY_LWWd LWWZ NL_PO _Z T_ z TY _SP NZYNP[_ ZQ ^[SZ¶L ?SP ^[SZ¶L OT^^ZWaP^ _SP NZY_]LOTN_TZY MP_bPPY _SP^P _bZ Pc_]PXP [Z^T_TZY^ LYO _]LY^NPYO^ T_% ZY _SP ZYP SLYO _SP Xd_STNLW TOPY_T_d ZQ ^Z`YO LYO ZMUPN_ bSTNS ]PXLTY^ [LW[LMWP L^ LY ZWO APOTN WPRLNd PaPY TY _SP NZYaPY_TZYLWT^_TN _SPZ]PX^ ZQ _SP 8¯X£À^LVL^ NZb T^ P_P]YLWWd NZYYPN_PO bT_S _SP [SZYPXP^ wR L`àx LYO ZY _SP Z_SP] _SL_ ZQ _SP L]MT_]L]d LWWZNL_TZY ZQ ^Z`YO LYO ZMUPN_ L^ bL^ NZXXZY TY XZOP]Y BP^_P]Y WTYR`T^_TN^ `[ _Z _SP $"^

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

 

8P_L[Sd^TNLW ?SPZ]d

-SL]_šSL]Tv^ WTYR`T^_TN [Z^_`WL_P ZQ _SP ^[SZ¶L LYO ST^ `YT_L]d ^PY_PYNP aTPb SLaP QL]]PLNSTYR NZY^P\`PYNP^ ?SP]P T^ ZYP L^[PN_ TY -SL]_šSL]T _SL_ ^Z`YO^ ^_]TVTYRWd XZOP]Y 4Y _SP QT]^_ [L]_ ZQ ST^ R]LXXL_TNLW bZ]V A£VdL[LO¯dL  SP []P^PY_^ L WTYR`T^_TN [STWZ^Z[Sd _SL_ TX[WPXPY_^ _SP WTYR`T^_TN _`]Y PaPY XZ]P ]LOTNLWWd _SLY _SP ;¼]aL8ÅX£À^£ ?SP TYOT^ ^ZW`MWP TY_P]WTYVTYR ZQ WLYR`LRP LYO _SZ`RS_ bSTNS LW^Z NZYYPN_^ bT_S NZY_PX[Z]L]d [STWZ^Z[SP]^  T^ QZ`YO TY _SP A£VdL[LOÅdL  Pc []P^^PO TY _SP^P bZ]O^% w4Y _ST^ bZ]WO _SP]P T^ YZ [P]NP[_TZY ZQ _STYR^ bT_SZ`_ _SP NL[LMTWT_d QZ] WLYR`LRP FLYO Z`]H bSZWP [P]NP[_TZY ^PPX^ _Z MP [P]aLOPO Md WLYR`LRPx 

4_ LW^Z ^PPX^ Pc_]PXPWd XZOP]Y _Z `^ _SL_ -SL]_šSL]T NZYNPTaP^ ZQ S` XLY MPTYR^ L^ N`W_`]LW MPTYR^ LYO TYNW`OP^ L ST^_Z]TNLW OTXPY^TZY TY ST^ OPWTMP]L_TZY^ 1Z] TY^_LYNP SP ]PXL]V^ _SL_ _SP [ZbP] ZQ bZ]O^ aL]TP^ TY OTQQP]PY_ [P]TZO^ ZQ _TXP LYO OP[PYOPY_ ZY _SP ^[PLVP] ! 3P T^ aP]d LbL]P ZQ _SP ]PWL_TaT_d ZQ S`XLY ]PL^ZYTYR LYO OTQQP]PY_ [ZTY_^ ZQ aTPb 0aPY _SP ^LXP [P]^ZY ^PP^ _SP ^LXP _STYR OTQQP]PY_Wd L_ OTQQP]PY_ _TXP^ -SL]_šSL]T _LVP^ TY_Z LNNZ`Y_ _SP ^[PLVP]v^ TY_PY_TZY M`_ VYZb^ _SL_ Z_SP]^ XLd `YOP]^_LYO T_ TY L OTQQP]PY_ bLd LNNZ]OTYR _Z _SPT] ZbY MLNVR]Z`YO^ 3P LNVYZbWPORP^ _SL_ _SP]P T^ N`W_`]LW LYO ST^_Z]TNLW NSLYRP OP^[T_P ST^ MPWTPQ TY LY w`YTY_P]]`[_PO _]LOT_TZYx 0aPY _SP APOL T^ YZ_ PcNW`OPO% O`P _Z NSLYRP^ TY ]T_`LW N`^_ZX^ _SP APOTN TY U`YN_TZY^ NLY MPNZXP ZM^ZWP_P " 8Z^_ ^_]TVTYR T^ -SL]_šSL]Tv^ STRSWd [P]^[PN_TaT^_ L__T_`OP% WL]RP ^PN_TZY^ ZQ _SP A£VdL[LO¯dL L]P OPaZ_PO _Z NZWWPN_TZY^ ZQ OTQQP]PY_ aTPb^ LYO -SL]_šSL]T ^PPX^ OPWTMP]L_PWd _Z LM U`]P QTYLW U`ORXPY_^ ?SP]P T^ Pc[WTNT_ PX[SL^T^ ZY ^_`OdTYR XLYd OTQ QP]PY_ aTPb^ £RLXLOL]²LYL  #

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1Z] _SP XZOP]Y _SPZ]TP^ ^PP /P] ;L]LOTRXPYbPNS^PW TY OP] >[]LNS[STWZ^Z[STP% >_` OTPY `YO ?Pc_P  PO 0OX`YO -]L`Y /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $$! $ QQ  YL ^Zv ^_T []L_dLdZ WZVP dLà ²LMO£Y`RLX£O Ž_P g LY`aTOOSLX TaL UÓ£YLÀ ^L]aLÀ ²LMOPYL MS£^L_P gg  A£VdL[LOÅdL  PO 4dP]  ! 1Z] _ST^ LYO _SP QZWWZbTYR ^PP A£VdL[LO¯dL z NO " z#  z"  $z (z  $ " ! "" .ZY^TOP] LW^Z _SP Aš__T ZY  _]LY^ 4dP] $ " 1Z] _SP WL__P] ^PP -SL]_šSL]Tv^ 8LS£-S£´dL NZXXPY_L]d # # A£VdL[LO¯dL #$ -SL]_šSL]Tv^ X`W_T[P]^[PN_TaT^_ L__T_`OP T^ ^_]ZYRWd PX[SL^TePO Md 6PWWd LYO ]PNPY_ [`MWTNL_TZY^ Md 3Z`MPY ^`NS L^ >LÀMLYOSL>LX`OOP²L  !z# LYO w-SL]_šSL]Tv^ ;P]^[PN_TaT^X x TY -PdZYO :]TPY_LWT^X PO 0WT 1]LYNZ LYO 6L]TY ;]PT^PYOLYe ,X^_P]OLX% ,_WLY_L $$" "z #

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

?ST^ [P]^[PN_TaT^X ST^_Z]TNLW ]PWL_TaT^X LYO _SP P[T^_PXZWZRTNLW TY ^TRS_ _SL_ LWW `YOP]^_LYOTYR OP[PYO^ ZY WLYR`LRP $ L[[PL]^ TY [P]QPN_ NZY^ZYLYNP bT_S _bPY_dQT]^_ NPY_`]d ]L_TZYLWT^X 4_ T^ SZbPaP] ZYWd ZYP ^TOP ZQ _SP NZTY ^TYNP LNNZ]OTYR _Z -SL]_šSL]T _SP WTYR`T^_TN T^ _SP OP_P]XTYL_TaP LYO NZY^_T_`PY_ NZYOT_TZY YZ_ ZYWd ZQ _SP P[T^_PXTN M`_ LW^Z ZQ _SP ZY_ZWZRTNLW  3P]P bP NZXP _Z _SP Z_SP] L^[PN_ ZQ -SL]_šSL]T _SL_ T^ WP^^ QLXTWTL] _Z XZOP]Y ]L_TZYLWT_d 4Y A£VdL[LO¯dL  SP ^Ld^ _SL_ _SP APOTN ^NSZWL]^ SLO LW]PLOd `YOP]^_ZZO _SP `YTaP]^P _Z MP L []ZO`N_ Z] w_]LY^QZ]XL_TZYx [L]T©£XL ZQ WLYR`LRP 3P `^P^ WTYR`T^_TN [STWZ^Z[Sd _Z QZ]X`WL_P L YPb VTYO ZQ XP_L[Sd^TN^ []ZR]LX _SL_ bZ`WO []P^`XLMWd SLaP XLOP 6L]W ;Z[[P] _`]Y L^ bST_P L^ L ^SPP_ LYO M]PLV Z`_ TY L NZWO ^bPL_ L_ _SP ^LXP _TXP -SL]_šSL]Tv^ ^[SZ¶L _SPZ]d T^ R]Z`YOPO TY L XP_L[Sd^TNLW ^`[P]^_]`N_`]P z _SP ^`[]PXP -]LSXLY bT_SZ`_ MPRTYYTYR LYO PYO LY£OSTYTOSLYLÀ z L^ bTWW MP XZ]P PWLMZ ]L_PWd OT^N`^^PO MPWZb LYO L[[L]PY_Wd -SL]_šSL]T NZYNPTaP^ ZQ _SP ^[SZ¶L T_^PWQ L^ L XP_L[Sd^TNLW OPP[ ^_]`N_`]P% L^ L NZ^XTN []P]PQWPcTaP LYO ^PWQPc[]P^^TaP QZ]X ZQ ^PY^P 4Y -SL]_šSL]Tv^ ^d^_PX _SP ^[SZ¶L T^ L SZWT^_TN [L__P]Y Z] `YTaP]^LW ^_]`N_`]P `YOP]WdTYR YZ_ ZYWd S`XLY WLY R`LRP LYO NZRYT_TZY ZQ _SP bZ]WO M`_ _SP bSZWP ZQ PcT^_PYNP A£VdL [LO¯dL # ^[PLV^ ZQ _SP `YMZ]Y P_P]YLW :YP TY bSTNS _SP]P T^ YZ _TXP^P\`PYNP M`_ L ]PLWT_d _L__aL TY bSTNS bP [P]NPTaP MT]_S LYO Z_SP] NSLYRP^ ?ST^ OP^N]T[_TZY QT_^ bT_S _SP ^[SZ¶L bSTNS T^ T_^PWQ bT_S Z`_ ^P\`PYNP M`_ [P]NPTaPO _S]Z`RS WP__P] LYO bZ]O ^P\`PYNP^ 3P]P SZbPaP] _SP OP^N]T[_TZY ]PWL_P^ _Z -]LSXLY -SL]_šSL]T ^_L]_^ ST^ A£V dL[LO¯dL Md \`LWTQdTYR _ST^ L^ wbZ]O ]PLWT_dx Z] wWLYR`LRP []TYNT[WPx ²LMOL_L__aL  ?SP wBZ]O-]LSXLYx ²LMOLM]LSXLY z L _P]X `^PO TY _SP Aš__T  z Z] _SP w.ZXX`YTNL_TaP -]LSXLYx L^ bP bTWW RWZ^^ -]LS XLY LYO ±LMOL-]LSXLY TY -SL]_šSL]Tv^ NL^P T^ _SP _]LY^NPYOPY_ R]Z`YO ZQ LWW _SL_ PcT^_^ LYO _SP _Z_LWT_d ZQ MPTYR T^ M`_ L _]LY^QZ]XL _TZY [L]TY£XL aTaL]_L ZQ T_ 1]ZX L ^_LYO[ZTY_ ZQ [Z^T_TaT^X LYO N]T_T NLW ]L_TZYLWT^X -SL]_ŽSL]Tv^ XLTY [STWZ^Z[STNLW _SZ`RS_ NLY ZYWd MP aTPbPO L^ L RSL^_Wd ]P_]ZR]LOP ^_P[ LYO _SPZ^Z[STNLW YTRS_XL]P ?SP ^_L_PXPY_ _SL_ S`XLY MPTYR^v [P]NP[_TZY T^ NZY^_T_`_PO TY WLYR`LRP T^ QZ`YO TY -SL]_ŽSL]T TY L aPYP]LMWP NZY_Pc_ ML^PO ZY _SP APOTN aTPb ZQ WLYR`LRP LYO _SP LYNTPY_ ,V´L]L Xd^_TNT^X -SL]_ŽSL]T XLVP^ ]TNS `^P ZQ APOTN WLYR`LRP TXLRP^  LYO _SP Aš__T ]P[PL_POWd `^P^ \`Z_L_TZY^ Q]ZX L`_SZ]T_TP^ _Z [ZTY_ _Z _SP APOTN [L^^LRP^ LMZ`_ _SP RZOOP^^ wAZTNPx a£N  A£VdL[LO¯dL  ^_L_P^ _SL_ _SP wbZ]Ox ²LMOL  bSTNS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ A£VdL[LO¯dL z  >PP _SP Aš__T ZY A£VdL[LO¯dL  ²LMO£VSd£O  M]LSXL©Là  LYO ZY  LYO  bSP]P _SP _P]X ZNN`]^ aP]MLWWd  >PP QZ] TY^_LYNP A£VdL[LO¯dL ! ZY A£N w^[PPNSx waZTNPx L^ wSTRSP^_ YL_`]Px LYO ! ZY _SP wWLYR`LRP NZbx .ZY^TOP] LW^Z " z! z" !$

!!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

T^ ¢_XLY TY^TOP _SP ^[PLVP] T^ VYZbY L^ _SP wR]PL_ M`WWx bT_S bSZX ZYP ^PPV^ `YTZY ,YO TY L NZY^NTZ`^ ]LOTNLWTeL_TZY ZQ ;L_LÓULWTv^ ^_L_P XPY_^ TY A£VdL[LO¯dL  -SL]_šSL]T [Z^_`WL_P^ _SL_ _SP ^_`Od ZQ R]LXXL] LYO _SP LN\`T^T_TZY ZQ QL`W_WP^^ [P]QPN_ WLYR`LRP ²LMOL ^LÀ^V£]L WPLO^ _Z MPNZXTYR ZYP bT_S -]LSXLY LYO _SP L__LTYXPY_ ZQ TXXZ]_LWT_d  ?SP []TaTWPRPO LNNP^^ ZQ R]LXXL] _Z ^`[]PXP ]PLWT_d bL^ YZ_ ^SL]PO Md LWW ]PNT[TPY_^ TY _]LOT_TZYLW 4YOTL M`_ -SL]_ŽSL]Tv^ YPb XP_L[Sd^TN^ MPNLXP Pc_]LZ]OTYL]TWd [ZbP]Q`W 4_ OP_P]XTYPO TY L \`T_P Q`YOLXPY_LW XLYYP] ]T_`LW []LN_TNP LYO [STWZ^Z[STNLW _SZ`RS_ ZQ WL_P ?LY_]T^X  z LYO aTL ?LY_]L ±]¯aTOd£ PaPY _SP ^[T]T_`LW []LN_TNP ZQ _SP ±L«VL]£N£]dL^ 8Z]PZaP] _SP -`OOST^_^ ]PRL]OPO -SL]_ŽSL]T L^ _SPT] ZbY  LYO ST^ YZYO`LWT^_ ATaL]_LNZ^XZWZRd SLO []ZQZ`YO TX[LN_^ ZY [Z^_±L«VL]L ,OaLT_LAPO£Y_L  -SL]_ŽSL]Tv^ wWLYR`LRP ZY_ZWZRdx T^ WTYVPO _Z L YZYO`LW [STWZ^Z[Sd ^TXTWL] _Z _SP ,OaLT_LAPO£Y_L TY XLYd bLd^ ,YO dP_ TY WTYR`T^_TN _P]X^ SP _`]Y^ _SP APO£Y_L XZ]P Z] WP^^ ZY T_^ SPLO z bSP]P APO£Y_TY^ ^PP _SP YZYaP]MLW TP L NZX[WP_P WLNV ZQ WLYR`LRP -SL]_ŽSL]T LN_`LWWd ^PP^ WLYR`LRP L^ LWW[P]aL^TaP ?SP _SP^T^ ]PRL]OTYR _SP WTYR`T^_TN L^ _SP QZ`YOL_TZYLW []TYNT[WP QZ] LYd_STYR _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >TXTWL]Wd A£VdL[LOÅdL  LYO  TYNW`OTYR _SP Aš__T !  LYO TY QLN_ _SP bSZWP [L^^LRP z @YQZ]_`YL_PWd YZ Aš__T Pc[Z^T_TZY PcT^_^ QZ]  z  ?SP]P T^ OT]PN_ TX[LN_ ZY ,MSTYLaLR`[_L LYO ST^ ^NSZZW LYO aTL YZYO`LW 6L^SXT] ±LTaT^X LW^Z ZY _SP ±]¯aTOd£ ]PRL]OTYR _SP LcTZX ZQ LY TY_]TY^TN ]PWL_TZY^ST[ MP _bPPY WLYR`LRP LYO LM^ZW`_P ]PLWT_d OTQQP]PY_ WLYR`LRP WPaPW^ TY_`T_TaP VYZbWPORP []L_TMS£ _SP [W`]LW bZ]WO L^ Pc_P]TZ] Pc[]P^^TZY ZQ _SP ZYP ^`[]PXP ]PLWT_d LYO []ZMLMWd LW^Z _SP ^[SZ¶L NZYNP[_ bSTNS T^ _SPT^_TNLWWd _]LY^X`_PO Md _SP 6L^SXT]T^ TY_Z L wM`]^_TYR QZ]_Sx ZQ N]PL_TZY 7TVPbT^P bP QTYO -SL]_šSL]Tv^ TOPL ZQ [ZbP]^ bT_STY _SP LM^ZW`_P -]LSXLY ^PP MPWZb _SPT^_TNLWWd _]LY^QZ]XPO LYO ]PbZ]VPO TY_Z L ^ZYTN _SPZWZRd >PP LW^Z ;LOZ`c A£N  "# $" $#  !!z!" "# # # Y #"z## P_N LYO 9L_LWTL 4^_LdPaL 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X% 2L` OL[LOL -SL]_]SL]T LYO ,MSTYLaLR`[_L ,WMLYd% >@9D $$   ?SP ]PWL_TZY^ST[ MP_bPPY -SL]_šSL]T LYO -`OOST^_ [STWZ^Z[Sd TY _P]X^ ZQ X`_`LW TYOPM_POYP^^ LYO ]PLN_TZY SL^ MPPY L ]PN`]]TYR _SPXP TY _SP ]P^PL]NS ZY -SL]_šSL]T >PP QZ] TY^_LYNP 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x LYO 7TYOYP] w7TYV TYR `[ -SL]_šSL]T LYO _SP -L`OOSL^x TY _SP []ZNPPOTYR^ ZQ _SP QT]^_ TY_P]YL_TZYLW -SL]_šSL]T NZYQP]PYNP TY ,^TL_T^NSP >_`OTPY C7A44 $$% "z$& $ z& -]ZYVSZ]^_ w7v,M^ZW` OLY^ WP A£VdL[LO¯dLx !# "!& 3Z`MPY >LÀMLYOSL >LX`OOP²L  # $ z #  Q $z !  z#  BSTWP 8L©“LYL 8T²]L LOZ[_PO -SL]_šSL]Tv^ `^LRP ZQ aTaL]_L LYO [L]TY£XL L^ ^dYZ YdX^ TY _SP ^PY^P ZQ w_]LY^QZ]XL_TZYx _SP [Z^_±L«VL]L ^NSZZW OPaPWZ[PO _SP ATaL]_L A£OL L OZN_]TYP ZQ _SP L[[L]PY_ PXLYL_TZY ZQ _SP bZ]WO Z] PaPY L OZN_]TYP ZQ TWW`^TZYT^X TY NZY_]L^_ _Z _SP ;L]T©£XL A£OL L OZN_]TYP ZQ _SP ]PLW _]LY^QZ]XL_TZY ZQ _SP -]LSXLY TY_Z _SP bZ]WO LY ZWOP] _SPZ]d ]PTYQZ]NPO Md =£X£Y`UL >PP LW^Z 3LNVP] ATaL]_L  ! z bSZ LW]PLOd L__]TM`_P^ _Z -SL]_šSL]T LY wTWW`^TZYT^_x NZ^ XZWZRd w>NSPTYPY_QLW_`YRx TMTO   LYO 3Z`MPYv^ NZ`Y_P]L]R`XPY_ TY >LÀMLYOSL>LX`OOP²L  z$

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!"

PcT^_ ²LMOL_L__aL LYO _SP ZYWd _STYR bT_S NZ^XZWZRTNLW ]PWPaLYNP QZ]X^ _SP NZ]YP]^_ZYP ZQ ST^ ^d^_PX .ZXX`YTNLMWP XPLYTYR _SP aP]d ML^T^ ZQ WLYR`LRP T^ _SP _]`P -]LSXLY ?ST^ T^ _SP ML^TN _SZ`RS_ bT_S bSTNS SP Z[PY^ ST^ bZ]V -SL]_šSL]T []TXL]TWd L wXZOP]YT^_x bT_STY ST^ ZbY N`W_`]LW XTWTP` 3ZbPaP] X`NS SP SL^ TY NZXXZY bT_S NZY_PX[Z]L]d WTYR`T^_TN [ST WZ^Z[Sd bP X`^_ YZ_ QZ]RP_ ST^ N`W_`]LW NZY_Pc_ ^`]]Z`YOTYR _SP 8¯X£À^LVL^ LYO Z_SP] PL]Wd [STWZ^Z[SP]^ LWZYR bT_S YZYAPOTN TY_PW WPN_`LW PWT_P^ ^`NS L^ _SP -`OOST^_^ LYO LW^Z DZRTN _]LOT_TZY^ LYO [Z[` WL] MPWTPQ^ TY Pc_]LZ]OTYL]d [P]NP[_TZY^ LYO [ZbP]^ 3P O]Lb^ TY^[T]L _TZY Q]ZX LWW _SP^P aL]TZ`^ ^Z`]NP^ M`_ _SP ML^TN ^_P[[TYR ^_ZYP^ ZQ ST^ ]L_TZYLWT_d LYO TYYZaL_TZY^ bP]P _SP APOTN _]LOT_TZY LYO _SP bZ]WOaTPb ZQ _SP R]LXXL]TLY^ bSZ NZ]]PWL_PO _SP NZ]]PN_ ^[PPNS ZQ _SP N`W_`]PO PWT_P bT_S ]PWTRTZ`^ XP]T_ LYO ^Z_P]TZWZRd =PXL]VLMWd -SL]_šSL]T PaPY _SZ`RS ^`[[Z]_TYR _SPT] _]LOT_TZYLW aTPb _SL_ `YNZ]]`[_PO ^[PPNS T^ XP]T_Z]TZ`^ LYO _SP R]LXXL]TLY^v _L^V _Z w[`]TQdx NZ]]`[_PO QZ]X^ T^ LW^Z LbL]P ZQ N`W_`]LW NSLYRP LYO wOTQQP]PY_ NL[LNT_TP^ ZQ TYOTaTO`LW^ LYO  NSLYRPO NL[LNT_TP^ ZQ Pc[]P^^TZY^ L^ QL] L^ XP]T_ LYO OPXP]T_ L]P NZYNP]YPOx ! -`_ YZYP_SPWP^^ SP `YOP]^_LYO^ R]LXXL] LYO WLYR`LRP ^_`Od L^ L R`L]LY_PPO [L_S _Z WTMP]L_TZY 3Zb NLY ZYP LNNZ`Y_ QZ] _ST^* ?SP]P SLaP MPPY ^ZXP \`T_P OTQQP]PY_ TY_P][]P_L_TZY^ LYO PLNS NLY NWLTX ^ZXP aLWTOT_d ,VW`UVL] RWZ^^P^ TY ST^ -SL]_šSL]T ^`XXL]d% w-P NL`^P _SP >PWQ T^ _SL_ bT_S bSTNS ZYP OP^T]P^ `YTZY LYO _SP >PWQ T^ _SP WLYR`LRP TY `^ ZYP L__LTY^ _SP STRSP^_ >PWQ [L]LX£_XLY _S]Z`RS [`]T QTNL_TZY ^LÀ^V£]L ZQ WLYR`LRP LYO ZYP bSZ T^ LbL]P ZQ _SP []TYNT[WP^ ZQ WLYR`LRPv^ LN_TaT_d L__LTY^ TXXZ]_LW -]LSXLYx " 3L]ZWO .ZbL]O ZY _SP Z_SP] SLYO WZNL_P^ -SL]_šSL]T NWZ^P _Z DZRL LYO L__]TM`_P^ L [L] _TN`WL] wDZRL ZQ _SP BZ]Ox _Z STX YLXPWd L wDZRL []PNPOPO Md _SP bZ]Ox ²LMOL[¼]aLdZRL TY _SP QZ]X ZQ XLY_]L []LN_TNP LYO :¿ XPOT _L_TZY 3P L^^`XP^% wm _SP ^[PNTLW ]ZWP ZQ R]LXXL] m T^ _Z NZY_]ZW LYO [`]TQd _SP `^P ZQ XLY_]L ^Z _SL_ T_^ [ZbP]^ bTWW YZ_ MP bL^_PO Z] XT^ `^POx # PP ,VW`UVL]v^ RWZ^^P^ TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW  !z" " 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW  ! # .ZbL]O w8PLYTYR LYO ;ZbP] ZQ 8LY_]L^ TY -SL]_šSL]Tv^ A£VdL[LO¯dLx " LYO _SP PY_T]P L]_TNWP ! z"!& ^PP LW^Z -SL]_šSL]T  NSL[  LYO w8P_L[Sd^TN^x TY 0YNdNWZ[P OTL ZQ 4YOTLY ;STWZ^Z[STP^  aZW   z  .ZbL]O ]PQP]^ SP]P _Z _SP A£VdL[LO¯dL PO 4dP] aP]^P^   $   z  # LYO Aš__T #$  LYO Aš__T  ! XZ^_ ZQ bSTNS OPLW bT_S RPYP]LW WTYR`T^_TN^ bSTNS .ZbL]O L[[WTP^ _Z XLY _]L^ 3P ]PLO^ -SL]_šSL]T Q]ZX _SP [P]^[PN_TaP ZQ _SP DZRL >¼_]L^ LYO DZRTN?LY_]TN XLY_]L []LN_TNP ,W_SZ`RS L QPb 6£]TV£^ PR A£VdL[LO¯dL   PO =L` XLd MP TY_P][]P_PO TY _ST^ WTRS_ _SP OTQQTN`W_d ZQ _SP DZRL L[[]ZLNS T^ _SL_ T_ X`^_ ]PWd ZY L RZZO OPLW ZQ ^[PN`WL_TZY LYO Pc_P]YLW TYQZ]XL_TZY

!#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

T^ YZ_ MPNL`^P LY PcNW`^TaP XPOT_L_TaP []LN_TNP ^`NS L^ ²LMOL[¼]aL dZRL  T^ LOaZNL_PO TY T_ M`_ MPNL`^P T_ NZY_LTY^ L bPLW_S ZQ aTPb[ZTY_^ LYO ^`RRP^_TZY^ bSTNS ^_TX`WL_P TYOP[PYOPY_ ]PQWPN_TZY ZY _SP ]PWL_TZY MP_bPPY WLYR`LRP _SZ`RS_ LYO ]PLWT_dx $ ?SP A£VdL[LO¯dL T^ TYOPPO \`TP_ LMZ`_ -SL]_ŽSL]Tv^ ]PWTRTZ`^ []LN_TNP^ bSP]PL^ T_ SL^ L WZ_ _Z ^Ld LMZ`_ R]LXXL] LYO WLYR`LRP ^_]`N_`]P 5ZSY / 6PWWd _SP]PQZ]P SL^ L RZZO L]R`XPY_ bSPY SP ^_TNV^ _Z _SP ^_`Od ZQ R]LXXL] L^ _SP R`L]LY _PPO [L_S LYO ^`RRP^_^ L^ -SL]_šSL]Tv^ XLUZ] ]L_TZYLWP _SL_ _S]Z`RS _SP QZ]XLW _PNSYT\`P^ ZQ R]LXXL] ZYP NLY WPL]Y _Z ^PP _S]Z`RS _SP [W`]LWT_d ZQ XLYTQP^_PO QZ]X^ _Z _SP `YT_L]d NL`^P ZQ LWW   BP L]P RZTYR _Z ^`RRP^_ L ^TXTWL] ^ZW`_TZY _Z _SP ZYP [`_ QZ]bL]O Md 6PWWd LYO PX[SL^TeP dP_ LYZ_SP] L^[PN_% T_ T^ []PNT^PWd _SP XP_L[Sd^T NLW w^`[P]^_]`N_`]Px Z] wOPP[ ^_]`N_`]Px _SL_ LWWZb^ L NZY^T^_PY_ SZWT^_TN aTPb bSTNS PYNZX[L^^P^ WLYR`LRP [SPYZXPYLW ]PLWT_d LYO LM^ZW`_P ]PLWT_d 2]LXXL] _PWW^ `^ ^ZXP_STYR LMZ`_ _SP [W`]LWT_d ZQ QZ]X^ LYO `YT_d ZQ ^PY^P 4_ ]PaPLW^ _SP TY_P]]PWL_POYP^^ ZQ TYOTaTO`LW PY_T_TP^ LYO _SP]PMd TWW`^_]L_P^ NZXXZY ^_]`N_`]P^ bT_STY WLYR`LRP NZRYT_TZY LYO ]PLW bZ]WO [SPYZXPYL ?SP TYOTaT^TMWP ^PY_PYNP aTPb ^SPO^ WTRS_ ZY _SP ]PWL_TZY^ST[ ZQ _SP [L]_ LYO _SP bSZWP LYO T^ _SP]PQZ]P ^PPY Md -SL]_šSL]T L^ L XT]]Z] ZQ _SP ]PWL_TZY^ST[ MP_bPPY _SP bZ]WO LYO -]LS XLY _SP QZ`YOL_TZY ZQ LWW PcT^_PYNP ,YO YZ_ WPL^_ OZP^ R]LXXL] _PWW `^ ^ZXP_STYR LMZ`_ _SP ML^T^ ZQ WLYR`LRP YLXPWd _SP ^_]`N_`]P ZQ _STYVTYR LYO _SP PcT^_PYNP ZQ L []P]PQWPcTaP TY_`T_TZY []L_TMS£ _SL_ PYLMWP^ `^ _Z NZYNPTaP ZQ `YT_^ ZQ XPLYTYR w>TYYPTYSPT_PYx w>TYYRP^_LW_PYx 2]LXXL] SL^ _SP]PQZ]P LW^Z RYZ^_TN ]PWPaLYNP QZ] -SL]_šSL]T 4_ XLd MP P\`L_PO bT_S DZRL MPNL`^P T_ XLVP^ `^ LbL]P ZQ L wQ`^TZY dZRL _SL_ []PNPOP^ _SP FL`OTMWPH bZ]O ²LMOL[¼]aL x LYO WPLO^ _Z _SP LNVYZbW PORPXPY_ ZQ _SP `YTaP]^LW YL_`]P ZQ _SP ^[T]T_ LYO _SP .ZXX`YTNL_TaP -]LSXLY _SP `W_TXL_P WTYR`T^_TN QZ`YOL_TZY wMPQZ]Px LYO MPdZYO _SP XLYTQP^_ bZ]O^ ?SP `YNWPL] _P]X w²LMOL[¼]aLdZRLx   ^PPX^ _Z MP NWZ^PWd ]PWL_PO _Z -SL]_šSL]Tv^ TY_`T_TZY _SPZ]d LYO bSL_ SP NLWW^ _SP w>PPTYRx Z] waT^TZYL]dx WPaPW ZQ WLYR`LRP ?Z -SL]_šSL]T R]LXXL] L[ [PL]^ _Z MP YZ_ ZYWd LY LNLOPXTN `YOP]_LVTYR M`_ LW^Z L NZY_PX[WL_TaP LN_ _SL_ LWWZb^ QZ] LY TY_`T_TaP TY^TRS_ TY_Z _SP YL_`]P ZQ -]LSXLY _SP `YXLYTQP^_ ^[SZ¶L Z] _Z_LWT_d ZQ `YT_^ ZQ XPLYTYR w>TYYRLYeP^x -SL]_šSL]T ^_L]_^ ST^ A£VdL[LO¯dL bT_S ST^ ZbY aTPb ZQ -]LSXLY z L -]LSXLY TYPc_]TNLMWd NZYYPN_PO bT_S WLYR`LRP LYO NZXX`YTNL_TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 3Z`MPY >LÀMLYOSL>LX`OOP²L  #   6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x "   4Y QLN_ -SL]_šSL]T OZP^ YZ_ `^P _ST^ YZXTYLWTeL_TZY M`_ XZ]P NZX[WPc ^_L_PXPY_^ WTVP w²LMOL[¼]aP©L dZRPYL x A£VdL[LO¯dL  LYO Aš__T ZY A£VdL[LO¯dL & ^PP LW^Z _SP Aš__T^ ZY A£VdL[LO¯dL   $ LYO Z`] OT^N`^^TZY MPWZb ZY _SP _S]PP WLYR`LRP WPaPW^

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!$

LMTWT_d ?ST^ ^_]L_PRTNLWWd NPY_]LW [WLNP NLWW^ QZ] _SP TY_P][]P_L_TZY _SL_ _SP -]LSXLY XP_L[Sd^TN^ QZ]X^ _SP ML^TN QZ`YOL_TZY ZQ ST^ PY_T]P WTY R`T^_TN ^d^_PX 4_ T^ LY T]]PO`NTMWP L^[PN_ bSTNS NLYYZ_ MP ^VT[[PO ZaP] LYO Z`] NZY_PY_TZY T^ _SL_ T_ T^ X`NS XZ]P NZYYPN_PO bT_S -SL]_šSL]Tv^ `YT_L]d ^PY_PYNP aTPb _SLY SL^ MPPY ]PLWTePO ^Z QL] BP bTWW _SP]PQZ]P RTaP _SP QT]^_ aP]^P L NWZ^P] WZZV TY _SP YPc_ NSL[_P] 4Y _SP NSL[_P]^ _SL_ QZWWZb bP []P^PY_ TY XZ]P OP_LTW -SL]_šSL]Tv^ aP]d XZOP]Y^Z`YOTYR N`W_`]LW _SPZ]d bSTNS T^ L_ _SP ^LXP _TXP L []ZQZ`YO N`W_`]LW N]T_TNT^X YZ_LMWd L N]T_TNT^X ZQ QZ]XLW LYLWd_TNLW ^d^_PX^ NZ`[WPO bT_S L _SPZ]d ZQ []L_TMS£  wTY_`T_TZYx ?ST^ _SPZ]d NZYYPN_^ bT_S -SL]_šSL]Tv^ OTQQP] PY_TL_TZY ZQ OTQQP]PY_ WPaPW^ Z] OTXPY^TZY^ ZQ WLYR`LRP bSTNS bTWW NZY NW`OP Z`] OT^N`^^TZY LYO WPLO `^ MLNV _Z _SP \`P^_TZY ZQ R]LXXL] LYO ^Z_P]TZWZRd ?SP WLYR`LRP WPaPW^ SPW[ _Z Pc[WLTY TY L NZY^T^_PY_ XLYYP] _SP QW`TO MZ`YOL]TP^ MP_bPPY WLYR`LRP LYO NZY^NTZ`^YP^^ z TP _SPT] YL_`]LW NZY_TY``X bSP]P Z_SP]^ ^PP L []ZQZ`YO RL[ 1Z] -SL]_šSL]T _SP]P T^ YZ_STYR Xd^_P]TZ`^ Z] Xd^_TNLW LMZ`_ _ST^% _SP w>PPTYRx WLY R`LRP WPaPW T^ YZ_STYR Z_SP] _SLY _SP ]PNZRYT_TZY ZQ _SP ^[SZ¶L ZQ L bZ]O Z] L ^PY_PYNP 4Y _ST^ ^PY^P ZQ NZ`]^P T_ T^ Xd^_P]TZ`^ LYO Xd^_T NLW MPNL`^P T_ LWbLd^ ]PXLTY^ XT]LN`WZ`^ SZb L `YT_L]d XPLYTYR L]T^P^ Q]ZX L XP]P ^P\`PYNP ZQ ^Z`YO^ Z] bSd L `YT_ ZQ XPLYTYR X`^_ YPNP^ ^L]TWd MPNZXP ^[WTY_P]PO TY_Z LY PXMZOTPO ^P\`PYNP ZQ ^Z`YO^ ^Z _SL_ NZXX`YTNL_TZY NLY [WLNP L_ LWW ?SP YPc_ NSL[_P] ^SZb^ _SL_ _ST^ T^ PcLN_Wd SZb -SL]_šSL]T `YOP]^_LYO^ _SP -]LSXLY MPNZXTYR _SP bZ]WO

 

?SP .ZXX`YTNL_TaP 2WZMLW 9P_bZ]V ZQ 8PLYTYR^

?SP QT]^_ _bZ aP]^P^ ZQ _SP A£VdL[LOÅdL ^Ld _SL_ _SP bSZWP ZQ PX[T]TNLW ]PLWT_d T^ L _]LY^X`_PO QZ]X aTaL]_L   ZQ _SP .ZXX`YTNL_TaP -]LSXLY -SL]_šSL]T ^[PLV^ TY _SP Aš__T bSTNS bP L^^`XP _Z MP ST^ L`_ZNZXXPY _L]d ZQ _SP wBZ]O-]LSXLYx ²LMOLM]LSXLY LYO TY _SP TYT_TLW 6£]TV£ aP]^P  ZQ PX[T]TNLW ]PLWT_d L^ wML^PO TY LYO L]T^TYR Q]ZX _SP bZ]Ox ²LMOL_L__aL  3ZbPaP] SP]P wbZ]Ox SL^ L^ WT__WP _Z OZ bT_S L bZ]O bT_S WPcTNLW NZY_PY_ L^ w_SP BZ]Ox TY _SP 2Z^[PW ZQ >_ 5ZSY LYO YPT _SP] OZP^ wbZ]Ox XPLY _SP ^Z`YO ^_]`N_`]P _SL_ T^ NZY_LTYPO TY _SP NZY NP[_ ZQ ²LMOL  4Y^_PLO T_ T^ L RWZMLW wQZ]X ZQ ^PY^Px bSTNS `YOP]WTP^ PaP]d_STYR _SL_ SL^ _Z OZ bT_S WLYR`LRP _STYVTYR LYO VYZbTYR bSTNS T^ bSd TY _ST^ NL^P bP _]LY^WL_P ±LMOL-]LSXLY L^ w.ZXX`YTNL_TaP -]LSXLYx LYO ²LMOL_L__aL L^ ^PWQPc[]P^^TaP wNZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^x ^TXTWL] _Z _SP XLYYP] TY bSTNS w_SP BZ]Ox ZQ >_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   -SL]_šSL]T `^P^ _SP aP]MLW QZ]X aTaL]_L_P ^PP MPWZb

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

5ZSY NLY MP _]LY^WL_PO L^ w^PY^Px QZ] TY^_LYNP TY _SP QLXZ`^ ^NPYP Q]ZX 2ZP_SPv^ 1L`^_   ,NNZ]OTYR _Z _ST^ _SPZ]d T_ T^ WLYR`LRP L^ L RWZMLW wQZ]X ZQ ^PY^Px TY bSTNS _SP `W_TXL_P ]PLWT_d XLYTQP^_^ T_^PWQ z L ]PLWT_d _SL_ `YOP]WTP^ LWW TYOTaTO`LW [SPYZXPYL LWW YLXP^ LYO LWW QZ]X^ ?SP Z]TRTYLW QZ`YOL _TZY ZQ WLYR`LRP L^ ]P^PL]NSPO Md _SP R]LXXL]TLY T^ TY T_^PWQ ^ZXP _STYR Z`_^TOP _TXP LYO `YNSLYRTYR ,^ _SP aLWTO _TXPWP^^ wQZ]X ZQ ^PY^Px _SL_ `YOP]WTP^ PaP]d_STYR _SL_ PcT^_^ ZYWd _SP 7TYR`T^_TN 1Z`YOL _TZY T^ _SP ML^T^ ZQ LWW _SP OTaP]^P LYO NSLYRTYR ZNN`]]PYNP^% w?SP TYPcSL`^_TMWP FZ]TRTYLW ^dWWLMWPH LV´L]L    _SP -]LSXLY bT_S YZ MP RTYYTYR LYO YZ PYO T^ _SP .ZXX`YTNL_TaP 2WZMLW 9P_bZ]V ZQ 8PLYTYR^

²LMOL_L__aL _SL_ []ZO`NP^ L [Sd^TNLW `YTaP]^P ULRL_ _S]Z`RS T_^ XP_L XZ][SZ^T^ TY_Z ZMUPN_^ ZQ ]PQP]PYNP L]_SL x 

:`] `Y`^`LW _]LY^WL_TZY ZQ _SP _P]X ²LMOL_L__aL LYO NZY^P\`PY_Wd ZQ _SP aP]^P L^ L bSZWP  ! T^ L YPb L[[]ZLNS _Z _SP ]TOOWP -SL]_šSL]Tv^ [STWZ^Z[Sd SL^ [Z^PO _Z XZOP]Y TY_P][]P_P]^ -L^TNLWWd _SP]P SLaP MPPY _bZ L[[]ZLNSP^ _Z `YOP]^_LYOTYR ²LMOL_L__aL  " YLXPWd ^TRYTQdTYR L ^[PPNS bZ]O WLYR`LRP L^ _SP P^^PYNP ZQ -]LSXLY LYO NZYaP]^PWd M -]LSXLY TOPY_TQTPO bT_S NZY^NTZ`^YP^^ L^ _SP P^^PYNP ZQ _SP bZ]O -`_ MZ_S L[[]ZLNSP^ N]PL_P []ZMWPX^ LRLTY^_ _SP MLNVR]Z`YO ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   2ZP_SP 1L`^_ /P] ?]LRØOTP P]^_P] ?PTW   QQ >_`__RL]_% =PNWLX $" " ^`R RP^_^ w^PY^Px L^ _SP QT]^_ _]LY^WL_TZY ZQ _SP wBZ]Ox QZWWZbPO Md w[ZbP]x LYO QTYLWWd Md wLN_TZYx =PXL]VLMWd LW^Z -SL]_šSL]Tv^ wRWZMLW QZ]X ZQ ^PY^Px T^ NSL]RPO bT_S Pc[]P^^TaP [ZbP]^ LYO TYYP] OdYLXT^X TY_]ZO`NPO TY A£VdL[LO¯dL    ?SP _P]X LV´L]L XLd MP U`^_ LY LOUPN_TaLW L[[Z^T_TZY _Z -]LSXLY ^PP QZ] TY^_LYNP 3LNVP]v^ _]LY^WL_TZY TY ATaL]_L   Z] LWW`OP _Z _SP []TXZ]OTLW TYOP^_]`N_TMWP ^dWWLMWP ZQ bSTNS _SP ‹RaPOL ^[PLV^ ^PP LMZaP LYO ^TXTWL]Wd 4^LdPaLv^ _]LY^WL_TZY TY 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X  "$ ?SP Aš__T SL^ T_^ ZbY YZYXd_STNLW Pc[WL YL_TZY ^LdTYR _SL_ -]LSXLY T^ NLWWPO wLV´L]Lx MPNL`^P T_ T^ _SP ^Z`]NP ZQ _SP ^dWWLMWP^ bSP]PZY _SP NZXX`YTNL_TZY ZQ XPLYTYR ]P^_^ ^PP MPWZb  LY£OTYTOSLYLÀ M]LSXL ²LMOL_L__aLÀ dLO LV´L]LX g aTaL]_L_P u]_SLMS£aPYL []LV]Td£ ULRL_Z dL_Là gg A£VdL[LOÅdL   ! .ZY^TOP] QZ] TY^_LYNP 4dP]v^ _]LY^WL_TZY% w?SP -]LSXLY bSZ T^ bT_SZ`_ MPRTYYTYR Z] PYO bSZ^P P^^PYNP T^ _SP BZ]O  bSZ T^ _SP NL`^P ZQ _SP XLYTQP^_PO [SZYPXP^ bSZ L[[PL]^ L^ _SP ZMUPN_^ Q]ZX bSZX _SP N]PL_TZY ZQ _SP bZ]WO []ZNPPO^x -d NZY_]L^_ =L` ^`RRP^_^ TY ST^ 2P]XLY _]LY^WL_TZY POT_PO Md :^VL] aZY 3TYÞMP] >_`__RL]_% >_PTYP]  % w:SYP ,YQLYR `YO 0YOP T^_ OL^ M]LSXLY  bPWNSP^ OL^ `YaP] RÆYRWTNSP bLS]P BP^PY OP^ BZ]_P^ OL]^_PWW_ L`^ OPX ^TNS OTP 3P]aZ]M]TYR`YR OP] BPW_ O`]NS OTP 0Y_bTNVW`YR e` /TYRPY PY_QLW_P_x LYO ^TXTWL]Wd 3Z`MPY >LÀMLYOSL >LX`OOP²L  $ bT_S L NZY^NTZ`^Wd `Y`^`LW _]LY^WL_TZY ZQ aTaL]_L_P% x-PRTYYTYR LYO PYOWP^^ -]LSXLY bSTNS T^ _SP TX[P]T^SLMWP P^^PYNP ZQ WLYR`LRP MPSLaP^ TY aL]T Z`^ bLd^ aTaL]_L_P L^ _SP _STYRXPLY_& Md aT]_`P ZQ bSTNS _SP bZ]WO []ZNPPO^x ?SP T_LWTN^ TY _SP 0YRWT^S _Pc_^ L]P Z`]^  " :Y _SP^P _bZ L[[]ZLNSP^ PLNS ZQ bSTNS SLaP MPPY SPWO Md ]PYZbYPO ^NSZWL]^ ^PP _SP QZ]PRZTYR QZZ_YZ_P& -]ZYVSZ]^_ w7v,M^ZW` OLY^ WP A£VdL[LO¯dLx !z $& LYO 3Z`MPY >LÀMLYOSL>LX`OOP²L  $ Y

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

bSZWP ZQ _SP A£VdL[LO¯dL LYO ZY _SP^P R]Z`YO^ SLaP MPPY ]PUPN_PO Md 5ZSLYYP^ -]ZYVSZ]^_ 3P ^`RRP^_^ L^ L w_ST]O [Z^^TMTWT_dx ZQ RWZ^^TYR ²LMOL_L__aL bT_S w_Z_LWT_Ëx Z] wWP _Z`_x LYO []Z[Z^P^% w^T WP _Z`_ P^_ ]ËPW NZY_]LT]PXPY_  ^P^ [L]_TP^ WL ]ËLWT_Ë `W_TXP WvLM^ZW`_ YP [P`_ \`vê_]P WL _Z_LWT_Ë OP _Z`_ NP \`T PcT^_P NZYç` NZXXP `YP ^P`WP PY_T _Ëx  # -]ZYVSZ]^_v^ TY^TRS_Q`W NZY_]TM`_TZY WZNL_P^ -SL]_šSL]Tv^ XP_L [Sd^TN^ TY L OT^N`^^TZY ZQ _SP [L]_bSZWP ]PWL_TZY^ST[ bSTNS T^ TYOPPO LY TX[Z]_LY_ L^[PN_ M`_ SP YPRWPN_^ _SP QLN_ _SL_ -SL]_šSL]T OZP^ YZ_ ZYWd ^[PLV ZQ w_L__aLx M`_ U`c_L[Z^P^ T_ bT_S w²LMOLx  $ BP _SP]PQZ]P ^_]P^^ _SP L^[PN_ ZQ WLYR`LRP LYO XPLYTYR -SL]_šSL]T OZP^ YZ_ ^PPX _Z ^[PLV TY _SP QT]^_ TY^_LYNP ZQ ]PLW _STYR^ M`_ ZQ TYOTaTO`LW QZ]X^ ZQ ^PY^P Z] XPLYTYR `YT_^ w>TYYPTYSPT_PYx w>TYYRP^_LW_PYx LYO NZYNP[ _`LWTeP^ -]LSXLY L^ _SP _Z_LWT_d ZQ XPLYTYR w>TYYRLYeP^x 3P XLVP^ L [ZTY_ _SL_ PdP^TRS_ T^ ^`T_LMWP QZ] [P]NPTaTYR aT^TMWP ZMUPN_^ bSP]PL^ _SP bZ]O T^ ^`T_LMWP QZ] Pc[]P^^TYR XPLYTYR ! ?SP ]PWL_TZY^ST[ MP_bPPY -]LSXLY LYO _SP [Sd^TNLW `YTaP]^P T_^ PXMZOTPO L[[PL]LYNP T^ L NZX[WPc ZYP LYO OPQTYPO Md NZY_TY`T_d `YT_d LYO OTQQP]PYNP [W`]LWT_d LYO NSLYRP -d OP_P]XTYTYR _SP -]LSXLY aTL WLYR`LRP LYO XPLYTYR TP aTL _SP ^[SZ¶L Z] wM`]^_TYR QZ]_Sx ZQ XPLYTYR -SL]_šSL]T TY_]ZO`NP^ L ^_]ZYRWd OdYLXTN L^[PN_ TY_Z _SP TXLRP ZQ `W_TXL_P ]PLWT_d 4Y _SP -]LSXLY L^ _SP RWZMLW wQZ]X ZQ ^PY^Px TYSP]P LWW [Z^^TMTWT_TP^ ZQ MPTYR 4_ T^ YZ_ L ^_L_TN R]Z`YO M`_ TYSP]PY_Wd wNZXX`YTNL_TaPx MPTYR NSL]RPO bT_S N]PL_TaP [ZbP]^ _Z Pc[]P^^ LYO Q]LN_TQd T_^PWQ TY PaP] YPb QZ]X^ A£VdL[LO¯dL  ^[PLV^ ZQ LY TYYP] OdYLXT^X bT_STY -]LSXLY LYO _SP RWZ^^ aš__T ZY  []P QTR`]P^ _ST^ TOPL% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  # -]ZYVSZ]^_ w7v,M^ZW` OLY^ WP A£VdL[LO¯dLx ! ?SP bSZWP [L^^LRP ]PLO^% w7P _Z`_ P^_ WP ]ËPW _LYOT^ \`P ^P^ [L]_TP^ YP WP ^ZY_ [L^ .P []TYNT[P ^vË_PYO  _Z`_P NSZ^Px TMTO !& wm ^T WP _Z`_ P^_ ]ËPW NZY_]LT]PXPY_  ^P^ [L]_TP^ WL ]ËLWT_Ë `W_TXP WvLM^ZW`_ YP [P`_ \`v۶_]P WL _Z_LWT_Ë OP _Z`_ NP \`T PcT^_P NZYç` NZXXP `YP ^P`WP PY _T_Ë .P__P _Z_LWT_Ë P^_ _PX[Z]PWWP L`^^T MTPY \`P ^[L_TLWP 7L ]PWL_TZY PY_]P WvLM^ZW`_ P_ WL XZYOP [SËYZXËYLW P^_ OZYN WL ]PWL_TZY PY_]P WP _Z`_ P_ ^P^ [L]_TP^ :Y [Z`]]LT_ Xv۶XP LUZ`_P] \`P WvLM^ZW`_ P_ WL XZYOP [SËYZXËYLW \`ZT\`P ]ËPW P_ T]]ËPW ]P^[PN_T aPXPY_ YP ^ZY_ [L^ OTQQP]PY_x TMTO !  $ ?ST^ L^[PN_ TY _`]Y L^ MPPY PX[SL^TePO Md .ZbL]O w8PLYTYR LYO ;ZbP] ZQ 8LY _]L^x !"z!# bSZ ^`RRP^_^ L NZXMTYPO aP]^TZY ZQ _SP L LYO M _d[P LYO OPQTYP^ ²LMOL_L__aL L^ wbZ]ONZY^NTZ`^YP^^x 3P Pc[WLTY^ TMTO% wm _SP P^^PYNP ZQ -]LS XLY T^ ZQ _SP YL_`]P ZQ _SP bZ]O  LYO _SP bZ]O T^ `YOP]^_ZZO  _Z MP ^dYZdXZ`^ bT_S XPLYTYR m ,W_SZ`RS `YT_L]d TY YL_`]P _ST^ OTaTYP bZ]ONZY^NTZ`^YP^^ XLYTQP^_^ T_^PWQ TY _SP OTaP]^T_d ZQ bZ]O^ _SL_ XLVP `[ ^[PPNS m FBHZ]O^ XPLYTYR^ LYO NZY ^NTZ`^YP^^ L]P P_P]YLWWd NZYYPN_PO LYO _SP]PQZ]P YPNP^^L]TWd ^dYZYdXZ`^ 4Q _ST^ P_P]YLW TOPY_T_d bP]P _Z OT^L[[PL] VYZbWPORP LYO NZXX`YTNL_TZY bZ`WO NPL^P _Z Pc T^_x ! dL_S£ []L©TST_LÀ NLV´`] OL]²LY£dZ[LVLW[L_P g _L_S£MST^LÀST_Là ²LMOZ MSaL_d L]_SL^dL a£NLVLà gg  A£VdL[LO¯dL 

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

wBSL_ bP L]P ^[PLVTYR LMZ`_ T^ _SP -]LSXLY 4_^ _]`P YL_`]P T^ MPdZYO LWW TXLRTYL_TZY ?]LY^NPYOTYR _SP TYOTaTO`L_TZY F_SL_H LWbLd^ NZPcT^_^ TY T_ LWW [Z^^TMTWT_TP^ FZQ MPTYRH ²LV_T ObPWW TY T_ 4_ T^ YZ_ [W`]LW LYO dP_ TY T_ _SP]P T^ XLYTQP^_PO L [W`]LWT_d ZQ aT^TMWP LYO TYaT^TMWP FQZ]X^ ZQ L[[PL] LYNPHx !

?SP ,M^ZW`_P T^ YZ_ [W`]LW OTaTOPO SLaTYR [L]_^ L[]LaTMSLV_L  LYO dP_ L [W`]LWT_d ZQ QZ]X^ []LaTMS£RL]¼[L T^ XLYTQP^_PO TY T_ ?ST^ L[ [L]PY_Wd wT]]L_TZYLWx QZ]X ZQ _STYVTYR ^PPX^ _Z MP T]]PNZYNTWLMWP bT_S L ]L_TZYLWT^_TN bZ]WO Z]TPY_L_TZY BP SLaP YZ_ NZXP LN]Z^^ T_ ^TYNP _SP NSL[_P]^ ZY _SP APOL bSP]P T_ L[[PL]PO L^ L _d[TNLW QPL_`]P ZQ Xd_STNLW _SZ`RS_ =PXPXMP] _SP ZYP LYO [W`]LW =`O]L Z] _SP Xd^_P]TZ`^ wTYPc SL`^_TMWPx Z] wTYOP^_]`N_TMWPx ,V´L]L ^dWWLMWP _SL_ T^ ^TYR`WL] LYO _SZ` ^LYOQZWO ?SP ZYP ^dWWLMWP T^ _SP bSZWP LYO L_ _SP ^LXP _TXP _SP [L]_^ LYO dP_ LWbLd^ ]PXLTYTYR _SP `YOTaTOPO bSZWP wTY _SP STRSP^_ SPLaPY^x -SL]_šSL]T LWW`OP^ _Z _ST^ TXLRP TY _SP QT]^_ aP]^P ZQ _SP A£VdL[LO¯dL Md `^TYR _SP _P]X ,V´L]L LYO ]PWL_TYR T_ _Z @[LYT´LOTN -]LSXLY bSTNS T^ PaP]d_STYR LYO L_ _SP ^LXP _TXP ZYP bT_SZ`_ L ^PNZYO BSP]PL^ Xd_ST NLW _SZ`RS_ OZP^ YZ_ _]d _Z Pc[WLTY _SP ]PWL_TZY^ST[ MP_bPPY _SP ZYP LYO _SP XLYd ]L_TZYLW _SZ`RS_ OZP^ -SL]_šSL]T Pc[WLTY^ T_ bT_S _SP NZYNP[_ ZQ [Z_PY_TLWT_TP^ Z] w[ZbP]^x ²LV_T _SL_ TYSP]P TY -]LSXLY LYO LNNZ`Y_ QZ] _SP [W`]LW ]PLWT_d TP _SP OTaT^TZY ZQ _SP ZYP A£VdL[LO¯dL  SL^ _ST^ _Z ^Ld ZY _SP ^`MUPN_% w4_ T^ _L`RS_ Md _SP LYNTPY_ _]LOT_TZY _Z MP _SP :YP dP_ T_ T^ _SP LMZOP ZQ OTQQP]PY_ [Z^^TMTWT_TP^ FZ]H [ZbP]^ ²LV_T  ,W_SZ`RS T_ T^ TYOTaT^TMWP T_ YPa P]_SPWP^^ NZXP^ _Z MP OTaTOPO ZbTYR _Z _SP^P [ZbP]^x !

-SL]_šSL]T _PWW^ `^ _SL_ _SP^P [ZbP]^ L]P TOPY_TNLW bT_S -]LSXLY LYO L_ _SP ^LXP _TXP OTQQP]PY_ Q]ZX T_ _SL_ _SP `W_TXL_P ]PLWT_d T^ YPT_SP] ZYP YZ] OTaTOPO ! LYO _SL_ _SP [ZbP]^ L]P wPc_]PXPWd XT]LN`WZ`^x ^TYNP _SPd XLYTQP^_ _SP [L]_WP^^ LYO ^P\`PYNPWP^^ P^^PYNP TY [L]_^ LYO ^P \`PYNP^ LYO M]TYR QZ]_S ^ZXP_STYR bSTNS OTO YZ_ PcT^_ MPQZ]P ! ?SP _P]X ²LV_T LYO _SP TOPL ZQ XLYd N]PL_TaP [ZbP]^ TYSP]TYR TY _SP 2ZOSPLO ]PXTYO^ `^ ZQ WL_P] ?LY_]L _SPZWZRd LYO ZYP ZQ _SP XZ^_ NPY _]LW ?LY_]TN LcTZX^ T^ _SL_ ±LV_T T^ YZYOTQQP]PY_ LYO OTQQP]PY_ Q]ZX _SP 2ZOSPLO LYO ]P^[ZY^TMWP QZ] _SP PXLYL_TZY ZQ _SP [Sd^TNLW `YTaP]^P -`_ TY ?LY_]L _SP^P [ZbP]^ L]P [P]^ZYLWTePO L^ QPXLWP OPT_TP^ Z] `YOP] ^_ZZO L^ PYP]Rd QZ]X^ -SL]_]SL]Tv^ [ZbP]^ Md NZY_]L^_ L]P NZX[WP_PWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ^L]aLaTVLW[£_Å_L_L__aLÀ MSPOL^LÀ^L]RL^LXL_TV]LXP©L ^LX£aT´¶LÀ ^L]a£MSTà ²LV_TM ST] aTOd£aTOd£[]LaTMS£RL]¼[LX L[]LaTMS£RLÀ m M]LSXP_T aTUÓ£dL_P g Aš__T ZY A£V dL[LOÅdL  PO 4dP] z ! PVLX PaL dLO £XY£_LÀ MSTYYL²LV_TadL[£²]Ld£_ g L[š_SLV_aP u[T ²LV_TMSdLà [š_SLV_aPYPaL aL]_L_P gg A£VdL[LO¯dL  ! A£VdL[LO¯dL  ! A£VdL[LO¯dL $ ^PP LW^Z  

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

YZYXd_STNLW LYO SLaP YZ_STYR _Z OZ bT_S ^`[P]S`XLY MPTYR^ Z] OTaTYP PYP]RTP^ LW_SZ`RS _SPd L]P NLWWPO wXT]LN`WZ`^x -SL]_šSL]Tv^ ²LV_T^ L]P _TXP ^[LNP _SP OT]PN_TZY^ ^`M^_LYNP TYSP]PYNP LYO XZ]P ^`MUPN_TaP NL[LNT_TP^ WTVP TXLRTYL_TZY LYO Pc[]P^^TaP [ZbP] ! ?TXP LYO ^[LNP LYO WTVPbT^P TXLRTYL_TaP _SZ`RS_ LYO WTYR`T^_TN XPLY^ ZQ Pc[]P^^TZY L]P _SP [ZbP]^ _SL_ L]P OTQQP]PY_ Q]ZX _SP ^`[]PXP BZ]O LYO YZ_ OTQQP] PY_ Q]ZX T_ bSTNS MPWZYR _Z T_ LYO OZ YZ_ MPWZYR _Z T_ bSTNS L]P ]PLW LYO `Y]PLW L_ _SP ^LXP _TXP z LYO _SP ^LXP T^ _]`P QZ] LWW PX[T]TNLW [SP YZXPYL 4Y -SL]_šSL]Tv^ NL^P _SP TOPL _SL_ _SP bSZWP T^ TOPY_TNLW LYO YZY TOPY_TNLW bT_S T_^ [L]_^ ]PQWPN_^ ST^ ^[SZ¶L _SPZ]d LYO wTYOTaT^TMWP ^PY _PYNPx aTPb ,WW XZOTQTNL_TZY^ _SZ`RS L[[L]PY_Wd OTQQP]PY_ Q]ZX ZYP LYZ_SP] L]P WTYR`T^_TN ^SL]TYR _SP ^LXP RPYP]L_TaP ^Z`]NP 4Q -SL]_šSL]T ^[PLV^ ZQ _TXP LYO ^[LNP L^ Q`YOLXPY_LW [ZbP]^ SP Pc[WTNT_Wd WTYV^ _ST^ TOPL _Z WLYR`LRP PR _SP _PY^P^ [L^_ []P^PY_ LYO Q`_`]P ?SP _PX[Z]LW [ZbP]^ V£WL²LV_T SLaP L NPY_]LW ]ZWP ^TYNP _SPd LNNZ`Y_ QZ] _SP _]LY^ QZ]XL_TZY ZQ _SP [P]XLYPY_ TY_Z _PX[Z]LW LYO ^P\`PY_TLW PcT^_PYNP bSTNS ZY _SP NZ^XZWZRTNLW [WLYP XPLY^ _SP ^Tc YL_`]LW XZOTQTNL_TZY^ ^_L]_TYR bT_S MT]_S 4_ T^ P^^PY_TLW QZ] -SL]_šSL]T SZbPaP] _SL_ -]LSXLY Z] ±LMOL ?L__aL T_^PWQ T^ Q]PP Q]ZX ^[L_TLW LYO _PX[Z]LW WTXT_L_TZY^ z PcLN_Wd WTVP _SP ^[SZ¶L -SL]_ŽSL]Tv^ Q`YOLXPY_LW [L]LOTRX QZ] `YOP]^_LYOTYR _SP bZ]WO T^ WLYR`LRP LYO SP NLY ZYWd TXLRTYP WLYR`LRP Z]RLYTePO TY L SZWT^_TN XLYYP] L^ T^ ]PaPLWPO TY ST^ OPWTMP]L_TZY^ ZY _SP [ZWd^PXd ZQ bZ]O^ :YP bZ]O PYNZX[L^^P^ L X`W_T_`OP ZQ ^PXLY_TN WTYV^ LYO ZYWd MPNZXP^ NZX[]PSPY^TMWP TY L bSZWP ^PY_PYNP `YT_ LYO L bSZWP `YT_ ZQ ^PY^P ?ST^ OTXPY^TZY ZQ ^PY^P T^ Pc_PYOPO _Z LWW [Z^^TMWP ^PY_PYNP^ LYO _Z _SP _Z _LWT_d ZQ PcT^_PYNP 3P]P _SP ^[SZ¶L L__LTY^ ZY_TN LYO NZ^XTN OTXPY ^TZY^ 4Q _SP _]`P u RP^_LW_ v ZQ L bZ]O T^ TYOTaT^TMWP T_ NLY ZYWd MP `YOP] ^_ZZO SZWT^_TNLWWd TY L aP]d `YTaP]^LW ^PY^P TP bT_STY _SP PYNZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP XZ^_ TX[Z]_LY_ ²LV_T ^PPX^ _Z MP _TXP V£WL²LV_T bSZ T^ TY_]ZO`NPO aP]d YPL] _SP MPRTYYTYR% ^PP A£VdL[LO¯dL  LYO .ZbL]O w8P_L[Sd^TN^x TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW  #z ,YZ_SP] STRSWd PXTYPY_ ²LV_T T^ ]PWL_TZY Z] TYSP] PYNP ^LXLa£dL L^ -]ZYVSZ]^_ [ZTY_^ Z`_ TY ST^ L]_TNWP w7v,M^ZW` OLY^ WP A£VdL [LO¯dLx !z! 3P ]PQP]^ _Z A£VdL[LO¯dL !z$ LYO NT_P^ TMTO !% wm PWWP F^LXLa£dLH P^_ `Y [Z`aZT] \`T L^^T^_P WP^ FL`_]P^H [Z`aZT]^& PWWP P^_ L`OPW OP OTQQË ]PYNP P_ TOPY_T_Ë P_ PcT^_P Ov`YP QL ç ZY _Z`_  QLT_ OTQQË]PY_P >PWZY WL _]LOT_TZY F\`T aT PY_H OP^ LYNTPY^ WL ]PWL_TZY `YTaP]^PWWP \`T OË[L^^P WP^ NL]LN_Ë]T^_T\`P^ OP _Z`_P^ WP^ NL_ËRZ]TP^ QLaZ]T^P FNP ^LXLa£dLHx 4^LdPaL 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTa T^X "z# ZY _SP Z_SP] SLYO [`_^ L ^[PNTLW PX[SL^T^ ZY _SP ²LV_T ZQ TXLRTYL_TZY aTVLW[L LYO Pc[]P^^TaP [ZbP] LMSTO£²LV_T LYO ]PWL_P^ _SP WL__P] _Z [ZP_TN ^[PPNS LYO _SP N]PL_TaP LN_TaT_d ZQ _SP [ZP_ z _SP wLP^_SP_TN NZ`Y_P][L]_x ZQ _SP w[ZbP] ZQ bZ]O^x TY w_SP N]PL_TaP `]RP XLYTQP^_PO ZY _SP NZ^XZWZRTNLW [WLYP ZQ PcT^_PYNPx TMTO "

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

[L^^TYR ^[SP]P ZQ L NZ^XTN bSZWP TY bSTNS YPT_SP] _SP bZ]O^ YZ] _SP [Sd^TNLW PY_T_TP^ SLaP L ^P[L]L_P MPTYR Q]ZX _SP ]P^_ ZQ _SP bZ]WO 1Z] -SL]_šSL]T _SP bSZWP T^ LWbLd^ XZ]P ]PLW _SLY _SP [L]_^ LYO _SP PY^`TYR ML^TN TY^TRS_ ZQ L RWZMLW QZ]X ZQ ^PY^P z bSTNS NLY MP OP^N]TMPO L^ L YP_bZ]V ZQ TYY`XP]LMWP ]PWL_TZY^ LYO ^PXLY_TN WTYV^ !! z T^ QZ] STX _SP LN_`LW XP_L[Sd^TNLW ML^T^ QZ] PcT^_PYNP ?SP]PQZ]P R]LXXL] SL^ L ^Z_P ]TZWZRTNLW OTXPY^TZY 0aP]d ^PY_PYNP T^ LY TYOTNL_TZY ZQ _SP wRWZMLW QZ]X ZQ ^PY^Px ZQ _SP .ZXX`YTNL_TaP -]LSXLY _SL_ MPNZXP^ PXMZOTPO Md T_ ?SP ^PY_PYNP^ ZQ WLYR`LRP _SP]PQZ]P OZ YZ_ N]PL_P ^PY^P z L^ _SP 8¯X£À^LVL^ TXLRTYP z M`_ _SPd [ZTY_ _Z L ^`[]LTYOTaTO`LW LYO _TXP WP^^ ^PY^P L ^PY^P _SL_ L_ _SP ^LXP _TXP T^ 0cT^_PYNP T_^PWQ -SL]_ŽSL]T ^[PLV^ TY ST^ XP_L[Sd^TN^ w^`M ^[PNTP LP_P]YT_L_T^x TP Q]ZX _SP ^_LYNP ZQ L _TXPWP^^ STRSP] ^[SP]P 3ZbPaP] _ST^ 3TRSP] 4Y ^_LYNP ZYWd ]PaPLW^ T_^PWQ TY L bZ]WOWd _]LY^QZ]XL_TZY >Z -SL]_ŽSL]Tv^ ZY_ZWZRd NZ`WO MP NLWWPO L w_]LY^QZ]XL_TZY ZY_ZWZRdx .SL]LN_P]T^_T NLWWd _SP WTYR`T^_TN [STWZ^Z[SP] `^P^ _SP _P]X aTaL]_L_P TY ST^ QT]^_ aP]^P LYO _SP Aš__T LW^Z VYZb^ _SP YZXTYLW QZ]X aTaL]_L  w_]LY^QZ]XL_TZY _]LY^X`_L_TZYx  uaTv ( XZ]P Z] WP^^ w_]LY^x WTVP TY w_]LY^R]P^^x Z] w_]LY^N`W_`]LWx M`_ bT_S LY TYSP]PY_ ^PY^P ZQ X`W_T[WTNL_TZY Z] OTaT^TZY  √aš_ ( wX`_L_P NSLYRP F]Z_L_PHx F aZW_L] H ?SP Aš__T SL^ _ST^ _Z ^Ld ZY _SP ^`MUPN_% wFBSL_ OZP^ _]LY^QZ]XL_TZY aTaL]_L XPLY*H u?]LY^QZ]XL_TZYv XPLY^ _SL_ _SP :YP YPaP] OPaTL_P^ Q]ZX T_^ _]`P MPTYR LYO FdP_H L[[PL]^ _Z ^[WTY_P] Md MPTYR aTPbPO L^ L OTQQP]PY_ LYO [W`]LW QZ]X bSTNS T^ YZ_ ]PLWWd _SP]P ?ST^ T^ WTVP _SP bLd TXLRP^ L[[PL] TY O]PLX^x !"

-SL]_šSL]Tv^ NZYNP[_TZY ZQ aTaL]_L MPNLXP VYZbY L^ wATaL]_L A£OLx wOZN_]TYP ZQ ATaL]_Lx XPLYTYR L NP]_LTY NZ^XZWZRTNLW OZN_]TYP ZQ PXLYL_TZY LYO bL^ ]PbZ]VPO TY WL_P] [STWZ^Z[STNLW OT^NZ`]^P TY_Z L

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! 4_ T^ YZ_PbZ]_Sd _SL_ 4^LdPaL 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X LW^Z ^[PLV^ ZQ L wYP_ ZQ XPLYTYR^x LW_SZ`RS SP] LYLWd^T^ ZQ A£VdL[LO¯dL z LYO Aš__T Z_SP] bT^P OTQQP]^ Q]ZX Z`]^ >SP Pc[WLTY^ _SP ^[SZ¶L TY _P]X^ ZQ ^[LYOL L^ L w[`W^L_TZYx LYO w^STXXP]TYRx TMTO   LYO N]PL_TZY L^ wv[`W^L_TZYv L u^STXXP]TYRv Z] Z^NTWWL_ TYR bLaP ZQ XPLYTYR L u[L__P]Yv Z] uYP_v bSTNS T^ _Z_LWWd OPaZTO ZQ LYd ^`M^_]L_Px TMTO  :Y _SP Z_SP] SLYO N]PL_TZY T^ LW^Z OPQTYPO L^ L wuXLYTQP^_L_TZYv ZQ _SP STOOPY XPLYTYRx TMTO $ Z] L^ L wuN]PL_TZY ZQ XPLYTYR^v L]_SL V]Td£x TMTO ! ,WZYR _SP^P WTYP^ 4^LdPaL NZY_PYO^% w?SP -]LSXLYBZ]O ²LMOL M]LSXLY T^ YZ_STYR M`_ L [P][P_`LW ^STXXP]TYR [P][P_`LW [`W^L_TZY ZQ XPLYTYR^ TXLRP^ _STYR^ 0WPXPY_^ _SPX^PWaP^ L]P TY_P]NSLYRPLMWP _SPd OT^^ZWaP LYO XPW_ LbLd _SPd OT^L[[PL] ZYWd _Z MP ]P[WLNPO Md YPb ZYP^& bSL_ ]PXLTY^ T^ _SP PYP]RP_TN NSL]RP bSTNS LRLTY LYO LRLTY M]TYR^ LWZYR _SP ^LXP ^_]`N_`]P _SP ^LXP ^P_ ZQ PWP XPY_^ _SP ^LXP [L__P]Y ZQ MPTYRx TMTO $ Q !" PVL^dL _L__a£O L[]LNd`_L^dL MSPO£Y`V£]P©£^L_dLaTMSLV_£YdL]¼[Z[LR]£ST_£ aTaL]_Là g ^aL[YLaT´LdL[]L_TMS£^LaL_ g Aš__T ZY A£VdL[LOÅdL  PO 4dP] #z$

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

OZN_]TYP ZQ TWW`^TZYT^X !# 8LYd PXTN LYO P_TN TY_P][]P_P]^ L__]TM`_PO _Z -SL]_šSL]T STX^PWQ L OZN_]TYP ZQ TWW`^TZYT^X LYO LNLOPXTN ]P^PL]NSP]^ ^`^[PN_PO -`OOST^_ TYQW`PYNP -`OOST^_ ATUÓ£YL A£OL LYO 8£OSdLXTVL TYQW`PYNP XLd MP _SP]P z _SP O]PLX TWW`^_]L_TZY LYO _SP OZ`MWP LYO QZ`] QZWO YPRL_TZY QTR`]P^ ZQ -SL]_šSL]T bZ`WO QT_ TY bPWW bT_S T_ z M`_ _SP TWW`^TZYT^_ TY_P][]P_L_TZY XT^^P^ L XLUZ] [ZTY_ >TYNP QZ] -SL]¶]SL]T _SP bSZWP T^ LWbLd^ XZ]P ]PLW _SLY T_^ [L]_^ SP ^ZXP_TXP^ NLWW^ _SP [L]_^ w`Y]PLWx MPNL`^P _SPd L]P w`Y]PLWx L^ `Y]PWL_PO ^TYR`WL]^ ?SP PY_T_TP^ ZQ _SP bZ]WO L]P L^ w`Y]PLWx L^ _SP bZ]O^ TY L ^PY_PYNP 4Y QLN_ -SL]_šSL]Tv^ [Z^T_TZY L[[PL]^ _Z MP `__P]Wd ]PLWT^_ PaPY bSPY SP ^[PLV^ w^`M ^[PNTP LP_P]YT_L_T^x ?SP O]PLXWTVP L[[PL]LYNP^ L]P YZ_ `Y]PLW MPNL`^P _SPd L]P LWW L[[PL]LYNP^ ZQ _SP 7TYR`T^_TN _SL_ T^ Md T_^ aP]d YL_`]P _TXPWP^^ >Z _SPd L]P TY QLN_ wSTP]Z[SLYTP^x L[[PL]LYNP^ ZQ _SP >LN]PO bSTNS NLY ZYWd MP Pc[P]TPYNPO Md S`XLY MPTYR^ TY L ^_L_P ZQ ^[LNP_TXP ^[WTY_P]TYR TY _SP ^LXP bLd L^ TY O]PLX^ ZYWd OT^NZY_TY`Z`^ ^N]L[^ ZQ XPXZ]TP^ ZQ NZY_TY`LW OLTWd WTQP NLY ]PL[[PL] ?ST^ []TYNT[WP ZQ wMPTYR^SL__P]POTY^[LNPLYO_TXPx VLW£ T^ Pc[WLTYPO TY XZ]P OP _LTW TY _SP QZWWZbTYR RWZ^^ ZY aP]^P % w4_ LWbLd^ ZYWd ]PaPLW^ T_^PWQ TY ^P[L]L_P XZXPY_^ ZQ _TXP N]PL_P^ _SP TX []P^^TZY ZQ TYOTaTO`LW QZ]X^ LYO ZYWd _SP S`XLY NZYaPY_TZY adLaLS£]L FOPNWL]P^ NP]_LTY []ZNP^^P^H _Z MP ]PR`WL] LYO FZ_SP]^ _Z MPH T]]PR`WL] OSL]X£OSL]XL  DP_ OP^[T_P LWW F_SP ]P^[PN_TaPH XZOLWT_TP^ FZQ VYZbW PORPH adLaL^_S£  T_ T^ TX[Z^^TMWP _Z QTYO T_^ MPRTYYTYR Z] T_^ PYO 1Z] -]LSXLY bSTNS T^ P\`LWWd MZ_S NL`^P LYO PQQPN_ _SP OTaTOPO LYO _SP bSZWP aTMSLV_L z LaTMSLV_L  YZ [STWZ^Z[Sd []La£OL NLY PYaT^LRP L MP RTYYTYR MPQZ]P bSTNS T_ OTO YZ_ PcT^_ YZ] LY PYO LQ_P] bSTNS T_ bTWW YZ WZYRP] MP x !$

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# ?ST^ T^ LW^Z _]`P ZQ -SL]_šSL]Tv^ NZXXPY_L_Z] 3PW£]£UL bSZ^P VPd _Z TY_P][]P_L_TZY T^ _SP ,OaLT_LAPO£Y_L ?SP ATaL]_L ^NSZZW ZQ ,OaLT_LAPO£Y_L bSTNS bL^ TY_]ZO`NPO Md _SP ±LYVL]Lv^ OT^NT[WP ;LOXL[£OL []Z[Z`YO^ L ^_]ZYR _SPZ]d ZQ wTWW`^TZYx Md `Y OP]^_LYOTYR _SP bZ]WO L^ L O]PLXWTVP XPY_LW []ZUPN_TZY LYO XP]PWd L[[L]PY_ [W`]LW T_d ^TXTWL] _Z _SP TOPLWT^_ DZR£N£]L -`OOST^X ?SP ATaL]_L A£OL PYUZdPO R]PL_ ^`N NP^^ ^TYNP T_ SPW[PO _Z VPP[ _SP NZYNP[_ ZQ -]LSXLY wNWPLYx L^ _SP ZYP LYO ZYWd w]PLW _STYRx aL^_` TY NZY_]L^_ _Z _SP `Y]PLW [W`]LW bZ]WOWd [SPYZXPYL ?SP ATaL]_L A£OL LYO T_^ ^_]TN_ wXZYT^Xx TP _SP TOPL _SL_ _SP NSLYRP ZQ _SP NL`^P TY_Z _SP PQQPN_ T^ XP]PWd L[[L]PY_ WTVP _SP QLW^P TXLRP ZQ _SP ^YLVP TY _SP ]Z[P ]P[]P^PY_PO L OT^ NZ`]^P ]TaLWTYR _SP ;L]TY£XL A£OL L OZN_]TYP LMZ`_ _SP PaZW`_TZY ZQ _SP bZ]WO TY _SP ^PY^P ZQ L ]PLW _]LY^QZ]XL_TZY WTVP _SP []ZO`N_TZY ZQ N`]O Q]ZX XTWV :Y _SP APO£Y _T^_^v _SPZ]TP^ ^PP >L_T^NSLYO]L .SL__P]UPP LYO /ST]PYO]LXZSLY /L__L ,Y 4Y_]ZO`N _TZY _Z 4YOTLY ;STWZ^Z[Sd .LWN`__L% @YTaP]^T_d ZQ .LWN`__L $!#  ! " Q "! Q !$ m V£WLMSPOLOL]²LY£MSd£^PYL X¼]_TaTMS£RLMS£aLYLd£ NL adLaLS£]£Y`[£_TMST] OSL] X£OSL]XLTà ^L]a£^a LaL^_S£^a LY£²]T_£OTYTOSLYLFXH m YL ST V£]dLV£]L©£_XLVL^dL aTMSLV_£aTMSLV_L^dLTVL^dL M]LSXL©Là ^L]aL[]La£OP´a L[¼]a£[L]P []LaŽ__TYTaŽ__TVZ¶Å [L]T^LÀVSd£dP_P g Aš__T ZY A£VdL[LOÅdL  PO 4dP] [ z 

!!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

?SP SZWT^_TN WTYR`T^_TN [L]LOTRX LW^Z TYQW`PYNP^ TOPL^ ZQ ^[LNP LYO _TXP LYO SP]P ZYP NLY ^PP L Q`YOLXPY_LW M]PLV bT_S PL]WTP] [STWZ^Z[STNLW _]LOT_TZY 4_ T^ YZ WZYRP] _SP OTNSZ_ZXd ZQ _SP _]LY^TPY_ LYO _SP [P]XL YPY_ _SL_ T^ _SP OP_P]XTYTYR QLN_Z] M`_ L OTQQP]PY_TL_TZY MP_bPPY WTYPL] PaPY_^ TY _TXP LYO L ^TX`W_LYPZ`^ _TXPWP^^YP^^ A£VdL[LO¯dL   Pc_PY_^ _ST^ TOPL _Z PaP]d_STYR _SL_ PcT^_^% w?SP]P T^ YZ `YT_d bT_SZ`_ X`W_T[WTNT_d LYO YZ X`W_T[WTNT_d bT_SZ`_ `YT_d -`_ TY ]PLWT_d _SP]P T^ YZ OTQQP]PYNP bSL_^ZPaP] MP_bPPY _SP _bZx " 3Zb T^ ZYP _Z LNNZ`Y_ QZ] _ST^ YZ_ ZYWd w^`M ^[PNTP LP_P]YT_L_T^x M`_ LW^Z bT_STY _TXP LYO ^[LNP* ?SP Aš__T ZY aP]^P  ZQQP]^ _ST^ ^ZW`_TZY% w,YO LW_SZ`RS F[PZ[WPH ]PRL]O LWW _SP^P NZY_TYRPY_ [SPYZXPYL aTV£]L L^ ^P[L]L_P _STYR^ dP_ FLH NZXXZY ^`M^_LYNP []LVŽ_T F]P^TOP^ TY _SPXH% _SPd L]P R]L^[PO Md bZ]O^ ,YO ^Z bP ^[PLV SP]P ZQ L NZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^ ²LMOL_L__aL  0aP]d PcT^_PYNP PaP]d NZXTYRTY_Z MPTYR LYO PaP]d OdTYRLbLd ]PNPTaP^ L QZ]X TY bZ]O^ ?SP]PQZ]P _ST^ -]LSXLY T^ NLWWPO w^dWWLMWPx LV´L]L  MPNL`^P FLWWH ^dWWLMWP^ L]T^P Q]ZX T_ ;Sd^TNLW F^dWWLMWP^H QWZb FZ`_ ZQ _SP XZ`_S ZQ _SP S`XLY MPTYRH TY Z]OP] _Z NZXX`YTNL_P _Z Z_SP]^ bSL_ SL^ MPPY FTY_`T_TaPWd WZORPOH TY ST^ NZY ^NTZ`^YP^^x "

?ST^ WL^_ [L^^LRP NZY_LTY^ XZ^_ ZMaTZ`^Wd _SP w_SPZ^Z[STNLW YTRS_XL]Px bP ^[ZVP ZQ L_ _SP Z`_^P_ 4_ T^ _SP [Z^_`WL_P ZQ L ^`[]LTYOTaTO`LW NZY ^NTZ`^ ^PY_TPYNP NLT_LYdL  :YP NLY TXLRTYP _ST^ L^ L RWZMLW wXP_L .ZY^NTZ`^YP^^x QWZbTYR L]Z`YO _SP TYOTaTO`LW NZY^NTZ`^YP^^ ZQ PaP]d ^PY_TPY_ MPTYR A£VdL[LO¯dL z Pc[Z`YO^ _ST^ TOPL bT_S _SP QZWWZbTYR bZ]O^% w?SL_ FWLYR`LRPNSL]LN_P] ZQ `YOP]^_LYOTYRH Q`YN_TZY^ L^ TY^TOP LYO Z`_ ^TOP NZY^NTZ`^YP^^ TY LWW _SP MPTYR^ ZQ _SP bZ]WO ZQ NZY^_LY_ NSLYRP ^LÀ^£]L  9Z ^[PNTP^ NLY MP PYOZbPO bT_S FTYOTaTO`LWH NZY^NTZ`^YP^^ bT_SZ`_ _ST^ ^`M_WP []TYNT[WP FZ]% ?SP NZY^NTZ`^YP^^ TY LWW QZ]X^ ZQ PcT^ _PYNP OZP^ YZ_ RZ MPdZYO _SP OTXPY^TZY ZQ _SL_ WLYR`LRPNSL]LN_P] ZQ `Y OP]^_LYOTYRH " >[PPNS `]RP^ LWW PXMZOTPO FMPTYR^H _Z N]PL_P XPLYTYR^ 4Q T_ bP]P LM^PY_ PaP]d_STYR bZ`WO MP TY^PY_TPY_ WTVP L NS`YV ZQ bZZO Z] L bLWW FZQ ^_ZYPHx "

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " YLTVL_aLX L^_d LY£Y£_aLÀ aTYLTVL_aPYL YP_L]L_ g [L]LX£]_SP _LdZ] P´L MSPOZ u_dLY_LÀ YL aTOdL_P gg  A£VdL[LO¯dL   " _L_ _` MSTYYL]¼[£MSTXL_£Y£X L[T aTV£]£©£À []LVŽ_dLYaLdT_a£N NSLMOZ[LR]£SdL_Ld£ NL ²LMOL_L__aLX T_d LMSTOSÅdL_P g ^_ST_T[]LaŽ__TYTaŽ__TaTMS£R£ ST ²LMOPY£V]TdLY_P g _LN N£V´L]LYTXT__L_a£O LV´L]LX T_d `NdL_P g []L_dLVNLT_LYdP uY_Là^LÀYTaP²T_L^dL [L]L^LÀMZOSLY£]_S£ adLV_T] LMST´dLYOL_P g Aš__T ZY A£VdL[LOÅdL  PO 4dP] [ !z " " 4Y _ST^ _]LY^WL_TZY bP [L]_Wd ]PWd ZY 4^LdPaL 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTa T^X ! LYO [L]_Wd ZY 3Z`MPY >LÀMLYOSL>LX`OOP²L  "!z"" BP SLaP LOOPO SP]P 3Z`MPYv^ _]LY^WL_TZY ZQ A£VdL[LO¯dL M TY M]LNVP_^ " ^LT´£ ^LÀ^£]T©£À ^LÀUÓ£ MLST] LY_L² NL aL]_L_P g _LYX£_]£X LadL_TV]£Y_LÀ NLT_LYdLÀ ^L]aLU£_T´` gg

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!"

,NNZ]OTYR _Z -SL]_ŽSL]T _SP XPLYTYR NZXX`YTNL_PO Md _SP ^Z`YO^ ZQ WLYR`LRP T^ []ZO`NPO YPT_SP] Md _SP ^[PLVP]^ YZ] _SP WT^_PYP] M`_ PcT^_^ TY^_PLO MP_bPPY _SP _bZ L^ T_ bP]P 4_ SL^ L NZ^XTN \`LWT_d ?S`^ S` XLY MPTYR^ LYO WLYR`LRP WTaP XZ]P Z] WP^^ TY ^dXMTZ^T^ ?SP wNZXX` YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^x T^ z _Z `^P TXLRP^ z _SP LXYTZ_TN QW`TO _SL_ YZ`]T^SP^ _SP PXM]dZ ZQ _SP TYOTaTO`LW NZY^NTZ`^YP^^ LN]Z^^ _SP [P]XPLMWP XPXM]LYP ZQ ^[PLVTYR LYO SPL]TYR 4Y _SP RWZMLW wQZ]X ZQ ^PY^Px ZQ _SP WTYR`T^_TN _SP]P PcT^_^ YZ ^P[L]L_P TYOTaTO`LW NZY^NTZ`^ YP^^ ?SP]P T^ ZYWd [L]_TNT[L_TZY YZ PXLYNT[L_TZY -PNL`^P S`XLY _SZ`RS_ T^ NZY^_T_`_PO Md WLYR`LRP TYOTaTO`LW NZY^NTZ`^YP^^ LYO NZ^ XTN NZY^NTZ`^YP^^ L]P TY _SP QTYLW LYLWd^T^ TOPY_TNLW BSL_ OT^_TYR`T^SP^ _SP RWZMLW wQZ]X ZQ ^PY^Px Z] _SP [Z^_`WL_PO XP_L.ZY^NTZ`^YP^^ Q]ZX TYOTaTO`LW NZY^NTZ`^YP^^ T^ _SP LMTWT_d ²LV_T  _Z wQZ]RP_x ZYP^PWQ LYO _Z _`]Y ZYPv^ ZbY `YT_d TY _SP TYOTaTO`LW NZY^NTZ`^YP^^ TY_Z T_^ Z[[Z^T_P% w?SP _]LY^QZ]XL_TZY FZQ -]LSXLYH TY_Z F^P[L]L_PH QZ]X^ TY ^[LNP LYO F^P[L]L_PH ^P\`PYNP^ TY _TXP T^ ML^PO ^ZWPWd ZY FT_^H [ZbP] _Z ]P[]P^PY_ T_ ^PWQ FTY _SP TYOTaTO`LW NZY^NTZ`^YP^^H YZ_ FQ`WWd NZYR]`PY_Wd bT_S T_^PWQH LaTOd£²LV_T   4Y T_^ LN_`LW YL_`]P _SP]P L]P YPT_SP] F^[L_TLWH QZ]X^ YZ] F_PX[Z]LWH ^P\`PYNP^ ZQ PaPY_^ OPQTYPO TY LYd bLd% _SPd L]P YPT_SP] ]PLW YZ] `Y]PLW ,YO QZ] []PNT^PWd _ST^ ]PL^ZY _SP NZY_TYRPY_ L[[PL]LYNP^ _SL_ bP NLWW _SP [Sd^TNLW `YTaP]^P ULRL_ PXP]RP Q]ZX -]LSXLY NLWWPO uBZ]Ov TY bSTNS LWW WTYPL] ^P\`PYNP^ L]P ]ZWWPO TY_Z ZYP LYO LWW NZY_TYRPYNTP^ OT^ L[[PL] LYO bSTNS SL^ YZ QZ]X Z] [Z^^TMTWT_d ZQ ]PQP]PYNP 4_ T^ _SP]PQZ]P TX[Z^^TMWP _Z OP_P]XTYP MPNL`^P T_ T^ _SP YPc`^ R]LY_ST ZQ LWW NZY_TYRPY_ QZ]X^ ZQ L[[PL]LYNP^ aTV£]L x "

-SL]_šSL]T LWW`OP^ SP]P _Z L OTXPY^TZY ZQ _SP wbZ]Ox _SL_ T^ MPdZYO _SP OZXLTY ZQ bZ]O^ TY _SP bLd _SPd L]P RPYP]LWWd `YOP]^_ZZO LYO TY bSTNS LWW [SPYZXPYL XP]RP TY ZYP BP bTWW ^PP TY ST^ OTQQP]PY_TL_TZY ZQ ^[PPNS WPaPW^ _SL_ SP PaPY PYaT^LRP^ MPdZYO _SZ`RS_ XPY_LW ^[PPNS L ^_TWW ^`M_WP] OTXPY^TZY ZQ WLYR`LRP TY bSTNS bZ]O LYO [`]P LbL]PYP^^ L]P YZ_ OT^_TYR`T^SLMWP LYdXZ]P ?ST^ T^ bSL_ SL[[PY^ bSPY _SP ^[SZ¶L ZQ L ^PY_PYNP T^ R]L^[PO -`_ TY [L]_ _S]PP ZQ _SP A£VdL[LO¯dL  -SL]_šSL]T LW^Z ^[PLV^ ZQ L w[`]P NZRYT_TZY bT_SZ`_ LYd ^`[[Z]_x _SL_ SL^ wL^ T_^ QZ]X LWW XPLYTYR^ FZQ LWW ZMUPN_^Hx LYO XLd _SP]PQZ]P LW^Z MP NLWWPO wbT_SZ`_ LYd QZ]Xx " ?ST^ [`]P LbL]PYP^^ ZQ _SP _Z_LWT_d ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L]_SLV]Td£^` a£V ^L]a£Y ^LX¯SLdL_T OPSTYLà g _LO`_V]£Y_L` aT^LÀUÓZ udLÀ Oš²dL_P V£´¶SLV`“dLaL_ gg A£VdL[LO¯dL z  " X¼]__TV]Td£aTaL]_L` LaTOd£²LV_T[]Laš__TX£_]LÀ _L` aTOd£_XLYT _L__a£YdL_a£MSd£XLY£ VSdPdL` g P_LOOST LaTOd£d£ LaTOd£_aLX T_T g  g _L_L PaL ST ²LMO£V Sd£OL^LÀSš_LV]LX£O M]LSXL©Là ^L]aLaTV£]L[]L_dL^_LXLdP ^LÀaL]_£OLY£Vš_£_ [¼] aLÀ aTV£]LR]LY_ST]¼[L_aPY£adL[LOP²d£U ULRLO£VSd£ aTV£]£à []LV]TdLY_P g AšT__T ZY A£VdL[LOÅdL  PO 4dP] $z " ^L]a£]_SL]¼[L_£ ²`OOST] UÓ£YL^dL YT]`[£²]Ld£ g _L_Z u[d L^dL [L]£À ²`OOSTX PVP []£S`] L]¼[LV£X gg  A£VdL[LO¯dL # (  !

!#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

_STYR^ LYO XPLYTYR^ T^ _SP VYZbWPORP ZQ -]LSXLY LYO TY _ST^ NWL]T_d ZQ XTYO _SP [L^_ LYO _SP Q`_`]P L]P YZYOTQQP]PY_ Q]ZX ZYPv^ [P]NP[_TZY "! -SL]_šSL]Tv^ aP]d Z]TRTYLW NZY_]TM`_TZY _Z XP_L[Sd^TN^ bL^ _SL_ SP XLOP ZYP LbL]P ZQ _SP QLN_ _SL_ T_ T^ [Z^^TMWP LYO PaPY YL_`]LW LYO \`T_P LY Z]OTYL]d _STYR _Z _STYV ^_L]_TYR Q]ZX _SP bSZWP 4_ SL[[PY^ LWW _SP _TXP bSPY bP R]L^[ _SP XPLYTYR ZQ L ^PY_PYNP -SL]_šSL]T NZYNPTaP^ ZQ _SP `YTaP]^LW -]LSXLY TY []PNT^PWd _SP ^LXP XLYYP] L^ _SP ^PY_PYNP L^ XPLYTYRMPL]P] YLXPWd L^ LY TYOTaT^TMWP bSZWP bSTNS ]PXLTY^ ZYP PaPY _SZ`RS L[[PL]TYR w_]LY^QZ]XPOx TY_Z XLYd bSTWP MPTYR PXMZOTPO Md ^Z`YO ^P\`PYNP^ Z] Md ]PLWbZ]WO ZMUPN_^ LYO MPTYR^ 4Y Z_SP] bZ]O^ SP _]LY^QP]^ ST^ wTYOTaT^TMWP ^PY_PYNPx aTPb ZQ -]LSXLY z SP wRWZMLWTeP^x T_ ^Z _Z ^[PLV bSPY NZXTYR _Z _SP `YTaP]^LW WPaPW ZQ PcT^ _PYNP :] aTNP aP]^L SP ^PP^ ST^ TYOTaT^TMWP ^PY_PYNP aTPb []PQTR`]PO TY APOTN XZOPW^ WTVP _SP ZWO A£N LYO ,V´L]L w_SPZWZRdx LYO _SP @[LYT´LOTN TOPL ZQ -]LSXLY L^ _SP _Z_LWT_d ZQ PaP]d_STYR _SL_ PcT^_^ z LWW ZQ _SPX MPTYR QTR`]P^ ZQ LY TYOTaT^TMWP bSZWP _SL_ NZX[]T^P^ LYO ^`[P]NPOP^ _SP PXMZOTPO TX[P]XLYPY_ LYO [W`]LW [SPYZXPYL [SZ YPXP^ bZ]O^ LYO MPTYR^ -SL]_šSL]Tv^ WTYR`T^_TN [L]LOTRX XLVP^ T_ [Z^^TMWP _Z WTYV ]PLWT^_ LYO TOPLWT^_ [Z^T_TZY^ LYO NZYNP[_`LWTeP [W`]LWT_d LYO `YT_d [L]_^ LYO bSZWP L^ MPWZYRTYR _Z PLNS Z_SP] ^Z TY_TXL_PWd _SL_ _SP ZYP NLYYZ_ MP _SZ`RS_ ZQ bT_SZ`_ _SP Z_SP] BP bZ`WO YZ_ MP LMWP _Z TXLRTYP ZYPYP^^ bT_SZ`_ NZRYT_TZY ZQ L [W`]LWT_d ZQ QZ]X^ LYO [W`]LWT_d NZ`WO YZ_ MP QZ`YO _Z PcT^_ TQ _SP]P bP]P YZ []PPcT^_TYR TXLRTYL_TZY ZQ ZYPYP^^ "" TP L []P]PQWPcTaP TY_`T_TZY ZQ `YT_d TY Z`] XTYO ?SP ]PWL_TZY^ST[ MP_bPPY _SP PY_T_TP^ ZQ _SP bZ]WO LYO _SP -]LSXLY T^ _SP ^LXP L^ _SP ]PWL_TZY^ST[ MP_bPPY bZ]O^ LYO ^PY_PYNP^ ?SP ²LMOL_L__aL T^ aP]d NWZ^PWd ]PWL_PO _Z _SP ^[SZ¶L NZYNP[_ OP YZ_TYR LY PYNZX[L^^TYR `YT_L]d ^PY^P bSTNS ZYWd PcT^_^ TY NZY^NTZ`^ YP^^ BT_S _SP ^[SZ¶L -SL]_šSL]T OP_PN_PO L XLRTN QZ]X`WL Z] ^_]`N_`]LW XZOPW _SL_ L[[WTP^ _Z PaP]d_STYR T]]P^[PN_TaP ZQ _SP WPaPW ZQ ]PLWT_d ?SP ^[SZ¶L wQ`YN_TZY^x TY []PNT^PWd _SP ^LXP bLd L^ _SP LM^ZW`_P ]PLWT_d% _SZ`RS ^TYRWP bSPY PXMZOTPO Md [Sd^TNLW ^Z`YO^ T_ L[[PL]^ _Z SLaP [L]_^ ^P\`PY_TLWWd L]]LYRPO 4_ T^ YZ_PbZ]_Sd _SL_ PaPY _SZ`RS _SP ^[SZ¶L [P]_LTY^ QT]^_ ZQ LWW _Z ^PY_PYNP^ -SL]_šSL]T LW^Z ^[PLV^ ZQ L wbZ]O^[SZ¶Lx LYO L wWP__P]^[SZ¶Lx 3T^ ^_]`N_`]LW XZOPW ZQ OTQQP]PY_ bSZWP^ Z] _Z_LWT_TP^ bZ]V^ ZY PaP]d WPaPW ZQ PcT^_PYNP% _SP [WLYP ZQ WLY R`LRP LYO _SP [WLYP ZQ ]PLW bZ]WO [SPYZXPYL _SP [WLYP ZQ XP_L[Sd^ TN^ 4_ [P]_LTY^ _Z _SP `YTaP]^LW -]LSXLY _SP PX[T]TNLW PY_T_TP^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! A£VdL[LO¯dL " "" YLTVL_aLÀ adLaL_T´¶SP_L Y£Y£_LÀ NPY YL VLW[LdP_ g Y£Y£_aLÀ N£aLS¯dP_L dLOd PVL_aLÀ YL VLW[LdP_ gg A£VdL[LO¯dL  !

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!$

APOL "# _SP MZOd "$ _SP ^PY_PYNP^ _SP bZ]O^ LYO PaPY _SP WP__P]^ z PLNS MPTYR TY T_^PWQ LY Z]RLYTN bSZWP LYO L XPLYTYRMPL]P] -`_ z LYO _ST^ T^ []PNT^PWd _SP [ZTY_ bSP]P -SL]_šSL]T YPPO^ XP_L[Sd^TN^ z PLNS [L]_ ZQ _SP [SPYZXPYLW bZ]WO T^ YZ_ ZYWd L bSZWP LYO L NZWWPN_TZY TY T_^PWQ M`_ T^ LW^Z WTXT_PO _TXPMZ`YO LYO LWbLd^ w`Y]PLWx LYO wXPLYTYRWP^^x L^ LY `Y]PWL_PO ^TYR`WL] ?SP [SPYZXPYL ZQ _SP bZ]WO L]P L^ w`Y]PLWx L^ _SP bZ]O^ bT_SZ`_ _SP ^PY_PYNP Z] L^ WP__P]^ bT_SZ`_ _SP bZ]O # ?SP ^PY _PYNP T^ w`Y]PLWx TY ]PWL_TZY _Z L bSZWP bZ]V ZQ WT_P]L_`]P P_N LYO _SP ^LXP T^ _]`P QZ] [Sd^TNLW PY_T_TP^ .ZY^P\`PY_Wd _SP]P X`^_ MP ^ZXP _STYR WTVP L `YTaP]^LW ^[SZ¶L ?ST^ NLY ZYWd MP _SP ±LMOL-]LSXLY bSTNS T^ _SP ZYWd PY_T_d bT_SZ`_ LYd WTXT_L_TZY^ LYO T^ T_^PWQ _SP `YTaP] ^LW ]PWL_TZY _SL_ WTYV^ PaP]d_STYR _ZRP_SP] bSTNS T^ bSd bP ^[PLV ZQ wYP_bZ]Vx -SL]_šSL]Tv^ [P]^[PN_TaT^_ aTPb ZQ OTQQP]PY_ _]LOT_TZY^ XLd LW^Z MP L[[WTPO LYO NZRYTePO TY ST^ ZbY [STWZ^Z[Sd bSTNS T^ bSd SP _]TRRP]PO ^Z XLYd TY_P][]P_L_TZY^ 4Q bP bT^S _Z QZN`^ ZY _SP OdYLXTN [Z_PY_TLW^ _SL_ TYSP]P TY -]LSXLY bP L]]TaP L_ 9L_LWTL 4^LdPaLv^ NZYNW`^TZY% w?ST^ -]LSXLY T^ P_P]YLWWd []P^PY_ L^ LY PaP] ]PYPbTYR YP_ ZQ XPLYTYR^ LYO TX[`W^P^ L^ LY PYP]Rd QTPWO bSTNS T^ PaP] TY_PY_ ZY []ZO`NTYR _SP ^LXP ^_]`N_`]P^ LYO _SP ^LXP Z`_WTYP^x # 4Q ZY _SP Z_SP] SLYO bP bT^S _Z QZN`^ ZY _SP [Sd^TNLW [SPYZXPYL bP XLd ^Ld _SL_ _SP ATaL]_L _]LY^ QZ]XL_TZY T^ aT_LWWd YPNP^^L]d QZ] XPLYTYR _Z MP XLYTQP^_PO LYO PXMZO TPO 4Y ST^ >L]aL/L]²LYL>LÀR]LSL  >£dL©L8£OSLaL _S NPY_ ^`XXL]TeP^ _SL_ ZYWd _SP ^[SZ¶L SL^ _SP [ZbP] _Z NZYaPd XPLYTYR LYO _SL_ _SP bT^P XPY VYZb T_ _Z MP _SP wP_P]YLW ^Z`YOx Z] wP_P]YLW bZ]Ox YT_dL ²LMOL bSTNS PcT^_^ MPdZYO _SP TYOTaTO`LW ^Z`YO^ aL]©L _SL_ L]P _]LY^TPY_ LYO U`^_ wPXMZOdx Z] XLYTQP^_ _SP ^[SZ¶L @W_TXL_PWd SZb PaP] YZ_ PaPY _SP ^[SZ¶L NZYaPd^ XPLYTYR MPNL`^P _SP \`P^_TZY L]T^P^ ZQ bSP_SP] T_ T^ _SP XLYTQP^_ Z] _SP `YXLYTQP^_ ^[SZ¶L bSTNS NZYaPd^ XPLYTYR 4Q T_ bSP]P _SP P_P]YLW ^[SZ¶L XPLYTYR ^SZ`WO L]T^P NZY ^_LY_Wd& ^Z ZYP SL^ _Z NZYNW`OP _SL_ _SP XLYTQP^_ ^[SZ¶L LWZYP T^ LMWP _Z NZYaPd XPLYTYR 7TVP LYd bZ]O _SP -]LSXLY T^ wNZXX`YTNL_TaPx PaPY bSPY _SP ^PY^P T^ YZ_ R]L^[PO BP ^SZ`WO YZ_ QZ]RP_ _SP _bZ ^TOP^ ZQ ²LMOL bSTNS TYaZWaP MZ_S ^Z`YO LYO ^PY^P =PQP]]TYR _Z _SP A£VdL[LO¯dL  ! 6PWWd RWZ^^P^% w_SP bZ]O^ SPL]O WTVP WTRS_ TWW`XTYP L_ WPL^_ _SPT] ZbY FLNZ`^ _TNH QZ]X TQ ]PNPTaPO LYO TQ R]L^[PO []Z[P]Wd _SPT] XPLYTYR T^ VYZbY L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# A£VdL[LO¯dL  z! "$ 4Y A£VdL[LO¯dL z _SP MZOd LYO T_^ ^PY^P Z]RLY^ L]P NZX[L]PO _Z _SP ^PY _PYNP LYO _SP bZ]O^ # -SL]_šSL]T ]PUPN_^ _SP 8¯X£À^£ TOPL ZQ WP__P]^ LYO [SZYPXP^ :Y ST^ [Z^T_TZY ^PP 3Z`MPY wBSZ L]P -SL]_šSLTv^ ;LOLOL]²TY^*x !z! # 4^LdPaL 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X Q

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

bPWWx # >Z _SP]P L]P LWbLd^ _bZ OTXPY^TZY^ ZQ NZXX`YTNL_TZY% L _SP XP]P ^Z`YO TYQZ]XL_TZY LYO M _SP XPLYTYR VYZbY -SL]_šSL]T TWW`^ _]L_P^ L _SP TOPY_TNLW YL_`]P ZQ ^[SZ¶L LYO ^Z`YO `^TYR _SP _]LOT_TZYLW _SPZ]d LNNZ]OTYR _Z bSTNS _SP ^PY^P Z]RLY^ ^SL]P _SP YL_`]P ZQ _SP ZM UPN_^ _SPd [P]NPTaP ,NNZ]OTYR _Z _ST^ bTOP^[]PLO Z]TRTYLWWd >£«VSdL NZ^XZWZRd _SP]P T^ LY TY_TXL_P NZ]]PWL_TZY ZQ TYSP]PYNP QZ] TY^_LYNP MP_bPPY PL] ^Z`YO LYO P_SP] bSTNS OTQQP] ZYWd Md _SPT] ^`M_WP_d Z] OP R]PP ZQ XLYTQP^_L_TZY ?SP Z]RLY ZQ SPL]TYR T^ NZY^_T_`_PO Md _SP P_SP] bSTNS SL^ ^Z`YO L^ T_^ NSL]LN_P]T^_TN []Z[P]_d -SL]_šSL]T Pc_PYO^ _ST^ TOPL _Z _SP ^[SZ¶L% w5`^_ L^ ^PY^P Z]RLY^ LYO _SPT] ZMUPN_^ L]P ^`T_PO _Z PLNS Z_SP] TY L bLd _SL_ T^ QTcPO LYO OZP^ YZ_ NSLYRP TY _SP ^LXP bLd ^[SZ¶L LYO ^Z`YO FL]P ^`T_PO _Z PLNS Z_SP]H L^ XLYTQP^_PO LYO XLYT QP^_Z]x # ,^ QL] L^ M z XPLYTYR z T^ NZYNP]YPO ;L_LÓULWT [ZTY_PO Z`_ _SL_ PaPY ^TYRWP WP__P]^ ^dWWLMWP^ NLY MP ^PXLY_TNLWWd XPLYTYRQ`W YLXPWd TQ _SPd SL[[PY _Z MP ]ZZ_^ LQQTcP^ Z] NP]_LTY [L]_TNWP^ 1Z] -SL]_šSL]T ZY _SP Z_SP] SLYO ^Z`YO^ L]P XPLYTYRQ`W []TXL]TWd O`P _Z _SPT] YZYOTQQP]PYNP Q]ZX bZ]O^ TP _SP ^[SZ¶L # ?ST^ XPLY^ L_ _SP ^LXP _TXP _SL_ LWW PXMZOTPO PY_T_TP^ WTYR`T^_TN Z] [Sd^TNLW L]P XP]P ^TRY^ [ZTY_TYR _Z ^ZXP_STYR MPdZYO _SPX ?SP ^Z`YO^ RTaP ]T^P _Z _SP TXXPOTL_P ]P^ZW`_TZY ZQ XPLYTYR bSPY L bZ]O Z] ^PY_PYNP T^ SPL]O M`_ _SP XPLYTYR T^ MPdZYO _SP ^Z`YO^ ?SP ^[SZ¶L OPYZ_P^ L []P]PQWPcTaP WTYR`T^_TN `YT_d _SL_ `YOP]WTP^ LYO []PNPOP^ _SP bZ]O^ L^ L`OTMWP ^Z`YO^ TY bSTNS _SPd L]P ML^PO LYO Q]ZX bSTNS _SPd L]T^P -SL]_šSL]Tv^ ^_]`N_`]LW [L__P]Y T^ _S`^ aP]d NZY^T^_PY_ LYO _ST^ Pc [WLTY^ bSd SP ^[PLV^ ZQ ²LMOL_L__aL L^ L `YTaP]^LW wbZ]O []TYNT[WPx Z] L wNZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^x L^ bP []PQP] _Z _]LY^ WL_P _SP _P]X z L RWZMLW YP_bZ]V TY bSTNS _SP PX[T]TNLW ]PLWT_d T^ ML^PO LYO Q]ZX bSTNS T_ L]T^P^ 2]LXXL] WPLO^ _Z WTMP]L_TZY MPNL`^P T_ []Z aTOP^ L XZOPW QZ] [P]NPTaTYR _SP ,V´L]L ±LMOL-]LSXLY L^ _SP `YTaP] ^LW QZ]X ZQ ^PY^P ?SP _Z_LWT_d ZQ bSL_ PcT^_^ z LYO TY QLN_ LYd ^TYRWP ZMUPN_ ZQ ]PQP]PYNP Z] `YT_ ZQ XPLYTYR z T^ []P^PY_ TY L YZ WZYRP] OPQTY LMWP ^[SP]P ZQ WLYR`LRP TY L ^[SP]P ZQ LY PYNZX[L^^TYR NZY^NTZ`^YP^^ bSZ^P WZNL_TZY T^ L^ X`NS wZ`_^TOPx L^ T_ T^ wTY^TOPx 8PLYTYR `W_T XL_PWd NZY^_T_`_P^ T_^PWQ TY LY TY_P]XPOTL]d ^[LNP ZQ aLNLYNd _SL_ Pc NPPO^ TYOTaTO`LW NZRYT_TZY^ _SZ`RS_ []ZNP^^P^ LYO ^Z`YO [L__P]Y^ ?ST^ T^ bSd -SL]_šSL]T ^[PLV^ TY L ^ZXPbSL_ PYTRXL_TN bLd ZQ L w^`M_WP []TYNT[WPx _LYX£_]£  w[`]P NZRYT_TZYx LYO L w>PPTYRx WPaPW ZQ ^[PPNS _SL_ T^ wOPaZTO ZQ QZ]Xx bSPY ]PQP]]TYR _Z XPLYTYR LYO _SP WLYR`LRP NSL]LN_P] ZQ `YOP]^_LYOTYR ,YO bP bTWW ^PP TY XZ]P OP_LTW _SL_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x ## # A£VdL[LO¯dL  _]LY^ -]ZYVSZ]^_ w-SL]_šSL]T ZY >[Z¶SLx   # A£VdL[LO¯dL "& $$ >PP LW^Z 3Z`MPY wBSZ L]P -SL]_šSL]Tv^ ;LOLOL]²TY^*x !

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

-SL]_šSL]T WZNLWTeP^ _SP ^[SZ¶L TY L QWL^S ZQ `YOP]^_LYOTYR Z] TY_`T_TZY []L_TMS£  7TVP ST^ XP_L[Sd^TN^ LYO ZY_ZWZRd ST^ TY_`T_TZY _SPZ]d L[ [WTP^ _Z MZ_S _SP []ZQLYP PR TY^_TYN_^ LYO _SP ]PWTRTZ`^ ^[SP]P PR DZRTN TY^TRS_ 4_ T^ YZ_PbZ]_Sd _SL_ TY WL_P] ?LY_]L bSTNS T^ ^_]ZYRWd TY^[T]PO Md -SL]_šSL]T _SP WTYR`T^_TN P^^PYNP ZQ PaP]d_STYR _SL_ PcT^_^ T^ ]PbZ]VPO TY_Z L ^Z[ST^_TNL_PO NZ^XZRZYd TY bSTNS _SP ^ZYTN LYO [SZYPXL_TN L^ [PN_ ZQ WLYR`LRP T^ PX[SL^TePO LYO _SP ±LV_T^ ZQ -]LSXLY L]P RTaPY L _SPT^_TN TY_P][]P_L_TZY ?SP ±LV_T^ L]P _SP PYP]RTP^ ZQ _SP ^`[]PXP 2ZO SPLO ST^ ]LOTL_TYR N]PL_TaP [ZbP]^ Md bSTNS _SP ^`[]PXP 2ZOSPLO [P]aLOP^ LWW PcT^_PYNP LYO bSTNS L]P [P]^ZYLWTePO L^ QPXLWP OPT_TP^ bSZ SLaP LY PcT^_PYNP _SL_ T^ ^P[L]L_P LYO dP_ YZ_ TYOP[PYOPY_ ZQ _SP NPY_]LW 2ZOSPLO -SL]_šSL]Tv^ XZ^_ Q`YOLXPY_LW ²LV_T^ bP]P _SP [ZbP] ZQ _TXP V£WL LYO _SP [ZbP] ZQ ]PWL_TZY Z] TYSP]PYNP ^LXLa£dL  _SP WL__P] MPTYR NWZ^P^_ _Z _SP w`YTaP]^LW ]PWL_TZYx z -]LSXLY _SP RWZMLW YP_bZ]V ZQ XPLYTYRQ`W `YT_^ 4Y NZY_]L^_ _Z ?LY_]L -SL]_šSL]Tv^ XLUZ] TY_P]P^_ T^ _SP ^PXLY_TN XPLYTYR L^[PN_ bSTNS NZYYPN_^ STX bT_S _SP Z_SP] L`_SZ]^ OT^N`^^PO TY _ST^ NSL[_P]% ±LML]L 6`X£]TWL LYO ±L«VL]L -`_ L^ L R]LXXL]TLY SP T^ WP^^ TY_P]P^_PO TY NZY_PY_^ ^PXLY_TN^ LYO SP]XPYP` _TN^ LYO XZ]P TY XZ][SZWZRd ^PXTZ_TN^ LYO ^_]`N_`]P^ XPLYTYR MPL]TYR `YT_^ 8Z]PZaP] SP T^ X`NS WP^^ QTcPO ^ZWPWd ZY _SP APOL LYO LW_SZ`RS SP aLW`P^ _]LOT_TZY z _SL_ bSTNS wNZXP^ OZbY Q]ZX _SP LY NTPY_^x £RLXL # z XZ]P _SLY ZYPv^ ZbY OPWTMP]L_P NZY^_]`N_TZY^ ST^ N`W_`]P _SPZ]d OPXZY^_]L_P^ _SL_ SP OPLW_ bT_S _]LOT_TZY \`T_P TYOP[PYO PY_Wd LYO XZ]P Q]PPWd _SLY Z_SP] _STYVP]^

 

.`W_`]P LYO 7LYR`LRP

,NNZ]OTYR _Z -SL]_šSL]T N`W_`]P OPaPWZ[^ _S]Z`RS _SP OTQQP]PY_TL_TZY ZQ _SP WTYR`T^_TN []TYNT[WP TY _SP aL]TZ`^ WT_P]L_`]P^ ,_ _SP MPRTYYTYR ZQ LWW WT_P]L_`]P _SP]P L]P _SP XLY_]L^ ZQ _SP APOL bSTNS bP]P ^PPY Md aT^TZY L]TP^% w?SP ^PP]^ ZQ []PST^_Z]d š´T  bSZ ^Lb _SP XLY_]L^  bP]P TY L [Z^T_TZY _Z WZZV OT]PN_Wd `[ZY ]PLWT_d OSL]XL LYO _SPd NZ`WO [P]NPTaP _ST^ P_P]YLW TY L`OTMWP aZTNP -`_ TY Z]OP] _Z TX[L]_ T_ _Z _SZ^P bSZ SLO YZ ^`NS ^[ZY_L YPZ`^ TY^TRS_ _SPd _SZ`RS_ `[ L ^dXMZW^TRY MTWXL  _Z NZXX`YTNL_P _SL_ bSTNS SLO MPPY ^PPY SPL]O Z] Pc[P]TPYNPO Md _SPX L^ TQ TY L O]PLXx #!

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?ST^ _P]X ]PQP]^ _Z _SP APOL LYO TY L XZ]P _PNSYTNLW ^PY^P _Z _SP ±LTaL wNLYZYx ^PP MPWZb -SL]_šSL]T `^P^ T_ []TXL]TWd QZ] _SP APOL M`_ LW^Z QZ] LWW _]LOT_TZYLW WT_P]L _`]P^ TP _SP >Xš_T _Pc_^ TY RPYP]LW LYO _SP ²£^_]L ZQ _SP R]LXXL]TLY^ TY [L]_TN`WL] #! d£À ^¼V´X£À YT_d£X L_¯YO]Td£À a£NLX š´LdLà ^£V´£_Vš_LOSL]X£©Z XLY_]LOš²Là [L²dLY_T _£X L^£V´£_Vš_LOSL]XLMSdZ u[L]PMSdLà []LaPOLdT´dLX£©£ MTWXLÀ

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

,W_SZ`RS _SP]P T^ ZYWd ZYP APOL T_ NZXP^ TY QZ`] [L]_^ bSTNS TY _`]Y L]P OTaTOPO TY_Z XLYd OTQQP]PY_ M]LYNSP^ LYO ]PNPY^TZY^ LYO bSTNS NLY MP ]PNT_PO TY OTQQP]PY_ bLd^ #" 3P]P bP QTYO _SP LWW[P]aLOTYR []TYNT[WP ZQ _SP _]LY^QZ]XL_TZY Q]ZX LY TYaT^TMWP :YP _Z L aT^TMWP 8LYd PXMZOTPO Md _SP APOL ?SP LN_`LW _Pc_ ZQ _SP APOL T^ ZYWd L w^TRYx LYO PcT^_^ ^ZWPWd TY ^[WTY_P]PO QZ]X bSTWP _SP `YTQTPO Z]TRTYLW APOL ]PXLTY^ MP dZYO LWW PX[T]TNLW [P]NP[_TZY ,WW Z_SP] WT_P]L_`]P LWW _SP _Pc_^ ZQ _SP NZYQWTN_TYR ^NSZZW^ ZQ [STWZ^Z[Sd LYO LWW ^NTPYNP^ LYO L]_^ L]P OP]TaPO Q]ZX _SP APOL ## -PNL`^P _SP PL]_SWd APOL ZNN`]^ ZYWd TY OT^NZY_TY`Z`^ ^[WTY_P]TYR _SP ^NSZZW^v _]LOT_TZY^ NLYYZ_ ZQQP] L `YTQTPO [TN_`]P ZQ ]PLWT_d LYd XZ]P -SL]_ŽSL]Tv^ `YOP]^_LYOTYR ZQ _SP APOL T^ _S`^ LW^Z ML^PO ZY ST^ ATaL]_L OZN_]TYP ?SP ZYWd ^dXMZW ZQ L [Z^^TMWP TY_PR]LW bZ]WOaTPb T^ :¿ ,NNZ]O TYR _Z -SL]_ŽSL]T :¿ T^ w_SP [P]QPN_ ]P[]P^PY_L_TZY aTOd£ x ZQ _SP -]LSXLY w_SL_ NZY^T^_^ ZQ ZYP bZ]Ox #$ 4_ T^ _SP TY_PR]L_TaP ^dXMZW ZQ -]LSXLY  bSTNS P\`LWWd U`^_TQTP^ TY T_^ L]NSLTN ^PXLY_TN Q`YN_TZY ZQ wDP^ T_ T^ ^Zx LWW NZYQWTN_TYR Z[TYTZY^ ZQ _SP ^NSZZW^ LYO _S`^ ]PQ`_P^ _SPX L_ _SP ^LXP _TXP :¿ T^ L wXLYTQP^_L_TZY ZQ _SP NZX[WP_P ]PaPWL _TZY TY bSTNS LWW [STWZ^Z[STP^ SLaP _SPT] ]T^P LYO QLWWx $ 4Y -SL]_ŽSL]Tv^ NL^P T_ T^ TY_P]P^_TYR _SL_ LW_SZ`RS SP NZYQZ]X^ bT_S -]LSXLYTNLW _]LOT_TZY TY ^P__TYR Z`_ _SP APOL L^ _SP QZNLW [ZTY_ QZ] NZY NPTaTYR ZQ S`XLY MPTYR^ LYO _SP bZ]WO LYO :¿ L^ LY TY_PR]LW ^dXMZW L_ _SP ^LXP _TXP SP NZYNPOP^ _SL_ _SP TYOTaTO`LW SL^ L VPd ]ZWP TY _SP `YOP]^_LYOTYR ZQ ]PLWT_d ^TYNP SP ]PRL]O^ aT^TZY TP TY_`T_TZY Z] ^[ZY _LYPZ`^ TY^TRS_ []L_TMS£  L^ LY LN_`LW ^Z`]NP ZQ VYZbWPORP $ ,NNZ]O TYR _Z -SL]_ŽSL]T _SP `YOP]^_LYOTYR ZQ WLYR`LRP T^ ML^PO ^ZWPWd ZY _ST^ ^[PNTQTN LMTWT_d ZQ LWW ^PY_TPY_ MPTYR^% wBSd _ST^ [L]_TN`WL] bZ]O Z] _ST^ [L]_TN`WL] ^PY_PYNP SL^ _ST^ [L]_TN`WL] ^PY^P FTP SZb LY `YOP]^_LYOTYR ZQ ^PY^P NZXP^ LMZ`_H NLYYZ_ MP Pc [WLTYPO Md LYd F^[PLVP] Z] WT^_PYP]H ,YO dP_ T_ T^ LM^ZW`_PWd NWPL] _Z PaP]d FS`XLY MPTYRH TY^TOP STX^PWQ []L_d£_XLaŽ__T U`^_ bSL_ _SP ^PY_PYNP XPLY^ PaPY _SZ`RS _SP ^`MUPN_ FbSZ NZXX`YTNL_P^ LYO `YOP]^_LYO^H NLY YZ_ OP^N]TMP _ST^ Pc[P]TPYNPx $

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" ## #$ $ $

$

^LX£XLYLY_T ^aL[YLaš__LX TaL Oš´¶L²]`_£Y`MS¼_LX £NTVSd£^LY_L T_d P´L [`]£VLW[Là g Aš__T ZY A£VdL[LOÅdL   PO 4dP]  A£VdL[LOÅdL  LYO Aš__T& ! >PP LW^Z /LaTO .L][PY_P] w-SL]_šSL]T LYO _SP APOLx TY ?Pc_^ TY .ZY_Pc_  PO 5PQQ]Pd = ?TXX ,WMLYd% >@9D $$ "z A£VdL[LO¯dL !z A£VdL[LO¯dL $ LYO Aš__T Aš__T ZY A£VdL[LO¯dL  $& NZY^TOP] LW^Z _SP 6£]TV£ aP]^P^ # LYO $ A£VdL[LO¯dL # z  " LYO [L]_TN`WL]Wd z  >PP LW^Z ,VTSTVZ ,VLXL_^` w;]L_TMS£ TY -SL]_šSL]Tv^ A£VdL[LO¯dLx ,^TL_T^NSP >_`OTPY C7A44 $$% "z TOLÀ _LO T_T ^£YdP´£X LY£VSdPd£ VL¶SLX NL YL g

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

,WW ^PY_TPY_ MPTYR^ SLaP L YL_`]LW LQQTYT_d QZ] ^Z`YO LYO L YL_`]LW _PY OPYNd _Z QZ]X T_ 0aPY TYQLY_^ bSZ SLaP YZ_ dP_ LN\`T]PO LYd WPcTNLW aZNLM`WL]d _]d _Z XLVP _SPX^PWaP^ `YOP]^_ZZO `^TYR ^Z`YO^ $ LYO PaPY LYTXLW^ _SL_ ^SZ`WO YZ_ MP LMWP _Z ]PWL_P _Z S`XLY WLYR`LRP NLY WPL]Y bZ]O^ TY L [L^^TaP XLYYP] $ ?SP NZYNP[_ ZQ _SP waT^TZY TY_`T_TZYx []L_TMS£ T^ OPQTYPO Md -SL]_ŽSL]T TY _SP M]ZLOP^_ ^PY^P% TY^_TYN_ TY^[T ]L_TZY _PWP[L_Sd Z] NWLT]aZdLYNP NLY LWW NZXP bT_STY ST^ OPQTYT_TZY $ BSL_ T^ NSL]LN_P]T^_TN ZQ LWW _SP^P [SPYZXPYL T^ _SL_ ZYP OZP^ YZ_ VYZb U`^_ SZb _SP VYZbWPORP L]Z^P M`_ _SL_ ^`NS VYZbWPORP NLY LWbLd^ MP _]LNPO MLNV _Z NP]_LTY XZOLWT_TP^ ZQ NZY_Pc_ LYO NT]N`X^_LYNP^ $! 1T]^_ ZQ LWW _SP]P L]P YL_`]LW TY_`T_TZY^ bSTNS bZ`WO MP NLWWPO TY ^_TYN_^ YZbLOLd^ ?SP bLd _SPd bZ]V NLY MP ^PPY XZ^_ NWPL]Wd TY LYT XLW^ ,YTXLW^ OZ YZ_ SLaP _Z MP _L`RS_ SZb _Z M`TWO L YP^_ QZ] PcLX [WP ,N_`LWWd ^`NS LMTWT_TP^ ]P^`W_ Q]ZX LY `Y]PQWPN_PO TY_`T_TZY bSTNS T^ LWbLd^ []P^PY_ LYaLdL TY _SP ^[PNTP^ $" -SL]_ŽSL]T Pc[WLTY^ ^`NS TY ^_TYN_^ YZ_ L^ VYZbWPORP M`_ L^ L]MT_]L]d ]PQWPcP^ U`^_ WTVP _SP bLd ZYP bLVP^ Q]ZX ^WPP[ PaP]d XZ]YTYR $# :_SP] TY_`T_TZY^ ]P^`W_ Q]ZX Pc[P]T PYNP _SL_ ZYP SL^ LN\`T]PO O`]TYR w[]LN_TNPx LMSd£^L LYO TY_P]YLWTePO ^Z _Z ^[PLV ,YZ_SP] ^Z`]NP ZQ TY_`T_TaP aT^TZY T^ _SP DZRTN PcP]NT^P^ ]P^`W_TYR TY _SP LMTWT_d _Z ^PP TY_Z _SP Q`_`]P LYO _Z ]PLO _SZ`RS_^ 4Y LOOT_TZY _SP]P L]P Z_SP] w^`[P]YL_`]LWx QLN_Z]^ _SL_ -SL]_ŽSL]T OZP^ YZ_ PcNW`OP bSTNS NLYYZ_ MP OP_P]XTYPO TY XZ]P OP_LTW LYO MP^_Zb Q`]_SP] aT^TZYL]d LMTWT_TP^ 3T^ _SPZ]d ZQ aT^TZY []ZaTOP^ L N]T_T\`P ZQ MZ_S _]LOT_TZY LYO N`W _`]P :Y _SP ZYP SLYO -SL]_ŽSL]T _ZZ ]PRL]O^ _]LOT_TZY £RLXL L^ LY L`_SZ]T_L_TaP ^Z`]NP ZQ VYZbWPORP M`_ ZY _SP Z_SP] SLYO YZ_ L^ L NLYZY ZQ `YTaP]^LW NZXXLYOXPY_^ TY _SP ^PY^P ZQ _SP ;¼]aL8ÅX£À^£V£^ M`_ ]L_SP] L^ LY TY_P]YLWTePO ^P_ Z] L N`W_`]LW wSLMT_`^x TY -Z`]OTP`v^ ^PY^P 8Z]PZaP] ^TXTWL] _Z XZOP]Y NZRYT_TaP ^NTPYNP SP _]LNP^ L RZZO OPLW ZQ TY_`T_TZY _Z PaZW`_TZYL]d NL`^P^ TY XZOP]Y [L]WLYNP wRPYP^x YL_`]LW NZYOT_TZYTYR^ TYM`TW_ TYQP]PYNP^d^_PX^ N`W_`]LW wXPXP^x LN\`T]PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ []L_d£_XLaŽ__T ^TOOS£ ^£ VL]_]£[T YL YT]¼[dL_P gg  A£VdL[LOÅdL  $ A£VdL[LO¯dL  $ A£VdL[LO¯dL " LYO Aš__T $ >PP ST^ aP]^P^ ZY Pc_]LZ]OTYL]d [P]NP[_TZY TY A£VdL[LO¯dL  z" bSTNS `^P L aP]d ^TXTWL] _P]XTYZWZRd _Z _SL_ TY _SP aP]^P^ ZY []L_TMS£ TY z  $! A£VdL[LO¯dL   LYO Aš__T& ^PP LW^Z ;`©dL]£ULv^ NZXXPY_L]d PO 4dP] -SL]_šSL]Tv^ ML^TN aTPb T^ _SL_ TY_`T_TZY T^ _SP ]P^`W_ ZQ []PNZYOT_TZYTYR _]LOT_TZY £RLXL LYO TXLRTYL_TZY MS£aLYL !z  3P NWL^^TQTP^ ^Tc VTYO^ ZQ TY_`T_TZY^% _SZ^P LN \`T]PO Q]ZX YL_`]P _SZ^P LN\`T]PO Md LOSP]PYNP _Z _SP APOL Md []LN_TNP Md DZRL Md TYaT^TMWP QLN_Z]^ LYO Md _SP TY_P]aPY_TZY ZQ ^[PNTLWWd \`LWTQTPO [P]^ZY^ $" A£VdL[LO¯dL !z  ^PP LW^Z _SP Aš__T $# Aš__T ZY A£VdL[LO¯dL   

!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

VYZbWPORP TY _ST^ WTQP Z] L QZ]XP] ZYP LYO ]P[P_T_TaP []LN_TNP ?ST^ T^ _SP ^[PNTQTN WTXT_L_TZY _Z bSTNS LWW S`XLY LMTWT_d _Z LN\`T]P VYZbWPORP T^ ^`MZ]OTYL_PO 0aPY TY_PR]LW aT^TZY^ LYO TOPL^ z ^`NS L^ _SZ^P ZQ _SP APOTN ^PP]^ z NLYYZ_ MP QZ]X`WL_PO Z`_^TOP ZQ YL_`]LW []PNZYOT_TZYTYR LYO _SP ^ZNTLW SLMT_`^ _SL_ T^ [L^^PO ZY _S]Z`RS N`W_`]P ?SP aT^TZY NZXP^ MPQZ]P _SP _]LOT_TZY LYO L_ _SP ^LXP _TXP LNNZX[LYTP^ LYO [P] [P_`L_P^ T_ ?SP aT^TZY T^ YZ_ NZXX`YTNLMWP bT_SZ`_ L []PPcT^_PY_ ^P XLY_TN ^d^_PX £RLXL Z] L^ TY _SP NL^P ZQ LYTXLW^ bT_SZ`_ L []PaTZ`^ MPSLaTZ]LW ]P[P]_ZT]P , ^_LYO[ZTY_ Q]PP ZQ _]LOT_TZY LYO NZY_Pc_ ^TX[Wd OZP^ YZ_ PcT^_ ?ST^ L]R`XPY_ LW^Z OP_P]XTYP^ -SL]_ŽSL]Tv^ Q`YOLXPY_LW N]T_T\`P ZQ ]L_TZYLWT^X LYO QZ]XLW LYLWd_TN ^d^_PX^ _SP LOP\`LNd ZQ bSTNS SP NLWW^ TY_Z \`P^_TZY $$ ?SP MPWTPQ TY ZMUPN_TaP ]PL^ZYTYR L^^`XP^ L aLWTO NZR YT_TZY ZQ ]PLWT_d Md w[`]P ]PL^ZYx LYO ]PRL]O^ T_^ WZRTN L^ NZY_Pc_Q]PP -SL]_ŽSL]T []ZaP^ _SL_ _ST^ T^ YZ_ ^Z% WZRTN LYO TYQP]PYNP X`^_ LW^Z `^P WLYR`LRP LYO [L]_TNT[L_P YZ WP^^ _SLY Z_SP] ^_L_PXPY_^ TY _SP NZY_Pc_`LW T_d OP_P]XTYPO Md SLMT_`LW NSL]LN_P]T^_TN^% w4_ T^ aT]_`LWWd TX[Z^^TMWP _Z RTaP L QTYLW PaLW`L_TZY ZQ _STYR^ Md XPLY^ ZQ WZRTN LYO TYQP]PYNP QZ] _SPd [Z^^P^^ \`T_P OTQQP]PY_ [Z_PY_TLW^ LYO L[[PL] OTQQP]PY_Wd L_ OTQQP]PY_ _TXP^ L_ OTQQP]PY_ [WLNP^ LYO `YOP] OTQQP]PY_ NZYOT _TZY^ ,YO PaPY TQ LY ZMUPN_ SL^ MPPY TYaP^_TRL_PO bT_S _SP R]PL_P^_ NL]P Md NWPaP] WZRTNTLY^ T_ bTWW MP Pc[WLTYPO OTQQP]PY_Wd Md PaPY NWPaP]P] _STYV P]^x 

?SP []ZMWPX OZP^ YZ_ WTP TY _SP WZRTN M`_ TY _SP TX[Z^^TMTWT_d ZQ OPQTY TYR _STYR^ TY L _]`Wd `W_TXL_P QL^STZY ?SP TOPL ZQ QT]P T^ Q`YOLXPY_LWWd OP_P]XTYPO Md _SP TOPL ZQ wM`]YTYRx LYO QT]P LYO bZZO LW^Z LN_`LWWd ]P^`W_ TY wM`]Y_ bZZOx M`_ QT]P LYO NWZ`O OZ YZ_ ]P^`W_ TY wM`]Y_ NWZ`Ox ?SP WZRTNLW NZYNW`^TZY ZQ wBSP]PaP] _SP]P T^ QT]P _SP]P T^ M`]Y TYRx T^ _SP]PQZ]P YZ_ RPYP]LWWd aLWTO >PXLY_TN TX[WTNL_TZY T^ YZ_ _SP ^LXP _STYR L^ WZRTNLW TX[WTNL_TZY 4Q ZYP PcLXTYP^ -SL]_ŽSL]Tv^ N`W_`]LW N]T_TNT^X bSTNS ZYP NZ`WO LW^Z NLWW [P^^TXT^X LMZ`_ N`W_`]P Z] N`W_`]LW ]PWL_TaT^X LYO _SP []Z YZ`YNPO ^TX`W_LYPZ`^ MZYO _SL_ _TP^ STX _Z _SP APOL LYO _]LOT_TZY T_ MPNZXP^ NWPL] U`^_ SZb aP]d ^_]ZYRWd _SP _bZ Q`YOLXPY_LW Z]TPY_L_TZY^ _SP PXLYNT[L_Z]d LYO _SP [L]_TNT[L_Z]d L]P WTYVPO TY ST^ aTPb 3P `YT QTP^ Xd_STNLW _SZ`RS_ QZ]X^ bT_S ]L_TZYLW L]R`XPY_L_TZY 3T^ RWZMLW SZ]TeZY ZQ ^PY^P bT_S ]PLWT_d ML^PO TY WLYR`LRP T^ ZY _SP ZYP SLYO Pc[WLTYPO ]L_TZYLWWd L^ L YPNP^^L]d _SZ`RS_ M`_ ^_TWW T_ OZP^ YZ_ LWWZb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ :Y _ST^ T^^`P ^PP LW^Z 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x "z$  LaL^_S£OP²LV£W£Y£À MSPO£O MSTYY£^` ²LV_T´` g MS£a£Y£X LY`X£YPYL []L^TOOST] L_TO`]WLMS£ gg  A£VdL[LOÅdL  dL_YPY£Y`XT_Zv[d L]_SLà V`²LWLT] LY`X£_šMSTà g LMSTd`V_L_L]LT] LYdLT] LYdL_SLTaZ[L[£OdL_P gg A£VdL[LOÅdL 

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!

T_^PWQ _Z MP PcLXTYPO TY LYd ]L_TZYLWT^_TN XLYYP] -SL]_ŽSL]Tv^ .ZXX` YTNL_TaP -]LSXLY T^ L `YTaP]^LW Xd_S _SL_ OZP^ YZ_ ^P_ T_^PWQ LRLTY^_ ]L_TZYLW Pc[WLYL_TZY LYO `YOP]^_LYOTYR ZQ _SP bZ]WO M`_ ]L_SP] `YOP] [TY^ T_ ?SP Z_SP] ^TOP ZQ ST^ N`W_`]LW N]T_TNT^X T^ ST^ SZWT^_TN [L]LOTRX LYO _SP YPNP^^T_d ZQ [Z^_`WL_TYR L ]PQWPN_PO _SPZ]d ZQ []L_TMS£  TP ZQ waT^TZYx wTY_`T_TaP TY^TRS_x Z] wQWL^S ZQ `YOP]^_LYOTYRx z MZ_S SZWT^X LYO wQWL^Sx MPTYR TWW`^_]L_PO Md _SP NZRYT_TaP []ZNP^^ ZQ _SP L[[]PSPY ^TZY ZQ L ^PY_PYNP ?SP bLd XPLYTYR _LVP^ [WLNP LYO _SP aP]d YL_`]P ZQ XPLYTYR T_^PWQ LN_`LWWd PaLOP ]L_TZYLW Pc[WLYL_TZY BSTWP _SP bZ]O^ ZQ L ^PY_PYNP NLY MP LYLWdePO _SP ^[SZ¶L T_^PWQ ]PXLTY^ `YOPQTYPO% wBSPY bP `YOP]^_LYO _SP XPLYTYR^ FZQ _SP bZ]O^ TY L ^PY_PYNPH Md R]L^[ TYR _SPT] OTQQP]PYNP Q]ZX ZYP LYZ_SP] _SP]P L]T^P^ L QWL^S ZQ `YOP]^_LYOTYR []L_TMS£ bSTNS T^ _Z_LWWd OTQQP]PY_ FQ]ZX _SP R]L^[TYR ZQ _SP TYOTaTO`LW bZ]O^H BP NLWW _SL_ F []L_TMS£ H bSTNS T^ []ZO`NPO Md _SP XPLYTYR^ ZQ _SP bZ]O^ _SP XPLYTYR ZQ _SP ^PY_PYNPx  w:YWd TRYZ]LYNP LaTOd£ T^ OP^N]TMPO Md _SP OTQQP]PYNP^ ZQ NZY^_]`N_TZY^ TY _SP ^NSZWL]Wd bZ]V^ ²£^_]L^  @YOP]^_LYOTYR aTOd£ L]T^P^ Md T_^PWQ YZ_ L^ LY LW_P]YL_TaP ZQ _]LOT_TZY 5`^_ L^ LY PQQPN_ T^ TYOP^N]TMLMWP LYO YZ_ NZY YPN_PO _Z _SP NL`^P^ ^Z `YOP]^_LYOTYR aTOd£ LW^Z _SZ`RS YZ_ QT_ _Z MP TY _P][]P_PO T^ NSL]LN_P]TePO L^ TQ T_ SLO _SP ^NSZWL]Wd bZ]V^ ²£^_]L L^ L XPLY^x  w3Zb bTWW _SP]P MP OTaT^TZY^ ZQ XPLYTYR L]_SL *x 

w?SP]P T^ L [Z^_^_]`N_`]LWT^X TY -SL]_šSL]Tv^ L]R`XPY_^ _SL_ RP_^ ^TR YTQTNLY_Wd MPdZYO _SP [Z^_^_]`N_`]LWT^X^ YZb OT^N`^^PO TY WT_P]L]d N]T_TNT^X ST^_Z]d LYO LY_S]Z[ZWZRdx  ?ST^ T^ bSP]P 6PWWd L ^NSZWL] ZQ LY_S]Z[ZWZRTNLW WTYR`T^_TN^ LYO ^ZNTLW _SPZ]d ^PP^ -SL]_šSL]T L^ L ^TRYTQTNLY_ ^ZW`_TZY _Z ^_LWWPO XZOP]Y ^NSZWL]Wd OPML_P^ TY _SP $$^ _SL_ ^_TWW WTYRP] ZY YZbLOLd^ QTQ_PPY dPL]^ WL_P]% LY LY_S]Z[ZWZRd w[]TaTWPRTYR QZ]XLW XZOPW^ ZQ ^TRY ^d^_PX^ L^ _SP aPSTNWP QZ] TY_P][]P_L _TZY LYO Pc[WLYL_TZY ZQ PaP]d_STYRx LY LY_S]Z[ZWZRTNLW WTYR`T^_TN^ _SL_ ^PPV^ _SP bLd MLNV wQ]ZX _SP TY_P]TZ]^ ZQ LM^_]LN_PO ^PXTZ_TN ]PLWX^x LYO bSZ^P NZ`Y_P]NSL]X T^ w[]LN_TNPx  LYO L [Z^_^_]`N_`]LWT^_ [ST ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  aTNNSPOLR]LSL©P u]_S£Y£À []L_TMS£YdLTaL U£dL_P g a£Vd£]_SL T_T _£X £S`à [LO£]_SLT] `[L[£OT_£X gg  A£VdL[LO¯dL   ²£^_]P´` []LV]Td£MSPOLT] LaTOdLTaZ[LaL]©dL_P g LY£RLXLaTVLW[£ _` ^aLdLÀ aTOdZ[LaL]_L_P gg LYTMLOOSLÀ YTXT__P´` YT]`[£VSdLÀ [SLWLX dL_S£ g _L_S£ aTOd£[d LY£VSdPd£ ²£^_]Z[£dPaL WLV´dL_P gg  A£VdL[LO¯dL z :`] 0YRWT^S ]PYOP]TYR QZWWZb^ 6PWWdv^ _]LY^WL_TZY bSTNS bP SLaP ZYWd ^WTRS_Wd LW _P]PO w`YOP]^_LYOTYRx TY^_PLO ZQ w_]`_Sx _]LY^WL_TZY ZQ LaTOd£ LYO ²£^_]L >PP 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x "  V`_Z u]_SL^dL MSLaT´dL_T A£VdL[LO¯dL M  6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x "   6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x "$

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

!!

WZ^Z[Sd  WL /P]]TOL _SL_ []TaTWPRP^ L wQL_`Z`^ YTSTWT^X ML^PO ZY OPNZY ^_]`N_TaP bT^OZXx ! BSd ^SZ`WO _SP LYNTPY_ _STYVP] ZQQP] L YPb [Z^_ [Z^_N]T_TNLW ]P^[ZY^P* -PNL`^P SP LOO]P^^PO wTY _SP bLVP ZQ LYO [P] SL[^ TY ]P^[ZY^P _Z L [ZbP]Q`W OPNZY^_]`N_TaP QZ]XLWTeL_TZY ZQ XPLY TYRx _Z[TN^ _SL_ bZ`WO MP LNNZ]OTYR _Z 6PWWd MLOWd YPPOPO TY NZY_PX [Z]L]d OPML_P^ L^ bPWW YLXPWd w_Z OZ XZ]P _STYVTYR LMZ`_ XPLYTYR XPLYTYR `YT_^ LYO _SP RPYP]LW []Z^[PN_^ QZ] QZ]XLW LYLWd^T^ ZQ XPLY TYRx " 6PWWd ^`[[Z^P^ _SL_ w-SL]_šSL]Tv^ L]R`XPY_ LMZ`_ _SP `YT_d ZQ ^PY_PYNP`__P]LYNP XPLYTYR LYO _SP `_TWT_d ZQ NZY_PX[WL_TYR _SP [ZbP]^ LYO WTXT_^ ZQ QZ]XLW L[[]ZLNSP^ _Z WTYR`T^_TN LYLWd^T^x bL^ Z]TRTYLWWd XPLY_ L^ L ]P^[ZY^P _Z -`OOST^_ 8LOSdLXLVL OTLWPN_TN LYO OPNZY^_]`N _TZYT^_ [STWZ^Z[Sd # -`_ _SP bLd -SL]_šSL]T OPLW_ bT_S T_ XLVP^ STX L NLYOTOL_P QZ] []ZaTOTYR L VPd QZ] L w[Z^_^_]`N_`]LWT^_ ^PXTZ_TN^x bSTNS T^ 6PWWdv^ NZYNP]Y% w8d ^PY^P T^ _SL_ bP YPPO L X`NS XZ]P [ZbP]Q`W ]PNZY^TOP]L_TZY ZQ XPLYTYR T_^PWQ _Z ]P^ZWaP _SP TX[L^^P LYO _SL_ -SL]_šSL]T XTRS_ SPW[x $ _Z RP_ w[L^_ _SP _d[P ZQ u[Z^_^_]`N_`]LWT^Xv _SL_ T^ ]P[]P^PY_PO Md /P]]TOL TY NZY_PX[Z]L]d BP^_P]Y _SZ`RS_% [L^_ _SP OT^NZaP]d ZQ TY^_LMTWT_d TY ^TRY^ LYO _SP T]]PO`NTMTWT_d ZQ LN_^ ZQ [ZbP] TY _SPT] `^Px  ,YO SZb OZP^ -SL]_šSL]T SPW[* w/P]]TOL TY^T^_^ _SL_ _SP ^TRYTQTP] T^ L _]LNP -SL]_šSL]T _SL_ T_ OT^L[[PL]^ bSPY _SP XPLY TYR MPNZXP^ NWPL] m _SP ^TRY FT^H L _ZZW ;WZb^ ^bZ]O^ LYO [P^_WP^ m L]P L[[WTPO bT_STY _SPT] WTXT_^ _Z _SP YPNP^^L]d _L^V^ >Z T_ T^ bT_S ²LMOL >TRY^ OZYv_ SLaP _SPT] ZbY XPLYTYR^ _SPd L]P `^PO _Z XLVP XPLYTYR^x 

 

?SP ?S]PP /TXPY^TZY^ ZQ 7LYR`LRP

w?ST^ F^NTPYNP ZQ R]LXXL]H T^ _SP bZYOP]Q`W ^`[]PXP LMZOP [L]LXLX [LOLX ZQ _SP _S]PPQZWO ^[PPNS a£N  FYLXPWdH _SP ALTVSL]¯ F_SP u.Z][Z ]LWv OTXPY^TZY TP L`OTMWP ^[PPNSH _SP 8LOSdLX£ F_SP u8TOOWPv Z] uXP OTL_TYRv OTXPY^TZY TP _SZ`RS_H LYO _SP ;L²dLY_¯ F_SP u>PPTYRv OTXPY^TZY TP _SP ^`OOPY NZX[]PSPY^TZY ZQ XPLYTYRH bSZ^P OTaP]^P _]LY^T_TZY [ZTY_^ _¯]_SL L]P XLYTQZWOx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! " # $  

6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x #$ 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x "$ 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x "  6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x #$ 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x $ 6PWWd w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^x $& 6PWWd ]PQP]^ SP]P _Z A£VdL[LO¯L " z"" $#z$$   aLTVSL]d£ XLOSdLX£d£² NL [L²dLY_d£² NLT_LO LOMS`_LX g LYPVL_¯]_SLMSPO£d£^ _]Ldd£ a£NLà [L]LX [LOLX gg A£VdL[LO¯dL  $

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!"

-SL]_ŽSL]Tv^ NZYNP[_TZY ZQ _S]PP OT^_TYN_ OTXPY^TZY^ ZQ WLYR`LRP NWPL]Wd QZ]X^ L ]PNP[_TZY ZQ ST^ ZbY _SPZ]PX^ LYO ]PLNSP^ TY_Z _SP Xd_STNLW LYO Xd^_TNLW ?SP aP]^P \`Z_PO A£VdL[LO¯dL  $  \`LWTQTP^ R]LX XL] L^ [L]LXLX [LOLX w^`[]PXP LMZOPx z L _P]X `^PO TY _SP @[LYT´LO^ _Z OPYZ_P _SP STRSP^_ -]LSXLY LYO WTMP]L_TZY  4Y^_PLO ZQ ²LMOL  -SL]_šSL]T `^P^ _SP APOTN _P]X a£N  bSTNS T^ ]PXTYT^NPY_ ZQ _SP APOTN wRZOOP^^ ZQ ^[PPNSx ?SP Aš__T LYO _SP ^`NNPPOTYR aP]^P  A£VdL [LO¯dL ! ]PQP] _Z _SP wNZb ZQ WLYR`LRPx _Z OP^N]TMP TY L [ZP_TN bLd _SP YL_`]P ZQ ^[PPNS ,YO TY L STRSWd XP_L[SZ]TNLW LYO SdXYTN XLYYP] A£VdL[LO¯dL !#z!$ RWZ]TQTP^ _SP ;L²dLY_¯ w>PPTYRx^[PPNS L^ YPN_L] ZQ _SP ^Tc_PPY_S OTRT_ ZQ _SP XZZY LYO _SP TXXZ]_LW ^Tc_PPY_S [L]_ ZQ _SP ;`]`´L _SP APOTN XLN]LY_S]Z[Z^ bSZ^P ^PWQ^LN]TQTNP NZY^_T_`_PO _SP `YTaP]^P ,WZYR^TOP _SP^P ^`RRP^_TaP APOTN TXLRP^ bP QTYO _SP _S]PP _P]X^ ALTVSL]¯ 8LOSdLX£ LYO ;L²dLY_¯ _SL_ OZ YZ_ MPWZYR _Z _SP APOL YZ] _Z _SP R]LXXL_TNLW _]LOT_TZY ZQ ;£©TYT bSTNS -SL]_šSL]T QZW WZb^ PW^PbSP]P 3ZbPaP] _SP WTYR`T^_TN [STWZ^Z[SP] OTO YZ_ TYaPY_ _ST^ OZN_]TYP STX^PWQ LYO TY^_PLO SP L[[L]PY_Wd ]PQP]^ _Z PcT^_TYR TOPL^ L^ NLY MP TYQP]]PO Q]ZX \`Z_L_TZY^ TY _SP Aš__T ZY  $ ?SP aP]^P^ NT_PO _SP]PTY ^Z`YO DZRTN?LY_]TN LYO ^PPX _Z LWW`OP _Z L ^[T]T_`LW []LN_TNP ZQ XLY_]L ]P[P_T_TZY M]PL_S NZY_]ZW LYO NZY_PX[WL_TZY  3P]P _SP [SZ YPXP^ `__P]PO L]P L^^ZNTL_PO bT_S _SP ALTVSL]¯ _SP NZY_]ZWWPO M]PL_S LYO wM]PL_SWP^^x XPY_LW ^_L_P bT_S _SP 8LOSdLX£ LYO QTYLWWd _SP w`Y OTaTOPOx aT^TZY ZQ wZYPv^ ZbY TYYP] WTRS_x ^aL]¼[LUdZ_T] LY_Là LYO ZQ _SP wTX[P]T^SLMWP ^`M_WP ^[PPNSx ^¼V´X£ a£RLYL[£dTY¯ bT_S _SP ;L²dLY_¯ z L aT^TZY _SL_ T^ ^LTO _Z _]LY^QZ]X ]LOTNLWWd _SP wPXMZOTPOx [P]^ZY _SP ALTVSL]¯ Z] ^ZXL_TN OTXPY^TZY TY_Z LY TXXZ]_LW ZYP ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .]T_ PO =L` ( A£VdL[LO¯dL  PO 4dP]& A£VdL[LO¯dL  _]LY^ 4dP] ?ST^ T^ _SP ZYWd [L^^LRP ZY _SP _S]PP WLYR`LRP WPaPW^ L[L]_ Q]ZX L ^SZ]_ Pc[WLYL_TZY ZQ _SP _S]PP _P]X^ TY _SP Aš__T LYO A£VdL[LO¯dL !z" LYO L [L^^TYR LWW`^TZY TY A£V dL[LO¯dL  z  bSP]P WLYR`LRP NZX[]PSPY^TZY T^ WTVPYPO _Z LY P\`LWWd _S]PPQZWO []ZNP^^ ZQ NZRYTeTYR aT^`LW ZMUPN_^ PR L QTR`]P TY L [LTY_TYR  ?SP _P]X [L]LXLX [LOLX ZNN`]^ QZ] TY^_LYNP TY 6L¶SL@[LYT´LO $ LYO 8LT_]T @[LYT´LO  LYO ! LYO ^PPX^ _Z MP L QLaZ]T_P _P]X [L]_TN`WL]Wd TY _SP WL_P] DZRL @[LYT´LO^ WTVP _SP /Sd£YLMTYO`  ?PUZMTYO`  DZRL²TVS£ # DZRL_L__aL " bSTNS ]PXLTYPO `YNZXXPY_PO Md ±L«VL]L LYO [Z^^TMWd [Z^_OL_P^ STX >TXTWL] _Z _SP @[LYT´LO _]LOT_TZY -SL]_šSL]T NLWW^ _SP w^`[]PXP LMZOPx _Z bSTNS _SP ^_`Od ZQ R]LXXL] WPLO^ aL]TZ`^Wd ;L]LX -]LSXL wSTRSP^_ -]LSXLYx A£VdL[LO¯dL  ;L]LX ¢_XLY w^`[]PXP >PWQx  5dZ_T] wF^`[]PXPH WTRS_x # M`_ LW^Z ±LMOL ?L__aL LYO TY _SP Aš__T PaPY ±LMOL-]LSXLY wBZ]O-]LSXLYx  P_N z LWW _SP^P _P]X^ OPYZ_TYR XZV´L  wWTMP]L_TZYx 4_ T^ YZ_PbZ]_Sd _SL_ _SP _P]X ±LMOL -]LSXLY OZP^ YZ_ ZNN`] TY _SP ZWOP] @[LY´LO^ bT_S _SP PcNP[_TZY ZQ 8LT_]T 8LT_]£dL©L @[LYT´LO ! bSP]P T_ OPYZ_P^ _SP ^LN]PO ^dWWLMWP :¿ z LY TOPY_TQTNL _TZY bSTNS T^ aP]d NZXXZY TY _SP WL_P] 4YOTLY _]LOT_TZY  >PP A£VdL[LO¯dL 4 PO 4dP] $ LYO 4dP]v^ _]LY^WL_TZY "z# ?SP aP]^P^ L]P ]PXTYT^NPY_ ZQ ±LTaL ?LY_]L LYO _SP WL_P] 2Z]LVYL_S >TOOSL DZRL _]LOT_TZY

!#

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

Z]TRTYLW NZY_Pc_ T^ ZMaTZ`^Wd L ]PWTRTZ`^ ^Z_P]TZWZRTNLW ZYP 4Y NZY_]L^_ -SL]_šSL]Tv^ ]PNP[_TZY TY _SP A£VdL[LO¯dL LYO _SP Aš__T T^ WTYR`T^_TN ! 3P ]PNPTaP^ _SP _S]PP _P]X^ TY _SP WTRS_ ZQ ST^ ^[SZ¶L _SPZ]d 4Y ^Z OZTYR SP N]PL_P^ L ML^TN XZOPW _SL_ XLVP^ STX _SP _Z[ TOPZWZRT^_ ZQ _SP WL_P] ?LY_]TN [STWZ^Z[STP^ ?SP Aš__T ZY A£VdL[LO¯dL  $ Pc[Z`YO^ -SL]_šSL]Tv^ ZbY OZN_]TYP L^ QZWWZb^% " ?SP QT]^_ OTXPY^TZY ZQ WLYR`LRP _SP ALTVSL]Å Z] w.Z][Z]PLWx w0X MZOTPOx _SP []PNT^P XPLYTYR T^ `YNWPL] NZTYNTOP^ bT_S _SP LN_`LW WTY R`T^_TN Pc[]P^^TZY LYO _SP ^Z`YO _SL_ bP SPL] ,_ _ST^ ^_LRP LWW YZY WTYR`T^_TN TYOTaTO`LW NSL]LN_P]T^_TN^ ZQ _SP ^[PLVP] L]P []P^PY_ ^`NS L^ _PX[Z LYO XZO`WL_TZY ZQ ST^ ^[PPNS ,_ _ST^ WPaPW T_ T^ [Z^^TMWP _Z OT^ _TYR`T^S ]TRS_ LYO b]ZYR bZ]O QZ]X^ -`_ YZ_ ZYWd bZ]O^ LW^Z PaP]d L`OTMWP ^Z`YO ^`NS L^ QW`_P X`^TN O]`XMPL_^ SL][ X`^TN LYO LW^Z NSLZ_TN YZT^P^ ^`NS L^ ^N]L[TYR LYO ^\`PLVTYR MPWZYR _Z _SP ALTVSL]¯  8LOSdLX£  _SP w8TOOWPx TP WZNL_PO MP_bPPY ;L²dLY_Å LYO ALTV SL]Å WLYR`LRP OTXPY^TZY ]PQP]^ _Z _SP ^[PPNS bT_STY _SP XTYO bSTNS T^ YZ_ SPL]O Md Z_SP]^ YLXPWd _SP _SZ`RS_ bZ]O TY NZY_]L^_ _Z _SP ^[ZVPY bZ]O ?SP]P T^ ^_TWW NZRYT_TZY ZQ L NWPL] WTYPL] ^P\`PYNP ZQ ^Z`YO^ Z] [SZYPXP^ M`_ _SP bZ]O T^ Pc[P]TPYNPO L^ L `YT_ ZQ XPLYTYR PYNZX[L^^ TYR _SP ^P\`PYNP ;L²dLY_Å  bSTNS WT_P]LWWd XPLY^ w_SP >PPTYRx WLYR`LRP OTXPY^TZY PcT^_^ MPdZYO _SP WTYPL]T_d ZQ OT^N`]^TaP _SZ`RS_ 3P]P LWW L^[PN_^ ZQ _SP bZ]O L^^ZNTL_PO bT_S ^[LNP_TXP L]P ZYWd []P^PY_ L^ WL_PY_ [Z_PY_TLW^% ;L²dLY_¯wbZ]O^x SLaP YPT_SP] L ^[PNTQTN ^Z`YO QZ]X YZ] L ^[PNTQTN XP^^LRP z LWW _SP^P bZ]O L^[PN_^ L]P NZX[WP_PWd Q`^PO bT_S _SP ^[SZ¶L  _SP ^`OOPY TXXPOTL_P TY^TRS_ ZQ L XPLYTYR `YT_ :] TY _SP bZ]O^ ZQ _SP Aš__T ;L²dLY_¯ OPYZ_P^ _SL_ OTXPY^TZY ZQ WLYR`LRP wTY_Z bSTNS _SP [ZbP] ZQ ^P\`PYNP V]LXL²LV_T SL^ PY_P]POx LYO TY bSTNS ^[SP]P ZQ WLYR`LRP LWW [P]NP[_TMWP ^P\`PYNP^ ^`NS L^ _SP Z]OP] ZQ [SZYPXP^ TY L bZ]O Z] _SP Z]OP] ZQ bZ]O^ TY L ^PY_PYNP L]P XP]RPO TY_Z ZYP ?SP]P L]P YZ b]ZYR Z] ]TRS_ QZ]X^ 4Y _SP [`]P aT]_`LWT_d ZQ _SP ;L²dLY_¯ WTY R`T^_TN P]]Z]^ L]P YZ_ PaPY [Z^^TMWP 4Y _SP bZ]O^ ZQ _SP Aš__T% _SP w^` []PXP QZ]X ZQ >PPTYRx [L]L [L²dLY_¯]¼[L T^ OPaZTO ZQ NZ]]PN_ LYO TYNZ]]PN_ bZ]O QZ]X^ LYO MPdZYO _SP bZ]WOWd `^LRP ?SP ;L²dLY_¯ OTXPY^TZY ZQ ^[PPNS T^ Md T_^ aP]d YL_`]P LY LM^Z W`_PWd [L]_WP^^ LaTMS£RL bSZWP # M`_ L_ _SP ^LXP _TXP T_ T^ YZ_ SZ XZRPYZ`^ 4_ NZY_LTY^ bT_STY T_^PWQ _SP [Z_PY_TLW ZQ ^P\`PYNP bSTNS MPNZXP^ XLYTQP^_ TY _SP 8LOSdLX£ LYO ALTVSL]¯ OTXPY^TZY^ LYO _SP]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP QZ] _SP bTOP] NZY_Pc_ ZQ A£VdL[LO¯dL  $ _SP 6£]TV£^  !z" " ?SP Aš__Tv^ WTYR`T^_TN Pc[Z^T_TZY ZQ _SP _S]PP _P]X^ T^ aP]d X`NS TY NZY^ZYLYNP bT_S A£VdL[LO¯dL !z" M`_ NZY_LTY^ ^ZXP PWLMZ]L_TZY^ # A£VdL[LO¯dL !" LYO QZ] _SP QZWWZbTYR ^PP LRLTY _SP Aš__T ZY  $  PO 4dP]

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!$

T^ OTQQP]PY_TL_TZY PaPY LXZYR _SP ^P\`PYNPWP^^ ;L²dLY_¯ QZ]X^ ,W _SZ`RS _SPT] ^_]`N_`]P T^ LWbLd^ _SP ^LXP _SP [`]P NZRYT_TZY ZQ _SP TYOTaT^TMWP ^[SZ¶L _SP]P L]P TYY`XP]LMWP LYO XLYTQZWO ;L²dLY_¯^ [L]TX£YLMSPOL  OP[PYOTYR ZY _SP [^dNSZWZRTNLW Q]LXP ZQ XTYO TP T_^ ]P^_WP^^YP^^ Z] NZYNPY_]L_TZY _SP NZY_PY_ TP _SP ZMUPN_^ ZQ NZRYT _TZY LYO _SP ]LYRP LYO QZ]X ZQ ;L²dLY_¯ 4_ XLd SLaP _SP L[[PL]LYNP []L_dLaLMS£^£ ZQ TYOTaTO`LW WTXT_PO ZMUPN_^ [L]TNNSPOLYY£]_SL  ZQ LWW ZMUPN_^ TY _SPT] PY_T]P_d ^LÀ^š´¶£]_SL Z] MP L QZ]XWP^^ NZRYT_TZY YT]£V£]L TY bSTNS LWW ZMUPN_VYZbWPORP T^ LM^Z]MPO Md L XTYOQ]LXP ZQ _]LY\`TWT_d NLWXYP^^ LYO [PLNP []L²£Y_L^L]a£]_SL  ,WW`OTYR _Z OTQQP]PY_ Z[TYTZY^ LMZ`_ NZ]]PN_ ^[PPNS L^ L XPLY^ ZQ M]TYRTYR LMZ`_ S`XLY [P]QPN_TZY _SP Aš__T ]PXL]V^% x?ST^ F^`[]PXP ;L²dLY_¯ QZ]XH ZQ WLYR`LRP MPNZXP^ NZX[]PSPYOPO LN NZ]OTYR _Z _SP _]LOT_TZYLW aTPb[ZTY_ ZQ ^ZXP Md R]LXXL] Z] FTY Z_SP] bZ]O^H a£ Md _SP `YTZYTY_`T_TaP TY^TRS_ dZRL  bSTNS L]Z`^P^ _S]Z`RS VYZbTYR NZ]]PN_ FLYO TYNZ]]PN_H QZ]X^ LYO bSTNS [P]_LTY^ _Z _SL_ bSTNS NZXP^ MPQZ]P FLWW L`OTMWPH bZ]O^ ²LMOL[¼]aL x $

,_ _ST^ [ZTY_ L Y`XMP] ZQ `YNZXXPY_PO \`Z_L_TZY^ Q]ZX wLYNTPY_ WZ]Px T_TS£^L L]P LOOPO bSTNS L[[L]PY_Wd LTX _Z TWW`^_]L_P PT_SP] QTR` ]L_TaPWd Z] aP]MLWWd _SP ]LYRP ZQ _SP _S]PP WLYR`LRP XZOLWT_TP^ ^_L]_TYR bT_S L aP]^P ZY _SP wNZb ZQ WLYR`LRPx  LYO PYOTYR bT_S _SP DZRTN ?LY_]TN ^Z`]NP ?SP QTYLW ^PN_TZY ]P_`]Y^ _Z _SP Aš__T L`_SZ]v^ []P^`XL MWd -SL]_šSL]Tv^ ZbY NZY_PY_TZY% w,YO []PNT^PWd _ST^ _S]PPQZWO WLYR`LRP ]P^PXMWP^ _SP XP_LXZ][SZ^P^ aTaL]_L ZQ _SP NZ^XTN XP_L.ZY^NTZ`^YP^^ NLT_LYdLR]LY_ST   FLYOH T_^ ^TeP NLYYZ_ MP XPL^`]PO L_ LWW ,YO ZYWd TY T_^ wQZ`]_S [L]_x OZP^ T_ L[[PL] FL^ ALTVSL]¯ 8LOSdLX£ LYO ;L²dLY_¯H LXZYR^_ XPY LYO PaPY ZQ _ST^ F\`L]_P]H ZYWd L ^XLWW [L]_ T^ TY `^P z _SP Z_SP] [L]_ RZP^ MPdZYO YZ]XLW `^P ZQ WLYR`LRPx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ [L]LÀ _` [L²dLY_¯]¼[LX LYL[LMS]LÀ²LX L^LÀV¯]©LÀ WZVLadLaLS£]£_¯_LX g _L^d£ PaL a£NZ ad£VL]L©PYL ^£OS`_aLU«£YLWLMSdPYL a£ ²LMOL[¼]aP©L dZRPY£OSTRLXdL_L T_dPVP´£X £RLXLà g Aš__T ZY A£VdL[LO¯dL  $ PO 4dP]  [ !  4dP] _]LY^ A£VdL[LO¯dL 4  ! _]LY^WL_P^% w:YP ZQ _SPX _SP bZ]ONZb SLaTYR L ]LOTLY_ ^XTWP LYO LY PcNPWWPY_ YL_`]P TY SP] OTaTYP LYO YZYOTaTYP QZ]X dTPWO^ XTWV L^ _SP .Zb OZP^x 3P _]LNP^ _SP \`Z_L_TZY^ wTY L aP]d OTQQP]PY_ QZ]X TY _SP 8LS£ MS£]L_L ¢²aLXPOSTVL[L]aLY x TMTO #  4Y -SL]_šSL]Tv^ NL^P _SP _P]X wNLT_LYdLR]LY_STx L[[L]PY_Wd OPYZ_P^ wYPc`^ ZQ NZY ^NTZ`^YP^^x TY NZY_]L^_ _Z TYOTaTO`LW NZY^NTZ`^YP^^ bSTNS T^ bSd bP _]LY^WL_P T_ L^ wNZ^XTN XP_L.ZY^NTZ`^YP^^x ?SP `^`LW _]LY^WL_TZY L^ wVYZ_^ ZQ NZY^NTZ`^YP^^x ^PP QZ] TY^_LYNP 4dP] " OZP^ YZ_ XLVP X`NS ^PY^P QZ] -SL]_šSL]T bSZ ^PPX^ _Z `YOP]^_LYO R]LY_ST TY _SP ^PY^P ZQ PVLRSLYL L NZYNPY_]L_PO NZX[LN_ XL^^ ZQ NZY ^NTZ`^YP^^  ^LT´£ _]LdÅ a£V NLT_LYdLR]LY_STaTaL]_LaLO LY£VSdPdL[L]TX£©£ _`]ÅdP©L XLY`´dP´` []L_dLaLMS£^L_P g _L_]£[T N£^d£à VTÀNTO PaL ad£aLS£]TVLX LYdL_ _` ^£X£YdLadLaL S£]£_Å_LX g Aš__T ZY A£VdL[LOÅdL  F(  $ PO =L`H PO 4dP] 

! 

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

:MaTZ`^Wd _SP Aš__T LWW`OP^ SP]P _Z _SP QLXZ`^ ‹RaPOL aP]^P ! bSTNS bP SLaP LW]PLOd NZXP LN]Z^^ ^PaP]LW _TXP^ TY _ST^ MZZV LYO LOO^ dP_ LYZ_SP] TY_P][]P_L_TZY _Z _SP XLYd _SL_ LW]PLOd PcT^_ ?SP APOTN aP]^P T^ L^^ZNTL_PO bT_S _SP _S]PPQZWO YL_`]P ZQ WLYR`LRP LYO -SL]_šSL]Tv^ ZbY _]LY^QZ]XL_TZY ZY_ZWZRd aTaL]_L  ?SP]P T^ ^_]ZYR PX[SL^T^ ZY _SP TYPQQLMTWT_d ZQ WLYR`LRP YZ_ ZYWd ]PRL]OTYR _SP WTYR`T^ _TN ^Z`]NP TY -SL]_šSL]Tv^ ^d^_PX _SP TXXPL^`]LMWP ^`[]PXP wBZ]Ox Z] RWZMLW YP_bZ]V ZQ XPLYTYR^ bSTNS T^ YZY^P[L]L_P Q]ZX NZY^NTZ`^YP^^ _SP ^`[]LTYOTaTO`LW wTY^TOP LYO Z`_^TOPx XP_L.ZY^NTZ`^YP^^ LYO LW^Z YZY^P[L]L_P ]PRL]OTYR _SP _S]PP ^[PPNS WPaPW^ TY PaP]dOLd WLY R`LRP ,_ _ST^ [ZTY_ _ZZ _SP LN_`LW ‹RaPOL aP]^P T^ \`Z_PO LYO _SP Aš__T PYO^ bT_S L QTYLW ]PXL]V ZY _SP PcNPWWPYNP ZQ RPYP]LW WTYR`T^_TN^ LYO R]LXXL] TY OT^NP]YTYR NZ]]PN_ ^[PPNS QZ]X^% wu4Q WLYR`LRP T^ XPL^`]PO T_ SL^ QZ`] \`L]_P]^ .WPaP] -]LSXTY^ VYZb _SPX FLWWH ?S]PP F\`L]_P]^H WTP STOOPY TY _SP OP[_S^ LYO OZ YZ_ XZaP F( L]P YZ_ aT^TMWPH ?SP QZ`]_S WLYR`LRP F( _SP QZ`]_S [L]_ ZQ WLYR`LRPH T^ ^[ZVPY Md XPYv ,YO TY _ST^ R]LXXL_TNLW ^_`Od bSTNS NZY_LTY^ MZ_S RPYP]LW LYO ^[PNTLW ]`WP^ _SP QZ]X ZQ _ST^ FQZ`]_SH WLYR`LRP _SL_ T^ YZ_ XTcPO FbT_S NZ]]`[_ QZ]X^H T^ ^P_ OZbY TY T_^ PY_T]P_dx 

-SL]_šSL]Tv^ NZYNP[_TZY ZQ OTQQP]PY_ [SL^P^ ZQ WLYR`LRP QTR`]P^ XZ^_ []ZXTYPY_Wd TY ,VW`UL]v^ ^SZ]_ ^`XXL]d ZQ -SL]_šSL]Tv^ XZ^_ ^TRYTQT NLY_ TOPL^  BSTWP _SP A£VdL[LO¯dL ^[PLV^ ZQ _S]PP OTXPY^TZY^ ,VW` UVL] OT^NP]Y^ QZ`] ^[PPNS WPaPW^ Md TY_P][]P_TYR _SP w^`[]PXP QZ]X ZQ ;L²dLY_¯x bSTNS ZNN`]^ TY _SP Aš__T L^ L ^P[L]L_P QZ`]_S OTXPY^TZY RWZ^^PO Md ,VW`UVL] L^ w[`]P ML^TN WLYR`LRP []TYNT[WPx ,XZYR -SL]_šSL]T ^NSZWL]^ _SP]P T^ OT^LR]PPXPY_ ZY _ST^ [ZTY_  M`_ YZ OZ`M_ _SP TOPL ZQ L QZ`]_S OTXPY^TZY SL^ LY LYNTPY_ _]LOT_TZY ?SP L^^`X[_TZY ZQ L QZ`]_S w^`[]PXP ^[PPNSx [L]£ a£N L[[L]PY_Wd RZP^ MLNV _Z >ZX£YLYOLY£_SL _S NPY_ ! _SP QZ`YOP] ZQ _SP ;]L_dLMSTUÓ£ ^NSZZW ZQ YZYO`LW 6L^SXT]±LTaT^X LYO T_ MPNLXP ZYP ZQ _SP XZ^_ TX[Z]_LY_ _SPZ]P_TNLW _PYP_^ ZQ WL_P ?LY_]TN [STWZ^Z[STP^ >ZX£YLYOLv^ STRSWd [STWZ^Z[STNLW bZ]V T^ ZYWd NZYNP]YPO bT_S _SP `W_TXL_P ]PLWT_d LYO SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  NL_a£]T a£V [L]TXT_£ [LO£YT _£YT aTO`] M]£SXL©£ dP XLYÅ´T©Là g R`S£ _]Å©T YTST_£ YP«RLdLY_T _`]ÅdLÀ a£NZ XLY`´d£ aLOLY_T gg F‹RaPOL ! H _L^d£² N£^LÀVÅ]©LÀ a£NZ ]¼[LÀ V£]_^YdPYL ^£X£YdLaT²P´LaL_dL^XTÈWWLV´L©P ad£VL]L©£VSdP YTMLOOSLX g Aš__T ZY A£VdL[LOÅdL  F(  $ PO =L`H PO 4dP]   ,VW`UVL] w-SL]¶]SL]Tx TY 0YNdNWZ[POTL ZQ 4YOTLY [STWZ^Z[STP^  aZW    >PP QZ] TY^_LYNP =LUL 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR  " bSZ SZWO^ _SL_ -SL]_šSL]T LNNP[_PO ZYWd _S]PP WPaPW^ bT_S [L²dLY_T TY_`T_TaP TY^TRS_ L^ _SP STRSP^_ QZ]X ?Z RTaP _SP [L]£ OTXPY^TZY L ^P[L]L_P ^_L_`^ T^ L XL__P] ZQ TY_P][]P_L_TZY LYO OZP^ YZ_ ^PPX U`^_TQTPO QZ] -SL]_šSL]T STX^PWQ M`_ T_ bL^ TY_]ZO`NPO Md WL_P] ]PNT[TPY_^ ! >ZX£YLYOLY£_SL ±TaLOš´¶T & =LUL ?SPZ]TP^ ZQ 8PLYTYR  " Q

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

! 

SPLaTWd L__LNV^ _SP R]LXXL]TLY^ 4_ T^ _d[TNLW ZQ _SP WL_P] ]PNP[_TZY _SL_ _SP Pc[WLYL_TZY ZQ _SP WLYR`LRP WPaPW^ T^ PT_SP] [`]PWd XP_L[Sd^TNLW Z] LWW`OP^ _Z DZRTN []LN_TNP^ LYO XLY_]L ]P[P_T_TZY ?SP DZRL²TVSL @[LYT´LO  ZYP ZQ _SP DZRL @[LYT´LO^ bSTNS L]P NZXXZYWd L^^`XPO _Z MP WL_P L^^ZNTL_P^ _SP QZ`] ^_LRP^ ZQ ^[PPNS bT_S _SP DZRTN PYP]Rd NPY_P]^ NLV]L^  _SP NZY_PX[WL_TZY ZQ ^Z`YO Y£OL LYO _SP ]T^P ZQ _SP NZ^XTN PYP]Rd V`©“LWTY¯ TY _SP MZOd " 2]LXXL] LYO RPYP]LW WTYR`T^ _TN^ L]P YZ WZYRP] L [L_S _Z WTMP]L_TZY LYO _SP PWPXPY_ ZQ ^Z`YO z [Sd^TNLW ^Z`YO ]P^ZYLYNP w`Y^_]`NVx TY_P]TZ] ^Z`YO LYO _SP P^Z_P]TN [Sd^TZWZRd ZQ ^Z`YO z NZXP^ _Z _SP QZ]PQ]ZY_ 4_ ^PPX^ R]LXXL] LYO WTYR`T^_TN^ bP]P YZ_ PYZ`RS _Z ^L_T^Qd _SP Pc[PN_L_TZY^ ZQ XLYd ]PNT[T PY_^& _SPd bLY_PO _Z QTYO L ^[T]T_`LW ]PWTRTZ`^ ^PY^P TY _SP A£VdL[LO¯dL aP]^P  $ LYO NZ`WO YZ_ MPWTPaP _SL_ R]LXXL] bL^ PYZ`RS _Z Q`WQTWW ^Z_P]TZWZRTNLW NWLTX^ ?SP Q`]_SP] bP XZaP ZY TY ST^_Z]d _SP WP^^ LNNP[_LMWP R]LXXL] LYO WTYR`T^_TN^ bP]P L^ L XPLY^ ZQ WTMP]L_TZY 4_ NLYYZ_ MP OPYTPO _SL_ -SL]_šSL]T RTaP^ L_ WPL^_ L [L]_TLW LYO ^`RRP^_TaP TYO`NPXPY_ _Z _STYV ZQ L ^Z_P]TZWZRTNLW OTXPY^TZY LYO L ^[T]T_`LW Z] P^Z_P]TN TY_P][]P_L_TZY _SL_ `W_TXL_PWd RZP^ MPdZYO R]LXXL] [L]_TN`WL]Wd TQ _SP WLYR`LRP WPaPW ZQ aP]^P  $ T^ L^^ZNTL_PO bT_S _SP PYTRXL_TN aP]^P^ z bSTNS ]PWL_P _Z R]LXXL] L^ _SP OZZ] _Z WTMP]L_TZY # ?SP _P]XTYZWZRd `^PO _SP]P T^ ^_]ZYRWd ]PXTYT^NPY_ ZQ _SP Aš__T ZY  $ LYO T_^ DZRL \`Z_L _TZY^ A£VdL[LO¯dL # ^[PLV^ ZQ _SP w^`[]PXP QZ]X ZQ `YOTQQP]PY_T L_PO ^[PPNSx LMSPO£d£ dLO a£NZ ]¼[LX `__LXLX _SL_ T^ w[`]P WTRS_x UdZ_Tà ²`OOSLX $ LYO M ZQ _SP w`YTZY _SL_ []PNPOP^ _SP bZ]O^x ²LMOL[¼]aP©L dZRPYL  ?SP WL__P] QZ]X`WL NZ]]P^[ZYO^ WT_P]LWWd _Z _SP Aš__T RWZ^^ ZY _SP _S]PP WLYR`LRP WPaPW^ bSTNS bP SLaP \`Z_PO LMZaP LYO bSTNS ^ZXP TY_P][]P_P]^ `YOP]^_ZZO L^ LY LW_P]YL_TaP% wR]LXXL] Z]

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PP _SP \`Z_P^ TY -PNV >ZYTN ?SPZWZRd  $z$  $! ?SP >TOOSL 9£_S DZRTY^ LOOPO L QTQ_S WPaPW ZQ WLYR`LRP TMTO % _SP X£_šV£ Z] wXZ_SP]^x XPLYTYR _SP >LY^V]T_ LW [SLMP_ bSTNS T^ ^PPY L^ _SP NZX[WP_P NZWWPN_TZY ZQ ^Z`YO^ bSTNS NLYYZ_ MP Q`]_SP] OT aTOPO LYO QZ]X _SP ^PPO^ M¯UL ZQ LWW WLYR`LRP^ # , ^`M^_LY_TLW [L]_ ZQ _SP^P aP]^P^ YLXPWd A£VdL[LO¯dL  z ]PXLTYPO `YNZX XPY_PO Z] L_ WPL^_ SLaP NZXP OZbY _Z `^ bT_SZ`_ Aš__T Pc[Z^T_TZY ?SP NZY_Pc_ T^ NWPL]Wd ^Z_P]TZWZRTNLW A£VdL[LO¯dL   !  .ZY^TOP] LW^Z A£VdL [LO¯dL z" bSTNS NZY_LTY aP]d ^TXTWL] TOPL^ LYO TXLRP^ $ ?SP TXLRP ZQ WTRS_ T^ LW^Z VYZbY TY _SP @[LYT´LOTN _]LOT_TZY LYO [WLd^ L XLUZ] ]ZWP TY ±L«VL]Lv^ APO£Y_L -`_ _SP]P T_ T^ L XZ]P LM^_]LN_ ^dXMZW Z] XP_L[SZ] ZQ [`]P NZY ^NTZ`^YP^^ bSP]PL^ TY DZRL LYO ?LY_]L [L]_TN`WL]Wd TY ±LTaL ?LY_]L T_ T^ X`NS XZ]P _SLY L ^dXMZW LYO XP_L[SZ] M`_ ]L_SP] L w]PLWT^_TN ^dXMZWx Z] XP_ZYdX TYNW`OTYR aT^TZY^ ZQ WTRS_ LYO ^Z`YO ^PP Z`] ?LY_]L NSL[_P]^ ?SP ^dYLP^_SP_TN NZ]]PWL_TZY ZQ ^Z`YO^Z`YO]P^ZYLYNP LYO WTRS_ T^ aP]d _d[TNLW ZQ _SP DZRTN LYO ?LY_]TN _]LOT_TZY^

! 

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

DZRLx  =PXL]VLMWd _SP PL]Wd NZXXPY_L_Z] Aš´LMSLOPaL #_S NPY_*  OP_PN_PO L OPWTMP]L_P [ZWd^PXLY_TN XP^^LRP TY -SL]_šSL]T Md ]PLOTYR STX L^ ]PQP]]TYR _Z MZ_S R]LXXL] LYO DZRL  Aš´LMSL TOPY_T QTPO [L²dLY_¯ bT_S []L_TMS£   ;]L_TMS£ z _SP XT]LN`WZ`^ TY_`T_TaP TY^TRS_ bSTNS NLYYZ_ MP Pc [WLTYPO ]L_TZYLWWd LYO XLd TY -SL]_šSL]Tv^ _SPZ]d ]PQP] _Z MZ_S _SP NZX []PSPY^TZY ZQ _SP ^[SZ¶L LYO _Z DZRTN aT^TZY z bL^ []ZMLMWd `YOP] ^_ZZO L^ _SP TY_`T_TaP VYZbWPORP LYO YZYO`LW aT^TZY ZQ _SP STRSP^_ ]PLWT_d LYO NZ`[WPO bT_S _SP TOPL ZQ L Xd^_TN wL^NPY_x ?SP TY_P][]P_L _TZY ZQ _SP _S]PP WLYR`LRP OTXPY^TZY^ L^ w^_P[^x Z] w^_LRP^x bL^ `YOP] WTYPO Md _SP [Z^_`WL_P ZQ L QZ`]_S ^`[]PXP ^_LRP [L]£  QZ] bSTNS -SL]_šSL]T OPWTaP]PO _SP NL_NSbZ]O^ Md XPY_TZYTYR _SP w^`[]PXP QZ]X ZQ >PPTYRx LYO ST^ \`Z_L_TZY ZQ _SP ‹R APOTN aP]^P 1Z`] WPaPW^ ZQ ^[PPNS SLaP _SP]PQZ]P MPNZXP L NZXXZY TY_P][]P_L_TaP [L__P]Y >ZXP XZOP]Y L`_SZ]^ z 4YOTLY LYO BP^_P]Y z PaPY ^`RRP^_ L ^[PNTLW VTYO ZQ DZRL L wDZRL ZQ _SP BZ]Ox  _SL_ WPLO^ _Z L w^`[]PXP aT^TZYx _SP aT^TZY ZQ _SP [P]QPN_PO DZRTY -d YZXTYLWTeTYR _SP Z]TRTYLW Pc[]P^^TZY [L]L [L²dLY_¯]¼[L w^`[]PXP QZ]X ZQ >PPTYRx _Z w;L]£x w_SP >` []PXPx _SPd OT^NP]Y L ^P[L]L_P QZ`]_S ^_LRP ZQ WLYR`LRP _SL_ NZX [WP_PWd _]LY^NPYO^ _SP Z]OTYL]d bZ]WOWd WTQP 7TVPbT^P -SL]_šSL]Tv^ Pc[]P^^TZY w ²LMOL[¼]aP©L dZRPYL x T^ YZXTYLWTePO _Z w ²LMOL[¼]aL dZRL x LYO _]LY^WL_PO L^ wDZRL []PNPOPO Md _SP bZ]Ox >ZXP ^`RRP^_ L ^[PNTLW w2]LXXL_TNLW DZRLx  Z_SP]^ NZY_TY`LW XLY_]L NSLY_TYR ! L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .ZY^TOP] Md NZY_]L^_ Z`] ^`RRP^_TZY% bP ]PYOP] wDZRLx L^ w`YTZY F_SL_ []PNPOP^ _SP bZ]O^Hx TY NZY^ZYLYNP bT_S -SL]_šSL]Tv^ ^[SZ¶L LYO []L_TMS£ _SPZ]d LYO L__]TM`_P _Z _SP _P]X wa£x wZ]x L XP]PWd Pc[WLTYTYR Q`YN_TZY TY _SP ^PY^P ZQ wYLXPWdx w]P^[PN _TaPWdx  :Y _SP OL_P ZQ Aš´LMSL ^PP 4dP]v^ TY_]ZO`N_TZY _Z ST^ A£VdL[LO¯dL POT_TZY [L]_ 4 caTzcaTT  >PP 4dP]v^ _]LY^WL_TZY ZQ A£VdL[LO¯dL 4 # YZ_P z   1Z] Aš´LMSL []L_TMS£ OPYZ_P^ _SP QWL^S ZQ `YOP]^_LYOTYR _SP bZ]O TY T_^ PY_T]P_d ^LXL^_L²LMO£]_SL bSP]PTY _SP ²LMOL XP]RP^ bT_S _SP M]PL_S []£©L >PP =LUL 4Y OTLY ?SPZ]TP^ ZQ 8PLYTYR  " Y   ?ST^ TY_P][]P_L_TZY ^PPX^ _Z RZ MLNV _Z _SP 4YOTLY ^NSZWL] >L_dLVLX AL]XL bSZ L^^`XPO _SL_ _SP ;L_LÓULWT ZQ _SP 8LSLMS£´dL LYO _SP ;L_LÓULWT ZQ DZRL^¼_]L^ bP]P _SP ^LXP [P]^ZY .ZbL]O 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^  aZW  z   >PP QZ] TY^_LYNP -PNV >ZYTN ?SPZWZRd  " bSZ _]LNP^ L w2]LXXL_TNLW DZRLx Z] wDZRL ZQ _SP BZ]Ox a£RdZRL MLNV _Z ;L_LÓULWT LYO [Z^_`WL_P^% w²LMOL[¼]aLdZRL QZN`^P^ ZY L uOPWT_P]LWTeL_TZYv ZQ WLYR`LRP bSP]PMd L__LNSXPY_ _Z _SP WP__P] Z] ^P \`PYNP ZQ WP__P]^ T^ M]ZVPY Z] ^PaP]POx TMTO "  ! 7TVP ^ZXP 4YOTLY L`_SZ]^ 3L]ZWO .ZbL]O TY ST^ aL]TZ`^ [`MWTNL_TZY^ QZ]RPO _Z ]PLO -SL]_šSL]T TY _SP WTRS_ ZQ DZRL .ZbL]O w8PLYTYR LYO ;ZbP] ZQ 8LY_]L^x " `Y OP]^_LYO^ ²LMOL[¼]aLdZRL L^ L wbZ]O dZRLx ZQ ]P[PL_PO XLY_]L NSLY_TYR% w=P[P_T _TZY ZQ _SP `__P]PO ^Z`YO^ ZQ _SP XLY_]L P^[PNTLWWd TQ ^[ZVPY NWPL]Wd LYO NZ]]PN_Wd bTWW PaZVP LQ]P^S _SP ^[SZ¶L PLNS _TXP `Y_TW QTYLWWd _SP ZM^N`]TYR TRYZ]LYNP T^

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

! 

_SP XPLY^ _Z L__LTY _SP Xd^_TNLW QZ`]_S ^_LRP LYO WTMP]L_TZY bSTWP R]LXXL] T^ NWLTXPO _Z MP XP]PWd []P[L]L_Z]d LWMPT_ _SP YPNP^^L]d wQT]^_ ^_P[x " -SL]_šSL]Tv^ w^`[]PXP QZ]X ZQ ;L²dLY_¯x T^ _LVPY _Z OPYZ_P _SP Xd^_TN `YTZY ZQ _SP DZRTY bT_S _SP w0_P]YLW BZ]Ox LYO _SP _S]PP WLY R`LRP OTXPY^TZY^ L^ w^_LRP^x ZQ L wXd^_TN L^NPY_x _SL_ bL^ ^ZXP_TXP^ OT^NP]YPO TY ]PXL]VLMWP OP_LTW # ?SP^P YZ_PbZ]_Sd TY_P][]P_L_TZY^ bSTNS L]P XZ]P L[[PLWTYR _Z L ]PWTRTZ`^ XTYO _SLY L WTYR`T^_TN _SPZ]d T^ []P^`[[Z^P SZbPaP] L XLUZ] SP]XPYP`_TN PQQZ]_ LYO L RZZO OPLW ZQ ^[PN`WL_TZY MPNL`^P LN_`LW OL_L L]P ^TX[Wd WLNVTYR -SL]_šSL]T OZP^ YZ_ ZQQP] XZ]P _SLY ^TYRWP NL_NSbZ]O^ _SL_ NLY MP TY_P][]P_PO TY aL]TZ`^ bLd^ ?SP QPb A£VdL[LO¯dL aP]^P^ NT_PO L^ wPaTOPYNPx SLaP _Z MP ^`[ [WTPO bT_S Pc_P]TZ] ^Z`]NP^ QZ] _SP ]PLOP] _Z L]]TaP L_ L _SPZWZRTNLW ^PY^P LYO PaPY _SP LOaZNL_P^ ZQ _SP DZRL TY_P][]P_L_TZY L]P LbL]P ZQ ^`NS OPQTNTPYNTP^ $ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ [`]RPO LYO _SP XPLYTYR bSZWP ZQ _SP XLY_]L T^ ^PPY []L_TMS£  -P_bPPY _SP^P _bZ WPaPW^ ZQ `__P]TYR aLTVSL]¯ LYO ^`[P]^PY^`Z`^ ^PPTYR [L²dLY_¯ _SP]P T^ L XTOOWP  1Z] -SL]_šSL]T _SP ^TWPY_ []LN_TNP ZQ XLY_]L T^ LNNZ`Y_PO QZ] Md XLOSdLX£  ?SP A£VdL[LO¯dL L[[PLW^ YZ_ _Z L]R`XPY_ M`_ _Z PX[T]TNLW PaTOPYNP _SP OT]PN_ [P]NP[_TZY ZQ _SP XPLYTYR bSZWP ^[SZ¶L ZQ _SP XLY_]Lx >TXTWL]Wd .ZbL]O w8P_L[Sd^TN^x TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW  $% w?SP [^dNSZWZRTNLW XPNSLYT^X T^ OP^N]TMPO Md -SL]_šSL]T L^ L SZWOTYR ZQ _SP ^[SZ¶L TY [WLNP Md NZY_TY`PO NSLY_TYRx " 4dP] ]PXL]VPO% w1Z] -SL]_šSL]T R]LXXL] T^ ZYWd _SP QT]^_ ^_P[ TY _SP WLOOP] ZQ L^ NPY_x LYO -PNV \`Z_TYR STX ]PWTP^ ZY L Y`XMP] ZQ 4YOTLY ^NSZWL]^ bSPY SP ]PLO^ -SL]_šSL]T TY L ^TXTWL] WTRS_% wm _SP L^[T]LY_ []ZNPPO^ _Z NZY_PX[WL_P _SP >ZYTN ,M ^ZW`_P  bSTNS T^ MPdZYO R]LXXL]% u±LMOL[¼]aLdZRL _LVP^ `^ MPdZYO _SP [WLYP^ ZQ ALTVSL]¯ LYO 8LOSdLX£ mvx -PNV >ZYTN ?SPZWZRd  "z" & ^PP LW^Z 4dP]v^ _]LY^WL _TZY ZQ A£VdL[LO¯dL #z [  LYO .ZbL]O w8P_L[Sd^TN^x TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^  aZW  z  # .ZbL]O w8P_L[Sd^TN^x TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ aZW    ^`RRP^_^ _SP w[`]RTYR ZQ NZ]]`[_ QZ]X^ Q]ZX ZYPv^ PaP]dOLd WLYR`LRPx L^ L YPNP^^L]d []P]P\ `T^T_P QZ] _SP wdZRL ZQ _SP BZ]Ox 2]LXXL] RTaP^ w^[T]T_`LW XP]T_x LYO wXZ]LW [ZbP]x ZQ _SP ^Z]_ w_SL_ MPRTY^ _Z XZaP `^ TY _SP OT]PN_TZY ZQ TOPY_TQdTYR Z`]^PWaP^ bT_S _SP OTaTYP ?ST^ TOPY_TQTNL_TZY T^ _SP QT]^_ ^_P[ TY _SP DZRL ZQ _SP BZ]O  _SL_ RPYP]L_P^ XZ]P LYO XZ]P LMSd`OLdL FXZ]LW [ZbP]H `Y_TW _SP bLd T^ []P[L]PO _S]Z`RS _SP WZbP] WPaPW^ ZQ WLYR`LRP aLTVSL]¯ LYO XLOSdLX£ a£V QZ] _SP OLbYTYR ZQ _SP Xd^_TNLW aT^TZY [L²dLY_¯ x ?SP ^PNZYO ^_LRP TYaZWaP^ wM]PLVTYR _SP MZYO^ ZQ _SP PRZx Md wXPOT_L_TYR ZY _SP OTaTYP BZ]O ²LMOLM]LSXLY w^`[[]P^^TZY ZQ _SP ^P \`PYNPx ZQ Z]OTYL]d _STYVTYR LYO w]P[PL_PO F^TWPY_H XLY_]L NSLY_TYRx _Z \`TP_PY _SP XTYO LYO XLVP T_ QZN`^PO TMTO "z# >`NS L XTYO LWWZb^ w_SP []L_TMS£ Z] TY_`T_TaP [P]NP[_TZY ZQ ±LMOL-]LSXLY  _SP P^^PYNP ZQ NZY^NTZ`^YP^^ _SL_ ^_LYO^ ]PaPLWPO L_ _SP NPY_P] ZQ _SP ^_TWWPO XTYO m ,Q_P] SLaTYR ]PLNSPO _SP TYYP] WTRS_ SP bT_S ST^ VYZ_^ N`_ MPNZXP^ `YT_PO bT_S _SP >`[]PXP 7TRS_x TMTO # $ .ZY^TOP] QZ] TY^_LYNP _SP NL`_TZ`^ ]PXL]V^ ZQ .ZbL]O >[SZ¶L ?SPZ]d   Z] -PNV >ZYTN ?SPZWZRd  " bSZ NWLTX^% w>TYNP _SP A£VdL[LO¯dL ^PPX^ _Z L^^`XP _SP ]PLOP]v^ QLXTWTL]T_d bT_S _SP []LN_TNP ZQ ²LMOL[¼]aLdZRL  SZbPaP] _SP]P L]P ZYWd ^NL__P]PO ]PQP]PYNP^ TY _SP _Pc_ m F?HSP []PNT^P _PNSYT\`P ZQ u2]LXXL_TNLW DZRLv bT_STY _SP _Pc_`LW _]LOT_TZY ]PXLTY^ ^ZXPbSL_ ZM^N`]Px

! 

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

4_ X`^_ MP NZYNPOPO _SL_ -SL]_šSL]T STX^PWQ ZQQP]^ R]Z`YO^ QZ] LY Z[PY TY_P][]P_L_TZY Md `^TYR L ^`RRP^_TaP [ZWdaLWPY_ _P]XTYZWZRd WTVP wWTRS_x w^`[]PXP aT^TZYx wdZRLx LYO L STRSWd XP_L[SZ]TNLW LYO ^ZXPbSL_ _bTWTRS_ WLYR`LRP bSP]PaP] _SP ^Z_P]TZWZRTNLW OTXPY^TZY ZQ R]LXXL] T^ MPTYR OT^N`^^PO  ,YO T_ T^ []PNT^PWd TY ^Z_P]TZWZRTNLW NZY _Pc_^ bSP]P [S]L^P^ OPYZ_TYR _SP Xd^_P]TZ`^ ²LMOL[¼]aLdZRL NZY ^[TN`Z`^Wd VPP[ ]P_`]YTYR  4^ _SP]P XZ]P _Z ²LMOL [¼]aL dZRL _SLY L WTYR`T^_TN Q`YN_TZY LQ_P] LWW* /TO -SL]_šSL]T TX[WTNT_Wd []Z[Z`YO L wBZ]O DZRLx a£RdZRL * BP OZ`M_ T_ :YP XLd ZQ NZ`]^P LWbLd^ L^ ^`XP L WTaTYR _]LOT_TZY _SL_ RZP^ MPdZYO _SP _Pc_`LW OL_L -`_ _SP]P T^ YZ bPWWVYZbY N`W_`]LWWd ^SL]PO []LN_TNP ZQ ²LMOL[¼]aLdZRL LYO PaPY _SP LOaZNL_P^ ZQ L wBZ]O DZRLx SLaP OTQQP]PY_ Z[TYTZY^ LMZ`_ T_^ NZY _PY_  ?SP XPLYTYR ZQ w²LMOL[¼]aLdZRLx T^ QL] Q]ZX NWPL] LYO _SP L]_T QTNTLW* _P]X XLd [Z^^TMWd YZ_ ]PQP] _Z LYd DZRL []LN_TNP L_ LWW M`_ ^TX[Wd _Z -SL]_šSL]Tv^ XZ^_ ML^TN _SPZ]d 4Y^_PLO ZQ _]LY^WL_TYR _SP _P]X L^ wDZRL []PNPOPO Md _SP bZ]Ox bP SLaP ^`RRP^_PO ]PYOP]TYR T_ bT_S wTY_`T_TaP TY^TRS_FTYOTaT^TMWPH `YTZY dZRL _SL_ []PNPOP^ _SP FL`OTMWPH bZ]Ox ?ST^ _]LY^WL_TZY SL^ _SP LOaLY_LRP ZQ MPTYR NZY^T^_PY_ bT_S -SL]_šSL]Tv^ WTYR`T^_TN _SPZ]d LYO YZ_ YPPOTYR LYd ^`[[Wd Pc_]L XL_P]TLW _Z XLVP ^PY^P ZQ T_ 4_ T^ TY LR]PPXPY_ bT_S _SP OPQTYT_TZY ZQ ²LMOL [¼]aLdZRL QZ`YO TY _SP Aš__T ZY _SP ZQ_PY \`Z_PO aP]^P ZY R]LXXL] L^ _SP OZZ] _Z WTMP]L_TZY% w:YP bSZ bT_S L []PaTZ`^ VYZbWPORP ZQ _SP NZ]]PN_ QZ]X^ ZQ bZ]O^ ]PLWTeP^ _SP `YT_d ZQ WLYR`LRP L^ ^`NS WT_ _SP wTYSP]PY_ YL_`]P ZQ _SP bZ]Ox ²LMOL^aL]¼[L  RZP^ MPdZYO ^P\`PYNP^ LYO L__LTY^ `YTZY bT_S T_x  4Y^_PLO ZQ []LN_TNTYR LY P^Z_P]TN wBZ]O DZRLx _SP R]LXXL]TLY^ ^PPV w`YTZY bT_S WLYR`LRPx ±LMOL[¼]aLdZRL NZY^T^_^ TY VYZbTYR _SP YL_`]P ZQ bZ]O^ L^ TYOTaT^TMWP 4_ ]PQP]^ _Z _SP ^[ZY_LYPZ`^ []P]PQWPcTaP TYPQQLMWP QWL^S ZQ `YOP]^_LYOTYR _SP XPLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  , RZZO PcLX[WP T^ _SP A£VdL[LO¯dL aP]^P^ z LYO _SPT] Aš__T^ PO 4dP] z _]LY^ 4dP] z  P\`L_P^ _SP wbZ]Ox WLYR`LRP L^ ^`NS* bT_S _SP TYYP] ¢_XLY LYO _SP wR]PL_ M`WWx bT_S bSZX ZYP ^PPV^ `YTZY LYO NZY_TY`P^ TY  [Z^_`WL_TYR _SL_ _SP ^`[]PXP >PWQ [L]LX£_XLY LYO TXXZ]_LW -]LSXLY M]LSX£Xš_L L]P ZM_LTYPO Md _SP w[`]TQTNL_TZY ZQ _SP bZ]Ox ²LMOL^LÀ^V£]L ?SP Aš__T ZY _ST^ aP]^P NZY_LTY^ LRLTY z WTVP _SP RWZ^^ ZY _SP _S]PP WPaPW^ ZQ WLYR`LRP z ^`RRP^_TaP \`Z_L_TZY^ LMZ`_ _SP []LN_TNP ZQ DZRL LYO _SP w^`[]PXP WTRS_x LYO WTYV^ ²LMOL[¼]aLdZRL bT_S _SP OT^NP]YXPY_ ZQ NZ]]PN_ bZ]O QZ]X^ LYO bT_S []L_TMS£ _SP wTY_`T_TZYx ZQ _SP wbZ]O ]PLWT_dx ²LMOL_L__aL Z] NZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^ A£VdL[LO¯dL  z" PaPY ^Z`YO^ WTVP _SP OP^N]T[_TZY ZQ LY LN_`LW DZRL []LN_TNP z _ST^ T^ SZbPaP] _SP ZYWd ^`NS TY^_LYNP TY _SP bZ]V  >PP A£VdL[LO¯dL M LYO _SP Aš__T^ ZY A£VdL[LO¯dL    $  ?SP ^`RRP^_TZY^ ]LYRP Q]ZX :¿ ]P[P_T_TZY LYO XLY_]L NSLY_TYR LYO NZY_PX[WL_TZY _Z LW[SLMP_ ]T_P^ LYO APOL XPXZ]TeL_TZY  ²LMOL[¼]aLÀ ST ²LMOL^aL]¼[L^dL LMSPOL_L__aLvU«£YP V]LXL^LÀS£]P©L dZRLÀ WLMSL_P g Aš__T ZY A£VdL[LO¯dL  PO 4dP] [ "

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!



TYR ZQ _SP bZ]O^ TY L ^PY_PYNP  TP _Z -SL]_šSL]Tv^ ^[SZ¶L LYO TY_`T_TZY _SPZ]d LYO ST^ XLUZ] NZY_PY_TZY _SP `YT_L]d ^PY_PYNP aTPb 4Y QLN_ T_ NZaP]^ LWW [Z^^TMWP QZ]X^ ZQ ;L²dLY_¯ z Q]ZX _SP waT^TZYx ZQ _SP ^PY _PYNP ^[SZ¶L _Z _SP DZRTN waT^TZYx ZQ _SP PY_T]P YP_bZ]V^ ZQ XPLYTYR^ LYO DZRTN ^LX£OST  ?ST^ XLd Pc[WLTY bSd _SP A]__T \`Z_P^ Q]ZX DZRTN _]LOT_TZY^ bT_SZ`_ ^PPTYR L YPPO _Z Pc[WLTY _SP NT_L_TZY^  -SL]_šSL]T L[[L]PY_Wd LOZ[_PO _SP DZRTN?LY_]TN _P]X^ ALTVSL]¯ 8LOSdLX£ LYO ;L²dLY_¯ MPNL`^P _SPd []ZaTOPO L [ZbP]Q`W [SPYZXP YZWZRTNLW XZOPW _SL_ ^P]aP^ X`W_T[WP Pc[WLYL_Z]d Q`YN_TZY^ ?SP _S]PP WPaPW^ ZQ ^[PPNS TWW`^_]L_P Pc[P]TPY_TLWWd _SP NZY_TY`T_d ZQ NZY^NTZ`^YP^^ LYO WLYR`LRP bSP]P Z_SP]^ ^PP L []ZQZ`YO RL[ ?SPd SPW[ _Z Pc[WLTY _SP ^[SZ¶L _SPZ]d LYO ^TX`W_LYPZ`^Wd LWWZb L []ZQZ`YO TY^TRS_ TY_Z _SP YL_`]P ZQ S`XLY _STYVTYR LYO NZY^NTZ`^YP^^ _SP YL_`]P ZQ ]PLWT_d LYO _SP]PQZ]P LW^Z TY_Z _SP YL_`]P ZQ -]LSXLY ,YO YZ_ WPL^_ _SPd SPW[ _Z NWL]TQd _SP ]PWL_TZY^ST[ z LYO [Z^^TMWP NZTYNTOPYNP z ZQ R]LXXL] ^_`Od LYO WTMP]L_TZY 7P_ `^ WZZV L_ PLNS ZQ _SP^P NWZ^PWd ]PWL_PO T^^`P^ ^P[L ]L_PWd BT_STY -SL]_šSL]Tv^ ^d^_PX _SP _P]X^ ALTVSL]Å `__P]PO LYO SPL]O ^[PPNS 8LOSdLX£ XPY_LW ^[PPNS TP _SZ`RS_ LYO ;L²dLY_¯ waT^TZY L]dx ^[PPNS TP TY_`T_TaP TY^TRS_ ZQ XPLYTYR NZXX`YTNL_P TY L [SP YZXPYZWZRTNLWWd NZX[]PSPY^TMWP XLYYP] _SL_ _SP]P T^ YZ OTaTOTYR WTYP MP_bPPY WLYR`LRP LYO NZY^NTZ`^YP^^ ,NNZ]OTYR _Z -SL]_šSL]T NZRYT _TZY LYO NZY^NTZ`^YP^^ X`^_ LW^Z MP NLWWPO wbZ]Ox w^[PPNSx Z] wWLY R`LRPx LYO _SP Aš__T ZY A£VdL[LO¯dL  Pc[WLTY^ bSd% w-PNL`^P TY Z`] NZRYT_TZY^ bP TOPY_TQd ZMUPN_^ bT_S _SPT] bZ]O^ ²LMOZ[LR]LS¯ LYO Z`] NZRYT_TZY^ L]P TY_P]_bTYPO bT_S _SP bZ]O^ ²LMOZ[LR]£SdL  _SPd L]P P^^PY_TLWWd ZQ _SP YL_`]P ZQ _SP bZ]O FWLYR`LRPH m ?SP XLYTQP^_L_TZY ZQ _SP bZ]O bSTNS T^ TY PaP]dMZOd L^ ZYP bT_S _SP ^[T]T_ T^ QZ] _SP [`][Z^P ZQ NZXX`YTNL_TYR bSL_ T^ bT_STYx ! >[PPNS LYO NZRYT_TZY L]P TY_]TY^T NLWWd TY_P]bZaPY LYO _SP WL__P] T^ LW^Z L QZ]X ZQ ^[PPNS >_]`N_`]LWWd _SP _S]PP _P]X^ ]P[]P^PY_ OTQQP]PY_ MZ_S R]Z^^ LYO ^`M_WP ^_L_P^ ZQ ^[PPNS LYO OPR]PP^ ZQ WTYR`T^_TN NZX[]PSPY^TZY bSTNS XP]RP TY _SP `YTQTPO TXLRP ?SP TOPL ^PPX^ _Z MP _ST^% _SP wPXMZOTPOx L`OTMWP bZ]O ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP A£VdL[LO¯dL z  >`NS NT_L_TZY^ L[[PL] _Z SLaP _SP Q`YN_TZY ZQ XL]VTYR _SP PXTYPYNP ZQ NP]_LTY aP]^P^ ,W_SZ`RS _SP]P T^ L NZXXZY [L__P]Y TY _SP A£VdL[LO¯dL LYO _SP Aš__T ZQ []P^PY_TYR L R]PL_ Y`XMP] ZQ OTQQP]PY_ Z[TYTZY^ ]PRL]OTYR L ^[PNTQTN WTYR`T^_TN _Z[TN WZYR WT^_^ ZQ \`Z_L_TZY^ ^PPX _Z ZNN`] ZYWd ]PRL]OTYR _SZ^P aP]^P^ bSTNS _SP Aš__T L`_SZ] ]PRL]O^ L^ [L]_TN`WL]Wd TX[Z]_LY_ ^`NS L^ _SP aP]^P  Z] _SP aP]^P  $ BSP]PL^ LWW NT_L _TZY^ ]PRL]OTYR  LMZ`_ _SP ±LMOL ?L__aL L[[L]PY_Wd NZXP Q]ZX _SP @[LYT´LO LYO APO£Y_L _]LOT_TZY £RLXL _SP NT_L_TZY^ ]PRL]OTYR  $ ZY _SP _S]PP WLYR`LRP WPa PW^ NZXP Q]ZX Z_SP] ^Z`]NP^ T_TS£^L ! ?]LY^ 4dP] A£VdL[LO¯dL 4 z ?ST^ Pc[WLYL_TZY T^ NZYR]`PY_ bT_S _SP A£VdL[LO¯dL 6£]TV£^

! !

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

[]P^`[[Z^P^ L XPY_LW QZ]X Z] TY -SL]_šSL]Tv^ _P]XTYZWZRd L ^`M_WP wXPOTL_TYRx QZ]X ZQ ^[PPNS TY bSTNS _SP bZ]O^ L]P YZ_ L]_TN`WL_PO L^ LP]TLW aTM]L_TZY^ M`_ ]L_SP] L^ XPY_LW []ZNP^^P^ ,YO ^`NS L wXPOTL_TYR ^[PPNSx Z] NZRYT_TaP []ZNP^^ T^ TY L NP]_LTY ^PY^P LW^Z _SP YPNP^^L]d []PNZYOT_TZY QZ] _SP TYYP] aT^TZY ZQ _SP ^[SZ¶L ZQ _SP bZ]O _Z _LVP [WLNP MPNL`^P _SP wQWL^Sx ZQ XPLYTYRNZX[]PSPY^TZY X`^_ MP PXMZOTPO TY L XPY_LW TXLRP ?SP XPOTL_TYR 8LOSdLX£ T^ LNNZX[LYTPO Md M]PL_S M`_ T^ OT^_TYN_ Q]ZX M]PL_S MPTYR [`]PWd XPY_LW 4_ L[[L]PY_Wd NZaP]^ LWW VTYO^ ZQ TY_P]TZ] ^[PPNS z NZY^NTZ`^Wd NZRYTeTYR OT^N`]^TaP _STYVTYR ]PQWPN_TYR [ZYOP]TYR LYO LW^Z _SP ^TWPY_ ]P[P_T_TZY ZQ XLY_]L^ " BSL_ T^ N]`NTLW _Z -SL]_šSL]T SZbPaP] T^ _SP TY^TRS_ _SL_ L[[]PSPY^TZY T_^PWQ _SP XPLYTYR bSTNS wM`]^_^ QZ]_Sx T^ dP_ LYZ_SP] OTXPY^TZY _SLY _SP NZRYT_TaP []ZNP^^P^ YZ XZ]P NZYYPN_PO bT_S M]PL_S LYO ]PQWPN_TZY LYO NLY _SP]PQZ]P MP NWL^^TQTPO L^ L RPY`TYPWd OT^_TYN_ NL_PRZ]d ZQ ^[PPNS QZ]X% _SP ;L²dLY_¯ :MaTZ`^Wd _SP WTYR`T^_ ]PNPTaP^ _SP _S]PP _P]X^ ALTVSL]¯ 8LOSdLX£ LYO ;L²dLY_¯ TY _SP WTRS_ ZQ ST^ ^[SZ¶L _SPZ]d bSTNS SP TY _]ZO`NPO TY A£VdL[LO¯dL  QQ Md OT^NP]YTYR w_bZ bZ]O^ bT_STY _SP bZ]O^x #% _SP [SZYP_TN ^TRY^ _SP OTaT^TMWP bZ]O LYO _SP XPLYTYR _SP TYOTaT^TMWP bZ]O bSTNS T^ Pc[]P^^PO LYO NZX[]PSPYOPO _S]Z`RS _SP [SZYP_TN ^TRY^ ?SP [P]NP[_TMWP [SZYP_TN LYO LNZ`^_TN OTXPY^TZY ZQ WLYR`LRP NLY MP NLWWPO ^[SZ¶L MPNL`^P T_ XLVP^ XPLYTYR XLYTQP^_ $ 7TVPbT^P _SP NZRYT_TaP wX`_Px OTXPY^TZY T^ _SP ^[SZ¶L MPNL`^P _SP wQWL^Sx ZQ XPLYTYRNZX[]PSPY^TZY X`^_ MP PXMZOTPO TY L XPY_LW TX LRP -`_ `W_TXL_PWd _SP ^[SZ¶L ]P^_^ TY _SP TY_`T_TaP Z] wQZ]XWP^^x OT XPY^TZY _SP bZ]OXPLYTYR T_^PWQ bSTNS T^ ^`MUPN_TaP L^ bPWW L^ ZMUPN _TaP LYO M`]^_^ QZ]_S TY LY TYPQQLMWP QWL^S ZQ `YOP]^_LYOTYR ,W_SZ`RS `__P]LYNP^ XPY_LW []ZNP^^P^ LYO NZX[]PSPY^TZY QZ]X L NZY_TY``X T_ T^ \`T_P NWPL] _SL_ -SL]_šSL]T ^PP^ ZYWd TY _SP ]P^ZW`_TZY ZQ XPLYTYR _SP w_]`P bZ]Ox LYO _SP]PQZ]P L__]TM`_P^ R]PL_P] TX[Z]_LYNP _Z _SP TYOTaT^T MWP waZTNPWP^^ ^[PPNSx bT_STY NZY^NTZ`^YP^^ _SLY _Z _SP ^Z`YO OTXPY ^TZY% w>SP Fa£NH NLY MP WZ`O FaLTVSL]¯H X`_P FXLOSdLX£H Z] NZX[WP_PWd aZTNP WP^^ F[L²dLY_¯H -`_ ZQ _SP^P _bZ F^TN H _SP aZTNPWP^^ ZYP T^ XZ]P PXTYPY_ _SLY _SP aZTNPO ZYPx  

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP WL__P] PcLX[WP T^ RTaPY TY _SP NZXXPY_L]d ZQ Aš´LMSL bSZ PX[SL^TeP^ YZ_ ZYWd R]LXXL] M`_ LW^Z DZRTN TY^TRS_ ^PP 4dP]v^ NZXXPY_^ TY ST^ _]LY^WL_TZY ZQ A£VdL [LO¯dL 4 # YZ_P^ z  # 4_ T^ YZ_PbZ]_Sd _SL_ A£VdL[LO¯dL  T^ _SP QT]^_ aP]^P TY bSTNS -SL]_šSL]T SP WPLaP^ _SP -]LSXLY XP_L[Sd^TN^ LYO PXML]V^ ZY WTYR`T^_TN^ $ :Y _SP ^ZYTN OTXPY^TZY ZQ _SP ^[SZ¶L ^PP A£VdL[LO¯dL "!z& ZY _SP XPY_LW L^[PN_^ ^PP  z   RSZ´TY¯ U£_LYT]RSZ´£ LRSZ´£ NL []LaL]_L_P g

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

! "

?SP ^[PNTLW QZN`^ ZY _SP w>PPTYRx OTXPY^TZY ]PQWPN_^ -SL]_šSL]Tv^ TY_P] P^_ TY L RPYP]LW _SPZ]d ZQ WLYR`LRP ,WW _SP bLd _S]Z`RS ST^ A£VdL [LO¯dL  SP ^_]P^^P^ _SP^P _bZ L^[PN_^ ZQ L bZ]O% _SP [Sd^TNLW [P]NP[_T MWP L^[PN_ NZ]]PN_ ^[PPNS QZ]X^ LYO _SP TX[P]NP[_TMWP TYL`OTMWP XPLYTYR L^[PN_ ^[SZ¶L  ?SP \`Z_L_TZY ZQ _SP Xd^_P]TZ`^ ‹RaPOL aP]^P ^PP LMZaP LYO T_^ U`c_L[Z^T_TZY bT_S _SP PYOPLaZ] ZQ _SP R]LXXL]TLY^ NL[_`]P^ ST^ WTYR`T^_TN []ZR]LX bPWW ?SP OP_P]XTYL_TZY ZQ NZ]]PN_ WTY R`T^_TN QZ]X^ R]LXXL] LYO _SP LYLWd^T^ ZQ WLYR`LRP L^ ^`NS RPYP]LW WTYR`T^_TN^ SLaP LY LWXZ^_ ]PWTRTZ`^ NSL]LN_P] QZ] -SL]_šSL]T ^TYNP LW^Z _SP wQZ`]_Sx [L]_ z S`XLY WLYR`LRP z NZY_LTY^ PWPXPY_^ ZQ TYPQQLMTWT_d% _SP XPLYTYR L^[PN_ LYO _SP waT^TZYL]dx bLd TY bSTNS T_ T^ R]L^[PO 4Y A£VdL[LO¯dL ! QQ SP ^Ld^ _SL_ _SP XTRS_d N]PL_Z] RZO ;]LU£[L_T T^ []P^PY_ _Z L R]PL_P] Pc_PY_ TY [P]QPN_PO NZ]]PN_ ^[PPNS ^£OSa¯ a£N _SLY TY WP^^ [P]QPN_ ^[PPNS QZ]X^ MPNL`^P TYNZ]]PN_ Z] b]ZYR bZ]O^ L]P WP^^ ^`T_LMWP QZ] NZXX`YTNL_TYR _SP TY_PYOPO XPLYTYR   ,YO A£VdL[LO¯dL z ^_L_P^ _SL_ _SP `YOP]^_LYOTYR ZQ XPLYTYR ZNN`]^ TY L ^`O OPY TY_P]YLW QWL^S []L_TMS£ LYO NLYYZ_ MP Pc[WLTYPO TY LYd XLYYP] 0c[WZ]TYR _SP YL_`]P ZQ WLYR`LRP ZYP WPL]Y^ LMZ`_ _SP NZX[WPc ^_]`N _`]P^ ZQ _SP XTYO% _SP ^`NNP^^TaP _SZ`RS_ []ZNP^^P^ LYO _SP SZWT^_TN YL_`]P ZQ NZX[]PSPY^TZY 2]LXXL]WTYR`T^_TN^ SPW[ `^ _Z R]L^[ _SP YL _`]P ZQ _STYVTYR LYO NZY^NTZ`^YP^^ LYO _SP]PQZ]P LW^Z SLaP []TaTWPRPO LNNP^^ _Z OTXPY^TZY^ _SL_ PcNPPO _SP XL_P]TLW LYO L`OTMWP bZ]O .ZRYT _TZY ]P^_^ ZY []P]PQWPcTaP TY_`T_TZY^ LYO `YOP]^_LYOTYR ZYWd _LVP^ [WLNP bSPY bP R]L^[ _SP TYOTaT^TMWP XPLYTYRbSZWP wMPQZ]Px LYO wMP dZYOx _SP ^TRY^ 0aPY _SZ`RS -SL]_šSL]Tv^ XLUZ] OT^_TYN_TZY T^ _SP _bZ QZWO bZ]O _SP L`OTMWP ZYP LYO _SP XPY_LW ZYP ST^ WLYR`LRP^_dWP NSLYRP^ bSPY ^[PLVTYR LMZ`_ _SP ;L²dLY_¯ OTXPY^TZY TY_Z L SdXYTN STRSWd XP_L[SZ]TNLW WLYR`LRP LYO ZYP ZQ _SP NZXXZY _P]X^ `^PO TY _ST^ NZY_Pc_ T^ wWTRS_x   4Y _SP Aš__T ZY _SP _S]PP WLYR`LRP WPaPW^ _SP w>PPTYRx XZOLWT_d T^ RTaPY _SP WL]RP^_ ^[LNP LYO NLWWPO wSTOOPY LYO [`]Px £aš_£ NL aT²`OOS£ NL  4Y NZY^ZYLYNP bT_S _SP ATaL]_L _SPZ]d _SP Aš__T OT^NP]Y^ L R]PL_ aL]TP_d ZQ ;L²dLY_¯ QZ]X^& _SPd L]P L^ TYY`XP]LMWP L^ _SP ZMUPN_^ ZQ NZRYT_TZY -`_ LWW ^SL]P L NZXXZY ^_]`N_`]P TY ]P^PXMWTYR _SP _]LY^QZ] XL_TZY^ ZQ _SP ZYP -]LSXLY% LW_SZ`RS L[[PL]TYR L^ XLYd _SPT] NZX XZY YL_`]P T^ _SP Q`^TZY ZQ OT^N`]^TaP _SZ`RS_ TY_Z ZYP ?SP Aš__T OZP^ YZ_ Q`]_SP] Pc[Z`YO _SP ATaL]_L NZ]]P^[ZYOPYNP -`_ ZMaTZ`^Wd T_ ^`R RP^_^ _SL_ _SP _S]PP WLYR`LRP WPaPW^ P\`LW _SP _]LY^QZ]XL_TZY^ ZQ -]LS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _LdZ] L[T NL RSZ´TYd£ YT]RSZ´LTaL RL]¯dL^T gg A£VdL[LO¯dL !   >PP A£VdL[LO¯dL " z#   1Z] _SP N]`NTLW aP]^P^ ZY ;L²dLY_¯ ^PP A£VdL[LO¯dL !"z!$& NZY^TOP] LW^Z "z 

! #

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

XLY _SP ^`[]PXP wBZ]O OPaZTO ZQ LWW TYYP] ^P\`PYNPx MPNZXTYR _SP bZ]WO LYO NZY_LTYTYR TY T_^PWQ _SP [Z_PY_TLW^ ZQ LWW PcT^_PYNP LYO ZQ LWW _PX[Z]LW LYO ^[L_TLW []ZNP^^P^   ?SP wPXMZOTPOx Z] wNZ][Z]LWx ^[PPNS z LWbLd^ L[[PL]TYR Q]LN_TQTPO TY [SZYPXP^ bZ]O^ LYO ^PY_PYNP^ z T^ L _]LY^QZ]XL_TZY aTaL]_L ZQ _SP _]`P bZ]O _SP ^[SZ¶L Z] TYOTaT^TMWP XPLYTYRbSZWP TY ZYP^ NZY^NTZ`^YP^^ bSTNS T^ XPOTL_PO Md _SP 8LOSdLX£ [L^^LRP ZQ _SZ`RS_ LYO XPY_LW ]P[]P^PY_L_TZY   ?SP ;L²dLY_¯ w^PPTYRx OTXPY^TZY z MPTYR OPaZTO ZQ ^P\`PYNP ^TYNP LWW [P] NP[_TMWP bZ]O L^[PN_^ L]P Q`^PO bT_S _SP ^[SZ¶L z NZY_LTY^ bT_STY T_^PWQ ^TXTWL]Wd _Z _SP ^`[]PXP -]LSXLY _SP PY_T]P [Z_PY_TLW ZQ PX[T]TNLW PcT^_PYNP LWW ZMUPN_^ XPLY_ LYO TY L WL_PY_ QZ]X LWW ^P\`PYNP^ Z]OP] ZQ [SZYPXP^ P_N L]P []P^PY_ TY T_ ?SP ^LXP ^_]`N_`]P^ L[[Wd _Z WLY R`LRP NZY^NTZ`^YP^^ LYO ]PLWT_d ZY _SP _]LY^NPYOPY_ NZ^XTN [WLYP LYO ZY _SP TYOTaTO`LW [WLYP ZQ bZ]WOWd Pc[P]TPYNP% WLYR`LRP LYO ]PLWT_d T^ ZYP LYO [W`]LW LYO _SP ^LXP L[[WTP^ _Z _SP `YOP]WdTYR NZY^NTZ`^YP^^ ?SP ^_]`N_`]LW TOPY_T_d NZY_TY`P^ LWW _SP bLd _S]Z`RS 0aPY _SP S`XLY ]LYRP ZQ ^[PPNS NZY_LTY^ LY TYPQQLMWP ^[LNP z _SL_ Md T_^ aP]d YL_`]P NLYYZ_ MP OPQTYPO Z] Pc[WLTYPO LYd XZ]P z LYO _ST^ L[[WTP^ [L]_TN`WL]Wd _Z _SP ;L²dLY_¯ bSTNS P\`LW^ _SP `YTaP]^LW XP_L.ZY^NTZ`^YP^^ _SP XZ^_ 3P]P -SL]_šSL]Tv^ XP_L[Sd^TN^ ZQ WLYR`LRP []ZaTOP^ LY TYYZaL _TaP Pc_PY^TZY ZQ _SP APOTN aP]^P BSP]PL^ _SP TOPL _SL_ _SP PaP]dOLd `^LRP ZQ ^[PPNS T^ ZYWd L ^XLWW Q]LN_TZY NZX[L]PO bT_S _SP _]LY^NPYOPY_ NZ^XTN [WLYP T^ \`T_P TY VPP[TYR bT_S _SP Z]TRTYLW ‹RaPOTN aP]^P L YZaPW TOPL T^ TY_]ZO`NPO Md [Z^_`WL_TYR _SL_ _SP NZYaPY_TZYLW PaP]dOLd WLYR`LRP LW^Z ZYWd NZY^_T_`_P^ L Q]LN_TZY ZQ _SP _S]PP ^[PPNS WPaPW^ VYZbY TY _SP bZ]WO 0c[WZ]TYR _SP YL_`]P ZQ WLYR`LRP ZYP ^TX`W_LYPZ`^Wd WPL]Y^ ^ZXP _STYR LMZ`_ _SP YL_`]P ZQ NZY^NTZ`^YP^^ LYO _SP YL_`]P ZQ ]PLWT_d :YP ZQ -SL]_šSL]Tv^ XLUZ] L]R`XPY_^ ^PPX^ _Z MP% TQ _SP YL_`]P ZQ _SP bZ]O T^ TYOTaT^TMWP _SLY LW^Z _SP YL_`]P ZQ ]PLWT_d X`^_ MP TYOTaT^TMWP 4Q ZYP VYZb^ _SL_ bZ]O^ SLaP YZ `Y]PWL_PO ^TYR`WL] TYOTaTO`LW PcT^_PYNP ZYP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   .ZX[L]P _SP Aš__T ZY A£VdL[LOTd£  $ LYO A£VdL[LO¯dL z LYO Aš__T ZY   -SL]_šSL]T NZYNPTaP^ ZQ _SP LNZ`^_TN OTXPY^TZY ZQ _SP bZ]O OSaLYT L^ L aTaL]_L ZQ _SP ^[SZ¶L  >PP A£VdL[LO¯dL "z PO =L` LYO []PQLNP 4dP] PO A£VdL[LO¯dL 4 cccTa :Y _SP Z_SP] SLYO NZY^TOP] LW^Z 4^LdPaL 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X #$z$! bSZ ^_]P^^P^ _SP LNZ`^_TN YL_`]P ZQ _SP ^[SZ¶L M`_ QTYLWWd LW^Z L] ]TaP^ L_ _SP NZYNW`^TZY _SL_ _SP OT^_TYN_TaP _]LT_ ZQ _SP _ST]O ^_LRP ZQ ^[PPNS T^ _SP XPLYTYR w_SP ^PY^P ZQ L [S]L^Px bSTNS wNLY ZYWd QWL^S Z`_ ^`OOPYWd  L^ L `YTQZ]X bSZWPx TMTO $! 4^LdPaL [Z^_`WL_P^ w^_LRP^x ZQ ^[PPNS% _SP PX[T]TNLW [Sd^TNLWWd L] _TN`WL_PO ^Z`YO^ Y£OL bSTNS ]PQWPN_ _SP TYYP] XPY_LW ^[PPNS XLOSdLX£ NZX[Z^PO ZQ wTOPLW ^Z`YO^x Z] w[]TXZ]OTLW ^Z`YO^x OSaLYT LYO _SP w ^[SZ¶L  Z] `YTQZ]X TYOT aT^TMWP >[PPNS bSTNS T^ `W_TXL_PWd NZYNPY_]L_PO TY ZYP ^Z`YOx TMTO $  -`_ T_ ]P XLTY^ `YNWPL] TY SP] OP^N]T[_TZY SZb ^Z`YO T^ _]LY^QZ]XPO TY_Z XPLYTYR ?ST^ NLY ZYWd MP Pc[WLTYPO Md _SP aTaL]_L L^[PN_

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

! $

X`^_ NZYNW`OP _SL_ PLNS bZ]O LYO `W_TXL_PWd LW^Z PLNS XL_P]TLW PY_T_d NLYYZ_ MP ^P[L]L_PO Q]ZX _SP ]P^_ ZQ _SP `YTaP]^P 3P]P R]LXXL] L__LTY^ _SP Q`YN_TZY ZQ L NZY_PX[WL_TaP LN_ ?SP _]`P wbZ]O RP^_LW_x T^ ZYWd NZX[]PSPY^TMWP SZWT^_TNLWWd LYO WTVPbT^P _SP bZ]WO X`^_ MP L NZ^XTN bSZWP ?SP bZ]O RP^_LW_ Z] ^[SZ¶L P^NL[P^ OPQTYT_TZY ?SP `YOP]^_LYO TYR ZQ XPLYTYR ]P^_^ ZY _SP []P]PQWPcTaP TY_`T_TZY Z] waT^TZYx ZQ L w`YT_d bSTNS []PNPOP^ _SP XL_P]TLW bZ]Ox LYO [ZYOP]TYR LMZ`_ T_ ZYP L]]TaP^ L_ ^ZXP ML^TN NZYNW`^TZY^ LMZ`_ _SP NZ^XTN ]PLWT_d ZQ _SP ^[T]T_ wXP_L NZY^NTZ`^YP^^x LYO _SP -]LSXLY L^ _SP RWZMLW QZ]X ZQ ^PY^P MPQZ]P MPdZYO LYO MPSTYO _SP bZ]O^ ?SP wNZ][Z]LWx XL_P]TLW QZ]X ZQ bZ]O^ T^ _PX[Z]LW Q]LN_TQTPO LYO [W`]LW M`_ _SPT] TXXL_P]TLW QZ]X NZY^_T_`_P^ L [P]QPN_ XZOPW QZ] w^PPTYRx _SP _Z_LWT_d ZQ bSL_ PcT^_^ TY ZYP waT^TZYx _SL_ _LVP^ [WLNP TY L ^[SP]P ZQ WLYR`LRP _SL_ NLY YZ WZYRP] MP OPQTYPO ?SP^P L[[PL] _Z MP _SP XLUZ] ]PL^ZY^ bSd LWW ^Z_P]TZWZRTNLW [L^ ^LRP^ NZY_LTY L^ _SPT] XZ^_ ^_]TVTYR QPL_`]P _SP TXLRP]d ZQ L wSTRSP^_ QZ]X ZQ ^[PPNSx LYO w[`]P WTRS_x NZXMTYPO bT_S _SP [Z^_`WL_P _SL_ _SP ^`[]PXP -]LSXLY T^ L__LTYPO Md _SP VYZbWPORP ZQ R]LXXL] 4_ ^PPX^ _SL_ -SL]_šSL]T YPaP] OTaP]RP^ Q]ZX ST^ ^_]TN_Wd WTYR`T^_TN []ZR]LX ?SP Aš__T T^ LW^Z \`T_P NZY^T^_PY_ LMZ`_ _ST^ PaPY bSPY TY_]ZO`NTYR STRSWd ^`RRP^_TaP L`_SZ]T_L_TaP NT_L_TZY^ Q]ZX ]PWTRTZ`^ ^Z`]NP^ ?SP^P ^Z`]NP^ L]P RPYP]LWWd XP]PWd \`Z_PO bT_SZ`_ Q`]_SP] Pc[WLYL_TZY LYO _SP NZY_Pc_ XLVP^ NWPL] _SL_ _SPd L]P `^PO _Z TWW`^_]L_P WTYR`T^_TN ]PLWT_TP^ ?SP Aš__T OZP^ YZ_ L^^ZNTL_P _SP _S]PP WPaPW^ ZQ WLYR`LRP YZ_ bT_S L ^[T]T_`LW []Z R]LX Z] ]PWTRTZ`^ []LN_TNP M`_ ]PWL_P^ _SP _Z[TN _Z _SP R]LXXL]TLY^v TY_P]P^_ TY []P^P]aTYR `YNZ]]`[_PO ^[PPNS LYO TY RPYP]LW WTYR`T^_TN^ 1Z] _SP w^`[]PXP QZ]X ZQ ;L²dLY_¯x _SP VYZbWPORP ZQ ]TRS_ LYO b]ZYR ^[PPNS QZ]X^ T^ YPNP^^L]d M`_ L_ _SP ^LXP _TXP _ST^ w>PPTYRx OTXPY^TZY ZQ ^[PPNS T^ Md T_^ aP]d YL_`]P Q]PP ZQ NZ]]PN_ LYO TYNZ]]PN_ QZ]X^ LYO LNSTPaPO YZ_ Md R]LXXL_TNLW LYLWd^T^ M`_ Md _SP w`YTZY dZRL _SL_ NZXP^ MPQZ]P _SP L`OTMWP bZ]O^ ²LMOL[¼]aL x YLXPWd _SP ^[ZY_LYP Z`^ TY_`T_TaP TY^TRS_ ZQ _SP XPLYTYR bSZWP -SL]_šSL]Tv^ []TOP WTP^ TY _SP `YT_L]d ^PY_PYNP aTPb ZY LNNZ`Y_ ZQ bSTNS SP L[[L]PY_Wd NZY^TOP]^ R]LXXL] _Z MP L ^`[P]TZ] ^_`Od  4_ NLY Pc[WLTY _SP ^TX`W_LYPT_d ZQ `YT_d LYO [W`]LWT_d LYO L ^[SP]P ZQ PcT^_PYNP TY bSTNS LWW Z[[Z^T_P^ L]P `YT_PO L^ WL_PY_ [ZbP]^ -SL]_šSL]T L]R`P^ TY L aP]d ^TXTWL] QL^STZY LMZ`_ _SP :¿% _SP _]`P LYO [`]P P^^PYNP _L`RS_ Md _SP APOL NLY MP R]L^[PO Md ZYP ^TYRWP bZ]O _SP :¿ TY bSTNS LWW NZY_]LOTN_TYR aTPb^ LMTOP TY ZYP  ! 9Z OZ`M_ -SL]_šSL]Tv^ TY_P]P^_ TY WLYR`LRP LYO XPLYTYR T^ LW^Z L ^[T]T_`LW LYO RYZ^_TN ZYP M`_ T_ T^ YZ_ YPNP^^L]TWd L ]PWTRTZ`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  A£VdL[LO¯dL # LYO   ! A£VdL[LO¯dL $

!!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

ZYP ?SP]P T^ YZ XPY_TZY ZQ ]P[P_T_TZY Z] NZY_PX[WL_TZY ZQ :¿ M`_ TY^_PLO SP XPY_TZY^ NZY_PX[WL_TZY ZQ WLYR`LRP -SL]_šSL]T ^PPX^ _Z OT^_TYR`T^S R]LXXL] TY _SP ^PY^P ZQ P^_LMWT^S TYR NZ]]PN_ ^[PPNS QZ]X^ LYO R]LXXL] TY _SP ^PY^P ZQ RPYP]LW WTYR`T^ _TN^ TY L XLYYP] _SL_ NZ]]P^[ZYO^ _Z ST^ _bZQZWO OTQQP]PY_TL_TZY^ ZQ bZ]O LYO ^PY^P Z] ZQ ^TYR`WL] bZ]O^ LYO WLYR`LRP L^ ^`NS TP _SP wbZ]O]PLWT_dx LYO T_^ TYSP]PY_ NZXX`YTNL_TaP LMTWT_d  " 4_ T^ YZ_PbZ] _Sd _SL_ _SP aP]d QT]^_ aP]^P NZYNP]YTYR R]LXXL] L^ _SP OZZ] _Z ^LWaL_TZY OZP^ YZ_ XPY_TZY ²LMOL[¼]aLdZRL  M`_ ZQQP]^ L ^_]`N_`]LW Pc[WLYL_TZY ZQ bSd R]LXXL] ^SZ`WO MP w_SP ^SZ]_P^_ ]Z`_P _Z _SP XZ^_ L`^[TNTZ`^ 7TRS_x% w?SP >NTPYNP ZQ 2]LXXL] WLV´L©L  NZY^T^_TYR ZQ RPYP]LW LYO ^[PNTLW ]`WP^ T^ _SP XPLY^ ZQ WPL]YTYR _SP bSZWP ZQ _SP BZ]O-]LSXLY TY LY PL^d XLYYP]x  # ?SP R]LXXL]TLY^v TY_P]P^_ TY MZ_S L RPYP]LW WLY R`LRP _SPZ]d LYO ^_]`N_`]PO ]`WP^ Pc[WLTY^ bSd -SL]_šSL]T TY^T^_^ ZY _SP ^Z_P]TZWZRTNLW ]ZWP ZQ R]LXXL] LYO L__]TM`_P^ _Z _SP R]LXXL]TLY^ L ^[P NTLW []ZQTNTPYNd TY OP_PN_TYR _SP Xd^_P]TP^ ZQ -]LSXLY BP SLaP LW ]PLOd ^LTO X`NS ZY _ST^ T^^`P LYO T_ T^ PYZ`RS _Z ]PNLWW ^ZXP XLUZ] [ZTY_^% _SP WLYR`LRPNSL]LN_P] ZQ LWW `YOP]^_LYOTYR _SP NZXX`YTNL_TaP NL[LNT_d _SP `YT_d LYO [W`]LWT_d ZQ WLYR`LRP bSTNS XLVP^ T_ L SZWT^_TN TY_PR]L_TaP XZOPW QZ] `YOP]^_LYOTYR _SP TY_P]NZYYPN_POYP^^ ZQ _SP [L]_^ LYO _SP bSZWP _SP TY_P]TZ] LYO Pc_P]TZ] L^[PN_^ ZQ WLYR`LRP LYO _SP []TZ]T_d ZQ _SP TY_P]TZ] _SP Pc[P]TPY_TLW TYPQQLMTWT_d ZQ XPLYTYR -SL]_šSL]T ^PPX^ _Z ^`RRP^_ _SL_ R]LXXL] L^ L[[WTPO RPYP]LW WTYR`T^_TN^ T^ L DZRLWTVP LN_TaT_d MPNL`^P T_ LNSTPaP^ _bZ ^TXTWL] _STYR^% NZYNPTa TYR ZQ `YT_d _S]Z`RS _SP OTaP]^T_d ZQ QZ]X^ LYO Pc[P]TPYNTYR bSPYPaP] XPLYTYR _LVP^ [WLNP L `YTQTPO waT^TZYx _SL_ T^ TY_]TY^TNLWWd TYPQQLMWP LYO WTP^ MPdZYO M]PL_S LYO ]PQWPcTaT_d BT_SZ`_ ]P^Z]_TYR _Z L ]PWTRTZ`^ TY_P][]P_L_TZY ^PY^P NLY MP XLOP ZQ _SP _P]X w²LMOL[¼]aLdZRLx LYO _SP]P T^ YZ YPPO _Z ]P^Z]_ _Z DZRL _Z Pc[WLTY _SP _S]PP WPaPW^ ZQ WLYR`LRP LYO _SP w^`[]PXP QZ]X ZQ ;L²dLY_¯x ?SP _P]X^ w^`[]PXP WTRS_x LYO w^`[]PXP QZ]X ZQ >PPTYRx L]P ]P[PL_POWd L[[WTPO _Z _SP wTY_`T_TZYx ZQ _SP `YNZ]]`[_PO bZ]O QZ]X^ bSTNS PcT^_ QT]^_ TY _SP R]LXXL]TLYv^ XTYO MPQZ]P MPTYR ^[ZVPY -`_ bP ^SZ`WO YZ_ QZ]RP_ _SL_ LNNZ]OTYR _Z -SL]_šSL]Tv^ RPYP]LW WLYR`LRP _SPZ]d XPLYTYR T^ YPaP] N]PL_PO Md _SP ^TRY^ LYO LNNZ]OTYR _Z ST^ XP_L[Sd^TN^ _SP ^TRY^ LN_`LWWd [ZTY_ _Z L wNZXX`YTNL_TaP RWZMLW YP_ bZ]V ZQ XPLYTYR^x z L RWZMLW QZ]X ZQ ^PY^P TY bSTNS bP [L]_TNT[L_P L wXP_L.ZY^NTZ`^YP^^x TY bSTNS bP WTaP LN_ ^[PLV LYO SPL] =PRL]OTYR _SP wTY_`T_TZYx []L_TMS£ ZQ _ST^ `YTaP]^LW OTXPY^TZY bP QTYO _SP NZY YPN_TYR WTYV TY bSTNS DZRTN aT^TZY LYO _SP R]LXXL]TLYv^ w^`[]PXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  " >PP QZ] TY^_LYNP A£VdL[LO¯dL "  # Aš__T ZY A£VdL[LO¯dL  _]LY^ 4dP] # >PP LW^Z _SP bSZWP Aš__T ZY _SP aP]^P

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!!

QZ]X ZQ ;L²dLY_¯x XP]RP TY_Z ZYP ?SP DZRLL^[PN_ ZQ R]LXXL] T^ [L] _TN`WL]Wd L^^ZNTL_PO bT_S _SP wTY_`T_TZYx []L_TMS£ L^[PN_ ZQ WLYR`LRP ?SP Aš__T ZY A£VdL[LO¯dL  NWLTX^ _SL_ ]P[PL_PO w`YTZY bT_S _SL_ bSTNS NZXP^ MPQZ]P _SP bZ]Ox WPLO^ _Z NZX[WP_P L[[]PSPY^TZY ZQ _SP []TYNT[WP ZQ TY_`T_TZY  $ LYO _Z _SP Q`^TZY bT_S _SP w^`[]PXP WTRS_x ?SP NSZTNP ZQ _SP _P]X w²LMOL[¼]aLdZRLx _SP]PQZ]P OZP^ YZ_ L[[PL] ]LY OZXWd TY ^[PNTQTNLWWd ^Z_P]TZWZRTNLW NZY_Pc_^ LYO _SP ^`RRP^_TaP Aš__T \`Z_P^ NZYNP]YTYR DZRL []LN_TNP^ []ZMLMWd OZ YZ_ YPT_SP] 4YOPPO _SP]P T^ L ^PXLY_TN `YT_d ZQ _SP _P]X^ w^`[]PXP QZ]X ZQ WLYR`LRPx w^`[]PXP QZ]X ZQ >PPTYRx w^`[]PXP WTRS_x w^`[]PXP ^PWQx w^`[]PXP -]LSXLYx LYO wbZ]O ]PLWT_dx Z] wRWZMLW NZXX`YTNL_TaP YP_bZ]V ZQ XPLYTYR^x ²LMOL_L__aL 8Z^_ ZQ _SP^P _P]X^ LN_`LWWd ZNN`] TY _SP Aš__T  >Z _SP]P ]PXLTY^ L ]TOOWP LMZ`_ bSP_SP] _SP _P]X w^`[]PXP QZ]X ZQ >PPTYRx ]PQP]^ _Z LYd ]P^ZW`_TZY ZQ XPLYTYR Z] ZYWd _Z L ^[PNTQTN QZ]X ZQ ;L²dLY_¯ L RWZMLW QZ]X bSTNS T^ Pc[WTNT_Wd XPY_TZYPO LXZYR Z_SP]^ TY _SP Aš__T ZY _SP _S]PP WLYR`LRP WPaPW^% LWW ZMUPN_^ ZQ VYZbWPORP SLaP PY_P]PO TY_Z _SP w>PPTYRx LYO _SP]P L]P YZ ZMUPN_^ L_ LWW TY T_ ,[[L] PY_Wd _SP]P T^ LNNP[_LYNP ZQ DZRTN aT^TZY LYO ^LX£OST L^ L ^[PNTLW QZ]X^ ZQ ;L²dLY_¯ -`_ _ST^ T^ YZ_ _SP Aš__Tv^ N]`NTLW [ZTY_ ?SP WTY R`T^_v^ TY_PY_TZY T^ XZ]P RPYP]LWT^_TN% SP ]PQWPN_^ _SP R]LXXL]TLYv^ _L^V LYO ^PPV^ [L__P]Y^ _SL_ L[[Wd _Z WLYR`LRP L^ ^`NS 4Y [L]_TN`WL] _SP TY aP^_TRL_TZY TY_Z _SP ;L²dLY_¯ w>PPTYRx WLYR`LRP WPaPW LYO ;]L_TMS£ waT^TZYx wTY_`T_TZYx L[[PL]^ _Z MP _SP ]PL^ZY bSd -SL]_šSL]T ^[PLV^ ZQ L wDZRLx bSTWP OPYZ_TYR L WTYR`T^_TN LN_TaT_d ,YO SP]P bP ^SZ`WO YZ_ QZ]RP_ _SL_ -SL]_šSL]Tv^ OT^NZ`]^P ZY w[]L_TMS£x TYNW`OP^ LWW VTYO^ ZQ NZRYT_TZY^ bSZ^P NZXXZY QPL_`]P T^ _SL_ _SPd NLYYZ_ MP Pc[WLTYPO ]L _TZYLWWd LYd XZ]P% Q]ZX LYTXLW TY^_TYN_^ _Z DZRTN Pc[P]TPYNP 3P _STYV^ TY ^_]`N_`]P^ LYO _ST^ LW^Z Pc[WLTY^ bSd QZ] STX PaP]d QZ]X ZQ ;L²dLY_¯ SL^ L ^_]ZYR RYZ^_TN _Z`NS LYO bSd _SP ;L²dLY_¯ TY RPYP]LW bT_SZ`_ \`LWTQdTYR T_ L^ w^`[]PXPx T^ P\`L_PO bT_S _SP TYPQQLMWP ^Tc _PPY_S OTRT_ ZQ _SP XZZY LYO _SP TXXZ]_LW [L]_ ZQ _SP ;`]`´L >TXTWL]Wd -SL]_šSL]T NLWW^ _SP wbZ]Ox bT_STY _SP ^[PLVP]v^ NZY^NTZ`^YP^^ bT_SZ`_ \`LWTQdTYR T_ L^ wP_P]YLWx _SP ¢_XLY LYO _SP wR]PL_ M`WWx bT_S bSZX ZYP ^PPV^ `YTZY 4Q Z`] -SL]_šSL]T TY_P][]P_L_TZY T^ NZ]]PN_ T_ QZWWZb^ _SL_ -SL]_šSL]T STX^PWQ OTO YZ_ NZYNPTaP ZQ L NZY_]LOTN_TZY Z] Z[[Z^T_TZY MP_bPPY R]LXXL] LYO DZRL Z] MP_bPPY R]LXXL] LYO XP_L[Sd^TN^ 3P SLO L NZXXZY [L__P]Y Z] ^_]`N_`]P QZ] ^[PLVTYR ZQ WTYR`T^_TN T^^`P^ LYO _SP STRSP^_ -]LSXLY TY PcLN_Wd _SP ^LXP bLd BT_S ST^ `YT_L]d ^PY_PYNP aTPb SP QZ`YO L w^`[P] QZ]X`WLx _Z ]PWL_P _Z MZ_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  $ _LOLMSd£^£N NL ²LMOL[¼]aLVLÀ dZRLÀ LOSTRLXdL []L_TMS£À _L__aL[]LMSLa£À m  A£VdL[LO¯dL  PO 4dP]  [ 

!!

;W`]LWT^X LYO _SP >PL]NS QZ] :]TPY_L_TZY

?ST^ T^ ZYP ZQ _SP XZ^_ NZWZ]Q`W LYO TYNZY^_LY_ [STWZ^Z[SP] [P]^ZY LWT_TP^ ZQ 4YOTL z bSZ XLd [Z^^TMWd SLaP MPPY LW^Z _SP [ZP_ bSZ aLNTW WL_PO MP_bPPY P]Z_TNT^X LYO LY L^NP_TN DZRTN WTQP^_dWP bSTNS bZ`WO QT_ L YZYNZYQZ]XT^_ ?LY_]TN ±LTaL \`T_P bPWW M`_ WP^^ _SP NZYaTYNPO QZW WZbP] ZQ _SP APOTN _]LOT_TZY bSZ _SP WTYR`T^_ -SL]_šSL]T LN_`LWWd bL^ BP NLY ^LQPWd NZYNW`OP _SL_ PaPY _SP WTYR`T^_ bL^ NP]_LTYWd QLXTWTL] bT_S DZRL L^ L ]PWTRTZ`^ ^_dWP LYO XZOP ZQ _SZ`RS_ ! 3P [Z^^TMWd PaPY QLaZ]PO T_ z Z] L_ WPL^_ _ZZV T_ L^ LY TY^[T]L_TZY QZ] ST^ WTYR`T^_TN _P]XT YZWZRd ?SP _P]X ²LMOL[¼]aLdZRL TWW`^_]L_P^ _SL_ ^_]TN_Wd ^[PLVTYR -SL]_šSL]T YPT_SP] []ZXZ_P^ YZ] YPRL_P^ DZRL []LN_TNP^ bSP]PL^ SP T^ OPQTYT_PWd TY_P]P^_PO TY WLYR`LRP _SPZ]d LYO XP_L[Sd^TN^ 3P XTRS_ `^P DZRTN TXLRP]d SP]P LYO _SP]P M`_ T_ T^ LWbLd^ Q]LXPO Md WTYR`T^_TN T^^`P^ ?ST^ T^ LW^Z NWPL] TY ST^ ]PNP[_TZY ZQ _SP _S]PP WLYR`LRP OTXPY ^TZY^ bSTNS SP L[[L]PY_Wd LOZ[_PO Q]ZX DZRTN?LY_]TN _]LOT_TZY^ z []P^`XLMWd ±LTaLT_P ZYP^ 3P]P SP QZ`YO L XLUZ] TY^[T]L_TZY QZ] ST^ ^NTPYNP ZQ R]LXXL] LYO WTYR`T^_TN^ BSL_ NLXP QT]^_ TY ST^ waT^TZYx _SP _S]PP WLYR`LRP OTXPY^TZY^ Z] _SP w^`[P]QZ]X`WLx ZQ _SP `YT_L]d ^PY _PYNP* BP OZ YZ_ VYZb >Z -SL]_šSL]T WPLaP^ `^ `W_TXL_PWd bT_S L \`P^_TZY XL]V BP NLY ZYWd R`P^^ Q]ZX STY_^ LYO \`Z_L_TZY^ _SL_ ]PRL]OTYR _SP ]PWTRTZ`^ QTPWO YZ_ ZYWd _SP APOTN LYO @[LYT´LOTN _]LOT_TZY M`_ LW^Z _SP ?LY_]TNDZRTN _]LOT_TZY z LYO bP ^`[[Z^P _SP ±LTaL >TOOS£Y_L z [WLdPO L XLUZ]* ]ZWP QZ] STX ?LY_]L ^_L]_PO _Z RLTY ^`M^_LY_TLW R]Z`YO Q]ZX _SP QTQ_S NPY_`]d ZYbL]O^ LYO MPNLXP L YPb ]PWTRTZ`^ [L]LOTRX LQ_P] -SL]_šSL]Tv^ WTQP _TXP ,^ bTWW MP ^PPY TY _SP YPc_ NSL[_P] _SP _]T`X[SLW aTN_Z]d ZQ ?LY _]L bL^ XLTYWd O`P _Z T_^ TNZYTN TXLRP]d ^PY^`LWT_d LYO NZ][Z]LWT_d _SP YPb XLY_]L []LN_TNP _SP TOPL^ LMZ`_ L w^ZYTN ^[SZ¶Lx OTaTYP [ZbP]^ XTRS_d 7Z]O 2ZO^ LYO _SP R]PL_ ±LV_T bSP]PL^ _SP PWT_P L^NP_TN LYO STRSWd RYZ^_TN DZRL?LY_]L N`W_`]P _SL_ ^PPX^ _Z SLaP TY^[T]PO -SL]_šSL]T LWbLd^ ]PXLTYPO _SP []TaTWPRP ZQ L QPb ]PWTRTZ`^ aT]_`Z^T ;Z^^TMWd TY L XLYYP] ^TXTWL] _Z 6`X£]TWL -SL]_šSL]T ^_TNV^ _Z ST^ ^NTPY_TQTN []ZR]LX LYO _SP]PQZ]P OZP^ YZ_ ]PaPLW LYd_STYR _Z `^ LMZ`_

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?ST^ ZM^P]aL_TZY NLY MP XLTY_LTYPO PaPY TQ bP OZ YZ_ L__]TM`_P _SP Aš__T _Z -SL]_]SL]T STX^PWQ M`_ TY^_PLO _Z L OT^NT[WP Z] NWZ^P QZWWZbP] L^ 5LY 3Z`MPY ]PNPY_Wd L__PX[_PO _Z []ZaP

-SL]_SL]Tv^ w7TYR`T^_TN ?`]Yx LYO 3T^ 8P_L[Sd^TN^ ZQ 7LYR`LRP

!!

ST^ ZbY ]PWTRTZ`^ LQQTWTL_TZY ! -`_ PaPY TQ _ST^ bP]P LN_`LWWd ^Z bP QTYO TY -SL]_šSL]T L NZX[WP_PWd OTQQP]PY_ _d[P ZQ _STYVP] @W_TXL_PWd SP QZ`YO ]L_TZYLWT^X LYO QZ]XLW WZRTN ^`^[PN_ ,YO XLdMP _ST^ T^ _SP `W_T XL_P ]PL^ZY bSd _SP Aš__T NSZ^P _SP Xd^_P]TZ`^ ‹RaPOL aP]^P ZQ _SP QZ`] \`L]_P]^ ZQ WLYR`LRP z _Z ^SZb _SP WTXT_^ ZQ R]LXXL] LYO WTYR`T^ _TN^ bSTNS bP]P Z_SP]bT^P -SL]_šSL]Tv^ R]PL_P^_ []TOP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?ST^ bZ`WO Pc[WLTY QZ] TY^_LYNP bSd _SP ^`RRP^_TaP \`Z_L_TZY^ TY _SP Aš__T ZY A£V dL[LO¯dL  $ L]P YZ_ Pc[WLTYPO Z] bSd L Aš__T ZY _SP aP]^P^  z T^ XT^^TYR

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X ;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP Sd[Z^_L^TeL_TZY ZQ WLYR`LRP LYO ^Z`YO ]PLNSP^ T_^ [PLV TY ?LY _]T^X  _SP []PaLTWTYR ]PWTRTZ`^ XZaPXPY_ TY 4YOTL Q]ZX L]Z`YO _SP QTQ_S _Z _SP _ST]_PPY_S NPY_`]d  ?LY_]L XLd MP ^PPY L^ L wePT_RPT^_x [SPYZXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 



?ST^ NZWWPN_TaP _P]X PYNZX[L^^P^ L R]PL_ Y`XMP] ZQ TYOTaTO`LW _]LOT_TZY^ LYO ^NSZZW^ BT_S _SP PcNP[_TZY ZQ _SP [TZYPP]TYR bZ]V ZQ >T] 5ZSY BZZO]ZQQP bSZ^P [^P`OZYdX bL^ ,]_S`] ,aLWZY bSZ POT_PO L Y`XMP] ZQ ?LY_]TN _Pc_^ TY _SP $z^ ?LY_]T^X bL^ YPRWPN_PO Md RPYP]L_TZY^ ZQ 4YOZWZRT^_^ `Y_TW _SP WL_P $"^ 4Y ]PNPY_ dPL]^ SZbPaP] _SP]P SL^ MPPY L aP]T_LMWP QWZZO ZQ ^NSZWL]Wd [`MWTNL_TZY^ TY _ST^ QTPWO ?SP ^_`Od ZQ ¢RLXTN ±LTaT^X TY RPYP]LW LYO MP__P] LNNP^^ _Z T_^ ST_SP]_Z `YPOT_PO ^Z`]NP^ SLaP MPPY ^PXTYLW .ZX[]PSPY^TaP ^`]aPd^ ZY _SP aL^_ WT_P]L]d _]LOT_TZY^ ZQ 3TYO` ?LY_]L LYO T_^ P^Z_P]TN ]T_`LW^ LYO XP_L[Sd^TN^ SLaP MPPY ZQQP]PO Md >LYU`V_L 2`[_L /T]V 5LY 3ZPY^ LYO ?P`Y 2Z`O]TLLY 3TYO` ?LY_]T^X 7PTOPY% -]TWW $"$ LYO ? 2Z`O]TLLY LYO > 2`[_L 3TYO` ?LY_]TN LYO ±£V_L 7T_P]L_`]P BTP^MLOPY% 3L]]L ^ZbT_e $# 2ZZO TY_]ZO`N_TZY^ TY_Z _SP ?LY_]L L]P ,YO]Ë ;LOZ`c ?£Y_]LMSTO£YL VZ²L 4 PO 3 -]`YYP] 2 :MP]SLXXP] LYO , ;LOZ`c ATPYYL% ¸,B  z! LYO /LaTO 2Z]OZY BST_P ?LY_]L TY ;]LN_TNP PO / 2 BST_P ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^  z# 9ZaPW L[[]ZLNSP^ TYNW`OP [TZYPP]TYR ST^_Z]TNLW LYO ]PRTZYLW ^_`OTP^ ^`NS L^ _SP ZYP^ Md ,WPcT^ >LYOP]^ZY ^PP MPWZb LYO 8L]V /dNeVZb^VTv^ , 5Z`]YPd TY _SP BZ]WO^ ZQ _SP ?LY_]L^ 9Pb /PWST% 4YOTNL  ?SP NZX[WPc ST^_Z]d ZQ ?LY_]L ^_TWW YPPO^ Q`]_SP] ]P^PL]NS ?SP XZ^_ PYNZX[L^^TYR L[[]ZLNS _Z ?LY_]TN ST^_Z]d _Z OL_P ^PPX^ _Z MP 2PZQQ]Pd >LX`PWv^ ]PNPY_Wd [`MWT^SPO ?SP :]TRTY^ ZQ DZRL LYO ?LY_]L% 4YOTN =PWTRTZY^ _Z _SP ?ST]_PPY_S .PY_`]d .LX M]TORP% .LXM]TORP @; # bSTNS L[[PL]PO LQ_P] bP SLaP b]T__PY Z`] ?LY_]L NSL[ _P] LYO NLXP _ZZ WL_P _Z Z`] L__PY_TZY _Z MP ]PaT^PO 7TVP BST_P ?LY_]L TY ;]LN_TNP   bP XLTY_LTY _SL_ ?LY_]L PXP]RPO Z`_ ZQ _SP >Z`_S ,^TLY PWT_P LYO [Z[`WL] XLTY ^_]PLX ^ZXP _TXP TY _SP XTOOWP ZQ _SP QT]^_ XTWWPYT`X ,/ LYO OPaPWZ[PO LY PYNZX [L^^TYR []P^PYNP BST_P [ZTY_^ Z`_ TY ST^ 6T^^ ZQ _SP DZRTY¯% w?LY_]TN >Pcx TY T_^ >Z`_S ,^TLY .ZY_Pc_^ .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^   _SL_ ?LY_]L ]PXLTYPO _SP w[]POZXTYLY_ ]PWTRTZ`^ [L]LOTRXx QZ] ZaP] L XTWWPYYT`X LYO _SP]P L]P RZZO ]PL^ZY^ _Z SZWO ZY _ST^ NWLTX 3ZbPaP] bP ZYWd [L]_TLWWd ^SL]P _SP ST^_Z]TNLW w^`MLW_P]YT^_x ]PNZY^_]`N_TZY [`_ QZ]bL]O TY BST_Pv^ 6T^^ LYO XLTY_LTY _SP YPNP^^T_d ZQ TYNW`OTYR _SP XZ]P wNZYaPY_TZYLWT^_x LYO wPWT_T^_x ¢RLXL _]LOT_TZY^ TY NZY^ZYLYNP bT_S 9 =LXLNSLYO]L -SL__ 7L ]PWTRTZY OP ±TaL ;LWLT^PL`% 0OT_TZY^ ¢RLX£_  1Z] `YNP]_LTY ]PL^ZY^ M`_ XZ^_ WTVPWd MPNL`^P ZQ _SP R]LO`LW 8`^WTX NZY\`P^_ ZQ 9Z]_S 4YOTL _SP _S LYO _S NPY_`]TP^ XL]V L OT^]`[_TZY TY XZ^_ WTYPLRP^ ZQ _SP XLUZ] ?LY_]TN _]LOT_TZY^ TY 9Z]_SP]Y 4YOTL 8Z^_ ?LY_]TN _]LOT_TZY^ ^`]aTaPO TY >Z`_S P]Y 4YOTL ZYWd /dNeVZb^VT , 5Z`]YPd   QY ! :Y OL_P^ LYO OPaPWZ[XPY_^ Q]ZX PL]Wd >LY^V]T_ ^Z`]NP^ _Z Q`WWMWZbY ?LY_]TN _]LOT_TZY^ ^PP LW^Z /LaTO 9 7Z]PY ePY w0L]Wd 0aTOPYNP QZ] ?LY_]TN =PWTRTZYx TY ?SP =ZZ_^ ZQ ?LY_]L PO 6L_SP]TYP

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

!!

YZY bSTNS z LQ_P] L [P]TZO ZQ [STWZ^Z[STNLW LM^_]LN_TZY LYO bZ]WO YPRL _TZY z RTaP^ L []TXP [WLNP _Z _SP MZOd _SP ^PY^P^ YPb [P]QZ]XL_TaP []LN_TNP^ LYO YZ_ WPL^_ _SP TNZYTN [ZbP] ZQ WLYR`LRP Md TYN]PL^TYR _SP [Z_PYNd ZQ XLY_]L [ZbP] TY L YZaPW aPTY 9Pb XLY_]L^ PXP]RP bSTNS L]P [`_ Pc[WTNT_Wd L_ _SP SPL]_ ZQ bZ]^ST[ ,W_SZ`RS ±LTaT^X [WLdPO L XZ^_ N]`NTLW ]ZWP TY _ST^ OPaPWZ[XPY_ _SP N`^_ZX bL^ YZ_ ]P^_]TN_PO _Z T_ LYO ^ZZY RLTYPO bTOP TY_P]]PWTRTZ`^ ^[]PLO BT_STY _SP OTQQP]PY_ PL]Wd ALT´©LaL ?LY_]L ;£ÓNL]£_]L NZXX`YT_TP^ QZ] TY^_LYNP bP QTYO NP]_LTY w]ZZ_ XLY_]L^x X¼WLXLY_]L WTVP wYLXZ 9£]£dL©£dLx wF4H MZb _Z 9£]£dL©£x wYLXZ -SLRLaL_P A£^`OPa£dLx wF4H MZb _Z 7Z]O A£^`OPaLx LYO _SP `Y_]LY^WL_LMWP XLY_]TN QZ]X`WL w6³®¿ 6³4žx ?SP^P XLY_]L^ L]P XPY_LWWd bZ]^ST[PO NSLY_PO aT^`LWTePO LYO XPOT _L_PO `[ZY L_ XTOYTRS_ OLbY XTOOLd LYO ^`Y^P_ LYO ]PNT_PO bSTWP ML_STYR _SP TNZY Z] [P]QZ]XTYR [¼U£ LYO LRLTY NZY^_LY_Wd ]P[PL_PO LQ_P] _SP [¼U£ ]T_`LW  4YaL]TLMWd ?LY_]TN XLY_]L^ SL]MZ] Y`XTYZ`^ []P^PYNP bSTNS NLY MP ]PTYQZ]NPO Md ]P[P_T_TZY bSL_PaP] _SP w_]LY^NPYOPY_x ]PQP]PYNP [ZTY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ



,YYP 3L][P] LYO =ZMP]_ 7 -]ZbY ,WMLYd% >@9D   z! LYO _SP [TZYPP]TYR ^_`OTP^ ZQ ,WPcT^ >LYOP]^ZY% w;`]T_d LYO [ZbP] LXZYR _SP -]LSXTY^ ZQ 6L^SXT]x TY ?SP NL_PRZ]d ZQ _SP [P]^ZY% ,Y_S]Z[ZWZRd [STWZ^Z[Sd ST^_Z]d  PO 8 .L]]T_SP]^ > .ZWWTY^ LYO > 7`VP^ .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $#  $z!& w6]LXL ±LTaT^Xx w?]TVL ±LTaT^Xx w±LTaT^X TY 6L^SXT]x TY ?SP 0YNdNWZ[POTL ZQ =PWTRTZY  aZW  9Pb DZ]V% 8LNXTWWLY $#" z"& w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZYx TY ?SP BZ]WOv^ =PWTRTZY^ PO >_PbL]_ >`_SP]WLYO 7ZYOZY% =Z`_WPORP $## !!z"& w?SP aT^`LWTeL_TZY ZQ _SP OPT_TP^ ZQ _SP ?]TVLx TY 7vTXLRP OTaTYP% .`W_P P_ XËOT_L_TZY OLY^ Wv3TYOZ`T^XP PO , ;LOZ`c ;L]T^% .9=> $$ z$!& w8PLYTYR TY ?LY_]TN =T_`LWx TY 0^^Ld^ ^`] WP =T_`PW 444 PO ,z0 -WZYOPL` LYO 6]T^_ZQP] >NST[P] 7Z`aLTY;L]T^% ;PP_P]^ $$   z$ & LYO >LYOP]^ZYv^ XZ]P ]PNPY_ ^_`OTP^ ZY ±LTaT^X LYO VTYR^ST[ ^`NS L^ w=PWTRTZY LYO _SP >_L_Px LYO w,_SL]aTY^ TY ?LY_]TN ?P]]T_Z]dx Z[NT_ BP ^SL]P >LYOP]^ZYv^ MTL^ ZY ±LTaL N`W_`]P LYO 3TYO` ?LY_]L ]PRL]OTYR PL]Wd OPaPWZ[XPY_^ LYO WL_P] _]LY^QZ]XL_TZY^ bSTWP LNVYZbWPORTYR L [Z^^TMWP ^SZ]_NZXTYR TY [LdTYR _ZZ WT__WP L__PY_TZY _Z -`OOST^_ ?LY_]L LYO 3TYO` -`OOST^_ TY_P]NSLYRP^ 8L]TZY =L^_PWWT wE`X AP]^_ÆYOYT^ OP^ ;£ÓNL]£_]L aZY OP] 3P]V`YQ_ ^PTYP] >LÀST_£^x BE6>  $$$% !& w?SP ]PWTRTZ`^ []LN_TNP ZQ _SP >£OSLVL LNNZ]OTYR _Z _SP 5Ld£VSdL^LÀST_£x 445  L% $z$ & w/TP QÞYQ EPT_PY [LÓNL V£WL ^ TY OPY ÆW_P^_PY ;£ÓNL]£_]L>LÀST_£^x BE6>  M% !z #Q& ;L_]TNTL D 8`XXP w;£ÓNL]£_]L ?Pc_^ TY _SP ?PYVLWLTAL¶LVLWLT /T^[`_Px TY >_`OTP^ TY 3TYO`

T^X 4A% :Y _SP 8`_`LW 4YQW`PYNP^ LYO =PWL_TZY^ST[ ZQ AT²T´T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]L  PO 2 :MP]SLXXP] LYO 8 =L^_PWWT ATPYYL% ¸,B QZ]_SNZXTYR # $z& 6L_SP]TYP 6 DZ`YR w-]£SXL©L^ ;£ÓNL]£_]TY^ LYO _SP 1Z]XL_TZY ZQ ±]¯aLT´©LaT^Xx TY TMTO  #Q #  ,NNZ]OTYR _Z DZ`YR TMTO  # # QY# _SP]P T^ L NZY_TY`T_d ZQ _SP ;£ÓNL]£_]L>LÀST_£^  _SP ?LXTW ¢¹a£] [ZP_]d LYO _SP WL_P] >Z`_S 4YOTLY ±]¯aLT´©LaL _SPZWZRd TY NZYNP[_`LWTeTYR _SP OL]V 7Z]O 2ZO 9£]£dL©L L^ _SP ^ZWP ^`[]PXP OPT_d LYO L QZN`^ ZY 9£]£dL©L XLY_]L^ ^`NS L^ _SP ?LXTW wQTaP ^dWWLMWPO XLY_]Lx YLXZ Y£]L©L DZ`YR ^`[[Z^P^ _SL_ _SP ±L_L]`O]¯dL bT_S T_^ wQTaP ^dWWLMWPO ±TaL XLY_]Lx YLXZ ±Ta£dL bL^ _SP VPd XZOPW

!!!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

XLd MP bSL_PaP] ^Z_P]TZWZRTNLW Z] []LRXL_TN RZLW XLd MP [`]^`PO LYO bSL_PaP] WTYR`T^_TN QZ]X _SPd XLd SLaP ?SP XZ^_ _d[TNLW QZ]X ZQ L ?LY_]TN XLY_]L T^ L N]d[_TN NZXMTYL_TZY ZQ [SZYPXP^ ?LY_]TN _]PL_T^P^ ^[PLV ZQ w^PPO^x M¯UL Z] w^PPO ^dWWLMWP^x ]PQP]]TYR _Z ZYP^dWWLMWPO LNZ`^_TN QZ]X`WL^ ^`NS L^ 6³®¿ 6³4ž Z] ,4¿ 3=®¿ ±=®¿ 7TVP _SP APOTN ^_ZMSL^  ^`NS M¯UL^ L]P YZ_ XPLYTYRQ`W >LY^V]T_ bZ]O^ M`_ _SP]P L]P TX[Z]_LY_ OTQQP]PYNP^  >_ZMSL^ L]P Z]YLXPY_LW aZNLWTeL_TZY^ LYO ZYWd MPWZYR _Z _SP LN_`LW ]PLWTeL_TZY ZQ APOTN `__P]LYNP^ LYO YZ_ _Z _SP _Pc_`LW XL_P]TLW T_^PWQ APOTN XLY_]L^ LWbLd^ NZY^T^_ ZQ bZ]O^ _SL_ NLY MP _]LY^WL_PO ?]LOT_TZYLWWd _SPd YPPO L ]T_`LW NZY_Pc_ LYO L [`]TQTPO ]T_`LW ^[LNP , APOTN XLY_]L T^ L ^[PPNS QZ]X`WL bSTNS LTX^ L_ NP]_LTY PQQPN_^ TY NP]_LTY NT]N`X^_LYNP^ LYO NLY MP `^PO _]LOT_TZYLWWd ZYWd Md NP]_LTY LN_Z]^ TOPLWWd LWW w_bTNPMZ]Yx XLWP^ []LN_TNLWWd ZYWd -]LS XTY^ ?LY_]TN XLY_]L^ L]P OTQQP]PY_ YZ_ ZYWd MPNL`^P _SPd LWWZb QZ] L M]ZLOP] ]LYRP ZQ N`W_`]LW LN_Z]^ M`_ LW^Z Md _SPT] XZ^_ OPQTYTYR XL]V% _SPd ^`M^_LY_TLWWd NZY_LTY _SP RZO Z] Y`XTYZ`^ QZ]NP LYO TXXPOTL_PWd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 



>PP LW^Z 5Þ]RPY 3LYYPOP] wAPOTN LYO ?LY_]TN 8LY_]L^x =TaT^_L OPRWT >_`OT :]TPY_LWT 7CC4 $$"% "z!" -P^TOP^ TYOTRPYZ`^ XLY_]L NZX[TWL_TZY^ LYO Z_SP] PXTN bZ]V^ ZQ ?LY_]TN wXLY_]L^NTPYNPx ^`NS L^ 8LSLOTSL]Lv^ 8LY_]L 8LSZOSLOST  PO Md L -ZL]O ZQ >NSZWL]^ /PWST% >L_R`]` ;`MWTNL_TZY^ $#  LYO _SP aL]TZ`^ XLY_]£MTO S£YL  M¯ULYTRSLY_` LYO M¯ULVZ²L _Pc_^ XLY_]L^ SLaP LW^Z MPPY aL]TZ`^Wd OPLW_ bT_S Md BP^_P]Y ^NSZWL]^ ^ZXP ZQ _SPX PX[SL^TeTYR _SP ?LY_]TN NZY_TY`T_d ZQ APOTN bZ]O ^[PN`WL_TZY^ .Q 5LY 2ZYOL w?SP 4YOTLY 8LY_]Lx :]TPY^ ! $!% z$"& ,RSP YLYOL -SL]L_T /TP ?LY_]L?]LOT_TZY 1]PTM`]R% ,`]`X $"" #z Z]TRTYLW 0YR WT^S PO $! & 3L]aPd ; ,W[P] PO @YOP]^_LYOTYR 8LY_]L^ ,WMLYd% >@9D $#$& ,YO]Ë ;LOZ`c w>ZXP >`RRP^_TZY^ ZY =P^PL]NS TY_Z 8LY_]Lx 4? $"#%  z$& w.ZY_]TM`_TZY^  WvË_`OP O` 8LY_]L²£^_]Lx -010: "! $#"% "z & A£N ?SP .ZYNP[_ ZQ _SP BZ]O TY >PWPN_PO 3TYO` ?LY_]L^ ,WMLYd% >@9D $$& w7vZ]LW P_ WvËN]T_ 8LY_]L P_ XLY_]L²£^_]L x TY ?]LOT_TZY^ Z]LWP^ OLY^ WP XZYOP TYOTPY  PO . .SLX[TZY .ZWWPN_TZY ;`]`´£]_SL # $$!% z & =ZMP]_ , DPWWP 0c[WLTYTYR 8LY_]L^% =T_`LW =SP_Z]TN LYO _SP /]PLX ZQ L 9L_`]LW 7LYR`LRP TY 3TYO` ?LY_]L 9Pb DZ]V% =Z`_WPORP  7L`]TP ;L__ZYv^ -]TYRTYR _SP 2ZO^ _Z 8TYO% 8LY_]L LYO =T_`LW TY 0L]Wd 4YOTLY >LN]TQTNP -P]VPWPd LZ% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^   OPLW^ ZYWd bT_S ‹R APOTN XLY_]L^ M`_ T^ ]PWPaLY_ _Z _SP T^^`P ZQ ?LY_]TN XLY _]L^ L^ bPWW ?SPT] OT^_TYR`T^STYR XL]V T^ YZ_ MT]_S Z] NL^_P M`_ L ^[PNTLW VTYO ZQ TYT_TL_TZY BSL_ T^ VYZbY L^ ?LY_]TN TYT_TL_TZY T^ WL]RPWd XLY_]L TYT_TL_TZY 3ZbPaP] QZ]XLW TYT_TL_TZY XLd LW^Z MP LM^PY_ BST_P ?LY_]L TY ;]LN_TNP  OT^_TYR`T^SP^ _S]PP XLUZ] R]Z`[^ ZQ ?LY_]TN LN_Z]^% w?LY_]TN ^[PNTLWT^_^ bSZ SLaP ]PNPTaPO TYT_TL_TZY TY_Z L _Pc_`LW _PLNS TYR WTYPLRP LYO _SPT] RPYP]LWWd PWT_P NWTPY_^& ?LY_]TN ^[PNTLWT^_^ WLNVTYR TY QZ]XLW TYT _TL_TZY bSZ^P _]LTYTYR _PYO^ _Z MP _S]Z`RS Z]LW _]LY^XT^^TZY Z] OTaTYP [Z^^P^^TZY LWZYP LYO _SPT] RPYP]LWWd YZYPWT_P NWTPY_^& LYO SZ`^PSZWOP] Z] WLd YZY^[PNTLWT^_^ bSZ^P [P]^ZYLW []LN_TNP XLd MP \`LWTQTPO L^ ?LY_]TNx ?SP _ST]O NL_PRZ]d T^ Y`XP]T NLWWd _SP WL]RP^_ LYO _SP XZ^_ bTOP^[]PLO ?LY_]TN []LN_TNP T^ L [Z[`WL]TePO LYO wOP aZ_TZYLWTePOx aP]^TZY% _SP ]P[P_T_TZY ZQ OPaZ_TZYLW wXLY_]L^x TP QZ]X`WL^ bT_S _SP 7Z]O 2ZOv^ YLXP bSTNS OZ YZ_ YPNP^^L]TWd YPPO LYd XZ]P TYT_TL_TZY M`_ ]L_SP] ^`] ]PYOP] QLT_S LYO OPaZ_TZY

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

!!"

M]TYR T_ _Z QZ]P bSPY _SPd L]P `__P]PO ?SP ]P^`W_ T^ YZ_ LY PQQPN_ M`_ _SP aP]d []P^PYNP ZQ _SP Y`XTYZ`^ QZ]NP 1Z] TY^_LYNP bSTWP _]LaPWTYR _S]Z`RS QZ]P^_^ LYO bTWOP]YP^^ _SP]P T^ ^`[[Z^PO _Z MP L STRS ]T^V ZQ MPTYR L__LNVPO Md OPXZY^ 4Y _ST^ ^T_`L_TZY T_ T^ SPW[Q`W _Z `__P] _SP XLY_]L ZQ ATYOSdLa£^TY¯ LY PL]Wd QZ]X ZQ _SP 2ZOOP^^ /`]R£ bSZ SL^ L [L]_TN`WL] LQQTYT_d bT_S QZ]P^_^ LYO bTWOP]YP^^ LYO bSZ T^ L_ _SP ^LXP _TXP LY LY_LRZYT^_TN [ZbP] _Z OPXZY^ ?ST^ XLY_]L NLY MP _SP ^TX[WP ^_LYOL]O QZ]X`WL% w4 MZb _Z /`]R£x w/`]R£dLT YLXLàx Z] T_ NLY TY aZVP _SP RZOOP^^v^ LN_TZY% w/`]R£ ^_]TVP ^_]TVP LYO VTWWx Z] T_ NLY MP PY]TNSPO Md YZY^PXLY_TN M¯UL^ % w:¿ 3=®¿ 4 MZb _Z /»¿ /`]R£ ;3,µ ;3,µx w:¿ 3=®¿ /»¿ /`]R£dLT YLXLà ;3,µ ;3,µx  ?SP PQQPN_ T^ LWbLd^ _SP ^LXP% /`]R£ T^ []P^PY_ LYO _SP OPXZY^ X`^_ ^PPV ^ZXP ZYP PW^P _Z [P^_P] >TYNP _SP Q`YN_TZY ZQ _SP XLY_]L T^ T]]P^[PN_TaP ZQ ^PXLY_TN XPLYTYR ?LY_]TN XLY_]L^ OZ YZ_ YPNP^^L]TWd YPPO L ^PXLY _TN XPLYTYR L_ LWW 4Y QLN_ _SPd L]P QZ]X`WL^ bSZ^P XZ^_ OT^_TYR`T^STYR QPL_`]P T^ YZ_ _SP ^PXLY_TN [L]_^ bSTNS XLd MP XT^^TYR LW_ZRP_SP] M`_ YZY^PXLY_TN ^Z`YO NSLTY^ ?LY_]TN XLY_]L^ L]P [ZbP]Q`W ^`M^_LYNP^ TY L aP]d WT_P]LW ^PY^P ^TYNP _SP ^[PNTQTN ^Z`YO NZXMTYL_TZY OZP^ YZ_ U`^_ TYaZVP OPYZ_P Z] ^dXMZWTNLWWd ]P[]P^PY_ _SP OPT_d Z] _SP QZ]NP Pc []P^^PO M`_ NZY_LTY^ WTVP L ^PPO _SP PY_T]P [Z_PYNd ZQ _SP Y`XTYZ`^ [ZbP] L]_TN`WL_PO >TYNP _SP]P T^ YZ OTQQP]PYNP MP_bPPY _SP ^TRYTQTP] LYO _SP ^TRYTQTPO _SP NSLYRP ZQ ZYP M¯UL NSLYRP^ _SP bSZWP XLY_]TN ^d^_PX LYO _SP Y`XTYZ`^ [ZbP] PaZVPO ?SP]P T^ SL]OWd L ?LY_]TN _]LOT_TZY bT_SZ`_ XLY_]L TYNLY_L_TZY^ ]P[P_T_TZY^ aT^`LWTeL_TZY^ LYO ]T_P^ >`NS [P]QZ]XLYNP^ NPY_P]PO ZY [ZbP]Q`W ^Z`YO^ LYO ^[PNTLW QZ]X`WL^ L[[PL] _Z SLaP MPPY N]`NTLW TY ?LY_]TN ]T_`LW ^TYNP PL]WTP^_ _TXP^ .PY_P]PO ZY XLY_]L YPb ]T_`LW QZ]X^ PXP]RPO ^`NS L^ Yd£^L  _SP ^`[P]TX[Z^T_TZY ZQ XLY_]L^ Z] _SP YL^LWT^PO WP__P]^ ZQ LW[SLMP_ ZY _SP MZOd LYO _SP ]T_`LW TX[WPXPY_^ _Z XLVP _SPX wOTaTYPx ?SP]P T^ X`NS _Z =ZMP]_ , DPWWPv^ NWLTX _SL_ w8LY_]L^ aP]MLW QZ]X`WL^ ZQ ^[PNTLW [ZbP] L]P L_ _SP SPL]_ ZQ _SP ]T_`LW _]LOT_TZY ZQ 3TYO` ?LY_]Lx ! ?ST^ L^^ZNTL_TZY bL^ ^Z ^_]ZYR _SL_ TY WL_P] _TXP^ ?LY_]L LYO w_SP ^NTPYNP ZQ XLY_]L^x XLY_]L²£^_]L  TP L VTYO ZQ Xd^_TN WTY R`T^_TN^ LYO SP]XPYP`_TN^ ZQ _SP w^PPO XLY_]L^x MPNLXP WL]RPWd TOPY_T NLW " ,W]PLOd _SP M¯UL QZ]X`WL^ _SPX^PWaP^ SZbPaP] ^PPX _Z MP L WL_P] OPaPWZ[XPY_ ?LY_]L T^ YZ_ L NZSP]PY_ Z] `YTQTPO XZaPXPY_ L^ _SP XZOP]Y LM^_]LN_ YZ`Y w?LY_]T^Xx XT^WPLOTYRWd ^`RRP^_^ # M`_ ]L_SP] L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! "

#

DPWWP 0c[WLTYTYR 8LY_]L^  ?SP ;£ÓNL]£_]L _]LOT_TZY QZ] TY^_LYNP w]PQP]^ _Z T_^ ZbY ^N]T[_`]P^ L^ XLY_]L²£^_]L x >LYU`V_L 2`[_L w?SP ;£ÓNL]£_]L ,__T_`OP _Z 8LY_]Lx TY @YOP]^_LYOTYR 8LY_]L^ PO ,W[P]  ,YO]Ë ;LOZ`c w, >`]aPd ZQ ?LY_]T^X QZ] _SP 3T^_Z]d ZQ =PWTRTZYx 3T^_Z]d ZQ =PWTR TZY^  $#%   LYO 3`RS - @]MLYv^ XZYZR]L[S ?LY_]L >Pc ^PN]PNd [ZWT

!!#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

NZX[WPc NL_PRZ]d TYNW`OTYR L aL^_ Y`XMP] ZQ ]T_`LW ^d^_PX^ bSTNS SLaP MPPY TY NZY^_LY_ QW`c LYO TY_P]LN_TZY ?SP ±LTaL ALT´©LaL -`O OST^_^ LYO 5LTYL^ SLaP OPaPWZ[PO _SPT] ZbY ?LY_]TN QZ]X^ bSTNS [L]_Wd OTQQP] LYO [L]_Wd ZaP]WL[ M`_ OZ YZ_ YPNP^^L]TWd TYNW`OP ^Pc`LW ]T_P^ bSTNS SLaP ZNN`[TPO ^Z XLYd BP^_P]Y N]T_TN^ z LYO aL^_Wd OTQQP] L^ bPWW $ ?LY_]TN QPL_`]P^ LW^Z TYQTW_]L_PO _SP NZXXZY >X£]_L QZWO , Y`XMP] ZQ ST^_Z]TNLW ^STQ_^ LYO ]PRTZYLW OTQQP]PYNP^ XLd MP OT^NP]YPO L^ bPWW L^ ]TaLW]TP^ LYO Z^XZ^P^ MP_bPPY APOL LYO ?LY_]L LYO ?LY_]L LYO MSLV_T  0aPY _SZ`RS TY 9Z]_SP]Y 4YOTL ?LY_]L LYO MSLV_T bP]P [Z _PY_TLW LY_T_d[P^ _SP MSLV_T _]LOT_TZY^ LM^Z]MPO _SP Q`YOLXPY_LW ?LY_]TN TY_`T_TZY ZQ OPT_d LYO XLY_]L MPTYR ZYP Md ]PRL]OTYR _SPT] ^`[]PXP OPT_dv^ YLXP^ L^ [ZbP]Q`W XLY_]L^ 4Y >Z`_SP]Y 4YOTL _SP MZ`YOL]TP^ bP]P QW`TO L_ LY PL]Wd _TXP L^ QZ] TY^_LYNP _SP ?LXTW ±LTaL MSLV_L LYO ^TOOSL ?T]`X¼WL] OPXZY^_]L_P^ TY ST^ ?T]`XLY_T]LX !_S Z] "_S NPY_  , R]PL_ ^Z`]NP ZQ TY^[T]L_TZY bL^ _SP ±L_L]`O]¯dL  LYO XZ]P []PNT^PWd _SP w1TaP>dWWLMWPO FXLY_]LHx YLXLà ±Ta£dL ?LX YLXL .Ta£dL  NZY _LTYPO TY _ST^ LYNTPY_ WT_LYd ?SP =`O]L±TaL ZQ _SP ZWO A]£_dL^ T^ MZ_S z _SP ZYP LYO ZYWd 2ZO LYO L_ _SP ^LXP _TXP []P^PY_ TY PLNS LYO PaP]d _STYR LYO _SP XLY_]L NZYNP[_TZY Z`_WTYPO bZ`WO SLaP MPPY TYNZYNPTa LMWP bT_SZ`_ _SP =`O]L _SPZWZRd LYO T_^ [LY_SPT^_TN bZ]WOaTPb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _TN^ LYO [ZbP] TY _SP ^_`Od ZQ ]PWTRTZY -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^  [ZTY_ Z`_ _SL_ _SP _P]X w?LY_]T^Xx T^ L []ZO`N_ ZQ 4YOTLY LYO BP^_P]Y PcNSLYRP []ZNP^^P^ ?ST^ T^ ZQ NZ`]^P _]`P QZ] w3TYO`T^Xx L^ bPWW LYO OZP^ YZ_ []PaPY_ _SP _P]X^ Q]ZX MPTYR `^PO []`OPY_Wd P^NL[TYR _SP OLYRP]^ ZQ LYd wT^X^x BP bTWW []PQP] _SP _P]X ?LY_]L bSTNS T^ LW^Z ]PWL_PO _Z L MZOd ZQ XZ^_Wd LYZYdXZ`^ WT_P]L_`]P LYO `^P _SP [Z[`WL] RPYP]TN _P]X w?LY_]T^Xx TY_P]NSLYRPLMWd _Z OPYZ_P L Y`XMP] ZQ ]T_`LW ^d^_PX^ z bSTNS aL]d PaPY bT_STY _SP ±LTaL QZWO $ , RZZO ZaP]aTPb T^ ZQQP]PO Md @]MLY ?LY_]L z @YWTVP BST_P 6T^^ ZQ _SP DZRTY¯  bSZ ^PPV^ L _TRS_ ?LY_]L OPQTYT_TZY Md ^PWPN_TYR 6L`WL ?LY_]L DZRTY¯ N`W_^ LYO ^Pc`LW QW`TO PcNSLYRP bP []PQP] L ]L_SP] QZ]XLW OPQTYT_TZY ^PP MPWZb _SL_ OZP^ YZ_ YPPO _Z [Z^_`WL_P L OTaT^TZY MP_bPPY ?LY_]L LYO ¢RLXL bSTNS T^ SL]O _Z XLTY _LTY LYO NLY MP__P] LNNZ`Y_ QZ] _SP R]PL_ OTaP]^T_d bT_STY PL]Wd ±LTaL NT]NWP^ _SP LX MTaLWPY_ ]PWL_TZY^ST[ ZQ APOL LYO ?LY_]L LYO _SPT] PaPY_`LW XP]RP] TY L ?LY_]TN XLTY ^_]PLX N`W_`]P BP ^_]P^^ ^Z`YO TY^_PLO ZQ ^Pc ^TYNP ^Pc`LW ]T_P^ ^PPX _Z MP L WL_P] OPaPWZ[XPY_ bT_S _SP [Z^^TMWP PcNP[_TZY ZQ _SP WPRPYOL]d 8L_^dPYO]L bSZ WPQ_ YZ b]T__PY ^Z`]NP^ LYO L]P YZ_ NZXXZY _Z LWW ?LY_]TN _]LOT_TZY^ bSP]PL^ OTaP]^P ^Z`YO [SPYZXPYL LYO XLY_]L [ZbP] LYO TY _SP NZ`]^P ZQ _TXP [L]_TN`WL]Wd w^PPO XLY_]L^x SLaP MPPY aT_LW TY LWW ?LY_]TN _]LOT_TZY^ bT_S _SP [Z^^TMWP PcNP[_TZY ZQ _SP 6L`WL^ Q]ZX PL]Wd ±LTaL ^`MN`W_`]P^ LYO ALT´©LaL XLY_]TN ^d^_PX^ _Z WL_P] OZXP^_TNL_TZY^ ^d^_PXL_TeL_TZY^ ^NSZWL]Wd ]PQWPN_TZY^ [Z[`WL] M]ZLONL^_TYR LYO OPaZ_TZYLW L[[]Z []TL_TZY TP _SP NZXXZY TOPL _SL_ L RZOv^ YLXP SL]MZ]^ OTaTYP []P^PYNP LYO XLY_]L [ZbP]  >PP LW^Z = 9LRL^bLXd ?LY_]TN .`W_ ZQ >Z`_S 4YOTL /PWST% ,RLX 6LWL ;]LVL^SLY $#  z!& /Z`RWL^ =PYQ]Pb -]ZZV^ w,`^[TNTZ`^ 1]LRXPY_^ LYO @YNP]_LTY BT^ OZX% ?SP =ZZ_^ ZQ ±]¯aTOd£ ±£V_L ?LY_]T^X TY >Z`_S 4YOTLx TY =ZZ_^ ZQ ?LY_]L  PO 3L][P] LYO -]ZbY "z" 

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

!!$

?SP PL]WTP^_ ]PQP]PYNP _Z R]Z`[^ bSTNS XLd [Z^^TMWd MP _P]XPO ?LY _]TN T^ L QZ`]_SNPY_`]d ,/ * [L^^LRP TY _SP 8LS£MS£]L_L   ]PQP]]TYR _Z _SP ±LTaL ;£²`[L_L^ LYO ALT´©LaL ;£ÓNL]£_]L^ L^ wYZY APOTNx  ?SP Z]TRTYLW ^Z`]NP^ ZQ _SP L^NP_TN ;£²`[L_L^ L]P ^[L]^P  M`_ L Q`WWMWZbY ?LY_]TN _SPZWZRd T^ QZ`YO TY _SP ¢RLXL^ ZQ _SP ±LTaL >TOOS£Y_L  LYO _SP -SLT]LaL ?LY_]L^  ?SP ¢RLXL WT_P]L_`]P ZQ MZ_S ±LTaL LYO ALT´©LaL TP _SP ;£ÓNL]£_]L>LÀST_£^   XLd MP OP_P]XTYPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  BST_P ?LY_]L TY ;]LN_TNP  & 2LaTY 1WZZO ,Y 4Y_]ZO`N_TZY _Z 3TYO`T^X .LX M]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $$!  z !& >LYOP]^ZY w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x !!z!!  3PTY]TNS aZY >_TP_PYN]ZY  /P] 3TYO`T^X`^ 8ÞYNSPY% -PNV  z  ^`^[PN_^ _SP R]Zb_S ZQ _SP ALT´©LaL ;LÓNL]£_]TY^ LYO _SP XZ]P APOLZ]_SZOZc ALTVS£YL^L^ bT_STY DLU`]APOL NT]NWP^ TY WL_P APOTN _TXP^ z -. 3P OPO`NP^ Q]ZX _SP R]LXXL]TLY ;L_LÓULWTv^ XPY_TZY ZQ w±TaL-S£RLaL_L^x _SL_ _SP bZ]^ST[ ZQ ±TaL SLO L M]ZLO ML^P TY _SP YZY¢]dLY* [Z[`WL_TZY L_ WPL^_ Md _SP ^PNZYO NPY_`]d -. TMTO !  ?SP ;£²`[L_L >¼_]L^  bT_S _SP ;LÓN£]_SLMS£´dL ZQ 6L`©“TYdL  PO = ,YLY_SLV]T^SYL >L^_]T ?]TaLYO]`X $ L]P _SP ZYWd Z]TRTYLW ^Z`]NP M`_ ZQ `YNP]_LTY OL_P /dNeVZb^VT , 5Z`]YPd # ^PP LW^Z $ ! LYO ! QY " ^`RRP^_^ L OPaPWZ[ XPY_ Q]ZX _SP ;£²`[L_L>¼_]L^ bSTNS SP L^^TRY^ _Z _SP ]O_S NPY_ ,/ _Z _SP ¢RLXL^ ZQ _SP ±LTaL >TOOS£Y_L _Z _SP -SLT]LaL?LY_]L^ bSTNS TY _`]Y TY^[T]PO _SP 6L`WL?LY_]L^  ?SLYV^ _Z 9 =LXLNLYO]L -SL__v^ XLY`^N]T[_ NZWWL_TZY^ _SP 1]PYNS 4Y^_T_`_P ZQ ;ZYOTNSP]]d [`MWT^SPO N]T_TNLW POT_TZY^ ZQ ^ZXP ±LTaL ¢RLXL^ LYO ]PWL_PO ]T_`LW WT_ P]L_`]P ^`NS L^ _SP =L`]LaL¢RLXL   aZW^ PO 9= -SL__ $! $" $##& 8šRPYO]£RLXL V]Td£[LOL LYO N£]dL[LOL PO 9= -SL__ $!& >ZXL²LXMS` [LOOSL_T   aZW^ PO LYO _]LY^W Md 3ËWÊYP -]`YYP]7LNSL`c $!z$""& $# & ?SP ;L]LVSdL_LY_]L% , ^N]T[_`]P ZQ _SP ±LTaL >TOOS£Y_L PO LYO _]LY^W Md /ZXTYTN 2ZZOLWW  & ?SP ;LÓNLaL]LYL^_LaL ZQ ,RSZ]L²TaL% L _bPWQ_SNPY_`]d >Z`_S 4YOTLY []P^N]T[_TZY QZ] _SP aT^`LWT^L_TZY ZQ >LO£²TaL LYO ST^ ]P_TY`P PO / 2ZZOLWW P_ LW   >PP LW^Z 8šRPYO]L ?LY_]L F8šRPYO]£RLXL H  aTOd£[£OL LYO dZRL[£OL  PO bT_S _SP NZXXPY_L]d ZY 9£]£dL©LVL©¶SL Md 8LOS`^`OLYL 6L`W >SL^_]T -ZXMLd% 9T]YLdL >LRL] $& 6£XTV£RLXL   aZW^ PO 8LdTWLT ,WLRL[[L 8`OLWTL] 8LO]L^% >TaLYLYL[Z_L $$& ;L`´VL]£RLXL .TOLXML]LX $ & 5Ø]R 2PYRYLRPW 8£d£ ;`

]`´L LYO ±TaL% /TP O`LWT^_T^NSP ?]LOT_TZY OP^ ±TaLT^X`^ YLNS ,RSZ]L²Ta£N£]dL^ ?L__ aL[]LV£²Laš__T BTP^MLOPY% 3L]]L^^ZbT_e $$!& -SL__ 7L ]PWTRTZY OP ±TaL $$z $& 3ËWÊYP -]`YYP] w?SP 1Z`] ;£OL^ ±LTa£RLXLx 5Z`]YLW ZQ :]TPY_LW =P^PL]NS !z ! $#!z$$% !z"#& w7vTXLRP OTaTYP OLY^ WP N`W_P £RLXT\`P OP ±TaL =L[[Z]_ PY_]P WvTXLRP XPY_LWP P_ WP ^`[[Z]_ NZYN]P_ O` N`W_Px TY 7vTXLRP OTaTYP N`W_P P_ XËOT_L_TZY OLY^ Wv3TYOZ`T^XP ;L]T^% 0O .9=> $$ $z$& w?SP ;WLNP ZQ DZRL TY _SP ±LTa£RLXL^x TY ;LYOT_ 9= -SL__ 1PWTNT_L_TZY AZW`XP PO ;> 1TWWTZeL_ >; 9L]LYR LYO .; -SL__L /PWST% 8Z_TWLW -LYL]^TOL^^ $$  z!& =TNSL]O 3 /LaT^ =T_`LW TY LY :^NTWWL_TYR @YTaP]^P% BZ]^ST[TYR ±TaL TY 8POTPaLW 4YOTL ;]TYNP _ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^ $$  8Z^_ ZQ _SP -SLT]LaL?LY_]L^ L]P Pc_TYN_ _ZOLd LYO _SZ^P ^`]aTaTYR L]P XLTYWd LaLTW LMWP TY XLY`^N]T[_ QZ]X ZYWd ?bZ XLUZ] ZYP^ [`MWT^SPO L]P _SP >aLNNSLYOL?LY_]L LYO _SP 9P_]L?LY_]L  :Y _SP -SLT]LaLD£XLWL^ bSZ^P QZN`^ T^ ZY _SP QPXTYTYP ^PP /dNeVZb^VT , 5Z`]YPd $  # !z# LYO 3L_WPd -]LSXLd£XLWL_LY_]L   :Y _SP ;LÓNL]£_]L >LÀST_£^ ^PP% :__Z >NS]LOP] 4Y_]ZO`N_TZY _Z _SP ;£ÓNL]£_]L LYO _SP ,ST]M`OSYdL >LÀST_£ 8LO]L^ $!& 5,- ALY -`T_PYPY D£X`YLv^ ¢RLXL

!"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

L^ _SP PL]WTP^_ ^Z`]NP^ ZY ?LY_]L ! ?SP^P WT_P]L_`]P^ L]P [ZbP]Q`W w^PN _L]TLYx ]PaPWL_TZY^ LYO ]T_`LW XLY`LW^ _Z bSTNS _SPT] YZY-]LSXTY LYO -]LSXTY L^NP_TN LYO []TP^_Wd QZWWZbP]^ LNNZ]O STRSP] ^_L_`^ _SLY _SP APOL ?SP ¢RLXL^ OZN`XPY_ L _]LOT_TZY RPY`TYPWd [L]LWWPW _Z _SP APOL LYO []ZO`NPO LY LW_P]YL_TaP QZ]X ZQ PWT_P N`W_`]P ?SPd L]P _SP XZ^_ NZ[TZ`^ ^Z`]NP^ ZY TXLRP bZ]^ST[ " LYO _PX[WP ^P]aTNP @[ _Z _SP []P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ;]£X£©dLX Z] ?]PL_T^P ZY _SP ALWTOT_d ZQ ;£ÓNL]£_]L >LY^V]T_ ?Pc_ LYO 0YRWT^S ?]LY^WL_TZY 8LO]L^ $"& 3 /LYTPW >XT_S , /P^N]T[_TaP -TMWTZR]L[Sd ZQ _SP ;]TY_PO ?Pc_^ ZQ _SP ;£ÓNL]£_]£RLXL  aZW^ -L]ZOL% 2LPVbLO $"  $#& 8T_ ^`YOZ]T 8L_^`ML]L ;£ÓNL]£_]L >LÀST_£^ LYO ALT´©LaL ?SPZWZRd bT_S L ?]LY^WL_TZY LYO .]T_TNLW 9Z_P^ Q]ZX .SL[_P]^ ZY ?SPZWZRd TY _SP ,ST]M`OSYdL >LÀST_£ /PWST $$& 8L]ePYYL .eP]YTLV/]ZeOeZbT_Ne ;£ÓNL]£_]L >N]T[_`]P TY _SP ;]ZNP^^ ZQ .SLYRP% , >_`Od ZQ _SP ;L]LXL^LÀST_£ ATPYYL & 8L]TZY =L^_PWWT ;STWZ^Z [ST^NS_SPZWZRT^NSP 2]`YOLY^NSL``YRPY OP] 5Ld£VSdL^LÀST_£% 8T_ PTYP] /L]_^_PWW`YR OP^ _ÆRWTNSPY =T_`LW ATPYYL% ¸,B $$$& /TP ?]LOT_TZY OP^ ;£ÓNL]£_]L TX >[TPRPW OP] ;£]LXP²aL]L^LÀST_£ 3LMTWT_L_TZY ?SP^T^ @YTaP]^T_d ZQ ATPYYL   ! 4Y []P^`[[Z^TYR _SP ¢RLXL WT_P]L_`]P _Z MP _SP PL]WTP^_ ^Z`]NP^ ZY ?LY_]L bP QZWWZb _SP _]LOT_TZYLW NWL^^TQTNL_TZY PR 5LdL]L_SLv^ NZXXPY_L]d ZY ?LY_]£WZVL # :Y _SP NZY_TY`T_d ZQ _SP _P]X^ ?LY_]L LYO ¢RLXL _SL_ L]P ^ZXP_TXP^ `^PO L^ ^dYZYdX^ _Z OPYZ_P _SP ^LXP _Pc_ ^PP -SL__ 7L ]PWTRTZY OP ±TaL  z& 2PYRYLRPW 8£d£ ;` ]`´L LYO ±TaL  z& 2Z`O]TLLY LYO 2`[_L 3TYO` ?LY_]TN LYO ±£V_L 7T_P]L_`]P "z# =LXLNSLYO]L =LZ ¢RLXL6Z²L AZW  -LYRLWZ]P% 6LW[L_SL]` =P^PL]NS 4Y^_T_`_P $#$  " [Z^_`WL_P^ LY Z]TRTYLW TOPY_T_d LYO L ^[WT_ MP_bPPY ?LY_]L LYO ¢RLXL ZNN`]]TYR L]Z`YO _SP _S Z] _S NPY_`]d ?SP ;£ÓNL]£_]L SL^ MPPY _]LNPO L^ L NZSP] PY_ ]PWTRTZ`^ ^d^_PX Q]ZX _SP QT]^_ NPY_`]d -. Z] PL]WTP] /PYYT^ 3`O^ZY w0L]Wd 0aT OPYNP ZQ _SP ;£ÓNL]£_]L ¢RLXLx TY ?SP =ZZ_^ ZQ ?LY_]L  PO 6, 3L][P] LYO =ZMP]_ 7 -]ZbY ,WMLYd% >@9D  z!" 5`ORPO ZY XP]PWd WTYR`T^_TN N]T_P]TL _SP ±LTaL ¢RLXL^ ^PPX _Z MP QLT]Wd LYNTPY_ L^ bPWW LW_SZ`RS _SP PcT^_TYR ^Z`]NP^ OZ YZ_ RZ MLNV _Z APOTN _TXP^ ,NNZ]OTYR _Z aZY >_TP_PYN]ZY  /P] 3TYO`T^X`^ !# _SP ±LTaL ]T_`LW _SPZWZRd SL^ MPPY M]LSXLYTNLWWd ]PbZ]VPO Md O]LbTYR ZY _SP ALT´©LaL _]LOT_TZY M`_ ^_L]_PO _Z RZ T_^ ZbY bLd^ Md _SP _S NPY_`]d ,/ ]PLNSTYR T_^ N`WXTYL _TZY TY _SP $_S _Z _SP _S NPY_`]d ;LOZ`c ?£Y_]TV£MSTOLYLVZ²L 4 ! L^^TRY^ _SP ZWOP^_ ±LTaL ¢RLXL^ _Z _SP !_S Z] "_S NPY_`]d " ?SP ^`M^_]L_`X ZQ _SP ¢RLXTN XZOP ZQ bZ]^ST[ XLd MP aP]d LYNTPY_ ;£©TYT  _S Z] _S NPY_ -. LW]PLOd VYZb^ LMZ`_ _SP PcT^_PYNP ZQ YZYAPOTN TXLRP bZ]^ST[ -SL__ 7L ]PWTRTZY OP ±TaL  Z[ NT_  Q M`_ bP OZ YZ_ VYZb bSL_ T_ WZZVPO WTVP ?SP Q`WW MWZbY ¢RLXTN bZ]^ST[ T^ aP]d ^Z[ST^_TNL_PO 1TWWTZeL_v^ []PQLNP _Z -SL__ 7L ]PWTRTZY OP ±TaL   ^`XXL]TeP^ ^ZXP P^^PY_TLW^% w7P^ NZ][^ OP ±TaL []TYNT[LWPXPY_ WP 7T«RL ^ZY_ OP^ ZMUP_^ OP N`W_P 7P N`W_P NZY^T^_P PY ]T_P^ OvSZXXLRP []L_T\`Ë^ [L] WP QTOÊWP NSPe W`T Z` [L] WP^ []Ì_]P^ OËWËR`Ë^ OP^ QTOÊWP^ OLY^ WP _PX[WP [`MWTN^ 7P N`W_P OLY^ ^L _Z_LWT_Ë TX[WT\`P WL []Ë^PYNP OP ±TaL 7P ±TaLT^XP []Z[Z^P OP`c XZOP^  7P []PXTP] P^_ ^`MUPN_TQ 7P QTOÊWP N]ËP PY [PY^ËP WP OTP` ZMUP_ OP ^ZY N`W_P PY [`T^^LY_ OLY^ WL Xd_SZWZRTP Z` WL _SËZWZRTP WL QTR`]P OP ^ZY NSZTc 7vL`_]P XZOP OP []Ë^PYNP P^_ ZMUPN_TQ 7v ZMUP_ XL_P]TPW O` N`W_P 7T«RL Z` ^_L_`P P^_ NZY^TOË]Ë NZXXP Ë_LY_ ±TaL W`TXÌXP P_ YZY [L^ `YP TXLRP ;Z`] QZYOP] WL QZT OLY^ WL []Ë^PYNP PQQPN_TaP O` OTP` WP ²TaL|^XP []Z[Z^P `Y ]T_`PW ËWLMZ]Ë OvTY^_LWWL_TZY OP WvZMUP_ OP N`W_P F,Q_P] _SP []PWTXTYL]d TY^_LWWL_TZY ]T_P^ bSTNS TYaZWaP L Y`XMP] ZQ ^LÀ^V£]L^ PYOTYR bT_S XL]]TLRPH ZY []Ë[L]P `Y QP` \`T ]P[]Ë^PY_P WL ^PXPYNP OP A£R¯²aL]L ±TaL >PTRYP`] OP WL [L]ZWP WL [L]ZWP conçue NZXXP N]ËL_]TNP OP^ ZMUP_^ :Y NZY^LN]P `Y [Z_ \`T P^_

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

!"

^PY_ OLd >Z`_S 4YOTLY _PX[WP bZ]^ST[ TY [L]_TN`WL] ZbP^ L^ X`NS _Z ¢RLXL?LY_]L L^ _Z _SP APOTN;`]£YTN WZ]P Z] ^bPP[TYR OPaZ_TZYLWT^X MSLV_T LYO QZWV []LN_TNP^ ¢RLXTN TXLRP bZ]^ST[ Z]TRTYLWWd []TaL_P bT_S _SP R]PL_ _PX[WP^ WL_P] P]PN_PO MPTYR [L]_ ZQ _SP [`MWTN N`W_`]P TYaZWaP^ TXLRTYL_TZY aT^`LWTeL_TZY ]PNT_L_TZY XPOT_L_TZY P^Z_P]TN DZRL X`NS ]T_`LW ^N]`_TYd LYO TYT_TL_TZY ZY _SP [L]_ ZQ _SP [P]QZ]XP]^ ?SP RZO T^ []P^PY_ TY _SP TXLRP L^ TY _SP XLY_]L  # M`_ _SP TXLRP WLNV^ _SP XLY_]Lv^ TXXPOTLNd ?SP ]TNS ]T_`LW _SPZWZRd T^ ]P[WP_P bT_S ^dX MZWTN QZ]X^ XLY_]L [P]QZ]XLYNP^ LYO ^ZYTN ^[PN`WL_TZY^ _Z TYaZVP _SP LWW[P]aL^TaP 7Z]O 2ZO XPY_LWWd LYO [Sd^TNLWWd TY _SP TNZY LYO TY STX ^PWQ ?ST^ STRSWd ?LY_]TN ^`[P]^_]`N_`]P RTaP^ L OPP[P] XPLYTYR _Z bSL_ T^ OZYP TY _SP OLTWd [¼U£ LYdbLd LYO LOO^ XZ]P ]T_`LW OPaTNP^ 9Z_ Md ]PO`N_TZY M`_ Md LY Pc_]PXP TYN]PL^P ZQ ^PY^Z]d aP]MLW LYO XPY_LW ^_TX`WT ?LY_]TN ]T_`LW T^ L[_ _Z M]TYR LMZ`_ TY_PY^T_d LYO L wXd^_TNLWx Pc[P]TPYNP ^_]ZYRWd NZYYPN_PO bT_S [P]QZ]XLYNP ?SP L__PY_TZY [LTO _Z XPOTLWTeL_TZY TNZY^ LYO ^dXMZWTeL_TZY T^ aP]d NSL]LN_P]T^_TN ZQ _SP ?LY_]TN QZ]X ZQ 3TYO`T^X ?SP TY_P]P^_ TY XPOTL ^TRY^ LYO ^dXMZW^ L[[WTP^ YZ_ ZYWd _Z WLYR`LRP LYO N]PL_TaP TXLRTYL _TZY M`_ LW^Z _Z bSL_ T^ NZ][Z]LW LYO aT^`LW 4Y _ST^ [SL^P ZQ OPaPWZ[ XPY_ _SP]P ZNN`]^ L [L]_TN`WL] ^dXMTZ_TN OZaP_LTWTYR ZQ ]PWTRTZY LYO L]_ _SL_ T^ ^`[]PXPWd _d[TNLW ZQ 3TYO`T^X PaPY _ZOLd =PWTRTZY _]TP^ _Z ]PLNS _SP QLT_SQ`W aTL LWW [Z^^TMWP XPOTL NSLYYPW^ LYO _Z ]LT^P _SPX Z`_ ZQ _SPT] PaP]dOLd bZ]WO ?SP L`OT_TaP XPLY^ TYNW`OP XLY_]L^ WT_LYTP^ ^ZYR^ LYO TY^_]`XPY_LW X`^TN LWZYR^TOP _SP XLYd LYO OTaP]^P ^dXMZWTN TY^_]`XPY_^ ^`NS L^ MPWW^ LYO NZYNS ^SPWW^& QZ] _SP PdP^ _SP]P L]P ^[WPY OTO ]PWTRTZ`^ TXLRP^ OPNZ]L_TZY^ QWZbP]^ aL]TZ`^ WLX[^ LYO ]T_`LW TX[WPXPY_^ XL©“LWL^ LYO Z_SP] ^LN]PO OTLR]LX^& LYO QZ] _SP ^PY^P ZQ ^XPWW _SP]P T^ L ]TNS NZ^XZ^ ZQ ZOZ]^ ?SP^P ^PY^Z]d ^_TX`WT L]P TY _PYOPO _Z SPTRS_PY _SP [P]NP[_TZY ZQ _SP ^LN]PO LYO M]TYR LMZ`_ L YPb ]PWTRTZ`^ \`LWT_d ?SP ^PY^Z]d _]LY^[Z]_ LYO _SP WL]RP Y`XMP] ZQ ^dX MZWTN QZ]X^ OT^NZaP]PO N]PL_P LY TY_P]^`MUPN_TaT_d z TY QLN_ LY TY_P]N`W _`]LWT_d 4_ T^ YZ_PbZ]_Sd _SL_ LWXZ^_ PaP]d_STYR ^`NNP^^Q`WWd Pc[Z]_PO Q]ZX 3TYO`T^X _SL_ OZP^ YZ_ QLWW bT_STY _SP [STWZ^Z[STNLW ^[PN_]`X SL^ MPPY TYQW`PYNPO Md _SP ?LY_]L _Z L R]PL_P] Z] WP^^P] OPR]PP 8L©“LWL [LTY_TYR LYO NSLV]L XPOT_L_TZY MPNLXP [Z[`WL] TY _SP BP^_ `YWTVP LY PL]Wd XZ]YTYR OT[ TY LY TNPNZWO ]TaP] `YOP] LY L`^[TNTZ`^ ^_PWWL] NZY ^_PWWL_TZY bSTNS T^ _d[TNLW ZQ _SP ;`]£©L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _PY` [Z`] Ì_]P WP ^PTY OP A£R¯²aL]¯ WL [L]ÊO]P OP ±TaL x >PP LW^Z =TNSL]O 3 /LaT^ BZ]^ST[TYR ±TaL TY 8POTPaLW 4YOTL% =T_`LW TY LY :^NTWWL_TYR @YTaP]^P /PWST% 8Z_TWLW & :]TRTYLW ;]TYNP_ZY @YTaP]^T_d ;]P^^ $$ # ?SP ¢RLXL OPT_TP^ L]P ^`[[Z^PO _Z SLaP _S]PP QZ]X^ X¼]_T% L^ [P]^ZYTQTNL_TZY^ OPaL_£X¼]_T L^ ^dXMZWTN OTLR]LX^ dLY_]LX¼]_T  LYO L^ ^Z`YO XLY_]LX¼]_T z _SP ^ZYTN QZ]X T^ _SP []TXL]d ZYP 2`[_L w?SP ;£ÓNL]£_]L ,__T_`OP _Z 8LY_]Lx 

!"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

-PSTYO _SP ]PaLW`L_TZY ZQ XPOTLWTeL_TZY _SP]P T^ L YPb ]PWPaLYNP _Z _SP bZ]WO PaPY TY _SP L]PL ZQ [STWZ^Z[Sd ?d[TNLW ZQ _SP ?LY_]TN bZ]WO aTPb T^ _SP TY_TXL_P OZaP_LTWTYR ZQ _SP []ZQLYP LYO _SP ^`[P]YL_`]LW LYO _SP PX[SL^T^ ZY TXXLYPYNP 4Y NZY_]L^_ _Z _SP L^NP_TN LY_TNZ^XTN ^d^ _PX^ SP]P bP QTYO L NZX[WP_PWd [Z^T_TaP aTPb ZQ ^PY^Z]d ]PLWT_d LYO ZQ _SP [SPYZXPYLW NZ^XZ^ ?ST^ L__PY_TZY _Z TXXLYPYNP T^ XZ^_ NWPL]Wd Pc[]P^^PO TY _SP YPbWd OPaPWZ[PO _SPZWZR`XPYZY ZQ w;ZbP]x ±LV_T bSTNS QT]^_ L[[PL]^ TY ±TaLT^X M`_ WL_P] LW^Z ^_L]_^ _Z N]PP[ TY_Z LWW Z_SP] ]PWTRTZ`^ ^d^_PX^ z AT´©`T^X -]£SXLYT^X LYO PaPY -`OOST^X ?ST^ NZYNP[_ ZQ [ZbP] NLY L[[PL] TY OTQQP]PY_ QZ]X^ 4Y PL]Wd ±LTaT^X QZ] PcLX[WP T_ NZYYZ_P^ XZ]P bT_S LY L[P]^ZYLW OdYLXT^X% ±TaL SL^ PYZ]XZ`^ [ZbP]^ bT_S bSTNS SP NLY XL_P]TLWTeP LYd_STYR LYO PaP]d _STYR _SL_ SP bT^SP^ $ -`_ ±LV_T T^ LW^Z [P]^ZYTQTPO L^ _SP NZX[LYTZY ZQ L 2ZO Z] L -`OOSL 4Y ^`NS NL^P^ ^SP PXMZOTP^ ST^ [ZbP] LYO _LYRTMWP []P^PYNP TY _SP [Sd^TNLW bZ]WO 4_ T^ PaPY [Z^^TMWP LYO TY WL_P] ?LY_]L^ LYO ±£V_L ;`]£©L^ T_ T^ _SP YZ]X QZ] ±LV_T _Z L[[PL] L^ LM^ZW`_P ]PLWT_d L^ _SP 2]PL_ 2ZOOP^^ LYO OTaTYP 8Z_SP] ZQ LWW bZ]WO^ bSTWP _SP XLWP OPT_d _Z_LWWd ]PNPOP^ TY_Z _SP MLNVR]Z`YO 3T^_Z]TNLWWd _SP R]PL_P^_ M`WV ZQ NZY_]TM`_TZY^ _Z 3TYO` ?LY_]L NZXP^ Q]ZX ±LTaT^X BT_S _SP ¢RLXL WT_P]L_`]P _SP ±LTaL^ N]PL_PO _SPT] ZbY ^LN]PO NLYZY LYO _SPT] ZbY wZ]_SZOZcdx NZaP]TYR L ]PWTRTZ`^ L[ []ZLNS bSTNS TYaZWaP^ \`T_P OTQQP]PY_ []LN_TNP^ Q]ZX _SZ^P bP QTYO TY _SP APOL ?SP _Z[TN^ ZQ _SP PTRS_ Z] _PY NWL^^TNLW ±TaL ¢RLXL^ _Z bSTNS _SP Z]_SZOZc ±LTaL >TOOS£Y_L ]PQP]^ NZaP]^ X`NS WTVP _SP ;£ÓNL]£_]L >LÀST_£^ [STWZ^Z[Sd DZRL NZ]]PN_ MPSLaTZ] LYO ]`WP^ QZ] [P]^ZYLW OTaTYP bZ]^ST[ _PX[WP ]T_`LW^ _PX[WP NZY^_]`N_TZY LYO _SP TY^_LWWL_TZY ZQ ]PWTRTZ`^ TXLRP^ ?SPY TY LOOT_TZY _SP]P L]P LW^Z _Pc_^ TY_PYOPO ^ZWPWd QZ] TYOTaTO`LW ]PWTRTZ`^ []LN_TNP ?SP^P L]P _SP # =`O]L ?LY_]L^ =`O]L ¢RLXL^ LYO _SP ! -SLT]LaL ?LY_]L^  BSTWP _SP QZ]XP] L]P LNNP[_PO bT_STY _SP wZ]_SZOZcx ±LTaL >TOOS£Y_L QZWO bSZ^P NWL^^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP QPXLWP PWPXPY_ SL^ MPPY ^_]ZYRWd PX[SL^TePO Md BST_P  6T^^ ZQ _SP DZRTY¯  ?SP ?LY_]L WT_P]L_`]P NT_PO Md BST_P SZbPaP] ^PPX^ _Z MP L WL_P] ^_LRP TY bSTNS L R]LO `LW QPXTYTeL_TZY ZQ ?LY_]L ZNN`]]PO Md TYNW`^TZY ZQ L Y`XMP] ZQ WZNLW _]LOT_TZY^ ZQ QPL]^ZXP QPXLWP ^[T]T_^ LYO RZOOP^^P^ ]P^`W_TYR TY L ^`MWTXL_TZY LYO ^[T]T_`LWTeL_TZY ZQ aTZWPY_ LYO wXLRTNx QZWV []LN_TNP^ bSTNS []PaTZ`^Wd SLO YZ_STYR _Z OZ bT_S ±LTaL ±£V_L _]LOT_TZY^ -`_ _SP ^LXP []ZNP^^ ZQ TYNW`^TZY Pc[WLTY^ L^ bPWW bSd XZ]P XL_P ]TLW LYO aTZWPY_ QZ]X^ ZQ bZ]^ST[ L[L]£ bZ]^ST[ MPNLXP QL^STZYLMWP TY ^ZXP ±LTaL ±£V_L _]LOT_TZY^ :Y _SP NT]NWP^ ZQ RZOOP^^P^ L]Z`YO _SP >`[]PXP 2ZOSPLO ^PP LW^Z /dNeVZb^VT , 5Z`]YPd  $ Q QY  LYO >LYOP]^ZY w;`]T_d LYO ;ZbP]x $# QQ  ?ST^ TYOTRPYZ`^ OTaT^TZY ZQ _SP ?LY_]L^ T^ []ZaTOPO Md _SP 6L^SXT]T L`_SZ] 5LdL]L_SL  ,/ TY ST^ NZXXPY_L]d ZY ?LY_]£WZVL # ,NNZ]OTYR _Z >LYOP]^ZY w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZYx !!# _SP NWL^^TQTNL_TZY RZP^ MLNV _Z _SP $_S Z] _S NPY _`]d ,/& ^TXTWL]Wd 8L]V /dNeVZb^VT ?SP .LYZY ZQ _SP ±LTa£RLXL LYO _SP 6`MUTV£ ?LY_]L^ ZQ _SP BP^_P]Y 6L`WL ?]LOT_TZY ,WMLYd% >@9D $##

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

!"

NLYZY T^ ^LTO _Z NZY^T^_ ZQ # ¢RLXL^ LYO bSZ QLaZ] _SP XTWO PaP] [PLNPQ`W >LO£²TaL QZ]X _SP WL__P] SLaP L wSP_P]ZOZcx QWLT] LYO QLaZ] -SLT]LaL L QTP]NP QZ]X ZQ ±TaL ?SP 4YOTLY ^NSZWL] 9 =LXLNLYO]L -SL__ T^ NP]_LTYWd ]TRS_ TY ^`R RP^_TYR _SL_ _SP APOTN LYO _SP ¢RLXL?LY_]TN _]LOT_TZY^ bP]P TYT_TLWWd ]TaLW ^d^_PX^ M`_ TYQW`PYNPO ZYP LYZ_SP] _Z ^`NS LY Pc_PY_ _SL_ _SPd `YT_P TY NZY_PX[Z]L]d 3TYO`T^X  -SL__ PaPY NZY_PYO^ _SL_ T_ T^ []P NT^PWd _ST^ X`_`LW TY_P]LN_TZY ZQ _bZ Z]TRTYLWWd TYOP[PYOPY_ MZOTP^ ZQ ]PaPWL_TZY _bZ OT^_TYN_ ^NSZZW^ ZQ w±]`_Tx _SL_ M]Z`RS_ LMZ`_ 3TYO`T^X L^ bP VYZb T_ _ZOLd 4Y [L]_TN`WL] _SP [ZbP]Q`W _SPT^_TN ^Z_P]TZWZRd _SP ±LV_T NZYNP[_ LYO YZ_ WPL^_ _SP ^Z_P]TZWZRTNLW LYO []LRXL_TN PQQTNTPYNd ZQ XLY_]L^ z TP _SP TOPL _SL_ WTYR`T^_TN QZ]X`WL^ NZY_LTYTYR L RZOv^ YLXP^ Z] MTUL^ SL]MZ] OTaTYP []P^PYNP LYO [ZbP] TY _SPX^PWaP^ z SLaP MPNZXP aP]d X`NS [L]_ ZQ XLTY^_]PLX 3TYO` N`W_`]P LYO XP]RPO bT_S >X£]_L LYO MSLV_T _SPZWZRd ?ST^ wXLTY^_]PLX ?LY_]Lx X`^_ MP OT^_TYR`T^SPO SZbPaP] Q]ZX L ?LY_]TN WTQP^_dWP TY L ^_]TN_P] ^PY^P% >£OSLVL^ bSZ OPaZ_P _SPT] WTaP^ PcNW`^TaPWd _Z ?LY_]TN []LN_TNP^ LYO OTaP]^P WTYPLRP^ ZQ TYT_TL_P^ TY_Z _SP ¢RLXL^ LYO ?LY_]L^ ?LY_]L SL^ YZ_ []ZO`NPO L [LY4YOTLY YP_bZ]V ZQ ]PWTRTZ^T Z] L QTcPO wNLYZYx ZQ WT_P]L_`]P =L_SP] T_ SL^ []ZO`NPO w^PN_L]TLYx NT]NWP^ Z] OPYZXTYL_TZY^ bSZ^P PcNW`^TaP L^^TRYXPY_ _Z L NP]_LTY QZ]X ZQ L 7Z]O 2ZO Z] 2]PL_ 2ZOOP^^ LWZYR bT_S _SPT] [LY _SPZY z LWW ZQ bSZX []TYNT[LWWd 8LY_]LOPT_TP^ z M]Z`RS_ QZ]_S TY^_T_` _TZYLW [L__P]Y^ Z_SP] _SLY _SP APOTN _]LOT_TZY% wQLXTWTP^x V`WL ZQ TYT_T L_P^ bSZ^P \`LWTQTNL_TZY^ L]P YZ_ _SZ^P ZYP L__LTY^ Md MT]_S M`_ ]L_SP] _Z_LW NZXXT_XPY_ LYO [`]T_d ZQ NZYO`N_ 7TVPbT^P _SP _]LY^XT^^TZY NSLYYPW^ OTQQP] ?SP]P L]P aP]d NWZ^P R`]` OT^NT[WP ]PWL_TZY^ST[^ LYO XZ]P TX[Z]_LY_ _SLY _SP _Pc_`LW _]LOT_TZY T^ bSL_ NZXP^ Q]ZX _SP XZ`_S ZQ _SP R`]` ?LY_]TN NT]NWP^ N]PL_PO _SPT] ZbY TOPY_T_d XL]VP]^  ]`WP^ ZQ NZYO`N_ LYO P_STN^  TY_PWWPN_`LW PWT_P^  []TP^_Wd L]T^_ZN]LNTP^  STP]L] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,^ SP ^_L_P^ TY ST^ NPY_]LW _SP^T^ TY 7L ]PWTRTZY OP ±TaL  Z[ NT_ z#  ?SP XZ^_ bTOP^[]PLO LYO TX[Z]_LY_ TOPY_T_d XL]VP] T^ _SP [L]_TN`WL] w]ZZ_ XLY_]Lx ZQ _SP NPY_]LW OPT_d M`_ _SP]P L]P LW^Z NZ][Z]LW ^TRY^ WTVP _SP _S]PP ^_]PLV^ ZQ L^SP^ LYO ^ZXP_TXP^ YLVPOYP^^ TY ±LTaL _]LOT_TZY^ Z] _SP ^PN_L]TLY XL]V^ LYO M]LYOTYR TY ALT´©LaL _]LOT_TZY^ ±£V_L ?LY_]TN^ bZ`WO bPL] L ]PO O]P^^ z LYO ±]¯aTOd£ LOP[_^ L]P ^`[[Z^PO _Z LOOT_TZYLWWd MPOPNV LYO [P]Q`XP _SPX^PWaP^ z bSTWP [P]QZ]XTYR _SPT] ]T_`LW  w.£]dLx MPWZYR^ _Z _SP QTcPO T_PX^ Q]ZX _SP ¢RLXL^ _Z _SP WL_P ?LY_]TN ]T_`LW XLY`LW ;L]L²`]£XL 6LW[L >¼_]L  bSTNS TY NSL[_P]^  LYO  ZQQP]^ RZZO PcLX[WP^ ZQ _d[T NLWWd ?LY_]TN P_STN^  -PWZb bP bTWW L]R`P _SL_ PaPY _SP `__P]Wd YZYNZYQZ]XT^_ 6£[£WTVL^ MPL] PWT_P N`W_`]P QPL_`]P^ 8Z]P ZMaTZ`^ PcLX[WP^ L]P ±LTaL >TOOS£Y_TY NZ^XZRZYd ,MSTYLaLR`[_Lv^ 6L^SXT] ±LTaL [STWZ^Z[Sd LYO -S£^VL]£dLv^ ±]¯aTOd£ RYZ^_TNT^X

!"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

NSTNLW [L__P]Y^ ! LYO ^_]L_PRTP^ ZQ ^PN]PNd _Z []Z_PN_ _SPT] XLY_]L^ LYO P^Z_P]TN ]T_P^ Q]ZX _SP `Y\`LWTQTPO " ?LY_]L TY _ST^ XZ]P ]P^_]TN_PO ^PY^P SL^ LWbLd^ MPPY []TXL]TWd L []TaL_P LQQLT] ]P\`T]TYR YPT_SP] _PX[WP^ YZ] NZXX`YLW QP^_TaLW^ >ZXP ZQ T_^ QZ]X^ L]P YZ_ bPWW ^`T_PO _Z MP [`MWTN ]PWTRTZY PT_SP] MPNL`^P _SPd L]P _ZZ NSL]RPO bT_S P^Z_P]TN ^dXMZWT^X bSTNS T^ LWbLd^ _SP NL^P Z] MPNL`^P _SPd L]P _ZZ LY_TYZXTLY LYO LYL] NSTN bSTNS T^ ^ZXP_TXP^ _SP NL^P

 ?SP ?LY_]TN wBPLaTYR 1]LXPx% 9Z_P^ ZY /PQTYT_TZY ,N_Z]^ LYO ;ZWT_TN^ ?SP ?LY_]TN wBPLaTYR 1]LXPx >TYNP YZ_ ZYWd _SP ±LTaL^ M`_ LW^Z _SP ALT´©LaL^ _SP -`OOST^_^ LYO _SP 5LTYL^ SLaP ?LY_]L ZYP NLYYZ_ ^[PLV ZQ LY TYOP[PYOPY_ ]PWTRTZY M`_ ZYWd ZQ L XZaPXPY_ bT_STY _SP ]PWTRTZY^ ?ST^ XZaPXPY_ z N`__TYR LN]Z^^ ]PWTRTZ`^ _]LOT_TZY^ LYO ^ZNTLW ^_L_`^ R]Z`[^ z ^SL]P^ NP]_LTY NZXXZY QPL_`]P^ ^`NS L^ _SP NPY_]LWT_d ZQ XLY_]L  _SP TYNW`^TZY ZQ DZRL aT^`LWTeL_TZY^ LYO MZOd []LN_TNP^ L wWTXT_WP^^ L[[P_T_P QZ] ^dX MZWTN ]P[]P^PY_L_TZY^x # LYO XZ^_ ZQ LWW NZYNP[_TZY^ LMZ`_ ^`[P]X`Y OLYP [ZbP] LYO PX[ZbP]XPY_ ML^PO ZY L aP]d TXXPOTL_P OTaTYPS`XLY ]PWL_TZY^ST[ ?LY_]L T^ STRSWd [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d L_ _SP ^LXP _TXP ?SP XLUZ] XPLY^ ZQ PX[ZbP]XPY_ L]P YPb XLY_]L QZ]X`WL^ LYO ^[PNTQTN ]T_P^ ^ZXP ZQ bSTNS ]PaP]^P _SP wYZ]XLWx -]LSXLYTN aLW`P ^d^_PX PR Md ]PaLW`TYR LY_TYZXTLY MPSLaTZ] LYO wTX[`]Px ^`M ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP QZ] TY^_LYNP .S]T^_Z[S 1`WWP]v^ LNNZ`Y_ ZQ _SP ¢OT²LTaL _PX[WP []TP^_^ ZQ 8LO`]LT TY >P]aLY_^ ZQ _SP 2ZOOP^^% ?SP ;]TP^_^ ZQ L >Z`_S 4YOTLY ?PX[WP .LXM]TORP% .LX M]TORP @YTaP]^T_d ;]P^^ $# ! >PP QZ] TY^_LYNP _SP OTQQP]PY_ DZRL LYO TYT_TL_TZY XP_SZO^ TY _SP 9P_]L?LY_]L NSL[  LYO _SP ±£]LO£?TWLVL?LY_]L NSL[  ^`[[Z^PO _Z MP OP^TRYPO QZ] XZ]P LYO WP^^ NZX[P_PY_ L^[T]LY_^ ?LY_]L T^ RPYP]LWWd ]P[]P^PY_PO L^ wPRLWT_L]TLYx LYO Q]PP ZQ NL^_P OT^_TYN_TZY^ bSTNS NZTYNTOP^ bT_S _SP []PNP[_^ ZQ _SP ?LY_]L^ P^[PNTLWWd _SP 6L`WL ?LY_]L^ 3ZbPaP] NL^_P OT^_TYN_TZY^ L]P RPYP]LWWd ^`^[PYOPO ZYWd TY _SP ]T_`LW NZY _Pc_^ /dNeVZb^VT , 5Z`]YPd  $ z O]Lb^ L__PY_TZY _Z _SP QLN_ _SL_ ^ZXP_TXP^ YPb STP]L]NSTP^ L]P N]PL_PO Md OT^_TYR`T^STYR _SZ^P bSZ XLd wRTaPx L XLY_]L LYO _SZ^P bSZ w]PNPTaPx T_ 4Y 9P[LW QZ] TY^_LYNP bSP]P 6L`WL ?LY_]L T^ L `MT\`T_Z`^ [L]_ ZQ 9PbL] N`W_`]P 3TYO` L^ bPWW L^ -`OOST^_ LYO aP]d bTOP^[]PLO LXZYR -]LS XTY^ _SP]P T^ L OPQTYT_P R]LOPO STP]L]NSd LNNZ]OTYR _Z NL^_P ]T_`LW Q`YN_TZY^ LYO _SP OPR]PP ZQ TYOP[PYOPYNP _SP ]T_`LW LRPY_^ PYUZd " 4_ T^ NZXXZYWd LNNP[_PO Md ?LY_]T^_^ _SL_ _SPT] _PLNSTYR ^SZ`WO MP VP[_ ^PN]P_ 8`NS L^ TY _SP NL^P ZQ _SP APOL _SP OPWTMP]L_P ^PN]PNd QZ]RPO TOPY_T_d QZ]XL_TZY ZQ LY PWT_P ZQ TYT_TL_P^ Md _SP bT_SSZWO LYO L^dXXP_]TNLW OT^_]TM`_TZY ZQ VYZbWPORP LYO XPNSL YT^X^ ZQ TYNW`^TZY LYO PcNW`^TZY 3ZbPaP] _SP OPR]PP ZQ ^PN]PNd aL]TP^ ^`M^_LY_TLWWd OP[PYOTYR ZY _SP R]Z`[ Z] ]PRTZY LYO XLd PaPY MP LM^PY_ LW_ZRP_SP] [L]_TN`WL]Wd TY YZYPWT_P NT]NWP^ # >Z _SP [P]_TYPY_ ]PXL]V ZQ /dNeVZb^VT , 5Z`]YPd   

?SP ?LY_]TN wBPLaTYR 1]LXPx

!"

^_LYNP^ L^ [L]_TN`WL]Wd [Z_PY_ BT_STY ?LY_]TN NT]NWP^ R]Pb Q]ZX wMP WZbx YPb ]PWTRTZ`^ ^[PNTLWT^_^ bSZ OPQTYPO _SPT] ZbY L`_SZ]T_d ^ZNTZ ]PWTRTZ`^ TOPY_T_d LYO ]PWTRTZ`^ ^_dWP^ WL]RPWd T]]P^[PN_TaP ZQ _SP APOTN -]LSXLYTN ^d^_PX LYO _ST^ TYOP[PYOPYNP Z[PYPO YPb L`_ZYZXZ`^ LaPY`P^ 3TYO` ?LY_]L SL^ LM^Z]MPO LYO ]PbZ]VPO MZ_S PWT_P LYO [Z[` WL] QZWV _]LOT_TZY^ 4Y XLYd bLd^ T_ T^ L ^`MaP]^TaP NZY_TY`L_TZY ZQ bPWW VYZbY APOTN [L__P]Y^% X`NS ZQ T_ T^ SL]OWd NZYNPTaLMWP bT_SZ`_ _SP APOTN [L]LOTRX ZQ _SP [ZbP] ZQ XLY_]L^ LYO _SP YZYO`LW bZ]WOaTPb ZQ _SP @[LYT´LO^ -Z_S L[[PL] w]PTYaPY_POx TY 3TYO` ?LY_]L bSTNS RPYP]LWWd TYaZWaP^ LWZYR bT_S L ^_]ZYR XZYZ_SPT^_ wN]PPOx L YPb OdYLXTN YZYO`LWT^_ NZ^XZRZYd LYO XP_L[Sd^TN^ $ ?SP MZ`YOL]TP^ ZQ _SP TY_P]TZ] LYO Pc_P]TZ] bZ]WO L]P Pc_]PXPWd QW`TO TY LWW ?LY_]TN _]LOT _TZY^ 3ZbPaP] ?LY_]L T^ OPQTYT_PWd YZ_ L SZXZRPYZ`^ XZaPXPY_ RTaPY _SP OTQQP]PY_ N`W_`]LW LN_Z]^ LYO ]PWTRTZ`^ ^d^_PX^ TYaZWaPO 1Z]XL_TaP TYQW`PYNP^ NLXP Q]ZX ¢RLXTN ±LTaL N`W_`]P LYO OTQQP]PY_ R]Z`[^ ZQ ]LOTNLW ±LTaL L^NP_TN^ BP _PYO _Z ^`RRP^_ MPWZb _SL_ _SP ?LY_]TN w^PPO XLY_]L^x ^`NS L^ _SP ±TaL M¯UL 3,@¿ SLaP XZ]P []Z_ZQZ]X^ TY ^Z`YO XTXP^T^ LYO ZYZXL_Z[ZP_TN ^[PPNS QZ`YO TY SP_P]ZOZc PN^_L_TN -SLT]LaL N`W_^ LYO PL]Wd ?LY_]L^ TYQW`PYNPO Md QZWV XLRTN _SLY TY _SP APOTN :¿ bSTNS SLO L WL^_TYR TX[LN_ ZY ?LY_]L L^ bPWW  BP ^PP SZb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 0aPY O`LWT^_ _]LOT_TZY^ ^`NS L^ _SP ±LTaL >TOOS£Y_L NZY_LTY ]T_`LW PWPXPY_^ ZQ TOPY_T QTNL_TZY XZ^_ Z`_^[ZVPYWd TY _SP ^_LYOL]O QZ]X`WL _SL_ ZYP NLYYZ_ bZ]^ST[ ±TaL bT_SZ`_ MPNZXTYR L ±TaL% ²Ta¯MS¼dL ²TaLÀ dLUP_  ?SP QZ]X`WL T^ ^ZXP_TXP^ _]LNPO MLNV _Z -šSLO¢]L©dLVL@[LYT´LO  4Y _SP ±LTaL >TOOS£Y_L _SP ]`WP OZP^ YZ_ OP YZ_P SZbPaP] L Q`WW TOPY_T_d L^ L XZYT^_ YZYO`LW ,OaLT_LAPO£Y_TY Z] L OdYLXT^_ YZYO`LW 6L^SXT] ±LTaL bZ`WO NZY_PYO M`_ ]L_SP] L ±TaLWTVP ^_L_P ²TaL_aL& _SP [P] ^ZY MPNZXP^ z PaPY LQ_P] OPL_S z wLx ±TaL Z] P\`TaLWPY_ _Z ±TaL ^PP MPWZb :Y P^ _LMWT^STYR TOPY_T_d% /LaT^ w-PNZXTYR L ±TaL LYO ,N_TYR L^ :YP TY ±LTaL BZ]^ST[x LYO A]LULaLWWLMSL /aTaPOT w3LaTYR -PNZXP L 2ZO 3P >SZ`WO >LN]TQTNP _Z _SP 2ZO^x TY =T_`LW LYO >[PN`WL_TZY  PO ? 2Z`O]TLLY ,WMLYd% >@9D $$ "z$& z#  ?SP PL]Wd ^PXLY_TN ;£ÓNL]£_]L XLY_]L^ PR YLXZ 9£]£dL©£dL  wSZYZ] _Z 9£]£dL©Lx LW]PLOd TYNW`OP _SP ^LN]PO ^dWWLMWP :¿ :¿ YLXZ 9£]£dL©£dL LYO -SLT]LaL ?LY_]L^ ^`NS L^ _SP >aLNNSLYOL?LY_]L PaPY TYNW`OP :¿ XPOT_L_TZY ?SP WL_P] ^_]TYR^ ZQ ?LY_]TN M¯ULXLY_]L^ LWXZ^_ TYaL]TLMWd ^_L]_ bT_S :¿ L^ bPWW ?SP 8LY_]L²£^_]L LNNZ]O^ _Z :¿ ^[PNTLW Q`YN_TZY^ WTVP waTaTQdTYRx U¯aLYLX _SP ?LY_]TN XLY_]L ^dWWL MWP^ /T]V 5LY 3ZPY^ w8LY_]L NZY^_T_`PY_^ ZQ ?LY_]TN ;]LN_TNPx TY 3TYO` ?LY_]T^X PO > 2`[_L P_ LW Z[ NT_ # LYO OPaPWZ[PO LY PcPRP^T^ ]PXTYT^NPY_ ZQ _SP :¿ SP]XPYP`_TN^ ZQ _SP @[LYT´LO^ Md LNNZ]OTYR L ^[PNTLW P^Z_P]TN XPLYTYR _Z PLNS WP__P] ZQ _SP M¯UL Z] PLNS ^dWWLMWP ZQ _SP XLY_]L DPWWP 0c[WLTYTYR 8LY_]L^  " [ZTY_^ Z`_ _SP ]ZWP ZQ :¿ L^ wL XL[ Z] OTLR]LX ZQ NZ^XTN PaZW`_TZY LYO TYaZW`_TZYx QZ] ?LY_]TN []LN_TNP^ LYO ]SP_Z]TN^ ?LY_]TN L`_SZ]^ ^`NS L^ -S£^VL]L]£dL TY ST^ NZXXPY_L]d ZY _SP 7LWT_£>LSL^]LY£XL _]LY^W ,YLY_SLV]T^SYL >L^_]d $## #z$ ObPWW ZY _SP ^[PNTLW XPLYTYR ZQ :¿ ?SP]P T^ L bTOP^[]PLO TOPZWZRd bT_STY _SP PXTN ^NSZWL]Wd _]LOT_TZY ZQ ]P^_]TN_TYR :¿ _Z -]LSXTY^ LYO Z_SP] _bTNPMZ]Y bSP]PL^ bZXPY LYO

!"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

PaP] _SP LYNTPY_ ^`M^_]L_`X YZ_ ^Z X`NS TY QZWV LYO []LRXL_TNLWWd Z]TPY_PO []LN_TNP^ M`_ ]L_SP] TY LW_P]YL_TaP ^Z_P]TZWZRTNLW ]T_`LW ^d^_PX^ bSTNS OPaPWZ[PO MP^TOP _SP APOTN ^LN]TQTNTLW ]T_P^ z LYO bP]P TY^[T]PO Md _SP WPRPYOL]d A]£_dL^ LYO Q`WWd OPaPWZ[PO TY _SP ¢RLXL^ bSZ^P NPY_]P L]P _SP 7Z]O 2ZO^ ±TaL LYO AT´©`  ,W_SZ`RS _SP ±LTaL¢RLXL^ SLaP MPPY OL_PO WL_P _SPT] WTYR`T^_TN ^_dWP L[[PL]^ _Z MP aP]d LYNTPY_ [Z^^TMWd RZTYR MLNV _Z APOTN _TXP^ ,_ _SP NZ]P ZQ WL_P] ¢RLXL _PX[WP ]T_`LW bL^ L[[L]PY_Wd []TaL_P ^[T]T_`LW LYO L^NP_TN []LN_TNP _SL_ ^Z`RS_ _Z MP TYaP^_PO bT_S _SP WTMP]L_TYR [ZbP] ZQ _SP bZ]WO_]LY^NPYOTYR RZO :_SP]^ SLaP [ZTY_PO Z`_ _SL_ [Z^^P^^TZY N`W_^ ^SLXLYTN []LN_TNP^ LYO ]T_`LW XL^_P]d ZQ _SP ^[T]T_ bZ]WO L]P L XLUZ] ]ZZ_ ZQ ?LY_]L >`NS ]T_P^ LN_ Z`_ TXXPOTLNd YZYO`LWT_d LYO [ZbP] TY L aP]d [Sd^TNLW bLd ?SPd L]P ^_TWW [Z[`WL] TY aTWWLRP 4YOTL _ZOLd LYO _SP N`W_`]LW LN_Z]^ L]P YZY -]LSXLY ^[PNTLWT^_^ ,NNZ]OTYR _Z /LaTO 2Z]OZY BST_P ?LY_]L PXP]RPO Z`_ ZQ _SP >Z`_S ,^TLY PWT_P LYO [Z[`WL] XLTY^_]PLX L]Z`YO _SP XTOOWP ZQ _SP QT]^_ XTWWPYT`X ,/ LYO NZY_TY`PO _Z O]Lb Q]ZX _bZ XLUZ] ^Z`]NP^ LYO MZOTP^ ZQ []LN_TNP% w_SP u^SLXLYTNv XLRTNLW []LN_TNP^ Z] ]T_`LW _PNSYZWZRTP^ ZQ YZYPWT_P ]PWTRTZ`^ ^[PNTLWT^_^ LYO _SPT] NWTPY _PWP^& LYO _SP ^[PN`WL_TaP LYO ^NSZWL^_TNT^_ []ZO`N_TZY^ ZQ ZQ_PY ^_L_P ^[ZY^Z]PO ]PWTRTZ`^ PWT_P^x  BST_P ^`[[Z^P^ _SP VTYR^ _Z SLaP NZY^_T _`_PO _SP aT_LW WTYV MP_bPPY PWT_P LYO YZYPWT_P ?LY_]TN []LN_T_TZYP]^ LYO [P]QZ]XLYNP^ w_SP ZYP _]LY^NPYOPY_ LYO \`TP_T^_TN LYO _SP Z_SP] []LR XL_TN LYO u^SLXLYT^_TNvx LYO _SP ]ZdLW ]`WP] L^ w?LY_]TN LN_Z] [L] Pc NPWWPYNPx  ?SP WL__P] L^^`X[_TZY XLdMP ZaP]PX[SL^TeP^ _SP ]ZWP ZQ VTYR^ L WT__WP ^TYNP ?LY_]TN WT_P]L_`]P LO]P^^P^ _SZ^P bSZ ^PPV WTMP]L _TZY L^ LWW Z_SP] 4YOTLY ]PWTRTZ`^ bZ]V^ OZ LYO YZ_ [ZWT_TNTLY^ -`_ NP]_LTYWd _SP R]ZbTYR [ZX[Z`^ _PX[WP N`W_`]P bSTNS T^ ^Z NSL]LN_P]T^ _TN ZQ ¢RLXTN ±LTaT^X YPPOPO ]TNS Q`YOTYR >Z VTYR^ SLO \`T_P LY TY QW`PYNP ZY _SP OPaPWZ[XPY_ ZQ ?LY_]T^X LWZYR bT_S _SP YZYPWT_P T_TYP] LY_ L^NP_TN^ LYO bZYOP]bZ]VTYR DZRT^ bSZ ZY _SP Z_SP] SLYO TYaPY_PO LYO ^[]PLO ?LY_]TN TOPL^ LYO []LN_TNP^ ,WW TY LWW ?LY_]TN^ SLaP MPPY -]LSXTY^ LYO YZY-]LSXTY^& L^NP_TN^ DZRT^ []TP^_^ VTYR^ aTWWLRP ^SLXLY^ WLd NZXXZYP]^ LYO PO`NL_PO `]MLY SZ`^PSZWOP]^ 8`NS L^ TY Z_SP] 3TYO` N`W_`]P^ _SP]P L]P R]PL_ ]PRTZYLW aL]TP_TP^ ±LTaL ?LY_]L TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ±¼O]L^ XLd ZYWd `^P ?LY_]TN M¯UL^ LYO XLY_]L^ M`_ TY LN_`LW []LN_TNP _SP `^P ZQ :¿ ,@¿ T^ LWW[P]aL^TaP LYO QZ] []LN_T_TZYP]^ T_ T^ L RPYP]LW TYOPcTNLW ^TRY QZ] _SP OT aTYP ^[SP]P  ,OXT__POWd _SP A]£_dL TOPY_T_d T^ L R]PL_Wd OPML_PO T^^`P QZ] L ^`XXL]d ZQ ]PNPY_ _SPZ]TP^ ^PP >LX`PW :]TRTY^ ZQ DZRL LYO ?LY_]L   " LYO Z`] ]PNZY^_]`N_TZY MPWZb T^ Sd[Z_SP_TNLW -`_ _SP TX[Z]_LYNP ZQ ¢RLXL N`W_`]P _Z bSTNS bP ]PQP] _Z Pc [WLTY _SP ?LY_]TN ]ZZ_^ L[[PL]^ _Z MP Z`_ ZQ \`P^_TZY  BST_P ?LY_]L TY ;]LN_TNP Z[ NT_ #   BST_P ?LY_]L TY ;]LN_TNP   

?SP ?LY_]TN wBPLaTYR 1]LXPx

!""

[L]_TN`WL] T^ YZ_ L XZYZWT_STN MWZNV Z] bT_SZ`_ ST^_Z]TNLW ^STQ_^ LYO M]PLV^ ,^ L NZXXZY OPYZXTYL_Z] LYO ^`M^_]L_`X ZQ ?LY_]L bP OZ YZ_ ^`R RP^_ L wNZ]Px ZQ NZY_PY_^ Z] TYOTaTO`LW ]T_P^ LYO X`NS WP^^ LY wP^ ^PYNPx M`_ L ]L_SP] QZ]XLW OPQTYT_TZY ML^PO ZY _SP `^P ZQ _SP _P]X ?SP bZ]O ?LY_]L T_^PWQ XPLY^ wbPLaTYR Q]LXPx  LYO TY L QTR`]L_TaP ^PY^P T_ ]PQP]^ _Z L NWZ^PO ^d^_PX PR L ^d^_PX ZQ _SZ`RS_ NLWN`WL_TZY Z] b]T_ TYR 4Y _SP ]PWTRTZ`^ ^PY^P _SP _P]X ]PQP]^ _Z L aL^_ Y`XMP] ZQ ]T_`LW ^d^_PX^ _SL_ L]P OP]TaPO YPT_SP] Q]ZX _SP APOTN ]T_P^ YZ] _SP >X£]_L _]LOT_TZY  OSL]XL WT_P]L_`]P P[TN^ ;`]£©L^ LYO _SP]PQZ]P ^_LYO LWZYP LYO TYOP[PYOPY_ ZQ Z_SP] ^d^_PX^ 4Y _ST^ OPQTYT_TZY bP QZWWZb _SP PXTN ?LY_]L OPQTYT_TZY ZQQP]PO QZ] TY^_LYNP Md =£RSLaL -SL¶¶L TY ST^ TY_]Z O`N_TZY _Z _SP ±£]LO£?TWLVL?LY_]L  4_ T^ YZ_PbZ]_Sd _SL_ =£RSLaL -SL¶¶L T^ TY_P]P^_PO ZYWd TY WT_P]LWTePO N`W_TN ^d^_PX^ LYO _SP >LY^V]T_ WZ]P ?SP PWT_P N`W_`]PO TY_PWWPN_`LWv^ [P]^[PN_TaP ^N]PPY^ _SP Z]LW WZ]P ZQ YZYPWT_P QZWV _]LOT_TZY^ NZNLWWPO wWT__WP _]LOT_TZY^x bSTNS Md LYO WL]RP L]P OPQTYT_PWd wTYOP[PYOPY_ ^d^_PX^x L^ bPWW 3ZbPaP] =£RSLaL -SL¶¶L SL^ L RZZO [ZTY_ _ZZ ,^ L XL__P] ZQ QLN_ _SP ?LY_]TN _]LOT_TZY^ L]P WL]RPWd ]P^_]TN_PO _Z _SP >LY^V]T_ QZWO ,W_SZ`RS _SP]P L]P ^ZXP aP] YLN`WL] ?LY_]L^ PR TY 6L^SXT]T LYO 3TYOT _SP R]PL_ M`WV T^ TY >LY ^V]T_ 8Z^_ ?LY_]L^ L]P YZ_ wQZWVx Z] w^`MLW_P]Yx TY L ^_]TN_ ^PY^P ZQ _SP^P _P]X^ ^TYNP WZNLW _]LOT_TZY^ wQZWVx []LN_TNP^ R]`P^ZXP ^[T]T_^ LYO QP]ZNTZ`^ OPT_TP^ L[[PL] _SPZWZRTNLWWd ]PQWPN_PO LYO ]PTY_P][]P_PO :`] Sd[Z_SP^T^ T^ _SL_ TYT_TLWWd _SP^P TYOP[PYOPY_ _]LOT_TZY^ bSTNS XLd MP _P]XPO ?LY_]TN XLTYWd NZYNPY_]L_P ZY _SP N]PL_TZY ZQ L ^Z_P]TZWZRTNLW ]T_`LW ^d^_PX bSTNS _SP APOL OZP^ YZ_ ZQQP] :Q NZ`]^P _SP]P L]P _SP @[LYT´LO^ bSTNS LW^Z NZYNPY_]L_P ZY ^Z_P]TZWZRd M`_ _SP^P L]P _Pc_^ LTXPO L_ TYOTaTO`LW [STWZ^Z[STNLW ]PQWPN_TZY LYO NZY_PX [WL_TZY ?SP @[LYT´LO^ OPWTMP]L_PWd OZ YZ_ []P^PY_ ]T_`LW OP^TRY^ ?LY _]L QTWW^ _ST^ RL[ 4Y T_^ PL]Wd ^_LRP^ T_ NZYNPY_]L_P^ ^ZWPWd ZY _SP _bZ XLUZ] 7Z]O 2ZO QTR`]P^ =`O]L±TaL TY _SP ¢RLXL^ LYO AT´©` 9£]£dL©LA£^`OPaL TY _SP ;£ÓNL]£_]L>LÀST_£^ LYO TYaPY_^ L ]T_`LW Z]TPY_PO _SPZWZRd PcNW`^TaPWd OPaZ_PO _Z _SP^P 7Z]O 2ZO^ 4Y [Z^_ APOTN 4YOTL _SP aP]d OPQTYT_TZY ZQ L 7Z]O 2ZO T^ ^Z_P]TZWZRTNLW PQQT NTPYNd LYO T_ T^ PcLN_Wd _ST^ PQQTNTPYNd _SL_ OP_P]XTYPO bSTNS ZYP ZQ _SP APOTN RZO^ bL^ _Z MP PcLW_PO _Z _SP OTRYT_d ZQ L 7Z]O 2ZO LYO bSTNS ZYP bL^ YZ_ 4YO]L _SP QZ]XP] VTYR ZQ RZO^ QPWW TY_Z ZMWTaTZY MPNL`^P ST^ ]PLWX ZQ LN_TaT_d _SP XLTY_PYLYNP ZQ WTQP QZ]NP^ bT_STY _SP `YTaP]^P T^ `__P]Wd PYNZ^XTN LYO OZP^ YZ_ OPYZ_P LYd_STYR Z`_^TOP _ST^ bZ]WO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP _P]X T^ ZQ_PY _]LY^WL_PO L^ wQLM]TNx ,NNZ]OTYR _Z _SP P_dXZWZRd SZbPaP] _SP XZ]P []PNT^P XPLYTYR ZQ _SP _P]X T^ LY TY^_]`XPY_ _]L  bSTNS SPW[^ _Z SZWO _L`_ Z] ^_]P_NS _LYZ_T L _S]PLO _LY_` ZY L WZZX , [Z[`WL] wQZWVx P_dXZWZRd Pc[WLTY^ _SP XLY_]L^ _Z MP TY^_]`XPY_^ _]L _Z _STYV XLY 

!"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

=`O]L ZY _SP Z_SP] SLYO _SP RZO ZQ NSLZ^ LYO OT^Z]OP] bSZ _]TP^ _Z X`]OP] _SP N]PL_Z]RZO bSTWP _SP WL__P] []P[L]PO STX^PWQ _Z N]PL_P _SP ^_]`N_`]PO bZ]WO T^ Md ST^ YL_`]P LY_TNZ^XTN ,YO []PNT^PWd _ST^ LY_T NZ^XTN L__T_`OP bSTNS PcNW`OPO =`O]L Q]ZX APOTN ^LN]TQTNP XLOP STX L [P]QPN_ LOO]P^^PP QZ] ^`[[WTNLY_^ OP^T]TYR WTMP]L_TZY Q]ZX _SP bZ]WO ZQ [SPYZXPYL ?SP APOTN AT´©` TY _`]Y T^ L^^`XPO _Z MP TY _SP ^SL[P ZQ L ObL]Q -`_ TY Z]OP] _Z Q]PP _SP bZ]WO Q]ZX _SP A£WLOPXZY ZQ PYaPWZ[ TYR OL]VYP^^ SP _]LY^QZ]X^ STX^PWQ TY_Z L XTRS_d RTLY_ LYO bT_S ZYWd _S]PP ^_P[^ SP ^_]TOP^ _S]Z`RS LWW _S]PP bZ]WO^ Q]ZX _SP PL]_S `[ _Z _SP ^Vd _SP]PMd NWLTXTYR PLNS ZYP ZQ _SPX L^ ST^ [Z^^P^^TZY -d _ST^ LN_TZY SP ]PYOP]^ _SP bZ]WO LY TYSLMT_LMWP ^[LNP ?SP WL_P] _]LOT_TZY ^PP^ TY _ST^ YL]]L_TaP LY Pc[]P^^TZY ZQ _SP QZ]XWP^^ ^[T]T_ bSZ T^ MZ_S TY^TOP LYO Z`_^TOP _SP bZ]WO L_ _SP ^LXP _TXP 9Zb T_ T^ _]`P _SL_ MZ_S 7Z]O 2ZO^ L]P Pc_ZWWPO TY _SP ;`]£©L^ TY PcLN_Wd _SP ^LXP XLYYP]  -`_ T_ T^ ZYWd _SP ?LY_]L^ bSTNS OPaPWZ[PO PYNZX[L^^TYR ]T_`LW ^d^_PX^ LYO ]PWTRTZ`^ ^[PNTLWT^_^ _SL_ NZ`WO MPNZXP [Z_PY_TLW ]TaLW^ _Z _SP APOTN ZYP^ ?SP _SPT^_TN bZ]WOaTPb ZQ _SP ;£²`[L_L^ QZ] TY^_LYNP bSZ L]P _SP PL]WTP^_ L^NP_TN ±LTaL R]Z`[ LMZ`_ bSZX bP SLaP ST^_Z]TNLW PaTOPYNP LYO bSZ NLY MP _P]XPO ?LY_]TN SL^ MPPY ^Z ^`NNP^^Q`W _SL_ Md _SP QTQ_S NPY_`]d ,/ bP QTYO PaPY LXZYR _SP QZ]XP]Wd `__P]Wd YZY_SPT^_TN 9d£dLALT´P²TVL [STWZ^Z[SP]^ _SP TOPL _SL_ _SP APOL bL^ RTaPY Md _SP XTRS_d ZXYT^NTPY_ 7Z]O 2ZO ±TaL8LSP²aL]L LYO _SL_ ZYWd _ST^ 2ZO NLY PY^`]P _SP [STWZ^Z[STNLWWd NWLTXPO NZPcT^_PYNP ZQ NL`^P LYO PQQPN_ Md SLaTYR _SP L`_ZYZXZ`^ [ZbP] _Z [`_ _SP L_ZX^ _ZRP_SP] LYO OPWTMP] L_PWd LM^Z]M LYO ]PN]PL_P _SP bZ]WO ! =PXL]VLMWd TY -`OOST^_ LYO 5LTYL ^Z`]NP^ ZQ _SL_ _TXP _SP ;£²`[L_L^ L]P ^`[[Z^PO _Z MP ALT´P²TVL^ " ?ST^ TY_P]P^_TYR ^STQ_ LYO N`]TZ`^ _bT^_ ZQ ^ZMP] w^PN`WL]x [STWZ^Z[SP]^ MPTYR NZYQZ`YOPO bT_S N]Led -]LSXTY L^NP_TN^ bSZ `^PO ^ZXP ^PWPN_PO APOTN XLY_]L^ QZ] _SPT] `YNZYaPY_TZYLW ]T_P^ ZY N]PXL_TZY R]Z`YO^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP wZ_SP]bZ]WOWdx YL_`]P ZQ ±TaL T^ XZ^_ [P]QPN_Wd Pc[]P^^PO Md _SP QLXZ`^ Xd_S TY bSTNS ±TaL L[[PL]^ L^ L NZW`XY ZQ WTRS_ bSZ^P PYO^ YPT_SP] _SP RZO -]LSX£ YZ] _SP RZO AT´©` L]P LMWP _Z QTYO bSP]PL^ _SP wZ_SP]bZ]WOWdx YL_`]P ZQ AT´©` QTYO^ L [P] QPN_ Pc[]P^^TZY TY _SP TXLRP ZQ _SP 7Z]O 2ZO ]PNWTYTYR ZY ST^ TYQTYT_P bZ]WO ^YLVP ,YLY_L TY _SP XTWVd ZNPLY z LY TXLRP bSTNS T^ aP]d OPL] _Z _SP ;LÓNL]£_]L>LÀST_£^ L^ bPWW ! .ZYQP]PYNP [L[P] Md ;TZ_] -LWNP]ZbTNe% wBSd OTO 4YOTLY [STWZ^Z[SP]^ YPPO 2ZO*x []P^PY_PO L_ _SP 0,>= NZYQP]PYNP TY -`NSL]P^_ >P[_PXMP] ! -LWNP]ZbTNe NT_PO L Y`XMP] ZQ ^Z`]NP^ " ?SP ZYWd PcT^_TYR ^PWQ]PQP]PY_TLW ^Z`]NP _SP ;£²`[L_L>¼_]L  T^ []TXL]TWd L XLY`LW ZQ ]T_`LW^ M`_ 6L`©“TYdLv^ NZXXPY_L]d ZQ `YNP]_LTY OL_P _]TP^ _Z P^_LMWT^S L [STWZ^Z [STNLW LYO _SPZWZRTNLW MLNVR]Z`YO 4Y NZY_]L^_ _Z _SP -`OOST^_^ LYO 5LTY^ SP WZNL_P^ _SP ;£²`[L_L^ bT_STY _SP DZRL>£«VSdL [STWZ^Z[STNLW _]LOT_TZY 8TYZ]` 3L]L w;£²` [L_L >_`OTP^ x TY =T_`LW LYO >[PN`WL_TZY PO ? 2Z`O]TLLY $z!

?SP ?LY_]TN wBPLaTYR 1]LXPx

!"$

bP]P ]LOTNLW WTMP]L_TZY ^PPVP]^ # ^`RRP^_^ NZY^TOP]LMWP TYQW`PYNP Md _SP ;£²`[L_L^ bSZ [Z^^TMWd Md _ST^ _TXP SLO MPNZXP XZ]P wNTaTWTePOx bSTNS XLd MP MP^_ Pc[WLTYPO Md ]ZdLW [L_]ZYLRP 4Y WL_P] _TXP^ _SP]P T^ MP__P] ST^_Z]TNLW PaTOPYNP LMZ`_ NWZ^P LYO PaPY ^dXMTZ_TN ]PWL_TZY^ST[^ MP_bPPY ?LY_]TN ^[PNTLWT^_^ LYO 4YOTLY VTYR^ bSZ ZQ_PY ^PPX _Z SLaP []PQP]]PO _SP ?LY_]TN LW_P]YL_TaP _Z _SP APOTN ZYP $ ,^ BST_P [ZTY_PO Z`_ _SP ?LY_]L ZQ _SP [L^_ LW^Z SLO PXTYPY_Wd [ZWT_TNLW OTXPY^TZY^ TY LWW [L]_^ ZQ ,^TL L^ L wM`WbL]V ZQ _SP ^_L_Px  ?SP]P L]P L Y`XMP] ZQ ]PL ^ZY^ bSd _SP ?LY_]L bL^ L__]LN_TaP _Z _SP ]`WTYR PWT_P^ LYO LOZ[_PO QZ] ^_L_P []Z_PN_TZY LYO NZY_]ZW LYO SL^ MPPY _SP]PQZ]P ^[ZY^Z]PO Md L]T^ _ZN]L_TN NWTPY_^ ?SP XTRS_d 7Z]O 2ZO^ LYO 2ZOOP^^P^ TY bSZ^P ^`[P] X`YOLYP [ZbP]^ _SP ?LY_]TN []LN_T_TZYP] ^SL]P^ LYO RLTY^ XL^_P]d ZaP] OLYRP]Z`^ QZ]NP^ _SL_ _S]PL_PY _SP S`XLY bZ]WO L]P _SP XZ^_ [P]QPN_ ]P^Z`]NP^ ZQ L`_SZ]T_d QZ] ]ZdLW w[ZbP]M]ZVP]^x L^ bPWW  0X[ZbP]TYR ?LY_]TN ]T_`LW OPaTNP^ ^`NS L^ TYT_TL_TZY NZY^PN]L_TZY LYO TYaP^_T_`]P ]T_P^ SLaP MPPY _SP ^[PNTLW []P]ZRL_TaP ZQ ,^TLY ]`WP]^ 8L©“LWL^  TY bSZ^P NPY_P] T^ L NPY_]LW OPT_d bSZ^P [SZYTN wPYP]RTP^x TP _SP XTYZ] OPT_TP^ ZQ _SP [LY_SPZY ]LOTL_P TY LWW NL]OTYLW OT]PN_TZY^ SLaP MPPY L XLUZ] MW`P[]TY_ QZ] _SP VTYR L^ R]PL_ PX[P]Z] Z] wNLV]LaL]_TYx bSZ NZYNPY_]L_P^ L`_SZ]T_d LYO OT^_]TM`_P^ ST^ [ZbP]^ _Z _SP RZaP]YZ]^ NZY _]ZWWTYR _SP [P]T[SP]d ?LY_]L bL^ L SLYOd TY^_]`XPY_ QZ] _SP NZY\`P^_ ZQ YPb _P]]T_Z]TP^ [ZWT_TNLW ^`MU`RL_TZY LYO ^[]PLOTYR 3TYO` ]PWTRTZ`^ NZOP^ >LY^V]T_TeL_TZY LYO NL^_P ^ZNTP_d QZ] _SP ?LY_]TN^ SLaP MPPY RPYP]LWWd WP^^ NZYNP]YPO bT_S [`]T_d _SLY _SP APOTN -]LSXTY^ LYO LW WZbPO QZ] WP^^ OT^_LYNP MP_bPPY ^[T]T_`LW L`_SZ]T_d LYO [ZWT_TNLW [ZbP] _SLY _SP Z]_SZOZc L^NP_TN LYO []TP^_Wd []ZQP^^TZYLW^ ?SP]P SL^ MPPY LXMTaLWPYNP ]TaLW]d LYO Z[[Z^T_TZY MP_bPPY ?LY_]L LYO APOL Z] -]LSXLY N`W_`]P M`_ YZ_ PcNW`^TaPYP^^ >ZXP ZQ _SP PL]Wd ±LTaL^ LYO OPQTYT_PWd XLYd ;£ÓNL]£_]TY^ bP]P -]LSXTY^ bSZ []PQP]]PO _SP bZ]^ST[ ZQ L 7Z]O 2ZO _Z APOTN ]T_P^ ?SPd NZY^TOP]PO _SPT] ZbY ]PaPWL_TZY _Z MP _SP ]PLW ±]`_T Z] []TXZ]OTLW APOL  bSP]PL^ ^_L`YNS ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP >LYOP]^ZY w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZYx !!z!!"& /dNeVZb^VT , 5Z`] YPd  # $ >PP >LYOP]^ZY w=PWTRTZY LYO _SP >_L_P ±LTaL :QQTNTLY_^ TY _SP ?P]]T_Z]d ZQ _SP 6TYRv^ -]LSXLYTNLW NSL[WLTYx& 8`XXP w;£ÓNL]£_]L ?Pc_^x "& /dNeVZb^VT , 5Z`]YPd TY _SP BZ]WO ZQ _SP ?LY_]L^  Z[ NT_ $z# TY [L]_TN`WL] !z  BST_P ?LY_]L TY ;]LN_TNP #z!& 6T^^ ZQ _SP DZRTY¯  z $  BST_P [ZTY_^ Z`_ MZ_S _SP VTYR L^ w?LY_]TN LN_Z] [L] PcNPWWPYNPx LYO _SP ^dXMTZ_TN ]PWL_TZY^ST[^ MP_bPPY ?LY_]TN w[ZbP] M]ZVP]^x LYO w_SPT] [ZbP]bTPWOTYR ]ZdLW [L _]ZY^x ?SP YZYL]T^_ZN]L_TN ?LY_]T^_ STX^PWQ T^ L wN]d[_Z [Z_PY_L_Px Z] wZNN`W_ NZ^ XZN]L_x bSZ XLd L^^`XP [ZWT_TNLW [ZbP] TY ^_L_P^ ZQ TY_P]]PRY`X Z] bSPY _SP wb]ZYR VTYRx T^ ZY _SP _S]ZYP  >PP =L^_PWWT 2]`YOLY^NSL``YRPY OP] 5Ld£VSdL^LÀST_£% ?]LOT_TZY OP^ ;£ÓNL]£_]L TX >[TPRPW OP] ;£]LXP²aL]L^LÀST_£ Z[ NT_ ?SP^P VTYO^ ZQ NWLTX^ SLaP [P]^T^_PO ,N

!#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

Z]_SZOZc -]LSXTY^ N]T_TNTePO _SPX QZ] SLaTYR wQLWWPY Q]ZX _SP APOLx -`_ PaPY XLYd APOTN -]LSXTY^ MPNLXP PY_TNPO Md _SP ?LY_]L >TYNP ?LY_]TN ]T_P^ L]P YZ_ ML^PO ZY _SP APOL _SPd SLaP MPPY WZZVPO `[ZY Md _SP APOTN -]LSXTY^ TY _bZ OTQQP]PY_ bLd^% PT_SP] L^ L `^PQ`W ^`[[WPXPY_ _Z _SPT] ZbY ]PWTRTZ`^ []LN_TNP Z] L^ TYTXTNLW L__LNV ?ST^ XPLY^ _SL_ ZY _SP ZYP SLYO _SP _P]X w?LY_]Lx NLY OPYZ_P ]T_P^ QPW_ _Z MP SP_P]ZOZc Md Z]_SZOZc -]LSXTY^ bSTWP ZY _SP Z_SP] T_ NLY LW^Z ]PQP] _Z ]T_P^ _SL_ _SP -]LSXTY^ bSZWPSPL]_POWd LWWZbPO _Z MP LOOPO _Z _SP _]LOT_TZYLW >X£]_L ]T_P^ ?LY_]T^_^ TY _SP QT]^_ ZQ _SP^P ^PY^P^ L]P NLWWPO w_SP WPQ_SLYOPOx bSTWP ?LY_]T^_^ TY _SP WL__P] ^PY^P L]P _P]XPO w_SP ]TRS_SLYOPOx ?SP _bZ _P]X^ bSTNS L]P XLTYWd `^PO Md BP^_P]Y ^NSZWL]^ LYO WP^^ Md YL _TaP ?LY_]TN []LN_T_TZYP]^ OPYZ_P TY L XZ]P RPYP]LW ^PY^P `YNZYaPY _TZYLW LYO NZYaPY_TZYLW ]T_P^  ?SP ?LY_]TN^ _SPX^PWaP^ SL]OWd PaP] `^P _SP _P]X w]TRS_SLYOPOx _Z OP^N]TMP _SPX^PWaP^ >ZXP SZbPaP] OZ NLWW _SPX^PWaP^ wWPQ_SLYOPOx Z] ]L_SP] A£X£N£]TY^ w_SZ^P bSZ LN_ NZY _]L]dx _Z Pc[]P^^ L []ZR]LXXL_TN ]T_`LW OT^_TYN_TZY  LYO L []ZYZ`YNPO LY_TAPOTN SLMT_`^ MPNL`^P _Z _SPX _SP APOL NLY ZYWd WPLO _Z bZ]WOWd PYO^ 4Y _ST^ QTPWO ZQ OT^NZ`]^P wWPQ_x LYO w]TRS_x SLaP L ^_]TN_Wd _PNSYT NLW ^PY^P _Z OPYZ_P L ]T_`LW OP^TRY ZQ ]PaP]^LW ^TXTWL] _Z L >L_LYT^_ XL^^ TYaP]_TYR L .S]T^_TLY XL^^ ?SP ]T_`LW OT^_TYN_TZY NZXP^ LMZ`_ _S]Z`RS NWZNVbT^P LYO LY_TNWZNVbT^P ]T_`LW [P]QZ]XLYNP% _SP w]TRS_SLYOPOx NWZNVbT^P [P]QZ]XLYNP PR bSTWP O]LbTYR L ]T_`LW OTLR]LX Z] []Z YZ`YNTYR XLY_]L ^dWWLMWP^ NZ]]P^[ZYO^ _Z _SP NZ`]^P ZQ _SP ^`Y TP _SP YL_`]LW NZ`]^P ZQ _SP ^SLOZb ZY L ^`Y OTLW bSP]PL^ _SZ^P [P]QZ]XTYR wWPQ_SLYOPOx LY_TNWZNVbT^P ]T_P^ ]PUPN_ _SP YL_`]LW NZ`]^P ZQ _SP bZ]WO ^TYNP QZWWZbTYR _SP NZ`]^P ZQ _SP bZ]WO T^ PcLN_Wd bSL_ _SPd OZ YZ_ bLY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ NZ]OTYR _Z _SP WL_P ±LTaL±£V_L?LY_]L ;L]L²`]LXL 6LW[L^¼_]L NSL[  _SP APOL^ NZXP Q]ZX ±TaL  >LYOP]^ZY w8PLYTYR TY ?LY_]TN =T_`LWx # ^`RRP^_^ _SL_ _SP NWL^^TQTNL_TZY TY_Z ]TRS_ LYO WPQ_ ^SZ`WO MP `^PO QZ] TY^_LYNP _Z OT^_TYR`T^S _SP Z]_SZOZc ±LTaL >TOOSLY_L Q]ZX _SP SP_P]ZOZc ±LTaL ^NSZZW^ ZQ _SP 6]LXL ?]TVL LYO 6L`WL 8Z^_ BP^_P]Y ^NSZWL]^ RPYP]LWWd TOPY_TQd wWPQ_SLYOPOx ?LY_]T^X bT_S _SP P]Z_TNZXd^_TN []LN_TNP^ ZQ _SP 6L`WL^ -SL]L_T ?LY_]TN ?]LOT_TZY^ ! Q 4Y NZY_]L^_ BST_P  6T^^ ZQ _SP DZRTY¯  z# TY_]ZO`NPO L^ YPb _P]X^ wSL]O NZ]P ?LY_]Lx L^ Z[[Z^PO _Z w^ZQ_ ?LY _]Lx LYO w?LY_]TN XLTY^_]PLXx _SP QZ]XP] ]PQP]]TYR _Z PL]Wd 6L`WL ^Pc`LW ]T_P^ LYO _SP WL__P] _Z STRS 3TYO` ?LY_]L bSTNS `^P^ ^`M^_T_`_P^ Z] XP]P aP]MLW XP_L[SZ]^ , XZ]P NZYaTYNTYR ]PNZY^_]`N_TZY ZQ PL]Wd SP_P]ZOZc TY QLN_ []P6L`WL []LN_TNP^ T^ ZQ QP]PYO Md >SLXLY 3L_WPdv^ NZX[]PSPY^TaP ^_`Od ?SP -]LSXLd£XLWL_LY_]L LYO 0L]Wd ±LTaL .`W_ ZQ _SP DZRTY¯^ /ZN_Z]LW OT^^P]_L_TZY @YTaP]^T_d ZQ ;PYY^dWaLYTL "  >PP ,MSTYLaLR`[_L _S NPY_ ,/ TY ST^ ?LY_]£WZVL $" ?SP XLUZ] OTQQP]PYNP MP_bPPY WPQ_SLYOPO LYO ]TRS_SLYOPO []LN_TNP^ T^ O`P _Z LY TYaP]_TYR ]T_`LW OP^TRY bSTNS ^SZ`WO YZ_ MP NZYQZ`YOPO bT_S Z_SP] ]T_`LW OT^_TYN_TZY^ WTVP _SP TYNW`^TZY Z] PcNW`^TZY ZQ ^Pc`LW LYO LWNZSZW ]T_P^ ?SP 6L`WL^ LN_`LWWd bLY_ _Z PYNZX[L^^ wWPQ_x LYO w]TRS_x LYO ,MSTYLaLR`[_Lv^ V`WL TOPLW ^PPV^ _Z _]LY^NPYO LYd OTQQP]PYNP MP _bPPY WPQ_ LYO ]TRS_

?SP ?LY_]TN wBPLaTYR 1]LXPx

!#

_Z OZ 4YNW`^TaT^_ -]LSXLYT^X bZ`WO YZ_ SLaP SLO L []ZMWPX OTRP^_TYR ^`NS L wXTYZ]x ]T_`LW LW_P]L_TZY  M`_ _SP ]PLW Q`YN_TZYLW OT^_TYN_TZY ^PPX^ _Z [ZTY_ _Z L X`NS XZ]P ^P]TZ`^ NWPLaLRP MP_bPPY _SP ?LY_]TN _]LOT_TZY^ 0c[Z^_QLN_Z T_ XLd MP NZYNW`OPO _SL_ _SP WPQ_ LYO ]TRS_ SLYO OT^_TYN_TZY z Z] XZ]P []Z[P]Wd ^[PLVTYR _SP /LV´T©£N£]L LYO A£X£N£]L OT^_TYN_TZY z STY_^ L_ OTQQP]PY_ ^_]L_PRTP^ QZ] ]PLWTeTYR ^ZNTZ [ZWT_TNLW TYN`W_`]L_TZY TY YPbWd LNNP^^PO L]PL^ 4_ ^SZ`WO MP ]PXPXMP]PO _SL_ RPZR]L[STNLWWd >LY^V]T_ 3TYO` N`W _`]P bL^ Pc[LYOTYR `Y_TW _SP _PY_S NPY_`]d 4Y >X£]_L _TXP^ w¢]dLaL]_Lx w_SP WLYO ZQ _SP N`W_`]PO LYO NTaTWTePOx PYNZX[L^^PO ZYWd L Q]LN_TZY ZQ bSL_ T^ R]PL_P] 4YOTL _ZOLd TP ZYWd _SP N`W_`]LW NPY_P]^ 9Z]_S ZQ _SP ATYOSdL XZ`Y_LTY^ Q]ZX _SP 4YO`^ _Z _SP 2LYRP^ [WLTY^& _SP ]P^_ ZQ S`XLYT_d bL^ NZYNPTaPO ZQ L^ []TXT_TaP ML]ML]TLY^ z L_ WPL^_ LNNZ]OTYR _Z _SP -]LSXLYTN bZ]WOaTPb ,WW WL_P] _P]]T_Z]TLW Pc[LY^TZY^ z Md [ZWT_TNLW LWWTLYNP^ NZY\`P^_ XTR]L_TZY Z] _]LOP z ]P^`W_PO TY _SP ^LXP []ZNP^^P^ ZQ _]LY^QZ]XL_TZY ]PRL]OTYR TYOTRPYZ`^ ]PWTRTZ`^ _]LOT _TZY^ :Y _SP ZYP SLYO QZ]PTRY OPT_TP^ NZ`WO MP PL^TWd TYNW`OPO TY _SP APOTN QZWO M`_ ZY _SP Z_SP] SLYO _ST^ bL^ ZYWd _Z _LVP [WLNP bSPY ]T_ `LW LNN`W_`]L_TZY TY_Z _SP -]LSXTY P_SZ^ _ZZV [WLNP% YZ XPL_ YZ LWNZ SZWTN O]TYV^ YZ aTZWPYNP YZ []ZXT^N`T_d LYO XP_TN`WZ`^ [`]T_d ?ST^ NZWZYTLWTeTYR []ZUPN_ bL^ XZ]P Z] WP^^ ^`NNP^^Q`W OP[PYOTYR ZY _SP ]PRTZY 4_ bL^ R]PL_Wd ^`NNP^^Q`W TY >Z`_S 4YOTL QZ] PcLX[WP% >Z`_S 4YOTLY ?LXTW -]LSXTY^ YZbLOLd^ PaPY Q`WQTWW -]LSXLY [`]T_d ^_LYOL]O^ _Z LY Pc_]PXP _SL_ 9Z]_S 4YOTLY -]LSXTY^ bZ`WO YPaP] SLaP _SZ`RS_ ZQ -d NZY_]L^_ Z_SP] ]PRTZY^ bZ`WO SZWO ZY XZ]P _TRS_Wd _Z _SPT] []PNTZ`^ TYOTRPYZ`^ ]T_P^ PR _SP 9P[LWT^ NZY^TOP]PO LWNZSZW ^Z TX[Z]_LY_ _SL_ PaPY -]LSXTY^ SLO _Z ^`NN`XM ?ZOLd 9PbL] -]LSXTY^ LN_`LWWd O]TYV LWNZSZW O`]TYR ]T_`LW^ M`_ _SPd U`^_ ^T[ T_ ^Z _SL_ _SPd OZ YZ_ RP_ O]`YV 4_ T^ YZ_PbZ]_Sd _SL_ ?LY_]L T^ bTOP^[]PLO LXZYR -]LSXTY^ TY ?LXTW 9LO` >Z`_S 4YOTL L^ bPWW L^ -]LSXTY^ TY _SP 6L_SXLYO` aLWWPd 9P [LW M`_ TY \`T_P OTQQP]PY_ bLd^% bSP]PL^ _SP >Z`_S 4YOTLY ?LY_]L T^ WL]RPWd NZYaPY_TZYLW w^ZQ_x ?LY_]L _SP ?LY_]TN _]LOT_TZY ZQ 9P[LW T^ ML^TNLWWd 6L`WL LWWZbTYR QZ] `YNZYaPY_TZYLW []LN_TNP^ ^`NS L^ _SP NZY ^`X[_TZY ZQ LWNZSZW LYO ^Pc`LW ]T_P^ 4Y _SP >LY^V]T_TeL_TZY []ZNP^^P^ YZ_ ZYWd APOTN-]LSXLYTN LN_Z]^ M`_ LW^Z ?LY_]TN LN_Z]^ [WLdPO LYO ^_TWW [WLd L aT_LW ]ZWP ! 5`ORPO Q]ZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4Y DZRTN PcP]NT^P^ _SP ]PaP]^TZY ZQ _SP YZ]XLW OT]PN_TZY NLY YPaP]_SPWP^^ MP \`T_P N]`NTLW% wYZ]XLW DZRTY^x _]d _Z OT]PN_ _SP ^Z`W LMZaP _SP N]ZbY ZQ _SP SPLO TP _SP [WLNP bSP]P ^Z`W T^ ^`[[Z^PO _Z WPLaP _SP WTaTYR MZOd L_ _SP _TXP ZQ OPL_S bSP]PL^ _SP A£XLN£]TY^ L^ ^_L_PO TY _SP A¯©£±TVS£?LY_]L  _]d _Z PY_P] NZX[WP_PWd TY_Z _SP MZOd LYO ]P_]LN_ _SP ^Z`W _Z _SP MZ__ZX ZQ _SP ^[TYP ! ?SP ±£V_T NZYNP[_ TY [L]_TN`WL] SL^ MPPY L M]TWWTLY_ OPaTNP QZ] NSLYYPWTYR WZNLW RZO OP^^P^ TY_Z _SP >LY^V]T_ XLTY^_]PLX Md `YTQdTYR _SPX L^ OTQQP]PY_ XLYTQP^_L_TZY^ ZQ

!#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

_SP [P]^[PN_TaP ZQ _SP APOTN-]LSXLYTN P_SZ^ ?LY_]L [WLdPO MZ_S Q`YN _TZYLW LYO Od^Q`YN_TZYLW ]ZWP^& U`ORPO Q]ZX L _]LY^N`W_`]LW ^_LYO[ZTY_ _LVTYR TY_Z LNNZ`Y_ _SP [W`]LWT^_TN ]PLW ^T_`L_TZY ?LY_]L SL^ MPPY L XLUZ] QLN_Z] TY M]TORTYR w¢]dLYx LYO wYZY¢]dLYx ^ZNTP_LW NZOP^ -P NL`^P ZQ _SPT] ZbY TYOP[PYOPY_ ]PWTRTZ`^ ^d^_PX _SP ?LY_]TN^ OTO YZ_ YPPO _Z LOU`^_ _Z _SP APOTN-]LSXLYTN P_SZ^ L^ ]TRZ]Z`^Wd L^ Z]_SZOZc -]LSXTY^ TQ _SPd OTO YZ_ bLY_ _Z ?SP ?LY_]TN^ OPaPWZ[PO _bZ NZX [WP_PWd OTQQP]PY_ ^_]L_PRTP^ bSPY _SPd XP_ bT_S OTaP]RPY_ YL_TaP ^_dWP^ ZQ ]PWTRTZ`^ NZYO`N_ TY ]PNPY_Wd LNNP^^PO L]PL^ ?SP /LV´T©£NL]TY^ QZW WZbPO _SP w]TRS_x -]LSXLYTN MPSLaTZ] LYO VP[_ _SPT] ]T_P^ NZYQZ]XTYR _Z -]LSXLYTN ^_LYOL]O^ PcNW`OTYR LYd_STYR _SL_ T^ ]PaZW_TYR ?SP A£XLN£]TY^ ]PLN_PO TY U`^_ _SP Z[[Z^T_P bLd LNNP[_TYR LYd_STYR LYO PaPY []PQP]]TYR w`YVZ^SP]x ]T_P^ ?SP ?LY_]TN bZ]WOaTPb MPTYR []TYNT [LWWd TYOP[PYOPY_ Q]ZX _SP ]P^_]TN_TaP APOL>X£]_L NZOP^ []ZaTOPO L XPLY^ ZQ MPTYR XZ]P QWPcTMWP TY OPLWTYR bT_S QZ]PTRY N`^_ZX^ LYO LN NZXXZOL_TYR OTaP]RPY_ ]PWTRTZ`^ ^_dWP^ 4Y LNNZ]OLYNP bT_S _SPT] LY_T APOTN []ZR]LX ^ZXP A£XLN£]TY^ OPaPWZ[PO L ]PLW N]LeP QZ] `YNZYaPY _TZYLW ]T_P^ _SL_ _SPd ]PRL]OPO L^ ^`[P]TZ] _Z _SP -]LSXLYTN P_SZ^ []P NT^PWd MPNL`^P _SPd ]PaZW_PO LRLTY^_ APOTN NZYO`N_ bSTNS bL^ ^`[ [Z^PO _Z QZN`^ ZY bZ]WOWd LTX^ LWZYP " .ZY^P\`PY_Wd ^`NS ?LY_]T^_^ SLaP MPPY Z[PY _Z LWW VTYO^ ZQ ]PWTRTZ`^ []LN_TNP^ Q]ZX ]L_SP] TYYZNPY_ _Z STRSWd LY_TYZXTLY ZYP^% [Sd^TNLW DZRL PcP]NT^P^ ^SLXLYT^_TN []LN _TNP^ [Z^^P^^TZY N`W_^ ]T_`LW O]TYVTYR ZQ LWNZSZW ^Pc`LW ]T_P^ aTZWPY_ ]PWTRTZ`^ []LN_TNP^ ]T_`LW ^PWQLQQWTN_TZY bT_NSN]LQ_ LYO YPN]ZXLYNd ?SP []LN_TNP^ WL^_ XPY_TZYPO L]P ZQ NZ`]^P _LVPY `[ PcNW`^TaPWd Md OPaZ_PP^ ZQ =`O]L±TaL bSZ^P LY_TYZXTLY _PYOPYNTP^ L]P bPWWVYZbY LYO YZ_ Md ALT´©LaL^ bSZ SLaP LWbLd^ MPPY NWZ^P] _Z _SP Z]_SZOZc ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SP ZYP /Pa¯ ?SP]P SLaP MPPY aL]TZ`^ PWT_T^_ ?LY_]L ^_]L_PRTP^ _Z w>LY^V]T_TePx LYO w-]LSXLYTePx TYOTRPYZ`^ ]PRTZYLW N`W_`]P^% ^PP /dNeVZb^VT , 5Z`]YPd TY _SP BZ]WO ZQ _SP ?LY_]L^  !z& ,YYP__P BTWVP w±L«VL]L LYO _SP ?LXTYR ZQ BTWO 2ZO OP^^P^x TY BTWO 2ZOOP^^P^ ZQ 4YOTL LYO 9P[LW  PO , 8TNSLPW^ . AZRPW^LYRP] LYO , BTWVP -P]Y% 7LYR $$! z"#& w, 9Pb ?SPZWZRd ZQ -WT^^% uAPO£Y_TeL_TZYv ZQ ?LY_]L LYO u?£Y_]TeL_TZYv ZQ ,OaLT_LAPO£Y_L TY _SP 7LWT_£?]T²L_T-S£´dLx TY >£XL]L^dL% >_`OTP^ TY 4YOTLY ,]_^ ;STWZ^Z[Sd LYO 4Y_P]]PWTRTZ`^ /TLWZR`P PO > /L^ LYO 0 1Þ]WTYRP] 9Pb /PWST% /6 ;]TY_bZ]WO $z  SP]P% "z" " 4Y _SP WL_P =`O]LD£XLWL PO = ?]T[L_ST "z# ;L¶LWL " _SP QLXZ`^ AL^T´¶SL z _SP aP]d P[T_ZXP ZQ L aT]_`Z`^ -]LSXLYTN SZ`^PSZWOP] z T^ _SZ]Z`RSWd OT^L[[ZTY_PO bT_S _SP ^Z_P]TZWZRTNLW TYPQQTNTPYNd ZQ _SP APOL ?PWWTYRWd PYZ`RS _ST^ ^_L`YNS QZW WZbP] ZQ APOTN [`]T_d X`^_ MP ^PYO LM]ZLO ^Z _SL_ SP NLY WPLaP ST^ bZ]WOWd bLd^ 3P T^ LOaT^PO Md _SP -`OOSL bSZ T^ Q]P\`PY_Wd `YTQTPO bT_S ±TaL TY _SP _Pc_ _Z RZ _Z .STYL bSP]P ?LY_]TN []LN_TZYP]^ L]P PcNP[_TZYLWWd ^`NNP^^Q`W TY L__LTYTYR WTMP]L_TZY MPNL`^P _SPd OZ []PNT^PWd LWW _SP _STYR^ bSTNS _SP APOL Pc[WTNT_Wd []ZSTMT_^ TYO`WR TYR TY XPL_ LWNZSZW Y`OT_d LYO XLYd bZXPY 8LYd WL_P ?LY_]L^ ^_dWP _SPX^PWaP^ L^ w8LS£N¯Y£N£]L?LY_]Lx w.STYP^P []LN_TNPx bSTNS OZP^ YZ_ XPLY _SL_ _SP []LN _TNP^ NZXP Q]ZX .STYL M`_ ]L_SP] _SL_ _SPd L]P XPLY_ _Z MP ]PLW wSL]O NZ]Px ?LY_]L

?SP ?LY_]TN wBPLaTYR 1]LXPx

!#

APOTN QZWO 0aPY _SZ`RS _SP ;£ÓNL]£_]TY^ TP ?LY_]TN ALT´©LaL^ XZ^_ ZQ bSZX bP]P -]LSXTY^ ]PRL]OPO _SPT] ZbY _]LOT_TZY LYO XLY_]L TYT _TL_TZY L^ ^`[P]TZ] _Z _SP APOL _SPd ]P_LTYPO _SP _]LOT_TZYLW APOTN Z]_SZOZc WTQP^_dWP LYO WL_P] _Pc_^ XLVP _SP APOLZ]_SZOZc _TP^ PaPY XZ]P Pc[WTNT_ # 4Y NZY_]L^_ _SP ±LTaL^ bSZX bP bTWW OT^N`^^ []TXL]TWd []ZO`NPO XZ]P aL]TPO LYO TY ^ZXP NL^P^ ^_]ZYRWd SP_P]ZOZc ?LY_]TN ^d^_PX^ 8`NS XZ]P _SLY _SP ALT´©LaL ?LY_]L _SP ±LTaL _]LOT_TZY^ XLVP NWPL] _SL_ _SP]P L]P X`W_T[WP ]ZZ_^ LYO ^_]LYO^ ZQ ?LY_]L% MP^TOP^ L NZY _TY`L_TZY LYO ]PZ]RLYTeL_TZY ZQ APOTN TOPL^ LYO L YPb _SPT^_TN _SPZWZRd bT_STY DLU`]APOL []TP^_Wd NT]NWP^ _SP]P L]P aL]TZ`^ wQZWVx LYO w^`MLW _P]Yx TYQW`PYNP^ ?SP wLY_TYZXT^_x MPSLaTZ] []ZMLMWd NLYYZ_ MP Pc [WLTYPO ZYWd Md _P]]T_Z]TLW Pc[LY^TZY YZ] T^ T_ ^ZWPWd _SP []TaTWPRP ZQ ^ZXP ]LOTNLW WL_P] A£XLN£]TY^ /TQQP]PY_ ^ZNTLW R]Z`[^ SLaP LWbLd^ SLO _SPT] OTQQP]PY_ ]PWTRTZ`^ ^_dWP^ ^ZXP OP[PYOTYR ZY PO`NL_TZY ^ZNTLWTeL _TZY LYO ]PRTZYLW _]LOT_TZY ^ZXP MPTYR LY Pc[WTNT_ []ZR]LX ?SP]P T^ LW]PLOd L R]PL_ aL]TP_d LXZYR PL]Wd ±LTaL R]Z`[^ ^PP MPWZb LYO ZYP XLd ZYWd ^Ld _SL_ ]PRL]OTYR Q`_`]P OPaPWZ[XPY_^ _SP]P bL^ ZY _SP ZYP SLYO L ]LOTNLWTeL_TZY ZQ ?LY_]TN []LN_TNP^ [L]_TN`WL]Wd Md TYNW`OTYR aTZWPY_ ]T_P^ LYO QP]ZNTZ`^ WZNLW RZOOP^^P^ Q]ZX _SP [Z[`WL] XLTY ^_]PLX LYO ZY _SP Z_SP] SLYO L R]ZbTYR ^[T]T_`LWTeL_TZY LYO TY_P]YLWT eL_TZY ZQ QPL]^ZXP QZWV OPT_TP^ _SPT] ^SLXLYT^_TN LYO XLRTN ]T_P^ LYO ZQ _SP ?LY_]L TY RPYP]LW 1`]_SP]XZ]P _SP]P bL^ L XZaP Q]ZX [`]PWd ^Z_P]TZWZRTNLW RZLW^ _Z XZ]P []LRXL_TN LTX^ LYO Q]ZX L^NP_TN^ _Z SZ`^PSZWOP]^ -`_ _SP^P _PYOPYNTP^ SLaP _SPT] NZ`Y_P]PcLX[WP^ /PQT YT_PWd _SP w]PWTRTZ`^ XL]VP_x ZQ 3TYO` 4YOTL SL^ LWbLd^ MPPY [W`]LWT^_ LYO X`W_T]PWTRTZ`^ 4_ YPaP] NZYaP]RPO PY_T]PWd bT_S _SP WZQ_d -]LS XLYTN TOPLW ZQ L `YTQTPO APOTN N`W_`]P PaPY _SZ`RS XLYd R]Z`[^ SLaP OPWTMP]L_PWd TOPY_TQTPO bT_S T_ :_SP]^ OTO YZ_ MPNL`^P _SPd OTO YZ_ U`ORP T_ _Z MP L^ WZQ_d L^ _SP ¢RLXL^ LYO ?LY_]L^ OPXZY^_]L_P .`]TZ`^Wd []PNT^PWd _SP^P XZ^_ [ZbP]Q`W TYOP[PYOPY_ _]LOT_TZY^ MPNLXP ^Z TYQW` PY_TLW _SL_ _SP []PaTZ`^ Z[[Z^T_TZY ZQ APOL LYO ¢RLXL _`]YPO TY_Z L ^dXMTZ_TN Z^XZ^T^ $ :Q NZ`]^P T_ bL^ ZYWd _SP wZ]_SZOZcx ¢RLXL Z] bSL_ T^ VYZbY L^ w]TRS_SLYOPOx ?LY_]L _SL_ bL^ OPNWL]PO wALTOTVLx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # =L^_PWWT w/TP QÞYQ EPT_PYx z $ , aP]d ZMaTZ`^ PcLX[WP T^ _SP XTcPO XLY_]L^ bSTNS NZY_LTY APOTN LYO ?LY_]TN [L]_^ >PP MPWZb LYO 3LYYPOP] wAPOTN LYO ?LY_]TN 8LY_]L^x ?SP ^PY^Z]d TXLRP bZ]^ST[ ZQ _SP ¢RLXL^ LYO _SPT] ]T_`LWZ]TPY_PO QLT_S TY L R]PL_ 7Z]O 2ZO SLaP MPPY ST^_Z]T NLWWd ^Z PQQPN_TaP _SL_ PaPY ^_L`YNS APOTN -]LSXTY^ NZ`WO YZ_ P^NL[P _SPX .ZY aP]^PWd _SP >Z`_S 4YOTLY ±LTaL >TOOS£Y_L T_^PWQ SL^ LM^Z]MPO ^Z XLYd APOTN XLY_]L^ LYO APOLY_TN TY_P][]P_L_TZY [L__P]Y^ _SL_ T_ T^ OTQQTN`W_ _ZOLd _Z ^P[L]L_P _SP []PaT Z`^Wd OTQQP]PY_ _]LOT_TZY^ 1`]_SP] aP]d ZMaTZ`^ PcLX[WP^ L]P _SP ±£V_L @[LYT´LO^ LYO _SP >Z`_S 4YOTLY ±]¯aTOd£ _]LOT_TZY

!#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

bSTNS T^ YZ_ PaPY b]ZYR NZY^TOP]TYR _SP APOTN Z]TRTY ZQ ±TaL bSP]PL^ ZY _SP ]LOTNLW Q]TYRP^ _SP Z[[Z^T_TZY ]PXLTYPO ±LTaT^X TY [L]_TN`WL] bSTNS SL^ L aP]d WZYR _]LOT_TZY TY 4YOTL z LQ _P] LWW _SP =`O]L±TaL ZQ _SP ZWO A]£_dL^ T^ L[[L]PY_Wd _SP QT]^_ RZO _SL_ T^ ]PRL]OPO L^ L u7Z]O 2ZOv TY 4YOTL z SL^ LWbLd^ ]PXLTYPO XZ]P Z] WP^^ w?LY_]TNx 8LYd ±LTaL XZaPXPY_^ L]P ^_TWW []Z`O ZQ _SPT] APOL TYOP[PYOPY_ _]LOT_TZY _SP ¢RLXL WT_P]L_`]P ?SP NWL^^TNLW ±LTaL ¢RL XL^ _Z bSTNS _SP Z]_SZOZc ±LTaL >TOOS£Y_L ]PQP]^ L]P ]L_SP] NZYaPY _TZYLW& _SP ]T_P^ _SPd OP^N]TMP NZY_LTY YZ_STYR ]PaZW_TYR _Z NZY_PX[Z]L]d 3TYO`^ LW_SZ`RS APOTN -]LSXTY^ TYT_TLWWd Pc[P]TPYNPO _SPX L^ ]PaZW_ TYR 8Z^_ ZQ LWW T_ T^ _SP NZ][`^ ZQ _SP -SLT]LaL ?LY_]L^ _SL_ SL^ M]Z`RS_ _SP ?LY_]L L MLO YLXP z LYO L^ bP ^SLWW ^PP _SP]P L]P ^ZXP _TXP^ RZZO ]PL^ZY^ QZ] _ST^

 >Pc LYO .]TXP bT_S _SP ?LY_]T^_^% :_SP]TYR /T^NZ`]^P^ TY 0L^_ LYO BP^_ >Pc LYO .]TXP bT_S _SP ?LY_]T^_^ ?ZOLd _SP w_SP ]TRS_SLYOPOx ?LY_]T^_^ L]P ^Z ^_]ZYRWd Q`^PO bT_S _SP APOTN -]LSXLYTN ]T_`LW ^d^_PX _SL_ _SPd L]P RPYP]LWWd YZ WZYRP] [P] NPTaPO L^ MPWZYRTYR _Z L YZY-]LSXLYTN ]PWTRTZY L_ LWW  >Z _SP WLMPW w?LY_]Lx ]PXLTYPO TY `^P PcNW`^TaPWd QZ] _SP wWPQ_SLYOPOx LY_TYZXTN LYO LY_TAPOTN ?LY_]T^X LYO L^ L NZY^P\`PYNP SL^ LN_`LWWd _LVPY ZY _SP NZYYZ_L_TZY ZQ wSP_P]ZOZc OLYRP]Z`^ TYOPNPY_x ?SP]PQZ]P _SP bZ]O w?LY_]Lx TY NZXXZY `^P `[ LYO OZbY _SP NZ`Y_]d ZQ_PY SL^ L NZX[WP_PWd YPRL_TaP XPLYTYR ?SP LaP]LRP OPNPY_ 3TYO` _STYV^ ZQ L w?LY_]T^_x L^ L STRSWd ^`^[PN_ LYO OLYRP]Z`^ QTR`]P []ZMLMWd L bTNVPO `Y^N]`[`WZ`^ LYO [ZbP]S`YR]d []LN_T_TZYP] ZQ MWLNV XLRTN bSZ NLY NL^_ ^[PWW^ ZY [PZ[WP LYO PaPY VTWW _SPX ?ST^ T^ LW^Z SZb ?LY_]T^_^ L[[PL] TY NWL^^TNLW bZ]V^ ZQ WT_P]L_`]P bSP]P _SPd L]P `^`LWWd NL^_ L^ _SP aTWWLTY^ ?ST^ NWTNSË]TOOPY [P]NP[_TZY ZQ ?LY_]T^X T^ QZ`YO YZ_ ZYWd L^ L RPY]P bT_STY QZWVWZ]P M`_ L[[PL]^ TY L ^TXTWL] QZ]X TY _SP TYOTRP YZ`^ ST^_Z]TZR]L[Sd ZQ TYOTaTO`LW 3TYO` ^PN_^ 1Z] TY^_LYNP 6Ž´©LXT²]L _SP L`_SZ] ZQ _SP [Z[`WL] ;]LMZOSL .LYO]ZOLdL LY LWWP RZ]TNLW O]LXL b]T__PY TY L ALT´©LaLAPO£Y_TN ^_dWP L]Z`YO   ,/ Q`WQTWW^ LWW _SP WZNLW []PU`OTNP^ Md NL^_TYR _SP _d[TNLW ?LY_]T^_ L^ LY TY _ZWP]LY_ XPRLWZXLYTLN XZY^_P] OPXLYOTYR S`XLY ^LN]TQTNP^% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4Y QLN_ ,aLWZY XLOP L RZZO [ZTY_ ]PXL]VTYR% w8POTPaLW u3TYO`T^Xv m bL^ L^ T_^ ^`NNP^^Z] XZOP]Y Z]_SZOZcd T^ WL]RPWd ?£Y_]TNx ,aLWZY ;]TYNT[WP^ ZQ ?LY_]L  $ ]P[] $!  ;Z^_,aLWZY ^_`OTP^ ZY ?LY_]L ZQ_PY QZN`^PO _Z PcNW`^TaPWd ZYWd _SP YZY-]LSXLY SP_P]ZOZc wWPQ_SLYOPOx PWPXPY_^ bSP]PL^ ^ZXP ]PNPY_ ]P^PL]NS ]PPXM]LNP^ ,aLWZYv^ L^^P^^XPY_ ;LOZ`c ?LY_]TV£MSTOLYLVZ²L 4 ! 

>Pc LYO .]TXP bT_S _SP ?LY_]T^_^

!#

w>V`WWMPL]P]% u: 5LTYL SPL] Xd ]PWTRTZY% BP XLVP S`XLY ^LN]TQTNP^ TY NW`OTYR _SP M]LTY TYYL]O^ LYO MZYP XL]]Zb TY _SP ^LN]PO QT]P ?Z Q`WQTWW Z`] ZL_S bP O]TYV WT\`Z] Z`_ ZQ _SP ^V`WW^ ZQ -]LSXTY^ BP NLWW ZY Z`] RZO _SP R]PL_ -SLT]LaL Md ZQQP]TYR STX S`XLY MPTYR^ L^ ^LN]TQTNTLW QZZO LYO FZ`] bL_P] ZQQP]TYRH T^ _SP SZ_ MWZZO [Z`]TYR Z`_ ZQ L Q]P^SWd NSZ[[PO YPNVv -`OOST^_% u: -`OOSL -`OOSL bSL_ L R]`P^ZXP ]PWTRTZYv 5LTYL% u: 5TYL 5TYL SZb X`NS _ST^ [ZZ] ^TX[WP_ZY X`^_ SLaP QLWWPY `YOP] _SP TYQW`PYNP ZQ L OPaTWT^S NZYU`]P]v >V`WWMPL]P]% u>SLWW 4 ^SZb dZ` _SP [ZbP] ZQ Xd ]PWTRTZY* 4 M]TYR LWW RZO^ `YOP] Xd NZY_]ZW 4 ^_Z[ _SP [WLYP_^ TY _SPT] [L_S^ LN]Z^^ _SP ^Vd 4 QWZZO _SP PL]_S PaPY T_^ XZ`Y_LTY^ LYO NT_TP^ LYO z TY LOOT_TZY z U`^_ _STYV 4 O]TYV LWW T_^ bL_P] TY ZYP ^PNZYOv 5LTYL% u: ^V`WWMPL]P] _ST^ T^ []PNT^PWd bSd 4 ^Ld _SL_ ^ZXP NZYU`]P] X`^_ SLaP WPO dZ` L^_]Ld bT_S ST^ _]TNV^v >V`WWMPL]P]% u>SLXP ZY dZ` DP_ LRLTY dZ` NLWW _SP 7Z]O LYO 8L^_P] L NZYU`]P]* ?SP]P T^ YZ [L]OZY QZ] _ST^ ^Z]_ ZQ TX[`OPYNP /]LbTYR ST^ ^bZ]O 4 ^SLWW [`_ LY PYO _Z dZ` 4 ^SLWW ^PaP] dZ`] U`R`WL] bT_S _ST^ _P]]T MWP MWLOP BT_S _SP QZLXTYR LYO M`MMWTYR ZQ dZ`] MWZZO ^SLWW 4 []Z[T_TL_P _SP bTQP ZQ _SP 7Z]O bSTWP 4 TYaZVP SP] LYO SP] SZ]OP^ ZQ ^[T]T_^ bT_S _SP ^Z`YO ZQ Xd ]L__WTYR ^YL]P O]`Xv ?SP 5LTYL Q`WW ZQ QPL] WPL[^ TY_Z _SP WL[ ZQ _SP -`OOST^_% u-`_ SZYZ]PO ^T] NZY^TOP] _ST^% YZYaTZWPYNP T^ _SP ^`[]PXP OSL]XL vx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  V£[£WTVLà z L]P V´L[L©LVL OSL]XLÀ _£aLO L^X£VLX LaLOS£]LdL z XL^_T´V£Y_]LaL^£MST[¼]T_LXLS£X£À^£S`_Å]U`SaL_£À aLSYL` M]LSXLVL[£WLVLW[T_L^`]£[£YPYL YLà [£]L©£ g ^LOdLàVŽ__LVL¶SZ]LVL©¶SLaTRLWL_VÅW£WLOS£]ZUUaLWLT ]L]NdZ YLà [`]`´Z[LS£]LMLWTMST] OPaZ XLS£MSLT]LaLà gg MSTV´`à z M`OOSL M`OOSL LSZ O£]`©£ OSL]XLNL]d£ g V´L[L©LVLà z LWTSLY_L LWTSLY_L LSZ RSZWL[£aLV£WT©£ FTYOLU£WT©£*H VP©£aT aT[[LWLOOSZ MLW£Z g V£[£WTVLà z OL]²Ld£XL^ _L]ST OSL]XL^d£^dL XLSTX£YLX* SL]TSL]L^`]LUdP´¶SL²]P´¶S£YLSLX£SL]P aTdL_T aLSL_£À YLV´L_]£©£À ]`©LOSXT RL_Å] L[T g ^LYLRLYLRL]ÅXLXMSLà[¼]©£À aTOS£dL XLSÅXTX£À VLWLdL ^LVLWLÀ MS¼dL^_ZdLÀ V´L©PYL [TM£XT _L_ gg V´L[L©LVLà z LWP V£a£WTL LOZ UPMML MSL©£XT VP©£aT TYOLU£WT©£ X££À OLÀ^ÅdL aT[[LWLOOSZ u^T __T g V£[£WTVLà z £à [£[L [`YL] L[T [L]LXP²aL]LX LTYO]LU£WTVLX T_d £V´T[L^T g _LYYL XL]´L©ÅdLXL^dL OL`]£_XdLX g VSL“RLX £VŽ´dL _LO LWLX L^dL g P_L_VL]£WLVL]La£WLYTaŽ__LVL©¶SL Y£WZNNLWLOMLS`WL[SPYTWLM`OM`OL`RSLTà g ^£]OSLÀ “LXL““LXL]`“£ÀVŽ_TS¼_LMS¼_Lz aL]RP©L MSL]RLRŽST©ÅÀ ]`OST]LT] OSTYZXT gg m V´L[L©LVLà ^LMSLdLÀ z XLS£MS£L LSTÀ^£[LWLXZ OSLXXZ _aT MSTV´Z]

!#!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP^P LNN`^L_TZY^ LTXPO L_ _SP ?LY_]T^_^ L]P YZ_ [`]P QLYNTQ`W QLM]TNL _TZY M`_ YPT_SP] OZ _SPd LN_`LWWd ]P[]P^PY_ _SP _]`_S 4Y _SP ]P[]P^PY_L _TZY ZQ _SP ^V`WWMPL]P] _SP L`_SZ] L -]LSXLYTN ALT´©LaL SL^ ^TYRWPO Z`_ ^ZXP Pc_]PXP []LN_TNP^ ZQ PL]Wd wWPQ_SLYOPOx ±LTaL R]Z`[^ bSZ^P LYZXT^_TN MPSLaTZ] bZ`WO NP]_LTYWd SLaP ^SZNVPO OPNPY_ NZYaPY_TZYLW 3TYO`^ ,WPcT^ >LYOP]^ZY NZTYPO _SP _P]X wN`W_`]P ZQ _SP N]PXL_TZY R]Z`YOx Z] wN]PXL_TZY R]Z`YO L^NP_TNT^Xx QZ] _SP^P YZYTY^_T_`_TZYL WTePO [P]T[L_P_TN L^NP_TN^ _SL_ _]LY^NPYOPO XZ]P Z] WP^^ ]LOTNLWWd _SP APOTN [LWP LYO WTaPO L [ZbP]Q`W ^Z_P]TZWZRd NPY_P]PO ZY PXLYNT[L_TZY LYO ^`[P]YL_`]LW Pc[P]TPYNP  ,NNZ]OTYR _Z >LYOP]^ZY _SP XZ]P ]LOTNLW R]Z`[^ ^`NS L^ _SP 6£[£WTVL^ w^V`WWMPL]P]^x bP]P bZ]^ST[TYR =`O]L Z] -SLT]LaL TP ±TaL QZ]X^ bT_S LY L`]L ZQ _P]]TQdTYR LYO PN^_L_TN [ZbP] ?SPd NL]]TPO L ^V`WW_Z[[PO ^_LQQ LYO LY LWX^MZbW QL^STZYPO Q]ZX L S`XLY N]LYT`X VL[£WL  bLYOP]PO L]Z`YO LYO WTaPO ZY N]PXL _TZY R]Z`YO^ -d NZY_PX[WL_TYR _SPT] 7Z]O 2ZO L^ P^^PYNP TY LWW _STYR^ TYaZVTYR STX Md XLY_]L TYNLY_L_TZY^ bZ]^ST[[TYR STX TY _SPT] aP^^PW QTWWPO bT_S LWNZSZWTN WT\`Z] LYO TXT_L_TYR STX XZ^_ [Sd^TNLWWd TY _SPT] L[[PL]LYNP LYO WTQP^_dWP _SPd _SPX^PWaP^ MPNLXP =`O]L-SLT]LaL _SP Xd_STNLW -]LSXLY^WLdP] @YWTVP _SP ]L_SP] O`MTZ`^ S`XLY ^LN]TQTNP^ TY 6Ž´©LXT²]Lv^ LNNZ`Y_ bSTNS ^SZ`WO MP `YOP]^_ZZO L^ L WT_P]L]d _Z [Z^  ]T_`LW NZY^`X[_TZY ZQ LWNZSZW LYO ^_]TaTYR QZ] [L]LYZ]XLW [ZbP]^ bP]P aP]d bTOP^[]PLO LXZYR^_ _SP^P R]Z`[^ -`_ 6Ž´©LXT²]Lv^ OP^N]T[ _TZY N]PL_P^ L _Z_LWWd QLW^P TX[]P^^TZY ?LY_]TN LWNZSZW ]T_P^ L]P LYd_STYR M`_ bTWO O]TYVTYR [L]_TP^ LYO _SP QLY_L^TP^ ZQ ZXYT[Z_PYNP L]P X`NS XZ]P _SP []ZO`N_ ZQ `YTZXd^_TNL Pc[P]TPYNP^ Z] [Z^^TMWd [Z^^P^^TZY _]LYNP _SLY ZQ _SP NWL^^TNLW OP^T]P ZQ LWW R]PL_ aTWWLTY^ _Z ]`WP _SP bZ]WO ?SP ]P^_ T^ WT_P]L]d QTN_TZY% _SP S`XLY ML]MPN`P L]T^P^ Q]ZX _SP _Z[Z^ ZQ _SP N]PXL_TZY R]Z`YO RZMWTY [T²£NL LYO _SP -]LSXLY ^V`WW T^ LY PWP XPY_ Q]ZX L QLXZ`^ ±TaL Xd_S ?SP LNNZ`Y_ ZQ LY Z]RTL^_TN MWZZO _ST]^_d XZY^_P] LN_`LWWd NZY_LTY^ XZ]P -]LSXLYTN ^PWQOP^N]T[_TZY _SLY LY LNNZ`Y_ ZQ ]PLWT_d 4Y _SP ^V`WWMPL]P] bP ^PP _SP TOPLWTePO TXLRP ZQ _SP XZOP^_ [PLNPWZaTYR LYO XZOP]L_P -]LSXLY _`]YPO TY_Z T_^ PcLN_ Z[[Z^T_P ,YO TY QLN_ T_ T^ ZYWd _SP [`]P []TP^_v^ Z] -]LSXLYTN XZYVv^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ L«VLÀ []LaT²L_T g  ;]LMZOSL .LYO]ZOLdL z   >LYOP]^ZY w;`]T_d LYO ;ZbP]x z LYO w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x !!z!!$ TY [L]_TN`WL] !!! >PP LW^Z MPWZb Z`] NSL[_P] w?SP ^TYRTYR ^V`WWx @Y_TW >LYOP]^ZYv^ ^_`OTP^ _SP XZ^_ ]LOTNLW PL]Wd ±LTaL L^NP_TN^ bP]P VYZbY LWXZ^_ PcNW` ^TaPWd Q]ZX [Z[`WL] O]LXL WT_P]L_`]P LYO Z]_SZOZc -]LSXLY SLRTZR]L[STP^ / 9 7Z]PYePY ?SP 6£[£WTVL^ LYO 6£W£X`VSL^% ?bZ 7Z^_ ±LTaT_P >PN_^ /PWST% 8Z_TWLW -LYL]^TOL^^ ]P[] $$ Z]TRTYLW $"  3P]P T_ T^ YZ_ LWbLd^ PL^d _Z ^P[L]L_P _]TMLW N`^_ZX^ LYO ?LY_]L Q]ZX PLNS Z_SP] 4_ T^ NWLTXPO z bT_S L OPR]PP ZQ NP]_LTY_d z _SL_ ^ZXP _]TMLW R]Z`[^ TY 4YOTL SLaP XLOP S`XLY ^LN]TQTNP^ 4Y WT_P]L]d ?LY_]L Md NZY_]L^_ _SP _Z[Z^ ^SZ`WO NP]_LTYWd MP `YOP] ^_ZZO LWWPRZ]TNLWWd

>Pc LYO .]TXP bT_S _SP ?LY_]T^_^

!#"

^`[P]TZ] XZ]LW ^_LYO[ZTY_ _SL_ LWWZb^ STX _Z MP \`T_P ^Z R`^STYR LMZ`_ _SP ]PaZW_TYR ]T_`LW []LN_TNP^ ZQ _SZ^P bT_S OTQQP]PY_ MPWTPQ^ z PaPY _SP bTWOP^_ 6£WÅ _Pc_^ ZQ w_SP WPQ_SLYOPOx _SPX^PWaP^ L]P SL]XWP^^ TY NZX [L]T^ZY bT_S 6Ž´©LXT²]Lv^ PcNP^^TaP WT_P]L]d aTZWPYNP 4_ T^ ]PXL]VLMWP _SL_ _SP L`_SZ] z LYO WTVPbT^P LYZ_SP] [WLdb]TRS_ -SLaLMS¼_T TY ST^ 8£WL_Å8£OSLaLX OPLWTYR bT_S _SP ^LXP _Z[Z^ z L__]TM`_P^ _Z _SP OP^[T^PO aTWWLTY STRSWd N`W_`]PO aP]d NZX[WPc V£adL  VTYO ZQ >LY^V]T_ ^[PPNS -PYRLWT ^_dWP bSP]PL^ _SP -`OOST^_ LYO 5LTY L[[PL] L^ QZWV ^TX[WP_ZY^ ^TX[Wd MPNL`^P ZQ _SPT] WLYR`LRP ^_dWP& 6Ž´©LXT²]Lv^ 5LTY ^[PLV^ 8£RLOS¯ L ;]£VŽ_ ^[ZVPY TY bSL_ T^ _ZOLd -TSL] _SL_ T^ NZY^TOP]PO aP]d WZb NL^_P TP _SP WLYR`LRP ZQ _SP `Y _Z`NSLMWP .£©“£WL^ 4_ T^ L NZYaPY_TZY LXZYR [WLdb]TRS_^ _SL_ _SP WLY R`LRP ZQ _SP NSL]LN_P]^ TYOTNL_P^ _SPT] ^ZNTLW ^_L_`^ ?ST^ XPLY^ _SL_ _SP N`W_`]LW XPXZ]d ZQ _SP WPRPYOL]d 6£[£WTVL^ T^ _SL_ ZQ `__P]Wd ]Z__PY TY_PWWPN_`LW^ M`_ YZ_ _SL_ ZQ YZYPWT_P ^`MLW_P]Y LN_Z]^ Z] LY TYQP]TZ] ^ZNTLW ^_L_`^ R]Z`[ ?SP NWTNSË ZQ _SP 6£[£WTVL TYNW`OP^ _SP YZ_TZY _SL_ SP T^ L STRSWd PO`NL_PO [P]^ZY 4_ T^ YZ_ _SP bZ]WO ZQ aTWWLRP XLRTNTLY^ Z] ^`MLW_P]Y ?LY_]TN^  _SL_ _SP [WLdb]TRS_ []ZUPN_^ 4Y ST^ PdP^ _SP 6£[£WTVL^ L]P TYNL]YL_P OPaTW^ LYO OP^[TNLMWP XZY^_P]^ MPNL`^P ZQ _SPT] LY_TYZXTN LYO aTZWPY_ MPSLaTZ] BSP_SP] _SP 6£[£WTVL^ L]P ]PLWWd L ST^_Z]TNLW R]Z`[ ZQ TY_PWWPN_`LW^ bSZ WPQ_ ^ZNTP_d LYO _ZZV OPWTRS_ TY `YNZYaPY_TZYLW ]LOTNLW ]T_P^ Z] bSP_SP] _SPd L]P L XP]P QTN_TZY ZQ O]LXL b]T_P]^ LYO Z]_SZOZc SLRTZR ]L[SP]^ bSZ []ZUPN_ PaP]d_STYR SZ]]TQdTYR L^^ZNTL_PO bT_S ?LY_]L ZY_Z _SP QTN_T_TZ`^ NSL]LN_P]^ bP NLY YZ_ VYZb QZ] NP]_LTY _ZOLd MPNL`^P _SP Z]TRTYLW ?LY_]L ^Z`]NP^ ZY PL]Wd R]Z`[^ L]P aP]d ^[L]^P LYO YZ_ SZXZ RPYPZ`^ ?SP]P SLaP MPPY XZ]P wZ]_SZOZcx LYO XZ]P wSP_P]ZOZcx ^_]LYO^ ?SP >aLNNSLYOL?LY_]L MPWZYRTYR _Z _SP -SLT]LaL ?LY_]L^ QZ] TY^_LYNP TYNZ][Z]L_P^ APOTN XL_P]TLW P^[PNTLWWd Q]ZX _SP ±L_L]`O]¯dL  :¿ XPOT_L_TZY >X£]_L []PNP[_^ -]LSXLYTN [STWZ^Z[Sd LYO ^NTPYNP^ WTVP WZRTN L^_]ZWZRd LYO XPOTNTYP ;`]£©TN LYO ;£ÓNL]£_]L TOPL^ LYO ±LTaL^TOOS£Y_L ?SP]P NP]_LTYWd SL^ MPPY L N]PXL_TZY R]Z`YO N`W_`]P% L^NP_TN^ bSZ ^XPL]PO _SPX^PWaP^ bT_S L^SP^ ^TRYTQdTYR ZYPv^ OPL_S bSTWP WTaTYR L]P aP]d bPWW OZN`XPY_PO ?SPd XLd MP OTQQP]PY_TL_PO Q]ZX -SLT]LaL L^NP_TN^ bSZ ^LYR LYO OLYNPO LYO ZNNL^TZYLWWd XLd SLaP NL]]TPO L ^V`WW MZbW TYOTNL_TaP ZQ _SPT] XLOYP^^ Md bSTNS _SPd TXT_L_PO ±TaL bSZ bPY_ XLO LQ_P] MPSPLOTYR RZO -]LSX£ ]P^[PN_TaPWd ST^ QTQ_S _]LY^NPYOPY_LW SPLO LYO WPLaTYR -]LSX£ ZYWd bT_S _SP QZ`] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ T^ bSL_ BST_P 6T^^ ZQ _SP DZRTY¯  ^`RRP^_PO B / ,]]LU ?SP >aLNNSLYOL_LY_]LX% 3T^_Z]d LYO >_]`N_`]P ZQ L ±LTaL >N]T[_`]P ;S/ OT^^ @YTaP]^T_d ZQ .STNLRZ $## ^`XXL]TePO Md /dNeVZb^VT , 5Z`]YPd  ! QY"

!##

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

wbZ]WOWdx SPLO^ QLNTYR TY _SP QZ`] NL]OTYLW OT]PN_TZY^ ?SP -SLT]LaL ?LY_]L^ NZY_LTY []P^N]T[_TZY^ QZ] Y`XP]Z`^ aZb^ a]L_L  ?SP 5LdLO ]L_SLd£XLWL  MPWZYRTYR _Z _SP WL_P] ±£V_LZ]TPY_PO d£XLWL -SLT]LaL ?LY_]L^ WT^_^ LXZYR^_ Z_SP]^ _SP AZb ZQ 8LOYP^^ `YXL__La]L_L  _SP AZb ZQ 9LVPOYP^^ YLRYLa]L_L  _SP AZb _Z -P L ?]LY^aP^_T_P ^_]¯ aP²LOSL]La]L_L  _SP AZb _Z BPL] =PO .WZ_S ]LV_LaP²LOSL]La]L_L LYO LW^Z _SP 2]PL_ AZb XLS£a]L_L  ! ?SP WL__P] ]P\`T]P^ _SP L^NP_TN _Z bLYOP] L]Z`YO NZY^_LY_Wd TXT_L_TYR -SLT]LaLv^ [PYLYNP QZ] SLaTYR ^PaP]PO ZYP ZQ -]LSX£v^ SPLO^ 3P ^SZ`WO bPL] ^Tc TY^TRYTL TP L YPNVWLNP Z]YLXPY_^ PL]]TYR^ L N]P^_UPbPW L^SP^ LYO _SP ^LN]PO _S]PLO LYO NL]]d L ^V`WW 4Y _SP NZXXZY TXLRP ZQ ?LY_]L T_ T^ TYOTaTO`LW L^[PN_^ ZQ ]PLW ?LY _]T^X _SL_ L]P [TNVPO Z`_ LYO PcLRRP]L_PO ?ST^ T^ LW^Z _]`P ZQ _SP TXLRP ZQ ?LY_]L TY _SP BP^_ , ^PL]NS QZ] _SP bZ]O w?LY_]Lx ZY _SP bZ]WO bTOP bPM RPYP]L_P^ _SZ`^LYO^ ZQ ST_^ LWXZ^_ PcNW`^TaPWd NZYNP]YPO bT_S ^Pc`LWT_d bSTNS NLY MP Pc[WLTYPO XZ]P L^ L wNZ`Y_P]NWTNSËx _Z .S]T^_TLY OPXZYTeL_TZY^ ZQ ^Pc`LWT_d _SLY L^ ^ZXP_STYR OP]TaPO Q]ZX ?LY_]T^X L^ T_ T^ LN_`LWWd WTaPO Z`_ TY 4YOTL ?SP XZOP]Y BP^_P]Y NWTNSË ZQ ?LY_]L T^ ML^TNLWWd YZ_STYR Z_SP] _SLY L [Z^T_TaP ]PTY_P][]P_L_TZY ZQ L YPRL_TaP TXLRP ZQ 3TYO`T^X LYO ?LY_]T^X M]Z`RS_ _Z _SP BP^_ Md -]T_ T^S XT^^TZYL]TP^ LYO LOXTYT^_]L_Z]^ ?SP L^^ZNTL_TZY MP_bPPY ]PWTRTZY LYO ^Pc`LWT_d L^ QZ] PcLX[WP Pc[]P^^PO TY _SP ^Pc`LWWd XP_L[SZ]TNLW WT«RL bZ]^ST[ bL^ ZQ NZ`]^P LY `Y]TaLWPO aT^TZY ZQ SZ]]Z] QZ] _SP XT^ ^TZYL]TP^ _SL_ SLO L []ZQZ`YO TYQW`PYNP ZY SZb _SPd [Z]_]LdPO 3TYO` T^X " ?SP TXLRP ZQ L N`W_TaL_PO STRSWd OPaPWZ[PO 3TYO`T^X ^`NS L^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! /dNeVZb^VT , 5Z`]YPd  # ?SP _Pc_ SL^ YZ_ dP_ MPPY POT_PO ,YZ_SP] `YPOT_PO -SLT]LaL?LY_]L _SP -]LSXLd£XLWL  WT^_^ L Y`XMP] ZQ aZb^ L^ bPWW TYNW`OTYR _SP NL]]dTYR ZQ L ^V`WW 4_ SL^ _SP]PQZ]P MPPY OP^N]TMPO L^ w6£[£WTVL ?LY_]Lx LYO _SP N`W_ T_ []P^N]TMP^ T^ LNNZ]OTYR _Z /dNeVZb^VT TMTO #z$ w]PWL_TaPWd WT_P]LW LYO `Y OZXP^_TNL_POx 3P LW^Z ]PXL]V^ SZbPaP] _SL_ NZYN]P_P ]PQP]PYNP^ _Z LYd 6£[£WTVL ^PN_ L]P ]L]P LYO _SP -]LSXL D£XLWL OZP^ YZ_ NZY_LTY LYd PT_SP] LW_SZ`RS T_ NZY_LTY^ TY_P]P^_TYR OP_LTW^ LMZ`_ L aZb _Z MP L w^V`WW MPL]P]x V£[£WTVL " , ]PXL]VLMWP PcLX[WP T^ ,MMË /`MZT^ #_S NPY_ bSZ ZQQP]^ L WZ_ ZQ aLW`LMWP wP_S YZR]L[Sdx ZY 3TYO` N`^_ZX^ LYO ^[PLV^ TX[]P^^TaPWd LMZ`_ aT]_`P^ LYO QL^_^ ZQ -]LSXTY^ bSTWP L_ _SP ^LXP _TXP Pc[]P^^TYR `__P] OT^R`^_ LYO SZ]]Z] LMZ`_ _SPT] wOP RPYP]L_POx ]PWTRTZY LYO wZM^NPYPx ^dXMZW^ .Q ,MMË 5PLY ,Y_ZTYP /`MZT^ 7PMPY `YO =T_PY OP] 4YOP]% 6L^_PYbP^PY `YO 3TYO`RWL`MP TY >ÞOTYOTPY `X #  FML^PO ZY _SP 1]PYNS LYO 0YRWT^S POT_TZY^ ZQ # LYO $!H -TPWPQPWO% =`X[   Q   $  Q ?SP]P T^ SZbPaP] YZ `YTQZ]X XT^^TZYL]d OT^NZ`]^P >ZXP _ZZV ]P XL]VLMWd OPP[ LYO ]PWL_TaPWd `YL[ZWZRP_TN TY_P]P^_ TY _SP 3TYO` N`W_`]P WTVP _SP 2P]XLY XT^^TZYL]d 3TWVZ BTL]OZ >NSZXP]`^ ZQ _SP 0aLYRPWTNLW 7`_SP]LY .S`]NS bSZ b]Z_P _SP QT]^_ LNLOPXTN _]PL_T^P ZY ±LTaL >TOOS£Y_L $ 0YRW PO /PWST 

>Pc LYO .]TXP bT_S _SP ?LY_]T^_^

!#$

_SL_ QZ`YO TY _SP @[LYT´LO _]LOT_TZY # LYO ZQ L OPRPYP]L_P 3TYO`T^X _SL_ bL^ XZ]P Z] WP^^ P\`L_PO bT_S ?LY_]T^X NLY PaPY MP QZ`YO TY MZZV^ Md ]PYZbYPO 4YOZWZRT^_^ ZQ _SP [L^_ $ .ZWZYTLW OT^NZ`]^P^ ]PaP]^POWd NZY_TY`P TY ?LY_]L TXLRP^ ZQ 9Pb ,RP_d[P ^[T]T_`LWT_d ?SP XZ^_ []PaLWPY_ TXLRP ZQ ?LY_]L TY _SP BP^_ T^ L NZY^_]`N_ ZQ L SPOZYT^_TN ]PWTRTZY bSTNS SL^ U`^_ L^ WT__WP _Z OZ bT_S ]PLW ?LY_]T^X L^ OZP^ 6Ž´©LXT²]Lv^ -]LSXLYT^_TN TXLRP 4_ T^ _]`P _SL_ _SP]P L]P ^ZXP TYOTaTO`LW ?LY_]TN ^Pc`LW ]T_P^ ! -`_ TY YZ bLd OZ _SPd []P^PY_ P^[PNTLWWd ]PQTYPO _PNSYT\`P^ QZ] TYN]PL^TYR OP^T]P Z] [WPL^`]P ?ST^ T^ X`NS XZ]P _SP []P^P]aP ZQ _Pc_^ WTVP _SP 6£XL>¼_]L  bSTNS L]P OPaZTO ZQ L ]PWTRTZ`^ MLNVR]Z`YO LYO ^TX[Wd ^P]aP _Z []ZaTOP TY^_]`N _TZY TY L []LN_TNLW OT^NT[WTYP bSTNS bL^ RPYP]LWWd ]PNZRYTePO TY LYNTPY_ 4YOTL ?SP TOPL _SL_ _SP ?LY_]T^_^ PYRLRPO TY ^Pc`LW ]T_P^ TY Z]OP] _Z PYUZd [L]_TN`WL]Wd RZZO ^Pc T^ LMZ`_ L^ LNN`]L_P L^ _SP ^`[[Z^T_TZY _SL_ .S]T^_TLY^ RZ _Z NS`]NS PaP]d >`YOLd MPNL`^P _SP NZXX`YTZY bLQP]^ L]P [L]_TN`WL]Wd _L^_d @W_TXL_PWd _SP wWPQ_SLYOPOx OTQQP] Q]ZX _SP w]TRS_SLYOPOx ZYWd TY _SPT] ]LOTNLW YL_`]P -Z_S R]Z`[^ L]P TY_P]P^_PO TY TYNW`OTYR ^PY^Z]d [P]NP[_TZY LYO NZ][Z]LW ^PY^L_TZY TY _SPT] ]PWTRTZ`^ []LN_TNP^ LYO MZ_S ^PPV L [Sd^TNLW Pc[P]TPYNP ZQ _SP ^LN]PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # :Y _SP []TaTWPRPO [Z^T_TZY ZQ APO£Y_L [STWZ^Z[Sd LXZYR XT^^TZYL]TP^ ^PP BTWSPWX 3LWMQL^^ 4YOTPY `YO 0`]Z[L% ;P]^[PV_TaPY TS]P] RPT^_TRPY -PRPRY`YR -L^PW% >NSbLMP $# z!$ ?SP QT]^_ aZW`XP ZQ 8Lc 8ÞWWP]v^ []ZUPN_ >LN]PO -ZZV^ ZQ _SP 0L^_ bL^ OPOTNL_PO _Z _SP @[LYT´LO^ :cQZ]O #"$ $ @]MLY ?LY_]L  !z" >PP LW^Z 5ZSY BZZO]ZQQP ;]TYNT[WP^ ZQ ?LY_]L  ;L]_  8LO]L^% 2LYP^S "_S PO $$ z  ! >Pc`LW XP_L[SZ]^ L]P bTOP^[]PLO TY ?LY_]T^X M`_ ^Pc`LW ]T_P^ L]P X`NS WP^^ Q]P\`PY_ _SLY _SP BP^_P]Y TXLRP ZQ ?LY_]L ^`RRP^_^ @YWTVP XLY_]L []LN_TNP _SPd L]P YZ_ NZX XZY _Z LWW ?LY_]TN _]LOT_TZY^ >Pc`LW ]T_P^ SLaP MPPY [L]_TN`WL]Wd PYSLYNPO Md _SP ^NSZZW^ ZQ 6L`WL ?LY_]L LYO TY WL_P] 6L`WL _SPd XLd MP ^`M^_T_`_PO Md Z_SP] ]T_`LW T_PX^ Z] LM^PY_ LW_ZRP_SP] Z] WPQ_ _Z _SP LOP[_v^ ZbY NSZTNP >Pc`LW TY_P]NZ`]^P XLT_S`YL MPWZYR^ _Z _SP QTaP ]T_`LW LN_^ _SL_ OPWTMP]L_PWd `^P []ZSTMT_PO ^`M^_LYNP^ [LÓNLXLV£]L LYO T^ RPYP]LWWd ]P^_]TN_PO _Z WPQ_SLYOPO LOP[_^ ZQ _SP a¯]L wSP]Zx _d[P 4_ LWbLd^ Pc[]P^^P^ L STRSWd ]T_`LWTePO ^Z_P]TZWZRd LYO L Xd^_TNLW P]Z_TNT^X XP]RTYR XLWP LYO QPXLWP OTaTYT_d MPTYR L [ZbP]Q`W [Sd^TNLW ^dXMZW ZQ MZ_S _SP MWT^^ ZQ YZYO`LWT_d LYO NZ^XTN N]PL_TaT_d 1Z] L NZX[LN_ LNNZ`Y_ ZQ 6L`WL []LN_TNP ^PP 2`O]`Y -ÞSYPXLYY ?SP BZ]^ST[ ZQ 8LS£RL©L[L_T LNNZ]OTYR _Z _SP 9T_dZ_^LaL BTNS_]LNS% 4Y^_T_`_ QÞ] 4YOZWZRTP $## ccaT 1Z] XZ]P OP_LTW ZY OT^_TYN_ QZ]X^ ^PP ,UT_ 8ZZVP]UPP LYO 8LOS` 6SLYYL /TP BPW_ OP^ ?LY_]L 8ÞYNSPY% 3PdYP $"" !z##& 0ObL]O . /TXZNV ?SP ;WLNP ZQ _SP 3TOOPY 8ZZY% 0]Z_TN 8d^_TNT^X TY _SP ALT´©LaL^LSLUTd£ .`W_ ZQ -PYRLW .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $!! ]P[] $#$ /PWST $$ ,NNZ]OTYR _Z BST_P  6T^^ ZQ _SP DZRTY¯  SZbPaP] LWW ZQ _ST^ T^ WL_P] 6L`WL w^PNZYO Z]OP]x ?LY_]TN ^Pc bSTNS OTQQP]^ ^`M^_LY_TLWWd Q]ZX PL]Wd 6L`WL wSL]O NZ]Px 1Z] L ^`M^_LY_TLW N]T_T\`P ZQ BST_Pv^ _SP^T^ ^PP >SLXLY 3L_WPd ?SP -]LSXLd£XLWL_LY_]L LYO 0L]Wd ±LTaL .`W_ ZQ DZRTY¯^ /ZN_Z]LW OT^^P]_L_TZY @YTaP]^T_d ZQ ;PYY^dWaLYTL "  QY 

!$

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X



8LY_]L^ L^ /TaTYP >PWQ=PaPWL_TZY

?SP OPT_TP^ ZQ _SP ?LY_]L L]P YZ WZYRP] Xd_SZWZRTNLW QTR`]P^ WTVP _SZ^P QZ`YO TY _SP ;`]£©L^ LYO _SPd SL]OWd PcT^_ TY ?LY_]TN WT_P]L]d ^[LNP^ PT_SP] 4Y^_PLO _SPd L[[PL] L^ ^[PNTQTN XLY_]L^ ,^ LW]PLOd OT^N`^^PO _SP _P]X XLY_]L _SP]PQZ]P ]PQP]^ YZ_ _Z LY TX[Z]_LY_ aP]^P OPOTNL_PO _Z _SP OPT_d WTVP _SP APOTN XLY_]L^ =L_SP] T_ T^ `^`LWWd L N]d[_TN NZXMTYL _TZY ZQ WP__P]^ LYO _SP ?LY_]T^_^ RZ ^Z QL] L^ _Z ^Ld _SL_ _ST^ ^[PNTLW NZXMTYL_TZY ZQ ^Z`YO^ OZP^ YZ_ U`^_ OPYZ_P Z] TYaZVP _SP OPT_d M`_ LN_`LWWd T^ _SP OPT_d -`_ L ?LY_]TN XLY_]L T^ YZ_ ZYWd TOPY_TNLW bT_S _SP OPT_d z T_ LW^Z SL]MZ]^ [ZbP] 5`^_ WTVP _SP APOL _SP ?LY_]TN XLY_]L^ L]P ]PRL]OPO L^ ^Z`YO^ _SL_ SLaP LWbLd^ PcT^_PO ?SP _Pc_^ LWbLd^ _PWW _SP ^_Z]d ZQ _SP XLY_]L L^ L Xd_S ZQ LYY`YNTL_TZY LYO YZ_ L^ L Xd_S ZQ N]PL_TZY 4Y _SP NL^P ZQ _SP ¢RLXL ?LY_]L^ T_ T^ YZ]XLW QZ] _SP OPT_d T_^PWQ _Z LYYZ`YNP T_^ XLY_]L LYO _ST^ ]PaPWL_TZY RPYP]LWWd _LVP^ _SP QZ]X ZQ L OTLWZR 4Y _SP ±LTaL ?LY_]L^ _SP RZOOP^^ ;£]aL_¯ L^V^ _SP \`P^_TZY^ LYO SP] S`^MLYO ±TaL []ZaTOP^ _SP LY^bP]^ bSTWP _SP ]PaP]^P ^T_`L_TZY ZNN`]^ TY _SP ±£V_L ?LY_]L^ , aP]d Pc_PY^TaP OTLWZR T^ QZ`YO TY _SP 9P_]L?LY_]L  LY ¢RLXL bZ]V NZX[Z^PO L]Z`YO "z#  ,/ ! LYO PcNW`^TaPWd OPOTNL_PO _Z _SP w8Ž_d`ÓULdL XLY_]Lx _SP XLY_]L ZQ _SP w.ZY\`P]Z] ZQ /PL_Sx 8Ž_d`ÓULdL L QZ]X ZQ ±TaL _SL_ M]TYR^ SPLWTYR LYO WTMP]L_TZY ?SP TXXZ]_LWT_d XLY_]L :¿ 5»¿ >,ž T^ _SP LY^bP] _Z _SP RZOOP^^v^ ]P \`P^_ _Z _SP RZO L_ _SP MPRTYYTYR ZQ _SP bZ]V _Z ]PaPLW _SP NPY_]LW XLY _]L QZ] QTYLWWd ZaP]NZXTYR _SP ^`QQP]TYR^ ZQ _SP bZ]WO% w,W_SZ`RS dZ`] ^`[]PXP [ZbP] a¯]dL : RZO  FbTWW LWbLd^ ]PXLTYH `Y ]PNZRYTeLMWP LYO TXXPL^`]LMWP TY T_^ YL_`]P T_ SL^ NP]_LTYWd M]Z`RS_ MWP^^ TYR _Z LWW FMPTYR^H Q]ZX Z`_ ZQ dZ`] XZ`_S m : dZ` 2ZO ZQ 2ZO^ bSZ MWP^^P^ _SP bSZWP bZ]WO LWW m LYTXLW^ [PZ[WP LYO RZO^ ^`QQP] `YOP] _SP _S]PL_ ZQ OT^PL^P LYO _SP _S]PL_ ZQ [ZT^ZY LYO ^[T]T_^ 3`YO]PO^ ZQ OPL_S^ NZXP `[ZY _SPX _SPd ^`QQP] L__LNV^ ZQ QPaP] OT^PL^P^ ZQ _SP W`YR^ LYO NZY^`X[_TZY m SZb NZ`WO _SPd MP SL[[d* ?SPT] WTQP^[LY T^  WTXT_PO LYO _SPT] WTaP^ L]P _S]PL_PYPO Md _SP [ZbP]Q`W bSZ SLaP R]ZbY R]PL_ _S]Z`RS dZ`] RWZ]d LYO dZ`] ^_]PYR_S m : 7Z]O ZQ _SP bZ]WO SLaP XP]Nd `[ZY _SPX m LYO _PWW `^ ZQ L ]PXPOd _Z Q]PP _SPX Q]ZX LWW _SP^P FTWW^Hx !

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >LYOP]^ZY w=PWTRTZY LYO _SP >_L_Px  "z$ >LYOP]^ZY ^`RRP^_^ _SP 9P_]L ?LY_]L _Z MP L 6L^SXT]T _Pc_ ZQ ]ZdLW MLNVR]Z`YO 3P []Z[Z^P^ _SP L`_SZ] _Z SLaP MPPY L [P]^ZYLW NSL[WLTY _Z _SP VTYR LYO ^`^[PN_^ _SP ]T_P^ []P^PY_PO QZ] _SP []Z_PN _TZY LYO []Z^[P]T_d ZQ LWW XPXMP]^ ZQ ^ZNTP_d M`_ []TXL]TWd ^[PNTQTPO QZ] _SP ]ZdLW QLXTWd L^ []TYNT[LW MPYPQTNTL]TP^ TMTO z" ! 3P]P T^ L ^WTRS_Wd ^SZ]_PYPO ]PYOP]TYR ZQ _SP aP]^P^% dLOd PaLÀ [L]LXLÀ ²£Y_LX L[]LXPdLR`©£WLdLX g ^L]a£Y`R]£SLVLÀ a¯]dLÀ _LaL OPaL X`VS£N NS`_LX gg MSLRLaLY OPaLOPaP²L WZV£Y`R]LSLV£]LVL g

8LY_]L^ L^ /TaTYP >PWQ=PaPWL_TZY

!$

4Y NZY_]L^_ _Z _SP 7Z]O 2ZO^ TY _SP ;`]£©TN P[TN^ _SP ?LY_]TN 7Z]O 2ZO ±TaL T^ NSL]LN_P]TePO Md _Z_LW L`_ZYZXd LYO Q]PPOZX ^a£_LY_]dL  3P T^ YZ_ MZ`YO Md PT_SP] _SP WLb^ ZQ VL]XL Z] _SZ^P ZQ _SP OSL]XL  3P T^ LMWP _Z M]TYR LMZ`_ TY^_LY_ OPWTaP]LYNP ?ST^ L^[PN_ ZQ XP]Nd LY`R]LSL  _d[TNLW ZQ ±TaL T^ TYaZVPO TY _SP ^_Z]d -`_ LNNZ]OTYR _Z _SP ?LY_]L SP M]TYR^ LMZ`_ OPWTaP]LYNP LYO XP]Nd []TYNT[LWWd _S]Z`RS ST^ XLY_]L^ LYO _SP RZOOP^^ LW^Z ^[PLV^ ZQ _SP wMWP^^TYR ZQ _SP RZO _S]Z`RS ST^ XZ`_Sx ±TaL LY^bP]^ SP] bT_S _SP^P bZ]O^% wBT_S ^`NS OPP[ NZX[L^^TZY : RZOOP^^ dZ` L^V XP _STYR^ LMZ`_ bSTNS 4 SLaP YPaP] MPPY L^VPO MPQZ]P LYO ZQ bSTNS 4 SLaP YPaP] _ZWO ,W_SZ`RS ^Z XLYd XLY_]L^ PcT^_ LW]PLOd _SP XZ^_ TX[Z]_LY_ ZYP WT_ _SP PdP >V_ YP _]L  LXZYR _SPX SL^ YZ_ MPPY YZ_TNPO LW_SZ`RS 4 LWbLd^ bLY_PO _Z FTX [L]_H T_ QZ] T_ T^ L FXLY_]LH _SL_ T^ OTQQTN`W_ _Z R]L^[  9Zb 4 bTWW LYYZ`YNP T_ _Z dZ` mx !

,_ _ST^ [ZTY_ bP ]PXTYO ]PLOP]^ _SL_ L XLY_]L T^ _SP OPT_d 4Y XLY_]L^ _SP RZO ZQQP]^ STX^PWQ 4Y _ST^ ]P^[PN_ _SP ±LTaL ¢RLXL _SPZWZRd ]P XTYO^ `^ aP]d X`NS ZQ .S]T^_TLY _SPZWZRd M`_ _SP ]P^`W_TYR _SPZWZR` XPY T^ aP]d OTQQP]PY_ Q]ZX .S]T^_TLYT_d 4_ T^ _]`P _SL_ TY MZ_S ^d^_PX^ ^LWaL_TZY SL^ MPNZXP [Z^^TMWP MPNL`^P _SP RZO SL^ ZQQP]PO STX^PWQ M`_ .S]T^_TLY^ L]P ^LaPO Md QZWWZbTYR .S]T^_ bSTWP TY _SP NL^P ZQ _SP ±LTaT_P^ _SP LTX T^ _SL_ _SP MPWTPaP] ]PNPTaP^ _SP WTMP]L_TYR [ZbP] ZQ _SP RZO LYO _S`^ SP STX^PWQ MPNZXP^ L ^PNZYO ±TaL ²TaL_aLX  ?SP LM^Z][ _TZY ZQ _ST^ OTaTYP [ZbP] WP^^ ^Z _SP RZO STX^PWQ SPW[^ _Z ZaP]NZXP _SP ^`QQP]TYR^ ZQ _ST^ bZ]WO LYO _Z LNSTPaP OPWTaP]LYNP Z] TY 4YOTLY _P]X^% PXLYNT[L_TZY ?ST^ _]LY^`M^_LY_TL_TZY ZNN`]^ PcNW`^TaPWd aTL _SP XLY_]L bSTNS PY^`]P^ _SL_ _SP ^`M^_LYNP ZQ _SP RZO LN_`LWWd QTWW^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _]TdZYTULX TOLÀ ^L]aLÀ _T]dL«X£Y`´LOPaLRLX gg £OSTad£OSTMSLdZOaTRYLÀ aT´LMS¼_LMSLd£]OT_LX g L[LXš_d`²L_£V¯]©LÀ UaL]LV£^LV´Ld£YaT_LX gg MS¼]MS`aL]X£Y`´P WZVP aT[]£OT[]£©TYL^ _L_S£ g O`àVSLOZ²L²L_£V¯]©£à V`_L^ _P´£À ^`VSLÀ aTMSZ gg d`R£Y`]¼[LX£YPYL _P´£X £d`à ^aLX£YL_Là g UTRS£À^LY_T MLWZ[P_£^ _aL__PUZMLWLÀMšST_£ gg LYPVL²L_L²Z MSPOLT] ad£OSTMST² NL ^`[¯“T_£à g _P´£X LY`R]LS£]_S£dL Vš[Ld£ []£©TY£À ST_LX gg aPOZ[£dLÀ ULRLYY£_SL X`NdLY_P dPYL ^L]aL_Là g dPYL dPYL []LV£]P©L UÓ£YLdZRPYL XLY_]L_Là gg dLO dL_ [L²dL^T OPaP²L _LO `[£dLÀ aLOL ^aL XP g  9P_]L ?LY_]L z#L ! L_TV£]`©dLX £aT´¶£ OPaT _aLÀ [šNNSL^¯SL X£X g YL VPYLNTO LSLÀ [š´¶SZ Y£VSd£_LÀ VL^dL NTYXLd£ gg ^L_^` XLY_]P´` ^L]aP´` YP_]LMS¼_LÀ []LV¯]_T_LX g XLX£²LdP YL VPY£[T WLV´T_LÀ _` ^`O`]WLMSLX gg _La£OdL VL_SLdT´d£XT _]T[]LV£]LÀ [L]LÀ OS]`aLX g XLY_]LdZRLUÓ£YLRLXdLÀ XZV´LOLÀ ^TOOSTOLÀ aL]LX gg 9P_]L ?LY_]L $z

!$

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

MPWTPaP] L^ _SP ]T_`LW T^ [P]QZ]XPO w-PTYR ±TaLx T^ YZ_ ZYWd LY PcT^ _PYNP M`_ T^ []TXL]TWd L QZ]NP _SL_ NLY XZaP LYO NSLYRP PaP]d_STYR Q]ZX ZYP XZXPY_ _Z _SP YPc_ ?SP ±LTaT_P^ L__]TM`_P `YWTXT_PO [Z_PY_TLW PQQPN_^ _Z _SPT] XLY_]L^ :YP ZYWd SL^ _Z LbLVPY _ST^ [Z_PY_TLW z Md `^TYR _SP XLY_]L 4Q ZYP OZP^ _ST^ YZ_STYR T^ TX[Z^^TMWP 4Y L NP]_LTY ^PY^P NWLTXTYR TYPc SL`^_TMWP [ZbP] QZ] _SP XLY_]L QZ]X^ _SP LN_`LW ±LTaL N]PPO LYO _ST^ _d[P ZQ NWLTX [SLWL²]`_T L[[PL]^ L_ _SP PYO ZQ PaP]d XLY_]L ]PNT_L_TZY LWXZ^_ bT_SZ`_ PcNP[_TZY 4Y Z`] _Pc_ _SP^P L]P ±TaLv^ QTYLW bZ]O^ _Z _SP RZOOP^^ MPQZ]P _SP LN_`LW ]PaPWL_TZY ZQ _SP XLY_]L LYO _SP L^^ZNTL_PO ]T_`LW TY^_]`N_TZY^% 0aPY TQ Xd]TLO^ ZQ ^[T]T_^ RSZ^_^ aLX[T]P^ OPXZY^ OPaTW^ ZR]P^ LYO Z_SP] XZY^_P]^ ^`]]Z`YOPO _SPX  TQ _SP ULb^ ZQ OPL_S FT_^PWQH _S]PL_PYPO _Z OPaZ`] _SPX z _SP XP]P _SZ`RS_ ZQ _SP XLY_]L _SL_ 4 bLY_ _Z _PWW dZ` YZb NZ`WO ^LaP _SPX !

0aPY XZ]P ^Z _SLY TY _SP ;`]£©TN ^_Z]d ZQ -TYO`RL LYO .LÓN`W£ TY bSTNS _SP WTXT_WP^^ YL_`]P ZQ ±TaLv^ XP]Nd _]LY^QP]]PO T_^PWQ NZX[WP_PWd _Z _SP _Pc_ SP]P TY _SP ¢RLXL ?LY_]L ±TaLv^ `YWTXT_PO [ZbP] XP]Nd LYO Q]PPOZX SLaP MPNZXP NZYNPY_]L_PO TY _SP XLY_]L ?SP XLY_]L MP TYR _SP MPL]P] ZQ _SP RZO T^ LY PQQPN_TaP ^_]L_PRd QZ] NZ[TYR bT_S WTQP LYO T_ Q]PP^ [PZ[WP Q]ZX QPL] ^`QQP]TYR LYO SL]X @^TYR _SP XLY_]L XPLY^ [L]_TNT[L_TYR TY _SP ^ZaP]PTRY L`_ZYZXd ZQ _SP RZO ,YO YZ_ WPL^_ T_ RTaP^ _SP [P]^ZY ]P[PL_TYR T_ LN_`LW Pc[P]TPYNP ZQ ±TaL



;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

,W_SZ`RS _SP A]£_dL^ bP]P NZY^TOP]PO L^ SP_P]ZOZc _SL_ OTO YZ_ ^_Z[ _SPT] [LY_SPT^_TN NZYNP[_TZY ZQ _SP 7Z]O RZO =`O]L±TaL Q]ZX MPTYR LY ZMUPN_ ZQ ZMaTZ`^ QL^NTYL_TZY LYO SLaTYR L Q`YOLXPY_LW TYQW`PYNP ZY 3TYO`T^X ?ST^ ^_]ZYRWd ^`MaP]^TaP L^[PN_ ZQ _SP ±LTaL^ SL^ L[[PL]PO ]P[PL_POWd _S]Z`RSZ`_ ST^_Z]d >Z T_ T^ []ZMLMWP _SL_ _SP []LN_TNP ZQ ?LY _]TN XLY_]L ]P[P_T_TZY _ZZ L]Z^P YZ_ TY _SP STRSWd N`W_`]PO NT]NWP^ ZQ _SP ¢RLXL ±LTaT^X M`_ TY^_PLO RZP^ MLNV _Z ±LTaL ^`MN`W_`]P^ ,YLWZRZ`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 3P]P T^ L ^WTRS_Wd ^SZ]_PYPO ]PYOP]TYR ZQ _SP aP]^P^% MS¼_LdLV´LR]LSZYX£OL²£VTY¯dZRTY¯RL©LTà g MSLRTY¯]`O]LX£_]£OT“£a¯“£XL]TV£OTMSTà gg ]¼[TV£MST]L[L^X£]LTà [T²£NLT²N£[d LYPVL²Là g M]LSXL]LV´ZR]LS£OdLT² NL VZ¶T²Z dLOT X`O]T_£à gg L[LXš_d`MST] £V]£Y_£à V£WL[£²LT] UTRS£À^T_£à g ]£U£YZ ]£UL_LYLd£ ]£UL[L_YdZ SdLYPVL²Là gg aT[]£OT[]£©TYLà ^L]aP ^L]aLOZ´LMSLd£]OT_£à g dPYL aLT ^Xš_TX£_]P©L X`NdLY_P _LO M]La¯XT _P gg  9P_]L ?LY_]L z!

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

!$

_Z _SP L^^TXTWL_TZY ZQ PL]Wd =`O]L±TaL[LY_SPT^X T_ ^PPX^ _SL_ SP]P _ZZ LY Z]TRTYLWWd ^`MLW_P]Y Z] [P]SL[^ wYZY,]dLYx Z] YZYPWT_P XLTY ^_]PLX ]PWTRTZ`^ [SPYZXPYZY MPNLXP ZaP]NZOPO Md LYO LM^Z]MPO TY_Z _SP STRSWd OPaPWZ[PO PWT_P N`W_`]P LYO XLTY^_]PLX 3TYO`T^X ^ZXP _TXP WL_P] 4Y QLN_ _SP PL]WTP^_ _Pc_^ MPL]TYR bT_YP^^ _Z ?LY_]TN []LN_TNP [ZTY_ _Z L aP]d LY_TYZXTN LYO LYL]NSTN ]PWTRTZ`^ N`W_`]P bSZ^P QZWWZbP]^ OPOTNL_PO _SPX^PWaP^ LWXZ^_ PcNW`^TaPWd _Z XLY_]L ]P[P_T_TZY ?SPd L]P NLWWPO _SP >£OSLVL^ XZ^_ ZQ bSZX WTaP TY `YTYSLMT_PO ]PRTZY^ TY bZZO^ ZY XZ`Y_LTY^ Z] TY N]PXL_TZY R]Z`YO^ ?SP YLXP w>£OSLVL^x NZ`WO MP _]LY^WL_PO L^ w_SZ^P bSZ ^_]TaPx ?SP >£OSLVL^ NWLTX _SL_ _SPT] XLY_]L^ SLaP _SP [ZbP] _Z NSLYRP ]PLWT_d T_^PWQ 1Z] _SP >£OSLVL^ XLY _]L^ [Z^^P^^ LM^ZW`_P [ZbP] ZQ N]PL_TZY LYO LW^Z LM^ZW`_P [ZbP] ZQ OP^_]`N_TZY 1Z] PcLX[WP _SP _Pc_^ ^[PLV ZQ XLY_]L^ _SL_ L]P ^Z [ZbP]Q`W _SL_ bSZWP VTYROZX^ NLY MP QZ`YOPO bT_S _SPX M`_ _SPd NLY LW^Z OP ^_]Zd bSZWP ^_]P_NSP^ ZQ WLYO ! 4Q _SP _Z_LW [ZbP] ZQ _SP XLY_]L T^ _]LY^ QP]]PO _Z _SP >£OSLVL^ LYO _SPd SLaP _`]YPO _SPT] MZOTP^ TY_Z wOTaTYP MZOTP^x Z] wXLY_]L MZOTP^x _SPd MPNZXP >TOOSL^ TP w;P]QPN_PO :YP^x !! >TOOSL^ L]P ]PRL]OPO L^ ^PXTOTaTYP MPTYR^ [Z^^P^^TYR ^`[P] YL_`]LW [ZbP]^ 3ZbPaP] _SP >£OSLVL^ L]P YZ_ TY_P]P^_PO TY bZ]WOWd [ZbP] bSPY _SPd ^_]TaP QZ] >TOOSL ^_L_`^% _SPd OZ YZ_ LTX _Z OP^_]Zd bSZWP _]LN_^ ZQ WLYO Z] _Z M`TWO PX[T]P^ LW_SZ`RS ZQ NZ`]^P TY _SP PdP^ ZQ _SP ?LY_]LMPWTPaP] _SPd NZ`WO OZ ^Z 4Y^_PLO _SPd L]P LTXTYR QZ] YZ_STYR WP^^ _SLY [L]_TNT[L_TZY TY _SP [ZbP] ZQ _SP OPT_d _SL_ T^ LNSTPa TYR L aP]d ^[PNTQTN _d[P ZQ `YTZY bT_S _SP /TaTYP -`_ _SPd L]P bZ]WO^ LbLd Q]ZX _SP NZYNP[_ ZQ _SP OTaTYP QZ`YO LXZYR^_ _SP STRSWd WPL]YPO >LY^V]T_ PWT_P^ 1Z] _SP^P PL]Wd ?LY_]T^_^ T_ T^ YZ_ ^_L_TN MPTYR TY bSTNS _SP PX[T]TNLW bZ]WO T^ ]ZZ_PO M`_ TY^_PLO _SP bZ]WO T^ `YOP]^_ZZO _Z MP _SP ^_LRP QZ] [ZbP]Q`W QZ]NP^ LYO T_ T^ _SP^P QZ]NP^ _SL_ L]P ]PLWWd ^[PLVTYR _SP 9`XTYZ`^ 1Z] _SPX ±TaL T^ YZ_ ^Z X`NS _SP 7Z]O 2ZO M]TYRTYR WTMP]L_TZY z L^ _SP OZXTYLY_ OT^NZ`]^P^ ZQ _SP STRS N`W_`]P ¢RLXL ±LTaT^X Z] _SP [Z[`WL] ;`]£©TN WZ]P bZ`WO XLTY_LTY z M`_ QZ] _SPX ±TaL =`O]L -SLT]LaL T^ []TXL]TWd _SP P[T_ZXP ZQ LWW QZ]NP^ bT_STY _SP `YTaP]^P -PTYR ±TaL _SP]PQZ]P XPLY^ SLaTYR ST^ [ZbP]^ PR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?ST^ [ZbP] _SL_ NLY LQQPN_ ]PLW WTQP _SL_ T^ L__]TM`_PO _Z XLY_]L^ T^ LW]PLOd bPWW OZN` XPY_PO TY _SP P[TN^ TY bSTNS _SP XZ^_ [ZbP]Q`W bPL[ZY^ _SL_ _SP SP]ZP^ ,]U`YL LYO =£XL ZM_LTY Q]ZX XTRS_d L^NP_TN^ L]P YZ_ ^Z X`NS _SP [Sd^TNLW XLRTN bPL[ZY^ M`_ _SP XLY_]L^ !! :Y XLY_]L ]T_P^ LYO NZX[WPXPY_TYR _PNSYT\`P^ YZ_LMWd LWNSPXd _Z ]PYOP] _SP MZOd TXXZ]_LW LYO ZY aL]TZ`^ ^_]LYO^ OPaPWZ[TYR bT_STY _SP >TOOSL N`W_`]P ^TYNP 2`[_L _TXP^ ^PP 6LXTW A EaPWPMTW ?SP ;ZP_^ ZQ ;ZbP] 7ZYOZY% =TOP] $"& ?SP >TOOSL TOOSL ?]LOT_TZY^ TY 8POTPaLW 4YOTL .STNLRZ% .STNLRZ @YTaP]^T_d ;]P^^ $$!& 6T^^ ZQ _SP DZRTY¯  !z#"

!$

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

MPTYR LMWP _Z QWd LYO TY LN\`T]TYR _SP^P [ZbP]^ PYUZdTYR ±TaLv^ L`_ZYZXd LYO Q]PPOZX ?SP >TOOSL ]PWTRTZY T^ \`T_P ZMaTZ`^Wd LY LYT XT^_TN w[ZbP] ]PWTRTZYx bT_S T_^ ZbY NZX[WP_P aLW`P ^d^_PX bSTNS NLYYZ_ MP NZX[L]PO bT_S _SL_ ZQ _SP -]LSXTY^ 9L_`]LWWd _ST^ OZP^ YZ_ XLVP _SPX MWZZO_ST]^_d XZY^_P]^ z L^ _SPd L]P XLOP Z`_ _Z MP TY 6š´©LXT²]Lv^ [WLd TY^[T]PO Md _SP APO£Y_L z M`_ T_ NLYYZ_ MP OPYTPO _SL_ L ]PLW ?LY_]TN >TOOSL bZ`WO ^_TWW SLaP L MT_ XZ]P Q`Y L_ L WTaPWd bT_NSP^v ^LMML_S _SLY L_ L ;]Z_P^_LY_ OT^N`^^TZY XPP_TYR ZY _SP _Z[TN w.S]T^_TLY^ ]P^[ZY^TMTWT_d LYO _SP bZ]WOx 1Z] _SP PL]Wd >TOOSL^ TY wMPTYR ±TaLx _SP Xd_STNLW WLb ZQ WZ^TYR ZYPv^ TYOTaTO`LWT_d TY _SP Xd_STNLW ^`M^_LYNP ]PXLTY^ TY_LN_ L^ bP ^Lb TY _SP NL^P ZQ _SP  =`O]L^ bSZ L]P ^_TWW ZYWd ZYP =`O]L 4Q L ?LY _]T^_ OZP^ ^ZXP_STYR WTVP ^`MO`TYR L ^[T]T_ SP MPNZXP^ _SP WZ]O ZQ ^[T] T_^ z ±TaL STX^PWQ z Md OZTYR ^Z 4_ XLd MP OTQQTN`W_ _ZOLd _Z aTPb _ST^ L^ L WZYRPOQZ] []Z^[PN_ ZQ OPWTaP]LYNP M`_ _ST^ T^ SZb T_ T^ TY _SP PL]Wd ?LY_]L^ ?SP]P L]P _SP QZ]P^_^ LYO _SP aTWWLRP _SP]P L]P _SP ^[T]T_^ ObPWWTYR _SP]P bSZ NZ`WO [Z_PY_TLWWd TYQWTN_ LWW TXLRTYLMWP _d[P^ ZQ SL]X LYO MPTYR LMWP _Z NZY_]ZW _SPX T^ OPWTaP]LYNP LYO PXLYNT[L_TZY TY L aP]d ]PLW ^PY^P ?SP N`W_`]P ZQ _SP >£OSLVL^ LYO >TOOSL^ []ZMLMWd ]P[]P^PY_^ _SP LN_`LW ]ZZ_^ ZQ ?LY_]L 4_ T^ YZ_ VYZbY SZb WZYR _SP^P XLY_]L SP]XT_^ ]ZLXPO 4YOTLv^ QZ]P^_^ M`_ _SP]P L]P XLYd TYOTNL_TZY^ _SL_ T_ T^ L aP]d ZWO _]LOT_TZY >ZXPbSL_ ZXTYZ`^Wd L QLM`WZ`^ MPTYR ]P^PXMWTYR L >TOOSL L[[PL]^ PL]Wd ZY TY _SP WT_P]L_`]P ZQ _SP >£XLAPOL  bSP]P T_ T^ L^^ZNTL_PO bT_S _SP []LN_TNP ZQ OT^PXMZOTXPY_ _S]Z`RS ^ZYR ^PP NSL[ ! ?SP]P T^ Pc[WTNT_ XPY_TZY ZQ L ²XL²£YL^£OSLYL  L w^_]TaTYR ZY _SP N]PXL_TZY R]Z`YOx 4_ T^ YZ_TNPLMWP _SL_ _SP^P _bZ _]LOT_TZY^ z _SP >£XLAPOL LYO ?LY_]T^X z SLaP L_ WPL^_ ZYP TOPL TY NZXXZY YLXPWd _SL_ ^Z`YO^ L]P [ZbP]Q`W ZNN`W_ QZ]NP^ ?SP [ZbP]ML^PO YL_`]P ZQ _SP >TOOSL N`W_`]P bL^ ]PQTYPO _S]Z`RS _SP NPY_`]TP^ M`_ VP[_ aP]d X`NS LWTaP LW^Z TY WL_P] _TXP^ L^ L QZ`]_PPY_S Z] QTQ_PPY_S NPY_`]d _Pc_ OPXZY^_]L_P^% w?SPY _SP >TOOSL []LN_T_TZYP]^ m ^LTO% u:`] ZbY OZN_]TYP T^ ML^PO ZY bSL_ T^ XLYTQP^_Wd ]PLW m 3P]P Md XPLY^ ZQ _SP NZX[WP_P [P]QPN_TZY ZQ XLY_]L^ m bP SLaP ]PLWTePO Z`] RZLW^ LYO L]P P_P]YLWWd Q]PP m ?SP PY_T]P Pc[LYOTYR `YTaP]^P T^ Q`WWd VYZbY _Z `^ m ?S]Z`RS Z`] ^[PNTLW VYZbWPORP ZQ FXLY_]L^ SP]M^ LYO LWNSPXd aL]TZ`^ [ZbP]^ ZQ ^Z]NP]d LYO ^[PNTLW QZ]X^ ZQ dZRL []LN_TNPH LYO Z`] ^[PNTLW Pc[P]_T^P TY RLTYTYR XL^_P]d ZaP] FPLNS ZQ _SP QTaP PWPXPY_^H m bP L]P TY QLN_ ZXYT^NTPY_vx !"

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !" ¢YLYOLRT]T ±L«VL]LaTULdL  NSL[ $ \`Z_PO Md BST_P 6T^^ ZQ _SP DZRTY¯  !

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^



!$

?SP 3PLaPYWd 0L]

?SP >£OSLVL^ LYO _SP >TOOSL^ TXLRTYP _SP `YTaP]^P TY L OdYLXT^_TN bLd L^ L NZX[WPc QLM]TN ZQ QZ]NP^ LYO _SP OPT_d L^ TXXPOTL_PWd TXXL YPY_ TY _ST^ QLM]TN , >TOOSL ^PP^ LYO SPL]^ _STYR^ _SL_ YZ]XLW [PZ[WP OZ YZ_ QZ] SP ^PP^ LYO SPL]^ _SP Y`XTYL TY _ST^ QLM]TN 4Y _SP aT^`LW ]PLWX _ST^ [L]_TN`WL] LMTWT_d RZP^ `YOP] _SP YLXP ZQ wSPLaPYWd ^TRS_x OTadLNLV´`^  4Y _SP L`OT_Z]d ]PLWX ZYP ^[PLV^ ZQ _SP wSPLaPYWd PL]x OTadL²]LaL©L Z] wSPL]TYR SPLaPYWd ^Z`YO^x OTadL²LMOL²]LaL©L  !# 1Z] PcLX[WP L >TOOSL NLY SPL] _SP O]`X^ ZQ _SP RZO^ _SP TY^_]`XPY_LW X`^TN ZQ _SP 2LYOSL]aL^ LYO _SP bST^[P]TYR ZQ _SP RSZ^_^ ?SP^P NZ^ XTN L`OT_Z]d Pc[P]TPYNP^ L]P LNNZX[LYTPO Md Z`_ZQMZOd Pc[P]TPYNP^ LYO bZYO]Z`^ aT^TZY^ ZQ WTRS_% w1]ZX _SP YTY_S dPL] FZQ ST^ XLY_]L []LN_TNPH ZYbL]O^ SP ^PP^ bT_S ST^ ZbY PdP^ XLYd bZYO]Z`^ _STYR^ bSTNS QTWW STX TY ST^ SPL]_ bT_S UZd LYO OPWTRS_ 3P ^PP^ _SPX [Sd^TNLWWd LYO _SPd RTaP STX TXXPOTL_P ]PQ]P^S XPY_ 1Z] LY TY^_LY_ SP _`]Y^ ]TRTO QZ] LY TY^_LY_ SP T^ L]Z`^PO bT_SZ`_ ]PL^ZY 1Z] LY TY^_LY_ SP SPL]^ Q]ZX LMZaP _SP MPL_TYR ZQ O]`X^ 1Z] LY TY ^_LY_ SP SPL]^ TY^_]`XPY_^ [WLdTYR TY aL]TZ`^ OTQQP]PY_ ^_dWP^ 1Z] LY TY ^_LY_ SP ^XPWW^ _SP ^NPY_ ZQ NLX[SZ] LYO X`^V 1Z] LY TY^_LY_ SP ^PP^ STX ^PWQ ]T^P TY_Z _SP LT] 1Z] LY TY^_LY_ SP ^PP^ _SP ^Vd WT_ `[ Md _SP ^`Y LYO _SP XZZY ^TX`W_LYPZ`^Wd 1Z] LY TY^_LY_ SP SPL]^ _SP YZT^P ZQ NZb^ SZ]^P^ LYO PWP[SLY_^ 1Z] LY TY^_LY_ SP SPL]^ _SP [Z`YOTYR ZQ L bL_P]QLWW 1Z] LY TY ^_LY_ SP ^PP^ MZW_^ ZQ WTRS_YTYR ^_]TVTYR LWW ZaP] _SP PL]_S 1Z] LY TY^_LY_ SP ^PP^ _SP bSZWP RWZMP QWZZOPO 1Z] LY TY^_LY_ SP SPL]^ _SP YZT^P ZQ _SP ‹R APOL  DLU`] APOL LYO >£XLAPOL  1Z] LY TY^_LY_ SP ^PP^ TY _SP SPLaPY^ TY _SP QZ]X ZQ ^_L]^ aL]TZ`^ LbPTY^[T]TYR DZRTY^ bSZ L]P ^NL]PO ZQ STX 1Z] LY TY^_LY_ SP SPL]^ L RSZ^_Wd bST^[P]TYR LYO _SP N]LNVWTYR ZQ QT]P mx !$

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# ?SP SPLaPYWd PdP OTMMLNLVVS`& OTadLNLV´`^ T^ VYZbY LW]PLOd TY PL]Wd -`OOST^_ WT_P]L_`]P ^`NS L^ _SP /¯RSL9TV£dL ZQ _SP ;£WT NLYZY .Z]]P^[ZYOTYRWd _SP SPLaPYWd PL] OTMML^_Z_L T^ VYZbY M`_ T_ T^ YZ_ aP]d ^TRYTQTNLY_ !$ YLaLX£O aL_^L]£O ¼]OSaLÀ ^aLdLÀ [L²dL_T XLY_]LaT_ g Y£Y£²NL]d£©T SŽOLdP S£^£YLYOLXLd£YT _` gg ^LO£SW£OL[]LO£Yd £²` []L_dLV´P©L MLST^ _L_S£ g UL“L £^_P V´L©LÀ aT[]L V´L©LX £^_P []LSL]´T_Là gg V´L©LÀ O`YOS`MSTYT]RSZ´LÀ ²Ž©`d£O LY_L]TV´L_Là g V´L©LÀ NL XLOS`]LÀ a£OdLÀ Y£Y£]Å_T^LXLYaT_LX gg V´L©LX £UTRS]L_P RLYOS£Y VL][¼]LXŽRLY£MSTU£© g V´L©LX `_[L_LX£YLÀ NL [L²dL_d £_X£YLX £_XLY£ gg NLYO]£]VLVT]L©£VÅ]©LÀ V´L©LX £WZVLdPY YLMSLà g RLa£²aLRLULY£O£À² NL ²Ž©`d£N NL V´L©LÀ OaTUL gg YT]USL]L^d£XM`^LÀV´ZMSLÀ V´L©LÀ £VL]©LdPY XLSL_ g aTOd`UUa£W£V`WLÀ [L²dP_ V´L©LÀ V´T_T_LWLÀ OaTUL gg _ZdL[¼]©LÀ V´L©LÀ [L²dP_ ^LXLR]LÀ V´T_TXL©“LWLX g ŽRdLU`^^£XLRSZ´£À² NL £VL]©LdL_T NL V´L©LX gg _£]LV£V£]T©L² NT_]£Y dZRTYZ YLMSL^T ^_ST_£Y g

!$!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP WTYV MP_bPPY _SP Y`XTYZ`^ LYO WTRS_ Z] PaPY aT^TZY^ ZQ WTRS_ T^ VYZbY _Z MP L NZXXZY ZYP TY ]PWTRTZY^ BSL_ T^ WP^^ QLXTWTL] T^ _SP TOPL _SL_ _SP]P L]P LW^Z Y`XTYZ`^ ^Z`YO^ ?SP [L]LYZ]XLW L`OT_Z]d Pc [P]TPYNP^ OP^N]TMPO NZYNPY_]L_P YZ_ ZYWd ZY _SP ^Z`YO^ ZQ Z]NSP^_]LW TY^_]`XPY_^ M`_ LW^Z ZY NSLZ_TN `Y^_]`N_`]PO LYO [ZbP]Q`W ^Z`YO^ ^`NS L^ VP__WPO]`X^ _S`YOP] bL_P]QLWW^ LYO _SP ^Z`YO^ XLOP Md SP]O^ ZQ LYTXLW^ ?SP TOPL _SL_ _SP ^Z`YO ZQ L bL_P]QLWW Z] _SP ]ZL]TYR ZQ LYTXLW^ ^SZ`WO MP P^[PNTLWWd Y`XTYZ`^ ^PPX^ ^_]LYRP L_ QT]^_ -`_ wTY^_]`XPY_^ ZQ YZT^Px L]P aP]d bTOP^[]PLO LXZYR^_ aL^_Wd OTQQP]PY_ ]PWTRTZY^ LYO L[[PL] _Z MP [L]_TN`WL]Wd [Z[`WL] L^ ]T_`LW OPaTNP^ 4Y _ST^ NZY_Pc_ _SP LY_S]Z[ZWZRT^_ /ZYLWO ?`eTY []P^PY_^ L Y`XMP] ZQ N]Z^^N`W_`]LW P_SYZ R]L[STN OL_L LYO QLN_^ ^SZbTYR _SL_ w_SP Z[P]L_TZY^ ZQ ]T_`LW ^Z`YO XLVTYR OPaTNP^ ]PWTRTZ`^ NZY^NTZ`^YP^^ LYO _S`YOP] SLaP X`NS _Z OZ bT_S ZYP LYZ_SP]&x SP NWLTX^ TY [L]_TN`WL] w_SP bZ]WObTOP ^dXMZWTN L^^ZNTL_TZY MP_bPPY M`WW]ZL]P]^ LYO _S`YOP]x " ?SP X`^TN ^NSZWL] =PTY SZWO 3LXXP]^_PTY z bSTWP O]LbTYR ZY ^Z`]NP^ Q]ZX LYNTPY_ 4^]LPW LYO 0`]Z[P z ^[PLV^ TY L ^TXTWL] aPTY ZQ L w[]PX`^TNLW Y`XTYZ`^ _S`YOP] TYRx " :YP ZYWd SL^ _Z _STYV ZQ RTLY_ ?TMP_LY LW[SZ]Y^ 0L^_ ,^TLY RZYR^ 4YOTLY NZYNS ^SPWW^ ]LXv^ SZ]Y^ TY 5`OLT^X Z] .S]T^_TLY NS`]NS MPWW^ Z]RLY^ LYO _]`X[P_^ 8LYd ZQ _SP^P TY^_]`XPY_^ ^`NS L^ _SP NZYNS ^SPWW^ TY 4YOTL Z] _SP _]`X[P_^ TY 0`]Z[P bP]P Z]TRTYLWWd TY^_]` XPY_^ `^PO TY bL] TY_PYOPO _Z Q]TRS_PY _SP PYPXd bT_S _SPT] R]PL_ YZT^P :_SP] TY^_]`XPY_^ ^`NS L^ _SP ?TMP_LY LW[SZ]Y^ ZYWd _LVP ZY _SPT] S`RP ^TeP TY _SP ]PWTRTZ`^ ^P__TYR ?SP WZ`OP^_ TY^_]`XPY_ TY >Z`_S P]Y 4YOTL L bTYO TY^_]`XPY_ NLWWPO 9£OL^aL]LX XPLYTYR wYZT^P XLVP]x Z] 9£RL^aL]LX XPLYTYR wO]LRZY ^Z`YOP]x T^ LW^Z _SP XZ^_ [Z[`WL] TY^_]`XPY_ TY _SP _PX[WP^ ?ST^ T^ LN_`LWWd PL^d _Z Pc[WLTY TY _P]X^ ZQ _SP [^dNSZWZRd ZQ X`^TN 7Z`O ^Z`YO^ NLY PaPY MP QPW_ Md Z`] MZOTP^ z _SPd wRZ ]TRS_ _S]Z`RS `^x _SP WTXT_^ ZQ Z`] MZOTP^ OT^L[[PL] LYO TQ bP L]P Pc[Z^PO _Z ^`NS ^Z`YO^ QZ] L WZYRP] [P]TZO _SPd LM^Z]M `^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ [L²dL_d `R]£Y MSLd£]_£À² NL V´L©LÀ XLY_]La]L_Å X`YP gg V´L©LÀ VTWLVTW£]£aLÀ ^LSL aLSYT]LaLÀ V´L©LX g  5Ld£VSdL>LÀST_£ $z# ?ST^ _Pc_ NZXP^ Q]ZX LY PL]Wd ?LY_]TN AT´©`T_TN >LÀST_£ []ZM MP_bPPY ! LYO #  ,/ ^PP 8L]TZY =L^_PWWT ;STWZ^Z[ST^NS_SPZWZRT^NSP 2]`YOLY^NSL``YRPY OP] 5Ld£VSdL^LÀST_£   z" M`_ T^ NSL]LN_P]T^_TNLWWd YZ OTQQP]PY_ L_ LWW Q]ZX ±TaLT_TN DZRL _Pc_^ NZYNP]YTYR _SP ]LYRP ZQ ZNN`W_ ^Z`YO^ ?SP ^N]TMP bSZ QZ]X`WL_PO T_ YZ_PO OZbY RPYP]LWWd SPWO TOPL^ LMZ`_ DZRL NZYNP]YTYR [L]LYZ]XLW [SPYZXPYL " /ZYLWO ?`eTY w8T]LN`WZ`^ AZTNP^% ?SP ,`OT_Z]d 0c[P]TPYNP ZQ 9`XTYZ`^ :MUPN_^x .`]]PY_ ,Y_S]Z[ZWZRd   $#% "$z $!& SP]P% "$ # ## #$ QY   ?`eTYv^ XLUZ] ]P^PL]NS QZN`^ T^ 9Pb 2`TYPL M`_ ST^ NWLTX T^ ML^PO ZY L ^`]aPd ZQ  ^ZNTP_TP^ " =PTYSZWO 3LXXP]^_PTY /TP >_TXXP L`^ OP] LYOP]PY BPW_% ¾MP] OTP /L]^_PWW`YR OP^ 9`XTYZ^PY TY OP] :[P] aZY 8ZY_PaP]OT MT^ 8ZeL]_ ?`_eTYR% 3LY^ >NSYPTOP] $$# z z

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

!$"

NZX[WP_PWd ?`eZY ^`RRP^_^ ZY L YP`]ZWZRTNLW ML^T^ _SL_ NP]_LTY PaZNL _TaP ^Z`YO^ ^`NS L^ _SZ^P ZQ WZ`O TY^_]`XPY_^ _SL_ ]P^PXMWP _S`YOP] LYO [L]_TN`WL]Wd _SP w^`ML`OT_Z]dx Z] wTYQ]L^ZYTN ^Z`YO bLaP^x z ^Z`YO bLaP^ bSZ^P Q]P\`PYNTP^ L]P MPWZb NZY^NTZ`^ S`XLY [P]NP[_TZY z _SL_ L]P []ZO`NPO Md O]`XMPL_^ RTLY_ LX[WTQdTYR [T[P^ M`WW]ZL]P]^ WL]RP RZYR^ MPWW^ LYO LW^Z Md NP]_LTY WT_`]RTNLW NSLY_^ LYO XZYZ_ZYZ`^ ]PNT _L_TZY^ LQQPN_ _SP M]LTY TP _SP _PX[Z]LW WZMP TY L XLYYP] _SL_ L]Z`^P^ `Y`^`LW ^_L_P^ ZQ NZY^NTZ`^YP^^ wXd^_P]TZ`^x QPPWTYR^ LYO L NZYaTN_TZY _SL_ ^ZXP_STYR \`T_P ^`[P]YL_`]LW T^ MPTYR SPL]O "



?SP >TYRTYR >V`WW LYO _SP -T]_S ZQ -¯UL 8LY_]L^

?SP TOPL _SL_ NSLZ_TN LYO `YOTQQP]PY_TL_PO ^Z`YO^ ^SZ`WO MPWZYR _Z _SP _SPZ[SLYd ZQ _SP OPT_d T^ LW]PLOd QZ`YO TY PL]Wd N`W_^ ZQ =`O]L ;L²`[L_T ?SP L^NP_TN^ NLWWPO ;£²`[L_L^ bZ]^ST[ _SP APOTN =`O]L LYO `^P APOTN XLY_]L^ ^`NS L^ _SP w;LÓNLM]LSXL XLY_]Lx ZQ _SP QTaP SPLO^ ZQ ±TaL " ,WZYR^TOP _SP^P ZWO N`W_ QZ]X^ SZbPaP] _SPd LW^Z `^P ^ZYR OLYNP R£YOSL]aL LYO ]PNT_L_TZY ZQ _SP OPPO^ ZQ _SP OPT_d VÅ]_LYLX L^ QZ]X^ ZQ bZ]^ST[ :YP ZQ _SPT] ^[PNTLW_TP^ T^ _SL_ _SPd TXT_L_P =`O]L TY _SPT] MPSLaTZ]% _SP ;£²`[L_L w^YZ]P^ bT_SZ`_ ]PLWWd ^WPP[TYRx []P_PYO^ _Z SLaP P[TWP[_TN L__LNV^ ^_LRRP]^ wL^ TQ SP bP]P O]`YV Z] N]LePOx R]LM^ L_ []P__d RT]W^ LYO RPYP]LWWd MPSLaP^ TYOPNPY_Wd LYO _LWV^ YZY ^PY^P " , NSL]LN_P]T^_TN QPL_`]P T^ ^S]TWW WL`RS_P] L¶¶LS£^L LYO TYNZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?`eTY w8T]LN`WZ`^ AZTNP^x Z[ NT_ #z # #z #! ?`eZY L]R`P^ _SL_ wZYPv^ [L]_TN`WL] ]P^[ZY^P _Z L [TPNP ZQ X`^TN OP[PYO^ YZ_ ZYWd ZY _SP N`W_`]LWWd ^[PNTQTN Z`_bL]O QZ]X ZQ _SP X`^TN M`_ LW^Z ZY []TXT_TaP ]P^[ZY^P XPNSLYT^X^ SLaTYR _Z OZ bT_S NZRYT_TZY PXZ_TZY LYO _SP L`OT_Z]d L[[L]L_`^x TMTO # ,NNZ]OTYR _Z ?`eTY _SP LN`_P w^LN]PO ^PY^L_TZY^x L]Z`^PO Md WZ`O TY^_]`XPY_^ LYO TYQ]L^ZYTNbLaP Pc[Z ^`]P L]P []TXL]TWd wQPPWTYR^ ZQ _SP `YNLYYdx wLYcTP_dx LYO wO]PLOx 3ZbPaP] bP LW^Z VYZb Q]ZX X`^TN XPOTNTYP _SL_ NP]_LTY ^Z`YO^ TYNW`OTYR L ]L[TO X`^TNLW _PX[Z LYO WZb Q]P\`PYNTP^ NLY NP]_LTYWd SLaP L [Z^T_TaP P`[SZ]T^_TN PQQPN_ ZY S`XLY MP TYR^ = >[TY_UP LYO /]ZS 8`^TV8POTeTY% ;Sd^TZWZRT^NSP 2]`YOWLRPY `YO []LV _T^NSP ,YbPYO`YRPY  >_`__RL]_% ?]TL^ $$   z  :Y _SP M]ZLO ]P[P]_ZT]P ZQ ^PY^Z]d ^_TX`WT _SL_ NLY _]TRRP] PcNP[_TZYLW PN^_L_TN ^_L_P^ ^PP -`]VSL]O 2WLOTRZb w0V^_L^P `YO 0Y_S`^TL^X`^% E`] ,Y_S]Z[ZWZRTP `YO >ZeTZWZRTP PV^_L_T^NSP] ;SÆYZ XPYPx TY =PWTRTZY^bT^^PY^NSLQ_ LW^ 6`W_`]bT^^PY^NSLQ_ Md -`]VSL]O 2WLOTRZb >_`__RL]_% 6ZSWSLXXP]   $#z " ?LT__T]¯dL¢]L©dLVL z" 7L_P] _]LOT_TZY^ ^`NS L^ _SP 6`MUTV£ N`W_ Z] _SP ±]¯aTOd£ ]PNZRYTeP L w;LÓNLM]LSXL XLY_]Lx _SL_ YZ WZYRP] ]PQP]^ _Z APOTN XLY_]L^ M`_ _Z QTaP M¯UL^ TYNW`OTYR _SP QPXTYTYP ,4¿ 3=®¿ ±=®¿ (±LV_T ;3=0¿ 3>,@¿ (±TaL /dNeVZb^VT , 5Z`]YPd  !# " ,NNZ]OTYR _Z >LYOP]^ZY w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x !!z!!  _SP ;£²` [L_L ZM^P]aLYNP^ TYNW`OPO L Y`XMP] ZQ ^_LRP^ QZ] L^^TXTWL_TYR =`O]Lv^ \`LWT_TP^ ZQ ZXYT^NTPYNP LYO ZXYT[Z_PYNP& _SP ^PNZYO ^_LRP TY [L]_TN`WL] TYaZWaPO OPWTMP]L_P OP

!$#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

[]PSPY^TMWP ]ZL]TYR S`“`VV£]L _SL_ T^ TY_PYOPO _Z ]P[WLNP YZ]XLW NZX[]PSPY^TMWP ^[PPNS TY _SP TXT_L_TZY ZQ =`O]L ?Z _SP ;£²`[L_L _SP^P LN_TaT_TP^ ]P[]P^PY_ wRL_P^x Oa£]L _Z _SP OPT_d 3P L^^`XP^ _SP Xd_ST NLW NSL]LN_P]T^_TN^ ZQ _SP OPT_d TY Z]OP] _Z LN_`LWWd _`]Y STX^PWQ TY_Z T_ AP]d ^TXTWL] TOPL^ LYO ]T_P^ L]P LW^Z L^^ZNTL_PO bT_S _SP RZO -SLT]LaL  bSTNS XPLY^ ^ZXP_STYR WTVP w_SP 3Z]]TQTNx ?ST^ T^ _SP XZ^_ TX[Z]_LY_ ?LY_]TN QZ]X ZQ _SP bTWO YZYOZXP^_TNL_PO ^TOP ZQ ±TaL ?SP -SLT]LaL T^ LW^Z ZQ_PY PYaT^LRPO L^ w]ZL]TYRx Z] wMPWWZbTYRx ,YO _Z `YOP]WTYP _ST^ ST^ YLXP T^ ZQ_PY ]PLO P_dXZWZRTNLWWd L^ wMSLT]LaLx LYO OP]TaPO Q]ZX √MSÅ w_Z QPL]x LYO √]` w^S]TPV]ZL]x bSTNS []ZO`NP^ _SP XPLYTYR wSP bSZ ]ZL]^ ^_]TVTYR QPL] TY_Z Z_SP]^x MSÅ´L©L^aLYL  ,^ bT_S =`O]L;L²`[L_T ^TYRTYR LYO OLYNTYR L]P [Z[`WL] TY _SP ]PWTRTZY ZQ _SP QZWWZbP]^ ZQ -SLT]LaL ?SP QLXZ`^ >L«RÅ_L =L_Y£VL]L L X`^TN XLY`LW OL_TYR Q]ZX _SP _ST]_PPY_S NPY_`]d ^PP Z`] NSL[ ! NZY_LTY^ L NSL[_P] ZY LYNTPY_ ^LN]PO ±LTaL ^ZYR^ RÅ_T  TYNW`OTYR ^PaPY w^V`WW^x VL[£WL  " ?SP MLNVR]Z`YO _Z _ST^ ^ZXPbSL_ ^_]LYRP YLXP T^ Pc[WLTYPO Md _SP NZXXPY_L_Z] 6LWWTY£_SL `^TYR LY ZWO ±TaL Xd_S 4Y _ST^ Xd_S ±TaL L^ -SLT]LaL MPSPLO^ _SP []TP^_RZO -]LSX£ LYO Q]ZX _SPY ZY NL]]TP^ _SP ^V`WW L]Z`YO bT_S STX L^ L MPRRTYR MZbW BSPY ZYP OLd L O]Z[ ZQ _SP PWTcT] ZQ TXXZ]_LWT_d bSTNS NZY_TY`Z`^Wd [Z`]^ Q]ZX ±TaLv^ SPLO QPWW ZY_Z _SP ^V`WW T_ TXXPOTL_PWd NLXP MLNV _Z WTQP LYO MPRLY _Z ^TYR ^PaPY ^ZYR^ TYNW`OTYR _ST^ ZYP% "!

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ]LYRPO LYO TYOPNPY_ MPSLaTZ] 1Z] WL_P] ;£²`[L_L []LN_TNP _SL_ bL^ ML^TNLWWd XLY_]L ]P[P_T_TZY LYO XPOT_L_TZY ^PP 2P]SL]O :MP]SLXXP] w?SP @^P ZQ 8LY_]L TY DZRTN 8POT_L_TZY% ?SP ?P^_TXZYd ZQ _SP ;£²`[L_Lx TY @YOP]^_LYOTYR 8LY_]L^ PO ,W[P] z " ±£]«RLOPaL >L«R¯_L]L_Y£VL]L % BT_S 6LW£YTOST ZQ 6LWWTY£_SL LYO >`OS£VL]L ZQ >TX SLMS¼[£WL  PO > >`M]LSXLYdL >L^_]T  aZW^ 8LO]L^% ,OdL] 7TM]L]d $z$  1Z] _SP w2¯_T ;]LVL]L©Lx ^PP aZW  NSL[  ^PN_TZY #& z u>L]L^aL_¯v ad£VSd£ L`] LY`a£O^LST_ ;]L_SLXL 6SL©“L ;]L_SLXL ,OSd£dL PO >`MSLO]£ .L`OSL]¯ 9Pb /PWST% =£OS£ ;LMWT²PLY^L  z#& z PO LYO _]LY^W =6 >S]TYRd 9Pb /PWST% 8`Y^ST]LX 8LYZSL]WLW $$ !$z#! "! ?SP QZWWZbTYR X`^TNLW YZ_L_TZY Md :WTaP] 8ZPM`^ _]TP^ _Z ]PNZY^_]`N_ _SP XPWZOd OP^N]TMPO Md _SP >L«R¯_L =L_Y£VL]L # 2¯_T ;]LVL]L©L M`_ TRYZ]P^ _SP ZN_LaP OP ^N]T[_TZY L^ T_ T^ ^ZXPbSL_ `YNWPL] LYO OL]V ?SP L__PX[_^ L_ L _]LY^N]T[_TZY ZQ _SP YZY^PXLY_TN [L]_^ ZQ _SP ^ZYR L]P YZ_ ML^PO ZY NWL^^TNLW >LY^V]T_ []ZY`YNTL_TZY M`_ ZY 3TYOT []ZY`YNTL_TZY `[ZY bSTNS _SP L]NSLTN ^ZYR T^ []P^`XLMWd ML^PO

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

!$$

.]L^S MZZX .]L^S MZZX -PL]P] ZQ _SP ^_LQQ bT_S L ^V`WW 8Z`_S bT_S QLYR^ ?SP _ZYR`P OL]_^ WTVP WTRS_YTYR FWL`RSTYR ]ZL]TYRH 3Z`SZ`SZ`SZ` SZ`SZ` SZ`SZ` 8LYd VTYO^ ZQ QLNP^ 1]TRS_Q`W _S`YOP] :ZX ZZX S]LLX ]ZYR SZbYR SZbYR SZbYR SZbYR >PaP]PO SPLO^ L^ L YPNVWLNP FMZZXTYRH 3ZZX SZZX 6PSPVPSP 3ZZX SZZX ;`WW^ L QLNP 4 dTPWO _Z _SP RZO -SLT]LaL

4Y _ST^ ^V`WW ^ZYR "" ZYZXL_Z[ZPTN YZT^P^ LW_P]YL_P bT_S OP^N]T[_TaP NLWW^ _Z _SP OPT_d >`YR 2£YOSL]aL X`^TN L^ VYZbY TY LYNTPY_ _SPL_P]  USL ©¶`X ( wN]L^S MZZXx bTWO _S`YOP]Z`^ WL`RS_P] 3Z`SZ`SZ`SZ` _S`YOP] LYO [PLW :ZX ZZX S]LLX ]ZYR SZbYR SZbYR ^S]TPVTYR 6P SPVPSP X`QQWPO ]`XMWTYR LYO ^YL]WTYR 3ZZX SZZX TXT_L_P aZNLWWd _SP RZO _SL_ T^ MPTYR OP^N]TMPO ^PXLY_TNLWWd ,W_SZ`RS _SP QTR`]P OP^N]TMPO bZ`WO YZ_ WZZV Z`_ ZQ [WLNP TY L XZOP]Y SZ]]Z] QTWX _SP XPWZOd XLVP^ T_ NWPL] _SL_ ^`NS L^^ZNTL_TZY^ OZ YZ_ XL_NS _SP TY_PY_TZY ZQ _SP ^ZYRb]T_P] ?SP X`^TNLW Pc[]P^^TZY T^ [PLNPQ`W ^P]TZ`^ LYO XPOT_L_TaP 4Y_P]P^_TYRWd XLUZ] XZ_TQ^ TY _SP XPW ZOd OQRQO ONO ]PXTYO `^ ZQ _ZOLdv^ 9Z]_SP]Y 4YOTLY =£RL 8£WLaL 6L`²TVLX  8£WVL`À^ ?ST^ T^ ]PRL]OPO L^ _SP MP^_ =£RL QZ] Pc[]P^^TYR RLXMSÅ]_£  wOP[_S ^P]TZ`^YP^^ TXXP]^TZYx -`_ _SP ZWO XPOT_L_TZY TXLRP QZ] _ST^ XPWZOd []P^PY_^ L \`T_P ^TXTWL] QTR`]P _Z _SL_ ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" >L«R¯_L=L_Y£VL]L ,´¶LXLX 2¯_T;]LVL]L©LX ´£“U¯VL[£WL[LO£YT QT]^_ VL[£WL ^ZYR #LM& ^PP LW^Z PO .L`OSL]¯ " LYO >S]TYRd "% USL©¶`X USL©¶`X gg VSL¶a£«RLOSL]LX gg OLÀ´¶]£VL]£WLX gg _L“T_^LOš²LUTSaLÀ gg SL` SL` SL` SL` SL` SL` SL` SL` gg MLS`]¼[LaLOLYLÀ RSLYLRSZ]LY£OLX gg SL` SL` SL` SL` SL` SL` SL` SL` gg ¼À ¼À S]£À ]L`À SL`À SL`À àL`À SL`À gg YšX`©“LXL©“T_LX gg S¼À S¼À VLSL VLSL S¼À S¼À gg Vš_LaTVL¶LX`VSLX gg YLX£XT OPaLÀ MSLT]LaLX gg

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

^V`WWMPL]P] YLXPWd L XLY bT_S L XZ`^_LNSP L O]LbY ^bZ]O LYO L ^_]TYR ZQ ^V`WW^ 3P]P bP L]P ZMaTZ`^Wd TY L ^TXTWL] L]PL ZQ Pc[]P^^TZY% _SP bTWO RZO T^ YZ_ [P]NPTaPO L^ ]PaZW_TYR M`_ L^ L ^ZWPXY Xd^_P]d 0aPY _SP X`^TNLW L^[PN_ ZY T_^ ZbY TYOTNL_P^ _SP Q`YN_TZY ZQ _SP ^V`WW ^ZYR 4_ PcT^_^ TY LY PcNW`^TaPWd ^Z_P]TZWZRTNLW NZY_Pc_ ?SP]P T^ L bSZWP ^P]TP^ ZQ _LWP^ ZQ NPY_L`]^ LYO 2LYOSL]aL^ z MZ_S ZQ _SPX R]Z`[^ ZQ SPLaPYWd X`^TNTLY^ z LNSTPaTYR WTMP]L_TZY ^ZWPWd _S]Z`RS ^LN]PO ±TaL ^ZYR^ LYO LW^Z TY _SP NL^P ZQ S`XLY DZRTY^ T_ T^ ^LTO _SL_ _SPd L]P ]P MZ]Y _S]Z`RS _SP ^TYRTYR ZQ _SP^P ^[PNTLW ^ZYR^ LXZYR^_ _SP SPLaPYWd SZ]OP^ ZQ =`O]L ?SP [P]QZ]XL_TaP []LN_TNP ]PQWPN_PO TY ^`NS YL]]L_TaP^ T^ []TXL]TWd ^ZYR LYO YZ_ XLY_]L ]P[P_T_TZY 4_ T^ YZ_PbZ]_Sd _SL_ _SP -SLT]LaL ?LY _]L^ NZY_LTY NP]_LTY M¯UL^ WTVP 3@¿ Z] 3,@¿ "# M`_ ^`NS w^Z`YO ^PPO^x bSTNS L]P _SP P[T_ZXP ZQ WL_P] ?LY_]L SLaP L OTQQP]PY_ ]T_`LW LYO NZRYT _TaP NSL]LN_P] LYO XLd ^_]TN_Wd ^[PLVTYR YZ_ dP_ MP _P]XPO M¯UL =L_SP] _SLY QZ]X`WL^ _SL_ L]P NZY^_LY_Wd ]P[PL_PO LYO RTaPY STRSWd ^dXMZWTN P^Z_P]TN XPLYTYR _SPd L]P ZYZXL_Z[ZPTN OPaTNP^ LYO ^PPX _Z MP aTPbPO L^ L ^Z]_ ZQ wYL_`]LW WLYR`LRPx TXT_L_TYR _SP RZOv^ ZbY aZTNP Z] _SP aZTNP^ LYO YZT^P^ ZQ ST^ RSZ^_Wd SZ]OP^ :`] ^V`WW ^ZYR T^ LY TY_P] P^_TYR PcLX[WP :bTYR _Z T_^ aP]d QZ]X LYO ^_]`N_`]P T_ T^ L ^ZYR LYO YZ_ L XLY_]L 4_ NZY_LTY^ SZbPaP] bSL_ _SP XLY_]L ^NTPY_T^_^ bZ`WO NLWW M¯UL w^PPOx Z] M¯ULWTVP XL_P]TLW 1]ZX _SP >LY^V]T_ _]LY^WT_P]L_TZY TY _SP X`^TNLW YZ_L_TZY T_ T^ PaTOPY_ _SL_ ^ZXP ZQ _SP `Y_]LY^WL_LMWP ^Z`YO^ TY _SP ^ZYR XP]PWd ]P^PXMWP M¯UL XLY_]L^ bSP]PL^ L QPb L]P ]PLW M¯UL^ ^`NS L^ 3»¿ LYO 3,@¿ z dP_ Z_SP]^ SZbPaP] L]P U`^_ YZT^P^ bT_SZ`_ L NZYaPY_TZYLW XZOPW L_ LWW :`] _]LY^N]T[_TZY ZQ _ST^ OTaP]^P `Y_]LY^WL_LMWP LNZ`^_TN XL_P]TLW _]TP^ _Z NL[_`]P _SP 3TYOT []ZY`YNTL_TZY `[ZY bSTNS _SP ^ZYR T^ []P^`XLMWd ML^PO PR wSZ`SZ`SZ`SZ`  SZbYR SZbYRx ]L_SP] _SLY wSL` SL` SL` SL`  3,@¿ 3,@¿x ?ST^ ]PNZY^_]`N_TZY []ZO`NP^ LY TY_P]P^_TYR ]P^`W_% TY^_PLO ZQ M¯UL XLY_]L^ TP QTcPO QZ]X`WL^ _Z MP ]P[PL_PO _SP _S`YOP]TYR WL`RS_P] ZQ -SLT]LaL NZXP^ _Z _SP QZ]P ,WW _SP YZY^PY^P wYZT^P^x z YZ_ ZYWd 3»¿ LYO 3,@¿ z ^_L]_ _Z XLVP ^PY^P% U`c_L[Z^PO bT_S _SPT] _]LY^WL_LMWP NZ`Y _P][L]_^ _SPd M]TYR _Z PL] LYO XTYO _SP ]ZL]TYR WL`RS_P] LYO [Sd^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# 3,@¿ T^ LY TX[Z]_LY_ L]NLYP ±TaL w^PPOx ^PP LW^Z =LX 6`XL] =LU PO LYO _]LY^W /TN_TZYL]TP^ ZQ _SP ?LY_]L ±£^_]L Z] _SP ?LY_]£MSTOS£YL AL]LYL^T% ;]LNSdL ;]LVL ^SLY $# $ $  3»¿ T^ VYZbY TY _SP -¯ULYTRSL©¶` =LU /TN_TZYL]TP^  "& ^PP LW^Z $ L^ w6]ZOSL M¯ULx TP w^PPO ZQ ]LRPx ^TRYTQdTYR L QPL]TY^[T]TYR LYO b]L_SQ`W Y`XTYZ`^ ^`M^_LYNP 4_ T^ `^PO L^ _SP w^PPOx ZQ 8£]_L©“L-SLT]LaL L ^dY N]P_T^_TN ]P[]P^PY_L_TZY ZQ >¼]dL LYO ±TaL -SLT]LaL L^ TY _SP ;L]L²`]LXL6LW[L >¼_]L  ,W^Z _SP [SZYPXP 3@¿ bSTNS ZNN`]^ TY _SP -S¼_L£XL]L?LY_]L ^PP MP WZb LYO Z_SP] _Pc_^ SL^ L wV]ZOSLxL^[PN_ =LU /TN_TZYL]TP^ $ "

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

"

[]P^PYNP ZQ _SP RZO bSZX ST^ PN^_L_TN bZ]^ST[P]^ TXT_L_P TY ^ZYR LYO OLYNP ?SP TYL]_TN`WL_P WL`RS_P] wSZ`SZ`SZ`SZ` m SZbYRx Pc[]P^^P^ TY L aP]d ]PLWT^_TN XLYYP] LYO XZ^_ WT_P]LW ^PY^P bSL_ T^ _SZ`RS_ _Z NZXP Q]ZX _SP RZOv^ XZ`_S LYO WTVPWd NZY^_T_`_P^ _SP aP]d ML^P LYO []Z_Z QZ]X ZQ _SP >LY^V]T_ M¯ULXLY_]L 3,@¿ L^ L QTcPO ^_LYOL]O QZ]X`WL ]P[]P^PY_TYR ±TaL :] TY Z_SP] bZ]O^ TYT_TLWWd M¯UL^ WTVP 3,@¿ XTXTN _SP Xd^_P]d _SPd L]P OP^TRYPO _Z ^TRYTQd 4Y NZY_]L^_ WL_P] M¯UL^ L]P ZQ_PY NZY^_]`N_PO L^ LN]Z^_TN^ ^`NS L^ w/»¿x QZ] /`]R£ ?SP WL_P] ^_LYOL]O QZ]X`WL^ YZ WZYRP] TXT_L_P _SP OPT_d M`_ ]P[]P^PY_ T_ ?SPT] ^NSZWL]Wd LM^_]LN_TYR NSL]LN_P] OTQQP]^ R]PL_Wd Q]ZX ZYZXL_Z[ZPTN `__P] LYNP^ LYO ^Z`YO XTXP^T^ WTVP 3,@¿ SZbYR _SL_ TY_PYO L aP]d ]PLWT^ _TN XP]RP] bT_S _SP RZO LY PN^_L_TN LM^Z][_TZY Z] XLdMP [Z^^P^^TZY _]LYNP ?ST^ ]PLWT^_TN [Sd^TNLW MLNVR]Z`YO XLd Pc[WLTY _SP aP]d ?LY_]TN TOPL ZQ RZO XLY_]L LYO bZ]^ST[P] MPTYR ZYP X`NS MP__P] _SLY WTYR`T^_TN NZY^_]`N_TZY^ WTVP /»¿ Z] _SP APOTN M¯UL[]Z_Z_d[P :¿ LYO PL]Wd ^P XLY_TN TYaZNL_TZYWTVP XLY_]L^ ^`NS L^ wSZYZ] _Z 9£]£dL©L YLXZ 9£]£dL©£dL Z] wSZYZ] _Z ±Ta£x YLXLà ±Ta£dL  ?SP []PaLWPYNP RTaPY _Z M¯UL ^Z`YO^ ZaP] ^PXLY_TN QZ]X`WL^ T^ aL^_Wd OZN`XPY_PO TY WL_P] ?LY_]L^ ,W]PLOd _SP ?LY_]L^ ZY _SP aP]RP ZQ PL]Wd XLRTN ?LY_]L^ LYO WL_P] ^dY_SP_TN ?LY_]L^ ^`NS L^ _SP =`O]LD£XLWL@__L]L?LY_]L  LMZ`YO TY M¯UL QZ]X`WL^ =PXL]VLMWd ^Z`YO XTXP^T^ [P]^T^_^ M`_ bP QTYO L WTYR`T^_TN ^STQ_ Q]ZX PN^_L_TN `__P]LYNP _Z M¯UL XLY_]L% TY^_PLO ZQ TXT_L_TZY ZQ _SP RZOv^ ZbY aZTNP _SP =`O]LD£XLWL []P^PY_^ YZY WTYR`T^_TN aZNLW ^Z`YO^ TXT_L_TYR _SP M¯UL^ bT_SZ`_ MPTYR _SPX^PWaP^ M¯UL QZ]X`WL^ "$ ?ST^ _Z_LW ^STQ_ _Z WTYR`T^_TN^ ]PLNSPO T_^ N`WXTYL_TZY TY _SP WL_P] 8LY_]L²£^_]L wXLY_]L ^NTPYNPx bSTNS ^_]P^^P^ QZ]X LYO NZY _PY_ Md TY_`T_TYR ^dXMZWTN ^PY^P LYO []ZQZ`YO P^Z_P]TN XPLYTYR TY _SP XLY_]L ^dWWLMWP^ LYO PLNS M¯UL [SZYPXP # @W_TXL_PWd _SP ?LY_]TN XLY_]L^ LYO _SPT] Q`WWMWZbY w^NTPYNPx X`^_ MP _]LNPO _Z XLYd ^Z`]NP^ 2ZTYR Md _SP PL]WTP^_ WT_P]L]d ^Z`]NP^ ^P XLY_TN XLY_]L^ NZY_LTYTYR L 7Z]O 2ZOv^ YLXP ^`NS L^ _SP ;LÓNLM]LSXLXLY_]L Z] _SP QZ]X`WL wYLXZ 9£]£dL©£dLx NZXP QT]^_ MPQZ]P _SP M¯UL^ RLTY []PaLWPYNP 4Y PL]Wd ?LY_]L^ M¯UL^ L]P ]L]P Z] XT^^ TYR LW_ZRP_SP] ?SPT] PaPY_`LW OZXTYLYNP XLd MP Pc[WLTYPO bT_STY _SP PWT_P ]PQP]PYNP Q]LXP ZQ _SP APOTN :¿ ;Z^^TMWd _SP ?LY_]TN M¯UL^ bP]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ =`O]LD£XLWL ##! ^PP MPWZb # ?SP WL_P] LYO XZ]P -]LSXLYTePO ?LY_]L MPNZXP^ _SP XZ]P ^dXMZWT^X bP QTYO >PP QZ] TY^_LYNP APO£Y_LOP²TVL NT_PO Md 3ZPY^ 3TYO` ?LY_]T^X  PO 2`[_L P_ LW  Z] _SP RWZ^^P^ ZY 3=®¿ TY _SP 7LWT_£?]T²L_T-S£´dL >NSZWL]Wd -SLV_T  ^`NS L^ _SP 9£XL^TOOS£Y_L _SPZWZRd ZQ _SP 6LaP]T [ZP_^ LOZ[_PO _SP XP_SZO QZ] OPaZ_TZYLW XLY _]L^ B 5LNV^ZY PO ?SP ;ZbP] ZQ _SP >LN]PO 9LXP% A =LRSLaLYv^ >_`OTP^ TY 9£XL^TOOS£Y_L LYO 4YOTLY .`W_`]P  /PWST% >L_R`]` $$

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

TYT_TLWWd L XTXTN]d ZQ :¿ Z] L _SPT^_TN L[[]Z[]TL_TZY ZQ _SP YZY_SPT^_TN []£©LaL ?SP :¿ TYQZ]XPO ?LY_]L TY ^PaP]LW bLd^ BP QTYO _SP ^LN]PO ^dWWLMWP L__LNSPO _Z ^PXLY_TN XLY_]L^ LYO M¯UL^_]TYR^ LWTVP ,YO NP] _LTYWd :¿ SL^ MPPY LY PcNPWWPY_ XZOPW ]PRL]OTYR [SZYP_TN^ _SP QTYLW YL^LW ^Z`YO ZQ XZ^_ M¯UL^ UL[L ]T_`LW NZY^_LY_ ]P[P_T_TZY LYO ^dX MZWTN PcPRP^T^ ^PXLY_TNTeL_TZY ZQ PLNS [SZYPXP -`_ _SP :¿ bL^ YZ_ L XZOPW QZ] _SP XZ^_ TX[Z]_LY_ QPL_`]P ZQ ?LY_]TN XLY_]L^% _SP M¯UL T_ ^PWQ MPTYR _SP OPT_d Z] Y`XTYZ`^ QZ]NP Pc[]P^^PO LYO L OT]PN_ ]PaPWL_TZY ZQ _SP RZO Z] RZOOP^^ :`] ]PNZY^_]`N_TZY XTRS_ MP _SP LY^bP] _Z _SP `Y^P__WPO \`P^_TZY ZQ bSP]P _SP M¯UL^ NZXP Q]ZX BP ^`RRP^_ _SL_ TXT_L_TaP []LN_TNP^ LYO YZYPWT_P M¯UL[]Z_ZQZ]X^ bP]P _SP TYT_TLW TX[`W^P^ # _SL_ PaPY_`LWWd WPO _Z _SP XZ^_ N`W_TaL_PO ?LY_]TN OPaTNP% _SP `__P]TYR ]P[PL_TYR LYO XPOT _L_TYR ^_]TYR^ ZQ w^PPOXLY_]L^x TP LNZ`^_TNLWWd QTcPO YZY^PXLY_TN QZ]X`WL^ bSTNS TY _`]Y TY^[T]PO _SP NZY^_]`N_TZY ZQ YPb M¯UL^ LYO LY PWT_P wXLY_]L ^NTPYNPx  XLY_]L NL_LWZR^ WPcTNLW ^d^_PX^ SP]XPYP`_TN^ ?ST^ Sd[Z_SP^T^ T^ ^`M^_LY_TL_PO Md _SP QLN_ _SL_ L Y`XMP] ZQ PL]Wd ?LY _]TN ^Z`]NP^ L]P Q`WW ZQ XTXP_TN ^[PPNS QZ]X^ LYO XTN]ZXLN]ZNZ^XTN ^Z`YO [SPYZXPYL _SL_ RTaP LNZ`^_TN TYQZ]XL_TZY LMZ`_ LWW ^Z]_^ ZQ Y` XTYZ`^ MPTYR^ TYSLMT_TYR _SP bZ]WO ZQ XPY LYO _SP bZ]WO MPdZYO



.WLYVTYR 0_SP] :XTYZ`^ 9ZT^P^ LYO w9ZY>_]`NV >Z`YOx

ATWWLRP 3TYO`T^X T^ [Z[`WL_PO Md XLYd Y`XTYZ`^ MPTYR^ LYO Z]OTYL]d XZ]_LW^ bZ`WO []ZMLMWd YZ_ bLY_ _Z SLaP LYd_STYR _Z OZ bT_S XZ^_ ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4_ ^SZ`WO MP XPY_TZYPO _SL_ NP]_LTY M¯UL^ Z] [L]_^ ZQ M¯U£^ ^PPX _Z MP TY^[T]PO Md ^N]T[_ w>NS]TQ_MTWOx ]L_SP] _SLY `__P]LYNP 4Y ^`NS NL^P _SP aT^`LW wRP^_LW_x ZQ _SP NSL]LN_P]^ SL^ OT]PN_ MPL]TYR ZY ^ZXP ^dXMZWTN ^PXLY_TN NZY_PY_ 1Z] TY^_LYNP _SP WZYR w¯x T^ ^PPY L^ TNZY ZQ _SP RZOOP^^v QLNP M]PL^_^ LYO bZXM V£XLVLW£ bSZX ZYP XPOT_L_P^ `[ZY TY ±]¯aTOd£ ]T_`LW 9Z_ ^Z X`NS _SP /PaLYLRL]T NSL]LN_P] M`_ _SP ZWO 9PbL]T ^N]T[_ RTaP^ _SP NW`P QZ] _ST^ TOPY_TQTNL_TZY% _SP R]L[STN ]P[]P^PY_L_TZY ZQ w¯x NZY^T^_^ ZQ _S]PP OZ_^ QZ]XTYR LY `[bL]O QLNTYR _]TLYRWP LYO `YOP]YPL_S _SP]P T^ L N`]aP% T_ T^ PL^d _Z ]PWL_P QLNP M]PL^_^ LYO bZXM _Z _ST^ NSL]LN_P] .Q 8LOS` 6SLYYL ?SP .ZYNP[_ LYO 7T_`]Rd ZQ _SP ±]¯NLV]L ML^PO ZY ±Ta£YLYOLv^ ?]TWZRd  /ZN _Z]LW OT^^P]_L_TZY :cQZ]O% BZWQ^ZY .ZWWPRP $#!  # >TXTWL]Wd _SP aZbPW wPx ]P^PXMWP^ L _]TLYRWP TY ZWO -]LSX¯ ^N]T[_ LYO _SP]PQZ]P NZYYZ_P^ wULRLOdZYTx _SP wbZXM ZQ _SP `YTaP]^Px .Q 5Ld£VSdL^LÀST_£ !" LYO ZY _bZ Q`]_SP] PcLX[WP^ TMTO !" LYO !# ?SP QLN_ _SL_ _SP ^N]T[_ LYO _SP [TN_Z]TLW NZXX`YTNL_TZY ZQ NSL] LN_P]^ bP]P R]PL_Wd ]PWPaLY_ TY XLY_]L²£^_]L v^ ^PXLY_TeTYR LYO _SP ?LY_]TN NZ^XZWZ RTP^ ^PP MPWZb ! OZP^ YZ_ SZbPaP] TYaLWTOL_P Z`] L]R`XPY_ QZ] T_ NLY YZ_ Pc [WLTY _SP P^^PY_TLW L^[PN_^ ZQ ^Z`YO LYO ^Z`YO aTM]L_TZY >N]T[_ LYO ^Z`YO NZXX`YTNL_P ZY OTQQP]PY_ WPaPW^ LYO SLaP PLNS _SPT] ZbY LP^_PS_TN^ 1Z] TY^_LYNP ^ZXP 9P[LWT ±]¯aTOd£ XLY`^N]T[_^ b]T_P _SP ]ZZ_XLY_]L TY L]_T^_TN NLWWTR]L[SdWTVP bLd^

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

"

_SPX ?SP^P RSZ^_WTVP QTR`]P^ ZQ_PY LW^Z SLaP _SPT] ZbY [L]_TN`WL] ^Z`YO NSL]LN_P]T^_TN^ BSTWP ]`XMWTYR WL`RS_P] LYO _S`YOP] L]P _d[TNLW ZQ -SLT]LaL \`T_P OTQQP]PY_ ^Z`YO^ L]P L^^ZNTL_PO bT_S _SP Z_SP] Y` XTYL 1Z] PcLX[WP TY -SLaLMS¼_Tv^ QLXZ`^ O]LXL 8£WL_Å8£OSLaLX #_S NPY_ ,/ _SP]P L]P bTWO RSZ^_Wd MPTYR^ MWZZOO]TYVTYR RZMWTY^ LYO NLOLaP]PL_TYR ^[T]T_^ ZQ _SP OPLO _SL_ LYYZ`YNP _SPT] L[[]ZLNS bT_S L bST]]TYR PcNT_PO bST^[P]TYR VTWLVTW£VZW£SLWL  4Y _SPT] NZYa`W^TaP U`X[TYR OLYNP `__£WL _SPd SZbW L_ ZYP LYZ_SP] WTVP ULNVLW^ # ,Y TX[Z]_LY_ ]ZWP T^ [WLdPO Md _SP _P]]TQdTYR DZRTY¯^ TY ?LY_]TN _]L OT_TZY^ _SL_ ]PQWPN_ YZYPWT_P QZWV [LY_SPZY^ LYO _SP bZ]WO ZQ aTWWLRP ^SLXLY^ LYO XLRTNTLY^ # ?SP DZRTY¯^ SLaP MPPY LM^Z]MPO TY_Z -SLT]LaL bZ]^ST[ LYO L]P NZYNP[_`LWTePO LYO aT^`LWTePO L^ L wbSPPWx NLV]L ZQ OLYRP]Z`^ [ZbP]^ ^`]]Z`YOTYR _SP NPY_]LW RZOSPLO -SLT]LaL _SPT] WZ]O LYO XL^_P] ?d[TNLW ZQ _SP^P QZWVTY^[T]PO -SLT]LaL N`W_^ L]P _SP aP]d NZ][Z]LW LYO [Sd^TNLW TXLRP]TP^ ZQ O]PLO LYO OLYRP] ?SP DZR TYÅ^ L]P L _d[P ZQ 4YOTLY bT_NS LYO MPWZYR _Z L aP]d LYNTPY_ ^_]L_L ZQ STRSWd LXMTaLWPY_ QPXLWP OPT_TP^ ?SPd N]LaP _SP aT_LW ^`M^_LYNP^ QWP^S LYO MWZZO O]LTY _SP S`XLY MZOd ZQ T_^ QW`TO^ NLY _`]Y S`XLY MPTYR^ TY_Z LYTXLW^ LYO [P]QZ]X Z_SP] L]_^ _d[TNLW ZQ bT_NSP^ M`_ _SPd XLd LW^Z N`]P TWW^ TQ LOP\`L_PWd bZ]^ST[PO LYO [Z^^TMWd PaPY MP^_Zb _SP [ZbP] ZQ QWTRS_ PN^_L^d LYO OPTQTNL_TZY _Z _SP XLWP^ bSZ ^`]]PYOP] _Z MPNZXP _SPT] _Z]_`]PO []Pd # ,MZaP LWW _SPT] ZbY QWTRS_ T^ L NZXXZY _Z[Z^ TY _SP WT_P]L_`]P ?SP PP]TP DZRTY¯^ L]P MPWTPaPO _Z QWd _S]Z`RS _SP ^Vd Z] P_SP] 8POTPaLW ^N`W[_`]P^ ZQ_PY [Z]_]Ld _SPX L^ bTYRPO QTR`]P^ Z] [Z^^P^^TYR L S`XLY MZOd LYO LY LYTXLWv^ Z] MT]Ov^ QLNP # 4Y WT_P]L]d OP^N]T[_TZY^ _SPd L]P TYaL]TLMWd L^^ZNTL_PO bT_S NP]_LTY LT]d LYO PP]TP ^Z`YO^ :Q_PY _SPd L]P SPL]O MPQZ]P _SPd NLY MP ^PPY ?SPT] NZXTYR T^ LYYZ`YNPO Md PT_SP] _SPT] NdXMLW^ _£WL Z] MPWW^ ZY _SPT] LYVWP NSLTY^ VT«VTYÅ  LYO _SP XLYd MPWW^v ]TYRTYR LWZYR bT_S _SP ]L__WTYR ZQ ^V`WW^ LYO O]`X^ XLd LXZ`Y_ _Z \`T_P L _P]]TQTN NWLXZ] #! ,MZaP LWW _SP DZR TY¯^v QWTRS_ T^ LWbLd^ L^^ZNTL_PO bT_S _SP NWLYVTYR ^Z`YO Q]ZX _SP MPWW^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q 8£WL_Å8£OSLaLX ,N_ A aP]^P  bT_S _SP NZXXPY_L]d ZQ 5LRLOOSL]L # BST_P 6T^^ ZQ _SP DZRTY¯  ##z# BST_P ^`^[PN_^ _SP ]ZZ_^ ZQ ?LY_]L TY w^`MLW_P]Yx NT]NWP^ ZQ DZRTY¯ N`W_^ bSZX SP ^PP^ L^ wSPT]^x ZQ _SP 6£[£WTVL^ LYO bT_S bSZX SP L^^ZNTL_P^ wSL]O NZ]Px ^Pc`LW 6L`WL ]T_P^ [L]_TN`WL]Wd _SP Z]LW NZY^`X[_TZY LYO Pc NSLYRP ZQ ^Pc`LW QW`TO^ ?SP _SP^T^ T^ [P]^`L^TaP M`_ _SP _Pc_`LW ML^T^ T^ aP]d _STY ?SP PL]Wd ?LY_]L^ bSTNS bP OT^N`^^ MPWZb L^ wQZWV ?LY_]Lx OZ YZ_ RTaP _SP QPXLWP PWPXPY_ L []TXP [WLNP bSTWP _SP U`c_L[Z^T_TZY ZQ aTZWPY_ RZOOP^^P^ LYO ^Pc`LW 6L`WL ?LY_]L ^PPX^ _Z MP ZQ L WL_P] OL_P 4_ T^ OZ`M_Q`W bSP_SP] aTWWLRP ^SLXLYT^X XLd MP _SL_ PL^TWd TOPY_TQTPO bT_S 6£[£WTVL^ >TOOSL^ LYO -SLT]LaL L^NP_TN^ # ?ST^ T^ L XLUZ] L]R`XPY_ [`_ QZ]bL]O Md BST_P # BST_P 6T^^ ZQ _SP DZRTY¯  #$ z  #! >PP LW^Z _SP PcNPWWPY_ PcLX[WP^ TY BST_P 6T^^ ZQ _SP DZRTY¯  $ LYO "

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

ZY _SPT] LYVWP_^ 4Y -SLaLMS¼_Tv^ [WLd 8£WL_Å8£OSLaLX ZYP DZRTYÅ ^Ld^% w?SP ^V`WW^ ZY Xd YPNVWLNP ]L__WP ^bTYRTYR _Z LYO Q]Z 8d PP]TP LYVWP MPWW^ ULYRWP LWZYR bT_S _SP ^V`WW^ 4 LX NZX[WP_PWd QTWWPO Md _SP bZYOP]Q`W bTWO PN^_L^d “£XL]L_aL  bSTNS WPYO^ ^[PPO _Z Xd QWTRS_x #"

4Y ST^ RWZ^^L]d ZY _SP bZ]O VT«VTYÅ wLYVWP MPWWx _SP NZXXPY_L_Z] 5L RLOOSL]L YZ_P^ _SL_ PcNP^^TaP YZT^P RSZ´L^LÀMS£]L  ^Z`YO^ ^`NS L^ _SL_ ZQ _SP ^PL LYO ^`M_WP ULYRWTYR LYO UTYRWTYR ^Z`YO^ ^`NS L^ _SZ^P ZQ LYVWP MPWW^ Z] Z_SP] _TYd MPWW^ RSL©¶TV£ QTWW _SP S`XLY DZRTY^ bT_S _SP R]PL_P^_ OPWTRS_ 4Y _ST^ ^_L_P _SP DZRTY^ YPT_SP] ^WPP[ YZ] S`YRP] YZ] OZ _SPd _ST]^_ 0aPY _ZOLd DZRTY^ WTVP _Z bPL] LYVWP MPWW^ LYO _SP `^P ZQ L ^XLWW MPWW MPWZYR^ _Z _SP ^_LYOL]O ]P[P]_ZT]P QZ] OTaTYP ^P] aTNP^ MZ_S L_ SZXP LYO TY _SP _PX[WP ?SP L^^ZNTL_TZY MP_bPPY _SP P_SP] LYO _SP ^Z`YO ZQ MPWW^ ]TYRTYR T^ LW^Z QZ`YO TY _SP ±LTaL bZ]V ZY DZRL 8£WTYÅATULdZ__L]L?LY_]L ## TY _SP NZY_Pc_ ZQ _SP PcP]NT^P QZ] LNSTPaTYR [ZbP] ZaP] _SP PWPXPY_^ ?SP P_SP] PcP]NT^P T^ ]PRL]OPO L^ _SP XZ^_ OTQQTN`W_ M`_ T_ LW^Z M]TYR^ _SP MP^_ ]P^`W_^% wm ,_ L [WLNP bT_SZ`_ YZT^P Z] bTYO SP ^SZ`WO [`_ ST^ _SZ`RS_^ TY ST^ SPL]TYR m ?SP]P`[ZY SP bTWW SPL] L ^Z`YO WTVP _SL_ ZQ L NdXMLW ZQ [`]P M]L^^ ^_]`NV ]P[PL_POWd \`T_P OT^_TYN_Wd m ,YO TQ SP SPL]^ _ST^ SP T^ Q]PPO Q]ZX MZ_S ST^ RZZO LYO ST^ MLO VL]XLY  4Q SP [`_^ ST^ NZY^NTZ`^YP^^ TY_Z _ST^ ^Z`YO LQ_P] ^Tc XZY_S^ SP STX^PWQ bTWW `YOP]^_LYO _SP NLWW^ ZQ _SP MT]O^ LYO LQ_P] L dPL] SP bTWW MP LMWP _Z SPL] LYd ^Z`YO YZ XL__P] SZb QL] LbLd T_ T^ mx #$

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" `Oaš__L^VSLWT_LVL[£WLVL©¶SLX£W£z ^LÀRSL¶¶LVaL©T_LVL]£WLVT«VT©¯VLà g [L]d£[_LÀ XLdT ]LXL©¯dL“£XL]L_aLÀ ^LÀOSL__P RLRLYL_LWL[]Ld£©LaPRLà gg 8£WL_Å8£OSLaL  ,N_ A aP]^P  ## ,NNZ]OTYR _Z >LYOP]^ZY _ST^ _Pc_ T^ L O`LWT^_ ?LY_]L bSP]PL^ _SP QLXZ`^ NZXXPY _L]d Md ,MSTYLaLR`[_L 8£WTY¯ATULdLA£]__TVL ^PP^ TY T_ _SP aP]d P^^PYNP ZQ _SP YZYO`LW -SLT]LaL?LY_]L^ , >LYOP]^ZY w?SP /ZN_]TYP ZQ _SP 8£WTY¯aTULdZ__L]L_LY _]Lx TY =T_`LW LYO >[PN`WL_TZY TY 0L]Wd ?LY_]T^X PO ?P`Y 2Z`O]TLLY ,WMLYd% >@9D $$ #z #$ ?SP bSZWP [L^^LRP ]PLO^% L_S£_Là [L]LXLÀ R`SdLÀ VL_SLd£XT _La£OS`Y£ g ^LOdZ[LWLMOSTULYLVLÀ dZRTY£À dZRL^TOOSLdP gg [¼]aLYd£^PYL ^LÀYLOOSL² NT__LÀ ²]Z_]P YTaP²LdP_ g YTa£_P ^aLW[La£_P a£ M£SdL²LMOLaTaL]UT_P gg L_L^ _L_]L ²Ž©Z_d P´L dZRÅ OSaLYTX LY£aŽ_LX g ^`aT²`OOSL^dL V£À^dL^dL SL_L^dPSL X`S`]X`S`à gg dLX £VL]©dL XLS£OPaT [`©dL[£[LTà []LX`NdL_P g _L_]L ^LÀOS£dL NLT_LYdLÀ ´L©X£^£O dZRLaT__LXLà gg ]`_LÀ [LV´TRL©L^d£[T []L^[S`¶LÀ aP__d LdL_YL_Là g

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

"

7TVP Z_SP] ^TOOST^ wLNNZX[WT^SXPY_^x ^`NS L^ _SP QT]P ^TOOST bT_S bSTNS ZYP NLY ^PP PaP]d_STYR bT_S _SP [P]QPN_PO P_SP] ^TOOST ZYP NLY SPL] PaP]d_STYR 5`^_ L^ TY _SP OP^N]T[_TZY ZQ _SP QWdTYR bT_NSP^ _ST^ _Pc_ LW^Z ^PPX^ _Z aTPb NdXMLW^ L^ TY^_]`XPY_^ _SL_ L]P P^[PNTLWWd NWZ^PWd WTYVPO bT_S _SP P_SP] ?SP PX[SL^T^ [WLNPO ^[PNTQTNLWWd ZY _SP `YOP]^_LYOTYR ZQ MT]ONLWW^ T^ QZ`YOPO YZ_ ZYWd TY _SP ^PXLY_TN QTPWO ZQ SPLaPY^zP_SP]zQWdTYRz^Z`YO M`_ LW^Z TY _SP ZNN`W_ XLY_TN ^TRYTQTNLYNP LNNZ]OPO _Z MT]ONLWW^ TY 4YOTL 4Y ST^ DZRL>¼_]L ;L_LÓULWT LW]PLOd XPY_TZY^ _SP `YOP]^_LYOTYR ZQ MT]O WLYR`LRP L^ _SP XZ^_ TX[Z]_LY_ [L]LYZ]XLW LMTWT_d _SL_ ZYP NLY LN\`T]P aTL ZYPv^ SPL]TYR ?SP >LY^V]T_ bZ]O QZ] wZXPYx ²LV`YL NLY MP OP]TaPO OT]PN_Wd Q]ZX _SP bZ]O QZ] wMT]Ox ²LV`YÅ  1Z] MT]O^ LW^Z [WLd LY PcNP[_TZYLWWd WL]RP ]ZWP TY _SP -ŽSL_>LÀST_£  L NWL^^TN TY 4YOTLY XLY_TN^ b]T__PY Md AL]£SLXTST]L !_S NPY_ 4_ PaPY XPY_TZY^ L MT]O _SL_ `YOP]^_LYO^ PaP]d WLYR`LRP LYO bSTNS ZYP NLY NZY^`W_ WTVP LY Z]LNWP% BSPY _SP ;T«RLW£ MT]O NLWW^ wu NT]TWaT]TWaT v Q]ZX _SP _Z[ ZQ _SP _]PP _SP bT^S bTWW NZXP _]`P ?SP]P bTWW MP ^P]TZ`^ []ZMWPX^ TQ T_ NLWW^ _SP ^Z`YO u OT²TV£]L v Z] TQ T_ NLWW^ u V`N£V`N£ vx $

?SP L__]TM`_TZY ZQ []Z[P]_TP^ ZQ L [P]QPN_PO DZRTY Z] >TOOSL _Z L MT]O _SL_ T^ LY LYTXLW _SL_ QWTP^ TY _SP P_SP] ^PPX^ _Z MP L^^ZNTL_PO bT_S _SP QLN_ _SL_ TY RPYP]LW _STYR^ TY _SP P_SP] L]P _SZ`RS_ _Z MP STRSWd ^TRYTQT NLY_ TY ^[T]T_`LW _P]X^ LYO _SP P_SP] T^ TOPY_TQTPO bT_S _SP ^`[P]YL_`]LW XZ]P _SLY LYd Z_SP] PWPXPY_ 4Y _SP 4YOTLY _SPZ]d ZQ _SP PWPXPY_^ _SP [P]NP[_TZY ZQ ^Z`YO LYO _SP ^PY^P ZQ SPL]TYR L]P NWZ^PWd L^^ZNTL_PO bT_S _SP P_SP] L^ _SP QTQ_S PWPXPY_ .Z^XTN L`OT_Z]d Pc[P]TPYNP^ WTVP NZ^XTN aT^TZY^ LW^Z SLaP ^ZXP _STYR Q]TRS_PYTYR LMZ`_ _SPX QZ] Z]OTYL]d XZ]_LW^ 1Z] PcLX[WP _SP L`_SZ] ZQ _SP XLY_TN XLY`LW NZY^TOP]^ T_ _Z MP LY P^[PNTLWWd OT^L^_]Z`^ ZXPY TQ _SP ^Z`YO^ ZQ TY^_]`XPY_^ ]TYR Z`_ TY _SP P_SP] bT_SZ`_ _SP TY ^_]`XPY_^ LN_`LWWd MPTYR [WLdPO $ 3ZbPaP] [L]LYZ]XLW L`OT_Z]d Pc [P]TPYNP^ WTVP _SP^P L]P aP]d _d[TNLW ZQ _SP >TOOSL^ LYO DZRTY^ ?SP Pc[]P^^TZY wYZY^_]`NV ^Z`YOx LY£SL_L²LMOL  TP L ^Z`YO _SL_ T^ L` OTMWP LW_SZ`RS YZ TY^_]`XPY_ T^ MPTYR [WLdPO T^ L NZXXZY _PNSYTNLW _P]X TY DZRL ,^ _SP QTQ_S PWPXPY_ _SP P_SP] T^ _SP ZYP _SL_ T^ _SP NWZ^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ O¼]£N NS]LaL©LaTUÓ£YLÀ aL_^L]P©£^dL U£dL_P gg ^L]aLV£XL[SLW£a£[_T] aL_^L]L_]T_LdPYL NL g ^TOOSdL_Å_T VTX £²NL]dLX LY£d£^PYL ^TOOSdL_T gg 8£WTY¯ATULdZ__L]L?LY_]L z! $ T_d PaLX `V_P _L]`X¼]OSLR£d£² NT]TWaT]TWa¯_T ]`_Pv]_SL^TOOSTà g L_d£V`WL_aLÀ OT²TV£]L²LMOP V`N£V`NP_d PaLX `O£Sš_P a£ gg -ŽSL_>LÀST_£ #"  $ R¯_L]LaL_¼]dL²LMO£ YLMSL^T dLO£ a£ NL]L^_ST]£YdL_aLX g Xš_d`^ _LO£ RLO£ a£ aT^aL_¼]dP [L]£MSTMSLaLà gg LYLMSTSL_L_¼]dLY£OLà ²LMOZ a£ _£“T_P´` dLOT YL ^d£_ g ad`_[L__L` a£ _P´£À [L]£RLXZ Yš[L_TXL]L©LÀ a£ gg -ŽSL_>LÀST_£  !z!

"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

P^_ _Z _SP TYNZ][Z]PLW LYO TY _SP 4YOTLY aTPb T_ T^ LW^Z _SP NWZ^P^_ _Z bSL_ T^ Y`XTYZ`^ LYO MPNZXP^ LWXZ^_ [P] QZ]NP _SP XLTY XP_L[SZ] QZ] _]LY^NPYOPYNd 5`^_ WTVP WTRS_ TY ]PWTRTZ`^ _Pc_^ T_ T^ ]PRL]OPO L^ LY TNZYTN ^dXMZW LYO NZX[Z`YO _P]X^ ^`NS L^ wNZY^NTZ`^YP^^ P_SP] NZY ^NTZ`^YP^^ ^[LNPx NTO£V£²L Z] wP_SP] ZQ _SP SPL]_x SšOLd£V£²L L]P [Z[`WL] 8LYd DZRL _Pc_^ NZY_LTY bSZWP NL_LWZR^ ZQ ^[PNTLW ^Z`YO^ bSTNS L]P TOPY_TQTPO L^ w>Z`YO-]LSXLYx ±LMOL-]LSXLY Z] ]L_SP] Y£OL  ,NNZ]OTYR _Z _SP L[ZN]d[SLW APOTN 8LT_]£dL©ÅdL@[LYT´LO  _SP w>Z`YO-]LSXLYx SP]P% ±LMOL-]LSXLY  T^ Pc[P]TPYNPO _S]Z`RS LY wP_SP] ^Z`YOx £V£²L²LMOL  ?Z SPL] _ST^ ZYP ^SZ`WO NWZ^P ZYPv^ PL]^ bT_S ZYPv^ _S`XM^ LYO WT^_PY _Z _SP TY^TOP ZQ ZYPv^ SPL]_ ?SPY ZYP bTWW SPL] _SP ]`^STYR ZQ ]TaP]^ LYVWP MPWW^ M]L^^ NdXMLW^ _SP N]PLVTYR ZQ L bLRZY bSPPW _SP N]ZLVTYR ZQ Q]ZR^ _SP ^Z`YO ZQ ]LTY LYO QTYLWWd ^T WPYNP z WT_P]LWWd _SP ^Z`YO ZQ [WLNP^ bT_S YZ bTYO YTa£_P aLOLO¯_T  ?SP^P MPWZYR _Z _SP _d[TNLW LNZ`^_TN [SPYZXPYL ZQ _SP Y`XTYZ`^ ]ZL] TYR LYO P_SP]PLW ]L__WTYR ,NNZ]OTYR _Z _SP @[LYT´LO LYO DZRTN _]LOT _TZY^ _SP^P L]P TY_P]YLW LYO dP_ [Sd^TNLW ^Z`YO^ bSTNS L]P SPL]O bSPY ZYP _`]Y^ TY^TOP z bSTNS T^ OZYP TY L aP]d [Sd^TNLW XLYYP] L^ bPWW TP Md WT_P]LWWd NWZ^TYR ZYPv^ PL]^ ?SP TY_P]TZ] ^Z`YO^ N`WXTYL_P TY _SP w`Y^_]`NVx ^Z`YO ZQ ^TWPYNP _SP XZ^_ ^`M_WP wP_SP] ^Z`YOx ?SP 8LT_]£dL©ÅdL@[LYT´LO ^_L_P^ _SL_ _SP^P ^PaPY ^Z`YO^ QPPO TY_Z _SP -]LSXLY& LYdZYP bSZ SPL]^ _SP ^PaPYQZWO ^Z`YO TP wVYZb^ _SP ±LMOL-]LSXLY bTWW PY_P] _SP STRSP^_ -]LSXLYx $ >`NS NL_LWZR^ SLaP L WL]RPWd `YTQTPO MZOd ZQ LNZ`^_TN [SPYZXPYL LW_SZ`RS TYOTaTO`LW ^Z`YO^ XLd MP WPQ_ Z`_ Z] LOOPO ?SP NZXXZY ^Z`YO^ L]P WZ`O ZYP^ ^`NS L^ _SP ]`^STYR ZQ _SP ZNPLY _S`YOP] Z] O]`X MPL_^ LYO ZY _SP Z_SP] SLYO _SPd LW^Z TYNW`OP XZ]P ^`M_WP M`_ aP]d TY_PY^P ^Z`YO^ ^`NS L^ ^XLWW MPWW^ ]TYRTYR ?SP NL_LWZR^ YZ_P LWW [Z^^T MWP ^Z`YO^ XPY_TZYPO TY ^`]aTaTYR b]T_TYR^ LMZ`_ DZRL ?SP]P ^PPX^ YZ_ _Z MP L QTcPO ^P\`PYNP L^ _SP Z]OP] TY bSTNS _SP^P ^Z`YO^ L]P WT^_PO aL]TP^ 4Y WL_P] DZRL bZ]V^ ^`NS L^ _SP 2SP]L©“L>LÀST_£ LYO 3L¶SL DZRL;]LO¯[TV£ MP_bPPY _SP _S LYO !_S NPY_ bSTNS OP^N]TMP L R]PL_ Y`XMP] ZQ TY_P]TZ] ^Z`YO^ $ _SP PcP]NT^P TYNW`OP^ ^[PNTLW []LN_TNP QZ] M]PL_SNZY_]ZW LYO _LVP^ [WLNP L_ _SP \`TP_ _TXP ZQ XTOYTRS_ 4Y^_PLO ZQ ±LMOL-]LSXLY _SP^P _Pc_^ `^P _SP XZ]P []PNT^P _P]X w9£OLx ]PQP] ]TYR _Z _SP P_SP]PLW ^`ML`OT_Z]d ^Z`YO bLaP^ VYZbY TY _SP ?LY_]TN _]LOT_TZY^ L^ Z]TRTYLW []TXZ]OTLW w^Z`YOx 4_ T^ ^LTO _SL_ _SP NZYNPY_]L _TZY ZY _SP TY_P]TZ] Y£OL M]TYR^ LMZ`_ NZX[WP_P LM^Z][_TZY WLdL LYO ^`MXP]^TZY ^LX£OST  LY TYOP^N]TMLMWP ^_L_P ZQ MWT^^ TY bSTNS ZYP _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ²LMOLM]LSXL©T YT´Y£_Là [L]LÀ M]LSX£OSTRLNNSL_T g 8LT_]£dL©¯dL@[LYT´LO ! $ 2SP]L©“L>LÀST_£ "$z# LYO 3L¶SL DZRL ;]LO¯[TV£ # z#!

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

""

_LWWd QZ]RP_^ ZYPv^ MZOd LYO YZ WZYRP] SPL]^ _SP TYOTaTO`LW TY_P]YLW ^Z`YO^ ZQ O]`X^ MPWW^ MPP^ LYO ^Z ZY M`_ TY^_PLO _SP [`]P w`Y^_]`NV ^Z`YOx ,YO Q]ZX _SP]P z OP^N]TMPO L^ L ^dYLP^_SP_TN [L]LYZ]XLW Pc [P]TPYNP ZQ ^Z`YO LYO WTRS_ z ZYP ]PLNSP^ _SP STRSP^_ RZLW ?SP PWT_P N`W_`]P ¢RLXL _SPZWZRd LYO STRS 3TYO` ?LY_]L ^PP TY _SP 9£OL _SP QT]^_ PXLYL_P TY _SP NZ^XZRZYTN []ZNP^^ L^ ^SZbY TY L WL_P] NSL[_P] -`_ QZ] _SP [Z[`WL] aTWWLRP N`W_`]P LYO YZYPWT_P >£OSLVL^ _Z bSTNS bP bT^S _Z ]P_`]Y QT]^_ ^Z`YO T^ YZ_ L ^[PN`WL_TaP T^^`P YZ] TY aL]TLMWd LY TYYP] Xd^_TNLW Pc[P]TPYNP LYO ^[]TYRMZL]O _Z _SP _]LY^NPY OPY_LW [WLYP M`_ QT]^_ LYO QZ]PXZ^_ L aP]d NZYN]P_P LYO [Sd^TNLWWd L` OTMWP [ZbP] ^`M^_LYNP bSTNS T^ XLRTNLWWd PQQPN_TaP LYO LMWP _Z NZY_]ZW _SP QPL]^ZXP ^[T]T_ bZ]WO >_L]_TYR bT_S ^ZXP PL]Wd ?LY_]L^ bP OPWTYP L_P _SP [L^^LRP Q]ZX XTXP^T^ _Z XLY_]L



8TXP_TN >Z`YO 8LRTN

BSPY _SP >£OSLVL^ TY_P]LN_ bT_S Y`XTYZ`^ MPTYR^ _SPd WTVP _Z `^P L ^[PNTLW WLYR`LRP ]PXTYT^NPY_ ZQ _SP ^V`WW ^ZYR ?SP []TXP ZMUPN_TaP TY _SP ^V`WW ^ZYR L[[PL]^ _Z MP _Z LNSTPaP TOPY_T_d bT_S _SP OPT_d _S]Z`RS _SP Y`XTYZ`^ ^Z`YO^ bSTWP NZXX`YTNL_TZY bT_S _SP OPT_d T^ WP^^ TX [Z]_LY_ BP L]]TaP L_ _SP _]`Wd ?LY_]TN XLY_]L^ bSPY S`XLY^ TY_P]LN_ bT_S _SP OPT_d 3ZbPaP] TY _P]X^ ZQ _SP ^_]`N_`]P _SP^P XLY_]L^ NZY^T^_ ZQ L ^TXTWL] XTc ZQ ^PXLY_TN LYO YZY^PXLY_TN NZX[ZYPY_^ _Z _SL_ QZ`YO TY _SP ^ZYR ZQ _SP ^V`WWMPL]P] ?ST^ ZNN`]^ TY _SP -S¼_L£XL]L  L aP]d ZWO ?LY_]L []ZM " NPY _`]d ,/ $ :YP aP]d \`TNVWd YZ_TNP^ _SL_ _SP _Pc_ T^ LWXZ^_ NZX[WP_PWd Q]PP ZQ PWT_P wSTRS 3TYO`x TYQW`PYNP 7TVP Z_SP] PL]Wd ?LY_]L^ T_ MPWZYR^ _Z L NL_PRZ]d QZ] bSTNS bP ^`RRP^_ _SP _P]X wTYOTaTO`LWT^_TN ?LY_]L^x ?SP^P ?LY_]L^ L]P OPaZ_PO _Z L ^[PNTQTN RZO QZ]X TY NZY_]L^_ _Z _SP WL_P] w^dY_SP_TN ?LY_]L^x _SL_ NZXMTYP _SP ^Z`YO QZ]X^ ZQ OTQQP]PY_ OPT_TP^ ?SP XLTY OPT_d ZQ _SP -S¼_L£XL]L T^ -SLT]LaL TY ST^ P^[PNTLWWd Q]TRS_PYTYR QZ]X L^ 6]ZOSL-SLT]LaL w]LRP -SLT]LaLx SP]P TOPY_TQTPO bT_S _SP -`OOST^_ ALU]L[£©T w_S`YOP]MZW_MPL]P]x >Z _ST^ T^ YPT_SP] L [`]PWd 3TYO` YZ] L [`]PWd -`OOST^_ ?LY_]L 4_ T^ NP]_LTY _SL_ _SP bZ]V bL^ YZ_ b]T__PY TY LNLOPXTN >LY^V]T_ NT]NWP^ bSTNS NLY MP ^PPY Q]ZX _SP [L]_TLWWd SdM]TO >LY^V]T_ 4_ XLd MP _P]XPO L wQZWV ?LY_]Lx ?P`Y

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP]P PcT^_ 3TYO` LYO -`OOST^_ aP]^TZY^ ZQ _ST^ ?LY_]L LYO L_ WPL^_ _SP -`OOST^_ ZYP^ L]P \`T_P LRPO ?P`Y 2Z`O]TLLY w?LY_]L^ ZQ 8LRTNx TY 3TYO` ?LY_]TN 7T_P]L_`]P PO 2Z`O]TLLY LYO 2`[_L #

"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

2Z`O]TLLY NWL^^TQTP^ T_ LXZYR^_ _SP wXLRTN ?LY_]L^x MPNL`^P T_ T^ []P ZNN`[TPO bT_S XLRTN LYO PcZ]NT^X $ 4Y _SP -S¼_L£XL]L _SP]P L]P ^_TWW ]PWL_TaPWd QPb YZY^PXLY_TN QZ]X`WL^ z TP w^PPO XLY_]L^x Z] ^_]TYR^ ZQ _SPX $! z TY^_PLO _SP]P L]P WZYR YL]]L_TaP ^P\`PYNP^ , >£OSLVL []PQP]^ LY PcNP[_TZYLW ^P__TYR QZ] ST^ PcP]NT^P^ ^`NS L^ L N]PXL_TZY R]Z`YO Z] L XZ`Y_LTY [PLV 3T^ LTX T^ _Z ^`MO`P L NP]_LTY ^[T]T_ LYO _Z LN\`T]P T_^ ^TOOST^  TP T_^ ^[PNTLW [ZbP]^ 4Y _SP NL^P ZQ 6TYYL]Å>£OSLYL _SP >£OSLVL ^SZ`WO ]P[PL_ _SP XLY_]L w:¿ 8LYZS£]T©T FudZ` _SP .L[_TaL_TYR ZYPvH 3,@¿ F[]Z YZ`YNPO uSZbYRvHx # _TXP^ ZY L XZ`Y_LTY LYO _SPY XLVP LY ZQQP] TYR ZQ _SP QWP^S ZQ L NZb LYO M`]Y L NP]_LTY SP]M ,_ XTOYTRS_ _SP 6TY YL]Å L QPXLWP NPY_L`] L[[PL]^ 9Zb SP ^SZ`WO YZ_ MP LQ]LTO% w>SP bTWW L^V uBSL_ T^ dZ`] NZXXLYO*v ?SP >£OSLVL ^SZ`WO LY^bP] u-P Xd bTQPv m ?SP 6TYYL]¯ _LVP^ STX ZY SP] MLNV ^SZb^ STX _SP SPLaPY^ LYO RTaP^ STX bSL_PaP] SP bLY_^ _Z PL_ FL^ bPWW L^H SPLaPY FLQ_P] OPL_SH LYO XLRTNLW ^`M^_LYNP^ ^TOOSTO]LadL x $"

?SP]P L]P NP]_LTY ^_LYOL]O ^TOOST^ XPY_TZYPO QZ] YPL]Wd LWW ^[T]T_^ z YZ XL__P] bSP_SP] _SPd L]P SPLaPYWd YdX[S^ ^YLVP ^[T]T_^ Z] QPXLWP ZR]P^ ,WXZ^_ PaP]d _TXP _SP >£OSLVL ]PNPTaP^ PTRS_ [TPNP^ ZQ RZWO wOTYL]^x OLTWd LYO LWW _SP OPWTRS_^ SP OP^T]P^ 3P bTWW WTaP QZ]  dPL]^ bT_S XLYd []TYNP^^P^ LYO bTWW MP ]PMZ]Y TY L ]ZdLW QLXTWd z TY ^SZ]_ SP ZM_LTY^ PaP]d_STYR _SL_ WZbP] ^_]L_L ZQ ^ZNTP_d XTRS_ O]PLX ZQ ^_L]_TYR bT_S [WPY_d ZQ QTYP QZZO LYO Z_SP] NSP]T^SPO bZ]WOWd RZLW^ ,YO ZQ NZ`]^P SP NLY LW^Z PYUZd ^Pc`LW [WPL^`]P^ 4_ T^ XLWP O]PLX^ _SL_ _SP -S¼_L£XL]L OP^N]TMP^ ?SP ?LY_]L OZP^ YZ_ dP_ MPWZYR _Z _SP wQPX TYTePOx ?LY_]L^ _SL_ RTaP _SP QPXLWP PWPXPY_ LY PWPaL_PO [WLNP LYO ^ZXP_TXP^ TYNW`OP ^Pc`LW ]T_P^ Z] PaPY aTZWPY_ ^PWQXZ]_TQTNL_TZY^ _S]Z`RS bSTNS _SP >£OSLVL bZ]^ST[^ _SP DZRTY¯^ Z] 6LW¯ Md [TP]NTYR ST^ MZOd ZQQP]TYR ST^ QWP^S ^PaP]TYR ST^ SPLO z O]PLOQ`W PcP]NT^P^ ZQ ^PWQ ^LN]TQTNP QZ] bSTNS SP T^ RPYP]LWWd ]P^_Z]PO Md OTaTYP R]LNP LYO R]LY_PO ^`[P]YL_`]LW [ZbP]^ LYO PXLYNT[L_TZY ,W_SZ`RS _SP -S¼_L£XL]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2Z`O]TLLY w?LY_]L^ ZQ 8LRTNx TY 3TYO` ?LY_]TN 7T_P]L_`]P  PO 2Z`O]TLLY LYO 2`[_L #z$ $! 1Z] _SP M¯UL^ _SL_ ZNN`] ^PP _SP WL_P] OTRP^_ -ÏUL 9TRSLY_` TY =LT /TN_TZYL]TP^ ZQ ?LY_]L²£^_]L  z  $" aLOP_ VTX £UÓ£[LdL^T MSLaL MS£]dP_T ^£OSLVLà g _]TOTaLÀ [š´¶SLX £]Z[dL OL]²LdL_d L[T dLNNSL_T g V£XTVLÀ MSZULYLÀ ^aL]RLÀ ^TOOSTO]LadLÀ []LdLNNSL_T gg -S¼_L£XL]L?LY_]L  ?SP _P]X ^TOOSTO]LadL XLd LW^Z MP _]LY^WL_PO L^ w[ZbP] ^`M^_LYNPx LYO [Z^^TMWd STY_ L_ ^Pc`LW QW`TO^ BST_P  6T^^ ZQ _SP DZRTY¯  ]PWL_P^ _SP _P]X O]LadL w^`M^_LYNPx TYaL]TLMWd _Z ^Pc`LW QW`TO^ LYO _SP O]TYVTYR ZQ w[ZbP] ^`M^_LYNP^x TP wO]TYVTYR QP XLWP OT^NSL]RPx ^PP TMTO "  !"Q #Q $ "  LYO $ bSP]P _SP bZ]O ^TOOSL O]LadL ZNN`]^ -`_ _SP NZY_Pc_ ZQ Z`] aP]^P [ZTY_^ TY^_PLO _Z LYd_STYR OP^T]LMWP

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

"$

VYZb^ LWW VTYO^ ZQ QPXLWP ^[T]T_^ _SPd L]P WP^^P] [ZbP]^ ?SP -SLT]LaL ZQ _SP -S¼_L£XL]L T^ bT_SZ`_ NZY^Z]_^ LYO _SP S`XLY XLRTNTLY^ ]P[]ZO`NP L NZXXZY RPYOP] XZOPW% _SP XLY NLWW^ LYO _SP bZXLY NZXP^ _Z ^P]aP STX ?SP ^[T]T_^ X`^_ MP ^`MO`PO 8LY_]L^ Z] XLY_]L WTVP TYaZNL_TZY QZ]X`WL^ L]P _SP XLUZ] XPLY^ ?SP ^[T]T_^ bSZ PLNS PXMZOd ^[PNTLW [ZbP]^ L]P QZ]NPO _Z ^P]aP _SP >£OSLVL ZbTYR _Z _SP [ZbP] _SP XLY_]L^ SLaP ZaP] _SPX ?SP _Pc_ ]P[PL_POWd ^_L_P^ _SL_ TQ _SP ^[T]T_^ OZ YZ_ ZMPd LYO OZ YZ_ NZXP ALU]L[£©T bTWW ^[WT_ _SPT] SPLO^ TY _bZ bT_S ST^ _S`YOP]MZW_ 5`^_ L^ _SP]P T^ L ]LYRP ZQ OTQQP]PY_ ^TOOST^ ZQ _SP ^[T]T_^ _SP XLY _]L^ bT_S bSTNS _SP ^[T]T_^ NLY MP TYaZVPO LW^Z aL]d ?SPd NLY MP NLWWPO Md YLXP^ ^`NS L^ wDZ` 1LT] ZQ 1LNPx wDZ` 7ZaP] ZQ >Pcx Z] wDZ` bT_S L 1LNP WTVP _SP >`Yx LYO NZXXLYO^ ^`NS L^ wNZXPx Z] w[]Z_PN_ XP x ?SP^P ^PXLY_TN _Pc_^ L]P NWZ_SPO TY APOTN ^LN]TQTNTLW NLWW^ ?SPd MPRTY bT_S w:¿x LYO ZQ_PY PYO bT_S w>a£S£x 8Z^_ ZQ _SPX SLaP ^[P NTQTN ^Z`YO^ TY^P]_PO TY _SP XTOOWP ^ZXP ZQ bSTNS L]P TXT_L_TaP bSTWP Z_SP]^ ^PPX YZ_ _Z SLaP LYd ]PNZRYTeLMWP XPLYTYR ?SP XZ^_ Q]P\`PY_ ^Z`YO T^ []ZMLMWd _SP ]ZL]TYR  ]L__WTYR ^Z`YO 3@¿ F[]ZYZ`YNPO S]]]`XXXH L ^Z`YO L^^ZNTL_PO bT_S ]LRP V]ZOSL TY WL_P] XLY_]L OT RP^_^ LYO VYZbY L^ wVLaLNL M¯ULx w^PPO ZQ L]XZ]x $# 3@¿ T^ ZQ_PY NZXMTYPO TY _SP ?LY_]L bT_S _SP XLRTNLWWd _S]PL_PYTYR ;3,µ L ^Z`YO _SL_ T^ NLWWPO _SP wL]]Zbx L^_]L LYO []ZMLMWd LW^Z TXT_L_P^ LY L]]Zb ^SZ_ Q]ZX L MZb z LQ_P] LWW _SP LYNTPY_ =`O]L T^ LY L]NSP] -Z_S ZQ _SP^P ^Z`YO^ L]P L^^ZNTL_PO bT_S _SP XLWP OPT_d LYO bP]P LW]PLOd [Z[` WL] TY _SP PL]Wd ¢RLXL^ ?SP XLY_]L bT_S bSTNS _SP XLTY OPT_d 6]ZOSL -SLT]LaL NLY MP TYaZVPO ]`Y^ WTVP _ST^% :¿ 3@¿ ALU]L wOTLXZYOx ;3,µ 6=@¿ 6=:¿ 6=@¿ 6=@¿ 3@¿ 3@¿ ;3,µ ?SP ^Z`YO^ 6=@¿ 6=:¿ []ZYZ`YNPO wV]ZZYR V]ZbYRx L]P L _d[TNLWWd ?LY_]TN QTR`]P% ZY _SP ZYP SLYO _SPd L[[PL] _Z TXT_L_P -SLT]LaLv^ ]ZL]TYR bSTWP ZY _SP Z_SP] _SPd ]P[]P^PY_ L NL^P ZQ LN]Z[SZYd QZ] w6]xZOSL -SLT]LaL ?SP Z_SP] YZY^PXLY_TN NZXMTYL_TZY^ ZQ ^Z`YO^ _ZZ SLaP LY LYLWZRZ`^ XTXP_TN LYO L^^ZNTL_TaP NSL]LN_P] 4Y _ST^ PL]Wd ?LY_]L _SP []PaLTWTYR TOPL L[[PL]^ _Z MP _SL_ ZYP SL^ _Z ^[PLV _Z _SP ^[T]T_^ TY L ^[T]T_WTVP QL^STZY 8Z^_ ZQ _SP ^Z`YO^ NLY MP NWL^^TQTPO L^ ZYP^ _SL_ L]P ]PRL]OPO L^ ^[PNTQTNLWWd RSZ^_Wd 1Z] _SP DZRTYÅ^ _SP]P L]P _SP bPWW VYZbY UTYRWTYR ^Z`YO^ LYO MPWWWTVP ^Z`YO^ ®¿ 4¿ 67®¿ 7‹¿ LYO _SP M]PL_Sd ^Z`YO^ ,ž LYO ;@ž 4Y _SP -S¼_L£XL]L _ST^ WL__P] ^Z`YO T^ [L]_TN`WL]Wd NWZ^PWd L^^ZNTL_PO bT_S ^YLVP^ L ^[PNTP^ P^[PNTLWWd ^_]ZYRWd WTYVPO bT_S ±TaL& LXZYR^_ Z_SP] _STYR^ _SP RZO bPL]^ L NZM]L L]Z`YO ST^ YPNV ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $# =LU /TN_TZYL]TP^ ZQ ?LY_]L²£^_]L   $

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP @““£XL]P²aL]L  L ?LY_]L MPWZYRTYR _Z _SP ^LXP _]LOT_TZY Q]P \`PY_Wd PaPY `^P^ L NSLTY ZQ ^Z`YO^ _SL_ T^ Z_SP]bT^P ]L_SP] `Y`^`LW QZ] XLY_]L^ YLXPWd wVTWT VTWTx z bSTNS T^ NP]_LTYWd OP]TaPO Q]ZX _SP ZYZ XL_Z[ZPTN >LY^V]T_ bZ]O QZ] _SP bST^[P]TYR ZQ ^[T]T_^ wVTWLVTW£x ,[L]_ Q]ZX _SP `Y`^`LW ^Z`YO NZXMTYL_TZY wVTWTx LYO _SP ZWO wL]]Zbx ^dWWLMWP ;3,µ _ST^ WL_P] ?LY_]L ZQ _SP £XL]L _]LOT_TZY _ZZ `^P^ ZYWd XLY_]L ^dWWLMWP^ bT_S _SP MPWWWTVP YL^LW PYOTYR wÀx Z] _SP L^[T]L_PO PYOTYR wàx 4Y _SP QZ`]_PPY_S NSL[_P] _SP]P T^ L QZ]X`WL _Z []Z_PN_ LRLTY^_ ^YLVP aPYZX bSTNS NZY_LTY^ L WL]RP []Z[Z]_TZY ZQ _SP XLY_]L ^dWWLMWP^ ZNN`]]TYR TY _ST^ ?LY_]L% :¿ =,¿ =¢¿ >,¿ >¢¿ 7,¿ 7¢¿ 3,¿ 3,ž >,¿ >,ž 63,¿ 63,ž ?,¿ ?,ž 23,¿ >,¿ >;3@¿ >;3@ž 3=®¿ 3@¿ 3@¿ 3@¿ 6³®¿ 6³®¿ 6³,@¿ >,@¿ >,ž .3,¿ .3,ž /3,¿ >,ž >;3@¿ >;3,ž 3=®¿ 3@¿ 3@¿ 3@¿ 6³®¿ 6³®¿ 6³,@¿ >,¿ ;3,¿ ;3,ž 3@¿ ;3,µ >A¢3¢ $$

.ZX[L]PO bT_S _SP `^`LW [SZYP_TN ^_]`N_`]P ZQ 4YOTLY WLYR`LRP^ _ST^ `Y_]LY^WL_LMWP ^P\`PYNP []ZO`NP^ L ]L_SP] OL]V LYO SPLad PQQPN_ ZbTYR _Z T_^ XLYd w`x LYO wLx aZbPW^ ?SP [L^^LRP T^ OZXTYL_PO Md SL]^S ]Z`RS ^Z`YO^ ^`NS L^ wVSx wNSx w^[Sx LYO wV´x AZNLW ^Z`YO^ _SL_ L]P []TXL]TWd YZYWTYR`T^_TN z ^`NS L^ ST^^TYR ^ V´ ^[T__TYR ^[S [S LYO ]L^[TYR S] ^Z`YO^ z ^PPX _Z MP TXT_L_PO ZYZXL_Z[ZPTNLWWd ?SP Y`XP]Z`^ MPWWWTVP QTYLW ^Z`YO^ NZXMTYPO bT_S aZbPW X`_L_TZY^ WTVP Z`] wOTYROZYRx QZ] TY^_LYNP wV´ÅÀ V´L`Àx ZNN`] [L]_TN`WL]Wd Q]P \`PY_Wd LYO ]PTYQZ]NP _SP TX[]P^^TZY ZQ YZYWTYR`T^_TN aZNLWT_d 9`XP] Z`^ XLY_]L^ RZ _S]Z`RS QTR`]L_TZY^ ZQ _ST^ _d[P `^TYR LWW _SP aZbPW^ ZQ _SP LW[SLMP_ L^ TY _SP ZYP RTaPY MPWZb bT_S _SP ^Z`YO w6³x% :¿ 3@¿ /=¢¿ 6³,¿ 6³¢¿ 6³4¿ 6³®¿ 6³@¿ 6³»¿ 6³0¿ 6³,4¿ 6³:¿ 6³,@¿ 6³,¿ 6³,ž 3@¿ ;3,µ 

7L_P] ZY L Q`WW XLY_]L ^NTPYNP XLY_]L²£^_]L OPaPWZ[PO bSTNS []Z aTOPO L ^dXMZWTN VPd QZ] _SP^P _d[P^ ZQ XLY_]L ^dWWLMWP^ LYO OPaPWZ[PO [L__P]Y^ QZ] _SP TY_P][]P_L_TZY ZQ XLY_]L^ /P^[T_P _ST^ _SP [P]XPL_TZY ZQ _SP ^LN]PO WLYR`LRP ZQ _SP ?LY_]L bT_S XTXP_TN ^Z`YO XLRTN ]PXLTY^ L OPNT^TaP QLN_Z] LYO SL^ NZY^T^_PY_ PQQPN_^ TY _SP WL_P] WT_P]L_`]P^ bSTNS NZXP NWZ^P] _Z PWT_P N`W_`]LW Pc[]P^^TZY^ 1Z] PcLX[WP QZWWZbTYR ZY Q]ZX _SP APOTN;`]£©TN _]LOT_TZY ZQ SdXY^ ZQ []LT^P _SP WL_P] ?LY_]L LW^Z NZYNPTaP^ ZQ SdXY^ >_Z_]L _Z ZYPv^ ZbY OPT_TP^ 5`^_ WTVP _SP ^dXMZWTN TY_P][]P_L_TZY^ ZQ _SP XLY_]L^ _SP^P SdXY^ ^SZb _SL_ ?LY _]T^X MPRLY _Z Z]TPY_ T_^PWQ ZY STRSWd WT_P]L]d ^_LYOL]O^ 9Zb YZ_ ZYWd _SP ^ZNTLWWd LNNP[_LMWP 7Z]O 2ZO^ ±TaL LYO AT´©` SLaP _SPT] ZbY  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ @““£XL]P²aL]L?LY_]L NSL[  PO 5LRLO /SL] ELOZZ >]TYLRL]% =P^PL]NS /P[L]_ XPY_ $" !  @““£XL]L NSL[  PO 5LRLO /SL] ELOZZ 

;ZbP] =PWTRTZY LYO :NN`W_ >Z`YO^

"

YLXP SdXY^ M`_ ^Z OZ _SP Y`XP]Z`^ ^XLWW LYO R]PL_ ?LY_]TN OPT_TP^ @YWTVP -]LSXLYTN ;`]£©L SdXY^ ZQ []LT^P SZbPaP] _SP ?LY_]TN SdXY^ L]P ZQ_PY YZ_ NZY^_]`N_PO TY L aP]d ^PXLY_TN bLd MPTYR X`NS XZ]P LWWT_P]L_TaP LYO YZ_ `YNZXXZYWd NZX[Z^PO LNNZ]OTYR _Z LY LN]Z[SZ YP_TN []TYNT[WP PR LWW _SP bZ]O^ MPRTY bT_S wVLx TY L 6£WÅ SdXY Z] L 6`©“LWTYÅ SdXY Z] _SP aP]^P^ L]P L]]LYRPO L^ LY LN]Z^_TN QZWWZbTYR _SP LW[SLMP_ 4Y _SP =`O]LD£XLWL@__L]L?LY_]L  bSTNS T^ ZYP ZQ _SP WL_P wTYOT aTO`LWT^_TNx LYO wQPXTYTePOx ?LY_]L^ _SP]P L]P Y`XP]Z`^ SdXY^ ZQ _ST^ _d[P 3P]P LRLTY _SP [L]_Wd SdM]TO LYO NZ]]`[_ >LY^V]T_ TYOTNL_P^ _SL_ T_ T^ XZ^_ `YWTVPWd _SL_ _SP L`_SZ]^ ZQ _ST^ ?LY_]L PaP] ^Lb _SP TY^TOP ZQ L APOL ^NSZZW ,YO dP_ T_ SL^ ^ZXP PWT_P N`W_`]P QPL_`]P^ ^`NS L^ _SP YLXP^ P[T_SP_^ L[[PL]TYR TY _SP YLXP SdXY ZQ _SP RZOOP^^ 6`X£]Å TY T_^ _PY_S NSL[_P] L]]LYRPO XZ^_ Pc[P]_Wd TY LY LN]Z^_TN XLY YP] QZWWZbTYR _SP >LY^V]T_ LW[SLMP_ ?SP QT]^_ _ST]_PPY LYO L SLWQ aP]^P^ QZ] PcLX[WP NZY_LTY ZYWd YLXP^ MPRTYYTYR bT_S wVLx ?SP WL]RP Y`X MP] ZQ _SPX QPbP] aP]^P^ L]P OPOTNL_PO _Z _SP Z_SP] WP__P]^ NLY MP Pc [WLTYPO Md _SP ^_]TaTYR _Z VPP[ _SP []Z[P] YLXP w6`X£]Åx []P^PY_ LN]Z [SZYTNLWWd L^ QL] L^ [Z^^TMWP 8Z^_ ZQ _SP Z_SP] SdXY^ L]P WP^^ PWLMZ]L_P M`_ ]PLWTeP L \`T_P ^TXTWL] []TYNT[WP ZQ XTXP_TN ^Z`YO XLRTN ?SPd NZY_LTY L WL]RP Y`XMP] ZQ L^^ZYLYNP^ LYO _S`^ QZWWZb L []TYNT[WP ZQ NZX[Z^T_TZY _SL_ T^ L RPYP]LW QPL_`]P ZQ 4YOTLY [ZP_]d M`_ _SP NZY ^_LY_Wd ]P[PL_PO ^Z`YO^ L]P NSL]LN_P]T^_TNLWWd WTXT_PO _Z NP]_LTY XLRT NLWWd PQQPN_TaP NZXMTYL_TZY^ ?SP /`]R£ SdXY TY _SP # _S NSL[_P] ^_L]_^ TY _]LY^WL_TZY bT_S _SP^P bZ]O^% w?SP 8£d£ _SL_ OP^_]Zd^ _SP OPXZY 8LdL _SP ±LV_T F^SP T^H QZ]RTaPYP^^ _SP N]PL_Z]  _SP FRZOOP^^H Q`WW ZQ VTYOYP^^ bSZ WZaP^ FO]TYVTYRH MWZZO bSZ NL`^P^ UZd bT_S PdP^ WTVP WTWTP^ ]PO bT_S ]LRP _SP .£X`©“£ _SP OL]V ZYP F`YOP]H _SP [ZXPR]LYL_P _]PP F_SL_ ^[]Z`_POH Q]ZX _SP MWZZO ZQ ML__WP _SP ^STYTYR WZ_`^QLNPO ZYPx

?SP _]LY^WL_TZY NLY ZYWd ]P[]ZO`NP _SP ^PXLY_TN TXLRP^ ZQ _SP ZOO XTc _`]P ZQ _SP AT]RTY 8L]d LYO aLX[T]P bSZ T^ _SP ]PNT[TPY_ ZQ _ST^ []LdP] -`_ TY _SP >LY^V]T_ Z]TRTYLW _SP L`OT_Z]d TX[]P^^TZY T_^PWQ NZYaPd^ _SP ^LXP XP^^LRP XP]PWd MPNL`^P ZQ _SP U`c_L[Z^T_TZY ZQ ^ZQ_ LYO aP]d SL]^S ^Z`YO^% d£ X£d£ XLdLO£YLaLV´LdLVL]Å ²LV_Tà V´LX£ VL]__ŽV£ ²`XMSL²]ÅXLST´£^`]£^`]LMLWL[]£_]ZWLNL©“£XLS£ g MSLO]£]O]£ ]`OST]L[]Td£ []TdLVL]Å V]ZOS£«RL]LV_Z_[LW£ N£X`©“£ ]L©L]LV_LMÅUL]LULYÅ UdZ_^Y£ X`VSPYOÅaL]£ gg 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  =`O]LD£XLWL ## PO =£XL[]L^£OL ?]T[£¶S¯ AL]LYL^T% >LX[`]YLYLO >LY^V]T_ @YTaP]^T_d 

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

3P]P _SP b]T_P] ZQ _SP SdXY T^ \`T_P NWPL]Wd QZN`^TYR ZY ^dWWLMWP^ MP RTYYTYR bT_S NZY^ZYLY_^ NZXMTYPO bT_S w]x Z] wŽx z w_Žx w²]x w[]x _S]PP _TXP^ wO]x _bTNP LYO wV]x ?SP NZX[Z^T_TZY SL^ Y`XP]Z`^ ]L^[TYR NZXMTYL_TZY^ L_ _SP MPRTYYTYR^ ZQ bZ]O^ ^`NS L^ TY MSLO]£]O]£ ]`OST]L[]Td£ []TdLVL]Å L[[L]PY_Wd _]dTYR _Z TXT_L_P _d[TNLW XLY_]L ^dW WLMWP^ _SL_ L[[PL] TY TYY`XP]LMWP ?LY_]TN XLY_]L^ PR TY _SP ^P\`PYNP wm /=®¿ /=,¿ /=,@¿ /=,ž mx  4Y ZYP ZQ _SP QZWWZbTYR aP]^P^ ZQ _SP =`O]LD£XLWL []ZO`NPO MP WZb _SP]P T^ L ^TXTWL] TXT_L_TZY ZQ XLY_]L ^Z`YO^ ?ST^ NZXP^ LMZ`_ _S]Z`RS _SP NZYNPY_]L_TZY ZQ ]P[P_T_TaP ^Z`YO NZXMTYL_TZY^ ^`NS L^ VSLÀ _S]PP _TXP^ LYO NLÀ _S]PP _TXP^ ?ST^ VTYO ZQ w^_LXXP]TYRx _ZZ bSTNS T^ ZMaTZ`^Wd LW^Z _SZ`RS_ _Z MP P^[PNTLWWd XLRTNLW T^ _d[TNLW ZQ ?LY_]TN >_Z_]L^ ?ST^ T^ OTQQP]PY_ Q]ZX _SP NL^P ZQ _SP L^^ZYLYNP^ bSTNS ZNN`] PXMPOOPO TY L ^PXLY_TNLWWd NZ]]PN_ _Pc_ 3P]P wPNSZP^x L]P [`_ MPQZ]P _SP XLTY bZ]O L^ TY _SP [Z[ ^ZYR w=L =L =L^[`_TYx ?SP _Pc_ T^ ^Z N]d[_TN _SL_ bP SLaP OPNTOPO YZ_ _Z _]d _]LY^WL_TYR T_ SP]P% ^£ M£W£MLWLa£SLY£ ^`RLSLY£ ^LXX£YLY£ OS£]L©£ 63,¿ 63,¿ 63,¿ VSLNL]£NL]£ V`WLNL]£ a£N£NL]£ aLÀVSL]£ g .,¿ .,¿ .,¿ NLXL]ÅSL]Å MSLRLaL_Å R£_S£RL_£à ^LÀRL_Tà a£SL` XP [L]T[£_` [L«VLULX`VSÅ d£ NL©“LX`©“£[LS£ gg  ,W_SZ`RS _ST^ aP]^P SL^ YZ_STYR L_ LWW _Z OZ bT_S ?LY_]TN XLY_]L ^Z`YO^ PaPY _SZ`RS _SP ^Z`YO NZXMTYL_TZY^ LN_`LWWd TXT_L_P _SPX LYZ_SP] aP]^P NZY_LTY^ _SP ^P\`PYNP 3,¿ ;3,µ 6³,@¿ bSTNS L]P RPY`TYP LYO Q]P\`PY_ XLY_]L ^dWWLMWP^% ²d£X£ [£_` [L_L«RLVZ¶TYTYLO£ 3,¿V£]L;3,µV£]T©Å £YLYOZ_^LaL^L]aL^£]LULdLO£ ^L]aL_]L ^£ ]LV´TV£ g 6³,@¿6³,@¿6³,@¿VL¶STY£V´L]£ V´LdLVL]Å ^L]a£«RLOZ´LÀSLY£ OPS£]Pà VLNLS£ [L]£ VLNLV`N£VÅW£WL[¼]£²T_£ gg  w;]Z_PN_ DZ` -WLNV :YP ]TYRTYR WTVP Xd]TLO^ ZQ MT]O^ bT_S _SP 3,¿ ^Z`YO LYO _SP ;3,µ ^Z`YO R]LY_ _SP R]PL_P^_ ZQ _]T`X[S^ _SP QP^_TaLW ZQ MWT^^ LYO []Z_PN_ `^ TY LWW _STYR^ DZ` OP^_]Zd bT_S _SP SL]^S ^dWWLMWP^ 6³,@¿ 6³,@¿ 6³,@¿ dZ` XLVP RZZO LWW MWPXT^SP^ ZQ _SP MZOd  F=P^_ TYNZX[]PSPY^TMWPHx

,Y Pc_]PXP X`^TNLWTeL_TZY ZQ WLYR`LRP NSL]LN_P]TeP^ _SP £VTYÅ SdXY ZQ _SP =`O]LD£XLWL  3P]P bP QTYO ^PXLY_TNTeL_TZY ZQ aL]TZ`^ OTQQP]PY_ TY^_]`XPY_^ 7P_ `^ U`^_ _LVP L^ LY PcLX[WP _SP TXT_L_TZY ZQ _SP O]`X ^Z`YO^ ?SP “LXL]` L ^YL]P O]`X TY _SP ^SL[P ZQ LY SZ`]RWL^^ _SL_ T^ XPY_TZYPO LRLTY LYO LRLTY _S]Z`RSZ`_ _SP _Pc_ T^ _SP T_TYP]LY_ DZRT^v QLaZ]T_P TY^_]`XPY_ ?SP aP]^P []ZaTOP^ L RZZO TWW`^_]L_TZY ZQ SZb _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  @““£XL]L  NSL[  LYO   =`O]LD£XLWL ##!  =`O]LD£XLWL #$

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"

MZ]OP]^ MP_bPPY YZY^PY^P LYO ^PY^P ^PPX _Z OT^L[[PL] TY ?LY_]TN ^Z`YO [ZP_]d% “£À“£À“£À “£VTYÅY_£ “LXL]`aL]L]L_£À _£]T©ÅÀ _£]L]¼[£À g “TÀ“TÀOTÀ “£XL]L^_S£À “LXL]`“LXLRŽSP “LÀVL“TÀVTÀ XLY`^_S£À gg “LÀ“LÀ“LÀ “£XL]P²Å “TXT“TXT“TXTRLOSa£YLYT]X£©L“Z]£À g “ZÀOZÀ“ZÀ “£VL“LÀ“Là []L“`XL“LX`“£À O£“TX£X £²]Ld£XT gg  w?SP /LLYR/LLYR/LLYR£VTYÅOL _SP OPWTaP]P] TY _SP QZ]X ZQ :¿ bSZ OLYNP^ _SP /TYR/TYR/TYR£XL]` OLYNP m TY _SP ^YL]P O]`X SZ`^P TY _SP /LYVLOTYVT XLY_]L ?SP /LYR/LYR/LYR XT^_]P^^ ZQ _SP £XL]L OLYNP bSZ^P /TXXT/TXXT/TXXT O]`X ^YL]P T^ _SP bLd _Z OP WTaP]LYNP bT_S _SP /ZZX/ZZX/ZZX u]Z^P L[[WPv O£“TXL OZ 4 ^PPV ]PQ`RP mx



?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^  

?SP 8LY_]TN w1T]^_ ,TO 6T_x

3ZbPaP] N`]TZ`^ _SP Z]TRTYLW ?LY_]L _]LOT_TZY^ XLd ^PPX _Z L NZY_PX [Z]L]d ZM^P]aP] _SPd ^_TWW []ZaTOPO L ^[PNTQTN ^dXMZWTN QZ]X LYO []LN _TNP _SL_ bL^ ^Z [Z[`WL] Q]ZX L]Z`YO _SP QTQ_S NPY_`]d ,/ ZYbL]O^ _SL_ T_ PaPY_`LWWd WPQ_ T_^ XL]V ZY WL]RP ^PN_TZY^ ZQ 3TYO`T^X 8LY_]L ]P[P_T _TZY bT_S T_^ ^_]LYRP^Z`YOTYR Xd^_P]TZ`^ LYO ^SZ]_ ^dWWLMWP^ _SP [Zb P]Q`W PQQPN_TaPYP^^ NZWWPN_TaPWd L^N]TMPO _Z _SPX LYO _SP _]LYNP TYO`NTYR NZY^_LY_ ]P[P_T_TZY ZMaTZ`^Wd L[[PLWPO YZ_ ZYWd _Z aTWWLRP ^SLXLY^ LYO PNNPY_]TN SP]XT_^ TY _SP QZ]P^_^ M`_ `W_TXL_PWd LW^Z _Z WL]RP [Z]_TZY^ ZQ _SP [Z[`WL_TZY ?SP ^PN_Z] ZQ 3TYO`T^X TYQW`PYNPO Md _SP XZYT^_TN APO£Y_L bT_S T_^ SPLad PX[SL^T^ ZY _]LY^NPYOPYNd LM^Z W`_P QZ]XWP^^YP^^ ZQ _SP OTaTYP LYO ^`MWTXPWd LM^_]LN_ TOPL ZQ WTMP]L _TZY bL^ ^Z ^_]ZYRWd Z]TPY_PO ZY Z_SP]bZ]WOWTYP^^ _SL_ T_ bL^ ZYWd ^`T_LMWP QZ] PWT_P N`W_`]P ]PWTRTZ`^ aT]_`Z^T LYO WPL]YPO -]LSXLY L^NP_ TN^ ?SP ?LY_]L NZXXPY_L_Z] =£RSLaL -SL¶¶L NWLTX^ _SL_ ?LY_]TN 3TYO` T^X T^ MP__P] _SLY APO£Y_L 3TYO`T^X L]R`TYR _SL_ ^[T]T_`LW []ZR]P^^ _S]Z`RS ^_`Od ZQ _SP @[LYT´LO ]P\`T]P^ _ZZ XLYd WTaP^ _Z MP []LN_TNL MWP ! ?LY_]L ZY _SP Z_SP] SLYO ZQQP]PO _SP [Z^^TMTWT_d ZQ PY_P]TYR TY_Z TXXPOTL_P NZY_LN_ bT_S _SP OPT_d SP]P LYO YZb LYO Pc[P]TPYNTYR T_^ PQQPN_^ \`T_P _LYRTMWd TY ZYPv^ OLTWd WTQP ,YO ZYP X`^_ YZ_ QZ]RP_ PT _SP] _SL_ QZ] _SP WLd 3TYO` LQ_P] XLYd NPY_`]TP^ ZQ wOP[`_TeTYR ]PWTR TZYx NZY_LN_ bT_S _SP Sd[P]^LN]PO -]LSXLYTN ^_L_`^ ^dXMZW wXLY_]Lx X`^_ SLaP MPPY U`^_ L^ `[WTQ_TYR L^ _SP Pc[P]TPYNP ZQ _SP XTYP] bSZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  =`O]LD£XLWL   ! .Q NZXXPY_L]d ZY _SP ±£]LO£?TWLVL?LY_]L a  PO , ,aLWZY $ $$! 

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

bTY^ _SP YL_TZYLW WZ__P]d LYO RP_^ ST^ QT]^_ _L^_P ZQ .SLX[LRYP ZY MZL]O _SP LYOP]^ZY w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x "& ,YYP__P BTWVP w, 9Pb ?SP ZWZRd ZQ -WT^^% uAPO£Y_TeL_TZYv ZQ ?LY_]L LYO u?£Y_]TeL_TZYv ZQ ,OaLT_LAPO£Y_L TY _SP 7LWT_£?]T²L_T-S£´dLx TY >£XL]L^dL% >_`OTP^ TY 4YOTLY ,]_^ ;STWZ^Z[Sd LYO 4Y _P]]PWTRTZ`^ /TLWZR`P PO > /L^ LYO 0 1Þ]WTYRP] 9Pb /PWST% /6 ;]TY_bZ]WO   $z 

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"

bLd ZQ NZ[TYR bT_S WTQP bSTW^_ L_ _SP ^LXP _TXP PYUZdTYR ^PN`]T_d TY _SP Y`XTYZ`^ ?SP ^`[]PXP 3TYO` RZLW ZQ ]PWPL^P TY_Z _SP Z_SP] bZ]WO X`V_T L[[PL]^ SP]P Pc[LYOPO Md _SP LOOT_TZY ZQ _SP RZLW ZQ PYUZdTYR WTQP MS`V_T  LYO ZYP ZQ _SP ^_LYOL]O QZ]X`WL^ QZ] []LT^TYR L XLY_]L ]`Y^ WTVP _ST^% w-]TYRP] ZQ [WPL^`]P LYO OPWTaP]LYNPx MS`V_TX`V_T []LO£dLVL 4Q XLY_]L^ L]P ^Z [ZbP]Q`W _SL_ _SPd NLY XLVP L S`XLY MPTYR QWd _S]Z`RS _SP LT] Z] M]TYR _SP OPLO MLNV _Z WTQP _SPd NLY NP] _LTYWd ^ZWaP _SP ^XLWW []ZMWPX^ ZQ OLTWd WTQP bT_S PL^P 1Z] TY^_LYNP [PZ[WP LW^Z []LN_TNP XLY_]L^ QZ] NZX[WP_PWd []ZQLYP ]PL^ZY^ ;PZ[WP bLY_ _Z RP_ ]TO ZQ _SPT] NZY^_LY_ SPLOLNSP _Z NZXP TY_Z XZ]P XZYPd _Z QTYLWWd XL]]d ZQQ _SPT] `RWd OL`RS_P] LYO _Z MP XZ]P [Z[`WL] bT_S _SP YPTRSMZ]^ ?SP _Z[TNLW RZLW^ ZQ XLY_]L ]PNT_L_TZY TYNW`OP YZ_ WPL^_ MP NZXTYR XZ]P PWZ\`PY_ LYO NWPaP]P] 1Z] _ST^ NWTPY_PWP _SP]P L]P bSZWP ^P_^ ZQ XLY_]TN wXPOTNTYP VT_^x NZY_LTYTYR XLY_]L^ _Z SPW[ TY PaP]d NZYNPTaLMWP WTQP ^T_`L_TZY ?ST^ OPaPWZ[XPY_ N`WXTYL_P^ TY Pc_PY^TaP NZX[PYOTL ZQ XLY_]L^ XLVTYR _SP PYNdNWZ[POTN NWLTX _SL_ _SPd NZX []T^P LWW XLY_]L VYZbWPORP Q]ZX LWW _TXP 0cLX[WP^ ZQ ^`NS NZX[PYOTL L]P _SP ±£]LO£?TWLVL?LY_]L NL _S NPY_ LYO _SP 8LY_]L8LSZOLOST !_S NPY_ ,^ L WT_P]L]d _d[P _SP^P ^PWQSPW[ XLY_]L VT_^ L]P LN_`LWWd YZ_STYR YPb 0aPY _SP ,_SL]aLAPOL  L MZZV ZQ SPLWTYR LYO SL]XTYR XLRTN _SL_ bP SLaP WL]RPWd WPQ_ Z`_ ZQ Z`] NZY^TOP]L_TZY^ LW]PLOd NZY_LTY^ LWW VTYO^ ZQ `^PQ`W LYO []LN_TNLW LOaTNP QZ] MZ_S XL_P]TLW LYO ^[T]T_`LW WTQP ,YO PaPY ZWO OSL]XL _Pc_^ ^`NS L^ _SP 8LY`>XŽ_T ]PNZXXPYO -]LS XTY^ _Z MP ^`]P _Z Pc[WZT_ _SP Z[[Z]_`YT_d ZQ XLVTYR _SPT] WTaP^ PL^TP] Md XPLY^ ZQ _SP ,_SL]aLAPOL  BP X`^_ YZ_ QZ]RP_ _SL_ ZY _SP ZYP SLYO _SP -]LSXTY^ ]PRL]O _SPX^PWaP^ L^ _SP N]PLX ZQ ^ZNTP_d bSTW^_ ZY _SP Z_SP] _SPd L]P ^PaP]PWd ]P^_]TN_PO Md _SP Y`XP]Z`^ ]`WP^ ZQ _SPT] -]LS XLY P_SZ^ ;]TYNT[LWWd -]LSXTY^ L]P ^_]TN_Wd QZ]MTOOPY _Z NL]]d Z] _Z `^P bPL[ZY^ ?ST^ XPLY^ _SL_ _SPd L]P _Z_LWWd SPW[WP^^ bSPY QLNTYR PYPXTP^ LMZ`_ _Z L__LNV ;ZbP]Q`W bZ]O^ ^`NS L^ _SP XLY_]L^ L]P _SPT] ZYWd bPL[ZY 1Z] PcLX[WP L WL_P APOTN -]£SXL©L _Pc_ _PWW^ _SP ^_Z]d ZQ L YPQL]TZ`^ ]`WP] bSZ _S]PL_PY^ _Z VTWW _SP bTQP ZQ L -]LSXLY TQ ^SP OZP^ YZ_ ZMPd STX 3Zb T^ SP] S`^MLYO ^`[[Z^PO _Z []Z_PN_ SP]* ?SP -]LS XLY NLWW^ `[ L OP^_]`N_TaP ^[T]T_ bSZ VTWW^ _SP VTYR >Z ZYP OZP^ YZ_ SLaP L R`TW_d NZY^NTPYNP LQ_P] `^TYR XLRTN XLY_]L^ MPNL`^P _SP -]LSXLY P_SZ^ T^ LWbLd^ []P^`[[Z^PO ?SP aTPb _SL_ ^Z] NP]d ^SZ`WO ZYWd MP ^_`OTPO Md _SZ^P bT_S L ^Z`YO VYZbWPORP ZQ P_STN^ T^ LW^Z QZ`YO TY _SP ?LY_]L M`_ T_ T^ YZ WZYRP] WTYVPO _Z _SP NL^_P WLMPW u-]LSXLYv :Q NZ`]^P _SP ?LY_]L _PLNSP] ^SZ`WO PY^`]P _SL_ ST^ [`[TW^ L]P ZQ RZZO NSL]LN_P] LYO YZ_ R]PPOd Z] bTNVPO M`_ Z[TYTZY^ XLd OTQQP] ZY bSP_SP] _ST^ T^ ^`QQTNTPY_ []Z_PN_TZY LRLTY^_ _SP XT^`^P ZQ XLY_]L^

"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

8LY_]L^ L]P `^PO TY LWW L]PL^ ZQ S`XLY WTQP LYO L]P XPOTNTYP QZ] LWW _d[P^ ZQ R]PL_ LYO ^XLWW TWW^ 4Q dZ` VYZb dZ`] XLY_]L^ dZ` ^SZ`WO YZ WZYRP] SLaP LYd []ZMWPX^ RP__TYR ZY TY ^ZNTP_d% dZ` NLY QTRS_ ZQQ dZ`] Z[[ZYPY_^ Md ^_`[PQdTYR _SPX ^_LXMSLYLX  O]TaTYR _SPX LbLd `NN£¶LYLX  XLVTYR _SPX QLWW Z`_ aTOaP´L©LX LYO z TQ LWW PW^P QLTW^ z Md VTWWTYR _SPX X£]L©LX  ?SP WL__P] ]T_P^ L]P ZQ_PY ^Z OTQQTN`W_ _Z NL]]d Z`_ _SL_ ZYP bZYOP]^ bSd _SPd L]P XPY_TZYPO L_ LWW bSPY L [ZbP]Q`W MWZb _Z _SP SPLO bT_S L ^_Z`_ ^_TNV bZ`WO SLaP _SP ^LXP PQQPN_ :Q NZ`]^P _SP ?LY_]T^_ LW^Z LWbLd^ SL^ L QTc QZ] XL__P]^ ZQ _SP SPL]_ TY _SP QZ]X ZQ L QZ]X`WL QZ] XLVTYR _SP ZMUPN_ ZQ ZYPv^ OP^T]P bTWWTYR aL²ÅVL]L©LX  _Z _`]Y `YSL[[d WZaP LQQLT]^ TY_Z SL[[d ZYP^ ?Z _LVP NL]P ZQ XL_P]TLW XL__P]^ SP NLY [P]QZ]X ]T_P^ _Z PY^`]P []Z^[P]T_d [`´¶T  ,YO QTYLWWd SP SL^ [PLNP ]T_P^ ²£Y_T QZ] N]PL_TYR LYO ^LQPR`L]OTYR L WL^_TYR L_XZ^[SP]P ZQ [PLNP LYO RZZObTWW ?SP^P w^Tc QZWO XLRTN LN_^x ´L¶VL]XL LWZYR bT_S ²£Y_T ^PPX _Z SLaP MPPY ^[PNTQTNLWWd OP^TRYPO QZ] ]ZdLW ]`WP]^ # _Z ^PN`]P [ZbP] LYO bPLW_S M]TYR OZbY _SPT] PYPXTP^ LYO []Z_PN_ _SP VTYROZX^ -`_ _SP]P T^ YZ ^`NS ]`WP L^ NL^_P Z] RPYOP] ]P^_]TN_TZY QZ] _SP^P XLY_]L ]T_P^ $ ?LY_]T^_^ ^SZ`WO _SP]PQZ]P MP LMWP _Z NZ[P bT_S _SP bZ]WO LYO bT_S WTQP bT_SZ`_ ^P]TZ`^ []ZMWPX^ >Z ZYWd _SP [Z^^TMTWT_d ]PXLTY^ _SL_ _SP bZ]WO LYO _SP [PZ[WP WTaTYR TY T_ XTRS_ SLaP []ZMWPX^ bT_S _SP ?LY _]T^_^ ?Z LaZTO OTQQTN`W_TP^ ZQ _ST^ WL^_ _d[P _SP]P T^ L WT__WP YZ_P TY _SP 0YRWT^S _]LY^WL_TZY ZQ _SP XLY_]L NZX[TWL_TZY 8LY_]L8LSZOLOST $#  NZY_LTYTYR L WPRLW []Z_PN_TZY NWL`^P bSTNS ^_L_P^ _SL_ wL`_SZ]^ POT_Z]^ _]LY^WL_Z]^ []TY_P] LYO _SP [`MWT^SP]x L]P TY YZ bLd ]P^[ZY^TMWP QZ] bSL_ XLd SL[[PY TQ _SP XLY_]L^ [`MWT^SPO TY _ST^ NL^P YZ_ PYNZOPO L]P XT^`^PO Md NP]_LTY ]PLOP]^ QZ] wYPQL]TZ`^ LN_^x 4_ T^ Pc[]P^^Wd ^_L_PO _SL_ _SP XLY_]L^ []P^PY_PO TY _SP MZZV ^SZ`WO ZYWd MP `^PO QZ] wSPW[ RZZO NL`^P LYO ^P]aTNP ZQ XLYVTYOx

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # >PP QZ] TY^_LYNP _SP 8LY_]L8LSZOLOST  NSL[  bSTNS ]P[PL_POWd XPY_TZY^ VTYR^ TY T_^ OP_LTWPO OP^N]T[_TZY ZQ _SP^P ]T_P^ 8Z^_ ?LY_]TN ]T_`LW XLY`LW^ bP]P []ZMLMWd NZX[Z^PO LYO `^PO L_ ]ZdLW NZ`]_^ ?SP 8LY_]L8LSZOLOST  z  SZbPaP] ^_L_P^ _SL_ _SP -]LSXLY L`_SZ] b]Z_P _SP NZX[TWL_TZY z LQ_P] XTR]L_TYR _Z A£]£©L^¯ z QZ] ST^ ^ZY LYO Z_SP] -]LSXTY^ $ >PP 8LY_]L8LSZOLOST NSL[   !z LYO "z"$ _SP WL__P] MPTYR L ]T_P QZ] bZXPY _Z ^PN`]P _SP PYO`]TYR WZaP LYO QTOPWT_d ZQ _SPT] S`^MLYO^ .SL[_P]  ZYWd OT^_TYR`T^SP^ _SP ²£Y_T ]T_P^ Q]ZX _SP Z_SP] ^Tc LN_^ 0LNS ]T_P T^ L^^TRYPO _Z NP]_LTY ^PL^ZY^ LYO OLd^ TY _SP W`YL] XZY_S LYO _SP]P L]P OP_LTWPO TY^_]`N_TZY^ ZY _SP OTQQP] PY_ ^`M^_LYNP^ `^PO _SP OTQQP]PY_ VTYO^ ZQ _]PP^ `^PO QZ] QT]PbZZO TY _SP SZXP _SP XL_P]TLW ZQ _SP aP^^PW^ _SP OTP_ ZQ _SP [P]QZ]XP]^ P_N

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

 

""

8Z][SZWZRd ZQ _SP u>PPO >Z`YO^v

?SP XLY_]L NZX[PYOTL LYO ^TXTWL] _Pc_^ ]PaPLW L RZZO OPLW ZQ ^d^_PX L_TN aTRZ] LYO P^Z_P]TN ^Z[ST^_TNL_TZY >NSZWL]Wd ?LY_]T^_^ N]PL_PO L ]PLW wXLY_]L ^NTPYNPx QZ]X`WL_TYR ^ZXP_STYR WTVP R]LXXL_TNLW ]`WP^ QZ] _SP NZ]]PN_ QZ]XL_TZY ZQ XLY_]L^ ?SP]P bL^ PaPY L WPcTNLW ^d^_PX ZQ XLY _]L ^dWWLMWP^ QZWWZbTYR _SP XZOPW ZQ _SP ;£©TYLPTN WT^_ ZQ _SP ]ZZ_^ ZQ bZ]O^ 4Y _ST^ XLY_]L ^NTPYNP _SP YZY^PXLY_TN ^dWWLMWP^ ZQ L XLY_]L MPL] _SP RPYP]TN YLXP ZQ wNZ]P ^Z`YOx Z] w^PPO ^Z`YOx MÅUL M¯U£V´L]L  ?SP []PaLTWTYR YZ_TZY T^ _SL_ _ST^ ZYP ^Z`YO NZY_LTY^ wQZWOPO `[x _SP Y` XTYZ`^ [ZbP] ZQ _SP XLY_]L ?SP ^PPO ^Z`YO T^ YZ_ ]PRL]OPO L^ MPTYR OPaZTO ZQ XPLYTYR Z] TX[L]_TYR YZ TYQZ]XL_TZY M`_ L_ YZ _TXP OZP^ T_ SLaP LY `YP\`TaZNLW WPcTNLW XPLYTYR :YWd TY _ST^ ^PY^P NLY ZYP NLWW T_ YZY^PXLY_TN ,W_SZ`RS SdM]TO XLY_]L^ PcSTMT_TYR L XTc_`]P ZQ ^PXLY _TN LYO YZY^PXLY_TN PWPXPY_^ L]P _SP ]`WP _SP XLY_]L ^NTPYNP LW^Z LWWZb^ _SP QZ]XL_TZY ZQ XLY_]L^ _SL_ NZY^T^_ ^ZWPWd ZQ ^`NS ^PPO ^Z`YO^ -d NZY_]L^_ SZbPaP] bP OZ YZ_ QTYO LYd [`]PWd ^PXLY_TN XLY_]L^ bSTNS ^SZb^ _SL_ _SP ^PPO ^Z`YO^ L]P ^PPY L^ _SP XZ^_ TX[Z]_LY_ PWP XPY_^ ?SP .LYO]LMTYO` À  LYO _SP AT^L]RL à _SL_ T^ _Z ^Ld MZ_S _SP TX[Z]_LY_ QTYLW ^Z`YO^ _SL_ XLY_]L ^dWWLMWP^ NLY SLaP L]P ]PRL]OPO L^ _SP N]`NTLW [L]_^ ZQ L ^PPO ^Z`YO ?SP TY_P][]P_L_TZY ZQ _SP^P WTYR`T^_TN PWPXPY_^ T^ ^_]ZYRWd XP_L[Sd^TNLW% _SP .LYO]LMTYO` QTYLW ^Z`YO À T^ TY_P][]P_PO TY _SP XLY_]L ^NTPYNP ML^PO ZY T_^ b]T__PY QZ]X bSTNS T^ L SLWQXZZY bT_S L OZ_ ZaP] T_ L^ L Xd^_TN TY_P][WLd ZQ ^Z`YO Y£OL LYO WTRS_ MTYO`  ?SP YLXP MTYO` QZ] wWTRS_x ^PPX^ _Z MP OP]TaPO Q]ZX _SP YLXP LYO _SP QZ]X ZQ _SP .LYO]LMTYO` NSL]LN_P] ( wFSLWQH XZZY LYO O]Z[WP_x >Z`YO LYO WTRS_ TYT_TL_P LYO ]PLM^Z]M N]PL_TZY LYO L]P _SP TYYP]XZ^_ LN_TaT_d bT_STY _SP RZOSPLO 3P]P ^Z`YO LYO WTRS_ L]P ^PPY L^ [P]QPN_ _SPZ[SLYTP^ ZQ _SP OPT_d TY T_^ NZ^XTN QZ]X ?ST^ TOPL SL^ NP] _LTYWd MPPY TYQW`PYNPO Md _SP DZRL _]LOT_TZY bSP]P _SP OPT_d T^ LW^Z SPL]O TY Y`XTYZ`^ ^Z`YO^ LYO ^PPY TY LXZ][SZ`^ WTRS_ aT^TZY^ >Z `W _TXL_PWd T_ T^ _SP .LYO]LMTYO` TY bSTNS _SP OPT_d T^ []P^PY_ TY ^SL[PWP^^ QZ]X ^TX`W_LYPZ`^Wd NZX[LN_ LYO ^`M_WP LYO TY bSTNS T_ bTPWO^ T_^ [ZbP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >_]TN_Wd ^[PLVTYR T^ _SP À^Z`YO bSTNS XZ^_ ZQ_PY QZ]X^ _SP QTYLW [SZYPX ZQ L M¯UL XLY_]L YZ_ L NLYO]LMTYO` TP LY`Y£^TVL  M`_ LY LY`^a£]L  3ZbPaP] ?LY_]TN _Pc_^ WTVP _SP ;L`´VL]L¢RLXL ^PPX _Z []PQP] _SP _P]X .LYO]LMTYO` [L]_ ZQ bSZ^P R]L[STN ^TRY T^ _SP N]P^NPY_ XZZY `YOP]YPL_S _SP OZ_ Z] MTYO` QZ] ^dXMZWTN ]PL^ZY^ NZYYZ_ TYR _SP QPXLWP L^[PN_ ZQ _SP OTaTYP 4Y QLN_ PaPY _SP LN_`LW ^Z`YO TX[]P^^TZY NZXP^ NWZ^P _Z L YLeLWT^PO LQ_P]^Z`YO TY _SP NL^P ZQ M¯UL^ >PP LW^Z Z`] OT^N`^^TZY MPWZb NSL[ !

"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP L^[T]L_PO AT^L]RL à SL^ WTVPbT^P TY^[T]PO LY P^Z_P]TN TY_P][]P _L_TZY ?SP _bZ OZ_^ XLVTYR `[ _ST^ NSL]LN_P] L]P TY_P][]P_PO L^ ±TaL LYO ±LV_T MPQZ]P N]PL_TZY z LYO _SP]PQZ]P TY _SP ^_L_P ZQ Z]TRTYLW MWT^^ >PPO ^Z`YO^ PYOTYR TY _SP AT^L]RL _SP]PQZ]P LTX X`NS XZ]P L_ _SP ^Z_P ]TZWZRTNLW LYO YZP_TN LYO ZYWd ]L]PWd L[[PL] TY [`]PWd XLRTN QZ]X`WL^ ?SP _bZ XLTY _L^V^ ZQ _SP XLY_]L ^NTPYNP L]P _SP QZ]XL_TZY ZQ YPb XLY_]L^ QZ] OPT_TP^ ST_SP]_Z bT_SZ`_ XLY_]L^ LYO _SP TY_P][]P_L_TZY ZQ XLY_]L^ _SL_ LW]PLOd PcT^_ ?SP YPbWd N]PL_PO ^PPO ^Z`YO^ RPYP]LWWd [Z^^P^^ L WL]RP] [SZYP_TN ^[PN_]`X _SLY OZ _SP ^[ZY_LYPZ`^ XTXP_TN ^dWWLMWP^ WTVP _SZ^P TY _SP ^V`WWMPL]P] ^ZYR 1Z] PcLX[WP bP QTYO 27,@¿ QZ] 6Ž´©L A4¿ QZ] AT´©` µ3,¿ QZ] _SP XZZY RZO P_N LYO PaPY aT]_`LWWd `Y[]ZYZ`YNPLMWP QZ]X^ ^`NS L^ 37¢¿ 3A7®¿ =37»¿ 37D,4¿ 37,@¿ z L ^P\`PYNP ^_LYOTYR QZ] NP]_LTY YL_`]LW PWPXPY_^ 4Y NZY_]L^_ _Z _SP QTYLW ^Z`YO^ TYT_TLW ^Z`YO^ LYO aZbPW^ TY _SP XLY_]L ^NTPYNP L]P ZQ_PY ^PWPN_PO LYO NZXMTYPO LNNZ]OTYR _Z [`]PWd ^dXMZWTN N]T_P]TL 1Z] TY^_LYNP _SP [Z[`WL] XLY_]L ZQ _SP 2]PL_ 2ZOOP^^ ,4¿ 3=®¿ ±=®¿ 67®¿ >,@ž T^ STRSWd ^dXMZWTN ?SP ?LY_]L NZXXPY_L _Z]^ L__]TM`_P _SP QZWWZbTYR XPLYTYR^ _Z _SP^P ^dWWLMWP^% ,4¿ 3=®¿ ±=®¿ 67®¿ >,@ž

( 7LYR`LRP 2ZOOP^^ Z] P^^PYNP ZQ ^[PPNS ( 8£d£²LV_T [ZbP] ZQ X`W_T[WTNL_TZY LYO bZ]WO NZY^_]`N_TZY ( 2ZOOP^^ ZQ 1Z]_`YP ( ;]TYNT[WP ZQ 0]Z^ ( TXXZ]_LW PcT^_PYNP TY _SP ^`[P]YL_`]LW

?SP _S]PP M¯UL^ ,4¿ 3=®¿ ±=®¿ TYaL]TLMWd []PQTc LWXZ^_ LWW XLY_]L^ ZQ _SP ±]¯aTOd£ _]LOT_TZY LYO L]P ^LTO _Z MP _SP ^PPO^ ZQ N]PL_TZY Pc[LY ^TZY [P]^T^_PYNP LYO OP^_]`N_TZY NZY_]LN_TZY 4Y _SP 6`MUTV£ _]LOT_TZY ZY _SP Z_SP] SLYO ZYWd _SP M¯UL ,4¿ T^ NPY_]LW LYO []PNPOP^ XZ^_ XLY _]L^ ZQ _SP ^NSZZW  8Z]PZaP] T_ T^ _SP QT]^_ ^dWWLMWP ZQ L R]Z`[ ZQ QTaP ^PPO ^dWWLMWP^ _SL_ L]P NLWWPO _SP w1TaP -]LSX£^x ;LÓNLM]LSXL XLY_]L Z] w1TaP 4Y^_]`XPY_^x [LÓNLVL]L©L LYO NZXMTYP _SP _S]PP XLUZ] ±LV_T M¯UL^ bT_S _bZ ±TaL M¯UL^% ,4¿ 3=®¿ ±=®¿ ;3=0¿ 3>,@¿ ?ST^ R]Z`[ ZQ QTaP OPYZ_P^ L_ _SP ^LXP _TXP _SP QTaP NZ^XTN LN_TZY^ bSTNS L]P L^N]TMPO _Z ±TaL L^ bPWW L^ _Z _SP 2]PL_ 2ZOOP^^% N]PL_TZY [P]^T^_PYNP OP^_]`N_TZY aPTWTYR LYO R]LNP ?SP ±]¯aTOd£ VYZb^ L ^TXTWL] M`_ aL]TLY_ M¯UL NZXMTYL_TZY _Z OPYZ_P _SP ^Z NLWWPO w1TaP 2SZ^_^x [LÓNL[]P_L bSZ NZY^_T_`_P _SP QZ`] QPP_ LYO _SP XL_ _]P^^ ZQ _SP _S]ZYP ZQ _SP ^`[]PXP RZOOP^^ ?]T[`]£ YLXPWd -]LSX£ AT´©` =`O]L 8LSP²aL]L LYO >LO£²TaL bSZ ]P[]P^PY_ _SP ^LXP QTaP NZ^XTN Q`YN_TZY^ 4Y _ST^ bLd _SP ?LY_]TN _]LOT_TZY^ OPWTYPL_P _SPT] OTQ QP]PYNP^ Q]ZX ZYP LYZ_SP] Md ^NSZZW^[PNTQTN M¯UL NZXMTYL_TZY^ PaPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  /dNeVZb^VT , 5Z`]YPd  !#

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"$

_SZ`RS _SP _SPZWZRd XLd MP \`T_P ^TXTWL] Z] [L]_Wd ZaP]WL[ z bSTNS T^ LW^Z Pc[]P^^PO Md _SP aL]TLY_^ ZQ _SP ^LXP Z] ^TXTWL] ^Z`YO NZOP^ 4Q bP LYLWdeP _SP QZ]X^ ZQ ^`NS ^LN]PO QZ]X`WL^ bP QTYO _SL_ _SP]P L]P _S]PP OTQQP]PY_ bLd^ ZQ NZOTYR _SPX%  .ZOTYR `^TYR _SP []TYNT[WP ZQ LN]Z[SZYd 1Z] PcLX[WP ±=®¿ T^ ^TX[Wd _SP RZOOP^^v^ YLXP w±]¯x TP _SP 4YOTLY 1Z]_`YL _Z bSTNS _SP ZMWTRL_Z]d ,Y`^a£]L SL^ MPPY LOOPO , ^TXTWL] ^PPO ^Z`YO _SL_ NLY MP NWPL]Wd _]LNPO MLNV _Z _SP []TYNT[WP ZQ LN]Z[SZYd T^ >?=®¿ L ^PPO ZQ _SP RZOOP^^ QZ] _SP ^[PWW QZ] QP]_TWT_d LYO LMZaP LWW QZ] WZaP Q]ZX w^_]¯x bZXLY ,YZ_SP] NWPL] PcLX[WP T^ _SP ^PPO ^Z`YO 2,¿ ZQ w2L©P²Lx Z] w2L©L[L_Tx z MZ_S ZQ bSTNS L]P YLXP^ ZQ _SP MPWZaPO [Z_MPWWTPO PWP[SLY_SPLOPO RZO bSZ _LVP^ LbLd LWW []ZMWPX^ 4Y Z_SP] NL^P^ _ZZ _SP ^PPO ^Z`YO T^ QZ]XPO Q]ZX _SP QT]^_ ^dWWLMWP ZQ _SP RZOv^ YLXP [W`^ _SP ,Y`^a£]L% 6@¿ ^_LYO^ QZ] 6`X£]L A4¿ QZ] AT´©` /»¿ QZ] /`]R£ P_N  .ZOTYR LNNZ]OTYR _Z L ^PXLY_TN ^dXMZWTN VPd LW^Z ML^PO ZY LN]Z[SZYd 1Z] PcLX[WP 6³,¿ T^ OP]TaPO Q]ZX V´P_]L wQTPWO WLYOx  Z] [Z^^TMWd Q]ZX V´LdL wOPNLd OT^TY_PR]L_TZYx ,_ _SP ^LXP _TXP T_ T^ L^^ZNTL_PO bT_S _SP PYO ZQ _SP bZ]WO ^LÀaL]_L MPNL`^P T_ ZNN`]^ L_ _SP PYO ZQ _SP ?LY_]TN LW[SLMP_ bSTNS LOO^ NP]_LTY T_PX^ TYNW`OTYR wV´Lx _Z _SP YZ]XLW LW[SLMP_ 6³, ZNN`]^ TY _SP XLY_]L ZQ _SP RZOOP^^ ?aL]T_£ QZ] TY^_LYNP% :¿ 3=®¿ 3@¿ 630 ., .30 6³,ž >?=® 3»¿ 6³0 3=®¿ ;3,µ  4_ LWbLd^ OPYZ_P^ L bTWO Q]TRS_PYTYR OPT_d bT_S _SP [ZbP] _Z OP^_]Zd PaTW ^`NS L^ _SP R`L]OTLY OPT_TP^ V´P_]L[£WL  bSZ []Z_PN_ L ]T_`LW ^[LNP 1Z]XL_TZY^ `^TYR 6³, L]P _SP]PQZ]P WTVP ;3,µ `^PO L^ XLRTN L]XZ] 4Y _SP^P QZ]XL_TZY^ _SP []TYNT[WP ZQ ^Z`YO XTXP ^T^ NZY_TY`P^ _Z MP aP]d [ZbP]Q`W  .ZOTYR aTL TYOTaTO`LW ^Z`YO^ _SL_ L]P RTaPY L Y`XP]ZWZRTNLW ^dXMZWTN aLW`P 1Z] PcLX[WP _SP QZ`] aT^TMWP PWPXPY_^ z LT] QT]P bL_P] LYO PL]_S z L]P LWWZNL_PO _Z _SP R]Z`[ ZQ QZ`] ^PXTaZbPW^ dL ]L WL LYO aL >Z _SP ^PPO ^Z`YO^ ZQ _SP QZ`] PWPXPY_^ LYO L_ _SP ^LXP _TXP ZQ _SP OPT_TP^ ZQ _SP ]P^[PN_TaP PWPXPY_LW ^[SP]P^ ^Z`YO WTVP _ST^% >dWWLMWP% D,¿ =,¿ A,¿ 7,¿ 0WPXPY_% LT] QT]P bL_P] PL]_S /PT_d% A£d` ,RYT AL]`©L 4YO]L ?SP Z]OP] ZQ _ST^ ^P]TP^ ZQ PWPXPY_^ QZWWZb^ _SP LW[SLMP_ dL ]L WL aL& ZYWd A,¿ LYO 7,¿ SLaP ^bL[[PO [WLNP^ []ZMLMWd ^Z _SL_ _SP ^dWWLMWP A,¿ NLY MP LWWZNL_PO _Z AL]`©L _SP RZO ZQ _SP ^PL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP 8LY_]L8LSZOL_T $!z$"  ±£]LO£?TWLVL?LY_]L z

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

>ZXP [SZYP_TN ^_]`N_`]P^ LXZYR^_ _SP ^PPO ^Z`YO^ L]P XZ]P OTQQT N`W_ _Z Pc[WLTY 1Z] PcLX[WP _SP ^PPO ^Z`YO ZQ _SP RZO 6£XL ( 0]Z^ T^ w67®¿x ?SP QLN_ _SL_ _SP LN]Z[SZYTNLWWd OP]TaPO wV£Xx _`]Y^ TY_Z wV¯Xx NLY MP Pc[WLTYPO Md LYLWZRd _Z _SP ^dWWLMWP >?=®¿ _SL_ T^ QZ`YO TY WZaP XLRTN 4Y Z_SP] NZY_Pc_^ _SP aZbPW w®x RPYP]LWWd ^TRYLW^ QPXLWP OPT_TP^ 3P]P _SP XLY_]L 67®¿ ]P[]P^PY_^ L ^TRYTQTNLY_ PcNP[_TZY MP NL`^P T_ ^_LYO^ L^ LY P]Z_TN ^dWWLMWP QZ] ^Pc`LW ]PWL_TZY^ST[^ MP_bPPY _SP ^PcP^ LYO L^ ^`NS NLY L[[PL] TY _SP XLY_]L^ MZ_S ZQ XLWP LYO ZQ QPXLWP OPT_TP^ L^ ^SZbY Md _SP LMZaPXPY_TZYPO XLY_]L ZQ _SP 2]PL_ 2ZOOP^^ ?SP w7x TY^P]_PO TY _SP XLY_]L 67®¿ T^ []ZMLMWd _LVPY Q]ZX _SP PL]_S ^dWWLMWP 7,¿ w0L]_Sx T^ L^^ZNTL_PO ^TX`W_LYPZ`^Wd aTL _SP ^[SP]P ZQ 4YO]L VTYR ZQ _SP RZO^ ^PP _SP ^P]TP^ ZQ PWPXPY_^ LMZaP bT_S PL]_SWd SL[[TYP^^ ZQ LYd VTYO bSTNS T^ bSd XZYV^ []PQP] _Z VPP[ _SPT] OT^_LYNP Q]ZX _SP ^dWWLMWP 67®¿ ?SPd XLd MP bZ]^ST[[P]^ ZQ _SP RZOOP^^ M`_ _SPd L]P YPaP] 6£XL bZ]^ST[[P]^ BSPY _SPd `^P L ?LY_]TN RZOOP^^ XLY_]L T_ T^ YPaP] ZYP _SL_ NZY_LTY^ _SP ^PPO XLY_]L 67®¿ ^TYNP _ST^ ZYP ^_LYO^ QZ] 0]Z^ [P]^ZYTQTPO LYO z LNNZ]OTYR _Z _SPT] MPWTPQ z M]TYR^ LMZ`_ QZ]_`YP TY WZaP  0aPY _SZ`RS ^ZXP ^PPO ^Z`YO^ NLY MP Pc[WLTYPO _ST^ bLd _SP XL UZ]T_d ZQ _SPX NLYYZ_ MP NZX[WP_PWd OPNZOPO `^TYR L [`]PWd LYLWd_TNLW []ZNPO`]P 4_ T^ ]L_SP] ]L]P _Z QTYO LN]Z[SZYTP^ L^ ZMaTZ`^ L^ TY _SP^P PcLX[WP^ >dXMZWTN VPd^ L]P YZ_ LWbLd^ ^_]LTRS_QZ]bL]O PT_SP] 1Z] TY^_LYNP _SP 8LY_]£MSTOS£YL  L ?LY_]TN WPcTNZY RTaP^ L _Z_LW ZQ " ^[P NTQTN XPLYTYR^ U`^_ QZ] _SP aZbPW w®x -`_ OP^[T_P _SP^P X`W_T[WP XPLYTYR^ ZQ T_^ [SZYP_TN NZX[ZYPY_^ _SP ^PPO ^Z`YO T_^PWQ OZP^ YZ_ SLaP XZ]P _SLY ZYP XPLYTYR =L_SP] T_ T^ LWbLd^ LM^ZW`_PWd `YP\`TaZNLWWd L^^ZNTL_PO bT_S L NP]_LTY OPT_d Z] L NP]_LTY [ZbP] LYO LY L_XZ^[SP]P >TYNP XLY_]L LYO OPT_d NZTYNTOP LYO ^PPO XLY_]L^ LWbLd^ SLaP \`T_P NWPL] NZYYZ_L_TZY^ ^PPO XLY_]L^ L]P YPaP] TY_P]NSLYRPLMWP z `YWTVP _SP YLXP^ ZQ _SP RZO^ 1Z] TY^_LYNP ,4¿ LWbLd^ OPYZ_P^ _SP WLYR`LRP RZOOP^^ 3=®¿ LWbLd^ OPYZ_P^ 8£d£²LV_T _SP RZOOP^^ L^ _SP R]PL_ XZ_SP] ZQ bZ]WO^ LYO ±=®¿ LWbLd^ OPYZ_P^ _SP RZOOP^^ L^ _SP P[T_ZXP ZQ PaP]d_STYR _SL_ L`RP]^ SL[[TYP^^ 67®¿ LWbLd^ OPYZ_P^ _SP P]Z_TN OTXPY^TZY LYO >,@ž LWbLd^ OPYZ_P^ LY P^Z_P]TN RYZ^_TN L^[PN_ >Z _SP XLY_]L ,4¿ 3=®¿ ±=®¿ 67®¿ >,@ž T^ L^^ZNTL_PO bT_S L ^dY_SP_TN RZOOP^^ QTR`]P 4Y _ST^ NL^P LWW [Z^^TMWP [Z^T_TaP L^[PN_^ ZQ _SP 2]PL_ 2ZOOP^^ L]P M]Z`RS_ _ZRP_SP] TY L ^TYRWP XLY_]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -PNL`^P 67®¿ \`T_P NWPL]Wd TYOTNL_P^ _SP P]Z_TN OTXPY^TZY Z] PW^P MPNL`^P _SP LOOT _TZY ZQ _ST^ ^PPO ^Z`YO LWbLd^ TY_]ZO`NP^ LY P]Z_TN OTXPY^TZY _SP ^dWWLMWP T^ LW^Z L^ ^ZNTL_PO bT_S _SP [L^_Z]LW RZO 6ŽÛ©L bSZ T^ VYZbY QZ] ST^ LXZ]Z`^ LQQLT]^ bT_S NZbXLTO^

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"

0aP]d ^PPO ^Z`YO SL^ z TYOP[PYOPY_ ZQ _SP OPT_d Z] OPT_TP^ _Z bSTNS T_ T^ LWWZNL_PO z LY `YXT^_LVLMWP [P]^ZYLWT_d ZQ T_^ ZbY LYO LW^Z _SP ^d^_PX ZQ _SP ^PPO XLY_]L^ SL^ ^P[L]L_P WLb^ ZQ T_^ ZbY >PPO XLY_]L^ NLY MP^_Zb LOOT_TZYLW \`LWT_TP^ ZY QLXTWTL] OPT_TP^ bSTNS _SPd bZ`WO YZ_ SLaP Z_SP]bT^P Z] _SPd NLY LNNPY_`L_P NP]_LTY L^[PN_^ ZQ L OPT_d 1Z] PcLX[WP _SP aT]RTYLW RT]WWTVP RZOOP^^ -£W£?]T[`]L^`YOL]¯ bSZ^P ^PPO XLY_]L T^ ,4¿ 67®¿ >,@ž OPaPWZ[^ \`T_P OTQQP]PY_ TNZYZ R]L[STP^ LYO Q`YN_TZY^ OP[PYOTYR ZY bSP_SP] 67®¿ Z] >,@ž ]PNPTaP^ [L]_TN`WL] PX[SL^T^ TY SP] XLY_]L QZ] PcLX[WP Md O`[WTNL_TZY Z] bSP_SP] _SPd L]P LM^PY_ LW_ZRP_SP]  >ZXP OPT_TP^ NLY TY QLN_ ZYWd MP Pc[]P^^PO aTL _SPT] ^PPO XLY_]L^ PR _SP 8£d£²LV_T ,YO ^ZXP_TXP^ PaPY YPb XZ]P Pc_PY^TaP OPT_TP^ wL]T^Px _S]Z`RS _SP Q`^TZY ZQ TYOTaTO`LW ^PPO XLY_]L^ >`NS SdM]TO OPT_TP^ NLY SLaP aP]d NZX[WTNL_PO XLY_]L MZOTP^ ^`NS L^ 3>673=®¿ ?]T[`]LMSLT]La¯ XLY_]L  =6³8=D,@¿ .TY_£XL©T XLY_]L  3=D,@»¿ 8£]_£©“L-SLT]LaL XLY_]L Z] 3>6³87A=D»  9La£_XLY-SLT]LaL  ?ST^ XLVP^ T_ [Z^^TMWP _Z SLaP wX`W_T^PPOx XLY_]L^ ^`NS L^ _SP ^dWWLMWP XLY_]L ZQ _SP XZYVPd RZO 3LY`X£Y z 3,@¿ 3>;3=0¿ 63;3=0¿ 3>=,@¿ 3>,@¿ 3>6;3=0¿ SLY`XL_P YLXLà z NZY^T^_TYR ZQ T_PX^ TYNW`OTYR L ±TaL ^PPO LYO L ?LY_]TePO aTWWLRP OPT_d

 

8LY_]L =T_`LW^

?]LOT_TZYLWWd XLY_]L^ ^SZ`WO YZ_ MP WPL]YPO Q]ZX MZZV^ M`_ Q]ZX L R`]` bSZ TYT_TL_P^ Z_SP]^ TY_Z XLY_]L^ ?SP^P TYT_TL_TZY^ O¯V´£ L]P NZX[]T^PO ZQ NZX[WTNL_PO TYOTaTO`LW ]T_`LW^ bSTNS NZY^T^_ []TYNT[LWWd ZQ ^[PPNS LN_^ LYO XPY_LW _]LY^QP]^ ! ?SP PcP]NT^P^ TYaZWaP aL]TZ`^ _STYR^ TYNW`OTYR bSL_ T^ NLWWPO _SP w[`]TQTNL_TZY ZQ _SP PWPXPY_^x MS¼_L²`OOST  TY bSTNS _SP _PLNSP] OT^^ZWaP^ ST^ ZWO MZOd bT_S _SP SPW[ ZQ _SP PWPXPY_L]d ^dWWLMWP^ D,¿ =,¿ A,¿ LYO 7,¿ LYO _SPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP 8LY_]L8LSZOLOST # LYO ;L]L²`]£XL6LW[L>¼_]L  bSTNS RTaP^ _SP -£WL XLY_]L ,4¿ TY PYNZOPO QZ]X ZYWd ! >PP QZ] TY^_LYNP _SP >ZXL²LÀMS`;LOOSL_T  NSL[  Z] _SP QT]^_ NSL[_P] ZQ _SP ;L]L²`]£XL6LW[L^¼_]L L QLXZ`^ ?LY_]TN ]T_`LW XLY`LW []PQLNP^ _SP TYT_TL_TZY ]T_P^ bT_S RYZ^_TN _PLNSTYR^ LYO P_STNLW ]`WP^ QZ] L ?LY_]TN WTQP^_dWP DP_ Z_SP] TYT_TL_TZY []P[L]L_TZY^ LYO ]T_P^ L]P OP^N]TMPO Md /dNeVZb^VT , 5Z`]YPd  " #  QY# ?SP OP_LTW^ ZQ TYT_TL_TZY OTQQP] LNNZ]OTYR _Z WTYPLRP _PLNSP] LYO OT^NT[WP LYO SLaP MPPY WT__WP ^_`OTPO L^ dP_ >ZXP ?LY_]L^ ^`NS L^ _SP ;]L[LÓNL>£]L NSL[ LYO ! 6`W£]©LaL NSL[  LYO ±£]LO£?TWLVL NSL[  LYO  XPY_TZY XZ]P Z] WP^^ M]TPQWd L Y`XMP] ZQ OTQQP]PY_ VTYO^ ZQ TYT_TL_TZY :`] ^SZ]_ OP^N]T[_TZY LMZaP T^ ]P^_]TN_PO _Z L ML^TN [L__P]Y ZQ _]LY^QP]PYNP Z] R`]`OT^NT[WP TY_P]LN_TZY _SL_ T^ QZ`YO TY _Pc_^ WTVP _SP ±£]LOL?TWLVL?LY_]L

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

]PNZY^_]`N_^ T_ LYPb Q]ZX [`]P PWPXPY_^ " -d XPLY^ ZQ _ST^ PcP]NT^P LYO Z_SP]^ SP MPNZXP^ _SP LN_`LW PXMZOTXPY_ ZQ _SP OTaTYP [L]LX£_XLY  4Y _ST^ ^_L_P _SP _PLNSP] YZb XLVP^ ST^ ZbY NZY^NTZ`^YP^^ Q`^P bT_S _SL_ ZQ _SP YZaTNP :YNP _ST^ SL^ SL[[PYPO _SP YZaTNPv^ MZOd T^ TYT_TL_PO bT_S L ]T_P bSZ^P ^_]`N_`]P T^ LYLWZRZ`^ _Z _SP NZY^PN]L_TZY ZQ L _PX[WP ,Q_P] _ST^ NZY^PN]L_TZY _SP YZaTNP T^ PYLMWPO _Z `^P XLY_]L^ STX^PWQ ?SPZ]P_TNLWWd SP NZ`WO YZb ^`NNP^^Q`WWd `^P LYd XLY_]L SP QLYNTPO -`_ _SP]P T^ L YZ_TZY _SL_ YZ_ PaP]d XLY_]L T^ ^`T_LMWP QZ] PaP]d YZaTNP 8LY_]L^ L]P TYOTaTO`LW [P]^ZYLWT_TP^ 5`^_ L^ TY L XL]]TLRP ZYP NLYYZ_ L`_ZXL_TNLWWd L^^`XP _SL_ YZaTNP LYO XLY_]L bTWW RP_ LWZYR # ,YO ^TXTWL]Wd _Z L XL]]TLRP QZ] _ST^ ]PL^ZY _SP SZ]Z^NZ[P ZQ _SP YZaTNP LXZYR^_ Z_SP] _STYR^ T^ NZY^`W_PO _Z QTYO Z`_ TY LOaLYNP bSTNS XLY _]L^ bZ`WO ]P^`W_ TY OTQQTN`W_TP^ LYO bSTNS XLY_]L^ []ZXT^P _Z MP P^[P NTLWWd ^`NNP^^Q`W ?SP wb]ZYR []Z[P]_TP^x ZQ L XLY_]L RPYP]LWWd NZY^T^_ ZQ `Y^`T_LMWP L]]LYRPXPY_^ ZQ ^dWWLMWP^ Z] `Y^`T_LMWP Y`XMP]^ ZQ _SPX $ 4Q ZYP bT^SP^ _Z _LVP `[ _SP []LN_TNP ZQ XLY_]L^ L^ L ]`WP _SP]P T^ L WZYRP] [SL^P ZQ ]P[P_T_TZY ZQ ZYPv^ [P]^ZYLW w]ZZ_ XLY_]Lx _Z XLVP T_ PQQPN_TaP ^TOOSL  :YNP _SP XLY_]L SL^ MPPY NZX[WP_PWd L^^TXTWL_PO LYO TY_P]YLWTePO T_ NLY _SPY MP `^PO TY aP]d OTQQP]PY_ bLd^ ^ZXP ZQ bSTNS XLd MP X`W_TXPOTLW

  0YNZOTYR LYO AT^`LWTeL_TZY ZQ 8LY_]L^ , ?LY_]TN XLY_]L LWbLd^ MPWZYR^ _Z L NP]_LTY ^[PNTQTN OPT_d bT_S L NP] _LTY ^[PNTQTN QZ]X bSTNS T^ LWbLd^ []PNT^PWd OP_P]XTYPO MZ_S LY_S]Z [ZXZ][STNLWWd LYO TNZYZR]L[STNLWWd TY ]PWL_TZY _Z SZb _SP SLYO^ L]P SPWO _SP ^PL_TYR [Z^T_TZY NZWZ] ZQ _SP MZOd LYO bPL[ZY^ LYO Z_SP] ZMUPN_^ T_ NL]]TP^ 3ZbPaP] _ST^ TNZY T^ YZ_ YPNP^^L]TWd L XL_P]TLW TX LRP 4_ L[[PL]^ []TXL]TWd TY L aP]^P OP^N]TMTYR LWW _SP TNZYZR]L[STN QPL _`]P^ TY OP_LTW ?ST^ XPOT_L_TZY aP]^P OSd£YL²WZVL _LVPY Q]ZX LYd ?LY_]TN XLY`LW T^ ]PNT_PO L_ _SP MPRTYYTYR ZQ _SP OTaTYP ^P]aTNP _Z XLVP T_ [Z^^TMWP _Z aT^`LWTeP _SP OPT_d XPY_LWWd ,YO bT_S _SP^P XPOT_L_TZY aP]^P^ _ZZ _SP NWZ^P L^^ZNTL_TZY MP_bPPY ?LY_]L LYO L]_ LRLTY MPNZXP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 4Y ZWOP] ?LY_]L^ ZYWd _SP _PLNSP] [P]QZ]X^ _ST^ PcP]NT^P ZY STX^PWQ M`_ TY WL_P] ]T_`LW XLY`LW^ T_ T^ ZMWTRL_Z]d MPQZ]P PaP]d ?LY_]TN bZ]^ST[ # ?ST^ T^ ^ZXPbSL_ OTQQP]PY_ TY _SP NL^P ZQ ^PN_L]TLY OPaZ_TZYLW XLY_]L^ MPNL`^P _SPT] Q`YN_TZY T^ []TXL]TWd ^Z_P]TZWZRTNLW $ :Y _SP STRSWd _PNSYTNLW []ZNPO`]P^ L[[WTPO _Z QTYO Z`_ bSP_SP] _SP XLY_]L T^ ^`T_LMWP QZ] L [L]_TN`WL] [P]^ZY ^PP 2`O]`Y -ÞSYPXLYY w:Y ;`]L²NL]L©L% 6`W£]©LaL_LY_]L .SL[_P]  x TY =T_`LW LYO >[PN`WL_TZY  !z!

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"

NWPL] 8LYd ZQ _SP aP]^P^ L]P b]T__PY TY LY PcNP[_TZYLWWd L]_T^_TN 6£adL ^_dWP TP TY OTQQTN`W_ XP_P]^ LYO `^TYR ]L]P bZ]O^ 4_ T^ YZ]XLW _Z ]PNT_P ^`NS XPOT_L_TZY aP]^P^ TY L ^PXTX`^TNLW XLYYP] :aP] _SP NZ`]^P ZQ _TXP SdXY^ ZQ []LT^P _Z _SP OPT_d L]P LOOPO _Z LNNZX[LYd _SP XPOT_L _TZY aP]^P^ @YWTVP _SP APOTN XLY_]L^ ?LY_]TN XLY_]L^ L]P YZ_ ^TX[Wd ]PNT_PO M`_ NPWPM]L_PO , ^TYRWP XLY_]L T^ _SP ML^TN PWPXPY_ ZQ ^PaP]LW ]T_P^ 5`^_ _Z RTaP LY PcLX[WP ZQ _SP XLYd LYO aL]TPO L^[PN_^ ZQ L XLY_]L z _SP bLd _SL_ T_ Q`YN_TZY^ LYO T_^ ]T_`LW `^P z bP SLaP NSZ^PY _SP w8Ž_d`ÓULdL 8LY_]Lx bSTNS ZQQP]^ L [L]_TN`WL]Wd NWPL] TWW`^_]L_TZY ZQ _SP NZXMTYL_TZY ZQ aL]TZ`^ OTQQP]PY_ L^[PN_^ NZYNP]YTYR _SP OPT_d MPTYR bZ]^ST[[PO ?SP ±TaL QZ]X ZQ _SP 8Ž_d`ÓULdL _SP wOPL_SNZY\`P]Z]x T^ ZYP ZQ _SP OPT_TP^ bSZ L]P OPQTYPO ^ZWPWd Md L XLY_]L >`NS XLY_]L^ L]P LWbLd^ ]PYOP]PO TY LY PYNZOPO QZ]X TY _SP ?LY_]L WT_P]L_`]P^ _Z []PaPY_ _SP `YTYT_TL_PO Q]ZX MPNZXTYR QLXTWTL] bT_S L XLY_]L ^TX[Wd Md SPL]TYR _SP ?LY_]L ]PNT_PO LYO _SPY `^TYR _SP XLY_]L _Z ^[]PLO XT^NSTPQ  ?SP XLY_]L ZQ _SP wOPL_SNZY\`P]Z]x T^ RTaPY PY NZOPO QZ] TY^_LYNP TY _SP ;]L[LÓNL>£]L NL "_S NPY_ ,/ % w?SP ^PaPY_S ZQ _SP SPLaPY^ VSLX bT_S _SP PL] [Z^^P^^TYR L SLWQXZZY _SP QTQ_S ZQ _SP PL]_S V` bT_S _bZ XZZY^ LYO L_ _SP MPRTYYTYR _SP ;ZWP >_L] OS]`aL z 8Ž_d`ÓULdL L XLY_]L _SL_ NLY []Z_PN_ _SP ?LY_]T^_ T^ _S`^ RTaPY TY L NWPL] QZ]Xx 

:Q NZ`]^P YZ_STYR LMZ`_ _SP aP]^P T^ NWPL] `YWP^^ dZ` VYZb _SP NZOP ,YO T_ T^ YZ_ NZX[WP_PWd TX[Z^^TMWP QZ] _SP `YTYT_TL_PO _Z WPL]Y _SP NZOP ,W_SZ`RS _SP ?LY_]L T^ QLXPO QZ] MPTYR L ^PN]P_ VYZbWPORP ^d^ _PX TY NZX[L]T^ZY _Z ^`NS _STYR^ L^ _SP 2]PPV Xd^_P]d N`W_^ LMZ`_ bSTNS bP VYZb aP]d WT__WP QZ] NP]_LTY _SP]P L]P bSZWP WTM]L]TP^ ZY _SP ?LY_]L ?SP ?LY_]L L`_SZ]^ _SPX^PWaP^ _LVP R]PL_ [LTY^ _Z LOSP]P _Z _SP []TYNT[WP ZQ wVPP[ dZ`] XLY_]L^ L^ ^PN]P_ L^ L ]P^[PN_LMWP QLXTWd VPP[^ L XL]]TLRPLMWP OL`RS_P]x LYO NZ]]P^[ZYOTYRWd YPaP] Pc[Z^P XLY_]L^ TY `YNZOPO QZ]X -`_ _SP NZXXPY_L_Z]^ `^`LWWd ^NZ_NS _SP^P [WLY^ QZ] ZYWd TY _SP ]L]P^_ ZQ NL^P^ NLY _SPd ]P^T^_ _SP _PX[_L_TZY _Z M]PLV _SP NZOP^ LYO []Z`OWd []P^PY_ _SP ]P^`W_^ TY _SPT] NZXXPY_L]TP^ bT_SZ`_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP _SP aL]TZ`^ OTQQP]PY_ ]L_TZYLWP^ TY ±£]LO£?TWLVL?LY_]L  NZXXPY_L]d ZY NSL[_P]  a  LYO ZY aL]TZ`^ PYNZOTYR _PNSYT\`P^ LYO OPNZOTYR ^_]L_PRTP^ .WL`OTL BPMP] /L^ ;L]L´`]£XL6LW[L^¼_]L 1]LYVQ`]_% 7LYR  "$  ?SP]P L]P LNNZ]OTYR _Z BPMP] PcLX[WP^ ZQ OTQQP]PY_ OPNZOTYR^ TP _SPd L]P [L]_ ZQ YPRZ_L_TZY^  /`P _Z ^_dWT^_TN ]PL^ZY^ bP ^`RRP^_ L ]L_SP] PL]Wd OL_P QZ] _ST^ bZ]V TY NZY_]L^_ _Z >LYOP]^ZY w,_SL]aLaPOTY^ TY ?LY_]TN ?P]]T_Z]dx z  bSZ L]R`P^ TY QLaZ] ZQ LY :]T^^LY _Pc_ ZQ _SP PL]Wd _S NPY_ ,/  VSL^L[_LXLà VL]©Ld`_Z v]OSLNLYO]La£Y V`[LÓNLXZ Oa¯YO`d`_Z OS]`a£OSTVLà g XLY`^_aLdLÀ XŽ_d`ULd£_XLVLà ^[S`¶LÀ ^LX¯]T_Là ^£OSLVL]LV´L©LV´LXLà gg  ;]L[LÓNL>£]L # PO ,aLWZY  

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

LYd PYNZOTYR L_ LWW >TYNP _SP NZOP^ L]P WL]RPWd ^_LYOL]OTePO LYO X`NS _SP ^LXP PYNZOTYR _PNSYT\`P^ L]P `^PO TY LWW ?LY_]L^ ZQ_PY _SP NZOP NLY MP M]ZVPY PaPY bT_SZ`_ L NZXXPY_L]d Md LYdMZOd bSZ T^ bPWW aP]^PO TY _SP^P _Pc_^  -`_ _SZ^P bSZ SLaP YZ ^[PNTLW ?LY_]TN VYZbWPORP bTWW MP `[ LRLTY^_ L M]TNV bLWW LYO _ST^ T^ []PNT^PWd _SP TY_PY_TZY BSPY OPNZOPO _SP wPL]x TY _SP aP]^P XPLY^ _SP aZbPW w»x _SP SLWQXZZY XPLY^ _SP ,Y`^a£]L _SP _bZ XZZY^ TP _bZ OZ_^ XPLY _SP AT^L]RL LYO _SP ;ZWP >_L] XPLY^ :¿ 1Z] _SP Z_SP] _bZ VPd^ _SP]P T^ L WT__WP _]TNV% _SP wQTQ_S ZQ _SP PL]_Sx ]PQP]^ _Z _SP ^Z`YO w>Lx L^ _SP PL]_S T^ LWWZNL_PO _Z _SP ^Z`YO w7Lx LYO w>Lx T^ _SP QTQ_S ^Z`YO TY _SP LW[SL MP_ LQ_P] w7Lx :YP XTRS_ YZb ^`[[Z^P _SL_ _SP w^PaPY_S ^Z`YO ZQ _SP SPLaPY^x T^ _SP ^PaPY_S ^Z`YO LQ_P] w3Lx _SP ^PPO XLY_]L ZQ _SP P_SP] LYO _SP SPLaPY^ M`_ TY QLN_ _SP]P T^ YZ ^`NS ^Z`YO ?SP ^ZW`_TZY _Z _SP [`eeWP T^ _ST^% _SP bZ]O VSLX wSPLaPY^x XPLY^ T_^PWQ _SL_ T^ T_^ ZbY [SZYP_TN QZ]X ^aL^aL]¼[L  _SP ^Z`YO w6SLx >Z _SP w^PaPY_S ZQ _SP SPLaPY^x VSLX T^ _SP ^Z`YO w5Lx _SP ^PaPY_S ^Z`YO LQ_P] w6SLx ?ST^ XPLY^ _SL_ _SP XLY_]L ZQ _SP wOPL_SNZY\`P]Z]x ]PLO^ :¿ 5»¿ >,ž 0aPY _SP XLY_]L ^dWWLMWP^ _SP NZ^XTN :¿ LNNZX[LYTPO Md >,ž bSTNS T^ ]PXTYT^NPY_ ZQ _SP P^Z_P]TN RYZ^_TN >,@ž XLVP T_ NWPL] _SL_ _ST^ T^ YZ_ _SP ^V`WWMPL]P] bT_S ST^ ^NZ]YQ`W WL`RS_P] M`_ L NZ^XTN LYO ^ZWPXY QZ]X ZQ ±TaL ,NNZ]OTYR _Z ST^ XPOT_L_TZY aP]^P ZYP ^SZ`WO aT^`LWTeP STX L^ QZWWZb^% w8ZZY ^`Y LYO QT]P L]P ST^ PdP^ >XTWTYR FSP _L]]TP^H MP_bPPY _bZ WZ_`^P^ FZYP ZQ _SPX MPWZb bT_S T_^ MWZ^^ZX [ZTY_TYR `[bL]O^ _SP Z_SP] LMZaP bT_S T_^ MWZ^^ZX [ZTY_TYR OZbYbL]O^H :YP SLYO XLVP^ _SP RP^_`]P ZQ VYZbWPORP bSTWP _SP Z_SP] F_S]PP SLYO^H SZWO L ^YL]P L RLePWWP LYO L ]Z ^L]d 9PN_L] [Z`]^ Z`_ ZQ _SP XZZY L_Z[ ST^ XZ`YO ZQ SLT] LYO QWZZO^ ZaP] ST^ WTXM^ ±TaL bT_S _SP NZWZ] ZQ ^YZb LYO ]LOTLY_ TY ST^ [PL]W^ NSL]X^ _SP `YTaP]^P bT_S ST^ MPL`_d ?ST^ T^ SZb _Z PYaT^LRP _SP NZY\`P]Z] ZQ OPL_Sx 

?SP ^TX[WP _S]PP^dWWLMWPO QZ]X`WL :¿ 5»¿ >,ž T^ RTaPY L^ _SP XLY _]TN QZ]X ZQ _SP wOPL_SNZY\`P]Z]x TY _SP ZWOP] 9P_]L?LY_]L  _SP ;]L [LÓNL>£]L LYO _SP ±£]LO£?TWLVL _S NPY_ bSTNS T^ ML^PO ZY T_ -d NZY_]L^_ _SP WL_P] 8LY_]L8LSZOLOST !_S NPY_ NZXMTYP^ _SP XLY_]L bT_S L [Z[`WL] ‹RaPOTN aP]^P bSTNS ^TYR^ LMZ`_ ±TaL `YOP] _SP YLXP ZQ w?]dLXMLVLx%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ T^ SZbPaP] YZ_ LY PL^d _L^V ^TYNP _SP]P L]P L aL]TP_d ZQ [L__P]Y^ QZ] PYNZOTYR  NLYO]£]V£RYTaTWZNLYLÀ ^XT_LX`VSLÀ [LOXLOaLd£Y_Là^_ST_LÀ X`O]£[£²dLXŽR£V´L^¼_]LaTWL^L_[£©TÀ STX£À²`[]LMSLX g VZ¶Å]PYO`RLWL_^`OS£[W`_L_LY`À S£]£OTMS¼´ZUUaLWLÀ V£Y_d£ aT²aLaTXZSLYLÀ [L²`[L_TÀ XŽ_d`ÓULdLÀ MS£aLdP_ gg ±£?T ##

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"

_]dÃXMLVLÀ dLU£XLSP ^`RLYOSTÀ [Ü´¶TaL]OSÃYLX g `]a£]`VLX ÏaL MLYOSÃY£Y XŽ_dZ] XÜV´¯dL X£XŽ_£v_ gg  BP ZQQP] ^LN]TQTNP^ _Z _SP ?]dLXMLVL _SP WZaPWd M]TYRP] ZQ YZ`]T^SXPY_ 8Ld 4 ^SLVP ZQQ OPL_S L^ FPL^TWd L^H L [`X[VTY ^SLVP^ ZQQ FT_^H ^_LWV FM`_H YPaP] TXXZ]_LWT_d

4_ T^ NP]_LTY _SL_ _SP APOTN aP]^P bL^ LOOPO _Z XLVP _SP ?LY_]TN XLY_]L XZ]P L__]LN_TaP _Z -]LSXTY^ ?SP NZY_PY_ ZQ _SP ^PPO XLY_]L QZ]X`WL XL_NSP^ _SL_ ZQ _SP APOTN aP]^P% >,ž T^ ]PRL]OPO L^ _SP w^PPO ZQ OPL_S WP^^YP^^x LXŽ_LM¯UL LYO _SP ^PXLY_TN NZY_PY_ ZQ _SP aP]^P T^ L [P_T_TZY QZ] TXXZ]_LWT_d ?ST^ SdM]TO APOL?LY_]L aP]^TZY ! bL^ L[[L]PY_Wd ^Z [Z[`WL] _SL_ _SP APOTN aP]^P LW^Z MPNLXP bPWW VYZbY TY T_^ Z]TRTYLW QZ]X bT_SZ`_ _SP ^PPO ^Z`YO^ L^ _SP 8Ž_d`ÓULdL XLY_]L -`_ _ST^ bL^ YZ_ LWW >TYNP _SP Y`XMP]^ ZQ _SP ^dWWLMWP^ TY XLY_]L^ LWbLd^ SLaP LY TX[Z]_LY_ ]ZWP _SP Z]TRTYLW XLY_]L T^ LW^Z PYSLYNPO Md _SP LOOT_TZY ZQ _SP _bZ Pc_]L ^PPO ^Z`YO^ :¿ LYO 3,@¿ ?ST^ RTaP^ _SP w^PPOx [L]_ ZQ _SP XLY_]L _SP QZWWZbTYR QZ]X% :¿ 3,@¿ :¿ 5»¿ >,ž ?SP w^PPOx 3,@¿ T^ L XLUZ] L]NLYP ±TaL XLY_]L TY_]ZO`NPO NZX[WPXPY_L]d _Z _SP APOTN-]LSXLYTN :¿ ?SP ]P^`W_TYR YPb QTaP ^dWWLMWPO wX`W_T^PPOx T^ NZYNP[_`LWWd bPWW _SZ`RS_ Z`_ 1TaP T^ ±TaLv^ Y`XMP] ±TaL SL^ QTaP wQLNP^x XLTY QZ]X^ QTaP NZ^XTN Q`YN_TZY^ N]PL_TZY []P^P]aL_TZY OP^_]`N_TZY R]LNP LYO ZM^N`]L_TZY LYO _SP QTaP^dWWLMWPO ^PXLY_TN XLY_]L wYLXLà ±Ta£dLx wSZYZ] _Z ±TaLx T^ _SP []TXL]d QZ]X`WL QZ] TYaZVTYR STX 4Y _SP ?LY_]TN ]T_`LW _SP ‹RaPOTN aP]^P T^ Q]LXPO ZY MZ_S ^TOP^ Md _ST^ Pc[LYOPO ^PPO XLY_]L " ?SP ^PPO QZ]X`WL L[[PL]^ L_ _SP PYO [L] _TLWWd ]PQWPN_PO LYO ^WTRS_Wd LW_P]PO L^ =:¿ 5»¿ >,ž 3,@¿ :¿ # ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ‹RaPOL " $ ! ?SP NZXMTYL_TZY ZQ APOTN LYO ?LY_]TN WTYR`T^_TN T_PX^ SL^ MPNZXP aP]d NZXXZY TY ?LY_]TN XLY_]L^ L^ bPWW L^ APOL ]PNT_L_TZY LYO >X£]_L ]T_P^ 1Z] L Y`XMP] ZQ LOOT _TZYLW PcLX[WP^ ^PP 3LYYPOP] wAPOTN LYO ?LY_]TN 8LY_]L^x " ,NNZ]OTYR _Z DPWWP 0c[WLTYTYR 8LY_]L^ "  Q ^`NS Q]LXTYR Z] wPYaPWZ[TYRx ^LÀ[`_L OPaTNP^ _SL_ LOO :¿ LYO wZ_SP] M¯UL^x L]P ZYP ZQ _SP XZ^_ N]`NTLW PWPXPY_^ ^PN`]TYR _SP XLY_]Lv^ XLRTN PQQTNLNd Md NZYaP]_TYR _SP XLY_]L TY_Z L [LWTYO]ZXP LYO TXT_L_TYR _SP YL_`]LW Z]OP]% NZ^XTN TYaZW`_TZY LYO PaZW`_TZY TYRZTYR LYO Z`_RZTYR M]PL_S^ _SP [L_S ZQ ^[PPNS Q]ZX _SP MLNV ZQ _SP _S]ZL_ _Z _SP Q]ZY_ ZQ _SP WT[^ LYO _SP NdNWP ZQ ^Pc`LW []ZO`N_TZY TYNW`OTYR MT]_S LYO OPL_S TMTO z" DPWWP ]TRS_Wd ZM ^P]aP^ _SL_ _SP WT__WP L__PY_TZY [LTO _Z _SP QZ]X ZQ XLY_]L^ SL^ MPPY L ^P]TZ`^ ZXT^^TZY TY BP^_P]Y ^NSZWL]^ST[ 3T^ TY^[T]TYR _SP^T^ ZY _SP ]SP_Z]TN LYO [ZP_TN Q`YN_TZY^ ZQ XLY_]L^ SZbPaP] ^N]PPY^ ST^_Z]TNLW OPaPWZ[XPY_^ LYO _SP QLN_ _SL_ YZ_ LWW ?LY_]TN XLY_]L^ L]P [LWTYO]ZXP^ ?SP Y`XMP] ZQ ^dWWLMWP^ LYO Y`XP]TNLW ^[PN`WL_TZY^ L]P []ZMLMWd XZ]P TX[Z]_LY_ # ?SP l=:¿w ^PP _SP XLY_]L QZ]X`WL MPWZb T^ [Z^^TMWd L XT^_LVP TP L b]ZYR ^LY OST ^ZW`_TZY TY Z`] ^Z`]NP 8LS¯OSL]Lv^ 8LY_]L8LSZOLOST !  PO /PWST $#   4Y^_PLO ZQ w^aLà =:¿x T_ []ZMLMWd ^SZ`WO MP w^aL] :¿x ?ST^ bZ`WO LW^Z MP_ _P] QT_ _SP ^dXXP_]TP 3ZbPaP] L NZY^NTZ`^ [P]X`_L_TZY ZQ _SP :¿ _Z w_LVP ZY _SP

"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP [L]_^ ^`]]Z`YOTYR _SP aP]^P LW^Z NZY_LTY _SP _S]PP APOTN wNLWW^x wMS¼] MS`aLà ^aLàx wPL]_S LT] SPLaPY^x z bSTNS [`^SP^ `[ _SP Y`XMP] ZQ ^dWWLMWP^ TY _SP XLY_]L _Z  $ bSTNS T^ LW^Z _SP Y`XMP] ZQ WP__P]^ ZQ _SP ?LY_]TN LW[SLMP_ ?SP XLY_]L T^ _SP]PQZ]P [P]QPN_Wd ^dX XP_]TNLW QTaP ^PPO^ _S]PP wNLWW^x ZQ QZ`] ^dWWLMWP^ L ^Tc_PPY^dWWLMWPO SLWQaP]^P LYZ_SP] ^Tc_PPY^dWWLMWPO SLWQaP]^P _S]PP wNLWW^x ZQ QZ`] ^dWWLMWP^ LYO QTaP ^PPO^ MPTYR XLOP `[ ZQ _bZ SLWaP^ ZQ   c  ^dWWLMWP^ PLNS% :¿ 3,@¿ :¿ 5»¿ >,ž MS¼]MS`aLà^aLà _]dLXMLVLÀ  X£XŽ_£_ MS¼]MS`aLà^aLà =:¿ 5»¿ >,ž 3,@¿ :¿

?ST^ QZ]X`WL QZ]X^ _SP aZNLW XL_P]TLW QZ] _SP NPY_]LW ]T_P z _SP w^LdTYR _Z ZYP^PWQx UL[L  TP _SP NZY^_LY_ ]P[P_T_TZY ZQ _SP QZ]X`WL >`NS UL[L ]T_P^ MPWZYR _Z _SP XZ^_ [Z[`WL] LYO XZ^_ bTOP^[]PLO QZ]X^ ZQ bZ]^ST[ ?SP ]P[P_T_TZY T^ YPL]Wd LWbLd^ NZXMTYPO LYO ^dYNS]ZYTePO bT_S QT]P ^LN]TQTNP^ ?SP 8LY_]L8LSZOLOST []P^N]TMP^ L _Z_LW ZQ  XLY_]L ]P[P_T_TZY^ LYO  ^LN]TQTNTLW ZQQP]TYR^ ZQ []PNT^PWd OP_P]XTYPO ^LN ]TQTNTLW ^`M^_LYNP^ TY _SP QT]P QZ] _SP 8LS£XŽ_d`ÓULdL XLY_]L ?SP 8L S£XŽ_d`ÓULdL ]T_`LW bZ`WO _SPY _LVP LWXZ^_ PcLN_Wd ZYP XZY_S _Z [P] QZ]X LYO T_ ^PPX^ []ZMLMWP _SL_ _SP []P^N]TMPO XLY_]L ]P[P_T_TZY^ L]P ^P_ L_ ^`NS L WPYR_S ZY [`][Z^P ^Z _SL_ _SP ]T_`LW NLY MP [P]QZ]XPO ZaP] _SP NZ`]^P ZQ L W`YL] XZY_S 4Q ZYWd _SP ^PPO XLY_]L :¿ 5»¿ >,ž T^ ]P[PL_PO _SP Y`XMP] ZQ ]P[P_T_TZY^ TYN]PL^P^ _Z  ?SP _TXPQ]LXP ZQ ZYP XZY_S T^ []ZMLMWd OP_P]XTYPO Md _SP QLN_ _SL_ L^ L ]`WP _SP YZa TNP bT^SP^ _Z MPRTY LYO PYO ST^ XLY_]L []LN_TNP TY L XZY_S _SL_ L^_]ZW ZRd TYOTNL_P^ L^ P^[PNTLWWd []ZXT^TYR QZ] STX

  >ZXL_TN ,[[WTNL_TZY^% 9d£^L .P]_LTY []P[L]L_Z]d ]T_P^ X`^_ MP NZX[WP_PO MPQZ]P _SP XLY_]L XLd MP ]P[PL_PO ?SP XZ^_ TX[Z]_LY_ []PWTXTYL]d ]T_P T^ _SP wOP[Z^T_TZYx Z] w[WLNTYRx Yd£^L ZQ _SP XLY_]L ^dWWLMWP^ ZY _SP MZOd ZQ _SP ?LY_]T^_ ?ST^ TYaZWaP^ ^[PLVTYR NP]_LTY ^PN_TZY^ ZQ _SP XLY_]L LYO L_ _SP ^LXP _TXP []ZUPN_TYR _SPX ZY_Z L NP]_LTY [L]_ ZQ _SP MZOd  4Y XZ^_ NL^P^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ QPL_`]P^x ]^Z`YO ZQ =`O]L _SP RZO ZQ _SP XLY_]L ^SZ`WO YZ_ MP PcNW`OPO BP SLaP _SP]PQZ]P YZ_ LXPYOPO _SP wXT^_LVPx $ >PP 8LY_]L8LSZOLOST !z ZY _SP QZ]X`WL NT_PO MPWZb  , Yd£^L ]T_P _SL_ `^P^ XLY_]L^ ZQ _SP ±L_L=`O]¯dL  bSZ^P XPLYTYR^ NZ]]P^[ZYO bT_S _SP MZOd [L]_^ _SPd L]P []ZUPN_PO ZY_Z T^ LW]PLOd XPY_TZYPO TY _SP 8£YLaL±]L`_L

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

""

_ST^ w[WLNTYRx T^ L [`]PWd XPY_LW []ZNP^^ M`_ ^ZXP_TXP^ T_ T^ ]PTYQZ]NPO Md _Z`NSTYR _SP ]PWPaLY_ [L]_ ZQ _SP MZOd bT_S _SP ]TRS_ SLYO  ?SP XZ^_ TX[Z]_LY_ w[WLNTYRx T^ _SP ZYP ZQ _SP w>Tc ;L]_^x ´L“ L«RLYd£^L  TP 3PL]_ 3PLO .]ZbY ZQ _SP 3LT] w,]XZ]x w?ST]O 0dPx ( QZ]PSPLO LYO w,]]Zbx 4Y _ST^ NL^P _SP L[[WTNL_TZY T^ [`]PWd XPOT_L_TaP YPaP] TYaZWaTYR [ZTY_TYR QZ] _ST^ T^ YZ_ LN_`LWWd LMZ`_ [L]_^ ZQ _SP MZOd z L^ bP NLY ^PP Q]ZX _SP _P]X^ wL]XZ]x LYO wL]]Zbx z M`_ LMZ`_ TX[Z]_LY_ DZRTN NPY_P]^ Z] z TY _SP WLYR`LRP ZQ _SP 9Pb ;SPYZXPYZWZRd  z LMZ`_ wMZOd ^[SP]P^x TP [WLNP^ _SL_ ZYP ZQ_PY NLYYZ_ WZNLWTeP []PNT^PWd TY [Sd^TNLW Z] ^[L_TLW _P]X^ M`_ bSTNS ZYP NLY QPPW OP^[T_P _ST^ ?SP wSPL]_x ^SZ`WO MP RTaPY L aP]d M]ZLO TY_P][]P_L_TZY M`_ T_ T^ ZYP bP L]P QLXTWTL] bT_S w3PLOx XPLY^ []TXL]TWd _SP M]LTY 4_ T^ aT^`LWTePO L^ L XZZY LYO `YOP]^_ZZO _Z MP _SP [^dNSZ[Sd^TZWZRTNLW WTQPNPY_P] :YPv^ bSZWP WTQP WZYR L aT_LWTeTYR w^_]PLX ZQ YPN_L]x LXŽ_LOS£]£ [Z`]^ Z`_ Q]ZX _SP M]LTY aTL _SP ^[TYP YZ`]T^STYR LYO ]PRPYP]L_TYR _SP bSZWP MZOd ?SP ^[P]X _ZZ z LNNZ]OTYR _Z DZRTN [Sd^TZWZRd z L]P []ZO`NPO TY _SP M]LTY ?SP w^_]PLX ZQ YPN_L]x T^ L^^ZNTL_PO bT_S _SP ^[P]X ?SP N]ZbY ²TVS£ T^ LW^Z Pc_]PXPWd TX[Z]_LY_ TY DZRL MPNL`^P T_ T^ _SZ`RS_ _SL_ _SP ^Z`Wv^ RL_PbLd _Z P_P]YT_d T^ WZNL_PO _SP]P ?SP w_ST]O PdPx ]PQP]^ _Z _SP u4v _SL_ T^ _`]YPO _ZbL]O^ _SP _]LY^NPYOPY_LW ,YO w,]XZ]x LYO w,]]Zbx L]P TYT_TLWWd YZ_STYR Z_SP] _SLY _SP XLRTN ^dWWLMWP^ ZQ []Z_PN_TZY 3@¿ LYO ;3,µ M`_ NLY LW^Z MP `YOP]^_ZZO TY L [Sd^TNLW ^PY^P L^ w[]Z_PN_TZY ZQ MZOd ^[LNPx LYO TY _SP NL^P ZQ ;3,µ L^ NZY_]ZWWPO LRR]P^^TZY _Z bL]O ZQQ QZ]NP^ ZQ PaTW ^TRYLWPO Md L RP^_`]PO w^[PL]TYRx ZQ _SP OPXZY^ ZY LY Z`_^_]P_NSPO TYOPc QTYRP] ,NNZ]OTYR _Z _SP ±£]LO£?TWLVL ZYP QZ]X^ _SP [SZYP_TN XL_P]TLW QZ] _ST^ ^TcQZWO [WLNTYR Q]ZX _SP TXXZ]_LWT_d ^dWWLMWP >,ž ?ST^ ]P^`W_^ TY _SP ^PaPY ^Z`YO^ >¢¿ >®¿ >»¿ >0¿ >:¿ >,4¿ >,@¿ bSTNS NLY YZb MP NZ]]PWL_PO bT_S _SP 3PL]_ 3PLO .]ZbY w,]XZ]x w?ST]O 0dPx LYO w,]]Zbx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ >¼_]L "z! PO 6L]W 1 2PWOYP] /PWST ]P[] $#  LYO NLWWPO w=`O]LUL[Lx SP]P  , ]L_SP] `YNZXXZY LYO aP]d ^[PN_LN`WL] Yd£^L T^ QZ`YO TY _SP 6`MUTV£ 8L_L ?LY_]L _S Z] _S NPY_ L^ [L]_ ZQ L aTZWPY_ ]T_P NLWWPO wMZW_[]LN_TNP^ MPRTYYTYR bT_S _SL_ ZQ _SP VYTQPx bSTNS T^ NT_PO Md BST_P  6T^^ ZQ _SP DZRTY¯  "z" 3P]P _SP >£OSLVL [TP]NP^ ST^ MZOd [L]_^ LYO _SPY ZQQP]^ ST^ ZbY MWZZO LYO QWP^S XTcPO bT_S `]TYP QPNP^ LYO WT\`Z] ZY L XL©“LWL _SL_ SL^ MPPY O]LbY LYO TY^N]TMPO bT_S ST^ MWZZO ?SP [P]QZ]XLYNP OZP^ YZ_ ^PPX _Z MP _d[TNLW PaPY QZ] _SP 6`MUTV£ _]LOT_TZY :Y _SP NZY_]L]d /dNeVZb^VT , 5Z`]YPd XPY_TZY^ L Y`XMP] ZQ Yd£^L^ LYO XL©“LWL ]T_P^ ZQ _SP 6`MUTV£ N`W_ bSTNS ]PaPLW L STRSWd RYZ^_TN LYO XP_L[Sd^TNLW MLNVR]Z`YO  >PP 3P]XLYY >NSXT_e /L^ >d^_PX OP] ;STWZ^Z[STP  TY [L]_TN`WL] aZW`XP 444% /L^ 2Ø__WTNSP `YO OP] =L`X -ZYY% -Z`aTP] $$ 

"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

/P[PYOTYR `[ZY _SP NZY_Pc_ QZ] `^P _SP]P L]P XZ]P Yd£^L QZ]X^ _SL_ L]P `^PO MZ_S ZY ]PLW [L]_^ ZQ _SP MZOd LYO ZY _SP ]T_`LW ZMUPN_^ BSTWP TY ZWO ?LY_]L^ ZYP w[WLNTYRx T^ RPYP]LWWd ^`QQTNTPY_ YZbLOLd^ L Y`XMP] ZQ OTQQP]PY_ _d[P^ ZQ w[WLNTYRx L]P NL]]TPO Z`_ ZYP LQ_P] LYZ_SP] ?SP 8LY_]L8LSZOLOST  NSL[_P] ! LW]PLOd WT^_^ L Y`XMP] ZQ OTQ QP]PY_ Yd£^L []ZNPO`]P^ [P]QZ]XPO bT_S _SP waPOTNTePOx 8Ž_d`ÓULdL 8LY_]L ?SP Yd£^L ZQ _SP ^Tc w^T_P^ ZQ WZaPx ´LOL«RLYd£^L T_ P^[P NTLWWd NZX[WPc SP]P ?SP bZ]O XL_P]TLW QZ] _SP aL]TZ`^ [WLNTYR^ NZY^T^_^ ZQ QTcPO LYO aL]TLMWP [L]_^ Q]ZX MZ_S APOTN LYO ?LY_]TN XLY_]L^ M`_ LWbLd^ NZY_LTY^ LWW _SP ^PPO XLY_]L^ :¿ 3,@¿ :¿ >,ž  ?SP QZWWZbTYR Yd£^L _SP w^dWWLMWP[WLNTYRx aL]©LYd£^L  T^ MZ_S NZX[WPc LYO ZQ [L]_TN`WL] TY_P]P^_ MPNL`^P _ST^ QZ]X ZQ Yd£^L ^SZb^ _SL_ _SP []TYNT[WP ZQ TXT_L_TZY T^ ^_TWW MP `^PO 3P]P _SP ZWO APOTN aP]^P T^ w?LY _]TNTePOx Md _SP YL^LWTeL_TZY ZQ PLNS ^dWWLMWP TP _SP LOOT_TZY ZQ ,Y`^ a£]L bSTNS [Z_PY_TL_P^ T_ TY_Z L VTYO ZQ ?LY_]TN w^PPOx% w _]dLÀ MLÀ VLÀ dLÀ U£X XLÀ SPÀ m x  4Y _ST^ Yd£^L ]T_P _SP QT]^_ QZ`] ^PPO^ _]dLÀ MLÀ VLÀ dLÀ L]P L[[WTPO _Z _SP 0L^_P]Y BP^_P]Y >Z`_SP]Y LYO 9Z]_SP]Y ^TOP^ ZQ _SP QLNP U£À _Z _SP NSP^_ XLÀ _Z _SP YPNV LYO SPÀ _Z _SP XZ`_S P_N ,^ TY _ST^ NL^P _SP]P L]P L _Z_LW ZQ  ^dWWLMWP^ _Z MP OT^_]TM`_PO _SP ^NSPXP QZ] OZTYR ^Z T^ \`T_P NZX[WTNL_PO LYO LWW _SP XZ]P ^Z MPNL`^P ZYP SL^ _Z RZ Q]ZX WPQ_ _Z ]TRS_ LYO aTNP aP]^L TY L eTReLR [L__P]Y 4Y _SP QZWWZbTYR [LOLYd£^L  _SP ^TX[WP^_ QZ]X _SP ?]dLXMLVL aP]^P T^ _SPY ]PNT_PO bZ]O QZ] bZ]O LYO L_ _SP ^LXP _TXP T^ wL[[WTPOx _Z _SP MZOd TY L WTYPL] QL^STZY Q]ZX SPLO _Z _ZP%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >PP 8LY_]L8LSZOLOST !"z _]LY^W Md L -ZL]O ZQ >NSZWL]^ /PWST% >L_R`]` $#  $!z$"% w?SP APOTN XLY_]L bT_STY _ST^ XLY_]L `YOP] ]PQP]PYNP F_SP 8š_d`ÓULdL 8LY_]LH ^SZ`WO MP ^[WT_ L_ _SP ^dWWLMWP^   # $  LYO  ?SP YTYP TYT _TLW ^dWWLMWP^ ZQ _SP []P^PY_ XLY_]L L]P _Z MP LOOPO MPQZ]P _SP ^[PNTQTPO ^PN_TZY^ ZQ _SP APOTN XLY_]L QZ] _SP [`][Z^P ZQ ³L“L«RL LWZYR bT_S NP]_LTY Z_SP] [S]L^P^ L^ bPWW L^ QZWWZb^% L :À 3L`À :À 5¼À >Là -S¼] -S`aLà >aLà ?]dLXMLVLX :À 9LXZ -SLRLaL_P =`O]£dL ±¼WL[£©LdP >a£S£ z ZMPT^LYNP _Z _SP SPL]_ M :À 3L`À

:À 5¼À >Là -S¼] -S`aLà >aLà DLU£XLSP :À 9LXZ -SLRLaL_P =`O]£dL ,Xš_LX¼ULdP 8£X 5¯aLdL z >a£S£ `Y_Z _SP SPLO x  8LY_]L8LSZOLOST !z 

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

_]dLXMLVLX

SPLO

dLU£XLSP

PdPM]Zb^



^`RLYOSTX

PdP^

[`´¶TaL]OSLYLX

XZ`_S

`]a£]`VLX

NSPPV^

TaL



SPL]_

MLYOSLY£_



MPWWd

Xš_dZà



[PYT^

X`V´¯dL



_STRS





WZbP] WPR

LXš_£_



QPP_

"$

4]]P^[PN_TaP ZQ XZ]P ^TX[WP Z] XZ]P NZX[WPc QZ]X^ _SP w[WLNTYRx ]T_`LW T^ ZYP ZQ _SP XZ^_ TX[Z]_LY_ OPaTNP^ QZ] [`]TQdTYR ^LYN_TQd Z] wOPTQdx _SP MZOd LYO XLVTYR T_ bZ]_Sd QZ] bZ]^ST[ 4_ T^ ZYWd LQ_P] _ST^ ]T_`LW OPTQTNL_TZY _SL_ _SP aT^`LWTeL_TZY ZQ _SP 2ZO LYO _SP]PLQ_P] _SP ZQQP]TYR ]T_`LW^ LYO ?LY_]TN bZ]^ST[ ZQ _SP OPT_d LYO T_^ PY_Z`]LRP  £aL]L©L OPT _TP^ _LVP [WLNP bSTNS TYaL]TLMWd LW^Z TYaZWaP _SP `__P]TYR ZQ ^[PNTQTN XLY_]L^ ?SP bZ]O LYO ^Z`YO XL_P]TLW ZQ _SP Yd£^L ]T_P NLY aL]d R]PL_Wd :YP T_PX _SL_ ZNN`]^ Q]P\`PY_Wd LYO T^ _d[TNLWWd ?LY_]TN T^ _SP []ZUPN_TZY ZQ _SP YL^LWTePO ^dWWLMWP^ ZQ _SP LW[SLMP_ ZY_Z _SP MZOd _Z _`]Y T_ TY_Z L NZ^XTN MZOd >ZXP_TXP^ TY LOOT_TZY _SP YLXP^ ZQ _SP QTQ_d RZOOP^^ [TWR]TXLRP ^T_P^ L]P XPY_LWWd b]T__PY TY_Z _SP MZOd 4Y _SP [Z[`WL] MSLV_T aP]^TZY _SP]P T^ L ^P]TP^ ZQ YLXP^ ZQ RZO^ LYO Z_SP] P[T _SP_^ w[WLNPOx ZY _SP MZOd _Z ^LYN_TQd T_ ?SP Yd£^L ]T_P SL^ MPNZXP ^Z NZXXZY TY _SP _PX[WP WT_`]Rd ZQ >Z`_S 4YOTL [P]^ZYLW [¼U£ LYO A]L_L ]T_`LW^ ]PWTRTZ`^ aZb^ LYO QL^_^ XLTYWd [P]QZ]XPO Md bZXPY _SL_ XLYd bZ`WO YZ_ NZY^TOP] T_ ?LY_]TN LYd XZ]P

  2]L[STN ,[[WTNL_TZY^% DLY_]L LYO 8L©“LWL , YPb OPaPWZ[XPY_ _SL_ T^ `Y`^`LW QZ] LY 4YOTLY NZY_Pc_ T^ _SP `^P ZQ b]T_TYR TY ?LY_]TN ]T_`LW [P]QZ]XLYNP 3P]P bP QTYO LOOT_TZYLW OTQQP] PYNP^ MP_bPPY APOTN LYO ?LY_]TN XLY_]L^ BT_S _SP APOL PXMPOOPO TY _SP NZYNP[_ ZQ _SP A£N WT_ waZTNPx T_ ^PPX^ LM^ZW`_PWd TX[Z^^TMWP _SL_ L b]T__PY APOL aP]^P NZ`WO OPaPWZ[ Y`XTYZ`^ [ZbP] 4Y _SP ?LY_]L _SP ^T_`L_TZY T^ OTQQP]PY_ MPNL`^P SP]P _SP OPT_d T^ ^`M^_LY_TLWWd []P^PY_ TY _SP XLY_]L ?ST^ ^`M^_LY_TLW []P^PYNP MPNZXP^ bPLVP] M`_ T^ OPQTYT_PWd

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

YZ_ WZ^_ bSPY _SP XLY_]L T^ QTcPO TY b]T_TYR ?SP aT^`LWTeL_TZY bP XPY _TZYPO LMZaP ZQ w^Z`YO LYO WTRS_x Y£OLMTYO` TY _SP ^dXMZW .LYO]L MTYO` T^ U`^_ ZYP PcLX[WP ZQ _ST^ 1`]_SP]XZ]P _SP ^LN]POYP^^ ZQ _SP ?LY_]TN XLY_]L OZP^ YZ_ ]P^TOP PcNW`^TaPWd TY _SP ^Z`YO Md LYd XPLY^ 1Z] PcLX[WP _SP XP]P ^dWWLMWP S`À ZY T_^ ZbY T^ NP]_LTYWd YZ_ L XLY_]L 4_ ZYWd MPNZXP^ ZYP bSPY T_ T^ `YOP]^_ZZO L^ L XLY_]L R]LY_PO Md _SP OPT_d LYO `^PO TY L ]T_`LW XLYYP] >Z _SP XLRTN [ZbP] LYO _SP ^Z_P]TZWZRTNLW ^`M^_LYNP WTP YZ_ ZYWd TY _SP ^Z`YO M`_ LW^Z TY _SP LN_ ZQ R]LY_TYR ?ST^ _d[P ZQ ^`M^_LY_TLW _]LY^QP] T^ L NZXXZY [SPYZXPYZY TY ]PWTRTZY^ 1Z] PcLX[WP _SP [Z[P T^ YZ_ ]P RL]OPO L^ TYQLWWTMWP MPNL`^P SP T^ P^[PNTLWWd TY_PWWTRPY_ M`_ MPNL`^P wTY L[Z^_ZWTN ^`NNP^^TZYx LYO L^ L ]P[]P^PY_L_TaP ZQ _SP bSZWP NS`]NS SP PXMZOTP^ _SP w^Z_P]TZWZRTNLW ]PLWT_dx RTaPY Md 5P^`^ .S]T^_ L^ _SPZWZRT LY^ bZ`WO Pc[]P^^ T_ ;L[LW []ZYZ`YNPXPY_^ L]P _SP]PQZ]P `W_TXL_PWd LY Pc[]P^^TZY ZQ w2ZOv^ ]PaPWL_TZY ZQ STX^PWQ _Z `^ TY ST^ XP]Nd ^SZbY _Z S`XLYVTYOx  ?LY_]TN XLY_]L^ WTVP _SL_ ZQ _SP wOPL_SNZY\`P]Z]x L]P `YOP]^_ZZO TY U`^_ _SP ^LXP bLd L^ ^PWQ]PaPWL_TZY ZQ _SP R]LNP LYO [ZbP] ZQ ±TaL _SP wXP^^LRP Q]ZX ST^ XZ`_S RTaTYR MWP^^TYRx L^ _SP 9P_]L?LY_]L Pc[]P^^P^ T_ 4Y _SP ]T_`LW OTLR]LX^ NLWWPO dLY_]L^ _SP]P T^ L NSLYRP ZQ XPOT`X Q]ZX _SP Z]LW _Z _SP aT^`LW 8LY_]L^ `^PO TY ?LY_]TN [P]QZ]XLYNP L]P YZ_ ZYWd ]P[PL_PO Z]LWWd M`_ LW^Z L[[PL] TY^N]TMPO ZY dLY_]L^  ?SP ]T_`LW ]`WP^ TYNW`OP OP_LTWPO TY^_]`N_TZY^ LMZ`_ _SPT] NZY^_]`N_TZY DLY_]L^ L]P LWbLd^ NZX[Z^PO ZQ QZ]X^ _SL_ L]P ^_]TN_Wd RPZXP_]TNLW 4Q _SPd L]P bT_SZ`_ LYd TY^N]T[_TZY _SPd L]P `^PO L^ L wQZ`YOL_TZYx Z] ^`[[Z]_ QZ] ]T_`LW ZMUPN_^ LYO TQ _SPd L]P WLMPWPO _SPd L]P ZQ_PY `^PO L^ XLRTN LX`WP_^ ! ?SPd XLd MP [LTY_PO XLOP Z`_ ZQ [ZbOP] ^N]L_NSPO ZY_Z XP_LW [WL_P^ Z] PaPY NZY ^_]`N_PO TY _S]PP OTXPY^TZY^ TY XP_LW Z] ^ZXP Z_SP] XL_P]TLW 8LRTN LX`WP_^ L]P bZ]Y _Z SPLW OT^PL^P^ ZQ LWW _d[P^ LYO ^[PNTQTNLWWd _Z []Z _PN_ LRLTY^_ QPaP] LYO ^YLVPMT_P^ ?SPd SLaP L []Z_PN_TaP Q`YN_TZY QZ] TY^_LYNP []Z_PN_TYR _SP MZOd LRLTY^_ bPL[ZY^ ?SPd LW^Z [WLd LY TX[Z] _LY_ ]ZWP TY NL^_TYR ^[PWW^ ZY [PZ[WP% VTYR^ LYO bZXPY L]P _SP XZ^_ [Z[`WL] ZMUPN_^ ZQ ^`NS XLRTN ,YO QTYLWWd _SPd L]P PaPY `^PO TY MWLNV XLRTN L^ ]T_`LW X`]OP] TY^_]`XPY_^ ?SP dLY_]L^ L]P L[[L]PY_Wd P^[P NTLWWd ^`T_LMWP QZ] QZN`^PO XLRTN `^P^ ^`NS L^ MPbT_NSTYR LYO VTWWTYR MPNL`^P _SP YLXP ZQ _SP [P]^ZY bSZ T^ _SP _L]RP_ NLY MP b]T__PY ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP Z]TRTYLW 2P]XLY bZ]O^ ]PQP]]PO _Z L]P w3PTW^bT]VWTNSVPT_x LYO wOTP >PWM^_XT__PT W`YR 2Z__P^ TY OP] 2YLOP LY OPY 8PY^NSPYx% ^PP =LSYP] LYO AZ]R]TXWP] w@YQPSW ML]VPT_x Fw4YQLWWTMTWT_dxH TY 6WPTYP^ _SPZWZRT^NSP^ BØ]_P]M`NS  $# %  QQ ! >PP LW^Z 3ËWÊYP -]`YYP] w8L©“LWL P_ DLY_]L OLY^ WP ±TaLT^XP ¢RLXT\`Px TY 8LY _]L^ P_ /TLR]LXXP^ =T_`PW^ OLY^ Wv3TYOZ`T^XP ?LMWP =ZYOP ;L]T^ z U`TY $# ;L]T^% .9=> $#! z  LYO 2`O]`Y -ÞSYPXLYY 8L©“LWL^ LYO DLY_]L^ TY _SP 3TYO` ?]LOT_TZY 7PTOPY% -]TWW 

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"

dLY_]L -`_ WTVP L^_]ZWZRTNLW OTLR]LX^ ^bL^_TVL^ LYO Z_SP] []Z_PN_TaP _LWT^XLY^ dLY_]L^ NLY LW^Z MP TY^_LWWPO _Z []Z_PN_ L SZ`^P :Y _SP Z_SP] SLYO dLY_]L^ L]P SL]OWd PaP] `^PO TY L_XZ^[SP]TN ]T_P^ TY_PYOPO _Z PY ^`]P NZX[]PSPY^TaP []Z^[P]T_d Z] _Z NWPLY^P L SZ`^P Q]ZX PaTW ^[T]T_^ ?SP dLY_]L ZQ _SP wOPL_SNZY\`P]Z]x NLY LW^Z MP QZN`^PO TY _ST^ bLd LNNZ]OTYR _Z _SP 8LY_]L8LSZOLOST % T_ ^SZ`WO []Z_PN_ LRLTY^_ LY LYR]d VTYR TQ ZYP M`]TP^ T_ LYO ]PNT_P^ _SP LW[SLMP_ L_ _SP ^T_P ZQ _SP M`]TLW " ?SP ]T_`LW XLY`LW ^_L_P^ w4Q _ST^ ]T_P T^ NL]]TPO Z`_ PaPY _SP RZO ZQ OPL_S T^ YZ WZYRP] L OLYRP] BSL_ bTWW LY PL]_SWd VTYR _SPY MP LMWP _Z OZ _Z dZ`*x DLXL _SP 4YOTLY RZO ZQ OPL_S T^ ]PRL]OPO L^ _SP VTYR ZQ _SP `YOP]bZ]WO dLXL]£UL LYO _SP]PQZ]P L^ _SP XZ^_ [ZbP]Q`W ZQ LWW VTYR^ ^TYNP SP NZY\`P]^ LWW PL]_SWd VTYR^ ,NNZ]OTYR _Z ,YO]Ë ;LOZ`c T_ T^ _SP XLY_]L^ _SL_ LYTXL_P _SP ]T_`LW OTLR]LX^ # 3P TY_P][]P_^ _SP WLMPWTYR []ZNPO`]P L^ L w[WLNTYR ]T_`LWx Yd£^L [`_ TY_Z b]T_TYR $ ?SP]P T^ L NP]_LTY SLeTYP^^ SZbPaP] LMZ`_ _SP 0YRWT^S _P]X wOTLR]LXx bSTNS T^ `^PO TYaL]TLMWd QZ] dLY_]L^  XL©“LWL^ [LÓUL]L^ LYO NLV]L^  TP OT^_TYN_ _P]X^ bSZ^P XPLYTYR T^ ZQ_PY NZYQZ`YOPO TY P_TN L^ bPWW L^ [Z[`WL] PXTN OT^NZ`]^P^ LYO ^ZXP _TXP^ ZaP]P^_TXL_PO :`] ]L_SP] `Y^[PN_LN`WL] YZYXP_L[Sd^TNLW YZ_P^ ZY dLY_]L L]P ML^PO ZY PL]Wd >Z`_SP]Y 4YOTLY ¢RLXL WT_P]L_`]P L^ bPWW L^ WL_P] ?LY_]L ^Z`]NP^  DLY_]L^ L[[PL] _Z MP `^PO TY _SP^P _Pc_^ ^ZWPWd TY V£XdL ]T_P^ TP ^[PNTLW ]T_P^ [P]QZ]XPO _Z LNSTPaP L OP^T]PO X`Y OLYP ]P^`W_ V£XL   DLY_]L ]T_P^ L]P aTPbPO TY PXTN ^Z`]NP^ L^ wL[[WTPO XLY_]L ^NTPYNPx []LdZRL LYO []P^`[[Z^P _SP XL^_P]d ZQ XLY_]L^ BT_STY LY P_TN [P] ^[PN_TaP ^`NS ]T_P^ QLWW `YOP] L N]Z^^N`W_`]LWWd bTOP^[]PLO ]PWTRTZ`^ ^_dWP bSTNS XLd MP _P]XPO w[TP_d XPL^`]PO Md Y`XMP]^x  MPNL`^P _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " :Y _ST^ ]T_P ^PP 8LY_]L8LSZOLOST "z # ,YO]Ë ;LOZ`c 4Y_]ZO`N_TZY TY 8LY_]L^ P_ /TLR]LXXP^ =T_`PW^ OLY^ Wv3TYOZ`T^XP  ?LMWP =ZYOP ;L]T^ z U`TY $# ;L]T^% .9=> $#!  $ ?SP ?LY_]TN WT_P]L_`]P VYZb^ L ^P[L]L_P _PNSYTNLW _P]X YLXPWd []L^_£]L  XPLYTYR w^[]PLOTYR Z`_x Z] w_LM`WL] ]P[]P^PY_L_TZYx  -P^TOP^ _SP 8LY_]L8LSZOLOST  NSL[  ^PP A6 >`M]LXLYTLYv^ POT_TZY LYO _]LY^ WL_TZY ZQ _SP >L`YOL]dL7LSL]Å  bSTNS TYNZ][Z]L_P^ _SP XLRTNLW dLY_]L^ _SL_ bP]P WL_P] L__LNSPO _Z PLNS aP]^P ZQ _SP QLXZ`^ SdXY ,W^Z _SP ^PN_TZY^ ZY dLY_]L TY _SP ;]L[LÓNL>£]L z LYO _SP ±£]LO£?TWLVL?LY_]L z#! OPLW ZYWd bT_S ]`WP^ ZQ NZY^_]`N_TZY LYO XLRTN ]T_P^  >PP LW^Z -]`YYP] w8L©“LWL LYO DLY_]Lx $  BP ZbP _ST^ _P]XTYZWZRd _Z _SP [L^_ ]P^PL]NS []ZUPN_ w2PeÆSW_P 1]ØXXTRVPT_x L_ _SP `YTaP]^T_d ZQ 8`PY^_P] 2P]XLYd bSTNS OPLW_ bT_S XPOTPaLW .S]T^_TLY ^[T]T_`LWT_d 1Z] QTYP PcLX[WP^ ZQ [TP_d XPL^`]PO Md Y`XMP]^ bT_STY _SP .S]T^_TLY NZY_Pc_ ^PP ,] YZWO ,YRPYPYO_ w2PeÆSW_P 1]ØXXTRVPT_x TY ST^ XZYZR]L[S 2P^NSTNS_P OP] =PWTRT Z^T_Æ_ TX 8T__PWLW_P] /L]X^_LO_% ;]TX`^ $$" #z # BSTWP _SP ^_]`N_`]P ZQ ^`NS LN_^ ZQ [TP_d XLd MP QZ`YO TY ^PaP]LW _]LOT_TZY^ PR LW^Z 4^WLX _SP _SPZWZRTNLW NZY

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

]T_`LW ]`WP^ RPYP]LWWd TYaZWaP []PNT^P TY^_]`N_TZY^ ZY _SP Y`XMP] ZQ ]P[P_T_TZY^ ZQ _SP XLY_]L Z] aP]^P L__LNSPO _Z _SP dLY_]L LYO ^_L_PXPY_^ LMZ`_ _SP ]P^`W_ _Z MP Pc[PN_PO Q]ZX OZTYR ^Z 4_ T^ L ]PWTRTZ`^ ^_dWP TY bSTNS _SP ]L_TZYLW NSZTNP LYO NLWN`WL_PO ^`NNP^^ ZQ ]PWTRTZY LYO ]T_`LW LN_^ L]P XZ^_ ZMaTZ`^ @YWTVP .S]T^_TLYT_d LYO [L]_TN`WL]Wd ;]Z_P^_LY_ .S]T^_TLYT_d _SP 3TYO` _]LOT_TZY^ TYNZ][Z]L_P []LRXL_TN ]PWTRTZ^T_d ;Z[`WL] ]PWTRTZY T^ ZQ_PY WL]RPWd []LRXL_TN LYO LW^Z _SP -]LSXLY _]LOT _TZY YPaP] ^Lb L []ZMWPX ZQ ]PWTRTZY LW^Z MPTYR LMWP _Z Q`WQTWW bZ]WOWd bT^SP^ LYO XLVP WTQP NZXQZ]_LMWP LYO [WPL^`]LMWP z LQ_P] LWW L]_SL bPLW_S LYO V£XL R]L_TQTPO OP^T]P MPWZYR _Z _SP LNNP[_PO RZLW^ ZQ S`XLY WTQP ?SP -]LSXLYTN ^d^_PX ]P^ZWaPO _SP RL[ MP_bPPY []LRXL_TN LYO ^Z_P]TZWZRTNLW RZLW^ Md XPLY^ ZQ L R]LOPO STP]L]NSd ZQ aLW`P^% L]_SL LYO V£XL [`]PWd []LRXL_TN NZY^_T_`_P _SP MZ__ZX OSL]XL []LRXL_TN N`X ^Z_P]TZWZRTNLW NZY^_T_`_P^ _SP QZ`YOL_TZYLW XTOOWPR]Z`YO LYO XZV´L [`]PWd ^Z_P]TZWZRTNLW NZY^_T_`_P^ _SP _Z[ BSTWP XZV´L T^ QPW_ _Z MP L `_Z[TLY PYO QL] LbLd QZ] NZXXZY WLd [P]^ZY^ LYO _SPT] NSP]T^SPO bZ]WOWd OP^T]P^ WL_P] ?LY_]T^X z LYO ±£V_T^X TY [L]_TN`WL] z M]Z`RS_ XZV´L TY_Z PaP]dMZOdv^ ]PLNS Md OPYdTYR _SP PcT^_PYNP ZQ L RL[ MP _bPPY MS`V_T PX[T]TNLW [WPL^`]P LYO X`V_T ^[T]T_`LW PXLYNT[L_TZY BT_STY _ST^ wN]PPOx dLY_]L ]T_P^ LYO PcP]NT^P^ ZQ w[TP_d XPL^`]PO Md Y`XMP]^x L]P ^TX[Wd wL[[WTNL_TZY^x ZQ XLY_]TN [ZbP] _SL_ NLY LNSTPaP QL] XZ]P PR MP^_Zb ^`[P]YL_`]LW [ZbP]^ LYO QTYLW WTMP]L_TZY 4_ T^ []P^`XLMWd _ST^ aP]d wNL_SZWTNx TY_PR]L_TaP L__T_`OP _SL_ Pc[WLTY^ _SP WL^_TYR ^`NNP^^ ZQ >X£]_L-]LSXLYTN aLW`P^ LYO NZYQZ]XT^_ ?LY_]L ?SP XZ]P OZXP^_TNL_PO ?LY_]L MPNLXP _SP R]PL_P] _SP TYNW`^TZY ZQ []LR XL_TN ]PWTRTZ^T_d LYO X`YOLYP RZLW^ , NP]_LTY Q]TN_TZY ]PXLTYPO ZYWd MP_bPPY MSLV_T LYO ?LY_]L ]PRL]OTYR []LRXL_T^X LYO ^Z_P]TZWZRd DLY _]L ]T_P^ ]PQWPN_ L aL^_Wd OTQQP]PY_ TOPZWZRd _SLY _SP TOPZWZRd ZQ ^`]]PY OP] R]LNP LYO PcNW`^TaT^_ OPaZ_TZY _Z L R]PL_ 7Z]O 2ZO .ZX[PYOTL ^`NS L^ _SP 8LY_]L8LSZOLOST ^d^_PXL_TeP L []ZYZ`YNPO _ST^bZ]WOWd ]T_`LW Z]TPY_L_TZY LYO ]PTYQZ]NP ]T_`LW _PNSYT\`P Md ZQQP]TYR L NWPL] LYO bPWW^_]`N_`]PO []P^PY_L_TZY ZQ XLY_]L^ LYO XLY_]L ]T_P^ ?SPd NZYaP]_ _SP TOPLW ZQ _SP DZRTN ^`[P]XLY TY_Z L []ZQP^^TZYLWTeL_TZY ZQ XLRTN bT_STY _SP ]PLNS ZQ PO`NL_PO `]MLY SZ`^PSZWOP]^ ?SP 8LY_]L 8LSZOLOST NSL[_P]  WT^_^ ^ZXP _bPY_dQTaP dLY_]L^ ZQ ±TaL MP^TOP^ _SP 8š_d`ÓULdL DLY_]L LYO []P^N]TMP^ TY OP_LTW _SPT] ]T_`LW `^P^ LYO XLRTN PQQPN_^ 4Y _SP [Z[`WL] OT^NZ`]^P^ LYO ^ZXP WT_P]L_`]P^ _SP _P]X dLY_]L SL^ LM^Z]MPO _SP XPLYTYR^ ZQ Z_SP] _d[P^ ZQ OTLR]LX^ 1Z] PcLX[WP _SP ±TW[L;]LV£²L L XLY`LW ZY TXLRP NZY^_]`N_TZY NLWW^ _SP RPZXP_]TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _PY_^ OTQQP] aL^_Wd LYO _SP]P XLd LW^Z MP QZ]XLW OT^_TYN_TZY^ ?d[TNLWWd ?LY_]TN T^ _SP dLY_]L L^ L aT^`LW QZN`^ LYO _SP [Z_PY_ M¯UL^ TY^N]TMPO ZY T_

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"

R]TO Z] OTLR]LX ZQ NZX[Z^T_TZY _SL_ `YOP]WTP^ L OTaTYP TXLRP Z_SP]bT^P VYZbY L^ [LÓU£]L dLY_]L  4Y _ST^ NL^P _SP dLY_]L QZ]X^ YZ_ ZYWd _SP NZYNP[_`LW R]TO LYO ZQ_PY LW^Z _SP [Sd^TNLW ML^P ZQ LY TNZY M`_ XLd LW^Z MPNZXP LY TY^_]`XPY_ ZQ XPOT_L_TZY -`_ RPYP]LWWd dLY_]L^ z LW _SZ`RS ]P[]P^PY_TYR [L]_TN`WL] RZO QZ]X^ z L]P YZ_ TY^_]`XPY_^ ZQ XPOT _L_TZY , YZ_LMWP PcNP[_TZY T^ _SP QLXZ`^ ²]¯NLV]L Z] ²]¯dLY_]L OT^N`^^PO MPWZb ?ST^ XZ^_ [Z[`WL] dLY_]L T^ TY QLN_ L ^[PNTQTN _d[P ZQ XL©“LWL 4_^ aT^`LW RPZXP_]TN [L__P]Y T^ X`NS XZ]P NZX[WPc _SLY _SP NZXXZY dLY_]L _d[P LYO T_^ ]TYR^ ZQ ^\`L]P^ WZ_`^P^ LYO _]TLYRWP^ _SL_ PYNT]NWP _SP TYYP]XZ^_ _]TLYRWP SLaP MPPY NSL]RPO bT_S STRSWd ^dXMZWTN XPLY TYR ?SP ±]¯NLV]L _ZZ NLY MP `^PO L^ XLRTN LX`WP_ M`_ TY _SP ±]¯aTOd£ ^NSZZW bSTNS T^ _SP XZ^_ bTOP^[]PLO ?LY_]L _]LOT_TZY _ZOLd T_ T^ L NZX[WPc LYO]ZRdYZ`^ ^dXMZW ZQ _SP XP]RP] ZQ ±TaL LYO ±LV_T LYO L ^Z[ST^_TNL_PO NZ^XZR]LX bSZ^P ]T_`LW bZ]^ST[ PYLN_^ _SP TYaZW`_TZY LYO PaZW`_TZY ZQ _SP `YTaP]^P ±]¯aTOd£ bZ]^ST[ NZXMTYP^ Pc_P]YLW ]T_ `LW LYO TY_P]YLW XPOT_L_TaP []LN_TNP LYO SL^ L ^Z_P]TZWZRTNLW RZLW bSP]PL^ _SP `^`LW dLY_]L ]T_P^ SLaP []LRXL_TN RZLW^ ?SP ?LY_]TN ^Z`]NP^ RPYP]LWWd OZ YZ_ _]PL_ dLY_]L^ LYO XL©“LWL^ L^ TOPY_TNLW 3ZbPaP] _SP _P]X XL©“LWL WT_P]LWWd wNT]NWPx Z] w_P]]T_Z]dx wOZXLTYx w[]ZaTYNPx T^ X`NS XZ]P [ZWdaLWPY_ LYO X`W_TQ`YN_TZYLW @YWTVP dLY_]L^ XL©“LWL^ XLd SLaP NZY^TOP]LMWP OTXPY^TZY^  ?SPT] ^TeP LYO XPLYTYR ]LYRP^ Q]ZX ]PLW _P]]T_Z]TP^ _Z TXXL_P]TLW ]PLWX^ LYO Q]ZX Z]YLXPY_LW ^_]`N_`]P^ _Z R]Z`YO [WLY^ PR _SZ^P ZQ _PX[WP^ 8L©“LWL XLd ^TX[Wd ]PQP] _Z L [ZWT_TNLW OT^_]TN_ TY ^[LNP LYO _TXP [L] _TN`WL]Wd _Z L VTYRv^ _P]]T_Z]d 4Y _SP ]PWTRTZ`^ NZY_Pc_ bP QTYO L]_T^_TN NZWZ]Q`W XL©“LWL^ _SL_ RPYP]LWWd SLaP L [`]PWd LP^_SP_TN Q`YN_TZY TY NZY_]L^_ _Z _SP dLY_]L^ bSTNS L]P TYaL]TLMWd ]T_`LW TY^_]`XPY_^ LYO _SP ?TMP_LY -`OOST^_ XL©“LWL^ bSTNS L]P LWbLd^ XPOT_L_TaP OPaTNP^  -P^TOP^ OPYZ_TYR aT^`LWWd [WPL^TYR ]PWTRTZ`^ bZ]V^ ZQ L]_ _SP _P]X ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -P__TYL -Æ`XP] w;LÓUL]L P_ DLY_]L % 7P /TLR]LXXP OP WvTXLRP >LN]ËPx  TY 8LY _]L^ P_ /TLR]LXXP^ ]T_`PWWP^  $z! >`NS OTLR]LX^ SLaP _SPT] ZbY aP]d aT^`LW wWLY R`LRP&x NT]N`WL] aP]_TNLW SZ]TeZY_LW Z] ZMWT\`P WTYP^ XLd MP OZXTYLY_ OP[PYOTYR ZY _SP OPT_d OP[TN_PO >PP LW^Z ,WTNP -ZYP] >LOL^TaL =L_S >L]XL LYO -P__TYL -Æ`XP] A£^_`^¼_]L @[LYT´LO% ?SP 0^^PYNP ZQ 1Z]X TY >LN]PO ,]_ /PWST% 8Z_TWLW -LYL]^T OL^^ $# ]O ]Pa PO $$!  BP ZbP _ST^ TYQZ]XL_TZY _Z -]`YYP] w8L©“LWL P_ DLY_]Lx 3ZbPaP] _SP]P L]P PcNP[ _TZY^ LYO PaPY TYaP]^TZY^ _Z _ST^ ]`WP QZ] TY^_LYNP QZ`YO TY _SP ;L]L²`]£XL 6LW[L^¼_]L   -]`YYP] w8L©“LWL P_ DLY_]Lx z# -]`YYP] [ZTY_^ Z`_ _SL_ ^`NS ]PWTRTZ`^ bZ]V^ ZQ L]_ bSTNS L]P TYOT^[PY^LMWP TY ZNNL^TZYLW ¢RLXL ]T_P^ XTRS_ MP L^^ZNTL_PO bT_S L`^[TNTZ`^YP^^ O`P _Z _SPT] NZWZ] ^dXMZWT^X LYO []PNTZ`^ XL_P]TLW^ M`_ YZ_ bT_S XPOT_L_TZY >SP OT^NP]Y^ L _S]PPQZWO `^LRP ZQ _SP _P]X XL©“LWL TY _SP ¢RLXL^ YLXPWd OPYZ_TYR wWP^ ^TÊRP WP^ TXLRP^ OTaTYP^ WP^ OTLR]LXXP^ OT^_]TM`_TQ^x TMTO #

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

XL©“LWL ZQ_PY ]PQP]^ _Z ]L_SP] TY_LYRTMWP ^dXMZWTN wOZXLTY^x ?SP]P T^ QZ] TY^_LYNP XPY_TZY ZQ _SP XL©“LWL^ ZQ PL]_S bL_P] QT]P bTYO LYO P_SP] 4Y _SP ?LXTW ±LTaL >TOOS£Y_L bZ]^ST[ _SP^P OZXLTY^ L]P YZ_ ZYWd L^^ZNTL_PO bT_S _SP M¯UL^ ZQ _SP PWPXPY_^ M`_ LW^Z bT_S OTQQP]PY_ NZWZ]^ OTQQP]PY_ RPZXP_]TNLW ^SL[P^ OTQQP]PY_ wOZXLTY^x ZQ _SP S`XLY MZOd _SP QTaP QLNP^ ZQ >TaL _SP QTaP -]LSXLXLY_]L^ LYO _SP ±TaL WT«RL ! ?SP WT«RL T_^PWQ T^ _SZ`RS_ _Z SLaP QTaP eZYP^ NZ]]P^[ZYOTYR _Z _SP QTaP PWPXPY_^ bSP]PMd P_SP] _SP ^[LNP LMZaP _SP [Sd^TNLW WT«RL _LVP^ L []TXP [WLNP LYO QZ]X^ L NZYNP[_`LW `YT_d bT_S [`]P ^`ML`OT_Z]d ^Z`YO LYO _SP Xd^_TNLW w_SZ`^LYO[P_LWWPO WZ_`^x LMZaP _SP N]ZbY ,W^Z _SP 9Z]_S 4YOTLY 8LY_]L8LSZOLOST  NSL[_P]   NLWW^ PLNS ZQ _SP QTaP PWP XPY_^ wXL©“LWLx M`_ ]PWL_P^ _SPX _Z _SP ^Tc XLRTNLW LN_^ 4Y ?LY_]TN DZRL _Pc_^ LYZ_SP] ^P_ ZQ XL©“LWL^ T^ Q]P\`PY_Wd XPY_TZYPO YLXPWd _SP XL©“LWL^ ZQ _SP ^`Y _SP XZZY LYO QT]P bSTNS ]PQP] _Z P^Z_P]TN DZRTN [Sd^TZWZRd M]PL_S NZY_]ZW wMZOd ^[SP]P^x LYO ^ZWL] W`YL] LYO TRYP Z`^ PYP]Rd _SL_ SLaP _Z MP Q`^PO 1`]_SP]XZ]P ?LY_]L^ XLd ^[PLV ZQ w±TaLv^ XL©“LWLx " _Z OPYZ_P L ]PQP]PYNP [ZTY_ _SL_ T^ _Z_LWWd _]LY^NPY OPY_LW% _SP STRSP^_ ^[SP]P ZQ ^`[]PXP YZYO`LW MWT^^ LYO _]LY^XPY_LW LbL]PYP^^ _SL_ T^ L_ _SP ^LXP _TXP _SP ML^TN ^_L_P ZQ _SP S`XLY MPTYR 0c_P]YLWTePO TY aT^TMWP OTLR]LX^ _ST^ ^`[]PXP w4x bSTNS OTQQP]^ Q]ZX _SP ^ZNTLW w4x T^ aT^`LWTePO Md L wOZ_x MTYO` z ^ZXP_TXP^ L ^XLWW NT]NWP Z] L WZ_`^ z TY _SP NPY_P] ZQ _SP RPZXP_]TN R]TO bSTNS T_^PWQ T^ NLWWPO L XL©“LWL >`NS [Sd^TNLW XL©“LWL^ L]P NZY^TOP]PO _Z MP _SP RZO SPLOv^ _S]ZYP _SL_ T^ ^`]]Z`YOPO Md ST^SP] PY_Z`]LRP DLY_]L^ XLd MP ^TX[Wd ]T_`LW TY^_]`XPY_^ Z] WTVP XL©“LWL^ OTL R]LX^ _Z MP bZ]^ST[PO LYO XPOT_L_PO `[ZY >`NS OTLR]LX^ LWbLd^ SLaP ^_]TN_Wd ^dXXP_]TNLW [L__P]Y^ LYO Pc_P]YLWTeP OTaTYP STP]L]NSTP^ ?LY_]TN _SPZWZRd LYO NZ^XZWZRd ?SP OPT_TP^ ZQ _SP XL©“LWLdLY_]L L]P ZQQP]PO bZ]^ST[ ZYP Md ZYP ^TXTWL] _Z _SP _PX[WP OPT_TP^ BP QTYO XZ]P PcZ _P]TN QZ]X^ L^ bPWW L^ STRSWd P^Z_P]TN ZYP^ _SP WL__P] MPTYR RPYP]LWWd _SP []P^P]aP ZQ YZYO`LW ?LY_]TN _]LOT_TZY^ ?SP XZ^_ NZXXZY _d[P ZQ ]T_`LW XL©“LWL^ aT^`LWTeP^ L ]TYR ZQ PTRS_ OPT_TP^ ZQ_PY _SP PTRS_ -SLT]LaL^ Z] ,´¶LX£_]V£ w0TRS_ 8Z_SP]^x ^P_ L_ _SP PTRS_ [ZTY_^ ZQ _SP NZX[L^^ L]Z`YO L ^`[]PXP OPT_d L XLUZ] ±TaL QZ]X Z] L R]PL_ 2ZOOP^^ TY _SP NPY_P] # ?ST^ T^ []PNT^PWd SZb _SP 8š_d`ÓULdL DLY_]L T^ NZYNP[_`LWTePO LYO wPYWTaPYPOx TY XZOP]Y OP[TN_TZY^% TY _SP NPY_P] ObPWW^ 8š_d`ÓULdL _SP bSPPW ZQ PTRS_ WZ_`^P^ ^`]]Z`YOTYR _SP NPY_P] L]P TY^N]TMPO bT_S _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! /LaT^ BZ]^ST[TYR ±TaL  z & ±TaL 7T«RL BZ]^ST[ aTOPZ NL^^P__P 8LO]L^% 6`[ [`^bLXd >L^_]T =P^PL]NS TY^_T_`_P $$ " >PP /dNeVZb^VT 5Z`]YPd    Q # >`NS R]TO^ QZ] bZ]^ST[ L]P YZ_ ZYWd bTOP^[]PLO TY ?LY_]TN _]LOT_TZY^ M`_ L]P LW^Z QZ`YO TY L Y`XMP] ZQ ;`]£©L^ bSZ TYNW`OPO ±£V_L?LY_]L QPL_`]P^ >PP QZ] TY^_LYNP _SP /Pa¯-S£RLaL_LX $  Z] _SP 6£WTV£;`]£©L z 

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

"

YLXP^ ZQ _SP PTRS_ -SLT]LaL^ LYO _SP Z`_P]XZ^_ ^\`L]P T^ WLMPWPO bT_S ±TaLv^ bPL[ZY^ $ ?SP XL©“LWTN R]TO ZQ_PY TYNZ][Z]L_P^ _SP WP__P]^ ZQ _SP LW[SLMP_ _SL_ SLaP L STRSWd NZ^XZWZRTNLW ^TRYTQTNLYNP bT_STY _SP ¢RLXL?LY_]L _]LOT_TZY^ LYO L]P VYZbY L^ wXZ_SP]^x X£_šV£ MP NL`^P _SPd L]P _SP wbZXMx ZQ _SP XLY_]L^ LYO ZQ _SP `YTaP]^P ?d[T NLWWd _SP XZ]P P^Z_P]TN OP[TN_TZY^ ZQ _SP 8š_d`ÓULdL DLY_]L ^SZb L NPY_]LW ±TaL M¯UL PYNT]NWPO Md _SP PTRS_ >LY^V]T_ aZbPW^ bSTNS TY _`]Y L]P Q]LXPO Md _SP NZY^ZYLY_^   :bTYR _Z _SP RPZXP_]TNLW OP^TRY dLY_]L LYO XL©“LWL L]P PL^TWd NZYQWL_PO z LYO PaPY XZ]P ^Z TQ _SP dLY_]L OP ^TRY ^`T_^ _SP Q`YN_TZY ZQ L wXPY_LW XL[x ZQ L ^`[]PXP OPT_d LYO T_^ PY_Z`]LRP L^ TY _SP NL^P ZQ _SP 8š_d`ÓULdL DLY_]L -`_ _SPd XLd MP ]T_`LWWd OT^_TYR`T^SPO% bSP]PL^ _SP dLY_]L _d[P T^ ZQ_PY ]P^_]TN_PO _Z XLRTN ]T_P^ _SP XL©“LWL _d[P XLd TYNZ][Z]L_P STRSWd ^dXMZWTN LYO NZY_PX[WL_TaP Q`YN_TZY^ /P[PYOTYR ZY _SP VTYO ZQ ]T_`LW _SP dLY_]L T^ TYQZ]XPO bT_S _SP XL©“LWLv^ [STWZ^Z[STNLW LYO ^Z_P]TZWZRTNLW []Z[P] _TP^ Z] aTNP aP]^L ^ZXP_STYR _SL_ T^ NLWWPO XL©“LWL XLd SLaP dLY_]L Q`YN_TZY   8Z]P NZX[WPc LYO XZ]P ]L]P _SLY _SP NZXXZY _d[P ZQ QZ`] Z] PTRS_ OPT_TP^ ]P[]P^PY_PO Md M¯UL^ ]ZZ_ XLY_]L^ Z] []Z[P] YLXP^ QLNTYR _SP NL]OTYLW OT]PN_TZY^ LYO PYNT]NWTYR L QTQ_S Z] YTY_S ZYP TY _SP NPY_P] L]P XL©“LWL^ LYO dLY_]L^ LW^Z NLWWPO NLV]L  _SL_ ^SZb ^PaP]LW ]TYR^ Z] wbSPPW^x NLV]L ZQ OTaTYP [ZbP]^ L]Z`YO _SP ^`[]PXP RZOSPLO XLWP QPXLWP Z] LYO]ZRdYZ`^ ?SP^P NZYNPY_]TN ]TYR^ ZQ XTYZ] OPT_TP^ Z] L__PYOLY_^ z bSZ ZQ_PY ]P[]P^PY_ OTaP]^P YL_`]LW [ZbP]^ LYO PXZ_TZY^ LYO L]P aT^`LWTePO Md NZYNPY_]TN NT]NWP^ ZQ ^\`L]P^ ]TYR^ WZ_`^P^ LYO _]TLYRWP^ ^`]]Z`YOTYR _SP NPY_]LW Xd^_P]d z L]P `YOP]^_ZZO _Z MP _SP PXLYL_TZY^ Z] N]PL_TaP PYP]Rd ZQ _SP NPY_]LW OPT_d _SL_ ]LOTL_P^ TY LWW NL]OTYLW OT]PN_TZY^ ?SP ^`[]PXP RZOSPLO TY _SP NPY_P] T^ ]P[]P^PY_PO Md L OZ_ Z] NT]NWP PYaT^LRPO L^ L wO]Z[x ZQ WTRS_ LYO ^Z`YO TP ^dXMZWTeTYR _SP NZ^XTN PYP]Rd ^Z`]NP ZQ ^Z`YO LYO WTRS_ _SL_ M`]^_^ TY_Z N]PL_TZY LYO `YQZWO^ _SP ^`M_WP `YTaP]^P ZQ WLYR`LRP _SP LW[SLMP_ LYO _SP WL]RP] [WLYP^ ZQ _SP [SPYZXPYLW bZ]WO ?SP bZ]^ST[ ZQ _SP XL©“LWL LTX^ L_ _]LY^QZ]XTYR _SP LOP[_v^ MZOd TY_Z _SP `YTaP]^P :Q_PY _SP XL©“LWL T_^PWQ T^ ^PPY YZ_ ZYWd L^ L _PX[WL_P ZQ _SP NZ^XZ^ M`_ LW^Z L^ L _PX[WL_P ZQ _SP DZRTN NPY_P]^ NLV]L^ TY _SP S`XLY MZOd   >`NS STRSWd ^dXMZWTN XL©“LWL^ `^PO QZ] TYT_TL_TZY ZNNL^TZYLW Z] PaPY OLTWd ]T_`LW bZ]^ST[ LYO NZY_PX[WL_TZY OZ YZ_ YPNP^^L]TWd SLaP L NT]N`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $      

S__[%bbbS`MNZXNZX_LY_]TNX]T_RTQ LNNP^^PO 5LY`L]d   S__[%bbbS`MNZXNZX_LY_]TNX]T_RTQ LNNP^^PO ,`R`^_   1Z] LY PcLX[WP ZQ _SP WL__P] ^PP /dNeVZb^VT , 5Z`]YPd  !  ,YZ_SP] XPLYTYR ZQ _SP [ZWd^PXLY_TN _P]X NLV]L T^ _SP NT]N`WL] ^T__TYR L]]LYRPXPY_ ZQ TYT_TL_P^ O`]TYR SP_P]ZOZc 6L`WL ]T_P^

"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

^SL[P ?SP]P L]P LW^Z XL©“LWL^ TY _SP ^SL[P ZQ L _]TLYRWP   ^TYNP _SP _]TLYRWP T^ _SP XZ^_ TX[Z]_LY_ ^dXMZW ZQ _SP RZOOP^^ L^ bZ]WO XZ_SP] LYO RZOOP^^ ZQ ^[PPNS 4_ aT^`LWTeP^ SP] dZYT QPXLWP RPYT_LW^ SP] M¯UL ,4¿ bSZ^P R]L[SPXP SL^ L _]TLYR`WL] ^SL[P Z] _SP _S]PP M¯U£^ ,4¿ 3=®¿ ±=®¿ LYO L []ZYZ`YNPO _]TLOTN _SPZWZRd OTaTYP bTWW VYZbWPORP LYO LN_TZY _SP _S]PP NZ^XTN Q`YN_TZY^ _SP _S]PP NPY_]LW DZRTN YP]aP NSLYYPW^ P_N ?SP ?]T²¼W£MUL 8L©“LWL ZQ _SP 6L^SXT]T ?]TVL SL^ L ^\`L]P QZ]XL_ LYO TYNZ][Z]L_P^ [TN_Z]TLW PWPXPY_^ z ±TaLv^ _]TOPY_ LYO MWZ^^ZXTYR WZ_`^P^ z _Z bSTNS STRSWd ^dXMZWTN aLW`P T^ L__LNSPO   4Y LWW ^`NS NL^P^ z _SP ²]¯NLV]L TYNW`OPO z _SP XL©“LWL ^_]`N_`]P T^ LMWP _Z _]LY^XT_ _SP ZXYT[Z_PY_ RZOSPLO LYO T_^ ^PWQ []ZUPN_TYR [ZbP]^ PXLYL_TYR L^ L ^P]TP^ ZQ []ZR]P^^TaP NZY_]LN_TZY^ LYO L STP]L]NSd ZQ ZY_TN WPaPW^ ]LYRTYR Q]ZX >TaL _Z TYP]_ XL__P] ?SP XL©“LWTN R]TO ZQ [P]T[SP]d LYO NPY_P] PaZVP^ L NZ^XTN Z]OP] Md aT^`LWTeTYR L ^_]`N_`]PO [LY_SPZY _SP NL]OTYLW OT]PN_TZY^ LYO LY wLcT^ X`YOTx LYO L `YTaP]^P NZY^T^_TYR ZQ L ^P]TP^ ZQ R]LOPO PXLYL_TZY^ ?SP XL©“LWL _PX[WL_P SL^ MPPY L[[WTPO _Z MZ_S ^[T]T_`LW []LN_TNP LYO [ZWT_T NLW ]`WP _SP DZRTN MZOd LYO _PX[WP L]NST_PN_`]P ^LN]PO RPZR]L[Sd LYO NT_d [WLYYTYR LYO OTaTYP LYO ^ZNTLW STP]L]NSTP^  , ^[PNTLW QPL_`]P ZQ 3TYO` XL©“LWTN R]TO^ T^ _SPT] Q`YN_TZY _Z ^LYN_TQd _P]]T_Z]d LYO []ZUPN_ L ^LN]PO RPZR]L[Sd ]PTYQZ]NPO Md _Pc_^ ]T_P^ [TWR]TXLRP XL[^ ^dXMZWTN TY_P][]P_L_TZY^ LYO SZXZWZRTP^ TP ]PWL_TYR _SP  WP__P]^ ZQ _SP LW[SL MP_ _Z _SP  XLUZ] RZOOP^^ ^T_P^  ! /TLR]LX^ TY bSTNS M¯UL^ Z] YLXP^ ZQ OPT_TP^ L]P b]T__PY L_ _SP NL]OTYLW [ZTY_^ LYO _SP NPY_P] SLaP MPPY `^PO _Z N]PL_P L NZ^XTN OTXPY^TZY bT_STY ]PLWX^ ZQ _SP S`XLY bZ]WO _Z NZY^PN]L_P TY_P]TZ] LYO Pc_P]TZ] ^[LNP LYO _Z PaZVP Z]OP]PO STP]L]NSTP^ TY _SP OTaTYP LYO ^ZNTLW ^[SP]P^ 8L©“LWL^ ^P]aP MZ_S _SP NZY^_]`N_TZY ZQ NZX[WPc [L__P]Y^ LYO X`W_T[WP XPLYTYR^ Md ]PWL_TYR ^Z`YO^ OPT_TP^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   ?SP wXL©“LWLx ZQ _SP RZOOP^^ 6`MUTV£ QZ] TY^_LYNP T^ L _]TLYRWP _SL_ T^ NLWWPO w>LÀaL]_£ XL©“LWLx LYO TYNZ][Z]L_P^ ^PaP]LW WLdP]^ ZQ aP]d ^dXMZWTN XPLYTYR /dNeVZb^VT , 5Z`]YPd  $$z #z # $  z   "z!# "z# ,W^Z _SP WTYPLRP ZQ _]LY^XT^^TZY TP _SP NdNWP ZQ _PLNSP]^ LYO WPRPYOL]d QZ`YOP]^ T^ aT^`LWTePO L^ L wXL©“LWLx R`]`XL©“LWL LYO O]LbY LWZYR bT_S _SP XL©“LWL ZQ _SP RZOOP^^ M`_ bZ]^ST[PO MPQZ]PSLYO TMTO !!   ,WPcT^ >LYOP]^ZY w8L©“LWL LYO ¢RLXTN TOPY_T_d TY _SP ?]TVL ZQ 6L^SXT]x TY 8LY _]L^ P_ /TLR]LXXP^ ]T_`PWWP^ $z!  >PP QZ] TY^_LYNP =ZMP]_ 4 7Pad 8P^ZNZ^X% 3TYO`T^X LYO _SP :]RLYTeL_TZY ZQ L ?]LOT_TZYLW 9PbL] .T_d TY 9P[LW /PWST% 8Z_TWLW $$  & /dNeVZb^VT , 5Z`] YPd z & 8L]d >SP[SP]O >W`^^P] 9P[LW 8LYOLWL% , .`W_`]LW >_`Od ZQ _SP 6L_S XLYO` ALWWPd  aZW^ 6L_SXLYO`% 8LYOLWL -ZZV ;ZTY_ $$#  ! /dNeVZb^T , 5Z`]YPd   z#   #& ZY ?LY_]L LYO [TWR]TXLRP [WLNP^ $z" :Y ^LN]PO _Z[ZR]L[Sd ^PP LW^Z AT^`LWTeTYR >[LNP TY -LYL]L^% 4XLRP^ 8L[^ LYO _SP ;]LN_TNP ZQ =P[]P^PY_L_TZY  PO 8 2LPYeWP LYO 5 2PYRYLRPW BTP^MLOPY% 3L]]L^ ^ZbT_e ! "z$

?SP 8LY_]L ZQ _SP >dY_SP_TN ?LY_]L^

""

[WLNP^ LYO _SP ]PO`N_TZY ZQ NZX[WPcT_d Md []P^PY_TYR L NWPL]Wd ^_]`N _`]PO OTLR]LX LYO XLVTYR NSLZ_TN NZYQTR`]L_TZY^ LXPYLMWP _S]Z`RS [P]QPN_ RPZXP_]TN [L__P]Y^ :Y _SP ZYP SLYO XL©“LWL^ ]P[WTNL_P NZY N]P_P Pc_P]YLW PcT^_PYNP TY LY LM^_]LN_ RPZXP_]TN QZ]X LYO ZY _SP Z_SP] SLYO _SPd NZYN]P_TeP L STRSWd LM^_]LN_ _]LY^NPYOPY_ ]PLWT_d /LaTO 2Z]OZY BST_P XLTY_LTY^ _SL_ XL©“LWL^ L]P L XLUZ] VPd _Z ?LY_]TN []LN_TNP LYO [ZTY_^ Z`_ _SPT] ]ZWP L^ wXP^ZNZ^Xx LYO wPYP]Rd R]TO%x  " w?SP PYP]Rd WPaPW^ ZQ _SP ?LY_]TN `YTaP]^P L]P RPYP]LWWd ]P[]P^PY_PO L^ L ^P_ ZQ NZYNPY_]TN NT]NWP^ NLV]L^ ZQ Sd[Z^_L^TePO QZ]X^ ZQ OTaTYP PYP]Rd bSTNS m LW^Z XLYTQP^_ _SPX^PWaP^ ZY _SP LNZ`^_TN WPaPW L^ RL]WLYO^ Z] [TWPO`[ LRR]PRL_P^ ZQ [SZYPXP^ XLY_]L^ & ZY L R]L[STN WPaPW L^ _SP b]T_ _PY NSL]LN_P]^ ZQ _SP STP]L_TN LW[SLMP_^ LYO L^ STP]L]NSTePO NLV]L^ ZQ _SP DZRTN MZOd&x  # wL_ PLNS WPaPW ZYP T^ RYZ^PZWZRTNLWWd _]LY^QZ]XPO TY_Z L STRSP] XZ]P OTaTYP m MPTYR m 4Y _ST^ []LN_TNP XZaPXPY_ _ZbL]O _SP NPY_P] PQQPN_PO _S]Z`RS L NZXMTYL_TZY ZQ Pc_P]YLW LYO TY_P]YLW XPOT_L_TaP []LN_TNP^ PY_LTW^ SL]XZYTeTYR ZYPv^ ZbY PYP]Rd Z] NZY^NTZ`^YP^^ WPaPW bT_S _SL_ ZQ _SP OPT_TP^ ZQ _SP NT]NWP TY bSTNS ZYP QTYO^ ZYP^PWQ 1T]^_ PY NZ`Y_P]PO L^ ZM^_LNWP^ _SP^P OTaTYP OPXZYTN Z] LYTXLW TX[`W^P^ L]P PaPY_`LWWd ZaP]NZXP _SL_ T^ _]LY^QZ]XPO TY_Z [Z^T_TaP ^Z`]NP^ ZQ PYP]Rd _SL_ NL]]d ZYP NWZ^P] LYO NWZ^P] _Z _SP OPT_d mx  $

,NNZ]OTYR _Z BST_P _SP XL©“LWL TY ?LY_]TN []LN_TNP ^P]aP^ L^ L _PX[WL_P _S]Z`RS bSTNS S`XLY^ TY_P]LN_ bT_S _SP OTaTYP LYO NZY^_]`N_^ LY TY_P] YLW [TWR]TXLRP ]Z`_P ZQ L R]LO`LW ]P_`]Y _Z _SP OTaTYP wPYP]Rd NPY_P]x _SL_ T^ _SP ^Z`]NP ZQ _SP `YTaP]^P 3ZbPaP] ZYWd ^ZXP OTLR]LX^ PR _SP _]TLYR`WL] XL©“LWL ZQ _SP RZOOP^^ 6`MUTV£ Z] _SP ±]¯NLV]L ]P[]P ^PY_ _ST^ TOPL ! LYO _ST^ NZYNP[_ T^ YZ_ ]P^_]TN_PO _Z XL©“LWL^ .Z^XZW ZRd NZ^XZRZYd LYO _SP TOPL ZQ OTaTYP PYP]RTP^ LYO LY wPYP]Rd NPY_P]x MPWZYR _Z _SP RPYP]LW QPL_`]P^ ZQ ?LY_]TN ]T_`LW LYO XP_L[Sd^TN^ LYO XL©“LWL^ ZYWd XPOTL_P ^`NS QPL_`]P^ TY L aT^`LW QZ]X ?SP LWTRYXPY_ ZQ LNZ`^_TN LYO R]L[STN [SZYPXP^ bT_S _SP RPZXP_]TN PWPXPY_^ ZQ _SP OTL R]LX T^ XZ]P _SLY NZYNP[_`LW ?SP wXP^ZNZ^Xx Z] XL©“LWTN PYP]Rd R]TO OP^N]TMPO Md BST_P T^ YPaP] ^ZWPWd aT^`LW LYO NZYNP[_`LW M`_ TY _]TY^TNLWWd ]PWL_PO _Z XLY_]L^ LYO _SP ?LY_]TN LW[SLMP_ ,YLWZRZ`^ _Z _SP APOTN QT]P LW_L] bSTNS T^ ^LTO _Z MP NZY^_]`N_PO ZQ XLY_]L^ ]L_SP] _SLY M]TNV^ _SP XL©“LWL NZY^_]`N_TZY^ L]P aP]d X`NS ]PWL_PO _Z L`OTMWP LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  "  #  $ !

BST_P ?LY_]L TY ;]LN_TNP $ 1Z] _SP bSZWP L]R`XPY_ ^PP $z BST_P ?LY_]L TY ;]LN_TNP  BST_P ?LY_]L TY ;]LN_TNP  >PP -]`YYP] w8L©“LWL LYO DLY_]Lx $ bSZ ]PXL]V^ _SL_ _SP]P T^ L WL]RP] Y`XMP] ZQ _Pc_^ wYP XPY_TZYYPY_ L`N`Y u[L]NZ`]^v LWWLY_ [L] PcLX[WP OP WL [Ë]T[SË]TP L` NPY_]Px bSP]PL^ _SP `^`LW bZ]^ST[ ZQ XL©“LWL^ QZWWZb^ _SP YZ]XLW [L__P]Y ZQ _PX[WP WT_`]Rd TY bSTNS _SP []TP^_ ^_L]_^ bT_S _SP bZ]^ST[ ZQ _SP NPY_]LW OPT_d LYO bZ]^ST[^ PLNS ZQ _SP Z_SP] OPT_TP^ TY ^`NNP^^TZY

"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

^`ML`OT_Z]d XLY_]L ^Z`YO LYO ]P^ZYLYNP ?SP TOPL ZQ _SP [ZbP] ZQ ^Z`YO T^ Q`YOLXPY_LW PaPY _Z _SP b]T__PY M¯UL^ LYO WP__P]^ LYO NP]_LTYWd QZ] _SP aT^`LW XL©“LWL ^_]`N_`]P L^ L bSZWP 4_ T^ LN_`LWWd YZ_ _SP XL©“LWL _SL_ T^ _SP MW`P[]TY_ QZ] _SP `YTaP]^P M`_ _SP WP__P]^ ZQ _SP LW [SLMP_ 1Z] ?LY_]T^_^ wPYP]Rdx LYO ^Z`YO MPWZYR TY_]TY^TNLWWd _ZRP_SP] ?SP NPY_]LW wPYP]Rd NPY_P]x T^ L^^ZNTL_PO bT_S Z]TRTYLW Z] []TXZ]OTLW [`]P ^Z`YO ,YO _SP ]T_`LW PQQPN_TaPYP^^ ZQ XLY_]L^ X`^_ LW^Z MP ^PPY TY _SP WL]RP] NZY_Pc_ ZQ NZ^XZWZRd Z] ]L_SP] TY _SP NZY_Pc_ ZQ L NZ^XZR ZYd bSTNS T^ ML^TNLWWd [SZYPXL_TN

!

;SZYPXL_TN .Z^XZRZYTP^ !

0YP]Rd

3Zb OZ XLY_]L^ bZ]V* >TYNP LYNTPY_ _TXP^ ?LY_]T^_^ SLaP PX[SL^TePO _SP NZYNP[_ ZQ PYP]Rd Z] ±LV_T ?Z _SPX _SP NZ^XTN PYP]Rd Z] w[ZbP]x T^ L RPY`TYPWd _LYRTMWP [SPYZXPYZY BP SLaP ZNNL^TZYLWWd ^[ZVPY ZQ ?LY_]L MPWTPaP]^ 4Y _SP PdP^ ZQ L ?LY_]T^_ SZbPaP] _ST^ T^ NZX[WP_PWd b]ZYR 3P Z] ^SP bZ`WO ^[PLV ZQ VYZbWPORP LYO Pc[P]TPYNP ?SP []T XLNd ZQ Pc[P]TPYNP T^ z XZ]P Z] WP^^ z L_ _SP ]ZZ_ ZQ _SP ?LY_]L ?SPZ ]P_TNLW LYO []LRXL_TN VYZbWPORP L]P NLWWPO QZ] TY P\`LW XPL^`]P ,^ L ]`WP ?LY_]T^_^ L]P YZ_ ^SPP[ ]PNPTaTYR U`^_ LYd ^Z]_ ZQ XLY_]L^ Q]ZX R`]`^ bT_SZ`_ _STYVTYR LMZ`_ _SPX ;L]_TN`WL]Wd TY _SP NL^P ZQ _SP ¢RLXL _Pc_^ LYO LW^Z ZQ XLYd ?LY_]L^ L ^PN_TZY ZY [STWZ^Z[Sd _d[T NLWWd MPWZYR^ _Z _SP NLYZY ;STWZ^Z[Sd LYO ]T_`LW L]P ]PRL]OPO L^ NZX [WPXPY_L]d ?SP [STWZ^Z[STNLW ^PN_TZY^ ZQ_PY Pc[WLTY bSd _SP XLY_]L^ L]P PQQPN_TaP 4Y _SP ±£]LO£?TWLVL?LY_]L _SP OZN_]TYP ZQ QTYLW PXLYNT [L_TZY NZYNW`OP^ _SP bZ]V bSTWP _SP QT]^_ NSL[_P] NZY_LTY^ NZ^XZRZYd LY_S]Z[ZWZRd LYO [STWZ^Z[Sd 3ZbPaP] XLY_]L []LN_TNP PaPY WPLaP^ T_^ _]LNV^ TY ]L_TZYLW _SZ`RS_ ?SP ?LY_]TN [STWZ^Z[Sd T^ ZYP ZQ 4YOTLv^ XZ^_ Z[L\`P [STWZ^Z[STP^ MPNL`^P T_ OZP^ YZ_ VPP[ ^_]TN_Wd _Z [STWZ^Z[STNLW _P]XTYZWZRd M`_ TY^_PLO Z[P]L_P^ bT_S ^`RRP^_TaP ^dXMZWTN QZ]X^ , [STWZWZRT^_ X`^_ MP []P[L]PO _Z _LNVWP L aP]T_LMWP MP^_TL]d ZQ N]d[_T^X^ SP]XP_T^X^ ZNN`W_T^X^ LYO P^Z_P]T^X^ _Z OT^PY_LYRWP _SP OTQQTN`W_ ^PY^P >ZXP_TXP^ T_ T^ YZ_ PL^d _Z ]PNZRYTeP L [STWZ^Z[STNLW NZY_PY_ L_ LWW QZ] T_ _PYO^ _Z MP _SP Xd_STNLW QZ]X ZQ NZ^XZRZYd LYO TY ^ZXP NL^P^ PaPY ZQ _SPZRZYd _SL_ L]P NSZ^PY QZ] Pc[]P^^TYR YZYXd_STNLW NZYNP[_^ 8ZOP]Y ?LY_]T^_^ WTVP _Z `^P _P]X^ ^`NS L^ wPc[P]TXPY_LW NZYQT]XL _TZYx LYO w[]LN_TNLW PQQTNTPYNdx bSPY _SPd bLY_ _Z PX[SL^TeP _SP []T XLNd ZQ Pc[P]TPYNP TY _SPT] ]PWTRTZ`^ NZYaTN_TZY 4_ T^ _d[TNLW _SL_ _SPd L__PX[_ _Z WTYV _SPX^PWaP^ bT_S BP^_P]Y ^NTPYNP z LYO ^TYNP _SP _TXP ZQ 8Lc ;WLYNV _SL_ SL^ bZ]VPO \`T_P bPWW

;SZYPXL_TN .Z^XZRZYTP^

"$

?SP QLN_ _SL_ BP^_P]Y [Sd^TNT^_^ YZb ^[PLV ZQ WTRS_ LYO ^Z`YO bLaP^ L^ L QZ]X ZQ PYP]Rd `YOP]^_LYOLMWd QTWW^ ?LY_]LTY^[T]PO 4YOTLY^ bT_S ^L_T^QLN_TZY QZ] ^TYNP _TXP TXXPXZ]TLW _SPd SLaP ^[ZVPY LMZ`_ MTYO` LYO Y£OL wWTRS_ O]Z[WP_x LYO w^Z`YO bLaP^x L^ L QZ]X ZQ ²LV_T  ,^ LW]PLOd TYOTNL_PO _SPT] XP_L[Sd^TNLW ^d^_PX T^ QZ`YOPO ZY _SP NPY _]LW _SP^T^ _SL_ _SP bSZWP `YTaP]^P T^ YZ_STYR Z_SP] _SLY w[ZbP]x z Z] L^ T_ T^ ZQ_PY Pc[]P^^PO _ZOLd TY XZ]P [Sd^TNLW _P]X^ wPYP]Rdx ²LV_T  7TVP _SP YZYO`LWT^_ -SL]_ŽSL]T _SP^P ?LY_]T^_^ MPWTPaP _SL_ _SP bSZWP NZ^XZ^ T^ ZYP ^TYRWP ^`M^_LYNP LYO L^ XZOP]Y \`LY_`X [Sd^TN^ LW^Z _LVP^ _ST^ aTPb L_ WPL^_ L^ L bZ]VTYR Sd[Z_SP^T^ _SPd ^PP _SPT] [ST WZ^Z[Sd ZQ YZYO`LWT^X NZYQT]XPO Md _SP YL_`]LW ^NTPYNP^ ?SP NZYNP[_ ZQ XL__P] T^ `YYPNP^^L]d QZ] PaP]d _STYR TY _SP `YTaP]^P T^ YZ_STYR Z_SP] _SLY L QZ]X ZQ PYP]Rd ?SP ?LXTW L`_SZ] >SLY =LYUT_ L]R`P^ TY LY 4Y_P]YP_ OT^N`^^TZY QZ]`X ZY _SP _Z[TN ZQ w^[T]T_`LWT_d%x w4_ ^SZ`WO MP YZ_PO  _SL_ _SP OTQQP]PY_ aTM]L_TZY^ L]P YZ_ TY_]TY^TNLWWd OTQ QP]PY_ Q]ZX PLNS Z_SP]& _SPd ZYWd OTQQP] TY _SPT] ]L[TOT_d  F?HSP]P T^ YZ OTQQP]PYNP TY ^`M^_LYNP ?SPd L]P LWW XP]PWd aTM]L_TYR PYP]Rd  0aP]d _STYR TY _SP `YTaP]^P T^ 0YP]Rd >SLV_ST x !

4Y _SP WTRS_ ZQ ^`NS L XZOPW ZQ Pc[WLYL_TZY _SP bLd _SL_ XLY_]L^ bZ]V T^ YZ_ L_ LWW Xd^_TNLW Z] N]d[_TN M`_ TY^_PLO MPNZXP^ L \`T_P YL_`]LW []ZNP^^ :YP ^SZ`WO ]PXPXMP] _SL_ MZ_S XL_P]TLW LYO [^dNSTNLW PY_T_TP^ LYO `W_TXL_PWd PaPY ^[T]T_`LW MPTYR^ L]P ^TX[Wd PYP]Rd LYO _S`^ NZY ^`M^_LY_TLW ?SP wXLRTNx Z] wXd^_TNx PQQPN_^ ZQ XLY_]L ]PNT_L_TZY XPY _TZYPO L]P _SP]PQZ]P [SPYZXPYL ZQ Q]P\`PYNd TYO`N_TZY TP ZQ _SP _]LY^QP] ZQ bLaP^ Q]ZX ZYP XPOT`X _Z LYZ_SP] ?SP SPLWTYR PQQPN_^ ZQ XLY_]L^ L]P ML^PO XZ]P Z] WP^^ ZY _SP TYO`N_TZY ZQ _SP XLY_]L aTM]L_TZY TY _SP PWPN_]ZXLRYP_TN MZOd QTPWO% wm _SP 8LY_]L []ZO`NP^ L ^_L_P bSP]P _SP Z]RLYT^X aTM]L_P^ L_ _SP ]L_P NZX[WP_PWd TY _`YP bT_S _SP PYP]Rd LYO ^[T]T_`LW ^_L_P ]P[]P^PY_PO Md LYO NZY_LTYPO bT_STY _SP 8LY_]L m :aP] L [P]TZO ZQ _TXP _SP XLY_]L aTM]L _TZY^ ZaP]]TOP LWW Z_SP] aTM]L_TZY^ bSTNS L]P PaPY_`LWWd LM^Z]MPO Md _SP 8LY_]Lx !

?SP TY_]ZO`N_TZY _Z _SP 8LY_]L8LSZOLOST WT^_^ L bSZWP ^P]TP^ ZQ ^NTPY _TQTNLWWd []ZaPY bLaP _]LY^QP][SPYZXPYL _Z ^`[[Z]_ _ST^ aTPb z ]LYR TYR Q]ZX ^Z`YO _SP]L[d LYO @A ]LOTL_TZY _Z _SP Xd^_P]TZ`^ TYQW`PYNP ZQ X`^TN ZY _SP R]Zb_S ZQ [WLY_^ ,YO _SP ^[T]T_`LW PQQPN_ ZQ _SP XLY_]L^ _ZZ ]P^`W_^ Q]ZX _SP TYO`N _TZY ZQ _SPT] aTM]L_TZY^ z LNNZ]OTYR _Z _SP^P L`_SZ]^ ,WW XLY_]L^ TYO`NP _SP ^[PNTQTN aTM]L_TZY ZQ L NP]_LTY ^[T]T_`LW MPTYR ?ST^ XPLY^ _SPd LQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >SLY =LYUT_ w>SZ`WO 8LY_]L^ MP =PNT_PO TY ?LXTW Z] >LY^V]T_*x  bbbV`aTdLXNZXM]^[T]T_`LWT_dS_X LNNP^^PO 8L]NS    LW^Z [`M WT^SPO TY% ?LXTW .T]NWP /TRP^_ AZW`XP  9`XMP] $ ! >SLY =LYUT_ w>SZ`WO 8LY_]L^ MP =PNT_PO TY ?LXTW Z] >LY^V]T_*x 

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

QPN_ _SP OPT_d TY _SP ^LXP XLYYP] TY bSTNS L STRSQ]P\`PYNd aTM]L_TZY NLY XLVP L N]d^_LW _SL_ ]P^ZYL_P^ L_ _ST^ [L]_TN`WL] Q]P\`PYNd ^[WT_% w7TVPbT^P _SP aL]TZ`^ u2ZO^v _SL_ bP QZYOWd []Ld _Z LW^Z PcT^_ ZYWd TY 0Y P]Rd QZ]X  ?SP ZYWd OTQQP]PYNP MP_bPPY _SP TYOTaTO`LW ^Z`W^ LYO _SP^P 2ZO^ L]P _SP PYP]Rd WPaPW ?SP ^Z NLWWPO 2ZO^ L]P YZ_STYR M`_ STRSWd uPY P]RTePO NZY^NTZ`^YP^^v m F-Hd NZY^_LY_Wd NSLY_TYR L ^[PNTQTN XLY_]L bT_S TY_PY^P XPY_LW TY_PY_TZY bP N]PL_P LY PYP]Rd QTPWO _SL_ P\`L_P^ bT_S _SL_ ZQ _SL_ RZOv^ PYP]Rd WPaPW z LYO _S`^ _SP MPYPQTNTLW PQQPN_^x !

8ZOP]Y XLY_]L Pc[WLYL_TZY^ WTVP _ST^ ZYP L]P LN_`LWWd YZ_ L^ XZOP]Y L^ _SPd ^Z`YO ?SP Q`YOLXPY_LW TOPL T^ _SL_ wXL__P]x T^ P\`L_PO bT_S wPY P]Rdx z bSTNS T^ QZ`YO L^ PL]Wd L^ TY _SP ZWO NZ^XZWZRTNLW WT_P]L_`]P ZQ _SP ?LY_]L bSP]P _SP bZ]WO T^ P\`L_PO bT_S ±LV_T [ZbP] ZQ RZO 3Zb PaP] R]PL_ _SP OTQQP]PYNP MP_bPPY _SP^P Q`YOLXPY_LW bLd^ ZQ _STYVTYR z ZYP Xd_SZWZRTNLW LYO XP_L[Sd^TNLW _SP Z_SP] PX[T]TNLW z _SP ^TXTWL]T_d T^ U`^_ L^ R]PL_ MP_bPPY _SP [STWZ^Z[STNLW NZY^P\`PYNP^ LYO _SP ZY_Z WZRTNLW TX[WTNL_TZY^% _SP bZ]WO X`^_ MP _SZ`RS_ ZQ L^ L OdYLXTN BSZWP YZ_ L^ _SP ^`X ZQ TYOTaTO`LW [SPYZXPYL

!

:]TRTYLW 8L__P] LYO :]TRTYLW >Z`YO

0aP] ^TYNP _SP MPRTYYTYR^ ZQ ^d^_PXL_TN [STWZ^Z[Sd TY 4YOTL TP ^TYNP _SP [Z^_@[LYT´LOTN P[ZNS NZ^XZRZYTN ^[PN`WL_TZY bT_STY APOTN -]LSXLYTN _SZ`RS_ SL^ LWbLd^ MPPY NSL]LN_P]TePO Md _SP _bZ NZYNP[_^ ZQ _SP >[T]T_`LW LYO _SP 8L_P]TLW  [`]`´L LYO []LVš_T  ?SP XLUZ] ^d^_PX TY _ST^ QTPWO T^ _SP >£«VSdL 4_ _PLNSP^ L [L]_TN`WL]Wd ^_]TN_ ^[T]T_XL__P] O`LWT^X M`_ YZ_ WTVP _SP ZYP bP VYZb Q]ZX /P^NL]_P^ >[T]T_ T^ `YOP] ^_ZZO PcNW`^TaPWd L^ [`]P `YLW_P]LMWP NZY^NTZ`^YP^^ ?SP NZYNP[_`LW z LYO _SP PXZ_TaP z L]P YZ_ `YOP]^_ZZO L^ LY TXXZaLMWP ^[T]T_ ^TYNP _SPd L]P NSLYRPLMWP NZY_PY_^ ZQ NZY^NTZ`^YP^^ M`_ L^ XL__P] ZM^P]aPO Md _SP ^[T]T_ ?SP NZ`Y_P][L]_ _Z _SP TXXZaLMWP ^[T]T_ T^ _SP P_P]YLWWd NSLYRTYR uZ]TRTYLW XL__P]v z _SP ;]LVš_T 4_ T^ _SP bSZWP aT^TMWP LYO NZY NPTaLMWP `YTaP]^P TY LWW T_^ L^[PN_^% Q]ZX _SP XL_P]TLW PWPXPY_^ _Z XPY _LW LYO LM^_]LN_ L^[PN_^ 1Z] L WZYR _TXP _SP >£«VSdL LcTZX ZQ _SP P_P]YLW Z[[Z^T_P^ ZQ _SP @YNSLYRPLMWP LYO .SLYRPLMWP bL^ _SP QZ`YOL_TZY ^_ZYP ZQ 4YOTLY NZ^ XZRZYd LYO NSL]LN_P]TePO _SP _SPZWZRTP^ ZQ DZRL LYO APO£Y_L 1Z] PcLX[WP TY ;L_LÓULWTv^ DZRL >¼_]L^ 2ZO ŲaL]L T^ NZX[WP_PWd MPdZYO _ST^ bZ]WO 3P T^ L w^[PNTLW ^[T]T_ MPTYRx [`]`´LaT²P´L NZX[WP_PWd `Y_Z`NSPO Md _SP bZ]WO ?SP N]PL_TZY ZQ _SP bZ]WO NZXP^ LMZ`_ bT_SZ`_

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >SLY =LYUT_ w>SZ`WO 8LY_]L^ MP =PNT_PO TY ?LXTW Z] >LY^V]T_*x !

;SZYPXL_TN .Z^XZRZYTP^

"

ST^ OZTYR L`_ZXL_TNLWWd _S]Z`RS _SP ^PWQPaZW`_TZY [L]T©£XL ZQ Z]TRT YLW XL__P] []LVŽ_T  4Y _SP ¢RLXL^ _SP ^LN]PO _Pc_^ ZQ ±LTaT^X _ST^ ]PWL_TZY^ST[ T^ ]P[ ]P^PY_PO TY L XZ]P NZX[WPc QZ]X 2ZO ±TaL T^ _SP ]PLW Z]TRTY ZQ _SP bZ]WO ?SP Z]TRTYLW XL__P] ;]LVŽ_T SL^ _`]YPO TY_Z 8£d£ 3P]P _SP bZ]O XPLY^ ^ZXP_STYR WTVP wQLM]TNL_TZY OPNP[_TZYx 4Y _SP ^LXP bLd _SL_ 3PWPYL bSZ T^ NLWWPO `[ Md 1L`^_ Q]ZX _SP =PLWX ZQ _SP 8Z_SP]^ T^ aT^TMWP _Z PaP]dZYP LYO dP_ ^PPX^ YZ_ SLaP LY PcT^_PYNP ZQ SP] ZbY _SP [SPYZXPYL ZQ _SP bZ]WO ZYWd PcT^_ MPNL`^P 2ZO bT^SP^ _SPX _Z PcT^_ 4Y NZY_]L^_ _Z ;]LVŽ_T _SP 8£d£ NLYYZ_ MP PYaT^LRPO TYOP[PYOPY_ ZQ LY TY_PWWTRPYNP 1Z] _SP ¢RLXL^ SZbPaP] T_ T^ TX[Z]_LY_ _SL_ 2ZO LYO 8£d£ L]P YZYP_SPWP^^ \`T_P OT^_TYN_ ?SP 8£d£ T^ bSL_ 2ZOv^ bTWW ²LV_T TY_PYO^ BSTWP _SP 8£d£ ]P[]P^PY_^ _SP XL_P]TLW NL`^L XL_P]T LWT^ ZQ N]PL_TZY 2ZO T^ bSL_ NL`^P^ N]PL_TZY _Z NZXP TY_Z MPTYR NL`^L PQQTNTPY^ LYO _SP ±LV_T T^ ST^ _ZZW NL`^L TY^_]`XPY_LWT^  1Z] N]PL_TZY 2ZO `YT_P^ STX^PWQ bT_S ST^ ZbY [ZbP] _SP ±LV_T ?SP MW`P[]TY_ ZQ _SP bZ]WO MPQZ]P T_^ ]PLWTeL_TZY T^ _SP PY_T]P_d ZQ WTYR`T^_TN XL_P]TLW NZY^T^_TYR ZQ [SZYPXP^ bZ]O^ LYO XLY_]L^ ?ST^ YZ_TZY L[ [PL]^ NZX[L]LMWP bT_S ;WL_Zv^ NZYNP[_ ZQ L bZ]WO ZQ TOPL^ QZ] SP]P _SP ¢RLXL^ ^[PLV ZQ w[`]P VYZbWPORPx ²`OOSLaTOd£  bSTNS PcT^_PO []TZ] _Z _SP [Sd^TNLW bZ]WO L^ L NZY^_]`N_TZY [WLY QZ] _SP ^[T]T_`LW bZ]WO NLWWPO _SP wWLYR`LRP N]PL_TZYx ²LMOL^Ž´¶T  1Z] PcLX[WP _SP QZWWZbTYR [L^^LRP ZNN`]^ TY _SP ;L`´VL]L¢RLXL % w?SP ‹´T^ ^LTO% u3Zb OTO _SP ?LY_]L^ LYO _SP XLY_]L^ L]T^P *v LYO 2ZO ^[LVP% u4Y _SP MPRTYYTYR bL^ [`]P NZ^XTN -]LSXLY LYO _ST^ MPNLXP _SP QT]^_ ^Z`YO ZQ _SP LW[SLMP_ 3L]VPY : -]LSXTY^ SZb _ST^ QT]^_ ^Z`YO _`]YPO TY_Z _SP ?LY_]L^ LYO XLY_]L^vx !

3P]P _SP wWLYR`LRP N]PL_TZYx ]PQP]^ TYT_TLWWd _Z _SP XLY_]L^ ;]ZMLMWd _SP TY_PY_TZY T^ _Z Pc[WLTY _SP ^[PNTLW [ZbP] ZQ _SP XLY_]L^ QT]^_ ZQ LWW M`_ Q]ZX _ST^ _SP]P _SPY LW^Z ]P^`W_^ L RPYP]LW _SPZ]d ZQ WLYR`LRP LYO T_^ RPYP^T^ Q]ZX ^Z`YO ?SP bZ]O^ NZXP TY_Z MPTYR TY _SP Y£OL w^Z`YO bLaP^x ?ST^ TYQ]L^ZYTN ^Z`YO T^ _SP []PN`]^Z] ZQ _SP OTQQP]PY_ _d[P^ ZQ ^Z`YO^ TP ZQ _SP LW[SLMP_% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! Ž´LdLà z VL_SLY_LY_]LÀ ^LX`_[LYYLÀ XLY_]£ aLT ^LSL ²LV_TMSTà g m ¯²aL]Là z £OL` M]LSXL [L]LÀ ²`OOSLX£OTaL]©L_aLX£RL_Là g _LY_]LXLY_]L_aLX £[LYYLÀ ²Ž©`OSaLÀ OaTUL^L__LX£à gggg ;L`´VL]L¢RLXL  ?LY_]L XLY_]Z_[L__T z ?SP ;L`´VL]L¢RLXL T^ L aP]d ]L]P ?LY_]L LYO ^PPX^ _Z MP \`T_P LRPO @YWTVP Z_SP] ¢RLXL^ T_ T^ LaLTWLMWP ZYWd TY 2]LY_SL ^N]T[_ 4_ T^ YZbLOLd^ LaLTWLMWP ZY _SP TY_P]YP_ LYO bL^ POT_PO L_ LY PL]Wd OL_P% ^PP ±]¯XL_;L`´VL]L^LÀST_£ UÓ£YL[£OLà PO LYO NZXX Md @X£[L_T ±Ta£N£]dL .TOLXML]LX $ & ;L`´VL]£RLXL UÓ£YL[£OLà PO .TaLÓ£9L[Z_LdLY_]LN£WLT .TY_£_]T[P¶¶LT 8LO]L^ #$ ?ST^ ±LTaL _Pc_ T^ _Z MP OT^ _TYR`T^SPO Q]ZX _SP ALT´©LaL ;LÓNL]£_]L ;L`´VL]L>LÀST_£ 

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

w>TYNP _SP NdNWP ZQ _SP bZ]WO^ T^ bT_SZ`_ MPRTYYTYR 2ZO T^ T_^ Z]TRTY -d ST^ aP]d YL_`]P SP T^ _SP 2]PL_ :YP bSZ T^ XP]NTQ`W _Z LWW MPTYR^ ,YO ^Z T_ NLXP _Z [L^^ _SL_ TY _SP WTRS_ ZQ _SP OLbY ZQ _TXP ±TaL LYO ±LV_T NLXP _Z RP_SP] ^TX[Wd MPNL`^P ±TaL bT^SPO _SL_ PaP]d_STYR ^SZ`WO NZXP TY_Z MP TYR ,YO L_ _SP ^LXP _TXP _SP]P L]Z^P Q]ZX _ST^ QT]^_ TX[`W^P _SP ]PaPWL_TZY ²£^_]L TY T_^ Z]TRTYLW QZ]X L^ ^Z`YO Y£OL x !

?SP _]LY^[SPYZXPYLW [Sd^TNLW ^Z`YO Y£OL T^ _SP XL_P]TLW Q]ZX bSTNS _SP bZ]WO^ PXP]RP M`_ T_ T^ LW^Z _SP WZRZ^ TY _SP QZ]X ZQ _SP ±LTaT_P ]PaPWL_TZY :Y_ZWZRTNLWWd ^Z`YO T^ `YOP]^_ZZO \`T_P OTQQP]PY_Wd _SLY XL__P] 8L__P] T^ LWbLd^ OT^_]TM`_PO TY ^[LNP bSTWP ^Z`YO ]P_LTY^ T_^ `YT_d PaPY TQ bP OTaTOP T_ `[ , NSZ]O [WLdPO ZY L [TLYZ QZ] PcLX[WP NLY MP SPL]O L^ _S]PP YZ_P^ TP ZYP NLY SPL] _SP ^P[L]L_P YZ_P^ XLVTYR `[ _SP NSZ]O dP_ L_ _SP ^LXP _TXP ZYP NLY SPL] ZYP NSZ]O :Y _SP Z_SP] SLYO TQ ZYP _S]Zb^ L aL^P ZY_Z _SP QWZZ] ZYP WZ^P^ _SP aL^P 4Y LY Z]TRTYLWXL__P] XZOPW _SP []TXPaLW `YT_d ZQ _SP `YTaP]^P T^ OP^_]ZdPO Md N]PL_TZY M`_ TY _SP ^Z`YO XZOPW _SP]P T^ ZYWd L OTQQP]PY_TL_TZY bSTWP _SP `YT_d ]PXLTY^ -SL]_ŽSL]T LW^Z L]R`PO TY _ST^ QL^STZY LYO [Z^_`WL_PO L WTYR`T^_TN QZ`YOL_TZY TY bSTNS _SP bZ]WO T^ ^_TWW _SP]P TY T_^ []TXPaLW `YT_d z L `YT_d _SL_ T^ ^[WT_ `[ TY PaP]dOLd WLYR`LRP TY_Z TYOTaTO`LW _P]X^ 0aPY TY .S]T^_TLY _SPZWZRd bSTNS _PLNSP^ L N]PL_TZY Z`_ ZQ _SP aZTO ,`R`^_TYP NZYNP[_`LWTePO _SP ^LXP _SZ`RS_ TY _SP _SPZWZR`XPYZY ZQ L N]PL_TZ NZY_TY`L TY _SP P_P]YLW bZ]O% _SP N]PL_TZY ]PXLTY^ NZX[LN_ TY _SP OTaTYP WZRZ^ 4Y 4YOTLY _SZ`RS_ _SP NZ^XZWZRd T^ ZQ NZ`]^P Z]RLY TePO TY NdNWP^ LYO _SP]PQZ]P PaZW`_TZY X`^_ LW^Z SLaP L NZ]]P^[ZYOTYR TYaZW`_TZY BT_S ^Z`YO _SPZWZRd _ST^ T^ PL^d _Z NZYNPTaP ^TYNP ^Z`YO ^`ML`OT_Z]d ^Z`YO bLaP^ T^ ^Z ^`M_WP _SL_ ZYP NLYYZ_ _LVP T_ L[L]_ WTVP _SP Z_SP] PWPXPY_^ ZQ _SP [SPYZXPYLW bZ]WO z ZY _SP ZYP SLYO T_ T^ L [Sd^TNLW [SPYZXPYZY bSTWP ZY _SP Z_SP] T_ T^ LW^Z LY P_SP]PLW [SP YZXPYZY 9Z_ ZYWd ¢RLXL _SPZWZRTLY^ M`_ LW^Z 4YOTLY X`^TNZWZRT^_^ SLaP _SP]PQZ]P OPaPWZ[PO NZ^XZRZYTP^ _LTWZ]PO _Z ^`NS _Z[TN^ TY _SPT] bZ]V^% w0aPY L_ _SP _TXP ZQ _SP R]PL_ [SL^P ZQ OT^^ZW`_TZY ZQ _SP `YTaP]^P TY bSTNS LWW N]PL_`]P^ L]P OT^^ZWaPO _SP TXXL_P]TLW P_SP] LYO _SP TXXL_P]TLW ^Z`YO NLYYZ_ MP OP^_]ZdPO ?SP]P T^ YZ bLd _SL_ _SP^P _bZ YZY[Sd^TNLW PWPXPY_^ NLY [L^^ LbLd ,YO ZYWd _SP^P _bZ F^Z`YO L^ ^`M^_LYNP LYO P_SP] L^ _SP ^`M^_]L_P _SL_ NL]]TP^ _SP ^Z`YO bLaP^H L]P _SP Z]TRTY ZQ _SP bSZWP PL]_SWd bZ]WO >Z`YO Y£OL  : RZOOP^^ XLVP^ _SP TY_P]YLW LYO _SP Pc_P] YLW bZ]WO^ NZXP TY_Z MPTYR ,YO bSP]PaP] ^Z`YO QZ]X^ _SP]P ]Sd_SX LW^Z

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! LY£OL` ^L_T ^LÀ^£]P V£]L©LÀ [L]LXP²aL]Là g ^aLMS£a£O PaL ULY_¼Y£X LY`R]LSLVL]Là [L]Là gggg _L_L^ _a LSL]X`VSP V£WP ²TaL²LV_T^LX£RLX£_ g ²TaPNNSLdLTaL ^L]aP´£X `_[LF_H_dL]_SLX LYLY_L]Là gggg _L_V´ZMSL_L^ ^LX`_[LYYLÀ ²£^_]LÀ Y£OL^aL]¼[LVLà FPXX XH g ;L`´VL]L¢RLXL  ?LY_]LXLY_]Z_[L__T z

;SZYPXL_TN .Z^XZRZYTP^

"

Z[PY^ `[ ,YO F_ST^ T^ bSdH : RZOOP^^ _ST^ bSZWP bZ]WO T^ Md T_^ YL_`]P ]Sd_SXTN ^Z`YOx !!

?ST^ ^[PNTQTN L^^ZNTL_TZY MP_bPPY ^Z`YO LYO XZ_TZY QT__PO TY ^Z [P] QPN_Wd bT_S _SP RPYP]LW ?LY_]TN NZYNP[_ ZQ ^PY^Z]d LYO OdYLXTN ]PWTRTZ^ T_d _SL_ T_ SL^ []ZO`NPO _SP XZ^_ NZY^T^_PY_ LYO _SP]PQZ]P _SP XZ^_ NZXX`YTNL_TaP ^dXMZW ZQ 3TYO`T^X QZ] _SP BP^_% _SP OLYNTYR ±TaL 9L¶L]£UL  !" bSZ TY 2P]XLYd LYO Z_SP] BP^_P]Y NZ`Y_]TP^ T^ TOPY_TQTPO bT_S 3TYO`T^X [P]SL[^ WTVP YZ Z_SP] TNZYZR]L[STN XZ_TQ LYO T^ _Z MP QZ`YO TY L NZY^TOP]LMWP Y`XMP] ZQ 2P]XLY WTaTYR]ZZX^ ?SP ]PNZ]O NZX[LYd _SL_ M]Z`RS_ Z`_ >_ZNVSL`^PYv^ ^SZNVTYR NZX[Z^T_TZY w>_TX X`YRx []TY_PO L OLYNTYR ±TaL ZY _SP ]PNZ]O NZaP] ?SP ^WPPaP TYOTNL_PO bSL_ bL^ TY^TOP% >_ZNVSL`^PYv^ OPXZY^_]L_TZY _SL_ T_ T^ [Z^^TMWP _Z SLaP L _TXPWP^^ ^Z`YO `^TYR _SP ST^_Z]TNLWWd NZX[WP_PWd ZM^ZWP_P NSZ]O ZQ L XLUZ] ^PaPY_S 4_ NZY^T^_PO ^ZWPWd ZQ ZYP SZ`] ZQ ^TYRP]^ ^TYRTYR _SP YLXP^ ZQ RZO^ Q]ZX _SP XZ^_ aL]TPO [L^_ LYO []P^PY_ N`W_`]P^ ZY L XL UZ] ^PaPY_S _`YPO bT_S XL_SPXL_TNLW []PNT^TZY :Q NZ`]^P _ST^ bL^ L []ZaZNL_TZY L^ bL^ TY_PYOPO _Z _SP 8L]cT^_ TOPZWZRd ZQ OTLWPN_TN NSLYRP TP NZY^_LY_ []ZR]P^^ _S]Z`RSZ`_ ST^_Z]d L^ bSZWPSPL]_POWd LOZ[_PO Md LaLY_RL]OP X`^TNTLY^ L_ _SL_ _TXP ,[[L]PY_Wd QZ] _SP ]P NZ]O NZX[LYd _SP QZ]PTRY ^dXMZW ZQ _SP ±TaL9L¶L]£UL bL^ _SP MP^_ bLd _Z ]P[]P^PY_ >_ZNVSL`^PYv^ []ZR]LXXL_TN []ZUPN_ ?ST^ [ZbP]Q`W ^dXMZW ZQ L RZO bSZ OLYNP^ _SP P_P]YLW ]Sd_SX^ ZQ N]PL_TZY _Z _SP ^Z`YO^ ZQ ST^ _LXMZ`]TYP O]`X “LXL]` SLO LW]PLOd TY^[T]PO 4YOTLY _PX[WP X`^T NTLY^ TY XPOTPaLW _TXP^ 1Z] _SP 4YOTLY X`^TNTLY^ LYO X`^TN _SPZ]T^_^ T_ bL^ ^`QQTNTPY_ _Z OP _P]XTYP _SP Z]TRTYLW ^Z`YO TY T_^ []PaP]MLW Y£OL QZ]X -`_ QZ] _SP []TP^_ TY _SP _PX[WP ^P]aTNP SZYZ]TYR z LWZYR^TOP _SP ^Z`YO^ ZQ 9£OL^ aL]LX LYO O]`X^ z _SP _PX[WP OPT_TP^ ^`NS L^ _SP OLYNTYR ±TaL bT_S XLY_]L^ WT_LYTP^ LYO PWPRLY_ SLYO XZaPXPY_^ _SP QZWWZbTYR ^_LRP^ ZQ _SP PXLYL_TZY ZQ _SP Z]TRTYLW Y£OL ^Z`YO L]P YL_`]LWWd U`^_ L^ TX[Z]_LY_ ,NNZ]OTYR _Z _SP ¢RLXL NZ^XZRZYd _SP []TXZ]OTLW TYQ]L^ZYTN ^Z`YO ^[WT_^ L_ _SP _TXP ZQ XZ]P XLYTQP^_ ^_LRP^ TY_Z _SP TYOTaTO`LW NZY^NTZ`^ YP^^ WZRZ^ ZQ _SP MTYO` NZYNPTaPO ZQ L^ L wO]Z[WP_x ZQ WTRS_ LYO _SP bZ]WO WZRZ^ _SL_ T^ PYNL[^`WL_PO TY PaP]dOLd WLYR`LRP ?SP ¢RLXL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! XLS£[]LWLdLV£WPv[T ^L]aLMS¼_£[LS£]T©T g £V£²LY£OLdZ] Y£^_T ^¼V´XLdZà V´LdL^LÀRLXLà gg _£a PaL MS`aLYL^d£^dL V£]L©LÀ ^LVLWL^dL NL g M£Sd£MSdLY_L]LdZ] OPaT Y£OL `_[L__TV£]L©LX gg dL_]L Y£OL^dL ^LÀMS¼_T^ _L_]L _£WZ aTUŽXMSL_P g Y£O£_XLVLX TOLÀ OPaT ^L]aLÀ _£WLXLdLÀ ULRL_ gg ,`X£[L_LX z  !" :Y _ST^ [ZbP]Q`W TXLRP ^PP LW^Z /LaTO >XT_S ?SP OLYNP ZQ ±TaL% =PWTRTZY L]_ LYO [ZP_]d TY >Z`_S 4YOTL .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $$!

"

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

NSL]LN_P]T^_TNLWWd NLWW^ _SP WL__P] wXZ_SP]x z T_ T^ TOPY_TNLW _Z _SP ±LV_T _SL_ NLY MP LM^_]LN_PO Q]ZX ±TaL% w,YO `YOP]YPL_S F_SP ^Z`YO bLaPH ±TaL MPRLY F_Z L[[PL]H TY L ^WTRS_Wd N`]aPO QZ]X LYO _SL_ T^ _SP MTYO`  bSTNS ^STYP^ L^ M]TRS_Wd L^ _SP SL]aP^_ XZZY ?SPd ^Ld ZQ T_ _SL_ T_ SL^ QZ`] [L]_^ LYO LWW WTRS_ WTaP^ TY T_ ,YO MP WZb _ST^ WTRS_ XZaPO Md _SP bTWW ZQ 2ZO bL^ _SP [ZbP] bT_S _SP YLXP u8Z_SP]v LXMTV£  >SP WZZVPO WTVP L N]P^NPY_ XZZYx !#

3P]P _SP ZWO DZRL TOPL ZQ _SP _SPZ[SLYd ZQ RZO TY _SP [L]LYZ]XLW ^d YLP^_SP_TN [SPYZXPYL ZQ L`OT_Z]d Pc[P]TPYNP^ ZQ WTRS_ LYO aT^TZY^ ZQ ^Z`YO T^ _]LY^QP]]PO _Z L R]PL_P] NZ^XZRZYd ZQ _SP NZYNP[_`LW LYO TXLRTYL]d 3P]P _SP bZ]WO ZQ TOPL^ T^ L[[L]PY_Wd ]PRL]OPO L^ TY^P[L]L MWP Q]ZX _SP WTYR`T^_TN LYO L`OTMWP z U`^_ L^ -SL]_ŽSL]T LW^Z _SZ`RS_ z LYO T^ aT^`LWTePO TY _SP ^dXMZW .LYO]LMTYO` BSTWP _SP bZ]WO T^ _]LY^ QP]]PO Q]ZX YZYMPTYR L YZYXLYTQP^_ ^_L_P TY_Z MPTYR L XLYTQP^_ ^_L_P _SP [`]P ^Z`YO WZRZ^ T^ ^TX`W_LYPZ`^Wd _]LY^QZ]XPO TY_Z _SP b]T_ _PY WZRZ^ ?SP [L]LWWPWT^X ZQ _SP aT^`LW LYO _SP L`OT_Z]d T^ _LVPY Q`] _SP] bT_S _SP WP__P] w,x _SP QT]^_ ^Z`YO ZQ _SP LW[SLMP_ _`]YTYR TY_Z _SP _S]PP ML^TN PWPXPY_^ ZQ _SP R]L[SPXP w,x% SZZV N]Z^^[TPNP LYO N`]a TYR WTYP 1]ZX _ST^ QT]^_ ^Z`YO w,x _SP]P L]T^P LWW  Z]  ZQ _SP ^Z`YO^ ZQ _SP LW[SLMP_ LYO Q]ZX _SP^P ^Z`YO^ L]T^P _SP XLY_]L^ !$% w,YO _SPY _SP]P L]Z^P _S]PP FXZ]PH [ZbP]^% A£X£ 5dP´¶S£ LYO =L`O]¯ A£X£ bL^ WTVP L ^WPP[TYR ^YLVP 5dP´¶S£ bL^ WTVP L ^_LQQ LYO =L`O]¯ bL^ WTVP L SZZV  ,YO Q]ZX _SPX L]Z^P LWW _SP  ^Z`YO^ ZQ _SP LW[SLMP_ :Y _SPT] QZ]PSPLO ^_ZZO =L`O]¯ A£X£ bL^ _SP XZ`_S ,XMTV£ S`YR L_ _SP ^TOP^ LYO 5dP´¶S£ ^_ZZO _SP]P WTVP L ^_LQQ ,YO _SL_ T^ NLWWPO _SP ^Z`YO u,v 9Zb SPL] _SP ^Z`YO u¢v ?ST^ ^PNZYO ^Z`YO L]T^P^ Q]ZX L ^_LQQ WZNL_PO L_ _SP `[[P] PYO 4 ^SLWW YZ_ YLXP _SP NSL]LN_P]T^_TN^ ZQ _SP Z_SP]^ MPNL`^P 4 OZ YZ_ bT^S _Z MPNZXP _ZZ bZ]Od ?ST^ FQT]^_ ^Z`YOH SL^ L [ZbP] _SL_ T^ OT aTOPO `[ QTQ_d _TXP^ FTY_Z _SP ^Z`YO^ ZQ _SP LW[SLMP_H >PP TY T_ _SP RTQ_ ZQ R]LNP _Z LWW FWTaTYR MPTYR^H bSTNS PXMZOTP^ LWW bZ]O^ LYO XPLYTYR^ BT_S Z`_ T_ _SP]P bZ`WO MP  YZ XPLYTYR FZQ bZ]O^H L]_SL LYO PaPY _SP ]T_`LW^ NZ`WO YZ_ MP [P]QZ]XPO ?SP FWP__P]^H SLaP _SPT] Z]TRTY TY _SP Z_SP] bZ]WO LYO _SL_ T^ _SP WTRS_ _PUL^ ZQ _SP XZ^_ PcLW_PO 7Z]O ?SP 7Z]O T^ _SP ]ZZ_ NL`^P ZQ _SPT] MPTYR LYO _SP Z]TRTY ZQ _SPT] XL_P]TLW PcT^_PYNP T^ _SP VTYR -TYO`  ,YO MPNL`^P _SP Z]TRTY ZQ _SPT] XL_P]TLW PcT^_PYNP T^ -TYO` _SP WP__P]^ F^SZ`WOH YZ_ MP bT_SZ`_ -TYO`x "

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# []LaŽ__LY _LOLOSLà VTÓNTO aTV`MU£V£]L_L² ²TaLà gg gg ^L NL MTÀO`] T_T VSd£_L² ²L]L²NLYO]L^LXL[]LMSLà g ^L NL_`]OS£ ^LX£VSd£_Z UdZ_T´£À [L]LXZ YTOSTà gg!gg ²TaPNNS£V´ZMST_Z MTYO`^ _LO LOSL² ²LV_T] LXMTV£ g ²L²£ÀVL²LVLW£V£]£   ;L`´VL]L¢RLXL  ?LY_]LXLY_]Z_[L__T z"M !$ >PP LW^Z NZXXPY_L]d LYO _Pc_ TY ±£]LO£?TWLVL?LY_]L "z$ "  ²LV_T_]LdLX LMS¼_ _L_Là gg"gg a£X£ UdP´¶S£ _L_S£ ]L`O]¯ ^`[_LY£RPYO]L^LYYTMS£ g a£X£ aLT OL©“LaL_ UdP´¶S£ ]L`O]¯ ²ŽÀR£MSLaL_ ^_ST_£ gg#gg

;SZYPXL_TN .Z^XZRZYTP^

"

?SP ^_L_PXPY_ _SL_ _SP wWP__P]^ ^SZ`WO YZ_ MP bT_SZ`_ -TYO`x [ZTY_^ `^ TY T_^ _`]Y _Z _SP L]PL ZQ [Sd^TNLW bZ]^ST[ LYO T_^ ]T_`LW WLYR`LRP 4Y NZY_]L^_ _Z _SP bZ]WOWd LW[SLMP_ SP]P bP QTYO LWW _SP WP__P]^ bT_S _SP .LYO]LMTYO` TY _SP YL^LWTePO M¯ULWTVP QZ]X LÀ £À TÀ ÅÀ P_N -`_ _SP _Pc_ NZY_TY`P^ Md ^_L_TYR _SL_ PaPY PaP]dOLd WLYR`LRP SL^ T_^ ]ZZ_^ TY _SP OTaTYP -TYO` _SP [SZ^[SZ]Z^ LYO ]P^ZYLY_ P_P]YLW O]Z[ ZQ WTRS_% w?S]Z`RS _SP WTYV bT_S _ZYP^ ^aL]L  _SP WP__P]^ MPNZXP bZ]O^ [LOL  LYO Z`_ ZQ _SP^P ^PY_PYNP^ a£VdL L]T^P 1]ZX _SPX z TY NZYYPN_TZY bT_S _SP NZYaPY_TZYLW `^P ZQ WLYR`LRP adLaLS£]L z L]T^P^ _SP `YOP]^_LYOTYR ZQ XPLYTYRx "

BSL_ -SL]_ŽSL]T OPaPWZ[^ [STWZ^Z[STNLWWd T^ QZ]X`WL_PO _SPZWZRTNLWWd TY _SP ;L`´VL]L¢RLXL  ?SP ¢RLXL LW^Z NZXP^ _Z _SP NZYNW`^TZY _SL_ WLYR`LRP TY RPYP]LW YZ_ ZYWd _SP WLYR`LRP ZQ _SP XLY_]L^ [Z^^P^^P^ LY P_P]YLW LYO ^`[]LTYOTaTO`LW TOPY_T_d MPNL`^P T_ T^ LW]PLOd []P^PY_ L^ L WL_PY_ [Z_PY_TLW TY _SP ^_L_P MPQZ]P N]PL_TZY 4_ T^ YZ_ L []ZO`N_ ZQ _SP 8£d£ _SP TWW`^TZY ZQ [SPYZXPYL M`_ T_ T^ bSL_ TXXPOTL_PWd PXLYL_P^ Q]ZX _SP bZ]WO WZRZ^ LYO _SP OTaTYP XZ_SP] ,YO []PNT^PWd _SP LW[SLMP_ T_^PWQ T^ OP_P]XTYPO L^ _SP ^[PNTQTN [Z_PY_TLW LYO NZYN]P_P RP]X ZQ WLY R`LRP QZ] XLY_]L^ U`^_ WTVP PaP]dOLd WLYR`LRP L]P ML^PO ZY _SP LW[SL MP_ _SPT] wXZ_SP]x ?SP NZYNW`OTYR SdXY ZQ []LT^P NZY_LTY^ _SP QZWWZb TYR P_dXZWZRd bSTNS ]PWL_P^ XP_L[SZ]TNLWWd _SP LW[SLMP_ _Z _SP XL_P]TLW bZ]WO z L ]PWL_TZY _SL_ L__LTYPO TYN]PL^TYR ^TRYTQTNLYNP LYO ]PLWT_d TY _SP PXP]RTYR STRS 3TYO` ?LY_]L% w>PP TY _SP LW[SLMP_ X£_ŽV£ _SP ZXYT^NTPY_ FRZOOP^^H bSZ T^ WTVP L XZ_SP] X£_š QZ] _SP bZ]WOx " ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  adZXL]¼[£ LYLY_£ NL LY£_S£ Y£²Ž_£ _L_S£ g LMSTad£[_LX TOLÀ ^L]aLÀ ²Ta£OdLaLYTRZNL]LX gggg £MSdL^ ^L]aP ^LX`_[LYY£^ _]TÀ²LOaL]©£ ^LaTÀ²L_Tà g ²T]L^d £^£À ^_ST_£ ]L`O]¯ aLV_]LÀ a£X£ []LV¯]_T_£ gggg LÀMTV£ M£S`^LÀWLRY£ UdP´¶S£ aLT OL©“LaL_ ^_ST_£ g LV£]L P´L aTVSd£_Z £V£]LÀ ²Ž©`_L OaTU£à gggg P´L PaL OaT_¯dZ]©Z OL©“PY£R]P ^_ST_PYL NL g ²P´£©£À WLV´L©LÀ YZV_LÀ XLd£ aT^_L]LMS¯]`©£ gg gg _L^dL ²LV_T ^XŽ_£ MSTYY£ [LÓNLOS£ OL²LMSPOLVLà g ^L]a£Y`R]LSTV£ UÓPd£ ^L]aL²LMO£]_SL]¼[T©¯ gg!gg _LT] aTY£ _` MSLaP² FPXX NH NSLYOZ Y£]_SZ Y£[T aTOSP] RL_Tà g  _P´£X PV£ [L]£ dZYT] dL_ _PULà [£]LXP²aL]LX g YTXT__LX ¯²aL]L^ _P´£X `[£O£YLÀ ^L MTYO`]£¶ gg#gg  g `[£O£YLX L_Z MTYO`] dL^X£OaL]©£ YL _LO aTY£ g  ;L`´VL]L¢RLXL  ?LY_]LXLY_]Z_ [L__T "Mz$L " aL]©£² NL ^aL]L^LÀdZR£_ [LOLY_LT] a£VdLX T´dL_P gg$gg _L^X£O L]_SL[]L_¯_T^ ^d£_ adLaLS£]LYTMLYOSLY£ g  ;L`´VL]L¢RLXL  ?LY_]LXLY_]Z_ [L__T $MzL "  g aL]©£² NL ^aL]L^LÀdZR£_ [LO£Y_LT] a£VdLX T´dL_P gggg _L^X£O L]_SL[]L_¯_T^ ^d£_ adLaLS£]LYTMLYOSLY£ g

"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

!

7LYR`LRP .]PL_TZY LYO BZ]WO .]PL_TZY

0aPY TY _SP PL]Wd ±LTaL XZOPW ZQ _SP ;L`´VL]L¢RLXL  _SP]P T^ LW]PLOd L ^PaP]P OTW`_TZY ZQ _SP ^_]TN_ NZY_]L^_ MP_bPPY _SP bZ]WO L^ NSLYRPLMWP LYO 2ZO L^ `YNSLYRPLMWP ?SP NZY_]L^_ T^ ]PXZaPO NZX[WP_PWd TY _SP WL_P] bZ]V^ ZQ YZYO`LWT^_ 3TRS ?LY_]L bSTNS TY_P]WLNP 8£d£ LYO ±LV_T LYO ]PRL]O _SPX `W_TXL_PWd L^ NZX[WP_PWd TOPY_TNLW ;]ZR]LXXL_TNLWWd _SP Z[PYTYR aP]^P^ ZQ _SP >[LYOL6£]TV£^ w>_LYeL^ ZY ATM]L_TZYx " _SP PL]WTP^_ bZ]V TY YZYO`LW 6L^SXT] ±LTaL _SPZWZRd $_S NPY_ ,/ []ZNWLTX% wBSPY SP Z[PY^ ST^ PdP^ _SP bZ]WO T^ N]PL_PO BSPY SP NWZ^P^ ST^ PdP^ T_ T^ OP^_]ZdPO BP []LT^P _SP [PLNPXLVP] F±TaLH bSZ^P ZXYT[]P^PYNP LYO ZXYT[Z_PYNP FSLaP _SPT] Z]TRTYH TY _SP bSPPW ZQ FST^H ±LV_T^ 4Y STX _ST^ bSZWP FbZ]WOH SL^ T_^ PcT^_PYNP 1]ZX STX NZXP^ PaP]d_STYR _SL_ PcT^_^ -PNL`^P PaP]d_STYR T^ ]PaPLWPO _S]Z`RS ST^ QZ]X SP VYZb^ YZ WTXT_x "

?SP bZ]WO T^ _SP Z`_bL]O Pc[]P^^TZY ZQ _SP TY_P]YLW OdYLXT^ ZQ _SP ^` []PXP RZOSPLO ?SP Z[[Z^T_TZY ZQ _SP NSLYRPLMWP LYO _SP `YNSLYRPLMWP SL^ _]LY^QZ]XPO T_^PWQ TY_Z _bZ L^[PN_^ ZQ ±TaL 4Y 2ZOv^ TY_P]YLW bZ]WO _SP `YTaP]^P SL^ LWbLd^ PcT^_PO LYO L^ 2ZOv^ Pc_P]YLW bZ]WO T_ MPNZXP^ _SP NSLYRPLMWP bZ]WO ?SP NSLYRPLMTWT_d ZQ _STYR^ TY _SP `YTaP]^P T^ YZ_ Pc[WLTYPO Md _SPT] _PX[Z]L]d Z] XZXPY_L]d PcT^_PYNP M`_ Md _SPT] aT] _`LWT_d ?SPd PcT^_ z XZ]P Z] WP^^ z TY _SP bLd _SL_ _SP TYOTaTO`LW [TN _`]P^ TY L QTWX PcT^_ TY _SP NTYPXL ?SPd L]P aT^TMWP _Z _SP L`OTPYNP QZ] ZYWd L M]TPQ XZXPY_ M`_ ^_TWW _SP bSZWP QTWX T^ XLOP `[ ZQ YZ_STYR M`_ _SP^P TYOTaTO`LW TXLRP^ ?ST^ T^ []PNT^PWd bSL_ T^ Pc[]P^^PO TY _SP TOPL ZQ L wbSPPW ZQ ±LV_T^x ?SP ZYWd OTQQP]PYNP T^ _SL_ SP]P _SP []ZUPN_TZY T^_ _SP QTWX LYO _SP ^N]PPY L]P TOPY_TNLW bT_S ZYP LYZ_SP] :Q NZ`]^P _ST^ YZ_TZY TX[WTP^ L S`RP MZZ^_ _Z _SP PaLW`L_TZY ZQ _SP bZ]WOWd ]PLWX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ^L]aLUÓ£ X£_ŽV£ UÓPd£ ULRL_Z X£_ŽaL_ ^_ST_£ gggg ;L`´VL]L¢RLXL ?LY_]LXLY_]Z_[L__T Mz " >[LYOLV£]TV£ ZQ AL^`R`[_L bT_S aš__T Md 6LWWL¶LMSL¶¶L PO 5. .SL__P]UPP 6>?>  $!& z bT_S 9T]©LdL Md 6´PXL]£UL  PO LYO _]LY^W 8LOS`^`OLY 6L`W >SL^_]T >S]T YLRL]% 6L^SXT] ;]L_L[ >_PLX ;]P^^ $  6>?> & z P_ WP`]^ RWZ^P^  PO LYO 1]PYNS _]LY^W Md 7TWTLY >TWM`]Y ;L]T^% -ZNNL]O $$& z bT_S L NZXXPY_L]d Md -S£^VL]£N£]dL  PO 8L]V /dNeVZb^VT ,WMLYd% >@9D $$ 1Z] ]PQP]PYNP^ LYO OT^N`^^TZY ZQ _ST^ 6L^SXT]T bZ]V LYO ]PWL_PO _Pc_^ ^PP LW^Z /dNeVZb^VT ?SP /ZN _]TYP ZQ ATM]L_TZY% ,Y ,YLWd^T^ ZQ _SP /ZN_]TYP^ LYO ;]LN_TNP^ ZQ 6L^SXT] >SLTaT^X /PWST% 8Z_TWLW -LYL]^TOL^^ $#$ Z]TRTYLW >@9D $#" LYO ?SP >_LYeL^ ZY ATM]L _TZY  _]LY^W bT_S TY_]ZO`N_TZY LYO Pc[Z^T_TZY AL]LYL^T% /TWT[ 6`XL] ;`MWT^SP]^ $$ " dL^dZYXP´LYTXP´LMSd£À ULRL_Là []LWLdZOLdL` g _LÀ ²LV_TNLV]LaTMSLaL[]LMSLaLÀ ²LÀVL]LÀ ^_`XLà gg dL_]L ^_ST_LX TOLÀ ^L]aLÀ V£]dLÀ dL^X£N NL YT]RL_LX g _L^d£Y£aŽ_L]¼[L_a£Y YL YT]ZOSZ v^_T V`_]LNT_ gg >[LYOL6£]TV£ z

;SZYPXL_TN .Z^XZRZYTP^

""

?SP bZ]WO T^ YZ_STYR Z_SP] _SLY _SP ^TOP ZQ 2ZO _`]YPO _Z _SP Pc_P]TZ] LYO _SP]PQZ]P T_ T^ ±LV_T SP]^PWQ 1Z] -SL]_ŽSL]T _SP bZ]WO bL^ L ]PLW XP_LXZ][SZ^T^ ZQ _SP .ZXX` YTNL_TaP -]LSXLY ²LMOLM]LSXLY  bSTNS [Z^^P^^P^ _SP [ZbP] _Z ^[WT_ T_^PWQ TY_Z ^[LNP LYO _TXP VLWLY£²LV_T LYO _Z WZ^P T_^PWQ ^Z _Z ^[PLV TY _ST^ bZ]WOWd ^[WTY_P]TYR 1Z] -SL]_ŽSL]T _ST^ QZ]RP__TYR ZQ ZYP^PWQ bL^ LYZ_SP] [ZbP] ZQ _SP .ZXX`YTNL_TaP -]LSXLY YLXPWd _SP w[ZbP] YZ_ _Z VYZb ZYP^PWQx LaTOd£²LV_T  ?ST^ [ZbP] T^ _SP ^ZWP ML^T^ ZQ _SP PcT^_PYNP ZQ _SP [SPYZXPYLW `YTaP]^P 1Z] _SP YZYO`LW ±LTaL^ ZY _SP Z_SP] SLYO _SP `YTaP]^P T^ L ]PLW XLYTQP^_L_TZY ZQ _SL_ bSL_ PcT^_^ TY ±TaL aT]_`LWWd L^ ±LV_T >Z T_ OZP^ YZ_ NZXP L^ LYd ^`][]T^P bSPY _SP WTYR`T^_TN ^[PN`WL_TZY^ ZQ YZYO`LW ±LTaT^X L__PX[_ _Z NZ]]PWL_P _SP XLY_]L WLYR`LRP LYO _SP bZ]WO TY^_PLO ZQ ^P[L]L_TYR _SPX BSTWP TY ZWO _Pc_^ ^`NS L^ _SP ;L`´VL]L¢RLXL  _SP PXLYL_TZY _SP ZWZRd ZYWd ]PQP]^ _Z _SP N]PL_TZY ZQ WLYR`LRP WL_P] _Pc_^ ^`NS L^ _SP ±£]LO£?TWLVL?LY_]L " WTYV _SP N]PL_TZY ZQ WLYR`LRP LYO ZQ _SP bZ]WO 7T_P]LWWd _SPd ^[PLV ZQ ²LMOL^š´¶T LYO L]_SL^š´¶T TP wN]PL_TZY ZQ bZ]O^x LYO wN]PL_TZY ZQ XPLYTYR^ _STYR^x ?SP _bZ NZX[WPXPY_L]d NSL]LN_P]^ ZQ ±LV_T z 8£_šV£ wLW[SLMP_x LYO ;]LVš_T wZ]TRTYLW ^`M ^_LYNPx z NZ]]P^[ZYO _Z _bZ NZX[WPXPY_L]d ^P]TP^ ZQ PaZW`_TZYL]d OPaPWZ[XPY_^ BT_STY _SP wN]PL_TZY ZQ bZ]O^x _SP  WP__P]^ ZQ _SP LW [SLMP_ N]PL_P LWW XLY_]L^ LYO PaPY LWW bZ]O^ LYO ^PY_PYNP^ 4Y _SP wN]PL_TZY ZQ XPLYTYR^x LWW ^PY^Z]d LYO YZY^PY^Z]d [SPYZXPYL OP aPWZ[ Z`_ ZQ _SP Z]TRTYLW ^`M^_LYNP ;]LVš_T z TY ^SZ]_ _SP bSZWP ZQ _SP ]P^_ ZQ _SP bZ]WO ;L]LWWPWT^X^ MP_bPPY _SP^P N]PL_TZY^ L]P QZ`YO LMZaP LWW TY _SP QTPWO ZQ Y`XP]ZWZRTNLW NZ]]P^[ZYOPYNP^ ?SP ?LY_]L^ WTVP _Z QTYO LYLWZRTP^ MP_bPPY _SP YL_`]LW []TYNT[WP^ ZQ _SP >£ÀVSdL z TP _SP QTaP PWPXPY_^ _SP QTaP ^PY^P Z]RLY^ P_N z LYO _SP Z]OP]Wd [SZYP_TN ^P]TP^ ZQ ^Z`YO^ TY _SP LW[SLMP_ ?SP ±£]LO£?TWLVL?LY_]L ^PP^ _SP NZYYPN_TZY MP_bPPY _SP _bZ ^[SP]P^ _SP N]PL_TZY ZQ WLYR`LRP LYO _SP N]PL_TZY ZQ _STYR^ L^ WZNL_PO TY _SP ±LMOL-]LSXLY LY TOPL _SL_ QZWWZb^ -SL]_šSL]Tv^ _PLNSTYR^  -`_ bSTWP -SL]_šSL]T ^_TWW ]PRL]OPO _SP ±LMOL-]LSXLY L^ TYPQQLMWP _SP ±£]LO£?TWLVL?LY_]L #z$ TY_P][]P_^ T_ L^ _SP PXLYL_TZY ZQ ±LV_Tv^ L__PY_TaPYP^^ `YX`VSL_£ _Z ±TaL =£RSLaL -SL¶¶L \`Z_P^ TY ST^ NZX XPY_L]d Z_SP] ?LY_]L^ _Z Pc[WLTY _ST^ TOPL%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,^ OZP^ _SP []PN`]^Z] _SP ;]L[LÓNL^£]L 

"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

w>SP T^ LbLVPYPO Md _SP FYZT^P ZQ _SPH Z]TRTYLW ^Z`YO Y£OL LYO _`]Y^ _Z _SP TYPQQLMWP _]LY^NPYOPYNd ZQ ±TaL ?SPY ^SP _LVP^ ZY _SP QZ]X ZQ L ^[T]T_ MPTYR [`À]¼[£ LYO _S`^ MPNZXP^ NL[LMWP ZQ N]PL_TZYx "! w?S]Z`RS SP] []ZcTXT_d _Z _SP WTRS_ ZQ [`]P NZY^NTZ`^YP^^ ^SP `YOP]^_LYO^ TY_`T_TaPWd _SP FQ`_`]PH bLdZQMPTYR FZQ _SP `YTaP]^PH >SP bZ`WO WTVP _Z FMPNZXP T_H >SP NZYOPY^P^ LYO TY ^ZXP [WLNP^ _LVP^ ZY _SP QZ]X ZQ L O]Z[WP_ MTYO` x ""

3P]P _SP MTYO` T^ P\`L_PO bT_S _SP []TXZ]OTLW ^[T]T_ MPTYR [`]`´L  ?S]Z`RS ±LV_Tv^ L__PY_TaPYP^^ _Z ±TaL _Z [`]P ^PY_TPYNP Z] Q`WW LbL]P YP^^ NTYX£_]L  "# bSTNS T^ YZ_ dP_ NZY^NTZ`^YP^^ ZQ L _STYR L NZY ^NTZ`^YP^^ NZXP^ TY_Z MPTYR QZ] _SP QT]^_ _TXP ?SP ±LV_T YZb SL^ L NZY^NTZ`^YP^^ ZQ ±TaL ,YO ^Z MPRTY^ TYOTaTO`L_TZY ]PTQTNL_TZY LYO wNZYOPY^L_TZYx TY_Z XL__P] LYO TY_Z WLYR`LRP ?S]Z`RS SP] L__PY_TaP YP^^ _Z ±TaL ±LV_T ]PNPTaP^ L NZYNP[_ ZQ _SP `YTaP]^P ZQ [Z^^TMTWT_TP^ _SL_ ^_TWW PcT^_ aT]_`LWWd TY ±TaL L_ _ST^ [ZTY_ TY _TXP >SP L__PX[_^ _Z ]PLWTeP _SP^P [Z^^TMTWT_TP^ LYO L_ _SP ^LXP _TXP ^SP SL^ _Z NSLYRP SP] ^PWQ , NZ^XZRZYP_TN _]TYT_d T^ _LVTYR QZ]X TY _ST^ ±LV_TNZY^NTZ`^YP^^% _SP Z]TRTYLW WTRS_ MTYO`  _SP Z]TRTYLW ^Z`YO Y£OL LYO _SP ^PPO MÅUL z _SP _S]PP Q`YOLXPY_LW NZX[ZYPY_^ ZQ L XLY_]L ?SP^P _S]PP QZ]X MPL]TYR Z]TRTYLW PWPXPY_^ NZY^_T_`_P _SPX^PWaP^ _S]Z`RS L _]TYT_d YLXPWd _S]Z`RS _SP TY_P]YLW OdYLXTN ZQ RZO RZOOP^^ LYO _SPT] NZ TYSP]PYNP ^LX£a£dLà  TP _SPT] ]PWL_TZY^ST[ _Z PLNS Z_SP] bSTNS NLY YZ_ MP LWWZNL_PO _Z PT_SP] _SP RZO Z] _SP RZOOP^^ LWZYP z TY L ^TXTWL] bLd _Z bSTNS _SP 3ZWd >[T]T_ T^ TY_P][]P_PO L^ _SP ]PWL_TZY^ST[ MP_bPPY _SP 1L_SP] LYO _SP >ZY 3ZbPaP] _SP [P]TNSZ]P^T^ ZQ _SP 4YOTLY _]TYT_d NZY_TY`P^ TY Q`]_SP] _]TLO^ 1]ZX _SP _S]PP Z]TRTYLW PWPXPY_^ wWTRS_x w^Z`YOx LYO w^PPOx L]T^P _SP _S]PP RZOOP^^P^ A£X£ 5dP´¶S£ LYO =L`O]¯ 3P]P _SPd L]P YZ_ ]PRL]OPO L^ TY _SP ;L`´VL]L¢RLXL  L^ NZX [ZYPY_^ ZQ _SP R]L[SPXP wLx M`_ L^ XZ_SP]^ ZQ _SP _S]PP R]PL_ NZ^XTN RZO^ _]TX¼]_T % _SPd RTaP MT]_S _Z -]LSX£ bSZ M]TYR^ QZ]_S _SP bZ]WO AT´©` bSZ ^`^_LTY^ _SP bZ]WO LYO =`O]L bSZ LM^Z]M^ _SP bZ]WO ?SP ]P^[PN_TaP YL_`]P ZQ _SP^P _S]PP RZO^ T^ bTWW TNNS£  NZRYT_TZY UÓ£YL LYO LN_TZY V]Td£ z _SP ML^TN Q`YN_TZY^ ZQ PLNS WTaTYR _STYR z LYO _SPT] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! Y£O£_XLY£ []LM`OOS£ ^£ YT]£XLdL[LOZYX`VS¯ g ²TaZYX`VS¯ dLO£ ²LV_Tà [`À]¼[£ ^£ _LO£ ^XŽ_£ gg ^LTaL ^L]RLV´LX£ _PYL  FgH  ;]LdZRL >£]L  \`Z_PO Md =£RSLaL -SL¶¶L TY ST^ RWZ^^ ZY ±£]LO£?TWLVL?LY_]L " "" ^£ _L__aL^LÀUÓ£ NTYX£_]LUdZ_T´Là ^LYYTOSP^ _LO£ g aTNTV¯]´`] RSLY¯MS¼_£ VaLNTO LMSdP_T MTYO`_£X gg ;]L[LÓNL>£]L  \`Z_PO TMTO "# ?SP ?LY_]Lv^ NZYNP[_TZY ZQ NZY^NTZ`^YP^^ X`^_ YZ_ MP NZYQ`^PO bT_S _SP XZ]P ^_L_TN ZYP ZQ _SP ,OaLT_LAPO£Y_TY^ BP RPYP]LWWd ^[PLV ZQ w^PY_TPYNdx _Z OPYZ_P _SP ^_]ZYR OdYLXTN L^[PN_ 8LdMP LY PaPY MP__P] _]LY^WL_TZY SL^ MPPY ZQQP]PO Md /dNeVZb^VT , 5Z`]YPd   LZ bSZ ]PYOP]^ _P]X^ WTVP NT_  NTORSLYL LYO NTYX£_]L Md _SP OP ^N]T[_TaP QZ]X`WL w_SP OdYLXTN PYP]Rd ZQ NZY^NTZ`^YP^^x

;SZYPXL_TN .Z^XZRZYTP^

"$

MZOTP^ L]P _SP Xd^_TN PWPXPY_^ QT]P XZZY LYO ^`Y bSTNS [WLd TX[Z] _LY_ ]ZWP^ TY _SP [^dNSZWZRd ZQ DZRL LYO ?LY_]L ?SP N]PL_TZY ZQ _STYR^ L]_SL^Ž´¶T ^SZ`WO MP _SZ`RS_ ZQ LYLWZ RZ`^Wd _Z _SP N]PL_TZY ZQ WLYR`LRP w?SP RZOOP^^ ±£]LO£ WLYR`LRP RZOOP^^ ^SZ`WO LWbLd^ WTaP TY Z`] _SZ`RS_^ bSZ N]PL_P^ _SP Q`_`]P bZ]WO ^[SP]P^ ZQ bZ]O LYO _STYR TY _SP QZ]X ZQ _SP XZZY 4Y _SP QZ]X ZQ _SP ^`Y ^SP YZ`]T^SP^ _SPX bT_S SP] [ZbP] ,YO L^ QT]P ^SP OP^_]Zd^ _SPX NZX[WP_PWd L_ _SP PYO ZQ LY PZYx "$

!

?SP .ZXX`YTNL_TaP -]LSXLY L^ L .ZTWPO >YLVP LYO 0YP]RP_TN ;]P^PYNP TY _SP -ZOd

4Y LOOT_TZY _Z _SP _]TLO^ ZQ OPT_TP^ LYO NZY^NTZ`^YP^^ NZX[ZYPY_^ L []P WTYR`T^_TN LYO YZY^_]`N_`]LW LVSL©“L  Pc[]P^^TaP XPLYTYRQ`W ^Z`YO ]LaL LW^Z L]T^P^ Q]ZX _SP Z]TRTYLW ±LV_TNZY^NTZ`^YP^^ 4_ T^ ZYWd ^Z`YO Y£OLX£_]L z T_ T^ YZ_ dP_ bZ]O ?ST^ T^ _SP ±LMOL-]LSXLY ,NNZ]OTYR _Z _SP ±£]LO£?TWLVL?LY_]L  _ST^ YZY^_]`N_`]PO ^Z`YO T^ L_ _SP ^LXP _TXP _SP ^`[]LTYOTaTO`LW NZWWPN_TaP NZY^NTZ`^YP^^ ZQ WTaTYR _STYR^% w,YO L^ _ST^ [ZTY_ ZQ WTRS_ MTYO` OTaTOPO _SP]P L]Z^P LY TYOP_P]XTYL_P NLWWTYR LadLV_L]LaL ?PLNSP]^ ZQ _SP ¢RLXL YLXP _ST^ NLWWTYR w±LMOL -]LSXLYx 9Zb ^ZXP ^Ld T_ T^ _SP XPLYTYR ZQ _SP bZ]O LYO ^ZXP ^Ld T_ T^ _SP ^Z`YO ZQ _SP bZ]O -`_ YZYP ZQ _SPX L]P ]TRS_ QZ] MZ_S _SP ^Z`YO ZQ _SP bZ]O LYO _SP XPLYTYR ZQ _SP bZ]O L]P FTY _SPX^PWaP^H TY^PY_TPY_ FTY L^X`NS L^ _SPT] ^PY^P T^ OP[PYOPY_ `[ZY NZY^NTZ`^YP^^H 4 LX ZQ _SP Z[TY TZY _SL_ _SP ±LMOL -]LSXLY T^ _SP FNZWWPN_TaPH NZY^NTZ`^YP^^ ZQ LWW WTaTYR _STYR^x #

1Z] _SP L`_SZ] 7LV´XL©L /P²TVL LM^ZW`_PWd LWW WTaTYR MPTYR^ ZY _SP WLOOP] ZQ PaZW`_TZY Q]ZX L NZXXZY MPO M`R _Z _SP []P^TOPY_ ZQ _SP @YT_PO >_L_P^ SLaP NZY^NTZ`^YP^^ NLT_LYdL  -`_ bP ^SZ`WO YZ_ NZY Q`^P _ST^ NZYNP[_ ZQ NZY^NTZ`^YP^^ bT_S TY_PWWTRPYNP Z] ]PL^ZYTYR 4_ T^ YZ_ QZ]XPO Q]ZX _SP WZRZ^ M`_ Q]ZX OP^T]TYR [P]NPTaTYR LYO _LVTYR LN_TZY TNNS£UÓ£YLV]Td£  LYO PaPY L WZbWd MPO M`R NLY OZ LWW _ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ ²LMO£]_SLMS£aTMS`aLYLÀ ^ŽUL_¯YO`]¼[£ d£ _LO MTMSL]__T [`YL] L]VL_LY`à ^aL²LV_d£ g aLSYd£_XTV£ SL]L_T _L_ ^LVLWLÀ d`R£Y_P _£À ²£]LO£À XLYL^T U£_` YL aT^XL]£XT gg 7LV´XL©L /P²TVL \`Z_PO Md =£RSLaL -SL¶¶L TY ST^ RWZ^^ ZY ±£]LO£?TWLVL?LY_]L  # MSTOdLX£Y£_ [L]£O MTYOZ] LadLV_£_X£ ]LaZ uMSLaL_ gg ²LMOLM]LSXP_T _LÀ []£S`à ^L]a£RLXLaT²£]LO£à g ²LMOLM]LSXP_T ²LMO£]_SLÀ ²LMOLX T_d L[L]P ULR`à gg YL ST _P´£À _LdZà ^TOOST] UL“L_a£O `MSLdZ] L[T g NLT_LYdLÀ ^L]aLMS¼_£Y£À ²LMOLM]LSXP_T XP XL_Tà gg  ±£]LO£?TWLVL?LY_]L Mz 

" 

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

BSL_ T^ ]PRL]OPO L^ NZWWPN_TaP NZY^NTZ`^YP^^ ZY _SP XLN]ZNZ^XTN WPaPW T^ ]PQWPN_PO TY _SP XTN]ZNZ^XTN WPaPW 4Y _SP ?LY_]TN NZ^XZRZYd ZQ _SP ±£]LO£?TWLVL?LY_]L  _SP ±LMOL-]LSXLY MPNZXP^ V`©“LWTYÅ  _SP NZTWPO ^YLVP ObPWWTYR TY _SP MZOTP^ ZQ WTaTYR MPTYR^ 6`©“LWTYÅ bSTNS WT_P]LWWd XPLY^ wNZTWTYRx T^ Q]P\`PY_Wd OP^N]TMPO TY _SP ?LY_]TN bZ]V^ L^ L OLYNTYR MZW_ ZQ WTRS_YTYR ^YLVTYR T_^ bLd _S]Z`RS _SP MZOdv^ NSLY YPW^ Y£“T LYO DZRTN NLV]L^  # 5`^_ WTVP XZOP]Y YP`]ZWZRd _SP ?LY_]L LW^Z L^N]TMP^ L NZ][Z]PLW TXXLYPYNP _Z TYOTaTO`LW NZY^NTZ`^YP^^ ,N NZ]OTYR _Z _SP ?LY_]L Pc[P]_ ,]_S`] ,aLWZY >T] 5ZSY BZZO]ZQQP _SP ^_]`N_`]P ZQ _SP MZOdv^ NSLYYPW^ LYO NLV]L^ T^ LN_`LWWd YPL]Wd NZX [WP_PWd TOPY_TNLW _Z _SP YP]aZ`^ ^d^_PX ZQ XZOP]Y [Sd^TZWZRd BSL_ YP`]ZWZRT^_^ _]d _Z Pc[WLTY TY _P]X^ ZQ PX[T]TNLWWd OP_P]XTYLMWP YP]aP TX[`W^P^ T^ Pc[WLTYPO Md ?LY_]T^_^ TY _P]X^ ZQ L \`T_P _LYRTMWP PYP]RP_TN []P^PYNP ZQ _SP RZOOP^^ TY _SP MZOd ,YO dP_ _SP ?LY_]TN NZYNP[_ T^ _Z_LWWd OTQQP]PY_ ^TYNP ^PY_TPYNP WTYR`T^_TN LMTWT_d LYO Pc[]P^^TaT_d L]P YZ_ L NZX[WPc []ZO`N_ ZQ ^ZXL_TN QLN_Z]^ M`_ TY QLN_ _SP ]ZZ_ ZQ NZY ^NTZ`^YP^^% w,YO _ST^ F±LMOL-]LSXLY Z] NZWWPN_TaP NZY^NTZ`^YP^^H PY_P]^ _SP [Sd^TNLW MZOd ZQ WTaTYR Z]RLYT^X^ TY _SP QZ]X ZQ _SP 6`©“LWTY¯ LYO ]PaPLW^ T_^PWQ _SP]P TY _SP QZ]X ZQ WP__P]^ bSTNS L]P OTQQP]PY_TL_PO TY LWW [Z^^TMWP WTYR`T^ _TN QZ]X^ ^`NS L^ [ZP_]d LYO []Z^Px #

BSL_ WLYR`LRP L^ L bSZWP T^ TY _SP XLN]ZNZ^XTN bZ]WO NZ]]P^[ZYO^ z LXZYR^_ Z_SP] _STYR^ z _Z [ZP_]d LYO WT_P]L_`]P TY _SP XTN]ZNZ^XTN bZ]WO AT]_`LWWd PaP]d_STYR _SL_ SL^ RLTYPO []TXP TX[Z]_LYNP TY ?LY_]TN ]T_`LW ^d^_PX^ T^ L^^ZNTL_PO LYO TOPY_TQTPO bT_S _SP ^P][PY_TYP PYP]Rd [ZbP] 6`©“LWTY¯% ±LV_T Z] NZ^XTN PYP]Rd bT_STY _SP XTN]ZNZ^XTN ]PLWX& aT_LW M]PL_S& ^[PPNS& ?LY_]TN [^dNSZWZRd LYO [Sd^TZWZRd WTVP _SP ^Tc NLV]L^ Z] w[ZbP] NPY_P]^x LYO _SP _S]PP DZRTN NSLYYPW^& ^Pc`LWT_d ^Pc `LW PYP]Rd& TYOTaTO`LW YZYO`LW NZY^NTZ`^YP^^ TP ZYPv^ XP_L[Sd^TNLW TOPY_T_d Z] NZY^NTZ`^YP^^ PYP]Rd _SL_ T^ [`]P ^`[]LXPY_LW ^PY_TPYNP 1`]_SP]XZ]P LWW XLUZ] ?LY_]TN RZOOP^^P^ LYO [L]_TN`WL]Wd _SZ^P ZQ _SP 6L`WL L]P TOPY_TQTPO bT_S 6`©“LWTY¯ # LYO XZ^_ RPYP]LWWd ^[PLVTYR 6`©“LWTY¯ T^ _SP aP]d WTQP[]TYNT[WP ZQ _SP YL_`]LW bZ]WO LYO ZQ NZY ^NTZ`^YP^^ ?SPZWZRTNLWWd ^SP T^ [L]_TN`WL]Wd NWZ^PWd ]PWL_PO _Z OTaTYP bTWW TP _SP []TXLW TY_PY_TZY _Z `YQZWO _SP `YTaP]^P ,YO YZ_ WPL^_ ^SP T^ _SP WLYR`LRP RZOOP^^ TY SP] [`]P^_ QZ]X ^TYNP 6`©“LWTY¯ T^ LW^Z _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 1Z] Q`]_SP] ]PQP]PYNP^ LYO OT^N`^^TZY ZQ _ST^ TX[Z]_LY_ ?LY_]TN NZYNP[_ ^PP 7TWTLY >TWM`]Y 7L 6`©“LWTY¯ Z` 7v0YP]RTP OP^ []ZQZYOP`]^ ;L]T^% 7P^ /P`c :NËLY^ $# # _L_ []£[dL V`©“LW¯]¼[LÀ []£©TY£À OPSLXLOSdLRLX g aL]©£_XLY£aT]MSLaL_T RLOdL[LOd£OTMSPOL_Là gg  ±£]LO£?TWLVL?LY_]L  # /dNeVZb^VT , 5Z`]YPd  ! Q QY & QZ] Q`]_SP] ]PQP]PYNP^ _Z 6`©“LWTY¯ ^PP TMTO #

8LY_]L^ L^ .ZY_PX[WL_TaP 4Y^_]`XPY_^

" 

9£OL Z] QT]^_ PaZW`_P ZQ NZ^XTN ^Z`YO 4Y _ST^ NZY_Pc_ ^SP T^ YZ_ _SP ±LMOL-]LSXLY Z] .ZXX`YTNL_TaP -]LSXLY M`_ NZY^[TN`Z`^Wd _SP 9£OL-]LSXLY Z] >Z`YO-]LSXLY 4Y NZY_]L^_ _Z YP`]ZWZRT^_^ _SP ?LY_]T^_^ LW^Z ]PNZRYTeP L _]LY^NPY OPY_ L^[PN_ ZQ _SP NZY^NTZ`^YP^^ TY LOOT_TZY _Z _SP ZYP _SL_ T^ TXXLYPY_ TY _SP MZOd ?SP NZ][Z]PLWWd TXXLYPY_ L^[PN_ T^ aT^`LWTePO z LXZYR^_ Z_SP] _STYR^ z Md WZNLWTeTYR _SP LW[SLMP_ TY _SP NZ][Z]LW NLV]L^ LYO _SP L^[PN_ _]LY^NPYOTYR _SP MZOd T^ aT^`LWTePO TY _SP _SZ`^LYO[P_LWPO WZ_`^ _SP STRSP^_ NLV]L bSTNS SZaP]^ LMZaP _SP N]ZbY ZQ _SP SPLO LYO _Z bSTNS YZ ^[PNTQTN ^Z`YO T^ L^N]TMPO ?SP 6`©“LWTY¯ QWZb^ `[ LYO OZbY Q]ZX _SP MZOd TY_Z _]LY^NPYOPYNd LYO Z`_ ZQ _]LY^NPYOPYNd TY_Z _SP MZOd 4Y _SP QTR`]L_TaP WLYR`LRP ZQ _SP ?LY_]L T_ NWTXM^ Q]ZX _SP ML^P ZQ _SP ^[TYP _S]Z`RS _SP QZY_LYPWWP^ LYO QTYLWWd PY_P]^ _SP _SZ`^LYO [P_LWPO WZ_`^ bSTNS T^ aT^`LWTePO LMZaP _SP MZOd LYO NZ]]PWL_P^ _Z [`]P `Y^_]`N_`]PO ^Z`YO% wBP NZY_PX[WL_P _SP ^`[]PXP RZOOP^^ bSZ T^ L^ ]PO L^ _SP ^`Y]T^P LYO ^`Y^P_ WTVP _SP NTYYLML]NZWZ]PO STMT^N`^ MWZ^^ZX ?S]Z`RS _SP _S`YOP]TYR ZQ _SP ^Z`YO^ bSTNS L]T^P^ _S]Z`RS _SP _`X`W_ ZQ _SP NWL^STYR bTYO^ F( LY _LRZYT^_TN YP]aP TX[`W^P^ ZQ _SP ]TRS_ LYO WPQ_ SPXT^[SP]P^ ZQ _SP MZOdH TY _SP XTOOWP FZQ _SP ^[TYPH ^SP ]T^P^ `[ _Z _SP WTRS_ _SL_ ^STYP^ WTVP L Xd]TLO ZQ MZW_^ ZQ WTRS_YTYR LYO Q`WW ZQ _SP YPN_L] ZQ ZaP]QWZbTYR MWT^^ ^SP ]PLNSP^ _SP STRSP^_ ±TaL 8Ld ^SP bSZ NZXP^ LYO RZP^ ^Z QL^_ R]LY_ FLWW WTaTYR MPTYR^H ^`NNP^^ TY dZRL QZ] ^SP T^ _SP NSPP]Q`W bT^SR]LY_TYR NZb bT_STY _SP MZOd LYO R]LY_^ ^`[[WTNLY_^ PaP]d_STYR _SPd OP^T]Px #

"

8LY_]L^ L^ .ZY_PX[WL_TaP 4Y^_]`XPY_^

?SP XZ^_ bTOP^[]PLO ?LY_]TN _]LOT_TZY _ZOLd T^ bT_SZ`_ OZ`M_ _SP ±]ÅaTOd£ bSZ^P PL]WTP^_ ^Z`]NP^ OL_P MLNV _Z _SP _PY_S Z] PWPaPY_S NPY _`]d # ?SP YLXP ZQ _ST^ ^NSZZW ]P[]P^PY_^ _SP NPY_]LW QTQ_PPY^dWWLMWPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # XLOSdP aL]_XL ^LX¯]L©LOaLdLXT_SLà^L«RSL¶¶L^LÀV´ZMSLULÀ ²LMOL^_ZXLX L_¯_dL _PUL^T _L“T_VZ¶T[]LMS£MS£^`]P g `OdLY_TÀ ^LX`[L^XLSP YLaLULa£^TYO¼]L^LYOSd£]`©£À ^£YO]£YLYOL^`OS£XLd¯À [L]L²TaLÀ []£[_£À [L]£À OPaL_£X gg RLXLY£RLXLYP´` W£«RSTV¯ ^£ _LY`d£O dZRL[SLW£YT V`©“LW¯ g X`OT_£ V`WLV£XLOSPY`] P´£ MSLUL_£À V£«V´T_LVLW[LaLWWL]¯ gg  ±£]LO£?TWLVL?LY_]L  !"z!# # ?SP]P T^ ^_TWW OT^N`^^TZY ZY bSP_SP] _ST^ WL_P ?LY_]TN ^NSZZW PXP]RPO TY 6L^SXT] bSP]P T_ _ZZV ZY T_^ []P^PY_ ^SL[P Z] TY >Z`_SP]Y 4YOTL PR ?LXTW 9LO` bSP]P T_ T^ aP]d []ZXTYPY_ LXZYR L bTOP] ±LTaL>X£]_L -]LSXLY NZXX`YT_d 0cNP[_ QZ] _SP^P L]PL^ WT__WP T^ VYZbY LMZ`_ _SP aL]TZ`^ WTYPLRP^ ZQ TYT_TL_P^ LYO OTaP]^P ]PRTZYLW _]LOT _TZY^ LW_SZ`RS _SP ±]¯aTOd£ MPWZYR^ _Z _SP XZ^_^_`OTPO ?LY_]TN _]LOT_TZY^ 8`NS L_ _PY_TZY SL^ MPPY [LTO _Z XP_L[Sd^TN^ LYO NZ^XZWZRd 1Z] Q`]_SP] ]PQP]PYNP^ ^PP /Z`RWL^ =PYQ]Pb -]ZZV^ ?SP ±]¯aTOd£ >NSZZW ZQ ±£V_L ?LY_]T^X% , >_`Od ZQ _SP

" 

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

XLY_]L bSTNS T_^ OPaZ_PP^ NZY^TOP] _Z MP _SP XLY_]L [L] PcNPWWPYNP #! 1Z] QZWWZbP]^ ZQ ±]ÅaTOd£ _ST^ XLY_]L [Z^^P^^P^ NZ^XTN ]PWPaLYNP LYO RYZ^PZWZRTNLW Q`YN_TZY 4_ T^ YZ_ _SP ^Z`YO MZOd ZQ L NP]_LTY TYOTaTO`LW OPT_d bSTNS T^ bSd _SP 2]PL_ 2ZOOP^^ T_ ]P[]P^PY_^ T^ RPYP]LWWd VYZbY Md L aL]TP_d ZQ YLXP^ ?SP XLY_]L XLd MP `^PO _Z [P]QZ]X XLRTN M`_ T_ T^ YZ_ []TXL]TWd LY TY^_]`XPY_ ZQ XLRTN 4_ T^ aT^`LWTePO LYO `^PO TY ]T_`LW^ LWZYR bT_S _SP P^[PNTLWWd NZX[WPc ^LN]PO OTLR]LX NLWWPO _SP ²]ÅNLV]L Z] ²]ÅdLY_]L  ?SP ]T_P T^ aP]d WL]RPWd RYZ^_TN NZY_PX[WL_TZY 4Y ±]ÅNLV]L bZ]^ST[ £aL]L©L[¼U£ _SP QZWOTYR LYO `YQZWOTYR ZQ _SP `YT aP]^P T^ [P]QZ]XPO ^dXMZWTNLWWd ?SP []LN_T_TZYP]v^ LTX T^ _Z LNSTPaP _SP Xd^_TN ^_L_P TY bSTNS LWW Z[[Z^T_P^ NZTYNTOP TY `YT_d LYO _SP MWT^^Q`W `YTZY ZQ ±TaL LYO ±LV_T MPNZXP^ _LYRTMWP ]PLWT_d TY ZYPv^ ZbY NZY ^NTZ`^YP^^ 3P]P XLY_]L LYO dLY_]L LN_ L^ STRSWd ^dXMZWTN QZ]X^ bT_S L [ZbP]Q`W NL[LNT_d QZ] ^`RRP^_TZY ?SP XZ^_ aL]TPO ^NSZZW^ SLaP XLOP `^P ZQ _SP ±]ÅaTOd£ Q]ZX 6L^SXT]T ±TaLT_TN SL]ONZ]P ?LY_]T^_^ _Z _SP Z]_SZOZc XZYV^ ZQ _SP >Z`_SP]Y 4YOTLY ±L«VL]L _]LOT_TZY

"

?SP .Z^XZ2]LXXL] ZQ _SP ±]ÅaTOd£

?SP ±]ÅNLV]L T^ []ZMLMWd _SP XZ^_ QLXZ`^ LYO XZ^_ NZX[WPc 3TYO` ]T_`LW OTLR]LX 4_^ TYYP]XZ^_ [ZTY_ _SP MTYO` T^ ^`]]Z`YOPO Md YTYP ZaP]WL[[TYR _]TLYRWP^ QTaP [ZTY_TYR OZbYbL]O^ LYO QZ`] [ZTY_TYR `[

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?Pc_^ LYO .ZY_Pc_^ ZQ _SP 7TaTYR ?]LOT_TZY^ TY >Z`_S 4YOTL ;S/ OT^^P]_L_TZY .LX M]TORP 8L^^% 3L]aL]O @YTaP]^T_d $#"& [L]_Wd [`MWT^SPO TY -]ZZV^ ,`^[TNTZ`^ BT^OZX% ?SP ?Pc_^ LYO ?]LOT_TZY^ ZQ ±]¯aTOd£ ±£V_L ?LY_]T^X TY >Z`_S 4YOTL ,W MLYd% >@9D $$& 2`O]`Y -ÞSYPXLYY ?SP BZ]^ST[ ZQ 8LS£RL©L[L_T LNNZ]OTYR _Z _SP 9T_dZ_^LXL BTNS_]LNS% 4Y^_ Q 4YOZWZRTP $## ]PaT^PO ]P[] /PWST% 6LY_ ;`MWT NL_TZY^ & A= =LXLNSLYO]L /TV^ST_L] ?SP 7LWT_£ .`W_ ^_ PO 8LO]L^ $ ]P[] /PWST% 8Z_TWLW -LYL]^TOL^^ $$& 8LOS` 6SLYYL ?SP .ZYNP[_ LYO 7T_`]Rd ZQ _SP ±]¯NLV]L ML^PO ZY ±Ta£YLYOL^ ?]TWZRd `Y[`MWT^SPO ;S/ OT^^P]_L_TZY :cQZ]O% BZWQ^ZY .ZWWPRP $#!& 5PQQ]Pd 7TOVP ?SP 2ZOOP^^ BT_STY LYO -PdZYO _SP ?S]PP .T_TP^% ±£V_L ?LY_]L LYO _SP ;L]LOZc ZQ ;ZbP] TY 9P[£WL8L©“LWL ;S/ OT^^ >LY_L -L]ML]L% @YTa ZQ .LWTQZ]YTL & ,YO]Ë ;LOZ`c 7P .ZP`] OP WL DZRTY¯ DZR TY¯SšOLdL LaPN WP NZXXPY_LT]P /¯[TV£ Ov,Xš_£YLYOL PO LYO LYYZ_L_TZY ;L]T^% -ZNNL]O $$& >6 =LXLNSLYO]L =LZ >]T .SLV]L /PWST% >L_R`]` ;`MWTNL_TZY^ $#$& z ±]¯aTOd£6Z´L TMTO & ,YYP__P BTWVP w±L«VL]L LYO _SP ?LXTYR ZQ BTWO 2ZOOP^^P^&x z w, 9Pb ?SPZWZRd ZQ -WT^^&x LYO w-PL`_d ;P]^ZYTQTPO% ?SP 2ZO OP^^ 7LWT_£?]T[`]L^`YOL]¯ LYO SP] ?SZ`^LYO 9LXP^x TY 1Z`YOL_TZY^ ZQ 4YOTLY ,]_  PO = 9LRL^bLXd .SPYYLT% ?LXTW ,]_^ ,NLOPXd  #z #! ?SP XLY_]L PcT^_^ TY _bZ XLUZ] aP]^TZY^ NLWWPO _SP 3£OT aP]^TZY LYO _SP 6£OT aP] ^TZY BP bTWW ]P^_]TN_ Z`]^PWaP^ _Z _SP WL__P] MPNL`^P ZYWd _SP 6£OT aP]^TZY SL^ []ZaPY WZYRWL^_TYR ST^_Z]TNLW PQQPN_TaPYP^^

8LY_]L^ L^ .ZY_PX[WL_TaP 4Y^_]`XPY_^

" 

bL]O^ MZ`YOPO Md _bZ NT] NWP^ ZQ ^Tc_PPY[P_LWPO WZ_`^P^ LYO L ^\`L]P _]LNPO Md _S]PP WTYP^ bT_S LY Z[PYTYR TY PLNS ^TOP #" ?SP bSZWP dLY_]L T^ L NZ^XZR]LX 4_^ R]L[STNLW PWP XPY_^ ]P[]P^PY_ RZOOP^^P^ Z] PXLYL_TZY^ ZQ _SP 2]PL_ 2ZO OP^^ z bSTNS L]P SZbPaP] YZ_STYR Z_SP] _SLY [P]^ZYTQTPO NZ^XTN LYO [^dNSTN QZ]NP^ ?SP Z`_P] ^\`L]P ^dXMZWTeP^ _SP ]PLWX ZQ _SP PL]_S MS¼ [`]L LYO _SP 8£d£ L^[PN_^ ZQ _SP RZOOP^^ bT_S _SPT] ]L_SP] YPRL_TaP NZYYZ_L_TZY^ >Z _SP Z`_P] MZ`YOL]TP^ ZQ _SP _]TLYRWP^ L]P bSP]P _SP L`^[TNTZ`^ L^[PN_ ^_L]_^ _Z MPNZXP L[[L]PY_ ?SP TYYP] QTR`]P T^ ]PRL]OPO L^ _SP NPY_]LW Xd^ _P]d 4_ T^ QZ]XPO Md _SP _S]PP TYYP]XZ^_ _]TLYRWP^ L]]LYRPO ZYP TY^TOP _SP Z_SP] 0aPY TY _P]X^ ZQ _SP R]L[STNLW NZY^_]`N_TZY _ST^ TY_P]TZ] L]PL ZQ _SP dLY_]L T^ Q`WW ZQ _SP ^dXMZWT^X ZQ Y`XMP]^ ^TYNP _SP _S]PP _]TLYRWP^ QZ]X z Md _SP bLd _SPd L]P TY _P]WLNPO L^ _SZ`RS YL_`]LWWd z _SP NPY_]LW _]TLYRWP [ZTY_TYR OZbYbL]O^ bSTNS NZY_LTY^ _SP MTYO` z _SP OZ_ TY _SP XTOOWP ZQ _SP bSZWP OTLR]LX 3P]P QTYLWWd T^ _SP Xd^_TN XL_SPXL_TNLW QZ]X`WL _SL_ bP VYZb Q]ZX _SP APOTN 8£©“¼VdL@[LYT´LO   (  (  TY L R]L[STNLW QZ]X bSP]PMd _SP _S]PP PWPXPY_^ TYOTNL_P _SP [SPYZXPYLWPL]_SWd LYO _SP LOOT_TZYLW QZ`]_S PWPXPY_ TYOTNL_P^ _SP Pc_]L[SPYZXPYLW^`[]LPL]_SWd bSTNS L_ _SP ^LXP _TXP PYNZX[L^^P^ PaP]d_STYR 1`]_SP]XZ]P _ST^ QTR`]P [Z^ ^P^^P^ PTRS_ _]TLYR`WL] Z`_P] ^PRXPY_^ _Z bSTNS _SP TY_P]YLW _]TLYRWP NLY MP LWWZNL_PO bSTNS XPLY^ _SL_ _SP bSZWP QTR`]P SL^ YTYP TP  c  _]TLYR`WL] ^PRXPY_^ ?SP^P PTRS_ ^PRXPY_^ SLaP RZOOP^^P^ ^dXMZWTNLWWd L^N]TMPO _Z _SPX NLWWPO _SP wPTRS_ WLYR`LRP RZOOP^^P^x .LWW^ L]P XLOP _Z _SPX O`]TYR _SP ]T_P QZ] PcLX[WP Md ]PNT_TYR _SP LW[SLMP_ bSTNS T^ OTaTOPO TY_Z PTRS_ R]Z`[^ ?SP NPY_]LW QTQ_PPY^dWWLMWPO XLY_]L%]ZZ_  _SL_ T^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" >PP LW^Z ?L]L 8TNSLPW bSZ^P L]_TNWP w7P ²]¯NLV]L OLY^ WL >L`YOL]dL7LSL]¯x TY 8LY_]L^ P_ /TLR]LXXP^ "z$ OPLW^ XLTYWd bT_S _SP RPZXP_]TN PWPXPY_^ LYO _SP NZX[WPc TYOPcTNLW LYO ^dXMZWTN YL_`]P _]LOT_TZYLWWd L^N]TMPO _Z _SPX

" 

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

±]ÅaTOd£ T_^PWQ T^ LWWZNL_PO _Z _SP YTY_S _]TLYRWP TY _SP NPY_P] ZQ _SP OTLR]LX ?ST^ XLY_]L T^ NZY^_T_`_PO Q]ZX _d[TNLW QPXTYTYP WP__P]^ z _SZ^P _SL_ L]P QZ`YO TY QZ`] XLUZ] ^PPO ^Z`YO^ ZQ _SP 2]PL_ 2ZOOP^^ z ,4¿ 3=®¿ 67®¿ >,@ž _SL_ L]P ZQ_PY ]T_`LWWd ]P[PL_PO TY _SP ±]ÅaTOd£ -`_ TY LNNZ]OLYNP bT_S _SP P^Z_P]TN NSL]LN_P] ZQ _SP WL^_ _]T LYRWP _SPd L[[PL] TY _SP QZ]X ZQ _S]PP w[`eeWP ^Z`YO^x Z] XZ]P WT_P] LWWd w[PLV^PPO^x V¼¶LMÅUL  bSTNS NZY^_T_`_P _SP QTQ_PPY^dWWLMWPO ±]ÅaTOd£ w]ZZ_xXLY_]L%  6L0®7L3=®¿ z _SP ^PPO wL]T^TYR Q]ZX _SP aZTNPx a£RMSLaL  3L>L6L3L7L3=®¿ z _SP w6TYR 0]Z^x V£XL]£UL  >L6L7L3=®¿ z _SP w^PPO ZQ ±LV_Tx ²LV_TMÅUL

"

?SP 7LYR`LRP 2ZOOP^^ ZY _SP >SZ`WOP]^ ZQ _SP 3P]XPYP`_T^_

?SP ±]ÅaTOd£ XLY_]L T^ YZ_ ZYWd LY TY_PR]LW [L]_ ZQ _SP OTLR]LX M`_ LW^Z _SP LN_`LW w]ZZ_ XLY_]Lx `YOP]WdTYR _SP UL[L _SP ]P[P_T_TZY 5`^_ WTVP _SP ]T_`LW bZ]^ST[ ZQ _SP ±]ÅNLV]L OTLR]LX _SP ]P[P_T_TZY ZQ _SP^P _S]PP w[`eeWP ^dWWLMWP^x ^P]aP^ ^ZWPWd _Z LNSTPaP LY `YTZ Xd^_TNL bT_S _SP OPT_d ,YO U`^_ L^ TY _SP OTLR]LX PaP]d PWPXPY_ ZQ _SP QTQ_PPY^dWWLMWPO XLY_]L T^ Q`WW ZQ ^dXMZWT^X 4_^ TY_P][]P_L_TZY SL^ M]Z`RS_ QZ]_S T_^ ZbY M]LYNS ZQ SP]XPYP`_TN^ ?SP]P T^ ZQ_PY L NZYQ`^TYR LXZ`Y_ ZQ [ZWd^PXd SP]P -S£^VL]L]£dL "_Sz#_S NPY_ _SP XZ^_ PXTYPY_ ±]ÅaTOd£ NZX XPY_L_Z] LYO _SPZ]T^_ ## YZ_ ZYWd ZQQP]^ TY ST^ AL]TaL^d£=LSL^dL Xd^ _TNLW LYLWd^P^ ZQ _SP Y`XMP]^ LYO LN]Z[SZYP_TN TY_P][]P_L_TZY^ ZQ _SP TYOTaTO`LW ^Z`YO^ M`_ SP LW^Z M`TWO^ `[ L WL]RP Y`XMP] ZQ ^PXLY_TN P_dXZWZRTNLW ^dXMZWTN LYO WT_P]L]d ]PWL_TZY^ QZ] Pc[WLTYTYR _SP^P _S]PP ^Z`YO NZX[Z^T_TZY^ 3ZbPaP] _ST^ PcPRP^T^ OZP^ YZ_ N]PL_P L NWZ^PO [TN_`]P ZQ _SP XPLYTYR ZQ _SP XLY_]L M`_ ]L_SP] T_ RTaP^ _SP TX[]P^^TZY _SL_ _SP]P T^ YZ_STYR _SL_ _SP XLY_]L NZ`WO YZ_ XPLY 4Y _ST^ bLd -S£^VL]L]£dL `YTQTP^ _SP XLY_]L YZ_ ZYWd bT_S aL]TZ`^ ±LTaL ?LY_]L _SPZWZRTP^ bT_S L^_]ZWZRTNLW Y`XMP]^ LYO [Z[`WL] OPT_TP^ ZQ ST^ _TXP M`_ PaPY bT_S _SP ]T_`LW [L]_ LYO _SP RYZ^_TN [L]_ ZQ _SP APOL ,NNZ]OTYR _Z _SP aP]^P LYO NZXXPY_L]d z! _SP ‹RaPOL T^ NZYOPY^PO TY _SP QZ]X`WL w6L0 ®7L 3=®¿x 4Y _SP L`_SZ]v^ Z[TYTZY _SP [SZYPXP^ wÅWLx L]P ^`RRP^_TaP ZQ _SP bZ]O ŜP  bSTNS L[[PL]^ TY _SP QT]^_ aP]^P ZQ _SP ‹RaPOL LRYTX ŜP [`]ZST_LX  w4 bZ]^ST[ _SP QT]P _SP OZXP^_TN []TP^_x ,^ TY _SP ±L«VL]L ^NSZZWv^ `YOP]^_LYOTYR ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ## -S£^VL]L]£dL bL^ L 8LSL]L^_S]TLY -]LSXLY bSZ ^P__WPO TY -LYL]L^ AL]LYL^T 3P []ZMLMWd SLO RZZO ]PWL_TZY^ _Z _SP ?LYUZ]P NZ`]_ bSP]P ST^ []ZXTYPY_ OT^NT[WP @X£YLYOL _SP L`_SZ] ZQ _SP 9T_dZ_^LaL  bL^ WTaTYR ,W_SZ`RS LNNP[_PO TY MZ_S PXTN LYO P_TN OT^NZ`]^P^ L^ XZ^_ PXTYPY_ ±]¯aTOd£ _SPZWZRTLY -S£^VL]L]£dL SL^ YZ_ dP_ L_ _]LN_PO OPP[P] ^NSZWL]Wd L__PY_TZY

8LY_]L^ L^ .ZY_PX[WL_TaP 4Y^_]`XPY_^

"



APOL -S£^VL]L]£dL L^^ZNTL_P^ _SP ]T_`LW [L]_ ZQ _SP APOL z LYO bT_S T_ LW^Z _SP ‹RaPOTN SdXY^ z bT_S _SP PcZ_P]TN wWZbP] _]`_Sx L[L]£ aTOd£ TY bSTNS [P]^ZYLW OPT_TP^ L]P bZ]^ST[[PO ?SP^P [P]^ZYLW OPT_TP^ L]P []P^PY_ TY _SP [SZYPXP^ w6L0x #$ TY _SP QZ]X ZQ _SP _S]PP NZ^XTN uQ`YN_TZY RZO^v _]TX¼]_T -]LSX£ AT´©` LYO =`O]L±TaL bSZ N]PL_P ^`^_LTY LYO OP^_]Zd _SP `YTaP]^P -`_ LW^Z _SP wSTRSP] _]`_Sx [L]£ aTOd£ ZQ _SP -]LSXLY ZQ _SP @[LYT´LO^ T^ LNNZ]OTYR _Z -S£^VL]L]£dL []P^PY_ TY _SP QZ]X`WL L^ _SP Xd^_P]TZ`^ 3=®¿ >TYNP SP `YOP]^_LYO^ 3=®¿ _Z MP YP`_P] z bSTNS TY >LY^V]T_ T^ RPYP]LWWd TYOTNL_PO Md _SP PYOTYR wXx z SP NZ]]PWL_P^ _ST^ bZ]O bT_S _SP L__]TM`_PWP^^ LYO RPYOP] WP^^ -]LSXLY 1Z] STX _SP QT]^_ [`eeWP ^Z`YO 6L0®7L3=®¿ _SP]PQZ]P XPLY^ ^ZXP_STYR WTVP _ST^% _SP [P]^ZYLW RZO^ bT_S _SPT] ]P^[PN_TaP L_ _]TM`_P^ LYO NSL]LN_P]T^_TN Q`YN_TZY^ 6L0 bZ]^ST[ ®7L _SP L[P]^ZYLW L__]TM`_PWP^^ -]LSXLY 3=®¿ 1Z] Y`XP]ZWZRTNLW ]PL^ZY^ _SP Z_SP] _bZ PYTRXL_TN ^dWWLMWP^ 3L>L6L3L7L LYO >L6L7L ^_LYO QZ] DLU`]APOL LYO >£XLAPOL  _PLNSTYR _SP -]LSXLY bT_S _SPT] ZbY @[LYT´LO^ bSTNS T^ TY _`]Y TYOT NL_PO TY _SP XLY_]L Md _SP ]P[PL_PO 3=®¿ 3P]P -S£^VL]L]£dL T^ LN_` LWWd ZYWd _]dTYR _Z ^Ld ZYP _STYR% _SP bSZWP APOL L^ SP `YOP]^_LYO^ T_ T^ LW]PLOd NZY_LTYPO TY _SP ±]ÅaTOd£ XLY_]L TY L aP]d NZX[LN_ \`L^T ^PPOWTVP QZ]X& Q]ZX _SP WZQ_d [ZTY_ ZQ aTPb ZQ ZYP bSZ VYZb^ XLY_]L LYO APOL L]P TOPY_TNLW ?ST^ T^ ZYWd ZYP TY_P][]P_L_TZY ZQ XLYd bSTNS ^PP _SP _S]PP [`eeWP ^Z`YO^ ZQ _SP XLY_]L \`T_P OTQQP]PY_Wd TY _P]X^ ZQ NZY_PY_ M`_ LWbLd^ TY_P][]P_ T_ bT_S ^TXTWL]Wd Q]PP L^^ZNTL_TZY^ ZQ TOPL^ LYO STRSWd ^`RRP^ _TaP TXLRP]d 5`^_ WTVP _SP APOL _SP ?LY_]TN _SPZWZRTP^ LWW ZQ bSTNS L]P R]PL_Wd aLW`PO Md -S£^VL]L]£dL L]P PT_SP] _TPO TY_Z _SP XLY_]L Z] ]PN ZRYTePO TY T_ ?ST^ T^ LW^Z L aP]d _d[TNLW bLd QZ] NZY_PX[Z]L]d PO`NL_PO 3TYO`^ _Z L[[]ZLNS _SPT] ^LN]PO _Pc_^ z L bLd _SL_ NZ`WO MP OP^N]TMPO L^ LY TXLRTYL_TaP NZY_TY`L_TZY Z] ]PTYaPY_TZY ZQ _]LOT_TZY 4Y -S£^VL ]L]£dLv^ NL^P _ST^ QZ]X ZQ PcPRP^T^ T^ [L]_TN`WL]Wd bPWW OPaPWZ[PO 3P WT^_^ L WL]RP Y`XMP] ZQ [Z^^TMWP SP]XPYP`_TN bLd^ ZQ QTYOTYR []ZQZ`YO ^PY^P TY _SP XLY_]L LYO bZ]VTYR T_ TY_Z OTQQP]PY_ MLNVR]Z`YO^ ZQ _SZ`RS_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ w6Lx T^ L APOTN YLXP QZ] ;]LU£[L_T WL_P] ZQ_PY TOPY_TQTPO bT_S _SP RZO -]LSX£ bSZ T^ LWWZNL_PO _SP Q`YN_TZY ZQ N]PL_TYR _SP bZ]WO ,NNZ]OTYR _Z -S£^VL]L]£dL wPx ]P[]P ^PY_^ AT´©` _SP ^`^_LTYP] ZQ _SP bZ]WO L[[L]PY_Wd MPNL`^P TY ?LY_]T^X _SP ^dXMZW wPx SL^ L ^Pc`LW NZYYZ_L_TZY LYO _SP XLWP OPT_d bT_S _SP XZ^_ [ZbP]Q`W P]Z_TN L^[PN_^ T^ 6Ž´©L -`_ bSPY T_ NZXP^ _Z _SP TOPY_TQTNL_TZY ZQ =`O]L±TaL _SP RZO ZQ OP^_]`N _TZY -S£^VL]L]£dL SL^ _Z `^P L ^XLWW R]LXXL_TNLW _]TNV >TYNP _SP]P L]P YZ XZ]P ^Z`YO^ bT_S bSTNS ZYP NZ`WO TOPY_TQd STX -S£^VL]£dL L^^`XP^ _SL_ _SP wPx X`^_ MP QZWWZbPO Md LY PWTOPO wLx bSTNS bZ`WO TY QLN_ MP R]LXXL_TNLWWd [Z^^TMWP 4Y 6L^S XT]T ±TaLT^X _SP ^Z`YO wLx T^ L ^dXMZW QZ] ±TaL

" !

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

-S£^VL]L]£dL T^ []ZMLMWd ]PRL]OPO Md ±]ÅaTOd£ QZWWZbP]^ L^ _SP XZ^_ TX[Z]_LY_ NZXXPY_L_Z] MPNL`^P ST^ Pc[WLYL_TZY^ L]P NZSP]PY_ LYO [PZ[WP Q]ZX _SP XZ^_ aL]TPO TOPZWZRTNLW MLNVR]Z`YO^ NLY OT^NZaP] ^ZXP_STYR TY _SPX _SL_ XLVP^ ^PY^P :Q NZ`]^P QZ] ^_]TN_ BP^_P]Y [ST WZWZRT^_^ ^`NS Pc[WLYL_TZY^ L]P XP]PWd QLY_L^_TN TOPL^ LYO NZX[WP_PWd T]]PWPaLY_ WTYR`T^_TNLWWd -`_ LN_`LWWd -S£^VL]L]£dL T^ YZ_ TY_P]P^_PO TY PcLXTYTYR _SP _Pc_ L^ L BP^_P]Y [STWZWZRT^_ bZ`WO M`_ TY NZY_TY`TYR T_ TY _SP TY_P]P^_^ ZQ ST^ ZbY _]LOT_TZY ?SP N]PL_TaP L^[PN_ T^ YZ_ T]]PWP aLY_& TY QLN_ _SP 4YOTLY _]LOT_TZY ^PP^ OTaTYP TY^[T]L_TZY TY ^`NS wTYaPY _TZY^x -S£^VL]L]£dLv^ PcPRP_TNLW XP_SZO OZP^ YZ_ ]P[]P^PY_ L ^_L_TN NZYNP[_ M`_ L OdYLXTN ZYP ZQ VYZbWPORP LYO WPL]YTYR ,YO _ST^ M]TYR^ `^ _Z LY LYPNOZ_P LMZ`_ STX $% ?SP [LYOT_^ ZQ -LYL]P^ bLY_PO _Z M]TYR -S£^VL]L]£dL bSZ SLO MPPY OPYZ`YNPO QZ] MPTYR wWPQ_SLYOPOx MLNV QTYLWWd ZY_Z _SP w]TRS_ bLdx BSPY -S£^VL]L]£dL TYaT_PO _SPX _Z L APOTN >ZXL ^LN]TQTNP $ TY ST^ SZ`^P _SPd _SZ`RS_ _SL_ _SPT] _TXP SLO NZXP ?SPd TYaZWaPO STX TY L OPML_P LMZ`_ _SP ^NTPYNP ZQ XLY_]L^ TY Z]OP] _Z XLVP L QZZW Z`_ ZQ STX LYO _Z bTY STX ZaP] _Z _SPT] bLd^ 3ZbPaP] -S£^VL]£dL XLYLRPO _Z NZ`Y_P] LWW _SPT] L]R`XPY_^ 1TYLWWd L XPYOTNLY_ XZYV TY_P]aPYPO LYO LOaT^PO _SP [LYOT_^ _Z RTaP `[ _SPT] \`P^_ 4_ bL^ RZTYR _Z MP TX[Z^^TMWP _Z MPL_ -S£^VL]L]£dL TY L OT^[`_P MPNL`^P _SP RZOOP^^ SP]^PWQ bL^ ^[PLVTYR _S]Z`RS ST^ XZ`_S 9L_`]LWWd _SP [LYOT_^ OTO YZ_ MPWTPaP L bZ]O ZQ _ST^ >Z _SP XZYV _ZZV ^ZXP ZQ _SP bL_P] _SL_ -S£^VL]L]£dL SLO `^PO _Z ML_SP ST^ TXLRP ZQ _SP RZOOP^^ LYO ]`MMPO T_ ZY _SP PdP^ ZQ _SP [LYOT_^v ^[ZVP^XLY z ,YO WZ LYO MPSZWO _SP XLY YZb ^Lb _SP RZOOP^^ ^T__TYR ZY -S£^VL]L]£dLv^ ^SZ`WOP]^ LYO ^[PLVTYR Z`_ ZQ ST^ XZ`_S

"

 m 8TWWT^PNZYO^ ZQ 0_P]YT_d

,WZYR^TOP _SP \`L^T^PXLY_TN NZY_PY_ RTaPY _Z _SP YZY^PXLY_TN XLY_]L ^dWWLMWP^ Md XLVTYR TY_PR]L_TaP WTYV^ MP_bPPY PcT^_TYR _]LOT_TZY^ ZQ PXLYNT[L_TZY PaPY _SP QT]^_ NSL[_P] ZQ -S£^VL]L]£dLv^ NZXXPY_L]d ZY ST^ ZbY AL]TaL^d£=LSL^dL  PX[SL^TeP^ _SP DZRL L^[PN_ ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 2TaPY TY LM]TORPO QZ]X Md _SP L`_SZ]^ ML^PO ZY% AL]TaL^d£=LSL^dL LYO T_^ NZX XPY_L]d ;]LV£²L  PO >`M]LSXLYdL >L^_]T 8LO]L^% ,OdL] 7TM]L]d LYO =P^PL]NS .PY _]P $ #z$ F0YRWT^S w4Y_]ZO`N_TZYxH $ ?]LOT_TZY LW^Z ^Ld^ _SL_ -S£^VL]L]£dL [P]QZ]XPO >ZXL ^LN]TQTNP^ TY Z_SP] NZY_Pc_^ _ZZ 3ZbPaP] APOTN >ZXL ^LN]TQTNP^ YPaP] TYaZWaP ML_STYR TXLRP^ ZQ RZO^ TY SZWd bL_P] L^ -S£^VL]L]£dL ZMaTZ`^Wd OTO TY _SP ^_Z]d ?SP YL]]L_Z] L[[PL]^ _Z MP TY_P] P^_PO TY ^SZbTYR -S£^VL]L]£dL _Z MP LY Z]_SZOZc APOL NZYYZT^^P`] M`_ TY QLN_ _SP L`_SZ] L[[PL]^ YZ_ _Z VYZb Z] YZ_ _Z bLY_ _Z VYZb _SP OTQQP]PYNP MP_bPPY L APOTN ^LN]TQTNP LYO L ?LY_]TN ]T_`LW

8LY_]L^ L^ .ZY_PX[WL_TaP 4Y^_]`XPY_^

" "

±]ÅaTOd£ XLY_]L ?SP _S]PP R]Z`[^ ZQ [`eeWP ^Z`YO^  6L0®7L&  3L>L6L3L7L&  >L6L7L L]P _SP PcZ_P]TN [L]_ ZQ _SP XLY_]L LYO 3=®¿ T^ _SP P^Z_P]TN [L]_ /`]TYR LN_`LW ]PNT_L_TZY _SP WL^_ 3=®¿ Q`YN _TZY^ L^ L RL_PbLd _Z _]LY^NPYOPYNd 3P]P _SP YL^LWTePO QTYLW ^Z`YO ZQ .LYO]LMTYO`,Y`^a£]L z U`^_ WTVP LWW ^PPO XLY_]L^ _SL_ L]P _P]XTYLWWd YL^LWTePO z SL^ XZ]P Z] WP^^ _SP ^LXP [^dNSZLNZ`^_TN PQQPN_ L^ _SP ]PaP]MP]L_TZY^ ZQ L RZYR Z] L NS`]NS MPWW ?SP aTM]L_TYR NZY_TY`L_TZY ZQ _SP YZ_P LQ_P] T_ SL^ MPPY ^_]`NV VPP[^ T_ []P^PY_ [^dNSZWZRTNLWWd PaPY _SZ`RS T_ SL^ LW]PLOd ^_Z[[PO ]TYRTYR Z`_ :MaTZ`^Wd L^ L ]P^`W_ ZQ ST^ ZbY XLY_]L []LN_TNP LYO TY _SP XLYYP] ZQ L YL_`]LW ^NTPY_T^_ -S£^VL]L]£dL OTaTOP^ `[ _SP YL^LW QTYLW ^Z`YO ZQ _SP _ST]O w[`eeWP ^Z`YOx R]Z`[ TY_Z YTYP OT^_TYR`T^SLMWP R]LOPO aTM]L _TZY^ TP TYN]PL^TYRWd ^`M_WP LQ_P]^Z`YO^ bSTNS NZY_TY`P ^`NNP^^TaPWd aTL _SP N]ZbY ZQ _SP SPLO LYO _S`^ MPdZYO _SP [Sd^TNLW MZOd% MTYO`  QZ]PSPLO L]OSLNLYO]L   ]ZOSTYÅ   Y£OL   Y£O£Y_L  ²LV_T !  ad£[TV£ "  ^LXLY£ # QZY_LYPWWP L_ _SP N]ZbY `YXLY£ $ LMZaP _SP N]ZbY TY _SP _SZ`^LYO[P_LWPO WZ_`^ ?SP^P YTYP [SL^P^ ZQ _SP ]PaP]MP]L_TZY ZQ _SP XLY_]L bSTNS L]P LWW _P]XPO w[`]Px ^Z`YO Y£OL ²`OOSLY£OL  MPNZXP ^SZ]_P] LYO ^SZ]_P] TY _P]X^ ZQ _TXP LYO XZ]P LYO XZ]P TY_LYRTMWP TY _P]X^ ZQ _SPT] ^Z`YO \`LWT_d z _SP [PY`W_TXL_P ^Z`YO TY _ST^ ^P]TP^ T^ YZ WZYRP] _SLY  ! X£_]£ bSTNS NZ]]P^[ZYO^ _Z LMZ`_  XTWWT^PNZYO^ ?SP WL^_ ^Z`YO `Y XLY£  WL^_^ QZ] YZ _TXP L_ LWW @YXLY£ NLY MP _]LY^WL_PO L^ wRZTYR MP dZYO LN_`LW _SZ`RS_x $ w_]LYNPx Z] wPN^_L^dx 3P]P _SP []LN_T_TZYP] _L^_P^ L^ _SZ`RS _TXPWP^^YP^^ ^TYNP TY _ST^ ^_L_P NZRYT_TZY ZQ _TXP [SP YZXPYZWZRTNLWWd NPL^P^ _Z PcT^_ L_ LWW LYO SP RPY`TYPWd Pc[P]TPYNP^ L XZXPY_ ZQ P_P]YT_d >Z NZY_PX[WL_TZY ZQ _SP XLY_]L T^ LMZ`_ ^PY^Z]d Pc[P]TPYNP ZQ P_P]YT_d bT_STY _SP _PX[Z]LW LYO LMZWT^STYR _SP _PX[Z]LW Md _]LY^QZ]XTYR T_ TY_Z P_P]YT_d ?SP ?LY_]TN TY_P][]P_L_TZY ZQ _ST^ _PNSYT\`P LYO T_^ [^dNSZWZRTNLW PQQPN_^ L]P aP]d NWZ^PWd ]PWL_PO _Z ZY_ZWZRd LYO NZ^XZRZYd% Md QZWWZb TYR `[ _SP ^Z`YO ]P^ZYLYNP^ ZYP ]PaP]^P^ _SP N]PL_TZYLW []ZNP^^ LYO L]]TaP^ L_ _SP ^Z`]NP ZQ PaP]d_STYR ?SP ^ZYTN _SPZ]d ZQ bZ]WO PXLYL _TZY T^ YZ_ ZYWd L NZRYT_TaP XZOPW M`_ LW^Z ^ZXP_STYR _SL_ NLY MP wQPW_x aTL _SP ^PY^P^ LYO _SP MZOd .ZY_PX[WL_TaP ]PNT_L_TZY ZQ _SP XLY_]L _SL_ T^ L^^TXTWL_PO TY_Z ZYPv^ ZbY MZOd ]P_`]Y^ WLYR`LRP _Z T_^ aT]_`LW []P N]PL_TZYLW ^_L_P LYO L_ _SP ^LXP _TXP WLYR`LRP NZY_TY`P^ _Z MP Pc[P]T PYNPO L^ XLYTQP^_ BP QTYO _SP NPY_]LW []TYNT[WP ZQ [STWZ^Z[STNLW Xd^_TN ?LY_]T^X MPTYR L[[WTPO LRLTY SP]P% _SL_ bSTNS L[[PL]^ TY _SP bZ]WO TY XLYTQZWO QZ]X T^ L `YT_d bT_STY _SP OPT_d z LYO DZRTN XLY_]L []LN_TNP NLY XLVP _ST^ Xd^_P]d LNNP^^TMWP _S]Z`RS Pc[P]TPYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP -S£^VL]L]£dLv^ NZXXPY_L]d ;]LV£²L ZY aP]^P !

" #

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP ±]ÅaTOd£ TY _SP ]PNP[_TZY ZQ -S£^VL]L]£dL LWbLd^ Pc[]P^^P^ _SP _SZ`RS_ ZQ YZYO`LWT_d TY _SP SZWT^_TN QZ]X`WL%  TYOTaTO`LW _STYR^ (  _Z_LWT_d Z] YZYO`LW `YT_d (  _SP bSZWP NZX[]T^TYR MZ_S _SP _Z_LW L^ YZYO`LW `YT_d LYO _SP ^`X ZQ T_^ [L]_^ =PQP]]TYR _Z WLYR`LRP -S£^VL]L]£dL LW^Z ^[PLV^ ZQ L _Z_LW ZQ QZ`] 8£_ŽV£^ w8Z_SP]^x wLW [SLMP_xQZ]X^ ?S]PP ZQ _SP^P 8£_ŽV£^ NZ]]P^[ZYO _Z _SP w^PPTYRx WLY R`LRP [L²dLY_Å  _SP wXTOOWPx WLYR`LRP XLOSdLX£ LYO _SP w[Sd^T NLWx WLYR`LRP aLTVSL]Å  bSTNS -SL]_ŽSL]T LW]PLOd XPY_TZYPO ?SP QZ`]_S 8£_ŽV£ T^ NLWWPO _SP w^`[]PXPx [L]£ 8£_ŽV£ LYO LNNZ]OTYR _Z -S£^VL]L]£dL T^ TOPY_TNLW _Z _SP NPY_]LW ±]TaTOd£ RZOOP^^ ?]T[`]L ^`YOL]Å% w,YO _ST^ T^ YZb _SP NSL[_P] ZQ _SP N]PL_TZY ZQ WLYR`LRP ²LMOL^Ž´¶T  ?]T [`]L^`YOL]Å LWZYP T_ T^ bSZ NZY_LTY^ TY SP]^PWQ _SP ^`M_WP QZ]X ZQ _SP N]PL _TZY ZQ WLYR`LRP ,YO _ST^ T^ NZX[L]LMWP bT_S _SP ^`M_WP QZ]X TY bSTNS L QTR _]PP T^ NZY_LTYPO bT_STY L QTR ^PPO 4_ T^ NLWWPO _SP u^`[]PXPv [L]£ 8L_ŽV£ MPNL`^P T_ bZ]V^ TY ^`NS L ^`M_WP QZ]X ,YO _ST^ ?]T[`]L^`YOL]Å T^ NLWWPO 8£_ŽV£ MPNL`^P ^SP uPOTQTP^v Z] uSZWO^ bT_STY SP]^PWQv X£_T  MP NL`^P ^SP uLWWZb^ _]LY^QP]v _L]L_T LYO MPNL`^P ^SP uPXMZOTP^v V£dL_T x $

3P]P _SP N]PL_TZY ZQ WLYR`LRP T^ `YOP]^_ZZO _Z bZ]V TY PcLN_Wd _SP ^LXP bLd L^ _SP N]PL_TZY ZQ _SP bZ]WO ?SP QZ`]_S WPaPW NZ]]P^[ZYO^ _Z _SP Xd^_TN wQZ`]_S PWPXPY_x ZQ _SP _]TLO QZ]X`WL bSTNS T^ LW^Z ]PRL]OPO L^ w_SP `Y`__P]LMWPx LY£VSdL  4_ T^ _SP ML^T^ ZQ LWW TYOTaTO`LW L[[PL] LYNP^ bSTNS YPNP^^L]TWd SL^ _Z MP [Z^_`WL_PO ?SP ^LXP L]R`XPY_ WPO _SP WTYR`T^_ -SL]_ŽSL]T _Z [Z^_`WL_P L RWZMLW YP_bZ]V ZQ XPLYTYR^ 4_ T^ _d[TNLW _SL_ _SP ?LY_]T^_ -SL^VL]£dL OZP^ YZ_ ^[PLV ZQ L YP_bZ]V ZQ XPLYTYR^ TP YZ_ ZQ ^PXLY_TN WLYR`LRP M`_ ZQ _SP LW[SLMP_ bSTNS LWbLd^ VPP[^ _SP [SZYTN L^[PN_ TY _SP QZ]PQ]ZY_ PaPY bSTWP [Z^_`WL_TYR L ^`[]PXP LM^ZW`_P ^_LRP ZQ ^`[]L[SPYZXPYLW _]LY^NPYOPYNd _SP `Y`_ _P]LMWP LW^Z NLWWPO _SP aZTO ,_ _ST^ WPaPW _SP LW[SLMP_ T^ `YOP]^_ZZO L^ [`]P PYP]Rd Z] ^PWQNZY_LTYPO `YTaP]^LW aTM]L_TZY z NZ]]P^[ZYOTYR _Z _SP uZ]TRTYLW ^Z`YOv 4Y NZY_]L^_ _Z -SL]_ŽSL]Tv^ ±LMOL-]LSXLY _SP ^`[]L [SPYZXPYLW YP_bZ]V ZQ XPLYTYR^ bSTNS WZ^P^ T_^ Z]TRTYLW `YT_d LYO MPNZXP^ L^ TQ T_ bP]P ^[WTY_P]PO bSPY _]LY^QZ]XTYR TY_Z _SP bZ]WO ZQ _TXP LYO ^[LNP _SP LW[SLMP_ ZQ _SP ?LY_]T^_^ OZP^ YZ_ RP_ _]LY^QZ]XPO Z] ^[WTY_P]PO M`_ MPNZXP^ XZ]P OPY^P LYO NZ][Z]LW% TY _SP bZ]WO ZQ _TXP LYO ^[LNP T_ wPXMZOTP^x _SP bSZWP _SL_ T_ NZY_LTY^ TY T_^ XZ^_ ^`M _WP ^_L_P L^ uZ]TRTYLW aZTOv Z] uZ]TRTYLW ^Z`YOv TY L XP]PWd aT]_`LW QZ]X BP SLaP _]LY^WL_PO -SL]_ŽSL]Tv^ ±LMOL-]LSXLY bT_S w.ZXX`YTNL_TaP -]LSXLYx Z] wNZXX`YTNL_TaP RWZMLW YP_bZ]V ZQ XPLYTYR^x -`_ LW^Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ L_]PdLÀ ²LMOL^Ž´¶T[]LV]Td£ z aL¶LMÅU£Y_L]RL_LaL¶LaŽV´ÅdL^¼V´XL]¼[L_`WdL²LMOL^Ž´¶T ^¼V´XL]¼[L²£WTYÅ  _]T[`]L^`YOL]dPaL _£OŽ²L^¼V´XL]¼[LaL__aL[]LaŽ__TYTXT__LVL[L]£ [LOLa£Nd£ g ^LTaL NL X£_T _L]L_T V£dL_Å_T NL ad`_[L__d£ X£_ŽVP_d `NdL_P g  AL]TaL^d£ =LSL^dL  ;]LV£²L  PO >L^_]T [ "

8LY_]L^ L^ .ZY_PX[WL_TaP 4Y^_]`XPY_^

" $

_SP ?LY_]TN LW[SLMP_ SL^ NZXX`YTNL_TaP L^[PN_^ LNNZ]OTYR _Z -SL^VL]£dLv^ P_dXZWZRd ^TYNP _SP LW[SLMP_ OZP^ YZ_ ZYWd wSZWO bT_STY T_^PWQx _SP bSZWP WLYR`LRP NZ^XZ^ TY L ^PPO QZ]X M`_ LW^Z wLWWZb^ _]LY^QP]x ZQ T_ MPNL`^P T_ NZY_LTY^ _SP XZ^_ ML^TN PWPXPY_^ ZQ WLYR`LRP LYO PaP]d QZ]X ZQ ^[PPNS 4Y T_^ ^`[]PXP QZ]X _SP LW[SLMP_ T^ _SP]PQZ]P ^PPY L^ _SP MW`P[]TY_ ZQ N]PL_TZY NZY_LTYTYR PaP]d_STYR TY L aT]_`LW QZ]X 1Z] _SP ^LXP ]PL^ZY T_ T^ LW^Z TOPY_TQTPO bT_S ?]T[`]L^`YOL]T _SP ^`[]PXP XZ_SP] ZQ _SP bZ]WO ?SP TXLRP ZQ _SP ^PPO T^ L QLaZ]T_P XP_L [SZ] QZ] OP^N]TMTYR aT]_`LWT_d ?SP OTQQP]PYNP MP_bPPY _ST^ w^`[]PXPx ^_LRP LYO -SL]_ŽSL]Tv^ w^PPTYRx ^_LRP T^ _SL_ TY -S£^VL]L]£dLv^ NL^P TY _SP w^PPTYRx WPaPW _SP WL_PY_ [Z_PY_TLWT_d ZQ _SP w^`[]PXPx WPaPW XZaP^ TY_Z L OdYLXTN Z] MP__P] _Z ^Ld L VTYP_TN ^_L_P% w,YO LW_SZ`RS ^SP F?]T[`]L^`YOL]¯H OZP^ YZ_ LN_`LWWd LW_P] _SP]P ^_TWW L]T^P^ _SP _PYOPYNd _ZbL]O^ N]PL_TZY ZQ L `YTaP]^P _SL_ T^ WL_PY_ TY SP]  >SP aTPb^ _SP _STYR^ _SL_ L]P _Z MP N]PL_PO QZ] _SP ]PaPWL_TZY ^Ld^ u4 bT^S _Z MP XLYd 4 bT^S _Z ]P[]ZO`NPv ,YO T_ T^ ^`NS L uaTPbTYRv Z] L ubT^STYRv ÅV´L©LX LWZYP _SL_ T^ _SP NL`^P ?SP]PQZ]P ZYP NLWW^ _SP RZOOP^^ TY _ST^ ^_L_P [L²dLY_Å  u_SP ZYP bSZ ^PP^vx $

,_ _ST^ WPaPW ZQ N]PL_TaP bTWW bSP]P WLYR`LRP _`]Y^ TY_Z MPNZXTYR PTRS_ PWPXPY_^ NLY MP OTQQP]PY_TL_PO LNNZ]OTYR _Z -S£^VL]L]£dL ?SP^P PWP XPY_^ L]P z L^ MPQZ]P z [`]P ±LV_T TP ^_TWW [`]P PYP]RTP^ Z] [Z_PY_TLWT _TP^ ?SPd L]P ]P[]P^PY_PO Md _SP PTRS_ WLYR`LRP RZOOP^^P^ ,NNZ]OTYR _Z _SP QLXTWTL] SZWT^_TN QZ]X`WL _SPd QZ]X L YTY_S PWPXPY_% LWW _SP PTRS_ RZOOP^^P^ _ZRP_SP] L^ ZYP bSZWP ?ST^ []TYNT[WP ZQ OTaTOTYR TY_Z PTRS_ T^ LW^Z QZ`YO L_ _SP wXTOOWPx XLOSdLX£ WPaPW ZQ WLYR`LRP NZ]]P^[ZYOTYR _Z _SZ`RS_ TXLRP^ LYO ^PY^Z]d LbL]PYP^^ Z] _Z bSL_ _SP XPOTPaLW 0`]Z[PLY [STWZ^Z[SP]^ NLWWPO _SP wTYYP] ^PY^P^x 3P]P WLYR`LRP T^ OTQQP]PY_TL_PO TY L ^P]TP^ ZQ ZY_TN NZYOPY^L_TZY^ $ L^ bP LW]PLOd ^Lb TY 7LV´XL©L /P²TVLv^ ²LV_T MTYO`Y£OL NZYNP[_% Q]ZX _SP wZ]TRTYLW aZTOx aTL _SP QW`c ZQ [`]P ^Z`YO bLaP^ LYO MTYO`WTRS_ _Z _SP w^PPO ^dWWLMWPx LYO _SP WTYR`T^_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ _L^d£À YT]aTV£]£d£XL[dLY£OT^TOOSL[]£©dLOŽ´¶LaL²£_ ^a£Y_Là^LÀSŽ_LaT²aL^T^ŽV´Z _[LOdL_P g _L_Là ^]L´¶LadL[LO£]_S£Y£WZNLdL_T z u_LOLTV´L_L MLS` ^d£À []LULdPdLv T_T ²]`_Pà g _£OŽ²LXÅV´L©LXPaL []LaŽ__TYTXT__ÅVŽ_dL _L^d£À [L²dLY_Å_T [LOLÀ []LaL]_L_P g ^LTaL NL [L²dLY_d£VSd£ X£_ŽV£ VL]L©L^L]L©T_L `__Å]©L_a£O`__Å]©P_d`NdL_P g  AL]TaL^d£=LSL^dL  ;]LV£²L  PO >L^_]T [ " $ ?SP QZWWZbTYR OT^N`^^TZY T^ ML^PO ZY% _LOLaLdLa£² NL a£X£OLdZ u´¶L` ²LV_LdZ uYdL_]L []L[LÓNT_£à g L_Là ^LTaL adL´¶T^LXL´¶TaP´P©L YLaLaTOS£ g _L_Z YLaL Y£O£ LaTVŽ_L²¼Yd£OLdZ U£_£à g _L_^LXL´¶T² NL Y£OLOSaLYd£OT[LOLa£Nd£ Y£_T^¼V´X£ [L]£aLY Y£_T^_S¼W£ aLTVSL]ÅaLO L_Z XLOSdLX£VSd£ X£_ŽV£ XLOSdLX£aLdLaL]¼[LX LaTVŽ_L²¼YdL^[L]²LY£OLOSaLYTMTYO`²LV_TMÅU£V´L]£VSdLÀ Y£OLYLaLVLÀ X¼W£ OS£]£OT´L¶VP Y£OP Y£O£Y_P M]LSXL]LYOS]P NL ^_ST_LX g YLaLMST] Y£OLT] LVLNL¶L_L[LdL²Lœ£VSdLaL]RLYLaLVLaL_Å aLTVSL]d£VSd£ X£_ŽV£ U£_£   AL]TaL^d£ =LSL^dL  ;]LV£²L  PO >L^_]T "

"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

uXZ][SZRPYP_TNv `YT_ w^dWWLMWPx LV´L]L L^ _SP NPY_]LW PWPXPY_ ZQ WLY R`LRP -`_ _ST^ T^ YZ_ dP_ L ^P]TP^ ZQ [Sd^TNLW ^Z`YO^ Z] TYOTaTO`LW [SZ YPXP^ z TY^_PLO T_ T^ LMZ`_ aL]TZ`^ OPR]PP^ ZQ TYOTaTO`L_TZY ,RLTY _SP YTY_S PWPXPY_ T^ _SP ^`X ZQ PTRS_ XPXMP]^ z RPYP]TNLWWd NLWWPO ^Z`YO Y£OL LYO YZ_P OSaLYT  ?ST^ WPaPW T^ LW^Z bSP]P _SP ^ZXL_TeL_TZY ZQ WLYR`LRP _LVP^ [WLNP ^TYNP _SP DZRTN NLV]L^ Q]ZX 8¼W£OS£]L TP _SP WZbP^_ NLV]L YPL] _SP RPYT_LW^ `[ _Z _SP w-]LSXLY RL_PbLdx ZQ _SP QZY_LYPWWP L]P LWWZNL_PO _Z _SP^P YTYP QZ]X^ ?SP WL^_ _]LY^QZ]XL_TZY ZQ _SP Y`XMP] YTYP _LVP^ [WLNP L_ _SP XL_P ]TLW WPaPW NZYN]P_TePO TY _SP L`OTMWP LW[SLMP_ bSTNS -S£^VL]L]£dL OT aTOP^ TY_Z YTYP R]Z`[^% aZbPW^ Q]ZX L R`__`]LW^ Q]ZX VL [LWL_LW^ Q]ZX NL WTYR`LW^ Q]ZX ¶L OPY_LW^ Q]ZX _L WLMTLW^ Q]ZX [L ^PXT aZbPW^ Q]ZX dL ^TMTWLY_^ Q]ZX ²L LYO ^[PNTLW ^Z`YO^ Q]ZX œL ?SP aLTVSL]Å ^_LRP ZQ PaP]dOLd WLYR`LRP T^ ML^PO ZY ^_]`N_`]PO ^Z`YO^ 3ZbPaP] _SP XLTY [ZTY_ TY -S£^VL]L]£dLv^ L]R`XPY_L_TZY T^ _SL_ LWW _SP []PNPOTYR WPaPW^ L]P ^_TWW TYSP]PY_ TY _SP [Sd^TNLW WLYR`LRP ^Z`YO^ _SL_ bP NLY L]_TN`WL_P LYO SPL] 1Z] LWW ^_LRP^ ZQ WLYR`LRP SP `^P^ _SP _P]X LW[SLMP_ LYO QZ] LWW OPR]PP^ ZQ TYOTaTO`L_TZY Q]ZX _SP ^`M_WP ^Z`YO bLaP^ bSTNS SP NLWW^ w[`]Px ^Z`YO `[ _Z _SP [Sd^TNLW LW[SLMP_ LYO PaP]OLd WLYR`LRP SP `^P^ _SP _P]X 9£OL ?ST^ T^ YZ_ _SZ`RS_WP^^YP^^ Z] NZYQ`^TZY M`_ LY L]R`XPY_ QZ] ST^ NZY_PX[WL_TaP []ZR]LX ?SP [P]QPN_ XPOT`X aTL bSTNS _SP []LN_T_TZYP] NLY RZ MLNV _Z _SP []PWTYR`T^_TN QZ]X ZQ WLYR`LRP z LYO _SP ^`[]PXP ^_L_P ZQ MPTYR Z] NZ^XTN NZY^NTZ`^ YP^^ z T^ [Sd^TNLW ^Z`YO Y£OL ?SP NZY_PX[WL_TZY ZQ ^Z`YO XLVP^ T_ [Z^^TMWP _Z Pc[P]TPYNP _SP Z]TRTYLW `YT_d ZQ WLYR`LRP LYO _ST^ T^ RTaPY L [STWZ^Z[STNLW QZ`YOL_TZY 0aP]d WP__P] NZY_LTY^ [`]P ^Z`YO MZ_S TY L _]LY^NPYOPY_LW QZ]X LYO L^ TXXLYPY_ ^`M^_LYNP% w,YO TY _ST^ bLd F_SP [`]P ^Z`YOH T^ FTP ]PXLTY^H bZaPY FTY_Z _SP WLY R`LRP ^Z`YO^H FBP NZXP _Z _ST^ NZYNW`^TZYH ZY _SP ZYP SLYO ZbTYR _Z F_SP PcT^_PYNPH ZQ _SP ^`MUPN_TaP [P]NP[_TZY LY`MSLaL ZQ L F[SZYP_TNH NSL]LN_P]T^_TN OSL]XLY LYO LY FLNZ`^_TNH NSL]LN_P]T^_TN FTY _SP ^LXP WLY R`LRP ^Z`YOH z L^ TQ TY _SP F]PNT_POH ^dWWLMWP wVLx _SP WP__P] 6 LYO FL_ _SP ^LXP _TXPH _SP YZ_P . FbP]P SPL]OH F,YO bP NZXP _Z _ST^ NZYNW`^TZYH ZY _SP Z_SP] SLYO ZbTYR _Z _SP ZM^P]aL_TZY _SL_ _SP ^`M^_LYNP F]PXLTY^ LW bLd^H bZaPY TY_Z T_^ PaZW`_P WTVP _SP NWLd TY L NWLd [Z_  ?ST^ XPLY^ _SL_ MP_bPPY _bZ WP__P]^ [`]P ^Z`YO PcT^_^ TY _SP ^LXP bLd L^ _SP ML]P _S]PLO MP_bPPY _SP [PL]W^ ZQ L ^_]TYR ZQ [PL]W^ BT_STY _SP WP__P]^ SZbPaP] T_ L[ [PL]^ YZ_ ZYWd WTVP _SP NWLd TY L NWLd [Z_ M`_ LW^Z z ^TYNP PaP]d WLYR`LRP ^Z`YO T^ TY T_^ _`]Y [`]P ^Z`YO L^ bPWW z WTVP _SP _S]PLO^ Q]ZX bSTNS L QLM ]TN T^ bZaPY TY _ST^ QLM]TN T_^PWQ 3P]P _SP ^TXTWP ZQ _SP ^_]TYR ZQ [PL]W^ YZ WZYRP] SZWO^ QZ] _SP _S]PLO TY _SP ^_]TYR ZQ [PL]W^ T_^PWQ T^ YZ_ L [PL]Wx $!

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! F aLTVSL]d£VSd£ X£_ŽV£ U£_£ aLT YT²NLdPYL ^[L´¶L_L]L_a£_ VSLÀ VL]©LaTaL]LaL]_TYLMSZ]¼[L²]Z_PYO]TdLÀ ]£_T RLNNSL_TH _LUULYdLUÓ£YLaT´LdZ MSLaL_¯_T ad`_[L__P]T_d£OdLYdL_Z aT^_L]Là g PaLÀ NL VLV£]£OL` VL_a£OTaL]©LOSL]X£©£À

8LY_]L^ L^ .ZY_PX[WL_TaP 4Y^_]`XPY_^

"!

:Y _SP ZYP SLYO [Sd^TNLW [`]P ^Z`YO ^Z`YO bLaP^ T^ _SP XL_P]TLW ZQ _SP WLYR`LRP ^Z`YO^ U`^_ L^ NWLd T^ _SP XL_P]TLW ZQ L NWLd [Z_ BT_SZ`_ NWLd _SP]P bZ`WO MP YZ NWLd [Z_& bT_SZ`_ [Sd^TNLW ^Z`YO _SP]P L]P YZ WLYR`LRP ^Z`YO^ ,_ _SP ^LXP _TXP SZbPaP] [Sd^TNLW ^Z`YO bLaP^ L]P LW^Z bSL_ RTaP^ WP__P]^ _SPT] ^_]`N_`]P^ LYO QZ]X U`^_ L^ _SP _S]PLO XLVP^ _SP [PL]W^ TY_Z L NSLTY 3ZbPaP] _SL_ bSTNS ^P[L]L_P^ _SP [PL]W^ Q]ZX ZYP LYZ_SP] T^ YZ_ L [PL]W T_^PWQ ?SP ^T_`L_TZY T^ OTQQP]PY_ bT_S ^Z`YO^% _SP TYOTaTO`LW ^Z`YO [SPYZXPYL LN\`T]P _SPT] ^_]`N_`]P^ ZYWd TY ]PWL_TZY _Z _SP NZY_TY``X ZQ LWW ^Z`YO^ ?SP PY_T]P ^Z`YO NZ^XZ^ T^ MZ_S L ^ZYTN bSZWP ^LXL´¶T LYO L NZWWPN_TZY ZQ TYOTaTO`LW ^Z`YO^ adL´¶T  8POT_L_TZY ZY _SP QTQ_PPY^dWWLMWPO ±]ÅaTOd£ XLY_]L LN_`LWWd NZY ^T^_^ ZYWd ZQ _SP NZY_PX[WL_TaP ]PLWTeL_TZY ZQ _ST^ [STWZ^Z[STNLW TY^TRS_% w?SP WP__P]^ ^SZ`WO MP PYaT^LRPO ZY _Z[ ZQ ZYP LYZ_SP] TY _SP MZOd _S]PLOPO WTVP [PL]W^ ZY L ^_]TYR ,YO ZYP ^SZ`WO TXLRTYP _SL_ _SP ^Z`YO Y£OL _SL_ ]T^P^ Z`_ ZQ _SP 8¼W£OS£]L T^ FTXXLYPY_H TY _SP WP__P]^ WTVP _SP _S]PLO FTY L QLM]TNHx $"

-S£^VL]L]£dL YLXP^ ^PaP]LW XLY_]L PcP]NT^P^ "z  QZ] N]PL_TYR _ST^ Pc[P]TXPY_LW VYZbWPORP bSTNS L]P NLWWPO w^ZW^_TNP^x aT´`aL_  ?SP NdNWP^ TY _SP MZOd ^[LNP ^`NS L^ M]PL_S^ YP]aP TX[`W^P^ Y£“T LYO LN_TaT_d ZQ _SP YP]aZ`^ NPY_P]^ NLV]L ^SZ`WO MP `YT_PO bT_S _SP ]PNT_PO XLY_]L LYO T_^ WP__P]^ Md XPLY^ ZQ ]P^ZYL_TZY ?SP MP^_ PcP]NT^P SZbPaP] T^ _Z Pc[P]TPYNP LWW XLY_]L WP__P]^ _S`^ TYNZ][Z]L_PO LYO WT_P] LWWd PXMZOTPO LYO LW^Z _SP MZOd T_^PWQ L^ [`]P ^Z`YO ?SP _]LY^QZ]XL _TZY ZQ _SP bSZWP MZOd TY_Z L ]P^ZYLY_ XLY_]L Z] w^Z`YOTYRMZL]Ox T^ LNNZ]OTYR _Z -S£^VL]L]£dL _SP RL_PbLd QZ] _]LY^NPYOTYR _SP Z]OTYL]d S`XLY WTXT_^ LYO QTYOTYR _SP ^PN]P_ ZQ NZ^XTN NZY^NTZ`^YP^^% w4Q _SP TYOTaTO`LW ^dWWLMWP^ ZQ _SP ±]ÅaTOd£ Q]ZX _SP WZbP^_ NLV]L LV`WL _Z _SP _SZ`^LYO[P_LWPO WZ_`^ `YXLY£  LYO Q]ZX _SP WP__P] uVLv _Z _SP XZ^_ ^`M_WP Y£OL `YXLY£  L]P LWW F[]P^PY_H QZ] _SP bSZWP O`]L_TZY ZQ  XTWWT^PNZYO^ $# FLYO ZYPH L]_TN`WL_P^ F_SPX ZYWdH L^ F[`]PH

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ´L“U£OTOSaLYTOSL]X£©£À N£Y`MS¼dL_a£_ [L]T©£XP [L]T©£XTYZ uY`^d¼_L_£d£ XŽORSL¶P OL]²LY£N NL aL]©P´` Y£OZ uY`^d¼_Là g  LdLÀ MS£aLà z OaLdZ] aL]©LdZ] XLOSdL MS£RP XL©TOaLdLXLOSdLMS£RL^_SL²`OOSL^¼_]LaLNNS`OOSLY£OL^dL MS£YLX aL]©L ²L]Å]£Y_L]MS£RP _` [L¶£MSPOPYL ^LÀaLWT_L_LY_`aLORSL¶£Y_L]XŽOaLNNL _L_ _LOaL]©£MSPOPYLTaL Y£OL^dL MS£YLX YL [`YL^ _L_]L XL©dLY_L]RL_L^¼_]LOŽ´¶£Y_Là _L^dL XL©T_Z u_dLY_LMSTYYL_a£O T_T gg AL]TaL^d£=LSL^dL  ;]LV£²L  [ " $" X£W£XL©TaLO aL]©£à V]LXP©L MS£ad£ `[L]d`[L]T gg £OS£]Z__ST_LY£OZ R`©L TaL [L]TMS£_T aL]©LXLOSdLRL_Là g AL]TaL^d£=LSL^dL Mz L $# 4Y _SP Z]TRTYLW% " _]`¶T^ ( _S^ ZQ L ^PNZYO LYO _S]PP LYO L SLWQ YTXP´L^ ( " _S^ ZQ L ^PNZYO

"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

^Z`YO Y£OL  TY _SP PYO ZYP bTWW Pc[P]TPYNP _]`_S ,YO _ST^ T^ _SP STOOPY _]PL^`]P ZQ _SP XLYTQP^_L_TZY ZQ _SP NZ^XTN NZY^NTZ`^YP^^x $$

#

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

-S£^VL]L]£dLv^ ±]ÅaTOd£ [STWZ^Z[Sd ZQ WLYR`LRP bT_S T_^ QZ`] WLYR`LRP WPaPW^ O]Lb^ ZY L NPY_`]TP^ZWO _]LOT_TZY WTYVPO YZ_ ZYWd bT_S _SP YLXP ZQ -SL]_ŽSL]T M`_ PaPY XZ]P ^_]ZYRWd bT_S _SP YLXP ZQ ,MSTYLaLR`[_L ,MSTYLaLR`[_L _S_S NPY_ T^ _SP XZ^_ QLXZ`^ [STWZ^Z[SP] ZQ 6L^SXT] LYO TY ^ZXP bLd^ SP T^ LW^Z `YT\`P TY _SP 4YOTLY ST^_Z]d ZQ [STWZ^Z[Sd  6L^SXT]T OP[TN_TZY^ aT^`LWTeP ST^ Z`_^_LYOTYR \`LWT_TP^ LYO L_ _SP ^LXP _TXP _SP LRPYOL MPSTYO _SP ^NSZZW ZQ 6L^SXT]±LTaT^X ±TaLT^X% _SL_ SP ^_L]_PO  :Y L QLXZ`^ XTYTL_`]P [LTY_TYR _SP XL^_P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ ²]ÅaTOd£V¼¶£aLdLaP´` VLV£]£OT´¼YXLY£Y_P´` gg LV`W£OTVZYXLY£Y_L[]LOP²L^LÀ^_SP´` ^LVLWP´` g LOSd`´¶LYTXP´Z__L]L^L[_LOL²£OSTVL^L_L_]LdL_]`¶TMSTà gg `NNL]T_P Y£OP ^L_T _L^d£Y_P _L__aLaPOLYLÀ MSLaL_T g _LOTOLÀ NLT_LYd£MSTadLV_TYTO£YLÀ _` _L__aLaT´`a£V SdLX gg  AL]TaL^d£=LSL^dL $z  >PP LW^Z _SP NZXXPY_L]d ;]LV£²L PO >L^_]T  bSTNS RWZ^^P^ _SP QTYLW LNSTPaP XPY_ bT_S w_L__aL^dL ^LÀaTO LMSPOL^dLx  ?SP ^Z[ST^_TNL_PO YZYO`LW [STWZ^Z[Sd ZQ ,MSTYLaLR`[_L LYO ST^ ^NSZZW VYZbY L^ 6L^SXT] ±LTaT^X OPaPWZ[PO Z`_^TOP _SP ]LYRP ZQ _SP Z]_SZOZc ^NSZZW^ ZQ 4YOTLY [ST WZ^Z[Sd LYO bL^ WT__WP VYZbY `Y_TW _SP [TZYPP]TYR ]P^PL]NS NZYO`N_PO ^TYNP _SP $"^% ^PP =LYTP]Z 2YZWT 7`NP OPWWP >LN]P >N]T__`]P OT ,MSTYLaLR`[_L ?Z]TYZ% @Y TZYP ?T[ZR]LQTNZ $"& /dNeVZb^VT .LYZY & z /ZN_]TYP ZQ ATM]L_TZY & z >_LYeL^ ZQ ATM]L_TZY & _SP L]_TNWP^ ZQ >LYOP]^ZY Z[ NT_ LYO ST^ w,MSTYLaLR`[_Lx TY _SP 0YNd NWZ[POTL ZQ =PWTRTZY & 9LaUTaLY =L^_ZRT ?SP 6]LXL ?]LOT_TZY ZQ 6L^SXT]% 3T^_Z]TNLW LYO 2PYP]LW >Z`]NP^ aZW  /PWST% 8Z_TWLW -LYL]^TOL^^ $"$ ]P[] $$!& z 4Y_]Z O`N_TZY _Z ?LY_]£WZVL% , >_`Od TY >_]`N_`]P /PWST% 8Z_TWLW $#"& ;L`W 0O`L]OZ 8`WWP]:]_PRL ?SP ?]TLOTN SPL]_ ZQ ±TaL% 6L`WL ?LY_]TNT^X ZQ ,MSTYLaLR`[_L LYO YZYO`LW >SLTaT^X ZQ 6L^SXT] ,WMLYd% >@9D $#$& /PWST% >L_R`]` ;`MWTNL_TZY^ $$"& -P__TYL -Æ`XP] ,MSTYLaLR`[_L% BPRP TY^ 7TNS_% ?Pc_P OP^ _LY_]T^NSPY ±T aLT^X`^ L`^ 6L^NSXT] EÞ]TNS% -PYeTRP] $$& z ?]TVL% 2]`YO_SPXPY OP^ VL^NSXT ]T^NSPY ±TaLT^X`^ ATPYYL% ?d]ZWTL   4Y bSL_ T^ NLWWPO _SP 6L^SXT] ±LTaT^X OTQQP]PY_ R]Z`[^ TP ]T_`LW LYO [STWZ^Z[STNLW ^NSZZW^ _SP QZWWZbTYR L]P Q`^PO% ?]TVL 6L`WL 6]LXL LYO ;]L_dLMSTUÓ£ [STWZ^Z[Sd ]PNZRYT_TZY _SPZ]d ?ST^ TY_PR]L_TZY ZQ _]LOT_TZY^ ^ZXP ZQ bSTNS QLaZ] aL^_Wd `YZ] _SZOZc ]T_P^ bL^ M]Z`RS_ LMZ`_ Md ,MSTYLaLR`[_L LYO ST^ ^NSZZW BSL_ bP NLWW 6L`WL T^ TY QLN_ LY Z^XZ^T^ ZQ 6L`WL LYO ?]TVL LYO L ]PQTYPXPY_ ZQ PL]WTP] ?LY_]L LNSTPaPO Md L []ZYZ`YNPO QZN`^ ZY TY_P]TZ] []ZNP^^P^ LYO RYZ^T^ 4Y NZY_]L^_ _Z _SP L^^TXTWL_TZY ZQ _SP PL]Wd ¢RLXL ±LTaT^X TY_Z _SP ;£YNL]£_]L _SP TOPY_TNLW `^P ZQ _SP _P]X^ ?LY_]L ¢RLXL >LÀST_£  LYO -`OOST^_3TYO` ^dYN]P_T^X QZ`YO TY _SP -S¼_L £XL]L P_N _SP R]PL_ ^dY_SP^T^ ZQ _SP 6L^SXT]T^ bL^ XLdMP _SP QT]^_ TY^_LYNP TY ST^ _Z]d _SL_ OPWTMP]L_PWd _]LY^QZ]X^ _SP NZWWPN_TaP _P]X ?LY_]L z OPYZ_TYR XLYd OTQQP]PY_ ^d^_PX^ z TY_Z L ^TYR`WL] `YT_ NLWWPO 3TYO` ?LY_]L Z] 3TYO` ?LY_]T^X 4Y ,MST YLaLR`[_Lv^ [P]^[PN_TaP SZbPaP] T_ T^ L `YT_ TYaZWaTYR L R]LOPO STP]L]NSd% X`NS WTVP _SP -SLT]LaL?LY_]L^ LYO D£XLWL^ SP NZY^TOP]^ ±LTaL >TOOS£Y_L L^ L WZbP] R]LOP ZQ

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"!

^T_^ N]Z^^WPRRPO `[ZY L _S]ZYP ZY L [POP^_LW 3T^ WPQ_ SLYO ]P^_^ ZY _SP Q]P_MZL]O ZQ L A¯©£ LYO SP T^ NZ`Y_TYR L ]Z^L]d bT_S ST^ ]TRS_ SLYO BSTWP _SP [STWZ^Z[SP] STX^PWQ T^ ]P[]P^PY_PO L^ L XPXMP] ZQ L STRS NL^_P L RPY`TYP 6L^SXT]T bT_S aP]d [LWP ^VTY LYO L MPL]O ST^ L`OTPYNP L[[L]PY_Wd NZXP^ Q]ZX XLYd OTQQP]PY_ ]PRTZY^ ZQ 4YOTL LYO Q]ZX LWW ^ZNTLW ^_]L_L% X`^TNTLY^ XZYV^ LYO PaPY L QPXLWP OLYNP] L]P LXZYR ST^ [`[TW^ 8PY LYO bZXPY ZQ LWW ]LNP^ XLVP `[ _SP L__PY_TaP L`OTPYNP AL]TZ`^ ]PWTRTZY^ L]P ]P[]P^PY_PO% L ±LTaL L^NP_TN ^T_^ YPc_ _Z L >Z`_S P]Y 4YOTLY -]LSXLY 4_ T^ `Y`^`LW QZ] _SP 4YOTLY TOPLW ZQ [`]PWd Z]LW _]LY^XT^^TZY ZQ _SP XL_P]TLW _Z MP WPL]YPO _SL_ _bZ ^_`OPY_^ L]P M`^TWd LN_TYR L^ ^_PYZR]L[SP]^ b]T_TYR OZbY PaP]d bZ]O _SL_ QLWW^ Q]ZX _SP XL^_P]v^ XZ`_S >ZXP_STYR _SL_ T^ YZ_ ZYWd `Y`^`LW M`_ _ZOLd \`T_P TX[Z^^TMWP MPNL`^P T_ T^ ]PRL]OPO L^ TYOPNPY_ T^ _SP XLYYP] TY bSTNS _SP QPXLWP XPXMP]^ ZQ _SP L`OTPYNP L]P O]P^^PO >PaP]LW bZXPY L]P bPL]TYR ZQQ _SP ^SZ`WOP] QTR`]PS`RRTYR O]P^^P^ 4_ T^ NWPL] bSL_ _SP [TN_`]P T^ _]dTYR _Z ^Ld% _SP]P L]P YZ P_SYTN Z] RPYOP]]PWL_PO ]P^_]TN_TZY^ TY _ST^ ^d^_PX 0aPY _ZOLd 6L^SXT]±LTaT^X _LVP^ []TOP TY _SP QLN_ _SL_ TY _SP^P [ZTY_^ T_ OPaTL_P^ Q]ZX _SP APO£Y_L LYO _ST^ []TOP QTWW^ _SP NZY_PX[Z]L]d ^[T]T_`LW _PLNSP] 7LV^SXLY 5PP _ZZ% w4Y QLN_ ±LÀVL]£]£N£]dL SZWO^ _SL_ APO£Y_L T^ XPLY_ QZ] ^LÀYd£^TY^ LYO YZ_ Z_SP]^ 1]ZX _SP APO£Y_TN [ZTY_ ZQ aTPb bZXPY LYO Z_SP] NL^_P^ L]P YZ_ LWWZbPO _Z []LN_TNP _SP APO£Y_TN ^d^_PX ?ST^ aTPb SZbPaP] T^ YZ_ ]PNZRYTePO Md Z`] 6L^SXT] >SLTaT^X 6L^SXT] >SLTaT^X _PLNSP^ _SL_ _ST^ XZYT^_TN _SZ`RS_ NLY MP []LN_TNPO Md LYdZYP XLY Z] bZXLY bT_SZ`_ ]P ^_]TN_TZY ZQ NL^_P N]PPO Z] NZWZ] 4Y QLN_ Z`] >SLTaT^X _PLNSP^ `^ _SL_ _ST^ _SZ`RS_ NLY MP []LN_TNPO XZ]P Q]`T_Q`WWd Md bZXPY _SLY Md XPYx 

8LdMP T_ bL^ []PNT^PWd _ST^ []ZYZ`YNPO uTYOPNPYNdv TY T^^`P^ ZQ NL^_P LYO QLT_S _SL_ _`]YPO ,MSTYLaLR`[_L TY_Z L ^[PNTLW YZY[P]^ZY TY _SP Z]_SZOZc APO£Y_TN XTWTP` ZQ >Z`_SP]Y 4YOTL LYO M]Z`RS_ STX L ]P[`_L _TZY L^ L MWLNV XLRTNTLY ,NNZ]OTYR _Z WPRPYO bT_S ST^ OL]V ^[PWW^ SP PaPY SLO L OPNT^TaP SLYO TY ±L«VL]Lv^ `Y_TXPWd OPL_S z L^ ]PaPYRP QZ] LY TRYZXTYTZ`^ OPQPL_ TY L WPL]YPO OT^[`_P BT_S LWW ]P^[PN_ QZ] _SP >Z`_SP]Y 4YOTLY ±L«VL]L _]LOT_TZY T_ X`^_ SZbPaP] MP PX[SL^TePO _SL_ _ST^ YPRL_TaP NWTNSË T^ Pc_]PXPWd QL]QP_NSPO ,MSTYLaLR`[_Lv^ ^PWQ ]P[]P^PY_L_TZY T^ \`T_P OTQQP]PY_ LYO XZ]P N]POTMWP 4Y _SP RZZO XLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ?LY_]L -`_ OPQTYT_PWd _SP]P T^ L NZY^NTZ`^ L__PX[_ _Z TY_PR]L_P wWPQ_SLYOPOx LYO w]TRS_SLYOPOx ^_]LYO^ 4Y ST^ ?LY_]£WZVL "! ,MSTYLaLR`[_L [Z^_`WL_P^% w?SP P^ ^PYNP ZQ LWW _SP ?LY_]L^ []P^PY_ TY _SP ]TRS_ LYO WPQ_ _]LOT_TZY^ bSTNS SL^ MPPY `YT QTPO TY 6L`WL FT^ _Z MP OT^NZaP]POH TY _SP ?]TVLx _]LY^W ;LOZ`c A£N  #Y @]MLY  ?LY_]L   bSZ \`Z_P^ _ST^ [L^^LRP ZM^P]aP^% w?ST^ T^ [P]SL[^ _SP NWZ^P^_ bP NZXP L_ LY TOPL ZQ u?LY_]Lv L^ L ^TYR`WL] NZX[]PSPY^TaP NL_PRZ]d _SL_ PXM]LNP^ XZ^_ ZQ _SP _]LOT_TZY^ _SL_ bP YZb TOPY_TQd Md _SP _P]Xx  7LV^SXLY 5PP 6L^SXT] >SLTaT^X% ?SP >PN]P_ >`[]PXP  /PWST% >L_R`]` ;`MWTNL_TZY^ $## "

"!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

YP] ZQ _SP ?LY_]L ZQ _SP 6L`WL^ SP NLY L[[]PNTL_P z TY _SP ]T_`LW NZY_Pc_ z L RZZO bTYP LYO L []P__d RT]W O¼_¯  bSTNS ZQ NZ`]^P T^ PYZ`RS _Z SZ]]TQd LY Z]_SZOZc 3TYO` M`_ WTVP XZ^_ wWPQ_SLYOPOx ?LY_]TN^ SP _Z_LWWd ]PUPN_^ MWLNV XLRTN ?SP ?LY_]T^X ZQ _SP 6L`WL^ T^ L _PLNSTYR ZQ OPWTaP]LYNP 8LRTN ]T_P^ L]P YPaP] `^PO QZ] [P]^ZYLW RLTY ,W_SZ`RS _SP 6L`WL^ ^PP _SPX^PWaP^ TY _SP _]LOT_TZY ZQ _SP PL]Wd >TOOSL ?LY_]TN^ z bSZ bP]P YZ_ LaP]^P _Z NZYU`]TYR `[ RZWO OTYL]^ LYO [ZbP] ZaP] LWW NZYNPTaLMWP ^[T]T_^ z M`_ L^ [SPYZ_d[P^ _SPd SLaP aP]d WT__WP _Z OZ bT_S _SPX  4Q bP WZZV L_ ^ZXP ZQ _SP _T_WP^ Q]ZX ,MST YLaLR`[_Lv^ WTM]L]d z ^`NS L^ wBT_NSv^ SPL]_ ?LY_]Lx w-PSPLOTYR ?LY _]Lx LYO w9TRS_bLWVP] ?LY_]Lx z T_ ^Z`YO^ L^ _SZ`RS bP SLaP YZb QT YLWWd ]PLNSPO _SP WT_P]L]d ^Z`]NP^ ZQ _SP RZ]P LYO M`_NSP]d TY _SP APO£Y_TN [WLd M`_ _SP OP^T]P QZ] ^PY^L_TZY T^ YZ_ Q`WQTWWPO 1`WW ZQ OT^ L[[ZTY_XPY_ bP bTWW QTYO _SL_ ZY [LRP `[ZY [LRP _SP]P T^ YZ_STYR M`_ ]PNZRYT_TZY _SPZ]d LYO ]T_`LW OTLR]LX^ TP _SP YZ]XLW ^_`QQ ZQ LWW XLUZ] ?LY_]L bZ]V^ >Z bSd OZ _SP WTMP]LW LYO _ZWP]LY_ 6L^SXT]T^ [`][Z^PWd M`TWO `[ LY uTXLRP ZQ SZ]]Z]v ZQ _SPX^PWaP^* ?ST^ NLY LN_`LWWd ZYWd MP Pc[WLTYPO TY _SP 4YOTLY ^P__TYR ?SP 6L^SXT]T^ `^P _SP /]LN`WLWTVP NWTNSË^ ZY [`][Z^P _Z OTQQP]PY_TL_P _SPX^PWaP^ Q]ZX _SP >Z`_SP]Y 4YOTLY ,OaLT_LAPO£Y_L _]LOT_TZY bSTNS _SPd LNN`^P ZQ MPTYR TYNZY^T^_PY_ 4_ T^ _]`P _SL_ _SP w_L_ _aLX L^Tx T^ _L`RS_ _SP]P M`_ _SPY NZXP^ _SP -]LS XLYTN ]P^P]aL_TZY _ZbL]O^ _SP .L©“£WL^ bSZ MPWZYR _Z L WZbP] NL^_P LYO TYNW`OP ^`NS ZNN`[L_TZY^ L^ N]PXL_Z]^ LYO ]`MMT^S NZWWPN_Z]^ LYO PaP]d_STYR PW^P _SL_ ^XPWW^ ZQ RL]WTN ZYTZY^ Z] Z_SP] ]Z__PY LYO NZY _LXTYL_TYR ^`M^_LYNP^ :YP T^ TOPY_TNLW _Z _SP `YTaP]^P M`_ L -]LSXLYT NLWWd ^ZNTLWTePO >Z`_SP]Y 4YOTLY XPYOTNLY_ XZYV bZ`WO ]L_SP] YZ_ SLaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :Y _SP OPNT^TaP ST^_Z]TNLW ^STQ_^ M]Z`RS_ LMZ`_ bT_STY SP_P]ZOZc R]Z`[^ Md _SP 6L^S XT]T [STWZ^Z[SP] ,MSTYLaLR`[_L LYO ST^ ^NSZZW ^PP LW^Z >LYOP]^ZY w;`]T_d LYO [ZbP] LXZYR _SP -]LSXTY^ ZQ 6L^SXT]&x w6]LXL ±LTaT^X&x w?]TVL ±LTaT^X&x w±LTa T^X TY 6L^SXT]&x w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY&x w8PLYTYR TY ?LY_]TN =T_`LWx ?SP ^STQ_ Z`_WTYPO Md >LYOP]^ZY SL^ MPPY ^_]ZYRWd PX[SL^TePO Md BST_P 6T^^ ZQ _SP DZRTY¯  Z[ NT_  $z "& w?]LY^QZ]XL_TZY^ TY _SP ,]_ ZQ 7ZaP% 6£XLVLW£ ;]LN _TNP^ TY 3TYO` ?LY_]TN LYO 6L`WL ?]LOT_TZY^x 3T^_Z]d ZQ =PWTRTZY^ # $$# "z $# BP LR]PP bT_S BST_P _SL_ ,MSTYLaLR`[_Lv^ 6L`WL ?LY_]L []P^`[[Z^P^ LY `]MLY N`W_`]P& bP NLYYZ_ NZYN`] SZbPaP] TY ]PRL]OTYR ,MSTYLaLR`[_L L^ L wNZYQZ]XT^_x bSZ wTY_P]YLWTePOx wLP^_SP_TNTePOx LYO wMZbOWP]TePOx _SP ?LY_]L Md ]PXZaTYR PaP]d _STYR bSL_ bZ`WO SLaP MPPY _ZZ ^SZNVTYR LYO [P]aP]^P _Z L ]PQTYPO `]MLY ^ZNTP_d BST_P 6T^^ ZQ _SP DZRTY¯  # Q  #Q $!QQ  " ?ST^ XLd MP WL]RPWd _]`P QZ] _SP >Z`_SP]Y ±]¯aTOd£ M`_ QZ] ,MSTYLaLR`[_L ]L_SP] _SP Z[[Z^T_P T^ _SP NL^P% _SP aP]d N]d[_TN LYL]NSTN NSL[_P] $ ZQ ST^ ?LY_]£WZVL /S¼_TN£]dL LYO TY [L]_TN`WL] _SP [L^^LRP^ $QQ ^PPX _Z STY_ L_ TYNP^_`Z`^ ]T_`LW LN_^ bSTNS bZ`WO MP aT]_`LWWd TY_ZWP]LMWP TY L aTWWLRP NZY_Pc_ >`NS ]T_P^ ]L_SP] []P^`[[Z^P L XZ]P LYZYdXZ`^ `]MLY NZY_Pc_ LYO L N`W_`]LW PWT_P bSZ NLY NZ[P bT_S _SPX 7L_P] 6L`WL ?LY_]L _SL_ LNNP[_^ ^`M^_T_`_P^ T^ OTQQP]PY_ LYO bL^ XZ]P L[_ _Z MP TYNZ][Z]L_PO TY_Z aTWWLRP NZY_Pc_^ LRLTY

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"!

LYd_STYR _Z OZ bT_S ^`NS ]PaZW_TYR OPXZYTN _STYR^ LYO [P]^ZY^ ?SP PXP]RPYNP ZQ z Z] ^[PNTLW L__PY_TZY _Z z _SP LY_TYZXTN >TOOSL DZRT bSZ SL^ YZ_STYR LRLTY^_ _LVTYR L [`YRPY_ XPLW bT_S _SP WZNLW ZR]P ^[T]T_  ^SZ`WO MP ^PPY L^ L NZY^NTZ`^ ]PWTRTZ`^ LY_T_d[P bSTNS _SP WPL]YPO wWPQ_SLYOPOx `^P _Z OZN`XPY_ _SPT] ZbY ]LOTNLWWd ,OaLT_T^_TN aTPb^ LYO _Z []ZXZ_P _SPT] NZY^T^_PY_ ]P^T^_LYNP _Z _SP R]PL_ OPT_TP^ _SL_ L]P ^XZ_SP]PO Md -]LSXLYTN TOPL^ ZQ [`]T_d ?Z MP QLT] ZYP ^SZ`WO ]PXPX MP] _SL_ _SP >Z`_SP]Y 4YOTLY^ LW^Z ]PNZRYTeP _SP []ZMWPX ZQ _SP NZY_]L OTN_TZY MP_bPPY _SPZ]d LYO []LN_TNP ?SPT] QLXZ`^ _Pc_^ N]T_TNTeTYR _SPT] ZbY TYNZY^T^_PYNd Q]ZX LY TY_P]YLW -]LSXLYTN ^_LYO[ZTY_ TYNW`OP ^`NS b]T_TYR^ L^ _SP 8LYÅ´£;LÓNLVLX  bSTNS T^ ML^PO ZY L .L©“£WL [L^ ^LRP TY _SP ±L«VL]L SLRTZR]L[STP^ LWZYR^TOP WPRPYO^ TY bSTNS _SP /L_ _L_]PdL QZ]X ZQ ±TaL L[[PL]^ L^ L MZ__WP ZQ WT\`Z] Z] L NZ[`WL_TYR .L©“£WL -`_ `W_TXL_PWd _SP >Z`_SP]Y 4YOTLY -]LSXTY^ bP]P ^Z _TPO TY_Z _SP NZY^_]LTY_^ ZQ _SP NL^_P ^d^_PX bT_S T_^ ]`WP^ NZYNP]YTYR QZZO LYO [`]T_d _SL_ PaPY _SP [ZbP]Q`W ±L«VL]L TOPZWZRd bL^ YZ_ LMWP _Z ]PQZ]X ^ZNTP_d TY _ST^ ]PRL]O ?SP QL] 9Z]_S ZQ 4YOTL SL^ YPaP] SLO ^`NS ^_]TN_ NZXXLYOXPY_^ LYO ^Z 7LV^SXLY 5PP SL^ RZZO ]PL^ZY _Z WL`RS bSPY SP _LVP^ L [Z_ ^SZ_ L_ >Z`_SP]Y 4YOTLY ,OaLT_T^X QZ] MPTYR L]NS NZY^P]aL_TaP LYO PWT_T^_ , NWZ^P] WZZV L_ _SP SP_P]ZOZc []LN_T_TZYP]^ ZQ _SP 6L`WL^ ]PaPLW^ _SL_ _SPd L]P YZ_ ^Z SP_P]ZOZc LQ_P] LWW ,WNZSZWTN LYO ^Pc`LW wPcNP^^P^x TY_PYO U`^_ _SP ^LXP L^ _SP A¯©£ WLTO L_ _SP _PLNSP]v^ ^TOP TY _SP 6L^S XT]T XTYTL_`]P 8PL^`]P^ _Z TYO`NP _]LYNP LYO ]PXZaP TYSTMT_TZY^ L]P TY_PYOPO _Z SPW[ _SP `^P] MPNZXP w-SLT]LaLx z bSTNS TY _ST^ NZY_Pc_ XPLY^ MPNZXTYR L _Z_LWWd L`_ZYZXZ`^ [P]^ZYLWT_d LN_TYR ^[ZY_LYPZ`^Wd LYO N]PL_TaPWd ZQ T_^ ZbY LNNZ]O 1Z] ,MSTYLaLR`[_L -SLT]LaL T^ YZ_ ^Z X`NS L bTWO ]ZL]TYR ^V`WWNL]]dTYR RZO L^ L ^_L_P ZQ NZY^NTZ`^YP^^ _SL_ T^ PN^_L_TN ]L[_`]P Q]PPOZX LYO ^PWQQZ]RP_Q`WYP^^ ./   ?SP 6L^SXT]T [STWZ^Z[SP] MPWZYR^ _Z _SP ^LXP ^NSZZW L^ _SP WL_P] 6`W£]©LaL?LY_]L  bSTNS NZY_LTY^ _SP QZWWZbTYR [L^^LRP% w?SPd ]PUZTNP Pc[P]TPYNP _SP R]PL_P^_ OPWTRS_^ LYO uQWdv LYO _SPT] VYZbW PORP R]Zb^ ?SPd [WLd QW`_P^ LYO AÅ©£^ LYO b]T_P aP]^P^ ?SPd bPP[ LYO ^[PLV bT_S ZYP LYZ_SP] QLWW OZbY LYO ^_LYO `[ LRLTY ?SPd dLbY LYO ^`O OPYWd WPLaP ?SP^P _]LY^QZ]XL_TZY^ L]P _SPT] dZRL 4Y _ST^ NT]NWP _SP O]`YV

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1Z] PcLX[WP _SP]P L]P ]P[Z]_^ ZQ 8L_^dPYO]L _SP R]PL_ >TOOSL SZWd XLY PL_TYR L bSZWP ^LNVQ`W ZQ ZYTZY^ PaP]d OLd  ?ST^ [STWZ^Z[STNLW SdXY LMZ`_ YZYO`LW VYZbWPORP NZY_LTY^ TY aP]^P^  LYO  _SP ]PQ]LTY w MP SP LY Z`_NL^_ Z] L _bTNPMZ]Y SP T^ Xd _PLNSP]x =ZMP]_ 0]bTY 2`^^ YP] 3dXY^ ZQ ;]LT^P% , _Pc_`LWN]T_TNLW LYLWd^T^ ZQ ^PWPN_PO APOLY_TN ^_Z_]L^ L__]TM `_PO _Z ±L«VL]L bT_S ]PQP]PYNP _Z _SP \`P^_TZY ZQ L`_SPY_TNT_d  aZW  ;S/ OT^^P]_L _TZY .LXM]TORP 8L^^% 3L]aL]O @YTaP]^T_d $" 

"!!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

PYWd ^_LRRP]TYR SP]ZTN DZRTY^ LYO DZRTY¯^ OZ bSL_PaP] ZNN`]^ _Z _SPXx !

?ST^ `YNZZ]OTYL_PO NSLZ_TN MPSLaTZ] T^ `YOP]^_ZZO SP]P L^ L ^TRY ZQ ±TaLv^ L`_ZYZXd ?SP PN^_L^d _SL_ NZXP^ Q]ZX LWNZSZW LYO ]T_`LW ^Pc T^ TY_PYOPO _Z XLVP _SP []LN_T_TZYP]^ QZ]RP_ _SPT] bZ]WOWd PcT^_PYNP NZX [WP_PWd 4Y L 6L`WL ]T_`LW _SP PL]_SWd [P]^ZYLWT_d T^ ]P[WLNPO Md L OTaTYP ZYP LYO ZYP bSZ PY_P]^ _ST^ OP[P]^ZYLWTePO PN^_L_TN ^_L_P T^ STX^PWQ _SZ`RS_ ZQ L^ L OPT_d% w?SPd NWL[ TY _TXP bT_S _SP MPL_ PaPY _SZ`RS _SPd OZ YZ_ VYZb T_ ?SPd ^TYR TYNZX[]PSPY^TMWP ^dWWLMWP^ ?SPd ^_`XMWP bT_S _SPT] QPP_ ?ST^ T^ SZb _SP 6`WL²LV_T^ OLYNPx "

?SPZWZRTNLWWd _ST^ T^ TY_P][]P_PO L^ _SP `YTZY bT_S ±LV_T LYO _S`^ L^ _SP ]P_`]Y _Z _SP ^_L_P MPQZ]P N]PL_TZY 1Z] _SP 6L`WL^ LYO Z_SP] YZY NZYaPY_TLWT^_ ^ZNLWWPO wWPQ_SLYOPOx # R]Z`[^ _SP [L_S _Z RYZ^T^ T^ YZ_ LY TY_PWWPN_`LW ZYP M`_ ZYP ZQ ^PY^Z]d _]LTYTYR ?SP ^LN]PO ^SZ`WO MP QPW_ _LYRTMWd 7TMP]L_TZY Q]ZX _SP >LÀ^£]L WTP^ TY _SP [^dNSZ^ZXL_TN [P]NP[_TZY ZQ ZYPv^ ZbY LM^ZW`_P LYO NZ^XTN PcT^_PYNP

#

;ZP_TN -TZR]L[Sd LYO >`MUPN_TaP 7LYO^NL[P

,MSTYLaLR`[_L T^ _SP QT]^_ _SPZWZRTNLW b]T_P] _Z OP^N]TMP ST^ WTQP LYO ST^ ^`]]Z`YOTYR^ TY OP_LTW 4Y 4YOTL ZYPv^ ZbY WTQP NT]N`X^_LYNP^ L]P ]P RL]OPO L^ X`NS _ZZ _]TaTLW QZ] LYdZYP _Z ^`[[Z^P _SL_ _SPd XTRS_ TY_P] P^_ WL_P] RPYP]L_TZY^ :YPv^ ZbY WTQP T^ L bZ]_SWP^^ [L__P]Y z _SP]P L]P ZYWd ]ZWP^ bSTNS SLaP _Z MP [WLdPO TY _SP MP^_ [Z^^TMWP bLd BSPY ,MSTYLaLR`[_L b]T_P^ LMZ`_ STX^PWQ T_ T^ YZ_ LMZ`_ ST^ PaP]dOLd [P] ^ZYLWT_d YZ] LMZ`_ ST^ ]ZWP^ M`_ LMZ`_ ST^ ZbY -SLT]LaL [P]^ZYLWT_d 3T^ 6L`WL MLNVR]Z`YO RTaP^ STX L NZY^NTZ`^YP^^ ZQ ST^ ZbY `YT\`P TYOTaTO`LWT_d MPdZYO LYd ^ZNTLWTeL_TZY ,^ ZYP ZQ _SP TYY`XP]LMWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ^LXXZOLà [L]LX£YLYOLà [L_LYLÀ UÓ£YLaL]OSLYLX g aP©`aÅ©£OTa£OdLÓ NL VLaT_£]LNLY£OTVLX gg ]ZOLYLÀ MS£´LYLÀ [£¶SLà ^LX`__S£YLÀ aTUŽXMSLYLX g RLXLYLÀ aTV]Td£ OPaT dZRL T_dLMSTOSÅdL_P gg NLV]P ’^XTY dZRTYZ aÅ]£ dZRTYdZ XLOLXLY_SL]£à g ^LX£NL]LY_T OPaP²T dL_SZWW£^LÀ XLYZRL_LX gg  6`W£]©LaL?LY_]L #!z!  " LUÓ£YLVL]L_£W£Y_LX L^[L´¶£V´L]LRÅ_LVLX g []L^VSLWL_[LOLaTYd£^L YŽ_dLY_T V`WL²LV_LdLà gg  6`W£]©LaL?LY_]L #" # BP `^P _SP _P]X wWPQ_SLYOPOx SP]P LYO LW^Z MPWZb YZ_ TY _SP ^_]TN_Wd _PNSYTNLW ^PY^P ZQ ]T_`LW ]PaP]^LW M`_ TY _SP XZ]P Z[PY ^PY^P ZQ w`YNZYaPY_TZYLWx LYO wSP_P]ZOZcx ?ST^ XPLY^ PaP]d_STYR _SL_ XLd MP QPW_ _Z MP wSP_P]ZOZcx TY _SP PdP^ ZQ ±LTaL >TOOS£Y_TY^ APOTN -]LSXTY^ [Z[`WL] >X£]_L N`W_`]P LYO Z_SP] ^_]LYO^ ZQ YZ]XL_TaP XLTY^_]PLX 3TYO`T^X LW^Z OPYZ_P^ L OPWTMP]L_P []ZR]LX ZQ 6L^SXT] ±LTaL YZY O`LWT^_^

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"!"

XLYTQP^_L_TZY^ ZQ ±TaL ST^ [P]^ZYLWT_d T^ TYQTYT_PWd aLW`LMWP LYO TY ST^ PdP^ T_ T^ LW^Z ]PWPaLY_ _Z WL_P] RPYP]L_TZY^% w?SL_ bSTNS T^ YZ_ Xd L`_ZYZXZ`^ 4 XLd MP ]PRL]OPO PT_SP] L^ TX[Z]_LY_ Z] L^ `YTX[Z]_LY_ z T_ OZP^ YZ_ XPLY Q]PPOZX YZ] PXLYNT[L_TZY XZV´L  YZ] OZP^ T_ XP]T_ LYd XPY_TZYx $

?SP L`_ZMTZR]L[Sd b]T__PY TY L[[]Zc  WZYR aP]^P^ LYO TY_PR]L_PO TY_Z ,MSTYLaLR`[_Lv^ XLUZ] [STWZ^Z[STNLW bZ]V ?LY_]£WZVL  T^ P^[P NTLWWd ]PXL]VLMWP ?SP XZ^_ ^_]TVTYR NSL]LN_P]T^_TN T^ T_^ Q]P\`PY_ `^P ZQ _SP L]_T^_TN ±WP´L ^_dWP bSTNS LWWZb^ _SP N]PL_TZY ZQ WTYR`T^_TN OZ`MWP PY_PYO]P^% PaP]d bZ]O NLY MP `YOP]^_ZZO TY ^PaP]LW bLd^ LYO OP[PYO TYR ZY _SP TYOTaTO`LW NZY_Pc_ _SP ^PXLY_TN XPLYTYR NLY MP \`T_P OTQQP] PY_ , ]PLOP] QLXTWTL] bT_S 0YRWT^S WT_P]L_`]P bTWW MP ]PXTYOPO ZQ 5LXP^ 5ZdNPv^ 1TYYPRLY^ BLVP LYO _SP NZX[L]T^ZY T^ YZ_ L MLO ZYP L_ LWW 4Y MZ_S NL^P^ _SP X`W_T[WP NZY_Pc_^ N]PL_P L Xd_STNLW ZaP]NZOTYR ZQ bSL_ T^ SL[[PYTYR SP]P LYO YZb ?ST^ _d[P ZQ b]T_TYR bL^ bTOP^[]PLO TY ,MSTYLaLR`[_Lv^ _TXP QZ] aP]^P^ ZQ MWP^^TYR ?Z LNSTPaP _SP R]PL_P^_ [Z^^TMWP MPYPQT_ _SP L`_SZ]^ [`][Z^PWd `^P X`W_T[WP XPLYTYR^ ^Z _SL_ _SP _Pc_ NLY MP ]PLO L_ ^PaP]LW WPaPW^ /P[PYOTYR ZY _SP [P]^[PN_TaP _SP XTN]ZNZ^XTN T^ _]LY^X`_PO TY_Z _SP XLN]ZNZ^XTN _SP PcZ_P]TN TY_Z _SP P^Z_P]TN _SP []ZQLYP TY_Z _SP Y`XTYZ`^ LYO aTNP aP]^L ,MSTYLaLR`[_L OZP^ ^ZXP_STYR ^TXTWL] TY ST^ aP]^P^ 3P ^`[P]TX[Z^P^ ZY _SP XPXZ]TP^ ZQ ST^ WTQP ^NPYP^ Q]ZX ±TaLT_TN Xd_SZWZRd LYO LWW`^TZY^ _Z ^PN]P_ _PLNSTYR^ ZQ _SP wWPQ_ SLYOPOx ?LY_]L -d OZTYR ^Z SP LNSTPaP^ LY L^_ZYT^STYR LP^_SP_TN PQQPN_ LYO RTaP^ _SP XZ^_ _]TaTLW L^[PN_^ ZQ WTQP L Xd^_P]TZ`^ Xd_STNLW L`]L ?SP ±WP´L QTR`]P^ L]P YZ_ XP]P [ZP_TN QTYRP] PcP]NT^P^ L^ TY /L©“TYv^ NL^P& SP]P _SPd L]P `^PO QZ] N]PL_TYR WZLOPO L_XZ^[SP]P^ =P[P_T_TZY T^ TX[Z]_LY_% NP]_LTY ^`RRP^_TaP TOPL^ NZXP L]Z`YO LRLTY LYO LRLTY WTVP _SP _SPXP^ TY L ^dX[SZYd 4Y LNNZ]OLYNP bT_S _SP LP^_SP_TNTeL_TZY ,MSTYLaLR`[_L SL]OWd [Ld^ LYd L__PY_TZY L_ LWW _Z ST^_Z]TNLW OL_P^ L^ SP OP^N]TMP^ ST^ QLXTWd ST^_Z]d 4Y^_PLO _ST^ ^PN_TZY T^ LWXZ^_ PcNW`^TaPWd NZYNP]YPO bT_S _SP [ZP_TN OP^N]T[_TZY ZQ ST^ SZXPWLYO 6L^SXT] -`_ _ST^ [ZP_TN _Z[ZR]L[Sd T^ L_ _SP ^LXP _TXP L ]P[]P^PY_L_TZY ZQ ST^ uXPY_LW WLYO^NL[Pv QZ] YZYP ZQ _SP TXLRP^ _SZ`RS_ `[ QZ] _SP RWZ]TQTNL_TZY ZQ _SP N`W_`]P LYO _SP WLYO ^NL[P PaP] PcT^_^ TY T^ZWL_TZY 4_ T^ LWW LY Pc[]P^^TZY ZQ ,MSTYLaLR`[_Lv^ ZbY ]PWTRTZ`^ Pc[P]TPYNP ?ST^ WPLO^ _Z NZX[WP_P ^`MUPN_TaTeL_TZY ZQ _SP ]PLW WLYO^NL[P^ ,MSTYLaLR`[_L `^P^ _SP ^`M_WP_TP^ ZQ _SP ±WP´L _PNSYT\`P _Z ^`RRP^_ ]TRS_ L_ _SP ^_L]_ _SL_ 6L^SXT] OZP^ YZ_ LN_`LWWd PcT^_ LYdbSP]P ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ^aL_LY_]£_X£_T]TV_L^ _` _`NNSZ v_`NNSZ v[T VL²NLYL g YL XZV´Z Y£XL _LY Y£^dL [Ž_SL« Y£X£[T RŽSdL_P gg ?LY_]£WZVL 

"!#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

PL]_S M`_ TY _SP SPLaPY^  3T^ LYNP^_Z] ,_]TR`[_L NLXP YZ_ ZYWd Q]ZX _SP [WLTY ZQ _SP wXTOOWP NZ`Y_]dx _Z 6L^SXT] M`_ SP ]Z^P ZaP] _SP SZ]TeZY WTVP _SP ^_L] .LYZ[`^ LRL^_T L_ _SP MPRTYYTYR ZQ _SP ]LTYd ^PL^ZY .LYZ[`^ LWbLd^ ]T^P^ L_ _ST^ _TXP bSPY _]LOT_TZYLWWd _SP ^_`Od ZQ _SP 3ZWd >N]T[_`]P^ MPRTY^ ,YO \`T_P TY VPP[TYR bT_S _ST^ ,_]TR`[_L T^ ^LTO _Z SLaP NZXP _Z 6L^SXT] _Z _L^_P wZQ _SP >PL ZQ >NTPYNPx ²£^_]£MOSTNL]aL©L _SP]P LYO TY _`]Y _ST^ XLVP^ STX ]P^PXMWP _SP ^PP] ,RL^_T bSZ ^`NNPPOPO TY O]TYVTYR _SP SPLaPYWd 2L«R£ _SP 8TWVd BLd O]d  @[ZY L]]TaTYR TY _SP NL[T_LW ZQ 6L^SXT] SP ^PP^ STRSWd N`W_`]PO [PZ[WP bLWVTYR _S]Z`RS _SP ^_]PP_^ ZQ _SP NT_d WTVP _SP [WLYP_^ TY _SPT] Z]MT_^ 3ZbPaP] _ST^ ^TXTWP T^ ZYWd ]PaPLWPO Md _SP NZY^NTZ`^ `^P ZQ X`W_T[WP XPLYTYR^ ZQ ST^ bZ]O^ 1Z] TY^_LYNP _SP bZ]O ^L]aZ WZVLà NLY MP _]LY^WL_PO bT_S wPaP]dZYPx Z] w_SP bSZWP `YTaP]^Px% F3P]PH



PaP]dZYP

F3P]PH



_SP bSZWP `YTaP]^P



L ^LRP

L SP]Z LY PWZ\`PY_ ^[PLVP]



8P]N`]d

8L]^



bSTWP _SP NT_dv^ WLOTP^



_LVP _SPT] ^_P[^ ^XZZ_SWd

^[WPYOTO WTVP _SP XZZY



]P^PXMWP _SP F^WZbXZaTYRH >L_`]Y 



FLYOH



FT^H



FT^ []P^PY_%H

L [ZP_ APY`^

5`[T_P]

3ZbPaP] _SP ^LXP aP]^P RZP^ Q`]_SP] LYO ^STQ_^ Q]ZX _SP ]PLW [WLYP_^ _Z _SP Xd^_TNLW [WLYP_^ _SP ^`Y LYO _SP XZZY _Z NZX[WP_P _SP Y`XMP] ZQ _SP ^PaPY [WLYP_^ LYO L_ _SP ^LXP _TXP _Z TYOTNL_P ^PN]P_ DZRTN _PLNS TYR^ LMZ`_ _SP V`©“LWTY¯ TY _SP QZ]X ZQ L ^YLVP 4Y _ST^ bLd _SP aP]^P _LVP^ ZY LY L^_]ZWZRTNLW XPLYTYR ^ZWL] PNWT[^P LYO L _SPZWZRTNLW XPLY TYR dZRTN _]LYNP 4Y NZY_]L^_ _Z _SP QT]^_ SLWQ ZQ _SP aP]^P bSTNS OP ^N]TMP^ _SP NT_TePY^ _SP ^`MUPN_ YZb MPNZXP^ QPXLWP DZRTYÅ^% wFBT_STY _SPH SZ]OP ZQ DZRTY¯^ F_SP]P L]T^P^ LYH PX[_d ^Vd QZ] ^`Y LYO XZZY FSLaPH OPaZ`]PO FPLNS Z_SP] _S]Z`RSH _SP RTLY_ ^YLVP _SL_ OPaPWZ[^ bT_S L QTP]d MWLeP TY _SP NPY_]LW NSLYYPWx 

?SP Y`XP]Z`^ L^_]LW TXLRP^ XLVP 6L^SXT] L[[PL] _Z MP L [WLNP _SL_ OZP^ YZ_ MPWZYR TY Z`] bZ]WO L [P]QPN_ ]P^TOPYNP QZ] [PZ[WP bT_S L []POTWPN_TZY QZ] _SP NZ^XTN z _SL_ T^ QZ] LWW _d[P^ ZQ ^LTY_^ LYO DZRTY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?LY_]£WZVL "z   ?LY_]£WZVL "#  ^L]aZ WZVLà VLaT] L_SL M`OSZ dL_]L ²¼]Z u[T a£RX¯ NLYO]ZOOdZ_£ XL^š©LRL_LdLà [L`]LY£]dL² NL dL_]L g ?LY_]£WZVL "!L  dL_]£«R£]ZUUaLWLaTVL^T_£YLY_L^L`´`X©LX£]RLz R]L^_£]VPYO`RLRLYLaTXLWZ dZRTY¯Y£À NL aL]RLà gg ?LY_]£WZVL "!M

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"!$

?ST^ WPT_XZ_Ta NLY PaPY NZYOPY^P TY_Z L ]PLW wL^NPY^TZYx% bSPY VTYR ;]LaL]L^PYL NZY^PN]L_P^ L ^_L_`P ZQ ±TaL _SP []P^PYNP ZQ _SP RZO T^ ^Z [ZbP]Q`W _SL_ O`]TYR _SP ^P]aTNP _SP VTYR wQWTP^ `[ TY_Z _SP SPLaPY^x 0aPY TYLYTXL_P ZMUPN_^ ^PPX _Z MP TY^[T]PO LYO LYTXL_P% ;]LaL]L^PYLv^ ]T_`LW MPWW NZY_TY`P^ _Z ^bLd LYO L^ T_ ^bTYR^ MLNVbL]O^ LYO QZ]bL]O^ T_ []ZNWLTX^ _SP _PLNSTYR ZQ ±TaL  >ZXPbSP]P TY _SP XTOOWP ZQ _SP MTZR]L[Sd _SP]P T^ L ]LOTNLW NSLYRP ZQ ^NPYP _SL_ M`]^_^ _S]Z`RS _SP `YbZ]WOWd L_XZ^[SP]P _SL_ bL^ PaZVPO Md DZRTY^ LYO L^_]LW TXLRP^ LYO NZ]]P^[ZYOPO _Z _SP ^`[P]YL_`]LW wXZZYN]ZbYPOx ±TaL 9Zb L OTQQP]PY_ QZ]X ZQ ±TaL _LVP^ _SP QZ]P R]Z`YO z LYO QZ] _SP wWPQ_SLYOPOx _ST^ T^ L X`NS XZ]P TX[Z]_LY_ QZ]X 4_ T^ _SP XZY^_]Z`^ -SLT]LaL ?ST^ SP_P]ZOZc OPT_d NLY ZYWd MP OP ^N]TMPO TY LYL]NSTN LYO /TZYd^TN TXLRP^ 2]LYO YL_`]P ^NPYP^ ^`RRP^_ LM`YOLYNP LYO QWZ`]T^STYR WTQP M`_ L_ _SP ^LXP _TXP _SP]P L]P Y`XP]Z`^ TYOTNL_TZY^ ZQ _SP wOL]Vx LYO wOLYRP]Z`^x ]T_P^ ZQ _SP -SLT]LaL N`W_% w4Y _SP ^SZbd FXZ]YTYRH ]POYP^^ ZQ _SP Z]LYRP _]PP^ TY _SP MPL`_d ZQ _SP _LWW bSPL_ L^ [LWP L^ _SP XZZY TY _SP WTRS_ ZQ _SP RZWOPY ^SLOP ZQ M]LYNS TYR WPXZY _]PP^ _SL_ TYaT_P^ ZYP _Z _L]]d TY _SP RWT__P]TYR MWLNV ^SL[P^ ZQ _SP XLYRZ  _]PP^ OLYNP^ _SP _P_]LO ZQ _SP RZOOP^^P^ : WP_ `^ YZ_ XPY _TZY _ST^ bTYP ZQ _SP 2]PL_ -SLT]LaL x 

BSL_ L[[PL]^ L^ L OPWTRS_Q`W ^[]TYR XZ]YTYR LYO L [L^_Z]LW TOdWW LN_` LWWd NZY_LTY^ L \`T_P OTQQP]PY_ XPLYTYR ZbTYR _Z _SP ^`[P]TX[Z^PO ^dX MZWTN WPaPW :]LYRP^ bSPL_ WPXZY^ LYO XLYRZ _]PP^ L]P NZYYZ_PO bT_S _SP NZWZ]^ ZQ _SP NPY_]LW XL©“LWL ZQ _SP ±LTaL^% ]PO bST_P dPWWZb LYO MWLNV ?SP ^LXP NZWZ]^ ^TRYLW _SP QZ`] RZOOP^^P^ VL]L©LOPa¯ bSZ TY _SP 9P_]L?LY_]L  _SP 6L^SXT]T NWL^^TN ]P[]P^PY_ _SP [Sd^TNLW Z]RLYT^X% wF4Y _SP PL^_H _SP XTWVbST_P >TOOS£  bST_P L^ L ^_]TYR ZQ [PL]W^ LYO _SP WL`RS_P]  L OTLXZYO TY SP] SLYO ]TYRTYR WTVP L MPWW  ! F4Y _SP ^Z`_SH _SP NTYYLML]NZWZ]PO =LV_£  NZ][`WPY_ bT_S L ^LRRTYR MPWWd LYO M]PL^_^ SLYRTYR OZbY ]TOTYR ZY L NZ][^P  ^STYTYR WTVP L XP_P Z]T_P m " F4Y _SP bP^_H _SP MWLNVLYO]PO ±`´V£  MTYO^ SP] WTXM^ bT_S ]Z[P^ ZQ ^TY Pb^ m NL]]TP^ L U`R Q`WW ZQ PY_]LTW^ MWZZO LYO QWP^S m #

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?LY_]£WZVL ""z#  Y£]£«R£]`©LV£Y_T [£©“`aTVLaLOMLWW£aLO£_LNNSLaT []ZOMSTYY£XLWLX£_`W`«RLVLYLVLNNS£d£MST]£XL[]LMSLX g VP]¯V`Y_LWLVLYOLW¯[]L_TVš_T²d£XL[]LMS£MS£^aL]LÀ dL^XTÓ²LV_TNL_`´¶LdZUUaLWLXLWLÀ XLOdLÀ XLS£MSLT]LaLX gg ?LY_]£WZVL " ! RZV´¯]L^LOš²¯X  S£]LS£^L^LXL[]LMS£X  aLU]LSL^_£X  RSL©¶£OSaLYTXTY£OTY¯X  [¼]aL^d£À OT²T   9P_]L?LY_]L " $  " ^TYO¼]L]£²T^LOš´¯X  ^_S¼WLV£d£À  WLXMZOL]¯À WLXMLV`N£À []P_L]¼“S£X  XL SZWV£XTaL ]£ULY_¯X  OLV´LOTV^LÀ^_ST_£X  9P_]L?LY_]L      

""

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

F4Y _SP YZ]_SH _SP MW`P @_[LWLSL^_¯  WTVP LY L`_`XY ^Vd  ZY _SP MLNV ZQ L WTZY MZb LYO L]]Zb TY SP] SLYO m $ F4Y _SP NPY_P]H m T^ PY_S]ZYPO ]ZL]TYR SZ]]TMWd ZY L NZ][^P _SP _Z_LWWd MWLNV -SLT]LaL m L RTLY_ bT_S ST^ XZ`_S bTOP Z[PY ^SZbTYR _P]]TMWP QLYR^ mx 

?Z ,MSTYLaLR`[_L _SP QPXLWP aT^TZY^ ZQ SZ]]Z] ^dXMZWTeP _SP L`_ZXL _T^X^ ZQ _SP TYLYTXL_P QWP^S _SL_ T^ YZ_ [P]aLOPO Md _SP NZY^NTZ`^YP^^ ?ST^ T^ XZ^_ N]L^^Wd Pc[]P^^PO Md _SP NZ][^P ZY bSTNS -SLT]LaL ^T_^ -SLT]LaL T^ OPL_S LYO L_ _SP ^LXP _TXP SP T^ _SP ]P^`]]PN_TZY ?SP bTYP NZY^`XPO TY _SP N`W_ T^ YZ_STYR Z_SP] _SLY _SP P^^PYNP ZQ ±TaL ]PTQTPO MWT^^ 1Z] _ST^ ]PL^ZY _SP NZ][^P _SP OPLO QWP^S T^ NSLYRPO O`]TYR _SP TY_ZcTNL_TZY TY_Z L QWZ`]T^STYR ^[]TYR WLYO^NL[P LYO _SP PY_]LTW^ L]P _]LY^`M^_LY_TL_PO TY_Z ^bPP_^NPY_PO WPXZY _]PP^ ?SP wbTYP ZQ _SP R]PL_ -SLT]LaLx T^ QZ] ,MSTYLaLR`[_L _SP XPP_TYR ZQ _SP QWP^S LYO _SP ^[T]T_ ZQ _SP ?LY_]TN DZRTY L_ ]P^_ TY L MWT^^Q`W []TXPaLW ^_L_P 4Y ,MSTYLaLR`[_Lv^ /TZYd^TN WLYO^NL[P^ Q]`T_ _]PP^ LYO QTPWO^ ZQ bSPL_ _]LY^X`_P TY_Z ?LY_]TN XL©“LWL^ aTYP^ TY_Z [SLWWT LYO _SP QLWWTYR MWZ^^ZX^ ZQ L ;LW£²L _]PP _`]Y TY_Z QPXLWP RPYT_LW^% w-W`P]PO ;LW£²L MWZ^^ZX^ PXP]RP Q]ZX NWTXMTYR R]Ld M`O^ LYO F_SPdH MP NZXP M]TRS_WdNZWZ]PO ZbTYR _Z _SP QTWLXPY_^ ZY _SP PORP^ ZQ _SPT] FRZM WP_^H _SL_ L]P OPP[ ]PO TY _SPT] TY_P]TZ]x 

?SP ;LW£²L MWZ^^ZX^ LWW`OP _Z ?LY_]TN Xd^_P]TP^ ZQ ]T_`LW `YTZY bSTNS TY ]PWTRTZ`^ WT_`]Rd Q`WQTWW^ _SP ^LXP Q`YN_TZY L^ _SP NZY^`X[_TZY ZQ LWNZSZW 4Y _SP ^`MUPN_TaTePO WLYO^NL[P _SP NZ^XZRZYTN LN_ ZQ `YTZY MP_bPPY ±TaL LYO ±LV_T [P]QZ]XPO TY _SP ]T_`LW MPNZXP^ LY `YOP]WdTYR Xd_STNLW PaPY_% TY PaP]d _]PP LYO TY PaP]d M`^S _SP [P]XLYPY_ `YTZY ZQ ±LV_T LYO ±TaL _LVP^ [WLNP ?ST^ T^ YPT_SP] XP_L[SZ] YZ] LWWPRZ]d 9Z bSP]P T^ T_ ^LTO Pc[WTNT_Wd M`_ T_ T^ QPW_ PaP]dbSP]P% /TZYd^TN aT_LWT_d [P]aLOP^ _SP bSZWP ZQ YL_`]P ?SP ^`MUPN_TaTePO WLYO^NL[P ]PQWPN_^ L ^`MUPN_TaTePO _SPZWZRd ZYPv^ ZbY ]PWTRTZ`^ Pc[P]TPYNP ?SP ^`RRP^_TaP ±WP´L ^_dWP NZXX`YTNL_P^ T_^ NZY_PY_ SP]P MPdZYO _SP `^P ZQ XP_L[SZ]^ LYO LWWPRZ]d ?SP NZY^NTZ`^ MW`]]TYR ZQ _SP MZ]OP]^ ZQ _SP ^PXLY_TN QTPWO^ N]PL_P^ LY TX[]P^^TZY ZQ NZX[WP_P [L]_TNT[L_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # Vš´©£]`©£X  ^`²`´V£À  ^Y£d`]LUU`YTMLOOS£«R¯À  LY _]£^š«X£À^L^LÀ[¼]©L[T¶LVLÀ MTMS]L_¯À VL]P  [L²NTX£d£À OT²T   9P_]L?LY_]L ! # $ $ Y¯WZ_[LWLOLWL²d£X£  ²£]LO£XML]L^LÀYTMS£  ^TÀSL[š´¶SL^LX£]¼“S£ ²L]LN£[LVL]ZOdL_£   9P_]L?LY_]L    MSTYY£ÓULYLNLdL[]LVSdLX  ²La£]¼“SLX  RL]ULY_LÀ MS¯´L©L^aLYLÀ OLÀ´¶]£VL]£WLaLOLYLX  O£]T_£^dLÀ XLS£_LY`X  MSLT]LaLX   9P_]L?LY_]L  NSL[   `OdLORL`]£«V`]LaTVL^T_LTà ²d£XL]LV_LTà [LW£²LT]LY _L]R£“S£]`©L]`NTWL^L_VP^L]£W¯aTNT_]LTà g ?LY_]£WZVL " L

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

""

?SP _Z_LW ^`MUPN_TaTeL_TZY ZQ _SP WLYO^NL[P TXLRP^ _SP]PQZ]P ]P XZaP^ LWXZ^_ LWW ZMUPN_TaT_d Q]ZX _SP OP^N]T[_TZY :Y _SP ZYP SLYO bP QTYO L WZ^^ ZQ TYQZ]XL_TZY /P^N]T[_TaT_d T^ ]P[WLNPO Md _SP WLYR`LRP XLRTN ZQ _SP ±WP´L bSTNS [`_^ \`T_P OTQQP]PY_ ^PXLY_TN QTPWO^ TY ]PWL_TZY _Z ZYP LYZ_SP] LYO ^TX`W_LYPZ`^Wd VPP[^ _SPX L[L]_ Q]ZX ZYP LYZ_SP] _S]Z`RS _SP [W`]LWT_d ZQ _SP WPaPW^ 3ZbPaP] _SP]P T^ L NZ]]P^[ZYOTYR Pc_]L LXZ`Y_ ZQ TYQZ]XL_TZY% _SP [ZP_TN OZ`MWP PY_PYO]P^ TX[L]_ L _Z _LWWd ^`MUPN_TaP WPaPW ZQ XPLYTYR _SL_ bZ`WO Z_SP]bT^P MP WTYR`T^_TNLWWd TYLNNP^^TMWP ?ST^ ^Z]_ ZQ b]T_TYR T^ XZ]P _SLY XP]PWd Pc[P]TXPY_LW b]T_TYR =L_SP] TY _ST^ QZ]X ZQ MTZR]L[Sd ,MSTYLaLR`[_L T^ TWW`^_]L_TYR _SP LN _`LW _Z[TN ZQ ST^ bSZWP ^d^_PX ZQ LP^_SP_TN^ LYO XP_L[Sd^TN^% _SP ]P TY_PR]L_TZY ZQ _SP TYYP] LYO Z`_P] bZ]WO

#

3ZWT^_TN ;P]NP[_TZY LYO .Z^XTN 7LYR`LRP

?SP ^LXP `YT_d LYO OT^^ZW`_TZY ZQ ^`MUPN_ZMUPN_ OTQQP]PY_TL_TZY _SL_ ,MSTYLaLR`[_L []ZUPN_^ TY ST^ L`_ZMTZR]L[Sd Md XPLY^ ZQ ^`RRP^_TaP [ZP_]d L[[PL]^ NZYNP[_`LWTePO bT_STY _SP Q]LXPbZ]V ZQ ST^ XP_L[Sd^ TN^ ZQ WLYR`LRP 3T^ NZXXPY_L]d ZY _SP ;L]£?]TÀ²TV£ ;L]£?]¯²TV£  L QLXZ`^ XLY `LW ZY XLY_]L ]PNT_L_TZY T^ LW^Z L R]PL_ XZYZR]L[S ZY _SP [STWZ^Z[Sd ZQ WLYR`LRP 4_ T^ aL^_Wd TYQW`PYNPO Md -SL]_šSL]T LW_SZ`RS _SP NZY_Pc_^ ZQ _SP _bZ L`_SZ]^ L]P aP]d OTQQP]PY_ ,MSTYLaLR`[_L T^ YZ_ L R]LXXL]TLY M`_ L [STWZ^Z[SP] LYO _SPZWZRTLY BSTWP -SL]_šSL]Tv^ WLYR`LRP [STWZ^Z [Sd T^ NZYNPTaPO L^ L YZYMTYOTYR TY_]ZO`N_TZY _Z LY Z_SP]bT^P _PNSYT NLW WTYR`T^_TN bZ]V ,MSTYLaLR`[_Lv^ WLYR`LRP [STWZ^Z[Sd XLTYWd ^P]aP^ _Z ]PPaLW`L_P NWL^^TNLW wWPQ_SLYOPOx _SPZWZRPXP^  ,_ _SP ^LXP _TXP T_ T^ L [STWZ^Z[STNLW ]PQWPN_TZY ZQ ST^ ZbY Pc[P]TPYNP^ bT_S XLY_]L ]PNT_L_TZY ?SP Q`YOLXPY_LW _SP^T^ ZQ _SP bZ]V T^ _SL_ _SP]P T^ L NZ^XTN WLYR`LRP _SL_ T^ `YOP]^_ZZO _S]Z`RSZ`_ _SP bSZWP `YTaP]^P :Q NZ`]^P _ST^ T^ YZ_ _SP 6WTYRZY WLYR`LRP Q]ZX XZOP]Y u>_L] ?]PVv -`_ LN_`LWWd MPSTYO ,MSTYLaLR`[_Lv^ wNZ^XTN WLYR`LRPx [L]£ a£N  _SP]P T^ L [ST WZ^Z[STNLW NZYNP[_ _SL_ L__PX[_^ _Z Z`_OZ -SL]_ŽSL]Tv^ [Z^_`WL_PO _]LY^ [SPYZXPYLW YP_bZ]V ZQ LWW XPLYTYR^ bT_STY _SP Q]LXPbZ]V ZQ LY PaPY XZ]P ]LOTNLWWd _SZ`RS_Z`_ SZWT^_TN ZY_ZWZRd%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP^P L]P XLTYWd QZ`YO bT_STY _SP 6L`WL ?]TVL LYO 6]LXL ^NSZZW^ ZQ 6L^SXT] ±LTa T^X& ,MSTYLaLR`[_L NWLTX^ _Z ^_LYO P\`LWWd TY _SP _]LOT_TZY^ ZQ PLNS  4Y ,MSTYLaLR`[_Lv^ NL^P T_ ^PPX^ XZ^_ L[[]Z[]TL_P _Z ]PYOP] _SP _P]X [L]£ a£N  WT_P] LWWd w^`[]PXP ^[PPNSx Z] wSTRSP^_ QZ]X ZQ WLYR`LRPx L^ wNZ^XTN WLYR`LRPx

""

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

wm ?SP]P L]P LWW _SP ^`MUPN_^ _SL_ NZXX`YTNL_P bT_S ZYP LYZ_SP] z ^`NS L^ _SP R`]` LYO _SP ^_`OPY_ LYO LW^Z FLWW Z_SP] S`XLY MPTYR^H z TY PaP]d_STYR _SL_ _SPd OZ LYO L_ PaP]d [ZTY_ TY _TXP bT_STY L NZX[WP_P FNZ^XTNH LbL]P YP^^ ^LÀaTO  LYO TY _ST^ bLd _SPd LNSTPaP [L]_TNT[L_TZY TY _SP NZXX`YT NL_TZY L^ L bSZWP >Z _SPd ]PQP] FML^TNLWWdH ZYWd _Z FL ^TYRWP NZ^XTN WLY R`LRPHx 

,_ _SP NZ]P ZQ _SP L]R`XPY_L_TZY ZQ _SP XZY`XPY_LW ;L]£_]TÀ²TV£ NZX XPY_L]d aTaL]L©L T^ L YPb _d[P ZQ []ZZQ ZQ _SP PcT^_PYNP ZQ _SP ^dY _SP_TN WTYR`T^_TN aT^TZY QZ] bSTNS -SL]_šSL]T SLO []ZaTOPO L ]L_TZYLWP TY WTYR`T^_TN []LN_TNP ,MSTYLaLR`[_L _]TP^ _Z ^SZb _SL_ OT^N`]^TaP _SZ`RS_ bT_SZ`_ _SP ^dY_SP_TN ]PNZRYT_TZY ZQ L bSZWP T^ LN_`LWWd TX[Z^^TMWP 4Y ^Z OZTYR SP LW^Z WLd^ _SP QZ`YOL_TZY ^_ZYP QZ] _SP ]LOTNLWWd SZWT^_TN ZY _ZWZRd LYO P[T^_PXZWZRd ZY bSTNS ST^ _SPZWZRTNLW LYO NZ^XZWZRTNLW WLYR`LRP ^[PN`WL_TZY^ L]P ML^PO% wFBP NWLTX _SL_ PaP]d QZ]XH ZQ OT^N`]^TaP [P]NP[_TZY aTVLW[L F]P\`T]P^H LY TY_PR]LW [P]NP[_TZY ZQ ]PLWT_d L^ L []PNZYOT_TZY [¼]aLMS£aTY  F1Z] OT^N`]^TaP [P]NP[_TZYH OZP^ FYZ_H NZY^T^_ ZQ FLY TY_PR]LW TX[]P^^TZY M`_ T^ ML^POH ZY NZX[WPXPY_L]d aTVLW[dLX£YL F_P]X^H ^`NS L^ uMWLNVv LYO ubST_Pv Y˜W£OT & T_ _STYV^ ZQ ^LÀXL_L _SP L[[PL]LYNP^ LaLMS£^TY L^ Z[ [Z^T_P^ aT]ZOSL LYO ]PRL]O^ F_SPXH L^ ^[L_TLWWd OT^[L]L_P Z] ^`M^P\`PY_ V]LXTVL TY _TXP FDP_ T_ T^ LWbLd^ L QZ]X ZQ TY_PR]LW SZWT^_TN [P]NP[_TZY bSTNSH [`_^ _SP NZX[WPXPY_L]d [SPYZXPYL OPNWL]PO _Z MP Z[[Z^T_P^ ^`NS L^ uMWLNVv Z] FubST_PvH TY ]PWL_TZY _Z ZYP LYZ_SP] aTMS£RTY TY _SP QT]^_ [WLNP F?ST^ T^H NZX[L]LMWP bT_S WZZVTYR L_ L [LTY_TYR Z] _SP aTPb Q]ZX L XZ`Y_LTY _Z[ mx 

4Y _ST^ [L^^LRP ,MSTYLaLR`[_L ^PP^ L NWPL] STP]L]NSd bT_STY _SP OT^N`] ^TaP LYO [L]LWWPW XZOP^ ZQ NZRYT_TZY% OT^N`]^TaP [P]NP[_TZY ZYWd bZ]V^ ZbTYR _Z L [P]NP[_TZY ZQ _SP bSZWP _SL_ ^`]]Z`YO^ T_ BSZ OP_P]XTYP^ bSL_ T^ NZX[WPXPY_L]d LYO bSL_ T^ YZ_* 4Y _SP NL^P ZQ NZWZ]^ _SP \`P^ _TZY T^ ]PWL_TaPWd PL^d _Z LY^bP] ?SP MWLNV [TPNP^ TY L NSP^^ ^P_ L]P OPQTYPO Md _SP bST_P ZYP^ LYO aTNP aP]^L 7ZRTNLW _SZ`RS_ Q`YN_TZY^ WL]RPWd `^TYR MTYL]d NZOP^ -`_ ,MSTYLaLR`[_Lv^ PcLX[WP^ ZQ [LTY_TYR^ LYO WLYO^NL[P^ L]P XZ]P NZX[WPc LYO TQ bP _]LY^WL_P _SPX TY_Z L 0`]Z[PLY WLYR`LRP _SPd LN\`T]P L OZ`MWP PY_PYO]P _SL_ OZP^ YZ_ PcT^_ TY _SP >LY^V]T_% bSPY ,M STYLaLR`[_L ^[PLV^ ZQ [P]NP[_TZY ZQ _SP bSZWP SP OZP^ YZ_ XPLY ^Z X`NS L NZY^NTZ`^ QZN`^PO [P]NP[_TZY M`_ X`NS XZ]P LY TX[]P^^TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  PaLÀ ^L]aL PaL []LX£_£ R`]`²T´d£OT[LOP LYdL_]L a£ adLaLS£]P ^_ST_Là ^L]aLV£WLXPaL dL_VTÀNT_V`]a£©Là PY£XPaL ^LÀaTOLXLY`[]LaT²dL ^L]aLadLaLS£]LMS£ULYLÀ MSLaL_T L_Là _£XPaL aL^_`_Z aTXŽ²L_T  ;L]£_]¯²TV£ATaL]L©L ZY aP]^P  PO >TYRS F/PWST% 8Z_TWLW -LYL]^TOL^^ $##H   dL_ dL_ m aT]ZOS£aLMS£^T^LÀXL_LV]LXTVLaTVLW[dLX£YLY˜W£OTYT´¶SLaTVLW[L[¼]aL MS£aT YT]aTVLW[L^LÀaTO]¼[LÀ _L__LOaTVLW[LY˜dLaT]`OOS£MSTXL_LY˜WL[˜_£Od£MS£^£ aTMS£RT MSLaL_T dL_S£ NT_]LUÓ£YL²TVSL]L^_SL^LÀaTYXPNLVLMZOS£OT m ;L]£_]¯²TV£ ATaL]L©L ZY aP]^P^ z# PO >TYRS !

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

""

LY TY_`T_TaP ]PLN_TZY Z] L QPPWTYR ]L_SP] _SLY L NZY^NTZ`^ ]PRT^_P]TYR 1Z] _ST^ SP `^P^ _SP bZ]O ^LÀaTO  bSTNS NLY MP _]LY^WL_PO TY _bZ \`T_P OTQ QP]PY_ bLd^ 4_ NLY MP _]LY^WL_PO L^ ^LXLX w_ZRP_SP]x  aTO w[P] NPTaPx Z] L^ ^LXdLV wNZX[WP_Px  aTO wQPPWx >Z _SP bZ]O ^LÀaTO XPLY^ PT_SP] wTY_PR]LW aT^TZYx Z] wNZX[WP_P LbL]PYP^^x L^ L ]P\`T]P XPY_ QZ] _SP WZRTNLW LYO ZMUPN_TaP LYO ^Z ,MSTYLaLR`[_Lv^ ^LÀaTO T^ LW^Z P\`L_PO bT_S -SL]_ŽSL]Tv^ WTYR`T^_TN waT^TZYx []L_TMS£  -`_ _SP bZ]O LW^Z NZYYZ_P^ bT_S wQPPWTYRx LYO w[Sd^TNLW ^PY^L_TZYx TY _SP ]PLWX ZQ _SP PXZ_TaP LYO LP^_SP_TN LYO ,MSTYLaLR`[_L `^P^ T_ ^dYZYdXZ`^Wd bT_S NLXL_VŽ_T  _SP wbZYOP]TYR L^_ZYT^SXPY_x _SP LP^_SP_TN LbP^_]`NV PXZ_TZY ZQ _SP NZYYZT^^P`]^ LYO L`_SZ]^ ZQ [ZP_]d LYO O]LXL ?SP PcLX[WP ZQ _SP WLYO^NL[P Q`YN_TZY^ TY LWW XZOP^ ZQ NZRYT_TZY YZ XL__P] bSP_SP] _SPd ^SZ`WO []PQP]LMWd MP LWWZNL_PO _Z _SP WZRTNLW LYO ZMUPN_TaP Z] _Z _SP ^PY^Z]d LYO LP^_SP_TN TYL^X`NS L^ SZWT^_TN [P]NP[ _TZY LW^Z PYNZX[L^^P^ ^PY^L_TZY LYO QPPWTYR ?Z MP LMWP _Z TOPY_TQd LYO TY_P][]P_ LY PWPXPY_ ZQ _SP [TN_`]P 4 SLaP _Z VYZb _SP bSZWP [TN_`]P Z] L_ WPL^_ ZYP [L]_ ZQ T_ Z_SP]bT^P 4 VYZb ZYWd TYOTaTO`LW OLM^ ZQ [LTY_ ?STYV ZQ 8ZYP_v^ QLXZ`^ bL_P] WTWTP^ Z] ?`]YP]v^ RWZbTYR WLYO^NL[P^ BSL_ L[[WTP^ _Z _SP WZRTNLW LYO OT^N`]^TaP L[[WTP^ LWW _SP XZ]P _Z _SP LP^_SP_TN ?SP _PYOP]YP^^ LYO \`TP_YP^^ TY _SP [TN_`]P^ LW^Z ZYWd L]T^P Q]ZX _SP ZaP]LWW NZX[Z^T_TZY 7TVPbT^P 4 ZYWd ^PP L ]PLW WLYO^NL[P L^ L WLYO^NL[P bSPY 4 SLaP LY ZaP]aTPb 4Q 4 bLYOP] _S]Z`RS L bZZOPO XZ`Y_LTY aLWWPd 4 ZYWd ^PP TYOTaTO`LW QT] _]PP^ L ^_]PLX LYO L M]TORP 4 YPaP] LN_`LWWd ^PP _SP XZ`Y_LTY aLWWPd LW_SZ`RS 4 LX ]TRS_ TY^TOP T_ 4_ T^ ZYWd bSPY 4 SLaP NWTXMPO L YPTRSMZ]TYR XZ`Y_LTY _SL_ _SP bSZWP WLYO^NL[P ZQ _SP aLWWPd ^[]PLO^ Z`_ MPQZ]P XP ?SP _]PP^ _SP M]ZZV LYO _SP M]TORP L]P TYOTaTO `LW X`_`LWWd PcNW`^TaP [SPYZXPYL _SL_ NZX[WPXPY_ ZYP LYZ_SP] TY L _d[TNLW XZ`Y_LTY WLYO^NL[P ?SPd L]P WZNL_PO TY _SP WLYO^NL[P M`_ ^_TWW _SP WLYO^NL[P T^ YZ_ _SP ^`X ZQ _SP^P [L]_^ 7LYO^NL[P^ L]P bSZWP^ , QT] _]PP TY L Y`]^P]d LYO L w^_]PLXx [Z`]TYR Z`_ ZQ L M`]^_ [T[P TY Xd QWL_ OZ YZ_ XLVP L bZYOP]Q`WWd ]ZXLY_TN XZ`Y_LTY WLYO^NL[P ,YO _SP ^_PPW ]LTW]ZLO M]TORP TY Q]ZY_ ZQ Xd SZ`^P SL^ aP]d WT__WP TY NZXXZY bT_S L ]TNVP_d bZZOPY QZZ_M]TORP TY _SP NZ`Y_]d^TOP ?SP TX[Z]_LY_ TYQZ]XL_TZY LMZ`_ _SP NZX[ZYPY_^ ZQ L XZ`Y_LTY aLWWPd z wQT] _]PPx w^_]PLXx LYO wM]TORPx z L]P STOOPY bT_STY _SP NZY_Pc_& _SP TY_PR]LW aT ^TZY ZQ L XZ`Y_LTY WLYO^NL[P T^ LN_`LWWd _SP VPd OP_P]XTYTYR QLN_Z] ^LÀ^V£]L  ,YO WTVPbT^P _SP [SPYZXPYL bP WT^_PO L^ TYOTaTO`LW PWP XPY_^ ZQ _ST^ WLYO^NL[P L]P TY _SPT] _`]Y bSZWP^ LYO L]P _S`^ _SP LN_`LW NL]]TP]^ ZQ TYQZ]XL_TZY LYO _SP VPd OP_P]XTYLY_^ ZQ _SPT] TYOTaTO`LW PWPXPY_^ >TYNP TYOTaTO`LW _STYR^ ZYWd PaP] NL]]d TYQZ]XL_TZY L^ NZX[WPXPY _L]d NZX[ZYPY_^ ZQ L NZX[]PSPY^TaP bSZWP TY P[T^_PXZWZRTNLW _P]X^

""

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

_SP ]PQP]PYNP _Z L NZY_Pc_Q]PP TYOTaTO`LW ZMUPN_ T^ LM^`]O 1Z] bT_SZ`_ ]PQP]PYNP _Z Z_SP] _STYR^ ^`NS LY TYOTaTO`LW ZMUPN_ LWbLd^ ]PXLTY^ `YOP_P]XTYPO% w3ZbPaP] TQ YZ X`_`LWWd PcNW`^TaP L[[PL]LYNP^ z L^ QZ] TY^_LYNP u4_ T^ bST_Pv Z] u4_ T^ MWLNVv z L]P OT^_TYR`T^SPO _SP]P T^ LW^Z YZ ^_L]_TYR [ZTY_ QZ] _SP FL[[WTNL_TZYH ZQ OT^N`]^TaP NL_PRZ]TP^ FL^ _SP^P YZ]XLWWdH L]T^P Z`_ ZQ _SP TYOTaTO`LW LMTWT_d FZQ LY ZMUPN_H _Z RPYP]L_P LY TYQTYT_P Y`XMP] ZQ L[ [PL]LYNP^ ^`NS L^ bST_PYP^^ Z] MWLNVYP^^ F?ST^ bZ`WO MP WTVPH _SP [P]NP[ _TZY ZQ ZYWd ZYP uMWLNVYP^^v FTP ZYP bZ`WO YZ_ ^PP LYd_STYR L_ LWWHx !

?SP TOPL ZQ uNZWZ]v []P^`[[Z^P^ _SP VYZbWPORP ZQ XZ]P _SLY ZYP NZWZ] ?SP XZYZNS]ZXP [TN_`]P^ ZQ _ZOLdv^ NZYNP[_ L]_ bZ`WO NP]_LTYWd SLaP L^_ZYT^SPO ,MSTYLaLR`[_L z M`_ XZ]P _SP LP^_SP_TN TY STX LYO WP^^ _SP [STWZ^Z[SP] L^ _SPd bZ`WO YZ_ OPXZWT^S ST^ _SP^T^ , MWLNV [LTY_TYR TY L MWLNV Q]LXP ZY L MWLNV bLWW XLd bPWW PaZVP LY LP^_SP_TN Pc[P]TPYNP TY _SP NZY_Pc_ ZQ LY PcSTMT_TZY TY L X`^P`X M`_ _ST^ ZYWd bZ]V^ MPNL`^P T_ NZY_]L^_^ bT_S _SP Z_SP] [ZWdNS]ZXP [TN_`]P^ TY _SP X`^P`X z Z] L_ WPL^_ _SZ^P TY Z`] aT^`LW XPXZ]d -d NZY_]L^_ TQ ^`NS L [LTY_TYR ZY ^`NS L bLWW bP]P M]ZLONL^_ bT_SZ`_ NZXXPY_L]d ZY WL_PYTRS_ ?A [PZ[WP bZ`WO MP WP^^ WTVPWd _Z NZYNW`OP _SL_ bSL_ _SPd bP]P ^PPTYR bL^ L bZ]V ZQ L]_ 4Y QLN_ _SPd bZ`WO MP XZ]P WTVPWd _Z _STYV _SL_ _SP]P bL^ ^ZXP _STYR b]ZYR bT_S _SP _]LY^XT^^TZY Z] _SP ?A ^P_ >Z bP NLY ^PP SZb TX[Z]_LY_ T_ T^ _Z VYZb _SP NZY_Pc_ @W_TXL_PWd _SP]P ^SZ`WO MP L NZX[]PSPY^TaP bSZWP L `YTaP]^LW NZY _Pc_ MP_bPPY LWW [SPYZXPYL TY _SP bZ]WO ZQ Z`] Pc[P]TPYNP^ z ^TX[Wd MPNL`^P Z_SP]bT^P _SP]P NZ`WO YZ_ MP LYd [P]NPTaPO [SPYZXPYL L_ LWW ?ST^ ^_L_PXPY_ SL^ TX[Z]_LY_ _SPZWZRTNLW NZY^P\`PYNP^ QZ] ,MST YLaLR`[_L ?SL_ bSTNS bL^ OP_P]XTYPO TY _SP [STWZ^Z[STNLW NZY_Pc_ L^ L `YTaP]^LW NZYYPN_TZY _Z MP [Z^_`WL_PO MPNZXP^ TY _SP _SPZWZRTNLW NZY _Pc_ L NZX[]PSPY^TaP SZWT^_TN aT^TZY ZQ RZO _SL_ T^ _SP NZY^NTZ`^YP^^ _SL_ SP SL^ ZQ _SP `YTaP]^P 1Z] ^PY_TPY_ MPTYR^ TY _SP bZ]WO _ST^ LWW PYNZX[L^^TYR aT^TZY ]PaPLW^ T_^PWQ L^ L ^[LNP MP_bPPY _SP [SPYZXPYL LY_L]£WL  ,YO L^ TY -S£^VL]L]£dLv^ PcLX[WP ZQ _SP ^_]TYR ZQ [PL]W^ QZ] ,MSTYLaLR`[_L RZOv^ NZY^NTZ`^YP^^ ZQ _SP bZ]WO QZ]X^ _SP `YTaP]^LW NZY_Pc_ _SL_ X`^_ MP [Z^_`WL_PO QZ] _SP TYOTaTO`LW [P]NP[_TZY^ ZQ TYOT aTO`LW MPTYR^ 4Y Z_SP] bZ]O^ TY PaP]d TYOTaTO`LW [P]NP[_TZY _SL_ bP SLaP _SP OTaTYP [TN_`]P ZQ _SP bSZWP MPNZXP^ L[[L]PY_ _Z `^ L_ _SP ^LXP _TXP ,_ L Q`YOLXPY_LW WPaPW _SP Pc[P]TPYNP ZQ _SP w^LN]POx T^ \`T_P LY PaP]dOLd _STYR% w/Z`M_WP^^ _SP]P PcT^_^ ^ZXP_STYR MP_bPPY _SP OT^N`]^TaP [P]NP[_TZY^ ,YO _ST^ T^ _SP [P]NP[_TZY ZQ _SP bSZWP bSTNS T^ []ZNWLTXPO Md _SP ±LTaL ^L

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! m dL_ _` _LOaT]`OOSL]¼[LY˜WL[˜_£Od£MS£^£aTMSLV_LÀ YL MSLaL_T _L__LOLYLY_L ^aL^£XL]_SdZOMS¼_LY˜WL[˜_£Od£MS£^LaTVLW[L[¼]aLMS£Rd L[T YL MSLaL_T dL_S£ Y˜WLTVL^£V´£_V£]T UÓ£YLX g ;L]£_]¯²TV£ATaL]L©L ZY aP]^P^ z# PO >TYRS !

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

""

N]PO _]LOT_TZY _Z MP u_SP Z[PYTYR ZQ _SP PdP^ ZQ 2ZO FbSTNS N]PL_P^ _SP bZ]WOHv `YXP´L Z] _SP uaT^TZYL]d LbL]PYP^^v []L_TMS£ FZQ PaP]d MZOdHx "

1Z] ,MSTYLaLR`[_L _SP TY_PR]LW aT^TZY ZQ _SP bSZWP Q`WQTWW^ _SP Q`YN_TZY ZQ L wNZ^XTN WLYR`LRPx [L]£ a£N `YOP]^_ZZO Md PaP]dZYP LYO TY L NP]_LTY bLd LW^Z w^[ZVPYx Md PaP]dZYP BT_SZ`_ _SP TY_PR]LW aT^TZY ZQ _SP bSZWP TY bSTNS LWW ^PY_TPY_ MPTYR^ [L]_TNT[L_P _SP]P bZ`WO MP YZ TY_P]^`MUPN_TaT_d LYO _S`^ YZ WLYR`LRP PT_SP] 9Z MPTYR bZ`WO MP LMWP _Z Pc[]P^^ T_^PWQ TY L XLYYP] _SL_ LYZ_SP] MPTYR bZ`WO `YOP]^_LYO 1`] _SP]XZ]P _SP]P bZ`WO MP YZ_STYR L_ LWW _SL_ ZYP NZ`WO _LWV LMZ`_ MP NL`^P _STYR^ bZ`WO MP L^ TYOP_P]XTYL_P L^ _SP MWLNV bZ]V ZQ L]_ ZY YTRS__TXP ?A

#

;SPYZXPYZWZRd ZQ _SP ,W[SLMP_

,NNZ]OTYR _Z _SP 6L^SXT]T XP_L[Sd^TNTLY U`^_ SZb LYO bSd NZYaPY _TZYLW WLYR`LRP bZ]V^ L_ LWW ZYWd MPNZXP^ NZX[]PSPY^TMWP bSPY ZYP `YOP]^_LYO^ SZb _SP NZ^XTN WLYR`LRP Q`YN_TZY^ z _SL_ T^ _SP NZY^NTZ`^ YP^^ ZQ 2ZO ,YO TY ST^ aTPb _ST^ _d[P ZQ `YOP]^_LYOTYR T^ YL_`]LWWd MP^_ ]PaPLWPO TY L ?LY_]TN XLYYP] TP aTL NZ^XZRZYTN ^[PN`WL_TZY .ZY^P\`PY_Wd _SP RPYP^T^ ZQ WLYR`LRP T^ Pc[WLTYPO Q`WWd TY _SP WTRS_ ZQ _SP ±TaLT_TN _]LOT_TZY TP L^ ^dYNS]ZYZ`^ bT_S _SP N]PL_TZY ZQ _SP bZ]WO LYO NZXTYR LMZ`_ _S]Z`RS _SP XPOT`X ZQ LW[SLMP_ ^[PN`WL_TZY 1Z] ,MSTYLaLR`[_L _SP TY_P][WLd MP_bPPY RZO LYO RZOOP^^ T^ _SP ]PWL_TZY^ST[ MP_bPPY ]PLWT_d LYO ]PQWPN_TZY =PLWT_d []LV£²L T^ []P ]PQWPcTaP P^^PY_TLW LYO `YNZYOT_TZYLW []P^PYNP # -`_ ZYWd bSPY _ST^ w[]P^PY_ LYO PcT^_TYRx T^ R]L^[PO LYO ]P_`]YPO Md ]PQWPN_TZY aTXL]²L OZP^ L bZ]WO L]T^P 4Y [^dNSZWZRTNLW _P]X^ _SP^P _bZ NZYNP[_^ NZ]]P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP bSZWP [L^^LRP bSTNS bP SLaP ^`XXL]TePO ^ZXPbSL_ ]PLO^% MSLaL_T NL TOLX L^_LXT_ZOP´dLO`MSLdLaTVLW[LUÓ£Y£Y_L]£WLaL]_T `YXP´L[]L_TMS£OT²LMO£RLXLR˜_LÀ YT] aTVLW[LVLÀ ^L^LÀa£OLaT]`OOS£MSTXL_LY˜W£OTaTVLW[L[¼]aLMS£aT g _L^X£_ _LOLYLY_£aL MS£^£aTMS£RLXLdLXPaP_T `MSLdZ²NL UÓ£YLdZ]LY_L]£WLXLYL[LSYLaLY˜dLÀ z UÓ£YLdZ] MSPO£OPaL _LN NL ^LÀaTO£_XLVLX PaL LYdL_S£ _PYLTaL ^LÀaT_^LÀ^V£]ZNNSPOP ^XL]L©£OdLY`^LÀOS£Y£OdLdZRL T_T []L_TMS£VSdL^dL OSL]XT©Là ^L]aLa£OTYLà []L_T LaTa£OL PaL T_T YL L^TOOSTà ^LÀVP_Lad`_[L__TV£W£YLaLWLXMLY£_ NL L^dL LaTVLW[L_ aLXPaL FgH ;L]£_]¯²TV£ATaL]L©L ZY aP]^P^ z# PO >TYRS ! # ,NNZ]OTYR _Z _SP 6L^SXT]T^ []LV£²L wM]TRS_ WTRS_x OPYZ_P^ _SP w[`]P WTRS_ ZQ MPTYRx TP ]PLWT_d Z] [`]P []P^PYNP ?SP _P]X wWTRS_x TYOTNL_P^ _SL_ ]PLWT_d T^ LWbLd^ L [P] NPTaPO ]PLWT_d Z] z L^ 6L^SXT]T^ bZ`WO ^Ld z L ]PLWT_d ]PQWPN_PO TY _SP XT]]Z] ZQ NZY ^NTZ`^YP^^ ?SPd OT^_TYR`T^S SZbPaP] []LV£²L  _SP ^[ZY_LYZ`^ wL_SPXL_TNx []P ]PQWPcTaP [P]NP[_TZY Z] [`]P LbL]PYP^^ L^^ZNTL_PO bT_S ±TaL Q]ZX aTXL]²L _SP NZY ^NTZ`^ ]PQWPcTaP [P]NP[_TZY L^^ZNTL_PO bT_S ±LV_T LYO NZYNPTaP ZQ _SP bZ]WO L^ _SP ^PWQ]PQWPN_TZY ZQ _SP RZO

""!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

^[ZYO _Z [`]P ^PY_TPYNP z bSTNS XLd MP _P]XPO _SP PYP]Rd ZQ NZY ^NTZ`^YP^^ [`]P ^PWQ[]P^PYNP Z] XZ]P WT_P]LWWd _SP w[`]P WTRS_ ZQ MP TYRx z LYO _SP NZY^NTZ`^YP^^ ZQ ^ZXP_STYR ?SP TY_P]LN_TZY ZQ _SP^P _bZ L^[PN_^ ZQ RZO N]PL_P^ _SP bSZWP `YTaP]^P% w?SP `YTaP]^P T^ L ]PQWPN_TZY TY _SP N]d^_LW NWPL] aZTO ZQ _SP ^PY_TPYNP ZQ _SP 2]PL_ -SLT]LaL 9Z_STYR PW^P FSL^ _Z MP ^`[[Z^POH LYO YZ Z_SP] MPTYRv^ R]LNP FT^ YPNP^^L]dHx $

?Z ,MSTYLaLR`[_L PaP]d TY^_LYNP ZQ NZY^NTZ`^YP^^ T^ LW^Z LY `__P]LYNP ?SP ^PWQ[P]NP[_TZY LYO WTYR`T^_TN ^PWQPc[]P^^TZY ZQ RZO NZTYNTOP -`_ RZO bTWW YZ_ `^P LYd NZYaPY_TZYLW _P]X^ ^£ÀVP_TVL _Z NZX[]PSPYO STX^PWQ 4Y NZYN]P_P _P]X^ RZOv^ QT]^_ bZ]O^ TY _SP `YTaP]^P bTWW NP] _LTYWd YZ_ MP LYd_STYR WTVP wBSL_ x wBSP]P LX 4*x w4_ T^ ^Z OL]V SP]Px Z] wBSP]P T^ _SP WTRS_ ^bT_NS*x ,WW _SP^P `__P]LYNP^ MPWZYR _Z Z`] ST^_Z]TNLW NZYaPY_TZYLW WLYR`LRP LYO _Z ,MSTYLaLR`[_L _SP `^P ZQ ^`NS WLYR`LRP T^ TYNZYNPTaLMWP L_ _SP WPaPW ZQ RZO% w?SP NZX[]PSPY^TaP YL_`]P ZQ _SP 7Z]O NLYYZ_ ]PXLTY STOOPY Q]ZX STX QZ] T_ T^ TYNZYNPTaLMWP _SL_ L NZY^NTZ`^ FMPTYRH bZ`WO YZ_ NZX[]PSPYO T_^ ZbY PcT^_PYNP ,YO _ST^ NZX[]PSPY^TZY NLYYZ_ ZNN`] TY NZYaPY_TZYLW _P]X^ -`_ ZYWd _SP bZXM ZQ NZ^XTN ^Z`YO bLaP^ [L]LY£OLRL]MSL NLY MP YLXPO FTY _ST^ Q`YN_TZYH FQZ]H _SP]P T^ YZ OTQQP]PYNP MP_bPPY F_SP^P ^Z`YO bLaP^H LYO [`]P NZY^NTZ`^YP^^x 

BSPY ,MSTYLaLR`[_L ^Ld^ SP]P _SL_ w_SP]P T^ YZ OTQQP]PYNP MP_bPPY _SP^P ^Z`YO bLaP^ LYO [`]P NZY^NTZ`^YP^^x SP T^ ]PQP]]TYR _Z _SP ^[ZY _LYPZ`^ ^LSLUL LYO ^dX[L_SP_TN L^£X£dTVL [P]NP[_TZY ZQ ^Z`YO ?SP QLN_ _SL_ YPL]Wd PaP]d MPTYR YZ XL__P] bSP_SP] XLXXLW Z] S`XLY ]P LN_^ _Z ^Z`YO^ XZ]P Z] WP^^ L`_ZXL_TNLWWd LYO ZQ_PY LW^Z `^P^ ^Z`YO^ _Z Pc[]P^^ T_^PWQ bL^ _LVPY Md -SL]_ŽSL]T L^ PaTOPYNP ZQ _SP `YT\`P YL_`]P ZQ _SP XPOT`X w^Z`YOx ,MSTYLaLR`[_L RZP^ ZYP ^_P[ Q`]_SP] Md [Z^_` WL_TYR _SL_ NZXX`YTNL_TZY Q`YN_TZY^ []TXL]TWd waTL ^Z`YOx LYO YZ_ aTL ^dXMZW^ :]TRTYLW NZXX`YTNL_TZY NLYYZ_ SLaP Pc[WZT_PO _SP XPOT`X ZQ OPYZXTYL_TZY& T_ NLY ZYWd MP NZX[L]PO bT_S Pc[]P^^TZY ZQ [P]NP[_TZY^ aTL _SP XPOT`X ZQ YZYWTYR`T^_TN ^Z`YO^% wF?SPH NZ^XTN WPaPW ZQ WLYR`LRP T^ Md T_^ YL_`]P _SP WL^_ LYO ^`[]PXP ]PLW T_d T_ T^ _SP [ZbP] FZQ RZOH FbSTNS RZO NL`^P^ _Z ^[PLV TYH YZYNZY_TYRPY_ bZ]O^ ²LMOL  LYO TY T_ WTP STOOPY F_SZ^PH YZYNZYaPY_TZYLW LYO YL_`]LW

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ T__SLÀ aT²aLX TOLÀ Y£_SP MSLT]LaÅdLNTOLXML]P g []L_TMTXMLX LWLÀ ^aLNNSP YL VSLWa LYdL[]L^£OL_Là gg ?LY_]£WZVL !   _LN NL _£aL_ aT²a£_XLVL_aLÀ [L]LXP²aL]L^dL ^aL]¼[LÀ YL LX£XŽ´¶LÀ MSLaL_T NT_^ aLMS£aL^dL ^aL]`[£Y£XL]²LY£Y`[L[L__Pà g ^aL]¼[£Y£XL]²LYP ST aL^_`_Z UL“L_LTaL ^d£_ g £XL]²L² NL LdLÀ YL ^£ÀVP_TVLà g L[T _` NT_^aLMS£aL_£X£_]LY£Y_L]ÅdLVLà [L]LY£OLRL]MSL `V_Là  g  ?LY_]£^£]L  PO 39 .SLV]LaL]_d FAL]LYL^T% >LY^V]T_ >LY^_SLY $#!H 

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"""

VPd OP_P]XTYLY_^ ^LÀ^V£]L FXLOP ZQ ^Z`YOH _SL_ L]T^P Q]ZX _SP WL^_ LYO ^`[]PXP ]PLWT_dx 

4Y _P]X^ ZQ ^Z`YO _SP VPd OP_P]XTYLY_^ ,MSTYLaLR`[_L PWLMZ]L_PO TY ST^ P[T^_PXZWZRd L^ NZY_Pc_`LW VYZbWPORP L]P ZQ NZ`]^P _SP WP__P]^ ZQ _SP >LY^V]T_ LW[SLMP_ bSTNS bP]P LW]PLOd []LT^PO TY _SP ¢RLXL^ L^ ^Z`YO ^`M^_LYNP^ PcT^_TYR MPQZ]P N]PL_TZY ,^ bP ^SLWW ^PP SP TY_P][]P_^ _SPX TY L ST_SP]_Z `YVYZbY XLYYP] TY LW[SLMP_ ^[PN`WL_TZY L^ ^[ZY_L YPZ`^ LYO ^dX[L_SP_TNLWWd ]PNPTaLMWP []TXT_TaP^ ZQ Pc[]P^^TZY L^ TQ ZYP bP]P OP^N]TMTYR X`^TNLW YZ_P^ 1Z] STX _SP LW[SLMP_ MPNZXP^ L [SP YZXPYZWZRTNLW NL_LWZR ZQ ^Z`YO LYO Pc[]P^^TZY bSZ^P Z]RLYTN ^P \`PYNP ZQ LNZ`^_TN ^TRY^ ^TX`W_LYPZ`^Wd QZ]X^ _SP L]NSP_d[LW [L__P]Y LYO L ]PQWPN_TZY Z] YL_`]LW TYOPc ZQ _SP Z]OP] TY bSTNS _SP NZY^_T_`PY_^ ZQ PcT^_PYNP PXLYL_P Q]ZX _SP OTaTYP 5LdL]L_SL L [`[TW ZQ LYO NZXXPY_L_Z] ZY ,MSTYLaLR`[_L LW^Z `Y OP]^NZ]P^ _ST^ [ZTY_% w?SP ]PQP]PYNP £XL]²L FZQ _SP `YTaP]^P _Z 2ZO z LYO _ST^ LW^Z XPLY^ 2ZOv^ ]PQP]PYNP _Z STX^PWQH T^ YZ_ OPQTYPO Md L NZYaPY_TZY ^£ÀVP_TVL  M`_ PaP]d ^TYRWP ?LY_]T^_ NWLTX^ TY^_PLO _SL_ F_ST^H T^ wL QZ]X ZQ uNZ^XTN WLYR`LRPv [L]£ a£N _SL_ ]LT^P^ `[ F_SP QT]XLXPY_ ZQ NZY^NTZ`^YP^^H Md T_ ^PWQx 

?SP PY_T]P 8£_ŽV£ _S`^ MPNZXP^ L aZNLM`WL]d ZQ RZO LYO z L^ ,MST YLaLR`[_L T^ L ^_]TN_ ,OaLT_TY z L_ _SP ^LXP _TXP T_ YL_`]LWWd LW^Z MP NZXP^ L [^dNSZWZRTNLW NZY^NTZ`^YP^^bSZWP ?SP ]P[P_T_TZY ZQ _SP 8£_ŽV£ LW[SLMP_ ^Z`YO^ bSTNS T^ NZXXZY TY XLYd ?LY_]TN ]T_P^ _SP]P QZ]P MPNZXP^ _SP YZP_TN XPLY^ ZQ _]`Wd Pc[P]TPYNTYR _SP `YT_d ZQ _SP `YTaP]^P% wF?SP NZ^XTN WLYR`LRPH T^ _SP TY_`T_TZY NLXL_V£]L ZQ _SP `YT_d LTVdL z bSTNS NLYYZ_ MP OPYTPO MPNL`^P T_ SZWO^ FLWW _STYR^H bT_STY T_^PWQ z F_SP TY _`T_TZY ZQ `YT_d M]Z`RS_ LMZ`_ MdH _SP ]PNZRYT_TZY ZQ _ST^ `YTaP]^P bT_S LWW T_^ N]PL_`]P^ QZ]X^ ZQ MPTYR LYO bZ]WO^ ZQ MPTYR 4_^ _]`P QZ]X T^ XLYT QP^_PO TY T_^ bSZWP bZYO]Z`^ `YTaP]^LW YL_`]P Md _SP STP]Z[SLYd ZQ _SP Pc LW_PO RZO -SLT]LaL 3P XLVP^ _SPX L[[PL] TY _SP TXXLN`WL_P XT]]Z] ZQ STX^PWQ L^ LY TYQTYT_d ZQ F`YTaP]^P^H _SL_ `YQZWO PcT^_ LYO NZWWL[^P L^ _SP `YT_d F_SL_ [P]aLOP^ _SP `YTaP]^PH L^ _SP ±LV_T ZQ _SP ZYP 2]PL_ @YQZWOTYR TY _SP QZ]X ZQ uLv _Z uV´Lvx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  dLTaL [L]£a£RMS¼XTà ^LTa£X£d¯dL²LMOL²LV_T[L]LX£]_SL^aLMS£a£^£ÀVP_TV£VŽ_LVL [£]LX£]_STVL^LÀ^V£]L^£]£  ;L]£_]¯²TV£ATaL]L©L ZY aP]^P  PO >TYRS   ^L N£dLX £XL]²Z YL ^£ÀVP_TVLà L[T _` wNT_^aLMS£aL_£X£_]LY£Y_L]ÅdLVLàx ^aL]L^ZOT _Là [L]£a£R]¼[L T_T ^L]aLT] `ORSZ´dL_P m  5LdL]L_SL  TY_]ZO`N_TZY _Z ?LY_]£WZVL !!  m _LORL]MSÅV£]LaL²£aTa£OLRSL¶T_L^LVLWLMS¼_LMS`aLYLMS£a£OT[]L[LÓNL[]LMZOSLTVdL NLXL_V£]L^£]£ [L]LXP²aL]LMSLT]LaLMSL¶¶£]LV£aT]MS£aL[]L_ST_L_L_S£aTOS£OMS`_LMS¼ _L[L]LX£]_SL^aL]¼[£ ^a£_XLaTXLWLOL][L©LYT]MS£^T_£YLY_L^Ž´ÖT^_ST_T^LÀS£]LTVdLXL dLXLS£^Ž´¶T²LV_T] £OTV´£Y_L]¼[£ m  ;L]£_]ŲTV£ATaL]L©L ZY aP]^P^ z# PO >TYRS #

""#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

# ?SP 4YYP] ?]TYT_d L T ` ,NNZ]OTYR _Z ,MSTYLaLR`[_Lv^ STRSWd [STWZ^Z[STNLW _SPZWZRd _SP []P ]P\`T^T_P QZ] _SP PXLYL_TZY ZQ _SP `YTaP]^P T^ wRZOv^  TYOP[PYOPYNP LYLYd£[PV´T_£ x ST^ LMTWT_d _Z MP L_ ZYNP XT]]Z] LYO ]PQWPN_TZY RZO LYO `YTaP]^P  2ZOv^ ^PWQPc[]P^^TZY L_ _ST^ WPaPW ZQ _Z_LW L`_ZYZXd T^ ]PLWTePO TY _SP ^Z`YO ZQ _SP WP__P] wLx ! ?ST^ ^Z`YO T^ LY Pc[]P^^TZY ZQ _SP LM^ZW`_P LY`__L]L  ,NNZ]OTYR _Z ,MSTYLaLR`[_Lv^ NZXXPY_L_Z] 5LdL]L_SL _ST^ QT]^_ aZbPW ^TRYLW^ _SP bZYOP]TYR L^_ZYT^SXPY_ NLXL_ V£]L ZQ RZO TY aTPb ZQ ST^ ZbY MZ`YOWP^^ L`_ZYZXd LYO [ZbP] L^ ]`WP] ,_ _ST^ WPaPW RZO NLY ZYWd MP OP^N]TMPO L^ [`]P ^PWQ[]P^PYNP []LV£²L  4Q _SP]P T^ LYd ^Z`YO L_ LWW _SL_ NLY wPc[]P^^x RZO TY _ST^ []P N]PL_TZYLW ^_L_P T_ T^ _SP ^Z`YO wLx ?SP ^Z`YO ^TRY wLx T^ L ]P[]P^PY_L _TaP ZQ _SP SL]XZYTN ^[PN_]`X ZQ _SP `YTaP]^P ,WW _SP aZbPW^ L]P LW ]PLOd NZY_LTYPO ^`M^_LY_TLWWd TY _SP LaZbPW U`^_ L^ LWW [SPYZXPYL ZQ _SP `YTaP]^P L]P aT]_`LWWd []P^PY_ TY RZO% w?SP u,v T^ RZOv^ [ZbP] ZQ L`_ZYZXd bSTNS T^ bTWW T_^PWQ F3P]PH T_ T^ YZ_ dP_ `YQZWOPO _Z MP L _STYR M`_ T^ XP]PWd L XT]]Z] ZQ ST^ YL_`]LW TYYP] ^PWQ [P]NP[_TZYx "

4Y ,MSTYLaLR`[_Lv^ Xd^_TNT^X _SP ^Z`YO wLx T^ _SP]PQZ]P ]PRL]OPO L^ L NZX[WP_P ]PQWPN_TZY aTXL]²L ZQ OTaTYP PcT^_PYNP 4_ TYNW`OP^ LWW L^[PN_^ ZQ ^Z`YO LYO _S`^ LWW L^[PN_^ ZQ Pc[]P^^TZY 4_ T^ _SP aT^TMWP MZOd ZQ RZO [P]^ZYTQTPO L^ 6L`WTV¯±LV_T ST^ w[ZbP] ZQ NZ][Z]PLWT_dx bSTNS T^ TOPY_TNLW _Z _SP WTYR`T^_TN LYO LP^_SP_TN aT^TZY ZQ _SP bSZWP []L_TMS£ LYO L_ _SP ^LXP _TXP ]P[]P^PY_^ _SP bZ]WO ZQ [SPYZXPYL%

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  BP ^[PLV ZQ w±TaLx Z] w-SLT]LaLx ZYWd TY ]T_`LW NZY_Pc_^ 4Y L [STWZ^Z[STNLW NZY_Pc_ bP `^P _SP _P]X wRZOx MPNL`^P SP]P bP L]P OPLWTYR bT_S L [`]PWd [STWZ^Z[STNLW NZY NP[_ ZQ RZO ,MSTYLaLR`[_L SL]OWd PaP] ]PQP]^ _Z _SP TXLRP ZQ ±TaL TY _SP Xd_S _SP RZO SZWOTYR L _]TOPY_ bT_S XL__PO SLT] LYO L ^YLVP L]Z`YO ST^ YPNV LYO bSPY SP OZP^ ^Z T_ T^ ZYWd TY L ^dXMZWTN bLd BSPY SP ^[PLV^ ZQ u±TaLv SP `^`LWWd XPLY^ _SP w[`]P WTRS_ ZQ MPTYRx BSPY SP ^[PLV^ ZQ u-SLT]LaLv _SP L^[PN_ ZQ _Z_LWT_d NZXP^ _Z _SP QZ]PR]Z`YO 4Q YZ ^[PNTQTN NZY_Pc_^ L]P TY_PYOPO L^ TY Z`] PcLX[WP ?LY_]£WZVL !! SP RPYP]LWWd ^[PLV^ ^TX[Wd ZQ u[]LMS`v w_SP ZXYT[Z_PY_x Z] uaTMS`v w_SP ZXYT[]P^PY_x  aT²a£_XL_aLÀ []L_T ?LY_]£WZVL !! ! :Y _SP 6L^SXT]T LW[SLMP_ ^[PN`WL_TZY ^PP LW^Z ;LOZ`c A£N  LYO ;L`W 0 8`WWP] :]_PRL w?LY_]TN 8POT_L_TZY% AZNLWTN -PRTYYTYR^x TY =T_`LW LYO >[PN`WL_TZY  PO 2Z`O]TLLY !z  " PaLÀ [L]LXP²aL]L^dL ^a£_XLYT TNNS£_XTV£ ^a£_LY_]dL²LV_T] LY`YX˜WT_LMS£aLaTV£^£ LY_L]RSLYL^LÀaT_^aLMS£aLaTXL]²L^£]£ wLx T_d`NdL_P g  ;L]£_]ŲTV£ATaL]L©L ZY aP]^P^ z# PO >TYRS #

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

""$

wF?SP RZOOP^^ uAT^TZYvH NZY_LTY^ FLWWH [SPYZXPYL ZQ _SP MZOd ZQ _SP RZO bSZ STX^PWQ SL^ YZ MZOd >SP T^ _SP [ZbP] ZQ NZ][Z]PLWT_d VL`WTV¯ ²LV_T  Q]ZX bSTNS _SP RZO FNLYH YPaP] ^P[L]L_P STX^PWQx #

,NNZ]OTYR _Z _SP NZXXPY_L_Z] 5LdL]L_SL _SP wNZ][Z]PLWT_dx ZQ RZO XPLY^ YZ_STYR Z_SP] _SLY _SP bSZWP ZQ [SPYZXPYLW ]PLWT_d% w,NNZ]OTYR _Z _SP^P bZ]O^ _SP MZOd FZQ RZOH V`WLX FXPLY^H _SP bZ]WO FZQ [SPYZXPYLH _SL_ FNZXP^ TY_Z MPTYRH L^ ]LOTL_TZY ZQ OTaTYP [ZbP]  .ZY^P\`PY_Wd _SP MZOd T^ _SP MZOd FZQ _SP RZOH LYO T^ _SP]PQZ]P NLWWPO _SP QT]^_ ^Z`YO ZQ _SP LW[SLMP_x $

-PNL`^P _SP ^Z`YO ^TRY wLx ^_LYO^ QZ] L `YTaP]^LW ^[PN_]`X T_ T^ ^Z _Z ^[PLV _SP STP]Z[SLYd ZQ _SP TYPQQLMWP OPT_d LV`WLX bT_STY _SP ]PLWX ZQ _SP [SPYZXPYLW V`WLX % w>PP : ZXYT^NTPY_ ZYP TY _SP FOTaTYPH MZOd V`WLX _SL_ FbSTNS T^H bSP]P _ST^ aL]TPO `YTaP]^P ]T^P^ `[ LYO bSP]P T_ ^TYV^ bSP]P L^ dP_ _SP]P T^ YPT _SP] RZO YZ] RZOOP^^x 

>Z T_ T^ YZ_ [Z^^TMWP _Z L^V LYd_STYR RZTYR MPdZYO _SP V`WLX ?SP TYPQ QLMWP OPT_d _]LY^NPYO^ RZO LYO RZOOP^^ P\`LWWd 0aPY RZO LYO RZOOP^^ L]P L[[PL]LYNP^% w4_ T^ YPaP] [Z^^TMWP _Z `^P QTcPO _P]X^ adL[LOP²L ^`NS L^ uRZOv Z] uRZO OP^^v QZ] _SP bSZWP [¼]©L  4Y `W_TXL_P ]PLWT_d T_ T^ _SP T]]P[]ZO`NTMWP LY£VSdL bSTNS WTP^ TY _Z_LW ^PWQ]PQWPcTaT_d [L]L[L]£XL]²L  F?ST^ T^ L_ _SP ^LXP _TXPH _SP LM^ZW`_P ZQ _SP u,v F_SP MPRTYYTYR LYO _SP PYOH

LY`__L]L  _SP [`]P PcT^_PYNP ,YO T_ T^ ZYWd _ST^ FLM^ZW`_PH _SL_ OP^T]PO _SP L[[PL]LYNP ZQ _SP `YTaP]^P XZ_TaL_PO Md T_^ N]PL_TaP L`_ZYZXd LYO QT]^_ XLVP^ RZO LYO RZOOP^^ L[[PL] bT_STY T_^ ZbY ^PWQx 

2ZOv^ _]`P YL_`]P T^ _SP WTRS_ ZQ [`]P PcT^_PYNP LYO LM^ZW`_P []P^PYNP []LV£²L  M`_ _ST^ WTRS_ OZP^ YZ_ PcT^_ bT_SZ`_ _SP ZMUPN_ _SL_ T_ TWW`XT YL_P^% wF?ST^ Pc_]LNZ][Z]PLW L^[PN_H XLYTQP^_^ T_^PWQ ^ZWPWd L^ L [`]P WTRS_ FZQ Pc T^_PYNPH  FbSTWP T_H T^ _SP YL_`]P Z] _SP ;L]£ /Pa˜ _SP ^`[]PXP RZOOP^^ _Z QTWW _SP `YTaP]^P FbT_S NZY_PY_Hx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # LV`WL^d£^dL OPaL^dL V`WL[]L_SLYL²£WTYÅ g VL`WTVÅ ^£ [L]£ ²LV_T] LaTd`V_Z dLd£ []LMS`à gg ?LY_]£WZVL !" $ FV`W£_H  T_d£Od`V_d£ ²£V_L[]L^L]£_XLYZ ULRL_FLàH  V`WLÀ ²L]Å]LX L^dL T_d£O dLaL]©Z v[d LMSTST_Là  5LdL]L_SL NZXXPY_L]d ZY ?LY_]£WZVL !"  dL_]ZOT_LXTOLÀ NT_]LÀ aT²aLÀ dL_]£^_LX P_T NL g _L_ V`WLÀ aTOOST ^L]aLUÓL ²TaL²LV_T aTaL]UT_LX gg \`Z_PO TY 5LdL]L_SL NZXXPY_L]d ZY ?LY_]£WZVL !"  TSL VSLW` [¼]©Là ²TaL²LV_d£OT[]L_TYTdL_LadL[LOP²£^LST´©`à LY£VSdLà [L]L[L]£XL] ²£_X£ LY`__L]Là []LV£²L PaL PaLÀ [L]LÀ _L__aLÀ ^L PaL NL ^aL^a£_LY_]d£OaT²aLX LaLMTMS£^LdT´©`à []L_SLXLÀ ²TaL²LV_T]¼[L_£À ^a£_XLYd LaLMS£^LdL_T m 5LdL]L_SL NZXXPY_L]d ZY ?LY_]£WZVL !"  _L^dL []LV£²LTVL]¼[L_aPYL OdZ_LX£YL^dL ^£ [L]£ aT²a£[¼]L©L^aLMS£a£ m 5LdL]L_SL NZXXPY_L]d ZY ?LY_]£WZVL !"

"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

0aP]d_STYR _SL_ bP NLY [P]NPTaP bT_S Z`] ^PY^P^ LYO PaPY Z`] ZbY NZY^NTZ`^YP^^ T^ _SP aT^TMWP MZOd ZQ RZO XPOTL_PO Md _SP RZOOP^^% w?SP]PQZ]P _SP ^[SP]P ZQ _SP `YTaP]^LW RZOOP^^ [L]£ MSL¶¶£]TV£ FPYNZX [L^^P^H LWW FQZ]X^ ZQ WTQPH% XZ`Y_LTY^ _]PP^ LYTXLW^ [PZ[WP RZO^ FLYOH XLY_]L^  F>SPH ObPWW^ TY _SP QZ]X ZQ _SP 3TRSP^_ 7Z]O [L]LXP²aL]L FTY PaP]d MPTYRH L^ _SP PY_T]P `YTaP]^P TXXLYPY_ TY PaP]d_STYR ^L]aL ^L]a£_XLY  ?SP XLYd LYO aL]TPO ^Z`YO^ _SL_ SLaP MPPY [`_ TY_Z _SP Z] RLY^ ZQ ^[PPNS _S]Z`RS FSP]H ZXYT[]P^PYNP ^£]a£_XdLX QZ]X SP] MZOd z YZ XL__P] bSP_SP] _SPd [Z^^P^^ L NZX[]PSPY^TMWP FXPLYTYR Z]H L OPQTYT_P F^Z`YO NSL]LN_P]T^_TNHx 

3P]P ,MSTYLaLR`[_L bLY_^ _Z ^Ld _SL_ _SP bSZWP NZ^XTN WLYR`LRP ]P XLTY^ []P^PY_ TY PaPY _SP ^XLWWP^_ MWLOP ZQ R]L^^& Z] TY Z_SP] bZ]O^ LWW _STYR^ TY _SP `YTaP]^P L]P _ST^ `YTaP]^P T_^PWQ :bTYR _Z _SP SZWT^_TN TY_P]NZYYPN_POYP^^ ZQ LWW [SPYZXPYL TY _SP aT^TZY ZQ _SP bSZWP RZOv^ WTRS_ ZQ PcT^_PYNP bZ`WO YZ_ L[[PL] L_ LWW bT_SZ`_ _SP RZOOP^^ _SL_ bSTNS T^ [SPYZXPYLW 4Y QLN_ T_ bZ`WO YZ_ PaPY PcT^_ 2ZO LYO _SP [SP YZXPYLW L]P LWbLd^ NZPcT^_PY_ ?SP TY^P[L]LMTWT_d P^^PY_TLW _Z _SZ`RS_ LYO MPTYR ZQ _SP WTRS_ ZQ PcT^_PYNP LYO [SPYZXPYL TY _SP ]PLWX ZQ _SP [STWZ^Z[STNLW ]P^`W_^ TY _SP TY^P[L]LMTWT_d ZQ RZO LYO RZOOP^^ TY _SP ]PLWX ZQ _SP _SPZWZRTNLW% w9Z RZO bT_SZ`_ _SP RZOOP^^ YZ RZOOP^^ bT_SZ`_ _SP RZO Q]ZX bSTNS WZa TYR NZ`[WP d£XLWL LWW ZQ _ST^ [Z`]^ Z`_ mx 

?ST^ wZ`_[Z`]TYRx T^ NZXX`YTNL_PO TY _SP RPYP]L_TZY ZQ _SP ]P^_ ZQ _SP ^Z`YO^ ZQ _SP LW[SLMP_ ?SP ^P\`PYNP ZQ WP__P]^ TY _SP LW[SLMP_ OZN` XPY_^ _SP ]PQWPN_TZY^ ZQ _SP ^PWQPcT^_PY_ []P^PYNP ZQ RZO ZY T_^ bLd _Z MPNZXTYR _SP bZ]WO ?ST^ XLVP^ _SP LW[SLMP_ L [SZYP_TN Pc[]P^^TZY ZQ _SP ]PLWTeL_TZY ZQ _SP bTWW QZ] N]PL_TZY LYO QZ] [W`]LWT_d bSTNS T^ bSL_ _d[TQTP^ _SP LN_`LW YL_`]P ZQ RZO >Z MPdZYO _SP WPaPW ZQ _SP [`]P LM^ZW`_P N]PL_TZY MPRTY^ bT_S _SP WZYR M]TRS_ ^Z`YO w£x _SP ^PNZYO ^Z`YO ZQ _SP >LY^V]T_ LW[SLMP_ ?SP ^Z`YO T_^PWQ T^ `YOP]^_ZZO _Z MP _SP Q`^TZY ZQ _bZ wLx^ SP]P ]P[]P^PY_ TYR RZO LYO RZOOP^^ LYO NZ]]P^[ZYOTYRWd ^dXMZWTeP^ RZO LYO RZOOP^^ TY _SP LN_ ZQ WZaP ^LÀRSL¶¶L  w?SPT] NZ[`WL_TYR QZ]X d£XLWL T^ NLWWPO _SP uLN_ ZQ WZaPv ^LÀRSL¶¶L F?ST^ LN_ ZQ WZaPH T^ _SP [ZbP] ZQ MWT^^ F_SP ^Z`]NPH Z`_ ZQ bSTNS _SP `YT aP]^P T^ [Z`]POx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ^L]aP [£´£©L_L]`_T]dL«XLY`´dLOPaL]`O]LVPaLWTXLY_]L_LOŲLXLY_]L_LOŲL_LYXLSP²£OT V£ PVLTaL [L]£MSL¶¶£]TV£MS¼XTà ^L]aL^L]a£_XLYLTaL [L]LXP²aL]L]¼[P©£^_P T_T g _LO aTNT_]L^_S£Y£OT^£]a£_XYdLaTYTaT´¶L^[S`¶£^[S`¶LadLV_£adLV_£OT]¼[L²LMOL²L]Å]£ FXLY _]LaÅ]dLX T_T RÅdL_PH ;L]£_]ŲTV£ATaL]L©L ZY aP]^P^ z# PO >TYRS !   YL ²TaLà ²LV_T]LST_Z YL ²LV_Tà ²TaLaL]UT_£ g d£XLWLÀ [L]L^L]LÀ ^L]aLFXH  \`Z_PO TY 5LdL]L_SL TY_]ZO`N_TZY _Z ?LY_]£WZVL !#

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"#

,NNZ]OTYR _Z ,MSTYLaLR`[_Lv^ _SPZWZRd N]PL_TZY T^ _SP]PQZ]P L STRSWd [WPL^`]LMWP LN_TaT_d LYO YZ_ SL]O WLMZ] L^ T_ T^ QZ] L RZO bSZ SL^ _Z bZ]V L_ N]LQ_TYR ST^ N]PL_TZY ,_ _SP MPRTYYTYR ZQ LWW QZ]X^ ZQ MPTYR _SP]P T^ YZ_ _SP ^TcOLd bPPV M`_ N]PL_TaP PN^_L^d bSP]PMd _SP LN_ ZQ WZaP T^ ]PRL]OPO L^ _SP STRSP^_ QZ]X ZQ N]PL_TaT_d 4Y _SP _SPZWZRd ZQ _SP ?LY_]L T_ T^ Q]P\`PY_Wd _SP TY_P]YLW OdYLXT^X ZQ _SP OPT_d _SL_ T^ Pc []P^^PO TY ^Pc`LW XP_L[SZ]^ ?ST^ ^dXMZWTeP^ _SP ^PWQ]PQWPN_TaT_d _SL_ T^ _Z MP [Sd^TNLWWd PXMZOTPO TY _SP ]T_`LW% w?SP _bZ [P]^ZY^ L]P _SP RZO LYO _SP RZOOP^^ RTaPY _SP _P]X^ uYZY MZOTWdv LYO uMZOTWdv ?SP LN_ ZQ WZaP ^LÀRSL¶¶L T^ _Z_LW XZ_TZY TP L Od YLXTNLWWd aTM]L_TYR QZ]X FZQ RZOH ^[LYOL  bSTNS N]PL_P^ T_^PWQ Z`_ ZQ T_ ^PWQ ^a£_XZNNSLWL__£  1Z] _ST^ ]PL^ZY _SP ^PNZYO ^Z`YO F¢H ]T^P^ Z`_ ZQ _SP NZY_LN_ MP_bPPY _SP _bZ LM^ZW`_P F[P]^ZY^H FTP Q]ZX _SP NZY_LN_H ZQ _SP WTRS_ ZQ PcT^_PYNP []LV£²L bT_S FT_^H ]PQWPN_TZY aTXL]²L & F_ST^ ^PNZYO ^Z`YO u¢v T^H _SP u[ZbP] ZQ MWT^^v Q]ZX bSTNS _SP N]PL_TZY ZQ LWW Z_SP] ^Z`YO^ QZWWZb^ ,YO TY ]T_`LW []LN_TNP _SP uLN_ ZQ WZaPv MP_bPPY XLY LYO bZXLY WPLO^ _Z L N]PL_TZY 3P]P _SP RZO T^ _SL_ bSTNS _]LY^NPYO^ _SP `YT aP]^P LYO _SP RZOOP^^ T^ _SL_ bSTNS T^ TXXLYPY_ TY _SP `YTaP]^Px !

,^ TY _SP NL^P ZQ _SP LM^ZW`_P LY`__L]L  _SP YLXP Z] YL_`]P ZQ _ST^ aZbPW  £YLYOL  wMWT^^x T^ LW^Z QZ]XPO LN]Z[SZYTNLWWd Q]ZX _SP aZbPW T_^PWQ 4Y ^_P[[TYR MPdZYO _SP ^PWQQZ]RP_Q`WYP^^ LYO NZX[WLNPYNd ZQ _SP LM^ZW`_P LYO _SP MWT^^Q`W ^_P[ Md ^_P[ LY Pc_P]YLW bZ]WO T^ NZY^_T_`_PO TY L[[Z^T_TZY _Z RZOv^ TY_P]YLW bZ]WO ?SP `YTaP]^LW ^[PN_]`X ZQ _SP wLx ^Z`YO T^ TYT_TLWWd OTQQP]PY_TL_PO TY_Z _bZ NZX[WPXPY_L]d ^Z`YO ^[PN_]L% _SP ^S]TWW [PYP_]L_TYR wTx aZbPW _SP _ST]O WP__P] ZQ _SP LW[SLMP_ LYO _SP O`WW ]PNPOTYR w`x aZbPW _SP QTQ_S WP__P] ZQ _SP LW[SLMP_ ?SP wTx aZbPW T^ _SP Pc[]P^^TZY ZQ _SP ^[PNTQTN bTWW _Z N]PL_P TNNS£  bSTNS OPaPWZ[PO TY _SP LN_ ZQ WZaP MP_bPPY RZO LYO RZOOP^^ ^LÀRSL¶¶L  ?ST^ ^Z`YO PYO^ RZOv^ ^PWQ^L_T^QLN_TZY -d LYLWZRd RZOv^ ^PWQ[P]NP[_TZY QZ]X^ bT_STY _SP w`x aZbPW z bSPY SP QT]^_ w^PP^x `YXP´L _SP bZ]WO SP ]PNZRYTeP^ LWW [Z^^TMWP ZMUPN_^ ZQ bTWW STOOPY bT_STY STX 3P MPRTY^ _Z ZMUPN_TaTeP STX^PWQ ?SP _bZ WZYR QZ]X^ ZQ _SP aZbPW^ ¯ LYO ¼ XP]PWd Pc[]P^^ L ]PTYQZ]NPXPY_ ZQ _SP^P _PYOPYNTP^% ¯²£YL w]`WPx ]PTYQZ]NP^ T NNS£ wbTWWx& w¼YL_£x w]PO`N_TZYx ]PTYQZ]NP^ w`YXP´Lx w^PPTYRx% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  _LdZ] dLO d£XLWLÀ ]¼[LÀ ^L ^LÀRSL¶¶L T_T ^XŽ_Là g £YLYOL²LV_Tà ^LTaZV_£ dL_Z aT²aLÀ aT^ŽUdL_P gg ?LY_]£WZVL !# ! LV`WLVL`WTVŲLMOLadL[LOP²dLdZà ²TaL²LV_dZà ^LÀRSL¶¶L T_T z ^LXdLV RSL¶¶LYLÀ NLWLYLÀ ^[LYOL]¼[L_£ ^a£_XZNNSLWL__£ T_dL]_SLà L_L² NL []LV£²LaTXL]²£_XLYZ] LY`__L]LdZ] PaL ^LÀRSL¶¶£O £YLYOL²LV_d£_XLYZ OaT_ÅdLaL]©L^dL `OLdZ dL_Là z TN NS£Od£_XLYZ aT²aL^dL ^L]RLà g NL]d£V]LXP v[T ^_]Å[`À^LdZà ^LÀRSL¶¶L Pa£YLYOZ OLd£O aT^L]RLà g TSL ²TaL^dL ²LV_P²NL aT²aZ__Å]©L_aPYL aT²aLXLdL_aPYL NL aTNNSTYYLÀ ]¼[LX  5LdL]L_SL NZXXPY_L]d ZY ?LY_]£WZVL !#

"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

w?SP ^Z`YO u4v T^ _SP [P]QPN_ bTWW TNNS£  4Q _ST^ bTWW  L__PX[_^ _Z [Z^^P^^ FT_^ ZMUPN_H F_SP bTWWH _`]Y^ TY_Z _SP ^Z`YO u®v TY Z]OP] _Z ]`WP ˜²LY£ FZaP] _SP ZMUPN_ ZQ bTWWH -`_ TQ _SP [ZbP] ZQ [P]NP[_TZY MPRTY^ _Z u^PPv `Y XT´LY_˜ FT_^ ZMUPN_^H _SP ^Z`YO u@v L]T^P^ 3P]PTY WTP^ FSTOOPYH _SP uaTPbv ZQ LWW F[Z^^TMWPH ZMUPN_^ ZQ bTWW  F4Y _SP ^Z`YO u»v [P]NP[_TZYH QZN`^P^ T_ ^PWQ ^LÀVZNL LYO F_SP [P]NP[_TZY ZQ T_^ ZbY LM^ZW`_PYP^^H ¼Y˜MS¼_£ T^ ]PO`NPO -PNL`^P FSZbPaP]H LWW ZMUPN_^ MS£aL L]P NZY_LTYPO TY _SP [P] NP[_TZY ZQ LM^ZW`_PYP^^ _ST^ Fu»v ^Z`YOH T^ _SP `OOP] ZQ _SP SPLaPYWd NZb ZQ _SP >`[]PXP 2ZOOP^^ Q]ZX bSTNS LWW _STYR^ L]P XTWVPOx "

?SP _S]PP aZbPW^ L _SP LM^ZW`_P T bTWW LYO ` [P]NP[_TZY L]P _SP _S]PP NPY_]LW OP_P]XTYLY_^ ZQ _SP WTQP bT_STY RZO% w?SP F[ZbP][Z^^P^^TYRH RZO bSZ NZY^T^_^ ZQ LM^ZW`_PYP^^ FuLvH LYO MWT^^ Fu£vH T^ LWbLd^ ZYWd L ^`MUPN_ ZQ PX[T]TNT^X MSZV_£  bSTWP bTWW FuTvH [P] NP[_TZY Fu`vH LYO LN_TZY F_SP OT[S_SZYR^ QZ]XPO Q]ZX uTv LYO u`vH L]P ZYWd PaP] PX[T]TNLW ZMUPN_^ MSZRdLX LYO _SP]PQZ]P _SPd L]P RZOv^ PcT^_PYNP L^ [ZbP] ²LV_T_£ m ?ST^ _]TLO FuLv uTv LYO u`vH T^ _SP ;P]QPN_ ?]T`X[S XLSL^ ZQ _SP FSZWT^_TN OPT_dH -SLT]LaL m -PNL`^P _SP bSZWP `YTaP]^P T^ NZYYZ_PO £V´T[_L TY _ST^ F_]TLOH T_^ NZY_PX[WL_TZY WPLO^ _Z NZY_PX[WL_TZY ZQ _SP MZ`YOWP^^ [ZbP] _Z MP _SP `YTaP]^Px #

,WW ZQ _SP aZbPW^ _SL_ QZWWZb TY _SP LW[SLMP_ L]P XP]PWd PXLYL_TZY^ ZQ _SP QT]^_ _]TLO >Z _SP aZbPW^ š  ¹ LYO ¥ Pc[]P^^ _SZ^P [L]_TN`WL] N]PL _TaP TX[`W^P^ _SL_ NLYYZ_ RZ MPdZYO bSL_ T^ TY _SP OTaTYP M`_ ]PXLTY bT_STY RZOv^ `YT\`P MWT^^ ?SP OT[S_SZYR^ P Z LT LYO L` $ ZY _SP Z_SP] SLYO ^_P[ Z`_^TOP RZOv^ _TXPWP^^YP^^ TY_Z WTYPL] _TXP ?ST^ ^dXMZWTeL _TZY NLY PL^TWd MP `YOP]^_ZZO ^TYNP `YWTVP _SP ^TX[WP aZbPW^ OT[S _SZYR^ NZY^T^_ ZQ ^PaP]LW ^Z`YO [SL^P^ QZWWZbTYR ZYP LQ_P] _SP Z_SP] TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " [L]T[¼]©PNNS£ vTv T_T g TNNSLTaL MS£aTUÓ£YL²LV_d£_XLVL^a£_LY_]dP©L UTRSŽV´LY_ŠŲ£YL]¼£ vÅv T_T g `YXT´LY_Å _` UÓ£YL²LV_T]T´dLX£YL^LVLWLMS£aZYXP´LXLdÅ v`v T_T g `Y XT´L__LTaL `YXTXT´L_£d£X L[T LY_Là[]£©L^L]aL^aL]¼[ZYXP´Z__L]LTVL]¼[LT] L[T LY _LàVL]L©LaPOdLOP²Åd£^[S`¶L[]£dLMSPO£À²LMS£^LX£YLMS£aL]£²TMSTà ^LÀVZNLaL²PYL ¼YÅMS¼_£Y`__L]L^LÀaT_^L]aLMS£aLRL]MSÅV£]P©L LYL«RLOSLTYLaÅ]¼[L[L]LOPaL_£d£ ¼O SZ]¼[£ ¼“SL^LVLWLMS£aL]£²Tà ^`^[S`¶£ []L^Ž_£ UÓ£YL²LV_Tà v¼v T_T g  ;L]£_]ŲTV£ ATaL]L©L ZY aP]^P^ z# PO >TYRS $ # LY`__L]£YLYOLXLdZ OPaZ MSZV_LTaL VL_SdL_P gg TNNS£OTVLÀ MSZRdLX PaL _L_L Pa£^dL ²LV_T_£ g MSZRdLÀ MSZV_L]T WÅYLÀ NPO MSZV_£ _LOaL^_`_Là ^[S`¶Là gg L_Là ´L©©£À _]TVLÀ ^£]LÀ NTOT´d`YXP´L©Y£_XLVLX g _LO PaL _]T_LdLÀ []£S`] MSLT]LaL^dL [L]LÀ XLSLà gg _L_ _]TVLÀ [L]LXP²L^dL [¼]©£ ²LV_Tà []LRÅdL_P g _PY£V´T[_LÀ dL_Z aT²aLX L_Z v^XTY ^LX`[£^T_P gg aT²aL²LV_£a LaLNNSPOLaLYOSdP U£_LX `[£^LYLX g ?LY_]£WZVL $z$ $ 9ZbLOLd^ _SP aZbPW^ wPx LYO wZx L]P []ZYZ`YNPO LWW ZaP] 4YOTL L^ XZYZ[S_SZYR^ M`_ Z]TRTYLWWd _SPd bP]P OT[S_SZYR^ TP wPx wZx wLTx LYO wL`x bP]P []ZYZ`YNPO L^ wLzTx wLz`x wLLzTx LYO wLLz`x w:¿x T^ ^_TWW Q]P\`PY_Wd []ZYZ`YNPO L^ w:`Àx M`_ LWbLd^ b]T__PY w:¿x

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"#

_TXP LT L` LYO ^Z LNNZ]OTYR _Z ,MSTYLaLR`[_L _SPd ZYWd PcT^_ L^ _PX[Z]LW [SPYZXPYL ?SP 6L^SXT]T XL^_P] ^_L_P^ _SL_ _SP OTaTYP YL_`]P ZQ _SP RZO ]P^TOP^ []PNT^PWd TY _ST^ TY_P]YLW OTaP]^T_d LYO OdYLXT^X TY _SP LMTWT_d _Z MP NZXP PaP]d_STYR :YWd _SP [Sd^T^ T^ XPL^`]LMWP z LWW _SL_ T^ ^PY_TPY_ T^ TXXPL^`]LMWP% w4Q _SP 2]PL_ 2ZO SLO ZYWd PaP] bZ]Y L ^TYRWP MZOd SP bZ`WO SLaP RTaPY `[ MPTYR L 2]PL_ 2ZO LYO MPTYR [P]NP[_TZY z FSP bZ`WO MPH WTVP L F^TX[WP TY^PY_TPY_ ZMUPN_H 1Z] _SP XL]V ZQ _SP TY^PY_TPY_ T^ _SL_ T_^ []P^PYNP T^ WTX T_PO .ZY^NTZ`^YP^^ ZY _SP Z_SP] SLYO T^ OTQQP]PY_ Q]ZX _SP TY^PY_TPY_ TY _SL_ T_ NLYYZ_ MP XPL^`]PO >Z TQ Q]ZX _SP R]PL_ ZNPLY ZQ NZY^NTZ`^YP^^ T_^ ZbY [ZbP]^ L]T^P _SPd _SPX^PWaP^ z WTVP _SP bLaP^ z _LVP ZY L OTaP]^T_d FZQ QZ]X^H _S]Z`RS _SP LN_ ZQ WZaP ^LÀRSL¶¶L bT_S _SPX^PWaP^x  

# ?SP ?]TYT_d =PWPaLY_ _Z >Z_P]TZWZRd L S X ?SP NZY^ZYLY_^ L]P TYOTaTO`L_TZY^ adLV_T ZQ _SP aZbPW^ ,NNZ]OTYR _Z ,MSTYLaLR`[_L _SPd L]P L [L]LMWP QZ] _SP ZMUPN_^ ZQ _SP Pc_P]YLW bZ]WO bSTNS NZ`WO YZ_ PcT^_ bT_SZ`_ _SP NZY^NTZ`^YP^^ 1Z] TY NZY_]L^_ _Z _SP aZbPW^ ^aL]L NZY^ZYLY_^ NLYYZ_ ^Z`YO Md _SPX^PWaP^ TP ZYP NLYYZ_ []ZYZ`YNP _SPX bT_SZ`_ aZbPW^ ,MSTYLaLR`[_L LW^Z ]PNZRYTeP^ _SP NZ]]PWL_TZY MP_bPPY [SZYP_TN ^P]TP^ ZQ NZY^ZYLY_^ R]Z`[^ ZQ QTaP LYO YL_`]LW NL_PRZ]TP^ QTaP PWPXPY_^ QTaP ^PY^P^ QTaP Z]RLY^ ZQ LN_TZY P_N LW_SZ`RS SP T^ YZ_ P^[PNTLWWd TY_P]P^_PO TY T_   ,[L]_ Q]ZX _SP _S]PP aZbPW^ L T LYO ` ,MSTYLaLR`[_L _`]Y^ ST^ L_ _PY_TZY ZYWd _Z _SP ,Y`^a£]L wÀx LYO _SP AT^L]RL wàx ?ST^ T^ ZQ NZ`]^P YZ_ ]PXL]VLMWP ^TYNP ZYP ZQ _SP^P _bZ ^Z`YO^ X`^_ LWbLd^ NZXP L_ _SP PYO ZQ L XLY_]TN ^PPO ^dWWLMWP LYO _SPd L]P NZY^P\`PY_Wd PcNP[_TZYLWWd ]PWPaLY_ QZ] _SP ]T_`LW BSTWP TY ST^ _]PL_T^P ZY _SP QT]^_ _]TYT_d NZY^T^_ TYR ZQ _SP QT]^_ _S]PP ^Z`YO^ ZQ _SP LW[SLMP_ L T LYO ` ,MSTYLaLR`[_L ^[PLV^ \`T_P L^ L XP_L[Sd^TNTLY M`_ bSPY SP RP_^ _Z _SP _]TYT_d QZ]XPO Q]ZX _SP ^Z`YO^ wLx ,Y`^a£]L LYO AT^L]RL SP T^ aP]d X`NS _SP ]T_`LW TY_P][]P_P] LYO ZQQP]^ NZY_PX[WL_TaP TOPL^ QZ] LN_`LW XLY_]L ]PNT_L_TZY ?SP _bZ ^Z`YO^ À ,Y`^a£]L LYO à AT^L]RL L]P ]PRL]OPO SP]P L^ _SP QTQ_PPY_S LYO ^Tc_PPY_S aZbPW^ ZQ _SP LW[SLMP_ LYO L[[PL] L^ wLÀx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   L^_S£^dLO PVL]¼[P©L aL[`´£ NPY XLSP²aL]Là gg XLSP²aL]L_aLÀ ^LÀaT__aLÀ _LO L_dLV´dLO RSL¶£OTaL_ g [L]TNNSTYYL[]LV£²L_aLÀ UL“L^dL VTWL WLV´L©LX gg UL“£OTWLV´L©Z MZOSZ dL_Z YL [L]TXÅdL_P g _PYL MZOSLXLS£^TOSZ] `WW£^TYdLà ^aL²LV_LdLà gg £²]LdLY_d ¼]XLdL TaL ^a£_XL^LÀRSL¶¶LNT_]L_£X g ?LY_]£WZVL z   1Z] PcLX[WP SP OZP^ YZ_ [Ld LYd L__PY_TZY _Z _SP NZY^ZYLY_^ TY ?LY_]£WZVL TY _ST^ ]PRL]O

"#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

LYO wLàx 4Y QLN_ ,Y`^a£]L LYO AT^L]RL NLYYZ_ MP PT_SP] []ZYZ`YNPO Z] b]T__PY bT_SZ`_ L aZbPW MPTYR LOOPO 1Z] ,MSTYLaLR`[_L SZbPaP] _SP TYNW`^TZY ZQ _SP wLx ^Z`YO SL^ L OPP[P] ^TRYTQTNLYNP ,Y`^a£]L LYO AT^L]RL ]P[]P^PY_ _SP LWWTYNW`^TaP YL_`]P ZQ _SP wLx ^Z`YO TY _SP [SP YZXPYLW bZ]WO TY _SP XZ^_ TXXPOTL_P bLd YLXPWd TY _SP _bZ NZX[WP XPY_L]d L^[PN_^ ZQ NZYNPY_]L_TZY LYO OTQQ`^TZY ?SP^P _S]PP ^Z`YO^ XLVP `[ _SP XZ^_ TX[Z]_LY_ XLY_]L TY 6L^SXT]T ±TaLT^X% LSLX w4x   ?SP wLSLXx T^ _SP ^dXMZW ZQ _SP OdYLXT^X ZQ N]PL_TZY LYO TYOPPO _SP bSZWP NZ^XZ^ 4_^ UL[L z _SP ]P[P_T_TZY ZQ _SP XLY_]L ,3,¿ z T^ ]P RL]OPO L^ _SP MP^_ [Z^^TMWP bLd _Z Pc[P]TPYNP _SP TYPQQLMWP LYO _SP XLYTQP^_ OPT_d TY P\`LW XPL^`]P 4Y NZY_]L^_ _Z ^ZXP Z_SP] ?LY_]TN WLY R`LRP ^[PN`WL_TZY^ bSTNS ZQ_PY ^PPXPO aP]d QZ]NPO ,3,8Xd^_TNT^X T^ NZYNPTaPO TY L aP]d ^_]TN_ XLYYP] OZbY _Z _SP WL^_ OP_LTW ,YO T_ SL^ _Z MP _ST^ bLd MPNL`^P _SP ]PNT_L_TZY ZQ ,3,¿ T^ TY_PYOPO _Z XLVP _SP NPY_]LW []TYNT[WP ZQ QLT_S ZQ _SP 6L^SXT]T OZN_]TYP ZQ _SP _]TYT_d _]TVL ^ZXP_STYR _SL_ NLY MP Pc[P]TPYNPO% _SP TOPY_T_d ZQ RZO bZ]WO LYO S` XLY MPTYR 2ZOv^ w4x T^ ^TX`W_LYPZ`^Wd _SP NZ^XZ^ LYO _SP \`T_P TYOT aTO`LW 4 TY MZ_S _SP ^_L_P ZQ OPWTaP]LYNP LYO _SP ^_L_P ZQ YZY OPWTaP]LYNP ?SP ^ZWP OTQQP]PYNP MP_bPPY RZO LYO S`XLY MPTYR T^ _SL_ _SP S`XLY SL^ _PX[Z]L]TWd WZ^_ RZOv^ wbSZWPYP^^x ?SP wMPNZXTYR -SLT]LaLx []ZXZ_PO Md [STWZ^Z[Sd LYO TY_P]YLWTePO ]T_`LW LN_^ WTMP] L_P^ _SP PL]_SWd NZY^NTZ`^YP^^ LYO WPLO^ _SP S`XLY MPTYR `W_TXL_PWd MLNV TY_Z _SP wbSZWPYP^^x ZQ RZO ?SP ^TRYTQTNLYNP ZQ ,3,¿ L]T^P^ YZ_ ZYWd Q]ZX _SP ^PY^P ZQ _SP bZ]O M`_ LW^Z Q]ZX T_^ _S]PP TYOTaTO`LW [SZYP_TN [L]_^ 6L^SXT]T _]LOT _TZY TY_P][]P_^ _SP ,Y`^a£]L wLÀx L^ ]P[]P^PY_TYR _SP LM^ZW`_P WTRS_ ZQ PcT^_PYNP LY`__L]L[]LV£²L L_ _SP WPaPW ZQ O`LW PX[T]TNLW [P]NP[_TZY UÓPdLVLW£    ?SP WTRS_ ZQ _SP MTYO` ]P^TOP^ TY PaP]d TYNL]YL_PO ^Z`W ?SP]P _ST^ WTRS_ L[[PL]^ TY _S]PP OTQQP]PY_ QZ]X^ z L^ QT]P NZRYT_TaP ^`MUPN_ ^`Y XPOT`X ZQ ]PNZRYT_TZY LYO XZZY ]PNZRYTePO ZMUPN_   ?SP TYOTaTO`LW WTRS_ ZQ NZY^NTZ`^YP^^ T^ L ]P^_]TN_TZY ZQ _SP Z]TRTYLW WTXT_WP^^ WTRS_ ZQ PcT^_PYNP ?SP YL_`]P ZQ _SP MTYO` L^ WTRS_ T^ z U`^_ WTVP _SP ^`[]PXP WTRS_ z bT_SZ`_ LYd [L]_TN`WL] NZWZ] Z] LYd [L]_TN`WL] QZ]X YZ_ ]P^_]TN_PO Md _SP XLYd aL]TPO QZ]X^ ZQ _SP bZ]WO% w?SP ^`[]PXP WTRS_ ZQ PcT^_PYNP T^ YZ_ ]PWL_PO _Z _SP OTaP]^T_d ZQ _SP FTY _PY^T_TP^ LYO NZWZ]^H TY F_SP WTRS_H Q]ZX ^`Y XZZY FLYO QT]PH QZ] T_ SL^ YZ [L]_TN`WL] QZ]X LYO NLYYZ_ MP TOPY_TNLW bT_S _SL_x 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   >PP LW^Z 3L]aPd ; ,W[P] x?SP .Z^XZ^ L^ ±TaLv^ 7LYR`LRP 2LXPx TY ,W[P] @YOP] ^_LYOTR 8LY_]L^ $z$ [L]_TN`WL]TWd "#z#   ?LY_]£WZVL  P_ ^P\   ?LY_]£WZVL z  SW£OL_LTV´©d£OT aLTNT_]dLÀ ^T_L]LV_£OTVLÀ NL dL_ gg ^aLdLÀ _LYYT]L[PV´Z v^L` []LV£²Z FR`]`] £SL NLH g ?LY_]£WZVL 

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"#

,_ _SP WPaPW ZQ O`LWT_d _SP ,M^ZW`_P LY`__L]L TY T_^ XZ^_ NZYNPY_]L_PO QZ]X NLY LN_`LWWd ZYWd MP OPQTYPO `^TYR YPRL_TaP^ ?SP Z]TRTYLW LM`Y OLYNP LYO SZWT^_TN bSZWPYP^^ ZQ _SP wLx ,M^ZW`_P NSLYRP^ TY _SP NZY_TY RPY_ ]PLWT_d TY_Z _SP [`]P _]LY^NPYOPYNd ZQ _SP MTYO` BT_S _SP AT^L]RL _SP ^T_`L_TZY T^ []PNT^PWd _SP Z[[Z^T_P 1Z] _SP ?]TVL _SP aZbPW wLàx T^ _SP XZ^_ ^LN]PO ^Z`YO ZQ _SP 8£_šV£ ^TYNP T_ T^ NSL]LN_P]TePO Md TXXLYPYNP LYO ZaP]QWZbTYR LM`Y OLYNP% w?SP NZ^XTN NZ][Z]LW F6L`WTV¯ ±LV_TH LMZ`_ bSTNS bP ^[ZVP NZYNP]YTYR _SP ,M^ZW`_P LY`__L]L  _ST^ bT^S _Z [Z`] T_^PWQ Z`_ X`^_ TYPaT_LMWd MP _]LY^X`_PO TY_Z _SP ^_L_P ZQ _SP aT^L]RL  MPNL`^P ZQ T_^ OdYLXT^Xx  !

4Y _SP AT^L]RL WTP^ _SP LN_`LW Xd^_P]d ZQ _SP ?]TVL MPNL`^P TY _ST^ ^Z`YO LY PY_PWPNSd T^ ]PLWTePO bSTNS bL^ LN_`LWWd LWbLd^ []P^PY_ TY _SP ,M^ZW`_P ?SP N]PL_TaP L`_ZYZXd T^ ]PLWTePO SP]P bT_S T_^ WTXT_WP^^ [Z_PY_TLW 2ZOv^ `]RP _Z ^_P[ Z`_ ZQ STX^PWQ LYO _Z WZ^P STX^PWQ WPLO^ _Z _SP WZ^^ ZQ ST^ ^PWQNZY_LTYPO NPY_]LW [ZTY_ LYO _Z L MW`]]TYR ZQ _SP MZ] OP]^ ZQ TYOTaTO`LWT_d 2ZO RTaP^ `[ ST^ TYOTaTO`LWT_d LYO MPNZXP^ _SP bZ]WO z SP w^WTYR^ STX^PWQ Z`_ ZQ STX^PWQ TY_Z STX^PWQx 4Y _SP AT^L]RL _SP]P PcT^_^ ZYWd [`]P NPY_P]WP^^ OdYLXT^ 4Y _SP _SPZWZRTNLW ^PY^P AT^L]RL XPLY^ wN]PL_TZ NZY_TY`Lx bT_SZ`_ L NPY_P] LYO bT_SZ`_ L [P ]T[SP]d% wF-PTYRH TY _SP ^_L_P ZQ QWZbTYR FXPLY^H []ZUPN_TYR ZYP^PWQ Z`_ ZQ ZYP^PWQ TY_Z ZYP^PWQx  "

?SL_ XLd ^Z`YO NZX[WP_PWd [L]LOZcTNLW M`_ T_ ]PQWPN_^ L NPY_]LW LcTZX ZQ ,MSTYLaLR`[_Lv^ ^Z_P]TZWZRd 4Y _SP TY_PR]LW NZY^NTZ`^YP^^ ZQ _SP PYWTRS_PYPO [P]^ZY bSZ SL^ ]PLWTePO _SP NZ^XTN SZWT^_TN [P]NP[_TZY TY STX^PWQ _SP TYOTaTO`LW T^ OT^^ZWaPO TY _SP NZ^XZ^ LYO _SP NZ^XZ^ TY _SP TYOTaTO`LW 4Y _ST^ ^_L_P ZQ LM^ZW`_P PcT^_PYNP OdYLXT^ LYO ^_L^T^ NZTY NTOP TY _SP LN_ ZQ wQWZbTYRx ?SP YZ_TZY ZQ ^`NS L WZ^^ ZQ MZ]OP]^ MP _bPPY _SP TY_P]TZ] LYO _SP Pc_P]TZ] NZ]]P^[ZYO^ _Z_LWWd bT_S _SP TOPL ZQ L OPT_d _SL_ w[Z`]^ T_^PWQ TY_Z _SP `YTaP]^Px WTVP LY Pc[WZ^TZY L^ bL^ OP aPWZ[PO TY _SP TY_P][]P_L_TZY ZQ _SP AT^L]RL ^Z`YO >Z _SP AT^L]RL SL^ L OPNT^TaP M]TORTYR Q`YN_TZY% TY T_ _SP ^Z`W ZQ _SP `YTaP]^P T^ _]LY^QZ]XPO TY_Z _SP TYOTaTO`LW ^Z`W LYO _SP TYOTaTO`LW ^Z`W T^ _]LY^X`_PO MLNV TY_Z _SP ^Z`W ZQ _SP `YTaP]^P ?ST^ XPLY^ _SL_ _SP AT^L]RL wLàx NZXP^ _SP NWZ^P^_ _Z L [SZYP_TN ]PLWTeL_TZY ZQ _SP SZWT^_TN OPT_d -SLT]LaL 0aPY _SP OTNSZ_ZXd ZQ wTY _P]YLW _Z _SP OPT_dxwPc_P]YLW _Z _SP OPT_dx U`^_ WTVP _SL_ ZQ w_]LY^NPY OPY_xwTXXLYPY_x bSTNS TX[WTNT_Wd NZOP_P]XTYP^ _SP TY_P]LN_TZY MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ! L^d£Y_L]aT^T^ŽV´£^L` d£ []ZV_£ VL`WTVÅ [L]£ gg ^LTaL V´ZMSLaL²£O P_T aT^L]R£_XLVL_£À OS]`aLX g ?LY_]£WZVL !  " ^a£_XLYLà ^a£_XLYT ^a£_XLV´P[Z aLT^L]RTVÅ ^_ST_Tà gg ?LY_]£WZVL 

"#!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

_bPPY RZO LYO RZOOP^^ T^ NZX[WP_PWd OT^^ZWaPO TY -SLT]LaL ?ST^ NSL] LN_P]T^_TN ZQ _SP AT^L]RL LW^Z ^[]PLO^ _Z _SP ]PWL_PO NZY^ZYLY_ w3Lx ?SP w3Lx NZY^ZYLY_ T^ ^PPY L^ L [SZYP_TN bTOPYTYR ZQ _SP L^[T]LY_ AT^L]RL LYO _SP]PQZ]P w3Lx T^ ]PRL]OPO _SPZWZRTNLWWd L^ LY PcZ_P]TN LYO PL]_SWd QZ]X ZQ _SP AT^L]RL% w>Z YZb T_ T^ NP]_LTY% _SP AT^L]RL LWZYP T^ _SP 7Z]O bSZ z FZaP]H^L_`]L_PO bT_S _SP [ZbP] QZ] MWT^^ z OPaZ`]^ LYO ^[T_^ Z`_ _SP `YTaP]^P _SL_ T^ TY FSTX^PWQH 4Q SP NZYOPY^P^ SP MPNZXP^ _SP u3,v ^Z`YO LYO _`]Y^ TY_Z LY TYQTYT_P OTaP]^T_d ZQ NZXMTYL_TZY^ L^ QL] L^ _SP u6³,v F_SP WL^_ NZY^ZYLY_ ZQ _SP ?LY_]TN LW[SLMP_ bSTNS ]P[]P^PY_^ _SP PYO ZQ _SP bZ]WOH ,YO T_ T^ WTVPbT^P _SP AT^L]RL _SL_ MPNZXP^ _SP TX[`W^TaP uYZYN]PL_POv ^Z`YO Y£OL bSTNS FXLYTQP^_^H T_^PWQ L^ LY L`OTMWP ^Z`YO aL]©L TY _SP LN_ ZQ WZaP bT_S _SP `_P]`^ ZQ _SP RZOOP^^ FTPH _SP PYaZd F( ]T_`LW QPXLWP ^Pc`LW [L]_YP]H z FYLXPWd u3,vHx  #

?SP ^Z`YO w3Lx T^ ]PRL]OPO L^ L ^[ZY_LYPZ`^ ^Z`YO ^TRY LYO ZQ NZ`]^P LY wTYMZ]Yx ZYP bT_S LWW _SP NSL]LN_P]T^_TN^ ZQ L YL_`]LW TYOPc 4_ aP] MLWTeP^ _SP ^Z`YO ZQ M]PL_STYR LYO ]PLNSP^ T_^ Sd[Z^_L^T^ TY _SP ^[ZY_L YPZ`^ NLWW ZQ _SP ]T_`LW [L]_YP] O`]TYR Z]RL^X 5LdL]L_SL Pc[WLTY^ _ST^ ^Z`YO L^ _SP NPY_]LW [SZYP_TN _SPZ[SLYd bSTNS TY Q`YN_TZYLW _P]X^ NLY MP P\`L_PO bT_S _SP Xd^_TN L`OT_Z]d Pc[P]TPYNP^ ZQ _SP DZRTY^ _SL_ T^ _SP w`Y^_]`NV ^Z`YO^x% w,YO LW_SZ`RS T_ SL^ ^`NS L QZ]X L_ _SP _TXP ZQ F^Pc`LWH [WPL^`]P T_ ]T^P^ Q]ZX _SP _S]ZL_ ZQ _SP ^L_T^QTPO WZaP] \`T_P Md T_^PWQ bSPY _SP OPWTRS_ TY SP] W`^_ ZaP]NZXP^ SP] LYO LWW ZMUPN_^ ZQ SP] _SZ`RS_ SLaP OT^^ZWaPO LYO XLYTQP^_^ T_^PWQ TY LY ZMaTZ`^ XLYYP] >Z LW_SZ`RS T_ T^ LWbLd^ []P^PY_ T_ ]P^TOP^ TY _SL_ [WLNP TY [L]_TN`WL] ,YO TY _ST^ bLd MPNL`^P ZQ _SP YZY []ZO`NPO YL_`]P FZQ _ST^ ^Z`YOH T_ T^ ^`M^_LY_TLWTePO OP^[T_P T_^ TXXL_P]TLW T_d TY _SP _S]ZL_ ZQ _SP WZaP] VTÀNTO`NNS¼YL_£[L__T LYO F_SPYH \`T_P NWPL]Wd ]P^TOP^ TY _SP ^Z`YO u3£3£v bSTNS T^ bSd ZYP NLY OPXZY^_]L_P T_ _SP]P L^ PX[T]TNLWWd [P]NPTaLMWP 1Z] _ST^ ]PL^ZY YZ_ ZYWd OZ _SP DZRTY^ []P^^ QZ]bL]O _ZbL]O^ T_ M`_ PaP]dZYP NLY [P]NPTaP T_ ,YO ^Z \`T_P TYNT OPY_LWWd _SP YL_`]P ZQ _SP 3L ^Z`YO _ZZ T^ ^TX[Wd OPXZY^_]L_PO z ZYWd Zb TYR _Z T_^ XL_P]TLW YL_`]P T_ T^ NWPL]P] bSTWP _SP Z_SP] ZYP F( _SP AT^L]RLH T^ Md NZY_]L^_ TXXL_P]TLW LYO _SP]PQZ]P YZ_ ^Z FNWPL]H -`_ _SL_ T^ _SP ZYWd OTQQP]PYNPx  $

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  # ^L]a£©d PaL NL ^LÀaPOLY£YT aL^_`_Z vSLX T_T [L]LX£]_S£YT aTXL]²LXLd£Yd PaL g _LO PaLÀ ^_ST_LX z P_LOaT²aLXLY_Là^_ST_LX£YLYOL²LV_TMSL]T_Z aLXLY R]L^LX£YL²NL aT^ L]RL PaL [L]LXP²aL]Z RSLY˜MS¼dL SLV£]£_XL_£À []L_T[LOd£YLY_L^LÀdZRLaLTNT_]dP©L V´L]¼[L_£XL[dP_T g ^L PaLT´L O¼_d£_XLVL²£V_LdZYT^LÀRSL¶¶L^LX`NT_LaL]©£_XLVLV´Z MSL]¼[£Y£SL_LY£OLOL²£²]LdP©L FXLOSdLXL^L`´`XYL[LOZNNSLWL__L__LOLYLY_LMS£aL [L¶LW£_X£ aT^L]RZ aT²WT´dLY OS]`aLOS£XYT LY`__L]L[LOL PaL []LaT²L_TH g ;L]£_]¯²TV£ ATaL]L©L ZY aP]^P^ z# PO >TYRS !#z!$  $ PaLÀ]¼[L_aP u[T `[LMSZR£aL^L]P ]L_T^L`VSdL^LX£aP²LaLTaL²dPYL aTRLWT_LaPOd£Y_Là VL]L©L_a£_ YT]L^_LaLTVLWd£d£à V£Y_£d£à VL©¶S£Y_Là ^aL]L^L_L PaL `OdL_ LMSTadLUdLX£YLX L_LPaL ^L_L_ZOT_L_aP u[T _L_V£WLX L^dL aT²P´P©£aL^_S£YLX g PaLÀ NL aT^L]RL]¼[L^dL LY£SL_L]¼[L_a£_ ^L`V´XdP u[T V£Y_£VL©¶S£Y_Là VTÀNTO`NNS¼

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"#"

1Z] ,MSTYLaLR`[_L LYO 5LdL]L_SL _SP LW[SLMP_ ^[PN`WL_TZY^ L]P YZ_ ZYWd _SPZWZRTNLW _]`_S^ z _SPd LW^Z OZN`XPY_ ^[PNTQTN Pc[P]TPYNP^ _SL_ NLY MP RLTYPO _S]Z`RS ]PWTRTZ`^ []LN_TNP ,MSTYLaLR`[_Lv^ Pc[WLYL_TZY^ ZQ _SP wYL_`]LW XLY_]Lx ,3,¿ LSLX ( w4x L]P _Z MP _LVPY TY _ST^ WTRS_ ,W_SZ`RS LSLX T^ L NZYaPY_TZYLW bZ]O TY _SP >LY^V]T_ WLYR`LRP ,MSTYLaLR`[_L L^N]TMP^ _Z T_ L aP]d ^[PNTLW 8LY_]L [Z_PYNd ML^PO ZY _SP YZ_TZY _SL_ _SP _S]PP XZ^_ ^LN]PO ^Z`YO^ ZQ _SP Xd^_TN LW[SLMP_ LWW ZNN`] TY T_% L S à X À .ZY_TY`LW ]P[P_T_TZY ZQ wLSLXx TY NZY_PX [WL_TaP 5L[L ]PNT_L_TZY YPNP^^L]TWd NL`^P^ _SP MPRTYYTYR _Z MPNZXP _SP PYO LYO _SP PYO _Z MPNZXP _SP MPRTYYTYR% w>TYNP _SP]P T^ YZ OTQQP]PYNP Q]ZX ZYPv^ ZbY PcT^_PYNP TY T_^ ZaP]QTWWPO PcT^_PYNP _ST^ AT^L]RL ]PXLTY^ TY NZY^_LY_ QWZb LYO TXXPOTL_PWd MPNZXP^ _SP 3L ^_LRP 4Y ]PLWT_d _ST^ _]LY^QZ]XL_TZY TY_Z _SP 3L ^_LRP T^ _SP PcT^ _PYNP ZQ _SP TYY`XP]LMWP _L__aL^ Q]ZX u6Lv ZYbL]O^ L^ L ^d^_PX& LYO MP NL`^P _SP 3L6LW£ TY T_^ _`]Y PY_P]^ _SP MTYO` T_ PYO^ L_ _SP WPaPW ZQ _SP ,M^ZW`_P >Z bSL_ bP SLaP SP]P T^ ZYWd _SP ZYP ^TYRWP YZYO`LW [P]QPN_ u2P^_LW_v ZQ _SP bSZWP _SL_ T^ _SP YL_`]P ZQ _SP PcLW_PO RZOOP^^ ;L]£ L^ NZX[WP_P FNZ^XTNH LbL]PYP^^ LYO Q`WWYP^^ 3P]P _SP]P L]P YZ ^P\`PYNP^ F^ZH T_ NLWW^ T_^PWQ MZ_S u,3,8v LYO _SP ]PaP]^PO QZ]X u8,3,v F,YO dP_H OP^[T_P _ST^ OZ`MWP QZ]X TY ]PLWT_d T_ T^ ZYWd ZYP ^TYRWP [P]NP[_TZYx !

?SP NZX[WP_P NZ^XZR]LX _SL_ T^ STOOPY bT_STY _SP bZ]O ,3,8 NLY _S`^ MP ]P[]P^PY_PO L^ QZWWZb^% ,

wLM^ZW`_PYP^^x

[Z_PY_TLWT_d bZ]WO TY aT]_`LW QZ]X TY RZO

3L

wQWZbTYRx

N]PL_TZY RZO ]PWPL^P^ ST^ TY_P]TZ] TY_Z _SP Z`_^TOP bZ]WO LYO ^WTYR^ _SP `YTaP]^P Z`_ ZQ STX^PWQ

8L

wQZN`^TYRx

PX[T]TNLW 4 ]PLWT_d _SP [SPYZXPYLW bZ]WO

3L

wQWZbTYRx

OP^_]`N_TZY RZO ]PWPL^P^ _SP bZ]WO Md OPaZ`] TYR T_ LRLTY

,

wLM^ZW`_PYP^^x

[Z_PY_TLWT_d bZ]WO TY aT]_`LW QZ]X TY RZO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ YL_£[L__d£ uS£S£v T_T ^[S`¶LX LaL^_S£YLX dPY£^dL P_LO `[LWLMSdLX£YLÀ YT OL]²LY¯VŽ_LÀ _PYL YL dZRTX£_]LRLXdLX PaLT_LO L[T_` ^L]aLT] L[T `[LWMSdL_L T_T MS£aLà g L_L² NL LYPYLTaL SLV£]L^d£[T []L^L«R£_ ^aL]¼[LÀ YT]OT´¶LÀ VTÀ_` _L^dL ^_SL`Wd£_ z ^[S`¶L_aP uY£aL^_S£YLX L^dL _` ^L`V´Xd£_ YL _L_S£ T_T Td£Y PaL aT²P´Là m gg 5LdL]L_SL NZXXPY_L]d ZY ?LY_]£WZVL " ! ^L PaL aT^L]RLà ^aL^L__£YLY_L]¯dLVL_LdLTaL _L_SLTa£_TMSL]T_Ld£ ^L__Ld£ []L^L]LY O]£RT_d PaL SLVLW£XLdLà ^LÀ[LOdL_P SLVLW£XLdL_£^LÀ[L__T] PaL aL^_`_Là V£OT^L__£ YLY_L_L__aLU£WL^_ST_Tà SLVLWLTaL NL [`YL] L[T MTYO£aLY`[]LaT²LY_d LY`__L]L[LOL PaL [L]dLaL^dL_T z 4_d PVLTa£OaLdL[L]T[¼]©L]¼[£ ^LÀaPOLYL^L__£ MSL¶¶£]TVPdLÀ [L]£ MSLRLaL_¯ [L]LXP²aL]¯ YL _a L_]L V]LX£OTdZRLà VL²NT_ _LO P_LO `NdL_P uLSLX T_Tv aT[L]dLdP _` ^LÀSŽ_L` uXLSLLv T_T  OaLTOSLX L[T NL TdLX PVLTaL aL^_`_Là ^LÀaT_ g  ;L]£_]¯²TV£ATaL]L©L ZY aP]^P^ z# PO >TYRS !"

"##

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP WLYR`LRP ^[PN`WL_TZY^ LMZ`_ _SP bZ]O wLSLXx w4x ^SZb NWPL]Wd SZb _SP w4NZYNP[_x ZQ 6L^SXT]T ±LTaT^X T^ OTQQP]PY_ Q]ZX _SP BP^_P]Y 4NZYNP[_ LYO LW^Z Q]ZX _SP 4NZYNP[_ ZQ _SP APO£Y_L ?SP w4x Z] _SP £_XLY  ZQ _SP APO£Y_L T^ YZYO`LW ZbTYR _Z T_^ _]LY^NPYOPYNd& _SP w4x LSLX ZQ 6L^SXT]T±TaLT^X T^ YZYO`LW ZbTYR _Z T_^ ^PWQ]PQP]PYNP bSTNS T^ ^Z ]LOTNLW _SL_ _ST^ 4 ^Ld^ ZQ T_^PWQ% w4 LX _SP NZ^XZ^x ?SP ]PLWTePO 4 ZQ -SLT]LaL T^ ^Z WTMP]L_PO _SL_ _ST^ ^_L_PXPY_ RZP^ QL] MPdZYO L XP]P ^ZWT[^T^X ,MSTYLaLR`[_Lv^ 4 T^ YZ_ ZYWd Xd N`]]PY_ 4 M`_ LWW [Z^^TMWP PcT^_PYNP^ L]P LW]PLOd [Z_PY_TLWWd []P^PY_ TY Xd 4 BSTWP _SP NZ^XTN WLYR`LRP L^ L SZWT^_TN aT^TZY Pc[]P^^P^ _SP TYQTYT_P [W`]LWT_d ZQ LWW [Z^^TMWP PcT^_PYNP^ ^TX`W_LYPZ`^Wd _SL_ bSTNS ]PQP]^ ^ZWPWd _Z L WZNLW LYO LN_`LW w4x NLY ZYWd Pc[]P^^ T_^PWQ TY L WZNLW LYO LN_`LW QZ]X ZQ WLYR`LRP  4Y _SP _]LY^T_TZY Q]ZX _SP NZ^XTN _Z _SP TYOT aTO`LW Q]ZX _SP YZYO`LW _Z _SP O`LW WLYR`LRP LW^Z ]PO`NP^ T_^PWQ 4_ NSLYRP^ Q]ZX `YTaP]^LW TYQZ]XL_TZY TY _SP QZ]X ZQ ^Z`YO Pc[]P^^TZY TY_Z L NZYaPY_TZYLW WTYR`T^_TN ^d^_PX XLOP `[ ZQ XP^^LRP^ LYO ^TRY^ /P^[T_P _ST^ ,MSTYLaLR`[_Lv^ ML^TN P[T^_PXZWZRTNLW LcTZX ]PXLTY^ aLWTO% bT_SZ`_ ]PNZRYT_TZY ZQ _SP bSZWP _SP]P T^ YZ ]PNZRYT_TZY ZQ _SP [L]_^ ?SP NZ^XTN WLYR`LRP T^ _SP ^Z`]NP ZQ XPLYTYR Q`WWYP^^ TY PaP]d [Z^^TMWP WTYR`T^_TN ^d^_PX YZ XL__P] bSP_SP] bP L]P LbL]P ZQ _ST^ Z] YZ_

#

?SP 1Z`] 7PaPW^ ZQ 7LYR`LRP

?SP MZ`YOL]TP^ ZQ 4 SLaP YZ_ dP_ MPPY ^P_ ZY _SP WPaPW ZQ _SP w^`[]PXPx Z] NZ^XTN WLYR`LRP [L]£ a£N L_ LWW% w?SP FNZ^XTN WLYR`LRPH YPaP] ^SZb^ T_^PWQ _Z MP LYd_STYR PcNP[_ TOPY_TNLW _Z _SP FYZYZMUPN_TaTePOH SZWT^_TN LbL]PYP^^ ^LÀaTO ZQ _SP TYOTaTO`LW ^`MUPN_^x !

1Z] _SP OP^N]T[_TZY ZQ _SP _]LY^T_TZY Q]ZX _SP LWWPYNZX[L^^TYR NZ^XTN 4 ,3,8 _Z L MZ`YOPO WTXT_PO 4 LSLX  bSTNS T^ U`c_L[Z^PO bT_S _SP PcNW`OPO ?SL_ ,MSTYLaLR`[_L _LVP^ ]PNZ`]^P _Z -SL]_šSL]Tv^ _S]PP WPa PW^ ZQ WLYR`LRP% [L²dLY_¯ XLOSdLX£ LYO aLTVSL]¯ 3P TYNZ][Z]L_P^ _SP^P _S]PP WPaPW^ TY_Z ST^ ZbY ^d^_PX M`_ TY_P][]P_^ _SPX OTQQP]PY_Wd% w9Z TYOTaTO`L_TZY PcT^_^ FL_ _SP WPaPW ZQ _SP .Z^XTN 7LYR`LRPH z FYZ ^ZWPH u_SL_v F^ZWPH u^Zv F^ZWPH uSP]Pv Z] F^ZWPH uYZbv 1]ZX F_SPT] LN_`LW Z]TRTYLWH QZ]X Q]ZX bSTNS _SP Fu,3,8vH _SP ^`[]PXP XLY_]L T^ N]PL_PO OZbY _Z _SP ALTVSL]˜ bSTNS FYZb ZYWdH M]TYR^ TY TYOTaTO`L_PO RTaPY OP_LTW^ MS£aLMSPOL TY_Z _SP F^`MUPN_TaPH []P^PYNP z T_ LWbLd^ _LVP^ PQQPN_ L^ TY _`T_TZY NLXL_VŽ_T  `YT\`P LYO LXLeTYR bSTNS ZYWd PcT^_^ TY ZYPv^ ZbY

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ^LTaL NL ^LVLWL[]LX£_Ž^LÀaTOLOaLdLXLd¯ ^L_L_LXPaL aL]_LX£YL]¼[£  g  ;L]£_]¯²TV£ATaL]L©L ZY aP]^P  PO >TYRS 

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"#$

^PWQ F^TYNP ZYWd ZYPv^ ZbY ^PWQH NLY N]PL_P F`YNZYOT_TZYLWH []P^PYNP []LV£²LYL x !

>Z _SP ^Z_P]TZWZRTNLWWd ]PWPaLY_ ]PNZRYT_TZY w4Y Xd 4 T^ _SP bSZWP NZ^ XZ^x T^ ]PQWPN_PO TY _SP _SPZ]d ZQ WLYR`LRP WPaPW^ _ZZ ,MST YLaLR`[_Lv^ YPb TY_P][]P_L_TZY WTP^ TY _SP YZ_TZY _SL_ _SP WLYR`LRP bSZWP ]PXLTY^ TY_LN_ TY MZ_S _SP WLYR`LRP _SL_ T^ _SZ`RS_ LYO _SP WLY R`LRP _SL_ T^ ^[ZVPY LYO _SL_ `YWTVP -SL]_ŽSL]T SP OZP^ YZ_ WZNL_P _ST^ WLYR`LRPbSZWP TY L [`]PWd ^`[]LTYOTaTO`LW _]LY^NPYOPYNd M`_ TY _SP ^[PNTQTN 4 ZQ PLNS LYO PaP]dZYP 4Y -SL]_šSL]Tv^ aTPb L RPY`TYP XP_L XZ][SZ^T^ _LVP^ [WLNP% _SP NZXX`YTNL_TaP QZ`YOL_TZY ZQ LWW XPLYTYR T^ YZ WZYRP] LNNP^^TMWP L_ LWW ZY _SP WPaPW ZQ `^ [ZZ] bZ]X^ z bP ZYWd SLaP ^dXMZW^ LYO ^TRY^ QZ] T_ ^`NS L^ :¿ ,MSTYLaLR`[_Lv^ w4x Md NZY_]L^_ T^ T_^PWQ LY PY_T_d _SL_ []ZaTOP^ XPLYTYR 4Y _ST^ PcT^_PY_TLWT^_ TY_P][]P_L _TZY ZYPv^ ZbY 4 PYNZX[L^^P^ LWW _SP WLYR`LRP WPaPW^ bT_STY T_^PWQ ?SP TY_PR]LW aT^TZY ZQ _SP bZ]WObSZWP _SP NZ^XTN WLYR`LRP ZQ _SP w4x []Z[LRL_P^ T_^PWQ TY_Z _SP U`ORXPY_ w?SL_ T^ _SL_x ?SP w4x T^ _SP TYQT YT_P L]PL ZQ [Z^^TMTWT_TP^ bSTNS LW]PLOd NZY_LTY^ TY L aT]_`LW XLYYP] PaP]d NZYNPTaLMWP w_SL_x% wBSPY _SP TYOTaTO`LW F_SL_PY_T_TP^H ^_L]_ _Z _S]PLO _SPX^PWaP^ _ZRP_SP] TY _SP ;L²dLY_˜ FWTVP _SP [PL]W^ ZY L ^_]TYRH LYO bSPY _SPd F^_L]_H _Z L[[PL] TY _SP 8LOSdLX£ FLWW _ST^ SL[[PY^H TY ]PLWT_d bT_STY F_SP 4H  u,3,8v z _ST^ bZYOP]Q`W TY_`T_TZY NLXL_VŽ_T z _LVP^ PQQPN_ L^ _SP _Z_LW FZQ LWW [Z^^TMWPH ^`RRP^_TZY^ FLYO N]PL_P^H LWW [Z^^TMWP TYYP] `YTaP]^P^ L^ _SL_PY_T_TP^ FZQ T_^ ZbY 4PY_T_dHx !

4Y -SL]_ŽSL]Tv^ NL^P _SP TYOTaTO`LW WLYR`LRP WPaPW^ XL]VPO _SP bLd Q]ZX _SP SZXZRPYPZ`^ NZX[LN_ bZ]OTOPL ;L²dLY_Å WPaPW aTL _SP bZ]O _SL_ T^ _SZ`RS_ 8LOSdLX£ WPaPW _Z _SP bZ]O _SL_ T^ LN_`LWWd ^[Z VPY ALTVSL]Å WPaPW ?SP 6L^SXT]T [STWZ^Z[SP] T^ _STYVTYR ZQ _SP^P WLYR`LRP WPaPW^ TY L NZX[WP_PWd OTQQP]PY_ bLd _SLY ST^ R]PL_ []POPNP^ ^Z] MPNL`^P SP SL^ WZNLWTePO _SP bSZWP TY _SP 4 ,NNZ]OTYR _Z ,MST YLaLR`[_L _SP ZYWd OTQQP]PYNP MP_bPPY _SP WLYR`LRP WPaPW^ WTP^ TY _SP R]LO`LW OTQQP]PY_TL_TZY ZQ XP^^LRP LYO ^TRY ?SP WPaPW ZQ ;L²dLY_Å T^ bSP]P _SP XP]P [P]NP[_TZY ZQ [SPYZXPYL PT_SP] [P]NPTaPO Md _SP ^PY^P^ Z] ]PXPXMP]PO _LVP^ [WLNP bT_SZ`_ WLMPWTYR _SPX >Z YPT_SP] XP^^LRP YZ] ^TRY NLY MP OP_P]XTYPO 4Y _SP [`]P TX[]P^^TZY _SP]P T^ L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! _L_]L NL TOLX PaLX L_]L ¯O£Y¯X z T_d£OTMSPOLVLWLY£ YL V£NT_ _L_L PaL NL [L]LXL S£XLY_]LaT^Ž´¶T]¼[£d£ £]LMSdL aLTVSL]˜[]L^Ž_LMS£aLMSPOL[]LV£²L[L]dLY_LÀ dL_ TdLÀ ^aLNLXL_VŽ_TXLd˜ ^a£_XLYdPaL []LV£²LYLXLdP aT²]LXdL ^[S`]L_T F_LOPaLÀ ^[S`]T _LX LaTNNSTYYL_£[L]LX£]_SLX wLSLXx T_TH g  ;L]£_]¯²TV£ATaL]L©L ZY aP]^P  PO >TYRS  ! _LYXLOSdL PaL _` [L²dLY_d£À dL_]L MSPO£À²L^d£^¼_]L©LÀ dL_]L NL XLOSdLX£d£À MSPO£aLMS£^Là _L_]L `MSLdL_]L UÓ£YLV]Td£²LV_TXLdP ]¼[P ^LO£²TaP²aL]L^£]P ^LTaL wLSLXx T_T NLXL_VŽ_Tà LY_LàVŽ_£YLY_LaT²aPOLY_£NLXL_VŽ_T[¼]©LaŽ__Tà  g  ;L]£_]¯²TV£ ATaL]L©L ZY aP]^P  PO >TYRS 

"$

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

dP_ YZ OTQQP]PYNP MP_bPPY _SP _bZ MPNL`^P _SP NZY_PY_^ L]P TXXPOT L_PWd []P^PY_ LYO QLN_`LWWd Pc[P]TPYNPO L^ L RTaPY ^PY^Z]d Z] XPXZ]d TXLRP M`_ TY LY uL_SPXL_TNv XLYYP] ,MSTYLaLR`[_L `^P^ _SP PcLX[WP ZQ L [PLNZNVv^ _LTW% TQ 4 _LVP L bLWV TY L [L]V LYO ^PP L [PLNZNV bT_S ST^ MPL`_TQ`W ^STYTYR _LTW 4 ^PP _SP _LTW TY LWW T_^ R]LYO NZWZ] bT_SZ`_ XPY _LWWd ^P[L]L_TYR _SP TYOTaTO`LW NZWZ]^ Q]ZX ZYP LYZ_SP] ,YO T_ T^ ZYWd _ST^ ZaP]LWW TX[]P^^TZY _SL_ ]PXLTY^ TY Xd XPXZ]d :YWd ZY _SP 8LOSdLX£ WPaPW OZP^ L OTQQP]PYNP L[[PL] MP_bPPY XP^^LRP LYO ^TRY 4 LWWZNL_P _SP TX[]P^^TZY _Z _SP bZ]O^ w[PLNZNVv^ _LTWx LYO OP_P]XTYP _SP NZWZ]^ 4 SLaP ^PPY _Z MP wR]PPYx wMW`Px P_N TY Z]OP] _Z NZXX`YTNL_P _SPX ZY _SP WPaPW ZQ LN_`LW ^[PLVTYR ALTVSL]Å 

#

?SP ,`OTMWP ;PLNZNVv^ ?LTW

?SP PcLX[WP ZQ _SP [PLNZNVv^ _LTW bL^ L NWPaP] NSZTNP Md _SP X`^TN WZaP] ,MSTYLaLR`[_L 4_ XLVP^ T_ NWPL] _SL_ L_ _SP WPaPW ZQ OT^N`]^TaP WLYR`LRP _SP]P T^ LWbLd^ L WZ^^ z `W_TXL_PWd T_ T^ YPaP] [Z^^TMWP _Z OP ^N]TMP _SP ZaP]LWW NZWZ] TX[]P^^TZY YZ XL__P] SZb [LTY^_LVTYR _SP LYLWd^T^ 4Y PaP]dOLd ^[PPNS T_ T^ ^_TWW _SP ^dX[L_SP_TN LYO [L]_TNT[L_Z]d XP OT`X w^Z`YOx _SL_ NL]]TP^ NZXX`YTNL_TZY M`_ _SP ^Z`YO w[PLNZNVv^ _LTWx T^ ZYWd L ^TRY WL_P] ^`[P]TX[Z^PO ZY _SP [PLNZNVv^ _LTW L^ [P] NPTaPO Md _SP ^PY^P^ ?SP ^Z`YO ZQ L [PLNZNVv^ _LTW OZP^ YZ_ ^Z`YO WTVP w[PLNZNVv^ _LTWx LYO YPT_SP] OZP^ _SP ^Z`YO ZQ _SP bZ]O^ _]TRRP] _SP ^PY^Z]d TX[]P^^TZY ZQ [PLNZNVv^ _LTW _Z ^ZXP ZYP bSZ OZP^ YZ_ `YOP] ^_LYO 0YRWT^S ?SP ^Z`YO^ L]P Z]RLYTePO LNNZ]OTYR _Z [`]PWd WTYR`T^_TN N]T_P]TL LYO YZ WZYRP] NZY_LTY LYd LP^_SP_TN ^PY^Z]d \`LWT_d 4Y ,MST YLaLR`[_Lv^ bZ]O^ _SPd L]P wSL]^S LYO `YL__]LN_TaPx ! -`_ bSPY WLYR`LRP L[[PL]^ TY _SP QZ]X ZQ L ]PNT_PO aP]^P T_^ NSL] LN_P] NSLYRP^ 4_ MPNZXP^ XZ]P TXXPOTL_P LYO N]PL_P^ XZZO^ LYO ^[ZY_LYPZ`^ PXZ_TZYLW ]PLN_TZY^ 4_ XLVP^ [Z^^TMWP L ^_L_P ZQ LM^Z][_TZY _LYXLdÅMS£aL  ,MSTYLaLR`[_L _SP]PQZ]P YZ WZYRP] LWWZNL_P^ ]Sd_SXT NLWWd Z]RLYTePO WLYR`LRP _Z _SP ALTVSL]Å WPaPW M`_ _Z _SP 8LOSdLX£ 8P^^LRP LYO ^TRY MPRTY _Z NZTYNTOP ZY _ST^ WPaPW -SL]_ŽSL]T SLO LWWZ NL_PO _ST^ WPaPW _Z _SP bZ]O _SL_ bL^ XP]PWd _SZ`RS_ YZ_ _SP bZ]O _SL_ bL^ ^[ZVPY ,MSTYLaLR`[_L _SP AÅ©£[WLdTYR 6L^SXT]T _LVP^ ST^ PcP RP^T^ ZQ _SP WPaPW^ ZQ WLYR`LRP TY L _Z_LWWd OTQQP]PY_ OT]PN_TZY 1Z] STX PaP]d ^Z`YO _SL_ T^ YZ_ Z]RLYTePO LWZYR WTYR`T^_TN WTYP^ M`_ Md X`^TNLW N]T_P]TL T^ L 8LOSdLX£ ^Z`YO 3P RTaP^ O]`X^ L^ LY PcLX[WP L_ _ST^ WLYR`LRP WPaPW ?SP TYOTaTO`LW O]`XMPL_^ L]P ^SZ]_WTaPO ^Z`YO PaPY_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?LY_]£WZVL 

,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP

"$

_SL_ NLY PL^TWd MP OTQQP]PY_TL_PO M`_ _SPd ^_TWW PcT^_ _ZRP_SP] TY L bLd _SL_ XLVP^ ^PY^P X`^TNLWWd 1Z] ,MSTYLaLR`[_L [`]P X`^TN z L NZX[WP_P X`^TNLW QLM]TN z MP WZYR^ bT_STY _SP ;L²dLY_Å 3P]P _SP]P L]P ZYWd w^Z`YO bLaP^ Y£OL  QTWWPO Md _ZYP^ _SL_ L]P bZaPY _ZRP_SP]x ! ?SP WLYR`LRP ZQ _SP X`^TNLW _ZYP^ TY L XPWZOd [Z^^P^^P^ _SP \`LWT_d ZQ w^bPP_YP^^x LYO M]TYR^ SL[ [TYP^^ LYO MWT^^ >Z XPWZOTP^ L]P LW^Z wWLYR`LRPx a£N  3P]P ^TRY LYO XP^^LRP NZTYNTOP NZX[WP_PWd ?ST^ T^ bSd _ST^ WLYR`LRP ^PPX^ w^bPP_x z TY NZY_]L^_ _Z _SP w]Z`RSx LYO `YL__]LN_TaP ^[ZVPY WLYR`LRP >ZXP _STYR T^ NZXX`YTNL_PO LW_SZ`RS _ST^ ^ZXP_STYR T^ YZ_ L ^_L_PXPY_ M`_ [`]P ^bPP_YP^^ LYO _ST^ ^bPP_YP^^ NLY _LVP SZWO ZQ S`XLY MPTYR^ PaPY _LVTYR _SPX L^ QL] L^ _Z_LW LM^Z][_TZY ,_ _SP WPaPW ZQ X`^TN _SP]P T^ YZ bLd _Z ZMUPN_TaTeP NZY_PY_^ :Q LWW _SP QZ]X^ ZQ WLYR`LRP X`^TN T^ _SP ZYP _SL_ T^ NWZ^P^_ _Z _SP `YTaP]^LW NZ^XTN WLYR`LRP% w?SP [`]P ^Z`YO WLYR`LRP FZQ X`^TNH T^ ^_TWW aP]d NWZ^P _Z _SP [P]NP[_TZY ZQ _SP bSZWP ^LÀaTO  ,YO MPNL`^P T_ T^ ^Z ^TXTWL] _Z T_ _SP LM^Z][_TZY _S]Z`RS _SP ^Z`YO^ TY _SP WT^_PYP] _LYXLd¯MS¼_T NLY _LVP TXXPOTL_P PQ QPN_x !!

4_ ^PPX^ _SL_ QZ] ,MSTYLaLR`[_L T_ T^ YZ_ [Z^^TMWP _Z XLVP LYd OPNT^TaP ^_L_PXPY_^ LMZ`_ _SP `YTaP]^P `^TYR ^PXLY_TN WLYR`LRP L_ LWW ,_ MP^_ ^PXLY_TN WLYR`LRP SL^ L ]PTQdTYR PQQPN_ TY aTPb ZQ _SP X`NS XZ]P RPY P]LW LYO XZ]P ^dX[L_SP_TN NZY_PY_^ _SL_ L]P NZXX`YTNL_PO ZY _SP WPaPW ZQ [`]P ^Z`YO 3P _SP]PQZ]P NZYNPTaP^ ZQ ST^ _Z_LW [STWZ^Z[Sd ^_L]_TYR `W_TXL_PWd Q]ZX _SP L`OTMWP >Z`YO^ _SL_ OZ YZ_ NZXX`YTNL_P LYd_STYR ^TX[Wd OZ YZ_ PcT^_% w0aPY L YZYWTYR`T^_TN ^Z`YO bSTNS MPNZXP^ L`OTMWP TY _SP ^Z`YO ZQ L O]`X Z] FTY _SP ]`^STYR ZQ _SPH ^PL NLY NP]_LTYWd M]TYR LMZ`_ [WPL^LY_ Z] [LTYQ`W F^_L_P^H z bSL_ Z_SP] LOOT_TZYLW Q`YN_TZY ^SZ`WO ZYP OPXLYO*x !"

?SP ^_]ZYRP] _SP ^`[P]TX[Z^T_TZY ZQ _SP ^PXLY_TN^ ZY ^Z`YO _SP XZ]P _SP ^Z`YO WZ^P^ T_^ ^[ZY_LYPZ`^ Pc[]P^^TaT_d LYO T_^ TXXPOTL_P [ZbP] ZQ [L]_TNT[L_TZY £^LV_T  M`_ LW^Z _SP XZ]P OPQTYT_P LYO ^[PNTQTN _SP ^_L_P XPY_ 4Y ^[T_P ZQ _ST^ bP L]P `W_TXL_PWd OPLWTYR SP]P bT_S ZYP LYO _SP ^LXP XPOT`X ZQ WLYR`LRP 1Z] XP TY Xd PaP]dOLd bZ]WO _SP OLTWd _]T[ _Z _SP MLVP]v^ _Z QP_NS Q]P^S ]ZWW^ bZ`WO MP []P__d OTQQTN`W_ TQ 4 bL^ ZYWd TY L [Z^T_TZY _Z []ZO`NP XPWZOTP^ QTWWPO bT_S WZYRTYR Z] TYL]_TN`WL_P R]`Y_^ _Z Pc[]P^^ bSL_ 4 bLY_PO ?SP _L^V MPNZXP^ aP]d X`NS PL^TP] TQ 4 LX LMWP _Z ^[PNTQd `YP\`TaZNLWWd _SP ZMUPN_ ZQ Xd OP^T]P _S]Z`RS _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?LY_]£WZVL " !! _LO L^d£À Y£OL]¼[£d£À ^LÀaT_^LaTOSLaŽ__T_Là gg ^£U£_d£_ _LYXLdÅMS¼_T] USLR T_d PaZ[LWLMSdL_P g ?LY_]£WZVL $ !" X£_ŽV£_T]PVdL[T LadLV_Là ²LMOZvY`[LdZR£YYL ^LÀRŽS¯_Là T_dL[d`[Ld`V_LX LadLV_L aL]©L]¼[L^d£[T XL`]LUL^£X`O]£OTOSaLYT_L^dL SW£OL[L]T_£[LV£]T_aLXL[T L^_dPaL z T_T VZ vYdZ vMSTXL_L `[LdZRLà g  ;L]£_]¯²TV£ATaL]L©L ZY aP]^P^ z# PO >TYRS ! 

"$

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

[SZYP_TN ^Z`YO NSLTY wM]PO]ZW^x -`_ ZQ NZ`]^P XLY OZP^ YZ_ WTaP ZY M]PLO ]ZWW^ LWZYP LYO ,MSTYLaLR`[_L !# _SP ±LTaT_P Pc[P]_ ZY ]PWTRTZY LYO _SPZ]P_TNTLY ZQ LP^_SP_TN^ bL^ bPWW LbL]P ZQ _ST^% w4Y _ST^ bLd _SP N]PL_TaP [ZbP] ZQ _SP RZO Z[P]L_P^ PaP]dbSP]P LYO QZ] _ST^ ]PL^ZY _ST^ bSZWP F`YTaP]^PH T^ NZ\`P_]d aTMS]LXL ZQ _SP MWT^^ ]L^L uQWLaZ]v ?ST^ XLVP^ _SP SPL]_ QW`__P] bSPY ZYP WT^_PY^ _Z ^bPP_ ^TYRTYR Z] QPPW^ ^LYOLWbZZO FZY _SP ^VTYH LYO T_ F( _SP ^PY^L_TZYH XPW_^ LbLd LWW TY OTQQP]PYNP z []PNT^PWd _ST^ T^ _SP NL[LMTWT_d ZQ MWT^^ bSTNS XLVP^ S`XLY MPTYR^ WZaP L]_ ^LSŽOLdL x !$

$

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

,MSTYLaLR`[_Lv^ YZ_TZY ZQ ^Z`YO L^ ^[ZY_LYPZ`^ WLYR`LRP YZ_ YPPOTYR L _]LY^WL_TZY bL^ SL]OWd MZ]Y TY _SP TaZ]d _ZbP] ZQ L 8L©“LYL YZ] `Y OP] L MZOST _]PP 4Y^_PLO T_ bL^ ML^PO ZY _SP ]PWTRTZ`^ []LN_TNP LW]PLOd PcT^_TYR L_ _SP _TXP ?SP PN^_L_TN MWT^^Q`W LM^Z][_TZY _SL_ _SP 6L^SXT]Tv^ WZQ_d [STWZ^Z[STNLW TOPL^ ^Z[ST^_TNL_POWd []ZX`WRL_P ]PL[[PL]^ TY N`W _`]LW [P]QZ]XLYNP^ ZQ PaP]dOLd ]PWTRTZY TY _SP XZ^_ YL_`]LW NZ][Z]LW LYO ^PY^`Z`^ bLd^ 8`^TN XL]V^ _SP XZXPY_ TY _SP _PX[WP WT_`]Rd bSPY _SP ]T_`LW bZ]^ST[ ZQ _SP OPT_d _`]Y^ TY_Z L ^_L_P ZQ MPTYR _]`Wd LQQPN_PO Md _SP OPT_d >Z`YO T^ _SP XZ^_ [L]_TNT[L_Z]d XPOT`X LYO bSPYPaP] bP L]P NZYNP]YPO bT_S TOPY_TQTNL_TZY XZZO LYO L_XZ^[SP]P X`^TN T^ _SP MP^_ XPLY^ ZQ M]TYRTYR LMZ`_ ^`NS PXZ_TZYLW [L]_TNT[L_TZY ,W_SZ`RS _SP ^TYRTYR ZQ SdXY^ ^_Z_]L T^ LY P^^PY_TLW [L]_ ZQ _SP _PX[WP ]T_P T_ T^ ZQ L \`T_P OTQQP]PY_ YL_`]P _SLY ]T_P^ ^`NS L^ ML_STYR _SP RZO OP^^ TY XTWV LYO SZYPd Z] [Z`]TYR ]TNP [`OOTYR ZaP] SP] SPLO z L aP]d NZXXZY bLd _Z SZYZ] _SP _PX[WP OPT_TP^ TY >Z`_SP]Y 4YOTL BSTWP T_ T^ _SP []TP^_^ bSZ [P]QZ]X _SP^P NP]PXZYTLW ML_S^ L^ L ]`WP T_ T^ _SP TYOT aTO`LW aT^T_Z]^ _Z _SP _PX[WP z ZQ_PY ^[ZY^Z]^ ZQ L ]T_`LW LN_ MZ_S bZXPY LYO XPY z bSZ PY_S`^TL^_TNLWWd TY_ZYP L OPaZ_TZYLW ^ZYR L_ _SP PYO ZQ _SP ^P]aTNP >ZYR SL^ _SP NL[LNT_d _Z N]PL_P LM^Z][_TZY bSTNS TY _SP ]PWTRTZ`^ NZY_Pc_ MPNZXP^ ^[T]T_`LW Wd^T^ bT_STY _SP OPT_d 4_ T^ YZ_ _SP ]TNP [`OOTYR _SL_ M]TYR^ _SP ]T_P _Z L NWZ^P M`_ _SP X`^TN ,YO T_ T^ YZ_ `YNZXXZY QZ] aT^T_Z]^ _Z _SP _PX[WP _Z ^_L]_ ^TYRTYR L SdXY PaPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !# ,MSTYLaLR`[_L LW^Z b]Z_P _SP XZ^_ QLXZ`^ NZXXPY_L]d ZY -SL]L_Lv^ _SPZ]d ZQ _SP _SPL_P] LYO T^ ZYP ZQ _SP XZ^_ TX[Z]_LY_ Pc[ZYPY_^ ZQ 4YOTLY LP^_SP_TN^ !$ aT^L]RL²LV_T] d£ ²LXMSZà ^P__SLÀ ^L]aL_]L aL]_L_P g _L_L PaL ^LXL^_Z udLX £YLYOL]L^LaTMS]LXLà gg _L_S£ST XLOS`]P R¯_P ^[L]²P a£ NLYOLY£OTVP g X£OSdL^_SdLaTRLXP d£^L` SŽOLdP ^[LYOLX£YL_£ gg £YLYOL²LV_Tà ^LTaZV_£ dL_Là ^LSŽOLdZ ULYLà gg ?LY_]£WZVL  #z

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

"$

bSPY L ]PR`WL] ^P]aTNP T^ YZ_ TY []ZR]P^^ L^ _SPd ^_LYO TY Q]ZY_ ZQ _SP NPY_]LW OPT_d TY _SP ^LYN_`X ^LYN_Z]`X ?ST^ NPY_]LW ^_LYOTYR ZQ _SP ]PWTRTZ`^ ^ZYR T^ Md YZ XPLY^ ]P^_]TN_PO _Z _PX[WP^ TY >Z`_SP]Y 4YOTL ?S]Z`RSZ`_ _SP NZ`Y_]d [PZ[WP XPP_ `[ LQ_P] bZ]V _Z ^TYR -SLULY^ z ^TX[WP OPaZ_TZYLW ^ZYR^ z L^ []LT^P _Z _SPT] QLaZ]T_P OPT_d BSTWP R]TYO TYR NZ]Y bZXPY TY _SP NZ`Y_]d ^TYR ^ZYR^ _Z 7LV´XÅ _SP RZOOP^^ ZQ QZ]_`YP LYO bPLW_S " LYO [PZ[WP ZY L 2L«R£ QP]]d ^[ZY_LYPZ`^Wd ^_L]_ ^TYRTYR []LT^P^ _Z _SP LWW[`]TQdTYR ]TaP] RZOOP^^ 2L«R£ 2PYP]L_TZY^ ZQ 4YOZWZRT^_^ SL]OWd YZ_TNPO _SP^P [SPYZXPYL MPNL`^P _SP ^TYRP]^ L]P YZ_ _]LTYPO TY _SP NWL^^TNLW ^PY^P LYO _SP ^ZYR^ L]P RPYP]LWWd NZX[Z^PO TY _SP aP]YLN`WL] Z] ZYWd TY SdM]TO >LY^V]T_ 9Zb >LY^V]T_ 3TYO`T^X bZ`WO YZ_ MP >LY^V]T_ 3TYO`T^X TQ T_ SLO YZ_ L__PX[_PO _Z TYNZ][Z]L_P _ST^ [SPYZXPYZY LW^Z ,YO TY QLN_ _SP ?LY_]L P[ZNS zbSP]PTY bP LW^Z LNVYZbWPORP _SP ]T^P ZQ MSLV_T _Z L XL UZ] ]PWTRTZ`^ [L]LOTRX " z T^ P^[PNTLWWd TX[Z]_LY_ TY _ST^ ]P^[PN_ 4_ XL]V^ _SP [P]TZO O`]TYR bSTNS _SP PWT_T^_ PWPXPY_ _SL_ bL^ LWbLd^ L^^Z NTL_PO bT_S -]LSXLYTN >LY^V]T_ T^ LMLYOZYPO LWXZ^_ NZX[WP_PWd >LY ^V]T_ _Pc_^ L]P b]T__PY TYNW`OTYR _SP >_Z_]L^ wSdXY^x bSTNS _LVP `[ _SP ]PWTRTZ^T_d ZQ PXZ_TZY^ LYO TY ^ZXP NL^P^ L]P NZX[Z^PO Pc[WTNT_Wd _Z MP ^`YR >ZXP ZQ _SP^P _Pc_^ L]P ^_TWW aP]d [Z[`WL] PaPY _ZOLd ?SPd L]P LW^Z WPL]YPO Md SPL]_ LYO ^`YR Q]ZX XPXZ]d Md [PZ[WP bSZ OZ YZ_ VYZb L ^TYRWP bZ]O ZQ >LY^V]T_ -`_ RPYP]LWWd _SPd L]P YZ_ XT^^TYR X`NS 8Z^_ ZQ _SP >_Z_]L^ L]P YZ_ TY_PYOPO _Z TX[L]_ L NZX[WTNL_PO NZY_PY_ ,YO YPT_SP] L]P _SP ]PNT[TPY_^ TY_P]P^_PO TY `YOP]^_LYOTYR LYd _STYR _SPZWZRTNLW Q]ZX _SPX ?SPd L]P ^_]TaTYR QZ] ]PLW LQQPN_TaP Pc[P]T PYNP ZQ _SP OPT_d TY _SPT] TYYP] bZ]WO LYO QZ] _SPX _SP >_Z_]L^ LYO -SL ULY^ L]P []TXL]TWd XPLY^ ZQ w_`YTYR _SPX^PWaP^x TY_Z _SP OPT_d :Y _SP ZYP SLYO X`^TN T^ L [P]QPN_ ^_TX`W`^ QZ] M]TYRTYR LMZ`_ PN ^_L^d LYO LM^Z][_TZY Z] WLdL LYO ZY _SP Z_SP] T_ T^ L aP]d [ZbP]Q`W WLY R`LRP ZQ QPPWTYR^ 8`^TN WPLO^ _Z LNZ`^_TN [P]NP[_TZY ZQ TX[P]NP[_TMWP XZZO^ ?ST^ SL^ MPPY Pc[WZT_PO TY 4YOTLY OPaZ_TZYLW X`^TN LYO SdX YZWZRd ?SP 8LST´£^`]LX£]OTYÅ>_Z_]L ./ ! LYO _SP >L`YOL]dL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 2`d ;ZT_PaTY LYO 3PXL =LT]VL] >_ZYPXTWW LYO -SLV_T% 1]ZX _SP /PaZ_TZY ZQ ;PL^LY_ BZXPY _Z _SP ;STWZ^Z[Sd ZQ >bLXT^ 9Pb /PWST% /6 ;]TY_bZ]WO $$! z  " :Y _SP PL]Wd PN^_L_TN MSLV_T XZaPXPY_^ bSZ^P [ZP_]d ^P_ _Z X`^TN SL^ MPPY TYNW`OPO TY >Z`_S 4YOTLY _PX[WP ^P]aTNP^ ^PP% A =LRSLaLY ?SP 2]PL_ 4Y_PR]L_Z]^% ?SP >LTY_ >TYRP]^ ZQ 4YOTL 9Pb /PWST% ;`MWTNL_TZY /TaT^TZY $!! ]P[] $!$ z& ,6 =LXLY`ULY 3dXY^ QZ] _SP /]ZbYTYR% ;ZPX^ QZ] AT´©` Md 9LXX£Wa£] ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^ $#& 9Z]XLY .`_WP] >ZYR^ ZQ 0c[P]TPYNP% ?SP ;ZP_TN^ ZQ ?LXTW /PaZ_TZY -WZZXTYR_ZY% 4YOTLYL @YTaP]^T_d ;]P^^ $#"& 4YOT]L AT^bLYL _SLY ;P_P]^ZY ;ZPX^ _Z ±TaL ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^ $#$ ,Y ZaP] aTPb ZQ -SLV_T _]LOT_TZY^ ZQ >Z`_SP]Y LYO 9Z]_SP]Y 4YOTL T^ RTaPY TY 57 -]ZNVTYR _ZYv^ ?SP >LN]PO ?S]PLO% 3TYO`T^X TY T_^ .ZY_TY`T_d LYO /TaP]^T_d 0OTYM`]RS% 0OTYM`]RS @YTaP]^T_d ;]P^^ $# ]P[] $$ z"

"$

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

7LSL]Å ./ " _SL_ bP L]P RZTYR _Z OT^N`^^ TY XZ]P OP_LTW L]P _bZ Z`_ ^_LYOTYR PcLX[WP^ ?SPd bP]P NZX[Z^PO bT_STY _SP N`W_`]LW XTWTP` ZQ >Z`_S 4YOTLY _PX[WP N`W_`]P LYO [¼U£ ]T_P^ ZQ ±LTaL±£V_L R]Z`[^ LYO L]P ZQ L XZ]P NZX[WPc VTYO _SLY _SP NZXXZY ^TX[WP -SLULY _d[P TY _P]X^ ZQ _SPT] L]_T^_TN OP^TRY -Z_S NZXMTYP ?LY_]L LYO OPaZ_TZYLW MSLV_T LYO TWW`^_]L_P _SP Z`_^_LYOTYR aLW`P ZQ X`^TN L^ L WLYR`LRP ZQ OPaZ_TZYLWT^X TY 3TYO` 4YOTL ?SPd OZ ^Z SZbPaP] TY \`T_P OT^_TYN_ bLd^ MPTYR Pc[ZYPY_^ ZQ _bZ OTQQP]PY_ ^ZNTZ]PWTRTZ`^ ]P[]P^PY_L_TZY^% [Z[`WL] LYO PWT_P RZOOP^^ TXLRP^ NZXX`YLW LYO TYOTaTO`LWT^_TN OPaZ _TZY LYO _bZ XLUZ] ^_dWP^ ZQ 4YOTLY aZNLW X`^TN% QTcPO [L__P]Y LYO Q]PP TX[]ZaTeL_TZY ?SP 8LST´£^`]LXL]OTYÅ>_Z_]L XLd MP NLWWPO LY Pc[Z YPY_ ZQ QZWV 3TYO`T^X Z] [Z[`WL] N`W_`]P 4_^ RZOOP^^ /`]R£ T^ aP]d X`NS L RZOOP^^ ZQ _SP [`MWTN L]PYL LW_SZ`RS ^SP SL^ LN\`T]PO ZaP] _TXP ?LY_]TN ZaP]NZOTYR^ -d NZY_]L^_ _SP ?LY_]TN >L`YOL]dL7LSL]Å LYO T_^ RZOOP^^ LM^Z]MPO MSLV_T ±]¯aTOd£ LYO V£adL TYQW`PYNP^ 4_ MP WZYR^ `YOZ`M_POWd _Z PWT_T^_ STRS 3TYO` ?LY_]L LYO T^ ]L_SP] TY_PYOPO QZ] NZY_PX[WL_TZY LYO []TaL_P bZ]^ST[ MP T_ L_ _SP PYO ZQ _SP _PX[WP [¼U£ Z] bT_STY NT]NWP^ ZQ ±]ÅaTOd£ TYT_TL_P^ bSZ L]P XZ^_Wd -]LSXTY^ BSTWP Pc[]P^^TYR NZWWPN_TaP LYO TYOTaTO`LW X`^TNLW XZOP^ _Z ]PWL_P _Z _SP OTaTYP MZ_S >_Z_]L^ L]P N`W_`]LW [P]QZ]XLYNP^ _SL_ L]P L[_ _Z M]TYR LMZ`_ LM^Z][_TZY z LY LM^Z][_TZY ZQ L OTQQP]PY_ VTYO SZbPaP] 3P]P 8Lc BPMP]v^ OT^_TYN_TZY ZQ _bZ QZ]X^ ZQ PN^_L^d []ZaP^ SPW[Q`W " :Y _SP ZYP SLYO _SP]P T^ L wXLRTN LYO Z]RTL^_TN PN^_L^dx bSTNS SP NZY^TO P]^ L XL^^ [SPYZXPYZY ]PWL_TYR _Z QZWV LYO [Z[`WL] N`W_`]P :Y _SP Z_SP] SLYO _SP]P T^ LY wL[L_STN PN^_L^dx _d[TNLW ZQ -]LSXLYTN WTQP ^_dWP LYO _SP -]LSXLYv^ YZMWP ]P^P]aL_TZY NZYNP]YTYR TY_ZcTNL_TZY PN^_L_TN Q]PYed [Z^^P^^TZY _]LYNP LYO _SP WTVP

$

3PL]TYR LYO >PY^TYR _SP -`QQLWZ/PXZY>WLdP]

:YP QLT]Wd ]LOTNLW LYO _SP]PQZ]P P^[PNTLWWd TY_P]P^_TYR PcLX[WP ZQ L X`^TNLWTePO >_Z_]L T^ _SP ZYP LMZ`_ _SP 8LST´£^`]LXL]OTYÅ w.]`^SP] ZQ _SP -`QQLWZOPXZYx ./ ! -d XPLY^ ZQ L [P]^`L^TaP O]`XWTVP ]Sd_SX ZYZXL_Z[ZPTN ^Z`YO NSLTY^ LYO OT^^ZYLY_ SL]XZYTP^ _SP SdXY N]PL_P^ XP]PWd Md aT]_`P ZQ _SP ^Z`YO XL_P]TLW _SP wL_XZ^[SP]Px ZQ _SP RZOOP^^ /`]R£ 3P]P _SP 2]PL_ 2ZOOP^^ L[[PL]^ TY SP] Q`YN_TZY L^ L OPXZY^WLdP] ?ST^ T^ NWZ^PWd ML^PO ZY _SP QLXZ`^ /`]R£ Xd_S " ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >PP 8Lc BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP aZW  ?ÞMTYRPY% 8ZS] $## ZY 3TYO`T^X LYO -`OOST^X " ?SP Xd_S L[[PL]TYR TY _SP 8£]VL©“PdL;`]£©L L]Z`YO !_S NPY_ T^ LW^Z VYZbY L^ /Pa¯ 8£S£_XdL LYO QZ`YO TY _LY_]TNTePO QZ]X^ bT_S VLaLNL LOOPO TY XLYd /`]R£^ L[_L²L_¯ POT_TZY^ QZ] ]T_`LW `^P

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

"$

TY bSTNS _SP MPL`_TQ`W M`_ SPLaTWd L]XPO RZOOP^^ ^WL`RS_P]^ ^PaP]LW OPXZY^ ZYP LQ_P] _SP Z_SP] ?SP ^_Z]d ZQ _SP Xd_STNLW ML__WP T^ QZWWZbPO Md L SdXYTN OP^N]T[_TZY ZQ _SP RZOOP^^v^ MPL`_d LYO TYOP^N]TMLMWP L_ _]LN_TaPYP^^ []LT^TYR SP] QZ] SP] aTN_Z]d ZaP] _SP QZ]NP^ ZQ PaTW ?SP SdXY MPWZYR^ _Z _SP LYZYdXZ`^ WT_P]L_`]P LYO T^ ZQ `YNP]_LTY OL_P 4Y_P]P^_TYRWd T_ OZP^ YZ_ L[[PL] TY LYd ZQ _SP NWL^^TNLW >_Z_]L NZW WPN_TZY^ M`_ TY >Z`_SP]Y 4YOTL T_ T^ PcNP[_TZYLWWd [Z[`WL] LYO T^ PaPY L wX`^_x L_ QP^_TaT_TP^ TY ^ZXP _PX[WP^ " :Y _SP bSZWP _SP >_Z_]L T^ ]L_SP] wQZWV^dx ?SP WLYR`LRP `^PO T^ >LY^V]T_ M`_ L^ bT_S XLYd ?LY _]TN _Pc_^ T_ T^ L VTYO ZQ SdM]TO NZWWZ\`TLW >LY^V]T_ NZY_LTYTYR XTYZ] R]LXXL_TNLW P]]Z]^ OP^[T_P _SP WTYR`T^_TNLWWd OPXLYOTYR QZ]X ?ST^ NZ`WO MP _SP ]PL^ZY bSd T_ bL^ YZ_ TYNW`OPO TY _SP NZWWPN_TZY^ 4Y _SP 8LST´£^`]LX£]OTYÅ>_Z_]L  _SP XPWZOd T^ QZ`YO _ZRP_SP] bT_S _SP _Pc_ bSTNS []ZMLMWd TYOTNL_P^ _SL_ _SP _bZ bP]P N]PL_PO _ZRP_SP] 5`^_ L QPb ^PNZYO^ T^ PYZ`RS _Z TOPY_TQd _SP >_Z_]L 4Y QLN_ _SP XPWZOd T^ ^Z bPWW VYZbY _SL_ T_ ^ZXP_TXP^ ZNN`]^ TY XZOP]Y ]PWTRTZ`^ wST_ ^ZYR^x L^ L X`^TNLW \`Z_L_TZY " aP]d WTVP _SP _S]PP_ZYP XPWZOTP^ ZQ _SP APOTN SdXY^ ?SP >_Z_]L T^ NSL]LN_P]TePO Md L ^_L_TN XZ_Z]WTVP ]Sd_SX 4_ T^ ZQ_PY ^`YR TY L XP_LWWTN aZTNP LWXZ^_ WTVP L XLNSTYP z []ZMLMWd []TYNT[LWWd MPNL`^P _SP XPWZOd RPYP]LWWd WLNV^ _SP Z]YLXPY_L_TZY _SL_ T^ _d[TNLW ZQ 4YOTLY ^TYRTYR ?SP SL]^S LRR]P^^TaP YL_`]P ZQ _SP ^Z`YO T^ ]PTYQZ]NPO Md SLaTYR QZ`] _ZYP^ TY L OT^^ZYLY_ SL]XZYd ZQ bSTNS _bZ L]P XP]PWd Z]YLXPY_LW ?SP ^[PNTLW bLd _SP >_Z_]L T^ ^`YR TY L XZYZ_ZYZ`^ ]Sd_SX LNNPY_`L_PO ZY _SP Q`YOLXPY_LW MPL_ T^ XZ]P ]PXTYT^NPY_ ZQ L bL]OLYNP _SLY _SP NWZdTYRWd ^bPP_ ^_dWP _SL_ T^ Z_SP]bT^P NZXXZYWd QZ`YO TY XZOP]Y MSLV_T ^ZYR^ DP_ OP^[T_P _SP XZYZ_ZYd ZQ _SP WTYP _SP ]Sd_SXTN X`^TN LYO _SP ZYZXL_Z[ZPTL ZQ _SP bZ]O^ ]PYOP] _SP >_Z_]L LWXZ^_ Sd[YZ_TN LQ_P] L [P]TZO ?ST^ uWLYR`LRP X`^TNv wOZP^x ^ZXP_STYR bT_S _SP WT^_PYP]^ bT_SZ`_ LYd VYZbWPORP ZQ NZY_PY_% LdT RT]TYLYOTYT YLYOT_LXPOTYT aT²aLaTYZOTYT YLYOLY`_P RT]TaL]LaTYOSdL²T]ZvOSTYTa£^TYT aT´©`aTW£^TYT UT´©`Y`_P g MSLRLaL_T SP ²T_TVL©¶SLV`¶`XMTYT MS¼]TV`¶`XMTYT MS¼]TVš_P ULdL ULdL SP XLST´£^`]LXL]OTYT ]LXdLVL[L]OTYT ²LTWL^`_P gggg

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 9ZbLOLd^ T_ NLY LW^Z MP SPL]O TY >]T 7LYVLY ?LXTW 3TYO` OTL^[Z]L _PX[WP^ QZ] TY^_LYNP TY _SP 6£X£¶NT _PX[WP TY 3LXX@PY_]Z[ 2P]XLYd ?SP]P L]P XLYd X`^TN NL^^P__P^ LYO ./^ TYNW`OTYR _SP 8LST´£^`]LXL]OTYÅ>_Z_]L  LYO _SP _Pc_ SL^ MPPY [`M WT^SPO ZY _SP TY_P]YP_% S__[%bbbNSPYYLTZYWTYPNZXQP^_TaLW^]PWTRTZY^WZRLX^^WZRLX L^[ LNNP^^PO ,`R`^_   " >`NS L^ TY w¢dT]LX 6L©©`OLTd£œx bSTNS _SP QLXZ`^ ?LXTW MSLULY ^TYRP] > ; -LWL^`M]LXLYTLY ^TYR^ ZY ST^ LWM`X ,]`œ ±LV_T

"$!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

=PRL]OTYR _SP bZ]O^ LYO _SPT] XPLYTYR TY [L]_^ _SP >_Z_]L T^ ^Z SL]O _Z `YOP]^_LYO _SL_ ^ZXP aP]^P^ ^PPX LWXZ^_ TX[Z^^TMWP _Z _]LY^WL_P ?ST^ T^ O`P _Z _SP R]PL_ WTNPY^P _LVPY bT_S _SP R]LXXL] LYO aZNLM`WL]d Md _SP /L©“TYP^\`P Z]YLXPY_LW [ZP_TN ^_dWP `YOP]WdTYR _SP >_Z_]L 0aPY _SP XZ^_ ZM^N`]P LYO XZ^_ O`MTZ`^ bZ]O^ NLY MP `^PO L^ WZYR L^ _SPd L]P L`_SZ]TePO Md _SP WPcTNZY ?SP NSZTNP ZQ bZ]O^ SL]OWd QZWWZb^ _SP OTN_L_P^ ZQ ^PXLY_TN^ LYO ^_L_PXPY_^ L_ LWW M`_ T^ []TXL]TWd OP_P]XTYPO Md NP]_LTY ^Z`YO TOPL^ TY _SP [ZP_v^ XTYO ?SP ^_dWT^_TN L^[PN_ _SP L]_ ZQ NSZZ^TYR bZ]O^ MPNZXP^ ^Z ^PNZYOL]d _SL_ _ST^ T^ LN_`LWWd YZ_ LMZ`_ [ZP_]d 4_ T^ X`NS XZ]P _SP NL^P _SL_ _SP aP]^P^ []P^PY_ NP]_LTY ZYZ XL_Z[ZPTN XZ_TQ^ L^ _SPT] LN_`LW _SPXP bSTNS ZYWd _`]Y TY_Z NZX[]P SPY^TMWP WLYR`LRP _S]Z`RS WL_P] ^PXLY_TNTeL_TZY ?SP XP_P] ^PWPN_PO L]T^P^ XZ]P Z] WP^^ YL_`]LWWd Q]ZX _SP YLXP w8LST´£^`]LXL]OTYÅx bSZ^P []Z^ZOd T^ LOZ[_PO L^ _SP ]Sd_SX QZ] _SP bSZWP >_Z_]L bT_SZ`_ QZWWZbTYR L NWL^^TNLW >LY^V]T_ XP_P] ?SP YLXP ZQ _SP RZOOP^^ L^ L ]Sd_SXTN RP]X NPWW ZQ [ZP_]d NZX[Z^T_TZY T^ []P NPOPO Md _SP NLWW wULdL ULdL SP mx waTN_Z]d aTN_Z]d : x LYO _ST^ TY _`]Y T^ _SP RP]X NPWW ZQ _SP XPWZOTN XL_P]TLW ?SP wSPx w:x T^ QZ]NPO Z`_ [L^^TZYL_PWd ZY _SP Pc[]P^^TaP w[L^^TZYL_Lx TY_P]aLW ZQ _SP ?Z“Å _ST]O LYO _SP]PQZ]P LW^Z OP_P]XTYP^ _SP =£RL X`^TNLW XZOP ZQ _SP bSZWP >_Z_]L TP _SP =£RL ?Z“Å `^PO QZ] bTWO [L^^TZY LYO _]LRTN ^NPYP^ 4Q WTVP L BP^_P]Y X`^TN ^NSZWL] ZYP bP]P _Z L^V LMZ`_ L Q`YOLXPY_LW TOPL ZQ _SP NZX[Z^T_TZY T_ OPaPWZ[^ Md T_^PWQ Q]ZX _SP NLWWTYR ZQ _SP YLXP LYO YZ_ Q]ZX LYd _SPZWZRTNLW Z] LWWPRZ]TNLW NZYNP[_ ^ZXPbSP]P TY _SP _Pc_ 0aPY _SP bZ]O XL_P]TLW ZQ _SP QT]^_ aP]^P T^ QZ]XPO NZX[WP_PWd Q]ZX _ST^ ]Sd_SXTN L`OTMWP Q`YOLXPY_LW TOPL% LdT RT]TYLYOTYT YLYOT_LXPOTYT aT²aLaTYZOTYT YLYOLY`_P 

BP ^PP SP]P LY Pc_]PXP QZ]X ZQ _SP ^LXP []ZNPO`]P ZQ ^PXLY_TNTeL_TZY ZQ ^Z`YO ^P\`PYNP^ _SL_ ?L_dLYL 0WTeL]PYVZbL QZ`YO TY _SP NL^P ZQ _SP ‹RaPOL  ?ST^ STRSWd ^`RRP^_TaP ^_dWP ZQ w[ZP_TN XLRTNx LYO wXLRTN [ZP_]dx SL^ L[[L]PY_Wd ^`]aTaPO QZ] _SZ`^LYO^ ZQ dPL]^ ?SP QT]^_ T_PX _Z MP ]P[]P^PY_PO TY _SP aP]^P T^ _SP MPL_TYR ZQ L O]`X bSTNS ^Z`YO^ ^ZXP_STYR WTVP wOTYTOLXX OTYTOLXX mx BP ]PNZRYTeP _ST^ XZ_TQ ZQ _SP w4XT_L_PO /]`Xx Q]ZX _SP ?LY_]TN SdXY _Z £VTYÅ TY bSTNS Y` XP]Z`^ O]`X^ L]P TXT_L_PO bT_S ^Z`YO^ WTVP w“£À“£À“£Àx ?SP OTQQP] PYNP Q]ZX _SP ?LY_]TN >_Z_]L T^ XP]PWd _SL_ _SP ZYZXL_Z[ZP_TN ^dWWLMWP^ SLaP MPPY _]LY^X`_PO SP]P TY_Z L NZX[]PSPY^TMWP _Pc_ bT_S _SP QZWWZb TYR XPLYTYR% w,dT /L`RS_P] ZQ _SP XZ`Y_LTY MPYPQLN_]P^^ ZQ _SP 0L]_S FbSZ^P [WLdTYRH XLTY_LTY^ _SP `YTaP]^P _SP PYaZd ZQ UZdx ?SP]P T^ YZ TXXPOTL_P ^_]TN_ NZYYPN_TZY MP_bPPY _SP XPLYTYR ZQ _ST^ ZYP aP]^P LYO _SP wO]`X XZ_TQx T_ NZY_LTY^ 3ZbPaP] TY _SP 4YOTLY NZY_Pc_ _SP NZYNP[_^ wO]`Xx wOLYNPx LYO wPN^_L^dx L]P NWZ^PWd L^^ZNTL_PO 4Y aTW

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

"$"

WLRP 4YOTL _SP ^Z`YO ZQ O]`X^ LYO OLYNP ZQ_PY TYO`NP [Z^^P^^TZY _]LYNP /`]TYR _SP 9LaL]£_]T QP^_TaLW [Z^^P^^TZY ZNN`]^ LQ_P] ]T_`LWWd TXT_L_TYR /`]R£v^ aTN_Z]d ZaP] _SP OPXZY ?SP ]T_P^ XLd TYNW`OP ]T_`LW aTZWPYNP ^`NS L^ M`QQLWZ ^LN]TQTNP^ LYO ^PWQXZ]_TQTNL_TZY^ 9Zb bP OZ YZ_ []P_PYO _SL_ _SP >_Z_]L YPNP^^L]TWd SL^ _Z MP ^`YR O`]TYR ^`NS PaPY_^& TY^_PLO T_ PaZVP^ LYO TXT_L_P^ Md T_^ ^Z`YO [L__P]Y^ _SP bSZWP ]LYRP ZQ NZWWPN_TaP TOPL^ LYO NZXXPXZ]L_TaP NZXX`YLW ]T_P^ NZYYPN_PO bT_S _ST^ RZOOP^^ ?SP ]Sd_SX LYO ^Z`YO ^_]`N_`]P ZQ _SP >_Z_]L T_^PWQ T^ _SL_ bLd ^Z _SL_ T_ NLY TYO`NP L _]LYNPWTVP ^_L_P QZ] _SZ^P bSZ w_`YP _SPX^PWaP^ TYx 4_ T^ L[_ _Z ]LT^P NZWWPN_TaP QPPWTYR^ LYO XZZO^ 4_ NZX X`YTNL_P^ aTL _SP ^PY^P^ _SP ^SL]PO VYZbWPORP ZQ L [ZbP]Q`W OTaTYP []Z_PN_]P^^ TY bSZ^P SPLWTYR []Z_PN_TYR LYO OPXZYN]`^STYR Q`YN_TZY^ ZYP NLY [L]_TNT[L_P ?SP [L__P]Y ZQ NZXX`YLW TOPY_T_d LYO MPWZYRTYR T^ YZ_ WPL^_ Pc[]P^^PO TY _SP _d[P ZQ X`^TNLW [P]QZ]XLYNP ^_dWP ?SP ^TYR P]^ LWbLd^ ]P[]ZO`NP L []PQLM]TNL_PO XPWZOd LYO L QTcPO [L__P]Y _SL_ WPLaP^ WT__WP ^[LNP QZ] TYOTaTO`LW TX[]ZaT^L_TZY z `YWTVP TY NWL^^TNLW X`^TN BSL_ T^ NPY_]LW T^ _SL_ _SP L_XZ^[SP]TN XZZO `YOP]WdTYR _SP >_Z_]L T^ []P^PY_ Q]ZX _SP QT]^_ \`L]_P] ZQ _SP aP]^P ZYbL]O^ Md aT]_`P ZQ _ST^ [SZYP_TN OLYNP XZ_TQ TY NZXMTYL_TZY bT_S _SP LRR]P^^TaP OT^^ZYLY_ SL]XZYTP^ ?ST^ ^[PNTQTN XZZO bSTNS T^ aP]d NSL]LN_P]T^_TN ZQ _SP RZO OP^^ /`]R£ ]PXLTY^ _S]Z`RSZ`_ _SP bSZWP >_Z_]L YZ XL__P] bSP_SP] T_ T^ _SP PaPY_^ ZQ _SP ML__WP _SL_ L]P MPTYR OP^N]TMPO Z] WL_P] ZY _SP MPL`_d ZQ _SP RZOOP^^ ?SP LRR]P^^TaP X`^TNLW ^_dWP []TXL]TWd ]PQWPN_^ _SP M]`_LW LN_^ ZQ bL] _SL_ ^PXLY_TNLWWd OP_P]XTYP _SP QT]^_ [L]_ ZQ _SP >_Z_]L ?SP [SZ YP_TN XZ_TQ^ TYNW`OP QZ] PcLX[WP .L©“L w_SP N]`PWx LYO 8`©“L w_SP ^SLaPYSPLOPOx _SP YLXP^ ZQ _bZ OPXZY^ ?SP^P _bZ YLXP^ L]P Q]P \`PY_Wd `^PO _Z RTaP L QZWV P_dXZWZRd ZQ _SP YLXP ZQ _SP RZOOP^^ .£X`©“L z XPLYTYR w_SP aTN_]Tc ZaP] .L©“L LYO 8`©“Lx ;]ZMLMWd ZbTYR _Z _ST^ TX[WTNT_ [ZTY_P] _Z L YLXP ZQ _SP aTN_Z]TZ`^ RZOOP^^ _SPd L]P `^PO TY _SP >_Z_]LX z `YWTVP _SP OPXZYv^ YLXP 8LST´L w_SP M`Q QLWZx z L^ L WPT_XZ_Ta _S]Z`RS ^PaP]LW aP]^P^ 7TVP L RP]X _SP YLXP^ L]P STY_PO L_ ]TRS_ TY _SP QT]^_ aP]^P TY _SP Y`XP]Z`^ QZ]XL_TZY^ bT_S w YOLx wXMLx P_N 4Y aP]^P  _SPd L]P _SPY XPY_TZYPO Pc[WTNT_Wd LYO TXXPOTL_PWd ]PbZ]VPO TY _P]X^ ZQ _SP ^Z`YO XZ_TQ bT_S ^[PNTLW L__PY _TZY MPTYR [LTO _Z _SP NP]PM]LW NSL]LN_P] ©“L % LdT ²L_LVSL©“LaTVSL©“T_L]`©“LaT_`©“T_L²`©“LRLU£OST[L_P ]T[`RLULRL©“LaTO£]L©LNL©“L[L]£V]LXL²`©“LXšR£OST[L_P g YTULMS`ULOL©“LYT[£_T_LVSL©“LaT[£_T_LX`©“LMSL¶£OST[L_P ULdL ULdL  gggg w,dT >SP OTaTOP^ _SP MZOTP^ ZQ _SP PWP[SLY_^ FZQ _SP OPXZY L]XdH TY_Z L _SZ`^LYO [TPNP^ LYO NSZ[^ ZQQ _SPT] _]`YV^ 3P] WTZY ^S]PO^ _SP _PX[WP^ ZQ

"$#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

_SP PYPXd PWP[SLY_^ "! LYO _S`^ bPLVPY^ _SP NZ`]LRP ZQ _SP FOPXZYH .L©“L 3P] ^_]ZYR L]X [`WW^ OZbY _SP FOPXZYH bL]]TZ] 8`©“L LYO NSZ[^ STX TY_Z [TPNP^x '=PQ]LTY)

-d QZN`^TYR ZY _SP NP]PM]LW _SP L`_SZ] T^ QZWWZbTYR YZ_ WPL^_ L ]PNZX XPYOL_TZY ZQ _SP [ZP_ZWZRT^_^ bSZ ]PNZXXPYO _SP SZWWZb^Z`YOTYR ]P_]ZQWPc ^Z`YO^ ¶ “ © QZ] SZ]]Z] O]PLO LYO OT^R`^_ ?SP ^Z`YO^ w²x LYO w´x SLaP L ^TXTWL] LRR]P^^TaP Q`YN_TZY MPTYR U`^_ WTVP _SP ]P_]ZQWPc ^Z`YO^ _SP MPL]P]^ ZQ YPRL_TaP XZZO^ LYO NZY^P\`PY_Wd ]PRL]OPO L^ [L^^TZYVTWWP]^ ?SP L`_SZ] LW^Z QZN`^P^ ZY _SP^P ^Z`YO^ WL_P] TY aP]^P " MPNL`^P _SPd [TNV `[ [SZYP_TNLWWd _SP OPXZY^v YLXP^ ±`XMSL LYO 9T´`XMSL% LdT YTULS`ÀVš_TX£_]LYT]£Vš_LOS¼X]LaTWZNLYLOS¼X]L²L_P ^LXL]LaT²Z´T_L²Z©T_LM¯UL^LX`OMSLaL²Z©T_LM¯ULWL_P g ²TaL ²TaL ²`ÀMSLYT´`ÀMSLXLS£SLaL_L][T_LMS¼_L[T²£NL]L_P ULdL ULdL  gg"gg w,dT >SP QTYT^SP^ ZQQ _SP FOPXZYH /S¼X]LWZNLYL u^XZVPPdPv U`^_ Md ^SZ`_TYR L _S]PL_ LYO XLVP^ _SZ`^LYO^ ZQ NWZ`O^ ZQ ^XZVP F*H 1]ZX _SP ^PPO ZQ _SP MWZZO O]TPO TY _SP ML__WP _SP [ZXPR]LYL_P _]PP R]Zb^ ZY bSTNS ^SP T^ L N]PP[P] : ±TaL : ±TaL ?SP R]PL_ XL^^LN]P ZQ F_SP OPXZY^H ±`XMSL LYO 9T´`XMSL SL^ RTaPY LWW SP] MPWZaPO RSZ^_^ LYO RSZ`W^ FQ]ZX ±TaLv^ L]XdH _SPT] QTWWx '=PQ]LTY)

?SP ^Z`YO^ TY _SP OP^N]T[_TZY ZQ _SP aTN_Z]d MPNZXP wWTRS_P]x 3P]P _SP bZ]O^ waTN_Z]d _]T`X[Sx ULdL LYO wOLYNPx Y£¶dL L[[PL] _Z MP OT^ _]TM`_PO ZaP] _SP QT]^_ Z] ^PNZYO SLWQ ZQ _SP aP]^P O`P _Z PT_SP] _SPT] [SZYP_TN XL_P]TLW Z] _SPT] ]ZZ_^ -Z_S ^PXLY_TNLWWd LYO LNZ`^_TNLWWd Pc[]P^^TZY T^ RTaPY _Z _SP UZd LMZ`_ _SP RZZO PYOTYR ZQ _SP ML__WP 4Y _SP ZYZXL_Z[ZP_TN ^Z`YO NSLTY wUSL©L USL©L USTÓUSTXTx ZYP SPL]^ _SP _TY VWTYR LYVWP MPWW^ ZQ _SP RZOOP^^ LYO SP]P LRLTY _SP]P T^ LY L^^ZNTL_TaP WTYV MP_bPPY _TYVWTYR ^Z`YO^ LYO RSZ^_^ MS¼_L % ULdLULdLUL[dLULdP ULdL²LMOL[L]L^_`_T_L_[L]LaT²aLY`_P USL©LUSL©LUSTÓUSTXTUST«Vš_LY¼[`]L^TÓUT_LXZST_LMS¼_L[L_P g YL¶T_LYL¶£]OSLYL¶¯YL¶LY£dLVLY£¶T_LY£¶dL^`R£YL]L_P ULdL ULdL  gggg wATN_Z]d ATN_Z]d :Y _SP ZNNL^TZY ZQ _ST^ QLXZ`^ aTN_Z]d _SP `YTaP]^P ^TYR^ NZY^_LY_ SdXY^ ZQ []LT^P Q`WW ZQ N]TP^ ZQ aTN_Z]d FDZ`]H LYVWP MPWW^ _TYVWP u_TYRLWTYRLWTYRv LYO NSL]X _SP []TYNP ZQ ^[T]T_^ F±TaLH DZ` OP WTRS_ TY _SP ^ZYR bSTWP ±TaL _SP NSTPQ OLYNP] LXZYR LWW OLYNP]^ T^ LYT XL_PO _Z OLYNP LYO LN_^ Z`_ L [WLdx '=PQ]LTY)

:Q NZ`]^P ZYP NLYYZ_ ^PP Q]ZX Z`] WTRS_SPL]_PO _]LY^WL_TZY U`^_ SZb OL]V LYO TYNZX[]PSPY^TMWP _SP Z]TRTYLW >_Z_]L _Pc_ T^ 4Y ^ZXP [L^^LRP^ YZ_ OT^N`^^PO SP]P PaPY 4YOTLY ^NSZWL]^ bZ`WO ^SLVP _SPT] SPLO^ TQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! ,NNZ]OTYR _Z _SP 4YOTLY aTPb _SP bTWOYP^^ LYO _SP [ZbP] ZQ LY PWP[SLY_ ]P^TOP TY T_^ _PX[WP^ MPNL`^P _ST^ T^ bSP]P _SP L__]LN_LY_ T^ Pc`OPO O`]TYR _SP XL_TYR ^PL^ZY

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

"$$

L^VPO QZ] L _]LY^WL_TZY 9L_`]LWWd _ST^ XPLY^ _SL_ _ZOLdv^ 4YOTLY WT^_PYP] bT_S L YZ]XLW PO`NL_TZY TYNW`OTYR L MT_ ZQ STRS^NSZZW >LY^V]T_ `YOP] ^_LYO^ L_ MP^_ ZYWd L Q]LN_TZY ZQ _SP NZY_PY_ _SL_ bP SLaP []P^PY_PO SP]P -`_ ^_TWW _SP SdXY T^ ZYP ZQ _SP XZ^_ [Z[`WL] /`]R£ >_Z_]L^ BSL_ XLVP^ _SP >_Z_]L ^Z [Z[`WL] T^ _SP QLN_ _SL_ _SP NPY_]LW PWPXPY_ ZQ /`]R£v^ [P]^ZYLWT_d _SP `YM]TOWPO LYO WTMP]L_PO [ZbP] _SL_ T^ LN_`LWWd _SP ^Z`]NP ZQ SP] LMTWT_d _Z OP^_]Zd _SP OPXZY^ T^ ]PLWTePO [P]QPN_Wd TY _SP ^Z`YO ZQ _SP >_Z_]L ?SP ^`RRP^_TaP WLYR`LRP X`^TN ZQ _SP TY_P]YLW ]SdXP^ _SP SLXXP]TYR XLNSTYPWTVP XP_P] LYO _SP `Y]P^ZWaPO OT^^Z YLYNP^ SLaP ^`NS LY PYP]RP_TN LYO PcNT_TYR PQQPN_ _SL_ _SP WT^_PYP] NZ`WO YZ_ RP_ LbLd Q]ZX _SPX PaPY TQ SP Z] ^SP bLY_PO _Z ?SP /`]R£ L_XZ^ [SP]P T^ []P^PY_ Md aT]_`P ZQ _SP ^Z`YO LWZYP /`]R£ L_XZ^[SP]P T_^PWQ T^ []PNT^PWd _ST^ PYP]RP_TN L^[PN_ DP_ QZ] _SP -SLV_L TP _SP ZYP bSZ ^PPV^ WZaTYR [L]_TNT[L_TZY MSLV_T TY _SP OPT_d _ST^ PYP]RP_TN L^[PN_ T^ YZ_ ^TX[Wd M]`_LW [ZbP] M`_ L ^_]`RRWP QZ] RZZO LYO LRLTY^_ _SP OP XZYTN ?ST^ VYZbWPORP _SL_ T_ T^ _SP RZOOP^^ bT_S SP] SPLWTYR LYO []Z _PN_TYR Q`YN_TZY bSZ T^ _SP ^`MUPN_ ZQ _ST^ TYNZX[]PSPY^TMWP >_Z_]L NSLYYPW^ _SP M]`_LW ^Z`YO TX[]P^^TZY TY_Z OPaZ_TZY

$

4YOTaTO`LW 8`^TNLW 1Z]X^ ZQ _SP w1WZZO ZQ -PL`_dx

BSTWP _SP /`]R£ SdXY NLY MP aTPbPO L^ LY PcLX[WP ZQ L QZWV >_Z_]L ^_dWP _SP >L`YOL]dL7LSL]Å WT_P]LWWd w1WZZO ZQ -PL`_dx ./ " T^ []ZMLMWd _SP XZ^_ QLXZ`^ RZOOP^^ SdXY "" b]T__PY TY L STRSWd L]_T^_TN ^_dWP Z[P]L_TYR ZY XLYd WPaPW^ LYO `^TYR XLYd XP_L[SZ]^ ?SP SdXY SL^ L S`YO]PO aP]^P^ LYO OZP^ YZ_ ^TYR ZQ _SP bL]]TZ] RZOOP^^ M`_ ZQ _SP Z`_^_LYOTYRWd MPL`_TQ`W LYO RPY_WP RZOOP^^ L^ ;L]£±LV_T w^`[]PXP [ZbP]x 4_ OZP^ ^Z YZ_ _Z bL]O ZQQ PaTW M`_ bT_STY L ^Z_P]TZWZRTNLW Q]LXPbZ]V TY _SP ^PY^P ZQ _SP ±]ÅaTOd£ [STWZ^Z[Sd L^ L wQWZZO ZQ ^PY _TPYNP LYO MWT^^x ?LY_]L LYO MSLV_T L[[PL] SP]P _Z_LWWd Q`^PO ?SP WT_P] L]d NZX[Z^T_TZY `YT_P^ [STWZ^Z[STNLW _SPZWZRTNLW OPY^T_d ZQ _SZ`RS_ bT_S LY PWPRLY_ >LY^V]T_ ^_dWP LYO LY LM`YOLYNP ZQ Wd]TNLW TXLRP^ \`T_P TY VPP[TYR bT_S _SP TOPLW ZQ L]_T^_TN [ZP_]d bT_S [STWZ^Z[STNLW NZY_PY_ L RPY]P _SL_ NZY\`P]PO _SP WT_P]L]d ^_LRP Q]ZX LMZ`_ _SP _PY_S NPY_`]d ZYbL]O^ ?SP [ZPX T^ L__]TM`_PO _Z ±L«VL]L ^TYNP T_ T^ ZMaTZ`^Wd L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" ?SP]P PcT^_ L WL]RP Y`XMP] ZQ XLY`^N]T[_^ ^PaP]LW NZXXPY_L]TP^ LYO L Y`XMP] ZQ POT_TZY^% ?SP >L`YOL]dLWLSL]¯ Z] 1WZZO ZQ -PL`_d _]LOT_TZYLWWd L^N]TMPO _Z ±L«VL]£N£]dL  PO LYO _]LY^W B 9Z]XLY -]ZbY .LXM]TORP% 3L]aL]O $ #& >L`YOL]dLWLSL]¯ ZQ ±L«VL]£N£]dL BT_S _SP NZXXPY_L]d Md 7LV´X¯OSL]L -S£aLYZ[LYT´L_ LYO /Pa¯ ;LÓNL^_LaT N]T_ PO 9> APYVL_LYL_SNSL]dL 8d^Z]P% :]TPY_LW =P^PL]NS 4Y^_T_`_P $!$& z bT_S _PY NZXXPY_L]TP^ TY >LY^V]T_ PO , 6`[[`^bLXd /PWST% 9LR ;`MWT^SP]^ ]Pa LYO PYWL]RPO $$

#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

>Z`_SP]Y 4YOTLY LYO [Z^_;`]£©TN []ZO`N_ LW_SZ`RS T_ T^ NWPL]Wd ZWOP] _SLY _SP 8LST´£^`]LX£]OTYÅ SdXY LYO TY ^`NS NL^P^ 4YOTLY _]LOT_TZY _PYO^ _Z LNNP[_ _SP R]PL_ [STWZ^Z[SP] L^ _SP L`_SZ] "# @YWTVP _SP /`]R£ ^ZYR bSTNS T^ NZXXZY TY _PX[WP QP^_TaLW^ LYO bSPY R]Z`[^ L]P ^TYRTYR ^Z[ST^_TNL_PO _Pc_^ bT_S L OPP[P] P^Z_P]TN XPLYTYR ^`NS L^ _SP >L`YOL]dL7LSL]Å L]P TY_PYOPO L^ ]PNT_L_TZY _Pc_^ XZ]P QZ] []TaL_P NZY_PX[WL_TZY ?ST^ ZQ_PY LW^Z ]P^`W_^ TY L XZ]P TYOT aTO`LW ^_dWP ZQ [P]QZ]XLYNP 1Z] PcLX[WP L ^TYRP] TY _SP NL^P ZQ _SP >L`YOL]dL7LSL]Å RPYP]LWWd L QPXLWP ^TYRP] NSZZ^P^ L NP]_LTY =£RL QZ] NP]_LTY R]Z`[^ ZQ aP]^P^ Z] PaPY QZ] PLNS TYOTaTO`LW aP]^P -d ^Z OZTYR _SP ^TYRP] M]TYR^ Z`_ ST^ Z] SP] ZbY TY_P][]P_L_TZY bSTWP ^TYRTYR _SP _Pc_ 4Y NZY_]L^_ _Z _SP BP^_P]Y bLd ZQ ^TYRTYR ^ZYR^ _SP NZX[Z^P] LYO _SP [P]QZ]XP] L]P ZYP LYO _SP ^LXP [P]^ZY ?SP >L`YOL]dL7LSL]Å T^ NWPL]Wd TY_PYOPO QZ] ^`NS NWL^^TNLW ^TYRTYR PaPY TQ TY []LN_TNP YZbLOLd^ _SP]P L]P NP]_LTY ^TX[WP ^_LYOL]O XPWZOTP^ _Z bSTNS LWW _SP aP]^P^ NLY MP ^`YR -`_ LN_`LWWd PaP]d aP]^P T^ XLOP TY ^`NS L bLd _SL_ T_ _LVP^ `[ T_^ ZbY _SPXP LYO TX[L]_^ L NP]_LTY XZZO z bSTNS T^ aP]d X`NS TY VPP[TYR bT_S _SP []TYNT[WP _SL_ PaP]d aP]^P ^SZ`WO MP ^`YR TY T_^ ZbY =£RL 4Y NZY_]L^_ _Z _SP /`]R£ SdXY T_ T^ _S`^ L NZX[WP_PWd OTQQP]PY_ ^_dWP ZQ X`^TNLW [P]QZ]XLYNP% TY^_PLO ZQ []PQLM]TNL_PO [L__P]Y^ _SP]P T^ TYOTaTO`LW NSZTNP QZ] bSTNS ZYP YPPO^ X`^TNLW _]LTYTYR LYO VYZbWPORP ZQ >LY^V]T_ ?Z ^SZb bSL_ ^`NS LY TY_P][]P_L_TZY XTRS_ WZZV WTVP bP RTaP L^ LY PcLX[WP MPWZb _SP .L]YL_TN ^TYRP] = APOLaLWWT 3P]^ T^ \`T_P L [P]^ZYLW TY_P][]P_L_TZY :_SP] ^TYRP]^ ]PLWTeP _SP _Pc_ NZX[WP_PWd OTQQP]PY_Wd TY _SPT] ZbY [P]^ZYLW bLd 4Y >Z`_SP]Y 4YOTL _SP >L`YOL]dL7LSL]Å T^ ZYP ZQ _SP >_Z_]L^ XZ^_ Q]P\`PY_Wd w^P_ _Z X`^TNx LYO ^ZWO ZY NL^^P__P >Z _SP]P L]P XLYd X`^TNLW ]PNZ]OTYR^ LaLTWLMWP M`_ LWW ^TYRP]^ SLaP _SPT] ZbY TYOTaTO`LW bLd ZQ TY_P][]P_TYR _SP SdXY bT_S OTQQP]PY_ =£RL^ 1Z] _SP QT]^_ aP]^P >X_ APOLaLWWT ^PWPN_PO _SP wQPXLWPx =£RL ¢YLYOL-SLT]LaÅ L^ ^`T_LMWP QZ] _SP MPRTYYTYR :bTYR _Z T_^ YLXP _ST^ =£RL NLY ZY _SP ZYP SLYO MP L^^ZNTL_PO bT_S _SP YLXP ZQ _SP QT]^_ [L]_ ZQ _SP SdXY _SL_ T^ ¢YLYOL7LSL]Å w1WZZO ZQ -WT^^x bSTWP ZY _SP Z_SP] ¢YLYOL-SLT]LaÅ T_^PWQ T^ LW^Z L YLXP ZQ _SP RZOOP^^ bT_S 6L`WL ?LY_]TN NZYYZ_L_TZY^ L^ _SP bTQP ZQ ±TaL-SLT]LaL ,_ _SP ^LXP _TXP TY L \`T_P ^[PNTQTN XLYYP] _ST^ =£RL T^ ^`T_LMWP QZ] _SP RZOOP^^ L^ ^SP T^ [Z]_]LdPO TY _SP >L`YOL]dL7LSL]Å ¢YLYOL-SLT]LaÅ T^ ^ZQ_ LYO QWZb TYR M`_ LW^Z PWPaL_PO ?SP =£RL T^ ]PRL]OPO L^ RPY_WP LYO L^ []ZXT^TYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# ?SP SdXY T^ TYNW`OPO TY aZW % >_Z_]L^ TY _SP .ZX[WP_P BZ]V^ ZQ ±L«VL]£N£]dL TY _SP :]TRTYLW >LY^V]T_  aZW^ 8LO]L^% >LXL_L -ZZV^ $# LYO LW]PLOd L[[PL]PO TY _SP PL]WTP] POT_TZY >]T]LYRLX% ALYT ATWL^ $ 

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

#

QZ]_`YP 0aPY _SP TY^_]`XPY_LW []PW`OP ZY _SP A¯©£ LYO QW`_P bSTNS LY_TNT[L_P _SP XZ_TQ ZQ _SP =£RL LYYZ`YNP^ _SP []P^PYNP ZQ _SP MPL`_T Q`W RZOOP^^ LW]PLOd ?SPY _SP ^TYRP] ^_L]_^ ^TYRTYR _SP QT]^_ aP]^P TY \`T_P L ]P^_]LTYPO QL^STZY ?ST^ T^ ZYP ZQ _SP XZ^_ QLXZ`^ LYO XZ^_ \`Z_PO XYPXZYTN aP]^P^ TY _SP ±£V_L _]LOT_TZY 4_ []LT^P^ _SP RZOOP^^ L^ _SP ^`[P]TZ] w[ZbP]x ±LV_T  ?SP QZWWZbTYR _]LY^WL_TZY SL^ LW]PLOd MPPY LOL[_PO _Z >X_ APOLaLWWTv^ X`^TNLW [S]L^TYR LYO _SP]PQZ]P OZP^ YZ_ QWZb \`T_P ^XZZ_SWd% w4Q _SP 7Z]O T^ `YT_PO bT_S _SP ;ZbP] SP T^ NL[LMWP ZQ N]PL_TZY 4Q T_ T^ YZ_ ^Z _SP RZO T^ YZ_ PaPY NL[LMWP ZQ _SP ^XLWWP^_ XZaPXPY_ >Z DZ` L]P bZ] _Sd ZQ bZ]^ST[ PaPY Md F_SP RZO^ bSZH M`TWO ^`^_LTY LYO OP^_]Zd F_SP NZ^XZ^H -ZbTYR OZbY MPQZ]P DZ` ^TYRTYR DZ`] []LT^P^ z NLY ZYP OZ _ST^ bT_SZ`_ XP]T_*x

?SP ^TYRP] ]PLWTeP^ _ST^ [L]_TN`WL] aP]^P TY LY TY_P]P^_TYR bLd ^PP QTR `]P MPWZb BP XLd QTYO _SP _]PL_XPY_ _SP ^TYRP] RTaP^ _Z _SP ]PWTRTZ`^ _P]X^ ^`][]T^TYR ?SP bZ]O wRZOx  OPaZ  QZ] TY^_LYNP ^PP ^PNZYO \`L]_P] ZQ _SP aP]^P T^ ^`YR aP]d NL`_TZ`^Wd LWXZ^_ ^SdWd ?SP Z_SP] YLXP^ ZQ RZO^ L]P \`T_P ^TX[Wd wZaP]^`YRx 4Y _SP QT]^_ \`L]_P] ZQ _SP aP]^P _SP ZYWd LNNPY_ M]TPQWd L[[PL]TYR WTP^ ZY _SP RPY_Wd PX[SL^TePO QTYLW ^dWWLMWP ZQ []LMSLaT_`X wMPNZXP XZ]Px XPLYTYR SP]P wMPNZXP [ZbP]Q`W FL^ N]PL_Z]Hx ?SP ^TYRP] WP_^ _SP _ZYP ^bPWW L WT__WP ZY _SP ^dWWLMWP wm _`Xx LYO _SPY _`]Y TY_Z L [L] _TN`WL] XZ_TQ _SL_ ]P_`]Y^ LRLTY LYO LRLTY TY _SP NZ`]^P ZQ _SP ^ZYR ?ST^ XPWZOd ^TYV^ Q]ZX _SP XLTY YZ_P 2 aTL _SP ^ZQ_ 0 QWL_ OZbYbL]O^ L^ QL] L^ / LYO QTYT^SP^ _SP]P bT_SZ`_ PaP] RZTYR MLNV _Z _SP Q`YOLXPY_LW YZ_P 4Y^_PLO _SP XPWZOd OPaPWZ[^ TY_Z L RPY_WP _]PXZWZ bSTNS PMM^ LbLd TY _SP SL]XZYTN ^`^[PY^P ZQ _SP _ZYP^ / LYO 1 ?ST^ TYQTYT_d ^`RRP^_TYR wXZ_TQ ZQ WZYRTYRx T^ _SP NPY_]LW XZ_TQ ZQ ¢YLYOL-SLT]LaÅ

#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

4Y _SP ^PNZYO \`L]_P] ZQ _SP aP]^P _SP ^TYRP] XL]V^ _S]PP bZ]O^% _SP LMZaPXPY_TZYPO OPaZ w_SP RZOx T^ NSL]LN_P]TePO Md OPPX[SL^TeTYR LYO Md _SP LbPQTWWPO ^SdYP^^ bT_S bSTNS T_ T^ TY_ZYPO ?ST^ bZ]O T^ LW^Z bSP]P _SP XPWZOd ]P_`]Y^ _Z _SP Q`YOLXPY_LW z bSTNS OTO YZ_ SL[ [PY TY _SP QT]^_ \`L]_P] ZQ _SP aP]^P ?SP bZ]O V`²LWLà SP]P wLMWPx M`_ LW^Z wbPWWMPTYRx bSTNS T^ NSL]LN_P]TePO Md L ^XLWW _]TWW T^ WTVPbT^P ^`YR ZY _SP Q`YOLXPY_LW ?SP ^PNZYOL]d XPLYTYR ZQ wbPWWMPTYRx XL]V^ Z`_ _SP bZ]O L^ L XL«RLWL bZ]O ^TRYLWTYR L`^[TNTZ`^YP^^ LYO RTaP^ T_ L NZ]]P^[ZYOTYR X`^TNLW QZ]X ?SP _ST]O XL]VPO bZ]O T^ L[T wPaPYx LYO SP]P XPLYTYR wYZ_ NL[LMWP ZQ PaPY _SP ^XLWWP^_ XZaP XPY_x ?SP ^TYRP] ^TYR^ _SP bZ]O OPaZ w_SP RZOx ( ±TaL [TLYT^^TXZ L^ TQ ^SP bP]P QLNTYR L R]PL_ ^PN]P_ LYO L[T T^ ^`YR TY _SP ^LXP XLYYP] z aP]d \`TP_Wd LYO bT_S ]P^_]LTY_ 4_ T^ YZ_ RTaPY _SP NZWZ]L_`]L _SL_ T^ `^`LW L_ _SP PYO ZQ PaP]d \`L]_P] ZQ _SP aP]^P ?ST^ ^ZQ_ LYO ]PWLcPO [L^^LRP NZXP^ ZaP] L^ L M]TPQ XZXPY_ ZQ [PLNP LYO Q`WQTWWXPY_ TY _SP `YOP]WdTYR QPPWTYR ZQ WZYRTYR 4_ LWXZ^_ ^PPX^ L^ TQ _SP ^TYRP] bLY_^ _Z Pc[]P^^ _SP LM^ZW`_PWd TYPQQLMWP _]LY^NPYOPYNd ZQ ±TaL 3ZbPaP] LQ_P] L XZXPY_ _SP X`^TNLW Pc[]P^^TZY RPY_Wd RWTOP^ MLNV _Z _SP XZZO ZQ WZYRTYR _SL_ [P]aLOP^ _SP bSZWP =£RL 4Y _SP ^PNZYO SLWQ ZQ _SP aP]^P >X_ APOLaLWWT XL]V^ _SP bZ]O^ wMZb OZbYx []L©LY_`X LYO w^TYR []LT^P^x ^_Z_`X TY L ^[PNTLW bLd ?SP MSLV_T PWPXPY_ T^ ZMaTZ`^Wd P^[PNTLWWd TX[Z]_LY_ _Z _ST^ [L]_TN`WL]

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

#

^TYRP] BSTWP _SP _SPZWZRTNLW ?LY_]TN aP]^P^ ZQ _SP SdXY L]P ^`YR TY L ]L_SP] YP`_]LW _ZYP ZQ ]PNT_L_TZY bZ]O^ PaZVTYR L OPaZ_TZYLW XZZO L]P LWbLd^ RTaPY L X`^TNLW Pc_]L 1Z] PcLX[WP _SP bZ]O^ wDZ`x LYO wbZ] _Sd ZQ bZ]^ST[x TY _SP _ST]O \`L]_P] ZQ _SP aP]^P L]P WPYR_SPYPO M`_ ZY L ^TYRWP YZ_P bT_SZ`_ LYd XPWZOTN XZaPXPY_ ,_ _SP PYO ZQ _SP WTYP _SP ^NLWP Z[PY^ `[bL]O^ TY_Z L WZYR NZWZ]L_`]L L]Z`YO _SP M]TRS_ YZ_P , ^`YR ZY _SP WPYR_SPYPO bZ]O L[T  wPaPY QZ] _SP^P R]PL_ RZO^x ?SP bZ]O^ wMZb OZbYx LYO w^TYR []LT^P^x TY _SP QZ`]_S \`L]_P] ZQ _SP aP]^P L]P ^P[L]L_PO Md [L`^P^ LYO _SP ^TYRP] [`_^ LWW SP] PXZ_TZY TY_Z _SP^P bZ]O^ bSTNS ^SP ^TYR^ bT_S ^TRSTYR Z]YLXPY_L_TZY ZQ OPWTRS_ ?ST^ X`^TNLWTePO OPaZ_TZY T^ Pc[]P^^PO P^[PNTLWWd ^_]ZYRWd TY _SP WZYR O]LbY Z`_ LYO [SZYP_TNLWWd Pc_PYOPO ^_Z_`À a£Fd£d£H wm Z] ^TYR []LT^P^x bSTNS LRLTY _LVP^ `[ _SP wXZ_TQ ZQ WZYRTYRx 210 QWL_/ ,_ _SP PYO _SP bZ]O []LMSLaL_T wbSZ NLY LNSTPaP T_x SL^ L NZWZ]L_`]L L^ LY PNSZ ZQ _SP TYT_TLW []LMSLaT_`X LYO WPLO^ TY_Z _SP ^PNZYO aP]^P ?SP bSZWP ]PNZ]OTYR ZQ _SP ^`YR ]PLWTeL_TZY ZQ _SP >L`YOL]dL 7LSL]Å Md >X_ APOLaLWWT T^ L^ bT_S Z_SP] ^TYRP]^ ZQ ^`NS _Pc_^ YZ_ LY TY_P][]P_L_TZY TY _SP BP^_P]Y ^PY^P ?SP ^TYRP] OZP^ YZ_ L__PX[_ _Z [`_ ZaP] LYd _Pc_`LW NZY_PY_ Z] _Z _]LY^[Z]_ TOPL^ Z`_ ZQ T_ 4_ T^ X`NS XZ]P _SP NL^P _SL_ ^SP ]PLN_^ WTVP L ^PT^XZR]L[S _Z TYOTaTO`LW bZ]O^ 3P] ^ZYR T^ LN_`LWWd L ]PNT_L_TZY O`]TYR bSTNS ^SP TXXP]^P^ SP]^PWQ NZX [WP_PWd TY _SP _Pc_ ?SP NZX[WPc X`^TNLW ^_]`N_`]P^ TY NZX[L]T^ZY _Z YZ]XLW ]PNT_L_TZY L]P LY TX[]ZaT^PO Pc[]P^^TZY ZQ _SP ^TYRP]v^ ZbY XZZO bSPY [P]QZ]XTYR _SP _Pc_ ,NNZ]OTYR _Z _SP 4YOTLY OPQTYT_TZY T_ T^ ^ZWPWd _ST^ L`OTMWP TYaZWaPXPY_ ]LV_T WT_P]LWWd wNZWZ]L_TZYx bSTNS OT^_TYR`T^SP^ ^ZYR R£YL Q]ZX _SP QTcPO QZ]X^ ZQ ]PNT_L_TZY [£¶SL  ,W_SZ`RS ]PNT_L_TZY^ NLY NP]_LTYWd SLaP LY LP^_SP_TN PQQPN_ _SP [P] QZ]XP] OZP^ YZ_ []P^PY_ STX Z] SP]^PWQ bSTWP ^TYRTYR L^ QL] L^ SP Z] ^SP T^ ZYWd ]P[]ZO`NTYR _]LOT_TZYLW ^Z`YO [L__P]Y^ z WTVP TY NL^P ZQ _SP 8L ST´£^`]LX£]OTYÅ>_Z_]L  =PNT_L_TZY^ L]P YZ_ [P]^ZYLW Pc[]P^^TZY^ ZQ PXZ_TZY M`_ NZWWPN_TaPWd ^SL]PO [L__P]Y^ ?ST^ T^ OTQQP]PY_ TY _SP NL^P ZQ OPaZ_TZYLW NWL^^TNLW ^TYRTYR >X_ APOLaLWWT T^ LY PcLX[WP ZQ _ST^ aP]d [P]^ZYLW []LN_TNP bSTNS z `YWTVP OPaZ_TZYLW R]Z`[ ^TYRTYR ZQ XLYd >_Z_]L^ LYO -SLULY^ bT_S ^TX[WP []PQLM]TNL_PO XPWZOTP^ z LWbLd^ T^ LYO ]PXLTY^ TYOTaTO`LW 4Y 4YOTLY X`^TN _SP]P T^ L ^_]TN_ OT^_TYN_TZY MP_bPPY _SP ^TYRTYR ZQ L []PQLM]TNL_PO XPWZOd LYO Q]PP TX[]ZaT^L_TZY £W£[  3P]P ZYWd Q]PP TX[]ZaT^L_TZY T^ ]PRL]OPO L^ ]PLW wL]_x LYO w[]Z[P] NWL^ ^TNLW X`^TNx "$ , ^TYRP] MPRTY^ _Z RTaP QZ]X _Z L >_Z_]L Z] L =£RL Md ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ 4YOTLY 0YRWT^S SL^ _SP _P]X wWTRS_ X`^TNx QZ] ^ZYR^ bT_S []ZR]LXPO XPWZOTP^ TY NZY_]L^_ _Z wNWL^^TNLWx bSTNS ]PQP]^ _Z TX[]ZaT^PO NWL^^TNLW X`^TN ?SP NZYNP[_ ZQ wWTRS_ X`^TNx TY T_^ Z]TRTYLW 0YRWT^S ^PY^P ZQ wPL^d WT^_PYTYRx ^PPX^ _Z SLaP MPPY WZ^_ :Y _SP 4Y_P]YP_ T_ T^ PaPY [Z^^TMWP _Z QTYO APOTN ]PNT_L_TZY^ `YOP] wWTRS_ X`^TNx ^TYNP _SPd L]P YZ_ TX[]ZaT^PO

#

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

bZ]VTYR Q]ZX ST^ Z] SP] [P]^ZYLW PXZ_TZYLW wNZWZ]x ?ST^ T^ ^TYRTYR _SL_ T^ _Z_LWWd TY_P]YLWTePO z [`]P Pc[]P^^TZY ZQ QPPWTYR ?SP X`^TNLW QZ]X QZWWZb^ TY L XZOP _SL_ T^ XZ]P [L^^TaP _SLY LN_TaP BSL_ T^ NZX[WP_PWd XT^^TYR Q]ZX 4YOTLY OPaZ_TZYLW ^TYRTYR T^ ^Z`YO PQQPN_^ ]PWL_TYR _Z _SP [Sd^TNLW bZ]WO ?SP X`^TN T^ \`T_P OPQTYT_PWd YZ_ _]dTYR _Z ]P[]P^PY_ LYd_STYR 1Z] TY^_LYNP TQ _SP _Pc_ ^Ld^ _SL_ AT´©` T^ WTVP L QT^S TY _SP []TXPaLW ZNPLY _SP X`^TNTLY^ OZ YZ_ ^TYR Z] [WLd bLaPWTVP QTR`]P^ _Z N]PL_P L [TN_`]P ZQ LY ZNPLY >Z TY _SP X`^TN _ZZ _SP XZOP^ ZQ ]P[]P ^PY_L_TZY L]P YZ_ OP]TaPO Q]ZX _SP aT^`LW LYO _SP OT^N`]^TaP ?SP `YOP] WdTYR XZZO T^ bSL_ T^ OPNT^TaP% _SP ^TYRP] bT^SP^ _Z _LVP T_ `[ _Z _]LY^ [Z]_ T_ LYO OPaPWZ[ T_^ QZ]X ?SP LM^Z][_TZY M]Z`RS_ LMZ`_ Md _ST^ VTYO ZQ PWT_P ^TYRTYR ^_dWP T^ YZ_ L wXLRTN LYO Z]RTL^_TN PN^_L^dx bSTNS T^ XZ]P NZYR]`PY_ bT_S _SP 8LST´£^`]LXL]OTYÅ>_Z_]L  M`_ ]L_SP] LY wL[L_STN PN^_L^dx L^ 8Lc BP MP] bZ`WO [`_ T_ z LY PN^_L^d _SL_ T^ NZX[WP_PWd TY_P]YLWTePO LYO NZY _PX[WL_TaP -Z_S SdXY^ TQ ^`YR XLd MP NLWWPO LNZ`^_TN OPaZ_TZY M`_ _SPd L]P NZX[WPc NZXX`YTNL_TZY ^d^_PX^ _SL_ OTQQP] TY _P]X^ ZQ NZY _PY_ LNZ`^_TN^ ^dXMZWT^X LYO N`W_`]LW XTWTP` ?ST^ T^ YZ_ _Z ^Ld _SL_ >X_ APOLaLWWT bZ`WO YPaP] ^TYR _SP 8LST´£^`]LXL]OTYÅ>_Z_]L -`_ _ST^ >_Z_]L z U`^_ Md aT]_`P ZQ T_^ wWLYR`LRP X`^TNx z RPYP]L_P^ L NZWWPN_TaPWd ^SL]PO TXLRP ZQ PYP]RP_TN [ZbP] bSTWP _SP >L`YOL]dL7LSL]Å _L[^ Z_SP] ^Z`]NP^ ZQ ]PWTRTZ`^ QPPWTYR^ LYO T^ WL]RPWd ]P^P]aPO QZ] PWT_P N`W_`]P ?ST^ PWT_P QPL_`]P T^ SPL]O TP LNZ`^_TNLWWd _]LY^XT__PO

$

?SP /T^L[[PL]LYNP ZQ 7LYR`LRP TY 8`^TN

1Z] _SP R]PL_ MSLV_T XZaPXPY_^ bSTNS MPNLXP aP]d ^_]ZYR TY 4YOTL Q]ZX LMZ`_ _SP PTRS_S NPY_`]d ,/ X`^TNLW []P^PY_L_TZY T^ LN_`LWWd _SP YZ]X 4YYZaL_TaP ]PWTRTZ`^ WT_P]L_`]P^ L]Z^P ZaP] _SP WL^_ _SZ`^LYO dPL]^ LMZaP LWW TY _SP MSLV_T LYO _SP YZ]XLW QZ]X ZQ L MSLV_T _Pc_ T^ L ^ZYR ?SP XZaPXPY_ ^PPX^ _Z SLaP ^_L]_PO TY ?LXTW 9LO` TY >Z`_SP]Y 4YOTL bT_S _SP T_TYP]LY_ ^TYRP]^ ZQ _SP AT´©`T_TN ¢~a£]^ LYO _SP ±TaLT_TN 9£dLºX£]^ bSZ _Z`]PO Q]ZX _PX[WP _Z _PX[WP _Z ZQQP] _SPT] OPaZ_TZYLW ^ZYR^ _Z _SP OPT_TP^ 4Y LOOT_TZY _Z _SP `Y`^`LW aP]YLN`WL] ZQ _SP^P ^ZYR^ T_ bL^ []TYNT[LWWd _SP aP]d [P]^ZYLW WTYV MP_bPPY _SP^P ^TYRP]^ LYO _SPT] OPT_d bSTNS bL^ YPb LYO bPY_ ZY _Z MPNZXP ^Z [Z[`WL] LN]Z^^ 4YOTL _SL_ bP QTYO MSLV_T [ZP_]d LYO ^ZYR^ TY _SP XZ^_ aL]TPO ]PRTZYLW WLY R`LRP^ ,W_SZ`RS _SPd OPaPWZ[PO Z`_ ZQ ZYP TYOTRPYZ`^ TX[`W^P T_ bL^ []ZMLMWd YZ_ WPL^_ _SP [ZWT_TNLW ^T_`L_TZY TY _SP QZWWZbTYR NPY_`]TP^ _SL_ NZY_]TM`_PO _Z _SP _Z_LW ^`NNP^^ ZQ _ST^ aP]YLN`WL] WT_P]L_`]P 8Z^_ ZQ LWW TY 9Z]_SP]Y 4YOTL `YOP] 8`^WTX ]`WP L NP]PXZYTLW _PX[WP ]PWTRTZY OTO YZ_ SLaP ^`NS LY PL^d _TXP ZQ T_ ?SP TNZYZNWL^_TN ]LRTYR ZQ NSL]LN_P]^

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

#

^`NS L^ 8LSX`O ZQ 2SLeYT LYO ,`]LYRePM ^[PNTQTNLWWd NL`^PO LY TY_P] YLWTeL_TZY ZQ _SP ]PWTRTZY 3P]P TY_P]YLWTeL_TZY OZP^ YZ_ YPNP^^L]TWd XPLY YZ_ SLaTYR ]T_P^ M`_ L [P]^ZYLWTeL_TZY LYO ^TX[WTQTNL_TZY ZQ _SP XL_P]TLW L^[PN_^ ZQ ]PWTRTZY 4Y^_PLO ZQ LY PWLMZ]L_P LXMTPYNP NZY^T^_TYR ZQ ^LN]PO L]NST_PN_`]P LYO ]PWTRTZ`^ ^_L_`P^ R]Z`[ ^TYRTYR LYO _SP []Ld TYR ZQ YLXP^ _ZZV ZY XLUZ] ^TRYTQTNLYNP L^ XPLY^ ZQ N]PL_TYR ^LN]PO L_XZ^[SP]P^ , _PX[WP NLY MP WZZ_PO LYO ^_L_`P^ NLY MP ^XL^SPO M`_ L ^ZYR Z] L YLXP NLYYZ_ 9Z_ ZYWd OZ _SP NZWWPN_TaP -SLULY ^ZYR^ PY SLYNP ^ZNTLW TY_PR]L_TZY LYO TOPY_T_d M`_ _SPd L]P LW^Z TYOP[PYOPY_ ZQ _TXP LYO ^[LNP L]P PL^TWd _]LY^[Z]_PO LYO L]P NSPL[ TY NZY_]L^_ _Z SPLad ^_L_`P^ XLOP ZQ ^_ZYP Z] XP_LW ?ST^ XLVP^ _SPX `^PQ`W YZ_ ZYWd TY _TXP^ ZQ [P]^PN`_TZY M`_ LW^Z TY _SP OTL^[Z]L 1Z] PcLX[WP _ZOLd [PZ[WP RP_ _ZRP_SP] YZ_ ZYWd TY _SP >L«VL¶8ZNLY _PX[WP TY -LYL]P^ PaP]d 1]TOLd PaPYTYR _Z ^TYR -SLULY^ bT_S L X`^TNLW LNNZX[LYTXPY_ _Z _SPT] RZO =£XL M`_ ^Z OZ -SLULY R]Z`[^ TY 8LO]L^ LYO >_ZNVSZWX ./ # ,YO PaPY 3TYO` ?LXTW OTL^[Z]L _PX[WP^ SLaP TY_]ZO`NPO R]Z`[ ^TYRTYR ZQ_PY WPO Md WLd [PZ[WP =T_P^ ZQ _ST^ _d[P OZ YZ_ YPPO L []TP^_ z L_ _SP XZ^_ _SPd YPPO L wNLY_Z]x -`_ TY _P]X^ ZQ ]PWTRTZ`^ XP]T_ _SPd L]P ^PPY L^ []Z[P] ]T_`LW^ ?SP^P -SLULY ]T_P^ L]P Q]P\`PY_Wd [P]QZ]XPO ^[ZY_LYPZ`^Wd LYO _SP R]Z`[^ ZQ_PY Z]RLYTeP _SPX^PWaP^ ^TYNP PaPY _bZ Z] _S]PP [PZ[WP bT_S _SP ^LXP QLaZ]T_P OPT_d QZ]X L [Z_PY_TLW -SL ULY R]Z`[ 1`]_SP]XZ]P -SLULY ]T_P^ L]P Pc_]PXPWd X`W_TQ`YN_TZYLW ?SPd L]P []LT^P _Z RZO NZY_PX[WL_TZY PY_P]_LTYXPY_ LYO ^ZXP_TXP^ PaPY wL^NP_TNT^Xx z YLXPWd bSPY _SP [L]_TNT[LY_^ []ZXT^P _Z []LT^P _SP RZO Md ^TYRTYR _SP bSZWP YTRS_ _S]Z`RS ,[L]_ Q]ZX _SP []PQP]PYNP QZ] _SP XPOT`X ZQ X`^TN _SP]P T^ LYZ_SP] YPb OPaPWZ[XPY_ TY _SP MSLV_T WT_P]L_`]P ,Y TYOTaTO`LWTeL_TZY LYO [P] ^ZYLWTeL_TZY ZQ _SP WT_P]L_`]P MPNZXP^ _LYRTMWP ?SP [ZP_^ RPYP]LWWd RTaP _SPT] YLXP^ TY _SP WL^_ aP]^P ZQ _SPT] ^ZYR^ ?ST^ NZYaPY_TZY LXZYR^_ _SP ^ZYRb]T_P]^ TYNW`OTYR YZY]PWTRTZ`^ ZYP^ NP]_LTYWd LW^Z SLO _SP Q`YN_TZY ZQ L NZ[d]TRS_ ?ST^ T^ bZ]_Sd ZQ NZXXPY_ MPNL`^P ZQ _SP NZY _]L^_ bT_S _SP R]PL_ ]PWTRTZ`^ >LY^V]T_ bZ]V^ ZQ WT_P]L_`]P ^`NS L^ _SP APOL^ P[TN^ LYO ;`]£©L^ bSTNS L]P LWW LYZYdXZ`^ ,Y L`_SZ] TY LY _T\`T_d PR L ;`]£©TN [ZP_ bZ`WO SLaP NZY^TOP]PO ST^ PL]_SWd ^PWQ _Z MP X`NS _ZZ TY^TRYTQTNLY_ _Z MP XPY_TZYPO TY ^ZXP_STYR WTVP L SdXY _Z ±TaL 4Y ST^ YPc_ WTQP SP bTWW MP L NZX[WP_PWd OTQQP]PY_ MPTYR M`_ ±TaL T^ R]PL_P] PaPY _SLY XTWWPYYTL ZQ bZ]WO NdNWP^ 3P]P bP QTYO _SL_ _SP MSLV_T ^LTY_^ XLVP L ]LOTNLW M]PLV ?SPd YPaP] ^[PLV LMZ`_ _SPT] bZ]WOWd PRZ M`_ _SPT] ZbY WTaP^ L]P OPQTYT_PWd TX[Z]_LY_ bSPY _SP [ZTY_ T^ _SPT] ]PWL_TZY^ST[ _Z _SP OPT_d LYO _SP ]ZWP _SL_ T_ [WLd^ TY _SPT] [P] ^ZYLW WTaP^ ?SPT] NWZ^P ]PWL_TZY^ST[ _Z _SP OPT_d LWWZb^ _SPX _Z [L]_TNT [L_P TY T_ :YP NLY ^PP _SP TYQW`PYNP ZQ _SP R]ZbTYR TX[Z]_LYNP ZQ 2` ]`^ , S`XLY [P]^ZY NLY LW^Z _]LY^[Z]_ _SP L`]L ZQ _SP OPT_d []ZaTOPO

#!

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

_SL_ _ST^ [P]^ZY SL^ L NWZ^P ]PWL_TZY^ST[ _Z T_ ?SP ]PWTRTZ`^ bZ]WO ZQ _SP WL^_ XTWWPYYT`X TY 4YOTL SL^ MPPY XLTYWd TYQW`PYNPO Md ST^_Z]TNLW [P] ^ZYLWT_TP^ ^`NS L^ >LXMLYOSL] 7LWWL /dPO 6LMÅ] 8Å]£M£Å LYO ?`W ^¯O£^ bSZ []TXL]TWd PcP]_PO _SPT] TYQW`PYNP _S]Z`RS _SP WT_P]L_`]P ZQ _SPT] ^ZYR^ LYO bP]P Q`]_SP] [Z[`WL]TePO TY SLRTZR]L[STP^ 0aPY TQ >LY^V]T_ 3TYO`T^X SL^ WZ^_ X`NS ZQ T_^ ^TRYTQTNLYNP _ZOLd _SP ST^_Z]d ZQ ]PWTRTZY NZY_TY`P^ L^ bP NLY ^PP Q]ZX XZOP]Y R`]`^ 2`]` []LN_TNP T^ LY TY^_T_`_TZY _SL_ NLYYZ_ ]PLWWd MP _]LNPO MLNV _Z _SP WLYR`LRP PWT_P ZQ _SP APOL_]LTYPO -]LSXTY^ LYO -]LSXLYTePO 3TYO` T^X , R`]` OZP^ YZ_ YPNP^^L]TWd SLaP _Z SLaP RZZO VYZbWPORP ZQ >LY ^V]T_ 3P OZP^ YZ_ PaPY SLaP _Z MP P^[PNTLWWd PWZ\`PY_ TY _SP aP]YLN`WL] 7LYR`LRP NZX[P_PYNP T^ YZ_ _SP []TXL]d \`LWTQTNL_TZY Md LYd XPLY^ BSL_ NZ`Y_^ T^ NSL]T^XL LYO _SP bLd _SL_ WT^_PYP]^ QPPW PXZ_TZYLWWd LQQPN_PO Md _SP [P]^ZYLWT_d ZQ _SP R`]` .ZY_LN_ bT_S _SP R`]` T^ STRSWd [L]_TNT[L_Z]d ?SP R`]`v^ QZWWZbP]^ ^PPV TY STX L _LYRTMWP RZO ^Z _Z ^[PLV :Q_PY _SP NZY_LN_ OZP^ YZ_ TYaZWaP WLYR`LRP _LVTYR [WLNP ZYWd TY _SP QZ]X ZQ _Z`NSTYR z M`_ ]L]PWd bT_SZ`_ X`^TN ?SP NZY_PX[Z]L]d R`]` >]T 2LYL[L_T >LNSNSTOLYLYOL >bLXTUT bSZ _]LaPW^ _SP bZ]WO aT^T_TYR _SP 3TYO` OTL^[Z]L TYNW`OTYR [PZ[WP TY _SP BP^_ LYO _SP .L]TMMPLY ^[PLV^ _Z [PZ[WP LMZaP LWW bT_S L R]PL_ OPLW ZQ bL]X_S LYO ^dX[L_Sd 3P NZXX`YTNL_P^ _Z L R]PL_ Pc_PY_ aTL ST^ ZbY -SLULY NZX[Z^T_TZY^ TY >LY^V]T_ ./ $ LYO ?PW`R` LYO aTL _SP ¢W£[ TX[]ZaT^L_TZY^ ZY ST^ ^dY_SP^TeP] _Z bSTNS SPLWTYR [ZbP] T^ L^ N]TMPO 3P OP^N]TMP^ ST^ w^[T]T_`LW X`^TN NZYNP]_^x z LYO LMZaP LWW _SP [`]PWd TY^_]`XPY_LW X`^TN ZQ ST^ ^dY_SP^TeP] z L^ wXPWZOTNLW XPOTNTYPx Y£OLNTVT_^£  # 3P OZP^ YZ_ NWLTX _Z MP ]P^[ZY^TMWP QZ] SPLWTYR M`_ ^PP^ STX^PWQ ZYWd L^ L _d[P ZQ _]LY^XT__P] MP_bPPY ST^ L`OTPYNP LYO wRZO _SP ^`[]PXP ]PLWT_dx 3P TY^T^_^ _SL_ ZYP ^SZ`WO WT^_PY bT_S _SP wSPL]_x LYO wYZ_ bT_S _SP TY_PWWPN_x LYO [ZTY_^ Z`_ _SL_ SP T^ YZ_ L _]LTYPO X`^TNTLY 3T^ LTX T^ _Z wL__`YP XLY _Z 2ZO _S]Z`RS MPWTPQ LYO X`^TNx LYO _Z N]PL_P L NZXX`YLW Pc[P]TPYNP TY bSTNS _SP [PZ[WPv^ wMZOdNZY^NTZ`^YP^^ aLYT^SP^ R]LO`LWWd LYO bT_S _SL_ LQQWTN_TZY NPL^P^ _Z MP Pc[P]TPYNPOx # 0aPY XZ]P ^_]TVTYR T^ _SP OPNTOPOWd YZYTY_PWWPN_`LW L[[]ZLNS TY _SP NL^P ZQ 8£_£ ¢XŽ_£YLYOLXLdÅ NLWWPO w,XX£x wXZ_SP]x Md SP] OPaZ _PP^ bSZ T^ WTVPbT^P aP]d [Z[`WL] TY _SP BP^_ >SP NZXP^ Q]ZX L QT^S TYR aTWWLRP TY 6P]LWL LYO L[[PL]^ L_ TY_P]YL_TZYLW PaPY_^ ^`NS L^ _SP BZ]WO ;L]WTLXPY_ ZQ =PWTRTZY^ LYO _SP @9 >SP NZXX`YTNL_P^ bT_S SP] QZWWZbP]^ LYO LOXT]P]^ []TYNT[LWWd Md PXM]LNTYR _SPX 4Y SP] NL^P -SL ULY^ L]P ^`YR TY []P[L]L_TZY QZ] SP] L]]TaLW LYO N]PL_P _SP ^[PNTLW L_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # bbbOL__L[PP_SLXNZXTYOTLX`^TNX`^TNS_XW LNNP^^PO 8Ld    # 4MTO

/TaTYP ,_XZ^[SP]P^% ?Pc_ LYO 8`^TN TY _SP /PaZ_TZYLW ?]LOT_TZY^

#"

XZ^[SP]P QZ] _SP LN_`LW [L]_TNT[L_Z]d LN_ 9`XP]Z`^ NL^P^ ZQ SPLWTYR L]P LW^Z L__]TM`_PO _Z MZOTWd NZY_LN_ bT_S w,XX£x ,^ L 0`]Z[PLY ZYP SL^ OTQQTN`W_d TY TXLRTYR bSL_ L ^`MaP]^TaP LN_ _ST^ TY_TXL_P [Sd^TNLW NZY_LN_ NZY^_T_`_P^ TY _SP 3TYO` ^d^_PX ZQ aLW`P^ [P]aLOPO L^ T_ T^ Md YZ_TZY^ ZQ [`]T_d LYO TX[`]T_d% TY _SP STP]L]NSd ZQ _SP ^PY^P^ _Z`NSTYR bL^ LYO ^_TWW T^ aP]d LXMTaLWPY_ ^TYNP MZOTWd NZY_LN_ MP_bPPY [PZ[WP ZQ OTQQP]PY_ ^ZNTLW ^_LYOTYR T^ _]LOT_TZYLWWd TYNZYNPTaLMWP LYO PaPY MP _bPPY S`^MLYO LYO bTQP [Sd^TNLW NZY_LN_ ^SZ`WO MP LaZTOPO TY [`MWTN ,XX£v^ PXM]LNP^ L]P LY Pc_]PXPWd `Y-]LSXLYTN LN_ 9Z_ WPL^_ ZbTYR _Z _SP NZY_LN_ bT_S _SP BP^_ ^`NS aLW`P^ L]P NSLYRTYR TY 4YOTL _ZOLd LYO ^ZXP_TXP^ _ST^ ^PPX^ _Z MP LNNZX[LYTPO Md L NSLYRP TY _SP STP]L] NSd ZQ _SP ^PY^P^ 4Y MZ_S ZQ _SP^P NL^P^ ZQ XZOP]Y 3TYO` ]PWTRTZ^T_d TY_PR]L_TaP ]T_P^ L]P Q`WWd ]P[WLNPO Md PXZ_TZYLW ]PWTRTZ^T_d ^PY^Z]d ]PNP[_TZY LYO X` ^TN ?SP MZOd LYO _SP ^PY^P^ YZ_ NZRYT_TZY LYO _SZ`RS_ L]P _SP XPOTL ZQ [L]_TNT[L_TZY 1Z] MZ_S ZQ _SP^P 2`]`^ _SP _TP OZP^ YZ_ NZXP LMZ`_ _S]Z`RS _SP ^LN]PO _Pc_^ ZQ 3TYO`T^X LYO LN_`LWWd YZ_ PaPY aTL WLY R`LRP LYd WZYRP] :bTYR _Z _SPT] PXZ_TZYLW L[[PLW LYO _SP WLNV ZQ WLY R`LRP ML]]TP]^ _SP^P L]P _bZ ZQ _SP 2`]`^ bT_S _SP R]PL_P^_ QZWWZbTYR LXZYR BP^_P]YP]^ ?SP PXM]LNP^ ZQ ,XX£ L]P \`T_P ^TX[WP _]LY^N`W _`]LWWd aLWTO S`XLY LN_^ w0XM]LNTYR _SP bZ]WOx T^ ZYP XZ__Z ZQ SP] L^S]LX 8L_L ,X]T_LYLYOLXLdT 8L_S TY ,X]T_L[`]T 6P]LWL 5`^_ WTVP ,XX£ 2LYL[L_T >bLXT bSZ _]LaPW^ _Z QL]ZQQ NZ`Y_]TP^ NLY LW^Z L_ _]LN_ [PZ[WP bSZ OZ YZ_ ^[PLV LYd WLYR`LRP _SL_ SP ^[PLV^ -`_ ^_TWW SP NLY NZXX`YTNL_P bT_S _SPX -L^PO ZY _ST^ SP TY_P][]P_^ X`^TN L^ L [ZbP] _SL_ TY LYd N`W_`]P wSL^ L [WPL^TYR L[[PLW _Z MZ_S S`XLY^ LYO LYTXLW^x >Z wm _]LY^R]P^^TYR XLYXLOP Q]ZY_TP]^ 8`^TN ^PYO^ _SP XP^^LRP ZQ SL]XZYd [PLNP LYO M]Z_SP]SZZOx # TY _ZOLdv^ bZ]WO Q`WW ZQ NZYQWTN_^ LYO _PY^TZY^ 0aPY L aP]d N`W_`]LWWd ^[PNTQTN TOPL ^`NS L^ _SP A£ROSPY` wWLYR`LRP NZbx bSTNS bSPY _]LY^WL_PO TY L YZY4YOTLY NZY_Pc_ ^_TWW ]P\`T]P^ L S`RP LXZ`Y_ ZQ Pc[WLYL_TZY NLY TY _SP QZ]X ZQ _SP -SLULY w :X YLXZ M]LSXLYP x ./ $ QTWW BP^_P]Y WT^_PYP]^ bT_S ^`NS PY_S`^TL^X ZbTYR _Z _SP []P__d XPWZOd _SL_ _SPd PaPY UZTY TY _SP ]PQ]LTY% MS£aL^LÀMZOSTV£ MS£]L_Å _P ^L_Å ^L]aLMS£a£_TR£ MS£^aL_Å d£ ^aLdLX g V£XLOSPY`² NL d£ UÅaTY£À MS£aTY£X d£ _aLd£ ^LÀRL_£ ^LNNTO£YLYOL_£ gg =PQ]LTY% :X YLXZ M]£SXL©P m w>L]L^aL_¯ DZ`] WZdLW bTQP bSZ XLVP^ LWW _STYR^ TY _SP bZ]WO ]PNZRYTe LMWP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4MTO

##

;P]QZ]XLYNP LYO >PY^`LWT_d% ?SP >Z`YO @YTaP]^P^ ZQ ?LY_]L LYO /PaZ_TZYLWT^X

?SP ZYP bSZ ^STYP^ bT_S SP] ZbY WTRS_ ZaP] LWW _STYR^ ?SP bT^SR]LY_TYR NZb ZQ LWW WTaTYR LYO [P]NPTaTYR MPTYR^ BSZ T^ bT_S DZ` L^ 0cT^_PYNP .ZY^NTZ`^YP^^ LYO -WT^^x

!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

>ZXP ZQ _SP _]LOT_TZY^ ZQ >LY^V]T_ 3TYO`T^X bSTNS bP SLaP []P^PY_PO LW]PLOd MPWZYR _Z _SP [L^_ M`_ _SP ST^_Z]d ZQ ]PWTRTZY OZP^ YZ_ PYO _SP]P L^ _SP WL^_ ^PN_TZY SL^ ^SZbY 4_ XLd MP _]`P _SL_ TY XLYd L]PL^ ZQ WTQP LYO _SZ`RS_ 4YOTLY^ SLaP MPNZXP wBP^_P]YP]^x ^TYNP T_ T^ XL_P]TLW T^_TN BP^_P]Y N`W_`]P _SL_ SL^ TYN]PL^TYRWd ^`]]Z`YOPO _SPX QZ] _SP WL^_  dPL]^ -`_ NZ`WO ZYP YZ_ L^V z bT_S P\`LW U`^_TQTNL_TZY z TY bSTNS L^[PN_^ ZQ WTQP LYO _SZ`RS_ 0`]Z[PLY^ LYO ,XP]TNLY^ SLaP YZb MPNZXP w3TYO`^x* ?ST^ \`P^_TZY T^ ]PWPaLY_ ^ZWPWd TY aTPb ZQ _SP QLN_`LW [Z^^T MTWT_d ZQ LY LW_P]YL_TaP LYTXLW []Z_PN_TZY LN_TaT^_ bSZ OZP^ ST^ DZRL PcP]NT^P^ PaP]d XZ]YTYR LYO _SPY NZY^`XP^ L aPRP_L]TLY M]PLVQL^_ MPQZ]P RZTYR _Z _LVP [L]_ TY _SP YPc_ YZYaTZWPY_ ^T_TY Z] ZQ L dZ`YR MLYVP] bSZ ]`^SP^ _Z _SP YPc_ PaLW`L_TZY XPP_TYR bSTWP ^`NNP^^Q`WWd ^`[[]P^^TYR _SP MPLO^ ZQ ^bPL_ ZY ST^ M]Zb `^TYR _SP [Z[`WL] ?8 TOPL _SL_ ST^ ^Z`W T^ L aL^_ QWZbTYR ZNPLY L^ SP WPL]YPO ZY _SP WL_P^_ XLYLR P]^v _]LTYTYR NZ`]^P :MaTZ`^Wd N`W_`]LW MZ`YOL]TP^ SLaP MPNZXP ^Z QW`TO _SL_ NZYNP[_^ NLY ^_]PLX `YTX[POPO Q]ZX ZYP N`W_`]P _Z LYZ_SP] z bSP]P T_ ^PPX^ _SPd ^ZXP_TXP^ PaPY ^ZWaP []ZMWPX^ bT_STY _SP YPb SZ^_ N`W_`]P 4Y WTRS_ ZQ _ST^ TOPL ZYP NLY `YOP]^_LYO _SP SZWT^_TN bZ]WO TY_P][]P _L_TZY _SL_ _SP ULee ST^_Z]TLY LYO ]PNZ]O []ZO`NP] 5ZLNSTX0]Y^_ -P]PYO_ [Z[`WL]TePO TY ST^ MP^_^PWWP] ?SP BZ]WO 4^ >Z`YO% 9LOL -]LSXL $# 0YRW $#"  3P _ZZV `[ _SP 4YOTLY w9£OL-]LSXLYx NZYNP[_ w>Z`YO -]LSXLYx LYO OPNWL]PO T_ _Z MP L VPd _Z L w9Pb .ZY^NTZ`^YP^^x L w[L]LOTRX ^STQ_x Z] w9Pb ,RPx L_ _SP ^LXP _TXP ]PQP]]TYR _Z XLYd LYNTPY_ Xd_S^ ZQ LYNTPY_ [PZ[WP^% w8LYd ZQ _SP bZ]WOv^ N`W_`]P^ SLaP [L^^PO OZbY ^LRL^ LYO Xd_S^ WPRPYO^ LYO _LWP^ TY bSTNS _SP bZ]WO SL^ T_^ Z]TRTY TY ^Z`YOx 

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 



5ZLNSTX0]Y^_ -P]PYO_ 9LOL -]LSXL% /TP BPW_ T^_ 6WLYR 1]LYVQ`]_% 4Y^PW $# ]PaT^PO 0YRWT^S POT_TZY ?SP BZ]WO T^ >Z`YO% 8`^TN LYO _SP 7LYO^NL[P ZQ .ZY^NTZ`^ YP^^ =ZNSP^_P]% /P^_TYd -ZZV^ $#" $$ ?ST^ [Z[`WL] MZZV T^ ML^PO ZY L ^P]TP^ ZQ ]LOTZ []ZR]LX^ LYO _SP 0YRWT^S POT_TZY NZY_LTY^ L QZ]PbZ]O Md 1]T_UZQ .L[]L -P] PYO_ ^_L_P^ _SL_ ST^ MZZV bL^ LY TYN]POTMWP ^`NNP^^ SP NZ`WO YPaP] SLaP O]PLX_ ZQ P^ [PNTLWWd ST^ NSL[_P] ZY SPL]TYR w?PX[WP TY _SP 0L]x -P]PYO_ ?SP BZ]WO T^ >Z`YO "

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

-P]PYO_ OT^NZaP]PO TY _SP 9£OL-]LSXLY L VPd _Z L YPb XP_L[Sd^TN^ ZQ X`^TN ^Z [ZbP]Q`W _SL_ T_ SLO _SP NL[LNT_d _Z NSLYRP _SP bSZWP bZ]WO BSL_ T^ 9£OL-]LSXLY* BSL_ OZP^ T_ XPLY _Z -P]PYO_ LYO bSL_ OZP^ T_ XPLY TY _SP 4YOTLY NZY_Pc_* ?SP^P \`P^_TZY^ Md YZ XPLY^ WPLO ^ZWPWd TY_Z _SP bZ]WO ZQ XZOP]Y P^Z_P]TNT^X bT_S bSTNS 9£OL-]LSXLY T^ L^^ZNTL_PO _ZOLd M`_ TY_Z _SP bZ]WO ZQ 4YOTLY XZOLW X`^TN _SL_ LW^Z ]PLNSPO _SP BP^_ TY _SP $!^ ;Z^^TMWd 9£OL-]LSXLY ZYWd TYQTW_]L_PO 4YOTLY OPaZ_TZYLW WT_P]L_`]P LYO _SP [Z[`WL] ?LY_]L L^ WL_P L^ _ST^ _TXP 4_ L[[PL]^ _SL_ ,]_S`] ,aLWZY bSZ [TZYPP]PO ?LY_]L ]P^PL]NS TY _SP PL]Wd _bPY_TP_S NPY_`]d bL^ YZ_ QLXTWTL] bT_S _ST^ _P]X :YP XLd ^`[[Z^P _SL_ SP bZ`WO SLaP OT^N`^^PO T_ MPNL`^P _ZOLd 9£OL-]LSXLY T^ ^_]ZYRWd L^^ZNTL_PO bT_S wTYYP] ^Z`YO^x LYO NP]_LTY XPOT_L_TZY _PNSYT\`P^ wDZRL ZQ ^Z`YOx DP_ T_^ Z]TRTYLW ^PL_ TY WTQP T^ X`^TN LYO _SP X`^TNZWZRTNLW OT^N`^^TZY^ TY _SP 4YOTLY 8TOOWP ,RP^ L _]LOT_TZY bSTNS -P]PYO_v^ 4YOTLY X`^TNTLY^ QZW WZbPO ?SP ]ZWP ZQ 4YOTLY X`^TN bT_STY _SP ST^_Z]d ZQ X`^TN LYO NZY_PX[Z ]L]d BP^_P]Y ]PWTRTZ`^ ST^_Z]d LYO XZ]P RPYP]LW _SP^P^ NZYNP]YTYR 4YOTLv^ ^SL]P TY _SP XZOP]Y ^[T]T_`LWT_d ZQ 0`]Z[P LYO ,XP]TNL []ZaTOP _SP Q]LXPbZ]V QZ] _ST^ NWZ^TYR NSL[_P] ZQ Z`] MZZV ?SP XTOOWP [L]_ NZY_LTY^ L ST^_Z]TNLW PcLXTYL_TZY ZQ _SP _P]X 9£OL-]LSXLY LYO _SP \`P^_TZY ZQ _SP ^PY^Z]d LP^_SP_TN LYO NZRYT_TaP \`LWT_TP^ _SL_ XLOP 4Y OTLY X`^TN TY_Z L ]P[]P^PY_L_TZY ZQ NZ^XTN bSZWPYP^^ ZQ -]LSXLY T_ ^PWQ LYO TY_Z L N]Z^^N`W_`]LW L__]LN_Z] -PQZ]P MPRTYYTYR _SP _Z[TN ZQ 9£OL-]LSXLY T_ ^PPX^ SPW[Q`W _Z TYNW`OP ^ZXP []PWTXTYL]d ]PXL]V^

!

, 7T__WP =P^PL]NSPO >dXMZWTN 1Z]X LYO T_^ ?]LY^]PWTRTZ`^ 4X[LN_

4Y PcLXTYTYR _SP 9£OL-]LSXLY bP L]P PY_P]TYR _SP QTPWO ZQ L WT__WP ]P^PL]NSPO ^dXMZWTN QZ]X _SL_ SLO _]LY^]PWTRTZ`^ TX[LN_ ?SP XZ^_ TY_P]P^_TYR L^[PN_ QZ] `^ LYO _SP ]PL^ZY QZ] RTaTYR _SP 9£OL-]LSXLY ^Z X`NS L__PY_TZY T^ _SL_ T_ LOO]P^^P^ ZYP ZQ Z`] XLUZ] \`P^_TZY^ z YLXPWd bSL_ VTYO ZQ bZ]WOaTPb T^ N]PL_PO TQ _SP ML^T^ ZQ Pc[P]TPYNP T^ ^ZYLW* ,Y P^[PNTLWWd RZZO PcLX[WP T^ _SP 9£OL-]LSXLY L^ QZ]X`WL_PO Md _SP X`^TNZWZRT^_ ±£]«RLOPaL TY _SP _S NPY_`]d 4Y ±£]«RLOPaLv^ `YOP] ^_LYOTYR ZQ 9£OL-]LSXLY XZ^_ ZQ _SP TOPL^ LMZ`_ WLYR`LRP LYO ^Z`YO PX[SL^TePO TY _ST^ MZZV NZXP _ZRP_SP] LYO QZ]X L YPb [L]LOTRX YLXPWd _SL_ _SP bSZWP bZ]WO T^ ML^PO ZY ^Z`YO ?SP OT^L[[PL]LYNP ZQ WLYR`LRP TY_Z X`^TN L^ T^ ^Z _d[TNLW ZQ MSLV_T [TP_d ZNN`]^ TY _SP 9£OL-]LSXLY NZYNP[_TZY TY ]PQWPN_TZY 4Y _SP bZ]WO ZQ _SP X`^TNTLY^ WLYR`LRP MPNZXP^ L ^`MQZ]X ZQ Pc[]P^^TaP ^Z`YO LYO -]LSXLY L`OTMWP

, 7T__WP =P^PL]NSPO >dXMZWTN 1Z]X LYO T_^ ?]LY^]PWTRTZ`^ 4X[LN_

#

TY X`^TN ±£]«RLOPaL ^SZb^ SZb _SP _]LY^WL_TZY ZQ WLYR`LRP TY_Z X`^TN NLY MP Pc[WLTYPO ]L_TZYLWWd 3P OP]TaP^ TOPL^ Q]ZX _SP ±LTaL ?LY_]L LYO XLYd Z_SP] ^Z`]NP^ ?ZOLd _SP ]LOT`^ ZQ _SP 9£OL-]LSXLY Pc_PYO^ bLd MPdZYO _SP bZ]WO ZQ NWL^^TNLW 4YOTLY X`^TNTLY^ SLaTYR ]PLNSPO [Z[`WL] ?LY_]TN LYO OPaZ_TZYLW NT]NWP^ LYO PaPY LW_P]YL_TaP XZaPXPY_^ TY 0`]Z[P L []ZNP^^ R]PL_Wd PYNZ`]LRPO Md _SP ULee ST^_Z]TLY 5ZLNSTX -P]PYO_ LXZYR Z_SP]^ >Z T_ T^ YZ_ Md NSLYNP _SL_ _SP 9£OL-]LSXLY NWZ^P^ Z`] w^ZYTN ST^ _Z]dx 1T]^_ T_ T^ LY PcNPWWPY_ _Z[Z^ QZ] O]LbTYR _ZRP_SP] _SP w_S]PLO^x Q]ZX _SP []PaTZ`^ NSL[_P]^ ?ST^ NZYNP[_ ZQ L `YTaP]^LWWd [P]aLOTYR w[]TXZ]OTLWx ^Z`YO LYO T_^ [Sd^TNLW ]PLWTeL_TZY TY NWL^^TNLW 4YOTLY X`^TN Q`^P^ LWW _SP ^TRYTQTNLY_ WLYR`LRP LYO ^Z`YO OT^NZ`]^P^ bSTW^_ _SPd LN \`T]P L YPb NZ][Z]PLWT_d LYO ^PXTZ_TNTeL_TZY 4Y _SP TYOTRPYZ`^ NZY_Pc_ _SP 9£OL-]LSXLY T^ _SP WL^_ R]PL_ _]LY^QZ]XL_TZY ZQ _SP -]LSXLY NZY NP[_ LYO T_^ w]PTYaPY_TZYx 4_ XZOP]YTeP^ ^PaP]LW 4YOTLY w`YTaP]^LW Xd_S^x _SL_ L]P NZXMTYPO TY L ^TYRWP `YTaP]^LW XP_L[SZ] ?SP]PQZ]P _SP ]PLOP] XPP_^ XLYd wZWO Q]TPYO^x TY L YPb R`T^P QZ] TY^_LYNP% _SP APOTN RZOOP^^ AZTNP ,OaLT_TN XZYT^X -SL]_šSL]Tv^ XP_L[Sd^TN^ ZQ WLYR`LRP DZRTN LYO ?LY_]TN Pc[P]TPY_TLW bZ]WO^ LYO _SP P^Z_P]TN 9£OL NZ^XZWZRd ZQ _SP ¢RLXL^ 8Z]PZaP] SP QTYO^ TYOTRPYZ`^ LP^_SP_TN^ MWPYOTYR []Z QLYP LYO ^LN]PO bZ]WOaTPb^ LYO MSLV_T OPaZ_TZYLWT^X L^ L NPY_]LW QLN_Z] ?SP 9£OL-]LSXLY T^ []ZMLMWd _SP XZ^_ NZX[WPc LYO ^PY^P ]PWL_PO ZQ LWW _SP `YTaP]^LW Xd_S^ RPYP]L_PO Md >LY^V]T_ 3TYO`T^X 4_ NZXMTYP^ LM^_]LN_TZY LYO XL_P]TLWTeL_TZY TY LY TOPLW _d[TNLW XLYYP] ,_ _SP ^LXP _TXP T_ X`^_ MP ^LTO _SL_ _SP NZYNP[_ ZQ 9£OL-]LSXLY T^ YZb ZYP ZQ _SP XZ^_ Z[L\`P NZYNP[_^ QZ`YO TY >LY^V]T_ 3TYO`T^X -PNL`^P _SP 9£OL-]LSXLY SL^ MPPY LOZ[_PO Md aL]TZ`^ R]Z`[^ T_^ XPLYTYR SL^ MPNZXP Pc_]PXPWd `YNWPL] LYO [ZWdaLWPY_ ZaP] _SP NZ`]^P ZQ _TXP 9£OL T_^PWQ XPLY^ L ^Z`YO^NL[P LYO NLY MP^_ MP ]PYOP]PO Md _SP 2P]XLY bZ]O w>NSLWWx bSTNS TYOTNL_P^ ^Z`YO aTM]L_TZY^ 4_ PYNZX [L^^P^ XLYd _STYR^ Q]ZX L`OTMWP aTM]L_TYR ^Z`YO _Z ^`ML`OT_Z]d TYQ]L ^ZYTN LYO ^`[P]^ZYTN ^Z`YO TP _SP bSZWP ^[PN_]`X ZQ ^Z`YO _L[P^_]TP^ ZQ _SP Pc_P]YLW bZ]WO [Sd^TNLW ^Z`YO LYO ^Z`YO bLaP^ LYO _SP TY_P]YLW bZ]WO _SP ^`MUPN_TaP PQQPN_ ZQ ^Z`YO ZY _SP MZOd LYO XTYO 4_ LW^Z TY NW`OP^ LP^_SP_TN XZZO^ LYO ^Z`YONPY_P]PO TXLRP^ 4_ T^ L^ QL] ]PLNSTYR L^ _SP TYYP] ^Z`YO^ ZQ _SP DZRT^ LYO _SP w^Z`YO ZQ ^TWPYNPx BSPY -]LSXLY _ZZV ZY _SP XPLYTYR ZQ 9£OL T_ LW^Z LM^Z]MPO LWW _SP^P XPLY TYR^ ZQ _SP L`OTMWP[]ZO`NPO w^_]`NVx £SL_L LYO TYL`OTMWPYZY []ZO`NPO w`Y^_]`NVx LY£SL_L ^Z`YO LYO z bSTNS T^ P\`LWWd TX[Z]_LY_ z _SPT] ]PWTRTZ`^ NZOTYR^ :YP NLY LW^Z ^Ld _SL_ LOOTYR -]LSXLY _Z _SP 9£OL [Z_PY_TL_PO _SP ^[T]T_`LW _]LY^QZ]XL_TaP [ZbP] ZQ ^Z`YO ?SP QL XTWTL] NZYNP[_ ZQ -]LSXLY `YTaP]^LWTePO LYO [Z[`WL]TePO _SP P^Z_P]TN TOPL^ ZQ ^[PNTQTN _]LOT_TZY^ ^`NS L^ _SP ±LTaL¢RLXL ^Z`YO NZ^XZWZRd

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

4_ bL^ []ZMLMWd _SP ^PY^Z]d ^`M^_LYNP ZQ ^Z`YO _SL_ bL^ _SP XLTY QLN_Z] M]TYRTYR LMZ`_ _SP [Z[`WL]T_d ZQ _SP 9£OL-]LSXLY bSTNS L_ _SP ^LXP _TXP ]PQWPN_PO LY LM^_]LN_ ZY_ZWZRTNLW ]PLWT_d ?SP 9£OL-]LSXLY SLO ^ZXP_STYR _Z OZ bT_S ^Z`YO _SL_ T^ bT_S L _STYR ZQ _ST^ bZ]WO _SL_ PaP]d ZYP bL^ QLXTWTL] bT_S YZ XL__P] bSL_ PO`NL_TZY _SPd SLO ]P NPTaPO ?ZOLd _SP NZYNP[_ T^ RPYP]LWWd `^PO ^TX[Wd bT_SZ`_ R]PL_P] Pc[WLYL_TZY 4_ T^ L^^`XPO _SL_ PaP]d ZYP VYZb^ bSL_ T_ XPLY^ -`_ _ST^ T^ YZ_ ]PLWWd _SP NL^P ?SP _P]X SL^ MPNZXP L aLN``X _SL_ NLY QTWWPO bT_S L R]PL_ OPLW ?ST^ T^ TWW`^_]L_PO P^[PNTLWWd bPWW Md -P]PYO_ 3T^ 9Pb,RP LNNP^^ NZY^_]`N_^ T_^ ZbY YPb `YTaP]^LW Xd_S ,YO dP_ -P] PYO_ bSZ bL^ TY^[T]PO Md 4YOTLY XZOLW X`^TN ]PXLTYPO NWZ^P] _Z _SP 9£OL-]LSXLY L^ NZYNPTaPO Md T_^ wTYaPY_Z]x ±£]«RLOPaL _SLY ^ZXP WL_P] ]PNP[_TZY^ 4Y _ZOLdv^ [Z[`WL] ]PWTRTZ`^ LYO WLd ^NTPY_TQTN OT^ NZ`]^P 9£OL-]LSXLY NZYYZ_P^ Pc_]LZ]OTYL]d LYO Xd^_TNLW Pc[P]T PYNP^ ^`NS L^ wTYYP] ^Z`YO^x XLY_]L [ZbP] bLaP^ LYO ]TaP]^ ZQ ^Z`YO TY bSTNS ZYP NLY TXXP]^P ZYP^PWQ TQ ZYP []ZYZ`YNP^ _SP RZOv^ YLXP Z] ]P[PL_^ _SP ^dWWLMWP :¿ LYO LWWZb^ _SP ]P^ZYLYNP ZQ _SP ^Z`YO^ _Z PcP]_ T_^ TX[LN_^ ZY ZYP P_N 4Y aTPb ZQ _SP ^_]ZYRWd P^Z_P]TN LYO ZNN`W_ L^^ZNTL_TZY^ LYO OTXPY ^TZY^ ZQ Pc[P]TPYNP LYO OT^NZ`]^P T_ T^ _PX[_TYR _Z ^`[[Z^P _SP MPRTY YTYR^ ZQ _SP 9£OL-]LSXLY NZYNP[_ WTP TY _SP DZRTN LYO ¢RLXL ?LY_]TN ^Z`]NP^  -`_ bP OZ YZ_ QTYO _SPX _SP]P 4_ T^ _]`P _SL_ bP QTYO L WZ_ LMZ`_ 9£OL M`_ T_ T^ YZ_TNPLMWP _SL_ _SP NZXMTYPO _P]X w9£OL -]LSXLYx OZP^ YZ_ ZNN`]  ?ST^ T^ YZ_ _Z OPYd _SL_ TOPL^ LMZ`_ _SP []T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 



1Z] PcLX[WP 2`d -PNV >ZYTN ?SPZWZRd .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S .L]ZWTYL ;]P^^ $$ " bSZ PaPY ^[PLV^ ZQ w¢RLXTN _]LOT_TZY^ ZQ 9£OL-]LSXLYx TMTO # LW_SZ`RS SP _LVP^ WT__WP ]PNZ`]^P _Z _SP ¢RLXL^ TY NZY_]L^_ _Z ^_L_PXPY_^ Q]ZX DZRL _Pc_^ LMZ`_ _SP bZYOP]Q`W wTYYP] ^Z`YO^x ZY bSTNS SP QZN`^P^ TMTO #z# -PNV bL^ ZYP ZQ _SP QPb ]P^PL]NSP]^ bSZ _`]YPO _SPT] L__PY_TZY _Z _SP 9£OL-]LSXLY PaPY _SZ`RS SP OTO YZ_ WZZV L_ _SP ST^_Z]d ZQ _SP _P]X ?PWWTYRWd SP NLY NT_P ZYWd L WL]RP Y`XMP] ZQ DZRL ^Z`]NP^ _SL_ ^[PLV LMZ`_ _SP 9£OL LYO TYYP] ^Z`YO^ ?Z ^`[ [Z^P _SL_ w9£OL-]LSXLYx T^ QZ`YO TY _SPX L^ SP OZP^ L[[PL]^ LYLNS]ZYT^_TN LYO LW^Z wQTYOTYRx L NZYaP]_TMWP []LN_TNP ZQ _SP 9£OLDZRL [P]aLOTYR _SP NPY_`]TP^ ^PPX^ L ]L_SP] OL]TYR NWLTX ?SP ZYWd DZRL ^Z`]NP _SL_ OZP^ TY QLN_ ]PWL_P _SP 9£OL _Z _SP -]LSXLY LYO TY_P][]P_^ T_ L^ _SP wQZ`]_Sx TYL`OTMWP [L]_ ZQ :¿ T^ A£NL^[L_Tv^ _S NPY_ NZXXPY_L]d ZY _SP DZRL>¼_]L ! -PNV MPWTPaP^ _SP _Pc_ _Z MP _SP PL]WTP^_ ZNN`]]PYNP ZQ _SP w9£OL-]LSXLYx TY _SP NWL^^TNLW DZRL _]LOT_TZY TMTO #$ 3Zb PaP] _SP _P]X OZP^ YZ_ ZNN`] PaPY TY A£NL^[L_T LYO ZYP NLYYZ_ OP_P]XTYP bSP_SP] ST^ TY_P][]P_L_TZY^ ZQ _SP 9£OL NLY MP ^Z PL^TWd ]PNZYNTWPO bT_S _SP ¢RLXL NZ^XZWZRd Z] _SP TYYP] ^Z`YO^ ZQ _SP DZRT^ LYO _SL_ bSTNS -PNV NLWW^ w9£OLDZRLx _PNSYT\`P 3ZbPaP] ZYP _STYR _SL_ NZXP^ NWZ^P] _Z Z`] L]R`XPY_L_TZY T^ -PNVv^ ]PQP]PYNP _Z _SP PL]Wd X`^TNZWZRT^_ 8£_L«RL TMTO #z$ LW_SZ`RS SP OTO YZ_ `^P _SP _P]X w9£OL -]LSXLYx PT_SP] :Y _SP Z_SP] SLYO bSL_ ZYP OZP^ QTYO _SP _P]X w±LMOL-]LSXLYx QZ] _SP ^dWWLMWP :¿ TY _SP 8LT_]T8LT_]£dL©TdL@[LYT´LO _SL_ LW^Z ^[PLV^ ZQ TYYP] ^Z`YO^ M`_ LTX^

, 7T__WP =P^PL]NSPO >dXMZWTN 1Z]X LYO T_^ ?]LY^]PWTRTZ`^ 4X[LN_

#

XZ]OTLW 9£OL ^Z`YO QZ`YO TY _SP ¢RLXL^ SLO L ^_]ZYR TX[LN_ ZY _SP _P]X ,YO DZRL []LN_TNP^ _SL_ QZN`^ ZY _SP ]P^ZYLYNP ZQ XLY_]L^ TYYP] ^Z`YO^ Z] ^TWPYNP PcT^_PO PL]WTP] LYO NP]_LTYWd NZY_]TM`_PO _Z _SP ^P XLY_TN^ ZQ _SP w9£OL QTPWOx 1`]_SP]XZ]P ZYP NLYYZ_ OPYd _SL_ _SP XZOP]Y 9£OL-]LSXLY TY_P][]P_L_TZY [L__P]Y^ bP]P []PQTR`]PO TY 9£¶S LYO 3L¶SL DZRL ;P]SL[^ >TVST^X LYO >`QT^X LW^Z TYQW`PYNPO _SP^P [L__P]Y^ -`_ _SP _P]X 9£OL-]LSXLY OZP^ YZ_ ^PPX _Z ZNN`] TY _SP WT_P]L_`]P^ ZQ _SP^P _]LOT_TZY^ ?SP _P]X T^ QT]^_ XPY_TZYPO bT_STY _SP QTPWO ZQ X`^TNLW OT^NZ`]^P 4_ bL^ _SP WPL]YPO X`^TNZWZRT^_ ±£]«RLOPaL bSZ bL^ L NZ`]_ QTYLYNP XTYT^_P] LYO SZMMd ,d`]aPOTN [Sd^TNTLY bSZ NZTYPO _SP _P]X 9£OL-]LSXLY TY _SP _ST]_PPY_S NPY_`]d ±£]«RLOPaLv^ 9£OL-]LSXLY bL^ L^^ZNTL_PO OT]PN_Wd bT_S X`^TN LYO L_ _SP ^LXP _TXP LY Pc_]PXPWd NZX[WPc NZYNP[_ _SL_ LM^Z]MPO LWW _SP 2]PL_ 9L]]L_TaP^ ZQ _SP [L^_ ?SP NZ^XZWZRTNLW ^Z`YO ^[PN`WL_TZY^ ZQ _SP ¢RLXL^ LYO ?LY _]L^ LYO _SP bZYOP]Q`W ^Z`YO bZ]WO ZQ _SP DZRT^ LYO >TOOSL^ L]P ZYWd ZYP [L]_ ZQ ±£]«RLOPaLv^ WPRLNd LYO DZRTN TYYP] ^Z`YO^ L]P YZ_ Pc LN_Wd _SP XZ^_ TX[Z]_LY_ L^[PN_ TY ST^ 9£OL-]LSXLY NZYNP[_ -`_ Md OPNWL]TYR X`^TN _Z MP L _d[P ZQ XZ]P [WPL^`]LMWP DZRL LYO Q`^TYR _SP 9£OL NZYNP[_ bT_S _SP -]LSXLY NZYNP[_ SP ]PQP]]PO _Z QZ]XP] DZRL _]LOT_TZY^ bSTWP []ZO`NTYR L NL_NSbZ]O PYLMWTYR WL_P] ]PWTRTZ`^ []LN _TNP^ LYO [Z[`WL]TeL_TZY^ _Z OPaPWZ[ ?SP]PMd _SP _P]X 9£OL-]LSXLY NZTYPO Md ±£]«RLOPaL WL_P] Pc_PYOPO MPdZYO _SP WTXT_L_TZY^ ZQ X`^TNLW _SPZ]d 4_ T^ PaPY [Z^^TMWP _SL_ T_ TY^[T]PO YPb ]PWTRTZ`^ XZaPXPY_^ ;P]SL[^ >TVST^X  _S NPY_ T^ _SP WTYV MP_bPPY _SP XZOP]Y XPLYTYR ZQ _SP 9£OL-]LSXLY LYO ±£]«RLOPaLv^ TOPL 0aPY YZb []LN_TNTYR >TVS^ L__PX[_ _Z XP]RP bT_S _SP w^Z`YO N`]]PY_x ZQ _SP STRSP^_ wbZ]Ox Z] wYLXPx _S]Z`RS ^TYRTYR LYO []LdP] ?SP LN_`LW ST^_Z]d ZQ _SP 9£OL-]LSXLY SL^ YZ_ MPPY TYaP^_TRL_PO _Z OL_P 4_ bL^ ZYP ZQ _SP _Z[TN^ _SL_ bP]P ^Z ^_]ZYRWd ^`^[PN_PO ZQ MP TYR P^Z_P]TN _SL_ w]PLWx LNLOPXTN^ []PQP]]PO _Z VPP[ LbLd Q]ZX T_ _Z []P^P]aP _SPT] ]P[`_L_TZY^ ?SPd ^TX[Wd OTO YZ_ _LVP _SP ^`MUPN_ ^P]T Z`^Wd ,_ _SP ^LXP _TXP _SL_ T_ MPNLXP LY PaP]R]PPY _Z[TN [Z[`WL] TY P^Z_P]TN LYO [Z[`WL] ^NTPY_TQTN OT^NZ`]^P TY 4YOTL LYO MPdZYO T_ bL^ SL]OWd []P^PY_ L_ LWW TY LNLOPXTN OT^NZ`]^P , []LcPZWZRTNLW L[[]ZLNS QZN`^^TYR ZY PaP]dOLd ]PWTRTZ^T_d LYO _S`^ LW^Z z TY 4YOTL TY [L]_TN`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ QZ] _SP wQZ`]_Sx TYL`OTMWP ^_L_P ZQ ^TWPYNP 3ZbPaP] _ST^ T^ L WL_P] XPOTPaLW* LOOT _TZY _Z _SP Z]TRTYLW @[LYT´LO NQ _SP N]T_TNLW POT_TZY ZQ 5,- aLY -`T_PYPY 9Z] OTO ±L«VL]L NZXXPY_ ZY _ST^ @[LYT´LO 1Z] P\`L_TYR _SP ±LMOL-]LSXLY LYO 9£OL -]LSXLY _ZOLd LYO _SP L^^ZNTL_PO NZYYZ_L_TZY^ ZQ w^[T]T_`LW ^Z`YO^x _SP 8LT_]T LYO WL_P] DZRL @[LYT^LO^ TY [L]_TN`WL] _SP 9£OLMTYO`@[LYT^LO  XLd SLaP [WLdPO L OP NT^TaP ]ZWP L^ LYNTPY_ []PN`]^Z]^ -`_ T_ T^ YZ_ NWPL] SZb _ST^ VYZbWPORP PY_P]PO _SP [Z[`WL] N`W_`]P YPT_SP] SZb T_ bL^ ZaP]WLTO bT_S _SP 9£OL-]LSXLY BP ^`[[Z^P _SL_ _ST^ T^ ^ZXP_STYR _SL_ ^SZ`WO ]L_SP] MP ^Z`RS_ Z`_^TOP 3TYO`T^X YLXPWd TY >TVST^X

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

z ZY ^Z`YOTYR ]PWTRTZY X`^_ SZbPaP] QLNP `[ _Z _SP NSLWWPYRP ZQ _LNV WTYR 9£OL-]LSXLY BP LTX _Z []ZaTOP LY TYT_TLW NZY_]TM`_TZY _Z `YOP] ^_LYOTYR _SP NZX[WPc ST^_Z]d ZQ _ST^ NZYNP[_ LYO _SP QZ]XL_TZY ZQ bZ]WOTXLRP^ _SL_ L]P L^^ZNTL_PO bT_S _SP 9£OL-]LSXLY BP bTWW LW^Z _LVP L WZZV L_ _SP _]LY^YL_TZYLWTeL_TZY LYO _]LY^X`_L_TZY ZQ 4YOTLY TOPL^ []LN_TNP^ LYO QZ]X^ ZQ SLMT_`^ TY _SP XZOP]Y LRP ^`NS L^ 9£OL SPLWTYR bPWWYP^^ N`W_`]P LYO -ZWWdbZZO ?SP]P T^ ^`NS L bTOP ]LYRP ZQ N`W_`]LW NZYYPN_TZY^ NZY_TYRPYNTP^ LYO OTQQP]PYNP^ bSTNS 9£OL-]LSXLY PYLMWP^ `^ _Z L[[]ZLNS z ^_L]_TYR Q]ZX LYNTPY_ X`^TN ZQ _SP ^[SP]P^ _Z bSTNS XZOP]Y ]PNP[_TZY^ ZQ_PY ]PQP] ]TRS_ `[ _Z _SP Pc[LY^TZY LYO OT^^ZW`_TZY ZQ N`W_`]LW MZ`YOL]TP^ TY _SP XZOP]Y [P]TZO T_^PWQ BP QTYO 4YOTLY X`^TN [L]_TN`WL]Wd bPWW^`T_PO _Z `YOP]^_LYO N`W_`]LW NZY_TYRPYNTP^ 4Y _SP NWL^^TNLW LRP MZ_S 4YOTLY LYO BP^_P]Y X`^TNZWZRT^_^ ZNN`[TPO _SPX^PWaP^ bT_S XZ]P Z] WP^^ _SP ^LXP OTNSZ_ZXTP^_]TNSZ_ZXTP^ MP_bPPY _SP bZ]WO X`^TN LYO S`XLY MPTYR^ 3ZbPaP] OTQQP]PY_ XZOPW^ SLaP SLO L [L]LOTRXL_TN ]ZWP TY []Z aTOTYR Pc[WLYL_TZY^% SP]P WLYR`LRP _SP]P Y`XMP]^& SP]P _SP S`XLY aZTNP _SP]P TY^_]`XPY_^& SP]P LP^_SP_TN XZZO]PWL_PO ]PNP[_TZY _SP]P ]`WPML^PO VYZbWPORP& SP]P []LN_TNP _SP]P _SPZ]d& SP]P [P]X`_L_TZY^ _SP]P []Z[Z]_TZY^ P_N ,[[L]PY_Wd SZbPaP] []PNT^PWd _SP^P OT^NZY_T Y`T_TP^ L]P _SP ZYP^ _SL_ _`]YPO 4YOTLY X`^TN TY _SP _S NPY_`]d TY_Z L XLUZ] TY_P]N`W_`]LW NZY_LN_ eZYP ^_TX`WL_TYR YPb X`^TNLW LYO ^[T]T_`LW QZ]X^ ZQ Pc[]P^^TZY TY BP^_P]Y N`W_`]P Q]ZX :WTaTP] 8P^^TLPYv^ w3TYO` ]Sd_SX^x _Z -P]PYO_v^ 9Pb ,RP ?SP XZOP]Y NWL^^TNLW X`^TNTLY LYO _SP ULee ST^_Z]TLY `^PO 4YOTLY NZYNP[_TZY^ ZQ X`^TN TY aL]dTYR bLd^ M`_ MZ_S bP]P NZYNP]YPO bT_S L ^[T]T_`LWTeL_TZY LYO ]P^LN]LWTeL _TZY ZQ WTQP ?SPd bP]P TY OTQQP]TYR bLd^ XLVTYR RZZO L N`W_`]LW OPQT NT_ LYO ^PPVTYR _Z ZaP]NZXP L XZOP]Y ^PY^P ZQ `YPL^P -d XLVTYR _ST^ OL]TYRWd M]ZLO NZYYPN_TZY bP bTWW QZN`^ ZY _d[Z WZRTNLW [L__P]Y^ LYO ST^_Z]TNLW ^STQ_^ MZ_S TY 4YOTL LYO MPdZYO NZY_TY` TYR OPP[PYTYR LYO ^`[[WPXPY_TYR _SP _SPZ]P_TNLW OT^N`^^TZY TY Z`] 8P_SZOZWZRd ^PN_TZY BP bTWW _LVP L ST^_Z]TNLW WZZV L_ _SP OTXPY^TZY^ ]PWL_PO _Z Pc[P]TPYNP TY WZRZRPYTN NZ^XZWZRTNLW XP_L[Sd^TNLW []LN_T NLW [P]QZ]XL_TaP LQQPN_TaP TY^_T_`_TZYLW LYO NZWWPN_TaP LYO ^`MUPN_TaP Pc[P]TPYNTLW OTXPY^TZY^ TY ZWO 0`]Z[PLY LYO 4YOTLY [P]NP[_TZY^ LYO ]PNP[_TZY^ ZQ X`^TN ?ST^ bTWW TYPaT_LMWd WPLO _Z \`P^_TZY^ LMZ`_ _SP ]PWL_TZY^ST[ MP_bPPY X`^TN LYO bZ]WOaTPb LYO X`^TN LYO ]PWTRTZY LYO LW^Z _Z _SP TYaP^_TRL_TZY ZQ XZ]P RPYP]LW ^d^_PXL_TN T^^`P^ 8`^TN L^ _SP w[`]P^_ QZ]Xx ZQ ^Z`YO [P]NP[_TZY LYO T_^ XLYd Pc[P]TPYNP ]PWL_PO OTXPY^TZY^ [Sd^TZWZRTNLW [^dNSZWZRTNLW LQQPN_TaP LYO L]_T^_TN OTXPY^TZY^ L]P P^[PNTLWWd ^`T_LMWP QZ] L ]PPcLXTYL_TZY ZQ _SP OT^N`^ ^TZY^ LMZ`_ ^Z`YO [P]NP[_TZY LYO LNZ`^_TN [TP_d LYO LOOTYR YPb L^ [PN_^ _Z _SPX ?SP XL_P]TLW []P^PY_PO ^`RRP^_^ NL^_TYR L WZZV L_ _SPZ]TP^

, 7T__WP =P^PL]NSPO >dXMZWTN 1Z]X LYO T_^ ?]LY^]PWTRTZ`^ 4X[LN_

#

_SL_ _Z OL_P SLaP ZYWd MPPY _Z`NSPO ZY ^`NS L^ N`W_`]LW LY_S]Z[ZWZRd ]PRL]OTYR _SP ]PWL_TZY^ST[ MP_bPPY X`^TN LYO _]LYNP _SP [^dNSZWZRd ZQ X`^TN LYO wLQQPN_TaP ^NTPYNP^x LYO LW^Z _SPZ]TP^ ZQ N`W_`]LW LYO ]PWT RTZ`^ NSLYRP TY XZOP]Y _TXP^ -P]PYO_ LYO 8P^^TLPY bSZX bP bTWW _LWV LMZ`_ TY XZ]P OP_LTW []ZaTOP []P__d RZZO PaTOPYNP QZ] _bZ ML^TN XPNSLYT^X^ _SL_ NL`^PO _SP ^ZNTZWZRT^_ .ZWTY .LX[MPWW _Z ^`[[Z^P LY w0L^_P]YTeL_TZYx ZQ XZOP]Y BP^_P]Y N`W_`]P 8P^^TLPYv^ OT^NZaP]d ZQ 4YOTLY X`^TN bL^ LY TY_PWWPN _`LW LOaPY_`]P L[[L]PY_Wd ML^PO ZY _SP YPbWd LaLTWLMWP _]LY^WL_TZY ZQ ±£]«RLOPaLv^ SLYOMZZV _SL_ TY^[T]PO _SP 0`]Z[PLY NZX[Z^P] _Z QTYO L YPb _ZYLW WLYR`LRP TY ST^ w3TYO` ]Sd_SX^x bSTWP -P]PYO_v^ TY_P]P^_ TY 4YOTLv^ X`^TN LYO _SP 9£OL-]LSXLY bL^ TY^[T]PO Md [P]^ZYLW Pc[P]T PYNP^ LYO PYNZ`Y_P]^ bT_S 4YOTLY X`^TNTLY^ LYO _PLNSP]^ bSTNS L[[L] PY_Wd SLO L []ZQZ`YO TYQW`PYNP ZY ST^ bZ]WOaTPb z LYO L^ SP NWLTX^ ZY _SP bZ]WOaTPb ZQ L bSZWP RPYP]L_TZY ZQ dZ`YR X`^TNTLY^ TY _SP $!^ LYO $"^ ,W_SZ`RS T_ ^PPX^ _Z `^ _SL_ .LX[MPWWv^ RPYP]LWTeTYR w0L^_ P]YTeL_TZYx T^ OZ`M_Q`W LYO ^ZXP L^[PN_^ _SL_ SP L^^ZNTL_P^ bT_S T_ L[ [PL] QL] _ZZ ^_P]PZ_d[PO LYO ^ZXP_TXP^ P]]ZYPZ`^ DP_ ZYP NLYYZ_ ^TX[Wd ]PUPN_ Z`_ ZQ SLYO ST^ _SP^P^ ZY _SP ^_]`N_`]LWWd YPNP^^L]d Pc NSLYRP ZQ L wXL_P]TLWT^_TN O`LWT^_TNx bZ]WOaTPb SP ]PRL]O^ L^ _d[TNLWWd BP^_P]Y _S]Z`RS L wXP_L[Sd^TNLW XZYT^Xx _SL_ SP NZY^TOP]^ _d[TNLWWd 0L^_P]Y L_ WPL^_ TY _SP L]PL ZQ ]PWTRTZY ?SP XZOP]Y ]PWTRTZ`^ ^_dWP QZ`YO TY -P]PYO_v^ 9Pb ,RP ZQ _SP PL]Wd $#^ NLY LN_`LWWd MP L^^TRYPO _Z _SP M]LYNS ZQ wXP_L[Sd^TNLW XZYT^Xx L^ OP^N]TMPO Md .LX[MPWW .LX[MPWW L^^ZNTL_P^ bT_S T_ Xd^_TNLW ^[T]T_`LWT_d TXXPOTL_P Pc[P]TPYNP ^PY^L_TZY^ QPPWTYR^ LYO TY_`T_TZY ?SP^P MPNLXP _SP OZXTYLY_ ]PWTRTZ`^ ZMUPN_TaP^ O`]TYR _SP NZ`Y_P]N`W_`]P ZQ _SP $!^ LYO $"^ bSTNS []P QTR`]PO _SP 9Pb ,RP ,NNZ]OTYR _Z .LX[MPWW _ST^ Z`_WZZV TYNW`OP^ ]ZXLY_TN N`W_`]LW N]T_TNT^X _SP LOZ[_TZY ZQ LY w0L^_P]Y ^[T]T_`LWTeTYR Q]LXPx wWZaP N`W_`]Px LYO [LNTQT^X ]PQWPN_PO TY [Z[ X`^TN L^ bPWW L^ PNZWZRTNLW LbL]PYP^^ LW_P]YL_TaP SPLWTYR XP_SZO^ LYO wLY P^^PY_TLWWd ^[T]T_`LW L[[]ZLNS _Z WTQPx ?ST^ YPb [L]LOTRX PY_LTW^ _d[TNLW TOPL^ ^`NS L^ NZ^XTN bSZWPYP^^ LYO OTaTYP TXXLYPYNP TOPLW^ ZQ [P]^ZYLW R]Zb_S LYO wR]PL_P] ^PWQVYZbWPORPx LWZYR bT_S L WTQP [STWZ^Z[Sd ZQ w[P]NPTa TYR ^PN`WL] LN_TaT_TP^ _SPX^PWaP^ L^ P^^PY_TLWWd ^[T]T_`LW TY YL_`]Px ! ?ZOLd _ST^ bZ]WOZ]TPY_L_TZY T^ ^_TWW ]PWPaLY_ z TY QLN_ T_ SL^ _PYOPO _Z RLTY R]Z`YO PaPY TQ _SP ST[[TP^ SLaP XZ]P Z] WP^^ OTPO Z`_ LYO _SP _P]X 9Pb ,RP T^ ^PWOZX SPL]O LYd XZ]P MPTYR RPYP]LWWd ]P[WLNPO Md _SP _P]X w^[T]T_`LWT_dx 3ZbPaP] bSL_ .LX[MPWW ^PPX^ _Z TRYZ]P bL^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !

.ZWTY .LX[MPWW ?SP 0L^_P]YTeL_TZY ZQ _SP BP^_% , ?SPXL_TN ,NNZ`Y_ ZQ .`W_`]LW .SLYRP TY _SP 8ZOP]Y 0]L -Z`WOP]% ;L]LOTRX ;`MWT^SP]^ " .Q .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  z# !z  !z!" !z$

#!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_SP NSLYRP ZaP] _SP WL^_ QZ]_d dPL]^ LYO _SP XTc ZQ ]PWTRTZY^ _SL_ T^ _d[T NLW ZQ XZOP]Y ^[T]T_`LWT_d /`]TYR _SP LRP ZQ _SP ST[[TP^ _SP w0L^_P]Y ^_dWP Z`_WZZVx _SL_ SP ^`[[Z^P^ _Z MP L Q]LXPbZ]V ZQ XZOP]Y BP^_P]Y bZ]WOTY_P][]P_L_TZY bL^ X`NS XZ]P ZMaTZ`^ ?ZOLd _SP 4YOTLYTeL_TZY T^ `^`LWWd WP^^ _]LY^[L]PY_ _SLY .LX[MPWW OP^N]TMP^ PaPY bSP]P Pc[WTNT_ ]PQP]PYNP T^ XLOP _Z 4YOTL >_]`N_`]LW PWPXPY_^ Q]ZX 0L^_P]Y bZ]WO aTPb^ NLY ZQ_PY MP NWPL]Wd TOPY_TQTPO M`_ _SPd L]P NZXMTYPO TY YPb bLd^ -P]PYO_v^ PcLX[WP T^ _d[TNLW ZQ _ST^ 3T^ MZZV T^ L RZZO NZY_PX [Z]L]d OZN`XPY_ MZ_S QZ] _SP 4YOTLZ]TPY_PO ST[[TP LRP LYO QZ] _SP WL_P] OPaPWZ[XPY_ ZQ L _]LY^]PWTRTZ`^ ^[T]T_`LWT_d bSTNS L^^TXTWL_P^ OT aP]^P N`W_`]LW aTPb[ZTY_^ LYO ]PTYQZ]NP^ wYP_bZ]VPO _STYVTYRx waP] YP_e_P^ /PYVPYx LYO SZWT^X 0c[P]TPYNP]PWL_PO LW_P]YL_TaP ^[T]T_`LWT_d LYO T_^ _]LY^]PWTRTZ`^ XL]NS QZ]bL]O SL^ YZb []ZR]P^^PO ]TRS_ TY_Z _SP WL]RP .S]T^_TLY NS`]NSP^ LYO MPNZXP [L]_ ZQ _SP XZOP]Y XLTY^_]PLX TY 0`]Z[P LYO ,XP]TNL ?SP ]PWTRTZ`^ ^ZNTZWZRT^_ 3`MP]_ 6YZMWL`NS M`TWOTYR ZY ?SZXL^ 7`NVXLYYv^ _SP^T^ ZQ TYOTaTO`LWTeL_TZY M`_ N]T_TNLW ZQ .LX[ MPWW PaPY ^PP^ _SP 0`]Z[PLY OPaPWZ[XPY_ L^ MPTYR wZY _SP bLd _Z L ^[T]T_`LW ^ZNTP_dx " 4Y_P]P^_TYRWd _ST^ bL^ L _SZ`RS_ _SL_ -P]PYO_ [Z^_` WL_PO TY [Z[`WL] ^NTPYNP _bPY_d dPL]^ LRZ L^ L 9Pb,RP []ZR]LX 3Zb PaP] 6YZMWL`NS _SP ^ZNTZWZRT^_ L]R`P^ ^_]TN_Wd TY _P]X^ ZQ ^_]`N_`]LW ^ZNTZWZRd LYO TYNW`OP^ YZ_ ZYWd XZOP]Y P^Z_P]TNT^X _SL_ OZP^ TYOPPO SLaP L []ZXTYPY_ [WLNP M`_ LW^Z LWW _SP Pc[P]TPYNP]PWL_PO QZ]X^ ZQ ]PWTRTZ^T_d 0aPY TQ ZYP QTYO^ _ST^ LY PcLRRP]L_PO aTPb[ZTY_ T_ NLYYZ_ MP OPYTPO _SL_ _SL_ bSTNS 6YZMWL`NS _SPZ]P_TNLWWd `YOP][TY^ TY ST^ w^Z NTZWZRd ZQ ^[T]T_`LWT_dx L^ wSZWT^Xx LYO _SP OT^^ZW`_TZY ZQ ^_]`N_`]LW MZ`YOL]TP^ MP_bPPY ^LN]PO LYO []ZQLYP []TaL_P LYO [`MWTN .S]T^_TLY LYO YZY.S]T^_TLY P_N # T^ ]PWL_TaPWd bTOP^[]PLO _ZOLd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "

#

?ST^ bL^ _SP ^`M_T_WP ZQ ST^ ]PNPY_Wd [`MWT^SPO MZZV% 3`MP]_ 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY% ,`Q OPX BPR TY PTYP ^[T]T_`PWWP 2P^PWW^NSLQ_ 1]LYVQ`]_% .LX[`^ $ ?ST^ bZ]V TYOPPO QZN`^P^ QT]XWd ZY LW_P]YL_TaP ^[T]T_`LWT_d LYO P^Z_P]TNT^X M`_ 6YZ MWL`NS `YOP]^_LYO^ w[Z[`WL] ]PWTRTZYx Q`YOLXPY_LWWd L^ LWW _SP Pc[P]TPYNP]PWL_PO QZ]X^ ZQ XZOP]Y PaP]dOLd ]PWTRTZ^T_d TP TYNW`OTYR .S]T^_TLY QZWV]PWTRTZ`^ QZ]X^ PR bZ]^ST[ ZQ _SP AT]RTY 8L]d LYO MPWTPQ TY LYRPW^ PNNWP^TL^_TNLW PaPY_ N`W_`]P PR BZ]WO DZ`_S /Ld LYO PcNW`^TaT^_TN []ZQP^^TYR NSL]T^XL_TN ]PWTRTZY MZ_S .S]T^_TLY LYO 8`^WTX 6YZMWL`NS []P^PY_PO _SP TYT_TLW O]LQ_ ZQ ST^ w^ZNTZWZRd ZQ ^[T]T_`LWT_dx TY ST^ P[ZYd XZ`^ L]_TNWP TY EQ=    z OPOTNL_PO _Z _SP ^_TWW PcNW`^TaPWd LW_P]YL_TaP 9Pb,RP^_dWP QZ]X^ 3P NLXP `[ bT_S L NWL^^TQTNL_TZY R]TO _SL_ LW^Z ^`T_^ \`T_P bPWW -P]PYO_v^ `YOP]^_LYOTYR ZQ 9£OL-]LSXL QZ] _SP^P _d[TNLW [SPYZXPYL ZQ N`]]PY_ ]P WTRTZ`^ N`W_`]P bSTNS QZ] L WZYR _TXP bP]P ]PRL]OPO L^ OTQQTN`W_ _Z NZX[]PSPYO TY ^Z NTZWZRd ZbTYR _Z _SPT] WZb WPaPW ZQ TY^_T_`_TZYLWTeL_TZY 8ZOP]Y ^[T]T_`LWT_d _SP]PQZ]P ]PQP]^ _Z%  L OPNTOPO Z]TPY_L_TZY ZY ^`MUPN_TaP Pc[P]TPYNP TY_P][]P_PO L^ ^[PNTLW LYO Z`_^_LYOTYR bSP]PMd  _SP ^Z`]NP^ ZQ _ST^ TY_P][]P_L_TZY ]P[]P^PY_ LW_P]YL_TaP QZ]X^ ZQ ]PWTRTZY _SL_ L]P NZX[]T^PO ZQ 0L^_P]Y ]PWTRTZ`^ Xd^_TNLW wYZ_ SPRPXZYTNx _]LOT

, 7T__WP =P^PL]NSPO >dXMZWTN 1Z]X LYO T_^ ?]LY^]PWTRTZ`^ 4X[LN_

#"

4_ NLYYZ_ MP YPRL_PO _SL_ _ST^ ]PWTRTZ`^ ^_dWP ZQ_PY T^ TY^[T]PO Md 4Y OTLY _]LOT_TZY^ LW_SZ`RS _SPd L]P Q]P\`PY_Wd L^^TXTWL_PO `YNZY^NTZ`^Wd XZ]P _S]Z`RS wL_XZ^[SP]Px _SLY _S]Z`RS NZRYT_TZY LYO TY_PY^TaP ^_`Od -P]PYO_v^ 9£OL-]LSXLY T^ L RZZO PcLX[WP ZQ _ST^ BP bTWW OT^N`^^ -P]PYO_v^ MZZV L_ WPYR_S MPNL`^P T_ ^SZb^ _SL_ ]PWTRTZ`^ _Z[TN^ LW^Z PY_P]PO _SP NZY^NTZ`^YP^^ aTL YZY]PWTRTZ`^ XPOTL TY _ST^ NL^P 4YOTLY XZOLW X`^TN BT_S 9£OL-]LSXLY -P]PYO_ ]PYPbPO _SP _Z[Z^ ZQ N`W _`]LW N]T_TNT^X _S]Z`RS ,^TL ]PNP[_TZY -P]PYO_ T^ L [P]QPN_ PcLX[WP ZQ XZOP]Y ^[T]T_`LWT_d 3T^ 9£OL-]LSXLY T^ L `^PQ`W XZOPW QZ] LYLWdeTYR SZb N`W_`]LW NZYNP[_^ bSPY _]LY^[Z]_PO TY_Z L YPb N`W_`]LW QTPWO L]P _]LY^QZ]XPO _S]Z`RS [L]_TNT[L_TZY TY _SL_ QTPWO ,_ _SP ^LXP _TXP _SP YPb N`W_`]LW QTPWO bTWW LWXZ^_ LWbLd^ MP _]LY^QZ]XPO _S]Z`RS _SP LOOT _TZY ZQ _SP YPb NZYNP[_ ?SP TY_P][]P_L_TZY []ZNP^^ -P]PYO_ RZP^ _S]Z`RS bSPY SP PcLXTYP^ _SP 9£OL-]LSXLY T^ bSL_ bP NLWW [L]_TNT[L _TZY LYO `YTaP]^LW Xd_S -`_ T_ T^ YZ WZYRP] LY 4YOTLY ZYP , RPY`TYPWd 4YOTLY NZYNP[_ T^ L^^TXTWL_PO TY_Z XZOP]Y BP^_P]Y LYO X`W_T]PWTRTZ`^ NZY_Pc_^ X`^TN ^NPYP^ LYO XZOP]Y ^NTPYNP LYO _SP]PMd _]LY^QZ]XPO -P]PYO_ `YTaP]^LWTePO LYO ]PNZOPO _SP 4YOTLY NZYNP[_ bT_S L bSZWP L]]Ld ZQ bZ]WO N`W_`]P^ LYO TY OZTYR ^Z L_ _SP ^LXP _TXP NZY_]TM`_PO _Z RWZMLWTeTYR 4YOTLY QZ]X^ ZQ SLMT_`^ []LN_TNP^ LYO bZ]WOZ]TPY_L_TZY^ _SL_ bP NLWW [L]_TNT[L_TZY LYO `YTaP]^LW Xd_S ?SP 9£OL-]LSXLY T^ LY P^[PNTLWWd RZZO QZTW Pc[Z^TYR N`W_`]LW LYO ^_]`N_`]LW MZ`YOL]TP^ LYO LW^Z _SPT] XZOP]Y OPWTXT_L_TZY^ 4_ []ZaTOPO TY XPOTPaLW 4YOTL LYO XZO P]Y 0`]Z[P L YPb OPQTYT_TZY ZQ ^[T]T_`LWT_d TY bSTNS _SP []ZQLYP LYO _SP ^LN]PO QWZb TY_Z PLNS Z_SP] ?SP 9£OL-]LSXLY bL^ ZYWd ZYP ZQ _SP NSP]T^SPO Pc[Z]_^ Q]ZX >LY^V]T_ 3TYO`T^X TY_Z BP^_P]Y N`W_`]P -`_ T_ TWW`^_]L_P^ [L]_TN`WL]Wd bPWW _SP ]PWTRTZ`^ _]LY^X`_L_TZY^ ZNN`]]TYR TY _TXP^ ZQ N`W_`]LW Pc NSLYRP 4_ T^ TY^_]`N_TaP QZ] _SP QZ]XL_TaP ]ZWP ZQ 4YOTL TY XZOP]Y BP^_ P]Y ^[T]T_`LWT_d ,NNZ]OTYR _Z Z`] _SP^T^ _SP TY_P]LN_TaP PYNZ`Y_P] bT_S 4YOTL WPO YZ_ ZYWd _Z LOZ[_TZY ZQ 4YOTLY _SZ`RS_^ ^`NS L^ _SP XZYT^X ZQ _SP APO£Y_L LYO []LN_TNP^ PR ZQ 9£OLDZRL Z] ,d`]aPOL X`^TN _SP]L[d M`_ LW^Z _Z YPb QZ]X^ ZQ SLMT_`^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _TZY^ LYO  SLaP L _PYOPYNd _Z MP LY_TTY^_T_`_TZYLWT^_TN LYO OP_LNSPO Q]ZX OZRXL^ ?ST^ T^ L^^ZNTL_PO bT_S  L XL]VPO TYOTaTO`LWT^X TY bZ]WOaTPb^ LYO LY Z]TPY_L_TZY ZY Pc[P]TPYNP bSTNS  PX[SL^TePO SZWT^X LYO ! WTVP^ _Z `^P ^[T]T_`LWT_d L^ LY LW _P]YL_TaP _P]X QZ] ]PWTRTZY

##

!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx% _SP wBZ]WO T^ >Z`YOx TY 9Pb ,RP

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx 4Q ZYP N]POT_^ -P]PYO_ 4YOTLY X`^TN SLO _SP PQQPN_ ZQ R]PL_Wd SPTRS_PY TYR _SP NZY^NTZ`^YP^^ bSPY T_ MPNLXP VYZbY TY _SP BP^_ 3P L^N]TMP^ LY TYSP]PY_ ^[T]T_`LW L__T_`OP _Z XZOLW X`^TNXLVTYR LYO _S`^ Pc[WLTY^ _SP ^`NNP^^ ZQ 4YOTLY X`^TN TY _SP $!^ z QT]^_Wd TY ULee LYO _SPY TY ]ZNV LYO [Z[ XTYTXLW X`^TN XPOT_L_TZY X`^TN LYO bZ]WO X`^TN 3P bLY_PO YZ_ WPL^_ _Z OZN`XPY_ _ST^ TY ST^ MZZV ?SP BZ]WO T^ >Z`YO% 9LOL -]LSXL  BSL_ _SP MZZV NP]_LTYWd OZN`XPY_^ T^ QZ]PXZ^_ -P] PYO_v^ ZbY wOT^NZXQZ]_ TY N`W_`]Px LYO ST^ ZbY TY_P]P^_ TY LW_P]YL_TaP ^[T]T_`LWT_d 4_ T^ L aP]d ^`MUPN_TaP LYO [P]^ZYLW ^Z`]NP ,_ _SP ^LXP _TXP T_ [ZTY_^ _Z WL]RP] []ZNP^^P^ ZQ ]PWTRTZ`^ NSLYRP LYO XLVP^ _SP ]PLOP] LbL]P _SL_ 4YOTLY ^[T]T_`LWT_d bL^ OT^^PXTYL_PO _S]Z`RS XLYd NSLYYPW^ ZYP ZQ _SPX LYO YZ_ LY `YTX[Z]_LY_ ZYP MPTYR X`^TN -P] PYO_v^ MZZV NLYYZ_ MP _LVPY L_ QLNP aLW`P LYO dP_ T_ T^ L aLW`LMWP OZN`XPY_ QZ] _SP ^STQ_TYR aLW`P^ LYO bZ]WOaTPb^ TYT_TL_PO TY _SP NZ`Y _P]N`W_`]P ZQ _SP $!^ LYO _SP $"^ ?ST^ RPYP]L_TZY ]PMPWWPO LRLTY^_ LWW _]LOT_TZYLW QZ]X^ ZQ WTQP z ^_L]_TYR bT_S _SP ^`QQZNL_TYR wMZ`]RPZT^x ^ZNTP_d XZOP]Y NL[T_LWT^X [ZWT_TN^ ^Pc`LWT_d LYO QLXTWd WTQP LWW _SP bLd _Z NWL^^TNLW BP^_P]Y X`^TN LYO ]PWTRTZY ?SP ]PWTRTZ`^ L^[PN_ TY N]PL^PO TY _SP $"^ TY _SP SPdOLd ZQ 4YOTLY X`^TN LYO R`]`^ NZXTYR _Z _SP BP^_ LYO L WL]RP Y`XMP] ZQ BP^_P]Y dZ`YR^_P]^ wRZTYR YL_TaPx ?ST^ wWZaP ^_Z]dx bT_S 4YOTL bL^ []P__d ^SZ]_ 4_ LW]PLOd NPL^PO TY _SP 9Pb ,RP ZQ _SP $#^ M`_ _SP w9Pb .ZY^NTZ`^YP^^x SLO LW]PLOd L^ ^TXTWL_PO X`NS ZQ 4YOTL LYO XLOP T_ NZX[WP_PWd T_^ ZbY ?ST^ T^ []P NT^PWd bSP]P -P]PYO_v^ N`W_`]LW N]T_TNT^X LYO []ZYZ`YNPO SZWT^_TN N]PPO MPNZXP^ ZQ TY_P]P^_ 3T^ bZ]V 9LOL -]LSXLY T^ L RZZO OZN`XPY_ ZQ 9Pb ,RP ^[T]T_`LWT_d LYO ]PXLTYPO L w^Z`]NP MZZVx ZQ XZOP]Y P^Z_P]TN _SZ`RS_ 4_ TWW`^_]L_P^ YPb SLMT_`^ QZ]X^ _SL_ L]P YZ WZYRP] [`]PWd BP^_ P]Y Z] 0L^_P]Y M`_ O]Pb L R]PL_ OPLW ZQ TY^[T]L_TZY Q]ZX 4YOTL :YP ZQ -P]PYO_v^ XLUZ] _SP^P^ T^ _SL_ 4YOTLY X`^TN N]PL_PO YPb ]PWTRTZ`^ TY_P] P^_ LYO _ST^ []ZMLMWd _]`P L_ WPL^_ TY [L]_ ;]PNT^PWd MPNL`^P 4YOTLY NWL^^TNLW X`^TN T^ ^Z aL^_Wd OTQQP]PY_ Q]ZX BP^_P]Y NWL^^TNLW X`^TN T_ []ZaTOPO BP^_P]Y X`^TNXLVTYR bT_S YPb TOPL^ LP^_SP_TN ^_dWP^ LYO L__T_`OP^ -P]PYO_ ^[ZVP PY_S`^TL^_TNLWWd ZQ L YPb SPL]TYR _SL_ SP LYO Z_SP]^ WPL]Y_ Q]ZX 4YOTLY X`^TN -P]PYO_ b]Z_P ST^ MZZV 9LOL -]LSXL P^[PNTLWWd QZ] [PZ[WP TY _SP BP^_ LYO L^^ZNTL_PO bT_S T_ L N]T^T^ OTLRYZ^T^ LYO L SPLWTYR []ZR]LX N]T_TNLW ZQ NTaTWTeL_TZY 3P `]RPO BP^_P]Y N`W_`]P _Z NSLYRP MPNL`^P T_ bL^ TY _SP []ZNP^^ ZQ OP^_]ZdTYR T_^PWQ bT_S L_ZX MZXM^ PYaT]ZYXPY_LW [ZWW`_TZY LYO ,4/> 3P QPW_ _SL_ ZYWd L Q`YOLXPY_LW ^STQ_ TY _SP XLYYP] ZQ _SP wYPb NZY^NTZ`^YP^^x ZQ YP_bZ]VTYR []PQTR`]PO TY 9Pb,RP ^[T]T

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx

#$

_`LWT_d LYO TY ST^ RPYP]L_TZY ZQ 4YOTLTY^[T]PO X`^TNTLY^ NZ`WO LaP]_ OT^L^_P] -P]PYO_v^ N]T^T^ OTLRYZ^T^ T^ _SL_ `[ _Z _SL_ _TXP _SP PdP bL^ _SP []POZXTYLY_ ^PY^P Z]RLY Md _SP BP^_ LYO _SP []PaLWPY_ _SZ`RS_ QZ]X bL^ LYLWd_TNLW _SZ`RS_ 3P _STYV^ _ST^ T^ []PNT^PWd bSL_ _SP []ZM WPX T^% w?SP PdP^ L]P bZYOP]Q`W Z]RLY^ M`_ _SP MP__P] _SPd L]P _SP u^SL][P]v _SPd L]P& u^SL][YP^^v T^ L \`LWT_d ZQ VYTaP^ LYO ZQ N`__TYR m ?SP XZ^_ LOXT]L MWP TOPLW ZQ _SP uPdP[P]^ZYv T^ _Z [Z^^P^^ LY uPLRWP PdPv ?SP PLRWP ^[Z_^ T_^ []Pd OTaP^ LYO ^PTeP^ T_ mx $

-P]PYO_ _S`^ L^^ZNTL_P^ _SP wPdP [P]^ZYx PcNW`^TaPWd bT_S LYLWd_TNLW OT^^PN_TZY ?ST^ ,]T^_Z_PWTLY TOPLW SP ^Ld^ SL^ MPNZXP LY LM^ZW`_P TY _SP LRP ZQ _SP _PWPaT^TZY LYO _ST^ ]PO`N_TZYT^X SL^ TX[ZaP]T^SPO WTQP TY RPYP]LW% w7TaTYR ZYWd _S]Z`RS _SP SPLO SL^ XLOP Z`] WTaP^ [ZZ]P]x  ?SP _PWPaT^TZYPdP [P]^ZY bSZ PL_^ ST^ _aOTYYP] ^_]LTRS_ Z`_ ZQ _SP XTN]ZbLaP bSTWP NZY^`XTYR XL^^LN]P^ LYO OT^L^_P]^ TY _SP bZ]WO bT_S Z`_ PaPY WZ^TYR ST^ L[[P_T_P YPNP^^L]TWd WTaP^ TY L OTXTYT^SPO ]PLWT_d 1LN_^ L]P ]PO`NPO _Z TYQZ]XL_TZY& _SP LMTWT_d _Z Pc[P]TPYNP SL^ ^S]Ta PWPO ,NNZ]OTYR _Z -P]PYO_ _ST^ NZ]]PWL_P^ OT]PN_Wd bT_S _SP ^S]TaPWTYR ZQ _SP wXZ^_ YZMWP ^PY^P Z]RLYx _SP PL] ;PZ[WP SL]OWd wSPL]x LYd_STYR LYd XZ]P ?SP PL] T^ YZ_ ZYWd L XL_SPXL_TNLW XPL^`]TYR TY^_]`XPY_ M`_ LW^Z LWWZb^ ^PY^Z]d LYO PXZ_TZYLW Pc[P]TPYNP LYO _SP^P _bZ XZOP^ L]P OZaP_LTWPO TY SPL]TYR 1Z] PcLX[WP bSPY SPL]TYR L XTYZ] _ST]O _SP PL] NZXX`YTNL_P^ YZ_ ZYWd _SP TYQZ]XL_TZY % _SL_ T^ _SP XL_SPXL_TNLW ]PWL_TZY^ST[ MP_bPPY _SP _bZ aTM]L_TZY^ M`_ LW^Z L NWPL] ^PY^Z]d LYO PXZ_TZYLW NZY_PY_ ZQ _SP X`^TNLW [L^^LRP >Z _SP PL] NZX[WP_PWd _]LY ^NPYO^ _SP Q`YOLXPY_LW O`LWT^X ZQ _SP BP^_P]Y N`W_`]P% w4Y LOOT_TZY _Z _SPT] XPL^`]TYR LMTWT_d _SP]P T^ _SPT] LMTWT_d _Z ^PY^P ?SP XZ^_ bZYOP]Q`W _STYR T^ SZb _SP^P _bZ QLN`W_TP^ L]P NZ`[WPO _ZRP_SP] 4Y QLN_ T_ ^PPX^ _SL_ TY _ST^ NZ`[WTYR WTP^ _SP R]PL_P^_ NL[LNT_d ZQ Z`] PL]^% _SP LMTWT_d _Z _]LY^QP] bT_S `YMPWTPaLMWP []PNT^TZY XL_SPXL_TNLW \`LY_T_TP^ TY_Z ^PY^P [P]NP[_TZY^ NZY^NTZ`^ TY_Z ^`MNZY^NTZ`^ XPL^`]LMWP _STYR^ TY_Z `YXPL^`]LMWP ZYP^ LM^_]LN_ NZYNP[_^ TY_Z XL__P]^ ZQ ^Z`W z LYO aTNP aP]^L ZQ NZ`]^Px 

-P]PYO_v^ NPY_]LW L]R`XPY_ ^_L_P^ _SL_ QZ] []PNT^PWd _ST^ ]PL^ZY _SP WZ^^ ZQ _SP wNL[LMTWT_d _Z SPL]x T^ L R]LaP ZYP QZ] _SP bSZWP N`W_`]P BSL_ NLYYZ_ MP QPW_ NZYUZTY_Wd NLYYZ_ MP _SZ`RS_ ZQ _ZRP_SP] PT_SP] @W_T XL_PWd LWW Z`] PX[_d []LRXL_TN^ ZQ LN_TZY bSTNS SLaP RTaPY _SP bZ]WO _STYR^ WTVP L_ZXTN MZXM^ T^ R]Z`YOPO TY _SP ^PWQ^LXP TX[ZaP]T^SPO `YTY_PR]L_PO NZY^NTZ`^YP^^ OPaZTO ZQ YP_bZ]VTYR _S`^ XLYd Pc[P]T PYNP^ NLY YZ WZYRP] ZNN`] -P]PYO_v^ ]PXPOd T^ _SP]PQZ]P% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ -P]PYO_ ?SP BZ]WO T^ >Z`YO   -P]PYO_ ?SP BZ]WO T^ >Z`YO   -P]PYO_ ?SP BZ]WO T^ >Z`YO !z"

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

w?SP 9Pb 8LY bTWW MP L 7T^_PYTYR 8LY z Z] bTWW YPaP] MP L_ LWWx 

:Y LY Z[_TXT^_TN YZ_P -P]PYO_ MPWTPaP^ _SL_ _ST^ NSLYRP SL^ LW]PLOd MPR`Y ?Z ^ZXP Pc_PY_ SP T^ _]dTYR _Z b]T_P T_ TY_Z PcT^_PYNP bT_S XT^ ^TZYL]d ePLW 3P]P _bZ XLTY []ZNP^^P^ ZQ NSLYRP TY _SP _S NPY_`]d L]P [L]_TN`WL]Wd TX[Z]_LY_ TY ST^ L]R`XPY_L_TZY% QT]^_ _SP ^PLNSLYRP^ TY XZOP]Y [Sd^TN^ M]Z`RS_ LMZ`_ Md 0TY^_PTY 9TPW^ -ZS] LYO Z_SP]^ LYO ^PNZYO _SP OT^NZaP]d ZQ 0L^_P]Y [STWZ^Z[Sd LYO 4YOTLY X`^TN ,^ bT_S _SP [TZYPP]^ ZQ _SP 9Pb ,RP T_ T^ YZ ^`][]T^P _SL_ -P]PYO_ ^PP^ 0L^_P]Y ]PWTRTZY LYO XZOP]Y ^NTPYNP^ NZYQT]XTYR PLNS Z_SP]% w4Y 3TYO`T^X _SP NZ^XTN OLYNP ZQ >STaL OP[TN_^ _SP ^LXP NZYNP[_ ZQ XL__P] L^ QZ`YO TY NP]_LTY L^[PN_^ ZQ _SP \`LY_`X LYO QTPWO _SPZ]d TY XZOP]Y [Sd^TN^x  BT_STY _ST^ NZY_Pc_ _SP 9£OL-]LSXLY _P]X RLTY^ TX[Z]_LYNP -P]PYO_ Pc[]P^^P^ _SP 3TYO` TOPL _SL_ QL^NTYL_PO STX ^Z X`NS TY _SP^P bZ]O^% w9LOL -]LSXLY XPLY^ YZ_ ZYWd% 2ZO _SP .]PL_Z] T^ ^Z`YO& M`_ LW^Z LMZaP LWW% .]PL_TZY _SP NZ^XZ^ _SP bZ]WO T^ ^Z`YO ,YO% >Z`YO T^ _SP bZ]WOx 

>Z _ST^ T^ YZ_ U`^_ LMZ`_ X`^TNZWZRd M`_ LW^Z LMZ`_ L bZ]WOaTPb -P] PYO_ ML^PO _ST^ bZ]WOTY_P][]P_L_TZY ZY Y`XP]Z`^ L]PL^ ZQ VYZbWPORP% LYNTPY_ Xd_SZWZRTP^ LYO NZ^XZWZRTP^ XZOP]Y [Sd^TN^ LYO LW^Z XZ] [SZWZRd MTZWZRd N]d^_LWWZR]L[Sd LYO SL]XZYTN^ 9Z XL__P] bSP_SP] SP ^[PLV^ LMZ`_ ]PWTRTZY LYNTPY_ X`^TN ZQ _SP ^[SP]P^ 4YOTLY X`^TN LYO XLY_]L []LN_TNP \`LY_`X [Sd^TN^ ]P^PL]NS TY_Z _SP `YTaP]^P Z] []Z_ZY^ _SP MPSLaTZ] ZQ OZW[STY^ Z] N]d^_LW^ _SP]P T^ LWbLd^ _SP ^LXP NZYNW` ^TZY% _SP bZ]WO T^ ^Z`YO 1Z] -P]PYO_ _ST^ bL^ _SP VPd _Z L bZ]WOaTPb ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -P]PYO_ ?SP BZ]WO T^ >Z`YO "  -P]PYO_ 9LOL -]LSXL /TP BPW_ T^_ 6WLYR !$% wF0^H bT]O OPX 3TYO` O`]NS OPY VZ^XT^NSPY ?LYe OP^ 2Z__P^ >STaL OTP^PWMP AZ]^_PWW`YR aZY OP] 8L_P]TP aP]XT__PW_ bTP OPX ;Sd^TVP] O`]NS RPbT^^P ,^[PV_P OP] Z`YO cTz cTTT bSP]P .L[]L PX[SL^TePO _SP wYPb aT^TZY ZQ ]PLWT_dx L SZWT^_TN OdYLXTN YP_ bZ]VPO bZ]WO `YOP]^_LYOTYR _SL_ TY _SP Q`_`]P ^NTPYNP^ bZ`WO ]P[WLNP _SP XPNSLYT^ _TN 3P LOOPO _SL_ -P]PYO_v^ ]P[]P^PY_L_TZY SLO w[]ZQZ`YO TX[WTNL_TZY^x QZ] ^NTPYNP [STWZ^Z[Sd LYO PaP]dOLd N`W_`]P wBP^_P]Y N`W_`]P SL^ ZaP]PX[SL^TePO ^PPTYR LYO YPRWPN_PO WT^_PYTYRx LYO OZN`XPY_PO wZ`] N`]]PY_ NSLYRP ZQ [L]LOTRX^x& _SP [L]L OTRX ^STQ_ Q]ZX PdP _Z PL] Q]ZX XL^N`WTYP _Z QPXTYTYP aLW`P^ Q]ZX LYLWd^T^ _Z ^dY _SP^T^ Q]ZX w]L_TZYLW VYZbWPORP _Z TY_`T_TaP bT^OZXx LYO wQ]ZX OZXTYL_TZY LYO LR R]P^^TZY _Z YZYaTZWPYNP LYO [PLNPx TMTO cTTT 4Y _SP 4Y_]ZO`N_TZY _Z _SP 0YRWT^S POT_TZY^ -P]PYO_ STX^PWQ ^`XXL]TeP^ ST^ bZ]V bT_S _SP^P bZ]O^% w?SP ^Z`YO bT_S bSTNS _ST^ MZZV OPLW^ T^ LW^Z L u^Z`YOTYR _ZRP_SP]v L NSZ]O QZ]XPO Md XLYd aZTNP^% Q]ZX 7LZ_e` _Z 9TPW^ -ZS] Q]ZX ;d_SLRZ]L^ _Z 5ZSY .ZW_]LYP Q]ZX _SP MTMWTNLW [^LWXT^_^ _Z 3P]XLYY 3P^^P Q]ZX _SP EPY 8L^_P] 3LV`TY _Z BP]YP] 3PT^PYMP]Rx TMTO   -P]PYO_ ?SP BZ]WO T^ >Z`YO #

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx

#

_SL_ SP OP^N]TMPO TY _P]X^ ^`NS L^ wSZWT^_TNx wYP_bZ]VPOx wQPXTYTYPx R`TOPO Md PXZ_TZYLW TY_PWWTRPYNP wWT^_PYTYRx LYO w^[T]T_`LWx /P^[T_P _SP ZY_ZWZRTNLW LYO [Sd^TNLW L^[PN_^ TP _SP ^_]ZYRWd ^NTPY_TQTN NZOTYR _SL_ -P]PYO_ `^P^ _Z `YOP][TY ST^ ^_L_PXPY_^ _SP []TXL]d TX[P_`^ ]P XLTY^ NPY_P]PO ZY ^[T]T_`LWT_d LYO X`^TNLW []LN_TNP TY ST^ NZYNP[_ ZQ 9£OL-]LSXLY 3P bL^ TY^[T]PO YZ_ WPL^_ Md =LaT >SLYVL] _Z bSZX SP ]P[PL_POWd ]PQP]^ LYO LW^Z Md @^_LO ,WWL`OT 6SLY LYO Z_SP] 4YOTLY _PLNSP]^ bSZ NLXP _Z _SP BP^_ TY _SP $!^ LYO $"^ -P]PYO_ []P ^PY_^ MPNZXTYR LN\`LTY_PO bT_S NWL^^TNLW 4YOTLY XZOLW X`^TN L^ L VTYO ZQ ]PaPWL_TZY LYO _SP []LcPZWZRTNLW TY^_]`N_TZY^ ZQ _SP XL^_P]^ ZQ 4Y OTLY X`^TN L^ LY TYT_TL_TZY TY_Z _SP YPb ^[T]T_`LW L__T_`OP ZQ _SP wWT^_PY TYR XLYx TY bSTNS X`^TN LYO ]PWTRTZY XP]RP ^PLXWP^^Wd ?SP 4YOTLY _PLNSP]^ OP_P]XTYPO _SP TOPLW L__T_`OP ZQ L X`^TNTLY L^ QZWWZb^% w 9LOL -]LSXL  >Z`YO T^ RZO >SZb _SL_ TY dZ`] ^TYRTYR 8POT_L_P ZY T_ .WPLY^P dZ`] VL]XL Md T_ >TYR ^Z _SL_ [PZ[WP bTWW `YOP]^_LYO _SL_ PaPY TQ dZ` SLaPYv_ _ZWO _SPX MPQZ]P >Z`YO T^ RZO 9LOL -]LSXL x 

1Z] -P]PYO_ X`^TN ^[T]T_`LWT_d LYO NZY_PX[Z]L]d ^NTPYNP bP]P YZ_ _S]PP ^P[L]L_P _STYR^ M`_ TY_P]_bTYPO bT_S ZYP LYZ_SP] LYO TY ST^ PdP^ _ST^ Pc[]P^^PO _SP VLT]Z^ ZQ _SP _TXP 8ZOLW X`^TN bSTNS []PaLTW^ TY 4YOTLY N`W_`]P M`_ SLO WZYR MPPY WZ^_ TY BP^_P]Y N`W_`]P ! bL^ YZb MPTYR ]POT^NZaP]PO SP NWLTXPO MPNL`^P _SP YP_bZ]VPO QZ]X ZQ _SZ`RS_ MPSTYO XZOLWT_d SLO YZ_ ZYWd MPNZXTYR w_STYVLMWPx LRLTY M`_ SLO LN _`LWWd MPPY QZ]NPO Md _SP ^PLNSLYRP^ ZQ XZOP]Y ]PWL_TaT^_TN [Sd^TN^% wm ^ZXP_STYR Pc_]LZ]OTYL]d SL^ SL[[PYPO TY _SP []P^PY_ RPYP]L_TZY O`]TYR _SZ^P ^LXP dPL]^ bSPY bP MPNLXP LbL]P ZQ _SP ^Z`YO NSL]LN_P] ZQ _SP `YTaP]^P bP LW^Z RLTYPO L YPb L__T_`OP _ZbL]O X`^TN BP OT^NZaP]PO Z] ]POT^NZaP]PO VTYO^ ZQ X`^TN _SL_ NZ]]P^[ZYO _Z _SP ^Z`YO NSL]LN_P] ZQ _SP `YTaP]^P TY L XZ^_ QL^NTYL_TYR bLdx "

4YOTLY NWL^^TNLW X`^TN bSTNS SL^ MPPY [`^STYR T_^ bLd TY_Z BP^_P]Y NZYNP]_ SLWW^ ^TYNP _SP $!^ OTO TY QLN_ Z[PY `[ L YPb bZ]WO MPNL`^P 4YOTLY X`^TN XLTY_LTYPO _SP XZOLW ^d^_PX ZaP] XLYd S`YO]PO^ ZQ dPL]^ LYO NZ`WO _SP]PQZ]P OPaPWZ[ T_ TY L ^`MWTXP OTaP]^T_d ^`M_WP_d LYO [P] QPN_TZY # ?SP X`^TNZWZRTNLW NZSP]PYNP ZQ L XZOP NZY^T^_^ ZQ _SP ]PWL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  3P]P -P]PYO_ ?SP BZ]WO T^ >Z`YO   \`Z_P^ ;LYOT_ ;]LY 9L_S bSZ bL^ WTaTYR TY 9Pb DZ]V L_ _SP _TXP ! ,YNTPY_ 2]PPV X`^TN LYO XPOTPaLW 2]PRZ]TLY NSLY_^ LW^Z MPWZYRPO _Z _SP XZOLW _]LOT_TZY " -P]PYO_ ?SP BZ]WO T^ >Z`YO   # ?SP ^`NNPPOTYR YZ_P^ QZWWZb ZY Q]ZX _SP L]_TNWP w¾MP] OTP VWL^^T^NSP TYOT^NSP 8`^TVx w:Y .WL^^TNLW 4YOTLY 8`^TNx TY _SP >bT^^ YPb^[L[P] 9P`P EÞ]NSP] EPT_`YR $! LYO []ZR]LX^ Md 0aL 8PNS_STWO 6ZWWTY bSZ _ZRP_SP] bT_S _SP >bT^^4YOTLY >ZNTP_d _SP =TP_MP]R >ZNTP_d LYO _SP >bT^^ >ZNTP_d QZ] ,^TLY >_`OTP^ Z]RLYTePO 4Y

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_TZY^ST[ ZQ PLNS TYOTaTO`LW YZ_P bT_S L QTcPO Q`YOLXPY_LW MZ`]O`Y ?ST^ `YNSLYRPO Q`YOLXPY_LW bT_S L QTQ_S Z] L QZ`]_S T^ [P]XLY_Wd XLTY_LTYPO ?SP WT^_PYP] ^SZ`WO LWbLd^ MP LMWP _Z [P]NPTaP _SP [P]XL YPY_ YZ_P LYO _SZ^P ZQ _SP XPWZOd L^ LY Z]RLYTN `YT_ 4YOTLY X`^TN T^ LWbLd^ TY `YT^ZY TP T_ OZP^ YZ_ SLaP LYd NSZ]O^ M`_ TY^_PLO T_ OPaPW Z[PO Pc_]PXPWd ]TNS PYSLYNPXPY_ ZQ XTN]Z_ZYP^ ²]`_T  $ 4_ `YQZWO^ T_^ MPL`_d TY _SP WTYPL] OPaPWZ[XPY_ ZQ XPWZOTP^ ]£RL  TY _SP XTN]Z_ZYLW Z]YLXPY_L_TZY LYO TY T_^ PcNP[_TZYLW bPLW_S ZQ ]Sd_SX^ _£WL  0aP]d =£RL T^ ]P^_]TN_PO _Z NP]_LTY YZ_P^ Z] ^NLWP^ LYO L ^VPWP_LW Q]LXPbZ]V  4_ T^ MPWTPaPO _Z TYSP]PY_Wd NZY_LTY L ^[PNTQTN PXZ_TZYLW NZY_PY_ L^ T_^ aP]d P^^PYNP ]L^L  ?SP L]_T^_ T^ YZ_ TY_PYOPO _Z OP^N]TMP _SP XZZO ZQ _SP =£RL M`_ _Z LNSTPaP T_ ?SP LN_`LW L]_ NZY^T^_^ TY wLbLVPYTYRx _ST^ LP^_SP_TN PXZ_TZYLW L_XZ^[SP]P Md OPaPWZ[TYR LYO Z]YLXPY_TYR _SP ^VPWP_LW XPWZOTN ^_]`N_`]P ]TRS_ `[ _Z _SP WL^_ ]PQTYPXPY_  ?PX[P]TYR bZ`WO ^[PWW _SP PYO ZQ _SP ]PQTYPXPY_^ LYO T^ _SP]PQZ]P ]PUPN_PO BSL_ NZ`Y_^ XZ^_ T^ YZ_ _SP XP]P LNZ`^_TN =£RL Q]LXPbZ]V ^`NS L^ _SP =£RL ?Z“T ^NLWP M`_ _SP Pc[]P^^TZY ZQ _SP =£RL ?Z“T XZZO ZQ _PYOP] WZaP [L_SZ^ LYO L _Z`NS ZQ SP]ZT^X bSTNS _SP L]_T^_ ^SZ`WO OPaPWZ[ LYO WPYO QZ]X _Z `^TYR LWW ST^ _LWPY_^ 4YOTLY X`^TNTLY^ L]P NZX[Z^P]^ L^ bPWW L^ [P]QZ]XP]^ ?SPT] bZ]V^ _SP =£RL^ L]P MZ]YP Z`_ ZQ _SP XZXPY_ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ OTLY NZYNP]_^ TY >bT_eP]WLYO EÞ]TNS LYO -L^PW TY _SP $!^ LYO $"^ LYO bSZ bLY_PO _Z QLXTWTL]TeP L BP^_P]Y L`OTPYNP bT_S _SP _SPY LWTPY X`^TN $ ?SP^P w\`L]_P] _ZYP^x Z] wXTN]Z_ZYP^x ²]`_T OTaTOP _SP ZN_LaP TY_Z  T]]PR`WL] TY_P]aLW^  4_ T^ L QTaP _Z ^PaPY_ZYP XZOP _SL_ ZQ_PY []P^N]TMP^ OTQQP]PY_ YZ_P^ QZ] _SP L^NPYOTYR XPWZOTP^ _SLY _SZ^P QZ] OP^NPYOTYR XPWZOTP^ ?SP XZOLW _ZYP^ L]P NSZ^PY Q]ZX L ^d^ _PX ZQ " VPd^ XPWL _SL_ L]P `^PO TY >Z`_SP]Y 4YOTLY X`^TN PaPY _ZOLd bSTWP TY 9Z]_SP]Y 4YOTL X`^TN _SPd L]P WTXT_PO _Z  0LNS =£RL TYNW`OP^ L NP]_LTY ^NLWP bT_S bSTNS _SP X`^TNTLY^ NLY TX[]ZaT^P _ZYP^ bT_STY L QTcPO Q]LXPbZ]V ?ST^ QTcPO OP _P]XTYL_TZY L[[WTP^ _Z _S]PP XLTY [ZTY_^ ^TYNP _SP >L«R¯_L=L_Y£VL]L % L _SP QZ]XL_TZY ZQ XPWZOd TY bSTNS _SP ML^TN _ZYP [WLd^ L NPY_]LW ]ZWP bSP]PMd _SP QT]^_ LYO WL^_ _ZYP OZ YZ_ SLaP _Z MP TOPY_TNLW _Z T_& M _SP OTaT^TZY ZQ _SP [P]QZ]XLYNP TY_Z _S]PP [L]_^ ^WZb TY_]ZO`N_TZY ZQ _SP XPWZOd NLWWPO £W£[  QZWWZbPO Md L UZTY_ TX[]ZaT^L_TZY bT_S L ]Sd_SX TY^_]`XPY_ LYO _SPY L QL^_ NWZ^TYR ^PN_TZY& LYO N _TXP ZQ _SP OLd LYO dPL] ZQ _SP [P]QZ]XLYNP ZQ _SP ^[PNTQTN =£RL  ?SP XZZO T^ YPaP] NSZ^PY L]MT_]L]TWd 4Y^_PLO LNNZ]OTYR _Z 4YOTLY X`^TNZWZRd T_ T^ YL_`]LWWd bZaPY TY_Z _SP NZX[Z^T_TZY ZQ TY_P]aLW^ ?SP]PQZ]P _SP X`^TNTLY T^ YZ_ ^`[ [Z^PO _Z LN_`LWWd QPPW _SP PXZ_TZY^ Z] TXLRTYP _SPX =L_SP] ST^ _L^V T^ _Z LbLVPY _SP LP^_SP_TN ^PY_TXPY_^ bSTNS RZ MPdZYO _SP ]PLW wQPPWTYR^x L^ _SPT] OP[P]^ZYLWTePO wP^^PYNP^x Z] ]L^L L^ LW]PLOd Pc[WLTYPO TY _SP NSL[_P]^ ZY _SPL_P] ^_`OTP^ LYO [ZP_ TN^ ?SP L`OTMWP _ZYP^ LYO w_LYRTMWPx QPPWTYR^ L]P ]PRL]OPO L^ ^`]QLNP^ LYO Pc_P]YLW TY_PY^TQTNL_TZY^ ZQ OPP[P] [^dNSZWZRTNLW LYO NZ^XTN ^_]L_L ,^ _SP _ZYP^ LYO QPPWTYR^ L[[PL] X`_`LWWd OP[PYOPY_ ZY _SP ^`]QLNP _SP ZMUPN_TaP LYO _SP ^`MUPN_TaP L]P `YOP] ^_ZZO L^ MPTYR OZaP_LTWPO bT_S ZYP LYZ_SP] LW^Z TY _SP OPP[P] ^_]L_L ZQ MPTYR LYO `W _TXL_PWd L^ PXMZOTXPY_^ ZQ L QTYLW LM^ZW`_P `YT_d _Z bSTNS X`^TN RTaP^ L`OTMWP Pc []P^^TZY LYO LNNP^^ _S]Z`RS _SP RL_PbLd ZQ _SP _ZYP^

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx

#

YPaP] ]P_`]Y TY PcLN_Wd _SP ^LXP QZ]X PaP] LRLTY ?SP QT]^_ LYO XZ^_ TX[Z]_LY_ OPaPWZ[XPY_ [SL^P ZQ L =£RL NLWWPO £W£[  T^ [P]QZ]XPO bT_S Z`_ _£WL  TP bT_SZ`_ LYd ]Sd_SXTNLW PWPXPY_^ Z] QTcPO [P]TZO ZQ NZ`Y_ TYR _TXP ?ST^ £W£[ [L]_ ZQ _SP =£RL TX[]ZaT^L_TZY NZXX`YTNL_P^ XZ^_ NWPL]Wd _SP YL_`]P ZQ _SP L]_ ZQ =£RL LYO T^ ^PPY L^ _SP LN_`LW _Z`NS^_ZYP ZQ _SP^P ^VTWW^ :YWd TY _SP ^`NNPPOTYR RL_ [SL^P ZQ _SP =£RL OZP^ _SP []ZYZ`YNPO ]TNS ]Sd_SXTNT_d ZQ 4YOTLY X`^TN OPaPWZ[ 4Y [`MWTN NZY NP]_^ _ST^ [SL^P RPYP]LWWd TYNW`OP^ L [P]N`^^TZY TY^_]`XPY_ PXMZOdTYR _SP ]Sd_SXTN _£WL PWPXPY_ _SL_ YZb LNNZX[LYTP^ _SP =£RL ?SP O]`X XP] LYO _SP ^TYRP] Z] TY^_]`XPY_LWT^_ [P]QZ]X UZTY_ TX[]ZaT^L_TZY ?SP LN_`LW NWTXLc ZNN`]^ bSPY _SP X`^TNTLY^ NZX[P_P bT_S PLNS Z_SP] bT_STY _SP []P^N]TMPO ]Sd_SXTN Q]LXPbZ]V L^ OP^N]TMPO TY Z`] NSL[_P] ZY _SP WLYR`LRP ZQ O]`X^ 4Y NZY_]L^_ _Z _SP L]NST_PN_WTVP L[[]ZLNS ZQ BP^_P]Y NZX[Z^P]^ LYO _SP _PNSYTNLW aT]_`Z^T_d ZQ BP^_P]Y [P]QZ]XP]^ XZOLW X`^TNXLVTYR XPLY^ _SL_ L X`^TNTLY LOL[_^ _Z LY PcT^_TYR NZX[WPc YP_bZ]V ZQ _ZYLW ]PWL_TZY^ .WL^^TNLW 4YOTLY X`^TN SL^ WT__WP TY NZXXZY bT_S NWL^^TNLW BP^_P]Y X`^TN M`_ SL^ ^ZXP [ZTY_^ ZQ NZY_LN_ bT_S ULee z ZbTYR _Z MZ_S _SP S`RP ]ZWP [WLdPO Md TX[]ZaT^L_TZY LYO _SP PX[SL^T^ ZQ ]Sd_SX 3ZbPaP] _SP]P L]P LW^Z ]PWPaLY_ OTQQP]PYNP^ Q]ZX _SP TX[]ZaT^L_TZY Md L YZYXZOLW ULee X`^TNTLY ?SP NZY^_LY_Wd NSLYRTYR Q]LXPbZ]V NSZ]O^ ZQ YZYXZOLW X`^TN []ZaTOP L _TXP ^_]`N_`]P QZ] _SP X`^TNTLYv^ TX []ZaT^L_TZY _Z bSTNS SP ]PLN_^ ]L_SP] _SLY N]PL_TYR T_ STX^PWQ ?SP XZ OLW X`^TNTLY ZY _SP Z_SP] SLYO T^ Md YZ XPLY^ ]P^_]TN_PO _Z LY LM^ZW`_P _TXP ^d^_PX ?SP £W£[  _SP NWL^^TNLW Pc[Z^T_TZY ZQ L XZOP TY 4YOTLY X` ^TN NLY _LVP  ^PNZYO^ Z]  XTY`_P^ Z] PaPY  OLd^ bT_SZ`_ T_^ TYYP] ^_]TYRPYNd LW_P]TYR BSL_ NSLYRP^ T^ _SP TY_PY^T_d LYO _SP OPR]PP ZQ OTQQP]PY_TL_TZY ZQ ]PLWTeTYR _SP XZOP ?SP XZOP T_^PWQ ZYWd OP_P]XTYP^ ]PWL_TaP _TXP \`LY_T_TP^ WTVP _SP O`]L_TZY ZQ _SP XLTY YZ_P^ L^ NZX[L]PO _Z _SL_ ZQ ^`M^TOTL]d YZ_P^ -`_ bSL_ T_ OZP^ YZ_ []P^N]TMP TY NZY_]L^_ _Z _SP Q]LXPbZ]V ZQ NSZ]O^ T^ L QTcPO TYYP] ^_]`N_`]P LYO L OPQTYT_TaP PYO ,MZaP LWW _SP]PQZ]P L QPPWTYR ZQ P_P]YT_d ^`]]Z`YO^ XZOLW X`^TN ?ST^ XLd SLaP MPPY L XLUZ] ]PL^ZY bSd _ST^ X`^TN bL^ QPW_ _Z MP wXZ]P [PLNPQ`W LYO WP^^ YP]aZ`^x  LYO LW^Z _Z MP YL_`]LWWd w^[T]T_`LWx Md [PZ [WP WTVP -P]PYO_ LYO XLYd ULee LYO [Z[ X`^TNTLY^ bSZ MPNLXP LN \`LTY_PO bT_S 4YOTLY X`^TN TY _SP $!^  1Z] L bSTWP T_ MPNLXP _SP QL^STZY _Z LOL[_ _Z _ST^ ^_dWP ?ST^ L__]LN_TZY bL^ NP]_LTYWd [L]_Wd O`P _Z _SP PcZ_TN LYO _SP OTQQP]PY_ Q]ZX bSL_ bL^ ]PUPN_PO L^ ZM^ZWP_P [L]_Wd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -P]PYO_ ?SP BZ]WO T^ >Z`YO  $  .WL^^TNLW >Z`_S 4YOTLY X`^TN T^ TY QLN_ LW^Z R]PL_Wd [P]aLOPO Md ]PWTRTZ`^ _Z[TN^ X`^TNLWTePO TYaZNL_TZY^ TY_P]NP^^TZY^ LYO _]TM`_P^ _Z _SP R]PL_ OPT_TP^ LYO _SP ²£Y_T ]L^L w[PLNPQ`W XZZOx .WL^^TNLW 9Z]_S 4YOTLY X`^TN ZY _SP Z_SP] SLYO T^ ZQ_PY [`]PWd ^PN`WL] LMZaP LWW TY _SP QZ]X ZQ WZaP]PWL_PO _Z[TN^ LYO _SP ]L^L ZQ _SP wP]Z_TN XZZOx

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_Z _SP NZXXZY NZOTYR ZQ 4YOTL bT_S Xd^_TNT^X LYO ^[T]T_`LWT_d LY LW _P]YL_TaP QZ]X _Z .S]T^_TLYT_d LYO LW^Z _Z _SP `Y`^`LW LP^_SP_TN TX []P^^TZY LYO YPb Pc[P]TPY_TLW \`LWT_TP^ -P]PYO_v^ L]R`XPY_ bL^ _SL_ XZOLW X`^TN LN_`LWWd N]PL_PO L ]PWT RTZ`^ TY_P]P^_ ?SP L]R`XPY_ T^ TY_P]P^_TYR TY _P]X^ ZQ ]PWTRTZ`^ LP^_SP_ TN^ LYO NLYYZ_ MP ]PUPN_PO Z`_ ZQ SLYO 1]ZX 5ZSY .ZW_]LYP _Z 5ZSY 8N7L`RSWTY ]PWTRTZY SL^ SLO T_^ ^_LYOTYR MZZ^_PO _SLYV^ _Z X`^TN 4Y OTLY X`^TN SLO L_ WPL^_ L [L]_TLW ^SL]P TY _ST^ 4_ bL^ L OTQQP]PY_ ^dX MZWTN QZ]X _SLY _SP QLXTWTL] SL]XZYTP^ LYO N]PL_PO OTQQP]PY_ Pc[P]TPYNP [`]PWd _S]Z`RS LP^_SP_TN ^PY^Z]d L^[PN_^ z bSTNS XLYd L^^ZNTL_PO bT_S ]PWTRTZY z Z] MP__P] bT_S ^[T]T_`LWT_d /P^[T_P _SP R]PL_ bPLW_S ZQ Z]YL XPY_L_TZY ]Sd_SXTN LYO XPWZOTN OTaP]^T_d LYO WTaPWd XZaPXPY_ =£RL^ XLVP LY TX[]P^^TZY ZQ ^ZXP_STYR _SL_ ]P^_^ bT_STY T_^PWQ ?SP]P L]P []LN_TNLWWd YZ NZY_]L^_^ Z] O]LXL_TN NZY^_PWWL_TZY^ 4Y^_PLO _SP =£RL OPaPWZ[^ QWZbTYR TY L _TXPWP^^ LYO [PLNPQ`W XLYYP] L^ T_ bP]P ^TYNP _SP L]_T^_ T^ ^ZUZ`]YTYR TY _SP `YT_d ZQ L =£RL VPd ?ST^ RPYP]L_P^ L OTQ QP]PY_ QPPWTYR ZQ _TXP LYO ^[LNP LYO L OTQQP]PY_ QPPWTYR LMZ`_ ZYP^PWQ L^ L X`^TNTLY Z] L WT^_PYP] _SLY _SL_ QZ`YO TY BP^_P]Y X`^TN -P]PYO_ ^Lb wPc[P]TPYNTYR ZYPYP^^x LYO wOT^^ZW`_TZY ZQ _TXPx L^ _SP XZ^_ ^TRYTQT NLY_ NSL]LN_P]T^_TN^ ZQ XZOLW X`^TN LYO NZ]]PWL_PO _ST^ TXXPOTL_PWd bT_S L YZYO`LW XPOT_L_TZY Pc[P]TPYNP% w?SP X`^TN bP L]P _LWVTYR LMZ`_ SP]P z NWL^^TNLW 4YOTLY X`^TN _SP X`^TN ZQ 5ZSY .ZW_]LYP LYO ST^ X`^TNLW SPT]^ TY ULee LYO ]ZNV XTYTXLW X`^TN LYO _SP MP^_ ZQ _SP YPb XPOT_L_TZY X`^TN z [ZTY_^ _ZbL]O LY Pc[P]TPYNP _SL_ TY _SP PL^_P]Y _]LOT_TZY T^ ]PQP]]PO _Z L^ uMPNZXTYR ZYPv ?Z MP ^`]P _ST^ X` ^TN LWZYP NLY YZ_ M]TYR LMZ`_ ^`NS uL_ZYPXPY_v 9Z X`^TN NLY OZ _SL_ :YWd dPL]^ ZQ XPOT_L_TZY NLY OZ T_ -`_ _ST^ X`^TN [LaP^ _SP bLd  4_ T^ L VTYO ZQ X`^TN TY bSTNS _TXP T^ OT^^ZWaPO TY L XLYYP] MPdZYO bZ]O^x 

?ST^ _LYRTMWP YPb ]PWTRTZYQ]TPYOWd \`LWT_d L__]TM`_PO _Z XZOLW X`^TN []ZMLMWd Pc[WLTY^ L WL]RP [L]_ ZQ _SP P`[SZ]TL bT_S bSTNS ,^TLY X`^TN bL^ ]PNPTaPO L_ _SL_ _TXP ,NNZ]OTYR _Z -P]PYO_ _SP Pc[]P^^TaP \`LWT_d ZQ XZOLW X`^TN T^ L`_ZXL_TNLWWd _TPO _Z L OTQQP]PY_ L__T_`OP TY X`^TN XLVTYR LYO SPL]TYR bSTNS SP NLWW^ ^[T]T_`LW 8ZOLW [WLdTYR ZQ X`^TN []ZaTOPO _SP X`^TNTLY^ bT_S _SP [Z^^TMTWT_d ZQ OPLWTYR bT_S ]PWTRTZ`^ QPPWTYR^ TY L aP]d [P]^ZYLW QZ]X LYO LOZ[_TYR Pc[WTNT_Wd ^[T]T_`LW L__T _`OP^ bT_SZ`_ SLaTYR _Z PY_P] TY_Z TY^_T_`_TZYLW LYO OZRXL_TN _TP^ ?ST^ QT__PO TY bPWW bT_S _SP NSLYRP TY ^`MUPN_TaP [TP_d [L__P]Y^ MPNZXTYR L[[L]PY_ L_ _SL_ _TXP LYO YZb bPWW OZN`XPY_PO TY _SP ]P^PL]NS WT_P]L _`]P TP Pc_]PXP ]PWTRTZ`^ TYOTaTO`LWTeL_TZY LYO _SZ^P YPb ]PWTRTZ`^ ^_dWP^ LYO ^dYN]P_T^X^ _SL_ L]P NSL]LN_P]TePO _ZOLd L^ wTYaT^TMWP ]PWTR TZYx 7`NVXLYY w^`MUPN_TaP WTQP ^[T]T_`LWT_dx 3PPWL^BZZOSPLO LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -P]PYO_ ?SP BZ]WO T^ >Z`YO !#

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx

#

w`YNS`]NSPO ]PWTRTZYx 1`WWP]  1Z] PcLX[WP _SP _PYZ] ^LcZ[SZYT^_ 9L_SLY /LaT^ YZ_P^% w;WLdTYR XZOLWWd SL^ _Z OZ bT_S ^[T]T_`LWT_d BSL_ bP ]PLWWd XPLY Md ^[T]T_`LWT_d T^ ]PWTRTZ`^YP^^ :YWd bP OZYv_ `^P _SL_ bZ]O MPNL`^P bP OZYv_ XPLY bSL_ _SP .S]T^_TLY bZ]WO XPLY^ Md ]PWTRTZ`^YP^^x !

BSPY -P]PYO_ ]PRL]OPO _SP ]PXZOLWTeL_TZY ZQ X`^TN L^ TYOTNL_TaP ZQ L X`NS R]PL_P] YPb ]PWTRTZY[]ZO`NTYR []ZNP^^ MPdZYO X`^TN SP bL^ YZ_ ZYWd L WZYP _SPZ]P_TNTLY 4Y ST^ MZZV SP bL^ TY QLN_ _]dTYR _Z OP ^N]TMP _SP L]_T^_TN ^PWQLbL]PYP^^ LYO WTQPQPPWTYR ZQ L bSZWP RPYP]L_TZY ZQ ULee X`^TNTLY^ " ^_L]_TYR bT_S 5ZSY .ZW_]LYP TY _SP $!^ 5Lee bL^ LWbLd^ []POP^_TYPO QZ] WT_P]LWWd w[WLdTYR ZQQx _SP [P]^ZYLW _SP ^[ZY_L YPZ`^ LYO _SP TYOTaTO`LW LRLTY^_ _SP OZXTYL_TYR wM]LTYdx XPNSLYT^_TN bZ]WOaTPb @YWTVP _SP NWL^^TNLW X`^TNTLY^ QZ] ULee X`^TNTLY^ _SP]P T^ L NWZ^P ]PWL_TZY^ST[ MP_bPPY WTQP LYO X`^TNXLVTYR ?SPd [WLd bSL_ _SPd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SZXL^ 7`NVXLYY /TP `Y^TNS_ML]P =PWTRTZY 1]LYVQ`]_% >`S]VLX[ $$& ;L`W 3PPWL^ LYO 7TYOL BZZOSPLO ?SP >[T]T_`LW =PaZW`_TZY :cQZ]O% -WLNVbPWW  & =ZMP]_ . 1`WWP] >[T]T_`LW -`_ 9Z_ =PWTRTZ`^% @YOP]^_LYOTYR @YNS`]NSPO ,XP]TNL 9Pb DZ]V% :@;  .Q LW^Z 2]LNP /LaTP =PWTRTZY TY -]T_LTY ^TYNP $ % -P WTPaTYR bT_SZ`_ -PWZYRTYR  :cQZ]O% -WLNVbPWW $$ 4Y NZY_]L^_ _Z 1`WWP]v^ ST^_Z]TNLW ]PNZY^_]`N_TZY ZQ XZOP]Y ^[T]T_`LWT_d OT^NZ`]^P^ TY 9Z]_S ,XP]TNL ^TYNP _SP $_S NPY _`]d bSTNS [Z^T_TZY _SPX^PWaP^ Z`_^TOP .S]T^_TLY MPWTPQ^ LYO XZ]P bT_STY _SP Q]LXP bZ]V ZQ [STWZ^Z[Sd LYO YL_`]LW ^NTPYNP /LaTP NWLTX^ _SP PcT^_PYNP ZQ L M]ZLO ^PR XPY_ ZQ _SP [Z[`WL_TZY TY _SP @YT_PO 6TYROZX bSZ TYOPPO ^PP _SPX^PWaP^ L^ OPNTOPOWd Z`_^TOP _SP .S`]NS M`_ ^_TWW bT_STY _SP .S]T^_TLY M]LNVP_ 7`NVXLYYv^ _SP Z]d ^_TWW L[[WTP^ _Z MZ_S aL]TL_TZY^ bSTNS SP [Z^_`WL_PO TY _SP PL]Wd $!^ ^_L_TYR _SL_ _SP]P SLO MPPY WP^^ ZQ L ^PN`WL]TeL_TZY LYO XZ]P ZQ LY TYOTaTO`LWTeL_TZY ZQ ]PWTRTZY TY _SP XZOP]Y [P]TZO LYO _SL_ _SP YPb ^ZNTLW WZNL_TZY ZQ ]PWTRTZY bL^ _SP L`_ZYZXd ZQ _SP TYOTaTO`LW 4Y_P]P^_TYRWd _SP []TaL_TeL_TZY _SPZ]P_TNTLY 7`NVXLYY ^_TWW [Z^_`WL_PO TY _SP QT]^_ POT_TZY ZQ ST^ @Y^TNS_ML]P =PWTRTZY $!" _STYR^ ^`NS L^ QLXTWd ^Pc`LWT_d LYO XZMTWT_d L^ wYPb ]PWTRTZY^x _SL_ T^ [SPYZXPYL _SL_ NZ`WO YZ WZYRP] MP ]PNZR YTePO L^ ]PWTRTZY M`_ ^_TWW Q`WQTWWPO ]PWTRTZYWTVP Q`YN_TZY^ L^ w^XLWWx LYO wXPOT`X _]LY^NPYOPYNTP^x RZTYR MPdZYO _SP [`]PWd MTZWZRTNLW LYO L^ L ]`WP bP]P XLOP `[ ZQ L NZWWLRP ZQ bZ]WOaTPb^ MZ_S ^PN`WL] LYO ]PWTRTZ`^ NP]_LTYWd TYNW`OTYR .S]T^_TLY ZYP^ 4Y _SP QT]^_ POT_TZY _SP ^STQ_ _Z TYOTaTO`LW YPPO^ TWW`^_]L_PO L ^PWQ^LN]LWTeL_TZY _SL_ bL^ ^_TWW Q`WWd LYNSZ]PO bT_STY _SP w^PN`WL]x ?SP YPb POT_TZY ZQ $$ SZbPaP] NZY_LTY^ LY P[TWZR Md 7`NVXLYY LYO L QZ]PbZ]O Md 7`NVXLYYv^ ^_`OPY_ 3`MP]_ 6YZ MWL`NS L^N]TMTYR _SP R]PL_P^_ TX[Z]_LYNP _Z LW_P]YL_TaP ^[T]T_`LWT_d LYO LW^Z LOXT__TYR _SP VPd ]ZWP ZQ _SP wR]PL_ _]LY^NPYOPYNTP^x ZQ Pc_]LZ]OTYL]d Pc[P]TPYNP^ _SL_ bPY_ MPdZYO PaP]dOLd ]Z`_TYP 7`NVXLYY LYO 6YZMWL`NS ^PP LW_P]YL_TaP ^[T]T_`LWT_d L^ _SP XZ^_ NZY_PX[Z]L]d QZ]X ZQ ]PWTRTZY TY _SP XZOP]Y [P]TZO :YP NLY ^Ld _SP ^LXP Z] ^TXTWL] ZQ 3PPWL^ LYO BZZOSPLO bSZ LN_`LWWd RZ Q`]_SP] LYO PaPY ^[PLV ZQ L w^[T]T_`LW ]PaZW`_TZYx ZY L R]LYO ^NLWP Q`WWd TY _SP ^PY^P ZQ -P]PYO_v^ wYPb NZY ^NTZ`^YP^^x LYO ]PRL]O bZXPY L^ _SP XLTY [WLdP]^ TY XZOP]Y ^[T]T_`LWT_d ?SP _SP ^P^ [L]_TN`WL]Wd _SZ^P ZQ 3PPWL^ LYO BZZOSPLO SLaP SZbPaP] YZ_ RZYP `YOT^[`_PO :YP Q]P\`PY_ N]T_TNT^X T^ _SL_ _SPd ZaP]P^_TXL_P _SP ]ZWP ZQ XTYZ]T_TP^ ! -P]PYO_ ?SP BZ]WO T^ >Z`YO ! " -P]PYO_ ?SP BZ]WO T^ >Z`YO  z" z"

#!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

QPPW LYO Pc[P]TPYNP 1Z] _ST^ ]PL^ZY PaP]d ULee X`^TNTLY SL^ ST^ uZbY ^Z`YOv 3P [WLd^ XZ]P Z] WP^^ ubT_S L R`_ QPPWTYRv LYO _ST^ bLd QTYO^ wL^ X`NS Pc[]P^^TZY TY L ^TYRWP YZ_P L^ TQ T_ bP]P L bSZWP XPWZOdx # ?ST^ X`^TN U`^_ wSL[[PY^x SP]P LYO w9:Bx $ ,NNZ]OTYR _Z -P]PYO_ _ST^ T^ []PNT^PWd bSL_ XLOP _SP ULee X`^TNTLY^ P^[PNTLWWd ]PNP[_TaP _Z _SP 4YOTLY 9£OL 3P MPWTPaPO XZOLW X`^TN bL^ TYPaT_LMWd LYO LWXZ^_ YPNP^^L]TWd MZ`YO TY_Z L OTQQP]PY_ XPY_LW L__T_`OP LYO NZYaP]^PWd _SL_ _SP YPb ^[T]T_`LW _STYVTYR L`_ZXL_TNLWWd OPXLYOPO _SP XZOLW ^_dWP ZQ [WLdTYR -Z_S L^[PN_^ NL`^PO _SP X`^TNTLY^ _Z OPaPWZ[ LY TYN]PL^TYR TY_P]P^_ TY 4YOTL ,NNZ]OTYR _Z -P]PYO_ bSPY 5ZSY .ZW_]LYP O $!" T^^`PO _SP ]P NZ]O w7ZaP >`[]PXPx $!  SP bL^ _SP QT]^_ X`^TNTLY _Z TY_]ZO`NP ^[T]T_`LWT_d 9ZbLOLd^ -P]PYO_ ^_L_P^ TY _SP $#^ _ST^ T^ YZ WZYRP] QPW_ _Z MP ^_]LYRP LYO TYL[[]Z[]TL_P bSP]PL^ T_ bL^ []PaTZ`^Wd Pc _]PXPWd `Y`^`LW TY ULee X`^TN L[L]_ Q]ZX RZ^[PW ^TYRTYR TY NS`]NSP^ ?SP ZYWd _Z[TN^ bP]P WZaP QTOPWT_d [L^^TZY LYO WZYRTYR TP _SP ^_LY OL]O _Z[TN^ ZQ X`^TN QZ] OLYNTYR LYO PY_P]_LTYXPY_ .ZW_]LYP SZbPaP] b]Z_P _SP QZWWZbTYR ZY ST^ ]PNZ]O NZaP]% wBZ]O^ ^Z`YO^ ^[PPNS XPY XPXZ]d _SZ`RS_^ QPL]^ PXZ_TZY^ z _TXP z LWW ]PWL_PO  LWW XLOP Q]ZX ZYP  LWW XLOP TY ZYP -WP^^PO MP ST^ YLXP ?SZ`RS_ bLaP^ z SPL_ bLaP^ z LWW aTM]L_TZY^ z LWW [L_S^ WPLO _Z 2ZO ?SLYV dZ` 2ZOx

:Y _SP ^LXP NZaP] .ZW_]LYP OZN`XPY_^ LY LbLVPYTYR Pc[P]TPYNP TY _SP dPL] $ " bSTNS SP SLO YZb OPNTOPO _Z ^_LYO Md ?SP ]PNZ]O bL^ T^ ^`PO TY _SP ^LXP dPL] TY bSTNS .ZW_]LYP OT^NZaP]PO _SL_ _SP TX[]ZaT^L _TZY []TYNT[WP TY 4YOTLY X`^TN bL^ TOPLW QZ] ULee ,NNZ]OTYR _Z -P]PYO_ .ZW_]LYP OTO XZ^_ ZQ _SP M]TORPM`TWOTYR MP_bPPY ULee LYO 4YOTL bSP]PMd _ST^ M]TORP bL^ TYT_TLWWd ]L_SP] XZ]P ML^PO ZY 4YOTLY ^[T]T_`LW T_d _SLY ZY 4YOTLY X`^TN LYO SP NWLTXPO T_ bL^ LW^Z _SLYV^ YZ_ WPL^_ _Z .ZW_]LYP _SL_ _SP L^[PN_ ZQ ^[T]T_`LWT_d ^[]PLO QL] MPdZYO _SP bZ]WO ZQ ULee  4Q .ZW_]LYPv^ TY_P]P^_ TY 4YOTL bL^ ]L_SP] ]`OTXPY_L]d _SP]P bL^ LY TYN]PL^TYR Y`XMP] ZQ X`^TNTLY^ bSZ NZY^NTZ`^Wd L^[T]PO _Z LOZ[_ 4Y OTLY ^[T]T_`LWT_d z Z] _SL_ L^^ZNTL_PO bT_S 4YOTL 4YOTL bL^ _SP R]PL_ ]ZWPXZOPW QZ] XLVTYR SPL]TYR LYO Pc[P]TPYNTYR X`^TN ML^PO ZY L XPOT_L_TaP L__T_`OP 5ZSY .ZW_]LYPv^ X`^TNLW LYO ^[T]T_`LW TYQW`PYNP bL^ QZWWZbPO Md _SP bZ]WO X`^TNTLY /ZY .SP]]d bSZ ^_`OTPO bT_S L XL^_P] ZQ 4YOTLY ^TYRTYR LYO MPNLXP TYN]PL^TYRWd NPY_P]PO ZY 4YOTL ,_ _SP PYO ZQ _SP $!^ 4YOTL bL^ LWW _SP QL^STZY ?SP -PL_WP^ MPNLXP TY_P]P^_PO TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # -P]PYO_ 9£OL -]LSXL /TP BPW_ T^_ 6WLYR   QQ $ -P]PYO_ ?SP BZ]WO T^ >Z`YO "  -P]PYO_ ?SP BZ]WO T^ >Z`YO !

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx

#"

?8 2PZ]RP 3L]]T^ZY WPL]YPO ^ZXP 4YOTLY X`^TN LYO PaPY _SP =ZWWTYR >_ZYP^ XLOP LY PcN`]^TZY TY_Z 4YOTL Md `^TYR L >T_L] TY w;LTY_ T_ -WLNVx ?ST^ QL^STZY [L^^PO ]PWL_TaPWd \`TNVWd M`_ QZ] XLYd X`^TNTLY^ Z`_^TOP ZQ _SP [Z[`WL] XLTY^_]PLX 4YOTL ]PXLTYPO L [P]XLYPY_ QZ]NP z WP^^ TY ]PWL_TZY _Z _SP X`^TNLW _SLY _Z _SP ^[T]T_`LW ?SP R`T_L]T^_ 5ZSY 8N7L`RSWTY LYO ST^ R]Z`[ w>SLV_Tx bP]P ]PLW 4YOTL XLYTLN^ z TY QLN_ 8N7L`RSWTY STX^PWQ bL^ _SP ZYWd BP^_P]Y X`^TNTLY TY _SP MLYO ?SP LW_Z ^LcZ[SZYT^_ .SL]WTP 8L]TLYZ PaPY WTaPO TY ,^TL QZ] ^PaP]LW dPL]^ LYO ^_`OTPO _SP WZNLW bTYO TY^_]`XPY_ 9£OL^bL]LX TY L ^XLWW aTWWLRP TY >Z`_SP]Y 4YOTL WTaTYR bT_SZ`_ PWPN_]TNT_d LYO Z_SP] MWP^^TYR^ ZQ XZOP]Y NTaTWTeL_TZY 7L_P] SP LW^Z [WLdPO _SP 9£OL^bL]LX O`]TYR ST^ ULee [P] QZ]XLYNP^ 3P Pc[WLTYPO _SP ]PLW ]PL^ZY MPSTYO ST^ PY_S`^TL^X QZ] 4YOTL TY _SP QZWWZbTYR bZ]O^% wDZ` VYZb 4 SLaP ZM^P]aPO _SL_ dZ`] ULee RP_^ MP__P] bSPY dZ` SLaP XL^ _P]PO 4YOTLY X`^TN 9Z_ ZYWd TY Xd 4YOTLY [TPNP^ M`_ LW^Z TY Z_SP]^ bSTNS SLaP YZ_STYR _Z OZ bT_S 4YOTL DZ` ^TX[Wd RZ OPP[P] DZ` ^Ld XZ]P ,YO bSL_ dZ` [WLd SL^ XZ]P XPLYTYRx 

BT_S _SP Z[PYTYR `[ _Z 4YOTL TY _ST^ bLd LYO bT_S 4YOTL L^ L VPdbZ]O QZ] ^[T]T_`LWT_d _SP^P TOPL^ NZY_TY`PO _Z ^[]PLO LQ_P] .ZW_]LYPv^ _TXP LYO TY ^ZXP NL^P^ MPNLXP PaPY ^_]ZYRP] bSPY _SP X`^TNLW QL^STZY NSLYRPO  1]ZX BZZO^_ZNV _Z _SP YPb bZ]WO X`^TN _SP ^[T]T_`LWTeL_TZY LYO NZ^XZ[ZWTeL_TZY ZQ X`^TN _`]YPO TY_Z L YPb uN]PPOv ZQ [P]NPTaTYR X`^TN L^ L `YTaP]^LW WLYR`LRP ZQ S`XLYT_d  >Z bSL_ bL^ ^_TWW ]PaZW`_TZYL]d L_ _SP _TXP ZQ 5ZSY .ZW_]LYP TY _SP $!^ SLO LW]PLOd MPNZXP YZ]XLW WP^^ _SLY _bPY_d dPL]^ WL_P] 4Y $# -P]PYO_ _ZZV R]PL_ OPWTRS_ TY [ZTY_TYR Z`_ _SP PcT^_PYNP ZQ L w_d[P ZQ X`^TNTLY ZQ bSTNS QTQ_PPY dPL]^ LRZ _SP]P ZYWd PcT^_PO L QPb TYOTaTO`LW^ L_ XZ^_ LYO ZQ bSTNS _ZOLd _SP]P L]P _SZ`^LYO^x  ?SP NZX[Z^P] ;P_P] 8TNSLPW 3LXPW bSZ bL^ _]LTYPO TY NWL^^TNLW X`^TN LYO L_ _SL_ _TXP bL^ ^_]ZYRWd TYQW`PYNPO Md 4YOTLY X`^TN YZ_PO _SP QZWWZbTYR TY _ST^ P[ZNS ZQ _SP w9Pb .ZY^NTZ`^YP^^x% w,_ []P^PY_ _SP]P T^ L M]ZLO ^_]ZYR `]RP _Z Z[PY `[ LRLTY _SZ^P NWZRRPO bLWW^ ZQ X`^TN bSTNS LWZYP NLY ]PaPLW _SP bLd _Z L YPb _d[P ZQ X`^TNLW Pc[P]TPYNP PYNZX[L^^TYR XLYv^ MPTYR TY T_^ PY_T]P_d  BSP_SP] TY LaLY_ RL]OP X`^TN TY ULee Z] TY [Z[ X`^TN bP SLaP MPPY bT_YP^^TYR L _]PYO _Z bL]O^ L XZ]P ^[T]T_`LW TY_]ZaP]_PO X`^TNLW WLYR`LRP ?SP TYN]PL^TYR [`MWTN TY_P]P^_ TY ^[T]T_`LW X`^TN MZ_S BP^_P]Y LYO YZY0`]Z[PLY  ^`RRP^_^ _SL_

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ    

Z`YO  .Q -P]PYO_ 9LOL -]LSXL% /TP BPW_ T^_ 6WLYR    QQ .Q -P]PYO_ ?SP BZ]WO T^ >Z`YO z -P]PYO_ 9LOL -]LSXL% /TP BPW_ T^_ 6WLYR "

##

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

SP]P _ZZ _SP Q`_`]P ]ZWP ZQ X`^TN bTWW YZ_ MP NZYQTYPO _Z ZYP [L]_TN`WL] OTXPY^TZY ZQ S`XLY PcT^_PYNPx 

0aPY _SZ`RS 9Pb,RPWTVP ^[T]T_`LWT_d LN_`LWWd MPNLXP aP]d bTOP ^[]PLO _SP LMZaP []POTN_TZY []ZaPO L MT_ _ZZ YLTaP z L_ WPL^_ TY ]PWL_TZY _Z X`^TN 4Y X`^TN ^[T]T_`LWT_d SL^ OPQTYT_PWd YZ_ MPNZXP [L]_ ZQ _SP XL^^ N`W_`]P M`_ T^ ZYWd QZ`YO TY NP]_LTY LW_P]YL_TaP YTNSP^ bSP]P bZ]WO X`^TN TY^[T]PO Md 4YOTL T^ ^_TWW [WLdPO LYO X`^TN T^ `YOP]^_ZZO _Z MP L w`YTaP]^LW WLYR`LRPx ! 3ZbPaP] ZYP NLY ZM^P]aP _SL_ PaPY TQ _SP QL^STZY QZ] 4YOTL SL^ QTeeWPO Z`_ TY ^ZXP ]P^[PN_^ [Z[ X`^TN SL^ MP NZXP XZ]P TY_]ZaP]_PO NP]_LTYWd XZ]P [P]^ZYLW LYO ZQ_PY XZ]P PN^_L_TN ;PZ[WP L]P ^PL]NSTYR QZ] wR]PL_ _]LY^NPYOPYNTP^x ZQ Pc_]LZ]OTYL]d Pc [P]TPYNP^ TY X`^TN _SL_ ]T^P LMZaP PaP]dOLd ]Z`_TYP ?ST^ T^ Q]P\`PY_Wd _SP NL^P bT_S YPb ^_dWP^ _SL_ NZ]]P^[ZYO _Z _SP Q`YN_TZYLW ^NSPXP ZQ OLYNP LYO PY_P]_LTYXPY_ X`^TN z ^`NS L^ w_]T[ SZ[x LYO w_]LYNP _PNSYZx bSTNS L]P OP]TaPO OT]PN_Wd Q]ZX _SP PWPN_]ZYTN XPOT_L_TZY X` ^TN ZQ _SP $"^ LYO L]P ^_]ZYRWd _]LYNPTYO`NTYR 4Y^_PLO ZQ _SP ^`MUPN_ ZQ WZaP bSTNS _SP TYPaT_LMWP _Z[TN TY [Z[ X`^TN _SP^P XLTYWd TY^_]` XPY_LW X`^TN ^_dWP^ L]P NZX[WP_PWd Z]TPY_PO ZY ^PWQ^`QQTNTPYNd TXXP] ^TZY LYO PN^_L^d PaPY TQ `YWTVP _SP PL]WTP] XPOT_L_TZY X`^TN ZQ _SP w9Pb ,RPx _SPd L]P YZb YZ WZYRP] \`TP_T^_TN bT_S LY Pc[WTNT_Wd ]PWT RTZ`^ NSL]LN_P] ,Y LYLWZRZ`^ ^NSPXP ZQ [Z[`WL] L^^TXTWL_TZY TY _SP XL^^ N`W_`]P LYO ^PN`WL] _]LY^X`_L_TZY T^ LW^Z OPXZY^_]L_PO Md _SP QLN_ _SL_ _SP 4YOTL LYO O]`RTY^[T]PO [^dNSPOPWTL ZQ _SP $!^ LYO $"^ SL^ _]LY^QZ]XPO T_^PWQ TY_Z _SP -ZWWdbZZON]Led -SLYR]L OLYNP w-SLYR]Lx []ZMLMWd MPTYR OP]TaPO Q]ZX wMS£«Rx XPLYTYR wSL^ST^Sx _SL_ T^ YZ_ OLYNPO TY _SP DZRL ^NSZZW^ Z] ?8 NT]NWP^ M`_ TY^_PLO SL^ QZ`YO T_^ bLd TY_Z bPWW_ZOZ OLYNTYR ^NSZZW^ LYO PY^`]P^ L QPPWTYR ZQ MZOTWd bPWW YP^^ ?SP _`]Y _LVPY Md NWL^^TNLW X`^TN _SL_ bL^ OZN`XPY_PO Md -P]PYO_ SLO ^ZXP XZ]P QL]]PLNSTYR PQQPN_^ BSPY _SP XTYTXLW X`^TN ZQ ?P]]d =TWPd ;STWT[ 2WL^^ LYO >_PaP =PTNS PXP]RPO z L X`^TNLW ^_dWP ML^PO ZY \`T_P ^TX[WP _ZYLWXZOLW ^_]`N_`]P^ _SL_ L]P LW_P]PO TX[P]NP[_TMWd TY ^WZb XZ_TZY z T_ bL^ _SP QT]^_ _TXP TY S`YO]PO^ ZQ dPL]^ _SL_ L ^_dWP L]Z^P TY 0`]Z[P bSTNS bL^ ^`T_LMWP QZ] X`^TNLWTeTYR ^[PNTQTNLWWd ]PWT RTZ`^ QPPWTYR^ BSL_ OPaPWZ[PO bL^ L w^[T]T_`LWx Z] w^LN]PO XTYTXLW T^Xx 4_ T^ YZ_ L ^_dWP []Z[LRL_PO Md L QTcPO R]Z`[ ZQ NZX[Z^P]^ M`_ XZ]P ZQ L WLMPW RZZO QZ] OP^N]TMTYR _SP bZ]V^ ZQ bTOPWd OTQQP]TYR NZX [Z^P]^ ,]aZ ;Æ]_ T^ _SP ZYP bT_S _SP XZ^_ ]PWTRTZ`^ WPLYTYR /`]TYR ST^ _ZYP [P]TZO ST^ ]PWTRTZ`^ _Z[TN^ L]Z`^PO _SP OT^L[[]ZaLW ZQ _SP RZa ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -P]PYO_ ?SP BZ]WO T^ >Z`YO !" ! .Q 4^LMPW 7LLNV =PWTRTZY `YO 8`^TV TY 2WL^_ZYM`]d% 0TYP 1LWW^_`OTP e` RPRPYbÆ]_T RPY 1Z]XPY ]PWTRTØ^P] 4OPY_T_Æ_^OT^V`]^P  /ZN_Z]LW _SP^T^ 3PTOPWMP]R $

?SP 9£OL-]LSXLY L^ L 8PLY^ ZQ 3PLWTYR QZ] BP^_P]Y w0dP;PZ[WPx

#$

P]YXPY_ TY _SP >ZaTP_ @YTZY >TYNP $"! SP SL^ OPaPWZ[PO ST^ ZbY XTYTXLWT^X bT_S Pc_]PXPWd ]PO`NPO _ZYP XL_P]TLW SL]XZYTP^ ]PXTYT^ NPY_ ZQ 2]PRZ]TLY NSLY_ LYO _SP 8TOOWP ,RP^ OPP[ NLYZYTNLW ^_]`N_`]P^ LYO aP]d ^WZb ]Sd_SX^ ZQ Pc_]PXP ^TX[WTNT_d bSTNS N]PL_P^ _SP TX[]P^ ^TZY ZQ XZYL^_TN ^TWPYNP ;Æ]_v^ X`^TN T^ ^Z NZX[WP_PWd TY_]ZaP]_PO _SL_ T_ XZ]P Z] WP^^ L`_ZXL_TNLWWd L]Z`^P^ LYO _]LY^[Z]_^ L XZZO ZQ ^P]PYT_d LYO ^[T]T_`LWT_d ,^ bT_S _SP Z_SP] XTYTXLWT^_^ bSP_SP] _SPd MP ]PWT RTZ`^ Z] YZ_ _SP]P T^ L OPY^P _]LYNPWTVP XZZO LYO L _PX[Z]LWWd OPWTX T_PO XPOT_L_TaP NSL]LN_P] ?SP STRSWd ]P[P_T_TaP _ZYP WLYR`LRP ]PO`N _TZY _Z _SP XTYTX`X LYO R]PL_ OPR]PP ZQ ]PR`WL]T_d TY bSTNS _SP _ZYP^ ^PPX _Z OPaPWZ[ Md _SPX^PWaP^ ]P[WLNP ZYP LYZ_SP] ^WZbWd LYO ]PNZY YPN_ ]P^`W_^ TY R]PL_ [PLNPQ`WYP^^ LYO L ^ZXPbSL_ LM^Z]MTYR _]LYNPWTVP PQQPN_ aP]d YL_`]LWWd LYO YZ XL__P] bSP_SP] _ST^ T^ TY_PYOPO Z] YZ_ 4Y ?P]]d =TWPdv^ NL^P _ST^ bL^T^ Pc[WTNT_Wd TY_PYOPO 3P PaPY ]PN ZXXPYOPO _LVTYR O]`R^ ^Z L^ _Z MP MP__P] LMWP _Z SPL] _SP X`^TN PY_P] TY_Z T_ LYO LWWZb T_ _Z LM^Z]M ZYP _Z_LWWd 1]ZX _SP $!^ ZYbL]O SP OPaPWZ[PO LY `YNZX[]ZXT^TYR XZOLWT_d QZ] bSTNS SP OPaPWZ[PO L  _ZYP ^NLWP bT_S LM^ZW`_P [T_NS LYO TY [L]_ LW^Z TY_PR]L_PO bT_S 4YOTLY /S]`[LO ^TYRTYR bSTNS SP SLO WPL]YPO TY 4YOTL 8`NS ZQ bSL_ _PNSYZ X`^TNTLY^ OZ _ZOLd bT_S _SPT] ^LX[WP WZZ[^ LYO Sd[YZ_TeTYR PQQPN_^ bL^ LW]PLOd OPaPWZ[PO Md =TWPd 3P STX^PWQ ^LTO _SL_ _SP bLaP XZaPXPY_^ N]PL_PO Md _PNSYZ X`^TN L]P L QZ]X ZQ XPOT_L_TZY ?ST^ L[[WTP^ P^[P NTLWWd _Z ST^ ZbY X`^TN PaPY TQ L WL]RP Z]NSP^_]L [WLd^ ST^ QLaZ]T_P [TPNP w4Y .x 0aPY TY _SP X`^TN ZQ ;STWT[ 2WL^^ bSZ T^ _SP WPL^_ ]PWTRTZ`^ NZX [Z^P] ZQ _SP R]Z`[ PT_SP] bT_S NS`]NS L^^ZNTL_TZY^ WTVP ;Æ]_ Z] bT_SZ`_ WTVP =TWPd _SP Pc_]PXP WPaPW ZQ ]PO`YOLYNd ]P[P_T_TaP _ZYP ^P\`PYNP^ LYO ]PR`WL]T_d LN\`T]P^ _SP L`]L ZQ L N`W_ ?ST^ RLaP [P]^`L^TaP [ZbP] _Z _SP NTYPXL_ZR]L[STN P^^Ld 6ZdLLYT^\`L_^T w.]Led 7TQPx Z] w7TQP ZQ 8Z]LW .Z]]`[_TZY LYO ?`]XZTWx _SL_ N]T_TNTePO XZOP]Y NTaTWTeL_TZY TY _SP PL]Wd $#^ ^SZbTYR _SP WTQP ZQ ^ZXP XZOP]Y NT_dObPWWP]^ TY Pc _]PXP [TN_Z]TLW NZWWLRP^ L^ L XLO ]P^_WP^^ LY_WTVP PcT^_PYNP LYO NZY _]L^_TYR _ST^ bT_S MPL`_TQ`W YL_`]P ^SZ_^ ?ST^ [ZbP] bL^ ML^PO XLTYWd ZY _SP Sd[YZ_TN X`^TN ZQ ;STWT[ 2WL^^ _SL_ Pc[WLTYPO _SP ^P\`PYNP^ ZQ TXLRP^ YZ_ TY L X`^TNLW bLd M`_ TY^_PLO Md WTQ_TYR _SPX ZY_Z L ^[SP]P MPdZYO _SL_ bSTNS bL^ MPTYR [Z]_]LdPO 2WL^^v X`^TN _S`^ PcLRRP]L_P^ LYO TY_PY^TQTP^ _SP LP^_SP_TNTePO NSLZ^ _SP ]P^PXMWLYNP _Z XLNSTYP^ LYO _SP TYS`XLYT_d ZQ _SP aT^`LW ^PXLY_TN^ LYO WPYO^ T_ L OPP[ ^_]`N_`]P XLVTYR _SL_ bSTNS T^ ^SZbY ZY _SP ^N]PPY PYOWP^^ ^Vd^N]L[P]^ NW`^_P]^ ZQ [PZ[WP ^_]PLX^ ZQ NL]^ P^NLWL_Z]^ ]P^_WP^^ QLN_Z]d bZ]V P_N X`^T NLWWd waT^TMWPx TY _SP QT]^_ [WLNP @YWTVP _SP `^`LW []LN_TNP TY QTWX []Z O`N_TZY _SP X`^TN bL^ YZ_ LOOPO _Z _SP QTYT^SPO QTYLW N`_ ZQ _SP QTWX M`_ _SP QTWX bL^ _LTWZ]PO _Z _SP X`^TN ?SL_ _SP ]PWTRTZ`^ OTXPY^TZY T^

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

#

YZ_ NZX[WP_PWd LM^PY_ Q]ZX _SP bZ]V ZQ 2WL^^ bSZ^P X`^TN T^ Z_SP] bT^P YZY]PWTRTZ`^ MPNZXP^ NWPL] TY _SP Z[P]L >L_dLR]LSL bSTNS _PWW^ _SP ^_Z]d ZQ 2LYOSTv^ PL]Wd WTQP LYO TYNW`OP^ [L^^LRP^ Q]ZX _SP -SLRL aLOR¯_£  :Q NZ`]^P ZYP X`^_ YZ_ QZ]RP_ _SP R]PL_ X`^TNTLY DPS`OT 8PY`STY PT_SP] bSZ bL^ YZ_ ZYWd L NWL^^TNLW BP^_P]Y X`^TNTLY M`_ L^ L NSTWO TY ;L]T^ TY $ LW^Z ]PNPTaPO TY^_]`N_TZY TY NWL^^TNLW 4YOTLY X`^TN Q]ZX =LaT >SLYVL]v^ M]Z_SP] @OLd >SLYVL] =LaT bL^ QZ`]_PPY L_ _SP _TXP " ,]Z`YO _ST]_d dPL]^ WL_P] 8PY`STYv^ NZYNP]_ bT_S =LaT >SLYVL] QZ] _SP @YT_PO 9L_TZY^ TY 9Pb DZ]V TY $!" LYO _SPT] ]PNZ]O^ _SPd XLOP _ZRP_SP] SPW[PO _Z L]Z`^P _SP TY_P]P^_ PaPY ZQ L _]LOT_TZYLW NZYNP]_ L`OT PYNP TY 4YOTLY X`^TN BSL_ PaTOPY_Wd QL^NTYL_PO 8PY`STY LMZ`_ _ST^ X`^TN bL^ _SP NZYNPY_]L_TZY ^Z _Z ^[PLV ZY ZYP ^TYRWP TYOPQTYLMWP QZN`^ MPdZYO OPQTYLMWP QPPWTYR^ LYO TY_PWWPN_`LW OT^_LYNP TY bSTNS Pc[LY^TZY LYO [PLNP ZQ XTYO L[[PL]PO _Z [LT] `[ bT_S bLVPQ`WYP^^ LYO aT_LWT_d TY L ]PXL]VLMWP bLd 8PY`STYv^ PX[SL^T^ ZY _SP ^TX`W_LYPT_d ZQ wSd[ YZ_TN XZZOx LYO XL_SPXL_TNLW ]L_TZYLWT_d _Z`NSPO L RPY`TYPWd TX[Z] _LY_ [ZTY_ _SL_ bL^ LW^Z L VPd ZYP QZ] -P]PYO_% wm OP^[T_P _SP [ZbP] _ST^ ^[PWW OP^[T_P _SP Sd[YZ_TN XZZO T_ T^ L NSL]LN _P]T^_TN ZQ 4YOTLY X`^TN _SL_ T_ z QL] ]PXZaPO Q]ZX Y`XMTYR _SP ^[T]T_ z LN _`LWWd ^P_^ T_ Q]PP ?ST^ XL_SPXL_TNLW PcP]NT^P SL^ MPNZXP L _d[P ZQ PN ^_L_TN L^_]ZYZXd _]LY^[Z]_TYR _SP ^PY^P TY_Z L ^_L_P TY bSTNS _SP OPXLYO^ ZQ _SP MZOd LYO ZQ ]PLWT_d SLaP ]PNPOPO TY_Z _SP QL] OT^_LYNPx #

!

?SP 9£OL-]LSXLY L^ LY 4YOTRPYZ`^ .L_PRZ]d% _SP wBZ]WO T^ >Z`YOx TY _SP 4YOTLY 8TOOWP ,RP^ ?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

4Q WL]RP ^PN_TZY^ ZQ -P]PYO_v^ XP_L[Sd^TN^ ^Z`YO WTVP XZOP]Y P^Z_P]T NT^X LYO YZ_ QZ] YZ_STYR SLaP RZYP OZbY bPWW bT_S _SP XZ^_ aL]TPO P^Z_P]TN R]Z`[^ _SL_ PYRLRP YZ_ ZYWd TY 9£OLX`^TN M`_ LW^Z _d[TNLWWd TY 9£OLXPOT_L_TZY 9£OLSPLWTYR LYO 9£OLRYZ^T^ _SP TOPL ZQ 9£OL -]LSXLY WT_P]LWWd w>Z`YO-]LSXLYx OZP^ TYOPPO L^ LY LWW[P]aLOTYR NZ^XTN ^Z`YO LYO OTaTYP ]PLWT_d RZ MLNV _Z L XPOTPaLW 4YOTLY NZYNP[_ -P]PYO_ OPLW_ bT_S _SP TOPL L^ L VTYO ZQ Z]TRTYLW VYZbWPORP ZQ S`XLY T_d bSTNS SP L__PX[_PO _Z QTYO TY XLYd Xd_SZWZRTP^ Q]ZX _SP 4Y`T_ _Z _SP 4YNL^ 3ZbPaP] bSL_ SP OTO YZ_ XPY_TZY LYO L[[L]PY_Wd OTO YZ_ VYZb LMZ`_ PT_SP] bL^ _SP LN_`LW ^Z`]NP^ LYO NZY_Pc_^ ZQ _SP TOPL^ ZQ 9£OL-]LSXLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q -P]PYO_ ?SP BZ]WO T^ >Z`YO    # DPS`OT 8PY`STY \`Z_PO TY 6ZWWTYv^ []ZR]LX QZ] _SP NZYNP]_ RTaPY Md ,WT ,VML] 6SLY TY -L^PW ZY  5LY`L]d $!"

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#

?SP XZ^_ QLXZ`^ LYO QT]^_ Pc[WTNT_ QZ]X`WL_TZY T^ QZ`YO TY _SP XP OTPaLW X`^TN NWL^^TN >L«R¯_L=L_Y£VL]L Md ±£]«RLOPaL _S NPY_ $ bSZ XLYLRPO _Z XLVP L YLXP QZ] STX^PWQ L^ LY PYNdNWZ[POTN XLRY`X Z[`^ TY 4YOTLY X`^TN  ±£]«RLOPaL STX^PWQ T^ NP]_LTYWd YZ_ _SP Z]TRTYL _Z] ZQ _SP 9£OL-]LSXLY NZYNP[_ 3P LOZ[_PO T_ Q]ZX LY ZWOP] _Pc_ MZZV _SP -šSLOOP²¯ Md 8L_L«RL !_S _Z #_S NPY_ -.  _SL_ z WTVP ±£]«RLOPaLv^ ZbY bZ]V z SL^ L ^_]ZYRWd ?LY_]TN NSL]LN_P] ?SP 9£OL aTM]L_TYR ^Z`YO L^ L ]PWTRTZ`^ NL_PRZ]d LYO NZ^XTNLWWd [ZbP]Q`W QZ]NP bL^ bPWW VYZbY TY DZRTN LYO ?LY_]TN NT]NWP^ LYO 8L_L«RL bL^ ^_TX` WL_PO Md _SPT] N`W_`]P^ ZQ VYZbWPORP LYO bZ]WO^ ZQ Pc[P]TPYNP bSPY SP ]PWL_PO _SP 9£OL TX[WTNT_Wd _Z _SP -]LSXLY LYO Pc[WTNT_Wd _Z X`^TN 3ZbPaP] _SP bZ]V ZQ ±£]«RLOPaL bL^ _SP QT]^_ _SL_ LW^Z Pc[WTNT_Wd L^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >L«R¯_L =L_Y£VL]L ZQ ±£]«RLOPaL% BT_S 6LW£YTOST ZQ 6LWWTY£_SL LYO >`OS£VL]L ZQ >TÀSLMS¼[£WL   AZW^ F" NSL[_P]^H 0O > >`M]LSXLYdL >L^_]T 8LO]L^% ,OdL] 7T M]L]d $ $ $  $ & NQ LW^Z _SP YPb POT_TZY bT_SZ`_ NZXXPY_L]TP^ Md >`MSLO]L .L`OL]T 9Pb /PWST% =LOSL ;`MWTNL_TZY^  1Z] _]LY^WL_TZY^ bT_SZ`_ NZXXPY_L]TP^ ^PP >L«R¯_L=L_Y£VL]L  .SL[_P] 4 AZW  ?]LY^ . 6`YSLY =LUL 8LO]L^% ,OdL] 7TM]L]d $  LYO _SP _S]PPaZW`XP POT_TZY F.SL[_P] z! bT_SZ`_ _SP NSL[_P] ZY OLYNPH PO LYO _]LY^ =6 >S]TYRd `YOP] _SP ^`[P]aT^TZY ZQ ;]PX 7L_L >SL]XL 9Pb /PWST% 8`Y^ST]LX 8LYZ]SL]WLW AZW .SL[ 4 $$ AZW  .SL[ 44z4A $#$ AZW  .SL[ AzA4 $$  ±£]«RLOPaL NLXP Q]ZX L ^NSZWL]Wd QLXTWd TY 6L^SXT] _SL_ SLO PXTR]L_PO TY_Z _SP /PNNLY LYO QTWWPO aL]TZ`^ STRS ZQQTNP^ L_ _SP NZ`]_ ZQ _SP YPbWd P^_LMWT^SPO D£OLaL OdYL^_d 7TVP ST^ QL_SP] LYO R]LYOQL_SP] MPQZ]P STX SP MPNLXP _SP QTYLYNP XTYT^_P] LY ¢d`]aPOTN OZN_Z] LYO ^NSZWL] L_ _SP NZ`]_ ZQ 6TYR >T«RSL©L L R]PL_ [L_]ZY ZQ _SP L]_^ bSZ^P ]PTRY NZXXPYNPO TY  NQ PO >S]TYRd cacaT  ! ,NNZ]OTYR _Z =TNSL]O BTOOP^^ w?SP Z]LW TY b]T_TYR% 0L]Wd 4Y OTLY X`^TNLW YZ_L_TZY^x 0L]Wd 8`^TN  $$!% $! ±£]«RLOPaL bL^ _SP NSTPQ LNNZ`Y_LY_ ZQ _SP D£OLaL ]`WP] >TÀSLWL 44 ZQ /PaLRT]T ]`WPO " .Q LW^Z ±£]«RLOPaLv^ []Z`O ^PWQ[]P^PY_L_TZY TY >L«R¯_L=L_Y£VL]L 4z  ±£]«RLOPaLv^ >L«R¯_L=L_Y£VL]L T^ MZ_S L bZ]V ZQ X`^TN _SPZ]d LYO L NZX[PYOT`X ZQ PL]WTP] _]PL_T^P^ ZY X`^TN LYO ZWO LYO YPb [TPNP^ ZQ X`^TN _SL_ SP SLO NZWWPN_PO ?ST^ Q`YOLXPY_LW bZ]V bL^ _]LY^WL_PO TY _SP $^ LYO bL^ ]PNPTaPO bT_S TY_P]P^_ Md 0`]Z[PLY X`^TNTLY^ ?SP w3TYO` ]Sd_SX^x _SL_ :WTaTP] 8P^^TLPY bZ]VPO TY_Z ST^ NZX[Z^T_TZY^ L]P _LVPY Q]ZX _ST^ aP]d MZZV  -šSLOOP²¯ ZQ ±]¯ 8L_L«RL 8`YT  AZW^ 0O LYO _]LY^ ;]PX 7L_L >SL]XL 9Pb /PWST% 429, LYO 8Z_TWLW -LYL]^TOL^^ $$ $$ ?SP bZ]V bL^ POT_PO TY $# Md 6 >LXML^TaL >L^_]T BT_STY 4YOTLY X`^TNZWZRd -šSLOOP²¯ T^ ZYP ZQ _SP PL]WTP^_ XL UZ] _Pc_^ ZY X`^TN _SPZ]d 8L_L«RLv^ MZZV T^ ]PRL]OPO L^ _SP ^Z`]NP ZQ X`^TNLW ^_]`N _`]P LYO NZX[Z^T_TZY MZ_S TY NWL^^TNLW 9Z]_SP]Y 4YOTLY 3TYO`^_LYT X`^TN LYO LW^Z TY NWL^^TNLW >Z`_SP]Y 4YOTLY .L]YL_TN X`^TN 4_ SL^ MPPY aL]TZ`^Wd OL_PO _Z _SP QTQ_S NPY_`]d ,/ -TMWTZ_SPV^VL_LWZR 2A6 _Z wXZ^_ []ZMLMWdx ^Tc_S NPY_`]d TRYNLYTNTY LYO wNL PTRS_S NPY_`]d ,/x 3LYOM`NS OP] :]TPY_LWT^_TV  AZW  PO 0XXTP _P 9TUPYS`^ LYO 5LY 2ZYOL $"  AZYP^^PY LW^Z ^`[[Z^P^ T_ _Z MP LY PTRS_S NPY_`]d bZ]V .Q ,`X£[L_LX 6]T_T^NSP 0OT_TZY ¾MP]^P_e`YR `YO 6ZXXPY _L] PTYP^ >LY^V]T_?Pc_P^ ÞMP] 8`^TV `YO ?LYe PO LYO _]LY^ ;P_P] AZYP^^PY -P]Y% 7LYR $$! $

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

^ZNTL_PO 9£OL  bT_S -]LSXLY LYO OPNWL]PO _SP 9£OL-]LSXLY _Z MP _SP LN_`LW QZ`YOL_TZY ZQ X`^TN ^ZYR TY^_]`XPY_LW X`^TN LYO OLYNP 4_ T^ [Z^^TMWP _SL_ _ST^ TOPL bL^ ZYP ]PL^ZY bSd _SP >L«R¯_L=L_Y£VL]L SL^ MPPY `^PO ]TRS_ `[ TY_Z _SP XZOP]Y [P]TZO LRLTY LYO LRLTY TY NZX[PY OT`X^ LYO RWZ^^P^ LW_SZ`RS _SP _PNSYTNLW OP_LTW^ ZQ _SP bZ]V SLaP WZYR ^TYNP MPNZXP ZM^ZWP_P LYO SLO WT__WP _Z ^Ld LMZ`_ LN_`LW X`^TN []LN_TNP -PQZ]P bP RZ TY_Z XZ]P OP_LTW ZY ±£]«RLOPaLv^ 9£OL-]LSXLY NZY NP[_ T_ XLVP^ ^PY^P _Z SLaP ^ZXP TY_]ZO`N_Z]d Pc[WLYL_TZY^ _Z [`_ _SP ZaP]LWW OT^N`^^TZY TY_Z L NWPL]P] NZY_Pc_ ?SP >L«R¯_L=L_Y£VL]L T^ ]PRL]OPO LWZYR^TOP -SL]L_Lv^ 9£¶dL ²£^_]L  L^ ZYP ZQ _SP XZ^_ TX[Z]_LY_ bZ]V^ ZY X`^TN  ?SP WL__P] T^ _SP PL]WTP^_ Pc_LY_ X`^TNZWZRTNLW bZ]V M`_ _SP _Z[TN ZQ X`^TN bL^ ^_TWW ^`M Z]OTYL_PO _Z _SL_ ZQ _SPL_P] ;P]SL[^ _SP QT]^_ OPOTNL_PO X`^TN SLYOMZZV bL^ 8L_L«RLv^ -šSLOOP²¯  7L_P] ZY _SP >L«R¯_L=L_Y£VL]L OP_P]XTYPO _SP XLTY^_]PLX TY NWL^^TNLW 4YOTLY X`^TN LYO bL^ QZWWZbPO Md Z_SP] bZ]V^ M`TWOTYR ZY T_^ QZ`YOL_TZY  ?ZOLd ZYP bZ`WO ^Ld _SL_ ±£]«RLOPaL ZQQP]PO L ML^TN ZaP]aTPb ZQ _SP QZ]PRZTYR LYO NZY_PX[Z]L]d ]P^PL]NS TY_Z _SP ^_`Od ZQ X`^TN ^L«R¯_L²£^_]L  LYO LW^Z ^P_ YPb ^_LY OL]O^ TY X`^TN _SPZ]d ?SP WPL]YPO QTYLYNP XTYT^_P] OZN_Z] LYO X`^TN _SPZ]T^_ L_ _SP NZ`]_ ZQ 6TYR >T«RSL©L Z] >TÀSLWL ]`WPO Q]ZX  _Z " XLOP L OPNT^TaP NZY_]TM`_TZY _Z XLVTYR X`^TN XZ]P LNLOPXTN Md NZX[TWTYR ZWO [TPNP^ ZQ X`^TN Q]ZX 9Z]_SP]Y LYO >Z`_SP]Y 4YOTL O]Lb TYR _ZRP_SP] X`^TN _]LOT_TZY^ ]PQTYTYR _SP Z]RLYTeL_TZY ZQ _SP _ZYLW ^d^_PX ^aL]L  ^d^_PXL_TeTYR _SP =£RL ^d^_PX Md _ZYP _d[P^ XPWL  LYO []ZMLMWd TY^[T]PO Md ,MSTYLaLR`[_L LW^Z NZY_]TM`_TYR R]PL_Wd _Z _SP _SPZ]d ZQ X`^TNLW Pc[]P^^TZY ZQ XZZO^ z _Z YLXP ZYWd _SP XZ^_ TX[Z]_LY_ TYYZaL_TZY^ _SL_ ±£]«RLOPaL PT_SP] TY_]ZO`NPO Z] NZY^ZWT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,Q_P] 8£_L«RL LWW _SP bZ]V^ ZY X`^TN MPRLY bT_S L XZ]P Z] WP^^ Pc_PY^TaP Pc[Z^T_TZY ZY _SP 9£OL _SL_ T^ bT_S L ^LN]LWTeTYR L^[PN_ QZWWZbPO Md L _PNSYTNLW Pc[Z^T_TZY ZQ _SP Q`YOLXPY_LW^ ZQ X`^TN 4Y NWL^^TNLW bZ]V^ _ST^ QT]^_ TYNW`OPO _SP TX[Z]_LY_ _ZYP^ ZQ _SP ]PWPaLY_ =£RL _SPY _SP L[[]Z[]TL_P OPT_TP^ NZWZ] _TXP ZQ OLd P_N ,Q_P] _SL_ _SP _ZYP ^P\`PYNP^ bP]P ^_T[`WL_PO TY OP_LTW LYO _SP]P ZQ_PY QZWWZbPO _SP NZX[WP_P ]P[]P^PY_L_TZY ZQ _SP [TPNP ZQ X`^TN .Q AZYP^^PY TY ,`X£[L_LX   ?SP >L«R¯_L =L_Y£VL]L OPaTL_P^ Q]ZX _ST^ ^_]`N_`]P TY _SL_ _SP =£RL^ L]P NZaP]PO ^P[L]L_PWd TY _SP YPc_ NSL[_P] ?ST^ SL^ MPPY _SP ^`MUPN_ ZQ L WZ_ ZQ NZYUPN_`]P NQ _SP POT_Z]v^ TY_]Z O`N_TZY^ LYO Pc[WLTYPO Md _SP LW]PLOd WL]RP Y`XMP] ZQ =£RL^ L_ _SL_ _TXP  .Q 6`YSLY =LUL TY ST^ TY_]ZO`N_TZY _Z _SP >L«R¯_L=L_Y£VL]L  aZW aTTT LYO 5ZYL _SLY 6L_e PO ?SP ?]LOT_TZYLW 4YOTLY ?SPZ]d LYO ;]LN_TNP ZQ 8`^TN LYO /LYNP 7PTOPY% -]TWW $$  "  >S]TYRd >L«R¯_L=L_Y£VL]L  aZW  cccTT OT^_TYR`T^SP^ QZ`] XLTY [P]TZO^ TY _SP OPaPWZ[XPY_ ZQ NWL^^TNLW 4YOTLY X`^TN% 4 ;]TXL]d LYO 1Z]XL_TaP  -. _Z  ,/ 44 0c[Z^T_Z]d LYO 0c[LY^TaP ! ,/ _Z  444 =PNZYNTWTL_Z]d LYO =P aLW`L_TaP  ,/ _Z "  ,/ 4A .]T_TNLW LYO 4Y_P][]P_L_TaP Q]ZX " ,/ ZY bL]O^ 3P LWWZNL_P^ _SP >L«R¯_L=L_Y£VL]L _Z _SP TYYZaL_TaP ^PNZYO P[ZNS

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#

OL_PO  3T^_Z]TNLWWd ZYP ZQ _SP XZ^_ PQQPN_TaP TYYZaL_TZY^ _SL_ MPNLXP ^_LYOL]O TY X`^TN []LN_TNP bL^ _SP OTaT^TZY ZQ _SP WL]RP Y`XMP] ZQ =£RL^ bSTNS SLO LW]PLOd PcT^_PO TY ±£]«RLOPaLv^ _TXP LNNZ]OTYR _Z _TXP^ ZQ OLd LYO ^PL^ZY^ ZQ _SP dPL] LYO TY_Z XLWP QPXLWP LYO YP`_]LW =£RL^ ?ST^ OTQQP]PY_TL_TZY ZQ X`^TNv^ \`LWT_TP^ ZQ Pc[]P^^TZY LYO PXZ _TZY bL^ LW^Z TX[WPXPY_PO TY WL_P] =£RLX£WL [LTY_TYR aT^`LWWd TY L_ XZ^[SP]TN [TN_`]P^ ±£]«RLOPaL _S`^ NZY_]TM`_PO _Z _SP ]PQTYPXPY_ ZQ _SP [^dNSZWZRTNLW XZZO^ MP^TOP^ TY_]ZO`NTYR _PNSYTNLW TX[]ZaPXPY_^ LYO L XP_L[Sd^TNLW QZ`YOL_TZY ZQ X`^TN aTL _SP 9£OL-]LSXLY ?SP QT]^_ NSL[_P] ZQ ST^ _]PL_T^P NZY_LTY^ YZ_ ZYWd OP_LTW^ LMZ`_ _SP 9£OL ^Z`YO LYO _SP _SP^T^ ZQ _SP 9£OL-]LSXLY ^PP MPWZb M`_ LW^Z z L^ bL^ _SP LNLOPXTN N`^_ZX z _SP _PNSYTNLW LYO XL_SPXL_TNLW ML^TN^ ZQ X`^TN ?SP 9£OL bSTNS MPWZYR^ _Z MZ_S X`^TNLW LYO [STWZ^Z[STNLW ML^TN^ T^ RTaPY L QZ`YOL_TZY TY LY_S]Z[ZWZRd LYO wWTQP^NTPYNPx 4Y_P] P^_TYRWd _SP >L«R¯_L=L_Y£VL]L NZY_LTY^ L M]ZLO LYL_ZXTNLW PcNZ`]^P ZY S`XLY PXMZOTXPY_ [T©“Z_[L__T  bSTNS T^ `YT\`P LXZYR _SP X`^T NZWZRTNLW bZ]V^ LYO T^ Pc[WLTYPO Md ±£]«RLOPaLv^ Z]TRTY^ L^ LY ¢d `]aPOTN OZN_Z] 4Y 4 ZQ ST^ TY_]ZO`N_TZY ±£]«RLOPaL OT^_TYR`T^SP^ MP_bPPY _bZ _d[P^ ZQ 9£OL XLYTQP^_PO TY _SP MZOd% _SP £SL_L w^_]`NVx TP L`OTMWP 9£OL LYO _SP LY£SL_L w`Y^_]`NVx 9£OL ,^ L ^NSZWL] ZQ X`^TN SP T^ []TXL]TWd TY_P]P^_PO TY _SP £SL_L 9£OL MPNL`^P X`^TN MP WZYR^ U`^_ WTVP ^[ZVPY WLYR`LRP 4 _Z _SP ]PLWX ZQ L`OTMWP ^Z`YO -`_ L`OTMWP ^Z`YO LW^Z ]PLNSP^ TY_Z _SP TYL`OTMWP aTL ^Z`YO []ZO`N_TZY LYO _SP aTM]L_TZY^ LYO ]P^ZYLYNP^ TY _SP MZOd LYO _SP TY^_]`XPY_ ±£]«RLOPaLv^ OPQTYT_TZY ZQ ^Z`YO ^aL]L TYNW`OP^ _ST^ L^[PN_ 4z ! ^Z T_ T^ LW^Z LY L`OTMWP [L]_ ZQ ^Z`YO LYO LY Pc[]P^^TaP \`LWT_d ZQ ^Z`YO bSTNS SL^ LP^_SP_TN L[[PLW LYO TX[L]_^ OPWTRS_ 3P]P ±£]«RLOPaL T^ []ZMLMWd _STYVTYR ZQ L aTM]L_TYR ^_]TYR LYO bL^ \`T_P WTVPWd TYQW` PYNPO Md ,MSTYLaLR`[_L ! ,NNZ]OTYR _Z ,7 -L^SLX [L]_TN`WL]Wd TY _SP ]P^PL]NS LYO NLWN`WL_TZY^ ZQ _SP XTN]Z_ZYP^ LYO XTN]ZTY_P]aLW^ ²]`_T  bSTNS L]P ^_TWW L`OTMWP _Z _SP PL] TY LWW _S]PP ]PRT^_P]^ LYO NLY MP ]P[]ZO`NPO Md X`^TNTLY^ " _SP 4YOTLY ^_`Od ZQ X`^TN XLOP R]PL_ LNSTPaPXPY_^ LYO NZYO`N_PO RPY`TYP PX[T]TNLW ]P^PL]NS% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q AZYP^^PYv^ ^`XXL]d ZQ _SP TYYZaL_TZY^ ^TYNP _SP _TXP ZQ _SP >L«R¯_L=L_Y£VL]L TY ,`X£[L_LX #Q Q LYO QZ] XZ]P OP_LTW^ ^PP _SP TY_]ZO`N_TZY^ ZQ =LUL LYO >S]TYRd _Z _SP POT_TZY^ LYO _]LY^WL_TZY^ ZQ _SP >L«R¯_L=L_Y£VL]L AZW   ?SP bZ]V \`TNVWd ^[]PLO _S]Z`RSZ`_ 4YOTL LYO LNNZ]OTYR _Z >S]TYRd TMTO ccaTTzccaTTT ccc bL^ Q]P\`PY_Wd NZY^`W_PO M`_ ^ZXP_TXP^ LW^Z N]T_TNTePO P^[PNTLWWd TY ]PWL_TZY _Z _SP L]_^ ZQ ^`RRP^_TZY LYO Pc[]P^^TZY WLV´L©LWLV´dL OT^N`^^TZY ! .Q >L«R¯_L=L_Y£VL]L AZW  _]LY^ =LUL z  LYO AZW  PO >S]TYRd ccaTT >S]TYRd L__P^_^ ,MSTYLaLR`[_L S`RP TYQW`PYNP ZY ±£]«RLOPaLv^ >L«R¯_L=L_Y£VL]L " .Q _SP OP_LTW^ ZY _SP ^NSZZW _]LOT_TZY ZQ ±£]«RLOPaL TY >L«R¯_L=L_Y£VL]L PO >S]TYRd #z

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

w4Y _SP ^NTPYNP ZQ LNZ`^_TN^ m 4YOTL XLOP ]PLW OT^NZaP]TP^ ML^PO ZY Pc [P]TXPY_ LYO _SP PL] STRSWd _]LTYPO Md _SP [SZYP_TN ^_`Od YPNP^^L]d QZ] _SP NZ]]PN_ ]PNT_L_TZY ZQ _SP APOL^ WPL]YPO _Z OT^_TYR`T^S X`^TNLW YZ_P^ QL] NWZ^P] _SLY _SZ^P ZQ Z_SP] LYNTPY_ X`^TNLW ^d^_PX^ AP]d PL]Wd _SP ZN_LaP bL^ OTaTOPO TY_Z _bPY_d_bZ ²]`_T^  Z] \`L]_P]_ZYP^ LYO _SPT] []Z[P]_TP^ bP]P XPL^`]PO bT_S R]PL_ LNN`]LNd 4_ bL^ ]PNZRYTePO _SL_ OTQQP]PYNP^ TY _TXM]P bP]P NL`^PO Md ZaP]_ZYP^ LY`]L©LYL  bSTNS aL]TPO bT_S OTQQP]PY_ TY^_]`XPY_^x #

4Y Z`] QZWWZbTYR OT^N`^^TZY ZY _SP XP_L[Sd^TN^ ZQ X`^TN LYO T_^ ]PWT RTZ`^ NZOTYR^ ZYP ^SZ`WO VPP[ TY XTYO _SL_ _SP >L«R¯_L=L_Y£VL]L T^ QT]^_ ZQ LWW L _PNSYTNLW bZ]V ZY X`^TN 3ZbPaP] ±£]«RLOPaLv^ TY_]ZO`N _TZY ZQ _SP 9£OL-]LSXLY LWWZbPO X`^TN _Z RLTY L []ZYZ`YNPOWd NZ^ XTN OTXPY^TZY LYO MP aTPbPO L^ L OTaTYP ^P]aTNP ?SP _P]X LYO T_^ NZY YZ_L_TZY^ MPNLXP ^Z [Z[`WL] _SL_ _SP 9£OL-]LSXLY XTR]L_PO Z`_ ZQ X`^TNTLY^v NT]NWP^ LYO QZ`YO L [P]XLYPY_ SZXP TY _SP [Z[`WL] ?LY_]L LYO TY OPaZ_TZYLW WT_P]L_`]P 4_ bL^ LW^Z _LVPY `[ Md APOL8¯X£À^LVL^ ?SP 9£OL-]LSXLY MPNLXP _SP VPd _Z OPaZ_TZYLW Q`^TZY LWW _SP bLd _Z XZOP]Y 9£OL ST_ ^ZYR^ TY _SP -ZWWdbZZO ^_dWP _PWWTYR ZQ _SP LWW [P]aLOTYR 9£OL-]LSXLY LYO PaZVTYR T_^ LQQPN_ _S]Z`RS L ^bPP_ ^TYR TYR ^_dWP 4Y NZY_PX[Z]L]d 3TYO`T^X T_ T^ ^_TWW P^[PNTLWWd [Z[`WL] TY _SP XZOP]YTePO ?LY_]L ZQ 4YOTLY OPaZ_TZYLW WT_P]L_`]P bSP]P ^[T]T_`LWT_d LYO \`L^T^NTPY_TQTN Pc[WLYL_TZY^ ZQ _SP XLY_]L^ ^`M^ZYTN ^Z`YO ^`[P] ^ZYTN Q]P\`PYNTP^ WTRS_ LYO PYP]Rd bLaP^ P_N L]P MWPYOPO _ZRP_SP] ?SP L`OTMWP 9£OL-]LSXLY TY X`^TN SL^ LW^Z TYaTRZ]L_PO _SP TYYP] bZ]WO^ LYO SPW[PO _Z M]PLV Z[PY LWW _d[P^ ZQ WTXT_L_TZY^ LYO TY_PY^TQd _SP 4YOTLY ^[PNTLWT_d ZQ Q`^TZY LYO YZYO`LW bZ]WOaTPb 4Y _SP 9£OL -]LSXLY L[[L]PY_ Z[[Z^T_TZY^ OT^^ZWaP WTVP ^_]`NV LYO `Y^_]`NV ^Z`YO XL_SPXL_TN^ LYO QPPWTYR^ [WPL^`]P LYO WTMP]L_TZY _SP ^LN]PO LYO _SP []ZQLYP _SP TYYP] bZ]WO LYO _SP Z`_P] QTN_TZY LYO ]PLWT_d S`XLY^ LYO OPT_TP^ _SP PaP]dOLd bZ]WO LYO _SP `YTaP]^P _SP PO`NL_PO PWT_P LYO wWLdXPYx _SP []TaL_P LYO _SP [`MWTN 3TYO` LYO YZY3TYO` ±£]«RLOPaLv^ NZYNP[_TZY LW]PLOd NZY_LTYPO ^`NS [Z_PY_TLW^ bSTNS bP]P Q`]_SP] OPaPWZ[PO WL_P] ?ZOLd _SP 9£OL-]LSXLY T^ ZQ_PY L^^ZNTL_PO bT_S w^[T]T_`LW SPL] TYRw z MZ_S TY 4YOTL LYO MPdZYO ?SP 4Y_P]YP_ [LRP \`Z_PO MPWZb ^SZb^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ,7 -L^SLX ?SP BZYOP] ?SL_ bL^ 4YOTL .LWN`__L% =`[L.Z $$  ,NNZ]O TYR _Z _SP ^NSZWL]^ ZQ X`^TN _SP ]PWL_TZY^ST[ ZQ _SP ^PaPY XLTY _ZYP^ ^aL]L _Z _SP _bPY_d_bZ XTN]Z_ZYP^ ²]`_T OP_P]XTYP^ _SP wML^TN XZZO^x R]£XL ±£]«RLOPaL OT^N`^^P^ _S]PP ML^TN XZZO^ Z] ML^TN ^NLWP^ LYO _SP XZOP ZQ NZX[`_TYR _SPX TP _SP XL_SPXL_TNLW Pc[WZ]L_TZY TY _P]X^ ZQ NZXMTYL_TZY^ LYO [P]X`_L_TZY^ 3T^ XPWL ^d^ _PX ZQ _ZYP _d[P^ QZ]XPO _SP ML^T^ QZ] ]P[WLNTYR _SP NWL^^TNLWWd _bZ R]£XL^ bT_S _SP XPWL^ bSTNS ZQQP]PO R]PL_P] _SPZ]P_TNLW Z[_TZY^ LYO bP]P Q`WWd Pc[WZ]PO _S]Z`RS XL_SPXL_TNLW ^NSPXP^ ZQ _LM`WL_TZY

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#

bPWW _SP QTPWO ZQ L^^ZNTL_TZY^ LYO SZb ^_]ZYRWd TYYP] Pc[P]TPYNP LYO TYYP] ^PY^P L]P ^_]P^^PO LYO OTaP]RP Q]ZX ±£]«RLOPaLv^ NZYNP[_ ZQ L` OTMWP X`^TN 4Y^_PLO OTaTYP BZ]O ±LMOL `YOP]^_ZZO L^ OTaTYP YLXP LYO X`^TN L]P MWPYOPO TY_Z ZYP X`^TN T^ Q`^PO bT_S DZRL XLY_]L []LN _TNP T^ OPQTYPO TY _P]X^ ZQ 9£OL-]LSXLY LYO _SP ±LMOL-]LSXLY wBZ]O-]LSXLYx LYO 9£OL-]LSXLY w>Z`YO-]LSXLYx L]P YZb TOPY_TNLW% w>SLMOL Z] 9LOL -]LSXLY T^ L ^[T]T_`LW X`^TNLW ^Z`YO _SL_ NLY MP SPL]O O`]TYR dZRTN XPOT_L_TZY LYO T^ MPWTPaPO _Z SLaP L ^[T]T_`LWWd _]LY^QZ]XL _TaP [ZbP] ?ST^ MPWTPQ TY _SP ^[T]T_`LW YL_`]P ZQ MZ_S _SP TYYP] ^[T]T_`LW ^Z`YO^ ZQ XPOT_L_TZY LYO [Sd^TNLW Z`_P] ^Z`YO^ ZQ XLY_]L LYO NSLY_TYR ^SLMOL T^ L^^ZNTL_PO bT_S MZ_S T^ L NZXXZY ZYP _S]Z`RSZ`_ 4YOTL _Z OLdx $

?SP PX[SL^T^ ZY TYYP] ^[T]T_`LW ^Z`YO^ bL^ [Z[`WL]TePO Md _SP =LOSL >ZLXT^ TY [L]_TN`WL] bSZ QZ]XPO L YPb ]PWTRTZ`^ 3TYO` XZaPXPY_ TY _SP $_S NPY_`]d LYO TY _SPT] wDZRL ZQ ^Z`YOx bP]P R]PL_Wd TY^[T]PO Md >TVS []LN_TNP^ BP bTWW NZXP MLNV _Z _SPT] QL^NTYL_TYR _SPZWZRd TY bSTNS _SP 9£OL-]LSXLY _]LY^X`_P^ TY_Z _SP wP_P]YLW N`]]PY_ ZQ ^Z`YOx bT_S bSTNS _SP ^Z`W T^ _Z `YT_P `YOP] _SP TY^_]`N_TZY ZQ L XL^ _P] ?ST^ TYaZWaP^ _]LaPWWTYR _S]Z`RS XT]LN`WZ`^ TYYP] bZ]WO^ LYO STRSP] ^[SP]P^ ZQ WTRS_ LYO ^Z`YO ?ZOLd TY 4YOTL LYO TY _SP BP^_ LWW _d[P^ ZQ ^ZYTN _SPZ[SLYTP^ bZYOP]Q`W UZ`]YPd^ TY_Z _SP ^ZYTN NPY_P] ZQ _SP `YTaP]^P LYO _PNSYT\`P^ ZQ ^PWQPc[P]TPYNP L]P RTaPY YLXP^ ^`NS L^ w9£OLDZRLx LYO w9£OLXPOT_L_TZYx bSTNS WZNL_P _SP 9£OL-]LSXLY TY ]P^ZYLYNP^ LYO TYYP] ^Z`YO^ ?SP XZOP]Y LOL[_L_TZY^ []Z[LRL_TYR NP]_LTY XPOT_L_TZY _PNSYT\`P^ LYO wTYYP] SPL]TYRx SLaP YZ_ LWW _SL_ X`NS TY NZXXZY bT_S ±£]«RLOPaLv^ 9£OL-]LSXLY bSTNS T^ NZYNP]YPO bT_S X`^TN TP wPc _P]YLW SPL]TYRx bSTNS ZQ NZ`]^P LWbLd^ LW^Z LN_TaL_P^ TYYP] bZ]WO^ ,W_SZ`RS BP^_P]Y 9£OLWZaP]^ WTVP _Z ]PQP] _Z -P]PYO_ L_ WPL^_ TY MTM WTZR]L[STP^ _SP 9£OL-]LSXLY _SL_ SP WPL]YPO Q]ZX 4YOTLY X`^TNTLY^ T^ ZQ L OTQQP]PY_ _d[P 3ZbPaP] QL] ]PXZaPO _SP TYOTaTO`LW OT^NZ`]^P^ L]P _SP]P T^ ^_TWW LY TYaT^TMWP ^P_ ZQ _S]PP QLN_Z]^ WTYVTYR _SPX% L [LYPY _SPT^_TN bZ]WOaTPb ^_]ZYR ]PWL_TZY _Z Pc[P]TPYNP LYO _SP LMTWT_d ZQ ^Z`YO _Z M]TYR OPWTaP]LYNP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 5 /PYZ^Vd w>LN]PO >Z`YO /`]TYR >[T]T_`LW ?]LaPWx NZ[d]TRS_ z S__[%^[T]T_`LW_]LaPWZ]R:-0^LN]PO^Z`YOS_XW LNNP^^PO 8L]NS  

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

#! !

8`^TN L^ L DZRL QZ] 0aP]dMZOd LYO _SP >Z`YO 8d^_TNT^X ZQ _SP 4YOTLY 8`^TNZWZRT^_^

4Y _SP >L«R¯_L=L_Y£VL]L  ±£]«RLOPaL _SP wTYaPY_Z]x ZQ 9£OL-]LSXLY NZYNP[_ QZ]X`WL_PO _SP 9£OL-]LSXLY L^ _SP LY^bP] _Z _SP ZWO ?LY_]TN \`P^_TZY ZQ _SP XPLY^ ^`T_LMWP QZ] WPLOTYR L_ _SP ^LXP _TXP _Z PYUZd XPY_ ZQ WTQP LYO _Z `W_TXL_P WTMP]L_TZY% w0YUZdXPY_ ZQ WTQP T^ ]PLNSPO _S]Z`RS XPOT_L_TZY ZY _SP ^[PNTQTN FOPT_TP^H dP_ XPOT_L_TZY ZQ _SP LM^_]LN_ F-]LSXLYH T^ L []P]P\`T^T_P QZ] OPWTaP]LYNP 9Zb XPOT_L_TZY NLY ZYWd MP LNSTPaPO _S]Z`RS [P]QPN_ NZYNPY_]L_TZY LYO _SL_ T^ YZ_ PL^d QZ] S`XLY MPTYR^ ?SP]PQZ]P _SP]P T^ SP]P L ^TX[WP XPLY^ _SP SZWd `Y^_]`NV ^Z`YO FTY _SP SPL]_H bSTNS _SP DZRTY^ NZY_PX[WL_P L^ _SP _PLNSP] SL^ Pc[WLTYPO _Z _SPX -`_ _ST^ F9£OLH OZP^ YZ_ L[[PLW _Z _SP QPPWTYR^ LYO NLY F_SP]PQZ]PH YZ_ MTYO _SP ^[T]T_ ZQ S`XLY MPTYR^ ?SP]PQZ]P _SP]P T^ _SP ^_]`NV F( [Sd^TNLWH ^Z`YO Q]ZX bSTNS _S]Z`RS TY_P]aLW^ F^NLWP^ P_NH _SL_ PY_T]P NZY^_]`N_TZY ZQ X`^TN L]T^P^ _SL_ [`_^ _SP bZ]WO `YOP] T_^ ^[PWW LYO FL_ _SP ^LXP _TXPH _PL]^ L[L]_ _SP FQP__P]^ ZQH PcT^_PYNP bSZ^P PXP]RPYNP bP YZb OP^N]TMP LYO WTVPbT^P _SP ]ZWP _SP TY_P]aLW^ P_N [WLdx  >L«R¯_L=L_Y£VL]L 4!z!" 

±£]«RLOPaL ML^P^ _ST^ ZY LY Z[_TXT^_TN _SPZWZRd ,^ SP ^Ld^ L_ _SP MP RTYYTYR ZQ _SP ^LXP NSL[_P]  _SP bZ]WO bL^ N]PL_PO QZ] _SP UZd ZQ _SP WTaTYR MPTYR^ LYO T_ T^ OP^_]ZdPO ^Z _SL_ _SP WTaTYR MPTYR^ NLY ]PNZaP] Q]ZX T_ LRLTY 8Z]PZaP] 2ZO SL^ []ZaTOPO QZ] PaP]dZYP _SP [Z^^TMTWT_d ZQ MPTYR OPWTaP]PO Q]ZX _ST^ bZ]WO TYOTaTO`LWWd ?SP ^_]TN_ XPOT_L_TZY ZQ _SP DZRT^ LYO _SPT] TYYP] ^Z`YO^ bSZ^P ]LYRP ZYWd TYNW`OP^ MZZXTYR _S`YOP]TYR Z] ]`^STYR L]P ZYWd QZ] [PZ[WP bSZ PcP]NT^P _SP R]PL_P^_ PQQZ]_ TY Z]OP] _Z LNSTPaP OPWTaP]LYNP -`_ ^`NS PQQZ]_^ OZ YZ_ L[[PLW _Z PaP]dZYP LYO NZ`WO PaPY PYNZ`]LRP [PZ[WP _Z QZ]PRZ OPWTaP]LYNP ±£]«RLOPaLv^ MPYPaZWPY_ RZO _SP]PQZ]P `^P^ L _]TNV% SP RTaP^ _SPX L XPLY^ ZQ OPWTaP]LYNP TY _SP QZ]X ZQ X`^TN bSTNS T^ LW^Z R]PL_ Q`Y ^Z _SL_ [PZ[WP bTWW simply `^P T_ QZ] T_^ ZbY ^LVP PaPY TQ _SPd OZ YZ_ bT^S _Z MP OPWTaP]PO ?SP]P L]P ^TXTWL]T_TP^ SP]P _Z _SP ^_Z]d ZQ _SP bTNVPO -TYO`RL TY _SP ±TaL;`]£©L LYO _Z _SP PaTWOZP] TY _SP -S£RLaL_L;`]£©L  bSZ ^SZ`_^ Z`_ _SP YLXP ZQ ST^ ^ZY 9£]£dL©L ZY ST^ OPL_SMPO bSTNS Md NSLYNP T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

 _L_]L ^d£_ ^LR`©£O OSd£Y£O MS`V_T] X`V_T^ _` YT]R`©£_  OSd£YLX PV£R]LNT__LTVL^£OSdLÀ YL ^`VL]LÀ Yš©£X  _L^X£O L_]L ^`VSZ[£dLÀ ²]¯XLYY£OLX LY£SL_LX  R`]¼[LOT´¶LX£]RP©L X`YLdLà ^LX`[£^L_P  ^Z v[T ]LV_TaTS¯YL_a£Y YL XLYZ]LÓULYLVZ Yš©£X  _L^X£O £SL_LY£OL^dL ²]`_d£OTOa£]L_Z vVSTWLX  RPdLÀ aT_LYaL_Z WZVL]LÓULYLÀ MSLaLMSLÓULYLX  `_[L__TX LMSTOS£^d£XL^ _L_S£ ²]`_d£OTSP_`_£X   >L«R¯_L=L_Y£VL]L 4!z!"  .Q >L«R¯_L=L_Y£VL]L 4$z

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#"

_SP YLXP ZQ L RZO _SP YLXP ZQ 6š´©L LYO T^ _SP]PQZ]P `YTY_PY_TZYLWWd L^ T_ bP]P OPWTaP]PO -`_ _SZ^P ^_Z]TP^ L]P _Z[[PO SP]P% L [WPL^LY_ WPT ^`]P_TXP ZNN`[L_TZY T^ ^`QQTNTPY_ _Z ]PLNS _SP STRSP^_ L__LTYXPY_ 8` ^TN T^ L VTYO ZQ DZRL QZ] PaP]dZYP 4_ XLVP^ PaP]dZYP SL[[d LYO L[ [PLW^ OT]PN_Wd _Z _SP ^PY^P^ LYO _SP PXZ_TZY^ ?SP aP]^P^ \`Z_PO Q]ZX _SP >L«R¯_L=L_Y£VL]L QZ]X _SP NZYNW`^TZY ZQ L WZYR _]PL_T^P ZY LYL_ ZXd LYO _SP [^dNSZ[Sd^TZWZRTNLW NPY_P]^ ZQ _SP DZRTN MZOd bSTNS SP]P L]P YZ_ L^ T^ N`^_ZXL]d L^^ZNTL_PO bT_S OPT_TP^ M`_ bT_S QPPWTYR^ ±£]«RLOPaL []ZaTOP^ L ]L_TZYLWP QZ] _ST^ WZYR XPOTNLW ^PN_TZY Md ^LdTYR _SL_ X`^TN L]T^P^ TY _SP MZOd LYO _SP]PQZ]P _SP [Sd^TNLW MZOd SL^ _Z MP RTaPY L WZ_ ZQ OP_LTWPO L__PY_TZY ?SP bZ]O w]LV_Tx `^PO TY _SP \`Z_L_TZY LMZaP XPLYTYR w_]TRRP]TYR QPPWTYR^x []PQTR`]P^ _SP VPd _P]X w=£RLx TY X`^TNZWZRd XPLYTYR wXPWZOd XZOPWx Z] XPWZOTN wXZOPx bSTNS LNNZ]OTYR _Z _SP NWL^^TNLW OPQTYT_TZY OPYZ_P^ L _ZYP ^_]`N_`]P _SL_ N]PL_P^ QPPWTYR^ ]LÓULYLX  ±£]«RLOPaL LW^Z LYNSZ]^ _SP^P QPPWTYR^ TY _SP MZOd YLXPWd TY _SP TYYP] XZ]P ^`M_WP DZRTN MZOTWd NPY_P]^ NLV]L^   ?SP ^Z_P]TZWZRTNLW ]PWPaLYNP ZQ X`^TN T^ Pc[WLTYPO L_ _SP PYO ZQ _SP NSL[_P] ZY _SP DZRTN MZOd LYO _SPY X`^TN T_^PWQ T^ NSL]RPO bT_S ^L N]POYP^^ LYO RTaPY L XP_L[Sd^TNLW ML^T^ Md ]PWL_TYR T_ _Z _SP 9£OL -]LSXLY ?SP TY_]ZO`N_Z]d aP]^P^ _Z _SP LN_`LW NSL[_P] ZY _SP Q`YOL XPY_LW^ ZQ X`^TN ]PLO L^ QZWWZb^% w?SP NZY^NTZ`^YP^^ NLT_LYdLX ZQ LWW WTaTYR MPTYR^ bSTNS _`]Y^ T_^PWQ Md T_^PWQ TY_Z _SP bZ]WO aTaš_L  T^ _SP u>Z`YO-]LSXLYv Y£OLM]LSXLY  4Y T_ bP TYaZVP √`[L£^ MWT^^ _SP u:YP bT_SZ`_ L >PNZYOv 4Q bP TYaZVP ^Z`YO bP LW^Z TYaZVP bT_SZ`_ OZ`M_ F_SP R]PL_ NZ^XTN RZO^H -]LSX£ AT´©` LYO ±TaL MPNL`^P _SPd L]P YZ_STYR Z_SP] _SLY F^Z`YOHx  >L«R¯_L=L_Y£VL]L 4z 

?SP^P _bZ aP]^P^ Md ±£]«RLOPaL NZY_LTY L_ ZYNP ^PaP]LW TX[WTNT_ ]PWL _TZY^ _Z []PNPOTYR _]LOT_TZYLW PWPXPY_^% -SL]_šSL]T _SP ,OaLT_L APO£Y_L _SP OTaTYP ?]TX¼]_T ^PP MPWZb M`_ []TXL]TWd _SP ±TaLT_TN ?LY_]TN ¢RLXL^ 4Y L _SPZWZRTeTYR ]PNZ`]^P _Z _SP WL__P] ±£]«RLOPaL NZTYPO _SP _P]X 9£OL-]LSXLY bSP]PMd SP bL^ LMWP _Z QZWWZb ZY Q]ZX LY TOPL _SL_ L_ ST^ _TXP bL^ LW]PLOd aP]d bTOP^[]PLO ?SP LYNTPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ±£]«RLOPaL SL^ YZ_ ZYWd _SP ^Tc Z] ^PaPY NLV]L^ _SL_ L]P VYZbY Q]ZX ,aLWZYv^ >P] [PY_ ;ZbP] M`_ PWPaPY ZQ _SPX BSP]PL^ _SP N]PL_TZY ZQ L`OTMWP X`^TN ^[PNTQTNLWWd ZQ ^ZYR T^ WTYVPO bT_S _SP bSZWP MZOd []TYNT[LWWd _SP YLaPW ]PRTZYOTL[S]LRX SPL]_ LYO _S]ZL_ _SP M]PL_STYR LYO _SP XTYO L^ 8L_L«RL SLO LW]PLOd ^_L_PO ±£]«RLOPaL L^^ZNTL_P^ []ZQTNTPYNd TY X`^TN bT_S _SP `[[P] [L]_ ZQ _SP MZOd LYO NP]_LTY [P_LW^ ZQ _SP NLV]L^ .Q >LYR¯_L=L_Y£VL]L 4z TY [L]_TN`WL] 4z & ZY LYL_ ZXd bSTNS MPRTY^ bT_S L M]ZLO OT^N`^^TZY ZQ PXM]dZWZRd TMTO 4 "z$  NLT_LYdLÀ ^L]aLMS¼_£Y£À aTaš_LÀ ULRLO£_XLY£  Y£OLM]LSXL _LO £YLYOLX LOaT_ÅdLX `[£^XLSP  Y£OZ[£^LYLd£ OPa£ M]LSXLaT´Y`XLSP²aL]£à  MSLaLY_d `[£^T_£ Y¼YLÀ dL^X£O P_P _LO£_XLV£à 

##

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

±TaLT_TN ¢RLXL^ SLO L^ SL^ MPPY ^SZbY ^PPY _SP QT]^_ PaZW`_P ZQ N]PL _TZY TY _SP NZY_Pc_ ZQ _SPT] NZ^XZRZYTN XLY_]L ^[PN`WL_TZY^ TY _SP ^Z`YO Y£OL  >Z`YO T^ XZ]P ML^TN _SLY PT_SP] XTYO Z] XL__P] LYO TY QLN_ Pc T^_PO []TZ] w[]TXPaLWx _Z _SPX ?ST^ TOPL ZQ _SP []TXZ]OTLW 9£OL MP NLXP ]ZZ_PO TY X`^TNZWZRTNLW bZ]V^ :YP ^SZ`WO ]PXPXMP] _SP TOPL NZY_LTYPO TY _SP X`^TN SLYOMZZV ,`X£[L_LX OT^N`^^PO TY _SP ?LY_]L NSL[_P] _SL_ ^Z`YO WTVP _SP P_SP] ]P[]P^PY_^ wP_P]YLWx PWPXPY_^ LYO _SP bZ]WO L]Z^P Q]ZX w]Sd_SXTN ^Z`YOx , M]TPQ NZX[L]T^ZY bT_S _ST^ bZ]V bSTNS bL^ b]T__PY L_ LMZ`_ _SP ^LXP _TXP MP_bPPY _SP _S LYO _S NPY_`]TP^ L^ ±£]«RLOPaLv^ _]PL_T^P _S NPY_ LYO XLdMP PaPY O]Pb ZY T_  T^ TYQZ]XL_TaP LMZ`_ _SP ^_LYOL]O ZQ ^NSZWL]^ST[ TY _SP X`^TNZWZRT NLW OT^NZ`]^P 4Y _SP QT]^_ NSL[_P] ZQ _SP ,`X£[L_LX _SP]P PcT^_^ _SP ^LXP NZ^XZ WZRTNLW bZ]WOaTPb w_ST^ bSZWP bZ]WO T^ Md T_^ YL_`]P 9£OL LYO NZY^T^_^ ZQ _£WL F]Sd_SXHx dP_ _SP _P]X 9£OL-]LSXLY T^ YZ_ `^PO 4Y^_PLO _SP 9£OL _SPZWZRd T^ Pc[WLTYPO TY R]PL_ Xd_SZWZRTNLW OP_LTW LYO OZXTYL_P^ _SP bSZWP ZQ _SP QT]^_ NSL[_P] ! >TYNP _SP _TXP ZQ 8L_L«RL T_ bL^ ^_LY OL]O _Z MPRTY X`^TNZWZRTNLW bZ]V^ Md XPY_TZYTYR _SP 9£OL L^ Z]TRTYLW ^Z`YO LYO T_^ XLYTQP^_L_TZY TY _SP bZ]WO LYO TY _SP S`XLY MZOd 4_ T^ _SP]PQZ]P YZ_ ^`][]T^TYR _SL_ _SP ,`X£[L_LX WL]RPWd []Z[LRL_P^ _SP ^LXP bZ]WOaTPb L^ _SP >L«R¯_L=L_Y£VL]L  4_ T^ SZbPaP] YZ_TNPLMWP _SL_ TY^_PLO ZQ _SP 9£OL-]LSXLY LYO _SP Y`XP]Z`^ ]PQP]PYNP^ _Z [L^_ [STWZ^Z[STP^ LYO _PNSYTNLW Q`YOLXPY_LW^ ZQ X`^TN TY ±£]«RLOPaL _SP ,`X£[L_LX NZY_LTY^ L M]ZLO Xd_SZWZRTNLW YL]]L_TZY bSTWP _SP _PNSYT NLW OP_LTW^ L]P ]L_SP] ^SZ]_ LYO LOL[_PO _Z 6`©“LWTY¯DZRL 8Z]PZaP] TY _SP WTRS_ ZQ _SP YZ]XLW X`^TNZWZRTNLW OT^NZ`]^P _SP ,`X£[L_LX NZY _LTY^ XT^_LVP^ 0aPY _SP ^`NNPPOTYR NSL[_P]^ L]P [P[[P]PO bT_S ]PWT RTZ`^ YL]]L_TaP PWPXPY_^ ZY _Z[TN^ ^`NS L^ w3PLaPYv^ X`^TNx LYO L^^ZNTL_TaPWd P^Z_P]TN TY_P][]P_L_TZY^ ZQ X`^TNLW PWPXPY_^ 4Y WTYP bT_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q AZYP^^PYv^ OT^N`^^TZY ZQ _SP ,`X£[L_LX    z 3T^ NZX[L]T^ZY ZQ _Pc_^ WPLO^ STX _Z QTc ZY _SP _bPWQ_S NPY_`]d L^ _SP XZ^_ WTVPWd _TXP ZQ Z]TRTY LYO >Z`_SP]Y 4YOTL L^ T_^ WZNL_TZY DP_ SP LOXT_^ _SL_ L [P]TZO Q]ZX _SP _S _Z _SP _S NPY_`]d Z] L_ _SP WL_P^_ _SP PL]Wd  _S NPY_`]d MPNL`^P T_ T^ \`Z_PO Md 6LWWTY£_SL X`^_ MP ^`[ [Z^PO P^[PNTLWWd L^ _SP L`_SZ] L[[PL]^ _Z SLaP MPPY QLXTWTL] bT_S _SP >L«R¯_L =L_Y£VL]L M`_ YZ_ _Z SLaP `YOP]^_ZZO T_ Z] L_ WPL^_ SP TY_P][]P_PO T_ TY L aP]d `Y`^`LW bLd TMTO  Q :Y _SP Z_SP] SLYO AZYP^^PY ^Ld^ _SL_ _SP L`_SZ] bL^ YZ_ LN_`LWWd LN\`LTY_PO bT_S LWW [L]_^ ZQ _SP >L«R¯_L =L_Y£VL]L ^TYNP SP bL^ YZ_ LbL]P ZQ NP]_LTY NPY_]LW L^[PN_^ ^`NS L^ _SP R]Z`[TYR^ ZQ =£RL^ Md _TXP^ ZQ OLd LYO ^PL^ZY^ ZQ _SP dPL] :YP ^SZ`WO YZ_P _SL_ _SP L`_SZ] ZQ _SP ,`X£[L_LX XLd NZY^NTZ`^Wd YZ_ SLaP bLY_PO _Z bPWNZXP []PNT^PWd _SP^P VPd YPb LNSTPaPXPY_^ MPNL`^P _SPd XPLY_ SP bZ`WO WZ^P _ZZ X`NS ZQ _SP ]PWTRTZY LYO _SP P^Z_P]TN Xd^_TNLW L^[PN_ ZQ X`^TN Y£O£_XLVLX TOPX OPaT ^L]aLÀ _£WLXLdLÀ ULRL_  ,`X£[L_LX   PO AZYP^^PY ! ! ,`X£[L_LX  PO _]LY^ LYO NZXX AZYP^^PY !z""

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#$

_ST^ wXd^_TN ^_`Od ZQ X`^TNx M`_ TY NZY_]L^_ _Z _SP X`^TNZWZRT^_^v ^_LY OL]O _SP _ZYP^ QZ] PcLX[WP  ^aL]L^ LYO ²]`_T^  L]P YZ_ []P^PY_PO L^ PX[T]TNLW ]PLWT_TP^ M`_ L^ PXLYL_TZY^ ZQ ±TaL " ;P_P] AZYP^^PY YZ_P^ _SL_ _SP ,`X£[L_LX NZY_LTY^ SL]OWd LYd VPd X`^TNZWZRTNLW _P]X^  U£_T R]£XL ²]`_T ]£RL  P_N _SL_ L]P `^PO TY _SPT] YZ]XLW ^PY^P^ 3P [ZTY_^ Z`_ _SP XLYd R]LXXL_TNLW LYO XL_SPXL_TNLW P]]Z]^ _SL_ L]P \`T_P `Y `^`LW TY X`^TNZWZRTNLW bZ]V^ z U`^_ L^ `Y`^`LW L^ _SP XL]VPO Xd_SZWZ RTeTYR ]PQP]PYNP^ _SL_ [P]aLOP _SP PY_T]P bZ]V # 8`NS ZQ bSL_ _SP ,`X£[L_LX ^Ld^ T^ aLWTO QZ] T_^ L`_SZ] LWZYP AZYP^^PY _SP]PQZ]P bZY OP]PO SZb bT_S ^Z WT__WP X`^TNZWZRTNLW VYZbWPORP ^`NS L bZ]V NZ`WO SLaP MPPY b]T__PY L_ LWW LYO NLYYZ_ LY^bP] _SP \`P^_TZY ;Z^^TMWd SZbPaP] _SP LY^bP] OZP^ YZ_ WTP TY _SP ]PLWX ZQ X`^TN L_ LWW M`_ TY _SL_ ZQ _SP ]PWTRTZ`^ L ]P^LN]LWTeL_TZY ZQ X`^TN bSPY z Z] LQ_P] z T_ bL^ XLOP QL] XZ]P ^NTPY_TQTN BP SLaP LW]PLOd NZXP LN]Z^^ _ST^ TOPL bSPY WZZVTYR L_ R]LXXL] ?SP ,`X£[L_LX bL^ YZ_ NZ[TPO L_ WPL^_ YZ_ TY X`^TNZWZRd LW _SZ`RS L QPb XLY`^N]T[_^ SLaP TY QLN_ ^`]aTaPO ?d[TNLW ZQ _SP PWT_P STRSWd ^Z[ST^_TNL_PO LNLOPXTN OT^NZ`]^P TY 4YOTLY X`^TNZWZRd LYO NWL^ ^TNLW X`^TN bSTNS bL^ L _SZ]Z`RSWd NZ`]_Wd L]_ T^ _SP QLN_ _SL_ _SP ,`X£[L_LX z \`T_P `YWTVP _SP >L«R¯_L=L_Y£VL]L z ]PXLTYPO aT]_`LWWd `YVYZbY LXZYR X`^TNTLY^ LYO SLO YZ []POPNP^^Z]^ LYO YPT_SP] OTO Z_SP]^ QZWWZb T_ 4Y L NP]_LTY bLd T_ L[[PL]^ _Z MP ]PLOTWd NZX[L]LMWP bT_S XZOP]Y 9Pb,RP P^Z_P]TNT^X bSTNS T^ WTVPbT^P TRYZ]PO Md ^NT PYNP $ ?SP 9£OL NSL[_P] TY _SP ,`X£[L_LX NZYQZ`YO^ ]PWTRTZ`^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 0aPY _SP L`_SZ]v^ YLXP @X£[L_T SL^ L OZ`MWP XPLYTYR L^ T_ T^ ZYP ZQ _SP YLXP^ ZQ ±TaL >Z _SP NZWZ[SZY NLY MP ]PLO L^ wb]T__PY Md _SP L`_SZ] @X£[L_Tx Z] L^ wZ]TRT YL_TYR Q]ZX _SP RZO ±TaLx .Q ,`X£[L_LX NZXX AZYP^^PY   # .Q AZYP^^PY ,`X£[L_LX z " ZY _SP `Y`^`LWWd M]ZLO Xd_SZWZRTNLW YL]]L_TaP PWPXPY_^ ^ZXP ZQ _SPX ZNN`]]TYR ZYWd TY _ST^ bZ]V ^`NS L^ ZY _SP wSPLaPYWd ^_`Od ZQ X`^TNx _SP _ZYP^ `^PO TY 3PLaPY _SP ML^TN XZZO^ ^ZYR NZX[Z^T_TZY^ QW`_P^ ZQ _SP RZO^ ZY ^ZYR^ ZQ _SP `YOP]bZ]WO LYO X`^TNXLVTYR RZO^ LYO 2LYOSL]aL^ :Y _SP OPaTLY_ X`^TNZWZRTNLW YZXPYNWL_`]P LYO _SP ZMUPN_TaP QZ]XLW P]]Z]^ TMTO z! #z  $ ?SP NZX[L]T^ZY T^ L WT__WP LbVbL]O MPNL`^P TY 4YOTL ZYP SLO YZ ZMUPN_TZY^ _Z P^Z_P]T NT^X STOOPY _]`_S^ L^^ZNTL_TaP _SZ`RS_ Z] Xd_STNLW XLRTNLW PXMPOOTYR L^ _SP ]PLOP] T^ LW]PLOd LbL]P :Y _SP NZY_]L]d L ]PWPaLY_ Z[PYTYR aP]^P bL^ LN_`LWWd bPWW ]P NPTaPO TY ^NTPY_TQTN bZ]V^ ,YO Pc_]LZ]OTYL]d Pc[P]TPYNP^ ZQ DZRTY^ bP]P ^ZNTLWWd LNNP[_LMWP LYO ]P^[PN_PO ?SPd SLO WZYR MPPY LY `Y\`P^_TZYPO [L]_ ZQ _SP N`W_`]LW XPXZ]d -SL]_]SL]T QZ] PcLX[WP LWXZ^_ wYL_`]LWWdx LNNP[_PO L ^[PNTLW DZRTN TY_`T _TZY LYO LXZYR _SP TY_PWWPN_`LW^ ZQ _SP _S NPY_`]d U`^_ L^ WT__WP NSLYRPO L^ TY _SP ^_ NPY_`]d ?SP]P bP]P ZQ NZ`]^P LW^Z LWbLd^ [PZ[WP LYO TY_PWWPN_`LW^ TY [L]_TN`WL] z PR _SP ^_]TN_ ,OaLT_LAPOLY_L WTYP z _SL_ NZ`WO YZ_ RP_ _Z R]T[^ bT_S _SP DZRTY^v L`OT_Z]d Pc[P]TPYNP^ LYO WTRS_ aT^TZY^ LYO NZXX`YTNL_PO TY NZX[WP_PWd OTQQP]PY_ `YTZ Pc[P]TPYNP^ 9PT_SP] bL^ _SP XTc_`]P ZQ ^NTPYNP LYO ]PWTRTZY _SP LN_`LW OT^]`[ _TaP QLN_Z] LW_SZ`RS _SP _PNSYTNLW [L]_^ ZQ ^NTPY_TQTN YZY_SPZWZRTNLW bZ]V^ RPYP]LWWd

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

^PXT^NTPY_TQTN PWPXPY_^ LYO N]PL_P^ _SP TX[]P^^TZY ZQ L ^[PNTLW ^PN]P_ VYZbWPORP _SL_ NLY WZZV QL]_SP] TY_Z _SP OP[_S^ _SLY []ZQLYP ^NTPY_TQTN OT^NZ`]^P NLY LYO VYZb^ LMZ`_ _SP ^PN]P_ XTN]Z LYO XLN]ZNZ^XTN L^ ^ZNTL_TZY^ P_N ,WW ZQ _ST^ T^ LM^PY_ TY ±£]«RLOPaL LW_SZ`RS SP N]PL_P^ L YPb w`YTaP]^LW Xd_Sx bT_S _SP 9£OL-]LSXLY Z] Z_SP]bT^P ZYP XTRS_ SLaP _Z ^Ld _SL_ MPNL`^P SP N]PL_P^ L YPb w`YTaP]^LW Xd_Sx bT_S _ST^ NZYNP[_ 3P _d[TNLWWd L^^ZNTL_P^ L SZWT^_TN [L]_TNT[L_Z]d bZ]WO TY_P][]P_L_TZY bT_S LY PXLYNT[L_Z]d LYLWd_TNLW []ZNPO`]P z TY _ST^ NL^P Md RTaTYR LY LY_S]Z[ZWZRTNLW LYO [STWZ^Z[STNLW QZ`YOL_TZY _Z _SP ^LN ]LWTeL_TZY ZQ X`^TN -`_ P\`LWWd TY_P]P^_TYR TY ]PWL_TZY _Z Z`] []PaTZ`^ OT^N`^^TZY^ TY [L]_TN`WL] _SP NSL[_P] ZY _SP WT_P]L_T TY _SP 8P_SZOZWZRd ^PN_TZY T^ _SP QLN_ _SL_ _SP L`_SZ] ZQ _SP ,`X£[L_LX `^P^ L ^NTPY_TQTN WTYR`T^_TN ^_dWP QZWWZbTYR bSL_ bP SLaP NLWWPO _SP wWT_`]RTNLW XZOPWx ?SP XZ^_ L]_T^_TN aP]^P^ L]P _SZ^P NZY_LTYTYR _SP XZ^_ OTQQTN`W_ NLWN`WL _TZY^ LYO TY ^ZXP NL^P^ QZ] ]PWTRTZ`^ TOPL^ ! 0aPY TQ _SP NLWN`WL_TZY^ LYO XP_P]^ TY _SP ,`X£[L_LX L]P YZ_ LWbLd^ [P]QPN_ L[[L]PY_Wd L bTWW PcT^_^ _Z _TP ZYP^PWQ TY_Z _SP NSL]LN_P]T^_TN ^_dWP ZQ YL_`]LW ^NTPYNP Md `^TYR LY LP^_SP_TN WTYR`T^_TN ^_dWP _SL_ NZ]]P^[ZYO^ _Z _SL_ ZQ _SP XL_SPXL_TNLW LYO L^_]ZYZXTNLW bZ]V^ _SL_ bP SLaP OT^N`^^PO ±£]«RLOPaL LW^Z `^P^ L aP]d N]d[_TN LYO LP^_SP_TN WTYR`T^_TN ^_dWP TY ST^ MPYPOTN_Z]d Z[PYTYR aP]^P XL«RLWL _SL_ T^ NZX[Z^PO TY _SP ±WP´L _PNSYT\`P LYO NLY MP ]PLO TY _bZ bLd^ ! 4Y _SP ZMaTZ`^ ]PLOTYR T_ T^ L SdXY ZQ []LT^P _Z ±TaL _SP 7Z]O ZQ _SP bZ]WO _Z bSZX S`XLY^ L[[PLW QZ] [WPL^`]P LYO SL[[TYP^^ ?SP R]PL_ MPYPaZWPY_ RZO T^ ^LTO _Z MP _SP PXMZOTXPY_ ZQ 9£OL []TXZ]OTLW ^Z`YO LYO T^ []LT^PO L^ _SP N]PL_Z] ZQ _SP bZ]WO LYO T_^ Z]OP] LYO L^ XLOP XLYTQP^_ TY _SP DZRTY^v MZOTWd NPY_P]^ _S]Z`RS NZY_PX[WL_TZY ZQ :¿ LYO M]PL_STYR PcP]NT^P^ -`_ _SP aP]^P NLY LW^Z MP ]PLO OTQQP]PY_Wd 4Y _ST^ ^PNZYO ]PLOTYR ^ZYR T^ []LT^PO L^ PXMZOTXPY_ ZQ 9£OL TY LY L`OTMWP QZ]X >ZYR RTaP^ UZd _Z _SP bSZWP bZ]WO LYO T^ _SP ^Z`]NP ZQ _SP Z]OP] ZQ _SP _ZYP^ LYO ^TYRTYR ^_dWP^ 8`^TN T^ []ZO`NPO TY _SP MZOd ^`[[Z]_PO Md _SP XTYO LYO _SP M]PL_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ VP[_ _Z L ^TYRWP OT^NT[WTYP :Y _SP Z_SP] SLYO bSL_ bL^ `YQZ]RTaLMWP TY LY LNLOPXTN bL^ L OPQTNT_ TY _SP VYZbWPORP ZQ >LY^V]T_ LYO ZQ NZ`]^P P]]ZYPZ`^ NLWN`WL_TZY^ 4Y _SP 4YOTLY 8TOOWP ,RP^ STOOPY _]`_S^ LW^Z SLO _Z MP NZXX`YTNL_PO TY L ]L_TZYLWWd NZX[]PSPY^TMWP XLYYP] LYO Q]PP ZQ P]]Z]^ _Z MP ]PNZRYTePO L^ _]`_S^ >NTPY_T^_^ NZ`WO MP XP_L[Sd^TNTLY^ M`_ XP_L[Sd^TN^ SLO _Z MP L^ M]TWWTLY_ L^ ^NTPYNP LYO aTNP aP]^L -SLš_]SL]T _SP ;¼]aL8¯X£À^£ LYO @__L]L8¯X£À^£ ,MSTYLaLR`[_L LYO Z_SP]^ SLO ^P_ _SP ^_LYOL]O^ SP]P ±£]«RLOPaL QZWWZbPO ZY Q]ZX _SP^P [L]_TN`WL] OT^NZ`]^P^ :Y _SP Z_SP] SLYO SP SLO WT__WP TY NZXXZY bT_S _SP P^Z_P]TN Xd^_TN ^_`Od ZQ X`^TN LYO _SP M]ZLO Xd_SZWZRTNLW YL]]L_TaP^ ZQ _SP ,`X£[L_LX ! .Q AZYP^^PY ,`X£[L_LX " ! .Q >L«R¯_L=L_Y£VL]L 4 PO >S]TYRd z 1Z]_`YL_PWd >S]TYRd _]LY^WL_PO MZ_S [Z^^TMWP ]PLOTYR^ `YWTVP 6`YSLY =LUL

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#

4Y []TYNT[WP _ST^ QT]^_ aP]^P LW]PLOd NZY_LTY^ ±£]«RLOPaLv^ PY_T]P X`^TNLW bZ]WOTY_P][]P_L_TZY LYO XP_L[Sd^TNLW []ZR]LX bT_SZ`_ `^TYR _SP _P]X w9£OL-]LSXLYx 4Y_P]P^_TYRWd SZbPaP] _SP -]LSXLY T^ LW ]PLOd TYOTNL_PO TY STOOPY QZ]X MPNL`^P _SP aP]d QT]^_ bZ]O T^ M]LSXL R]LY_ST L DZRTN?LY_]TN _P]X QZ] _SP UZTYTYR ZQ _SP MZOdv^ PYP]RTP^ TY _SP NPY_]LW YP]aP NLYLW L_ _SP WPaPW ZQ _SP YLaPW ±£]«RLOPaLv^ R]PL_ TYYZaL_TZY bL^ LOOTYR _SP -]LSXLY _P]X _Z _SP 9£OL bSTWP T_ bL^ LW]PLOd NZXXZY []LN_TNP _Z WTYV X`^TN _Z _SP 9£OL LYO NP]_LTY [WLNP^ TY _SP MZOd BSL_ T^ ZMaTZ`^Wd NZXX`YTNL_PO Md _SP QT]^_ aP]^P z ^_TWW L^ TYNZX[]PSPY^TMWd ^`M_WP L^ _SP ^NPY_ ZQ L ]Z^P z T^ _SP `YT\`PYP^^ ZQ X`^TN ZQ ^ZYR LXZYR _SP _STYR^ ZQ _ST^ bZ]WO ,NNZ]OTYR _Z ±£]«RLOPaL X`^TN T_^PWQ L[[L]PY_Wd SLO ^ZXP_STYR OTaTYP LMZ`_ T_ 4_ XP_ []PNT^PWd _SP [P_T_TZY _SL_ SP OT]PN_PO _Z _SP R]PL_ 7Z]O 2ZO ±TaL% X`^TN M]TYR^ OPWTRS_ 4_ T^ LY LWWZQZ]X  LY LW_P]YL_TaP ^SL[P ZQ RZO LYO PXMZOTP^ Z]TRTYLW ^Z`YO TY L`OTMWP QZ]X 2ZO STX^PWQ T^ TYaZVPO L^ LY wPXMZOTXPY_ ZQ _SP 9£OLx L _d[TNLW TOPL ZQ _SP ±LTaL ±TOOS£Y_L ZQ _SP ±LTaL ¢RLXL N`W_`]P LYO LW^Z ZQ XLYd X`^TNZWZRT^_^ LYO XZ]P z L^ LY PXMZOTXPY_ ZQ []PNT^PWd _SL_ 9£OL _SL_ L]T^P^ TY _SP MZOd ?SP \`LWTQT NL_TZY wPXMZOTXPY_ ZQ _SP 9£OLx Y£OL_LY`X L[[WTP^ _Z _SP RZO U`^_ L^ T_ OZP^ _Z ^ZYR ,_ WPL^_ _SL_ bL^ _SP STOOPY XP^^LRP bT_S QL] ]PLNSTYR TX[WTNL_TZY^% RZO Pc[P]TPYNP ZQ RZO LYO ^ZYR TYL`OTMWP LYO L`OTMWP 9£OL L]P []LN_TNLWWd TY_P]NSLYRPLMWP BT_S _SP OZ`MWP XPLY TYR^ _SP TYT_TLW aP]^P N]PL_P^ _SP `Y^[ZVPY ML^T^ ZQ L X`_`LW NZOTYR PaPY TOPY_TQTNL_TZY ZQ []ZQLYP X`^TN LYO ^LN]PO ]PWTRTZY bSTNS NLY LW^Z LWbLd^ MP SPL]O TY _SP _PNSYTNLW [L]_^ ZQ _SP bZ]V LYO SLO S`RP TYQW`PYNP []TXL]TWd TY _SP []LN_TNP ZQ X`^TN ±£]«RLOPaL NWPL]Wd ^_L]_^ bT_S aZNLW X`^TN L^ _SP XZ^_ TX[Z]_LY_ LYO NZYYPN_^ X`^TN OT]PN_Wd _Z _SP []ZNP^^ ZQ aZTNP []ZO`N_TZY TY _SP MZOd ]T^TYR Q]ZX _SP YLaPW >Z X`^TN ^L«R¯_LX  YZ XL__P] bSP_SP] T_ bL^ NWL^^TNLW X£]RL Z] ]PRTZYLW TY ^_dWP OP²T  _SP]PQZ]P []TXL]TWd XPLY^ ^ZYR R¯_LX  M`_ LW^Z TX[WTP^ TY^_]`XPY_LW X`^TN a£OdLX LYO OLYNP Yš__LX  ! >ZYR T^ wPXMZOTXPY_ ZQ _SP 9£OLx Y£OL_LY`X Z] L^ XPY_TZYPO L_ LYZ_SP] [ZTY_ 4 wTY_]TY^TNLWWd 9£OLx R¯_LX Y£O£_ XLVLX  bSTWP TY^_]`XPY_LW X`^TN XLVP^ _SP 9£OL XLYTQP^_ adLV_d£ LYO OLYNP wQZWWZb^x _SP^P _bZ bSTNS T^ bSd LWW _S]PP OP[PYO ZY _SP 9£OL z U`^_ WTVP _SP LW[SLMP_ WLYR`LRP LYO _SP bSZWP bZ]WO OP[PYO ZY ^Z`YO 4z 1]ZX _ST^ WL^_ ^_L_PXPY_ bSTNS ]PXTYO^ ZYP ZQ -SL]_šSL]T T^ T_ YZ_ QL] _Z _SP -]LSXLY 4Y QLN_ _SP -]LSXLY T^ TY_]Z O`NPO TY _SP YPc_ aP]^P TYT_TLWWd \`T_P TY _SP APO£Y_TN XLYYP] L^ NZY ^NTZ`^YP^^ MWT^^ LYO _SP QPL_`]PWP^^ ZXYT[]P^PY_ ^Z`]NP ZQ LWW _STYR^ 4Q >Z _SP _SP^T^ ZQ _SP 9£OL-]LSXLY L^ _SP QZ`YOL_TZY ZQ X`^TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q >LYR¯_L=L_Y£VL]L 4z 

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

LYO _SP bZ]WO _SL_ T^ _Z MP ^P_ QZ]_S TY _SP YPc_ NSL[_P] SL^ LW]PLOd MPPY []P[L]PO TX[WTNT_Wd 1Z] _SP 9£OL-]LSXLY _SP^T^ ±£]«RLOPaL QZWWZbPO ZY TXXPOTL_PWd Q]ZX _SP PL]Wd X`^TNZWZRT^_ 8L_L«RL 4Y 8L_L«RL bP NLY LW]PLOd QTYO L ^_L_PXPY_ _SL_ LY_TNT[L_P^ _SP 9£OL-]LSXLY TY _SP NZXMTYL_TZY ZQ _bZ \`Z_L_TZY^ T_T VPNT_ % wBT_SZ`_ ^Z`YO _SP]P T^ YZ ^ZYR bT_SZ`_ ^Z`YO YZ _ZYP^ bT_SZ`_ ^Z`YO YZ OLYNP ?SP]PQZ]P _ST^ FbSZWPH bZ]WO ULRL_ T^ TY T_^ YL_`]P ^Z`YO ?SP F2ZOH -]LSX£ T^ L QZ]X ZQ ^Z`YO _SP F2ZOH AT´©` SP]P% 5LY£]OLYL T^ L QZ]X ZQ ^Z`YO _SP _]LY^NPYOPY_LW [ZbP] ;L]£±LV_T T^ L QZ]X ZQ ^Z`YO LYO _SP R]PL_ 2ZO F8LSP²aL]L TP ±TaLH T^ L QZ]X ZQ ^Z`YOx -šSLOOP²¯ #z$!

8L_L«RLv^ -šSLOOP²¯ NL "_S NPY_ bL^ ]PNZY^_]`N_PO Q]ZX PcNP][_^ QZ`YO TY WL_P] L`_SZ]^ 4_ T^ _SP]PQZ]P [Z^^TMWP _SL_ aP]^P # T^ NZ]]`[_PO L^ _SP NZYNW`^TZY _SL_ _SP bSZWP bZ]WO _SP `YTaP]^P bL^ ^Z`YO OZP^ YZ_ Z]TRTYL_P Q]ZX _SP []PNPOTYR ^PY_PYNP _SL_ ]PQP]^ ZYWd _Z _SP bZ]WO ZQ X`^TN 3ZbPaP] Pc_PYOTYR _ST^ _Z _SP PY_T]P ]PLWT_d T^ LW]PLOd NWPL] TY PL]WTP] [L^^LRP^ ZQ _SP -šSLOOP²¯ TY [L]_TN`WL]  4Y _SP TY_]ZO`N _Z]d ^P\`PYNP^ X`^TN LYO WLYR`LRP L]P TXXPOTL_PWd M]Z`RS_ _ZRP_SP] Md XPLY^ ZQ _SP OSaLYT NZYNP[_ _SP TYOTaTO`LWWd NZYYZ_L_PO L`OTMWP ^Z`YO  -šSLOOP²¯ z bSTWP _SP ^`NNPPOTYR [L^^LRP ZY _SP 9£OL _SP XZ]P Pc_PY^TaP aTM]L_TYR ^Z`YO Z] []TXZ]OTLW ^Z`YO L]R`P^ `^TYR _P]X^ Q]ZX NZ][Z]PLWT_d LYO ?LY_]TN [Sd^TZWZRd  -šSLOOP²¯ "z 8L_L«RL z LYO bT_S STX _SP PY_T]P PL]Wd 4YOTLY ^_`Od ZQ X`^TN z PaT OPY_Wd LW^Z OPLW^ bT_S aZNLW X`^TN LYO YZ_ TY^_]`XPY_LW X`^TN L^ TY BP^_P]Y X`^TNZWZRd bSPY SP WZNLWTeP^ _SP OPaPWZ[XPY_ ZQ _SP 9£OL TY _SP MZOd 8Z]PZaP] 8L_L«RL STX^PWQ OZP^ YZ_ ^[PLV ZQ w-]LSXLYx M`_ _SP _P]X T^ YPaP]_SPWP^^ TX[WTNT_ TY _SP aP]^P \`Z_PO $ ?SP OTaTYP _]TYT_d _]TX¼]_T ZQ -]LSXL AT´©` LYO ±TaL NLY MP ]PLO L^ L _SPTQTPO QZ]X ZQ _SP ^_L_PXPY_ TY _SP ?LT__T]ÅdL@[LYT´LO  ^LdTYR _SL_ _SP -]LSXLY T^ _SL_ Z`_ ZQ bSTNS _SP WTaTYR MPTYR^ L]T^P Md bSTNS _SPd L]P XLTY_LTYPO LYO TY_Z bSTNS _SPd ]P_`]Y 4Y _SP WL_P] _]LOT_TZY _ST^ Q`YN_TZY ZQ _SP _]TLO T^ [P]^ZYLWTePO TY -]LSXL _SP N]PL_Z] AT´©` _SP []P^P]aP] LYO ±TaL _SP OP^_]ZdP]  ?SL_ _SP _S]PP RZO^ L]P NLWWPO ^Z`YO SP]P NLY MP Pc[WLTYPO Md _SP MZOTP^ ZQ _SP OPT_TP^ MPTYR _SPT] XLY_]L^ TY _SP ±TaLT_TN ?LY_]L ?SP ±LTaL MLNVR]Z`YO T^ aP]d NWPL]Wd STY_PO L_ Md XPY_TZYTYR _SP wR]PL_ 2ZOx 8LSP²aL]L LYO ST^ w^`[]PXP _]LY^NPYOPY_LW [ZbP]x Z] ^[Z`^P ;L]£ ±LV_T  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! YL Y£OPYL aTY£ R¯_LÀ YL Y£OPYL aTY£ ^aL]£à  YL Y£OPYL aTY£ Yš_LÀ _L^X£Y Y£O£_XLVLÀ ULRL_  Y£OL]¼[Là ^Xš_Z M]LSX£ Y£OL]¼[Z ULYL]OSLYLà  Y£OL]¼[£ [L]£ ²LV_T] Y£OL]¼[Z XLSP²aL]Là  -šSLOOP²¯ #z$ aZW  PO >SL]XL !

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#

L«R¯_L=L_Y£VL]L XLVP^ _ST^ NWPL] YZ_ WPL^_ _S]Z`RS _SP TOPL _SL_ _SP _bZ aP]^P^ TY ST^ bZ]V _SL_ [Z^_`WL_P _SP _P]X 9£OL-]LSXLY NZY ^T^_^ ZQ ]PWPaLY_ [L]L[S]L^P^ ZQ 4YOTLY WLYR`LRP LYO ^Z`YO OT^NZ`]^P^ 3P]P ZYNP LRLTY T^ _SP _]LY^WL_TZY ZQ ±£]«RLOPaLv^ _bZ ]PWPaLY_ aP]^P^% w?SP NZY^NTZ`^YP^^ ZQ LWW WTaTYR MPTYR^ bSTNS _`]Y^ T_^PWQ Md T_^PWQ TY_Z _SP bZ]WO aTaš_L  T^ _SP u>Z`YO-]LSXLYv Y£OLM]LSXLY  4Y _ST^ bP TYaZVP √`[L£^ MWT^^ _SP u:YP bT_S L >PNZYOv 4Q bP TYaZVP ^Z`YO bP LW^Z TYaZVP bT_SZ`_ OZ`M_ F_SP 2]PL_ 2ZO^H -]LSX£ AT´©` LYO ±TaL MPNL`^P _SPd L]P YZ_STYR Z_SP] _SLY F^Z`YOHx  >LYR¯_L=L_Y£VL]L 4z !

 ?SP QT]^_ aP]^P PaPY TY T_^ _P]XTYZWZRd wNLT_LYdLÀ ^L]aLMS¼_£Y£X aTaš_LÀ ULRLO£_XLY£x T^ TX[Z]_PO OT]PN_Wd Q]ZX _SP -SL]_šSL]T ^NSZZW ! z bT_S ZYP OPNT^TaP OTQQP]PYNP% TY^_PLO ZQ -SL]_šSL]Tv^ ±LMOL-]LSXLY wBZ]O-]LSXLYx _SP]P L[[PL]^ SP]P _SP 9£OL -]LSXLY w>Z`YO-]LSXLYx LYO _ST^ T^ XZ]P YL]]ZbWd OPQTYPO Md _SP @[LYT´LOTN Pc[]P^^TZY w:YP bT_SZ`_ L >PNZYOx ?SP 9£OL -]LSXLY T^ bZ]WO NZY^NTZ`^YP^^ TY bSTNS 2ZO _SP bZ]WO LYO _SP TYOTaTO`LW^ NLYYZ_ MP OTQQP]PY_TL_PO  ?SP ^PNZYO aP]^P [L]L[S]L^P^ _SP w_SP bZ]WO T^ ^Z`YOx aP]^P ZQ _SP 8L_L«RL LYO _S`^ QZWWZb^ ZY Q]ZX T_^ ?LY_]TN TY_P][]P_L_TZY ZQ ^Z`YO ?SL_ _SP R]PL_ RZO^ L]P ^Z`YO XPLY^ YZ_STYR^ Z_SP] _SLY _SL_ LWW OPT_TP^ SLaP _SPT] ZbY XLY_]L^ LYO TY _SP ?LY_]TN aTPb L]P LN_`LWWd TOPY_TNLW _Z _SPX ?SP [LYPY_SPT^_TN aTPb Md _SP ±LTaL^ L`_ZXL_TNLWWd RTaP^ ]T^P _Z _SP ^_L_PXPY_ w_SP bZ]WO T^ ^Z`YOx MP NL`^P TQ _SP R]PL_ NZ^XTN OPT_TP^ L]P ^Z`YO LYO _SP]P T^ YZ bZ]WO Z`_^TOP ZQ 2ZO LWW MPTYR^ LYO _STYR^ L]P LW]PLOd TYNW`OPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! NLT_LYdLÀ ^L]aLMS¼_£Y£À aTaš_LÀ ULRLO£_XLY£  Y£OLM]LSXL _LO £YLYOLX LOaT_ÅdLX `[£^XLSP  Y£OZ[£^LYLd£ OPa£ M]LSXLaT´Y`XLSP²aL]£à  MSLaLY_d `[£^T_£ Y¼YLÀ dL^X£O P_P _LO£_XLV£à  >LYR¯_L=L_Y£VL]L 4z ! .Q LW^Z ±£]LO£_TWLVL?LY_]L  NLT_LYdLÀ ^L]aLMS¼_£Y£À ²LMOM]LSXP_T LYO _SP NZXXPY_L]d Md =£RSLaL -SL¶¶L bSZ \`Z_P^ -SL]_šSL]Tv^ QT]^_ aP]^P >PP LW^Z _SP aP]^P >L«R¯_L=L_Y£VL]L 4 bSTNS []P[L]P^ _SP _SP^T^ ZQ 9£OL-]LSXLY bT_S ]PQ P]PYNP _Z -SL]_šSL]T% w9£OL XLYTQP^_^ _SP [SZYPXP^ ZQ _SP LW[SLMP_ WP__P]^ NZY^_T _`_P _SP bZ]O LYO bZ]O^ XLVP L ^PY_PYNP ?S`^ _SP PY_T]P M`^TYP^^ ZQ WTQP adaL S£]L T^ NL]]TPO ZY _S]Z`RS WLYR`LRP ?SP]PQZ]P _SP PY_T]P bZ]WO ULRL_ T^ ML^PO ZY 9£OLx 4Y _SP YPc_ aP]^P _SP L`OTMWP LYO TYL`OTMWP 9£OL T^ WZNLWTePO TY _SP MZOd LYO TY _SP QZWWZbTYR aP]^P -]LSXLY T^ TYT_TLWWd []P^PY_PO Q`WWd TY _SP APO£Y_TN ^PY^P ZQ MPTYRNZY^NTZ`^YP^^MWT^^

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

>Z bP SLaP TY_P][]P_PO _SP aP]^P L^ T_ T^ `YOP]^_ZZO YZbLOLd^ ,[[L] PY_Wd QZ] ^ZXP ZQ ±£]«RLOPaLv^ NZY_PX[Z]L]TP^ LYO ^`NNP^^Z]^ _SP _SP^T^ bL^ SZbPaP] ]L_SP] OL]TYR MPNL`^P >TÀSLMS¼[£WL NL  LYO 6LWWTY£_SL NL  !! z _SP _bZ XZ^_ TX[Z]_LY_ NZXXPY_L_Z]^ ZY _SP >L«R¯_L=L_Y£VL]L z OPNWL]P _SL_ _SP aP]^P T^ YZ_ XPLY_ WT_P]LWWd LYO TY^_PLO _SPd `YOP]^_LYO ^Z`YO _Z MP L XP_L[SZ] QZ] -]LSXLY ?SP PL] WTP] NZXXPY_L_Z] >TÀSLMS¼[£WL _S NPY_ ^PP^ SP]P L wQ`^PO XP_L [SZ]x ²WT´¶L]¼[LVL TY bSTNS _SP ]PQP]PY_ LYO _SP TXLRP QZ]X _SP _bZ LW_P]YL_TaP TY_P][]P_L_TZY^ ZQ L OZ`MWP XPLYTYR !" ?SP QZWWZbTYR XPLY TYR ]PWL_P^ _Z ^Z`YO LYO X`^TN% w?SL_ bT_SZ`_ bSTNS _SP]P bZ`WO MP YZ NZY^NTZ`^YP^^ TY _SP WTaTYR MPTYR^ F( TP bT_SZ`_ WLYR`LRP^Z`YOH LYO bSTNS T^ ^[]PLO _S]Z`RSZ`_ _SP bSZWP bZ]WO _SP 9£OL-]LSXLY _SP ^TX[WP ]PWTRTZ`^ PcP]NT^P F( ^Z`YO dZRL Z] X`^TNH _SL_ T^ TYNZX[L]LMWP LYO `YPL]_SWd T^ bSL_ bP M]TYR _Z XTYOx

?SP ^PNZYO XPLYTYR bSTNS ]PWL_P^ _Z _SP STRSP^_ -]LSXLY T^ _ST^% w?SP NZY^NTZ`^YP^^ ZQ LWW WTaTYR MPTYR^ bSTNS SL^ NSLYRPO T_^PWQ TY_Z _SP bZ]WO _SP 9£OL-]LSXLY _SP QZ]X _SL_ OPWTRS_^ _SL_ T^ :YP bT_SZ`_ L >PNZYO T^ bSL_ bP M]TYR _Z XTYOx

,[[L]PY_Wd >TÀSLMS¼[£WL bT^SP^ _SP _Pc_ _Z MP `YOP]^_ZZO ^`NS _SL_ _SP 9£OL T^ WTVP _SP -]LSXLY Z] ]PXTYO^ ZYP ZQ T_ M`_ T^ TY YZ bLd TOPY_T NLW _Z T_ ?ST^ LW^Z NZXP^ L^ YZ ^`][]T^P MPNL`^P TY ST^ L]R`XPY_L_TZY >TÀSLMS¼[£WL XLVP^ T_ PL^d PYZ`RS _Z TOPY_TQd STX L^ []ZMLMWd LY LOSP]PY_ ZQ _SP ,OaLT_LAPO£Y_L XLdMP ZQ _SP ±L«VL]L ^NSZZW !# ?SP WL_P] NZXXPY_L_Z] 6LWWTY£_SL  _S NPY_ bSZ LW^Z ^PPX^ _Z MP L WT__WP ,OaLT_T^_TN LW_SZ`RS YZ_ L^ ^_]ZYRWd L^ >TÀSLMS¼[£WL ^PP^ X`^TN L^ L NZX[WP_P ^TXTWP ZQ _SP -]LSXLY ^£aLdLaL]¼[LVL  !$ BSL_ PYLMWP^ NZX ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !! ?SP OL_P^ L]P ^`RRP^_PO TY BTVT[POTL _SP Q]PP PYNdNWZ[POTL S__[%PYbTVT[POTLZ]R bTVT>L«RT_LJ=L_YLVL]L LNNP^^PO :N_ZMP] ! $ /L_TYR >TÀSLMS¼[£WL _Z _SP _S NPY_ L[[PL]^ _Z MP NZXXZY ^PY^P .Q 8LYOLV]LY_L -Z^P 8ZaPXPY_ LYO 8TXP^T^% ?SP TOPL ZQ /LYNP TY >LY^N]T_TN ?]LOT_TZY 9Pb /PWST% ;]TY_bZ]WO $$ "  3Zb PaP] _SP Z[TYTZY LW^Z PcT^_^ _SL_ MZ_S NZXXPY_L_Z]^ ^SZ`WO MP OL_PO _Z _SP  _S NPY _`]d  LYO ! S__[%bbb]LRLN`W_`]PNZX_Pc_^SX_W LNNP^^PO :N_ZMP] ! $ !" .Q >L«R¯_L=L_Y£VL]L z PO >L^_]T ! _]LY^WL_P TY _SP QZWWZbTYR TY ^WTRS_Wd LM]TORPO QZ]X !# @[LYT´LO \`Z_L_TZY^ LYO Pc[]P^^TZY^ ^`NS L^ w^LU£_¯dLaTU£_¯dL^aLRL_LMSPOL²¼YdLx ]PXTYO ZYP ZQ _SP ±L«VL]L ^NSZZW ?SP XP_L[SZ]TNLW TY_P][]P_L_TZY bL^ [Z^^TMWd TY ^[T]PO Md ±Ã]«RLOPaLv^ []P^PY_L_TZY _SL_ OT^N`^^P^ _SP [STWZ^Z[STNLW ^[PN`WL_TaP -]LSXLY TY NSL[ 4 LYO ^[PLV^ ZQ 9£OL-]LSXLY TY NSL[ 4 !$ Y£OZ ST ^[SZ¶£_XLY£ ^LXL^_L[LO£]_SL[]LV£²LVL_aL^£OSL]XdP©L NLT_LYd£]Z[LaT´LdL_ a£N NLT_LYdLX  ULRLO£_XLY£ [L]TOš²dLX£YLNL]£NL]L[]L[LÓN£V£]P©L aTaš__LX L_L__ aL_Z vYdL_S£ MS¼_LX Y£OP ²]`_TaL]©£OT^LVLWL²LMOL[]L[LÓNL[]L_TMS£^L^£OSL]XdP©L Y£XL]`[ZWWTVST_L^dL ULRL_Z v[d LOST´¶S£YL_a£]Z[£_  £YLYOLX LMSTadLÓULVP v^XTYY LMSTadL«Rd£YLYOL]¼[£]Z[£_  LOaT_¯dLÀ ^aLV£]dL^aL]£OT[]L[LÓNLV£]L©L_aL]¼[P©L M]LSXL^£OSL]XdP©LTVL_a£]Z[£_    Y£OLM]LSXL Y£OL PaL M]LSXP_dLMSPOL[]£O

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#

[L]T^ZY TY _SP ^TXTWP T^ L Y`XMP] ZQ [L]LWWPW^ MP_bPPY -]LSXLY LYO X`^TN Z] ^Z`YO 9£OL^Z`YO -Z_S NLY M]TYR QZ]_S LWW _SP bZ]O^ LYO _SPT] ZMUPN_^ LYO XLVP _SPX [`MWTN []LV£²LVL & _SP -]LSXLY L^ NZY ^NTZ`^YP^^ LYO _SP 9£OL L^ ^[SZ¶L wM]PLVTYR Z[PYx MPTYR XLOP XLYT QP^_ ^[ZY_LYPZ`^ `YOP]^_LYOTYR ZQ ^PY^P -]LSXLY T^ _SP Z]TRTY ZQ _SP bZ]WO TYL^X`NS L^ T_ NSLYRP^ TY_Z ^ZXP_STYR _SL_ T_ T^ YZ_ LYO _LVP^ ZY _SP QZ]X ZQ _SP NZ^XZ^ bT_S T_^ LYTXL_P LYO TYLYTXL_P _STYR^ 5`^_ WTVP _ST^ _SP 9£OL ZQ X`^TN T^ LW^Z _SP QZ`YOL_TZY ZQ L NZ^XZ^ bSZ^P YLXP LYO QZ]X  Y£XL LYO ]¼[L  LWWZb NL_PRZ]TeL_TZY ,YO _ST^ X`^TNLW NZ^ XZ^ T^ NZX[L]LMWP _Z _SL_ ZQ _SP -]LSXLY -`_ TY _SP ^Z`YO NZ^XZ^ L]P ]PQWPN_PO LWW _ZYP [SPYZXPYL _SL_ PcT^_% TY_P]aLW^ _ZYP XZaPXPY_^ P_N -]LSXLY T^ MWT^^ LYO X`^TN RPYP]L_P^ MWT^^ -Z_S L]P ZYWd wZYP bT_SZ`_ L ^PNZYOx bSTNS LNNZ]OTYR _Z 6LWWTY£_SL XPLY^ _SL_ bT_S MZ_S ZQ _SPX _SL_ bSTNS T^ RPYP]L_PO SL^ _SP ^LXP QZ]X L^ _SL_ bSTNS RPYP]L_P^ 0aP ]d_STYR RPYP]L_PO Md -]LSXLY T^ L QZ]X ZQ _SP -]LSXLY LYO PaP]d_STYR RPYP]L_PO Md ^Z`YO Q]ZX _ZYP^ _Z L [TPNP ZQ X`^TN T^ L QZ]X ZQ ^Z`YO 6LWWTY£_SL ^`XXL]TeP^ TY _SP^P bZ]O^% w>Z TY _SP YPL]TOPY_TQTNL_TZY ZQ 9£OL LYO -]LSXLY bP QTYO L ^dXMZW _SL_ RZP^ ]TRS_ TY_Z OP_LTW TYL^X`NS L^ _SP ZYP WTVP _SP Z_SP] T^ P\`T[[PO bT_S LYLWZRZ`^ NZX[ZYPY_^% _SPd L]P NZY^NTZ`^YP^^ _SP QZ`YOL_TZY ZQ T_^ ZbY NZ^XZ^ LYO _SP Z]TRTY ZQ LWW XL_P]TLW 3P]P SZbPaP] T_ ^SZ`WO YZ_ MP OP YTPO _SL_ _SP 9£OL T^ ZYWd L ^dXMZW FLYO YZ_ L ]PLW ^_L_PXPY_ ZQ TOPY_T_dH m ?SP 9£OL TP _SP ;L]£ A£N ( _SP w_]LY^NPYOPY_LW WLYR`LRPx T^ TYOPPO ZYWd L [ZbP] ZQ _SP -]LSXLY M`_ T_ T^ ^Z TYQTYT_PWd NWZ^P _Z _SP -]LSXLY _SL_ _SP -]LSXLY T_^PWQ NLY MP LNSTPaPO TQ ZYP NZY_PX[WL_P^ T_ z WTVP ^ZXP ZYP ^PL]NSTYR QZ] []PNTZ`^ ^_ZYP^ QTYOTYR _SP RPX TQ SP ZYWd QZWWZb^ _SP ^Z`YOx

.ZY_PX[WL_TZY ZQ ^Z`YO WPLO^ _Z _SP -]LSXLY M`_ ^Z`YO T^ YZ_ -]LS XLY @W_TXL_PWd bT_S MZ_S NZXXPY_L_Z]^ _SP 9£OL-]LSXLY T^ L [ZP_TN ^TXTWP _SL_ OZP^ LWWZb^ []ZcTXT_d M`_ Md YZ XPLY^ T^ T_ L ^_L_PXPY_ ZQ TOPY_T_d ;Z^^TMWd MZ_S ZQ _SPX SLaP MPPY wNZ]]`[_POx Md ±L«VL]L MP NL`^P _SP WT_P]LW ^PY^P ZQ _SP aP]^P^ ^_L_P^ ^ZXP_STYR OTQQP]PY_ ±£]«RLOPaLv^ 9£OL T^ NP]_LTYWd TY_PYOPO _Z MP ^`M^_LY_TLW LYO _ST^ T^ Q`WWd _]LY^QP]]PO _Z _SP -]LSXLY NZYNP[_ 9ZYO`LW MPTYR ZXYTTXXLYPY_ NZY^NTZ`^YP^^ MWT^^ bZ]WO ]PLWT_d LYO X`^TNLW ^Z`YO Q`^P TY ±£]«RLOPaLv^ 9£OL-]LSXLY ?SP PY_T]P

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ S£YdL £]Z[LaT´LdLMS¼_LY£O£YL[LSYLaP NLT_LYd£OdLaLdLaLd`V_L_aPYL ^LXL^_LaL^_` aT´LdLÀ ^£aLdLaL]¼[LVLX   LdLX LMST^LÀOSTà z [L]£a£V[L]d£dL^dL M]LSXL²LV_P] Y£OL^dL M]LSXL©Z v_dLY_L[]L_d£^LYYL_a£_ _LO`[£^LY£d£À Vš_£d£À M]LSXL[]£[_T] XL ©T[]LMS£[]Laš__L^dL XL©TW£MSLaLO MSLaPO T_T   6LWWTY£_SL NZXXPY_L]d ZY >L«R¯_L =L_Y£VL]L 4z PO >L^_]T !

#!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

bZ]WO LYO ZYPv^ ZbY ^PWQ NZY_LTY 9£OL LYO -]LSXLY " z LYO ^ZYR P^[P NTLWWd XLVP^ _ST^ XLYTQP^_ BSPY ±£]«RLOPaL Q`^PO _SP ±TaLT_TN LYO _SP APO£Y_TN _PLNSTYR TY _SP 9£OL-]LSXLY SP NZXMTYPO YZ_ ZYWd _bZ _SPZWZRTP^ M`_ LW^Z NL`^PO L YPb ZYP _Z L]T^P% _SP ]PWPaLYNP ZQ X`^TN _Z OPWTaP]LYNP ,YO _ST^ bL^ _SP LN_`LW M]TWWTLY_ TOPL MPNL`^P X`^TN YZb XLOP _SP -]LSXLY XZ]P _LYRTMWP LYO XZ]P PL^TWd Pc[P]TPYNPO ATL X`^TN _SP -]LSXLY MPNLXP L ^PY^Z]d ^`M^_LYNP _SP L`OTMWP 9£OL -]LSXLY 8`^TN TXXPOTL_PWd M]Z`RS_ OPWTRS_ LYO T_ bL^ Q`WW ZQ Pc[]P^ ^TZY TY NZY_]L^_ _Z _SP -]LSXLY ]PXZaPO Q]ZX _SP ^PY^P^ LYO _SP TYL` OTMWP []TXZ]OTLW ^Z`YO 7T^_PYTYR _Z T_ NZ`WO []ZaTOP LNNP^^ _Z _SP `YT_d ZQ ]PLWT_d _SP bZ]WOTXXLYPY_ LYO bZ]WO_]LY^NPYOTYR YL_`]P ZQ _SP OTaTYP QPPWTYR^ LYO _SP ^PY^P^ ,_ LYd _TXP ZQ _SP OLd Z] LYd ^PL^ZY ZQ _SP dPL] _SP `YTaP]^LW ZYPYP^^ NZ`WO MP SPL]O LYPb LYO OTQQP]PY_Wd _SP ^[T]T_ NZ`WO MP OPWTRS_PO LYO MWT^^ _L^_PO LYO ZYP NZ`WO ]T^P LMZaP ZYP ^PWQ LYO PaP]dOLd WTQP 8`^TN NZ`WO MP Pc[P]TPYNPO L^ ^ZXP_STYR ^[T]T _`LW Pc[P]TPYNPO L^ OTaTYP ^P]aTNP bSTWP L_ _SP ^LXP _TXP T_ T^ ^TX[Wd Q`Y 1Z] ±£]«RLOPaL T_ T^ LR]PPO _SL_ NWL^^TNLW w_]LOT_TZYLWx 4YOTLY X`^TN X£]RL TYNW`OTYR >£XLAPOL NSLY_TYR ^TX[Wd OPWTRS_^ LWW MP TYR^ _SP RZO^ LYO S`XLY MPTYR^ LYO PaPY WT__WP NSTWO]PY LYO LYTXLW^ 3P RZP^ ZY _ZZ ^_L_P _SL_ X`^TN WTMP]L_P^ Q]ZX LWW PaTW LYO R`L]LY_PP^ _SP Q`WQTWWXPY_ ZQ LWW ZMUPN_TaP^ TY WTQP OSL]XL L]_SL V£XL XZV´L  " >Z ±£]«RLOPaLv^ 9£OL-]LSXLY bL^ TYOPPO XPLY_ _Z MP ^`M^_LY_TLW ,W_SZ`RS _SP NZXXPY_L_Z]^ OTO YZ_ bLY_ _Z M`d _SL_ T_ T^ []PNT^PWd _ST^ L^[PN_ _SL_ MPNLXP TXXPY^PWd [ZbP]Q`W TY _SP [Z[`WL] OT^NZ`]^P QL] MPdZYO _SP bZ]WO ZQ X`^TN 4Y _SP NL^P ZQ 9£OL-]LSXLY ZYP NLY ^[PLV ZQ L WL^_ R]PL_ NSLYRP TY _SP -]LSXLY NZYNP[_ TY _SP ]PWTRTZ`^ ST^_Z]d ZQ 4YOTL 0aPY TQ _SP _bZ NZXXPY_L_Z]^ ZY ±£]«RLOPaL L__PX[_PO _Z YT[ _ST^ NSLYRP TY _SP M`O _SPd ]PXLTYPO `Y^`NNP^^Q`W ?SP 9£OL-]LSXLY NZY_TY`P^ _Z WTaP TY _SP bZ]WO ZQ X`^TN LYO PaPY Z`_^TOP T_ ?ZOLd T_ T^ PaPY XZ]P ^`M^_LY_TLW _SLY PaP] 4_ SL^ MPPY _SPTQTPO LYO w]PdZRTQTPOx 4_ SL^ QTWWPO T_^PWQ bT_S OPaZ_TZY Q]ZX ^TX[WP -SLULY^ _Z NWL^^TNLW ^ZYR LYO LW^Z bT_S P^Z_P]TN DZRL 4Y_P]P^_TYRWd _SP 9£OL-]LSXLY T^ _SP XZ^_ Xd_STNLW ^`M^_LYNP []PNT^PWd QZ] _SZ^P bSZ ^PL]NS QZ] _SP DZRTN bZ]WO ZQ TYYP] ^Z`YO^ LYO ^ZYTN _SPZ[SLYTP^ bSTWP TY ±£]«RLOPaL T_ L[[PL]^ XZ]P TY_PWWPN_`LW LYO ^[T]T_`LWTePO PaPY _SZ`RS T_ NLY MP SPL]O TY _SP Z`_P] bZ]WO TY ^ZYR 8`^TN T^ YZ_ ZYWd L^^ZNTL_PO bT_S _SP MZOd PXZ_TZY LYO Pc[]P^^TZY M`_ LW^Z bT_S XL_SPXL_TN^ LYO ^d^_PXL_TN ^[T]T_ ?ST^ T^ ^SZbY TY [L]_TN`WL] TY _SP .L]YL_TN X`^TN ZQ >Z`_SP]Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,NNZ]OTYR _Z ±Ã]«RLOPaL YZ_ ZYWd L`OTMWP LYO TYL`OTMWP 9£OL^Z`YO XLYTQP^_ _SPX ^PWaP^ TY _SP MZOd >L«R¯_L=L_Y£VL]L 4& SP LW^Z ^_L_P^ TY Q`WW APO£Y_TN QL^STZY _SP ZXYT[]P^PY_ -]LSXLY T^ _SP ¢_XLY _SP TYYP] ^PWQ ZQ S`XLY MPTYR^ 4Q " .Q >L«R¯_L=L_Y£VL]L 4z z LYO 444

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#"

4YOTL bSP]P _SP]P bL^ LY Pc_]PXP OPaZ_TZYLWTeL_TZY LYO TY_P]YLWTeL_TZY ZQ X`^TN L^ w9£OLNZY_PX[WL_TZYx LYO LW^Z _SP XZ^_ NZX[WPc NLWN`WL _TZY^ L^ bP bTWW ^SZb TY XZ]P OP_LTW ?SP TY_P]LN_TZY ZQ Xd_STQTNL_TZY LYO OPXd_STQTNL_TZY ^ZXL_TeL_TZY LYO ^[T]T_`LWTeL_TZY Q`^TZY LYO LM^_]LN_TZY [L]_TNT[L_TZY LYO PXLYNT[L _TZY bSTNS T^ _d[TNLW ZQ _SP 4YOTLY ^Z`YO OT^NZ`]^P^ LW^Z OP_P]XTYPO _SP X`^TNLW 9£OL LYO _SP 9£OL-]LSXLY DP_ _ST^ PXLYNT[L_TZY bL^ LN_`LWWd YPaP] bT_SZ`_ ^_]ZYR [L]_TNT[L_Z]d LYO LP^_SP_TN ^PY^Z]d LYO LQQPN_TaP L^[PN_^ ,YO LNNZ]OTYR _Z Z`] _SP^T^ ]`YYTYR _S]Z`RS _ST^ MZZV _ST^ bL^ O`P _Z _SP [SZYZNPY_]TN YL_`]P ZQ >LY^V]T_ N`W_`]P ZbTYR _Z bSTNS _SP ^PY^Z]d LQQPN_TaP [P]QZ]XL_TaP LYO [ZPT_ZWZRTNLW L^[PN_^ ZQ LN_TZY^ bP]P YPaP] WZ^_ Q]ZX ^TRS_ LYO TY^_PLO bP]P LWbLd^ _LVPY Q`]_SP] TY YPb aL]TL_TZY^ BT_SZ`_ _ST^ [WL`^TMTWT_d ^_]`N_`]P _SP]P bZ`WO []ZMLMWd YPaP] SLaP MPPY L 9£OL-]LSXLY _SL_ NZ`WO SLaP MP NZXP [Z[`WL] ?SP TOPL ZQ _SP 9£OL-]LSXLY Z] >Z`YO-]LSXLY bSTNS bL^ SL]OWd LOO]P^^PO L_ LWW TY BP^_P]Y 4YOZWZRTNLW ]P^PL]NS MPNL`^P T_ bL^ ^`^[PN_PO ZQ MPTYR _ZZ P^Z_P]TN T^ _SP]PQZ]P LY TOPLWWd ^`T_LMWP ZYP QZ] ^`XXL]TeTYR _SP VPd _]PYO^ TY 4YOTLY OT^NZ`]^P^ ZY WLYR`LRP LYO ^Z`YO

!

/PaPWZ[XPY_^ TY _SP ?P]X w-]LSXLYx LYO _SP ?]LY^QZ]XL_TZY^ ZQ _SP 7LYR`LRP 2ZZOP^^

BSP]P T^ _SP NSLYRP TQ ZYP YZb YZ WZYRP] ^[PLV^ ZQ _SP wBZ]O -]LSXLYx M`_ ZQ _SP w>Z`YO-]LSXLYx* ?ST^ \`P^_TZY T^ TY_P]P^_TYR YZ_ WPL^_ Q]ZX _SP aTPb[ZTY_ ZQ ^[T]T_`LW LYO [STWZ^Z[STNLW ST^_Z]d MPNL`^P ^TYNP _SP ^PXTYLW @[LYT´LO P[ZNS -]LSXLY T_^PWQ SL^ YZ_ MPPY PT_SP] P^[PNTLWWd ^PY^Z]d YZ] P^[PNTLWWd Xd_STNLW ?Z LY^bP] _SP \`P^_TZY ZYP SL^ _Z NZY^TOP] _SL_ ^TYNP T_^ QZN`^ TY _SP WL_P APOL _SP -]LSXLY SL^ MPPY ^ZXP_STYR WTVP L N`W_`]LW []ZR]LX LYO LY TNZY ZQ 3TYO` ^[T]T_`LWT_d 4_ T^ _SL_ bSTNS SZWO^ _SP bZ]WO _Z RP_SP] L_ T_^ aP]d NZ]P Z`_ ZQ bSTNS _SP bZ]WO L]T^P^ LYO TY_Z bSTNS ZYP LW^Z bT^SP^ _Z ]P_`]Y ,YO PaPY LQ_P] _SP ]T^P ZQ _SP R]PL_ RZO^ _ST^ _SZ`RS_ [P]^T^_PO LYO bL^ _]LY^QP]]PO _Z _SP TXLRP^ ZQ RZO^ _SL_ LWbLd^ TYNW`OPO _SP ^`[P][P]^ZYLW L^[PN_ ZQ -]LSXLY ?ST^ QZN`^ ZY _SP -]LS XLY L^ LY LM^ZW`_P TXXLYPY_ LYO _]LY^NPYOPY_LW ]PLWT_d SLO PXP]RPO aP]d ^WZbWd 4Y _SP APOL T_ LW]PLOd `YOP]bPY_ aL]TZ`^ ^_LRP^ ZQ NSLYRP% Q]ZX WTYR`T^_TN Pc[]P^^TZY^ ]PWL_TYR _Z _SP Y`XTYZ`^ SLaTYR LQQTYT_d bT_S T_ _S]Z`RS [ZP_TN LYO N]d[_TN OTN_TZY LYO T_^ TY_PY^TaP ^Z`YO YL_`]P LYO _SP]PQZ]P MPTYR LMWP _Z TYQW`PYNP T_ _Z _SP ^_L_PXPY_ ZY _SP Y`XT YZ`^ _SL_ T^ `YOP]^_ZZO _Z MP _SP XLRTNLW ^dXMZWTN OTXPY^TZY ZQ bZ]WOWd [SPYZXPYL LYO _SP Y`XP]TNLW LYO SZXZWZRZ`^ bLd _SPd L]P

##

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

YP_bZ]VPO 4Y L _ST]O ^_LRP _SP -]LSXLY _SPY ]PQP]]PO _Z _ST^ ^dXMZWTN OTXPY^TZY T_^PWQ 1TYLWWd _SP @[LYT´LO^ _]LY^QZ]XPO _SP ^dXMZWTN TY_Z _SP ^[T]T_`LW ?SP -]LSXLY MPNLXP _SP _]LY^NPYOPY_LW []TXZ]OTLW QZ`Y OL_TZY ZQ PcT^_PYNP LYO _S`^ LW^Z ZQ S`XLY MPTYR^ -SL]_šSL]Tv^ TY_P][]P_L_TZY  _S NPY_ -. T^ OTQQTN`W_ _Z `YOP]^_LYO bT_SZ`_ VYZbWPORP ZQ _SP^P ^_LRP^ ZQ XP_LXZ][SZ^T^ ,W_SZ`RS SP QZW WZb^ ZY Q]ZX _SP WL^_ NSLYRP _SP ZWOP] ^_LRP^ ]PXLTY Z[P]L_TZYLW TY ST^ _SZ`RS_ 4Y [L]_TN`WL] T_ T^ _SP TOPL ZQ -]LSXLY L^ L XLRTN ^dXMZWTN YP_bZ]V ZQ _STYR^ _SL_ NZY_TY`P^ _Z PcP]_ T_^ PQQPN_^ PaPY TY _SP ^[T]T_` LWTePO NZYNP[_ ZQ -]LSXLY bSTNS ^_TX`WL_P^ -SL]_šSL]T _Z NZYNP[_`LWTeP ^`NS L YP_bZ]VPO QZ]X QZ] _SP ^PXLY_TN OTXPY^TZY ZQ WLYR`LRP 1Z] STX T_ T^ L ZMaTZ`^ ^_P[ _Z _STYV TY bSZWP^ LYO YZ_ TY [L]_^ ?ST^ T^ bSd SP _STYV^ _SL_ _SP TYOTaTO`LW XPLYTYR^ ZQ bZ]O^ L[[PL]TYR `YOP] ST^ ]L _TZYLW XTN]Z^NZ[P OTaTOPO `[ TY L ]PO`N_TZYT^_ XLYYP] NZXP _ZRP_SP] TY _SP ^PY_PYNPbSZWP LYO `W_TXL_PWd TY L NZ^XTN NZX[]PSPY^TaP -]LSXLY _SL_ SP NLWW^ _SP wWLYR`LRP []TYNT[WPx ²LMOL_L__aL Z] wBZ]O -]LSXLYx ²LMOLM]LSXLY  -SL]_šSL]T `^P^ _SP^P _P]X^ QZ] L RWZMLW QZ]X ZQ XPLYTYR _SL_ NLY MP [P]NPTaPO ZYWd Md _SP ^[T]T_ ?SP 9£OL OZP^ YZ_ [WLd LYd ^TRYTQTNLY_ ]ZWP QZ] STX 4Y _SP ST^_Z]d ZQ ]PNP[_TZY SZbPaP] _ST^ _`]YPO Z`_ OTQQP]PY_Wd =£XLVL©¶SLv^ 9£OL6£]TV£ _S NPY_ ]PTQTPO LYO _SPZWZRTePO _SP wbZ]O []TYNT[WPx Md ]P[WLNTYR T_ bT_S _SP 9£OL NZYNP[_ bSTWP []P^PY_ TYR L]R`XPY_^ ML^PO ZY -SL]_šSL]T TP WTYR`T^_TN L]R`XPY_^ -SL]_šSL]Tv^ WLYR`LRP []TYNT[WP bL^ _ZZ LM^_]LN_ LYO TY_P]YLW QZ] STX 8PLYTYR T^ ^ZXP_STYR XLYTQP^_ [`MWTN LYO TY_P]^`MUPN_TaP LYO X`^_ MP XLYTQP^_ [`MWTN LYO TY_P]^`MUPN_TaP _Z MP PQQPN_TaP 1Z] PcLN_Wd _ST^ ]PL^ZY LNNZ]OTYR _Z =£XLVL©¶SL _SP XZ]P ^[PNTQTN 9£OL NZYNP[_ _SL_ ]PWL_P^ _Z L`OTMWP LNZ`^_TN^ SL^ _Z MP M]Z`RS_ TY_Z [WLd LYO RTaPY XZ]P PX[SL^T^ :YP ^SZ`WO YZ_P _SL_ SP `^P^ ZYWd _SP 9£OL NZYNP[_ LYO OZP^ YZ_ ^[PLV ZQ 9£OL-]LSXLY bSTNS bZ`WO MP Pc[PN_PO Md LYLWZRd _Z -SL]_šSL]Tv^ ±LMOL-]LSXLY 0aPY TQ _SP L]R`XPY_ ^ZXPbSL_ ]P^PXMWP^ XZOP]Y N`W_`]LW ^_`OTP^ =£XLVL©¶SL _d[TNLWWd SL^ YZ `YOP]WdTYR ]L _TZYLWT^_TN Z] XL_P]TLWT^_TN TY_PY_ 4Y^_PLO ST^ 9£OL T^ QPO NZX[WP_PWd Q]ZX ?LY_]TN¢RLXTN ]T_`LW []LN_TNP TY [L]_TN`WL] _SP ;L`´VL]L¢RLXL  ?ST^ WPLO^ TY_Z NZ^XZRZYTN WLYR`LRPZY_ZWZRd LYO `W_TXL_PWd TY_Z _SP Xd_STNLW _SPZWZRTNLW bZ]WO^ ZQ _SP APOTN RZOOP^^ A£ROPa¯ a£N  bSZ ]P[]P^PY_^ LY TX[Z]_LY_ WTYV _Z _SP ^Z`YO -]LSXLY LYO Pc[WLTY^ T_^ Xd_STNLW ^`M^_LY_TLWT_d TY ±£]«RLOPaLv^ ^PY^P 4Q ZYP bT^SP^ _Z `YOP]^_LYO SZb _SP bZ]O MPNZXP^ ^Z`YO _SP NZY NP[_ ZQ -]LSXLY LWZYP T^ YZ_ ^`QQTNTPY_ 4Y^_PLO LYZ_SP] APOTN WTYR`T^ _TN NZYNP[_ LW^Z [WLd^ LY TX[Z]_LY_ ]ZWP YLXPWd _SP A£N _SP RZOOP^^ 7LYR`LRP LW^Z VYZbY L^ _SP RZOOP^^ AZTNP ?SP A£N bSTNS OPYZ_P^ YZ_ ZYWd L RZOOP^^ M`_ LW^Z _SP S`XLY aZTNP LYO WLYR`LRP T_^PWQ T^ _SP

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#$

PYRTYP O]TaTYR _SP _]LY^QZ]XL_TZY Q]ZX bZ]O _Z ^Z`YO BSL_ OTQQP]PY_T L_P^ _SP -]LSXLY NZYNP[_ Q]ZX _SP A£N TY 4YOTLY N`W_`]P T^ T_^ ST^_Z]TNLW NZY_TY`T_d ,YO ZYP XLd LOO _SL_ LW_SZ`RS _SP -]LSXLY NZY^_LY_Wd _]LY^QZ]XPO T_^PWQ TY T_^ ST^_Z]d _SP]P T^ `W_TXL_PWd YZ XL]VPO Xd_STNLW M]PLV M`_ ZYWd L ]PWZNL_TZY TY_Z _SP _]LY^NPYOPY_LW bSTNS NLY LW^Z MP R]L^[PO bSP]P _SP -]LSXLY T^ TOPY_TQTPO bT_S _SP R]PL_ `YTaP]^LW [P] ^ZYLW OPT_TP^ 3ZbPaP] _ST^ NZX[WP_P ^STQ_ TY_Z _SP _]LY^NPYOPY_LW OZP^ YZ_ L[[Wd _Z _SP NZYNP[_ ZQ A£N L^ T_ SL^ ]PXLTYPO L _d[TNLWWd wXd_ST NLW ^`M^_LYNPx TY 6`]_ 3ÞMYP]v^ ^PY^P A£N XPLY_ _SP aZTNP LYO L_ _SP ^LXP _TXP _SL_ bSTNS T^ ^[ZVPY >`MUPN_ LYO ZMUPN_ NLYYZ_ MP OT^_TY R`T^SPO TY _SP A£N NZYNP[_ ?ST^ NZYN]P_P [WL^_TN TNZYTNT_d bL^ WZ^_ Q]ZX _SP -]LSXLY _P]X TY TYOTRPYZ`^ OT^NZ`]^P ^TYNP @[LYT´LOTN _TXP^ ^Z X`NS ^Z _SL_ T_ YPPOPO _SP :]TPY_LWT^_^ _Z ]PXTYO `^ ZQ _SP [ZbP]Q`W XLRTN bZ]O _SP -]LSXLY ZYNP ^TRYTQTPO ?SP A£N ZY _SP Z_SP] SLYO WZ^_ T_^ OPQTYTYR [ZbP] TY _SP []ZQLYP LNLOPXTN WTYR`T^_TN OT^NZ`]^P LYO TY PaP]dOLd WLYR`LRP M`_ WPO L ^PN]P_ WTQP TY P^Z_P]TN LYO Xd^_TN XP_L [Sd^TNLW WTYR`T^_TN ^[PN`WL_TZY^ LYO Pc[]P^^PO T_^PWQ [`MWTNWd TY YPb QZ]X^ ZQ _SP WLYR`LRP RZOOP^^ :YP X`^_ ]PXPXMP] _SL_ L_ -SL]_šSL]Tv^ _TXP _SP A£N NZYNP[_ bL^ _Z_LWWd ]P[WLNPO Md ²LMOL _SP []ZQLYP wbZ]Ox L_ WPL^_ L^ QL] L^ _SP OP^N]T[_TZY ZQ NZYN]P_P WLYR`LRP bL^ NZYNP]YPO ?SP]P L]P _SP OTQQP]PY_ WLYR`LRP^ MS£´£ >LÀ^Vš_£ _SP N`W_TaL_PO WLYR`LRP ;]£Vš_£ _SP NZXXZY WLYR`LRP /P²¯ _SP OTaP]^P WZNLW WLYR`LRP^ LYO _SP]P L]P _SP bZ]O^ ²LMOL  LYO ^Z L ]L_TZYLWT^_TN WTYR`T^_TN [STWZ^Z[SP] LYO TY_P] []P_P] ZQ _SP APOL ^`NS L^ 6`X£]TWL "_S NPY_ NLY b]T_P L bSZWP bZ]V ZY WTYR`T^_TN [STWZ^Z[Sd bT_SZ`_ _SP A£N [WLdTYR LYd ]ZWP TY T_ ?SP XL_P]TLW ZQ _SP bZ]O^ _SP [SZYPXP^ aL]©L^  T^ LYLWdePO LYO _SP ]PWL _TZY^ST[ MP_bPPY bZ]O ²LMOL LYO XPLYTYR L]_SL T^ OPML_PO M`_ _SP [ZZ] ZWO A£N bSZ SL^ YZb MPPY ^P[L]L_PO TY_Z bZ]O LYO XPLYTYR T^ ZQ YZ `^P _Z _SP WTYR`T^_^ 9PaP]_SPWP^^ _SP Xd^_TN LYO `YTaP]^LW Xd_STNLW OTXPY^TZY ZQ _SP A£N T^ Md YZ XPLY^ WZ^_ -`_ T_^ WTQP T^ NZYQTYPO _Z ]PXZ_P P^Z_P]TN XLRTNLW NZ]YP]^ 1Z] PcLX[WP _SP QLXZ`^ ‹RaPOTN ]TOOWP aP]^P^ ZY _SP N]d[_TN STOOPY WLYR`LRP LYO _SP NWPL] WLYR`LRP ZQ S`XLY MPTYR^  NL_ a£]T a£V aP]^P MPNZXP TYaZNL_TZY QZ]X`WL^ TY _SP WL_P XPOTPaLW ?LY_]TN >L]L^aL_¯@[LYT´LO  bSTNS bP SLaP LW]PLOd XP_ TY _SP 8P_SZOZWZRd ^PN_TZY  4Y Z]OP] _Z TYaZVP _SP Xd_STNLW ^`M^_LYNP ZQ _SP WLY R`LRP RZOOP^^ >L]L^aL_¯ TY _SP MP^_ [Z^^TMWP bLd _SP @[LYT´LO XLVP^ `^P ZQ _SP NL_a£]T a£V aP]^P LYO L ^P]TP^ ZQ Z_SP] ‹RaPOTN aP]^P^ PR _SZ^P TY bSTNS _SP YLXP w>L]L^aL_¯x bL^ ^_TWW _SP YLXP ZQ L ]TaP] LYO YZ_ ZQ _SP WLYR`LRP RZOOP^^ LYO P^[PNTLWWd ZQ _SP WLYR`LRP NZb aP]^P^ ^`NS L^ _SL_ TY bSTNS _SP A£N L[[PL]^ L^ _SP OL`RS_P] ZQ _SP RZO^ LYO _SP [TYYLNWP ZQ _SP NZ^XZ^ ?SP >L]L^aL_¯@[LYT´LO NZXMTYP^ _SP^P

# 

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

APOTN ^_L_PXPY_^ bT_S _SP ?LY_]TN ^PPO ^dWWLMWP^ ZQ _SP 2]PL_ 2ZOOP^^ ,4¿ 67®¿ >,@ž ?SP ^_]`N_`]P T^ LWbLd^ _SP ^LXP% L OPOTNL_TZY aP]^P _Z >L]L^aL_¯ QZWWZbPO Md L ^PPO ^dWWLMWP LYO _SPY L APOTN WLY R`LRP aP]^P 4Y _SP QZWWZbTYR bP bTWW RTaP _S]PP PcLX[WP^ TWW`^_]L_TYR _ST^ L]_T^_TN TY_P]_Pc_`LW QLM]TN _SL_ wTYaZVP^x _SP []Z_PN_TZY ZQ >L]L^ aL_¯ ?SP ]PLOP] bTWW QTYO QLXTWTL] XL_P]TLW ]PNZXMTYPO LYO SZWT^_TN Q`^TZY ZQ X`W_T[WTNT_d LYO `YT_d _SP PX[T]TNLWWd [P]NPTaLMWP LYO P^Z _P]TN VYZbWPORP% w8LYTQP^_TYR SP]^PWQ ^SP _SP 2ZOOP^^ T^ [P]NPTaPO F\`T_P OTQQP]PY_WdH Md _SP ^Z`W^ PLNS bT_S _SPT] ZbY bLd^ ZQ WZZVTYR F,YO OP^[T_P _ST^H T_ T^ ZYWd ZYP LWWPYNZX[L^^TYR 2ZOOP^^ bSZ XLVP^ FPaP]d_STYRH ]PNZRYTePO 8Ld _ST^ >L]L^aL_¯ []Z_PN_ XP ,4¿ TQ WLYR`LRP T^ XPL^`]PO T_ SL^ QZ`] [L]_^ BT^P -]LSXTY^ VYZb _SPX FLWWH ?S]PP WTP STOOPY TY _SP OP[_S LYO ]PXLTY `YYZ_TNPO ?SP QZ`]_S F[L]_H ZQ WLYR`LRP T^ ^[ZVPY Md XPY >SP FbSZ^P PWPXPY_^H L]P R]Z`[PO TY PTRS_ _d[P^ ZQ NWL^^TQTNL_TZY Md YLXP FNWL^^H ^[PNTP^ FNWL^^H P_N bSTNS SZbPaP] TQ ^SP XLYTQP^_^ SP]^PWQ LW bLd^ OZP^ ^Z L^ LY `YOTaTOPO BSZWP YT]aTVLW[L F7LYR`LRP T^ LWbLd^ 7LYR`LRPH 8Ld _ST^ >L]L^aL_¯ []Z_PN_ XP 67®¿ bSPY _SP RPY_WP 7LY R`LRP _SP \`PPY ZQ _SP RZO^ LWTRS_^ LYO Pc[]P^^P^ ^ZXP_STYR _SL_ T^ TY NZX[]PSPY^TMWP T_ T^ XTWVTYR XTWV LYO PYP]Rd Q]ZX _SP QZ`] FOT]PN_TZY^ ZQ _SP SPLaPY^H bSP]P SP] ^`[P]TZ] [L]_ SL^ RZYP >SP ZQ bSZX LWW [`MWTN LYO YZY[`MWTN ^[PPNS ^`NS L^ _SP APOL XLVP `^P _ST^ NZb _SL_ R]LY_^ LWW bT^SP^ 8Ld _ST^ >L]L^aL_¯ []Z_PN_ XP >,@ž _SP RZOOP^^ 7LYR`LRP T^ _SP OL`RS_P] ZQ _SP RZO^ >SP T^ _SL_ bSTNS LWW _SP LYTXLW^ ^[PLV 8Ld ^SP MP RPY_WP _Z `^ LYO []ZaTOP PYP]Rd LYO ^_]PYR_Sx  >L]L^aL_¯@[LYT´LO !z# "

, ]L_TZYLW ]P^ZW`_TZY T^ YZ_ TY_PYOPO SP]P L_ LWW \`T_P `YWTVP _SP PL]WTP] LYNTPY_ LYO XPOTPaLW bZ]V^ Md _SP WLYR`LRP [STWZ^Z[SP]^ LYO R]LX XL]TLY^ bSZ LW^Z `^PO aP]^P^ ZQ _ST^ _d[P ?SP R]LXXL]TLY ;L_LÓULWT YO NPY_ -. QZ] TY^_LYNP SLO `YOP][TYYPO L ]L_TZYLW ]P^ZW`_TZY bSPY SP `YOP]^_ZZO _SP w_S]TNP MZ`YO M`WWx ZQ ZYP ZQ _SP ]TOOWP aP]^P^ _Z MP R]LXXL_TNLWWd ]PR`WL_PO WLYR`LRP MZ`YO _Z _SP _S]PP _PX[Z]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "  d£ []L_dLROš´¶TMST] U¯aLT] adLUdLX£Y£ Y`MS¼dL_P  ad£[TY¯ UÓL[_T]¼[LTV£ ^£ X£À [£_` ^L]L^aL_¯  LTÀ NL_a£]T a£V [L]TXT_£ [LO£YT _£YT aTO`] M]£SXL©£ dP XLY¯´T©Là  R`S£ _]¯©T YTST_£ YP«RLdLY_T _`]¯dLÀ a£NZ XLY`´d£ aLOLY_T !  Y£XLU£_d£OTMST] MSPOLT] L´¶LOS£ d£ aTVLW[T_£  YT]aTVLW[£_XLY£ adLV_£ ^£ X£À [£_` ^L]L^aL_¯  VW¯À dLO a£R aLOLY_¯ LaTNP_LY£YT ]£´¶]¯ OPa£Y£À YT´L^£OL XLYO]£  NL_L^]L ¼]ULÀ O`O`SP [Ld£À^T VaL ^aTO L^d£à [L]LXLÀ ULR£XL "  adLV_£adLV_LRT]Là ^L]aP aPO£Od£ ad£SL]LY_T d£X  ^L]aLV£XLO`RS£ OSPY`à ^£ X£À [£_` ^L]L^aL_¯  ^L`à OPa¯À a£NLX LULYLdLY_L OPa£^ _£À aT²aL]¼[£à [L²LaZ aLOLY_T  ^£ YZ XLYO]P´¼]ULÀ O`S£Y£ OSPY`] a£R L^X£Y `[L ^`´¶`_LT_` #  >L]L^aL_¯ @[LYT´LO !z#

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

# 

BSL_ bL^ ^_TWW `^PQ`W XL_P]TLW _Z ;L_LÓULWT QZ] N]LNVTYR TY_PWWPN_`LW []ZMWPX^ LYO TY _SP >L]L^aL_¯@[LYT´LO bL^ L XLRTN Xd^_TNLW ^[PWW Z] []LdP] QZ]X`WL TYaZVTYR _SP []Z_PN_TZY ZQ _SP RZOOP^^ bL^ _]LY^QZ]XPO TY_Z L XP_SZO ZQ TY_P][]P_TYR _SP bZ]WO Md _SP 6L^SXT]T ?LY_]T^_^ TY ^[T]PO Md -SL]_šSL]T 1Z] _SPX _SP Xd^_P]TZ`^ L`]L ZQ _SP aP]^P ZY _SP QZ`] WLYR`LRP^ _SP QT]^_ _S]PP ZQ bSTNS L]P YZ WZYRP] TY _SP bZ]WO LYO _SP QZ`]_S T^ ^[ZVPY Md S`XLY^ _SP XZ^_ bTOP^[]PLO ZQ _SP APOTN WLY R`LRP ]TOOWP^ T^ _SP Q]LXPbZ]V bT_STY bSTNS _SPd OPaPWZ[ _SPT] Z_S P]bT^P ^_]TN_Wd ^d^_PXL_TN _SPZ]d ZQ _SP QZ`] ^_LRP^ ZQ WLYR`LRP% WLY R`LRP SL^ YZ_ ZYWd L`OTMWP [`MWTN L^[PN_^ aLTVSL]¯  M`_ T^ LW^Z ^`MUPN_ _Z _STYVTYR L^ TYYP] ^[PPNS XLOSdLX£ LYO _Z TY_`T_TZY [L²dLY_¯  0aPY _SP NZY^NTZ`^YP^^ T_^PWQ [L]£  ;L]_TNT[L_TZY TY _SP YTXM`^ ZQ _SP APOL aTL _SP [`eeWP aP]^P XPLY^ _SL_ _SP [STWZ^Z[STNLW _PLNSTYR _SL_ WLYR`LRP L]T^P^ TY _SP L]PL ZQ _PY^TZY MP_bPPY OT^N`]^TaP LYO YZY OT^N`]^TaP NZY^NTZ`^YP^^ MPNZXP^ LY P^Z_P]TN _PLNSTYR bT_S ]T_`LW LYO ^[T]T_`LW ]PWPaLYNP ,YO _SP]Pv^ XZ]P% _SP bSZWP T^ TY_P][]P_PO _SPT^_T NLWWd _Z TYOTNL_P L QZ]X ZQ _SP 2]PL_ 2ZOOP^^ YLXPWd ;L]£ A£N _SP w.Z^XTN 7LYR`LRPx ?ST^ ]P^`W_^ TY Y`XP]Z`^ _SPZWZRTNLW N]Z^^ ]PQP]PYNP^ ?SP .Z^XTN 7LYR`LRP T^ L_ _SP ^LXP _TXP _SP bTQP ZQ ±TaL bSZ bT_S STX PcPN`_P^ _SP N]PL_TZY ZQ _SP bZ]WO LYO ^SP T^ LW^Z _SP V`©“LWTY¯  _SP NZTWPO ^YLVP z L ^dXMZW ZQ NZ^XTN PYP]Rd LYO N]PL_TaP [ZbP] z TY _SP S`XLY MZOd _Z YLXP M`_ L QPb ZQ SP] R`T^P^ ,_ _SP ^LXP _TXP SZbPaP] OP^[T_P _SP XZ]P Z] WP^^ Xd_STNLW _]TXXTYR^ _SP bSZWP LWbLd^ ]PXLTY^ [STWZ^Z[Sd bT_S LY PcT^_PY_TLWT^_ MLNVR]Z`YO ?SP ^PWQ]PQWPN_TZY ^PWQPc[]P^^TZY LYO ^PWQN]PL_TZY ZQ 2ZO TY _SP QZ]X ZQ _SP bZ]WO L^ OP^N]TMPO TY ,MSTYLaLR`[_Lv^ P^Z_P]TN PcPRP^T^ ZQ _SP LW[SLMP_ T^ LW^Z NZY^_LY_Wd ZNN`]]TYR TY _SP S`XLY NZY^NTZ`^YP^^ 3P]P _SP N]PL_TaP L`_Z[ZTP_TN LN_TaT_d ZQ _SP ^`[]PXP 2ZO MPNZXP^ L aP]d NZYN]P_P [^dNSZWZRTNLW ]PLWT_d 4_ MPNZXP^ OPWTRS_Q`W MWT^^ bZYOP] LYO LP^_SP_TN ]PaP]TP TY _SP Pc[P]TPYNP^ ZQ OT^^ZW`_TZY TX[L]_PO Md L]_ LYO ]PWTRTZY 4_ T^ QLT]Wd NP]_LTY _SL_ ,MSTYLaLR`[_L SL^ SLO L S`RP M`_ ZQ_PY TYaT^TMWP TYQW`PYNP ZY X`^TN _SPZ]d LYO []LN_TNP LYO NZY_]TM`_PO _Z TY^[T]TYR _SP `YTaP]^LW Xd_STNLW 9£OL-]LSXLY NZYNP[_ BSL_ T^ TY_P]P^_TYR QZ] _SP 9£OL-]LSXLY OT^N`^^TZY T^ _SL_ ,MSTYLaLR`[_L ^PP^ _SP ]PLW X`^TNTLYv^ WTQP TY L w]PLW ^dXMZWTNx TNZYTNTYOPcTNLW ]PWL_TZY ^ST[ _Z ;L]£ A£N 9Z_STYR PW^P T^ L^ NWZ^P _Z _SP TXXPOTL_P Pc[P]TPYNP ZQ _SP TY_PR]LW bZ]WO NZY^NTZ`^YP^^ ^LÀaTO L^ _SP TXXP]^TZY _SL_ NLY MP _]TRRP]PO Md X`^TN 9PaP]_SPWP^^ ,MSTYLaLR`[_L ^_TWW LaZTO^ P\`L_ TYR ZYP bT_S _SP Z_SP] 4_ T^ _SP ^[T]T_`LW OPP[Wd OPWTRS_TYR Pc[P]TPYNP ZQ _SP LM^Z][_TZY LYO RZTYR MPdZYO ZYP^PWQ _SP NZX[WP_P TOPY_TQTNL_TZY bT_S _SP ZMUPN_ LYO L QPPWTYR ZQ MPTYR YZ WZYRP] ZQ _ST^ bZ]WO WZVZ_ _L]L  LYO L_ _SP ^LXP _TXP TXXP]^TYR ZYP^PWQ TY _SP PYNZX[L^^TYR R]PL_P] BSZWP _SL_ NSL]LN_P]TeP^ ,MSTYLaLR`[_Lv^ ]L^L LP^_SP_TN^ :YP

# 

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

NZ`WO NZXP `[ bT_S L ^ZXPbSL_ ^SZ]_P] ^`XXL]d% 9£OL T^ L w]LOTNLW XP_L[SZ]x Z] w_Z_LW ]P[]P^PY_L_TZYx QZ] _SP ^LÀaTO _SP TY_PR]LW bZ]WO NZY^NTZ`^YP^^ ^TYNP _SP 9£OL NLY MP ]PLWTePO ^[ZY_LYPZ`^Wd TY TXXP] ^TZY ?SP QPPWTYR ZQ MPTYR YZ_ TY _ST^ bZ]WO _SL_ T^ Pc[P]TPYNPO bSPY SPL]TYR X`^TN T^ L_ _SP ^LXP _TXP _SP PY_]d TY_Z _SP bSZWPYP^^ ZQ _SP bZ]WO ?P]_T`X NZX[L]L_TZYT^ QZ] ,MSTYLaLR`[_L T^ _SP ^[ZY_LYPT_d ZQ Pc[P]TPYNP ZQ ^Z`YO [SPYZXPYL ,NNZ]OTYR _Z STX T_ T^ []PNT^PWd _ST^ ^[ZY_LYPZ`^ Wd^T^ _SL_ PYLMWP^ ZYP _Z SLaP L OPTYOTaTO`LWTePO bZ]WO Pc[P]TPYNP ZQ YZYO`LW bSZWPYP^^ @W_TXL_P WTMP]L_TZY OZP^ TYOPPO ZN N`] ZY L ^_TWW XZ]P PcT^_PY_TLW [WLYP _SLY XP]P PYUZdXPY_ ZQ L]_ M`_ Z_SP]bT^P MZ_S SLaP _SP ^LXP PQQPN_^ 4Q ZYP _LVP^ ,MSTYLaLR`[_Lv^ _SZ`RS_ []ZNP^^P^ L^ L ^_L]_TYR [ZTY_ T_ T^ ZYWd L ^SZ]_ ^_P[ _Z _SP ^Z`YO NZY_PX[WL_TZY Y£OL`[£^LYL ZQ _SP X`^TNZWZRT^_^ @YOP][TYYPO Md M]TWWTLY_ [STWZ^Z[STNLW L]R`XPY_L_TZY bP LW^Z QTYO ^`NS NZY_PX[WL_TZY WL_P] TY -S£^VL]L]£dL _SP w-LYL]^T bLWWLSx LYO 8LSL]L^S_]L -]LSXLY bT_S L 6L^SXT]T MLNVR]Z`YO bSZ T^ VYZbY L^ _SP XZ^_ ^TRYTQTNLY_ _SPZ]T^_ ZQ _SP ±]¯aTOd£ ?ST^ ^PaPY _PPY_SNPY_`]d _STYVP] TOPY_TQTP^ _SP QZ`]_S ^_LRP _SL_ T^ ;L]£ A£N Z] _SP STRSP^_ QZ]X ZQ _SP STOOPY WLYR`LRP bT_S _SP 9£OL SP]P XLY_]L ^Z`YO LYO _S`^ LW^Z bT_S ^ZXP_STYR aP]d ^[PNTQTNLWWd ^PY^Z]d 3P `^P^ _SP PcLX[WP ZQ L ^_]TYR ZQ [PL]W^ _Z TWW`^_]L_P SZb aP]d OTQQP]PY_ ^Z`YO T^ Q]ZX Z_SP] bZ]WOWd [SPYZXPYL >Z`YO T^ L_ ZYNP ^`M^_LYNP TP _SP [PL]W^ TY _SP NZX[L]T^ZY LYO ^_]`N_`]P _SP ^_]TYR ?Z ^PY^P ^Z`YO TY ^`NS L NZYN]P_P bLd TY _SP MZOd LYO MPdZYO _SP MZOd XPLY^ _Z Pc [P]TPYNP L bSZWPYP^^ z bSTNS TY -S£^VL]L]£dLv^ TY_P][]P_L_TZY LW^Z XPLY^ LNSTPaTYR LY TXXPOTL_P TY^TRS_ TY_Z _SP ]PLWT_d ZQ _SP `YTaP]^P 4Q ZYP SPL]^ PaP]d ^Z`YO ^TX`W_LYPZ`^Wd []P^PY_ TY _SP QTQ_PPY^dWWLMWPO ±]TaTOd£ XLY_]L LYO Pc[P]TPYNP^ _ST^ LN_TaPWd TY L [Sd^TZ [^dNSZWZRTNLW XLYYP] _SP]P ZNN`]^ _SP wQPPWTYRx ZQ YZYO`LW ]PLWT_d _L__aLaPOLYL LYO _SP ]PLWTeL_TZY ZQ NZ^XTN NZY^NTZ`^YP^^ NLT_LYdL LMSTadLV_T  @YWTVP _SP ,OaLT_LAPO£Y_L _ST^ ]PLWTeL_TZY T^ ZYP ^SZ`WO YZ_P YZ_ U`^_ L RLTYTYR ZQ VYZbWPORP UÓ£YL  TP YZ_ L [`]PWd NZRYT_TaP [SPYZXPYZY M`_ L QPPWTYR aPOLYL  _SL_ T^ LY Pc[P]TPYNTYR _SL_ TY NW`OP^ MZOd ^PY^P LYO PXZ_TZY^ ?ST^ Pc[P]TPY_TLW OTXPY^TZY SLO LW ]PLOd SLO R]PL_ TYQW`PYNP ZY ,MSTYLaLR`[_Lv^ ^LÀaTO NZYNP[_ ,^ TY ,MSTYLaLR`[_Lv^ LP^_SP_TN^ _SPZ]d LYO ?LY_]L -S£^VL]L]£dLv^ 9£OL DZRL T^ [P[[P]PO bT_S [STWZ^Z[Sd _SPZWZRd ]T_`LW NZY_PX[WL_TZY LYO [^dNSZWZRd 3T^ TY^_]`N_TZY^ ^SZb SZb ^_]ZYRWd XLY_]L []LN_TNP ^PY^Z]d [P]NP[_TZY LYO ]L_TZYLWTePO Wd^T^ NLY QWZb TY_Z ZYP LYZ_SP] ?SP ?LY_]TN ^Z`YO Pc[P]TPYNP SP OP^N]TMP^ SL^ ^TXTWL] _Z ,MSTYLaLR`[_Lv^ LP^_SP_TN LM^Z][_TZY LYO OPWTXT_TYR [L]LOTRX LYO _SP X`^TNZWZRT^_^v 9£OL-]LSXLY _Z_LW LQQTYT_d bT_S L ^ZXL_TePO ^PY^Z]TePO -]LSXLY _SL_ NLY MP Pc[P]TPYNPO PXZ_TZYLWWd

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

# 

BSL_ -P]PYO_ QLTWPO _Z ^PP bL^ _SP NWZ^P NZYYPN_TZY MP_bPPY WLY R`LRP LYO X`^TN TY _SP TYOTRPYZ`^ NZY_Pc_ ?SP NPY_]LW _P]X^ A£N LYO -]LSXLY ]PXLTYPO NWZ^PO _Z STX BSL_ -P]PYO_ XT^^PO T^ _SP]PQZ]P []PNT^PWd _SP OPNT^TaP QLN_Z] ZQ _SP TYOTRPYZ`^ 9£OL-]LSXLY% T_^ OP aPWZ[XPY_ Z`_ ZQ Pc[]P^^TaP WLYR`LRP LYO []TXZ]OTLW [SZYPXP^ _SP Q`^TZY ZQ ^Z`YO LYO NZY^NTZ`^YP^^ LYO _SP WTYR`T^_TN LYO XLY_]L ZY_ZWZRTNLW QZ`YOL_TZY ZQ _SP 4YOTLY _SPZ]d ZQ X`^TN :YP ^SZ`WO ]P XPXMP] _SL_ PaPY TY 8L_L«RL X`^TN bL^ ^PPY L^ MPTYR OP]TaPO Md WTY R`T^_TN ^Z`YO^ ?SL_ _SP NPY_]LW QLN_Z] z -]LSXLY z MPNLXP L__LNSPO _Z _SP 9£OL TY 4YOTL ZYWd ]PWL_TaPWd WL_P LYO _SL_ _SP Wd^T^ L^[PN_ bL^ TY _]ZO`NPO TY_Z _SP 9£OL ZYWd bT_S _SP -]LSXLY LYO wMWT^^x £YLYOL  _SZ`RS_ _Z MP TYSP]PY_ TY T_ L]P QLN_^ ZQ bSTNS -P]PYO_ _SP ULee ST^_Z ]TLY LYO 9Pb ,RP []Z[ZYPY_ VYZb^ U`^_ L^ WT__WP L^ ZQ _SP ?LY_]TN ^PY ^Z]TePO XZYT^X LYO _SP NSL]LN_P]TeTYR ]ZWP ZQ OPaZ_TZYLWT^X LMZaP LWW TY >Z`_SP]Y 4YOTLY X`^TN bSTNS ^_]PYR_SPYPO _SP Wd^T^ L^[PN_ PaPY XZ]P 5`^_ L^ OPNT^TaP TY _SP QZ]XL_TZY ZQ _SP 9£OL-]LSXLY PaPY TQ T_ NLXP TY LY LWXZ^_ TYaT^TMWP QZ]X bL^ SZbPaP] _SP LYNTPY_ 4YOTLY TOPL ZQ _SP RZOOP^^ A£N _SP wRZOOP^^ AZTNPx L^ _SP \`PPY ZQ _SP `YTaP]^P _SL_ L^ LY ZWO N`W_`]LW WPRLNd ^Z _Z ^[PLV OP_P]XTYP^ T_^ OPP[ R]LXXL] LYO []P^`XLMWd bZ`WO SLaP OPWTRS_PO -P]PYO_ TQ SP SLO MPPY QLXTWTL] bT_S _SP A£N ?SP A£N bL^ ^[PNTQTNLWWd _SP aZTNP LYO `YWTVP _SP YZY O`LW Pc[P]TPYNP ZQ _SP @[LYT´LO^ LYO ±L«VL]L^ _ST^ LWWZbPO _SP -]LS XLY _Z MP Pc[P]TPYNPO LYO PXMZOTPO TY L XZ]P _LYRTMWP bLd _Z `YT_P _SP TYYP] LYO Z`_P] bZ]WO^ LYO _Z NZYNPTaP ZQ £YLYOL ^`[]PXP MWT^^ L^ ^PY^Z]d Wd^T^ ,RLTY^_ _SP MLNVR]Z`YO ZQ _SP A£N T_ bL^ ML^TNLWWd PL^d _Z TXLRTYP _SP S`XLY MZOd L^ _SP ^PL_ ZQ _SP NZ^XTN 9£OL LYO _Z []Z[Z`YO _SP OTaTYT_d ZQ ^ZYR 4Y _d[TNLW QZ]X ±£]«ROPaL OZP^ YZ_ _`]Y OT]PN_Wd _Z _SP A£N TOPL YZ] _Z >L]L^aL_¯ bSZ T^ XPY_TZYPO ZYWd M]TPQWd L^ L X`^TNWZaP] M`_ TY^_PLO TYOT]PN_Wd _Z _SP _]LY^QZ]XPO [STWZ^Z[ST NLWWd ]PQWPN_PO A£N Md M`TWOTYR OT]PN_Wd ZY _SP WTYR`T^_ LYO WLYR`LRP [STWZ^Z[SP] -SL]_šSL]T LYO TY L XZ]P STOOPY QL^STZY ZY _SP XP_L[Sd ^TNTLY LYO LP^_SP_TN _SPZ]P_TNTLY ,MSTYLaLR`[_L MZ_S ZQ bSZX SLO ^P_ _SP LNLOPXTN ^_LYOL]O^ QZ] [`]^`TYR XP_L[Sd^TN^ bT_STY L Q]LXPbZ]V ZQ ^NTPYNP 4Y _SP OZXTYLYNP ZQ _SP aZTNP _SP A£N ]PXLTYPO ZXYT[]P^PY_ ]TRS_ TY_Z PaP]dOLd N`W_`]P ?d[TNLWWd QZ] X`^TNZWZRT^_^ ^ZYR bL^ XZ^_ TX [Z]_LY_ bSPY X`^TN bL^ NZY^TOP]PO 4Y ±£]«ROPaL _SP TY^_]`XPY_^ LYO TY^_]`XPY_LW X`^TN OZ YZ_ L[[PL] `Y_TW _SP PYO ZQ _SP _]PL_T^P NSL[ ! :Y _SP Z_SP] SLYO _SP TOPL ZQ _SP OTaTYT_d ZQ ^ZYR LW]PLOd L[[PL]PO TY ST^ TYT_TLW N]d[_TN aP]^P bSTNS LW^Z ^PN]P_Wd STY_PO L_ _SP 9£OL -]LSXLY ,[[L]PY_Wd ±£]«RLOPaL bL^ LbL]P ZQ _SP L`OLNT_d ZQ _SP ^_L_PXPY_ ^ZYR L^ LY LWWZQZ]X ZQ 2ZO 3P ]PQP]]PO _Z _SP >£XLAPOL

# 

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

L^ L WPRT_TXTeTYR L`_SZ]T_d ZY ^ZYR MPTYR _Z[ []TZ]T_d  >L«R¯_L

=L_Y£VL]L 4  4Y X`^TN []LN_TNP _SP S`XLY aZTNP bL^ _SP ]ZWP XZOPW QZ] TY^_]` XPY_LW X`^TN TY^_]`XPY_ M`TWOTYR LYO _SP ^dXMZWT^X L^^ZNTL_PO bT_S _SP TY^_]`XPY_^ 4Y _ST^ NZY_Pc_ T_ X`^_ MP ]PXPXMP]PO _SL_ _SP S`XLY aZTNP T_^PWQ bL^ ]PRL]OPO L^ _SP wOTaTYP W`_Px OLTa¯a¯©£  wS`XLY W`_Px X£©`´¯a¯©£ Z] wMZOd W`_Px ²£]¯]¯a¯©£  Md LYLWZRd bT_S _SP LN_`LW TY^_]`XPY_ _SP wbZZOPY W`_Px O£]La¯a¯©£ _SL_ ^SZ`WO TXT_L_P _SP aZTNP ?ST^ XP_ZYdXTN TOPL ZQ _SP wMZOd W`_Px RZP^ ]TRS_ MLNV _Z WL_P] APOTN _TXP^ L^ OT^N`^^PO TY Z`] APOL NSL[_P]  LYO T^ OPQT YT_PWd []P^PY_ TY _SP wQTQ_S APOLx _SP 9£¶dL²£^_]L  " _SP Q`YOLXPY_LW _Pc_ QZ] 4YOTLY LP^_SP_TN^ LYO _SP QT]^_ bZ]V ZY X`^TN ,YO ^Z _SP A£N LW^Z ]PXLTYPO ^`MUPN_TaPWd []P^PY_ TY _SP OTaTYP MZOd W`_P 0Y]TNSPO Md _SP ?LY_]TN LYO DZRTN N`W_`]P^ ZQ VYZbWPORP _SP WL_P] X`^TN _SPZ]P_T NTLY^ []LT^PO _SP S`XLY MZOd L^ _SP XPOT`X ZQ _SP []TXL]d XLYTQP^_L _TZY ZQ _SP 9£OL LYO WZNL_PO MZ_S _SP L`OTMWP LYO _SP TYL`OTMWP 9£OL TY _SP MZOd ?SP 9£OL [ZTY_^ \`T_P NWPL]Wd _Z ?LY_]TN LYO DZRTN NZWWPN_TaP XPXZ]d QT]^_ LYO QZ]PXZ^_ _Z _SP NZ^XZWZRTNLW []TXZ]OTLW 9£OL ZQ _SP Z]_SZOZc ±LTaL¢RLXL^ M`_ OZ`M_WP^^ LW^Z _Z _SP DZRTN []ZO`N_TZY ZQ TYYP] ^Z`YO^ _S]Z`RS NZY_PX[WL_TZY ZQ XLY_]L^ LYO ]P^ZYLYNP 4_ bL^ L WZYR ST^_Z]d LYO L NZX[WPc TY_P]_Pc_`LW YP_bZ]V _SL_ N]P L_PO L YPb -]LSXLY _SP 9£OL-]LSXLY _SL_ TYN]PL^PO _SP PXZ_TZYLW NZY_PY_ ZQ _SP APO£Y_TN bZ]OWP^^ LYO ^Z`YOWP^^ -]LSXLY LYO -SL]_šSL]Tv^ LM^_]LN_ wBZ]O-]LSXLYx ²LMOLM]LSXLY LYO XLOP T_ XZ]P ^ZXL_TN bZ]WOWd LYO LP^_SP_TN MPNL`^P _SP aZTNP LYO XZ]P ^[P NTQTNLWWd ^ZYR NZ`WO MP [P]NPTaPO L^ ZMUPN_TaTeL_TZY ZQ _SP -]LSXLY LYO ZQ _SP bSZWP NZ^XZ^ , Q`YOLXPY_LW _]TRRP] XLd SLaP MPPY bZ]V^ ZQ [SZYP_TN^ ^ZXP ZQ bSTNS ^[PLV ZQ L aTM]L_TYR ^Z`YO _SL_ [P]aLOP^ _SP bSZWP bZ]WO LYO RTaP^ WTQP _Z T_ " -`_ _SPd OZ ^Z ZYWd [L^^TYRWd LYO bT_S OTQQP]PY_ aZNLM`WL]d ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q ;]PX 7L_L >SL]XL w=PWL_TZY^ST[ -P_bPPY AZTNP LYO 4Y^_]`XPY_^ TY _SP 4YOTLY ?]LOT_TZYx TY /SaLYT% 9L_`]P LYO .`W_`]P ZQ >Z`YO  PO >. 8LWTV 9Pb /PWST% 429., LYO /6 ;]TY_bZ]WO $$$  z" SP]P   " .Q 9£]LO¯dL±¯V´£ "# ]P[]ZO`NPO TY Z`] NSL[_P] ZY _SP LP^_SP_TN^ ZQ [SZYP_TN^ NSL[  ?SP _P]X `^PO QZ] ^Z`YO SP]P T^ ^aL]L _SP ^`[]L^ZYTN ^[SP]P MPTYR NSL]LN_P]TePO L^ L_T^aL]L  LYO _SP _P]X M]LSXLY T^ XT^^TYR .WZ^P] TY _P]XTYZWZRd NZXP^ ;£]T±TV´£ 444 F$H PO >_L`_ePMLNS !" bSP]PTY T_ T^ ^LTO _SL_ ^Z`YO SP]P ²LMOL  T^ ZQ _bZQZWO YL_`]P L N]PL_PO LYO LY P_P]YLW ZYP ?ST^ P_P]YLW YPaP] [P]T^STYR LYO YZYO`LW ^Z`YO _SL_ PcT^_^ PaP]dbSP]P LYO NZY_LTY^ LWW WTYR`T^_T^N ^Z`YO^ T^ NLWWPO _SP M]LSXLY  -]LSXLY ^PPX^ _Z ]PWL_P SP]P _Z _SP ZWOP] []P @[LYT´LOTN M]ÃSXLY NZYNP[_TZY 4Y YPT_SP] bZ]V OZP^ _SP _P]X 9£OL-]LSXLY L[ [PL] M`_ NZY^TOP]TYR _SP WL]RP LXZ`Y_ ZQ ±TV´£ bZ]V^ _ST^ \`P^_TZY bZ`WO YPPO Q`] _SP] ]P^PL]NS ?SP _P]X Y£OL T^ OPQTYT_PWd LW^Z VYZbY z LYO `^PO TY XZ]P ^[PNTQTN bLd ?SP >L]aL^LÀXL_L±TV´£ 4F H PO >_L`_ePMLNS  ^PPX^

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#



±£]«RLOPaL^ 9£OL-]LSXLY LM^Z]MPO LWW _SP L^^ZNTL_TZY^ bT_S _SP -]LSXLY 3P `YOP]^_LYO^ _SP -]LSXLY _Z MP ^ZXP_STYR _]LY^NPYOPY_LW LYO L_ _SP ^LXP _TXP TXXLYPY_ WTVP _SP APO£Y_TY^ OZ 3ZbPaP] TY NZY_]L^_ _Z ±L«VL]L SP NZYNPTaP^ ZQ _SP -]LSXLY L^ 9£OL L^ LY TYL` OTMWP ^Z`YO _SL_ MPNZXP^ L`OTMWP LYO []P^PY_ TY X`^TN M`_ LW^Z L[[PL]^ TY PaP]d bZ]O L^ -SL]_SšL]T _SZ`RS_ 4Y -SL]_šSL]T Y£OL bL^ ^_TWW ^TX [Wd _SP MPL]P] ZQ WLYR`LRP 3T^ ±LMOL-]LSXLY bL^ TYOPPO LW^Z _SZ`RS_ _Z MP SZWT^_TN MPNL`^P T_ PYNZX[L^^PO _]LY^NPYOPYNd _S]Z`RS _SP NZY ^NTZ`^YP^^ M`_ ^Z`YO T^ LW^Z ^_TWW TY ]PLWT_d L SZWT^_TN [SPYZXPYZY L^ _SP WL_P] ±TaLT_TN []TP^_[STWZ^Z[SP]^ OPXZY^_]L_PO ±£]«RLOPaL _ZZV _SPT] TOPL^ ZY Y£OL L^ ST^ ML^T^ LYO OPNWL]PO ^Z`YO T_^PWQ _Z MP L `YTaP] ^LW Xd_S TY_Z bSTNS _SP PY_T]P bZ]WO T^ MZ`YO 3P]P SP T^ ZMaTZ`^Wd TYQW`PYNPO Md _SP ^PY^`LWT_d LYO XLY_]LNPY_]TNT_d ZQ _SP ?LY_]L LYO ST^ TOPL T^ ^WTRS_Wd ]PXTYT^NPY_ ZQ _SP ZWO RZOOP^^ A£N bSTNS bL^ YZ_ ZYWd _SP S`XLY aZTNP M`_ LW^Z ^ZXP_STYR NZ^XTN 8Z]PZaP] _SP 9£OL -]LSXLY XLd MP ^PPY L^ L QLTY_ PNSZ ZQ _SP APOTN [SZYP_TNTLY^v [ZP_TN bZ]WO aTPb bSTNS T^ RTaPY L YPb RL]M BSL_ ±Ã]«RLOPaLv^ 9£OL-]LSXLY NZYNP[_ LNSTPaPO bL^ _SL_ Q]ZX _SP L`OTMWP _Z _SP TYL`OTMWP Z] Q]ZX _SP [Sd^TNLW QZ]X _Z _SP ^[T]T_`LW T_ T^ YZ_ YPNP^^L]d _Z SLaP L OT^_LY_ [`]P ZM^P]aP] Z] ^dY_SP^T^ TY _SP NZY^NTZ`^YP^^ L^ TY ±L«VL]L ?SP ^dY_SP^T^ ZNN`]^ YZ_ ZYWd TY _SP NZY ^NTZ`^YP^^ L^ OP^N]TMPO Md _SP QLXZ`^ [STWZ^Z[SP] ZQ _SP ,OaLT_L APO£Y_L 1Z] ±£]«RLOPaL X`^TN T^ XZ]P _SLY XP]PWd LY TYOTNL_TZY ZQ _SP -]LSXLY 9PT_SP] T^ L wNZOP^bT_NSTYRx YPNP^^L]d L^ ^[PNTQTPO Md _SP >L]L^aL_¯@[LYT´LO  3P]P >L]L^aL_¯ T^ ZYWd XPY_TZYPO TY _SP QT]^_ [L]_ L^ L XLRTNLW Xd_STNLW ^`M^_LYNP bSTWP TY _SP ^PNZYO [L]_ _SP RZO OP^^ T^ `YOP]^_ZZO [`]PWd ^[T]T_`LWWd LYO XP_L[SZ]TNLWWd L^ NTNNSLV_T [ZbP] ZQ NZY^NTZ`^YP^^ [ZbP] QZ] ^PY_TPYNP ?SP ^bT_NSTYR OPXLYO^ _SL_ ZYP LM^_]LN_^ Q]ZX _SP ^bLY _SP eT_SP] LYO _SP ]Z^L]d _Z QTYO _SP LM^ZW`_P QZ]X ZQ _SP OPT_d 4Y ±£]«RLOPaL SZbPaP] _ST^ WPL[ TY_Z [`]P LM^_]LN_TZY T^ YZ_ YPNP^^L]d 4Y ST^ 9£OL-]LSXLY L ^dY_SP^T^ L[[PL]^ TY bSTNS OdYLXTN LbL]PYP^^ NLT_LYdLX LYO ^Z`YO L]P P\`L_PO TY L ^TXTWL] QL^STZY _Z _SL_ TY ,MSTYLaLR`[_L LYO -S£^VL]L]L]£dL ±£]«RLOPaL OZP^ YZ_ SLaP _Z ^bT_NS MPNL`^P ST^ w>Z`YO-]LSXLYx T^ L_ ZYNP NZYN]P_P LYO LM^_]LN_ 4_ T^ Xd_STNLW ^`M^_LYNP LYO T_ LWWZb^ L ]L _TZYLWWd TY^TRS_Q`W bZ]WOTY_P][]P_L_TZY ?SP w>Z`YO-]LSXLYx ZQ bSTNS SP NZYNPTaPO PcT^_^ TY PaP]d aZNLW ^Z`YO LYO TY PaP]d TY^_]`XPY _LW ^Z`YO TY PaP]d MPPv^ S`XXTYR LYO PaP]d NWL[ ZQ _S`YOP] LYO TY PaP]d bZ]O bSP_SP] T_ MP X`]X`]PO ]PNT_PO Z] ^`YR ?SP]P T^ YZ YPPO _Z OT^_TYR`T^S TY_P]TZ] LYO Pc_P]TZ] bZ]WO^ MPNL`^P _SP bZ]WO T^ TY_P] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _Z `^P T_ QZ] NP]_LTY LQ_P]^Z`YO^ WPQ_ Md ^aL]T_L LNNPY_ bSTNS ]P^PXMWP _SP YL^LWTePO LQ_P]^Z`YO LY`^a£]L À LYO QZ] YL^LW^ TY L [L`^P

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

# !

[]P_PO TY LNNZ]OLYNP bT_S _SP XZOPW ZQ ^Z`YO ^[PNTQTNLWWd ZQ XZOLW X`^TN LYO _ST^ SL^ NZY_TY`PO `[ _Z _SP []P^PY_ OLd 1Z] PcLX[WP _SP ML^TN _ZYP T^ ZQ_PY NZX[L]PO _Z _SP OTaTYP []TYNT[WP _Z _SP PaP][]P^PY_ LYO `YNSLYRTYR Z]OP] ZQ MPTYR -]LSXLY Q]ZX bSTNS L[[PL]LYNP LYO OT^L[[PL]LYNP ZQ _SP QZ]X^ TY X`^TN _SP _ZYP^ ]PNPTaP _SPT] ^PY^P ?SP YP_bZ]V ZQ _ZYP^ XLVP^ _SP YP_bZ]V ZQ MPTYR _]LY^[L]PY_ BP bTWW NZXP MLNV _Z _ST^ TY _SP NSL[_P] ZY ?£X[¼]L 4YT_TLWWd SZbPaP] _bZ Z_SP] _]LOT_TZY^ ^SZ`WO MP XPY_TZYPO _SL_ SLO TX[LN_^ ZY _SP NZYNP[_ ZQ 9£OL-]LSXLY ?ST^ NZYNP[_ T^ NWZ^PWd L^^ZNTL_PO bT_S _SP Pc[P]TPYNP ZQ X`^TN LYO _SP]PQZ]P T_ NLYYZ_ MP Pc [WLTYPO ^ZWPWd L^ L ^[PN`WL_TaP aT^TZY ZQ _SP YZYO`LW bSZWPYP^^ ZQ _SP bZ]WO L^ QZ`YO TY _SP -]LSXLY ZQ _SP @[LYT´LO^ LYO ZQ -SL]_šSL]T LYO TY _SP 9£OL NZ^XZWZRd ZQ _SP ¢RLXL^ ?SP 9£OL-]LSXLY bL^ L__]LN _TaP []PNT^PWd MPNL`^P T_ bL^ ^[PN`WL_TaPWd NZ^XZWZRTNLWWd LYO ^`MUPN _TaPWd ]PWL_PO _Z Pc[P]TPYNP LYO TYNW`OPO ^ZXL_TN ^PY^Z]d LQQPN_TaP LYO LP^_SP_TN L^[PN_^ ?SP ]PWL_TZY _Z Pc[P]TPYNP bL^ [L]_TN`WL]Wd LQ QPN_PO Md _bZ XZ]P _]LOT_TZY^ _SL_ N]PL_PO L OT]PN_ ]PWL_TZY^ST[ bT_S ]PWTRTZ`^ []LN_TNP% DZRL LYO _SP MSLV_T  DZRL LRLTY WPLO^ MLNV _Z _SP aZTNP L^ _SP OTaTYP wMZOd W`_Px ^[PNTQTNLWWd _Z ^Z`YO []ZO`N_TZY TY ^ZYR bSTNS T_^PWQ NLY MP `YOP]^_ZZO _Z MP L SZWT^_TN XZOPW ZQ L bZ]WO TY_P][]P_L_TZY WTYVTYR _SP Pc_P]TZ] LYO TY_P]TZ] bZ]WO^

!

?SP DZRTN ?LY_]TN 7PRLNd LYO T_^ =PNZOTYR

;]PX 7L_L >SL]XL ^`[[Z^P^ _SL_ _SP []TXP ]ZWP ZQ _SP aZTNP TY 4YOTLY X`^TNZWZRd T^ ML^PO ZY _SP QLN_ _SL_ _SP wTYYP] ^[LNP TY _SP S`XLY MZOdx bL^ [P]NPTaPO _Z MP _SP QTPWO ZQ DZRTN Pc[P]TPYNP LYO _SP ]PLWT eL_TZY ZQ _SP `YT_d ZQ _SP TYYP] LYO Z`_P] ^[LNP SLO LW^Z MPPY _SP LN_`LW RZLW ZQ 4YOTLv^ X`^TN N`W_`]P " >SP \`Z_P^ L^ PaTOPYNP L [L^^LRP Q]ZX 8L_L«RLv^ -šSLOOP²¯ _SL_ NWPL]Wd L^^`XP^ L MZOdXTYO NZY_TY``X QZ] _SP []ZO`N_TZY ZQ ^Z`YO TY ^ZYR LYO MZ]]Zb^ _P]XTYZWZRd Q]ZX DZRTN ?LY_]TN XLY_]L []LN_TNP% w-d _SP bTWW ZQ _SP £_XLY F_SP S`XLY ^Z`WH _SP a£d` FbTYOH _SL_ T^ XZa TYR `[bL]O Q]ZX _SP ML^P ZQ _SP PL]_S  Y£MST  YLaPW LYO T^ SPWO ZY _SP ubLWWv ZQ _SP Y£“¯^ FDZRTN YP]aZ`^ N`]]PY_^H LYO TY _SP ^[LNP FNP]PM]LW ]P RTZY TY _SP MZOdH T^ VYZbY L^ ^aL]L  _SP OPWTRS_Q`W ^Z`YOx "! ?S`^ LNNZ]OTYR _Z >SL]XL bSL_ MPWZYR^ TY aZTNP Z] ^Z`YO []ZO`N_TZY L]P XPY_LW LYO ^ZXL_TN QLN_Z]^% L _SP bTWW _Z []ZO`NP ^Z`YO^& M _SP LN_TaL_TZY ZQ _SP XTYO& N _SP LN_TaL_TZY ZQ _SP TYYP] wQT]P^x Z] _SP VT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " >SL]XL w=PWL_TZY^ST[ -P_bPPY AZTNP LYO 4Y^_]`XPY_^x   "! SL]XL w=PWL_TZY^ST[ -P_bPPY AZTNP LYO 4Y^_]`XPY_^x  

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

# "

YP_TN PYP]Rd& LYO O _SP ^_PP]TYR ZQ _SP LT] ^_L]_TYR Q]ZX _SP YLaPW "" >Z`YO Z] 9£OL L^ _SP ^Z`]NP ZQ N]PL_TZY SL^ L [Sd^TNLW ML^P LYO T_^ N]PL_TaP [ZbP] T^ [L]_ ZQ _SP MZOd Pc[P]TPYNP TY []ZO`NTYR L`OTMWP ^Z`YO Z] OSaLYT  _SP YL_`]LW P\`TaLWPY_ ZQ []TXZ]OTLW ^Z`YO Z] 9£OL 4_^ LNZ`^_TN^ LYO ]P^ZYLYNP^ NLY MP SPL]O LYO QPW_ Md _SP MZOd 4_ NZaP]^ MZ_S _SP L`OTMWP LYO _SP ^`M^ZYTN Z] ^`[P]^ZYTN ]PLWX LYO PaPY ^TWPYNP ^TYNP LY£SL_LY£OL  _SP w`Y^_]`NV 9£OLx Pc[P]TPYNPO Md _SP DZRT^ T^ WTYVPO _Z _SP ^`[P]^ZYTN Q]P\`PYNTP^ LYO aTM]L_TZY^ _Z _SP ZNN`W_ TYYP] ^Z`YO^ _Z _SP SPL]_ MPL_^ LYO _Z ^_TWWYP^^ LYO ^TWPYNP MZ_S Pc_P]YLWWd LYO TY_P]YLWWd BSL_ DZRL LYO ?LY_]L []ZaTOPO MPdZYO _SP ^[PN`WL_TaP ^Z`YO NZ^ XZWZRTP^ bL^ L ]TNS bZ]WO ZQ Pc[P]TPYNP TY [L]_TN`WL] L ]TNS []LN_TNP LYO wPc[P]TPYNP NZX[P_PYNPx bT_S ^Z`YO^ 8L_L«RL LYO ±£]«RLOPaL QZWWZbPO ZY OT]PN_Wd Q]ZX _SP ?LY_]TN DZRL ZQ _SPT] _TXP^ P^[PNTLWWd _SP DZRTN?LY_]TN [^dNSZ^ZXL_TN [SPYZXPYL 4Y ±£]«RLOPaL _SP]P T^ L ^TXTWL] PaPY XZ]P OP_LTWPO Pc[WLYL_TZY QZ] ^Z`YO []ZO`N_TZY TY _SP MZOd _Z _SL_ TY _SP LMZaP aP]^P Q]ZX 8L_L«RL "# >ZYR T^ L `YT_d ZQ _SP MZOd LYO ^Z`W LYO SL^ _Z OZ bT_S _SP ^Z`W £_XLY  _SP M]PL_S LYO aL]T Z`^ [WLNP^ TY _SP MZOd YLaPW SPL]_ _S]ZL_ SPLO LYO XZ`_S _SL_ PY^`]P OTQQP]PY_ ^Z`YO \`LWT_TP^ PR ±£]«RLOPaL WZNLWTeP^ OPP[ YZ_P^ TY _SP SPL]_ LYO STRS YZ_P^ TY _SP SPLO bSTWP ^Z`YO TY _SP L]PL L]Z`YO _SP YLaPW ]PXLTY^ TYL`OTMWP LYO _SP XTN]Z_ZYP^ aTM]L_P TY _SP _S]ZL_ LYO _SP SPLO 4Y ]PWL_TZY _Z _SP  XTN]Z_ZYP^ ²]`_T^ ±£]«RLOPaL [ZTY_^ Z`_ _SP TOPL _SL_ _SPd L]P NZYYPN_PO bT_S _SP  DZRTN YP]aZ`^ N`]]PY_^ Y£“¯ "$ 8Z]PZaP] ZYP ZQ ST^ NZY_PX[Z]L]TP^ bSZ []Z[LRL_PO _ST^ _PLNSTYR NZ]]PWL_PO _SP ²]`_T^ LYO Y£“¯^ bT_S _SP ^Z`YO^ ZQ _SP LW[SLMP_ LYO _SP ^PaPY [WLNP^ ZQ []ZYZ`YNTYR _SP WP__P]^ ZQ _SP LW[SLMP_ bT_S _SP ^PaPY _ZYP^ ^aL]L^  :YP NLY ^PP^ SZb aP]d ^_]ZYRWd X`^TN aZTNP LYO WLYR`LRP L]P ]PRL]OPO L^ L `YT_d& _SP ^Z`YO^ ZQ WLYR`LRP LYO _SP ^Z`YO^ ZQ X`^TN QWZb ^PLXWP^^Wd TY_Z ZYP LYZ_SP] 4_ LW^Z MPNZXP^ P\`LWWd NWPL] SZb PL^d T_ bL^ QZ] P^Z_P]TN X`^TN TY_P][]P_L_TZY^ LYO L Xd^_TN ^_`Od ZQ X`^TN _Z OPaPWZ[ _SLYV^ _Z _SP DZRTN aZNLM`WL]d LYO _SP XT N]Z_ZYLWT_d ±£]«RLOPaL ZY _SP Z_SP] SLYO L_ _ST^ [ZTY_ TXXPOTL_PWd NZY_TY`P^ bT_S X`^TNZWZRTNLW _PNSYTNLW Pc[WLYL_TZY^ ZQ _SP ²]`_T^  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" >SL]XL w=PWL_TZY^ST[ -P_bPPY AZTNP LYO 4Y^_]`XPY_^x ! "# >L«R¯_L=L_Y£VL]L 4z TY [L]_TN`WL] 4 "$ >L«R¯_L=L_Y£VL]L 4#z$ PO >S]TYRd   1Z] _SP QZWWZbTYR TMTO !z" 4Y _SPT] _]LY^WL_TZY^ LYO RWZ^^P^ >S]TYRd LYO ;]PX 7L_L >SL]XL [P]SL[^ L^^`XP _ZZ ^_]ZYRWd _SL_ ±£]«RLOPaL ^SZ`WO MP LWWZNL_PO _Z _SP DZRTN P^Z_P]TN _]LOT_TZY bSP]P SP ^TX[Wd ]P[]ZO`NP^ []PaLTWTYR Z[TYTZY^ .Q LW^Z QZ] TY^_LYNP _SP _]LY^WL_TZY ZQ _SP wQZWV P_dXZWZRdx OP]TaL_TZY ZQ _SP 9£OL _P]X >L«R¯_L=L_Y£VL]L 4! PO >S]TYRd 

# #

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

BT_SZ`_ OZ`M_ _SP]P bP]P TY_P]LN_TZY^ MP_bPPY _SP DZRTN bZ]WO LYO _SL_ ZQ X`^TN 1Z] PcLX[WP _SP ^_LYOL]O ]P[P]_ZT]P ZQ _SP bZYOP]Q`W L`OT_Z]d Pc[P]TPYNP^ ZQ _SP DZRT^ SPLaPYWd X`^TN LYO TYYP] ^Z`YO^ TYNW`OPO X`^TNLW TY^_]`XPY_^ P^[PNTLWWd _SZ^P _SL_ bP]P LW^Z `^PO TY ]PWTRTZY :Y _SP Z_SP] SLYO _SP X`^TNTLY^ LOZ[_PO ?LY_]TN DZRTN VYZbWPORP LYO _P]X^ TY _SPT] aZNLM`WL]d LYO L[[WTPO _SPX L^ [L__P]Y^ QZ] Pc[WLTYTYR _SP [Sd^TNLW []ZNP^^P^ TY ^ZYR LYO L_ _SP ^LXP _TXP L^ L MLNVR]Z`YO QZ] TY_P][]P_TYR _SP NZ^XZWZRTNLW NZY_PY_ ZQ _SP 9£OL ?SP DZRTN TXLRP ZQ _SP MZOd LYO _SP DZRTN 9£OL []LN_TNP^ Q`^PO TYYP] LYO Z`_P] bZ]WO^ R]Z^^ LYO ^`M_WP MZOd NZ][Z]PLWT_d LYO TY_P]TZ]T_d LYO _SP XTN]Z LYO _SP XLN]ZNZ^XZ^ ^Z _SL_ LWW _SP^P bP]P ]PQP]PYNP^ _Z ZYP LYZ_SP] ;]PNT^PWd _SP NZYNPY_]L_TZY ZY ^Z`YO bL^ ^PPY L^ _SP MP^_ XP OT`X QZ] Pc[P]TPYNTYR _ST^ TY_P]NZYYPN_POYP^^ 1Z] PcLX[WP _SP DZRTY^ SLO ]PNZRYTePO _SL_ TY _SP MZOd ZYP NLY ^PY^P aTM]L_TZY^ LYO PaPY SPL] ]PNZRYTeLMWP ^Z`YO^ WTVP _SZ^P ZQ _SP Pc_P]YLW bZ]WO z Q]ZX _S`YOP] _Z _SP S`XXTYR ZQ MPP^ TQ ZYP [W`R^ ZYPv^ PL]^ Z] PYRLRP^ TY XLY_]L ]PNT _L_TZY QZ] L WZYRP] [P]TZO # LYO NZY_TY`P^ _Z QPPW _SP QTYLW ^Z`YO^ ZQ _SP ^PPO ^dWWLMWP^ L^ ^`M_WP aTM]L_TZY^ ?SP MZOd T_^PWQ bL^ QTWWPO bT_S ^Z`YO^ z U`^_ WTVP _SP `YTaP]^P 7TVP _SP P_SP] ^Z`YO bL^ ^ZXP_STYR _SL_ [P]aLOPO MZ_S _SP TY_P]TZ] LYO _SP Pc_P]TZ] ,RLTY^_ _SP MLNVR]Z`YO ZQ _ST^ _d[P ZQ bZ]WOaTPb T_ bL^ [WL`^TMWP _SL_ _SP X`^TNWZaTYR OZN_Z] LYO [ZWdXL_S ±£]«RLOPaL ^SZ`WO O]Lb _SP NZYNW`^TZY _SL_ _SP 9£OL bL^ TYSP]PY_ TY _SP -]LSXLY bSTNS L^ LM^ZW`_P MPTYR T^ _SP Z]TRTY ZQ _SP bZ]WO LYO [P]aLOP^ T_ BSL_ L[[WTP^ _Z _SP 9£OL LW^Z L[[WTP^ _Z ^ZYR _SP X`^TN ZQ _SP wMZOd W`_Px ?SP DZRTN?LY_]TN bZ]WO bL^ ZYP ZQ Pc[P]TPYNP^ TYOPPO ZYP ZQ Pc _]LZ]OTYL]d Pc[P]TPYNP^ LYO ]LYVPO STRSWd LXZYR _SP N`W_`]LW MZOTP^ ZQ VYZbWPORP TY _SP 8TOOWP ,RP^ 1Z] ST^ _SP^T^ ZY _SP PQQTNLNd ZQ X`^TN TY OPWTaP]LYNP ±£]«RLOPaL XLOP TXXPOTL_P ]PQP]PYNP _Z _SP w`Y^_]`NV ^Z`YOx LY£SL_LY£OL ZQ _SP DZRTY^ M`_ TY _SP ^PY^P ZQ L OTQQP]PY_TLW XL]VP]% _SP DZRTN 9£OL bL^ YZ_ NL[LMWP ZQ RPYP]L_TYR PXZ_TZY^ LYO NZWZ]TYR _SP XTYO \`T_P `YWTVP X`^TN DZRL bL^ YZ_ ]PUPN_PO :Y _SP NZY_]L]d T_ T^ L VPd bZ]O QZ] N]PL_TYR L`_SPY_TNT_d ZQ _SP PQQTNLNd TY OPWTaP]LYNP 3ZbPaP] ±£]«RLOPaL OPNWL]P^ X`^TN _Z MP L [WPL^`]LMWP LYO bZ]_Sd DZRL _SL_ OZP^ YZ_ PcNW`OP _SP QPPWTYR^ LYO L[[PLW^ _Z _SP ^PY^P^ ,MZaP LWW T_ T^ L QZ]X ZQ DZRL _SL_ OZP^ YZ_ ]P\`T]P L [P]^ZY _Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # =£XP²aL]L $_S NPY_ Pc[WLTY^ _SP w[P]QPN_TZY TY _SP XLY_]Lx XLY_]L^TOOST TY ST^ NZXXPY_L]d ZY _SP A£]£S¯ NSL[_P] ZQ _SP ;L]L²`]£XL6LW[L^¼_]L bT_S _SP ^LXP bZY OP]Q`W L`OT_Z]d Pc[P]TPYNP^ LYO aT^TZY^ _SL_ bP SLaP OP^N]TMPO LMZaP TY _SP ?LY_]L NSL[_P] `^TYR L _Pc_ Q]ZX _SP ^Tc_S NPY_`]d LYO ^_]P^^P^ dPL]^ ZQ ^_]TN_ _]LTYTYR bT_S NZY^_LY_ XLY_]L ]P[P_T_TZY ?SP QLY_L^_TNLW bZ]WO SL^ MPNZXP L WT_P]L]d _Z[Z^ ?SP 8LT_]T@[LYT´LO bSTNS OPQTYP^ :¿ L^ ±LMOL-]LSXLY T^ []ZMLMWd ZYP ZQ _SP PL]WT P^_ PcLX[WP^

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

# $

MP L ]PWTRTZ`^ aT]_`Z^Z MPNL`^P LNNZ]OTYR _Z ±£]«RLOPaL X`^TN T^ WZaPO Md PaP]dZYP PaPY WT__WP NSTWO]PY LYO LYTXLW^ 3P bL^ YZ_ TY_P]P^_PO TY _SP TYYP] ^Z`YO^ M`_ _SP MPL`_d LYO ^`M_WP_d ZQ _SP ^Z`YO^ ZQ XPWZOT Z`^ NWL^^TNLW X`^TN _SL_ bP]P L`OTMWP TY _SP Pc_P]YLW bZ]WO _Z PaP]dZYP LYO _SPT] [ZbP] _Z MTYO ZYP PXZ_TZYLWWd 4_ T^ _PWWTYR _SL_ ±£]«RLOPaL TYNZ][Z]L_PO _SP MZOd NLV]L^ TY ]P NZOPO QZ]X 4Y_P]P^_TYRWd SP LW^Z L^^ZNTL_PO _SPX bT_S L ^[PNTLW []LN _TNP Md []Z[Z^TYR _Z X`^TNTLY^ _SL_ _SPd ^SZ`WO XPOT_L_P ZY NP]_LTY [P_LW^ ZQ _SP OTLR]LX^ NZ]]P^[ZYOTYR _Z _SP MZOTWd NPY_P]^ TY Z]OP] _Z ]PTYQZ]NP NP]_LTY aT]_`P^ ^`NS L^ ^_LXTYL LYO bTWW[ZbP] ^Z _SL_ _SPd bZ`WO MPNZXP []ZQTNTPY_ TY X`^TN 4Y _ST^ TY^_]`N_TZY ZYP NLY [P]SL[^ PaPY XLVP Z`_ L ^TXTWL]T_d _Z _SP bLd _SL_ NWL^^TNLW DZRL>¼_]L^ ^_L_P _SL_ NZYNPY_]L_TZY ZY ZYP _STYR z PR _SP ^dWWLMWP :¿ _SP XLY_]L^ Z] ^Z`YO D> 4"z# 4A z M]TYR^ LMZ`_ XL^_P]d TY []PNT^PWd _ST^ L]PL 444 QQ 4_ bL^ N`W_`]LW VYZbWPORP _SL_ bL^ ^[]PLO _S]Z`RS XLYd DZRL _Pc_^ 4Q ±£]«RLOPaL PaP] _SZ`RS_ LMZ`_ _ST^ SP TX[WPXPY_PO T_ XZ]P []LRXL_TNLWWd _SLY Xd^_TNLWWd 3T^ bZ]WO bL^ YZ_ _SL_ ZQ _SP DZRTY M`_ _SL_ ZQ _SP []ZQP^^TZYLW X`^TNTLY LYO X`^TNWZaP] 4_ T^ X` ^TN T_^PWQ _SL_ SP NZY^TOP]^ _Z MP ^Z [ZbP]Q`W _SL_ T_ NZ`WO M]TYR YZ_ ZYWd [WPL^`]P M`_ LW^Z WTMP]L_TZY ^ZWPWd _S]Z`RS _SP UZdQ`W LM^Z][_TZY T_ PY LMWPO , wOTaTYP SPL]TYRx OTadLÀ ²]Z_]LX LYO L UZ`]YPd _S]Z`RS _SP P_SP] 444 L^ []ZXT^PO Md _SP ^Z`YO NZYNPY_]L_TZY ZQ _SP DZRL >¼_]L^  bL^ L OTQQP]PY_ bZ]WO LYO bL^ NZX[WP_PWd ]P[WLNPO Md X`^TN 9Z_STYR TY _SP >L«R¯_L=L_Y£VL]L ]PXTYO^ `^ ZQ _SP bZYOP]Q`W Pc[P]T PYNP bZ]WO^ ZQ _SP >TOOSL^ LYO DZRTY^ bSTNS bP]P WL_P] L^^ZNTL_PO bT_S _SP 9£OL-]LSXLY z _SP SPLaPYWd ^Z`YO^ ZQ NZ^XTN SL][^ MPWW^ LYO O]`X^ P_N bSTNS _SP DZRTY^ SPL]O TY _SPT] ZbY TY_P]TZ]^ LYO TY STRSP] [WLYP^ ZQ _SP `YTaP]^P ?ST^ OZP^ YZ_ XPLY _Z ^Ld _SL_ _SP]P bP]P YZ X`^TNZWZRT^_^ bSZ bLY_PO _Z QZWWZb ZY XZ]P NWZ^PWd Q]ZX _SP P^Z_P]TN DZRL _]LOT_TZY ?ST^ L[[PL]^ _Z MP _SP NL^P bT_S _SP L`_SZ] ZQ _SP ,`X£[L_LX Z] _SP X`^T NZWZRT^_ bSZ L^^ZNTL_PO _ZYP^ LYO XTN]Z_ZYP^ bT_S _SP YP]aZ`^ N`]]PY_^ LYO _SP LW[SLMP_ ?ST^ TYOTNL_P^ L Q`^TZY ZQ 9£OLDZRL ±LMOLDZRL LYO LW[SLMP_ DZRL L^ ^`[[Z^PO Md 2`d -PNV _Z MP _SP MLNVR]Z`YO _Z _SP 9£OL-]LSXLY LYO _SP 3TYO` wXd^_P]d ZQ ^Z`YOx >TYNP WLYR`LRP LYO X`^TN L]P ^PPY _Z MP ^Z NWZ^P _SP _]LY^T_TZY T^ aP]d QW`TO -PNV [ZTY_^ Z`_ _ZOLdv^ QZ]X^ ZQ WPL]YTYR X`^TN _SL_ L]P XZ]P Z] WP^^ TOPY_T NLW _Z DZRTN XLY_]L []LN_TNP TYNW`OTYR T_^ M]PL_STYR _PNSYT\`P^ ?SP QZWWZbTYR ^_L_PXPY_^ Md _bZ ZQ -PNVv^ TY_P]aTPbPP^ ^SZb SZb ^_]ZYRWd ^ZYR LYO X`^TNSPL]TYR NLY MP TY_P][]P_PO LYO Pc[P]TPYNPO TY _SP ^PY^P ZQ P^Z_P]TN LYO Xd^_TN XLY_]L []LN_TNP z LYO SZb w^`M^_LY_TLWx _SP 9£OL-]LSXLY T^ `YOP]^_ZZO SP]P%

#!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

wF=HPRL]OTYR _SP Xd^_TNLW ^TOP ZQ Z`] 3TYO`^_LYT aZNLW X`^TN bSPY _SP ^TYRP] SL^ []ZO`NPO _SP aL]TZ`^ YZ_P^ ^aL]L^ _Z [P]QPN_TZY _SPY _SL_ Z`_ bL]O L`OTMWP aTM]L_TZY T^ NL[LMWP ZQ []ZO`NTYR L NZ]]P^[ZYOTYR TYYP] u^dX[L_SP_TNv aTM]L_TZY bSTNS TY Z`] _P]XTYZWZRd T^ VYZbY L^ 9£OL -]LSXLYx 8= 2L`_LX ^TYRP] LYO X`^TNZWZRT^_ #

3P]P _SP Pc_P]YLW ^Z`YO^ WPLO TXXPOTL_PWd _Z LY TYYP] ^Z`YO Pc[P]TPYNP _SL_ T^ TY_P][]P_PO L^ 9£OL-]LSXLY LYO OP^N]TMPO TY L DZRTN XLY_]TN XLYYP] 1`]_SP]XZ]P _SP QZWWZbTYR \`Z_L_TZY ^SZb^ SZb PL^TWd _SP 9£OL-]LSXLY LYO _SP ±LMOL-]LSXLY `YOP]^_ZZO _Z MP _SP ^dWWLMWP :¿ Z] PaPY -SL]_šSL]Tv^ ±LMOL-]LSXLY NZX[WP_PWd ZaP]WL[% wBSPY dZ`] aZTNP T^ [P]QPN_Wd _]LTYPO dZ` bTWW QTYO _SL_ LWW ZQ _SP YZ_P^ ZQ Z`] NWL^^TNLW X`^TN ^L ]P RL XL [L OSL YT FNQ OZ ]P XT QL ^Z WL _T TY BP^_P]Y ^ZWXTeL_TZYH L]P LN_`LWWd aL]TL_TZY^ ZQ ZYP YZ_P bSTNS T^ 9£OL -]LSXLY Z] :Àx >LTWPY -LYP]UPP TY^_]`N_Z] LYO QZ`YOP] ZQ _SP ?LY^PY 8`^TN .ZWWPRP #

3P]P -LYP]UPP T^ LN_`LWWd Pc[]P^^TYR X`^TNLWWd bSL_ -SL]_šSL]T SLO WTYR`T^_TNLWWd L^^ZNTL_PO bT_S _SP ±LMOL-]LSXLY LYO SZb _SP 8£©“¼VdL  LYO 8LT_]T@[LYT´LO [P]NPTaPO _SP :¿ z L^ L bZ]O _SL_ `YT_P^ LWW WPaPW^ ZQ ]PLWT_d bT_STY T_^PWQ 4_ T^ YZ_TNPLMWP _SL_ MZ_S 2L` _LX LYO -LYP]UPP ^_]P^^ SPLaTWd _SP WZYR LYO TY_PY^TaP _]LTYTYR _SP [P]QPN_TYR ZQ X`^TN ?ST^ T^ ]PXTYT^NPY_ ZQ _SP wXLY_]L^TOOST x [P]QPN _TZY TY _SP XLY_]L _Z bSTNS ZYP ^_]TaP^ _S]Z`RS TY_PY^TaP XLY_]L []LN _TNP 4_ bL^ TY [L]_TN`WL] _SP Q`^TZY ZQ _SP TYYP] LYO Z`_P] bZ]WO TY ^Z`YO []ZO`N_TZY LYO TY _SP Pc[P]TPYNP ZQ ^Z`YO bSTNS `YT_PO _SP DZRL _]LOT _TZY LYO X`^TNLW []LN_TNP ?SP ^Z_P]TZWZRTNLW RZLW ZQ _SP DZRTN XLY_]L []LN_TNP bL^ _Z OT^^ZWaP _SP S`XLY ]P^_]TN_TZY^ LYO XLVP _SP MZOd T_^PWQ XLY_]LXLdL wLWTaP bT_S XLY_]L^x _Z NZ^XTQd T_ LYO _Z TY_P]YLWTeP _SP [ZbP] ZQ _SP OPT_d ?ST^ NZYQW`PYNP ZQ TYYP] LYO Z`_P] bZ]WO^ NZ] [Z]PLWT_d LYO TY_P]TZ]T_d T^ LW^Z QZ`YO bT_S _SP X`^TNTLY^ ,`OTMWP X` ^TN bL^ YZ_ ZYWd ^ZXP_STYR Pc_P]YLW z T_ LW^Z PWTNT_PO TYYP] QPPWTYR^ PXZ_TZYLW L_XZ^[SP]P^ LYO Wd^T^ LYO ZQ_PY OPXZY^_]L_P^ STRSWd OPaZ _TZYLWTePO NSL]LN_P]T^_TN^ 4Y L`OTMWP ^Z`YO _SP YZYL`OTMWP bL^ L`OTMWP TY _SP bZ]WOWd _SP ^`[P]YL_`]LW TY X`^TN _SP OPT_d ?PWWTYRWd L _]LOT _TZYLW _]PL_T^P ZY X`^TN _SP >aL]£]©LaL  ^_L_P^ _SL_% w7TQP QZ]NP []£©L ObPWW^ L_ _SP NPY_]P ZQ _SP ^Z`W £_XLY  ,`OTMWP ^Z`YO OSaLYT ObPWW^ L_ _SP NPY_]P ZQ WTQP QZ]NP 8`^TNLW ^Z`YO Z] []TXZ]OTLW aT M]L_TZY Y£OL ObPWW^ L_ _SP NPY_]P ZQ L`OTMWP ^Z`YO ,_ _SP NPY_]P ZQ _SP X`^TNLW[]TXZ]OTLW 9£OL^Z`YO ObPWW^ 7Z]O ±TaL _SP P_P]YLWWd ,`^[T NTZ`^x #

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # -PNV >ZYTN ?SPZWZRd   # -PNV >ZYTN ?SPZWZRd   # £_XLXLOSdLRL_Là []£©Là []£©LXLOSdLRL_Z OSaLYTà 

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#!

3P]P DZRTN XPOT_L_TZY LYO ^ZYTN Xd^_TNT^X L]P ]PWZNL_PO TY_Z X`^TN ±£]«RLOPaL SLO LW]PLOd [`_ QZ]bL]O L ^TXTWL] _SZ`RS_ TY ST^ Z[PYTYR aP]^P M`_ TY _SP >aL]£]©LaL T_ L[[PL]^ TY L X`NS XZ]P _SPTQTPO LYO OPaZ_TZYLWTePO QZ]X ?SP ^Z`YO ZQ X`^TN T^ _SP []TXZ]OTLW 9£OL ^Z`YO LYO TX[L]_^ _SP aP]d P^^PYNP ZQ ^Z`YO% _SP STRSP^_ 2ZO 3P]P _SP ]PWT RTZ`^ ^PXTZ_TNTeL_TZY _`]Y^ _SP Pc[P]TPYNTYR ZQ X`^TN TY_Z L ^LN]PO LN_ bSTWP TY ±£]«RLOPaL T_ bL^ ^ZYR T_^PWQ -`_ ST^ aP]^P NZ`WO LW^Z PL^TWd MP ]PLO PaPY []TXL]TWd OPaZ_TZYLWWd L^ ±TaL bL^ _SP wPXMZOTXPY_ ZQ _SP 9£OLx L^ bL^ ^ZYR ,YO T_ NZ`WO LW^Z MP SPL]O TY _SP NZPcT^_PYNP ZQ ±TaL LYO ^ZYR% ^ZYR X`^TN WPLO^ _Z _SP TXXPOTL_P Pc[P]TPYNP ZQ 2ZO ?SP OPT_d T^ []P^PY_ wPXMZOTPOx SP]P LYO YZb TY X`^TN >ZYR T^ TY L aP]d ]PLW ^PY^P OTaTYP ^P]aTNP TYaZNL_TZY ZQ _SP MWP^^PO 2ZO L`OT MWP OPaZ_TZY LYO [L]_TNT[L_TZY TY _SP OTaTYP 8LYd X`^TNTLY^ `YOP] ^_LYO _SP LW£[  _SP Pc[Z^T_TZY [SL^P ZQ _SP =£RL _Z MP TYaZNL_TZY 8` ^TN T^ ^ZXP_STYR ^[T]T_`LW MPNL`^P T_ NLY MP [P]NPTaPO L^ []LdP] LYO _SP wPXMZOTXPY_ ZQ 2ZOx LYO _SP]PQZ]P OPWTaP]^ ]PWTRTZ`^ WTMP]L_TZY ?ST^ WTYP ZQ _SZ`RS_ LYO \`LWT_d ZQ Pc[P]TPYNP MPNLXP bTOP^[]PLO [L]_TN` WL]Wd TY _SP X`^TNLW _]LOT_TZY ZQ >Z`_SP]Y 4YOTL ?SP X`^TNTLYLYOdZRT -S£V_L LM^Z]M^ LYO TY_P]TZ]TeP^ 2ZO aTL 9£OL@[L^£YL ^Z`YO NZY_PX [WL_TZY z SP]P =LRSLaLY ]TRS_Wd RWZ^^P^ wOPaZ_TZY _S]Z`RS OTaTYP ^Z`YOx # z LYO ^[PNTQTNLWWd aTL ^TYRTYR _SP YLXP ZQ 2ZO ?SP ^`YR YLXP ZQ 2ZO T^ _SP XLY_]L TY bSTNS ZYP TXXP]^P^ ZYP^PWQ LYO bSZ^P P^^PYNP ZYP wLbLVPY^x 3P]P DZRL LYO X`^TN Q`^P XLY_]L ]P[P_T_TZY LYO ^ZYR XP]RP TY_Z ZYP TY _SP XZ^_ [P]QPN_ bLd LYO dP_ _SPd SLaP L \`T_P OTQ QP]PY_ \`LWT_d ZQ Pc[P]TPYNP U`^_ L^ SLO LW]PLOd MPPY NZYNPTaPO TY ±£]«RLOPaL ?SP O]d ]P[P_T_TaP PcP]NT^P UL[L _`]Y^ TY_Z XPWZOTZ`^ LYO ^PY^Z]d LP^_SP_TN [WPL^`]P LYO ^ZXP_STYR _SL_ _Z`NSP^ ZYP PXZ_TZYLWWd 4Y^_PLO ZQ XPOT_L_TYR ZY _SP ]P^ZYLYNP ZQ _SP XLY_]L TY _SP MZOd ZYP NLY OPaZ_P ZYP^PWQ _Z ^ZYR LYO _SP ^`M_WP XTN]Z_ZYP^ LYO _SP QPPWTYR ZQ MPTYR NWZ^P _Z 2ZO LYO SLaTYR LY TXXPOTL_P _L^_P ZQ OTaTYP MWT^^ 4Y _SPT] XZYZOTN LYO [PLNPQ`W QWZb _SP Pc_P]YLW ^Z`YO^ XTR]L_PO \`T_P YL_`]LWWd TY_Z _SP TYYP] bZ]WO LYO T^^`PO [PLNPQ`WYP^^ OPWTRS_ LYO wR]PL_ _]LY^NPYOPYNTP^x 7T^_PYTYR _Z _SPX bL^ TXXPOTL_P [L]_TNT[L_TZY TY 2ZO ?S]Z`RS 9£OL@[£^LYL OPaZ_TZYLW ^ZYR T_^PWQ MPNLXP 9£OL DZRL 8`^TN bL^ _SP bLd _Z YZYO`LW MPTYR LYO _Z WTMP]L_TZY U`^_ L^ ±£]«RLOPaL SLO ^LTO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ

OSaLYTXLOSdLRL_Z Y£OLà Y£OLXLOSdP ^LO£ ²TaLà  >aL]L]©LaL \`Z_PO LQ_P] 8`]_Sd LYO >L]L_NSLYO]L 6`XL] w8PL^`]PXPY_ LYO >dX MZWT^X ZQ >Z`YO TY 4YOTLY 8`^TNx TY /SaLYT  PO >. 8LWTV Z[ NT_ $ .Q LW^Z

?SP ;ZbP] ZQ _SP >LN]PO 9LXP% A =LRSLaLYv^ >_`OTP^ TY 9£XL^TOOS£Y_L LYO 4YOTLY .`W_`]P  PO BTWWTLX 5 5LNV^ZY /PWST% >L_R`]` ;`MWTNL_TZY^ $$ c # ?SP ;ZbP] ZQ _SP >LN]PO 9LXP  !! 1Z] _SP 9Z]_S 4YOTLY ALT´©LaL _]LOT_TZY ^PP >_PaPY =Z^PY ?SP DZRL ZQ 6T]_LY% .ZYaP]^L_TZY^ ZY _SP >LN]PO ,]_ ZQ .SLY_TYR 

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

#! !

/PaZ_TZYLW 9£OLDZRL TY >Z`_S 4YOTLY .WL^^TNLW 8`^TN

8`^TN LYO _SP OPaZ_TZYLW Z]TPY_L_TZY RLaP ]T^P TY NZY_]L^_ _Z _SP NWL^^T NLW QZ]X^ ZQ DZRL _Z L ^_]ZYR PXZ_TZYLWTeL_TZY LYO [P]^ZYLWTeL_TZY ?SP ]PWTRTZ`^ L^[PN_ PcT^_^ TY MZ_S 9Z]_S LYO >Z`_S 4YOTLY X`^TN bSTNS ^TYNP _SP !S NPY_`]d SL^ MPPY QZ`YO TY _SPZ]TePO QZ]X L^ STYO`^_£YT LYO VL]©£_LVL ^_dWP^ # 3ZbPaP] ]PWTRTZ`^YP^^ T^ ZYWd L []TZ]T_d TY >Z`_S 4YOTLY X`^TN bSTNS T^ []P^`XLMWd O`P _Z _SP QLN_ _SL_ >Z`_SP]Y 4YOTL bL^ X`NS WP^^ LQQPN_PO Md 8`^WTX ZNN`[L_TZY _SLY _SP 9Z]_S bL^ 4Y 4YOTL =£RL X`^TN bL^ LWbLd^ L aP]d ]PRTZYLW [SPYZXPYZY LYO bL^ _SP]PQZ]P Z]TRTYLWWd LW^Z NLWWPO /P²T X`^TN WT_P]LWWd w]PRTZYLW X` ^TNx ?SP QT]^_ _SPZ]P_TNLW OT^N`^^TZY NLY MP QZ`YO TY _SP ^PNZYO .S]T^ _TLY XTWWPYYT`X Q]ZX _SP _S NPY_`]d ZYbL]O 4Y _ST^ NZY_Pc_ _SP]P bL^ L MTQ`]NL_TZY TY bSTNS _bZ OTQQP]PY_ ^d^_PX^ N]d^_LWWTePO Z`_ ZYP QZ] _SP 9Z]_S LYO ZYP QZ] _SP >Z`_S -`_ NWPL]Wd _ST^ T^ YZ_ L[[L]PY_ `Y_TW _SP !_S NPY_`]d 4Y _SP 9Z]_S 4YOTLY 3TYO`^_LYT X`^TN XZ^_ ZQ _SP _Pc_^ L]P ZQ L ^PN`WL] YL_`]P []TYNT[LWWd TY _SP QZ]X ZQ WZaP]PWL_PO _Z[TN^ bT_S _SP PcNP[_TZY^ ZQ -SLULY LYO 6¯]_LYLX ;]ZXTYPY_ QZ]X^ TYNW`OP /S]`[LO L ^_]TN_ aZNLW NZX[Z^T_TZY VYZbY ^TYNP ,Y_T\`T_d 6Sd£W LY Pc_PY^TZY ZQ _SP /S]`[LO QZ]X bT_S aT]_`Z^Z OPaPWZ[XPY_^ ?S`X]¯ P^Z_P]TN WZaP ^ZYR^ LOZ[_TYR []ZYZ`YNPO QZWV PWPXPY_^ bSTWP LOOTYR Z]YLXPY_ _Z _SPX _SP -SLULY^ SdXY^ ZQ []LT^P Z]TPY_PO ZY [`]PWd ]PWTRTZ`^ NZY_Pc_^ LYO 6¯]_LYL^ _SP X`^TNLW wYL]]L_TZYx ZQ ^_Z]TP^ ZQ _SP RZO^ ,MZaP LWW ?`W^¯O£^  z! >¼]O£^ LYO 8¯]£ -LT WTVPbT^P !_S NPY_`]d bP]P [ZbP]Q`W TY ]PWTRTZ`^ NZX[Z^T_TZY^ -`_ _SLYV^ _Z _SP 6š´©L P]Z_TNT^X T_ bL^ PL^d QZ] ]PWTRTZ`^ LYO ^PN`WL] _Z[TN^ _Z XP]RP -d NZY_]L^_ >Z`_S 4YOTLY .L]YL_TN X`^TN bL^ LWXZ^_ bT_SZ`_ Pc NP[_TZY Pc[WTNT_Wd ]PWTRTZ`^ 6]T_T Vš_T NZX[Z^T_TZY^ NWL^^TNLW OPaZ _TZYLW ^ZYR^ L]P _d[TNLW ZQ _ST^ RPY]P ?SP _S]PP X`^TNTLY^ ?d£RL]£UL 8`__`^a£XT /¯V´T_L] LYO ±d£XL ±£^_]T L]P ]PRL]OPO L^ _SP ePYT_S ZQ .L]YL_TN NWL^^TNLW X`^TN LYO ?d£RL]£UL L >X£]_L -]LSXLY Q]ZX ?LY ULa`] ?LXTW 9LO` T^ _SZ`RS_ _Z MP _SP R]PL_P^_ RPYT`^ ZQ _SP _S]PP ?d£RL]£UL "!"z#" []ZMLMWd _SP XZ^_ QLXZ`^ >Z`_S 4YOTLY NZX[Z^P] PaP] LYO L_ _SP ^LXP _TXP L R]PL_ OPaZ_PP ZQ =£XL ^_LYO^ LXZYR _SP .L]YL_TN X`^TNTLYNZX[Z^P]^ YZ_ ZYWd wQZ]PXZ^_ QZ] WT_P]L]d L[[PLW ]TNSYP^^ ZQ TOPL^ LYO QLYNTP^ PYOWP^^ PXZ_TZYLW aL]TL_TZY^ LYO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q LW^Z _SP OT^N`^^TZY ZY X`^TN TY 0TYQÞS]`YR TY OTP 4YOZWZRTP >_LYO 8P_SZOPY ,`QRLMPY  PO 3PTYe -PNSP]_ LYO 2PZ]R aZY >TX^ZY /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $"$ ]Pa PO $$ $z 4Y Z`] Z`_WTYP bP MPYPQT_ XLTYWd Q]ZX _SP _]LTYTYR TY 4YOTLY LYO 0`]Z[PLY X`^TN ZQ ZYP ZQ _SP L`_SZ]^ :8

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#!

TY_PY^T_d ZQ QPPWTYRx #! M`_ TY XLYd ZQ ST^ NZX[Z^T_TZY^ SP LW^Z Pc []P^^P^ 2ZO L^ _SP PXMZOTXPY_ ZQ 9£OL #" >Z SP]P SP Pc[LYO^ ZY L _Z[TN _SL_ SL^ ZYWd L ^PXTYLW MPRTYYTYR TY ±£]«RLOPaL ?ST^ OZP^ YZ_ NZXP LMZ`_ Md NSLYNP L^ _SP []LN_TNP ZQ ]PNT_TYR LYO ^TYRTYR OPT_TP^v YLXP^ L^ XLY_]L^ SLO QZ] XLYd dPL]^ MPPY NZXXZY []LN_TNP MZ_S TY _SP _PX[WP^ LYO TY _SP SZXP 1Z] L WZYR _TXP _SP []LdTYR ZQ YLXP^ QZ]X` WL^ ^`NS L^ :¿ YLXZ 9£]£dL©£dL  :¿ YLXLà ±Ta£dL  Z] =£X =£X£dL YLXLà  SLO LW]PLOd MPPY ]PRL]OPO L^ _SP ^TX[WP^_ OT]PN_ ]Z`_P _Z 2ZO LYO L^ _SP XZ^_ [Z_PY_ XPLY^ ZQ LNSTPaTYR OPWTaP]LYNP LYO ^TX`W_LYP Z`^Wd L^ OPP[Wd PXZ_TZYLWWd ^L_T^QdTYR TY _SL_ T_ LWWZbPO ZYP _Z Pc[P]T PYNP [P]^ZYLW OPaZ_TZY TYYP] [PLNP LYO OTaTYP []P^PYNP 4_ T^ TY_P]P^_ TYR SZbPaP] _SL_ TY _SP 6LaP]T/PW_L L_ _SP ^LXP _TXP MP_bPPY !  LYO #  ,/ LYO ZQ_PY TY [P]^ZYLW `YTZY L^ TY _SP NL^P ZQ ?d£RL]£UL _SP .L]YL_TN NWL^^TNLW X`^TN OPaPWZ[PO LYO L ]PQWPN_PO YZYO`LW _SPZW ZRd ZQ YLXP^ 9£XL>TOOS£Y_L  4_ QPO ZY _SP APO£Y_L LYO OTO YZ_ _]d _Z XLVP LYd OT^_TYN_TZY MP_bPPY _SP R]PL_ RZO^ ±TaL AT´©` LYO /Pa¯ ?SP ^Z`YO ZQ _SP OTaTYP YLXP bL^ ^PPY L^ _SP w]ZMPx _SP MZOd LYO TXXPOTL_P OPWTaP]TYR []P^PYNP ZQ _SP TYaT^TMWP OPT_d LYO bL^ NWZ^PWd L^^ZNTL_PO bT_S 9£OL NZY_PX[WL_TZY Y£OL`[£^LYL  ## @YWTVP bSL_ bP QTYO TY -S£^VL]L]£dL SP]P NZY_PX[WL_TZY ZQ 9£OL XPLY_ aTPbTYR _SP L]_ ZQ X`^TN wL^ LY LTO _Z OPaZ_TZY LYO NZY_PX[WL_TZYx 8`^TNLW []LN_TNP bL^ NPY_P]PO wZY 2ZO MPTYR _SP PXMZOTXPY_ ZQ Y£OL  ^`M_WP ^LN]PO aTM]L_TZY LYO _SP LM^Z][_TZY TY _SP UZd ZQ XPWZOd L^ T_^PWQ NZY^_T_`_TYR ^[T]T_`LW WTMP]L_TZY XZV´L x #$ Z] TY _SP bZ]O^ ZQ ?d£RL]£UL% w/PaZ_TZY L^^ZNTL_PO bT_S _SP YPN_L] ZQ ^aL]L FYZ_P^H LYO =£RL FXPWZOTP^H T^ aP]TWd [L]LOT^P LYO QTYLW WTMP]L_TZYx& w?SP UZd ZQ X`^TN T^ T_^PWQ _SP MWT^^ ZQ -]LSXLY _SL_ aPO£Y_L ^[PLV^ ZQx $ ?SP RZLW ZQ _SP 9£XL>TOOS£Y_L LYO ZQ _SP LN_`LW []LN_TNP ZQ OPaZ _TZYLW ^ZYR ZQ _SP XPY_LW LYO L`OTMWP ]PNT_L_TZY LYO ^TYRTYR ZQ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! ?SP ;ZbP] ZQ _SP >LN]PO 9LXP  ! ?d£RL]£UL T^ _SZ`RS_ _Z SLaP ]P[PL_PO _SP w^LaTYR YLXP^x =£XL _£]LVL Y£XL $! XTWWTZY _TXP^ LYO _Z SLaP ^PPY =£XL 4Y ST^ QLXZ`^ ^ZYR^ SP PX[SL^TeP^ _SL_ _SP ]PNT_L_TZY X`^_ YZ_ MP XPNSLYTNLW ^[PPNS M`_ X`^_ TY ^_PLO MP ML^PO ZY L Q`WW ]PLWTeL_TZY ZQ _SP XPLYTYR ZQ =£XL L^ _SP STRSP^_ MPTYR LYO OPP[ WZaP ZQ 2ZO LYO _SL_ _SP _]`P [¼U£ bL^ TYYP] OPOTNL_TZY LYO _SP MP^_ ]T_`LW ML_S bL^ _SP NZY_PX[WL_TZY ZQ _SP YZYO`LW STRSP^_ OPT_d 3P `YOP]^_ZZO =£XL _Z MP ;L]L -]LSXLY LYO TY_P][]P_PO _SP YLXP =£XL _SP NZXMTYL_TZY ZQ _SP ^dWWLMWP^ w=£x LYO w8Lx L^ L ^dY_SP^T^ ZQ _SP P^^PYNP ZQ _SP PTRS_^dWWLMWPO 9Ã]£dLYL AT´©` XLY_]L^ =£ Z] _SP QTaP^dWWLMWPO ±TaL XLY_]L^ 8L 1Z] XZ]P OP_LTW ZY ?d£RL]£UL ^PP F=LRSLaLYH ?SP ;ZbP] ZQ _SP >LN]PO 9LXP  "z#$ LYO "z #" .Q 8`]_Sd LYO >L]L_NSLYO]L 6`XL] w8PL^`]PXPY_ LYO >dXMZWT^X ZQ >Z`YOx   LYO F=LRSLaLYH ?SP ;ZbP] ZQ _SP >LN]PO 9LXP  z ## .Q ?SP ;ZbP] ZQ _SP >LN]PO 9LXP  Z[NT_ #$ F=LRSLaLYH ?SP ;ZbP] ZQ _SP >LN]PO 9LXP   $ LN]PO 9LXP  

#!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

YLXP ZQ 2ZO LYO ZQ _SP NZY_PX[WL_TZY ZQ ^Z`YO bL^ aP]d ^TXTWL]Wd _Z _SP DZRTN XLY_]LMZOd TOPLW L [P]QPN_ ^`[P][Z^T_TZY Md _SP OPT_d TP w_Z ^L_`]L_P _SP bSZWP M]LTY _SP bSZWP [^dNSP _SP bSZWP XPXZ]d _SP bSZWP WTQP bT_S bSL_ _SP YLXP NZYYZ_P^x $ BTWWTLX 5LNV^ZY NZXXPY_^ ZY _ST^ bT_S _SP^P bZ]O^% w=Sd_SXTN ]P[P_T_TZY LQQPN_^ _SP S`XLY Z]RLYT^X bSPY [P]QZ]XPO XPY _LWWd& LYO LNZ`^_TN aTM]L_TZY^ XLVP LY TX[LN_ ZY _SP YP]aZ`^ ^d^_PX =Sd_SX [Z_PY_TLWWd NLY ]PPX[L__P]Y L [P]^ZYv^ _SZ`RS_^ QPPWTYR^ LYO [P] NP[_TZY^ m ?S`^ TY Y£OLdZRL _SP aTM]L_TZY ZQ NSLY_TYR _SP YLXP `W_T XL_PWd [L]_TNT[L_P^ TY _SP YL_`]P ZQ bSTNS T^ YLXPO ?SP XLY_]L ^Z`YO bSTNS _`YP^ ZYP TY _Z _SP Xd^_P]d ZQ _SP `W_TXL_P Y£OL z _SP NZ^XTN uX`^TN ZQ _SP ^[SP]P^v _SP ^Z`YO ZQ _SP YLXP ]TYRTYR TY ZYPv^ SPL]_ LYO aZTNP z SL]XZYTeP^ ZYP bT_S _SP TYQTYT_P P_P]YLW S`X ZQ -PTYR 4Y VPP[TYR bT_S _ST^ NZYNP[_ NSLY_^ LYO ^ZYR^ L]P NLWWPO _SP OPT_dv^ NWZ_STYR TY L ?d£RL]£UL Wd]TN ?SP TOPL ZQ _SP XLRTNLW [ZbP] TYSP]PY_ TY _SP ]PNT_PO YLXP LYO TY _SP XLY_]TN aTM]L_TZYLW QZ]NP ZQ ^Z`YO bL^ OPaPWZ[PO LYO N`WXTYL_PO TY XL^_P][TPNP^ ZQ OPaZ_TZYLW X`^TN N]PL_PO Md _SP 9£XL ^TOOS£Y_L LYO MSLULYL ^LX[]LO£dL ^LTY_^ ZQ _SP 6£aP]¯ OPW_L 4Y 4YOTL bP QTYO _SL_ ]T_`LW DZRTN X`^TNLW LYO MSLV_T MPWTPQ^ LWW SLaP _PYOPO _Z TX[PW 4YOTLY^ ZQ aL]TZ`^ [P]^`L^TZY^ _Z ]P[PL_ ^LN]PO YLXP^ LYO [ZbP]Q`W ^Z`YO^ L^ XPLY^ _Z ^[T]T_`LW ]PLWTeL_TZYx $

BSL_ ^P_^ X`^TNTLY^ ^`NS L^ ?d£RL]£UL LYO 8`__`^a£XT /¯V´T_L] ./  L[L]_ Q]ZX _SP DZRTY^ LYO ?LY_]T^_^ T^ L^ ±£]«RLOPaL LW]PLOd YZ_PO _SL_ _SP UZd ZQ X`^TN T_^PWQ LYO _SP LM^Z][_TZY TY _SP X`^TNLW 9£OL ^Z`YO T^ _SPT] DZRL >TYNP TY NWL^^TNLW 4YOTLY X`^TN _SP ^TYRP] LWbLd^ `^P^ L QTcPO XPWZOTN Q]LXPbZ]V _Z MPNZXP wNZWZ]POx Md _SP X`^TN LYO TX[]ZaT^P Q]PPWd TY _SP OPaZ_TZYLW 6š_T _SP NZY^NTZ`^ Z]TPY_L_TZY ZY _SP OPT_d ]P[PL_POWd OPXLYOPO Md ?d£RL]£UL PcT^_^ LWXZ^_ L`_ZXL_TNLWWd TY NZY_]L^_ _Z _SP []LdTYR ZQ YLXP^ LYO WT_LYTP^ TY bSTNS L XPNSLYTNLW ]PNT_L_TZY T^ LW^Z [Z^^TMWP 8`^TN _SP]PQZ]P XZ]P Z] WP^^ YL_`]LWWd MP NZXP^ OPaZ_TZYLW NZY_PX[WL_TZY ZQ 9£OL LYO OTaTYP YLXP^ bSTNS XLVP^ T_ [Z^^TMWP _Z wQPPWx TXXPOTL_PWd _SP OTaTYP L_XZ^[SP]P _SP wMWT^^ ZQ -]LSXLYx ?ST^ []P^`XLMWd Pc[WLTY^ ?d£RL]LULv^ TY^T^_PYNP _SL_ X`^TN WTMP]L_P^ ZYP bSTWP WTaTYR LYO ]P[WLNP^ LWW Z_SP] []LN_TNP^ LYO [L_S^% w: 8TYO O]TYV LYO OPWTRS_ TY _SP TXXZ]_LW PWTcT] ZQ XPWZOd LYO L__LTY _SP Q]`T_ ZQ d£RL F^LN]TQTNPH dZRL  _d£RL F]PY`YNTL_TZYH LYO MSZRL F^PY^P PY UZdXPY_H& _SZ^P bSZ `YOP]^_LYO _SL_ 9£OL  :ÀV£]L F_SP ^dWWLMWP :¿H LYO ^aL]L FX`^TNLW YZ_P^H L]P YZ_STYR M`_ ±TaLFH L]P aP]TWd 5TaLYX`V_L^ _SZ^P bSZ SLaP LNSTPaPO WTMP]L_TZY SP]P T_^PWQx& w: 8TYO 3P bSZ OPWTRS_^ TY _SP 9£OL L__LTY^ _SP MWT^^ ZQ -]LSXLYx $

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ?SP ;ZbP] ZQ _SP >LN]PO 9LXP  Tc $ ?SP ;ZbP] ZQ _SP >LN]PO 9LXP  c $ LN]PO 9LXP  

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#!

:YP NLY ^PP U`^_ SZb _SP DZRTN LYO APO£Y_TN OT^NZ`]^P NZX[WP_PWd OT^^ZWaP^ SP]P TY_Z OPaZ_TZY LYO X`^TNLW Wd^T^ 1T]^_ _ST^ bL^ L NZY^T^ _PY_ NZY_TY`TYR OPaPWZ[XPY_ ZQ ±£]«RLOPaLv^ wX`^TN ]PWTRTZYx _SL_ OT^^ZWaPO _SP MZ`YOL]TP^ MP_bPPY X`^TN LYO ]PWTRTZY LYO ^PNZYO L ]P _SPZWZRTeL_TZY LYO XZ]P Pc[WTNT_ MTYOTYR ZQ X`^TN _Z ]PWTRTZY LYO _SPZ WZRTNLW NZY_PY_^ dP_ LW^Z _Z ^`MUPN_TaP ^PY^P ?SP ]P^`W_ bL^ _SL_ ?d£RL]£UL bL^ LMWP _Z WTYV Pc[P]TPYNP ZQ X`^TN bT_S -]LSXLYTN MWT^^ PaPY XZ]P TXXPOTL_PWd _SLY ±£]«RLOPaL OTO ?SP OPaZ_TZYLWTeL_TZY ZQ X`^TN z LYO TY RPYP]LW _SP [LY4YOTLY OPaZ_TZYLWTeL_TZY aT^TMWP ^TYNP _SP !_S"_S NPY_`]TP^ z bL^ LNNZX[LYTPO Md _SP LM^_]LN_ NZYNP[_^ MPTYR XLOP XZ]P LYTXL_P LRLTY LYO XZ]P NSL]RPO bT_S PXZ_TZY ;PZ[WP bLY_PO _Z QPPW LYO Pc[P]TPYNP -]LSXLY LYO QZ] _ST^ X`^TN bL^ LY P^ [PNTLWWd ^`T_LMWP XPOT`X ?SP TX[P]^ZYLW 9£OL-]LSXLY MPNZXP XZ]P [P]^ZYLWTePO TY _SP _SPT^_TN NZOTYR ZQ _SP >Z`_SP]Y 4YOTLY NZX[Z^P]^ L^ ^SZbY Md ?d£RL]£ULv^ STRSWd [ZP_TN 6š_T NZX[Z^T_TZY^ _Z L ]LYRP ZQ OPT_TP^ LYO Md Z`] ^LX[WP ZQ X`^TN Q]ZX 8`__`^a£XT /¯V´T_L]v^ X`^TNLW NZY_PX[WL _TZY ZQ _SP OLYNTYR ±TaL ZQ .TOLXML]LX ./  ?ST^ [P]^ZYTQTNL_TZY bL^ L^ TX[Z]_LY_ QZ] OPaZ_TZY L^ X`^TN L^ L XZOP ZQ NZXX`YTNL_TZY bSTNS T^ PXZ_TZYLWWd L[[PLWTYR LYO OPXLYO^ WT__WP PQQZ]_ 8`^TN ^TX[WT QTP^ NZXX`YTNL_TZY bT_S _SP ^LN]PO ]PTYQZ]NP^ _SP ]PWL_TZY^ST[ LYO NWZ^PYP^^ _Z 2ZO LYO TY_PY^TQTP^ [P]^ZYLW OPaZ_TZY ?ST^ X`^TNLW [L] _TNT[L_TZY TY _SP OTaTYP T^ ^`[[Z]_PO Md OPT_TP^ _SL_ OLYNP LYO [WLd X` ^TN 1Z] PcLX[WP TY ZYP ZQ ST^ 6]T_T^ ?d£RL]£UL [P_T_TZY^ 6š´©L _Z []Z _PN_ STX LYO ^TYR^ ZQ _SP 2Z[¯WZaTYR QW`_P[WLdTYR RZO L^ _SP wSPL]_ NSL]XP]x wWTRS_ Q]ZX _SP XZ`Y_LTY ZQ _SP ^PaPY YZ_P^x LYO wXL^_P] ZQ _SP YPN_L] ZQ X`^TNx 4Y LOOT_TZY _Z LYO LWZYR^TOP _SP OPP[PYTYR ZQ [P]^ZYLW WZaP QZ] 2ZO LYO [P]^ZYLWTePO TXLRP^ ZQ 2ZO X`^TNLWTeL_TZY z LYO ^TX`W_LYPZ`^Wd _SP 9£OL-]LSXLY NZYNP[_ z []ZXZ_PO L ^`[P][P]^ZYLW TOPL ZQ _SP OTaTYP Z] TY MSLV_T _P]XTYZWZRd _SP wWZaP QZ] _SP 1PL_`]PWP^^x ?d£RL]£UL ^PP^ X`^TN T^ YZ_ WPL^_ L aPSTNWP QZ] R]ZbTYR MPdZYO PaP]d _STYR [P]^ZYLW PY_P]TYR TY_Z _SP _]LY^NPYOPY_LW OTaTYP []TXLW ^_L_P MP dZYO _SP YLXP^ LYO QZ]X^ LYO Pc[P]TPYNTYR Q`^TZY TY L ^`[P][P]^ZYLW OTXPY^TZY ZQ _SP OPT_d _SL_ Q`^P^ _ZRP_SP] LWW _SP [P]^ZYLW LYO XLYTQP^_ QZ]X^ ZQ L[[PL]LYNP ?d£RL]£UL _d[TNLWWd XPY_TZY^ _SP 9£OL _SP aPYP] LMWP ^dWWLMWP :¿ LYO X`^TNLW YZ_L_TZY TY ZYP M]PL_S bSPY SP ^[PLV^ ZQ _SP WTMP]L_TYR -]LSXLY MWT^^ _SL_ `YWPL^SP^ X`^TN 8`^TNLW Wd^T^ T^ TOPY_TQTPO bT_S _SP STRSP^_ RZLW ZQ _SP APO£Y_L LYO _S`^ T^ YZ_ L^^ZNT L_PO bT_S ZYP ^[PNTQTN OPT_d 8`^TN bL^ ^`T_LMWP QZ] []ZXZ_TYR MZ_S ^LR`©LMSLV_T  _SP WZaP QZ] [P]^ZYLW OPT_TP^ LYO YT]R`©LMSLV_T  _SP wWZaP QZ] _SP 1PL_`]PWP^^x ?d£RL]£UL `YOP]^_ZZO ST^ [P]^ZYLW QLaZ]T_P RZO =£XL bSZ^P w^LaTYR YLXPx _£]LVL Y£XL SP T^ ^LTO _Z SLaP ]P

#!!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

[PL_PO $! XTWWTZY _TXP^ _Z MP ;L]L-]LSXLY STRSP^_ ]PLWT_d LYO _SP ^dY_SP^T^ ZQ _SP wP^^PYNPx ZQ _SP R]PL_ 7Z]O 2ZO^ AT´©` LYO ±TaL LYO _SPT] XLY_]L ^Z`YO^ 1Z] ?d£RL]£UL X`^TN T^ L [L_S WPLOTYR _Z 2ZO _SP wSTRSP^_ -]LS XLYx LYO L XPLY^ ZQ _]LY^NPYOTYR ZYP^PWQ LYO _SP `YNP]_LTY_d M]ZVPY YP^^ LYO NZY_TYRPYNd ZQ PL]_SWd PcT^_PYNP ,^ bT_S -PNVv^ TY_P]aTPb [L]_YP]^ \`Z_PO LMZaP ?d£RL]£ULv^ ]PNP[_TZY ZQ X`^TN T^ Xd^_TNLW M`_ SP ]PRL]O^ T_ L^ XZ]P OPaZ_TZYLW LYO LP^_SP_TN LYO WP^^ DZRTN 3P]P _SP wTYYP] aTM]L_TZYx T^ QT]^_ LYO QZ]PXZ^_ L XPY_LW LYO PXZ_TZYLW ]P^Z YLYNP TY ]P^[ZY^P _Z _SP OTaTYP PcT^_PYNP _SL_ SP WT_P]LWWd SPL]^ TY X`^TN LYO VTYOWP^ LRLTY LYO LRLTY bT_S PaP] YPb ^ZYR^ _Z aL]TZ`^ OPT_TP^ ?d£RL]£ULv^ aL]TL_TZY^ ZQ _SP YZ_P^ _SL_ _]LTYPO X`^TNTLY^ TY_P]P^_PO TY DZRL [P]NPTaP L^ L ^TYRWP 9£OL ^Z`YO NZ]]P^[ZYO _Z _SP aL]TL_TZY^ TY _SP TOPL^ ZQ 2ZO NZTYNTOTYR TY _SP STRSP^_ -]LSXLY ,`OTMWP LYO TYL` OTMWP TYQ]L^ZYTN _d[P^ ZQ 9£OL ]PWL_P _Z ZYP LYZ_SP] WTVP >LR`©L -]LSXLY _SP -]LSXLY bT_S [P]^ZYLW QZ]X _SP OTaP]^T_d ZQ _SP R]PL_ RZO^ LYO 9T]R`©L-]LSXLY _SP TYPQQLMWP QPL_`]PWP^^ -]LSXLY _SL_ MPL]^ LWW QZ]X^ ZQ PcT^_PYNP TY T_^PWQ L^ ^PPO^ 7TVP _SP ^LN]PO ^dWWLMWP :¿ X`^TN TYOTNL_P^ LY TYaT^TMWP `YT_d _SL_ `YOP]WTP^ _SP PY_T]P OTaP] ^T_d M`_ NLY LW^Z MP Pc[P]TPYNPO TY X`^TN TY L ^PY^Z]d LQQPN_TaP XLYYP] 1Z] _ST^ _SP ^_]`N_`]P ZQ XZYZOTN XZOLW X`^TN bL^ P^[PNTLWWd ^`T_LMWP ?d£RL]£UL MPWTPaPO _SL_ TXXP]^TYR ZYP^PWQ TY X`^TN LYO Pc[P]TPYN TYR OPP[ SL[[TYP^^ _]LY^NPYOTYR ZYP^PWQ LYO ]T^TYR LMZaP _SP PaP]dOLd bZ]WO bL^ OTaTYP []P^PYNP LYO -]LSXLY OPWTRS_ 8`^TN PYNZ`]LRPO NZY^NTZ`^ N`W_TaL_TZY ZQ Pc[P]TPYNP^ ZQ R]PL_ _]LY^NPYONTP^ >`MUPN_TaP ^PY^P bL^ ^`[[Z]_PO Md TYOTRPYZ`^ LP^_SP_TN _SPZ]TP^ LYO L ]PWTRTZ`^ ^[PN_]`X ZQ TY_P]^`MUPN_TaP ^PY^P ^d^_PX^ bSTNS QZ^_P]PO _SP XP_L [Sd^TNLW Xd^_TN LYO OPaZ_TZYLW TY_P][]P_L_TZY ZQ X`^TN LYO WTYVPO ^PY ^Z]d ^`M^_LY_TLWT_d bT_S LM^_]LN_TZY ,NNZ]OTYR _Z _SP TYOTRPYZ`^ _PLNS TYR ZQ LP^_SP_TN^ L]_ LN\`T]P^ L ^[PNTLW ZY_ZWZRTNLW ^_L_`^ L^ ^ZXP_STYR _SL_ T^ YZ_ ZQ _ST^ bZ]WO WZVZ__L]L  ?ST^ bL^ `YOP]^_ZZO MZ_S ^`MUPN _TaPWd LYO ZMUPN_TaPWd LYO NZ`WO MP TY_P][]P_PO TY LY PT_SP] XZ]P Z] WP^^ ]PWTRTZ`^ bLd OP[PYOTYR ZY ZYPv^ [P]^ZYLW YPPO^ ?d£RL]£ULv^ [P]NP[ _TZY ZQ _SP Pc[P]TPYNP ZQ X`^TN L^ Pc[P]TPYNP ZQ -]LSXLY NZ]]PWL_P^ bT_S _SP _SPZ]d ZQ ^PWQ_]LY^NPYOPYNd TY _SP Pc[P]TPYNP ZQ L]_ LYO bT_S _SP OP[P]^ZYLWTePO [P]NP[_TZY ZQ PXZ_TZYLW XZZO^ ?SP NZXXZY TXLRP ZQ _SP TX[]ZaT^TYR X`^TNTLY T^ _SL_ ZQ L XPOT`X wOPaZTO ZQ ^PWQx 3P OZP^ YZ_ Pc[]P^^ [P]^ZYLW QPPWTYR^ M`_ wL]Z`^P^x _SP P^^PYNP^ ZQ QPPW TYR^ ]L^L _SL_ ObPWW _TXPWP^^Wd LYO P_P]YLWWd TY _SP =£RL ^Z`YO QZ]X^ ?d£RL]£ULv^ wTXXZ]_LW PWTcT] ZQ XPWZOdx T^ _SP]PQZ]P XZ]P _SLY L XP_L[SZ] 0LNS ZQ _SP _ZYP^ NZX[]T^TYR _SP =£RL^ T^ YZ_ ZYWd L ^P_ ZQ aTM]L_TZY^ M`_ L ^aL]L  L ^`M^_LYNP LYO ]PLWT_d _SL_ XLVP^ P_P]YLW PcT^

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#!"

_PYNP XLYTQP^_ $ 4Q LY L]_T^_ XLVP^ _SP P^^PYNP^ ZQ QPPWTYR^ L[[L]PY_ T_ T^ YZ_ ^TX[Wd wLYRP]x Z] w[PLNPx M`_ OTaTYP bZ]WOOP^_]ZdTYR LYRP] LYO OTaTYP [PLNP ?Z [`_ T_ TY WLYR`LRP ZQ w4YOTLY TXLRP]dx% _SP ^PPO^ ZQ _SP ]L^L^ ]P^_ QZ]XWP^^ TY _SP P_P]YLW LYO TY _SP ^[T]T_ LYO SPL]_ ZQ _SP L]_T^_ _SPd RP]XTYL_P& ST^ N]PL_TZY ZQ ^Z`YO QZ]X^ _SPX TY_Z [WLY_^ LYO _SP WT^_PYP] T^ _SP MPP _SL_ O]TYV^ _SP SZYPd ZQ _SP P_P]YLW Q]ZX _SP QWZbP]^ w: 8TYO O]TYV LYO OPWTRS_ TY _SP TXXZ]_LW PWTcT] ZQ XPWZOdx T^ _SP]PQZ]P T]]P^[PN_TaP ZQ _SP ]PWTRTZ`^ [P]^[PN_TaP [`]PWd Q]ZX _SP [P]^[PN_TaP ZQ L]_ _SPZ]d L NLWW _Z LM^Z]M bT_S X`^TN _SP TYSP]PY_ 0_P] YLW LYO PYUZd _SP _TXPWP^^Wd aLWTO =£RL P^^PYNP^ /P^[T_P L ^_]ZYR Z]T PY_L_TZY ZY PXZ_TZY^ X`^TNLW []LN_TNP T^ Z]TPY_PO ZY L OP[P]^ZYLWTePO [P]NP[_TZY LYO Pc[P]TPYNP MZ_S _SPZ]P_TNLWWd LYO TY LY PX[T]TNLW LYO []LN_TNLW XLYYP] ?SPY _SP]P T^ LW^Z _SP ^[PNTQTNLWWd _SPZWZRTNLW NZOTYR 9Z_ ZYWd ±£]«RLOPaLv^ XP_L[Sd^TNLW TY_P][]P_L_TZY ZQ X`^TN L^ 9£OL-]LSXLY QZWWZbPO ZY Q]ZX X`NS _SL_ bL^ LaLTWLMWP TY _SP ]TNS SZL]O ZQ >LY^V]T_ 3TYO`T^X _SP OTaTYP YL_`]P ZQ _SP aZTNP _SP APO£Y_TN TOPL ZQ -]LS XLY -SL]_šSL]Tv^ NZYNP[_ ZQ _SP ±LMOL-]LSXLY 9£OL NZ^XZWZRd LYO DZRL _]LOT_TZY^ ?SP OPaZ_TZYLW [P]^ZYLWT^_TN LYO XZYT^_TN Xd^_TN TY_P][]P_L_TZY ZQ 9£OL-]LSXLY LW^Z QZWWZbPO ZY Q]ZX L ]TNS ^[PN_]`X ZQ N`W_`]LW ^dXMZW^ LYO TOPL^ ?d£RL]£ULv^ ]PWTRTZ`^ WTQPbZ]WO bL^ YZ_ ZYWd L bZ]WO ZQ X`^TNWZaTYR X`^TNXLVTYR LYO OLYNTYR RZO^ z QZ] PcLX[WP _SP bPWWVYZbY OLYNTYR ±TaL bSZ M]TYR^ _SP bZ]WO TY_Z PcT^ _PYNP _S]Z`RS ST^ OLYNP LYO _SP ^Z`YO^ ZQ ST^ O]`X Z]TRTYL_PO TY _SP ]PRTZYLW N`W_`]P ZQ ?LXTW 9LO` 4Y QLN_ _SP]P bP]P XLYd []POPNP^^Z]^ _Z ?d£RL]£ULv^ `YOP]^_LYOTYR ZQ _SP _]LY^NPYOPY_LW STRSP^_ OPT_d RZTYR MPdZYO [P]^ZYLW NSL]LN_P]T^_TN^ bSTNS TXXLYPY_Wd `YOP][TYYPO LWW [P]^ZYLW LYO XLYTQP^_ QZ]X^ L^ _SP ^Z`]NP ZQ MPTYR LYO _SP]PQZ]P TY NW`OP^ _SPT] P^^PYNP ?SP TOPL LW]PLOd PcT^_PO TY _SP ZWO :¿ Xd^_TNT^X LYO bL^ LW^Z bTOP^[]PLO _S]Z`RSZ`_ XLYd _SPT^_TN aL]TL_TZY^ ^`NS L^ TY _SP 9£¶S DZRTY^v []LN_TNP ZQ P\`L_TYR _SP w^LaTYR YLXPx ZQ =£XL bT_S ±TaL LYO QZ] NPY_`]TP^ TY _SP _SPTQTPO APO£Y_L ZQ _SP >Z`_SP]Y 4YOTLY AT´©`T_P^ TY TY_PR]L_TaP >X£]_L 3TYO`T^X _SL_ ]PRL]OPO LWW _SP R]PL_ RZO^ L^ wP\`LWx M`_ [WLNPO ZYP ZQ _SPX L_ _SP NPY_P] 4_ T^ _SP]PQZ]P YZ_ ^`][]T^TYR _SL_ _SP ^ZYR[ZPX^ Md _SP >X£]_L-]LSXLY ?d£RL]£UL ^TYR ZQ L WL]RP Y`XMP] ZQ OPT_TP^ LYO _SL_ SP ^PP^ ST^ NPY_]LW OPT_d =£XL L^ w;L]L-]LSXLYx ;L]_TN`WL]Wd TY ST^ SZXPWLYO ?LXTW 9LO` TY ¢RLXL ±TaLT^X ±LTaL>TOOS£Y_L _SP 9£OL _SPZWZRd SP L^^ZNTL_PO bT_S _ST^ SLO L aP]d ZWO WT_P]L]d _]LOT_TZY TYNW`OTYR _SP aP]YLN`WL] OL_TYR MLNV ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP LW^Z =ZYLWO 6`]_ 4YOTPY `YO 0`]Z[L% 0TY V`W_`] `YO X`^TV^ZeTZWZRT^NSP] AP] ^_PSPY^aP]^`NS -TPWPQPWO% _]LY^N]T[_ $ $z 9Z]_S LYO >Z`_S L[[PL] YZ_ _Z OTQQP] TY _SP NZYNP[_TZY ZQ X`^TN Z`_WTYPO LMZaP

#!#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_Z _SP _S NPY_`]d LYO T^ LW^Z QZ`YO TY _SP ?LXTW WT_P]L_`]P^ ZQ _SP ^`M N`W_`]LW TY ^ZXP NL^P^ ^_]ZYRWd SP_P]ZOZc ?LY_]TN >TOOSL^ $ ?SP ?LXTW _Pc_^ ^[PLV ZQ aTM]L_TYR ^Z`YO _SL_ `YOP][TY^ _SP NZ^XZ^ LYO _SL_ MZ_S XTYO LYO XL__P] PaZWaPO Q]ZX ^Z`YO ZWT Z] aTM]L_TYR ^Z`YO  YL _LX  _SP ?LXTW P\`TaLWPY_ ZQ >LY^V]T_ Y£OL  ?ST^ _SZ`RS_ Pc[WLTYPO _SP PQQTNLNd ZQ _SP XLY_]L^ LYO MPNLXP L^^ZNTL_PO bT_S _SP TOPL _SL_ _SP QT]^_ ^Z`YO ZQ _SP LW[SLMP_ _SP [SZYPXP wLx TY MZ_S ?LXTW LYO >LY ^V]T_ T^ L XP_ZYdX QZ] _SP WTQPRTaTYR []TYNT[WP LYO NZY^P\`PY_Wd L ]P[]P^PY_L_TZY ZQ ±TaL $! ?SP >TOOSL^ `^PO _ST^ Z]_SZOZc ±LTaL >TOOS£Y_L TOPL _Z ^`[[Z]_ _SPT] TY ^ZXP NL^P^ ^`MaP]^TaP ]T_`LW []LN _TNP LYO ]LOTNLW Xd^_TN LYO wPN`XPYTNLWx YPRL_TaP _SPZWZRd _]LY^NPYO TYR NL^_P^ LYO ]PWTRTZY^ ?SPd [Z`]PO _ST^ TY_Z _SP QZ]X ZQ [ZP_TN aP]^P^ Q`WW ZQ LWWT_P]L_TaP WLYR`LRP X`^TN bSTNS T^ YZ WP^^ _d[TNLW ZQ ?LXTW _SLY T_ T^ ZQ >LY^V]T_ 4Y _SP QZWWZbTYR PcLX[WP Q]ZX _SP  _S!_S NPY_ Z] PL]WTP] _SP _SPZWZR`XPYZY ZQ _SP []TXZ]OTLW 9£OL LYO _SP ^` [P][P]^ZYLW OTXPY^TZY ZQ _SP OTaTYP L]P LW]PLOd MPTYR NZXX`YTNL_PO aTL _SP [`]P ^Z`YO ZQ WLYR`LRP _SP bZ]O^ ZQ _SP QT]^_ WTYP ZQ _SP aP]^P MPRTY bT_S wLx% w.TaLaLVVTdL]v^ ^_LYeL $z ^Ld^ u3P T^ YZ_ 3L]T 3P T^ YZ_ 7Z]O >TaL 3P T^ _SP @W_TXL_P .L`^P TY _SP -PdZYO ZQ -PdZYO v ?LXTW% L]Td`X LWWL LdLY`X LWWL L[[`]L__TW L[[`]LX  9Z_P SZb _SP QT]^_ WTYP T^ ]P[WP_P bT_S LWWT_P]L_TZY ZQ bZ]O^ MPRTYYTYR bT_S _SP u[]TXPaLW ^Z`YOv fLh% TY ?LXTW PL] _ST^ ^[PNTLW uX`^TNv ZQ _SP QT]^_ WTYP PaZVP^ L_ ZYNP _SP OPP[P^_ ^dX MZWT^X RZTYR MPdZYO _SP ^`]QLNP XPLYTYR ZQ _SP @W_TXL_P .L`^P MPTYR YPT _SP] 3L]T ( AT^Y` YZ] ,dLY ( >TaL & TY Z_SP] bZ]O^ _SP @W_TXL_P T^ NZX[WP_PWd LYO LM^ZW`_PWd _]LY^NPYOPY_ LYO dP_ TXXLYPY_x $"

?d£RL]£ULv^ _SPZWZRd LYO ]PNP[_TZY ZQ X`^TN QZWWZbPO aP]d ^TXTWL] WTYP^ LYO LW^Z Pc[]P^^PO _SP ^`[P][P]^ZYLW OTXPY^TZY z NSL]LN_P]T^_TN ZQ L >X£]_L TY L [Z^T_TaP QZ]X% _SP ;L]L-]LSXLY NZY_LTY^ _SP wP^^PYNP^x ZQ AT´©` LYO ±TaL U`^_ L^ X`^TN NZY_LTY^ _SP LP^_SP_TN wP^^PYNP^x ZQ _SP YTYP ML^TN QPPWTYR^ ,YO TY LOOT_TZY ^TYNP _SP STRSP^_ OPT_d `YOP]WTP^ LWW QZ]X^ ZQ L[[PL]LYNP T_ NLY LW^Z MP SPL]O TY _SP [P]^ZYLW U`^_ L^ _SP YZYXLYTQP^_ ^Z`YO T^ []P^PY_ TY _SP XLYTQP^_ ^Z`YO ?SP _SPZWZRTNLW LYO XLY_]TN P^^PYNP^ ZQ _SP OPT_TP^ LYO _SPT] ZbY [P]^ZYLWT_TP^ _S`^ NZ]]PWL_P bT_S _SP NZYNP[_TZY ZQ X`^TN _SL_ PaP]d =£RL LYO PaPY PaP]d TYOTaTO`LW _ZYP T^ WTVP LY TYOP[PYOPY_ [P]^ZYLWT_d LYO PYNZX[L^^P^ L NP]_LTY [P]NP[_TaP L_XZ^[SP]P M`_ U`^_ WTVP _SP ]L^L P^^PYNP^ ZQ _SP =£RL^ LYO _SP X`^TNTLYv^ LP^_SP_TN ^PWQWP^^YP^^ PaP]d RZO LW^Z ^TX`W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .Q 6LXTW A EPaPWMTW ?SP >TOOSL WZMZOL :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^   -`WVPWPd BZYOP]TYR -]LTY  $ ,_ _SP ^LXP _TXP -`WVPWPd ]PR]P_^ _SL_ _Z OL_P ]P^PL]NS SL^ []LN_TNLWWd MPPY NZYO`N_PO ^ZWPWd bT_STY _SP Q]LXPbZ]V ZQ BP^_P]Y NZY NP]_ N`W_`]P LYO _SP ^T_`L_TZY ZQ _SP [L^^TaP XZ_TZYWP^^ L`OTPYNP SL^ WT__WP _Z OZ bT_S _SL_ QZ`YO TY _SP ]PWTRTZY^ wbSP]P X`^TN ]PR`WL]Wd []ZO`NP^ ^_]ZYR MZOTWd NSLYRP^ TY [PZ[WP bT_S SPTRS_PYPO PXZ_TZYLW L]Z`^LW LYO LN_TaP ^[ZY_LYPZ`^ [Sd^TNLW ]P^[ZY ^TaPYP^^ _Z bSL_ _SPd L]P SPL]TYRx TMTO   .Q ZY _ST^ LYO ZY _SP QZWWZbTYR -`WVPWPd BZYOP]TYR -]LTY  $z TY [L]_TN`WL] 

#"

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

ZQ X`^TN LYO Md X`^TNTLY^ bL^ _SL_ X`^TN bL^ _Z MP `YOP]^_ZZO L^ L QZ]X ZQ 2ZO LYO XLVTYR LYO SPL]TYR X`^TN L^ L [L_S _Z OPWTaP]LYNP 4_ T^ SL]O _Z QT_ L _]LOT_TZYLW TY^_T_`_TZYLW NZYNP[_ ZQ ]PWTRTZY ^`NS L^ .S]T^_TLYT_d bT_S _SP 9£OL-]LSXLY , QL] MP__P] L[[]ZLNS T^ _SP ^Z NTZWZRTNLW NZYNP[_ ZQ _]LY^NPYOPYNd LYO T_^ LY_S]Z[ZWZRTNLWWd LYNSZ]PO NZYNP[_TZY ZQ ^XLWW XPOT`X LYO R]PL_ _]LY^NPYOPYNTP^ _SL_ L]P ML^T NLWWd S`XLY LYO OPYZ_P _SP LMTWT_d _Z _]LY^NPYO _SP [`]PWd MTZWZRTNLW  2]PL_ _]LY^NPYOPYNTP^ L]P ]PRL]OPO L^ TYNW`OTYR Pc_]LZ]OTYL]d Pc[P]T PYNP^ RZTYR MPdZYO _SP YZ]XLW PaP]dOLd ]Z`_TYP 4XXP]^TYR ZYP^PWQ TY X`^TN T^ ZYP ZQ _SP^P Pc[P]TPYNP^ L^ L]P TY_ZcTNL_TZY WZ^TYR ZYP^PWQ TY _SP TXLRTYL]d bZ]WO ZQ WT_P]L_`]P aT^TZY^ Xd^_TN Pc[P]TPYNP^ LYO YPL] OPL_S Pc[P]TPYNP^ BSL_ _SPd SLaP TY NZXXZY T^ YPT_SP] NZY_PY_ YZ] ^[PNTLW ]PWTRTZ`^ \`LWT_TP^ YZ] ]PWL_TZY^ _Z L ^LN]PO `YTaP]^P M`_ ^TX[Wd _SP QLN_ _SL_ _SPd N]Z^^ MZ`YOL]TP^ ZQ PaP]dOLd YZ]XLWT_d LYO L]P [P] NPTaPO L^ ^`NS .ZY^P\`PY_Wd _SPT] Pc_]LZ]OTYL]d YL_`]P T^ XPL^`]PO LYO ^STQ_PO ]PWL_TaP _Z _SL_ bSTNS T^ ]PRL]OPO L^ wYZ]XLWx 2]PL_ _]LY ^NPYOPYNTP^ L]P _SP]PQZ]P ML^TNLWWd waZTOx 1TWWTYR LYO TY_P][]P_TYR _SPX OP[PYO^ ZY _SP NZXX`YTNL_TaP Z]OP] ZQ _SP ^dXMZWTN ]PLWT_d ZQ _SP ]PWPaLY_ N`W_`]P bSTNS OP_P]XTYP^ ^`NS _STYR^ L^ bSP_SP] X`^TN SL^ ]PWTRTZ`^ NZYYZ_L_TZY^ LWW _SP _TXP ^ZXP_TXP^ Z] YPaP] LYO bSP_SP] _SP QTPWO^ ZQ L]_ LYO ]PWTRTZY PcT^_ TYOP[PYOPY_Wd ZQ PLNS Z_SP] ?SP bLd X`^TN LYO _SP Pc[P]TPYNP ZQ X`^TN L]P ]PRL]OPO LWbLd^ OP[PYO^ R]PL_Wd ZY _SP ^d^_PX ZQ ]P[]P^PY_L_TZY TY _SP ^ZNTP_d 4_ T^ QZ] _ST^ ]PL^ZY L^ =Z`RP_ ]TRS_Wd ^_]P^^P^ _SL_ ZYP ^SZ`WO LWbLd^ L^V SZb _SP RZO^ L]P Pc[P]TPYNPO TY OLd_ZOLd WTQP Z`_^TOP ZQ ]PWTRTZ`^ X`^TN wZ`_^TOP LYd QZ]X ZQ NP]PXZYdx  SZb QTcPO Z] QW`TO _SP MZ`YOL]d T^ MP_bPPY _SP LYTXL_P LYO _SP YZYLYTXL_P bZ]WO LYO _Z bSL_ Pc_PY_ _SP OTaTYP ^[SP]P T^ ^PPY L^ MPTYR TXXLYPY_ Z] _]LY^NPYOPY_LW ?SP ^ZNTLW ^PY^P ^d^_PX OZP^ YZ_ ZYWd XL]V Z`_ _SP Q]LXPbZ]V bT_STY bSTNS Pc[P]TPYNP T^ TY_P][]P_PO L^ MPTYR PT_SP] ]PWTRTZ`^ Z] YZ_ M`_ LW^Z _SP Q]LXPbZ]V OP_P]XTYTYR bSTNS Pc[P]TPYNP^ L]P aTPbPO L^ [P]XT^^TMWP LYO bSTNS L^ TX[P]XT^^TMWP bSTNS L^ PYOLYRP]TYR ^ZNTP_d LYO bSTNS L^ ^_LMTWTeTYR T_ bSP]P _SP MZ`YOL]TP^ L]P O]LbY Z] OT^^ZWaPO MP_bPPY _SP []ZQLYP LYO _SP ^LN]PO ^[SP]P^ LYO bSP_SP] XZ]P TYOTaTO `LW Z] XZ]P NZWWPN_TaP L^[PN_^ ZNN`[d _SP QZ]PR]Z`YO 4Y NZY_]L^_ _Z _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ XPLY^ _SP LMTWT_d _Z NZYYPN_ _SP [L^_ []P^PY_ LYO Q`_`]P bT_STY L ^TYRWP ^PY^P NZY_Pc_ LYO _Z XLVP _SP LM^PY_ []P^PY_ ^XLWW _]LY^NPYOPYNTP^ [`__TYR ZYP^PWQ TY_Z _SP [Z^T_TZY ZQ Z_SP] [PZ[WP XPOT`X^NZ[P _]LY^NPYOPYNTP^ LYO SLaTYR Pc_]LZ]OT YL]d Pc[P]TPYNP^ RZTYR MPdZYO _SP YZ]XLW PaP]dOLd bZ]WO R]PL_ _]LY^NPYOPYNTP^ BPWW Pc[WLTYPO TY 3`MP]_ 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY% ,`Q OPX BPR TY PTYP ^[T]T _`PWWP 2P^PWW^NSLQ_ 1]LYVQ`]_% .LX[`^ AP]WLR z! & ZY _SP wPX[_TYP^^x ZQ R]PL_ _]LY^NPYOPYNd Pc[P]TPYNP^ LYO _SP PcLX[WP ZQ X`^TN TMTO !  = Z`RP_ 8`^TN LYO ?]LYNP  

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#"

BP^_P]Y .S]T^_TLY `YOP]^_LYOTYR ZQ X`^TN QZ] PcLX[WP TY _SP NZYNP[_ ZQ 9£OL-]LSXLY LYO _SP 4YOTLY `YOP]^_LYOTYR ZQ X`^TN MZ`YOL]TP^ MP_bPPY _SP ^LN]PO LYO _SP []ZQLYP L]P []LN_TNLWWd YZYPcT^_PY_ LYO L]_ LYO ]PWTRTZY XP]RP ^PLXWP^^Wd TY_Z PLNS Z_SP] BSP]PL^ ^ZXP ]PWTRTZY^ LYO N`W_`]P^ SLaP MPWTPaPO _SL_ PY_P]_LTYXPY_ aLW`P LYO WLNV ZQ [`][Z^P SL]XPO ]PWTRTZY LYO XZ]LW ^_LYOL]O^ LYO []ZXZ_PO TXXZ]LWT_d ^Pc`LW OP^T]P^ LYO wML^P [L^^TZY^x L^ _SP ?LWTMLY SLaP ]PNPY_Wd OZYP ^TX[Wd MLYYTYR X`^TN LYO ^XL^STYR X`^TNLW TY^_]`XPY_^ ! QZ] ±£]«RLOPaL T_ bL^ []PNT^PWd UZd LYO [WPL^`]P _SL_ XLOP X`^TN ^Z [Z^T_TaP LYO `[WTQ_ TYR BSTWP TY LYNTPY_ 0`]Z[P NP]_LTY XPWZOTP^ ]Sd_SX^ LYO TY^_]`XPY_^ bP]P ]PRL]OPO L^ L ]T^V _Z _SP ^_L_P XZ]LWT_d LYO dZ`_S LYO Z_SP]^ L^ `[SZWOTYR XZ]LW^ _SP ^_L_P LYO SPLW_S _SP QTYLYNP XTYT^_P] LYO OZN_Z] ±£]«RLOPaL bL^ NZWWPN_TYR LWW _SP [TPNP^ ZQ X`^TN SP NZ`WO QTYO 9Z XL__P] bSP_SP] SP T^ NZY^TOP]TYR wL]_T^_TNx X`^TN X£]RL  WL_P] NLWWPO wNWL^^TNLWx X`^TN bSTNS SP aTPbPO L^ wSTRSWd PcLW_TYRx LYO []ZaTOPO bT_S L OTaTYP RPYPLWZRd bSZ^P QT]^_ S`XLY ]P[]P^PY_L_TaP bL^ -SL]L_L Z] _SP wUZdQ`W PY_P]_LTYXPY_x ZQ QZWV X`^TN OP²T ]PQWPN_TYR _SP w_L^_P ZQ aL]TZ`^ ]PRTZY^x z ±£]«RLOPaL ^PP^ X`^TN L^ ML^TNLWWd RZZO [WPL^LY_ LYO MPYPQTNTLW QZ] PaP]dZYP LYO LWW _SP -]LSXLYTN WTQP RZLW^ ?SL_ T^ SP ]PRL]O^ T_ L^ MPYPQTNTLW _Z []Z^[P]T_d LYO QLXP [WPL^`]P TYNW`OTYR ^Pc`LW [WPL^`]P OSL]XL P_STN^ LYO WTMP]L_TZY " BSP]PL^ TY Z_SP] N`W_`]P^ LYO LRP^ X`^TNLW PN^_L^d LYO Wd^T^ bP]P ZQ_PY aTPbPO L^ `Y^PPXWd QZ] PcLX[WP Md ,`R`^_TYP LYO TY LYNTPY_ .STYL LXMTaLWPY_Wd LW^Z TY APOTN 4YOTL ±£]«RLOPaL TYNW`OPO _SP PN^_L_TN ^V`WW ^ZYR^ TY ST^ NZWWPN_TZY YZ_TYR _SL_ bSZPaP] ^LYR _SPX bZ`WO MP ]TNSWd MWP^^PO LYO LNSTPaP _SP STRSP^_ RZZO VLWd£©L ^TYNP LQ_P] LWW _SP wNZX[Z^P]x bL^ _SP OPNL[T_L_PO RZO -]LSX£ TY [P]^ZY bSZ ^LYR ZQ _SP R]PL_ RZO ±TaL # 4Y LYNTPY_ 2]PPNP LYO .STYL X`^TN bL^ PXMPO OPO TY L ^_L_P OT^NZ`]^P LYO _SP TX[LN_^ ZY _SP NZWWPN_TaP bP]P OPNT^TaP 4Y 4YOTL Q]ZX WL_P ,Y_T\`T_d OT^N`^^TZY ZQ X`^TN bL^ PXMPOOPO TY L ]PWTRTZ`^ Q]LXPbZ]V LYO TYOTaTO`LWT^_TN L^[PN_^ ZNN`[TPO QZ]PR]Z`YO ,YO bSTWP -ZP_ST`^ LYO ,`R`^_TYP _SP XLUZ] X`^TN _SPZ]T^_^ TY 0`]Z[P PX[SL^TePO NZY_]ZW LYO XZOP]L_TZY LYO bL]YPO ZQ _SP SL]XQ`W PQQPN_^ ZQ PcNP^^TaP PXZ_TZYLWT_d _SP 4YOTLY X`^TN _SPZ]T^_^ L]P YZ_LMWP QZ] YZ_ OT^N`^^TYR _SP [^dNSZWZRTNLW LYO NZ][Z]LW PQQPN_^ ZQ X`^TN z YZ_ PaPY TY ]PWL_TZY _Z SPLWTYR $ z Z] LYd LY_T^ZNTLW _PYOPYNTP^ ,^ _SP RZO^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! .Q _SP L]_TNWP S__[%bbb_TXPNZX_TXPX`^TNRZP^RWZMLWX_LWTMLYS_XW LNNP^^PO  9ZaPXMP] $ " .Q TY [L]_TN`WL] >L«R¯_L=L_Y£VL]L 4 4 # >L«R¯_L=L_Y£VL]L 4## ,[L]_ Q]ZX _ST^ ±£]«RLOPaL OT^N`^^P^ ZYWd _SP X`^TNLW OP_LTW^ SP ^PP^ L^ PcSTMT_TYR XLYd w]L]Px ^[PNTLW QPL_`]P^ $ :YP NZ`WO [P]SL[^ TY_P][]P_ >L«R¯_L=L_Y£VL]L 4 TY _ST^ bLd ^TYNP T_ ^_L_P^ _SL_ _SP bZ]V^ L]P b]T__PY QZ] LWW _SZ^P bSZ ^PPV VYZbWPORP bSZ L]P [WLR`PO Md OT^PL^P

#"

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_SPX^PWaP^ PYUZd X`^TN T_ X`^_ MP L RZZO _STYR 7d^T^ T^ OP^T]PO LYO bL^ PaPY ^Z`RS_ LQ_P] L^ ]PWPaLY_ _Z OPWTaP]LYNP 4Y 4YOTL T_ bL^ YPaP] ^`^[PN_ L^ WZYR L^ T_ OTO YZ_ RZ LRLTY^_ _SP NZXXLYOXPY_^ ZQ [`]T_d ;]P^`XLMWd ±L]«RLOPaLv^ aTPb ZQ _SP NZWWPN_TaP ]ZWP ZQ X`^TN wDZRL QZ] _SP [PZ[WPx bL^ ^TXTWL] _Z -SL]L_Lv^ aTPb ZQ _SPL_P] L^ L ^TX[WP PQQZ]_WP^^ LYO PYUZdLMWP XPLY^ QZ] PaP]dZYP _Z RLTY wSTRSP] ]PWTRTZ`^ VYZbWPORPx bT_SZ`_ PaPY YZ_TNTYR .WL^^TNLW 4YOTLY X`^TN L^ [P] QZ]XPO TY ]ZdLW NZ`]_^ TY _PX[WP^ L_ QP^_TaT_TP^ P_N bL^ _S`^ []ZMLMWd LW^Z NZY^TOP]PO _Z MP L OSL]XL PYNZ`]LRTYR XPLY^ ZQ [Z[`WL] PO`NL _TZY 3ZbPaP] X`^TN L_ _SP NZ`]_^ ZQ []TYNP^ TY 9Z]_SP]Y 4YOTL MPNLXP ^Z QL] ]PXZaPO Q]ZX _SP w[PZ[WPx Md T_^ aT]_`Z^T_d TY _SP #_S LYO $_S NPY_`]TP^ _SL_ SL]OWd LYdZYP WT^_PYPO _Z T_ Z`_^TOP ZQ _SP NZ`]_^  ?ST^ bL^ _SP NL^P `Y_TW T_^ ^_L_`^ ]Z^P TY _SP PL]Wd LYO XTO _S NPY_`]d _Z _SL_ ZQ L _]LOP XL]V ZQ 4YOTLY N`W_`]P /`]TYR _ST^ [P]TZO T_ bL^ `^PO ZY _SP ]LOTZ Pc[WTNT_Wd L^ L YL_TZYLW XPLY^ ZQ PO`NL_TYR _SP [PZ[WP .WL^^T NLWWd _SP []TXL]d Q`YN_TZY TY_PYOPO QZ] X`^TN TY _SP w>LY^V]T_ NZ^ XZ[ZWT^x LYO NZY_TY`TYR TY_Z _SP aP]YLN`WL] QZ]X^ ZQ _SP NZ^XZ[ZWT^ bL^ SZbPaP] YZ_ _Z PO`NL_P _SP [PZ[WP LYO YPT_SP] _Z ^_]PYR_SPY ^_L_P L[[]ZaPO aT]_`P^ LY Z]OP]PO XZ]LW WTQP LYO _SP _]PL_XPY_ ZQ [^dNSZ WZRTNLW LYO [Sd^TNLW OT^PL^P^ L^ TY LYNTPY_ 0`]Z[P 4Y^_PLO T_^ Q`YN_TZY bL^ ^Z_P]TZWZRd UZd bT_SZ`_ [`][Z^P _Z MP L XPLY^ ZQ _]LY^NPYOTYR ZYP^PWQ LYO ZQ MWT^^Q`W LM^Z][_TZY 0aPY _ZOLd _ST^ T^ ^_TWW ]PRL]OPO L^ bSL_ _SP XLTY Q`YN_TZY ^SZ`WO MP ?SP ^_]ZYR TYOTaTO`LWT^_TN Z]TPY_L_TZY XLd MP WTYVPO _Z _SP QLN_ _SL_ TY 4YOTL T_ MPNLXP NZXXZY PL]Wd ZY _Z [WLd X`^TN L_ SZXP 8`^TN bL^ [L]_ ZQ _SP PO`NL_TZY ZQ _SP `[[P] XTOOWP NWL^^ LYO _SP NZ`]_TP]^ .ZTY^ SLaP MPPY QZ`YO OL_TYR ]TRS_ MLNV _Z _SP 2`[_L 0X[T]P bSTNS ^SZb L VTYR [WLdTYR L SL][ bSTNS bZ`WO SLaP MPPY OTQQTN`W_ _Z TXLRTYP TY _SP =ZXLY L]T^_ZN]LNd ?SP ?LY_]TN ^NSZWL] LYO [STWZ^Z[SP] ,MST YLaLR`[_L L[[PL]^ _Z SLaP WPL]Y_ _Z OLYNP L^ L NSTWO LYO _SP QTYLYNP XTYT^_P] LYO [Sd^TNTLY ±£]«RLOPaL [`]^`PO X`^TN L^ L [L^^TZYL_P SZMMd ?SP YZ_TNPLMWd WT__WP ^[LNP SP OPaZ_PO _Z _SP \`P^_TZY ZQ _SP NZWWPN_TaP TX[LN_^ T^ ^`]PWd L^^ZNTL_PO bT_S _SP QLN_ _SL_ XZ]LW^ LYO aLW`P^ bP]P LW]PLOd ]PR`WL_PO Md _SP ]P^_]TN_TaP NL^_P ^d^_PX LYO LW^Z ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ LYO bSZ L]P O]TaPY _Z NZY\`P] _SP _S]PP PaTW^ ZQ _ST^ bZ]WO ^`MUPN_]PWL_PO wRZO RTaPYx QL_PQ`W LYO PYaT]ZYXPY_]PWL_PO  6`]_ 4YOTPY `YO 0`]Z[L   # ^PP LW^Z z 4Y 8`^WTXOZXTYL_PO 9Z]_SP]Y 4YOTL LNNZ]OTYR _Z 6`]_ _SP QLXTWTP^ ZQ X`^TNTLY^ L_ _SP aL]TZ`^ NZ`]_^ M`TW_ `[ wTY ^PN]P_x LY PWT_P ^[PNTLW VYZbWPORP ZQ _SP OTQQP]PY_ NZY^_LY_Wd ]PQTYPO ^_dWP^ LYO L aT] _`Z^T_d QZ] [P]QZ]XTYR L_ NZ`]_ bSTNS L_ _SP PYO ZQ _SP $_S NPY_`]d ]P^`W_PO TY _SP WZbWd ^_L_`^ ZQ NWL^^TNLW 4YOTLY X`^TN TY 9Z]_SP]Y 4YOTL ,NNZ]OTYR _Z 6`]_ ]PQZ]XTYR -]LSXLYTN X`^TNTLY^ LYO TY_P]P^_PO :]TPY_LWT^_^ wTYaPY_POx NWL^^TNLW 4YOTLY X`^TN L_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d bSTNS _SPY OPaPWZ[PO TY_Z L STRSWd ]PRL]OPO L]_ QZ]X

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#"

_SP N`W_TaL_PO _]LY^NPYOPYNd LYO Wd^T^ TY SPL]TYR X`^TN N]PL_PO LY LP^ _SP_TN LW_P]YL_TaP bZ]WO _SL_ ]LT^PO ZYP ^`MUPN_TaPWd Z`_ ZQ ZYPv^ WTXT_L _TZY^ bT_SZ`_ _Z`NSTYR _SP ^ZNTLW Z]OP] ?SP NZY^T^_PY_Wd [Z^T_TaP aTPb ZQ X`^TN X`^TNLW Wd^T^ LYO X`^TNLW PN^_L^d TY NWL^^TNLW 4YOTL ]PXLTY^ \`T_P YZ_TNPLMWP LYO _SP^P L^[PN_^ L]P PaPY Pc[WTNT_Wd P\`L_PO bT_S _SP STRSP^_ ^Z_P]TZWZRTNLW RZLW , XPLY^ ZQ WTMP]L_TZY LR]PPLMWP DZRL QZ] PaP]dZYP LYO 9£OL-]LSXLY L]P _SP VPd bZ]O^ SP]P 1Z] 4YOTLY X`^TN _SPZ]T^_^ LYO X`^TNTLY^ _SP XLTY ]ZWP bL^ [WLdPO YZ_ Md _SP Q`YN_TZY ZQ ^ZNTLW TY_PR]L_TZY ^Z ^_]ZYRWd PX[SL^TePO Md /`]VSPTX M`_ Md L OTQQP] PY_ ^ZNTLW LYO Q`YN_TZYLW L^[PN_ ^_]P^^PO Md -`WVPWPd% wm X`^TN NLY LW^Z MPNZXP ^ZXP_STYR XZ]P _SLY _SL_ ^ZXP_STYR _SL_ WTQ_^ ZYP LMZaP _SP Q]LTW_TP^ LYO TX[P]QPN_TZY^ ZQ Z]OTYL]d WTQP ^ZXP_STYR _SL_ M]TYR^ ZYP NWZ^P] _Z _SP OTaTYPx  BP SLaP LW]PLOd XPY_TZYPO LMZaP _SL_ L Y`XMP] ZQ X`_`LWWd PYSLYNTYR QLN_Z]^ NZXMTYPO TY OP_P]XTYTYR _SP [`][Z^P _`]YTYR X`^TN TY_Z ^ZXP_STYR OTaTYP LYO PXZ_TZYLW XZZO TY_Z ^ZXP_STYR w^`[P]X`YOLYPx :YP NLY ^`XXL]TeP _SPX L^ QZWWZb^% 1T]^_ _SP]P bL^ L ]PWTRTZ`^ PYaT]ZYXPY_ _SL_ bL^ ]PNP[_TaP _Z ^Z`YO X`^TN LYO Wd^T^ LYO SLO RZO^ _SL_ OLYNPO LYO [WLdPO X`^TN 4_ ^`[[WTPO XLUZ] NZYNP[_^ QZ] NZX[]PSPYOTYR _SP bZ]WO L^ ML^PO ZY ^Z`YO LYO QZ] _STYVTYR ZQ [LY_SPT^_TN XZYT^_TN TXXLYPYNP LYO _]LY^NPYOPYNd L^ MP WZYRTYR _ZRP_SP] ?SP 9£OL-]LSXLY QZ]X`WL^ LWWZbPO X`^TN _Z MP `YOP]^_ZZO L^ TXXPOTL_P [L]_TNT[L_TZY TY _SP NZ^XZ^ Z] TY _SP OPaZ _TZYLW QZ]X`WL_TZY L^ `YT_d bT_S 2ZO 0c[P]TPYNTYR X`^TN NZ`WO MP TY_P][]P_PO L^ -]LSXLY MWT^^ BT_S _ST^ NL_NSbZ]O _SP R]PL_ _]LY ^NPYOPYNd Pc[P]TPYNP T^ NZY^NTZ`^Wd VP[_ wOPaZTO ZQ NZY_PY_x >PNZYO L aTPb ZQ X`^TN ^`M ^[PNTP LP_P]YT_L_T^ LYO L w^PWQWP^^x wPRZWP^^x L]_T^_TN TOPLW bP]P OPNT^TaP QLN_Z]^  bSTWP _SP YZ_P^ LYO =£RL^ L]P ]PRL]OPO L^ P_P]YLWWd aLWTO ^Z`YO QZ]X^ LYO NSL]LN_P]^ ZQ Pc[]P^^TZY bSZ^P XZZOWLOPY ]L^L ^PPO^ SLaP WLTY WL_PY_ QZ] LWW _TXP ]PLOd _Z MP wLbLVPYPOx Md X`^TNTLY^ >Z X`^TNTLY^ ^SZ`WO YZ_ RTaP Pc[]P^^TZY _Z _STYR^ ^`NS L^ _SPT] ZbY QPPWTYR^ Z] N]PL_P ^ZXP_STYR YPb M`_ ^SZ`WO PYLMWP _SL_ bSTNS T^ _TXPWP^^ LYO aLWTO _SP ^Z`YO QZ]X^ LYO _SPT] PXZ_TZYLW P^^PYNP^ _Z L[[PL] 4Y =£RL TX[]ZaT^L_TZY X`^TNTLY^ RTaP _SPX^PWaP^ ZaP] bSZWWd _Z _SP =£RL LYO OT^^ZWaP TY_Z T_ ?ST^ L]_T^_TN LP^_SP_TN aTPb SL^ SLO L S`RP TYQW`PYNP ZY X`^TNLW []LN _TNP TY MZ_S >Z`_SP]Y LYO 9Z]_SP]Y 4YOTL `Y_TW _ZOLd% wBSPY bP ^_L]_ ^TYRTYR bP QZ]RP_ Z`]^PWaP^x 76 ;LYOT_& w_SP XZXPY_ dZ` ^TYR TOPY_T_d O]Z[^x ATOdL =LZ& w_SP =£RL ^TYR^ _S]Z`RS dZ`x ,^ST^S >LYV]T_dLdLY  4Y LOOT_TZY ZYP ^SZ`WO ]PXPXMP] _SP NPY_]LW L]_T^_TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -`WVPWPd BZYOP]TYR -]LTY    .Q ZY _ST^ LYO ZY _SP QZWWZbTYR 6`]_ 4YOTPY `YO 0`]Z[L  z  PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

ZQ Q`^TZY []ZNP^^x LYO wSLaTYR _Z WP_ RZ ZQ ZYP^PWQ LYO QZWWZb _SP _PLNSP]x WPLO^ _Z wMPTYR ZYP TY _SP ^Z`YOx L wOPOTQQP]PY_TL_TZY ZQ _SP _PLNSP][`[TW ]PWL_TZY^ST[x LYO LY ZNPLYTN wX`^TNLW QPPWTYR ZQ ZYP YP^^x " 3ZbPaP] _SP XTXP^T^ ZQ _SP _PLNSP] LYO NZ]]P^[ZYOTYR [L_ _P]Y^ ZQ LN_TZY LYO Pc[P]TPYNP L]P YZ_ ]P^_]TN_PO _Z X`^TN ?SPd QZ]X L N`W_`]LW NZY_TY``X TYOP[PYOPY_ ZQ X`^TN ?Z RPYP]LWTeP ZYP NLY ^Ld _SL_ TY LWW LRP^ LYO N`W_`]P^ Pc[P]TPYN TYR X`^TN SL^ MPPY [P]NPTaPO YZ_TNPLMWd Q]P\`PY_Wd L^ L wR]PL_ _]LY ^NPYOPYNd Pc[P]TPYNPx wR]ZÁP ?]LY^ePYOPYeP]QLS]`YRx /TQQP]PYNP^ L]P ZYWd QZ`YO TY _SP aL]dTYR NZYNW`^TZY^ O]LbY 4Y ^ZXP NL^P^ LY PXZ _TZYLW ]P^[ZY^P _Z ^Z`YO bL^ _LMZZ LYO OT^N]POT_PO 1Z]XP]Wd X`^TN LYO X`^TNLW Wd^T^ bP]P LW^Z ]PRL]OPO Pc_]PXPWd LXMTaLWPY_Wd PaPY TY 4YOTL ^PP MPWZb >ZNTLW ^d^_PX^ ZQ XPLYTYR L]P YZ_ ^_L_TN M`_ PaZWaP ZaP] _TXP 1]ZX L NP]_LTY [ZTY_ TY _TXP ZYbL]O^ TP bT_S _SP ]T^P ZQ [Z^_ APOTN _SPT^X L NZY^NTZ`^ N`W_TaL_TZY ZQ R]PL_ _]LY^NPYOPYNd Pc[P]T PYNP TY X`^TN OPaPWZ[PO TY 3TYO` 4YOTL ?SP ^ZNTLW LYO ]PWTRTZ`^ ^dX MZW ^d^_PX []ZaTOPO LY Z[[Z]_`YT_d ZQ `YOP]^_LYOTYR X`^TN L^ _SP wMZOdx ZQ _SP 9£OL-]LSXLY bT_S _SP NZ]]P^[ZYOTYR NZY^P\`PYNP^ QZ] SPL]TYR LYO Pc[P]TPYNTYR X`^TN 3P]P []ZQLYP Z] ^LN]PO `YOP]^_LYOTYR NLY aL]d OP[PYOTYR ZY _SP ^`MUPN_TaP ]PNP[_TZY LYO X`^TNLW ^_dWP PR ?S`X]¯ T^ NZOPO TY L [`]PWd []ZQLYP bLd -Z_S OPaZ_TZYLWT^X LYO L]_ _SPZ]d bSTNS SLO ^_]ZYR TX[LN_^ ZY X`^TNLW []LN_TNP TY MZ_S 9Z]_S LYO >Z`_S SLO PQQPN_^ _SL_ bP]P U`^_ L^ ]PTYQZ]NTYR L^ _SPd bP]P wOZXP^_T NL_TYRx LYO w^`MWTXL_TYRx ?SPd NSLYYPWPO QPPWTYR^ LYO LQQPN_^ TY_Z L w^`[P]X`YOLYPx OTaTYP _TXPWP^^ LYO P_P]YLW OTXPY^TZY ?ST^ bL^ YZ_ LMZ`_ ^ZNTLWTeL_TZY TY NP]_LTY ^ZNTLWWd ^_LMTWTeTYR [P]^ZYLW aT]_`P^ LYO PXZ_TZY^ L^ bL^ _SP NL^P TY LYNTPY_ 0`]Z[P M`_ LMZ`_ L ]PQTYPXPY_ ZQ ^PY^Z]d LYO PXZ_TZYLW Pc[P]TPYNP LYO Pc[LYOTYR _SP LbL]PYP^^ MPdZYO PaP]dOLd Pc[P]TPYNP ,Y TY_P]P^_TYR L^[PN_ T^ _SP NZY^NTZ`^ N`W_TaL_TZY ZQ _SP waZTOx ZQ R]PL_ _]LY^NPYOPYNd Pc[P]TPYNP bSTNS T^ WTYVPO bT_S _SP ^PY^Z]d Pc[P]TPYNP ZQ X`^TN LYO _SP NZYYPN_TZY MP_bPPY PXZ_TZYLW Q`^TZY LYO NZRYT_TaP LM^_]LN_TZY 8`^TN X`^TNTLY^ LYO X`^TNLW Pc[P]T PYNP L]P ^ZNTLWWd NZOPO bT_S wTYNZ][Z]PLWT_dx w^`[P]TYOTaTO`LWT_dx LYO wOP_LNSXPY_ Q]ZX _SP bZ]WOx bSTWP L_ _SP ^LXP _TXP _SPd XLVP _SP -]LSXLY LNNP^^TMWP TY L ^PY^Z]d LQQPN_TaP LYO ^`M^_LY_TLW QL^STZY TY _SP L`OTMWP X`^TNLW 9£OL :YP ^SZ`WO YZ_P _SL_ _ST^ ZNN`]^ aP]d ^TX[Wd L^ OPWTRS_ `Y_]LXXPWPO UZd LYO TXXP]^TZY TY _SP X`^TN z bT_SZ`_ MPTYR ZaP]WZLOPO bT_S _SPZWZRd 9Zb TY 3TYO`T^X _SP MZ`YOL]TP^ MP_bPPY _SP []ZQLYP LYO _SP ^L N]PO LYO MP_bPPY _SP OTaTYP LYO _SP S`XLY L]P LWbLd^ [P]XPLMWP LYO QW`TO ±£]«RLOPaL OTO YZ_ XLVP ^`NS L OT^_TYN_TZY dP_ L_ _SP ^LXP _TXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 6`]_ 4YOTPY `YO 0`]Z[L  " LYO  "

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#"$

SP LN_`LWWd []LN_TNPO T_ Md wTYaPY_TYRx _SP 9£OL-]LSXLY LYO TY OZTYR LW^Z ^LYN_TQTPO bZ]WOWd WTQP ?d£RL]£UL bL^ QL] XZ]P ZMaTZ`^Wd ]PWT RTZ`^ M`_ TY_P]P^_TYRWd ST^ STRSWd ]PWTRTZ`^ OT^NZ`]^P bL^ OT]PN_PO _Z bL]O [Z[`WL]TeTYR X`^TN L^ L aLWTO ]Z`_P _Z 2ZO LYO _Z WTMP]L_TZY 8Z]P _SLY TY >Z`_SP]Y 4YOTL _SP _]LY^T_TZY^ MP_bPPY []ZQLYP LYO ^LN]PO TY 9Z]_SP]Y 4YOTLY X`^TNLW N`W_`]P ]PXLTYPO Pc_]PXPWd QW`TO LYO aL]TLMWP 1Z] PcLX[WP L NZYNP]_ XLd NZXXPYNP bT_S L aP]d WZYR £W£[ ]PRL]OPO L^ LY TYaZNL_TZY ZQ 2ZO _SP Q`YOLXPY_LW _ZYP NLY MP ^PPY L^ _SP _TXP WP^^ LYO P_P]YLW 9£OL-]LSXLY LYO _SP X`^TNTLY XLd ]PRL]O STX^PWQ L^ L QZ]X ZQ w^PWQWP^^x XPOT`X M`_ _SP X`^TNLW [P]QZ]XLYNP bTWW RPYP] LWWd PYO bT_S L ?S`X]¯ L wWTRS_x =£RL ZQ L ]ZXLY_TN ^_dWP bSTNS T^ WP^^ ]`WPMZ`YO 4Y L RZZO TY_P][]P_L_TZY _SP ]P^`W_ T^ M]TWWTLY_ LP^_SP_TNLWWd ^L_T^QdTYR LYO wNSL]XTYRx TY _SP _]`P^_ ^PY^P ZQ _SP bZ]O z LYO ZYP ^SZ`WO YZ_P T_ T^ NZY^NTZ`^Wd bZ]WOWd 4YOTLY X`^TN SL^ L ]PWTRTZ`^ LYO XP_L[Sd^TNLW Z]TPY_L_TZY M`_ T^ YZ_ w^ZWPWdx ]PWTRTZ`^ X`^TN ;P]SL[^ _SP XZOP]Y Pc[]P^^TZY w^[T]T_`LWT_dx T^ _SP XZ^_ ^`T_LMWP :Y _SPT] ZbY WT_`]RTNLW Q`YN_TZY LYO _ZYLW TY_P][]P_L_TZY ZQ [TZ`^ QPPWTYR^ OZ YZ_ XLVP 4YOTLY X`^TN ]PWTRTZ`^ Z] ^[T]T_`LW LYO YPT_SP] T^ T_ ^`NS TY LWW T_^ OTQQP]PY_ ^_dWP^ QZ]X^ LYO TY_P][]P_L_TZY^ 8`NS ^[LNP SL^ LWbLd^ MPPY LaLTWLMWP QZ] QTYOTYR X`^TNLW Pc[]P^^TZY QZ] LWW _SP ^SLOP^ MP_bPPY _PX[Z]LWT_d LYO P_P]YT_d _SL_ bSTNS T^ S`XLY LYO _SL_ bSTNS T^ OTaTYP ;L]_TN`WL]Wd TY X`^TN L^ LY L]_ QZ]X _SP MZ`YOL]TP^ QLOP LbLd NZX [WP_PWd MP_bPPY S`XLY WTQP L]_T^_TN Pc[]P^^TZY [STWZ^Z[Sd LYO z OP [PYOTYR ZY _SP [P]^ZYLW YPPO^ z ]PWTRTZ`^ TY_P][]P_L_TZY 3P]P wLWbLd^x XPLY^ ^TYNP _SP _TXP bSPY X`^TN LYO X`^TN Wd^T^ MPNLXP ^ZNTLWWd LN NP[_PO LYO NWPL]Wd OTaTYPWd ZMUPN_TaTePO bSTNS SL^ YZ_ LWbLd^ MPPY _SP NL^P PaPY TY 4YOTL ?SP [P]NP[_TZY ZQ X`^TN L^ ^ZXP_STYR ^`MWTXP bL^ []PNPOPO Md T_^ [P]NP[_TZY L^ ^ZXP_STYR WTXTYLW

!!

1]ZX _SP 7TXTYLW _Z _SP >`MWTXP LYO ;Z[`WL]

0aPY TY 4YOTL X`^TN bL^ YZ_ LWbLd^ L^ OTaTYP LYO `YNZY_PY_TZ`^ L^ T_ MPNLXP TY NWL^^TNLW _TXP^ ?SP 9£OL-]LSXLY MWT^^ SL^ L WTXTYLW PL]Wd ST^_Z]d LYO T^ aT]_`LWWd TYNZYNPTaLMWP bT_SZ`_ _SP _SPT^_TN _LXTYR ZQ X`^TN 7d^T^ LYO Q`^TZY SLaP TYOPPO MPPY L ]PWTRTZ`^ LYO N`W_`]LW TOPLW ^TYNP @[LYT´LOTN _TXP^ M`_ Wd^T^ TY X`^TN LYO LY PXZ_TZYLW ]P^[ZY^P _Z X`^TN bP]P YZ_ NZY^TOP]PO OP^T]LMWP TY LYNTPY_ 4YOTL 7d^T^ LYO ]PWTRTZY L]P YZ_ LWbLd^ YPNP^^L]TWd NZX[L_TMWP LYO _ST^ L[[WTP^ P^[PNTLWWd TY X`^TN 4_ ZQ_PY ^PPX^ _Z SLaP WP^^ ZQ L OT^NT[WTYL]d PQQPN_ ZY _SP WT^_PYP] _SLY ZQ ]PWPL^TYR STX Q]ZX ST^ TYSTMT_TZY^ ?Z_LW OT^^ZW`_TZY LYO WZ^^ ZQ NZY_]ZW L]P LM^ZW`_PWd NZY_]L]d _Z _SP ]T_`LW LYO XZ]LW L^[PN_ ZQ ]PWTR TZY^ 4Y LYNTPY_ 4YOTL _SP ]P^`W_TYR ]P^P]aL_TZY NZYNP]YTYR X`^TN bSTNS

##

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

bP QTYO Q]ZX ;WL_Z LYO ,`R`^_TYP _Z .STYL LW^Z PcT^_PO LXZYR _SP -]LSXTY^ bSZ^P ]T_`LW ML^T^ LYO ^PWQTXLRP ZQ NZY_]ZWWPO XZOP]L_TZY bL^ UPZ[L]OTePO TY _SP Pc_]PXP Md PaP]d_STYR _SL_ OT^^ZWaPO NZY_]ZW 4Y _SP -]£SXL©L^ _SP QZ]XL_TaP _Pc_^ ZQ _SP -]LSXTY^ X`^TN OLYNP LYO _SPL_P] bP]P _SP]PQZ]P Md YZ XPLY^ bPWW ]PRL]OPO LYO PaPY [P]NPTaPO ZQ L^ LY wL]Xd ZQ OPL_Sx 1Z] LWZYR _TXP _SP 2LYOSL]aL^ _SP SPLaPYWd X`^TNTLY^ bP]P ^PPY L^ _SP L]NSP_d[LW SPOZYT^_^ TYO`WRTYR TY bTYP LYO Q]PP WZaP  RLYOSL]aLaTa£SL ( w2LYOSL]aL bPOOTYRx 1Z] _ST^ _SPd bP]P YZ_ ZYWd WZaPO M`_ LW^Z QPL]PO 3ZbPaP] ]PWTRTZY NZ`WO YZ_ XLY LRP NZX[WP_PWd bT_SZ`_ _SP /TZYd^TLY L^[PN_ :YP XPLY^ ZQ NZY_]ZW LYO ]L_TZYLWTeL_TZY bL^ _Z NZ`Y_ LWW _SP XL_P]TLW _SL_ bL^ ^`YR Z] ]PNT_PO LYO ^Z ]PO`NP T_ _Z L NP]_LTY WPaPW _SL_ ^SZ`WO YZ_ MP PcNPPOPO z TP _SP wNZ`Y_TYRx bL^ PcSL`^_PO YZ_ ZYWd TY _SP XP_P] ]PR`WL_TYR _SP WLYR`LRP XL_P]TLW M`_ LW^Z TY _SP \`LY_T_d ZQ _Pc_ BSPY _SP ]T_`LW bL^ ZaP] ZYP bL^ YZ_ LWWZbPO _Z NZY_TY`P ?ST^ bL^ \`T_P `YWTVP _SP WL_P] PYOWP^^ XLY_]L^ ZQ _SP =£X-S£V_L^ LYO 3L]P6]T^SYL^ QZ] TY^_LYNP ,Y LYLWZRZ`^ NZY_]ZW XPNSLYT^X bL^ WL_P] OPaPWZ[PO PaPY Md _SP 6L`WL N`W_^ TY ]PWL_TZY _Z _SP ]T_`LW NZY^`X[_TZY ZQ LWNZSZW _SL_ bL^ LN_`LWWd []P^N]TMPO ,WNZSZW NP]_LTYWd SLO _Z MP []P^PY_ M`_ _SP aP^^PW^ `^PO QZ] bTYP LYO WT\`Z] bP]P NZ`Y_PO TY LNNZ]OLYNP bT_S _SP ]LYV ZQ _SP NWLY XPXMP]^% _SZ^P ZQ STRSP] ]LYV NZ`WO LYO bP]P ]P\`T]PO _Z O]TYV XZ]P ?Z_LW O]`YVPYYP^^ bL^ ]PRL]OPO WTVP Wd^T^ TY X`^TN L^ L VTYO ZQ OTaTYP ZM^P^^TZY -`_ bSL_ ]PXLTYPO L Q`YOLXPY_LW []ZMWPX bT_S LWNZSZW YLXPWd _SL_ T_ YPaP] MPNLXP LNNP[_LMWP TY _SP -]LSXLYTN OSL]XL ^d^ _PX NPL^PO _Z L[[Wd _Z X`^TN Q]ZX L NP]_LTY [ZTY_ TY ST^_Z]d ZYbL]O^ ?ST^ NLY MP ^PPY Q]ZX _SP NL]PP] ZQ _SP 2LYOSL]aL^ bSZ ]Z^P Q]ZX _SP ^_L_`^ ZQ 0]WVØYTR _Z _SL_ ZQ NSP]`MTX LYO LW^Z TY _SP 6L`WL N`W_^ , WL_P] 6L`WL ZQQ^SZZ_ bL^ _SP ±]¯aTOd£ OT^N`^^PO TY _ST^ MZZV _SL_ NZY _LTYPO L XP_L[SZ]TeL_TZY ZQ TX[`]P PWPXPY_^ LYO L STRS OPR]PP ZQ LP^ _SP_TNTeL_TZY :YP XLd ]PXPXMP] _SP SdXY >L`YOL]dL7LSL]Å _SL_ ^TYR^ ZQ L WZaPWd RZOOP^^ TY MPL`_TQ`W [ZP_TN aP]^P^ _SL_ L]P _]LY^QZ]XPO TY_Z P\`LWWd OPaZ_TZYLW LYO L]_T^_TN =£RL TX[]ZaT^L_TZY^ ?SP ±]¯aTOd£ NZX [Z^T_TZY^ TY SZYZ] ZQ _SP RZOOP^^ 6LXLW£ ZQ _SP R]PL_ .L]YL_TN X`^T NTLY 8`__`^aLXT /¯V´T_L] MPWZYR _Z _SP ^LXP RPY]P # 9Z_ ZYWd TY_P]YLW TePO ]T_`LW LYO TYN]PL^PO XLY_]L []LN_TNP M`_ LW^Z _Z_LW MSLV_T Wd^T^ LYO X`^TN ]P[WLNPO LWNZSZW NZX[WP_PWd bSTWP _SP RPY`TYP WPQ_SLYOPO []LN _T_TZYP]^ MPNLXP ]L]P 8`^TNLW PN^_L^dWd^T^ OPWTaP]PO LY Pc[P]TPYNP ZQ OPWTXT_L_TZY LYO ^PY^Z]d -]LSXLY MWT^^ bT_SZ`_ LWNZSZW LYO LY LW_P]YL _TaP LP^_SP_TN bZ]WO _SL_ bL^ YZ_ OT^]P[`_LMWP LYO LW^Z WTQ_PO ZYP ^`M UPN_TaPWd Z`_ ZQ _SP OLd_ZOLd bZ]WO ]P^_]TN_PO _Z ^ZNTLW ]ZWP^ bT_S T_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .Q >LYU`V_L 2`[_L LYO 0XXTP _P 9TUPYS`T^ >LN]PO >ZYR^ ZQ 4YOTL% /¯V´T_L]v^ .dNWP ZQ 3dXY^ _Z _SP 2ZOOP^^ 6LXLW£ BTY_P]_S`]% ,XLOP`^ AP]WLR $#"

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

##

NZWWPN_TaT^_TN LYO O`_dML^PO Z]TPY_L_TZY ?ST^ w`[WTQ_TYRx Pc[P]TPYNP NZYYPN_PO z LYO ^_TWW NZYYPN_^ _Z _ST^ OLd z ]PWTRTZ^T _]LTYPO TY NWL^^TNLW X`^TN bT_S `Y_]LTYPO WLd WT^_PYP]^ WZbNL^_P -LML^ $ LYO ^TX[WP -SL ULY R]Z`[^ 8`^TN MPNLXP ZYP ZQ _SP XLTY _ZZW^ QZ] NZY^NTZ`^Wd N`W_T aL_TYR R]PL_ _]LY^NPYOPYNd Pc[P]TPYNP^ L Xd^_TN YZYO`LW bZ]WOaTPb OPaZ_TZYLWT^X TY LWW T_^ aL]TL_TZY^ LYO [P]^ZYLW ]PWTRTZ`^ aT]_`Z^T_d ?SP L^^ZNTL_TaP QTPWO ZQ X`^TN `YOP]bPY_ Q`YOLXPY_LW NSLYRP 4Y PL]WTP] LRP^ _SP]P bL^ L XZ]P Z] WP^^ `MT\`T_Z`^ L^^ZNTL_TaP QTPWO TY bSTNS X`^TNLW LYO ZNN`W_ ^Z`YO^ bSP_SP] _SPd bP]P _SP SPLaPYWd TY ^_]`XPY_LW ^Z`YO^ _SP DZRTY^ SPL]O _SP WT__WP MPWW^ ZQ _SP bTWO QWdTYR DZRTY¯^ _SP w^V`WW ^ZYR^x ZQ _SP -SLT]LaL bZ]^ST[[P]^ Z] PaPY _SP >£XLAPOL  bP]P NZYYZ_PO bT_S ^ZXP_STYR WTXTYLW Xd^_P]TZ`^ ^[ZZVd LYO PaPY OPXZYTN LYO LWbLd^ WTVP X`^TN TY WL_P] _TXP^  bT_S ^ZXP_STYR Z_SP]bZ]WOWd :Y _SP Z_SP] SLYO _SP []PNL]TZ`^ [L]_TNT[L _Z]d ]PWL_TZY^ST[ _Z ^Z`YO T^ M]ZVPY TY _SP ;`]£©TN ^_Z]d ZQ .LÓN`W£ ?SP ^PXTX`^TNLW ^Z`YO^ ZQ _SP ]PNT_L_TZY O]TaP _SP OPXZY^ Z`_ LYO WT_P]LWWd N]PL_P LY L`^[TNTZ`^ L_XZ^[SP]P M]TYRTYR _SP OPXT^P ZQ LWW _SL_ T^ bTNVPO LYO XLWTRY 4Y LWW []ZMLMTWT_d TY 3TYO` 4YOTL _SPT^X bSTNS ]P[WLNPO _SP APOTN bZ]WO `[ZY _SP ]T^P ZQ _SP R]PL_ RZO^ ±TaL LYO AT´©` L_ _SP MPRTYYTYR ZQ _SP .ZXXZY 0]L bL^ _SP XLTY ]PL^ZY _SL_ X`^TN TYN]PL^TYRWd WZ^_ T_^ Z]TRTYLW OLYRP]Z`^ OT^]P[`_LMWP LYO WTXTYLW NSL]LN_P] LYO MPNLXP Q`WWd TY_PR]L_PO TY_Z _SP OTaTYP ^[SP]P ?SPT^X M]Z`RS_ RZO^ bSZ OLYNPO LYO [WLdPO X`^TN 8`^TNLW Wd^T^ MPNLXP `Y[]ZMWPXL_TN L^ T_ bL^ PXMPOOPO TY L _]LY^[L]PY_ XTN]ZXLN]Z NZ^XTN Z]OP] LYO OPaZ_TZY 1`^TZY TY X`^TN WZ^_ LYd STY_ ZQ `YOP^T]LMTWT_d bSPY T_ bL^ PYYZMWPO LYO ]P QZ]XPO Md MSLV_T LYO _SPT^X 8`^TN T_^PWQ PaPY MPNLXP ^ZXP_STYR OT aTYP ?ST^ _]LY^T_TZY MPNZXP^ NZX[]PSPY^TMWP TY _SP ;`]£©L^ bSP]P _SP QZ]X ZQ _SP OLYNTYR ^V`WW-SLT]LaL L[[PL]^ bSZ NZXMTYP^ WTXTYLWT_d LYO LY ZMUPN_ ZQ QL^NTYL_TZY TY [P]^ZYLW `YTZY ,_ _ST^ U`YN_`]P ZYP XLd ]PXPXMP] _SL_ -SLT]LaL T^ _SP bTWO QZ]X ZQ ±TaL bSTNS _SP RZO L^ ^`XP^ LQ_P] SP N`_^ ZQQ ZYP ZQ _SP SPLO^ ZQ _SP []TP^_RZO -]LSXL MP NL`^P ZQ _SPZWZRTNLW OTQQP]PYNP^ _SPd NZ`WO YZ_ LR]PP ZY bSZ _SP STRS P^_ RZO TY _SP `YTaP]^P bL^ ?ST^ OPPO XPLY_ _SL_ SP SL^ NZXXT__PO _SP bZ]^_ [Z^^TMWP ^TY VYZbY _Z _SP -]LSXLYTN aLW`P ^d^_PX% SL]XTYR L -]LSXTY M]LSXLSL_d£ .L]]dTYR _SP ^V`WW TY ST^ SLYO L^ L ^TRY ZQ ST^ ^SLXP SP PXML]V^ ZY L [TWR]TXLRP _Z -LYL]L^ bSP]P SP T^ QTYLWWd Q]PPO Q]ZX _SP ^V`WW LYO WTMP]L_PO Q]ZX ST^ ^TY 4_ T^ TY_P]P^_TYR QZ] Z`] _Z[TN _Z YZ_P bSL_ SL[[PY^ ZY _SP UZ`]YPd 4Y L SLWQN]LePO ^_L_P ±TaL MPRTY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >PP 7TOTL 2`ed -LML^ `YO ,WPVS^ ,^VP^P `YO 0V^_L^P PTYP] =PWTRTZY TX BP]OPY -P]WTY% BPTÁPY^PP AP]WLR 

##

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_Z OLYNP LYO TY ST^ PN^_L^d SP MPNZXP^ TYN]POTMWd L__]LN_TaP _Z _SP bZXPY QZWWZbTYR STX  0aPY _SP ^V`WW^ ZY ±TaLv^ YPNVWLNP ZQ ^V`WW^ ^_L]_ _Z ^TYR LYO []Ld _Z _SP R]PL_ RZO 4Y _SP NZYQP^^TZYML^PO QLT_S LYO OPaZ_TZY _SL_ QZWWZb _SP []PaTZ`^Wd WTXTYLW RZO XZaP^ Q]ZX _SP [P]T[S P]d _Z _SP NPY_P] LYO PaPY _SP ^V`WW^ NZYYZ_PO bT_S Pc_]PXP TX[`]T_d MPNZXP LNNP[_LMWP ±£]«RLOPaL bSZ NP]_LTYWd NZYNPTaPO ZQ X`^TN L^ _SP ]PQWPN_TZY LYO ^`[[Z]_ ZQ ^ZNTLW Z]OP] LYO XZ]LW^ TYNW`OPO _SP w^V`WW ^ZYR^x TY ST^ NZWWPN_TZY ZQ X`^TN ?SP MSLV_T XZaPXPY_^ bSTNS PXP]RPO TY >Z`_SP]Y 4YOTL ?LXTW 9LO` aP]d PL]Wd ZY Q]ZX _SP ^Tc_S NPY_`]d LW^Z TYT_TLWWd N`W_TaL_PO L N`W_ ZQ [Z^T_TaP [Z^^P^^TZY Pc[]P^^PO TY QZ]X^ ^`NS L^ OLYNP LYO ^ZYR -`_ TY NZY_]L^_ _Z _SPT] ^V`WWMPL]TYR NZWWPLR`P^ TY _SP 9Z]_S _SPd WLNV _SP OT^]P[`_LMWP ^_TRXL ?SP MPWTPQ TY L 7Z]O 2ZO bL^ LW]PLOd ^Z bPWW P^_LMWT^SPO _SL_ PaPY ^SLXPWP^^ PN^_L^d bL^ YZ_ ^`^[PN_ L^ WZYR L^ T_ ]PWL_PO _Z _SP RZO 1ZN`^TYR ZY LYO TXXP]^TZY TY _SP RZO L]P ^PWQ ^`QQTNTPY_ ^d^_PX^ _SL_ OZ YZ_ SLaP _Z ]PWL_P PT_SP] [Z^T_TaPWd Z] YPRL _TaPWd _Z Z_SP] 3TYO` XZaPXPY_^ ?ST^ L`_Z[ZTP_TN ]PWL_TZYLW XZOP T^ ^_TWW QZ`YO TY _SP 9Z]_SP]Y 4YOTLY MSLV_T NWL^^TN =£XNL]T_X£YL^ OL_TYR Q]ZX _SP ^Tc_PPY_S NPY_`]d TY bSTNS PaPY _SP OPXZY^ QTYLWWd QTYO OP WTaP]LYNP MPNL`^P _S]Z`RSZ`_ _SPT] WTaP^ _SPd SLaP `YTY_P]]`[_POWd _SZ`RS_ LMZ`_ _SP TYNL]YL_P RZO =£XL z PaPY _SZ`RS _ST^ bL^ ZYWd _SPT] NZY_PX[WL_TZY ZQ SZb _SPd NZ`WO OP^_]Zd STX QZ] RZZO ?SP TY_PY^TaP QTcL_TZY ZY _SP RZOv^ TXLRP T^ ^`QQTNTPY_ LYO _SP AT´©`T_TN MSLV_T _SPZ WZRTLY^ PaPY TYNW`OPO _SP YTYOLMSLV_T w^NZWOTYR OPaZ_TZYx TY _SPT] NL_LWZR ZQ OPaZ_TZYLW ]PWL_TZY^ _Z 2ZO =PWL_TZY _Z 2ZO OZP^ YZ_ YPNP^ ^L]TWd SLaP _Z MP Pc[]P^^PO _S]Z`RS WZaP M`_ LWbLd^ _S]Z`RS LY TY_PY^P QPPWTYR 7ZaP QZ] _SP RZO PaPY WPRT_TXTeP^ Pc_]PXP OSL]XL _]LY^R]P^ ^TZY^ 4Y 6š´©LT^X _ST^ T^ _SPZWZRTePO XZ^_ ZQ LWW TY _SP YL]]L_TaP ZQ _SP dZ`YR ^SP[SP]ORZO 6š´©L LYO SZb SP L__]LN_PO _SP XL]]TPO ^SP[SP]O P^^P^ RZ[¯^  ?SP bZXPY OZ YZ_ bZ]]d _SL_ _SPT] LO`W_P]Z`^ LN_TaT_d NLY M]TYR [`YT^SXPY_ TY 3PWW 3P]P _SP L__]LN_TaPYP^^ ZQ _SP RZO T^ LN _`LWWd ]P[]P^PY_PO `^TYR L X`^TNLW XP_ZYdX 4_ T^ 6š´©Lv^ QW`_P _SL_ Pc`OP^ ^`NS L XLRTNLW NSL]X _SL_ _SP bZXPY TXXPOTL_PWd OP^P]_ _SPT] SZXP^ LYO NSTWO]PY _Z MP bT_S STX -SLV_T LYO 9£OL MPNZXP NZX [WP_PWd XP]RPO M`_ LW^Z _SP TXLRP ZQ _SP RZO _LVP^ ZY _SP QZ]X ZQ _SP 9£OL 7TVP _SP _Z_LWWd OdYLXTN LYO ^PWQPc[]P^^TaP 9£OL _SP RZO LQ QPN_^ LYO NSL]X^ PaP]d_STYR _SL_ SP SL^ NZY_LN_ bT_S LYO OT^^ZWaP^ _SP ^`MUPN_^v MZ`YOL]TP^ ;]TYNT[LWWd TY AT´©`T^X _SP]P OPaPWZ[PO _SP TX LRP ZQ _SP wXP]NTWP^^Wd RZZOx `YTaP]^LW 2ZO bSTNS bL^ LW^Z PLRP]Wd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1Z] ZYP aP]^TZY ZQ _ST^ YL]]L_TaP NQ 6¼]XL;`]£©L "z"! ?SP aP]^TZY^ OTQQP] TY OP_LTW^ OP[PYOTYR ZY bSP_SP] _SPd _LVP L ±TaLT_TN AT´©`T_TN Z] >X£]_L [P]^[PN_TaP

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

##

LOZ[_PO Md ±LTaL^ LYO ±£V_L^% PaP]d_STYR ZNN`]^ TY LNNZ]OLYNP bT_S _SP NZ^XTN [WLdQ`WYP^^ ZQ _SP RZO LYO YZZYP P^NL[P^ OPWTaP]LYNP 4_ T^ []ZMLMWd O`P XLTYWd _Z _SPZWZRTNLW ^PXTZ_TNTeL_TZY _SPT^_TN OZXP^_TNL_TZY LYO OPaZ_TZYLW _LXTYR _SL_ MZ_S _SP 9£OL NZYNP[_ LYO X`^TN ^SZZV ZQQ LWW _SPT] WTXTYLWT_d LYO bP]P QT]XWd TYNZ][Z]L_PO TY_Z _SP Z]_SZOZc YPc`^ 4Y XLYd QZ]X^ [`]P 9£OL MPNLXP LY LP^_SP_TN LYO ^Z_P]TZWZRTNLWWd [ZbP]Q`W LbL]PYP^^_]LY^QZ]XTYR ]PLWT_d LWW _SP bLd _Z _SP 2`]` 2]LY_S _SP SZWd MZZV ZQ >TVST^X /ZXTYL_PO Md X`^TN LYO ^ZYR WLYR`LRP _]LY^X`_PO TY_Z L ^`MQZ]X ZQ Pc[]P^^TaP ^Z`YO ?SP LN_`LW Xd^_P]d XTR]L_PO TY_Z ^Z`YO LYO _ST^ T^ PYNL[^`WL_PO _SPZWZRT NLWWd TY _SP NZYNP[_ ZQ 9£OL-]LSXLY BSL_ LW]PLOd PcT^_PO TY _SP [Z[`WL] ]PWTRTZY LYO WPT^`]P N`W_`]P TP [WPL^`]P TY X`^TN bL^ ]PQTYPO TY _SP 9£OL-]LSXLY NZX[WPc TY _SP QL^STZY ZQ _SP wSTRS _]LOT_TZYx wSZNS_]LOT_TZYPWW aP]POPW_x ,WXZ^_ LWW _SP TOPL^ LMZ`_ WLYR`LRP LYO ^Z`YO LYO _SP QZ]X^ ZQ Wd^T^ _SL_ >LY^V]T_ 3TYO`T^X SL^ OPaPWZ[PO SLO _SPT] NZYQW`PYNP SP]P LYO bP]P ]PQWPN_PO LYPb TY _SP XP_L[Sd^TN^ ZQ _SP 9£OL-]LSXLY 8LYd ZWOP] _SZ`RS_^ bP]P bZaPY TY_Z LYO ]PQZ]X`WL_PO TY _SP TOPL^ LYO []LN_TNP ZQ NWL^^TNLW X`^TN ?SP^P QZ]XPO L N`W_`]LW NZY_TY``X bT_S _SPX LYO L OPY^P QL]]PLNSTYR TY_P]_Pc_`LW YP_bZ]V 1Z] TY^_LYNP _SP ZWO TOPL ZQ _SP -]£SXL©L^ _SL_ QTR`]P^ XP_P]^ LYO bZ]O^ L]P ^P[L]L_P [P]^ZYLWT_TP^ bL^ _]LY^QP]]PO _Z _SP X`^TNLW YZ_P^ LYO QZ]X^ ZQ XPWZOd _SL_ L]P NZYNPTaPO ZQ L^ ZbY ]PLWT_TP^ ?SP YZ_P^ LYO =£RL^ L]P _TXPWP^^ LYO P_P]YLW L^ L]P _SP [SZYPXP^ LYO bZ]O^ TY _SP ;¼]aL8ÅX£À^£ WTYR`T^_TN _SPZ]d M`_ _SPd OZ YZ_ NL]]d ^PXLY_TN XPLYTYR LYO L]P TY^_PLO ^PWQNZXX`YTNL_TYR MPL]P]^ ZQ XZZO ?SP LM ^_]LN_ PXZ_TZYLW aLW`P^ L]P P^^PY_TLWWd ^P_ OZbY TY _SP _ZYP^ LYO ^P \`PYNP^ ZQ _ZYP^ ZQ _SP =£RLv^ XPWZOd _d[P 4YOTLY NZX[Z^P]^ LYO X` ^TNTLY^ L]P NZYNPTaPO ZQ L^ OT^NZaP]P]^ ZQ P_P]YLW XPWZOTP^ LYO ZQ _SP PXZ_TZYLW ^[SP]P^ TY _SPX >ZXP_STYR _SL_ T^ LW]PLOd LYNSZ]PO TY ]PLW T_d LYO TY ZYPv^ ZbY ^PWQ _SP NZ^XTN 9£OL TY ZYPv^ ZbY MZOd ZYWd SL^ _Z MP LbLVPYPO ^TXTWL]Wd _Z _SP ^`[P][P]^ZYLW OTaTYP ^PWQ LYO _SP `YT_d ZQ ¢_XLY LYO -]LSXLY TY _SP ,OaLT_LAPO£Y_L 7TVP ±L«VL]Lv^ _L__aLXL^T  =£RL X`^TN T^ QZ] X`^TNTLY^ LYO WT^_PYP]^ L XPLY^ ZQ WTM P]L_TZY Q]ZX _SP ^PWQ w4x -`_ Pc[P]TPYNP ^SZb^ _SL_ _ST^ T^ X`NS NWZ^P] _Z ?LY_]TN ^PY^`LWT^X w9Z LM^Z][_TZY WTVP _SL_ ZQ 9£OLx T_ ^Ld^ TY _SP ±TaL>LXST_£ TY _SP NZY_Pc_ ZQ L OP^N]T[_TZY ZQ TYYP] ^Z`YO^  ,YO L[[L]PY_Wd _ST^ T^ PcLN_Wd SZb ±£]«RLOPaL LW^Z _SZ`RS_ bSPY SP Q`^PO 9£OL bT_S -]LSXLY ]P^`W_TYR TY _SP 9£OL-]LSXLY LYO []Z[L RL_PO WT^_PYTYR _Z X`^TN L^ LR]PPLMWP DZRL 8`^TN MPNLXP _SP ^PY^Z]d ZMUPN_ _SL_ NZ`WO MLYT^S LWW Z_SP] ^PY^Z]d ZMUPN_^ LYO _SP]PQZ]P LY TOPLW QZN`^ QZ] XPOT_L_TZY LYO OPaZ_TZY ?ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q -PNV >ZYTN ?SPZWZRd  

##

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

aTPb bL^ _]LY^QP]]PO TY T_^ PY_T]P_d _Z _SP ^TX[WP^_ -SLULY ^ZYR^ ?SP OTaTYP YL_`]P ZQ X`^TN bL^ [Z[`WL]TePO LYO NZXX`YLWTePO TY MSLV_T ^TYRTYR /PaZ_TZYLW X`^TN T^ _SP ^TX[WP^_ LYO XZ^_ PQQZ]_WP^^ XPLY^ ZQ MPTYR NWZ^P _Z 2ZO QPPWTYR ST^ []Z_PN_TZY LYO Q`^TYR bT_S STX z YZ XL__P] bSP_SP] _SP TOPL ZQ 2ZO T^ [P]^ZYLW Z] wQPL_`]PWP^^x ?SP PQQZ]_ WP^^YP^^ _SL_ ±£]«RLOPaL L^^ZNTL_PO bT_S X`^TN T^ LY LM^ZW`_PWd NPY_]LW L^[PN_ TY MSLV_T 3P]P OPaZ_TZYLW NLWWTYR _Z XTYO ZQ _SP OTaTYP YLXP^ LYO X`^TN bP]P uPWPN_TaP LQQTYT_TP^v LYO ubPOOPOv TY_PY^PWd 8`^TN NLY Pc[]P^^ _SP w^bPP_YP^^x ZQ _SP OTaTYP YLXP ^Z ^`M^_LY_TLWWd bT_S ^`NS PXZ_TZYLW NZWZ] LYO TY L bLd _SL_ LWWZb^ OPWTRS_Q`W ^PY^Z]d Pc[P]TPYNP ZQ T_ L^ _SP -S£V_L^ OP^T]PO 4Q Q]ZX _SP !_S"_S NPY_`]d ZYbL]O^ _SP -]LSXLY LYO _SP 9£OL-]LSXLY bP]P OPQTYPO aTL WZaP _SP OPNT^TaP QLN_Z] SP]P bL^ _SL_ LY LM^_]LN_ NZYNP[_ bL^ XLOP LNNP^^TMWP LRLTY TY QPPWTYR^ 0c[P]TPYNP ]PWTRTZ`^ NZOTYR LYO _SP NZY^NTZ`^ OT^^ZWaTYR ZQ OT^_LYNP ]PXLTYPO VPd OP_P]XTYLY_^ LYO ]PTYQZ]NPO ZYP LYZ_SP] ^TRYTQT NLY_Wd TY OPaZ_TZYLW Q`^TZY 8`^TNLWTePO OPaZ_TZY XZYZ[ZWTePO _SP MZOd LQQPN_^ LYO _SP ^[T]T_ XZ]P SZWT^_TNLWWd LYO [P]^ZYLWWd LYO NWZ^P] _Z ]PLW WTQP _SLY ^NSZWL]Wd 9£OL-]LSXLY XP_L[Sd^TN^ Z] ^Z[ST^_TNL_PO L]_ _SPZ]d ZQ PWT_P N`W_`]P ;PZ[WP OPXLYO PX[ZbP]XPY_ YZ_ P[T^ _PXTN^ ?SPd bLY_ Pc[P]TPYNP LYO _Z w_`YP TYx _Z _SP RZO LYO ST^ [ZbP] LYO ^PPV Wd^T^ LYO ^PN`]T_d TY _SPT^X ;WPL^`]P PY_P]_LTYXPY_ LYO ^ZNTLW L^[PN_^ ^SZ`WO YZ_ MP `YOP]P^_T XL_PO PT_SP] 4_ T^ P^[PNTLWWd XL]VPO TY _SP NL^P ZQ -SLULY ^TYRTYR bSP]P ZYP YZ_ ZYWd WT^_PY^ M`_ LW^Z LN_TaPWd ^TYR^ ^TX[WP OPaZ_TZYLW ^ZYR^ ZQ_PY bT_SZ`_ L WZ_ ZQ bZ]O^ /ZTYR L MT_ ZQ ^TYRTYR _ZRP_SP] T^ Q`Y 4_ OZP^ YZ_ YPPO LYd ^[PNTLW _]LTYTYR MPNL`^P _SP]P T^ L NLY_Z] bSZX ZYP NLY ^TX[Wd QZWWZb LYO TXT_L_P .ZXX`YLW ^TYRTYR M]TYR^ LMZ`_ ^ZNTLW TY_PR]L_TZY LYO ]PRTZYLW TOPY_T_d MPNL`^P XLYd ZQ _SP ]PWT RTZ`^ ^ZYR^ L]P TY _SP aP]YLN`WL] 7L^_ M`_ YZ_ WPL^_ T_ RPYP]L_P^ LOOT _TZYLW ]PWTRTZ`^ aLW`P MPNL`^P _SP ]PWL_TZY^ST[^ ZQ WTVPXTYOPO [PZ[WP _Z 2ZO PYSLYNP ZYP LYZ_SP] LYO _SP PY_S`^TL^X ZQ ZYP [P]^ZY NLY PY NZ`]LRP _SP Z_SP]^ ?ST^ R]Z`[ OdYLXTN _SL_ /`]VSPTX _P]XPO w^ZNTLW PQQP]aP^NPYNPx bL^ VYZbY _Z MSLV_T _SPZ]P_TNTLY^ LYO _SPd _SP]PQZ]P [L]_TN`WL]Wd ]PNZXXPYOPO NZXX`YLW ^TYRTYR >TYRTYR TY R]Z`[^ LYO ^TYRTYR _SP YLXP LYO OPPO^ ZQ 2ZO V¯]_LYL WZ`OWd MPNLXP _SP ]PWT RTZ`^ NPY_P][TPNP ZQ bSZWP XZaPXPY_^ LYO TY XLYd TY^_T_`_TZYLWTePO MSLV_T _]LOT_TZY^ ^`NS LN_TaT_TP^ [WLd L aL^_ ]ZWP ?SP^P TY^_T_`_TZYLWTePO _]LOT_TZY^ ]LYRP Q]ZX ZYP ZQ _SP ZWOP^_ z _SP A£]VL]¯>LX[]LO£dL Q]ZX _SP _S_S NPY_ LYO _SPT] LYY`LW [TWR]TXLRP _Z ;LYOSL][`] 8L SL]L^_S]L bSTNS QZ] XLYd OPaZ_PP^ ]P[]P^PY_^ _SP [P]^ZYLW NPY_P] ZQ _SPT] WTaP^ z _Z ZYP ZQ _SP XZ^_ ]PNPY_ _SP 3L]P6]T^SYL OPaZ_PP^ 4>6.:9 bSZ TY _ST^ ]PRL]O QZWWZb NZX[WP_PWd w_]LOT_TZYLWx [L__P]Y^ TY _SPT] NL^P TY^[T]PO Md _SP PN^_L_TN -PYRLWT 6š´©LMSLV_T ZQ .LT_LYdL

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

##

ZQ _SP !_S NPY_`]d 2]Z`[ ^TYRTYR SPW[^ _Z QZN`^ _SP ^[T]T_ LM^Z]M QPPWTYR^ LYO NSLYYPW _SPX TY L OPaZ_TZYLW bLd 4Y _SP NL^P ZQ 6š´©L OPaZ_PP^ T_ T^ LW^Z L^^ZNTL_PO bT_S OLYNP 4Q ZYP OPaZ_P^ ZYP^PWQ _Z X` ^TN NZXX`YLW ^TYRTYR bT_S T_^ ]P[PL_TYR [L__P]Y^ LYO T_^ LNNPWP]L_TYR LYO OPNPWP]L_TYR ]Sd_SX^ T^ NL[LMWP ZQ RPYP]L_TYR _]LYNPWTVP ^_L_P^ LYO X`^TNLW PN^_L^d 4Q _SP NLY_Z] bSZX _SP Z_SP]^ QZWWZb T^ ZYPv^ ZbY R`]` T_ T^ P^[PNTLWWd PL^d QZ] X`^TN OPT_d LYO R`]` _Z Q`^P LYO TY _ST^ XZXPY_ _SP bZ]WO XPW_^ LbLd _ZZ bT_STY L R]PL_ ZNPLYTN ZYPYP^^ ?SP TXXP]^TZY TY _SP w-]LSXLY MWT^^x ZQ X`^TN bTWW MP PXZ_TZYLWWd NZWZ]PO Md _SP WZaP QZ] _SP _PLNSP] ?SP `YTaP]^LWWd [Z[`WL] MSLV_T NSLY_TYR XLOP _SP 9£OL-]LSXLY TY_Z LY TY_PR]LW [L]_ ZQ [Z[`WL] ]PWTRTZY bT_S Z`_ _SP NZYNP[_ T_^PWQ YPPOTYR _Z MP VYZbY L_ LWW -`_ _SP NZYNP[_ T_^PWQ LW^Z MPNLXP [L]_ ZQ [Z[`WL] N`W_`]P ?SP]P L]P ]PWTRTZ`^ ^ZYR^ YZ_ ZYWd _Z OPT_TP^ TY MZ_S NWL^^TNLW LYO [Z[`WL] ^_dWP^ M`_ LW^Z _Z _SP 9£OL -]LSXLY 9ZbLOLd^ SL]OWd LYdZYP T^ QLXTWTL] bT_S T_^ NZX[WPc _SPZW ZRd LYO _ST^ T^ YZ_ PaPY YPNP^^L]d ?SP LM^Z]MTYR X`^TN T^ _SP P^^PY_TLW QLN_Z] _SP TXXPOTL_P [L]_TNT[L_TZY TY L ^LN]PO NZ^XZ^ LY TYYP] QPPWTYR ZQ _SP []P^PYNP ZQ 2ZO LYO L w^`[P]X`YOLYPx UZd _SL_ _LVP^ SZWO ZQ LWW _SP ^PY^P^ >Z _SP 9£OL-]LSXLY bSTNS TY T_^ Z]TRTYLW NZYNP[_TZY Md ±£]«RLOPaL bL^ T_^PWQ LW]PLOd L wOPPXLYNT[L_Z]d OT^_Z]_TZYx ZQ -SL]_šSL]Tv^ ±LMOL-]LSXLY MPNLXP PaPY WP^^ LM^_]LN_ XZ]P w^`M^_LY _TLWWd Xd_STNLWx LYO XZ]P [L]_TNT[L_Z]d ?ST^ OPaPWZ[XPY_ ZQ _SP [Z[` WL]TeL_TZY wXd_SZWZRTeL_TZYx Z] w]PXd_STQTNL_TZYx ZQ PXLYNT[L_Z]d ^d^_PX^ bT_STY _SP Q]LXPbZ]V ZQ _SPT^X L[[PL]^ ]P[PL_POWd TY _ST^ MZZV 1Z] PcLX[WP MZ_S ;£©TYTv^ ±TaL^¼_]£©T LYO _SP 8£_šV£ TP _SP ?LY_]TePO LW[SLMP_ L^ L MW`P[]TY_ QZ] _SP `YTaP]^P bP]P Xd_STNLWWd NZOPO bSTNS M]Z`RS_ _SPX bT_STY _SP L]PL ZQ []PWTYR`T^_TN ^Z`YO LYO RLTYPO ]PWTRTZ`^ TX[Z]_LYNP 4Y _SP 6L_S£^L]T_^£RL]L PaPY _SP PY_T]P R]LXXL] bL^ O]LbY TY_Z _SP OTaTYP ^[SP]P ?SP MSLV_T ^`]]PYOP] LYO wWZaTYR [L]_TNT[L_TZYx T^ _SP PcLN_ Z[[Z^T_P ZQ Z`] P[T^_PXTN NZYNP[_ ZQ wPXLYNT[L_TZYx XPLYTYR L ]PWL_TZY^ST[ _Z _SP ZMUPN_ NSL]LN_P]TePO Md OT^_LYNP LYLWd_TNLW ]PL^ZY LYO L_ZXTeL_TZY ?SP MSLV_T NZY^NTZ`^Wd ^PPV^ Z`_ NWZ^PYP^^ QPPWTYR VYZbWPORP ZQ 2ZO QTWWPO bT_S PXZ_TZY LYO w[L]_TNT[L_TZYx L^ _SP _P]X TYOTNL_P^ 4Y _SP ^ZNTLW QTPWO LYO TY ZYPv^ ^PWQP^_PPX _ST^ [L]_TNT[L_Z]d SLMT_`^ SLO []ZYZ`YNPO PXLYNT[L _Z]d PQQPN_^ 4_ `YOP]XTYPO ^ZNTLW ML]]TP]^ _`]YPO _]LOT_TZYLW STP]L]NSTP^ ZY _SPT] SPLO LYO []ZaTOPO ]PWTRTZ`^ L`_ZYZXd LYO TYOP[PYOPY_ [ZbP] ZQ OPQTYT_TZY 1Z] PcLX[WP [`]P VYZbWPORP TY ±L«VL]Lv^ ^PY^P T^ ZQ ]PWL_TaPWd WT__WP aLW`P _Z MSLV_T TY bSTNS PXZ_TZYLW Q`^TZY T^ ^Z`RS_ /PaZ_TZYLW MSLV_T ^TYRTYR PWPaL_P^ ZYP _Z L ^[SP]P ZQ TXXPOTL_P ]PWL _TZY^ST[ bT_S 2ZO ,YO []PNT^PWd _ST^ `YXPOTL_PO NWZ^PYP^^ PYOZbPO ZYP bT_S L ^[T]T_`LW YZMTWT_d TYOP[PYOPYNP LYO ]PWTRTZ`^ ^PWQ

##!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

OP_P]XTYL_TZY 9Z PO`NL_TZY bL^ YPPOPO YZ ^_`Od ZQ >LY^V]T_ LYO YZ ]T_`LW^ z ZYWd L ^TYNP]P SPL]_ ?SP OPaZ_TZYLW aP]YLN`WL] ^ZYR[ZPX^ RLaP _SP ^ZNTLWWdOP[]TaPO L aZTNP 8LYd ZQ _SP NSL]T^XL_TN MSLV_T [Z P_^ ZQ >Z`_SP]Y LYO 9Z]_SP]Y 4YOTL bSZ ^LYR ZQ [P]^ZYLW RZO^ ^LR`©L MSLV_T  LYO LWW _SP 9Z]_SP]Y 4YOTLY >LY_^ bSZ Pc[]P^^PO WZaP QZ] _SP QPL_`]PWP^^ LYO YLXPWP^^ STRSP^_ 2ZO YT]R`©LMSLV_T TY _SPT] ^ZYR^ NLXP Q]ZX WZbP] ^ZNTLW ^_]L_L LYO ZQ_PY N]T_TNTePO _SP `YQLT] NL^_P ^d^ _PX _SP ]T_`LW ZQ _SP -]LSXTY ^[PNTLWT^_^ _SP Pc_]ZaP]^TZY ZQ P^_LM WT^SPO QZ]X^ ZQ ]PWTRTZY LYO _SP aLYT_d LYO OZRXL_T^X ZQ _SPT] ]P[]P ^PY_L_TaP^ BL^ YZ_ TYYP] L__PY_TZY LYO OPaZ_TZY _Z 2ZO TYQTYT_PWd XZ]P TX[Z]_LY_ _SLY LYd ]PWTRTZ`^ ^[PNTLWT^_^ LYO ^NSZWL]Wd VYZbWPORP L^ LWW _SP aP]YLN`WL] [ZP_^LTY_^ ^LTO* ,YO OTO YZ_ LWW _SP [PZ[WP NL]]d _SP WZaP QZ] _SP QPL_`]PWP^^ STRSP^_ -PTYR bT_STY _SPX^PWaP^ _S]Z`RS _SPT] WZYRTYR QZ] MWT^^ LYO TXXZ]_LWT_d* BL^ YZ_ 2ZO PaP]dbSP]P LYO TY PaP]d [P]^ZY* >Z bSL_ L`_SZ]TePO ^ZNTLW TYP\`LWT_TP^ LYO OZRXL_TN MZ`YOL]TP^ MP_bPPY 3TYO`T^X LYO 4^WLX* ,^VPO 6LM¯] bSZ bL^ ZYP ZQ _SP >LY_^ BP]P YZ_ ^[T]T_`LWT_d OTaTYP ^Z`YO LYO OTaTYP WTRS_ []P ^PY_ TY LWW ]PWTRTZY^* ,^VPO _SP =LOSL >ZLXT^ ZQ _SP -PL^ WTYP ?SP [Z[`WL]TeL_TZY ZQ _SP X`^TNLW 9£OL T^ _SP]PQZ]P YZ_ _Z MP NZYQZ`YOPO bT_S _]TaTLWTeL_TZY 4Y^_PLO T_ XPLY^ NZXX`YLWTeL_TZY LYO RPYP]LW [Z[` WL]T_d LYO _SP bTOP OT^^PXTYL_TZY ZQ ^TX[WP -SLULY^ LYO aP]YLN`WL] OPaZ_TZYLW ^ZYR^ 8LYd ZQ _SP^P ^ZYR^ bP]P ^P_ _Z X`^TN TY =£RL^ ?SP XZ]P QZWV^d -SLULY OTO YZ_ ]P\`T]P LYd WPYR_Sd _]LTYTYR WTVP NWL^^TNLW X`^TN OTO M`_ ZYWd []P^PYNP aZTNP LYO L ]PWL_TZY^ST[ bT_S 2ZO 3P]P _SP TYOTRPYZ`^ LP^_SP_TN STP]L]NSd MP_bPPY _SP [Z[`WL] QZWV X`^TN LYO _SP ^`MWTXP NWL^^TNLW X`^TN bL^ _`]YPO ZY T_^ SPLO /PaZ_TZYLW ^ZYR OT^^ZWaPO MZ`YOL]TP^ LYO STP]L]NSTP^ LYO ]LT^PO PaPY SL]^S N]T_TNT^X ZQ _SP ]PWTRTZ`^ LYO ^ZNTLW P^_LMWT^SXPY_ TY_Z _SP OTaTYP ^[SP]P  4Y ±£]«RLOPaLv^ XP_L[Sd^TNLW NZYNP[_TZY ZQ 9£OL-]LSXLY X`^TN SLO LW]PLOd MPPY PWPaL_PO _Z _SP OTaTYP ^[SP]P LYO _ST^ OPTQTNL_TZY bL^ TY_PY^TQTPO Md OPP[PYTYR LYO OPaPWZ[TYR _SP XLYd TY_P]_Pc_`LW ]PWL_TZY^ _SL_ ±£]«RLOPaL SLO LW]PLOd P^_LMWT^SPO TY X`^TNTLY^v NT]NWP^ TY OPaZ _TZYLWT^X TY [Z[`WL] OT^NZ`]^P LYO aL]TZ`^ ]PWTRTZ`^ _]LOT_TZY^ 5`^_ L^ R]LXXL] WPQ_ _SP NT]NWP^ ZQ ^NSZWL]Wd R]LXXL]TLY^ _SP 9£OL-]LSXLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :YP X`^_ YZ_ ]ZXLY_TNTeP _ST^ SZbPaP] LYO LW^Z _SP TY_P][]P_L_TZY ZQ w^ZNTLW []Z _P^_x bZ`WO MP ]P^_]TN_TYR MPNL`^P _SP ]PWTRTZ`^ L^[PN_ LWbLd^ ZNN`[TPO _SP NPY_P] R]Z`YO LYO _SP []Z_P^_ _ZZV ZY L VPd Q`YN_TZY []TXL]TWd QZ] ^PWQP^_PPX TYOTaTO`LW OTRYT_d LYO [P]^ZYLW TOPY_T_d 4_ OTO YZ_ SZbPaP] LW_P] _SP ^ZNTP_LW YZ]X^ z LYO OTO YZ_ PaPY LTX _Z OZ ^Z 4_ T^ _]`P _SL_ bT_STY _SP -SLV_T NZXX`YT_TP^ _SP NL^_P ]`WP^ bP]P NZXXZYWd ]PaZVPO M`_ _ST^ bL^ ^PWOZX ]PNZXXPYOPO QZ] _SP [`MWTN ^[SP]P :Y L ^XLWWP] ^NLWP ^ZNTLW WTQP bL^ PWPaL_PO -L^TNLWWd LYdZYP NZ`WO MP TYT_TL_PO TY_Z _SP -SLV_T NZXX`YT_TP^ bSTNS Z[PYPO `[ YPb ^ZNTLW ]PWL_TZY^ LYO ]PWTRTZ`^ Z[[Z]_`YT _TP^ _Z ^ZNTLWWd OT^LOaLY_LRPO R]Z`[^ 8Z]PZaP] L^ L ]`WP T_ bL^ LW^Z [Z^^TMWP _Z ^TYR -SLULY^ bT_SZ`_ TYT_TL_TZY LYO WZZ^P YP_bZ]V^ bP]P ^`QQTNTPY_ QZ] NZXX`YLWTeL_TZY

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

##"

LW^Z WPQ_ _SP PO`NL_PO NT]NWP^ ZQ X`^TNTLY^ 4Y OZTYR ^Z T_ WL]RPWd WZ^_ T_^ ^NSZWL]Wd L^^ZNTL_TZY^ LYO w\`Z_L_TZY^x ]PWL_TYR _Z PL]WTP] _]LOT_TZYLW PWPXPY_^ M`_ T_ LW^Z LN\`T]PO YPb wLYNTPY_x L^^ZNTL_TZY^ z PR _SP TOPY_TQTNL_TZY ZQ _SP 9£OL-]LSXLY bT_S _SP :¿ LYO _SP R]PL_ YLXP ZQ 2ZO L^ L bZYOP]Q`W bZ]WO XLOP ZQ WTRS_ LYO ^Z`YO Q`WW ZQ _SZ^P ^Z`YO^ _SL_ _SP LYNTPY_ DZRT^ SLO LW]PLOd Pc[P]TPYNPO

!"

.ZYQW`PYNP ZQ ?]LOT_TZY^ TY _SP 9£OL-]LSXLY LYO ?]LY^]PWTRTZ^T_d

?SP ST^_Z]d ZQ _SP 9£OL-]LSXLY SL^ YZ_ dP_ MPPY ]P^PL]NSPO 0cLXT YL_TZY ZQ ±£]«RLOPaL ]P[]P^PY_^ U`^_ _SP MPRTYYTYR ?SP QZWWZbTYR [P ]TZO ^SZ`WO MP RTaPY L X`NS NWZ^P] WZZV _SLY bP NLY `YOP]_LVP TY _ST^ MZZV >Z _SP _SP^P^ OPaPWZ[PO TY _SP QZWWZbTYR ^SZ`WO MP ^PPY L^ Sd [Z_SP^P^ _SL_ ]P\`T]P XZ]P TYaP^_TRL_TZY ?SP [STWZ^Z[STNLW Z]TRTY^ ZQ _SP 9£OL-]LSXLY Z`_WTYPO LMZaP WTVP _SP OPaZ_TZYLW _`]Y L]P NZ]P [L]_^ ZQ L QTPWO ZQ OT^NZ`]^P TY bSTNS _SP 9£OL-]LSXLY OPaPWZ[PO L^ L NZ^XTN ^Z`YO [P]aLOTYR _SP PY_T]P bZ]WO ?SP VPd L^[PN_ T^ _SL_ T_ OTO ^Z YZ_ ZYWd L^ L ^_]ZYR NZRYT_TaP TY_PWWPN_`LWWd ]PNPTaPO NZYNP[_ LYO LP^_SP_TN ^dXMZW M`_ LW^Z L^ L Xd_STNLW ^`M^_LYNP _SL_ NZ`WO MP Pc[P]TPYNPO TY LY PcT^_PY_TLW ^PY^Z]d XLYYP] P^[PNTLWWd TY X`^TN -]LSXLY A£N LYO 9£OL SLO LW]PLOd SLO NZ^XTN ]PWPaLYNP TY _SP []PaTZ`^ ST^_Z]d M`_ _SPT] Q`^TZY TY _SP 9£OL -]LSXLY ]PTQTPO TY X`^TN LYO _SPT] PY]TNSXPY_ _S]Z`RS OPaZ_TZY M]Z`RS_ LMZ`_ ^ZXP_STYR YPb _SL_ ZYP NZ`WO NLWW ^ZXL_TN LQQPN_TaP [L] _TNT[L_TZY TY _SP NZ^XZ^ Z] ^PY^Z]d Pc[P]TPYNP ZQ _SP `YT_d ZQ MPTYR [Z^_`WL_PO Md _SP [STWZ^Z[SP]^ ?SP _SPT^_TN aP]^TZY bL^ OPaZ_TZYLW Q`^TZY bT_S 2ZO ^PY^Z]d [P]NP[_TZY ZQ OTaTYP OPWTRS_ LYO [Sd^TNLW ^[T]T_`LW [L]_TNT[L_TZY TY _SP OPT_d _SP []TXZ]OTLW ^Z`]NP ZQ WTQP ?SP [STWZ^Z[STNLW LYO _SPZWZRTNLW ^_]PLX^ bSZ^P NZYQW`PYNP LWWZbPO MZ_S TY_P][]P_L_TZY^ `YT_L]d aT^TZY ZQ _SP NZ^XZ^ LYO WZaTYR [L]_TNT[L_TZY TY 2ZO bP]P RPYP]LWWd NWZ^PWd L^^ZNTL_PO bT_S []LN_TNP z XZ^_Wd XLY_]L []LN_TNP z bSP_SP] T_ bL^ APOTN DZRTN ?LY_]TN Z] OPaZ_TZYLW :aP]LWW L R]PL_ XLYd ^_]PLX^ QWZbPO TY_Z _SP 9£OL-]LSXLY LYO _SP `YOP]^_LYOTYR ZQ X`^TN P^[PNTLWWd XZYT^_TN _PYOPYNTP^ OPaZ_TZYLW T^X LYO RPYP]LW 4YOTLY [P]QZ]XLYNP N`W_`]P LYO L QZN`^ ZY _SP aZTNP LYO ^Z`YO 4Y _SP NL^P ZQ _SP wTYaPY_Z]x ZQ 9£OL-]LSXLY ±£]«RLOPaL T_ bL^ []TYNT[LWWd L MWPYOTYR ZQ LY @[LYT´LOTN TOPL ZQ -]LSXLY ±TaLT_TN 9£OL ^Z`YO NZ^XZWZRd -SL]_šSL]Tv^ ±LMOL-]LSXLY _SP LY NTPY_ TOPL ZQ A£N TP ZQ _SP aZTNP L^ _SP ^PL_ ZQ OTaTYT_d LYO DZRL `^PO XZ]P XP_L[SZ]TNLWWd QZ] WT^_PYTYR _Z X`^TN ?SP X`^TNLW 9£OL -]LSXLY N]PL_PO L YPb SZWT^X _SL_ NZ`WO MP Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ LYO bL^ NL[LMWP ZQ XLYd LYO aL]TPO NZYYPN_TZY^ MPNL`^P _SP

###

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

9£OL-]LSXLY WL_PY_Wd PYNZX[L^^PO XLYd _STYR^ Z] PW^P NZ`WO MP TY_P][]P_PO TY ]PWL_TZY _Z _SPX% _SP ,OaLT_LAPO£Y_TN YZYO`LW `YT_d ZQ PaP]d_STYR _SPT^X LYO OPaZ_TZYLWT^X XLY_]L []LN_TNP LYO ]T_`LW ]P XPXMP]LYNP ZQ OTaTYP YLXP^ TYOTRPYZ`^ _PLNSTYR ZQ LP^_SP_TN^ :¿ Xd^_TNT^X P^Z_P]TN DZRL _]LOT_TZY^ LYNTPY_ WTYR`T^_TN LYO Y`XP]TNLW ^[PN`WL_TZY^ _SP wZ_SP]bZ]WOWTYP^^ ZQ ^Z`YO^x LYO P^Z_P]TN LW[SLMP_ Xd^_TNT^X ?ST^ ]P^`W_PO TY L aP]d NZX[WPc Z[PYPYOPO `YT_d bT_S L OTaP]^P ]LYRP ZQ [Z_PY_TLW TY_P][]P_L_TZY^ LYO QZNT ^Z _SL_ X`^TN MPNLXP _SP XPOT`X ZQ OPWTaP]LYNP LYO LY TY^_]`XPY_ QZ] Q`]_SP]TYR VYZbWPORP ZQ NZ^XTN ZYPYP^^ L^ bPWW L^ L [Z_PY_ OPaZ_TZYLW XPLY^ ZQ _]LY^[Z]_ _Z 2ZO LYO L _]LTYTYR R]Z`YO TY bSTNS L STRSWd N`W_TaL_PO ^PY^P ZQ PXZ _TZYLW L_XZ^[SP]P^ NZ`WO MP OPaPWZ[PO ?SP 9£OL-]LSXLY MPNLXP QTWWPO bT_S [P]^ZYLW OPaZ_TZY bT_S wWZaP QZ] _SP QPL_`]PWP^^x _SP _]LY ^NPYOPY_LW wYLXPWP^^x LY£XT  bT_S LWW [Z^^TMWP _d[P^ ZQ SZWT^_TN ^Z`YO Pc[P]TPYNP Z] `YT_d bSTNS ZYP NZ`WO _`YP TY_Z aTL ^Z`YO DP_ _SP ST^_Z]d ZQ 9£OL-]LSXLY OTO YZ_ PYO bT_S X`^TN ?SP MWPYOTYR ZQ 9£OL LYO -]LSXLY TY _SP 9£OL-]LSXLY bL^ YZ_ ZYWd NZY _TY`PO Md XLYd X`^TNTLY^ M`_ LW^Z MPNLXP L _]PYO TYOP[PYOPY_ ZQ X` ^TN LYO R]Pb _Z ^`NS LY Pc_PY_ _SL_ bSPY ZYWd 9£OL bL^ XPY_TZYPO PR TY DZRTN WT_P]L_`]P ZYP TY^_LY_Wd _SZ`RS_ ZQ 9£OL-]LSXLY  4Y _SP [P]TZO _SL_ QZWWZbPO _SP aL]TZ`^ _]LOT_TZY^ _SL_ ±£]«RLOPaL `YT_PO TY _SP 9£OL-]LSXLY YZb ^L_`]L_PO bT_S _SP TOPL ZQ 9£OL-]LSXLY OP_LNSPO _SPX^PWaP^ LRLTY Q]ZX _SP X`^TNLW OT^NZ`]^P ,^ _SP 9£OL NZYNP[_ bL^ LW]PLOd QLXTWTL] TY _SP DZRL _]LOT_TZY LYO DZRTN TOPL^ ZQ 9£OL QWZbPO TY_Z _SP WL_P] @[LYT´LO^ LYO UZTYPO bT_S -]LSXLY LYO bT_S :¿ XPOT_L_TZY T_ bL^ PL^d QZ] _SP 9£OL-]LSXLY _Z MPNZXP L^ ^ZNTL_PO []TXL]TWd bT_S _SP DZRTN 9£OL LYO _SP bZ]WO ZQ TYYP] ^Z`YO^ LYO MP wSPL]Ox L`_ZXL_TNLWWd PaPY bSPY ZYWd 9£OL bL^ XPY_TZYPO 4Y XZ]P RPYP]LW _P]X^ _SP 9£OL-]LSXLY bL^ LMWP QZWWZbTYR _SP _]LOT _TZYLW PWPXPY_^ T_ NZXMTYPO _Z RPYP]L_P OTQQP]PY_ XZOPW^ ZQ TY_P][]P_L _TZY% X`^TNLW DZRTN ?LY_]TN XLY_]TN APO£Y_TN XP_L[Sd^TNLW L]_T^_T NLWWd LP^_SP_TN OPaZ_TZYLW Xd^_TN WTYR`T^_TNLWWd P^Z_P]TN LYO [SZYTNLWWd P^Z_P]TN LWW _SP bLd _Z XZOP]Y P^Z_P]TN XZOPW^ TY bSTNS YL_`]LW ^NTPYNP LYO ]PWTRTZY Q`^P ,_ LYd ]L_P _ST^ T^ _SP [TN_`]P bP ^PP _ZOLd LW_SZ`RS _SP ^T_`L_TZY T^ ^_TWW ^ZXPbSL_ XZ]P NZX[WPc MPNL`^P _SP OTXPY^TZY^ XPY_TZYPO LMZaP L]P LW^Z NL[LMWP ZQ XLYd OTQQP]TYR NZYYPN_TZY^ ?ST^ XLd Pc[WLTY bSd XLYd aP]d OTQQP]PY_ 9£OL-]LSXLY SZWT^X^ NLXP TY_Z MPTYR _SL_ Md OT^PY_LYRWTYR NP]_LTY L^[PN_^ ]P L]]LYRTYR _SPX TY_Z YPb QZ]X^ LYO PaPY LNN]`TYR YPb L^^ZNTL_TZY^ ^`NS L^ SPLWTYR ]P^_]`N_`]PO LYO ]PNZOPO _SP VYZbWPORP ZQ L NZ^XTN `YT_d TY ^Z`YO LYO TY X`^TN L^ bPWW L^ ]PNZOTYR _SP N`W_`]LW VYZbWPORP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,W^Z 2`d -PNV >ZYTN ?SPZWZRd .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S .L]ZWTYL $$

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

##$

NZYNP]YTYR _SP [ZbP] ZQ X`^TN _Z LWWZb Pc[P]TPYNP ZQ R]PL_ _]LY ^NPYOPYNTP^ 4Y _SP QZWWZbTYR _SZ^P OTXPY^TZY^ bTWW MP ^`XXL]TePO bSTNS MP NLXP XZ^_ PQQPN_TaP TY 4YOTL 3ZbPaP] L^ _SP TX[LN_ ZQ _SP 9£OL -]LSXLY bL^ YZ_ WTXT_PO _Z 3TYO`T^X M`_ ]L_SP] _SP NZYNP[_ bL^ OTQ Q`^PO LYO MPNLXP _]LY^]PWTRTZ`^ TY_P]YL_TZYLWTePO LYO [W`]LWTePO bP bTWW LW^Z NZY^TOP] _SP^P L^[PN_^ BP ^SZ`WO ^_L_P L_ _ST^ [ZTY_ _SL_ -P] PYO_v^ NZ^XZ[ZWT_TNLW XP_L[Sd^TN^ ZQ X`^TN bL^ YZ_ _SP ZYWd bLd _SL_ _SP 9£OL-]LSXLY [PYP_]L_PO Q`]_SP] TY_Z _SP BP^_ =L_SP] 4YOTLY R`]`^ SLO LW^Z L ^SL]P TY T_ 8Z]PZaP] >`QT LYO >TVS []LN_TNP^ LYO _SPT] TX[Z]_^ TY_Z _SP =LOSL >ZLXT XZaPXPY_ LW^Z MPWZYR _Z _SP ST^_Z]d ZQ OT^^ZWaTYR N`W_`]LW LYO ]PWTRTZ`^ MZ`YOL]TP^  BSL_ [PZ[WP OZ LYO Pc[P]TPYNP TY _SP ]T_`LW bL^ ZQ Q`YOLXPY_LW TX[Z]_LYNP QZ] _SP OPaPWZ[XPY_ LYO ]PNP[_TZY ZQ _SP 9£OL-]LSXLY TY 4YOTL ?SP w[ZbP] ]PWTRTZYx ZQ _SP PL]Wd ?LY_]T^_^ LYO _SP aT^TZY^ L`OT _Z]d Pc[P]TPYNP^ LYO [L]LYZ]XLW NL[LNT_TP^ _SPd ]P[Z]_PO [WLdPO TY_Z _SP 9£OL-]LSXLY NZYNP[_^ U`^_ L^ _SP OZXP^_TNL_PO XLY_]L ]T_P^ LYO XLY_]L NZY_PX[WL_TZY^ OTO DP_ PaPY TY T_^ TY_P]YLWTeL_TZY _SP 9£OL ]PXLTYPO ^ZXP_STYR _SL_ bL^ [P]NP[_TMWP aTL _SP ^PY^P^ LYO bL^ Pc[P]T PYNPO TY NZ]]PWL_TZY bT_S MZOd NPY_P]^ LYO SPL]_MPL_^ ±£]«RLOPaL SLO ^[ZVPY ZQ _bZ _d[P^ ZQ 9£OL XLYTQP^_ TY _SP MZOd _SP £SL_L w^_]`NVx TP L`OTMWP 9£OL LYO _SP LY£SL_L w`Y^_]`NVx 9£OL  >L«R¯_L =L_Y£VL]L 4 LYO OPNWL]PO WT^_PYTYR _Z X`^TN _SP L`OTMWP 9£OL T_^PWQ _Z MP L _d[P ZQ wDZRLx M`_ TY _SP XZOP]Y [P]TZO _SP 9£OL -]LSXLY T^ Q]P\`PY_Wd YZb QZ`YO ZYWd TY L^^ZNTL_TZY bT_S _SP TYL`OTMWP L^[PN_ aTM]L_TYR ^Z`YO bLaP^ Z] ^TWPYNP LYO _SP ^NSPXP QZ] TY_P][]P_L _TZY T^ YZ_ X`^TN M`_ TY^_PLO _SP DZRL _]LOT_TZY XLY_]L []LN_TNP Z] _SP [Z[`WL] ?LY_]L 4Y _ST^ NZY_Pc_ _SP aTM]L_TZY ZQ XLY_]L^ LYO _SP P^Z_P]TN TYYP] ^Z`YO^ MPNZXP _SP 9£OL-]LSXLY >TXTWL]Wd _SP TYL`OTMWP aT M]L_TYR 9£OL NLY LW^Z MP ^Z`RS_ TY X`^TN LYO RTaPY L DZRTN TY_P][]P_L _TZY MPNL`^P _SP L`OTMWP ]PLNSP^ TY_Z _SP TYL`OTMWP _S]Z`RS _SP ]P^Z YLYNP ZQ X`^TN TY _SP MZOd _SP TY^_]`XPY_ LYO _SP P_SP] ?SP DZRTN Xd^_TN ]PNP[_TZY ZQ X`^TN SL^ MZ_S L ^`MUPN_TaP LYO LY ZMUPN_TaP ^TOP 1Z] PcLX[WP ZYP ZQ -PNVv^ TY_P]aTPb [L]_YP]^ ^_]P^^PO _SL_ Pc_P]TZ] ^TYRTYR NZ]]P^[ZYOPO bT_S LY wTYYP] ^dX[L_SP_TN aTM]L_TZYx LYO _ST^ WL__P] bL^ _SP 9£OL-]LSXLY ?SP Z_SP] TY_P]aTPb [L]_YP] Md NZY_]L^_ QZ`YO _SP 9£OL-]LSXLY TY X`^TN T_^PWQ% LWW _SP YZ_P^ TY NWL^^TNLW X`^TN bP]P aL]TL_TZY^ ZY _SP 9£OL-]LSXLY Z] ZY :¿ 4Y _SP QT]^_ NL^P ^TYRTYR MPNZXP^ _SP VPd _Z OPaPWZ[TYR LbL]PYP^^ ZQ ZYPv^ ZbY OTaTYP YL_`]P LYO TY _SP ^PNZYO NWL^^TNLW X`^TN MPNZXP^ _SP VPd _Z OT^NZaP] TYR ^ZXP_STYR LMZ`_ _SP ^_]`N_`]P ZQ ]PLWT_d LYO _Z Pc[P]TPYNTYR [W`]LW T_d TY `YT_d :YP XLd ^`[[Z^P _SL_ QZ] ±£]«RLOPaL STX^PWQ MZ_S OTXPY ^TZY^ bP]P LW^Z _SP wOPP[P]x XPLYTYR ZQ OPNWL]TYR X`^TN _Z MP LY

#$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

LR]PPLMWP QZ]X ZQ DZRL 3ZbPaP] SP bL^ _STYVTYR XZ]P ZQ PXZ_TZYLW ]P^ZYLYNP^ _]LY^NPYOPYNd ZQ _SP ^PWQ LYO Wd^T^ _SLY ZQ aTM]L_TZY^ TY _SP MZOd 8Z]P NZYRPYTLW _Z STX bZ`WO SLaP MPPY ?d£RL]£ULv^ X`^TNLW 9£OLDZRL _SL_ []ZaTOPO OT]PN_ LNNP^^ _Z -]LSXLY MWT^^  , Q`]_SP] ^_]ZYR QPL_`]P TY _SP QZ]XL_TZY ZQ 9£OL-]LSXLY L^ bPWW L^ _SP ST^_Z]d ZQ T_^ ]PNP[_TZY bL^ _SP ,OaLT_LAPO£Y_L ?SP Pc [P]TPYNP ZQ `YT_d LYO LM`YOLYNP _SL_ T_ ZQQP]PO OT^^ZWaPO _SP 9£OL TY _SP aZTNPWP^^ LYO ^Z`YOWP^^ ^TWPYNP ZQ [`]P []P^PYNP LYO ZMUPN_WP^^ LbL]PYP^^ LYO _ST^ LQQPN_PO _SP 9£OL-]LSXLY bT_S LWW _SP NZYYZ_L_TZY^ [PN`WTL] _Z _SP ,OaLT_LAPO£Y_L _]LOT_TZY ±£]«RLOPaLv^ NZXXPY_L_Z]^ ^`[[Z]_PO _ST^ APO£Y_L L^[PN_ M`_ _SPd bP]P YZ_ LMWP _Z [Z[`WL]TeP _SPT] OPXd_SZWZRTeTYR LM^_]LN_TZY ZQ _SP NZ^XTN ^Z`YO ?SP ^PY^Z]d LYO ^`M^_LY_TLW 9£OL-]LSXLY TY X`^TN LYO OPaZ_TZY bL^ XZ]P [ZbP] Q`W _SLY _SP XP_L[SZ]TNLW 9£OL-]LSXLY ZQ _SP APO£Y_L bSTNS bL^ ]ZMMPO ZQ T_^ aZTNP LYO T_^ MZOd ?SP ^STQ_ ]PQWPN_^ []ZNP^^P^ ZQ YPRZ_TL _TZY ZQ PXLYNT[L_Z]d LYO [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY^ LYO LW_P]YL _TaP^ ZQ XPLYTYR% WLYR`LRP aP]^`^ ^Z`YO ^PXLY_TN^ aP]^`^ Pc[]P^^TaT_d ]L_TZYLW LM^_]LN_TZY aP]^`^ MZOdXTYOSZWT^X NZYNP[_`LW _SZ`RS_ aP] ^`^ QPPWTYR LYO ^TWPYNP aP]^`^ aTM]L_TZY ?SP \`P^_TZY ZQ bSTNS bL^ NWZ^P] _Z _SP YZYO`LW NZY^NTZ`^YP^^ bL^ LY^bP]PO TY OTQQP]PY_ bLd^ TY _SP aL]TZ`^ OT^NZ`]^P bZ]WO^ ZQ >LY^V]T_ 3TYO`T^X DP_ _SP OTNSZ_Z XTP^ bP]P ]L]PWd [WLdPO Z`_ L^ ]TRZ]Z`^Wd L^ _SPd L]P NL_PRZ]TePO SP]P ?SPd ]L_SP] _PYOPO _Z XLYTQP^_ _SPX^PWaP^ TY L ]LYRP ZQ XTcPO QZ]X^ ?ST^ T^ LW^Z _]`P ZQ _SP `YOP]^_LYOTYR ZQ X`^TN TY bSTNS _SP APO£Y_L L^ TYaT^TMWP R]Z`YO[WLY ]PXLTYPO aP]d [ZbP]Q`W =ZYLWO 6`]_ T^ []ZMLMWd NZ]]PN_ _Z _]LNP _SP w]PQP]PYNP _Z _SP [`]TQdTYR [ZbP] ZQ _SP =LRL LYO _SP ^PWQWP^^ w4WP^^x MPTYR ZYP bT_S 2ZOx ZQ X`^TNTLY^ ^ZNTLWTePO TY 4YOTL _Z _SP -]LSXLY _PLNSTYR LYO L XZYT^_TN bZ]WOaTPb  3ZbPaP] TY 4YOTLY ]PWTRTZ`^ ST^_Z]d _SP]P L]P aL]dTYR LY^bP]^ _Z SZb YZYO`LWT_d LYO NZ^XTN bSZWPYP^^ NLY MP Pc[P]TPYNPO LYO _SP APO£Y_L bL^ YZ_ _SP ZYWd aP]^TZY ZQ XZYT^X _Z QWZb TY_Z X`^TN []LN_TNP ?SP X`^TNLW 9£OL RPYP]L_PO L OTQQP]PY_ \`LWT_d ZQ Pc[P]TPYNP ZQ wPRZWP^^YP^^x _SLY OTO ±L«VL]Lv^ _L_ _aLX L^T  bSTNS NLY MP MP__P] `YOP]^_ZZO TY _P]X^ ZQ LP^ _SP_TN^ LYO OPaZ_TZYLWT^X _SLY TY _P]X^ ZQ [`]P APO£Y_L  4YOTLY LP^_SP_TN _SPZ]d ZQQP]PO L _SPZWZRTNLWWd TYOP[PYOPY_ aL]TL _TZY ZQ WZ^TYR ZYP^PWQ LYO ^PWQ_]LY^NPYOPYNP ±L]«RPOPaL bL^ []P ^`XLMWd LW]PLOd TYQW`PYNPO _Z L R]PL_P] Z] WP^^P] OPR]PP Md ,MST YLaLR`[_Lv^ ]L^L LP^_SP_TN^ ?SP LP^_SP_TNTeL_TZY ZQ _SP 9£OL-]LSXLY LYO Pc_PY^TaP WZLOTYR ZQ X`^TNLW []LN_TNP bT_S TOPL^ Q]ZX LP^_SP_TN _SPZ]d bP]P SZbPaP] []ZMLMWd WL_P] []ZNP^^P^ _SL_ LNNZX[LYTPO _SP TYN]PL^TYR ]PQTYPXPY_ ZQ X`^TN :YP XLd ^`[[Z^P _SP PcT^_PYNP ZQ L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  6`]_ 4YOTPY `YO 0`]Z[L   

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#$

NZY_TY``X MP_bPPY _SP X`_`LWWd TYQW`PYNTYR OPaPWZ[XPY_ TY X`^TN _SP N`W_`]P ZQ L]_WZaP]^ L_ NZ`]_ _SP LP^_SP_TNTeL_TZY LYO ^`MWTXL_TZY ZQ PXZ_TZY^ LYO _SP LP^_SP_TNTeL_TZY LYO PXZ_TZYLWTeL_TZY ZQ ]PWTRTZY ?ST^ PXZ_TZYLWTeL_TZY TY_PY^TQTPO L^ OPaZ_TZYLWT^X TYN]PL^TYRWd ]P [WLNPO _SP ?LY_]L L^ _SP [LY4YOTLY XLTY^_]PLX ]PWTRTZY Q]ZX _SP _S NPY_`]d ZYbL]O^ ?SP ^ZNTZ[ZWT_TNLW ^PLNSLYRP^ _SL_ M]Z`RS_ 8`^WTX ]`WP LYO _SP []P^PYNP ZQ [PZ[WP ZQ _SP 4^WLXTN QLT_S TY 9Z]_SP]Y 4YOTL NL`^PO Q]TN_TZY LYO TY_P]LN_TZY _SL_ MZ_S WPO _Z YPb QZ]X^ TY ]PWTRTZY LYO L]_ :YP NLY ^[PN`WL_P _SL_ PaPY TY ±£]«RLOPaLv^ _TXP TY _SP /PN NLY _SP D£OLaL ]`WP]^v TY_PY^TaP [L_]ZYLRP ZQ >LY^V]T_ N`W_`]P bL^ L ]PLN_TZY _Z WZZXTYR 8`^WTX ]`WP ZYWd " dPL]^ LQ_P] >T«RSL©Lv^ OPL_S LYO  dPL]^ LQ_P] _SP ]PTRY ZQ >TÀSLWL 44 8`^WTX^ ]P[WLNPO _SP TYOTRP YZ`^ D£OLaL ]`WP ±£]«RLOPaLv^ NZWWPN_TYR LYO ^d^_PXL_TeTYR LN_TaT_TP^ XTRS_ MP TY_P][]P_PO L^ LY LN_ ZQ w[]P^P]aL_TZYx ZQ _SP N`W_`]LW SP]T_LRP LYO _SP 9£OL-]LSXLY L^ N`W_`]LW TOPY_T_d XL]VTYR .Z`]_ N`W_`]P LYO ]ZdLW ^[ZY^Z]TYR bP]P aT_LW QZ] NWL^^TNLW 4YOTLY X`^TN _Z OPaPWZ[ LYO 8`^WTX []P^PYNP ZYP ZQ _SP O]TaTYR QZ]NP^ ?SP QZ]X^ ZQ NZY_LN_ MP _bPPY 8`^WTX LYO 3TYO` ]`WP]^ LYO 4^WLXTN LYO 3TYO`T^_TN _]LOT_TZY^ bP]P Pc[]P^^PO YZ_ ZYWd TY aTZWPYNP LYO OP^_]`N_TZY M`_ LW^Z TY N`W_`]LW PcNSLYRP LYO TY^[T]L_TZY 4Y LOOT_TZY _Z YPb LYO TY_PY^TQTPO QZ]X^ ZQ _SP WZaP ZQ 2ZO NZY_LN_ bT_S ;P]^TLY ,]LM X`^TN M]Z`RS_ LMZ`_ L QTWT R]PP ]PQTYPXPY_ TY 9Z]_SP]Y 4YOTLY X`^TN VYZbY L^ _SP 3TYO`^_LYT ^_dWP _ZOLd 0aPY TY _SP >Z`_S bSTNS SLO WP^^ NZY_LN_ bT_S _SP 8`^WTX^ _SP _PNSYTNLW OPaPWZ[XPY_ ZQ .L]YL_TN X`^TN PR _SP 8PWLVL]_£ ^d^_PX OT^N`^^PO MPWZb bL^ _Z ^ZXP Pc_PY_ _SP []ZO`N_ ZQ _SP R]PL_P] NZY_LN_ bT_S 4^WLX ^TYNP _SP ATULdLYLRL]L ]`WP _Sz!_S NPY_ 8Z]PZaP] ?d£RL]£ULv^ `YOP]^_LYOTYR ZQ =£XL L^ w;L]L -]LSXLYx bL^ WTVPWd TY ^[T]PO Md OPaPWZ[XPY_^ TY 9Z]_SP]Y 4YOTL bSP]P =£X SLO MPNZXP L _P]X QZ] _SP ,M^ZW`_P 2ZO ^TYNP _SP  _S NPY_`]d LYO bSP]P _SP >LY_^ _SP wSZWd [PZ[WPx [Z[`WL]TePO L _SPZWZRd ZQ w_SP 9LXPWP^^ :YPx LY£XT LYO _SP 9T]R`©L-SLV_T TP WZaP QZ] _SP _]LY^NPYOPY_ QPL_`]P WP^^ 2ZO 4_ T^ [Z^^TMWP _Z Pc[WLTY _SP N`W_TaL_TZY ZQ TY_P]TZ]T_d LYO _]LY^NPYOPYNd TY ]PWTRTZY LYO X`^TN L_ WPL^_ TY [L]_ Md _SP Md YZ XPLY^ ZYWd YPRL_TaP NZY_LN_^ bT_S 4^WLX []TXL]TWd _SZ^P bT_S >`QT^X DP_ T_ bZ`WO MP _ZZ ^TX[WP _Z _]LNP _SP ^[]PLO ZQ MSLV_T MLNV ^ZWPWd _Z _SP []P^PYNP ZQ 4^WLX MPNL`^P T_ LN_`LWWd MPRTY^ ^PaP]LW NPY_`]TP^ PL]WTP] -SLV_T _]LOT_TZY^ QZ]X L XLUZ] L]PL ZQ ]PWTRTZ`^ WTQP L_ _SP WL_P^_ ^TYNP _SPT] QT]^_ _SPZWZRTNLW QZ]X`WL_TZY TY _SP -SLRLaLOR¯_£ ^_ _Z YO NPY_ -. -P_bPPY _SP ^Tc_S LYO YTY_S NPY_`]TP^ WZaP QZ] 2ZO bL^ L NPY_]LW _Z[TN TY [ZP_]d RTaTYR OPaZ_TZY YPb [ZP_TN LYO LP^_SP_TN P]Z_TN QZ]X^ :YP ^PXTYLW >LY^V]T_ bZ]V ZQ STRSWd PXZ_TZYLW MSLV_T bL^ _SP -S£RL aL_L;`]£©L $_S NPY_ _SL_ MZ`YO _SP QZWV^d [L^_Z]LW 6š´©L [TP_d TY_Z _SP PWT_P >LY^V]T_ ^_]PLX LYO LP^_SP_TNTePO T_ Md XPLY^ ZQ ]L^L [ZP_TN^

#$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

:YP ^SZ`WO LW^Z ]PXPXMP] _SL_ OPaZ_TZY LYO ]PWTRTZ`^ ^ZYR[ZPX^ ZQ _PY NLXP wQ]ZX _SP MZ__ZX `[x LYO ]PQWPN_PO [Z[`WL] ]PWTRTZY =L^L LP^_SP_TN^ bL^ L VPd QLN_Z] QZ] LOZ[_TZY Md _SP QTYP NZ`]_ N`W_`]P LYO _SP PXZ_TZYLW XZZO wP]Z_TNT^Xx TY [L]_TN`WL] bL^ _SP VPd _SL_ LWWZbPO OPaZ_TZYLWT^X _Z QTYO T_^ bLd TY_Z _SP NZ`]_^  :Y _SP Z_SP] SLYO bSPY ^[PLVTYR ZQ ]L^L ZYP X`^_ YZ_ QZ]RP_ _SL_ AT´©`T_TN _SPZWZRd _`]YPO OPaZ_TZY TY_Z _SP XZ^_ TX[Z]_LY_ ]L^L ?SP ALT´©LaLT_P^ OPaPWZ[PO L NWL^^TQTNL_TZY ZQ OPaZ_TZYLW XZZO^ _SL_ QZWWZbPO _SP ]L^L _SPZ]d LYO _`]YPO 6¯]_LY ^TYRTYR TY_Z L XLUZ] ]PWTRTZ`^ []LN_TNP  4_ ^PPX^ _Z MP XZ^_ OPNT^TaP QZ] _SP 4YOTLY OPaPWZ[XPY_ _SL_ _SP X`^TNLW _SPZ]T^_^ NZX[Z^P]^ LYO [P]QZ]XTYR L]_T^_^ TYOPPO ]PWL_PO _SP 9£OL-]LSXLY bT_S LWW _SP ZWOP] _]LOT_TZYLW PWPXPY_^ XPY_TZYPO M`_ QTWWPO _SPT] X`^TNLW 9£OL []TXL]TWd bT_S _SP MSLV_T OPaZ_TZY LYO WTYVPO OPaZ_TZYLW Wd^T^ bT_S DZRTN LM^Z][_TZY ?ST^ bL^ Q`YOLXPY_LW 4_ LW WZbPO _SP 9£OL LYO X`^TN TY [L]_TN`WL] _Z MP _]LY^QP]]PO _Z LYd _d[P ZQ Wd^T^ LYO PaZVP LM^Z][_TZY Pc[P]TPYNP^ ZQ LYd _d[P MP _SPd DZRTN _]LYNP LYO NZ^XTN YZYO`LWT_d Z] w_`YTYRx TY_Z _SP RZOOP^^ 6š´©L =£XL Z] TY_Z _SP YZY[P]^ZYLW -]LSXLY LYO _SP _]LY^NPYOPY_LW ZXYT []P^PY_ wYLXPWP^^x RZOSPLO ,Y£XT   8`^TN bL^ _SP]PQZ]P S`RPWd TX[Z]_LY_ TY LWW _SP ^SLOP^ ZQ MSLV_T LYO _SP 9£OL-]LSXLY bL^ L NZOP QZ] OPaZ_TZYLW Q`^TZY ?ST^ NSLYRPO _SP wRP^_`]Px TY ]PWL_TYR _Z T_ ?SP X`^TN _SPZ]T^_^v 9£OL-]LSXLY bL^ ^_TWW QTWWPO bT_S ^PXTZ_TNTeL_TZY ZQ ]PLWT_d _SP bSZWP bZ]WO T^ ^Z`YO LYO LWW _SP RZO^ L]P ^Z`YO QZ]X^ 4Y _SP ]PWTRTZ`^ []LN_TNP ZQ OPaZ_TZYLW ^TYRTYR LYO X`^TNXLVTYR ^PXLY_TN^ bL^ ]PO`NPO LYO QWZZOPO bT_S PXZ_TZYLW TY_PY^T_d TXXPOTL_P ]PWL_TZY^ST[ bT_S 2ZO LYO QL]]PLNSTYR ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  5LdLOPaLv^ 2¯_£2ZaTYOL PYO ZQ _SP _S NPY_ bL^ NWPL]Wd TY_PR]L_PO TY_Z _SP NZ`]_ N`W_`]P MPTYR L ]L^L LP^_SP_TN >LY^V]T_ bZ]V ZY _SP X`_`LW [L^^TZYL_P WZaP ZQ =£OS£ LYO 6š´©L LYO _SP ]LYRP ZQ P]Z_TN XZZO^ WZYRTYR ^P[L]L_TZY `YTQTNL_TZY _STYVTYR ZQ _SP WZaPO ZYP ]P`YTQTNL_TZY P_N _SL_ []P^`XLMWd L]Z^P L_ _SP NZ`]_ ZQ 6TYR 7LV´XL©L^PYL TY -PYRLW 4_ NZ`WO MP ]PLO MZ_S L^ L []ZQLYP WZaP [ZPX LYO L^ ]PWT RTZ`^ WT_P]L_`]P ,NNZ]OTYR _Z 7PP >TPRPW >LN]PO LYO ;]ZQLYP /TXPY^TZY^ ZQ 7ZaP TY 4YOTLY ?]LOT_TZY^ L^ 0cPX[WTQTPO TY ?SP 2¯_LRZaTYOL ZQ 5LdLOPaL -ZXMLd% :cQZ]O @YTaP]^T_d ;]P^^ $$ Z]TRTYLW $"# ! T_ bL^ b]T__PY QZ] w_SP NZ`]_TP] _SP XLY ZQ _L^P LYO [P]SL[^ _SP L]OPY_ OPaZ_PPx TY L _TXP bSPY >LY^V]T_ TY -PYRLW Pc[P]T PYNPO L ]PaTaLW TMTO  ?SP bZ]V MPNLXP [Z[`WL] _S]Z`RSZ`_ 4YOTL P^[PNTLWWd TY -PYRLW :]T^^L 2`UL]L_ 8LSL]L^S_]L LYO -TSL] TMTO $ M`_ ZYWd LNNP^^TMWP _Z _SP wNZXXZY XLY _SP SZ`^PSZWOP] QL]XP] LYO ^P]aLY_x TMTO ! _S]Z`RS aP]YLN`WL] WPRPYO^ TY _SP PL]Wd "_S NPY_`]d ?SP ^ZYR^ bP]P ^`YR TY _SP _PX[WP^ TY ;`]¯ Q]ZX _SP !_S NPY_`]d ZYbL]O^ TMTO $ LYO _SP bZ]V QZ`YO bTOP^[]PLO `^P TY ]PWTRTZ`^ [Z[`WL] N`W_`]P _S]Z`RS ]PNT_L_TZY ^ZYR LYO YZ_ ZYWd NWL^^TNLW OLYNP^ ,_ LMZ`_ _ST^ _TXP  _S _Z !_S NPY_ bP LW^Z QTYO _SP Xd^_TN TY_P][]P_L_TZY LYO ]L^L P]Z_TN TY_PY^T QTNL_TZY ZQ _SP MSLV_T ZQ _SP -S£RLaL_LX LYO 6š´©Lv^ [L^_Z]LW wRLXP^x TY _SP b]T_TYR^ ZQ -PYRLWT _SPZWZRTLY^ NZXXPY_L_Z]^ LYO PN^_L_TN^ bSZ^P _PLNSTYR^ LYO PXZ_TZYLW LYO PN^_L_TN ]PWTRTZY TYQW`PYNPO _SP WL_P] 3L]P6]T^SYL XZaPXPY_

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#$

Z] PaPY NZX[WP_P ^[PPNSWP^^YP^^ ?SP R`TOTYR TXLRP T^ YZ_ _SP OT^NT [WTYPO LYO L]_T^_TNLWWd _]LTYPO X`^TNTLY M`_ OPaZ_PO MSLV_T NSLY_TYR _SL_ PaP]dZYP NLY UZTY TY ?SP XZ^_ ^TX[WP ^ZYR T^ PYZ`RS _Z TYaZVP _SP QPPWTYR _SL_ _SP OPT_d T^ R]PL_ LYO bZYOP]Q`W _SL_ T_ T^ []P^PY_ SP]P LYO YZb _S]Z`RS ^ZYR OPWTaP]^ [ZbP] LYO []Z_PN_TZY LYO O]Lb^ S`XLY MPTYR^ TY_Z T_^ OTaTYP ^[SP]P ^Z _Z ^[PLV ,^ TYaP^_TRL_TZY^ ^SZb T_ T^ YZ_ ZYWd NWL^^TNLW X`^TN _SL_ TX[L]_^ w[PLNP ZQ XTYOx M`_ ^Z OZ ^TX[WP MSLV_T ^ZYR^ MSLULY  3P]P X`^TNLW Wd^T^ MPNZXP^ L_ _SP ^LXP _TXP LY TY_PR]L_TaP LYO NZWWPN_TaP NZXXZY Pc[P]TPYNP LYO XZ^_ ZMaTZ`^Wd OPaPWZ[^ ^ZNTLW PQQP]aP^NPYNP ?SP QTaP [ZTY_^ Z`_WTYPO LMZaP ZYP NZ`WO [Z^^TMWd LOO PaPY XZ]P XLVP T_ NWPL] U`^_ SZb NZX[WPc _SP QTPWO ZQ OT^NZ`]^P T^ _SL_ ^`]]Z`YO^ _SP 9£OL-]LSXLY LYO _SL_ _SP YZYO`LW [STWZ^Z[Sd T^ Pc[LYOPO Md _SP LOOT_TZY ZQ ^_]ZYR LP^_SP_TN [P]QZ]XL_TaP P^Z_P]TN LYO OPaZ_TZYLW L^ [PN_^ 4Y LWW _SP [ZTY_^ XPY_TZYPO _SP R`TOTYR N`W_`]LW TXLRP T^ wQ` ^TZYx TP _SP ,OaLT_L TOPLW ZQ wZYP bT_SZ`_ L ^PNZYOx 8`^TN SL^ L ^[PNTLW [ZbP] _Z M]TYR LMZ`_ _ST^ LYO []ZXZ_P PN^_L_TN ^_L_P^ LYO _SP OT^^ZW`_TZY ZQ aL]TZ`^ _d[P^ ZQ MZ`YOL]TP^ 8`^TN TY 4YOTL _SP]PQZ]P L^ TY Z_SP] N`W_`]P^ OTO YZ_ LWbLd^ RZ `YNSLWWPYRPO M`_ TY 9£OL OPaZ _TZYLWT^X TY bSTNS _SP w[PLNPQ`W XZZOx [WLdPO L XLUZ] ]ZWP X`^TN WZ^_ T_^ WTXTYLW NSL]LN_P] 4Y _ST^ bLd _SP 9£OL-]LSXLY MPNLXP L RWZMLW NZYYZ_L_P MZ_S QZ] _SP `YT_d ZQ MPTYR LYO OPaZ_TZYLW [L]_TNT[L_TZY TY _SP OTaTYP ?SP OPR]PP ZQ [L]_TNT[L_TZY T^ STRS TY MZ_S 4Y _SP X`^TNLW 9£OL -]LSXLY `YT_d ZQ MPTYR NZYYZ_P^ ^PY^PO [L]_TNT[L_TZY TY _SP NZ^XZ^ 4Y _SP OPaZ_TZYLW _`]Y ^ZYR RPYP]L_P^ L QPPWTYR ZQ ^PN`]T_d TY _SP OTaTYP BSL_ WTYV^ _SP _bZ L]P Pc[P]TPY_TLW OTXPY^TZY^ ZQ SL[[TYP^^ [PLNP LYO TXXP]^TZY TY _SP Pc[P]TPYNP ZQ X`^TN 0aPY ±£]«RLOPaL bL^ LW]PLOd TY_P]P^_PO TY X`^TNv^ PQQTNLNd TY M]TYRTYR UZd LYO OPWTaP]LYNP 3T^ TYT_TLW aP]^P NZ`WO MP TY_P][]P_PO MZ_S OPaZ_TZYLWWd LYO X`^TNZWZRTNLWWd -`_ _ST^ bL^ ZYWd _SP MPRTYYTYR ZQ L ^ZXPbSL_ Z[L\`P NL]PP] TY bSTNS _SP 9£OL-]LSXLY OP[L]_PO Q]ZX X`^TNTLY^v NT]NWP^ LYO MPNLXP TYOP[PYOPY_ LYO [W`]LWTePO ±£]«RLOPaLv^ 9£OL-]LSXLY OPaPWZ[PO TY_Z L [SPYZXPYZY ^[LYYTYR XZ]P _SLY ZYP _]LOT_TZY ]PWTRTZY LYO N`W_`]P XZaTYR LbLd _Z L R]PL_P] Z] WP^^P] Pc_PY_ Q]ZX _SP Z]TRTYLW X`^TNZWZRTNLW NZY_Pc_ LYO QWZbTYR MLNV TY_Z _SP DZRTN LYO ?LY_]TN bZ]WO Q]ZX bSTNS _SP 9£OL NZYNP[_ SLO MPPY LOZ[_PO BSL_ T^ NLWWPO 9£OL-]LSXLY _ZOLd TYNW`OP^ aL]TZ`^ TY_P][]P_L_TZY XZOPW^ LYO \`LWT_TP^ ZQ Pc[P]TPYNP M`_ LN_`LWWd LWXZ^_ LWbLd^ NWLTX^ _Z OPP[P] VYZbWPORP Pc_]LZ]OTYL]d Pc[P]TPYNP LYO L [LYPY_SPT^_TN bZ]WOaTPb ?SP X`^TNLW Pc[P]_ ±£]«RLOPaL LW]PLOd SPWO ^`NS L aTPb M`_ _SP XZOP]Y LOL[_L_TZY^ OZ YZ_ YPNP^^L]TWd ]PQWPN_ bSL_ SP L^^ZNTL_PO bT_S _SP 9£OL-]LSXLY , WZ_ ZQ _STYR^ bP]P ]PWL _TaPWd PL^d _Z L^^ZNTL_P bT_S ST^ M]TWWTLY_ YPb N]PL_TZY BSPY T_ NZXP^

#$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_Z _SP XZ]P ]PNPY_ ST^_Z]d ZQ PQQTNLNd QZ`] L^[PN_^ MPNLXP [L]LOTR XL_TN LWZYR^TOP OPaZ_TZYLWTeL_TZY% _]LY^]PWTRTZ^T_d DZRTQTNL_TZY LYO _]LY^YL_TZYLWTeL_TZY LYO L _]LY^QZ]XL_TZY ZQ _SP 9£OL-]LSXLY TY LWW _SP^P NZY_Pc_^ BP QTYO T_ [L]_TN`WL]Wd TY_P]P^_TYR _SL_ _SP 9£OL-]LSXLY z bSTNS LW]PLOd TY ±L]«RLOPaL NZY_LTYPO L WL_PY_ _]LY^]PWTRTZ^T_d MPNL`^P T_ LM^Z]MPO XLYd 3TYO` _]LOT_TZY^ z Z[PYPO `[ L QTPWO _SL_ L__]LN_PO XZ]P QZ]X^ ZQ _]LY^]PWTRTZ^T_d TY^[T]PO _SPX LOZ[_PO _SPX LYO bL^ ZaP] WL[[PO Md _SPX Z] PY_P]PO TY_Z L XZ]P Z] WP^^ YZY_]LY^[L]PY_ NZY_TY ``X bT_S _SPX 3P]P ZYP ^SZ`WO `YOP]^_LYO _]LY^]PWTRTZ^T_d L^ L NZY ^NTZ`^ Q`^TZY LYO _]LY^NPYOTYR ZQ _]LOT_TZYLW ]PWTRTZ`^ MZ`YOL]TP^ ?ST^ ]PWTRTZ`^ ^_dWP SL^ LYNTPY_ ]ZZ_^ TY 4YOTL LYO bL^ L RZZO ^_]L_PRd QZ] [P]NPTaTYR L OPP[P] `YT_d TY _SP ]PLW ]PWTRTZ`^ OTaP]^T_d ^`NS L^ ^PPTYR LWW _SP APOTN RZO^ _SLY wZYWd _SP :YPx L^ T_ ^Ld^ TY _SP ‹RaPOL  Z] _SP XLYd RZOOP^^P^ L^ XLYTQP^_L_TZY^ ZQ _SP ZYP ±LV_T P_N ?SP 9£OL -]LSXLY ]PTYQZ]NPO LYO TY_PY^TQTPO _ST^ _PYOPYNd L^ LW]PLOd MPNLXP NWPL] TY ?d£RL]£ULv^ OT^N`^^TZY "_S NPY_ DP_ ?d£RL]£ULv^ TY_PY^TQTPO >X£]_L _]LY^N`W_`]P LYO ST^ PN`XPYTNLW 9£XL^TOOS£Y_L bP]P YPT_SP] _SP QT]^_ YZ] _SP WL^_ PcLX[WP ZQ _ST^ _PYOPYNd ?SPd L[[PL] LM^ZW`_PWd SL]XWP^^ LYO _]LOT_TZYLWT^_TN bSPY NZX[L]PO bT_S _SP _]LY^]PWTRTZ^T_d ZQ _SP 9Z]_SP]Y 4YOTLY >LY_^  _S NPY_ LYO _SPT] XL]VPO 9T]R`©L-SLV_T QZ] _SP w9LXPWP^^ :YPx _SL_ TYNW`OPO 4^WLX LYO L_ _SP ^LXP _TXP bPY_ MPdZYO T_ ?SP 8`^WTX bPLaP] 6LM¯] bL^ _SP XZ^_ []ZXTYPY_ ]P[]P ^PY_L_TaP ZQ _SP >LY_ XZaPXPY_ bSTNS OTO YZ_ LNNP[_ _]LOT_TZYLW ]PWT RTZ`^ MZ`YOL]TP^ LYO bSPY 6LM¯] OTPO MZ_S 3TYO`^ LYO 8`^WTX^ NWLTXPO STX L^ _SPT] ^LTY_ ?SP _]LY^T_TZY Q]ZX _SP >LY_^ _Z bSL_ bL^ WL_P] NLWWPO >TVST^X T^ ^PLXWP^^ LYO QW`TO ?SP >TVS []LN_TNP^ Q]ZX _SP  _S NPY_ Q`^PO 4^WLX LYO 3TYO`T^X RLaP ^ZYR LYO NZY_PX[WL_TZY ZQ _SP R]PL_YP^^ LYO ^bPP_YP^^ ZQ _SP OTaTYP YLXP _Z[ []TZ]T_d TY ]PWTRTZ`^ []LN_TNP LYO NPY_P]PO ZY _SP _]LY^NPYOPYNd _SP wQPL_`]PWP^^x LYO wYLXPWP^^x 2ZO >TXTWL] _Z _SP 3TYO` MSLV_T [L]LWWPW^ _SP QTQ_S >TVS R`]` ,]ULY  #z!! bSZ NZX[TWPO _SP 2`]`2]LY_S ¢OT 2]LY_S  _L`RS_ _SL_ _ST^ []LN_TNP WPO _Z UZd SPLaPYWd MWT^^ TYYP] [PLNP LYO OP WTaP]LYNP MPNL`^P 2ZO bL^ TXXPOTL_PWd []P^PY_ TY _SP ^`YR YLXP ?SP QT]^_ ^_LYeL ZQ _SP ¢OT 2]LY_S TY_P][]P_^ _SP L[P]^ZYLW 3TYO` ^dWWLMWP :¿ L^ _SP SZWd w9LXPx  Y£X  Z] wBZ]Ox ²LMO  ZQ _SP ZYP ^`[]PXP [P]^ZYLW 2ZO bSZ T^ _SP N]PL_Z] ZQ _SP `YTaP]^P PVZÀV£]  ?SP >LY_ XZaPXPY_ LYO _SP _SPZWZRd ZQ _SP >`]L_ 9£X LYO >`]L_ ±LMO TY _SP >TVS _]LOT_TZY^ SLO OT]PN_ TYQW`PYNP ZY _SP =LOSL >ZLXT XZaPXPY_ ! ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! BP QZWWZb _ST^ LYRWTNTePO ^[PWWTYR ZQ _SP 3TYOT _P]X ]£OS£^a£XT 8L]V 5`P] RPY^XPdP] =LOSL^ZLXT =PLWT_d% ?SP 7ZRTN ZQ 8ZOP]Y 1LT_S ;]TYNP_ZY% ;]TYNP_ZY @; $$ LYO 7Lb]PYNP , -LMM =POPX[_TaP 0YNZ`Y_P]^% ?S]PP 8ZOP]Y >_dWP^ ZQ 3TYO` ?]LOT_TZY -P]VPWPd% @YTaP]^T_d ZQ .LWTQZ]YTL ;] $#!  !z"   z#$

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#$

LYO _SPT] wDZRL ZQ >Z`YOx TP _SPT] wBZ]ODZRL ZQ _SP >Z`Wx >`]L_

±LMODZRL  ?SP^P _]LOT_TZY^ NLY MP OT]PN_Wd WTYVPO _Z _SP 9£OL-]LSXLY LYO L]P LN_`LWWd TOPY_TQTPO bT_S T_ L_ WPL^_ TY _ZOLdv^ OT^NZ`]^P^ " 3Zb PaP] _SPd `^P TY _SP [WLNP ZQ Y£OL _SP 3TYOT _P]X ²LMO >LY^V]T_ ²LMOL  bSTNS XPLY^ TY _ST^ NZY_Pc_ _SP OTaTYP BZ]O Z] _SP TYPQQLMWP 9LXP ZQ 2ZO 4Y >LY^V]T_ R]LXXL] _SP _P]X ²LMOL  wbZ]Ox LWbLd^ ]PQP]]PO _Z MZ_S _SP ^Z`YO L^[PN_ LYO _SP XPLYTYR MPL]TYR L^[PN_ ?SP =LOSL >ZLXT^v _SPT^_TN `^P ZQ _SP _P]X T^ PY_T]PWd QZN`^PO ZY _SP ^Z`YO L^[PN_ LYO L ^ZYTN Xd^_TNT^X ?SP YLXP w=LOSL^ZLXTx Q]ZX 3TYOT ]£OS£^a£X¯  WT_ w_SP 7Z]O ZQ =£OS£x TP 6š´©L MPL]^ _SP P^Z_P]TN XPLYTYR w_SP 7Z]O ZQ _SP >Z`YO .`]]PY_x  ]£OS£ ]PQP]]TYR _Z _SP P_P]YLW ^Z`YO N`]]PY_ _SP OTaTYP wBZ]Ox& ^a£XT _Z _SP OTaTYP ]P^P]aZT] ZQ ^Z`YO PYP]Rd _SP `W_TXL_P -PTYR Z] ^`[]PXP 2ZOSPLO  ?SP wYPb ]PWTRTZ`^ XZaPXPY_x ZQ _SP =LOSL >ZLXT^ bSTNS PXP]RPO TY _SP $_S NPY_`]d LYO Y`XMP]^ LMZ`_ _bZ XTWWTZY XPXMP]^ TY 4YOTL _ZOLd SL^ OPaPWZ[PO LY P^[PNTLWWd XL]VPO ^Z`YO _SPZWZRd _SL_ QTWW^ _SP 9£OL-]LSXLY LYPb Md RTaTYR T_ L NZYN]P_P LYO NZX[WPc NZ^ XZWZRTNLW QZ]X ,_ _SP aP]d NPY_P] ZQ _SPT] NZ^XZWZRd LYO ]PWTRTZ`^ []LN_TNP T^ _SP TOPL ZQ LY P_P]YLW w>Z`YO .`]]PY_x _SP OTaTYP ±LMO [P]aLOTYR LWW PcT^_PYNP LYO _SP ^Z`W BSPY S`XLY MPTYR^ _`YP TY_Z T_ L^^T^_PO Md _SP TYYP] Z] Z`_P] R`]` _SPd L]P w[`WWPO `[x TY_Z STRSP] ^[SP]P^ ZQ WTRS_ LYO ^Z`YO LYO ]PLNS _SP ^`[]PXP 2ZOSPLO _SP L[Pc ZQ _SP `YTaP]^P BT_STY _ST^ Sd[P]MZWTN ^ZYTN NZ^XZWZRd _SP 9£OL -]LSXLY MPNZXP^ L QW`TO ^_]PLX ZQ ^Z`YO _SL_ XLYTQP^_^ T_^PWQ aL]T Z`^Wd TY OTQQP]PY_ ^Z`YO _L[P^_]TP^ LYO W`XTYZ`^ aT^TZY^ Q]ZX _SP L^_]LW [WLYP _Z _SP STRSP] bZ]WO^ MPdZYO ?ST^ NZ^XTN UZ`]YPd T^ TY QLN_ LY TYYP] ZYP ?SP ^[T]T_`LW _]LaPWP] UZ`]YPd^ _S]Z`RS _SP ]PRTZY^ ZQ NZY ^NTZ`^YP^^ LYO TY_P]TZ] ^Z`YO ^[LNP^ bSTNS L]P ]PLNSPO _S]Z`RS ^Z`YO DZRL >`]L_±LMODZRL  1Z] Z`] [`][Z^P^ T_ T^ ZQ [L]_TN`WL] TY_P]P^_ _SL_ -SLULY T^ ]PRL]OPO L^ _SP STRSP^_ QZ]X ZQ ^Z`YODZRL []LN_TNP =L_SP] _SLY ^TX[Wd ^TYRTYR LYO WT^_PYTYR _Z -SLULY ^ZYR^ T_ T^ L[[L] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ w>[T]T_`LW =PNZRYT_TZY LYO _SP =LOSL^ZLXT 1LT_Sx ?SP XZaPXPY_ ^[WT_ TY_Z _bZ XLUZ] M]LYNSP^ LY ,R]L WTYP LYO -PL^ WTYP ,WZYR^TOP ^Z`YO NZ^XZWZRd LYO []LN _TNP R`]` aPYP]L_TZY _LVP^ L []TXP ]ZWP LYO _SP \`P^_TZY ZQ _SP []TXL]d R`]` LYO ]ZWP ZQ _SP TYT_TLW QZ`YOP] >P_S >STa /LdLW >TYRS ##z#"# WPO _Z Q`]_SP] ^NST^X^ ?SP -PL^ WTYP LYO T_^ WL_P] OTaT^TZY^ MPRLY _Z ^[]PLO _Z _SP BP^_ TY _SP $^ >PP LW^Z 8LYQ]PO 3`__P] w/P] XPS]QLNSP BLYOPW OP^ =LOSL^ZLXT2WL`MPY^% AZX 3TYO` `YO >TVS8TWTP` e`X `YTaP]^LWPY ,Y^[]`NSx TY% 8TNSLPW -P]R`YOP] PO BP^_WTNSP 1Z]XPY OP^ 3TYO`T^X`^ TY /P`_^NSWLYO% 0TYP ¾MP]^TNS_ 3LWWP% 1]LYNVP^NSP >_TQ_`Y RPY ! z& TY _SP ^LXP aZW`XP ,YO]PL^ 9PS]TYR w/P] BPR OP^ 8PT^_P]^ z ]PWTRTZY^bT^^PY^NSLQ_WTNSP ,YYÆSP]`YR LY PTYP 2`]`MPbPR`YR L`^ 4YOTPYx z  " .Q S__[%^[T]T_`LW_]LaPWZ]R:-0^LN]PO ^Z`YOS_XW LNNP^^PO  8L]NS  LYO -PNV >ZYTN ?SPZWZRd  #z# TY [L]_TN`WL] z 

#$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

PY_Wd WTYVPO bT_S L QZN`^PO TYbL]O wWT^_PYTYRx _Z _SP ^`M_WP ^Z`YO aT M]L_TZY^ Z] w`Y^_]`NV ^Z`YOx LY£SL__L _SL_ RZP^ MPdZYO _SP L`OTMWP ^Z`YO ?SP =LOSL >ZLXT^ ^[PLV ZQ w_SP ^Z`YO^ _SL_ PXLYL_P Q]ZX _SP NPWP^_TLW WPaPW^ LMZaPx LYO _SP ]LOTLY_ w `] N`]]PY_ ZQ ^Z`YO PYP]Rdx # ?SP ^Z`YO _SL_ T^ SPL]O T^ YZ_ _SP ]PLW ^Z`YO M`_ ZYWd L N]`OP TYOPc ZQ _SP ]PLW OTaTYP ^Z`YO _SL_ ]PaP]MP]L_P^ OTQQP]PY_Wd TY PLNS NPWP^_TLW ]P RTZY LYO T^ SPL]O ZYWd Md LY LbLVPYPO TYYP] L`OT_Z]d ^PY^P , N]`NTLW TOPL ^PPX^ _Z MP _SL_ _SP []TXZ]OTLW ^Z`YO N`]]PY_ T^ _SP OTaTYP wBZ]Ox bSTNS NZY^_LY_Wd N]PL_P^ ^`^_LTY^ LYO Y`]_`]P^ _SP bZ]WO LYO TYaP]^PWd QWZb^ MLNV _Z _SP OTaTYP [ZWP 3PYNP _SP ^[T]T_`LW PcP]NT^P ^PPV^ _Z ]P aP]^P _SP Z`_QWZb LYO P^NL[P _SP _]L[^ ZQ OPXZYTN _TXP 6£W Md L ^Z]_ ZQ ^[T]T_`LW wbLaP ]TOTYRx -d _`YTYR TY_Z _SP ^`M_WP] ^Z`YO bLaP^ _SL_ NZY^_T_`_P _SP NPWP^_TLW ^[SP]P^ LYO SZWOTYR ZY _SPT] ]PaP]^P XZaPXPY_ ZQ QWZbTYR MLNV ZYP ]PLNSP^ _SP wQPP_x ZQ _SP OTaTYP [ZW LYO RLTY^ OT ]PN_ aT^TZY ZQ 2ZO ?SP =LOSL >ZLXT^ O]Pb ZY MZ_S 3TYO` LYO >TVS _]LOT_TZY^ LYO L[ [L]PY_Wd LW^Z LM^Z]MPO >`QT^X 4^WLXTN RYZ^T^ WL^_Wd 9PZ[WL_ZYT^X BP^_P]Y _SPZ^Z[STNLW TOPL^ [Z[`WL] ^NTPYNP LYO WTVPWd LW^Z .S]T^_TLY YZ_TZY^ ZQ _SP N]PL_TaP wBZ]Ox ZQ 2ZO bSTNS L[[PL] SZbPaP] NZX [WP_PWd w4YOTLYTePOx -PNV ]TRS_Wd PX[SL^TePO _SL_ >TVS^ LYO 3TYO`^ LWTVP L]P NZYaTYNPO _SL_ w[L]_TNT[L_TZY TY _SP OTaTYP bZ]O FTP ^Z`YOH SL^ [ZbP] _Z _]LY^QZ]X LYO `YTQd ZYPv^ NZY^NTZ`^YP^^x $ :Y L XZ]P OP_LTWPO WPaPW SZbPaP] _ST^ WPO _Z aL]dTYR ZMUPN_TaTeL_TZY^ LYO []LN_T NLW PQQPN_^ PaPY bT_STY ZYP LYO _SP ^LXP _]LOT_TZY ?ST^ T^ OPXZY^_]L_PO P^[PNTLWWd NWPL]Wd Md _SP =LOSL >ZLXT^ bSZ ^[WT_ TY_Z _bZ XLUZ] M]LYNSP^ z L WTYP ZQ TYT_TL_TZY L^^ZNTL_PO bT_S ,R]L TY 9Z]_SP]Y 4YOTL LYO L WTYP L^^ZNTL_PO bT_S -PL^ TY _SP ;`YULM z LQ_P] _SP OPL_S ZQ _SPT] QZ`YOP] >bLXT /LdLW >TYRS ##z#"# 3P bL^ L ^LTY_Wd [P]^ZY bSZ WTaPO TY ,R]L LYO LNNZ]OTYR _Z ST^ MTZR]L[SP]^ []LN_TNPO Q]ZX NSTWO SZZO wXP]RTYR _SP ^Z`W TY _SP /TaTYP .`]]PY_ ZQ _SP >`[]PXP -PTYRv^ 8PWZOd LYO ;ZbP]x  >_L]_TYR Q]ZX _ST^ TYT_TLW TX[`W^P _SP _bZ M]LYNSP^ OPaPWZ[PO ^Z _Z ^[PLV _bZ OTQQP]PY_ 9£OL-]LSXLY SZWT^X^ ?SP OTQQP]PY_ NPWP^_TLW ^[SP]P^ ZQ WTRS_ LYO ^Z`YO L]P TY_P][]P_PO Md _SP ,R]L WTYP L^ _SP [`]P w`Y^_]`NVx wXPWZOTP^x Z] wPYP]RTP^x ZQ _SP >` []PXP -PTYR =LOSL^ZLXT w_SP 7Z]O ZQ _SP >Z`YO .`]]PY_x bSP]PL^ _SP -PL^ WTYP ]PRL]O^ _SPX L^ TY_P]TZ] ]PaPWL_TZY LYO XP]P wL__]TM`_P^x ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # -LMM =POPX[_TaP 0YNZ`Y_P]^ z  >`XT]LY w]PXPXMP]TYRx TP _SP ]P[PL_TYR _SP OTaTYP YLXP LYO wOSd£Yx wNZY_PX[WL_TZYx ZQ _SP 7Z]O TY _SP QZ]X ZQ _SP R`]` L]P ^PPY L^ []PWTXTYL]TP^ LYO TY_P]YLW QZ`YOL_TZY ZQ _SP XZ]P P^Z_P]TN -SLULY []LN_TNP bSTNS T^ NPY_P]PO ZY ]PaP]MP]L_TZY LYO ]P^P]aPO _Z TYT_TL_P^ $ -PNV >ZYTN ?SPZWZRd    5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d  $ >bLXT >STa /LdLW NLXP Q]ZX L QLXTWd ZQ 6LSL_]T XZYPdWPYOP]^ TY ,R]L LYO NZY_TY`P^ _Z PcP]_ L VPd TYQW`PYNP L^ w>L_ 2`]`x

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#$"

ZQ `W_TXL_P =PLWT_d _SP _]LY^NPYOPY_ 2ZO bSZ T^ TYSP]PY_Wd QPL_`]PWP^^ LYO YLXPWP^^ ?SP R]PL_ w9LXPWP^^ :YPx LY£XT T^ _SP w[ZWPx ZQ _SP ^ZYTN QWZb XLYTQP^_ TY WTRS_ LYO ^Z`YO M`_ STX^PWQ MPTYR YPT_SP] WTRS_ YZ] OL]VYP^^ YPT_SP] ^Z`YO YZ] ^TWPYNP  ?SP ,R]L M]LYNS ]PRL]O^ _SP YLXP =LOSL >ZLXT L^ `YT\`PWd ^TYR`WL] LYO LM^ZW`_PWd YPb ]PaPWL_TZY _SL_ OT]PN_Wd NZY_LTY^ 2ZOv^ MPTYR TY T_^PWQ LYO _ZZV ZY L S`XLY QZ]X TY _SP >L_ 2`]` >bLXT /LdLW >TYRS 4Y NZY_]L^_ _Z _ST^ _SP -PL^ M]LYNS ]PRL]O^ w=LOSL^ZLXTx L^ ZYP LXZYR XLYd ]PaPWL_TZY^ ZQ _SP >`[]PXP -PTYR 9Z] OZ _SPd ]PRL]O _SP QZ`YOP] L^ `YT\`P M`_ L^ ZYP XL^_P] TY _SP WTYP ZQ _SP >LY_^ bSTNS T^ RTaPY LY Pc_PYOPO TY_P][]P_L_TZY _Z TY NW`OP -`OOSL 5P^`^ .S]T^_ LYO _SP WTYP ZQ _SP >TVS R`]`^ ?SP ,R]L M]LYNS T^ LNN`^PO ZQ MP_]LdTYR _SP w[`]P ^[T]T_`LWT_dx ZQ _SP >LY_^ LYO OP_P]TZ]L_TYR TY_Z L OZRXL_TN ]PWTRTZY TY bSTNS OZN_]TYP QPWW _Z _SP WPaPW ZQ LY TY^_T_`_TZY 4Y NZY_]L^_ _Z _SP XZ]P NZYQP^^TZYLW LYO PcNW`^TaT^_TN SLMT_`^ ZQ _SP ,R]L WTYP _SP -PL^ WTYP []Z[Z`YO^ L []ZR]LXXL_TN TYNW` ^TaT^X _SL_ NZY_TY`P^ LYO ]PTYQZ]NP^ _SP _]LY^]PWTRTZ^T_d ZQ _SP 9Z]_S 4YOTLY >LY_^ ,NNZ]OTYR _Z _SPX ^[T]T_`LWT_d WTRS_ LYO ^Z`YO L]P LNNP^ ^TMWP _Z LWW LYO TY []TYNT[WP NLY MP QZ`YO TY LWW ]PWTRTZY^ ?SP ,R]L LYO -PL^ M]LYNSP^ LYO _SPT] TY_P]YLW ^`MOTaT^TZY^ TYSP] T_PO OTQQP]PY_ WPRLNTP^ Q]ZX 3TYO`T^X LYO >TVST^X LYO YPbWd ^PXLY _TePO _SPX BSTWP _SP ,R]L WTYP ^SL]P^ ^ZXP QPL_`]P^ bT_S _SP 3TYO` >LR`©L-SLV_T LYO TYNW`OP^ XLY_]L ]P[P_T_TZY ZQ _SP ^TYR`WL] YLXP =£OS£^a£XT OPaZ_TZYLW ^TYRTYR LYO Pc_P]YLW bZ]^ST[ _SP -PL^ WTYP T^ XZ]P TYQW`PYNPO Md _SP 9T]R`©L-SLV_T ZQ _SP 9Z]_SP]Y 4YOTLY >LY_^ LYO _SP >TVS XTWTP` ZQ _SP ;`YULM LYO Z]TPY_PO ^ZWPWd ZY TYYP] NZY_PX [WL_TZY LYO XPOT_L_TaP TXXP]^TZY TY_Z _SP PYP]RP_TN ^Z`YO QWZb TY _SP TYYP] ]PRTZY _SP w`Y^_]`NV 9£OLx >Z TY L bLd _SPd OPaPWZ[PO _bZ OTQQP]PY_ 9£OL-]LSXLY SZWT^X^ LYO QZ]X^ ZQ []LN_TNP PaPY _SZ`RS _SP XLUZ] N]PPO ZQ L OTaTYP w^Z`YO N`]]PY_x T^ _SP ^LXP 4_ ^SZ`WO YZ_ MP QZ]RZ__PY _Z XPY_TZY SZbPaP] _SL_ TY MZ_S M]LYNSP^ R`]` aPYP]L_TZY LYO Pc_P]YLW LYO TY_P]YLW >L_^LYR bT_S _SP []P^PY_ Z] LM^PY_ XL^_P] [WLd LY PcNP[_TZYLWWd TX[Z]_LY_ ]ZWP `YO ^PPX _Z MP _SP ]PLW NZ]P ZQ LN_`LW []LN_TNP  bSTWP _SP P^Z_P]TN DZRL ZQ >Z`YO T^ XZ]P L NSP]T^SPO TOPLW LYO []TXL]TWd L^^ZNTL_PO bT_S _SP PYWTRS_PYPO XL^_P]^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP -PL^ bTYR ]PNZRYTeP^ QTaP OTaTYP YLXP^ _SL_ L]P OT^NWZ^PO ZYWd _Z TYT_TL_P^ LYO VP[_ ^PN]P_ ?SP QTaP YLXP^ Z] XLY_]L^ NZ]]P^[ZYO _Z bSL_ T^ _LVPY _Z MP _SP QTaP WPa PW^ LMZaP _SP _ST]O PdP LYO _SP QTaP NZ^XTN ^[SP]P^ ?SP ,R]L WTYP VYZb^ L OTQQP]PY_ ^NSPXP ZQ NPWP^_TLW ^[SP]P^ M`_ LW^Z NZYYPN_^ ^PN]P_ YLXP^ bT_S PLNS ZQ _SPX :Y _SP QZWWZbTYR OTQQP]PYNP^ ^PP LW^Z 8LYQ]PO 3`__P] w/P] XPS]QLNSP BLYOPW OP^ =LOSL^Z LXT2WL`MPY^x  z  ?ST^ L^[PN_ T^ ^_]P^^PO Md MZ_S -LMM =POPX[_TaP 0YNZ`Y_P]^ LYO 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d 

#$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

BSL_ bP SLaP NLWWPO wDZRTQTNL_TZYx ZQ _SP 9£OL-]LSXLY LMZaP T^ Md YZ XPLY^ WTXT_PO _Z _SP =LOSL >ZLXT^ LYO _SPT] ^STQ_ Q]ZX w^_]`NVx _Z w`Y^_]`NVx 9£OL LYO _Z ^Z`YO aTM]L_TZY^ LYO TYYP] ^Z`YO^ 8Z]P ]P^PL]NS T^ ]P\`T]PO _Z NWL]TQd bSPY _SP DZRTN TY_P][]P_L_TZY MPRLY LYO TY bSTNS NZY_Pc_^ -`_ bT_S _ZOLdv^ VYZbWPORP ZQ T_^ ST^_Z]TNLW PQQTNLNd ZYP NLY ^_L_P _SL_ TY XLYd 3TYO` XTWTP`^ T_ bL^ WP^^ _SP _]LOT_TZY ZQ _]LTYPO X`^TNTLY^ _SLY L [Z[`WL]TePO DZRTN _]LOT_TZY _SL_ MPNLXP _SP XLUZ] Pc[WLYL_Z]d [L]LOTRX LYO NZYaP]^PWd _SP DZRL OT^NZ`]^P [Z_PY _TL_PO T_^PWQ _S]Z`RS _SP NZYNP[_ ZQ _SP 9£OL-]LSXLY :YP ]P^`W_ ZQ _ST^ bL^ _SL_ _SP 9£OL-]LSXLY NZYNP[_ bL^ []ZUPN_PO ZY_Z PL]WTP] DZRL _Pc_^ _SL_ LN_`LWWd ZYWd OPLW_ bT_S 9£OL LYO PaPY ±£]«RLOPaL bL^ TY_P][]P_PO bT_S ]PQP]PYNP _Z DZRL  ,YZ_SP] ^TXTWL] PQQPN_ bL^ _SL_ _SP 9£OL-]LSXLY >Z`YO-]LSXLY bL^ P\`L_PO bT_S _SP ±LMOL -]LSXLY BZ]O-]LSXLY Z] :¿ LYO PaPY NZWZ]PO -SL]_šSL]Tv^ WTY R`T^_TN ±LMOL-]LSXLY :YP L^^ZNTL_PO bT_S MZ_S L w>Z`YO DZRLx Z] wBZ]O DZRLx TP LY P^Z_P]TN []LN_TNP LYO [Sd^TZWZRd ZQ Pc_P]YLW LYO TY_P]YLW ^Z`YO ,^ QL] L^ bP NLY ^PP _SP =LOSL >ZLXT QLT_S LYO ^[WTY_P] R]Z`[^ ZQ T_ T^ _SP XZ^_ ]LOTNLW PcLX[WP ZQ ±LMOLDZRL Z] 9£OLDZRL RZTYR MPdZYO _SP `^`LW 9£OL-]LSXLY L^^ZNTL_TZY^ ?SP^P OLd^ _SP 9£OL-]LSXLY T^ YZ]XLWWd L^^ZNTL_PO bT_S _SP ]P[P _T_TZY ZQ XLY_]L^ Z] bT_S _SP NSLY_TYR ZQ RZOv^ YLXP^ LYO _SP ]P^ZYLYNP TY MZOd LYO ^Z`W ,WZYR^TOP _SP WL^_TYR TX[Z]_LY_ X`^TNLW LYO OPaZ _TZYLW 9£OL-]LSXLY _SP XZ^_ PQQPN_TaP _d[P ZQ ]PNP[_TZY T^ _Z WTYV 9£OL-]LSXLY bT_S ^Z`YO^ TY RPYP]LW LYO T_ LWXZ^_ L[[PL]^ _SL_ _ST^ QTPWO ZQ OT^NZ`]^P SL^ MPNZXP _SP XZ^_ TX[Z]_LY_ ZYP TY []P^PY_OLd ]PWTRTZ`^ N`W_`]P , ^P]TP^ ZQ XPOT_L_TZY _PNSYZWZRTP^ LYO []LN_TNP^ MPNLXP ]PWPaLY_ _Z []LN_TNP QZN`^TYR ^ZYTN aTM]L_TZY^ LYO _SPT] PQQPN_^ TY _SP MZOd PR _SP DZRTN NPY_P] MP_bPPY _SP PdPM]Zb^ LYO _SP ^[T]T_  ?ST^ XLd ZNN`] TY _SP ]P[P_T_TZY ZQ []LdP]^ LYO XLY_]L^ P^[P NTLWWd _SP ^dWWLMWP :¿ L^ TY _SP NL^P ZQ >bLXT >STaLYLYOL Z] TY wQPPW TYRx _SP ^Z`YO^ LYO wLQ_P]^Z`YO^x ZQ RZYR^ MPWW^ LYO ^ZYR^ TYNW`OTYR ^TYRTYR MZbW^ ^Z`YO^ Q]ZX NPWWZ^ TY _SP NL^P ZQ @^SL]M`OS ,]dL ZYPv^ ZbY S`XXTYR TY _SP NL^P ZQ =LUYPP^S Z] TY ^[PNTLW aZNLWTeL_TZY _PNSYT\`P^ TY ^TYRTYR >bLXT 9£OLM]LSX£YLYOL ?ZOLd ^`NS []LN_TNP^ L]P VYZbY MZ_S TY 4YOTL LYO TY _SP BP^_ L^ w9£OLDZRLx LYO 2`d -PNV LW^Z ^[PLV^ ZQ w9£OL-]LSXLY XPOT_L_TZYx Z[TYTYR U`^_Wd _SL_ ^TYNP $! w9£OLDZRLx SL^ MPPY ^[]PLO XZ^_Wd Md 4YOTLY R`]`^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ WTYP ZQ ]PNP[_TZY R]PL_Wd TYQZ]X^ -PNVv^ bSZWP >ZYTN ?SPZWZRd & NQ P^[PNTLWWd TMTO #z# , ^_]ZYRWd DZRTN P^Z_P]TN TY_P][]P_L_TZY ZQ ±£]«RLOPaL T^ LW^Z QZ`YO TY >S]TYRd LYO ;]PX 7L_L >SL]XLv^ _]LY^WL_TZY LYO RWZ^^P^ ZY _SP >L«R¯_L=L_Y£VL]L  :Y _SP QZWWZbTYR NQ _SP TYQZ]XL_TaP ZaP]aTPb ZQ w.`]]PY_ ?]PYO^ TY 9£OLDZRLx TY -PNVv^ >ZYTN ?SPZWZRd  z# -PWZb bP ^SLWW []P^PY_ ^ZXP 4Y_P]YP_ [LRP^ LYO XZ]P ]PNPY_ OPaPWZ[XPY_^ LWW _SP bLd _Z 9£OL SPLWTYR

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

#$$

_SP =LOSL >ZLXT XL^_P]^ TY _SP BP^_  3ZbPaP] aL]TPO _SP TYOTaTO`LW _SPZWZRTP^ ZQ _SP _]LY^XT__Z]^ bP]P _ST^ WTYP ZQ ]PNP[_TZY NWPL]Wd RLaP _SP 9£OL-]LSXLY L DZRTN ?LY_]TN _Z`NS TP L QZN`^ ZY _SP TYYP] 9£OL LYO _SP ^Z`YO aTM]L_TZY^ ?SP N`]]PY_Wd [Z[`WL] 9£OL SPLWTYR bT_S XPOT_L_TaP =£RL X`^TN L[[PL]^ _Z MP L XZ]P ]PNPY_ OPaPWZ[XPY_ LYO ]P ]PTQTNL_TZY bT_S L []LN_TNLW [`][Z^P PR L^ [L]_ ZQ ,d`]aPOTN L[[WTNL _TZY^ TY ^ZXP BP^_P]Y LYO 4YOTLY NWTYTN^ LYO ^[L SZ_PW^ ±£]«RLOPaL _SP ,d`]aPOTN OZN_Z] LYO TYaPY_Z] ZQ 9£OL-]LSXLY SLO YZ_ TY_PYOPO LYd _SP]L[P`_TN [`][Z^P 9ZbLOLd^ _SP 9£OL-]LSXLY L^^`XP^ LW^Z _SP QPL_`]P^ ZQ SZWT^_TN SPLW_S LYO YL_`]PQ]TPYOWd PNZWZRd 4Y _SP^P XZOP]Y ]PNP[_TZY^ 9£OL-]LSXLY MPNZXP^ ]PaP]MP]L_TZY TY _SP Z`_P] LYO TYYP] ^[LNP LYO _SP ZMUPN_ ZQ Pc[P]TPYNP TY L OTaP]^P ]LYRP ZQ 9£OL XPOT_L_TZY _PNSYT\`P^ LYO _SP _]LY^QZ]XTYR PQQPN_^ L_ _]TM`_PO _Z _SPX >Z`YO aTM]L_TZY T^ ]PRL]OPO L^ L NZY^NTZ`^YP^^ LW_P]TYR XPOT`X SPLWTYR LYO SL]XZYTeTYR [ZbP] L ^Z`]NP ZQ PYP]Rd LYO L XPLY^ ZQ Pc[P]TPYNTYR STRSP] bZ]WO^ 4Y _ST^ bLd _SP 9£OL -]LSXLY T_^PWQ T^ LW^Z NZYYZ_L_PO bT_S [^dNSZ^ZXL_TN PQQPN_^ LYO Pc _]LZ]OTYL]d Pc[P]TPYNP PR SPLWTYR ZQ MZOd LYO ^Z`W w^[T]T_`LW PY P]Rdx QPPWTYR^ ZQ Pc[LY^TZY Z`_ZQMZOd Pc[P]TPYNP^ UZ`]YPd^ ZQ _SP ^Z`W _SPT^_TN LYO [LY_SPT^_TN `YTZ Pc[P]TPYNP^ :YP NLY ^PP TY LWW _ST^ LY Pc_PY^TZY LYO XZOP]YTeL_TZY ZQ [ZTY_  ?ST^ DZRTN _Z`NS T^ []ZML MWd LW^Z O`P _Z BP^_P]Y Pc[PN_L_TZY^ ZQ 4YOTL _SP NZ`Y_]d ZQ DZRL TY_P]TZ]T_d Xd^_TNT^X P_N LYO _SP TY_P]LN_TZY^ bT_S BP^_P]Y NZY^`X P]^ /P[PYOTYR ZY _SP w[]ZaTOP]x _SP []TXL]d NPY_P] ZQ L__PY_TZY XLd MP QLY_L^_TN TYYP] ^Z`YObZ]WO^ Z] _SP ^ZYTN aTM]L_TZY^ _SPX^PWaP^ 8ZOP]Y 9£OLDZRL []LN_TNP TYNZ][Z]L_P^ LYO ^d^_PXL_TeP^ LYNTPY_ DZRTN _PNSYT\`P^ ^`NS L^ NZY_PX[WL_TYR XLY_]L^ Z] SZWOTYR ZYPv^ PL]^ NWZ^PO bT_S _SP _S`XM^ O`]TYR :¿ ]PNT_L_TZY LOO^ YPb ZYP^ LYO WTYV^ _SPX bT_S []PNT^P TY^_]`N_TZY^ ! :Q_PY T_ T^ MLNVPO `[ Md XZOP]Y _]LY^]PWTRTZ`^ ^[T]T_`LWT_d LYO P^Z_P]TNT^X _SL_ NLYYZ_ MP ]PO`NPO U`^_ _Z 4YOTL Z] U`^_ _Z _SP BP^_ BP bTWW NZXP MLNV _Z _ST^ MPWZb bT_S ^ZXP NZYN]P_P PcLX[WP^ ZQ SZb _SP 9£OL-]LSXLY SL^ YZb OPaPWZ[PO _]LY^ N`W_`]LWWd ?SP PcLX[WP^ bTWW TWW`^_]L_P SZb ^_]ZYRWd _SP ZWO w[ZbP] ]PWTRTZYx LYO L^^ZNTL_PO TOPL^ ^_TWW PcP]_ _SPT] TYQW`PYNP PaPY TY XZOP]Y ]PNP[_TZY^ bSTWP LW^Z XTcTYR bT_S Z_SP] ^_]LYO^ ZQ _]LOT_TZY 4_ bTWW MPNZXP XZ]P ^[PNTQTNLWWd L[[L]PY_ SZb QL] ]PXZaPO XZOP]Y ]PNP[_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -PNV >ZYTN ?SPZWZRd   ,Q_P] -PNV w9ÃOLDZRLx bL^ XLTYWd ^[]PLO TY _SP BP^_ Md @^SL]M`OS ,]dL >bLXT ±Ta£YLYOL LYO ST^ ^_`OPY_ >bLXT 9£OLM]LSX£YLYOL _SP =£OS£ >ZLXT XZaPXPY_ LYO -SLRLbLY =LUYPP^S ! .Q -PNV >ZYTN ?SPZWZRd  z# 0aPY _SP -PL^ M]LYNS ZQ _SP =LOSL^ZLXT XZaP XPY_ bSTNS T^ QZN`^PO ZY [`]P TY_P]TZ]T_d LWWZb^ NWZ^`]P ZQ _SP PdP^ LYO PL]^ _Z XLVP _SP WTRS_QTWWPO TYYP] ^Z`YObZ]WO XZ]P LNNP^^TMWP .Q 3`__P] w/P] XPS]QLNSP BLYOPWx " bT_S ]PQP]PYNP _Z 6T][LW >TYRS $ # LYO $#"

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

ZQ _SP 9£OL-]LSXLY SL^ MPNZXP Q]ZX ±£]«RLOPaL LYO _SP M]ZLO ^[PN _]`X ZQ ^Z`YO XPOT_L_TZY LYO ^ZYTN Wd^T^ T_ YZb ^`M^`XP^ ,YZ_SP] XZOP]Y WTYP ZQ ]PNP[_TZY _SL_ X`^_ YZ_ MP QZ]RZ__PY T^ -P] PYO_v^ 9£OL-]LSXLY 8LYd XZOP]Y wDZRTNx ]PNP[_TZY^ ]PQP] _Z -P] PYO_ L^ LY wPc[P]_x M`_ ML^PO _SPX^PWaP^ ZY Z_SP] Pc[WLYL_TZY^ ]L_SP] WTVP _SP bLd -P]PYO_ STX^PWQ `^PO _SP 4YOTLY 9£OL-]LSXLY L^ L VTYO ZQ L`_SZ]T_d LYO ^[]TYRMZL]O QZ] ST^ ZbY 9Pb,RP X`^TNLW XP_L[Sd^ TN^ 3ZbPaP] TY ^ZXP L^[PN_^ -P]PYO_v^ 9£OL-]LSXLY NZ]]P^[ZYO^ XZ]P L[_Wd _Z ±£]«RLOPaLv^ wZ]TRTYLWx MPNL`^P L`OTMWP X`^TN MPNZXP^ _SP QZN`^ ZQ L__PY_TZY LYO _SP MZ`YOL]TP^ MP_bPPY ]PWTRTZY LYO X`^TN QLOP LbLd 1Z] -P]PYO_ _SP 9£OL-]LSXLY LYO X`^TN MPNZXP LY wZ]TRTYLW ^`M^_LYNPx `YT_TYR ]PWTRTZY^ LYO [PZ[WP^ ^ZXP_STYR ^[T]T_`LW _Z_LW LYO LWWPYNZX[L^^TYR _SL_ []ZaTOP^ TY^TRS_^ TY_Z _SP YP_bZ]VPO YL_`]P ZQ _SP NZ^XZ^ LYO _SP SL]XZYTZ`^ w^Z`YO ZQ _SP bZ]WOx ?ST^ aTPb SLO T_^ ZbY _]LY^N`W_`]LW ST^_Z]d BSP_SP] bP L]P _LWVTYR LMZ`_ L ^dY_SP^TeP][WLdTYR R`]` Z] L BTNNL bT_NS TY .SPYYLT 3LbLTT Z] L_ _SP WL]RP X`^TN QP^_TaLW^ TY 2WL^_ZYM`]d _ZOLd ZYP NLY SPL] ZQ_PY _SL_ X` ^TN T^ ^ZXP_STYR _SL_ M]TYR^ [PZ[WP _ZRP_SP] LYO PYLMWP^ _SPX _Z Pc[P]T PYNP w_SP `YT_d ZQ MPTYRx L wWLYR`LRPx _SL_ Q`YN_TZY^ bT_SZ`_ bZ]O^ LYO _SL_ PaP]dZYP `YOP]^_LYO^ MPNL`^P T_ ^[PLV^ wTXXPOTL_PWdx _Z _SP SPL]_ PcP]_^ T_^ PQQPN_^ wSZWT^_TNLWWdx ZY MZOd LYO ^Z`W LYO NZXX`YT NL_P^ wbT_SZ`_ OZRXL^x _SL_ bSTNS LWW ]PWTRTZY^ ^Ld " ,W_SZ`RS LWW _SP XZOP]Y ]PNP[_TZY^ XLd TYOTaTO`LWWd ^PPX _Z MP XL]RTYLW LYO _Z L[[Wd ZYWd _Z XTYZ]T_TP^ _SPd TYOTNL_P X`NS M]ZLOP] LYO OPP[P] []ZNP^^P^ ZQ NSLYRP TY []P^PY_OLd ]PWTRTZ`^ N`W_`]P _SLY XTRS_ MP L[[L]PY_ L_ QT]^_ RWLYNP ?ST^ T^ MPNL`^P _SPd L]P ZMUPN_TaTeL _TZY^ ZQ L ]PWTRTZ`^ ^_dWP _SL_ SL^ ^`M_Wd MPNZXP L VPd [L]_ ZQ _ZOLdv^ ]PWTRTZ`^ XLTY^_]PLX ?ST^ LW^Z L[[WTP^ _Z -P]PYO_v^ w9Pb,RPOx 9£OL-]LSXLY bSTNS T^ bSd bP ]P[PL_POWd NZXP MLNV _Z T_ 4_ ]P[]P ^PY_^ L VTYO ZQ []Z_Z_d[TNLW ^_]`N_`]LW [L__P]Y ZQ XZOP]Y ^[T]T_`LWT_d _SL_ T^ YZb bTOP^[]PLO TY BP^_P]Y 0`]Z[P LYO ,XP]TNL YZ_ WPL^_ TY^[T]PO Md _SP PYNZ`Y_P] bT_S 4YOTL -`_ _ZOLd T_ L[[PL]^ _Z SLaP MPPY Pc_PYOPO _Z ]PWTRTZ`^ N`W_`]P^ _S]Z`RSZ`_ _SP bZ]WO bSTNS L]P Q]PPWd O]LbY ZY LYO NZXMTYPO 4Y _ST^ ]P^[PN_ -P]PYO_ T^ ZYP PcLX[WP LXZYR XLYd M`_ SP SL^ L NP]_LTY ]PWPaLYNP MPNL`^P ST^ PcLX[WP [ZTY_^ `[ []ZNP^^P^ ZQ TY_P]N`W_`]LW _]LY^QP] 3P SL^ MPNZXP L YZ_ `YTX[Z]_LY_ w_]LY^[ZYOP]x LYO NL_LWd^_ ZQ XZOP]Y ^[T]T_`LWT_d LYO PXMZOTP^ _ST^ ^[T]T_`LWT_d TY LY P^[PNTLWWd [L]LOTRXL_TN bLd STX^PWQ @YWTVP ^ZXP [PZ[WP bP ]PRL]O STX YZ_ L^ L QZWWZbP] ZQ P^Z_P]TNT^X bSZX ZYP YPPO YZ_ _LVP ^P]TZ`^Wd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q 4^LMPWWP 7LLNV =PWTRTZY `YO 8`^TV TY 2WL^_ZYM`]d  OZN_Z]LW _SP^T^ 3PTOPWMP]R $ !z $ ?SP ^_L_PXPY_^ _SL_ 7LLNV OZN`XPY_^ NZ]]P^[ZYO ^_]TVTYRWd bT_S _SZ^P ZQ NP]_LTY 4YOTLY R`]`^ _Z bSZX bP SLaP LW]PLOd XLOP ]P[PL_PO ]PQP]PYNP^

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

M`_ TY^_PLO L^ LY TY_P]WZN`_Z] _Z MP _LVPY ^P]TZ`^Wd 3P T^ L XZ`_S[TPNP ZQ XZOP]Y ]PWTRTZ`^ N`W_`]P TY bSTNS _]LY^]PWTRTZ`^ ^_dWP^ SLaP MPNZXP YZ]XLWT_d # LYO L OPP[^PL_PO NSLYRP TY QZ]X^ SLMT_`^ LYO bZ]WOaTPb T^ Pc[]P^^PO QZ] bSTNS _SP NZY_LN_ bT_S 4YOTLY ]PWTRTZ^T_d bL^ MZ_S _]TR RP] LYO ^[]TYRMZL]O -P]PYO_ NZaP]PO _SP 9£OL-]LSXLY bT_S L aLR`P _P]XTYZWZRd ^`NS L^ w[]TXZ]OTLWT_dx RZO XPOT_L_TZY LYO wVYZbWPORP ZQ S`XLYT_dx ?ST^ [L__P]Y ZQ Pc[WLYL_TZY LWWZbPO STX _Z W`X[ XLY_]L^ LYO VZLY^ LWW _Z RP_SP] bSTNS LN_`LWWd _Z_LWWd XT^^P^ _SP [ZTY_ 9PT_SP] OTO -P]PYO_ ]PNZRYTeP _SP Q`YOLXPY_LW NZYYPN_TZY MP_bPPY 4YOTLY XLY_]L^ X`^TN LYO WLYR`LRP YZ] _SP Wd^T^ Q`YN_TZY ZQ _SP -]LSXLYNZYNP[_ L^ L ^dX MZWP ZQ bSZWPYP^^ LYO VPd NL_PRZ]d ZQ _SP STRSP^_ MWT^^ 3P OTO YZ_ ]PLWTeP _SP \`T_P OTQQP]PY_ Q`YN_TZY LYO []LN_TNP ZQ _SP EPY -`OOST^_ VZLY^ ?SP BP^_ T^ YZ_ TY _SP WPL^_ QLXTWTL] bT_S _SP TOPL ZQ OP]TaTYR X`^TN LYO WLYR`LRP Q]ZX L NZXXZY ^Z`]NP ?SP TYOT^^ZW`MWP WTYV ZQ _SP 9£OL-]LSXLY bT_S WLYR`LRP LYO XLY_]L^ _SP]PQZ]P LW^Z ]PXLTYPO NWZ^PO _Z -P]PYO_ 3P ^_LdPO bT_STY YZ]XLW SL]XZYTN [L_S^ bSPY SP M]Z`RS_ \`LY_`X [Sd^TN^ LYO aTM]L_TZY^ _ZRP_SP] LYO bSPY SP `YTaP] ^LWTePO _SP NZYNP[_ ZQ 9£OL-]LSXLY LYO TY L ^PY^P ]PTYaPY_PO T_ z QZ] PcLX[WP bT_S _SP ^TX[Wd TYNZ]]PN_ NWLTX _SL_ VZLY^ LYO XLY_]L^ bP]P LN_`LWWd _SP ^LXP _STYR -P]PYO_ NZ`WO ZYWd Pc[WLTY XLY_]L^ TY _P]X^ ZQ ^Z`YO^ LYO aTM]L_TZY^ L^ XZOP]Y TY_P][]P_L_TZY^ ZQ ?LY_]L LYO 9£OL -]LSXLY ZQ_PY OZ TY 4YOTL 3P LN_`LWWd `YOP]^_ZZO _SP ^`M^_LY_TLWT^_TN 9£OL L^[PN_ aP]d bPWW bSTNS T^ bSd SP SLO YZ []ZMWPX TY ^PPTYR :¿ NSLY_TYR ZY L WPaPW P\`LW bT_S ZaP]_ZYP X`^TN LYO LW^Z bT_S ^TYRTYR OZW[STY^ LYO SL]XZYTNLWWd ^_]`N_`]PO N]d^_LW^ M`_ OTO YZ_ `YOP]^_LYO _SP WTYR`T^_TN LYO NZXX`YTNL_TaP L^[PN_ L_ LWW BSL_ SP R]L^[PO bPWW bL^ _SP ML^TN ^PWQPc[]P^^TaP L^[PN_ ZQ ^Z`YO TYQZ]XL_TZY [SZYZNPY _]TNT_d L^ QL] L^ ^`M^ZYTN LYO TYQ]L^ZYTN OTXPY^TZY^ LYO ^_]`N_`]LW PWP XPY_^ TXXLYPY_ TY ^Z`YO^Z`YO aTM]L_TZY^ M`_ YZ_ _SP TYSP]PY_ N`W _`]LWWd ^[PNTQTN NZRYT_TaP [L]_ P[T^_PXP >Z SP ZXT__PO LYO QLTWPO _Z ^PP _SP bSZWP NW`^_P] ZQ N`W_`]LW TOPL^ L^^ZNTL_PO bT_S _SP WLYR`LRP LYO _SP -]LSXLY L^[PN_^ LYO _SP ST^_Z]TNLW []P]P\`T^T_P^ ZQ 4YOTLY Pc[P]T PYNP ZQ X`^TN ?SP XLTY _TP MP_bPPY 9£OL LYO -]LSXLY TY _SP 4YOTLY NZY_Pc_ bL^ L^ TYOTNL_PO WLYR`LRP 3P]P -SL]_šSL]Tv^ ±LMOL-]LSXLY LYO _SP A£R -]LSXLY bP]P _SP QZ]P]`YYP]^ ZQ _SP 9£OL-]LSXLY LYO MZ_S ZQ _SPX bP]P ^_]ZYRWd ]ZZ_PO TY _SP APOTN Xd_S 4_ bZ`WO MP ^TRYTQTNLY_Wd XZ]P OTQQTN`W_ _Z _]LY^QP] _SP ST^_Z]TNLW NZY_Pc_^ LYO _]LY^X`_L_TZY^ _SP XLYd ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ?ST^ T^ NWPL]Wd ^SZbY Md _SP YPb \`LY_T_L_TaP bZ]WObTOP ^`]aPd^ ZQ _SP =P WTRTZY^XZYT_Z] #  PO -P]_PW^XLYY >_TQ_`YR 2Þ_P]^WZS% 2Þ_P]^WZSP] AP]WLR^SL`^ " LYO BZ]LY RWL`M_ OTP BPW_* ,YLWd^PY `YO 6ZXXPY_L]P e`X =PWTRTZY^XZYT_Z] #  PO -P]_PW^XLYY >_TQ_`YR 2Þ_P]^WZS% -P]_PW^XLYY AP]WLR $

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

LYO aL]TPO ^STQ_^ TY _SP -]LSXLY NZYNP[_ LYO _SP ^`[P]N`W_`]LWWd ^[P NTQTN ^dXMZWTN QZ]X^ ZQ L A£ROPa¯ L OPNTOPOWd Xd_STNLW ^`M^_LYNP _SL_ _]LY^QP]]PO T_^PWQ _Z _SP 9£OL-]LSXLY Z] ZQ L RWZMLW WLYR`LRP []TYNT [WP L^ QZ`YO TY -SL]_šSL]T LYO L wNZ^XTN WLYR`LRPx L^ TY ,MST YLaLR`[_L _SP ]L_TZYLWT^_TN QZ`YOL_TZY^ ZQ Xd_STNLW ^`M^_LYNP Q]ZX ZYP N`W_`]P _Z LYZ_SP] _SLY _Z _]LY^QP] ^Z`YO^ aTM]L_TZY^ LYO XZOLW LYO ZaP]_ZYP X`^TN -P]PYO_v^ 9£OL-]LSXLY WLNV^ _SP NZX[WPc NZY NP[_TZY ZQ QZ`] WLYR`LRP WPaPW^ U`^_ WTVP 9£OL OPaZ_TZYLWT^X LYO _SP NZX[WPc []P LYO [Z^_ ST^_Z]d ZQ _SP w[]TXZ]OTLW ^Z`YOx TY 4YOTL 9ZYP ZQ _SP^P _Z[TN^ L[[PL]PO L_ LWW TY ST^ _]LY^N`W_`]LW X`^TNLW XP_L[Sd^TN^ LYO wZY_ZWZRd ZQ _SP PL]x _SL_ _]LY^NPYOPO _TXP LYO ^[LNP 3P ^Lb _SP w_PX[WP TY _SP PL]x M`_ WP^^ _SP w_PX[WP TY _SP aZTNPx -P]PYO_ bZ`WO ^`]PWd YPaP] SLaP YZ_TNPO _SP aP]d N`W_`]LWWd ^[P NTQTN ^dXMZWTN QZ]X^ ZQ WLYR`LRP TY >LY^V]T_ 3TYO`T^X LYO T_^ NZX[WPc TY_P]NZYYPN_POYP^^ bT_S _SP aZTNP NZY^NTZ`^YP^^ _SZ`RS_ TY_`T_TZY [ZP_TN^ ^ZYLWT_d LYO X`^TN LYO _SP XLYd OTQQP]PY_ TNZYTN LYO `YTaP]^LW Xd_STNLW QZ]X^ ZQ Pc[]P^^TZY ^TX[Wd MPNL`^P SP `YOP]^_ZZO WLYR`LRP TY PcLN_Wd _SP ^LXP bLd L^ LYd Z_SP] 0`]Z[PLY >TXTWL] _Z >`^LYYP 7LYRP] SP RPYP]LWWd NZYYPN_PO WLYR`LRP ZYWd bT_S OT^N`]^TaP _SZ`RS_ LYO ,]T^_Z_WPLY WZRTN LYO _SP 4YOTLY NZX[WPc ZQ TOPL^ _SL_ PaP]dZYP [L]_TNT[L_PO TY _SP ^LXP WLYR`LRP LYO _SL_ WLYR`LRP T^ TY []TYNT[WP LWbLd^ SZWT^_TNLWWd ]PRL]OPO L^ L Q`^TZY ZQ ^Z`YO LYO ^PY^P QLTWPO _Z L[[PL] ZY ST^ ]LOL] ,WW _SP `YTaP]^LW Xd_S^ ZQ >LY^V]T_ 3TYO`T^X XP]RPO TY_Z ZYP LYZ_SP] TY _SP 9£OL-]LSXLY DP_ PaPY TQ -P]PYO_ OTO YZ_ [P]NPTaP _ST^ SP TY_P]P^_TYRWd OTO YZ_P ^ZXP NPY_]LW L^[PN_^ LYO bP bT^S _Z RZ TY_Z _SP^P TY XZ]P OP_LTW

!#

?SP 8ZZO ZQ 9£OL-]LSXLY

4Y XLYd ]P^[PN_^ _SP PL]ZY_ZWZRd _SL_ -P]PYO_ OPaPWZ[PO `^TYR _SP NZYNP[_ ZQ _SP 9£OL-]LSXLY XT^^PO _SP Z]TRTYLW TYOTRPYZ`^ NZY_Pc_ -`_ OP^[T_P ^ZXP XT^]P[]P^PY_L_TZY SP bL^ TY QLN_ YZ_ ]PLWWd ^Z QL] ZQQ _SP ]TRS_ _]LNV ?SP XLTY \`Z_L_TZY^ ZQ 4YOTLY X`^TN _SPZ]T^_^ ZY _SP ^`MUPN_ ZQ _SP 9£OL -]LSXLY RTaPY LMZaP NLY ML^TNLWWd MP ]PO`NPO _Z _SP QZ]X`WL _SL_ -P]PYO_ ^Z WTVPO _Z `^P% w?SP bZ]WO T^ ^Z`YO >Z`YO T^ RZOx PaPY TQ SP NZ`WO YZ_ SLaP VYZbY _SP bZ]V^ LYO _SPZWZRTP^ XPY _TZYPO 4Y^_PLO SP L[[L]PY_Wd RZ_ _ST^ TOPL Q]ZX 4YOTLY X`^TNTLY^ -P] PYO_ WP^^ R]L^[PO LY LM^_]LN_ NZY_PY_ _SLY OPaPWZ[PO L wQPPWTYRx QZ] _SP 9£OL-]LSXLY NZYNP[_ Md ^[PYOTYR _TXP bT_S 4YOTLY X`^TNTLY^ bSZ RPY`TYPWd QPW_ _SL_ _SPT] X`^TN bL^ L^ ±£]«RLOPaL OP^N]TMPO% _SP X`^T NTLY [L]_TNT[L_P^ TXXPOTL_PWd TY _SP P^^PYNP ZQ _SP `YTaP]^P LYO X`^TN

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

T^ L VTYO ZQ DZRL L ^[T]T_`LW OT^NT[WTYP _SL_ RPYP]L_P^ L XZZO ZQ OTaTYP [PLNP $ ?SP wQPPWTYRx XPY_TZYPO T^ Pc[]P^^PO P^[PNTLWWd TX[]P^^TaPWd TY L X`^TNLWTeL_TZY ZQ 8L_L«RLv^ aP]^P^ Q]ZX L ]PNZ]OTYR ZQ L NZYNP]_  ?SP ^`YR >LY^V]T_ _Pc_ NZYOPY^P^ 8L_L«RLv^ aP]^TZY bT_STY L ^TYRWP aP]^P LNNPY_`L_TYR _SP ^PY_PYNP w_SP bZ]WO T^ ^Z`YOx LYO T_^ w^[T]T_`LW L`]Lx% w, ^Z`YO QZ]X T^ _SP FRZOH -]LSX£ L ^Z`YO QZ]X _SP FRZOH AT´©` FSP]P% 5LY£]OLYLH L ^Z`YO QZ]X _SP _]LY^NPYOPY_LW [ZbP] ZQ _SP R]PL_ RZO F±TaLH z _SP]PQZ]P _ST^ FbSZWPH bZ]WO T^ Md T_^ YL_`]P ^Z`YOx

?SP X`^TNLWTeL_TZY ZQ _ST^ aP]^P T^ []TXL]TWd LY Pc[]P^^TaP aZNLWTeL_TZY ZQ L ^TYRWP XZZO% [PLNP LYO \`TP_ ?ST^ XZZO T^ Pc[]P^^PO TY _SP \`TP_ LYO [PLNPQ`W NZPcT^_PYNP ZQ _SP _ZYP^ L ]PWL_TZY^ST[ _SL_ T^ Q`WWd NZX []PSPY^TMWP TY L ^`M^_LY_TLW XLYYP] ?SP ^TYRP] ]PLWWd XLYLRP^ _Z PaZVP OPP[ [PLNP LYO OPP[ SL[[TYP^^ L NZYNPY_]L_PO XPOT_L_TaP XZZO _SL_ LM^Z]M^ _SP WT^_PYP] Q`WWd LYO PYLMWP^ STX _Z [L]_TNT[L_P PXZ_TZYLWWd TY _SP ^`M_WP ^ZYTN NZYYPN_POYP^^ ZQ _SP bZ]WO LYO _SP RZO^ ?ST^ ^[PNTQTN XZZO ZQ TYYP] \`TP_YP^^ wOTaTYP [PLNPx LYO L^ _SZ`RS bZ]WO_]LY^NPYOTYR ^ZYTN NZYYPN_POYP^^ w\`L^T bPW_PY_SZMPYP] VWLY RWTNSP] AP]YP_e_SPT_x T^ LMZaP LWW L []ZO`N_ ZQ _SP =£RL ^PWPN_PO ±L«VL] bSTNS T^ ZYP ZQ _SP PL]Wd XZ]YTYR =£RL^ ^`YR ^SZ]_Wd MPQZ]P ^`Y]T^P ?SP Pc_]PXP ^P]PYT_d ZQ _SP XPWZOd T^ XLYTQP^_PO Md _SP QLN_ _SL_ T_ NZY^T^_^ LWXZ^_ PcNW`^TaPWd ZQ TY^_LYNP^ ZQ Q`YOLXPY_LW ZaP] _ZYP^ ,^ _SP^P L]P NWZ^PWd ]PWL_PO ZaP]_ZYP^ _SP _ZYP XL_P]TLW T^ ]PWL _TaPWd Q]PP ZQ _PY^TZY LYO QZ]X^ L NWZ^PO ^d^_PX ,WW _SP _ZYP^ MWPYO TY_Z ZYP LYZ_SP] LYO _SP]P L]P YZ ^SL][ NZY_]L^_^ ?SP]P T^ L VTYO ZQ PcNP[_TZY TY _SP M]TRS_ ]LOTLY_ - _SL_ T^ P^[PNTLWWd NSL]LN_P]T^_TN ZQ _SP PL]Wd XZ]YTYR =£RL^ LYO Q`WQTWW^ L [L]_TN`WL] Q`YN_TZY ,^ _SP QTQ_S LMZaP 0 T_ _`]Y^ _SP YL_`]LW XLUZ] VPd TY_Z L _d[P ZQ PY]L[_`]PO wSd[P] XLUZ] VPdx ?SP ^_]`N_`]P ZQ _SP XPWZOd _SL_ PXP]RP^ T^ YZ_ OT]PN_PO Z] TY _SP QZ]X ZQ ^_P[^ M`_ SL^ L RPY_Wd RWTOTYR bLaPWTVP NSL]LN_P] ?SP OT^^ZYLYNP ZQ _SP - T^ M]Z`RS_ Z`_ M`_ YZ_ w^_]P^^POx LYO TY^_PLO _SP _ZYP T^ TY_PR]L_PO \`T_P Z]RLYTNLWWd LXZYR T_^ YPTRSMZ]TYR _ZYP^ LYO T^ _Z_LWWd LM^PY_ Q]ZX _SP OP^NPYOTYR [L^^LRP^ :_SP] =£RL^ OPLW bT_S _ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ >TXTWL]Wd =LaT >SLYVL] \`Z_PO TY -P]PYO_ ?SP BZ]WO T^ >Z`YO     BP bP]P ^LOWd `YLMWP _Z OT^NZaP] _SP Z]TRTY ZQ _ST^ MPL`_TQ`W [TPNP ZQ X`^TN LYO ZbTYR _Z [Z_PY_TLW NZ[d]TRS_ []ZMWPX^ _SP]PQZ]P SLO _Z WPLaP T_ Z`_ ZQ _SP ./ ?SP LMZaP OP^N]T[_TZY NLYYZ_ OZ U`^_TNP _Z _SP TY_PY^P aP]d XZaTYR LYO XPOT_L_TaP =£RL XZZO Pc[]P^^PO TY _SP TY_P][]P_L_TZY ?SP YZ_L_TZY bL^ ]PNZ]OPO Md :WTaP] 8ZPM`^ 9Z_L_TZY^ L]P _]LOT_TZYLWWd `YNZXXZY TY NWL^^TNLW 4YOTLY X`^TN LYO PaPY _ZOLd _SPd L]P ZQ ZYWd ^PNZYOL]d TX[Z]_LYNP ?ST^ T^ MPNL`^P TX[]ZaT^L_TZY RPYP]L_P^ _SP X`^T NTLYv^ ZbY NZX[Z^T_TZY Z`_ ZQ PLNS =£RL MPNL`^P T_ T^ LWXZ^_ TX[Z^^TMWP _Z b]T_P OZbY _SP ^`M_WP_TP^ ZQ _SP XTN]Z_ZYP^ LYO `W_TXL_PWd LW^Z MPNL`^P X`^TN T^ ^_TWW ZQ_PY _L`RS_ LYO WPL]YPO _S]Z`RS _SP _]LOT_TZYLW Z]LW _PLNSP]_Z[`[TW NSLYYPW PaPY _SZ`RS X`^TN LNLOPXTP^ LYO `YTaP]^T_d X`^TN OP[L]_XPY_^ PcT^_

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

OT^^ZYLYNP aP]d OTQQP]PY_Wd& T_ T^ YZ_ TY_PR]L_PO M`_ PX[SL^TePO ?ST^ ]P^`W_^ TY L OTQQP]PY_ ^ZYTN TX[]P^^TZY _SL_ NZYYZ_P^ \`TP_YP^^ LYO L XZ]YTYR XZZO _Z L WP^^P] Pc_PY_ -d NZY_]L^_ _SP X`^TNLW TX[]P^^TZY ZQ _SP ±L«VL]=£RL ]PLWWd OZP^ ^`RRP^_ _SP \`TP_ L_XZ^[SP]P ZQ _SP PL]Wd XZ]YTYR MPQZ]P ^`Y]T^P% _SP WTRS_ T^ LW]PLOd _SP]P M`_ T_ NLY MP QPW_ XZ]P _SLY ^PPY%

?SP ^TYRP]v^ X`^TNLW TY_P][]P_L_TZY ZQ _SP bZ]O^ T^ NWPL] ?SP w9£OL -]LSXLYx T^ ]P[]P^PY_PO L^ ^ZXP_STYR ^`[P]X`YOLYP 4Y 4YOTL _SP PL]Wd XZ]YTYR T^ _SP _TXP QZ] TYOTaTO`LW []LdP] LYO bSL_ _SP ^TYRP] M]TYR^ ZaP] T^ L X`^TNLW []LdP] ?SP Y`XP]Z`^ WZbP]TYR Z]YLXPY_^ ZY OP ^NPYOTYR ^NLWP^ PR ZY wS£x TY _SP bZ]O M]LXS£  ZY w[Zx TY ]¼[Z LYO ZY w_Tx TY ²LV_T  TX[L]_ L [L^^TaP OPaZ_TZYLW `^P ZQ [T_NS LYO _S`^ ]P QWPN_ _SP _d[TNLW L__T_`OP ZQ WZaTYR OPaZ_TZY MSLV_T  TY_Z bSTNS _SP L`OTPYNP T^ O]LbY ?SP aP]d ^WZb _PX[Z LYO _SP R]PL_ TY_PY^T_d LYO ^TX`W_LYPZ`^ ]P^P]aL_TZY bT_S bSTNS _SP ^TYRP] TY_ZYP^ RTaP^ OTQQP]PY_ PX[SL^T^ _Z Pc_PYO^ LYO OPNZ]L_P^ _SP bZ]O^ ]PTYQZ]NP _SP TX[]P^^TZY ZQ R]PL_ ^_TWWYP^^ Pc_]PXP ^P]PYT_d LYO OPP[ OPaZ_TZY ?ST^ PcLX[WP ZQ L =£RL [ZTY_^ `[ TY [L]_TN`WL] _SP ^PY^Z]d LYO _PNSYTNLW ^SL]P ZQ _SP w^[T]T_`LW \`LWT_d ZQ Pc[]P^^TZYx wRPT^_TRP ,`^ O]`NV^\`LWT_Æ_x _SL_ TY X`^TN _SPZ]d T^ L^^ZNTL_PO bT_S _SP =£RL^ M`_ LW^Z [ZTY_^ _Z _SP YPNP^^NT_d ZQ ^[PNTQTN L__T_`OP^ bSTWP [P]QZ]XTYR LYO WT^_PYTYR 1T]^_ T_ T^ TY QLN_ _SP w^PWQPQQTNLNdx ZQ ^Z`YO LYO ZQ _SP ^[P NTQTN =£RL XPWZOd LYO ^PNZYO L wQPPWTYRx QZ] _SP VPd LYO _SP XZOP w?ZYL]_RPQÞSWx LYO QZ] _SP LP^_SP_TN XZZO _SL_ T^ bZaPY TY_Z []P NT^PWd _ST^ =£RL _SL_ T^ wLbLVPYPOx Md _SP [P]QZ]XLYNP 0aPY TQ MZ_S _SP VPd LYO XZZO L]P MPWTPaPO _Z MP TXXLYPY_Wd w_SP]Px TY L ^[PNTQTN =£RL LYO _SP]PQZ]P _PNSYTNLWWd LNNP^^TMWP ^_TWW _SP QPPWTYR QZ] _SPX NLYYZ_ MP WPL]YPO Q]ZX L MZZV LYO OPXLYO^ Q]ZX _SP WT^_PYP]^ ^ZXP _STYR ^TXTWL] _Z bSL_ T_ OPXLYO^ Q]ZX _SP ^TYRP] 4_ T^ _]`P _SL_ _SP WT^ _PYP]^ OZ YZ_ SLaP _Z SLaP LYd _PNSYTNLW _]LTYTYR WTVP _SP ^TYRP]v^ M`_ _SPd ^_TWW SLaP _SPT] ZbY ]ZWP _Z [WLd TY _SP wQPPWTYR QZ] _SP VPdx ,N NZ]OTYR _Z _SP NWL^^TNLW _Pc_^ _SP WT^_PYP]^ LYO TY _SP NL^P ZQ OLYNP

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

_SZ^P bL_NSTYR SLaP _Z SLaP L NP]_LTY SLMT_`^ ZQ ]PNP[_TaP NZX[P_PY NTP^ _SL_ XLVP _SPX ]PNP[_TaP _Z _SP [P]QZ]XLYNP ?ST^ TYNW`OP^ _]`_S Q`WYP^^ L MPYPaZWPY_ L__T_`OP TX[L]_TLWT_d LYO PX[L_Sd M`_ YZ_ [TP_d  ?SP^P \`LWT_TP^ _`]Y _SP WT^_PYP]^ TY_Z wNZN]PL_Z]^x ZQ _SP XZZO Md OPaZ_TYR _SPX^PWaP^ P\`LWWd w^PWQWP^^Wdx NZX[WP_PWd _Z _SP =£RL LYO WP__TYR _SPX^PWaP^ MP wNZWZ]POx WTVP _SP ^TYRP] ;]ZMLMWd _ST^ T^ PcLN_Wd bSL_ -P]PYO_ XPLY_ bSPY SP ^[ZVP ZQ w^[T]T_`LW L__T_`OPx 4Y _SP TY_P] [WLd MP_bPPY ZMUPN_TaP LYO ^`MUPN_TaP L^[PN_^ _SP L[[L]PY_Wd TOPLWT^_TN _d[TNLW QPL_`]P ZQ _SP =£RL X`^TN _SL_ T_ XLVP^ _SP wTYaT^TMWP aT^TMWPx LYO _SP wTYL`OTMWP L`OTMWPx LYO Pc[]P^^P^ LP^_SP_TN L_XZ^[SP]P^ LYO _SP TXXL_P]TLW wP^^PYNP ZQ MPTYRx OZP^ TY QLN_ MPNZXP ^ZXP_STYR _SL_ NLY MP Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ , _ST]O Q`YOLXPY_LW ]P\`T]P XPY_ SZbPaP] T^ _SP ^VTWW ZQ _SP ^TYRP] LYO _SP \`LWT_d ZQ _SP [P]QZ]X LYNP 4_ bTWW L[[PL] LWW _SP XZ]P TY_P]YLWTePO _SP XZ]P `YTQTPO LYO `Y LXMTR`Z`^ _SP ^PWPN_PO =£RL XZOP T^ LYO _SP XZ]P _SP L]_T^_ ^`MUPN_^ STX Z] SP]^PWQ _Z _SP TYYP] =£RL ]`WP^ LYO ]PR`WL]T_TP^ LYO L_ _SP ^LXP _TXP OPaPWZ[^ ST^ Z] SP] [P]^ZYLW ^_LX[ _S]Z`RS _SP PX[L_STN TX[]ZaT ^L_TZY 4Y Z`] PcLX[WP _SP ^TYRP] T^ LMWP bT_S R]PL_ TY_PY^T_d _Z Pc[]P^^ LYO PaZVP OPP[ ]PaP]PYNP XPOT_L_TaP NZYNPY_]L_TZY \`L^T YZYbZ]WOWd WTMP]L_TZY LYO R]PL_ TYYP] [PLNP ?ST^ ^Z`YO TX[]P^^TZY ZQ wOTaTYP [PLNPx LYO Pc_]PXP ^P]PYT_d T^ _]LY^XT__PO ^Z TY_PY^TaPWd ^ZWPWd aTL _SP LNZ`^_TN ^PY^P^  _SL_ _SP ^TYRP] WPLaP^ L VTYO ZQ WL^_TYR PNSZ TY _SP XPXZ]d _SL_ ZYP OZP^ YZ_ PL^TWd QZ]RP_ PaPY L^ L BP^_P]Y WT^_PYP] bT_SZ`_ LYd ^TRYTQTNLY_ _]LTYTYR TY WT^_PYTYR _Z =£RL X`^TN z LY PNSZ _SL_ ZYP ^_TWW SPL]^ bSPY _SP L`OTMWP ^Z`YO ZQ _SP =£RL SL^ OTPO LbLd ?ST^ ^_]ZYR ^Z`YO TX[]P^^TZY ZQ LY P_P]YLW PNSZ NLY MP Pc[WLTYPO YZ_ WPL^_ Md _SP ]PXL]VLMWd ^_]ZYR []P^PYNP ZQ ZaP]_ZYP^ TY _SP XPWZOd bSTNS []ZMLMWd XZ_TaL_PO _SP ^WTRS_ OPaTL_TZY Q]ZX _SP ML^TN ^_]`N_`]P ZQ _SP ²L«VL] ]£R Md LOOTYR _SP 1 ^SL][ LW^Z LY TX[Z]_LY_ []TXL]d ZaP]_ZYP ?ST^ XPLY^ _SL_ _SP ^TYRTYR MPRTY^ _Z ^Z`YO WTVP _d[TNLW ZaP]_ZYP ^TYRTYR 4_ L[[PL]^ WTVP LY PNSZ ZQ _SP ^[PN_]`X ZQ _SP ?£X [¼]L LYO _S`^ VPP[^ _SP NZY^_LY_ O]ZYP ZQ _SL_ ^_]TYRPO TY^_]`XPY_ z _SP 9£OL T_^PWQ z TY _SP QZ]PR]Z`YO L_ LWW _TXP^ 4Y _ST^ bLd T_ ]PQWPN_^ _SP XPLYTYR wNZ^XZ^ T^ ^Z`YOx TY L X`^TNLW QZ]X LYO PXMZOTP^ _SP NZ^XTN LWW[P]aLOTYR ^Z`YO 9£OL _SL_ T^ OP^N]TMPO TY _SP aP]^P  `^TYR L [Sd^T NLW ^Z`YO ^`M^_LYNP

!$

?SP ?£X[¼]L L^ ?Z_LW =P[]P^PY_L_TZY ZQ _SP 9£OL-]LSXLY

?SP]P T^ LY P\`TaLWPYNP MP_bPPY _SP 9£OL-]LSXLY TOPL _SL_ _SP bSZWP bZ]WO T^ QTWWPO bT_S _SP wNZ^XTN []TXZ]OTLW ^Z`YOx LYO XZYZOTN Pc _]PXPWd XTN]Z_ZYPWLOPY 4YOTLY XZOLW X`^TN 4Y [L]_TN`WL] bSPY ZaP]

$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_ZYLWT_d T^ ^_]P^^PO L^ TY _SP LMZaP PcLX[WP L OPY^P NZY^_LY_ ^Z`YO []P^PYNP L]T^P^ _SL_ _]LY^WL_P^ _SP 9£OL-]LSXLY ^Z _Z ^[PLV TY_Z ^PY ^Z]d [P]NP[_TZY LYO L]Z`^P^ L wQPPWTYRx ZQ `YT_d TY [W`]LWT_d -P]PYO_ bL^ _SP]PQZ]P YZ_ LWW _SL_ QL] ZQQ _SP ]TRS_ _]LNV bSPY SP NWLTXPO _SL_ QZ] _SP 9£OL-]LSXLY _SP NZ^XTN []TXZ]OTLW ^Z`YO _SP]P bP]P NZX[]PSPY^TMWP LNZ`^_TN QZ]X^ _SL_ wTXXPOTL_PWdx PaZVP _SP TOPL ZQ L NZ^XTN `YT_d TY _SP ^Z`YO ,NNZ]OTYR _Z -P]PYO_ _ST^ SLO ^ZXP _STYR _Z OZ bT_S _SP SZWT^_TN YL_`]P ZQ ^Z`YO T_^PWQ 3T^ VPd PcLX[WP^ bP]P ZaP]_ZYP ^TYRTYR _SP NSLY_TYR ZQ :¿ LYO _SP Z^NTWWL_TZY ZQ L ^_]TYR  ?SP aTM]L_TYR ^_]TYR T^ L _]`Wd RZZO TWW`^_]L_TZY ZQ _SP w`YT\`P YL_`]Px ZQ ^Z`YO LYO NPY_]LW NZX[WPcP^ ZQ TOPL^ _SL_ L]P L^^ZNTL_PO bT_S _SP 9£OL-]LSXLY BSPY L ^_]TYR T^ [W`NVPO Z] ^_]`NV QT]^_ ZQ LWW L aTM]L_TZY L]T^P^ TY _SP bSZWP ^_]TYR 3ZbPaP] _ST^ aTM]L_TZY TXXPOT L_PWd NL`^P^ L ^PNZYO ^ZXPbSL_ \`TP_P] Z^NTWWL_TZY _SL_ ZQ _SP _bZ SLWaP^ ZQ _SP ^_]TYR ?SPY _SP _S]PP _ST]O^ ZQ _SP ^_]TYR ^_L]_ _Z aTM]L_P QZWWZbPO Md QZ`] \`L]_P]^ LYO ^Z ZY LO TYQTYT_`X  -`_ ^`NNPPOTYR [L] _TLW aTM]L_TZY^ L]P LWbLd^ \`TP_P] _SLY _SPT] []POPNP^^Z]^ LYO L_ ^ZXP ^_LRP _SPd MPNZXP NZX[WP_PWd TYL`OTMWP 0aPY _SZ`RS bP _STYV bP L]P SPL]TYR ZYP ^TYRWP _ZYP LNZ`^_TN _SPZ]d _PWW^ `^ _SL_ bP L]P ]PLWWd LW^Z SPL]TYR XLYd OTQQP]PY_ _ZYP^ L^ PLNS wTYOTaTO`LW _ZYPx NZY_LTY^ bT_STY T_^PWQ LWW _SP Z_SP] wTYOTaTO`LW _ZYP^x L^ L bPLV LOOT_TZYLW ^Z`YO ^NL[P ?SP]PQZ]P TY ^`NS NL^P^ LNZ`^_TN^ Pc[P]_^ ^[PLV ZQ wSL]XZYTN ^Z`YOx LYO YZ_ ZQ w_ZYPx ?SP P[T_SP_ wSL]XZYTNx ]PQP]^ _Z _SP bSZWP SL]XZYTN ^[PN_]`X ZQ NZaTM]L_TYR TYOTaTO`LW _ZYP^ 2PY`TYPWd w^TYRWPx ^Z`YO^ _SL_ T^ _ZYP^ bT_SZ`_ ^`NS L SL]XZYTN ^[PN_]`X L]P NP]_LTYWd XL_SP XL_TNLWWd NZYNPTaLMWP M`_ NLY YPaP] MP Q`WWd ]PLWTePO Md [Sd^TNLW XPLY^ 4Y^_PLO PaP]d aTM]L_TYR MZOd []ZO`NP^ L SL]XZYTN ^[PN_]`X _S]Z`RS T_^ aTM]L_TZY ?SP Y`XMP] ZQ ZaP]_ZYP^ LYO _SPT] []Z[Z]_TZYLW ]PWL_TZY^ L]P OT]PN_Wd ]P^[ZY^TMWP QZ] _SP _TXM]P ZQ _SP ^Z`YO 4Y RPYP]LW T_ T^ _]`P _SL_ _SP ^Z`YO QZ]XPO T^ [P]NPTaPO L^ SL]^SP] LYO XZ]P [PYP _]L_TYR _SP XZ]P L`OTMWP ZaP]_ZYP^ T_ SL^ TY _SP STRSP] Q]P\`PYNTP^ 4Y_P]P^_TYRWd TY^_]`XPY_^ _SL_ SLaP LY P^[PNTLWWd ]TNS ZaP]_ZYP ^[PN_]`X PR ^SLbX^ ^PPX _Z SLaP OT^L[[PL]PO TY 0`]Z[P bSPY XZ OLWT_d bPY_ Z`_ ZQ QL^STZY L_ _SP PYO ZQ _SP 8TOOWP ,RP^ BT_S _SPT] STRS []Z[Z]_TZY ZQ ZaP]_ZYP^ _SP^P TY^_]`XPY_^ []P^PY_ _SP PL] bT_S _SP `YTNPY_]TN ^_]`N_`]P ZQ _SP ZaP]_ZYP ^NLWP L^ L OPQTYT_P XZOLW Q]LXP bZ]V 4Y _SP ZaP]_ZYP ^NLWP ^_]`N_`]PO L^ %%% m `W_TXL_PWd PaP]d _ZYP T^ OPQTYPO TY ]PWL_TZY _Z _SP Q`YOLXPY_LW ?ST^ XPLY^ _SL_ PaPY ZYP ^TYRWP _ZYP Q]ZX L ^SLbX XLVP^ L S`YO]PO Z_SP] Q]P\`PYNTP^ ^Z`YO L_ _SP ^LXP _TXP LWW ZQ bSTNS L]P []POPQTYPO Md _SP Q`YOLXPY_LW 3Zb PaP] ^TYNP _SP =PYLT^^LYNP _SP LTX SL^ MPPY [ZWdNPY_]TN Z]RLYTeL_TZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -P]PYO_ ?SP BZ]WO T^ >Z`YO  "z !z!

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$"

LWWZbTYR XZO`WL_TZY^ Q]ZX ZYP NPY_P] _Z LYZ_SP] ?SP NZX[Z^P]^ ZQ XLO]TRLW^ TY _SP  _S NPY_`]d LYO NZX[Z^P]^ ZQ Z[P]L TY _SP !_S NPY _`]d OTO YZ_ bLY_ _Z SLaP U`^_ ZYP ^TYRWP ML^TN XZZO Z] L_XZ^[SP]P z TY^_PLO _SPd bLY_PO _Z NL[_`]P LYO ]P[]P^PY_ XZaPXPY_^ ZQ _SP ^Z`W z LYO _SPd bLY_PO L XZ]P []PNT^P bLd ZQ []P^PY_TYR _Pc_^ ^P_ _Z X`^TN LYO O]LXL_TN ^P\`PYNP^ -L^TNLWWd T_ T^ _SP _d[TNLW BP^_P]Y OPNZY^_]`N_TYR LYO OT^^PN_TYR LNNP^^ SP]P TY _SP ]PLWX ZQ [^dNSZWZRd ^Z SL]^SWd N]T_T NTePO Md -P]PYO_ bSTNS SL^ P^_LMWT^SPO T_^PWQ TY X`^TN 4Y _SP bZ]O^ ZQ 8Lc BPMP] T_ bL^ ]L_TZYLWTeL_TZY ZQ _SP bZ]WO LYO ZQ WTQP ^Z NSL]LN_P] T^_TN ZQ _SP BP^_ ZNN`]]TYR PaPY TY TY BPMP]v^ aTPb _SP XZ^_ OPP[Wd wT]]L_TZYLWx L]PL ZQ X`^TN /TLXP_]TNLWWd Z[[Z^PO _Z _ST^ T^ _SP _d[TNLW NWL^^TNLW 4YOTLY TY^_]` XPY_LW PY^PXMWP NZY^T^_TYR ZQ L ^ZWZT^_ bSZ `^`LWWd [WLd^ L TY^_]`XPY_ bT_S L ^_]ZYR ZaP]_ZYP ^[PN_]`X L O]`XXP] []ZaTOTYR _SP ]Sd_SXTN Q]LXPbZ]V LYO L _ST]O X`^TNTLY [WLdTYR L MZ`]O`Y TY^_]`XPY_ SL]XZ YT`X Z] ?£X[¼]L 4Y^_PLO ZQ OPPX[SL^TeTYR _SP Q`YOLXPY_LW L^ TY BP^_P]Y X`^TN TY 4YOTLY X`^TN T_ LN_`LWWd MPNLXP PX[SL^TePO 9Zb BP^_P]Y X`^TN LW^Z SLO ^TXTWL] MZ`]O`Y TY^_]`XPY_^ ^`NS L^ _SP MLR [T[P^ LYO _SP S`]OdR`]Od .S`]NS Z]RLY^ TY [L]_TN`WL] SLO LY TX[Z] _LY_ MZ`]O`Y Q`YN_TZY bSTNS Pc[WLTY^ _SP `^P ZQ _SP 2P]XLY bZ]O w:] RPW[`YV_x QZ] wMZ`]O`Yx Z] wO]ZYPx DP_ MLR[T[P^ S`]OdR`]OTP^ LYO Z]RLY^ L]P []TXL]TWd `^PO QZ] [WLdTYR XPWZOTP^ ?ST^ T^ YZ_ SZb _SP 4YOTLY ?£X[¼]L T^ `^PO _SZ`RS LYO X`^TNTLY^ [WLdTYR _SP SL]XZYT`X TX[Z]_PO Q]ZX _SP BP^_ _]d _Z PWTXTYL_P _ST^ [Z^^TMTWT_d L^ QL] L^ [Z^ ^TMWP ?SP]PQZ]P ZQ _SP MZ`]O`Y TY^_]`XPY_^ _SP 4YOTLY ?£X[¼]L L QZ`]^_]TYRPO W`_P T^ P^[PNTLWWd ]PXL]VLMWP MPNL`^P T_ T^ _SP ZYWd TY ^_]`XPY_ _SL_ bL^ OP^TRYPO QZ] [WLdTYR _SP MZ`]O`Y LYO NLYYZ_ MP `^PO QZ] [WLdTYR XPWZOTP^ L^ T_ SL^ YZ Q]P_^ ?SP QZ`] XP_LW ^_]TYR^ L]P _`YPO _Z _SP Q`YOLXPY_LW _SP QTQ_S LYO _SP ZN_LaP ZQ _SP =£RL LYO L]P [W`NVPO NZY_TY`Z`^Wd L^ Z[PY ^_]TYR^ ?SP Q`YN_TZY T^ _Z ^P_ `[ _SP Q`YOLXPY_LW L^ _SP MZ`]O`Y L [P]XLYPY_ MLNVR]Z`YO ZQ ^Z`YO LRLTY^_ bSTNS LWW _SP TY_P]aLW^ ^SZ`WO MP SPL]O ?SP VPd QLN_Z] QZ] _SP WT^_PYP]^ SZbPaP] TY _SP NL^P ZQ _SP ?£X[¼]L T^ _SL_ _ST^ NZY^_LY_ XZYZ_ZYZ`^ ]PT_P]L_TZY ZQ _SP Q`YOLXPY_LW OZP^ YZ_ ^Z`YO ^_L_TN , ^[PNTLW N`]aPO M]TORP PY^`]P^ _SL_ _SP ZaP]_ZYP^ QW`N_`L_P NZY^_LY_Wd LYO ^Z _SP ]P^`W_TYR ^Z`YO Q]ZX _SP QZ`] ^_]TYR^ ZQ L bPWW XLOP ?£X[¼]L YZ WZYRP] ^Z`YO^ WTVP _SL_ Q]ZX L [W`NVPO TY^_]`XPY_ 4Y^_PLO L ^_PLOd M`_ TY_P]YLWWd XZaTYR ^Z`YO T^ RPYP]L_PO ^TXTWL] _Z _SL_ ZQ L S`]OdR`]Od /P^[T_P T_^ ^`[P]QTNTLWWd ^_L_TN YL_`]P TY L ^PY^P _SP ZaP]_ZYP]TNS ^Z`YO ZQ _SP ?£X[¼]L LW^Z Z^NTWWL_P^ ^STXXP]^ LYO T^ aP]d X`NS LWTaP ?SP ?£X[¼]L T^ L wXZOP]Yx ^_]TYRPO TY^_]`XPY_ LYO bL^ []ZMLMWd OPaPWZ[PO ZYWd TY _SP !_S"_S NPY_`]d _Z LNNZX[LYd NWL^^TNLW ^ZYR TY _SP 6Sd£W ^_dWP _SL_ bL^ TY aZR`P L_ _SL_ _TXP [Z^^TMWd L_ _SP NZ`]_ ZQ

$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_SP XZRS`W ZQ /PWST  ?SP SL]XZYT`X bL^ TY_]ZO`NPO PaPY WL_P] TX [Z]_PO Q]ZX _SP BP^_ Md XT^^TZYL]TP^ LYO T_ bL^ ]L[TOWd LOZ[_PO TY 4YOTL L^ L YPb TYaPY_TZY ZQ _SP $_S NPY_`]d MPTYR LOL[_PO _Z _SP 4YOT LY^v ZbY YPPO^  ?SPd []ZaTOPO T_ bT_S M`__ZY^ QZ] _SP MZ`]O`Y LYO M`TW_ TY^_]`XPY_^ _Z MP [WLdPO bT_S ZYWd ZYP SLYO bSTNS XPLY^ _SL_ L ^TYRP] NLY LNNZX[LYd STX Z] SP]^PWQ bT_S ^NTY_TWWL_TYR MZ`]O`Y ^Z`YO^ DP_ _SP ?£X[¼]L ]PXLTYPO _SP OPQTYT_TaP TY^_]`XPY_ QZ] NZYNP]_ [P] QZ]XLYNP^ ]PTYQZ]NTYR LYO [P]QPN_TYR LY PcT^_TYR X`^TNLW TOPLW ?SP TOPLW ZQ _SP bLaP]TYR O]ZYP NLY MP QZ`YO L^ PL]Wd L^ TY _SP _S NPY _`]d TY ±£]«RLOPaL ?SP ?£X[¼]Lv^ []POPNP^^Z]^ TYNW`OPO _SP =`O]L A¯Y£ LYO _SP ZYP^_]TYRPO 0V_L] LY TY^_]`XPY_ _SL_ T^ ^_TWW [Z[`WL] TY L^NP_TN NT]NWP^ PaPY _ZOLd LYO LW^Z SL^ L ]Sd_SXTN Q`YN_TZY _SL_ _SP ?£X[¼]L YZ WZYRP] Q`WQTWW^ ?SP [P]QPN_TZY ZQ _SP ?£X[¼]L WTP^ TY _SP QLN_ _SL_ T_ bL^ ZMaTZ`^Wd OP^TRYPO P^[PNTLWWd ^Z _SL_ _SP TYOTaTO`LW ^_]TYR^ YZ_ ZYWd ^Z`YO L_ _SP Q]P\`PYNd _Z bSTNS _SPd L]P _`YPO M`_ L_ _SP ^LXP _TXP []TXL]d [L]_TLW _ZYP^ ZQ _ST^ ML^TN Q]P\`PYNd MPNZXP L`OTMWP L^ TYOTaTO`LW _ZYP^ ?SP QLN_ _SL_ TYOTaTO`LW _ZYP^ TY X`^TN L]P LN_`LWWd LY LNZ`^_TN TWW`^TZY T^ Pc[WZT_PO QZ] PaP]d _ZYP [Sd^TNLWWd NZY ^T^_^ ZQ L [Z_PY_TLWWd TYQTYT_P ^P]TP^ ZQ TYOTaTO`LW aTM]L_TZY^ :YP NZ`WO RZ L^ QL] L^ _Z ^Ld _SL_ PaP]d _ZYP NZY_LTY^ PaP]d Z_SP] _ZYP 2ZZO ?£X[¼]L TY^_]`XPY_^ NLY RPYP]L_P bT_STY ZYP TYOTaTO`LW _ZYP L NZX[WPc ^[PN_]`X ZQ XLYd _ZYP^ TY bSTNS PaPY `YX`^TNLW WT^_PYP]^ NLY SPL] QTaP _Z ^Tc _ZYP^ \`T_P NWPL]Wd LW_SZ`RS ZYWd L ^TYRWP ^_]TYR T^ MPTYR [WLdPO ?SP _d[TNLW QPL_`]P T^ LWbLd^ _SL_ [PZ[WP WT^_PYTYR _Z L ?£X[¼]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP ^_Z]d ZQ _SP ?£X[¼]L T^ ^TXTWL] _Z _SL_ ZQ _SP wXZOP]Yx O]`X NLWWPO _SP ?LMWL -Z_S TY^_]`XPY_^ NLY MP OL_PO bT_S NP]_LTY_d _Z _SP #_S NPY_`]d  ?SP SL]XZYT`X bL^ TYaPY_PO TY ;L]T^ TY # Z] L_ WPL^_ _ST^ bL^ _SP dPL] TY bSTNS _SP [L_PY_ bL^ LbL]OPO _Z ,WPcLYOP] /PMLTY 6`]_ 4YOTPY `YO 0`]Z[L   ^[PLV^ ZQ _SP SL]XZYT`X LW]PLOd ^[]PLOTYR _S]Z`RS 4YOTL L_ _SP PYO ZQ _SP #_S NPY_`]d 3P ^`[[Z^P^ _SL_ 0`]Z[PLY XT^^TZYL]TP^ XP]NSLY_^ Z] ^ZWOTP]^ TY_]ZO`NPO _SP MZc ^SL[PO VPdMZL]O TY^_]`XPY_ TY_Z 4YOTL LYO NT_P^ L [TN_`]P Q]ZX _SP PL]Wd $_S NPY_`]d L^ PaTOPYNP ZQ T_^ ]L[TO TY_PR]L_TZY TY_Z 4YOTLY X`^TN ?SP TXLRP ^SZb^ _SP RZO AT´©` ^`]]Z`YOPO Md NPWP^_TLW X`^TNTLY^ [WLdTYR _SP >T_L] ?LMWL LYO SL]XZYT`X ?SP bPWW VYZbY X`^TNLW ]`WP _SL_ bSL_ _SP RZO^ ]PRL]O L^ RZZO T^ LW^Z RZZO QZ] S`XLY VTYO bL^ LW^Z L[[WTPO _Z _SP QZ]PTRY SL]XZYT`X z LW_SZ`RS T_ OTO YZ_ RZ `YNZY_P^_PO ?SP SL]XZYT`X QLTWPO _Z Q`WQTWW NP]_LTY ]P\`T]PXPY_^ TY 4YOTLY =£RL X`^TN LYO bL^ _SP]PQZ]P ^Z SPLaTWd LOL[_PO _SL_ LQ_P]bL]O^ T_ bL^ YZ WZYRP] ^`T_LMWP QZ] BP^_P]Y X`^TN DP_ T_ YPaP] MPNLXP Q`WWd LNNP[_PO LYO bL^ LWbLd^ ^PPY L^ TYQP]TZ] _Z _SP ?£X[¼]L 1Z] L _TXP $z$" SL]XZYT`X^ bP]P PaPY MLYYPO ZY w,WW 4YOTL =L OTZx ?SP MLY bL^ Z]TRTYLWWd TX[Z^PO Md LY 0YRWT^SXLY M`_ WL_P] MPNLXP [L]_ ZQ _SP XZaP^ _Z OPQPYO w[`]P 3TYO` N`W_`]Px LYO L^^P]_ YL_TZYLW TOPY_T_d ^P[L]L_TYR 3TYO`^ Q]ZX 8`^WTX^ 8Z]P OP_LTW ZY _SP OPML_P T^ RTaPY TY 6`]_ 4YOTPY `YO 0`]Z[L  z  DP_ XLYd 4YOTLY X`^TNTLY^ L[[]PNTL_P _SP TY^_]`XPY_ QZ] _SP []LN_TNLW ]PL^ZY^ TYOTNL_PO LMZaP

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$

bTWW YPaP] MP LMWP _Z OPNTOP bSP_SP] _SPd L]P SPL]TYR ZYWd ZYP Z] ^Pa P]LW _ZYP^& ZYP LWbLd^ SPL]^ L `YT_d LYO L [W`]LWT_d L_ _SP ^LXP _TXP >Z _SP X`^TNTLY Z] ^TYRP] [P]QZ]XTYR ZaP] _SP ?£X[¼]Lv^ MZ`]O`Y LYO PaPY _SP WP^^ VYZbWPORPLMWP WT^_PYP] ]PXLTY^ NZY^_LY_Wd LbL]P _SL_ [`]P X`^TN OZP^ YZ_ SLaP LYd PWPXPY_^ TY T^ZWL_TZY MPNL`^P _SP ML^TN XZOLW XL_P]TLW _SP Q`YOLXPY_LW LYO T_^ ZaP]_ZYP^ ]PXLTY L`OTMWP L_ LWW _TXP^ ?SP SL]XZYd PXP]RP^ Q]ZX ^Z`YO ZQ _SP ?£X[¼]L _SP XPWZOd PXP]RP^ Q]ZX _SP SL]XZYd LYO _SP [S]L^TYR PXP]RP^ Q]ZX _SP XPWZOd >Z 4YOTLY X`^TNTLY^ LYO L`OTPYNP^ Pc[P]TPYNP _SP TYYP] NZY YPN_POYP^^ LYO `W_TXL_P `YT_d ZQ ^Z`YO aTL _SP ?£X[¼]Lv^ MZ`]O`Y 0aPY bSPY _SP =£RL^ NSLYRP _SP Q`YOLXPY_LW ?£X[¼]L _ZYP LWbLd^ ]PXLTY^ _SP ^LXP LYO T^ []P^PY_ L^ L NZY^_LY_ MLNVR]Z`YO ?ST^ Pc[]P^^TaP NSL]LN_P] SL^ L S`RP ^dXMZWTN aLW`P 4Y XZOP]Y ^ZYR^ LYO -ZWWdbZZO QTWX^ ?£X[¼]L ^Z`YO^ L]P ZQ_PY `^PO LWZYR^TOP :¿ NSLY_TYR bSPY _SP ^`MUPN_ ^bT_NSP^ _Z ^ZXP_STYR ]PWTRTZ`^ ?SP ?£X[¼]L _S`^ SL^ L ^TRYLWTYR Q`YN_TZY WTVP Z]RLY X`^TN TY _SP BP^_ z _SPd TYOTNL_P w_LVP YZ_P YZb ^ZXP_STYR ^`[P]YL_`]LW T^ NZXTYRx 3P]P _SP ?£X[¼]L QTYLWWd MPNZXP^ L NZY^NTZ`^ ]PLW ^dXMZW Z] _Z_LW ]P[]P^PY _L_TZY ZQ NZ^XTN ^Z`YO ?SP XPLYTYR w_SP NZ^XZ^ T^ ^Z`YOx T^ LW^Z ]PQWPN_PO SP]P TY X`^TNLW QZ]X LYO _SP L`OTPYNP TOPY_TQTP^ NZ^XTN ^Z`YO _SP 9£OL  bT_S L [Sd^TNLW ^Z`YO ^`M^_LYNP ?ST^ NZYaP]RPYNP LYO TOPY_TQTNL_TZY ZQ LM^_]LN_ TOPL^ LYO NZYN]P_P SPL]TYR Pc[P]TPYNP LWWZb^ WT^_PYP]^ _Z TXLRTYP _SP TYL`OTMWP NZ^XTN 9£OL `W_TXL_PWd L^ ^ZXP_STYR _SL_ NLY MP Pc[P]TPYNPO aTL _SP ^PY^P^ ?SP ?£X[¼]L NWPL]Wd TWW`^_]L_P^ bSd ±£]«RLOPaL ^[ZVP YZ_ ZYWd ZQ _SP 9£OL M`_ ZQ 9£OL-]LSXLY LYO []P^PY_PO X`^TN L^ DZRL QZ] PaP ]dZYP @YT_d LYO [W`]LWT_d L[[PL] _Z MP `YT_PO TY _SP ^PY^Z]d [P]NP[_TZY _SL_ XLVP^ _SP SZWT^_TN YL_`]P ZQ ^Z`YO NZX[]PSPY^TMWP 7T^_PYTYR _Z _SP ?£X[¼]L T^ ^`QQTNTPY_ _Z SLaP L ^Z`YO Pc[P]TPYNP LYLWZRZ`^ _Z _SL_ TY_PYOPO TY -S£^VL]L]£dLv^ XLY_]L NZY_PX[WL_TZY -S£^VL]L]£dLv^ DZRL ZQ ^Z`YO MPRLY bT_S Pc[P]TPYNTYR _SP 9£OL []P^PYNP L^ bZaPY wTY LYO MP_bPPYx _SP XLY_]L ^Z`YO^ wWTVP _SP _S]PLO^ TY L QLM]TNx ?ST^ PcP]NT^P bL^ TY_PYOPO _Z PYLMWP ZYP _Z [P]NPTaP _SP QTQ_PPY XLY_]L ^dWWLMWP^ L^ ZYP NZX[WPc bSZWP LYO _Z VPP[ []P^PY_ z TY _SP bSZWP MZOd LYO MP dZYO T_ z LWW ZQ ^Z`YOv^ ^SLOP^ ZQ ^`M_WP_d L_ _SP ^LXP _TXP -S£^VL]L]£dL ]PRL]OPO _ST^ L^ _SP ^PN]P_ ZQ XLVTYR _SP NZ^XTN ZXYT []P^PY_ NZY^NTZ`^YP^^ XLYTQP^_ LYO wQPPWTYRx T_ bT_S _SP TYYP] ^PY^P^ -L^TNLWWd -S£^VL]L]£dL []Z[Z^P^ SPL]TYR _SP ^Z`YO^ ZQ _SP XLY_]L XPY_LWWd TY _SP ^LXP bLd TY bSTNS L NZYNP]_RZP] SPL]^ _SP ^Z`YO^ ZQ _SP QZ`]^_]TYRPO 4YOTLY ?£X[¼]L TY LY TXXPOTL_P [Sd^TNLW bLd LYO bT_SZ`_ LYd ^[PNTLW _]LTYTYR TY DZRL 4_ XLd MP [`]P NSLYNP _SL_ _ST^ ^_]TYRPO TY^_]`XPY_ ^PPX^ _Z SLaP OPaPWZ[PO L_ PcLN_Wd _SP _TXP ZQ -S£^VL]L]£dL Z] ^SZ]_Wd LQ_P]

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

7T^_PYTYR _Z _SP 9£OL TY _ST^ bLd T^ YZb LW^Z ]PRL]OPO L^ OP^T]LMWP TY _SP BP^_ TY _SP w^[T]T_`LW X`^TNx ZQ ZaP]_ZYP ^TYRTYR _SL_ T^ [Z[`WL] TY P^Z_P]TN NT]NWP^  ?SP ^TYRP] LOZ[_^ ^[PNTLW [Z^T_TZY^ ZQ _SP XZ`_S _Z []ZXZ_P [L]_TLW _ZYP^ _SL_ bZ`WO YZ_ Z_SP]bT^P MP NZY^NTZ`^Wd SPL]O PaPY _SZ`RS _SPd L]P _SP]P _SP bSZWP _TXP BSP]PL^ -S£^VL]L]£dL []Z [Z^PO L YPb _d[P ZQ SPL]TYR TY ST^ XLY_]TN 9£OL _SPZWZRd LYO _SP ?£X[¼]L TX[L]_PO _ST^ SPL]TYR _Z _SZ^P bSZ bP]P `YX`^TNLW TY L ]PWT RTZ`^ ^PY^P TY _SP bLVP ZQ _SP BP^_P]Y 9£OL ]PNP[_TZY _SP]P L]Z^P L YPb _d[P ZQ ^TYRTYR _SL_ T^ LYLWZRZ`^ _Z _SP ^Z`YO Pc[P]TPYNP ZQ -S£^VL]L]£dL LYO ZQ 4YOTLY^ WT^_PYTYR _Z L ?£X[¼]L 4Y ZaP]_ZYP ^TYR TYR _ZZ `YT_d LYO [W`]LWT_d ^PPX _Z MP `YT_PO TY _SP ^PY^P^ LYO _SP SZWT^_TN YL_`]P ZQ _SP ^Z`YO MPNZXP^ _]LY^[L]PY_ z L SZWT^X _SL_ BP^_ P]YP]^ PY_S`^PO Md 9Pb,RP ^[T]T_`LWT_d LYO P^Z_P]TNT^X WTVP _Z ]PWL_P _Z _SP bSZWP [SPYZXPYLW ]PLWT_d WTVP _SP 9£OL _SPZWZRTLY^ LYO 4YOTLv^ X`^TNZWZRT^_^ OTO bSPY _SPd L__LNSPO _SP -]LSXLY NZYNP[_ _Z _SP 9£OL BSL_ bP QTYO TY_P]P^_TYR LMZ`_ _ST^ PcLX[WP T^ _SL_ bZ]WOaTPb NZY ^_PWWL_TZY^ bP]P _]LY^QP]]PO Q]ZX ZYP N`W_`]P _Z LYZ_SP] YZ_ ZYWd aTL _PLNSTYR^ M`_ LW^Z aTL ^PY^Z]d ^dXMZW^ QPPWTYR^ LYO L_XZ^[SP]TN XZZO^ z _SL_ T^ L M]ZLO ]LYRP ZQ [P]NP[_TZY LYO Pc[P]TPYNP /Z`M_WP^^ _SP []ZO`N_TZY ZQ XPLYTYR Md _SP ^Z`YO TYQZ]XL_TZY TY Z`] PcLX[WP^ ZQ _SP ?£X[¼]L LYO ZaP]_ZYP ^TYRTYR T^ YZ_ ^TX[Wd wYL_`]LWx ?SP ^Z`YO^ NLY ZQ NZ`]^P LW^Z MP [P]NPTaPO L^ MZ]TYR YZ_ P^[PNTLWWd `[WTQ_TYR Z] L^ N`W_`]LWWd TY_P]P^_TYR LP^_SP_TN P_N ,MZaP LWW _SP ^_P[ _Z L bZ]WO bSZWP T^ YZ_ ZMaTZ`^ TP T_ ]P\`T]P^ L XL^^TaP LXZ`Y_ ZQ TY_P][]P_L_TZY z bSTNS SZbPaP] MPNLXP bPWW P^_LMWT^SPO TY 4YOTL S`YO]PO^ ZQ dPL]^ LRZ TY _SP wN`W_`]LW XPXP^x TY NZY_]L^_ _Z _SP YZaPW_d ZQ _SP TOPL QZ] BP^_P]Y ]PNT[TPY_^ 1`]_SP]XZ]P YZ_ PaP]d ZYP bTWW MP TY_P]P^_PO TY wQPPWTYRx L bZ]WObSZWP 4_ ZMaTZ`^Wd YPPO^ TY_P]P^_PO ]PNT[TPY_^ LYO L []TZ] TY_P][]P_L_TZY ^NSPXP WPYOTYR _SP ^Z`YO^ ^LN]POYP^^ LYO ^[T]T_`LW T_d LYO XLVTYR _SPX TY_Z ^PY^Z]d ^dXMZW^ ZQ _SP bZ]WObSZWP ,WW _ST^ T^ NP]_LTYWd _]`P M`_ bSL_ T^ TY_P]P^_TYR LMZ`_ _SP LMZaP PcLX[WP^ T^ SZb PL^TWd LY TNZYTN ]PWL_TZY^ST[ NLY MP NZY^_]`N_PO LYO [P]NPTaPO TY _P]^`MUPN_TaPWd BP _SP]PQZ]P NLWW _SP ?£X[¼]L LYO ZaP]_ZYP ^TYRTYR LYO _SP [Z^^TMWP M`_ YZ_ P^^PY_TLW ^Z`YO Pc[P]TPYNP w]PLW ^dXMZW^x BP ^Ld w]PLWx MPNL`^P _SP 9£OL-]LSXLY NZYNP[_ ZQ ^PY^Z]d Pc[P]T PYNP MPNZXP^ LNNP^^TMWP SP]P LYO w^dXMZWx MPNL`^P _SP TY_P][]P_L_TZY VPd _SP 9£OL-]LSXLY T^ _SP QZ`YOL_TZY ZQ ^Z`YO [P]NP[_TZY LYO _S`^ L XP_L[Sd^TNLW `YOP]^_LYOTYR ZQ X`^TN LYO L YZYO`LW bZ]WOaTPb ZQ bSZWPYP^^ :MaTZ`^Wd T_ T^ _ST^ TY_P][]P_L_TZY ^NSPXP _SL_ N]PL_P^ L w^[T]T_`LW SPL]TYRx Z`_ ZQ SPL]TYR 9Z_ PaP]d 4YOTLY WT^_PYP] bTWW []P NPTaPO _SP OTaTYP 9£OL^Z`YO TY _SP X`^TN ZQ _SP ?£X[¼]L LYO SPL] _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?ST^ ^_dWP ZQ ^TYRTYR Z]TRTYL_PO TY 8ZYRZWTL bSP]P T_ T^ LN_`LWWd _SP YZ]X

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

9£OL-]LSXLY ^dXMZWT^X ?SP ?£X[¼]L NLY LW^Z MP TY_P][]P_PO L^ L w]PLW ^dXMZWx TY L aP]d OTQQP]PY_ bLd 1Z] PcLX[WP L _PLNSP] ZQ _SP ,OaLT_LAPO£Y_L NZX[L]PO _SP P_P]YLW O]ZYTYR LYO _SP NZY^_LY_Wd ]P [PL_TYR ^Z`YO^ ZQ QZ`] ^_]TYR^ bT_S _SP `Y\`PYNSLMWP _ST]^_ QZ] R]L_TQT NL_TZY ZQ _SP `YWTMP]L_PO [P]^ZY w4 bLY_ 4 bLY_ 4 bLY_ mx% L^ ^ZZY L^ ZYP OP^T]P SL^ MPPY Q`WQTWWPO LYZ_SP] _LVP^ T_^ [WLNP  3ZbPaP] T_ T^ YZ_TNPLMWP PaPY TY _ST^ NZ`Y_P]^dXMZWT^X _SL_ _SP []PaLTWTYR _SZ`RS_ T^ _SP ^LXP z ZQ ZXYT[]P^PYNP LYO P_P]YT_d ;]PNT^PWd _ST^ NZXX`YTNL_TaP NZY_PY_ QZ]XLWWd _SP ^LXP NZY_PY_ T^ Pc[WLTYPO [SPYZXPYZWZRTNLWWd Md _SP ^PY^Z]d ^Z`YO TYQZ]XL_TZY T_^PWQ LYO T^ TY_P]^`MUPN_TaPWd NZX []PSPY^TMWP , ^PNZYO TY_P]P^_TYR [ZTY_ T^ _SP ]PWL_TaPWd ^TX[WP [Z^^TMTWT_d ZQ OP N`W_`]LWTeL_TZY ZY MZ_S _SP ^[T]T_`LW LYO _SP ^PY^Z]d WPaPW bSTNS L]T^P^ Q]ZX _SP^P ZaP]_ZYP [SPYZXPYL ?SP TY_P][]P_L_TZY ZQ RP__TYR Q]ZX _SP NZ^XZ^ ZQ ^Z`YO^ TY ZaP]_ZYP]TNS TY^_]`XPY_^ LYO ^TYRTYR _Z _SP YZ_TZY _SL_ _SP bZ]WO T^ ^Z`YO LYO L YZYO`LW bSZWP T^ NWPL]Wd TY^[T]PO Md 4YOTL -`_ TY _SP PcLX[WP ZQ ZaP]_ZYP ^TYRTYR _SP TOPL ZQ _SP 9£OL -]LSXLY T^ LW]PLOd ^Z OPN`W_`]LWTePO _SL_ SL]OWd LYd_STYR T^ ]PXTYT^ NPY_ ZQ 4YOTL LYd XZ]P 4YOTLY X`^TN T^ YZ WZYRP] ZQ LYd TX[Z]_LYNP U`^_ WTVP _SP PcLN_ NZY_PY_^ ZQ _SP 9£OL-]LSXLY Z] _SP Z]TRTYLW NZY_Pc_ ZQ ZaP]_ZYP ^TYRTYR TY 8ZYRZWTL BSL_ T^ TX[Z]_LY_ T^ LN_`LWWd ZYWd _SP SZWT^_TN ^dXMZWT^X LYO _SP aTPb _SL_ ZYP T^ OPLWTYR bT_S ^ZXP_STYR ^[T]T_`LW ?SP Pc[P]TPYNP ZQ L w[`]P ^[T]T_`LWT_dx TY ^Z`YO LYO ^ZYTN aTM]L_TZY^ L[[PL]^ _Z MP LWXZ^_ YL_`]LWTePO LYO L NP]_LTY bZ]WOaTPb T^ _]LY^QP]]PO LWZYR bT_S T_ -P]PYO_ XLOP L [L]_TLW NZY_]TM`_TZY _Z _ST^ OPN`W_`]LWTeL_TZY L^ OTO 4YOTLY R`]`^ LYO Z_SP] NZXX`YTNL_TZY NSLY YPW^ BSL_ QL^NTYL_PO -P]PYO_ _SP XZOP]Y ULee ST^_Z]TLY LYO 9Pb,RP QZWWZbP] ^Z X`NS LMZ`_ _SP PcZ_TN 9£OL-]LSXLY bL^ L[[L]PY_Wd _SL_ T_ bL^ L ^dXMZW ZQ LY LWWPYNZX[L^^TYR _Z_LWT_d bSZ^P ]PQP]PYNP TY L aTM]L_TYR ^_]TYR LYO TY ZaP]_ZYP X`^TN NZ`WO MP Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ ?SP 9£OL-]LSXLY []ZaTOPO L NZYNP[_ QZ] `YOP]^_LYOTYR _SP YL_`]P ZQ _SP ^Z`YO L^ w^[T]T_`LWx bT_SZ`_ YPNP^^L]TWd MPTYR ]P^_]TN_PO _Z L NP]_LTY N`W_`]P ]PWTRTZ`^ _]LOT_TZY Z] OZRXL :Y _SP NZY_]L]d T_ NZ`WO LW^Z MP Pc[WLTYPO X`^TNZWZRTNLWWd LYO LY_S]Z[ZWZRTNLWWd TP Md []ZQLYP ^NTPYNP _SL_ _SP PL] [P]NPTaP^ ^Z`YO^ MZ_S TY L ^PY^Z]d XLYYP] LYO XL_SPXL_TNLWWd L_ _SP ^LXP _TXP bL^ LY TX[Z]_LY_ L]R`XPY_ QZ] -P] PYO_ ;]PNT^PWd _SP ]PWTRTZ`^ NSL]RP M`_ LW^Z _SP OPOTQQP]PY_TL_TZY ZQ w[]ZQLYPx LYO w]PWTRTZ`^x TY _SP 9£OL-]LSXLY LYO T_^ Pc[P]TPYNP TY X`^TN LYO LWW _d[P^ ZQ ^Z`YO XPOT_L_TZY XLOP _SP NZYNP[_ L__]LN_TaP _Z _SP 9Pb,RP wMPWTPaP]^x 9Z ^[PNTQTN ]PWTRTZY L_ LWW YZb SLO _Z MP L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >bLXT /LdLYLYOL `^PO _ST^ PcLX[WP TY ZYP ZQ ST^ WPN_`]P^

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

^ZNTL_PO bT_S _SP 9£OL-]LSXLY L^ ^PY^Z]d ^`M^_LYNP TY _SP QZ]X ZQ X`^TN ^`NS L^ ZaP]_ZYP ^TYRTYR 8`^TNLW Wd^T^ T_^PWQ SLO L w^[T]T_`LW \`LWT_dx :aP]_ZYP X`^TN LYO XZOP]Y wbZ]WO X`^TNx _SL_ XTcP^ _Z RP_SP] LWW [Z^^TMWP X`^TN ^_dWP^ TY _SP bZ]WO LYZ_SP] ZQ -P]PYO_v^ Pc LX[WP^ ZQ 9£OL-]LSXLY L]P TY _SP N`]]PY_ ]PWTRTZ`^ N`W_`]P _bZ ZQ XLYd PcLX[WP^ ZQ ]P^LN]LWTeL_TZY ZQ WTQP bT_SZ`_ ZYP SLaTYR _Z NLWW ZYP^PWQ ]PWTRTZ`^ ?SPd [ZTY_ _Z _SP OT^^ZW`_TZY LYO `YOP]XTYTYR ZQ N`W_`]LW LYO ]PWTRTZ`^ MZ`YOL]TP^ bSTNS L]P _d[TNLW ZQ _SP XZOP]Y LRP 8LYd 9Pb,RP LOSP]PY_^ ]PRL]O _SPX^PWaP^ L^ w^[T]T_`LW M`_ YZ_ ]PWT RTZ`^x z L XZOP]Y ]PWTRTZ`^ ^_dWP bSZ^P M]ZLO [Z[`WL]T_d SL^ ZYWd MPPY ]PNZRYTePO TY XZ]P ]PNPY_ ]P^PL]NS LYO bSTNS L[[L]PY_Wd ]P[]P^PY_^ LY L__]LN_TaP LW_P]YL_TaP _Z _]LOT_TZYLW ]PWTRTZY LYO ^PN`WL]T^X QZ] NZY^TOP] LMWP ^PN_Z]^ ZQ _SP [Z[`WL_TZY TY XZOP]Y XZ^_Wd BP^_P]Y ^ZNTP_TP^ 4_ ]PXLTY^ TY_P]P^_TYR _SL_ OP^[T_P aP]d OTaP]RPY_ ^_L]_TYR [ZTY_^ QZ] -P]PYO_v^ NZX[WPcP^ ZQ TXLRTYL_TZY LYO _SZ^P ZQ _SP LYNTPY_ 4YOTLY^ LYO OP^[T_P -P]PYO_v^ _Z_LW OPST^_Z]TNTeL_TZY LYO OPN`W_`]LWTeL_TZY ZQ _SP 9£OL-]LSXLY L VTYO ZQ ^dY_SP^T^ YPaP]_SPWP^^ L]Z^P _SL_ T^ YZ_ ZYWd _SP ^XLWWP^_ NZXXZY OPYZXTYL_Z] M`_ LW^Z QPPO^ ZY TY_P]N`W_`]LWWd _]LY^XT__LMWP ^PY^Z]d ^dXMZW^ ?SP]P T^ L NZY_TY``X MP_bPPY _SP ^Z`YO TYQZ]XL_TZY Q]ZX L aTM]L_TYR ^_]TYR LYO _SP \`LWT_TP^ ZQ ?£X[¼]L ]PNP[ _TZY ZaP]_ZYP ^TYRTYR LYO XPOT_L_TZY ZY _SP ^Z`YO ZQ :¿ 4Y -P]PYO_ _SP NZOP^ 9£OL-]LSXLY LYO wPL]Z]TPY_PO [P]^ZYx L]P _SP VPd _Z LY LW_P]PO XZOP ZQ [P]NPTaTYR _SP bZ]WO ,YO SP]P SP bL^ []P__d NWZ^P _Z _SP XL]V 0aPY TQ LWW _SP ^PY^P^ L]P P\`LWWd TX[Z]_LY_ LYO LWbLd^ ^d YLP^_SP_TNLWWd NZYYPN_PO L^ -P]PYO_ LOXT_^ _SP]P L]P N`W_`]LWWd OZXT YLY_ QLN_Z]^ LYO N`W_`]LW []PQP]PYNP^ LYO OTQQP]PY_ \`LWT_TP^ ZQ Pc[P]T PYNP OP[PYOTYR ZY _SP STP]L]NSd ZQ _SP ^PY^P^ 3PL]TYR LYO ^PPTYR ZQQP] OTQQP]PY_ Pc[P]TPYNP^ 0c[P]TPYNP^ ^_TX`WL_P YPb _SZ`RS_^ >PY^Z]d ^dXMZW^ SLaP _SP [ZbP] _Z _]TRRP] ^`NS Pc[P]TPYNP^ -P]PYO_v^ MZZV bL^ L MP^_^PWWP] LYO L _d[P ZQ N`W_ MZZV QZ] XZOP]Y ^[T]T_`LWT_d ?ST^ bL^ MPNL`^P T_ ^PY^T_TePO T_^ ]PLOP]^ TY _SP BP^_P]Y bZ]WO TY _SP LRP ZQ ?A _Z LY LW_P]YL_TaP bLd _SL_ SLO LWXZ^_ MPPY QZ]RZ__PY ZQ PcSL`^_TYR _SP ^PY^P^ LYO _S`^ LW^Z _Z L [P]^[PN_TaP _SL_ []ZXT^PO YPb LYO OTQQP] PY_ Pc[P]TPYNP^ -P]PYO_v^ ZbY PY_S`^TL^X bL^ O`P _Z ^`NS YPb Pc [P]TPYNP^ _SL_ PYLMWPO ZYP _Z _STYV TY YPb bLd^ ?SP NZY^_LY_ ^ZYZ]Z`^ w8`x wYZ_STYRx _SL_ ^Z TX[]P^^PO STX TY -`OOST^_ _PX[WP^ w_SP WZ`O O]ZYP ZQ ^TWPYNPx TY XPOT_L_TZY 4YOTLY XZOLW X`^TN LYO _SP NZYaP]^L _TZY^ bT_S 4YOTLY X`^TNTLY^ bP]P w]PaPWL_Z]d Pc[P]TPYNP^x _Z STX 4Y _SP 9£OL-]LSXLY NZYNP[_ 4YOTLY X`^TNTLY^ ^`[[WTPO -P]PYO_ bT_S LY TY_P][]P_TYR VPd QZ] `YOP]^_LYOTYR ST^ w8`x Pc[P]TPYNP LYO M]TYRTYR T_ _ZRP_SP] bT_S _SP YPb ULee [Z[ LYO bZ]WO X`^TN `YOP] L NZXXZY XP_LNL_PRZ]d -P]PYO_ OTO YZ_ LOZ[_ Q]ZX _SPX LYd []PNT^P NZY_PY_ M`_ _SP NZOTYR ZQ _SP ^Z`YO bT_S _Z_LWT_d LYO ^[T]T_`LWT_d bSTNS

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

SP Pc[LYOPO bT_S ]PQP]PYNP _Z RWZMLW N`W_`]P 4Y _ST^ bLd SP N]PL_PO L YPb 9£OL-]LSXLY `YTaP]^LW Xd_S TY bSTNS LW^Z [Z[ ULee LYO bZ]WO X`^TN MPNLXP NL]]TP]^ ZQ Pc[]P^^TZY LYO RL_PbLd^ _Z SZWT^_TN Pc[P]T PYNP :YP ZYWd YPPOPO L w^[T]T_`LWx L__T_`OP _Z Pc[P]TPYNP _SP w^Z`YO ZQ _SP bZ]WOx _SP `YT_d ZQ N`W_`]P^ ZQ ]PWTRTZY^ ZQ S`XLY MPTYR^ LYO PaPY ZQ _SP bSZWP ZQ ]PLWT_d LYO _Z wQPPWx _S]Z`RS _SP ^PY^P^ _SL_ bSTNS \`LY_`X [Sd^TN^ LYO XTN]ZMTZWZRd SLO OT^NZaP]PO LMZ`_ _SP `YTaP]^P LYO L_ZX^ -P]PYO_v^ 9£OL-]LSXLY _S`^ MPNLXP L YPb Xd_STNLW ^`M ^_LYNP QZ] _SP wYPb _SZ`RS_x L `YTaP]^LW Xd_S TY NZYQZ]XT_d bT_S _SP 9Pb,RP bSTNS T^ YZ WZYRP] _TPO _Z 4YOTL M`_ ^_TWW LM^Z]MPO ^PY^Z]d VYZbWPORP Q]ZX _SP Z]TRTYLW NZY_Pc_ ?SP ZWO 9£OL NZ^XZWZRd T^ QZ`YO _Z MP ]P[WLNPO Md XZOP]Y YL_`]LW ^NTPYNP 4Y _ST^ ]P^[PN_ -P]PYO_ T^ YZ_ PaPY ^Z aP]d OTQQP]PY_ Q]ZX bSL_ 4YOTLY [Z[`WL] ?LY_]T^_^ LYO P^Z_P]TN DZRL []LN_T_TZYP]^ L^^ZNTL_P bT_S _SP 9£OL-]LSXLY _ZOLd -`_ bSL_ OT^_TYR`T^SP^ _SPX Q]ZX -P]PYO_ T^ _SP QLN_ _SL_ _SPd [WLNP _SPT] ZbY _]LOT_TZY TY _SP NPY_P] LYO LOL[_ T_ _Z _SP XZOP]Y LRP bSP]PL^ -P]PYO_ N]T_TNTePO ST^ ZbY _]LOT_TZY LYO QZ`YO YPb TY^[T]L_TZY TY _SP Z_SP] N`W _`]P 4Y OZTYR ^Z SP LW_P]PO ST^ ZbY N`W_`]P LYO _SP Z_SP] ZYP L^ bPWW ?SP 9£OL-]LSXLY _ZZV ZY L YPb Q`YN_TZY ZQ N`W_`]LW N]T_TNT^X 4_ MP NLXP _SP SPLWTYR []TYNT[WP ZQ _SP WZRZNPY_]TN OT^^PN_TYR PdPZ]TPY_PO BP^_P]Y ^`MUPN_ LYO _SP []ZUPN_TZY ^N]PPY QZ] L XZ]P TY_`T_TaP LYO LQ QPN_TaP ]PWL_TZY _Z _SP bZ]WO -P]PYO_v^ TY_P]N`W_`]LW []ZMWPX^ZWaTYR wbZ]VPOx ZY L ^_]ZYRWd ^PY^Z]d ^dXMZWTN WPaPW 3P `^PO _SP 9£OL-]LSXLY NZYNP[_ TY L X`W_T Q`YN_TZYLW bLd L^ L ^PY^Z]d SZWT^_TN ^dXMZW L^ L ^LN]LWTeTYR ^_]L_PRd L^ L bPL[ZY ZQ N`W_`]LW N]T_TNT^X L^ L NZOP YLXP QZ] LY LW_P]PO bZ]WO aTPb L^ _SP XP_L[Sd^TNLW ML^T^ QZ] L _]LY^]PWTRTZ`^ NZ^XZ[ZWT_T^X LYO L wYPb NZY^NTZ`^YP^^x LYO YZ_ WPL^_ _Z RTaP X`^TN MLNV L ^[T]T_`LW QZ`Y OL_TZY _SL_ LNNZ]OTYR _Z -P]PYO_ T_ SLO LW^Z SLO TY 0`]Z[P TY _SP LY NTPY_ X`^TN ZQ _SP ^[SP]P^ 3P QPW_ _SL_ X`^TN ^SZ`WO ]P_`]Y _Z T_^ ]TRS Q`W [Z^T_TZY TY _SP ^[T]T_`LW `YTaP]^P BSL_ XLVP^ -P]PYO_ TY_P]P^_TYR LYO TY_P]NSLYRPLMWP bT_S Z_SP] QZ]X^ ZQ XZOP]Y ^[T]T_`LWT_d T^ YZ_ ZYWd _SP ^STQ_ TY_Z _SP ^NTPY_TQTN ]PLWX LYO N`W_`]LW N]T_TNT^X M`_ LW^Z _SP 4YOTLTY^[T]PO YPb NZOTYR ZQ _SP bZ]WO LYO _SP ^STQ_ TY []PQP]PYNP bT_STY _SP `YOP]^_LYOTYR ZQ X`^TN LYO _SP bZ]WO

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

$

!

.`W_`]LW -Z`YOL]TP^ LYO /PWTXT_TYR .`W_`]P

w?SP bZ]WOaTPb YZ_ _SP ]PLWT_d OP_P]XTYP^ bSL_ _SP]P T^x !

8`^TN T^ WTVP ]PWTRTZY L XLUZ] XPOT`X ZQ N`W_`]LW N]PL_TZY ZQ XPLYTYR LYO ]PaPLW^ ^ZXP_STYR LMZ`_ bZ]WOaTPb^ 4_ T^ ^SL[PO Md _SPX LYO TY _`]Y SL^ T_^ ZbY TX[LN_^ ZY _SPX BP SLaP Pc[WLTYPO LMZaP _SL_ _SP XL_P]TLW [Sd^TNLWWd \`LY_TQTLMWP LYO ^PY^Z]d \`LWT_d ZQ L _ZYP _Z NZY _LTY Z_SP] _ZYP Z] _Z `YT_P L SL]XZYTN ^Z`YO ^[PN_]`X bT_STY T_^PWQ ^`RRP^_^ [`]PWd [SPYZXPYZWZRTNLWWd L YL_`]LW wSZWT^_TNx \`LWT_d ZQ ^Z`YO LYO `W_TXL_PWd ZQ LWW aTM]L_TYR MZOTP^ 9Z _ZYP^ PcT^_ TY T^ZWL_TZY ?SP bZ]WOaTPb OP_P]XTYP^ bSP_SP] _ST^ T^ ^PPY L^ N`W_`]LWWd ^TRYTQTNLY_ Z] TY^TRYTQTNLY_ LYO bSP_SP] T_ SL^ L N]`NTLW aLW`P Z] YZ ]ZWP L_ LWW TY []ZaTOTYR N`W_`]LW XPLYTYR PR MPNL`^P L__PY_TZY T^ QZN`^PO ZY Z_SP] _STYR^ ^`NS L^ _SP Z]OP] ZQ SL]XZYTN TY_P]aLW^ 4Y 4YOTL _SP ]PQTYPXPY_ ZQ XTN]Z_ZYLWT_d LYO _SP NZY^_]`N_TZY ZQ _SP ?£X[¼]L ]PTYQZ]NPO _SP SZWT^_TN ^Z`YO Pc[P]TPYNP LYO _S`^ LW^Z L YZYO`LW bZ]WOaTPb TY MZ_S ^PY^Z]d LYO _PNSYTNLW _P]X^ ?ST^ LW^Z L[[WTP^ _Z _SP XL_SPXL_TNLW ]P ^PL]NS ZQ X`^TN TY bSTNS _SP XP_SZO ZQ `^TYR [P]X`_L_TZY^ SLO LW]PLOd MPNZXP TX[Z]_LY_ QZ] ±£]«RLOPaL PL]Wd _S NPY_ LYO TY _SP "_S NPY_`]d N`WXTYL_PO TY AP«VL_L 8LVSTYv^ 8PWLVL]_£ ^d^_PX _SP " _ZYP ^NLWP^ XPWL _SL_ ^_TWW NSL]LN_P]TeP >Z`_SP]Y 4YOTLY X`^TN PaPY _ZOLd " @^TYR _ST^ NZXMTYL_Z]d _PNSYT\`P ZYP bLY_PO _Z Pc[WZ]P LYO OP^N]TMP _SP bSZWP VYZbY ^[PN_]`X ZQ X`^TN LYO T_^ _ZYP ^P\`PYNP^ LYO OT^ NZaP] YPb X`^TNLW QZ]X^ ?SP XP_SZO LWWZbPO _SP ^P]TLW []ZO`N_TZY ZQ YPb =£RL^ _S]Z`RS NZXMTYL_TZY^ LYO [P]X`_L_TZY^ >Z ZYP NLY PaPY ^PP TY _ST^ XL_SPXL_TNLW _PNSYT\`P ZQ Pc[WZ]TYR _SP _ZYP ^d^_PX L ]P QWPN_TZY LYO ^_]PYR_SPYTYR ZQ _SP 9£OL-]LSXLY bZ]WOaTPb% _SP TYQT YT_P [Z^^TMTWT_TP^ ZQ [P]X`_L_TZY LYO NZXMTYL_TZY bT_STY _SP YZYO`LW ^d^_PX ZQ ]PLWT_d wTX LWWPTYPY >d^_PXx 4_ T^ YZ_TNPLMWP SZbPaP] _SL_ _SP VYZbWPORP ZQ _SP XL_SPXL_TNLW []Z[Z]_TZY^ ZQ X`^TNLW TY_P]aLW^ bSTNS SL^ ^Z R]PL_Wd TYQW`PYNPO _SP 0`]Z[PLY L[[]ZLNS _Z X`^TN ^TYNP ,Y_T\`T_d ZYWd MPNLXP VYZbY TY 4YOTL TY _SP !_S NPY_`]d -PWZb bP bTWW ]PaT^T_ TY XZ]P OP_LTW _SP bZ]WOaTPb TY LYNTPY_ 0`]Z[P _SL_ NZY_TY`PO ]TRS_ TY_Z _SP 8TOOWP ,RP^ z _SL_ T^ _SP Z]OP]Wd OTaT^TZY LYO NZXMTYL_TZY ZQ _SP bZ]WO LNNZ]OTYR _Z Y`XP]TNLW X`^TNLW ]PWL_TZY^ST[^ LYO L wSL]XZYd ZQ TYP\`LWT_TP^x BSL_ T^ ZQ TYT_TLW TY_P]P^_ SP]P T^ _SP WZYR`P O`]ËP ZQ L OTQQP]PY_ ]L_TZYLWT_d [L]LOTRX LYO L bZ]WOaTPb _SL_ OTQQP]PY_TL_PO _SP 0`]Z[PLY aTPb ZQ X`^TN Q]ZX _SL_ TY 4YOTL LYO ^TYNP _SP !_S NPY_`]d SL^ MPNZXP TY_PY^T QTPO LYO NZY^ZWTOL_PO% _SP _PNSYTNLW ]L_TZYLWTeL_TZY ZQ SL]XZYTN^ LYO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! AP]PYL 8LdP] >PXLY_T^NSP] 3ZWT^X`^ $$" " 9Z]_SP]Y 4YOTLY X`^TN T^ WTXT_PO _Z _PY ^NLWP^ ZQ _ZYP^

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

_SP wS`XLYTeTYRx ZQ 0`]Z[PLY X`^TN LYO T_^ _TP^ _Z []PNT^P YZ_L_TZY^ ,NNZ]OTYR _Z 8Lc BPMP] bT_S _SP TYYZaL_TZY TY TY^_]`XPY_XLVTYR _SP wR]PL_ X`^TNLW Pc[P]TXPY_Z]^ ZQ _SP =PYLT^^LYNP [P]TZO TY ^_Z]Xd ]L_TZYLW O]TaP _Z OT^NZaP]x N]PL_PO _PNSYTNLW XPLY^ ZQ Pc[]P^^TZY wTY Z]OP] _Z MP LMWP _Z ^SL[P u[L^^TZYv X`^TNLWWdx # ?SP Pc[P]TXPY_^ bT_S  Z] XZ]P _ZYP^ [P] ZN_LaP OTO YZ_ WPLO L^ bL^ LN_`LWWd TY_PYOPO _Z L ]PQTYPXPY_ ZQ _SP XPWZOd `^TYR ^PXT_ZYP^ LYO \`L]_P] _ZYP^ M`_ TY^_PLO _Z L ]L_TZYLWTeL_TZY ZQ _SP ZN_LaP _SL_ []ZXZ_PO SL]XZYTP^ TY _bPWaP ^PXT_ZYP ^_P[^ ZQ P\`LW ^TeP ?ST^ O`WWPO QTYP XPWZOTN [P]NP[_TZY ZQ ^XLWW LYO XTN]ZTY_P]aLW^ L^ _SP X`^TN ^ZNTZWZRT^_ =ZYLWO 6`]_ ^`XXL ]TeP^ wLYO _SP 0`]Z[PLY PL] _]LTYPO Md _SP [TLYZ FbL^H _`YPO _Z ]L _TZYLW SL]XZYTN^ ?ST^ bLd BP^_P]YP]^ _]LTYPO _SPT] PL] _Z `YOP]^_LYO SL]XZYTN NSZ]O^ OPWTaP]TYR L YPb MZZ^_ _Z _SP OZaP_LTWTYR ZQ _SP ]L _TZYLWT_d ^[SP]P^ ZQ X`^TN b]T_TYR LYO _PNSYZWZRd FTY^_]`XPY_ XLVTYRHx $ BPMP] `W_TXL_PWd aTPbPO _SP QLN_ _SL_ ZYWd _SP BP^_ SLO SL]XZYTN X`^TN L^ L []ZO`N_ ZQ _SP XPOTPaLW XZYL^_P]TP^ MPNL`^P TY _ST^ ^ZNTLW NZY_Pc_ YZ_L_TZY OPaPWZ[PO _SL_ LWWZbPO _SP NZX[Z^T_TZY LYO []LN_TNP ZQ XZOP]Y [TPNP^ ZQ X`^TN LYO RLaP _SPX L w[P]XLYPY_ PcT^ _PYNPx   ,^ T^ bPWW VYZbY BPMP] ^Lb _SP OPaPWZ[XPY_ ZQ ]L_TZYLW SL]XZY TN^ ZYWd L^ ZYP L^[PN_ ZQ L XLUZ] WTYP ZQ OPaPWZ[XPY_ TY _SP :NNTOPY_ ]`YYTYR _S]Z`RS LWW L]PL^ ZQ N`W_`]P 1Z] STX _SP ]L_TZYLWTeL_TZY ZQ _SP bZ]WO bL^ L `YT\`P NSL]LN_P]T^_TN ZQ _SP :NNTOPY_ TY NZY_]L^_ _Z Z_SP] NTaTWTeL_TZY^ P^[PNTLWWd _SZ^P TY ,^TL bT_S _SPT] NZX[WP_PWd OTQQP]PY_ bZ]WOaTPb QZ]XL_TZY^   BPMP] `YOP]^_ZZO wBP^_x LYO w0L^_x _Z MP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 8Lc BPMP] w/TP u:MUPV_TaT_Æ_v ^ZeTLWbT^^PY^NSLQ_WTNSP] `YO ^ZeTLW[ZWT_T^NSP] 0] VPYY_YT^x TY BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] BT^^PY^NSLQ_^WPS]P ?ÞMTYRPY% 8ZS] $" ## Q :Y BPMP]v^ ^ZNTZWZRd ZQ X`^TN LYO _SP QZWWZbTYR OT^N`^^TZY^ NQ 8Lc BPMP] wE`] 8`^TV^ZeTZWZRTPx 9LNSWL^^ $ TY 8Lc BPMP] 2P^LX_L`^RLMP 4 PO .S]T^_Z[S -]L`Y LYO 7`ObTR 1T^NSP] ?ÞMTYRPY% 8ZS] >TPMPNV  LYO 6`]_ 4YOTPY `YO 0`]Z[L  z $ 6`]_ 4YOTPY `YO 0`]Z[L   bT_S ]PQP]PYNP _Z BPMP] wE`] 8`^TV^ZeTZWZRTPx "$   BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP 4 ?ÞMTYRPY% 8ZS] $##  .Q LW^Z 6`]_ 4YOTPY `YO 0`]Z[L    z#   4Y _SP OZN_]TYP^ ZQ OPWTaP]LYNP Z] _SPZOTNTP^ LYO ]PWTRTZ`^ P_STN^ BPMP] ^Lb _SP XLTY QZ]NP^ ZQ bZ]WOaTPb QZ]XL_TZY LYO SP]P LRLTY 0L^_ LYO BP^_ L^ _SP _bZ XLTY _d[P^ BT_S _SP 0L^_P]Y ]PWTRTZ`^ bZ]WOaTPb [L]_TN`WL]Wd _SP 3TYO` -]LSXLYTN ZYP SP L^^ZNTL_PO LY TXXLYPY_ LYO ML^TNLWWd TX[P]^ZYLW []TYNT[WP ZQ OTaTYT_d _SP _PLNSTYR ZQ -]LSXLY¢_XLY LY TYbL]OWd OT]PN_PO Xd^_TN Z]TPY_L_TZY LYO _SP NZYNP[_TZY ZQ _SP bZ]WO L^ L NZX[WP_PWd NZYYPN_PO LYO ^PWQNZY_LTYPO NZ^XZ^ LYO LW^Z _SP YL_`]LW bZ]WO [P]aLOPO Md ^[T]T_`LWT_d 4Y NZY_]L^_ SP ]PRL]OPO L [P]^ZYLW _]LY^NPYOPY_LW OP T_d L^ _d[TNLW ZQ _SP BP^_P]Y ]PWTRTZ`^ bZ]WOaTPb L OPT_d _SL_ T^ ML^TNLWWd OTQQP]PY_ Q]ZX _SP bZ]WO LYO N]PL_PO T_ Pc YTSTWZ  ^[PNTQTNLWWd _SP >PXT_TN N]PL_Z] RZO :_SP] _d[TNLW BP^_P]Y QPL_`]P^ bP]P L^NP_TNT^X LYO P_STNLW []Z[SPNd LYO L ^_]ZYR NZY_]L^_ MP_bPPY _SP ^TYQ`W YL_`]LW bZ]WO LYO _SL_ ZQ _SP ^[T]T_`LW ^`[P]YL_`]LW ?Z [`_ T_ TY L

$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

NTaTWTeL_TZY^ Z] ZaP]LWW ^d^_PX^ ZQ XPLYTYR LYO `W_TXL_PWd L^ _bZ WZRTNLWWd Z[[Z^PO Q`YOLXPY_LW wTOPLWx Z] w[`]Px _d[P NZY^_]`N_^ ZQ _SPZOTNLW bZ]WOaTPb Z] Q`YOLXPY_LW XPLYTYR ^d^_PX^ O`LWT^X P\`L_PO bT_S _SP BP^_ LYO XZYT^X bT_S _SP 0L^_ 3ZbPaP] bP QTYO L_ _SP PYO ZQ _SP _S NPY_`]d YZ_ ZYWd NZY_TY`PO PQQPN_^ ZQ _SP ML^TN N`W _`]LW OTQQP]PYNP^ MP_bPPY 4YOTL LYO _SP BP^_ BP^_P]Y 0`]Z[P LYO 9Z]_S ,XP]TNL TY _SP QTPWO^ ZQ X`^TN ]PWTRTZY LYO ^ZNTLW TY^_T_`_TZY^ M`_ LW^Z OT^N`]^TaP ^STQ_^ ]P^ZW`_TZY^ M]PLV^ LYO ]PYPRZ_TL_TZY -P] PYO_v^ wPL] ZY_ZWZRdx LYO XZOP]Y ZaP]_ZYP ^TYRTYR XPY_TZYPO TY _SP WL^_ ^`MNSL[_P] L]P U`^_ _bZ PcLX[WP^ LXZYR XLYd LYLWZRZ`^ ZYP^ 8ZOP]Y ^[T]T_`LWT_d YZ WZYRP] QTYO^ T_^PWQ MZ`YO _Z N`W_`]LW LYO ]PWT RTZ`^ MZ`YOL]TP^ LYO U`c_L[Z^P^ _SP XLUZ] NZ`]^P ZQ BP^_P]Y ]L_TZYLWT eL_TZY bT_S LY LY_TNdNWTNLW wSZWT^_TNx ]L_TZYLWT_d [L]LOTRX 4Y _SP QZW WZbTYR bP bTWW RZ TY_Z XZ]P OP_LTW ZY _SP N`W_`]LW MZ`YOL]TP^ LYO _SPT] XZOP]Y OPWTXT_L_TZY^ bSZ^P Z]TRTY^ RZ ]TRS_ MLNV _Z _SP $_S NPY_`]d ,NNZ]OTYR _Z _SP _SP^T^ _Z MP OPaPWZ[PO 4YOTL bL^ L YZ_ `YTX[Z]_LY_ QLN_Z] TY []ZaTOTYR YPb ^`MUPN_TaP XPLYTYR LYO L YPb ^LN]LWTeL_TZY wPYNSLY_XPY_x TY BP^_P]Y N`W_`]P ?SP ]L_TZYLW `YT\`PYP^^ _SL_ 8Lc BPMP] OP^N]TMPO ^Z L[_Wd L_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d TY ST^ NZX[L]L_TaP ^ZNTZWZRd ZQ ]PWTRTZY^ bT_STY _SP Q]LXPbZ]V ZQ `YTaP]^LW ST^_Z]d `YOP]bPY_ L ^PaP]P M]PLV TY ]PNPY_ _TXP^ BPMP]v^ TY_P]P^_ NT]NWPO L]Z`YO bSL_ bL^ 0`]Z[PLY _SP `YT\`P ]L _TZYLWT^X ZQ BP^_P]Y N`W_`]P BSd OTO ]L_TZYLW PX[T]TNLW ^NTPYNP OP aPWZ[ ZYWd TY _SP :NNTOPY_ PaPY _SZ`RS Z_SP] N`W_`]P^ XLOP R]PL_ LNSTPaPXPY_^ TY XL_SPXL_TN^ [STWZ^Z[Sd P_N* BSd SLO ]L_TZYLW SL] XZYTN^ OPaPWZ[PO ZYWd SP]P PaPY _SZ`RS Z_SP] [PZ[WP^ OPaPWZ[PO L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ Y`_^SPWW QZ] BPMP] XZYT^X LYO O`LWT^X bP]P _SP _bZ ML^TN _d[P^ ZQ ]PWTRTZ`^ bZ]WO TY_P][]P_L_TZY bSTNS SP L^^ZNTL_PO []Z_Z_d[TNLWWd LYO LW^Z WL]RPWd PX[T]TNLWWd bT_S _SP 0L^_ 4YOTL LYO _SP BP^_ 0`]Z[P ]P^[PN_TaPWd ?ST^ ^NSPXP XZYT^X a^ O`LW T^X bL^ LOZ[_PO Md 6`]_ 4YOTPY `YO 0`]Z[L  LYO .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_ 1Z] 4YOTL LYO _SP XLYd LYO aL]TPO _]LOT_TZY^ ZQ 3TYO`T^X T_ T^ L QL] _ZZ ^TX[WP ^NSPXP LYO bL^ _SP]PQZ]P LW^Z N]T_TNTePO dP_ T_ L[[PL]^ LNNP[_LMWP _Z `^ TY _SP ^PY^P ZQ LY TOPLW _d[P _SL_ YPaP] ]PQWPN_^ _SP X`NS XZ]P NZX[WPc ]PLWT_d PcLN_Wd ?SP []ZMWPX T^ WP^^ _SP XZYT^X _SLY _SP aTPb ZQ 4YOTL L^ ^_]ZYRWd Z]TPY_PO ZY Xd^_TNT^X LYO TY_P]TZ]T_d bSTNS bL^ _SP _d[TNLW :]TPY_LWT^X NZY^_]`N_TZY TY BPMP]v^ _TXP LW _SZ`RS BPMP] STX^PWQ [`_ QZ]bL]O XZ]P NZX[WPc L]R`XPY_^ 1Z] PcLX[WP SP _SZ`RS_ bT_S ^ZXP U`^_TQTNL_TZY 4YOTLY ]PWTRTZ^T_d bL^ XLTYWd XLYTQP^_PO TY _SP -]LSXLYTN XLRTNTLY LYO _ZZV L YZYU`ORXPY_LW aTPb ZQ XLRTN L^ L NZY^T^_PY_ bZ]WO aTPb LYO ]T_`LW []LN_TNP .L_SZWTNT^X bL^ LW^Z XLRTN _Z STX 4Y ST^ [`MWTNL_TZY^ ZY ^ZNTZWZRd ZQ ]PWTRTZY BPMP]v^ OP[TN_TZY ZQ 3TYO`T^X bL^ LXLeTYRWd NWPL]^TRS_PO RTaPY _SP VYZbWPORP ZQ _SP _TXP LYO QL] XZ]P OTQQP]PY_TL_PO _SLY _SP LM^_]LN_PO []Z _Z_d[TNLW NZY^_]`N_TZY XPY_TZYPO LMZaP :Y _SP []Z_Z_d[P^ ZQ 0L^_ LYO BP^_ NQ LW^Z .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  z! bSZ OP^[T_P _SP NZ[TZ`^ N]T_TNT^X ZQ _SP 0L^_BP^_ NZY^_]`N_ ^P_^ Z`_ L]R`XPY_^ M`_ YZ 4YOZWZRTNLW ^Z`]NP^ QZ] `[SZWO TYR T_

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$"

X`^TNLW PL] _SL_ bL^ L[[L]PY_Wd X`NS QTYP] [ZWd[SZYd bL^ LW^Z VYZbY TY Z_SP] ]PRTZY^ LYO Z_SP] N`W_`]P^ NZ`WO LW^Z NLWN`WL_P _SP ]L_TZYLW _ZYP TY_P]aLW^* ?SP w[]PWTXTYL]d ]PXL]V^x _Z BPMP]v^ bZ]V^ ZY ^ZNTZW ZRd ZQ ]PWTRTZY OL_TYR Q]ZX $ XPY_TZY^ LXZYR Z_SP] _STYR^ _SP OPaPWZ[XPY_ ZQ X`^TN L^ L YZ_TNPLMWP QPL_`]P ZQ _SP :NNTOPY_ ?ST^ bL^ _SP ZYWd ]PRTZY _Z M]TYR QZ]_S L ]L_TZYLW SL]XZYTN X`^TN z MZ_S NZ`Y_P] [ZTY_ LYO NSZ]O SL]XZYd _SP RPYP]L_TZY ZQ _ZYP XL_P]TLW ML^PO ZY _]T LO^ NZY_LTYTYR SL]XZYTN _ST]O^ b]T__PY YZ_L_TZY _SP ^ZYL_L^ ^dX[SZ YTP^ Z[P]L^ LYO _SP [TLYZ   BPMP]v^ bZ]V ZY X`^TN b]T__PY TY $ _Z $ _SL_ bL^ YPaP] NZX[WP_PO NLY ZYWd MP NZX[]PSPYOPO WTVP ST^ PY_T]P ]L_TZYLWTeL_TZY _SP^T^ LRLTY^_ _SP MLNVR]Z`YO ZQ ST^ ^ZNTZWZRd ZQ ]PWTRTZY ,^ LW]PLOd TYOTNL_PO BPMP] NZY^TOP]PO ]PWTRTZY _Z MP ZQ VPd N`W_`]LW ^TRYTQTNLYNP 4Y ]PWTRTZY SP ^Lb _SP XLTY XZ_TaL_TYR QZ]NP^ QZ] ^ZNTLW LN_TZY LYO QZ]XTYR bZ]WOaTPb^ LYO QZ`YO _SP OTQQP]PY_ OPaPW Z[XPY_^ ZQ N`W_`]P^ _Z MP `W_TXL_PWd ]ZZ_PO TY _SP ]PWTRTZ`^ TOPL^ P_STN^ LYO _SPZOTNTP^ _SP OZN_]TYP^ ZQ OPWTaP]LYNP LYO _SP TOPL^ LMZ`_ bSPYNP LYO bST_SP] ZYP bT^SP^ _Z MP OPWTaP]PO 3T^ ^_L]_TYR [ZTY_ TY ]PWTRTZ`^ ^ZNTZWZRd bL^ ST^ Q`YOLXPY_LW bZ]V w/TP []Z_P^_LY_T^NSP 0_STV `YO OP] u2PT^_ OP^ 6L[T_LWT^X`^vx OL_TYR Q]ZX _SP dPL] $ TY bSTNS SP Pc [WLTYPO SZb _SP wNL[T_LWT^_ ^[T]T_x Z]TRTYL_PO TY _SP BP^_ Q]ZX _SP L^ NP_TN ;]Z_P^_LY_ bZ]V P_STN 4Y ST^ WL_P] bZ]V^ BPMP] NZY_TY`PO OPaPW Z[TYR _ST^ _SP^T^ ZQ _SP RPYP^T^ ZQ L ]L_TZYLW WTQP^_dWP MPTYR _SP []P ]P\`T^T_P QZ] XZOP]Y NL[T_LWT^X TY L `YTaP]^LW ST^_Z]TNLW NZX[L]T^ZY LYO LY LYLWd^T^ ZQ LWW N`W_`]LW ^PN_Z]^ YZ_ ZYWd _SP M`^TYP^^ P_STN 3P ^Lb TY XZOP]Y NL[T_LWT^X z TY NZYNP]_ bT_S ^NTPYNP L]_ WLb _PNSYZWZRd LYO LOXTYT^_]L_TZY L^ L QZ]NP [ZTY_TYR _SP bLd LYO _SP ^ZWP OP_P]XTYLY_ ZQ WTQP z L []ZNP^^ `YT\`P TY _SP ST^_Z]d ZQ _SP bZ]WO bSTNS bL^ `W_TXL_PWd QZ`YOPO TY _SP [L]_TN`WL] OdYLXTN^ ZQ 5PbT^S.S]T^_TLY ]PWTRTZ`^ N`W_`]P LYO T_^ O`LWT^_TN ^P[L]L_TZY MP_bPPY 2ZO LYO _SP bZ]WO MP_bPPY N]PL _Z] LYO N]PL_TZY ?SP []ZNP^^ ZQ ]L_TZYLWTeL_TZY _SL_ BPMP] ]PRL]OPO L^ LW]PLOd NZXXPYNTYR TY :WO ?P^_LXPY_ []Z[SPNd LYO ^PLWPO Md TYYP] bZ]WOWd L^NP_TNT^X LYO _SP ]L_TZYLW WTQP^_dWP ;`]T_LY ;]Z_P^_LY_T^X LYO .LWaTYT^X OT^^ZWaPO _SP YZ_TZY^ ZQ XLRTN LYO TYN]PL^TYRWd wOT^PY NSLY_POx LYO wOPOPTQTPOx _SP bZ]WO ?ST^ []ZNP^^ RLaP LWW N`W_`]LW NZY^_]`N_^ _SPT] ZbY ]L_TZYLW L`_ZYZXd TP ]PWPL^PO NZXXP]NP L]_ _PNSYZWZRd LYO WLb Q]ZX _SPT] ]PWTRTZ`^ LYO XLRTNLW Z]TRTY^ ?SP .S]T^ _TLY ]PWTRTZY _SL_ SLO XLOP _ST^ OPaPWZ[XPY_ [Z^^TMWP _S`^ M]Z`RS_ LMZ`_ T_^ ZbY OT^^ZW`_TZY ?SP P]^_bSTWP XLRTN ZQ L ]PWTRTZ`^ wSTY_P] bZ]WOx OT^^T[L_PO bT_S _SP TYN]PL^TYRWd _PNSYTNLW OZXTYL_TZY ZQ _SP PYaT]ZYXPY_ _SP M`]PL`N]L_TN Z]RLYTeL_TZY ZQ NZXX`YLW WTQP LYO _SP bZ]WOWd Z]TPY_L_TZY ZQ PaP]dOLd LN_TZY^ ,NNZ]OTYR _Z BPMP] _SP ST^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   BPMP] 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP 4 ?ÞMTYRPY% 8ZS] $## 

$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_Z]d ZQ BP^_P]Y ]PWTRTZY NL]]TPO bT_STY T_^PWQ LY TYSP]PY_ QZ]NP QZ] XLV TYR MZ_S _SP bZ]WO LYO WTQP XZ]P ^PN`WL] XZ]P bZ]WOWd LYO XZ]P S`XLY z TY Z_SP] bZ]O^ OPaZTOTYR _SP bZ]WO ZQ L ^LN]PO NZ^XZ^ BPMP] ^Lb _SP OPXLRTQTPO LYO ]L_TZYLWTePO N`W_`]P L^ L `YT\`P QPL_`]P LYO ^[PNTLW OPaPWZ[XPY_ ZQ _SP BP^_ BPMP]v^ aTPb ZQ ]L_TZYLWT_d bL^ NZX[WPc LYO [ZWdQZNLW 3P OT^_TY R`T^SPO MP_bPPY OTQQP]PY_ ^[SP]P^ ZQ ]L_TZYLWT_d LYO aLW`P LYO _SPT] TY_P][WLd ?SP _SP^T^ ZQ ]L_TZYLWTeL_TZY T^ `YOP][TYYPO Md L NZYNP[_ ZQ ]L_TZYLWT_d _SL_ BPMP] NZY^TOP]PO _d[TNLWWd BP^_P]Y LYO bSTNS ]PWL_P^ []TXL]TWd _Z L [`]PWd ZMUPN_TaP ]L_TZYLWT^X z _SL_ ZQ NZY\`P]TYR _SP bZ]WO Md OT^NZaP]TYR T_^ ZbY TX[P]^ZYLW WLb^ ?ST^ ]LYRPO Q]ZX LY P_STQTNL_TZY ZQ _SP ]PWTRTZ`^ `YOP]^_ZZO L^ L []PN`]^Z] ZQ ]L_TZYLWT^_TN wOT^PYNSLY_XPY_x LYO L XP_SZOTNLWWd NZY_]ZWWPO WTQP^_dWP LWW _SP bLd _Z _PNSYTNLW bZ]WO OZXTYL_TZY M`]PL`N]L_TeL_TZY ^NTPY_TQTN OPXLRTQT NL_TZY LYO ^PN`WL]TeL_TZY DP_ BPMP] LW^Z OTQQP]PY_TL_PO MP_bPPY ]L _TZYLWT_d ZQ [`][Z^P wEbPNV]L_TZYLWT_Æ_x TP _SP ^`MUPN_TaP ^PY^P ZQ []LN_TNLWWd NZY^T^_PY_ TY_P][]P_L_TZY ZQ LN_TZY^ bSTNS TYNW`OP^ XLRTN TY [L]_TN`WL] LYO _SP ]L_TZYLWT_d ZQ NZ]]PN_YP^^ w=TNS_TRVPT_^]L_TZYLWT_Æ_w NZ]]PN_YP^^ ZQ LN_TZY^ LYO ZMUPN_TaP aLWTOT_d 1`]_SP]XZ]P `YOP] ]L _TZYLWT_d SP `YOP]^_ZZO WZRTNLW LYO NZSP]PY_ ^d^_PX^ ZQ MPWTPQ LYO _SP _SPZ]P_TNLW ^d^_PXL_TeL_TZY ZQ bZ]WOaTPb^ TY [L]_TN`WL] _SP ]L_TZYLW YPPO ZQ TY_PWWPN_`LW^ _Z R]L^[ _SP bZ]WO L^ L NZ^XZ^ XLVTYR ^PY^P LYO _Z ^d^_PXL_TeP WTQP^_dWP^   :Y _SP ^`MUPN_ ZQ X`^TN BPMP] QPW_ _SL_ ^ZXP_STYR _SL_ NLYYZ_ MP ^d^_PXL_TePO z Z] ZYWd bT_S OTQQTN`W_d z bL^ T]]L_TZYLW 1Z] BPMP] X` ^TN SLO L ^[PNTLW aLWPYNd MPNL`^P SP L^^ZNTL_PO T_ bT_S LY w`YLaZTOLMWP T]]L_TZYLWT_dx L^ OPXZY^_]L_PO Md _SP ;d_SLRZ]PLY NZXXL >Z bSL_ P^[PNTLWWd L]Z`^PO ST^ TY_P]P^_ bL^ _SP [L]LOZcTNLW _L^V ZQ WTYVTYR X`^TN bSTNS SP ]PRL]OPO L^ _SP wXZ^_ TY_P]YLWx ZQ _SP L]_^ wbSZ^P YL_`]P T^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   BPMP] ^Lb TY_PWWPN_`LWT_d LYO ]PWTRTZY L^ NZOPO Md ^[PNTQTN NWL^^P^ ?Z STX 3TYO` ]PWTRTZY bL^ _d[TNLWWd XLYTQP^_PO TY _SP bZ]WOZ]OP]TYR -]LSXLYTN XLRTNTLY^ -`O OST^X TY _SP bLYOP]TYR XPYOTNLY_ XZYV^ LYO .S]T^_TLYT_d TY _SP UZ`]YPdXPY w3LYObP]V^M`]^NSPYx ,NNZ]OTYR _Z BPMP] 3TYO`T^X LYO -`OOST^X bP]P _SP]P QZ]P X`NS XZ]P ^PY^T_TaP YZ_ ZYWd _Z Xd^_TNT^X LYO P^NL[P wBPW_QW`NS_x TY_Z L ]PWT RTZ`^ STY_P]bZ]WO M`_ LW^Z _Z LY TY_PWWPN_`LW ]PWTRTZ^T_d bSTWP SP L^^ZNTL_PO 5`OLT^X LYO .S]T^_TLYT_d YZ_ ZYWd bT_S []Z[SP_TN P_STN^ LYO TYYP]bZ]WO L^NP_TNT^X M`_ LW^Z bT_S LY_TTY_PWWPN_`LW L__T_`OP^ ZQ _SP [P_T_MZ`]RPZT^TP 3ZbPaP] SP YZ_PO TY_PWWPN_` LWT^_TN M]PLV^ TY LWW ]PWTRTZY^ LYO []Z[Z^PO TY .S]T^_TLYT_d QZ] TY^_LYNP LWZYR^TOP XTOOWP NWL^^P^ PO`NL_PO TY WT_P]L_`]P L w[L]TLS LYO [WPMTLY TY_PWWPN_`LWT^Xx _SL_ SLO MPNZXP bTOP^[]PLO PaPY LXZYR QL]XP]^ aTL L S`RP OT^[P]^TZY ZQ VYZbWPORP ZQ _SP -TMWP LYO L Xd^_TN wTY_PWWPN_`LW^v ]PWTRTZ^T_dx ^TXTWL] _Z _SL_ TY LYNTPY_ 4YOTL LXZYR TY_PWWPN_`LW^ ZQ ST^ _TXP .Q 2LYRZWQ 3ÞMTYRP] w4Y_PWWPV_`PWWP 4Y_PWWPV_`L WT^X`^x TY 3LY^ 6T[[PYMP]R LYO 8L]_TY =TP^PM]ZO_ PO^ 8Lc BPMP]^ u=PWTRZY^ ^d^_PXL_TVv ?ÞMTYRPY% 8ZS]  $"z SP]P # 

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$

Q`YOLXPY_LWWd T]]L_TZYLW Z] LY_T]L_TZYLWx   bT_S _SP OPaPWZ[XPY_ ZQ BP^_P]Y ]L_TZYLWT^X ,^ 6`]_ ]TRS_Wd ^_L_P^ SP]P _SP NZYNP[_ ZQ ]L_TZY LWT_d X`^_ MP `YOP]^_ZZO TY _SP ^PY^P ZQ ^d^_PXL_TeL_TZY 3P ^`XXL ]TeP^ L^ QZWWZb^% w,RLTY^_ _SP MLNVO]Z[ ZQ _SP _PY^TZY MP_bPPY ^d^_PXQZ]XTYR X`^TNLW L] NST_PN_`]P b]T__PY YZ_L_TZY LYO TY^_]`XPY_XLVTYR ZY _SP ZYP SLYO LYO NZY_]LOTN_TZY^ bT_STY _SP ^d^_PX LYO ^`MUPN_TaP ^_]TaTYR QZ] Pc[]P^^TZY ZY _SP Z_SP] BPMP] `^P^ ^ZXP PcLX[WP^ _Z TYOTNL_P SZb BP^_P]Y NWL^^TNLW X`^TN OPaPWZ[PO TY _SP TY_P]NZYYPN_POYP^^ ZQ aL]TZ`^ ]L_TZYLWT_d ^[SP]P^ FX`^TN b]T_TYR LYO _PNSYZWZRdHx 

BSL_ BPMP] NZY^TOP]PO XZ^_ NSL]LN_P]T^_TN ZQ BP^_P]Y X`^TN N`W_`]P bL^ _SP TYNZY^T^_PYNTP^ ZQ _SP _ZYP ^d^_PX LYO _SP OTLWPN_TN OdYLXTN MP_bPPY ]L_TZYLW SL]XZYTN^ LYO T]]L_TZYLW XPWZOd _SL_ T^ L X`^TNLW O`LWT^X TY NZY_]L^_ _Z _SP X`^TNLW XZYT^X ZQ 4YOTL 3P LW^Z _SZ`RS_ _SL_ X`^TNTLY^ bP]P YZ_ QZ]NPO TY_Z ^d^_PX^ `Y]P^T^_TYR MPNL`^P _SZ^P XLVTYR X`^TN `YT_PO bT_STY _SPX^PWaP^ _SP [L]LOZc ZQ X`^TNLW ]L_TZYLW T_d LYO TYOTaTO`LW ^_]TaTYR QZ] Pc[]P^^TZY ,^ LW]PLOd TYOTNL_PO BPMP] MPWTPaPO _SL_ _ST^ OTLWPN_TN SLO MPNZXP PaPY XZ]P TY_PY^P ^TYNP _SP =PYLT^^LYNP 4YYZaL_TZY^ TY TY^_]`XPY_ NZY^_]`N_TZY LYO _PNSYTNLWWd RPYP]L_PO XZZO^ LOOPO OdYLXT^X _Z X`^TNv^ QTPWO ZQ _PY^TZY MP_bPPY _SP ]L_TZYLWT_d LYO T]]L_TZYLWT_d ZQ BP^_P]Y X`^TNXLVTYR BPMP] ^[ZVP ZQ LY wTOTZ^dYN]L_TN NZWWLMZ]L_TZY MP_bPPY ]L_TZYLW _PNSYTQTNL_TZY LYO T]]L_TZYLW [L^^TZYx ?SP [^dNSZWZRTeL_TZY bSTNS NLY LW^Z MP TY_P][]P_PO L^ wS`XLYTeL_TZYx LYO wX`YOLYTeL_TZYx ZQ X`^TN SLO L XLUZ] TX[LN_ ZY _SP XZOP]Y LRP ,NNZ]OTYR _Z 6`]_ X`^TN bL^ TYN]PL^TYRWd MPNZX TYR L XPLY^ ZQ wS`XLY ^PWQ[]P^PY_L_TZYx LYO ZQ Pc[]P^^TZY ZQ wRPYP]LW S`XLY Pc[P]TPYNPx bSZ^P ePYT_S SP ^PP^ TY _SP X`^TNLW RPYT`^ ZQ -PP _SZaPY :Y _ST^ _Z[TN SP NT_P^ ,OZ]YZ% _SP Q`WWd OPaPWZ[PO MZ`]RPZT^ ^ZNTP_d L_ L]Z`YO # LYO T_^ NZYNPY_]L_TZY ZY _SP TYOTaTO`LW wQ`WW MZ`]RPZT^ PXLYNT[L_TZYx SLO M]Z`RS_ QZ]_S _SP RPYT`^ -PP_SZaPY LYO LY L`OTPYNP _SL_ ]P^[ZYOPO _Z STX  ! ,^ _SP wP[T_ZXP ZQ ^ZaP]PTRY ^`M UPN_TaT_dx _SP BP^_P]Y NZX[Z^P] NZ`WO YZb SLaP L_ ST^ OT^[Z^LW _SP _ZYP XL_P]TLW wWTVP 2ZO _SP N]PL_Z] ZQ _SP bZ]WOx  " ?SP OTQQP]PYNP^ Q]ZX _SP 4YOTLY aTPb ZQ X`^TN LYO X`^TNLW []LN_TNP L]P ZMaTZ`^ 4Y 4YOTL _SP OPNT^TaP PWPXPY_^ bP]P YZ_ L ^d^_PXQZ]XTYR _ZYP L]NST_PN_`]P LYO b]T__PY YZ_L_TZY M`_ TX[]ZaT^L_TZY LYO Z]LW _]LOT _TZY ?SP QZN`^ bL^ YZ_ ZY _SP TY^_]`XPY_ M`_ _SP aZTNP 4Y^_PLO ZQ OPaPWZ[TYR [ZWd[SZYd NSZ]O^ LYO bPWW_PX[P]PO _`YTYR 4YOTL OPaPW Z[PO XZYZXPWZOTN XZOLW X`^TN LYO XTN]Z_ZYLWT_d 4YOTLY NZX[Z^P]^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   8Lc BPMP] wE`] 8`^TV^ZeTZWZRTPx  .Q 6`]_ 4YOTPY `YO 0`]Z[L  z  6`]_ 4YOTPY `YO 0`]Z[L    ! 6`]_ 4YOTPY `YO 0`]Z[L  !z"  " 6`]_ 4YOTPY `YO 0`]Z[L  "

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

LYO X`^TNTLY^ OZ YZ_ ^PP _SPX^PWaP^ L^ N]PL_Z]^ M`_ TY^_PLO _`YP TY_Z L []POPQTYPO YP_bZ]V ZQ _ZYLW ]PWL_TZY^ ?SPd OZ YZ_ bT^S _Z Pc[]P^^ PT_SP] _SPT] ZbY Z] RPYP]LW S`XLY QPPWTYR^ M`_ _Z Pc[]P^^ _SP w^`[P] X`YOLYPx ^[SP]P TYSP]PY_ TY X`^TN ZQ L_XZ^[SP]TN PXZ_TZYLW XZZO^ 4Y _SP !_S NPY_`]d TY 4YOTL _ZZ PXZ_TZYLWT_d MPNLXP XZ]P []Z YZ`YNPO DP_ T_ bL^ YZ_ S`XLY [L^^TZY _SL_ OZXTYL_PO M`_ OPaZ_TZY LYO ]PWTRTZ`^ Wd^T^ ?ST^ bL^ _SP [P]TZO bSPY XZ^_ MSLV_T ^ZYR [ZPX^ Z]TRTYL_PO TY MZ_S _SP 9Z]_S LYO _SP >Z`_S LYO bSPY ?d£RL]£UL OP NWL]PO X`^TN _Z MP L [L_S _Z -]LSXLY MWT^^ 9Z_ _SP [TLYZ M`_ _SP ?£X [¼]L MPNLXP _SP NSL]LN_P]T^_TN TY^_]`XPY_ _SL_ wOP_P]XTYPO _SP _ZYPx ?SP _PNSYTNLW TYYZaL_TZY ZQ _SP ?£X[¼]L ]PTYQZ]NPO _SP QTPWO ZQ OT^ NZ`]^P ZY NZ^XTN `YT_d LYO YZYO`LWT_d _SL_ ±£]«RLOPaL SLO LW]PLOd LNNPY_`L_PO bT_S _SP X`^TNLW NZYNP[_ ZQ 9£OL-]LSXLY 4Y NZY_]L^_ _Z _SP OTNSZ_ZXZ`^ _PY^TZY MP_bPPY ]L_TZYLWT_d LYO T]]L_TZYLWT_d _SL_ ^Z ZNN`[TPO BPMP] _SP 0`]Z[PLY LYO bSTNS SP `YOP]^_ZZO _Z MP TYSP]PY_ TY X`^TN TY 4YOTL T_ bL^ L[[L]PY_Wd _SP SZWT^_TN YL_`]P LYO YP_bZ]V^ ZQ _ZYP^ _SZ`RS_ _Z MP TYSP]PY_ TY ^Z`YO _SL_ ^P_ Pc[WLYL_TZY [L]LOTRX^ LYO []ZaTOPO XPLYTYR ?SP OTQQP]PYNP^ MP_bPPY NWL^^TNLW 0`]Z[PLY LYO NWL^^TNLW 4YOTLY X`^TN bP]P NWPL]Wd PYNL[^`WL_PO TY 6`]_v^ ]PNPY_ bZ]V $ ?SP TY_P][]P_L_TZY ^NSPXP SP QZ`YO NZYQT]XPO bL^ 8Lc BPMP]v^ N`W_`]LW NZX[L]T^ZY 3ZbPaP] 6`]_ bT^SPO ST^ TY_P]N`W_`]LW SP]XPYP`_TN^ _Z ]P[WLNP BPMP]v^ 0`]ZNPY_]TN M`_ ^_TWW YZYU`ORXPY_LW aTPb bT_S L MT NPY_]TN [P]^[PN_TaP z ^TXTWL] _Z Z`] TY_PY_TZY TY _ST^ MZZV z TP L SP] XPYP`_TN L__T_`OP _SL_ ^PP^ MZ_S N`W_`]P^ L^ P\`LW LYO WPLO^ _SPX TY_Z L aT]_`LW PcNSLYRP 6`]_v^ TY_P]P^_ WLd TY NZX[L]TYR 4YOTLY LYO NWL^^TNLW 0`]Z[PLY X`^TN L^ _SP wP[T_ZXP ZQ STRSWd OPaPWZ[PO N`W_`]Px LYO _SPT] TX[Z]_LYNP QZ] wPO`NL_TZY LYO []P^P]aTYR TYOTaTO`LW ^ZNTLW LYO N`W_`]LW TOPY_T_dx  # 3P bLY_PO _Z OZ ^Z TY LY TY_P]N`W_`]LW []ZNP^^ ZQ `YOP] ^_LYOTYR Md LOZ[_TYR _SP ]ZWP ZQ _SP ^_`OPY_ ZQ 9Z]_SP]Y 4YOTLY =£RL X`^TN LYO _]dTYR TXXP]^P STX^PWQ wTY Pc[P]TPYNTYR _SP QZ]PTRYx _S]Z`RS L^^`X[_TZY ZQ LY wLP^_SP_TN L__T_`OPx LYO LN_TaP [L]_TNT[L_TZY TY []ZNP^^P^ ZQ LN_TZY  $ 6`]_ OP^N]TMPO ST^ TYT_TLW L`]LW TX[]P^^TZY^ L^ wQL^NTYL_TYR LYO XLcTXLWWd LWTPYL_TYRx LYO YZ_PO _SL_ 4YOTLY X`^TN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  # 6`]_ 4YOTPY `YO 0`]Z[L    $ @YQZ]_`YL_PWd _SP MZZV YPaP] XLVP^ T_ NWPL] SZb WZYR 6`]_ WPL]YPO X`^TN TY 4YOTL 4_ ZYWd ^Ld^ _SP]P bP]P []TaL_P WP^^ZY^ ZYNP L bPPV L_ L X`^TN ^NSZZW TY /PWST DP_ 6`]_ QZ]X`WL_P^ PcPX[WL]d ]`WP^ QZ] LYd QTPWO ]P^PL]NS% RP__TYR NWZ^P _Z bSL_ T^ QZ]PTRY Md NZYQZ]XTYR _Z _SP N`W_`]Pv^ ]ZWP^ w=ZWWPYÞMP]YLSXPx _S]Z`RS PX[L_Sd LYO [P] ^ZYLW [L]_TNT[L_TZY LYO _SP YPPO LWbLd^ _Z ^_P[ MLNV LYO WZZV L_ _SP ^`MUPN_ Q]ZX L OT^_LYNP z YZ_ ZYWd Q]ZX _SP Z_SP]^ M`_ LW^Z Q]ZX ZYP^PWQ LYO ZYPv^ ZbY TY_P][]P_L _TZY^ ZQ ^TRY^ 3T^ R`TOTYR []TYNT[WP bL^ L 2ZP_SPWTVP wNZ^XZ[ZWT_LY [Z^T_TZY ]ZZ_PO TY P\`LWT_d PcNSLYRP LYO NZX[WPXPY_x .Q 6`]_ 4YOTPY `YO 0`]Z[L  $"

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

SLO `YQZ]_`YL_PWd ]PXLTYPO QZ]PTRY _Z 0`]Z[P z `YQZ]_`YL_PWd MPNL`^P _SP NZX[L]T^ZY LWWZbPO wYZ_ ZYWd _SL_ bSTNS T^ QZ]PTRY M`_ LW^Z ZYPv^ ZbY N`W_`]P _Z MP `YOP]^_ZZO TY L YPb bLdx ! 4Y _SP QZWWZbTYR bP SLaP Pc[LYOPO ZY 6`]_v^ TOPLW_d[P ^NSPXP ZQ _SP Q`YOLXPY_LW OTNSZ_ZXTP^ _SL_ L[[PL]PO ^Z NPY_]LW _Z STX z wWT_P]LNdzZ]LWT_dx w[ZWd[SZYTNz XZYZ[SZYTNx LYO wNZX[Z^T_TZYzTX[]ZaT^L_TZYx z Md LOOTYR XZ]P Pc [WLYL_TZY^ Md _SP L`_SZ] !% 0`]Z[P

4YOTL

7T_P]LNd

:]LWT_d

b]T__PY YZ_L_TZY PXLYNT[L_TZY ZQ _SP XTXP^T^ Pc[P]TPYNP VYZbWPORP YZ_P^ TY YZ_L_TZY^ OT^_LYNPO ]L_TZYLWT _PLNSP][`[TW STP]L]NSd [L]_TNT[L_Z]d Q`^TZY eL_TZY ;ZWd[SZYd

8ZYZ[SZYd

NSZ]O^ NZ`Y_P][ZTY_ [ZWd[SZYTN ^Z`YO ^_]`N_`]P^ wOTLWPN_TN OdYLXTN^ MP_bPPY ]L_TZYLW SL]XZYTN^ LYO T]]L _TZYLW XPWZOdx waP]_TNLW SPL]TYRx

OP_LTWPO XTN]ZXPWZOTN ^_]`N_`]P^ XZYZXPWZOTN _d[P^ ZQ XPWZOd LYO PaP] QL^_P] ]Sd_SXTN [L__P]Y^ wSZ]T eZY_LW SPL]TYRx

.ZX[Z^T_TZY

4X[]ZaT^L_TZY

^`MUPN_TaP ^_]TaTYR QZ] Pc[]P^^TZY  X`^TNLW RPYT`^ ^d^_PXQZ]XTYR _ZYP L]NST_PN_`]P ]L_TZYLWT^_TN aTPb ZQ X`^TN

w^PWQWP^^x X`^TNTLY wLbLVPYTYRx _SP LP^_SP_TN XZZO^ LYO wWP__TYR ZYP^PWQ MP NZWZ]POx Md _SPX XP_L[Sd^TNLW aTPb ZQ X`^TN

/`LWT^X

8ZYT^X

^PWQNPY_]TNT_d ^NZ]PNPY_]TNT_d

-]LSXLYNPY_]TNT_d ^TYRTYR L^ []ZN P^^ ZQ Q`^TZY NZ]]PWL_TYR bT_S wWP__TYR ZYP^PWQ QLWW TY_Z SLaTYR_ZQZWWZbx bSPY WPL]YTYR X`^TN LYO TY _SP OP OTQQP]PY_TL_TZY TY _SP _PLNSP][`[TW ]PWL_TZY^ST[ TY L wX`^TNLW QPPWTYR ZQ `YT_dx

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >PP _SP MW`]M TY 6`]_ 4YOTPY `YO 0`]Z[L   ! 6`]_ 4YOTPY `YO 0`]Z[L   QQ

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

,NNZ]OTYR _Z 6`]_ _ST^ XPLY^ _SL_ _SP aL]TZ`^ X`^TN _]LOT_TZY^ NZ]]P ^[ZYO _Z Q`YOLXPY_LWWd OTQQP]PY_ TYOTaTO`LW LYO ^ZNTLW TOPY_T_TP^ LYO Q`YOLXPY_LWWd OTQQP]PY_ bZ]WOaTPb^ _SL_ NLY MP Pc[WLTYPO bT_S L w[W` ]LWT_d ZQ WTQP^_dWP^x P^[PNTLWWd bT_S OTQQP]PY_ QZ]X^ ZQ ^ZNTLWTeL_TZY ^_]PYR_SPYTYR PT_SP] _SP ^PWQ Z] ^PWQWP^^YP^^ w4NSWZ^TRVPT_x LYO PO` NL_TZYLW _PNSYT\`P^ TYOP[PYOPY_ WPL]YTYR Q]ZX MZZV^ aP]^`^ YZY TYOP[PYOPY_ TXT_L_TaP WPL]YTYR Md Z]LW _]LY^XT^^TZY 6`]_ XLTY_LTY^ _SL_ BP^_P]Y X`^TN SLO N]PL_PO T_^ ]L_TZYLW QZ]X^ _S]Z`RS _SP YZ_L_TZY _PNSYT\`P XL_SPXL_TNLWWd NLWN`WL_PO _ZYP ^d^_PX^ []PNT^P YZ_L_TZY^ bPWW_PX[P]PO TY^_]`XPY_^ Q`YN_TZYLW SL]XZYTN^ LYO [ZWd[SZYd bSTNS _SP wPc[]P^^TaP ^PWQx NZY_TY`LWWd M]ZVP _S]Z`RS wOTP QZ]_^NS]PT _PYO aZX Pc[]P^^TaPY 4NS O`]NSM]ZNSPY bP]OPY VZYY_PYx bSTWP _SP L`OTPYNP ^SZ`WO LW^Z MP LMWP _Z TOPY_TQd bT_S _SP NZX[Z^P] LYO ST^ bZ]V ! 6`]_ ^PP^ _SP Z_SP]YP^^ ZQ 4YOTLY X`^TNLW []LN_TNP LYO Pc[P]T PYNP L^ MPTYR LYNSZ]PO LMZaP LWW TY _SP YZYb]T__PY _]LY^XT^^TZY ^T_`L _TZY _SP ^`MZ]OTYL_TZY ZQ _SP [`[TW _Z _SP ]PRTXP ZQ _SP _PLNSP] LYO _SP XZYT^_TN w-]LSXLY_PLNSTYRx >TXTWL] _Z Z`] ^`MNSL[_P] ZY WT_P]L_T ZY _SP wWT_`]RTNLW LYO WZRZNPY _]TN XZOPWx 6`]_ ^_]P^^P^ _SP Z_SP] PO`NL_TZYLW LYO _]LY^XT^^TZY ^T_`L _TZY L]T^TYR Q]ZX _SP Z]LW XZOP LYO TXXPOTL_P QLNP_ZQLNP NZY_LN_ 4_ T^ w_PLNSTYR TY LbL]PYP^^ ZQ _SP _]LOT_TZY LYO WPL]YTYR Q`WW ZQ OPaZ_TZYx ?SP X`^TNLW Pc[P]TPYNP VYZbWPORP L]T^P^ L^ 6`]_ PX[SL^TeP^ TY _SP XLYd dPL]^ ZQ _]LY^XT^^TZY bSTWP WTaTYR bT_S LYO WPL]YTYR bSTWP ^P]a TYR L XL^_P] bSZ TY ST^ _`]Y bL^ TY^_]`N_PO Md L XL^_P] X`^TNTLY ?SP _PLNSP] T^ L w^ZNTLWWd ]PNZRYTePO VPP[P] ZQ ^PN]P_^x LYO wNSL]T^XL_TN L`_SZ]T_d QTR`]Px ! Z] TY PXTN _P]X^ L_ ZYNP wQL_SP] XZ_SP] LYO RZOx MPNL`^P SP SL^ L XZYZ[ZWd ZY VYZbWPORP LYO WPLO^ _SP [`[TW wZ`_ ZQ _SP OL]VYP^^ TY_Z WTRS_x LNNZ]OTYR _Z _SP QZWV P_dXZWZRd ZQ _SP bZ]O wR`]`x ?SP OPaZ_TZY _Z _SP _PLNSP] T^ `YNZYOT_TZYLW ! LYO MTYO^ _SP [`[TW _Z _SP _PLNSP] O`]TYR _SP WZYR _]LTYTYR [P]TZO ,NNZ]OTYR _Z 6`]_ _ST^ NWZ^P STP]L]NSTNLW LYO L_ _SP ^LXP _TXP aP]d [P]^ZYLW ]PWL_TZY^ST[ LYO _SP WPL]YTYR Md TXT_L_TZY LYO XTXP^T^ ^TYRTYR LQ_P] _SP _PLNSP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 6`]_ 4YOTPY `YO 0`]Z[L  " ! 6`]_ 4YOTPY `YO 0`]Z[L    164 6`]_ T^ SZbPaP] NZ]]PN_ _Z O]Lb L__PY_TZY _Z _SP QLN_ _SL_ _SP NWL^^TNLW XZOPW ]P[]P ^PY_^ LY TOPLW _SL_ T^ YZ_ L ZYP_ZZYP ]PQWPN_TZY ZQ _SP ^ZNTLW ]PLWT_d ?SP ^ZNTLW ]PWL _TZY^ST[ T^ Q]LRTWP PR TQ _SP _PLNSP] T^ L aP]d XZZOd [P]^ZY TQ _SP [`[TW NLYYZ_ TOPY _TQd bT_S _SP _PLNSP] Z] TQ _SP]P T^ YZ X`_`LW _]`^_ :Y _SP Z_SP] SLYO SP ^Ld^ _SP BP^_P]Y PO`NL_TZYLW TOPLW ZQ _SP 0YWTRS_PYXPY_ z ZQ WPL]YTYR `^TYR ZYPv^ ZbY [Zb P]^ ZQ ]PL^ZYTYR LYO MPTYR M]Z`RS_ `[ _Z WPL]Y QZ] ZYP^PWQ z T^ ZYWd ]L]PWd ]PLWTePO LYO LOO^ _SL_ _PLNSTYR T^ RPYP]LWWd PcSL`^_PO TY wQTWWTYR _SP ^_`OPY_ bT_S []P[L]PO VYZbWPORPx& MPSTYO _SP wTOPZWZRTNLW aPTW ZQ Q]PPOZXx _SP]P ZQ_PY WTP^ LY L`_SZ]T_L_TaP [POLRZRTN []LN_T^P WPLOTYR _Z [L^^TaPWd MPTYR _ZWO bSL_ _Z OZ w[L^^TaP 1]PXOMP ^_TXX`YRx .Q 6`]_ 4YOTPY `YO 0`]Z[L  # 

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

N]PL_P^ w`YT^ZYx _SL_ SP ^PP^ L^ TXXPOTL_PWd NZ]]PWL_PO _Z XZYZXPWZOTN X`^TN LYO _Z L OTQQP]PY_ VTYO ZQ SPL]TYR 6`]_ OP^N]TMP^ ST^ ZbY WPL]Y TYR Pc[P]TPYNP L^ NZX[WP_PWd YPb wZNPLYTNx Pc[P]TPYNP ZQ X`^TN% wBT_STY _ST^ QZ]X ZQ ^ZNTLW ]PWL_TZY^ST[ 4 Pc[P]TPYNPO ^TYRTYR L^ L _d[P ZQ Q`^TZY []ZNP^^ m PdP _Z PdP bT_S _SP Z_SP] [P]^ZY LYO L_ _SP ^LXP _TXP _ZYP TY _ZYP bT_SZ`_ VYZbTYR PcLN_Wd bSP]P Xd ZbY aZTNP MPRLY Z] PYOPO TY _SP NZXXZY ^Z`YO XLOP bT_S _SP aZTNP ZQ _SP Z_SP] [P]^ZY ,YO _SP MZ`YOL]d MP_bPPY 4 LYO dZ` WZ^_ T_^ NZY_Z`]^& LYO PaPY XZ]P ^_]LYRP bL^ _SP QLN_ _SL_ ZY L Q`YOLXPY_LW WPaPW T_ bL^ YZ_ PaPY ]PWPaLY_ MPNL`^P _SP []P^PY_ Pc[LYOPO ^Z QL] _SL_ YZ ^[LNP^ bP]P WPQ_ QZ] OTQQP]PY_TL_TZY^ ]P QWPN_TZY^ LYO ^PWQ[]P^PY_L_TZY^ w>PWM^_TY^ePYTP]`YRPYx ?SL_ bL^ L YPb Pc[P]TPYNP QZ] XP 4Y Xd ^PWQNPY_P]PO LYO ^NZ]PNPY_P]PO X`^TNLW ^ZeTLWT eL_TZY 4 SLO NP]_LTYWd YPaP] MPQZ]P SLO L X`^TNLW Pc[P]TPYNP ZQ _ST^ ^Z]_x !

6`]_ NZY_TY`P^ Md ^LdTYR _SL_ w_SP QPPWTYR ZQ WLNV ZQ X`^TNLW LYO ^ZNTLW OTQQP]PY_TL_TZYx SLO SZbPaP] NPL^PO TXXPOTL_PWd bSPY SP MPRLY _Z Z]TPY_ STX^PWQ ZY b]T__PY X`^TN ?SP TXXPOTLNd OT^L[[PL]PO LYO L VTYO ZQ wN`W_`]P NWL^Sx MPRLY TY bSTNS _SP 4YOTLY _PLNSP] WPL]YPO _Z LOL[_ _Z _SP [`[TW bSZ bL^ `^PO _Z SLaTYR L ^NZ]P LYO _SL_ TY MPNZXTYR LN \`LTY_PO bT_S _SP Z_SP] X`^TN N`W_`]P wMPTYR L XPOT`Xx _SP [`[TW WPL]YPO XZ]P LMZ`_ _SP Z_SP]YP^^ ZQ ST^ ZbY !! 6`]_ ^`XXL]TeP^ _SP ML^TN OTQQP]PYNP L^ QZWWZb^% w1Z] X`^TNTLY^ ^ZNTLWTePO TY 4YOTL _SP ]PQP]PYNP _Z _SP [`]TQdTYR [ZbP] ZQ _SP =LRL LYO _SP ^PWQWP^^ MPTYR ZYP bT_S 2ZO wTNSWZ^P 0TY^^PTY XT_ 2Z__x T^ _LVPY QZ] R]LY_PO U`^_ L^ L X`^TNTLY ^ZNTLWTePO TY _SP ^[T]T_ ZQ 0`]Z[PLY NWL^^TNLW X`^TN _LVP^ QZ] R]LY_PO _SP ]PQP]PYNP _Z _SP ^PWQ LYO _SP bZ]V wAP]bPT^ L`Q OL^ 4NS `YO OL^ BP]Vx ,YO _SP^P ]PQP]PYNP^ ]PQP] TY _SPT] _`]Y TY _bZ bLd^ ZQ N`W_`]LW PcT^_PYNP% XZYT^X _SP]P O`LWT^X SP]Px !"

4Y XLYd bLd^ 6`]_v^ TOPLW _d[P^ NZ]]PWL_P bT_S bSL_ bP SLaP OT^N`^^PO LMZaP LYO bT_S LOOT_TZYLW _d[ZWZRTNLW OTQQP]PYNP^ _SL_ bP SLaP PWLMZ ]L_PO TY _ST^ MZZV 4Y _SP QZWWZbTYR NSL[_P] ZY ,Y_T\`T_d bP bTWW LN_` LWWd Pc[LYO _SP OTNSZ_ZXZ`^ WT^_ LMZ`_ X`^TN :Y _SP Z_SP] SLYO bP OZ ^PP _SP YPPO _Z OTQQP]PY_TL_P ?SP QZWWZbTYR wdP^ M`_x ZMUPN_TZY^ ^SZb bSd LYO bSP]P bP NZY^_]`P _SP N`W_`]LW OTQQP]PYNP^ TY L OTQQP]PY_ bLd _SLY 6`]_ LYO OZ YZ_ QZWWZb ST^ N`W_`]LW PT_SP]Z] ^ZW`_TZY L 7TVP `^ 6`]_ ^_]P^^P^ w4YOTLY PL]^ SPL] OTQQP]PY_Wdx !# z LYO []P NT^PWd _ST^ SL^ MPPY ZYP ZQ _SP XLTY _SP^P^ ZQ _ST^ aZW`XP L[[WdTYR QL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 6`]_ 4YOTPY `YO 0`]Z[L  " !! 6`]_v^ 4YOTPY `YO 0`]Z[L TYNW`OP^ L /A/ LMZ`_ WPL]YTYR X`^TN TY 4YOTL w-P L 8P OT`Xx LYO LY wTY_P]N`W_`]LW WPL]YTYR []ZUPN_x TY 2P]XLYd _Z bSTNS _SP 4YOTLY X`^TN _PLNSP] bL^ TYaT_PO !" 6`]_ 4YOTPY `YO 0`]Z[L    !# 6`]_ 4YOTPY `YO 0`]Z[L  $

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

MPdZYO X`^TN -`_ Z`] XLTY L]R`XPY_ QZ] _ST^ SL^ MPPY _SP ^Z`YO LYO [P]QZ]XLYNPNPY_P]PO WTQPbZ]WO TY bSTNS YZ_ ZYWd _SP ^[ZVPY _PLNSTYR bZ]O M`_ LW^Z _SP ^Z`YOTYR bZ]O T^ TX[Z]_LY_ LYO _SP]P T^ YZ M]PLV MP_bPPY Z]LWT_d LYO WT_P]LNd BP SLaP NZY^NTZ`^Wd PX[SL^TePO YZ_ ZYWd Z]LW _]LY^XT^^TZY M`_ LW^Z _SP NZY_TY`T_d ZQ Z]LWT_d LYO WT_P]LNd LYO NZTYPO _SP _P]X w^ZYLWT_dx _Z OPYZ_P _ST^ 8`^TN T^ YZ PcNP[_TZY 4_ SL^ YZ_ ZYWd MPPY [L^^PO OZbY Z]LWWd M`_ LW^Z []P^P]aPO TY YZ_L_TZY^ !$ LYO X`^TN _]PL_T^P^ ?SP WL__P] SLaP YZ_ ZYWd QZ]NPO aZNLWT_d _S]Z`RS b]T_TYR LYO L]R`PO TY ^`[[Z]_ ZQ YZYO`LW Q`^TZY^ bT_S ]PNZ`]^P _Z _SP 9£OL -]LSXLY NZYNP[_ M`_ LW^Z ]L_TZYLWTePO X`^TNZWZRTNLW OP_LTW^ LYO _PNS YT\`P^ ?SP TYOTRPYZ`^ ^d^_PX ZQ X`^TNLW [P]X`_L_TZY^ bL^ L^^ZNTL_PO bT_S XL_SPXL_TNLW ]L_TZYLWT^X LYO L VPPY ^[T]T_ ZQ OT^NZaP]d 1Z] 6`]_ _SP ]L_TZYLWT_d [L]_ LYO _SP []ZQLYP X`^TN N`W_`]P ZQ 9Z]_SP]Y 4YOTL ]PXLTYPO `YOP]OP_P]XTYPO ,YO T_ bZ`WO LW^Z MP _ZZ ]PO`N_TZYT^_ _Z OP]TaP _SP wZNPLYTNx Q`^TZY Pc[P]TPYNP ^ZWPWd Q]ZX _SP Z]LW NZXX`YTNL _TZY ^T_`L_TZY LYO _SP _PLNSP][`[TW ]PWL_TZY^ST[ LW_SZ`RS T_ T^ LY TX [Z]_LY_ [ZTY_ QZ] _SP NZY_TY`T_d ZQ L N`W_`]LW SLMT_`^ ZY XLYd WPaPW^ ?ST^ MPRTY^ bT_S _SP QLN_ _SL_ _]LOT_TZYLWWd TY 4YOTL QZ] L WZYRP] [P]TZO LWW WPL]YTYR ^TX[Wd NZY^T^_^ ZQ ]P[PL_TYR bSL_ T^ ^LTO Z] ^`YR LYO bZ`WO _SP]PQZ]P SLaP _SP ^LXP wZNPLYTNx PQQPN_ _SL_ 6`]_ OP^N]TMPO DP_ T_ ^PPX^ _Z MP P\`LWWd TX[Z]_LY_ _SL_ _ST^ SLMT_`^ bL^ LW^Z WT_P]LWTePO LYO RTaPY L ]L_TZYLW QZ`YOL_TZY 6`]_v^ QTYOTYR _SL_ _SP Z]LW _PLNSTYR ^T_`L_TZY WPO _Z L _d[P ZQ R]PL_ _]LY^NPYOPYNd Pc[P]TPYNP _SL_ SZbPaP] TXXPOTL_PWd OT^L[[PL]PO bSPY SP ^_L]_PO ]PLOTYR LYO b]T_TYR `W_T XL_PWd ]PaPLW^ XZ]P LMZ`_ ST^ ZbY ^ZeTLWTeL_TZY _SLY LMZ`_ 4YOTLY ^ZeTLWTeL_TZY 4Y 4YOTL _SP ^NTPY_TQTNL_TZY LYO b]T__PY []ZQP^^TZYLWTeL _TZY ZQ X`^TN OTO YZ_ bPLVPY L YZYO`LW bZ]WOaTPb Z] OTXTYT^S _SP wXP_L[Sd^TNLW ^`M^_LYNPx LYO ]PWTRTZ`^ OTXPY^TZY ZQ X`^TN TYNW`OTYR [`]PWd []ZQLYP X`^TN L_ LWW L^ 6`]_ QZ`YO TY ST^ ZbY Pc[P]TPYNP M`_ [Z^T_TaPWd ^_]PYR_SPYPO _SPX 1Z] TY^_LYNP ±£]«RLOPaL []P^P]aPO TY b]T_TYR ST^ WPL]YPO Pc[Z^T_TZY ZY _SP TOPL ZQ 9£OL-]LSXLY LYO ZY =£RL X`^TN LYO [P]X`_L_TZY^ ?SP w-]LSXLY MWT^^x _SL_ ?d£RL]£UL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ .Q LW^Z BTOOP^^ w?SP Z]LW TY b]T_TYR% 0L]Wd 4YOTLY X`^TNLW YZ_L_TZY^x $ ?SP^P wZ]LW YZ_L_TZY^x LYO _SPT] b]T__PY ]P[]P^PY_L_TZY^ XLOP `^P ZQ WTYR`T^_TN ^dWWL MWP^ TP LNZ`^_TN ^dXMZW^ _SP ^[PPNS^dWWLMWP^ ZQ _SP LW[SLMP_ _Z OPXZY^_]L_P _SP ]Sd_SXTN ]P[P]_ZT]P ZQ O]`X^ LYO _SP XPWZOTN NSL]LN_P]T^_TN^ ZQ _SP =£RL^ ?SP O]`X ^dWWLMWP^ NLY TYOTNL_P YZ_ ZYWd _SP ^_]ZVP^ _Z MP [WLdPO M`_ LW^Z QZ] PcLX[WP bSP_SP] _SP NZX[Z^T_TZY Z]TRTYL_PO ZY _SP ?LMW£ Z] LYZ_SP] ]Sd_SXTN TY^_]`XPY_ 4_ T^ _]`P _SL_ _SP YZ_L_TZY^ ZQ _SP =£RL^ RPYP]LWWd NZY_LTY ZYWd _SP ^P\`PYNP ZQ ML^TN [T_NSP^ bT_SZ`_ OP_LTWPO TYOTNL_TZY^ ZQ Z]YLXPY_L_TZY P_N 0L]Wd YZ_L_TZY^ "_S NPY_ ,/ SZbPaP] bP]P ^ZXPbSL_ XZ]P PWLMZ]L_P _SLY WL_P] ZYP^ ?SPd L[[WTPO aZbPW XZOTQTNL_TZY^ _Z ^_LYOL]O ^ZWXTeL_TZY ^dWWLMWP^ _SL_ OP_P]XTYPO _SP OT]PN_TZYLW XZaP XPY_ ZQ _SP XPWZOd `[ Z] OZbY PR `^TYR wTx QZ] STRS [T_NSP^ LYO w`x QZ] WZb [T_NSP^

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

XLYTQP^_PO TY ST^ ^ZYR^ LW^Z TY b]T_TYR  _d[TNLWWd SL^ YZ_STYR _Z OZ bT_S _PLNSP][`[TW _]LY^XT^^TZY ?d£RL]£UL WTaPO L_ _SP _TXP ZQ _SP AT UdLdLYLRL]L w=PYLT^^LYNPx _S _Z !_S NPY_ bSP]P LW^Z TY _SP X`^T NLWWd wXZ]P ]PWTRTZ`^x >Z`_SP]Y 4YOTL L ^NTPY_TQTNL_TZY ZQ X`^TN _ZZV [WLNP TY _SP QZ]X Q]ZX SLYOMZZV^ ZY NL]YL_TN X`^TN _SPZ]d M 4Y aTPb ZQ _SP^P ZM^P]aL_TZY^ T_ LW^Z L[[PL]^ _Z `^ ]T^Vd _Z _]d Pc[WLTYTYR _SP w^PWQWP^^YP^^x w4NSWZ^TRVPT_x ZQ 4YOTLY X`^TNTLY^ []TXL]TWd TY _P]X^ ZQ _SP _PLNSP][`[TW STP]L]NSd LYO LWW _SP XZ]P ^Z L^ 6`]_ []P^PY_^ _ST^ ^ZNTLW ]PWL_TZY^ST[ L^ LY LN_ ZQ MWTYO ZMPOTPYNP LYO _Z_LW ^`MZ]OTYL_TZY _Z _SP ]PRTXP ZQ _SP _PLNSP] ^Z _SL_ ^PWQWP^^YP^^ LN\`T]P^ L _Z`NS ZQ wWZ^TYR ZYP^PWQx BSP]P bP SLaP `^PO _SP _P]X w^PWQWP^^x bP SLaP L[[WTPO T_ XZ]P TY _SP ^PY^P ZQ L [L]_TNT[L_Z]d L__T _`OP TY_PR]L_TZY TY_Z L []POPQTYPO YP_bZ]V ZQ _ZYLW ]PWL_TZY^ LYO ZQ L OPaZ_TZY _Z _SP ZMUPN_ ?SP []ZQP^^TZYLW TX[]ZaT^TYR X`^TNTLY LN_^ Pc_]PXPWd ^`MUPN_TaT^_TNLWWd LYO TYOTaTO`LWWd _Z M]TYR _SP =£RL _Z WTQP TY ST^ aP]d ZbY bLd ?ST^ T^ _SP ZYWd _STYR _SL_ NZ`Y_^ L^ w_]`P L]_x bSTWP ^TX[Wd QZWWZbTYR RTaPY ^_]`N_`]P^ TP XP]P TXT_L_TZY ZQ PcT^_TYR X`^T NLW [L__P]Y^ T^ ^PPY L^ wL]_WP^^x >`MUPN_TaT_d wWP__TYR ZYP^PWQ MP NZW Z]POx LYO TYOTaTO`LW Pc[]P^^TZY L]P TYSP]PY_Wd bZaPY TY_Z NWL^^TNLW 4YOTLY X`^TN L_ _SP OPP[P^_ WPaPW P^[PNTLWWd TY _SP []TYNT[WP ZQ TX[]ZaT ^L_TZY 4Y _ST^ NZY_Pc_ ^PWQWP^^YP^^ T^ L NZY^NTZ`^ TY_PY_TZYLW L__T_`OP 4Y _SPT] _Z_LW OPaZ_TZY _Z X`^TN 4YOTLY X`^TNTLY^ L]P []ZMLMWd YZ_ ^Z aP]d OTQQP]PY_ Q]ZX XLYd NWL^^TNLW 0`]Z[PLY X`^TNTLY^ ?SP VPd Q`Y OLXPY_LW OTQQP]PYNP ]PXLTY^ _SL_ MP_bPPY _SP BP^_P]Y SL]XZYTN^ LYO [ZWd[SZYd LYO _SP 4YOTLY XTN]Z_ZYLW XZOLW X`^TN bSZ^P ^PY^Z]d ^Z`YO TX[]P^^TZY LW]PLOd _]TRRP]^ OTQQP]PY_ \`LWT_TP^ ZQ [P]NP[_TZY LYO QPPWTYR TP OTQQP]PY_ ^PY^Z]d VYZbWPORP T^ []ZO`NPO ^TXTWL] _Z _SP bLd^ _SL_ NZX[Z^T_TZY _PNSYT\`P SP]P LYO TX[]ZaT^L_ZY _PNSYZWZRd _SP]P [WLNP \`T_P OTQQP]PY_ ]P\`T]PXPY_^ ZY NZX[Z^P]^ LYO X`^TNTLY^ N =PO`NTYR N`W_`]LW aL]TLYNP _Z _SP Z]LW _]LY^XT^^TZY ^T_`L_TZY LWZYP WPLO^ _Z `YYPNP^^L]d ^TX[WTQTNL_TZY LYO OT^_Z]_TZY 4Y _SP _P]XT YZWZRd ZQ Z`] wR`TOTYR OTQQP]PYNPx ZQ [L]_TNT[L_TZY aP]^`^ PXLYNT[L _TZY QZ] 6`]_ 0`]Z[P bZ`WO MP _Z_LWWd TY _SP PXLYNT[L_TZY NLX[ L_ ZXTeL_TZY LYLWd_TNLW OT^^PN_TZY VPP[TYR ZYPv^ OT^_LYNP Q]ZX _SP ZMUPN_ P_N LYO 4YOTL bZ`WO MP TY _SP [L]_TNT[L_TZY NLX[ OP OTQQP]PY_TL_TZY^ SZWT^_TN L[[]ZLNSP^ ^PY^Z]d LQQPN_TaP ]PWL_TZY^ LYO Q`^TZY bT_S _SP ZMUPN_ P_N ?ST^ ZYP^TOPO OT^_]TM`_TZY ZQ ]ZWP^ bZ`WO SZbPaP] YZ_ ]PLWWd OZ U`^_TNP PT_SP] _Z 0`]Z[P Z] _Z 4YOTL 4Y _ST^ MZZV bP SLaP ^SZbY _SL_ bT_STY >LY^V]T_ N`W_`]P _SP]P L]P aP]d XLYd aL]TL _TZY^ ZQ [L]_TNT[L_Z]d LYO PXLYNT[L_Z]d bZ]WOZ]TPY_L_TZY^ TYNW`OTYR STRSWd LYLWd_TNLW ZYP^ z LYO L ^P]TP^ ZQ LYLWd_TNLW bLd^ ZQ LNNP^^TYR [L]_TNT[L_TZY ?SP w`YT\`PYP^^x ZQ >LY^V]T_ 3TYO`T^X LYO _SP OTQQP] PYNP Q]ZX _SP XLTY^_]PLX ZQ BP^_P]Y N`W_`]P LYO T_^ w`YT\`P ]L_TZYLW

$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

T^Xx L[[PL] _Z `^ _Z WTP []PNT^PWd TY ^`NS L]R`PO ]L_TZYLWP^ ZQ OP OTQQP]PY_TL_TZY LYO TY w`YTaP]^LW Xd_STNLWx ]L_TZYLWTeL_TZY ZQ [L]_TNT[L _TZY _SL_ T^ L OTQQP]PY_ ]L_TZYLW ^d^_PXL_TeL_TZY ZQ _SP bZ]WOaTPb BPMP] WZNL_PO X`^TN TY _SP L]PL ZQ _PY^TZY MP_bPPY T]]L_TZYLWT_d LYO ]L_TZYLWT_d z bT_S L _PYOPYNd _ZbL]O L ^d^_PX _SL_ ^Z`RS_ _Z _`]Y _SP TYNZY^T^_PYNd TY_Z NZY^T^_PYNd Z] _Z []ZNP^^ T_ TY OTLWPN_TN QZ]X ?SP 4YOTLY X`^TNZWZRTNLW NZY^_]`N_TZY ]P[PL_PO L OTQQP]PY_ N`W_`]LW [L__P]Y ZYP ZQ LM^_]LN_TZY LYO Q`^TZY z bT_S L _PYOPYNd _ZbL]O _SP `YTaP]^LW Xd_S _SL_ L__PX[_^ _Z WTYV _SP _bZ L^[PN_^ SZWT^_TNLWWd LYO T^ NZY_TY`Z`^ bT_S _SP _d[TNLW 4YOTLY QZ]X ZQ _SZ`RS_ LOOT_TZY TY^_PLO ZQ OTLWPN_TN LWWZbTYR NZY_]LOTN_TZY^ LYO TYNZY^T^_PYNTP^ LYO []PQP]]TYR MZ_SZYP LYO_SPZ_SP] ^ZW`_TZY^ w>ZbZSWLW^L`NS7Ø^`YRPYx O .`W_`]LW OTQQP]PYNP^ ZMaTZ`^Wd PcT^_ MP_bPPY 4YOTL LYO 0`]Z[P 3ZbPaP] 6`]_v^ ^_]ZYR PX[SL^T^ ZQ wZ_SP]YP^^x LYO T_^ TOPLW_d[P ^NSPXL_TeL_TZY NZY^_]`P _SP N`W_`]LW aL]TLYNP ^Z ^_]ZYRWd _SL_ wBP^_ P]Yx LYO w4YOTLYx L]P []LN_TNLWWd SP]XP_TNLWWd ^PLWPO ZQQ Q]ZX PLNS Z_SP] L^ Z[[Z^TYR N`W_`]LW MWZNV^ 6`]_ ]TRS_Wd PX[SL^TeP^ _SL_ S`XLY MPTYR^ NLY WPYO ^PY^P _Z ^Z`YO^ LYO SZb _SPd OZ ^Z LYO bSd OP[PYO^ ZY _SPT] N`W_`]LW NZYOT_TZYTYR ?SP XPLYTYR []ZaTOPO NLY aL]d bTOPWd Q]ZX ZYP ^ZNTP_d _Z LYZ_SP] 3ZbPaP] TY _SP LRP ZQ RWZMLWTeL_TZY LYO _]LY^YL_TZYLW QWZb^ ZQ XL_P]TLW LYO ^[T]T_`LW RZZO^ N`W_`]P^ YZ WZYRP] SLaP ^`NS NWPL] NZY_Z`]^ .`W_`]P^ L]P YZ_ SP]XP_TNLWWd ^PLWPO ^d^_PX^ ?SP]PQZ]P N`W_`]LW NZY_LN_ LYO _]LY^QP] NLY WPLO _Z NSLYRP^ TY XPLYTYR NZY^_]`N_TZY LYO LW_P] bZ]WOaTPb^ ?ZOLd T_ T^ YZ WZYRP] ^Z PL^d _Z `[SZWO 6`]_v^ _d[ZWZRd ZQ wXZYT^X _SP]P O`LWT^X SP]Px 4Y NZY_PX[Z ]L]d 0`]Z[P [LY_SPT^_TN XZYT^_TN _]LY^NPYOPYNd Pc[P]TPYNP^ L]P L^ _Z`YOTYRWd NZXXZY PaPY LXZYR BP^_P]YP]^ LYO MZ_S bT_STY LYO Z`_T ^TOP NS`]NSP^ LXZYR ]PWTRTZ`^ [PZ[WP LYO LXZYR _SZ^P ZQ YZ ]PWTRTZY " 4_ ^PPX^ _Z MP OTQQTN`W_ _Z OPYd _SL_ 4YOTLY TY^[T]L_TZY^ LYO TYQW`PYNP^ SLaP [WLdPO L OPNT^TaP ]ZWP TY XLVTYR _SP ^`MUPN_ ZQ [LY_SP T^X [Z[`WL] TY _SP BP^_ wYL_`]LWTeTYRx T_ LYO LWWZbTYR T_ _Z MPNZXP YZ]XLW ;LY_SPT^X LYO XP_L[Sd^TNLW XZYT^X L]P L^ aL]TLMWP LYO L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?ST^ T^ ^`RRP^_PO Md _SP ^`]aPd^ TY =PWTRTZY^XZYT_Z] #  PO -P]_PW^XLYY >_TQ_`YR 2LM]TPW w=PWTRTØ^P] ;W`]LWT^X`^ TY /P`_^NSWLYOx #& 3`MP] w,YLWd^PY e`] ]PWTRTØ ^PY ;]LcT^ TY OP] >NSbPTex  #z!!& BZ]LY RWL`M_ OTP BPW_* /`MLNS w=PWTRTZ^T _Æ_^[]ZQTWP OP^ P`]Z[ÆT^NSPY 6L_SZWTeT^X`^x $z  #& 6YZMWL`NS LYO 2]LQQ w;Z[`WÆ]P >[T]T_`LWT_Æ_x "$z"& 3`MP]_ 6YZMWL`NS w;Z[`WÆ]P =PWTRTZY `YO ?]LY^QZ]XL_TZYx ,;`E  #% ! 1Z] PcLX[WP [LY_SPT^_TN Pc[P]TPYNP^ TY 2P] XLYd ZNN`] LXZYR "!  ZQ _SP [Z[`WL_TZY bSTNS T^ XZ]P Q]P\`PY_ _SLY _SPT^_TN Pc [P]TPYNP [L__P]Y^ LNNZ]OTYR _Z LYZ_SP] L^^P^^XPY_ _SPT^_TN Pc[P]TPYNP^ L]P TYOPPO XZ]P bTOP^[]PLO M`_ [LY_SPT^_TN ZYP^ L]P LW^Z aP]d NZXXZY ]P[Z]_PO Md !  ZQ .L_SZWTN^   ZQ ;]Z_P^_LY_^ LYO   ZQ [P]^ZY^ bSZ OZ YZ_ MPWZYR _Z LYd Z]RLY TePO ]PWTRTZY bSTWP TY >bT_eP]WLYO _SP QTR`]P NZXP^ _Z  LYO L]Z`YO "# TY >[LTY LYO 4_LWd

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$"

OTQQP]PY_Wd XLYTQP^_PO L^ TY 4YOTL T_^PWQ `YT_d bT_S _SP `YTaP]^P _SP ZXYT[]P^PY_ OTaTYPRZORZOOP^^ NZ^XTN PYP]Rd _SP STRSP] ^PWQ YL_`]P P_N ,^ ^SZbY TY _ST^ MZZV TY 4YOTLY ]PWTRTZ`^ ST^_Z]d YZYO`LW _PLNS TYR^ NZ`WO _LVP ZY aP]d XLYd QZ]X^ LYO _SP]P bP]P LYO L]P XZ]P ^_]ZYRWd O`LWT^_TN Z]TPY_L_TZY^ _SP ^PXTZQQTNTLW XZYT^X T^ ZQ_PY Pc []P^^PO L^ ^`MUPN_TaP XZYZ_SPT^X TY MSLV_T []LN_TNP ?ST^ MPNLXP NWPL] TY [L]_TN`WL] TY _SP 9£OL-]LSXLY _SL_ LM^Z]MPO LWW _SP [Z^^TMWP QZ]X^ ZQ Wd^T^% 4Y ±£]«RLOPaLv^ XP_L[Sd^TNLW NZYNP[_TZY SPL]TYR X`^TN bL^ TXXPOTL_P [L]_TNT[L_TZY TY _SP `YTaP]^P LYO TY ?d£RL]£ULv^ OPaZ_TZYLW TePO aP]^TZY T_ bL^ [L]_TNT[L_TZY TY 2ZO P_N ?ZOLd _SP 9£OL-]LSXLY LW^Z SL^ T_^ ZbY BP^_P]Y ST^_Z]d 4Q ZYP NZX[L]P^ 6`]_v^ ]P[]P^PY_L_TZY ZQ X`^TN bT_S _SL_ ZQ _SP ULee ST^_Z]TLY -P]PYO_ ZYP YZ_TNP^ ]TRS_ LbLd _SL_ LWW _SP OTNSZ_ZXTP^ WT_P]LNd a^ Z]LWT_d [ZWd[SZYd a^ XZYZ[SZYd NZX[Z^T_TZY a^ TX[]ZaT^L_TZY LYO O`LWT^X a^ XZYT^X []Z[Z`YOPO Md -P]PYO_ LYO ST^ []Z_LRZYT^_^ ZQ _SP $!^ LYO $"^ L]P `YOP]XTYPO ?SP]P T^ L YZ_TNPLMWP ^STQ_ TY _SP bZ]WOaTPb Q]ZX _SP BP^_ _Z _SP 0L^_ 3P]P bP ZM^P]aP L NSLYRP TY _SP bZ]WOaTPb bSTNS BPMP] NZ`WO YZ_ SLaP QZ]P^PPY TY _SP $^ LW_SZ`RS SP OTO LY_TNT[L_P _SL_ _SP w^_PPW ULNVP_x ZQ ]L_TZYLWTePO PNZYZXd M`]PL`N]LNd LYO ^NTPYNP LYO _SP ]L_TZYLWT_d LTXTYR L_ bZ]WO OZXTYL_TZY bZ`WO [P]SL[^ ZYNP LRLTY RPYP]L_P _SP Z[[Z^T_P _PYOPYNd LYO L w]PPYNSLY_XPY_x ZQ _SP bZ]WO XTRS_ _LVP [WLNP Z] wNZX[WP_PWd YPb []Z[SP_^ Z] L [ZbP]Q`W ]PMT]_S ZQ ZWO _SZ`RS_^ LYO TOPLW^x XTRS_ L[[PL] " -P]PYO_v^ N]T_TNT^X ZQ BP^_ P]Y ]L_TZYLWT_d LYO WT_P]L]d N`W_`]P bL^ YZ_ ZYWd L NZY_TY`L_TZY ZQ _SP ]ZXLY_TN^v N`W_`]LW N]T_TNT^X ZQ ]L_TZYLWTeTYR _SP bZ]WO M`_ LW^Z L NZY _TY`L_TZY ZQ _SP []Z_P^_ N`W_`]P LYO QWZbP][ZbP] XZaPXPY_ ZQ $!# LYO _SP $"^ bSTNS P^_LMWT^SPO LY LW_P]YL_TaP N`W_`]P _SL_ QWZbPO TY_Z _SP 9Pb,RP 4_ T^ bPWW VYZbY _SL_ _ST^ RPYP]L_TZY bLY_PO _Z M]PLV LbLd Q]ZX LWW PcT^_TYR _]LOT_TZY^ LYO ^Lb YZ_ ZYWd [ZWT_TN^ LYO []PaLTW TYR ^ZNTLW NZYaPY_TZY^ M`_ LW^Z _]LOT_TZYLW .S]T^_TLY ]PWTRTZY LYO NWL^^TNLW 0`]Z[PLY X`^TN L^ MZ`]RPZT^ ZWOQL^STZYPO LYO TX[P]TLWT^_TN , M]ZLO ^[PN_]`X ZQ dZ`YR [PZ[WP bL^ YZ_ ZYWd ZY _SP WPQ_ ZQ _SP [Z WT_TNLW ^[PN_]`X M`_ LW^Z TY_P]P^_PO TY ]PWTRTZ`^ \`P^_TZY^ Pc[LYOTYR _SP NZY^NTZ`^YP^^ LYO ^[T]T_`LW Pc[P]TPYNP DP_ _SPd NZ`WO YZ WZYRP] TOPY_TQd bT_S .S]T^_TLYT_d LYO _SP 2ZO _SL_ bL^ ^Z QL] LbLd LYO SLO ^Z WT__WP _Z OZ bT_S _SPX L^ TYOTaTO`LW^ LWW _SP XZ]P ^Z L^ _SPd bP]P OP NWL]PO _Z MP ^TYYP]^ P_N ?SP^P ^[T]T_`LW ^PPVP]^ QZ`YO LW_P]YL_TaP LY ^bP]^ LYO YPb bZ]WO^ ZQ Pc[P]TPYNP TY 4YOTL TY _SP YPb X`^TN N`W_`]P LYO TY O]`R^ 1Z] L M]TPQ [P]TZO 4YOTL bL^ _SP YPb wSZWd WLYOx aT^T_PO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .Q 8Lc BPMP] wBT^^PY^NSLQ_ LW^ -P]`Qx TY 2PT^_TRP ,]MPT_ LW^ -P]`Q >_`__RL]_% =PNWLX $$  =P[]TY_ TY 2P^LXXPW_P ,`Q^Æ_eP e`] BT^^PY^NSLQ_^WPS]P #z! ?ÞMTYRPY% 8ZS] $ 

$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

Md XLYd 4YOTLY _PLNSP]^ NLXP _Z _SP BP^_ LYO 4YOTLY X`^TN bL^ TY aZR`P /`]TYR _SP 4YOTL MZZX TY _SP $!^ LYO $"^ L bSZWP RPYP]L _TZY z TY ,XP]TNL LYO 0`]Z[P z bL^ TY^[T]PO Md _SP wZ_SP]x []PNT^PWd MPNL`^P T_ bL^ OTQQP]PY_ BT_STY _SP NZY_TY``X ZQ N`W_`]LW QZ]X^ ZQ Pc[]P^^TZY _d[TNLW ZQ _SP _TXP bP QTYO [ZWT_TNLW OPXZY^_]L_TZY^ Q]PP WZaP Pc[P]TXPY_L_TZY bT_S O]`R^ LYO L X`^TNLW QPPWTYR ZQ `YT_d PR BZZO^_ZNV LYO 2LYOSTTY^[T]PO [LNTQT^_ P_SZ^ _ZRP_SP] bT_S L XL]VPO TY_P]P^_ TY Pc[WZ]TYR _SP TYYP] bZ]WO ^[T]T_`LWT_d L XZYT^_TN [LY_SPT^_TN bZ]WOaTPb LYO Pc[LY^TZY ZQ NZY^NTZ`^YP^^ -P]PYO_ LN_` LWWd NLXP `[ bT_S \`T_P L RZZO OP^N]T[_TZY ZQ _ST^ XZZO ZQ NSLYRP w,`QM]`NS^_TXX`YRx LYO LW_P]YL_TaP N`W_`]P ,_ _SL_ _TXP L ^STQ_ Q]ZX BP^_ _Z 0L^_ MPNLXP aT^TMWP _SL_ bL^ L XLUZ] QLN_Z] TY NZY^_T_`_TYR XZOP]Y ^[T]T_`LWT_d >[T]T_`LWT_d NZ^XTN `YT_d _SP w2ZO TY XPx P_N ]PXLTYPO NZY^_LY_ _SPXP^ PaPY LQ_P] _SP 4YOTL MZZX SLO OTPO LbLd LYO _SP []Z_P^_ N`W_`]P [P_P]PO Z`_ LYO _SP ^ZNTLWT^_ TOPLW^ OT^^ZWaPO L^ _SP .ZWO BL] NLXP _Z LY PYO ,NNZ]OTYR _Z BLOP .WL]V =ZZQ L Q`YOLXPY _LW ^STQ_ TY ]PWTRTZ`^ N`W_`]P _Z LW_P]YL_TaP QZ]X^ _ZZV [WLNP TY ,XP]TNL bT_STY L ^TYRWP RPYP]L_TZY _SL_ bL^ MZ]Y MP_bPPY _SP XTO$ ^ LYO _SP LOaPY_ ZQ _SP NZY_]LNP[_TaP [TWW TY _SP $!^ LYO ^TXTWL] NWLTX^ SLaP LW^Z MPPY XLOP QZ] BP^_P]Y 0`]Z[PLY NZ`Y_]TP^ " ?Z _SP Pc_PY_ _SL_ _ST^ wRPYP]L_TZY ZQ NSLYRPx MPNLXP P^_LMWT^SPO TY ^ZNTP_d XZOP]Y ^[T]T_`LWT_d LW^Z MPNLXP P^_LMWT^SPO 4Y L ^PY^P T_ OPaPWZ[PO TYaT^TMWd LYO R]LO`LWWd TY BP^_P]Y 0`]Z[P LYO LW^Z TY ,XP]TNL TY_Z L XLUZ] QZ]NP _SL_ NLY YZ WZYRP] MP ^Z PL^TWd TRYZ]PO 4_ T^ ]PWL_TaPWd bTOP^[]PLO MZ_S LWZYR^TOP LYO bT_STY _SP _]LOT_TZYLW ]PWTRTZY^ LYO ^PN`WL]T^X% TY 0`]Z[PLY NZ`Y_]TP^ PR TY 2P]XLYd LXZYR   ZQ _SP [Z[`WL_TZY LYO TY ZaP] "  TY >[LTY LYO 4_LWd " 4_ bZ`WO MP [`__TYR 4YOTL ZY L [POP^_LW _Z ^`RRP^_ _SL_ _ST^ OPaPWZ[ XPY_ bL^ O`P ^ZWPWd _Z 3TYO` TYQW`PYNP^ 4Y QLN_ T_ bL^ L NZXMTYL_TZY ZQ XLYd ]PL^ZY^ PR _SP OPaPWZ[XPY_ ZQ _SP XZOP]Y TYO`^_]TLW LYO VYZbWPORPML^PO ^ZNTP_d LYO _SP ]PaZW`_TZY TY XL^^ XPOTL _SL_ RPYP] L_PO XZOP]Y ^[T]T_`LWT_d LWZYR bT_S L Y`XMP] ZQ OTQQP]PY_ ^Z`]NP^ ZQ TY^[T]L_TZY PR _SP TYaPY_TZY ZQ XP^XP]T^X LYO _SP ]POT^NZaP]d ZQ 0`]Z[PLY LWNSPXd LYO P^Z_P]TNT^X -`_ ^_TWW bP bZ`WO NWLTX _SL_ _SP []TXP _]TRRP] NLXP Q]ZX 4YOTL Z] _Z MP XZ]P []PNT^P Q]ZX TY_P]LN_TZY^ bT_S 4YOTL _SL_ MPRLY WZYR MPQZ]P _SP $!^ LYO ^P_ TY XZ_TZY N]PL_TaP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " BLOP .WL]V =ZZQ , 2PYP]L_TZY ZQ >PPVP]^% ?SP >[T]T_`LW 5Z`]YPd^ ZQ _SP -LMd -ZZX 2PYP]L_TZY >LY 1LYNT^NZ% 3L][P] .ZWWTY^ $$& >[T]T_`LW 8L]VP_[WLNP% -LMd -ZZXP]^ LYO _SP =PXLVTYR ZQ ,XP]TNLY =PWTRTZY ;]TYNP_ZY% ;]TYNP_ZY @; $$$& 3`MP]_ 6YZMWL`NS w;Z[WÆ]P =PWTRTZY `YO ?]LY^QZ]XL_TZY OP] 2P^PWW^NSLQ_x ,`^ ;ZWT_TV `YO EPT_RP^NSTNS_P ,;`E  #% z# " ?SP QTR`]P^ L]P _LVPY Q]ZX _SP ]PNPY_ ^`]aPd^ LYO PaLW`L_TZY^ ZQ _SP LMZaPXPY_TZYPO =PWTRTZY^XZYT_Z] # LYO BZ]LY RWL`M_ OTP BPW_*

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$

[]ZNP^^P^ ZQ L^^TXTWL_TZY LYO ]PTY_P][]P_L_TZY 0YNZ`Y_P]^ bT_S 4YOTL LNNZ]OTYR _Z _SP _SPZ]d _Z MP Pc[LYOPO TY XZ]P OP_LTW SLO _SP TX[LN_ ZQ ^SL[TYR YPb QZ]X^ ZQ SLMT_`^ LYO bZ]WOaTPb^ TYNW`OTYR _SP PQQPN_ _SL_ L XZYT^_TN [LY_SPT^_TN bZ]WOaTPb LYO L [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY MPNLXP _SP bTOP^[]PLO YZ]X ,YZ_SP] PQQPN_ bL^ _SL_ Q]PP NZXMTYL_TZY ZQ XLYd PWPXPY_^ Q]ZX OTQQP]PY_ _]LOT_TZY^ bL^ ]PRL]OPO L^ `Y[]ZMWPX L_TN LYO XZaPXPY_^ TY 0`]Z[PLY ]PWTRTZ`^ ST^_Z]d _SL_ SLO []PaTZ`^Wd MPPY ^PPY L^ OPaTLY_ wXLRTNLWx LYO w^`[P]^_T_TZ`^x LN\`T]PO L X`NS R]PL_P] N`W_`]LW aLW`P LYO R]PL_P] LNNP[_LYNP 8ZOP]Y ^[T]T_`LWT_d T^ XZ^_ []PaLWPY_ TY _SP PO`NL_PO NWL^^P^ LYO SP]P []TXL]TWd LXZYR bZXPY -P]PYO_ T^ _SP]PQZ]P Md YZ XPLY^ TY LY TY^TRYTQTNLY_ XTYZ]T_d ZY _SP XL]RTY^ ZQ P^Z_P]TNT^X 4Y^_PLO SP T^ ]P[]P^PY_L_TaP ZQ L WL]RP Y`XMP] ZQ [PZ[WP _ZOLd bSZ OP_P]XTYP _SPT] ZbY bZ]WOaTPb L`_ZYZ XZ`^Wd LYO YZ WZYRP] LWWZb T_ _Z MP OP_P]XTYPO U`^_ Md L _]LOT_TZYLW ]PWTRTZY Z] PcT^_TYR N`W_`]P P 9Zb bP SLaP YZ TY_PY_TZY ZQ NWLTXTYR _SL_ _SP [LY_SPT^_TN Pc [P]TPYNP^ ZQ BP^_P]YP]^ L]P wPcLN_Wd _SP ^LXPx L^ _SZ^P ZQ _SP 4YOTLY^ Z] _SL_ _SP 4YOTL _SL_ ^Z TY^[T]PO -P]PYO_ LYO _SP ST[[TP^ T^ _SP w_]`P 4YOTLx _SL_ 6`]_ L__PX[_^ _Z [Z]_]Ld 3T^ ]P[]P^PY_L_TZY ^PPX^ QL] XZ]P w]PLWT^_TNx LYO wL`_SPY_TNx _SLY _SP WLYO _SP ST[[TP^ WZYRPO QZ] LYO -P] PYO_v^ SdM]TO 9£OL-]LSXLY 6`]_ RTaP^ LY TYQZ]XL_TaP OP^N]T[_TZY ZQ ST^ QT]^_ WP^^ZY LYO SZb ^SZNVPO SP bL^ bSPY QT]^_ ZQ LWW _SP _PLNSP] WPO STX _Z >L]L^aL_¯ _SP RZOOP^^ ZQ X`^TN VYZbWPORP LYO WPL]YTYR LYO TY^_]`N_PO STX _Z wMZb _ST^ T^ Z`] RZOOP^^x " 6`]_ _SP BP^_P]YP] w[P_]TQTPO bT_S ^SZNVx OTO YZ_ bLY_ _Z MZb LYO NZ`WO YZ_ OZ T_ LYO Pc[WLTYPO L^ L YZYMPWTPaP] Z] ^PN`WL]TePO ;]Z_P^_LY_ _Z _SP 4YOTLY _SL_ TY _SP BP^_ .S]T^_TLY^ OZ YZ_ SLaP _Z MZb _Z QZ]PTRY RZO^ ?SP 3TYO` _PLNSP] bL^ ^L_T^QTPO bT_S _SL_ LYO QZ] 6`]_ _SP YPNP^^L]d wZ_SP] YP^^x SLO MPPY XL]VPO bSTNS bL^ Pc_]PXPWd TX[Z]_LY_ _Z STX L^ L ]P^PL]NSP] LYO L []TaL_P [P]^ZY ;]P^`XLMWd LYd BP^_P]YP] bSZ SL^ ^_`OTPO TY 4YOTL SL^ ^TXTWL] Pc[P]TPYNP^ ZQ N`W_`]P ^SZNV LYO MPTYR QZ] PTRY M`_ [P]SL[^ SL^ YZ_ YPNP^^L]TWd Pc[P]TPYNPO _SP ^LXP YPPO _Z [ZTY_ Z`_ ST^ Z] SP] wZ_SP]YP^^x ^Z Pc[WTNT_Wd L^ T^ ]PNZ]OPO TY 6`]_v^ MZZV 3T^ OP^N]T[_TZY TX[L]_^ _SP TX[]P^^TZY _SL_ _SP 0`]Z[PLY LYO _SP 4YOTLY _]LY^XT^^TZY ^T_`L_TZY^ LYO ^ZNTLWTeL_TZY ]P[]P^PY_ []LN_TNLWWd TYNZXXPY^`]LMWP bZ]WO^ 3P XLVP^ ^`[[Z^T_TZY^ LMZ`_ BP^_P]Y LYO 4YOTLY TOPY_T_d LYO ^PWQL^^P]_TZY bSTNS XLd MP OZ`M_PO% L BP^_P]YP] wYPaP]x L]]TaP^ TY _SP Z_SP] bZ]WO LYO OZP^ YZ_ bT^S _Z 1Z] PcLX[WP SP ^_L_P^ _SL_ SP STX^PWQ YPaP] ]PLNSPO _SP wTYLNNP^^TMWP NZ]Px ZQ _SP _PLNSP][`[TW ]PWL_TZY^ST[& _SP ^ZNTLW ]ZWP ZQ _SP [`[TW ]PXLTYPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 6`]_ 4YOTPY `YO 0`]Z[L  !

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

wNWZ^POx _Z STX " bSTNS bL^ O`P MZ_S _Z _SP _PLNSP] LYO _Z STX^PWQ :`] ZbY Pc[P]TPYNP^ bT_S 4YOTLY _PLNSP]^ OZ YZ_ NZYQT]X _ST^ LW_SZ`RS bP SLaP YPaP] wRZYP YL_TaPx WTVP ^ZXP ZQ _SP ST[[TP^ ?SP ]P\`T]PXPY_ ZQ LM^ZW`_P ^`MUPN_TZY LYO MWTYO ZMPOTPYNP OZP^ YZ_ NZ]]P^[ZYO _Z Z`] Pc[P]TPYNP ZQ 4YOTL -`_ T_ T^ _]`P _SL_ bLY_TYR _Z WT^_PY _Z`RS OT^NT [WTYP LYO w^`MZ]OTYL_TZYx _Z _SP ^`[P]TZ] VYZbWPORP ZQ _SP _PLNSP] L]P P^^PY_TLW []P]P\`T^T_P^ QZ] MPTYR LMWP _Z MPNZXP L w[`[TWx :Y _SP Z_SP] SLYO L^ L ]`WP 4YOTLY _PLNSP]^ L]P aP]d []LRXL_TN LYO _SPd VYZb _SL_ _SPd L]P OPLWTYR bT_S L wQZ]PTRYP]x :Q_PY _SPd MPSLaP \`T_P OTQQP]PY_Wd TY 4YOTL LYO 0`]Z[P 4Y Z_SP] bZ]O^ bP L]P YZ_ QLNPO bT_S ^TX[Wd TYN ZXXPY^`]LMWP bZ]WO^ _SL_ SLaP _Z MP XL_NSPO ZYP bT_S _SP Z_SP] Md XPLY^ ZQ _Z`RS wN`W_`]LW ML__WP^x Z] Md QZ]NPO OTLWZR 4Y ]PWL_TZY _Z _SP [P]NP[_TZY ZQ 4YOTL T_ ^PPX^ _Z MP ZQ TY_P]P^_ _Z PcLXTYP _SP _Z_LWWd OTQQP]PY_ OT^NZ`]^P bZ]WO^ ]P[]P^PY_PO Md 6`]_ LYO -P]PYO_ ?SPd ]PQWPN_ L w^_]`RRWP MP_bPPY _SP aLW`P ^[SP]P^x BPMP] bT_STY ZYPv^ ZbY BP^_P]Y N`W_`]P :Y ZYP ^TOP ZQ _SP OTaTOP T^ _SP ^ZNTZWZRT^_ bSZ QTYO^ BPMP] NZYQT]XPO LYO ^_dWP^ STX^PWQ L _d[TNLW 0`]Z[PLY ^NTPY_T^_ bT_S L [PY TY ST^ SLYO VPP[TYR ST^ OT^_LYNP LYO _LVTYR L OTLWPN_TN L[[]ZLNS _Z _SP PYNZ`Y_P] bT_S 4YOTL& ZY _SP Z_SP] ^TOP T^ _SP XZOP]Y ^PPVP] bSZ bLY_^ _Z M]PLV LbLd Q]ZX BP^_P]Y ]L _TZYLWT^X LYO QTYO ^ZXP_STYR TY 4YOTL _SL_ T^ XT^^TYR L_ SZXP -P]PYO_ T^ OPQTYT_PWd YZ_ ^PPVTYR _SP BP^_P]Y b]T_TYR ^`MUPN_ M`_ _SP 4YOTLY WT^_PYP] _SP w_PX[WP TY _SP PL]x L wYPb NZY^NTZ`^YP^^x w^[T]T_`LWT_dx LYO wSZWT^Xx -P]PYO_ bL^ P^[PNTLWWd _LVPY bT_S YZ_ LWTPYL_PO Md _SP [L^^TaP OPaZ_TZYLW L__T_`OP ZQ 4YOTLY X`^TNTLY^ bSTNS SP QPW_ _Z MP w^[T]T_`LWx LYO PaPY _Z MP L O]TaTYR QZ]NP QZ] L wYPbx ^ZNTP_dNSLYRTYR wNZY^NTZ`^YP^^x LYO XZ]P S`XLYT^_TN P_SZ^ 7ZZVTYR _S]Z`RS -P]PYO_v^ WPY^ 6`]_ MPNZXP^ L []Z_Z_d[TNLW BP^_P]Y ]L_TZYLWT^_ L OT^^PN_Z] LYO LY LRR]P^^TaP aT^TZYOZXTYL_PO [P]^ZY bSZ _d[TNLWWd ^[PLV^ ZQ L wML__WP MP_bPPY _SP N`W_`]P^x DP_ T_ T^ ^_TWW TY_P]P^_TYR _SL_ TY -P]PYO_ LYO 6`]_ _SP YPb Pc[P]TPYNP^ TY _SP TY_P]LN_TZY bT_S 4YOTLY X`^TNTLY^ RPYP]L_PO L YPb ^PY^Z]d VYZbWPORP LYO YPb TX[`W^P^ QZ] _SZ`RS_ 6`]_ XLVP^ NWPL] _SL_ N`W_`]LW MZ`YOL]TP^ NZY_TY`P _Z PcT^_ TY _SP XZOP]Y P]L bSTWP -P]PYO_ ^SZb^ _SL_ N`W_`]LW OPWTXT_L_TZY T^ ^Z`RS_ ?SP ^[T]T_`LW ^PPV P]^ aLNTWWL_TYR MP_bPPY _SP bZ]WO^ LYO N`W_`]LW OPWTXT_L_TZY^ L]P LN_` LWWd _d[TNLW ZQ XZOP]Y ^[T]T_`LWT_d :YP XLd ZMUPN_ bT_S U`^_TQTNL_TZY _SL_ 9Pb,RP ^[T]T_`LWT_d SL^ WT_ _WP _Z OZ bT_S _SP w_]`P 4YOTLx ?ST^ ^[T]T_`LWT_d T^ NP]_LTYWd ^ZXP_STYR \`T_P OTQQP]PY_ ^ZXP_STYR YPb _SL_ YPaP] []PaTZ`^Wd PcT^_PO PT_SP] TY 4YOTL Z] TY _SP BP^_ -P]PYO_v^ RWZMLWTePO 9£OL-]LSXLY T^ _d[TNLW ZQ T_ L SdM]TO bT_S _SP QWLaZ] ZQ 4YOTL L OPN`W_`]L_PO []ZO`N_ bSZ^P 4Y ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 6`]_ 4YOTPY `YO 0`]Z[L   

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

OTLY Z]TRTYLW SL^ MPNZXP []LN_TNLWWd TYaT^TMWP 3ZbPaP] []ZUPN_PO LYO BP^_P]Y -P]PYO_v^ w4YOTLx XLd MP _SP PYNZ`Y_P]^ LYO YPb Pc[P]TPYNP^ MPSTYO T_ bP]P U`^_ L^ ]PLW LYO _SP OP^T]P _Z wSPL] OTQQP]PY_Wd bT_S 4Y OTLY PL]^x bL^ U`^_ L^ ZMaTZ`^ 4Y -P]PYO_ ZYP XLd ^PP _SP []Z_Z_d[P ZQ _SP XZOP]Y w^[T]T_`LW bLYOP]P]x BSL_ SP w_ZZV ZY MZL]Ox Q]ZX Z] wSPL]O TYx ST^ NZYaP]^L_TZY^ bT_S 4YOTLY X`^TNTLY^ bL^ w^[T]T_`LWT_dx L YPb L__T_`OP _Z XLVTYR LYO [P]NPTaTYR X`^TN LYO L YPb ^d^_PXL_TeL _TZY ZQ _SP bZ]WO ?SP 9£OL-]LSXLY bL^ _SP VPd _Z L YPb bZ]WOaTPb LYO L OTQQP]PY_ ^[T]T_`LWT_d _SLY _SP ZYP ZQ _SP 0`]Z[PLY XLTY^_]PLX 4_ T^ _SP []ZO`N_ ZQ LY TY_P]LN_TaP XPP_TYR MP_bPPY 0L^_ LYO BP^_ bSTNS NSLYRPO _SP 4YOTLY X`^TNTLY^ WP^^ _SLY _SP BP^_P]Y ]PNT[TPY_^ LYO TY L NP]_LTY ^PY^P w4YOTQTPOx _SP WL__P] 4_ bL^ L NZY^NTZ`^ L`_ZYZXZ`^ ^PWQ 4YOTQTNL_TZY MPNL`^P ZYP QZ`YO ^ZXP_STYR TY _SP wZ_SP]x _SL_ bL^ XT^^ TYR TY ZYPv^ ZbY N`W_`]P LYO bSTNS M]Z`RS_ -P]PYO_ _Z _SP QZ]X`WL w^[T]T_`LWT_dx ?Z STX ^[T]T_`LWT_d XPLY_ LY L__T_`OP LYO LY LW_P]PO bZ]WOaTPb _SL_ bL^ SZWT^_TN YP_bZ]VPO LYO XZYT^_TN SP XPY_TZY^ _SP QLXZ`^ w_L_ _aLX L^Tx  LYO NZY^NTZ`^Wd OTQQP]PY_ Q]ZX _SP ]L_TZYLWT_d NZXXZY TY 0`]Z[P 4_ [`_ WTQP TY _SP XZ]P NZX[]PSPY^TaP NZY_Pc_ ZQ L w^LN]PO `YTaP]^Px _SL_ bL^ YZ_ _TPO _Z LYd [L]_TN`WL] ]PWTRTZY 7TVP Z_SP] 9Pb,RP NZYNP[_^ -P]PYO_v^ TOPL bL^ L []ZR]LXXL_TN SZWT^X L w^[T]T_`LWx bZ]WOaTPb `YT_TYR ]PWTRTZY LYO ^NTPYNP LYO L_ _SP ^LXP _TXP ]P[]P^PY_TYR L N]T_TNT^X LYO LY LW_P]YL_TaP _Z MZ_S 4_ bL^ L VTYO ZQ _ST]O bLd OT^NZ`Y_TYR _SP ^NTPY_TQTN ]L_TZYLWT_d LYO ^PN`WL]TeL_TZY ZQ _SP bZ]WO L^ ZYP^TOPO LYO OP^_]`N_TaP LYO LW^Z ]PUPN_TYR _SP _]LOT_TZYLW ]PWTRTZ`^ MZ`YOL]TP^ TY [L]_TN`WL] _SP O`LWT^_TN .S]T^_TLY bZ]WOaTPb 4_ T^ _]`P _SL_ SP YPaP] N]T_TNTeP^ .S]T^_TLYT_d M`_ TY_P][]P_^ T_ TY L YZY .S]T^_TLY w9£OLWTVPx XLYYP] -P]PYO_v^ 9£OL-]LSXLY ]PNP[_TZY SLO _SP Q`YN_TZY ZQ []Z_P^_ LYO ZQ QZ]XTYR LY LW_P]YL_TaP TOPY_T_d LYO OZN`XPY_^ L ^STQ_ TY aLW`P^ LYO bZ]WOaTPb _SL_ _SP ^ZNTZWZRT^_ .ZWTY .LX[MPWW NLWWPO w_SP 0L^_P]YTeL_TZY ZQ _SP BP^_x "! ?SP OTLRYZ^T^ ZQ _SP []P^PY_ _SL_ .LX[MPWW []P^PY_PO TY _SP dPL] " [L]_Wd ZaP]WL[^ bT_S Z`] L]R`XPY_L_TZY _SL_ XZOP]Y ^[T]T_`LWT_d T^ TY^[T]PO Md 4YOTL M`_ L]R`P^ QL] XZ]P ]LOTNLWWd LYO ^_]TOPY_Wd 0aPY TQ bP OZ YZ_ LR]PP bT_S .LX[MPWW ZY ^ZXP OPNT^TaP [ZTY_^ LYO NZY^_]`P 4YOTLv^ ^SL]P TY XZOP]Y ]PWTRTZ`^ N`W_`]P OTQQP]PY_Wd SP OZP^ O]Lb L_ _PY_TZY _Z ^STQ_^ ZQ bZ]WOaTPb^ TY _SP XZOP]Y RWZMLWTePO bZ]WO bSTNS L]P U`^_ L^ ]PLW L^ _SP WL^_TYR N`W_`]LW aL]TLYNP _SL_ 6`]_ [ZTY_PO Z`_ 4_ T^ ZQ [L]_TN`WL] TY_P]P^_ _SL_ ]PRL]OTYR NZY_PX[Z]L]d ]PWTRTZ`^ N`W_`]P BPMP]v^ N`W_`]LW _d[ZWZRd NLY LW^Z MP XLOP Q]`T_Q`W _ZOLd TY L \`T_P L OTQQP]PY_ XLYYP] _SLY TY _SP NL^P ZQ 6`]_ LYO TY _SP OT^N`^^TZY^ _S`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "! .ZWTY .LX[MPWW ?SP 0L^_P]YTeL_TZY ZQ _SP BP^_% , ?SPXL_TN ,NNZ`Y_ ZQ .`W_`]LW .SLYRP TY _SP 8ZOP]Y 0]L -Z`WOP]% ;L]LOTRX ;`MWT^SP]^ "

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

QL] 4Y L ]LOTNLW NZY_TY`L_TZY ZQ BPMP]v^ _SP^T^ ZQ ]L_TZYLWTeL_TZY LYO TOPLW _d[P^ ZQ NTaTWTeL_TZY ZQ 0L^_ LYO BP^_ "" .LX[MPWW ^`RRP^_^ LY TXLRP ZQ _SP BP^_P]Y []P^PY_ _TXP _SL_ NLY LN_`LWWd MP ]PLO L^ LY LY _T_SP^T^ ZQ 6`]_v^ N`W_`]LW NZX[L]T^ZY 4_ ^SZb^ SZb QL] -P]PYO_v^ wYPb NZY^NTZ`^YP^^x _SL_ bL^ ^_TWW [L]_ ZQ _SP ^`MN`W_`]P TY _SP $#^ LYO ]PRL]OPO L^ L XL]RTYLW ^ZNTZWZRTNLW [SPYZXPYZY SL^ YZb OTQQ`^PO TY_Z PaP]dOLd N`W_`]P _Z ^`NS LY Pc_PY_ _SL_ .LX[MPWW ^[PLV^ ZQ ]P[WLNPXPY_ ZQ _SP BP^_P]Y bZ]WOaTPb Md LY 0L^_P]Y ZYP 4Y ]PNPY_ dPL]^ SP TOPY_T QTP^ L ^PT^XTN ^STQ_ TY _SP ST^_Z]d ZQ ^[T]T_`LWT_d LYO ZQ WTQPbZ]WO^ TY BP^_P]Y ^ZNTP_TP^ TY -]T_LTY LYO BP^_P]Y 0`]Z[P TY [L]_TN`WL] YLXPWd L XZaP LbLd Q]ZX _SP ]L_TZYLWTeL_TZY LYO ^PN`WL]T_d [L]LOTRX _SL_ SL^ ]`Y T_^PWQ TY_Z _SP R]Z`YO _Z L YPb ^[T]T_`LWTeL_TZY ZQ _SP bSZWP ZQ WTQP Md XPLY^ ZQ LY w0L^_P]Y Q]LXP ZQ XTYOx LYO LY w0L^_P]Y bZ]WOaTPbx RZTYR QL] MPdZYO L 9Pb ,RP QZWWZbTYR TY _SP YL]]ZbP] ^PY^P% w _SP]P YZb PcT^_^ TY _SP BP^_ L _PYOPYNd _Z NL^_ LWW L^[PN_^ ZQ WTQP TY LY 0L^_P]Y^_dWP XZWO _SL_ T^ _Z ^Ld L^ LOU`YN_^ ZQ L ^[T]T_`LW Z`_WZZV 1Z] _ST^ _PYOPYNd _Z L[[Wd LY 0L^_P]Y ^[T]T_`LWTeTYR Q]LXP _Z _SP []PaTZ`^Wd ^PN`WL] LYO X`YOLYP  T^ L[[L]PY_ TY LWXZ^_ LWW L]PL^ ZQ NZY_PX[Z]L]d WTQPx "#

.LX[MPWWv^ PcLX[WP^ ]LYRP Q]ZX _SP WZaP QZ] 0L^_P]Y bT^OZX XPOT_L _TZY XP_SZO^ _SP]L[TP^ XL^^LRP^ LYO XL]_TLW L]_^ LWW _SP bLd _Z WTaTYR LNNZ]OTYR _Z _SP []TYNT[WP^ ZQ 1PYR >S`T ,NNZ]OTYR _Z .LX[MPWW _SP _P]X w0L^_P]YTeL_TZYx T^ U`^_TQTPO Md _SP ZM^P]aL_TZY _SL_ TY ]PNPY_ dPL]^ _SP LOL[_L_TZY^ bSTNS bP]P TYT_TLWWd ZYWd ^`[P]QTNTLW wBP^_P]YTePOx ^PN`WL]TePO ZYP^ z ^`NS L^ DZRL LOL[_PO _Z MP ^ZWPWd L SPLW_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "" .LX[MPWW []ZaTOPO L OP_LTWPO ]L_TZYLWP QZ] ST^ NZY^NTZ`^Wd bSZWP^LWP WLMPWWTYR ZQ wBP^_x L WLMPW QZ] w^PWQx LYO w0L^_x L WLMPW QZ] _SP wZ_SP]x L[[WTPO _Z 4YOTL .STYL LYO _SP 1L] 0L^_ bSZ^P TOPL^ SP ^LTO SLO MPNZXP VYZbY TY _SP BP^_ []TYNT[LWWd TY _SP [Z^_bL] [P]TZO ML^PO ZY 8Lc BPMP] LYO Z_SP]^ .Q .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  z!" ZY BPMP] "z!" 1ZWWZbTYR ZY Q]ZX BPMP] .LX[MPWW `YOP] ^_LYO^ wBP^_x LYO w0L^_x L^ NTaTWTeL_TZY^ LYO TOPLW _d[P^ w]L_SP] _SLY [WLNP^ ZY _SP XL[x LYO ^[PNTQTNLWWd L^ wTOPLW _d[P bZ]WOaTPb^x TMTO # "# .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  " >TXTWL]Wd LW^Z TMTO % w0L^_P]Y^_dWP ^[T]T_`LWT_d YZb XLVP^ NZY^TOP]LMWP L[[PLW _Z _SP BP^_P]Y [^dNSPx LYO TMTO % w _SP BP^_ OZXTYL_P^ _SP YZYBP^_ 0L^_P]YTeL_TZY ZY _SP Z_SP] SLYO ZNN`]^ _S]Z`RS L aP]d OTQQP]PY_ XPNSLYT^X ?SP]P T^ YZ OZXTYL_TZY SP]P ZQ _SP 0L^_ ZaP] _SP BP^_ =L_SP] _SP 0L^_ z Z] L_ WPL^_ _Z XLVP LY TX[Z]_LY_ \`LWTQTNL_TZY _SP BP^_v^ TXLRP ZQ _SP 0L^_ z PcP]_^ L [ZbP]Q`W TYQW`PYNP ZaP] _SP BP^_x ?SP XZ]P []PNT^P OPQTYT_TZY ZQ w_SP BP^_v^ TXLRP ZQ _SP 0L^_x L[[PL]^ TX[Z]_LY_ _Z `^ M`_ T^ SL]OWd NZY^TOP]PO TY LY LYLWd_TNLW bLd Md .LX[MPWW -d _ST^ SP XPLY^ WP^^ wTXLRTYTYR 4YOTLx TY _SP ^PY^P ZQ LY 4YOZWZRT^_v^ 4YOTL Z] L w]PTYaPY_TZY ZQ _]LOT_TZYx TY _SP ^PY^P ZQ _SP ST^_Z]TLY^ 3ZM^MLbX LYO =LYRP] 4Y^_PLO SP XPLY^ _SL_ _SP 0L^_P]Y bZ]WOaTPb T^ YZ_ L^^TXT WL_PO ZY L ZYP_ZZYP ML^T^ ?Z STX T^ _SP L]R`XPY_ T^ TX[Z]_LY_ _SL_ _SP NZY_PY_ wP^ ^PY_TLWWdx NZ]]P^[ZYO^ _Z _SP Z]TRTYLW :Y _SP ^STQ_ TY bZ]WOaTPb^ MPdZYO _SP 9Pb ,RP TMTO  LYO 

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

[]ZXZ_TYR QZ]X ZQ RdXYL^_TN^ ]TRS_ TY_Z _SP $ ^ LYO $!^ z _`]YPO TY_Z L XZ]P L[_ 0L^_P]Y w^[T]T_`LWx L^^TXTWL_TZY w_SL_ dTPWO^ MZ_S SPLW_S LYO OPP[P] ^[T]T_`LW LbL]PYP^^x "$ =PRL]OTYR ^PN`WL] LN_TaT_TP^ L^ wP^ ^PY_TLWWd ^[T]T_`LW TY YL_`]Px bL^ NSL]LN_P]T^_TN SP XLTY_LTY^ ZQ _SP 0L^_P]Y bZ]WOaTPb TY 3TYO`T^X -`OOST^X LYO ?LZT^X # 4Y _ST^ bZ]WOaTPb NZYQWTN_ YPaP] OPaPWZ[PO MP_bPPY ^NTPYNP LYO ]PWTRTZY L^ TY _SP BP^_P]Y bZ]WO ,NNZ]OTYR _Z .LX[MPWWv^ ]LOTNLW ]PLOTYR ZQ BP MP] _SP []ZNP^^ ZQ TYSP]PY_ ^PWQ^PN`WL]TeL_TZY ZQ _SP BP^_ XZ^_Wd TY ]PWTRTZY T_^PWQ TYPaT_LMWd N]PL_PO L N`W_`]LW aLN``X _SL_ NZ`WO ZYWd MP QTWWPO Md _`]YTYR _Z LY 0L^_P]Y Z`_WZZV # .LX[MPWWv^ NZ]P _SP^T^ ^_L_P^ _SL_ _SP XL_P]TLWT^_TN O`LWT^_TN bZ]WOaTPb ZQ _SP BP^_ _SP ^PN`WL] aP] ^TZY L^ bPWW L^ _SP ]PWTRTZ`^ .S]T^_TLY ZYP bT_S _SP TOPL ZQ L [P]^ZYLW RZO LYO _]LY^NPYOPYNd TP ZQ L R`WQ MP_bPPY N]PL_Z] LYO N]PL_TZY T^ YZbLOLd^ ]P[WLNPO Md L wXP_L[Sd^TNLW XZYT^Xx _SP wbZ]WOaTPb ZQ _SP 0L^_x #% w _SP bP^_ T^ `YOP]RZTYR L []ZNP^^ ZQ 0L^_P]YTeL_TZY 4_ XPLY^ _SL_ _SP bZ]WOaTPb NSL]LN_P]T^_TN ZQ _SP 0L^_ T^ TY _SP []ZNP^^ ZQ ]P[WLNTYR _SP QZ] XP]Wd OZXTYLY_ BP^_P]Y aTPb z TY Z_SP] bZ]O^ _SL_ XP_L[Sd^TNLW XZYT^X T^ ]P[WLNTYR XL_P]TLWT^_TN O`LWT^X 8Z]P []PNT^PWd T_ XPLY^ _SL_ MPWTPQ TY L _]LY^NPYOPY_LW [P]^ZYLW RZO T^ RTaTYR bLd _Z MPWTPQ TY LY TXXLYPY_ LYO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "$ .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  # TY [L]_TN`WL]  % w4Y Z_SP] bZ]O^ _SPd FNZY_PX[Z]L]d BP^_P]YP]^H ]PRL]O T_ L^ L ^[T]T_`LW _PNSYT\`P PaPY TQ _SPd OZ YZ_ LN NZ]O T_ _SP ^LXP XPLYTYR L^ T_ XTRS_ SLaP QZ] L DZRT TY 4YOTL& _S`^ bSP]PL^ TY PL]Wd [Z^_bL] dPL]^ _SZ^P bSZ bT^SPO _Z [P]^`LOP BP^_P]YP]^ ZQ _SP XP]T_^ ZQ DZRL `^` LWWd SLO _Z [WLd OZbY T_^ ^[T]T_`LW ^TRYTQTNLYNP YZb TQ LYd_STYR _SP _PYOPYNd T^ ]L_SP] Z[[Z^T_P ?ST^ NSLYRP TWW`^_]L_P^ U`^_ bSd T_ NLY MP NZY^TOP]PO U`^_TQTLMWP _Z `^P _SP _P]X 0L^_P]YTeL_TZY _Z OP^N]TMP N`W_`]LW NSLYRP^ N`]]PY_Wd `YOP] bLd TY _SP BP^_ 1Z] Z]TRTYLWWd bSPY QT]^_ TX[Z]_PO TY_Z _SP BP^_ 0L^_P]Y []LN_TNP bL^ NWPL]Wd BP^_ P]YTePO ?SL_ T^ _Z ^Ld T_ bL^ NSLYRPO Z`_ ZQ LWW ]PNZRYT_TZY Q]ZX T_^ Z]TRTYLW QZ]X TY Z]OP] _Z XPP_ _SP ^PN`WL] YPPO^ LYO Pc[PN_L_TZY^ ZQ BP^_P]YP]^ 8Z]P ]PNPY_Wd SZb PaP] _ST^ []ZNP^^ SL^ MPPY ]PaP]^PO :] L_ _SP WPL^_ _SP Z]TRTYLW ^[T]T_`LW NSL]LN_P] ZQ _ST^ []LN_TNP SL^ MPPY ]P^_Z]PO TQ YZ_ PcLN_Wd TY T_^ Z]TRTYLW QZ]X ?ST^ NSLYRP  T^ STRSWd ^TRYTQTNLY_ MPTYR TYOTNL_TaP ZQ _SP RPYP]LW 0L^_P]YTeTYR []ZNP^^ _SL_ SL^ ZN N`]]PO TY ]PNPY_ OPNLOP^x 3P LOOPO _SL_ LW^Z BP^_P]YP]^ _SPX^PWaP^ SLO LW]PLOd MP NZXP _PLNSP]^ ZQ 0L^_P]Y ^[T]T_`LW LYO ]PWTRTZ`^ _]LOT_TZY^ # .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_     # ?Z ^`XXL]TeP ^ZXPbSL_ BPMP] ^Lb _SP _SPZOTNTP^ ZQ 0L^_ LYO BP^_ L^ _SP _bZ R]PL_ TOPLW_d[P [Z^^TMTWT_TP^ ZQ TY_P][]P_TYR _SP bZ]WO .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  " O]Lb^ Q]ZX _ST^ _SP ]LOTNLW NZYNW`^TZY% w4Y ]P_]Z^[PN_ T_ ^PPX^ TYPaT_LMWP _SL_ _SP NTaTWTeL_TZY ZQ _SP BP^_ bZ`WO PaPY_`LWWd `YOP]XTYP T_^PWQ LYO PaZWaP TY_Z LY 0L^_P]Y QZ]X 1Z] TY _]`_S T_ bL^ OZZXPO Q]ZX _SP ^_L]_ bT_S T_^ OPL_S bL]]LY_ b]T__PY TY T_^ N`W_`]LW RPYP^ 4_ bL^ LN_`LWWd _SP aP]d OT^_TYN_TaP YL_`]P ZQ BP^_P]Y ]PWTRTZY z TY NZXMTYL_TZY bT_S NWL^^TNLW _SZ`RS_ z _SL_ WPO TYPcZ]LMWd QT]^_ _Z _SP MT]_S ZQ XZO P]Y ^NTPYNP LYO _SPY L^ L OT]PN_ ]P^`W_ ZQ _SL_ PaPY_ _Z _SP OPNWTYP ZQ MZ_S ]PWTRTZ`^ LYO ^PN`WL] _SPZOTNTP^ L OPNWTYP _SL_ N]PL_PO L N`W_`]LW aLN``X _SL_ ZYWd LY 0L^_P]Y Z`_WZZV bZ`WO MP LMWP _Z QTWWx :Y _SP PY_T]P L]R`XPY_ TMTO "z"  # .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  !

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

TX[P]^ZYLW ZYP& _SL_ LWW O`LWT^X^ L]P MPTYR ]PUPN_PO bSP_SP] _SL_ ZQ RZO LYO XLYVTYO XLYVTYO LYO YL_`]P XTYO LYO MZOd Z] MZOd LYO ^Z`W TY QL aZ] ZQ RPYP]LWWd SZWT^_TN L^^`X[_TZY^ ?SL_ _SP TOPL ZQ _SP]P MPTYR L ^TYRWP ZaP]]TOTYR []TYNT[WP R`TOTYR S`XLY ST^_Z]d bSP_SP] ]PWTRTZ`^ Z] ^PN`WL] TY QZ]X T^ ]PUPN_PO TY QLaZ] ZQ PT_SP] L NdNWTNLW YZ_TZY ZQ _TXP Z] L MPWTPQ TY ]PTYNL]YL_TZY Z] ^[T]T_`LW PaZW`_TZY ?SL_ MPWTPQ TY ^TY T^ ]P[WLNPO Md _SP TOPL ZQ TRYZ]LYNP LYO P]]Z] LYO _SP ^_]TaTYR QZ] ^LWaL_TZY T^ ^`NNPPOPO Md L ^PL]NS QZ] ^PWQVYZbWPORP LYO PYWTRS_PYXPY_ ,_ _SP ^LXP _TXP QLT_S TY ]PL^ZY T^ ]P[WLNPO Md LY PX[SL^T^ ZY TY_`T_TZY LYO TY^TRS_ LYO _SP ^_]P^^ ZY LYLWd^T^ XPL^`]PXPY_ LYO NLWN`WL_TZY Md NZY_PX[WL_TZY LYO XPOT_L _TZY bT_S OT]PN_ Pc[P]TPYNP ZQ u_SP ]PLWv aLW`PO XZ]P STRSd _SLY WT_P]LW _]`_S 1TYLWWd NS`]NS ]PWTRTZY LYO L NZYNP]Y bT_S _SP OTaT^TZY MP_bPPY MP WTPaP] LYO `YMPWTPaP] T^ MPTYR ]P[WLNPO Md L [W`]LWT^_TN LYO OTQQ`^P ^[T]T_` LWT_d TY bSTNS _SP TOPL ZQ ^PPVP]^ST[ []PaLTW^x #

.LX[MPWW ^PP^ _SP MPRTYYTYR ZQ _SP ^STQ_ TY _SP XZ]LW N]T_TNT^X ZQ _SP wN`W_`]LW ]PaZW`_TZY ZQ _SP $!^x LYO _SP wOT]PN_ Pc[P]TPYNP^x bT_S 4YOTLY _PLNSP]^ LYO L NWPL] _`]Y Q]ZX _SP [ZWT_TNLW _Z ]PWTRTZ`^ M`_ YZ_ `Y_TW _SP PYO ZQ _ST^ [P]TZO # 4Y _SP PL]Wd $"^ [PZ[WP ]PLWTePO SP ^_L_P^ _SL_ w^Pc O]`R^ LYO ]ZNV uYv ]ZWWx OTO YZ_ M]TYR ]PLW WTMP]L_TZY ,NNZ]OTYR _Z STX L YZ_TNPLMWP _`]Y _Z _SP 0L^_ LYO wL XZ]P RPY`TYP LYO NZXXT__PO ^PPVP]^ST[x YZb MPRLY TY NZYYPN_TZY bT_S ZNN`W_ LYO P^Z_P]TN WZNLW XZaPXPY_^ =Z^TN]`NTLYT^X ^[T]T_`LWT^_^ _]LY^NPYOPY_LW T^X LY_S]Z[Z^Z[Sd _SPZ^Z[Sd 9Pb ?SZ`RS_ 8ZaPXPY_ P_N NSL]LN _P]TePO Md .LX[MPWW L^ w_SP 0L^_ TY _SP BP^_x bSTNS WPO OT]PN_Wd _Z _SP 9Pb ,RP 4Y _P]X^ ZQ _SP ^ZNTZWZRd ZQ VYZbWPORP LNNZ]OTYR _Z .LX[MPWW _SP YPb w0L^_P]Y Q]LXP ZQ XTYOx bL^ []ZXZ_PO Md L ]PaZW` _TZYL]d [L]LOTRX ^STQ_ TY _SP BP^_P]Y ^NTPY_TQTN bZ]WOaTPb bSTNS QZ`YO T_^ bLd TY_Z PaP]dOLd N`W_`]P ?SP TY^TRS_ TY_Z _SP ]PWL_TaT_d ZQ ]PWTRTZ`^ LYO ST^_Z]TNLW _]`_S^ SLO RTaPY _SP Xd_S STRSP] ^_L_`^ TY -`W_XLYY 0WTLOP LYO -L]_SP^ LYO _]TRRP]PO L WZaP QZ] Xd_S LYO ^NT PYNP QTN_TZY TY [Z[`WL] N`W_`]P 1`]_SP]XZ]P XZOP]Y [Sd^TN^ WPO _Z _SP NZWWL[^P ZQ _SP ^NTPY_TQTN N]T_P]TL QZ] ZMUPN_TaT_d LYO _SP 9Pb_ZYTLY ^NT PY_TQTN bZ]WOaTPb _Z _SP MPYPQT_ ZQ _SP w0L^_P]Y _SPZ]dx ZQ LY TXXPOT L_P TY_`T_TaP Pc[P]TPYNP ZQ ]PLWT_d LYO _SP wXP_LXd_Sx ZQ L NZ^XTN Xd^ _TNT^X .LX[MPWW [Z^_`WL_P^ _SL_ _ST^ _`]Y _Z _SP 0L^_ TY P[T^_PXZWZRd LYO bZ]WOaTPb ]PaPLW^ T_^PWQ TY [Z[`WL] OT^NZ`]^P _S]Z`RS ]PUPN_TZY ZQ ]PL^ZY WZRTN LYO LYLWd^T^ TY QLaZ] ZQ TY_`T_TZY TY^TRS_ LYO QPPWTYR # ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  !!z!" # .Q .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  aTT !z$ LYO ZY _SP QZWWZbTYR LW^Z !  $z! " " Q .LX[MPWW LW^Z ^PP^ _SP YPb X`^TN N`W_`]P LMZaP LWW -ZM /dWLY LYO _SP -PL_WP^ L^ [WLdTYR L OPNT^TaP ]ZWP TY _SP ^STQ_ LWZYR bT_S _SP TYQW`c ZQ _SP 4YOTLY R`]`^ bSTNS LNN`X`WL_PO TY _SP $!^ LYO $"^ # .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  $z

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

.LX[MPWWv^ QL]]PLNSTYR L]R`XPY_ ZQ LY w0L^_P]YTeL_TZYx ZQ _SP XZOP]Y BP^_P]YP]^ LW^Z NLWWPO wDZRLTeL_TZYx #! _SP]PQZ]P XPLY^ TY ]PWL_TZY _Z []LN_TNP L ^[T]T_`LWTeL_TZY ZQ _SP bSZWP ZQ WTQP TY L ^PN`WL] TePO bZ]WO LYO XZ^_ OPP[Wd L^^ZNTL_PO bT_S _ST^ L wOPP[ P[T^_PXZWZRT NLW ]PaZW`_TZYx TP L Q`YOLXPY_LW NSLYRP TY _SP RPYP]LW NZRYT_TaP NZY OT_TZY^ QZ] [P]NPTaTYR _SP bZ]WO 9Z_P TY MZ_S L^[PN_^ _SP ^TXTWL]T_d bT_S -P]PYO_v^ L]R`XPY_L_TZY TYNW`OTYR Pc[]P^^TZY^ WTVP w_Z RZ bT_S _SP QWZbx _SP YPb YPPO QZ] wPXZ_TZYLW TY_PWWTRPYNPx LYO LY PYSLYNPO LMTWT_d _Z SLaP w^PY^`LW Pc[P]TPYNPx LYO _SP L__LNV ZY wZWO^_dWP WTYPL] `YOP]^_LYOTYRx .LX[MPWW P\`L_P^ _SP []ZNP^^ ZQ 0L^_P]YTeL_TZY bT_S L _]LY^T_TZY Q]ZX ]PL^ZY _Z QPPWTYR LYO TY_`T_TZY Q]ZX ST^_Z]TNLW _SZ`RS_ _Z R]PL_P] TX[Z]_LYNP RTaPY _Z Xd_S LYO L [P]PYYTLW [STWZ^Z[Sd Q]ZX OZRXL^ ZQ _SP wZYP ^TYRWP _]`_Sx _Z [ZWdXZ][SZ`^ YZ_TZY^ ZQ _]`_S LYO Q]ZX LYLWd_TNLW OT^^PN_TZY _Z wTXXPOTL_Px Pc[P]TPYNP^ ZQ ]PLWT_d LYO L wSZWT^_TNx TY_P][]P_L_TZY ZQ _SP bZ]WO _S]Z`RS L wNZ^XTN Xd^_TNT^Xx 3P ]PRL]O^ _SP WL__P] OPaTL_TYR ^ZXPbSL_ Q]ZX -P]PYO_ L^ L XP_LXd_S wZQ L []ZR]P^^TaPWd PaZWaTYR TXXLYPY_Wd OTaTYP `YTaP]^Px LYO ^[PNTQT NLWWd L^ ^[T]T_`LW TY_P][]P_L_TZY ZQ ]PTYNL]YL_TZY TP L^ L ^[T]T_`LW Xd_S ZQ L w[]ZR]P^^TaP ^[T]T_`LW PaZW`_TZYx ]P[WLNTYR _SP []PaTZ`^Wd ST^_Z]TNLW LYO ^PN`WL] XP_LYL]]L_TaP ZQ _SP BP^_ #" .LX[MPWW ^_L_P^ _ST^ bL^ LN NZX[LYTPO Md _SP _SZ`RS_ _SL_ wF?HST^ NZ^XTN XP^^LRP T^ LWbLd^ LYO PaP]dbSP]P _SP ^LXPx& w?ST^ OTaTYT_d T^ _Z MP QZ`YO bT_STY PLNS TYOT aTO`LWx ## ?SP [SPYZXPYL ZQ N`W_`]LW NSLYRP _SL_ .LX[MPWW XPY_TZY^ OZ`M_ WP^^ PcT^_ LYO L]P MLNVPO `[ Md PX[T]TNLW PaTOPYNP PaPY TY _SP XLTY ^_]PLX NS`]NSP^ LW_SZ`RS T_ T^ OTQQTN`W_ _Z ^[PLV ZQ L RPYP]LW ]P[WLNP XPY_ ZQ ^PN`WL] bZ]WO TY_P][]P_L_TZY^ LYO .S]T^_TLY TYQW`PYNP^ #$ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! ?ST^ T^ LW^Z _SP _T_WP ZQ _SP TY_]ZO`N_Z]d NSL[_P] _SL_ OZP^ YZ_ RZ ZY _Z ^Ld X`NS XZ]P LMZ`_ DZRL NQ .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  #z #" .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  z! ?SP NZYNP[_TZY ZQ L w[]ZR]P^^TaP ^[T]T_`LW PaZW`_TZY bSP_SP] NTaTWTePO Z] YL_`]LW TYOTaTO`LW Z] NZXX`YLW S`XLY Z] NZ^XTNx TMTO   w[]ZaTOP^ TYOTaTO`LW^ bT_S _SP RPYP]LW Q]LXPbZ]V ZQ XPLYTYR bT_STY bSTNS _SPd NLY uNZY^_]`N_v Z] uOPaPWZ[v _SPT] ZbY [P]^ZYLWTePO XTN]ZXd_Sx& PaP]d ZYP T^ `YT\`P LYO SL^ ST^ Z] SP] ZbY wXd_STN UZ`]YPdx L ^[PNTQTN wbLd _Z QTYO TYR _SP >PWQx TMTO "z# ## .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  z  #$ >PN`WL]T^X LYO .S]T^_TLYT_d NZY_TY`P LW_SZ`RS ^PN`WL] MPWTPQ TY []ZR]P^^ SL^ TYOPPO OPNWTYPO PYZ]XZ`^Wd LYO _SP XLTY^_]PLX NS`]NSP^ TY BP^_P]Y 0`]Z[P SLaP WZ^_ L WZ_ ZQ TYQW`PYNP ZY [PZ[WPv^ WTaP^ LYO L WZ_ ZQ _SPT] [ZbP] _Z OPQTYP _SP ]PWTRTZ`^ 4Y NZ`Y_]TP^ Z`_^TOP 0`]Z[P LYO TY ^ZXP bT_STY 0`]Z[P L^ bPWW Q`YOLXPY_LWTeTYR .S]T^_TLY NSL]T^XL_TN LYO ;PY_PNZ^_LW XZaPXPY_^ SLaP PYUZdPO L R]PL_ ^`]RP TY [Z[` WL]T_d ^TYNP _SP $"^ LYO _ZOLd _SPd ]P[]P^PY_ _SP XZ^_ OdYLXTN ]PWTRTZ`^ QZ]NP LYdbSP]P TY _SP bZ]WO ?SP^P XZaPXPY_^ L]P LN_`LWWd _SP Z[[Z^T_P ZQ _SP TY_PR]L_TaP ^dYN]P_T^_TN 9Pb ,RP XZaPXPY_ DP_ MZ_S ]PWTRTZ`^ ^_dWP^ L__LNS R]PL_ TX[Z]_LYNP _Z Pc[P]TPYNP LYO _SP OP^T]P _Z ^LN]LWTeP WTQP

$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

3ZbPaP] _SP OP^N]T[_TaP NL_PRZ]d ZQ w0L^_P]YTeL_TZYx T^ YZ_ aP]d L[_ 4Y NZY_PX[Z]L]d BP^_P]Y ^ZNTP_TP^ ^PaP]LW bZ]WOaTPb^ Z] PWPXPY_^ ZQ bZ]WOaTPb^ PcT^_ ^TOP Md ^TOP z .S]T^_TLY ^PN`WL] NTaTW ]PWTRTZ`^ 0L^_P]YTY^[T]PO _]LY^]PWTRTZ`^ XLRTN [LRLY P_N z LYO YZ_ `YNZX XZYWd L NZWWLRP ZQ LWW ZQ _SPX >_]`N_`]LW PWPXPY_^ ZQ 0L^_P]Y bZ]WO aTPb^ NLY NP]_LTYWd MP TOPY_TQTPO LYO L]P Pc_]PXPWd [Z[`WL] DP_ _SPd XZ^_Wd PY_P] TY_Z YPb NZXMTYL_TZY^ LYO XTc bT_S ]PWTRTZ`^ PWPXPY_^ bZ]WOaTPb^ LYO P^Z_P]TNT^X Q]ZX LWW ZaP] _SP bZ]WO LYO bT_S ^PN`WL] aTPb^ ^NTPYNP LYO [STWZ^Z[Sd Z] PW^P ^ZXP_TXP^ L]P NZX[WP_PWd LM ^PY_ :YWd L XTYZ]T_d []LN_TNP PcNW`^TaPWd LY 0L^_P]Y _]LOT_TZY .LX[ MPWW bL^ YZ_ LYLWd_TNLW PYZ`RS TY ST^ NZY^TOP]L_TZY ZQ _SP ]PWTRTZ`^ NZX[Z^T_P^ LYO _SP SdM]TO YL_`]P ZQ _SP YPb QZ]XL_TZY^ _SP YPb ^P XLY_TNTeL_TZY^ Pc_PY^TZY^ LYO ^STQ_^ TY Q`YN_TZY ?ST^ MPNZXP^ L[[L] PY_ [L]_TN`WL]Wd TY ST^ NPY_]LW L]R`XPY_ NZYNP]YTYR ]PTYNL]YL_TZY L^ ^[T]T_`LW PaZW`_TZY ?ST^ T^ L YPb NL_PRZ]d _SL_ T^ YPT_SP] [`]PWd 0L^_P]Y YZ] [`]PWd BP^_P]Y LYO bL^ []P^`XLMWd QT]^_ QZ]X`WL_PO Md _SP 3TYO` ]PQZ]XP] ,`]ZMTYOZ bSZ STX^PWQ bL^ TY^[T]PO Md _SP BP^_ ?SP []ZM WPX ZQ _STYVTYR TY N`W_`]LW wMWZNV^x ZNN`]^ TY .LX[MPWW TY ]PWL_TZY _Z ^PaP]LW L^[PN_^ LYO TY L X`NS XZ]P XL]VPO bLd _SLY TY 6`]_ 1Z] Pc LX[WP YPT_SP] _SP 0L^_ YZ] XZOP]Y ^[T]T_`LWT_d T^ ^ZWPWd Xd^_TN TY_`T_TaP LYO Q`WW ZQ PXZ_TZY 9PaP]_SPWP^^ bP bZ`WO WTVP _Z L]R`P _SL_ TYOPPO _SP]P L]P YZ_TNPLMWP ^_]`N_`]LW ^TXTWL]T_TP^ LYO NZ]]PWL_TZY^ MP_bPPY XZOP]Y ^[T]T_`LWT_d LYO 3TYO` SLMT_`^ QZ]X^ _Z bSTNS .LX[MPWWv^ N]T_ TN^ [LTO _ZZ WT__WP L__PY_TZY :`] L]R`XPY_ T^ ^ZXPbSL_ NZX[WPc LYO NLY ZYWd MP ^VP_NSPO Z`_ MPWZb L^ _SP^P^ :YP NLY N]T_TNTeP .LX[MPWW QZ] L WZ_ ZQ _STYR^ MPRTYYTYR bT_S _SP QLN_ _SL_ ST^ 0L^_ T^ LY :]TPY_LWT^_TN TXLRP Q]ZX _SP $_S NPY_`]d LYO _SP]P T^ TY QLN_ YZ NZY^T^_PY_ 0L^_P]Y bZ]WOaTPb $ 3P RLaP _ZZ WT__WP NZY^TOP]L_TZY _Z _SP TY_P]LN_TZYLW NZYOT_TZY^ `YOP] bSTNS _SP TXLRP ZQ _SP 0L^_ L]Z^P z _SP TX[P]TLW Pc[LY^TZY ZQ 0`]Z[P _Z PYR`WQ 4YOTL LYO

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ .ZXXZY w:]TPY_LWT^X^x _SL_ PXP]RPO L_ _SL_ _TXP LYO L]P bTOP^[]PLO TY _ZOLdv^ PaP]dOLd OT^NZ`]^P TYNW`OP [`__TYR 3TYO`T^X -`OOST^X LYO ?LZT^X LWW _ZRP_SP] TY ZYP `YTQTPO NL_PRZ]d _SP []ZaP]MTLW ^[T]T_`LWT_d ZQ _SP 0L^_ _SL_ [P]aLOP^ _SP bSZWP ZQ WTQP _SP]P LYO _SP ^PWPN_PO PWPXPY_^ ZQ LY 0L^_P]Y bZ]WOaTPb% XP_L[Sd^TNLW XZ YT^X bT_SZ`_ NZY^TOP]TYR _SP ^TRYTQTNLY_ NSLYRP^ TY XZYT^X ^TYNP _SP _TXP ZQ _SP @[LYT´LO^ LYO _SP [W`]LWT_d LYO OTaP]^T_d ZQ 0L^_P]Y YZYO`LWT^X^ YZ_ _Z XPY_TZY _SP PcT^_PYNP ZQ O`LWT^_TNLWWd Z]TPY_PO _SPT^X^ TY 4YOTL& LW^Z DZRL LYO XPOT_L_TZY L^ L VPd _Z _SP 0L^_ bSP]PMd OTQQP]PYNP^ MP_bPPY 3TYO`T^X LYO -`OOST^X ]PXLTY TR YZ]PO LYO _SP []ZXTYPYNP NZYNPOPO _Z _SP _Z[TN ZQ ]PTYNL]YL_TZY L^ ZYWd LYNTPY_ 4Y OTL bL^ ZQ TY_P]P^_ T_ ]PXLTYPO TYaT^TMWP LYO ZM^N`]PO U`^_ SZb ^`MaP]^TaPWd VL]XL OZN_]TYP TY NWL^^TNLW 4YOTL bL^ `YOP]XTYPO Md _SP R]PL_ RZO^ LYO YPT_SP] T_ bL^ NZY ^TOP]PO SZb WT__WP NLY MP ^LTO TY -`OOST^X LMZ`_ w_]LY^XTR]L_TZY ZQ ^Z`W^x

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$"

_SP N]PL_TZY ZQ LY 4YOTLY XZOP]YT_d $ z TY bSTNS YZ_ ZYWd L NP]_LTY [TN _`]P ZQ _SP 0L^_ L]Z^P TYNW`OTYR _SL_ ZQ LY LST^_Z]TNLW OP[W`]LWTePO NZYNP[_ ZQ XZYT^X M`_ LW^Z L OPN`W_`]L_PO `YTaP]^LW NZYNP[_ ZQ ^[T]T _`LWT_d 1`]_SP]XZ]P ZYP XLd ZMUPN_ _SL_ _SP Z[[Z^T_TZY^ _SL_ .LX[MPWW ^P_ `[ L[[Wd YPT_SP] _Z 4YOTLY ^[T]T_`LWT_d YZ] _Z XZOP]Y ^[T]T_`LWT_d LYO _SL_ TY NZY^_]`N_TYR LY 0L^_P]Y XT]]Z]TXLRPZ[[Z^T_P LW_P] PRZ SP bL^ _ZZ ^_]ZYRWd TYQW`PYNPO Md BPMP]v^ _SP^T^ ZQ ]L_TZYLWTeL_TZY :]TPY_PO ZY BPMP] .LX[MPWW bL^ TY L ^Z]_ ZQ ^d^_PXTN ^_]LT_ULNVP_ QZ]NTYR STX _Z LOL[_ 4YOTL _Z _SP wP[T^_PXZWZRTNLW ]PaZW`_TZYx _SL_ _`]YPO ]L_TZYLWT eL_TZY TY_Z T_^ Z[[Z^T_P% wMd NZY_]L^_ _SP 0L^_P]Y [Z^T_TZY T^ ZYP _SL_ PX[SL^TeP^ Pc[P]TPYNTYR ]PLW T_d ]L_SP] _SLY LYLWdeTYR T_& SZbPaP] _ST^ [Z^T_TZY LW^Z TYaZWaP^ LNNP[_ TYR _SL_ VYZbWPORP ZQ `W_TXL_P ]PLWT_d NLYYZ_ MP Pc[]P^^PO WT_P]LWWd LYO NP]_LTYWd YZ_ TY ^[PNTQTN []Z[Z^T_TZY^ M`_ ZYWd z TQ L_ LWW z Md XPLY^ ZQ ^dXMZW XP_L[SZ] Z] Xd_S ?ST^ T^ MPNL`^P `YOP]^_LYOTYR T^ LNSTPaPO _S]Z`RS _SP OT]PN_ L[[]PNTL_TZY ZQ ]PLWT_d ]L_SP] _SLY T_^ ZM^P]aL_TZY LYO LYLWd^T^ LYO SPYNP TY_`T_TZY QPPWTYR LYO Xd^_TNLW TY^TRS_ L]P PWPaL_PO LMZaP ]PL^ZY WZRTN LYO LYLWd^T^x $

.LX[MPWW _S`^ ]P[]ZO`NP^ XZ]P ZQ L BP^_P]Y O`LWT^_TN [L__P]Y _SLY L[[]Z[]TL_PWd OP^N]TMTYR 0L^_P]Y ]PWTRTZ^T_d LYO QZ]X^ ZQ VYZbWPORP ?ST^ OZP^ WT__WP U`^_TNP _Z -`OOST^_ WZRTN Z] ±L«VL]Lv^ ^NSZWL^_TNT^X P_N 3P]P bP ]PXTYO ]PLOP]^ _SL_ TY >LY^V]T_ _SP]P T^ YZ ^P[L]L_P bZ]O QZ] PXZ_TZY 4Y^_PLO XLYL^ NZaP]^ MZ_S QPPWTYR LYO _STYVTYR LYO _SP]P L]P Pc[]P^^TZY^ ^`NS L^ M`OOST  wOT^N]TXTYL_TYR TY_PWWPN_x _SL_ ^_]P^^ XZ]P _SP L^[PN_ ZQ ]PL^ZY ?SP TYNWTYL_TZY _Z ^P[L]L_P Xd_SZ^ LYO WZ RZ^ bL^ LW]PLOd L ^[PNTLW_d ZQ _SP 2]PPV^ M`_ WP^^ ZQ L []ZMWPX QZ] 4YOTLY TY_PWWPN_`LW^& _SP NZYQWTN_ MP_bPPY w]L_TZYLWx LYO wT]]L_TZYLWx _SL_ ^Z PcP]NT^PO BPMP]v^ aTPb ZQ X`^TN bL^ YZ_ LY T^^`P QZ] _SP 4YOTLY X`^TNZWZRT^_^ BSL_ bP SLaP NLWWPO w`YTaP]^LW Xd_Sx TY _ST^ MZZV MPL]^ NSL]LN_P] T^_TN^ ZQ .LX[MPWWv^ w0L^_P]Y Q]LXP ZQ XTYOx LYO wNZ^XTN Xd^_TNT^Xx M`_ OTQQP]PY_TL_P^ T_^PWQ [L]_TN`WL]Wd LNNZ]OTYR _Z Z`] NZY^_LY_ WTYP ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 4Y _ST^ OT^N`^^TZY bP WL]RPWd ]P^_]TN_ Z`]^PWaP^ _Z >LY^V]T_ 3TYO`T^X LYO OZ YZ_ TYNW`OP -`OOST^_ VYZbWPORP N`W_`]P^ ?ST^ L[[PL]^ _Z `^ _Z MP WPRT_TXL_P MPNL`^P bP ^PP _SP wTYT_TLW _]TRRP]x QZ] XZOP]Y ^[T]T_`LWT_d TY 3TYO` ]PWTRTZ`^ N`W_`]P ?SP [WLNP ZQ TY_P]LN_TZY TY _SP $_S NPY_`]d bL^ WL]RPWd 4YOTL bSP]P -`OOST^X bL^ YZ WZYRP] []LN_TNPO L_ LWW LYO TY _SP $!^ LYO $"^ T_ bL^ LRLTY []TYNT[LWWd 4YOTL LYO 3TYO` R`]`^ bSZ bP]P aT^T_PO 1T]^_ LYO QZ]PXZ^_ SZbPaP] _SP ZXT^^TZY T^ L [`]PWd []LR XL_TN ZYP , NZX[]PSPY^TaP OT^N`^^TZY ZQ _SP RPYP^T^ ZQ XZOP]Y ^[T]T_`LWT_d bZ`WO SLaP _Z TYNW`OP -`OOST^X LYO ?LZT^X MZ_S ZQ bSTNS L]P L^^ZNTL_PO bT_S _SPT] ZbY [L__P]Y^ ZQ TY_P]LN_TZY LYO TXLRP^ ZQ _SP 0L^_ 1Z] PcLX[WP NZY^_]`TYR wZ]TRTYLWx -`OOST^X L^ L ]L_TZYLW L_SPT^_TN wYZY]PWTRTZYx Z] L [`]P [STWZ^Z[Sd LYO P_STNLW ^d^ _PX SLO L VPd TYQW`PYNP ZY _SP PXP]RPYNP ZQ XZOP]Y ^[T]T_`LWT_d $ .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  

$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

L]R`XPY_ TY _SL_ SZWT^_TN [L]_TNT[L_TZY T^ RTaPY L ]L_TZYLWP _S]Z`RS L] R`XPY_L_TZY LYO ]PL^ZYTYR 4Y >LY^V]T_ 3TYO`T^X T_ bL^ L Q]P\`PY_ LYO aP]d aL]TPO QTR`]P ZQ _SZ`RS_ TP L ^_]`N_`]LW [L__P]Y _SL_ NZ`WO _LVP ZY L ]LYRP ZQ aP]d OTQQP]PY_ QZ]X^ :YP ZQ _SP^P QZ]X^ z LOXT__POWd YZ_ 4YOTLv^ XLTY Pc[Z]_ T_PX M`_ TY XZ]P ]PNPY_ _TXP^ [P]SL[^ XZ]P []ZXT YPY_ _SLY _SP APO£Y_L z T^ _SP 9£OL-]LSXLY LYO OP]TaPO QZ]X^ ^`NS L^ 9£OL SPLWTYR P_N .ZYNP]YTYR _SP 9£OL-]LSXLY .LX[MPWWv^ NWL^ ^TQTNL_TZY T^ YZ_ LWW _SL_ TYL[[]Z[]TL_P 4Y 4YOTLY ST^_Z]d _SP 9£OL -]LSXLY bL^ L Xd_STNLW ^`M^_LY_TLWTeL_TZY ZQ _SP -]LSXLY NZYNP[_ LYO L[[L]PY_Wd SLO L Q`YN_TZY YZ_ ^Z aP]d `YWTVP _SP ZYP ^Z`RS_ TY _SP 9Pb ,RP YLXPWd _SL_ ZQ ^LN]LWTeTYR WTQP XLVTYR LM^_]LN_TZY^ XZ]P ^PY^Z]d LRLTY Pc[P]TPYNTYR _SP ZYPYP^^ ZQ _SP bZ]WO LYO RTaTYR X`^TN L OPP[P] ^[T]T_`LW OTXPY^TZY ±£]«RLOPaL SZbPaP] OTO YZ_ ^PP ST^ L]R` XPY_L_TZY ^ZWPWd L^ Xd_S LYO XP_L[SZ] PaPY NZXXPY_L_Z]^ ^NSZZWPO TY _SP ,OaLT_LAPO£Y_L bSZ ^Lb L XP_L[SZ] TY T_ OTO YZ_ _STYV _SL_ _SP `W_TXL_P ]PLWT_d bL^ ZYWd LNNP^^TMWP aTL ^dXMZW^ 4YOTLY XZOLW X`^TN TYNW`OP^ YZ_ ZYWd PXZ_TZYLW XZZO^ M`_ LW^Z LYLWd_TNLW XL_SPXL_TNLW L^[PN_^ BP _STYV _SL_ _SP []P]ZRL_TaP ZQ TY_PWWPN_`LWT_d ^SZ`WO YZ_ MP `YOP]P^_TXL_PO z LYO YZ_ TY XZOP]Y ^[T]T_`LWT_d PT_SP] 4Y [PZ[WPv^ OP ^N]T[_TZY^ ZQ _SPX^PWaP^ w^[T]T_`LWT_dx T^ TYOPPO `YOP]^_ZZO L^ L _P]X TY Z[[Z^T_TZY _Z XL_P]TLWT^X ^NTPY_TNT^X LYO TY^_T_`_TZYLW ]PWTRTZY M`_ T_ OZP^ YZ_ ]P[]P^PY_ L _P]X TY Z[[Z^T_TZY _Z ^PN`WL]T^X LYO ^NTPYNP ?SP ^ZNTZWZRT^_ 3`MP]_ 6YZMWL`NS NZ]]PN_Wd N]T_TNTeP^ .LX[MPWW LYO 0TWPPY -L]VP]v^ ^TXTWL] NWL^^TQTNL_TZY ^[T]T_`LWT_d a^ b]T_TYRML^PO ]PWTRTZY^ $ 3T^ ZMUPN_TZY T^ _SL_ XZOP]Y ^[T]T_`LWT_d T^ NSL]LN_P]TePO Md L XTc_`]P ZQ NZOP^ LYO SZWT^_TN MZ`YOL]d OT^^ZW`_TZY^ z TY [L]_TN`WL] YZ_ Md Z[[Z^T_TZY^ LYO NZY_]L^_^ M`_ _S]Z`RS PNWPN_TNT^X L OP OTQQP]PY_TL_TZY ZQ _SP ^LN]PO LYO _SP []ZQLYP ]PWTRTZY LYO ^NTPYNP _SP .S]T^_TLY LYO _SP YZY.S]T^_TLY $ 6YZMWL`NS ^PP^ _SP XTc_`]P ZQ _SP ]PWTRTZ`^ LYO _SP YZY]PWTRTZ`^ TY [L]_TN`WL] L^ L YPb w^[T]T_`LW NZOPx _SL_ WTYV^ SZWT^_TNLWWd TY L ^`MUPN_TaP XLYYP] _SL_ bSTNS L[[PL]^ ^P[L ]L_P TY ^ZNTP_d -L^TNLWWd _ST^ bL^ LW^Z .LX[MPWWv^ L]R`XPY_ bSZ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 0TWPPY -L]VP] w?SP .S`]NS BT_SZ`_ LYO _SP 2ZO BT_STY% =PWTRTZ^T_d LYOZ] >[T]T_` LWT_dx TY =PWTRTZY LYO ;L__P]Y^ ZQ >ZNTLW ?]LY^QZ]XL_TZY  PO /TYVL 8L]TYZaTN P_ LW ELR]PM  z" ,NNZ]OTYR _Z -L]VP] _SP _STYR^ _SL_ L]P _d[TNLW ZQ XZOP]Y ^[T]T_`LWT_d TYNW`OP LY TXXLYPY_ TOPL ZQ RZO _SP wTYYP] RZOx LYO _SP w_]`P ^PWQx L^ L XLUZ] [L]_ ZQ _SP TYOTaTO`LW S`XLY MPTYR a^ L bZ]WO_]LY^NPYOTYR LYO [P]^ZYLW TOPL ZQ RZO Pc[P]TPYNP LYO Xd^_TNT^X L^ L ^Z`]NP ZQ VYZbWPORP a^ b]T_TYR LYO ]PaPWL _TZY[]Z[SP_TN LYYZ`YNPXPY_ L NdNWTNLW LYO LST^_Z]TNLW P_P]YLW TOPL ZQ _TXP a^ _STYVTYR TY _P]X^ ZQ ST^_Z]d LYO SZWT^X a^ LYLWd_TNLW _SZ`RS_ 3P]P T_ T^ YZ_ OTQQT N`W_ _Z ]PNZRYTeP _SP NZXXZY TXLRP L^^ZNTL_PO bT_S 0L^_P]Y ]PWTRTZY^ bSTNS ^`[ [Z]_^ _SP YZ_TZY _SL_ _ST^ TXLRP SL^ TYQW`PYNPO XZOP]Y ^[T]T_`LWT_d .Q LW^Z _SP OT^ N`^^TZY LYO _LMWP TY 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY  #z# $ >Z ]`Y^ 6YZMWL`NSv^ ZbY XLTY _SP^T^ .Q 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY  #z$

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$

XPLY_ _SL_ []PNT^PWd _ST^ ^[T]T_`LW TY_P][]P_L_TZY ZQ LWW L^[PN_^ ZQ WTQP bL^ bSL_ bL^ _d[TNLWWd 0L^_P]Y BP bZ`WO NL^_ L WT__WP OZ`M_ ZY _ST^ TXLRP ZQ _SP 0L^_ M`_ TY QLN_ TY 4YOTL _SP []ZQLYP LYO _SP ^LN]PO ZQ_PY QWZb OT]PN_Wd TY_Z ZYP LYZ_SP] z LYO LRLTY X`^TN T^ LY P^[PNTLWWd RZZO PcLX[WP BSP]P .LX[MPWW ^PP^ _ZZ X`NS ZQ _SP 0L^_ 6YZMWL`NS XLdMP ^PP^ _ZZ WT__WP LYO SL^ `YOP]P^_TXL_PO 4YOTLv^ ]ZWP TY _SP QZ]XL_TZY ZQ XZOP]Y ^[T]T_`LWT_d BP bZ`WO SZbPaP] _LVP L XZ]P QZ]XLWT^_TN aTPb ZQ T_^ TYQW`PYNP _SLY .LX[MPWW OZP^ LYO bZ`WO YZ_ ^[PLV ZQ w0L^_P]YT eL_TZYx M`_ ZQ TX[P_`^ _]TRRP]^ LYO Pc[LYOTYR SZ]TeZY^ 4_ bL^ YZ_ ZYWd LYO YZ_ PaPY []TXL]TWd TOPL^ LYO []LN_TNP^ _SL_ M]Z`RS_ YPb TX [P_`^ M`_ LW^Z ^_]`N_`]LW [L__P]Y^ LYO Q]LXTYR NZYOT_TZY^ QZ] ]POPQTYTYR ]PWTRTZY LYO ^[T]T_`LWT_d ;]PNT^PWd _SP SZWT^_TN TOPL ZQ L `YTaP]^LW Xd_S bL^ ^ZXP_STYR _SL_ bL^ ^`T_LMWP QZ] OPaPWZ[TYR YPb SZWT^X^ LYO OP OTQQP]PY_TL_TZY^ TY _SP BP^_ ,XZYR Z_SP] _STYR^ _SP XZYT^X [LY_SPT^X ^`MUPN_ bL^ L ^[PNTQTNLWWd w^[T]T_`LWx [WLNP QZ] _LNVWTYR _SP XZOP]Y [P]TZO MPNL`^P _ST^ QZ]X ZQ SZWT^_TN [P]NP[_TZY ZQQP]PO MP__P] _SLY _SP .S]T^_TLY _SPT^_TN O`LWT^_TN ZYP _SP [Z^^TMTWT_d ZQ RTaTYR [WL` ^TMTWT_d _Z XLYd [L_S^ _Z _SP _]`_S LYO wNZWWLRP^x ZQ WTYVTYR YZY ]PWTRTZ`^ TY_P][]P_L_TZY [L__P]Y^ bT_S _SPX WZNL_TYR Pc_]LZ]OTYL]d Pc [P]TPYNP^ _SL_ RZ MPdZYO _SP PaP]dOLd ^ZWPWd TY _SP TYOTaTO`LW LYO `YTQdTYR ^`MUPN_TaPWd _SL_ bSTNS bL^ ^P[L]L_PO TY ^ZNTP_d LYO ZQQTNTLW ]PWTRTZY 8Z^_ ^ZNTZWZRT^_^ SLaP TY_P][]P_PO _SP XZOP]Y NSLYRP TY QZ]X^ ZQ _SP ]PWTRTZ`^ LYO _SP ^_]ZYR ^`MUPN_TaTeL_TZY ZQ ]PWTRTZY L^ MPTYR L [`]PWd 0`]Z[PLY Z] 0`]Z,XP]TNLY BP^_P]YNPY_P]PO [SPYZXPYZY ?ST^ T^ L ^TX[WTQTNL_TZY ?SP XZOP]Y LRP bL^ [LTO _ZZ WT__WP L__PY_TZY L^ Pc[LY^TZY ZQ N`W_`]LW SZ]TeZY^ NZRYT_TaP RWZMLWTeL_TZY LYO TY_P]LN_TaP ST^_Z]d ZQ PcNSLYRP BP bZ`WO LR]PP bT_S .LX[MPWW _SL_ TYN]PL^TYR QLXTWTL]T_d bT_S 4YOTL XLOP L XLUZ] NZY_]TM`_TZY LW_SZ`RS YZ_ _SP ZYWd ZYP _Z NSLYRTYR _SP QZ]X ZQ _SP ^ZNTLWWd RPYP]L_PO ^NSPXP^ _SP ]PWT RTZ`^ SLMT_`^ LYO ^`MUPN_TaP XPLYTYR LYO []ZaZVTYR L ^STQ_ TY bZ]WO aTPb 4_ T^ _]`P _SL_ XZOP]Y ^[T]T_`LWT_d ZQ_PY _LVP^ _SP QZ]X ZQ _`YTYR TY_Z L XZ]P [L]_TNT[L_Z]d Z]TPY_L_TZY LYO OP^T]P^ _Z _TP _SP bSZWP ZQ WTQP TY_Z L ^LN]PO `YTaP]^P _SL_ T^ NZYNPTaPO TY L XZ]P XZYT^_TN LYO [LY_SP T^_TN XLYYP] _SLY L O`LWT^_TN ZYP LYO MPL]^ ^_]ZYR `YTaP]^LW Xd_STNLW QPL_`]P^ BP SZbPaP] ^PP _SP TYQW`PYNP^ ZQ 4YOTL L^ MPTYR X`NS ^`M _WP] LYO XZ]P NZX[WPc _SLY .LX[MPWW OZP^ 1Z] PcLX[WP bP ^PP _SPX L^ ^`NS _SL_ TYN]PL^TYR QLXTWTL]T_d bT_S 4YOTL ^TRYTQTNLY_Wd TY^[T]PO LXZYR Z_SP] _STYR^ []PNT^PWd _SP XZOP]Y wXTcTYR ZQ _SP NZOP^x LYO bL^ L XLUZ] QLN_Z] TY _SP N]PL_TZY ZQ L YPb NZYNP[_ ZQ ]PWTRTZY NLWWPO w^[T]T_`LWT_dx ?ST^ NZYNP[_ bL^ YZ WZYRP] ZYWd _TPO _Z L _]LOT_TZY LYO bL^ PaPY LMWP _Z XTc bT_S _SP YZY]PWTRTZ`^ Z] PW^P []ZaTOPO L ]PWT RTZ`^ TY_P][]P_L_TZY Q]LXPbZ]V QZ] _ST^ ?ST^ RWZMLWTePO NZYNP[_ ZQ

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

^[T]T_`LWT_d bL^ YZ_ QT]^_ TYaPY_PO TY _SP 9Pb ,RP LYO T_ T^ NP]_LTYWd YZ_ L [`]PWd BP^_P]Y []ZO`N_ 4Y^_PLO T_^ Z]TRTY RZP^ MLNV _Z _SP ^PNZYO SLWQ ZQ _SP $_S NPY_`]d LYO T^ Pc[WLTYPO YZ_ WPL^_ Md _SP ]PaZW`_TZYL]d N`W_`]LW Pc[LY^TZY ZQ SZ]TeZY^ _S]Z`RS _SP OT^NZaP]d ZQ _SP ]PWTRTZ`^ N`W_`]P^ ZQ ,^TL bSTNS PYWL]RPO _SP ^[PN_]`X ZQ _SP ]PWTRTZ`^ bZ]WO MZ_S \`LY_T_L_TaPWd LYO \`LWT_L_TaPWd LYO Pc[LYOPO LYO XL]VPO Z`_ _SP MZ`YOL]TP^ TY L NZX[WP_PWd YPb QL^STZY ;]PNT^PWd ^[T]T_`LWT_d L^ L XZO P]Y `YTaP]^LWTePO NL_PRZ]d T^ Pc[WLTYPO Md _SP TY_P]LN_TaP []ZNP^^P^ ZQ PcNSLYRP MP_bPPY 4YOTLY LYO BP^_P]Y XZOP]YT_d $ LYO _SP bPWWVYZbY _ST]O ^[LNP^ TY _SP NZWZYTLW QTPWO ZQ OT^NZ`]^P Q]ZX bSTNS YPb _STYR^ PXP]RPO _STYR^ _SL_ SLO YZ_ PcT^_PO MPQZ]P wSdM]TO^x z LYO _ST^ SL[ [PYPO MZ_S TY 4YOTL LYO TY 0`]Z[P LYO ,XP]TNL 4_ bL^ _SP LRP bSPY L^ ^ZXP ]P^PL]NSP]^ [ZTY_POWd PX[SL^TeP 3TY O`T^X LYO -`OOST^X bP]P wTYaPY_POx LYO _SP TXLRP ZQ _SP ^[T]T_`LW 0L^_ L]Z^P bT_S LWW _SP PWPXPY_^ ZQ .LX[MPWWv^ w0L^_P]Y Q]LXP ZQ XTYOx 4_ bL^ LW^Z _SP LRP bSPY _SP]P OPaPWZ[PO ^TX`W_LYPZ`^Wd NWZ^PWd _TPO bT_S _ST^ []ZNP^^ L RWZMLWTePO NZYNP[_ ZQ ^[T]T_`LWT_d _SL_ bL^ ^`QQTNTPY_Wd aLR`P LYO LM^_]LN_ _Z LWWZb [PLNPQ`W NZXX`YTNL_TZY MP_bPPY OTQQP]PY_ NZYNP[_`LW `YTaP]^P^ ,NNZ]OTYR _Z Z`] _SP^T^ T_ bL^ _SP NPY_]LW XPOTL_Z]^ TX[L]_TYR 4YOTLY bT^OZX bSZ N]PL_PO LYO ^[]PLO TY_P]YL_TZYLWWd YZ_ ZYWd L [ZbP]Q`W TXLRP ZQ 3TYO`T^X LYO _SP wXd^_TN 0L^_x M`_ _ZRP_SP] bT_S _SP^P TXLRP^ _SP XZOP]Y `YOP]^_LYOTYR ZQ ^[T]T_`LWT_d bSTNS T^ YZ WZYRP] _TPO _Z LYd ^[PNTQTN ]PWTRTZ`^ N`W_`]P LYO _S`^ ]PXZaPO Q]ZX _SP MLRRLRP ZQ NZX[P_T_TaP ]PWTRTZ`^ TY^_T_`_TZY^ LYO L`_SZ]T_TP^ .PY_]LW QPL_`]P^ bP]P _SP YZ_TZY ZQ L w^[T]T_`LW `YT_d ZQ _SP bSZWP `YTaP]^Px ATaPVLYLYOL _SP T^ZWL_TZY ZQ L wNZ]P PWPXPY_ ZQ ^[T]T_`LWT_dx PcT^_TYR TY LWW ]PWTRTZ`^ _]LOT_TZY^ 8Lc 8ÞWWP] _SP TOPL _SL_ w_SP _]`_Sx NZ`WO MP QZ`YO TY LWW XL_P]TLW ]PWTRTZY^ M`_ _]LY^NPYO^ _SPX ?SPZ^Z[ST^_^ LYO ATaPVLYLYOL LYO L NZ^XZ[ZWT_TNLW S`XLYT^X z L_ WPL^_ TY _SP TOPZWZRd ATaPVLYLYOL 8ÞWWP] LYO ?SPZ^Z[ST^_^ ?ST^ XPLY^ _SL_ MZ_S 3TYO`^ LYO BP^_P]YP]^ SLO L SLYO TY QZ]XTYR XZOP]Y ^[T]T_`LWT_d P^[PNTLWWd L^ ^`RRP^_PO >bLXT ATaPVLYLYOL #!z$ 8Lc 8ÞWWP] #z$ LYO _SP ?SPZ^Z[ST^_^ ?SPd TY_P]LN_TaPWd N]PL_PO L [ZbP]Q`W NL_PRZ]d _SL_ ^`M^P\`PY_Wd MPNLXP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ ;L]_ ZQ _SP L]R`XPY_ T^ TOPY_TNLW _Z _SL_ ZQ ;P_P] ALY OP] APP] w>[T]T_`LWT_d TY 8ZO P]Y >ZNTP_dx 882 BZ]VTYR ;L[P]^ $ z  2Ø__TYRPY% 8Lc;WLYNV4Y^_T_`_ $ bbbXXRX[ROPbZ]VTYR[L[P]^ LNNP^^PO 8Ld    z ALY OP] APP] T^ LW^Z ZQ _SP Z[TYTZY _SL_ _SP XZOP]Y NL_PRZ]d ZQ ^[T]T_`LWT_d PXP]RPO Q]ZX _SP wTY_P] LN_TZYLW ST^_Z]d ZQ 0`]Z,XP]TNLY XZOP]YT_d bT_S ,^TLY XZOP]YT_dx TMTO  3P ^PP^ _ST^ []ZNP^^ wL^ [L]_ ZQ _SP 2]PL_ ?]LY^QZ]XL_TZYx LYO L^ wNZRYT_TaP RWZMLWTeL _TZYx TP wL^ [L]_ ZQ _SP YTYP_PPY_SNPY_`]d RWZMLWTeL_TZY L _SZ]Z`RSRZTYR [ZWT_TNLW PNZYZXTN LYO N`W_`]LW TY_PR]L_TZY ZQ _SP bZ]WOx TMTO 3T^ L]_TNWP ^_L]_^ Q]ZX _SP _SP^T^ _SL_ w_SP ^[T]T_`LW LYO _SP ^PN`WL] L]P []ZO`NPO ^TX`W_LYPZ`^Wd LYO TY X`_`LW TY_P]LN_TZYx TMTO "

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

TXXPY^PWd PQQPN_TaP TYNW`OTYR T_^ [Z_PY_TLW QZ] []Z_P^_TYR LRLTY^_ BP^_P]Y ]L_TZYLWT_d LYO .S]T^_TLY OZRXL_T^X 4Y [L]_TN`WL] _SP YPb `YOP]^_LYOTYR ZQ ^[T]T_`LWT_d ZQQP]PO LY LW_P]YL_TaP _Z LY PX[_d ^PN`WL] T^X LYO _]LOT_TZYLW ]PWTRTZ`^ WTQP .LX[MPWW T^ NP]_LTYWd NZ]]PN_ TY ^LdTYR _SL_ _SP ]PNP[_TZY ZQ 0L^_P]Y _PLNSTYR^ TY _SP $_S NPY_`]d bL^ []LN_TNLWWd ]P^_]TN_PO _Z TY_PWWPN_`LW^ LYO WT_P]L]d []ZO`N_^ bSP]PL^ ]PLWWTQP PYNZ`Y_P]^ SLaP _LVPY [WLNP ^TYNP _SP $!^ LYO _SP $"^ bP]P _SP XLTY [P]TZO bSPY 4YOTLY _SZ`RS_ MPNLXP _SP RPYP]LW [Z^^P^^TZY ZQ L bSZWP RPYP]L_TZY ZQ BP^_ P]YP]^ DP_ TY _SPT] _TXP _SP LN_Z]^ XPY_TZYPO 8ÞWWP] ATaPVLYLYOL LYO _SP ?SPZ^Z[ST^_^ bP]P [ZbP]Q`W wRWZMLW [WLdP]^x bT_S XZ]P _SLY L WT__WP ^ZNTZ[ZWT_TNLW TYQW`PYNP ?SPd N]PL_PO L [ZbP]Q`W TXLRP ZQ 4YOTL _SL_ MPNLXP aP]d ]PLW [PYP_]L_PO TY_Z [Z[`WL] N`W_`]P LYO LW^Z WPQ_ T_^ XL]V ZY .LX[MPWWv^ ]P[]P^PY_L_TZY ,_ _SP ^LXP _TXP _SPT] RWZMLWTePO NZYNP[_ ZQ ^[T]T_`LWT_d []ZaTOPO _SP QZ`YOL_TZY QZ] _SP XTcTYR ZQ ]PWTR TZY^ TY _SP 9Pb ,RP :YP NLY ^[PLV ZQ _SP P^_LMWT^SXPY_ ZQ L YZY .S]T^_TLY NZYNP[_ ZQ ]PWTRTZY _SL_ bL^ LW^Z Z[PY _Z _SP YZY]PWTRTZ`^ LYO XLOP T_ [Z^^TMWP QZ] _ST^ L^[PN_ _Z MP WTYVPO bT_S ]PWTRTZY 0aPY TQ _ST^ YPb NZYNP[_ ZQ [`]P ^[T]T_`LWT_d bL^ ^ZXP_STYR _SL_ NZ`WO PQQZ]_ WP^^Wd MP ^P[L]L_PO Q]ZX 4YOTL T_ ^_TWW VP[_ L aLR`P _Z`NS ZQ 4YOTL BP ^SL]P .LX[MPWWv^ Z[TYTZY _SL_ 0L^_P]Y TY [L]_TN`WL] L ^PWPN_TZY ZQ 3TYO` 4YOTLY VYZbWPORP SPW[PO _Z QTWW L N`W_`]LW aLN``X QZ] NP]_LTY TYOTaTO`LW^ LYO ^PRXPY_^ ZQ _SP [Z[`WL_TZY LYO _Z M]TYR LMZ`_ L VTYO ZQ P[T^_PXZWZRTNLW ]PaZW`_TZY MPNL`^P _SP ]LYRP ZQ _]LY^NPYOPYNd LYO _SP TY_P][]P_L_TZY ZQ _SP bZ]WO LYO ZQ w4x bP]P LW_P]PO ?SP SZWT^_TN Q]LXP ZQ `YTaP]^LW Xd_S TY T_^ XZYT^_TN [LY_SPT^_TN aL]TL_TZY^ bL^ P^[PNTLWWd ^`T_LMWP QZ] OPN`W_`]L_TZY LYO _SP []ZO`N_TZY ZQ _SP YPb ^TRY ^d^_PX ZQ [`]P ^[T]T_`LWT_d :YNP TY PcT^_PYNP _ST^ ^d^_PX MPNLXP QTWWPO bT_S NZX[WP_PWd YPb L^[PN_^ 4YOTL ZQQP]PO ^PaP]LW `YTaP]^LW Xd_STNLW XZO PW^ ZQ SZWT^X ^`NS L^ _SP -]LSXLY NZYNP[_ ZQ _SP @[LYT´LO^ ±L«VL]Lv^ _L__aLXL^T _PLNSTYR _SP OdYLXT^_TN bZ]WOTY_P][]P_L_TZY^ ZQ _SP ?LY _]L LYO _SP 9£OL-]LSXLY ?SP 9£OL-]LSXLY TY [L]_TN`WL] TY bSTNS ^Z XLYd _]LOT_TZY^ SLO XP]RPO bL^ L XP_L[SZ] ZQ SZWT^X bSZ^P aLR`PYP^^ XPLY_ _SL_ T_ NZ`WO MP P^[PNTLWWd bPWW OPN`W_`]L_PO LYO QTWWPO bT_S bZ]WO N`W_`]P^ 8Z]PZaP] _SP _Z[TN ZQ waTM]L_TZY^x NZ`WO PL^TWd WTYV T_ bT_S [Z[`WL] LYO XZOP]Y ^NTPY_TQTN OT^NZ`]^P^ w0L^_P]YTeL_TZYx OZP^ YZ_ L[[PL] _Z `^ _Z MP L \`T_P ^`T_LMWP _P]X PT _SP] QZ] _SP [SPYZXPYL XPY_TZYPO Md .LX[MPWW Z] QZ] _SP LMZaP XPY_TZYPO []ZNP^^P^ ZQ RWZMLWTeL_TZY ZQ 4YOTLY bZ]WOaTPb^ BP bZ`WO []PQP] _Z _LWV ZQ TY^[T]L_TZY LYO Pc[LYOTYR ZYPv^ SZ]TeZY^ bSTNS WPO _Z YPb ^ZW`_TZY^ _Z []ZMWPX^ LYO LW_P]PO QZ]X^ ZQ SLMT_`^ LYO YZ_ WPL^_ LWWZbPO YPb SZWT^X^ _Z L]T^P bSZ^P Q`YN_TZY bL^ _Z ^[T]T_`LWTeP WTQP TY

$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

T_^ PY_T]P_d $! ?SP XLYd ]PLW PYNZ`Y_P]^ ^TYNP _SP $!^ M]Z`RS_ L YPb \`LWT_d LYO bTOP^[]PLO OT^^PXTYL_TZY RZTYR MPdZYO NT]NWP^ ZQ TY_PWWPN _`LW^ 3P]P bP bZ`WO LR]PP bT_S .LX[MPWW DP_ bP L]P ZQ _SP Z[TYTZY _SL_ _SP OPNT^TaP _`]YTYR [ZTY_ _ZbL]O XZOP]Y ^[T]T_`LWT_d NLXP TY _SP $_S LYO PL]Wd _S NPY_`]TP^ ,_ _SL_ _TXP Z_SP] TYaPY_Z]^ ZQ XZOP]Y ^[T]T_`LWT_d LW^Z PcT^_PO bSZ SLO WT__WP Z] aT]_`LWWd YZ_STYR _Z OZ bT_S 4YOTL ^`NS L^ []Z[Z`YOP]^ ZQ 8P^XP]T^X Z] L]_T^_^ WTVP 6LYOTY^Vd DP_ bP bZ`WO [Z^_`WL_P _SL_ _SP YZY0`]Z[PLY Pc_PY^TZY ZQ _SP ]PWT RTZ`^ LYO N`W_`]LW bZ]WO SLO LY P^[PNTLWWd [ZbP]Q`W TX[LN_ LYO N]PL_PO YPb eZYP^ ZQ NZY_LN_ LYO _SZ`RS_ :YP ZQ _SP QL^NTYL_TYR L^[PN_^ T^ QZ] PcLX[WP SZb PL^TWd `]MLY ]PQZ]X 3TYO`^ WTVP ATaPVLYLYOL []ZNP^^PO _SZ`RS_^ Q]ZX _SP BP^_P]Y 0YWTRS_PYXPY_ LYO bP]P LMWP _Z WTYV _SPX _Z _SPT] _]LOT_TZY LYO LW^Z SZb bTWWTYRWd _SP BP^_P]YP]^ ,XP]TNLY^ LN NP[_PO ST^ N]T_TNT^X ZQ _SP BP^_P]Y WTQP^_dWP 4YOTL bL^ ZQ_PY XZ]P LY TXLRTYL]d [WLNP ZQ WZYRTYR _SLY L ]PLW ZYP -`_ L_ _SP ^LXP _TXP _SP ^[T]T_`LW TXLRP ZQ 4YOTL bL^ TYQTYT_PWd [ZbP]Q`W TY ]PLW WTQP bSPY bSPPWPO Z`_ LRLTY LYO LRLTY LRLTY^_ NZXXZY BP^_P]Y ^PWQWZNL_TZY TY Z]OP] _Z XLVP `[ QZ] _SP ^`[[Z^PO Z] RPY`TYP OPQTNT_^ ZQ ZYPv^ ZbY N`W_`]P @YOP] _ST^ L^[PN_ .LX[MPWWv^ ]PNZY^_]`N_TZY ZQ L Xd_STNLW Xd^_TN PXZ_TZYQTWWPO LYO TY_`T_TaP 4YOTL0L^_ T^ Md YZ XPLY^ U`^_ L ^NSZWL]Wd bLd ZQ TXLRTYTYR _SP 0L^_ M`_ [L]_TNT[L_P^ TY LY TXLRP _SL_ bL^ LYO T^ ]PLWT_d TY _SP _STYVTYR ZQ _SP ]PNT[TPY_^ TY MZ_S 0L^_ LYO BP^_ 4_ LW^Z Q`WQTWW^ Z] Q`WQTWWPO PcLN_Wd _SZ^P Q`YN_TZY^ _SL_ .LX[MPWW L^N]TMP^ _Z _SP 0L^_P]Y bZ]WOaTPb :Y _SP ZYP SLYO T_ OTO TY QLN_ ^P]aP _Z QTWW L aLN``X QZ] ^ZXP BP^_P]YP]^ LYO _Z ^[T]T_`LWTeP WTQP bSTWP ZY _SP Z_SP] T_ Q`YN_TZYPO L^ N`W_`]LW N]T_TNT^X LYO bL^ LY TY^[T]L_TZY _Z ]PYPb bSL_ bL^ ZYPv^ ZbY 8Z]PZaP] SZbPaP] _SP [P]^ZYLW ]PNP[_TZY ZQ 4YOTL bL^ LW^Z LY L__PX[_ _Z QTYO L WTYV MP_bPPY ^NTPYNP LYO ]PWTRTZY LYO _Z OPaPWZ[ L _d[P ZQ _ST]O bLd _Z `YT_P ]L_TZYLWT_d bT_S TY_`T_TZY LYO Pc[P]TPYNP ?ST^ _Z[Z^ T^ ZYP ZQ _SP NPY_]LW ZYP^ TY _SP 9Pb ,RP M`_ T^ LW]PLOd QZ`YO TY _SP $_S LYO PL]Wd _S NPY_`]TP^ 1Z] _ST^ ZYP YPPOPO _SP YPb ^TRY ^d^_PX ZQ L w[`]P ^[T]T_`LWT_dx QZ] bSZ^P QZ]XL_TZY 4YOTLY `YTaP]^LW Xd_S^ bP]P P^[PNTLWWd bPWW ^`T_PO LYO bSTNS ZYNP TY PcT^ _PYNP bL^ YPT_SP] [`]PWd 0L^_P]Y YZ] [`]PWd BP^_P]Y NZ`WO MP QTWWPO bT_S L WZ_ ZQ OTQQP]PY_ TOPL^ LYO SLO L X`W_T[WTNT_d ZQ Q`YN_TZY^ 4Y 4YOTL _SP N]PL_TZY ZQ L w[`]P ^[T]T_`LWT_dx bL^ YZ_ ZYWd L ^PWQ NZYQT]XTYR ]PNZY^_]`N_TZY ZQ ZYPv^ ZbY wN`W_`]LW SP]T_LRPx M`_ LW^Z T_^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $! 0aPY TY _SP PdP^ ZQ .LX[MPWWv^ N]T_TN 3`MP]_ 6YZMWL`NS _ST^ SZWT^_TN []ZR]LX T^ _SP LN_`LW OPQTYTYR QPL_`]P ZQ XZOP]Y ^[T]T_`LWT_d _SL_ SP NLWW^ w[Z[`WL] ]PWTRTZYx LYO OZP^ YZ_ ]P^_]TN_ _Z LW_P]YL_TaP ^[T]T_`LWT_d 6YZMWL`NS T^ YZ_ L_ LWW QL] Q]ZX .LX[MPWW ZY _ST^ [ZTY_ L^ SP L^^`XP^ _SL_ BP^_P]Y 0`]Z[PLY OPaPWZ[XPY_ T^ wZY _SP bLd _Z MPNZXTYR L ^[T]T_`LW ^ZNTP_dx z bSTNS T^ _SP ^`M_T_WP ZQ _SP 6YZMWL`NSv^ MZZV [`M WT^SPO TY $ ;Z[`WÆ]P =PWTRTZY 

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

w]PTYaPY_TZYx 4_ bL^ NWZ^PWd _TPO _Z YL_TZYLWT^_TN 3TYO` ^PWQL^^P]_TZY LYO _SP NZY^_]`N_TZY ZQ L w^[T]T_`LW YL_TZYx 4Y _ST^ OT^NZ`]^P ZQ ^PWQ [Z^T_TZYTYR ]PRL]OTYR ^[T]T_`LWT_d L^ L ^[PNTLW 3TYO` QPL_`]P P^[PNTLWWd XL]VPO TY ATaPVLYLYOL 4YOTLY X`^TN LW^Z MPNLXP L XL]VP] ZQ 3TYO` T^X LYO L YL_TZYLW TNZY _SL_ bT_S ^ZXP [ZWPXTN NZ`WO PL^TWd MP Pc [WZT_PO TY LY LY_T8`^WTX QL^STZY $" 4Y _SP BP^_ ZY _SP Z_SP] SLYO _SP 4YOTLY ^_TX`WT LYO _SP YPb ^TRY ^d^_PX ZQ w[`]P ^[T]T_`LWT_dx bSTNS T_^PWQ bL^ NZOPO TY LY Pc_]PXPWd 4YOTLY QL^STZY QZ^_P]PO L ^[T]T_`LW ]PYPbLW ZQ WTQP LYO N]T_TNT^X ZQ _SP WZNLW N`W_`]P 4Y MZ_S NL^P^ ZYP ^SZ`WO YZ_P _SLYV^ _Z _SP NZYNP[_ ZQ ^[T]T_`LWT_d ]PWTRTZY LYO ^PN`WL] TePO PYWTRS_PYPO XZOP]YT_d bP]P XLOP Q`WWd NZX[L_TMWP bT_S PLNS LY Z_SP] 3P]P T_ T^ [Z^^TMWP _Z XLVP Z`_ MZ_S NZXXZY QZ]X^ ZQ _]LY^]P WTRTZ^T_d LYO wX`W_T[WP ^[T]T_`LWT_TP^x 1Z] PcLX[WP _SP OP^T]P QZ] L NZ^XZ[ZWT_TNLW NZYNP[_ ZQ ]PWTRTZY bT_SZ`_ L ^[PNTQTN ]PWTRTZY MPNL`^P _ST^ T^ ^PPY L^ TYL[[]Z[]TL_P _Z _SP []P^PY_ _TXP LYO w`YXZOP]Yx LYO QZ] w^[T]T_`LWYP^^x MPNL`^P _SP bZ]WO L[[PL]^ _Z SLaP WZ^_ T_^ ]PWTRTZ`^ XLRTN LYO MPPY XP_L[Sd^TNLWWd PX[_TPO bL^ LYO ^_TWW T^ []TYNT[LWWd L BP^_P]Y ZYP 3P]P Z_SP] ]P^Z`]NP^ _SLY 4YOTL NZ`WO LW^Z SPW[SLaP SPW[PO QTWW _SP aLN``X QZ] TY^_LYNP L]_ 4Y _SP L]R`XPY_L_TZY _SL_ ^[T]T_`LWT_d PXP]RPO L^ L XZOP]Y NL_PRZ]d TY _SP ^PNZYO SLWQ ZQ _SP $_S NPY_`]d LYO SL^ L WZ_ _Z OZ bT_S _SP wTY _P]LN_TZYLW ST^_Z]d ZQ 0`]Z,XP]TNLY XZOP]YT_d bT_S ,^TLY XZOP]YT_dx LYO bT_S L wNZRYT_TaP RWZMLWTeL_TZYx bP WL]RPWd LR]PP bT_S ;P_P] ALY OP] APP]v^ w>[T]T_`LWT_d TY 8ZOP]Y >ZNTP_dx $ $# ALY OP] APP] L]R`P^ L WT__WP OTQQP]PY_Wd LYO WTVP .LX[MPWW OZP^ YZ_ RTaP ^`QQTNTPY_ NZY^TOP]L_TZY _Z XZOP]Y _]LY^]PWTRTZ^T_d ?Z `^ ST^ L]R`XPY_ ^PPX^ TX[Z]_LY_ SZbPaP] _SL_ 8Lc BPMP]v^ _SP^T^ ZQ ]L_TZYLWTeL_TZY bL^ TY^`QQTNTPY_ QZ] Pc[WLTYTYR XZOP]Y `YTaP]^LW ^[T]T_`LWT_d PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_ZRP_SP]% w _SP ^[T]T_`LW LYO _SP ^PN`WL] L]P []ZO`NPO ^TX`W_LYPZ`^Wd LYO TY X`_`LW TY_P]LN_TZYx $$ >[T]T_`LWT_d ZQQP]PO LY LW_P]YL_TaP _Z TY^_T _`_TZYLWTePO ]PWTRTZY TP .S`]NS .S]T^_TLYT_d M`_ L_ _SP ^LXP _TXP LW^Z LY LW_P]YL_TaP _Z [`]P ^PN`WL]T^X bT_SZ`_ LYd XP_L[Sd^TNLW L^[PN_^ Z] R]PL_ _]LY^NPYOPYNTP^  1Z] Z`] _Z[TN ZQ X`^TN ZYP P^[PNTLWWd ]PWP aLY_ L^[PN_ T^ ALY OP] APP]v^ _SP^T^ ZQ L _d[TNLWWd XZOP]Y ^PL]NS TY BP^_P]Y N`W_`]P TY _SP $_S LYO PL]Wd _S NPY_`]TP^ QZ] _SP w^[T]T_`LW TY L]_x ALY OP] APP] [Z^_`WL_P^ _SL_ ^[T]T_`LWT_d LYO XZOP]Y LM^_]LN_ L]_ NZ]]PWL_PO bT_S PLNS Z_SP] LYO bP]P wL_ _SP SPL]_ ZQ BP^_P]Y XZOP] YT_dx% w3ZbPaP] T_ T^ TX[Z]_LY_ _Z STRSWTRS_ _SL_ ^[T]T_`LWT_d ^SZ`WO YZ_ MP ]PWP RL_PO _Z _SP Q]TYRP^ ZQ XZOP]YT_d L^ ZQ_PY SL[[PY^ M`_ _SL_ T_ T^ WZNL_PO L_ _SP SPL]_ ZQ BP^_P]Y XZOP]YT_d ?SP Pc_PY_ _Z bSTNS ^[T]T_`LWT_d PXP]RPO L^ L ^TRY ZQ BP^_P]Y XZOP]YT_d NLY MP MP^_ ^SZbY Md T_^ OT]PN_ NZYYPN_TZY _Z LM^_]LN_ L]_ 4Y /PNPXMP] $ BL^^TWd 6LYOTY^Vd [`MWT^SPO ST^ ¾MP] OL^ 2PT^_TRP TY OP] 6`Y^_ u:Y _SP >[T]T_`LW TY ,]_v ZYP ZQ _SP XZ^_ TYQW` PY_TLW _Pc_^ Md LY L]_T^_ TY _SP _bPY_TP_S NPY_`]d LYO ^_L_PO _SL_ _SP MZZV SL^ L^ T_^ XLTY [`][Z^P _Z L]Z`^P L NL[LNT_d _Z Pc[P]TPYNP _SP ^[T]T_`LW TY XL_P]TLW LYO LM^_]LN_ _STYR^ 3P T^ NP]_LTYWd YZ_ PcNP[_TZYLW ^TYNP Z_SP] WPLOTYR LM^_]LN_ [TZYPP]^ L^ 1]LY_T^PV 6`[VL ;TP_ 8ZYO]TLY LYO 6LeTXT] 8LWPaTNS ^TXTWL]Wd ^Lb _SPX^PWaP^ L^ TY^[T]PO Md ^[T]T_`LWT_d PT_SP] _S]Z`RS _SP TYQW`PYNP ZQ ?SPZ^Z[Sd LYO ,Y_S]Z[Z^Z[Sd Z] Z_SP]bT^P ?ST^ XLd MP ^ZXPbSL_ `YPc[PN_PO QZ] _SZ^P bSZ ^PP _SP XZOP]Y _]LY^QZ]XL_TZY ZQ 0`]Z[PLY WTQP TY _SP $_S LYO PL]Wd _S NPY_`]d TY BPMP]TLY _P]X^ L^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $$ ALY OP] APP] w>[T]T_`LWT_d TY 8ZOP]Y >ZNTP_dx " ?SP L`_SZ] [ZTY_^ Z`_ _SL_ _SP QT]^_ `^P ZQ _SP _P]X w^PN`WL]T^Xx TY 0YRWLYO RZP^ MLNV _Z 2PZ]RP 3ZWdZLVP TY #!% w3ZWdZLVP L__LNVPO .S]T^_TLYT_d L^ LY uT]]PWPaLY_ ^[PN`WL_TZYv LYO ST^ L__LNV bL^ NL] ]TPO QZ]bL]O Md >PN`WL] >ZNTP_TP^ _SL_ bP]P QZ]XPO TY _SP PL]Wd # ^ :YP ZQ _SP TY _P]P^_TYR L^[PN_^ ZQ _SP^P ^ZNTP_TP^ T^ _SL_ _SPd NZXMTYPO ]LOTNLW LY_T.S`]NS L__T _`OP^ LY_TP^_LMWT^SXPY_ ^ZNTLWT^X LYO Q]PP_STYVTYR bT_S ^[T]T_`LW Pc[P]TXPY_L_TZY >PN`WL] >ZNTP_TP^ SLO L XPXMP]^ST[ _SL_ bL^ S`RPWd TY_P]P^_PO TY NZYYPN_TYR _Z _SP Z_SP] bZ]WO Md OZT_dZ`]^PWQ ^NTPYNP >[T]T_`LWT^X bL^ ^PPY L^ L ^PN`WL] _]`_S ^PPVTYR Pc[P]TXPY_LW TY YL_`]P LYO Z[[Z^PO _Z ]PWTRTZ`^ ZM^N`]LY_T^X LYO STP]L]NSd ?ST^ bL^ L _]`_S^PPVTYR _SL_ bL^ STYOP]PO Md MZ_S _SP >_L_P LYO _SP .S`]NS TY 0YR WLYO _bZ TY_P]_bTYPO TY^_T_`_TZY^ 4_ T^ bT_STY _SP NZY_Pc_ ZQ ^[T]T_`LWT^X ^[T]T_`LWT_d LYO _SP LY_TYZXTLY _]LOT_TZY^ ZQ -]T_LTY _SL_ LY LY_TNZWZYTLW `YTaP]^LWTX bL^ MZ]Yx TMTO # $  ,NNZ]OTYR _Z ^ZXP L`_SZ]^ _ST^ T^ bSP]P ZYP QTYO^ _SP ]PLW _d[ZWZRd ZQ _SP 9Pb ,RP LYO P^Z_P]TNT^X BSTWP ALY OP] APP] ^[PLV^ ZQ ]PWTRTZY LYO ^PN`WL]T^X MPTYR LW_P]YL _TaP^ 3LYPR]LLQ w?SP 9Pb ,RP 8ZaPXPY_ LYO _SP 0^Z_P]TN ?]LOT_TZYx " " ^_L_P^ _SL_ _SP 9Pb ,RP T^ NSL]LN_P]TePO Md L N]T_TNLW L__T_`OP _Z N`W_`]P bSTNS T^ OT ]PN_PO LRLTY^_ MZ_S _SP O`LWT^X ZQ .S]T^_TLYT_d LYO _SP ]PO`N_TZYT^X ZQ ^NTPYNP LYO QZ]X^ L NZ`Y_P]aTPb _Z SZWT^_TN NZYNP[_^ ]P[]P^PY_TYR L _d[P ZQ _ST]O bLd _SL_ `YT_P^ ^[T]T_`LWT_d LYO ^NTPYNP ,NNZ]OTYR _Z 3L]_X`_ ETY^P] 0^Z_P]TV 8ÞYNSPY% 1TYV $ " P\`LWWd NSL]LN_P]T^_TN ZQ XZOP]Y P^Z_P]TNT^X T^ L ]PUPN_TZY ZQ LYOZ] LOOT _TZY _Z _SP TY^_T_`_TZYLW ]PWTRTZY^ LYO L ]PUPN_TZY ZQ _SP ^NTPY_TQTN bZ]WOaTPb _SL_ bL^ OPNWL]PO _Z MP ZYP^TOPO

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

OPXd^_TQTNL_TZY 4Y ZYP ZQ _SP XZ^_ []PRYLY_ Pc[]P^^TZY^ ZQ XZOP]YT_d YLXPWd TY XZOP]Y L]_ _SP ^[T]T_`LW ^_LRP^ L NZXPMLNV L^ _SP ]P_`]Y ZQ _SP ]P[]P^^PO ?SP NZYYPN_TZY MP_bPPY L]_ LYO ^[T]T_`LWT_d [ZTY_^ L_ _SP bLd TY bSTNS L]_ NZXP^ _Z ^_LYO QZ] _SP _]LY^NPYOPY_LW TY_P][]P_L_TZY ZQ Pc[P]T PYNP _SL_ T^ YZ WZYRP] _SP PcNW`^TaP []ZaTYNP ZQ TY^_T_`_TZYLW ]PWTRTZY F:HYP ^SZ`WO MP NL]PQ`W YZ_ _Z OT^XT^^ _SPX FXZOP]Y L]_T^_^H _ZZ \`TNVWd L^ T]]PWPaLY_ ,]_T^_^ L]P R]Z[TYR QZ] L ]LOTNLWWd YPb bLd ZQ Pc[]P^^TYR _]LY ^NPYOPY_LW _]`_S LYO L]P ZQ_PY MP__P] TY OZTYR _SL_ TY _SPT] NSZ^PY XPOT`X _SLY TY bZ]O^x 

?ST^ LW^Z L[[WTP^ XZ]P Z] WP^^ _Z XZOP]Y Pc_]PXPWd LM^_]LN_ X`^TN L^ bP bTWW ^SZb MPWZb `^TYR _SP PcLX[WP^ ZQ :WTaTP] 8P^^TLPY LYO Z_SP] NWL^^TN NZX[Z^P]^ ZQ _SP XZOP]Y [P]TZO @YWTVP Z_SP] LaLY_RL]OP L]_ T^_^ 8P^^TLPY bL^ L OPaZ`_ .L_SZWTN -`_ 8P^^TLPY TY [L]_TN`WL] ^Z`RS_ ]LOTNLWWd YPb X`^TNLW QZ]X^ _Z Pc[]P^^ _]LY^NPYOPY_LW _]`_S z LYO QZ`YO TY^[T]L_TZY TY aL]TZ`^ [WLNP^ TYNW`OTYR _SP 4YOTLY X`^TNLW _]LOT_TZY _S]Z`RS T_^ OTQQP]PY_ L[[]ZLNS _Z _SP LM^_]LN_ XL_SPXL_TNLW NZY_PY_ ZQ X`^TN LYO ]Sd_SX 1Z] Z`] OT^N`^^TZY T_ T^ TY_P]P^_TYR _SL_ YZ_ ZYWd -P] PYO_ _SP ULee ST^_Z]TLY LYO L]NST_PN_ ZQ _SP 9Pb ,RP [L]_PO NZX[LYd bT_S BPMP]v^ N`W_`]LW _d[ZWZRd LYO OPaPWZ[PO T_ []PNT^PWd L^ .LX[MPWW ^`RRP^_PO M`_ LW^Z 8P^^TLPY LN_`LWWd Pc[WZOPO BPMP]v^ _]PL_T^P ZY X`^TN $$ 4Y _SP $^ 8P^^TLPY LYO Z_SP] NZX[Z^P]^ QPW_ _SL_ BP^_P]Y X`^TNLW _]LOT_TZY bL^ bZ]Y Z`_ LYO WZZVPO QZ] YPb QZ]X^ ZQ Pc[]P^^TZY 1]ZX $ ZYbL]O^ 8P^^TLPY MPRLY NZX[Z^TYR XZ^_Wd XZOLW X`^TN LYO TY 4YOTL SP QZ`YO TY^[T]L_TZY QZ] NZX[WPc ]Sd_SX^ ,XZYR^_ Z_SP] _STYR^ SP ^Z`RS_ TY MT]O^ZYR L VPd _Z L ^ZW`_TZY QZ] L w]P_`]Y ZQ _SP ]P[]P^^POx LYO PaTOPY_Wd QPW_ L NWZ^P NZYYPN_TZY MP_bPPY [`]P X`^TN YL_`]P LYO ^[T]T_`LWT_d BSL_ T^ TY_P]P^_TYR LMZ`_ ALY OP] APP]v^ L]R`XPY_L_TZY T^ _SP ^_]ZYR PX[SL^T^ ZY LM^_]LN_TZY TYNZ][Z]PLWT_d LYO PXM]LNTYR aLR`P YP^^ ZQ _SP XZOP]Y NZYNP[_ ZQ ^[T]T_`LWT_d TY NZY_]L^_ _Z _SP PX[SL^T^ ZY QPPWTYR^ LYO ^PY^`LWT_d TY L`_SZ]^ b]T_TYR LMZ`_ _SP 9Pb ,RP ?ST^ NZ]]P^[ZYO^ TY [L]_ bT_S L_ WPL^_ L _PYOPYNd _ZbL]O^ L ]PLW ^STQ_ TY _SP XZOP]Y []ZR]LXXL_TN wSZWT^_TNx ^[T]T_`LWT_d OT^NZ`]^P LMZ`_ [`]P TY _P]TZ]T_d LYO Xd^_TNT^X bSTNS NSL]LN_P]TePO _SP ]PNP[_TZY ZQ 4YOTL `Y_TW _SP WL_P $"^ _Z _SP NZ][Z]LW LYO _ST^bZ]WOWd [Z^^TMWd Pc[WLTYPO Md _SP ^STQ_ ZQ _SP OT^NZ`]^P Q]ZX TY_PWWPN_`LW^v NT]NWP^ _Z [Z[`WL] N`W_`]P ?ST^ ]PLWbZ]WO ^STQ_ NZ]]P^[ZYO^ bT_S _SP ^STQ_TYR QZN`^ ZQ _SP ^NSZW L]^ 3ZbPaP] ZYP ^SZ`WO YZ_ WZ^P ^TRS_ ZQ _SP QLN_ _SL_ _SP ^PL]NS QZ] R]PL_ _]LY^NPYOPYNTP^ SL^ _PYOPO _Z TYN]PL^P L^ .LX[MPWWv^ PcLX[WP ZQ DZRL OPXZY^_]L_P^ ?SP XZOP]Y SZWT^_TNLWWd Z]TPY_PO LYO NP]_LTYWd w`YTaP]^LW Xd_STNLWx ^[T]T_`LWT_d OT^NZ`]^P ^PPV^ YZ_ ZYWd QPPWTYR^ ^PY^Z]d Pc[P]TPYNP NZ][Z]PLWT_d LYO Q`^TZY M`_ LW^Z ^[T]T_`LWYP^^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ALY OP] APP] w>[T]T_`LWT_d TY 8ZOP]Y >ZNTP_dx 

$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

TY_PWWPN_`LW ^L_T^QLN_TZY LYO L _]LY^NPYOPYNP ZQ MZOTWd WTXT_^ ?d[TNLWWd -P]PYO_ bL^ ^Z PY_S`^PO Md 4YOTLY XZOLW X`^TN LYO _SP YPb BP^_P]Y X`^TNLW OPaPWZ[XPY_^ MPNL`^P SP L^^ZNTL_PO bT_S _SPX L YPb ^[T]T_`LW T_d ZQ X`^TN LYO QZ`YO _SP ^[T]T_`LW TY XL__P] LYO LM^_]LN_TZY ?SP 9£OL-]LSXLY NZYNP[_ ZQ _SP 4YOTLY X`^TNTLY^ bL^ L ^PY^Z]d Z[_TZY _SL_ RLaP _SP wYPb NZY^NTZ`^YP^^x L XP_L[Sd^TNLW QZ`YOL_TZY LYO ^STQ_PO _SP w^[T]T_`LWx L^[PN_ ZQ X`^TN TY_Z _SP QZ]PR]Z`YO 3ZbPaP] _SP YZYO`LW bZ]WO`YTQdTYR 9£OL>Z`YO bL^ ZYWd ZYP ^_]LYO TY -P]PYO_v^ 9£OL-]LSXLY ]PNP[_TZY 4Y _SP Z_SP] ^_]LYO SP ]PQP]^ _Z L ^PRXPY_ ZQ _SPZ]d _SL_ [WLd^ YZ ]ZWP L_ LWW TY _SP []TXL]d 4YOTLY ^Z`]NP^ ZY _SP 9£OL-]LSXLY YLXPWd _SP NZYYPN_TZY MP_bPPY XL_SPXL_TN^ LYO X`^TN ?ST^ NZYYPN_TZY T^ RPY`TYPWd 0`]Z[PLY TY YL _`]P ?SP 9£OL-]LSXLY T^ YZ_ OP]TaPO Q]ZX Y`XMP]^ M`_ Q]ZX ^ZYTN LYO WTYR`T^_TN Pc[]P^^TaT_d bSTNS -P]PYO_ OTO YZ_ VYZb 4YOTLY XZOLW X`^TN OZP^ YZ_ QZN`^ ZY _PNSYTNLW ^d^_PXL_TeL_TZY M`_ ZY X`^TNLW Pc []P^^TZY -d NZY_]L^_ BP^_P]Y X`^TNLW N`W_`]P T^ OPP[Wd ]ZZ_PO TY _SP _PYOPYNd _ZbL]O^ XL_SPXL_TNLW ^d^_PXL_TeL_TZY PaPY TY T_^ wXZ^_ Xd_STNLWx QZ]X^ ZQ Pc[]P^^TZY ZQ _SP wX`^TN ZQ _SP `YTaP]^Px X`^TNL X`YOLYL  -P]PYO_ OPQTYPO _SP _P]X 9£OL-]LSXLY Pc[WTNT_Wd bT_S ]PQP]PYNP _Z _SP SL]XZYd ZQ _SP [Sd^TNLW `YTaP]^P L^ 6P[WP] NZYNPTaPO /P^[T_P _LVTYR ]PNZ`]^P _Z L aL]TP_d ZQ BP^_P]Y _]LOT_TZY^ SP YPaP]_SP WP^^ LWbLd^ `^PO _SP 4YOTLY WLMPW BSd* -P]PYO_ QPW_ _SL_ _SP _bZ ^_]LYO^ 9£OL-]LSXLY LYO X`^TN ZQ _SP ^[SP]P^ OTO YZ_ PYNZX[L^^ OTQQP]PY_ bZ]WO^ L_ LWW 4Y^_PLO SP LW^Z `YOP]^_ZZO _SP X`^TNL X`YOLYL L^ LYZ_SP] L^[PN_ ZQ _SP 9£OL-]LSXLY 3P _S`^ Q`^PO TY _SP _d[TNLW 9Pb ,RP XLYYP] _bZ _Z_LWWd OTQQP]PY_ ^dXMZW bZ]WO^ 4_ T^ YZ_PbZ]_Sd _SL_ _ST^ MWTYOYP^^ QZ] N`W_`]LW [L]_TN`WL]^ bL^ YZ_ bT_SZ`_ L ]L_TZYLWP z LYO PaPY SLO L NP]_LTY U`^_TQTNL_TZY ?SP ^PXLY_TN ]PWL_TZY^ ZQ MZ_S _SP 9£OL-]LSXLY LYO _SP X`^TN ZQ _SP ^[SP]P^ QTWW X`^TN bT_S L NZ^XZWZRTNLW LYO XP_L[Sd^TNLW NZY_PY_ 8Z]PZaP] -P] PYO_v^ NPY_]LW []Z[Z^T_TZY _SL_ ^PY^`LWT_d LYO XL_SPXL_TN^ []PNT^P XPL^`]TYR L]P WTYVPO TY _SP ^PY^P ZQ SPL]TYR LYO ^Z`YO NP]_LTYWd LW^Z L[[WTP^ _Z 4YOTLY X`^TNZWZRd BSP]PL^ NLWN`WL_TZY T^ YZ_ QZ`YO TY _SP 9£OL-]LSXLY 4YOTLY X`^TN OZP^ TYOPPO TYNW`OP XL_SPXL_TN^ 8Z]P TY_P]P^_TYR _SLY _SP w_]`_Sx Z] w`Y_]`_Sx ZQ -P]PYO_v^ NZY^_]`N_TZY SZbPaP] T^ _SP \`P^_TZY ZQ T_^ Q`YN_TZY -P]PYO_ L[[L]PY_Wd QZ`YO TY _SP 9£OL-]LSXLY _SP ^LXP P^^PY_TLW w_]`_Sx LYO L WZ_ XZ]P MP^TOP^ ?SP 4YOTLY NZYNP[_ []ZaTOPO LY ZY_ZWZRd TY bSTNS _SP]P bL^ X`NS WP^^ ZQ L ^[WT_ MP_bPPY ]PL^ZY LYO _SP ^PY^P^ _SLY TY ST^ ZbY _]LOT_TZY ?SP 9£OL-]LSXLY _SP]PQZ]P SPW[PO _Z TY_P][]P_ _SP SL]XZYd ZQ _SP ^[SP]P^ LYPb LYO _Z ]P^LN]LWTeP X`^TNXLVTYR LYO WT^_PYTYR ?SP 4YOTLY NZY NP[_ bL^ _SP []ZUPN_TZY ^N]PPY QZ] bSL_ bL^ XT^^TYR LYO WZ^_ TY -P] PYO_v^ ZbY N`W_`]P 4_ bL^ LY TYNPY_TaP QZ] LW_P]PO []ZaT^TZY ZQ XPLYTYR

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$"

waP]ÆYOP]_P >TYYRPM`YRx NZYNP]YTYR X`^TN LYO _SP bSZWP N`W_`]P _S]Z`RS _SP ]POT^NZaP]d ZQ _SP w^Z`YO ZQ _SP bZ]WOx X`^TN XP_L[Sd^ TN^ LYO L ]P^[T]T_`LWTeL_TZY ZQ YL_`]P LYO N`W_`]P 3ZbPaP] QL] L[L]_ 8P^^TLPY LYO -P]PYO_ L[[PL] _Z MP _SPd ^SL]P _SP OP^T]P _Z RTaP X`^TN L YPb ^[T]T_`LW LYO XP_L[Sd^TNLW OP[_S LYO _Z QTYO TY T_ L OTXPY^TZY _SL_ _]LY^NPYO^ _SP [`]PWd S`XLY :`] WZZV MLNV L_ LYNTPY_ TOPL^ ZQ X`^TN LTX^ _Z Pc[Z^P L WZYR_P]X SLMT_`^ _SL_ T^ M]ZVPY OZbY LYO ]PYPRZ_TL_PO TY _SP XZOP]Y [P]TZO 4Q -P]PYO_ bLY_PO _Z ]P_`]Y _Z _SP NZ^XTN 8P^^TLPY bL^ ^PPVTYR L YPb ^[T]T_`LWT_d ZQ X` ^TN bSTNS L__PX[_PO _Z RZ MPdZYO _SP [^dNSZWZRTeL_TZY LYO S`XLYTeL _TZY ZQ X`^TN TY _SP $_S NPY_`]d 4Y MZ_S NL^P^ ZYP NLY ^[PLV ZQ L ^[T]T _`LWTeL_TZY LYO ]P^LN]LWTeL_TZY ZQ X`^TN LYO MZ_S O]Pb ZY TY^[T]L_TZY Q]ZX 4YOTL QZ] _SPT] YPb []ZR]LX ZQ XLVTYR X`^TN XZ]P ^[T]T_`LW /P^[T_P ^ZXP LYLWZRTP^ _SP [L^_ OPaPWZ[XPY_^ TY 4YOTL LYO 0`]Z[P L_ ^TRYTQTNLY_ TY_P]QLNP^ bP]P OP_P]XTYPO Md OTQQP]PY_ Z[_TZY^ MPRTY YTYR bT_S _SP aL]dTYR QZN`^P^ ZY WLYR`LRP LYO Y`XMP]^ LYO ZY _Z YLW]Sd_SXTN [P]X`_L_TZY^ LYO X`^TNLW []Z[Z]_TZY^ ?SP]P L]P LW^Z OTQ QP]PYNP^ TY ]PWL_TZY _Z _SP aZTNP LYO _SP TY^_]`XPY_ []LN_TNP LYO _SPZ]d _SP TYOTaTO`LW LYO _SP NZWWPN_TaP PXZ_TZYLWT_d LYO TY_PWWPN_`LWT_d Wd^T^ LYO NZY_]ZW LYO ^`[P]YL_`]LW ]PWTRTZY LYO TYYP]bZ]WO XZ]LW^ .ZY_PX [WL_TZY ZQ X`^TN bL^ OTQQP]PY_ L^ bL^ _SP OZXP^_TNL_TZY ZQ _SP TY_ZcT NL_TYR L^[PN_ ZQ X`^TN -`_ L[[L]PY_Wd 4YOTL bL^ Q]`T_Q`W []PNT^PWd MP NL`^P ZQ _SP aP]d OTaP]RPY_ L[[]ZLNSP^ _Z _SP [SPYZXPYZY ZQ X`^TN , NZX[L]T^ZY ZQ _SP ]PNP[_TZY ZQ X`^TN TY 0`]Z[P LYO 4YOTL NLY TWW`^_]L_P bSd -P]PYO_ YPPOPO _SP 9£OL-]LSXLY LYO PaPY X`^TNTLY^ TY _SP NWL^ ^TNLW XZOP]Y [P]TZO TY ,^TL bP]P ^PL]NSTYR QZ] YPb XZOPW^ QZ] ^ZW` _TZY^ BSP]PL^ -P]PYO_ QZ`YO ^[T]T_`LWT_d LYO ^PY^`LWT_d TY 4YOTL 8P^ ^TLPY QZ`YO LYZ_SP] bLd ZQ L[[]ZLNSTYR _SP XL_SPXL_TNLW WLb^ ZQ X`^TN P^[PNTLWWd _SP Y`XP]TNLW ^_]`N_`]P ZQ _SP ]Sd_SX 4YOTLY X`^T NZWZRd ^`[[WTPO MZ_S []Z_LRZYT^_^ bT_S TOPL^ LMZ`_ SZb ZYP NLY OZ _STYR^ OTQQP]PY_Wd LYO SZb wOPXd^_TQTPOx X`^TN NZ`WO MPNZXP XZ]P ]PWTRTZ`^ LYO XZ]P ^[T]T_`LW LRLTY _SLYV^ _Z YPb [Z^^TMTWT_TP^ ZQ ^PY^` LWTe_TZY LYO LM^_]LN_TZY 1Z] MZ_S 8P^^TLPY LYO -P]PYO_ T_ bL^ L[[L] PY_Wd TX[Z]_LY_ _Z ^P_ X`^TN ZY L ^[T]T_`LW ML^T^ TY Z]OP] _Z LWWZb L STRSP] XP_L[Sd^TNLW ]PLWT_d _Z ^STYP _S]Z`RS z _Z [`_ T_ TY _SP WLYR`LRP ZQ `YTaP]^LW Xd_S z _Z XLVP _SP X`^TN ZQ _SP `YTaP]^P L`OTMWP LRLTY

!

8`^TN ZQ _SP @YTaP]^P LYO 9£OL-]LSXLY

?SP NZYNP[_ ZQ L X`^TNL X`YOLYL  WT_P]LWWd wbZ]WO X`^TNx LW^Z NLWWPO X`^TN ZQ _SP ^[SP]P^ X`^TN ZQ _SP `YTaP]^P Z] NZ^XTN X`^TN SL^ L WZYR LYO aPYP]LMWP _]LOT_TZY TY 0`]Z[P 4_ T^ `^`LWWd TOPY_TQTPO bT_S

$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

;d_SLRZ]L^ NL " -. _SP 2]PPV [STWZ^Z[SP] LYO NSL]T^XL_TN _PLNSP] Q]ZX >LXZ^ Q]ZX bSZX SZbPaP] YZ Z]TRTYLW bZ]V^ SLaP ^`] aTaPO 0aPY _SP ;d_SLRZ]PLY ^NSZZW _SL_ SP T^ ^LTO _Z SLaP QZ`YOPO TY >Z`_SP]Y 4_LWd OZP^ YZ_ L[[PL] _Z SLaP L NZY_TY`Z`^ ST^_Z]d  ?SP P^_PPX LNNZ]OPO _Z ;d_SLRZ]L^ bL^ ^_]ZYRWd ^_dWTePO TY _SP [P]TZO LQ_P] ;WL_Z LYO TY SLRTZR]L[STP^ -ZP_ST`^  _S NPY_ ,/ ]PNZ`Y_^ LY LYPN OZ_P ZQ SZb ;d_SLRZ]L^ TY_`T_TaPWd ]PNZRYTePO _SP XL_SPXL_TNLW []Z[Z] _TZY^ ZQ X`^TN bSPY SP SPL]O _SP ^Z`YO^ ZQ SLXXP]^ TY L ^XT_Sd LYO _SPY Pc[WZ]PO _SPX Pc[P]TXPY_LWWd LYO OPaPWZ[PO L _SPZ]d QZ] _SPX ;d_SLRZ]L^ T^ ^LTO _Z SLaP TOPY_TQTPO _SP [`]P TY_P]aLW^ QZ]XPO ZY _SP XZYZNSZ]O `^TYR _SP Y`XMP]^    LYO  TP _SP ZN_LaP QTQ_S LYO QZ`]_S bT_S _SP ^Z`YO^ ZQ _SP NPWP^_TLW MZOTP^  3P T^ ]PRL]OPO L^ L ^Z]_ ZQ OTaTYP ^PP] LYO ^SLXLY bSZ VYPb _SP WLb^ ZQ _SP `YTaP]^P LYO _SP _SP]L[P`_TN PQQPN_^ ZQ X`^TN  ?SP X`^TN ZQ _SP ^[SP]P^ bL^ L^^ZNTL_PO bT_S _SP YZ_TZY _SL_ _SP]P bL^ L ]PWL_TZY^ST[ ZQ X`_`LW TYQW`PYNP MP _bPPY _SP XL_SPXL_TNLW Y`XP]TNLW ]PWL_TZY^ ZQ _SP [WLYP_L]d Z]MT_^ _SP ]L_TZ^ ZQ X`^TNLW aTM]L_TZY^ _SP ]Sd_SX^ ZQ YL_`]P LYO _SP XZZO^ ZQ _SP ^Z`W ?ST^ YZ_TZY TYNW`OPO _SP TOPL _SL_ TYNZ][Z]PLW ]L_TZYLWT_d T^ ]PWL_PO _Z _SP MZOd Md _SP X`^TNLW SL]XZYTN WLb^ LYO _SL_ X`^TN LQQPN_^ _SP [^dNSP LYO _SP MZOd ;d_SLRZ]L^ SL^ MPPY NLWWPO _SP XZ^_ Xd_STNLW LYO w0L^_P]Yx ZQ _SP LYNTPY_ 0`]Z[PLY _STYVP]^ DP_ _SP ;d_SLRZ]PLY^v ]PWL_TZY^ST[ _Z X`^TN bL^ NSL]LN_P]TePO Md XL_SPXL_TNLW PcLN_YP^^ ZYWd _ST^ bL^ YZ_ 0`NWTO PLY XL_SPXL_TN^ ?SP ;d_SLRZ]PLY^ PaPY OPaPWZ[PO L X`^TNLW TY^_]` XPY_ _SL_ NZ`WO ZYWd MP `^PO QZ] Pc[P]TXPY_^ LYO NLWN`WL_TZY^ OP_P] XTYTYR _SP ]PWL_TZY^ST[^ MP_bPPY _SP YZ_P^ LYO NZ`WO YZ_ MP [WLdPO ?SP ^NSZZW NZYNPY_]L_PO ZY Y`XMP]^ L^ _SP P^^PYNP ZQ LWW MPTYR ,[[L] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4_ T^ YZ_ NWPL] bSL_ ^Z]_ ZQ XL_SPXL_TNLW LYO L^_]ZYZXTNLW TY^TRS_^ ;d_SLRZ]L^ XLd SLaP SLO LYO bSL_ ^TRYTQTNLYNP _SP []ZaP]MTLW Xd^_TNT^X ZQ Y`XMP]^ XLd SLaP SLO QZ] STX -`_ _SP ;d_SLRZ]PLY ^NSZZW bL^ OPP[Wd NZYNP]YPO bT_S XL_SPXL_TN^ L^_]ZY ZXd LYO SL]XZYTN _SPZ]d 4_ bL^ L NZXX`YT_d ^TXTWL] _Z L ]PWTRTZ`^ Z]OP] WTaTYR LN NZ]OTYR _Z ^_]TN_ ]`WP^ LYO OTaTOPO TY_Z L WL]RP] NT]NWP ZQ ,N`^XL_TN^ bSZ [L^^PO OZbY ;d_SLRZ]L^v ^LdTYR^ Z]LWWd LYO L ^XLWWP] NT]NWP ZQ TYT_TL_PO XL_SPXL_TNTLY^ ?SP NZ]P TOPL^ TYNW`OPO _SP _SPZ]d ZQ _]LY^XTR]L_TZY ZQ ^Z`W^ [P]SL[^ TYQW`PYNPO Md 4YOTL bSTNS T^ _SZ`RS_ _Z RPY`TYPWd RZ MLNV _Z ;d_SLRZ]L^ ?SP ;d_SLRZ]PLY^ QZ] L [P]TZO SLO S`RP [ZWT_TNLW TYQW`PYNP LW_SZ`RS _SPd bP]P ]TOTN`WPO Md ^ZXP ZQ _SPT] NZY_PX[Z]L]TP^ QZ] _SP _SPZ]d ZQ _]LY^XTR]L_TZY bSTNS ^`RRP^_PO L NP]_LTY [L]_TNT[L _TZY TY OTaTYP TXXZ]_LWT_d LQ_P] OPL_S LYO PaPY [P]^PN`_PO ?SP ^NSZZW NPL^PO _Z Pc T^_ L_ ^ZXP _TXP TY _SP _ST]O Z] ^PNZYO NPY_`]d -. M`_ ]PL[[PL]PO LRLTY Q]ZX _SP QT]^_ NPY_`]d ,/ ZYbL]O^ ,NNZ]OTYR _Z 1]LYe ;P_P] -`]VL]O _SP 9PZ;d_SLRZ]PT^X bL^ YZ_ ZYP `YTQTPO XZaPXPY_ LYO TY [L]_ _PYOPO _ZbL]O XLRTNLW ZNN`W_ ^[PN`WL_TZY^ LYO [STWZ^Z[STNLW PNWPN_TNT^X .Q 1]LYe ;P_P] -`]VL]O w;d_SLRZ]PP]x TY 8P_eWP] 7PcTVZY ;STWZ^Z[STP >_`__RL]_% 8P_eWP] $$! !  6`]_ 4YOTPY `YO 0`]Z[L  "  :Y _ST^ NQ -ZbP] 1`YOLXPY_LW^ ccTccTT "z$ Q # Q 

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$

PY_Wd SP]P Y`XMP]^ _ZZV ZY L ]ZWP bT_S L Q`YN_TZY ^TXTWL] _Z _SL_ ZQ WLYR`LRP TY 4YOTL ?SPd bP]P ^dXMZW^ LYO XP_ZYdX^ 1Z] _SP ;d_SLRZ ]PLY^ Y`XMP]^ LYO PaPY TY_P]aLW^ bP]P TYOP[PYOPY_ MPTYR^ ^ZXPbSL_ NZX[L]LMWP bT_S _SP Y`XP]TN [P]^ZYLWT_TP^ LYO Y`XP]ZWZRTNLW ^[PN`WL _TZY^ ZQ _SP -]£SXL©L^ ?SP OTQQP]PYNP bL^ _SL_ TY _SP -]£SXL©L^ _SP XLRTN ZQ Y`XMP]^ bL^ ML^PO ZY WLYR`LRP 9`XMP]^ bP]P ^PXPXP^ MPL]P]^ ZQ XPLYTYR ?SP]P bL^ WP^^ ZQ LY LbL]PYP^^ ZQ LY T^ZXZ][STN Y`XMP] ^d^_PX z Y`XMP]^ NLYYZ_ MP OP]TaPO Q]ZX ZYP LYZ_SP] z TY ^_PLO PLNS LYO PaP]d Y`XMP] SLO L [P]^ZYLWT_d bT_S T_^ ZbY ^dXMZWTN ]PWL_TZY^ LYO aLW`P^ QZ] PcLX[WP _SP Y`XMP]  ^_ZZO QZ] wNL__WPx LYO _ST^ TY _`]Y ZQQP]PO L [ZTY_ ZQ NZYYPN_TZY QZ] LOOT_TZYLW SZXZWZRTNLW P\`TaLWPYNP ]PWL_TZY^ 0aP]d_STYR _SL_ NZXP^ TY _bPWaP^ SL^ ^ZXP_STYR _Z OZ bT_S NL__WP 4Y 4YOTL _SP Y`XP]TNLW ^[PN`WL_TZY^ bPY_ Z`_ ZQ QL^S TZY LYO bP]P bSZWWd ]P[WLNPO Md _SP XL_SPXL_TNLW OPQTYT_TZY ZQ Y`X MP]^ LYO XL_SPXL_TN^ LYO L^_]ZYZXd MPNLXP P^_LMWT^SPO L^ TYOP[PYO PY_ ^NTPYNP^ -`_ T_ ]PXLTY^ YZ_TNPLMWP _SL_ _SP XP_L[Sd^TNLW ^`M^_LYNP _SL_ _SP ;d_SLRZ]PLY^ QZ`YO TY Y`XMP]^ NZY_TY`PO _Z MP NZYNPY_]L_PO ZY WLYR`LRP TY >LY^V]T_ N`W_`]P :YP NLY ^PP L NP]_LTY NZ]]PWL_TZY MP_bPPY XL_SPXL_TNLW _]`_S^ SP]P LYO WTYR`T^_TN _]`_S^ _SP]P MZ_S ZQ bSTNS RPY P]L_PO L [TN_`]P ZQ _SP bZ]WObSZWP 4Y _SP _S NPY_`]d ,/ -ZP_ST`^ ]P[Z]_^ TY ST^ bZ]V /P TY^_T_`_TZYP X`^TNL    _SL_ _SP ;d_SLRZ]PLY^ wbP]P L[_ _Z L^N]TMP OdYLXTN \`LWT_TP^ _Z aL]TZ`^ Y`XMP]^ LYO WL[^P TY_Z ]SL[^ZOTP^ NZYNP]YTYR _SP [L]_TN`WL] aT]_`P^ ZQ Y`XMP]^ ?SPd aTPbPO TYP\`LWT_d ]L_TZ^ LYO []Z[Z]_TZY^ L^ Y`XP]TNLW ]PLWT_TP^ PXLYL_ TYR Q]ZX _SP XZYLO Z] u`YT_dvx  ,NNZ]OTYR _Z _ST^ ]L_SP] 9PZ[WL _ZYTN TY_P][]P_L_TZY _SP ;d_SLRZ]PLY^ bSZ bP]P NZYNP]YPO bT_S OTQ QP]PYNP^ `W_TXL_PWd OP]TaPO _SP Y`XMP]^ Q]ZX L WZRZRPYTN []TXPaLW ZYPYP^^ ^TXTWL] _Z _SP bLd TY bSTNS -SL]_šSL]T  _S NPY_ ,/ OP]TaPO _SP ^PY_PYNP^ ZQ WLYR`LRP LYO _STYR^ TY _SP bZ]WO Q]ZX L ^PWQ NZXX`YTNL_TYR WLYR`LRP []TYNT[WP TY L bLd ST^ ^[SZ¶L T^ LYLWZRZ`^ _Z _SP ;d_SLRZ]PLY NZXXL ,YO bSP]PL^ _SP ;d_SLRZ]PLY^ ^Lb Y`XMP] L^ _SP XZ_SP] ZQ _SP `YTaP]^P ! _SP 4YOTLY ?LY_]T^_^ ^Lb _SP [SZYP_TNLWWd Z]OP]PO LW[SLMP_ L^ _SP XZ_SP] ZQ _SP `YTaP]^P ?SP OTQQP]PY_ bPTRS_TYR RTaPY _Z WLYR`LRP LYO Y`XMP]^ ^SZb^ _SL_ L ML^TN OTQQP]PYNP LW]PLOd PcT^_PO QL] MLNV TY ,Y_T\`T_d bSPY 0`]Z[P LYO 4YOTL bP]P NWZ^P] _SLY _SPd L]P _ZOLd " PaPY TY _SP XLUZ] XP_LXd_S^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL  MZZV & ^PP _SP TY_]ZO`N_TZY ZQ .LWaTY 8 -ZbP] _]LY^ ,YNT`^ 8LYWT`^ >PaP]TY`^ -ZP_ST`^ 1`YOLXPY_LW^ ZQ 8`^TN 9Pb 3L aPY% DLWP @YTaP]^T_d ;]P^^ $#$ ccTT ! .LWaTY 8L]_TY -ZbP] -ZP_ST`^v ;]TYNT[WP^ ZQ 8`^TN% ,Y 4Y_]ZO`N_TZY ?]LY^WL_TZY LYO .ZXXPY_L]d  ;S/ _SP^T^ $!! ,YY ,]MZ]% @YTaP]^T_d 8TN]ZQTWX^ $!" " " 1Z] PcLX[WP TY _SP 9£¶dL²£^_]L L^ TY LYNTPY_ 0`]Z[P TY ;WL_Z LYO ,]T^_Z_WP X`^TN OLYNP LYO _Pc_ [ZP_]d ^_TWW QZ]XPO L `YT_& L bZ]OTYOP[PYOPY_ ]Sd_SX OTO YZ_ PcT^_

$ 

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

4Y 0`]Z[L _SP wNPWP^_TLW Y`XMP] XLRTNx bL^ LW]PLOd wOPXd^_TQTPOx Md ,]T^_Z_WPv^ [`[TW ,]T^_ZcPYZ^ "z -. bSZ TYT_TL_PO _SP ]L _TZYLWTePO 0`]Z[PLY ^_`Od ZQ X`^TN Md OPNZ`[WTYR ^Z`YO^ Q]ZX _SP NZ^XTN 3ZbPaP] TOPL^ LMZ`_ _SP SL]XZYd ZQ _SP ^[SP]P^ NZY_TY`PO ]TRS_ TY_Z _SP 7L_TY 8TOOWP ,RP^ # MPTYR LOZ[_PO Md _SP .S]T^_TLY^ `YWTVP _SP aPSPXPY_ bLd _SL_ _SP .S]T^_TLY^ OT^_LYNPO _SPX^PWaP^ Q]ZX LYNTPY_ ]PWTRTZ`^ X`^TN bSTNS bL^ M]LYOPO L^ wN`W_^ ZQ Q]PYedx 0aPY WL_P] _SPd bP]P ]PLN_TaL_PO LRLTY LYO LRLTY PR TY 6P[WP]v^ 3L]XZYTNP X`YOT  BSL_ _SP OPXd^_TQTPO X`^TN OTO YZ_ ZQQP] bL^ ^`NS L NZX[]P SPY^TaP VPd _Z _SP bZ]WObSZWP LYO ^PWQ^LN]LWTeL_TZY L^ _SP NZ^XTQdTYR X`^TNL X`YOLYL OTO /Z`M_ SL^ MPPY NL^_ ZY bSP_SP] ;d_SLRZ]L^ ]PLWWd bL^ _SP Z]TRTYL _Z] ZQ _SP TOPL ZQ X`^TN ZQ _SP ^[SP]P^ 3ZbPaP] NZY^TOP]L_TZY^ ZQ X` ^TN LYO SL]XZYTP^ ZQ _SP ^[SP]P^ bP]P NWPL]Wd LW]PLOd MPTYR []ZUPN_PO ZY_Z STX TY ,Y_T\`T_d 1Z] PcLX[WP _SP WL_P LYNTPY_ b]T_P] LYO R]LX XL]TLY .PY^Z]TY`^ # ,/ $ WZNLWTePO ST^ OT^N`^^TZY^ ZQ PXM]dZYTN OPaPWZ[XPY_ LYO MT]_S SZ]Z^NZ[P^ /P OTP YL_LWT bT_STY RPY`TYPWd LYNTPY_ YZ_TZY^ LMZ`_ X`^TN ?SP YLXP ;d_SLRZ]L^ ^P]aPO .PY^Z]TY`^ L^ L M]LNVP_ R]Z`[TYR _ZRP_SP] ]PWTRTZ`^ X`^TN _PLNSTYR^ LMZ`_ _SP PQQPN_^ ZQ X`^TN LYO _SP OT^_LYNP^ TY_P]aLW^ MP_bPPY _SP ^[SP]P^ ,WW ZQ _ST^ PXMPOOPO S`XLY WTQP TY L NZ^XZWZRTNLW X`^TNLW Q]LXPbZ]V% w4YNTOPY_LWWd T_ T^ Md YZ XPLY^ TX[WL`^TMWP _SL_ X`^TN SL^ ^ZXP_STYR _Z OZ bT_S _SP OL_P ZQ Z`] MT]_S 1Z] bSP_SP] X`^TN YZb WTP^ L^ >ZN]L_P^ NWLTX^ ZYWd TY _SP aZTNP Z] L^ LNNZ]OTYR _Z ,]T^_ZcPYZ^ TY _SP aZTNP LYO MZOTWd XZaPXPY_ Z] TY _SP^P NZX[ZYPY_^ LYO TY _SP XZaPXPY_ ZQ _SP ^Z`W

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ 4_ bL^ ,]T^_Z_WPv^ [`[TW ,]T^_ZcPYZ^ "z -. bSZ YZ_ ZYWd wOPXd^_TQTPOx ;d _SLRZ]L^v wNPWP^_TLW Y`XMP] XLRTNx LYO _S`^ []ZaTOPO L QT]X QZZ_TYR QZ] BP^_P]Y X` ^TNZWZRd M`_ LW^Z SPW[PO X`^TN _Z MPNZXP TYOP[PYOPY_ Md ]L_TZYLWTeTYR ]Sd_SX _S]Z`RS QTcTYR ^SZ]_ LYO WZYR ^dWWLMWP^ TY L _Z ]L_TZ LYO ]PUPN_TYR _SP X`^TNLW YZ _L_TZY _SL_ LW]PLOd PcT^_PO TY ST^ OLd L^ _ZZ TX[]PNT^P 3ZbPaP] bSL_ _SP ;d_SLRZ ]PLY^ LYO _SP ,]T^_ZcPYLY^ SLO TY NZXXZY OP^[T_P Q`YOLXPY_LW OTQQP]PYNP^ bL^ L []PQP]PYNP QZ] _SPZ]d ZaP] []LN_TNP .Q 6`]_ 4YOTPY `YO 0`]Z[L  $z$  # ?SP ;_ZWPXLTN bZ]WOaTPb T^ VYZbY _Z MP ML^PO ZY ^PaPY NZYNPY_]TNLWWd L]]LYRPO [WLYP_^ _SL_ NT]NWP _SP ^XLWW ^_L_TN 0L]_S LYO L]P _SPX^PWaP^ TY _`]Y ^`]]Z`YOPO Md LY PTRS_S ^[SP]P ZQ QTcPO ^_L]^ ?SP^P ^[SP]P^ bP]P L^^ZNTL_PO bT_S _SP TOPL ZQ _SP SL]XZYTP^ ZQ _SP ^[SP]P^ LYO _SP YZ_TZY ZQ _SP SL]XZYTN Z]OP] ZQ _SP bSZWP `YTaP]^P ?SP NZYNP[_ bL^ PL^TWd LOZ[_PO TY _SP .S]T^_TLY OT^NZ`]^P aTL _SP ;WL_ZYTN TOPL ZQ L SL]XZYTN Z]OP] N]PL_PO Md _SP OTaTYP WZRZ^ _SP bZ]WO XLVP] Z] bZ]WO ^Z`W .Q ,Y RPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ OP^ 8T__PWLW_P]^ z" 0aPY _SP NZ]]P^[ZY OPYNP MP_bPPY _SP bZ]WO ^Z`W LYO _SP S`XLY ^Z`W TY ;WL_Z9PZ[WL_ZYT^X bL^ [L] _TLWWd TY_PR]L_PO LYO _LVPY Q`]_SP] QZ] TY^_LYNP TY _SP ^NSZZW ZQ ,WMP]_ _SP 2]PL_ $ .PY^Z]TYT OP OTP YL_LWT WTMP]  PO LYO _]LY^ 3LY^ ETXXP]XLYY .PY^Z]TY`^ ¾MP] OPY ?LR OP] 2PM`]_ PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

LNNZ]OTYR _Z _SP ^LXP SL]XZYTN XL_SPXL_TNLW ]PWL_TZY^ST[^ ZQ TY_P]aLW^ WTVP _SP NPWP^_TLW MZOTP^ LYO _SP ]Sd_SX^ ZQ _SP ^PL^ZY^ TY _SP YL_`]LW bZ]WO ,_ QT]^_ RWLYNP _SP ^PNZYO ]PWTRTZ`^ L^[PN_ L[[PL]^ ^`M^_LY_TLW WTVP _SP 9£OL 0aPY _SP 4YOTLY RZO^ OPWTRS_PO TY X`^TN LYO L]P OP[TN_PO OLYNTYR LYO [WLdTYR BSPY .PY^Z]TY`^ L__]TM`_PO ^ZYR _SP [ZbP] _Z MPNZXP LbL]P ZQ ZYPv^ ZbY OTaTYT_d LYO YL]]L_PO _SL_ ;d_SLRZ]L^ [WLdPO _SP 6T_SL]L MPQZ]P RZTYR _Z ^WPP[ LYO bSPY SP bZVP `[ _Z QWZZO ST^ ^Z`W TYNP^^LY_Wd bT_S T_^ ZbY OTaTYT_d SP ^PPX^ _Z LNNZ]O X`^TN ^ZXP_STYR \`T_P ^TXTWL] _Z _SL_ bSTNS _SP NWL^^TNLW 4YOTLY X`^TNTLY^ LYO X`^TN _SPZ]P_T^_^ OTO YLXPWd OTaTYP \`LWT_TP^ _SL_ X`^TN [Z^^P^^P^ LYO _SL_ ZYP NLY SPL] LYO QPPW 4_ T^ NP]_LTYWd _]`P _SL_ TY ,Y_T\`T_d X`^TN bL^ L^^ZNTL_PO MZ_S bT_S ^[T]T_`LWT_d LYO bT_S MZOTWd ^PY^Z]d QPPWTYR LYO LW^Z NZOPO bT_S NZ^XZWZRd LYO OTaTYT_d  ?ST^ T^ ^_TWW ]PQWPN_PO TY .PY^Z]TY`^ 3ZbPaP] TY WL_P ,Y_T\`T_d L`OTMWP X`^TN LYO NZ^XTN X`^TN L]P YZ_ Z] YZ WZYRP] OT]PN_Wd ]PWL_PO _Z ZYP LYZ_SP] PaPY TY .PY^Z]T Y`^v [Z[`WL] OT^NZ`]^P ,YO TY -ZP_ST`^v ^NSZWL]Wd OT^NZ`]^P ZaP] _bZ S`YO]PO dPL]^ WL_P] _SP]P T^ YZ YZ_TZY ZQ L ^`M^_LY_TLW OTaTYT_d WPQ_ L_ LWW -ZP_ST`^ ]P[Z]_^ _SL_ _SP ;d_SLRZ]PLY^ ZbTYR _Z _SPT] VYZbWPORP ZQ _SP ^LXP XL_SPXL_TNLW ]L_TZ^  []Z[Z]_TZ TY 7L_TY _SL_ `YOP][TYYPO X`^TN LYO _SP `YTQTNL_TZY ZQ MZOd LYO ^Z`W [WLdPO NP]_LTY RPY_WP LYO ^ZZ_STYR XPWZOTP^ PaP]d PaPYTYR _Z Q]PP _SPX^PWaP^ Q]ZX _SP M`]OPY^ ZQ _SP OLd LYO _Z MP LMWP _Z ^WPP[ bPWW bSTWP Z_SP] XPWZOTP^ bP]P [WLdPO bSPY _SPd ]Z^P _Z [`]RP _SPX^PWaP^ Q]ZX _SP ^_`[Z] LYO NZYQ`^TZY ZQ ^WPP[  ?SP ]PR`WL_TZY Md ]`WP^ LYO _SP Z]OP] ZQ Y`XMP]^ T^ _SP OTaTYP QPL_`]P _SL_ `YT_P^ _SP NZ^XZ^ _SP MZOd LYO X`^TN ?SP ]P[]P^PY_L_TZYLW XZOPW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL  ]PQP]^ _Z 9TNZXLNS`^ L^ ST^ ^Z`]NP bSPY SP ]P[Z]_^ _SL_ TY LYNTPY_ _TXP^ X`^TN bL^ ^_TWW [`]P] LYO XZ]P Z]TRTYLW ^TYNP T_ bL^ NZX[Z^PO ZQ QZ`] ^_]TYR^ LYO _SP]P bL^ YZ_STYR OT^NZ]OLY_ TY _SP^P TY TXT_L_TZY ZQ _SP QZ`] PWPXPY_^ 7L_P] XZ]P ^_]TYR^ bP]P LOOPO TYNW`OTYR _SP ^PaPY_S TY ZMaTZ`^ WTVPYP^^ _Z _SP ^PaPY [WLYP_^ ?SP ^`]aTaTYR Z]TRTYLW ^Z`]NP^ Q]ZX 9TNZXLNS`^ SZb PaP] NZY_LTY YZ_STYR ZY _ST^ NZ^XZWZRTNLW ^dXMZWT^X ZQ X`^TNLW TY^_]`XPY_^ NQ -ZbP] 1`YOLXPY_LW^  $z M`_ 2]PPV Xd_S _]LNP^ X`^TN MLNV _Z OTaTYP Z]TRTY^ ?SP N]PL_Z] ZQ _SP ,`WZ^ L bTYO TY^_]`XPY_ ^TXTWL] _Z L ^SLbX NLWWPO _SP _TMTL TY 7L_TY T^ ^LTO _Z MP ,_SPYP _SP RZOOP^^ ZQ bT^OZX ?SP TYaPY_Z] ZQ _SP Wd]P L 2]PPV W`_P bL^ _SP RZO 3P]XP^ ?SP RPY_WP ^Z`YO ZQ _SP Wd]P bL^ ]PRL]OPO L^ ,[ZWWZYTLY LYO _SP ^S]TWW ^Z`YO ZQ _SP ,`WZ^ L^ /TZYd^TLY ?SP ,`WZ^ bL^ L XP_ZYdX ZQ /TZYd ^Z^ _SP RZO ZQ TY_ZcTNL_TZY LYO STRSWd aLW`PO TY 2]PPV _SPL_P] bSTNS L]Z^P Z`_ ZQ _SP N`W_ ZQ /TZYd^Z^ M`_ bL^ ZYWd LWWZbPO _Z MP [WLdPO Md QZ]PTRYP]^ RPYP]LWWd -ZPZ_TLY^ 4Y _ST^ bLd ^[LNP bL^ XLOP TY N`W_`]LW LN_TaT_TP^ QZ] _SP w/TZYdT^TLY ML] ML]TNx bT_SZ`_ _SP ,[ZWWZYTLY RTaTYR `[ T_^ ^_LYOTYR L^ _SP R`TOTYR N`W_`]LW []TYNT[WP ?SP Xd_S ZQ _SP aTN_Z]d ZQ ,[ZWWZ _SP Wd]P _SP RZO ZQ WTRS_ ZaP] _SP ^L_d] 8L]^dL^ _SP ,`WZ^ T^ bPWW VYZbY LYO NZYYZ_P^ _SP aTN_Z]d ZQ QZ]X LYO ]PR`WL_TZY ZaP] QZ]X WP^^ WLNV ZQ []Z[Z]_TZY .Q 6`]_ 4YOTPY `YO 0`]Z[L  $z$ ?ST^ Z]OP] ZQ aLW`P^ LYO _SP TOPLW ZQ _SP ]TRS_ XPL^`]P ]PXLTYPO L OP_P]XTYTYR QLN_Z] ]TRS_ TY_Z WL_P ,Y_T\`T_d  .Q -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL & -ZbP] 1`YOLXPY_LW^ "

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$ 

L__]TM`_PO _Z ;d_SLRZ]L^ LYO _SP ;d_SLRZ]PLY^ bSTNS bL^ [L^^PO OZbY TY _SP ^NSZWL]Wd bZ]WO bL^ YZ_ -]LSXLY Wd^T^ _]LY^NPYOTYR _SP ^PWQ NZY_PX[WL_TZY ZQ []TXPaLW ^Z`YO Z] `YTZY bT_S _SP ^ZYTN QZ]X ZQ 2ZO z M`_ _SP NZY_PX[WL_TZY ZQ _SP OTaTYP 7ZRZ^ _S]Z`RS _SP NZY_PX[WL_TZY ZQ _SP XL_SPXL_TNLW Z]OP] ZQ X`^TN LYO _SP bZ]WO ,NNZ]OTYR _Z -ZP_ST`^ _SP ;d_SLRZ]PLY^ bP]P ZYWd TY_P]P^_PO TY _SPZ]P_TNLW NZY_PX[WL_TZY 3P OTO YZ_ NZYNPTaP ZQ _SP ;d_SLRZ]PLY Y`XP]TNLW QZ]X^ L^ ^`M^_LY_TLW L^ _SPd ^PPX _Z SLaP MPPY NZY^TOP]PO Z]TRTYLWWd M`_ _Z MP LYLWZRZ`^ _Z _SP ;WL_ZYTN TOPL^ 3ZbPaP] NWZ^P _SP ]PWL_TZY^ST[ MP_bPPY ]PWTRTZY LYO X`^TN L[[PL]^ TY .PY^Z]TY`^ z LYO L ^_]ZYR ^dXMTZ^T^ YZ_ ZYWd MPNZXP^ L[[L]PY_ TY _SP ]P[]P^PY_L_TZY ZQ _SP ^NSZWL] ;d_SLRZ]L^ M`_ bL^ LW^Z [Z[`L] N`W _`]P Pc[]P^^PO TY ]PWTRTZ`^ X`^TN z TY _SP bZ]V ZQ _SP TYQW`PY_TLW _SPZ]P _TNTLY -ZP_ST`^ #z  _SP Q`YN_TZYLW NZYYPN_TZY MP_bPPY X`^TN LYO ]PWTRTZY SL]OWd [WLdPO LYd ]ZWP L_ LWW /P TY^_T_`_TZYP X`^TNL 1`YOL XPY_LW^ ZQ 8`^TN bL^ ZYP ZQ ST^ PL]WTP^_ bZ]V^ LYO bL^ b]T__PY QZ] ^NSZWL]Wd PWT_P^ -ZP_ST`^ OPQTYPO X`^TN Q`WWd Z]TPY_PO ZY Y`XMP]^ TY _SP ;d_SLRZ]PLY ^_dWP L^ w_SP OT^NT[WTYP _SL_ _]PL_^ \`LY_T_d ]PWL_PO _Z Z_SP] \`LY_T_dx z  3T^ WL]RPWd aP]d _PNSYTNLW X`^TNZWZRTNLW bZ]V ZY _SP _S]P^SZWO MP_bPPY _bZ P[ZNS^ [L^^PO OZbY _SP 2]PPV _SP Z]d ZQ X`^TN LYO ;d_SLRZ]PLY TOPL^ _Z _SP 7L_TY 8TOOWP ,RP^ 4_ bL^ L`_SZ]T_L_TaP _S]Z`RSZ`_ _SP XPOTPaLW [P]TZO LYO L_ _SP `YTaP]^T_TP^ T_ bL^ _SP ML^TN _Pc_ TY X`^TN ^_`OTPO L^ ZYP ZQ _SP WTMP]LW L]_^ ZQ _SP \`LO]TaT`X  TP _SP QZ`] XL_SPXL_TNLW OT^NT[WTYP^ L]T_SXP_TN X`^TN RPZXP_]d LYO L^_]ZYZXd TY_PYOPO L^ []P[L]L_TZY QZ] _SP ^_`Od ZQ [ST WZ^Z[Sd LYO _SPZWZRd BSL_ bL^ ]PNPTaPO LRLTY LYO LRLTY bL^ _SP]PQZ]P LW^Z -ZP_ST`^v OTQQP]PY_TL_TZY ZQ X`^TN TY_Z _S]PP _d[P^% _SP X`^TN ZQ _SP `YTaP]^P X`^TNL X`YOLYL  _SP X`^TN ZQ XLY  X`^TNL S`XLYL  TP TOPL^ LMZ`_ _SP SL]XZYd ZQ _SP ^Z`W _SP NZYYPN_TZY MP_bPPY MZOd LYO ^[T]T_ LYO _SP PQQPN_^ ZQ X`^TN ZY [^dNSP LYO MZOd LYO _SP X`^TN ZQ _SP TY^_]`XPY_^ X`^TNL TY^_]`XPY_LWT^   -ZP_ST`^ WTVP ±£]«RLOPaL ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -ZbP] 1`YOLXPY_LW^ cccT /P^[T_P T_^ ^_]ZYRWd ]L_TZYLWT^_TN L[[]ZLNS LNNZ]OTYR _Z -ZbP] TMTO ccTccTa cccTTT _SP bZ]V NZYL_TY^ L wXd_STN PWPXPY_x LYO w^P]TZ`^ QWLb^x TY ]PWL_TZY _Z _SP X`^TNLW ]L_TZ^ MPNL`^P ZQ T_^ ;d_SLRZ]PLY Z]TRTY^ -ZP_ST`^ LOZ[_^ L VTYO ZQ XTOOWP [Z^T_TZY MP_bPPY _SP TOPL^ ZQ _SP ;d_SLRZ]PLY^ LYO _SZ^P ZQ _SP ,]T^_ZcPYLY^  .Q -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL  LYO :^NL] ;L`W _]LY^ ,YNT`^ 8LYWT`^ >PaP]TY`^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV 7PT[eTR% AP]WLR 7P`NVL]_ #" "  ! " "" ?SP QT]^_ NSL[_P] []P^PY_^ ^Tc ML^TN _Z[TN^ _Z _SP ^_`OPY_ ZQ ;d_SLRZ ]PLY X`^TNLW _SPZ]d Q]LXPO Md _bZ NSL[_P]^ PLNS ZQ []ZWZR`P NSL[ z LYO P[T WZR`P NSL[ z ?SP []ZWZR`P NZaP]^ L NZWWPN_TZY ZQ _SP X`^TNLW WZ]P LYO `]RP^ _SP ]PLOP] _Z NPL^P MPTYR XLYT[`WL_PO Md X`^TN LYO ^_]TaP _Z RLTY VYZbWPORP TY XPL^`]P ^TYNP _SP ^PY^P^ QTYO [WPL^`]P TY ^Z`YO^ M`_ _SP XTYO TY \`LY_T_L_TaP ]PWL _TZY^ST[^ ?SP []ZWZR`P NWZ^P^ Md OTaTOTYR X`^TN TY_Z NZ^XTN S`XLY LYO TY^_]`XPY

$ 

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

OTO `YOP]^_LYO X`^TN _Z MP L `YT_d ZQ TY^_]`XPY_LW X`^TN ^ZYR LYO OLYNP M`_ TY^_]`XPY_LW X`^TN T^ ZMaTZ`^Wd _SP []PaLTWTYR XZOPW _SL_ [P]aLOP^ LWW QTaP ^`]aTaTYR MZZV^ ?SP Z[TYTZY ZQ LWW LYNTPY_ _STYVP]^ T^ Pc[]P^^PO aP]d NWPL]Wd% X`^TNLW _SPZ]d LYO YZ_ []LN_TNP T^ ZQ []TXP TX [Z]_LYNP :YWd PL]_SWd X`^TN T^ LNNP^^TMWP _Z _SP ^PY^P^ bSTWP _SP SL] XZYd ZQ _SP `YTaP]^P NLY ZYWd MP [P]NPTaPO Md _SP TY_PWWPN_ ]L_TZ   ?ST^ L[[PL]^ _Z SLaP MPPY _SP RPYP]LW aTPb L_ WPL^_ ^TYNP _SP _TXP ZQ ;WL_Z LYO bL^ LN_`LWWd ]PTYQZ]NPO Md 9PZ[WL_ZYT^X 4Y 0`]Z[P bP QTYO XZ]P ZQ L ST^_Z]d ZQ ]PXZaLW ZQ ^PY^`LWT_d LYO TY 4YOTL XZ]P ZYP ZQ TYN]PL^TYR ^PY^`LWT_d 4Q -SLš_SL]Tv^ ±LMOL-]LSXLY bL^ ^_TWW ^TXTWL]Wd LM^_]LN_ _Z _SP LYNTPY_ X`^TN ZQ _SP ^[SP]P^ LYO LNNP^^TMWP ZYWd _Z _SP ^[T]T_ _SP -]LSXLY TY _SP 9£OL-]LSXLY MPNLXP XZ]P ^PY^Z]d LYO OT]PN_Wd L`OTMWP TY X`^TN ?SP NZYNP[_ ZQ X`^TNL X`YOLYL X`^TN ZQ _SP `YTaP]^P _SL_ WPQ_ T_^ XL]V ZY _SP bSZWP ZQ _SP 8TOOWP ,RP^ ^_L]_TYR Q]ZX _SP _SPZ]T^_ -ZP_ST`^ bL^ LW]PLOd []PQTR`]PO TY ;WL_Zv^ ?TXLTZ^  4_ TYNW`OPO _SP TOPL ZQ L SL]XZYd _SL_ TYaT^TMWd [P]aLOP^ _SP bSZWP NZ^XZ^ Q]ZX _SP XZaPXPY_^ ZQ _SP [WLYP_^ _SP LN_`LW X`^TNL X`YOLYL  LWW _SP bLd OZbY _Z _SP XTN]ZNZ^XTN WPaPW ZQ L SL]XZYd ZQ MZOd LYO ^[T]T_ TY XLY _SP X`^TNL S`XLYL  ?SP SL]XZYd ZQ _SP `YTaP]^P TY ,Y_T\`T_d T^ QT]^_ LYO QZ]PXZ^_ L XLYTQP^_L_TZY ZQ _SP OTaTYP WZRZ^  ]L_TZ TY 7L_TY L^ T_ bL^ LWbLd^ ^`[[Z^PO Md LYNTPY_ _STYVP]^ _Z MP MPSTYO _SP bZ]WO -PNL`^P _SP WZRZ^ [P]aLOP^ PaP]d_STYR PaP]d_STYR _PX[Z]LW X`^_ LW^Z SLaP ^ZXP_STYR ZQ _SP WZRZ^ LMZ`_ T_ LYO TY _SP ]PLWX ZQ ^Z`YO _ST^ T^ NZY N]P_P SL]XZYd DP_ _SP LYNTPY_ LYO XPOTPaLW _STYVP]^ bP]P YZ_ TY_P] P^_PO TY _SP^P SL]XZYTP^ L^ L ^PY^Z]d [SPYZXPYZY M`_ L^ TY_PWWPN_`LWWd NZX[]PSPY^TMWP Y`XP]TNLW ]PWL_TZY^ST[^ 4Y _SP _Pc_^ L ^PY^Z]d Pc[P]T PYNP ZQ _SP SL]XZYd ZQ _SP `YTaP]^P T^ LWbLd^ ]PWZNL_PO _Z _SP LQ_P]WTQP Z] PN^_L_TN _]LY^X`YOLYP aT^TZY^ ! 0L]_SWd X`^TN X`^TNL TY^_]`XPY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _LW X`^TN  ?SP P[TWZR`P NWZ^P^ Md ]PTYQZ]NTYR _SP ML^TN _SPZ]P_TNLW [P]^[PN_TaP ZQ _SP _]`P X`^TNTLY  -ZP_ST`^ [WLYYPO _Z NZY_TY`P OPaPWZ[TYR _SP TOPL ZQ X` ^TN ZQ _SP ^[SP]P^ Z`_WTYPO TY  3ZbPaP] PT_SP] SP OTO YZ_ OZ ^Z Z] _ST^ bZ]V SL^ MPPY WZ^_  -ZP_ST`^ L]R`P^ _SL_ _SP ^PY^P ZQ SPL]TYR T^ YZ_ _Z MP _]`^_PO MPNL`^P T_ NLY NSLYRP bSTWP ZYWd ]PL^ZY NLY `YOP]^_LYO _SP `YNSLYRPLMWP ! ?ST^ LW^Z L[[WTP^ RPYP]LWWd _Z _SP ;d_SLRZ]L^ WPRPYO^& ^PP LW^Z MPWZb ZY _SP w/]PLX ZQ >NT[TZx , ^TXTWL] ^T_`L_TZY PcT^_^ NZYNP]YTYR _SP .S]T^_TLY WT_`]Rd ]TRS_ TY_Z _SP _S NPY_`]d bSTNS T^ PWPaL_PO _Z L _]LY^X`YOLYP ^[SP]P O`P _Z _SP SL]XZYd ZQ _SP ^[SP]P^ L[[PL]TYR YPbWd ^PXLY_TNTePO% T_ T^ ]PTY_P][]P_PO TY_Z L wbSZWP^ZXP ^Z`YOx bT_S .S]T^_ LYO TY_Z LY LYRPWZRd _SP SdXYTN []LT^P ZQ _SP LYRPW^ ,W_SZ`RS ^[SP]TN X`^TN T^ M]Z`RS_ TY_Z _ST^ bZ]WO aTL _SP [P]QZ]XLYNP ZQ WT_`]Rd _SP WT_`]Rd T_^PWQ SL^ L _Z`NS ZQ _SP aT^TZYL]d 4_ T^ wYZ_ ZQ _ST^ bZ]WOx M`_ TY^_PLO T_ T^ L w_`YTYR TY_Zx SL] XZYd bT_S _SP NSZT]^ ZQ LYRPW^ TY NZY^ZYLYNP bT_S 2ZO ?SP WT_`]Rd T^ _SP TXLRTYL]d [WLNP bSP]P _SP w^bPP_YP^^x ZQ _SP LYRPW^v LWWPW`UL LYO _SP ^[SP]P^ T^ SPL]O bSP]P

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$



_LWT^  bSP_SP] T_ MP aZNLW Z] TY^_]`XPY_LW T^ ML^PO ZY _ST^ NZ^XTN X` ^TN LYO XLd _SP]PQZ]P MP LMWP _Z XZaP _SP ^Z`W _SL_ SL^ LY TYMZ]Y LQQT YT_d QZ] _SP WZRZ^  M`_ T_ LWbLd^ ]PXLTY^ LY TX[P]QPN_ TXLRP ?SP ]P^`W_ T^ _SL_ TY PQQPN_ _ST^ L]PL ZQ MPTYR T^ ]PXZaPO Q]ZX _SP QPPWTYR^ ZQ XP]P XZ]_LW^ ;L]_TNT[L_TZY T^ ZYWd TY_PWWPN_`LWWd [Z^^TMWP TY _SP ^PY^P ZQ LY ZaP]aTPb ZQ _SP ]`WPML^PO ]PWL_TZY^ST[^ TY _SP ^Z`YO^ M`_ YPaP] T^ T_ L ^`M^_LY_TLW Z] P^^PY_TLW [L]_TNT[L_TZY TY _SP OTaTYP WZRZ^ 4YOTLY ^Z`YO Xd^_TNT^X L^ T_ T^ Pc[]P^^PO TY _SP OTN_`X w_SP bZ]WO T^ ^Z`YOx Y£O£_XLVLÀ ULRL_  OTQQP]^ Q]ZX _SP BP^_P]Y NZYNP[_ []P NT^PWd TY _ST^ [ZTY_% X`^TN T^ OT]PN_ [L]_TNT[L_TZY TY _SP `YTaP]^P LYO TY _SP OTaTYP -]LSXLY 0aPY LQ_P] 8L_L«RL LYO ±£]«RLOPaL _SP X`^TNTLY^ LYO _SPZ]P_TNTLY^ ^[PLV ZQ _SP w^bPP_YP^^x ZQ X`^TN LYO -]LSXLY MWT^^ TY _SP ^LXP M]PL_S ZQ _SP TXXPOTL_P []P^PYNP ZQ 2ZO LYO _]LY^X`YOLYP Pc[P]TPYNP ZQ `YT_d TY ^Z`YO Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ ?SPd TOPY_TQd X`^TNLW ^Z`YO bT_S NZ^XTN NZY^NTZ`^YP^^ LYO wZ_SP]bZ]WOWdx LP^_SP_TN L_XZ^[SP]P^ ZQ PXZ_TZY Z] ^[PLV TY DZRTN _P]X^ ZQ bZYOP] Q`W TYYP] ^Z`YO^ LYO WTRS_ Pc[P]TPYNP^ _SL_ WPLO OT]PN_Wd _Z _SP OTaTYP ^PN]P_ _SP QZ]XWP^^ 2ZO Z] _SP -]LSXLY 4_ T^ []ZMLMWd PcLN_Wd _ST^ TOPL _SL_ NZY^_T_`_P^ _SP QL^NTYL_TZY ZQ _SP 9£OL-]LSXLY QZ] BP^_P]Y ]PNT[TPY_^% _SP M]TYRTYR _ZRP_SP] ZQ [L]_TNT [L_TZY TY _SP `YTaP]^P bT_S ^PY^Z]d L^[PN_^ YLXPWd _SP ]PLW ^Z`YO Pc [P]TPYNP TY X`^TN Z] _SP NZY_TY`TYR QPPWTYR ZQ ^Z`YO aTM]L_TZY^ ?SP wNZ^XTN ^Z`YOx NLY MP Pc[P]TPYNPO 4_ T^ SPL]O TY ^ZYR LYO TY _SP PNSZ TY ZYPv^ ZbY TYYP] ^[LNP -ZOd LYO ^[T]T_ X`^TN LYO NZ^XTN NZY ^NTZ`^YP^^ []ZQLYP LYO ^LN]PO QWZb OT]PN_Wd TY_Z PLNS Z_SP] SP]P .LX[MPWWv^ w0L^_P]Y Q]LXP ZQ XTYOx " NLY MP aP]d bPWW L[[WTPO _Z _ST^ OPOTQQP]PY_TL_TZY TY _SP OT^NZ`]^P^ ZY 9£OL-]LSXLY LYO X`^TN ?SP aT^TZY ZQ STRSP] ]PLWT_d T^ LNNP^^TMWP _Z ZYPv^ TXXPOTL_P [P]NP[_TZY 4Y_`T_TZY QPPWTYR LYO Xd^_TNLW TY^TRS_ L]P PWPaL_PO LMZaP ]PL^ZY WZRTN LYO LYLWd^T^ bSPY ZYP WT^_PY^ _Z X`^TN 9Z PO`NL_TZY Z] XL_SPXL_TNLW _]LTYTYR T^ ]P\`T]PO _Z SPL] _SP w^Z`YO ZQ _SP bZ]WOx TY X`^TN z TY^_PLO ^TX[Wd SPL]TYR X`^TN T^ ^`QQTNTPY_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SP 0L]_SObPWWP]^ _`YP TY_Z _SP []LT^P^ ^`YR Md _SP LYRPW^ LYO _SP MWP^^PO LYO ^SZ`WO _`]Y _SP []LT^P ZQ 2ZO TY_Z L w`YT^ZYx ZQ 3PLaPY LYO 0L]_S TY _SP `YT^ZY 2]P RZ]TLY NSLY_^ LYO TY_ZYL_TZY ZQ [^LWX^ .Q ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ OP^ 8T__PWLW_P]^ $z , YZaPW_d T^ QZ`YO TY /LY_Pv^ ! z  /TaTYL .ZX XPOTL bSP]P _SP X`^TNL OTaTYL NSZT]^ ZQ LYRPW^ LYO [^LWXZOd LYO _SP X`^TNL X`Y OLYL NZ^XTN X`^TN ZQ _SP XZaPXPY_^ ZQ _SP [WLYP_^ _SL_ T^ L wSPL_SPYx YZ_TZY L]P Pc[WTNT_Wd ^dY_SP^TePO ?d[TNLWWd SZbPaP] SP]P _ZZ _SP wZ_SP]bZ]WOWdx LYO _SP ^` [P]YL_`]LW ]PXLTY []P^P]aPO ?SP SPLaPYWd []LT^P^ ZQ _SP LYRPW^ TY _SP Z]MT_^ ZQ _SP [WLYP_^ L]P [L]_ ZQ _SP OP^N]T[_TZY ZQ ;L]LOT^P _SL_ T^ L ^[SP]P L^^TRYPO _Z _SP LQ_P] WTQP _SP Z_SP] ^TOP " .Q .LX[MPWW 0L^_P]YTeL_TZY ZQ _SP BP^_  

$ !

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

4Y _SP LY_T\`P ]P[]P^PY_L_TZY XZOPW^ _SP w^Z`YO ZQ _SP bZ]WOx T^ YZ_ ^Z PL^TWd LNNP^^TMWP LYO TY []TYNT[WP T_ SL^ MPPY ]PXZaPO Q]ZX _SP ]PLWX ZQ _SP ^PY^P^ BT_S _SP [WLYP_^ _SPd TYOPPO NZY^_]`N_PO LY TXXP OTL_P YL_`]LWT^_TN ]PWL_TZY _Z _SP bZ]WO M`_ _SP _ZYP^ []ZO`NPO Md _SP ^PaPY [WLYP_^ LYO _SP ^_L]^ TY _SP SPLaPY^ bP]P TYL`OTMWP _Z S`XLY PL]^ ,NNZ]OTYR _Z .PY^Z]TY`^ _SP ^Z`YO ZQ _SP ^[SP]P^ bL^ _ZZ [ZbP]Q`W _Z MP [P]NPTaPO Md S`XLY PL]^ L^ .TNP]Z M ! -. SLO LW]PLOd ^`[ [Z^PO TY ST^ w/]PLX ZQ >NT[TZx >ZXYT`X >NT[TZYT^  ?SP ^SZ]_ _]PL_T^P _SL_ T^ [L]_ ZQ .TNP]Zv^ /P =`MWTNL _SP]PQZ]P SL^ _Z TYaPY_ L QTN_TZYLW O]PLX aT^TZY TY Z]OP] _Z LWWZb _SP ]PLOP] _Z _L^_P L_ WPL^_ aT]_`LWWd L aT^TZY ZQ _SP STRSP] ^[SP]P^ ZQ ]PLWT_d LYO _SP w^bPP_YP^^x ZQ Z_SP] bZ]WOWd X`^TN ZQ _SP ^[SP]P^ 3P]P _SP ^bPP_YP^^ ZQ X`^TN NZY^T^_^ ZQ _SP SL]XZYd ZQ TYP\`LWT_TP^% wBSPY 4 SLO ]PNZaP]PO Q]ZX Xd LXLePXPY_ L_ _SP^P _STYR^ 4 L^VPO uBSL_ T^ _ST^ ^Z`YO ^Z ^_]ZYR LYO ^Z ^bPP_ _SL_ QTWW^ Xd PL]^*v u?ST^v SP F,Q]T NLY`^H ]P[WTPO uT^ _SP XPWZOd bSTNS L_ TY_P]aLW^ `YP\`LW dP_ OTQQP]TYR TY PcLN_ []Z[Z]_TZY^ T^ XLOP Md _SP TX[`W^P LYO XZ_TZY ZQ _SP ^[SP]P^ _SPX ^PWaP^ bSTNS ^ZQ_PYTYR ^S]TWWP] Md OPP[P] _ZYP^ []ZO`NP L OTaP]^T_d ZQ ]PR`WL] SL]XZYTP^v  F?HST^ SL]XZYd ZQ _SP bSZWP `YTaP]^P TY T_^ TY _PY^PWd ]L[TO XZaPXPY_ T^ ^Z WZ`O _SL_ XPYv^ PL]^ NLYYZ_ _LVP T_ TY PaPY L^ dZ` NLYYZ_ WZZV OT]PN_Wd L_ _SP ^`Yx #

?SP aT^TZYL]d YL_`]P ZQ _SP YL]]L_TaP T^ PYSLYNPO Md _SP QLN_ _SL_ >NT[TZv^ TY_P]WZN`_Z] _SP OPNPL^PO SP]Z ,Q]TNLY`^ []POTN_^ Q`_`]P PaPY_^ LYO >NT[TZv^ OPNPL^PO QL_SP] LW^Z L[[PL]^ ?SP O]PLX NZYaP]^L _TZY _LVP^ [WLNP^ L_ LY `YTOPY_TQTPO TXLRTYL]d WZNL_TZY QL] LMZaP _SP 0L]_S _SP _TYd ^[PNV NT]NWPO Md _SP [WLYP_^ z LY L^_Z`YOTYR OP[TN_TZY ZQ _SP aL^_ NZ^XTN ^TeP ZQ _SP `YTaP]^P LYO ZQ _SP bZYOP]Q`W STRSP] bZ]WO ZQ _SP ^Z`YOTYR NPWP^_TLW MZOTP^ 4_ T^ []P^PY_PO L^ _SP w_PX[WP ZQ RZOx bSP]P YZ XZ]_LW SL^ PaP] ^P_ QZZ_ ?ST^ T^ _SP P^NSL_ZWZRTNLW ObPWWTYR [WLNP ZQ OPLO SP]ZP^ bSP]P _SPd PYUZd P_P]YLW MWT^^ >NT[TZ T^ _L`RS_ Md ST^ QL_SP] _SL_ YZ PL]_SWd XZ]_LW NZ`WO PaP] PY_P] _SL_ [WLNP LYO _SL_ >NT[TZ NZ`WO ZYWd ^ZUZ`]Y TY _SP SPLaPYWd bZ]WO LQ_P] WPLaTYR _SP w[]T^ZY ZQ ST^ MZOdx $ LYO Q`WQTWWTYR ST^ _L^V ZQ []Z_PN_TYR _SP 0L]_S ST^ NZ`Y_]d LYO ST^ QLXTWd BSL_ T^ YZ_TNPLMWP T^ YZ_ ZYWd _SP XZ]LW []P NZYOT_TZY^ LYO _SP [`]PWd P^NSL_ZWZRTNLW OTXPY^TZY M`_ LW^Z _SP QLN_ _SL_ PaPY TY _SP aT^TZYL]d O]PLX Pc[P]TPYNP _SP X`^TN ZQ _SP ^[SP]P^ T^ XZ]P ^PPY _SLY SPL]O LYO T_ T^ XZ]P `YOP]^_ZZO _SLY T_ T^ LNNP^^TMWP _Z _SP ^PY^P^ LYO QPPWTYR^ ?ST^ NZ]]P^[ZYO^ _Z _SP XTXP^T^ TY PL]_SWd X` ^TN _SP wSPLaPYWd ^NTPYNPx bSZ^P LTX T^ _Z R]LY_ TY^TRS_ TY_Z _SP ]L ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ,YO]Pb ; ;PLMZOd _]LY^ .TNP]Zv^ /]PLX% .TNP]Zv^ >ZXYT`X >NT[TZYT^ Z] /]PLX ZQ >NT[TZ  bT_S YZ_P^ S__[%LYNTPY_ST^_Z]dLMZ`_NZXWTM]L]dMWMWJ_Pc_JNTNJ^NT[TZ O]PLXS_X LNNP^^PO 9ZaPXMP] " $ z SP]P ! LYO " $ .TNP]Z >ZXYT`X >NT[TZYT^ _]LY^ ;PLMZOd  :Y _SP O`_TP^ TMTO z!

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$ "

_TZYLW Z]OP] ?ST^ Z]OP] T^ ZYWd LNNP^^TMWP _Z _SP ^[T]T_ LYO YZ_ _Z _SP ^PY^P ZQ SPL]TYR% wF?SP^PH PTRS_ ]PaZW`_TZY^ FZQ _SP [WLYP_^H ZQ bSTNS _bZ _SZ^P ZQ 8P]N`]d LYO APY`^ L]P TY `YT^ZY XLVP ^PaPY OT^_TYN_ _ZYP^ bT_S XPL^`]PO TY_P] aLW^ MP_bPPY LYO LWXZ^_ LWW _STYR^ L]P L]]LYRPO TY ^PaPY^ >VTWWPO XPY NZ[dTYR _ST^ SL]XZYd bT_S ^_]TYR^ LYO aZTNP SLaP Z[PYPO _SPX^PWaP^ L bLd MLNV _Z _ST^ [WLNP L^ SLaP Z_SP]^ bSZ bT_S PcNPWWTYR RPYT`^ SLaP N`W _TaL_PO OTaTYP ^NTPYNP^ TY S`XLY WTQP -`_ _SP PL]^ ZQ XPY L]P OPLQPYPO Md MPTYR QTWWPO bT_S _ST^ XPWZOd& YZ] T^ _SP]P TY dZ` XZ]_LW^ L O`WWP] ^PY^P _SLY _SL_ ZQ _SP SPL]TYRx 

4Q bP ]PLO .PY^Z]TY`^v ]PXL]V^ LMZ`_ ;d_SLRZ]L^ bT_S _ST^ TY_P][]P_L _TZY VPd bP L]P LW]PLOd NWZ^P _Z _SP WL_P] OT^NZ`]^P TY -ZP_ST`^ _SL_ _SP OTaTYP bSTNS ;d_SLRZ]L^ NZY_PX[WL_PO bSPY WT^_PYTYR _Z X`^TN bL^ YZ_ ^ZXP_STYR _SL_ NZ`WO MP TX[L]_PO _Z _SP ^PY^P^ LYO LQQPN_ aTL _SP _ZYP^ M`_ _SP _SPZ]d LYO bSL_ SP w[P]NPTaPOx bL^ _SP TY^TRS_ TY_Z _SP TY_PW WPN_`LW Y`XP]TNLW ]PWL_TZY^ST[^ LYO SL]XZYTN []Z[Z]_TZY^ bL^ YZ_ L MZOdLYO^[T]T_ wQPPWTYRx _SP ]P^ZYLYNP^ ZQ ^Z`YO TY _SP MZOd LYO _SP TYYP] ^PY^P^ LYO _SP w-]LSXLY MWT^^x TY _SP ^[T]T_ BSP]PL^ _SP 4YOTLY X`^TNTLY^ bLY_ _Z MP PXZ_TZYLWWd wNZWZ]POx Md _SP ^[PNTQTN ^Z`YO^ SP]P T_ T^ _SP ]L_TZYLW aT^TZY ZQ Z]OP] _SL_ T^ ^Z`RS_ MPNL`^P T_ T^ []PNT^PWd _ST^ Z]OP] TY bSTNS _SP PcT^_PYNP ZQ _SP OTaTYP T^ XLYTQP^_ z ZQ L ^[T]T_ _SL_ T^ MPSTYO LWW _STYR^ [WLYYTYR LYO XPL^`]TYR 0aPY TY .TNP]Z T_ MPNZXP^ NWPL] _SL_ _SP ^Z_P]TZWZRTNLWWd ]PWPaLY_ L^[PN_ T^ X`^TN _SPZ]d LYO YZ_ XLVTYR LYO SPL]TYR X`^TN ?ST^ bTWW MP aP]d Pc[WTNT_ TY >_ ,`R`^_TYP LYO -ZP_ST`^ ?SPd OPQTYPO X`^TN L^ w_SP ^NTPYNP ZQ XPL^`] TYRx  LYO QT]XWd ]P[]P^PY_ _SP aTPb _SL_ _SP _]`P X`^TNTLY^ L]P YZ_ _SZ^P []LN_TNTYR X`^TN M`_ _SP _SPZ]T^_^ BSPY ,`R`^_TYP LYO -ZP_ST`^ _LNVWP _SP \`P^_TZY ZQ bSP_SP] X`^TN T^ ^ZXP_STYR YL_`]LW Z] LY L]^  TP LY L]_T^_TN ^VTWW OPXLYOTYR ^[PNTLWT^_ VYZbWPORP _SPd QTYO _SL_ T_ T^ MZ_S M`_ _SP QZN`^ T^ NWPL]Wd ZY _SP ^NT PYNP ^NTPY_TL ZQ X`^TN _SPZ]d ZXYT`X >NT[TZYT^ _]LY^ ;PLMZOd "  ,`R`^_TYPv^ _SPZ]d ZQ X`^TN `^PO XP_P] L^ T_^ ^_L]_TYR [ZTY_ _SP Y`XP]TNLW ^_]`N_`]P ZQ ]Sd_SX ?SP aTPb _SL_ XP_P] bL^ [L]_ ZQ X`^TN _SPZ]d bL^ NZXXZY TY ,Y_T\`T_d LW_SZ`RS T_ bL^ _SP ^`MUPN_ ZQ OT^[`_P /P X`^TNL T^ `YT\`P MPNL`^P YZ Z_SP] bZ]V ZY _ST^ aTPb SL^ ^`]aTaPO .Q 1]LYV 3PY_^NSPW PO LYO _]LY^ ,`]PWT`^ ,`R`^_TY`^ /P X`^TNL% -ÞNSP] 4 `YO A4 AZX Æ^_SP_T^NSPY @]_PTW e`] XP_L[Sd^T^NSPY 0]VPYY_YT^ 7L_TY2P]XLY POT_TZY 3LXM`]R% 8PTYP]  Tc :Y X`^TN L^ L ^NTPYNP ZQ NZ]]PN_ XPL^`]PXPY_ ^PP TMTO ! Q z  # Q z 

$ #

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

YZ_STYR ZQ _SP _SPZ]P_TNLW QZ`YOL_TZY^ ZQ T_^ ^ZYR  BSL_ S`XLY MPTYR^ SLaP TY NZXXZY bT_S LYTXLW^ T^ LY TYNWTYL_TZY _Z TXT_L_P ^PY^Z]d [P] NP[_TZY LYO _SP XPXZ]d ZQ ^PY^Z]d [P]NP[_TZY ,NNZ]OTYR _Z ,`R`^_TYP _ST^ T^ []PNT^PWd bSd TXT_L_TZY _SP ^PY^P^ LYO XPXZ]d OZ YZ_ MPWZYR TY _SP QTPWO ZQ ]PL^ZY 4XT_L_TZY TXT_L_TZ bSTNS T^ ^Z TX[Z]_LY_ TY _SP 4YOTLY XP_SZO ZQ WPL]YTYR X`^TN T^ ZYWd L YL_`]LW w ^PY^`^ x M`_ YZ_ LY w L]^ x MPNL`^P ^PY^Z]d MPTYR^ OPaZTO ZQ ]PL^ZY WTVP _SP YTRS_TYRLWP NLY TXT_L_P M`_ NLYYZ_ LNSTPaP LYd ^[PNTLWT^_ VYZbWPORP Z] L]_ >NTPYNP T^ _SP XZ^_ TX[Z]_LY_ ML^T^ QZ] LY L]^ 4XT_L_TZY _SP ^PY^P^ TYNW`OTYR L YL_`]LW LMTWT_d _Z XLVP U`ORXPY_^ LYO XPXZ]d bSTNS LYTXLW^ LW^Z [Z^^P^^ L]P TYOPPO ^`QQTNTPY_ _Z []ZO`NP WZaPWd X`^TN -`_ _SP ^NTPYNP ZQ X`^TN LYO ZQ _SP X`^TN _SPZ]T^_^ SL^ _Z MP OTQQP]PY_TL_PO Q]ZX _SP LYTXLW bZ]WO BSL_ OT^_TYR`T^SP^ S`XLY MPTYR^ T^ YZ_ ZYWd _SPT] YL_`]P M`_ LW^Z _SPT] LMTWT_d _Z ]PQWPN_ ZY _STYR^ LYO _Z XPL^`]P _SPX :Y _SP ^`MUPN_ ZQ ]Sd_SX ,`R`^_TYP NZY^TOP]^ O`]L_TZY^ _SL_ PcSTMT_ YZ XPL^ `]LMWP Y`XP]TNLW ]PWL_TZY^ST[ _Z ZYP LYZ_SP] _Z MP wT]]L_TZYLWx LYO _SP Z_SP]^ _Z MP w]L_TZYLWx BSPY T_ NZXP^ _Z XLVTYR X`^TN ZYP X`^_ L[[Wd ]PL^ZY LYO LYdZYP bSZ OZP^ YZ_ `YOP]^_LYO _SP XL_SPXL_TNLW ML^T^ ZQ X`^TN T^ YZ_ L _]`P X`^TNTLY ?SZ^P bSZ TYO`WRP ZYWd TY _SP ^PY^P^ LYO QPPWTYR^ Z] ZYWd [WLd _SP TY^_]`XPY_^ bT_S _SPT] MZOTP^ OZ YZ_ [Z^^P^^ _ST^ ^NTPYNP ?ST^ TY QLN_ L[[WTP^ LNNZ]OTYR _Z ,`R`^_TYP _Z LYd YZ]XLW X`^TNTLY^ MPNL`^P _SPd ZYWd bLY_PO _Z [WLd bSL_ ^Z`YOPO RZZO bT_S Z`_ MPTYR TY_P]P^_PO TY _SP Y`XP]TNLW ]PWL_TZY^ST[^ ,YO QZ] PcLN_Wd _ST^ ]PL^ZY _SPd bP]P YZ_ X`NS MP__P] _SLY YTRS_TYRLWP^ ,W^Z [PZ[WP bSZ ZYWd WT^_PYPO bT_S [WPL^`]P bP]P NZX[L]LMWP _Z O`XM LYTXLW^ 4_ XLd bPWW MP L[[]Z[]TL_P _Z PYUZd L WT__WP ^PY^Z`^ [WPL^`]P _S]Z`RS X`^TN TY ZYPv^ WPT^`]P _TXP -`_ _Z WT^_PY _Z X`^TN TY Z]OP] _Z MP NL[_TaL_PO Md T_ bL^ ^SLXPQ`W LYO TYOPNPY_% w?Z `^P T_ YZb LYO LRLTY T^ L[[]Z[]TL_P XZOP^_T^^TX`X  M`_ _Z MP ZaP] NZXP Md T_ PaPY ZYWd L_ _TXP^ T^ STOPZ`^ LYO TYOPNPY_ _`][P L_\`P TYOP NZ]`X x  ?ST^ L^^P^^XPY_ ZQ _SPZ]d []LN_TNP LYO X`^TNLW Wd^T^ T^ TY LM^ZW`_P Z[[Z^T_TZY _Z _SP 4YOTLY aTPb 4Q QZ]RP__TYR _SP ^PWQ SL^ [Z^T_TaP NZYYZ _L_TZY^ QZ] 4YOTLY X`^TNTLY^ LYO Wd^T^ T^ ^PPY L^ OP^T]LMWP PaPY ]PWPaLY_ _Z ^LWaL_TZY MPNL`^P T_ R`L]LY_PP^ TXXPOTL_P [L]_TNT[L_TZY TY _SP `YT aP]^P LYO _SP OTaTYP _SP]P T^ L OPNTOPO ]P^P]aP LXZYR 0`]Z[PLY TY_PW WPN_`LW^ _ZbL]O^ X`^TNLW PN^_L^d LYO Wd^T^ wbT_SZ`_ ]PL^ZYx ,`R`^_TYP QZ]X`WL_P^ _ST^ [L]_TN`WL]Wd SL]^SWd MPNL`^P SP `YOP]^_LYO^ X`^TNLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  :Y _ST^ OT^N`^^TZY NQ _SP QT]^_ MZZV Md ,`R`^_TYP /P X`^TNL  PO 3PY_^NSPW TY [L]_TN`WL] z" LYO QZ] _SP QZWWZbTYR LW^Z z   PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

]Sd_SX L^ L ^NTPYNP ZQ NZ]]PN_ XPL^`]PXPY_ 0aPY ]Sd_SX T^ OPNWL]PO _Z MP L VTYO ZQ wY`XMP]x  Y`XP]`^ TY 7L_TY LYO _S`^ L ^`T_LMWP ZMUPN_ QZ] _]LNTYR MLNV ^PY^Z]d [WPL^`]P TY X`^TN _Z Y`XMP]^ ! /PWTRS_ LYO MPL`_d TY MZ_S _SP LP^_SP_TN LYO _SP XZ]LW WTP ^ZWPWd TY ]PL^ZYPO Z]OP] ?SP L]R`XPY_ T^ LXZYR Z_SP] _STYR^ _SL_ _SP XZaPXPY_^ TY OLYNP LW^Z SLaP _Z MP Z]OP]PO Y`XP]TNLWWd _Z L[[PL] [WPL^TYR LYO MPL`_TQ`W ?SP ^PY^P^ L]P ZYWd _SP w^WLaP^x bSTWP ]PL^ZY T^ _SPT] wXT^_]P^^x ,`R`^_TYP OT^_TYR`T^SPO L QZ]X ZQ [WPL^`]P _SL_ bL^ [PN`WTL] _Z _SP ^PY^P^ bSTNS SZbPaP] bL^ YZ_ ^PPY L^ XL_P]TLW QZ] _SP ^_`Od ZQ X`^TN Q]ZX L QZ]X _SL_ T^ QZ`YOPO ZY []Z[Z]_TZY LYO _SP]PQZ]P ZY bSL_ T^ ]PL^ZYLMWP 1Z] _ST^ ]PL^ZY _SP OPNT^TaP L^[PN_ T^ _SP _SPZ]d ZQ X`^TN YZ_ _SP []LN_TNP Z] SPL]TYR ZQ X`^TN " @W_TXL_PWd ,`R`^_TYP L]R`P^ XP_L[Sd^TNLWWd LYO _SPZWZRTNLWWd ?SP ]L_TZYLW Y`XP]TNLW L^[PN_^ QZ`YO TY _SP ^PY^Z]d OL_L NLY MP [P]NPTaPO L^ _]LNP^ ZQ 2ZO LYO ZQ _SP ]PL^ZYLMWP Z]OP] ZQ N]PL_TZY ?SP Y`XMP]^ TYOTNL_P L YZY^PY^Z]d YZYMZOTWd ]PLWT_d LYO P_P]YLW ^LXPYP^^ 8`^TN `YOP]^_ZZO L^ XL_SPXL_TN^ _SP]PQZ]P [ZTY_^ _Z ^ZXP_STYR MPdZYO T_^PWQ LYO WPLO^ Q]ZX _SP NZ][Z]PLW _Z _SP YZYNZ][Z]PLW Q]ZX _SP ^PY^Z]d _Z _SP YZY^PY^Z]d LYO `W_TXL_PWd _Z 2ZO _SP N]PL_Z] ZQ LWW _STYR^ /P`^ N]PL_Z] ZXYT`X  bSZ N]PL_PO _SP SL]XZYd ZQ _SP `YTaP]^P Z`_ ZQ _SP aZTO TY LNNZ]OLYNP bT_S Y`XMP] LYO []Z[Z]_TZY # 4Y ST^ _]PL_T^P ,`R`^_TYP Q`^PO ;d_SLRZ]PLY ;WL_ZYTN LYO -TMWTNLW _]LOT_TZY^ ?SP bZ]V bSTNS ]PRL]O^ XP_P] L^ [L]_ ZQ X`^TN _SPZ]d ]P QWPN_^ ST^ MTZR]L[Sd Q]ZX L []ZQP^^Z] ZQ ]SP_Z]TN _Z L []TP^_ 4Y _SP QTYLW -ZZV A4 ZQ OP 8`^TNL ]Pb]T__PY _Z ^`T_ .S]T^_TLYT_d  bSP]P _SP bZ]O ZQ 2ZO L[[PL]^ QZ] _SP QT]^_ _TXP LYO \`Z_L_TZY^ Q]ZX _SP -TMWP L]P TY ^P]_PO T_ MPNZXP^ NWPL] _SL_ _SP TY_PYOPO ]PLOP]^ bP]P YZYMPWTPaTYR TY_PWWPN_`LW^ $ _Z bSZX _SP OTaTYT_d STOOPY MPSTYO ^PY^Z]d [WPL^`]P bL^ _Z MP XLOP NZX[]PSPY^TMWP Md XPLY^ ZQ ]PL^ZYPO L]R`XPY_L_TZY 4Y _ST^ NZY_Pc_ PXZ_TZYLW NL[_TaL_TZY MPNZXP^ L OT^]`[_TZY _Z _SP OTaTYP Z]OP] LYO L aTNP ,`R`^_TYP ]PRL]OPO T_ L^ L _d[P ZQ NZYNPT_ MPNL`^P T_ ]P XLTYPO LM^Z]MPO TY ^PY^Z]d OPWTRS_ TY^_PLO ZQ QZN`^^TYR ZY _SP `Y NSLYRPLMWP ^LXPYP^^ TP 2ZO LYO _SP bZYOP]Q`W Y`XP]TNLW Z]OP] _SL_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! wm WL_TYP YTSTW LWT`O \`LX Y`XP]`^ OTNT [Z_P^_x ,`R`^_TYP OP 8`^TNL  444 .Q LW^Z -ZZV 4 LYO _SP `^PQ`W TY_]ZO`N_TZY Md 3PY_^NSPW TMTO aTTzccc " .Q ,`R`^_TY`^ /P X`^TNL  PO 3PY_^NSPW # Q # ?SP]P L]P ZYWd M]TPQ LYO XZ^_Wd TYOT]PN_ ]PQP]PYNP^ _Z _SP w^ZYR ZQ _SP `YTaP]^Px TY OP 8`^TNL -ZZV A4 PO 3PY_^NSPW # "" BSPY ^[PLVTYR ZQ _SP SL]XZYd ZQ _SP `YTaP]^P ,`R`^_TYP ^_]P^^P^ TY [L]_TN`WL] _SL_ _SP SL]XZYd ZQ _SP MZOd LYO SPLW_S L]P M]Z`RS_ LMZ`_ Md LaZTOTYR PcNP^^TaP MPSLaTZ] TMTO  Q $ ?ST^ ZMUPN_TaP T^ ^P_ Z`_ Pc[WTNT_Wd TY ,`R`^_TYPv^ ^Tc_S MZZV .Q LW^Z 3PY_^NSPW _]LY^ /P X`^TNL  cTc

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$!

OP_P]XTYP^ []Z[Z]_TZY TY _SP X`^TNLW XZ]LW  LYO ZY_ZWZRTNLW  ?]`P MPL`_d WTP^ TY _ST^ [P]QPN_ Z]OP] LYO SL]XZYd& NL[_TaL_TZY Md X`^TN T^ U`ORPO L^ PcNP^^TaPYP^^ LYO OT^SL]XZYd ,`R`^_TYP T^ ZQ _SP Z[TYTZY _SL_ TY `YNZY^TOP]PO Z] PcNP^^TaP PYUZdXPY_ ZQ X`^TN _SP]P PL^TWd OP aPWZ[PO _SP TYNWTYL_TZY _Z ^PY^`LW OP^T]P TQ ZYP OTO YZ_ TY\`T]P LMZ`_ _SP `YNSLYRPLMWP ^LXPYP^^ ZQ Y`XMP]^ LYO `W_TXL_PWd ZQ 2ZO LYO ZYWd WPL]YPO LYO TXT_L_PO _SP LP^_SP_TN ]`WP^ /P 8`^TNL PYO^ bT_S L -TMWTNLW 9PZ[WL_ZYTN YZ_TZY ZQ N]PL_TZY% U`^_ L^ Y`XMP]^ L]T^P Q]ZX `YT_d LYO L]P MPL`_TQ`W O`P _Z _SPT] `YNSLYRTYRYP^^ LYO Z]OP] ^Z PaP]d _STYR L]T^P^ Q]ZX _SP `YT_d ZQ 2ZO >Z ^TXTWL]Wd _Z ±£]«RLOPaL ,`R`^_TYP LW^Z WTYV^ X`^TN _SPZ]d LYO _SPZWZRd ?SP]P T^ PaPY L OT]PN_ [L]LWWPW TY _SP OP]TaL_TZY ZQ X`^TN LYO _SP bZ]WO Q]ZX LY `W_TXL_P `YT_d 3ZbPaP] _SP _bZ _STYVP]^ ]PLNS OTL XP_]TNLWWd Z[[Z^PO NZYNW`^TZY^ MPNL`^P _SPd ^_L]_ Q]ZX _Z_LWWd OTQQP]PY_ XPLYTYR ^d^_PX^ L^ VPd^ _Z TY_P][]P_L_TZY BSTWP _SP OTaTYP Pc[]P^^P^ T_^PWQ _Z ±£]«RLOPaL _SP 4YOTLY 3TYO` _STYVP] TY _SP ^PY^Z]d PYUZdXPY_ ZQ X`^TN QZ] ,`R`^_TYP _SP 0`]Z[PLY .S]T^_TLY _STYVP] _SP OTaTYP NLY ZYWd MP QZ`YO TY ]PL^ZY LYO Y`XP]TNLW Z]OP] :bTYR _Z _SP ^_]ZYR MZOd ^Z`W O`LWT^X ,`R`^_TYP NLY NL_PRZ]TeP ^TX[WP UZd TY X`^TN ZYWd L^ [`]PWd wZQ _SP QWP^Sx LYO L WZbP] ^PY^Z]d [WPL^`]P _SL_ M]TYR^ XPY OZbY _Z _SP WPaPW ZQ LYTXLW^ -d NZY_]L^_ ±£]«RLOPaL L^^`XP^ `YT_d ZQ MZOd LYO ^Z`W LYO _SP]PQZ]P OZP^ YZ_ SLaP _Z OPaLW`P _SP ^PY^P^ PaPY _SZ`RS SP _ZZ ]PRL]O^ _SP ^[T]T_`LW OTXPY^TZY L^ XZ]P TX[Z]_LY_ 1Z] ,`R`^_TYP X`^TN L]T^P^ Q]ZX _SP ^Z`W LYO _SP P_P]YLW Y`XMP]^ MPdZYO _SP ^PY^P^ LYO _SP MZOd bSP]PL^ ±£]«RLOPaL ^PP^ X`^TN L^ L]T^TYR Q]ZX _SP P_P]YLW 9£OL _SL_ T^ QZ`YO TY _SP MZOd _SP aZTNP _SP M]PL_S LYO _SP ^[T]T_ ,`R`^_TYP []PQP]^ TY^_]`XPY_LW X`^TN MPNL`^P SP]P X`^TN T^ XZ]P NWPL]Wd OT^NZYYPN_PO Q]ZX ^[PPNS _SLY T^ _SP NL^P bT_S ^ZYR M`_ ±£]«RLOPaL NZYNPTaP^ ZQ X`^TN []TYNT[LWWd TY _SP QZ]X ZQ ^ZYR BSP]PL^ ,`R`^_TYP bT^SP^ _Z NZY^_]`P _SP Y`XP]TNLW ]Sd_SX^ L^ [`]PWd ^[T]T_`LW QLN_^ TYOP[PYOPY_ ZQ [Sd^TNLW XZaPXPY_ LYO _SP ^Z`YO NZX [WPcP^ TYOP[PYOPY_ ZQ ^[PPNS  TY 4YOTLY X`^TN OT^NZ`]^P _SP QZ]P R]Z`YO T^ ZNN`[TPO Md aZTNP LYO Pc[]P^^TZY BSP]PL^ ±£]«RLOPaL WTYV^ X`^TNLW Z]OP] bT_S LY LP^_SP_TN^ ZQ PXZ_TZYLW XZZO^ ,`R`^_TYP WTYV^ T_ bT_S LY LP^_SP_TN^ ZQ Y`XMP]^ 4Y ±£]«RLOPaLv^ NL^P T_ T^ _SP OP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,NNZ]OTYR _Z ,`R`^_TYP 2ZOv^ [P]QPN_ Z]OP] TYNW`OP^ WZaTYR ZYPv^ YPTRSMZ] LYO aT]_`P^ ^`NS L^ ^PWQNZY_]ZW MPNZXTYR Q]PP Q]ZX MZOTWd TYQW`PYNP^ Md NZY^TOP]TYR _SP YZYMZOTWd NZ`]LRP YZ_ QPL]TYR _SP WZ^^ ZQ _PX[Z]LW _STYR^ LYO OPL_S LYO ]TRS_ PZ`^YP^^ ^_]TaTYR ZYWd _ZbL]O^ 2ZO LYO YZ_ bLY_TYR _Z ]`WP LYd ZYP  ,^ _ST^ Z]OP] WZNL_P^ XLY MP_bPPY _SP [Sd^TNLW LYO _SP OTaTYP LNNZ]OTYR _Z ,`R`^_TYP OPaZ_TYR ZYP^PWQ ^ZWPWd _Z _SP ^PY^Z]d LYO YZ_ LW^Z ^_]TaTYR QZ] ]PL^ZYPO STRSP] _STYR^ NZY^_T_`_P L OT^]`[_TZY _Z _SP Z]OP]  .Q 3PY_^NSPWv^ QZZ_YZ_P TY ,`R`^_TYP OP 8`^TNL  ""

$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

[P]^ZYLWTePO wP_P]YLWx PXZ_TZYLW XZZO^ LYO _SP TYSP]PY_ OTaTYT_d ZQ ^Z`YO _SL_ PYLMWP ZYP _Z [P]NPTaP _SP YZY[Sd^TNLW LYO OTaTYP TY _SP [Sd^TNLW 1Z] ,`R`^_TYP ZY _SP Z_SP] SLYO T_ T^ _SP Y`XP]TNLW ^_]`N _`]P^ ZQ bSL_ T^ ^PY^Z]TWd [P]NP[_TMWP _SL_ WPLO _Z VYZbWPORP ZQ 2ZO LYO T_ T^ _SP TYSP]PY_ wTXXZ]_LWx YL_`]P ZQ Y`XMP]^ _SL_ PYLMWP^ ZYP _Z ]T^P ^_P[Md^_P[ LMZaP _SP [Sd^TNLW _Z _SP YZY[Sd^TNLW LYO _Z QTYO _SP OT aTYP STOOPY TY _SP ^PY^Z]d  BSP]PL^ ±£]«RLOPaL `YOP]^_LYO^ X`^TN _Z TYNW`OP _SP L`OTMWP _ZYP^ LYO ]Sd_SX^ _SP []LN_TNP LYO SPL]TYR ZQ X` ^TN _Z ,`R`^_TYP X`^TN X`^TNL XPLY^ LWXZ^_ PcNW`^TaPWd X`^TN _SP Z]d 4Y ±£]«RLOPaL X`^TNTLY^ XLVP _SP `YTaP]^P L`OTMWP bSP]PL^ TY ,`R`^_TYP _SPZ]P_TNTLY^ XLVP _SP `YTaP]^P ]PNZRYTeLMWP L^ _SP N]PL_TZY ZQ 2ZO ?ST^ VYZbWPORP T^ P^^PY_TLWWd TY_PWWPN_`LW TY YL_`]P LYO ]P XZaPO Q]ZX _SP ^PY^P^ ?SP [`]PWd _SPZ]P_TNLW L^[PN_ LW^Z SL^ R]PL_P] bPTRS_TYR TY _SP ]PWTRTZ`^ []ZaT^TZY ZQ XPLYTYR =PWTRTZ`^ PXMPOOTYR T^ WP^^ ZQ L ^P]TZ`^ ^Z_P]TZWZRd L^ TY ±£]«RLOPaL LYO XZ]P ZQ LY LOaP] _T^TYR ^_]L_PRd QZ] bTYYTYR ZaP] [LRLY TY_PWWPN_`LW^ _Z _SP .S]T^_TLY 2ZO LYO [`__TYR X`^TN _SPZ]d LYO SL]XZYd ZQ _SP `YTaP]^P TY_Z L YPb L]R` XPY_L_TZY Q]LXPbZ]V 4Y WL_P 0`]Z[PLY ,Y_T\`T_d wX`^TNLx OTO YZ_ ^TX[Wd XPLY X`^TN M`_ []TXL]TWd TQ YZ_ PcNW`^TaPWd ^NTPYNP ^NTPY_TL  X`^TN _SPZ]d 4Y _ST^ [ZTY_ ,`R`^_TYP T^ TY Q`WW NZYQZ]XT_d bT_S _SP [LRLY _STYVP]^ ZQ WL_P ,Y_T\`T_d PaPY TQ SP OTQQP]^ Q]ZX _SPX TY ST^ STRSWd OPaPWZ[PO _SPZWZ RTeTYR 3ZbPaP] WT__WP ZQ _SP ]PWTRTZ`^ .S]T^_TLY _SPZWZRTNLW XPLYTYR Q]LXPbZ]V LYO _SP ]TRZ]Z`^ OPaLW`L_TZY ZQ ^PY^Z]d [WPL^`]P T^ _Z MP QZ`YO TY -ZP_ST`^ MZ_S _STYVP]^ LR]PP TY _SP WZRZRPYTN TY_P][]P_L_TZY ZQ X`^TN ,[[]ZcTXL_PWd ZYP S`YO]PO dPL]^ WL_P] -ZP_ST`^ T^ RPY`TYPWd L

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ,`R`^_TYP []P^PY_^ _ST^ L^ L [L_S ZQ ^PaP]LW ^_P[^% LQ_P] OT^NZaP]TYR LYO Z]OP]TYR Y`XMP]^ ZQ _SP MZOd ZQ _SP MZOd LYO _SP ^Z`W LYO [`]PWd ZQ _SP ^Z`W SP NZXP^ _Z _SP \`P^_TZY ZQ _SP P_P]YLW ^LXPYP^^ LYO _S`^ ZQ 2ZO 1T]^_ ZQ LWW ]Sd_SX^ TY ^Z`YO TY X`^TN TY ^PY^Z]d [P]NP[_TZY TY _SP [P]QZ]XP] TY XPXZ]d LYO TY _SP ^PY^Z]d U`ORXPY_ L]P OTQQP]PY_TL_PO _Z ]PaPLW _SP ^_]`N_`]P MPSTYO _SPX LYO _Z XLVP T_ [Z^^T MWP _Z L^^P^^ _SP ]Sd_SX^ :YWd bSP]P _SP ]Sd_SX^ L]P ]PNZRYTePO L^ wY`XMP]^ ZQ _SP ^Z`Wx OZP^ ^NTPY_TL MPRTY BSL_ T^ TX[Z]_LY_ T^ _SP QZWWZbTYR L]R`XPY_% _SP ]Sd_SX^ LW^Z PcT^_ bSP]P _SPd L]P YZ_ SPL]O LYO _SPd NLY MP [P]QZ]XPO bT_SZ`_ YPPOTYR XPXZ]d .ZY^P\`PY_Wd _SP]P L]P [Sd^TNLW ]Sd_SX^Y`XMP]^ LYO YZY[Sd^TNLW ZYP^ _SL_ L]P [`]PWd ]PWL_PO _Z _SP ^Z`W ,^^ZNTL_PO bT_S _ST^ T^ L NWPL] LYO NZY^NTZ`^ PaLW`L_TZY LYO STP]L]NSTeL_TZY ZQ Y`XMP]^ ?SP [P]^ZY U`ORTYR T^ MP__P] _SLY _SP [P] ^ZY XP]PWd ]PNPTaTYR _S]Z`RS _SP ^PY^P^ _SP [P]^ZY []ZO`NTYR SL^ L XZ]P PWPaL_PO [Z^T_TZY _SLY bSL_ T^ []ZO`NPO LYO _SP ^Z`W T^ LMZaP _SP MZOd ?SP TXXZ]_LW TYNZ] [Z]PLW ^Z`W NLY []ZO`NP ^Z`YO^ ,YO _SP wY`XMP]^x _SL_ L]P TYaZWaPO TY _SP []ZO`N _TZY LYO [P]NP[_TZY ZQ ]Sd_SX^ L]P LW^Z TXXZ]_LW ?SP \`P^_TZY ZQ _SP TXXZ]_LWT_d ZQ ]Sd_SX^ Z] Y`XMP]^ _S`^ WPLO^ Q]ZX _SP TX[P]XLYPY_ NZ][Z]PLW _Z _SP P_P]YLW YZY NZ][Z]PLW

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$!

WZ_ NWZ^P] _Z _SP [LRLY SP]T_LRP _SLY ,`R`^_TYP  3P NZY^TOP]^ X`^TN LYO _SP YL_`]LW UZd TY T_ _Z MP YL_`]Pv^ XZ^_ WZaPWd RTQ_& X`^TN NLYYZ_ MP ^P[L]L_PO Q]ZX _SP YL_`]P ZQ XLY LYO T^ WZaPO Md PaP]d ZYP Q]ZX PL]Wd NSTWOSZZO 4_ RTaP^ [WPL^`]P LYO ]P^_ LYO ^P]aP^ [WPL^LY_ [L^_TXP^ OPNPY_ ZNN`[L_TZY _SP PO`NL_TZY ZQ _SP ^[T]T_ LYO P_STN^ ±£]«RLOPaL LW^Z ^Lb T_ L^ PcLN_Wd _ST^ 3ZbPaP] TY NZY_]L^_ _Z _SP _SPZWZRTeTYR TY_P][]P_L_TZY Q]LXPbZ]V ZQ ±£]«RLOPaL LYO ,`R`^_TYP -ZP_ST`^ ^PP^ _SP STRSP] [`][Z^P OP^_TYPO QZ] X`^TN YZ_ TY ]PWTRTZY M`_ TY P_STN^ XZ]LWT_d LYO NSL]LN_P]M`TWOTYR 3T^ ML^TN RZLW bL^ _Z ^SZb _SP LWW PYNZX[L^^TYR TYQW`PYNP ZQ X`^TN ZY S`XLY WTQP 1Z] _ST^ ]PL^ZY -ZP_ST`^ OZP^ YZ_ WLNV _SP XP_L[Sd^TNLW Q]LXPbZ]V PT_SP]% _SP SL]XZYd ZQ _SP `YTaP]^P bSTNS LW^Z NZY^_T_`_P^ ,`R`^_TYPv^ MLNVR]Z`YO 4Y -ZP_ST`^ XZ]LWT_d XPLY^ M]TYRTYR MZOd LYO ]PL^ZY TY_Z NZY^ZYLYNP _S`^ NZ]]P^[ZYOTYR _Z _SP YL_`]LWWd RTaPY NZ^XTN SL]XZYd ZQ _SP `YT aP]^P >Z L ^LN]LWTeTYR L^[PN_ NLY LW^Z MP QZ`YO TY ST^ bZ]V bSTNS _TP^ S`XLY MPTYR^ TY_Z L ^LN]PO `YTaP]^P LYO WTYV^ _SPX OT]PN_Wd bT_S _SP P_P]YLW% wBSL_ ;WL_Z ]TRS_Q`WWd ^LTO NLY WTVPbT^P MP `YOP]^_ZZO% _SP ^Z`W ZQ _SP `YTaP]^P bL^ UZTYPO _ZRP_SP] LNNZ]OTYR _Z X`^TNLW NZYNZ]O 1Z] bSPY bP SPL] bSL_ T^ []Z[P]Wd LYO SL]XZYTZ`^Wd `YT_PO TY ^Z`YO TY NZYU`YN_TZY bT_S _SL_ bSTNS T^ SL]XZYTZ`^Wd NZ`[WPO LYO UZTYPO _ZRP_SP] bT_STY `^ LYO L]P L__]LN_PO _Z T_ _SPY bP ]PNZRYTeP _SL_ bP Z`]^PWaP^ L]P [`_ _ZRP_SP] TY T_^ WTVPYP^^ 1Z] WTVPYP^^ L__]LN_^ bSP]PL^ `YWTVPYP^^ OT^R`^_^ LYO ]P [PW^x 

1Z] -ZP_ST`^ _ZZ X`^TN [ZTY_^ _Z L STRSP] Z]OP] 4_ WTYV^ S`XLY MPTYR^ bT_S _SP NZ^XZ^ :Y _SP ZYP SLYO SP ^PPX^ _Z NZYNW`OP Q]ZX _SP QLN_ _SL_ wYZ_STYR T^ XZ]P NSL]LN_P]T^_TN ZQ S`XLY YL_`]P _SLY _Z MP ^ZZ_SPO Md [WPL^LY_ XZOP^ Z] OT^_`]MPO Md _SPT] Z[[Z^T_P^x ! _SL_ LW^Z wMPL`_T Q`Wx XZ]LW MPSLaTZ] T^ TY L bLd YL_`]LWWd LYO TXXPOTL_PWd N]PL_PO Md X`^TN TQ ZYP RTaP^ ZYP^PWQ ZaP] _Z T_ ±£]«RLOPaL SLO ^TXTWL]Wd L__]TM `_PO _Z X`^TN L \`L^T YL_`]LW P_STNLW  OSL]XL []ZXZ_TYR \`LWT_d :Y _SP Z_SP] -ZP_ST`^v bZ]V NZY_LTY^ YZ STY_ ZQ _SL_ `Y]P^P]aPOWd [Z^T_TaP aTPb ZQ X`^TN QZ`YO TY ±£]«RLOPaL z TY^_PLO _SP]P T^ LY LXMTaLWPYNP L^^ZNTL_PO bT_S _SP ^PaP]P PQQPN_^ _SL_ WTYVPO 0`]Z[PLY ,Y_T\`T_d bT_S X`^TN% X`^TN NLY PYYZMWP Z] OPML^P Z`] NSL]LN_P] ;]PNT^PWd MPNL`^P ZQ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP]P SL^ MPPY L RZZO OPLW ZQ OT^N`^^TZY ZY bSP_SP] -ZP_ST`^ bL^ L .S]T^_TLY MP NL`^P TY ST^ WL^_ bZ]V .ZY^ZWL_TZ [STWZ^Z[STLP  _SP]P L]P YZ TYOTNL_TZY^ ZQ _ST^ LYO YZYP TY ST^ PL]Wd b]T_TYR ZY X`^TN PT_SP] -ZbP] -ZP_ST`^v ?SP ;]TYNT[WP^ ZQ 8`^TN  !z" MPWTPaP^ z ZbTYR _Z _SP P]L LYO _Z WL_P] b]T_TYR^ Md -ZP_ST`^ z _SP \`P^_TZY SL^ _Z MP LY^bP]PO bT_S LY `YP\`TaZNLW wdP^x 3P ^`[[Z^P^ _SL_ _SP OPQPY^P ZQ MPWTPQ TY _SP ?]TYT_d WPO _Z -ZP_ST`^v TX[]T^ZYXPY_ LYO M]`_LW PcPN`_TZY MPNL`^P ?SPZOZ]TN L_ bSZ^P NZ`]_ -ZP_ST`^ SPWO _SP ZQQTNP ZQ XLRT^_P] ZQQTNTZ]`X bL^ LY ,]TLY  -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL  _]LY^ -ZbP]  ! -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL  _]LY^ -ZbP] 

$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

T_^ [ZbP] ZaP] _SP LQQPN_^ LYO _SP MZOd X`^TN ^SZ`WO LWbLd^ MP PY UZdPO bT_S ]PL^ZY LYO XZOP]L_TZY LYO TY L XLYYP] L[[]Z[]TL_P _Z _SP ^T_`L_TZY 8`^TN NLY QZ^_P] PY_S`^TL^X [L]_TNT[L_TZY LYO PX[L_Sd LYO N]PL_P Z]OP] TY _SP ^[T]T_ LYO TY _SP ^Z`W ZYWd TQ T_ T^ NZY_]ZWWPO Md _SP ]L_TZ ?ST^ ]P\`T]P^ _SP _SPZ]d ZQ X`^TN bSTNS VYZb^ _SP X`^TNLW WLb^ _SL_ RZaP]Y _SP SL]XZYTN ]PWL_TZY bT_S _SP NZ^XTN bSZWP ?SP R]PL_P^_ ^TXTWL]T_d MP_bPPY ,`R`^_TYP LYO -ZP_ST`^ LYO _SP [ZTY_ bSP]P _SPd L]P LW^Z QL]_SP^_ Q]ZX ±£]«RLOPaL T^ _SP aTPb _SL_ _SP _SPZ]d ZQ X`^TN T^ X`NS XZ]P TX[Z]_LY_ _SLY T_^ []LN_TNP -Z_S ZQ _SPX MPWTPaP _SL_ ZYWd _SPZ]P_TNTLY^ LYO YZ_ [P]QZ]XTYR L]_T^_^ Z] ^ZYRb]T_P]^ NLY MP _]`P X`^TNTLY^ ,`R`^_TYPv^ ]L_TZYLWP QZ] _ST^ T^ _SP ZY_ZWZRTNLW Z]OP] TY bSTNS _SP ^[T]T_ T^ ^`[P]TZ] _Z _SP MZOd ,^ ZYWd ]PL^ZY MPWZYR^ _Z _SP STRSP] Z]OP] ^dY_SP^TeP^ [P]NP[_TZY^ LYO R`TOP^ [Sd^TNLW Q`YN _TZY^ T_ T^ ]PL^ZY _SL_ wNZXXLYO^x wT^^`P^ TY^_]`N_TZYx LYO wZ]OP]^x bSP]PL^ _SP MZOd T^ _SP w^WLaPx LYO wZMPd^x bT_S wZMPOTPY_ WTXM^x " ?SP ^PY^P T^ NWPL]% ]PL^ZY X`^_ VPP[ _SP ]PTY^ TY T_^ SLYO LYO ]`WP BT_SZ`_ ^NTPYNP _SP MZOd ]PXLTY^ TY L ^_L_P ZQ ^WLaP]d 4_ T^ _SP ^[T]T_ _SL_ R`TOP^ _SP MZOd _Z bSL_ T^ ]TRS_ 4Q _SP NZXXLYO^ L]P YZ_ ZMPdPO _SP bZ]V bTWW MP OPaZTO ZQ ]PL^ZY LYO TY aLTY >TXTWL] _SZ`RS_^ RZTYR L^ QL] L^ _SP WLYR`LRP ZQ OZXTYTZY L]P LW^Z QZ`YO TY -ZP_ST`^% wF?HSP XTYO T^ ^`[P]TZ] _SLY _SP MZOd& QZ] OPaZTO ZQ ]PL^ZY ZYP ]PXLTY^ TY ^P]aT_`OP =PL^ZY PcP]NT^P^ L`_SZ]T_d LYO WPLO^ _Z bSL_ T^ ]TRS_& QZ] `YWP^^ _SP L`_SZ]T_d T^ ZMPdPO LY LN_ WLNVTYR L ]L_TZYLW ML^T^ bTWW QLW _P]x # >TXTWL]Wd _Z ,`R`^_TYP -ZP_ST`^ NZXP^ _Z _SP [ZTY_PO NZYNW`^TZY _SL_ VYZbWPORP T^ MP__P] _SLY LN_`LWWd []LN_TNTYR _SP L]_ ZQ X`^TN ?SP []LN_TNLW [P]QZ]XLYNP T^ ZYWd wLY ZMPOTPY_ ^WLaPx _SP X`^TNTLY^ bP]P ZQ_PY LW^Z ^WLaP^ TY ]PLW WTQP M`_ ]PL^ZY LYO ^NTPYNP L]P w_SP ]`WP]x @W_TXL_PWd ^NTPY_TQTN ]P^PL]NS OZP^ YZ_ YPPO []LN_TNLW [P]QZ]XLYNP L_ LWW ,XZYR _SP _S]PP _d[P^ ZQ X`^TNTLY^ _SZ^P bSZ [WLd TY^_]`XPY_^ _SZ^P bSZ b]T_P ^ZYR^ LYO _SZ^P bSZ XL^_P] _SP ^[PN`WL_TaP []TYNT[WP^ ZQ _SP OT^NT[WTYP _SP _SPZ]T^_^ L]P `YOZ`M_POWd _SP XZ^_ ^`[P]TZ] :YWd _SP WL__P] SLaP ^Z`YO U`ORXPY_ LYO VYZbWPORP TY ]PWL_TZY _Z XZOP^ LYO ]Sd_SX^ RPYP]L ZQ ^ZYR^ NZY^ZYLYNP^ P_N -ZP_ST`^ L]R`P^ LYLWZ RZ`^Wd _Z ,`R`^_TYP _SL_ [P]QZ]XTYR L]_T^_^ SLaP YZ OPP[P] TY^TRS_ LYO NZX[Z^P]^ L]P ZYWd QZWWZbTYR _SPT] YL_`]LW TY^_TYN_ ?SP]PQZ]P _SP ZYWd _]`P X`^TNTLY^ L]P _SP _SPZ]T^_^ bSZ NZYO`N_ ^NTPY_TQTN ]P^PL]NS LYO OZ YZ_ XLVP T_ ^P]aP []LN_TNLW [P]QZ]XLYNP M`_ ZYWd _SP wL`_SZ]T_d ZQ ]P ^PL]NSx ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ,`R`^_TYP /P X`^TNL  PO 3PY_^NSPW Q Q # -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL  _]LY^ -ZbP] $& _]LY^ ;L`W !z" 4Y -ZP_ST`^ _SP ^`[P]TZ]T_d ZQ _SPZ]d ZaP] []LN_TNP T^ P^[PNTLWWd XL]VPO MPNL`^P T_ L[ [PL]^ L_ VPd [ZTY_^ L_ _SP PYO ZQ  LYO TY _SP 0[TWZR`P  ZQ ST^ QT]^_ MZZV ?SP bSZWP ZQ NSL[_P]  T^ OPOTNL_PO _Z _SP w_]`P X`^TNTLYx LYO NZYNW`OP^ _SP QT]^_ MZZV

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$!

w-`_ _Z bSL_ [`][Z^P T^ LWW _ST^* >Z _SL_ _SP]P NLY MP YZ OZ`M_ _SL_ _SP Z] OP] ZQ Z`] ^Z`W LYO MZOd ^PPX^ _Z MP ]PWL_PO ^ZXPSZb _S]Z`RS _SZ^P ]L_TZ^ Md bSTNS ^`M^P\`PY_ L]R`XPY_ bTWW OPXZY^_]L_P ^P_^ ZQ [T_NSP^ ^`T_LMWP QZ] XPWZOd L]P UZTYPO _ZRP_SP] LYO `YT_POx $ z w1Z] _ST^ ]PL^ZY _SP [ZbP] ZQ TY_PWWPN_ Z`RS_ _Z MP ^`XXZYPO ^Z _SL_ _ST^ L]_ TYYL_P _S]Z`RS YL_`]P XLd LW^Z MP XL^_P]PO NZX[]PSPYOPO _S]Z`RS VYZbWPORP 1Z] U`^_ L^ ^PPTYR T_ OZP^ YZ_ ^`QQTNP QZ] _SP WPL]YPO _Z [P]NPTaP NZWZ]^ LYO QZ]X^ bT_SZ`_ LW^Z ^PL]NSTYR QZ] _SPT] []Z[P]_TP^ ^Z T_ OZP^ YZ_ ^`QQTNP QZ] X`^TNTLY^ _Z QTYO [WPL^`]P TY XPWZOTP^ bT_SZ`_ LW^Z NZXTYR _Z VYZb SZb _SPd L]P ^_]`N_`]PO TY_P]YLWWd Md XPLY^ ZQ ]L_TZ ZQ [T_NSP^x 

4YOTLY X`^TN _SPZ]T^_^ bZ`WO aPSPXPY_Wd ZMUPN_ L_ _ST^ U`YN_`]P ?SPd ^PP _SP ^T_`L_TZY L^ bP ^PP T_ TY Z`] YZ]XLW PaP]dOLd WTaP^% X`^TN PcT^_^ []PNT^PWd _Z TYQW`PYNP `^ PXZ_TZYLWWd ?PNSYT\`P T^ YPPOPO ZYWd Md _SP [P]QZ]XTYR Pc[P]_ bSTWP _SP P^^PYNP ZQ X`^TN WTP^ TY T_^ Pc[]P^ ^TZY 3P]P _SP XZ^_ TX[Z]_LY_ L^[PN_^ L]P X`^TNLW []LN_TNP LYO WT^_PYTYR _Z X`^TN -PTYR PXZ_TZYLWWd NL[_TaL_PO Md X`^TN T^ LN_`LWWd OP^T]PO 0aPY QZ] _SP aT]_`Z^Z []ZQP^^TZYLW bSZ SL^ MZ_S _SP _PNSYT\`P LYO _SP _SPZ]d L_ ST^ OT^[Z^LW _SP _Z[ []TZ]T_d T^ _Z WP_ STX^PWQ MP wNZWZ]POx Md _SP X`^TN LYO _SP X`^TNLW XZZO^ LYO _Z RTaP _SPX [P]^ZYLW Pc[]P^^TZY 4_ T^ L^^`XPO _SL_ SP SL^ _PNSYTNLW VYZbWPORP -`_ _SL_ T^ YZ_ bSL_ XLVP^ L [P]QPN_ [P]QZ]XLYNP ?ST^ aTPb ZQ X`^TN LW^Z SL^ ^_]TVTYR NZY ^P\`PYNP^ QZ] _SP [Z^^TMTWT_TP^ ZQ Pc[P]TPYNTYR _SP STRSP] w^[T]T_`LWx ]PLWT_d 3P]P T_ T^ YZ_ _SP VYZbWPORP LMZ`_ _SP Y`XP]TNLW YL_`]P ZQ X` ^TN M`_ _SP wMPTYR NZWZ]POx _SL_ WPLO^ OT]PN_Wd TY_Z _SP STRSP] ]PLWX LY Z_SP]bZ]WOWd wTXXZ]_LWx ]PLWT_d _SL_ NLY MP TXXPOTL_PWd Pc[P]TPYNPO TY L YZY^PY^Z]d bLd M`_ ^_TWW aTL ^PY^Z]d X`^TN 9Z_ ZYWd _SP Q]PPWd TX[]ZaT^TYR X`^TNTLY bSZ T^ bPWW LbL]P ZQ _SP ]`WP^ SL^ OT]PN_ LNNP^^ _Z _SL_ ]PLWT_d M`_ LW^Z _SP wTRYZ]LY_x WT^_PYP] bSZ OZP^ YZ_ VYZb _SP X`^TNLW ]`WP^ =PL^ZY]L_TZYLWT_d LYO WLNV ZQ ]PL^ZYT]]L_TZYLWT_d L]P YZ_ NL_PRZ]TP^ TY _ST^ ^d^_PX =PL^ZY LYO ^PY^Z]d LQQPN_TaP NL[_TaL_TZY L]P _bZ ^TOP^ ZQ ZYP LYO _SP ^LXP NZTY 4_ T^ NWPL] _SL_ TY WL_P 0`]Z[PLY ,Y_T\`T_d _SP QZ]PR]Z`YO T^ ZNN` [TPO ZYWd Md _SP ]L_TZ LYO _SP YZP_TN bZ]WO ZQ TOPL^ ?ST^ L[[WTP^ MZ_S _Z TOPL^ ZQ _SP SL]XZYd ZQ _SP `YTaP]^P LYO _Z PL]_SWd X`^TN 8`^TN _SPZ]d OPQTYP^ bSL_ X`^TN T^ 4Y ,`R`^_TYP ^PY^Z]d [L]_TNT[L_TZY T^ YZ_ OP^T]PO L_ LWW MPNL`^P T_ T^ ]PRL]OPO L^ `Y]PL^ZYLMWP LYO []PaPY_^ _SP L__LTYXPY_ ZQ STRSP] VYZbWPORP ZQ []Z[Z]_TZY LYO Y`XMP] @W_TXL_PWd T_ T^ L OT^]`[_TZY TY _SP ^d^_PX ZQ _SP ]PL^ZYLMWP Y`XP]TNLWWd XPL^`]PO 2ZORTaPY Z]OP] -ZP_ST`^ ^PP^ ^PY^Z]d [L]_TNT[L_TZY L^ OP^T]LMWP ZYWd TY _SP ]TRS_ XPL^`]P LYO `YOP] XZ]LW NZY_]ZW 4_ T^ _]`P _SL_ SP NZY^TO P]^ X`^TN _Z MP ZYP ZQ _SP XZ^_ bZYOP]Q`W RTQ_^ ZQ YL_`]P M`_ SP ^[PLV^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL  -ZZV  _]LY^ -ZbP] 1`YOLXPY_LW^  "  -ZP_ST`^ /P TY^_T_`_TZYP X`^TNL  -ZZV  _]LY^ -ZbP] 1`YOLXPY_LW^  #

$!!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

ZQ [WPL^`]P LYO XZ]LWT_d TY _SP ^LXP M]PL_S 3P]P ST^ OT^NZ`]^P ZY X` ^TN []LRXL_TNLWWd QZWWZb^ L ]L_TZYLW [`][Z^P 8`^TN T^ ^Z R]PL_ YZ_ WPL^_ MPNL`^P TY ST^ Z[TYTZY T_ T^ X`NS MP__P] L_ RTaTYR ^PY^Z]d QZ]X _Z OP NPYNd LYO XZ]LWT_d _SLY L]P _SP Z_SP] L]_^  :] _Z [`_ T_ TY XZ]P [Z^T _TaP _P]X^ X`^TN T^ L NTaTWTeTYR QZ]NP _SL_ NLY RPYP]L_P Z]OP] TY _SP ^[T]T_ LYO _SP ^Z`W LYO _SP]PQZ]P T^ ZQ R]PL_ aLW`P QZ] ^PWQN`W_TaL_TZY LYO NSL]LN_P]M`TWOTYR BSP]PL^ 4YOTLY X`^TNZWZRT^_^ ^PP TY [WPL^`]P LY TXXP]^TZY TY -]LSXLYMWT^^ -ZP_ST`^ ^PP^ TY [WPL^`]P LY LQQTYT_d QZ] X`^TN _SL_ T^ TYSP]PY_ TY _SP YL_`]P ZQ XLY bSTNS T^ _Z MP []ZXZ_PO TY Z]OP] _Z NZY_]TM`_P _Z XZ]LW PO`NL_TZY LYO ^ZNTLW Z]OP] 4Y _SP ML^TN L^^`X[_TZY _SL_ wX`^TN QZ]X^ L [L]_ ZQ `^ _S]Z`RS YL_`]P LYO NLY PY YZMWP Z] OPML^P NSL]LN_P]x -ZP_ST`^ [TNVPO `[ ZY LY LYNTPY_ WPRLNd NZYNP]YTYR _SP P_STNLW [Z_PY_TLW ZQ X`^TN LYO T_^ `^P L^ L OT^NT[WTYL]d XPL^`]P NZXMTYTYR _SP [WPL^`]LMWP bT_S _SP ^ZNTLWWd Z[[Z]_`YP LYO ]PR`WL_TYR NZ]]PN_ MPSLaTZ] _S]Z`RS _SP ]TRS_ QZ]X^ ZQ X`^TN  8`^TN _PLNSP]^ _SP]PQZ]P SLaP LY TX[Z]_LY_ _L^V TY PO`NL_TYR dZ`YR [PZ[WP ^Z _SL_ _SPd MPNZXP RZZO NT_TePY^ ZQ _SP ^_L_P MPNL`^P YZ Z_SP] L]_ NLY TX[L]_ XZ]LW^ LYO OPNPYNd ^Z bPWW aTL _SP ^PY^P^ Z] NLY NSLYYPW _SP LQQPN_^ WTVP X`^TN OZP^ 4Y _SP X`^TNLW LYO TY _SP XZ]LW L ]PL^ZYPO NL[LNT_d ZQ U`ORXPY_ T^ ]P\`T]PO _Z OT^_TYR`T^S MP_bPPY bSL_ T^ RZZOL[[]Z[]TL_P LYO bSL_ T^ MLOTYL[[]Z[]TL_P ?ST^ T^ YZ_ ^TX[Wd []Z aTOPO Md YL_`]P 3P]P _SP _SPZ]P_TNLW VYZbWPORP ZQ XPL^`]P []Z[Z]_TZY LYO SL]XZYd MPNZXP^ TXXPOTL_PWd ]PWPaLY_ _Z LN_`LW []LN_TNP ?SP ^LXP bZYOP]Q`W Z]OP] _SL_ [P]aLOP^ _SP `YTaP]^P X`^_ LW^Z R`TOP PL]_SWd WTQP ?SPZ]d LYO NWPL] NL[LNT_d ZQ U`ORXPY_ ZaP] _SP ]TRS_ []Z [Z]_TZY^ ^SZ`WO _SP]PQZ]P R`TOP X`^TNXLVTYR LYO WT^_PYTYR _Z X`^TN& LYd_STYR PW^P bZ`WO MP `Y]PL^ZYLMWP LYO `YNZYO`NTaP _Z XPY LYO [Z^ ^TMWd PaPY TXXZ]LW LYO OLYRP]Z`^ _Z _SP ^_L_P

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV  !# !$ -ZP_ST`^ YZ_P^ NQ TMTO !$% w4_ T^ L RPYP]LW []Z[P]_d ZQ X`^TN _SL_ T_ M]TYR^ [WPL^`]P 8Z]LWT_d SZbPaP] SL^ _Z OP_P]XTYP TY [L]_TN`WL] _SP XPL^`]P ZQ OP^T]P LYO _SP TYNWTYL_TZY^ _Z WZaP LYO _Z SL_P _SL_ L]T^P LYO _Z OT]PN_ _SPX _Z _SP []Z[P] ZMUPN_^ 3P]P YZ ^_`Od T^ XZ]P TX[Z] _LY_ _SLY PYLMWTYR XPY _Z [L^^ NZ]]PN_ U`ORXPY_ ZY bSL_ T^ [WPL^LY_ Z] `Y[WPL^LY_ LYO P^[PNTLWWd _Z OPWTRS_ TY RZZO NSL]LN_P]T^_TN^ LYO YZMWP LN_^ ?SP]P T^ YZ_STYR TY YL_`]P bSTNS MP__P] M]TYR^ LMZ`_ LYRP] LYO RPY_WPYP^^ NZ`]LRP LYO XZOP]L_TZY LYO LWW _SP Z_SP] XZ]LW []Z[P]_TP^ LWZYR bT_S _SPT] ZbY WLb^ _SLY OZ ^ZYR LYO ]Sd_SX ,YO bSL_ T^ XZ]LW T^ WP^^ bPWW Pc[]P^^PO TY Z_SP] ^PY^Z]d ]P[]P^PY_L_TZY^ _SLY TY _SP X`^TNLW NZWZ]^ LYO QZ]X^x  ,_ _ST^ [ZTY_ -ZP_ST`^ ]PQP]^ _Z ,]T^_Z_WP LYO ;WL_Z ^_L_TYR _SL_ ,]T^_Z_WP SLO ]PRL]OPO ^P]TZ`^ ^_`Od ZQ X`^TN L^ L XLUZ] XPLY^ ZQ PO`NL_TZY ,MZaP LWW TY ;WL_Z PO`NL_TZY _S]Z`RS X`^TN T^ _TPO TY bT_S NTaTN OT^NZ`]^P LYO ^`MUPN_ _Z ]P^_]TN_TZY^ .Q ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV  ! z"! LYO 6`]_ 4YOTPY `YO 0`]Z[L  $z$

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$!"

,NNZ]OTYR _Z _SP LY_T\`P ^NSZWL]^ T_ T^ ZYWd X`^TN _SPZ]d _SL_ R`L] LY_PP^ LY TY^TRS_ TY_Z _SP STRSP] Z]OP] ZQ _SP ]`WPML^PO YL_`]P ZQ _SP NZ^XZ^ LYO _SP SL]XZYd ZQ _SP bZ]WO^Z`W 7T^_PYTYR _Z X`^TN SZb PaP] SL^ L _Z_LWWd OTQQP]PY_ PQQPN_ 3P]P [L]_TNT[L_TZY TY _SP XZZO^ ZQ X`^TN T^ Pc[WLTYPO Md _SP Y`XP]TNLW ]PWL_TZY^ST[^ TY X`^TN YL_`]LWWd TYQW`PYNTYR _SP []Z[Z]_TZY^ ZQ S`XLY LQQPN_^  8`^TN NLY XLVP [PZ[WP SL]O LRR]P^^TaP LYO N]`PW TQ _SPd SPL] LRT_L_PO LYO SL]^S VPd^ ZO XPWZ OTP^ Z] XPWZOTP^ M`_ Z_SP] VPd^ NLY XLVP _SPX RPY_WP wbZXLYT^Sx LYO `YM]TOWPO  -Z_S ZQ _SP^P ^_L_P^ L]P `YOP^T]LMWP TQ []Z[Z]_TZY LYO NZY _]ZW L]P PcNPPOPO -ZP_ST`^ ]PQP]^ _Z ;WL_Zv^ aTPb _SL_ _SP ^_L_P SL^ _Z [Ld L WZ_ ZQ L__PY_TZY _Z PY^`]TYR _SL_ X`^TN T^ OT^NT[WTYPO LYO XL^N` WTYP YZ_ bTWO LYO QPXTYTYP ?Z TWW`^_]L_P _ST^ -ZP_ST`^ ]PWL_P^ LY LYPN OZ_P LMZ`_ _SP >[L]_LY^ bSZ^P ^PYL_P ZYNP [L^^PO L OPN]PP QT]TYR _SPT] ^_L_P X`^TN _PLNSP] MPNL`^P _SPd QPL]PO QZ] _SPT] NSTWO]PYv^ PO`NL_TZY LNNZ]OTYR _Z _SP []ZaP]MTLW >[L]_LY TOPLW^ ZQ L^NP_TN ^_]TN_YP^^ LYO XTWT _L]d _Z`RSYP^^ ?SP X`^TN _PLNSP] SLO [`_ LOOT_TZYLW ^_]TYR^ ZY ST^ Wd]P ^Z _SL_ SP NZ`WO `^P _SP wRPY_WP] NS]ZXL_TN ^NLWP^x ?SP^P LM`YOLY_ _d[P^ bP]P ZMaTZ`^Wd aTPbPO L^ YZ_ NZYO`NTaP _Z _SP >[L]_LY bLd ZQ WTQP LYO L^ OLYRP]Z`^ _Z _SP ^_L_P XZ]LW^ LYO dZ`_S MPNL`^P _SPd XLOP _SP [P]^ZY^ WT^_PYTYR ^ZQ_ LYO wQPXTYTePOx LYO wNSL]XPO _SP ^PY^P^x ?SP ;S]dRTLY ^NLWP bL^ L^^ZNTL_PO bT_S Q]PYed LYO WLNV ZQ NZY_]ZW bSTNS bL^ P\`LWWd `YOP^T]LMWP ;d_SLRZ]L^ T^ ^LTO _Z SLaP [LNTQTPO L SLYOQ`W ZQ N]LePO dZ`YR XPY bSZ SLO RZ_ TY_Z L ]LRP Md WT^_PYTYR _Z ;S]dRTLY [TPNP^ ZQ X`^TN Md NSLYRTYR _SP ]Sd_SX LYO SLaTYR _SPX WT^_PY _Z L OTQQP]PY_ [TPNP ZQ X`^TN ,NNZ]OTYRWd X`^TN SL^ aL]dTYR LYO ^_]ZYR PQQPN_^ ZY MZOd LYO ^Z`W OP[PYOTYR ZY T_^ ]Sd_SX LYO ^Z`YO ^_]`N_`]P 3ZbPaP] QZ] PcLN_Wd _ST^ ]PL^ZY _SP [ZbP] ZQ X`^TN X`^_ YZ_ `YQZWO TY LY `YNZY_]ZWWPO QL^STZY 4Y^_PLO T_ X`^_ MP ^_PP]PO ZY_Z _SP ]TRS_^ [L_S^ ZQ XZ]LWT_d LYO OPNPYNd LYO z bSTNS T^ ZQ []TXP TX[Z] _LYNP _Z -ZP_ST`^ z T_ X`^_ YZ_ ZaP]^_P[ _SP XPL^`]P ZQ _SL_ bSTNS T^ MPYPQTNTLW QZ] S`XLY MPTYR^ z LYO _ST^ T^ LW]PLOd OP_P]XTYPO Md _SP bZYOP]Q`W Y`XP]TNLW Z]OP] ZQ _SP bZ]WO 8`^TN _SP]PQZ]P T^ Md YZ XPLY^ `YOP^T]LMWP [P] ^P  ?SP OPNTOTYR QLN_Z] T^ _SL_ PaP]d_STYR ]P XLTY^ TY XZOP]L_TZY LYO X`^TN LWbLd^ MP `^PO LYO ]PNPTaPO TY L OT^NT [WTYPO XLYYP] L[[]Z[]TL_P _Z _SP ^T_`L_TZY ,^ TY XPOTNTYP T_ T^ ZYWd _SP OZ^P _SL_ XLVP^ _SP [ZT^ZY ?SP ^LXP _ZcTN ^`M^_LYNP TY _SP ]TRS_ OZ^P^ MPNZXP^ L XPOTNTYP ?PWWTYRWd -ZP_ST`^ XPY_TZY^ _SP SPLWTYR ZQ OT^ PL^P^ Md WT^_PYTYR _Z X`^TN L^ LYZ_SP] [Z^T_TaP PQQPN_ ,WZYR^TOP _SP `^P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV  ! :Y _SP QZWWZbTYR NQ -ZP_ST`^v PY_T]P QT]^_ NSL[_P] _SL_ M]TYR^ _ZRP_SP] L NZWWPN_TZY ZQ LYNTPY_ X`^TNLW TOPL^ LMZ`_ _SP ^_]ZYR PQQPN_^ ZQ X`^TN ZY MZOd LYO ^Z`W  .Q ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV  z LYO _SP Pc_PY^TaP OP^N]T[ _TZY TMTO ! z" 

$!#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

ZQ X`^TN QZ] _SP]L[P`_TN [`][Z^P^ SP LW^Z OT^N`^^P^ _SPT] NZXQZ]_TYR ]ZWP TY _SP QLNP ZQ R]TPQ LYO OPL_S ?SP]P L[[PL]^ _Z MP L ^`T_LMWP X`^T NLW Pc[]P^^TZY QZ] PaP]d S`XLY NZYOT_TZY LYO LY LY_TOZ_P _Z PaP]d `Y OP^T]LMWP S`XLY ^_L_P 4Y _TXP^ ZQ bL] NP]_LTY VPd^ LYO _SP ^Z`YO^ ZQ _]`X[P_^ L]P L[[]Z[]TL_P QZ] TYNT_TYR _SP [Z[`WLNP bSP]PL^ Z_SP] ^T_`L _TZY^ ]P\`T]P NLWXTYR TYQW`PYNP^ LYO _SP NZ]]P^[ZYOTYR X`^TN T^ _SPY wLOXTYT^_P]POx 4Q L [P]^ZY T^ WP_SL]RTN LYO TYSTMT_PO ZYP ^SZ`WO [WLd X`^TN _SL_ T^ L MT_ ;S]dRTLY ?SP LYR]d Z] WPNSP]Z`^ NLY MP [LNTQTPO Md RPY_WP VPd^ , ST^_Z]TNTeTYR ]PLOTYR ZQ -ZP_ST`^v OT^N`^^TZY^ ^`RRP^_^ _SL_ L ^STQ_ SL^ ZNN`]]PO TY _SP Q`YN_TZYLW NZYYPN_TZY^ NZYNP]YTYR _SP PQQPN_^ ZQ X`^TN TY ,Y_T\`T_d  ;d_SLRZ]L^ NL "z  -. [WLNPO _SP _SP]L [P`_TN PQQPN_^ ZQ X`^TN TY _SP QZ]PR]Z`YO -d NZY_]L^_ ;WL_Z "z" -. bLY_PO _Z `^P X`^TN WP^^ _SP]L[P`_TNLWWd _SLY [POLRZRTNLWWd L^ L XPLY^ ZQ PO`NL_TZY OT^NT[WTYP LYO XZ]LW Z]OP] =Sd_SX LYO SL]XZYd L]P _Z MP L^^TXTWL_PO TY_Z _SP MZd^v ^Z`W^ ^Z _SL_ _SPd MPNZXP XZ]P XZ]LW MPNL`^P bSPY _SPd L]P MP__P] L_ MZ_S ]Sd_SX LYO SL]XZYd _SPd LW^Z []ZO`NP MP__P] ^[PPNS LYO LN_TZY^ 8`^TN _SL_ bL^ `Y^`T_LMWP QZ] _ST^ [`][Z^P bL^ YZ_ _ZWP]L_PO TY ;WL_Zv^ @_Z[TLY ^_L_P 7LXPY_TYR LYO ^W`RRT^S VPd^ bP]P QZ]MTOOPY ?SP PcLX[WP ZQ >[L]_L T^ LWXZ^_ P\`TaL WPY_ _Z LY wLN_ ZQ NWPLY^TYRx 4Y ,]T^_Z_WP #z -. _SP]P L]P LW^Z ]P^_]TN_TZY^ 3P []ZSTMT_^ _SP PN^_L_TNLWWd NZYYZ_PO L`WZ^  _TMTL TY 7L_TY TY X`^TNLW PO`NL_TZY MPNL`^P T_ T^ YZ_ SPW[Q`W TY QZ]XTYR _SP NSL]LN_P] ?SP ZYWd VPd _Z MP []PQP]]PO LMZaP LWW Z_SP]^ T^ _SP /Z]TN MPNL`^P T_ T^ _SP XZ^_ XL^N`WTYP 8`^TNLW PO`NL_TZY T^ OP^T]LMWP QZ] dZ`YR [PZ[WP M`_ _]LTYTYR _Z aT]_`Z^Z ^_LYOL]O T^ NL_PRZ]TNLWWd ]PUPN_PO 4Y ^LdTYR _ST^ ,]T^_Z_WP LW^Z ^_]P^^PO _SP [POLRZRTNLW ]PWPaLYNP ZQ X` ^TN MPTYR NZYaTYNPO _SL_ X`^TN [Z^^P^^P^ _SP LMTWT_d _Z RTaP _SP XTYO L NP]_LTY \`LWT_d ?ST^ WTYP ZQ _SZ`RS_ bL^ NZY_TY`PO TY -ZP_ST`^ #z  ,/ 3P bL^ NZYaTYNPO _SL_ X`^TN NLY PT_SP] PYYZMWP Z] ]`TY XZ]LW MPSLaTZ] M`_ SP PX[SL^TeP^ XZ]P _SP TYOTaTO`LW P_STNLW [ZbP] ZQ X`^TN _Z N]PL_P Z]OP] TY _SP WTQP ZQ _SP ^Z`W 8`^TN `YT_P^ [PZ[WP bT_S _SP Z]OP] ZQ _SP NZ^XZ^ :YP ZYWd SL^ _Z WP_ _SP [ZbP]^ ZQ X`^TN LQQPN_ ZYP TY _SP ]TRS_ bLd _Z SLaP L SL]XZYTZ`^ ^[T]T_`LW WTQP 8`^TN NLY LN_ WTVP L XLR YP_ M]TYRTYR _SP [L]_^ ZQ _SP ^Z`W TY_Z L SL]XZYTZ`^ Z]OP] MPNL`^P _SP WLb^ ZQ _SP `YTaP]^P LYO _SP [^dNSZ^ZXL_TN YL_`]P ZQ S`XLY MPTYR^ NZ]]PWL_P OT]PN_Wd bT_S _SP SL]XZYTN WLb^ ZQ X`^TN >Z L NZX[]PSPY^TaP WZZV L_ _SP aL]TZ`^ OT^NZ`]^P QTPWO^ LYO ^PXLY _TN WTYV^ bT_STY _SP w^d^_PX ]L_TZYLWT_dx Pc[WLTY^ bPWW _SP ^`[P]TZ]T_d ZQ _SPZ]T^_^ ZaP] X`^TNTLY^ LYO WT^_PYP]^ _Z X`^TN ?SP NWPL] OPQTYT_TZY ZQ _SP X`^TNTLY L^ L _SPZ]T^_ NZ]]PWL_P^ TY MZ_S ,`R`^_TYP LYO -ZP_ST`^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  4Y _SP QZWWZbTYR bP QZWWZb 6`]_ 4YOTPY `YO 0`]Z[L  $Q

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$!$

bT_S _SP ^PXLY_TN QTPWO ZQ []Z[Z]_TZY LYO Y`XMP]^ TY _SP XP_L[Sd^TNLW ]PLWX LYO bT_S OPNPYNd LYO []Z[Z]_TZY TY _SP XZ]LW 7T^_PYTYR _Z X` ^TN SL^ _Z MP NZY_]ZWWPO Md ]PL^ZY LYO _SP ^`[P]TZ] VYZbWPORP ZQ _SP _SPZ]T^_ ?SP WL__P] VYZb^ LMZ`_ XPL^`]P []Z[Z]_TZY LYO SL]XZYd LYO _SP]PQZ]P LW^Z VYZb^ bSTNS VPd^ QLaZ] L YZMWP bLd ZQ _STYVTYR LYO ]P^[PN_LMWP MPSLaTZ] 4_ T^ NWPL]Wd L YZ]XL_TaP OT^NZ`]^P TY bSTNS wOT aTYPx ]PL^ZY PO`NL_TZY _Z MP L RZZO NT_TePY NZY_]ZW XL^N`WTYT_d ^Z NTLWWd ]PR`WL_PO MPSLaTZ] LYO _SP WLYR`LRP ZQ OZXTYTZY QZ]X L NZ]]PWL_P _Z ZYP LYZ_SP] ,NNZ]OTYR _Z -ZP_ST`^ _SP /Z]TN VPd bL^ _SP XZ^_ ^`T_ LMWP SL]XZYTN ^d^_PX TY ,Y_T\`T_d MPNL`^P T_ bL^ LaP]^P _Z Pc_]PXP^ LYO QLaZ]PO L [PLNPQ`W Q]LXP ZQ XTYO _SP w2]PPV ^[T]T_x LYO _SP ^_L_P ! ,NNZ]OTYR _Z _ST^ ]L_TZYLWP ZYWd XZOP^_Wd NZX[Z^PO _PX[P] L_P ^TX[WP LYO wXL^N`WTYPx XPWZOTP^ []ZXZ_P XZ]LWT_d LYO _SP ^_L_P TY NZY_]L^_ _Z wPQQPXTYL_Px LRT_L_TYR aTZWPY_ Z] QTNVWP ZYP^ " 4_ T^ YZ_TNPLMWP _SL_ ±£]«RLOPaL Md NZY_]L^_ NZY_LTY^ YZ ^`NS PaLW`L_TZY^ ?SP]P T^ LXZYR 4YOTLY X`^TNZWZRT^_^ LYO X`^TNTLY^ LY `Y]P^P]aPOWd [Z^T_TaP PaLW`L_TZY ZQ X`^TN X`^TNLW Wd^T^ LYO X`^TNLW PN^_L^d # 9Z bSP]P T^ _SP]P LYd XPY_TZY ZQ _SP YPPO _Z VPP[ _Z []Z[Z]_TZY Z] ZQ []ZM WPXL_TN XPWZOTP^ LW_SZ`RS LRT_L_TYR LYO SL]O =£RL^ OPQTYT_PWd PcT^_ _SP O]`X [L]_^ L]P LWbLd^ aP]d ]Sd_SXTN LYO PXZ_TZYLW ^ZXP_TXP^ PaPY PN^_L_TN LYO LY £W£[ NLY ^_]P_NS _Z L _]`Wd PcNP^^TaP WPYR_S OP [PYOTYR ZY _SP L]_T^_ 0aPY _ZOLd L R]PL_ >Z`_SP]Y 4YOTLY A˜Y£ XL^_P] NLY VPP[ ST^ L`OTPYNP PY_S]LWWPO TY _SP £W£[ ZQ L ^TYRWP =£RL QZ] _S]PP OLd^ $ ?SP R]PL_P^_ OTQQP]PYNP Q]ZX 4YOTL T^ ]PaPLWPO TY _SP \`P^_TZY ZQ _SP YL_`]P ZQ WT^_PYTYR _Z X`^TN LYO _SP PQQPN_^ ZQ X`^TN 4_ T^ YZ_TNPLMWP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV  " .Q LW^Z !" " -ZbP] _]LY^ -ZP_ST`^ 1`YOLXPY_LW^ ZQ 8`^TN  z"& ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV  z! ! z" & # ?ST^ OZP^ YZ_ PcNW`OP OT^NT[WTYP LYO NZY_]ZW TY X`^TNXLVTYR 1Z] PcLX[WP _SP 9Z]_SP]Y 4YOTLY /S]`[LO ^_dWP TP []ZMLMWd _SP ZWOP^_ ^_dWP TY NWL^^TNLW 4YOTLY X` ^TN T^ aP]d ^_]TN_ 4Y_P]P^_TYRWd ±£]«RLOPaL WZNL_P^ TY _SP WZ_`^ WPLaP^ ZQ _SP DZRTN MZOd NLV]L^ LWW _SP [Z^^TMWP QPPWTYR^ LYO Md YZ XPLY^ ZYWd [Z^T_TaP ZYP^ ?SP QPPW TYR^ _SL_ SP ]PNZXXPYOPO _Z X`^TNTLY^ QZ] X`^TNLW []ZQTNTPYNd QZ] QZN`^TYR L]P SZbPaP] ]PWL_TaPWd WLNVTYR TY PXZ_TZY >_]ZYR MSLV_T QPPWTYR^ bPP[TYR P_N L]P LM ^PY_ -d NZY_]L^_ P^^PY_TLW ZYP^ L]P NZY^_LYNd MLWLYNP [ZbP] ZQ U`ORXPY_ bTWW _]`^_ ^L_T^QLN_TZY LYO LM^Z][_TZY TY MWT^^Q`W LM`YOLYNP bSTWP QZN`^TYR ZY ^PY^`LWT_d L]]ZRLYNP ^Z]]Zb LYO LRZYd T^ ^PPY L^ LY ZM^_LNWP 0aPY ,`R`^_TYP bZ`WO SLaP bPW NZXPO LWW ZQ _ST^ PcNP[_ QZ] _SP Wd^T^ :YP ^SZ`WO YZ_P _SL_ TY ±£]«RLOPaL L QZN`^ ZY ^PY^`LWT_d T^ LW^Z ^PPY L^ `YOP^T]LMWP LYO TYYP] aT]_`P^ L]P ZQ []TXP TX[Z]_LYNP _Z OT^NT[WTYPO X`^TNTLY^ , ]PWL_TZY _Z _SP [Sd^TNLW MZOd T^ YZ_TNPLMWd LM^PY_ 8`^TNLW Wd^T^ T^ L[[L]PY_Wd ]PWZNL_PO _Z L [`]PWd ^[T]T_`LW ]PLWX $ ,Y 4YOTLY ^TYRP] SLO ]PNPY_Wd _ZWO SP] _ST^ wbT_S PXZ_TZYx ^_L_P^ 8PNS_STWO 6ZWWTY TY SP] []ZR]LX QZ] _SP >L]ZO NZYNP]_ Md ,WT ,VML] 6SLY bSTNS _ZZV [WLNP TY -L^PW ZY 5LY`L]d  $!"

$"

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_SL_ TY _SP 4YOTLY _SPZ]d ZQ X`^TN QPPWTYR^ L]P TYOPPO PXTYPY_Wd TX[Z] _LY_ M`_ _SP]P L]P YZ OT^N`^^TZY^ ZQ RZZO LYO MLO PQQPN_^ ZQ X`^TN Z] _SP YPNP^^T_d ZQ ]PL^ZYLMWP NZY_]ZW ±£]«RLOPaL ]PRL]O^ X`^TN L^ bSZWWd RZZO LYO TY LNNZ]OLYNP bT_S OSL]XL  9ZbSP]P T^ _SP]P LYd _LWV ZQ L [`][Z^P Z_SP] _SLY _SL_ ZQ L [Z^T_TaP PQQPN_ ZY _SP bSZWP ZQ WTQP LYO ^Z_P]TZWZRd ?SP NZWWPN_TaP T^ XPY_TZYPO TY ZYWd M]TPQ LYO RPYP]LW _P]X^ ,MZaP bP SLaP Pc[WLTYPO _ST^ OTQQP]TYR ^NLWP ZQ aLW`P^ bT_S _SP OTQQP]TYR ^ZNTLW XPLYTYR ^d^_PX LYO L NW`^_P] ZQ TY_P]LN_TYR OTXPY^TZY^% _SP ^ZNTLW Z]OP] RZaP]YPO Md OTQQP]PY_ ]`WP^ _SP PL]Wd ^[]PLO ZQ wSZ`^P X`^TNx LYO _SP w_LXTYRx ZQ X`^TN z _SL_ bL^ ZYNP LW^Z ^PPY L^ WTXTYLW z Md MPTYR _TPO TY_Z _SP bZ]WO ZQ _SP R]LNTZ`^ R]PL_ RZO^ bSTNS bL^ PQ QPN_TaP Q]ZX LMZ`_ _SP ]O NPY_`]d ,/ ZYbL]O^ _S]Z`RSZ`_ 4YOTL 3P]P _SP _LXTYR bL^ NL]]TPO Z`_ WP^^ Md _SP ]L_TZ _SLY Md OPaZ_TZY 8`^TN LWWZNL_PO _Z _SP RZO^ T_^PWQ MPNLXP L OTaTYP PcNW`^TaPWd MPYPQTNTLW L_XZ^[SP]P TY_Z bSTNS ZYP ZYWd SLO _Z ^TYV _Z [L]_TN[L_P OT]PN_Wd TY _SP ^LN]PO 8`^TN RLTYPO L NZ^XZWZRTNLW OTXPY^TZY _S]Z`RS _SP 9£OL NZ^XZWZRd ZQ _SP ?LY_]T^_^ >PY^Z]d ^`M^_LY_TLWT_d LYO ^`[]L^PY^Z]d ]PLWT_d L]P TY^P[L]LMWd TY_P]_bTYPO TY _SP 9£OL ?SP NZYYPN_TZY bT_S _SP -]LSXLY XLOP X`^TNLW Wd^T^ NZX[WP_PWd `Y[]ZMWPXL_TN LYO _TPO T_ TY_Z L ^Z_P]TZWZRd OT^NZ`]^P ?SP NL_NSbZ]O DZRL NZ`WO MP `^PO _Z TY_P][]P_ LM^Z][_TZY LYO ^PWQ_]LY^NPYOPYNd TY WT^_PYTYR _Z X`^TN L^ ]PWTRTZ`^ Pc[P]TPYNP LYO L^ L ]P_`]Y Q]ZX PaP]dOLd [W`]LWT_d TY_Z _SP []TXZ]OTLW `YT_d ZQ PaP]d_STYR ?SP XZ^_ TX[Z]_LY_ L^[PN_^ bP]P ^Z_P]TZWZRd LYO YZ_ XZ]LWT_d ^`MUPN_TaT^X LYO YZ_ _SP NZWWPN_TaP Pc[]P^^TaP ^Z`YO LYO YZ_ Y`XMP]^ LYO LP^_SP_TN^ LYO YZ_ XL_SPXL_TN^ -Z_S OPaZ_TZYLWT^X LYO L]_ _SPZ]d O]Pb QPPWTYR^ LYO LQQPN_^ TY_Z LY wZ_SP]bZ]WOWdx OTaTYP _TXPWP^^ LYO P_P]YLW OTXPY^TZY ?SP _]LY^T_TZY^ MP_bPPY _SP []ZQLYP LYO _SP ^LN]PO bP]P Pc_]PXPWd QW`TO MPNL`^P [`]P [WPL^`]P TY X`^TN _ZZV ZY L OTXPY^TZY ^TXTWL] _Z ]PWTRTZY :MaTZ`^Wd _ST^ T^ L OTQQP]PY_ OT^NZ`]^P `YTaP]^P 4_ bL^ WP^^ XL_SP XL_TN^ LYO XZ]P _SP LP^_SP_TN^ _SPZ]d _SL_ WPQ_ T_^ XL]V ZY 4YOTLY OT^ NZ`]^P ZY _SPZ]d ?SP Q`YN_TZY^ bP]P NP]_LTYWd ^TXTWL]% MZ_S OT^NZ`]^P^ QZN`^PO ZY w^[T]T_`LWT_dx M`_ TY 4YOTL _ST^ bL^ L ^[T]T_`LWT_d NZYYPN_PO bT_S _SP ^PY^P^ ?SP ]L^L OZN_]TYP _SL_ bL^ LW]PLOd bPWW VYZbY Q]ZX _SP _TXP ZQ -S£]L_Lv^ _Pc_MZZV ZY _SPL_P] X`^TNLW O]LXL Q`^PO ]PL^ZY PXZ_TZY^ LYO ^PY^P^ TY _SP []LN_TNP ZQ X`^TN TY L wOP[P]^ZYLWTePOx [P]NP[_TZY ZQ _SP ^`[P][P]^ZYLW PXZ_TZYLW XZZO^ 1]ZX _SP _S NPY _`]d L_ _SP WL_P^_ _ST^ bL^ LW^Z ]PQWPN_PO `[ZY _SPZ]P_TNLWWd LYO XZaPO TY_Z _SP ]PWTRTZ`^ QTPWO ZQ OT^NZ`]^P 4Y ,MSTYLaLR`[_L ^PWQQZ]RP_Q`W PYUZdXPY_ ZQ L]_ T^ LYLWZRZ`^ _Z DZRTN LM^Z][_TZY ^LX£OST & TY ±£]«RLOPaL X`^TNLW Wd^T^ MPNZXP^ L [WPL^`]LMWP QZ]X ZQ DZRL QZ] PaP ]dZYP LYO NWPL]Wd ^Z_P]TZWZRTNLWWd NZYYZ_PO .TNP]Z SLO _Z TYaPY_ L QTN _TZYLW O]PLX aT^TZY QZ] _L^_TYR LY TY^TRS_ TY_Z _SP STRSP] ^[SP]P^ ZQ

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$"

]PLWT_d LYO _SP w^bPP_YP^^x ZQ _SP Z_SP]bZ]WOWd X`^TN ZQ _SP ^[SP]P^ ,NNZ]OTYR _Z _SP X`^TN _SPZ]T^_^ TY 4YOTL WT^_PYTYR _Z X`^TN TY _ST^ bZ]WO Q`WQTWW^ LY LYLWZRZ`^ [`][Z^P ?SP N`W_`]LW L]NSTaP ZQ ^TRY^ LYO [L]_TN`WL]Wd _SP XP_L[Sd^TNLW XZYT^X ZQ _SP -]LSXLY _SPZWZRd LYO ZQ _SP YZYO`LW ±LTaL ?LY_]L LWWZbPO ZYP _Z [P]NPTaP _SP PYUZdXPY_ ZQ X`^TN L^ -]LSXLY MWT^^ ?SP 9£OL-]LSXLY NZYNP[_ bL^ L XP_L[Sd^T NLW TY_P][]P_L_TZYLW Q]LXPbZ]V bT_S bSTNS SPL]TYR T_^PWQ NZ`WO MP [P] NPTaPO L^ TXXPOTL_P Pc[P]TPYNP ZQ _SP YZYO`LW NZ^XTN PcT^_PYNP ?SP 9£OL-]LSXLY XLOP _SP NZ^XTN w^Z`YO ZQ _SP bZ]WOx LNNP^^TMWP _Z _SP ^PY^P^ aTL X`^TN LYO L_ _SP ^LXP _TXP ]PXLTYPO ^ZXP_STYR ^`[P]YL_` ]LW Xd^_P]TZ`^Wd aLR`P LM^_]LN_ LYO OT^PXMZOTPO 8`^TNLW Wd^T^ T^ NWPL]Wd []TXL]TWd WZNL_PO TY L [`]PWd ^[T]T_`LW ]PLWX :YP ^SZ`WO YZ_P z OP^[T_P LWW _SP OTQQP]PYNP^ MP_bPPY 4YOTL LYO 0`]Z[P z _SP QZN`^ ZY TYNZ][Z]PLWT_d LYO ^[T]T_`LWT_d ZYWd TY 4YOTL _ST^ bL^ LW^Z w_LYRTMWPx aTL _SP ^PY^P^ LYO TY _SP ^PY^Z]d ]PLWX :Y _SP Z_SP] SLYO bSL_ _SP ;WL_ZYT^_^ ]TRS_ `[ _Z -ZP_ST`^ OZ YZ_ WT^_ `YOP] _SP PQQPN_^ ZQ X`^TN T^ L _Z_LWWd TXXPOTL_P ]PWTRTZ`^ PQQPN_ ZQ X`^TN Pc_PYOTYR MPdZYO _SP PL]_SWd bZ]WO LYO LWWZbTYR ZYP _Z _L^_P _SP Z_SP]bZ]WOWd TY _SP PL]_SWd L^ _SP 4YOTLY^ NWLTX .PY^Z]TY`^ SLO TYOT NL_PO _SP PcT^_PYNP ZQ _ST^ TOPL Md [ZTY_TYR Z`_ _SP ]PWTRTZ`^ `^P ZQ X` ^TN LYO ^[PLVTYR ZQ ;d_SLRZ]L^v []LN_TNP ZQ wQWZZOTYR ST^ ^Z`W bT_S T_^ ZbY OTaTYT_dx PaP]d XZ]YTYR LYO PaPYTYR ,`R`^_TYP SLO TY_]ZO`NPO L .S]T^_TLY TY_P][]P_L_TZY _SL_ SZbPaP] TY_PWWPN_`LWT^_TNLWWd LYO 9PZ[WL _ZYTNLWWd ^`[[Z]_PO _SP [L_S ZQ _SPZ]P_TNLW NZY_PX[WL_TZY LYO Pc[WTNT_Wd ]PUPN_PO TXXPOTLNd BSL_ ]PXLTY^ TY -ZP_ST`^ T^ `W_TXL_PWd ZYWd _SP Z]d :YP NLY ^`XXL]TeP _d[ZWZRTNLWWd _SP ZMaTZ`^ OTQQP]PYNP MP_bPPY 4YOTLY LYO 0`]Z[PLY X`^TN OT^NZ`]^P^ \`T_P YPL_Wd `^TYR Z`] ML^TN Q]LXPbZ]V z [L]_TNT[L_TZY ZY _SP ZYP SLYO PXLYNT[L_TZY ZY _SP Z_SP] =PO`NPO _Z _ST^ ^SZ]_ LYO ^ZXPbSL_ LM]TORPO _d[ZWZRd _SP 0`]Z[PLY^ OPaPWZ[PO _SP PXLYNT[L_Z]d Z]TPY_L_TZY OT^_LY_ L__T_`OP LYLWd_TNLW OTaT^TZY WZRTNLW ]PL^ZYTYR P_N _Z LY Pc_]PXP bSTWP _SP 4YOTLY^ NZY _TY`PO _Z OPaPWZ[ [L]_TNT[L_Z]d Z]TPY_L_TZY _Z LY Pc_]PXP Q`^TZY bT_S _SP ZMUPN_ SZWT^_TN _SZ`RS_ [L__P]Y^ `YT_d ZQ MZOd LYO ^Z`W Pc[P]TPYNP ]PWL_PO XP_L[Sd^TNLW XZYT^X P_N z bSP]PMd LYO _ST^ T^ NPY_]LW PXLYNT[L_Z]d QPL_`]P^ XL_SPXL_TN^ LYO _SPZ]P_TNLW ^[PN`WL_TZY^ bP]P Md YZ XPLY^ LM^PY_ Q]ZX _SP 4YOTLY X`^TNZWZRT^_^v NZY^TOP]L_TZY^ BSL_ _SP 0`]Z[PLY X`^TN ZQ _SP ^[SP]P^ LYO _SP 4YOTLY 9£OL -]LSXLY ^SL]P OP^[T_P LWW _SPT] OTQQP]PYNP^ L]P _SP []Z[Z^T_TZY ZQ L NZ^XTN LYO XP_L[Sd^TNLW OTXPY^TZY _Z X`^TN LYO _SP PXMPOOTYR ZQ WTQP bT_STY L ^LN]PO NZ^XZ^ DP_ PaPY _SPT] ^_L]_TYR [ZTY_^ L]P Q`YOLXPY _LWWd OTQQP]PY_ ?SP ML^TN [L]LOTRX QZ] ,`R`^_TYP LYO -ZP_ST`^ bL^ `W_TXL_PWd _SP TY^_]`XPY_ LYO YZ_ _SP S`XLY aZTNP L^ TY 4YOTL LYO Z`_

$"

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

ZQ _ST^ _SP]P PXP]RPO OTQQP]TYR [P]^[PN_TaP^% XPNSLYTN^ LYO YZ_ _SP ^PY^P^ Y`XP]TNLW Z]OP] LYO YZ_ ^`M^_LY_TLW Xd_STNLW w[]TXPaLW ^Z`[x TY_PWWPN_`LW NZY_PX[WL_TZY LYO YZ_ Q`^TZY LYO LQQPN_TaP OT^^ZW`_TZY ?SP NZ^XTN ]PWPaLYNP ZQ _SP 9£OL TY ^ZYR WLd []PNT^PWd TY _SP [Z^^TMTWT_d ZQ L ^PY^Z]d LQQPN_TaP [L]_TNT[L_TZY TY _SP NZ^XTN bSZWP ?SP TY_PWWPN_`LW PQQZ]_^ Md 4YOTLY X`^TN _SPZ]T^_^ OTO YZ_ L[[Wd ZYWd _Z XL_SPXL_TNLW NLWN`WL_TZY^ M`_ LW^Z _Z [STWZ^Z[STNLW ^[PN`WL_TZY^ ZQ L ]LOTNLWWd YZY O`LW [P]^[PN_TaP ZQ ]PLWT_d .ZX[`_L_TZY ZQ _SP [WLYP_L]d Z]MT_^ bL^ WPQ_ _Z _SP L^_]ZYZXP]XL_SPXL_TNTLY^ ?SP X`^TN _SPZ]T^_^v XP_SZO ZQ NZXMTYL_TZY bSTNS bTWW MP NZY^TOP]PO TY _SP YPc_ NSL[_P] OTO YZ_ L]T^P Q]ZX _SP YPNP^^T_d ZQ LY Z]OP]PO NWZ^PO ^d^_PX M`_ Q]ZX []LRXL_TN^ LYO TY_P]P^_ TY Pc[P]TXPY_L_TZY 4_^ `YOP]WdTYR `YTaP]^LW Xd_S bL^ YZ_ L []TXZ]OTLW OTaT^TZY LYO WZRZ^WTVP NZX[Z^T_TZY LNNZ]OTYR _Z X`^TNLW []Z[Z]_TZY^ _SP VYZbWPORP ZQ X`^TNLW []Z[Z]_TZY^ PcT^_PO ZYWd Q]ZX _SP !_S NPY_`]d ZYbL]O M`_ _SP YZ_TZY ZQ L []TXZ]OTLW `YT_d _SL_ LW ]PLOd NL]]TPO _SP [Z_PYNd ZQ _SP [W`]LWT_d bT_STY T_^PWQ ?SP XL_SPXL_T NLW NLWN`WL_TZY^ QZ] X`^TN bP]P LNNZ]OTYRWd LY Pc[WZ]L_TZY ZQ _SP XLYd LYO aL]TPO [Z^^TMTWT_TP^ ZQ [P]X`_L_TZY^ TY _SP NZ^XTN `YT_d PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

UPN_PO TYQ`^TZY _SL_ LWWZbPO _SP X`^TN ZQ _SP ^[SP]P^ _Z MP [P]NPTaPO TY LY LW_P]PO QL^STZY BSL_ [L]_TN`WL]Wd QL^NTYL_PO -P]PYO_ LYO SP WP_ ^WT[ LW^Z ST^ ]PLOP]^ bL^ _SP w_PX[WP ZQ _SP PL]x _SP LMTWT_d ZQ _SP PL]^ _Z R]L^[ bT_S TX[]ZMLMWP LNN`]LNd Y`XP]TNLW \`LWT_TP^ LYO aLW`P^ ZQ ^P \`PYNP^ ZQ YZ_P^ PR _SP []Z[Z]_TZY % L^ LY ZN_LaP % L^ L QTQ_S % L^ L QZ`]_S P_N LYO L_ _SP ^LXP _TXP _Z SPL] _SPX TY L Q`WWd ^PY^Z]d bLd L^ . 2 LYO 1 _SL_ T^ L^ _ZYP aLW`P^ ?ST^ bL^ []PNT^PWd _SP ZMUPN_ ZQ QL^NTYL_TZY MPSTYO _SP LYNTPY_ YZ_TZY ZQ _SP SL]XZYTP^ ZQ _SP ^[SP]P^ M`_ []P^PY_PO _SP]P L^ ]PXZaPO Q]ZX S`XLY SPL]TYR ,W_SZ`RS -P]PYO_ OTO YZ_ QTYO TY 4YOTLY X`^TNTLY^ L QZN`^ ZY XPL^`]TYR TY_P]aLW^ TY _SL_ XLYYP] QZ] STX _SP 9£OL-]LSXLY bL^ ^_TWW _SP VPd _SL_ NZ`WO M]TYR _ZRP_SP] MZ_S L^[PN_^ z XL_SPXL_TN^ LYO ^PY^L_TZY z L_ _SP WPaPW ZQ S`XLY SPL]TYR TY _SP SP]P LYO YZb -d NZY_]L^_ bSP]P SPL]TYR X` ^TN bL^ NZYNP]YPO TY ST^ LY_T\`P []Z_Z_d[P^ ZQ X`^TN ZQ _SP ^[SP]P^ LYO TY XZOP]Y YL_`]LW ^NTPYNP SP QZ`YO ZYWd _SP bTYR Y`XMP] ?SP YL_`]LW SZWT^_TN `YTQTNL_TZY ZQ MZ_S PWPXPY_^ TY SPL]TYR X`^TN wNLWWPOx QZ] _SP 4YOTLY ^ZW`_TZY XZOPW _SL_ TY LOOT_TZY LN_`LWWd PXMPOOPO _SP ]PWTRTZ`^Wd WZLOPO XP_L[SZ] ZQ _SP w _PX[WP ZQ _SP PL]x TY L ]PWTRTZ`^ NZY_Pc_ -P] PYO_ NSL]LN_P]T^_TNLWWd ]PWL_PO ST^ ]P[]P^PY_L_TZY ZQ _SP X`^TNLYO Y`XMP] NZX[WPc _Z L XZOP]Y BP^_P]Y LW_P]YL_TaP ^NTPY_T^_ 3LY^ 6Ld ^P]   6Ld^P] SLO TXXPOTL_PWd []PQTR`]PO _SP QTYOTYR _SL_ ^Z`YO Pc[P]T PYNP LWbLd^ PYNZX[L^^P^ LYO `YTQTP^ _bZ PWPXPY_^ z _SP ^PY^Z]d _SP _ZYP LYO _SP XPY_LW NZYNP[_`LW _SP Y`XP]TNLW aLW`P 4_ T^ _PWWTYR _SL_ _ST^ []POPNP^^Z] bT_S LY LW_P]YL_TaP ^NTPY_TQTN ^_dWP z _Z [`_ T_ TY LYLNS ]ZYT^_TN WLYR`LRP TY NZY_]L^_ _Z ;WL_Z z SLO LW^Z ]PLO 4YOTLY [STWZ^Z[Sd LYO TY_PR]L_PO T_ TY_Z ST^ _STYVTYR ?ST^ T^ []PNT^PWd bSL_ RLaP STX LY LQQTYT_d QZ] _SP 9£OL-]LSXLY 6Ld^P] OTO YZ_ ZYWd ^[PLV ZQ L wQ`^TZYx ZQ _SP _bZ PWPXPY_^ M`_ LW^Z `W_TXL_PWd RLaP _SP ^PY^Z]d [L]_ STRSP] []TZ]T_d LYO ^Lb T_ L^ _SP XZ]P ML^TN bSPY SP ^_L_PO% w,XZYR LWW Z`] S`XLY ^PY^P^ bP ZYWd SLaP ZYP Z]RLY _SL_ T^ NL[LMWP ZQ _ST^ Q`^TZY% _SP PL]^ 4Y _ST^ bLd ^PY^L_TZY NZY_]ZW^ OPWTMP]L_TZY z Z] _Z [`_ T_ OTQQP]PY_Wd% :`] ^Z`W T^ _S`^ NL[LMWP ZQ OPNTOTYR ZY _SP NZ]]PN_YP^^ Z] TYNZ]]PN_YP^^ ZQ LY TY_PWWPN_`LW \`LY_T_d .ZYaP]^PWd _SP [SPYZXPYZY ZQ _ZYP aLW`P LW^Z RTaP^ `^ _SP Z[[Z]_`YT_d _Z OPaPWZ[ []Z[Z]_TZY^ LYO Y` XP]TNLW aLW`P^ TY _SP ]PLWX ZQ _SP [^dNSPx  

>PPY Q]ZX _ST^ aTPb[ZTY_ bSL_ TY ,Y_T\`T_d bL^ [`]PWd XP_L[Sd^TNLW ]PL^ZYPO ^`M^_LYNP XZaP^ NWZ^P] _Z _SP ^PY^Z]d ^`M^_LYNP _SL_ _SP 9£OL-]LSXLY LWbLd^ bL^ TY 4YOTL 4_ T^ _]`P _SL_ _SP ,]T^_Z_PWTLY _]LOT _TZY LW^Z SLO LNNP^^ _Z X`^TN aTL _SP ^PY^P^ LYO PcLN_Wd _ST^ bL^ _SP N]T_TNT^X WPaPWPO L_ _SP TOPLWT^_TN ;d_SLRZ]PLY^ LYO ;WL_ZYT^_^ 3ZbPaP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   -P]PYO_ ?SP BZ]WO T^ >Z`YO   Q   Z`YO  !

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$"

TY _SP ,]T^_Z_PWTLY X`^TNLW _]LOT_TZY _ST^ TYOTNL_PO PX[T]TNT^X bT_SZ`_ XP_L[Sd^TN^ 4YNW`^TZY ZQ _SP ^PY^P^ NL`^PO _SP X`^TN ZQ _SP ^[SP]P^ _Z MP WZ^_ LYO PL]_SWd X`^TN bL^ OP[]TaPO ZQ T_^ NZ^XTN ]PWPaLYNP 4_ bL^ _SP MPRTYYTYR ZQ _SP BP^_P]Y ]L_TZYLWTeL_TZY ZQ X`^TN z L ]L_TZYLWTeL_TZY _PYOPYNd TY LWW N`W_`]LW QTPWO^ bSTNS _SP 9Pb ,RP SZWT^X M]PLV^ OZbY 1Z] _ST^ -P]PYO_ YPPOPO _SP 9£OL-]LSXLY 4_ Q`WQTWWPO PcLN_Wd _SL_ bSTNS .LX[MPWW NLWW^ wP[T^_PXZWZRTNLW ]PaZW`_TZYx% NZ^XTN Xd^_TNT^X TY_`T_TaP aT^TZY ZQ _SP bSZWP TXXPOTL_P TY^TRS_ LYO QPPWTYR 0aPY U`^_ WT^_PYTYR _Z X`^TN T^ ^`QQTNTPY_ QZ] TXXPOTL_P Pc[P]TPYNP ZQ NZ^XTN SL]XZYd LYO _SP YP_bZ]VPO YL_`]P ZQ _SP `YTaP]^P 4Y -P]PYO_ ATaPVLYLYOLv^ ^[T]T_`LW `YT_d ZQ _SP `YTaP]^P NLY MP Pc[P]TPYNPO TY X`^TN 8ÞWWP]v^ w_S]PLOx LYO _SP ^`[]L]PWTRTZ`^ w_]`_Sx ZQ _SP ?SPZ^Z [ST^_^ MPNZXP^ TY -P]PYO_ _SP ^Z`YO ZQ _SP bZ]WO _SP bZ]WO T^ ^Z`YO ^Z`YO T^ RZO ^Z`YO T^ _SP w_]`_Sx MPSTYO TY LYO MP_bPPY _SP [SPYZX PYL LYO TYOTaTO`LW YZ_TZY^ ZQ RZO 1]ZX _SP MTYL]d [L__P]Y^ Z`_WTYPO LMZaP T_ T^ ]PWL_TaPWd PL^d _Z OP O`NP bSd _SP X`^TN ZQ _SP ^[SP]P^ bL^ TY^`QQTNTPY_ QZ] _SP SZWT^_TN 9Pb ,RP []ZR]LX 4Y _P]X^ ZQ _d[ZWZRd _SP]P L]P YZ_ ZYWd _bZ bLd^ ZQ WT^ _PYTYR _Z X`^TN M`_ LW^Z _bZ OTQQP]PY_ bZ]WOaTPb^ LYO ^PXLY_TN QTPWO^ _SL_ L]P U`c_L[Z^PO :YP NLY ^VP_NS _ST^ Z`_ ^ZXPbSL_ MW`Y_Wd L^ QZW WZb^% ZY _SP ZYP ^TOP T^ _SP bZ]WO ZQ ^P[L]L_TZY NLWN`WL_TZY LYLWd_TNLW OTaT^TZY LYO NZX[]PSPY^TaP OZXTYTZY ZQ XPL^`]TYR ]PL^ZY bSTNS -P] PYO_ N]T_TNTePO ^Z ^_]ZYRWd _ST^ T^ bSP]P _SP TOPLWT^_TN ;WL_ZYTN LYO _SP PX[T]T^_TN ,]T^_Z_PWTLY _]LOT_TZY XPP_ :Y _SP Z_SP] ^TOP T^ _SP `YOT aTOPO bZ]WO ZQ YZYO`LW SZWT^X bSTNS SP bL^ ^PPVTYR /TaT^TZY bL^ LW]PLOd _LVTYR ]ZZ_ TY _SP LYNTPY_ bZ]WOaTPb ZQ X`^TN ZQ _SP ^[SP]P^ MPNL`^P T_ bL^ _SP bZ]WOXLVP] ;WL_Zv^ bZ]WO ^Z`W T_^PWQ _SL_ OTaTOPO `[ _SP `YTaP]^P TY LNNZ]OLYNP bT_S TY_P]aLW^ LYO NZY^ZYLYNP^ -ZP_ST`^ LW^Z OTaTOPO Md LYLWd_TNLWWd OQQP]PY_TL_TYR _SP _S]PP _d[P^ ZQ X`^TN z _SL_ ZQ _SP `YTaP]^P _SL_ ZQ XPY LYO _SL_ ZQ TY^_]`XPY_^ ?SP XLNSTYP WTVP []PNT^TZY ZQ ^[SP]TN X`^TN LYO _SP XLTY XZOPW _SP TY^_]`XPY_ bP]P NZ]]PWL_TaP -ZP_ST`^v QZN`^ ZY TY^_]`XPY_LW X`^TN bL^ L XP_ZYdX QZ] L NP]_LTY `YOP]^_LYOTYR ZQ _SP bZ]WO ,^ _SP wXLNSTYP ZQ _SP SPLa PY^x T^ OTaTOPO `[ Md _SP bZ]WOXLVP] TY LNNZ]OLYNP bT_S WLb^ LYO UZTYPO _ZRP_SP] TY ]PL^ZYPO Z]OP] ^Z T_ T^ LW^Z bT_S _SP ]Sd_SX^ ZQ _SP dPL] LYO _SP ^Z`W _SL_ R`TOP^ _SP MZOd _Z bSL_ T^ ]TRS_ LYO _SP SL] XZYTN WTYV MP_bPPY `YP\`LW [L]_^ ZQ _SP ^Z`W LYO QPPWTYR^ _SL_ NZ]]P ^[ZYO _Z _SP aL]TZ`^ X`^TNLW VPd^ 0aP]d_STYR T^ [`_ _ZRP_SP] TY X`^TNLW Y`XP]TNLW ]L_TZ^ ^Z _SL_ T_ T^ `YT_PO TY ZYP ^TYRWP MZOd Z] ZYP ^TYRWP XLNSTYP ?SP]PQZ]P ^NTPYNP X`^_ ^_]TaP _Z Z]OP] _SL_ bSTNS T^ RTaPY _Z `^ Md YL_`]P LYO L^[T]P _Z M]TYR LMZ`_ _SP SL]XZYd TQ TYP\`LWT_TP^ TY L ^TXTWL] XLYYP] _Z _SP R]PL_ bZ]WOXLVP] TP L^[T]P _Z ^`MZ]OTYL_P _SP

$"!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

TYQP]TZ] _Z _SP ^`[P]TZ] LYO _Z M]TYR ]PL^ZY LYO MZOd TY_Z NZY^ZYLYNP bT_S PLNS Z_SP] 3ZbPaP] ZYP NLY LW^Z Pc[]P^^ _ST^ [Z^T_TaPWd -P]PYO_ OTO YZ_ P\`L_P _SP LY_T\`P wbZ]WO X`^TNx LYO 9£OL-]LSXLY QZ] YZ_STYR -Z_S bP]P `YTaP]^LW Xd_STNLW XP_L[SZ]^ ZQ _Z_LWT_d :YP NLY ^[PLV ZQ _bZ NZX[WP_PWd OTQQP]PY_ SZWT^X^ Z] XP_LXd_S^ _SL_ ^VP_NSPO L [TN_`]P ZQ _SP bZ]WObSZWP _SL_ bL^ L ^LN]PO NZ^XZ^ -L^TNLWWd -ZP_ST`^ LW]PLOd SLO _SP ^LXP TOPLW L^ -P]PYO_% _SP RZLW ZQ L SL]XZYTN ^NSZWL] ^SZ`WO MP _Z M]TYR ^PY^P LYO ]PL^ZY TY_Z NZYNZ]O   :Y _SP w`YTaP]^LW Xd_STNLWx WPaPW _ST^ XPLY_ _SL_ LWW ZQ -ZP_ST`^v _S]PP _d[P^ ZQ X`^TN L]P TY [P]QPN_ SL]XZYd ^Z _SL_ _SP X`^TNLW ^ZYTN Z]OP] LYO _SP bSZWP ZQ PL]_SWd WTQP L]P w^Z _Z ^[PLV L ]PQWPN_TZY ZQ _SP SPLaPYWd Z]OP] LYO OTaT^TZYx   ?SP `YP\`LW [L]_^ NZXP _ZRP_SP] TY MPL`_TQ`W `YTaP]^LW NZYNZ]O _Z QZ]X L bSZWP 0cLN_Wd LYLWZRZ`^ _Z _SP SL]XZYTP^ ZQ _SP ^[SP]P^ L]P _SP QZ`] PWPXPY_^ _SP OTQQP]PY_ ^PL^ZY^ ZQ _SP dPL] LYO _SP `YP\`LW [L]_^ ZQ _SP ^Z`W bSTNS L]P Z]OP]PO LYO WTYVPO SL]XZYTNLWWd LYO _SP]P T^ L OT]PN_ SZXZWZRd MP_bPPY OTQQP]PY_ VPd^ LYO QPPWTYR^ ^`NS L^ LYRP] XPPVYP^^ LYO XZOP]L_TZY P_N ?SP OTaTYP Z]OP] TY _SP ^[SP]P^ _SP]PQZ]P NZ]]P ^[ZYOPO _Z _SP PL]_SWd Z]OP]^ ?ST^ [P]XT__PO XTN]ZXLN]Z NZ^XTN ]PWL _TZY^ LYO XLOP _SP SPLaPY^ LYO _SP 0L]_S NZX[]PSPY^TMWP TY L X`_`LW PcNSLYRP LYO N]PL_PO N]Z^^WTYVLRP^ LXZYR _SP TYOTaTO`LW [L]_^ ?SP ML^TN XZOPW SP]P T^ _SP SL]XZYd ZQ `YP\`LW [L]_^ ?SP Z]OP] ZQ _SP NZ^XZ^ T_^PWQ bL^ [P]NPTaPO L^ wMPL`_dx ?SP SL]XZYTZ`^ bZ]WO Z]OP] ]PQWPN_PO TY X`^TN bL^ L \`L^T ^NTPY_TQTN bZ]WO Pc[WLYL_TZY _SL_ ^TX`W _LYPZ`^Wd NZY_LTYPO L ^d^_PX ZQ P_STN^ LYO TY ,`R`^_TYP LYO -ZP_ST`^ []ZaTOPO _SP ]L_TZYLWP QZ] L ^[T]T_`LW TY_P][]P_L_TZY ZQ _SP bSZWP ZQ WTQP 4Y ,`R`^_TYP _SP Pc[WLYL_TZY ZQ _SP NZ^XTN bSZWP LYO _SP PXMPO OTYR ZQ WTQP TY L Xd_STNLW XP_L[Sd^TNLW Q]LXPbZ]V ZQ XPLYTYR NZXP^ Z`_ P^[PNTLWWd NWPL]Wd ?SP SL]XZYTN Z]OP] ZQ _SP NZ^XTN bSZWP T^ 2ZOv^ N]PL_TZY LYO T^ Pc[]P^^PO ZY PaP]d WPaPW ZQ MPTYR MPRTYYTYR bT_S _SP X`^TN ZQ _SP ^[SP]P^ 0aP]d [L]_ ZQ N]PL_TZY T^ ^TXTWL] _Z _SP Y`XP]T NLWWd Z]OP]PO NZ^XTN bSZWP LYO XLY [L]_TNT[L_P^ TY _SP OTaTYP _S]Z`RS ST^ ]PL^ZY ,`R`^_TYPv^ ZaP]L]NSTYR RZLW L^ SL^ LW]PLOd MPNZXP NWPL] bL^ _Z OPXZY^_]L_P _SP ]L_TZYLW Y`XP]TNLW Z]OP] TY 2ZOv^ N]PL_TZY `^ TYR ]Sd_SX L^ LY PcLX[WP ,_ _SP ^LXP _TXP ST^ XL_SPXL_TNLW LYLWd^T^ T^ L NZY_PX[WL_TZY ZQ X`^TN TY bSTNS _SP Y`XP]TNLW YL_`]P LYO SL] XZYTN []Z[Z]_TZYLWT_d ZQ X`^TN MPNZXP L _]LNP ZQ L YZY[Sd^TNLW ]PLWT_d WPLOTYR _Z _ST^ ]PLWT_d T_^PWQ 8PL^`]TYR ]Sd_SX T^ `W_TXL_PWd XP_L[Sd^T NLWWd TY_P][]P_PO L^ L \`L^T ]PWTRTZ`^ [L_S ZQ NZY_PX[WL_TaP ]T^TYR Q]ZX _SP VYZbWPORP ZQ _SP MZOTWd ]Sd_SX^ _Z TYNZ][Z]PLWT_d LYO P_P]YLW ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   -ZbP] _]LY^ -ZP_ST`^ 1`YOLXPY_LW^  cccaTT   ;L`W _]LY^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV  

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$""

^LXPYP^^ ?SP QT]^_ QTaP MZZV^ TY_PYO _Z ^SZb _SL_ _SP [WPL^LY_ ^PY^Z]d TX[]P^^TZY NLY MP _]LNPO MLNV _Z _SP ]PL^ZYPO OPQTYLMWP Y`XP]TNLW WLb^ -ZZV ^Tc T^ OPOTNL_PO _Z _SP YZY[Sd^TNLW ?SP _SPZ]P_TNLW NZY _PX[WL_TZY ZQ ]Sd_SX L^ wY`XMP]x  Y`XP]`^ TY 7L_TY  TYOP[PYOPY_ ZQ _SP XPXZ]d SPL]_MPL_ LYO M]PL_S RZP^ MPdZYO _SP [Sd^TNLW LYO ^PY ^Z]d LWW _SP bLd _Z _SP VYZbWPORP ZQ 2ZO _SP STRSP^_ Z]TRTY ZQ Y`X MP]^ LYO _Z _SP VYZbWPORP ZQ _SP NZ^XTN bSZWP L^ L ]L_TZYLW Y`XP]TNLW LYO XZ]LW Z]OP] TY bSTNS PaP]d [L]_ _SP 0L]_S _SP bL_P] _SP LT] P_N TY T_^ _`]Y T^ L `YT_d ]PQWPN_TYR _SP SL]XZYTN WLb^ ZQ _SP bSZWP LYO ^_]Ta TYR QZ] `YT_d 0aP]d_STYR Z]TRTYL_P^ Q]ZX _SP `YT_d ZQ 2ZO LYO T^ TY_P R]L_PO TY_Z LY Z]OP] ,`R`^_TYP bL^ ZYP ZQ _SP XZ^_ bTOPWd ]PLO L`_SZ]^ ZQ _SP 7L_TY 8TOOWP ,RP^   LYO _ZRP_SP] bT_S -ZP_ST`^ SP TX[L]_PO L bSZWP bZ]WO aTPb LYO YP_bZ]V ZQ ]PWL_TZY^ _SL_ []ZWZYRPO [LRLY _SZ`RS_^ TY_Z .S]T^ _TLYT_d ?SP ;_ZWPXLTN NZ^XZWZRd TY NZYU`YN_TZY bT_S _SP TOPL ZQ X`^TN ZQ _SP ^[SP]P^ XLOP T_ [Z^^TMWP _Z SLaP LY Pc_PY^TaP TY_P]LN_TaP ^d^_PX ZQ SZXZWZRTNLW ]PWL_TZY^ TP L `YTQTPO Q`YN_TZYLW NZYYPN_TZY _S]Z`RS XTN]ZXLN]Z NZ^XTN NZ]]P^[ZYOPYNP^  ?SP YZ_TZY ZQ Z]OZ _SP wMPL`_dx ZQ Z]OP] LYO _SP wSL]XZYd TY TYP\`LWT_dx bP]P PQQPN_TaP ]TRS_ TY_Z _SP 8TOOWP ,RP^ LYO bP]P ]PQWPN_PO LWW _SP bLd TY_Z _SP XPOTPaLW ^ZNTP_d LYO _SP Z]OP] ZQ _SP P^_L_P^ ?ST^ NP]_LTYWd SLO XZ]P ]PL^ZY^ _SLY U`^_ _SP YZ_TZY ZQ X`^TN ZQ _SP ^[SP]P^ M`_ _ST^ YZ_TZY NL]]TPO LYO []ZXZ_PO _SP TOPL ZQ Z]OZ  ! ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ   BSL_ bL^ XZ]P TX[Z]_LY_ _SLY _SP X`^TN _]PL_T^P bP]P Z_SP] bZ]V^ ^`NS L^ /P NTaT _L_P /PT  bSP]P SZbPaP] _SP ^LXP [L__P]Y ZQ L bPWWZ]OP]PO NZ^XZ^ N]PL_PO Md 2ZO T^ ]P[]ZO`NPO  .Q ,YRPYPYO_ 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ OP^ 8T__PWLW_P]^ z" 0aPY _SP NZ]]P ^[ZYOPYNP MP_bPPY _SP bZ]WO ^Z`W LYO _SP S`XLY ^Z`W _SL_ PcT^_PO TY ;WL_Z LYO 9PZ [WL_ZYT^X bL^ [L]_TLWWd TY_PR]L_PO LYO OPaPWZ[PO QZ] PcLX[WP TY _SP ^NSZZW ZQ ,WMP]_ ZQ 2]PL_  ! .Q :__Z 2P]SL]O :PcWP w/L`P] `YO BLYOPW ]PWTRTØ^P] /PYVQZ]XPY ;]LV_TVPY `YO >ZeTLWQZ]XPY TX XT__PWLW_P]WTNSPY 0`]Z[Lx TY 0`]Z[ÆT^NSP =PWTRTZY^RP^NSTNS_P AZW  2Ø__TYRPY% ALYOPYSZPNV $  z$ TY [L]_TN`WL] !#z" :PcWP L]R`P^ LRLTY^_ L wXPOTPaLW N`W_`]P ZQ `YT_dx Md NWLTXTYR L^ L _d[ZWZRd LY wZ]OP]PO NZ Z]OTYL_TZY ZQ _SP [L]_^x LYO L^ XP_L[Sd^TNLW ]L_TZYLWP QZ] _SP Z]OP] ZQ _SP P^_L_P^ L w]PQWPcTZY ZY SL]XZYd TY TYP\`LWT_dx 3P]P SP YZ_ ZYWd O]Lb^ L__PY_TZY _Z _SP NZY _TY`L_TZY ZQ _SZ`RS_^ ZQ LYNTPY_ 0`]Z[P ;WL_Zv^ ;ZWT_PTL LYO ,`R`^_TYPv^ /P NTaT_L_P /PT  M`_ LW^Z PX[SL^TeP^ _SP NZY^NTZ`^ M]PLV LYO _SP OdYLXTN^ M]Z`RS_ LMZ`_ Md .S]T^_TLYT_d bT_S T_^ YPb [W`]LWT^XQ]TPYOWd ]PR`WL_TZY ZQ P^_L_P^ ^TYNP _SP _TXP ZQ _SP PL]WTP^_ .S]T^_TLY NZXX`YT_TP^ QZ] PcLX[WP _S]Z`RS _SP XP_L[SZ] ZQ _SP MZOd LYO T_^ [L]_^ bSTNS TY [L]_ _`]YPO _SP LYNTPY_ Z]OP] ZY T_^ SPLO O`P _Z _SP bPLV LYO WZbWd MPTYR PWPaL_PO P_N :PcWP ^[PLV^ ZQ L w[]TYNT[WP ZQ OTLWZRTN^x TMTO " L ^STQ_ TY _SP []TYNT[WP ZQ ^ZNTLW STP]L]NSd _Z L Q`YN_TZYLW STP]L]NSd TMTO "z" LYO L [W` ]LWT_d ZQ aLW`PbZ]WO^TOPL^ ^TYNP PL]Wd .S]T^_TLY _TXP^ " QQ BP L^^`XP _ST^ OTQ QP]PY_TL_TZY LYO TY _SP YPc_ [L]LR]L[S bP WL]RPWd ]PQP] _Z :PcWP TMTO !#

$"#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

?ST^ YZ_TZY ZQ Z]OZ NZY_LTYTYR YZ_ ZYWd _SP MPL`_d ZQ TYP\`LWT_TP^ M`_ LW^Z L NWPL] STP]L]NSd bL^ LW]PLOd ^SLVPY Md YZXTYLWT^X _S NPY_ LYO Q]ZX _SP =PYLT^^LYNP LYO XZOP]Y LRP ZYbL]O^ T_ bL^ YZ WZYRP] OP^T]LMWP ?SP `YTaP]^LW Xd_S ZQ SL]XZYd ZQ _SP `YTaP]^P bL^ TYOPPO bL]XPO `[ LRLTY LYO LRLTY TY N`W_`]LW YTNSP^ _Z SZWT^_TNLWWd MTYO _SP T^ZWL_PO TYOTaTO`LW LYPb TY_Z L NZ^XTN bSZWP M`_ T_ YZ WZYRP] WPQ_ L XL]V ZY _SP N`W_`]P ?SP _TXPWP^^ w2ZORTaPY Z]OP]x N]`XMWPO NZX[WP_PWd Q]ZX _SP #_S NPY_`]d ZYbL]O^ LYO bL^ ]P[WLNPO Md _SP wZ]OP]^x N]PL_PO Md XPY :]OP] XZaPO Q]ZX _SP NZWWPN_TaPWd OP_P] XTYPO _]LY^NPYOPYNd TY_Z _SP ^`MUPN_ ?SP YPb R]PL_ XP_LXd_S^ bP]P OPXZN]LNd TYOTaTO`LWT_d L ^NTPY_TQTN bZ]WOaTPb _PNSYTNLW []ZR]P^^ LYO ^PN`WL]T^X ?SP ^P[L]L_TZY ZQ .S`]NS LYO >_L_P LYO _SP ^`NNP^^TaP OT^^ZW`_TZY ZQ PNNWP^TL^_TNLW OT]PN_TaP^ LYO _]LOT_TZYLW ]PWTRTZ`^ _TP^ bSTNS XLYd TY_PWWPN_`LW^ QPW_ bP]P WTMP]L_TYR bP]P SZbPaP] YZ_ YPNP^ ^L]TWd _SP ^LXP _STYR L^ L OT^L[[PL]LYNP ZQ _SP ]PWTRTZ`^ ]PWTRTZ`^ YPPO^ 1]ZX _SP ^PNZYO SLWQ ZQ _SP $_S NPY_`]d ZYbL]O^ _SP NZX[WLTY_^ X`W_T[WTPO ZQ L wN]T^T^ ZQ _SP _TXPx w^[T]T_`LW TX[ZaP]T^SXPY_x LYO wRWLNTL_TZY ZQ _SP ^Z`Wx ?SP ^PL]NS QZ] L ]PLN_TaL_TZY ZQ _SP XP_L[Sd^T NLW ^`M^_LYNP L ]PQZ]X ZQ _SP bSZWP ZQ WTQP LYO ]P^LN]LWTeL_TZY MP NZXP^ _LYRTMWP TY XLYd OT^NZ`]^P^ L_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d LYO L_ _SP PYO ZQ _SP NPY_`]d T_ OTQQ`^PO L WZYR bLd TY_Z [Z[`WL] N`W_`]P ?SP waLN``Xx _SL_ .LX[MPWW ^[ZVP ZQ ]PLWWd T^ PX[T]TNLWWd _LYRTMWP 2ZTYR MLNV _Z _SP ZWO bLd^ bL^ YZb `Y_STYVLMWP QZ] XLYd , YPb OP [L]_`]P bL^ NLWWPO QZ] z LYO OT^NZaP]TYR 4YOTL LXZYR Z_SP] _STYR^ bL^ `^PQ`W QZ] _ST^ 9Zb ZQ NZ`]^P >LY^V]T_ 3TYO`T^X bL^ LW^Z L STP]L]NSd ZQ P^_L_P^ XP_L[Sd^TNLWWd L^^`]PO Md _SP OSL]XTN Z]OP] 9Z Z_SP] _Z[TN T^ L^ WTVPWd _Z MP ^d^_PXL_TNLWWd WPQ_ Z`_ ZQ _SP ]PNP[_TZY ZQ 4YOTL TY _SP XZOP]Y ^[T]T_`LWT_d OT^NZ`]^P Q]ZX ATaPVLYLYOL _Z -P]PYO_ L^ _SP ^_]TN_ OSL]XL ]`WP^ DP_ _SP YPbWd TYaPY_PO ^`MUPN_]PWL_PO ^[T]T_`LW 4YOTL bL^ YZ_ L bSZWWd YPb TYaPY_TZY 4Y^_PLO T_ LW]PLOd SLO L WZYR ST^_Z]d MPNL`^P ^TYNP _SP _TXP ZQ _SP @[LYT´LO^ ^Z_P]TZWZRd SLO MPPY ^P[L]L_PO Q]ZX _SP NZWWPN_TaP LYO LYNSZ]PO TY _SP ^`MUPN_ 1Z] _SP OT^NZ`]^P ZY X`^TN LYO ^[T]T_`LWT_d T_ T^ ^`QQTNTPY_ _Z MP ]PXTYOPO ZQ ±£]«RLOPaL bSZ ZYWd XPY_TZY^ _SP NZWWPN_TaP ZQ _SP Z]OP] ZQ NL^_P^ LYO P^_L_P^ TY [L^^TYR TY _SP QT]^_ aP]^P 3T^ XLUZ] L]R`XPY_ T^ YZ_ ZYP ZQ Z]OZ LYO _SP 9£OL-]LSXLY T^ NZX[WP_PWd Q]PP ZQ T_ ?SP VPd bZ]O^ w9£OL-]LS XLYx LYO wDZRLx Q`^PO NZ^XTN `YT_d LYO ^`MUPN_TaP ^Z_P]TZWZRd ?SPd []ZXZ_PO aP]d [P]^ZYLW LNNP^^ TY _SP Pc[P]TPYNP ZQ SZWT^X bT_STY _SP TX[]ZaT^L_TZY LYO WT^_PYTYR _Z X`^TN bSTNS XZOP]Y ^`MUPN_TaT_d NZ`WO QZWWZb ZY Q]ZX ^PLXWP^^Wd BSPY ±£]«RLOPaL TY_PR]L_PO X`^TN TY_Z _SP ^Z_P]TZWZRd OT^NZ`]^P LYO YZ_ TY_Z _SP OSL]XL OT^NZ`]^P ZQ _SP Z]OP] ZQ _SP P^_L_P^ SP bL^ RTaTYR X`^TN L _Z_LWWd OTQQP]PY_ Q]LXPbZ]V _SLY _SL_

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$"$

ZQ ^ZNTLW ST^_Z]TNLWWd Q]LRTWP Z]OP]^ ?ST^ bL^ L XP_L[Sd^TNLW Q]LXP bZ]V _SL_ ^_L]_PO WP^^ Q]ZX _SP NZX[L]_XPY_LWTePO Z]OP] _SLY Q]ZX _SP `YT_d ZQ _SP `YTaP]^P ?SP 9£OL-]LSXLY bL^ L Xd_STNLW ^PY^Z]d ^`M ^_LYNP bT_S STRSWd XP_L[Sd^TNLW NZY_PY_ ?SP XZYT^_TN Pc[WLYL_TZY ZQ _SP bZ]WO NZ]]P^[ZYOPO bT_S XZOLW X`^TN bT_S WT^_PYTYR _Z X`^TN `Y OP]^_ZZO _Z MP -]LSXLYMWT^^ LYO DZRL LYO bT_S _SP `Y[]ZMWPXL_TN Wd^T^ TY^_PLO ZQ OT^NT[WTYPO XZ]LW^ LYO aT]_`Z`^ MPSLaTZ] 4_ bL^ L XZOPW ZQ X`^TN TY bSTNS _SP _d[TNLWWd 4YOTLY w_ST]O ^[LNP SLMT_`^x ZQ L Q`^TZY ZQ ^PY^`LWT_d LYO LM^_]LN_TZY M]Z`RS_ QZ]_S LY P^[P NTLWWd TY_P]P^_TYR aL]TL_TZY 3P]P ZYP ^SZ`WO YZ_ QZ]RP_ _SL_ TY 4YOTL _ZZ _SP]P bL^ YZ WLNV ZQ LM^_]LN_TZY^ _SL_ LM^_]LN_PO Q]ZX ^PY^Z]d ^`M ^_LY_TLWT_d LWXZ^_ NZX[WP_PWd M`_ YPT_SP] bL^ _SP]P LYd WLNV ZQ ]P [PL_PO L__PX[_^ _Z NZYN]P_TeP ^`NS LM^_]LN_TZY :YP XLd ]PXPXMP] _SL_ _SP ^_L]_TYR [ZTY_ QZ] _SP 9£OL-]LSXLY bL^ YZ_ WPL^_ -SL]_šSL]Tv^ RWZMLW wWLYR`LRP []TYNT[WPx 4Y -SL]_šSL]T _SP ]PWL_TZY^ST[ MP_bPPY ]PLW WLYR`LRP LYO _SP wBZ]O-]LSXLYx bL^ ^_TWW aP]d ^TXTWL] _Z _SP X`^TNL X`YOLYL ZQ WL_P 0`]Z[PLY ,Y_T\`T_d ?SP XP_L[Sd^TNLW QZ`YOL_TZY NZ`WO MP [P]NPTaPO TY_PWWPN_`LWWd LYO bL^ NZYaTYNTYR MPNL`^P T_ Pc [WLTYPO [SPYZXPYL M`_ T_ NZ`WO YZ_ MP Pc[P]TPYNPO 5`^_ L^ ZYP NLYYZ_ [WLd Z] ^TYR _SP X`^TNL X`YOLYL TY ,Y_T\`T_d YPT_SP] NLY ZYP ^[PLV -SL]_šSL]Tv^ ±LMOL-]LSXLY -`_ []PNT^PWd _ST^ bL^ wNZ]]PN_POx bT_S _SP 9£OL-]LSXLY 4Y X`^TN _SP [L]_TNT[L_TZY TY _SP `YTaP]^P bL^ YZb TXXPOTL_PWd LNNP^^TMWP _Z _SP ^PY^P^ LYO _SP]PQZ]P NZ`WO LW^Z MP Pc [P]TPYNPO ^ZXL_TNLWWd LYO LQQPN_TaPWd ,_ _SP ^LXP _TXP w^[T]T_`LWT_dx bL^ []P^P]aPO aTL _SP -]LSXLY OT^NZ`]^P LYO _SP _SPZ]d ZQ LP^_SP_TN^ 8Z]PZaP] _SP TY_PWWPN_`LW XL_SPXL_TNLW ]PLWX bL^ LW^Z aP]d X`NS []P ^PY_ TY ±£]«RLOPaL _SP wTYaPY_Z]x ZQ _SP 9£OL-]LSXLY 3P TYaP^_T RL_PO ^Z`YO aP]d ^TXTWL]Wd _Z _SP bLd TY bSTNS _SP R]LXXL]TLY^ TYaP^ _TRL_PO _SP ±LMOL-]LSXLY >Z -P]PYO_ bL^ YZ_ _Z_LWWd ZY _SP b]ZYR [L_S bSPY SP []ZUPN_PO XL_SPXL_TN^ LYO XPL^`]PXPY_ TY_Z _SP 9£OL -]LSXLY ?SP 9£OL-]LSXLY T_^PWQ bL^ TYOPPO ZYWd NZOPO bT_S Pc[]P^ ^TaP ^Z`YO LYO YZ_ bT_S XL_SPXL_TNLW ^[PN`WL_TZY bSP]PMd _SP ^_LRP^ ZQ aTM]L_TZY [`_ QZ]bL]O Md ^NSZWL]^ ^`NS L^ -S£^VL]L]£dL NP]_LTYWd bPY_ TY _ST^ ^Z]_ ZQ OT]PN_TZY M`_ TY 4YOTLY X`^TN _SP]P bL^ YZ ^SZ]_ LRP ZQ XL_SPXL_TNLW NLWN`WL_TZY^ 3ZbPaP] YZ_ WPL^_ _SP OTQQP]PY_ XP_L[Sd^TNLW Q]LXPbZ]V Pc[WLTY^ _SL_ TY 4YOTL _SP ]PNP[_TZY ZQ _SP OPQTYT_TZY ZQ ^Z`YO aTL XL_SPXL_TN^ OTO YZ_ MPNZXP [ZbP]Q`W TY _SP ^LXP bLd L^ TY 0`]Z[P LYO _SL_ _SP QZN`^P^ bP]P NZX[WP_PWd OTQQP]PY_ /P[PYOTYR ZY ZYPv^ [P]^[PN_TaP ZYP NLY XLcTXTeP Z] XTYTXTeP _SP OTQQP]PYNP^ MP_bPPY X`^TN ZQ _SP ^[SP]P^ LYO _SP 9£OL-]LSXLY >Z LW_SZ`RS _SP]P T^ YZ TXXPOTL_P LNNP^^ _Z _SP STRSP] NZ^XTN ]PLWT_d TY ,`R`^_TYP Z] -ZP_ST`^ TY _SPT] bZ]V^ _SPZ]P_TNLW ^[PN`WL_TZY Q`WQTWW^ L Q`YN_TZY LYLWZRZ`^ _Z _SL_ ZQ wSPL]TYRx TY 4YOTL ?SP _SPZ]d T^ L ]PLW

$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

RLTY MPNL`^P T_ LWWZb^ LY TY^TRS_ TY_Z _SP [P]QPN_TZY ZQ _SP X`^TN ZQ _SP `YTaP]^P bSTNS T^ Z]OP]PO Md _SP bZ]WO ^Z`W z L [P]QPN_TZY _SL_ NLY LW^Z MP QZ`YO TY PL]_SWd X`^TN LYO TY S`XLY MPTYR^ ?SP _SPZ]d bL^ ^Z TX [Z]_LY_ _Z _SP ;WL_ZYTN 9PZ[WL_ZYTN _STYVP]^ MPNL`^P T_ ]P[]P^PY_PO L OT]PN_ VPd _Z _SP wXP_L[Sd^TNLW ^`M^_LYNPx 4_ `YT_PO _SL_ bSTNS bL^ ^P[L]L_PO Md _SP ^_]TN_ OTQQP]PY_TL_TZY MP_bPPY L`OTMWP PL]_SWd LYO TYL` OTMWP NZ^XTN X`^TN MPNL`^P T_ []ZaTOPO _SP _P]_T`X NZX[L]L_TZYT^ _SL_ bL^ NZXXZY _Z MZ_S% ]PL^ZY LYO [P]QPN_ Z]OP] _SL_ SLO _SPT] [WLNP TY _SP SPLaPY^ ;L]_TNT[L_TZY TY X`^TN bL^ _SP]PQZ]P ZYWd OP^T]PO TY _SP ^PY^P ZQ _SPZ]P_TNLW NZY_PX[WL_TZY LYO NWPL] TY^TRS_ TY_Z Z]OP] LYO []Z [Z]_TZY QZ] TY _SP NL^P ZQ _SP X`^TN ZQ _SP ^[SP]P^ YZ Z_SP] _d[P ZQ [L]_TNT[L_TZY bL^ [Z^^TMWP L_ LWW 0L]_SWd X`^TN ]PQWPN_TYR _SP^P []Z[Z] _TZY^ bL^ LY TX[Z]_LY_ TYOTNL_TZY ZQ _SP [P]QPN_TZY ZQ _SP ^`[P]YL_`]LW bZ]WO ?SP _STYVP]^ ZQ WL_P ,Y_T\`T_d ]PRL]OPO NZY_PX[WL_TZY ZQ X`^TN L^ [L]_TNT[L_TZY TY _SP OTaTYP WZRZ^ TY _SP STRSP^_ OPT_d LYO TY _SP [P] QPN_ Z]OP] LYO SL]XZYd ZQ _SP `YTaP]^P ?SP Y`XMP]^ _SL_ bP]P QZ`YOPO ZY _SPX^PWaP^ bP]P _]`_S ZQ _SPX^PWaP^ T]]P^[PN_TaP ZQ _PLNS TYR^ LYO `YNSLYRTYR ?SP]PQZ]P _SPd X`^_ PcT^_ MPdZYO XPY _SL_ T^ TY _SP .S]T^_TLY QZ]X ZQ 9PZ[WL_ZYT^X TY 2ZO 4Y 4YOTL ^Z`YO^ bP]P ^TXT WL]Wd ^PWQ^`M^T^_PY_ LYO P_P]YLW , XL]VPO OTQQP]PYNP ]PXLTY^ _SP ^`[P ]TZ]T_d ZQ ]PL^ZY LYO Z]OP] LYO _SP OPaLW`L_TZY ZQ _SP ^PY^P^ LYO ZQ ^PWQ^`QQTNTYR [WPL^`]P TY 0`]Z[P ?SP ^PY^Z]d LNNP^^TMTWT_d ZQ _SP NZ^ XTN bSZWP LYO _SP YZYO`LW [P]^[PN_TaP TY 4YOTL NLY MP `W_TXL_PWd NZY OPY^PO TY_Z _SP XLTY OTQQP]PYNP 4Y _SP ±LTaL ?LY_]TN QZ]X ZQ XP_L [Sd^TNLW XZYT^X _SL_ SLO L ^_]ZYR TYQW`PYNP ZY _SP ^NSZWL]^ ZQ X`^TN _ST^ XPLY_ _SL_ RZO LYO ^Z`YO NZTYNTOPO% RZO T^ ^Z`YO LYO SL^ _SP QZ]X ZQ ^Z`YO 4Y MZ_S 0`]Z[P LYO 4YOTL SZbPaP] _SP ^[T]T_`LW bL^ ^Z`RS_ TY X`^TN LYO X`^TN bL^ ^PPY L^ L XPLY^ ZQ SL]XZYTeTYR w_SP LYcTZ`^ `YNP]_LTY ]Sd_SX^ ZQ S`XLY WTQP bT_S _SP XZ]P [P]QPN_ ]Sd_SX^ ZQ OT aTYP [ZbP] LYO `W_TXL_P ]PLWT_dx  " 4Y MZ_S ]PRTZY^ X`^TN SLO _Z OZ bT_S TY_P][]P_L_TZY^ ZQ _SP NZ^XTN bSZWP LYO bL^ [WLNPO TY L NZX[]P SPY^TaP `YTaP]^LW Xd_STNLW NZ^XZWZRTNLW Q]LXPbZ]V _SL_ ^LN]LWTePO _SP bSZWP ZQ WTQP >Z _Z ^`XXL]TeP ZYP NLY ^[PLV ZQ _bZ \`T_P NZY_]L]d _d[P^ ZQ ]PWT RTZ`^ Z] XP_L[Sd^TNLW X`^TNLW Pc[P]TPYNP :Y _SP ZYP SLYO _SP]P T^ LY TY_PWWPN_`LW [L_S _SP [L_S ZQ Y`XMP]^ LYO TY_PWWPN_`LW NZY_PX[WL_TZY ZQ X`^TN LYO ZY _SP Z_SP] _SP]P T^ _SP [L_S ZQ _SP 9£OL _SP NZYN]P_P Pc []P^^TaP ^Z`YO LYO LQQPN_TaP ^PY^Z]d YZYO`LW Wd^T^ ?SP^P _bZ _d[P^ NLY NP]_LTYWd MP OZaP_LTWPO M`_ _SPd NLY LW^Z PcT^_ TY SZ^_TWP Z[[Z^T_TZY LYO MP [WLdPO ZQQ LRLTY^_ PLNS Z_SP] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  " -`WVPWPd BZYOP]TYR -]LTY  

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$#

?SP OZaP_LTWTYR LYO OPOTQQP]PY_TL_TZY _SL_ -P]PYO_ bL^ ^PPVTYR bP]P L _d[TNLW 9Pb ,RP []ZR]LX QZ] `YT_TYR ]PL^ZY LYO QPPWTYR^ Y`X MP]^ LYO ^PY^`LWT_d ^NTPYNP LYO ]PWTRTZY _SP ^LN]PO LYO _SP []ZQLYP LYO _SP 0`]Z[PLY LYO _SP YZY0`]Z[PLY 3P bL^ YZ_ NZX[WP_PWd ZY _SP b]ZYR _]LNV bSPY SP ^_L_PO _SL_ _SP 9£OL-]LSXLY LYO 4YOTLY X`^TN OTO TY QLN_ M]TYR _SP _bZ ^TOP^ _ZRP_SP]% ^PY^`LWT_d LYO LM^_]LN_TZY Q` ^TZY LYO NLWN`WL_TZY^ Z] TY Z`] _P]XTYZWZRd [L]_TNT[L_TZY LYO PXLYNT [L_TZY ,WW ZQ _ST^ QT__PO TY aP]d bPWW bT_S _SP SZWT^X []ZR]LX ZQ XZO P]Y ^[T]T_`LWT_d 4_ T^ L Q`YOLXPY_LW 9Pb ,RP []TYNT[WP _Z `YT_P PXLYNT[L_TZY LYO [L]_TNT[L_TZY 1Z] -P]PYO_ _SP 9£OL-]LSXLY bL^ L []ZUPN_TZY ^N]PPY QZ] bSL_ bL^ XT^^TYR LYO SLO OT^L[[PL]PO Q]ZX ST^ ZbY N`W_`]P LYO QZ] LY LW_P]PO XPLYTYR RTaPY _Z X`^TN LYO _Z _SP PY_T]P N`W_`]P ?SP 9£OL-]LSXLY ZQQP]PO L YPb NZOTYR [Z^^TMTWT_d LYO N]P L_PO L YPb ^d^_PX ZQ ]PWL_TZY^ 4_ bL^ L_ ZYNP LM^_]LN_ LYO NZYN]P_P ^PY^Z]d LYO ^[T]T_`LW BT_S _SP 9£OL-]LSXLY L^ MLNVR]Z`YO _SP TYL` OTMWP WZRZRPYTN wX`^TN ZQ _SP ^[SP]P^x bL^ ]PXZaPO Q]ZX _SP ]PLWX ZQ _SP ^`[P]^PY^Z]d aT^TZYL]d LYO ;WL_ZYTN Y`XP]TNLW SPLaPY^ LYO _`]YPO TY_Z L NZYN]P_P ZMUPN_ ZQ Pc[P]TPYNP -P]PYO_ STX^PWQ MPNLXP _SP _]LY^ XT__P] ZQ _ST^ YPb _SZ`RS_ -PWZb bP bTWW []P^PY_ TY _SP w0L]_S^ZYR 8`^TNx LY Pc_]PXP QZ]X ZQ XZOP]Y ^PY^Z]TeL_TZY LYO NZYN]P_TeL_TZY ZQ _SP wX`^TN ZQ _SP ^[SP]P^x _SL_ T^ [L]_Wd ML^PO ZY -P]PYO_ LXZYR Z_S P]^ -P]PYO_ RLaP _SP X`^TN ZQ _SP ^[SP]P^ LY w0L^_P]Y Q]LXP ZQ XTYOx LYO _SP 9£OL-]LSXLY L YPb ^NTPY_TQTN LYO wbZ]WOX`^TNLWx L[[PL] LYNP ?SP 9£OL-]LSXLY SLO ^PaP]LW []Z[P]_TP^ _SL_ _SP X`^TN ZQ _SP ^[SP]P^ bL^ WLNVTYR 4_ NZ`WO MP Pc[P]TPYNPO TY PL]_SWd X`^TN LYO L_ _SP ^LXP _TXP T_ bL^ Pc[WTNT_Wd ]PWTRTZ`^ Z] w^[T]T_`LWx 4_ QT__PO TY bPWW bT_S XZOP]Y ^`MUPN_TaT_d OPXZN]LNd LYO [W`]LWT^X `YWTVP _SP Z]OZ ZQ _SP LYNTPY_ X`^TN ZQ _SP ^[SP]P^ LYO _SP YL]]ZbWd QTcPO ^ZNTP_LW YZ]X^ LYO STP]L]NSTP^ ,YO T_ wLWWZbPOx Pc_PY^TZY^ LYO XZOP]YTeL_TZY^ MP NL`^P T_ bL^ YZ_ L NWZ^PO ^d^_PX 4Y T_^ TYOTRPYZ`^ NZY_Pc_ _SP 9£OL -]LSXLY bL^ LW]PLOd LY Z^NTWWL_TYR NL_PRZ]d WZNL_PO MP_bPPY Xd_STNLW ^`M^_LYNP ^dXMZWTN QZ]X LYO ^PY^Z]d ^`M^_LYNP 4Y ±£]«RLOPaL _SP 9£OL-]LSXLY bL^ LWW L_ ZYNP _SP []TXZ]OTLW NZ^XTN ^Z`YO L ^LN]LWT eL_TZY ^_]L_PRd LYO L SZWT^_TN bZ]WOTY_P][]P_L_TZY L^ bPWW L^ L`OTMWP X`^TN Pc[P]TPYNPO _S]Z`RS _SP ^PY^P^ LYO _SP ^`M_WP aTM]L_TZY^ TYSP] PY_ TY ^Z`YO :Y _SP ^dXMZWTN WPaPW _SP 9£OL-]LSXLY L^ `YTaP]^LW Xd_S `W_TXL_PWd OZP^ TYOPPO SLaP ^ZXP_STYR ZQ L SdM]TO LYO L w[]TXP aLW ^Z`[x LMZ`_ T_ _SL_ LWWZbPO L OTaP]^P ]LYRP ZQ QZ]X^ ZQ _]LY^]PWTRT Z^T_d LYO _]LY^N`W_`]LWT_d LYO bL^ PaPY LOaLY_LRPZ`^ QZ] _SPX L^ LW ]PLOd Pc[WLTYPO -P]PYO_ PY]TNSPO _SP w[]TXPaLW ^Z`[x bT_S Xd_S^ Q]ZX LWW ZaP] _SP bZ]WO 3ZbPaP] bSL_ SP ^Lb L^ _SP LN_`LW NPY_]LW L^[PN_

$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

LMZ`_ _SP 9£OL-]LSXLY LYO 4YOTLY XZOLW X`^TN bL^ _SP ]P OT^NZa P]d ZQ _SP ^[T]T_`LW TY L]_ 4Y Z`] OT^N`^^TZY ZQ _SP LYNTPY_ YZ_TZY^ ZQ X`^TN TY 0`]Z[P LYO 4Y OTL Z`] TY_P]P^_ SL^ MPPY OT]PN_PO WP^^ _Z _SP X`^TNZWZRTNLW L^[PN_^ _SLY _Z _SP bZ]WOaTPb^ QZ]X^ ZQ []LN_TNP Q`YN_TZY^ LYO _SP N`W_`]LWWd ^SL[PO LP^_SP_TN _L^_P^ _SL_ bP]P L^^ZNTL_PO bT_S X`^TN 4Y [L]_TN`WL] _SP bZ]WOaTPb^ L^ XP_L[Sd^TNLW Q]LXPbZ]V^ LYO _SP ]PWTRTZ`^ LYO w`YTaP]^LW Xd_STNLW QZ]X^ ZQ _SZ`RS_x wOTP `YTaP]^LWXd_ST^NSPY /PYV QZ]XPYx L[[PL]PO _Z `^ _Z MP NPY_]LW BP bLY_PO _Z M]TYR Z`_ YZ_ ZYWd bSL_ bL^ OT^^ZYLY_ M`_ bSL_ bL^ `YT_TYR BSL_ 0`]Z[PLY X`^TN ZQ _SP ^[SP]P^ ^SL]P^ bT_S _SP 4YOTLY 9£OL-]LSXLY T^ _SP []Z[Z^T_TZY ZQ L NZ^XTN LYO XP_L[Sd^TNLW OTXPY^TZY ZQ X`^TN LYO _SP PXMPOOTYR ZQ WTQP TY L ^LN]PO NZ^XZ^ ?SP TOPL^ LMZ`_ X`^TN LYO _SP SL]XZYd ZQ _SP ^[SP]P^ _SL_ bP]P L__]TM`_PO _Z ;d_SLRZ]L^ L]P VYZbY _Z SLaP MPPY wOPXd_SZWZRTePOx L^ PL]Wd L^ TY NWL^^TNLW ,Y_T\`T_d Md ,]T^_Z_WPv^ [`[TW ,]T^_ZcPYZ^ M`_ ^_TWW MZ_S _SP ;d_SLRZ]PLY^ LYO _SP ,]T^_ZcPYLY^ ^SL]PO L []PQP]PYNP QZ] _SPZ]d LYO WZRZRPYTN LNNP^^ _Z X`^TN ,]T^_Zc PYZ^ SZbPaP] bL^ _SP ZYWd ZYP bSZ SLO WZYR_P]X TX[LN_^ 3T^ OP NZ`[WTYR ZQ ^Z`YO^ Q]ZX _SP NZ^XTN WPO TY _SP BP^_ _Z L X`^TNZWZRd _SL_ L[[WdTYR P\`LW _PX[P]LXPY_ _`YTYR XLOP T_ [Z^^TMWP _Z OT^_]TM`_P _SP PcNP^^ Q]ZX _SP ;d_SLRZ]PLY NZXXL P\`LWWd ZaP] _SP  _ZYP^ ZQ _SP ZN_LaP LYO _Z RPYP]L_P _SP NWZ^PO ^Z`YO NdNWP ZQ XLUZ] LYO XTYZ] VPd^  # DP_ L^ .LX[MPWW OP^N]TMP^ TY _SP NL^P ZQ ]PWTRTZY NZX[Z^P]^ LW^Z ]PLNSPO L OPLOPYO L_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d 4Y_P]P^_ TYRWd 4YOTL ZQQP]PO _Z QTWW _ST^ aLN``X YZ_ ZYWd bT_S ^_TX`WL_TZY TY ]PWTRTZY M`_ LW^Z bT_S ^_TX`WL_TZY TY X`^TN ?ST^ L^[PN_ MPNLXP LN_TaP PaPY MPQZ]P -P]PYO_v^ [WLdP]^ ZQ ULee LYO XTYTXLW X`^TN MPRLY _Z XLVP XZOLW X`^TN& T_ L[[PL]^ TY :WTaTP] 8P^^TLPY TY _SP QT]^_ SLWQ ZQ _SP _S NPY_`]d 8P^^TLPY L OPaZ`_ .L_SZWTN bL^ LYd_STYR M`_ L QZWWZbP] ZQ 9Pb ,RP P^Z_P]TNT^X Z] L $!^ ]PMPW DP_ bSL_ WTYV^ STX bT_S -P]PYO_ bL^ _SL_ TY XZOLW X`^TN SP QZ`YO L YPb QZ]X ZQ Pc[]P^^TZY QZ] ST^ ZbY ^[T]T_`LWT_d QZ] _SP w^[T]T_`LW TY L]_x _SL_ bL^ _Z ZaP]NZXP _SP [^d NSZWZRTeL_TZY LYO ^PXLY_TNTeL_TZY ZQ X`^TN ZQ _SP $_S NPY_`]d LYO LWWZb _SP [`]P ^_]`N_`]P^ ZQ X`^TN _Z NZXP _Z _SP QZ]P z T_^ NZ^XTN LYO XP_L[Sd^TNLW OTXPY^TZY ^Z _Z ^[PLV 8P^^TLPYv^ []ZQZ`YO TY_P]P^_ TY ]PWTRTZY bL^ Md YZ XPLY^ ^SL]PO Md LWW LaLY_RL]OP X`^TNTLY^ M`_ SP bL^ YZ_ _SP ZYWd XZOP]Y NWL^^TNLW X`^TNTLY _Z bLY_ _Z QTYO ST^ bLd TY_Z L w[`]Px X`^TN 1Z] 8P^^TLPY _ZZ 4YOTLY X`^TN bL^ YZ_ _SP ZYWd TY^[T ]L_TZY -`_ bSL_ SP QZ`YO TY T_ bL^ L OTQQP]PY_ L[[]ZLNS _Z _SP _ZYLW XL_P]TLW LYO _SP ]Sd_SX^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  # 6`]_ 4YOTPY `YO 0`]Z[L  "

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$#

! w2WL^^ -PLO 2LXPx TY 0`]Z[P LYO 4YOTL 4Y Z`] OT^N`^^TZY ZQ _SP 9£OL-]LSXLY _Z OL_P _SP [L]_TNT[L_Z]d L^[PN_ SL^ NWPL]Wd MPPY _SP OZXTYLY_ ZYP bSTWP _SP XL_SPXL_TNLW L^[PN_ ZQ X`^TN bL^ TYOPPO XPY_TZYPO LRLTY LYO LRLTY M`_ ZMaTZ`^Wd ]PXLTYPO TY _SP MLNVR]Z`YO ?ST^ T^ `YOP]^_LYOLMWP ^TYNP TY 4YOTL _SP []LN_TNP ZQ OPQTYTYR ^Z`YO aTL XL_SPXL_TN^ OTO YZ_ OPaPWZ[ _SP ^LXP QZ]NP _SL_ T_ SLO TY 0`]Z[P 3ZbPaP] _SP TX[]P^^TZY ^SZ`WO YZ_ L]T^P _SL_ _SP Y` XP]TNLW YL_`]P ZQ X`^TN bL^ YZ_ ]PNZRYTePO Md _SP 4YOTLY^ ?ST^ T^ _]`P ZQ _SP VYZbWPORP ZQ _SP []Z[Z]_TZYLWT_d ZQ X`^TNLW TY_P]aLW^ -`_ _SP 4YOTLY^ [`]^`PO \`T_P OTQQP]PY_ L^[PN_^ ZQ XL_SPXL_TNLW ]P^PL]NS TY X`^TN ?SP w_ST]O^[LNP SLMT_`^x _SL_ T^ ]P[PL_POWd PX[SL^TePO TY _ST^ MZZV WTYVTYR _SP ^PY^P^ LYO LM^_]LN_TZY [L]_TNT[L_TZY LYO PXLYNT[L _TZY L[[WTP^ TY [L]_TN`WL] TY X`^TN LW^Z ±£]«RLOPaLv^ bLd bL^ YZ_ ZYWd _SL_ ZQ X`^TNLW DZRL Wd^T^ LYO _SP ^PY^Z]d 9£OL-]LSXLY Pc[P]TPYNP M`_ LW^Z LY TY_PWWPN_`LW bLd YZ_ OT^^TXTWL] _Z _SP LYNTPY_ NZYNP[_ ZQ _SP X`^TN ZQ _SP ^[SP]P^ LYO X`^TN _SPZ]d L bLd aTL Y`XMP]^ ^dXMZWTN NZXMTYL_TZY^ LYO TY_PWWPN_`LW X`^TN NZY_PX[WL_TZY ?SP ^T_`L_TZY T^ ^TXTWL] QZ] .L]YL_TN X`^TN ZQ bSTNS bP ^Z QL] SLaP OT^N`^^PO TY R]PL_P] OP_LTW ZYWd ZYP L^[PN_ _SP OPaZ_TZYLW Wd^T^ 3ZbPaP] T_ SL^ LW]PLOd MPPY TYOTNL_PO _SL_ _SP XL_SPXL_TNLW NLWN`WL_TZY^ TY 4YOTL SLO L OTQQP] PY_ QZN`^ _SLY _SZ^P TY 0`]Z[P% _SP Pc[WZ]TYR ZQ _SP _ZYLW LYO ]Sd_SXTN ^[PN_]`X Md XPLY^ ZQ NZXMTYL_TZY^ ±£]«RLOPaLv^ _]PL_T^P ZY X`^TN NZY_LTY^ L NZX[]PSPY^TaP NSL[_P] ZY [P]X`_L_TZYLW NZXMTYL_TZY^ LNNZ]OTYR _Z bSTNS _SP OTaP]^P ]LYRP ZQ [Z^^TMWP _ZYP ^P\`PYNP^ _£YL T^ OP_P]XTYPO PR SZb XLYd _S]PP_ZYP XZ_TQ^ NLY PcT^_ TQ _SP _Z_LW Y`XMP] ZQ _ZYP^ LaLTWLMWP T^ ^PaPY BSL_ ±£]«RLOPaLv^ NZXMTYL_TZY^ LW^Z LWWZbPO bL^ _SP TYOPcTYR ZQ _SP _ZYP ^P\`PYNP^ >ZXP ZQ _SP _ZYP ^P\`PYNP^ NLWN`WL_PO bP]P PaPY RTaPY L YLXP `^`LWWd _SP YLXP ZQ L APOTN ^LN]TQTNP Q]ZX _SP -]£SXL©L^ 4Y _SP NL^P ZQ ±£]«RLOPaLv^ ^P]TLW [P]X`_L_TZY^ ZYP NLY ^[PLV ZQ LM^_]LN_ RWL^^ MPLO RLXP^ _SL_ SLO _SP [ZbP] _Z QL^NTYL_P TY _SP X`^TN ZQ 0`]Z[P _ZZ% Q]ZX _SP NZX[WPcT_TP^ ZQ NZ`Y_P][ZTY_ LYO Q`R`P _Z _SP ^P]TLW NZX[Z^T_TZY ZQ _SP PL]Wd _S NPY_`]d ?SP ]PWL_TZY^ST[^ LYO ^_]`N_`]P^ PXP]RP Z`_ ZQ _SP XL_P]TLW T_^PWQ ?SP]PQZ]P TY L bLd _SPd L]P YZ_ wXLOP Md XPYx ?SP Z]OP]PO ^d^_PX ZQ _ZYP ^P\`PYNP^ T^ LW]PLOd ]ZZ_PO TY _SP Y`XP]TNLW ^`M^_LYNP ZQ X`^TN T_^PWQ ?SP ]PNP[_TZY Md S`XLY MPTYR^ T^ LN_`LWWd ZQ YZ TX[Z]_ ±£]«RLOPaLv^ Y`XP]TNLW RLXP^ ]P^PXMWP _SP LM^_]LN_ LYNTPY_ X`^TN ZQ _SP ^[SP]P^ TY _ST^ ]P^[PN_ 3Zb PaP] bSL_ SLO LW^Z ]PXLTYPO LN`_P ^TYNP _TXP TXXPXZ]TLW TY 4YOTL bL^ _SP _SZ`RS_ _SL_ PaP]d_STYR T^ ^ZXPSZb NZYYPN_PO LYO _SL_ WLYR`LRP Y`XMP]^ LYO X`^TN SLaP _LYRTMWP NZX[]PSPY^TMWP QZ]X^ 8`^TN LWbLd^ XZaP^ TY L OZ`MWP ^[LNP& T_ T^ LWbLd^ XPY_LW wTOPPWWx LYO XL_SPXL_T

$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

NLW LYO L_ _SP ^LXP _TXP ^PY^Z]d ?SP]PQZ]P _SP X`^TNLW XL_SPXL_TNLW RLXP^ bP]P YPaP] ^ZWPWd NZRYT_TaP M`_ LWbLd^ Pc[WZ]L_TaP L^ bPWW 4Y 4YOTL _SPd WPO _Z _SP OT^NZaP]d ZQ YPb X`^TNLW QZ]X^ _SL_ TY _`]Y NZ`WO MP [P]QZ]XPO TY L NZYN]P_P XLYYP] ?ST^ L[[]ZLNS SL^ YZ_ MPNZXP Z`_ OL_PO LYO T^ ^_TWW QZ`YO PaPY _ZOLd TY _SP LWRZ]T_SXTN XP_SZO ZQ NZX [Z^TYR X`^TN L^ T^ [Z^^TMWP `^TYR XZOP]Y NZX[`_P]^  $ -P]PYO_ bL^ _SP]PQZ]P NZ]]PN_ TY ]PWL_TYR _SP 9£OL-]LSXLY _Z 3P]XLYY 3P^^Pv^ NZYNP[_ ZQ _SP wRWL^^ MPLO RLXPx 3P^^P `YOP]^_ZZO _ST^ _Z XPLY _SP XP_L[Sd^TNLW ^PL]NS QZ] [P]QPN_TZY LYO _SP XZ^_ ^`M WTXP wRLXP ZQ RLXP^x _SL_ wbL^ [WLdPO LNNZ]OTYR _Z X`^TNLW Z] XL_SP XL_TNLW ]`WP^x% w4_ XPLY_ LY Pc\`T^T_P ^dXMZWTN QZ]X ZQ ^PL]NS QZ] [P]QPN_TZY L ^`MWTXP LWNSPXd L []ZNP^^ ZQ RP__TYR NWZ^P _Z L ^[T]T_ bSTNS T^ ZYP bT_S T_^PWQ TY ^[T_P ZQ LWW TXLRP^ LYO aL]TPOYP^^ _SL_ T^ _Z 2ZOx& w _ST^ Z]RLY F_SP 2WL^^ -PLO 2LXPH T^ ZQ L SL]OWd NZYNPTaLMWP [P]QPN_TZY T_^ XLY`LW^ LYO [POLW^ ^Z`YO Z`_ _SP bSZWP ^[T]T_`LW NZ^XZ^ T_^ ]PRT^_P]^ L]P LWXZ^_ TYY` XP]LMWP _SPZ]P_TNLWWd _SP PY_T]P ^[T]T_`LW NZY_PY_ ZQ _SP bZ]WO NZ`WO MP ]P []ZO`NPO TY [WLdTYR _ST^ TY^_]`XPY_x !

?SP QL^NTYL_TZY WTP^ TY _SP [P]QPN_TZY ?SP NZY_PX[WL_TZY ZQ X`^TN _S]Z`RS Y`XMP]^ LYO NZXMTYL_TZY^ RTaP LY TX[]P^^TZY ZQ [P]QPN_TZY ?ST^ bL^ []PNT^PWd bSL_ ,`R`^_TYP bL^ LW]PLOd SZ[TYR _Z RLTY Q]ZX X`^TN _SPZ]d ?ST^ QPL_`]P bL^ L_ T_^ XZ^_ [ZbP]Q`W TY 4YOTLY X`^TN TY _SP 8PWLVL]_£>d^_PX ! LY Pc[WZ]L_TaP ^d^_PX ZQ L`_ZXL_TN []ZO`N_TZY ZQ ^NLWP^ `^TYR ]`WP^ ZQ [P]X`_L_TZY bSTNS bL^ TYaPY_PO Md _SP .L] YL_TN X`^TNTLY AP«VL_L 8LVSTY TY _SP "_S NPY_`]d ?ST^ X`^TNLW _PNS YT\`P RPYP]L_PO L ^d^_PX ZQ " ^NLWP^ NZaP]TYR LWW _SPY VYZbY =£RL^ LYO XZ]PZaP] _S]Z`RS bSTNS ^ZXP wYPbx ^NLWP^ bP]P wOT^NZaP]POx _SL_ SLO YZ_ PcT^_PO []PaTZ`^Wd TY _SP =£RL^ ?SP TYOTNP^ ZQ _SP TYOTaTO `LW ^NLWP^ TP _SPT] TYOPc Y`XMP]^ bP]P WL_P] TY_PR]L_PO TY_Z _SP YLXP^ ZQ _SP ^NLWP^ Z] XPWL^ aTL _SP 6L¶L[Ld£OT ^d^_PX _SP _d[TNLWWd >Z`_SP]Y 4YOTLY LW[SLMP_ML^PO Y`XP]TNLW ^d^_PX 1Z] PcLX[WP ^NLWP Y`XMP] # MPL]^ _SP YLXP w3L]T6£XMSZU¯x bSP]PMd w6£XMSZU¯x T^ _SP YLXP ZQ L =£RL ML^PO ZY _ST^ ^NLWP bSTWP w3L]Tx T^ L 6L¶L[Ld£OT NZOTYR ZQ _SP Y`XMP] # ?ST^ ^d^_PX MPNLXP ^Z [Z[`WL] _SL_ LWW _SP .L]YL_TN X`^T NTLY^ `^P T_ _ZOLd :`] X`^TN PcLX[WP ZQ _SP OPaZ_TZYLW NLWWTYR _Z XTYO _SP OLYNTYR ±TaL ZQ .TOLXML]LX Md 8`__`^a£XT /¯V´T_L] ./  T^ ML^PO ZY L =£RL NLWWPO ?LY`V¯]_T ML^PO ZY ^NLWP Y`XMP] ! _£YL]¼[¯  ?ST^ ^NLWP bL^ aP]d []ZMLMWd QT]^_ OPaPWZ[PO `^TYR _SP LMZaPOP^N]TMPO ^d^_PX >ZXP ZQ _SP^P YPb ^NLWP^ PR _SL_ ZQ Z`] ^LX[WP bT_S T_^ NZY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  $ .Q QZ] TY^_LYNP _SP ,]_BZYV []ZR]LX^ Z] _SP _PNSYT\`P OPaPWZ[PO Md _SP L`_SZ] :8 QZ] .ZY^_]LTY_ 7ZRTN -L^PO .ZX[Z^T_TZY bbb^[LNP_ZLO^NZX ! Z`YO  !! ! 7T_P]LWWd w^NLWP[]ZO`NTYRx ^d^_PX

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$#

^NTZ`^ PYSL]XZYTN NZYQ`^TZY^ . / QWL_ 0 OZ`MWPQWL_ 1 , ^SL][ LYO - L]P ]PRL]OPO L^ Pc_]PXPWd OTQQTN`W_ _Z ^TYR -`_ _SPd L]P ^PPY L^ ^[PNTLW NSLWWPYRP^ LYO YZ_ L^ PaTOPYNP _SL_ _SP ^d^_PX T^ YZ RZZO :Y _SP NZY_]L]d _ST^ ^d^_PX T^ []LT^PO Md XLYd X`^TNTLY^ [L]_TN`WL]Wd L^ _SP P[T_ZXP ZQ [P]QPN_Wd QZ]XPO MPL`_d ,_ _ST^ [ZTY_ bP QTYO _SP XZ^_ []ZYZ`YNPO [L]LWWPW^ bT_S _SP ^P]TLW T^X ZQ _SP BP^_ L XZOP]Y ^_dWP ZQ X`^TN _SL_ NZXP^ XZ]P _SLY LYd Z_SP] TY _ST^ N`W_`]P NWZ^P _Z _SP TOPLW ZQ _SP X`^TNLW RWL^^ MPLO RLXP 8`^TNLW ^_]`N_`]P^ L]P N]PL_PO MZ_S TY Z`] 4YOTLY PcLX[WP LYO BP^_P]Y ^P]TLWT^X `^TYR XL_SPXL_TNLW Z[P]L_TZY^ .L]YL_TN 4YOTLY X`^TN T^ LW^Z ML^PO ZY  _ZYP^ 3ZbPaP] `YWTVP XZOP]Y _bPWaP_ZYP X`^TN _SPd L]P YZ_ ZQ P\`LW aLW`P ?SP 8PWLVL]_£ ^d^_PX T^ WP^^ LM^ZW`_P ?SP _ZYLW QZ`YOL_TZY T^ []P^P]aPO ?SP X`^TNLW XL_P]TLW T^ _SP NWL^^TNLW 4YOTLY ZYP ?SP]P T^ L ^_LMWP _ZYTN ^L LYO L ^_LMWP OZXTYLY_ _SP _ZYP [L , QTcPO _ZYLW Q]LXPbZ]V T^ _SP]PQZ]P []P^P]aPO LYO T^ PcNW`OPO Q]ZX _SP [P]X`_L_TZY^ ?SP TY_P]XPOTL_P _ZYP^ SZbPaP] NLY MP LW_P]YL_PO L^ ZYP bT^SP^ ?ST^ ]P^`W_^ TY L NZX[WP_PWd OTQQP]PY_ L`OTMWP TX[]P^^TZY _SLY _SL_ N]PL_PO Md _bPWaP_ZYP X`^TN 4Y _SP WL__P] _SP _ZYTN T^ YPRL_PO LYO _ST^ T^ bSL_ XLVP^ T_ ^Z OTQQTN`W_ _Z WT^_PY _Z _ST^ X`^TN ?SP WT^_PYP] X`^_ LMLYOZY _SP _ZYLWT_d Q`WWd MPNL`^P TY ^P]TLW X`^TN LWW _bPWaP _ZYP^ L]P _]PL_PO L^ P\`LW LYO LM^ZW`_P ?SP ]LOTNLWT_d ZQ _ST^ L[[]ZLNS ZQ _Z_LWWd OT^^ZWaTYR _ZYLWT_d bL^ OP _P]XTYPO ST^_Z]TNLWWd LYO bL^ LW^Z ST^_Z]TNLWWd ZaP]NZXP 3P]P _SP NZY _LN_ MP_bPPY BP^_P]Y X`^TNTLY^ LYO 4YOTLY X`^TN bL^ L QLN_Z] 3Zb NLY _ST^ OPaPWZ[XPY_ MP Pc[WLTYPO* 8ZOLWT_d bL^ LMLYOZYPO TY 0`]Z[P O`]TYR _SP [^dNSZWZRTeL_TZY ]P[]P^PY_L_TaP NSL]RTYR LYO ^PXLY_TNTeL_TZY ZQ X`^TN ^_L]_TYR TY _SP =PYLT^^LYNP bT_S _SP XLO]TRLWT^_^ LYO _SPY MPNZXTYR Q`WWd L[[L]PY_ TY _SP X`^TN ZQ PL]Wd Z[P]L ^`NS L^ _SL_ ZQ 8ZY_PaP]OT ?ST^ []ZNP^^ SLO N`WXTYL_PO TY _SP $_S NPY_`]d ?SP NZX[Z^T_TZY^ ZQ _ST^ [P]TZO bP]P ZQ_PY w_ZYP [ZPX^x TY _SP _]`P^_ ^PY^P ZQ _SP bZ]O 7T_P]L_`]P LYO X`^TN bP]P Q`^PO NWZ^P] LYO NWZ^P] _ZRP_SP] L OPaPWZ[XPY_ _SL_ ]PLNSPO T_^ ePYT_S TY []ZR]LX X`^TN X`^TNLW ^_Z]TP^ bT_SZ`_ bZ]O^ 3P]P X`^TN MPNLXP TYN]PL^TYRWd ^PXLY_TN 1Z] PcLX[WP 7T^e_ ^P_ [Z PX^ LYO P[TN^ _Z X`^TN TYNW`OTYR NWL^^TN^ ^`NS L^ _SP /TaTYP .ZXPOd 1L`^_ P_N 4Y _SP^P bZ]V^ _SP]P bL^ LY TYN]PL^TYRWd WL]RP ]P[P]_ZT]P ZQ X`^TNLW ^PXPXP^% _ZYP [LTY_TYR X`^TNLW ^dXMZW^ LYO LWWPRZ]TP^ LYO \`Z_L_TZY^ ZQ ^_dWP 7T^e_v^ /LY^P 8LNLM]P ?Z_PY_LYe  QZ] TY^_LYNP T^ ML^PO ZY _SP XPOTPaLW XPWZOd /TP^ 4]LP  ?ST^ XPWZOd MPNLXP ^Z [Z[` WL] _SL_ _ZOLd T_ T^ TY^_LY_Wd ]PNZRYTeLMWP TY QTWX ^NZ]P^ L^ L X`^TNLW ^dXMZW QZ] _SP L[ZNLWd[^P LYO _SP PYO ZQ _SP bZ]WO ! 4_ ^_L]_^ bT_S _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP _SPXP SLO LW]PLOd MPNZXP QLXZ`^ _S]Z`RS 3PN_Z] -P]WTZe

$#!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

NSTXP^ ZQ MPWW^ bSTNS L]P QZWWZbPO Md QLYQL]P^ ZY _]`X[P_^ LYO XL]NS TYR ^Z`YO^ ^TRYLWTYR LY L]Xd 4Y _SP XTOOWP ^PN_TZY ZYP SPL]^ _SP /TP^4]LP _SPXP L^ L Q`R`P TY _SP ^_dWP ZQ ML]Z\`P NS`]NS X`^TN ]P[]P ^PY_TYR L []LdP] _SL_ PYO^ TY XZ_TQ^ ZQ ^TRSTYR ?SP _SPXP L[[PL]^ LRLTY L^ L ]P^[ZY^P _ST^ _TXP TY L XLUZ] VPd TY L][PRRTZ^ [WLdPO ZY _SP SL][ L^ TQ 3PLaPY T^ LY^bP]TYR ?ST^ T^ QZWWZbPO Md XZ_TQ^ QZ] bTYO LYO SZ]^PXPY L ]L__WTYR ^`RRP^_TYR ^VPWP_ZY^ LYO MPWW^ LYO SZ]Y^ ^TRYLWTYR L S`Y_ _SP SZ]^PXPY ZQ _SP L[ZNLWd[^P ^bPP[ LN]Z^^ _SP 0L]_S LYO _SP]P L]P ]P[PL_PO ^Z`YO^ ZQ _]ZXMZYP^ _SP TY^_]`XPY_ ZQ _SP L[ZNL Wd[^P ?SP [TPNP PYO^ bT_S _SP _SPXP NWZ_SPO TY _d[TNLW =PYLT^^LYNP SL]XZYTP^ T_ MPNZXP^ OLYNPWTVP LYO T^ RTaPY LY LWXZ^_ QP^_TaP NSL] LN_P] ?SP X`^TN PaZVP^ L ^NPYL]TZ ^ZXP_STYR WTVP L [LTY_TYR Md -]P`RSPW >Z TY _ST^ NZX[Z^T_TZY _SP]P L]P YZ_ ZYWd WT_P]L]d ]PQP]PYNP^ M`_ LW^Z ]PQP]PYNP^ _Z [LTY_TYR ]PbZ]VPO TY X`^TN ?Z `YOP]^_LYO LWW ZQ _ST^ SZbPaP] _SP WT^_PYP] X`^_ VYZb _SP w_ZYP WLYR`LRPx PR _SP ^dXMZWTN WTYV^ MP_bPPY TYOTaTO`LW TY^_]`XPY_^ _]`X[P_ ( bL] _]ZX MZYP ( 7L^_ 5`ORXPY_ SZ]Y ( S`Y_ LYO SL][ ( _SP SPLaPYWd bSTNS NLYYZ_ MP OP]TaPO Q]ZX _SPT] [`]P ^Z`YO NSL]LN_P] M`_ Q]ZX _SP QLN_ _SL_ _SP WT_P]L_`]P LWWZNL_P^ _SPX _Z _SP^P _Z[ZT LYO _]Z[P^ .ZX[Z^P]^ LX`^PO _SPX^PWaP^ []P__d bPWW bT_S _ST^ YPb _d[P ZQ X`^TN QZ] LMZ`_ L NPY_`]d ?ZbL]O^ _SP PYO ZQ _SP $_S NPY_`]d =TNSL]O >_]L`^^ PaPY L__PX[_PO _Z ^P_ [STWZ^Z[Sd _SL_ T^ WT_P]L_`]P bT_S LY LM ^_]LN_ NZY_PY_ _Z X`^TN z TY ST^ ,W^Z ^[]LNS EL]L_S`^_]L LQ_P] 1]TPO]TNS 9TP_e^NSP z LW_SZ`RS ^`]PWd YZ ZYP bZ`WO R`P^^ _SL_ SP bL^ SPL]TYR _SP [STWZ^Z[Sd ZQ 9TP_e^NSP TQ _ST^ bL^ YZ_ TYOTNL_PO TY _SP _T_WP ,_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d _ST^ ^PXLY_TNLWWd ZaP]WZLOPO X`^TNLW WLYR`LRP ^`OOPYWd ^PPXPO wbZ]Y Z`_x ?SP [`]P _ZYP WLYR`LRP _SP \`LWT_TP^ ZQ _SP ^Z`YO^ L^ ^Z`YO^ LYO _SP STRSP] XP_L[Sd^TNLW ]PLWT_d ^STYTYR _S]Z`RS TY _SP X`^TN Z] _SL_ bSTNS ZYP TY_P][]P_PO L^ ^`NS SLO MPPY WZ^_ BSL_ ]PXLTYPO bL^ L ]P[P]_ZT]P QZ] _Z[ZT LYO _SPXP^ _SL_ bP]P YZ WZYRP] ZQ LYd TY_P]P^_ _Z LYd ZYP ?SP ]PWL_TZY^ _Z WT_P]L_`]P LYO L]_ ST^_Z]d bP]P ^_`NV WTVP _L] _Z _SP X`^TNLW QZ]X^ bSTNS XLOP _SP X`^TN L[[PL] XZ]P LYO XZ]P Z`_OL_PO ?SP Pc[LY^TZY ZQ _ZYLW SL]XZYTN^ OTO ZQQP] YPb [Z^^TMTWT_TP^ M`_ Md _SP MPRTYYTYR ZQ _SP _S NPY_`]d _SPd bP]P PcSL`^_PO =PXLTYTYR TY _SP NZYaPY_TZYLW _ZYP WLYR`LRP bZ`WO SLaP XPLY_ T_P]L_TYR _SP ^LXP LY_T\`L_PO _Z[ZT LRLTY LYO LRLTY ,_ _ST^ U`YN_`]P _S]PP NZ`Y_P]XZOPW^ PXP]RPO 4RZ] >_]LaTY ^Vdv^ ]LOTNLW OPYTLW ZQ L YL_`]LW PXZ_TZYLW NZY_PY_ Z] LYd VTYO ZQ NZY _PY_ TY QLaZ] ZQ ]PO`N_TZY _Z QZ]X^ MPNLXP _SP QZ`YOL_TZY ZQ X`^TNLW NWL^^TNT^X 1Z] _SP WTM]P__Z ZQ ST^ :[P]L w:POT[`^ =Pcx QZ] TY^_LYNP SP OPWTMP]L_PWd NSZ^P 7L_TY L^ L ^LN]PO WLYR`LRP TY Z]OP] _Z XLVP _SP L`OTPYNP NZYNPY_]L_P PcNW`^TaPWd ZY X`^TN , ^PNZYO L[[]ZLNS bL^ Z[PY _Z X`^TNLW _]LOT_TZY^ bT_S aP]d OTQQP]PY_ L[[]ZLNSP^ _Z XLVTYR

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$#"

X`^TN _SLY _SP [^dNSZWZRTePO NWL^^TNLW X`^TN ZQ _SP $_S NPY_`]d ^`NS L^ YZY0`]Z[PLY X`^TN P^[PNTLWWd _SP 4YOZYP^TLY RLXPWLY /PM`^^d ULee 6]PYPV _SL_ bL^ U`^_ MPNZXTYR VYZbY LYO WL_P] LW^Z QZ]X^ Q]ZX QZWV X`^TN -L]_ZV ?SP _ST]O L[[]ZLNS bL^ _SL_ ZQ ,]YZWO >NSØYMP]R LYO ST^ ^NSZZW% _SP OT^^ZW`_TZY ZQ _ZYLWT_d LYO _SP ]LOTNLW ]PZ]RLYTeL_TZY ZQ _SP X`^TNLW XL_P]TLW 3ZbPaP] T_ _`]YPO Z`_ _Z MP OTQQTN`W_ _Z NZX [Z^P TY Q]PP L_ZYLWT_d TP _Z b]T_P X`^TN YZ_ ]PWL_PO _Z LYd _ZYTN LYO bT_SZ`_ LYd ]`WP^ 4_ bL^ aP]d OTQQTN`W_ _Z WPLaP MPSTYO LWW _SP _]LOT_TZYLW X`^TN LYO YZ_ _Z NZ[d Z] `^P ZWO [L__P]Y^ ?SP ^ZW`_TZY TY_PYOPO _Z MP _SP XP_SZO ZQ NZX[Z^TYR `^TYR _bPWaP _ZYP^ ?SP ]`WP^ M`TW_ TY_Z _ST^ XP_SZO []PaPY_PO LYd_STYR Q]ZX MPTYR `YNZY^NTZ`^Wd ]P_LTYPO Q]ZX _SP ZWO [P]TZO ?SP NZX[Z^P] ^PWPN_^ L NP]_LTY [P]X`_L_TZY ZQ _SP^P _bPWaP _ZYP^ bSTNS L]P _SPY LWWZbPO _Z L[[PL] ZYWd TY _ST^ [L]_TN`WL] Z]OP] LYO YZ Z_SP] ?ST^ []PaPY_^ L _ZYLW NPY_P] Q]ZX PaPY MPRTYYTYR _Z QZ]X ^TYNP _SP P\`LWT_d ZQ _SP _bPWaP _ZYP^ T^ R`L]LY_PPO Md _SP ^P \`PYNP ?SP Pc[]P^^TaP NSL]LN_P] ZQ _SP _bPWaP_ZYP X`^TN T^ _SP PcLN_ Z[ [Z^T_P ZQ XZOLW X`^TN 4Y NZX[WP_P NZY_]L^_ _Z _SP 4YOTLY =£RL TY bSTNS _SP ^PWPN_TZY ZQ NP]_LTY _ZYP^ PaZVP^ LY PaP] []P^PY_ NWZ^PO L_ XZ^[SP]P TY _SP _bPWaP_ZYP X`^TN ^`NS X`^TNLW L_XZ^[SP]P^ SL]OWd PaP] NZXP TY_Z PcT^_PYNP MPNL`^P PaP]d _ZYP SL^ _Z L[[PL] LRLTY LQ_P] L NP]_LTY _TXP 4Y NWL^^TNLW 4YOTLY X`^TN OP[PYOTYR ZY _SP =£RL ^PWPN_PO _SP XZZO T^ PT_SP] RPY_WP Z] _PY^P PXZ_TZYLWWd ^_T]]TYR Z] [PLNPQ`W OP[PYOTYR ZY bSP_SP] _ZYP^ bT_S _SP^P [L]_TN`WL] NSL]LN_P]T^_TN^ SLaP MPPY ^PWPN_PO 4Y _bPWaP_ZYP X`^TN ZY _SP Z_SP] SLYO LWW _SP _ZYP^ L]P []P^PY_ ^TX`W_LYPZ`^Wd LYO L[[PL] LRLTY LYO LRLTY TY NWZ^P []ZcTXT_d ?ST^ ]P^`W_^ TY L wYZYS`XLYx Z] ^`[P]S`XLY ^Z`YO PQQPN_ ?bPWaP_ZYP X`^TN T^ ZQ_PY _SZ`RS_ ZQ L^ [`]P QZ]XLWT^X DP_ T_ bL^ LN_`LWWd XZ]P _SLY _ST^ 4_ L[[L]PY_Wd LW^Z TY_PYOPO _Z LWWZb _SP _ZYLW aLW`P^ _SPT] ^PWQNZXX`YTNL_TYR QPL_`]P^ LYO _SP wXP_L[Sd^TNLW ^`M ^_LYNPx _SL_ SLO WL]RPWd MPPY WZ^_ TY _SP $_S NPY_`]d `YOP] _SP M`]OPY ZQ ^PXTZ_TN ZaP]WZLOTYR _Z NZXP _Z _SP QZ]P LRLTY 0aPY TQ _SP STP]L] NSTP^ ZQ _SP SL]XZYTN ]PWL_TZY^ MP_bPPY _SP _ZYP^ bP]P YPRL_PO _SP ^`M^_LYNP ZQ _SP _ZYP^ bL^ TY QLN_ ^STQ_PO MLNV TY_Z _SP QZ]PR]Z`YO ?ST^ XPLY_ _SL_ _SP XP_L[Sd^TNLW X`^TNLW RWL^^ MPLO RLXP MPNLXP L`OTMWP ZYNP XZ]P z PaPY TQ _ST^ NLXP L_ _SP []TNP ZQ LM^_]LN_TZY Q]ZX LWW SL] XZYTN OTXPY^TZY^ ZQ ^Z`YO^ , _PWWTYR PcLX[WP T^ ,]YZWO >NSØYMP]Rv^ []ZR]LXXL_TN bZ]V w8Z^P^ `YO ,]ZY !x LY Z[P]L b]T__PY L^ L ]PQWPN _TZY ZY ST^ NZY^NTZ`^ _`]Y _ZbL]O^ ST^ ZbY 5PbT^SYP^^ $z$ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! >NSØYMP]R NZY^NTZ`^Wd NSZ^P _SP ^[PWWTYR w,]ZYx TY^_PLO ZQ w,L]ZYx 3P SLO LY TY_PY^P QPL] ZQ _SP Y`XMP]  LYO _SP _T_WP w8Z^P^ `YO ,L]ZYx bZ`WO SLaP SLO _ST] _PPY WP__P]^

$##

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

PaPY MPQZ]P ST^ ]PNZYaP]^TZY Q]ZX ;]Z_P^_LY_T^X _Z 5`OLT^X 8Z^P^ bSZ PYNZ`Y_P]PO 2ZO TY _SP M`]YTYR M`^S NLY ZYWd NZXX`YTNL_P ST^ Pc[P]TPYNP ZQ 2ZO TY SL]^S _bPWaP_ZYP ^Z`YO^ LYO `^TYR _SP _PNSYT\`P ZQ ^[PLVTYR L_ [T_NS ,]ZY Md NZY_]L^_ Pc[]P^^P^ ST^ M]Z_SP]v^ XP^^LRP TY _SP XZ^_ WZaPWd MPWNLY_Z LYO L _ZYP WLYR`LRP M`TWOTYR ZY [L^_ X`^TN ^_dWP^ M`_ ^_TWW _bPWaP_ZYP X`^TN 4Y _ST^ bLd 2ZOv^ XP^^LRP T^ XLOP NZX[]PSPY^TMWP _Z _SP [PZ[WP ZQ 4^]LPW M`_ ZY _SP Z_SP] SLYO T_ T^ LW^Z QLW^TQTPO ^Z _SL_ TY _SP PYO _SPd L]P LRLTY []LdTYR _Z _SP RZWOPY NLWQ >Z _SP _bPWaP_ZYP ^_dWP T^ `^PO QZ] Pc[]P^^TYR bSL_ OZP^ YZ_ NZXP Q]ZX XPY _SP Xd^_P]TZ`^ aZTNP ZQ 2ZO LYO _SP WLb _SL_ 8Z^P^ OPWTaP]^ _Z _SP [PZ[WP bSTNS _SPd _`]Y LRLTY^_ LYO bSTNS ,]ZY OPNPT_Q`WWd N`_^ OZbY _Z _SP S`XLY ]PLWX _SP bZ]^ST[ ZQ _SP RZWOPY NLWQ 4_ T^ ]PaPLW TYR _SL_ _SP QTYT^SPO [L]_ ZQ _SP Z[P]L _SP QTYLW LN_ _SL_ >NSØYMP]R [WLYYPO _Z b]T_P bT_S L SL[[d PYOTYR bL^ YPaP] NZX[Z^PO PYO^ bT_S 8Z^P^ NZWWL[^TYR TY L ^_L_P ZQ OP^[P]L_TZY MPNL`^P SP bSZ SL^ ^PPY _SP Z_SP] bZ]WO NLYYZ_ NZXX`YTNL_P NZX[]PSPY^TMWd 4_ bL^ [P]QPN_Wd YL_`]LW _SL_ NZX[Z^P]^ ^_L]_PO _Z WZZV QZ] WP^^ Pc _]PXP ^ZW`_TZY^ _SLY _SL_ ZQ _SP _bPWaP_ZYP ^_dWP _Z XLVP _SP wX`^TN ZQ _SP ^[SP]P^x L`OTMWP LRLTY ;L`W 3TYOPXT_S ^SZ`WO MP XPY_TZYPO bT_S ST^ Pc[LYOPO XZOPW ZQ _ZYLWT_d LYO ST^ NZX[Z^T_TZY PY_T_WPO w?SP 3L] XZYd ZQ _SP BZ]WOx ZY _SP WTQP LYO bZ]V ZQ 5ZSLYYP^ 6P[WP] []PXTP]PO TY $ " 4Y _ST^ NZX[Z^T_TZY _SP [WLYP_L]d ^d^_PX L^ LY TY^_]`XPY_ ZQ _SP X`^TN ZQ _SP ^[SP]P^ MPNZXP^ L XP_L[SZ] QZ] 3TYOPXT_Sv^ ZbY L] ]LYRPXPY_ ZQ _SP _bPWaP_ZYP ^NLWP _SL_ OTO YZ_ YPRL_P NZY^ZYLYNP LYO OT^^ZYLYNP -`_ PaPY XZ]P [ZbP]Q`W PQQPN_^ bP]P LNSTPaPO Md _SZ^P NZX[Z^P]^ bSZ NSZ^P _SP [L_S ZQ Pc[LYOTYR _SP TYOTRPYZ`^ X`^TNLW ^[PN_]`X Md MZ]]ZbTYR Q]ZX Z_SP] X`^TNLW N`W_`]P^ ?SP 1]PYNS X`^TNLW TX[]P^^TZY T^X ZQ .WL`OP /PM`^^d SLO LW]PLOd [P]QPN_PO _SP LOZ[_TZY ZQ QZ]PTRY QZ]X^ ZQ X`^TN% ULee QWLXPYNZ LYO YZ_ WPL^_ RLXPWLY X`^TN Q]ZX 4Y OZYP^TL bP]P ^PLXWP^^Wd bZ]VPO TY_Z ST^ YPb _ZYP WLYR`LRP =PWTRTZY bSZWWd LM^PY_ TY /PM`^^d bL^ LWW _SP XZ]P []P^PY_ TY _SP [Z^_ LYO YPZ TX[]P^^TZYT^_TN w5P`YP 1]LYNPx _SL_ bL^ QZ`YOPO TY $! ZYP ZQ bSZ^P OPNWL]PO LTX^ bL^ _Z RTaP X`^TN MLNV T_^ Xd^_TN ]PWTRTZ`^ NSL]LN_P] ?SP MP^_ VYZbY ZQ _SPX bL^ _SP NZX[Z^P] :WTaTP] 8P^^TLPY L OPP[Wd OPaZ`_ .L_SZWTN 4Y $ 8P^^TLPY MPRLY NZX[Z^TYR WL]RPWd TY _SP XZ OLW ^_dWP LYO OPaPWZ[PO QZ] _ST^ ST^ ZbY ^d^_PX ZQ X`^TNLW XZOP^ NLWWPO wXZOP^ Â _]LY^[Z^T_TZY WTXT_ËPx ?ST^ bL^ L ^NLWPRPYP]L_TYR ^d^_PX Q`YN_TZYTYR TY L aP]d ^TXTWL] XLYYP] _Z _SL_ ZQ AP«VL_L 8LVSTY bSP]PMd _SP ]P^`W_TYR ^PaPY ^NLWP^ L]P PcNP[_TZYLWWd ^dXXP_]TNLW ?SP R]PL_ TYYP] ^dXXP_]d ZQ _SP^P ^NLWP^ OZP^ ^ZXP_STYR ^TXTWL] _Z bSL_ _SP ^P]TP^ ZQ _ZYP^ OZ TY _bPWaP _ZYP X`^TN% _SP _ZYLWT_d T^ `YOP]XTYPO MP NL`^P _SP TYYP] SL]XZYTN ]PWL_TZY^ MP_bPPY _SP _ZYP^ ZQ _SP ^NLWP L]P

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$#$

YZ_ aP]d NZX[WPc ?ST^ M]TYR^ LMZ`_ L VTYO ZQ wWTRS_ L_ZYLWT_dx :Y _SP Z_SP] SLYO _SP^P XZOP^ `YWTVP _bPWaP_ZYP X`^TN LWWZb NZX[Z^T_TZY bT_S SL]XZYTN NZWZ]^ MPNL`^P _SPd Q`YN_TZY U`^_ WTVP _SP 4YOTLY =£RL^ ,YZ_SP] TX[Z]_LY_ PWPXPY_ ZQ 8P^^TLPYv^ _ZYP WLYR`LRP T^ PaPY XZ]P NWPL]Wd OP]TaPO Q]ZX 4YOTL% NZX[WPc ]Sd_SX^ NLWWPO /P²¯?£WL^ _SL_ SP LOZ[_PO Q]ZX ±£]«RLOPaLv^ bPWW VYZbY _]PL_T^P ZY X`^TN LYO bSTNS TY ST^ X`^TN L]P `^`LWWd LW^Z NLWWPO w3TYO` ]Sd_SX^x 8P^^TLPY _]PL_^ _SP^P ]Sd_SX^ XZ]P Z] WP^^ L^ TYOP[PYOPY_ [P]^ZYLWT_TP^ LYO OPLW^ bT_S _SPX TY ST^ NZX[Z^T_TZY^ WTVP _SP ML]Z\`P NZ`Y_P][ZTY_ NZX[Z^P]^ OTO bT_S _SPT] _SPXP^ ?SPd L]P L`RXPY_PO TYaP]_PO LYO _`]YPO TY_Z XT]]Z] TXLRP^ 8P^^TLPY L[[L]PY_Wd QZ`YO TY 4YOTLY XZOLW X`^TN L ^_TX`W`^ QZ] ST^ ZbY w^[T]T_`LWx _ZYP WLYR`LRP LYO XP_L[Sd^TNLW ^dXMZWT^X ! BSL_ OT^_TYR`T^SPO 8P^^TLPY Q]ZX Z_SP] LaLY_RL]OP X`^TNTLY^ ZQ ST^ _TXP bL^ ST^ OPP[ ]PWTRTZ^T_d ST^ ^PL]NS QZ] ^ZXP_STYR Xd^_TNLW NZ^XTN LYO OTaTYP 3ZbPaP] _SP OPS`XLYTeL_TZY ZQ L [`]P X`^TN ZQ _SP RWL^^ MPLO RLXP bSTNS YZ WZYRP] TYaZWaP^ L S`XLY L`OTPYNP bL^ YZ_ LY Z[_TZY QZ] STX `YWTVP ^ZXP _bPWaP_ZYP NZX[Z^P]^ :Y _SP NZY _]L]d SP ^_]ZaP QZ] L X`^TN _SL_ bL^ _Z MP MZ_S ^_]TN_ LYO XPOT_L_TaP LYO L_ _SP ^LXP _TXP Q`WW ZQ NZWZ] ^bPP[TYR LYO YL_`]LW 1Z] _ST^ ]PL^ZY SP bL^ LW^Z R]PL_Wd QL^NTYL_PO Md MT]O^ZYR 3P STX^PWQ bL^ L ^PWQ _L`RS_ Z]YT_SZWZRT^_ LYO bSPY _]LaPWWTYR LN]Z^^ 1]LYNP SP ]PNZ]OPO WL]RP Y`XMP]^ ZQ MT]O^ZYR^ _SL_ SP _]LY^N]TMPO TY_Z X`^TNLW YZ_L_TZY LYO _SPY `^PO TY ST^ NZX[Z^T_TZY^ ?SP X`^TN ZQ _SP MT]O^ bSTNS bL^ YPT_SP] _SZ`RS_ `[ Md S`XLY MPTYR^ YZ] XLOP QZ] _SPX T^ ^_TWW MPL`_TQ`W LYO _S`^ [ZTY_^ _Z 2ZO L^ _SP ^Z`]NP ZQ _ST^ MPL`_d ?ST^ ^`M^_LY_TLWT_d OTQQP]PY_TL_PO 8P^^TLPY aP]d ^_]ZYRWd Q]ZX _SP NZYNP[_ ZQ ,`R`^_TYP bSZ bL^ `YLMWP _Z RLTY X`NS Q]ZX _SP ^ZYR ZQ _SP YTRS_TYRLWP L^ ^TX [Wd YL_`]P wbT_SZ`_]PL^ZYx DP_ OP^[T_P _ST^ ,`R`^_TYP _SZ`RS_ ^ZXP _STYR \`T_P ^TXTWL] bSPY SP ^[ZVP ZQ X`^TN T_^ Y`XP]TNLW ]Sd_SX L^ ^ZXP_STYR TYOTNL_TYR _SP [P]QPN_TZY LYO LM^ZW`_P MPL`_d ZQ 2ZO 8P^^T LPY QZ`YO YPb _]LNP^ TY _SP ]Sd_SX^ ZQ 4YOTLY NWL^^TNLW X`^TN 7TVP _SP MT]O^v aZTNP^ 4YOTLY X`^TN ^`[[WTPO STX bT_S TYPcSL`^_TMWP X`^TNLW ]PWTRTZ`^ ^dXMZW^ LYO [Z^^TMTWT_TP^ QZ] Pc[]P^^TZY _SL_ NZXMTYPO ^_]TN_ YP^^ LYO RWZ]TZ`^ NZWZ] ;]ZMLMWd 8P^^TLPYv^ XZ^_ M]TWWTLY_ NZXMTYL _TZY ZQ LWW _SP XPY_TZYPO L^[PN_^ ZQ L YPb ^[T]T_`LW _ZYP WLYR`LRP bL^ ST^ ?`]L«RLW¯W£ ^dX[SZYd L S`RP SdXY _Z UZd NZX[Z^PO ^SZ]_Wd LQ_P] _SP PYO ZQ BZ]WO BL] 44 bSTNS OZP^ YZ_ PWLMZ]L_P LYd XPWZOTN _SPXP^ M`_ TY^_PLO L ^TYRWP ]Sd_SX Q]ZX ±£]«RLOPaLv^ X`^TN MZZV

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! @YQZ]_`YL_PWd T_ bL^ YZ_ [Z^^TMWP QZ] `^ _Z RLTY LNNP^^ _Z WP__P]^ LYO Z_SP] OZN`XPY_^ _Z [`]^`P _ST^ \`P^_TZY TY XZ]P OP_LTW ?SP OZN`XPY_^ SLaP YZ_ MPPY [`MWT^SPO LYO L]P ZYWd LNNP^^TMWP aTL _SP 8P^^TLPY L]NSTaP

$$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

8P^^TLPY bL^ ML^TNLWWd _SP QT]^_ BP^_P]Y X`^TNTLY _Z TYT_TL_P _SP NSLYRP _SL_ bL^ ^Z P^^PY_TLW QZ] -P]PYO_ YLXPWd _SP ]P_`]Y _Z XZOLWT_d 4_ bL^ L NSLYRP _SL_ bL^ LW^Z _SP ^_L]_TYR [ZTY_ QZ] LWW NZX[Z^P]^ ZQ XTYTXLW X`^TN 1Z] -P]PYO_ XTYTXLW X`^TN LWZYR^TOP XZOLW ULee bL^ _SP ^PNZYO X`^TNLW ^_dWP _Z TYOTNL_P _SL_ 0`]Z[PLY X`^TN bL^ ^P__TYR NZ`]^P QZ] ^[T]T_`LWT_d LYO ]PRLTYTYR T_^ Z]TRTYLW [Z^T_TZY TY _SP XPY_LW `YTaP]^P 8P^^TLPY L[[L]PY_Wd SLO L ^TXTWL] bT^S _Z `^P X`^TN L^ L ^[T]T_`LW WLYR`LRP _SL_ T_^PWQ SLO L XP_L[Sd^TNLW \`LWT_d 3T^ wX`^TN ]PWTRTZYx bL^ NWZ^PWd L^^ZNTL_PO bT_S ST^ ZbY ]PWTRTZ`^ MLNVR]Z`YO LYO bL^ LYd_STYR M`_ 9Pb ,RP DP_ 4YOTLY X`^TN Pc[LYOPO ST^ SZ]TeZY^ _ZZ 4_ bL^ L VPd _Z L ^ZW`_TZY QZ] QZ]X`WL_TYR ^[T]T_`LWT_d LYO _]LY ^NPYOPYNd TY R]PL_P] LM^_]LN_TZY _SLY SLO MPPY OZYP TY _SP $_S NPY_`]d LYO OT^^ZWaTYR _SP ^PXLY_TNTeL_TZY [^dNSZWZRTeL_TZY LYO wS`XLYTeL _TZYx ZQ X`^TN LRLTY ?ST^ SLO YZ_STYR _Z OZ bT_S _SP 3TYO` ]PWTRTZY Z] LY w0L^_P]Y Q]LXP ZQ XTYOx 8P^^TLPY ^TX[Wd MPYPQT_PO Q]ZX _SP YPb WT_P]LW NZY_LN_ eZYP _SL_ bL^ P^_LMWT^SPO Md _]LY^WL_TZY^ ?SP ^T_`L_TZY T^ OTQQP]PY_ bT_S _SP XTYTXLW X`^TNTLY ?P]]d =TWPd bSZ NZY^NTZ`^Wd LOL[_PO LY w0L^_P]Y Q]LXP ZQ XTYOx LYO NLY MP _P]XPO L []Z[ZYPY_ ZQ XZOP]Y YZYTY^_T_`_TZYLWTePO ^[T]T_`LWT_d =TWPd MPNLXP TYOPPO L -`OOST^_ M`_ ST^ -`OOST^X bZ`WO SL]OWd MP ]PNZRYTePO Md L _]LOT_TZYLW -`OOST^_ 3P [Z^_`WL_PO _SL_ _SP ^[T]T_`LW XL^_P]^ _L`RS_ _SP ^LXP L^ O]`R^& MZ_S WPO TY_Z LYZ_SP] bZ]WO LYO Pc[LYOPO _SP NZY ^NTZ`^YP^^ LYO _ST^ bL^ PcLN_Wd bSL_ X`^TN LW^Z OTO =TWPdv^ Sd[YZ_Te TYR NZX[Z^T_TZY^ ]PLWWd NLY MP NSL]LN_P]TePO L^ L wX`^TN ]PWTRTZYx Z] w[`]P ^[T]T_`LWT_dx TY bSTNS _SP w]PWTRTZ`^x [L]_ T^ _Z_LWWd `Y^[PNTQTN LYO YZ WZYRP] L^^ZNTL_PO bT_S _SPZWZRTNLW ^_L_PXPY_^ ZQ LYd VTYO ?SP ZYWd _STYR _SL_ _ST^ Pc_]PXPWd ]PO`NPO X`^TN wOZP^x T^ _Z N]PL_P L OPY^P L_ XZ^[SP]P _SL_ MPbT_NSP^ _SP WT^_PYP] TY_PY^TaPWd TQ SP Z[PY^ `[ _Z T_ ?SP ^_]TN_ ]PR`WL] LYO LWXZ^_ XPNSLYTNLWWd ^TXTWL] _ZYP ^P\`PYNP^ LYO Pc_]PXPWd [PLNPQ`W NZX[Z^T_TZY^ LYO ]Sd_SX^ O]Lb _SP WT^_PYP] LWXZ^_ TYPaT_LMWd TY_Z _SP X`^TN LYO N]PL_P L _]LYNPWTVP Wd^T^ 8LdMP ZYP NZ`WO ^[PLV ZQ L _d[P ZQ XLY_]L Pc[P]TPYNP L^ -P]PYO_ []Z[Z^PO QZ] MZ_S SLaP TY NZXXZY _SP ]P[P_T_TaP _PNSYT\`P LYO Z]TPY_L_TZY ZY XP]P ^Z`YO LYO _SP ^Z`YO aTM]L_TZY^ >_ZNVSL`^PY bSZ SL^ YZ WTYV^ _Z XZ OLW X`^TN 9Pb ,RP ^[T]T_`LWT_d Z] XPOT_L_TZY X`^TN M`_ TY_P]P^_ TY P^Z_P]TNT^X bL^ OPQTYT_PWd TY^[T]PO Md _SP wXLY_]L ^dYO]ZXPx 3T^ NZX[Z^T_TZY w8LY_]Lx OL_TYR Q]ZX $$ T^ ML^PO ZY _SP ]P[P_T_TZY ZQ _SP _ZYP XL_P]TLW TY PaP] YPb QLNP_^ ?ST^ QZ]X`WL NZX[Z^T_TZY LTX^ QZ] _SP NZY^NTZ`^ []ZO`N_TZY ZQ XTN]ZLNZ`^_TN aTM]L_TZY^ ?SP 9£OL Pc[P]T PYNP SL^ ZMaTZ`^Wd MPNZXP L _]LY^N`W_`]LW [SPYZXPYZY _SL_ SL^ WPQ_ _SP 4YOTLY SZ]TeZY LYO T^ LW^Z ]PNPTaPO TY YZY]PWTRTZ`^ bLd^ aTL XZOP]Y X`^TN

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$

! ?]LY^YL_TZYLWTeL_TZY ZQ _SP 9£OL-]LSXLY ?SP QL^NTYL_TZY bT_S ^Z`YO^ bSP_SP] _SPd MP WTYR`T^_TN Z] X`^TNLW SL^ M]Z`RS_ QZ]_S XLYd LYO aL]TPO L[[]ZLNSP^ LYO TY_P][]P_L_TZY^ TY 4YOTL ?SL_ ^Z`YO^ XLVP ^`T_LMWP LM^_]LN_ Z]OP] [L__P]Y^ bL^ ]PLWTePO TY _SP [SZYP_TN L]]LYRPXPY_ ZQ _SP LW[SLMP_ QZ] PcLX[WP -`_ _SP L__]LN_TZY ZQ ^Z`YO^ WLd YZ_ ZYWd TY _SPT] LMTWT_d _Z M]TYR LMZ`_ ]PNZRYTeLMWP Y`XP]T NLW ^_]`N_`]P^ _S]Z`RS NZX[Z^T_TZY^ ]Sd_SX^ ]P[P_T_TZY^ P_N bSTNS 1]T_^ >_LLW LW^Z [P]NPTaPO TY _SP Y`XP]TNLW NZX[Z^T_TZY ZQ _SP XLY_]L ^Z`YO^ TY _SP APOTN ]T_`LW ?SP 4YOTLY X`^TNZWZRT^_^ L^^ZNTL_PO YZ_ ZYWd XL_SPXL_TN^ M`_ LW^Z PXZ_TZYLW L_XZ^[SP]P^ bT_S _SP X`^TNLW ^_]`N _`]P^ ?SP PXZ_TZYLW L[[PLW ZQ X`^TN bL^ [L]_TN`WL]Wd TX[Z]_LY_ TY _SP ]PWTRTZ`^ OT^NZ`]^P 4Y _SP MSLV_T _]LOT_TZY^ X`^TN MPNLXP _SP NPY_]LW XPLY^ QZ] Pc[]P^^TYR _SP WZaP ZQ 2ZO ?SP XZ]P DZRTN LYO ?LY_]TN _STYVP]^ TY _SPT] _`]Y bP]P QL^NTYL_PO Md L OTQQP]PY_ L^[PN_% _SP \`LWT_d ZQ ^Z`YO^ MPTYR []P^PY_ TY _SP L`OTMWP LYO YZYL`OTMWP ]LYRP LYO WPLa TYR MPSTYO aTM]L_TZY^ MZ_S TY _SP Z`_P] LYO TYYP] ^[LNP ?SPd Pc[P]T XPY_PO bT_S _SL_ OPaPWZ[PO []LN_TNP^ LYO L]]TaPO L_ ]LOTNLW NZYNW` ^TZY^ ZQ ^PWQTY_P][]P_L_TZY LYO bZ]WOTY_P][]P_L_TZY >Z`YO ^PPXPO _Z SLaP ^ZXP_STYR _Z OZ bT_S _SP TYYP]XZ^_ YL_`]P ZQ XLY LYO ZQ _SP NZ^ XZ^ LYO _Z [ZTY_ OT]PN_Wd _Z L _]LY^NPYOPY_LW ]PLWT_d PaPY _Z WPLO TY_Z T_ TQ ZYP NZYNPY_]L_PO PcNW`^TaPWd ZY _SP ^Z`YO^ >Z`YO bL^ L__]TM`_PO _SP [ZbP] ZQ NSLYRTYR ]PLWT_d >Z`YO QZ]X`WL^ bP]P L[[WTPO L^ XPLY^ ZQ ^PWQ_]LY^QZ]XL_TZY 4Y [L]_TN`WL] _SP DZRTN TY_P][]P_L_TZY ZQ _SP 9£OL SL^ L[[L]PY_Wd XZ]P ]PNPY_Wd SPWO LY P^[PNTLWWd R]PL_ QL^NTYL_TZY QZ] BP^_P]YP]^ _ZZ ?SPd QZ`YO TY T_ L bLd ZQ OPLWTYR bT_S ^Z`YO^ _SL_ _SPd SLO YZ_ VYZbY MPQZ]P 4YOTL bL^ L__]LN_TaP MPNL`^P T_ ZQQP]PO Z_SP] [Z^^TMTWT_TP^ QZ] `YOP]^_LYOTYR ZYP^PWQ LYO _SP bZ]WO ;]PNT^PWd _ST^ OTQQP]PYNP ^P_ TY XZ_TZY YPb []ZNP^^P^ ZQ []ZaTOTYR XPLYTYR TY ZYPv^ ZbY BP^_P]Y N`W_`]P 4YOTL bL^ YZ_ `^`LWWd ]PNPTaPO L^ T_ bL^ Md 8P^^TLPY 1Z] _SZ^P [WLdP]^ bSZ OTO YZ_ QTYO ^[T]T_`LW ^L_T^QLN_TZY L_ SZXP 4YOTL bL^ L ^Z`]NP ZQ TY^[T]L_TZY QZ] ]PWZNL_TYR _]LY^NPYOPYNd _Z _SP TYYP] ^[LNP QZ] ^PPTYR NZ][Z]PLWT_d LYO ^PY^`LWT_d TY L YPb WTRS_ LYO QZ] ]PO]LbTYR _SP MZ`YOL]TP^ MP_bPPY _SP ^LN]PO LYO _SP []ZQLYP 3P]P ZYP QZ`YO L STRSWd OPaPWZ[PO N`W_`]P bSP]P _SP RL[ MP_bPPY _SP S`XLY LYO _SP OTaTYP SLO MPPY OT^^ZWaPO LYO _SP XLRTNLW LYO Xd_STNLW bL^ YZ_ OPaLW`PO OP^[T_P _SP STRS OPR]PP ZQ TY_PWWPN_`LWT_d _SL_ LW]PLOd NSL]LN_P]TePO 4YOTL TY []P .S]T^_TLY _TXP^ 8P^^TLPY QZ`YO TY^[T]L_TZY TY _SP WZRZRPYTN wPXLYNT [L_Z]dx L^[PN_^ ZQ 4YOTLY X`^TNLW _]LOT_TZY 8ZOP]Y LW_P]YL_TaP XPLY TYR^PPVP]^ WZZV QZ] L [L]_TNT[L_Z]d L[[]ZLNS _Z ]PLWT_d LYO L `YTaP]^LW Xd_S _SL_ []ZaTOP^ L ]L_TZYLW Pc[WLYL_TZY QZ] _SP [L]_TNT[L_Z]d bZ]WO aTPb LYO T^ LNNP^^TMWP _Z Pc[P]TPYNP ,NNZ]OTYR _Z Z`] _SP^T^ _SPd SLaP

$$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

TY_P]TZ]TePO [L]_Wd NZY^NTZ`^Wd LYO [L]_Wd `YNZY^NTZ`^Wd LY 4YOTLY SLMT_`^ bSZ^P Z]TRTYLW NZY_Pc_ T^ ZQ_PY YZ WZYRP] aT^TMWP L_ LWW _ZOLd ?ST^ T^ XLOP aP]d NWPL] Md _SP ]PNP[_TZY ZQ 9£OL LYO 9£OL-]LSXLY ?ZOLd _SP 9£OL-]LSXLY SL^ T_^ ZbY ST^_Z]d TY _SP BP^_ bT_SZ`_ _SP 4YOTLY _]TRRP] SLaTYR _Z MP VYZbY 4Y _SP NPY_P] ZQ _SP QZWWZbTYR OT^N`^^TZY^ T^ _SP YZ_TNPLMWP QLN_ ZQ SZb ^_]ZYRWd NP]_LTY 4YOTLY _SZ`RS_^ ZY _SP YL_`]P ZQ ^Z`YO SLaP ^[]PLO _]LY^N`W_`]LWWd LYO RLTY YPb NZY_PY_^ _S]Z`RS TY_P]LN_TZY bT_S YZY 3TYO` _]LOT_TZY^ ?SP _LWV ZQ wPYP]RdTP^x LYO waTM]L_TZY^x TY XZOP]Y ^[T]T_`LWT_d T^ TYQWL_TZYL]d LYO SP]P YZY4YOTLY _]LOT_TZY^ LW^Z [WLdPO L ]ZWP ^`NS L^ 8P^XP]T^X bT_S bSTNS NP]_LTY 4YOTLY YZ_TZY^ bP]P PL^TWd NZXMTYPO :`] LTX T^ YZ_ _Z bZ]V _S]Z`RS _ST^ aP]d bTOP QTPWO ZQ XZO P]Y P^Z_P]TNT^X TY LWW T_^ QLNP_^ 4Y^_PLO `^TYR ^PWPN_PO 4Y_P]YP_ ^Z`]NP^ bP bT^S _Z ^SZb SZb QL] TOPL^ ZQ _SP 9£OL LYO 9£OL-]LSXLY SLaP OTQQ`^PO TY_Z NZY_PX[Z]L]d ]PWTRTZ^T_d ,_ _SP ^LXP _TXP _SP PcLX[WP^ bTWW TWW`^_]L_P SZb QL] XZOP]Y ]PNP[_TZY ZQ _SP 9£OL-]LSXLY SL^ MP NZXP ]PXZaPO Q]ZX ±£]«RLOPaL LYO _SP M]ZLO ^[PN_]`X ZQ ^Z`YO XPOT_L_TZY LYO ^Z`YO Wd^T^ _SL_ _ST^ YZb NZaP]^ /TQQP]PY_ L`_SZ]^ Q]ZX 0L^_ LYO BP^_ QZN`^ ZY OTQQP]PY_ L^[PN_^ LYO ^SZb U`^_ SZb _]LY^N`W _`]LW LYO _]LY^]PWTRTZ`^ _SP NL_PRZ]TP^ ZQ 9£OL LYO 9£OL-]LSXLY SLaP MPNZXP LYO SZb XLYd OTQQP]PY_ WTYV^ TY _SP OT^NZ`]^P LYO ^PY^P bZ]WO^ w/T^V`]^e`^LXXPYSÆYRP `YO >TYYbPW_PYx L]P L^^ZNTL_PO bT_S _SPX ?SP NL_PRZ]TP^ bP]P L[[L]PY_Wd ^`T_LMWP QZ] O]LbTYR _ZRP_SP] LWW _SP NSL]LN_P]T^_TN^ ZQ XZOP]Y LW_P]YL_TaP ^[T]T_`LWT_d ?SP TOPL^ z bSP_SP] _SPd bP]P [`_ QZ]bL]O Md 4YOTLY^ Z] BP^_P]YP]^ z Q]P\`PY_Wd SLaP YZ_STYR L_ LWW _Z OZ bT_S ±£]«RLOPaLv^ NZYNP[_TZY ZQ WT^_PYTYR _Z X`^TN 3ZbPaP] T_ T^ YZ_TNPLMWP _SL_ XLYd bPM^T_P^ ]PQP] _Z -P]PYO_ DP_ ST^ YLXP T^ RPYP]LWWd YZ_STYR XZ]P _SLY L NT_L_TZY ZQ L []P^`XPO L`_SZ]T_d ZY _SP ^`MUPN_ 4Y^_PLO _SP XZ^_ TX[Z]_LY_ L^^ZNTL_TZY^ L]P ^Z`YO aTM]L_TZY^ _SP [ZbP] ZQ ^Z`YO^ TYYP] ^Z`YObZ]WO^ LYO ^[T]T_`LW []LN_TNP^ L^^ZNTL_PO bT_S ^Z`YO 9Z_ ZYWd -P]PYO_ M`_ LW^Z 4YOTLY _PLNSP]^ LYO BP^_P]Y TY_P][]P_L_TZY^ SLaP PcP]_PO LY TYQW`PYNP ZY _SP^P TY_P][]P_L_TZY^ ?SP 9£OL-]LSXLY SL^ wDZRLTePOx LYO w_]LY^YL_TZYLW TePOx T_^PWQ TY _SP bLVP ZQ L XZ]P RPYP]LW []ZNP^^ ZQ L^^TXTWL_TZY ZQ w4YOTLY Xd^_TNT^Xx bSZ^P XLTY Pc[Z]_ RZZO^ SLaP MPPY _SP APO£Y_L _SP APO£Y_L ZQ ±L«VL]L LYO QZ]X^ ZQ 9PZAPO£Y_L LYO ^TYNP _SP $^ _SPd SLaP LW^Z TYNW`OPO DZRL 4Y _SP $^ DZRL bL^ LW]PLOd MPTYR ]PNPTaPO YZ_ ZYWd L^ L QZ]X ZQ RdXYL^_TN^ M`_ TY _SP 2P]XLY^[PLVTYR L]PL LW^Z L^ L [L_S _Z _SP TY_P ]TZ] LYO T_ bL^ []Z[LRL_PO L^ L []ZR]LX QZ] bZ]WO ]PYPbLW TY L bZ]WO OPPXPO _Z MP ^[T]T_`LWWd TX[ZaP]T^SPO ?ST^ MPNZXP^ NWPL] TY _SP WPLOP] PY_T_WPO wDZRL QÞ] OTP EPT_PYbPYOPx wDZRL QZ] _SP YPb [P]TZOx _SL_ L[[PL]PO TY _SP QT]^_ TY_P]YL_TZYLW DZRL UZ`]YLW TY $ YZ_P _SP ^TXT

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$

WL]T_d ZQ _SP YLXP _Z _SP WL_P] 9Pb ,RP ! 4Y $ _SP 4YOZWZRT^_ LYO WL_P] 9LeT 5LVZM BTWSPWX 3L`P] RLaP WPN_`]P^ TY _SP 5`YRNW`M TY E` ]TNS LMZ`_ _SP ?LY_]TN NLV]L DZRL _SL_ ^[`]]PO .2 5`YR _Z OPaPWZ[ ST^ ZbY aP]d L^^ZNTL_TaP L]NSP_d[LW NLV]L TY_P][]P_L_TZY !! _SL_ TY _`]Y bL^ _Z SLaP L ^_]ZYR TX[LN_ ZY XZOP]Y ^[T]T_`LWT_d ?SP QT]^_ 0]LYZ^ NZYQP] PYNP^ $z$ TY ,^NZYL >bT_eP]WLYO bP]P NSL]LN_P]TePO Md _SP w0L^_BP^_ PYNZ`Y_P]x LYO _SP _Z[TN^ ZQ DZRL XPOT_L_TZY LYO ^dXMZW^ ZQ _SP ^PWQ ?SP OPNWL]PO RZLW ZQ _SP WPLOP] ZQ 0]LYZ^ :WRL 1]ØMP 6L[_PdY bL^ _Z QTYO LY LY^bP] _Z _SP wN]T^T^ ZQ _SP _TXPx LYO M]TYR LMZ`_ L ^dY_SP^T^ `YT_TYR ^NTPYNP LYO ]PWTRTZY LYO _LVTYR TY_Z NZY^TOP]L _TZY _SL_ _SP]P bL^ LW^Z LY LYNTPY_ wBP^_P]Y DZRLx TY _SP QZ]X ZQ _SP RYZ^_TN 3P]XP_TN LYO ;d_SLRZ]PLY ^NSZZW^ ^TN  !" 8`NS bL^ LW]PLOd []PQTR`]PO SP]P _SL_ bZ`WO WL_P] MP NSL]LN_P]T^_TN ZQ _SP 9Pb ,RP XZaPXPY_ 4Y RPYP]LW O`]TYR _SP BPTXL] =P[`MWTN $# _Z $ Xd^_TNT^X bL^ aP]d X`NS TY aZR`P LYO YZ_ ZYWd LXZYR TY_PWWPN_`LW^ LYO L]_T^_^ M`_ LWW _SP bLd TY_Z _SP aL]TZ`^ ^NTPY_TQTN OPQTYT_TZY^ ZQ ]P WTRTZY 5LXP^ ?]ZPW_^NS BPMP] >TXXPW :__Z P_N /`]TYR _ST^ [P]TZO L NZYNP[_ ZQ Xd^_TNT^X MPNLXP P^_LMWT^SPO _SL_ bPY_ MPdZYO _TXP LYO ^[LNP TYOP[PYOPY_Wd ZQ XL_P]TLW ]PWTRTZY^ Z] L^ _SP _]`P NZ]P ZQ LWW ]PWTRTZY^ bSTNS bL^ TXXPY^PWd TX[Z]_LY_ QZ] XZOP]Y LW_P]YL_TaP ^[T]T_`LWT_d LYO ^`MUPN_TaP ^PL]NS QZ] XPLYTYR 3P]P Xd^_TNT^X RPYP] LWWd SLO YZ_TNPLMWd ^_]ZYRWd 4YOTLY NZOTYR P^[PNTLWWd bT_S ±L«VL]Lv^ ,OaLT_LAPO£Y_L LYO T_^ [Z[`WL]TePO ]PNP[_TZY 0aPY ]TRS_ TY_Z _SP WL_P $"^ 4YOTL ]PXLTYPO L VPd QZ] [LY_SPT^_TN Xd^_TNT^X !# LYO L NPY_]LW NZOP bZ]O QZ] LW_P]YL_TaP ^[T]T_`LWT_d bSTNS bL^ WL_P] ]P[WLNPO Md _SP _P]X^ 9Pb ,RP P^Z_P]TNT^X LYO ^[T]T_`LWT_d .P]_LTY ^_]`N_`]LW [L__P]Y^ LYO OT^NZ`]^P PWPXPY_^ SLaP [P]^T^_PO TY_Z XZ^_ ]PNPY_ _TXP^ MPRTYYTYR bT_S _SP ^PL]NS QZ] L ^[T]T_`LWTeL_TZY ZQ _SP bSZWP ZQ WTQP LYO L [LY_SPT^_TNLWWd Z]TPY_PO w^PWQ]PWTRTZYx DP_ NSLYRP^ LW^Z ZNN`]]PO z L ^STQ_ M]TYRTYR Xd^_TNT^X TY_Z _ST^ bZ]WO wAP]OTP^^PT_TR`YR OP] 8d^_TVx LYO Pc[LY^TZY ZQ _SP ^ZNTLW ML^T^ LWZYR bT_S TYN]PL^TYRWd ^_]ZYR OT^^ZW`_TZY ZQ N`W_`]LW MZ`YOL]TP^ ?SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! ?SP UZ`]YLW DZRL 4Y_P]YL_TZYLWP EPT_^NS]TQ_ QÞ] bT^^PY^NSLQ_WTNSP DZRL1Z]^NS`YR  AZW  3L]M`]RBTWSPWX^M`]R% 3PWX`_ ;LWXTË $ bL^ SZbPaP] YZ_ [`MWT^SPO MPdZYO T_^ QT]^_ POT_TZY BZ]WO BL] 44 NL`^PO _SP ^_Z[[LRP ZQ _SP UZ`]YLW LYO _SP NZ^XZ[ZWT_TNLW []ZR]LX _SL_ T_^ [`MWT^SP] ;LWXTË QZ]X`WL_PO TY _SP 0OT_Z]TLW LYO _SP 4YOZWZRT^_ 3L`P] TY _SP WPLOP] PY_T_WPO wDZRL QÞ] OTP EPT_PYbPYOPx z# !! BP ML^P _ST^ ZY _bZ `Y[`MWT^SPO XLY`^N]T[_^ VTYOWd ^`[[WTPO _Z `^ Md 3Z]^_ 5`YRTY RP] !" .Q _SP QZ]PbZ]O^ _Z _SP QT]^_ _bZ 0]LYZ^ dPL]MZZV^ EÞ]TNS% =SPTYAP]WLR $ $  !# ?ST^ MPNZXP^ NWPL] TY ^PaP]LW [WLNP^ TYNW`OTYR ;P_P] -P]RP] /P] EbLYR e`] 3Æ]P^TP 1]PTM`]R% 3P]OP] $$ Z]TRTYLW POT_TZY $# TY 0YRWT^S $"#

$$

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

]PNP[_TZY ZQ 4YOTL TYN]PL^PO XL^^TaPWd TY ,XP]TNL LYO BP^_P]Y 0`]Z[P O`]TYR _SP w4YOTL MZZXx TY _SP $!^ LYO $"^ 9Z_ ZYWd ±L«VL]Lv^ TY_PWWPN_`LW ^_]TN_Wd XZYT^_TN ,OaLT_L []ZaTOPO ^_TX`WL_TZY M`_ ^Z OTO TY [L]_TN`WL] _SP bZYOP]Q`W XT]LN`WZ`^ LYO [L]LYZ]XLW 1Z] PcLX[WP DZRLYLYOLv^ w,`_ZMTZR]L[Sd ZQ L DZRTx bL^ ZYP ZQ _SP N`W_ MZZV^ ZQ _SP _TXP LYO XLYd 4YOTLY R`]`^ LYO XZaPXPY_^ TY _SP BP^_ ^_]P^^PO _ST^ L^[PN_ XZ]P Z] WP^^ ^_]ZYRWd bSTNS L[[L]PY_Wd ^L_T^QTPO [PZ[WPv^ YPPO^ TY L wOT^PYNSLY_POx bZ]WO ?SP TY_P]P^_ TY _SP [L]LYZ]XLW [P] ^T^_PO bSTWP _SP 4YOTLY XL^_P]^ WL]RPWd WZ^_ _SPT] BP^_P]Y QZWWZbTYR O`]TYR _SP 9Pb ,RP ?SP XL]VPO \`LY_T_L_TaP Pc[LY^TZY LYO \`LWT_L_TaP NZYNPY_]L_TZY _S]Z`RS XLYd [P]^ZYLW PYNZ`Y_P]^ LYO Pc[P]TPYNP^ bT_S 4YOTLY XL^_P]^ WL^_PO ZYWd QZ] L ^SZ]_ _TXP L^ ZYP NLY ^PP Q]ZX MZ_S X`^TN LYO ]PWTRTZY w;Z^_XZOP]Y ]PWTRTZYx _SP 9Pb ,RP LYO LW_P]YL_TaP ^[T]T_`LWT_d L]P XZ]P NZX[WPc XZ]P OTQQ`^P LYO XZ]P [W`]LWT^_TN 4Y LOOT_TZY _Z _SP 0L^_P]Y ]PWTRTZY^ _SP]P T^ _SP bSZWP TXLRTYL]d _SPL_P] ZQ ]PWTRTZ`^ _]LOT_TZY^ Q]ZX LWW ZaP] _SP bZ]WO L_ ZYPv^ OT^[Z^LW ,YO PaPY _SP]P bSP]P _SP 9Pb ,RP _P]X T^ YZ WZYRP] T^ `^P 9Pb ,RP ^[T]T_`LWT_d NZY_TY`P^ _Z PcP]_ T_^ PQQPN_^ LYO SL^ PaPY MPNZXP XZ]P TY_PY^P ,WW _SP^P XLYTQP^_L_TZY^ ZQ _SP ePT_RPT^_ LW^Z TX[LN_PO ZY _SP 9£OL -]LSXLY NZYNP[_ ,Q_P] LY TYT_TLWWd ^_]ZYR wDZRLTeL_TZYx L ^PY^Z]TeL _TZY LYO wOP4YOTQTNL_TZYx NLY YZb MP ZM^P]aPO 4Y ]PWL_TZY _Z NZY_PX[Z]L]d ]PWTRTZ`^ N`W_`]P TY BP^_P]Y 0`]Z[P _SP ^ZNTZWZRT^_ 3`MP]_ 6YZMWL`NS ^[PLV^ ZQ w[Z[`WL] ]PWTRTZYx _SL_ WZYR ^TYNP NPL^PO MPTYR ^ZWPWd LY LW_P]YL_TaP M`_ SL^ MPNZXP YZ]XLWT_d !$ ?d[TNLW ZQ _ST^ YPb QZ]X ZQ ]PWTRTZY T^ SP ^_L_P^ L SZWT^_TN `YOP]^_LYO TYR ZQ ^[T]T_`LWT_d bSTNS OT^^ZWaP^ _SP MZ`YOL]TP^ MP_bPPY _SP []ZQLYP LYO _SP ^LN]PO _SP []TaL_P LYO _SP [`MWTN .S]T^_TLY LYO YZY.S]T^_TLY ]PWTRTZY LYO ^NTPYNP LYO MZOd LYO ^[T]T_ ?SP ^ZNTLW Q`YN_TZY ZQ _ST^ VTYO ZQ XTYOQ]LXP T^ YZ_PbZ]_Sd% _SP TYOTaTO`LW wOPOTQQP]PY_TL_P^x LYO XP]RP^ _SP N`W_`]LWWd OTQQP]PY_TL_PO L]PL^ ZQ ^ZNTP_d LYO XPLYTYR PR ]PWTRTZY LYO XPOTNTYP L_ WPL^_ ^`MUPN_TaPWd TY ST^SP] ZbY Pc [P]TPYNP LYO _SP []TaL_P WTQPbZ]WO " 6YZMWL`NS PX[SL^TeP^ _SP wOPP[ OTXPY^TZYx w?TPQPYOTXPY^TZYx ZQ [P]^ZYLW Pc[P]TPYNP _SP L`_SPY_TN T_d ZQ ^`MUPN_TaP []ZaT^TZY ZQ XPLYTYR LYO T_^ NZY^T^_PYNd TY ZYPv^ ZbY WTQP^_dWP ?SP RZLW T^ _Z ZaP]NZXP _SP OTaT^TZY^ TY _SP Pc_P]YLW bZ]WO LYO _Z TY_P][]P_ WTQP SZWT^_TNLWWd YZ_ ZYWd NZRYT_TaPWd M`_ LW^Z TY ]PWL_TZY _Z _SP MZOd _SP ^PY^P^ LYO _SP PXZ_TZY^ ?SP ]PWTRTZ`^ _]LY^NPYO^ _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ !$ .Q 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY  " 6YZMWL`NS [Z^_`WL_P^ MZ`YOL]dOT^^ZWaTYR wSZWT^_TNx \`LWT_TP^ ZQ Pc[P]TPYNP _S]Z`RS Z`_ _SP XZ^_ aL]TPO ]PWTRTZ`^ ^PRXPY_^ YZ XL__P] bSP_SP] _SPd L]P LW_P]YL_TaP ^[T]T _`LWT_d P^Z_P]TNT^X YPb QZ]X^ ZQ _]PL_XPY_ PNNWP^TL^_TNLW PaPY_ N`W_`]P NSL]T^XL_TN .S]T^_TLYT_d Z] _SP bPWWYP^^ N`W_`]P 3P _SP]PQZ]P ^[PLV^ ZQ w[Z[`WL] ]PWTRTZYx LYO YZ_ ZYWd ZQ wLW_P]YL_TaP ^[T]T_`LWT_dx .Q 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY  # z$

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$

TY^_T_`_TZYLW ]PLWX ZQ ]PWTRTZY _SP SPLW_S ZQ XPOTNTYP LYO _SP VYZbW PORP ZQ ^NTPYNP ?ST^ MPNZXP^ P^[PNTLWWd NWPL] TY LW_P]YL_TaP QZ]X^ ZQ _]PL_XPY_ ^`NS L^ SZXPZ[L_Sd ,d`]aPOL LYO DZRL ?]LY^NPYOPYNd T^ YZ WZYRP] Z]TPY_PO ^ZWPWd ZY _SP ^`[]LX`YOLYP M`_ SL^ MPPY M]Z`RS_ TY_Z _SP PaP]dOLd bZ]WO bSTNS .LX[MPWW NLWWPO _SP ^LN]LWTeL_TZY ZQ LWW L^[PN_^ ZQ WTQP .ZY_]L^_TYR _ST^ bT_S _]LOT_TZYLW ]PWTRTZY 6YZMWL`NS PX[SL^TeP^ _SP R]PL_P] Z]TPY_L_TZY ZY _ST^ bZ]WO w/TP^^PT_^Z]TPY _TP]`YRx LYO L_ _SP ^LXP _TXP _SP OPXZN]L_TeL_TZY ZQ ]PWTRTZ`^ aT]_`Z^ T_d TP _SP YZ]XLWT_d wPaP]dOLdYP^^x LYO bTOP []ZWTQP]L_TZY ZQ R]PL_ _]LY^NPYOPYNd Pc[P]TPYNP^ TY [L]_TN`WL] XZYT^_TN [LY_SPT^_TN [L__P]Y^ ZQ Pc[P]TPYNP 3P ^PP^ _SP LN_`LW NPY_P] ZQ XZOP]Y ^[T]T_`LWT_d TY L ^PL]NS QZ] SZWT^_TN NZYYPN_TZY^ MP_bPPY YL_`]P LYO ^ZNTP_d LYO YZ_ WPL^_ TY L ^PL]NS QZ] Pc_]LZ]OTYL]d Pc[P]TPYNP^ _]LY^NPYOTYR _SP PaP]dOLd ?SP^P NSL]LN_P]T^_TN^ L]P LW^Z QZ`YO TY _SP 9£OL-]LSXLY L_ _SP MP RTYYTYR ZQ _SP ^_ NPY_`]d 4_ SLO L SLYO TY _]TRRP]TYR _SP []ZNP^^P^ LYO bL^ L_ _SP ^LXP _TXP LQQPN_PO Md _SP NSLYRP^ bT_STY XZOP]Y ^[T]T _`LWT_d 4_ LN_`LWWd ]PQWPN_^ LWW _SP L^[PN_^ _SL_ 6YZMWL`NS NZY^TOP]^ P^[PNTLWWd N]`NTLW _Z XZOP]Y ^[T]T_`LWT_d 3P SL^ SZbPaP] `YOP]P^_T XL_PO _SP TY^[T]L_TZY Md 4YOTL LYO _SP TY_P]LN_TaP Z^XZ_TN []ZNP^^P^ BSL_ TY_P]P^_^ `^ TY [L]_TN`WL] TY _SP QZWWZbTYR T^ _Z ^SZb QT]^_ SZb TY_P]LN_TaP _SP []ZNP^^P^ ZQ _]LY^YL_TZYLWTeL_TZY SLaP MPPY LYO SZb XLYd aZTNP^ bP]P TY^_]`XPY_LW TY _ST^ >PNZYO bP bTWW ^SZb SZb ^_]ZYRWd _SP LYNTPY_ w[ZbP] ]PWTRTZYx ZQ _SP >TOOSL^ DZRTY^ LYO ?LY _]T^_^ LYO L^^ZNTL_PO TOPL^ PcP]_ _SPT] PQQPN_^ LWW _SP bLd TY_Z XZOP]Y ]PNP[_TZY^ LYO LW^Z XTc bT_S Z_SP] YZY4YOTLY ^_]LYO^ ZQ _]LOT_TZY Z] X`_L_P TY_Z NZX[WP_PWd YPb OT^NZ`]^P^ SLaTYR YZ_STYR _Z OZ bT_S 4YOTL LYd XZ]P ?SP NZX[WPcT_d ZQ _SP _]LY^YL_TZYLWTeL_TZY []ZNP^^P^ MP NZXP^ [L]_TN`WL]Wd NWPL] TY _SP QZWWZbTYR _S]PP \`Z_L_TZY^ Q]ZX LY 4Y_P]YP_ [LRP ZY 9£OLDZRL 9ZbLOLd^ _SP 4Y_P]YP_ T_^PWQ T^ LW^Z LY Z]RLY ZQ _]LY^YL_TZYLWTeL_TZY ?SP 9£OLDZRL ^T_P ]PNZXXPYO^ ]PLOTYR -P]PYO_v^ w?SP BZ]WO T^ >Z`YOx M`_ PX[SL^TeP^ L[[]ZLNSP^ _SL_ OZ YZ_ L[[PL] TY -P]PYO_ z bSZ bL^ ^_TWW XZ]P ^_]ZYRWd Z]TPY_PO ZY _SP _]LOT_TZY ZQ 4YOTLY X`^TNTLY^ "% L 9£OL>Z`YO L^ L XPLY^ _Z DZRTN LM^Z][_TZY LYO APO£Y_TN WTMP]L_TZY% w3LaTYR LMLYOZYPO LWW _SZ`RS_^ LYO MPTYR Q]PPO Q]ZX LWW LN_TZY^ dZ` ^SZ`WO LWbLd^ NZYNPY_]L_P dZ`] bSZWP L__PY_TZY ZY _SP ^Z`YO LYO _SPY _SP NT__L XTYO MPNZXP^ LM^Z]MPO TY T_ 5`^_ L^ L MPP O]TYVTYR _SP SZYPd LWZYP OZP^ YZ_ NL]P QZ] _SP ZOZ] ^Z _SP NT__L bSTNS T^ LWbLd^ LM^Z]MPO TY ^Z`YO OZP^ YZ_ WZYR QZ] ^PY^`LW ZMUPN_^ z T_ T^ MZ`YO Md ^bPP_ YLOL ^Z`YO ?SP ^Z`YO []ZNPPOTYR Q]ZX _SP []LYLaL :X T^ -]LSXLY 4_ T^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP \`Z_L_TZY^ L _Z N L]P _LVPY Q]ZX S__[%`^P]^MP^_bPMYP_iZXdZRLYLO dZRLS_XW NZ[d]TRS_ -PaP]Wd - 1P]R`^ZY  LNNP^^PO >P[_PXMP]   >TXTWL] ^_L_PXPY_^ NLY LW^Z MP QZ`YO ZY Z_SP] bPM^T_P^

$$!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

ZQ _SP YL_`]P ZQ PQQ`WRPYNP 4_ T^ _SP ^PL_ ZQ AT^SY` ?SP XTYO PcT^_^ ^Z WZYR L^ _SP]P T^ ^Z`YO M`_ bT_S T_^ NP^^L_TZY _SP]P T^ _SL_ ^_L_P _P]XPO _`]TdL Fw_SP 1Z`]_Sx _]LY^NPYOPY_LW ^_L_P ZQ LbL]PYP^^H -PTYR Q]PPO Q]ZX LWW ^_L_P^ LYO LWW _SZ`RS_^ dZ` bTWW ]PXLTY WTVP ZYP OPLO ?SP MZOd T^ WTVP L WZR 4_ OZP^ YZ_ QPPW SPL_ Z] NZWO UZd Z] ^Z]]Zb BSPY ^[T]T_`LW ^TRS_ T^ QTcPO  dZ` MPNZXP -]LSXLY BSPY XLYL^ XTYO T^ OP^_]ZdPO bSPY aT] _`P^ LYO ^TY^ L]P M`]YPO LbLd dZ` ^STYP L^ _SP PQQ`WRPY_ TXXLN`WL_P P_P]YLW ^_LTYWP^^ -]LSXLYx >bLXT >STaLYLYOL L ]PQZ]X 3TYO` bSZ bL^ ZYP ZQ _SP XLUZ] XPOTL_Z]^ ZQ w4YOTLY bT^OZXx LYO DZRL TY _SP BP^_ LYO bSZ LW^Z [WLdPO L OPNT^TaP ]ZWP TY ^[]PLOTYR _SP w9£OLDZRLx M 9£OL>Z`YO L^ [Z_PY_ ^Z`YO bLaP^ LYO L [Sd^TZWZRTNLWWd _]LY^QZ]XTYR QZ]NP% w>Z`YO T^ aP]d [ZbP]Q`W& ^Z`YO^ NLY N]PL_P LYO ^Z`YO^ NLY OP ^_]Zdx& w,^ ^Z`YO^ L]P SPL]O _SP PQQPN_^ RZ _Z PaP]d NPWW LYO L_ZX ZQ Z`] MPTYRx -PaP]Wd 1P]R`^ZY L BP^_P]YP] bSZ ^[PLV^ WTVP LY 4YOTLY N 9£OL>Z`YO L^ L [L_S _Z SL]XZYd SL[[TYP^^ LYO SZWT^_TN SPLW_S% w?SP LTX ZQ 9LOL DZRL T^ _Z [`]TQd LYO SL]XZYTeP m LYO _Z M]TYR _SP TYOTaTO `LW _Z _SP STRSP^_ ^_L_P ZQ LbL]PYP^^ _SP ^_L_P ZQ DZRL ?SP Pc[P]TPYNP ZQ _ST^ u@YTQTPO >_L_Pv T^ SPLW_S LYO SL[[TYP^^ 4_ T^ bT_STY Z`] ]PLNS _Z PYUZd L MLWLYNPO WTQP [Sd^TNLWWd PXZ_TZYLWWd LYO ^[T]T_`LWWdx ,NSL]dL =ZZ[ AP]XL LY 4YOTLY bSZ ^[PLV^ WTVP L BP^_P]YP]

>bLXT >STaLYLYOL ##"z$! Q]ZX bSZX _SP QT]^_ \`Z_L_TZY L NZXP^ bL^ _S]Z`RS _SP /TaTYP 7TQP >ZNTP_d QZ`YOPO TY $" ZYP ZQ _SP QT]^_ w4YOTL XT^^TZYL]TP^x LQ_P] ATaPVLYLYOL 3P SLO L_ WPL^_ _bZ aP]d []ZXTYPY_ [`[TW^ bSZ WL_P] MPNLXP QLXZ`^ TY aP]d OTQQP]PY_ ^PN _Z]^ ?SP QT]^_ bL^ 8T]NPL 0WTLOP bSZ ^_`OTPO DZRL QZ] L ^SZ]_ [P]TZO TY _SP >STaLYLYOL,^S]LX TY =T^STVP^S []ZMLMWd ^SZ]_Wd MPQZ]P _SP QZ`YOL_TZY ZQ _SP /TaTYP 7TQP >ZNTP_d 7L_P] $ $ SP bPY_ ZY _Z b]T_P bSL_ XLd MP _SP XZ^_ QLXZ`^ ^_LYOL]O bZ]V ZY DZRL bSTNS bL^ ZYWd wOP_S]ZYPOx TY XZ]P ]PNPY_ ]P^PL]NS 4Y _SP $ ^ 0WTLOP bL^ LW^Z L ]PR`WL] ^[PLVP] L_ 0]LYZ^ ?SP Z_SP] [`[TW bL^ >bLXT .STYXLdLYLYOL bSZ bL^ NZY^PN]L_PO L^ L XZYV Md >STaLYLYOL TY $$ M`_ bSZ _SPY NZY_TY`PO ^_`OdTYR _SP ,OaLT_LAPO£Y_L bT_S >bLXT ?L[ZaLY L_ _]LN_PO M]ZLO ^PN_TZY^ ZQ 4YOTLv^ `]MLY XTOOWP NWL^^P^ bT_S ST^ []ZR]LX ZQ L wAPO£Y_L QZ] _SP XL]VP_[WLNPx LYO TY _SP $!^ LYO $"^ LW^Z SLO L WL]RP Y`XMP] ZQ BP^_P]Y [`[TW^ " ?ZOLd ST^ w.STYXLdL 8T^ ^TZYx WTVP Z_SP] 3TYO` Z]RLYTeL_TZY^ []TXL]TWd L__]LN_^ OTL^[Z]L 3TY O`^ TY Z_SP] NZ`Y_]TP^ >STaLYLYOL STX^PWQ bL^ ZYP ZQ _SP QT]^_ 4YOTLY R`]`^ _Z M]TYR _SP ^[T]T_`LW L^[PN_^ ZQ DZRL ZaP] _Z L BP^_P]Y L`OTPYNP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " .STYXLdL _]TPO _Z M]TYR _SP ,OaLT_LAPO£Y_L \`LWTQTPO L^ _SP w^NTPYNP ZQ _SP LYNTPY_ =T^ST^x w_Z _SP [PZ[WPx `^TYR S`XZ] ^[L]VWTYR ]SP_Z]TN LYO XLYd PcLX[WP^ ,^ L QZ]XP] LN_TaT^_ TY _SP ^_]`RRWP QZ] TYOP[PYOPYNP SP ^Lb STX^PWQ LYO _SP APO£Y_L wXT^^TZYL]TP^x SP _]LTYPO L^ LN_TaP QZ]NP^ TY YL_TZYM`TWOTYR LYO WL_P] NZQZ`YOPO _SP 3TYO` AT^SaL[L]T^SLO ,_ _SP ^LXP _TXP SP _L`RS_ LYO []LN_TNPO L `YTaP]^LW S`XLY T^X LYO SLO LY `Y^SLVLMWP QLT_S TY _SP TYYL_P ]PL^ZY ZQ S`XLY MPTYR^

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$"

LYO LNNZ]OTYR _Z 2`d -PNV SP bL^ ZYP ZQ _SP XZ^_ TX[Z]_LY_ XPOTL_Z]^ ZQ _SP 9£OL-]LSXLY " ?SP \`Z_L_TZY LMZaP Q]ZX _SP 4Y_P]YP_ Q`WQTWW^ LWW _SP Pc[PN_L_TZY^ [WLNPO ZY 4YOTL []PaLTWTYR TY _SP BP^_ `Y_TW _SP $"^% _SP NZ`Y_]d ZQ Xd^_TNT^X TY_P]TZ]T_d LYO ^[T]T_`LWT_d TY [L]_TN` WL] _SP NZ`Y_]d ZQ _SP APO£Y_L LYO ZQ DZRL bSTNS TY _PLNSTYR LYO []LN_TNP SLaP _SP VPd _Z _SP TYYP] bZ]WO _Z _SP wRZO TY XPx _Z _SP STRSP] ^PWQ LYO _SP `YT_d ZQ MPTYR ,NNZ]OTYR _Z -PNV >STaLYLYOLv^ b]T_TYR^ ]PQWPN_ ,OaLT_LAPO£Y_L [STWZ^Z[Sd TY [L]_TN`WL] DP_ >STaLYLYOL bL^ YZ_ L _]LOT_TZYLW APO£Y_L _PLNSP] 3P Q`^PO _SP APO£Y_L bT_S DZRL LYO TY _SP \`Z_L_TZY SP LW^Z XTcP^ ST^ APO£Y_L bT_S L RZZOWd [Z]_TZY ZQ DZRL ]PNP[_TZY " 4_ T^ YZ_ \`T_P NWPL] bSP_SP] SP `YOP]^_LYO^ _SP QTYLW RZLW ZQ MPNZXTYR -]LSXLY L^ ^Z`YOWP^^ [PLNPQ`W ^TWPYNP APO£Y_TN TY_P][]P_L_TZY Z] L^ L ^TWPYNP QTWWPO bT_S PYP]Rd aTM]L_TZY^ DZRTN ?LY_]TN TY_P][]P_L_TZY :YP XLd ^`[[Z^P _SP WL__P] MPNL`^P >STaLYLYOL `YWTVP _SP [`]PWd NZRYT_TaPWd Z]TPY_PO ,OaLT_LAPO£Y_L []TXL]TWd [`_ NZY_TY`Z`^ ]PNT_L_TZY UL[L ZQ _SP ^LN]PO ^dWWLMWP :¿ _SP Pc[WZ]L_TZY ZQ ^Z`YO ]P^ZYLYNP^ Y£OLLY`^LYOS£YL LYO ]PWTRTZ`^ ^TYR TYR ^L«V¯]_LYL ZQ :¿ L_ _SP NPY_P] ZQ ]PWTRTZ`^ []LN_TNP " >STaLYLYOL _S`^ NZY_]TM`_PO YZ_ ZYWd _Z L [Z[`WL]TeL_TZY ZQ :¿ XPOT_L_TZY _]LOT _TZYLWWd WTXT_PO _Z L^NP_TN^ M`_ LW^Z _Z L DZRLTeL_TZY ZQ _SP 9£OL -]LSXLY 3P []ZO`NPO XLYd []LdP]^ LYO b]T_TYR^ TY []LT^P ZQ :¿ LYO 9£OL-]LSXLY TY 0YRWT^S "! ,NNZ]OTYR _Z >STaLYLYOL ]P[P_T_TZY ZQ _SP ^LN]PO QZ]X`WL :¿ T^ _SP ^TX[WP^_ bLd _Z 2ZO]PLWTeL_TZY LYO T^ XZ]P L[[]Z[]TL_P QZ] _ZOLd LYO _SP XLUZ]T_d ZQ [PZ[WP _SLY WZYR [P]TZO^ ZQ ^_`Od Z] [Sd^TNLWWd OPXLYOTYR 3L¶SLDZRL []LN_TNP^ MPNL`^P _SP ^Z`YO PcP]NT^P L__]LN_^ R`TOP^ LYO MTYO^ _SP QWZb ZQ _SZ`RS_^ ^Z _SL_ _STYVTYR T^ XZ]P Z] WP^^ QZ]NPO w_Z XZaP _ZbL]O^ 2ZO _ZbL]O^ _SP L_ _LTYXPY_ ZQ P_P]YLW MWT^^x "" ?ST^ aP]d ^[T]T_`LW TY_P][]P_L_TZY ZQ _SP 9£OL-]LSXLY Z]TPY_PO ZY ^Z_P]TZWZRd T^ SZbPaP] _d[TNLWWd NZXMTYPO ZY _SP bPM^T_P LMZ`_ 9£OL DZRL bT_S YZ_TZY^ _SL_ L]P XZ]P NSL]LN_P]T^_TN ZQ _ZOLdv^ ^[T]T_`LWT_d ?d[TNLWWd _SP]P T^ _SP NZYYPN_TZY ZQ 4YOTLY _SZ`RS_^ Z] P^Z_P]TN _SZ`RS_^ bT_S YL_`]LW ^NTPYNP Z] \`L^T ^NTPY_TQTN [L__P]Y^ ZQ Pc[WLYL _TZY M LYO _SPY _SP]P T^ LY TOPLW ZQ NZ^XTN SL]XZYd LYO WTQPbZ]WO SZWT^X bSTNS ^PPV^ _Z ZaP]NZXP _SP BP^_P]Y MZOd^Z`W O`LWT^X N -Z_S ZQ _SP^P L^[PN_^ z _SP ]PWL_TZY _Z YL_`]LW ^NTPYNP LYO NZ^XTN SL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " -PNV >ZYTN ?SPZWZRd z " 4Y [L]_TN`WL] _SP 3L¶SLdZRL;]LO¯[TV£ $"z ^PPX^ _Z SLaP SLO L OPQTYTYR TYQW` PYNP ZY _SP LMZaP \`Z_L_TZY ?ST^ T^ L DZRL _Pc_ Q]ZX _SP  _S NPY_`]d bSTNS _d[T NLWWd SZbPaP] ^[PLV^ ZYWd ZQ _SP 9£OL LYO YZ_ ZQ _SP 9£OL-]LSXLY " ZYTN ?SPZWZRd   "! .Q ZY _ST^ -PNV >ZYTN ?SPZWZRd   "" ZYTN ?SPZWZRd  

$$#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

XZYd z NLY MP QZ`YO _ZOLd MZ_S TY _SP BP^_ LYO TY 4YOTL >PWQ Pc[P]TPYNP _PNSYT\`P^ L]P Pc_]PXPWd [Z[`WL] _SL_ L]P ^`[[Z^PO _Z M]TYR _SP [P]^ZY TY_Z SL]XZYd bT_S _SP `YTaP]^P LYO _SP ^PWQ LYO LWWZb _SP []LN_T_TZYP] _Z Pc[P]TPYNP ST^ ZbY OTaTYT_d ,OaLT_LAPO£Y_L LYO DZRL L]P ^_TWW L [Z[`WL] TYSP]T_LYNP PaPY _Z OLd 1Z] PcLX[WP _SP bPM^T_P w-Pb`^^_P] WPMPYx w7TaP XZ]P NZY ^NTZ`^Wdx []P^PY_^ _SP ,OaLT_LAPO£Y_L L^ w[`]P ^[T]T_`LWT_dx LYO w_SP WL_P^_ XLRTN bZ]Ox QZ] ]PNZRYTeTYR _SP _]`P ^PWQ% w,OaLT_LAPO£Y_L TX[L]_^ [`]PWd ^[T]T_`LWT_d bT_SZ`_ QZ]X`WL^ LYO TX[POTYR ]T_`LW^x "# ?ST^ TY_P]P^_ TY ]PWTRTZY Q]PP ZQ ]T_`LW LYO OZRXL T^ P^[PNTLWWd _d[T NLW ZQ XZOP]Y ^[T]T_`LWT_d LYO _SP APO£Y_L SLO L OPNT^TaP ]ZWP TY NZY ^_T_`_TYR _ST^ `YOP]^_LYOTYR ZQ ^[T]T_`LWT_d DP_ ^ZXP _STYR^ SLaP NSLYRPO ZY _SP [L]_ ZQ BP^_P]Y ]PNT[TPY_^ LYO 4YOTLY _PLNSP]^ LWTVP BSP]PL^ TY _SP 4YOTL MZZX TY _SP $!^ LYO $"^ _SP TXLRP ZQ 4YOTL TY _SP BP^_ bL^ ^_]ZYRWd L^^ZNTL_PO bT_S Xd^_TNT^X LYO TY_P]YLW Z]TPY _L_TZY LYO []PNT^PWd _ST^ bL^ MPTYR ^Z`RS_ LQ_P] _SP LOaPY_ ZQ _SP 9Pb ,RP TY _SP WL_P $"^ LYO $#^ _SP]P bL^ L ^_]ZYRP] Z]TPY_L_TZY ZY _SP MZOd _SP ^PY^P^ LYO _SP Pc_P]YLW bZ]WO 4_ XLd MP NZTYNTOPYNP _SL_ ZYP NLY ZM^P]aP L ^PY^Z]TeL_TZY PaPY TY _SP bZ]V ZQ >STaLYLYOLv^ [`[TW >bLXT 9LOLM]LSXLYLYOL 3P ]P[WLNP^ :¿ XPOT_L_TZY bT_S X`^TN LYO ST^ ZbY aZNLWTeL_TZY _PNSYT\`P LYO _PLNSP^ _SL_ 4YOTLY OPaZ_TZYLW X` ^TN T^ P^[PNTLWWd PQQPN_TaP QZ] Pc[P]TPYNTYR _SP w]P^ZYLYNPx ZQ _SP 9£OL-]LSXLY "$ 0aPY 4YOTLY XL^_P]^ bSZ L]P Z]TPY_PO ^ZWPWd ZY _SP APO£Y_L LYO VYZbWPORP YZbLOLd^ ZQ_PY TYNW`OP PXZ_TZYLWWd L[[PLWTYR -SLULY ^ZYR LWZYR^TOP _SP w[`]P _PLNSTYRx ?SP^P OLd^ SZbPaP] 4Y OTLY _PLNSP]^ SLaP QL] QPbP] [`[TW^ Q]ZX _SP BP^_ _SLY _SPd SLO TY _SP $!^ LYO $"^ # >TYNP _SP $#^ _SPT] NWTPY_PWP SL^ ^STQ_PO _Z R]PL_ TY_P]P^_ LXZYR TXXTR]LY_ QLXTWTP^ bSZ []TYNT[LWWd TY _SP @> LYO -]T_ LTY TYN]PL^TYRWd ^Z`RS_ _SPT] wN`W_`]LW ]ZZ_^x LYO QZ`YO L wSZXP LbLd Q]ZX SZXPx TY 4YOTLY XL^_P]^ aT^T_TYR _SP BP^_ BT_S _SP OPaPWZ[TYR 9Pb ,RP BP^_P]YP]^ ZY _SP Z_SP] SLYO MPRLY _Z PXLYNT[L_P _SPX ^PWaP^ Q]ZX 4YOTL L^ T_ bP]P LYO NZXP `[ bT_S _SPT] ZbY SZWT^X^ LYO `YTaP]^LW Xd_S^ 4Y XZOP]Y ^[T]T_`LWT_d R]PL_ _]LY^NPYOPYNTP^ L]P ^Z`RS_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ "# S__[%bbbMPb`^^_P]WPMPYOP^SZb[S[*TO LNNP^^PO >P[_PXMP]   ?SP bPM^T_P []ZXZ_P^ _SP w>L_^LYR XZaPXPY_x LYO ]PQP]^ _Z =LXLYL 8LSL]^ST #"$ _Z $  LYO -P]PYO_ bSZ T^ ^LTO _Z SLaP SLO L wRZZO ^PY^P ZQ N`]]PY_ ^[T]T_`LW _]PYO^x "$ -PNV >ZYTN ?SPZWZRd   # -Z_S L^[PN_^ NLY NWPL]Wd MP ^PPY TY _SP .STYXLdL 8T^^TZY .STYXLdLv^ []P^PY_OLd ^`NNP^^Z] >bLXT ?PUZXLdLYLYOL NZXMTYP^ PXZ_TZYLWWd L[[PLWTYR -SLULY ^TYRTYR bT_S _SP _PNSTYR ZQ _SP APO£Y_L ?SP APO£Y_L _PLNSP] >bLXT /LdLYLYOL NZX[Z^P^ -SLULY^ ZQ ST^ ZbY 4Y MZ_S XZaPXPY_^ _SP]P SL^ MPPY LY ZM^P]aLMWP ^STQ_ TY _SP NWT PY_PWP TY _SP BP^_ _Z OTL^[Z]L 3TYO`^ ^TYNP _SP $#^ ?SP ^LXP _]PYO T^ YZ_PO Md 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d  " TY _SP NL^P ZQ _SP =LOSL^ZLXT XZaPXPY_

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$$$

L^ bPWW L^ bSL_ L]P NLWWPO ^XLWW Z] XPOT`X _]LY^NPYOPYNTP^ ?ST^ XPLY^ _SL_ ^[T]T_`LWT_d OZP^ YZ_ YPNP^^L]TWd SLaP _Z Z]TPY_ T_^PWQ ZY L ^`[]L X`YOLYP ]PLWT_d 4_ NLY LW^Z MP ]PWL_PO ^ZWPWd _Z _ST^ bZ]WO ?SP VPd L^[PN_^ SP]P L]P _SP ]PNZaP]d ZQ MZOd LYO ^[T]T_ L ^_]P^^Q]PP SL]XZYT Z`^ WTQP LYO MZOd^Z`W bPWWYP^^ 4Y ATaPVLYLYOL SL]XZYd bL^ ^_TWW Q`WWd LYNSZ]PO ^[T]T_`LWWd LYO TY _SP NZRYT_TaP bSP]PL^ _ZOLd _SP ^`MUPN_ ZQ SL]XZYd T^ ZQ_PY L^^ZNTL_PO bT_S _SP]L[P`_TN []LN_TNP^ , _d[TNLW PcLX[WP T^ _SP 4Y_P]YP_ ^T_P ZQ _SP w3PLWTYR 8`^TN :]RLYT^L_TZYx _SL_ bLY_^ _Z []ZaTOP wTYQZ]XL_TZY QZ] [PZ[WP TY_P]P^_PO TY _SP SPLWTYR [ZbP] ZQ ^Z`YO LYO X`^TNx LYO _Z M`TWO L wM]TORP MP_bPPY _SP bZ]WO^ ZQ ^[T]T_`LWT_d L]_ LYO XPOTNTYPx Md SZY Z]TYR _SP aLW`P ZQ PLNS 3PLWTYR T^ `YOP]^_ZZO _Z SL[[PY wbSPY _SP MZOd XTYO LYO ^[T]T_ WPL]Y _Z SL]XZYTePx LYO w]P^ZYL_P bT_S _SP aL^_ PYP]Rd ZQ _SP `YTaP]^Px # >Z SP]P ZYP bT^SP^ _Z M]TYR _ZRP_SP] _SP N`W_`]LW ^PRXPY_^ ZQ ^[T]T_`LWT_d L]_ LYO XPOTNTYP _Z Pc[P]TPYNP ZYP ^PWQ L^ SZWT^_TN LYO NZYN]P_TeP LYO ^PY^Z]TeP _SP LM^_]LN_ TOPL ZQ L YZY O`LW NZ^XTN bSZWP 4Y _SP YZ_TZY ZQ S`XLY ]P^ZYLYNP ZQ _SP PYP]Rd QTWWPO `YTaP]^P _SP]P L[[PL]^ L ?LY_]TN bZ]WOaTPb _SL_ T^ LW]PLOd XLOP TY_Z ^ZXP_STYR PaP]dOLd TY L BP^_P]Y XLYYP] 4Y WTYP bT_S _SP 9Pb ,RP _]LY^QZ]XL_TZY ZQ ]PWTRTZY _Z XLVP T_ XZ]P [Sd^TNLW LYO _ST^bZ]WOWd _SP]P L[[PL]PO LWZYR^TOP _SP w9£OLDZRLx L^ L XPLY^ ZQ ^PWQ^LN]LWTeL_TZY MZ_S TY _SP BP^_ LYO TY 4YOTL w9£OL SPLWTYRx L^ LY LW_P]YL_TaP QZ]X ZQ _SP]L[d ?SP NSL]LN_P]T^_TN ZQ _SP 9Pb ,RP T^ _SL_ T_ SL^ L []ZR]LX QZ] SZWT^_TN WTaTYR QZ] bSTNS T_ O]Lb^ ZY WPRLNTP^ Q]ZX LWW N`W_`]P^ ZQ _SP bZ]WO LYO NZXMTYP^ PWPXPY_^ Q]ZX _SPX TY L ^`MUPN_TaPWd NZY^T^_PY_ XLYYP] ?ST^ T^ []PNT^PWd LW^Z _d[T NTLW ZQ _SP YPb _SP]L[d ZQ 9£OLSPLWTYR ?SP TY^[T]L_TZY Md 4YOTL T^ []LN_TNLWWd TYaT^TMWP PaPY TY _SP _P]X^ `^PO w^Z`YO _SP]L[dx w^Z`YO^ ZQ SPLWTYRx wSPLWTYR X`^TNx P_N LYO LWW _SP [Z^^TMWP ^Z`YO N`W_`]P^ TY _SP bZ]WO QPPO TY_Z T_ PR ]PNZ]OTYR^ ZQ X`^TN _Z NSLY_TYR ?TMP_LY MZbW^ N]d^_LW MZbW^ _`YTYR QZ]V^ O]`X^ ]L__WP^ LYO ZYPv^ ZbY aZTNP ?SP 4Y_P]YP_ []P^PY_L_TZY ZQ LY wPY_]P[]PYP`]TLW SPLWP]x O]Lb^ L__PY_TZY _Z _SP QLN_ _SL_ _SP wSPLWTYR X`^TNx ZQ TY^_]`XPY_^ SL^ ^STQ_PO _Z ZYPv^ ZbY aZTNP wZ`] [P]^ZYLW ^Z`YO _`YTYR T_ `[ _Z Z`] ZbY MPTYR Z`] ZbY _SZ`RS_  dZ` NLY LW^Z PQQPN_ SPLWTYR ZY Z_SP]^x ?ST^ 4Y_P]YP_ ^T_P LW^Z ]PQP]^ _Z -P]PYO_v^ MZZV WTVP LWW _SP Z_SP]^ XPY_TZYPO LMZaP 4_ PaPY ^_L]_^ bT_S -P]PYO_v^ _SP^T^ M`_ _SPY NZY_TY`P^ bT_S T_^ ZbY L]R` XPY_L_TZY% ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # S__[%bbbSPLWTYRX`^TNZ]R8LTY=P^Z`]NP-TMWTZS_X Md ,X]T_L .Z__]PWW LN NP^^PO >P[_PXMP]   ?SL_ SPLWTYR LYO SL]XZYd L]P XLUZ] _Z[TN^ T^ LW^Z ^SZbY Md Z_SP] bPM^T_P^ ^`NS L^ S__[%bbbSPLWTYRX`^TNZ]R LYO S__[%bbbRYZaLNLXd^_P]dS_X LNNP^^PO >P[_PXMP]  



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

O 9£OL>Z`YO L^ L YPb [ZbP]Q`W XP_SZO ZQ _SP]L[d% wu,WWv T^ ^Z`YO MP QZ]P T_ _LVP^ XL_P]TLW QZ]X u4Y _SP MPRTYYTYR bL^ _SP BZ]Ov :YP _STYR QZ] ^`]P ^Z`YO T^ [ZbP]Q`W LYO Xd^_P]TZ`^ 4_ T^ aTM]L_TZYLW BP NLY QZN`^ _SP [ZbP] ZQ ^Z`YO _S]Z`RS _SP `^P ZQ Z`] ZbY aZTNP^ 3PLWTYR LYO bSZWP L]P []ZO`NPO bT_S PL^P LYO R]LNP NZXMTYTYR _SP aZTNP YL_`]LW TY_`T_TaP LMTWT _TP^ LYO WZaTYR TY_PY_ >Z`YO T^ NZXXZY LYO Pc_]LZ]OTYL]d ^TX[WP LYO NZX[WPc >Z`YO T^ aP]d [ZbP]Q`W  ,YNTPY_ ^_Z]TP^ SLaP TY_TXL_PO _SL_ ^Z`YO bL^ `^PO _Z XZaP WL]RP ^_ZYP^ TY _SP M`TWOTYR ZQ _SP [d]LXTO^ ?SP^P _PNSYZWZRTP^ SLaP MPPY WZ^_ _Z `^ 3ZbPaP] YPb _PNSYZWZRTP^ `^TYR ^Z`YO L^ LY TY^_]`XPY_ L]P []ZaTOTYR R]Zb_S LYO SPLWTYR TY _SP [Sd^TNLW ^[T]T_`LW LYO PXZ_TZYLW ]PLWX^ ?SP ^VPWP_LW ^_]`N_`]P^ ZQ Z`] MZOTP^ ]P ^[ZYO _Z ^Z`YO :`] PXZ_TZY^ ]P^[ZYO _Z ^Z`YO :`] M]LTY^ ]P^[ZYO _Z ^Z`YO  =P^PL]NS ^SZb^ _SL_ _SP PYP]RP_TN ^_]`N_`]P ZQ L [P]^ZY T^ LN_`LWWd NSLYRPO ]PL]]LYRPO L^ L ]P^`W_ ZQ ^[PNTQTN ^Z`YO^ >Z`YO NLY NSLYRP [L_ _P]Y^ ZQ MPSLaTZ]x #

?ST^ ]P[]P^PY_L_TZY T^ LY TY_P]P^_TYR ZYP 4Y L ^PY^P _SP XZOP]Y SPLWP] Q`^P^ BP^_P]Y LYO 4YOTLY VYZbWPORP LMZ`_ _SP PQQPN_^ ZQ ^Z`YO TY_Z ^ZXP_STYR YPb LYO NWLTX^ _SP PcT^_PYNP ZQ L Q`WWd YPb w_PNSYZWZRTNLW VYZbWPORPx _SL_ T^ ^NTPY_TQTNLWWd QZ`YOPO ?SP L`_SZ]T_d T^ wLYNTPY_ bT^OZXx L WZ^_ P^Z_P]TN VYZbWPORP _SL_ PcT^_PO TY 0Rd[_ ,WW ZQ _SP^P ^_]`N_`]LW PWPXPY_^ L]P Pc_]PXPWd _d[TNLW ZQ XZOP]Y ^[T]T_`LWT_d 3Zb PaP] bSL_ T^ P^[PNTLWWd TY_P]P^_TYR TY _ST^ PcLX[WP T^ _SP ]PaTaLW ZQ _SP TOPL ZQ _SP [^dNSZWZRTNLW [Sd^TZWZRTNLW LYO _SP]L[P`_TN PQQPN_^ ZQ X` ^TN bSTNS SLO L QT]X [WLNP TY _SP LYNTPY_ 0`]Z[PLY aTPb ZQ X`^TN ;]P NT^PWd _ST^ L^[PN_ SZbPaP] bL^ XT^^TYR Q]ZX ±£]«RLOPaLv^ aTPb PaPY _SZ`RS SP bL^ YZ_ ZYWd L X`^TNZWZRT^_ M`_ LW^Z LY ,d`]aPOTN OZN_Z] 4_ T^ YZ_TNPLMWP SZbPaP] _SL_ _SP XZOP]Y SPLWP] ^_]P^^P^ YZ_ _SP PQQPN_^ ZQ X`^TN M`_ _SP [ZbP] ZQ ^Z`YO aTM]L_TZY^ LYO TY [L]_TN`WL] _SZ^P ZQ ZYPv^ ZbY aZTNP ?ST^ TY _`]Y QZWWZb^ ZY TXXPOTL_PWd Q]ZX _SP 4YOTLY _]LOT_TZY P^[PNTLWWd _SP DZRTN VYZbWPORP N`W_`]P^ # 8Z]PZaP] T_ T^ ZQ ^[PNTLW TY_P]P^_ _SL_ YZ_ ZYWd YPb MWPYOTYR^ L[[PL] TY _SP 9Pb ,RP 9£OLSPLWTYR M`_ LW^Z _SPT] ]P[P]N`^^TZY ZY _]LOT_TZYLW 4YOTLY XPOT NTYP ?ST^ XPOTNTYP T_^PWQ SL^ L []ZXTYPY_ [WLNP TY XZOP]Y ^[T]T_`LWT_d TP ,d`]aPOL LYO DZRL SLaP L VPd aLW`P TY LW_P]YL_TaP QZ]X^ ZQ _SP] L[d Z]TPY_PO ZY SZWT^X ?ZOLd L Y`XMP] ZQ ,d`]aPOTN SZ^[T_LW^ TY _SP BP^_ LYO TY 4YOTL TYNZ][Z]L_P X`^TN _SP]L[d bSTNS T^ []Z[LRL_PO L^ wLYNTPY_ ,d`]aPOL X`^TN _SP]L[dx Z] wSPLWTYR ^Z`YO^x # 4_ T^ L^^`XPO ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # S__[%bbbPY_]P[]PYP`]TLWSPLWP]NZX^Z`YOTYRS_XW LNNP^^PO >P[_PXMP]   # >ZXP ZQ _SP DZRTN >TOOSL N`W_`]P^ ZQ 4YOTL bP]P NP]_LTYWd LW^Z ^_]ZYRWd MZOd Z]TPY_PO ?ST^ MPNZXP^ NWPL] LMZaP LWW TY _SP WL_P] 3L¶SL DZRL LYO TY _SP DZRTN LW NSPXT^_^v ^PL]NS QZ] TXXZ]_LWT_d TP TYQTYT_P []ZWZYRL_TZY ZQ WTQP ?SP _PNSYT\`P^ NZX[]T^PO XLY_]L []LN_TNP LYO [Z[`WL] VYZbWPORP LMZ`_ XP_LW^ `^`LWWd XP]N`]d _SP SPLWTYR PQQPN_^ ZQ SP]M^ LYO ,d`]aPOTNLWWd TY^[T]PO w>TOOSL XPOTNTYPx # ?ST^ L[[WTP^ TY [L]_TN`WL] _Z _SP 8LSL]T^ST ,d`]aPOL SZ^[T_LW^ _SL_ SLaP WL]RP []PX T^P^ L]Z`YO _SP bZ]WO TYNW`OTYR 2P]XLYd -LO 0X^ ?SP wLYNTPY_ ,d`]aPOL X`^TN

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d



_SL_ RPY_WP X`^TN LYO _SP ^TYRTYR ZQ ^ZYR^ TY _SP =£RL L[[]Z[]TL_P _Z _SP ^PL^ZY ZQ _SP dPL] Z] _SP _TXP ZQ OLd SLaP SPLWTYR LYO ]PWLcTYR PQ QPN_^ LYO _SP]PQZ]P SLaP [Z^T_TaP TYQW`PYNP^ ZY SPLW_S bPWWMPTYR LYO _SP Z`_NZXP ZQ _SP SPLWTYR ;]P^`XLMWd ±£]«RLOPaL bZ`WO SLaP LR]PPO bT_S _ST^ -`_ _ST^ TOPL OZP^ YZ_ L[[PL] _Z MP [L]_ ZQ _]LOT_TZYLW ,d `]aPOL ,YZ_SP] ^TRYTQTNLY_ NSLYRP QZ`YO TY _SP 9Pb ,RP T^ _SL_ _SP LYNTPY_ X`^TN ZQ _SP ^[SP]P^ MPNLXP L`OTMWP 4Y ,Y_T\`T_d T_ bL^ YZ_ LNNP^^TMWP _Z S`XLY PL]^ 4_ NZ`WO ZYWd MP [P]NPTaPO Md TY_PWWPN_`LW TY^TRS_ Z] L_ MP^_ TY LY Pc_]LZ]OTYL]d aT^TZY _SL_ bL^ WZNL_PO XZ]P TY _SP Z_SP] bZ]WO _SLY TY _SP PL]_SWd ZYP LYO XZ]P TY O]PLX^ _SLY TY ]PLWT_d :`] []Z[Z^T _TZY bL^ _SL_ -P]PYO_ YPPOPO _SP 9£OL-]LSXLY TY Z]OP] _Z ^STQ_ _ST^ aT^TZY ZQ _SP NZ^XTN bSZWP TY_Z _ST^ bZ]WO LYO _SP ^PY^P ZQ SPL]TYR 3P MPNLXP L _]LY^XT__P] ZQ _ST^ YPb _SZ`RS_ BT_S Pc[WTNT_ ]PQP]PYNP ZY -P]PYO_ LYO Z_SP] ^Z`]NP^ Q]ZX LWW L]Z`YO _SP bZ]WO _SP ^PY^Z]TeL_TZY LYO NZYN]P_TeL_TZY ZQ _SP wX`^TN ZQ _SP ^[SP]P^x L[[PL]^ TY LY P^[P NTLWWd Pc_]PXP QZ]X TY _SP w0L]_S^ZYR 8`^TNx ZQ L XZOP]Y .PW_TN P^Z _P]TN NT]NWP 3P]P LY L__PX[_ bL^ XLOP _Z []ZO`NP wL X`^TNLW YZ_P bSTNS bZ`WO ^TX`WL_P _SP uX`^TNv ZQ _SP 0L]_Sv^ OLTWd ]Z_L_TZY N]PL_TYR _ST^ 0,=?39:?0 _S]Z`RS _]LY^WL_TYR _SP Q]P\`PYNd ZQ _SP 0L]_Sv^ LcTLW ]Z_L_TZY TY_Z _SP ]LYRP ZQ YZ]XLW S`XLY SPL]TYRx # 4_ T^ NWLTXPO _SL_ L bSZWP dPL] wZQ ]P^PL]NS LYO Pc[P]TXPY_L_TZYx L_ _SP /`MWTY 4Y^_T _`_P ZQ ?PNSYZWZRd bL^ ^[PY_ ZY PcLN_Wd _ST^ BT_S _SP LTO ZQ PWPN_]ZYTN LYO OTRT_LW _PNSYZWZRTP^ _Z LX[WTQd _SP TYL`OTMWP Q]P\`PYNTP^ LYO TY NZXMTYL_TZY bT_S aL]TZ`^ TY^_]`XPY_^ LYO _SP S`XLY aZTNP LMZaP LWW bT_S ZaP]_ZYP ^TYRTYR _SP ]P^PL]NSP]^ bP]P ^`NNP^^Q`W TY N]PL_TYR L _]`Wd w[WLYP_L]d X`^TNx ?SPT] ^[T]T_`LW RZLW bL^ w_Z []ZXZ_P L ]P_`]Y _Z Z`] Z]TRTYLW ^_L_P ZQ SL]XZYd SL]XZYd bT_S Z`]^PWaP^ bT_S _SP 0L]_S LYO bT_S LWW Z_SP] 0L]_SMPTYR^x >Z ]PNPY_Wd T_ SL^ MPNZXP [Z^^TMWP _Z SPL] _SP NZ^XTN ^Z`YO ZQ _SP bZ]WO TY 0`]Z[P _ZZ ?SP ZWO O]PLX MPSTYO _ST^ _Z XLYd ZQ Z`] ]PLOP]^ []P^`XLMWd LWTPYL_TYR P^Z_P]TN PNZWZRd []ZR]LX T^ LY LYNTPY_ ZYP :YP bT^SP^ _Z PXMPO _SP bSZWP ZQ WTQP TY L XZ]P NZX[]PSPY^TaP Q]LXPbZ]V TY Z]OP] _Z TY_P][]P_ T_ SZWT^_TNLWWd =L_TZYLW TY^TRS_ LWZYP XLd ^L_T^Qd TY_PWWPN_`LW^ M`_ T^ YZ_ ^`QQTNTPY_ QZ] [Z[`WL] N`W_`]P LYO XZOP]Y ^[T]T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ _SP]L[dx L[[PL]^ _Z MP LY TYaPY_PO _]LOT_TZY DP_ _ZOLd PaPY ,d`]aPOTN SZ^[T_LW^ TY 4YOTL TYOP[PYOPY_ ZQ ?8 TYNW`OP wSPLWTYR ^Z`YO^x TY _SPT] ]LYRP ZQ _SP]L[TP^ LWZYR ^TOP _SP NWL^^TNLW XP_SZO^ QZ] PcLX[WP _SP SZ^[T_LW ZQ 2`]` >S]T -LWLUT ?LXMP TY -LYRLWZ]P # S__[%bbb^_ZYPWTRS_TPX`^TNX`^TNS_XW LNNP^^PO >P[_PXMP]   ?SP L`_SZ] ZQ _ST^ bPM^T_P bL^ 8TNSLPW 8Z]]T^ ?SP]P L]P LW^Z Z_SP] P^Z_P]TN R]Z`[^ bSZ XLTY_LTY _Z SPL] _SP ^Z`YO ZQ _SP `YTaP]^P ?SPd NWLTX L STRSP] NZY^NTZ`^YP^^ _SLY _SL_ TY LYNTPY_ _TXP^



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_`LWT_d ?SP LM^_]LN_TZY^ X`^_ MP ]PTQTPO LYO ^PY^Z]TePO _Z XLVP _SPX N]POTMWP LYO ]PNPTaLMWP LYO XZ]P NWPL]Wd SLaP ^ZXP_STYR _Z OZ bT_S WTQP ?SP LYNTPY_ TY_PWWPN_`LW^v ZWO Xd_S ZQ _SP X`^TN ZQ _SP ^[SP]P^ TYOPPO LW^Z []ZXZ_PO L ^[T]T_`LWTeL_TZY ZQ WTQP M`_ T_ bL^ YZ_ ]PWL_PO _Z _SP ^PY^P^ 8ZOP]Y ^[T]T_`LWT_d LW^Z LTX^ _Z [L]_TNT[L_P wOT]PN_Wdx TY _SP `YTaP]^P LYO Pc[P]TPYNP _SP w[]TXZ]OTLW SL]XZYdx ?d[TNLWWd _SP ^PL]NS T^ LM^ZW`_PWd ^`MUPN_TaT^_TN M`_ L^^ZNTL_PO bT_S L bZ]WOPYNZX[L^^TYR LYO Pc[WTNT_Wd wOPP[ PNZWZRdx []ZR]LX LYO SZbPaP] wXd_STNLWx _SP ^PL]NS ^PPX^ _Z MP _SP `^P ZQ _SP WL_P^_ _PNSYZWZRTP^ T^ P\`LWWd XZOP]Y LYO w]L_TZYLWx , aT^TZY ZQ SZWT^X LYO ^NTPY_TQTN w_]`_Sx XP]RP TY_Z PLNS Z_SP] NZX[WP_PWd ?ST^ [L__P]Y ZQ L NZYYPN_TZY MP_bPPY [L]_TNT[L _Z]d LYO PXLYNT[L_Z]d XZOP^ ^Z _d[TNLW ZQ 4YOTLY `YTaP]^LW Xd_S^ T^ YZbLOLd^ QZ`YO LWW _S]Z`RS XZOP]Y BP^_P]Y ^[T]T_`LWT_d 4Y [`]PWd ^_]`N_`]LW _P]X^ _SP TYaPY_TZY ZQ _SP 9£OL-]LSXLY LW^Z []ZXZ_PO ^ZXP_STYR aP]d ^TXTWL] _Z _SL_ []ZXZ_PO Md _SP 0L]_S^ZYR X`^TN% _SP NZYN]P_TeL_TZY ZQ LY TXLRP ZQ _SP NZ^XTN bSZWP TY L`OTMWP X`^TN #! ±£]«ROPaLv^ 9£OL-]LSXLY bL^ QL] XZ]P ^PY^Z]d _SLY -SLš_]SL]Tv^ ±LMOL-]LSXLY M`_ Q`WWd LM^Z]MPO T_^ NZXX`YTNL_TaP LYO LWW NZYYPN_TYR [ZbP] 4_ LW^Z MPNLXP QTWWPO bT_S LOOT_TZYLW PWPXPY_^ z TY [L]_TN`WL] ?LY_]TN [^dNSZ^ZXL_TN^ _SPT^X LYO MSLV_T z LYO _]LY^WL_PO TY_Z L OTQQP]PY_ XPOT`X X`^TN 4Y XZOP]Y BP^_P]Y ^[T]T_`LWT_d bSP]P _SP bSZWP bZ]WO T^ LaLTWLMWP LYO TYSP]T_PO PaPY TQ ZYP ^PP^ ZYP^PWQ L^ L .PW_TN 0L]_S^ZYR R]Z`[ ZYP O]Lb^ ZY 5L[LY .STYL ?TMP_ ,XP]TNLY _]LY^NPYOPY_LWT^X 9Z]_S ,XP]TNLY 4YOTLY N`W_`]P^ XTYTXLW X`^TN LYO 5ZLNSTX -P]PYO_ ?SP]P L]P YZ ]PQP]PYNP^ _Z 4YOTL L[L]_ Q]ZX LY TYOT ]PN_ ]PQP]PYNP _Z -P]PYO_v^ SdM]TO 9£OL-]LSXLY 9PaP]_SPWP^^ _SP RPYP]L_PO w0L]_S YZ_Px _SL_ T^ OP^N]TMPO T^ L WT__WP ]PXTYT^NPY_ ZQ 4YOTLY XZOLW X`^TN _SP YZ_TZY ZQ 9£OL-]LSXLY LYO _SP ?£X[¼]L , 9£OL WTVP _ZYTN YZ_P bL^ N]PL_PO LY wL]NSP_d[LW YZ_Px _SL_ T^ w]TNS TY aL]T Z`^ _ZYLWT_TP^ LYO SL]XZYTN^x ?ST^ T^ LYZ_SP] ZQ XLYd 9Pb ,RP PcLX [WP^ bSP]P 4YOTL SL^ SLO LY TYQW`PYNP M`_ ZYWd LY TYOT]PN_ ZYP LYO T_^PWQ T^ YZ WZYRP] aT^TMWP 4YOTL ZQQP]PO _SP TOPL z LWTPY _Z 0`]Z[P z _SL_ _SP X`^TN ZQ _SP ^[SP]P^ T^ L`OTMWP ?d[TNLWWd 0`]Z[PLY Md NZY_]L^_ L]P _SP ]PNZ`]^P _Z XL_SPXL_TN^ LYO _PNSYZWZRd _SP QZN`^ ZY _SP X`^TNLW SL]XZYTP^ LYO _SP NZX[WP_P ]PWZNL_TZY ZQ _SP ^PL]NS _Z _SP Pc_P]YLW bZ]WO ?ST^ T_^PWQ ZQQP]^ _SP VPd _Z _SP ^PN]P_ ZY MZ_S WL]RP LYO ^XLWW

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #! ?SP]P L]P PaPY XZ]P 9Pb ,RP R]Z`[^ _SL_ bLY_ _Z XLVP _SP X`^TN ZQ _SP [WLYP_L]d ^[SP]P^ L`OTMWP ?SPd NWLTX _SL_ _ST^ SL^ ZYWd MPNZXP L_ _ST^ _TXP ZbTYR _Z L STRSP] WPaPW ZQ NZY^NTZ`^YP^^ LW]PLOd ]PLNSPO Md _SP 9Pb ,RP OPaZ_PP^ 8LYd ^Z`]NP^ ZQ TY^[T]L_TZY YZ_ ZYWd _SP 4YOTLY 9£OL-]LSXLY SLaP [WLdPO L ]ZWP TY ^`NS XZOP]Y NZYNP[_^ ZQ ^[T]T_`LWT_d

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d



^NLWP^ >Z _ZOLd _SP w^Z`YO ZQ /9,x SL^ LW^Z MPPY Pc[]P^^PO TY X` ^TN #" ?SP bPM^T_P ]PQP]]TYR _Z _SP /9, X`^TN T^ NLWWPO w8d^_P]d ZQ >Z`YO z >Z`YO 2YZ^T^ LYO _SP >Z`YO ZQ >TWPYNPx ?ST^ ^T_P T^ aP]d X`NS LY PXMWPX ZQ _SP 9Pb ,RP L^ T_ SL^ YTYP bPM [LRP^ Q`WW ZQ L[SZ ]T^X^ _Z []ZaTOP wPaTOPYNPx ZQ _SP `YT_d ZQ RWZMLW N`W_`]P bSPY T_ NZXP^ _Z ^Z`YO Xd^_P]TP^ 2]LTW Xd^_P]TP^ ]`M ^SZ`WOP]^ bT_S 0TY^_PTY _SP 8LT_]T LYO 8£©“`VdL @[LYT´LO^ _SP ?TMP_LY -ZZV ZQ _SP /PLO ,XP]TNLY 4YOTLY ^Z`]NP^ ?LZ ?P .STYR ±L«VL]L ^TN  3Le]L_ 4YLdL_ 6SLY _SP 9LR 3LXXLOT 7TM]L]d LYO ZQ NZ`]^P LW^Z -P]PYO_ LYO XLYd Z_SP]^ :YWd _bZ ZQ _SP^P L[SZ]T^X^ bTWW MP ]P[]ZO`NPO SP]P bSTNS ]PaPLW _SP TY^[T]L_TZY NZXTYR Q]ZX 3TYO` TOPL^ z TY ZYP NL^P Pc[WTNT_Wd LYO TY _SP Z_SP] TX[WTNT_Wd ?SP QT]^_ ZYP T^ Q]ZX _SP ?LZ ZQ ;Sd^TN^ Md _SP 9Pb ,RP wR`]`x 1]T_UZQ .L[]L% P 9£OL^Z`YO L^ L ^NTPY_TQTN aT^TZY ZQ RZO% w,^ 4 ^L_ ZY _SP MPLNS Xd QZ]XP] Pc[P]TPYNP^ NLXP _Z WTQP% 4 u^Lbv NL^NLOP^ ZQ PYP]Rd NZXTYR OZbY Q]ZX Z`_P] ^[LNP TY bSTNS [L]_TNWP^ bP]P N]PL_PO LYO OP^_]ZdPO TY ]Sd_S XTN [`W^P^ 4 u^Lbv _SP L_ZX^ ZQ _SP PWPXPY_^ LYO _SZ^P ZQ Xd MZOd [L] _TNT[L_TYR TY _ST^ NZ^XTN OLYNP ZQ PYP]Rd& 4 QPW_ T_^ ]Sd_SX LYO 4 uSPL]Ov T_^ ^Z`YO LYO L_ _SL_ XZXPY_ 4 VYPb _SL_ _ST^ bL^ _SP /LYNP ZQ >STaLx ##

?ST^ aT^TZY ZQ _SP `YTaP]^P bSTNS L_ _SP ^LXP _TXP T^ LY L`OT_TZY LYO TYaZWaP^ ZYPv^ ZbY [P]^ZY T^ XTWP^ LbLd Q]ZX ,`R`^_TYP LYO LW^Z Q]ZX .TNP]Zv^ w/]PLX ZQ >NT[TZx :YPv^ ZbY [P]^ZY T^ []P^PY_ MPNL`^P L XZYT^_TN [LY_SPT^_TN bZ]WOaTPb T^ QZ`YO _Z MP Q`YOLXPY_LWWd []P^PY_ bSTNS T^ ZMaTZ`^Wd WTYVPO bT_S 4YOTLY `YTaP]^LW Xd_SZWZRd ?SP ^PN ZYO PcLX[WP T^ PaPY XZ]P TY_P]P^_TYR []PNT^PWd MPNL`^P _SP ]PQP]PYNP _Z 4YOTL ]PXLTY^ LM^ZW`_PWd TYaT^TMWP LYO L_ _SP ^LXP _TXP .S]T^_TLY _]LOT_TZY XTcPO bT_S 8`^WTX LYO 9PZ[WL_ZYTN ;d_SLRZ]PLY _]LOT_TZY^ L[[PL]^ TY LY w4YOTLYTePOx QZ]X 9Z L`_SZ] T^ RTaPY L^ _SP ^Z`]NP ZYWd w?SP 0^^PYNP 2Z^[PW ZQ ;PLNPx% Q 9£OL^Z`YO L^ _SP waZTNPx ZQ _SP SPLaPYWd QL_SP]% w,YO bSPY _SP ^`Y T^ STRS TY _SP SPLaPY^ _SPY ^SLWW dZ` ^PPV _SP 3ZWd >_]PLX ZQ >Z`YO & QZ] T_ NLY ZYWd MP SPL]O TY _SP ^TWPYNP m ?]`Wd T_ T^ _SP aZTNP ZQ 2ZO TQ dZ` OTO M`_ VYZb T_ 1Z] L^ T_ T^ b]T__PY TY _SP MPRTYYTYR bL^ _SP >Z`YO LYO _SP >Z`YO bL^ bT_S 2ZO LYO _SP >Z`YO bL^ 2ZO 4 _PWW dZ` _]`Wd bSPY bP L]P MZ]Y bP PY_P] _SP bZ]WO bT_S _SP ^Z`YO ZQ 2ZO TY Z`] PL]^ PaPY _SP ^TYRTYR ZQ _SP aL^_ NSZ]`^ ZQ _SP ^Vd LYO _SP SZWd NSLY_ ZQ _SP ^_L]^ TY _SPT] QTcPO ]Z`YO^  QZ] TY _SP MPRTYYTYR ZQ _SP _TXP^ ^Z OTO bP LWW ^SL]P TY _SP 3ZWd >_]PLX ZQ >Z`YO _SL_ RLaP MT]_S _Z LWW N]PL_TZY ,YO _SP XTRS_d ]ZL]TYR ZQ _SP >_]PLX ZQ >Z`YO bTWW QTWW dZ`] bSZWP MZOd LYO dZ`  MP

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #" S__[%bbbRYZaLNLXd^_P]dS_X LNNP^^PO >P[_PXMP]   ## S__[%bbbRYZaLNLXd^_P]dS_X [  LNNP^^PO >P[_PXMP]  



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

NZXP _SP ^Z`YO T_^PWQ _SL_ _SP 3ZWd >_]PLX ZQ >Z`YO XLd NL]]d dZ` _Z _SP PYOWP^^ VTYROZX ZQ _SP 3PLaPYWd 1L_SP]x #$

4Y^_PLO ZQ .L[]Lv^ ^NTPY_TQTN bZYOP]Q`W aT^TZL`OT_TZY SP]P bP QTYO L bZYOP]Q`W ]PWTRTZ`^ aT^TZL`OT_TZY ZQ _SP SL]XZYd ZQ _SP ^[SP]P^ LYO ZQ []TXZ]OTLW ^Z`YO -P]PYO_ SLO LW]PLOd _LNT_Wd NZYaP]_PO _SP Z[PYTYR bZ]O^ ZQ >_ 5ZSYv^ 2Z^[PW w4Y _SP MPRTYYTYR bL^ _SP BZ]O F_SP WZRZ^ Hx TY_Z _SP ^`RRP^_TaP ^_L_PXPY_ w4Y _SP MPRTYYTYR bL^ _SP ^Z`YOx LYO _ST^ T^ XLOP PaPY XZ]P NZYN]P_P TY _SP \`Z_L_TZY LMZaP ?SP bZ]O^ ZQ >_ 5ZSY L]P OT]PN_Wd ]PWL_PO L^ TY _SP 8TOOWP ,RP^ _Z _SP RPYP^T^ ZQ _SP bZ]WO LYO L^ TY ,`R`^_TYP L^^ZNTL_PO bT_S _SP LYNTPY_ SL]XZYd ZQ _SP ^[SP]P^ z LWW _SP bLd _Z _SP LY_T\`P TOPL ZQ _SP TYQTYT_PWd WZ`O ^Z`YO ZQ _SP [WLYP_^ ?SP LN_`LW ^Z`]NP T^ SZbPaP] YZ_ 5PbT^S.S]T^_TLY LYO LYNTPY_ 0`]Z[PLY ]ZWPXZOPW^ M`_ _SP =LOSL >ZLXT XZaPXPY_ LYO T_^ _SPZWZRd ZQ L []TXZ]OTLW w^Z`YO N`]]PY_x ?SPT] TOPL^ L[[PL] YZb .S]T^ _TLYTePO wSPLaPYWd QL_SP]x P_N 3P]P _SP 4YOTLY TY^[T]L_TZY WPO _Z L YPb aL]TL_TZY ZQ .S]T^_TLY P^Z_P]TNT^X _SL_ T^ YPT_SP] [`]PWd 4YOTLY YZ] [`]PWd BP^_P]Y ,^ TY _SP NL^P ZQ _SP =LOSL >ZLXT^ _SP QZN`^ T^ ZY LY TYYP] ]PLWT_d ZY _SP w^Z`YO ZQ ^TWPYNPx bSTNS NLY ZYWd MP SPL]O TY XPOT_L_TZY ,NNZ]OTYR _Z _ST^ ^Z`]NP _SP X`^TN ZQ _SP ^[SP]P^ NLY MP RPY`TYPWd Pc[P]TPYNPO L^ _SP waZTNP ZQ 2ZOx TY XPOT_L_TZY TY _SP M]TRS_ ^STXXP]TYR SPL_ ZQ YZZY LYO T_^ `YT\`P ^TWPYNP ,NNZ]OTYR _Z -PNV _SP =LOSL >ZLXT XZaPXPY_ bSTNS QZ]XPO TY _SP ^PNZYO SLWQ ZQ _SP $_S NPY_`]d TY _SP NZWZYTLW OT^NZ`]^P QTPWO ZQ 4YOTL bL^ LWZYR^TOP >STaLYLYOL ZYP ZQ _SP XZ^_ [ZbP]Q`W QZ]NP^ ^[]PLOTYR _SP 9£OL-]LSXLY TOPL TY _SP BP^_ 8L]V 5`P]RPY^XPdP] ]PRL]O^ _SP =LOSL >ZLXT QLT_S _SP QT]^_ w`YBP^_P]YTePO ]PWTRTZY _Z bSTNS YZY3TYO`^ SLO LNNP^^x `YWTVP ATaPVLYLYOLv^ wBP^_P]YTePOx APOLY_L >ZNTP_TP^ $ ?SP QT]^_ ,XP]TNLY bL^ TYT_TL_PO L^ PL]Wd L^ TY $ LYO TY $ _SP -PL^ 7TYP LW]PLOd SLO " ,XP]TNLY TYT_TL_P^ 4Y _SP $!^ LYO $"^ T_ Pc[LYOPO S`RPWd bSP]PL^ TY_P]P^_ TY T_ O]Z[[PO ZQQ LQ_P] $# LYO ^STQ_PO _Z XTR]LY_ QLXTWTP^ ?ZOLd _SP XZaPXPY_ SL^ L[[]Zc  BP^_P]Y QZWWZbP]^ $ ?SP ^T_`L_TZY T^ SZbPaP] ^ZXP bSL_ XZ]P NZX[WPc 9Z_ ZYWd OTO _SP XZaPXPY_ ^[WT_ TY_Z _bZ XLUZ] M]LYNSP^ ,R]L LYO -PL^ WTYP^ LYO Q`]_SP] ^`MOTaT^TZY^ 4_ LW^Z _]TR RP]PO L`_ZYZXZ`^ XZaPXPY_^ _SL_ bP]P TY_P]YL_TZYLWWd LN_TaP ^`NS L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ #$ S__[%bbbRYZaLNLXd^_P]dS_X [  LNNP^^PO >P[_PXMP]   BP ^`^[PN_ _SL_ L XPXMP] Z] L ^`MOTaT^TZY ZQ _SP 0NVLYVL] XZaPXPY_ QZ`YOPO TY $! bL^ _SP L`_SZ]^ BSP]PL^ ;L`W ?bT_NSPWW _SP QZ`YOP] ZQ 0NVLYVL] MZ]]ZbPO P^^PY_TLW TOPL^ Q]ZX _SP =LOSL >ZLXT^ _SP XZaPXPY_ SL^ O]TQ_PO LbLd Q]ZX 3TYO`T^X _ZbL]O^ .S]T^_TLYT_d ^TYNP ?bT_NSPWWv^ OPL_S $" .Q S__[%ZXR`]`NZXS_XW^LTY_^_bT _NPSWS_XW Md 5 /PYZ^Vd LNNP^^PO >P[_PXMP]   $ 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d   z! $ 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d  

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d



_SP 0NVLYVL] XZaPXPY_ ZQ _SP ,XP]TNLY ;L`W ?bT_NSPWW LYO _SP /T aTYP 7TRS_ >ZNTP_d ZQ _SP 4YOTLY 2`]` 8LSL]LUT ?SP 0NVLYVL] XZaP XPY_ bSZ^P QZ`YOP] NZY^NTZ`^Wd STO ST^ =LOSL >ZLXT TX[Z]_^ T^ []ZMLMWd X`NS WL]RP] _SLY _SP =LOSL >ZLXT^ TY _SP BP^_ LYO SLO L STRSP] []ZQTWP TY ,XP]TNL $ 4Y _SP WL^_ OPNLOP _SP 0NVLYVL] _ZZV ZY L XZ]P .S]T^_TLY Z]TPY_L_TZY ?ST^ ^PPX^ _Z MP _SP XTWTP` bSP]P Z`] \`Z _L_TZY Q T^ Q]ZX >Z =LOSL >ZLXT VYZbWPORP ^[]PLO _S]Z`RS OTQQP]PY_ NSLYYPW^ 4Y _SP 2P]XLY^[PLVTYR L]PL LWZYP QZ] TY^_LYNP QTaP R]Z`[^ ZQ _SP -PL^ WTYP L]P LN_TaP 0cNP[_ QZ] _SP =LOSL >L_^LYR -PL^ T_ T^ YZ_TNPLMWP _SL_ _SPd SLaP `YTaP]^LWT^X TY _SPT] YLXP^% @YT_d ZQ 8LY 1Z]`X ZQ @YTaP]^LWT^_ =PWTRTZY 3ZWZ^Z[STN >ZNTP_d LYO >NTPYNP ZQ >[T]T_`LWT_d ?SP^P YLXP^ L]P RZZO PcLX[WP^ ZQ XZOP]Y RWZMLWTePO ^[T]T_`LWT_d ?SP =LOSL >ZLXT^ M]TYR_ `^ _Z NZX[WPc TY_P]LN_TZYLW []ZNP^^P^ ZQ XZOP]Y _]LOT_TZYM`TWOTYR LYO L RPY`TYPWd 4YOTLY aP]^TZY ZQ _SP X`^TN ZQ _SP ^[SP]P^ _SL_ T^ OPP[Wd ]ZZ_PO TY L ^ZYTN LY_S]Z[ZWZRd ?ST^ T^ bSd bP bLY_ _Z LOO ^ZXP ]PXL]V^ _Z Z`] []PaTZ`^ OT^N`^^TZY ZQ _SP XZaP XPY_ ?SPd bTWW WPLO `^ _Z NZY^TOP] NZY_TY`T_TP^ LYO OTQQP]PYNP^ TY XZO P]Y ^[T]T_`LWT_d TY 4YOTL LYO _SP BP^_ 4Y >STaLYLYOL ±£]«RLOPaLv^ 9£OL-]LSXLY SLO LW]PLOd _LVPY L DZRTN _`]Y M`_ `YOP] _SP =LOSL >ZLXT^ _SP NSLYRP bL^ PaPY XZ]P ]LOTNLW% _SP QZN`^ T^ NZX[WP_PWd ZY LY TYYP] UZ`]YPd ZQ _SP ^Z`W LYO bZYOP]Q`W TYYP] ^Z`YO bZ]WO^ ?SP =LOSL >ZLXT^ OZ YZ_ `^P _SP _P]X^ w9£OL-]LSXLYx Z] w9£OLDZRLx M`_ ^[PLV ZQ w>`]L_±LMODZRLx L XPOT_L_TZY _PNSYT\`P ZQ ^PN]P_ ^NTPYNP bSTNS NZ`WO MP _]LY^WL_PO L^ wBZ]ODZRL ZQ _SP ^Z`Wx 4_ T^ L wOT^NT[WTYP dZRL _SL_ `YT_P^ _SP ^[T]T_ ^`]L_ bT_S _SP ^[T]T_`LW ^Z`YO ^SLMO x $ 4_ T^ ZQ ^[PNTLW TY_P]P^_ _SL_ _SP _P]X QZ] _SP ^Z`W ^`]L_ T^ L[[L]PY_Wd OP]TaPO Q]ZX wSPL]TYRx ²]`_T  $ TP _SP ^Z`W T^ L^^ZNTL_PO ^`M^_LY_TLWWd bT_S ^Z`YO LYO aTM]L_ TYR PYP]Rd LYO YZ_ ZYWd bT_S NZY^NTZ`^YP^^ z ^TXTWL] _Z _SP bLd TY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 4 _SLYV 5 /PYZ^Vd QZ] _ST^ TYQZ]XL_TZY [P]^ZYLW PXLTW NZXX`YTNL_TZY ZY >P[_PXMP]   /PYZ^Vd XLTY_LTY^ TY ST^ MTZR]L[Sd ZQ ?bT_NSPWW% w;L`W ?bT_NSPWW bL^ [P]SL[^ _SP XZ^_ ^`NNP^^Q`W ,XP]TNLY _PLNSP] ZQ LY 4YOTLYML^PO ^[T]T_`LWT_d TY ,XP]TNLx .Q S__[%ZXR`]`NZXS_XW^LTY_^_bT_NPSWS_XW [ $ 4_ T^ ZQ TY_P]P^_ _SL_ _SP YLXP 0NVLYVL] ^PPX^ _Z MP OP]TaPO Q]ZX LY LYRTWTNTePO aP]^TZY ZQ :ÀV£]L w_SP ^dWWLMWP :¿x _Z bSTNS wPNVx Z] wPVx XPLYTYR wZYPx >LY^V]T_ wPVLx T^ LOOPO 0V :ÀVL] T^ _SP w]ZZ_ XLY_]Lx ZQ _SP >TVS^ 4_ MPRTY^ _SPT] SZWd MZZV ¢OT 2]LY_S LYO OPYZ_P^ TY _ST^ NZY_Pc_ ^ZXP_STYR WTVP w_SP ZYP `YTaP]^LW N]PL_Z] 2ZOx ?bT_NSPWW O]Pb Q]PPWd ZY ^PaP]LW ^Z`]NP^ 4Y _SP WL^_ OPNLOP ST^ [WLRTL]T^X ZQ =LOSL >ZLXT _Pc_^ -WLaL_^Vd 4YLdL_ 6SLY LYO Z_SP]^ SL^ NZXP `YOP] L__LNV TMTO  $ 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d  $ $ 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d  $ ?SP P_dXZWZRd LYO Z]TRTY ZQ _SP `Y`^`LW _P]X w^`]L_x T^ SZbPaP] YZ_ VYZbY bT_S NP]_LTY_d 5`P]RPY^XPdP] MPWTPaP^ _SL_ T_ NZ`WO RZ MLNV _Z _SP 9£¶S DZRTY^

!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

bSTNS RZO L _P]X _SL_ T^ SL]OWd `^PO L_ LWW T^ Pc[P]TPYNPO _S]Z`RS ST^ ^PN]P_ wYLXPWP^^ YLXPx ZQ PYP]Rd LYO ^Z`YO TP _SP DZRTN LM^Z][_TZY TY _SP bZYOP]Q`W w^Z`YO N`]]PY_x ZY bSZ^P bLaP^ _SP TYYP] UZ`]YPd WPLO^ _S]Z`RS aL]TZ`^ WPaPW^ ZQ NZY^NTZ`^YP^^ :YP ^SZ`WO MP ]PXTYOPO _SL_ TY_P]P^_TYRWd _SP =LOSL >ZLXT^ aTPbPO ]PXPXM]LYNP ZQ RZO ^TX ]LY LYO XPOT_L_TZY OSd£Y L^ WZbP] WPaPW^ ZQ _SP PcP]NT^P bSTWP MSL ULY SP]P _SP ^Z`YO aTM]L_TZY^ ZY _SP wL^_]LW [WLYPx LYO Q`]_SP] bZ]WO _]LY^NPYOTYR ^[SP]P^ L]P ]PRL]OPO L^ _SP STRSP^_ WPaPW 3ZbPaP] WT__WP _SP aL]TZ`^ =LOSL >ZLXT WTYPLRP^ LYO ^`MR]Z`[^ LR]PP ZY _SP Y`XMP] ZQ NPWP^_TLW bZ]WO^ LYO _SP VTYO ZQ ^PN]P_ XLY _]L^ LWW ZQ _SPX ^SL]P _SP YZ_TZY ZQ L UZ`]YPd ZQ _SP ^Z`W _S]Z`RS LY TYYP] `YTaP]^P ZQ ^Z`YO^ bSTNS ^TX`W_LYPZ`^Wd SL^ L ]PLW NZ]]P^[ZY OPYNP TY _SP ZMUPN_TaP ]PLWT_d ZQ _SP `YTaP]^P ?SP TOPL T^ Q`YOLXPY_LW _SL_ bT_S XPOT_L_TaP []LN_TNP _SP ^Z`W WPLaP^ _SP MZOd _S]Z`RS _SP NLV]L MP_bPPY _SP PdPM]Zb^ LYO QWZL_^ `[bL]O TY _SP SPLaPYWd ^Z`YO N`]]PY_ _Z RZO ?SP QZWWZbTYR ^`XXL]d ZQ _ST^ UZ`]YPd R T^ _SP ZYWd \`Z_L_TZY TY _ST^ NSL[_P] YZ_ _LVPY Q]ZX LY 4Y_P]YP_ ^T_P $ ?ST^ aP]^TZY ZQ _SP ,R]L 7TYP T^ NZX[WPXPY_PO bT_S L ^_L_PXPY_ Q]ZX L XL^_P] ZQ _SP -PL^ 7TYP S bSTNS `YOP]^NZ]P^ _SP _SPZWZRd ZQ _SP 9LXPWP^^ XZ]P ^_]ZYRWd LYO T^ XZ]P TYQW`PYNPO Md >TVST^X LYO TYOT]PN_Wd Md _SP ]L _TZYLWT^_TN 8`^WTX _SPZWZRd ZY _SP L__]TM`_P^ ZQ 2ZO ?SP _bZ ^PWQ _P^_TXZYTP^ _SL_ _SPY QZWWZb L]P Q]ZX L w[]TaL_Px [`MWTNWd LNNP^^TMWP SZXP[LRP $!% R 9£OL>Z`YO L^ L aT^TZYL]d Pc[P]TPYNP ZQ TYYP] LYO ^[SP]TN ^Z`YO bZ]WO^% w?SP OPaZ_PP T^ ^LTO _Z _LVP ST^ Z] SP] ^PL_ L_ _SP _ST]O PdP ?SP]P _SP OPaZ_PP SL^ L aT^TZY ZQ _SP R`]` LYOZ] L M]TWWTLY_ QWLXP LYO SPL]^ _SP ^Z`YO ZQ L NZYNS LYO MPWW ?SP OPaZ_PP _SPY L^NPYO^ _Z _SP  _SZ`^LYO [P_LWWPO WZ_`^ >Z`YO^ NZXP Q]ZX _SP WPQ_ LYO _SP ]TRS_ ?SP OPaZ_PP ]P UPN_^ _SP WPQ_ 6£Wv^ bZ]V LYO NZYNPY_]L_P^ ZY _SL_ Q]ZX _SP ]TRS_ ?SPY TY _SP NZX[LYd ZQ _SP R`]` SP Z] ^SP T^ [`WWPO Q`]_SP] `[bL]O ?SP L^NPYOTYR OPaZ_PP ^PP^ XL]aPWZ`^ ^TRS_^ z ^`Y^ XZZY^ ^VTP^ MPdZYO _SP ^Vd z LYO SPL]^ _SP ^Z`YO^ ZQ MPWW^ _S`YOP] X`^TNLW TY^_]`XPY_^ LYO ^Z`YO^ \`T_P `YWTVP LYd_STYR bP VYZb TY _ST^ bZ]WO ,_ _SP PYO ZQ _SP UZ`]YPd _SP OPaZ_PP SL^ L aT^TZY ZQ _SP >`[]PXP -PTYR STX^PWQ FTP =£OS£^a£XT ( =LOSL >ZLXT _SP u7Z]O ZQ _SP >Z`YO .`]]PY_vHx w>ZYTN UZ`]YPdx Md =£OS£ >ZLXT TYT_TL_P^ bSTNS ]PLO^ WTVP L NZXMTYL_TZY ZQ _SP TYYP] ^Z`YO^

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ BP SLaP _LVPY \`Z_L_TZY R Q]ZX 7Lb]PYNP -LMM w=POPX[_TaP 0YNZ`Y_P]^x  bSZ SL^ bZ]VPO ZY _SP ,R]L 7TYP ?SP QZWWZbTYR Pc[WLYL_TZY Md >LY_ 6T][LW >TYRS S L XL^_P] ZQ _SP -PL^ 7TYP T^ _LVPY Q]ZX _SP bPM^T_P S__[%bbbRYZaLNLXd^ _P]dS_X [ " $! Z LXT^ L^ OTQQP]PY_ WPaPW^ ZQ NZY^NTZ`^YP^^ LYO ^TX`W_LYPZ`^Wd LW^Z L^ XLN]ZNZ^XTN ]PLWT_TP^ ,NLOPXTN ]P^PL]NS ]P[PL_POWd ]PQP]]PO _Z ^_]TV TYR ^TXTWL]T_TP^ MP_bPPY _SP _PLNSTYR^ ZQ _SP ?SPZ^Z[ST^_^ LYO _SZ^P ZQ _SP =LOSL >ZLXT^ ^`NS L^ -WLaL_^Vdv^ bZ]V AZTNP ZQ >TWPYNP  bSTNS bL^ []P^`XLMWd TY^[T]PO Md _SP =LOSL >ZLXT QZ`YOP] >bLXT >STa /LdLW ##z#"# $# ;]ZMLMWd ZYP X`^_ L^^`XP NZX[WPc X`_`LW TYQW` PYNP^ MPNL`^P _SP]P bP]P XLYd LYO aL]TPO ]PLW NZY_LN_^ $$ ?SP ?SP Z^Z[ST^_^ ]P[]P^PY_PO LY P^[PNTLWWd XL]VPO XPW_TYR [Z_ QZ] _SP XP]RP] ZQ 0L^_P]Y LYO BP^_P]Y TOPL^ >TXTWL]Wd _Z _SP ?SPZ^Z[ST^_^ _SP =LOSL >ZLXT^ `YOP]^_LYO _SPT] P^Z_P]TN _PLNSTYR L^ L ^NTPYNP _SL_ ]T^P^ LMZaP VYZbY YL_`]LW ^NTPYNP LYO NZXP^ Q]ZX L STRSP] NZY^NTZ`^YP^^ ?SP PL]Wd ,XP]TNLY NZYaP]_ 5`WTPY 5ZSY^ZY L QZ]XP] -L[_T^_ []PLNSP] bSZ NZY_]TM`_PO _Z _SP TY_P]YL_TZYLWTeL_TZY ZQ _SP =LOSL >ZLXT^ TY _SP $^ LYO WL_P] BP^_P]Y NZYaP]_^ bP]P [L]_TN`WL]Wd _LVPY bT_S _SL_ _SPd QPW_ _Z MP ^NTPY_TQTN NZYQZ]XT_d LYO ]L_TZYLWT_d ZQ _SP =LOSL >ZLXT MPWTPQ PR _SP TOPL ZQ L []TXZ]OTLW -TR -LYR Z] _SP XL_P]TLWT^_TN YZ_TZY ZQ PYP]Rd _SP [Sd^TZWZRTNLW [L__P]Y^ ZQ Pc[WLYL_TZY LYO _SP _SP]L[P`_TN L[[WTNL_TZY^  4_ T^ YZ_TNPLMWP _SL_ _SP NZX[WPc NZ^XZWZRd LW^Z NZY _LTY^ QZ] _SP QT]^_ _TXP L STP]L]NSTNLW ]LYVTYR LYO ^d^_PXL_TeL_TZY ZQ STRSP] ^Z`YO^ W`_P SL][ LYO QW`_P LYO ZQ WZbP] ^Z`YO^ MPWW LYO O]`X^ bSTNS bP]P YZ_ dP_ []P^PY_ TY _SP ZWO ^Z`YO NL_LWZR^ ZQ _SP DZRL WT_P]L_`]P  8Z]PZaP] L__]LN_TZY bL^ LW^Z PcP]NT^PO Md _SP ^[T]T _`LW NZ^XZ[ZWT^X _SP wP_STN^ ZQ Q]L_P]YT_dx LYO _SP TOPL ZQ L wDZRL QZ] Z]OTYL]d OLTWd WTQPx bSTNS >STa /LdLW SLO LW]PLOd []Z[Z`YOPO 4YOTLY^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $" .Q ZY _ST^ _SP Pc_PY^TaP OT^N`^^TZY TY 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d  ##z$ $# ,NNZ]OTYR _Z _SP _SP^T^ ZQ 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d    $$ =LT >LWTR]LX >STa /LdLWv^ ^`NNP^^Z] TY _SP ,R]L WTYP LYO bSZ ^d^_PXL_TePO NZ^XZW ZRd ^`M^N]TMPO _Z _SP UZ`]YLW ?SP ?SPZ^Z[ST^_ Q]ZX ## ZYbL]O^ TP Q]ZX _SP dPL] TY bSTNS _SP ?SPZ^Z[ST^_^ XZaPO _SPT] SPLO\`L]_P]^ Q]ZX ,XP]TNL _Z 4YOTL .Q 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d    ?SP ^[SP]P ZQ _SP L^_]LW bZ]WO LYO _SP XL]VPO `YTaP]^LWT^X ZQ _SP -PL^ 7TYP NZ`WO SLaP MPPY ^`MUPN_ _Z L _SPZ^Z[STNLW TY QW`PYNP ,NNZ]OTYR _Z 5`P]RPY^XPdP] TMTO  _SP QT]^_ YZY3TYO` TYT_TL_P^ _Z _SP -PL^ 7TYP NLXP Q]ZX LXZYR ?SPZ^Z[ST^_^  .Q 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d   z#  .Q LW^Z S__[%^[T]T_`LW_]LaPWZ]R:-0^LN]PO^Z`YOS_XW LNNP^^PO 8L]NS   3P]P _SP w^Z`YO^ ZQ _SP P_SP]x LYO WTRS_ aT^TZY^ ZQ PL]WTP] DZRT^ L]P M`TW_ TY LY Z] OP]Wd QL^STZY TY_Z L NZ^XZWZRTNLWWd R]LOPO ^d^_PX ZQ ^[SP]P^ ZQ WZbP] LYO STRSP] ^[T]T_`LW bZ]WO^ bSP]PL^ _SP NWL^^TNLW WT^_^ OPaTL_PO Q]ZX ZYP LYZ_SP] LYO OTO YZ_ Pc STMT_ LYd ]PNZRYTeLMWP Z]OP]

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d

$

LYO BP^_P]YP]^ LWTVP ^_]P^^ _SP Q]TPYOWd L_XZ^[SP]P TY _SP =LOSL >ZLXT NZWZYTP^ LYO _SP TX[]P^^TaP WZaP ZQ _SP =LOSL >ZLXT XL^_P]^  /P^[T_P ^SL]PO aLW`P^ SZbPaP] _SP 4YOTLY LYO _SP BP^_P]Y ]L]PWd XTYRWP 0aPY TQ _SP =LOSL >ZLXT^ MZ]]ZbPO Q]ZX YZY3TYO` ^Z`]NP^ z LYO _ST^ T^ NP]_LTY TY ]PWL_TZY _Z >TVST^X z TY _SP -PL^ 7TYP TY [L]_TN`WL] bSTNS LW^Z OPaTL_P^ Q]ZX YZ]XLW 3TYO` WTQP TY T_^ ^ZNTLWT^_TN WTQP^_dWP^ TY _SPT] NPY_]LW QZ]X^ ZQ MPWTPQ LYO _SZ`RS_^ _SPd L]P ^_TWW QT]XWd LY NSZ]PO TY _SP 3TYO` XTWTP` ?ST^ MPRTY^ bT_S _SP ^_]TN_YP^^ ZQ _SP XPOT _L_TZY PcP]NT^P% T_ ^SZ`WO ^_L]_ L_ _S]PP ZvNWZNV TY _SP XZ]YTYR LYO WL^_ QZ] _S]PP _Z QZ`] SZ`]^ 4Y LN_`LW []LN_TNP SZbPaP] aPYP]L_TZY ZQ _SP XL^_P] LYO _SP MSLV_T QZ]X _SP LN_`LW NPY_P] LRLTY LYLWZRZ`^ _Z 3TYO` XTWTP`^ .ZX[L]T^ZY ZQ _SP =LOSL >ZLXT^v TY^_T_`_TZYLWTePO ^[T]T_`LW UZ`]YPd ZQ _SP ^[SP]P^ R bT_S _SL_ ZQ _SP XZOP]Y XPLYTYR^PPVP] T _Z V T^ ZQ ^[PNTLW TY_P]P^_ 4Y _SP NL^P ZQ _SP =LOSL >ZLXT^ bSL_ T^ LM^ZW`_PWd NPY_]LW T^ _SP ^[T]T_`LW _PLNSP] bSP_SP] T_ MP _SP OPNPL^PO QZ`YOP] >bLXT >STa /LdLW bSZ^P [TN_`]P LYO ]PWTN^ L]P aPYP]L_PO L^ WTaTYR TNZY^ ^Z _Z ^[PLV Z] ST^ TXXPOTL_P ^`NNP^^Z] =LT >LWTR]LX bSZ PWLMZ ]L_PO _SP NZ^XZWZRd ,R]L 7TYP Z] _SP N`]]PY_ WTaTYR XL^_P] -PL^ 7TYP ?SP UZ`]YPd ZQ _SP ^Z`W MPRTY^ bSPY ZYP NZYYPN_^ ZYP^PWQ XPY _LWWd -PL aP]^TZY Z] bT_S _SP LTO ZQ L [SZ_ZR]L[S ,R]L 7TYP bT_S _SP XL^_P] BSPY L MPWW ^Z`YO^ LYO _SP TYYP] TXLRP MPRTY^ _Z ^STYP _SP XZXPY_ SL^ NZXP bSPY LNNZ]OTYR _Z _SP =LOSL >ZLXT MPWTPQ ZYP WPLaP^ ZYPv^ [Sd^TNLW MZOd bT_SZ`_ WZ^TYR LWW NZY_LN_ LYO PY_P]^ _SP L^_]LW bZ]WO LYO z R`TOPO Md _SP L^_]LW MZOd ZQ _SP XL^_P] z ]T^P^ _Z PY_P] PaP] STRSP] ^[SP]P^ ZQ WTRS_ LYO ^Z`YO 4_ T^ L VTYO ZQ OdTYR MPQZ]P OdTYR LYO T_ SL^ MPPY NZX[L]PO _Z YPL]OPL_S Pc[P]TPYNP^ ,NNZ]OTYR _Z _SP ^_`OTP^ Md 7Lb]PYNP -LMM LYO 8L]V 5`P]RPY^XPdP] YZYP ZQ _SP OPaZ_PP^ \`P^_TZYPO SLO LN_`LWWd SLO ^`NS LY Pc[P]TPYNP bSP]PMd T_ T^ LW^Z ]PRL]OPO L^ ^PN]P_ VYZbWPORP LMZ`_ bSTNS ZYP ^SZ`WO YZ_ ^[PLV M`_ LWW ZQ _SPX QT]XWd MPWTPaPO TY ^`NS Pc[P]TPYNP^ ?SP OPaZ_TZY _Z _SP XL^_P] _SP PXMZOTXPY_ ZQ _SP 9LXPWP^^ bSZ T^ _SZ`RS_ _Z SLaP _SP Pc[P]TPYNP LYO _SP MSLV_T L]P aTPbPO L^ MPTYR LYLWZRZ`^ _Z _SP UZ`]YPd _S]Z`RS _SP ^[SP]P^ LYO >`]L_±LMOLDZRL ,NNZ]OTYR _Z 5`P] RPY^XPdP] T_ T^ []TXL]TWd _SP BP^_P]YP]^ bSZ L]P P^[PNTLWWd TY_P]P^_PO TY ^[T]T_`LW []ZR]P^^ bSTWP _SP 4YOTLY =LOSL >ZLXT^ MPWTPaP _SL_ YZ_

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q 5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d  $z   # LYO PW^PbSP]P 4Y 4YOTL _SP =LOSL >ZLXT^ L__]LN_ -]LSXTY^ WP^^ _SLY 6SL_]T^ _SP NL^_P ZQ XZYPdWPYOP]^ ZQ bSTNS _SP QZ`YOP] >STa /LdLW bL^ L XPXMP] LYO bSTNS _PYO^ _Z MP ]PRL]OPO L^ L WZbWd NL^_P LYO LW^Z /LWT_^ LYO Z_SP] WZbP] NL^_P R]Z`[^ ?SPT] ^P__WPXPY_^ wNZWZ YTP^x wL^S]LX^x Z] wNLX[^x L]P WZNL_PO TY ]`]LW L]PL^ LYO ZY _SP `]MLY [P]T[SP]d



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

PaP]d ZYP T^ P\`LWWd RTQ_PO ^[T]T_`LWWd LYO QTYO T_ X`NS PL^TP] _Z ]PNZY NTWP _SPX^PWaP^ bT_S _SPT] WZ_ ZQ YZ_ Pc[P]TPYNTYR LYd_STYR  5 /PYZ^Vd S _Z T T^ ZYP ZQ XLYd PcLX[WP^ ^SZbTYR _SL_ TY XZOP]Y ^[T]T_`LWT_d YZ_ ZYWd w^XLWWx LYO wXPOT`Xx M`_ LW^Z wR]PL_ _]LY ^NPYOPYNTP^x LYO Pc_]LZ]OTYL]d Pc[P]TPYNP^ SLaP LY TX[Z]_LY_ [WLNP ?d[TNLW ZQ LWW QZ]X^ T^ _SP []TXLNd ZQ Pc[P]TPYNP ^`MUPN_TaP NZY^T^ _PYNd LYO LY w`YOZRXL_TNx ]PWTRTZ^T_d _SL_ YPT_SP] ]PRL]O^ T_^PWQ L^ _TPO _Z _SP _]LOT_TZYLW ]PWTRTZ`^ MZ`YOL]TP^ YZ] MPWTPaP^ TY P^^PY_TLW N`W_`]LW aL]TLYNP^ TY _SP NZRYT_TaP ?SP LMZaP PcLX[WP^ ML^TNLWWd Z`_WTYP L NZY _TY``X MPNL`^P _SP ^PL]NS QZ] w^XLWWx LYO wXPOT`Xx _]LY^NPYOPYNTP^ ZQ _ST^ bZ]WO PR NZYNPY_]L_TZY ZY SPLW_S LYO SPLWTYR ZQ MZOd LYO ^Z`W T^ TYNZ][Z]L_PO TY_Z L WL]RP] XPLYTYR`YTaP]^P L w^LN]PO NZ^XZ^x TY bSTNS PaP]d_STYR T^ ^ZXPSZb NZYYPN_PO z Z] TY Z`] _P]XTYZWZRd TY_Z L XL]VPOWd [L]_TNT[L_Z]d bZ]WOaTPb LYO Z]TPY_L_TZY :Y _SP Z_SP] SLYO _SP [L__P]Y^ ZQ Pc[P]TPYNP _SL_ L]P XZ]P NWPL]Wd ]PNZRYTeLMWP L^ wR]PL_ _]LY^NPYOPYNTP^x >STaLYLYOLv^ DZRTN `YTQTNL_TZY _SP [`]P w,O aLT_LAPO£Y_Lx _SP UZ`]YPd^ ZQ _SP ^Z`W LYO Z`_ZQMZOd Pc[P]TPYNP^ ZQ _SP =LOSL >ZLXT b]T_TYR^ LYO 5 /PYZ^Vdv^ L]P Md YZ XPLY^ ^P[L]L_PO Q]ZX WTQP TY _SP bZ]WO LYO ^STQ_PO TY_Z LY wZ_SP] bZ]WOx 4_ T^ XZ]P _SP NL^P _SL_ _SPd L]P NWLTXPO _Z MP Pc[P]TPYNP^ ZQ _SP ^PWQ Pc[LY^TZY^ ZQ _SP NZY^NTZ`^YP^^ LYO _SP OPP[P^_ [P]^ZYLW VYZbWPORP ZQ L STRSP] ]PLW T_d _]LY^NPYOTYR PaP]dOLd WTQP ?ST^ T^ NZXXZY _Z LWW _SP aL]TL_TZY^ ZQ _SP wNZ^XTN aT^TZYx Z`_WTYPO SZbPaP] OTQQP]PY_ _SPd XLd MP TY _SPT] OP_LTW^ 4Y _ST^ ]P^[PN_ _SPd OTQQP] ^TRYTQTNLY_Wd YZ_ ZYWd Q]ZX LYNTPY_ TOPL^ ZQ X`^TN ZQ _SP ^[SP]P^ z TYNW`OTYR _SL_ TY .TNP]Zv^ O]PLX aT^TZY z M`_ LW^Z LYO [P]SL[^ PaPY XZ]P XL]VPOWd Q]ZX .S]T^_TLY ^Z_P]TZWZ RTP^ LYO _SPZOTNTP^ BSL_ LWW w9£OL>Z`YOx L^^ZNTL_TZY^ LYO [L__P]Y^ SLaP TY NZXXZY T^ _SP ^_]TQP QZ] LY Pc[P]TPYNP ZQ `YT_d LYO ZYPYP^^ TY WTQP 4_ T^ _]`P _SL_ _SP X`^TN ZQ _SP ^[SP]P^ T^ ^_TWW aT^TZYL]d QZ] _SP =LOSL >ZLXT^ M`_ T_ NLY MP Pc[P]TPYNPO TY _SP SP]P LYO YZb TY L _d[P ZQ TYYP] ^PY^`LWT_d QZ] bSTNS _SP DZRTN [Sd^TZWZRd LYO NLV]L _PLNSTYR bP]P aP]d ^`T_LMWP BSL_ T^ LMZaP T^ TY^TOP LYO T^ _SP]PQZ]P TY []TYNT[WP LNNP^^TMWP _Z PaP]d ZYP ?SP _SZ`RS_ SL^ ^ZXP LYNTPY_ ST^_Z]TNLW []POP NP^^Z]^% _SP _]LOT_TZY ZQ _SP PN^_L_TN QWdTYR DZRT^ _SP [Z^^TMTWT_d ZQ TXXZ]_LWT_d bSTWP WTaTYR P_N ?SP 4YOTLY MLNVO]Z[ T^ PaTOPY_Wd L Q]LXP ZQ ]PQP]PYNP _SL_ w^P]aP^x _SP OPXLYO QZ] R]PL_ _]LY^NPYOPYNTP^ ZQ XZOP]Y BP^_P]Y XPLYTYR ^PPVP]^ bPWW bSP_SP] T_ MP Xd^_TN [LY_SPT^_TN Pc[P]TPYNP bZ]WO^ LYO LW_P]PO [P]NP[_TZY ZQ ZYP^PWQ LYO _SP bZ]WO L LYO N aT^TZY^ ZQ QLY_L^ _TN ^`[P]^PY^Z]d ]PLWT_TP^ LYO `YTZ Pc[P]TPYNP^ R _Z S [L]_TN`WL] ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  5`P]RPY^XPdP] =LOSL^ZLXT =PLWT_d  # 1]ZX Z`] ZbY Pc[P]TPYNP TY QTPWO ]P^PL]NS bP NLY NZYQT]X _SL_ _ST^ T^ _]`P ZQ Z_SP] XZaPXPY_^ _ZZ

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d



O]PLX Z] Z`_ZQMZOd Pc[P]TPYNP^ T _Z V Z_SP] QZ]X^ ZQ PN^_L^TP^ Q LW_P]PO ^_L_P^ ZQ NZY^NTZ`^YP^^ P Z] aT^TZYL]d Pc[WZ]L_TZY^ ZQ _SP TYYP] ^PY^P^ LYO `YVYZbY MZOTWd OTXPY^TZY^ :YP NLY QTYO LYO `^P ^`NS _]LY^NPYOPYNTP^ ZQ PaP]dOLd YZ]XLWT_d TY TY^_T_`_TZYLWTePO ]PWTR TZY^ LYO []LN_TNP^ _SL_ OZ YZ_ YPNP^^L]TWd MPWZYR _Z ZYPv^ ZbY N`W_`]P L R LYO S dP_ T_ YZ WZYRP] YPNP^^L]TWd ]P\`T]P^ _]LOT_TZYLW TY^_]`N_TZY^ L^ TY >STaLYLYOL Z] ^[T]T_`LW _PLNSP]^ L^ bT_S _SP =LOSL >ZLXT^ 4Y^_PLO ]PWTRTZ`^ ^PWQPX[ZbP]XPY_ TY_P]P^_ TY Pc[P]TXPY_L_TZY ZYPv^ ZbY Pc[P]_T^P LYO L OPXZN]L_TeL_TZY ZQ ]PWTRTZ`^ aT]_`Z^Z LNSTPaPXPY_^ O _Z P LYO T _Z V L]P NSL]LN_P]T^_TN ZQ XZOP]Y ^[T]T_`LWT_d 4Y []TYNT[WP LWW N`W_`]P^ LYdbSP]P TY _SP bZ]WO L]P LaLTWLMWP aTL XZOP]Y NZXX`YT NL_TZY^ LYO ZYP NLY O]Lb Q]PPWd ZY _SPX _LVTYR bSL_PaP] L[[PL]^ _Z MP RZZO LYO ^`T_LMWP LYO `YT_P PWPXPY_^ Q]ZX OTQQP]PY_ N`W_`]P^ TY_Z ZYPv^ ZbY ^`MUPN_TaPWd NZY^T^_PY_ NZX[Z^T_TZY^ L^^`XTYR _SL_ LY P^^PY_TLW `YT_d ZQ _SP OTaP]^T_d T^ Q`YOLXPY_LW ,[[L]PY_Wd _SP 4YOTLY PWPXPY_^ ZQ 9£OL 9£OLDZRL LYO 9£OL-]LSXLY bP]P P^[PNTLWWd ^`T_LMWP QZ] LWW _ST^ Z] TY XZ]P RPYP]LW _P]X^ ^Z`YO ^Z`YO Wd^T^ LYO X`^TN 4Y 9£OL DZRL LYO 9£OLSPLWTYR `^P T^ LW^Z _d[TNLWWd XLOP ZQ BP^_P]Y NPWWZ^ ?TMP_LY ^TYRTYR MZbW^ LYO ,Q]TNLY O]`X^ /T]PN_Wd LYLWZRZ`^ _Z XZO P]Y ]PWTRTZ`^ NZX[Z^T_TZY TY _P]X^ ZQ ^_]`N_`]P T^ XZOP]Y bZ]WO X`^TN z _SL_ L[[PL]^ LXZYR -P]PYO_v^ PcLX[WP^ ZQ YPb ^[T]T_`LW X`^TNLW ^_dWP^ 4_ T^ NSL]LN_P]TePO Md _SP QLN_ _SL_ LWW _SP X`^TN TY _SP bZ]WO T^ TYSP] T_PO ?SP QZWWZbTYR ^_L_PXPY_^ Q]ZX L wNZX[Z^P] ZQ bZ]WO X`^TNx LYO L ULee [TLYT^_ bSZ SL^ Z[PYPO `[ _Z Z_SP] N`W_`]P^  Pc[]P^^ bPWW bSL_ w]PWTRTZ`^ NZX[Z^P]^x bZ`WO ^Ld LMZ`_ _SPT] ]PWTRTZ`^ ^_dWP _SL_ ZYWd L[[PL]^ Pc_P]YLWWd _Z MP L wNZWWLRPx LYO dP_ QZ] _SP [WLdP]^ T_ QZ]X^ L WTQPbZ]WO `YT_d% W BZ]WO X`^TN L^ w9£OL>Z`YOx ZQ _SP `YT_d TY [W`]LWT_d% w1Z] `^ _SP [ZTY_ T^ YZ_ UZTYTYR OTQQP]PY_ N`W_`]P^ _ZRP_SP] M`_ WT^_PYTYR _S]Z`RS LWW _SP^P N`W_`]P^ TY LbL]PYP^^ ZQ _SP \`P^_TZY% bSL_ OZ _SPd SLaP TY NZX XZY*x 6L]W -P]RP] \`Z_PO TY -P]PYO_v^ Z]TRTYLW 2P]XLY POT_TZY 9LOL -]LSXL   X 8`^TN L^ L bZ]WONZYYPN_TYR ^dXMZW ZQ SZWT^X% w4 ^PP NZYYPN_TZY^ MP _bPPY LWW _SP aL]TZ`^ _d[P^ ZQ X`^TN ?SP X`^TN ZQ _SP bSZWP bZ]WO T^ WTYVPO  BSL_ 4 ^PP TY X`^TN T^ ^ZXP_STYR _Z_LWx 8N.Zd ?dYP] \`Z_PO TY -P]PYO_v^ Z]TRTYLW 2P]XLY POT_TZY 9LOL -]LSXL   

3P]P X`^TN MPNZXP^ L w[]TXZ]OTLW XL_P]TLWx WTYVTYR [PZ[WP^ LYO L _Z_LWT_d ^dXMZW _SL_ ]PXLTY^ TY _SP ]PLWX ZQ _SP []ZQLYP M`_ _LVP^ ZY _SP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP QZWWZbTYR \`Z_L_TZY^ L]P _LVPY Q]ZX -P]PYO_v^ 2P]XLY POT_TZY ZQ w9LOL -]LSXLx -P]PYO_ ]Pb]Z_P _ST^ [L]_ ZQ ST^ MZZV _Z ^ZXP Pc_PY_ TY _SP 0YRWT^S aP]^TZY , ^_L_PXPY_ Md 6 -P]RP] ^TXTWL] _Z _SL_ RTaPY MPWZb W LW^Z PcT^_^ TY -P]PYO_ ?SP BZ]WO T^ >Z`YO  & QZ] X _SP]P T^ ZYWd ZYP L[[]ZcTXL_P NZ]]P^[ZYOPYNP TY _SP 0YRWT^S MZZV TMTO



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

QZ]X ZQ LY wTYaT^TMWP ]PWTRTZYx ?ST^ T^ XLOP Pc[WTNT_ TY -P]PYO_ 3P `YOP]^_ZZO X`^TN _Z MP ^ZXP_STYR P^^PY_TLWWd ^[T]T_`LW  ?ST^ WTYP ZQ ]PNP[_TZY ZQ _SP 9£OL-]LSXLY L^ L w`YTaP]^LW WLYR`LRPx ! TY _SP QZ]X ZQ X`^TN LYO L^ _SP ML^T^ QZ] `YTaP]^LW SL]XZYd LYO P_STN^ SLO T_^ ZbY ST^_Z]d ZQ TY_P]N`W_`]LW PQQPN_^ ?SP LOL[_L_TZY LYO ZaP]WL[[TYR ZQ ]PWTRTZY LYO X`^TN bP]P LW^Z TY^_TRL_PO Md 4YOTLY R`]`^ LYO ]PXLTYPO L NZY^_LY_ _Z[TN TY BP^_P]Y LW_P]YL_TaP XTWTP`^ >Z _ZOLd Q]ZX .SPYYLT _Z 3LbLTT LYO 2WL^_ZYM`]d z bSP_SP] T_ NZXP^ Q]ZX LY 4YOTLY R`]` Z] L BTNNL bT_NS z ZYP NLY SPL] _SL_ _SP w`YT_d ZQ LWW ]PWTRTZY^x LYO _SP w`YT_d ZQ LWW MPTYRx T^ Pc[P]TPYNPO _S]Z`RS X`^TN LYO ^Z`YO LYO _SL_ X`^TN T^ L `YTaP]^LW WLYR`LRP _SL_ ^[PLV^ wOT]PN_Wdx _Z _SP SPL]_ TX [L]_^ ^[T]T_`LWT_d bT_SZ`_ OZRXL^ LYO NZYYPN_^ [PZ[WP^ bT_SZ`_ `^TYR bZ]O^ " ?SP ^[PNTLW [ZbP] ZQ X`^TN _Z LQQPN_ _SP MZOd _SP ^PY^P^ LYO _SP PXZ_TZY^ ^TX`W_LYPZ`^Wd _Z LM^Z]M _STYVTYR LYO _Z PaZVP YZ_ ZYWd aP]d [P]^ZYLW Pc[P]TPYNP^ M`_ LW^Z ^_]ZYR NZXX`YLW Pc[P]TPYNP^ T^ NPWPM]L_PO L_ _SP WL]RP X`^TN QP^_TaLW^ ^`NS L^ 2WL^_ZYM`]d LYO T^ L^^Z NTL_PO bT_S ]PWTRTZY PNZWZRd LYO [LNTQT^X TY L ^PXLY_TNTeTYR XLYYP] -P]PYO_ LW]PLOd XLOP _ST^ L^^ZNTL_TZY 4Y _ST^ OT^NZ`]^P _SP w^[T]T_`LW `YT_d ZQ _SP `YTaP]^Px L`_ZXL_TNLWWd LW^Z NZYYZ_P^ STRSP] XZ]LWT_d LYO P_STN^ L^ bL^ LW]PLOd _SP NL^P TY ATaPVLYLYOLv^ APO£Y_L -P]PYO_v^ OT]PN_ ^Z`]NP QZ] _SP TOPL ZQ `YTaP]^LW SL]XZYd bL^ _SP XZOP]Y >`QT XL^_P] LYO 9Z]_SP]Y 4YOTLY X`^TNTLY 4YLdL_ 3Le]L 6SLY bSZ ^[]PLO >`QT^X TY ,XP]TNL LYO 0`]Z[P LYO _Z bSZX -P]PYO_ L[[L] PY_Wd ZbP^ ST^ ZbY ^[T]T_`LW wN]PPOx 3P QTWW^ ZaP] _bZ [LRP^ bT_S L _Pc_ Q]ZX _SP >`QT XL^_P] bSTNS bL^ OT^NZaP]PO Md /ZY .SP]]d LYO OTO _SP ]Z`YO ZQ L bSZWP RPYP]L_TZY ZQ X`^TNTLY^ TY _SP $!^ ,NNZ]OTYR _Z -P]PYO_ _SP _Pc_ OP[TN_^ w[]PNT^PWd LYO ]P[]P^PY_L_TaPWdx ^TN  _SP YPb ^[T]T_`LW LYO X`^TNLW NZY^NTZ`^YP^^ ZQ _SP _SPY dZ`YR RPYP]L_TZY ZQ X`^TNTLY^ :YP ^SZ`WO []ZMLMWd YZ_ _LVP _ST^ WT_P]LWWd M`_ T_ T^ LY TX [Z]_LY_ [TPNP ZQ TYQZ]XL_TZY LMZ`_ _SP ePT_RPT^_ LYO _SP _bT^_^ LYO _`]Y^ ZQ _SP 9£OL-]LSXLYv^ _]LY^XT^^TZY NSLYYPW^ ?SP _]LY^XT__P]^ ZQ _SP X`^TNLW 9£OL-]LSXLY bP]P ZMaTZ`^Wd YZ_ ZYWd 3TYO` X`^TNTLY^ ^`NS L^ =LaT >SLYVL] M`_ LW^Z 8`^WTX X`^TNTLY^ Q]ZX 9Z]_SP]Y 4YOTLY ?ST^ ^SZb^ P^[PNTLWWd NWPL]Wd U`^_ SZb _]LY^]PWTRTZ`^ _SP 9£OL-]LSXLY SLO MPNZXP TY 4YOTL ZaP] _SP NPY_`]TP^ LYO LW]PLOd QTWWPO T_^PWQ TY T_^ XZ_SP] NZ`Y_]d YZ_ ZYWd bT_S ^Z`YO aTM]L_TZY^ M`_ LW^Z bT_S 0`]Z[PLY TOPL^ ZQ

ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  -P]PYO_ 9LOL -]LSXL  !$ ! 6L]W -P]RP] \`Z_PO TY -P]PYO_ ?SP BZ]WO T^ >Z`YO   " .Q 4^LMPWWP 7LLNV =PWTRTZY `YO 8`^TV TY 2WL^_ZYM`]d  [STWST^_ OZN_Z]L_P _SP^T^ 3PTOPWMP]R $ !z $ AP]d ^TXTWL] LW^Z _SP ^dY_SP^TeP][WLdTYR 4YOTLY R`]` _Z bSZX bP SLaP LW]PLOd ]PQP]]PO ]P[PL_POWd

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d



X`^TN ZQ _SP ^[SP]P^ # 4Y _ST^ _Pc_ 6SLY []P^PY_^ LY 4YOTLY 8`^WTX 3TYO` TY_P][]P_L_TZY ZQ _SP X`^TN ZQ _SP ^[SP]P^ $ 3P L^^ZNTL_P^  _SP SL]XZYd ZQ _SP `YTaP]^P w_SP XZaPXPY_^ ZQ _SP ^_L]^ LYO [WLY P_^ _SP WLb ZQ aTM]L_TZY LYO ]Sd_SX LWW [P]QPN_ LYO `YNSLYRTYRx bT_S  XZOP]Y 9£OL-]LSXLY XP_L[Sd^TN^ _SP wX`^TN Z] SL]XZYd ZQ _SP bSZWP `YTaP]^Px T^ w_SP ^Z`]NP LYO Z]TRTY ZQ YL_`]Px& wLWW ]PWTRTZY^ SLaP _L`RS_ `^ _SL_ _SP bSZWP ZQ N]PL_TZY T^ ^Z`YOx& wPaP]d [P]^ZY T^ X`^TN m ST^ bSZWP L_XZ^[SP]P T^ NSL]RPO bT_S T_x LYO  LY Pc[WTNT_Wd XLRTNLWXd_STNLW PXMPOOTYR LYO XLRTNLW [ZbP] w_SP bSZWP L^_]ZWZRTNLW WLb LYO _SP ^NTPYNP ZQ XLRTN LYO Xd^_TNT^X MP STYO T_ L]P ML^PO `[ZY X`^TNx X`^TN []Z_PN_^ Q]ZX LYd SL]X MP NL`^P _SP]P T^ L_ZYPXPY_ bT_S RZO LYO _SP `YTaP]^P LYO TY LOOT_TZY  L YZYO`LW bZ]WOaTPb LYO wL_ZYPXPY_ bT_S 2ZOx TP wMPTYR TY _`YP bT_S _SP 4YQTYT_P TY SL]XZYd bT_S _SP bSZWP `YTaP]^Px LYO QT YLWWd   L SL]XZYTZ`^ WTQP _SL_ L_ LYd L_ PaP]d XZXPY_ T^ YZ_ Z]TPY_PO ZY _SP XL_P]TLW M`_ _SP ^[T]T_`LW OTXPY^TZY^ wTY_PWWTRPYNP LYO MPL`_dx ?SP _Pc_ PYO^ bT_S _SP bZ]O^% w?ST^ L_ZYPXPY_ bT_S _SP ,M^ZW`_P XLYTQP^_^ L^ X`^TN ZQ _SP ^[SP]P^x :YP NLY ^PP SZb 4YOTLY ,OaLT_L _STYVTYR LYO 0`]Z[PLY X`^TN ZQ _SP ^[SP]P^ L]P Q`WWd P\`L_PO SP]P ?SP QZ]XP] T^ ^dY_SP^TePO L^ TYYP] _]`_S bT_S _SP X`^TN ZQ _SP ^[SP]P^ L^ _SP Z`_P] L[[PL]LYNP z LYO TY LNNZ]OLYNP bT_S [Z[`WL] ?LY_]TN LYO [Z[`WL] >`QT OT^NZ`]^P XLRTN LYO Xd^_TNT^X Q`^P ?SP WTYV T^ _SP _SZ`RS_bZ]WO ZQ _SP 4YOTLY >`QT^ LYO _SP 8`^WTX Xd^_TN MPWTPQ TY 2ZO -P]PYO_ TY_P] []P_PO _ST^ P^Z_P]TN X`^TNTLY^v MTMWP ^ZXPbSL_ XZ]P Pc_PY^TaPWd LYO ]PWL_PO _SP 3TYO`8`^WTX `YTaP]^LW Xd_S OT]PN_Wd _Z ! XZOP]Y bZ]WO X`^TN LYO " _SP aZdLRP TY_Z _SP bZ]WO ZQ L YPb NZY^NTZ`^YP^^x /ZY .SP]]dv^ X`^TNLW [L_S Q]ZX ULee _Z MW`P^ _Z RZ^[PW TY -L[_T^_ NZY R]PRL_TZY^ LYO `W_TXL_PWd _Z XZ]P LYO XZ]P X`^TNLW LYO ^[T]T_`LW Z[PY YP^^ TY bSTNS LWW N`W_`]P^ ZQ _SP bZ]WO L]P NZYYPN_PO WTVP _SP w[TPNP^ ZQ L XZ^LTNx _Z QZ]X L R]PL_P] bSZWP T^ L^ -P]PYO_ YZ_P^ NWZ^PWd NZY YPN_PO bT_S ST^ ZbY [L_S LYO L_ _SP ^LXP _TXP LY PcLX[WP ]P[]P^PY_TYR L bSZWP RPYP]L_TZY 1Z] /ZY .SP]]d T_ SL^ MPNZXP TX[Z^^TMWP w_Z NZY NPTaP ZQ LYd ZYP N`W_`]LW ^_]PLX Z] M]LYNS L^ XZ]P P^Z_P]TN XZ]P ]P XZ_P XZ]P uPcZ_TNv _SLY LYd Z_SP] ZYPx  3P]P _SP NZ^XZ[ZWT_LY L__T ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # 4OPL^ LMZ`_ SL]XZYTP^ ZQ _SP ^[SP]P^ PY_P]PO YZ_ ZYWd XPOTPaLW .S]T^_TLY OT^NZ`]^P^ M`_ LW^Z XPOTPaLW Xd^_TN 4^WLX 8Z]P ]P^PL]NS bZ`WO MP YPPOPO _Z OP_P]XTYP PcLN_Wd bSPY _SP NZYYPN_TZY bL^ XLOP bT_S _SP 9£OL-]LSXLY $ 3Le]L_ 4YLdL_ 6SLY \`Z_PO TY -P]PYO_ ?SP BZ]WO T^ >Z`YO  !z!  -P]PYO_ ?SP BZ]WO T^ >Z`YO  ! !  -P]PYO_ ?SP BZ]WO T^ >Z`YO  !



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_`OP _Z LWW N`W_`]P^ TY _SP bZ]WO T^ _SP ]L_TZ U`^_TQdTYR _SP TYNW`^TZY ZQ P^Z_P]TNT^X :YP NLY ^PP SZb _SP 9£OL-]LSXLY SL^ MPNZXP WZLOPO `[ bT_S OTQ QP]PY_ XPLYTYR^ TY _SP RWZMLW QWZb ZQ ^[T]T_`LW RZZO^ ]LYRTYR Q]ZX 9£OLSPLWTYR LYO [ZbP]Q`W ^Z`YO aTM]L_TZY^ _SL_ MZ_S LW_P] _ST^ bZ]WO LYO WPLO TY_Z L STRSP] ]PLWT_d LWW _SP bLd _Z L ^[T]T_`LW TY_P][]P_L_TZY ZQ X`^TN _SL_ M]TYR^ _ZRP_SP] Xd^_TNT^X XLRTN LYO SL]XZYd ,WW ZQ _SP^P YPb `YTaP]^LW Xd_STNLW TY_P][]P_L_TZY^ bP]P ^Z aP]d ^_]ZYRWd TY_P]YLW TePO _SL_ ZQ_PY YZ _]LNP ZQ 4YOTL NLY MP ^PPY LYd XZ]P 9ZYP ZQ _SP^P TY_P][]P_L_TZY^ T^ [`]PWd 4YOTLY Z] [`]PWd BP^_P]Y ,WW ZQ _SPX L]P N]PL _TaP YPb SdM]TO QZ]XL_TZY^ LYO [L]_ ZQ XZOP]Y P^Z_P]TNT^X >ZXP ]PLOP]^ bTWW TYOTRYLY_Wd _STYV _SL_ _ZZ X`NS L__PY_TZY T^ MPTYR RTaPY _Z XZOP]Y P^Z_P]TNT^X LYO T_ T^ ZYWd XTYZ]T_TP^ bSZ MPWTPaP ^`NS _STYR^ .P]_LTYWd bP SLaP []P^PY_PO ^ZXP Pc_]PXP NL^P^ _SL_ L]P YZ_ ]P[]P^PY_L_TaP ZQ _SP XLUZ]T_d ZQ _SP [Z[`WL_TZY -`_ L^ LW]PLOd YZ_PO TY Z`] NSL[_P] ZY _SP WLYR`LRP RZOOP^^ NZaP]PO TY ^dWWLMWP^ NSL[  T_ T^ ZQ_PY _SP Pc_]PXP^ _SL_ L]P _SP XZ^_ TYQZ]XL_TaP BP OZ YZ_ NWLTX LYd w^[T]T_`LW ]PaZW`_TZYx L^ ^ZXP L`_SZ]^ OZ  YPT_SP] OZ bP ^PP BP^_P]Y NZ`Y_]TP^ L^ MPTYR wZY _SP bLd _Z MPNZXTYR L ^[T]T_`LW ^ZNT P_dx  -`_ T_ NLYYZ_ MP OPYTPO _SL_ TY RPYP]LW P^Z_P]TNT^X [LY_SPT^_TN Pc[P]TPYNP^ [L]_TNT[L_Z]d SZWT^_TN [L__P]Y^ ZQ Z]TPY_L_TZY LYO L bZ]WO aTPb XTc L]P _ZOLd ^Z bTOP^[]PLO _SL_ ZYP NLY YZ WZYRP] ^[PLV ZQ XT YZ]T_TP^ 8Z]P ]PNPY_ TYaP^_TRL_TZY^ ^SZb _SL_ ^`NS XZOP]Y ]PWTRTZ`^ ^_dWP^ L]P QZ`YO YZ_ ZYWd LXZYR _SP wYZY]PWTRTZ`^x bSZ ^Ld _SL_ _SPd L]P w^[T]T_`LW M`_ YZ_ ]PWTRTZ`^x M`_ LW^Z LXZYR OPaZ`_ NS`]NSRZTYR .S]T^_TLY^ LYO PaPY LXZYR L_SPT^_^ bSZ NWLTX _SPd SLaP YZ_STYR _Z OZ bT_S ]PWTRTZY Z] bT_S ^[T]T_`LWT_d  4Y _ST^ ]P^[PN_ -P]PYO_v^ OP[TN_TZY ZQ _SP X`^TNTLY^v XTWTP`^ TY _SP $!^ bSTNS bP]P aP]d [`MWTN T^ LY TX[Z]_LY_ ^Z`]NP ZQ TYQZ]XL_TZY LMZ`_ _SP ^[]PLO ZQ 4YOTLY _SZ`RS_^ _SL_ ZMaTZ`^Wd OTQQ`^PO YZ_ ZYWd aTL _PLNSTYR^ M`_ LW^Z YZYaP]MLWWd LYO wL_XZ^[SP]TNLWWdx aTL X`^TN 4YOTLY X`^TN LYO YPb ULee [Z[ LYO bZ]WO X`^TN TY_Z L M]ZLOP] ^PN_TZY ZQ _SP [`MWTN 4YOZWZRT^_^ NP]_LTYWd OZ YZ_ SLaP M`^d _SPX^PWaP^ bT_S _SP^P [SPYZXPYL ZQ []P^PY_OLd ]PWT RTZ`^ N`W_`]P M`_ ^NSZWL]^ ZQ ]PWTRTZY ]PLWWd ^SZ`WO 3ZbPaP] bP QTYO _SL_ _SP _Z[TN T^ LW^Z ZQ 4YOZWZRTNLW TY_P]P^_ MPNL`^P TY L w^S]`YVPY bZ]WOx 0L^_BP^_ _]LY^QP]^ SLaP RZ_ `YOP] bLd O`]TYR bSTNS 0`]Z[P ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  3PPWL^ LYO BZZOSPLO >[T]T_`LW =PaZW`_TZY  Z[ NT_  ?ST^ T^ _SP ^`M_T_WP ZQ 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY   BP ML^P _ST^ ZY _SP =PWTRTZY^XZYT_Z] # PX[T]TNLW ^`]aPd^ TY  NZ`Y_]TP^ _SP ^NTPY_TQTN LYLWd^P^ TY BZ]LY RWL`M_ OTP BPW_* $ LYO _SP ^`]aPd^ TY NS`]NS XT WTP`^ TY @[[P] 1]LYNZYTL 2P]XLYd Md .S]T^_Z[S -ZNSTYRP] 8 0YRPWM]PNS_ LYO B 2P[SL]O_ /TP `Y^TNS_ML]P =PWTRTZY TY OP] ^TNS_ML]PY =PWTRTZY >_`__RL]_% 6ZSWSLX XP] $

?SP 9£OL-]LSXLY L^ 4YOTRPYZ`^ .L_PRZ]d



LYO ,XP]TNL MPNLXP L WT__WP MT_ w4YOTLYx 4Y XZOP]Y ^[T]T_`LWT_d VPd ^_TX`WT bP]P LOZ[_PO Q]ZX >LY^V]T_ 3TYO`T^X LYO Q`]_SP] `^PO LYO OP aPWZ[PO LYO LW^Z ^`M^P\`PY_Wd QWZbPO MLNV _Z 4YOTL ?SP bLd _STYR^ bP]P [L^^PO ZY T^ aP]d NZX[WPc ?SP XZ^_ aL]TPO [WLdP]^ bP]P TYaZWaPO LYO 4YOTL bL^ _]LY^XT__PO YZ_ ZYWd aTL _SP ^NSZW L]Wd OT^NZ`]^P w:]TPY_LWT^_^x LYO 4YOZWZRd M`_ LW^Z aTL [Z[`WL] ]PWT RTZ`^ XPLYTYRbZ]WO^ L^ T^ OPXZY^_]L_PO Md _SP 9£OL-]LSXLY 9Z_ ZYWd _SP 3TYO` LYO DZRL XL^_P] >TaLYOLYOL bL^ TYaZWaPO M`_ LW^Z _SP 4YOTLY >`QT 4YLdL_ 6SLY _SP =LOSL >ZLXT XL^_P]^ TYQW`PYNPO Md >TVS T^X _SP ?SPZ^Z[ST^_^ TY_P]P^_PO TY _SP ZNN`W_ _SP 2P]XLY ULee ST^_Z]TLY LYO 4YOTLY X`^TN WZaP] -P]PYO_ L RPYP]L_TZY ZQ ULee X`^TNTLY^ LYO _ZOLd LW^Z TYOTaTO`LW ^PWQ[]P^PY_L_TZY^ ZY _SP 4Y_P]YP_ ?SP]PQZ]P YZ_ ZYWd _]LY^YL_TZYLWTeL_TZY bL^ [Z^^TMWP M`_ LW^Z LY Pc_]PXP X`W_T[WTNL _TZY ZQ _SP 9£OL-]LSXLY bSTNS Pc[WZOPO Q`]_SP] bT_S _ZOLdv^ Z[[Z] _`YT_TP^ QZ] ^[]PLOTYR TYQZ]XL_TZY ZY _SP 4Y_P]YP_ 3P]P LYd []TaL_P [P]^ZY^ Z] R]Z`[^ NLY []P^PY_ _SPX^PWaP^ [`MWTNWd LYO [`MWTNTeP _SPT] aP]^TZY^ ZQ _SP 9£OL-]LSXLY TYNW 9£OLDZRL 9£OL3PLWTYR 9£OL 2YZ^T^ P_N BSL_ ]PXLTY^ _SP NZXXZY OPYZXTYL_Z] OP^[T_P LWW _SP OTQQP]PYNP^ T^ _SP TY_P]P^_ TY L `YTaP]^LW Xd_S _SL_ PXMPO^ _SP TYOTaTO`LW TY L XZ]P NZX[]PSPY^TaP bSZWP LYO LWWZb^ T_ _Z [L]_TNT[L_P TY _ST^ bSZWP ?SP 4YOTLY _]TRRP] QZ] _ST^ bZ]WOaTPb NZY^_]`N_TZY LYO _SP QZ]X^ ZQ SLMT_`^ L^^ZNTL_PO bT_S T_ T^ ZMaTZ`^ ?ST^ TYNW`OP^ L bSZWP NZX[WPc ZQ YPb [P]NP[_TZY LYO ^PXTZ_TNTeL_TZY% `YOP]^_LYOTYR X`^TN L^ P^^PY_TLWWd ^[T]T_`LW OP^T]TYR _Z SPL] _S]Z`RS _SP [W`]LWT_d _SP `YT_d RTaTYR L__PY _TZY []TXL]TWd _Z ^Z`YO aTM]L_TZY^ L__]TM`_TYR _Z ^Z`YO^ _SP [ZbP] _Z NSLYRP ]PLWT_d NZXMTYTYR XLYd _STYR^ [P]NPTaTYR _SP Xd_STNLW PXMPO OTYR YZ_ L^ LWTPY _Z ^NTPYNP P_N ?ST^ OZP^ YZ_ XPLY _SL_ wPaP]d_STYRx bL^ LOZ[_PO YZ] _SL_ T_ T^ wPcLN_Wdx LYO TY PaP]d L^[PN_ _SP ^LXP `YT aP]^LW Xd_S^ LYO QZ]X^ ZQ SLMT_`^ L^ _SPd L]P QZ`YO TY 4YOTL ;PZ[WP ^PWPN_PO LNNZ]OTYR _Z _SPT] ZbY YPPO^ .`W_`]LWT_d NZY_TY`P^ _Z PcT^_ TY _SP N`W_`]LW OPWTXT_L_TZY^ LYO _]LY^]PWTRTZ`^ QZ]X^ ZQ SLMT_`^ ?ST^ T^ ^SZbY QZ] PcLX[WP Md _SP BP^_P]Y LYO 4YOTLY =LOSL >ZLXT^ 4YOTLY^ ^PP L XLUZ] ]ZWP [WLdPO Md T_PX^ ^`NS L^ _SP 4YOTLY w`YTaP]^LW Xd_ST NLWx MPWTPQ TY _SP wOTaTYT_dx ZQ _SP R`]` bSZ SL^ ]PLWTePO _SL_ bSTNS ZYP SL^ YZ_ dP_ LNSTPaPO ZYP^PWQ ?SP XL^_P] T^ LY TX[Z]_LY_ ^dXMZW ZQ _SP Xd^_TN L^NPY_ ^ZL]TYR _Z _SP ^Z`YO bZ]WO^ ZQ _SP TYYP] ^PWQ LYO _SP STRSP] ^[SP]P^ LYO _SP XP_ZYdXTN PXMZOTXPY_ ZQ _SP 9LXPWP^^ 2ZO ?SP >`[]PXP -PTYR MPNZXP^ LNNP^^TMWP TY _SP QZ]X ZQ _SP R`]` bSZX ZYP NLY WZaP LYO aPYP]L_P ?SP [L]_TNT[L_TZY _SP]PQZ]P Pc[]P^^P^ T_^PWQ TY LY LM^ZW`_P OPaZ_TZY _Z _SP _PLNSP] LYO TY ^ZXP NL^P^ TY Pc_]PXP RP^_`]P^ ZQ S`XTWT_d LYO ^`MXT^^TZY ^`NS L^ _SP =LOSL >ZLXT^ ZQ _SP ,R]L 7TYP NZX[P_TYR _Z O]TYV _SP bL_P] _SP R`]` SL^ bL^SPO TY Z] _SP

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

!

NZY_PY_^ ZQ ST^ ^[T__ZZY bT_SZ`_ QPPWTYR OT^R`^_  BP^_P]YP]^ _PYO _Z SLaP []ZMWPX^ bT_S _SP^P MPSLaTZ]^ 1Z] 4YOTLY [L]_TNT[LY_^ T_ T^ LY LN_ ZQ SZXLRP LYO ]POPX[_TZY ?SPd OZ YZ_ O]TYV QTW_S M`_ OTaTYP ^`M ^_LYNP LYO _S`^ L^^TXTWL_P _SP 2`]`v^ YL_`]P 3ZbPaP] ^`NS ^PaP]P OTQQP]PYNP^ SLaP WT__WP TYQW`PYNP ZY Z`] XLTY _SP^T^ 4_ ^PPX^ _SP QLN_ NLYYZ_ MP OPYTPO _SL_ QLXTWTL]T_d bT_S 4YOTL NSLYRPO _SP []ZaT^TZY ZQ XPLYTYR w>TYYRPM`YRx QZ] L Y`XMP] ZQ BP^_P]Y [PZ[WP LYO _SP bLd TY bSTNS ZYP ]PQP]]PO _Z ZYP^PWQ LYO _SP bZ]WO ?ST^ bL^ MPNL`^P 4YOTL ZQQP]PO YPb Z[_TZY^ QZ] TY_P][]P_TYR WTQP LYO T_^ ^Z`YO [L]LOTRX TY [L]_TN`WL] LW^Z []ZaTOPO LYO RPYP]L_PO YPb ^PY^Z]d VYZbWPORP ?SP YPb BP^_P]Y 9£OL NZYNP[_^ SLaP XLOP _ST^ P^[PNTLWWd NWPL] ?SP LTX ZQ bZ]WO X`^TNTLY^ _Z [P]NPTaP w_SP bSZWPx _Z wSPL] _S]Z`RSx bSL_ T^ NZXXZY TY _SP OTaP]^T_d _Z ^PP _SP X`_`LW NZYYPN_TZY^ LYO _Z `YOP]^_LYO X`^TN L^ ^ZXP_STYR w_Z_LWx T^ L_ WPL^_ QZ]XLWWd YZ_ L_ LWW ^Z QL] ]PXZaPO Q]ZX ±£]«RLOPaLv^ TOPL ZQ _SP X`^T NLW 9£OL-]LSXLY /`]TYR _SP RWZMLWTeL_TZY ZQ _ST^ ,OaLT_L YZ_TZY SZbPaP] _SP]P bP]P LW^Z Pc_]PXP _]LY^QZ]XL_TZY^ LYO SdM]TO QZ]XL _TZY^ bSTNS L]P YPT_SP] [`]PWd 4YOTLY YZ] [`]PWd BP^_P]Y

!

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d

4Y _ST^ WZYR QTYLW NSL[_P] bP SLaP OPLW_ bT_S _SP 9£OL-]LSXLY w>Z`YO-]LSXLYx TY aP]d R]PL_ OP_LTW L^ T_ SL^ _Z OZ bT_S ^Z`YO TY L aP]d ^[PNTLW bLd LYO bP L]P NZY^TOP]TYR L [L]_TN`WL]Wd NZX[WPc _Z[TN _SL_ SL^ ]PXLTYPO []LN_TNLWWd `Y]P^PL]NSPO `Y_TW YZb ,^ _SP WL^_ R]PL_ TYOTRPYZ`^ _`]Y TY _SP -]LSXLY NZYNP[_ _SL_ L]Z^P O`]TYR L [P]TZO ZQ _]LY^T_TZY Q]ZX WT_P]L]d >LY^V]T_ []ZO`N_TZY _Z aP]YLN`WL] WT_P]L_`]P^ _SP 9£OL-]LSXLY bL^ LY P^[PNTLWWd ^`T_LMWP ^`MUPN_ bT_S bSTNS _Z NZY NW`OP _SP ST^_Z]TNLW ^PN_TZY ZQ _ST^ MZZV ?ST^ T^ [L]_TN`WL]Wd _]`P L^ _ST^ YPb NZYNP[_ OL_TYR Q]ZX _SP PL]Wd _ST]_PPY_S NPY_`]d []LN_TNLWWd NZX MTYPO LWW _SP OT^NZ`]^P QTPWO^ _SL_ bP SLaP OT^N`^^PO TY _ST^ aZW`XP 4_ ^TX`W_LYPZ`^Wd TY_]ZO`NPO YPb L^[PN_^ _Z MP _LNVWPO% _SP ]PWL_TZY^ST[ MP_bPPY ]PWTRTZY LYO X`^TN _SP LP^_SP_TN^ ZQ XZYZOTN XZOLW X`^TN LYO L bZ]WOaTPb bT_S ^Z`YO bZaPY TY_Z T_ _S]Z`RS LYO _S]Z`RS ?SP X`^T NLW 9£OL-]LSXLY NZY^_]`N_PO Md _SP X`^TNZWZRT^_ ±£]«RLOPaL SLO YZ_ ZYWd L NZX[WPc []PaTZ`^ ST^_Z]d M`_ LY P\`LWWd NZX[WPc ^`NNPPOTYR ST^_Z]d z LWZYR^TOP L ^_]ZYR OPaZ_TZYLWTeL_TZY TY _SP TYOTRPYZ`^ NZY_Pc_ L _]LY^YL_TZYLWTeL_TZY LYO []ZYZ`YNPO DZRLTeL_TZY TY XZ]P ]PNPY_ _TXP^ L ^STQ_ Q]ZX X`^TN _Z ^Z`YO aTM]L_TZY^ 9Z_ ZYWd OTO _SP ULee X`^TNTLY ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ZY _ST^ -LMM w>[T]T_`LW =PNZRYT_TZY LYO _SP =LOSL^ZLXT 1LT_Sx # !""

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d

"

LYO 9Pb ,RP []Z[ZYPY_ 5ZLNSTX -P]PYO_ LYO L bSZWP RPYP]L_TZY ZQ dZ`YR X`^TNTLY^ TY _SP $!^ LYO $"^ MPRTY _Z _LVP LY TY_P]P^_ TY 4YOTLY XZOLW X`^TN LYO _SP 9£OL-]LSXLY ?SP 9£OL-]LSXLY LW^Z WPQ_ X`^TNTLY^v NT]NWP^ LYO XZaPO TY_Z _SP QTPWO ZQ XZOP]Y BP^_P]Y ^[T]T_`LWT_d LYO P^Z_P]TNT^X ,^ L ]P^`W_ ZQ _SP _]LY^YL_TZYLWTeL_TZY LYO _]LY^QP] ZQ 4YOTLY TOPL^ LYO []LN_TNP^ ^`]]Z`YOTYR _SP 9£OL-]LSXLY aTL X`^TN -P]PYO_ 4YOTLY XL^_P]^ LYO Z_SP] [WLdP]^ _SP 9£OL -]LSXLY _ZZV ZY XLYd LYO aL]TPO YPb XPLYTYR^ ,YO _ST^ XZ]P ]PNPY_ ST^_Z]d ZQ _SP NZYNP[_ bSTNS NZXXPYNPO T_^ UZ`]YPd TY _SP YTYP_PPY_S NPY_`]d _SP]PQZ]P LW^Z OP^P]aPO ^[PNTLW L__PY_TZY 4_ WPO OT]PN_Wd TY_Z []P^PY_OLd ]PWTRTZ`^ N`W_`]P LYO T_ MPNLXP PaTOPY_ _SL_ _SP 9£OL -]LSXLY bL^ LW^Z NL[LMWP ZQ `YT_TYR []LN_TNLWWd LWW _SP OT^NZ`]^P QTPWO^ ZQ XZOP]Y ^[T]T_`LWT_d ^TXTWL] _Z _SP XLYYP] TY bSTNS ±£]«RLOPaL `YT_PO LWW _SP WLYR`LRP LYO ^Z`YO OT^NZ`]^P^ ,NNZ]OTYR _Z ZYP ZQ _SP XLTY _SP^P^ ZQ _ST^ MZZV _SP `YT\`P QPL_`]P ZQ >LY^V]T_ 3TYO`T^X bL^ _SL_ ZaP] _SP NPY_`]TP^ OP^[T_P WT_P]LNd 4YOTL SPWO QL^_ _Z Z]LWT_d LYO L XL]VPO N`W_`]P ZQ [P]QZ]XLYNP :`_ ZQ _SP^P ^[PNTLW Q]LXTYR NZYOT_TZY^ ZQ L w^ZYTN N`W_`]Px _SP]P OPaPWZ[PO L SLMT _`^ ZQ w_ST]O ^[LNPx _SL_ RPYP]L_PO T_^ aP]d ZbY QZ]X^ ZQ PaP]dOLd ]PWT RTZ`^ []LN_TNP ^dXMZW []ZO`N_TZY LYO TY_PWWPN_`LW^v N`W_`]P^ LYO QZ^ _P]PO _SP QZ]XL_TZY ZQ L bZ]WOaTPb _SL_ OTO YZ_ [WLd Xd_S LYO WZRZ^ ZQQ LRLTY^_ PLNS Z_SP] 4_ bL^ _SP QZ]XL_TZY ZQ L bZ]WOaTPb _SL_ M]Z`RS_ LMZ`_ PaP] YPb aL]TL_TZY^ ZQ w`YTaP]^LW Xd_S^x _dTYR L ^_]ZYRWd [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY TY_Z L ]L_TZYLW OT^NZ`]^P 4Y _SP XZOP]Y [P]TZO _ST^ bZ]WOaTPb QZ]XL_TZY bL^ L[[L]PY_Wd P^[PNTLWWd L[[PLWTYR _Z BP^_P]Y [PZ[WP ?SP TYN]PL^TYR QLXTWTL]T_d bT_S 4YOTL TY _SP YTYP _PPY_S NPY_`]d bL^ LNNZ]OTYR _Z ZYP _SP^T^ TY _SP 9£OL NSL[_P] _SP TYT_TLW _]TRRP] QZ] XZOP]Y ^[T]T_`LWT_d TY BP^_P]Y ^ZNTP_TP^ ?SP TX[LN_ ZQ -]T_T^S ]`WP TY 4YOTL LYO _SP _]LY^QZ]XL_TZY []ZN P^^P^ _SL_ ZNN`]]PO O`]TYR _SP NZWZYTLW LYO [Z^_NZWZYTLW [P]TZO SLaP MPPY bPWW ]P^PL]NSPO TY _SP [L^_ _bZ OPNLOP^ ?SP XZ]P ]PNPY_ ]P^PL]NS NZ]]PN_Wd PX[SL^TePO _SP _bZ^TOPO ^_]ZYRWd TY_P]LN_TZYLW []ZNP^^P^ LYO NZY^_]`N_TZY NZYOT_TZY^ TY _SP NZWZYTLW [P]TZO bSTNS RPYP]L_PO YPb QZ]XL_TZY^ TY [L]_TN`WL] L ^[T]T_`LWTeL_TZY LYO `YTaP]^LWTeL_TZY ZQ 3TY O`T^X LYO _SP TY_P]QLNP MP_bPPY ]PWTRTZY LYO YL_TZY 3ZbPaP] _Z OL_P YZ_ X`NS NZY^TOP]L_TZY SL^ MPPY RTaPY _Z U`^_ SZb ^_]ZYRWd _ST^ [P]TZO LW^Z LQQPN_PO XZOP]Y BP^_P]Y ^[T]T_`LWT_d ?Z [`_ T_ TY NWPL] _P]X^ O`] TYR _SP XZOP]Y [P]TZO 4YOTLY ]PWTRTZ^T_d SL^ NSLYRPO WP^^ _SLY 0`]Z [PLY LYO ,XP]TNLY ]PWTRTZ^T_d ?SP MPRTYYTYR^ ZQ L YPb RWZMLWTePO ^[T]T_`LWT_d TY BP^_P]Y NZ`Y_]TP^ RZ MLNV _Z _SP ^PNZYO SLWQ ZQ _SP YTYP _PPY_S LYO _SP PL]Wd _bPY_TP_S NPY_`]TP^ 4Y _SP $!^ LYO $"^ _SPd bP]P ^TRYTQTNLY_Wd TY_PY^TQTPO MZ_S \`LY_T_L_TaPWd LYO \`LWT_L_TaPWd MPTYR PYSLYNPO Md XLYd [P]^ZYLW PYNZ`Y_P]^ bT_S 4YOTL LYO 4YOTLY

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

XL^_P]^ 4Y _SP NZ`]^P ZQ _SP ^`NNP^^Q`W ^[]PLO ZQ 9Pb ,RP ^TYNP _SP $#^ ^_TX`WT Q]ZX 4YOTL SLaP LW]PLOd MPPY ^Z SLMT_`LWTePO LOL[_PO _]LY^QZ]XPO XLOP ZYPv^ ZbY LYO XTcPO bT_S Z_SP] N`W_`]P^ _SL_ _SPT] Z]TRTY NLY YZ WZYRP] MP ]PNZRYTePO L^ 4YOTLY BSL_ SL^ MPNZXP NWPL] TY LNLOPXTN ^_`Od ^TYNP _SP $$^ T^ _SL_ 9Pb ,RPWTVP ^[T]T_`LWT_d bL^ YZ_ L [L^^TYR [SL^P ZQ dZ`_S N`W_`]P LYO NZY_TY`PO _Z PcP]_ T_^ TYQW` PYNP PaPY LQ_P] _SP YLXP SLO RZYP Z`_ ZQ QL^STZY LRLTY ,_ _SP MPRTY YTYR ZQ _SP _bPY_dQT]^_ NPY_`]d T_ X`^_ MP LOXT__PO  YZWPY^ aZWPY^ QZ] ^ZXP _SL_ _ST^ T^ L [SPYZXPYZY _Z MP _LVPY ^P]TZ`^Wd 4_ SL^ P^_LMWT^SPO T_^PWQ LWXZ^_ `YYZ_TNPO LWZYR^TOP LYO PaPY bT_STY _SP _]LOT_TZYLW ]PWTR TZY^ LYO SL^ MPNZXP YZ]XLW 4Y XZOP]Y BP^_P]Y ^[T]T_`LWT_d _SP []ZNP^^ ZQ ]L_TZYLWTeL_TZY LYO OT^PYNSLY_XPY_ bSTNS 8Lc BPMP] YZ_PO TY BP^_P]Y N`W_`]P SL^ NWPL]Wd MPPY M]ZVPY ]PaP]^PO LYO LN_`LWWd TYaP]_PO ,Y Pc_]PXP NSLYRP TY bZ]WOaTPb LYO SLMT_`^ SL^ _LVPY [WLNP -PNZXTYR QLXTWTL] bT_S 4YOTLY ]PWTRTZ^T_d bL^ bP Z[TYP LN_`LWWd ZYP ZQ _SP ]PL^ZY^ MPSTYO _ST^ ?SP \`LWT_L_TaP LYO \`LY_T_L_TaP Pc_PY^TZY ZQ _SP ]PWTRTZ`^ QTPWO Md RP__TYR _Z VYZb ,^TLY ]PWTRTZY^ LYO []PNT^PWd >LY^V]T_ 3TYO`T^X LYO T_^ XZOP]YTePO QZ]X^ NZY_]TM`_PO ^TRYTQTNLY_Wd _Z _ST^ NSLYRP TY SLMT _`^ :`] ML^TN L]R`XPY_ bL^ ^TX[WP% 4YOTL bL^ ^Z TY_P]P^_TYR MPNL`^P T_ ^SZbPO _SL_ _STYR^ NZ`WO MP OZYP OTQQP]PY_Wd _SLY L_ SZXP 2P__TYR _Z VYZb _ST^ N`W_`]P _]TRRP]PO L^ T_ bP]P WTRS_M`WM PQQPN_^% w:S 4 ^PP T_ NLY MP OZYP _SL_ bLd L^ bPWWx ?ST^ NZYYPN_^ _SP aP]d OTQQP]PY_ [WLdP]^ -P]PYO_ 6`]_ LYO 8P^^TLPY OT^N`^^PO TY _SP 9£OL NSL[_P] LWW ZQ bSZX _S]Z`RS N`W_`]LW NZY_LN_ LYO ^[PNTQTNLWWd Md WPL]YTYR LMZ`_ NWL^ ^TNLW 4YOTLY XZOLW X`^TN RLTYPO L YPb TY^TRS_ TY_Z X`^TN LYO X`^TN XLVTYR L^^TXTWL_PO _SP YPb TYQW`PYNP^ N]PL_TaPWd O]LbTYR _SPT] ZbY NZY^P\`PYNP^ 4Y _P]X^ ZQ ]PWTRTZ^T_d _ST^ XPLY^ _SL_ QLXTWTL]TeL_TZY bT_S _SP ,^TLY ]PWTRTZ`^ N`W_`]P^ P^[PNTLWWd 3TYO` ]PWTRTZY^ bT_S bSTNS _SP R]PL_P^_ LXZ`Y_ ZQ NZY_LN_ _ZZV [WLNP TY _SP YTYP_PPY_S NPY _`]d LYO _SP $!^ LYO $"^ PYWL]RPO YZ_ ZYWd _SP ^[PN_]`X ZQ ]PWT RTZ`^ NSZTNP^ LYO Z[_TZY^ M`_ LW^Z NSLYRPO LYO Pc[LYOPO ZYPv^ aTPb ZQ bSL_ NZ`WO MP ]PRL]OPO L^ ]PWTRTZY L_ LWW :YP ZQ _SP XZ^_ TX[Z]_LY_ ^_TX`WT LYO NZY^P\`PYNP^ bL^ _SL_ _SP ^[LY ZQ _]LY^NPYOPYNd ^STQ_PO LYO ZYP ]PNZRYTePO _SL_ _SP MZ`YOL]TP^ MP_bPPY _SP ^LN]PO LYO _SP []Z QLYP bP]P YZ_ RZORTaPY LYO QTcPO 4Y _SP QZWWZbTYR _SP _SP^P^ _SL_ bP]P []Z[Z^PO TY _ST^ NSL[_P] LYO MLNVPO `[ bT_S PcLX[WP^ bTWW MP M`YOWPO RPYP]LWTePO LYO Pc[LYOPO ^ZXPbSL_ SP]P LYO _SP]P ?SP _SP^P^ ^SZ`WO MP ^PPY ]L_SP] L^ Sd[Z_SP ^P^ _SL_ bZ`WO YPPO XZ]P ^N]`_TYd LYO ^Z`YO QZ`YOL_TZY TY Q`]_SP] ]P ^PL]NS :Q NZ`]^P bP OZ YZ_ _STYV _SL_ T_ bL^ ZYWd QLXTWTL]TeL_TZY bT_S 4YOTL _SL_ RPYP]L_PO XZOP]Y BP^_P]Y ^[T]T_`LWT_d ?SPZ]TP^ LMZ`_ ]PWTR TZY TY _SP XZOP]Y [P]TZO LYO ZY _SP NSLYRTYR QZ]X ZQ ]PWTRTZ^T_d

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d

$

7`NVXLYY -P]RP] -Z`]OTP` 6YZMWL`NS LYO Z_SP]^ SLaP Pc[WLTYPO _SP NZYOT_TZY^ `YOP] bSTNS XZOP]Y ^[T]T_`LWT_d L]Z^P TY _P]X^ ZQ _SP PXP]RPYNP ZQ NTaTW ^ZNTP_d ^ZNTP_LW OTQQP]PY_TL_TZY XZOP]Y _PNSYZWZ RTP^ TYN]PL^PO ^ZNTLW XZMTWT_d LYO PO`NL_TZY _SP OPaPWZ[XPY_ ZQ NZX X`YTNL_TZY XPOTL LYO XZOP]Y VYZbWPORPML^PO ^ZNTP_d wXZOP]YP BT^^PY^V`W_`]x ,WW ZQ _SP^P QLN_Z]^ L]P YZ_ _Z MP OPYTPO ?SP ZYWd _STYR _Z N]T_TNTeP T^ _SP MWTYO ^[Z_ _SL_ _ZZ WT__WP NZY^TOP]L_TZY bL^ QZ N`^PO ZY _SP XZOP]Y [P]TZO L^ LY Pc[LY^TZY ZQ _SP N`W_`]LW SZ]TeZY ?ST^ ^_PP]^ ZYPv^ RLeP LbLd Q]ZX 0`]Z[P LYO ZY_Z LY TY_P]LN_TaP ST^_Z]d _SL_ MPRLY bSPY YZY0`]Z[PLY ]PWTRTZ`^ ST^_Z]d bL^ OT^NZaP]PO 3P]P Pc[LYOPO N`W_`]LW NZY_LN_ eZYP^ P^_LMWT^SPO _SPX^PWaP^ aTL MZZV^ LYO TXLRTYL_TZY LYO TYN]PL^TYRWd _S]Z`RS ]PLW PYNZ`Y_P]^ ?SP^P TY_P]]PWTR TZ`^ NZY_LN_ eZYP^ ]PWPL^PO YPb N`W_`]LW PYP]RTP^ ?SPd QZ^_P]PO NZRYT _TaP RWZMLWTeL_TZY LYO PaL[Z]L_TZY ZQ _SP N`W_`]LW LYO ]PWTRTZ`^ MZ`YOL ]TP^ _S]Z`RS _SP _]LY^YL_TZYLW QWZb ZQ XL_P]TLW LYO TXXL_P]TLW RZZO^ bSTNS T^ ^Z NSL]LN_P]T^_TN ZQ _ZOLdv^ N`W_`]P LYO P^[PNTLWWd ZQ XZOP]Y ^[T]T_`LWT_d ?Z OL_P _SPZ]TP^ ZQ ]PWTRTZ`^ XZOP]YTeL_TZY SLaP MPPY _ZZ 0`]ZNPY_]TN TY _SPT] Z]TPY_L_TZY ,Y PcNP[_TZY T^ .LX[MPWWv^ w0L^_P]YT eL_TZYx _SP^T^ BP SLaP OT^N`^^PO T_ L_ WPYR_S MPNL`^P bP aTPb T_ L^ []ZMWPXL_TN LYO _ZZ `YOTQQP]PY_TL_PO TY ^ZXP ]P^[PN_^ LYO ^PP _SP TY QW`PYNP ZQ 4YOTL L^ ^ZXPbSL_ XZ]P NZX[WPc ,YZ_SP] PcNP[_TZY T^ ALY OP] APP] bT_S bSZX bP ^SL]P _SP TY_P]LN_TaP [P]^[PN_TaP BP LN_`LWWd PX[SL^TeP _ST^ [P]^[PN_TaP XZ]P LYO bT^S _Z RTaP T_ Pc_]L _SPZ]P_TNLW bPTRS_ ]PRL]OTYR _SP NZY^P\`PYNP^ ,^ TYOTNL_PO bP ^PP _SP NZYOT_TZY^ QZ] _SP PXP]RPYNP ZQ XZOP]Y ^[T]T_`LWT_d TY LY TY_P]N`W_`]LW OdYLXTN _SL_ L]Z^P Q]ZX YPb N`W_`]LW NZY_LN_ eZYP^ ,^TLY ]PWTRTZY^ bP]P RWZMLW TePO LYO bZ]WOaTPb^ bP]P _]LY^YL_TZYLWTePO ?ST^ []ZNP^^ bL^ YZ_ ZYP ^TOPO M`_ TY_P]LN_TaP :Q_PY T_ bL^ L^^ZNTL_PO bT_S N`W_`]LW N]T_TNT^X TP bT_S N]T_TNT^X ZQ SPRPXZYTN BP^_P]Y N`W_`]P LYO ^ZXP_TXP^ bT_S L XZ]P Z] WP^^ XL^^TaP N]T_TNT^X ZQ .S]T^_TLYT_d LYO ZQ ^NTPY_TQTN [Z^T _TaT^X 4Y QLN_ XZOP]Y ^[T]T_`LWT_d ^PPV^ LY LW_P]YL_TaP _Z _]LOT_TZYLW ]PWTRTZY LYO ^PN`WL]T^X bSPY ZYP T^ 1WZZVTYR QZ] [P]^ZYLW Pc[P]TPYNP LYO ^LN]LWTeL_TZY ZQ WTQP :`] _SP^T^ T^ YZb _SL_ 4YOTL bL^ O]LbY ZY L^ L XLUZ] ^Z`]NP QZ] _ST^ LYO _SL_ _SP]PQZ]P TY _SP XZOP]Y [P]TZO _SP]P bL^ YZ_ ^ZWPWd L _]LY^QZ]XL_TZY ZQ _SP ]PWTRTZ`^ L^ [`_ QZ]bL]O Md _SP TYOT aTO`LWTeL_TZY _SPZ]T^_^ M`_ LW^Z L _]LY^QZ]XL_TZY ZQ N`W_`]LW TOPY_T_TP^ bZ]WOaTPb^ LYO QZ]X^ ZQ SLMT_`^%  1LXTWTL]TeL_TZY bT_S 4YOTL ! Pc[LYOPO SZ]TeZY^ LYO Q]LXP^ ZQ [Z^^TMWP XPLYTYR Z[_TZY^ LYO Pc[P]TPYNP ^[LNP^ 4_ PYWL]RPO _SP ^[PN ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ ! 3P]P bP `^P YZ_ \`T_P [ZWT_TNLWWd NZ]]PN_Wd _SP _P]X w4YOTLx TY L BP^_P]Y NZWWZ\`TLW ^PY^P TP _Z L[[Wd _Z >LY^V]T_ 3TYO`T^X LYO NP]_LTY _]LOT_TZY^ TY [L]_TN`WL] bSTNS bP]P P^[PNTLWWd TY_PY^TaPWd Pc[Z]_PO ^`NS L^ ,OaLT_LAPOLY_L DZRL ?LY_]TN NLV]L _PLNSTYR TOPL^ ZQ 9£OL-]LSXLY 6š´©L OPaZ_TZYLWT^X LYO ,d`]aPOL



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_]`X ZQ NSZTNP^ _SL_ ZYP YL_`]LWWd XLOP `^P ZQ U`^_ L^ ZYP SLO PL]WTP] PR TY _SP .L_SZWTN N`W_ ZQ _SP ^LTY_^ ^PWPN_PO LYO wNZXMTYPOx bSL_ PaP] L[[PL]PO _Z MP RZZO LYO bSZWP^ZXP 3ZbPaP] 4YOTL XLOP T_ [Z^ ^TMWP YZ_ ZYWd _Z Pc[LYO ^`NS YZ]XLW ]PWTRTZ`^ XTcP^ M`_ LW^Z _Z PY SLYNP _SPT] aLW`P LYO LWWZb _SPX _Z L[[PL] TY WP^^ L _SPZWZRTNLWWd O`MTZ`^ WTRS_ ?SP WL_P] 9Pb ,RP bL^ []PNPOPO Md _SP ]PLWTeL_TZY _SL_ wZYP [P]^ZY ZYP ]PWTRTZYx T^ YZ_ _SP ]`WP LYO _SL_ ZYP NLY _]LNP [W`]LW T_d MLNV _Z LY `YOP]WdTYR XZ]P LM^_]LN_ wOPP[P]x `YT_d z L^ bL^ OZYP LRLTY LYO LRLTY TY _SP 4YOTLY ST^_Z]d ZQ ]PWTRTZY .WZ^PWd NZYYPN_PO bT_S _ST^ LYO PaPY XZ]P TX[Z]_LY_ _SLY _SP \`LY_T_L_TaP Pc_PY^TZY bP]P _SP YPb ]PWTRTZ`^ Q]LXTYR NZYOT_TZY^ _SL_ bP]P N]PL_PO Md _SP TYN]PL^TYR QLXTWTL]T_d bT_S 4YOTL TP _SP YPb \`LWT_L_TaP L^[PN_^ 4Y XLYd ]P^[PN_^ 4YOTLY ]PWTRTZ^T_d Z[PYPO `[ LYZ_SP] L[[]ZLNS _Z ]PLWT_d YPb [Z^^TMTWT_TP^ QZ] `YOP]^_LYOTYR LYO TY_P][]P_TYR ZYP^PWQ LYO _SP bZ]WO 4_ []ZaTOPO L YPb aTPb ZQ _SP MZ`YOL]TP^ MP_bPPY RZO LYO _SP ^PWQ RZO LYO _SP bZ]WO MZOd LYO ^[T]T_ ]PWTRTZY LYO ^NTPYNP ]PWTRTZY LYO ]PWTRTZY LYO LW^Z LM^_]LN_TZY LYO ]PTQTNL_TZY 8Z]PZaP] T_ [LaPO _SP bLd QZ] ]PaLW`TYR LYO ]PTY_P][]P_TYR bSL_ bL^ ZYPv^ ZbY 8LUZ] PWPXPY_^ TY _SP RWZMLWTeL_TZY ZQ 4YOTLY TOPL^ TYNW`OPO YPb TY_P][]P_L _TZY ^NSPXP^ ZQ Pc[P]TPYNP ZQ _SP ^PWQ _SL_ T_ T^ YZ_ TYSP]PY_Wd ^TYQ`W M`_ TY^_PLO TYSP]PY_Wd OTaTYP P_N 8d_S LYO XLRTN YZ WZYRP] SLO _Z MP OPaLW`PO :YP bL^ LWWZbPO _Z QPPW Xd_STNLWWd PXMPOOPO LYO dP_ MP Q`WWd wPYWTRS_PYPOx 4YOTL ZQQP]PO []LN_TNP^ QZ] YPb Pc[P]TPYNP^ ZQ _SP TY_P]TZ] bZ]WO LYO ZQ _SP MZOd 4_ bL^ YZ_ PaPY YPNP^^L]d _Z wZ[PY `[ _Z 4YOTLx TY LYd NZYN]P_P QZ]X ?SP XZ^_ OPNT^TaP QLN_Z] bL^ ^TX[Wd _SP OT^N`]^TaP RWZMLWTeL_TZY ZQ NP]_LTY TOPL^ @YWTVP .LX[MPWW bP _STYV _SL_ YZ_ ZYWd TY_`T_TZY LYO QPPWTYR^ OP_P]XTYPO _SP L__]LN_TaPYP^^ ZQ _SP w0L^_P]Y Q]LXP ZQ XTYOx M`_ _Z L R]PL_ Pc_PY_ LW^Z _SP YPb NZRYT_TaP Q]LXPbZ]V LYO _SP ]L_TZYLW [WL`^TMTWTeL_TZY _SL_ RLaP TY_PWWPN_`LW ^L_T^ QLN_TZY ?SL_ XPLY^ _SL_ _SP TY_P][]P_L_TZY Q]LXPbZ]V _SP ZQQP]^ ZQ XPLYTYR LYO _SP QZ]X^ ZQ []LN_TNP bP]P ^TRYTQTNLY_Wd Pc_PYOPO LYO ]PQZ]XPO 4YOTL SL^ SLO L QZ]XL_TaP TYQW`PYNP ZY YPb SLMT_`^ LYO bZ]WOaTPb^ TYNW`OTYR ^`NS _SL_ _ZOLd XZYT^_TN [LY_SPT^_TN bZ]WOaTPb^ LYO L [L] _TNT[L_Z]d bZ]WOZ]TPY_L_TZY SLaP MPNZXP bTOP^[]PLO YZ]XLWT_d w^PWQ ]PWTRTZYx SL^ LN_`LWWd MPNZXP L XL]VP] ZQ XZOP]Y ^[T]T_`LWT_d Q]PP NZXMTYL_TZY ZQ XLYd PWPXPY_^ Q]ZX aL]TZ`^ _]LOT_TZY^ T^ ]PRL]OPO L^ `Y[]ZMWPXL_TN LYO XZaPXPY_^ TY 0`]Z[PLY ]PWTRTZ`^ ST^_Z]d _SL_ SLO []PaTZ`^Wd MPPY NZY^TOP]PO OPaTLY_ wXLRTNx LYO w^`[P]^_T_TZ`^x NZ`WO YZb MP L^^TRYPO L STRSP] aLW`P z O`P _Z _SPT] MPTYR ^LYN_TZYPO ^Z _Z ^[PLV Md LY LRPZWO wSTRS N`W_`]Px 4YOTL ^_TX`WL_PO [PZ[WP _Z NZXP `[ bT_S _SPT] ZbY SZWT^_TN []ZR]LX^ L^ T^ ^Z _d[TNLW ZQ _SP 9Pb ,RP

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d



 2P__TYR _Z VYZb 4YOTL Pc[LYOPO _SP ]LYRP ZQ ]PWTRTZ`^ NSZTNP^

LYO _SP aTPb ZQ bSL_ bL^ ZYPv^ ZbY :YP ZQ _SP XZ^_ TX[Z]_LY_ PQQPN_^ bL^ _Z RTaP ZYPv^ wZbY Z_SP]x L YPb aLWPYNd 9Z_ WPL^_ 4YOTLv^ TX[LN_ XLOP T_ [Z^^TMWP QZ] _STYR^ _SL_ SLO ^Z QL] YZ_ MPPY OZXTYLY_ LYO [L]_ ZQ _SP ^`MN`W_`]P _Z NZXP _Z _SP ^`]QLNP LYO RLTY L S`RP LXZ`Y_ ZQ R]Z`YO ?ST^ XPLY^ _SL_ _SP 4YOTLY TY^[T]L_TZY bL^ YZ_ ZYWd `^PO _Z XLVP bSL_ bL^ wZ_SP]x TY_Z ZYPv^ ZbY M`_ LW^Z aP]d ZQ_PY ^P]aPO _Z ]POT^NZaP] _SP M`]TPO LW_P]YL_TaP OPaTLY_ LYO YZYOZXTYLY_ wZbYx L^[PN_^ LYO ]PaLW`L_P _SPX 1Z] PcLX[WP TY ,Y_T\`T_d LYO ^TYNP _SP =PYLT^^LYNP 0`]Z[PLY P^Z_P]TNT^X bL^ TYOPPO L XZ]P Z] WP^^ [ZbP]Q`W `YOP]R]Z`YO XZaPXPY_ M`_ YZ_ _SP OZXTYLY_ N`W_`]P ]TRS_ `[ _Z _SP XZOP]Y LRP 4OPL^ ZQ [LY_SPT^X SLO MPPY L]Z`YO ^TYNP 9PZ[WL_ZYT^X M`_ _SPd OTO YZ_ SLaP _SP ^LXP N`W_`]P^SL[TYR [ZbP] L^ TY 4YOTL 4Y .S]T^_TLY ^ZNTP_TP^ _SP]P SLO LWbLd^ MPPY ^`MUPN_NPY_P]PO ]PWTRTZY LYO LW_P]YL_TaP ]PWTRTZ`^ [Z[`WL] N`W_`]P^ _SL_ OTO YZ_ NZ]]P^[ZYO bT_S _SP ZQQTNTLW ]PWTRTZY ZYP ZYWd SL^ _Z NZY^TOP] _SP wQ]PP ^[T]T_^x w-]ÞOP] `YO >NSbP^_P]Y TX Q]PTPY 2PT^_Px LYO MPRSL]O^ TY _SP 8TOOWP ,RP^ M`_ _SP ^_]ZYR NS`]NS ^_]`N_`]P^ []PaPY_PO _SPX Q]ZX QWZ`]T^STYR =PWT RTZ`^ XTc_`]P^ bP]P LW]PLOd bZaPY TY_Z QZWV .L_SZWTNT^X M`_ ZQ_PY _SPd bP]P _SPZWZRTNLWWd YZ_ \`T_P LNNP[_LMWP LYO X`NS TY _SP QZWV ]PWTR TZY SLO LY LT] ZQ w^`[P]^_T_TZYx LMZ`_ T_ ?SP OT^NZaP]d ZQ 4YOTL PYWL]RPO _SP OT^N`]^TaP Q]LXPbZ]V QZ] [P]NPTaTYR LYO PaLW`L_TYR ZYPv^ wZbY Z_SP]x 4YOTL []ZaTOPO _SPZWZRTP^ QZ] L^[PN_^ _SL_ SLO _S`^ QL] MPPY ^NZ]YPO L^ TYQP]TZ] LYO OPaTLY_ bT_S _SP ]P^`W_ _SL_ z L_ WPL^_ QZ] L ^`M^_LY_TLW ^PRXPY_ ZQ BP^_P]Y [Z[`WL_TZY z _SP ^`MN`W_`]P WZ^_ T_^ ^_TRXL MPNLXP ^ZNTLWWd LNNP[_LMWP LYO NZ`WO XZaP Q]ZX _SP [P]T[SP]d _Z _SP NPY_P] ?SP STRSWd OPaPWZ[PO N`W_`]P ZQ 4YOTL ZQQP]PO ^NSPXL_L QZ] RTaTYR R]PL_P] aLW`P _Z Xd^_TNT^X bSTNS SLO LWbLd^ MPPY L aP]d ^`MUPN_TaP QZ]X ZQ ]PWTRTZY ]PaLW`L_TYR ^ZNLWWPO ^`[P]^_T_TZY LWWZb TYR XLRTN _Z L[[PL] `Y[]ZMWPXL_TN ^STQ_TYR _SP ^NZ[P ZQ _]LY^NPYOPYNd LYO ]PO]LbTYR _SP MZ`YOL]TP^ MP_bPPY ^Z`W LYO MZOd ^LN]PO LYO []Z QLYP 4Y ^SZ]_ T_ RLaP bLd _Z P^_LMWT^STYR LW_P]YL_TaP XZOPW^ _Z _SP .S]T^_TLY OZRXL_TN LYO PNNWP^TL^_TNLW OPXL]NL_TZY^  4YOTLY TOPL^ bZ`WO YZ_ SLaP MPPY ^Z ^`NNP^^Q`WWd LOZ[_PO LYO LN NP[_PO TQ _SP]P SLO YZ_ MPPY L N`W_`]LW aLN``X ,^ 4YOTL bL^ OTQQP]PY_ YPb Z[_TZY^ QZ] QTWWTYR _SP aLN``X []P^PY_PO _SPX^PWaP^ BP SLaP NLWWPO _ST^ wTY_P]N`W_`]LW []ZMWPX^ZWaTYRx LMZaP 1Z] 8P^^TLPY QZ] PcLX[WP ±£]«RLOPaLv^ _]PL_T^P ZY X`^TN ZQQP]PO LY TY^[T]L_TZY _Z OP aPWZ[ L YPb _ZYP WLYR`LRP _SL_ Z_SP] X`^TNTLY^ bP]P LW^Z ^PPVTYR L_ _SP MPRTYYTYR ZQ _SP _S NPY_`]d MPNL`^P _SP X`^TN ZQ _SP $_S NPY_`]d ^PPXPO wbZ]Y Z`_x 1Z] -P]PYO_ RP__TYR _Z VYZb 4YOTLY XZOLW X`^TN bL^ _SP w^ZW`_TZYx QZ] MPTYR LMWP _Z XLVP X`^TN bT_S L YPb L__T_`OP LYO _Z [P]NPTaP T_ LRLTY L^ L ]PWTRTZ`^ Z] ^[T]T_`LW QZ]X ZQ Pc[]P^^TZY



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

-P]PYO_ LN_`LWWd bPY_ PaPY Q`]_SP] 3P ^Lb TY 4YOTLv^ TY^[T]L_TZY ZQ wSZWd SPL]TYRx LYO X`^TNXLVTYR L ]PaLW`L_TZY ZQ _SP wPL] [P]^ZYx ZQ ^PY^T_TaT_d LYO L ^[T]T_`LW L__T_`OP _Z WTQP LYO _SP]PQZ]P SPLWTYR QZ] _SP LTWTYR wPdP [P]^ZYx LYO PaPY QZ] _SP bSZWP ZQ BP^_P]Y N`W_`]P _SL_ bL^ w^[WTY_P]TYRx wLRR]P^^TaPx wYZYQPPWTYRx LYO wXL_P]TLWT^_TNx -P]PYO_ ]PT_P]L_PO LY PaP][]P^PY_ _Z[TN LNNZX[LYdTYR BP^_P]Y ]PNP[ _TZY ZQ ,^TL% N]T^T^ OTLRYZ^T^ N`W_`]LW N]T_TNT^X _SP NLWW QZ] ^[T]T_`LW ]PYPbLW TY L bZ]WO QPW_ _Z MP YZY^[T]T_`LW LYO _SP []ZNWLXL_TZY ZQ L w9Pb ,RPx 1TYOTYR L w^[T]T_`LW N]T^T^x LYO wTX[ZaP]T^SXPY_ ZQ _SP ^Z`Wx TY L ]L_TZYLWTePO ^[WTY_P]PO LYO XPNSLYTePO bZ]WO Z] ^TXTWL] N]T_TNT^X ZQ NTaTWTeL_TZY LYO WZYRTYR QZ] XZ]P QPPWTYR P_N SLO LW]PLOd PcT^_PO TY _SP =ZXLY_TN [P]TZO LXZYR _SP ,XP]TNLY L`OTPYNP^ ZQ ATaPVLYLYOL TY _SP QT]^_ TY_P]YL_TZYLW DZRL UZ`]YLW TY _SP $^ L_ 0]LYZ^ TY _SP 1WZbP];ZbP] XZaPXPY_ LYO _SPY TY -P]PYO_ NWZ_SPO TY _SP YPb QZ]X ZQ X`^TN 5`^_ WTVP _SP N]T^T^ OTLRYZ^T^ ZQ _SP ^[T]T_`LW aLN``X TY _SP BP^_ LYO _SP Pc[PN_L_TZY ZQ ^[T]T_`LW ]PYPbLW _S]Z`RS 4YOTL MPWZYR _Z _SP _]Z[P^ ZQ XZOP]Y N`W_`]P _SP]P ]PL[[PL]PO N]T_T NT^X ZQ NTaTWTeL_TZY LYO []ZR]LX^ QZ] TX[]ZaTYR _SP bZ]WO _S]Z`RS OT]PN_ LYO TYOT]PN_ ]PNP[_TZY ZQ 4YOTL 1Z] XLYd BP^_P]YP]^ QLXTWTL]T eL_TZY bT_S _SP [L]_TNT[L_Z]d bZ]WOaTPb YPb [L_S^ TY_Z _SP TY_P]TZ] L OTQQP]PY_ `^P ZQ _SP ^PY^P^ YPb MZOTWd []LN_TNP^ P_N L[[L]PY_Wd QTWWPO L ]PWTRTZ`^ aLN``X ZQ XPLYTYR 4_ RLaP _SPX ^ZXP_STYR _SL_ _SPd OTO YZ_ QTYO L_ SZXP PYNZ`]LRPO _SPX _Z YPb OP[L]_`]P^ LYO QLNTWT_L_PO _SP ]P ^LN]LWTeL_TZY ZQ WTQP _SPd SLO MPPY ^PPVTYR  ,YZ_SP] TX[Z]_LY_ _Z[TN bL^ _Z MP MP__P] LMWP _Z `YT_P ]PWTRTZY LYO ^NTPYNP BSL_ ZYP T^ ZMaTZ`^Wd ^PPVTYR TY _SP 9Pb ,RP T^ L SZWT^X L bZ]WOaTPb _SL_ T^ L_ ZYNP w^[T]T_`LWx LYO wPYWTRS_PYPOx LYO NLY `YT_P ]PWTRTZY LYO ^NTPYNP M`_ L_ _SP ^LXP _TXP ]P[]P^PY_^ L N]T_TNT^X ZQ LYO LW_P]YL_TaP _Z MZ_S BSL_ T^ ^Z`RS_ T^ L VTYO ZQ _ST]O bLd TY^_PLO ZQ ^NTPY_TQTN []LRXL_T^X[`]P ^PN`WL]T^X LYO ]PWTRTZ`^ OZRXL_T^X ?SP ^PL]NS QZ] ^[T]T_`LWT_d LYO NZX[L_TMTWT_d bT_S XZOP]Y ^NTPYNP bL^ LW]PLOd TY _SP LT] O`]TYR _SP YTYP_PPY_S LYO PL]Wd _bPY_TP_S NPY_`]d 4_ bL^ _SP _TXP bSPY _SP XZOP]Y ^NTPYNP^ ^_L]_PO _Z QZ]X " _SP _PNSYT ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " 1Z] PcLX[WP Z]_SZOZc BP^_P]Y XPOTNTYP MPRLY _Z N]d^_LWWTeP Z`_ 4_ bL^ ^_TWW `YNWPL] bSL_ bL^ ]PRL]OPO L^ ^NTPY_TQTN XPOTNTYP z L^ ^SZbY Md _SP [`MWTN 8P^XP]T^X OP ML_P LXZYR Z_SP] _STYR^ .`]]PY_^ ^`NS L^ 8P^XP]T^X LYO _SPZ^Z[Sd bSTNS L]P ]P RL]OPO L^ P^Z_P]TN _ZOLd [Z^T_TZYPO _SPX^PWaP^ L^ ^NTPY_TQTN ^PL]NSP^ QZ] _SP _]`_S -]LTOv^ w4^T^ =PaPWL_Lx # LYO -WLaL_^Vdv^ w4^T^ @YaPTWPOx #"" L]P RZZO Pc LX[WP^ ZQ _SP YPRZ_TL_TZY LYO P^_LMWT^SXPY_ ZQ L YPb `YOP]^_LYOTYR ZQ ^NTPYNP LYO ]PWTRTZY bSZ^P ^dY_SP^T^ T^ _d[TNLW ZQ _SP XZOP]Y ^[T]T_`LWT_d OT^NZ`]^P ?SP TY_P]P^_ TY ]PaPLWTYR _SP `YVYZbY QZ]NP^ ZQ YL_`]P LYO ZQ _SP ^PWQ LYO _SP w_]`_Sx LMZ`_ ]PLW T_d LYO T_^ TYSP]PY_ Pc_]LZ]OTYL]d QZ]NP^ YZ_ ZYWd NZYYPN_PO _SP 8P^XP]T^_^ LYO _SP ?SPZ^Z[ST^_^ M`_ bL^ LW^Z PL^d _Z WTYV bT_S _SP ?LY_]TN PYP]Rd NZYNP[_ LYO ZNN`W_ XLY_]L TOPL^

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d



QTNL_TZY ZQ _SP bZ]WO MPRLY LYO QLN_Z]TP^ WTRS_ M`WM^ ]LTW]ZLO^ LYO Z_SP] LNSTPaPXPY_^ NSLYRPO [PZ[WPv^ WTaP^ []ZQZ`YOWd 4Y _ST^ ^P__TYR _SP]P OPaPWZ[PO YZ_ ZYWd _SPZ]TP^ ZQ PaZW`_TZY LYO ^PN`WL]T^X NWLTXTYR _SL_ ^NTPYNP XLOP ]PWTRTZY ZM^ZWP_P M`_ LW^Z []ZR]LX^ ZQ WTQP ]PQZ]X ZQ ^PL]NS QZ] _]`_S MPdZYO TY^_T_`_TZYLW _TP^ LYO L^[T]L_TZY^ QZ] XZ]P PXZ _TZYLWT_d _Z NZ`Y_P] _SP wRWLNTL_TZY ZQ _SP ^Z`Wx >[T]T_`LWT_d bL^ SZb PaP] YZ_ ZYWd L NZ`Y_P][]ZR]LX _Z ^PN`WL]T^X LYO _PNSYTQTNL_TZY ZQ _SP bZ]WO _SP SZ^_TWT_d _Z ]PWTRTZY TY _SP ]L_TZYLWTePO XZOP]Y [P]TZO T^ ^_TWW L _Z[Z^ TY ;P_P] -P]RP] TY _SP WL_P $"^ M`_ LW^Z L []ZO`N_TaP `_TWTeL _TZY ZQ _SP 0YWTRS_PYXPY_ T_^ TOPL^ ZQ ]PWTRTZ`^ Q]PPOZX LYO _ZWP]LYNP P_N LYO WTMP]L_TZY Q]ZX PNNWP^TL^_TNLW _TP^ 4Y _ST^ NZY_Pc_ _SP ^`MUPN_ ZQ Xd^_TNT^X LYO [LY_SPT^X bSTNS LW^Z SLO LY LWXZ^_ PcNW`^TaPWd 4Y OTLY NZOTYR ]TRS_ `[ _Z _SP WL_P $"^ bL^ L OPNT^TaP ZYP QZ] ]PWTRTZ`^ ^PWQPX[ZbP]XPY_ LYO QZ] NWLTXTYR ZYPv^ ZbY Pc[P]TPYNP ZQ L OPP[P] _]`_S MPSTYO LWW _STYR^ :Y _SP ^`MUPN_ ZQ _ZOLdv^ [Z[`WL]T_d LYO bTOP^[]PLO P^_LMWT^SXPY_ ZQ [LY_SPT^_TN ]PWTRTZ^T_d bP bZ`WO WTVP _Z [`_ QZ]bL]O _SP _SP^T^ _SL_ [LYPY_SPT^X bL^ L ^[PNTQTNLWWd w]PWTRTZ`^Wd ^[T]T_`LWx [WLNP QZ] NZX TYR _Z R]T[^ bT_S _SP XZOP]Y LRP MPNL`^P _ST^ QZ]X ZQ SZWT^_TN [P]NP[ _TZY ZQQP]PO MP__P] Z[_TZY^ _SLY .S]T^_TLY _SPT^_TN O`LWT^X OTO QZ] XLV TYR [WL`^TMWP XLYd bLd^ _Z _SP _]`_S LYO wNZWWLRP^x QZ] L^^ZNTL_TYR PaPY YZY]PWTRTZ`^ [L__P]Y^ ZQ TY_P][]P_L_TZY bT_S _SPX QZ] WZNL_TYR Pc_]LZ]OTYL]d Pc[P]TPYNP _SL_ _]LY^NPYO^ PaP]dOLd WTQP ^ZWPWd TY _SP TYOTaTO`LW LYO QZ] ^`MUPN_TaPWd `YT_TYR _SL_ bSTNS bL^ ^P[L]L_PO TY ^ZNTP_d LYO ZQQTNTLW ]PWTRTZY YLXPWd YL_`]LW ^NTPYNP LYO ]PWTRTZY _SP ^LN]PO LYO _SP []ZQLYP ^PY^`LWT_d LYO ^[T]T_`LWT_d LYO _SP .S]T^_TLY LYO _SP YZY.S]T^_TLY  9Pb N`W_`]LW []ZNP^^P^ ZQ []ZaTOTYR XPLYTYR LYO YPb ^TRY []Z O`N_TZY^ wYP`P V`W_`]PWWP >TYYRPM`YR^[]ZeP^^P `YO EPTNSPY[]ZO`V _TZYPYx LWbLd^ ]`Y LWZYR _SP LcT^ ZQ ^PWPN_TZY LYO NZXMTYL_TZY /`]TYR LOL[_L_TZY _SP]P L]P TYPaT_LMWd LWXZ^_ LWbLd^ NSLYRP^ LYO ^STQ_^ TY XPLYTYR w>TYYaP]^NSTPM`YRPYx ?d[TNLWWd _SP LOZ[_TZY ZQ 4YOTLY [L__P]Y^ ZQ _SZ`RS_ LYO []LN_TNP `^`LWWd OTO YZ_ XPLY O]TYVTYR _SP bL_P] _SP R`]` SL^ bL^SPO TY Z] L NZWO PL]WdXZ]YTYR OT[ TY _SP 2LYRP^ Z] _LVTYR ZaP] ZQ _SP ^_]TN_ QZZO ]PR`WL_TZY^ LYO NZXXPY^`]LMTWT_d ]`WP^ _SL_ bZ`WO []PaPY_ [PZ[WP Q]ZX SLaTYR OTYYP] _ZRP_SP] P_N 4Y^_PLO ZYWd NP]_LTY _SZ`RS_^ LYO PWPXPY_^ ZQ []LN_TNP bP]P LOZ[_PO ?SP^P bP]P XZ^_Wd PWPXPY_^ _SL_ bP]P RPYP]LW Z[PY LYO waLR`Px PYZ`RS _Z MP RWZMLWTePO z XZ^_ ZQ LWW L YZYO`LW ]PWL_TZY^ST[ _Z _SP bZ]WO LYO _Z _SP PY^`TYR OTaTYP TOPL^ ZQ NZ^XTN SL]XZYd LYO w[`]P ^[T]T_`LWT_dx :YP ZQ _SP XZ^_ TX[Z]_LY_ ]P^`W_^ Q]ZX _SP TY_P]LN_TaP PYNZ`Y_P] bT_S 4YOTL TY _SP ^PNZYO SLWQ ZQ _SP YTYP_PPY_S LYO PL]Wd _bPY_TP_S NPY _`]d bL^ _SP P^_LMWT^SXPY_ ZQ L ^[T]T_`LWT_d NZYNP[_ _SL_ bL^ YZ WZYRP]



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_TPO _Z XL_P]TLW ]PWTRTZY^ >TX`W_LYPZ`^Wd L NZYNP[_ ZQ Xd^_TNT^X _ZZV ]ZZ_ _SL_ bPY_ MPdZYO _TXP LYO ^[LNP -Z_S ZQ _SPX bP]P LYO L]P NZOPO bT_S 4YOTLY ]PWTRTZ^T_d BP^_P]YP]^ LYO 4YOTLY^ LWTVP SLaP SLO L SLYO TY _ST^ YPb XPLYTYR []ZO`N_TZY 4_ bL^ YZ_ ZYWd _SP bZ]V ZQ :]TPY_LWT^_^ LYO _SPT] ^NSZWL]Wd TYOTRPYZ`^ TYQZ]XLY_^ Z] ZQ 3TYO` XT^^TZYL]TP^ NZXTYR _Z _SP BP^_ M`_ LW^Z _SP []ZO`N_ ZQ []LN_TNLW ^[T]T_`LW YPPO^ ZQ BP^_P]Y [P]^ZY^ LYO QL^STZY^ ZQ _SP _TXP^ , S`RP LYO OTaP]^P ]LYRP ZQ _]LY^XT__P]^ bP]P TYaZWaPO TY T_ MPRTYYTYR bT_S LY :cQZ]O []ZQP^^Z] aP]d PY_S`^TL^_TN LMZ`_ WLYR`LRP^ LYO L []Z`O 3TYO` XZYV z TY _SP NL^P ZQ 9£OL-]LSXLY _]LY^QP]]PO _Z _SP BP^_ bP QTYO 4YOTLY R`]`^ XZOP]Y >LY_^ ?SPZ^Z[ST^_^ VPPY ZY 4YOTL LYO ZNN`W_T^X L QZ]XP] -L[_T^_ []PLNSP] L XZOP]Y >`QT XL^_P] aL]TZ`^ ULee LYO [Z[ X`^TNTLY^ L ULee ST^_Z]TLY LYO ]PNZ]O[]ZO`NP] TY_P]P^_PO TY _SP 9Pb ,RP LYO XLYd Z_SP]^ TYNW`OTYR 4Y_P]YP_ []P^PY_L_TZY^ TY ]PNPY_ _TXP^ ?Z `^ T_ L[[PL]^ TX[Z]_LY_ _SL_ YZ_ ZYWd _SP ^NSZWL]Wd N`W_`]P bL^ TYQW`PY_TLW TY _SP NZY ^_]`N_TZY ZQ _SP XZOP]Y ^[T]T_`LWT_d NZYNP[_ LYO T_^ NZY_PY_^ M`_ ^Z _ZZ bL^ _SP [Z[`WL] N`W_`]P 1Z] L WZYR _TXP _SP ]PNP[_TZY ZQ 4YOTL XZaPO XLTYWd LWZYR _bZ LcP^ :YP bL^ L NZRYT_TaP ^_]ZYRWd TY_PWWPN_`LWT^_TN Xd^_TNT^X ±L«VL]L LYO _SP Z_SP] bL^ L ^PL]NS QZ] _SP Pc_]LZ]OTYL]d _SP bZYOP]Q`W LYO _SP [L]LYZ]XLW SLRTZR]L[STP^ ZQ XZOP]Y ^LTY_^ ?SPZ^Z[STNLW WT_P]L_`]P P_N DZRL TQ T_ bL^ YZ_ ]PRL]OPO XP]PWd L^ L QZ]X ZQ RdXYL^_TN^ NZ`WO MP TY_P][]P_PO ^`T_LMWd Md MZ_S NLX[^ ?SP ^LXP T^ _]`P ZQ _SP ]PNP[_TZY ZQ ATaPVLYLYOL LYO =LXLV]T^SYL ATaPVLYLYOL bL^ PXTYPY_Wd TX[Z]_LY_ QZ] _SP P^_LMWT^SXPY_ ZQ _SP XZOP]Y NL_PRZ]d ZQ ^[T]T_`LWT_d 3P NZY^_]`PO L `YTQTPO ^[T]T_`LW 3TY O`T^X `^TYR _SP APO£Y_L LYO _SP Md[]ZO`N_ ZQ _ST^ bL^ L OPN`W_`]L_PO NZYNP[_ ZQ ^[T]T_`LWT_d bT_S 4YOTLY QWLT] 4Y [L]_TN`WL] _SP YZ_TZY ZQ L SL]XZYd LYO ^[T]T_`LW `YT_d ZQ _SP `YTaP]^P bSTNS LNNZ]OTYR _Z ATaPVLYLYOL ^TX`W_LYPZ`^Wd TX[WTPO STRS XZ]LW^ [LNTQT^X NZ^XZ[ZWT _LY S`XLYT^X LYO `YTaP]^LW _ZWP]LYNP bL^ LY TY_PWWPN_`LWWd LYO LP^ _SP_TNLWWd L[[PLWTYR bZ]WOaTPb NZY^_]`N_TZY _SL_ bL^ L[[L]PY_Wd P^[P NTLWWd L__]LN_TaP _Z BP^_P]YP]^ LYO NZY_TY`P^ _Z PcP]_ T_^ TYQW`PYNP PaPY TY _ZOLdv^ ^[T]T_`LWT_d OT^NZ`]^P^ >[T]T_`LW `YT_d LYO SL]XZYd bP]P `Y^[PNTQTN PYZ`RS _Z MP QTWWPO bT_S L WZ_ ZQ OTQQP]PY_ NZY_PY_^ z bSTNS bL^ TYOPPO _SP NL^P L^ bP ^SZbPO TY _SP WL^_ NSL[_P] SL]XZYd ZQ MZOd LYO ^[T]T_ SL]XZYd bT_S YL_`]P SL]XZYd ZQ _SP ^[SP]P^ P_N ATaPVLYLYOL XLOP `^P ZQ _SP _d[TNLWWd 4YOTLY ]L_TZYLWT_d ZQ L[[WdTYR WP^^ OPO`N_TaP WZRTN _SLY []LN_TNLW ]PL^ZY LYO L VPPY QLN`W_d ZQ OT^ NP]YXPY_ ZQ bSL_ bL^ YPPOPO TY _SP RTaPY ^T_`L_TZY BT_STY _ST^ ]L_TZY LWT_d [L__P]Y T_ T^ WP^^ L NWZ^PO ^d^_PX _SL_ T^ ^Z`RS_ LYO XZ]P []LN_TNLW []ZMWPX^ZWaTYR ATaPVLYLYOLv^ ^[T]T_`LWT_d NZYNP[_ bL^ M]TWWTLY_Wd X`W_TQ`YN_TZYLW 3TYO`T^X bL^ NZY^_]`PO L^ YZ_ ZYWd LYLWZRZ`^ _Z _SP bZ]WO ]PWTRTZY^ M`_ L^ ^`[P]TZ] >TX`W_LYPZ`^Wd L bZ]WOPYNZX[L^^TYR

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d



NZYNP[_ ZQ ^[T]T_`LWT_d NZX[L_TMWP bT_S PYWTRS_PYXPY_ bL^ MZ]Y bSTNS [L]_TN`WL]Wd L__]LN_PO BP^_P]Y [PZ[WP ATaPVLYLYOL T^ VYZbY _Z SLaP NZYNPY_]L_PO QZ]PXZ^_ ZY 3TYO` ^PWQL^^P]_TZY LY_TTX[P]TLW ^_]`RRWP LYO YL_TZYLW TOPY_T_d _S]Z`RS N]T_TNT^X ZQ _SP BP^_ LYO VTYOWTYR []TOP TY _SP ZbY N`W_`]LW WPRLNd bSTNS T_^PWQ bL^ ML^TNLWWd L XL]VPO wTYaPY_TZY ZQ _]LOT_TZYx BT_S ST^ APO£Y_LSZWT^X L^ _SP ]PWTRTZY ZQ 4YOTL ATaPVLYLYOL bL^ LMWP YZ_ ZYWd _Z L__]TM`_P STRSP] XZ]LWT_d _Z PaP]d 4YOTLY [PL^LY_ _SLY _Z _SP XZ^_ PO`NL_PO BP^_P]YP] M`_ bT_S ST^ ^PWQ L^^`]PO N]T_TNT^X ZQ _SP BP^_ LYO XL_P]TLWT^X SP NZ`WO LW^Z PY_S`^P ST^ ,XP]TNLY L`OTPYNP # 4_ T^ [L]_TN`WL]Wd TY_P]P^_TYR _SL_ ATaPVLYLYOLv^ wXL^_P] YL]]L_TaPx TYNW`OPO ^_dWTYR ST^ _PLNSP] =LXLV]T^SYL #!z ##! L^ TOPLW PXMZOTXPY_ ZQ 3TYO` ^[T]T_`LWT_d ?SP ]P[]P^PY_L_TZY ZQ _SP TWWT_P]L_P PN^_L_TN 6£W˜ []TP^_ =LXLV]T^SYL L^ ^ZXP ZYP bSZ _]TPO Z`_ LWW ]PWTRTZY^ LYO SLO L ]LYRP ZQ OTQQP]PY_ Pc_]LZ]OTYL]d Xd^_TN Pc [P]TPYNP^ _`]YPO =LXLV]T^SYL TY_Z LY TNZY ZQ `YT_d ZQ _SP ]PWTRTZY^ z LYO L^ L VTYO ZQ Md[]ZO`N_ []PQTR`]PO _SP XZOP]Y ]PWTRTZ`^ NZX[Z^P] ! 8ZOP]Y BP^_P]Y ^[T]T_`LWT_d []P^`[[Z^P^ 4YOTLv^ PY_]d TY_Z _SP BP^_P]Y OT^NZ`]^P ZY ]PWTRTZY 9Z_ ZYWd MPTYR [LY_SPT^XQ]TPYOWd LYO L YPb NZYNP[_ ZQ ^[T]T_`LWT_d bT_SZ`_ LYd N`W_`]LW MLRRLRP bP]P YPNP^^L]d [L]_^ ZQ _SP YPb ^_dWP ZQ ]PWTRTZY M`_ LW^Z _SP YZ_TZY _SL_ wLWW ]PWTRTZY^ L]P _SP ^LXPx BSL_ ATaPVLYLYOLv^ =LXLV]T^SYL SLO _SL_ 7P^^TYRv^ =TYR ;L]LMWP OTO YZ_ bL^ _SL_ SP]P _SP [W`]LWT_d LYO `YT_d ZQ ]PWTRTZY^ bP]P YZ_ ZYWd _L`RS_ M`_ LW^Z [P]^ZYLWWd Pc[WZ]PO LYO Pc[P]TPYNPO TY ZYPv^ ZbY TYYP] ^[LNP 4_ WLd TY _SP WZRTN ZQ _SP TOPZWZRd ZQ ]PWTRTZ`^ `YT_d _SL_ bL^ ^TRYTQTNLY_Wd TY^[T]PO Md 4YOTL LYO ZQ bSL_ bL^ ]P NPTaPO L^ w4YOTLY Xd^_TNT^Xx LYO w4YOTLY ^[T]T_`LWT_dx _SL_ LWZYR^TOP ,^TLY M`TWOTYR MWZNV^ T_ bL^ [Z^^TMWP _Z TY_PR]L_P Z_SP] YZY.S]T^_TLY M`TWOTYR MWZNV^ LYO NZXMTYP _SPX bT_S .S]T^_TLY ZYP^ ]P^`W_TYR TY L QWPcTMWP ZaP]LWW [LNVLRP NLWWPO 9Pb ,RP ^[T]T_`LWT_d ;P]SL[^ LY PaPY ^_]ZYRP] LY_TNT[L_TZY ZQ _ST^ _SLY ATaPVLYLYOLv^ =LXLV]T^SYL L[[PL]PO bT_S _SP ?SPZ^Z[ST^_^ bSZ ^P_ `[ _SPT] ML^P TY ,OdL] 8LO]L^ >Z`_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ # ATaPVLYLYOLv^ ^PWQL^^`]PO N]T_TNT^X ]PLO^ L^ QZWWZb^% _SP []ZR]P^^ ZQ _SP BP^_ NZY^T^_^ ZYWd ZQ _PNSYZWZRd XL_P]TLWT^X bZ]WOOZXTYL_TZY LYO bL]QL]P TY NZY_]L^_ _Z [PLNPQ`W 4YOTL bSP]P ^[T]T_`LWT_d SL^ MPNZXP STRSWd OPaPWZ[PO LYO QWZb^ TY _SP MWZZO ZQ PaPY _SP ^TX[WP^_ QL]XP]% _SP BP^_ NLY _SP]PQZ]P WPL]Y L R]PL_ OPLW Q]ZX 4Y OTL 0^[PNTLWWd NWPL]Wd QZ]X`WL_PO TY ATaPVLYLYOLv^ [LX[SWP_ ?SP 0L^_ LYO ?SP BP^_ 6LWV`__L% ?]TZ ;]ZNP^^ ]P[] & NQ LW^Z 3LWMQL^^ 4YOTPY `YO 0`]Z[L   $ LYO _SP bSZWP []P^PY_L_TZY  !z" ALY OP] APP] w>[T]T_`LWT_d TY 8ZOP]Y >ZNTP_dx  NZXXPY_^% w4YOTLv^ _]LOT_TZY^ bP]P XLOP TY_Z ]P^Z`]NP^ TY _SP LY_TTX[P]TLWT^_ ^_]`R RWP LRLTY^_ L XL_P]TLW XZOP]YTeL_TZY _SL_ N`W_`]LWWd LYO [ZWT_TNLWWd ^`MUPN_PO 4YOTL _Z BP^_P]Y [ZbP] ?SP OT^_]`^_ ZQ XL_P]TLW NTaTWTeL_TZY bL^ ^SL]PO Md MZ_S XP_]Z[ZWT_LY LYO 4YOTLY TY_PWWPN_`LW^ N]T_TNTeTYR TX[P]TLWT^X TY L OTLWZR`P _SL_ bL^ QPO Md _SP `^P ZQ L NZXXZY 0YRWT^S WLYR`LRPx

!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

P]Y 4YOTL LYO M`TW_ L _PX[WP ZQ LWW ]PWTRTZY^ bT_S _SP XZ__Z w?SP]P T^ YZ =PWTRTZY STRSP] _SLY ?]`_Sx -d YZ XPLY^ NLY _SP PY_T]P ]PWTRTZ`^ NSLYRP TY _SP BP^_ MP _]LNPO MLNV _Z 4YOTLY TY^[T]L_TZY 3ZbPaP] T_ T^ YZ_TNPLMWP _SL_ _SP TY_PR]L_TaP LYO LOOT_TaP SLMT_`^ OPQTYT_PWd NZXP^ NWZ^P] _Z _]LOT_TZYLW 3TYO`T^X _SLY T_ NZXP^ _Z .S]T^_TLYT_d ;LY_SPT^_TN [P]NP[_TZY [L__P]Y^ LYO TOPL^ ZQ L Q`YOLXPY_LW w_]`_Sx MPSTYO LWW TYOTaTO`LW [SPYZXPYL L]P QT]XWd LYNSZ]PO TY 3TYO`T^X TY L wZ]_SZOZcx XLYYP] TY ^_L]V NZY_]L^_ _Z .S]T^_TLYT_d 4Y ^_]`N_`]LW _P]X^ XZOP]Y ^[T]T_`LWT_d ]P[]P^PY_^ L _Pc _`]P _SL_ Q`YN_TZY^ ^TXTWL]Wd _Z 4YOTLv^ ^LN]PO WT_P]L_`]P^ TP YZ_ L^ L QTcPO NLYZYTNLW _Pc_ M`_ L^ L ]P^P]aZT] ZQ [Z^^TMTWT_TP^ ZY bSTNS ZYP T^ Q]PP _Z O]Lb 4_ T^ _d[TNLW ZQ 3TYO`T^X _SL_ XLYd _STYR^ L]P NZXMTYPO LYO ]PWL_PO _Z ZYP LYZ_SP] _SL_ ^PPX TYNZX[L_TMWP LYO NZY_]LOTN_Z]d 9Z_ ZYWd _ST^ _d[TNLW QPL_`]P T^ YZb LW^Z ^PPY TY _SP BP^_ TY 9Pb,RP WTVP [TP_d M`_ LW^Z _SP ]PWTRTZ`^ ]L_TZYLWTeL_TZY ZQ ]PWL_TYR PaP]d_STYR _Z L STRSP] `YT_d LYO QTYOTYR XTc_`]P^ ZQ ]PWTRTZY^ _Z MP `Y[]ZMWPXL_TN MZ_S TY_PWWPN_`LWWd LYO TY []LN_TNLW PaP]dOLd WTQP " .ZWZYTLWT^X XTR]L_TZY R]PL_P] XZMTWT_d NZXX`YTNL_TZY XPOTL LYO RWZMLWTeL_TZY SLaP N]PL_PO YPb TY_P]N`W_`]LW NZY_LN_ eZYP^ LYO WPO _Z L OP_P]]T_Z]TLWTeL_TZY ZQ N`W_`]P ?SP^P YPb NZY_LN_ eZYP^ []ZO`NPO ZQ ]PWTRTZY LYO ^_TWW OZ ^Z _ZOLd ;]PNT^PWd MPNL`^P _SP N`W_`]LW L]NSTaP ZQ N`^_ZX^ TOPL^ P_N SLO Pc[LYOPO ^TYNP _SP $_S NPY_`]d _SP MZ`YOL ]TP^ bP]P LW^Z Pc[LYOPO ^STQ_PO LYO ]PO]LbY ?SP TY_P]N`W_`]LW ^[LNP^ []ZO`NPO YPb _STYR^ SdM]TO^ ]PWTRTZ`^ []ZO`N_^ _SL_ SLO YPaP] MPPY ^PPY MPQZ]P 9PaP] MPQZ]P TY ST^_Z]d SLO _SP]P MPPY _SP `YTQdTYR 3TYO` T^X ZQ ATaPVLYLYOLv^ YZ] -P]PYO_v^ 9£OL-]LSXLY P_N 9PT_SP] SLO _SP]P PaP] MPPY BP^_P]Y [PZ[WP bSZ QZ`YO L_ SZXP TY _SPT] ZbY BP^_ P]Y ^ZNTP_TP^ LY 4YOTLY OTL^[Z]L _PX[WP bSP]P _SPd NZ`WO [P]QZ]X [¼U£^ LYO £]NLYL^ U`^_ WTVP _SP TYOTRPYZ`^ 3TYO`^ ?ST^ NLY MP ZM^P]aPO _ZOLd TY 0YRWLYO LYO 2P]XLYd TY [L]_TN`WL] TY _SP WL]RP^_ OTL^[Z]L _PX[WP LYdbSP]P TY NZY_TYPY_LW 0`]Z[P TY 3LXX@PY_]Z[ 2P]XLYd =PNPY_Wd BP^_P]YP]^ SLaP YZ_ ZYWd MPPY TY_P]P^_PO TY 4YOTLY [L_S^ TY_Z _SPT] TYYP] ^[LNP M`_ LW^Z TY _]LOT_TZYLW 4YOTLY [P]QZ]XLYNP N`W_`]P ,Q_P] L [SL^P ZQ ]PNP[_TZY _SL_ bL^ LWXZ^_ PcNW`^TaPWd OPaZ_PO _Z _SP APO£Y_L LYO DZRL _SP 4YOTLY _PX[WP LYO QP^_TaLW N`W_`]P ^`NS L^ _SL_ ZQ _SP ?LXTW 3TYO`^ T^ YZb L__]LN_TYR WZNLW^ bSZ ^Ld _SPd QTYO w_Z_LW ]PWTRTZYx SP]P 1`]_SP]XZ]P YZbLOLd^ _SP ?LY_]L ,d`]aPOL LYO -ZW WdbZZO L]P LXZYR _SP XZ^_ [Z[`WL] TX[Z]_^ ?SP NZY_LN_ eZYP^ LYO _SP TY_P]P^_^ SLaP MZ_S NSLYRPO LYO R]ZbY 8ZOP]Y _TXPWP^^ LYO YZY^[L_TLW ^[T]T_`LWT_d SL^ ^_]ZYR ST^_Z]TNLW OTXPY^TZY^ 4_ bL^ TYT_TLWWd L []ZO`N_ PXP]RTYR Q]ZX _SP NZWZYTLW OT^ NZ`]^P QTPWO _SL_ bL^ 4YOTL LYO R]LO`LWWd PaZWaPO LYO _]LY^X`_PO LQ_P] XZ]P Pc_PY^TaP ]PLW PYNZ`Y_P]^ bP]P LOOPO _Z _SP WT_P]L]d NZY_LN_ eZYP^

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d

"

0YRWT^S _]LY^WL_TZY^ :`_ ZQ L ]PWTRTZ^T_d ZQ TY_PWWPN_`LW^ _SP]P OPaPW Z[PO L XL^^ N`W_`]P TY _SP $!^ LYO $"^ bSTWP TY _SP 9Pb ,RP 4Y OTLv^ ^SL]P ZQ_PY ZYWd ]PXLTYPO aT^TMWP L^ L \`Z_L_TZY L^ ZYP M`TWOTYR MWZNV LXZYR ^PaP]LW Z_SP]^ Z] L^ LY TY_LYRTMWP wL`]Lx ZQ ^[T]T_`LWT_d w^[T]T_`PWWP^ 1W`TO`Xx Z] PW^P L[[L]PY_Wd T^ LM^PY_ LWW _ZRP_SP] BP L]R`P _SL_ T_ T^ YPaP] _Z_LWWd LM^PY_ M`_ SL^ MPNZXP TYaT^TMWP 9Pb QZ]X^ ZQ SLMT_`^ PXP]RPO Q]ZX QLXTWTL]TeL_TZY bT_S 0L^_P]Y ]PWTRTZ`^ N`W_`]P^ P^[PNTLWWd bT_S >LY^V]T_ 3TYO`T^X ,Y 4YOTLY SLMT_`^ T^ ^Z ^_]ZYRWd TY_P]YLWTePO TY NZY_PX[Z]L]d ^[T]T_`LWT_d _SL_ Q]P\`PY_Wd T_ NLY YZ WZYRP] MP ]PNZRYTePO L^ 4YOTLY :aP] _TXP _SP]P bL^ TYOPPO L ^STQ_ TY _SP NZ]P _P]X^ z Q]ZX Xd^_T NT^X _Z _SP 9Pb ,RP _Z P^Z_P]TNT^X LYO ^[T]T_`LWT_d bSTNS ZNN`]]PO LWZYR^TOP L _PYOPYNd _ZbL]O^ L ^STQ_ Q]ZX OT^PXMZOTPO w[`]P ^[T]T_`LW T_dx _Z MZOd]PWL_PO ^[T]T_`LWT_d DP_ _SP ^PXLY_TN QTPWO ZQ ^[T]T_`LWT_d _SL_ bL^ _S`^ ^[]PLO ^_LdPO ]PWL_TaPWd `YTQZ]X% w^[T]T_`LW L__T_`OP _Z WTQPx w`YT_d ZQ PcT^_PYNPx w^PWQ]PLWTeL_TZYx wSL]XZYd bT_S ZYP^PWQ LYO _SP `YTaP]^Px w`YT_d ZQ S`XLYT_dx wSPLWTYR ZQ MZOd LYO ^[T]T_x P_N ]PXLTYPO ZYRZTYR VPd bZ]O^ ?SP []ZXT^P ZQ R]PL_ _]LY^NPYOPYNd Pc[P]TPYNP^ QZ]XPO L _S]PLO ]`YYTYR _S]Z`RS LW_P]YL_TaP ^[T]T_`LWT_d ZQ PaP]d ^SLOP 4_ T^ ZQ ^[PNTLW TY_P]P^_ _SL_ 4YOTLY `YTaP]^LW Xd_STNLW TY _P][]P_L_TZY [L__P]Y^ w`YTaP]^LWXd_ST^NSP /P`_`YR^X`^_P]x NZ`WO MP L[[WTPO QWPcTMWd MZ_S _Z [`]P ^[T]T_`LWT_d LYO _Z PYSLYNPO ^PY^Z]TYP^^ LYO SZWT^_TN MZOd^Z`W NZYNP[_TZY^ L^ _SP []PNPOTYR NSL[_P]^ SLaP ^SZbY # 9£OL LYO DZRL L]P P^[PNTLWWd TY_P]P^_TYR QZ] _SP LNLOPXTN OT^ NZ`]^P ZY _SP XZOP]Y LRP MPNL`^P _SPd M]Z`RS_ LMZ`_ _SP L]]TaLW ZQ _SP bZYOP]Q`W TY L ]L_TZYLWTePO bZ]WO LYO ZQ _SP ^PY^Z]d TY [`]P ^[T]T_`LW T_d ,_ _ST^ [ZTY_ bP OZ YZ_ SLaP _Z ]P[PL_ _SP PcLX[WP^ LW]PLOd Pc_PY ^TaPWd OT^N`^^PO bSTNS []ZaTOP NWPL] PaTOPYNP ZQ _SP _]LY^N`W_`]LW OTQ Q`^TZY ZQ 4YOTLY TOPL^ ?SP _LWV ZQ wPYP]RTP^x LYO waTM]L_TZY^x _SL_ T^ LXLeTYRWd bTOP^[]PLO TY _SP BP^_P]Y bZ]WO _ZOLd SL^ T_^ ]ZZ_^ YZ_ ZYWd TY _SP ^_TX`WL_TZY Q]ZX 4YOTL $ -`_ 4YOTL [WLdPO L XLUZ] ]ZWP TY T_^ PXP]RPYNP 4YOTL []ZaZVPO _SP TOPL ZQ OPaZ_TYR XZ]P L__PY_TZY _Z ^Z`YO [SPYZXPYL LYO TY_P][]P_TYR _SPX NZ^XZWZRTNLWWd ?SP ^ZYTN [L]LOTRX ^`[[WTPO MZ_S L YPb `YOP]^_LYOTYR ZQ ^[T]T_`LWT_d LYO YPb ^PY^Z]d VYZbWPORP 4Y LOOT_TZY _Z _SP Pc[P]TXPY_LW OTXPY^TZY LYZ_SP] OPNT^TaP QLN_Z] bL^ 4YOTLY N`W_`]P LWWZbPO ZYP _Z MPWTPaP TY XT]LNWP^ bT_SZ`_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ $ 4_ T^ LW^Z [L]_Wd Pc[WLTYPO Md BP^_P]Y LWNSPXd 8P^XP]T^X [Z[`WL]TePO YL_`]LW ^NTPYNP LYO Z_SP] ^Z`]NP^ 1`]_SP]XZ]P 4YOTLY NZWWPN_TaP XPXZ]d ]PLNSPO _SP BP^_ YZ_ ZYWd aTL 4YOTLY _PLNSP]^ LYO _SP ]PLOTYR ZQ 4YOTLY ^Z`]NP^ M`_ LW^Z aTL TY_P]XPOT L_P NSLYYPW^ ?SP ?SPZ^Z[ST^_^ SLO LY TX[Z]_LY_ _]LY^XT__TYR Q`YN_TZY L^ OTO _SP L`_ZMTZR]L[STP^ OP^N]TMTYR bZYOP]Q`W LYO [L]LYZ]XLW _STYR^ SL[[PYTYR _Z 4YOTLY XL^_P]^ Q]ZX ATaPVLYLYOLv^ =LXLV]T^SYL _Z DZRLYLYOL

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

SLaTYR _Z [P]NPTaP _SPX L^ NZY_]L]d _Z ^NTPYNP =PWTRTZY LYO ^NTPYNP bP]P YZ_ TY NZYQWTN_ 4YOTRPYZ`^ XLY_]L TY_P][]P_L_TZY^ LM^Z]MPO ^NTPY _TQTN [L__P]Y^ ZQ Pc[WLYL_TZY P\`LWWd PQQZ]_WP^^Wd TY _SP []P^PY_ L^ ;`]£©TN bZ]WO TY_P][]P_L_TZY^ SLO LM^Z]MPO _SP YPb L^_]ZYZXTNLW OT^ NZaP]TP^ TY _SP 8TOOWP ,RP^ 4Y_P]P^_TYRWd _ZOLd TY 4YOTL LYO 0`]Z[P bP QTYO PcLN_Wd _SP ^LXP \`L^T^NTPY_TQTN Pc[WLYL_TZY [L__P]Y^ QZ] _SP [ZbP] ZQ ^Z`YO^ LYO _SPT] PQQPN_^ ZY _SP ^PWQ LYO ]PLWT_d ?SP]P T^ ZYP TX[Z]_LY_ OTQQP]PYNP SZbPaP] :Y _SP 4YOTLY ^TOP ZYP LWbLd^ ]PXLTY^ NWZ^PWd _TPO _Z ZYPv^ TYOTRPYZ`^ _]LOT_TZY PaPY bSP]P BP^_P]Y []ZO`N_^ L]P TYNW`OPO 3TYO`^ RPYP]LWWd MPWTPaP _SL_ _SPd NLY QTYO PaP]d_STYR TY _SPT] ZbY N`W_`]P bSTWP BP^_P]YP]^ PT_SP] YZ WZYRP] _]`^_ _SPT] ZbY _]LOT_TZY Z] ]PRL]O T_ L^ TY^`QQTNTPY_ LYO MZ]]Zb L^[PN_^ Q]ZX _SP wZ_SP]x $ ?SP MT]_S ZQ XZOP]Y ^[T]T_`LWT_d TY _SP YTYP_PPY_S NPY_`]d bL^ _SP []ZO`N_ ZQ []ZNP^^P^ ZQ X`_`LW TY_P]LN_TZY LYO PcNSLYRP 4_ bL^ L NZX XZY []ZUPN_ TY bSTNS MZ_S 4YOTLY LYO BP^_P]Y N`W_`]P SLO _SPT] ^SL]P M`_ ^_TWW _SP YPb _]LY^]PWTRTZ`^ ^[T]T_`LWT_d _SL_ PXP]RPO bL^ L WT__WP XZ]P 4YOTLY _SLY BP^_P]Y LYO T_ `W_TXL_PWd NSLYRPO _SP BP^_P]YP]^ XZ]P _SLY _SP 4YOTLY^ ?]LOT_TZYLW ]PWTRTZ`^ N`W_`]P TY 4YOTL SL]OWd WZ^_ LYd_STYR ZQ T_^ aT_LWT_d z P^[PNTLWWd TY ]`]LW L]PL^ BP OZ YZ_ bT^S _Z OPYd Md LYd XPLY^ _SL_ aP]d X`NS SL^ NSLYRPO TY 4YOTL O`]TYR _SP WL^_ _bZ S`YO]PO dPL]^ LYO TY ^ZXP ]P^[PN_^ L wBP^_P]YTeL_TZYx SL^ ZN N`]]PO ,XZYR Z_SP] _STYR^ _SP -]T_T^S M]Z`RS_ _SP 4YOTLY^ _SP []TY_TYR []P^^ _SP 0YRWT^S WLYR`LRP L^ L WTYR`L Q]LYNL YPb PO`NL_TZYLW Z[_TZY^ LYO TOPL^ LMZ`_ PYWTRS_PYXPY_ -`_ T_ T^ QL^NTYL_TYR U`^_ SZb QL^_ LYO PL^TWd ]PQZ]X 3TYO`^ LYO 4YOTLY XL^_P]^ bSZ _]LaPWPO _SP BP^_ _ZZV `[ LWW ZQ _ST^ LYO XLOP T_ Q]`T_Q`W QZ] _SPT] ZbY TY_P]P^_^ bSP_SP] _SPd bP]P L ^PL]NS QZ] YL_TZYLW TOPY_T_d _SP NWLTX _SL_ ^[T]T_`LWT_d bL^ _SP LN_`LW [LY,^TLY TOPY_T_d  Z] _SP ^[]PLO ZQ 4YOTLY VYZbWPORP TY _SP BP^_P]Y bZ]WO ATaPVLYLYOLv^ ^[T]T_`LWT_d NZYNP[_ bL^ MZ_S 4YOTLY LYO OP N`W_`]L_PO L_ _SP ^LXP _TXP 3P N]PL_PO LY 4YOTLY TOPY_T_d QZ] _SP `YT_d ZQ _SP YL_TZY LYO L_ _SP ^LXP _TXP LY ZQQP] ZQ ]PWTRTZ`^ TOPY_T_d bT_S bSTNS BP^_P]YP]^ NZ`WO PL^TWd TOPY_TQd ?SP XZOP]Y 4YOTLY XL^_P]^ bP]P Pc_]PXPWd QL^_ TY [TNVTYR `[ LYO w4YOTLYTeTYRx _SP S`XLYT^_TN LYO ]L_TZYLW aLW`P^ ZQ PYWTRS_PYXPY_ ^`NS L^ `YTaP]^LW Q]L_P]YT_d ]PWTRTZ`^ _ZWP]LYNP NZ^XZ[ZWT_LYT^X P_N M`_ OTO YZ_ LOZ[_ _SP LY_T]PWTRTZ`^ N]T_T\`P ;]PNT^PWd _ST^ [L__P]Y bL^ L__]LN_TaP _Z BP^_P]YP]^ -PNL`^P TY_P]YL_TZYLWWd LN_TaP 4YOTLY XL^_P]^ ZQQP]PO _SPT] ]PWTRTZ`^ []ZR]LX^ L^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ZY _ST^ ALY OP] APP] w>[T]T_`LWT_d TY 8ZOP]Y >ZNTP_dx ZY _SP -PYRLWT [ZP_ =LMTYO]LYL_S ?LRZ]P bSZ _]LaPWPO _Z BP^_P]Y LYO QL] 0L^_P]Y NZ`Y_]TP^ L^ LY LX ML^^LOZ] ZQ ,^TLY ^[T]T_`LWT_d 4Y _SP BPTXL] =P[`MWTN ST^ ]P[PL_PO aT^T_^ _]TRRP]PO LY w4YOTL MZZXx 3P bL^ _SP ^ZY ZQ /PMPYO]LYL_S ?LRZ]P bSZ QPL_`]P^ TY _SP QZW WZbTYR

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d

$

w[`]P ^[T]T_`LWT_dx z WL]RPWd bT_SZ`_ N`W_`]LW MLRRLRP ^`NS L^ [`]T_d ]`WP^ LYO MTYOTYR _Z NL^_P RPYOP] ]T_`LW LYO ^ZNTLW NZY_Pc_^ P_N z _SPd XLOP _SP _PLNSTYR^ LYO []LN_TNP^ PL^TWd wNZYaP]_TMWPx TY_Z YPb N`W_`]LW ^d^_PX^ LYO N]PL_PO YPb L]PL^ ZQ NZXXZY R]Z`YO :Y _SP BP^_P]Y ^TOP _SP YPb ^[T]T_`LWT_d bL^ L N]T_TNT^X ZQ LYO L M]PLV bT_S _]LOT_TZY bSTWP ZY _SP 4YOTLY ^TOP T_ bL^ L NWPL] N`W_`]LW OPNT^TZY QZ] bSL_ bL^ ZYPv^ ZbY ?ST^ MPNZXP^ aP]d NWPL] TY ATaPVLY LYOL LYO Z_SP] b]T_P]^ 3ZbPaP] T_ T^ ^SZbY PaPY TY _SP QZWWZbTYR Pc _]PXP NL^P ZQ XZOP]YLRP ]PWTRTZ`^ N`W_`]P TY 4YOTL bSTNS TWW`^_]L_P^ P^[PNTLWWd bPWW _SP Q`YOLXPY_LW TY]ZLO^ XLOP Md ]PQZ]X 3TYO`T^X TY_Z _]LOT_TZYLW ]PWTRTZY LYO _SP PQQPN_TaP TY_P]LN_TaP []ZNP^^P^ L_ bZ]V SP]P 8Lc 8ÞWWP] ]P[Z]_^ _SL_ SP w^SZZVx _SP 4YOTLY _SPZWZRTLY^ Z`_ ZQ w_SPT] ^W`XMP]x bT_S ST^ QT]^_ NZX[WP_P []TY_PO POT_TZY ZQ _SP ‹RaPOL #$z #"  8ÞWWP] NWLTXPO _SL_ ]PQZ]XP]^ ZQ 3TYO`T^X ^`NS L^ /PMPY O]LYL_S ?LRZ]P #"z$  bSZ SLO SPWO QL^_ _Z _SP APOL L^ L OTaTYP ]PaPWL_TZY `[ _Z #  YZb ]PNZRYTePO SZb WT__WP _SPT] w-TMWPx NZY _LTYPO MPdZYO _SP NSTWOWTVP LYO SZb WT__WP T_ ZQQP]PO QZ] ]PQZ]X LYO XZOP]YTeL_TZY /PMPYO]LYL_S LYO Z_SP]^ 8ÞWWP] ^_L_PO _SP]P`[ZY WZ^_ _SPT] QLT_S TY _SP APOL ?ST^ T^ SZbPaP] YZ_ _SP bSZWP ^_Z]d 4Y QLN_ /PMPYO]LYL_S SPWO QL^_ _Z _SP @[LYT´LO^ 3P ]PUPN_PO ±L«VL]L LYO [Z^ _`WL_PO _SL_ YZ _PLNSP]^ Z] NZXXPY_L]TP^ bP]P YPPOPO _Z `YOP]^_LYO _SP ^N]T[_`]P^ 4Y^_PLO ZYWd ZYPv^ ZbY TY_`T_TZY LYO _SP aZTNP ZQ ZYPv^ ZbY SPL]_ bP]P YPNP^^L]d ,NNZ]OTYR _Z BTWSPWX 3LWMQL^^ TY _ST^ aTPb ZQ TXXPOTL_P Pc[P]TPYNP /PMPYO]LYL_S bL^ TYQW`PYNPO Md BP^_P]Y NZY NP[_^ ZQ TY^[T]L_TZY LYO TY_`T_TZY LYO 3TYO`TePO _SP^P BP^_P]Y TOPL^ `^TYR _SP _P]X £_XL[]L_dLdL 8£©“¼VdL @[LYT´LO  4Y _SP Z]TRTYLW NZY_Pc_ _SP Pc[]P^^TZY XPLY_ _SP YZYO`LWT^_TN ^PWQ[]P^PYNP ZQ LM^ZW`_P NZY^NTZ`^YP^^ M`_ QZ] /PMPYO]LYL_S T_ ^TRYTQTPO wTY_`T_TaP VYZbWPORPx LYO _SP waZTNP ZQ _SP SPL]_x 3P _S`^ RLaP ST^ ZbY ^LN]PO WT_P]L_`]P L YPb OTXPY^TZY ZQ `YTaP]^LWT_d LYO Z[PYPO `[ NZXXZY R]Z`YO bT_S Z_SP] ]PWTRTZY^ :YP NLY ^PP U`^_ SZb ^_]ZYRWd _]LOT_TZY T^ NSLYRPO SP]P ?SP APOL T^ MPTYR OT^^ZWaPO L^ L MZOd ZQ ^Z`YO _]LOT_TZYLW NZXXPY_L]d VYZbW PORP T^ Pc_TYR`T^SPO LYO _SP QLNP_ZQLNP _PLNSP][`[TW NZY_LN_ T^ RTaPY `[ /PMPYO]LYL_S L^^TXTWL_PO _SP ^`MUPN_TaT_d ZQ _SP b]T_TYR ^`MUPN_ w>NS]TQ_^`MUPV_x ?SP]PMd SP NLXP TY^[T]PO Md _SP BP^_  YZ_TNPLMWd NWZ^P _Z _SP TXLRP _SL_ .LX[MPWW NZY^TOP]PO _d[TNLW ZQ 3TYO`T^X% TY_`T _TZY QPPWTYR LYO LY TXXPOTL_P aT^TZY ZQ ]PLWT_d LYO _]`_S 3ZbPaP] T_ T^ ]PaPLWTYR _SL_ /PMPYO]LYL_S OTO YZ_ TY_]ZO`NP LY LM^ZW`_P M]PLV bT_S ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ZY _ST^ LYO ZY _SP QZWWZbTYR -PNVP 3TYO`T^X`^ 3LXM`]R% 5`YT`^ $$! #! Q  .Q ZY _ST^ 3LWMQL^^ 4YOTPY `YO 0`]Z[L  $z  3P []P^`XP^ TYQW`PYNP^ Md >SLQ_ P^M`]d LYO _SP >NZ__T^S >NSZZW ZQ .ZXXZY >PY^P



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_]LOT_TZY M`_ _]TPO _Z RTaP ST^ TYYZaL_TZY L ]L_TZYLWP ML^PO TY _]LOT_TZY ?ST^ T^ aP]d _d[TNLW ZQ XZOP]Y ^[T]T_`LWT_d TY 4YOTL  4Y _SP ST^_Z]d ZQ TY_P]LN_TaP PcNSLYRP T_ ]PXLTY^ YZ_TNPLMWP _SL_ BP^_P]YP]^ ^PPV ^[T]T_`LW ]PYPbLW TY _SP wZ_SP]x bSTWP 4YOTLY^ QTYO T_ TY _SPT] ZbY N]PL_TaPWd ]PTY_P][]P_PO _]LOT_TZY ?SP [L__P]Y ZQ SZWT^_TN ^[T]T_`LWT_d TY ATaPVLYLYOL LYO -P]PYO_ NLY MP ]PRL]OPO L^ RPYP]LWWd L[[WTNLMWP 4Y -P]PYO_ _SP BP^_P]YP] T_ T^ L NZWWLRP ZQ N]Z^^N`W_`]LW M`TWOTYR MWZNV^ bSTNS OP_P]XTYP^ _SP SZWT^X wPTYP -]TNZWLRP aZY AP] ^L_e^_ÞNVPY OTP OPY 3ZWT^X`^ L`^XLNSPYx bSP]PL^ TY ATaPVLYLYOL _SP 4YOTLY ^[T]T_`LW `YT_d T^ L SZWT^_TN XP_L[SZ] _SL_ ]PXLTY^ NWZ^PWd MZ`YO _Z _]LOT_TZY wPTYP _]LOT_TZY^RPM`YOPYP 2LYeSPT_^XP_L[SP]x 4Y -P]PYO_ T_ bL^ N]T_TNT^X ZQ ST^ ZbY N`W_`]P LYO TY ATaPVLYLYOL T_ bL^ _SP ]PaLW`L_TZY ZQ ST^ ZbY N`W_`]LW SP]T_LRP ATaPVLYLYOL `_TWTePO PcT^_ TYR [Z_PY_TLW^ TY _SP 3TYO` _]LOT_TZY^ bSTNS [P]XT__PO RPYP]LW L^ ^`X[_TZY^ N`__TYR LN]Z^^ ]PWTRTZ`^ OPXL]NL_TZY^ TY [L]_TN`WL] _SL_ PaP ]d_STYR bPY_ MLNV _Z _SP ^LXP `YOP]WdTYR _]`_S LYO bP]P NZX[L_TMWP bT_S PYWTRS_PYXPY_ ?SP^P _bZ bLd^ ZQ L[[]ZLNSTYR _SP XZOP]Y [P]TZO L]P [L]LOTR XL_TN% TY 4YOTL bP QTYO []P^P]aL_TZY ZQ bSL_ T^ ZYPv^ ZbY LYO _]LOT_TZY MPTYR LOL[_PO _Z _SP XZOP]Y [P]TZO bSP]PL^ -P]PYO_ YZ WZYRP] _]`^_PO ST^ _]LOT_TZY LYO N]T_TNTePO T_ 3P _SP]PQZ]P aP]d NZY^NTZ`^Wd MZ]]ZbPO Q]ZX _SP wZ_SP]x LYO QPW_ YZ_ ZYWd _SL_ _SP wZ_SP]x ^`T_PO _SP ^[T]T_`LW wYPb NZY^NTZ`^YP^^x M`_ _SL_ T_ bL^ LW^Z OPNT^TaP _SL_ _ST^ YPb NZY ^NTZ`^YP^^ SLO OPaPWZ[PO L_ LWW -P]PYO_v^ 9£OL-]LSXLY bL^ L `^PQ`W XZOPW TY Z`] OT^N`^^TZY QZ] LYLWdeTYR SZb N`W_`]LW NZYNP[_^ bSPY _]LY^[Z]_PO TY_Z L YPb N`W_`]LW QTPWO L]P _]LY^QZ]XPO _S]Z`RS [L]_TNT[L _TZY TY _SL_ QTPWO ,_ _SP ^LXP _TXP _SP YPb N`W_`]LW QTPWO bTWW LWXZ^_ LWbLd^ MP _]LY^QZ]XPO _S]Z`RS _SP LOOT_TZY ZQ _SP YPb NZYNP[_ 4Y -P] PYO_v^ 9£OL-]LSXLY _SP]P T^ L ^STQ_ TY_Z [Z[`WL] ^NTPYNP LYO TY_Z N`W _`]LW N]T_TNT^X BSL_ T^ 4YOTLY T^ _Z_LWWd OPN`W_`]L_PO dP_ _SP 4YOTL TY^[T]PO YPb NZOTYR ZQ _SP bZ]WO LYO ^STQ_ TY []PQP]PYNP^ TY _SP `YOP] ^_LYOTYR ZQ X`^TN LYO _SP bZ]WO T^ ^_TWW aP]d NWPL] 4_ T^ YZ_PbZ]_Sd _SL_ _SP ^ZNTZWZRT^_ ;P_P] -P]RP] TY ST^ w3P]P_TNLW 4X[P]L_TaPx L_ _SP PYO _SP $"^ ^_TWW QPW_ _SL_ _SP \`P^_TZY ZQ bSL_ w-PYL]P^x XPLY_ _Z w5P]`^L WPXx bL^ _SP ZYP _SL_ bL^ LWWTX[Z]_LY_ LYO _Z_LWWd OPNT^TaP QZ] _SP Q`_`]P ZQ ]PWTRTZY 1Z] -P]PYO_ LYO Z_SP] QZWWZbP]^ ZQ 9Pb ,RP ^TYNP _SP $#^ T_ SL^ YZ_ MPPY YPNP^^L]d _Z RTaP LY `YP\`TaZNLW uDP^v Z] u9Zv _Z ZYP Z] _SP Z_SP] 8ZOP]Y ]PWTRTZ`^ NZX[Z^T_TZY T^ NSL]LN_P]TePO TY [L]_TN`WL] Md _SP QLN_ _SL_ _SP]P T^ YZ wYPPO _Z NSZZ^Px M`_ Q]PP NZX MTYL_TZY ?ST^ T^ Pc[]P^^PO TY LY Pc_]PXP XLYYP] Md L dZ`YR bZXLY bSZ QTYO^ wbT_SZ`_ Xd XTc ZQ ]PWTRTZY 4 bZ`WO YZ_ MP SL[[dx  ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  >_PQLYTP =Z^PYV]LYe w2PT^_P] 2`]`^ `YO 2PMP_Px >_P]Y $ $% !

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d



,OZ[_TYR LYO ]PNZX[Z^TYR ]PWTRTZ`^ PWPXPY_^ T^ L M]PLV Q]ZX _SP _]LOT_TZY^ Q]ZX bSTNS _SPd bP]P _LVPY LYO ^TX`W_LYPZ`^Wd _SP TYaPY _TZY ZQ L YPb _]LOT_TZY& _SP PWPXPY_^ OZ YZ_ OT^L[[PL] M`_ RLTY L YPb NZY_Pc_ L^ ]PWTRTZY  4Y ^_]`N_`]LW _P]X^ _SP ^LXP []ZNP^^ LW^Z L[[WTP^ _Z XZOP]Y 4YOTLY ^[T]T_`LWT_d M`_ _SP NZY_PY_ T^ _Z_LWWd OTQQP]PY_ 8Tc _`]P^ ZQ ]PWTRTZY^ bT_S PWPXPY_^ Q]ZX LWW L]Z`YO _SP bZ]WO L^ T^ _d[TNLW ZQ _SP 9Pb ,RP L]P RPYP]LWWd YZ_ QZ`YO TY 4YOTL 4_ T^ _]`P _SL_ TY _SP [L^_ L 3TYO` NZ`WO LW]PLOd aT^T_ L NS`]NS OPOTNL_PO _Z _SP AT]RTY LYO _SP R]LaP ZQ L 8`^WTX SZWd XLY LYO SLaP L [TN_`]P ZQ 5P^`^ ZY ST^ OZXP^_TN LW_L] M`_ _SP]P L]P SL]OWd LYd 9Pb,RP^_dWP ^dYN]P_T^X^ ,YO bSP]P TY []P^PY_OLd 4YOTLY ]PWTRTZ`^ N`W_`]P ZYP _]TP^ _Z SLaP L ^[T]T_`LWT_d OTQQP]PY_ Q]ZX _]LOT_TZYLW ]PWTRTZY ZYP OZP^ YZ_ ^PPV ^ZW` _TZY^ TY _SP bSZWP bZ]WO :YP T^ ^L_T^QTPO bT_S >LT -LML Z] Z_SP] 4YOTLY XL^_P]^ .`W_`]LW [L]_TN`WL]^ LYO wX`W_T[WP XZOP]YT_TP^x L]P _S`^ PaPY ]PQWPN_PO bT_STY _]LY^]PWTRTZ`^ XZOP]Y ^[T]T_`LWT_d ?SP 4YOTLY LYO _SP BP^_P]Y ^_dWP L]P _bZ \`T_P OTQQP]PY_ L[[]ZLNSP^ _Z ]PWTRTZY TY _SP XZO P]Y [P]TZO bSTNS L]P Pc[WLTYPO Md OTaP]RPY_ ^ZNTZN`W_`]LW QTPWO^  ?SP ^ZNTZN`W_`]LW []LN_TNP^ OP_P]XTYP _SP QZ]X^ ZQ ^`MUPN_TaT_d ,W_SZ`RS ]PWTRTZY TY 4YOTL T^ LW]PLOd _]LOT_TZYLWWd aP]d TYOTaTO`LWT^_TN LYO XLYd T_PX^ NLY MP ^`MUPN_TaPWd NZXMTYPO TY _SP []LN_TNP ZQ ]PWTR TZY LYO LW_SZ`RS TY XZOP]Y `]MLY ^[T]T_`LWT_d T_ T^ [Z[`WL] _Z NWLTX _SP ^LXP APO£Y_L _SP ^LXP TOPL^ ZQ SL]XZYd LYO 9£OL LYO _SP ^LXP ^NT PY_TQTN Pc[WLYL_TZY^ L^ _SP BP^_P]YP]^ OZ XZOP]Y ^[T]T_`LWT_d TY 4YOTL ]PXLTY^ _TPO TY_Z _SP NZWWPN_TaP Z]TPY_PO ZY bSL_ T^ ZYPv^ ZbY LYO OP_P]XTYPO Md _]LOT_TZY ?SP]P bL^ YZ LYLWZRZ`^ ]PWTRTZ`^ aLN``X TY 4YOTL ]P\`T]TYR ]PNZ`]^P _Z Z_SP] N`W_`]P^ M`_ TY^_PLO TY _SP YTYP_PPY_S NPY_`]d _SP]P bL^ XZ]P ZQ L aLN``X TY ^PWQP^_PPX LYO [LY4YOTLY TOPY_T_d ^`][L^^TYR ZYPv^ ]PRTZYLW SZXPN`W_`]P ?SP SZXZRPYTeTYR ZQ ]PWTRTZY L^ ATaPVLYLYOL LYO 2LYOST OTO PLNS TY _SPT] ZbY bLd^ ^TY RWTYR Z`_ [LY4YOTLY PWPXPY_^ bL^ QTWWTYR _ST^ RL[ -Z_S ^SL]PO L [L_ _P]Y _SL_ T^ QZ`YO ]TRS_ `[ _Z XZOP]Y ^[T]T_`LWT_d OT^NZ`]^P^ 4YOTLY ^[T]T_`LWT_d XP]PWd ^PWPN_^ bSL_ bL^ LW]PLOd []P^PY_ TY _SP _]LOT_TZY LYO LOL[_^ T_ _Z _SP N`]]PY_ NZYOT_TZY^ L^ SLO LWbLd^ MPPY _SP NL^P ?ST^ Q]PPOZX T^ NZWWPN_TaPWd LYNSZ]PO LYO ^LYN_TZYPO .ZWWPN_TaT_d LYO TYOT aTO`LWT_d L]P _bZ ^TOP^ ZQ _SP ^LXP NZTY ?ST^ T^ OTQQP]PY_ TY XZOP]Y BP^_P]Y ^[T]T_`LWT_d ?SP]P T^ L OP^T]PO M]PLV bT_S _SP [L^_ TY [L]_TN`WL] bT_S NS`]NS OTN_L_P^ LYO OZRXL^ ?SP L`_ZYZXd ZQ _SP TYOTaTO`LW T^ _SP YPb ^ZNTLW NPY_P] ?SP TYOTaTO`LW NSZZ^P^ bSL_ L[[PL]^ _Z STX Z] SP] _Z MP RZZO LYO ]TRS_ bT_SZ`_ QPPWTYR _TPO _Z _]LOT_TZYLW OTN_L_P^ LYO N`W ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q ZY _ST^ LW^Z /LYTÊWP 3P]aTP`7ËRP] =PWTRTZY [Z`] XËXZT]P ;L]T^% .P]Q $$& 3`MP]_ 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY  !& LYO 1]LYV 5 6Z]ZX w:WO ,RP ?TMP_ TY 9Pb ,RP ,XP]TNLxȱ



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

_`]LW LYO ]PWTRTZ`^ MZ`YOL]TP^ 3ZbPaP] L NP]_LTY _]LOT_TZY T^ ZQ_PY TY _SP QZ]PR]Z`YO -P]PYO_ bL^ ZYP ZQ _SP^P _d[TNLW XZOP]Y w^[T]T_`LW bLYOP]P]^x MP_bPPY _SP bZ]WO^ -P]PYO_v^ 9£OL-]LSXLY bL^ L ^dY N]P_TN NZWWLRP M`_ aP]d NWPL]Wd TY^[T]PO Md 4YOTL 4Y ZaP]_ZYP ^TYRTYR ZYP ZQ ST^ QLaZ]T_P PcLX[WP^ ZQ _SP bZ]WO[P]aLOTYR NZ^XTN ^Z`YO _SP 4YOTLY MLNVO]Z[ bL^ LW]PLOd `Y]PNZRYTeLMWP ?SP 4YOTLY X`^TNTLY^ TX[L]_PO _Z -P]PYO_ L wQPPWTYRx QZ] _SP 9£OL -]LSXLY _SL_ SP Pc[LYOPO TYOP[PYOPY_Wd ?SP 4YOTLY NZYNP[_ ^P]aPO STX L^ L _SPZ]P_TNLW QZ`YOL_TZY QZ] ST^ SZWT^_TN 9Pb ,RP []ZR]LX LYO PYLMWPO STX _Z L[[]ZLNS ^PaP]LW OTQQP]PY_ _]LOT_TZY^ TY LY TY_PR]LW ZaP] LWW [P]NP[_TZY L^ L `YT_d ?SLYV^ _Z _SP 9£OL-]LSXLY -P]PYO_ ]PLNSPO L YPb `YOP]^_LYOTYR ZQ _SP LYNTPY_ WZRZRPYTN X`^TN ZQ _SP ^[SP]P^ bSTNS YZb MPNLXP LNNP^^TMWP _Z _SP ^PY^P^ ?SP [Z^_XZOP]Y bZ]WO X`^TN ZQ ST^ _TXP bSTNS NZXMTYP^ X`^TNLW _]LOT_TZY^ Q]ZX LWW ZaP] _SP bZ]WO NZ`WO LW^Z MP `YOP]^_ZZO _Z MP ^ZXP_STYR w^[T]T_`LWx bT_S LY LQQTYT_d bT_S _SP []TXZ]OTLW ^Z`YO ZQ _SP bZ]WO ?SP XZ^_ TX[Z]_LY_ _STYR _SL_ -P]PYO_ LYO L bSZWP RPYP]L_TZY ZQ X`^TNTLY^ bSZX SP PY _S`^TL^_TNLWWd NT_P^ ^LTO _SPd WPL]YPO Q]ZX 4YOTLY X`^TN bL^ w^[T]T_`LW T_dx L ^[T]T_`LW L__T_`OP _ZbL]O^ XLVTYR X`^TN LYO ]PWL_TYR ZYP^PWQ _Z WTQP ?SP 4YOTLY X`^TNTLY^ SLO TX[L]_PO _Z -P]PYO_ _SP TOPL _SL_ X`^TN XLVTYR bL^ ^ZXP_STYR ^[T]T_`LW L [L_S _Z 2ZO -P]PYO_ ^Lb _ST^ OTQQP] PY_ L__T_`OP QZ`YOPO TY XZOLW X`^TN LYO L OTQQP]PY_ bLd ZQ SPL]TYR ?ST^ ^PXTZ_TNTeL_TZY LYO ^LN]LWTeL_TZY ZQ X`^TN bZ`WO []ZMLMWd YZ_ SLaP ZNN`]]PO _Z STX TQ T_ SLO YZ_ NZXP Q]ZX _SP 4YOTLY X`^TNTLY^ SP ^[ZVP _Z :Y _SP Z_SP] SLYO -P]PYO_ XLOP LY TY_P]P^_TYR LP^_SP_TN [ZTY_ 4_ T^ _]`P _SL_ _SP [`]PWd ^PY^Z]d LP^_SP_TN NZXX`YTNL_TZY ZQ XZ OLW X`^TN TX[L]_^ L OTQQP]PY_ QPPWTYR ZQ ^[LNP LYO _TXP LYO ZQ ZYP^PWQ L^ L X`^TNXLVP] LYO WT^_PYP] -P]PYO_ QZ`YO L VTYO ZQ ]PaPWL_TZY SP]P 3P bL^ Pc[WTNT_Wd ^PPVTYR _SP wPL] [PZ[WPx wOPY :S]PYXPY^NSPYx bT_S bSZX SP L^^ZNTL_PO L XZ]P ]PNP[_TaP XZ]P XZ]LWWd ^PY^T_TaP LYO XZ]P [L]_TNT[L_Z]d XLYYP] ZQ [P]NPTaTYR _SP bZ]WO _SLY _SL_ ZQ _SP OT^ ^PN_TYR WZRZRPYTN b]T_TYR ^`MUPN_ w>NS]TQ_^`MUPV_x ?SP Z_SP] N`W_`]P ^`[[WTPO L ^ZW`_TZY QZ] _SP wOT^PL^Px ZQ ST^ ZbY BSL_ T^ YZ_TNPLMWP LMZ`_ _ST^ WTYP ZQ L]R`XPY_L_TZY T^ _SL_ BP^_P]Y P]^ OT^NZaP]PO _SP ^ZYTN N`W_`]P LYO PYNZ`]LRP T_ MPNL`^P T_ ^_TX`WL_PO _SPX _Z L YPb `YOP]^_LYOTYR ZQ ]PLWT_d bSTWP 4YOTLY ]PQZ]XP]^ WTVP ?LRZ]P LYO ATaPVLYLYOL ^_L]_PO _Z Z]TPY_ _SPX^PWaP^ ZY _SP BP^_P]Y b]T_TYRML^PO ]L_TZYLWT_d LYO TY_P]TZ]T_d 3ZbPaP] T_ T^ P\`LWWd YZ_TNP LMWP _SL_ _SP ]PQZ]XP]^ ^_TWW NZY^_]`N_PO L Q`WWd [L]_TNT[L_Z]d TXLRP ZQ 3TYO`T^X z LYLWZRZ`^ _Z _SL_ ZQ -P]PYO_ TP L bZ]WOaTPb _SL_ OTQQP]PO Q`YOLXPY_LWWd Q]ZX _SP `^`LW BP^_P]Y ZYP% ^[T]T_`LW `YT_d LYO SL] XZYd ZQ _SP `YTaP]^P TXXPOTL_P aT^TZY ZQ ]PLWT_d ]PaLW`L_TZY ZQ TY_`T _TZY LYO QPPWTYR P_N ?ST^ X`_`LWT_d T^ _SP ]P^`W_ ZQ NZRYT_TaP RWZMLWTeL

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d



_TZY ZQ 4YOTLY _SZ`RS_^ LYO _SP _]LY^YL_TZYLW QWZb^ ZQ ^[T]T_`LW RZZO^ TY _SP XZOP]Y LRP 4Y_P]P^_TYRWd TY _ST^ NL^P _SP []ZMWPXL_TN `YOP]XTYTYR ZQ ]L_TZYLWT_d SL^ _Z MP L__]TM`_PO XZ]P _Z _SP 4YOTLY ?LRZ]P _SLY _Z _SP BP^_P]YP] -P]PYO_ ?SP ]PaLW`L_TZY ZQ TY_`T_TZY P_N []P^`[[Z^P^ TY QLN_ _SZ^P BP^_P]Y YPPO^ w-POÞ]QYT^WLRPYx bSTNS .LX[MPWW [Z^_` WL_PO _Z MP _SP waLN``Xx WPQ_ Md _SP BP^_P]Y ST^_Z]d ZQ ]L_TZYLWTeL_TZY  ,^ L XZOP]Y w^PPVP] LQ_P] XPLYTYRx w>TYY^`NSP]x -P]PYO_ bL^ P^[PNTLWWd TY_P]P^_TYR QZ] Z`] OT^N`^^TZY L^ SP XLVP^ _SP 4YOTL TY^[T]PO NSLYRP TY bZ]WOaTPb Pc[WTNT_ LYO L^^ZNTL_P^ T_ bT_S LY L^[PN_ _SL_ SL^ ]PNPTaPO WT__WP NZY^TOP]L_TZY TY _SP OT^N`^^TZY ZQ XZOP]Y ^[T]T _`LWT_d TP _SP ^PY^P ZQ SPL]TYR bSTNS SL^ LN\`T]PO L OTQQP]PY_ N`W_`]LW aLW`P LYO [ZbP] TY 4YOTL _SLY TY _SP BP^_ :Y _SP _Z[TN ZQ 4YOTLv^ TY^[T ]L_TZY ZQ _SP BP^_ bSPY _ST^ T^ NZY^TOP]PO L_ LWW ZYP ^_TWW LWbLd^ _STYV^ []TXL]TWd ZQ ATaPVLYLYOLv^ LYO ±L«VL]Lv^ APO£Y_L 3Zb bTOP ^[]PLO 4YOTLY YZ_TZY^ LMZ`_ ^Z`YO SLaP YZb MPNZXP TY _SP BP^_ SL^ MPPY RTaPY ^NLY_ L__PY_TZY LYO T^ _SP]PQZ]P OT^N`^^PO Pc_PY^TaPWd LMZaP , ^PNZYO NPY_]LW L^[PN_ ZQ -P]PYO_v^ NWL^^TNLW 9Pb ,RP bZ]V bL^ _SL_ T_ ]P[]P^PY_PO LY TY_P]P^_TYR NZY_PX[Z]L]d OZN`XPY_ ]PQWPN_TYR L bSZWP RPYP]L_TZY ZQ X`^TNTLY^ bSZ bP]P [Z[`WL] TY _SP [P]TZO _SL_ =ZZQ ]PRL]OPO L^ _SP wRPYP]L_TZY ZQ NSLYRPx bSTNS TY_]ZO`NPO L YPb ]PWTRTZ`^ QZ]X ^[T]T_`LWT_d 3ZbPaP] w_LTWZ]POx LYO ^PWPN_TaP -P] PYO_v^ ]P[]P^PY_L_TZY XLd MP LYO SZbPaP] wP^Z_P]TNx T_ XTRS_ [Z^^TMWd L[[PL] _Z XZ^_ ZQ Z`] ]PLOP]^ L_ _SP ^LXP _TXP T_ ]PQWPN_^ P\`LWWd bPWW _SP wePT_RPT^_x ZQ _SP $!^ LYO $"^ LYO LW^Z T_^ NZY_TY`TYR TX[LN_^ TY _SP 9Pb ,RP 3P]P T_ T^ ZQ [L]_TN`WL] TY_P]P^_ _SL_ _SP OZN`XPY_L_TZY TWW`^_]L_P^ _SL_ 4YOTLY NZWWPN_TaP XPXZ]d bL^ ^[]PLO YZ_ ZYWd aTL _PLNS TYR^ M`_ aTL Z_SP] NSLYYPW^ L^ bPWW P^[PNTLWWd _S]Z`RS X`^TN ,Q_P] LWW PaPY O`]TYR _SP SPdOLd TY _SP BP^_ TY _SP PL]Wd $"^ 4YOTLY _PLNSP]^ _SPX^PWaP^ SLO LWbLd^ SLO ZYWd XTYZ]T_TP^ L^ QZWWZbP]^ ?SP ]PNP[_TZY ZQ 4YOTL TY ULee [Z[ bZ]WO X`^TN P_N SLO TX[LN_^ ZY L X`NS M]ZLOP] ^NLWP 8`^TN L^ L NSLYYPW ZQ NZXX`YTNL_TZY []ZXZ_PO Z_SP] []ZNP^^P^ ZQ LN\`T^T_TZY LYO [P]NP[_TZY _SLY MZZV^ OTO _SP WT_P]L]d NZY_LN_ eZYP^ Z] _SP 4YOTLY _PLNSP]^ QZ] XLYd [PZ[WP wR`]`^x SLO YPRL_TaP NZYYZ_L _TZY^ 3P]P bP L]]TaP L_ L NPY_]LW L]R`XPY_ QZ] _ST^ bSZWP MZZV YLXPWd _SL_ ^Z`YO ]P[]P^PY_^ LY TYOP[PYOPY_ QZ]X ZQ NZXX`YTNL_TZY 4_^ ^PY ^Z]d PXZ_TaP L[[PLW _]TRRP]^ Z_SP] QZ]X^ ZQ [P]NP[_TZY LYO VYZbWPORP _SLY _PLNSTYR^ LYO NZYaTN_TZY^ ZQ QLT_S OZ TY bSTNS ^PXLY_TN^ L]P _SP XZ^_ ^LWTPY_ L^[PN_ 4YOTLY N`W_`]P LYO bZ]WOaTPb QZ]XL_TZY bP]P LYO ^_TWW L]P ZQ_PY ^[]PLO YZ_ ZYWd aTL ^PXLY_TNLWWd _]LY^[L]PY_ []Z[Z^T_TZY^ M`_ LW^Z aTL XZZO^ LYO L_XZ^[SP]P^ ?ST^ LW^Z L[[WTP^ QZ] TY^_LYNP _Z bSL_ _ZOLd L]P XLdMP _SP _bZ XZ^_ [Z[`WL] Pc[Z]_TX[Z]_ RZZO^% ,d `]aPOL LYO -ZWWdbZZO



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

 :YP ZQ Z`] XLTY L]R`XPY_^ ]PRL]OTYR 4YOTLv^ WT_P]L_`]P bL^ _SL_ MPNL`^P ZQ _SP ^_]ZYR [SZYZNPY_]TNT_d LYO [P]QZ]XLYNP N`W_`]P _SP L`OT_Z]d L^[PN_ LWbLd^ SL^ _Z MP NZY^TOP]PO Z] TY Z_SP] bZ]O^% T_^ LP^ _SP_TN^ TP _SP LP^_SP_TN NZXX`YTNL_TZY LYO XP^^LRP _SL_ L]P TY bT_S LYO wMPSTYOx _SP _Pc_ ,NNZ]OTYR _Z ZM^P]aP]^ ZQ XZOP]Y ^[T]T_`LWT_d T_^ VPd NSL]LN_P]T^_TN^ TYNW`OP LP^_SP_TN^ LYO PaPY_ N`W_`]P 4Y _SP WL^_ QZ]_d dPL]^ _ST^ SL^ MPNZXP ^TRYTQTNLY_Wd XZ]P YZ_TNPLMWP 4_ T^ YZ WZYRP] _SP \`TP_ WT^_PYTYR _Z _SP bZ]O^ ZQ _SP bT^P XL^_P] Q]ZX 4YOTL LYO _SP ^PL]NS QZ] _SP OTaTYP ^PWQ TY ZYPv^ ZbY TYYP] ^[LNP M`_ _SP Pc[WZ]L_TZY ZQ YPb OTXPY^TZY^ ZQ _SP ^PY^P^ LYO _SP MZOd YPb ]T_`LW^ LYO L RTRLY _TN LW^Z TY PNZYZXTN _P]X^ XPOTNLW ^PN_Z] _SL_ ZNN`[d _SP NPY_P] ZQ L__PY_TZY ,W_P]YL_TaP wSZWT^_TNx _SP]L[P`_TN XP_SZO^ LYO bPWWYP^^ L]P XLUZ] PWPXPY_^ TY _ZOLdv^ 9Pb ,RP SZWT^X []ZR]LX , MZOd Z]TPY_L_TZY NLY MP ^PPY aP]d NWPL]Wd _SL_ T^ X`NS ^_]ZYRP] _SLY T_ bL^ TY _SP $"^ 4YOTLY XP_SZO^ ^`NS L^ DZRL LYO ,d`]aPOL PcT^_ LWZYR^TOP Z_SP] SPLW_SLTO^ LYO _SP]L[TP^ M`_ ]LYV STRSWd TY bPWWYP^^ ZY MZ_S \`LY_T_d LYO \`LWT_d ?SP bPWWYP^^ TYO`^_]d Q]P\`PY_Wd XLVP^ `^P ZQ _SP ^dXMZWTN ]P[P]_ZT]P ZQ 0L^_P]Y ]PWTRTZY^ QZ] TY^_LYNP L -`OOSL QTR`]P Z] L OLYNTYR 9L¶L]£UL TY L QZdP] _SP ^Z`YO ZQ 4YOTLY X`^TN XPOT_L_TZY _PNSYT\`P^ P_N BPWWYP^^ SL^ _SP ]P[`_L_TZY ZQ L [`]P wNZY^`XP] ]PWTR TZYx LYO wXL]VP_TYR ^[T]T_`LWT_dx []ZMLMWd YZ_ LY PY_T]PWd `YU`^_TQTPO aTPb NZY^TOP]TYR ^ZXP ZQ _SP []TNP^ -`_ NZYYZT^^P`]^ ZQ _SP QTPWO ZQ XZOP]Y ^[T]T_`LWT_d SLaP \`P^_TZYPO _SP TOPL _SL_ T_ SL^ LM^ZW`_PWd wYZ_STYR _Z OZ bT_S ^P]TZ`^ ]PWTRTZ`^ ^PL]NSTYRx L^ _SPZWZRTLY^ ZQ_PY ZMUPN_  ,NNZ]OTYR _Z 6YZMWL`NS _SP YPb bPWWYP^^ N`W_`]P NLYYZ_ MP ]PO`NPO _Z NZY^`XP]T^X& TY^_PLO _SP QTPWO ZQ bPWWYP^^ SL^ NZWWPN_TaTePO ^`MUPN_TaP Pc[P]TPYNPbZ]WO^ _SL_ ]LYRP Q]ZX ^TX[WP wRZZO QPPWTYRx _Z wPc_]LZ]OTYL]d Pc[P]TPYNP^x ! 0c_]LZ]OTYL]d Pc[P]TPYNP^ TY _SP bPWW YP^^ NZY_Pc_ ZQ_PY L]P YZ_ WTYVPO _Z LYd ^PXLY_TN NZY_PY_ ?SPd SLaP XZ]P _Z OZ bT_S LNNPWP]L_PO ]PWLcL_TZY L^ T_ bP]P TP _SPd ]P[]P^PY_ LY LY_TOZ_P _Z LNNPWP]L_PO ]L_TZYLWT^X :YP NLY ^[PLV ZQ L ]PYPbLW ZQ N]T^T^ XLYLRPXPY_ bT_S SPW[ Q]ZX 4YOTL LYO ZQ L ^STQ_ TY _SP _Z[Z^ wN]T^T^x _SL_ LNNZX[LYTPO _SP ]PNP[_TZY ZQ 4YOTL ?ZOLd 4YOTLY bZ]WO TY_P][]P_L_TZY^ Q`YN_TZY L^ XZOPW^ _Z []ZaTOP MLWLYNP LYO NZ`Y_P]LN_ _SP SPN_TN [LNP ZQ PaP]dOLd WTQP 8POT_L_TaP LYO _SP]L[P`_TN []LN_TNP^ ZQQP] _PNSYT\`P^ QZ] NZXML_TYR ^_]P^^ ?SP RZLW T^ LN_`LWWd LWbLd^ _Z LNSTPaP SL]XZYd MP_bPPY MZOd ^[T]T_ LYO ^Z`W LYO _ST^ T^ LW^Z []ZXZ_PO _S]Z`RS NZ]]P^[ZYOTYR XL_P]TLWTePO ^[T]T_`LW NZOP^ BPWWYP^^ []ZXT^P^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  1Z] PcLX[WP =PRTYP ;ZWLV LYO ;L`W 8 E`WPSYP] w?SPZWZRT^NS aP]LYVP]_P =P^[T]T_` LWT^TP]`YR% E`] 0]YP`P]`YR OP] NS]T^_WTNSPY 6T]NSPYx TY% ;L`W 8 E`WPSYP] PO >[T ]T_`LWT_Æ_ z XPS] LW^ PTY 8PRL_]PYO :^QTWOP]Y  z" SP]P  Q ! .Q ZY _ST^ LW^Z 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY  $ 1Z] _SP QZWWZbTYR TMTO ##z$

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d



PYSLYNPO \`LWT_d ZQ WTQP Md XPLY^ ZQ _LVTYR L M]PLV LYO LY LW_P]YL_TaP _Z YZ]XLW SPN_TN PaP]dOLd WTQP TY _ZOLdv^ STRS[]P^^`]P ^ZNTP_d 4_ []ZXT^P^ SPLW_S QZ] MZOd LYO ^[T]T_ L ]P_`]YTYR_ZZYP^PWQ LYO L wXZ]P SZWT^_TNx WTQP QPPWTYR wRLYeSPT_WTNSP]P^ 7PMPY^RPQÞSWx 4Y LWXZ^_ TOPLW_d[P QL^STZY _ST^ MPNZXP^ ZMaTZ`^ TY _SP M]ZNS`]P ZQ _SP 8LSL]T^ST ,d`]aPOL SPLW_S ]P^Z]_ TY -LO 0X^ QZ] PcLX[WP bSTNS XLVP^ T_ NWPL] _SL_ NZY^`XP]^ wM`dx YZ_ ZYWd LY LYNTPY_ 4YOTLY N`]P _SL_ []ZXT^P^ _Z SPLW NS]ZYTN NL]OTZaL^N`WL] LYO ]SP`XL_TN OT^ PL^P^ [^dNSZ^ZXL_TN OT^Z]OP]^ LYO M`]YZ`_ ^dYO]ZXP ?SPd LW^Z bLY_ wVYZbWPORP LMZ`_ WZYR WTQPx ,d`]aPOL []ZXT^TYR wLY TY_PY^P QPPWTYR ZQ RPY_WPYP^^ QZ] MZOd ^[T]T_ LYO ^Z`Wx w_Z_LW ]PWLcL_TZYx wOPP[ ]PRPY P]L_TZY QZ] SPLW_S QT_YP^^ LYO UZTP OP aTa]Px LYO wL SPLW_Sd Q`WQTWWPO WTQP R`TOPO Md ^PWQPc[P]TPYNPx _S]Z`RS [L]_TNT[L_TZY TY _SP ^LN]PO NZ^ XZ^ ZQ L w_]LOT_TZY ZQ S`XLYT_d _SZ`^LYO^ ZQ dPL]^ ZWOx " .WL^^TNLW 4YOTLY ,d`]aPOTN XPOTNTYP LN_`LWWd SL^ YZ_STYR _Z OZ bT_S ]PWTRTZY MPTYR LY PL]Wd ^NTPYNP ZQ YL_`]P _SP QTaP PWPXPY_^ _SL_ NZX[]T^P^ L NP]_LTY OTP_ LYO _SP]L[P`_TN []LN_TNP^ LYO NLY MP OP^N]TMPO L^ wPcNP[ _TZYLWWd SZWT^_TNx # 4_ T^ LMZ`_ NWPLY^TYR _SP MZOd Q]ZX LNN`X`WL_PO _ZcTY^ LYO _SP SL]XZYTZ`^ MLWLYNP ZQ _SP MZOdv^ NZY^_T_`PY_^ ZQ [SWPRX LT] LYO MTWP , [L_TPY_v^ _]PL_XPY_ LYO Y`_]T_TZY aL]d OP[PYOTYR ZY _SP OZXTYLYNP ZQ [SWPRX LT] Z] MTWP >Z _SP M]ZNS`]P T^ OPQTYT_PWd NZ]]PN_ bSPY T_ PX[SL^TeP^% wPaP]d [P]^ZY T^ `YT\`Px& wdZ` L]P TY _SP QZN`^ L^ L bSZWP [P]^ZYx -`_ TY _ST^ NL^P _SP ZaP]LWW [LNVLRP ZQ _]PL_ XPY_^ NZY_LTY^ YZ_ ZYWd _SP NWL^^TNLW ,d`]aPOL L[[WTNL_TZY^ LYO OTP_ _SP []LT^P ZQ bSTNS T^ LW]PLOd LY LP^_SP_TNTeL_TZY wOPWTNTZ`^ ,d`]aPOL N`T^TYPx []ZXT^P^ LY wPc_]LZ]OTYL]d _L^_P Pc[P]TPYNPx& wPc[P]TPYNP bT_S LWW _SP ^PY^P^ SZb aL]TPO OPWTNTZ`^ LYO SPLW_Sd _SP ,d`]aPOTN N`T^TYP T^x ?SP [LNVLRP LW^Z TYNW`OP^ wRPY_WP X`^TN QZ] SPLW_Sx DZRL w^TX [WP DZRL PcP]NT^P^x QZ] w^[T]T_MZOd NZZ]OTYL_TZYx LYO XPOT_L_TZY wQZ] [PLNPQ`WYP^^ LYO TYYP] SL[[TYP^^x LYO w]PO`NTYR ^_]P^^x $ >Z _]PL_XPY_ LW^Z TYNW`OP^ XPOT_L_TZY LYO X`^TN ?SP M]ZNS`]P [Z^_`WL_P^ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ " ?SP M]ZNS`]P ^_L]_^ Md NLWWTYR _SP `YOP]WdTYR []TYNT[WP^ ZQ _SP -LO 0X^ ,d`]aPOL NWTYTN L waT^TZYx% w,NNZ]OTYR _Z _SP ^`]aTaTYR _Pc_^ _SP R]PL_ BT^P :YP^ ZQ _SP ,d `]aPOL ^`RRP^_PO _SL_ LY LYNTPY_ S`XLY O]PLX NZ`WO MP ]PLWTePO z L SPLW_Sd SL[[d LYO WZYR WTQP BP L]P bZ]VTYR _Z SPW[ XLVP _SP YZMWP aT^TZY ZQ _ST^ XZ^_ LYNTPY_ S` XLY XPOTNTYP TY_Z L ]PLWT_d Pc[P]TPYNPO Md L^ XLYd [PZ[WP L^ [Z^^TMWP 4Y Z`] _TXP^ ZQ ^_]P^^ _PY^TZY LYO TYN]PL^TYR ]L_P^ ZQ OT^PL^P bP bT^S _Z ZQQP] L [WLNP QZ] [P]QPN_ SPLW_S BP bZ`WO WTVP _Z ^`[[Z]_ Z`] R`P^_^ TY WPLOTYR L SPLW_Sd Q`WQTWWPO WTQP R`TOPO Md ^PWQPc[P]TPYNPx # .Q ZY _ST^ TY XZ]P OP_LTW 6YZMWL`NS ;Z[`WÆ]P =PWTRTZY  !#z" $ ?SP N`]P _LVP^ [WLNP TY _SP w^_dWT^S LXMTPYNPx ZQ L wR]LYO ST^_Z]TNLW M`TWOTYRx Q]ZX _SP #_S NPY_`]d _SL_ TY T_^ _TXP SL^ bPWNZXPO wML]Z\`P []TYNP^ LYO []TYNP^^P^x _SP =`^^TLY TX[P]TLW NZ`]_ LYO 6LT^P] BTWSPWX 4 ?SP _]PL_XPY_ T^ PaTOPY_Wd TY_PYOPO QZ] _SP bPWWSPPWPO% _LVTYR _SP NZX[WP_P []ZR]LX QZ] _bZ bPPV^ NZ^_^ 0@= #

!

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

LY w,d`]aPOTN X`^TN _SP]L[dx _SL_ SL^ T_^ Z]TRTY^ TY _SP wLYNTPY_ APOL _SZ`^LYO^ ZQ dPL]^ ZWOx []P^`XLMWd MZ_S M`_ L_ WPL^_ _SP WL__P] T^ L NWPL] TYaPY_TZY ZQ _]LOT_TZY ?SP ,d`]aPOL T^ []P^PY_PO L^ wLYNTPY_ VYZbWPORP ZQ S`XLYT_dx ?SP M]ZNS`]P RZP^ ZY _Z ^Ld _SL_ _SP _]PL_ XPY_ NZXMTYP^ _SP wMP^_ Q]ZX 0L^_ LYO BP^_x 8`^TN TY [L]_TN`WL] _LVP^ ZY LY TX[Z]_LY_ ]ZWP ZQ TX[L]_TYR _S]Z`RS LP^_SP_TN^ LYO L_XZ^[SP]P _SP bZ]WOaTPb LYO _SP ^PWQTXLRP bSTNS L]P w^ZWOx LWZYR bT_S _SP ,d `]aPOL _]PL_XPY_ YLXPWd SZWT^X SL]XZYd bT_S YL_`]P LYO ZYP^PWQ TYYP] SL[[TYP^^ LWZYR bT_S [Sd^TNLW bPWWMPTYR LYO ^PY^Z]d [WPL^`]P ?SP M]ZNS`]P Pc[WLTY^ _SL_ _SP XPWZOTP^ wYP`_]LWTeP ^_]P^^ LYO _PY^TZY LYO aT_LWTeP ^[T]T_ LYO MZOd Md M]TYRTYR _SP [Sd^TZWZRd TY_Z SL]XZYd bT_S _SP QTYP ]Sd_SX^ ZQ YL_`]Px 7T^_PYTYR _Z _SP =£RL^ LWWZNL_PO QZ] PLNS _TXP ZQ OLd LWWZb^ ZYP w_Z Pc[P]TPYNP [PLNPQ`W XZZO SL[[TYP^^ UZd LYO N]PL_TaT_dx LYO SL^ [Z^T_TaP PQQPN_^ ZY SPLW_S LYO bPWWMPTYR ?SP `^P ZQ X`^TN TX[L]_^ L ^_]ZYR w^[T]T_`LW L_XZ^[SP]P ZQ bPWWMPTYRx TY bSTNS ZYP NLY [L]_TNT[L_P bT_SZ`_ VYZbTYR _SP NZY_PY_ ZQ OZN_]TYP^ Z] N]PPO^ LYO L_ _SP ^LXP _TXP ZYP XLd Pc[P]TPYNP MPTYR _TPO TY_Z LY wLYNTPY_ VYZbWPORP ZQ S`XLYT_dx 4Y_P]P^_TYRWd _SP TXLRP [`_ ZaP] SP]P ZQ _SP ,d`]aPOL LYO _SP LP^ _SP_TN ^_LRTYR T^ PcLN_Wd _SP ^LXP L^ _SP TXLRP L^^ZNTL_PO bT_S 0L^_P]Y ]PWTRTZY TY _SP [`MWTN NZY^NTZ`^YP^^ 1Z] PcLX[WP _SP WPLOP] L]_TNWP TY L ]PNPY_ POT_TZY ZQ >_P]Y 9Za ! $ ZYP ZQ 2P]XLYdv^ XZ^_ bTOPWd ]PLO bPPVWd XLRLeTYP^ ^LTO% w-WP^^PO bT_SZ`_ 2ZO ?SP YPb WZYRTYR QZ] ^[T]T_`LWT_d LYO bPWWYP^^ ]PWTRTZY^x BSL_ _SP L]_TNWP OP^N]TMP^ T^ TY WTYP bT_S _SP 9Pb ,RP aP]d XLYd XZOP]Y QZ]X^ ZQ ^[T]T_`LWT_d O]LbTYR ZY _SP bSZWP bZ]WO L^ _SPT] WPRLNd z Q]ZX .PW_TN NPWPM]L_TZY^ _Z .LY OZXMWË -`_ 3TYO`T^X LYO -`OOST^X L^^`XP LY PcNP[_TZYLWWd WL]RP ]ZWP SP]P P^[PNTLWWd 3TYO`T^X LYO L]P ^_dWPO wbPWWYP^^ ]PWTRTZY^x -ZWWdbZZO LW^Z [`_^ ZaP] bPWWYP^^ z L_ WPL^_ _Z BP^_P]Y LQTNTZYL OZ^ -ZWWdbZZO ZQQP]^ PaP]d_STYR _SL_ T^ WLNVTYR TY L ]L_TZYLWTePO _PNS YTQTPO bZ]WO& L QLT]d_LWP bZ]WO ZQ NZWZ]^ UZTP OP aTa]P L NSLYNP _Z ]PaPW TY _SP aZW`[_`Z`^ ^NPYP^ ]ZXLYNP LYO PXZ_TZY^ bT_S Z[`WPY_ ^TYRTYR LYO OLYNTYR Y`XMP]^ bSP]P PaPY ^_]ZYR XPY L]P LWWZbPO _Z N]d LYO MPL`_TQ`W bZXPY ^TYR ZQ WZaP TY XPW_TYR ^ZYR^ LYO WTaPWd -SLYR]L ]Sd_SX^ 8ZOP]Y -ZWWdbZZO XZaTP^ ^[]PLO 4YOTLY [P]QZ]X LYNP N`W_`]P _S]Z`RSZ`_ _SP bZ]WO ?SPd XLVP `[ L [L]_TN`WL]Wd TY_P]P^_ TYR _SPXL_TN QTPWO TY _SP NZYQTR`]L_TZY ZQ ^ZYTN N`W_`]P LYO _]LY^YL_TZY LWT^X -ZWWdbZZO T^ TYNZYNPTaLMWP bT_SZ`_ ^ZYR LYO OLYNP LYO _ST^ T^ []PNT^PWd bSL_ XLVP^ ^`NS QTWX^ L__]LN_TaP _Z 4YOTLY [PZ[WP ?SPT] ^Z`YO_]LNV^ L]P LW^Z w[L^^PO ZYx TYOP[PYOPY_Wd -ZWWdbZZO QTWX^ NZY _TY`P _Z XZOP]YTeP LYO ^PN`WL]TeP _SP 3TYO` ^ZYTN N`W_`]P LYO _SP R`TO TYR N`W_`]LW L^[PN_ ZQ Q`^TZY 0aP]d WZaP ^ZYR NZY_LTY^ L WT__WP 6š´©L MWT^^ LYO 6š´©L P]Z_TNT^X -`_ _SP SPLaPYWd 6š´©L MWT^^ RZP^ QL] MPdZYO

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d

"

_SP _Z[TN ZQ [Sd^TNLW WZaP :YP NLY LN_`LWWd XLVP Z`_ _SP ]`WP% ^ZYR MLYT^SP^ 0aTW BTNVPO [PZ[WP OZ YZ_ ^TYR ^ZYR^ 4_ T^ []LN_TNLWWd ZYWd PaP] _SP 2ZZO bSZ ^TYR Z] PW^P _SP wBTNVPOx bSZ L]P ZY _SP bLd _Z TX[]ZaPXPY_ 8`^TN SL^ L XZ]LW XLRTNLW [ZbP] _SL_ NZY\`P]^ 0aTW U`^_ L^ WZaP NZY\`P]^ LWW ^ZNTLW ML]]TP]^ >`NS L ^N]T[_ T^ []ZaTOPO Md _SP SP]Z TY =LU 6L[ZZ]v^ QLXZ`^ QTWX w5T^ /P^S 8PTY 2LYRL -PS_T 3LTx wBSP]P _SP 2LYRL QWZb^x $! z LYO T_^ NPY_]LW ^ZYR _PWWTYR ZQ _SP XZ_SP]WLYO 4YOTL bSP]P YZMWP aLW`P^ L]P `[SPWO ?SP SP]Z T^ L ML]O bSZ T^ ZaP][ZbP]PO Md ]ZMMP]^ OLNZT_^ LYO _SP [WZ_ _PWW^ SZb _SP ZYP bSZ ^TYR^ T^ L _SZ]Z`RSWd RZZO LYO [`]P S`XLY MPTYR bSZ NSL]X^ _SP SPL]_^ PaPY ZQ MLYOT_^ LYO LQ_P] L WZ_ ZQ NZX[WTNL_TZY^ LYO ^`QQP]TYR _`]Y^ _SP N`__S]ZL_^ TY_Z RZZO NT_TePY^ bT_S L ^PY^P ZQ XZ]LW ]P^[ZY^T MTWT_d  0aPY TY _SP WL_P^_ QTWX^ X`^TN ZQ_PY SL^ _SP \`LWT_d ZQ L wXd_STNLW ^`M^_LYNPx  ?ST^ TXLRP ZQ X`^TN L^ L XP_ZYdX QZ] SL] XZYd []Z_PN_TZY LYO PaP]d_STYR _SL_ T^ RZZO LYO bSZWP^ZXP PaPY OTaTYP LYO L^ L _d[P ZQ Xd_STNLW XLRTNLW []Z_PN_TZY LYO ZQ XLRTN _SL_ XLVP^ _STYR^ NZXP _]`P T^ L ^_]ZYR PWPXPY_ LWZYR^TOP _SP NZY^_]`N_TZY ZQ PXZ_TZYLW WLYO^NL[P^ RZTYR MPdZYO LYO PYNSLY_TYR _SP YZ]XLW PaP ]dOLd ]Z`_TYP ?ST^ TXLRP ZQ X`^TN T^ YZ_ L_ LWW QL] ]PXZaPO Q]ZX _SP LM^ZW`_PWd [Z^T_TaP [ZbP] _SL_ ±£]«RLOPaL L^N]TMPO _Z X`^TN TY _SP PL]Wd _ST]_PPY_S NPY_`]d 8`^TN T^ NP]_LTYWd `^PO TY -ZWWdbZZO TY L bTOP ]LYRP ZQ OTQQP]PY_ bLd^ -`_ LWXZ^_ LWbLd^ ZYP RP_^ _SP TX[]P^^TZY _SL_ LYd_STYR TX[Z]_LY_ T^ NZXX`YTNL_PO TY _SP ^ZYR^ LYO YZ_ TY _SP OTLWZR ?SP ^P__TYR QZ] _SP X`^TN Q]P\`PY_Wd SL^ YZ_STYR L_ LWW _Z OZ bT_S _SP LN_`LW [WZ_ M`_ ^bT_NSP^ _Z O]PLXWTVP ^P\`PYNP^ bSZ^P ^NPYL]TZ^ Z^NTW WL_P MP_bPPY R]LYO ^SZb PQQPN_^ LYO L OPP[P] XPLYTYR :YP NLY ^PP ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  ?SP X`^TN LYO _SP QTWX bP]P NZX[Z^PO _ZRP_SP] LYO 6L[ZZ] `YOP]^_ZZO ST^ XZOP]Y QLT]d _LWP _SL_ LW^Z NZY_LTYPO L RZZO OPLW ZQ ^ZNTLW N]T_TNT^X L^ L NZY_]TM`_TZY _Z P^ _LMWT^STYR _SP 4YOTLY YL_TZY 7ZaP _SL_ ZaP]NZXP^ ^ZNTLW ML]]TP]^ bL^ L NZY^_LY_ _Z[TN ZQ _SP OT]PN_Z] LYO LN_Z] =LU 6L[ZZ] bSZ^P QLXTWd T^ ]PRL]OPO L^ _SP wQT]^_ QLXTWdx ZQ 3TYOT NTYPXL 8PSMZZM 6SLY []ZO`NPO L ^TXTWL] ^dXMZW ZQ _SP YL_TZY LYO XZ]LW TY_PR]T_d TY ST^ w8Z_SP] 4YOTLx $  bSTNS MPNLXP ZYP ZQ _SP XZ^_ QLXZ`^ 4YOTLY QTWX P[TN^ ZQ LWW _TXP 3P]P L NTYPXL_TN ]PLWT^X bL^ NZ`[WPO bT_S ^_]ZYR Xd_STNLW TY [`_ .Q 2LdL_]T .SL__P]UPP 8Z_SP] 4YOTL 7ZYOZY% -]T_T^S 1TWX 4Y^_T_`_P   1Z] PcLX[WP TY w/`Xx _SP SP]Z RLTY^ YPb WTQP PYP]Rd bSPYPaP] _SP ^NPYP^ bT_S X`^TN LYO OLYNP ZNN`] ?SP NWTXLc T^ ST^ SPL]TYR _SP 3LY`X£Y .£W¯^£ ./  _S]Z`RS bSTNS SP LN\`T]P^ bZYOP]Q`W [ZbP]^ _Z NZY\`P] ST^ N]`PW MZ^^ LYO _Z]_`]P] 4Y w:X >SLY_T :Xx _SP SP]Z ^TYR^ _Z _SP wMLO R`dx LMZ`_ _SP WL__P]v^ N]TXTYLW [L^_ LYO _ST^ XZ]P Z] WP^^ L`_ZXL_TNLWWd _]TRRP]^ XT]LN`WZ`^ PaPY_^ _SL_ VTWW _SP NZWOMWZZOPO Z[ [ZYPY_ ?SP YTXM`^ ZQ _SP XT]LN`WZ`^ _SP LM^ZW`_PWd RZZO LYO _SP SZXPWLYO TY _SP XZ]LW ]PWTRTZ`^ LYO ]PLW ^PY^P^ T^ ^ZXP_TXP^ LW^Z NZXX`YTNL_PO aTL ]PWTRTZ`^ ]PNT _L_TZY^ ZQ :¿ 1Z] TY^_LYNP TY w>bLOP^x :¿ T^ SPL]O NSLY_PO bSPY _SP SP]Z WTaTYR TY ,XP]TNL ]PXPXMP]^ ST^ YLYYd TY 4YOTL ?SP QT]^_ ^ZYR ZNN`]]TYR TY 4YOTL bSTWP SP T^ ZY ST^ bLd _Z SP] ^PXLY_TNTeP^% w,WW Xd _]Z`MWP^ OT^L[[PL] FTY ^ZYRH WTVP LQ_P] ML_STYR TY _SP 2LYRP^x

#

>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

-ZWWdbZZOv^ PY_S`^TL^X QZ] X`^TN L^ L YPb XZOP]Y 4YOTLY `YTaP]^LW Xd_S bSP]PMd SP]P _SP wPXLYNT[L_Z]d PWPXPY_x T^ aP]d ^_]ZYRWd _]LY^ QP]]PO _Z _SP P_STN^ LYO _Z WZaP LYO OPOTNL_TZY _SL_ ZaP]NZXP LWW ^ZNTLW ML]]TP]^ ?SP bPLW_Sd -ZWWdbZZO TYO`^_]d SL^ MPPY OP^N]TMPO L^ [`]P NZY ^`XP]T^X 3ZbPaP] _ST^ bZ`WO XT^^ _SP TX[Z]_LY_ Q`YN_TZY^ _SL_ _SP QTWX^ _LVP ZY QZ] 4YOTLY ]PNT[TPY_^ LYO _SP QLN_ _SL_ _SPd L]P PcNP[_TZY LWWd [Z[`WL] QL] MPdZYO 4YOTL LWW _SP bLd _Z _SP 2`WQ ^_L_P^ 4_ T^ _SP Q`YN_TZY ZQ TX[L]_TYR aLW`P^ _SL_ XLVP^ _SP^P QTWX^ L__]LN_TaP _Z 3TYO`^ LYO 8`^WTX^ LWTVP -ZWWdbZZO QTWX^ L]P ]PRL]OPO L^ L VTYO ZQ ^N]T[_ QZ] []Z[P] WTaTYR TY _SP XZOP]Y bZ]WO  9ZbLOLd^ _SPd L]P []ZMLMWd _SP XZ^_ [Z[`WL] XPOT`X TY PaP]dOLd 4YOTLY N`W_`]P L__PX[_TYR _Z Q`^P _]LOT_TZY LYO _SP XZOP]Y LRP  4Y XLYd bLd^ _SPd ]P[]P^PY_ wXZOP]Y P[TN^x LYO ]P[]ZO`NP LYO ]PYPb XZ]LW aLW`P^% QLXTWd aLW`P^ M]Z_SP]Wd WZaP XZ]LW TY_PR]T_d ^TX[WTNT_d LYO _]`_SQ`WYP^^ ^PWQWP^^ L^^T^_LYNP SP]ZT^X RPYP]Z^T_d WZaP _SL_ RZP^ MPdZYO LWW ML]]TP]^ LYO bTWW ^`QQP] aZW`Y_L]TWd P_N ;Z[`WL] ]PN`]]TYR _SPXP^ L]P QLXTWd NZSP^TZY LYO WZaP LYO XL]]TLRP _SP NSLYRTYR ]ZWP ZQ bZXPY NZ]]`[_TZY LWNZSZW MPWTPQ TY ^[T]T_^ WZaP ZQ ZYPv^ SZXPWLYOYL_TZYLW []TOP _SP OTQQTN`W_ WTQP TY _SP OTL^[Z]L LYO [PZ[WP bSZ OPaPWZ[ YPb \`LWT_TP^ ^PWQWP^^ YZMWP [PZ[WP bTWWTYR _Z XLVP ^LN]TQTNP^ ,MZaP LWW _SP XLTY_PYLYNP ZQ _]LOT_TZYLW aLW`P^ TY L bZ]WO ZQ NSLYRP T^ L XLUZ] _Z[TN ?SP ^ZW`_TZY _Z _SP []ZM WPX^ T^ `^`LWWd L _]TPOLYO_P^_PO 3TYO` 4YOTLY [WL`^TMTWT_d [L__P]Y% LY TY_PR]L_TaP SLMT_`^ LYO L STRSWd [L]_TNT[L_Z]d bZ]WOZ]TPY_L_TZY LOOT _TZY TY^_PLO ZQ Z[[Z^T_TZY TYNW`^TZY TY^_PLO ZQ PcNW`^TZY ^_]TaTYR QZ] SL]XZYd TY^_PLO ZQ L N`W_`]P ZQ NZYQWTN_ LYO LY TOPZWZRTNLW SZWT^X ,WW _SP QTWX^ bP SLaP XPY_TZYPO LMZaP TYNW`OTYR QZZ_YZ_P^ L]P ML^TNLWWd ^PN`WL] LYO ^P_ TY _ST^ bZ]WO =PWTRTZY T^ YZ_ L XLUZ] _SPXP Z] L[[PL]^ TY L wNTaTW ]PWTRTZ`^x bLd -`_ ^_Z]TP^ Q]ZX Xd_SZWZRd SLaP LW^Z MPPY QTWXPO XLYd _TXP^ ?SP]P PcT^_ L Y`XMP] ZQ aP]^TZY^ ZQ _SP wRLXP^ ZQ 6š´©Lx >ZXP ZQ _SP XZ^_ [Z[`WL] QTWX^ ZQ ]PNPY_ OPNLOP^ L__]LN_TYR _SP STRSP^_ aTPbTYR QTR`]P^ SLaP MPPY _SP XLOPQZ]?A ^P]TP^ ZQ _SP =£X£dL©L LYO 8LS£MS£]L_L P[TN^ 9Zb _SP []ZO`N_TZY SL^ U`^_ ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ  .Q .S]T^_TLYP -]Z^T`^ w3L[[d 0YO^ `YO LYOP]P 6]T^PY% 3PTXL_ `YO 1LXTWTPYRWÞNV TX >[TPRPW -ZWWdbZZO^x TY XL^LWLOP% 8PY^NSPY L`^ >ÞOL^TPY TY /P`_^NSWLYO  PO .S]T^_TLYP -]Z^T`^ LYO @]XTWL 2ZPW 3PTOPWMP]R% /]L`[LOT ! 333 , RZZO PcLX[WP T^ w>ZXP_TXP^ 3L[[d z >ZXP_TXP^ >LOx 6LMST 6`^ST 6SLMT 2SLX  ZYP ZQ _SP XZ^_ ^`NNP^^Q`W ]PNPY_ QTWX^ bSTNS SL^ PaPY MPPY M]ZLONL^_ ZY 2P]XLY _PWPaT^TZY .Q ZY _ST^ LW^Z :WTaP] 6]`PRP] wu4_v^ LWW LMZ`_ WZaTYR dZ`] [L] PY_^v% ?SP =PQWPN_TZY ZQ ?]LOT_TZY 8ZOP]YT_d LYO =T_`LW^ TY ;Z[`WL] 4YOTLY 8ZaTP^x 8L]M`]R 5Z`]YLW ZQ =PWTRTZY  $ % z& 8d]TLX ,WPcZbT_e ?]L`XQLM]TV -ZW WdbZZO -LO 3ZYYPQ% 3Z]WPXLYY ""z##

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d

$

^_L]_PO ZQ L YPb ^P]TP^ ZQ QTWX^ QZ] ?A bSZ^P SP]ZP^ L]P _SP 9Z]_SP]Y 4YOTLY [ZP_^TYRP]^ 8T]LMLT 3£]TOL^ LYO Z_SP]^ -ZWWdbZZO XZaTP^ L]P LY P^[PNTLWWd TY_P]P^_TYR _Z[TN MPNL`^P _SPd ^SZb SZb strongly _SP ^ZYTN ^_TWW LQQPN_^ [Z[`WL] N`W_`]P LYO T^ TY YZ bLd ]P^_]TN_PO _Z >LY^V]T_ 3TYO`T^X Z] _SP -]LSXLYTN _]LOT_TZY BP O]Pb L__PY_TZY LMZaP _Z 4dP]v^ QTWX LMZ`_ ±L«VL]L TY bSTNS _SP LM^_]LN_ [STWZ^Z[Sd ZQ _SP ,OaLT_LAPO£Y_L [STWZ^Z[SP] T^ ^`YR NSL[ ! DP_ L^ L ]`WP _SP YZMWP SP]ZP^ ZQ YZ]XLW -ZWWdbZZO QTWX^ L]P YZ_ -]LSXTY^ ?SPd ZQ_PY NZXP Q]ZX WZbP] ^ZNTLW ^_]L_L Q]ZX _SP w[PZ[WPx 4_ T^ _SP simple M`_ YZMWP [PZ[WP bSZ L]P NPWPM]L_PO ?ST^ L^[PN_ T^ ^SZbY aP]d NWPL]Wd TY _SP Xd_SZWZRTNLW QTWX aP]^TZY ZQ w,RYT AL]^SLx Q]ZX _SP 8LS£MS£]L_L ?SP Z^_]LNTePO LN_Z]^ L NWL^^ bT_S WZb ^ZNTLW ^_L_`^ LYO _SP _]TMLW^ _SP wYZMWP ^LaLRP^x L]P _SP _]`P S`XLY MPTYR^ bT_S PXZ_TZY^ LYO ]PL^ZY LYO L QL] XZ]P YZMWP L__T_`OP LYO XZ]LWT_d _SLY _SP -]LSXLYTN ]T_`LW _PNSYZWZRT^_^ ?SP -]LSXTY^ OZ SLaP L bTWW ZQ ^_PPW LYO T]ZY LYO [P]QPN_ ^PWQNZY_]ZW TY _SP ]T_`LW _SP APOTN QT]P ^LN]T QTNP 4Y _SPT] L^NP_TNT^X _SPd LNSTPaP ^`[P]YL_`]LW XLRTNLW [ZbP]^ -`_ TY PL]_SWd WTQP _SPd L]P TXXZ]LW LYO NZWOMWZZOPO  BSL_ _S`^ [P]^T^_^ ]TRS_ TY_Z XZOP]Y ,d`]aPOL []LN_TNP^ LYO _SP -ZWWdbZZO QTWX TYO`^_]d T^ L XL]VPOWd w^ZYTN SLMT_`^x LYO L ^_]ZYRWd [L]_TNT[L_Z]d Xd_STNLW XLRTNLW bZ]WOZ]TPY_L_TZY -Z_S -ZWWdbZZO LYO _SP PcLX[WP ZQ ,d`]aPOL NLY z TY _SPT] ZbY OTQQP]PY_ bLd^ z MP OT]PN_Wd NZ]]PWL_PO bT_S ±£]«RLOPaLv^ TOPL^ ZQ _SP X`^TNLW 9£OL-]LSXLY% X` ^TN T^ ^ZXP_STYR Q`YOLXPY_LWWd ^LWaL_TN LYO XZ^_ MPYPQTNTLW _Z XZ]LW^ -ZWWdbZZO LYO L ]PWLcTYR OPWTRS_Q`W QZ]X ZQ DZRL 8LSL]T^ST ,d `]aPOL SZ^[T_LW :YP L]R`XPY_ TY _ST^ MZZV SL^ MPPY _SL_ _SP 3TYO` []POTWPN_TZY QZ] [L]_TNT[L_Z]d bZ]WOTY_P][]P_L_TZY^ SL^ _Z OZ bT_S _SP [SZYZNPY_]TN WTQPbZ]WO MPNL`^P ^Z`YO T^ ZQ T_^PWQ LY TYSP]PY_Wd SZWT^_TN [SPYZXPYZY _SL_ T^ ]PNPTaPO TY L [L]_TNT[L_Z]d QL^STZY ;SZYZNPY_]TNT_d ZQ _SP WTQPbZ]WO LP^_SP_TN NZXX`YTNL_TZY [L]_TNT[L_TZY LYO LWW _d[P^ ZQ Q`^TZY bP]P ZMaTZ`^Wd WZYR`PO`]ËP [SPYZXPYL _SL_ SLaP []ZWZYRPO _SPT] PcT^_PYNP TY_Z _SP []P^PY_ LYO L]P YZb LW^Z MPTYR Pc[Z]_PO z YZ_ WPL^_ aTL wSPLWTYR ^Z`YO^x LYO wLP^_SP_TN X`^TNLW L_XZ^[SP]P^x 3Zb PaP] L WTYP _SL_ SL^ L[[L]PY_Wd MPPY M]ZVPY ZQQ bT_S _SP LOaPY_ ZQ XZO P]Y NZXX`YTNL_TZY XPOTL T^ _SP ^PNZYO XLUZ] Q`YN_TZY L^^ZNTL_PO bT_S ^Z`YO^ TY LYNTPY_ LYO NWL^^TNLW 4YOTL% LM^_]LN_ ^TRY QZ]XL_TZY LYO ^_]`N _`]PO Z]OP] 4Y_PWWPN_`LW LM^_]LN_TZY LYO PXZ_TZYLW Z] Xd^_TN Q`^TZY SLaP SL]OWd PaP] MPPY X`_`LWWd PcNW`^TaP TY >LY^V]T_ 3TYO`T^X :Y _SP NZY_]L]d _SPd bP]P ZQ_PY PaPY ^dY_SP^TePO bT_S PLNS Z_SP] >`NS ^dY _SP^T^ QZ]XL_TZY^ bP]P [Z[`WL] QZ] QZ]RTYR SZWT^_TN aTPb^ ZQ _SP bZ]WO bSZWP BP SLaP NLWWPO _ST^ w`YTaP]^LW Xd_Sx 9ZbLOLd^ _SP TYNWTYL_TZY _Z `YTaP]^LW Xd_S L[[PL]^ _Z SLaP L]]TaPO TY XZOP]Y BP^_P]Y ^[T]T_`LW T_d



>PY^Z]d >`M^_LYNP% 9£OL-]LSXLY TY 0L^_ LYO BP^_

4Y _SP [STWZ^Z[STNLW Z]TPY_L_TZY ZQ _SP XZOP]Y [P]TZO T_ T^ ZQ_PY QZ]RZ__PY _SL_ ^ZXP ZQ _SP NPY_]LW 4YOTLY `YTaP]^LW Xd_S^ bP]P NZY ^_]`PO `^TYR ^Z`YO ^dXMZWT^X TP YZ_ ZYWd aTL ±L«VL]Lv^ NZRYT_TaP ,OaLT_LAPO£Y_L ?SP 9£OL-]LSXLY _SP _SPZ]PX _SL_ ^Z`YO T^ bZaPY TY_Z _SP bZ]WO ]PTQTPO TY 4YOTLY XZOLW X`^TN bL^ ZYP ZQ _SP XZ^_ ZM aTZ`^ LYO Pc_]PXP PcLX[WP^ ZQ _ST^ ?ZOLd T_ T^ aP]d NWPL] _SL_ 4YOTLY `YTaP]^LW Xd_S^ SLaP WPQ_ _]LNP^ TY XZOP]Y BP^_P]Y ^[T]T_`LWT_d _ZZ ,NNZ]OTYR _Z Z`] L]R`XPY_ T_ T^ _d[TNLW ZQ `YTaP]^LW Xd_STNLW ^d^_PX^ _SL_ [L]_TNT[L_TZY TY L bZ]WObSZWP T^ RTaPY L ]L_TZYLW Pc[WLYL_TZY 4Y _SP XLUZ]T_d ZQ NL^P^ _ST^ bL^ `YOP][TYYPO Md L YZYO`LW NZ^XZWZRd z YZ_ QZ] PcLX[WP TY _SP WTYR`T^_TN ;¼]aL8¯X£À^£ TY_P][]P_L_TZY ZQ _SP P_P]YLW bZ]O^ ZQ _SP APOL M`_ NWPL]Wd _ST^ bL^ _SP NL^P TY _SP ,OaLT_L APO£Y_L TY _SP bZ]WOaTPb ZQ DZRL LYO ?LY_]L TY _SP ?LY_]TN 9£OL LYO TY _SP 9£OL-]LSXLY 4_ T^ YZ_TNPLMWP _SL_ _SP^P SLaP LW^Z MPNZXP _SP XZ^_ [Z[`WL] ZQ 4YOTLv^ Pc[Z]_^ LYO L]P P^[PNTLWWd ^`T_LMWP ^`MUPN_^ QZ] MPTYR OPNZY_Pc_`LWTePO LYO OPN`W_`]L_PO L^ w[`]P ^[T]T_`LWT_dx ?ST^ PYSLYNPO _SPT] N`W_`]LW _]LY^QP]LMTWT_d ?SPd ZbP _SPT] ^`NNP^^ LXZYR Z_SP] _STYR^ _Z _SPT] LQQT]XL_TZY ZQ [LY_SPT^_TN TY_`T_TZY^ LYO Pc[P]T PYNP^ ZQ BP^_P]YP]^ QZ] bSTNS _SPd []ZaTOPO TY_P][]P_L_TZY NL_PRZ]TP^ LYO L YPb bLd ZQ NZ[TYR bT_S _SP XZOP]Y LRP LYO QTWWTYR _SP aLN``X TY ZYPv^ ZbY N`W_`]P BSL_ OT^_TYR`T^SP^ 4YOTLY w`YTaP]^LW Xd_S^x Q]ZX _SP R]PL_ 0`]Z[PLY XP_LYL]]L_TaP^ T^ _SL_ _SP []PaLTWTYR [L]LOTRX ZQ bZ]WOZ]TPY_L_TZY T^ [L]_TNT[L_TZY TY NZY_]L^_ _Z LY L__T_`OP ZQ OT^_LYNP ]PXZ_PYP^^ Q]ZX _SP ZMUPN_ LYO LY L_ZXTeTYR wPXLYNT[L_TZYx ;]PNT^PWd _ST^ T^ MPTYR ^Z`RS_ _ZOLd TY _SP BP^_ TY LW_P]YL_TaP ^[T]T_`LWT_d 4Y 4Y OTL _SP ^dXMZWTN QZ]X^ Z] ZMUPN_TaTeL_TZY^ ZQ `YTaP]^LW Xd_S SLO _SP Q`YN_TZY ZQ PXMPOOTYR WTQP TY L WL]RP] XLRTNLW Xd_STNLW XPLYTYRbSZWP LYO _S`^ WPYOTYR T_ L OTXPY^TZY ZQ OP[_S LYO ^LN]POYP^^ ;]PNT^PWd _SL_ T^ LW^Z ZYP ZQ _SP LTX^ ZQ XZOP]Y ^[T]T_`LWT_d ?SP _SPZ]PX ZQ _SP `YTaP]^LW Xd_S LYO _SP ML^TN NL_PRZ]TP^ ZQ w[L] _TNT[L_TZYx LYO wPXLYNT[L_TZYx XLd ^ZXP_TXP^ SLaP ^PPXPO `YNWPL] OTQQTN`W_ LYO NZX[WTNL_PO 3ZbPaP] bP ML^TNLWWd XPLY_ ^ZXP_STYR \`T_P ^TX[WP 4Q _ZOLd L dZ`YR STRSWd _LWPY_PO 4YOTLY ^_`OPY_ ZQ [Sd^TN^ aT^T_^ _SP 2L©P²L _PX[WP LYO ST^ R]LYOQL_SP] MPQZ]P ST^ PcLXTYL_TZY _Z ]PNPTaP _SP MWP^^TYR ZQ _SP RZO LYO _SP aPYP]LMWP QLXTWd PWOP] _ST^ T^ L [L]_TNT[L_Z]d XLRTNLW Xd_STNLW bZ]WOaTPb _SL_ T^ ^_TWW TX[Z]_LY_ _Z XZOP]YOLd [PZ[WP TY 4YOTL QZ] bSZX T_ T^ Z[_TXLWWd NZX[L_TMWP bT_S _SP ]L_TZYLWT_d XZOP ZQ PXLYNT[L_TZY QZ]XLW WZRTNLW ^NTPY_TQTN ]L_TZY LWT_d P_N 4Y _SP NL^P ZQ Z`] [Sd^TN^ ^_`OPY_ bSZ RPY`TYPWd PcT^_^ ^`MUPN_TaP XPLYTYR LYO NZYaPY_TZYLW MPSLaTZ] Q`^P NZX[WP_PWd 4_ T^ XZ]P Z] WP^^ ^PNZYO YL_`]P _Z MPSLaP WTVP _ST^ 4Q ZYP OTO YZ_ OZ T_ ^ZXP_STYR bZ`WO MP XT^^TYR LYO ZYP bZ`WO YZ_ SLaP wL RZZO QPPWTYRx BSL_ OTQQP]PY_TL_P^ XZOP]Y BP^_P]Y ^[T]T_`LWT_d Q]ZX _ST^ T^ _SL_ _SP

.ZYNW`OTYR ?SP^P^ ZY 4YOTLv^ >TRYTQTNLYNP QZ] 8ZOP]Y >[T]T_`LWT_d



^`MUPN_TaP XPLYTYR T^ _SP ^ZWP OPNTOTYR PWPXPY_ bSTWP L NZYaPY_TZYLW MPSLaTZ]LW XZOP QZ] _ST^ T^ WLNVTYR z L_ WPL^_ TY _SP OZXTYLY_ N`W_`]P :YP SL^ _Z OTR Z`_ _SP ^`MN`W_`]LW P^Z_P]TN _]LOT_TZY^ LYO PcLXTYP _SP WPRLNd ZQ _SP Xd^_TN _]LOT_TZY^ _Z QTYO LYd_STYR LYLWZRZ`^ _Z _SL_ ?Z OLd _SP^P _]LOT_TZY^ SLaP TYOPPO WZ^_ ^ZXP ZQ _SPT] ^_TRXL LYO bP SLaP ^`RRP^_PO _SL_ _ST^ T^ L_ WPL^_ [L]_Wd O`P _Z _SP TY[`_ Q]ZX 4YOTL ?SP STRSWd OPaPWZ[PO >LY^V]T_ N`W_`]P ZQQP]PO L YPb Q]LXPbZ]V QZ] OP_P] XTYTYR _SP MZ`YOL]TP^ MP_bPPY _SP ^PWQ _SP bZ]WO LYO _SP OTaTYP LYO MP_bPPY _SP ^LN]PO LYO _SP []ZQLYP TY L XLYYP] _SL_ bL^ OPNTOPOWd OTQQP]PY_ Q]ZX _SP []POZXTYLY_ VYZbWPORP N`W_`]P LYO BP^_P]Y SLMT_`LW bLd^ ZQ _STYVTYR MPSLaTYR LYO LN_TYR ?ST^ 4YOTLY Q]LXPbZ]V bL^ bPWW ^`T_PO _Z ]PTYQZ]NTYR _SP ^PL]NS QZ] YPb YZYQ]LN_`]PO _Z_LWT^_TN SZWT^ _TN QZ]X^ ZQ _SZ`RS_ 3ZbPaP] BP^_P]Y P^Z_P]TN bZ]WOTY_P][]P_L_TZY XZOPW^ VPP[ ^ZXP ZQ _SPT] ^_TRXL :Y L WL]RP ^NLWP _SPd L]P YZ_ ]PLWWd LNNP[_PO ?SPd ZM_LTY ZYWd TY XTWTP`^ ZQ LW_P]YL_TaP ^[T]T_`LWT_d LYO YZ_ TY _SP OZXTYLY_ OT^NZ`]^P ?ST^ T^ U`^_ ZYP ZQ _SP XLYd PcLX[WP^ bP SLaP OT^N`^^PO TY _ST^ aZW`XP _SL_ TWW`^_]L_P SZb _SP ST^_Z]d ZQ ]L_TZYLW T_d LYO ]PWTRTZY TY _SP BP^_ OTQQP]^ Q]ZX _SL_ TY 4YOTL ?SP ^ZYTN N`W_`]P SL^ []ZXZ_PO OTQQP]PY_ [P]NP[_TZY [L__P]Y^ QZ]X^ ZQ _SZ`RS_ LYO SLMT _`^ LYO XPLY^ ZQ Pc[]P^^TZY 4Y _ZOLdv^ w^S]TYVTYR bZ]WOx _ST^ ^ZYTN N`W_`]P bSTNS LW^Z SL^ ^_]ZYR aT^`LW QZ]X^ ZQ Pc[]P^^TZY QTYO^ T_^PWQ TY L NSLYRPO QZ]X YZ_ ZYWd TY XZOP]Y LW_P]YL_TaP ^[T]T_`LWT_d ]TRS_ ZY Z`] OZZ]^_P[ M`_ LW^Z TY QL] XZ]P _]LOT_TZYLW XZOP]YTePO QZ]X^ :`] ]PNZ]OTYR ZQ _d[TNLW >Z`_S P]Y 4YOTLY _PX[WP ^Z`YO^ NZXP^ Q]ZX _SP WL]RP^_ _PX[WP TY NZY_TYPY_LW 0`]Z[P bSTNS bL^ M`TW_ ZY _SP TYO`^_]TLW P^_L_P TY 3LXX@PY_]Z[ TY 2P]XLYd BP^_P]YP]^ LYO 4YOTLY^ LWTVP _LVP [L]_ TY >bLXT /LdLYLYOLv^ -SLULY ^TYRTYR LYO MZ_S R]Z`[^ SLaP LW^Z WPL]YPO APOL ]PNT_L_TZY >ZXP ZQ _SP APOL ]PNT_L_TZY^ ZY _SP ]PNZ]OTYR L]P ZQ L .LWT QZ]YTLY _PX[WP []TP^_ :_SP] [TPNP^ ZQ X`^TN L]P Q]ZX L WL]RP X`^TN ^SZ[ TY .SPYYLT _SL_ ^`[[WTP^ OTL^[Z]L _PX[WP^ LWW ZaP] _SP bZ]WO :Q _PY _ZOLdv^ APOL ]PNT_L_TZY^ L]P LNNZX[LYTPO Md _SP ^Z`YO^ ZQ _SP ?£X[¼]L Z] Z_SP] TY^_]`XPY_^ z L YPb OPaPWZ[XPY_ _SL_ bZ`WO SLaP MPPY TYNZYNPTaLMWP TY _SP _]LOT_TZYLW XTWTP`

"

,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_



 3TYO`T^X L^ L .`W_`]P ZQ >Z`YO  =£X /S`Y >TYRP]% =L__LY 8ZSLY >SL]XL 7TRS_ 8`^TN/PaZ_TZYLW3TYOT.L_PRZ]TP^>S]PP =LX ;Z[`WL] -LYL]^T/S`Y LYO _d[TNLW -SLULY -SLULY ^ZYR^ L]P ^TX[WP ^ZYR^ bT_S ^SZ]_ PL^TWd LNNP^^TMWP OPaZ_TZYLW _Pc_^ -SLULY^ LW^Z _d[TNLWWd SLaP L OLYNP ]Sd_SX _SL_ NZY_TY`Z`^Wd LNNPWP]L_P^ ?SP _Pc_ ZQ _SP =£X /S`Y w1ZWV ^ZYR ZQ =£XLx NZY^T^_^ ^ZWPWd ZQ YLXP^ QZ] 2ZO LYO QZ]X`WL^ QZ] NLWWTYR ZY 3TX ?ST^ T^ LY TYaZNL_TZY _SL_ T^ NSL]LN_P]T^_TN ZQ 9Z]_SP]Y 4YOTL% w =£XL =£XL 5LdL =£UL =£X =£XL =£XL 5LdL >Å_£ =£Xx w: =£XL =£XL WZYR WTaP _SP VTYR OZX ZQ =£XL WZYR WTaP =£XL LYO >Å_£x ?ST^ TYaZNL_TZY ZQ _SP OTaTYP NZ`[WP =£XL LYO >Å_£ bSTNS T^ aP]d NZXXZY TY AL]LYL^T -LYL]L^ LWW`OP^ _Z _SP TOdWWTN TOPLW VTYROZX ZQ ,dZOSd£ z L ^dXMZW ZQ ;L]LOT^P bSTNS ZYP bT^SP^ _Z PY_P] ?SP [L]LWWPW [L]_^^TYRTYR TY _SP ^PNZYO ^PN_TZY ZQ _SP ]PNZ]OTYR T^ ]L_SP] L_d[TNLW ZQ -SLULY^ M`_ NZXXZY QZ] _SP ^_dWP ZQ _SP -LYL]^T/S`Y 3ZbPaP] ZYP _d[TNLW QPL_`]P ZQ _SP TY^_]`XPY_L_TZY ZQ -SLULY^ T^ _SL_ NdXMLW^ L]P LW bLd^ []P^PY_ ^_]`NV ZY _SP ZQQMPL_ WTVP L ]ZNVMPL_ RTaTYR _SP -SLULY ]Sd_SX T_^ ^[PNTLW NSL]LN_P] LYO `]RTYR ZY _SP ^TYRP]^ 4Y LOOT_TZY _SP]P L]P ZW^ ML]]PW^SL[PO O]`X^ bT_S L OPP[ [T_NS LYO _SP 0V_£] L ^TYRWP^_]TYRPO TY^_]`XPY_ `^PO Md L^NP_TN^ bSTNS []ZaTOP^ _SP O]ZYP

 ,YYL[¼]©£>_Z_]LX =PNT_P]% >bLXT :XVL]LYLYOL NZ[d]TRS_ >]T 2LYRLOSL]P^bL] ?]`^_ >bLXT /LdLYLYOL ,^S]LX ;` ]LYT 5SLOT =T^STVP^S 1LXZ`^ SdXY^ ZQ []LT^P _Z ,YYL[¼]©£ w_SP -Z`Y_TQ`Wx _SP RZOOP^^ ZQ LM`Y OLYNP bSZ T^ bZ]^ST[[PO TY AL]LYL^T 6£²Å L^ L RZOOP^^ ZQ []Z_PN_TZY _SP bTQP ZQ ±TaL LYO ]`WP] ZQ _SP NT_d ?SP SdXY T^ L__]TM`_PO _Z _SP [STWZ^Z[SP] ±L«VL]L LYO T^ b]T__PY TY _SP NZX[WPc ±£]O¼WLaTV]œT_L XP_P] w_SP RLT_ ZQ _SP _TRP]x ?SP ]PNT_L_TZY ZQ NWL^^TNLW XP_]TN _Pc_^ T^ LWbLd^ ML^PO ZY L QTcPO ^P \`PYNP ZQ _ZYP^ bSTNS NZY^T^_^ ZQ _SP ^LXP Y`XMP] ZQ PWPXPY_^ L^ _SP aP]^P SL^ ^dWWLMWP^ >TYNP TY NWL^^TNLW XP_P]^ ZQ Z]YL_P [ZP_]d _SP []Z[Z]_TZY^ ZQ PaP]d TYOTaTO`LW ^dWWLMWP L]P []PNT^PWd OP_P]XTYPO _SP ^P\`PYNP ZQ _ZYP^ LYO _SP ]Sd_SX ZQ _SP XPWZOd ]PXLTY _SP ^LXP _S]Z`RSZ`_ LWW _SP aP]^P^ 9TYP_d

,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_



[P] NPY_ ZQ LWW NWL^^TNLW >LY^V]T_ aP]^P^ L]P b]T__PY TY ^`NS ^dWWLMWPML^PO XP _P]^ bSTNS L]P NLWWPO aŽ__LNSLYOL^ wNT]NWTYR XP_P]x ZbTYR _Z _SP ]P[PL_PO TOPY_TNLW ]Sd_SX ZQ _SP aP]^P^ ?SP ±£]O¼WLaTV]œT_L XP_P] SL^ $ ^dWWLMWP^ LYO NZY^T^_^ ZQ QZ`] \`L]_P]^ _SL_ L]P TY _`]Y OTaTOPO TY_Z _bZ `YP\`LW SLWaP^ ?SP^P Pc_]L NLP^`]L^ X`^_ LWbLd^ NZTYNTOP bT_S _SP PYO ZQ L bZ]O 4Y NZX[WPc XP_P]^ NZWZ]L_`]L^ L]P ZQ_PY `^PO _Z XL]V _SP^P TY_P]TX LYO QTYLW NLP^`]L^ 4Y _ST^ PcLX[WP L ^WZb _]TWW NZXP^ L_ _SP PYO ZQ SLWQ _SP aP]^P LYO L OZbYbL]O ^WTOP L_ _SP PYO ZQ L NZX[WP_P aP]^P ?Z BP^_P]Y PL]^ _ST^ ^Z`YO^ WTVP ^TYRTYR M`_ YZ_ _Z L NZYYZT^^P`] ZQ >LY^V]T_ MPNL`^P _SP ]Sd_SX XP]PWd ]PQWPN_^ _SP XP_P] LYO _SP XPWZOd LWbLd^ XZaP^ bT_STY T_^ ]P^_]TN_PO LXMT_ ZQ _S]PP _Z QZ`] _ZYP^ LYO YZ_ LN]Z^^ _SP bSZWP ZN_LaP ?SP ]PLWTeL_TZY NLY MP NZX[L]PO _Z _SP WT_`]RTNLW ^TYRTYR ZQ [^LWX^ LYO T^ NLWWPO w]PLOTYRx [£¶SL  ?SP _P]X w]PLOTYRx XLVP^ T_ NWPL] _SL_ _Pc_^ QZ] ]PLOTYR L]P L_ _SP ^LXP _TXP _Pc_^ _Z MP SPL]O BSTWP ^ZYR TY 4YOTLY X`^TN LWbLd^ Pc[]P^^P^ PXZ_TZY^ LYO NZY_LTY^ LY TY_P]YLW XZaPXPY_ MP_bPPY NWTXLc LYO LY_TNWTXLc TY [£¶SL YZ ^`MUPN_TaP QPPWTYR^ ^SZ`WO L]T^P Z] MP Pc[]P^^PO& TY^_PLO T_ ^SZ`WO TX[L]_ L ^PY^P ZQ ^ZXP_STYR ^_L_TN

 ¢OT_dL3ŽOLdLX =PNT_P]% >bLXT :XVL]LYLYOL NZ[d]TRS_ >]T 2LYRLOSL]P^bL] ?]`^_ w=PLOTYRx [£¶SL ZQ L []LdP] _Z _SP ^`Y _LVPY Q]ZX _SP P[TN =£X£dL©L  ?ST^ T^ LY PcLX[WP ZQ L _d[TNLW aP]^P ]PNT_L_TZY TY _SP ,Y`´¶`MS XP_P] bSTNS T^ _SP XZ^_ bTOP^[]PLO XP_P] TY NWL^^TNLW >LY^V]T_ ?SP ,Y`´¶`MS NZY^T^_^ ZQ QZ`] `YT_^ ZQ PTRS_ ^dWWLMWP^ ,YLWZRZ`^ _Z _SP^P  XP_]TN `YT_^ _SP XPWZOTN QZ] X`WL LW^Z NZY_LTY^  PWPXPY_^ 3ZbPaP] bSTWP TY _SP NWL^^TNLW Z]YL_P XP_P]^ ^`NS L^ _SP ±£]O¼WLaTV]œT_L _SP \`LY_T_TP^ ZQ PLNS TYOTaTO`LW ^dWWLMWP L]P LW bLd^ []PNT^PWd OP_P]XTYPO z bSTNS XPLY^ _SL_ _SP ^P\`PYNP ZQ _ZYP^ LYO _SP ]Sd_SX ZQ _SP XPWZOd LWbLd^ ]PXLTY _SP ^LXP z _SP ,Y`´¶`MS bSTNS OL_P^ Q]ZX APOTN _TXP^ ]P[]P^PY_^ LY PcNP[_TZY _Z _ST^ ?SP \`LY_T_TP^ L]P ZYWd QTcPO QZ] _SP QTYLW ^dWWLMWP^ ZQ _SP SLWaP^ ZQ _SP aP]^P^ bSTNS XPLY^ _SL_ _SP ^P \`PYNP ZQ _ZYP^ NLY SLaP OTQQP]PY_ ]Sd_SX^ ?ST^ Q]PPOZX XLVP^ _SP ,Y`´¶`MS XP_P] PL^TP] _Z `^P bSTNS T^ _SP ]PL^ZY bSd T_ T^ ^Z [Z[`WL] 0[TN^ LYO ;`]£©L^ NZY^T^_ LWXZ^_ ^ZWPWd ZQ _ST^ XP_P] -d NZY_]L^_ aP]^TQTNL_TZY LNNZ]OTYR _Z _SP ^_]TN_ XP_P]^ T^ X`NS XZ]P OTQQTN`W_ LYO T^ XLTYWd [P]QZ]XPO Md []ZQP^^TZYLW [ZP_^& ZYP _SP]PQZ]P ^[PLV^ ZQ Z]YL_P [ZP_]d DP_ bT_S LWW _SP^P XP_P]^ z ,Y`´¶`MS LYO _SP Z]YL_P XP_P]^ z T_ T^ LWbLd^ [Z^^TMWP _Z SLaP L Y`XMP] ZQ aL]TZ`^ XPWZOd XZOPW^ ,^ L ]`WP _SPd L]P ^TX[WP XZOPW^ bT_STY L ]LYRP ZQ _S]PP Z] QZ`] _ZYP^ 8PWZOd XZOPW^ WTVP _ST^ XLd MP TYOTNL_PO z QZ] PcLX[WP Md WZNLW _]LOT_TZY _SP _]LOT_TZY ZQ _SP ]PNT_P] Z] [LY4YOTLY _]LOT_TZY z M`_ ML^T NLWWd _SPd _ZZ NLY MP NSZ^PY Q]PPWd >ZXP P^[PNTLWWd QLXZ`^ _Pc_^ SLaP _SPT] ZbY XZOPW^ PR _SP -SLRLaLORÅ_£  4Y _SP P[TN PcLX[WP RTaPY SP]P _SP _S]PP _ZYP NZXMTYL_TZY T^ NSZ^PY L XPWZOd XZOPW LOL[_PO _Z APOL ]PNT_L_TZY ?SP XPWZOd XZOPW NLY LW^Z MP `^PO QZ] LYd Z_SP] P[TN Z] [`]£©TN aP]^P Z] _Pc_



,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_

3ZbPaP] _SP ]`WP T^ _SL_ _SP NSZ^PY XPWZOd QZ]X`WL X`^_ MP XLTY_LTYPO _S]Z`RSZ`_ _SP _Pc_ .SLYRTYR _SP QZ]X`WL bZ`WO ^`RRP^_ _Z _SP L`OTPYNP _SL_ _SP [P]QZ]XP] bL^ ^bT_NSTYR _Z L OTQQP]PY_ _Pc_

 3LY`X£Y.£W¯^£  aP]^P^ LMZ`_ 3LY`X£Y 8`^TN NL^^P__P NZ[d]TRS_ >]TYTaL^ 2T]T_]LOTYR .SPYYLT 3dXY ZQ []LT^P _Z _SP XZYVPd RZO 3LY`X£Y TY  aP]^P^ TY LYNTPY_ 3TYOT bSTNS T^ L__]TM`_PO _Z _SP [ZP_ ?`W^¯O£^ LYO ]PRL]OPO L^ _SP P^^PYNP ZQ ST^ Pc_PY^TaP =£X£dL©L  BSTWP SdXY^ ZQ []LT^P _Z _SP RZO^ TY _SP >LY^V]T_ WT_P]L _`]P L]P RPYP]LWWd NZX[Z^PO TY _SP WT_LYd^_dWP ^PP _]LNV  QZ] LY PcLX[WP _ST^ aP]YLN`WL] SdXY ZQ []LT^P _Z _SP RZO T^ b]T__PY TY L YL]]L_TaP ^_dWP LYO T^ []ZMLMWd _SP XZ^_ [Z[`WL] 9Z]_SP]Y 4YOTLY _Pc_ QZ] 3LY`X£Y bZ]^ST[ ?SP _Pc_ T^ L ^SZ]_P] aP]^TZY ZQ _SP QLXZ`^ P[T^ZOP TY _SP =£X£dL©L >`YOL]L6SL©“L bSPY _SP XZYVPd RZO 3LY`X£Y _SP WZdLW ^P]aLY_ ZQ =£XL WPL[^ ZaP] _SP ^PL _Z >]T 7LYVL bSP]P SP ^PL]NSP^ QZ] LYO QTYO^ >¯_£ ?SP _Pc_ T^ b]T__PY TY L 8£_]LNSLYOL^ wXP_P] LNNZ]OTYR _Z \`LY_T_TP^x ?SP 8£_]LNSLYOL^ T^ L XP_P] TY bSTNS T_ T^ YZ_ _SP Y`XMP] ZQ ^dWWLMWP^ _SL_ OP_P]XTYP^ _SP L]]LYRPXPY_ M`_ _SP ^`X ZQ _SP ^dWWLMTN \`LY_T_TP^ [P] aP]^P ^SZ]_( \`LY_T_d WZYR( \`LY_T _TP^ 4Y _Z_LW ! \`LY_T_TP^ X`^_ ZNN`] LYO T_ OZP^ YZ_ XL__P] L_ LWW SZb _SPd L]P OTaTOPO `[ ?SP 8£_]LNSLYOL^ T^ ]L]P TY >LY^V]T_& M`_ TY XZOP]Y 4YOTLY WLYR`LRP^ _SP]P T^ `^`LWWd ZYWd _ST^ [L]_TN`WL] XP_P] :bTYR _Z _SP Q]PP] NSZTNP ZQ XPWZOd _SP [P]QZ]XLYNP NZXP^ X`NS NWZ^P] _Z ^TYRTYR _SLY _SP []PNPOTYR PcLX[WP^ OZ ?SP XP_P] ^PPX^ _Z MP WP^^ XPNSLYTNLW LYO ^_L_TN LYO XZ]P WTVP L OLYNP LYO T^ P^[PNTLWWd ^`T_LMWP QZ] MPTYR TY_PR]L_PO TY_Z X`^TNLW LNNZX[LYT XPY_^ LYO MPTYR LNNZX[LYTPO Md O]`X^ LYO Z_SP] [P]N`^^TZY TY^_]`XPY_^

 9Z]_SP]Y 4YOTLY _PX[WP ^Z`YO^% [¼U£ TY L ±TaL _PX[WP TY =T^STVP^S =PNZ]OTYR LYO NZ[d]TRS_ , BTWVP 0aPYTYR [¼U£ TY L ±TaL _PX[WP TY LY ,^S]LX TY =T^STVP^S% _SP QPXLWP LYO XLWP [L]_TNT[LY_^ z ^ZXP ZQ _SPX ]PYZ`YNP]^ Z_SP]^ ]PYZ`YNP]^ _Z MP Z] [`[TW^ ZQ _SP >bLXT TY ]P^TOPYNP LYO PWOP]Wd [P]^ZY^ bSZ ^[PYO _SPT] PaPYTYR ZQ WTQP TY _SP ,^S]LX z NSLY_ L WT_LYd >`OOPYWd _SP bZ]^ST[ ]PLNSP^ T_^ NWTXLc _SP £]L_T  ?SP £]L_T T^ _SL_ XZXPY_ TY _SP [¼U£ bSPY _SP []TP^_ ^bTYR^ _SP WTRS_ TY Q]ZY_ ZQ _SP OPT_d LYO _SP QLT_SQ`W ^_LYO MPQZ]P _SP ^LYN_`L]d bT_S _SPT] SLYO^ QZWOPO TY []LdP] ?ST^ XZXPY_ T^ ]PRL]OPO L^ _SP LN_`LW P[T[SLYd Z] ]PaPWL_TZY ZQ _SP OPT_d LYO TY 9Z]_SP]Y 4YOTL _SP YLXP £]L_T T^ ZQ_PY `^PO L^ L ^dYZYdX QZ] [¼U£  ?ST^ NPY_]LW wXZXPY_ ZQ ^PPTYRx bSTNS NLY WL^_ QZ] `[ _Z L \`L]_P] ZQ LY SZ`] T^ XL]VPO LNZ`^_TNLWWd Md aP]d WZ`O ^Z`YO^ ?SP]P T^ _SP WZYR O]LbY Z`_ O]ZYTYR ZQ _SP NZYNS SZ]Y AL]TZ`^ OTQQP]PY_ XP_LW TY^_]`XPY_^ L]P ^Z`YOPO _SP R]PL_ MPWW T^ ^_]`NV L ^YL]P O]`X T^ ^SLVPY LYO ]L__WPO LYO _SP QLT_SQ`W ZQ_PY ^_]TVP NdXMLW^ LYO ]TYR ^XLWW MPWW^



,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_



! >Z`_SP]Y 4YOTLY _PX[WP ^Z`YO^ % _PX[WP QP^_TaLW LYO ?LXTW 9Pb DPL] NPWPM]L_TZY^ TY 3LXX@PY_]Z[ TY  2P]XLYd =PNZ]OTYR LYO NZ[d]TRS_ , BTWVP ?SP ]PNZ]OTYR TWW`^_]L_P^ _SP MLNVR]Z`YO ZQ YZT^P^ LYO _SP ^Z`YO `YTaP]^P _SL_ L]P _d[TNLW ZQ >Z`_SP]Y 4YOTLY LYO >]T 7LYVLY _PX[WP ]T_P^ ^[PNTQTNLWWd O`]TYR QP^_TaLW^ LYO L ]PNT_L_TZY NSL]LN_P]T^_TN ZQ ?LY_]TN []LN_TNP ?SP ^P\`PYNP MP RTY^ bT_S _SP S`MM`M ZQ _SP S`RP N]ZbO RL_SP]PO QZ] _SP _PX[WP QP^_TaLW LYO _SP MPL_TYR ZQ _SP 9£OL^aL]LX LYO ZQ O]`X^ ?SP O]`X MPL_^ LYO _SP WZ`O ]TYRTYR YZT^P^ XL]V _SP Z[PYTYR ZQ _SP ^LYN_`L]d LYO _SP bZ]^ST[ ZQ _SP XLTY OPT_d TY Q]ZY_ ZQ bSTNS aL]TZ`^ WLX[^ L]P ^b`YR LYO XLY_]L^ ]PNT_PO :Q_PY O`]TYR _SP QP^_TaLW^ ^PaP]LW ]T_P^ L]P PcPN`_PO TY [L]LWWPW LMZaP LWW O`]TYR _SP ?LXTW 9Pb DPL] NPWPM]L_TZY^ BSTWP _SP PcZ_P]TN [¼U£ T^ _LVTYR [WLNP SPL]O TY _SP MLNVR]Z`YO _SP XLTY []TP^_ [P]QZ]X^ _SP P^Z_P]TN ²]ÅNLV]L bZ]^ST[ bT_S ?LY_]TN XLY_]L^ LNNZX[LYTPO Md _SP YZT^d ]TYRTYR ZQ MPWW^ ?SP TYT_TLW ?LY_]TN XLY_]L w :À ¢À 3]ÅÀ 3]ZÀ DLÀ =LÀ 7LÀ x NZX[]T^P^ [ZbP]Q`W w^PPO ^dWWL MWP^x MÅULXLY_]L LYO NZY_LTY^ LXZYR^_ Z_SP] ^dWWLMWP^ _SP ZYP^ QZ] _SP PWP XPY_^ LT] DLÀ  QT]P =LÀ LYO PL]_S 7LÀ  ,^ TY PaP]d ?LY_]TN ]T_P _SP [Sd^TNLW PWPXPY_^ L]P _S`^ w[`]TQTPOx TP ]P_`]YPO _Z _SPT] TYaT^TMWP wQTYP XL_P]TLWx QZ]X _S]Z`RS _SPT] ]PLWTeL_TZY TY ^Z`YO ?SP w^Z`YO N]PL_TZYx SL^ []TZ]T_d ZaP] _SP XL_P]TLW N]PL_TZY ,TX 3]ÅÀ >L`à  T^ _SP TYaZNL_TZY ZQ _SP 2]PL_ 2ZOOP^^ ?SP]P _SPY QZWWZb^ _SP ]PNT_L_TZY ZQ _SP YL^LWTePO ^Z`YO^ ZQ _SP LW[SLMP_ bSTNS L]P NLWWPO N]PL_TaP [Z_PYNTP^ wXZ_SP]^x X£_ŽV£ ^PP NSL[  >Z`YO =T_`LW^ ZQ _SP 2ZOOP^^ 7LYR`LRP LYO LWWZNL_PO _Z _SP TYYP]XZ^_ ZN_LRZY ZQ _SP ²]ÅNLV]L  BSTWP _SP STRS []TP^_ ]PNT_P^ _SP ^Z`YO^ ZQ _SP LW[SLMP_ _ZRP_SP] bT_S _SP TYaZNL_TZY w YLXLà ²LÀ ^Là x LYZ_SP] []TP^_ [P]QZ]X^ L ^LYN _TQdTYR ML_S LMST´PVL TY _SP MLNVR]Z`YO `^TYR L`^[TNTZ`^ ^`M^_LYNP^ LYO L WT_LYd ZQ YLXP^ ?SP QZWWZbTYR OPLQPYTYR 9£OL^bL]LX LYO O]`X X`^TN T^ _d[TNLW ZQ >Z`_SP]Y 4YOTLY _PX[WP X`^TN bSTNS T^ P^^PY_TLW L_ PaP]d QP^_TaLW



 ?SP APOL L^ L -L^TN ;L]LOTRX QZ] >LN]PO 7LYR`LRP LYO >LN]PO >Z`YO ?SP APOL ]PNT_L_TZY T^ YZ_ ML^PO ZY L XPWZOd XZOPW M`_ ZY LNNPY_^ TY [T_NS  " APOL ]PNT_L_TZY% 8L«RLWL±WZVL LYO -SŽR`aLWWT Q]ZX _SP ?LT__T]ÅdL @[LYT´LO  ]PNT_P]% ±]Å 8£]P[LWWT 9£RL AP«VL_L ±£^_]T bbbaPOLXLY_]LXNZX NZ[d]TRS_ AP«VL_L ±£^_]T ?ST^ PcLX[WP T^ _LVPY Q]ZX _SP bPM ^T_P ZQ ±]Å 8£]P[LWWT 9£RL AP«VL_L ±Ã^_]T L _PX[WP []TP^_ bZ]VTYR TY .LWTQZ]YTL bSZ SL^ [`MWT^SPO ^PaP]LW APOL ]PNT_L _TZY^ ZY _SP BPM ?d[TNLW ZQ XZOP]Y APOL ]PNT_L_TZY T^ _SP PX[SL^T^ ZY _SP [STWZ^Z[STNLW @[LYT´LO^ LYO ZY _SP MLNVR]Z`YO X`^TN _SL_ T^ `^PO _Z XLTY_LTY _SP NZ]]PN_ [T_NS ?SP ^PWPN_TZY ZQ _SP _Pc_^ LYO NP]_LTY ^[PNTLW QPL_`]P^ ZQ

!

,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_

[]ZY`YNTL_TZY ]PaPLW NWPL]Wd _SL_ _SP []TP^_ NZXP^ Q]ZX L DLU`]aPOTN WTYP [L^^ TYR ZY _SP _]LOT_TZY , _S]PP_ZYP ^Z`YO [L__P]Y T^ RPYP]LWWd NSL]LN_P]T^_TN ZQ _SP APOL LYO TY _ST^ PcLX[WP _SP [L]_TN`WL] _S]PP_ZYP ^P\`PYNP ]PLWTePO T^ _SP ZYP _SL_ T^ XZ^_ NZXXZY _ZOLd BT_S T_^ _S]PP _ZYP^ ^[PNTLW XP_P]^ LYO LN NPY_^ _SP APOL T^ NWPL]Wd OTQQP]PY_ Q]ZX LWW WL_P] LWbLd^ YZYLNNPY_`L_PO ^LN]PO WT_P]L_`]P^ LYO XLVP^ L XL]VPO `YXT^_LVLMWP ^Z`YO TX[]P^^TZY 4Y NZY_]L^_ _Z WL_P] Z]YL_P [ZP_]d _SP ^dWWLMWP \`LY_T_TP^ TY _SP APOTN XP_P]^ LV´L]LNSLYOL^ L]P `^`LWWd YZ_ QTcPO []PNT^PWd LYO _SP aP]^P^ L]P ZQ OTQQP]PY_ WPYR_S^ ?ST^ XPLY^ _SL_ _SP^P ]Sd_SX^ L]P YZ_ ^_L_TN M`_ TY^_PLO _SPd QW`N_` L_P 1`]_SP]XZ]P _SP bSZWP APOTN [P]QZ]XLYNP WT_P]L_`]P TP _SP aP]^P^ LYO []Z^P _Pc_^ `^PO TY _SP WT_`]Rd T^ LNNPY_`L_PO Z] bL^ RTaPY LNNPY_^ WL_P] ?SP [STWZ^Z[STNLW @[LYT´LO^ WTVP _SP [L^^LRP Q]ZX _SP ?LT__T]ÅdL@[LYT´LO ZY _ST^ ]PNZ]OTYR L]P ]PNT_PO TY _SP _S]PP_ZYP XPWZOd XZOPW ?ST^ ^_L]_^ bT_S L QZ] X`WL _SL_ []ZXT^P^ QZ]_`YP  XL«RLWL QZ]X`WL :À ^LSL Y£aLaL_` ^LSL YL` MS`YLV_` m  bSTNS ZNN`]^ L_ _SP MPRTYYTYR ZQ _SP WP^^ZY% w?ZRP_SP] bT_S MZ_S ZQ `^ F_PLNSP] LYO [`[TWH XLd T_ MP^_Zb MWP^^TYR^ ?ZRP_SP] bT_S MZ_S ZQ `^ XLd T_ ]PNPTaP ?ZRP_SP] bP MZ_S bT^S _Z NZX[WP_P ^ZXP_STYR []ZO`N_TaP 8Ld _SP ZMUPN_ FZQ Z`]H ^_`Od LN\`T]P RWZ]d F_S]Z`RS `^H ,YO XLd YPT_SP] ZQ `^ MPNZXP SZ^_TWP _Z _SP Z_SP]x

?SP QZWWZbTYR @[LYT´LO _Pc_ NZY_LTY^ L [L^^LRP _SL_ ]LYV^ LXZYR _SP XZ^_ QLXZ`^ LYO _SP XZ^_ NZXXPY_PO LYO \`Z_PO [L^^LRP^% w?SL_ Q]ZX bSTNS LWW _STYR^ Z]TRTYL_P ?SL_ bSTNS VPP[^ _SPX LWW LWTaP ?SL_ TY bSTNS _SPd aLYT^S LYO TY bSTNS _SPd F_SPYH OTP ,NVYZbWPORP _ST^ 4_ T^ _SP -]LSXLYx

# 9LV´L_]L>¼_]LX =PNZ]OTYR LYO NZ[d]TRS_ ,_`W ,RL]bLWL /T^N`^^PO TY NSL[_P]  ,P^_SP_TN 8P^^LRP^ LYO 1Z]X^ ZQ =PNP[ _TZY $ 2SLYL[£¶SL =PNT_P]% ALW`__Z] > =LULRZ[LWL >SL]XL  ;L]_d NZ[d]TRS_ 7TRS_ 8`^TN/PaZ_TZYLW>LY^V]T_>_Z_]LX^2SLYLX ?ST^ T^ LY PcLX[WP ZQ L wM`YOWPOx APOL ]PLOTYR 2SLYL[£¶SL QZ] NZXXT__TYR _Z XPXZ]d M`_ _ZOLd T_ T^ ^ZXP_TXP^ LW^Z TY_PR]L_PO TY_Z _PX[WP bZ]^ST[ 1Z] XZ]P OP_LTW^ LMZ`_ _ST^ XPXZ]TeTYR _PNSYT\`P ^PP NSL[_P]^  8YPXZYTN ?PNSYT\`P^ LYO ?]LY^XT^^TZY LYO  ;SZYP_TNTLY^



,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_

"

 =PNT_L_TZY ZQ _SP QT]^_ aP]^P ZQ _SP ‹RaPOL ,RYTX ÅWP ‹A  =PNZ]OTYR LYO NZ[d]TRS_ ,_`W ,RL]bLWL ?ST^ T^ LY PcLX[WP ZQ L _]LOT_TZYLW ‹RaPOL ]PNT_L_TZY ?SP Z[PYTYR aP]^P ZQ _SP ‹RaPOL  bSTNS [L]_TN`WL]Wd NL`RS_ _SP L__PY_TZY ZQ OP >L`^^`]P MPNL`^P ZQ T_^ ^Z`YO QZ]X SL^ L ^Z`YO ^P\`PYNP _SL_ T^ L RZZO PcLX[WP ZQ _SP ZYZXL_Z[ZPTN ^PXLY_TNTeL_TZY LYO XLRTNLW [ZP_]d ZQ _SP ‹RaPOL  1Z] L OP_LTWPO OT^N`^^TZY ^PP NSL[_P]  ?SP -]LSXLY L^ ;ZP_TN 8LRTN :YP YZ_TNPLMWP QPL_`]P LMZ`_ _ST^ ]PNZ]OTYR T^ _SL_ _SP ^TYRP] _LVP^ _SP ^PXLY_TNTeL_TZY PaPY Q`]_SP] LYO []ZYZ`YNP^ _SP YLXP w,RYTx wQT]Px wQT]P RZOx WTVP w,R]Tx w_SP QT]^_ ZYPx

 >£XLAPOL% 6LWPdLX =PNZ]OTYR LYO NZ[d]TRS_ ,_`W ,RL]bLWL >£XLAPOL ]PNT_L_TZY TY _SP ?SLYULa`] ^_dWP 9Z_P _SP WZYR O]LbY Z`_ QZ]X^ ^`NS L^ _SP ^Z`YO ZQ wSZ a£x 1Z] L OT^N`^^TZY ^PP NSL[_P] ! >Z`YO =T_` LW^% _SP >£XLAPOL TY [L]_TN`WL] _SP TY_]ZO`N_TZY .ZY^TOP] LW^Z _SP P^Z_P]TN TY_P][]P_TZY ZQ _SP wZa£x ^Z`YO NZXMTYL_TZY bSTNS T^ OT^N`^^PO TY !! 3Zb _Z >TYR :YP^PWQ TY_Z _SP :_SP] BZ]WO

 >£XLAPOL% A£XLOPadLX =PNZ]OTYR LYO NZ[d]TRS_ ,_`W ,RL]bLW /T^N`^^PO TY OP_LTW TY NSL[_P] ! 8TXP_TN 8LRTN LYO ! w.L_P]bL`W TYRx LYO 3ZbWTYR >_Z]X^

 .ZX[Z^T_TZY LYO /PNZX[Z^T_TZY  AT´©`^LSL^]LY£XL % ?SP ?SZ`^LYO 9LXP^ ZQ AT´©` =PNT_P]% >bLXT -]LSXLYLYOL NZ[d]TRS_ .PY_]LW .STYXLdL 8T^^TZY ?]`^_ /PPYLMLYOS` /PaL^_SL YLX -LYRLWZ]P 1LXZ`^ AT´©` WT_LYd Q]ZX _SP 8LS£MS£]L_L% ^PP NSL[_P]  ?SP 3`YO]PO LYO _SP ?SZ`^LYO 9LXP^ ZQ _SP @YTaP]^LW 2ZO^ 9Z_P _SP XPWZOTN TY_ZYL_TZY LYO OPaZ_TZYLW wQWLaZ]x TY _SP ]PNT_P]v^ [P]QZ]XLYNP bSTNS XLd MP WP^^ []Z YZ`YNPO Z] MP LM^PY_ TY Z_SP] ]PNT_LW^ 3P PXMPWWT^SP^ ^ZXP ZQ _SP YLXP^ ^[P NTQTNLWWd ^`NS L^ ;`]`´Z__LXL w_SP 3TRSP^_ ;P]^ZYx LYO >bLdLXMS`à w_SP >PWQ-Z]Yx

 0cLX[WP ZQ _SP WLYR`LRP ZQ O]`X^% ?LWLaLOdL 8]OLYRLX% APWWZ]P =LXLMSLO]LY 2SL_LX% ? 3 ATYLdLV]LX 6LYUT]L% = 3L]T >SLYVL] 8ZZ]^TYRS% 8LSLOPaLY 6ZYYLVZW% ?3 >`ML^SNSLYO]LY

#

,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_

8`^TN NL^^P__P NZ[d]TRS_ >]TYTaL^LY 2T]T ?]LOTYR .SPYYLT :YP [P]N`^^TZYT^_ RTaP^ ]Sd_SXTN [L__P]Y^ QZ] QZ`] Z_SP] [P]N`^^TZYT^_^ ML]]PW ^SL[PO O]`X _LXMZ`]TYP NWLd [Z_ ULbSL][ _Z QZWWZb L^ _SPT] TY^_]`XPY_^ LWWZb :Y w_SP WLYR`LRP ZQ O]`X^x ^PP NSL[_P]  :YZXL_Z[ZP_TN .ZOP^% _SP 7LYR`LRP ZQ /]`X^



 ;W`]LWT^X LYO >PL]NS QZ] :]TPY_L_TZY 1Z] _ST^ ^PN_TZY ZY _SP WLYR`LRP ZQ _SP [ZP_^ WTYR`T^_TN^ LYO XP_L[Sd^TN^ _SP]P T^ YZ ^P[L]L_P X`^TN PcLX[WP .ZY^TOP] _SP OT^N`^^TZY ZQ _]LNV  LYO  LYO _]LNV " QZ] _SP X`^TNLW ^_dWP^ LOZ[_PO _Z Z]YL_P OPaZ_TZYLW [ZP_]d ?SP OPaZ_TZYLW NSL]LN_P] SZbPaP] T^ L WL_P] OPaPWZ[XPY_ ZQ Z]YL_P [ZP_]d 4Y NZY_]L^_ NWL^^TNLW [ZP_TN^ LYO NZX[Z^T _TZY^ L]P `__P]Wd []ZQLYP LYO NZY^_T_`_P L STRSWd ^VTWWQ`W N]LQ_ ZQ NZ`]_Wd []ZQP^ ^TZYLW^ ^PP NSL[  .Z`]_Wd ;ZP_]d% :]YL_P LYO 0c[]P^^TaP >[PPNS =PNT_L_TZY^ LYO X`^TN PcLX[WP^ ]PWPaLY_ QZ] _SP OT^N`^^TZY ZQ _SP APOL 3P] XPYP`_TN^ LYO _SP _bZ 8ÅX£À^£ ^NSZZW^ NSL[_P] z L]P QZ`YO ZY _]LNV^ "z LYO _]LNV #



 ;P]QZ]XLYNP LYO >PY^`LWT_d   -SLT]LaL>_LaL Md ,MSTYLaLR`[_L >TYRP]% 8LYU` >`YOL]LX >L]LYRT% >LY_Z^S 6`XL] 8T^S]L ?LMWL% ATYZO 2 7PWP >STa>SLV_T% /TaTYP 3dXY^ NZ[d]TRS_ ,V^SL]L -SL]L_T ;]ZO`N_TZY .LWN`__L :Y _ST^ ]PNZ]OTYR _SP QLXZ`^ SdXY _Z -SLT]LaL±TaL Md _SP 6L^SXT]T [STWZ^Z [SP] ,MSTYaLR`[_L _S NPY_ ^PP NSL[ # ,MSTYLaLR`[_L z 7LYR`LRP L^ =PQWPN_PO ;]P^PYNP T^ ]PLWTePO TY _SP =£RL 2`«VLWÅ LYO PaZVP^ L [STWZ^Z[ST NLW L^NP_TN XZZO ZQ ]LOTNLW YZYO`LWT_d ?SP X`^TNLW TY_P][]P_L_TZY T^ TY_PYOPO _Z SPW[ _SP WT^_PYP] _Z Q`^P bT_S _SP NZY_PY_ ZQ _SP _Pc_ LYO _Z Pc[P]TPYNP TY ST^ ZbY ^PWQ _SP LWW[P]aL^TaP -SLT]LaL _SL_ SL^ YZ MPRTYYTYR% w4 bZ]^ST[ dZ` 7Z]O -SLT]LaL _SP WZ]O ZQ _SP OPQPY^PWP^^ bSZ NZY_LTY^ PaP]d TYOTaTO`LW _STYR TY _SP `YTaP]^P bT_STY dZ`]^PWQ _SP ZYP NZY^NTZ`^YP^^ _SL_ SL^ YZ MPRTYYTYR LYO YZ PYO OPP[ TY Xd SPL]_ bT_S _SZ`RS_^ NZY^T^_TYR ZQ dZ` ?S]Z`RS _SP [ZbP] ZQ dZ`] XP]Nd _SP bSZWP bZ]WO YZb L[[PL]^ _Z XP L^ dZ`] MPTYR LYO dZ` R]PL_ 2ZO L]P Xd^PWQ QZ] PaP] ^Z _SL_ PaP]d_STYR _SL_ T^ TY Xd bZ]WO 4 LX Xd^PWQ

,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_

$

,YO L^ 4 Xd^PWQ SLaP MPNZXP _SP `YTaP]^P TY dZ` : 7Z]O 4 YZ WZYRP] SLaP LYd STY_ ZQ QPL] ZQ _SP NdNWP ZQ MT]_S^ LW_SZ`RS _SPd ^_TWW PcT^_ _SP SZ]OP ZQ Xd OPPO^ VL]XLY  bSTNS []ZXT^P XP `YMPL]LMWP ^`QQP]TYR NZYQ`^TZY LYO SZ]]Z]x

! 8LST´£^`]LX£]OTYÅ>_Z_]L >TYRP]% > =LUP^SbL]T 8`^TN NL^^P__P% 8LST^SL^`]L 8L]OTYT  /PaT >_Z_]L^ NZ[d]TRS_% >]TYT aL^ 2T_£ .L^^P__P^ ;Z[`WL] /`]R£ SdXY Q]ZX >Z`_SP]Y 4YOTL bT_S NL_NSd ]Sd_SX^ /T^N`^^PO TY OP_LTW TY NSL[_P] $ 3PL]TYR LYO >PY^TYR _SP -`QQLWZ/PXZY>WLdP] ?SP SdXY T^ LWXZ^_ LWbLd^ ^`YR Md bZXPY LYO ZQ_PY bT_S L ^S]TWWP] LYO XZ]P XP_LWWTN aZTNP _SLY TY _SP ^ZQ_ ^[PNTXPY ZY _SP _]LNV

" >L`YOL]dLWLSL]Å >TYRP]% APOL ALWWT 8`^TN NL^^P__P >]T ,LOT >LYVL]L^ >Z`YOL]dL 7LSL]T NZ[d]TRS_ ALYT =PNZ]OTYR^ ?SP L]_T^_TN XPOTPaLW RZOOP^^ SdXY >L`YOL]dLWLSL]Å _SL_ T^ L__]TM`_PO _Z _SP [STWZ^Z[SP] ±L«VL]L T^ ZQ_PY [P]QZ]XPO bT_S aL]TZ`^ OTQQP]PY_ =£RL^ :`] PcLX[WP T^ ^`YR Md APOL ALWWT ZYP ZQ _SP XZ^_ QLXZ`^ >Z`_SP]Y 4YOTLY ^TYR P]^ ZQ NWL^^TNLW 4YOTLY X`^TN , OP_LTWPO OT^N`^^TZY T^ RTaPY TY NSL[_P] $ 4YOTaTO`LW 8`^TNLW 1Z]X^ ZQ _SP w1WZZO ZQ -PL`_dx :`] OP^N]T[_TZY T^ ML^PO ZY _ST^ ]PNZ]OTYR

# 6Ž´©L-SLULY .ZX[Z^P] LYO wNLY_Z]x% >bLXT /LdLYOLYL =PNZ]OTYR LYO NZ[d]TRS_ , BTWVP -SLULY ^TYRTYR ^PP NSL[_P] $ ?SP /T^^L[[PL]LYNP ZQ 7LYR`LRP TY 8`^TN TY .LWTQZ]YTL 4Y NZY_]L^_ _Z _SP -SLULY ^LX[WP ZY _]LNV  _ST^ T^ L _d[TNLW -SLULY QZ]X bT_S ^TYRTYR Md L wNLY_Z]x LYO Md _SP bSZWP R]Z`[ z YL_TaP 4YOT LY^ LYO YL_TaP ,XP]TNLY^ ?SP _Pc_ XL_P]TLW T^ ]TNSP] -SLULY bT_S aP]^P^ M`_ _SP ]P[PL_PO ^ZYR WTYP T^ LW^Z L bPWWVYZbY TYaZNL_TZY QZ]X`WL% 5LdL ULdL 2Z aTYOL 5LdL 3L]T 2ZaTYOL wATN_Z]d aTN_Z]d _Z 2ZaTYOL aTN_Z]d _Z 3L]T 2Z aTYOLx >bLXT /LdLYLYOL L >Z`_SP]Y 4YOTLY XZYV LYO APO£Y_L ^NSZWL] SL^ NZX[Z^PO L ^P]TP^ ZQ NL_NSd OPaZ_TZYLW ^ZYR^ WTVP _ST^ ZYP 3ZbPaP] ST^ XLTY XPOT`X ZQ NZXX`YTNL_TZY T^ YZ_ X`^TN M`_ bZ]O^ z _SP TY_P][]P_L_TZY ZQ _SP @[LYT´LO^ _Z MP []PNT^P 3P ]PRL]O^ STX^PWQ L^ L _]LOT_TZYLW _PLNSP] QZWWZbTYR _SP _]LOT_TZY ZQ ±L«VL]L^ ^PP NSL[_P]  LYO L__LNSP^ TX[Z]_LYNP _Z []P^PY_ TYR _SP APO£Y_L L^ L XP_SZO ZQ _PLNSTYR



 

,[[PYOTc% 8`^TN ./ z ,NNZX[LYdTYR ?Pc_

$ :À YLXZ M]LSXLYP-SLULY .ZX[Z^P] LYO wNLY_Z]x^TYRP]% >bLXT 2LYL[L_T >LNSTOLYLYOL bbbOL__L[PP_SLXNZXTYOTLQP^_TaLW^YLaL]L_]T$$ZN_ZXYLXZ]LX .Z[d]TRS_ 3T^ 3ZWTYP^^ >bLXT 2LYL[L_T >LNSTOLYLYOL -SLULY TY _SP ^_dWP ZQ NWL^^TNLW .L]YL_TN X`^TN ]PNZ]OPO O`]TYR L 9LaL]L_]L NPWPM]L_TZY TY _SP .L]TMMPLY ?SP aTZWTY LNNZX[LYdTYR _SP ^TYRTYR T^ L _d[TNLW TY^_]`XPY_ QZ] LNNZX[LYdTYR .L]YL_TN X`^TN @YWTVP /LdLYLYOL _]LNV # _SP NZX[Z^P] LYO ^TYRP] >bLXT 2LYL[L_T >LNSTOLYLYOL aTPb^ X`^TN L^ _SP XLTY XPOT`X WPLOTYR _Z _SP YZYaP]MLW >PP NSL[_P] $ ?SP /T^L[[PL]LYNP ZQ 7LYR`LRP TY 8`^TN?SP -SLULY NLY MP ^PPY L^ LY PcLX[WP ZQ _SP X`^TNLW 9£OL-]LSXLY _SPZWZRd OT^N`^^PO TY QZWWZbTYR NSL[_P] !

! >PY^`LW >`M^_LYNP% 9£OL-]LSXLY  6]T_T _Z _SP OLYNTYR ±TaL 9L¶L]£UL ZQ .TOLXML]LX .ZX[Z^T_TZY Md 8`__`^aLXT /TV^T_L] >TYRP]% 9LYOLV`XL] 8d^Z]P =PNZ]OTYR , BTWVP NZ[d]TRS_ 9LYOLV`XL] ?d[TNLW .L]YL_TN >Z`_SP]Y 4YOTLY NWL^^TNLW X`^TN ^PP NSL[_P] ! /PaZ _TZYLW 9£OLDZRL TY >Z`_S 4YOTLY .WL^^TNLW 8`^TN TY bSTNS _SP WTYP .TOLXML]P²aL]LX NTY_Ld£XT  w4 NZXXPXZ]L_P _SP 7Z]O ZQ .TOLXML]LXx T^ ]P[PL_PO TY LY L]_T^_TN ^_dWP ZQ ^TYRTYR ?ST^ T^ LY PcLX[WP ZQ L V]T_T  _SP XZ^_ STRSWd OPaPWZ[PO QZ]X ZQ OPaZ_TZYLW NZX[Z^T_TZY :YP QPL_`]P _d[TNLW ZQ L 6]T_T T^ _SL_ _Pc_ LYO X`^TN L]P NZX[Z^PO _ZRP_SP] @YWTVP [ZPX^ ^`NS L^ _SP >L`YOL]dL7LSL]Å  V]T_T^ L]P NZX[WPc NZX[Z^T_TZY^ TY bSTNS _SP ^Z`YO ZQ _SP WLYR`LRP T^ [L]_ ZQ _SP NZX[Z^T_TZY ,^ TY _SP SdXY _Z 8LST´£^`]LXL]OTY¯ aZbPW LYO NZY^ZYLY_ ^Z`YO^ LWWT_P]L_TZY^ P_N L]P YZ_ `YOP]^_ZZO L^ TYOP[PYO PY_ _Pc_ Z]YLXPY_L_TZY _SL_ T^ WL_P] ^P_ _Z X`^TN M`_ L]P _SPX^PWaP^ X`^TNLW NZY_PY_ ?Pc_ LYO XPWZOd X`^_ MWPYO TY_Z ZYP Z_SP] NZX[WP_PWd 4OPLWWd _SP TX[]P^^TZY ^SZ`WO L]T^P _SL_ _SP^P [L]_TN`WL] bZ]O^ NZ`WO ZYWd MP ^`YR _Z _ST^ [L]_TN`WL] XPWZOd 8Z^_ 6]T_T NZX[Z^P]^ b]Z_P TY aL]TZ`^ WLYR`LRP^& _ST^ NZX [Z^T_TZY T^ TY >LY^V]T_ 4_ T^ _d[TNLW ZQ NWL^^TNLW 4YOTLY X`^TN _SL_ L =£RL T^ OPaPWZ[PO \`T_P ^WZbWd z TY >Z`_SP]Y 4YOTL _ST^ T^ OZYP wTY _P]]LNP^x WTVP _SP NZY^_]`N_TZY ZQ L _PX[WP ?ST^ ZNN`]^ TY _SP £W£[ w^_L]_TYR _Z ^TYRx TY bSTNS _SP ^TYRP] Z] TY^_]`XPY_LWT^_ PWLMZ]L_P^ _SP XPWZOTN XL_P]TLW ZQ _SP =£RL Q]ZX _SP Q`YOLXPY_LW ^Z`YO M`_ OZP^ YZ_ RTaP T_ ]Sd_SX 4Y^_PLO ZQ _SP ?£X[¼]L OT^N`^^PO TY NSL[_P] !$ ?SP ?£X[¼]L L^ ?Z_LW =P[]P^PY_L_TZY ZQ _SP 9£OL -]LSXLY _SP ^TYRP] SL^ _bZ Q`YOLXPY_LW _ZYP^ ZY ST^ w±]`_T MZcx bSTNS ]P[WLNP _SP ?£X[¼]L

;]TXL]d >Z`]NP^ ;]TXL]d >Z`]NP^ F,MSTYLaLR`[_LH ,MSTYLaLMS£]L_¯ ^ 9£_dL²£^_]L LYO 2YZWT z 7ZNLY£  ^ ¢YLYOLaL]OSLYL z 7`NP OPWWP >LN]P >N]T__`]P OT ,MSTYLaLR`[_L POT_PO Md =LYTP]Z 2YZWT ?Z]TYZ% @YTZ YP ?T[ZR]LQTNZ0OT_]TNP ?Z]TYP^P $" z ;L]£_]¯²TV£7LRS`aŽ__T POT_PO Md 5LRLOOSL]L E£OZZ >]TYLRL]% =P^PL]NS /P[L]_XPY_ 5LXX` LYO 6L^SXT] 2ZaP]YXPY_ $ z ;L]£_]¯²TV£ATaL]L©L POT_PO Md 8`V`YOL =£XL >]TYLRL]% =P^PL]NS /P[L]_XPY_ 5LXX` LYO 6L^SXT] 2ZaP]YXPY_ $" z ;L]£_]¯²TV£ATaL]L©L% ?SP >PN]P_ ZQ ?LY_]TN 8d^_TNT^X _]LY^ TY_Z 0YRWT^S bT_S YZ_P^ LYO ]`YYTYR Pc[Z^T_TZY Md 5LTOPaL >TYRS POT_PO Md -P__TYL -Æ`XP] /PWST LZ% 8Z_T WLW -LYL]^TOL^^ $## z F ?LY_]£WZVL H ?SP ?LY_]£WZVL ZQ ,MSTYLaLR`[_L bT_S .ZXXPY_L]d Md =£ULYLVL 5LdL]L_SL  POT_PO LYO LYYZ_ Md 8`V`YO =LX >SL^_]T P_ LW  aZW^ -ZXMLd ,WWLSL MLO% 4YOTLY ;]P^^ $#z#& ]P[]TY_PO bT_S TY_]ZO`N_TZY LYO YZ_P^ Md =. /bTaPOT LYO 9LaLUTaLY =L^_ZRT # aZW^ /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $#" z ?LY_]L^£]L Md ,MSTYLaL 2`[_£N£]dL POT_PO _]LY^ TY_Z 3TYOT LYO LYYZ_ Md >S]PP 3PXPYO]L 9L_S .SLV]LaL]_d AL]LYL^T% AL]LYL^PdL >LY^V]T_ >LY^_SLY $#! ,RSZ]L²Ta£N£]dL ?SP ;LÓN£aL]L©L^_LaL ZQ ,RSZ]L²Ta£N£]dL , _bPWQ_SNPY_`]d >Z`_S 4YOTLY []P^N]T[_TZY QZ] _SP aTO^`LWT^L_TZY ZQ >LO£²TaL LYO ST^ ]P_TY`P  N]T_ POT_PO LYO LYYZ_ Md /ZXTYTN 2ZZOLWW LZ ;ZYOTNSË]d% 4Y^_T_`_ 1]LYNLT^ OP ;ZYOTNSË]d   F,RYT;`]£©LH ?SP ,RYT ;`]£©L% ;L]_ 4A _]LY^ LYO LYYZ_ Md 9 2LYRLOSL]LY /PWST% 8Z_TWLW -LYL]^TOL^^ $#" ?SP ,T_L]PdL ¢]L©dLVL POT_PO TY_]ZO`NPO LYO _]LY^ Md ,]_S`] -P]]TPOLWP 6PT_S :cQZ]O% .WL]PYOZY ;]P^^ $!$   $$ z ,T_L]PdL¢]L©dLVLX POT_PO Md ATY£dLV 2L©P² ¢[¶P ;ZZYL% ¢YLYO£²]LXL 8`O]L ©£dLWL $ ,T_L]PdL-]£SXL©LX  aZW^ POT_PO Md ATY£dLV 2L©P² ¢[¶P ;ZZYL% ¢YLYO£²]LXL 8`O]L©£dLWL $z z /L^ ,T_L]PdL -]£SXL©L 8T_ ,`^eÞRPY L`^ OPX .ZXXPY_L]P aZY >£dL©£N£]dL `YO LYOP]PY -PTWLRPY  POT_PO Md ?SPZOZ] ,`Q]PNS_ 3TWOP^SPTX% 2PZ]R :WX^ $" -ZYY% ,OZW[S 8L]N`^  #"$ z >PP LW^Z =TRaPOL -]LSXLYL^% ,T_L]PdL LYO 6L`´¯_LVT _]LY^ 6PT_S ,XL]LVZ²L AZW   bT_S _SP `Y[`MWT^SPO >Z`_S 4YOTLY NZXXPY_L]TP^ ,XL]L[LOLaTaŽ_T ZQ 7T«RLdL^¼]TY LYO ,XL]L[LOL[£]TU£_L ZQ 8LWWTY£_SL N]T_ POT_PO Md , , =LXLYL _SLY 8LO]L^% ,OdL] 7TM]L]d =P^PL]NS .PY_]P $#$   $" F¢YLYOLaL]OSLYLH /SaLYd£WZVL ZQ ¢YLYOLaL]OSLYL N]T_ POT_PO TY_]ZO`NPO _]LY^ LYO LYYZ_ Md 6 6]T^SYLXZZ]_Sd /SL]bL]% 6L]YL_LV @YTaP]^T_d $" /PWST LZ%  $# z ?SP /SaLYd£WZVL ZQ ±]¯ ¢YLYOLaL]OSLY£NS£]dL bT_S _SP 7ZNLY£ >LY^V]T_ NZXXPY _L]d ZQ ±]¯ ,MSTYLaLR`[_L POT_PO Md 5LRLYYL_S ;L_SLV AL]LYL^T% $!  F¢[L^_LXML ±]L`_L^¼_]LH ±]L`_L >¼_]L ZQ ¢[L^_LXML% -PWZYRTYR _Z _SP ?LT__T]¯dL >LÀST_£ bT_S _SP NZXXPY_L]d ZQ =`O]LOL__L POT_PO Md =TNSL]O 2L]MP  aZW^ .LWN`__L% ,^T L_TN >ZNTP_d ## ##  $

 

;]TXL]d >Z`]NP^

F¢]dLMSL¶LH ?SP ¢]dLMSL¶ÅdL bT_S _SP NZXXPY_L]d -SL¶LOÅ[TV£ ZQ ;L]LX£OŲaL]L POT_PO Md 3 6P]Y :^YLM]ÞNV% -TMWTZ AP]WLR $" =P[] ZQ PO #" z /TP 8L_SPXL_TV OP^ ¢]dLMSL¶L 4 POT_PO _]LY^ TY_Z 2P]XLY LYO NZXXPY Md 6`]_ 0WQP]TYR 8ÞYNSPY% 1TYV $"  F,_SL]aLaPOLH ,_SL]aL APOL >LYST_L F>L`YLVL ]PNPY^TZYH POT_PO Md = =Z_S LYO B/ BST_YPd -ZYY% 1P]O /ÞXXWP]  $!! =P[] ZQ PO # ! F,`R`^_TY`^H ,`]PWT`^ ,`R`^_TY`^ /P 8`^TNL % -ÞNSP] 4 `YO A4 AZX Æ^_SP_T^NSPY @]_PTW e`] XP_L[Sd^T^NSPY 0]VPYY_YT^ 7L_TY2P]XLY POT_TZY Md 1]LYV 3PY_^NSPW 3LXM`]R% 8PTYP] AP]WLR  ,`X£[L_LX  N]T_ POT_PO _]LY^ TY_Z 2P]XLY LYO NZXXPY Md ;P_P] AZYP^^PY -P]Y% ; 7LYR $$! F-SLRLaLORÅ_£H ±]ÅXLOMSLRLaLORÅ_£% ±£«VL]LMS£´dL^LXP_£ /PWST LZ% 8Z_TW£W -LYL]^T OL^^ $##   $$ -SL]L_L ^ 9£¶dL²£^_]L F-SL]_ŽSL]TH A£VdL[LO¯dL ZQ -SL]_šSL]T POT_PO Md 6, >`M]LXLYTL 4dP] 6£©“L 4% bT_S Aš__T LYO ;LOOSL_T ZQ Aš´LMSLOPaL ;ZZYL% /PNNLY .ZWWPRP $!!& 6£©“L 44% NZY_LTY TYR _SP µÅV£ ZQ ;`©dL]£UL LYO _SP ,YNTPY_ Aš__T /PWST% 8Z_TWLW -LYL]^TOL^^ $#& 6£©“L 444% bT_S _SP ;]LVÅ]©LVL[]LV£²L ZQ 3PW£]£UL ;ZZYL% /PNNLY .ZWWPRP $" z ?SP A£VdL[LO¯dL ZQ -SL]_ŽSL]T _]LY^ TY_Z 0YRWT^S Md >`M]LXLYTL 4dP] .SL[ 4 ;ZZYL% /PNNLY .ZWWPRP $! & .SL[ 44 LYO .SL[ 444  /PWST% 8Z_TWLW -LYL]^TOL^^ $"" $" z -SL]_ŽSL]T^ A£VdL[LOÅdL  POT_PO Md BTWSPWX =L` BTP^MLOPY% >_PTYP] $"" ,M SLYOW`YRPY QÞ] OTP 6`YOP OP^ 8Z]RPYWLYOP^ C744 z -SL]_ŽSL]T^ A£VdL[LO¯dL% AP]^`NS PTYP] aZWW^_ÆYOTRPY OP`_^NSPY ¾MP]^P_e`YR YLNS OP] V]T_T^NSPY 0OT_TZY OP] 8¼WL6£]TV£^ -d BTWSPWX =L` POT_PO Md :^VL] aZY 3TY ÞMP] >_`__RL]_% 1]LYe >_PTYP]  F-SL]_ŽSL]TH ALT]£RdL±L_LVLX :] ?SP 3`YO]PO AP]^P^ ZY =PY`YNTL_TZY  POT_PO TY /PaL YLRL]T _]LY^ TY_Z 0YRWT^S LYO LYYZ_ Md >bLXT 8LOSLaLYLYOL .LWN`__L% ,OaLT_L ,^S]LXL ! $" F-S£^VL]L]£dLH AL]TaL^d£=LSL^dL LYO T_^ .ZXXPY_L]d ;]LV£²L Md ±]Å -S£^VL]L]£dL 8LVSTY POT_PO LYO _]LY^ TY_Z 0YRWT^S FXLTY _Pc_H Md > >`M]LSXLYdL >L^_]T 8LO]L^% ?SP ,OdL] 7TM]L]d LYO =P^PL]NS .PY_]P $"!   $ F-SLaLMS¼_TH 8£WL_Å8£OSLaL ZQ -SLaLMS¼_T bT_S _SP .ZXXPY_L]d ZQ 5LRLOOSL]L POT_PO Md AL^`OPa AT^SY` 8T]L^ST ;ZZYL% -SLYOL]VL] :]TPY_LW =P^PL]NS 4Y^_T_`_P $" -S¼_L“£XL]L ?LY_]LX POT_PO Md 6Ž´©L 6`X£] =£d A£]£©L^Å% ;]£NdL ;]LV£²LY $$ F-ZP_ST`^ /P TY^_T_`_TZYP X`^TNL H -ZP_ST`^v ?SP ;]TYNT[WP^ ZQ 8`^TN% ,Y 4Y_]ZO`N_TZY ?]LY^WL_TZY LYO .ZXXPY_L]d  Md .LWaTY 8L]_TY -ZbP] ;S/ OT^^ 2PZ]RP ;PLMZOd .ZWWPRP QZ] ?PLNSP]^ $!" ,YY ,]MZ] 8TNSTRLY% @YTa 8TN]ZQTWX^ $!" z ,YTNT`^ 8LYWT`^ >PaP]TY`^ -ZP_ST`^ 1`YOLXPY_LW^ ZQ 8`^TN  _]LY^WL_PO bT_S TY_]Z O`N_TZY LYO YZ_P^ Md .LWaTY 8FL]_TYH -ZbP] PO Md .WL`OP A ;LWT^NL 9Pb 3LaPY  7ZYOZY% DLWP @YTa ;] $#$ z ,YTNT`^ 8LYWT`^ >PaP]TY`^ -ZP_T`^ 1ÞYQ -ÞNSP] ÞMP] OTP 8`^TV 8T_ MP^ZYOP]P] -P]ÞNV^TNS_TR`YR OP] R]TPNST^NSPY 3L]XZYTV ?]LY^WL_PO Q]ZX 7L_TY TY_Z 2P]XLY Md :^NL] ;L`W 3TWOP^SPTX% :WX^ $" 7PT[eTR%  #" F-]LSXLR`[_LH -]£SXL^[S`¶L^TOOS£Y_L^dL ^LX˜V´£_XLVLXLOSdLdLYLX POT_PO Md ±Ta£ V£Y_L 5S£ /PWST% 9LR ;`MWT^SP]^ $$$ z w-]£SXL^[S`¶L^TOOS£Y_L NS  ZQ -]LSXLR`[_L bT_S NZXX ZQ ;Ž_S`OLVL N]T_T NLWWd POT_PO bT_S 0YR _]LY^ LYO YZ_P^ Md >P_^`]Z 4VPdLXLx 4YOTLY 5Z`]YLW ZQ 3T^ _Z]d ZQ >NTPYNP # % >`[[WPXPY_

;]TXL]d >Z`]NP^

 

F -ŽSLO£]L©dLVL @[LYT´LO H ±]¯±£ÀVL]LR]LÀ_S£aLWTà% .ZX[WP_P BZ]V^ ZQ >]T >LYVL]L NSL]dL TY _SP :]TRTYLW >LY^V]T_ AZW % -ŽSLO£]L©dLVZ[LYT´LO-S£´dLX 8LO]L^% >LXL_L -ZZV^ $#  $ z POT_PO LYO _]LY^ TY_Z 1]PYNS Md 0XTWP >ËYL]_ ;L]T^% 7P^ -PWWP^ 7P__]P^ $ z ?SP -ŽSLO£]L©dLVL @[LYT´LO bT_S _SP .ZXXPY_L]d ZQ ±L«VL]£N£]dL  _]LY^ Md >b£X¯ 8£OSLa£YLYOL .LWN`__L% ,OaLT_L ,^S]LXL $"  $ -ŽSLOOP²˜ ^ 8L_L«RL -ŽSL_ >LÀST_£  ^ AL]LS£XTST]L -ŽSL_>_Z_]L=L_Y£VL]L POT_PO Md .LXLYLWLW 2L`_LXL -L]PWT% >LX^V]T_T >LX^_SLYL  $"$ z POT_PO Md >]TWLWL @[LOSdLdL AL]LYL^T% -LM` -LTULYL_SL ;]L^LOL -`V^PWL]L $#  z -ZXMLT% 6SPXL]LUL >]T6]^YLOL^L $#$ z POT_PO Md >TaLOL__L 8T^]L >L^_]T AL]LYL^T% ?SLV`] ;]L^LO ;`^_LV -SLYOL] $$ z AL]LYL^T% Ad£^L ;]LV£²LYL $$ F.PY^Z]TY`^ /P OTP YL_LWT H .PY^Z]TY`^ ¾MP] OPY ?LR OP] 2PM`]_  7L_TY2P]XLY Md 6WL`^ >LWWXLYY S__[%VZP]MPOPL]NSPNPY^Z]TYS_X .S£YOZRdL @[LYT´LO  ^ LW^Z @[LYT´LO z bT_S NZXXPY_L]d ZQ ±L«VL]£N£]dL _]LY^ Md >bLXT 2LXMST]LYLYOL .LWN`__L% ,O aLT_L ,^S]LXL $# F.TNP]Z >ZXYT`X >NT[TZYT^H .TNP]Zv^ >ZXYT`X >NT[TZYT^ Z] /]PLX ZQ >NT[TZ ?]LY^WL_PO TY_Z 0YRWT^S bT_S YZ_P^ Md ,YO]Pb ; ;PLMZOd ,MZ`_NZX ,YNTPY_.WL^^TNLW 3T^ _Z]d F/TRT_LW 7TM]L]dH S__[%LYNTPY_ST^_Z]dLMZ`_NZXWTM]L]d F/L©“TY 6£ad£OL]²L H /L©“TYv^ ;ZP_TV 6£ad£OL]NL POT_PO LYO _]LY^ TY_Z 2P]XLY Md :__Z -ØS_WTYRV 7PT[eTR% AP]WLR aZY 3 3LP^^PW #$ z /L©“TYv^ 6£ad£OL]²L POT_PO bT_S YPb >LY^V]T_ NZXXPY_L]d LYO 0YRWT^S YZ_P^ Md >6 -PWaLWVL] LYO =- =LOOT 44% [L]TNNSPOL  `[ _Z !# LYO 44% 9Z_P^ _Z [L]TNNSPOL  [[ !"z -ZXMLd% $ z 6£adLWLV´L©L ZQ /L©“TY LW^Z VYZbY L^ 6£ad£OL]²L bT_S NZXXPY_L]d =L_YL²]¯ ZQ =L_YL²]¯UÓ£YL  /L]MSLYRL% 8T_STWL 4Y^_T_`_P ZQ ;Z^_ 2]LO`L_P >_`OTP^ LYO =P^PL]NS TY >LY^V]T_ 7PL]YTYR $ " z 6£ad£OL]²L ZQ /L©“TY POT_PO bT_S LY Z]TRTYLW NZXXPY_L]d ;]LMS£  Md =LYRLNSL]dL >SL^_]T ATOdLMS`^LYL ;ZZYL% -SLYOL]VL] :]TPY_LW =P^PL]NS 4Y^_T_`_P $" F/LY_P /TaTYL .ZXXPOTL H /TP 2Ø__WTNSP 6ZXØOTP  4_LWTLY2P]XLY  AZW^ ?]LY^WL_PO Md ?SZXL^ AZ]XML`X >_ ,`R`^_TY% ,NLOPXTL # F/Pa¯-S£RLaL_L;`]£©LH ±]¯XLO/Pa¯MS£RLaL_LX 8LS£[`]£©LX 0OT_PO Md =£XL_PUL ;£©“PdL AL]LYL^T% .L`VSLXML ATOdL -SLaLY $#! =P[]TY_ F2L`“L[£OL 6£]TV£H ^ LW^Z 8£©“¼VdL@[LYT´LO z 2L`“L[£OL6£]TV£ POT_PO LYO _]LY^ Md =LRS`YL_S /LXZOL] 6L]XL]VL] ;ZZYL% -SLYOL]VL] :]TPY_LW =P^PL]NS 4Y^_T_`_P $"  $  2SP]L©“L^LÀST_£  POT_PO Md ;P_P] ?SZXT BTNS_]LNS% 4Y^_T_`_ QÞ] 4YOZWZRTP BTNS_]LNS ! z ?SP 2SP]LYOL >LXST_L  _]LY^ TY_Z 0YRWT^S Md =LT -LSLO`] >]T^L .SLYO]L AL^` 9Pb /PWST% 8`Y^ST]LX 8LYZSL]WLW $$! ,WWLSLMLO% ;LYTYTYT :QQTNP  $z  F3L¶SLDZRL;]LO¯[TV£H ?SP 3L¶SLdZRL[]LO¯[TV£ ZQ >a£_XL]£XL BT_S _SP .ZXXPY_L]d 5dZ_^Y£ ZQ -]LSX£YLYOL LYO 0YRWT^S _]LY^WL_TZY 8LO]L^% ,OdL] $" 4YOTLY ,^_]ZYZXd% , >Z`]NP-ZZV .ZX[TWPO Md -A >`MML]LdL[[L LYO 6A >L]XL -ZXMLd% 9PS]` .PY_P] $#  5LTXTYT ^ 8¯X£À^£OL]²LYL

 

;]TXL]d >Z`]NP^

5LTXTY¯dL-]£SXL©L ZQ _SP >£XLaPOL .ZX[WP_PWd POT_PO Md =LRS` AT]L LYO 7ZVP^S 9LR[`]% >L]L^aL_T ATS£]L $  z

/L^ 5LTXTY¯dL-]£SXL©L TY ,`^bLSW  0OT_PO LYO _]LY^WL_PO TY_Z 2P]XLY bT_S 4YOTNP^

z

5LTXTYÉdL -]£SXL©L 4z!  ?]LY^WL_PO LYO NZXXPY_PO bT_S L >_`Od ,RYTSZ_]L LYO

Md B .LWLYO BTP^MLOPY% 8 >ÆYOTR $"   $$ ;]£©£RYTSZ_]L Md 3B -ZOPbT_e 7PTOPY% -]TWW $" F5LTXTY¯dL@[LYT´LO-]£SXL©LH 5LTXTY¯d£]´PdL5LTXTYÅdZ[LYT´LO-]£SXL©P POT_PO Md - =£XLNLYO]L²L]XL ?T]`[L_T% 6PYO]TdL^LÀVŽ_LaTOd£[ŶSLX $#  $!" 5Ld£VSdL^L¡ST_£ ZQ ;£†NL]£_]L ¢RLXL N]T_TNLWWd PO bT_S LY TY_]ZO TY >LY^V]T_ TYOTNP^ P_N Md 0XML] 6]T^SYLXLNSL]dL -L]ZOL% :]TPY_LW 4Y^_ $!" F6£WTV£;`]£©LH ?SP 6£WTV£ ;`]£©L   aZW^ POT_PO TY_]ZO`NPO LYO _]LY^ TY_Z 0YRWT^S Md -T^bLYL]LdLY >SL^_]T /PWST% 9LR ;`MWT^SP]^ $$z$$ z BZ]^ST[ ZQ _SP 2ZOOP^^ ,NNZ]OTYR _Z _SP 6£WTV£[`]£©L ;L]_ 4% , ?]LY^WL_TZY bT_S LY 4Y_]ZO`N_TZY LYO 9Z_P^ ZQ .SL[_P]^ z!$  _]LY^ Md 6 = aLY 6ZZTU 7PTOPY% -]TWW $" 6£XTV£RLXL [¼]aLMS£RL LYO `__L]LMS£RL  aZW^ POT_PO Md 8LdTWLT ,WLRL[[L 8`OLWTL] 8LO]L^% ±TaLYLYL[Z_L dLY_]L^LWLT $$ F6L¶SL¢]L©dLVLH /L^ 6L¶SL ¢]L©dLVL  N]T_ POT_PO _]LY^ TY_Z 2P]XLY LYO LYYZ_ Md 8TNSLPW BT_ePW 0]WLYRPY9Þ]YMP]R% /T^^ @YTa $" 6L_S£^L]T_^£RL]L ZQ >ZXLOPaLMSL__L POT_PO Md ;LYOT_ /`]R£[]L^£O LYO 6£²ÅY£_S ;£YO` ]LYR ;L]LM ]Pa Md BL^`OPa 7LcXLY >L^_]T ;LY^TVL] -ZXMLd% 9T]YLdL >LRL] ;]P^^  $ 6L`WLU†£YLYT]©LdL ZQ _SP >NSZZW ZQ 8L_^PYO]LY£_SL POT_PO bT_S LY PcSL`^_TaP TY_]ZO`N _TZY Md ; . -LRNST _]LY^ Md 8TNSLPW 8LRPP AL]LYL^T% ;]LNSdL ;]LVL^SLY $#! 6L`´¯_LVT-]£SXL©L  aZW  POT_PO Md >]PPV]T^SYL >L]XL BTP^MLOPY% 1]LYe >_PTYP] $!# 6`W£]©LaL ?LY_]L POT_PO Md =£X 6`X£] =£d A£]£©L^Å% ;]£NdL ;]LV£²LY $# 6`X£]TWL -SL¶¶L ?SP ?LY_]La£]_TVL% , 2WZ^^ ZY ±LML]L >a£XÅv^ .ZXXPY_L]d ZY _SP 8ÅX£À^£ >¼_]L^ POT_PO Md 2LYR£OSL]L ±£^_]¯ 8£YLaLWW¯ -LYL]L^% -LYL]L^ ;]TY_TYR ;] $ z Ç WZVLa£]_TVL bT_S Pc_]LN_^ Q]ZX _SP NZXXPY_L]TP^ ZQ >`NL]T_L 8T²]L 6£²TV£ LYO ;£]_SL^£]L_T 8T²]L 9d£dL]L_Y£VL]L POT_PO LYO _]LY^ Md 2LYR£Y£_SL 5S£ .LWN`__L% -L[_T^_ 8T^^TZY ;]P^^ $$ z 8¯X£À^£²WZVLa£]__TVL ZQ 6`X£]TWLMSL¶¶L bT_S NZXXPY_L]d 9d£dL]L_Y£VL]L Md ;£]_SL^£]L_ST 8T²]L  1L^N z -LYL]L^% .SZbVSLXML >LY^V]T_ >P]TP^ :QQTNP FYZ dPL] XPY_TZYPOH z 8¯X£À^£²WZVLa£]__TVL ZQ 6`X£]TWLMSL¶¶L bT_S NZXXPY_L]d 6£²TV£ ZQ ±`NL]T_LXT²]L  [L]_ 444 POT_PO Md A, =LXL^bLXT >L^_]T ?]TaLYO]`X% >`[P]TY_PYOPY_ 2ZaP]YXPY_ ;] $ z ±WZVLa£]__TVLX ZQ 6`X£]TWL -SL¶¶L bT_S _SP NZXXPY_L]d 9d£dL]L_Y£VL]L ZQ ±]¯ ;£]_S^£]L_ST 8T²]L POT_PO LYO ]PaT^PO Md >a£XT /a£]TV£O£^L ±£^_]¯ AL]LYL^T% ?L]L ;`MWTNL_TZY^ $"# z ?LY_]La£]__TVL  POT_PO Md 2L«R£OSL]L ±£^_]¯ AL]LYL^T% -LYL]L^ >LY^V]T_ >P]TP^  z ?LY_]La£]__TVL% , .ZXXPY_L]d ZY ±LML]Lv^ -S£´dL ZY _SP ;¼]aLX¯X£À^£ >¼_]L^ ZQ 5LTXTYT   aZW^ _]LY^ TY_Z 0YRWT^S Md 2LYRLYL_SL 5SL .LWN`__L% -L[_T^_ 8T^^TZY ;] $ F7LV´XL©L /P²TVLH ±£]LO£ ?TWLVL ?LY_]LX POT_PO Md ,]_S`] ,aLWZY /PWST LZ% 8Z_TWLW -LYL]^TOL^^  $$! .LWN`__L%  $

;]TXL]d >Z`]NP^ z





±£]LO£_TWLVLX ZQ 7LV´XL©L /P²TVPYO]L bT_S ;LO£]_S£OL]²L NZXXPY_L]d Md =£RSLaL -SL¶¶L  POT_PO Md 8 5S -VL^ST AL]LYL^T% .SL`VLXMSL >LY^V]T_ >LX^_SLY $#! AL]LYL^T%  ##!

7LWT_£^LSL^]LY£XL bT_S _SP NZXXPY_L]d >L`MS£RdL-S£^VL]L ZQ -S£^VL]L]£]dL  POT_PO Md BL^`OPaL 7LcXLYL >SL^_]T ;LY^TVL] /PWST% 9LR ;`MWT^SP]^ ]P[] $#  bT_S -S£^VL]L]£]dLv^ .ZXXPY_L]d _]LY^ ,YLY_SLV]T^SYL >L^_]d 8LO]L^% ,OdL] 7TM]L]d LYO =P^PL]NS .PY_]P $##  #$$ 7£_d£dLYL²]L`_L^¼_]LX N]T_TNLWWd POT_PO LYO _]LY^ Md 3 2 =LYLOP 4YOT]L 2LYOST 9L _TZYLW .PY_]P QZ] _SP ,]_^  aZW^ F[]L[£¶SLVL H 9Pb /PWST% 8Z_TWLW -LYL]^TOL^^ ;`MWT^SP]^ $$# F8£OSLaL ¢N£]dLH >L]aL/L]²LYL>L¡R]LSL  POT_PO bT_S LY Z]TRTYLW NZXXPY_L]d TY >LY ^V]T_ Md AL^`OPa >SL^_]T ,MSdLYVL] ;ZZYL% ?SP -SLYOL]VL] :]TPY_LW =P^PL]NS 4Y^_T _`_P  $  z ?SP >L]aL/L]²LYL>LÀR]LSL% =PaTPb ZQ _SP /TQQP]PY_ >d^_PX^ ZQ 3TYO` ;STWZ^Z[Sd _]LY^ Md 0 - .ZbPWW LYO , 0 2Z`RS 7ZYOZY% ?]ÞMYP]  .Z   ## F8£OSLaLATOd£]L©dLH ±]ÅATOd£]L©dLaT]LNT_Là ±]¯XLN.SLÀVL]L/TRaTULdLà  bT_S NZXXPY_L]TP^ POT_PO Md 3 9 ,[_P ;`YP% ¢YLYO£²]LXLX`O]L©£WLdL ±£Wa£SLYL #" F( $ ,/H 8LS£MS£]L_L $ aZW^   aZW^% 3L]TaLÀ²L  N]T_ POT_PO Md AT^SY` > >`V_SLYVL] LYO >6 -PWaLWVL] ;ZZYL% -SLYOL]VL] :]TPY_LW =P^PL]NS 4Y^_T_`_P $"z$" ?SP ;]L_¯VL4YOPc ZQ _SP 8LS£MS£]L_L ! aZW^ POT_PO Md ;L]L^S`]LX 7LV^SXLY ALTOdL ;ZZYL% -SLYOL]VL] :]TPY_LW 4Y^_T_`_P $!"z$" z ?SP 8LS£MS£]L_SL AZW  ?SP -ZZV ZQ _SP -PRTYYTYR ?]LY^W Md 5,- aLY -`T_PYPY .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $" 8LS£YT]a£©L ?LY_]L bT_S _SP NZXXPY_L]d ZQ 3L]TSL]LYLYOL -SL]L_T  POT_PO Md ,]_S`] ,aLWZY /PWST% 8Z_TWLW -LYL]^TOL^^  $#$ 8LO]L^%  $$ F8LS¯OSL]LH 8LS¯OSL]Lv^ 8LY_]LXLSZOLOST BT_S ST^ ZbY w9L`VLw NZXXPY_L]d  _]LY^ Md L MZL]O ZQ ^NSZWL]^ /PWST% >]T >L_R`]` ;`MWTNL_TZY^ $#   $# F8LST´£^`]LXL]OTY¯>_Z_]LH >S]PP 8LST^SL^`]LXL]OSTYT >_Z_]LX S__[%bbbNSPYYLTZYWTYPNZXQP^_TaLW^Y]PWTRTZY^WZRLX^^WZRLX L^[ LNNP^^PO ,`R`^_   8LT_]£dL©˜dL @[LYT´LO  L N]T_TNLW P^^Ld bT_S _Pc_ _]LY^ LYO NZXXPY_L]d Md 5,- aLY -`T_PYPY v^2]LaPYSLRP% 8Z`_ZY  .Z $! 8£WL_Å8£OSLaL ^ -SLaLMS¼_T 8£WTY¯aTULdZ__L]L_LY_]L POT_PO Md 8LOS`^¼OLY 6L`W ±£^_]¯ >]TYLRL]% $ z POT_PO Md 6š´©£YLYOL >£RL]L AL]LYL^T% ,NSL]dL 6]T^SYLYLYO >LRL] LYO 8LOSaLYLYO ,^S]LX $#  8£YLaL ±]L`_L^¼_]L% AZW % 0YRWT^S ?]LY^WL_TZY AZW  0OT_TZY ZQ _SP _Pc_ POT_PO Md 5PLYYP__P 8 ALY 2PWOP] /PWST% >]Ï >L_R`]` $#   9Pb /PWST% $! $! 8L©“LYL 8T²]L >[SZ¶L^TOOST  _]LY^ TY_Z 0YRWT^S Md 6, >`M]LXLYTL 4dP] ;ZZYL% /PN NLY .ZWWPRP $!! F8£©“¼VdL@[LYT´LOH 8£©“¼VdZ[LYT´LO bT_S 2L`“L[£OLv^ 6£]TV£ LYO ±L«VL]Lv^ .ZX XPY_L]d  8d^Z]P% >]T =LXLV]T^SYL ,^S]LXL $" 8LY_]LXLSZOLOST  ^ 8LS¯OSL]L 8LY_]L[`´[LX POT_PO Md >a£X¯ /PaL]¼[£YLYOL 6S£]8`XM£¯% =£XLVš´©L 8L¶SL $$# F8L_L«RLH -ŽSLOOP²˜ ZQ ±]Å 8L_L«RL 8`YT  AZW^ POT_PO Md ;]PX 7L_L >SL]XL 9Pb /PWST% 4YOT]L 2LYOST .PY_]P QZ] _SP ,]_^ $$ $$ z -ŽSLOOP²˜ ZQ 8L_L«RLX`YT POT_PO Md 6 >LXML^TaL >L^_]T ?]TaLYO]`X% >`[P]TY_PY OPY_ 2Za ;] $# z



 !

;]TXL]d >Z`]NP^

8¯X£À^£OL]²LYL NZY_LTYTYR _SP 8¯X£À^£^¼_]L ZQ 5LTXTYT _SP ±£ML]LMS£´dL _SP ?LY _]La£]__TVL LYO _SP µ`[¶¯V£ ZQ 6`X£]TWL -SL¶¶L  " aZW^ ¢YLYO£²]LXL >LY^V]T_ >P]TP^ $" ;ZZYL%  $"!z  $"

8ŽRPYO]£RLXL V]Td£[£OL LYO NL]d£[£OL bT_S NZXXPY_L]d ZQ -SL¶¶L 9£]£dL©LVL©¶SL POT_PO Md 9 = -SL__ ;ZYOTNSË]d% 4Y^_T_`_ 1]LYNLT^ Ov4YOZWZRTP $! z

8ŽRPYO]L ?LY_]LX aTOd£[£OL  dZRL[£OL bT_S _SP NZXXPY_L]d ZQ 9£]£dL©LVL©¶SL  POT_PO Md 8LOS`^`OLY 6L`W >SL^_]T -ZXMLd% 9T]YLdL >LRL] ;]P^^ $

8`^TV TX  5LS]S`YOP]_ % =Sd_SX /TP =PaZW`_TZY OP] 6WÆYRP /A/ >PP =L__WP >PNZYOL]d >Z`]NP^

9£OLV£]TVL  ^ =ÃXLVL©_SL 9£RP²L -SL¶¶L >[SZ¶La£OL  8LO]L^% ,OdL] 7TM]L]d $! F9LXX£~a£]H 3dXY^ QZ] _SP /]ZbYTYR% ;ZPX^ QZ] AT´©` Md 9LXX£~a£]  _]LY^ Q]ZX ?LXTW Md , 6 =LXLY`ULY ;]TYNP_ZY 9Pb 5P]^Pd% ;]TYNP_ZY @YTa ;] $#

9£]LO¯d£±TV´£ bT_S _SP NZXXPY_L]d ZQ -SL¶¶L ±ZMS£VL]L  POT_PO _]LY^ LYO LYYZ_ Md @^SL = -ST^P ;ZZYL% -SLYOL]VL] :]TPY_LW =P^PL]NS 4Y^_T_`_P $#! F9£±£ 9£¶dL²£^_]LH 9£¶dL²£^_]LX ZQ -SL]L_LX`YT bT_S _SP NZXXPY_L]d ,MSTYLaLMS£]L_¯ Md ,MSTYLaLR`[_£N£]dL POT_PO Md 8 =LXLV]T^SYL 6LaT ]PaT^PO Md 6> =LXL^aLXT >L^_]T -L]ZOL%  $ ! z 9£¶dL²£^_]LX ZQ -SL]L_LX`YT bT_S _SP NZXXPY_L]d ,MSTYLaLMS£]L_¯ Md ,MST YLaLR`[_£N£]dL POT_PO Md => 9LRL]  aZW^ /PWST% ;L]TXLW ;`MWTNL_TZY^ $## 9P_]L_LY_]LX 8š_d`ÓULdLMSL¶¶£]LVLà bT_S _SP NZXXPY_L]d @OOdZ_L Md 6´PXL]£UL POT_PO Md A]LULaLWWLMSL /aTaPOL /PWST% ;L]TXLW ;`MWTNL_TZY^ $#  9TVSTW£YLYOL >b£X¯ /ŽR/Ž²dLATaPVL  ,Y 4Y\`T]d TY_Z _SP 9L_`]P ZQ _SP u>PP]v LYO _SP u>PPYv POT_PO _]LY^ TY_Z 0YRWT^S LYO LYYZ_ BT_S L 1Z]PbZ]O Md A >`M]LSXLYdL 4dP] 8d^Z]P% >]T =LXLV]T^SYL ,^S]LXL ! $"! F ;LÓN£aL]L©L^_LaLà H ?SP ;LÓN£aL]L©L^_LaL ZQ ,RSZ]L²TaL% , ?bPWQ_S.PY_`]d >Z`_S 4YOTLY ;]P^N]T[_TZY QZ] _SP AT^`LWT^L_TZY ZQ >LO£²TaL LYO 3T^ =P_TY`P N]T_ POT_PO LYO LYYZ_ Md /ZXTYTN 2ZZOLWW ;ZYOTNSË]d% 4Y^_T_`_ 1]LYNLT^ OP ;ZYOTNSË]d   F;£©TYTH ;£©TYTv^ 2]LXXL_TV  POT_PO LYO _]LY^ TY_Z 2P]XLY Md :__Z -ØS_WTYRV 7PT[eTR% ##" z ?SP ,^S¶£OSd£d¯ ZQ ;£©TYT   aZW^ POT_PO LYO _]LY^ Md ±]T²L .SLYO]L AL^` /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $"" ,WWLSLMLO%  #$ ;£©TYÅdL ±TV´£ Z] _SP ±TV´£ aPOL«RL L^N]TMPO _Z ;£©TYT N]T_ POT_PO TY LWW ]PNPY^TZY^ TY_]ZO _]LY^ LYO LYYZ_ _ZRP_SP] bT_S T_^  NZXXPY_L]TP^ Md 8LYZXZSLY 2SZ^S .LWN`__L% @YTa $# ;L]LVSdL_LY_]LX% ?SP ;L]LVSdL_LY_]L , >N]T[_`]P ZQ _SP ±LTaL >TOOS£Y_L  N]T_ POT_PO _]LY^ LYO LYYZ_ Md /ZXTYTN 2ZZOLWW ;ZYOTNSË]d% 4Y^_T_`_ 1]LYNLT^ OP ;ZYOTNSË]d  ;L]L²`]£XLVLW[L^¼_]L bT_S =£XP²aL]Lv^ NZXXPY_L]d  POT_PO Md ,WWLOT 8LSLOPaL >L^_]T -L]ZOL%  $  $  ]Pa LYO PYW Md >D >L^_]T /LaP =P[]TY_ $"$ $$$ z BT_S _SP .ZXXPY_L]TP^ AŽ__T Md ±]¯ =£XP²aL]L LYO 9Å]LV´Å]LaTaPVL Md ;L]LXLSLÀ^L 8T²]L  POT_PO Md A 9 8T^S]L LYO ; 3 8T^S]L AL]LYL^T% >LX[`]YLYLYO >LY^V]T_ @YTaP]^T_d  z 4Y_P]YP_ [`MWTNL_TZY Md .WL`OTL BPMP] " S__[%bbb^`M`YTRZP__TYRPYOP PMPYPJQTTYOZWZR]P_TWS_X;L]LV^ LNNP^^PO 5`Wd  # z /L^ ;L]L²`]£XL6LW[L^¼_]L  >LY^V]T_0OT_TZY XT_ OP`_^NSP] 0]^_ÞMP]^P_e`YR 6ZX XPY_L]PY `YO bPT_P]PY >_`OTPY 1]LYVQ`]_% 7LYR  ;£]T²TV´£ `YO >L]aL^LÀXL_L²TV´£% =PNS_WL`_WPS]PY OP] ?LT__T]¯dL±£VS£ POT_PO LYO _]LY^ TY_Z 2P]XLY Md =LWQ >_L`_ePMLNS >_`__RL]_% 1]LYe >_PTYP] $$

;]TXL]d >Z`]NP^

 "

F;£²`[L_L>¼_]LH ;L^`[L_L >`_]L^ bT_S ;LYNSL]_SLMSL^SdL ZQ 6L`YOTYdL POT_PO Md = ,YLY_SLV]T^SYL >L^_]T ?]TaLYO]`X $ ;L_LÓULWT Ad£VL]L©LXLS£MSL´dLX bT_S _SP NZXXPY_L]d ;]LO¯[L ZQ 6LTdL¶L LYO @OOdZ_L ZQ 9£RP²LMSL¶¶L  POT_PO Md -S£]RLaL ±£^_]¯ 8`XMLT% >L_dLMS£X£M£¯ ;£©“`]L«RL $  z 7P 8LS£MS£^dL OP ;L_LÓULWT LaPN WP ;]LO¯[L OP 6LTdL¶L P_ Wv@OOdZ_L OP 9£RP²L ,OSd£dL  ;£OL  ¢SYTVL z  _]LY^ TY_Z 1]PYNS Md ;TP]]P 1TWWTZeL_ ;ZYOTNSË]d% 4Y^_T_`_ 1]LY ç LT^ Ov4YOZWZRTP $"  F;L_LÓULWT DZRL>¼_]L H ;L_L†ULWTdZRL^¼_]L% ?SP DZRL^¼_]L ZQ ;L_L†ULWT  >LY^V]T_0YRWT^S ?]LY^WL_TZY  2WZ^^L]d Md .ST[ 3L]_]LYQ_ -Z^_ZY 8L^^ FLZH% >SLXMSLWL  F;L`´VL]£RLXLH ±]¯XL_;L`´VL]L^LÀST_£ UÓ£YL[£OLà bT_S _SP NZXXPY_L]d ZQ @X£[L _T²Ta£N£]dL .TOLXML]LX% $  0OT_TZY TY 2]LY_SL z ;L`´VL]£RLXL UÓ£YL[£OL .TaLÓ£9L[Z_LdLY_]LN£WLT .TY_£_]T[P¶¶LT  8LO]L^% #$ 0OT_TZY TY 2]LY_SL z ;L`´VL]£RLXL  POT_PO Md 6 =LXLNSLYO]L >L]XL 8LO]L^% ,OdL] 7TM]L]d $$  F;PY_L_P`NSH ?SP ;PY_L_P`NS bT_S 3LQ_L]Z_S LYO 1TaP 8PRTWZ_S  POT_PO LYO _]LY^ Md ,WPc LYOP] 3L]VLad 9Pb DZ]V% 3PM]Pb ;`MWT^STYR .Z $# z ?SP ;PY_L_P`NS LYO 3LQ_Z]LS^% 3PM]Pb _Pc_ 0YRWT^S _]LY^WL_TZY LYO NZXXPY_L]d Md 5Z^P[S 3P]XLY 3P]_e AZW  :cQZ]O% >ZYNTYZ ;] 7_O $# ;ZPX^ _Z ±TaL% ?SP 3dXY^ ZQ _SP ?LXTW >LTY_^ _]LY^ Md 4YOT]L AT^bLYL_SLY ;P_P]^ZY ;]TYNP_ZY% ;]TYNP_ZY @YTa ;] $#$ ;]LMS£VL]L 8T²]L -ŽSL_¯ ZY _SP 8¯X£À^£^¼_]LMS£´dL ZQ ±LML]L^a£XTY bT_S .ZXXPY_L]d ZQ ±£WTVLY£_SL aZW^ POT_PO Md >6 =LXLYL_SL >L^_]T LYO > >`M]LSXLYdL >L^_]T 8LO]L^% $z$!"

;]LMZOSLNLYO]ZOLdLX ±]¯6Ž´©LXT²]LDL_T[]L©T_LX z u;]LV£^Lv Y£XLV ^LÀ^VŽ_LSTYO¯ ¶¯VZ[P_LX Md ±]¯ =£XLNLYO]L 8T²]L -LYL]L^% .SZbVSLXML ATOdL -SLaLY $  F;]L>£]LH ;]L[LÓNL >£]L ?LY_]L ZQ ±L«VL]£N£]dL bT_S _SP NZXXPY_L]d ATaL]L©L Md ;LO XL[£O£N£]dL LYO ;]LdZRLV]LXLOÅ[TV£ z L AŽ__T ZY _SP ATaL]L©L  aZW^ TY ZYP ]P aT^PO LYO TY_]ZO ,]_S`] ,aLWZY POT_PO Md , >L]L^aL_T /PWST LZ% 8Z_TWLW -LYL]^T OL^^  $#$ .LWN`__L%  $ F;`©d£YLYOLY£_SLH 6£XL6LW£ATW£^L Md ;`©d£YLYOL9£_SL bT_S _SP .ZXXPY_L]d ZQ 9L_LY£YOL9£_SL _]LY^ bT_S .ZXXPY_L]d Md ,]_S`] ,aLWZY 8LO]L^% 2LYP^S  .Z $! =£XLVL©¶SL 9£OLV£]TVL  POT_PO LYO _]LY^ Md 6]T^SYL >TaL]LXLY TY =PaPWL_TZY TY 4YOTLY ?SZ`RS_  POT_PO Md 3L]ZWO .ZbL]O LYO 6]T^SYL >TaL]LXLY 0XP]daTWWP% /SL]XL ;`M WT^STYR $"" z $ =£X£dL©L ^ A£WX¯VT F=L_YLV˜]_T >L]aLU†L^TOOST H /P] ,WWbT^^PYOP -`OOSL% 0TY -PbPT^ `YO ^PTYP ;]ZMWPXP =L_YLV˜]_T^ >L]aLU†L^TOOST  _]LY^ TY_Z 2P]XLY LYO NZXXPY Md 2`O]`Y -ÞSYPXLYY ATPYYL% ,]MPT_^V]PT^ QÞ] _TMP_T^NSP `YO M`OOST^_T^NSP >_`OTPY @YTaP]^T_Æ_ ATPYYL $# =L`]LaL¢RLXL aZW  N]T_ POT_PO Md 9 = -SL__ ;ZYOTNSP]]d% 4Y^_T_`_ 1]LYNLT^ Ov4YOZWZRTP $! F‹A ‹RaPOL H ‹RaPOL>LÀST_£ bT_S _SP .ZXXPY_L]d ZQ >LdLYLNSL]dL aZW^ POT_PO Md .STY_LXLY 2LY^P^S 6L^STVL] A6 =LUbLOP LYO 9> >ZYL_LVVP ;ZZYL% ALTOTVL >LÀ²ZOSLYL 8L©“LWL $z$  z ‹RAPOL>L¡ST_£ _ZRP_SP] bT_S ;LOL[£¶SL LYO >£dL©LMS£´dL  AZW  AL]LYL^T% .SZbVSLXML ATOdLMSLbLY $$ z ‹RaPOL ! aZW^ POT_PO LYO _]LY^ Md 8Lc 8ÞWWP] :cQZ]O% .WL]PYOZY ;]P^^ #$z #"

 # z

;]TXL]d >Z`]NP^

/P] =TRAPOL _]LY^ TY_Z 2P]XLY LYO NZXXPY Md 6L]W 1]TPO]TNS 2PWOYP]  aZW^

3L]aL]O :]TPY_LW >P]TP^ z! .LXM]TORP% 3L]aL]O @YTaP]^T_d ;]P^^ $  AZW  =PRT^_P] $ " z =TRAPOL /L^ 3PTWTRP BT^^PY% 0]^_P] `YO EbPT_P] 7TPOP]V]PT^  _]LY^ TY_Z 2P]XLY Md 8TNSLPW BT_ePW LYO ?Z^STQ`XT 2Z_Z 1]LYVQ`]_% AP]WLR OP] BPW_]PWTRTZYPY " =TRaPOL -]LSXLYL^% ?SP ,T_L]PdL LYO 6L`´Å_LVT -]£SXL©L^ ZQ _SP =TRaPOL  _]LY^ Md , - 6PT_S /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $# :]TRTYLW 7ZYOZY $ =`O]L[]L²YL F( ±L_L]`O]ÅdL ^ ?LT__Å]TdL >LÀST_£ -TMWTZ_SPNL 4YOTNL !!H _]LY^ Md A6 >`M]LXLYTLY 8dWL[Z]P 8LO]L^% =LXLV]T^SYL 8L_S $"" =`O]Ld£XLWLÀ F@__L]L_LY_]LXH ;_  POT_PO Md =£X[]L^£OL ?]T[£¶S¯ AL]LYL^T% >LX[`] YLYLYO >LY^V]T_ @YTaP]^T_d $$ ±LML]L^a£XTY ^ LW^Z 8ÏX£À^£OL]²LYL z 8¯X£À^£^¼_]LMS£´dLX 4 z  POT_PO LYO _]LY^ TY_Z 2P]XLY 4Y 8L_P]TLWTPY e`] ÆW_P^_PY 0]VPYY_YT^WPS]P OP] 6L]XLX¯X£À^£ POT_PO Md 0]TNS 1]L`bLWWYP] "z! ATPYYL% ¸^_P]]PTNST^NSPY ,VLOPXTP OP] BT^^PY^NSLQ_PY 3 -ØSWL`^ 9LNSQ $!# z ±£ML]L-S£´dL   aZW^ _]LY^ TY_Z 0YRWT^S Md 2LYRLYL_SL 5SL -L]ZOL% :]TPY_LW 4Y^_T_`_P $"  $ z 8¯X£À^£±£ML]L-S£´dL bT_S 3TYOT NZXXPY_L]d ¢]´LXL_LaTXL]²TY¯   aZW^ -L SLWRLO% =LXLWLW 6L[`] ?]`^_ ;] $""z$"# >LO£YLYOL APO£Y_L>£]L% , BZ]V ZY APOLY_L ;STWZ^Z[Sd  POT_PO _]LY^ LYO LYYZ_ Md 8 3T]TdLYYL ;ZZYL% :]TPY_LW -ZZV ,RPYNd  $! z APO£Y_L^£]L Z] _SP 0^^PYNP ZQ APO£Y_L  POT_PO _]LY^ LYO LYYZ_ Md >bLXT 9TVSTWLY LYOL .LWN`__L% ,OaLT_L ,^S]LXL " $"#  $$ F>£XLaPOLH ^ 5LTXTY¯dL-]£SXL©L >L«R¯_L]L_Y£VL]L  ^ ±Ã]«RLOPaL F±L«VL]LH ^ LW^Z @[LYT´LO LYO >L`YOL]dL7LSL]Å  z BZ]V^ ZQ ±L«VL]£N£]dL TY :]TRTYLW >LY^V]T_   aZW^ /PWST% 8Z_TWLW -LYL]^TOL^^ ]P[] $$ aZW  Z]TRTYLWWd /PWST $!& $## aZW  Z]TRTYLWWd ;ZZYL $$& $$ aZW  `YLNVYZbWPORPO ]P[]TY_ ZQ _SP POT_TZY Md A> ;LY^TVL] -ZXMLd $  z ±]¯±£ÀVL]LR]LÀ_S£aLWTà% .ZX[WP_P BZ]V^ ZQ >]T >LYVL]LNSL]dL TY _SP :]TRTYLW >LY^V]T_  aZW^ 8LO]L^% >LXL_L -ZZV^ $# $ z @[LOP²L^LSL^]Å F2LOdL[LOdL[]LMLYOSLH bT_S _SP 2WZ^^ ZQ ;LOLdZULYÅV£ Md >S]T =£XL_Å]_SL POT_PO Md /TYVP] AT^SY` 2ZVSLWP -ZXMLd% 2`UL]L_T ;]TY_TYR ;]P^^ $" z ±L«VL]Lv^ @[LOP²L^£SL^]Å  N]T_ POT_PO Md >PYRLV` 8LdPOL ?ZVdZ% ?SP 3ZV`^PTOZ ;]P^^ $" z , ?SZ`^LYO ?PLNSTYR^% ?SP @[LOP²L^£SL^]Å ZQ ±L«VL]L _]LY^ TY_]ZO`NPO LYO LYYZ_ Md >PYRLV` 8LdPOL ?ZVdZ% @YTaP]^T_d ZQ ?ZVdZ ;]P^^ $"$ z @[LOP²L >£SL^]Å ZQ >]T >LYVL]LNSL]dL  _]LY^ Md >bLXT 5LRLYLYOL 8dWL[Z]P 8L O]L^% =LXLV]T^SYL 8L_S ! $"$ z @[LOP²L^LSL^]Å aZY 8PT^_P] >SLYVL]L F2LOdLMLYOSLH _]LY^ TY_Z 2P]XLY LYO NZX XPY Md ;L`W 3LNVP] -ZYY% =ØS]^NSPTO $$ z w-SLaLYT-S`ULYRL>_Z_]Lx 4Y ?SP AZTNP ZQ ±L«VL]L ²L«VL]LMS£]L_¯  9ZaPXMP] $"$% z ?]LY^ Md 9 2LYRLOSL]LY ±LÀVL]L8LYO£]L>L`]LMSL 0TYP 7PRPYOP ÞMP] OL^ 7PMPY OP^ ;STWZ^Z[SPY ±LÀVL]L  POT_PO TY_]ZO`NPO LYO _]LY^ TY_Z 2P]XLY Md ,Y_ZY @YRPXLNS >_`__RL]_% 1]LYe >_PT YP] AP]WLR $$ ±Ã]LO£?TWLVL?LY_]L ^ 7LV´XL©L /P²TVL >L]L^aL_Å@[LYT´LO  ^ @[LYT´L_^LÀR]LSLà

;]TXL]d >Z`]NP^

 $

±£]«RLOPaL >L«R¯_L]L_Y£VL]L ZQ ±£]«RLOPaL% BT_S 6LW£YTOST ZQ 6LWWTY£_SL LYO >`OS£VL]L ZQ >TXSLMS¼[£WL   aZW^ POT_PO Md > >`M]LSXLYdL >L^_]T 8LO]L^% ,OdL] $z $  z >L«R¯_L]L_Y£VL]L ZQ ±£]«RLOPaL% BT_S 6LW£YTOST ZQ 6LWWTY£_SL LYO >`OS£VL]L ZQ >TXSLMS¼[£WL  AZW % 0YRWT^S ?]LY^WL_TZY POT_PO Md > >`M]LSXLYdL >L^_]T 8LO]L^% ,OdL] $  z >LYR¯_L]L_Y£VL]L ZQ ±£]«RLOPaL POT_PO _]LY^ TY_Z 0YRWT^S NZXXPY LYO LYYZ_ Md = 6 >S]TYRd `YOP] _SP ^`[P]aT^TZY ZQ ;]PX 7L_L >SL]XL AZW % .SL[_P] 4 AZW % .SL[_P]^ 44z4A 9Pb /PWST% 8`Y^ST]LX 8LYZSL]WLW $#$ AZW  $$ AZW  z >LÀR¯_L]L_Y£VL]L u>L]L^aL_¯v ad£VSd£ L`]L LY`a£OL^LST_L AZW % ;]L_SLXL LOSd£dL AZW % /¼^L]£ _¯^L]£ NL`_S£ LOSd£dL POT_PO LYO LYYZ_ Md >`MSLO]£ .L` OL]¯ 9Pb /PWST% =LOSL ;`MWTNL_TZY^  AZW   AZW  >L]aL/L]²LYL>L¡R]LSL  ^ 8£OSLaL ¢N£]dL ±L_L[L_SL -]£SXL©L TY _SP 6£©aÅdL =PNPY^TZY POT_PO Md B .LWLYO ]PaT^PO Md =LRS` AT]L  aZW^ TY ZYP /PWST% 8Z_TWLW  $## 7LSZ]P%  $! z .L_L[L_SL-]£SXL©L TY _SP 8£OSdLYOTYL.£VS£ bT_S 0c_]LN_^ Q]ZX _SP .ZXXPY_L] TP^ ZQ >£dL©L 3L]T^a£XTY LYO /aTaPOLRLYRL POT_PO Md ,WM]PNS_ BPMP] AL]LYL^T% .SZbVSLXML >LY^V]T_ >P]TP^ :QQTNP $! >L`YOL]dLWLSL]¯ Z] 1WZZO ZQ -PL`_d _]LOT_TZYLWWd L^N]TMPO _Z ±L«VL]£N£]dL  POT_PO LYO _]LY^ Md B 9Z]XLY -]ZbY .LXM]TORP% 3L]aL]O @YTaP]^T_d $ # z >L`YOL]dLWLSL]¯ ZQ ±]¯ ±L«VL]£N£]dL% BT_S _SP .ZXXPY_L]d ZQ 7LV´X¯OSL]L -S£aLYZ[LYT´L_ bT_S _SP .ZXXPY_L]d ZQ -S£^VL]L]£dL LYO /Pa¯ ;L†NL^_LaT  N]T_ PO T_PO Md ATOaLY 9 > APYVL_LYL_SLNSL]dL 8d^Z]P% :]TPY_LW =P^PL]NS 4Y^_T_`_P $!$ z >L`YOL]dLWLSL]¯ ZQ ±L«VL]£N£]dL  _]LY^ Md A6 >`M]LXLYTLY /PWST L Z% 8Z_TWLW -LYL]^TOL^^ $#!  $"" z >L`YOL]dLWLSL]¯ ±]ÅXLO±L«VL]£MSLRLaL_[£OLaT]LNT_£ bT_S _PY >LY^V]T_ NZXXPY_L ]TP^ POT_PO Md , 6`[[`^bLXT /PWST% 9LR ;`MWT^SP]^ ]Pa LYO PYWL]RPO PO $$ >£dL©L ^ ‹RaPOL>LÀST_£ LYO ±L_L[L_SL -]£SXL©L ±TaL ;`]£©L  POT_PO Md ;£©“PdL =£XL_PUL 6£²Å% ;L©“T_L[`^_LV£WLdL ATV]LXL  ( ,/ $! z _]LY^ Md L MZL]O ZQ ^NSZWL]^  aZW^ /PWST% 8Z_TWLW -LYL]^TOL^^ $!$z" F±TaL>¼_]LH ?SP ,[SZ]T^X^ ZQ ±TaL% ?SP ±TaL >¼_]L bT_S -S£^VL]Lv^ .ZXXPY_L]d _SP A£]__TVL  _]LY^ bT_S Pc[Z^T_TZY LYO LYYZ_ Md 8L]V > 2 /dNeVZb^VT /PWST% 4YOTNL $$# >_L_P @YTaP]^T_d ZQ 9Pb DZ]V $$ ±WZVLa£]__TVL ^ 6`X£]TWL -SL¶¶L >ZXLOPaL ^ 6L_S£^L]T_^£RL]L >ZXL²LXMS`[LOOSL_T   aZW^ POT_PO _]LY^ TY_Z 1]PYNS LYO LYYZ_ Md 3ËWÊYP -]`YYP] 7LNSL`c ;ZYOTNSP]]d% 4Y^_T_`_ 1]LY ç LT^ $!z$""& $#  >[LYOLV£]TV£ ^ AL^`R`[_L >[PLVTYR ZQ ±TaL FaLNLYL ^ LMZ`_ ±TaLH _]LY^ Q]ZX 6LYYLOL TY_Z 0YRWT^S Md ,6 =L XLY`ULY 9Pb /PWST% ;PYR`TY -ZZV^ $" F>aLNNSLYOL?LY_]LH ?SP >aLNNSLYOL?LY_]L bT_S _SP NZXXPY_L]d Md 6´PXL]£UL ! aZW^ POT_PO Md 8LOS`^`OLY 6L`W >SL^_]T -ZXMLd% 9T]©LdL >£RL]L ;]P^^ $  F>aL_LY_]LY£_SLH >S]T >bL_LY_]LYL_SLv^ 8L_]TVLNSLV]LaTaPVL bT_S _SP .ZXXPY_L]d ZQ >S]T >STaLYLYO  POT_PO Md >S]T 6]T^SYLYLYO >LRL] AL]LYL^T% ,NSL]aL 8`O]LYLWLdL $#  F?LT^SZH =Ë[P]_ZT]P O` .LYZY -Z`OOST\`P >TYZ5L[ZYLT^ 0OT_TZY O` ?LT^S× ?LT^S× >STY^S¼ /LTe×Vd× .ZX[TWPO Md ;L`W /PXTËaTWWP 3`MP]_ /`]_ LYO ,YYL >PTOPW ;L ]T^% 7TM]LT]TP Ov,XË]T\`P P_ Ov:]TPY_ $"# ?SP ?L__T]ÅdL-]£SXL©L% bT_S _SP NZXXPY_L]d ZQ -SL__LMSL^VL]LYYT^]L ,^S_LVL 444 ;L]_ 44 POT_PO Md , 8LSLOPbL >L^_]T 8d^Z]P% 2ZaP]YXPY_ -]LYNS ;]P^^ $

!

;]TXL]d >Z`]NP^

F ?L__T]ÅdL >LÀST_£ H 6Ž´©LdLU`]aPOÅdL ?LT__T]ÅdL >LÀST_£  ;L]OT  $ " z ?SP >LYST_L ZQ _SP -WLNV DLU`]aPOL bT_S _SP NZXXPY_L]d ZQ 8LOSLa£NL]dL  POT_PO Md 0 =ZP] 0- .ZbPWW LZ .LWN`__L # z#$$ -TMWTZ_SPNL 4YOTNL =P[] :^ YLM]ÞNV% -TMWTZ $# z ?SP APOL ZQ _SP -WLNV DLU`^ >NSZZW PY_T_WPO ?LT__T]TdL >LYST_L ;L]_ % 6£©“L^ 4Az A44 _]LY^ Md , -P]]TPOLWP 6PT_S 3L]aL]O :]TPY_LW >P]TP^ $ .LXM]TORP% 3L]aL]O @YTaP]^T_d ;]P^^ $ ?LT__T]ÅdL @[LYT´LO BT_S _SP .ZXXPY_L]TP^ ZQ >]T >LYVL]LNSL]dL >]T >`]P^aL]LNSL]dL >]T ATOdL]LYdL _]LY^ Md ,WWLOT 8LSLOPaL >L^_]d 8LO]L^% >LXL_L $# ?LY_]£MSTOS£YL BT_S -TULYTRSLY_` -TU£MSTOS£YL 8LY_]£]_S£MSTOS£YL AL]YLMTUVZ´L 8`O]LYTRSL©_`  POT_PO Md ,]_S`] ,aLWZY ]PPOT_PO Md ;LYNSLYLY -SL__LNSL]dL /PWST% .Lc_ZY ;`MWT^SP]^ $# z /TN_TZYL]TP^ ZQ ?LY_]L ±£^_]L Z] ?SP ?LY_]£MSTOS£YL POT_PO Md =LX 6`XL] =Ld AL]LYL^T% ;]LNdL ;]LVL^SLY $# ?LY_]L]£UL ?LY_]L POT_PO Md 8LS£XLSZ[£OSd£dL 7LV^SXLYL >SL^_]T TY_]ZO`NPO Md ,] _S`] ,aLWZY /PWST% 8Z_T_LW -LYL]^TOL^^ $# .LWN`__L%  $! ?LY_]La£]__TVL ^ 6`X£]TWL -SL¶¶L F@““£XL]P²aL]L?LY_]LH ?SP @““LXL]P²aL]L ?LY_]LX% , -ZZV ZY 8LRTNLW =T_P^ POT_PO Md ;LYOT_ 5LRLO /SL] ELOZZ >]TYLRL]% 9Z]XLW ;]P^^ $" F@X£YLYOLY£_SL 9T_dZ_^LaL H ?SP BZ]^ST[ ZQ 8LS£RL©L[L_T LNNZ]OTYR _Z _SP 9T_dZ^LaL  POT_PO _]LY^ LYO TY_]ZO`NPO Md 2`O]`Y -ÞSYPXLYY BTNS_]LNS% 4Y^_T_`_ QÞ] 4YOZWZ RTP $## @[LOP²L >£SL^]Å  ^ ±£«VL]L F@[LYT´LOH @[LYT´L_^LÀR]LSLà NZY_LTYTYR ## @[LYT´LO^ POT_PO bT_S >LY^V]T_ TY_]ZO`N _TZY Md 5LRLOŲL ±£^_]Å  /PWST L Z% 8Z_TWLW -LYL]^TOL^^ $#  $" z 0V£OL²Z[LYT´LOLŸ  /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $!! z ?PY ;]TYNT[LW @[LYT´LO^ bT_S ±£«VL]LMS£´dL /PWST% 8Z_TWLW -LYL]^TOL^^ $$   $! z >PNSeTR @[LYT^SLO^ OP^ APOL  _]LY^ TY_Z 2P]XLY LYO LYYZ_ Md ;L`W /P`^^PY /L]X ^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $!  $ z @[LYT´LO^ _]LY^ Q]ZX _SP :]TRTYLW >LY^V]T_ Md ;L_]TNV :WTaPWWP :cQZ]O 9Pb DZ]V% :cQZ]O @YTa ;] $$! A£VdL[LO¯dL  ^ -SL]_ŽSL]T FA£WX¯VTH =£X£dL©L ZQ A£WX¯VT bT_S _SP NZXXPY_L]TP^ ?TWLVL ZQ =£XL =£X£dL©L²T]Z XL©T ZQ ±TaL^LS£dL LYO -S¼´LY£ ZQ 2ZaTYOL]£UL POT_PO Md >S]TYTaL^L 6L__T 8`O SZWLVL]L 9Pb /PWST% $# z ?SP =£X£dL©L ZQ A£WX¯VT  aZW  POT_PO Md = 2ZWOXLYY ;]TYNP_ZY% ;]TYNP_ZY @YTa ;] $# AL]£SLXTST]L -ŽSL_ >LÀST_£  aZW^ POT_PO LYO _]LY^ ;LYOT_LMS`^SLYL A >`M]LSXLYdL >L^_]d -LYRLWZ]P% >ZZMMTLS $" z AL]£SLXTST]Lv^ -ŽSL_ >LÀST_£  aZW^ POT_PO LYO _]LY^ Md 8 =LXLV]T^SYL -SL_ /PWST% 8Z_TWLW -LYL]^TOL^^ $#z# FAÃd`;`]£©LH ?SP A£d` ;`]£©L ;L]_ 4 _]LY^ LYO LYYZ_ Md 2 A ?LRL]P /PWST% 8Z_TWLW -LYL]^TOL^^ $#" AL]TaL^d£=LSL^dL ^ -S£^VL]L]£dL A£^_`^¼_]L @[LYT´LO% ?SP 0^^PYNP ZQ 1Z]X LYO >LN]PO ,]_  POT_PO _]LY^ LYO LYYZ_ Md ,WTNP -ZYP] >LOL^TaL =L_S >L]XL LYO -P__TYL -Æ`XP] /PWST% 8Z_TWLW  ]O ]Pa POT _TZY $$!  $# FAL^`R`[_LH >[LYOLV£]TV£ bT_S AŽ__T Md 6LWWL¶LMSL¶¶L POT_PO Md 5 . .SL__P]UPP $!

;]TXL]d >Z`]NP^ z

z z

!

?SP >[LYOL6£]TV£^ ZQ AL^` 2`[_L bT_S _SP 9T]©LdL Md 6^SPXL]£UL POT_PO bT_S []PQLNP TY_]ZO`NPO LYO _]LY^ TY_Z 0YRWT^S Md 8LOS`^`OLY 6L`W >SL^_]T >S]TYLRL]% 6L^SXT] ;]L_L[ >_PLX ;]P^^ $  >[LYOLV£]TV£% >_LYNP^ >`] 7L ATM]L_TZY /P AL^`R`[_L TY_]ZO`NPO LYO _]LY^ TY_Z 1]PYNS Md 7TWTLY >TWM`]Y ;L]T^% /P -ZNNL]O $$

?SP >_LYeL^ ZY ATM]L_TZY% ?SP >[LYOLV£]TV£ bT_S QZ`] NZXXPY_L]TP^ >[LY OL^LÀOZSL Md 6´PXL]£UL >[LYOLaŽ__T Md 6LWWL¶LMSL¶¶LX >[LYOLaTaŽ_T Md =£U£YLVL =£XL >[LYOL[]LO¯[TV£ Md -SLRLaLO`_[LWL _]LY^ bT_S LY TY_]ZO`N_TZY LYO Pc[Z^T _TZY Md 8L]V >2 /dNeVZb^VT AL]LYL^T% /TWT[ 6`XL] ;`MWT^SP]^ $$

APOTN 3dXY^ ;L]_ 4% 3dXY^ _Z _SP 8L]`_^ =`O]L A£d` LYO A£_L _]LY^ Md 1 8Lc 8ÞWWP] :cQZ]O% ,_ _SP .WL]PYOZY ;] #$ FATOd£]L©dLH ;LÓNLOL²¯ ZQ ±]¯ ATOd£]L©dL >b£X¯  _]LY^ TY_Z 0YRWT^S Md >b£X¯ >b£S£YLYOL 8LO]L^% >]T =LXLV]T^SYL 8L_S  $!" z ;LYNSOL^T  _]LY^ TY_Z 0YRWT^S LYO LYYZ_ Md >]T 5YLYLYLYOL -SL]L_ST >aLXTY 8L O]L^% >]T ,MSTYLaL ATOdL_SPP]_SL 8LSL^bLXTRLW 0O`NL_TZYLW ?]`^_ $# F AT´©`>LSL^]LY£XL H ±]Å AT´©` >LSL^]LY£XLX bT_S _SP NZXXPY_L]TP^ ZQ ±£«VL]£N£]dL LYO ;L]£²L]L -SL__L] POT_PO Md 6 0 ;L]_SLOL]L_Sd 8LO]L^% 2LYP^S $!! z AT´©`^LSL^]LY£XL bT_S _SP MS£´dL ZQ ±]Å ±£«VL]£N£]dL  POT_PO LYO _]LY^ TY _SP WTRS_ ZQ ±£«VL]£^ NZXXPY_L]d Md ,YLY_SLV]T^SYL >L^_]d 8LO]L^% ,OdL] 7TM]L]d LYO =P ^PL]NS .PY_]P $# z >]T AT´©`^LSL^]LY£XL >_Z_]LX _]LY^ Md ; >LYVL]LYL]LdLYLY -ZXMLd% -SL]L_TdL ATOdL -SLaLY $$! Ad£^L ±ÅV´£ LWZYR bT_S ?LTUL^£ NZXXPY_L]d ZQ >¼]dLY£]£dL©L >¼]£aLOS£YT LYO >L] aLWLV´LYLXLÓUL]T ZQ =£UL 2SLYL[L¶T  POT_PO Md ; 9 ;L__LMST]LXL >L^_]T AL]LYL^T% .SL`VSLXMSL >LY^V]T_ >LY^_SLY $"! D£^VL ^PP >PNZYOL]d >Z`]NP^ /PPR DLU`]aPOL ^ LW^Z ?LT__T]ÅdL >LÀST_£ 6Ž´©LdLU`]aPOL z ±`VWLdLU`]aPOL >LÀST_£ A£UL^LYPdT8£OSdLYOTYL POT_PO Md BL^`OPa 7 ;LY^TVL] -ZXMLd% 9T]YLdL >LRL] ;]P^^ $ z ±`VWLdLU`]aPOL 6LYaL^LÀST_£ ;L]OT  $# FD£X`YLH D£X`YLv^ ¢RLXL ;]£X£©dLX Z] ?]PL_T^P ZY _SP ALWTOT_d ZQ ;£ÓNL]£_]L  POT_PO LYO _]LY^ TY_Z 0YRWT^S Md 5 , - aLY -`T_PYPY 8LO]L^ $" DZRTYÅSŽOLdLX bT_S /Å[TV£ ZQ ,XŽ_£YLYOL LYO >P_`MLYOS` ZQ -S£^VL]L]£dL POT_PO Md 2Z[ÅY£_SL 6LaT]£UL AL]LYL^T% >LX[`]YLYO >LY^V]T_ AT^SaLaTOdLWLdL $"$ z 7P .ZP`] OP WL DZRTYÅ% DZRTYÅSŽOLdL LaPN WP NZXXPY_LT]P /Å[TV£ Ov ,XŽ_£YLYOL POT_PO LYO _]LY^ TY_Z 1]PYNS Md ,YO]Ë ;LOZ`c ;L]T^% /TQQ`^TZY OP -ZNNL]O $$ DZRL>¼_]L  ^ ;L_LÓULWT

>PNZYOL]d >Z`]NP^ ,MMZ__ 5 4YOTLY =T_`LW LYO -PWTPQ% ?SP 6Pd^ ZQ ;ZbP] 9Pb /PWST% 8LYZSL]    $ ,VLXL_^` ,VTSTVZ w;]L_TMS£ LYO _SP 8PLYTYR ZQ _SP >PY_PYNP TY -SL]_ŽSL]Tv^ A£VdL [LO¯dLx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW .ZYQP]PYNP ZY -SL]_ŽSL]T @YTaP]

!



>PNZYOL]d >Z`]NP^

^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$% "z ,VW`UVL] ,^SZV w-SL]_ŽSL]T% ?]TV£©“¯ Z] A£VdL[LO¯dL  bT_S AŽ__T ZY -ZZV^  LYO x 4Y 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ POT_PO Md 32 .ZbL]O LYO 66 =LUL z" /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $$ z w,Y 4Y_]ZO`N_TZY _Z _SP >_`Od ZQ -SL]_ŽSL]Tx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL

_TZYLW .ZYQP]PYNP ZY -SL]_ŽSL]T @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$% "z! ,WPcLYOP] -ZMMd . w=T_`LW LYO .`]PY_ >_`OTP^ ZQ =T_`LW% :aP]aTPbx 4Y ,Y_S]Z[ZWZRd ZQ =PWTRTZY , 3LYOMZZV  POT_PO Md >_P[SPY / 2WLeTP] $z! BP^_[Z]_ 7ZYOZY% 2]PPYbZZO ;] $$" ,WPcZbT_e 8d]TLX ?]L`XQLM]TV -ZWWdbZZO% 4YOT^NSP^ 8LTY^_]PLX6TYZ  -LO 3ZYYPQ% 3Z]WPXLYY  ,W[P] 3L]aPd ; PO @YOP]^_LYOTYR 8LY_]L^ /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd%  $#$ z w?SP .Z^XZ^ L^ ±TaLv^ 7LYR`LRP2LXP% u8LY_]Lv ,NNZ]OTYR _Z 6´PXL]£ULv^ ±TaL^¼_]LaTXL]²TY¯ x 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] $z$ /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd%  $#$ ,YRPYPYO_ ,]YZWO 2P^NSTNS_P OP] =PWTRTZ^T_Æ_ TX 8T__PWLW_P] /L]X^_LO_% ;]TX`^ $$" z w=PWTRTZY ebT^NSPY 8ÞYOWTNSVPT_ `YO >NS]TQ_WTNSVPT_% /P] ;]ZeP^^ OP^ 8T__PWLW_P]^x 4Y ATaL aZc `YO ]L_TZ ^N]T[_L  POT_PO Md .WPXPY^ 8 6L^[P] LYO 6WL`^ >NS]PTYP] "z  8ÞY^_P]% 7T_ $$" ,]L[`]L 5ZSY 2 LYO 6 6`YU`YYT =LUL w;STWZ^Z[STNLW 0WPXPY_^ TY APOTN 7T_P]L_`]Px 4Y 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW A% ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ POT_PO Md 3L]ZWO 2 .ZbL]O LYO 6 6`YU`YYT =LUL z! /PWST% 8Z_TWLW -LYL]^T OL^^ $$ ,]]LU B / w?SP >aLNNSLYOL_LY_]LX% 3T^_Z]d LYO >_]`N_`]P ZQ L ±LTaL >N]T[_`]Px ;S/ OT^^ .STNLRZ @YTaP]^T_d $## ,]L[`]L 52 w>ZXP ;P]^[PN_TaP^ ZY 4YOTLY ;STWZ^Z[Sd ZQ 7LYR`LRPx 4Y =PaPWL_TZY TY 4YOTLY ?SZ`RS_  POT_PO Md 3 .ZbL]O LYO 6 >TaL]LXLY  z 0XP]daTWWP .LWTQ% /SL]XL ;`MWT^STYR $"" ,^^XLYY 5LY 8Z^P^ OP] ¦Rd[_P]% 0Y_eTQQP]`YR PTYP] 2POÆNS_YT^^[`] 8ÞYNSPY ATPYYL% .L]W 3LY^P] $$# z /L^ V`W_`]PWWP 2POÆNS_YT^% >NS]TQ_ 0]TYYP]`YR `YO [ZWT_T^NSP 4OPY_T_Æ_ TY Q]ÞSPY 3ZNSV`W_`]PY  8ÞYNSPY% -PNV $$$ z =PWTRTZY `YO V`W_`]PWWP^ 2POÆNS_YT^% EPSY >_`OTPY  8ÞYNSPY% -PNV  ,^^XLYY ,WPTOL LYO 5LY PO 6LYZY `YO EPY^`]% ,]NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZXX` YTVL_TZY 44 8ÞYNSPY% BTWSPWX 1TYV $#" z w8d_SZ^x 4Y 3LYOM`NS ]PWTRTZY^bT^^PY^NSLQ_WTNSP] 2]`YOMPR]TQQP AZW  POT_PO Md 3`MP]_ .LYNTV -`]VSL]O 2WLOTRZb LYO 6L]W3PTYe 6ZSW "$z >_`__RL]_ LZ% 6ZSWSLXXP] $$# z LYO .S]T^_ZQ 3L]OXPTP] PO >NS]TQ_ `YO 2POÆNS_YT^% ,]NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZXX`YTVL_TZY  8ÞYNSPY% BTWSPWX 1TYV $$# z P_ LW >NSWPTP] `YO >NSbPWWP% ,]NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZXX`YTVL_TZY A AZW % 2PSPTXYT^ `YO ¸QQPY_WTNSVPT_ 8ÞYNSPY% BTWSPWX 1TYV $$" AZW % 2PSPTXYT^ `YO :QQPYML]`YR  $$# AZW % 2PSPTXYT^ `YO 9P`RTP]OP $$$ ,^^XLYY 5LY LYO -`]VSL]O 2WLOTRZb PO ?Pc_ `YO 6ZXXPY_L]% ,]NSÆZWZRTP OP] WT_P]L ]T^NSPY 6ZXX`YTVL_TZY 4A 8ÞYNSPY% BTWSPWX 1TYV $$  ,^^XLYY 5LY LYO ?ZYTZ 3ØW^NSP] PO^ 6`W_`] `YO 2POÆNS_YT^  1]LYVQ`]_ LX 8LTY% >`S]VLX[ $##

>PNZYOL]d >Z`]NP^

!

¦^_SP_TV z 6`Y^_ z =PWTRTZY 8ÞYNSPYP] ?SPZWZRT^NSP EPT_^NS]TQ_   ,`^_TY 5ZSY 3Zb _Z /Z ?STYR^ bT_S BZ]O^  :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ $! ,aLWZY ^ BZZO]ZQQP -LMM 7Lb]PYNP , =POPX[_TaP 0YNZ`Y_P]^% ?S]PP 8ZOP]Y >_dWP^ TY _SP 3TYO` ?]LOT_TZY 4% >[T]T_`LW =PNZRYT_TZY LYO _SP =LOSL^ZLXT 1LT_S z#$ -P]VPWPd% @YTa ZQ .LWT QZ]YTL ;] $#! -LWNP]ZbTNe ;TZ_] wBSd OTO 4YOTLY [STWZ^Z[SP]^ YPPO 2ZO*x .ZYQP]PYNP [L[P] []P^PY_PO L_ _SP 0,>= NZYQP]PYNP TY -`VL]P^_ >P[_PXMP] ! -LWOT^^P]L 1LM]TeTL LYO ,cPW 8TNSLPW^ /P] TYOT^NSP ?LYe  6ØWY% /`8ZY_ $## -L]NV 6L]WSPTYe P_ LW PO ,T^_SP^T^% BLS]YPSX`YR ZOP] ;P]^[PV_TaPY PTYP] LYOP]PY ¦^_SP_TV 0^^LT^ 7PT[eTR% =PNWLX $$  $$ -L]VP] 0TWPPY w?SP .S`]NS BT_SZ`_ LYO _SP 2ZO BT_STY% =PWTRTZ^T_d LYOZ] >[T]T_`LWT_dx TY =PWTRTZY LYO ;L__P]Y^ ZQ >ZNTLW ?]LY^QZ]XL_TZY POT_PO Md /TYVL 8L]TYZaTN z " ELR]PM% 4Y^_T_`_P QZ] >ZNTLW =P^PL]NS TY ELR]PM  -L^SLX , 7 ?SP BZYOP] _SL_ bL^ 4YOTL  .LWN`__L LZ% =`[L  .Z ! $$   $!" -LÁWP] 8Z]T_e w9Pb 3T^_Z]TNT^X .`W_`]LW 8L_P]TLWT^X LYO .`W_`]LW >_`OTP^x 4Y 0TYQÞS

]`YR TY OTP 6`W_`]bT^^PY^NSLQ_PY ?SPZ]P_T^NSP 2]`YOWLRPY z ,Y^Æ_eP z ;P]^[PV_T aPY  POT_PO Md ,Y^RL] LYO AP]L 9ÞYYTYR z  >_`__RL]_% 8P_eWP]  z /TP V`W_`][ZP_T^NSP 1`YV_TZY `YO OL^ ,]NSTa% 0TYP WT_P]L_`]bT^^PY^NSLQ_WTNSP ?Pc_ 6ZY_Pc_?SPZ]TP  ?ÞMTYRPY% 9L]] 1]LYNVP ,__PX[Z   -L^` 3PWPYP AZY -L]OPY `YO 6ØYTRPY% 0_SYZWZRT^NSP >_`OTPY e`] 2Ø__TY `YO e`X 2P OÆNS_YT^ TY 6LNNS 4YOTPY 1]LYVQ`]_ LX 8LTY LZ% ;P_P] 7LYR  -L`XLY =TNSL]O wAP]MLW ,]_ L^ ;P]QZ]XLYNPx ,XP]TNLY ,Y_S]Z[ZWZRT^_ "" $" % $z -Æ`XP] -P__TYL w ;LÓUL]L P_ dLY_]L % WP OTLR]LXXP OP WvTXLRP ^LN]ËPx 4Y 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP ?LMWP ]ZYOP ;L]T^ z U`TY $#  $z! ;L]T^% .9=> $#!  z ,MSTYLaLR`[_L% BPRP TY^ 7TNS_% ?Pc_P OP^ _LY_]T^NSPY ±TaLT^X`^ L`^ 6L^NSXT] EÞ]TNS% -PYeTRP] $$ z ?]TVL% 2]`YO_SPXPY OP^ VL^NSXT]T^NSPY ±TaLT^X`^ POT_PO Md 0]Y^_ 1Þ]WTYRP] ATPY YL 4YY^M]`NV% ?d]ZWTL    -L`^NS`W_P 8LYQ]PO =PWTRTZY^MLSYSØQP OP] BPTXL]P] =P[`MWTV% >_`OTPY e`] =PWTRTZY^ QZ]^NS`YR $#z$  8L]M`]R% /TLRZYLW AP]WLR " -PNSP]_ 3PTYe LYO 2PZ]R aZY >TX^ZY PO 0TYQÞS]`YR TY OTP 4YOZWZRTP% >_LYO 8P_SZOPY ,`QRLMPY  /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $$ -PNV 2`d 7PZY >ZYTN ?SPZWZRd% 3TYO`T^X LYO >LN]PO >Z`YO .ZW`XMTL% @YTaP]^T_d ZQ >Z`_S .L]ZWTYL ;]P^^ $$ z w/PaZ_TZYLW 3dXY^ Q]ZX _SP >LY^V]T_x 4Y =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP  POT_PO Md /> 7Z[Pe z  /PWST% 8`Y^ST]LX 8LYZSL]WLW $$# -PNVP ,YO]PL^ 3TYO`T^X`^ e`] 0TYQÞS]`YR  3LXM`]R% 5`YT`^ $$! -PWW .L_SP]TYP =T_`LW% ;P]^[PN_TaP^ LYO /TXPY^TZY^  9Pb DZ]V :cQZ]O% :cQZ]O @YTa ;] $$" z w;P]QZ]XLYNPx 4Y .]T_TNLW ?P]X^ QZ] =PWTRTZ`^ >_`OTP^ POT_PO Md 8L]V . ?LdWZ]  z .STNLRZ 7ZYOZY% @YTa ZQ .STNLRZ ;] $$# -PWWTRP] ,YO]ËL LYO /LaTO 6]TPRP] PO =T_`LW_SPZ]TPY  :[WLOPY% BP^_OP`_^NSP] AP]WLR $$# -PYLaTOP^ 2`^_LaZ w9Z]_S ,XP]TNLx 4Y =PWTRTZ`^ >_`OTP^% , 2WZMLW ATPb POT_PO Md 2]PRZ]d / ,WWP^ z!# 7ZYOZY 9Pb DZ]V% =Z`_WPORP # -P]PYO_ 5ZLNSTX0]Y^_ 9LOL -]LSXL% /TP BPW_ T^_ 6WLYR 1]LYVQ`]_% 4Y^PW $#

! z



>PNZYOL]d >Z`]NP^

?SP BZ]WO T^ >Z`YO% 9LOL -]LSXL 8`^TN LYO _SP 7LYO^NL[P ZQ .ZY^NTZ`^YP^^ BT_S L 1Z]PbZ]O Md 1]T_UZQ .L[]L  =ZNSP^_P] AP]XZY_% /P^_TYd -ZZV^ $$ 2P]XLY

 $# 0YRWT^S  $#" -P]RP] 7 ;P_P] /P] EbLYR e`] 3Æ]P^TP% =PWTRTZY TY OP] [W`]LWT^_T^NSPY 2P^PWW^NSLQ_  1]PTM`]R TX -]PT^RL`% 3P]OP] $$ -P]R`YOP] 8TNSLPW BTPOP]RPM`]_ OP] ,SYPY% 0TYP ]PWTRTZY^P_SYZR]L[ST^NSP `YO ]PWTRT ZY^[SÆYZXPYZWZRT^NSP @Y_P]^`NS`YR e`] =PTYVL]YL_TZY^aZ]^_PWW`YR 8ÞY^_P] 3LX M`]R% 7T_ $$ z PO BP^_WTNSP 1Z]XPY OP^ 3TYO`T^X`^ TY /P`_^NSWLYO  3LWWP% AP]WLR OP] 1]LYNV P^NSPY >_TQ_`YRPY ! z wBL^ T^_ 0^Z_P]TV* =PWTRTZY^bT^^PY^NSLQ_WTNSP ¾MP]WPR`YRPY e`X 2PRPY^_LYO OP] 0^Z_P]TVQZ]^NS`YRx 4Y ,`QVWÆ]`YR `YO 0^Z_P]TV% =PeP[_TZY z 4Y_PR]L_TZY z 6ZYQ]ZY _L_TZY  POT_PO Md 8ZYTVL 9P`RPML`P]BØWV LYO ,YO]P =`OZW[S ""z " ?ÞMTYRPY% 8Lc 9TPXPdP] # -P]R`YOP] 8TNSLPW LYO =LS`W ;P_P] /L^ PO w,]TP]x `YO w/]LaTOPYx 3LWWP% AP]WLR OP] 1]LYNVP^NSPY >_TQ_`YRPY  -P]YP] @W]TNS .S]T^_Z[S -ZNSTYRP] LYO =LTYP] 1WL^NSP PO :[QP] `YO 2PMP_ TY OPY =PWTRTZYPY  2Þ_P]^WZS% 2Þ_P]^WZSP] AP]WLR^SL`^   -P]_PW^XLYY >_TQ_`YR ^ =PWTRTZY^XZYT_Z] #  z ^ BZ]LY RWL`M_ OTP BPW_* -SL]L_T ,RPSLYLYOL /TP ?LY_]L?]LOT_TZY% 8T_ PTYPX AZ]bZ]_ aZY /P_WPQ4 7L`Q 1]PT M`]R TX -]PT^RL`% ,`]`X $"" z ?LY_]TN ?]LOT_TZY^ 9Pb /PWST% 3TYO`^_LY ;`MWT^STYR .Z][Z]L_TZY $$  $!  -SL_ 8> APOTN ?LY_]T^X% , >_`Od ZQ ‹RaTOS£YL ZQ ±L`YLVL BT_S ?Pc_ LYO ?]LY^WL_TZY  /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $#" -SL_P >L]ZUL w-SL]_ŽSL]T ZY 7LYR`LRP LYO =PLWT_dx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL

_TZYLW .ZYQP]PYNP ZY -SL]_ŽSL]T @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$% !"z" -SL__ 9 =LXLNLYO]L 7L ]PWTRTZY OP ±TaL OvL[]Ê^ WP^ ^Z`]NP^ ^LY^V]T_P^% ;]ËQLNP OP ;TP]]P>dWaLTY 1TWWTZeL_  ;LWLT^PL`% 0OT_TZY^ ¢RLX£_  -SLaYLYT 0YLV^ST ?SP /LYNP TY 4YOTL  -ZXMLd% ?L]L[Z]PaLWL  $" -TL]OPL` 8LOPWPTYP wSWZXZ w:]_SZOZcd LYO ;STWZ^Z[Sd TY 4YOTL% ;STWZ^Z[STNLW 4X[WTNL_TZY^ ZQ _SP 8¯X£À^£ >NSZZWx 4Y :]_SZOZcd 3P_P]ZOZcd LYO /T^^PY_ TY 4YOTL  PO > 9 0T^PY ^_LO_ P_ LW -P]WTY% 8Z`_ZY $# "z# -TWTXZ]TL ;`]`´Z__LXL ±LMOL[]LX£©L% BZ]O LYO 6YZbWPORP /Z]O]PNS_% 6W`bP] $## -WLNVM`]Y >_`L]_ 3 LYO ,6 =LXLY`ULY PO ,YZ_SP] 3L]XZYd% 9Pb 0^^Ld^ ZY _SP 1ZWVWZ]P ZQ 4YOTL  -P]VPWPd LZ% @YTa ZQ .LWTQZ]YTL ;] $#! -WZZXQTPWO 8L`]TNP =TRAPOL =P[P_T_TZY^ ;L]_ % ?SP ]P[PL_PO [L^^LRP^ ZQ _SP =TR APOL ;L]_ % 0c[WLYL_Z]d LYO LYLWd_TN ;L]_ % 7T^_^ LYO TYOPcP^  aZW^ ;L]_  LYO  TY ZYP aZW`XP .LXM]TORP% 3L]aL]O @YTa ;] $! -ZMeTY 3L]_X`_ /P] 6Z]LY% 0TYP 0TYQÞS]`YR  8ÞYNSPY% .3 -PNV    $$$ -ZNSTYRP] .S]T^_Z[S 8 0YRPWM]PNS_ LYO B 2P[SL]O_ /TP `Y^TNS_ML]P =PWTRTZY TY OP]

^TNS_ML]PY =PWTRTZY% 1Z]XPY ^[T]T_`PWWP] :]TPY_TP]`YR TY OP] ]PWTRTØ^PY 2PRPYbL]_^ V`W_`] >_`__RL]_% 6ZSWSLXXP] $ -ZSY^LNV =LWQ BTYQ]TPO 8L]Z_eVT LYO 8TNSLPW 8P`^P] PO^ 3L`[_MPR]TQQP \`LWT_L_TaP] >ZeTLWQZ]^NS`YR  :[WLOPY% 7P^VP  -`O]TNS 

>PNZYOL]d >Z`]NP^

!

-Z^P 8LYOLV]LY_L 8ZaPXPY_ LYO 8TXP^T^% ?SP TOPL ZQ /LYNP TY >LY^N]T_TN ?]LOT_TZY  9Pb /PWST% ;]TY_bZ]WO $$ -Ø__RP] /LYTPW 0X[T]T^NSP ;]ÞQ`YR OP] ,`^bT]V`YR aZY QLNTLW QPPOMLNV L`Q OTP ^`MUPV _TaP BLS]YPSX`YR aZY =T_`LWPY 7PT[eTR% 8L^_P] _SP^T^ # -Z`]OTP` ;TP]]P E`] >ZeTZWZRTP OP] ^dXMZWT^NSPY 1Z]XPY  1]LYVQ`]_ L8% >`S]VLX[ $$  $" z 0Y_b`]Q PTYP] ?SPZ]TP OP] ;]LcT^ L`Q OP] P_SYZWZRT^NSPY 2]`YOWLRP OP] VLMdWT^NSPY 2P^PWW^NSLQ_  1]LYVQ`]_ L8% >`S]VLX[ $"! 1]PYNS Z]TRTYLW% $" z :`_WTYP ZQ L ?SPZ]d ZQ ;]LN_TNP  .LXM]TORP% .LXM]TORP @YTa ;] $"" 1]PYNS Z]TRTYLW%  $" z >ZeTLWP] >TYY% 6]T_TV OP] _SPZ]P_T^NSPY AP]Y`YQ_ 1]LYVQ`]_% >`S]VLX[ $$ 1]PYNS Z]TRTYLW% $# -Z`]OTP` ;TP]]P LYO 7Z|N 5 / BLN\`LY_ =PQWPcTaP ,Y_S]Z[ZWZRTP  1]LYVQ`]_ L8% >`S]VLX[ $$! :]TRTYLW% =Ë[ZY^P^ [Z`] `YP LY_S]Z[ZWZRTP ]ËQWPcTaP  ;L]T^% 0OT _TZY O` >P`TW $$ -ZbP] .LWaTY 8L]_TY ^PP ;]TXL]d >Z`]NP^ -ZP_ST`^ w-]LSXLR`[_Lx S__[%PYbTVT[POTLZ]RbTVT-]LSXLR`[_L,^_]ZYZXd LNNP^^PO >P[_PX MP]  $ -]L`Y 0OX`YO PO /P] ;L]LOTRXPYbPNS^PW TY OP] >[]LNS[STWZ^Z[STP% >_`OTPY `YO ?Pc_P  /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $$! -]Æ`YWPTY ;P_P] 5 wvE`]ÞNV e` OPY >LNSPYv z =PWTRTZY^bT^^PY^NSLQ_ aZ] OPX :MUPV_x 4Y

=PWTRTZY `YO 8`^P`X% E`] aT^`PWWPY =P[]Æ^PY_L_TZY aZY =PWTRTZYPY TX ØQQPY_WTNSPY =L`X POT_PO Md ; -]Æ`YWPTY "z  -TPWPQPWO% _]LY^N]T[_  z w=PWTRTZY^RP^NSTNS_P LW^ 8POTPYRP^NSTNS_P% 0TYP >VTeePx 8ÞYNSPYP] _SPZWZRT^NSP EPT_^NS]TQ_ %  z$ -]P]P_ZY 5ZPW ; wv?L_ ?aLX ,^Tv TY .ZY_Pc_x 4Y EPT_^NS]TQ_ OP] /P`_^NSPY 8Z]RPYWÆYOT ^NSPY 2P^PWW^NSLQ_ AZW ! YZ  $#!% $#z$ -]ZNVTYR_ZY 57 ?SP >LN]PO ?S]PLO% 3TYO`T^X TY T_^ .ZY_TY`T_d LYO /TaP]^T_d  0OTY M`]RS% @YTa ;] $$  $# aLY OPY -]ZPV =ZPWZQ LYO BZ`_P] 5 3LYPR]LLQQ PO^ 2YZ^T^ LYO 3P]XP_TNT^X Q]ZX ,Y_T\`T_d _Z 8ZOP]Y ?TXP^ ,WMLYd 9Pb DZ]V% >_L_P @YTa ZQ 9Pb DZ]V ;] $$# -]ZYVSZ]^_ 5ZSLYYP^ w>ZXP :M^P]aL_TZY^ ZY _SP ;LOL[£¶SL ZQ _SP ‹RaPOLx 445  $#% #z#$ z w-SL]_ŽSL]T ZY ^[SZ¶L LYO `YTaP]^LW^x ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A $$% z# z w?bZ 7T_P]L]d .ZYaPY_TZY^ ZQ .WL^^TNLW 4YOTLx ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A $$% z" z w0_`OP^ ^`] -SL]_ŽSL]T % 7vLM^ZW` OLY^ WP A£VdL[LO¯dL P_ ^ZY WTPY LaPN WP 8LOSdL XLVLx ,^TL_T^NSP >_`OTPY% 0_`OP^ L^TL_T\`P^ C7A4 $$% !z# z wF=PaTPbH 0YNdNWZ[POTL ZQ 4YOTLY [STWZ^Z[STP^ A% ?SP [STWZ^Z[Sd ZQ _SP R]LXXL]T LY^ 0OT_PO Md 3L]ZWO 2 .ZbL]O LYO 6 6`YU`YYT =LUL /PWST% 8Z_TWLW -LYL]^TOL^^ $$x ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A4 $$% "#z"  z w-SL]_šSL]T LYO ALT²P´TVLx ,^TL_T^NSP >_`OTPY C7A44  $$ z ?SP _bZ _]LOT_TZY^ ZQ XPOT_L_TZY TY LYNTPY_ 4YOTL >_`__RL]_% 1]LYe >_PTYP] $#!& /PWST% 8Z_TWLW $$ z 8˜X£À^£ LYO APO£Y_L% 4Y_P]LN_TZY LYO .ZY_TY`T_d  /PWST% 8Z_TWLW " z 2]PL_P] 8LRLOSL% >_`OTP^ TY _SP .`W_`]P ZQ 0L]Wd 4YOTL 7PTOPY LZ% -]TWW " 3LYOMZZV ZQ :]TPY_LW >_`OTP^ $

!!



>PNZYOL]d >Z`]NP^

-]ZYVSZ]^_ 5ZSLYYP^ LYO 8LOSLa 8 /P^S[LYOP PO ,]dLY LYO 9ZY,]dLY TY >Z`_S ,^TL% 0aTOPYNP 4Y_P][]P_L_TZY LYO 4OPZWZRd  .ZW`XMTL 8T^^Z`]T% /P[L]_XPY_ ZQ >LY ^V]T_ LYO 4YOTLY >_`OTP^ 3L]aL]O @YTa $$$ -]ZZV^ /Z`RWL^ =PYQ]Pb ?SP ±]¯aTOd£ >NSZZW ZQ ±£V_L ?LY_]T^X% , >_`Od ZQ _SP ?Pc_^ LYO .ZY_Pc_^ ZQ _SP 7TaTYR ?]LOT_TZY^ TY >Z`_S 4YOTL  /T^^ 3L]aL]O @YTaP]^T_d $#" z ,`^[TNTZ`^ BT^OZX% ?SP ?Pc_^ LYO ?]LOT_TZY^ ZQ ±]¯aTOd£ ±£V_L ?LY_]T^X TY >Z`_S 4YOTL  ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$ z w,`^[TNTZ`^ 1]LRXPY_^ LYO @YNP]_LTY BT^OZX% ?SP =ZZ_^ ZQ ±]¯aTOd£ ±£V_L ?LY _]T^X TY >Z`_S 4YOTLx 4Y ?SP =ZZ_^ ZQ ?LY_]L  POT_PO Md 6, 3L][P] LYO =ZMP]_ 7 -]ZbY "z"  ,WMLYd% >@9D  -]Z`RS 5ZSY w?SPZ]TP^ ZQ 2PYP]LW 7TYR`T^_TN^ TY _SP >LY^V]T_ 2]LXXL]TLY^x 4Y , =PLOP] ZY _SP >LY^V]T_ 2]LXXL]TLY^  POT_PO Md 1]T_^ >_LLW z .LXM]TORP% 84? ;]P^^ $" 1T]^_ [`MWT^SPO TY ?]LY^LN_TZY^ ZQ _SP ;STWZWZRTNLW >ZNTP_d  $  z w>ZXP 4YOTLY ?SPZ]TP^ ZQ 8PLYTYRx 4Y , =PLOP] ZY _SP >LY^V]T_ 2]LXXL]TLY^ POT_PO Md 1]T_^ >_LLW z .LXM]TORP% 84? ;]P^^ $" 1T]^_ [`MWT^SPO TY ?]LY^LN_TZY^ ZQ _SP ;STWZWZRTNLW >ZNTP_d $  -]Z^T`^ .S]T^_TLYP w3L[[d 0YO^ `YO LYOP]P 6]T^PY% 3PTXL_ `YO 1LXTWTPYRWÞNV TX >[TP RPW -ZWWdbZZO^x 4Y XL^LWLOP% 8PY^NSPY L`^ >ÞOL^TPY TY /P`_^NSWLYO  POT_PO Md .S]T^_TLYP -]Z^T`^ LYO @]XTWL 2ZPW "z 3PTOPWMP]R% /]L`[LOT ! -]ZbY B 9 w?SPZ]TP^ ZQ .]PL_TZY TY _SP =TR APOLx 5Z`]YLW ZQ _SP ,XP]TNLY :]TPY_LW >ZNTP_d # $! % z z w?SP .]PL_TaP =ZWP ZQ _SP 2ZOOP^^ A£N TY _SP =TR APOL x 4Y ;]L_TO£YLX% 4YOTLY

4]LYTLY LYO 4YOZ0`]Z[PLY >_`OTP^ ;]P^PY_PO _Z 1]LYNT^N`^ -P]YL]O`^ 5LNZM`^ 6`T[P] ZY 3T^ >Tc_TP_S -T]_SOLd  POT_PO Md 5 . 3PP^_P]XLY 2 3 >NSZZVP] LYO 4 >`M]LXZYTLY $z$" ?SP 3LR`P% 8Z`_ZY $!# -]ÞNVYP] 3PTO]`Y w-PbLS]PY `YO 0]YP`P]Y% ;STWZ^Z[ST^NSP 6ZXXPY_L]_]LOT_TZY TX TYOT^NSPY 8T__PWLW_P]x 4Y ?Pc_ `YO 6ZXXPY_L]% ,]NSÆZWZRTP OP] WT_P]L]T^NSPY 6ZX X`YTVL_TZY 4A POT_PO Md 5LY ,^^XLYY LYO -`]VSL]O 2WLOTRZb "z" 8ÞYNSPY% 1TYV $$  -]`YYP] 3ËWÊYP w?SP 1Z`] ;£OL^ ±LTa£RLXLx 5Z`]YLW ZQ :]TPY_LW =P^PL]NS !z! $#!z$$% !z"# z w 8L©“LWL P_ dLY_]L OLY^ WP ²TaL|^XP £RLXT\`P% /ËQTYT_TZY OP^N]T[_TZY `^LRP ]T_`PWx 4Y 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP% ?LMWP ]ZYOP ;L]T^ z U`TY $#  z  ;L]T^% .9=> $#!  z w7vTXLRP OTaTYP OLY^ WP N`W_P £RLXT\`P OP ±TaL% =L[[Z]_ PY_]P WvTXLRP XPY_LWP P_ WP ^`[[Z]_ NZYN]P_ O` N`W_Px 4Y 7vTXLRP OTaTYP% .`W_P P_ XËOT_L_TZY OLY^ Wv3TYOZ`T^XP  $z$ ;L]T^% 0OT_TZY^ O` .9=> $$ z w?SP ;WLNP ZQ DZRL TY _SP ±LTa£RLXL^x 4Y ;LYOT_ 9= -SL__ 1PWTNT_L_TZY AZW`XP  POT_PO Md ;> 1TWWTZeL_ >; 9L]LYR LYO .; -SL__L  z! /PWST% 8Z_TWLW -LYL] ^TOL^^ $$ -]`YYP] 3 2 :MP]SLXXP] LYO , ;LOZ`c ?£Y_]TV£MSTOS£YLVZ²L% /TN_TZYYLT]P OP^

_P]XP^ _PNSYT\`P^ OP WL WT__Ë]L_`]P STYOZ`P _LY_]T\`P , /TN_TZYL]d ZQ ?PNSYTNLW ?P]X^ Q]ZX 3TYO` ?LY_]TN 7T_P]L_`]P BØ]_P]M`NS e`] ?P]XTYZWZRTP STYO`T^_T^NSP] ?LY_]PY  AZW  FAZbPW^H ATPYYL% AP]WLR OP] Ø^_P]]PTNST^NSPY ,VLOPXTP OP] BT^^PY ^NSLQ_PY  AZW  FVL _Z “T©“TY H ATPYYL%  -ÞSYPXLYY 2`O]`Y /P] ,WWbT^^PYOP -`OOSL  ^ ;]TXL]d >Z`]NP^ =L_YLV˜]_T >L] aLU†L^TOOST z ?SP BZ]^ST[  ^ ;]TXL]d >Z`]NP^ @X£YLYOLY£_SL 9T_dZ_^LaL  z w>ZXP =PXL]V^ ZY _SP >_]`N_`]P LYO ,[[WTNL_TZY ZQ 3TYO` >LY^V]T_ >_Z_]L^x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞOL^TPY^ # $#% "z

>PNZYOL]d >Z`]NP^

!"

;¼U£ , >_`Od TY >X£]_L =T_`LW ATPYYL% 4Y^_T`_ QÞ] 4YOZWZRTP $## w:Y ;`]L²NL]L©L% 6`W£]©LaL .SL[_P]  x 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY _]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY !z! ,W MLYd% >@9D $$ z ?SP 4NZYZR]L[Sd ZQ 3TYO` ?LY_]TN /PT_TP^ AZW 4% ?SP ;LY_SPZY ZQ _SP 8LY_]LXLSZ OLOST AZW 44% ?SP ;LY_SPZY^ ZQ _SP ;]L[LÓNL^£]L LYO _SP ±£]LO£_TWLVL 2]ZYTYRPY% 0RMP]_ 1Z]^_PY   z 8L©“LWL^ LYO DLY_]L^ TY _SP 3TYO` ?]LOT_TZY 7PTOPY% -]TWW  -`NV /LaTO . w>TOOS£Y_L% >TOOSL LYO ±LTaL , .ZX[L]T^ZY ZQ >TOOSL LYO ±LTaL 4OPL^ ZY _SP =PWTRTZ`^ 0c[P]TPYNP LYO T_^ 4X[WTNL_TZY^x 4Y 0c[P]TPYNTYR ±TaL 0YNZ`Y_P]^ bT_S L 3TYO` /PT_d  POT_PO Md 1 B .WZ_SPd LYO 5 -]`NP 7ZYR $z" .ZW`XMTL% >Z`_S ,^TL -ZZV^ $# -`SXLYY ;P_P] w8`^TVx 4Y 8P_eWP] 7PcTVZY =PWTRTZY AZW  $$z  >_`__RL]_% 8P_e WP] $$$ aLY -`T_PYPY 5 , - ^ ;]TXL]d >Z`]NP^ 8LT_]£dL©˜dL@[LYT´LO LYO D£X`YL z w, M]TPQ ST^_Z]d ZQ _SP WLYR`LRP^ ZQ 4YOTLx 4Y ?SP 7T_P]L_`]P^ ZQ 4YOTL% ,Y 4Y_]ZO`N _TZY  POT_PO Md 0ObL]O . /TXZNV 5] P_ LW !z .STNLRZ% @YTa ZQ .STNLRZ ;] $" -`WVPWPd 6PWWd ?SP BZYOP]TYR -]LTY% ?STYVTYR LMZ`_ =PWTRTZY bT_S LYO MPdZYO .ZRYT _TaP 9P`]Z^NTPYNP  9Pb DZ]V% =Z`_WPORP   -`]VP 6PYYP_S 7LYR`LRP L^ ^dXMZWTN LN_TZY% 0^^Ld^ ZY 7TQP 7T_P]L_`]P LYO 8P_SZO  -P]VPWPd 7Z^ ,YRPWP^% @YTa ZQ .LWTQZ]YTL ;] $!# -`]VL]O 1]LYe;P_P] w;d_SLRZ]PP]x TY 8P_eWP] 7PcTVZY ;STWZ^Z[STP POT_PO Md ;P_P] ;]PNS_W LYO 1]LYe;P_P] -`]VSL]O ! >_`__RL]_% 5- 8P_eWP] $$! .LX[MPWW .ZWTY ?SP 0L^_P]YTeL_TZY ZQ _SP BP^_% , ?SPXL_TN ,NNZ`Y_ ZQ .`W_`]LW .SLYRP TY _SP 8ZOP]Y 0]L  -Z`WOP]% ;L]LOTRX ;`MWT^SP]^ " .LYNTV 3`MP]_ LYO 3`MP]_ 8ZS] w=PWTRTZY^Æ^_SP_TVx 4Y 3=B2 4 $##% z ! .L]OZYL 2PZ]RP w,YaLdL LYO AdL_T]PVL TY 4YOTLY 2]LXXL]x ?SP ,OdL] 7TM]L]d -`WWP _TY z $!"z$!#% z  z ;£©TYT , >`]aPd ZQ =P^PL]NS  ?SP 3LR`P% $"! z w:Y =PL^ZYTYR Q]ZX LYaLdL LYO adL_T]PVL TY 0L]Wd ,OaLT_Lx 4Y >_`OTP^ TY 4YOTLY ;STWZ^Z[Sd% , 8PXZ]TLW AZW`XP TY 3ZYZ`] ZQ ;LYOT_ >`VSWLWUT >LYRSaT  POT_PO Md /LW^`VS 8LWaLYTL LYO 9LRTY 5 >SLS "$z ,SXPOLMLO% 7 / 4Y^_T_`_P ZQ 4YOZW ZRd $# .L][PY_P] /LaTO w-SL]_ŽSL]T LYO _SP APOLx 4Y ?Pc_^ TY .ZY_Pc_% ?]LOT_TZYLW 3P]XPYP` _TN^ TY >Z`_S ,^TL  POT_PO Md 5= ?TXX "z ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$ z w?SP 8L^_P]d ZQ >[PPNS% .LYZYTNT_d LYO .ZY_]ZW TY _SP APOL^x 4Y ,`_SZ]T_d ,YcT P_d LYO .LYZY% 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY  POT_PO Md 7L`]TP 7 ;L__ZY $z ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$ .L][PY_P] 0OX`YO :S BSL_ L -WZb _SP ;SLY_ZX 2LaP 8P 9Pb DZ]V% -LY_LX -ZZV^ $" .L]] -]TLY w±L«VL]L ZY XPXZ]d LYO _SP NZY_TY`T_d ZQ _SP ^PWQx =PWTRTZ`^ >_`OTP^ ! % $z .L]]`_SP]^ 8L]d ?SP .]LQ_ ZQ ?SZ`RS_% 8POT_L_TZY =SP_Z]TN LYO _SP 8LVTYR ZQ 4XLRP^ z  .LXM]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $$# .L^^T]P] 0]Y^_ >[]LNSP `YO 8d_SZ^% 0TY -PT_]LR e`X ;]ZMWPX OP] 2Ø__P]YLXPY  7PT[eTR LZ% ?P`MYP] $  z z

!# z



>PNZYOL]d >Z`]NP^

;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY   aZW^ $ $  $$& ^[PNTLW POT_TZY TY

aZW^ /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ ]P[]TY_ ZQ _SP ^PNZYO POT_TZY $$ z ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY 0]^_P] ?PTW% /TP >[]LNSP /L]X^_LO_% BT^^PY ^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $  $$ z ;STWZ^Z[STP OP] ^dXMZWT^NSPY 1Z]XPY EbPT_P] ?PTW% /L^ Xd_ST^NSP /PYVPY  /L]X ^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ ]P[] $$ z 7LYR`LRP LYO 8d_S  _]LY^ >6 7LYRP] 9Pb DZ]V% /ZaP] ;`M $  z ,Y 0^^Ld ZY 8LY% ,Y 4Y_]ZO`N_TZY _Z L ;STWZ^Z[Sd ZQ 3`XLY .`W_`]P  9Pb DZ]V% /Z`MWPOLd ,YNSZ] -ZZV^ $   $ 2P]XLY% $$ z ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^   aZW^ 9Pb 3LaPY% DLWP @YTa ;] $ " z ?SP ;STWZ^Z[Sd ZQ >dXMZWTN 1Z]X^% AZW`XP   7LYR`LRP  9Pb 3LaPY% DLWP @YTaP] ^T_d ;]P^^ $$   $  .SLX[TZY .L_SP]TYP PO ?]LOT_TZY^ Z]LWP^ OLY^ WP XZYOP TYOTPY ;L]T^% 0OT_TZY^ OP Wv0NZWP OP^ 3L`_P^ 0_`OP^ PY >NTPYNP^ ^ZNTLWP^ $$! .SL__P]UPP 2LdL_]T 8Z_SP] 4YOTL  ?]ZbM]TORP% .]ZXbPWW ;]P^^  .STYNSZ]P 8LYRLWL = ,YTNNL_£,YT_dL_£% ,Y ,YLWd^T^ ZQ -`OOST^_ :[[Z^T_TZY _Z ;P]XL YPYNP>_LMTWT_d LYO ,W_P]YL_TaP 1Z`YOL_TZY ZQ :Y_ZWZRd LYOZ] ,Y_S]Z[ZWZRd  /PWST% >]T >L_R`]` $$  .SZX^Vd 9 7LYR`LRP LYO 8TYO  9Pb DZ]V% 3L]NZ`]_ -]LNP LYO BZ]WO $!# .S]T^XLY 8T]TLX @^SP] 7Ld .`W_`]P 7PL]YPO .`W_`]P% -ZZV^ LYO >ZNTLW .SLYRP TY >_]L^MZ`]R #z $$  9Pb 3LaPY% DLWP @YTaP]^T_d ;]P^^ $# .WZZYPd 1]LYNT^ C wBSL_v^ L 2ZO* ?SP _`OTP^  ,`R $$"% "z#  .WZ_SPd 1]PO B LYO 5 -]`NP 7ZYR PO 0c[P]TPYNTYR ±TaL% 0YNZ`Y_P]^ bT_S L 3TYO` /PT_d  .ZW`XMTL% >Z`_S ,^TL -ZZV^ $# .ZM`]Y ?SZXL^ - w?SP >_`Od ZQ _SP ;`]£©L^ LYO _SP >_`Od ZQ =PWTRTZYx =PWTRTZ`^ >_`OTP^ ! $#% z  z wu>N]T[_`]Pv TY 4YOTL ?ZbL]O^ L ?d[ZWZRd ZQ _SP BZ]O TY 3TYO` 7TQPx 5Z`]YLW ZQ _SP ,XP]TNLY ,NLOPXd ZQ =PWTRTZY  $#%  z $ .ZSPY >TRYP ?Pc_ LYO ,`_SZ]T_d TY _SP :WOP] @[LYT´LO^ 7PTOPY% -]TWW # .ZW[P .L]^_PY w>LV]LWT^TP]`YR aZY ?Pc_PY `YO 1TWTL_TZYPY aZY 6LYZY^x 4Y 6LYZY `YO EPY^`] POT_PO Md ,WPTOL LYO 5LY ,^^XLYY #z$ 8ÞYNSPY% 1TYV $#" .ZZXL]L^bLXd ,YLYOL 6 w:]YLXPY_x 4Y >PWPN_PO ;L[P]^ % ?]LOT_TZYLW ,]_ LYO >dX MZWT^X POT_PO Md =ZRP] 7T[^Pd z  ;]TYNP_ZY% ;]TYNP_ZY @YTa ;] $"" 1T]^_ [`MWT^SPO TY _SP ,]_ -`WWP_TY  CC4 $$ .ZbL]O 3L]ZWO 2 -SL]_ŽSL]T  -Z^_ZY% ?bLdYP ;`MWT^SP]^ $"! z w-SL]_ŽSL]Tv^ /SaLYT% , .PY_]LW 9Z_TZY TY 4YOTLY ,P^_SP_TN^x 4Y =PaPWL_TZY TY 4YOTLY ?SZ`RS_  POT_PO Md 3 .ZbL]O LYO 6 >TaL]LXLY ! z#  0XP]daTWWP .LWTQ% /SL]XL ;`MWT^STYR $"" z ?SP >[SZ¶L ?SPZ]d ZQ 7LYR`LRP% , ;STWZ^Z[STNLW ,YLWd^T^ /PWST% 8Z_TWLW -LYL]^T OL^^ $# =P[]TY_ $#! z PO 8ZOP]Y 4YOTLY =P^[ZY^P^ _Z =PWTRTZ`^ ;W`]LWT^X ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $#" z w/P]]TOL LYO -SL]_ŽSL]Tv^ A£VdL[LO¯dL ZY _SP :]TRTY ZQ 7LYR`LRPx ;STWZ^Z[Sd 0L^_ LYO BP^_  $$% z!

>PNZYOL]d >Z`]NP^

!$

w8P_L[Sd^TN^x TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW % ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ POT_PO Md 3L]ZWO 2 .ZbL]O LYO 6 6`YU`YYT =LUL #z /PWST% 8Z_TWLW -LYL]^TOL^^ $$ z w?SP 8PLYTYR LYO ;ZbP] ZQ 8LY_]L^ TY -SL]_ŽSL]Tv^ A£VdL[LO¯dL x 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] ! z"!  /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,W MLYd%  $#$ .ZbL]O 3L]ZWO LYO 6]T^SYL >TaL]LXLY PO =PaPWL_TZY TY 4YOTLY ?SZ`RS_% , 1P^_^NS]TQ_ TY 3ZYZ`] ZQ ;]ZQP^^Z] ?=A 8`]_T  0XP]daTWWP .LWTQ% /SL]XL ;`MWT^STYR $"" .ZbL]O 3L]ZWO 2 LYO 6 6`YU`YYT =LUL PO 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW A% ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $$ z w4Y_]ZO`N_TZY _Z _SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^x 4Y 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW A z$" z wBZ]O 8PLYTYRx TY 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW % ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ POT_PO Md 3L]ZWO 2 .ZbL]O LYO 6 6`YU`YYT =LUL /PWST% 8Z_TWLW -LYL]^TOL^^ $$ .`_WP] 9Z]XLY >ZYR^ ZQ 0c[P]TPYNP% ?SP ;ZP_TN^ ZQ ?LXTW /PaZ_TZY  -WZZXTYR_ZY LZ% 4YOTLYL @YTa ;] $#" z w?LXTW 2LXP >ZYR^ _Z ±TaLx 4Y =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP POT_PO Md /> 7Z[Pe  z #  /PWST% 8`Y^ST]LX 8LYZSL]WLW $$# .eP]YTLV/]ZeOeZbT_Ne 8L]ePYYL ;£ÓNL]£_]L >N]T[_`]P TY _SP ;]ZNP^^ ZQ .SLYRP% , >_`Od ZQ _SP ;L]LXL^LÀST_£ ATPYYL%  /LYRP >TYOS` > ,^[PN_^ ZQ >[PPNS TY APOTN =T_`LW  9Pb /PWST% ,]dLY -ZZV^ 4Y_P]YL _TZYLW $$! /LYTËWZ` ,WLTY 4Y_]ZO`N_TZY _Z _SP >_`Od ZQ 8`^TNLW >NLWP^ 9Pb /PWST% :]TPY_LW -ZZV^ =P[]TY_ $"$ 7ZYOZY% ?SP 4YOTL >ZNTP_d $ z >LN]PO 8`^TN z 4_^ :]TRTY^ ;ZbP]^ LYO 1`_`]P% ?]LOT_TZYLW 8`^TN TY ?ZOLdv^ BZ]WO  ,]_TNWP^ ^PWPN_PO Md 57 2LMTY AL]LYL^T% 4YOTNL -ZZV^  /LYTYZ 8TNSPW LYO >`UL_L 9LSL] ?SP 4YaL^TZY ?SL_ 9PaP] BL^ 8d^Z]P% 8T]L ,OT_T .PY_]P  /L^ APPYL >_]`N_`]P LYO .ZRYT_TZY% ,^[PN_^ ZQ 3TYO` .L^_P LYO =T_`LW  9Pb /PWST% :cQZ]O @YTa ;] $# /L^R`[_L >`]PYO]LYL_S , 3T^_Z]d ZQ 4YOTLY ;SZWZ^Z[Sd  AZW  /PWST LZ% 8Z_TWLW -LYL]^TOL^^  $" =P[]TY_% $$ .LXM]TORP%  $ /LaTP 2]LNP =PWTRTZY TY -]T_LTY ^TYNP $ % -PWTPaTYR bT_SZ`_ -PWZYRTYR  :cQZ]O% -WLNVbPWW $$ /LaTO^ZY =ZYLWO 8 w?SP -ZOST^L__aL ALU]L[£©Tv^ >`MU`RL_TZY ZQ ±TaLx 4Y =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP  POT_PO Md /> 7Z[Pe "z  /PWST% 8`Y^ST]LX 8LYZSL]WLW $$# /LaT^ =TNSL]O 3 BZ]^ST[TYR ±TaL TY 8POTPaLW 4YOTL% =T_`LW TY LY :^NTWWL_TYR @YTaP]^P ;]TYNP_ZY 9Pb 5P]^Pd% ;]TYNP_ZY @YTaP]^T_d ;]P^^ $$ z w-PNZXTYR L ±TaL LYO ,N_TYR L^ :YP TY ±LTaL BZ]^ST[x 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY "z$ ,WMLYd% >@9D $$ z 7TaP^ ZQ 4YOTLY 4XLRP^ /PWST% 8Z_TWLW -LYL]^TOL^^ $$$ /LdLYLYOL >bLXT ^PP 9L]L^TXSLY ;LOXL /P >`^STW 6`XL] w>LY^V]T_ /PaZ_TZYLW ;ZP_]d LYO 3dXYZWZRdx 9Pb 4YOTLY ,Y_T\`L]d $ $"% $z! z 3T^_Z]d ZQ >LY^V]T_ ;ZP_TN^ .LWN`__L% 1T]XL 678 ;]TaL_P 7TXT_PO $## =P[]TY_ ZQ _SP  YO ]Pa PO $! z

"



>PNZYOL]d >Z`]NP^

/PPR 8Lc /TP LW_TYOT^NSP 0_dXZWZRTP YLNS OPX AP]^_ÆYOYT^ D£^VLv^ `YO ^PTYP] AZ]

RÆYRP]% 0TYP @Y_P]^`NS`YR ÞMP] TS]P ;]LV_TVPY WT_P]L]T^NSP AP]M]PT_`YR `YO TS] AP] SÆW_YT^ e`] /TNS_P]T^NSPY 2P^_LW_`YR `YO >[]LNSXLRTP /P__PWMLNS% =ØWW $$  /P^[LYOP 8LOSLa 8 w?SP .SLYRTYR 9Z_TZY ZQ ²T´¶L Q]ZX ;L_L†ULWT _Z -SL]_ŽSL]Tx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW .ZYQP]PYNP ZY -SL]_ŽSL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$% $ z  /TV^ST_L] A= =LXLNSLYO]L ?SP 7LWT_£ .`W_  /PWST% 8Z_TWLW -LYL]^TOL^^ $$ 8LO]L^%  $ /TXXT__ .Z]YPWTL LYO 5,- aLY -`T_PYPY PO LYO _]LY^ .WL^^TNLW 3TYO` 8d_SZWZRd% , =PLOP] TY _SP >LY^V]T_ ;`]£©L^  /PWST% >L_R`]` $$# ?PX[WP @YTa $"# /TXZNV U] 0ObL]O . P_ LW ?SP 7T_P]L_`]P^ ZQ 4YOTL% ,Y 4Y_]ZO`N_TZY  .STNLRZ% ?SP @YTa ZQ .STNLRZ ;] $" z ?SP ;WLNP ZQ _SP 3TOOPY 8ZZY% 0]Z_TN 8d^_TNT^X TY _SP ALT´©LaL^LSLUTd£ .`W_ ZQ -PYRLW  /PWST% 8Z_TWLW -LYL]^TOL^^ $$ .STNLRZ% $!! /ZYYP]MP]R 7L^L PO , APOLY_TYv^ ATPb ZQ .S]T^_TLY .ZYNP[_^% , /TLWZR MP_bPPY >bLXT /LdLYLYOL >L]L^bL_T LYO ;]ZQP^^Z] 3PWX`_ 2T]YO_  >LdWZ]^M`]R ;PYY^dW aLYTL% ,]^SL ATOdL 2`]`V`WLX $$# /]LRZYP__T .L]XPY LYO 1P]YLYOZ ?ZWL :Y _SP 8d_S ZQ _SP :[[Z^T_TZY MP_bPPY 4YOTLY ?SZ`RS_ LYO BP^_P]Y ;STW^Z[Sd  3TWOP^SPTX& EÞ]TNS LZ% :WX^  ;STWZ^Z[ST ^NSP ?Pc_P `YO >]`OTPY " /`MZT^ ,MMË 5PLY ,Y_ZTYP 7PMPY `YO =T_PY OP] 4YOP]% 6L^_PYbP^PY `YO 3TYO`RWL`MP TY >ÞOTYOTPY `X #  -TPWPQPWO% =PT^P 6YZb3Zb AP]WLR  7ZYOZY% #" /`P]] 3LY^ ;P_P] PO LWNSP]TYRL ZOP] OTP MPRTYYPYOP EPT_  1]LYVQ`]_ L8 ;L]T^% LN]PO 9L]]L_TaP% =PLOTYR^ TY _SP ?SPZ]d ZQ 8d_S  -P]VPWPd LZ% @YTa ZQ .LWTQZ]YTL ;] $# /aTaPOL A]LULaLWWLMSL wv3LaTYR -PNZXP L 2ZO 3P >SZ`WO >LN]TQTNP _Z _SP 2ZO^vx 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY z# ,WMLYd% >@9D $$ /dNeVZb^VT 8L]V >2 ?SP /ZN_]TYP ZQ ATM]L_TZY% ,Y ,YLWd^T^ ZQ _SP /ZN_]TYP^ LYO ;]LN_TNP^ ZQ 6L^SXT] >SLTaT^X /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $#$ ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V $#" z ?SP .LYZY ZQ _SP ±LTa£RLXL LYO _SP 6`MUTV£ ?LY_]L^ ZQ _SP BP^_P]Y 6L`WL ?]LOT_TZY  /PWST% 8Z_TWLW -LYL]^TOL^^ $#$ >@9D  $## z , 5Z`]YPd TY _SP BZ]WO ZQ _SP ?LY_]L^ AL]LYL^T% 4YOTNL -ZZV^  0NV /TLYL /L]²LY% >PPTYR _SP /TaTYP 4XLRP TY 4YOTL 9Pb DZ]V% .ZW`XMTL @YTa ;] $$! 0NZ @XMP]_Z 0TYQÞS]`YR TY OTP >PXTZ_TV  8ÞYNSPY% 1TYV # $$ 0T^PY^_LO_ >9 =P`aPY 6LSLYP LYO /LaTO >S`WXLY PO :]_SZOZcd 3P_P]ZOZcd LYO /T^^PY_ TY 4YOTL  -P]WTY LZ% 8Z`_ZY $# 0WTLOP 8T]NPL PO ?SP 0YNdNWZ[POTL ZQ =PWTRTZY  9Pb DZ]V 7ZYOZY% 8LNXTWWLY $#" z DZRL% @Y^_P]MWTNSVPT_ `YO 1]PTSPT_   1]LYVQ`]_% >`S]VLX[ $#  1]PYNS Z]TRTYLW ;L]T^% ;LdZ_ $! PYWL]RPO PO $# 0WTeL]PYVZaL ?L_dLYL 5 .ZYNP]YTYR _SP [SZYZWZRTNLW _d[ZWZRd ZQ ^ZXP YPb 4YOZ,]dLY WLYR`LRP^ 8Z^NZb $! z 7LYR`LRP LYO >_dWP ZQ _SP APOTN ‹´T^ 9Pb DZ]V% >_L_P @YTaP]^T_d ZQ 9Pb DZ]V ;]P^^ $$  0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ /PWST% 8Z_TWLW -LYL]^TOL^^ z AZW % ,OaLT_L APO£Y_L `[ _Z ±LÀVL]L LYO 3T^ ;`[TW^  PO 6L]W 3 ;Z__P] $#

>PNZYOL]d >Z`]NP^

"

AZW % ?SP ;STWZ^Z[STP ZQ _SP 2]LXXL]TLY^ PO 3L]ZWO 2 .ZbL]O LYO 6 6`YU`YYT =LUL $$ z AZW % ,OaLT_L APO£Y_L Q]ZX # _Z   PO 6L]W 3 ;Z__P] ! 0]YOW 6L_SWPPY 8 ATN_Z]d _Z _SP 8Z_SP]% ?SP 3TYO` 2ZOOP^^ ZQ 9Z]_SbP^_ 4YOTL TY 8d_S =T_`LW LYO >dXMZW  9Pb DZ]V% :cQZ]O @YTa ;] $$ 0aLY^;]T_NSL]O 0 0 3PcP]PT :]LVPW `YO 8LRTP MPT OPY ELYOP 1]LYVQ`]_% >`S]VLX[  $## 0YRWT^S :]TRTYLW $"! 1LTa]P ,Y_ZTYP ?SPZ^Z[Sd 4XLRTYL_TZY ?]LOT_TZY% >_`OTP^ TY BP^_P]Y 0^Z_P]TNT^X ,WMLYd 9Pb DZ]V% >_L_P @YTa ZQ 9Pb DZ]V ;]  z 0^Z_P]TV TX ¾MP]MWTNV  1]PTM`]R TX -]PT^RL`% 3P]OP]  1LWV 3L]]d w2ZZOTP^ QZ] 4YOTL z 7T_P]LNd :]LWT_d LYO APOTN .`W_`]Px 4Y 0]^NSPTY`YR^ QZ]XPY V`W_`]PWWP] ;]ZeP^^P  POT_PO Md BZWQRLYR =LTMWP z ?ÞMTYRPY% 9L]] $$ z >NS]TQ_ TX LW_PY 4YOTPY% 0TY 1Z]^NS`YR^MP]TNS_ XT_ ,YXP]V`YRPY  ?ÞMTYRPY% 9L]] $$ z w?SP 2LWT_L^ TY _SP ‹RaPOL ;LOL[£¶SLx 4Y ?SP ;LYOT_  POT_PO Md ,cPW 8TNSLPW^ #z  /PWST% 8LYZSL]  1L]\`L] 5 9 ,Y :`_WTYP ZQ _SP =PWTRTZ`^ 7T_P]L_`]P ZQ 4YOTL /PWST L Z% 8Z_TWLW -LYL] ^TOL^^ $#  $ 1L`NZYYTP] 2TWWP^ LYO 8L]V ?`]YP] w=P_STYVTYR 8P_L[SP]x 4Y .LXM]TORP 3LYOMZZV ZQ 8P_SL[SZ] LYO ?SZ`RS_  POT_PO Md =Ld 2TMM^ .LXM]TORP% .LXM]TORP @YTa ;] # S__[%MWPYOTYR^_LYOQZ]OPO` 1L`^P] 8L]V`^ 0TYQÞS]`YR TY OTP 6`W_`]bT^^PYNSLQ_  /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_  #    1PWO >_PaPY >Z`YO LYO >PY_TXPY_% -T]O^ BPP[TYR ;ZP_TN^ LYO >ZYR TY 6LW`WT 0c[]P^ ^TZY  ;STWLOPW[STL% @YTa ZQ ;PYY^dWaLYTL ;] $# 1P`P]^_PTY 2PZ]R ?Pc_MZZV ZQ DZRL  7ZYOZY% =TOP] LYO .ZX[LYd $"  1TPOP]X`_e7L`Y ,YYPXL]TP P_ LW PO E`] ,VeP[_LYe aZY 8LRTP =PWTRTZY `YO BT^^PY ^NSLQ_  8ÞY^_P]% 74?  1TWWTZeL_ 5PLY w?SP =ZWP ZQ _SP ±LTa£RLXL^ TY _SP ±LTaL =T_`LW >d^_PX% ,Y 4Y_]ZO`N_TZY _Z _SP =ZWP ZQ _SP ±LTa£RLXL^ TY _SP =T_`LW 7TQP ZQ >Z`_S LYO >Z`_S 0L^_ ,^TLx 4Y 0c[P]TPYNTYR ±TaL% 0YNZ`Y_P]^ bT_S L 3TYO` /PT_d  POT_PO Md 1 B .WZ_SPd LYO 5 -]`NP 7ZYR #z#! .ZW`XMTL% >Z`_S ,^TL -ZZV^ $# 1TWWTZeL_ ;TP]]P>dWaLTY ?SP >LY^V]T_ 7LYR`LRP% ,Y :aP]aTPb 3T^_Z]d LYO >_]`N_`]P 7TYR`T^_TN LYO ;STWZ^Z[STNLW =P[]P^PY_L_TZY^ @^P^ LYO @^P]^ AL]LYL^T% 4YOTNL  1]PYNS :]TRTYLW% ;]P^^P^ @YTaP]^T_LT]P^ OP 1]LYNP $$ 1TYOWd 0WWT^ZY -LYV^ w 8ÃY_]L VLaT²L^_Ã% >[PPNS L^ ;P]QZ]XL_TaP TY _SP ‹RaPOLx 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P]  z"  /PWST% 8Z_TWLW -LYL]^T OL^^ $$ ,WMLYd%  $#$ 1T^NS 5Ø]R w/P] 9TPOP]RLYR OP^ ,MPYOWLYOP^ TX 8Z]RPYWLYO% /TZRZ OZ .Z`_Z  z !! `YO OTP [Z]_`RTP^T^NSP 3P]]^NSLQ_ TY ,^TPYx 4Y 9TPOP]RLYR >_`OTPY e` PTYPX RP^NSTNS_WTNSPY ?SPXL POT_PO Md =PTYSL]_ 6Z^PWWPNV LYO ;L`W BTOXP] #z" >_`__RL]_% 6WP__.Z__L $# 1T_eRP]LWO ?TXZ_Sd ?SP 4OPZWZRd ZQ =PWTRTZ`^ >_`OTP^ 9Pb DZ]V% :cQZ]O @YTa ;]  1WL^NS 6`]_ 0TYQÞS]`YR TY OTP ;STWZ^Z[STP OP^ 8T__PWLW_P]^ /L]X^_LO_% BT^^PY^NSLQ_WT NSP -`NSRP^PWW^NSLQ_ $#"   $#$ z /L^ [STWZ^Z[ST^NSP /PYVPY TX 8T__PWLW_P] aZY ,`R`^_TY e` 8LNSTLaPWWT  >_`__RL]_% ;STWT[[ =PNWLX U`Y $#" z

"



>PNZYOL]d >Z`]NP^

1WL^NSP =LTYP] w2PMP_x 4Y 3LYOM`NS ]PWTRTZY^bT^^PY^NSLQ_WTNSP] 2]`YOMPR]TQQP  AZW  POT_PO Md 3`MP]_ .LYNTV -`]VSL]O 2WLOTRZb LYO 8L__STL^ 7L`M^NSP]  !z!# >_`__RL]_ LZ% 6ZSWSLXXP] $$ 1WPP_ 5 1 w?SP 6L_L[LdLOT ^d^_PX ZQ Pc[]P^^TYR Y`XMP]^x 5Z`]YLW ZQ _SP =ZdLW ,^TL_TN >ZNTP_d $% "##z"$ 1WTNV @bP PO ;^dNSZWZRTP OP^ >ZeTLWPY% =P[]Æ^PY_L_TZYPY TY BT^^PY `YO >[]LNSP  =PTYMPV MPT 3LXM`]R% =ZbZSW_ $$  1WZZO 2LaTY ,Y 4Y_]ZO`N_TZY _Z 3TYO`T^X .LXM]TORP% .LXM]TORP @YTa ;] $$! z w/bPWWTYR ZY _SP -Z]OP]^% >PWQ ?Pc_ LYO BZ]WOx 6PdYZ_P WPN_`]P L_ _SP NZYQP]PYNP w=PWTRTZY ZY _SP -Z]OP]^x TY >_ZNVSZWX ,[]TW $z " 1Z`NL`W_ 8TNSPW 7vL]NSËZWZRTP O` ^LaZT] ;L]T^% 0OT_TZY^ 2LWWTXL]O $!$ z ,]NSÆZWZRTP OP^ BT^^PY^  1]LYVQ`]_% >`S]VLX[ $" $$  1]LYNZ 0WT LYO 6L]TY ;]PT^PYOLYe PO -PdZYO :]TPY_LWT^X% ?SP BZ]V ZQ BTWSPWX 3LWMQL^^ LYO T_^ 4X[LN_ ZY 4YOTLY LYO .]Z^^.`W_`]LW >_`OTP^ ,X^_P]OLX LZ% =Z OZ[T $$" 1]L`bLWWYP] 0]TNS 8L_P]TLWTPY e`] ÆW_P^_PY 0]VPYY_YT^WPS]P OP] 6L]XLX˜X£À^£  ATPYYL% ¸^_P]]PTNST^NSPY ,VLOPXTP OP] BT^^PY^NSLQ_PY 3 -ØSWL`^ 9LNSQ $!# 1]LbWPd /LaTO 2ZO^ >LRP^ LYO 6TYR^% APOTN >PN]P_^ ZQ ,YNTPY_ .TaTWTeL_TZY  /PWST% 8Z_TWLW -LYL]^TOL^^  $$ =P[]TY_  1`WWP] .S]T^_Z[S 5 >P]aLY_^ ZQ _SP 2ZOOP^^% ?SP ;]TP^_^ ZQ L >Z`_S 4YOTLY ?PX[WP  .LX M]TORP% .LXM]TORP @YTaP]^T_d ;]P^^ $# 1`WWP] =ZMP]_ . >[T]T_`LW -`_ 9Z_ =PWTRTZ`^% @YOP]^_LYOTYR @YNS`]NSPO ,XP]TNL 9Pb DZ]V% :cQZ]O @YTaP]^T_d ;]P^^  1`YL_^` 6Le`d`VT w?SP 8P_L[Sd^TN^ ZQ 8`^TN TY >LYRT_L]L_YLVL]Lx 4Y /] >PYRLV` 8LdPOL 1PWTNT_L_TZY AZW`XP 2L YZ >ST^Z  ?ZVdZ% >S`YU`^SL $$ TY 5L[LYP^P 1`UTT 8L^L_Z w:Y _SP 1Z]XL_TZY LYO ?]LY^XT^^TZY ZQ _SP 5LTXTYÉdL@[LYT´LO -]£SXL©Lx 4Y 4Y^TOP _SP ?Pc_^ z -PdZYO _SP ?Pc_^% 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ

_SP APOL^% ;]ZNPPOTYR^ ZQ _SP 4Y_P]YL_TZYLW APOTN BZ]V^SZ[ 3L]aL]O @YTaP]^T_d 5`YP $#$  POT_PO Md 8TNSLPW BT_ePW #$z .LXM]TORP% /P[L]_XPY_ ZQ >LY^V]T_ LYO 4YOTLY >_`OTP^ 3L]aL]O @YTaP]^T_d $$" 2ÆNS_P] :_SXL] 3P]XPYP`_TN^ LYO 7LYR`LRP TY ;¼]aL 8¯X£À^£ , >_`Od TY ±£ML]L -S£´dL /PWST L Z% 8Z_TWLW -LYL]^TOL^^ $# 2ÆNS_P] :_SXL] LYO ,Y_ZY dXMZWP 8LRTP `YO =PWTRTZYx ,Y_S]Z[Z^ # $#$% z $ 2LPYeWP 8L]_TY LYO 5Ø]R 2PYRYLRPW AT^`LWTeTYR >[LNP TY -LYL]L^% 4XLRP^ 8L[^ LYO _SP ;]LN_TNP ZQ =P[]P^PY_L_TZY  BTP^MLOPY% 3L]]L^^ZbT_e ! 2L^_ZY ,YYP8L]TP -SL]L_L 9L_dLX% 1]ZX ?PX[WP _Z ?SPL_]P /PWST% 8LYZSL] $$! 2PP]_e ,]XTY B LYO 5P[[P >TYOTYR 5PY^PY PO^ =PWTRTZY ?]LOT_TZY LYO =PYPbLW  ,L]S`^% ,L]S`^ @YTa ;] $$ 2PP]_e .WTQQZ]O ?SP 4Y_P][]P_L_TZY^ ZQ .`W_`]P^ 7ZYOZY% 1ZY_LYL ;] $$   $" z /TNS_P -P^NS]PTM`YR% -PT_]ÆRP e`X AP]^_PSPY V`W_`]PWWP] >d^_PXP 1]LYVQ`]_ LX 8LTY% >`S]VLX[ $$"  $#" 2PYRYLRPW 5Ø]R 8£d£ ;`]`´L `YO ±TaL% /TP O`LWT^_T^NSP ?]LOT_TZY OP^ ±TaLT^X`^ YLNS ,RSZ]L²Ta£N£]dL^ ?L__aL[]LV£²LaŽ__T  BTP^MLOPY% 3L]]L^^ZbT_e $$! 2P]SL]O^ ,WMP]_ w/TP ;^LWXPY TY OP] ]ØXT^NSPY 7T_`]RTP% 0TYP -P^_LYO^L`QYLSXP OP^ ;^LWXPYRPM]L`NS^ TY >_`YOPYRPMP_ `YO 8PÁQPTP]x 4Y /P] ;^LW_P] TY 5`OPY_`X `YO .S]T^_PY_`X POT_PO Md 0]TNS EPYRP]  z"$ 1]PTM`]R% 3P]OP] $$# 2P]Zb 0ObTY 4YOTLY ;ZP_TN^  BTP^MLOPY% 3L]]L^^ZbT_e $""

>PNZYOL]d >Z`]NP^

"

2WLOTRZb -`]VSL]O w0`]Z[ÆT^NSP =PWTRTZY^RP^NSTNS_Px 4Y 7ZVLWP =PWTRTZY^RP^NSTNS_P [`MWT^SPO Md 3 2 6T[[PYMP]R LYO - 7`NSP^T z 8L]M`]R% /TLRZYLWAP]WLR $$  z =PWTRTZY^bT^^PY^NSLQ_ LW^ 6`W_`]bT^^PY^NSLQ_  POT_PO Md . ,`QQL]_S LYO 5 =Þ[VP $#z >_`__RL]_% 6ZSWSLXXP]   2WL^PYL[[ 3 a /TP ;STWZ^Z[STP OP] 4YOP]% 0TYP 0TYQÞS]`YR TY TS]P 2P^NSTNS_P `YO TS]P 7PS]PY  >_`__RL]_% ,WQ]PO 6]ØYP] AP]WLR $#  2W`NVWTNS ,]TPW ?SP 0YO ZQ 8LRTN  9Pb DZ]V :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^ $$" 2YZWT =LYTP]Z ?SP ,P^_SP_TN 0c[P]TPYNP LNNZ]OTYR _Z ,MSTYLaLR`[_L =ZXL% 4^80: $ ! 2ZP_SP 5ZSLYY BZWQRLYR 1L`^_% /P] ?]LRØOTP P]^_P] ?PTW  >_`__RL]_% ;STWT[[ =PNWLX 5`Y $" 2ZYOL 5LY >_dWT^_TN =P[P_T_TZY TY _SP APOL ,X^_P]OLX% 9A 9ZZ]O3ZWWLYO^NSP @T_RP aP]^ 8LL_^NSL[[TU $ $ z ?SP AT^TZY ZQ _SP APOTN ;ZP_^ ?SP 3LR`P% 8Z`_ZY $! z w?SP 4YOTLY 8LY_]Lx :]TPY^ ! $!% z$" z w?SP ±L_L]`O]TdLx 4Y >LY^V]T_ LYO 4YOTLY >_`OTP^ 0^^Ld^ TY 3ZYZ] ZQ /LYTPW 3 3 4YRLWW^ POT_PO Md 8 9LRL_ZXT -6 8L_TWLW P_ LW " z$ /Z]O]PNS_% =PTOPW ;`MW .Z $"$ 2ZZOd 5LNV 4LY BL__ LYO 6L_SWPPY 2Z`RS 0Y_^_PS`YR `YO 1ZWRPY OP] >NS]TQ_V`W_`]  1]LYVQ`]_ LX 8LTY% >`S]VLX[ $#! 2ZZOd 5LNV PO 7T_P]LNd TY ?]LOT_TZYLW >ZNTP_TP^ .LXM]TORP LZ% .LXM]TORP @YTa ;] $!# 2P]XLY% 7T_P]LWT_Æ_ TY _]LOT_TZYLWPY 2P^PWW^NSLQ_PY 1]LYVQ`]_ L8% >`S]VLX[ $# z ?SP 7ZRTN ZQ B]T_TYR LYO _SP :]RLYTeL_TZY ZQ >ZNTP_d  .LXM]TORP LZ% .LXM]TORP @YTa ;] $#! z ?SP 4Y_P]QLNP -P_bPPY _SP B]T__PY LYO _SP :]LW  .LXM]TORP LZ% .LXM]TORP @YTa ;] $#" z ?SP ;ZbP] ZQ _SP B]T__PY ?]LOT_TZY BL^STYR_ZY 7ZYOZY% >XT_S^ZYTLY 4Y^_T_`_TZY ;]  2Z^bLXT >L`]LMS LYO >PWTYL ?STPWPXLYY 8`^TN LYO 1TYP ,]_^ TY _SP /PaZ_TZYLW ?]LOT _TZY^ ZQ 4YOTL% BZ]^ST[ _S]Z`RS -PL`_d  9Pb /PWST% , ; 3 ;`MWT^STYR .Z][Z]L_TZY   2Z`O]TLLY ?P`Y LYO >LYU`V_L 2`[_L 3TYO` ?LY_]TN LYO ±£V_L 7T_P]L_`]P BTP^MLOPY% :__Z 3L]]L^^ZbT_e $# 2Z`O]TLLY ?P`Y PO =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c  ,WMLYd% >@9D $$ z w?SP >_LRP^ ZQ ,bLVPYTYR TY _SP >aLNNSLYOL_LY_]Lx 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY $z " ,WMLYd% >@9D $$ 2YZWT =LTYP]Z ?SP ,P^_SP_TN 0c[P]TPYNP ,NNZ]OTYR _Z ,MSTYLaLR`[_L  =ZXL% 4^80: $ ! 2]LSLX BTWWTLX , w[ZVPY BZ]O% ,Y 4^WLXTN .ZY_]TM`_TZY _Z _SP @YOP] ^_LYOTYR ZQ >N]T[_`]Px 4Y ,[[]ZLNSP^ _Z 4^WLX TY =PWTRTZ`^ >_`OTP^ POT_PO Md =TNS L]O . 8L]_TY z ?`N^ZY% ?SP @YTa ZQ ,]TeZYL ;] $#  z -PdZYO _SP B]T__PY BZ]O% :]LW ,^[PN_^ ZQ >N]T[_`]P TY _SP 3T^_Z]d ZQ =PWTRTZY .LXM]TORP% .LXM]TORP @YTa ;] $#" 2]TQQT_S^ ;L`W 5 =PWTRTZ`^ =PLOTYR% ?SP ;WLNP ZQ =PLOTYR TY _SP ;]LN_TNP ZQ =PWTRTZY  9Pb DZ]V LZ% :cQZ]O @YTa ;] $$$

"



>PNZYOL]d >Z`]NP^

2]TXP^ =ZYLWO 7 w;P]QZ]XLYNP ?SPZ]d LYO _SP >_`Od ZQ =T_`LWx 4Y 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ =PWTRTZY  AZW  POT_PO Md ;P_P] ,Y_P^ P_ LW z# -P]WTY% OP 2]`d_P]  z w;P]QZ]XLYNPx 4Y ?SPZ]TeTYR =T_`LW^% 4^^`P^ ?Z[TN^ ,[[]ZLNSP^ .ZYNP[_^  POT_PO Md 5PY^ 6]PTYL_S P_ LW "$z$ 7PTOPY% -]TWW ! 2]ØeTYRP] 6L]W 0]TNS 8`^TV `YO 2P^LYR TY OP] ?SPZWZRTP OP] Q]ÞSPY UÞOT^NSPY 7T_P]L_`] ?ÞMTYRPY% 5.- 8ZS] ;L`W >TPMPNV $# aLY 2`WTV =3 >TOOSLX% ,Y 0^^Ld ZY _SP 3T^_Z]d ZQ >LY^V]T_ >_`OTP^ TY .STYL LYO 5L [LY  9Pb /PWST% 4Y_P]YL_TZYLW ,NLOPXd ZQ 4YOTLY .`W_`]P LYO ,OT_dL ;]LVL^SLY  $ ! =P[]TY_  2`[_L .SLYO]L -SLY ?SP 4YOTLY ?SPL_]P  -LYL]L^% 8Z_TWLW -LYL]^TOL^^ $  2`[_L >LYU`V_L w?SP ;£ÓNL]£_]L ,__T_`OP _Z 8LY_]Lx 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] z# /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd%  $#$ 2`[_L >LYU`V_L /T]V 5LY 3ZPY^ LYO ?P`Y 2Z`O]TLLY 3TYO` ?LY_]T^X 7PTOPY% -]TWW $"$ 2`[_L >LYU`V_L LYO 0XXTP _P 9TUPYS`T^ >LN]PO >ZYR^ ZQ 4YOTL% /ÅV´T_L]v^ .dNWP ZQ 3dXY^ _Z _SP 2ZOOP^^ 6LXLW£ ;_ % 8`^TNZWZRTNLW LYO =PWTRTZ`^ ,YLWd^T^  BTY_P] _S`]% ,XLOP`^ AP]WLR $#" 2`[_L >SdLXLWL ,]_ -PL`_d LYO .]PL_TaT_d% 4YOTLY LYO BP^_P]Y ,P^_SP_TN^ 9Pb /PWST% /6 ;]TY_bZ]WO $$$ 2`^^YP] =ZMP]_ 0]bTY 3dXY^ ZQ ;]LT^P% , ?Pc_`LW.]T_TNLW ,YLWd^T^ ZQ >PWPN_PO APOLY _TN >_Z_]L^ ,__]TM`_PO _Z >LYVL]L bT_S =PQP]PYNP _Z _SP Z`]NP^ z @Y_P]^`NS`YRPY ÞMP] ?Pc_P OP^ Q]ÞSPY ,OaLT_La£OL%  /TP >NSÞWP] ±L«VL]L^ 8LTYe% AP]WLR OP] ,VLO O BT^^ ` 7T_ TY 8LTYe $  z ATaL]_L% >_`OTPY e`] 2P^NSTNS_P OP] TWW`^TZYT^_T^NSPY 6Z^XZWZRTP `YO 0]VPYY_YT^_SP Z]TP OP] 4YOP] 8LTYe% AP]WLR OP] ,VLO O BT^^ ` 7T_ TY 8LTYe $  z w:Y ±L«VL]L LYO ,OaLT_T^Xx $! =P[]TY_PO TY ;STWZWZRd LYO .ZYQ]ZY_L_TZY% ;L`W 3LNVP] ZY ?]LOT_TZYLW LYO 8ZOP]Y APO£Y_L  POT_PO Md BTWSPWX 3LWMQL^^  ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$  z 6WPTYP >NS]TQ_PY  POT_PO Md 7LXMP]_ >NSXT_SL`^PY BTP^MLOPY% 1]LYe >_PTYP] $"# z w.T_ LYO 9Z û ^ Z] _SP .ZYNP[_ ZQ >[T]T_ TY APO£Y_T^X LYO 9PZ[WL_ZYT^Xx FAZ]_]LR RPSLW_PY aZ] OP] 4Y_P]YL_TZYLWPY 2P^PWW^NSLQ_ QÞ] OTP 0]QZ]^NS`YR OP^ 9P`[WL_ZYT^ X`^ $"! z#H 4Y 6WPTYP >NS]TQ_PY  z" z wE`] 2P^NSTNS_P `YO -P`]_PTW`YR OP^ 3TYO`T^X`^x 4Y 6WPTYP >NS]TQ_PY  "!z# z w4YVW`^TaT^X`^x ;Z^_S`X 4Y 4YVW`^TaT^X`^% 0TYP TYOT^NSP /PYVQZ]X POT_PO Md 2P]SL]O_ :MP]SLXXP] z# ATPYYL% >LXXW`YR /P 9ZMTWT $# z 2]`YOWLRPY TYOT^NSP] /TNS_`YR `YO TYOT^NSPY /PYVPY^ ,`^ OPX 9LNSWL^^ SP]L`^RP RPMPY aZY 6WL`^ =Þ[TYR ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP  7PTOPY% -]TWW $#  3LWMQL^^ BTWSPWX 4YOTPY `YO 0`]Z[L% ;P]^[PV_TaPY TS]P] RPT^_TRPY -PRPRY`YR -L^PW LYO >_`__RL]_% >NSbLMP $# z >_`OTP^ TY 6`X£]TWL LYO ±L«VL]L  =PTYMPV% /] 4YRP BPeWP] AP]WLR QÞ] Z]TPY_LWT^_T ^NSP 1LNS[`MWTVL_TZYPY $# z w?]LOT_TZY `YO =PQWPcTZY% E`] 2PRPYbL]_ OP^ APOL TY OP] TYOT^NSPY ;STWZ^Z[STPx 4Y

-PT_]ÆRP e`] 3P]XPYP`_TV TYOT^NSP] `YO LMPYOWÆYOT^NSP] =PWTRTZY^_]LOT_TZYPY% ,]

>PNZYOL]d >Z`]NP^

"

MPT_^OZV`XPY_L_TZY PTYP^ >dX[Z^T`X^ POT_PO Md 2 :MP]SLXXP] z! ATPYYL% ¸,B $$ >T_e`YR^MP]TNS_P " z

?]LOT_TZY LYO =PQWPN_TZY% 0c[WZ]L_TZY^ TY 4YOTLY ?SZ`RS_ ,WMLYd% >_L_P @YTaP]^T_d

ZQ 9Pb DZ]V ;]P^^ $$ =P[] /PSWT% 8Z_TWLW -LYL]^TOL^^ $$ w3`XLY =PL^ZY LYO APOTN =PaPWL_TZY TY ,OaLT_L APO£Y_Lx 4Y ?]LOT_TZY LYO =PQWPN _TZY% 0c[WZ]L_TZY^ TY 4YOTLY ?SZ`RS_ z ,WMLYd% >_L_P @YTaP]^T_d ZQ 9Pb DZ]V ;]P^^ $$ 3LXXP]^_PTY =PTYSZWO /TP >_TXXP L`^ OP] LYOP]PY BPW_% ¾MP] OTP /L]^_PWW`YR OP^ 9`XTYZ^PY TY OP] :[P] aZY 8ZY_PaP]OT MT^ 8ZeL]_ ?`_eTYR% 3LY^ >NSYPTOP] $$# 3LYPR]LLQQ BZ`_P] 5 9Pb ,RP =PWTRTZY LYO BP^_P]Y .`W_`]P% 0^Z_P]TNT^X TY _SP 8T]]Z] ZQ >PN`WL] ?SZ`RS_  7PTOPY% -]TWW $$! z w?SP >_`Od ZQ BP^_P]Y 0^Z_P]NT^X% 9Pb ,[[]ZLNSP^ _Z .S]T^_TLY LYO >PN`WL] .`W _`]Px 4Y 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ =PWTRTZY AZW   POT_PO Md ;P_P] ,Y_P^ ,]XTY B 2PP]_e LYO =LYO` = BL]YP #$z $ -P]WTY LZ% BLW_P] OP 2]`d_P]  z PO /TN_TZYL]d ZQ 2YZ^T^  BP^_P]Y 0^Z_P]TNT^X 7PTOPY% -]TWW  QQ 3LYYPOP] 5Þ]RPY wAPOTN LYO ?LY_]TN 8LY_]L^x =TaT^_L OPRWT >_`OT :]TPY_LWT 7CC4 $$"% "z!" 3L]L 8TYZ]` w;£²`[L_L >_`OTP^ x 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY $z! ,WMLYd% >@9D $$ 3L]VLad ,WPcLYOP] ^PP >Z`]NP^ F;PY_L_P`NSH 3L][P] 6L_SP]TYP ,YYP LYO =ZMP]_ 7 -]ZbY ?SP =ZZ_^ ZQ ?LY_]L  ,WMLYd% >_L_P @YTaP] ^T_d ZQ 9Pb DZ]V ;]P^^  3L_WPd >SLXLY ?SP -]LSXLd£XLWL_LY_]L LYO 0L]Wd ±LTaL .`W_ ZQ _SP DZRTY¯^ /ZN_Z]LW /T^^P]_L_TZY @YTaP]^T_d ZQ ;PYY^dWaLYTL " 3L`P] 5LVZM BTWSPWX wDZRL QÞ] OTP EPT_PYbPYOPx DZRL% 4Y_P]YL_TZYLWP EPT_^NS]TQ_ QÞ] bT^^PY^NSLQ_WTNSP DZRL1Z]^NS`YR  $% z# 3PPWL^ ;L`W LYO 7TYOL BZZOSPLO ?SP >[T]T_`LW =PaZW`_TZY% BSd =PWTRTZY T^ 2TaTYR BLd _Z >[T]T_`LWT_d  :cQZ]O% -WLNVbPWW   3PP^_P]XLY 5 . wA]£_dL LYO >LN]TQTNPx 445 ! $!% z" 3PTXM]ZNV 3LY^2ÞY_P] w¾MP] OTP ]PWTRTØ^P BT]V`YR aZY 6WÆYRPY% ;SÆYZXPYZWZRT^NSP `YO [^dNSZLYLWd_T^NSP E`RÆYRPx ,]NSTa QÞ] =PWTRTZY^[^dNSZWZRTP  $$"% z   3PWX^_P__P] =`OZWQ w7d]T^NSP AP]QLS]PY% 7d]TV 2POTNS_ `YO [ZP_T^NSP >[]LNSPx 4Y 0TYQÞS]`YR TY OTP 7T_P]L_`]bT^^PY^NSLQ_  POT_PO Md 8TW_Z^ ;PNSWTaLYZ^ P_ LW "z >_`__RL]_% 8P_eWP] $$  3PY_^NSPW 1]LYV >PP ;]TXL]d >Z`]NP^ ,`R`^_TY`^ 3P]_e 5Z^P[S 3P]XLY >PP ;]TXL]d >Z`]NP^ F;PY_L_P`NSH 3P]aTP`7ËRP] /LYTÊWP =PWTRTZY [Z`] XËXZT]P  ;L]T^% .P]Q $$ aZY 3TYÞMP] :^VL] /P] -PRTYY OP] >NS]TQ_ `YO Q]ÞSP >NS]TQ_WTNSVPT_ TY 4YOTPY  >_`__RL]_% 1]LYe >_PTYP] AP]WLR BTP^MLOPY $$ 3T]TdLYYL 8 :`_WTYP^ ZQ 4YOTLY ;STWZ^Z[Sd /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $$ 3ZM^MZbX 0]TN w/L^ 0]QTYOPY aZY ?]LOT_TZYPYx 4Y 6`W_`] `YO 2P^NSTNS_P% 9P`P 0TY MWTNVP TY PTYP LW_P -PeTPS`YR POT_PO Md .S]T^_Z[S .ZY]LO LYO 8L]_TYL 6P^^PW $"z # >_`__RL]_% ;STWT[[ =PNWLX U`Y $$# 3ZPY^ /T]V 5LY w8LY_]L NZY^_T_`PY_^ ZQ ?LY_]TN ;]LN_TNPx 4Y 3TYO` ?LY_]T^X POT_PO Md >LYU`V_L 2`[_L /T]V 5LY 3ZPY^ LYO ?P`Y 2Z`O]TLLY 7PTOPY% -]TWW $"$ z

"!



>PNZYOL]d >Z`]NP^

3ZQQXLYY BLW_SP] w9P`P 8d^_TVx 4Y /TP =PWTRTZY TY 2P^NSTNS_P `YO 2PRPYbL]_  AZW  POT_PO Md 1]TPO]TNS 8TNSLPW >NSTPWP LYO 7PZ[ZWO E^NSL]YLNV !#z! ?ÞMTYRPY% 5.- 8ZS] $ 3ZWO]PRP -L]ML]L , wAPOL TY _SP -]£SXL©L^% .Z^XZRZYTN ;L]LOTRX^ LYO _SP /PWTXT_L _TZY ZQ .LYZYx 4Y ,`_SZ]T_d ,YcTP_d LYO .LYZY% 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY  PO T_PO Md 7L`]TP 7 ;L__ZY  z!! ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$ 3ZYVZ 7L`]T w?SP ;]ZMWPX ZQ /PQTYTYR 8d_Sx 4Y >LN]PO 9L]]L_TaP =PLOTYR^ TY _SP ?SPZ]d ZQ 8d_S  POT_PO Md ,WLY /`YOP^ z  -P]VPWPd LZ% @YTa ZQ .LWTQZ]YTL ;] $# 3Z`MPY 5LY 08 wBSZ L]P -SL]_ŽSL]Tv^ [LOLOL]²TY^* :Y _SP /PaPWZ[XPY_ ZQ -SL]_ŽSL]Tv^ ;STWZ^Z[Sdx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW .ZYQP]PYNP ZY

z z z

-SL]_ŽSL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^T L_T\`P^ C7A44 $$%  z!$ ?SP >LÀMLYOSL>LX`OOP²L .SL[_P] ZY =PWL_TZY LYO -SL]_ŽSL]Tv^ ;STWZ^Z[Sd ZQ 7LYR`LRP  2]ZYTYRPY% 0RMP]_ 1Z]^_PY $$  PO 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_ .ZY_]TM`_TZY^ _Z _SP 3T^_Z]d ZQ _SP >LY^V]T_ 7LYR`LRP  7PTOPY LZ% -]TWW $$!

w>ZNTZWTYR`T^_TN ,__T_`OP^ =PQWPN_PO TY _SP BZ]V ZQ -SL]_ŽSL]T LYO >ZXP 7L_P] 2]LXXL]TLY^x 4Y 4OPZWZRd LYO >_L_`^ ZQ >LY^V]T_% .ZY_]TM`_TZY^ _Z _SP 3T^_Z]d ZQ _SP >LY^V]T_ 7LYR`LRP  POT_PO Md 508 3Z`MPY  "z$ 7PTOPY LZ% -]TWW $$! z w-SL]_ŽSL]Tv^ ;P]^[PN_TaT^X % ?SP AŽ__T LYO -SL]_ŽSL]Tv^ ;P]^[PN_TaT^X TY _SP 1T]^_ V£©“L ZQ _SP A£VdL[LO¯dL x 4Y -PdZYO :]TPY_LWT^X% ?SP BZ]V ZQ BTWSPWX 3LWMQL^^ LYO .]Z^^.`W_`]LW >_`OTP^ POT_PO Md 0 1]LYNZ LYO 6 ;]PT^PYOLYe "z # ,X ^_P]OLX ,_WLY_L% =ZOZ[T $$" z w-SL]_ŽSL]Tv^ A£VdL[LO¯dL LYO _SP ,YNTPY_ AŽ__T % ?SP AŽ__T LYO AŽ´LMSLOPaLv^ ;LOOSL_T ZY A£VdL[LO¯dL !Lx ,YYLW^ ZQ _SP -SLYOL]VL] :]TPY_LW =P^PL]NS 4Y^_T _`_P 7CCA444 $$"%""z$# z w-SL]_ŽSL]Tv^ A£VdL[LO¯dL LYO _SP ,YNTPY_ AŽ__T % ?SP APOTN -LNVR]Z`YO ZQ _SP ,`_SZ] ZQ _SP A£VdL[LO¯dLAŽ__Tx 4Y >_`OTPY e`] 4YOZWZRTP `YO 4]LYT^_TV  POT_PO Md 2PZ]R -`OO]`^^ P_ LW "z"" =PTYMPV% /] 4YRP BPeWP] $$" z w:Y >dY_LN_TN LYO >_dWT^_TN 0aTOPYNP =PRL]OTYR _SP ,`_SZ]^ST[ ZQ _SP A£VdL[LO¯dL AŽ__T -SL]_ŽSL]Tv^ A£VdL[LO¯dL LYO _SP ,YNTPY_ AŽ__T x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞOL^TPY^ C7444 $$$%!"z$" z w?SP =T_`LW ;]LRXL_TN^ ZQ L APOTN 3dXY% ?SP w=TOOWP 3dXYx LYO _SP []LaL]RdL =T_`LWx 5Z`]YLW ZQ _SP ,XP]TNLY :]TPY_LW >ZNTP_d  % $$z ! 3ZbL]O BLdYP >£XLaPOTN .SLY_  7ZYOZY% DLWP @YTaP]^T_d ;]P^^ $"" z w8`^TN LYO ,NNPY_`L_TZY TY APOTN 7T_P]L_`]Px ?SP BZ]WO ZQ 8`^TN  $#z% z  z APOL =PNT_L_TZY TY A£]£©L^Å  /PWST% 8Z_TWLW -LYL]^TOL^^ $#! z ?SP /PNT[SP]XPY_ ZQ _SP >£XLaPOTN 9Z_L_TZY ZQ _SP 5LTXTYÅdL^ 3PW^TYVT% 1TYYT^S :]TPY_LW >ZNTP_d $## 3ZbP^ /LaTO w.ZY_]ZWWTYR ?Pc_`LWT_d% , .LWW QZ] L =P_`]Y ZQ _SP >PY^P^x ,Y_S]Z[ZWZRT NL CCC44 $$% z" 3ÞMTYRP] 2LYRZWQ w4Y_PWWPV_`PWWP 4Y_PWWPV_`LWT^X`^x 4Y 8Lc BPMP]^ u=PWTRTZY^^d^_PXL _TVv POT_PO Md 3LY^ 2 6T[[PYMP]R LYO 8L]_TY =TP^PM]ZO_ $"z ?ÞMTYRPY% 8ZS] >TPMPNV  3ÞMYP] 6`]_ /TP BLS]SPT_ OP^ 8d_SZ^ 8ÞYNSPY% -PNV $#  3`O^ZY /PYYT^ w0L]Wd 0aTOPYNP ZQ _SP ;£ÓNL]£_]L ¢RLXLx 4Y ?SP =ZZ_^ ZQ ?LY_]L  POT_PO Md 6, 3L][P] LYO =ZMP]_ 7 -]ZbY z!" ,WMLYd% >@9D 

>PNZYOL]d >Z`]NP^

""

3`X[S]Pd . LYO 5 7LTOWLb ?SP ,]NSP_d[TNLW ,N_TZY ZQ =T_`LW% , ?SPZ]d ZQ =T_`LW 4WW`^_]L_PO Md _SP 5LTY =T_`LW ZQ BZ]^ST[ :cQZ]O% .WL]PYOZY ;]P^^ $$ 3`__P] 8LYQ]PO w/P] XPS]QLNSP BLYOPW OP^ =LOSL^ZLXT2WL`MPY^% AZX 3TYO` `YO >TVS8TWTP` e`X `YTaP]^PWWPY ,Y^[]`NSx 4Y BP^_WTNSP 1Z]XPY OP^ 3TYO`T^X`^ TY /P`_^NSWLYO  POT_PO Md 8TNSLPW -P]R`YOP] z 3LWWP% AP]WLR OP] 1]LYNVP^NSPY >_TQ_`YRPY $ 4YOPY =ZYLWO - 4XLRTYTYR 4YOTL :cQZ]O% -WLNVbPWW $$ 4YRLWW^ /LYTPW w?SP -]LSXLY ?]LOT_TZYx 4Y ?]LOT_TZYLW 4YOTL >_]`N_`]P LYO .SLYRP  POT_PO Md 8TW_ZY >TYRP] z$ ;STWLOPW[STL% ?SP ,XP]TNLY 1ZWVWZ]P >ZNTP_d $ $ 4^LdPaL 9L_LWTL >SLYVL]L LYO 4YOTLY ;STWZ^Z[Sd  ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$ z 1]ZX 0L]Wd APOLY_L _Z 6L^SXT] >SLTaT^X 2L`OL[LOL -SL]_]SL]T LYO ,MST YLaLR`[_L  9Pb DZ]V% >_L_P @YTaP]^T_d ZQ 9Pb DZ]V ;]P^^ $$  4^P] BZWQRLYR /P] ,V_ OP^ 7P^PY^% ?SPZ]TP Æ^_SP_T^NSP] BT]V`YR 8ÞYNSPY% 1TYV  $$   $# ]Pa LYO TX[]Za z ?SP 1TN_TaP LYO _SP 4XLRTYL]d% .SL]_TYR 7T_P]L]d ,Y_S]Z[ZWZRd  -LW_TXZ]P 7ZYOZY% ?SP 5ZSY^ 3Z[VTY^ @YTa ;] $$ :]TRTYLW 2P]XLY% /L^ 1TV_TaP `YO OL^ 4XLRTYÆ ]P ;P]^[PV_TaPY WT_P]L]T^NSP] ,Y_S]Z[ZWZRTP $$ 5LNV^ZY ,Y_SZYd w>Z`YO LYO =T_`LWx 8LY 9>  $!#% $z$$ 5LNV^ZY BTWWTLX 5 PO ?SP ;ZbP] ZQ _SP >LN]PO 9LXP% A =LRSLaLYv^ >_`OTP^ TY 9£XL ^TOOS£Y_L LYO 4YOTLY .`W_`]P /PWST% >L_R`]` $$ 5LVZM^ZY =ZXLY w>`NSP YLNS OPX BP^PY OP] >[]LNSPx $!  4Y >PXTZ_TV% ,`^RPbÆSW _P ?Pc_P $$z$#  Md =ZXLY 5LVZM^ZY POT_PO Md 0WXL] 3ZWPY^_PTY #"z$! 1]LYV Q`]_% >`S]VLX[ $## 5LVZM^ZY =ZXLY LYO 8Z]]T^ 3LWWP 1`YOLXPY_LW^ ZQ 7LYR`LRP  ?SP 3LR`P ;L]T^% 8Z` _ZY $" 5LYLVT > > w?SP SLYORP^_`]P [L_£VL TY Y£¶dLx 4Y ?SP ?]LOT_TZYLW 4YOTLY ?SPZ]d LYO ;]LN_TNP ZQ 8`^TN LYO /LYNP POT_PO Md 5 6L_e #"z$ 7PTOPY% 05 -]TWW $$ 5PY^PY 5P[[P >TYOTYR w:Y @YTaP]^LW^ TY _SP >_`Od ZQ =PWTRTZYx 4Y >PN`WL] ?SPZ]TP^ ZY =PWTRTZY% .`]]PY_ ;P]^[PN_TaP^ POT_PO Md ? 5PY^PY LYO 8 =Z_S^_PTY z!" .Z[PY SLRPY%  5PY^PY 5P[[P >TYOTYR LYO ,]XTY B 2PP]_e w?]LOT_TZY LYO =PYPbLW TY _SP 3T^_Z]TP^ ZQ =PWTRTZY^% >ZXP :M^P]aL_TZY^ LYO =PQWPN_TZY^x 4Y =PWTRTZY ?]LOT_TZY LYO =PYPbLW  POT_PO Md ,B 2PP]_e LYO 5> 5PY^PY z" ,L]S`^% ,L]S`^ @YTa ;] $$ 5SL 2LYRLYL_SL ;¼]aLX¯X£À^£ TY 4_^ >Z`]NP^ -LYL]L^% -LYL]L^ 3TYO` @YTa $ 5ZSY^ZY 8L]V ?SP -ZOd TY _SP 8TYO% ?SP -ZOTWd -L^T^ ZQ 8PLYTYR 4XLRTYL_TZY LYO =PL^ZY  .STNLRZ 7ZYOZY% ?SP @YTa ZQ .STNLRZ ;] $#" 5Zd 8Z]Yd w;Z^_NZWZYTLW =PQWPN_TZY^% .SLWWPYRP^ QZ] =PWTRTZ`^ >_`OTP^x 8P_SZO  ?SPZ]d TY >_`Od ZQ =PWTRTZY  % ""z$  5`P]RPY^XPdP] 8L]V =LOSL^ZLXT =PLWT_d% ?SP 7ZRTN ZQ L 8ZOP]Y 1LT_S  ;]TYNP_ZY 9Pb 5P]^Pd% ;]TYNP_ZY @YTa ;] $$ 5`^WTY ;L_]TV LYO 5ZSY , >WZMZOL PO^ 3LYOMZZV ZQ 8`^TN LYO 0XZ_TZY% ?SPZ]d =P^PL]NS ,[[WTNL_TZY^  :cQZ]O% :cQZ]O @YTaP]^T_d ;]P^^  6LVL] >`OST] w.SL[_P] % .`W_`]P LYO ;^dNSZLYLWd^T^ , ;P]^ZYLW 5Z`]YPdx 4Y 0c[WZ]L _TZY^ TY ;^dNSZLYLWd_TN 0_SYZR]L[Sd  POT_PO Md 5LO]LY 8TXTNL  z 9Pb DZ]V LZ% -P]RSLSY -ZZV^ " 6L[QP]P] -]`NP , .PWPM]L_TZY ZQ /PXZY^% 0cZ]NT^X LYO _SP ,P^_SP_TN^ ZQ 3PLWTYR TY >]T 7LYVL  :cQZ]O% -P]R ;`MW LYO BL^STYR_ZY% >XT_S^ZYTLY 4Y^_ ;]P^^ $$  $#

"#



>PNZYOL]d >Z`]NP^

6L^[P] .WPXPY^ 8 LYO 6WL`^ >NS]PTYP] PO ATaL aZc `YO ]L_TZ ^N]T[_L% 8ÞYOWTNSP `YO ^NS]TQ_WTNSP 6ZXX`YTVL_TZY^QZ]XPY TX 8ØYNS_`X OP^ 8T__PWLW_P]^  8ÞY^_P]% 74? $$" AT_L ]PR`WL]T^  6L_e 5ZYL_SLY PO ?SP ?]LOT_TZYLW 4YOTLY ?SPZ]d LYO ;]LN_TNP ZQ 8`^TN LYO /LYNP  7PTOPY% 05 -]TWW $$ 6LaT]LU 2Z[TYL_S w?SP ?LY_]LA£]_TVL LYO T_^ L`_SZ]x 4Y ?LY_]La£]__TVL  AZW 4 _]LY^ 2LYRLYL_SL 5SL azcc .LWN`__L% -L[_T^_ 8T^^TZY ;] $ 6PWWd 5ZSY / w8PLYTYR LYO _SP 7TXT_^ ZQ ,YLWd^T^% -SL]_ŽSL]T LYO _SP -`OOST^_^ LYO ;Z^_^_]`N_`LWT^Xx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW .ZYQP]PYNP ZY

-SL]_ŽSL]T @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^T L_T\`P^ C7A44 $$% "z$ 6P]XLYT 9LaTO 2Z__ T^_ ^NSØY% /L^ Æ^_SP_T^NSP 0]WPMPY OP^ 6Z]LY 8ÞYNSPY% -PNV $$$ 6SLYYL 8LOS` ?SP .ZYNP[_ LYO 7T_`]Rd ZQ _SP ±]¯NLV]L -L^PO ZY ±Ta£YLYOLv^ ?]TWZRd  BZWQ^ZY .ZWWPRP :cQZ]O $#! F@Y[]TY_PO /T^^H 6TYR =TNSL]O :]TPY_LWT^X LYO =PWTRTZY% ;Z^_NZWZYTLW ?SPZ]d 4YOTL LYO u?SP 8d^_TN 0L^_v 7ZYOZY 9Pb DZ]V% =Z`_WPORP $$$ 6T[[PYMP]R 3LY^ 2 /TP 0Y_OPNV`YR OP] =PWTRTZY^RP^NSTNS_P% =PWTRTZY^bT^^PY^NSLQ_ `YO 8ZOP]YP 8ÞYNSPY% -PNV $$" z w8LRTPx 4Y 3LYOM`NS ]PWTRTZY^bT^^PY^NSLQ_WTNSP] 2]`YOMPR]TQQP  AZW 4A POT_PO Md 3 .LYNTV - 2WLOTRZb 63 6ZSW # z$# >_`__RL]_ LZ% 6ZSWSLXXP] $$# 6T[[PYMP]R 3LY^ 2 LYO 8L]_TY =TP^PM]ZO_ PO 8Lc BPMP]^ u=PWTRTZY^^d^_PXL_TVv ?ÞMTYRPY% 8ZS] >TPMPNV  6T[[PYMP]R 3LY^ 2 LYO 6ZNV` aZY >_`NV]LO 0TYQÞS]`YR TY OTP =PWTRTZY^bT^^PY^NSLQ_  8ÞYNSPY% -PNV  6T[[PYMP]R 3LY^ 2 5Ø]R =Þ[VP LYO 6ZNV` aZY >_`NV]LO PO 0`]Z[ÆT^NSP =PWTRTZY^RP ^NSTNS_P   aZW^ 2Ø__TYRPY% ALYOPYSZPNV  =`[]PNS_ $ 6WTYRSL]O_ 8L__STL^ w;]LdP] 1Z]X`WL]TP^ QZ] ;`MWTN =PNT_L_TZY% ?SPT] @^P LYO 1`YN_TZY TY ,YNTPY_ =PWTRTZYx 9`XPY ! $$$% z  6WZ^_P]XLTP] 6WL`^ 3TYO`T^X`^ 6ØWY% -LNSPX $!  z , >`]aPd ZQ 3TYO`T^X ,WMLYd% >@9D $#$  " 6YZMWL`NS 3`MP]_ w?]LY^ePYOPYeP]QLS]`YR `YO ^dXMZWT^NSP 6ZXX`YTVL_TZY% /TP [SÆ YZXPYZWZRT^NS Z]TPY_TP]_P >ZeTZWZRTP `YO OTP VZXX`YTVL_TaP 6ZY^_]`V_TZY OP] =PWT RTZYx 4Y =PWTRTZY LW^ 6ZXX`YTVL_TZY  POT_PO Md 3 ?d]PWW A 6]PNS LYO 3 6YZM WL`NS "z#! BÞ]eM`]R% 0]RZY $$# z =PWTRTZY^^ZeTZWZRTP  -P]WTY% OP 2]`d_P] $$$ z w0TYQÞS]`YR% >ZeTZWZRTP OP] >[T]T_`LWT_Æ_x EPT_^NS]TQ_ QÞ] =PWTRTZY^bT^^PY^NSLQ_    % z z w;Z[`WÆ]P =PWTRTZY `YO ?]LY^QZ]XL_TZY OP] 2P^PWW^NSLQ_x ,`^ ;ZWT_TV `YO EPT_RP ^NSTNS_P ,;`E  #% z# z ;Z[`WÆ]P =PWTRTZY% ,`Q OPX BPR TY PTYP ^[T]T_`PWWP 2P^PWW^NSLQ_  1]LYVQ`]_% .LX[`^ $ 6ZNS ,YYP Fw0TYQÞS]`YRxH ¦^_SP_TV z 6`Y^_ z =PWTRTZY% 8ÞYNSPYP] ?SPZWZRT^NSP EPT_^NS]TQ_  % #$z$ 6ZWWTY 0aL 8 w@PMP] OTP VWL^^T^NSP TYOT^NSP 8`^TVx 9P`P EÞ]NSP] EPT_`YR  :N_ZMP] # $! ! 6ØWaP] -P]YSL]O wE`] 1]ÞSRP^NSTNS_P OP] =L^L7PS]Px -P]WTYP] 4YOZWZRT^NSP >_`OTPY ! $$% z# 6]LXP] 7Lb]PYNP 8`^TNLW 8PLYTYR% ?ZbL]O L .]T_TNLW 3T^_Z]d  -P]VPWPd% @YTa ZQ .LWTQZ]YTL ;] 

>PNZYOL]d >Z`]NP^

"$

6]ÆXP] >dMTWWP w>[]LNSP z >_TXXP z >NS]TQ_% >TPMPY 2POLYVPY ÞMP] ;P]QZ]XT_Æ_ LW^ 8POTLWT_Æ_x 4Y ;P]QZ]XLYe% EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_PY  POT_PO Md @bP BT]_S z! 1]LYVQ`]_% >`S]VLX[  6]LX]T^NS >_PWWL ?SP ;]P^PYNP ZQ ±TaL /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $## :]TRTYLW ;]TYNP_ZY $# 6]PTYL_S 5PY^ 5LY >YZPV LYO 8TNSLPW >_L`^MP]R PO ?SPZ]TeTYR =T_`LW^% 4^^`P^ ?Z[TN^ ,[[]ZLNSP^ .ZYNP[_^ 7PTOPY -Z^_ZY% -]TWW ! 6]P_e^NSXL] 3P]XLYY w,Y]PR`YRPY e`] 1Ø]OP]`YR X`^TVLWT^NSP] 3P]XPYP`_TVx 4Y

2P^LXXPW_P ,`Q^Æ_eP ÞMP] 8`^TV `YO LYOP]P^ aZY 3P]XLYY 6]P_e^NSXL] 44% 2P ^LXXPW_P ,`Q^Æ_eP L`^ OPY 5LS]MÞNSP]Y OP] 8`^TVMTMWTZ_SPV ;P_P]^ !#z$ 7PT[ z

eTR% . 1 ;P_P]^ $ w9P`P ,Y]PR`YRPY e`] 1Ø]OP]`YR X`^TVLWT^NSP] 3P]XPYP`_TV% >L_eÆ^_SP_TVx 4Y

2P^LXXPW_P ,`Q^Æ_eP ÞMP] 8`^TV `YO LYOP]P^ aZY 3P]XLYY 6]P_e^NSXL] 44% 2P ^LXXPW_P ,`Q^Æ_eP L`^ OPY 5LS]MÞNSP]Y OP] 8`^TVMTMWTZ_SPV ;P_P]^ #z$ 7PT[ eTR% . 1 ;P_P]^ $ 6]ÞRP] :WTaP] wu4_v^ LWW LMZ`_ WZaTYR dZ`] [L]PY_^v ?SP =PQWPN_TZY ZQ ?]LOT_TZY 8ZOP] YT_d LYO =T_`LW^ TY ;Z[`WL] 4YOTLY 8ZaTP^x 8L]M`]R 5Z`]YLW ZQ =PWTRTZY $ % z 6`T[P] 1 - 5 w?SP ,YNTPY_ ,]dLY AP]MLW .ZY_P^_x 445  $!% "z# z ,YNTPY_ 4YOTLY .Z^XZRZYd  P^^Ld^ ^PWPN_PO LYO TY_]ZO`NPO Md 5ZSY 4]bTY 9Pb /PWST% ATVL^ $# 6`[[`^bLXT >L^_]T =P^PL]NS 4Y^_T_`_P >TaL 7TYRL BZ]^ST[  FATOPZH 8LO]L^% 6`[[`^bL XT >L^_]T =P^PL]NS 4Y^_T_`_P 6`]_ =ZYLWO 4YOTPY `YO 0`]Z[L% 0TY V`W_`] `YO X`^TV^ZeTZWZRT^NSP] AP]^_PSPY^aP]^`NS  -TPWPQPWO% _]LY^N]T[_ $ 7LLNV 4^LMPW =PWTRTZY `YO 8`^TV TY 2WL^_ZYM`]d% 0TYP 1LWW^_`OTP e` RPRPYbÆ]_TRPY 1Z]XPY ]PWTRTØ^P] 4OPY_T_Æ_^OT^V`]^P  ;S / ?SP^T^ @YTa ZQ 3PTOPWMP]R $ F`Y []TY_POH 7LVZQQ 2PZ]RP LYO 8L]V 5ZSY^ZY 7PMPY TY 8P_L[SP]Y% 6ZY^_]`V_TZY `YO 2PM]L`NS aZY >[]LNSMTWOP]Y  3PTOPWMP]R% .L]W,`P]>d^_PXP $$"  0YRWT^S :]TRTYLW% ?SP @YTa ZQ .STNLRZ $# 7LV^SXLY 5PP >bLXT 6L^SXT] >SLTaT^X% ?SP >PN]P_ >`[]PXP /PWST% >]T >L_R`]` ;`MWT NL_TZY^ $$  $## 7LYOXLYY 2PZ]R w/TP LYLWZRP 2Z__P^P]VPYY_YT^ YLNS >SLYVL]Lx 6LT]Z^ $!% !z "! 7LYRP] >`^LYYP 6 ;STWZ^Z[Sd TY L YPb VPd% , ^_`Od TY _SP ^dXMZWT^X ZQ ]PL^ZY ]T_P LYO L]_ 7ZYOZY% 3L]aL]O @YTaP]^T_d ;]P^^ ]PYPbPO $"$  $ 7LYbP]O >`^LYYP =PWTRTZY^Æ^_SP_TV% >_`OTPY e`X AP]SÆW_YT^ aZY >dXMZW `YO >TYYWTNS VPT_ BÞ]eM`]R% 6ØYTR^SL`^PY  9P`XLYY  z PO /P] 6LYZY `YO OTP >TYYP% =PWTRTZY^Æ^_SP_TV LW^ LVLOPXT^NSP /T^eT[WTY  7`cPX M`]R  0_`OP^ 7`cPXMZ`]RPZT^P^ Ov3T^_ZT]P P_ OP >NTPYNP OP^ =PWTRTZY^ 7Lb^ZY 0 ?SZXL^ LYO =ZMP]_ 9 8N.L`WPd =P_STYVTYR =PWTRTZY% .ZYYPN_TYR .ZRYT_TZY LYO .`W_`]P  .LXM]TORP LZ% .LXM]TORP @YTa ;] $$ =P[]TY_ $$! aLY OP] 7PP`b 2P]L]O AZX 3PTWTRPY TY OP] 6`Y^_  2Þ_P]^WZS% -P]_PW^XLYY $ " z w>PNS^_P] ?PTW% 8`^TV `YO =PWTRTZYx 4Y AZX 3PTWTRPY TY OP] 6`Y^_  Md 2aO 7PP`b "z!  2Þ_P]^WZS% -P]_PW^XLYY $ " 7PY_P^ ?SZXL^ w?Pc_ OP^ 6LYZY^ `YO 3PTWTRP] ?Pc_% /P] ;^LW_P] TX 8T__PWLW_P]x 4Y /P] ;^LW_P] TY 5`OPY_`X `YO .S]T^_PY_`X POT_PO Md 0]TNS EPYRP] z  1]PTM`]R LZ% 3P]OP] $$#

#



>PNZYOL]d >Z`]NP^

wu,YOLNS_v `YO u2PMÆ]OPv% /L^ ]PWTRTØ^P ,`^O]`NV^aP]SLW_PYx 4Y 6`W_`]PWWP =PQZ] XL_TZY >TYYQZ]XL_TZYPY TX @XM]`NS z!  POT_PO Md -P]YSL]O 5`^^PY LYO .]LTR 6Z^WZQ^Vd $z!" 2Ø__TYRPY% ALYOPYSZPNV  =`[]PNS_ $$$ 7PaP]TYR 8T]TLX PO =P_STYVTYR >N]T[_`]P% 0^^Ld^ Q]ZX L .ZX[L]L_TaP ;P]^[PN_TaP  ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $#$ 7Pad =ZMP]_ 4 8P^ZNZ^X% 3TYO`T^X LYO _SP :]RLYTeL_TZY ZQ L ?]LOT_TZYLW 9PbL] .T_d TY 9P[LW  -P]VPWPd 7Z^ ,YRPWP^ :cQZ]O% @YTa ZQ .LWTQZ]YTL ;] $$ /PWST% 8Z_TWLW -LYL]^TOL^^ $$ 7Ëad-]`SW 7`NTPY w/L^ 2P^P_e OP] ?PTWSLMPx 1]PYNS% w7P^ QZYN_TZY^ XPY_LWP^ OLY^ WP^ ^ZNTË_Ë^ TYQË]TP`]P^x $ 4Y 8LRTP `YO =PWTRTZY  POT_PO Md ;P_eZWO_ z!  /L]X ^_LO_% BT^^ -`NSRP^PWW^NSLQ_ $"# 7TMP]LWP 7L`]L 4 /Pa¯Y£XL^_Z_]L STYO¼% 2WT TYYT [`]£©TNT OPT YZXT OPWWL /PL  ,WP^^LY O]TL% 0OTeTZYT OPWWv:]^Z " 7TOVP 5PQQ]Pd > ?SP 2ZOOP^^ BT_STY LYO -PdZYO _SP ?S]PP .T_TP^% ±£V_L ?LY_]L LYO _SP ;L]LOZc ZQ ;ZbP] TY 9P[£WL8L©“LWL  >LY_L -L]ML]L% /T^^ @YTa ZQ .LWTQZ]YTL  7TYNZWY -]`NP 8d_S .Z^XZ^ LYO >ZNTP_d% 4YOZ0`]Z[PLY ?SPXP^ ZQ .]PL_TZY LYO /P^_]`N_TZY  .LXM]TORP 8L^^ LZ% 3L]aL]O @YTa ;] $#! z ?SPZ]TeTYR 8d_S% 9L]]L_TaP 4OPZWZRd LYO >NSZWL]^ST[  .STNLRZ% @YTa ZQ .STNLRZ ;] $$$ 7TYO_YP] .S] w7TYVTYR `[ -SL]_ŽSL]T LYO _SP -L`OOSL^x 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ z

4Y_P]YL_TZYLW .ZYQP]PYNP ZY -SL]_ŽSL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^T L_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$% $ z 7T[YP] 5`WT`^ ?SP 1LNP ZQ ?]`_S% , >_`Od ZQ 8PLYTYR LYO 8P_L[Sd^TN^ TY _SP APO£Y_TN ?SPZWZRd ZQ =£X£Y`UL ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $#! z 3TYO`^% ?SPT] =PWTRTZ`^ -PWTPQ^ LYO ;]LN_TNP^ 7ZYOZY 9PbDZ]V% =Z`_WPORP $$ 7ZYR 5 -]`NP w=`O]L L^ LY 0XMZOTXPY_ ZQ /TaTYP ,XMTaLWPYNP TY _SP ±L_L]`O]ÅdL >_Z_]LXx 4Y 0c[P]TPYNTYR ±TaL% 0YNZ`Y_P]^ bT_S L 3TYO` /PT_d  POT_PO Md 1]PO .WZ_SPd LYO -]`NP 7ZYR z# .ZW`XMTL% >Z`_S ,^TLY -ZZV^ $# 7Z[Pe /ZYLWO > w,`_SZ]T_d LYO :]LWT_d TY _SP 8LS£d£YLx 9`XPY  $$ % z" z PO =PWTRTZY^ ZQ 4YOTL TY ;]LN_TNP /PWST% 8`Y^ST]LX 8LYZSL]WLW $$# :]TRTYLW% ;]TYNP_ZY @YTaP]^T_d ;]P^^ $$  7Z]PYePY /LaTO 9 ?SP 6£[£WTVL^ LYO 6£W£X`VSL^% ?bZ 7Z^_ ±LTaT_P >PN_^ /PWST% 8Z_T WLW -LYL]^TOL^^ $$ z ;]LT^P^ _Z L 1Z]XWP^^ 2ZO  9Pb DZ]V% >@9D $$! z w0L]Wd 0aTOPYNP ZQ ?LY_]TN =PWTRTZYx 4Y ?SP =ZZ_^ ZQ ?LY_]L  POT_PO Md 6 , 3L][P] LYO = 7 -]ZbY  z! ,WMLYd% >@9D  z BSZ 4YaPY_PO 3TYO`T^X* 0^^Ld^ ZY =PWTRTZY TY 3T^_Z]d  9Pb /PWST% DZOL ;]P^^ ! 7`NVXLYY ?SZXL^ /TP `Y^TNS_ML]P =PWTRTZY  1]LYVQ`]_% >`S]VLX[ $$ $$! 7ÞOP]^ 3P]XLYY /TP Ad£^L±¯V´£ MP^ZYOP]^ TY TS]PX AP]SÆW_YT^ e`X ?LT__T]¯dL ;]£_T²£V SdL  6TPW% /TP_P]TNS #$  7`SXLYY 9TVWL^ w8ZOP]YP >d^_PX_SPZ]TPY LW^ 1Z]X RP^LX_RP^PWW^NSLQ_WTNSP] ,YLWd^Px 4Y ?SPZ]TP OP] 2P^PWW^NSLQ_ ZOP] >ZeTLW_PNSYZWZRTP BL^ WPT^_P_ OTP >d^_PXQZ]^NS`YR* Md 5Þ]RPY 3LMP]XL^ LYO 9TVWL^ 7`SXLYY "z 1]LYVQ`]_ L8% >`S]VLX[ $" z w>TYY LW^ 2]`YOMPR]TQQ OP] >ZeTZWZRTPx 4Y ?SPZ]TP OP] 2P^PWW^NSLQ_ ZOP] >ZeTLW_PNS YZWZRTP% BL^ WPT^_P_ OTP >d^_PXQZ]^NS`YR* Md 5Þ]RPY 3LMP]XL^ LYO 9TVWL^ 7`SXLYY  z 1]LYVQ`]_ L8% >`S]VLX[ $" z /TP 2P^PWW^NSLQ_ OP] 2P^PWW^NSLQ_   aZW^ 1]LYVQ`]_ L8% >`S]VLX[ $$" z w=PWTRTZY LW^ 6ZXX`YTVL_TZYx 4Y =PWTRTZY LW^ 6ZXX`YTVL_TZY  POT_PO Md 3 ?d]PWW A 6]PNS LYO 3 6YZMWL`NS  z  BÞ]eM`]R% 0]RZY $$#

>PNZYOL]d >Z`]NP^ z

#

/TP =PWTRTZY OP] 2P^PWW^NSLQ_ ,`^ OPX 9LNSWL^^ PO ,YO]Ë 6TP^P]WTYR 1]LYVQ`]_%

>`S]VLX[  7`SXLYY 9TVWL^ LYO ;P_P] 1`NS^ =POPY `YO >NSbPTRPY  1]LYVQ`]_ L8% >`S]VLX[ $#$ 7dZY^ 5ZSY 4Y_]ZO`N_TZY _Z ?SPZ]P_TNLW 7TYR`T^_TN^ .LXM]TORP% .LXM]TORP @YTa ;] $!# z 0TYQÞS]`YR TY OTP XZOP]YP 7TYR`T^_TV 8ÞYNSPY% -PNV $" $$  8LN,WZZY 5ZSY 5 =T_P /]LXL 1P^_TaLW >[PN_LNWP% =PSPL]^LW^ _ZbL]O L ?SPZ]d ZQ .`W _`]LW ;P]QZ]XLYNP ;STWLOPW[STL% 4Y^_T_`_P QZ] _SP >_`Od ZQ 3`XLY 4^^`P^ $# z w4Y_]ZO`N_TZY% .`W_`]LW ;P]QZ]XLYNP^ .`W_`]LW ?SPZ]dx 4Y =T_P /]LXL 1P^_TaLW >[PN_LNWP% =PSPL]^LW^ ?ZbL]O L ?SPZ]d ZQ .`W_`]LW ;P]QZ]XLYNP  POT_PO Md 5ZSY 5 ,WZZY z ;STWLOPW[STL% 4Y^_T_`_P QZ] _SP >_`Od ZQ 3`XLY 4^^`P^ $# 8LN/ZYPWW ,, APOTN 8d_SZWZRd  >_]L^^M`]R% 6L]W 5 ?]ÞMYP] #$" 8LWLXZ`O .SL]WP^ 7P ^a£OSd£dL % =PNT_L_TZY [P]^ZYPWWP O` APOL ?LT__T]¯dL£]L©dLVL WTa]P 44 ;L]T^% 0O -ZNNL]O $"" z .ZZVTYR _SP BZ]WO% =T_`LW  ?SZ`RS_ TY ,YNTPY_ 4YOTL ?]LY^WL_PO Q]ZX _SP 1]PYNS Md . BST_P /PWST% :cQZ]O @YTaP]^T_d ;]P^^ $$! 8LWTV > . PO /SaLYT% 9L_`]P LYO .`W_`]P ZQ >Z`YO 9Pb /PWST% 4YOT]L 2LYOST 9L _TZYLW .PY_]P QZ] _SP ,]_^ $$$ 8LWTYL] ,YRPWTVL 3TYO`T^X`^% >_`OT`X =PWTRTZYPY  2Ø__TYRPY% ALYOPYSZPNV  =`[ ]PNS_ $ @?- $" 8LYT AP__LX ;`]£©TN 0YNdNWZ[LPOTL /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $"  $#$ :]T RTYLW TY 8LWLdLWLX $! 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP % ?LMWP ]ZYOP ;L]T^ z U`TY $#  ;L]T^% .9=> $#!  8L^TWLXLYT8PdP] 0aPWTYP ,«V£œL[L]LXÚN`aL]T% , 2ZOOP^^ ZQ ?LXTWYLO` SP] 8d_S^ LYO .`W_  BTP^MLOPY% >_PTYP] $#! z 2`L]OTLY^ ZQ ?LXTWYLO`% 1ZWV OPT_TP^ QZWV ]PWTRTZY 3TYO` _SPXP^ 3LWWP% 1]LYNVP >_TQ_`YRPY e` 3LWWP  8L^^ZY 57 LYO 8A ;L_bL]OSLY ±£Y_L]L^L LYO ,MSTYLaLv^ ;STWZ^Z[Sd ZQ ,P^_SP_TN^ ;ZZYL% -SLYOL]VL] :]TPY_LW 4Y^_T_`_P $!$ 8L_TWLW -TXLW 6]T^SYL ?SP 7ZRTNLW 4WW`XTYL_TZY ZQ 4YOTLY 8d^_TNT^X% ,Y 4YL`R`]LW 7PN_`]P /PWTaP]PO -PQZ]P _SP @YTaP]^T_d ZQ :cQZ]O ZY 8Ld $""  :cQZ]O% .WL]PY OZY ;] $"" z ?SP BZ]O LYO _SP BZ]WO% 4YOTLv^ .ZY_]TM`_TZY _Z _SP >_`Od ZQ 7LYR`LRP  /PWST% :cQZ]O @YTa ;] $$ 8L_^`ML]L 8T_^`YOZ]T ;£ÓNL]£_]L >LÀST_£^ LYO ALT´©LaL ?SPZWZRd bT_S L ?]LY^WL_TZY LYO .]T_TNLW 9Z_P^ Q]ZX .SL[_P]^ ZY ?SPZWZRd TY _SP ,ST]M`OSYdL >LÀST_£ /PWST% $$ 8L`^^ 8L]NPW , 2PYP]LW ?SPZ]d ZQ 8LRTN  9Pb DZ]V% B B 9Z]_ZY  .ZX[LYd $"  :]TRTYLW 1]PYNS%  $z$ 8LcTXTWTPY 2`d w7P WLYRLRP P_ Wv£_XLY OvL[]Ê^ @>; #x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞOL^TPY^ C4C $"  "z$ 8LdP] AP]PYL >PXLY_T^NSP] 3ZWT^X`^% 0TYP 0TYQÞS]`YR  -P]WTY% ,VLOPXTPAP]WLR $$" 8N.L`WPd =ZMP]_ 9 LYO 0 ?SZXL^ 7Lb^ZY -]TYRTYR =T_`LW _Z 8TYO% ;^dNSZWZRTNLW 1Z`YOL_TZY ZQ .`W_`]LW 1Z]X^ .LXM]TORP% .LXM]TORP @YTa ;]  8N/LYTPW 5`YP w.SL[_P] % 3TYO`T^Xx 4Y ?SP :cQZ]O 3LYOMZZV ZQ =PWTRTZY LYO 0XZ _TZY  POT_PO Md 5ZSY .Z]]TRLY z" :cQZ]O% :cQZ]O @YTa ;] #

#



>PNZYOL]d >Z`]NP^

8N3`RS 5LXP^ w?SP .WL^^TQTNL_TZY ZQ >XPWW^ LYO _SP :]OP] ZQ _SP >PY^P^ TY 4YOTLY =PWTRTZ`^ ?]LOT_TZY^x 9`XPY  "% "z$ 8N7`SLY 8L]^SLWW ?SP 2`_PYMP]R 2LWLcd  7ZYOZY% =Z`_WPORP  6PRLY ;L`W $! z @YOP]^_LYOTYR 8POTL% ?SP 0c_PY^TZY^ ZQ 8LY  7ZYOZY% =Z`_WPORP  ;L`W $! .LXM]TORP 8L^^% 84?;]P^^  8PWWZ] ;STWT[ , w:]TPY_LWT^X ]P[]P^PY_L_TZY LYO ]PWTRTZY% ?SP ]PLWT_d MPSTYO _SP Xd_Sx =PWTRTZY  % $$z 8PYYTYRP] 6 9`XMP] bZ]O^ LYO Y`XMP] ^dXMZW^  _]LY^ ; -]ZXP] .LXM]TORP 8,% 84? ;]P^^ $!$ 8P]WPL`;ZY_d 8L`]TNP ;SÆYZXPYZWZRTP OP] BLS]YPSX`YR  -P]WTY% BLW_P] OP 2]`d_P] $!! 8P]_PY^ ,YYPXL]TP /P] /LV´LXd_S`^ TY OP] P[T^NS[`]£©T^NSPY 7T_P]L_`]% -PZMLNS_`Y RPY e`] ]PWTRTZY^RP^NSTNS_WTNSPY 0Y_bTNVW`YR OP^ 2Z__P^ =`O]L±TaL TX 3TYO`T^X`^ BTP^MLOPY% 3L]]L^^ZbT_e $$" 8P_eWP] 7PcTVZY =PWTRTZY   aZW^ >_`__RL]_ % 8P_eWP] $$$z 8TNSLPW ?L]L w7P ²]¯NLV]L OLY^ WL >L`YOL]dL7LSL]¯x 4Y 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP ?LMWP ]ZYOP ;L]T^ z U`TY $#  "z$ ;L]T^% .9=> $#!  8TNSLPW^ ,cPW w/L^ -`NS LW^ 1`YOLXPY_ aZY =PWTRTZYPYx 4Y /TP -POP`_`YR OP^ -`NSP^

RP^_P]Y z SP`_P z XZ]RPY% =PQP]L_P PTYP] AZ]WP^`YR^]PTSP OP^ .ZWWPRT`X RPYP]LWP OP] @YTaP]^T_Æ_ -P]Y TX >ZXXP]^PXP^_P] $$  POT_PO Md ;P_P] =`^_P]SZWe LYO =`[P]_ 8Z^P] z -P]Y >_`__RL]_ ATPYYL% ;L`W 3L`[_ $$! w?SP 6TYR LYO .Zb% :Y L .]`NTLW >dXMZW ZQ 3TYO`TeL_TZY TY 9P[LWx 4Y 9L_TZYLWT^X LYO 0_SYTNT_d TY L 3TYO` 6TYROZX  Md / 9 2PWWYP] 5 ;QLQQ.eL]YPNVL LYO 5 BSPW[_ZY "$z$$ ,X^_P]OLX% 3L]bZZO ,NLOPXTN ;`MWT^SP]^ $$" z /P] 3TYO`T^X`^% 2P^NSTNS_P `YO 2PRPYbL]_ 8ÞYNSPY% -PNV $$# z wu7P ]T_`PW [Z`] WP ]T_`PWv ZOP] bTP ^TYYWZ^ ^TYO =T_`LWP*x 4Y =T_`LWP SP`_P% ?SPZ]TPY 6ZY_]ZaP]^PY0Y_bÞ]QP PO . .LO`QQ LYO 5 ;QLQQ.eL]YPNVL z" -P]WTY% =PT XP] $$$ z w¾MP] OL^ =TYOaTPS TY `YO `X `Y^x -L^WP] 8LRLeTY " "" z PO ?SP ;LYOT_% ?]LOT_TZYLW >NSZWL]^ST[ TY 4YOTL  9Pb /PWST% 8LYZSL]  z w?]LOT_TZYLW >LY^V]T_ 7PL]YTYR TY .ZY_PX[Z]L]d 4YOTLx 4Y ?SP ;LYOT_% ?]LOT_TZYLW >NSZWL]^ST[ TY 4YOTL  POT_PO Md , 8TNSLPW^ z! 9Pb /PWST% 8LYZSL]  z w=T_`PWWP 6WLYR]Æ`XPx 4Y 8`^TV `YO =L`X /TXPY^TZYPY TX 2P^[]ÆNS  POT_PO Md ,YYP__P 7LYOL` LYO .WL`OTL 0XXPYPRRP] z EÞ]TNS% .S]ZYZ^   z wu3Zb OZ dZ` OZ*v AZ]ÞMP]WPR`YRPY e` PTYP] 2]LXXL_TV OP] =T_`LWPx 4Y /P] 8PY^NS z PTY uLYTXLW ^dXMZWTN`Xv* >[]LNSP z /TLWZR z =T_`LW  POT_PO Md 3PTY]TNS >NSXTOTYRP] LYO .WPXPY^ >POXLV $z # /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP ^PWW^NSLQ_ " 8TNSLPW^ , . AZRPW^LYRP] LYO , BTWVP PO BTWO 2ZOOP^^P^ ZQ 4YOTL LYO 9P[LW  -P]Y% 7LYR $$! 8TNSLPW^ ,cPW /L]TL ;PeeZWT:WRTL_T LYO 1]T_e >_ZWe PO^ 9ZNS PTYP .SLYNP QÞ] OTP =PWTRTZY^[SÆYZXPYZWZRTP* -P]Y LZ% ;P_P] 7LYR  8T^S]L 66 PO >LY^V]T_ >_`OTP^ :`_^TOP 4YOTL :Y _SP ZNNL^^TZY ZQ _SP _S BZ]WO >LY^V]T_ .ZYQP]PYNP -LYRLWZ]P 5LY z$ $$" 9Pb /PWST% =L^S_]TdL >LY^V]T_ >LY^_SLY $$" 8T^S]L ATULd /PaZ_TZYLW ;ZP_TN^ LYO _SP 4YOTLY >`MWTXP  9Pb /PWST% /6 ;]TY_bZ]WO  8T^S]L A -ZWWdbZZO .TYPXL% ?PX[WP^ ZQ /P^T]P  9Pb DZ]V% =Z`_WPORP  8T_NSPWW B5? w/TLR]LXXL_ZWZRdx .]T_TNLW 4Y\`T]d $#% !z! z

>PNZYOL]d >Z`]NP^

#

8ZSY 5Þ]RPY 8d_SZ^_SPZ]TPY% 0TYP ]PWTRTZY^bT^^PY^NSLQ_WTNSP @Y_P]^`NS`YR e` 8d_SZ^ `YO 4Y_P]V`W_`]LWT_Æ_  8ÞYNSPY% BTWSPWX 1TYV $$# z wAZY OP] =PWTRTZY^[SÆYZXPYZWZRTP e`] =PWTRTZY^Æ^_SP_TV% 9P`P BPRP ^d^_PXL_T^NSP] =PWTRTZY^bT^^PY^NSLQ_x ¦^_SP_TV z 6`Y^_ z =PWTRTZY 8ÞYNSPYP] ?SPZWZRT^NSP EPT_ ^NS]TQ_  % z$ 8ZS] 3`MP]_ wBLS]YPSX`YR>TYYP^^d^_PXx 4Y 8P_eWP] 7PcTVZY =PWTRTZY AZW  !z ! >_`__RL]_% 8P_eWP]  8ZZVP]UPP ,UT_ LYO 8LOS` 6SLYYL /TP BPW_ OP^ ?LY_]L 8ÞYNSPY% 3PdYP $"" 8Z]RLY /LaTO AT^`LW ;TP_d% , 3T^_Z]d LYO ?SPZ]d ZQ ;Z[`WL] =PWTRTZ`^ 4XLRP^ -P]VP WPd LZ% @YTa ZQ .LWTQZ]YTL ;] $$# z ?SP >LN]PO 2LeP% =PWTRTZ`^ AT^`LW .`W_`]P TY ?SPZ]d LYO ;]LN_TNP  -P]VPWPd LZ% @YTa ZQ .LWTQZ]YTL ;]   8Ø]_S 4YRZ w6ZXX`YTVL_TZYx 4Y 3LYOM`NS ]PWTRTZY^bT^^PY^^NSLQ_WTNSP] 2]`YOMPR]TQQP $z >_`__RL]_% 6ZSWSLXXP] $$ 8Z]_ZY 5ZSY w-PTYR TY ?bZ 8TYO^% .]T_TNLW =PXL]V^ ZY ;]TXT_TaP 8d_SZWZRd LYO _SP =PSLMTWT_L_TZY ZQ 7Ëad-]`SWx .LYMP]]L ,Y_S]Z[ZWZRd $ $#!% z $ 8Z^NZaTNT >P]RP w2P^NSTNS_P `YO ,V_`LWT_Æ_ ^ZeTLWP] =P[]Æ^PY_L_TZYPYx 4Y ;^dNSZWZRTP OP^ >ZeTLWPY% =P[]Æ^PY_L_TZYPY TY BT^^PY `YO >[]LNSP  POT_PO Md @bP 1WTNV !!z   =PTYMPV% =ZbZSW_ $$  8ÞWWP] 1]TPO]TNS 8Lc w:Y _SP ]PWL_TZY ZQ _SP -PYRLWT _Z _SP ,]TLY LYO LMZ]TRTYLW WLY R`LRP^ ZQ 4YOTLx =P[Z]_ ZQ _SP -]T_T^S ,^^ZNTL_TZY QZ] _SP ,OaLYNPXPY_ ZQ >NTPYNP #"% $z  z wAZ]WP^`YR ÞMP] OTP APOL^ ZOP] OTP SPTWTRPY -ÞNSP] OP] -]LSXLYPYx #!  4Y 0^^Ld^% 0]^_P] -LYO% -PT_]ÆRP e`] aP]RWPTNSPYOPY =PWTRTZY^bT^^PY^NSLQ_  Md 8Lc 8ÞWWP] z  7PT[eTR% BTWSPWX 0YRPWXLYY #!$   #"$ PYW z w;]PQLNPx w;]ZR]LX ZQ L ?]LY^WL_TZYx 4Y ?SP @[LYT^SLO^ ;L]_   _]LY^ Md 1 8Lc 8ÞWWP]/PWST% 8Z_TWLW -LYL]^TOL^^ $!   #"$z# ( >LN]PO -ZZV^ ZQ _SP 0L^_ 4 z w/LXLW^ `YO 5P_e_x /P`_^NSP =`YO^NSL`  ##% z z APOTN 3dXY^ ;L]_ 4% 3dXY^ _Z _SP 8L]`_^ =`O]L A£d` LYO A£_L  :cQZ]O% .WL]PY OZY ;]P^^ #$ >LN]PO -ZZV^ ZQ _SP 0L^_ CCC44 8`WWP]:]_PRL ;L`W 0O`L]OZ ?SP ?]TLOTN 3PL]_ ZQ ±TaL% 6L`WL ?LY_]TNT^X ZQ ,MST YLaLR`[_L TY _SP 9ZY/`LW >SLTaT^X ZQ 6L^SXT] /PWST% >]T >L_R`]` ;`MWTNL_TZY^ $$" :]TRTYLW% >@9D $#$ z w?LY_]TN 8POT_L_TZY% AZNLWTN -PRTYYTYR^x 4Y =T_`LW LYO >[PN`WL_TZY TY 0L]Wd ?LY _]T^X POT_PO Md ? 2Z`O]TLLY "z  ,WMLYd% >@9D $$ z w.T[SP]TYR _SP >`[]PXP% 8LY_]TN 0YNZOTYR TY ,MSTYLaLR`[_Lv^ ?LY_]£WZVL x 4Y_P]YL _TZYLW 5Z`]YLW ZQ 3TYO` >_`OTP^ "z % z 8`XXP ;L_]TNTL D w;£ÓNL]£_]L ?Pc_^ TY _SP ?PºVLWLTAL¶LVLWLT /T^[`_Px 4Y >_`OTP^ TY

3TYO`T^X 4A% :Y _SP 8`_`LW 4YQW`PYNP^ LYO =PWL_TZY^ST[ ZQ AT²T´T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]L  POT_PO Md 2 :MP]SLXXP] LYO 8 =L^_PWWT "z ATPYYL% ¸,B QZ]_SNZXTYR

8ÞYNSPYP] _SPZWZRT^NSP EPT_^NS]TQ_   ^ ¦^_SP_TV z 6`Y^_ z =PWTRTZY  8ÞY^_P] /LYTPW =PWTRTZY^Æ^_SP_TV `YO ,Y_S]Z[ZWZRTP OP] >TYYP 8ÞYNSPY% ,VOPXT^NSP] AP]WLR  9LRL^bLXd = ?LY_]TN .`W_ ZQ >Z`_S 4YOTL  /PWST% ,RLX 6LWL ;]LVL^SLY $# z ,]_ LYO =PWTRTZY ZQ _SP -SLT]LaL^ 4WW`XPO Md _bZ ]L]P >LY^V]T_ _Pc_^% >L]aL ^TOOS£Y_LaTaÚVL LYO 5†£YL^TOOST  .SPYYLT% ?LXTW ,]_^ ,NLOPXd ! 9LRPW ?TWXLY 2P^NSTNS_P OP] T^WLXT^NSPY ?SPZWZRTP% AZY 8ZSLXXPO MT^ e`] 2PRPY bL]_  8ÞYNSPY% -PNV $$

#



>PNZYOL]d >Z`]NP^

9L]L^TXSLY ;LOXL >bLXT /LdLYLYOL >L]L^bL_T ?SP ?]LOT_TZYLW ?PLNSP] ZQ -]LSXL ATOd£ 8LO]L^% ?? 8L[^  ;`MW $$ 9LdL] 9LYNd ,YY ;ZP_]d L^ ?SPZWZRd% ?SP ±]ÅaLT´©LaL >_Z_]L TY _SP ,RP ZQ =£X£Y`UL  BTP^MLOPY% 3L]]L^^ZbT_e $$ 9PPOSLX =ZOYPd w;P]N`^^TZY LYO ?]LY^T_TZYx 8LY 9>  $!"% !!z! 9PXPN 5ZSY =PaTPb ZQ 7LYR`LRP ZQ _SP 2ZO^ TY _SP BZ]WO ZQ 8PY  Md >SPWOZY ;ZWWZNV 5Z`]YLW ZQ _SP ,XP]TNLY ,NLOPXd ZQ =PWTRTZY "  "% "z 9TUPYS`^ 0XXTP _P LYO 5LY 2ZYOL PO 3LYOM`NS OP] :]TPY_LWT^_TV 7PTOPY 6ØWY% -]TWW $" 9ÞYYTYR AP]L LYO ,Y^RL] w6`W_`]bT^^PY^NSLQ_PY% 0TYP X`W_T[P]^[PV_TaT^NSP 0TYQÞS]`YR TY PTYPY TY_P]OT^eT[WTYÆ]PY /T^V`^^TZY^e`^LXXPYSLYRx 4Y 6ZYeP[_P OP] 6`W_`]bT^ ^PY^NSLQ_PY% ?SPZ]P_T^NSP 2]`YOWLRPY z ,Y^Æ_eP z ;P]^[PV_TaPY  POT_PO Md ,Y^RL] LYO AP]L 9ÞYYTYR z# >_`__RL]_ BPTXL]% 5- 8P_eWP]  9ÞYYTYR ,Y^RL] LYO AP]L PO 6ZYeP[_P OP] 6`W_`]bT^^PY^NSLQ_PY% ?SPZ]P_T^NSP 2]`YO WLRPY z ,Y^Æ_eP z ;P]^[PV_TaPY  >_`__RL]_ BPTXL]% 5- 8P_eWP]  9dP 8LWZ]d w=PWTRTZY ;Z^_=PWTRTZYT^X LYO =PWTRTZYTYR% =PWTRTZ`^ >_`OTP^ LYO .ZY _PX[Z]L]d .`W_`]LW /PML_P^x 8P_SZO  ?SPZ]d TY _SP >_`Od ZQ =PWTRTZY  % "z"! :MP]SLXXP] 2P]SL]O PO 4YVW`^TaT^X`^% 0TYP TYOT^NSP /PYVQZ]X ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP $# z w?SP @^P ZQ 8LY_]L TY DZRTN 8POT_L_TZY% ?SP ?P^_TXZYd ZQ _SP ;£²`[L_L x 4Y @YOP] ^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] z /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd%  $#$ z w?SP 4YQW`PYNP ZQ :]_SZOZc ALT´©LaT^X ZY AT²T´T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]Lx 4Y >_`OTP^ TY 3TYO`T^X 4A POT_PO Md 2 :MP]SLXXP] LYO 8 =L^_PWWT "z  AT PYYL% ¸,B QZ]_SNZXTYR :MP]SLXXP] 2P]SL]O LYO 8L]TZY =L^_PWWT PO >_`OTP^ TY 3TYO`T^X 4A% :Y _SP 8`_`LW 4YQW`PYNP^ LYO =PWL_TZY^ST[ ZQ AT²T´T´¶£OaLT_L APO£Y_L LYO ;£ÓNL]£_]L  ATPYYL% ¸^ _P]]PTNST^NSP ,VLOPXTP OP] BT^^PY^NSLQ_PY QZ]_SNZXTYR :MP]WTP^ ?SZXL^ /TP =PWTRTZY OP^ ‹RaPOL 0]^_P] ?PTW% /L^ ]PWTRTØ^P >d^_PX OP^ ‹RaP OL  ATPYYL% 2P]ZWO $$# z w2PMP_1W`NSx 4Y 8P_eWP] 7PcTVZY =PWTRTZY AZW  POT_PO Md .S]T^_Z[S ,`QQL]_S 5`__L -P]YL]O LYO 3`MP]_ 8ZS] z! >_`__RL]_ BPTXL]% 5- 8P_eWP] $$$ /L^ ØQQPY_WTNSP 2P^TNS_ OP] =PWTRTZYPY -P]WTYP] ?SPZWZRT^NSP EPT_^NS]TQ_  ! :R`TMËYTYP -Z]T^ 7L /ËP^^P @´L^ =PNSP]NSP^ ^`] WP ^LN]TQTNP OP WL [L]ZWP OLY^ WP ‹RaP OL  7Z`aLTY% ;PP_P]^ $## :WTaPWWP ;L_]TNV 7LYR`LRP ?Pc_^ LYO >ZNTP_d% 0c[WZ]L_TZY^ TY ,YNTPY_ 4YOTLY .`W_`]P LYO =PWTRTZY  1T]PYeP% 1T]PYeP @YTa ;]   :YR BLW_P] 5 :]LWT_d LYO 7T_P]LNd% ?SP ?PNSYZWZRTeTYR ZQ _SP BZ]O  7ZYOZY LYO 9Pb DZ]V% 8P_S`PY $# :__Z =`OZWQ /L^ 3PTWTRP% ¾MP] OL^ 4]]L_TZYLWP TY OP] 4OPP OP^ 2Ø__WTNSPY `YO ^PTY AP] SÆW_YT^ e`X =L_TZYLWPY  8ÞYNSPY% -PNV $  $" z BP^_Ø^_WTNSP 8d^_TV% AP]RWPTNS `YO @Y_P]^NSPTO`YR e`] BP^PY^OP`_`YR  2Z_SL% 6WZ_e AP]WLR $!  $$  ]O PO $" ]Pa Md 2 8PY^NSTYR z 8d^_TNT^X 0L^_ LYO BP^_% , .ZX[L]L_TaP ,YLWd^T^ ZQ _SP 9L_`]P ZQ 8d^_TNT^X $ 7ZYOZY% LYU`V_L 2`[_L /T]V 5LY 3ZPY^ LYO ?P`Y 2Z`O]TLLY 7PTOPY% 05 -]TWW $"$x 3T^_Z]d ZQ =PWTRTZY^ $##%  z! z w.ZY_]TM`_TZY^  WvË_`OP O` XLY_]L²£^_]L 444% 7P UL[Lx -010: "! $#"% "z $ z w8LY_]L^% BSL_ ,]P ?SPd*x 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] $ z#  /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd%  $#$ z w, >`]aPd ZQ ?LY_]TN 3TYO`T^X QZ] _SP 3T^_Z]d ZQ =PWTRTZY^x F=PaTPb L]_TNWP ZQH 3TYO` ?LY_]T^X -d > 2`[_L /5 3ZPY^ LYO ? 2Z`O]TLLY 3T^_Z]d ZQ =PWTRTZY^  $#%  z! z A£N z ?SP .ZYNP[_ ZQ _SP BZ]O TY >PWPN_PO 3TYO` ?LY_]L^ ?]LY^WL_PO Md 5 2ZY_TP] ,WMLYd% >_L_P @YTaP]^T_d ZQ 9Pb DZ]V ;]P^^ $$ z w7vZ]LW P_ WvËN]T_ 8LY_]L P_ XLY_]L²£^_]L x 4Y ?]LOT_TZY^ Z]LWP^ OLY^ WP XZYOP TYOTPY  POT_PO Md . .SLX[TZY z  ;L]T^% 0OT_TZY^ OP Wv0NZWP OP^ 3L`_P^ 0_`OP^ PY >NTPYNP >ZNTLWP^ $$! z w-ZOd LYO 8LY_]L% ,MZ`_ _SP 8LY_]Lv^ ;]P^PYNP TY _SP -ZOd .Z][^ P_ XLY_]L % /P WL []Ë^PYNP OP^ XLY_]L^ OLY^ WP NZ][^x >_`OTL ,^TL_TNL 4Y_P]YL_TZYLW 5Z`]YLW ZQ ,^TLY >_`OTP^ z z% !z "# ;LW^`WP 2- w;ZTY_^ ZQ ,R]PPXPY_ LYO /TQQP]PYNP MP_bPPY _SP A£VdL[LO¯dL LYO _SP 8LS£MS£´dL/¯[TV£ TY _SP 8L__P] ZQ ^[Z¶L x 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW

.ZYQP]PYNP ZY -SL]_ŽSL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_` OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$%  z ;LYOPd 6LY_T .SLYO]L 4YOTLY ,P^_SP_TN^  -LYL]L^% .SZbVSLXML $  ;LY_SP] 6WL`^@bP LYO 2ÞY_P] =LOOPY PO^ 8P_ZYdXd TY 7LYR`LRP LYO ?SZ`RS_  ,X^_P]OLX% 5ZSY -PYULXTY^ $$$ ;L_VT =LULYT ?SP .ZYNP[_ ZQ @[£^LY£% BZ]^ST[ TY >LY^V]T_ 7T_P]L_`]P  /PWST% >L_R`]` $$! ;L__ZY 7L`]TP 7 w3dXY _Z A£N% 8d_S Z] ;STWZ^Z[Sd*x 4Y 8d_S LYO ;STWZ^Z[Sd  POT_PO Md 1]LYV =PdYZWO^ LYO /LaTO ?]LNd #z ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$ z PO ,`_SZ]T_d ,YcTP_d LYO .LYZY% 0^^Ld^ TY APOTN 4Y_P][]P_L_TZY  ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$ z -]TYRTYR _SP 2ZO^ _Z 8TYO% 8LY_]L LYO =T_`LW TY 0L]Wd 4YOTLY >LN]TQTNP -P]VPWPd LZ% @YTaP]^T_d ZQ .LWTQZ]YTL ;]P^^   ;L`W :^NL] >PP ;]TXL]d >Z`]NP^ -ZP_ST`^ ;PT]NP .SL]WP^ >LYOP]^ .ZWWPN_PO ;L[P]^ # aZW^ .LXM]TORP% 3L]aL]O @YTa ;] $ QQ ;PYQTPWO B LYO 7 =ZMP]_^ >[PPNS LYO -]LTY8PNSLYT^X^ ;]TYNP_ZY% ;]TYNP_ZY @YTa ;] $ $ ;PYYP] 3LY^ 3 w7LYR`LRP =T_`LW LYO 8PLYTYRx 9`XPY  $# % z! ;P_P]^ZY 4YOT]L AT^bLYL_SLY ^ ;]TXL]d >Z`]NP^ ;ZPX^ ;TYR]PP /LaTO 5dZ_Tಣ^_]L% ,^_]LW LYO 8L_SPXL_TNLW 7T_P]L_`]P BTP^MLOPY% 3L]]L^ ^ZbT_e $# ;WZQVP] 6TX w8L_SPXL_TN^ TY 4YOTLx 4Y ?SP 8L_SPXL_TN^ ZQ 0Rd[_ 8P^Z[Z_LXTL .STYL 4YOTL LYO 4^WLX% , >Z`]NPMZZV  POT_PO Md ATN_Z] 6L_e # z  ;]TYNP_ZY% ;]TYNP _ZY @YTaP]^T_d ;]P^^ " ;ZT_PaTY 2`d LYO 3PXL =LT]VL] >_ZYPXTWW LYO -SLV_T% 1]ZX _SP /PaZ_TZY ZQ ;PL^LY_ BZXPY _Z _SP ;STWZ^Z[Sd ZQ >bLXT^ 9Pb /PWST% /6 ;]TY_bZ]WO 7_O $$!

#!



>PNZYOL]d >Z`]NP^

;ZWLV =PRTYP LYO ;L`W 8 E`WPSYP] w?SPZWZRT^NS aP]LYVP]_P =P^[T]T_`LWT^TP]`YR% E`] 0]YP`P]`YR OP] NS]T^_WTNSPY 6T]NSPYx 4Y >[T]T_`LWT_Æ_% 8PS] LW^ PTY 8PRL_]PYO  POT _PO Md ;L`W 8 E`WPSYP] z" :^QTWOP]Y% >NSbLMPYaP]WLR  ;ZWWZNV >SPWOZY ?SP 7LYR`LRP ZQ _SP 2ZO^ TY _SP BZ]WO ZQ 8PY% >LY^V]T_ .`W_`]P LYO ;ZbP] TY ;]PXZOP]Y 4YOTL  -P]VPWPd% @YTa ZQ .LWTQZ]YTL ;] ! /PWST% ;P]XLYPY_ -WLNV " ;Z__P] ^ 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z[STP^ AZW 444 LYO C4 ;]TM]LX 63 w?SP 9P`]Z[Sd^TZWZRd ZQ =PXPXM]TYRx >NTPY_TQTN ,XP]TNLY 5LY $!$% "z#! z w9P`]ZWZRTNLW 9Z_P^ ZY 6YZbTYRx 4Y ;]ZNPPOTYR^ ZQ >PNZYO -LYQQ .ZYQP]PYNP ZY ?SPZ]P_TNLW ;^dNSZWZRd  -LYQQ% $!$

;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW .ZYQP]PYNP ZY -SL]_ŽSL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$ ;]Z`^_ 8L]NPW , WL ]PNSP]NSP O` _PX[^ [P]O`  POT_PO Md ; .WL]LN LYO D >LYO]P ;L]T^% 2LWWTXL]O $" -TMWTZ_SÊ\`P OP WL ;WËTLOP $ =LOP]XLNSP] 8L]_TY 8ZOP]YP >[T]T_`LWT_Æ_% -PR]TQQ^LYLWd^PY `YO V`W_`]^PXTZ_T^NSP AP]Z]_`YR  -, _SP^T^ @YTa ZQ 8ÞY^_P]  =LRSLaLY A w;]P^PY_ ;Z^T_TZY ZQ APOTN .SLY_TYR LYO T_^ 1`_`]P % z"z$ "x -`WWP_TY ZQ _SP 4Y^_T_`_P ZQ ?]LOT_TZYLW .`W_`]P^  $ "% #z!$ z ?SP 2]PL_ 4Y_PR]L_Z]^% ?SP >LTY_>TYRP]^ ZQ 4YOTL 9Pb /PWST% ;`MWTNL_TZY /TaT^TZY $!! z ?SP 9`XMP] ZQ =L^L^  1Z]PbZ]O Md 8 3T]TdLYYL 8LO]L^% ,OdL] 7TM]L]d $!" =LRSLaLY A >PP LW^Z 5LNV^ZY =LSPUL 2WZ]TL 2ZZObTY LYO ,YY 2]ZOeTY^ 2ZWO 7T^_PY _Z _SP 3P]ZYv^ BZ]O^% =PTXLR TYTYR 2PYOP] LYO 6TY^ST[ TY 9Z]_S 4YOTL -P]VPWPd LZ% @YTa ZQ .LWTQZ]YTL ;] $$ =LSYP] 6L]W LYO 3P]MP]_ AZ]R]TXWP] 6WPTYP^ _SPZWZRT^NSP^ BØ]_P]M`NS  1]PTM`]R% 3P] OP] $"! $#  =LU =LX 6`XL] >PP ;]TXL]d >Z`]NP^ ?LY_]£MSTOS£YL  =LUL 6 6`YU`YYT 4YOTLY ?SPZ]TP^ ZQ 8PLYTYR  8LO]L^% ?SP ,OdL] 7TM]L]d LYO =P^PL]NS .PY_]P $! z w,^_]ZYZXd LYO XL_SPXL_TN^ TY 6P]LWL% ,Y LNNZ`Y_ ZQ T_^ WT_P]L_`]Px ,OdL] 7TM]L]d -`WWP_TY " $!% #z!" ( ,^_]ZYZXd LYO 8L_SPXL_TN^ TY 6P]LWL 8LO]L^% ,O dL] 7TM]L]d LYO =P^PL]NS .PY_]P $$  z w-SL]_ŽSL]T% µ¯V£ ZY ;L_LÓULWTv^ 8LS£MS£´dL x 4Y 0YNdNWZ[POTL ZQ 4YOTLY ;STWZ^Z [STP^% ?SP ;STWZ^Z[Sd ZQ _SP 2]LXXL]TLY^ POT_PO Md 32 3L]ZWO LYO 66 =LUL "z" /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $$ z w-L]_ŽSL]Tv^ ;STWZ^Z[Sd ZQ 7LYR`LRP >[SZ¶La£OL LYO ±LMOLM]LSXLa£OL% ,]P _SPd 4Y_P]]PWL_PO*x 4Y 4YOTL LYO -PdZYO% ,^[PN_^ ZQ 7T_P]L_`]P 8PLYTYR =T_`LW LYO ?Z`RS_% 0^^Ld^ TY 3ZYZ`] ZQ 1]T_^ >_LLW  POT_PO Md /TNV aZY OP] 8PTU  z" 7ZY OZY% 6PRLY ;L`W $$" =LXLNSLYO]LY ? ; ?SP 4YOTLY ;STWZ^Z[Sd ZQ -PL`_d ;L]_ % ;P]^[PN_TaP ;L]_ % >[PNTLW .ZYNP[_^ 8LO]L^% @YTaP]^T_d ZQ 8LO]L^ =LOSLV]T^SYLY 4Y^_T_`_P $"$  $# =LXLY ,YLYO A w?SP 6L_L[LdLOT 1Z]X`WL LYO _SP 8ZOP]Y 3L^STYR ?PNSYT\`Px 4000 ,YYLW^ ZQ _SP 3T^_Z]d ZQ .ZX[`_TYR $  $$"% $z  =LXLY`ULY ,6 >PP ;]TXL]d >Z`]NP^ >[PLVTYR ZQ ±TaL  =LX^PTP] DaP^ w-TMWTZR]L[Sd ZY -SL]_ŽSL]Tx 4Y ;]ZNPPOTYR^ ZQ _SP 1T]^_ 4Y_P]YL_TZYLW

.ZYQP]PYNP ZY -SL]_ŽSL]T% @YTaP]^T_d ZQ ;ZZYL 5LY`L]d !z# $$ ,^TL_T^NSP >_`OTPY 0_`OP^ L^TL_T\`P^ C7A44 $$%  z!" =LYUT_ >SLY w>SZ`WO 8LY_]L^ MP =PNT_PO TY ?LXTW Z] >LY^V]T_*x

>PNZYOL]d >Z`]NP^

#"

S__[%bbbV`aTdLXNZXM]^[T]T_`LWT_dS_X LNNP^^PO 8L]NS    =LZ > 6 =LXLNSLYO]L ¢RLXL6Z^SL ¢RLXL 0YNdNWZ[LPOTL 4% 2PYP]LW 4Y_]ZO`N_TZY  -LYRLWZ]P% 6LW[L_SL]` =P^PL]NS ,NLOPXd $#$ z ±]¯ .SLV]L  /PWST% >L_R`]` $#$ z ±]¯aTOd£6Z´L  -LYRLWZ]P%   ]Pa LYO PYWL]RPO /PWST% >L_R`]`    =L^NSP @bP w6]LQ_Q`__P] QÞ] 6TYOP]VØ[QPx .SLYRP% /L^ 8LRLeTY OP] -P]_PW^XLYY >_TQ_`YR $% >NSbP][`YV_ 6`W_`] `YO 8`^TV $% z  =L^_PWWT 8L]TZY ;STWZ^Z[ST^NS_SPZWZRT^NSP 2]`YOLY^NSL``YRPY OP] 5Ld£VSdL^LÀST_£% 8T_ PTYP] /L]^_PWW`YR OP^ _ÆRWTNSPY =T_`LW^ ATPYYL% ¸^_P]]PTNST^NSP ,VLOPXTP OP] BT^^PY^NSLQ_PY $$$ z wE`X AP]^_ÆYOYT^ OP^ ;£ÓNL]£_]L aZY OP] 3P]V`YQ_ ^PTYP] >LÀST_£^x BE6>  $$$% z$ z w?SP =PWTRTZ`^ ;]LN_TNP ZQ _SP ^£OSLVL LNNZ]OTYR _Z _SP 5Ld£VSdL^LÀST_£x 445  L% $z$  z w/TP QÞYQ EPT_PY [LÓNL V£WL ^ TY OPY ÆW_P^_PY ;£ÓNL]£_]L>LÀST_£^x BE6>  M% z z /TP ?]LOT_TZY OP^ ;£ÓNL]£_]L TX >[TPRPW OP] ;£]LXP²aL]L^LÀST_£ 3LMTWT_L_TZY ?SP ^T^ @YTaP]^T_d ZQ ATPYYL   =L^_ZRT 9LaUTaLY ?SP 6]LXL ?LY_]TNT^X ZQ 6L^SXT]% 3T^_Z]TNLW LYO 2PYP]LW >Z`]NP^ AZW  /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $"$ =P[]TY_ $$! z 4Y_]ZO`N_TZY _Z _SP ?LY_]£WZVL  /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $#" z w,MSTYLaLR`[_Lv^ 9Z_TZY ZQ ?LY_]L TY _SP ?LY_]£WZVLx ?SP 4YOTLY ?SPZ^Z[ST^_ #z :N_9Za $# % z z w?SP DZRTN /T^NT[WTYP^ TY _SP 8ZYT^_TN ±LTaL ?LY_]TN ?]LOT_TZY^ ZQ 6L^SXT]% ?S]PP QZWO 1Z`]QZWO LYO >Tc7TXMPOx 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`O TP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY "z# ,WMLYd% >@9D $$ =L__WP >TXZY 8`^TV TX  5LS]S`YOP]_:]NSP^_]LW 8`^TN TY _SP _S .PY_`]d AZW % =Sd_SX`^=Sd_SX /A/ =8 ,]_^ $$! /TP =PaZW`_TZY OP] 6WÆYRP =PNVbT_e ,YO]PL^ @Y^NSL]QP 2]PYePY% ;P]^[PV_TaPY OP] 6`W_`]^ZeTZWZRTP -TPWPQPWO% _]LY^N]T[_ # =POQTPWO =ZMP]_ ?SP 7T__WP .ZXX`YT_d LYO ;PL^LY_ >ZNTP_d LYO .`W_`]P  .STNLRZ% @YTa ZQ .STNLRZ ;] $! =POTYR_ZY 5LXP^ / ALWWLMS£N£]dL ZY _SP 7ZaP 2LXP^ ZQ 6Ž´©L /PWST% 8Z_TWLW -LYL]^T OL^^ $$   $# w=PWTRTZY _S]Z`RS _SP >PY^P^x 9`XPY  " "z" =PWTRTZY^XZYT_Z] #  Md -P]_PW^XLYY >_TQ_`YR 2Þ_P]^WZS% 2Þ_P]^WZSP] AP]WLR^SL`^ " =PWTRTZY `YO ;ZWT_TV TY OPY 6`W_`]PY OP] AZ]XZOP]YP `YO 8ZOP]YP ,Y_]LR^^NS]TQ_ e`X 0cPWWPYeNW`^_P] OP] BP^_QÆWT^NSPY BTWSPWX^@YTaP]^T_Æ_ 8ÞY^_P] 8ÞY^_P]% BB@ " =PYZ` 7 LYO 7 >TWM`]Y w>`] WL YZ_TZY OP M]ÃSXLY x 5Z`]YLW L^TL_T\`P " $$% #z ! =PYZ` 7% w7v,XMTR`T_Ë O` aZNLM`WLT]P O` ‹RaPOLx 5Z`]YLW L^TL_T\`P  $$% !z   z w7P^ ;Z`aZT]^ OP WL [L]ZWP OLY^ WP^ SdXYP^ aËOT\`P^x 4Y >LÀUÓ£ad£VL]L©L  >_`OTL 4YOZWZRTNL 4Y_P]YL_TZYLWTL  $ % z z w7P^ ;Z`aZT]^ OP WL [L]ZWP OLY^ WP ‹RaPOLx 4Y 0_`OP^ aËOT\`P^ P_ [£©TYËPYYP^ Md 7 =PYZ` " aZW^ ;L]T^% $ z!$ FaZW  [ z"H

##



>PNZYOL]d >Z`]NP^

z ?SP /P^_TYd ZQ _SP APOL TY 4YOTL  /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $! =ZNSP] 7`OZ w8Lc 8ÞWWP] LYO _SP APOLx 4Y 8ËWLYRP^ ,]XLYO ,MPW  POT_PO Md , /P ^_]ËP AZW % z  7PTOPY% -]TWW $"# z ?SP ;`]£©L^ BTP^MLOPY% 3L]]L^^ZbT_e $#! z w8LY_]L^ TY _SP ±TaL[`]£©L x 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] ""z  /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd%  $#$ =ZZQ BLOP .WL]V , 2PYP]L_TZY ZQ >PPVP]^% ?SP >[T]T_`LW 5Z`]YPd^ ZQ _SP -LMd -ZZX 2PYP]L_TZY  >LY 1LYNT^NZ% 3L][P] .ZWWTY^ $$ z >[T]T_`LW 8L]VP_[WLNP% -LMd-ZZXP]^ LYO _SP =PXLVTYR ZQ ,XP]TNLY =PWTRTZY  ;]TYNP_ZY% ;]TYNP_ZY @; $$$ =Z^PY >_PaPY ?SP DZRL ZQ 6T]_LY  9Pb DZ]V% 1ZWV -ZZV^ # =Z^PYV]LYe >_PQLYTP w2PT^_P] 2`]`^ `YO 2PMP_Px >_P]Y $ $% z! =Z^Zb^Vd >ZWZXZY ?SP .LY_TWWL_TZY ZQ _SP -TMWP% ?SP 1TaP -ZZV^ ZQ 8Z^P^ 9Pb DZ]V% =PNZY^_]`N_TZYT^_ ;] $ " aZY =Z^[L__ ,WPcLYOP] ?SP -`OOST^_ /ZN_]TYP ZQ 8ZXPY_L]TYP^^% , >`]aPd ZQ _SP :]T RTY^ LYO 0L]Wd ;SL^P ZQ _ST^ /ZN_]TYP `[ _Z AL^`MLYOS`  >_`__RL]_% >_PTYP] $$  /T^^ 3LXM`]R $$ z w4X[P]XLYPYNP LYO ?TXP% ?SP .ZY_PX[WL_TZY ZQ 4X[P]XLYPYNP LYT_dL_£ TY _SP DZR£N£]L ?]LOT_TZY ZQ 8LT_]PdL LYO ,^L«RLx 4Y EPT_% ,YQLYR `YO 0YOP ?TXP% -P RTYYTYR LYO 0YO  POT_PO Md BLW_P] >NSbPTOWP] !$z#  >LYV_ ,`R`^_TY% ,NLOPXTL  =Z`RP_ 2TWMP]_ 8`^TN LYO ?]LYNP% , ?SPZ]d ZQ _SP =PWL_TZY^ MP_bPPY 8`^TN LYO ;Z^^P^ ^TZY  .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^ $#  Z]TRTYLW 1]PYNS 0O 2LWWTXL]O $# =`MPY BLW_P] w¾MP] OTP /PML__PY TY OPY LW_PY @[LYT´LOv^x E/82 91 # $$% #z   =Þ[TYR 6WL`^ >_`OTPY e`] 1]ÞSRP^NSTNS_P OP] APO£Y_L;STWZ^Z[STP ?PTW % ;STWZWZRT^NSP @Y_P]^`NS`YRPY e` OPY -]LSXL^¼_]L6ZXXPY_L]PY OP^ ±L«VL]L `YO OP^ -S£^VL]L  BTP^MLOPY% 1]LYe >_PTYP] AP]WLR $"" =`^_ 0e]L 2L]OYP] ?SP 8`^TN LYO /LYNP ZQ _SP BZ]WOv^ =PWTRTZY^% , .ZX[]PSPY^TaP ,YYZ_L_PO -TMWTZR]L[Sd ZQ 8L_P]TLW^ TY _SP 0YRWT^S 7LYR`LRP BP^_[Z]_ .?% 2]PPY bZZO ;]P^^ $$! >LX`PW 2PZQQ]Pd ?SP :]TRTY^ ZQ DZRL LYO ?LY_]L% 4YOTN =PWTRTZY^ _Z _SP ?ST]_PPY_S .PY_`]d  .LXM]TORP% .LXM]TORP @YTa ;] # >LYOP]^ZY ,WPcT^ w;`]T_d LYO ;ZbP] LXZYR _SP -]LSXTY^ ZQ 6L^SXT]x 4Y ?SP NL_PRZ]d ZQ _SP ;P]^ZY% ,Y_S]Z[ZWZRd ;STWZ^Z[Sd ST^_Z]d  POT_PO Md 8TNSLPW .L]]T_SP]^ >_P aPY .ZWWTY^ LYO >_PaPY 7`VP^ $z! .LXM]TORP L Z% .LXM]TORP @YTaP]^T_d ;]P^^ $#  z w8L©“LWL LYO ¢RLXTN 4OPY_T_d TY _SP ?]TVL ZQ 6L^SXT]x 4Y 8LY_]L^ P_ OTLR]LXXP^ ]T_`PW^ OLY^ WvSTYOZ`T^XP ?LMWP ]ZYOP ;L]T^ z U`TY $#  !$z ;L]T^% .9=> $#!  z w,MSTYLaLR`[_Lx 4Y ?SP 0YNdNWZ[POTL ZQ =PWTRTZY  aZW  #z$ 9Pb DZ]V% 8LNXTW WLY $#! z w6]LXL ±LTaT^Xx w?]TVL ±LTaT^Xx w±LTaT^X TY 6L^SXT]x 4Y ?SP 0YNdNWZ[POTL ZQ =PWTRTZY  aZW  z" 9Pb DZ]V% 8LNXTWWLY $#" z w±LTaT^X LYO _SP ?LY_]TN ?]LOT_TZY^x 4Y ?SP BZ]WOv^ =PWTRTZY^ POT_PO Md >_PbL]_ >`_SP]WLYO !!z" 7ZYOZY% =Z`_WPORP $## z w?SP aT^`LWTeL_TZY ZQ _SP OPT_TP^ ZQ _SP ?]TVLx 4Y 7vTXLRP OTaTYP% .`W_P P_ XËOT_L_TZY OLY^ Wv3TYOZ`T^XP  POT_PO Md , ;LOZ`c z$! ;L]T^% .9=> $$

>PNZYOL]d >Z`]NP^ z

z z

z z

#$

w?SP /ZN_]TYP ZQ _SP 8£WTY¯aTULdZ__L]L_LY_]Lx 4Y =T_`LW LYO >[PN`WL_TZY^ TY 0L]Wd ?LY_]T^X% >_`OTP^ TY 3ZYZ] ZQ ,YO]Ë ;LOZ`c POT_PO Md ?P`Y 2Z`O]TLLY #z ,WMLYd% >@9D $$ w8PLYTYR TY ?LY_]TN =T_`LWx 4Y 0^^Ld^ ^`] WP ]T_`PW 444 POT_PO Md ,YYP8L]TP -WZY OPL` LYO 6]T^_ZQP] >NST[P]  z$  7Z`aLTY;L]T^% ;PP_P]^ $$  w=PWTRTZY LYO _SP >_L_P% ±LTaL :QQTNTLY_^ TY _SP ?P]]T_Z]d ZQ _SP -]LSXLYTNLW =ZdLW .SL[WLTY bT_S LY L[[PYOTc ZY _SP []ZaPYLYNP LYO OL_P ZQ _SP 9P_]L_LY_]L x 4YOZ 4]LYTLY 5Z`]YLW " % $z w±LTaT^X LYO -]LSXLYT^X TY _SP 0L]Wd 8POTPaLW ;P]TZO 2ZYOL 7PN_`]P !x S__[%LWPcT^^LYOP]^ZYNZX/ZN`XPY_^2ZYOL7PN_`]P[OQ w,_SL]aLaPOTY^ TY ?LY_]TN ?P]]T_Z]d% ?SP ¢«RT]L^LVLW[L ?Pc_^ ZQ _SP :]TdL ;LT[ [LW£OTY^ LYO _SPT] .ZYYPN_TZY bT_S _SP ?]TVL LYO _SP 6£W˜V`WLx 4Y ?SP ,_SL]aLaPOL LYO T_^ ;LT[[LW£OL ±£VS£% 3T^_Z]TNLW LYO ;STWZWZRTNLW ;L[P]^ ZY L APOTN ?]LOT_TZY  POT_PO Md ,]WZ 2]TQQT_S LYO ,YYP__P >NSXTPONSPY $ z ,LNSPY% >SLVP] "

=PWTRTZY LYO _SP >_L_P% 4YT_TL_TYR _SP 8ZYL]NS TY ±LTaT^X LYO _SP -`OOST^_ BLd ZQ 8LY_]L^ BTP^MLOPY% 3L]]L^^ZbT_e QZ]_SNZXTYR 0_SYZ4YOZWZRd  >LYVL]LY ,XML^LX`O]LX >ZXP ,^[PN_^ ZQ 7T_P]L]d .]T_TNT^X TY >LY^V]T_ Z] ?SP ?SPZ ]TP^ ZQ =L^L LYO /SaLYT  8LO]L^% 8LO]L^ @YTa $$ OP >L`^^`]P 1P]OTYLYO .LSTP]^ 1P]OTYLYO OP >L`^^`]P  aZW  $! #$z F ,YL R]LXXP^ H >LbLT DZ^ST_^`R` ?SP 1LT_S ZQ ,^NP_TN^ LYO 7Ld >X£]_L^% , >_`Od ZQ _SP ±L«VL]LY ?]LOT_TZY ZQ ±Ž«RP]T  ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP% $$ >LbTNVT /TP_SL]O 8LRTP  1]LYVQ`]_ L8% 1T^NSP]  >Lc BTWWTLX w3PTW]T_`LWP OP] /LWT_^ TX TYOT^NSPY EPY_]LW3TXLWLdLx 4Y =T_`LWOdYLXTV% 6`W_`]ÞMP]R]PTQPYOP >_`OTPY e`] ?SPZ]TP `YO 2P^NSTNS_P ]T_`PWWPY 3LYOPWY^ POT_PO z

Md /TP_]TNS 3L]_S LYO 2P]]T_ 5L^[P] >NSPYV !z"$ 3PTOPWMP]R% >dYNS]ZY  >NSLMP]_ ?TWZ LYO =ËXT -]LR`P PO /TP 8LNS_ OP^ BZ]_P^  8ÞYNSPY% BTWSPWX 1TYV $$! >NSL]QP 3L]_X`_ ;£©TYTv^ 8P_LWLYR`LRP ;STWLOPW[STL% ,XP]TNLY ;STWZ^Z[STNLW >ZNTP_d $" >NSPNSYP] =TNSL]O w=T_`LW `YO ?SPL_P]% =PVZY^_]`V_TZY aZY AP]SLW_PYx TY =T_`LW_SPZ ]TPY  POT_PO Md , -PWWTRP] LYO / 6]TPRP] z! :[WLOPY% BP^_OP`_^NSP] AP]WLR $$# >NSWTP_P] 5PY^ w/L^ w0Y_^_PSPY TY ,MSÆYRTRVPT_x []L_¯_dL^LX`_[£OL `YO OTP ,YQÆYRP OP] M`OOST^_T^NSPY ?SPZ]TP OP] EPT_ LW^ ,`RPYMWTNV^[SL^PYx 4Y EPT_% ,YQLYR `YO 0YOP ?TXP% -PRTYYTYR LYO 0YO POT_PO Md BLW_P] >NSbPTOWP] #$z >LYV_ ,`R`^ _TY% ,NLOPXTL  >NSXTO_ 3LYY^;P_P] -ŽSL^[L_T `YO 4YO]L% @Y_P]^`NS`YRPY e`] aPOT^NSPY 8d_SZWZRTP `YO 6`W_`]RP^NSTNS_P  BTP^MLOPY% 3L]]L^^ZbT_e $!# >NSXT_e 3P]XLYY >d^_PX OP] ;STWZ^Z[STP% /P] =L`X z ATP]_P] ?PTW /L^ 2Ø__WTNSP `YO OP] =L`X -ZYY% -Z`aTP] $$  $"" >NSZXP]`^ 3 B ±LTaL >TOOS£Y_L ,Y 4YOTLY >NSZZW ZQ 8d^_TNLW ?SZ`RS_% ;]P^PY_PO L^ L ^d^_PX LYO OZN`XPY_PO Q]ZX _SP Z]TRTYTLW ?LXTW >Z`]NP^ POT_PO Md 3 ;LWXP] /PWST% 8Z_TWLW -LYL]^TOL^^  2P]XLY :]TRTYLW $ >NSZ_P]XLY 5LY ,Y_SZYd w,[[PYOTc 4 ;]L^_£]L LYO 2LSaL]Lx 4Y ?SP ³L¶^£SL^]L >LÀST_£ .SL[_P]^ z  #z$ 7PTOPY% -]TWW $# >NS]LOP] :__Z 4Y_]ZO`N_TZY _Z _SP ;£ÓNL]£_]L LYO _SP ,ST]M`OSYdL >LÀST_£ 8LO]L^% $!

$



>PNZYOL]d >Z`]NP^

>NS]PTYP] 6WL`^ w7L`_P^ 7P^PY QTV_TaP 8ÞYOWTNSVPT_ aP]^NS]TQ_WTNS_P 9Z]Xx 4Y ATaL aZc `YO ]L_TZ ^N]T[_L  POT_PO Md .WPXPY^ 8 6L^[P] LYO 6WL`^ >NS]PTYP] z! 8ÞY ^_P]% 7T_ $$" >NS]PTYP] ;P_P] 4X 8ZYO^NSPTY ØQQYP_ ^TNS OP] 7Z_`^% /P] 3TYO`T^X`^ /Þ^^PWOZ]Q% ;L_XZ^ $$# >PL]WP 5ZSY = >[PPNS ,N_^% ,Y 0^^Ld TY _SP ;STWZ^Z[Sd ZQ 7LYR`LRP  .LXM]TORP% .LX M]TORP @YTaP]^T_d ;]P^^ $!$ >PRLW =ZMP]_ , 8d_SZ^% 0TYP VWPTYP 0TYQÞS]`YR  >_`__RL]_% =PNWLX " 0YRWT^S Z]TRTYLW  >SL]XL ,]aTYO w?SP ?S]PP 2ZO^ _SP ?S]PP R`©L ^ LYO _SP ?S]PP >dWWLMWP^ ZQ :X% , >_`Od TY 3ZXZWZRTeL_TZY TY _SP 8LT_]£dL©L -]£SXL©L @[LYT´LOx-`WWP_TY ZQ _SP 4Y ^_T_`_P ZQ ?]LOT_TZYLW .`W_`]P^ $##% "z"" >SL]XL ;]PX 7L_L w=PWL_TZY^ST[ -P_bPPY AZTNP LYO 4Y^_]`XPY_^ TY _SP 4YOTLY ?]LOT _TZYx TY /SaLYT% 9L_`]P LYO .`W_`]P ZQ >Z`YO  PO >. 8LWTV 9Pb /PWST% 429., LYO /6 ;]TY_bZ]WO $$$  z" >TPRPW 7PP >LN]PO LYO ;]ZQLYP /TXPY^TZY^ ZQ 7ZaP TY 4YOTLY ?]LOT_TZY^ L^ 0cPX[WTQTPO TY _SP 2¯_LRZaTYOL ZQ 5LdLOPaL /PWST LZ% :cQZ]O @YTa ;] $"# z 9P_ ZQ 8LRTN% BZYOP]^ LYO /PNP[_TZY^ TY 4YOTL .STNLRZ 7ZYOZY% @YTa ZQ .STNLRZ ;] $$ >TWM`]Y 7TWTLY 7L 6`©“LWTY¯ Z` 7v0YP]RTP OP^ []ZQZYOP`]^ ;L]T^% 7P^ /P`c :NËLY^ $# 0YRWT^S _]LY^WL_TZY 6`©“LWTY¯% 0YP]Rd ZQ _SP /P[_S^ _]LY^ Md 5LN\`P^ 2ZY _TP] ,WMLYd% >@9D $## >TXZY =TNSL]O /TP 9Z_L_TZY OP] aPOT^NSPY 7TPOP]MÞNSP] BTP^MLOPY% >_PTYP] $"$  $ >TYRP] 8TW_ZY w?SP .`W_`]LW ;L__P]Y ZQ 4YOTLY .TaTWTeL_TZYx 1L] 0L^_P]Y PXTZ_TN ,Y_S]Z[ZWZRdx 4Y >TRY >Z`YO LYO >PY^P  POT_PO Md ?SZXL^ , >PMPZV z -WZZXTYR_ZY% 4YOTLYL @YTa ;] $"# >TaL]LXLY 6]T^SYL ±LTaT^X TY ;STWZ^Z[STNLW ;P]^[PN_TaP  /PWST% 8Z_TWLW -LYL]^TOL^^ $" z w?SP BZ]O L^ L .L_PRZ]d ZQ =PaPWL_TZYx 4Y =PaPWL_TZY TY 4YOTLY ?SZ`RS_  POT_PO Md 3 .ZbL]O LYO 6 >TaL]LXLY  z! 0XP]daTWWP .LWTQ% /SL]XL ;`MWT^STYR $"" >W`^^P] 8L]d >SP[SP]O 9P[LW 8LYOLWL% , .`W_`]LW >_`Od ZQ _SP 6L_SXLYO` ALWWPd  aZW^ ;]TYNP_ZY 9Pb 5P]^Pd% ;]TYNP_ZY @YTa ;] $# 6LY_T[L_S 6L_SXLYO`% 8LY OLWL -ZZV ;ZTY_ $$# OP >XP_ =TNSL]O w7LYRLRP P_ NZYYLT^^LYNP OP Wv,M^ZW` NSPe .LÀVL]Lx =Pa`P [SWZ^Z [ST\`P OP 7Z`aLTY  $ % z" >XT_S -]TLY 6 w0cZ]NT^TYR _SP _]LY^NPYOPY_% >_]L_PRTP^ QZ] OPQTYTYR 3TYO`T^X LYO ]PWTR TZYx 3T^_Z]d ZQ =PWTRTZY " $#"##% z  z =PQWPN_TZY^ ZY =P^PXMWLYNP =T_`LW LYO =PWTRTZY /PWST% 8Z_TWLW -LYL]^TLOL^^ $$# :]TRTYLW% $#$ z .WL^^TQdTYR _SP @YTaP]^P% ?SP ,YNTPY_ AL]©L >d^_PX LYO _SP :]TRTY^ ZQ .L^_P  :c QZ]O% :cQZ]O @YTa ;] $$ z w?SP APOL LYO _SP ,`_SZ]T_d ZQ .WL^^% =PO`[WTNL_TYR >_]`N_`]P^ ZQ APOL LYO AL]©L TY ,YNTPY_ 4YOTLY ?Pc_^x 4Y ,`_SZ]T_d ,YcTP_d LYO .LYZY% 0^^Ld^ TY APOTN 4Y_P] []P_L_TZY  POT_PO Md 7L`]TP 7 ;L__ZY !"z$ ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$

>PNZYOL]d >Z`]NP^

$

>XT_S /LYTPW , /P^N]T[_TaP -TMWTZR]L[Sd ZQ _SP ;]TY_PO ?Pc_^ ZQ _SP ;£ÓNL]£_]£RLXL  aZW^ -L]ZOL% 2LPVbLO $"  $# >XT_S /LaTO ?SP /LYNP ZQ ±TaL% =PWTRTZY ,]_ LYO ;ZP_]d TY >Z`_S 4YOTL  .LXM]TORP% .LXM]TORP @YTa ;] $$! >XT_S 5ZYL_SLY E 4XLRTYTYR =PWTRTZY% 1]ZX -LMdWZY _Z 5ZYP^_ZbY  .STNLRZ 7ZYOZY% @YTa ZQ .STNRZ ;] $# >XT_S BTWQ]PO .LY_bPWW w?SP ?]`P 8PLYTYR ZQ >N]T[_`]P% ,Y 0X[T]TNLW 3T^_Z]TLYv^ 9ZY]PO`N_TZYT^_ 4Y_P][]P_L_TZY ZQ _SP _`OTP^  $#% #"z   > ø ]PY^PY 5P^[P] w=PWTRTZY TY 8TYO% , =PaTPb ,]_TNWP ZQ _SP .ZRYT_TaP >NTPYNP ZQ =PWTR TZYx 9`XPY   % ! z$ z , .ZRYT_TaP ?SPZ]d ZQ 8LRTN ;WdXZ`_S% ,W_LXT]L ;]P^^ " 7LYSLX% =ZbXLY LYO 7T__WPQTPWO " >[TY_UP =LW[S LYO = /]ZS 8`^TV8POTeTY% ;Sd^TZWZRT^NSP 2]`YOWLRPY `YO []LV_T^NSP ,YbPYO`YRPY  >_`__RL]_% ?]TL^ $$ >[]ZNVSZQQ 5ZLNSTX 1]TPO]TNS w/TP AZ]MP]PT_`YR OP] AZ]^_PWW`YR aZY OP] 0]WØ^`YR MPT 7PMePT_PY TY OPY @[LYT´LO^x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞO `YO :^_L^TPY^ A4 $!%  z"# z w/TP 4OPP OP^ 5¯aLYX`V_T TY OPY ^[Æ_PY @[LYT´LO^x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞO `YO :^_L^TPY^ A44 $!% $z# z w/P] BPR e`] 0]WØ^`YR MPT 7PMePT_PY TS] BP^PY `YO TS] BP]_ YLNS OPX 5¯aLYX`V _TaTaPVL OP^ ATOd£]L©dLx BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞO `YO :^_L^TPY^ A444 $!% z! z w/P] BPR e`] 0]WØ^`YR MPT 7PMePT_PY TS] BP^PY `YO TS] BP]_ YLNS OPX 5¯aLYX`V _TaTaPVL OP^ ATOd£]L©dL 1Z]_^P_e`YRx BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞO `YO :^_L^TPY^ C4A $"% z $ >\`L]NTYT 1]POP]TNZ PO -Z`YOL]TP^ /dYLXTN^ LYO .ZY^_]`N_TZY ZQ ?]LOT_TZY^ TY >Z`_S ,^TL  1T]PYeP% 1T]PYeP @YTa ;]   >]TYTaL^ 89 =PWTRTZY LYO >ZNTP_d LXZYR _SP .ZZ]R^ ZQ >Z`_S 4YOTL 7ZYOZY 9Pb DZ]V% :cQZ]O @YTa ;] $  >]TYTaL^LY >, :Y _SP .ZX[Z^T_TZY ZQ _SP 9£¶dL²£^_]L =PTYMPV% BPeWP] AP]WLR QÞ] :]TPY_LW 1LNS[`MW $# >_LLW 1]T_^ 9LXM`OT]T% APOL =PNT_L_TZY  u^2]LaPYSLRP% 8Z`_ZY $! z w>LY^V]T_ LYO >LY^V]T_TeL_TZYx ?SP 5Z`]YLW ZQ ,^TLY >_`OTP^  8Ld $!% !z "  z w‹RaPOL " ZY _SP :]TRTY ZQ 7LYR`LRPx 4Y =PaPWL_TZY TY 4YOTLY ?SZ`RS_  POT_PO Md 3 .ZbL]O LYO 6 >TaL]LXLY z 0XP]daTWWP .LWTQ% /SL]XL ;`MWT^STYR $"" z w?SP 8PLYTYRWP^^YP^^ ZQ =T_`LWx 9`XPY ! $"$% z z ,RYT% ?SP APOTN =T_`LW ZQ _SP 1T]P ,W_L]  aZW^ -P]VPWPd% ,^TLY 3`XLYT_TP^ ;]P^^ $# z w?SP >Z`YO ZQ =PWTRTZYx 9`XPY  $#!% z!& # z z w?SP 1TOPWT_d ZQ :]LW ?]LOT_TZY LYO _SP :]TRTY^ ZQ >NTPYNPx 8POPOPWTYRPY OP] 6Z YTYVWTUVP 9POP]WLYO^P ,VLOPXTP aLY BP_PY^NSL[[PY 9= $# $#!% z  z ## z wAPOTN 8LY_]L^x 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] #z$  /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd%  $#$ z =T_`LW LYO 8LY_]L^% =`WP^ BT_SZ`_ 8PLYTYR /PWST LZ% 8Z_TWLW -LYL]^TOL^^ $$!  ^_ PO =`WP^ BT_SZ`_ 8PLYTYR% =T_`LW 8LY_]L^ LYO _SP 3`XLY >NTPYNP^ 9Pb DZ]V% $$ z w1]ZX XPLYTYR^ _Z _]PP^x 5Z`]YLW ZQ ]T_`LW ^_`OTP^ " $$% z

$



>PNZYOL]d >Z`]NP^

>_L]ZMTY^VT 5PLY w7P^ ,YLR]LXXP^ OP 1P]OTYLYO OP >L`^^`]P _Pc_P^ TYËOT_^x 8P]N`]P OP 1]LYNP   $!% z! z w7P^ 8Z_^ ^Z`^ WP^ XZ_^ ?Pc_P^ TYËOT_^ OP^ NLSTP]^ OvLYLR]LXXP^ OP 1P]OTYLYO OP >L`^^`]Px 4Y ?Z 3ZYZ] =ZXLY 5LVZM^ZY 0^^Ld^ ZY _SP :NNL^TZY ZQ 3T^ >PaPY_TP_S -T]_SOLd   aZW^ aZW  [ $!z$" ?SP 3LR`P LYO ;L]T^% $!" z BØ]_P] `Y_P] BØ]_P]Y% /TP ,YLR]LXXP aZY 1P]OTYLYO OP >L`^^`]P  1]LYVQ`]_ LX 8LTY LZ% @WW^_PTY $# >_TP_PYN]ZY 3PTY]TNS aZY w-SLT]LaLx 4Y /P`_^NSP] :]TPY_LWT^_PY_LR " $!# ( E/82 >`[[WPXPY_ 4 #!z#" BTP^MLOPY% >_PTYP] $!$ z /P] 3TYO`T^X`^ 8ÞYNSPY% . 3 -PNV  >_TP]^_Z]QP] 6WL`^ w0TYWPT_`YR% ,YXP]V`YRPY e`] 4Y_P]OT^eT[WTYL]T_Æ_ OP] 6`W_`]bT^^PY ^NSLQ_PYx 4Y 6`W_`]bT^^PY^NSLQ_ 4Y_P]OT^eT[WTYÆ] POT_PO Md 6WL`^ >_TP]^_Z]QP] LYO 7L`]PYe AZWVXLYY $z# ?ÞMTYRPY% 2`Y_P] 9L]]   aZY >_`NV]LO 6ZNV` w/T^N`]^TaP >_`Od ZQ =PWTRTZY% 1]ZX >_L_P^ ZQ 8TYO _Z .ZXX`YTNL _TZY LYO ,N_TZYx 8P_SZO LYO ?SPZ]d TY _SP >_`Od ZQ =PWTRTZY  %  z" z BL^ T^_ 0^Z_P]TV* 6WPTYP 2P^NSTNS_P OP^ RPSPTXPY BT^^PY^ 8ÞYNSPY% -PNV  z w/TP 0^Z_P]TV TY OP] RPRPYbÆ]_TRPY 1Z]^NS`YR% ¾MP]MWTNV `YO ;Z^T_TZY^MP^_TXX`YRx ePT_PYMWTNVP ! 9]  @=7% S__[%bbbePT_PYMWTNVPOP!>_`NV]LOTY OPcJS_XW LNNP^^PO 9ZaPXMP]   ! @=9% `]Y%YMY%OP%$z$z#! >`MML]LdL[[L - A LYO 6 A >L]XL 4YOTLY ,^_]ZYZXd , >Z`]NP-ZZV  -ZXMLd% 9PS]` .PY_]P $#  >`WWTaLY 7Lb]PYNP 0 w>Z`YO LYO >PY^P^% ?ZbL]O L 3P]XPYP`_TN^ ZQ ;P]QZ]XLYNPx 3T^_Z]d ZQ =PWTRTZY^ ! $#!% z ?LXMTLS >_LYWPd 5PdL]LUL w?SP 8LRTNLW ;ZbP] ZQ BZ]O^x 8LY  9>  $!#% " z# z w1Z]X `YO -POP`_`YR XLRT^NSP] ,V_P% 0TY >_LYO[`YV_ $"x 4Y 8LRTP% /TP ^ZeT LWbT^^PY^NSLQ_WTNSP 6ZY_]ZaP]^P ÞMP] OL^ AP]^_PSPY Q]PXOPY /PYVPY^ POT_PO Md 3LY^ 2 6T[[PYMP]R LYO -]TRT__P 7`NSP^T  $z$! 1]LYVQ`]_% >`S]VLX[ $#" z w, ;P]QZ]XL_TaP ,[[]ZLNS _Z =T_`LWx ;]ZNPPOTYR^ ZQ _SP -]T_T^S ,NLOPXd ! $"$% z!$ z 8LRTN ^NTPYNP ]PWTRTZY LYO _SP ^NZ[P ZQ ]L_TZYLWT_d .LXM]TORP% .LXM]TORP @YTa ;] $$   $$ z w8`W_T[WP Z]OP]TYR^ ZQ ]PLWT_dx 4Y 8LRTN ^NTPYNP ]PWTRTZY LYO _SP ^NZ[P ZQ ]L_TZYLW T_d  POT_PO Md > 5 ?LXMTLS #z  .LXM]TORP% .LXM]TORP @YTa ;] $$   $$ ?LdWZ] 8L]V . PO .]T_TNLW ?P]X^ QZ] =PWTRTZ`^ >_`OTP^ .STNLRZ 7ZYOZY% @YTa ZQ .STNLRZ ;] $$# ?POWZNV /PYYT^ ?SP >[ZVPY BZ]O LYO _SP BZ]V ZQ 4Y_P][]P_L_TZY  ;STWLOPW[STL% @YTa ZQ ;PYY^dWaLYTL ;] $$  $# ?STPXP ;L`W w;¼U£x EPT_^NS]TQ_ OP] OP`_^NSPY XZ]RPYWÆYOT^NSPY 2P^PWW^NSLQ_ $ $$%  z" F0YRWT^S PO 5Z`]YLW ZQ :]TPY_LW =P^PL]NS # $ "z$ #% z!H z w/L^ TYOT^NSP ?SPL_P]x 4Y 1P]YØ^_WTNSP^ ?SPL_P] POT_PO Md 3 6TYOP]XLYY z >_`__RL]_% 6]ØYP] $!! z /P] 1]PXOWTYR TX =TRaPOL 9PYOPWY% 6]L`^ $!! z w-]ÃSXLYx 4Y 6WPTYP >NS]TQ_PY   POT_PO Md 2PZ]R -`OO]`^^ z# BTP^MLOPY% >_PTYP] $"  $# z wv>[]LNSXLWP]PTvx 4Y 6WPTYP >NS]TQ_PY   POT_PO Md =PYL_P aZY >ØSYPY?STPXP $$z  >_`__RL]_% 1]LYe >_PTYP] $$  z w0_dXZWZRTP z PTY^_ `YO SP`_Px 4Y 6WPTYP >NS]TQ_PY   POT_PO Md =PYL_P aZY >ØSYPY ?STPXP z >_`__RL]_% 1]LYe >_PTYP] $$ 

>PNZYOL]d >Z`]NP^

$

w9PYYQZ]XPY L`^ ,Y]POP `YO ,Y]`Q TX >LY^V]T_x 4Y 6WPTYP >NS]TQ_PY   POT_PO Md =PYL_P aZY >ØSYPY?STPXP  z" >_`__RL]_% 1]LYe >_PTYP] $$  ?SZXL^ 2ÞY_P] w6ZXX`YTVL_TZYx 4Y 8P_eWP] 7PcTVZY =PWTRTZY  AZW  POT_PO Md .S]T^ _Z[S ,`QQL]_S 5`__L -P]YL]O LYO 3`MP]_ 8ZS] "z  >_`__RL]_ BPTXL]% 5- 8P_eWP] $$$ ?SZX[^ZY 2PZ]RP w:Y 8LY_]L^ LYO 1]T_^ >_LLWx 5Z`]YLW ZQ =T_`LW >_`OTP^ $ $$ % z ?S]ZbP] 5LXP^ ?SP ,W_P]YL_TaP ?]LOT_TZY% =PWTRTZY LYO _SP =PUPN_TZY ZQ =PWTRTZY TY _SP ,YNTPY_ BZ]WO  ?SP 3LR`P LZ% 8Z`_ZY $# ?TXX 5PQQ]Pd = PO ?Pc_^ TY .ZY_Pc_% ?]LOT_TZYLW 3P]XPYP`_TN^ TY >Z`_S ,^TL ,WMLYd% >_L_P @YTa ZQ 9Pb DZ]V ;] $$ ?ZWL 1P]YLYOZ LYO .L]XPY /]LRZYP__T w@YT_d TY /TaP]^T_d% 4YOTLY LYO BP^_P]Y ;STWZ^Z [STNLW ?]LOT_TZY^x 4Y -Z`YOL]TP^ /dYLXTN^ LYO .ZY^_]`N_TZY ZQ ?]LOT_TZY^ TY >Z`_S ,^TL  POT_PO Md 1]POP]TNZ >\`L]NTYT !"z!# 1T]PYeP% 1T]PYeP @YTa ;]   ?Z[T_^NS 0]Y^_ AZX @]^[]`YR `YO 0YOP OP] 8P_L[Sd^TV% 0TYP >_`OTP e`] BPW_LY^NSL` `YR^V]T_TV  ATPYYL% >[]TYRP]AP]WLR $ # ?Z[Z]Za AWLOTXT] 9 w/TP @]^[]ÞYRP OP] TYOZP`]Z[ÆT^NSPY ;ZP_TVx ;ZP_TNL EPT_^NS]TQ_ QÞ] >[]LNS `YO 7T_P]L_`]bT^^PY^NSLQ_ z $#% #$z  ?]L`_XLYY ?SZXL^ = ,]dLY^ LYO -]T_T^S 4YOTL 9Pb /PWST% DZOL ;]P^^ ! ?]P[[ 7PZ /TP 5`OPY% AZWV 2P^NSTNS_P =PWTRTZY  =PTYMPV% =ZbZSW_ $!$ $#" ?^NSLYYP]W AZWVP] w0TYP Q]ÞSP ?SPZ]TP OP^ 6Z^XT^NSPY% 9£¶dL²£^_]L A4x -P]WTYP] 4YOZ WZRT^NSP >_`OTPY # $$ % #$z$$ ?`WW 3P]XLY 1 8Lc 8ÞWWP] LYO ,- 6PT_S wv?bLOOWPv _SP u>_`[TOv 8d_S LYO _SP /T^PL^P ZQ 4YOZWZRdx 9`XPY #% z ?Þ]^_TR 3LY^2PZ]R w?SP 4YOTLY >Z]NP]d .LWWPO ,MSTN£]L x BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞOL^TPY^ $ $# % !$z" ?`eTY /ZYLWO w8T]LN`WZ`^ AZTNP^% ?SP ,`OT_Z]d 0c[P]TPYNP ZQ 9`XTYZ`^ :MUPN_^x .`]]PY_ ,Y_S]Z[ZWZRd   /PNPXMP] $#% "$z $! ?d]PWW 3L]_XLYY AZWVSL]O 6]PNS LYO 3`MP]_ 6YZMWL`NS PO =PWTRTZY LW^ 6ZXX`YTVL _TZY  BÞ]eM`]R% 0]RZY $$# ?d]PWW 3L]_XLYY w3LYOPWY =PWTRTZY `YO 6ZXX`YTVL_TZY% -PR]TQQ^RP^NSTNS_WTNSP `YO ^d^_PXL_T^NSP ¾MP]WPR`YRPYx 4Y =PWTRTZY LW^ 6ZXX`YTVL_TZY  POT_PO Md 3 ?d]PWW A 6]PNS LYO 3 6YZMWL`NS #z BÞ]eM`]R% 0]RZY $$# z w=PWTRTØ^P 6ZXX`YTVL_TZY% ,`RP :S] `YO 8POTPYaTPWQLW_x 4Y 1]ØXXTRVPT_ TX z

8T__PWLW_P]% ;ZWT_T^NS^ZeTLWP 6ZY_Pc_P aT^`PWWP ;]LcT^ VØ][P]WTNSP ,`^O]`NV^QZ] XPY  POT_PO Md 6WL`^ >NS]PTYP] LYO 8L]N 8ÞY_e z$ 8ÞYNSPY% BTWSPWX 1TYV  @]MLY 3`RS - ?LY_]L >Pc >PN]PNd ;ZWT_TN^ LYO ;ZbP] TY _SP >_`Od ZQ =PWTRTZY -P]VP WPd% @YTa ZQ .LWTQZ]YTL ;]  ALWP]T ALWP]TZ 6TYR^ST[ LYO >LN]TQTNP% =T_`LW LYO >ZNTP_d TY ,YNTPY_ 3LbLTT  _]LY^ Md ;L`WL BT^^TYR .STNLRZ LYO 7ZYOZY% ?SP @YTa ZQ .STNLRZ ;] $#  aLY OP] APP] ;P_P] 4X[P]TLW 0YNZ`Y_P]^% =PWTRTZY LYO 8ZOP]YT_d TY 4YOTL LYO -]T_LTY  ;]TYNP_ZY% ;]TYNP_ZY @YTa ;]  z w/ZP^ >LY^V]T_ 6YZbWPORP 0cT^_*x 5Z`]YLW 4YOTLY ;STWZ^Z[Sd ! #% !z! z w>[T]T_`LWT_d TY 8ZOP]Y >ZNTP_dx 882 BZ]VTYR ;L[P] $z 8Lc ;WLYNV 4Y^_T_`_P QZ] _SP >_`Od ZQ =PWTRTZ`^ LYO 0_SYTN /TaP]^T_d bbbXXRX[ROPbZ]VTYR[L[P]^ AP][ZZ]_PY 5PLY8L]TP 8¯X£À^£ 7T_P]L_`]P  BTP^MLOPY% 3L]]L^^ZbT_e $#" , 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P !  AP]^YPW 3PYO]TV >TXZY w/TP ;ZP_TV OP] EL`MP]^[]ÞNSPx 4Y /TP 8LNS_ OP^ BZ]_P^ POT_PO Md ?TWZ >NSLMP]_ LYO =ËXT -]LR`P z$" 8ÞYNSPY% BTWSPWX 1TYV $$!

$



>PNZYOL]d >Z`]NP^

AP__P] ?TWXLYY w0]QLS]`YR OP^ @YP]QLS]ML]PY MPT ±L«VL]Lx 4Y ?]LY^ePYOPYeP]QLS]`YR

AZWWe`R^SZ]TeZY_ OP^ 3PTW^% /L^ ;]ZMWPX TY TYOT^NSP] `YO NS]T^_WTNSP] ?]LOT_TZY ,] MPT_^OZV`XPY_L_TZY PTYP^ >dX[Z^T`X^ POT_PO Md 2P]SL]O :MP]SLXXP]  z $ ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP $"# w/TP 2L`“L[£O¯dL6£]TV£^% E`] 0Y_^_PS`YR `YO e`] -POP`_`YR aZY ,OaLT_Lx BTPYP] EPT_^NS]TQ_ QÞ] OTP 6`YOP >ÞOL^TPY^  $"$% $ z z >_`OTPY e`] 7PS]P `YO 0Y_bTNVW`YR ±L«VL]L^ ATPYYL% 4Y^_T_`_ QÞ] 4YOZWZRTP $"$ ATP]VLYO_ ,WQ]PO w/TP PY_bTNVW`YR^[^dNSZWZRT^NSP ?SPZ]TP OP] EL`MP]PTx 4Y 8LRTP `YO =PWTRTZY% -PT_]ÆRP e` PTYP] ?SPZ]TP OP] 8LRTP POT_PO Md 7PLYOP] ;P_eZWO_ !z /L]X^_LO_% BT^^PY^NSLQ_WTNSP -`NSRP^PWW^NSLQ_ $"# ATaL AZc  >PP 6L^[P] LYO >NS]PTYP] ATaPVLYLYOL >bLXT ?SP 0L^_ LYO _SP BP^_  .LWN`__L% ,OaLT_L ,^S]LXL !  AZYP^^PY ;P_P] >PP ;]TXL]d >Z`]NP^ ,`X£[L_LX BPMP] .WL`OTL >PP ;]TXL]d >Z`]NP^ ;L]L²`]£XL6LW[L^¼_]L  BPMP] 8Lc 2P^LXXPW_P ,`Q^Æ_eP e`] =PWTRTZY^^ZeTZWZRTP   aZW^ ?ÞMTYRPY% 5.- 8ZS] ;L`W >TPMPNV $ $ $## $ " $## $ # $## z BT]_^NSLQ_ `YO 2P^PWW^NSLQ_% 2]`YO]T^^ OP] aP]^_PSPYOPY >ZeTZWZRTP  ?ÞMTYRPY% 5.- 8ZS] ;L`W >TPMPNV  $  ]Pa PO $# =P[]TY_%  z 2P^LXXPW_P ,`Q^Æ_eP e`] BT^^PY^NSLQ_^WPS]P  ?ÞMTYRPY% 8ZS] $" z w/TP u:MUPV_TaT_Æ_v ^ZeTLWbT^^PY^NSLQ_WTNSP] `YO ^ZeTLW[ZWT_T^NSP] 0]VPYY_YT^x ,] NSTa QÞ] >ZeTLWbT^^PY^NSLQ_ `YO >ZeTLW[ZWT_TV $ =P[]TY_ TY 2P^LXXPW_P ,`Q^Æ_eP e`] BT^^PY^NSLQ_^WPS]P  POT_PO Md 5ZSLYYP^ BTYNVPWXLYY !z# ?ÞMTYRPY% 8ZS] ! $#  ##Q z /TP ]L_TZYLWPY `YO ^ZeTZWZRT^NSPY 2]`YOWLRPY OP] 8`^TV 8ÞYNSPY% /]PT 8L^VPY AP]WLR $ ?ÞMTYRPY% 8ZS] $" =P[]TY_ TY BT]_^NSLQ_ `YO 2P^PWW^NSLQ_  ;L]_  POT_PO Md 8L]TLYYP BPMP] ##z#!$ ?ÞMTYRPY% 8ZS]  $  BT]_^NSLQ_ `YO 2P^PWW ^NSLQ_  ;L]_  POT_PO Md 5ZSLYYP^ BTYNVPWXLYY #""z$# ?ÞMTYRPY% 8ZS] $ ! z wBT^^PY^NSLQ_ LW^ -P]`Qx4Y 2PT^_TRP ,]MPT_ LW^ -P]`Q AZ]_]LR^XLY`^V]T[_ $$ >_`__RL]_% =PNWLX $$  =P[]TY_ TY 2P^LXXPW_P ,`Q^Æ_eP e`] BT^^PY^NSLQ_^WPS]P #z! ?ÞMTYRPY% 8ZS] $ " $## z E`] 8`^TV^ZeTZWZRTP  @Y[`MWT^SPO bZ]V $ 0OT_PO Md .S]T^_Z[S -]L`Y LYO 7`ObTR 1TY^NSP] 8Lc BPMP] 2P^LX_L`^RLMP 4 ?ÞMTYRPY% 8ZS] >TPMPNV  BSPPWZNV BLOP ? w, ?LcZYZXd ZQ _SP 8LY_]L^ TY _SP 9Pb LYO 1`WW8ZZY >LN]TQTNPx 3T^_Z]d ZQ =PWTRTZY^ $ $#% $z!$ z w?SP ;]ZMWPX ZQ =T_`LW 7LYR`LRP% 1]ZX 4YQZ]XL_TZY _Z >T_`L_TZYx 5Z`]YLW ZQ _SP ,XP]TNLY ,NLOPXd ZQ =PWTRTZY  $#% $z" z w?SP 8LY_]L TY APOTN LYO ?LY_]TN =T_`LWx 4Y @YOP]^_LYOTYR 8LY_]L^ POT_PO Md 3L]aPd ; ,W[P] $!z  /PWST% 8Z_TWLW -LYL]^TOL^^ $$ ,WMLYd%  $#$ BST_P /LaTO 2Z]OZY ?SP ,WNSPXTNLW -ZOd% >TOOSL ?]LOT_TZY^ TY 8POTPaLW 4YOTL .ST NLRZ 7ZYOZY% ?SP @YTaP]^T_d ZQ .STNLRZ ;]P^^ $$! z w?]LY^QZ]XL_TZY^ TY _SP ,]_ ZQ 7ZaP% 6£XLVLW£ ;]LN_TNP^ TY 3TYO` ?LY_]TN LYO 6L`WL ?]LOT_TZY^x 3T^_Z]d ZQ =PWTRTZY^ # $$#% "z$# z PO ?LY_]L TY ;]LN_TNP ;]TYNP_ZY% ;]TYNP_ZY @YTaP]^T_d ;]P^^  z 6T^^ ZQ _SP DZRTYÅ w?LY_]TN >Pcx TY T_^ >Z`_S ,^TLY .ZY_Pc_^ .STNLRZ% @YTaP]^T_d ZQ .STNLRZ ;]P^^  BST_PSZ`^P 3L]aPd ,]R`XPY_^ LYO 4NZY^% /TaP]RPY_ 8ZOP^ ZQ =PWTRTZ^T_d  :cQZ]O% :cQZ]O @YTa ;]  BSZ]Q -PYULXTY 7PP >[]LNSP z /PYVPY z BT]VWTNSVPT_% -PT_]ÆRP e`] XP_LWTYR`T^_TV `YO >[]LNS[STWZ^Z[STP  =PTYMPV% =ZbZSW_ $$$ Z]TRTYLW PO $ ! z

>PNZYOL]d >Z`]NP^

$

BTPMP /ZYLWO w?SP ;]PWZRTNLW 8PY_LWT_d =PaT^T_POx =PWTRTZY " $#"% $z! z w8ZOP]Y BP^_P]Y >NTPYNP _SP >_`Od ZQ =PWTRTZY LYO :]TPY_LWT^X LYO =PWTRTZYx 8P_SZO  ?SPZ]d TY _SP >_`Od ZQ =PWTRTZY  % ! z"# BTOOP^^ =TNSL]O l?SP Z]LW TY b]T_TYR 0L]Wd 4YOTLY X`^TNLW YZ_L_TZY^x 0L]Wd 8`^TN  $$!% $! BTWVP ,YYP__P 0TY >PTY z 0TY 0]VPYYPY% 8PT^_P] 0NVSL]_^ .S]T^_ZWZRTP `YO ±LÀVL]L^ 7PS]P aZX ¢_XLY E`] @YAP]RWPTNSML]VPT_ ebPTP] 0TYSPT_^WPS]PY  -P]Y LZ% ;P_P] 7LYR $$  z w±L«VL]L LYO _SP ?LXTYR ZQ BTWO 2ZOOP^^P^x 4Y BTWO 2ZOOP^^P^ ZQ 4YOTL LYO 9P [LW  POT_PO Md , 8TNSLPW^ . AZRPW^LYRP] LYO , BTWVP z"# -P]Y% 7LYR $$! z w6PTYP @]XZ_TaP Y`] -P^ZYOP]`YRPY% =`OZWQ :__Z^ BP^_¸^_WTNSP 8d^_TV OTP ;]ZM WPXL_TV OP^ TY_P]]PWTRTØ^PY /TLWZR^ `YO OP] AP]RWPTNS 0NVSL]_ z ±L«VL]Lx EPT_^NS]TQ_ QÞ] =PWTRTZY^ `YO 2PT^_P^RP^NSTNS_P $ $$"% z" z wv>_TXX`YRPYv `YO uE`^_ÆYOP%v 4YOT^NSP ¦^_SP_TV `YO 2PQÞSW^]PWTRTZ^T_Æ_x 4Y 9ZNS PTYP .SLYNP QÞ] OTP =PWTRTZY^[SÆYZXPYZWZRTP* POT_PO Md ,cPW 8TNSLPW^ /L]TL ;Pe eZWT:WRTL_T LYO 1]T_e >_ZWe z! -P]Y% 7LYR  z wv8LRT^NS]PWTRTØ^v* 3TYO`T^_T^NSP BPW_Z]TPY_TP]`YR `YO 8LRTP/PML__Px 4Y E`] ,VeP[_LYe aZY 8LRTP =PWTRTZY `YO BT^^PY^NSLQ_ POT_PO Md ,YYPXL]TP 1TPOP]X`_e 7L`Y P_ LW #z 8ÞY^_P]% 74?  z w-PL`_d ;P]^ZYTQTPO% ?SP 2ZOOP^^ 7LWT_£ ?]T[`]L^`YOL]¯ LYO 3P] ?SZ`^LYO 9LXP^x 4Y 1Z`YOL_TZY^ ZQ 4YOTLY ,]_% ;]ZNPPOTYR^ ZQ _SP .STOLXML]LX >PXTYL] ZY ,]_ LYO =PWTRTZY 1PM   POT_PO Md = 9LRL^bLXd #z .SPYYLT% ?LXTW ,]_^ ,NL OPXd  z w9LS]`YR^XP_L[SP]Y TYOT^NSP ¦^_SP_TV `YO OTP 2P^_PY OP] /PaZ_TZYx 4Y /P] 6LYZY `YO OTP >TYYP  POT_PO Md >`^LYYP 7LYbP]O z! 7`cPXM`]R%  z w:[QP] 2PMP_ `YO 2PMP_^Z[QP] TX 3TYO`T^X`^x 4Y :[QP] `YO 2PMP_ TY OPY =PWTRTZ YPY  POT_PO Md @W]TNS -P]YP] .S]T^_Z[S -ZNSTYRP] LYO =LTYP] 1WL^NSP z 2Þ _P]^WZS% 2Þ_P]^WZSP] AP]WLR^SL`^   z w, 9Pb ?SPZWZRd ZQ -WT^^% uAPO£Y_TeL_TZYv ZQ ?LY_]L LYO u?£Y_]TeL_TZYv ZQ ,OaLT_L APO£Y_L TY _SP 7LWT_£_]T²L_TMS£´dLx 4Y >£XL]L^dL% >_`OTP^ TY 4YOTLY ,]_^ ;STWZ^Z [Sd LYO 4Y_P]]PWTRTZ`^ /TLWZR`P POT_PO Md > /L^ LYO 0 1Þ]WTYRP] $z"  9Pb /PWST% /6 ;]TY_bZ]WO   z w2PbLW_WZ^TRVPT_ `YO 2PbLW_L`^ÞM`YR TY 3TYO`T^X`^ `YO -`OOST^X`^% ?LXTWT^NSP /PaZ_TZY >TYRSLWP^T^NSP] -`OOST^X`^ `YO OTP 8LNS_ OP] =P[]Æ^PY_L_TZYx 4Y 1]TPOP L`Q 0]OPY* /TP BPW_]PWTRTZYPY ebT^NSPY 2PbLW_aP]eTNS_ `YO 2PbLW_MP]PT_^NSLQ_  POT _PO Md , 1Þ]^_ #z  $"z  1]PTM`]R T-] LZ% 3P]OP] ! z w=PWTRTZYPY >TYYP `YO 8POTPYx 4Y 4X 9P_e OP^ 4YO]L% /L^ 8`^P`X ZQ BZ]WO

z z

z

=PWTRTZY^ ^PTY M`OOST^_T^NSP^ /TLWZRVZYeP[_ `YO OTP YP`P /T^eT[WTY =PWTRTZY^Æ^_SP _TV  Md ,YYP__P BTWVP LYO 0^_SP]8L]TL 2`RRPYXZ^  z 8ÞY^_P]% 7T_ # w9PRZ_TL_TYR ?LY_]L LYO APOL TY _SP ;L]L²`]£XL6LW[L _]LOT_TZYx 4Y 9PRZ_TL_TYR =T_P^ POT_PO Md 1]LYV 9P`MP]_ LYO @_P 3Þ^VPY 1Z]_SNZXTYR w=PNZOTYR _SP YL_`]LW LYO LYTXL_TYR _SP TXLRTYL]d% 6L`WL MZOd []LN_TNP^ TY _SP ;L]L²`]£XL6LW[L^¼_]L ]T_`LW _]LY^QP]^ LYO _SP [ZWT_TN^ ZQ ]P[]P^PY_L_TZYx TY ?]LY^ QP]^ LYO ?]LY^QZ]XL_TZY^ ZQ ?LY_]L?LY_]T^X TY ,^TL LYO -PdZYO POT_PO Md 4^_aLY 6P`W -P]WTY% BLW_P] OP 2]`d_P] QZ]_SNZXTYR w/P] APOL LW^ 6LYZY OP^ 3TYO`T^X`^* 9P`P ,^[PV_P e`] 6LYZYOPML__Px 4Y 6LYZY

MTWO`YR TY OPY ,^TL_T^NSPY =PWTRTZYPY `YO 6LYZYT^TP]`YR TY OP] ,^TL_T^NSPY =PWTRT ZY^RP^NSTNS_P  POT_PO Md 8 /PPR . 6WPTYP LYO : 1]PTMP]RP] @[[^LWL% ,N_L @[^L WTPY^T^ QZ]_SNZXTYR ATPYYL% ¸^_P]]PTNST^NSP ,VLOPXTP OP] BT^^PY^NSLQ_PY

$!



>PNZYOL]d >Z`]NP^

BTY_P]YT_e 8 3T^_Z]d ZQ 4YOTLY 7T_P]L_`]P  aZW^ $!z!" /PWST% 8Z_TWLW -LYL]^T OL^^ AZW  $# $$! AZW  ]PaT^PO /PWST  $# $$$ AZW  $#  $$# BT]_S @bP w/P] ;P]QZ]XLYeMPR]TQQ TX >[LYY`YR^QPWO aZY 4WWZVL_TZY 4_P]L_TZY `YO 4YOPcTVLWT_Æ_x 4Y EbT^NSPY >[]LNS[STWZ^Z[STP `YO 6`W_`]bT^^PY^NSLQ_PY  POT_PO Md @ BT]_S $z! 1]LYVQ`]_% >`S]VLX[  BT_ePW 8TNSLPW :Y 8LRTNLW ?SZ`RS_ TY _SP APOL  7PTOPY% @YTa ;] 7PTOPY $"$ z w>`] WP NSPXTY O` NTPWw -04  $#% "$ z w=PRTZYLWP `YO ÞMP]]PRTZYLWP 1LV_Z]PY TY OP] 0Y_bTNVW`YR aPOT^NSP] -]LSXLYPY R]`[[PY TX 8T__PWLW_P] 8L_P]TLWTPY e` OPY aPOT^NSPY >NS`WPY x 4Y =PRTZYLWP ?]L OT_TZY TY >ÞOL^TPY  POT_PO Md 3P]XLYY 6`WVP LYO /TP_XL] =Z_SP]X`YO "z"! BTP^ MLOPY% 1]LYe >_PTYP] $#  z w8PLYTYRQ`W =T_`LW% APOTN 8POTPaLW LYO .ZY_PX[Z]L]d .ZYNP[_^ TY _SP 9P[LWP^P ,RYTSZ_]L =T_`LWx 4Y =T_`LW >_L_P LYO 3T^_Z]d TY >Z`_S ,^TL% 0^^Ld^ TY 3ZYZ`] ZQ 5. 3PP^_P]XLY  POT_PO Md ,B aLY OPY 3ZPV /3, 6ZWQQ LYO 8> :Z]_ ""z #  7PTOPY LZ% -]TWW $$ z PO 4Y^TOP _SP ?Pc_^ z -PdZYO _SP ?Pc_^ 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ _SP APOL^ ;]ZNPPOTYR^ ZQ _SP 4Y_P]YL_TZYLW BZ]V^SZ[ 3L]aL]O @YTaP]^T_d 5`YP $#$  .LX M]TORP% /P[ ZQ >LY^V]T_ LYO 4YOTLY >_`OTP^ 3L]aL]O @YTa $$" z w?SP /PaPWZ[XPY_ ZQ _SP APOTN .LYZY LYO T_^ >NSZZW^% ?SP >ZNTLW LYO _SP ;ZWT_TNLW 8TWTP`x 4Y 4Y^TOP _SP ?Pc_^ LYO -PdZYO _SP ?Pc_^% 9Pb ,[[]ZLNSP^ _Z _SP >_`Od ZQ _SP APOL^ PO 8 BT_ePW  "z  .LXM]TORP% 3L]aL]O @YTaP]^T_d $$" z w8POTPaLW APOL ?]LOT_TZY L^ =PQWPN_PO TY 9P[LWP^P 8LY`^N]T[_^x 5Z`]YLW ZQ _SP 9P[LW =P^PL]NS .PY_]P " %  z$$ BZZO]ZQQP >T] 5ZSY ( ,]_S`] ,aLWZY ?SP >P][PY_ ;ZbP] 8LO]L^% 2LYP^S ]P[] $$ z ±LV_T LYO ±£V_L  8LO]L^% 2LYP^S $#"   $# z ;]TYNT[WP^ ZQ ?LY_]L 8LO]L^% 2LYP^S $!  $ BZ]LY RWL`M_ OTP BPW_* ,YLWd^PY `YO 6ZXXPY_L]P e`X =PWTRTZY^XZYT_Z] #  POT_PO Md -P]_PW^XLYY >_TQ_`YR 2Þ_P]^WZS% AP]WLR -P]_PW^XLYY >_TQ_`YR $ DPWWP =ZMP]_ , 0c[WLTYTYR 8LY_]L^% =T_`LW =SP_Z]TN LYO _SP /]PLX ZQ L 9L_`]LW 7LY R`LRP TY 3TYO` ?LY_]L 9Pb DZ]V% =Z`_WPORP  DZN`X 2WPYY 3dXY^ _Z _SP /LYNTYR ±TaL  9Pb /PWST% 3P]T_LRP ;`MWTNL_TZY^ $# DZRL% 4Y_P]YL_TZYLWP EPT_^NS]TQ_ QÞ] bT^^PY^NSLQ_WTNSP DZRL1Z]^NS`YR  POT_PO Md 3PWX`_ ;LWXTË AZW  $ 3L]M`]R% 3PWX`_ ;LWXTË $ DZ`YR 6L_SP]TYP 6 w-]£SXL©L^ ;£ÓNL]£_]TY^ LYO _SP 1Z]XL_TZY ZQ ±]¯aLT´©LaT^Xx 4Y

>_`OTP^ TY 3TYO`T^X 4A% :Y _SP 8`_`LW 4YQW`PYNP^ LYO =PWL_TZY^ST[ ZQ AT²T´T´¶£O aLT_L APO£Y_L LYO ;£ÓNL]£_]L POT_PO Md 2 :MP]SLXXP] LYO 8 =L^_PWWT "$z! ATPYYL% ¸,B ELPSYP] =ZMP]_ .SL]WP^ 8d^_TNT^X >LN]PO LYO ;]ZQLYP% ,Y 4Y\`T]d TY_Z >ZXP AL]TP_TP^ ZQ ;]LP_P]YL_`]LW 0c[P]TPYNP :cQZ]O% .WL]PYOZY ;]P^^ $ " z 3TYO` LYO 8`^WTX 8d^_TNT^X 7ZYOZY% @YTa ZQ 7ZYOZY ,_SWZYP ;] $! 5Z]OLY WPN_`]P^ TY NZX[L]L_TaP ]PWTRTZY  ETXXP]XLYY 3PTOd ?Z]L `YO >ST]L% @Y_P]^`NS`YRPY e`] 8`^TVL`QQL^^`YR OP^ ]LMMTYT ^NSPY 5`OPY_`X^ -P]Y LZ% ;P_P] 7LYR  ETY^P] 3L]_X`_ 0^Z_P]TV  8ÞYNSPY% 1TYV $ EaPWPMTW 6LXTW A ?SP ;ZP_^ ZQ ;ZbP] 7ZYOZY% =TOP] $" z ?SP >TOOSL LNSNSTOLYLYOL >bLXT " #! 2PP]_e .WTQQZ]O   ! " 2WL^^ ;STWT[ #$ 2ZZOd 5LNV $  # "!z"" "$     !#z"  2]LSLX BTWWTLX    ! # 2]TQQT_S^ ;L`W 5  !z# !$ 3P]XP^ ?]T^XPRT^_Z^  3ÞMYP] 6`]_ Tc $z   $ #$ 4YLdL_ 3Le]L 6SLY  4?^TYR $! 5LTXTYT  " 5LVZM^ZY =ZXLY #z# $ 5LdLOPaL  5LdL]L_SL """ ""# ""$ "#! "#" 6LM¯] ##! #$ 6LWWTY£_SL !$# # 6£_d£dLYL #z# #$ 6PWWd 5ZSY / !! !$ ! 6SL©“LOPaL " 6WTYRSL]O_ 8L__STL^  z  6YZMWL`NS 3`MP]_ " z"" #! $# $$ 6]ÆXP] >dMTWWP # ## 6Ž´©LXT²]L !#

4YOPc

6`X£]TWL   $    !$ " " "  # # $" !" !$ ! ! #$ 6`X£]TWL -SL¶¶L ^PP 6`X£]TWL 6`]_ =ZYLWO #"" #$ $$z! $$z 7LV´XL©L /P²TVL "$z#  ! "$ " $ 7LV^SXLY 5PP "! 7LWWL   7LYRP] >`^LYYP Tc # $  7PY_P^ ?SZXL^  $   ! z!" " 7PZYL]OZ OL ATYNT  " 7Ëad-]`SW 7`NTPY ! #  #$ $"z$$   7T^e_ 1]LYe $# 7`SXLYY 9TVWL^ "z" 7`_SP] 8L]_TY !! 8£OSLaL !" !$ 8LOSaL ! 8LSL]T^ST 8LSP^S DZRT   8LS£a¯]L  !$ 8LVSTY AP«VL_L ^PP AP«VL_L 8LVSTY 8L©“LYL 8T²]L # #  ! 8L]c 6L]W " 8£_£ ¢XŽ_£YLYOLXLdÅ #! 8L_L«RL # # # # ! $ 8N/LYTPW 5`YP !$z" 8N7`SLY 8L]^SLWW # 8PRL^_SPYP^  # $! 8PT^_P] 0NVSL]_ " $ ! 8PY`STY DPS`OT # 8P^^TLPY :WTaTP] # $  $## 8¯]£ -LT #! #! 8ÞWWP] 1]TPO]TNS 8Lc # $      8`__`^a£XT /¯V´T_L] #! #! #!  ## 9LTd£dTVL^ !z! 9£dLºX£] $# # 9¯WLVL©¶SL  "

4YOPc

:YR BLW_P] 5 $ " "!z"" #!z#$ $  !  !$ "  ;LOZ`c ,YO]Ë # ;£©TYT a  # $ $ $ $  $!   "z# ! " "" # #z# #$ $ $ !" ;L]XPYTOP^  ;Æ]_ ,]aZ ## ;£]_SL^£]L_ST 8T²]L " " # ;L_LÓULWT   "z"" # !" "  " #  ;L__ZY 7L`]TP " " " "  "" ;PT]NP .SL]WP^ >LYOP]^ # z  " ;WL_Z $ ;WZ_TY  ;ZWWZNV >SPWOZY  #  z! $ ;Z]_L^ 8LcTXTLYT ^PP >LaT_]T /PaT ;]LMS£VL]L "" ;]PX 7L_L >SL]XL # ! ;`´dLXT_]L " ;d_SLRZ]L^ $ $# =£RSLaLMSL¶¶L !"" " "" =£XLVL©¶SL ## =£X£Y`UL ! =£XP²aL]L # # =LXXZSLY =Zd $  =L_YLV¯]_T  =PNVbT_e ,YO]PL^ !  "z  #  !# " =TWPd ?P]]d #$ ±LML]L ±LML]L^a£XTY $  $   !z!" " " ! >LO£YLYOL #$ ! ±L«VL]L ±L«VL] !# ! ±L«VL]L ±L«VL]£N£]dL    "z"   ! 

$$ #  " " !$ $ #z! "  "! ±£]«RLOPaL   # # # # #! ## #  # # #" #"! #"# ## ## $ $ $# ±£^_]T ±d£XL #! >L`^^`]P 1P]OTYLYO OP #z# ! >LaT_]T /PaT  ! >£dL©L $ "! ## $# " >£dL©L8£OSLaL ^PP 8£OSLaL >NSØYMP]R ,]YZWO $#"z## >SLYVL] =LaT # >STaLYLYOL >bLXT #$# $$!z$$ >TÀSLMS¼[£WL # >TYRP] 8TW_ZY  $ z  z  " >TaLdL >`M]LX`YTdL^bLXT $ >ZN]L_P^ $ $ >ø]PY^PY 5P^[P] z!  >]TYTaL^ 8 9  # $ >_ ,`R`^_TYP " #" $ "z!  $"! >_ ;L`W    >_LLW 1]T_^ $ ! #$ $# $ !    #z#  "    $ " # $ $  " >_ZNVSL`^PY 6L]WSPTYe " >_]LaTY^Vd 4RZ] $#! >¼]O£^ #! >`]P²aL]L #$ ?LRZ]P /PMPYO]LYL_S $ ?LXMTLS >_LYWPd c $"z    ?SZXL^ ,\`TYL^ " ?T]`X¼WL] !!# ?ZWL 1P]YLYOZ LYO /]LRZYP__T .L]XPY   ! ?`W^¯O£^   #! #! ?d£RL]£UL #!z"  #!!z" #!# #" #"$ #$ #$ $

4YOPc

 ?d]PWW 3L]_XLYY ! #  "! ALT²P´TVL ! A£WXÅVT ! ALY OP] APP] ;P_P] $ AL]£SLXTST]L  !# " AL]L]`NT   #z $ ȱ



AP«VL_L 8LVSTY $ $# BPMP] 8Lc  "  "   "$ # $" $  $$ BST_P /LaTO 2Z]OZY "" BT_ePW 8TNSLPW $! BZZO]ZQQP >T] 5ZSY "  D£^VL !# # "

4YOPc ZQ BZ]V^ ¢RLXL±£^_]L # .LYO]La£VdL  $ ¢RLXL^   ! # " ! .S£YOZRdL@[LYT´LO # z !!  !!$z" " # $# $$ ,T_L]PdL¢]L©dLVL "! $ $" /Pa¯>¼V_L " $$    # /SaLYd£WZVL   ! ,T_L]PdL-]£SXL©L $ # /¯]RSL_LXL^ # $"  !  "   ! /`]R£>¼V_L # ,T_L]PdL@[LYT´LO  2£dL_]L  ,XL]LVZ²L ##z#$ 2SP]L©“L>LÀST_£ "! ,´¶£OSd£d¯ # #$  2¯_LRZaTYOL  ¢]L©dLVL $ $#  #  2ZZO -ZZV ^PP -TMWP ¢]dLMSL¶¯dL  #! 2Z^[PW   ^PP -TMWP ,_SL]aLAPOL ! !! # $ 2`]`2]LY_S ## #$    " 3L¶SLDZRL;]LO¯[TV£ "! ,`X£[L_LX ## #$ # # $ ®²L@[LYT´LO #! ,d`]aPOL #$$ 5LTXTY¯dL-]£SXL©L $ " -SLRLaLOR¯_£  ! # #$  -S£RLaL_L;`]£©L #! #$ 5LTXTY¯dL@[LYT´LO-]£SXL©L -SLT]LaL?LY_]L^ !!$ !" !#" z#   z -S£]L_¯dL9£¶dL²£^_]L ^PP 5LdLO]L_SLd£XLWL !## 6LW£[LAd£VL]L©L  9£¶dL²£^_]L 6£XL>¼_]L !#$ -S¼_L£XL]L "" "$ 6L¶SL¢]L©dLVL # -TMWP $   ! $  6L_S£^L]T_^£RL]L z ## $ 6£ad£OL]²L  !z$ -]£SXL©L^ #  #! # "# 6`W£]©LaL?LY_]L  "! "$ # #  $ 7LWT_£ WT_LYd ^PP 7LWT_£>LSL^]L -šSLOOP²¯ # # # # ! -ŽSLO¢]L©dLVL@[LYT´LO  9£XL -šSL^[L_T¢«RT]L^L "! 7LWT_£>LSL^]L9£XL  $z -ŽSL_>LÀST_£ " $ .LXLVL;]L²YL  # 7Lb^ ZQ 8LY` 

4YOPc

7¯W£aL_¯  8LS£MS£]L_L   " ! ! $ ! !!$ 8LS£-S£´dL "z"" #z# #$ !" XLSLO`V_SLX $ 8LST´£^`]LX£]OTYÅ>_Z_]L "$z $  # 8LT_]£dL©ÅdL@[LYT´LO  ! "! 8LT_]T@[LYT´LO  ! #" 8£WL_Å8£OSLaL !#" " " 8£WTYÅATULdZ__L]L?LY_]L " 8£©“¼VdL@[LYT´LO    z   "  #" 8LYÅ´£;LÓNLVLX "! 8LY_]£MSTOS£YL " 8LY_]L8LSZOLOST "  "! "z! "# "z "$ 8LY`>XŽ_T " 8`©“LVL@[LYT´LO     8`ROSLMZOSL  9£OL6£]TV£ ## 9LV´L_]L/PaL_£>¼V_L  9£]LOÅdL±TV´£  $$z   9£¶dL²£^_]L  #  z$ $  # #  9LaLR]LSL>¼V_L #$ 9P_]L?LY_]L " !$ " "!$ ;£ÓNL]£_]L>LÀST_£ !!$ !" !"" ;L]L²`]£XL6LW[L^¼_]L    # # ;L]£?]TÀ²TV£ "" ;L`´VL]L¢RLXL " "  "! "" ## ;]LMZOSL .LYO]ZOLdL !# ;]L©LaL@[LYT´LO   ;]L[LÓNL>£]L?LY_]L " " ;]L²YL@[LYT´LO   ;]£_T²£VSdL $  $ $ ;^LW_P]    $   ;`]£©L   #  $  ! # ! " #  "  

   #  "  "  #  $ $    # ! ## ;`]`´L>¼V_L aT   " #  #   # !" ! LÀST_£ $  !  ! $   ! #! ##z$ $       $z! ! !" "$ # # $   ! #   "! !  !$  "  "$! ‹V>LÀST_£ ^PP ‹RaPOL ‹V >LÀST_£ =`O]L?LY_]L^  !" =`O]LD£XLWL =`O]LD£XLWL @__L]L?LY_]L "z #!z # $ ±£ML]L-S£´dL  !$ >LSL^]LY£XL>_Z_]L aT $ " ±£V_L?LY_]L^ !$ >£XLY -ŽSL_ $ 2£dL_]L  =L_SLY_L]L $  >£XLAPOL  $ !  #  " ! # !$ !$  "  #  ## >LÀST_£ # >L«R¯_L=L_Y£VL]L !$# # # #!z  #$ # # $ ±L«VL]L/TRATULdL # # ±£]LO£?TWLVL?LY_]L "$z# "$ !" !"" "  " "" "# ""z$ >L]L^aL_¯=LSL^dL@[LYT´LO  >L]L^aL_¯>¼V_L # >L]L^aL_¯@[LYT´LO     $" #$ #  #

 >L]aL/L]²LYL>LÀR]LSL   !$ >L]aL/L]²LYL>LÀR]LSL >L]aLOL]²LYL>L«R]LSL !" ±L_L[L_SL-]£SXL©L #   $     ±L_L]`O]¯dL  $# !   ! !! !" !# !!# !#" ±L`YLVL@[LYT´LO "! >L`YOL]dL7LSL]¯    "$ "$$ # # ## ±TW[L;]LV£²L " ±TaL;`]£©L !$z" #! ±TaL>LXST_£ ## ±TaL>¼_]£©T aT # ±WZVLa£]__TVL  ! !  !$ "$ # !" >XŽ_T  >[LYOL6£]TV£^ "! ±]`_T ! $ $"    $ ! ! ^PP APOL >_Z_]L^  >¼_]L WT_P]L_`]P  ^PP >¼_]L ^_dWP 4YOPc ZQ >`MUPN_^ >aLNNSLYOL?LY_]L !#" >aL]£]©LaL #! #! ±aP_L²aL_L]L@[LYT´LO ! ?LT__T]¯dL;]£_T²£VSdL "" $ ?LT__T]¯dL>LÀST_£ ! ?LT__T]ÅdL@[LYT´LO " # $ ! # ?LY_]£WZVL "!" ?LY_]L^  " ?LY_]L^LÀR]LSL  ?LY_]La£]__TVL   "! ?T]`XLY_T]LX !!# ?Z]LS z   !   @““£XL]P²aL]L?LY_]L " @OR¯_SL   ȱ ȱ ȱ

4YOPc

@[LOP²L>£SL^]¯ $ $ ! @[LYT´LO !  ! !!   ! !"  #   #!     $ " !$ PL]Wd _SPT^_TN ! @[LYT´LO^ $$ @[LYT´L_>L«R]LSL  A£R¢XMSš©¯ " " "! A£VdL[LO¯dL #!z#" !"z# !z  !#z$ !z !" !!z" !  !  !  ! " !! A£XLOPadL  ALYOP8£_L]LX  AL]TaL^d£=LSL^dL  "  " ! APOL ! #z        z " $ ! !! $$    #z$  z" ! # # $z$ $z$"  " ! !   "  $ " " $  $  !"$  ^LÀST_£^ #z# L[ZWZRd $ !# L`_SZ]WP^^  ! ! ! OPXd_STQdTYR " PcPRP^T^ z# T_^ [L]_^   bT_S -SL]_šSL]T ! ^PP LW^Z 4YOPc ZQ >`MUPN_^ A¯©£±TVS£?LY_]L !# AT´©` WT_LYd ^PP AT´©`>LSL^]L 9£XL AT´©`>LSL^]L9£XL  $ $! ! !z!# !$ Ad£^L±TV´£ $$ DLU`]APOL #   ! !# !$  " DZRL²TVSL@[LYT´LO !  DZRL>¼_]L "  " # $

4YOPc



ȱ 4YOPc ZQ >`MUPN_^ LM^_]LN_ LM^_]LN_TZY !  " ^ZNTZWZRd ZQ _SP LP^_SP_TN #  " "" # #  $$   aZNLW LP^_SP_TNTeL_TZY    "    ¢RLXL?LY_]L  " # !  " $! LRYT ,RYT !   # "! !" " "! # LSLX ! $$z "#" $ ! £SL_L # ##$ LNZ`^_TN SLMT_`^  ^PP ^ZYTN LV£]L $" SLMT_`^ LV´L]L #"  !   LNZ`^_TN [TP_d   ! # $ LWL«V£]L z$ # #" $z    !z QTR`]P^ ZQ ^Z`YO Z] ^PY^P  $  z  $         ! " ## ! ¢WL«V£]TVL ^NSZZW  LOŽ´¶L ^PP OŽ´¶LLOŽ´¶L £W£[  # #! #"$ ,OaLT_LAPO£Y_L   !# LW[SLMP_ a ! " $  "  " # $" ! "$z# # $" ""z"$ # #$ ^PP APO£Y_L $!z$" " # """ "#" LP^_SP_TN^ Tc  "$   # LW[SLMP_ ^[PN`WL_TZY " z" ! ! $ $#  ! LW[SLMP_TN b]T_TYR "" "$z # # #  $$  # $ !" #"! $! $! $" LW[SLMP_ ^[PN`WL_TZY "" z#$ LP^_SP_TN LYO YZYLP^_SP_TN LY£SL_L # ##$     " $  LY£XT #$"   £YLYOL ! ^PP -]LSXLY MWT^^ LP^_SP_TN XP^^LRP #z#! ## ,Y_T\`T_d      LP^_SP_TN []LN_TNP "$ $$ LY`MSLaL !$  "z " ,Y`´¶`MS $  $ $ ^PP LP^_SP_TN ^PY^P " XP_P] LP^_SP_TN ^_dWP  ! $ L[¼]aL $ "! LP^_SP_TN ^_dWP^ TY ^NTPY_TQTN []LN_TNP  z$ L]NSË  ! !# #$ LP^_SP_TN^ ZQ ]PWTRTZY aT aTTT L]_ !"  "  z# $   L]_SL ! # #"! ,]dLY  ! 4YOTLY LP^_SP_TN^ $" z$ ,]dLY ]LNT^X  z # #"! #$ $ ^PP LW^Z L^_]ZWZRd L^_]ZWZRP]^  " 9L¶dL²£^_]L 4YOPc ZQ BZ]V^& L^_]ZYZXd L^_]ZYZXP]^ #z$ LWL«V£]L [ZP_]d ]L^L 4YOPc  !  # # ZQ >`MUPN_^& ¢YLYOLaL]OSLYL ¢_XLY ! -SL]L_L 4YOPc ZQ ;P]^ZY^



£_XLY ¢_XLY $$    $  $" ! ! !$ ! -PYRLW !$ -SLT]LaL !$# "" "!  "!$ "#  ## MSLULY ^PP OPaZ_TZYLW X`^TN MSLV_T z " $   $z$  $#z$$ !$ $ ! !$ "$ # # ! #"# ## ## ## ##  #$ #$z$ $ MS£aL !$ ! MS¼]MS`aLà^aLà # # $ ! ! "   M¯UL !!! !"  " "" "! "# M¯ULXLY_]L   "z" MTYO` "" " "# ^PP LW^Z .LYO]LMTYO` MZOd LYO aZTNP  -ZWWdbZZO   " " ## MZZV ]PWTRTZY^ $z  -]LSX£ !" # $ "# #" M]LSXLRSZ´L ! ! !# M]LSXLY -]LSXLY    ! !" !$ # #  #! #"    $" !$ ! !# $ -]LSXLY MWT^^ #z$ #! #!$ #"  #"! @[LYT´LOTN ! -]LSXTY   $  "   $ "# $ -]LSXTY P_SZ^ !   !# M]LSXZOdL #z#" -ŽSL^[L_T !" !# !$ " " "  "! $ $  " -`OOST^X   $" "" NLT_LYdL !! "$ NLV]L "! OTLR]LX " DZRTN MZOd NPY_P] PYP]Rd NPY_P] !  "  " 

4YOPc

.LYO]LMTYO`  "" " "  " " NLYZY  "$ # $! .£]a£VL^ $ ! NSLYOL^ $ .S]T^_TLYT_d  ! #   #   !!    !  XPOTPaLW $z   z" .S`]NS .S]T^_TLY   ! ! NZOP ^d^_PX^ TY R]LXXL] XP_]TN^ P_N a    ! " $$ #     # # z#! $  NZRYT_TaP MWPYOTYR z  " NZXXPY_L]d $    # NZXX`YTNL_TZY a aTT aTTT Tc      # !$ "z"$  !z" ! " "$    !   !  $   "# # !$ ^d^_PX^ " NZ^XZWZRd ^ZYTN   ! !  $ $ "#z" " "z! NZ`]_ N`W_`]P z  z   # NZb !z!" WLYR`LRP NZb  $  $! " "  "# # #" #$ # !$ #" £VTYÅ " "$! /LV´T©£N£]L !#z# /LV´T©£NL]TY^ !# “LXL]` " OLYNP # OL]²LYL   ! OPML_P^ [`MWTN ! ^PP OT^[`_P OPaZ_TZY ^PP MSLV_T OPaZ_TZYLW X`^TN z   # $  " "$ #  #! #! ##z #  #$

4YOPc

OSL]XL ! #  !z! ! " " /S]`[LO #! OSaLYT "  z" !$ ! "! # " OT^[`_P OT^[`_L_TZ  z  OŽ´¶LLOŽ´¶L ! $ O`YOS`MST  /`]R£   $ # " "$ "$" 0L^_ 4YOTLY .ZX[LYd $ 0L^_P]YTeL_TZY $ PO`NL_TZY  $     $ #" #"" 0V_L] ! $# PXLYNT[L_TZY LYO [L]_TNT[L_TZY z# " $$ "$ ! PXLYNT[L_TZY PXLYNT[L_Z]d Z]TPY_L_TZY c   # "#   #  !# " " $"z   ! $    "# # #" $ " "  # $$ $ ! !" ! !" !$ !$ "# " ! #"" ##  $  $" $# $$  PXMZOTXPY_ " PXZ_TZY PXZ_TZYLWTeL_TZY !  !" !# " " "  ! !    ! #" #" #"# $ $  $ ! $!  $$ $$  PYP]Rd  $ 0]LYZ^ $$ P^Z_P]TNT^X " P_SP] " P_dXZWZRd ! " 0`]ZNPY_]TNT_d !# 0`]Z[P   ! "  # #$ !  XPOTPaLW  z #   XZOP]Y  QZWV _]LOT_TZY^  WT__WP _]LOT_TZY^  !""

 Q`^TZY "    !  $ ##" $" $# RLYOSL]aL       $  !$  " RLYOSL]aLaTa£SL ## 2L©P²L " RL`à  2£dL_]¯ ^PP XLY_]L R]LXXL]   "   # $  " "! # #  #$  $  !#z !! 2]PPNP 2]PPV # # $   $z  # $ #" 2`[_L OdYL^_d #" R`]` "   !" #! SLMT_`^ ! " $   !      ^PP LW^Z _ST]O ^[LNP 3L]L[[L $ $" SL]XZYd ZQ _SP ^[SP]P^ $ ^PP X`^TNL X`YOLYL STYO`^_£YT #! SZWT^_TN aT^TZY SZWT^X  !  ! !     ! !  !! "" "## $ $" $"# $# $$ $$$  SZXZWZRTNLW ]PWL_TZY^ SZXZWZRd !  ! # # SdXY^   # SdXYTN QZZO ! 4 LSLX $ $ "# TNZY TNZYTN # z "  TYOPc TYOPcTNLW # z   TYOTaTO`LW LYO NZWWPN_TaP " TYT_TL_TZY   ! !" TY^[T]L_TZY $ TY_PWWPN_ TY_PWWPN_`LWT_d " " TY_P]TZ]T_d ! ! ! TY_P]YLWTeL_TZY   " "" TY_`T_TZY $ T]]L_TZYLW $ #

! 4>6.:9 ## 4^WLX  ! #$ T´¶LOPaL_£ " UL[L " ! " "! "# "#" UÓ£YLV£©“L # 5`OLT^X  ! # UdZ_T´¯ # $ 6£WÅ !#" " V£WL²LV_T ! V£XdL ]T_P^ " 6£[£WTVL !#! !#" VL]©£_LVL #! ^PP X`^TN VL]XLVL©“L # 6L¶L[Ld£OT $z$ $# 6L_SLVLœT ^PP OLYNP 6L`WL "! ## VLaT !$ " ""  V£adL WT_P]L_`]P   z   # 6P]LWL  # 6Sd£W #! V¯]_LYL #! ## 6š´©L !$   " ## ## #$ 6š´©LT^X ## 6š_T #! #! #! 6`X£]Å " V`©“LWTY¯ !  "  "  "!# 7LV´L©£ $ z! !# !$ 7LV´XÅ " 7LWT_£ aT   $  WLYR`LRP  " "! "" "$ # # $ $  $  ! "  !# "# !!z $ ! " $ WLYR`LRP RZOOP^^  7LYR`LRP 2ZOOP^^ ^PP A£ROPa¯ WLYR`LRP RZOOP^^ WLYR`LRP []TYNT[WP !$z !!z $ $"$ WL`VTVL ! WTYR`T^_TN [STWZ^Z[Sd ! !z

4YOPc

WTYR`T^_TN^  #z$ ! " #! $  ""  !z!! !# ! WT_LYd $      # !z!# 2]PL_ 7T_LYd $  ^PP XLS£a]L_L WT_P]LNd $    "  # !" " "  "# # $#  !  " !# $ $ 7T_P]L_T  z!" WT_`]RTNLW XZOPW ! "  z" $        ! ! ! !  !" WT_`]Rd "" WZRTN #    $$  ! WZRZNPY_]TNT_d  ! !# WZRZNPY_]TN XZOPW  $    WZRZ^ c  ! ! #! " $ # $!z$# $ $    " #! " $  XLOSdLX£ !! !# !  ! ! " # " $ "## "$ #  8£OSdLXTVL ! XLRTN  z  $  z   "  # !z!  "   " $ $#   z"      ! # # #" $    # $  ! " $" "#  XLS£a£VdL ## $# XLS£a]L_L $z 8LSP²aL]L !"# ^PP ±TaL XLVLO`V_SLX $" XLYL^ " XL©“LWL !" !"$ "$ " " "! XL«RLWL #  $ # XLY_]L    $ #$z$ $   !   " $$ #z #! #" "  !z# 

4YOPc

!!# !$ !! z" " "# "  "# # ^PP ]PNT_L_TZY 2£dL_]¯   $ $ $  !! XLY_]LX£]RL ! ;LÓNLM]LSXL  " ;]L_T´¶ST_dLT ! " []ZY`YNTL_TZY # =£XXLY_]L  ±TaL XLY_]L ?LY_]TN   " ! !! z " !! z!# !$ "z" "!z$ " z! ^PP LW^Z MÉUL MÉULXLY_]L APOTN  $!     z !!! XLY_]L OPT_TP^ ! XLY_]L ^NTPYNP XLY_]L²£^_]L $# !!" " "" XL_SPXL_TN^ XL_SPXL_TNTLY^ #z$ # #! X£_ŽV£ ^PP LW[SLMP_ XPOTL  " $  z "  $ !  " " z"$ #  !$ " []LN_TNP "# z"  XPOT_L_TZY # XPXZ]TeTYR _PNSYT\`P^  $$   !z" $ $ $   $ $! XP_L[SZ] z#  # #$ $ ! "   " "! $  ! !$ ! " XP_P]   "" # $z$" $ "  $ ,Y`´¶`MS  ¢]dL   #! 2¯_T  #! ^d^_PX # XP_ZYdXd z# " #$ $ $ z"  !$ 8TOOWP ,RP^ # $        # "     !

" 4YOTLY 8TOOWP ,RP^ $  $ 8ÅX£À^£ !! ! ! $  $     ! ! !  !$ "" # # #  #" #$ $" !# ! !$ ^PP LW^Z 8¯X£À^LVL 8¯X£À^LVL   ! # !$ ! ^PP LW^Z 8¯X£À^£ XZOLW X`^TN $$ $# $  $# $#  $#" XZOP]Y ^[T]T_`LWT_d $ XZV´L ! XZYT^X #"! 8Z^WPX $ X`O]£ "$ X`^TN z ! "    !   " # " # # # $ $      # ##" $ $  X`^TN LYO ]PWTRTZY #"z"$ ^PP LW^Z OPaZ_TZYLW X`^TN X`^TNLWTeL_TZY " ^PXLY_TNTeL_TZY ZQ X`^TN $# X`^TNL X`YOLYL $! $" Xd^_TNT^X ! !  !$ " " ! !# ! !! Xd_S    # ! ! "   $!   z"         $ "#z# #" #$ !  $ "! # " $ ##  $#  Xd_STNLW PXMPOOTYR #  Xd_STNLW ^`M^_LYNP   #  #$ $ $ # " ! !  ##" `YTaP]^LW Xd_S c   ! ! $!     $  ! !  # # # #  $ $! $" $$ $  $" $"! $# $$#    "

#

Xd_SZ^ c ! $ ! $!z$# $  #! Xd_SZ^ LYO WZRZ^   9£OL  " " ! !  "! "" " " " "# "! "$ # # ## #!" ## ### #$# $ 9£OL SPLWTYR #$$ 9£OL-]LSXLY   !  $ # "! "  #$ # # # #  #! #  #  #! #!  #" #"  #"# #"$ ##$ #$# #$$ -P]PYO_^ 9£OL-]LSXLY #$ ST^_Z]d #" ##" 9£OL-]LSXLY LYO MSLV_T ## ±£]«RLOPaLv^ 9£OL-]LSXLY # DZRTN 4Y_P][]P_L_TZY ##$ #$ #$#z$ 9£OL^aL]LX ^PP LW^Z 9£OL -]LSXLY 9£OLDZRL #$# 9LTd£dTVL^ !z! 9LXM`OT]T " 9LXM`OT]T^ " YLXP ! YL_TZY ! 9PZ3TYO`T^X ! 9PZ[WL_ZYT^X " $ 9Pb 3T^_Z]TNT^X !!z!" 9Pb,RP !#$ #$ #  ## #$ $ $ $ $" $ $$ $$#z YTOTOSd£^LYL " YT]R`©LMSLV_T #!$ ##! YT]R`©LM]LSXLY ! #!! YZYO`LWT_d " " Y`XMP] Y`XP]TNLW # # # ## $z$ Y`XP]TNLW NZOP^ ! "$ #

4YOPc

Y`XP]ZWZRTNLW ^[PN`WL_TZY $ Y`XTYZ`^ ^`M^_LYNP ^PP Xd_S Xd_STNLW ^`M^_LYNP Yd£^L $  "! 9d£dL ! ZNPLYTNȱ Pc[P]TPYNP $ :¿  ! $ " ## $!  z ! "! ! !#" " # #!$ ##" $$" ^_]`N_`]TYR Q`YN_TZY   ZYZXL_Z[ZP_TN NZOP^ ! ZY_ZWZRd ! #  LYO WLYR`LRP !  !! Z]LWT_d     $ $ z       ! " "  #!z#" $ $ $! $$  !  " " $  $$ $ $ Z]LWT_dWT_P]LNd OPML_P "$z"   !$ # :]TPY_LWT^X   $  ! ! ZaP]_ZYP ^TYRTYR $ [LOLYd£^L "# ;LÓNLM]LSXL8LY_]L  !$" " "# ;£ÓNL]£_]L $ !!  !!$ !#" [LY_SPT^X #"! [L]£ " # #  [L]L M]LSXLY #!" #" [L]£ a£N ! !  !  "" ""  "## ;L]£±LV_T "$$ [L]_TNT[L_TZY LYO PXLYNT[L_TZY !# " "z" $"z [L]_TNT[L_TZY [L]_TNT[L_Z]d Z]TPY_L_TZY c   "z# $  "   " #! #" "     !   !# " " "! $"z      " # $     $ " " "  #" !

4YOPc

#  $ $ $# $$   $ ! !" ! !" !$ !$ "$ "$ "$ #! #" #!  ##  ##" $  $$ $  $ # $!  $!" $" $# $# $# $$    ;£]aL_¯ " !$ ;£²`[L_L !!$ !"# [L²dLY_¯ !! !# !  ! ! !! " # "## "$ #  [£¶SL ^PP ]PLOTYR [P]NP[_TZY "" ! # z  ! " " ^d^_PX  [P]QZ]XLYNP    ! $z "z!  # #!z#" $ $      ! "! $"      !" # $ $! [P]QZ]XLYNP N`W_`]P N`W_`]LW [P]QZ]XLYNP   $  #! $  ! " " "$   # [P]QZ]XL_TaT_d   $ ! "$ # ## " [STWZ^Z[Sd        !  $ [SZYP_TN^ " "" $z  [SZYZNPY_]TNT_d " [Sd^TN^  # [ZP_]d      z !    !!  ! #$ ^PP LW^Z VLaT V£adL ¢WL«V£]TVL ^NSZZW ;]LU£[L_T    !  ! "! ! " []LVš_T " []LV£²L ""  ""# ""$ []LX£©L ! "#z"$ !" []L_TMS£ " !# !$ ! ! ! !  ! " !! "" ""# ;]L_T´¶ST_dLT ! " []L_d£S£]L  " #

$ []LdP] $ $"     !  !! "  $ ^PP ]PNT_L_TZY []TP^_ []TP^_^ $ $"  " $ #" APOTN "# "$ []TY_TYR   "$ []TY_ N`W_`]P # ;]Z_P^_LY_  #   [¼U£  # $! $# !" "   [`]`´L  ! " "  $    " ;¼]aL8ÅX£À^£ ! ^PP 8ÅX£À^£ ;d_SLRZ]PLY^ $ =£OS£  =£RL  # #!! #"  #"$ ## ##! $" ¢YLYOL-SLT]LaÅ # 8£WLaL 6L`²TVLX 8£WVL`À^ !$$ =£RL ?LY`V¯]_T $# ±L«VL] $z ?S`X]¯ #! ?Z“Å "$! ]LV_T # =£XL    " #!" #$ ]L^L  # " !z"    !z$     #!! #!# #" ]L_TZYLW ]L_TZYLWT_d ! !! " "" # # $#  #   ! !" " " $!  $   # "" "z! " "$ # ! ! #$ $z$ $ " $ #  # ]L_TZYLWTeL_TZY # #!  $ $" ]PLOTYR a   #z!   z  " $ ]PWTRTZ`^    ]PL^ZY !" ^PP ]L_TZYLWT_d

 ]PNT_L_TZY   #       #    z  "$ !#z"  ^PP XLY_]L L^ ^LN]TQTNP ! ! PQQPN_^ !# PcLX[WP^ $z ! XZOT  ZQ WT_LYTP^ $z [`]£©TN ]PNT_L_TZY " ]PNT_TYR ]PWTRTZ`^ ]PLOTYR a   ! ]Sd_SXTNLW "$ APOTN !  "  z" !# =PQZ]XL_TZY " !z"     ! !! " " =PYLT^^LYNP  !      ! ! $! ]P[]P^PY_L_TZY ! ]P^LN]LWTeTYR  ^PP ^LN]LWTeL_TZY ]T_`LW # # ]T_`LW _SPZ]d ! #$ ]ZdLW [L_]ZYLRP  ! =`O]L ±TaL z $ # $   ! !  # !"# !# !$ "# ²LMOL "  ! # ! "# ±LMOL-]LSXLY ! $!  !  !$ ! "! "" "$ "  " # #  ## #! #!" ##  #$# ²LMOL[¼]aLdZRL !" !  !  ! $z! ²LMOL_L__aL !  !$ ! !# ! ^LNNTO£YLYOL  ! ^LN]LWTeL_TZY  $# ^LN]TQTNP " "" "$ #z#  #! $ ´L“L«RLYd£^L "" "# ^£OSLVL !" !$ !$  "" ^LR`©LMSLV_T #!$ ##!

4YOPc

^LR`©LM]LSXLY ! #!! ±LTaL>TOOS£Y_L !!$ !#" #!# ±LTaT^X ±TaLT^X !z!" $  !!  !" !# " "! ¢RLXL±TaLT^X  #!" 6L^SXT]±LTaT^X "! "! "# "## ?LY_]TN ±TaLT^X # ²LV_T ±LV_T ! ! ! !" "# " "# "  "" ""# ±£V_T^X " >£XLY ^£XLY^ #  ! "     ! ^LÀST_£ # >£ÀVSdL !" ^LÀaTO ! ±L«VL]£N£]dL^ ! >£«VSdL ! " >LY^V]T_TeL_TZY # >LY_^ ##! #$ >L]L^aL_¯   "$ #" #    # $ $ " #$ ²L_L_LY_]¯  ^L_dLR]LSL # ^NTPYNP  " " "$ # $   "  z!" !" "   "  "# "!# $! ^PP XLY_]L^NTPYNP ]PWTRTZY LYO ^NTPYNP  #z! ^NTPY_TQTN []LN_TNP " # ^NTPY_TQTN ^d^_PX $ ^N]T[_`]P^ $z$   " ^PWQ £_XLY $ ^PXTWT_P]L_P  ! ! ^PXTZ_TNTeL_TZY  #  ^PY_PYNP !$ ^PP LW^Z ^dY_Lc LYO XPLYTYR ²TV´£  $ ^TOOSL^ !$ !$  #!# ^TRY ! >TVST^X ## #$ ^TWPYNP "

4YOPc

^TYRTYR "  ^PP X`^TN >¯_£  ±TaL ±LTaL  !   ! !! " # # # # ! !"" !$ " " "!$ "" #!" #" ## ±TaL9L¶L]£U $" " ±TaL>¼_]£©T # ±TaLT^X  ^PP ±LTaT^X ^V`WW ^ZYR !$" !$$ >X£]_L ! $ !# " #$ >X£]_L 3TYO`T^X $ #!" >XŽ_T  ^ZXL  ^ZYLWT_d  $      "" $   ^ZYTN SLMT_`^ $$ >Z`YO-]LSXLY ^PP 9£OL -]LSXLY ^[SZ¶L !! !z !  !$ ! !# ! ! ! $$ ²]LaL©L " ²]ÅNLV]L ²]TdLY_]L "  ±]ÅaTOd£ "# "  "  "  " ! "! "$$ ## ]ZZ_ XLY_]L "  "  "  " " ²]`_T # ±]`_T # $ $"  $ ! ! !" ^PP LW^Z ±]`_T 4YOPc ZQ BZ]V^& LYO APOL BZ]V^ LYO >`MUPN_^ ^_ZMSL  ^`MUPN_TaT_d  " ! #z  # ^`MUPN_TaTeL_TZY ! " "      ±¼O]L # $ >`]L_ ±LMOL #$ >`]L_ ±LMOL DZRL #  >¼]dL " >¼]dL^TOOS£Y_L   # >¼_]L >¼_]L ^_dWP   $! "



^a£OSd£dL   ! $# ^a£S£ # ^aL]L #!! ^dWWLMWP ## #$ $" ^dXMZW ^dXMZWTN # z #   ! #z$ !  " $$   "" $ $   #   ! ##" $ ^ZNTZN`W_`]LW " ^dXMZWTN QZ]X "! "!z""  $ ^dY_Lc LYO XPLYTYR !# !$ ^d^_PX  ?LXTW !$ ?LXTW 9LO` #!"z!# ## ?£X[¼]L " $ z$ $"z $ ?LY_]L ?LY_]T^X  ! $  $# $ !z!" #" ! ! ! !" !! !! !" !"$ !## " ##$ ?LY_]TN TYT_TL_TZY $ ALT´©LaL ?LY_]L !! _L_ _aLX L^T ## $  $#z! !# ! "! _PLNSP][`[TW ]PWL_TZY^ST[ ! " _SPL_P] _SPL_P] ^_`OTP^ z _SPZ^Z[Sd # _ST]O ^[LNP !  "  !    $"$ $# ?SZXL^ ,\`TYL^ $ _]LY^NPYOPYNd $$ R]PL_ _]LY^NPYOPYNTP^ " "z "" #" #" #" #"# ## _]LY^XT^^TZY      ! "  "$ $ $  " _]TX¼]_T ! "# "  #" # `YTaP]^LW Xd_S ^PP Xd_S `YTaP]^LW Xd_S

 @__L]L8¯X£À^£ ^PP ,OaLT_L APO£Y_L a£N RZOOP^^ A£N   ! ! ! " " #  "  ! # !  !! ^PP XLOSdLX£ [L²dLY_¯ [L]£ A£ROPa¯ WLYR`LRP RZOOP^^ A£ROPa¯ WLYR`LRP RZOOP^^ !  "#z# #! #" $ $ ! "   !  !# !" "$ ## #  ALT²P´TVL !  ! aLTVSL]¯ !! !# !  ! ! " # "! "## "$ #  A£X£N£]L !#z# AL]LYL^T a   $ $ ## aL]©L $$  aL]©LYd£^L "# A£d` " APOL z z   " ^PP LW^Z 4YOPc ZQ BZ]V^ APOL NSLY_TYR   ^PP ]PNT_L_TZY XLY_]L APO£«RL $ " # APO£Y_L !  !  ! # #" #$ " "## L^ Xd^_TNT^X #$ ! APO£Y_L ^NSZZW^ !! APOTN N`W_`]P  !

4YOPc

A¯©£  #  aTOST ATUÓ£YL A£OL ! aTXL]²L ""  ""# aT^L]RL "# AT´©` "  " ! !! !# # ! !"" " " "# ## AT´©`T^X !$ $ $ ## aTaL]_L ! !  ! " aZNLWTeL_TZY " aZTNP ##   ! "!  $$ $! $" ad£VL]L©L "! BP^_ BP^_P]Y  bZ]O "# BZ]O-]LSXLY ^PP ±LMOL -]LSXLY bZ]WO ]PWTRTZY  # bZ]WOaTPb  #"! dLUÓL " dLU`^ # ^PP DLU`]APOL dLY_]L "$ " DZRL  $  !# !" " # ! #"  ##$ #$# #$$ $ $$  DZRTN Pc[P]TPYNP # ! DZRTY¯^ " "!#