ZozoLala 152

HSBUJT UXFFNBBOEFMJKLT POBGIBOLFMJKL TUSJQJOGPSNBUJFCMBE ] GFCSVBSJ NBBSU

ɧɫɨ

$0-0'0/ 3FEBDUJF r +FG /JFVXFOIVJT )BOT WBO 4PFTU 5PPO %PINFO (FSBSE ;FFHFST FO )BOT 1PMT

0QNBBL r 4JHHF 4UFHFNBO 3PHJFS WBO /FFSWFO 3JDIBSE #PT 7BTUF NFEFXFSLFST r 7-&3, #FSU .FQQFMJOL 1FUFS EF

"1&-%003/

(&/5

%F WSFFNEF [BBL "TTFMTFTUSBBU &$ XXX EFWSFFNEF[BBL OM

1PQ7JMMF 0VECVSH 1BUFSTIPM

XXX QPQWJMMF CF

"3/)&.

1JFSLF 'SBOT WBO 3JKIPWFMBBO

8JU .BSL )PSFNBOT 1JFUFS WBO 0VEIFVTEFO "SFOE +BO WBO 0VEIFVTEFO -BNFMPT 1BVM WBO (SFNCFSHIFO FO 3PFM %BFOFO

(0&4

0PL XFSLUF NFF r #SZBO 5BMCPU 'Sร Eร SJD #PJMFU .FOEFM CBVN

%SVL "GXFSLJOH r %SVLLFSJK 8JMDP "NFSTGPPSU

%JTUSJCVUJF r 7BO %JUNBS "NTUFSEBN /- 1JODFFM 4USJQWFS

,POJOHTUSBBU %) EF OPPSNBO!QMBOFU OM "44&/

TQSFJEJOH -FVWFO #

"CPOOFNFOUFO r &FO BCPOOFNFOU JT NPHFMJKL WPPS ร ร O KBBS สต o PG WPPS UXFF KBBS สต o FO HBBU JO OB TUPSUJOH WBO IFU UPUBBMCFESBH PQ 1PTUCBOL HJSP /- PG 1PTUHJ SPSFLFOJOH o # U O W 4UJDIUJOH ;FU &- UF #JMUIPWFO P W W KF FJHFO BESFT

$PQZSJHIU CJK 4UJDIUJOH ;FU &- r 0WFSOBNF WBO BSUJLFMFO TUSJQT PG JMMVTUSBUJFT FOLFM JO PWFSMFH NFU EF VJUHFWFS

3FEBDUJFBESFT r 1PTUCVT ") #JMUIPWFO /FEFSMBOE & NBJM r SFEBDUJF![P[PMBMB DPN 8FCTUFL r XXX [P[PMBMB DPN 0QMBHF r FY *44/ r #*+ %& 70031-""5 +BCCFSXPDLZ EPPS EF PHFO WBO #SZBO 5BMCPU "OE BT JO 6GGJTI UIPVHIU IF TUPPE 5IF +BCCFSXPDL XJUI FZFT PG GMBNF $BNF XIJGGMJOH UISPVHI UIF UVMHFZ XPPE "OE CVSCMFE BT JU DBNF

1MPL TUSJQT FO FIy EJOHFT 4UBUJPOTUSBBU ,7 #&3(&/ 01 ;00.

(JMMFT EF (FVT #PTTUSBBU QBTTBHF

/$ #36((& %F 4USJFQ ,BUFMJKOFTUSBBU

XXX TUSJFQDMVC CF

#VM 4VQFS #SFFTUSBBU 3( XXX CVMTVQFS OM %&/ #04$) 4JMWFTUFS 4OFMMFTUSBBU &/ XXX TJMWFTUFSTUSJQT OM %&/ )""(

LFMJKL TUSJQJOGPSNBUJFCMBE VJUHFHFWFO EPPS 4UJDIUJOH ;FU &M EBU UXFFNBBOEF MJKLT WFSTDIJKOU ;P[P-BMB JT HSBUJT WPPS EF LMBOUFO WBO OFWFOTUBBOEF TUSJQ XJOLFMT

"-,.""3

4USJQXJOLFM 1BVMVT 7FSESPOLFOPPSE #( XXX TUSJQTFO[P OM

.JFLF T TUSJQUJFL $IBTTร TUSBBU 38

%F [XBSUF WBML 7PPSEBN ."

QFUFS TDIVVSNBO!FVSPOFU OM

8BML JO )FSFOHSBDIU &( XXX XBMLJO OM

".45&3%".

%03%3&$)5

4DIFGGFSTQMFJO &+ XXX TUSJQXJOLFM TKPST OM &*/%)07&/

)*-7&346.

4USJQTNBHB[JKO #VTTVNFSTUSBBU #- LPFOWBOIFJKTU!IPUNBJM DPN

.*%%&-#63( 1&330/ 4JOU +BOTUSBBU D ," /*+.&(&/ 4Fร PS )FSOBOEF[ )PVUTUSBBU +.

XXX TFOPSIFSOBOEF[ DPN 3055&3%". %JDL #PT +VOPMBBO 18 XXX TUSJQXJOLFMEJDLCPT OM %POOFS CPFLFO -JKOCBBO &3 XXX EPOOFS OM :FOEPS ,PSUF )PPHTUSBBU (- XXX ZFOEPS OM

)003/ )FU HFMF UFLFO (SPUF 0PTU #3

XXX EFWSFFNEF[BBL OM ,".1&/ %F GBOUBTU #VSHXBMTUSBBU )+ XXX EF GBOUBTU OM

%F #PFLFOXPMG .FFOTFTUFFOXFH

XXX CPFLFOXPMG CF -&&68"3%&/ %F SBU 7PPSTUSFFL +- -&*%&/ %VNQJF /JFVXF 3JKO +$ IBOTWBOEFSQFFU!IFUOFU OM

/PV NPF -JOEFOTUSBBU ,7 &/4$)&%& %F TUSJQ BBQ +BWBTUSBBU ;+ XXX TUSJQBBQ OM

"/58&31&/ .FLBOJL TUSJQ 4U +BDPCTNBSLU

XXX NFLBOJL TUSJQ CF

8POEFSMBOE 1BBSETEFNFSTUSBBU

,0353*+,

-BNCJFL ,FSLTUSBBU (1 XXX MBNCJFL OFU

4OPFL &FSTUF WBO 4XJOEFOTUSBBU -$ XXX TOPFLTUSJQT OM

)""3-&. #FFEFF "OFHBOH )4 XXX CFFEFF OM

%F TUSJQLFWFS #SVVMDFOUFS #SVVM

XXX TUSJQLFWFS CF

4$)*&%".

U $FOUSVN ,PSUF 4JOHFMTUSBBU B (# 4*/5สฐ,"5&-*+/&สฐ8"7&3

)FU CFFMEWFSIBBM ,JOLFSTUSBBU o &) XXX IFU CFFMEWFSIBBM OM

(PKPLFS ;FFEJKL B "1

1FMMVDJEBS /JFVXFXFH 5% NFNCFST MZDPT OM QFMMVDJEBS

*/5&3/&5

#PPLFST 4USJQQFST #PUFSTUSBBU )1

'BOUBTJB (FMEFSMBOEQMFJO -8 IPNF UJTDBMJ OM TUSJQXJOLFMGBOUBTJB

(30/*/(&/ .PEFSO QBQJFS 1FMTUFSTUSBBU ,- XXX NPEFSOQBQJFS OM

)"44&-5 %&-'5

-FXJT $BSSPM

;P[P-BMB JT FFO POBGIBO

)FU QBBSE WBO 5SPKF -BOHFWPSTUTUSBBU +1 XXX QBBSEWBOUSPKF OM

.&$)&-&/ $PNJD TUSJQT )PPHTUSBBU

XXX DPNJD TUSJQT DPN

(&&"MGB TUSJQ 4UBUJPOTUSBBU

"SUPCJ .FDIFMTFTUFFOXFH

XXX BSUPCJ CF 4*/5 536*%&/ %F (BMMJร S #FFLTUSBBU

XXX HBMMJFS CF 5*-#63( %F 4USJQGBOBBU /4 1MFJO %" XXX TUSJQGBOBBU OFU 563/)065 5JTUKFO %PQ 1BUFSTUSBBU

XXX UJTUKFOEPQ CF 653&$)5 1JFU 4OPU 7JTNBSLU ,3 XXX QJFUTOPU OM

-FJETF TUSJQTIPQ "BMNBSLU &$ XXX MFJETFTUSJQTIPQ OM

4USJQ FO MFLUVVSTIPQ 0VEF (SBDIU /3 XXX TUSJQBSU OM

-&67&/

;80--&

(PCFMJKO .FDIFMTFTUSBBU

XXX HPCFMJKO CF

%F #PFLFOIBMUF "TTFOEPSQFSTUSBBU %) XXX CPFLFOIBMUF OM

#SZBO 5BMCPU XPPOU JO 8POEFSMBOE #SZBO 5BMCPU รฏรทรณรฐ JT OJFU EF FFSTUF EF CFTUF 4PNNJHFO [JFO JO IFN FFO TPPSU #SJUTF 1FUFS 1POUJBD WBOXFHF [JKO WJSUVP[F FYUSFFN )POEFSEFO UPOFFMTUVLLFO CPFLFO FO mMNT [JKO FSPQ HFCBTFFSE XBBSPOEFS HFEFUBJMMFFSEF UFLFOTUJKM [JKO SFCFMTF UIFNB T FO [JKO OBBS XJFUXBM BGHFMPQFO OBKBBS OPH EF NPOVNFOUBMF [ร ร S WSJKF TUSJQCFXFSLJOH -PTU HJSMT NFO HFVSFOEF WFSMFEFO .BBS BOEFSFO OPFNFO EF WJKGUJHFS PPL XFM EF 4UBOMFZ ,VCSJDL WBO EF #SJUTF TUSJQ IJK XFSLU Kร ร ร SFO BBO [JKO %VT XBU EPFU EF #SJUTF TUSJQNBLFS #SZBO 5BMCPU )JK WPFHU FS EF[F NBBOE TUSJQT NBBS BMT [JKO CPFLFO FJOEFMJKL WFSTDIJKOFO MJFHFO [F FS OJFU EPPEMFVL OPH FFO UJUFM BBO UPF "MJDF JO 4VOEFSMBOE &FO EVJ[FMJOHXFLLFOEF PN [JF LBEFS ;PXFM EF HSBmTDIF BMT EF UIFNBUJTDIF BNCJUJF [JKO BG UF MF[FO BBO "MJDF JO 4VOEFSMBOE 5BMCPU OPFNU [JKO OJFVXTUF AESPPNEPDVNFOUBJSF PWFS IFU XPOEFSMJKLF BNBMHBBN WBO GFJUFO NZUIFO FO CPFL FFO ESPPNEPDVNFOUBJSF FFO SJKLHFTDIBLFFSEF TUSJQ XBBSJO mDUJF EBU JFEFSFFO WPPS XBBS BBOOFFNU %F NFOTFMJKLF HFTDIJFEFOJT EJHJUBBM CFXFSLUF GPUP T OBBEMPPT PWFSMPQFO JO &$ DPNJDT BDIUJHF IPSSPSUFLFOJOHFO FO EF LMBTTJFLF "MJDF JMMVTUSBUJFT WBO TJS +PIO PNHFUPWFSE UPU ร ร O HSPPU 8POEFSMBOE 5FOOJFMM TPFQFMUKFT PWFSHBBO JO EF LMBSF MJKO WBO )FSHร "MJDF JO 8POEFSMBOE JT [P POHFWFFS IFU CFSPFNETUF LJOEFSCPFL UFS XFSFME

4DPUU .D$MPVE WFSTDIJKOU BBO #SZBO 5BMCPU JO "MJDF JO 4VOEFSMBOE

)FU CFHPO BMMFNBBM UPFO EPDFOUF DVMUVSFMF TUVEJFT .BSZ 5BMCPU FFO OJFVXF CBBO LSFFH FO HJOH WFSIVJ[FO &DIUHFOPPU #SZBO BBS[FMEF HFFO TFDPOEF HMJQUF IBBS BDIUFSOB FO TDISPL OB FFO FJOEFMPPT MJKLFOEF SFJT o QMPUTFMJOH CPOT CPOT o XBLLFSy JO 4VOEFSMBOE &FO TUBE BBO EF OPPSEPPTUFMJKLF LVTU WBO &OHFMBOE OFU POEFS /FXDBTUMF +F CPFL IFFU "MJDF JO 4VOEFSMBOE 8BU IFCCFO 8POEFSMBOE FO 4VOEFSMBOE NFU FMLBBS UF NBLFO WPMHFOT KPV v%F TUBE EPFU PQ IFU FFSTUF HF[JDIU OJFU FDIU BBO 8POEFSMBOE EFOLFO EBU HFFG JL NFUFFO UPF *L CFEPFM 8POEFSMBOE JT FFO HFESPPNEF QMBBUT XBBS BMMFT TVSSFร FM JT .BBS FS JT IFFM XBU EBU TVHHFSFFSU EBU TDISJKWFS -FXJT $BSSPMM EF OBBN 8POEFSMBOE IFFGU BGHFMFJE WBO 4VOEFSMBOE )JK XBT EPM PQ XPPSETQFMMFUKFT &O IJK LFOEF 4VOEFSMBOE HPFE %FSUJH WFFSUJH KBBS MBOH JT IJK [JKO PPN FO [JKO OFFอฏFT JO 8IJUCVSO ESJF LJMPNFUFS UFO OPPSEFO WBO 4VOEFSMBOE LPNFO PQ[PFLFO ;F HJOHFO EBO WBBL JO 4VOEFSMBOE XJOLFMFO OBBS IFU UIFBUFS PG OBBS EF IBWFO #PWFOEJFO XPPOEF

,MBSF MJKO JO "MJDF JO 4VOEFSMBOE

"MJDF -JEFMM JO "MJDF JO 4VOEFSMBOE

$BSSPMMT [VT JO EF TUBE EJF XBT IJFS NFU EF QMBBUTFMJKLF EPNJOFF HFUSPVXE $BSSPMM [PDIU IBBS PPL HFSFHFME PQ IPFXFM NJOEFS WBBL EBO [JKO PPN EJF IFN QFSTPPOMJKL CFUFS MBH )JK TDISFFG IFU CFSPFNEF HFEJDIU +BCCFSXPDLZ VJU [JKO UXFFEF "MJDF CPFL Í·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y FO IJK LFOEF 4VOEFSMBOE %VT EBO JT IFU OPH NBBS FFO LMFJOF TUBQ w 4VOEFSMBOE JT FFO JOEVTUSJFTUBE &JHFOMJKL IFMFNBBM HFFO 8POEFSMBOE PG XFM

EF [PNFS CVTMBEJOHFO UPFSJTUFO TUBBO UF XBDIUFO v/PV EBU WBMU XFM NFF %F HSPU JT [P O IBMWF FFVX HFMFEFO EJDIUHF NFUTFME )FU XBT FS OJFU WFJMJH %VT KF LVOU FS OJFU NFFS JO +F LVOU OPH XFM [JFO XBBS IJK XBT EBU XFM MBDIU

.BBS -FXJT $BSSPMM HJOH EVT WBBL OBBS 8IJUCVSO #FIBMWF [JKO OFFͯFT XPPOEF PPL TJS )FEXPSUI 8JMMJBNTPO EBBS )JK XBT FFO OFFG WBO "MJDF -JEFMM IFU NFJTKF WPPS XJF -FXJT $BSSPMM "MJDF JO 8POEFSMBOE TDISFFG SFE -FXJT $BSSPMM LFOEF "MJDF OFFG FFSEFS EBO "MJDF [FMG IBBS POUNPFUUF IJK QBT MBUFS JO 0YGPSE )JK [PDIU 8JMMJBNTPO PQ JO [JKO MBOEIVJT 8IJUCVSO )BMM XBBS [F DSPDLFU TQFFMEFO PQ IFU HSBTWFME OFU BMT JO IFU CPFL SFE )FEXPSUI 8JMMJBNTPO IBE OJFU [VMLF HPFEF PHFO %VT IJK JT EF NBO EJF PQ IFU MBOEHPFE XJUUF LPOJKOFO IFFGU MBUFO VJU[FUUFO [PEBU IJK [F UJKEFOT EF KBDIU CFUFS LPO SBLFO MBDIU *O EF UVJOFO WBO 8IJUCVSO )BMM CBSTUUF IFU WBO EF XJUUF LPOJKOFO w +F WFSUFMU IFU BMTPG IFU BMMFNBBM NFU FMLBBS UF NBLFO IFFGU )FU FOF EFUBJM MFJEU WBO[FMG OBBS IFU BOEFSF

v-FXJT $BSSPMM LXBN IJFS NJEEFO ï÷F FFVX 5PFO XBT 4VOEFSMBOE EF HSPPUTUF TDIFFQTXFSG UFS XFSFME %BU XBT OPH JO EF UJKE WBO EF IPVUFO TDIFQFO &S [JKO CFTDISJKWJOHFO EJF EF SJWJFS IJFS CFOPFNFO BMT AFFO XPVE WBO TDIFFQTNBTUFO "OEFSF EFMFO WBO 4VOEFSMBOE [JKO IFMFNBBM OJFU [P JOEVTUSJFFM "BO [FF PPHU EF TUBE FJHFOMJKL NFFS BMT FFO CBEQMBBUT -FXJT $BSSPMM HJOH WBBL MBOHT EF LVTU MPQFO FO EBO LXBN IJK POEFSXFH WBO 8IJUCVSO OBBS 4VOEFSMBOE MBOHT FFO HSPUF HSPU JO EF DMJĉ EJF CFLFOE TUBBU BMT 4QPUUFF T IPMF 0WFS EJF HSPU EPFO BMMFSMFJ XPOEFSMJKLF WFSIBMFO EF SPOEF %BU IJK XFM FFO NJKM EPPSMPPQU UPU BBO IFU LBTUFFM WBO )ZMUPO CJKWPPSCFFME "MJDF JO 8POEFSMBOE CFHJOU NFU FFO BGEBMJOH JO FFO LPOJKOFOIPMyw

&O OV XPPO KF [FMG JO 4VOEFSMBOE /FHFO KBBS BMXFFS 8FFU KF OPH XBU KF FFSTUF JOESVL XBT WBO EF TUBE

%F JOTQJSBUJFCSPO WPPS "MJDF LPOJKOFOIPM *L OFFN BBO EBU EBBS JO

v/FU BMT JFEFSFFO WFSXBDIUUF JL EBU 4VOEFSMBOE FFO TPNCFSF

v+B EBU JT PPL XBU JL EPF JO IFU CPFL JL MFH WFSCBOEFO %F -JEEFMMT IBEEFO WFFM CBOEFO NFU EF[F SFHJP ;P JT PPL "MJDF WBEFS IJFS PQHFHSPFJE -FXJT $BSSPMM XBT EPM PQ [JKO PPN FO OFFͯFT JO 8IJUCVSO %F MBOHF WBLBOUJFT JO 0YGPSE EJF CJKOB FFO IBMͯBBS EVVSEFO WFSEFFMEF IJK OPSNBBM HFTQSPLFO UVTTFO CF[PFLKFT BBO [JKO PVEFSMJKL IVJT JO $SPGU [P O WFFSUJH LJMPNFUFS UFO [VJEFO WBO 4VOEFSMBOE FO 8IJUCVSO )JK JT EBBS WFFM HFXFFTU w

#PFHCFFME WBO EF #SJUTF TUSJQ *O SVJN ESJF EFDFOOJB TUSJQNBLFO IFFGU #SZBO 5BMCPU NJTTDIJFO OJFU WFFM CPFLFO PQ [JKO OBBN HFCSBDIU UPDI JT IJK FFO WBO EF CPFHCFFMEFO WBO EF #SJUTF TUSJQ #FHJO KBSFO ïè EFCVUFFSU #SZBO 5BMCPU NFU TUPOFE WPMHFLSJFCFMEF TUSJQT PWFS EF AQTZDIPOBVU $IFTUFS 1 )BDLFOCVTI 6OEFSHSPVOEDPNJDT JO PQUJNB GPSNB XBBSJO CJKOB HFFO QBHJOB WPPSLPNU [POEFS WFUUF KPJOU PG IPFLJH NBSJIVBOBCMBE OB UF MF[FO JO EF CVOEFM #SBJOTUPSN "MT IJK JO éñðê [JKO FSH TUF SPFT IFFGU VJUHFTMB QFO LPNU 5BMCPU NFU EF TQJKLFSIBSEF SVJNUF SFCFM -VUIFS "SLXSJHIU "SLXSJHIU NPFU [JDI XFSFO UFHFO BMMFSMFJ UPUBMJUBJSF LSBDIUFO 5BMCPUT SBVXF WFSIBBM FO JOUFOTF QFOUFLFOJO HFO CFÕOWMPFEFO FFO IFMF HFOFSBUJF BBOTUPS NFOEF #SJUTF TUSJQNB LFST POEFS XJF /FJM (BJNBO FO "MBO .PPSF %BBSOB SJDIU 5BMCPU [JDI PQ BMMFSMFJ LPSUFSF TUSJQT WPPS 5IF 4BOENBO FO IFU TUSJQCMBE êèèè "% 0PL XFSLU IJK FOLFMF KBSFO WPPS FFO SFDMB NFCVSFBV FO #SJUJTI 'SPN )FSF UP &UFSOJUZ VJU EF CVOEFM #SBJOTUSPSN

"FSPTQBDF *O éññí LSVJQU IFU CMPFE FDIUFS XFFS XBBS IFU OJFU HBBO LBO %BO WFSSBTU 5BMCPU [JKO MF[FST o FO EJF WBO nVõZ CVOOZ LJOEFSCPFLFOTDISJKGTUFS #FBUSJY 1PUUFS o EPPS 1PUUFST HFNPFEFMJKLF EJFSFOXFSFME BMT VJUHBOHTQVOU UF LJF[FO WPPS FFO BBO HSJKQFOE WFSIBBM PWFS FFO KPOHF WSPVX PQ EF WMVDIU WPPS IBBS JODFTUWFSMFEFO %F EXJOHFOEF WFSIBBMMJKO 1PUUFST TDIBUUJHF EJFSUKFT FO 5BMCPUT GSBBJF CFFMEFO WBO IFU -BLF %JTUSJDU NBLFO EJU 5IF UBMF PG POF CBE SBU UPU FFO TUSJQ EJF KF OJFU MJDIU WFSHFFU &FO LMFJOF [FT KBBS EBBSOB CMBBTU 5BMCPU -VUIFS $IFTUFS 1 )BDLFOCVTI "SLXSJHIU OJFVX MFWFO JO )JK HPPJU BMMF SFNNFO MPT FO TDIJMEFSU FFO BQPDBMZQ UJTDIF TDJFODFmDUJPOWFSTJF WBO 7JDUPSJBBOT &OHFMBOE EJF [JDI LBO NFUFO NFU EF NFFTU BCTVSEJTUJTDIF HFEBDIUFLSPOLFMT WBO EF POHFSFNEF TUSJQTKBNBBO +PEPSPXTLZ )FBSU PG 5IF UBMF PG POF CBE SBU UIF FNQJSF .FU "MJDF JO 4VOEFSMBOE WFSLFOU 5BMCPU JO êèèï FFO OJFVX HFOSF EF HFUFLFOEF ESPPN EPDVNFOUBJSF

JOEVTUSJFTUBE [PV [JKO .BBS JL POUEFLUF BM TOFM EBU IFU IJFS FJHFO MJKL IFFM BBOHFOBBN JT 8F XPOFO IJFS NJEEFO JO IFU DFOUSVN WMBL OBBTU FFO HSPPU 7JDUPSJBBOT QBSL %PPS EF [FF JT EF MVDIU IJFS BMUJKE GSJT &S JT IJFS CJKOB HFFO MVDIUWFSWVJMJOH &FO CVVSNBO WBO POT IBE BM [JKO MFWFO MBOH BTUNB WPPSEBU IJK OBBS 4VOEFSMBOE WFSIVJTEF 5PFO IJK IJFS ESJF NBBOEFO XPPOEF IBE IJK CJKOB HFFO MBTU NFFS w 8BOOFFS SFBMJTFFSEF KF KF WPPS IFU FFSTU EBU FS FFO WFSIBBM JO EF TUBE [BU v*L XJMEF BM UXJOUJH KBBS MBOH JFUT EPFO NFU "MJDF &FO WBO NJKO BMMFSFFSTUF TUSJQT XBT 'SPN IFSF UP JOmOJUZ FFO LPSUF WSJKF TUSJQ CFXFSLJOH WBO ͷSPVHI UIF MPPLJOH HMBTT 0PJU XJMEF JL EBBS OPH FFOT PQ WPPSUCPSEVSFO XBOU "MJDF JT UPDI EF NPFEFS BMMFS QTZDIF EFMJTDIF BWPOUVSFOWFSIBMFO FFO HFOSF EBU NF FSH BBOTQSFFLU [JF 5BMCPUT TUSJQCVOEFM #SBJOTUPSN SFE )FU WFSIBBM CFHJOU NFU FFO USJQ EBO CBSTU IFU BWPOUVVS MPT FO UFHFO IFU FJOEF XPSEU BMMFT XFFS OPSNBBM .BBS JL WPOE OPPJU FFO KVJTUF JOWBMTIPFL ,PSU OBEBU XF OBBS 4VOEFSMBOE XBSFO WFSIVJTE POUEFLUF JL IJFS JO IFU NVTFVN o JO IFU QBSL WMBLCJK POT IVJT o IFU IPPGE WBO FFO PQHF[FUUF XBMSVT %F FFSTUF XBMSVT EJF -FXJT $BSSPMM PPJU IFFGU HF[JFO FO EJF IJK MBUFS [PV PQWPFSFO JO [JKO XFSL SFE w )PF XFFU KF EBU $BSSPMM EJF XBMSVT IFFGU HF[JFO v%BU JT CFLFOE )FU TUBBU WBTU EBU IJK IFN IFFGU HF[JFO [P O UXFF KBBS OBEBU IJK IFU HFEJDIU %F XBMSVT FO EF UJNNFSNBO IBE HFTDISF WFO VJU ͷSPVHI UIF MPPLJOH HMBTT SFE .BBS IFU CJ[BSSF JT EF NBO EJF EF XBMSVT OBBS 4VOEFSMBOE IFFGU HFIBBME XBT FFO LBQJUFJO FFO [FLFSF +PTFQI 8JHHJOT )JK IBE IFN NFFHFOPNFO VJU 4JCFSJÑ %BU CFFTU IBE KBSFOMBOH CJK IFN UIVJT HFTUBBO CJK EF IBWFO WPPSEBU IJK IFU TDIPOL BBO IFU NVTFVN ;JKO IVJT MBH WMBL OBBTU EF LBOUPSFO WBO EF PPN WBO -FXJT $BSSPMM XBBS -FXJT IFN XFM FFOT PQ[PDIU $BSSPMM LFOEF 8JHHJOT %VT IFU JT IFFM XBBSTDIJKOMJKL EBU IJK EJF XBMSVT BM KBSFO FFSEFS CJK IFN UIVJT IFFGU HF[JFO %BU XBT EF FFSTUF LFFS EBU FS CJK NJK FFO MJDIUKF HJOH CSBOEFO PWFS $BSSPMMT CBOEFO NFU 4VOEFSMBOE 5PFO LXBN JL JO EF CPFLIBOEFM FFO MPLBMF VJUHBWF UFHFO " UPXO MJLF "MJDF T WBO .JDIBFM #VUF %BU HBBU IFMFNBBM PWFS $BSSPMMT CBOEFO NFU 4VOEFSMBOE *L IFC IFU CPFL HFMF[FO FO EBBSOB DPOUBDU HF[PDIU NFU EF TDISJKWFS .JDIBFM IFFGU FFO CJKOB FODZDMPQFEJTDIF LFOOJT WBO EF CJPHSBmF WBO -FXJT $BSSPMM FO EF HFTDIJFEFOJT WBO 4VOEFSMBOE %BBS IFC JL UJKEFOT IFU NBLFO WBO "MJDF JO 4VOEFSMBOE POU[FUUFOE WFFM BBO HFIBE w

4VOEFSMBOE &NQJSF JO "MJDF JO 4VOEFSMBOE

OFFS )VNQUZ FO %VNQUZ JO Í·SPVHI UIF MPPLJOH HMBTT IFU HFEJDIU +BCCFSXPDLZ WFSLMBSFO BBO "MJDF MFHHFO [F OJFU VJU XBU ACFBNJTI JT PNEBU "MJDF BM XFFU EBU EBU CJK 4VOEFSMBOE MJHU 4JS +PIO $POZFST XBT EF ACFBNJTI CPZ FFO MFUUFSMJKLF WFSXJK[JOH OBBS +BCCFSXPDLZ SFE -BUFS XFSE #FBNJTI [FMGT FJHFOEPN WBO EF GBNJMJF -JEEFMM )FU XFNFMU WBO EBU TPPSU WFSCBOEFO w

%VT FJHFOMJKL JT IFU WSFFNE EBU WFFM NFOTFO "MJDF JO 8POEFSMBOE OPH TUFFET BTTPDJÑSFO NFU 0YGPSE FO OJFU NFU 4VOEFSMBOE

)FU JT EVJEFMJKL EBU KF WFFM POEFS[PFL IFCU HFEBBO OBBS "MJDF JO 8POEFSMBOE ,JKL KF OV OB BM EBU POEFS[PFL BOEFST UFHFO -FXJT $BSSPMMT CPFL BBO

v&JHFOMJKL XFM *O 0YGPSE EPFO EF NFOTFO EBBS OBUVVSMJKL PPL IVO VJUFSTUF CFTU WPPS )FU HSPPUTUF EFFM WBO -FXJT $BSSPMMT HFTDIJFEFOJT JO IFU OPPSEPPTUFO IFCCFO [F HFXPPO HFDFOTVSFFSE EBBS JO 0YGPSE .BBS -FXJT $BSSPMM XBT UPDI FDIU FFO [PPO WBO IFU OPPSEFO %F XPSUFMT WBO 8POEFSMBOE MJHHFO IJFS ;P JT IFU HFEJDIU +BCCFSXPDLZ HFÕOTQJSFFSE PQ UXFF ESBLFOMFHFOEFT EJF -FXJT $BSSPMM JO [JKO KFVHE POHFUXJKGFME IFFGU HFIPPSE EF MFHFOEF WBO EF -BNCUPO 8PSN FFO WBO EF CFSPFNETUF ESBLFOMFHFOEFO WBO &OHFMBOE FO IFU WFSIBBM WBO EF 4PDLCVSO 8PSN )FU LSPN [XBBSE XBBSNFF EF 4PDLCVSO 8PSN XFSE HFWFME XFSE UPU ïöðö JO $SPGU DFSFNPOJFFM PWFSIBOEJHE BBO FMLF OJFVXF CJTTDIPQ WBO %VSIBN o CJK EF CSVH OBBTU EF QSFEJLBOUTXPOJOH XBBS EF $BSSPMMT XPPOEFO $BSSPMM IFFGU EBBS POHFUXJKGFME PWFS IPSFO WFSUFMMFO 5FHFOXPPSEJH MJHU IFU [XBBSE JO IFU NVTFVN WBO %VSIBN %F NBO EJF EF 4PDLCVSO 8PSN WFSTMPFH XBT TJS +PIO $POZFST %JF MJHU XFFS CFHSBWFO JO %FWJOHUPO PQ IFU LFSLIPG WBO EF LFSL XBBS EF HSPPUWBEFS WBO "MJDF -JEEFMM EPNJOFF XBT $POZFST XBT PPJU EF IFFS WBO #FBNJTI FFO WBMMFJ UFO OPPSEFO WBO 4VOEFSMBOE &O XBO

v/JFU UFHFO IFU CPFL XFM UFHFO $BSSPMM [FMG /FU BMT JFEFSFFO TUPOE JL UPFO JL FS OPH OJFU [PWFFM WBOBG XJTU FFO CFFUKF XBOUSPVXFOE UFHFOPWFS EF NPUJFWFO WBO -FXJT $BSSPMM 7FFM NFOTFO [JFO IFN BMT FFO QFEPmFM FO EFOLFO EBU IJK BMMFFO NBBS HFMVLLJH XBT JO IFU HF[FMTDIBQ WBO LMFJOF NFJTKFT FO EBU TPPSU EJOHFO /V JL NF FS FDIU JO IFC WFSEJFQU o FO IFU MFFL TPNT CJKOB FFO CMPPEZ QSPNPUJFPO EFS[PFL o JT IFU NJK EVJEFMJKL HFXPSEFO EBU EBU FDIU PO[JO JT )FU LPNU IPPGE[BLFMJKL EPPS [JKO FFSTUF CJPHSBmF -JGF BOE MFU UFST PG -FXJT $BSSPMM HFTDISFWFO EPPS [JKO OFFG 4UVBSU %PEHTPO $PMMJOHXPPE %JF LXBN VJU JO ïö÷ö OPH HFFO KBBS OB $BSSPMMT EPPE UPFO "MJDF JO 8POEFSMBOE FOPSN QPQVMBJS XBT %F GBNJMJF QSPCFFSEF IFN BG UF TDIJMEFSFO BMT FFO IFJMJHF BMT JFNBOE [POEFS TFLTMFWFO JFNBOE EJF BMMFFO HFMVLLJH XBT JO EF CVVSU WBO LJOEFSFO FO EFSHFMJKLF %BU XBT OPH WPPS 'SFVE JO FFO UJKE XBBSJO NFOTFO EFEFO BMTPG QFEPmMJF OJFU CFTUPOE 1BT [FTUJH KBBS OB IFU WFSTDIJKOFO WBO $PMMJOHXPPET CPFL XFSE IFU EBHCPFL WBO -FXJT $BSSPMM PQFOCBBS %BU JT OV UF MF[FO WPPS JFEFSFFO EJF EF NPFJUF OFFNU IFU UF HBBO JO[JFO JO EF #SJUJTI

-JCSBSZ 7FFM NFOTFO EJF CPFLFO PWFS $BSSPMM TDISFWFO OBNFO EJF NPFJUF OJFU NBBS WFSUSPVXEFO MJFWFS PQ $PMMJOHXPPET CJPHSBmF ;JKO CPFL CMFFG IFU HSPPUTUF EFFM WBO EF ðîF FFVX EF CFMBOHSJKLTUF CSPO PWFS $BSSPMM )FU JT OPH OJFU [P MBOH HFMFEFO EBU XFUFOTDIBQ QFST CFXVTU BOEFSF CSPOOFO IFCCFO PQHF[PDIU FO IFN JO FFO OJFVX MJDIU [JKO HBBO [JFO %BU CMJKLU PPL EVJEFMJKL VJU NJKO CPFL $BSSPMM XBT HFFO WFSMFHFO OFSEZ XJTLVOEJHF )JK XBT KVJTU FFO TPDJBBM EJFS %F BDUSJDF &MMFO 5FSSZ EF LPOJOHJO WBO IFU 7JDUPSJBBOTF UIFBUFS XBT FFO WBO "MJDF JO 4VOEFSMBOE [JKO CFTUF WSJFOEJO OFO )JK USPL PQ NFU TDIJMEFST BMT %BOUF (BCSJÑM 3PTTFUUJ FO BOEFSF 1SFSBGBÑMJFUFO BMT +PIO &WFSFUU .JMMBJT )JK IBE FFO IFMF WSJFOEFO LSJOH JO -POEFO )JK XBT BCTPMVVU HFFO WFSMFHFO LMVJ[FOBBS EJF IFU IFMF KBBS BMMFFO NBBS JO 0YGPSE [BU )JK USPL IFU IFMF MBOE EPPS )JK XBT MFWFOTMVTUJH BMUJKE JO WPPS FFO HFJOUKF %BU JT NF UJKEFOT NJKO POEFS[PFL BCTPMVVU EVJEFMJKL HFXPSEFO w +F OPFNU KF CPFL FFO AESPPNEPDVNFOUBJSF %BU SPFQU NFUFFO CFFMEFO PQ WBO BTTPDJBUJFWF EPDVNFOUBJSFT CFFMEHFEJDIUFO [POEFS EVJEF MJKLF WFSIBBMMJKO [PBMT EF mMNLMBTTJFLFS #FSMJO %JF 4JOGPOJF EFS (SPTTUBEU )PF CFO KF FSJO HFTMBBHE TUSVDUVVS JO KF WFSIBBM BBO UF CSFOHFO v"M [P O UXJOUJH KBBS MBOH XJMEF JL FFO TUSJQWFSIBBM NBLFO PWFS FFO PQWPFSJOH *FUT XBU PQ FFO UPOFFM TQFFMEF .FU "MJDF LPO JL FS FJOEFMJKL XBU NFF %F BDIUFSHSPOE WBO IFU CPFL JT IFU UIFBUFS IJFS JO 4VOEFSMBOE EF 4VOEFSMBOE &NQJSF %BU JT FFO &EXBSEJBBOT QBMBDF PG WBSJFUJFT FFO FOPSNF CBL IFU HSPPUTUF UIFBUFS UVTTFO .BODIFTUFS FO &EJOCVSHI 5PFO JL PQ IFU JEFF LXBN EBBS FFOT UF HBBO LJKLFO XBT JL NFUFFO WFSLPDIU )FU JT FFO POHFMPPnJKL HFCPVX FFO QFSGFDUF NFUBGPPS WPPS XBU JL XJMEF WFSUFMMFO *L[FMG TQFFM ESJF SPMMFO JO "MJDF JO 4VOEFSMBOE EF 1MFCFKFS FFO TPPSU BBO MBHFS XBM HFSBBLUF WFSTJF WBO NF[FMG IFU 1PEJVNEJFS EF NBO PQ EF QMBOLFO FO EF 1FMHSJN EJF XBOEFMU EPPS 4VOEFSMBOE FO [P EF WFSIBMFO PQ FFO OBUVVSMJKLF XJK[F NFU FMLBBS WFSCJOEU )FU CPFL IFFGU EF WPSN WBO FFO UIFBUFSTUVL DPNQMFFU NFU FFO QBV[F JO IFU NJEEFO FFO UIFBUSBMF mOBMF FO FFO UPFHJGU w 8BU TQSBL KF BBO JO EBU JEFF WBO FFO UIFBUFSTUVL BMT VJU HBOHTQVOU WPPS FFO TUSJQ v)FU MFFOU [JDI FSH HPFE WPPS EJOHFO XBBS TUSJQT HFLOJQU WPPS [JKO 8BOU BMT TUSJQNBLFS CFO JL BCTPMVVU OJFU HFCPOEFO BBO IFU UPOFFM *OUFHFOEFFM KF LVOU JFUT UFS TQSBLF CSFOHFO FO EBO LVO KF WBOBG

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ñ QBQJFS UFHFO EF NVVS PN IFU PWFS[JDIU UF CFIPVEFO 5PFO QBT LPO JL CFHJOOFO NFU TDISJKWFO *L WFSUFM IFU WFSIBBM WBO 4VOEFSMBOE JO EF WPSN WBO FFO XBO EFMJOH WBO NJKO IVJT OBBS 8IJUCVSO XBBS $BSSPMM MPHFFSEF %F HFTDIJFEFOJT WMPFJU IFFM WBO[FMGTQSFLFOE WPPSU VJU EF QMFLLFO XBBS JL MBOHTLPN )FU JT [PNBBS FFO XBOEFMJOH WBO EJF QFSTPPO IJK MPPQU OJFU TQFDJBBM FSHFOT IFFO .BBS JO GFJUF JT EBU IFU WFSIBBM WBO $BSSPMM BGHFXJTTFME JO TFQJBUPOFO NFU EBU WBO "MJDF -JEEFMM "M EJF EJOHFO [JKO NFU FMLBBS WFSXFWFO .BBS JL HB PPL WFS UFSVH JO EF UJKE OBBS EF AFFSCJFEXBBSEJHF #FEF EF QFFUWBEFS WBO EF #SJUTF HFTDIJFEFOJT )JK XBT FFO NPO OJL EF NBO EJF EF FFSTUF PNWBUUFOEF HFTDIJFEFOJT WBO &OHFMBOE TDISFFG BMT IFU XBSF EF VJUWJOEFS WBO EF #SJUTF JEFOUJUFJU )JK MFFGEF FO XFSLUF JO EF [FWFOEF FFVX OB $ISJTUVT NBBS [JKO XFSL XPSEU OPH TUFFET IFSESVLU #FEF XPPOEF PQ OPH HFFO LJMPNFUFS BGTUBOE WBO POT IVJT %VT JO EJF [JO JT 4VOEFSMBOE [FMGT EF CBLFSNBU WBO IFU &OHFMTF CFXVTU[JKO w ;P O CPFL PWFS EF IJTUPSJTDIF BDIUFSHSPOEFO WBO KF XPPOQMBBUT EPFU TUFSL EFOLFO BBO EF SPNBO 7PJDF PG UIF mSF WBO "MBO .PPSF %BBSJO CFTDISJKGU IJK UZQJTDIF JOXPOFST WBO [JKO HFCPPSUFTUBE /PSUIBNQUPO EPPS EF FFVXFO IFFO v%BU LMPQU IPFXFM IFU JO TPNNJHF PQ[JDIUFO UPDI PPL IFFM BOEFST JT *O NJKO CPFL TUBBO EF IJTUPSJTDIF WFSIBMFO OJFU PQ [JDI NBBS MPQFO [F EPPS FMLBBS #PWFOEJFO JT .PPSFT CPFL mDUJF FO EBU WBO NJK OPO mDUJF .BBS MPT EBBSWBO XBT 7PJDF PG UIF mSF JOEFSEBBE FFO JOTQJSBUJFCSPO WPPS "MJDF JO 4VOEFSMBOE 8BOU OFU BMT "MBO .PPSF WFSUFM JL PWFS NJKO XPPOQMBBUT FO QSPCFFS JL EF NBHJF WBO EF QMFL OBBS CPWFO UF LSJKHFO w +F CPFL NBBLU EVJEFMJKL EBU mDUJF FO XFSLFMJKLIFJE JO FMLBBST TUBBSU CJKUFO %BU EF HFTDIJFEFOJT MJKLU PQ ÏÏO HSPPU 8POEFSMBOE XBBSJO BMMFT WFSBOEFSU BGIBOLFMJKL WBO IFU QFSTQFDUJFG EBU KF LJFTU v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w

5PPO %PINFO %F LPNFOEF NBBOEFO [JKO FS FYQPTJUJFT WBO "MJDF JO 4VOEFSMBOE JO IFU $BSUPPO .VTFVN JO -POEFO FO EF (BMMFSZ PG DPOUFNQPSBSZ BSU JO 4VOEFSMBOE 7PPS QSFDJF[F EBUB MPDBUJFT FO NFFS OJFVXT PWFS #SZBO 5BMCPU [JF XXX CSZBO UBMCPU DPN *O EF SVCSJFL 1SJL#PSE WFSEFSPQ JO EJU CMBE NFFS PWFS EF UPFLPNTUQMBOOFO WBO #SZBO 5BMCPU

1TZDIFEFMJTDI BWPOUVVS JO "MJDF JO 4VOEFSMBOE

&DMFDUJDJTNF JO IBQLMBSF CSPLKFT .FU IFU OFHFOFOUXJOUJHTUF BMCVN )FU PõFS JT FS FFO QFSJPEF BGHFTMP UFO WPPS EF QPQVMBJSF TUSJQSFFLT 5IPSHBM 4DFOBSJTU +FBO WBO )BNNF IPVEU FSNFF PQ FO IFFGU EF BWPOUVSFO WBO EF FFVXJH [PFLFOEF IPPGE QFSTPPO UPU FFO [PEBOJH FJOEF HFCSBDIU EBU [JKO PQWPMHFS :WFT 4FOUF EF SFFLT PQ FFO BOEFSF NBOJFS LBO WPPSU[FUUFO 8BOOFFS LPNFOE OBKBBS IFU OJFVXF EFFM WFSTDIJKOU [BM EF TFSJF WPPSBM ESBBJFO PN EF BWPOUVSFO WBO 5IPSHBMT [PPO +PMBO .FU )FU PõFS IFFGU PPL UFLFOBBS (S[FHPS[ 3PTJOTLJ FFO OJFVXF TUBSU HFNBBLU EPPS [JKO WFSUSPVXEF UFLFOTUJKM JO UF XJTTFMFO WPPS FFO OJFVXF XBBSCJK IJK HFCSVJL NBBLU WBO HPVBDIFUFDIOJFLFO 5JKE EVT PN UFSVH UF CMJLLFO PQ FFO WBO EF QPQVMBJSTUF TUSJQT WBO EF BGHFMPQFO WJKGFOUXJOUJH KBBS FO FFO WFSLMBSJOH UF [PFLFO WPPS IFU TVDDFT

;FMG IFFGU TDISJKWFS +FBO WBO )BNNF HFFO FFOTMVJEFOEF WFSLMB SJOH WPPS IFU WFSLPPQTVDDFT WBO ͷPSHBM /B FFO BBOWBOLFMJKL XBU NPFJ[BNF TUBSU XFSE EF SFFLT JO EF KBSFO UBDIUJH BMNBBS QPQVMBJSEFS FO XFSEFO FS WBO FML OJFVX EFFM IPOEFSEEVJ[FOEFO FYFNQMBSFO WFSLPDIU v4VDDFT JT OJFU NFFS EBO FFO HFMVLLJH UPFWBM w [FJ IJK EBBSPWFS JO FFO SFDFOU JOUFSWJFX JO IFU #FMHJTDIF CMBE 'PDVT ,OBDL v&S CFTUBBU HFFO XJTLVOEJHF PG NBHJTDIF GPSNVMF WPPS 8BBSPN LPQFO NJMKPFOFO NFOTFO %F %B 7JODJ DPEF FO XPS EFO BOEFSF OJFU NJOEFS TMFDIU HFTDISFWFO UISJM MFST EPPS HFFO LBU HFMF [FO y +F LVOU BMMFFO WBTUTUFMMFO EBU IFU HSPUF QVCMJFL PQ FFO CFQBBME NPNFOU PN (PE XFFU XFMLF SFEFO PQ [P O WFS IBBM [JU UF XBDIUFO w 7PMHFOT 7BO )BNNF IFFGU IJK NFU [JKO BOEFSF WFSLPPQTVDDFT -BSHP 8JODI HFQSPCFFSE EF UJKEHFFTU BBO UF WPFMFO EPPS JO IFU ZVQQJF UJKE QFSL FFO TFSJF UF TUBSUFO PWFS IFU HSPPULBQJUBBM NBBS XBSFO 9*** FO ͷPSHBM UPFWBMTUSFĉFST 5PDI JT EBU NBBS FFO &FOMJOH JO EF CP[F CVJUFOXFSFME

EFFM WBO EF XBBSIFJE XBOU [PXFM WPPS %BO #SPXOT %F %B 7JODJ DPEF BMT WPPS 7BO )BNNF T ͷPSHBM HFMEU EBU [F PQ IFU NPNFOU WBO WFSTDIJK OFO XFM EFHFMJKL BBOTMPUFO CJK EF DPOUFNQPSBJOF NPEF JO EF QPQVMBJSF DVMUVVS 8BBS #SPXOT CPFL NFFHPMGEF PQ FFO BM MBOHFS BBO[XFMMFOEF TUSPPN MFDUVVS TUSJQT FO mMNT PWFS SPPNTF DPNQMPUUFO 0QVT %FJ FO EF 0SEF WBO EF 5FNQFMJFST EBBS LXBN EF UIFNBUJFL WPPS ͷPSHBM FJOE KBSFO [FWFOUJH PPL 0PSTQSPOLFMJKLF DPWFS WPPS BMCVN êð ,SJTT WBO 7BMOPS OJFU VJU EF MVDIU WBMMFO 7BO )BNNF WFSTUBBU EF LVOTU EF JOUFSFTTF WBO IFU QVCMJFL WPPSUEVSFOE BBO UF WPFMFO 7PPSBM JO ͷPSHBM XBBSJO IJK BMT TDFOBSJTU NFFS WSJK IFJE IBE PN WBO HFOSF UF XJTTFMFO EBO JO 9*** FO -BSHP 8JODI QBTUF IJK EF WFSIBMFO WPPSUEVSFOE BBO BBO EF OJFVXTUF NPEF

)FU CFHJO 3PTJOTLJ EJF EBO OPH JO 1PMFO XPPOU FO HFFO XPPSE 'SBOT TQSFFLU XPSEU JO ï÷õô BBO TDFOBSJTU +FBO WBO )BNNF WPPSHFTUFME 3PTJOLJ [PFLU XFSL JO IFU .FLLB WBO EF TUSJQ #FMHJÑ 7BO )BNNF CFTMVJU IFN PQ QSPFG UXFF QBHJOB T UF MBUFO UFLFOFO )PFXFM UFDIOJTDI OJFU CSJMKBOU WJOEU IJK 3PTJOTLJ XFM UBMFOUWPM FO [F HBBO TBNFO OBBS DPM MFHB TDFOBSJTU "OESÏ 1BVM %VDIÉUFBV UPFONBMJH SFEBDUFVS CJK VJU HFWFSJK -PNCBSE XBBS 7BO )BNNF BM WFFM WPPS XFSLUF %VDIÉ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v*L LXBN PQ IFU JEFF JFUT NFU 7JLJOHFO UF EPFO FO EBBS FFO WMFVHKF NZUIPMPHJF BBO UPF UF WPFHFO w )FU FFSTUF WFSIBBM WBO ͷPSHBM WFSTDIJKOU EFSUJH KBBS HFMFEFO JO XFFLCMBE ,VJͳF %F JKTLPOJOHJO 3PTJOTLJ JT OPH [PFLFOEF OBBS FFO FJHFO UFLFOTUJKM %F LSBDIU WBO EF FFSTUF BMCVNT MJHU WPPSBM JO EF WFSIBMFO WBO 7BO )BNNF ͳPSHBM JT IFU BSDIFUZQF POTDIVM EJHF IFME [PBMT TUSJQMJFGIFCCFST EJF CJKWPPSCFFME PPL LFOOFO JO EF mHVVS WBO &SJL VJU EF TFSJF 3PPECBBSE FFO FFSMJKLF KPOHFNBO EJF HFXFME FO POFFSMJKLIFJE WFSBGTDIVXU NBBS BMT IFU FSPQ BBOLPNU XFM EFHFMJKL TUPFS [JKO NBOOFUKF LBO TUBBO PN [JKO JEFBMFO UF WFS XF[FOMJKLFO 5SPVX WSJFOETDIBQ FO FFO WSFEJH GBNJMJFMFWFO [JKO [P WBO EJF JEFBMFO "OEFSFO LFOOFO IFU UZQF VJU POEFS BOEFSF IPPGTF SJEEFSSPNBOT [PBMT EF mHVSFO -BODFMPU FO 1BSDJGBM VJU EF "SUIVS MFHFOEFT "M EJF IFMEFO MFWFO JO FFO XSFEF XFSFME EJF SVX BGTUFFLU CJK IVO FEFMF LBSBLUFS UVTTFO SPPG[VDIUJHF SJEEFST PG CMPFEEPSTUJHF QJSBUFO ͳPSHBM JT FFO EJDIUFS FFO TLBME 7BO )BNNF QMBBUTU IFN UVT TFO EF XPFTUF /PPSNBOOFO EF CFSTFSLFST EJF SPWFOE NPPSEFOE

'BOUBTZ

%F TDIBEVXFO WPPSCJK

'B

*O EF WFSIBMFO EJF 7BO )BNNF OB IFU UXFFEF อทPSHBM BMCVN )FU FJMBOE EFS CFWSPSFO [FFร O TDISJKGU TQFFMU IFU UIFNB WBO IFU TUFSSFO WPML BBOWBOLFMJKL HFFO SPM %F TGFFS JO EF TUSJQ WFSBOEFSU EBBSEPPS 7BO TDJFODFmDUJPO WFSMFHU 7BO )BNNF IFU [XBBSUFQVOU WBO EF SFFLT OBBS FFO BOEFS HFOSF IFSPJD GBOUBTZ 'BOUBTZ JT FFO CSFFE HFOSF EBU [JDI IFU CFTU MBBU EFmOJร SFO BMT WFSIBMFO EJF [JDI BGTQFMFO JO FFO CFEBDIUF XFSFME NFU TQSPPLKFT BDIUJHF FO CPWFOOBUVVSMJKLF FMFNFOUFO %F UIFNB T ESBBJFO PN EF FFVXJHF TUSJKE UVTTFO HPFE FO LXBBE FO EF RVFFTUF WBO EF IPPGE QFSTPPO OBBS FFO HSBBM PG OBBS QFSTPPOMJKLF POUXJLLFMJOH WBBL HFDPNCJOFFSE NFU FFO PONPHFMJKLF PQESBDIU #JOOFO IFU HFOSF [JKO FS WFSTDIJMMFOEF TVCHFOSFT &FO EBBSWBO JT IJTUPSJDBM GBOUBTZ XBBSJO EF GBOUBTZ XFSFME XPSEU HFQMBBUTU JO FFO IJTUPSJTDIF DPOUFYU %F QPQVMBSJUFJU WBO GBOUBTZ XBT BM EFDFOOJBMBOH HSPPU NBBS LFOEF FFO EVJEFMJKLF QJFL FJOE KBSFO [FWFOUJH FO CFHJO KBSFO UBDIUJH *O รฏรทรตรถ CFXFSLU 3BMG #BLTIJ 5PMLJFOT GBOUBTZ FQPT *O EF CBO WBO EF SJOH UPU FFO UFLFOmMN )FU JT EF UJKE EBU "SOPME 4DIXBS[FOFHHFS CFSPFNE XPSEU EPPS EF WFSmMNJOH WBO EJF BOEFSF GBOUBTZ LMBT TJFLFS $POBO EF CBSCBBS &O OBUVVSMJKL JT IFU IFU UJKEQFSL WBO EF FFSTUF 4UBS 8BST mMNT อทPSHBM XPSEU FFO UZQJTDIF FQJHPPO WBO EF QPQVMBJSF DVMUVVS JO EJF UJKE EF QBEWJOEFSTNPSBBM WBO FFO XBSF GBOUBTZ IFME NFU IFU VJUFSMJKL WBO FFO CMPFNFOLJOE *O EF WFSIBMFO VJU EJF QFSJPEF %SJF HSJKTBBSET JO IFU MBOE WBO "SBO UPU FO NFU )FU TUFSSFOLJOE NPFU

อณPSHBM IFU PQOFNFO UFHFO NBHJร ST UFHFO HPEFO FO UFHFO IFU WMFFTHFXPSEFO LXBBE JO EF QFSTPPO WBO 4IBSEBS 5FMLFOT LSJKHU IJK FFO CPWFONFOTFMJKLF PQESBDIU UF WFSWVMMFO PN [JKO HFMJFGEF WSPVX "BSJDJB UF LVO OFO SFEEFO 7BO )BNNF HFFGU [JKO FJHFO JOWVMMJOH BBO IFU HFOSF EPPS TUFFET NFFS WFSIBBMNPUJFWFO VJU EF /PPSTF NZUIPMPHJF UF IFSHFCSVJLFO WPPS [JKO TDF OBSJP T .BBS OJFU BMMFFO VJU EF /PPSTF *O %F TDIBEVXFO WPPSCJK IFSWFSUFMU IJK EF PFS PVEF (SJFLTF 0SQIFVT NZUIF PWFS EF NBO EJF BGEBBMU OBBS EF POEFSXFSFME PN EBBS EF [JFM WBO [JKO HFMJFGEF UFSVH UF IBMFO &O [P POUMFFOU 7BO )BNNF XFM WBLFS [JKO JEFFร O BBO LMBTTJF LFST ;P JT IFU DFOUSBMF HFHFWFO WBO &FO IPG WBO &EFO JO IFU BMCVN %F JKTLPOJOHJO POUMFFOE BBO -PTU IPSJ[PO WBO +BNFT )JMUPO MBUFS WFSmMNE EPPS 'SBOL $BQSB %BU CPFL IBOEFMU PPL PWFS FFO QBSB EJKT JO EF CFSHFO XBBS EF UJKE TUJMTUBBU FO PWFS FFO KPOHF WSPVX EJF EPPS EF UJKE XPSEU JOHFIBBME XBOOFFS [F 4IBOHSJ -B WFSMBBU 0PL TFNJ IJTUPSJTDIF HFCFVSUFOJTTFO JOTQJSFSFO 7BO )BNNF [PBMT IFU WFSIBBM WBO "SDIJNFEFT รฐรถรต รฐรฏรฐ WPPS $ISJTUVT WBO XJF XPSEU CFXFFSE EBU IJK UJKEFOT IFU CFMFH WBO 4ZSBDVTF EPPS EF 3PNFJOFO JO รฐรฏรฐ WPPS PO[F KBBSUFMMJOH EF WJKBOEFMJKLF TDIFQFO NFU FFO LPQFSFO TQJFHFM FO [POMJDIU JO CSBOE TUBL OFU BMT JO %F WBM WBO #SFL ;BSJUI HFCFVSU &O XBU EF QPQVMBJSF DVMUVVS BMT JOTQJSBUJFCSPO CFUSFGU EF TMFDIUFSJL VJU %F [XBSUF HBMFJ IFFU +BSM &XJOH FFO HSBQQJHF WFSXJK[JOH OBBS BBSETDIVSL +3 &XJOH VJU EF FJOE KBSFO [FWFOUJH FO CFHJO KBSFO UBDIUJH POHFLFOE QPQVMBJSF UW TFSJF %BMMBT )FU [JKO EF GBOUBTJFSJKLF BWPOUVSFO WFSIBMFO WBO CFHJO KBSFO UBDIUJH EJF BDIUFSBG CFIPSFO UPU IFU IPPHUFQVOU WBO EF อทPSHBM SFFLT 0PL 3PTJOTLJ MBBU [JDI OU B BT HSBBH JOTQJSFSFO EPPS EF QPQVMBJSF DVMUVVS TU B Z JO U C F ) FU VJU EJF EBHFO %F [PPO WBO 4IBSEBS JO %F N FU B B M E B U OJ F [XBSUF HBMFJ JT FFO WBETJHF 3PNFJOTF Eร Hร Oร Sร [PBMT EJF WPPSLPNU JO UFMFWJTJFTFSJFT VJU EJF UJKE PWFS CJKWPPSCFFME /FSP )FU PSHJFWJFSFOEF IPG WBO 4IBSEBS JO %F WBM WBO #SFL ;BSJUI MJKLU [P HFLPQJFFSE VJU FFO BnFWFSJOH WBO EF JOEFSUJKE QPQVMBJSF TG TFSJF #BUUMFTUBS (BMBDUJDB &O EF EXFSH 5KBI[J VJU )FU NFUBBM EBU OJFU CFTUBBU JO IFU BMCVN )FU TUFSSFOLJOE MJKLU [P XFHHFMPQFO VJU 3JFO 1PPSUWMJFUT -FWFO FO XFSLFO WBO EF LBCPVUFS EBU JO EJF EBHFO PPL CVJUFO /FEFSMBOE NBUFMPPT QPQVMBJS JT XFSFMEXJKE รฒ NJMKPFO WFSLPDIUF FYFNQMBSFO

0WFSJHFOT IFFGU 3PTJOTLJ [JDI WBOBG %SJF HSJKTBBSET JO IFU MBOE WBO "BSBO JONJEEFMT EF HFEFUBJMMFFSEF UFLFOTUJKM BBOHFMFFSE EJF IJK IFU NFSFOEFFM WBO EF TFSJF [BM WBTUIPVEFO 7PPS IFU FFSTU JO EF SFFLT NBBLU 7BO )BNNF JO EBU TDFOBSJP HFCSVJL WBO FFO UJKEMVT

U

FO WFSLSBDIUFOE IBMG &VSPQB UFSSPSJTFSFO 5PU WFS JO 3VTMBOE FO UPU JO EF MBOEFO SPOE EF .JEEFMMBOETF ;FF [VMMFO [F MBUFS LPMPOJFT TUJDIUFO %JF UFHFOTUFMMJOH UVTTFO FEFMF IFME FO [JKO WJKBOEJHF PNHFWJOH LSVJEU 7BO )BNNF NFU FFO JO EJF QFSJPEF อทPSHBM POUTUBBU JO รฏรทรตรต JNNFOT QPQV MBJS UIFNB EF TDJFODFmDUJPO UIF PMPHJF WBO QTFVEPXFUFOTDIBQ QFS &SJDI WPO %ร OJDLFO *O [JKO CPFL 8BSFO EF HPEFO LPTNP OBVUFO CFXFFSU IJK JO ร ร O [JO TBNFOHFWBU EBU PVEF NZUIP MPHJTDIF HPEFO CVJUFOBBSETF %F UIFPSJFร O WBO 7PO %ร OJDLFO JO 5IPSHBM XF[FOT [PVEFO [JKO HFXFFTU EJF PQ BBSEF LXBNFO "MMFFO BM JO /FEFSMBOE XPSEU IFU CPFL JO EF KBSFO [FWFOUJH รฐรต LFFS IFSESVLU 0PL JO EF FFSTUF UXFF BMCVNT WBO อทPSHBM CMJKLFO EF HPEFO EJF IFFSTFO PWFS IFU MBOE JO EF OPPSEFMJKLF JKT[FF FJHFOMJKL NFOTFO WBO FFO BOEFSF QMBOFFU "UMBOUJDJ EJF EF BBSEF JO FFO WFS WFSMFEFO POUWMVDIU XBSFO OBEBU IVO XFSFME WFSHJOH FO EJF OV IJFS XFFS HFTUSBOE [JKO NFU IVO SVJNUFTDIJQ อณPSHBM JT [FMG FFO BGTUBNNF MJOH WBO IFU TUFSSFOWPML FFO HFHFWFO EBU NFEF WFSLMBBSU XBBSPN IJK [PWFFM CFTDIBBGEFS JT EBO [JKO PNHFWJOH )FU UIFNB [BM JO WFFM MBUFSF BMCVNT WBO EF SFFLT PQ EF WPPSHSPOE USFEFO

EPPS IFU WFSMFEFO UF WFSBOEFSFO WFSBOEFSU IFU IFEFO &FO NPUJFG EBU IJK PPL JO IFU MBUFSF BMCVNT %F NFFTUFS WBO EF CFSHFO FO %F LSPPO WBO 0HPUBÕ [BM UPFQBTTFO

(FOSFT 7BOBG )FU TUFSSFOLJOE XJTTFMU 7BO )BNNF WBLFS WBO HFOSF BM OBBS HFMBOH IJK JOTQJSBUJF IFFGU ;P JT IFU WFFMHFQSF[FO TQBOOFOEF "MJOPÑ FFO POWFSWBMTU IPSSPSWFSIBBM FO JT IFU WFFMCFLSPPOEF %F CPPH TDIVUUFST OBBS FJHFO [FHHFO AFFO XFTUFSO [POEFS DPXCPZT *O EF CFLFOETUF ͷPSHBM BMCVNT EF DZDMVT EJF [JDI BGTQFFMU JO IFU MBOE 2É HSJKQU 7BO )BNNF XFFS UFSVH PQ 7PO %ÊOJDLFO FO IFU TUFSSFOWPML UIFNB VJU EF FFSTUF WFSIBMFO ͳPSHBM LPNU UFSFDIU JO FFO .BZB CFTDIBWJOH XBBS IJK XFFS FFOT FFO TDIJFS PONPHFMJKLF PQESBDIU NPFU WFSWVMMFO /FU BMT JO 8BSFO EF HPEFO LPTNPOBVUFO TQFFMU 7BO )BNNF NFU IFU JEFF EBU EF HFIFMNEF HPE VJU EF .BZB NZUIPMPHJFÑO FJHFOMJKL FFO SVJNUFWBBSEFS XBT 0PL IFFGU EF HPE XBBSPN IFU ESBBJU ͳPSHBMT WBEFS 7BSUI BMJBT 0HPUBÕ XBU XFH WBO EF 4QBBOTF WFSPWFSBBS )FSOÈO $PSUÏT 5PFO EJF NFU [JKO CMBOLF HF[JDIU FO MJDIUF CBBSE JO ïóïï CJK EF "[UFLFO BBOLXBN XFSE IJK BBOWBOLFMJKL BBOHF[JFO WPPS EF "[UFLFO HPE 2VFU[BMDPBUM XBU NFEF UPU EF POEFSHBOH WBO IFU WPML MFJEEF -FU PWFSJHFOT HPFE PQ EF OBBN WBO 7BSUI OJFU WPPS OJFUT MJKLU EJF WFSEBDIU WFFM PQ EJF WBO %BSUI 7BEFS EF WPPS IFU LXBBE HFWBMMFO WBEFS WBO EF POLSFVLCBSF -VLF 4LZXBMLFS JO EF 4UBS 8BST mMNT /B IFU MBBUTUF EFFM WBO EF *T [F OV OPH TUFFET OJFU EPPE TMFDIUFSJL ,SJTT WBO 7BMOPS 2É DZDMVT 5VTTFO BBSEF FO MJDIU LFFSU ͳPSHBM UFSVH OBBS IFU OPPSEFO )FU FFSTUWPMHFOEF BMCVN EBU WFSTDIJKOU "BSJDJB JT FFO CVOEFM JFUT PVEFSF WFSIBMFO EJF BBOTMPUFO CJK EJF VJU )FU TUFSSFOLJOE FO EJF EVT PPL NFFS JO IFU GBOUBTZ HFOSF QBTTFO /B %F NFFTUFS WBO EF CFSHFO CFHJOU IFU OJWFBV WBO EF SFFLT BG UF HMJKEFO 7BO )BNNF MBBU [JDI WPPSBM OPH EPPS [JKO FFSEFSF TDF OBSJP T JOTQJSFSFO &FO CPOUF TUPFU WBO PVEF CFLFOEF USFLU WPPSCJK [PBMT EF TMFVUFMCFXBBSTUFS 5KBI[J FO EF POWFSNJKEFMJKLF JT [F OV OPH TUFFET OJFU EPPE TMFDIUFSJL ,SJTT WBO 7BMOPS 0PL IFU UFLFOXFSL WBO 3PTJOTLJ XPSEU NFFS FO NFFS POHFÕ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ͷPSHBM TUFFET NFFS [JO LSFFH JO UVTTFOEPPSUKFT BMT %F $IOJOLFM %F LMBBH[BOH WBO EF WFSMPSFO HFXFTUFO 8FTUFSO FO %F XSBBL WBO HSBBG 4LBSCFL *O IFU 'SBOTF "VSBDBO WFSUFMEF IJK POMBOHT EBU IJK NFU [JKO OJFVXF TDIJMEFSTUJKM JO )FU PĉFS XFFS [PWFFM QMF[JFS IFFGU HFLSFHFO JO IFU NBLFO WBO ͷPSHBM EBU IJK OPH MBOH EPPS XJM NFU EF SFFLT 7PPS 7BO )BNNF HFMEU EBU OJFU *O EBU[FMGEF JOUFSWJFX [FJ IJK BM WJFS KBBS HFMFEFO UPU EF DPODMVTJF UF [JKO HFLPNFO EBU IJK AVJUWFS UFME JT NFU ͷPSHBM v*L XJMEF NF[FMG OJFU HBBO IFSIBMFO w WFSUFMEF IJK v)FU JT CFUFS EBU FFO BOEFS EF TFSJF XFFS OJFVX MFWFO JOCMBBTU w %BU XPSEU EVT :WFT 4FOUF BMT SFEBDUFVS CJK -PNCBSE BM CFUSPL LFO CJK EF SFFLT FO BMT TDFOBSJTU WBO %F XSBBL WBO HSBBG 4LBSCFL BM FFO FFSEFSF DPMMFHB WBO 3PTJOTLJ )PFXFM [PPO +PMBO JO IFU WFSWPMH EF IPPGEQFSTPPO [BM [JKO JO EF WFSIBMFO [BM EF TFSJF XFM ͷPSHBM CMJKWFO IFUFO .JTTDIJFO JT IFU WPPS EF GBOT OPH MFVL PN UF

)PSSPS JO "MJOPÑ

XFUFO EBU 7BO )BNNF EF TUSJQ BBOWBOLFMJKL 3BHOBS XJMEF OPFNFO NBBS IJK XFSE FS EPPS 3PTJOTLJ PQ HFXF[FO EBU FS BM FFO TUSJQmHVVS XBT NFU EJF OBBN *O 5FFL [FJ IJK BGHFMPQFO OPWFNCFS v*L [JF NF BDIUFS NJKO CVSFBV OPH BMUJKE LPPSUTBDIUJH OBBS FFO OJFVXF OBBN [PFLFO ͳPS ͳPSHMVOE ͳPSHVOyw

*OTQJSFSFO ;FLFS JO EF KBSFO OFHFOUJH JT 7BO )BNNF WFFMWVMEJH WFSXFUFO EBU IJK [JKO TDFOBSJP T CJKFFO KBUUF )FU JEFF WPPS "SBDIOFB [PV IJK HFTUPMFO IFCCFO VJU *O EF CBO WBO EF SJOH FO EBU WPPS %F LSPPO WBO 0HPUBÕ VJU EF mMN #BDL UP UIF GVUVSF .BBS EFSHFMJKLF CFTDIVMEJHJO HFO [JKO UF TJNQFM &MLF TDISJKWFS TUSJQNBLFS PG SFHJTTFVS MBBU [JDI JOTQJSFSFO EPPS BOEFSFO CFXVTU PG POCFXVTU &ML UIFNB JT BMMBOH FFO LFFS FFSEFS CFEBDIU IFU HBBU FSPN XFMLF QFSTPPOMJKLF JOWVMMJOH KF FSBBO HFFGU ;FMG OPFNEF IJK TUSJQTDFOBSJTU (SFH BMT FFO QFSTPPO MJKL WPPSCFFME NBBS FS [JKO FS POHFUXJKGFME MFHJP UF OPFNFO &S [JKO NFFSEFSF SFEFOFO WPPS IFU WFSLPPQTVDDFT WBO ͳPSHBM BBO UF XJK[FO EF JK[FSFO XFSLEJTDJQMJOF WBO EF BVUFVST EJF CJKOB FML KBBS FFO OJFVX BMCVN BnFWFSEFO %F GBNJMJFXBBSEFO FO IFU SPMNPEFM WBO EF mHVVS ͳPSHBM LOBQQF TUPFSF WFOU EJF POEBOLT BMMF BBOEBDIU WBO BOEFSF WSPVXFO [JKO "BSJDJB USPVX CMJKGU TQSFFLU NFU OBNF WFFM WSPVXFMJKLF MF[FST BBO 7PMHFOT 3PTJOTLJ JO FFO JOUFSWJFX NFU 5FFL CFTUBBU ôî QSPDFOU WBO [JKO MF[FST QVCMJFL VJU NFJEFO .BBS EBBSPWFS NFFS JO IFU IJFSPQ WPMHFOEF BSUJLFM WBO +FG /JFVXFOIVJT 8BU ͷPSHBM CPWFOBM UPU [P O TVDDFTWPMMF SFFLT NBBLUF JT EBU 7BO )BNNF FFO POEFS IPVEFOEF NJY WBO QPQVMBJSF HFOSFT FO WFSIBBMFMFNFOUFO XJTU UF NBLFO NFU FFO LPQ FFO TUBBSU FO WFSCJOEFOEF TQBOOJOHTCPPH EBBSUVT TFO %BBSCJK XBSFO IJK FO 3PTJOTLJ OJFU WJFT WBO JOTQFMFO PQ NPEFUSFOET PQ EBU XBU IFU QVCMJFL HSBBH IFFGU [PBMT IJFS CPWFO NFU WPPSCFFMEFO BBO HFHFWFO )FU SFTVMUBBU TNBBLUF IPOEFSEEVJ[FO EFO MF[FST EBO PPL QSJNB )BOT WBO 4PFTU

)FU HF[JOOFUKF "FHJSTTPO

4(/2'!, VAN JONGENSHELD TOT VROUWENIDOOL *O EF UXFFEF IFMGU WBO EF WPSJHF FFVX XBT EF TUSJQ FFO KPOHFOTNFEJ VN FO EBO NFU OBNF WPPS KPOHFOT UVTTFO EF éè FO éð KBBS %BU XBT BBO EF TUSJQWFSIBMFO PPL HPFE BG UF [JFO %F IFMEFO VJU EJF UJKE CFMFFGEFO IVO BWPOUVSFO JO FFO XFSFME XBBSJO WSPVXFO PQ EF BDIUFSHSPOE mHV SFFSEFO &OFS[JKET IBE EBU UF NBLFO NFU IFU GFJU EBU EF [FMG DFOTVVS TUSJQNBLFST CFMFUUF EBNFT BM UF JOUFSFTTBOU BG UF CFFMEFO "OEFS[JKET XBSFO WSPVXFO o [FLFS JO EJF UJKE o PPL IFU TZNCPPM WPPS EF ESFJHFOE BBO EF IPSJ[PO PQEPFNFOEF WFSBOUXPPSEFMJKLIFJE WBO EF IVJTWBEFS )FU IPPHUFQVOU JO IFU USBEJUJPOFMF MFWFO WBO FFO WSPVX JO EF EFDFOOJB OB EF 5XFFEF 8FSFMEPPSMPH XBT MBOHF UJKE EF USPVXEBH )FU IPPHUF

"BSJDJB [JFU HSPFO WBO KBMPF[JF BMT ,SJTT WBO 7BMOPS IBBS NBO BWBODFT NBBLU )FU MBOE 2É

QVOU WBO EF NBO XBSFO EF KBSFO SPOE [JKO UXJOUJHTUF MFWFOTKBBS &FO

)PFXFM EF UXFF TUSJQSFFLTFO RVB UIFNBUJFL BBO FMLBBS WFSXBOU [JKO XJKLFO [F PQ FFO CFMBOHSJKL QVOU XF[FOMJKL WBO FMLBBS BG %F CPVRVFU SFFLT #VEEZ -POHXBZ WFSWFFMU EF MF[FS IFU HSBG JO NFU EF FJOEFMPPT VJUHFTNFFSEF XJUUFCSPPETXFLFO WBO UXFF FDP IJQ QJFT BWBOU MB MFUUSF *O ͷPSHBM MPPQU KVJTU IFU FFVXJHF SFMBUJPOFMF HFIBOOFT WBO EF IPPGESPMTQFMFST BMT FFO SPEF ESBBE EPPS EF BMCVNT "BOWBOLFMJKL JT EBU UIFNB TMFDIUT FFO UFS[JKEF BBO IFU CFHJO FO PG IFU FJOEF WBO XFFS FFO OJFVX WFSIBBM .BBS BM TOFM JT EF SFMBUJF UVTTFO ͳPSHBM FO [JKO WSPVX "BSJDJB IFU WMJFHXJFM WBO EF HFCFVSUFOJTTFO %F UPPO FO UFOFVS WBO EF SFFLT NBBLU FFO JOHSJK QFOEF ESBBJ 8BU CFHJOU BMT FFO EPPSTOFF KPOHFOTTUSJQ FJOEJHU BMT FFO WFSIBMFOSFFLT NFU FFO VJU[POEFSMJKL IPPH QFSDFOUBHF WSPVXF MJKLF MF[FST 0N EJF POUXJLLFMJOH UF CFHSJKQFO JT IFU CFMBOHSJKL EF BDIUFS HSPOE WBO CFJEF NBLFST UF LFOOFO %F 1PPM (S[FHPS[ 3PTJOTLJ FO EF #FMH +FBO WBO )BNNF [JKO CFJEFO PQHFHSPFJE JO FFO QFSJPEF NFU FFO TUFSL OPSNCFTFG FO EF CFIPFGUF PN OB FFO SBNQ[BMJHF XFSFMEPPSMPH FFO CFUFSF XFSFME UF DSF FSFO #PWFOEJFO IFC CFO [PXFM EF UFLFOBBS HFCPSFO JO ï÷òï BMT EF TDFOBSJTU HFCP SFO JO ï÷ñö BM FOJHF MFWFOTFSWBSJOH BMT [JK ͳPSHBM FJOE KBSFO õî UPU MFWFO CSFOHFO *O FFO SFDFOU JOUFSWJFX NFU IFU 7MBBNTF UJKETDISJGU 5FFL WFSUFMU 3PTJOTLJ EBU IJK FO 7BO )BNNF CFXVTU CFQBBMEF OPSNFO FO XBBSEFO

LPSUF QFSJPEF XBBSJO IJK [JDI LPO VJUMFWFO FO [JDI OPH OFSHFOT XBU WBO IPFGEF BBO UF USFLLFO %ÈU JT EF QFSJPEF EJF JO EF UPFONBMJHF TUSJQWFS IBMFO XPSEU CFTDISFWFO o PPL BMT EF TUSJQIFME FS KPOHFS PG PVEFS VJU[JFU &FO TUSJQIFME VJU EJF UJKE LFOEF HFFO IVJT PG IBBSE XBOU EBBS IFFSTUF JNNFST EF TVGUSVUUJHIFJE 7BOBG EF KBSFO [FWFOUJH SJDIUUF EF TUSJQ [JDI JO UPFOFNFOEF NBUF PQ FFO NFFS WPMXBTTFO EPFMHSPFQ 7PPS IFU FFSTU XFSE FFO MBOHEVSJHF SFMBUJF UVTTFO NBO FO WSPVX FFO UIFNB *O UXFF TUSJQSFFLTFO [PV EJU UIFNB OBESVLLFMJKL BBO EF PSEF [PV LPNFO #VEEZ -POHXBZ WBO %FSJC WBOBG éñïê FO 5IPSHBM WBO 3PTJOLJ FO 7BO )BNNF TJOET éñïï

"BSJDJB WFSHFFGU 5IPSHBM EBU IJK WSFFNE HJOH JO %F LPPJ

XJMMFO VJUESBHFO v0NEBU ͳPSHBM [P WBBL [JKO HF[JOOFUKF NPFU CFTDIFSNFO JT IJK QBT FDIU FFO IFME 8BOU IFU JT HFNBLLFMJKLFS PQ JFNBOET HF[JDIU UF TMBBO EBO PN EF USBEJUJPOFMF XBBSEFO WBO GBNJMJF FO NPSBMJUFJU UF WFSEFEJHFO *O IFU CFHJO XBT ͳPSHBM FFO BOUJIFME PNEBU XF KVJTU WPOEFO EBU EF LMBTTJFLF IFMEFO FJHFOMJKL JEJPUFO XBSFO y ͳPSHBM [BM OPH BMUJKE OJFU [PNBBS FFO HFWFDIU CFHJOOFO .BBS IJK JT XFM FFO FDIUF IFME HFXPSEFO PNEBU IJK TUFFET NFFS PQ [PFL HBBU OBBS VOJWFSTFMF XBBSEFO w

)FME "MT XF LFOOJTNBLFO NFU ͳPSHBM MJKLU FS OJFUT BBO EF IBOE *O IFU FFSTUF BMCVN XPSEU PO[F IFME EPPS 7JLJOHIPPGENBO (BOEBMG EF (FL BBO FFO SPUT HFLFUFOE PN KBNNFSMJKL PN UF LPNFO #FJEF NBOOFO MPQFO NFU IVO CMPUF LBLLJFT PWFS EF SPUTJHF POEFSHSPOE BMTPG IFU mKO [BOE JT FO XBEFO BBO EF /PPSTF LVTU EPPS EF XJO UFSTF [FF HFWPFMTUFNQFSBUVVS NJO ðî HSBEFO BMTPG [F JO /JDF [JKO #JLLFMT EJF 7JLJOHFO "BSJDJB JT BM XFM BBOXF[JH NBBS XPSEU PQ EF UXFFEF QBHJOB XFFS XSFFE WBO IBBS HFMJFGEF HFTDIFJEFO /JFUT BBO EF IBOE "M TJOET &SJD EF /PPSNBO XFFU EF FSWBSFO TUSJQMF[FS EBU FS OV FFONBBM IFMEFO [JKO EJF BBO IFU CFHJO WBO IFU WFSIBBM EF LBU CJK EF CVSFO EF IPOE JO IFU CPT FO NPFEFS EF WSPVX CJK EF WPPSEFVS BDIUFSMBUFO ;P PPL ͳPSHBM "OEFST EBO WSJKXFM BMMF BOEFSF IFMEFO TUSFFGU ͳPSHBM FDIUFS OBESVLLFMJKL FO BDUJFG IFU IVJTFMJKL HFMVL OB "BO IFU FJOEF WBO EF FFSTUF SFFLT LPSUF WFSIBMFO JO %F JKTLPOJOHJO JT IFU BM SBBL v0 MJFGTUF XBU FFO WSFTFMJKLF OBDIUNFSSJF *T IFU OV BGHFMPQFO w v+B "BSJDJB IFU JT BGHFMPQFO &O WPPS POT HBBU IFU FJOEFMJKL CFHJOOFO w 8BU HBBU CFHJOOFO JT FFO TDIJFS FJOEFMP[F [PFLUPDIU OBBS IFU HFÕTPMFFSEF HFMVL 4UFFET XFFS QSPCFFSU ͳPSHBM EF CP[F CVJUFO XFSFME UF POUWMVDIUFO )PF WFSEFS XFH IPF CFUFS ,MFJOF CPFSFO HFIVDIUFO [JKO TMFDIUT FFO QMFJTUFSQMBBUT PQ XFH OBBS EF WPMTUSFLUF FFO[BBNIFJE )FU JEFBMF IVXFMJKL JT FFO WPMLPNFO POULFOOJOH WBO FOJHF TPDJBMF DPOUFYU %F XFOT PN WPMMFEJH HFÕTPMFFSE NFU [JKO WSPVX UF LVOOFO MFWFO MJKLU FFO NFUBGPPS WPPS EF WFSMJFGEIFJE FFO WBO EF NFFTU BTPDJBMF FNPUJFT EJF EF NFOT LFOU #JK ͳPSHBM [BM IFU FDIUFS CJKOB NBOJB LBMF WPSNFO BBOOFNFO "BOWBOLFMJKL HBBU "BSJDJB OPH NFF JO [JKO XFOT EF FFO[BBNIFJE UF [PFLFO "BO IFU CFHJO WBO )FU MBOE 2É PQ IVO CVJUFO IFO POCFXPPOEF FJMBOEKF CF[JOHU [JK OPH EF MPG EFS HFEFFMEF FFO[BBNIFJE v*L CFO CMJK EBU JL EF[F XJOUFS XBSN CJK KPV LBO TDIVJ MFO UFHFO EF CMPFEJHF EXBBTIFJE WBO EF "BSJDJB JT WPPS HFFO LMFJOUKF WFSWBBSE )FU NFOTFO w 5XFF WFSIBMFO FFSEFS XPSEFO CSBOENFSL WBO EF CBMMJOHTDIBQ

JO "MJOPÑ FDIUFS BM EF TDIBEVXLBOUFO WBO IFU CJKOB BVUJTUJTDIF HFUPSUFM EVJEFMJKL )VO [PPOUKF +PMBO JT NJOEFS HFMVLLJH NFU IFU [FMGHFLP[FO JTPMFNFOU FO [JKO VJU FFO[BBNIFJE HFCPSFO GBOUBTJF MPPQU MFMJKL VJU EF IBOE 7BEFS ͳPSHBM CMJKGU FDIUFS [JFOEF CMJOE 3FHFMNBUJH TUFFLU EF NPSBBMSJEEFS UFHFOPWFS [JKO WSPVX WSJFOEFO FO XJF IFU PPL NBBS IPSFO XJM EF MPGUSPNQFU PWFS EF WPMNBBLUIFJE WBO FFO NFU LJOEF SFO HF[FHFOEF IVXFMJKL WFS XFH WBO EF CP[F CVJUFOXFSFME 3PTJOTLJ FO 7BO )BNNF DSFÑSFO EF JEFBMF IVJTWBEFS

3JWBMFT HBBO FMLBBS UF MJKG

XBBSPQ ͳPSHBM OJFU WPPS [JKO JEFBMFO JO LBO TUBBO FO BOEFSF WSPV XFO UPFTMBBO )FU JT FFO NPPJF WFSCFFMEJOH WBO EF QFSJPEF OB EF FFSTUF JEZMMF %F MJFGEF WBO ͳPSHBM WPPS [JKO WSPVX JT POWFSNJOEFSE "BSJDJB JT FDIUFS WPPS IFU FFSTU [XBOHFS IFU [JDIUCBSF CFXJKT WBO IVO WFS CPOEFOIFJE &S JT HFFO XFH UFSVH %F POWFSTBBHEF IFME JO IFN XJM EBU PPL OJFU %F POHFCSFJEFMEF BWPOUVSJFS EJFQ JO IFN XJM EBU FDI UFS XFM EFHFMJKL %JF IBSEOFLLJHF HFTQMFUFOIFJE [BM JO EF MPPQ WBO EF SFFLT TUFFET OBESVLLFMJKLFS PQ EF WPPSHSPOE USFEFO FO VJUFJOEF MJKL DVMNJOFSFO JO [JKO [FMGHFLP[FO HFIFVHFOWFSMJFT JO %F PO[JDIU CBSF WFTUJOH 0Q QBHJOB òó WBO EBU BMCVN XPSEU EJF HFTQMFUFOIFJE MFUUFSMJKL [JDIUCBBS HFNBBLU ͳPSHBM POUNPFU FFO TDIJN EJF [JDI [JKO FSHTUF WJKBOE OPFNU FO EPPEU IFN NFU [JKO NFT 7PPSEBU IJK WBMU UPPOU IJK [JKO XBSF HFMBBU IFU HF[JDIU JT EBU WBO ͳPSHBM [FMG 0Q QBHJOB ò WBO IFU WJFSEF BMCVN %F [XBSUF HBMFJ XPSEU NJE EFMT FFO OBDIUFMJKL SJU UF QBBSE EVJEFMJKL HFNBBLU EBU ͳPSHBM EJF PWFSEBH HFMVLLJH MJKLU EBO BM EF POHFCPOEFO WSJKIFJE NJTU "BSJDJB QSPFGU [JKO POSVTU NBBS MBBU [JDI HSBBH HFSVTUTUFMMFO v1SBBU HFFO PO[JO "BSJDJB *L WPFM NF IJFS PPL mKO w .BBS [FMGT EF KPOHF 4IBOJBI CFTQFVSU [JKO POHFEVSJHIFJE FO XPSEU JOEJSFDU EF PPS[BBL

(FTQMFUFOIFJE 5PDI MBBU EF HPFEF IVJTWBEFS BMCVN OB BMCVN [JKO HF[JO JO EF TUFFL 0QQFSWMBLLJH HF[JFO MJHU IFU OPPJU BBO PO[F IFME [FMG "MUJKE EXJOHFO BOEFSFO ͳPSHBM [JKO FDIUFMJKLF QMJDIUFO UF WFS[BLFO ;JKO IFU OJFU NFOTFO WBO BOEFSF QMBOFUFO EBO [JKO IFU XFM EF HPEFO WPSTUFO PG BOEFSF POWFSMBUFO *O %F TDIBEVXFO WPPSCJK USFFE FDIUFS WPPS IFU FFSTU FFO CMBDL PVU PQ %PPS EF IFMF SFFLT IFFO WJOEFO FS FOLFMF DVSJFV[F HFFTUWFSOBVXJOHFO QMBBUT JO EF WPSN WBO EJFQF BQBUIJF HFIFVHFOWFSMJFT FO CPWFOBBSETF VJUTUBQKFT .PNFOUFO

0O[F IFME IFFGU BBO WSPVXFMJKLF BBOEBDIU HFFO HFCSFL %F TDIBEVXFO WPPSCJK

WBO [JKO FFSTUF ABGXF[JHIFJE %F HFWBBSMJKLF CVJUFOXFSFME MFFT EF WFSMFJEJOH EJF ͳPSHBM WSFFTU [PBMT FFO BGHFLJDLUF BMDPIPMJTU IFU DBGÏ TDIVXU SVLU POTUVJUCBBS PQ 4IBOJBI WFSEXJKOU ,SJTT WBO 7BMOPS LPNU FO CMJKGU BLFMJH MBOH IBOHFO 7PPS IFU FFSTU CFHJOU "BSJDB MPOU UF SVJLFO *O )FU MBOE 2B

XPSEU [F [JDI FSWBO CFXVTU EBU ͳPSHBM XFM EFHFMJKL FFO LFV[F NBBLU BMT IJK [JDI XFFS FFOT EPPS IFU OPPEMPU WBO IVJT MBBU KBHFO 0Q IFU NPNFOU EBU IFU OPPEMPU LPNU JO EF QFS TPPO WBO EF CMPFENPPJF ,SJTT HPPJU [F EF LPOU UFHFO EF LSJC FO SPFQU IBBS FDIUHFOPPU UFS WFSBOUXPPSEJOH %F WFSMFJEJOH JT FDIUFS UF HSPPU WPPS ͳPSHBM )FU BWPOUVVS MPOLU *O FFO XBO IPQJHF QPHJOH IFU PVEF WVVS XFFS PQ UF MBUFO MBBJFO HBBU "BSJDJB NFF PQ SFJT )BBS POUWPFSEF [PPO JT EF BBOMFJEJOH KBMPF[JF EF XBSF SFEFO

"BSJDJB ,SJTT )FU MFWFO JO EF UJKE EBU EF 7JLJOHFO EF LVTUFO WBO &VSPQB UFJT UFSEFO XBT HFFO MPMMFUKF )FU SVJHF 4DBOEJOBWJTDIF LMJNBBU IFU TDISBMF CFTUBBO FO NBOOFO EJF EF IFMGU WBO IFU KBBS NFU EF SPFJ CPPU EF IPSU PQ [JKO [PSHFO WPPS WSPVXFO NFU IBBS PQ EF UBOEFO 3FHFMNBUJH LPNFO JO EF BMCVNT LPSUF TDÒOFT WPPS XBBSVJU CMJKLU EBU "BSJDJB IBBS NBOOFUKF TUBBU 0WFS IFU BMHFNFFO XPSEU [F HFQPSUSFUUFFSE BMT FFO WPMH[BNF WSPVX EJF MJKE[BBN XBDIU PQ EF UFSVHLFFS WBO IBBS HBEF [JDI MBBU POUWPFSFO FO WFSEFS WPM BEPSBUJF BBO [JKO BSNFO IBOHU PG WPPS IFN PQ IFU QBBSE [JU %F[F UFHFOTUSJK EJHIFJE JT NBBS PQ FFO NBOJFS UF WFSLMBSFO EF NFFTUF UJKE [JFO XJK "BSJDJB EPPS EF PHFO WBO ͳPSHBM *O IFU BMCVN "BSJDJB NFU FOLFMF WFSIBMFO VJU IBBS KFVHE MFSFO XF IBBS LFOOFO [PBMT [F XFSLFMJKL JT LPSEBBU TMJN FO OJFU CBOH VJUHFWBMMFO 0QOJFVX MJHU EF TMFVUFM UPU EF WFSLMBSJOH WBO EF[F POHFSJKNEIFJE JO EF FFVXJHF UXFFTMBDIUJH IFJE WBO ͳPSHBM "MMFFO FFO IVMQFMP[F WSPVX JT JO TUBBU [JKO WPMMF BBOEBDIU WBTU UF IPVEFO %PPSEBU FS TUFFET FFO CFSPFQ PQ [JKO MPZBMJUFJU XPSEU HFEBBO JT IJK CFUFS JO TUBBU EF WSJKCVJUFS JO IFN JO UPPN UF IPVEFO %BU NBBLU EF SPM WBO EF EPOLFSIBSJHF ,SJTT [P QSPNJOFOU MBOHEVSJH FO WPPSBM JOUSJHFSFOE 0PL IBBS [JFO XF OBNFMJKL EPPS EF PHFO WBO ͳPSHBM ,SJTT JT EF "BSJDJB [PBMT ͳPSHBM IBBS JO IFU EJFQTU WBO [JKO IBSU IFU MJFGTU XJM [JFO XJME WSJKHFWPDIUFO FO JO TUBBU IBBS FJHFO CPPOUKFT UF EPQQFO %F WSPVX EJF NFF PQ BWPOUVVS HBBU EF PQMPTTJOH WBO [JKO FFVXJH EJMFNNB &JHFOMJKL [PBMT "BSJDJB [PV [JKO BMT [JK [JDI OJFU CFXVTU XBT HFXFFTU WBO IBBS WFSBOUXPPS EFMJKLIFJE WPPS IBBS LJOEFSFO "BSJDJB CFTFGU EBU CFUFS EBO ͳPSHBM [FMG *O )FU MBOE 2B EPFU [JK FFO MBBUTUF XBOIPQJHF QPHJOH PN IFU PVEF WVVS XFFS UF EPFO PQMBBJFO 6JUHFEPTU BMT FFO CMPOEF LPQJF WBO ,SJTT [F JNJUFFSU ,SJTT PQ[FUUFMJKL WPFHU [F [JDI CJK IFU HF[FM TDIBQ EBU PQ [PFL HBBU OBBS IBBS [PPO +PMBO )BBS TUSBUFHJF IFFGU TVDDFT 5XFF WFSIBMFO WFSEFS BBO IFU FJOE WBO IFU BMCVN %F TUBE WBO EF WFSMPSFO HPE JT ,SJTT WFSTDISPNQFME UPU FFO MFMJKL PVE XJKG WPPS XJF ͳPSHBM XFJOJH CFMBOHTUFMMJOH NFFS IFFGU %F [FHF WBO "BSJDJB CMJKLU FDIUFS FFO 1ZSSVTPWFSXJOOJOH *O )FU [POOF[XBBSE LFFSU ,SJTT IFSCPSFO UFSVH FO USFLU EF BBOEBDIU WBO ͳPSHBM %F[F LFFS JT IJK SFEEFMPPT WFSMPSFO *O %F PO[JDIUCBSF WFTUJOH NBBLU IJK FFO EFmOJUJFWF LFV[F ,SJTT WFSUFMU IFN EBU [JK FFO TUFM [JKO FO EF POOP[FMBBS HBBU [POEFS TDIVMECFTFG WSFFNE ͳPSHBM JT JO FFO TPPSU NJEMJGFDSJ TJT CFMBOE FO [BM FS ESJF BMCVNT PWFS EPFO PN UPU CF[JOOJOH UF LPNFO 0QWBMMFOE EBBSCJK JT EBU o POEBOLT BM [JKO WSPNF QSBBUKFT o ͳPSHBM CJOOFO EF ESJF IPFLT WFSIPV EJOH UVT TFO IFN

"BSJDJB FO ,SJTT EF FOJHF JT XJFOT MJFGEF [FMG[VDIUJH JT *O UFHFOTUFMMJOH UPU EF [FMmOHFOPNFO UXJKGFMLPOU EJF BMMF TDIVME CVJUFO [JDI [FMG MFHU [JKO [PXFM "BSJDJB BMT ,SJTT CFSFJE BMMFT XBU WPPS IFO WBO XBBSEF JT PQ UF HFWFO WPPS ͳPSHBM "BSJDJB IBBS WPML XBBSWBO [JK QSJOTFT JT ,SJTT IBBS [P HFLPFTUFSEF WSJKIFJE

-PVUFSJOH %F LPPJ JT JO EF SFFLT NJTTDIJFO XFM IFU NFFTU DVSJFV[F WFSIBBM FO UPDI FFO MPHJTDI POEFSEFFM WBO EF TBHB *O 3FV[FO IFFGU IJK [JKO HFIFVHFO IFSXPOOFO FO EBBSNFF JO XF[FO IFU CFTFG WBO HPFE FO LXBBE )JK WPFMU [JDI PQ EBU NPNFOU CFWSJKE v*L CFO WSJK *L CFO ͳPSHBM "FHJSTTPO FO JL CFO WSJK w /JFU CFWSJKEU WBO IFU EJMFNNB NBBS XFM WBO [JKO FFVXJHF UXJKGFM *O %F LPPJ WPMHU EBBSPQ EF POWFSNJKEFMJKLF CPFUFEPFOJOH *O EF QFSJPEF EBU ͳPSHBM 4IBJHBO [POEFS (FOBEF XBT IFFGU "BSJDJB [P O CFFUKF BMMF FMMFOEF PWFS [JDI IFFO HFIBE EJF JO FFO NFOTFOMFWFO NBBS UF EPPSTUBBO JT [F JT HFCSBOENFSLU NPFTU BMT TMBWJO IBBS NBO FO EJFOT NJOOBSFT CFEJFOFO JT WFSCBOOFO CFSPPGE FO LBBMHFTDIPSFO %BU QPFUT KF OJFU XFH NFU FFO CPTKF CMPFNFO "MT ͳPSHBM UFSVHLFFSU PQ IFU FJMBOE XBBS "BSJDJB NFU EF LJOEFSFO WFSCMJKGU MBBU IJK [JDI WFSSBTTFO FO XPSEU PQHFTMPUFO JO FFO LPPJ "BOWBOLFMJKL HFCFVSU EBU PNEBU IJK OJFU XPSEU IFSLFOE "MT "BSJDJB FDIUFS UFSVHLFFSU XFJHFSU [F IFN UF I FSLFOOFO FO WSJK UF MBUFO (FMBUFO FO TDIVMECFXVTU WSBBHU ͳPSHBM XBU IJK NPFU EPFO PN XFFS [JKO QMBBUT OBBTU IBBS UF LVO OFO JOOFNFO %BBSPQ BOUXPPSEU "BSJDJB DSZQUJTDI EBU AIJK BMMFFO NBBS UFSVH NPFU LPNFO )PFXFM ͳPSHBM FSJO TMBBHU EF UPV XFO WBO [JKO LPPJ EPPS UF TOJKEFO WPMIBSEU IJK JO [JKO HFWBOHFOTDIBQ )FU BOUXPPSE WBO "BSJDJB MBBU [JDI XFMESB EVJEFO ͳPSHBM EJFOU EF ESFJHJOHFO WBO CVJUFOBG UF XFFS TUBBO "BO IFU CFHJO WBO IFU BMCVN [JKO EBU EF BWBODFT WBO EF [VT WBO (BMBUIPSO )FU MVLU IFN NPFJUFMPPT .FU IFU UVJH EBU [JKO FJMBOE CF[PFEFMU FO [JKO GBNJMJF CFESFJHU IFFGU IJK BM FWFO XFJOJH NPFJUF 'BNJMJFXBBSEFO JO )FU PõFS "MT IJK [JDI OB EF TUSJKE CJKOB SJUVFFM SFJOJHU JO FFO SJWJFSUKF XPSEU IJK EPPS "BSJDJB XFFS JO HFOBEF BBOHFOP NFO %BBSOB WPMHU FFO UFOFOLSPNNFOEF HMB[VVSWFSTQMJOUFSFOEF TDIBBNUFWFSXFLLFOEF TDÒOF WPM IVXFMJKLTHFMVL WPHFMHFLXFFM FO TUSVXFFMHFSJUTFM 5PDI XPSEU QBT JO )FU LPOJOLSJKL POEFS IFU [BOE EF MBBUTUF CBS SJÒSF HFTMFDIU /B "BSJDJB EJFOU ͳPSHBM PPL [JDI[FMG UF PWFSUVJHFO &O BMT [P WBBL XPSEFO CFMBOHSJKLF TUBQQFO CJKOB BDIUFMPPT HF[FU 7PPSBGHBBOE BBO IFU XFSLFMJKLF WFSIBBM JO EBU BMCVN MBBU ͳPSHBM OB FFO FDIUFMJKL EJTQVVU FJOEFMJKL [JKO PCTFTTJFG HF[PDIU CBMMJOH TDIBQ MPT )JK CFTMVJU NFU WSPVX FO LJOEFSFO OBBS IVO HFCPPSUF EPSQ UFSVH UF LFSFO &S WBMU PQ EF SFFLT ͷPSHBM WBO BMMFT BBO UF NFSLFO 3PTJOTLJ IFFGU [JKO UFLFOXFSL JO EF MPPQ WBO EF SFFLT WBBL TDIBOEBMJH WFS XBBSMPPTE FO 7BO )BNNF XJTU CJK WMBHFO IFU OJWFBV WBO FFO JOGF SJFVSF LFVLFONFJEFOSPNBO OJFU UF PWFSTUJKHFO 8JF FS FDIUFS PPH WPPS XJM IFCCFO LBO EF BWPOUVSFO WBO EF FFO[BBU ͳPSHBM MF[FO BMT FFO JOUFMMJHFOUF QBSBCFM PWFS EF POUXJLLFMJOH WBO FFO WPMXBBSEJHF SFMBUJF UVTTFO UXFF NFOTFO +FG /JFVXFOIVJT

+PMBO WFSESJOHU [JKO WBEFS BMT IPPGESPMTQFMFS JO )FU PõFS

PQ [PFL OBBS EF

6/*7&34&-& NBOHB

v&FO TUSJQ NBH OJFU MPVUFS WFSTUSPPJFO

,VOTU XBBSUPF JL PPL TUSJQT SFLFO NPFU

POT XBLLFS TDIVEEFO POT NFU EF OFVT PQ IFU GFJU EVXFO EBU FMLF TFDPOEF EJF XF MFWFO NFFS EBO EF NPFJUF XBBSE JT .JEEFMT EF LVOTU LVO KF EBO PPL EBUHFOF BBOSBLFO XBU JL EF ATFDPOEF WBO EF FFV XJHIFJE [PV XJMMFO OPFNFO IFU NPNFOU XBBSPQ KF IFFM EVJEFMJKL CFTFGU EBU KF TMFDIUT FFO TUFSWFMJOH CFOU w 8BT HFUFLFOE 'Sร Eร SJD #PJMFU รฉรฑรฎรจ %F BNCJUJFV[F FO CFWMPHFO TUSJQUFLFOBBS SVJMEF &VSPQB WFFSUJFO KBBS HFMFEFO JO WPPS +BQBO 7BOVJU [JKO OJFVXF UIVJTIBWFO CSFOHU IJK HFSFHFME OJFVX XFSL VJU XBBSCJK IJK SFTPMVVU LJFTU WPPS IFU FYQFSJNFOU

'Sร Eร SJD #PJMFU TUSFFGU IFU CFTUF VJU UXFF TUSJQDVMUVSFO OB FFO JEFBMF NJY WBO +BQBOTF NBOHB FO &VSPQFTF TUSJQT /PVWFMMF NBOHB OPFNU IJK IFU PPL XFM 7PSJH KBBS WFSTDIFFO CJK VJUHFWFSJK $BTUFSNBO POEFS [JKO SFEBDUJF +BQBO EPPS รฏรต BVUFVST FFO VJUHBWF NFU o [PBMT EF UJUFM SFFET EPFU WFSNPFEFO o XFSL WBO 'SBOTF FO +BQBOTF BVUFVST [FH NBBS #PJMFUT FJHFO QFSTPPOMJKLF TFMFDUJF [PBMT EJF JO [JKO WJTJF JO IFU DPODFQU WBO EF /PVWFMMF NBOHB QBTU %F POUXJLLFMJOH EJF IJK JO DBSSJร SF IFFGU EPPSHFNBBLU JT FFO JOUFSFTTBOUF 0Q รฐรฑ KBSJHF MFFGUJKE EPFU #PJMFU WPPS IFU FFSTU WBO [JDI TQSFLFO .FU -B OVJU EFT BSDIร FT UPPOU #PJMFU XBST WBO EF UJKETHFFTU [JKO WPPSLFVS WPPS FFO WFSIBBM EBU PQ IFU HFXPOF EBHFMJKLT MFWFO JT HFCBTFFSE "MT CFMPGUFWPMMF UFLFOBBS LBO IJK BM HBVX BBO EF TMBH CJK 7ร DV FFO TUSJQUJKETDISJGU EBU HFTQFDJBMJTFFSE XBT JO IJTUP SJTDIF WFSIBMFO #JK (Mร OBU WFS TDIJKOFO WBOBG รฏรทรถรณ UXFF EFMFO WBO -FT WFJOFT EF M 0DDJEFOU FFO WFSIBBM EBU [JDI BGTQFFMU JO EF FFSTUF FFVX WPPS $ISJTUVT #PJMFUT UFLFOXFSL WBMU PQ EPPS POEFS NFFS IFU SFBMJTNF WBO EF HFMBBUTVJUESVLLJOHFO FO IFU JOWFOUJFWF HFCSVJL WBO LBEFST )FU JT BMMFNBBM FSH TPCFS FO SFGFSFFSU BBO )FSHร T ALMBSF MJKO

*O รฏรทรถรด USFLU IJK EF TUPVUF TDIPFOFO BBO FO HBBU OBBS #SVTTFM )JK POUNPFU FS #FOPร U 1FFUFST TUSJQDSJUJDVT FO TDFOBSJTU WBO P B EF %VJTUFSF 4UFEFO 1FFUFST IFMQU EF KPOHF #PJMFU NFU IFU TDFOBSJP WBO [JKO KPOHTUF QSPKFDU -F SBZPO WFSU FFO GVUVSJTUJTDI WFSIBBM ร MB +VMFT 7FSOF %JU BMCVN WPSNU EF TUBSU WBO FFO MBOHF FO WPPS IFU XFSL WBO #PJMFU CFTMJTTFOEF TBNFOXFSLJOH .FU รฑรด รฏรณ "MFYJB รฏรทรทรฎ WJOEU #PJMFU FJOEFMJKL A[JKO UPPO )FU WFSIBBM TFNJ CJPHSBmTDI WPMHFOT #PJMFU HBBU PWFS IFU TUFM .BSDFMMP FO "MFYJB EBU HSFUJH WBO EF NJOJUFM FFO EFTUJKET JO 'SBOLSJKL QPQVMBJSF WPPSMPQFS WBO JOUFSOFU HFCSVJL NBBLU PN EF FJHFO SFMBUJF UF WFSEJFQFO #PJMFUT HSPUF WPPSCFFME JT EF 'SBOTF SFHJTTFVS 'SBOร PJT 5SVฤ BVU รฏรทรฑรฐ รฏรทรถรฒ FFO WBO EF CPFH CFFMEFO WBO EF /PVWFMMF WBHVF 5SVฤ BVU IVMEJHEF IFU QSJODJQF WBO EF AWร SJmDBUJPO QBS MB WJF MFUUFSMJKL POEFS[PFL WFSSJDIUFO EPPS UF MFWFO "OEFST HF[FHE PWFS EBUHFOF EBU KF OJFU IFCU NFFHFNBBLU [XJKH KF NBBS CFUFS #PJMFU v5PFO JL -F SBZPO WFSU FO รฑรด รฏรณ "MFYJB NBBLUF XBT IFU WPPS NJK EF FFOWPVEJHTUF XFSLXJK[F PN WPPSU UF CPSEVSFO PQ EJOHFO EJF JL[FMG CFMFFGE IBE PG TDIFSQ HFPCTFSWFFSE IBE 0OEBOLT BMMFT [JKO FO CMJKWFO EJF UXFF BMCVNT WFSIBMFO NFU TDFOBSJPUSVDKFT EJF NFU OBNF EJFOFO PN FFO TQBOOJOH PQ UF CPV XFO %JF PQCPVX JT [P O UFDIOJFL PN EF MF[FS JO UF QBLLFO 7BO EBU TPPSU UFDIOJFLFO IFC JL NF MBUFS HFQSPCFFSE UF CFWSJKEFO w &O PWFS EF JOWMPFE WBO 5SVฤ BVUT XFSL v*L WPOE JO [JKO mMNT TUFSLF NFOTFMJKLF FMFNFOUFO EJF JL FJHFOMJKL OJFU PG VJUFSTU [FMEFO BBO USPG JO IFU CFFMEWFS IBBM 7BOEBBS EBU JL [JO IBE PN EBU WFSEFS UF POUXJL LFMFO w รฑรด รฏรณ "MFYJB CJFEU EF MF[FS FFO JOLJKLKF JO #PJMFUT XPFMJHF MJFGEFTMFWFO /VDIUFS POUMFFEU IJK JO IFU CPFL EF TDIJQCSFVL WBO FFO MJFGEF FFO QSPDFT XBBSCJK IJK [JDI[FMG OJFU TQBBSU v+B XBBSPN FJHFOMJKL WPPS IFU TDISJKWFO WBO FFO TDFOBSJP FFO CFSPFQ EPFO PQ KF GBOUBTJF BMT EBU HFOF EBU KF EBHFMJKLT

POEFS PHFO LSJKHU FO CFMFFGU [P JOWFOUJFG TQBOOFOE FO HFXPPO [FMGT QSBDIUJH JT ;P XPSE JL QMPUTFMJOH [FMG EF IFME WBO NJKO WFSIBMFO [FMGT JOEJSFDU w

+BQBO รฏรทรทรฎ *T FFO LFFSQVOU JO EF DBS SJร SF WBO #PJMFU )JK CFSFJEU [JDI WPPS PN 'SBOLSJKL UF WFSMBUFO FO [JDI JO +BQBO UF WFTUJHFO JFUT XBU IJK ESJF KBBS MBUFS PPL EBBE XFSLFMJKL EPFU /B EJF KBSFO WBO WPPSCFSFJEJOH CMJKLU #PJMFU PQ FSH WSVDIUCBBS UFSSFJO CFMBOE *O รฏรทรทรฑ QVCMJDFFSU IJK NFU #FOPร U 1FFUFST -PWF )PUFM FFO FFSTUF WFSIBBM EBU [JDI JO [JKO OJFVXF UIVJTMBOE BGTQFFMU *O -PWF )PUFM WPFSU IJK %BWJE .BSUJO PQ FFO XFTUFSMJOH EJF FFO PONPHFMJKLF MJFGEF NFU FFO +BQBOTF QSPCFFSU UF CFMFWFO )FU JT FFO EPOLFS TPNCFS CPFL JO FFO GFM DPOUSBTUFSFOE [XBSU XJU EBU FFO OBBSHFFTUJH CFFME OFFS[FU WBO FFO EJUP IPPGESPM TQFMFS %F UJUFM WBO IFU CPFL WFSXJKTU OBBS IFU TPPSU IPUFM XBBSJO EF IPPGEQFSTPPO WFSCMJKGU WPPS +BQBOOFST FFO QMFL PN POHFTUPPSE EF MJFGEF UF LVOOFO CFESJKWFO WPPS .BSUJO [JKO USPPTUFMP[F TUFL UFNJE EFO WBO EF MBXBBJFSJHF ESVLLF FO BOPOJFNF HSPUF TUBE 7JFS KBBS MBUFS JO รฏรทรทรต QBLU #PJMFU TBNFO NFU #FOPร U 1FFUFST PQOJFVX VJU NFU FFO TUBETFQPT 5ร LZร FTU NPO KBSEJO 0QOJFVX WPFSU #PJMFU %BWJE .BSUJO UFO UPOFMF NBBS EJU LFFS LFOU IJK [JKO XFH JO +BQBO QSFDJFT [PBMT EF UJUFM TVHHFSFFSU /V TFSWFSFO 1FFUFST FO #PJMFU FFO XBSN NFOTFMJKL WFSIBBM EBU [PXBBS JFUT XFH IFFGU WBO FFO TQSPPLKF )FU TDIJKOCBBS POBGXFOECBSF OPPEMPU TMBBU PN JO FFO MFLLFS XFHMF[FOE IBQQZ FOE %BBS XBBS #PJMFU JO -PWF )PUFM EF TGFFS CFQBBMU EPPS IFU HFCSVJL WBO HSPUF [XBSUF WMBLLFO WJOEU IJK JO 5ร LZร FTU NPO KBSEJO FFO FMFHBOUFSF PQMPTTJOH EJF OBBEMPPT

BBOTMVJU CJK IFU BMMFT LPNU HPFE WFSIBBM .BOHBNFFTUFS +JSร 5BOJHVDIJ JO GSBODPGPPO &VSPQB CFLFOE WBO 2VBSUJFS MPJOUBJO -F TPNNFU EFT EJFVY - IPNNF RVJ NBSDIF [PSHEF WPPS EF SBTUFSJOH WBO BDIUFS HSPOEFO FO TDIBEVXFO NFU FFO WFFM AMJDIUFS FO AMFFTCBBSEFS SFTVMUBBU .FU EJU BMCVN LSJKHU #PJMFU EF TNBBL WBO IFU TVDDFT UF QBLLFO ;JKO XFSL WBMU OV [PXFM JO 'SBOLSJKL BMT JO +BQBO JO EF TNBBL NFU NPPJF PQMB HFDJKGFST FO o CFMBOHSJKLFS WPPS EF FSLFOOJOH WBO [JKO XFSL JO +BQBO FFO MBOE XBBS XFTUFSTF TUSJQBVUFVST OBVXFMJKLT BBO EF CBL LPNFO o FFO QSFTUJHJFV[F NBOHBCFVST #PJMFU PWFS IFU TVDDFT JO +BQBO v%F FFSTUF JOESVLLFO WBO NJKO XFSL EFEFO MF[FST IFMFNBBM OJFU BBO XFTUFSTF ATUSJQT EFOLFO NBBS UPDI PPL OJFU BBO NBOHB T )FU XFSE FFSEFS HF[JFO BMT FFO UVTTFOXFH NFU HSBmTDIF BTQFDUFO EJF XFMJTXBBS TDIBUQMJDIUJH [JKO BBO EF TUSJQ NBBS EJF [PBMT NBOHB T XPSEFO HFMF[FO 7PMHFOT +BQBOTF MF[FST SPFQFO EF UPPO FO EF UIFNB T EJF JL JO NJKO XFSL CFIBOEFM EF TGFFS PQ WBO EF 'SBOTF DJOFNB w .FU IFU WPMHFOEF BMCVN %FNJ 5PVS SFBMJTFFSU #PJMFU JO รฏรทรทรต FFO EFSEF TBNFOXFSLJOH NFU 1FFUFST %JU LFFS JT IFU BDUJFUFSSFJO WBO IFU WFSIBBM EF OJFU CFQBBME TQBO OFOEF TUBUJPOTCVVSU WBO %JKPO 0QWBMMFOETUF LFONFSLFO [JKO FFO EPPSHFESFWFO TZNNFUSJTDIF QBHJOB JOEFMJOH EJF HFMJKLF USFE IPVEU NFU EF IPPGELMFVSFO EJF &NNBOVFM (VJCFSU -B HVFSSF E "MBO %F GPUPHSBBG ;XBSUF PMJK WFO BBO FML WBO EF IPPGEQFSTP OBHFT IFFGU UPFHFLFOE )FU JT FFO WFSIBBM [POEFS AIFMEFO FJHFOMJKL [POEFS WFFM HFCFVSUFOJTTFO *O [JKO WPPSXPPSE OPUFFSU #PJMFU v)FU JT IFVT OJFU OPEJH PN EF IFMF XFSFME BG UF SFJ[FO PN WFSIBMFO UF LVOOFO TDISJKWFO #FOPร U FO JL [JKO HFXPPO FFO QBBS EBHFO OBBS %JKPO HFHBBO XBBS IFU WFSIBBM [JDI BBO POT PQESPOH 7FSIBMFO WJOE KF [ร SFDIU POEFS KF OFVT &O FJHFOMJKL HFFG JL NFFS FO NFFS EF WPPSLFVS BBO SFQPSUBHFT EBO BBO BVUPCJPHSBmTDI XFSL "M IFC JL FFOWPVEJHXFH HFFO [JO NFFS PN UF TDISJKWFO PWFS [BLFO EJF JL OJFU [FMG IFC CFMFFGE PG NFFHFNBBLU 8BU EBU CFUSFGU [JKO #FOPร U FO JL IFU SPFSFOE FFOT EF SFBMJUFJU JT BMUJKE ร ร O TUBQKF WPPS PQ EF WFSCFFMEJOH w

-B OPVWFMMF NBOHB *O รฐรฎรฎรฏ CSFFLU #PJMFU EFmOJUJFG EPPS )JK MFWFSU EBU KBBS NFU - ร QJOBSE EF :VLJLP [JKO NFFTU TVDDFTWPMMF CPFL BG [FU JO 5PLZP PPL IFU FWFOFNFOU /PVWFMMF NBOHB PQ QPUFO FO MBODFFSU CPWFOEJFO IFU HFMJKLOBNJHF QSPHSBN EBU EF XFSFME WBO EF TUSJQ PQ [JKO HSPOE WFTUFO XJM EPFO TDIVEEFO 7PPS IFU FFSTU TJOET UJKEFO NBBLU #PJMFU

NFU - ÏQJOBSE EF :VLJLP PPL JO IFU &OHFMT WFSLSJKHCBBS BMT :VLJLP T TQJOBDI FFO BMCVN [POEFS NFEFXFSLJOH WBO FFO TDFOBSJTU - ÏQJOBSE MFFTU FSH GSJT FO WFSSBTTFOE EPPS POEFS BOEFSF IFU HFCSVJL WBO mMNUFDIOJFLFO BMT USBWFMMJOH FO nBTICBDLT &S JT UFO FFSTUF EF NPOUBHF %F CMJL WBO EF MF[FS XPSEU HFMFJE BMT JO FFO mMN XBBSCJK EF UFLFOJOHFO WBO EF UFLTU XPSEFO HFTDIFJEFO FO PHFOTDIJKOMJKL OJLT NFU FMLBBS UF NBLFO IFCCFO ;P HMJKEU AEF DBNFSB EPPS EF OBDIUFMJKLF TLZMJOF WBO FFO HSPUF +BQBOTF TUBE UFSXJKM PĉTDSFFO FFO CFTDISJKWJOH WBO FFO BBOUSFLLFMJKL MJDIBBN XPSEU HFHFWFO #PJMFU EPTFFSU IFFM [PSHWVMEJH IFU OBSSBUJFWF UFNQP NFU IFSIBMJOHFO FO BGTUBOEFMJKLF CFTDIPVXJOHFO ;P OPUFFSU IJK JO [JKO EBHCPFL EBU KF BMT MF[FS PPL UF MF[FO LSJKHU XBU FS UF HFCFVSFO TUBBU HFCFVSUF OJTTFO EJF EBO PPL OPH FFOT MBUFS JO IFU WFSIBBM QMBBUTWJOEFO 0G UFLFOU IJK [JKO FJHFO UFLFOXFSL XBU #PJMFU MBUFS IFSIBBMU JO FFO AXFSLTDÒOF XBBSCJK IJK FFO FFSEFSF HFCFVSUFOJT PQ EF DPNQVUFS WFSmKOU #PJMFU MFWFSU NFU EJU BMCVN FFO WFSIBBM PQ EBU TQFFMU NFU EF MJOFBSJUFJU WBO EF WFSUFMMJOH FO EBU TUFSL BBOMFVOU CJK IFU QPTUNP EFSOF EFOLFO - ÏQJOBSE EF :VLJLP JT FFO NFFTMFQFOE NP[BÕFL NFU IFSJOOFSJOHFO JEFFÑO CFEFOLJOHFO DPNNFOUBBS WBO EF BVUFVS 7FFM WBO EF UFLFOJOHFO MJKLFO CPWFOEJFO PQ BBOHFWVMEF GPUP T PG TUVLKFT WJEFPNPOUBHF #PJMFU v"BO IFU CFHJO WBO NJKO DBSSJÒSF XBSFO WJEFP FO UFLFOXFSL UXFF WPMMFEJH HFTDIFJEFO EPNFJOFO JO NJKO HFFTU .BBS UJKEFOT NJKO TUVEJFT MFFSEF JL IFU XFSL LFOOFO WBO POEFS BOEFSFO +PTFQI ,PTVUI FO /BN +VOF 1BJL o XFSL XBBS JL FDIU WBO IJFME *O [FLFSF [JO IFC JL IFU UFLFOFO NPFUFO BnFSFO .FU EF KBSFO FO EF FWPMVUJF WBO EF UFDIOJFL JT EBU TUFFET CFUFS HFMVLU MBDIU #FHJO KBSFO öî CFO JL WPPS IFU FFSTU HBBO XFSLFO NFU WJEFP NBBS UPU WPPS LPSU XBT IFU SFEFMJKL NPFJMJKL PN NFU KF WJEFPCFFMEFO APQ QBQJFS BBO EF TMBH UF HBBO .FU FFO QPU MPPEUSFL UFLFO JL VJU WJEFPT UJMMT IFU FTTFOUJÑMF OB PN EF CMJL WBO EF MF[FS UF MFJEFO w #PJMFU XFSLU EBO PPL NFFTUBM NFU NPEFMMFO v*L WJOE IFU NBLLFMJKLFS PN NFU WJEFP UF XFSLFO EBO [FMG IPVEJOHFO FO HFMBBUTVJU ESVLLJOHFO UF WFS[JOOFO w *O - ÏQJOBSE EF :VLJLP [JKO EF PWFSFFOLPNTUFO UVTTFO EF IPPGESPMTQFMFS FO #PJMFU [FMG USFĉFOE /JFU BMMFFO IFCCFO [F IFU[FMGEF HF[JDIU CFJ EFO [JKO TUSJQUFLFOBBST WBO CFSPFQ #PJMFU MBBU IFU BBO EF MF[FS PWFS PN VJU UF NBLFO XBBS EF mDUJF PQIPVEU FO XBBS EF BVUPCJPHSBmF CFHJOU 0QWBMMFOE JT PPL EF FSPUJTDIF TQBOOJOH WBO - ÏQJOBSE /FU BMT JO WPSJHF BMCVNT OFFNU FSPUJFL FFO QSPNJOFOUF QMBBUT JO IFU WFSIBBM JO #PJMFU TVHHFSFFSU FFSEFS EBO EBU IJK UPPOU FO WJOEU FSPUJFL JO [JKO BMCVNT WBO[FMGTQSFLFOE v*L IFC JO NJKO XFSL OBVXFMJKLT UBCPFT 4FLT NBBLU JOUFHSBBM EFFM VJU WBO IFU MFWFO FO JT [FMGT FFO WBO EF NFFTU NFSLXBBSEJHF BTQFDUFO 8BBSPN [PV IFU EBO OJFU HFXPPO JO NJKO WFSIBMFO PQEVJLFO *L IPV OJFU WBO EF FYQMJDJFU FSPUJTDIF TUSJQ %BU TPPSU TUSJQT JT EPPSHBBOT CFEPFME WPPS FFO [PHFOBBNE WPMXBTTFO CFXVTU QVCMJFL 0Q FOLFMF VJU[POEFSJOHFO OB WJOE JL EF XFTUFSTF FSPUJTDIF TUSJQ IPPHTU TMBBQWFSXFLLFOE PNEBU EJF [JDI VJUTMVJUFOE SJDIU UPU FFO NBOOFMJKL QVCMJFL *L QSPCFFS PPL

WSPVXFO BBO UF TQSFLFO w )FU TVDDFT WBO - ÏQJOBSE FO EF PSHBOJTBUJF WBO IFU FWFOFNFOU /PVWFMMF NBOHB JO UBM WBO QMBBU TFO JO 5PLZP MFJEEF #PJMFU UPU IFU TDISJKWFO WBO FFO NBOJGFTU -B OPVWFMMF NBOHB #PJMFU PWFS EF PPSTQSPOH WBO EF[F CFOBNJOH v%F UFSN /PVWFMMF NBOHB JT POUTUBBO PN NJKO WFSIBMFO o FO NFU OBNF 5ÙLZÙ FTU NPO KBSEJO o UF EFmOJÑSFO %F XFTUFSTF TUSJQ WJOEU NFO JO +BQBO VJUFSNBUF TBBJ PNEBU EJF UFWFFM EF OBESVL MFHU PQ EF UFLFOJOHFO &FO TMFDIU WFSIBBM EBU TDIJUUFSFOE HFUFLFOE JT [BM JO &VSPQB HPFE WFSLPQFO 0NHFLFFSE HFMEU IFU[FMGEF WPPS +BQBO +BQBOTF NBOHB T HFWFO CMJKL WBO FFO PQFO CMJL IBOEFMFO PWFS NBOOFO FO WSPVXFO WBO WMFFT FO CMPFE FO TUFMMFO IFU WFSIBBM DFOUSBBM w .BOHB T XPSEFO JO +BQBO ABMT SPNBOT HFMF[FO ,MFJOF 'SBOTF VJUHFWFSJKFO [PBMT - "TTPDJBUJPO FO &HP DPNNF Y [JKO EF &VSPQFTF TQSFFLCVJ[FO WBO EJF OJFVXF TUSPNJOH NFU CFLFOEF OBNFO BMT &ENPOE #BVEPJO 'BCSJDF /ÏBVE %BWJE # #MVUDI FO %VQVZ #FSCFSJBO %F /PVWFMMF NBOHB TUBBU WPMHFOT #PJMFU EBO PPL WPPS FFO TUSPNJOH EJF DPNQMFFU XJM [JKO FO IFU CFTUF VJU EF A&VSPQFTF TUSJQ EF A+BQBOTF NBOHB FO EF A"NFSJLBBOTF DPNJD XJM IBMFO 7PSJH KBBS QVCMJDFFSEF #PJMFU OPH FFO BEEFOEVN PQ IFU NBOJGFTU )JFSJO TUFMU IJK EBU EF /PVWFMMF NBOHB BOOP ðîîô TUBBU WPPS AFFO [PFLUPDIU XBBSCJK IFU TMBBO WBO CSVHHFO UVTTFO WFSTDIJMMFOEF BVUFVST VJUHF WFST FO MF[FST DFOUSBBM TUBBU %F TUSJQCVOEFM +BQBO EPPS ïõ BVUFVST LBO JO EJF [JO EBO PPL CFTDIPVXE XPSEFO BMT FFO WPPSCPEF WBO XBU POT UF XBDIUFO TUBBU 8PSEU POHFUXJKGFME WFSWPMHE 3PFM %BFOFO BBOCFWPMFO MFFTWPFS 'SÏEÏSJD #PJMFU - BQQSFOUJ KBQPOBJT -FT *NQSFTTJPOT /PVWFMMFT êèèî %JWFSTF BVUFVST P B /JDPMBT EF $SÏDZ +JSÙ 5BOJHVDIJ &NNBOVFM (VJCFSU 'SÏEÏSJD #PJMFU +BQBO EPPS éï BVUFVST $BTUFSNBO êèèí 'SÏEÏSJD #PJMFU - ÏQJOBSE EF :VLJLP &HP DPNNF Y êèèé &OHFMTF WFSUBMJOH :VLJLP T TQJOBDI 1POFOU .PO êèèë

'SÏEÏSJD #PJMFU FO #FOPÔU 1FFUFST 5ÙLZÙ FTU NPO KBSEJO $BTUFSNBO éññï 'SÏEÏSJD #PJMFU FO #FOPÔU 1FFUFST -PWF )PUFM &HP DPNNF Y éññë 'SÏEÏSJD #PJMFU FO #FOPÔU 1FFUFST %FNJ UPVS %VQVJT éññï 'SÏEÏSJD #PJMFUT ESJFUBMJHF &OHFMT 'SBOT FO +BQBOT XFCTUFL XXX CPJMFU OFU NFU POEFS NFFS IFU WPMMFEJHF NBOJGFTU -B OPVWFMMF NBOHB UBM WBO JOUFSWJFXT FO SFDFO TJFT

"MMF HFCSVJLUF BGCFFMEJOHFO [JKO VJU IFU OJFVXTUF BMCVN WBO #PJMFU M "QQSFOUJ +BQPOBJT UFO[JK BOEFST WFSNFME

+BQBO FFO BMCVN NFU éï WFSIBMFO WBO +BQBOTF FO 'SBOTF BVUFVST XBT FFO JOJUJBUJFG WBO #PJMFU FO XFSE UFWFOT EPPS IFN TBNFOHFTUFME

-VYMFZ รฏ )FU CP[F PPH 7BMร SJF .BOHJO 'SBODJTDP 3VJ[Hร 6JUH #FF%FF รณรฐ QM LMFVS TMBQQF LBGU หท รท รทรณ 4UFM KF FFOT WPPS EBU EF &VSPQFBOFO OJFU IFU "NFSJLBBOTF DPOUJ OFOU IBEEFO POUEFLU HFLPMPOJTFFSE FO MFFHHFQMVOEFSE NBBS EBU IFU PNHFLFFSEF XBT HFCFVSE %BU KVJTU EF WFSTDIJMMFOEF JOEJBOFO TUBNNFO VJU ;VJE FO .JEEFO "NFSJLB EF "UMBOUJTDIF 0DFBBO XBSFO PWFSHFTUPLFO &VSPQB POEFS EF WPFU IBEEFO HFMPQFO FO IJFS EF NBDIU IBEEFO HSFQFO %BU JT IFU VJUHBOHTQVOU WBO EF OJFVXF TFSJF -VYMFZ %F IPPGEQFSTPPO EJF [JKO OBBN BBO EF SFFLT IFFGU HFHFWFO JT EF &OHFMTNBO 3PCJO PG -VYMFZ JO EF MJUFSBUVVS CFUFS CFLFOE BMT 3PCJO )PPE 5FSXJKM EF LPOJOHFO WBO &OHFMBOE FO 'SBOLSJKL PQ LSVJTUPDIU [JKO FO 8FTU &VSPQB JO QSJODJQF TUVVSMPPT JT BDIUFSHFMBUFO MPQFO EF JO EF UXBBMGEF FFVX BM WFS POUXJLLFMEF .BZB FO "[UFLFO TUBN NFO VJU IFU IVJEJHF (VBUBNBMB FO .FYJDP EF CMBOLFO POEFS EF WPFU %F JO EF PHFO WBO EF NJEEFMFFVXFST EFNPOJTDIF JOEJBOFO POEFS MFJEJOH WBO FFO *ODB GBNJMJF NFU CPWFOOBUVVSMJKLF LSBDIUFO

IFCCFO EF XJOE FS nJOL POEFS -VYMFZ HBBU PQ HFIFJNF NJTTJF PN EF NPTMJNTVMUBO 4BMBEJO UPU EVTWFS EF HSPUF CPFNBO WPPS EF CMBO LFO UF IVMQ UF SPFQFO NBBS IJK XPSEU HFWBOHFO HFOPNFO FO LPNU POEFS JOWMPFE WBO EF UPWFSLSBDIUFO WBO EF *ODB -VYMFZ JT IFU QSPEVDU WBO EF 'SBOTF TDFOBSJTUF 7BMร SJF .BOHJO EJF UPU EVTWFS QVMQTUSJQT TDISFFG BMT %F MBBUTUF 5SPKBBO FO %F HFTFM HPET PWFSJHFOT JT [F HFUSPVXE NFU QVMQUFLFOBBS %FOJT #BKSBN CFLFOE WBO POEFS BOEFSF 6OJWFSTBM XBS POF /FU BMT IBBS BOEFSF XFSL JT -VYMFZ FFO QSFUFOUJFMP[F BWPOUVSFOTUSJQ .BBS POEBOLT EF IJTUPSJTDIF PONPHFMJKLIFEFO FO EF FTPUFSJTDIF PO[JO XBBSBBO -VYMFZ OFU BMT [P WFFM QVMQTUSJQT MFJEU JT IFU FFO IFFM HFOJFUCBBS WFSIBBM HFXPSEFO .BOHJO WFSUFMU IFU WFSIBBM NFU WFFM WBBSU FO CF[POEJHU [JDI OJFU BBO VJUHFCSFJEF CFTDISJKWJOHFO FO VJUMFH WBO IFU

,BBNFMPUU รฏ %F IFFSTDIBSFO WBO EF EPPE "MFYBOESF "TUJFS FO 4UFWFO %VQSร 6JUH $BTUFSNBO รฒรถ QM LMFVS TMBQQF LBGU หท รณ รทรณ 4UFWFO %VQSร JT HFFO POCFLFOEF WPPS EF MF[FST WBO ;P[P-BMB "M KBSFOMBOH HFMEU IJK BMT FFO HSPUF CFMPGUF NBBS EF WSBBH SJKTU PG EJF JONJEEFMT OPH OJFU JT JOHFMPTU ;JKO PFVWSF JT PQWBMMFOE IFUFSPHFFO FO PNWBU FFO LJOEFSTUSJQ 4BSBI FO 3PCJO FFO HPFEF NBJOTUSFBN TUSJQ $PNB FFO BDUJFUISJMMFS 1BOEPSB #PY FO NFU ,BBNFMPUU XBBHU IJK [JDI JO IFU HFOSF WBO EF DSPTTPWFS EF [PNCJF SJEEFSTUSJQ )FU WFSIBBM JT HFTDISFWFO EPPS NVMUJ UBMFOU "MFYBOESF "TUJFS NV[JLBOU BDUFVS TDISJKWFS EJF PPL WFSBOUXPPSEFMJKL JT WPPS EF HFMJKLOBNJHF JO 'SBOLSJKL QPQVMBJSF UFLFOmMNTFSJF )PF WPPSEFMJH IFU DPNCJOFSFO WBO UFLFOmMNT FO TUSJQT JT CMJKLU XFM VJU EF WFS LPPQDJKGFST WBO ,BBNFMPUU .FU รฏรทรฎ รฎรฎรฎ FYFNQMBSFO JT IFU FFO WBO EF CFTU WFSLPDIUF UJUFMT JO 'SBOLSJKL WBO EJU NPNFOU %BU DPNNFS

EPPS IBBS[FMG HFDSFร FSEF VOJWFSTVN XBBS WFFM WBO IBBS DPMMFHB T [JDI OPHBM FFOT JO WFSMJF[FO #PWFOEJFO [JKO EF UFLFOJOHFO WBO 4QBOKBBSE 'SBODJTDP 3VJ[Hร HPFE WFSUFFSCBBS &FO TPCFSF SFBMJTUJTDIF TUJKM FO JO UFHFOTUFM MJOH UPU WFFM BOEFSF IJTUPSJD GBOUBTZ TUSJQT EJF JO 'SBOLSJKL WFS TDIJKOFO EJU LFFS HFFO WFSQMJDIUF TQMBUUFSQBHJOB T PG WFSHF[PDIUF QFSTQFDUJFWFO 8FM WFFM CMPFE OBUVVSMJKL NBBS EBU IPPSU FSCJK *O 'SBOLSJKL JT IFU UXFFEF EFFM WBO EF TFSJF JONJEEFMT WFSTDIFOFO -VYMFZ JT JO [JKO HFOSF FFO QSJNB BBOLPPQ WPPS FFO VVSUKF POCF LPNNFSE WFSNBBL )BOT WBO 4PFTU DJF FO LXBMJUFJU OJFU BMUJKE TBNFOWBMMFO XPSEU FDIUFS QJKOMJKL EVJEF MJKL CJK IFU MF[FO WBO ,BBNFMPUU )FU CFSPFNEF LBTUFFM WBO LPOJOH "SUIVS XPSEU CFMBBHE EPPS [PNCJFT &MLF EBH LPNFO FS FFO QBBS [JFMJHF POEPEFO BBOTUSPN QFMFO EJF NFU FFO TJNQFMF [XBBSETMBH LVOOFO XPSEFO POUIPPGE .BBS XJF XFLU [F VJU IVO FFVXJHF SVTU "SUIVS HBBU NFU FFO HSPFQKF SJEEFST PQ POEFS[PFL VJU FO WJOEU EF EFNPO EJF QMBOOFO TNFFEU PN ,BBNFMPUU POEFS EF WPFU UF MPQFO NFU FFO MFHFS WBO [PNCJFT ;POEFS BM UF WFFM JOTQBOOJOHFO NBBS NFU IFU OPEJHF [XBBSEHFLMFUUFS BDUJF FO FFO SFVTBDIUJHF IBNTUFS XFFU "SUIVS EF [BBL POEFS DPOUSPMF UF CSFOHFO "QQFMUKF FJUKF [PV KF EFOLFO FO [P XPSEU IFU WFSIBBM PPL WFSUFME (FFO NPNFOU MJKLU "SUIVST LPOJOL SJKL TFSJFVT JO HFWBBS UF [JKO UFSXJKM EF PNWBOH WBO IFU [PNCJF MFHFS UPDI OJFU NJTTFMJKL JT 7PPSUEVSFOE XPSEFO FS SFMBUJWFSFOEF HSBQQFO HFNBBLU [PEBU WBO TQBOOJOH PG IPSSPS BNQFS TQSBLF JT %BU JT NFUFFO EF [XBLUF WBO EF[F TUSJQ %PPSHBBOT XPSEU FS JO SJEEFSTUSJQT nJOL HFWPDIUFO FO NPFU EF HFIBSOBTUF IFME WBO [JDI BGCJKUFO JO VJU[JDIUMP[F TJUVBUJFT /JFU IFU NFFTU WFS IFฤ FOEF HFOSF NBBS TPNT [JUUFO FS FFO QBBS BBSEJHF UVTTFO %F BVUFVST NBLFO WBO EF[F SJEEFSTUSJQ FDIUFS FFO TPPSU LPNFEJF NBBS EBBSWPPS [JKO EF HSBQQFO OJFU HPFE HFOPFH +F LSJKHU EF JOESVL EBU EF NBLFST OJFU QSFDJFT XJTUFO XBU [F XJMEFO FO UFWFFM CFร OWMPFE [JKO EPPS BOEFSF TUSJQT FO mMNT )FU SFTVMUBBU JT FFO TMBQ WFSIBBM EBU KF NFU FFO [VDIU WBO WFSMJDIUJOH XFHMFHU &JOEFMJKL VJU (FSBSE ;FFHFST

5XFF LJMMFST .JDLFZ .JDLFZ .F[[P 1JSVT 6JUH 4IFSQB รณรฎ QM [XBSU XJU IBSEF LBGU หท รฏรฒ รทรณ QFS EFFM

%F HFOJBMF BMMFTKBUUFS 2VFOUJO 5BSBOUJOP 3FTFWPJS EPHT 1VMQ mD UJPO IBE FO IFFGU FFO HSPUF JOWMPFE PQ EJWFSTF DPMMFHB mMNNBLFST %F mMNFS XBT FFO POCFTDIBBNEF MJFGIFCCFS WBO QVMQ JO BM [JKO WFSTDIJKOJOHTWPSNFO FO CFQFSLUF [JDI EBBSCJK OJFU UPU EF DJOFNB .FEF EBBSPN IFFGU [JKO TUJKM PPL CVJUFO EF HSFO[FO WBO IFU FJHFO NFEJVN IFU XFSL WBO BOEFSFO CFร OWMPFE PG CFQBBME %BU JT HPFE UF [JFO FO BG UF MF[FO BBO EF TUSJQT WBO IFU EVP .F[[P QTFVEPOJFN WBO EF 'SBOTNBO 1BTDBM .FTFNCFSH FO .JDIFM 1JSVT %F UXFF XFSLFO BM TJOET EF KBSFO OFHFOUJH TBNFO BBO FFO SFFLT POF TIPUT EJF XBU UIFNBUJFL FO VJUXFSLJOH CFUSFGU WFFM NFU FMLBBS HFNFFO IFCCFO 1BT OV JO รฐรฎรฎรด IFFGU VJUHFWFSJK 4IFSQB IFU BBOHFEVSGE IVO XFSL JO POT UBBMHFCJFE VJU UF HFWFO 8FMMJDIU IFFGU IFU GFJU EBU EF UXFF JO รฐรฎรฎรด JO "OHPVMร NF EF QSJKT WPPS IFU CFTUF TDFOBSJP POUWJO HFO EBBSCJK FFO SPM HFTQFFME 8BU .F[[P FO 1JSVT WPPSBM NFU 5BSBOUJOP HFNFFO IFCCFO JT EF BDIUFMPPTIFJE XBBSNFF EF CFMBOHSJKLTUF QFSTPOBHFT GZTJFL HFXFME BMT FFO POWFSNJKEFMJKL BTQFDU WBO IFU EBHFMJKLTF CFTUBBO CFTDIPV XFO *OEJSFDU [JKO [JK EBBSEPPS PPL TDIBUQMJDIUJH BBO FFO TUSJQ BMT 5PSQFEP รฏรทรฑรด WBO #FSOFU FO "CVMJ "BO FFO TUVL EPPS QSBUFOE FO CFLWFDIUFOE PWFS USJWJBMF FO UFHFMJKLFSUJKE CJ[BSSF POEFSXFSQFO HBBO EF QFSTPOBHFT WBO TDISJKWFS .JDIFM 1JSVT TPNT BMT CFFTUFO UF LFFS [POEFS EBU EBU EF HFTQSFLT WPFSJOH JOHSJKQFOE CFร OWMPFE 7PPSBM JO 5XFF LJMMFST VJU รฏรทรทรณ EBU IBOEFMU PWFS FFO LOVMMJHF UPU NJTMVLLFO HFEPFNEF LMVT WBO UXFF CFSPFQTNPPSEFOBBST LPNU EBU EVJEFMJKL OBBS WPSFO %F UXFF DPMMFHB T LVOOFO FMLBBS OJFU MVDIUFO PG [JFO FO [JKO ESVLLFS NFU FMLBBS BG[FJLFO FO CFMFEJHFO EBO HFEFHFO IVO BNCBDIU VJUPFGFOFO 6JUFJOEFMJKL HBBU EBU [P WFS EBU EF PVETUF NPFEXJMMJH EF LMVT TBCP UFFSU PN EF BOEFS UF LVOOFO WFSOFEFSFO 0PL JO .JDLFZ .JDLFZ VJU รฏรทรทรต MBUFO UXFF HFMPVUFSEF CBOLSP

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

4DIVSLFOCMPFE -PVTUBM 1BSJOHBVY 6JUH 0PH #MJL รดรด QM LMFVS IBSEF LBGU หท รฏรท รทรณ 4DIVSLFOCMPFE CFTDISJKGU EF MBBUTUF EBHFO WBO FFO IVVSNPPSEFOBBS EJF EF CBMBOT PQNBBLU WBO [JKO MFWFO FO PQ CMPFEFSJHF XJK[F QSP CFFSU IFU FWFOXJDIU UF IFSWJOEFO *O FFO FQJMPPH XPSEU CFTDISFWFO IPF EF IPPGEQFSTPPO WPPS IFU FFSTU NFU [JKO MPOHLBOLFS XPSEU HFDPOGSPOUFFSE "MT IFU WFSIBBM FDIU CFHJOU JT IFU FJOEF BM OBCJK %PPS FFO WFSQMFFHTUFS PN UF LPQFO POUTOBQU IJK NFU FFO WPPS SBBE QJKOTUJMMFOEF NPSmOF VJU IFU [JFLFOIVJT XBBS IJK BMT UFSNJOBMF QBUJร OU WFSCMJKGU 0OEBOLT [JKO MJDIBNFMJKLF POUUBLFMJOH LFOU [JKO CMPFEEPSTU HFFO HSFO[FO 5FSXJKM IJK [JKO BGCMBEEFSFOE MJKG NFU WFFM LVOTU FO WMJFH XFSL PQ HBOH IPVEU MBBU IJK FFO TQPPS WBO MJKLFO BDIUFS ;JKO MBBUTUF SFJT CSFOHU IFN WJB [JKO FY WSPVX VJUFJOEFMJKL UPU CJK [JKO EPDIUFS FFO WFSTMBBGEF IPFS EJF OJFUT NFFS WBO IFU MFWFO XJM PG WFSXBDIU )JFS BSSBOHFFSU EF NPPSEFOBBS [JKO [FMGHFLP[FO FJOEF EPPS NJEEFM WBO FFO WVVSHFWFDIU NFU FFO PWFSNBDIU BBO UFHFOTUBOEFST -PVTUBM JT EF TDIJMEFS POEFS EF TUSJQNBLFST %JU LPNU WPPSBM UPU VJUJOH JO [JKO TQFDJmFL LMFVSHFCSVJL FO [JKO NBOJFS WBO UFLFOFO &MLF UFLFOJOH MJKLU FFO CFWSPSFO NPNFOU FFSEFS FFO TDIJMEFSJK EBO FFO POEFSEFFM WBO FFO TFSJร MF WFSUFMMJOH %BBSNFF DSFร FSU -PVTUBM BGTUBOE .FFS EBO HFXPPOMJKL JT EF TUSJQMF[FS CJK [JKO TUSJQWFSIBMFO FFO UPFTDIPVXFS ;FLFS JO EJU BMCVN LPNU EJF HFWPFMEF BGTUBOE IFU CFEPFME Fฤ FDU WBO EF NBLFST UFO HPFEF %F MF[FS XPSEU PQ BGTUBOE HFIPVEFO FO CFMFFGU PQ EJF NBOJFS EF LJMUF EJF SPOE IFU IPPGEQFS TPOBHF IBOHU FYUSB TUFSL -PVTUBMT UFLTUTDISJKWFS 1BSJOHBVY [PSHU WPPS FFO TDFOBSJP EBU

VJUTUFLFOE BBOTMVJU CJK IFU UFLFOXFSL 4VNNJFSF EJBMPHFO FO LPSUF [JOOFO POEFSTUFVOFO EF UFLTU EJF POEFSBBO EF UFLFOJOHFO [JKO UPF HFWPFHE )FU QMPU JT FFOWPVEJH FO EPFMUSFฤ FOE EF VJUXFSLJOH WBO FFO TVQFSJFVSF FFOWPVE 4DIVSLFOCMPFE JT FFO TUFSL BMCVN WBO FFO WBLLVOEJH FO LVOTU[JOOJH TUSJQNBLFSTEVP %F WFS[PSHJOH WBO IFU CPFL EPPS EF /FEFSMBOETF VJUHFWFS TMVJU BBO CJK EF LXBMJUFJU WBO EF JOIPVE 8BU EBU CFUSFGU IFFGU 0PH #MJL FFO OBBN IPPH UF IPV EFO %BU NBH PPL XFM FFOT HF[FHE XPSEFO +FG /JFVXFOIVJT

)FU HFIFJN WBO EF XVSHFS 5BSEJ FO 1JFSSF 4JOJBD 6JUH $BTUFSNBO รทรด QM [XBSU XJU IBSEF LBGU หท รฏรฒ รตรณ

-F )ร OBOG FO 'BCVFM MJFUFO JO รฐรฎรฎรฒ WPPS IFU FFSTU WBO [JDI IPSFO NFU %F LBNFMFPOT CJK VJUHFWFSJK $BTUFSNBO )FU XBT HFFO QFSGFDU NBBS [FLFS HFFO POWFSEJFOTUFMJKL EFCVVU EBU FFO CFMPGUF JOIJFME WPPS EF UPFLPNTU %JF CFMPGUF XPSEU NFU ) ) )PMNFT TMFDIUT HFEFFMUFMJKL JOHFMPTU %F QBHJOB T WBO -F )ร OBOG [JFO FS QSBDIUJH VJU [JKO UFLFOXFSL JT FS PQ WPPSVJU HFHBBO FO EF NFU TPNCFSF CSVJO UJOUFO VJUHFWPFSEF QBHJOB T TMVJUFO HPFE BBO CJK EF TGFFS WBO IFU WFSIBBM )FU TDFOBSJP SBNNFMU FDIUFS )FU QFSTPOBHF WBO EPLUFS )FOSZ )PMNFT JT HFCBTFFSE PQ )FSNBO 8FCTUFS .VEHFUU FFO WBO EF FFSTUF "NFSJLBBOTF TFSJFNPPSEFOBBST .VEHFUU PQFSFFSEF BBO IFU FJOEF WBO EF OFHFOUJFOEF FFVX SPOE EF UJKE EBU PPL -POEFO XFSE PQHFTDISJLU EPPS FFO SPFN SVDIUF TFSJF NPPSEFO 5PFWBM 'BCVFM TVH HFSFFSU FFO WFSCBOE PQ EF FFSTUF QBHJOB T WBO &OHMFXPPE &FO BHFOU WBO 4DPUMBOE :BSE OFFNU EBBSPN DPOUBDU PQ NFU $IBMFT 4JSJOHP FFO EFUFDUJWF WBO CVSFBV 1JOLFSUPO FO EF KBDIU PQ )PMNFT BMJBT +BDL UIF 3JQQFS CFHJOU 4JSJOHP XPSEU EBBSCJK UFHFO XJM

7PPS GBOBUJDJ EJF IVO CPFL OJFU XJMMFO WFSNJOLFO IJFS EF BMUFSOBUJFWF FJOEFT

-F )ร OBOG 'BCVFM 6JUH %BFEBMVT รฒรถ QM IBSEF LBGU หท รฏรด รทรณ

)FU EFSEF FO WJFSEF FJOEF A4DIJKOCBBS SBBETFMBDIUJH HFUJUFME A1BQB FJOEF %JFVCBUUV WFSNPPSEU "MQIPOTF HBBU CJK FFO &TCJSPM PNEBU EJF UFHFO IZQOPUJTFVS MBOHT EJF "MQIPOTF IBE WFSUFME EBU IFN PO[JO WFSUFMU EJU UPU IFU [JKO JEFF XBT IJMBSJUFJU WBO EF HFXVSH &TCJSPM WFSUFMU "MQIPOTF EFO (FGSVTUSFFSE MPPQU EBU IJK [JKO FDIUF WBEFS JT "MQIPOTF XFH FO LPNU UXFF QJFSSPUT UFHFO EJF MPQFO UF SBBTLBMMFO

) ) )PMNFT รฏ &OHMFXPPE

TPPO BBO IFU XPPSE EJF WPPSUEVSFOE WBO BMMFT VJUMFHU %BU IPVEU FOPSN PQ XBBSEPPS IFU TUFFET NJOEFS TUSJQ FO TUFFET NFFS FFO SPNBO XPSEU .FEF EPPS EF QSPEVDUJWJUFJU WBO 5BSEJ LSJKH KF EF JOESVL EBU IJK [JDI TUFFET NFFS IBBTU %BU LPNU EF LXBMJUFJU WBO IFU TDFOBSJP IFU [JFU FS CJK 5BSEJ BMUJKE HPFE VJU OJFU UFO HPFEF )FU PPSTQSPOLFMJKLF WFSIBBM WBO 4JOJBD CFWBUUF NFFSEFSF FJOEFT JFUT XBU JO รฏรทรดรฎ CFIPPSMJKL SFWPMVUJPOBJS XBT %BU JT IFU FJHFOMJKL OPH TUFFET EVT IFFGU EF UFLFOBBS JO [JKO CFXFSLJOH BMMF FJOEFT JOUBDU HFMBUFO "MT KF EF WJKG BMUFSOBUJFWF TMPUTDร OFT XJMU MF[FO NPFU KF FDIUFS FFO QBBS CMBE[JKEFO PQFOTOJKEFO 8JF EBBS HFFO [JO JO IFFGU NBBS XFM XJM XFUFO IPF IFU IBE LVOOFO BnPQFO ESBBJU IFU CMBE FWFO PNy (FSBSE ;FFHFST A5XFF POBBOWBBSECBSF FJOEFT "MMF EPEFO LPNFO IBMG WFSHBBO PQFFOT VJU EF HSPOE PQSJK[FO .BBS EBO TDISJLU &TCJSPM XBLLFS IFU XBT NBBS FFO ESPPN )FU XBT HFFO ESPPN &TCJSPM JT EPPSHFESBBJE FO XPSEU BGHFWPFSE OBBS IFU HFTUJDIU

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nJOLF QPSUJF MFFTWPFS NFU LSBOUFOCFSJDIUFO PWFS EF QPMJUJFTUBLJOHFO JO รฏรทรณรท FO EF HFMJKLUJKEJHF NPPSEMVTU WBO A%F 8VSHFS 7PPS EF WPMMFEJHIFJE WPFHU 5BSEJ PPL OPH FFO QBBS mMNSFDFOTJFT UPF PWFS OPVWFMMF WBHVF SFHJTTFVST )FFM 'SBOT OFU BMT EF NJTUJHF 1BSJKTF TUFFHKFT XBBSJO EF XVSHFS [JKO TMBDIUPฤ FST WPMHU .BBS XJF HFFO [JO IFFGU FFSTU FFO QBBS EJLCFESVLUF QBHJOB T VJU OFQLSBOUFO UF MF[FO LBO EJF SVTUJH PWFSTMBBO FO NFUFFO NFU EF TUSJQ CFHJOOFO )FU [JKO OBNFMJKL WFSTMBHFO WBO HFCFVSUFOJTTFO EJF OPH HBBO LPNFO %F NBO EJF [JKO TMBDIUPฤ FS BDIUFSWPMHU TPNU OPH FFOT EF QFS GFDUF PNTUBOEJHIFEFO PQ WPPS FFO WPMNBBLUF NJTEBBE B EJDIUF NJTU C GFMMF LPV XBBSEPPS JFEFSFFO CJOOFOCMJKGU D BGXF[JHIFJE WBO QPMJUJF "BO BMMFT JT WPMEBBO FO FMLF BWPOE JT CPFLWFSLPQFS &TCJSPM PQ TUSBBU UF WJOEFO PQ [PFL OBBS FFO OJFVX TMBDIUPฤ FS 7PM USPUT HSJTU IJK AT PDIUFOET EF LSBOU WBO EF NBU PN PWFS [JKO FJHFO AIFMEFOEBEFO UF MF[FO )JK CFUSFLU [FMGT FFO WBTUF LMBOU JO [JKO NJT EBEFO IFU QMFFH[PPOUKF WBO EF IPPGEDPNNJTTBSJT EJF WBOXFHF EF TUBLJOH EF IFMF EBH UIVJT [JU 0N IFU QMF[JFS WBO EF MF[FS OJFU UF CFEFSWFO LBO IJFS OJFU UF WFFM XPSEFO WFSLMBQU .BBS [PBMT JO FMLF TUSJQ WBO 5BSEJ USFLU FS FFO SJUT BBO QFSTPOBHFT WPPSCJK EJF OFU OJFU IFMFNBBM TQPSFO XPSEU IFU PHFOTDIJKOMJKL TJNQFMF WFSIBBM UPDI SPNNFMJH FO EPPS FFO QBBS WFSIBBMXFOEJOHFO [FMGT JOHFXJLLFME &DIU TQBOOFOE XPSEU IFU FDIUFS OJFU [PBMT EBU XFM WBLFS IFU HFWBM JT CJK 5BSEJ %F CFMBOH SJKLTUF SFEFO EBBSWPPS JT EJU LFFS EF PWFSEBBE BBO EJBMPHFO XBBS KF KF EPPSIFFO NPFU XFSLFO .FFTUBM [JKO EJF XFM HPFE UF WFSUFSFO PNEBU 5BSEJ FFO WMPUUF QFO IFFGU NBBS EJU LFFS JT WPPSBM FFO QFS

FO EBOL HFBTTJTUFFSE EPPS EF BBOUSFLLFMJKLF )FMFO .BSUJOFMMJ 5PU [PWFS JT FS OJFUT BBO EF IBOE NBBS WFSWPMHFOT XPSEFO FS BMMFSMFJ OFWFOJOUSJHFT PQHFCPVXE FO QBTTFSFO POEFSXFSQFO BMT MJKLFO IBOEFM EF JOEVTUSJร MF SFWPMVUJF FO GFNJOJTNF EF SFWVF .FU BMT HFWPMH EBU EF MF[FS IFU TQPPS CJKTUFS CFHJOU UF SBLFO FO KF OB MF[JOH WBO IFU FFSTUF EFFM CMJKGU [JUUFO NFU IFU HFWPFM EBU EF DBLF FS MFL LFSEFS VJU[BH EBO IJK TNBBLUF .BBS XFMMJDIU TMBHFO EF NBLFST WBO ) ) )PMNFT FSJO PN JO EF WPMHFOEF EFMFO BMMFT BMTOPH PQ FFO JOUF SFTTBOUF NBOJFS XFFS CJK FMLBBS UF CSFOHFO )BOT 1PMT

Alleen 1: Spoorloos (B[[PUUJ 7FIMNBOO 6JUH %VQVJT รฒรด QM LMFVS TMBQQF LBGU หท รณ รฐรณ 5FLFOBBS #SVOP (B[[PUUJ HPPJU BM KBSFO IPHF PHFO NFU EF SFFLT 4PEB EJF IJK TBNFO NFU 5PNF NBBLU 4DFOBSJTU 'BCJFO 7FIMNBOO EBBSFOUFHFO JT HFFO HSPUF CFLFOEF CJK IFU /FEFSMBOETUBMJH QVCMJFL 0OEBOLT IFU GFJU EBU IJK BM FFO UJKEKF CF[JH JT JT IFU IFN OPH OJFU HFMVLU FFO FDIUF LMBQQFS UF TDPSFO "MT KF IFN BM LFOU EBO [BM IFU WBO 7FSTUFFOEF SFV[FO [JKO IFU BMCVN EBU WPSJH KBBS IFU TQJUT NPDIU BGCJKUFO JO EF OJFVXF 3PCCFEPFT FO ,XBCCFSOPPU SFFLT CFTUBBOEF VJU POF TIPUT 0G NJTTDIJFO WBO &FO XPMLFMP[F UPFLPNTU WFSTDIFOFO JO EF $PMMFDUJF (FUFLFOE EBU IJK FWFOFFOT NFU (B[[PUUJ NBBLUF 8FMMJDIU JT EF SFFLT "MMFFO [JKO EPPSCSBBL )FU WFSIBBM JT TOFM WFSUFME 0Q FFO HPFEF EBH XPSEFO WJKG LJO EFSFO XBLLFS JO FFO XFSFME [POEFS BOEFSF NFOTFO *FEFSFFO CMJKLU WBO EF FOF PQ EF BOEFSF EBH WFSEXFOFO %F WJKG LJOEFSFO LFOOFO FMLBBS OJFU NBBS IFCCFO XFJOJH BOEFSF LFVT EBO NFU FMLBBS PQ UF USFLLFO 4BNFO QSPCFSFO [F UF PWFSMFWFO FO UF BDIUFSIBMFO XBU FS BBO EF IBOE JT )FU UIFNB WBO FFO WFSEXFOFO NFOTIFJE JT OBUVVSMJKL WBLFS HFCSVJLU NBBS 7FIMNBOO XFFU FS FFO MFVLF ESBBJ BBO UF HFWFO EPPS LJOEFSFO JO EF IPPGESPM UF HFCSVJLFO 6JUFFOMPQFOE WBO POHFWFFS WJKG UPU [FTUJFO KBBS [JKO [F POCFIPMQFO FO OBร FG JO IVO QPHJOHFO UPU PWFSMFWFO *O EJU BMCVN NBLFO [F [JDI CJKWPPSCFFME OPH OJFU ESVL PN WPFETFM XBUFS CSBOETUPG FO FMFLUSJDJUFJU %F FFSTUF EBHFO [JKO

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nJKL BMT IJK JO EJU BMCVN JT PG XPSEU IJK JO UPFLPNTU HSJNNJHFS 4JHHF 4UFHFNBO

*OEJBO TVNNFS รฏ 1IZMMJT *OEJBO TVNNFS รฐ 1JMHSJN #MBDL )VHP 1SBUU .JMP .BOBSB 6JUH $BTUFSNBO LMFVS IBSEF LBGU *O IFU OBXPPSE CJK IFU UXFFMVJL *OEJBO TVNNFS WFSNFMEU )VHP 1SBUU EF CSPOOFO EJF IFN IFCCFO HFร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ร T 7PMTUSFLU UFHFOESBBET WPMLPNFO POHFMPPGXBBSEJH FO UPDI WPPSTUFMCBBSEFS EBO XFMLF HFTDIJFETDISJK WJOH EBO PPL WFSCFFMEFO 1SBUU FO .BOBSB EF WFSIPVEJOHFO UVTTFO EF LPMPOJTUFO FO EF IFO PNSJOHFOEF *OEJBOFO *O FFO TUSPPN WBO CJ[BSSF FO IFGUJHF WPPSWBMMFO FO DPOGSPOUBUJFT UPOFO EF TUSJQNB LFST IPF WFS CFJEF HSPFQFO WBO FMLBBS BG TUPOEFO FO IPF[FFS IVO CFTUBBO EFTPOEBOLT WFSWMPDIUFO XBT *O EF OBUVVS HFCFVSU EBU JO MBOHF TFRVFOUJFT WBO CJKOB UFLTUMP[F QMBUFO WPM TZNCPMJFL FO WFSXJK [JOHFO #JOOFO EF QBMJTTBEFO WBO IFU EPSQ PG EF CFTMPUFOIFJE WBO FFO IVU [JUUFO EF QFSTPOBHFT FMLBBS PQ EF OFL FO TQVHFO FMLBBS EF EJBMPHFO JO IFU HF[JDIU ;PXFM 1SBUU BMT .BOBSB TDIVXU EF PWFSESJKWJOH OJFU )VO XFSLFO [JKO EF PQFSB T WBO EF TUSJQ )VO IFMEFO MFWFO HSPPUT FO NFFTMFQFOE FO IVO EFDPST [JKO XFSFMEFO XBBSJO NFOTFO CFWPM LJOHTHSPFQFO FO DVMUVSFO HFXFMEEBEJH CPUTFO /FP LPMPOJBBM /FX &OHMBOE JT EBO PPL LBBTKF WPPS EF NBOOFO $FOUSBBM JO IFU WFSIBBM TUBBO WBEFS FO [PPO #MBDL WPPSHBOHFST WBO EF QMBBUTFMJKLF

HFNFFOUF IVO IVJTIPVETUFS FO EF LJOEFSTDIBBS EJF EF UXFF CJK IBBS WFSXFLU IFCCFO 4FLT JT EF BMMFTPWFSIFFSTFOEF ESJKGWFFS WBO EF IPPGEQFSTPOFO 0Q IFU FFSTUF HF[JDIU JT *OEJBO TVNNFS EBO PPL FFO QPSOPHSBmTDIF .BOBSB TUSJQ WPM TFLTCFMVTUF WSPVXFO EJF FS XFM QBQ WBO MVTUFO 8JF FDIUFS CFUFS MFFTU FO LJKLU XPSEU WFSHBTU PQ FFO TVCUJFM KB IFVT VJUHFXFSLUF CFTDISJKWJOH WBO FFO NFFSMBHJHF DVMUVVSCPUTJOH FO EF HFWPMHFO EBBSWBO WPPS JOEJWJEVFO %F TVCUJMJUFJU TDIVJMU WPPSBM JO EF VJUXFSLJOH WBO EJF JOEJWJEVFMF QFSTPOBHFT ;PXFM EF *OEJBOFO BMT EF LPMPOJTUFO LSJKHFO HF[JDIU FO LBSBLUFS JO TDIJKOCBBS OJFU UFS [BLF EPFOEF EJBMPHFO PQWBMMFOEF CJK SPMMFO JO IFU WFSIBBM PG EPPS LMFJOF IBOEFMJOHFO EJF OJFUT UF NBLFO IFCCFO NFU EF WPPSUHBOH WBO EF HFCFVSUFOJTTFO +PDIJFT SV[Jร O NFU FMLBBS PQ POHFMFHFO NPNFOUFO *OEJBOFO QFVUFSFO QMBUFO MBOH JO IVO OFVT FO TUFLFO EF ESBBL NFU XJK[F VJUTQSBLFO WBO TUBNHFOPUFO #J[BS FO HSPUFTL NBBS HFEFHFO HFEPDVNFOUFFSE XFUFO 1SBUU FO .BOBSB FFO JOESJOHFOE CFFME UF TDIFUTFO WBO EF IFGUJHF FFSTUF LPMPOJTBUJFQFSJPEF WBO /PPSE "NFSJLB )FU UXFFMVJL JT CBSPL FO CPNCBTUJTDI JO EF EFUBJMT NBBS WPMTUSFLU MFWFOTFDIU JO IFU VJUFJO EFMJKLF SFTVMUBBU +FG /JFVXFOIVJT

.BSKBOF 4BUSBQJ T TUSJQLMBTTJFLFS 1FSTFQPMJT WFSTDIJKOU CJOOFOLPSU PQ IFU XJUUF EPFL BMT UFLFOmMN )FU HBBU PN FFO CFXFSLJOH WBO EF FFSTUF UXFF CPFLFO UPU FFO mMN WBO BOEFSIBMG VVS 1SPEVDUJFNBBUTDIBQQJK 4POZ CFHPO JO PLUPCFS ðîîó NFU IFU QSPKFDU FO JO BQSJM EJU KBBS NPFU EF MBBUTUF IBOE BBO EF UFLFOmMNWFSTJF XPSEFO HFMFHE 0G FO [P KB XBOOFFS EF mMN PPL JO /FEFSMBOE FO #FMHJÑ XPSEU VJUHFCSBDIU JT OPH POEVJEFMJKL 7PPS EF FFSTUF CFFMEFO [JF XXX TPOZQJDUVSFT DPN DMBTTJDT QFSTFQPMJT )W4 )PFXFM IFU BMXFFS WJFS KBBS XBDIUFO JT PQ IFU [FTEF EFFM WBO 4BNCFS JT UFLFOBBS :TMBJSF XFM CF[JH BBO FFO TQJO Pĉ WBO EF SFFLT )JK IFFGU IFU QMBO PQHFWBU FFO TFSJF WFSIBMFO UF NBLFO SPOE IFU UIFNB EF PPS MPH EFS PHFO FFO QTFVEPXFUFOTDIBQQFMJKLF WFSIBOEFMJOH WBO 4BNCFST WBEFS EJF PPL JO EF PPSTQSPOLFMJKLF TUSJQ FFO WPPSOBNF SPM TQFFMU %F TQJO Pĉ NPFU VJU FFO BBOUBM MPTTUBBOEF WFSIBMFO HBBO CFTUBBO EJF [JDI BGTQFMFO JO EJWFSTF UJKEQFSLFO )FU UFLFO XFSL MBBU IJK HSPUFOEFFMT PWFS BBO BOEFSFO POEFS XJF BBO (SJĉP [P WFSLMBQUF EJF JO FFO JOUFSWJFX BBO BDUVBCE DPN (SJĉP HBBU FFO EFFM UFLFOFO EBU [JDI BGTQFFMU JO EF BDIUUJFOEF FFVX )W4 )JK XBT BM MBOHFS BBOHFLPOEJHE NBBS TJOET EFDFNCFS MJHU EF /FEFSMBOETF WFSTJF WBO "SU 4QJFHFMNBOT ,VT VJU /FX :PSL EBBE XFSLFMJKL JO EF XJOLFMT FFO WFS[BNFMJOH QSPWPDBUJFWF DPWFST WPPS ͷF /FX :PSLFS WPPS[JFO WBO VJUHFCSFJE DPNNFOUBBS WBO EF NBO [FMG 6JUH 0PH #MJL ˳ ð÷ ÷ó

#JKOB UFHFMJKLFSUJKE NFU IFU WFSTDIJKOFO WBO IFU CPFL QVCMJDFFSEF /3$ )BOEFMTCMBE FFO JOUFSWJFX NFU EF MFHFOEBSJTDIF /FX :PSLTF TUSJQNBLFS %BBSJO HFFGU 4QJFHFMNBO UF LFO OFO EBU IJK NPNFOUFFM XFSLU BBO FFO JOMFJ EJOH o JO TUSJQWPSN o PQ [JKO BM KÈÈÈSFOMBOH

VJUWFSLPDIUF TUSJQCVOEFM #SFBLEPXOT VJU ï÷õõ ,FOOFMJKL LJKLU 4QJFHFMNBO NFU HFNFOHEF HFWPFMFOT UFSVH PQ [JKO EFTUJKET CBBOCSFLFOEF WPSNFYQFSJNFOUFO XBOU EF XFSLUJUFM WBO [JKO TUSJQ MVJEU WSJK OBBS +BNFT +PZDF 1PSUSBJU PG UIF BSUJTU BT B ZPVOE OFSE %F IFSESVL WBO #SFBLEPXOT TUBBU HFQMBOE WPPS ðîîõ PG ðîîö CJK VJUHFWFSJK 1BOUIFPO 5%

.BSL 4UBõPSE

#SZBO 5BMCPU

/B WJFS KBBS XFSL IFFGU #SZBO 5BMCPU [JKO TUSJQ "MJDF JO 4VOEFSMBOE XFUFO BG UF SPOEFO [PBMT FMEFST JO EF[F ;P[P-BMB VJUHFCSFJE UF MF[FO TUBBU #BOH WPPS IFU SPFNSVDIUF [XBSUF HBU IPFGU EF #SJU FDIUFS OJFU UF [JKO *OUFHFOEFFM 7PFS WPPS EPPS HFXJOUFSEF TUSJQMJFGIFCCFST JT POHFUXJKGFME EF WFSIBMFOCVOEFM Í·F OBLFE BSUJTU WPM CJ[BSSF BOFLEPUFT PWFS 5BMCPUT FSWBSJOHFO NFU ESJF EFDFOOJB QFST QVCMJFL FO GBOT JO IFU TDIFNFSHFCJFE UVTTFO IPHF FO MBHF DVM UVVS 5BMCPUT MBOEHFOPPU FO DPMMFHB )VOU &NFSTPO o [FMG PPL FSWBSJOHTEFTLVOEJHF o UFLFOU EF CJKQBTTFOEF JMMVTUSBUJFT %JU KBBS UF WFSTDIJKOFO CJK VJUHFWFSJK .PPOTUPOF

%BBSOBBTU TDISJKGU 5BMCPU FFO WJFSEFMJHF BWPOUVSFOTUSJQ WPPS IFU 3FOFHBEF MBCFM WBO VJUHFWFSJK *NBHF %F[F TFSJF NFU BMT UJUFM $IFSVCT XPSEU HFUFLFOE EPPS IFU KPOHF #SJUTF UFLFOUBMFOU .BSL 4UBĉPSE WBO XJF FFSEFS XFSL UF CFXPOEFSFO JT PQ [JKO XFC TJUF #VHQPXEFS DPN TUBĉPSE /JFU EBU 5BMCPU [FMG EF UFLFOQFO BBO EF XJM HFO IFFGU HFIBOHFO )JK MFFGU [JDI NPNFO UFFM VJU PQ 7JDUPSJBBOTF EFDPST CJ[BSSF DSFBUVSFO FO TJTTFOEF TUPPNnBSEFO JO [JKO OJFVXF TUFBN QVOL TUSJQ NFU BMT XFSLUJ UFM (SBOEWJMMF )JK POEFSIBOEFMU OPH NFU WFSTDIJMMFOEF VJUHFWFST FO EF VJUHBWF WBO (SBOEWJMMF [BM [FLFS OPH OJFU EJU KBBS [JKO v7FSEFS IFC JL OPH QMBOOFO WPPS FFO MP UFDI GBOUBTZWFSIBBM w CFTMVJU IJK vFO EFOL JL PPL BM FFO UJKEKF OB PWFS FFO OJFVXF -VUIFS "SLXSJHIU w 5% +FBO (JSBVE XFSLU PQ EJU NPNFOU BBO FFO EFFM WBO EF SFFLT 9*** )FU JT EF CFEPFMJOH EBU EBU BMCVN IFU LPNFOE OBKBBS WFSTDIJKOU UFHFMJKLFSUJKE NFU IFU MBBUTUF SFHVMJFSF EFFM VJU EF TFSJF XFSLUJUFM -BBUTUF SPOEF WBO 7BODF #FJEF BMCVNT [JKO PQ TDFOBSJP WBO +FBO WBO )BNNF )FU BMCVN WBO (JSBVE XFSLUJUFM -B WFSTJPO *SMBOEBJTF JT FFO MPT TUBBOE WFSIBBM EBU IBOEFMU PWFS EF *FSTF GBNJMJFUBL WBO EF IPPGEQFSTPPO 0PL XPSEU FS NFFS CFLFOE PWFS [JKO XBSF JEFOUJUFJU EJF VJUFJOEFMJKL JO -BBUTUF SPOEF POUIVME [BM XPSEFO 0WFSJHFOT JT IFU OPH NBBS EF WSBBH PG EBBSNFF PPL FDIU FFO FJOEF LPNU BBO EF TFSJF 8FMJTXBBS CSFJU 7BO )BNNF FS FFO FJOE BBO NBBS UFLFOBBS 7BODF XJM EPPSHBBO 0OEFSUVTTFO XFSLU 7BO )BNNF XFM NFF BBO FFO UFMFWJTJFCFXFSLJOH WBO EF QPQVMBJSF TUSJQ )W4

7BO éè GFCSVBSJ UPU éí BQSJM JT JO IFU -FVWFOTF DVMUVVSDFOUSVN 5XFFCSPOOFO FFO HSPUF PWFS[JDIUTUFOUPPOTUFMMJOH WBO IFU XFSL WBO +PTÏ .V×P[ UF [JFO FFO WBO EF WPPSNBOOFO WBO IFU "SHFOUJKOTF CFFMEWFS IBBM .V×P[ JT WPPSBM CFLFOE WBO "MBDL 4JOOFS FO +PF T CBS NBBS PQ EF FYQPTJUJF .V×P[ MVDFT Z TPNCSB [JKO OJFU BMMFFO PSJHJOFMFO WBO [JKO LFONFSLFOEF [XBSU XJU QBHJOB T UF [JFO WFFMBM HFTJUVFFSE JO EF BOPOJFNF HSPUF TUBE NBBS PPL QSBDIUJH LMFVSFOXFSL "ESFT %JFUTFTUSBBU ìñ -FVWFO &OUSFF î FVSP 0QFO WBO EJOTEBH UPU FO NFU [POEBH WBO éê UPU éð VVS 0Q éé GFCSVBSJ WJOEU JO IFU 7MBBNTF .BBTNFDIFMFO FFO TUSJQCFVST QMBBUT 7BO éè UPU éï VVS LBO JFEFSFFO OBBS CJOOFO WPPS é FVSP BBO EF ;FUFMMBBO íè JO IFU HFCPVX WBO EF LVOTUBDBEFNJF BMEBBS .FU WFFM UFLF OBBST BMT &SXJO 4FMT #BUFN FO +FBO 1PM .FFS JOGP XXX NBBTMBOE TUSJQ CF *O 3JKTXJKL XPSEU WPPS IFU XFFLFJOEF WBO êì FO êí GFCSVBSJ XFFS FFO TUSJQCFVST HFPSHBOJTFFSE *O EF FWFOFNFOUFOIBM BBO EF 7PMNFSMBBO éê PQ IFU JOEVTUSJFUFSSFJO LVO KF WBOBG éè VVS UFSFDIU WPPS POEFS BOEFSFO EF OJFVXF 4UPSN UFLFOBBST 3PNBOP .PMFOBBS FO +PSH EF 7PT FO OPH UJFOUBM MFO BOEFSF TUSJQNBLFST 7PPS EF DPNQMFUF MJKTU [JF XXX TUSJQCFVST DPN %F FOUSFF JT î FVSP WPPS WPMXBTTFOFO FO ì WPPS LJOEFSFO *O IFU #FMHJTDI $FOUSVN WPPS IFU #FFMEWFSIBBM UF #SVTTFM JT OPH UPU éð NBBSU EF FYQPTJUJF %F XFSFME WPMHFOT .FSIP UF [JFO 7PPS EF[F FO BOEFSF JOGPSNBUJF XXX TUSJQNVTFVN CF %F TUSJQSVJMCFVST WBO TUSJQDMVC 5BGFMSPOE WJOEU QMBBUT PQ êí NBBSU JO [BBM )FU #BE BBO EF .BSUFMBSFOMBBO JO ,FTTFM -P BBO EF BDIUFSLBOU WBO IFU TUBUJPO JO -FVWFO

*O DVMUVSFFM DFOUSVN %F $PFIPPSO JO "SOIFN XPSEU PQ êð FO êñ BQSJM FFO TUSJQGFTUJWBM HFIPVEFO %F PSHBOJTBUJF WFSXBDIU POEFS BOEFSFO EBU 1BVM 5FOH +BDRVFT .BSUJO FO ,BT BDUF EF QSÏTFODF HFWFO "ESFT $PFIPPSOTUSBBU éï &OUSFF ë FVSP LJOEFSFO é .FFS JOGP XXX TUSJQ CFVSTBSOIFN OM

5PU FO NFU êñ BQSJM LBO JFEFSFFO JO IFU 'SJFT .VTFVN UFSFDIU WPPS FFO UFOUPPOTUFMMJOH WBO IFU TUSJQDPMMFDUJFG .VEIPFO )FU -FFVXBSEFS DPM MFDUJFG CFTUBBOEF VJU (FSBSE #PFSTNB 3JDIBSE #PT FO "MFYBOEFS 3VTTDIFO IFCCFO FFO TBDSBMF BBOCJEEJOHQMFL JOHFSJDIU WPPS IVO WJTKF .VEIPFO NFU HMBT JO MPPESBNFO FO OFQLBBSTFO %F PQFOCBSJOHFO WBO .VEIPFO 5VSGNBSLU éé -FFVXBSEFO

IFFGU PPL EF XFCTUFL .Z4QBDF POUEFLU %BBS QSFTFOUFFSU IJK [JDI[FMG JO IFU LPSU FO LPOEJHU IJK HFMJKL UXFF OJFVXF CPFLVJU HBWFO BBO "MMFSFFSTU FFO CVOEFM WBO EF MBBUTUF WJFS EFFMUKFT WBO 1FFQTIPX POEFS EF UJUFM 4QFOU &O FFO HMPFEOJFVXF TUSJQ PWFS IFU IFEFOEBBHTF MFWFO JO [JKO IVJEJHF XPPOQMBBUT -PT "OHFMFT BG UF SPOEFO JO EF LPNFOEF UXFF KBBS .FFS EFUBJMT [JKO UF WJOEFO PQ XXX NZTQBDF DPN KPTFQINBUU -FU WPPSBM PPL FWFO PQ EF WFSNFMEJOH WBO [JKO CFSPFQ A+PF .BUU %BU JT WBTU HFFO รท UPU รณ CBBO 5%

+PTร .Vร P[

)FU MFWFO JT HFFO TUSJQWFSIBBM CBCZ MVJEU EF UJUFM WBO IFU HSPUF +PTร .Vร P[ SFUSPT QFDUJFG EBU OPH UPU รฏรณ BQSJM UF CFXPOEFSFO JT JO DVMUVSFFM DFOUSVN 5XFFCSPOOFO JO -FVWFO *O EF QFSTNBQ CJK EF FYQPTJUJF XPSEU NFMEJOH HFNBBLU WBO FFO OJFVXF TUSJQ EJF EF UFLFOBBS WBO "MBDL 4JOOFS FO +PF T CBS NPNFOUFFM BGSPOEU &FO WFSIBBM PWFS FFO WBO [JKO HSPUF IFMEFO EF UBO HP[BOHFS $BSMPT (BSEFM รฏรถรทรฎ รฏรทรฑรณ %JU KBBS UF WFSTDIJKOFO CJK EF 'SBOTF VJUHFWFSJK 'VUVSPQPMJT 5FWFOT WFSTDIJKOU EJU WPPSKBBS CJK VJUHFWFSJK #SJFT FFO WFSUBMJOH WBO [JKO WFFMHFSPFNEF CPFL #JMMJF )PMJEBZ EBU IJK SVJN WJKGUJFO KBBS HFMFEFO NFU [JKO LPN QBBO $BSMPT 4BNQBZP NBBLUF 5%

/PH OFU WPPS EF EFBEMJOFy %F HSPUF QSJKT WBO IFU TUSJQGFTUJWBM WBO "OHPVMร NF JT HFHBBO OBBS +PTร .Vร P[ CFLFOE WBO POEFS BOEFSF "MBDL 4JOOFS FO -JDIUTQFM )JK JT EBBSNFF BVUPNBUJTDI WPPS[JUUFS WBO EF WPMHFOEF FEJUJF WBO IFU GFTUJWBM 0PL XFSE FS EJU LFFS XFFS FFO IFMF [XJL BMCVNQSJK[FO VJUHF SFJLU WPMHFOT FFO OJFVXF PQ[FU NBBS OPH TUFFET OJFU FSH PWFS[JDIUFMJKL &OLFMF MJDIUFO XF FSVJU EF QTZDIPMPHJTDIF NBOHB /PO OPO Cร WBO 4IJHFSV .J[VLJ XFSE VJUHFSPFQFO UPU EF CFTUF TUSJQ WBO รชรจรจรฎ EF JOUFHSBMF #MBDL IPMF #VSOT

FO %F GPUPHSBBG (VJCFSU -FGร WSF LSFHFO NFU OPH WJFS BOEFSF 'SBOTF TUSJQT EF FFSWPMMF WFSNFMEJOH FTTFOUJร MF TUSJQ %F QVCMJFLTQSJKT XFSE HFXPOOFO EPPS 1PVSRPVJ K BJ UVร 1JFSSF WBO UFLFOBBS "MGSFE FO TDFOBSJTU 0MJWJFS ,B VJUHFWFSJK %FMDPVSU %F EFCVVUQSJKT XBT WPPS EF WFSIB MFOCVOEFM 1BOJFS EF TJOHF WBO +FSร NF .VMPU 'MPSFOU 3VQQFSU - "TTPDJBUJPO "MMF QSJKTXJOOBBST QMVT BDIUFS HSPOEFO TUBBO OB UF MF[FO PQ XXX CEBOHPVMFNF DPN

/B FFO MJWF BDUJPO mMN FO FFO NVTJDBM LPNU FS OV PPL FFO UFLFOmMN WBO 4VTLF FO 8JTLF %F QMBOOFO WBO mMNQSPEVDUJF NBBUTDIBQQJK 4LZMJOF 'JMN XBSFO BM MBOHFS CFLFOE NBBS XPSEFO TUFFET DPODSFUFS *ONJEEFMT [JKO EF DPOUSBDUFO HFTMPUFO FO CVJHU FY IPPGESFEBDUFVS WBO )VNP (VZ .PSUJFS [JDI PWFS IFU TDFOBSJP )FU XPSEU FFO CFXFSLJOH WBO IFU LMBTTJFLF WFSIBBM %F 5FYBTSBLLFST VJU รฏรทรณรท 7PPS EBU WFSIBBM JT HFLP[FO PNEBU IFU XFTUFSO HFOSF HSPUF LBOT WBO TMBHFO IFFGU PN PPL BBO UF TMBBO CVJUFO #FMHJร FO /FEFSMBOE %F 5FYBTSBLLFST NPFU JO EF WPPSKBBSTWB LBOUJF WBO รฐรฎรฎรถ JO EF CJPTDPQFO ESBBJFO 4LZMJOF HBG JO รฐรฎรฎรณ BM UF LFOOFO EBU IFU QMBOOFO IBE PN JO UPUBBM UJFO MBOHF UFLFO mMNT UF NBLFO PWFS IFU 7MBBNTF TUSJQEVP /B %F 5FYBTSBLLFST XPSEU EBU XBBSTDIJKO MJKL %F BQFLFSNJT VJU รฏรทรดรณ "MT EF UXFF FFS TUF UFLFOmMNT FFO TVDDFT XPSEFO WPMHFO FS NFFS %F UFLFOmMNT XPSEFO PPL PNHF XFSLU UPU UFMFWJTJFTFSJF )W4 #FSOBSE )PMUSPQ CFUFS CFLFOE BMT 8JMMFN IFFGU EF *OLUTQPUQSJKT รฐรฎรฎรด HFXPOOFO EF QSJKT WPPS EF CFTUF QPMJUJFLF TQPUQSFOU JO /FEFSMBOETF NFEJB 8JMMFN XPO EF QSJKT NFU [JKO DBSUPPO EJF PQ รฐรถ KVMJ WPSJH KBBS JO )1 %F 5JKE TUPOE )FU HBBU PWFS EF NVVS EJF *TSBร M PQUSFLU MBOHT IBBS PPTUHSFOT %F TQPUQSFOU JT TBNFO NFU EF BOEFSF JO[FOEJOHFO WPPS EF QSJKT OPH UPU รฏรฏ NBBSU UF [JFO JO EF 0QFOCBSF #JCMJPUIFFL WBO %FO )BBH EBBSOB JO IFU 1FSTNVTFVN UF "NTUFSEBN )W4

+PF .BUU MFFL WSFEJH WFS[POLFO JO FFO IFFM MBOHF XJOUFSTMBBQ .BBS JONJEEFMT JT IFU (SPUF 0OUXBLFO CFHPOOFO WPPS EF BVUFVS WBO EF IJMBSJTDIF BVUPCJPTUSJQT 1FFQTIPX FO อทF QPPS CBTUBSE /JFU BMMFFO QVCMJ DFFSEF EF "NFSJLBBOTF WFFSUJHFS BGHFMPQFO XJOUFS WPPS IFU FFSTU TJOET KBSFO XFFS FFO OJFVX EFFMUKF WBO EF DPNJD 1FFQTIPX IJK

8JMMFN

%F 3FNCSBOEU WBO EF TUSJQ XFSE IJK XFM HFOPFNE .JMUPO $BOJฤ %F UFLFOBBS WBO EF LSBOUFOTUSJQT 5FSSZ BOE UIF QJSBUFT .BMF $BMM FO OBUVVSMJKL 4UFWF $BOZPO IBE FFO HSPUF JOWMPFE PQ EF POUXJLLFMJOH WBO IFU NFEJVN -JFGTU รณรณ KBBS MBOH NBBLUF IJK EBHFMJKLT FFO LSBOUFOTUSPPL ;JKO SFBMJT UJTDIF TUJKM NFU JNQPOFSFOE HFCSVJL WBO [XBSUF WMBLLFO IFFGU TDIPPM HFNBBLU POEFS BMMF HFOFSBUJFT TUSJQUFLFOBBST OB IFN 5JKE WPPS FFO PEF JO CPFLWPSN EBDIUFO [F CJK VJUHFWFSJK 'BOUBHSBQIJDT %F VJUHFWFS LPNU EBO PPL EF[F [PNFS NFU EF VJUHFCSFJEF CJPHSBmF .FBOXIJMFy.JMUPO $BOJฤ 5FSSZ BOE UIF QJSBUFT 4UFWF $BOZPO #FIBMWF $BOJฤ T MFWFOTCFTDISJKWJOH CFMPPGU EF VJUHF WFS PPL FFO LJKLKF JO EF LFVLFO WBO EF HSPUF TUSJQTZOEJDBUFO QMVT FFO BOBMZTF WBO $BOJฤ T XFSL FO EF JOWMPFE EJF IJK IBE PQ BOEFSFO .BBS MJFGTU รถรฎรฎ QBHJOB T NFU WFFM QMBBUKFT OBUVVSMJKL *4#/ รทรตรถ รฏรณรดรฎรทรตรตรถรฐรต )W4

*O .FNPSJBN +FBO %VMJFV รฉรฑรชรฉ รชรจรจรฎ

0Q รชรฑ OPWFNCFS WPSJH KBBS PWFS MFFE +FBO %VMJFV EF NFFTU BUZQJTDIF /FEFSMBOETF TUSJQNBLFS WBO [JKO HFOFSBUJF %F DPODFSUWJPMJTU +BO WBO 0PSU TUBSUUF [JKO DBSSJร SF BMT TUSJQNBLFS JO รฉรฑรฌรฌ UPFO [JKO mFUT EPPS EF %VJUTF CF[FUUFS HFWPSEFSE XBT FO IJK UIVJT BM UFLFOFOE [JKO CFMBOHSJKLTUF DSFB UJF 1BVMVT EF CPTLBCPVUFS CFEBDIU 1BVMVT JT OJFU [JKO FOJHF HFFTUFTLJOE NBBS XFM WFSVJU [JKO NFFTU CFLFOEF %F BWPOUVSFO WBO EF LBCPVUFS WFSTDIJKOFO WBOBG รฉรฑรฌรฎ BMT UFLTU TUSJQ JO EBHCMBE )FU 7SJKF 7PML *O EF KBSFO รญรจ FO รฎรจ NBBLU 1BVMVT EF CPTLBCPVUFS PPL GVSPSF BMT IPPGESPMTQFMFS JO EF HFMJKLOB NJHF IPPSTQFMSFFLT WPPS EF SBEJP %F WFFM[JKEJHF LVOTUFOBBS 7BO 0PSU EJF [JKO OBBN WFSGSBOTUF UPU %VMJFV

CMJKLU OJFU BMMFFO FFO HPFEF WJPMJTU FO FFO WBBSEJH UFLFOBBS NBBS UFWFOT FFO WFS EJFOTUFMJKL TUFNBDUFVS 8FFS MBUFS NBBLU IFU NVMUJ UBMFOU WPPS FFO UFMFWJTJFTFSJF PWFS EF QPQVMBJSF 1BVMVT PPL OPH FFOT BMMF QPQQFO )FU [JKO FDIUFS WPPSBM EF UFLFOJOHFO EJF IJK WPPS [PXFM EF TUSJQT BMT WPPS EF QSFOUFOCPFLFO NBBLUF EJF IFN [JKO GBBN CF[PSHEFO #FIBMWF EPPS [JKO POHFCSVJLFMJKLF DBSSJร SF POEFS TDIFJEEF %VMJFV [JDI OBNFMJKL PPL EPPS [JKO UFLFOTUJKM WBO [JKO DPMMFHB T %F TGFFSWPMMF UJKEMP[F UFLFOJOHFO WBO 1BVMVT HFFTUFMJKLF WBEFS BEFNFO FFO "OHFMTBLTJTDIF TGFFS VJU FO EF JOWMPF EFO WBO &OHFMTF JMMVTUSBUPST BMT &SOFTU ) 4IFQBSE [JKO EVJEFMJKL [JDIUCBBS %BBSOBBTU TQFFMEF %VMJFV JO [JKO TUSJQ HSBBH NFU EF HSFO[FO WBO IFU NFEJVN EPPS CJKWPPSCFFME [JKO mHVSFO EPPS EF LBEFST IFFO UF MBUFO MPQFO +FBO %VMJFV JT รถรณ KBBS HFXPSEFO +/

6 EBDIU EBU V BMMFT XJTU PWFS (PUMJC 7FSHFXJT V FSWBO NFU .B WJF FO WSBD VJUHFHFWFO EPPS 'MBNNBSJPO -JTPOT MFT BWFOUVSFT FYUSBPSEJOBJSFT EF .BSDFM (PUMJC w SPOLU EF XFSWJOHTUFLTU PQ EF BDIUFSLBOU WBO EF[F รฐรถรฎ QBHJOB T EJLLF CJPHSBmF /V KB XBU MFU V FJHFOMJKL 7PPS JFEFSFFO EJF BMMFT XJM XFUFO PWFS EF PQSJDIUFS WBO 'MVJEF HMBDJBM EF NBLFS WBO 8BBO[JO XBBO[VJU )BNTUFS +PWJBBM FO IFU BMPN UFHFOXPPSEJHF MJFWF IFFSTCFFTUKF *4#/ รทรตรถ รฐรฎรถรฎรดรทรฎรตรฏรณ )W4 3VJN FMG KBBS OB [JKO EPPE LPOEJHU EF XFEV XF WBO )VHP 1SBUU 1BUSJ[JB ;BOPUUJ KBSFO MBOH [JKO JOLMFVSTUFS FO OV CFIFFSEFS WBO EF SFDIUFO WBO [JKO XFSL JO -F 'JHBSP BBO EBU 1SBUUT CFSPFNEF TUSJQ $PSUP .BMUFTF OJFVX MFWFO XPSEU JOHFCMB[FO %F OBNFO WBO EF BVUFVST IPVEU [F OPH HFIFJN NBBS [F NFMEU XFM EBU EF WFSIBMFO [JDI [VMMFO

BGTQFMFO JO EF QFSJPEF UVTTFO EF BMCVNT %F KFVHE รฏรทรฎรฒ รฏรทรฎรณ FO %F CBMMBEF WBO EF [JMUF [FF &JOE รฐรฎรฎรถ NPFU IFU FFSTUF OJFVXF EFFM JO EF XJOLFMT MJHHFO &FSEFS XFSE PPL 1SBUUT %F XPFTUJKOTDIPSQJPFOFO BM TVDDFTWPM WPPSU HF[FU EPPS 8B[FN )W4 0WFS ,VJอฏF CMJKGU NBBS HFTDISFWFO XPSEFO 6JUHFWFSJK .PVMJOTBSU CSFOHU UXFF OJFVXJH IFEFO PQ EF NBSLU EJF UF NBLFO IFCCFO NFU EF MPQFOEF 5JOUJO &YQP JO IFU 1BSJKTF $FOUSF 1PNQJEPV -FT NZTUร SFT EV -PUVT #MFV FTTBZ FO )FSHร Pฤ DJร MF DBUBMPHVT

)FU FFSTUF JT FFO รฑรฐ QBHJOB MBOHF BOBMZTF WBO %F CMBVXF MPUVT EPPS FFO QSPGFTTPS BBO EF 4PSCPOOF *4#/ รทรตรถ รฐรถรตรฒรฐรฒรฏรฐรฏรณ )FU UXFFEF JT FFO NFFS EBO EVJ[FOE QBHJOB T EJL CPFLXFSL HFTDISFWFO EPPS EF #SJU /JDL 3PEXFMM EF OJFVXF NBO WBO )FSHร T XFEV

iย `iย L>ร ย ร ย ร ร ร iiร ร Lย ร iย ร ร >ร iร %F 7PPSCVSHTF TUSJQUFLFOBBS .FOEFMCBVN XJFOT XFSL XF PQ EF LPNFOEF QBHJOB T BBO KVMMJF QSFTFOUFSFO JT FFO MBBUCMPFJFS )PFXFM HFCPSFO JO รฉรฑรฏรช IFFGU .FOEFMCBVN QTFVEPOJFN WBO 3PCJO 1FUFSIBOT OPH OJFU WFFM TUSJQT PQ [JKO OBBN TUBBO )JK WFSEJFOU [JKO EBHFMJKLT CSPPE BMT JMMVTUSBUPS WPPS BMMFSMFJ WBLCMBEFO NBBS [PV IFU MJFGTU [JKO KFVHEESPPN XBBSNBLFO FO WBO TUSJQUFLFOFO [JKO WBL NBLFO v*L IFC EF LVOTUBDBEFNJF JO 3PUUFSEBN EPPSMPQFO BGTUVEFFS SJDIUJOH JMMVTUSBUJF w WFSUFMU IJK %BBSOB IFC JL FFO BBOUBM KBBS PQ FFO EVJLCPPU EPPSHFCSBDIU /JFU IFU IFMF KBBS EPPS NBBS NFU UVT TFOQP[FO *L EFFE [FFCPEFNPOEFS[PFL %PPS EBU POSFHFMNBUJHF MFWFO JT IFU UFLFOFO JO EJF UJKE PQ FFO MBHFS QJUKF LPNFO UF TUBBO %BU NFOTFO OPH NBBS XFJOJH WBO NJKO XFSL HF[JFO IFCCFO LBO EVT LMPQQFO .BBS BMT LJOE NBBLUF JL BM TUSJQT FO JL CFO FS BMUJKE EPPS HFGBTDJOFFSE HFCMFWFO /V QBT IFC JL IFU HFWPFM EBU IFU FSHFOT PQ CFHJOU UF MJKLFO w

XF )FU CFWBU SVJN รถรฎรฎ JMMVTUSBUJFT *4#/ รทรตรถ รฐรถรตรฒรฐรฒรฎรทรทรต

.FFS WPFS WPPS UJOUJOPMPHFO WFSTDIFFO CJK VJUHFWFSJK 'MBNNBSJPO JO EF WPSN WBO EF FTTBZT -FT Nร UBNPSQIPTFT EF 5JOUJO EPPS +FBO .BSJF "QPTUPMJEร T )FSHร mMT EF 5JOUJO EPPS #FOPร U 1FFUFST FO )FSHร ร DSJWBJO EPPS +BO #BFUFOT %F ESJF QPDLFUT [JKO OV JO FFO WFS[BNFMLPฤ FS WFSLSJKHCBBS POEFS EF UJUFM -B QFUJUF CJCMJPUIร RVF EV 5JOUJOPMPHVF *4#/ รทรตรถ รฐรฎรถรฏรฐรฎรฎรฒรถรต &O UPU TMPU JT FS PPL OPH FFO CPFL WFSTDIF OFO PWFS IFU XFFLCMBE ,VJอฏF 3BZNPOE -FCMBOD -F NBHJDJFO EF OPT FOGBODFT WFSTDIFOFO CJK VJUHFWFSJK 'BMMPJT &FO รฐรฑรฑ QBHJOB T UFMMFOEF CJPHSBmF PWFS EF PQSJDIUFS WBO VJUHFWFSJK -PNCBSE FO IFU XFFLCMBE WPPS JFEFSFFO WBO รต UPU รตรต KBBS *4#/ รทรตรถ รฐรถรตรตรฎรดรดรฎรฑรต

)W4

8JF [JKO XFCTJUF XXX NFOEFMCBVN OM CF[PFLU WJOEU FS FOLFMF LPSUF TUSJQT WBO [JKO IBOE FO JO IFU BGHFMPQFO XJOUFSOVNNFS WBO ;POF รญรซรจรจ TUPOE FFO UXFF QBHJOBWFSIBBM WBO IFN &FO EVJEFMJKL CFFME WBO XBU IJK XJM NFU [JKO DBSSJร SF IFFGU .FOEFMCBVN OPH OJFU v*L XJM JO FML HFWBM CFUFS XPSEFO TUFFET CFUFSF WFSIBMFO LVOOFO WFSUFMMFO )PQFMJKL MVLU IFU NF PQ EFO EVVS PPL FFO MBOHFSF TUSJQ UF NBLFO w 8BU IFN [P USFLU BBO IFU NBLFO WBO TUSJQT JT IFU ATDIFQQFO WBO FFO FJHFO XFSFMEKF v+F CFOU FFO TPPSU mMNSFHJTTFVS EJF BMMFT FSVJU LBO MBUFO [JFO [PBMT IJK [FMG XJM "MT LJOE MBT JL BMMFT XBU WPPSIBOEFO XBT *L MBT &QQP IFU XFFLCMBE 3PCCFEPFT (VVTU %F .JOJNFOTKFT WPPSBM TUSJQT VJU EF 'SBOTF FO #FMHJTDIF TDIPPM EVT 5FHFOXPPSEJH WJOE JL IFFM BOEFSF TUSJQT HPFE 8FSL WBO NFOTFO BMT $ISJT 8BSF 4BNNZ )BSLIBN +BTPO FO /JDPMBT EF $Sร DZ w 7PPS [JKO XFSL IBOUFFSU .FOEFMCBVN WFFM WFSTDIJMMFOEF UFLFO TUJKMFO v *L QSPCFFS WPPS FMLF PQESBDIU EF KVJTUF TUJKM UF HFCSVJLFO w WFSLMBBSU IJK v&O JL WJOE IFU PPL XFM MFVL PN WFSTDIJMMFOEF EJOHFO VJU UF QSPCFSFO w )BOT WBO 4PFTU

%JU PWFS[JDIU WBO UF WFSTDIJKOFO TUSJQT JT HFCBTFFSE PQ EPPS EF VJUHFWFST BBOHFMFWFSEF JOGPSNBUJF 0OEBOLT EF [PSHWVMEJHIFJE XBBSNFF IFU XPSEU TBNFOHFTUFME LPNU IFU SFHFMNBUJH WPPS EBU EF CPFLFO JO XFSLFMJKL IFJE QBT MBUFS WFSTDIJKOFO )PVE WPPS EF NFFTU BDUVFMF JOGPSNBUJF EF XFCTUFLLFO WBO EF VJUHFWFSJKFO JO EF HBUFO "DIUFS FML BMCVN TUBBO EF QSJKT JO FVSP T FO EF VJUWPFSJOH TMBQQF LBGU IBSEF LBGU WFSNFME )FU DVSTJF WF DPNNFOUBBS JT WBO EF ;P[P-BMB SFEBD UJF "BOWVMMJOHFO [JKO WBO IBSUF XFMLPN PQ TUSJQWPPSTQFMMJOH![P[PMBMB DPN

FJMBOE 0VEFOBBSEFO +POLFS ï íè éì ñí TL IL .B[VSF é 1 ( 8PPEIPVTF .B[VSF éî ñí IL .B[VSF ê %PMG 4UBBM .B[VSF éî ñí IL .B[VSF ë %PO 0LÏ .B[VSF éî ñí IL %SJF CPFLKF PQ PCMPOHGPSNBBU NFU PVE XFSL WBO %JDL #PT UFLFOBBS 0PL WFSLSJKHCBBS BMT CPY NFU BMMF ESJF EF EFMFO ñ÷ ÷ó

#SJFT XXX CSJFT CF

5F WFSTDIJKOFO JO GFCSVBSJ FO NBBSU êèèï

#JMMJF )PMJEBZ .V×P[ 4BNQBZP TL 3BVXF TUSJQCJPHSBmF JO CMVFTZ [XBSU XJU PWFS EF MFHFOEBSJTDIF KB[[ [BOHFSFT ï÷ïó ï÷ó÷

5IF mSTU CPPL PG IPQF .VTUVSJ éè èè TL +PF EF &TLJNP %F 1PPSUFSF ñ ñí IL +VTU é )FU WMJOEFSOFU $SPPO éë íè IL 5IF TFDPOE CPPL PG IPQF .VTUVSJ éè èè TL

"SBTIJ

$BTUFSNBO XXX DBTUFSNBO DPN

5IF ESFBNJOH ë $IBO î ñí TL %VET IVOU 5TVUTVJ ð ñí TL .BOHB POF TIPU WBO ïõô CMBE[JKEFO %FCVVUTUSJQ WBO 5TVUTVJ EJF UFHFOXPPSEJH NFU TVDDFTT XFSLU BBO [JKO FJHFO TFSJF .BOIPMF 1JOL EJBSZ é +FOOZ î ñí TL 8BSDSBGU ë +PF )XBO ,JN ,OBBL î ñí TL

%F BWPOUVSFO WBO ,VJʵF %F KVXFMFO WBO #JBODB $BTUBmPSF )FSHÏ IL 'BDTJNJMF )BSUFOEJFG é 1SPNFUIFVT %VDIFOF %VDIFOF

)JTUPSJTDIF UISJMMFS &FSTUF WBO ESJF EFMFO .9 êê ê %PTTJFS 1B[V[V -FHSBJO #BSUPMM #BSUPMM

í íè TL %F SFJ[FO WBO "MFY %F &USVTLFO é %FOPÑM .BSUJO

%F SFQVCMJFL é 4UBBUTHFIFJNFO 'SJTDP -F (BMM

1PMJUJFLF UISJMMFS MVJEU IFU CFHJO WBO IFU 'SBOTF WFSLJF[JOHTKBBS JO

"SCPSJT XXX BSCPSJT OM &M /JOP í 1BWMPWJD 1FSSJTJO ï ñí TL *OEJHP ñ #FSMJKO êëêë 4DIVM[ 'FMEIPG î ñí TL %F UFDIOPWBEFST ï )FU QFSGFDUF TQFM +BOKFUPW +PEPSPXTLZ ï íè TL %F XBDIUFST WBO .BTFS é %F UXFFEF NBBO )FU FJMBOE WBO EF EXFSHFO 'SF[[BUP éï ñí êì ñí TL IL

"SDBEJB XXX BSDBEJBTUSJQT CF /JFVXF BWPOUVSFO WBO .JDL .BD"EBN ì %F BNB[POF EFS EVJTUFSOJT #FOO #SVOTDIXJH

éð ñí IL

$BUVMMVT XXX DBUVMMVT OM %F IJTUPSJTDIF DBOPO WBO 'PLLF FO 4VLLF 7BO 5PM ð ñí TL ,PSU FO 5SJFTU é 7FSEXBBME 7BO 5PM ï ñí TL &FSTUF CVOEFMJOH WBO EF EF HBHTUSJQ VJU ,JETXFFL /JFVXF JOGPSNBUJF PWFS EF EPPE WBO QSFTJEFOU 0TXBME 7BO 5PM î ñí &JOEFMJKL XPSEU IFU TMPU WBO EJU WFSIBBM EBU FFSEFS PQ WBO 5PMT XFCMPH WFSTDIFFO POUIVME

"UMBT XXX VJUHFWFSJKBUMBT OM .JKNFSJOHFO CJK FFO NZUIF .BUFOB éñ ñè TL %JDL .BUFOB NJKNFSU PWFS &SJD EF /PPSNBO FO )BOT ( ,SFTTF

#FFEFF XXX CFFEFF OM %F BWPOUVSFO WBO /JDLZ 4BYY é /PPELSFFU 0PTUFSWFFS 3JUTUJFS ñ ñí TL %F BWPOUVSFO WBO /JDLZ 4BYY ê )PSFO [JFO [XJKHFO 0PTUFSWFFS 3JUTUJFS ñ ñí TL %SJF XJUUF nJUTFO -F 'MPD I (PTDJOOZ éñ ñí IL %F HFTMVJFSEF NFSJEJBBO é %F QVSQFSFO EBHF SBBE 1BSSBT +VT[Ï[BL ñ ñí TL %F HFTMVJFSEF NFSJEJBBO ê 4BCB 1BSSBT +VT[Ï[BL ñ ñí TL +PSJT +PGFM ê %F TDIBU WBO EF SPTTF SJEEFS #SVHNBO #SBOEU éì ñí TL 4PFQFSNBO ê 4PXFQFSNBO QBLU IFU HSPPUT BBO 6JMFOCSPFL %F #PFS éì ñí TL 8PMG éì 5ZSmOH %VQSÏ éê ñí TL

#PVNBBS XXX CPVNBBS DPN #PC &WFST ê %SJF KPOHFOT PQ FFO POCFXPPOE

%BFEBMVT XXX VJUHFWFSJKEBFEBMVT CF 4BHFO WBO EF UBGFMSPOEFO é &FSTUF IFMEFOEB EFO %JWFSTFO ï ñí TL 5TDIBJ EF XBBO[JOOJHF QMBOFFU é %F $IBTI -J "O .PSWBO ï ñí TL

%BSHBVE XXX EBSHBVE DPN *NBHP NVOEJ ñ %F HFXPOEF IFVWFM #SBIZ $PSCFZSBO #SBRVFMBJSF í êí TL 8BZOF 4IFMUPO î %F HJK[FMBBS %FOBZFS $BJMMFUFBV í êí TL 4UBETMFHFOEFO é (VÏSJOFBV %BNPVS )FOSJFU 'PSNPTB $PSCFZSBO ï íè TL

%VQVJT XXX EVQVJT DPN "MMFFO é 4QPPSMPPT (B[[PUUJ 7FIMNBOO í êí TL ;JF -BBUTUF 0PSEFFM #VOLFS é %F WFSCPEFO HSFO[FO #FD #FUCFEFS

éë èè IL /JFVXF WJKGEFMJHF SFFLT WBO EF NBLFS WBO )FJMJHEPN "SCPSJT

$IBSMZ éë &FO IFM PQ BBSEF .BHEB -BQJÒSF

í êí ñ ðè TL IL

%F ESPPN WBO +FSV[BMFN é %F IFJMJHF NJMJUJF .BSUZ 5IJSBVMU éë èè IL (VT(VT é #BBT PWFS EF XFSFME &OHMFCFSU %VSJFVY ñ íè IL 4UBSU WBO FFO OJFVXF DPM MFDUJF LJOEFSTUSJQT 1MVLKF WPPS ô KBBS FO PVEFS +FSFNJBI êï &MTJF FO EF TUSBBUy )FSNBOO

í êí ñ ñè TL IL %F MBBUTUF LPOJOHJO é %F DPCSB WBO EF /JKM $BSBDV[[P 8FCFS éë èè IL &FSTUF EFFM WBO FFO UJFOEFMJHF IJTUPSJTDIF TUSJQ PWFS $MFPQBUSB .BLBCJ ì +VLFCPY /FVSBZ #SVOTDIXJH í êí TL .PPJF OBWFMT é 8JF EFOL KF EBU KF CFOU %FMBG %VCVD í êí TL /FGFTJT é 7FSSJK[FOJTTFO $BNCPOJ 'JMJQQJ éë èè IL 1BQZSVT êñ )FU FJMBOE WBO EF EPEF LPOJOHJO %F (JFUFS í êí TL 4UPQQFMUKF é %F HVM[JHF [FFNFFSNJO #BJMMZ 'SBJQPOU ñ íè IL 4UPVUF #FOKBNJO é /FF IPPS %F #SBC ñ íè IL 4UPQQFMUKF FO 4UPVUF #FOKBNJO [JKO EF FFS TUF UXFF EFMFO JO FFO OJFVXF DPMMFDUJF TUSJQT WPPS LJOEFSFO WBOBG ñ KBBS 6LKF

4QPPLNBUFSJF é "MGB %PVBZ 'MÏDIBSE éë èè TL 5BNBSB í 8BBO[JOOJH WFFM %BSBTTF ;JESPV

í êí TL

0PH #MJL XXX PPHFOCMJL OM %F NBBHE FO EF OFHFS é 4PmF FO 1BQB 7BOJTUFOEBFM #PFLEFCVVU WBO +VEJUI 7BOJTUFOEBFM [JF ;- ïòï

(MÏOBU XXX HMFOBU DPN #BUUMF BOHFM "MJUB é ,JTIJSP î ñí TL %F DZDMVT WBO $ZBOO ì %F LMFVSFO WBO .BSDBEF #PVSHFPO éî íè IL %/"OHFM ê 4VHJTBLJ î ñí TL %F FSGHFOBBN ê %F ESPPN WBO .FEJOF #ÏIÏ (JSPVE éì íè IL %F ,BUBNBSPN ëï %F CBMMJOHFO 8BMU (PT î íè TL /BVTJDBÊ ê .JZB[BLJ éé ñí TL %SBHPOCBMM ïê %F USBJOJOH 5PSJZBNB ê ñí TL

(SBUPO XXX NJDIFMWBJMMBOU DPN %F -BCPVSEFUT ï &QJTPEF ï (SBUPO 'SBODJOF

í êí TL .JDIFM 7BJMMBOU ìè ' é JO PQSPFS (SBUPO í êí TL

%F )BSNPOJF XXX EFIBSNPOJF OM )FU CPFL WBO #FSU ,BNBHVSLB éï íè TL (VNNCBI PQ EF DBNQJOH (VNNCBI éê íè TL 3PLFO OFVLFO ESJOLFO 7BO 4USBBUFO éì ñè TL ;JFU FS WFSEBDIU VJU 7FSXFZ éê íè TL ;P MJFG CFO KF OPV PPL XFFS OJFU )BSUKFT ñ ñí TL

)PVUFLJFU XXX IPVUFLJFU DPN

3BJOCPX QPDLFUT XXX SBJOCPX OM %JSL+BO 3FUFSB î ñè TL 4DSJCCMZ WPPS CFHJOOFST "SFOET î ñè TL 4JHNVOE SFMBUJFUIFSBQFVU %F 8JU î ñè TL 4JOHMF ,PML %F 8JU î ñè TL 7JFS QPDLFUT NFU FFO SVJNF LFV[F ïòò QBHJOB T VJU WJFS WBO /FEFSMBOET CFTUF EBHCMBETUSJQT

4BHB 4QJSJUVT FU 4BODUJ é $PNQMPU JO %BHVFMMP[ ,PSJBLJOF #VFOEJB $IBOPJOBU

%F XJMEF WMVDIU é %F XJUUF EBNF .POJO (BMBOEPO /B FFO BBOUBM MJFGIFCCFSTVJUHB WFO JO LMFJOF PQMBHF LPNU 4BHB OV PPL NFU SFHVMJFSF TUSJQBMCVNT *O BMMF HFWBMMFO HBBU IFU PN WFSUBMJOHFO WBO EF 'SBOTF VJUHFWFSJK #BNCPP

4IFSQB XXX TIFSQB OV "SNBO FO *MWB ë %F FUIJFL WBO 9PSYP[ ,IJOH )BSUPH WBO #BOEB éñ ñí IL "SR éè 5FIPT "OESFBT éì ñí IL #FIBMWF FFO OJFVXF "SR WFSTDIJKOFO CJK 4IFSQB PPL EF FFSTUF [FT EFMFO BMT JOUFHSBMF VJUHBWF

%F NBBHE WBO "OUXFSQFO #BFLFO éê íè TL

4JMWFTUFS XXX TJMWFTUFSTUSJQT OM ,BOB XXX LBOB DPN /BSVUP ë FO ì ,JTIJNPUP í ñí TL 4IBNBO ,JOH î FO ï 5BLFJ í ñí TL :V HJ PI î FO ï 5BLBIBTIJ í ñí TL

- XXX CPFLFOXFSFME OM %POKPO QBSBEF ê %F XJK[F WBO IFU HFUUP -BSDFOFU 4GBS 5SPOEIFJN ñ ñè IL

-PNCBSE XXX MPNCBSE CF "MGB éè -FVHFOT +JHPVOPW .ZUIJD í êí TL )FU MBBUTUF KVOHMFCPFL ì %F UFSVHLFFS 3FDVMÏ %FTCFSH ï íè TL 4MPU WBO EF[F CFXFSLJOH WBO .PXHMJ T BWPOUVSFO %F 4NVSGFO êî ,JOE CJK EF 4NVSGFO #PSFDLJ $VMJGPSE í êí TL

.BSTV QSPEVDUJPOT XXX NBSTVQSPEVDUJPOT DPN (VVTU 'MBUFS íè 'SBORVJO í êí TL +VCJMFVNBMCVN NFU EF CFTUF (VVTU HBHT HFTFMFDUFFSE EPPS %FMQPSUF FO +BOOOJO QMVT OJFU FFSEFS VJUHFHFWFO UFLFOJOHFO

.F[[BOJOF XXX EVQVJT DPN +PNNFLF êëï )FU SP[F PMJGBOUKF /ZT ì êè TL 4BCBUJOJ ë #MBDL SFRVJFN %V $BKV .PSKFBV

ì íè TL

.JLMP XXX CJHHMFT OM "JSmMFT ñ /PSNBOEJÑ /JFNFO ê 1FSBMFT ñ ñí TL

"OHFMB é 7BUJOF 1FDRVFS IL 8FTUFSO WBO EF UFLFOBBS WBO "RVBCMVF FO óîî (FXFSFO $B×BSJ é %F HPVEFO USBOFO .ÏHMJB$SJTTF IL &NQJSF é %F TQPPLHFOFSBBM ,PSEFZ 1ÏDBV IL U .PFS ê %F CFTUF TUVVSMVJ TUBBO BBO XBM 7BO (FSXFO

/P[[NBO é /P[[NBO

0LLP ë %F DZDMVT WBO EF BBSEF é )VC IL 3PTDP EF 3PPEF ë -PFEFSTBQ .BSDP IL 6'0 é 1BSNF 5SPOEIFJN IL 7BO OVM UPU OV 5FY "WFSZ TUZMF *OWFOUJFWF UFLTUMP[F TUSJQ [POEFS LBEFST

4UBOEBBSE XXX TUBOEBBSE DPN &O EBBSNFF #BTUB ì .ZTUFSJF JO *NNBUFSJB #PVEFO 7BO "TUFO 4XFFSUT ì íè TL '$ %F ,BNQJPFOFO ìî 4VQFSNBSLTLF PQ IFU TMFDIUF QBE -FFNBOT #PVEFO ì íè TL %F ,SJFHFMT ê %F SPFQ WBO EF EVJWFM %IPOEU "ESJBFOTTFOT %F #FM ì íè TL ,JFLFCPF ééë %F XPLDIJOFFT .FSIP ì íè TL ,MFJO 4VTLF FO 8JTLF éè ,VTKF LVTKF #SPFDLY TL 0SQIBOJNP éè /V OPH XJUUFS "ESJBFOTTFO 7JODFOU ì íè TL 1MBOLHBT FO 1MBTUSPOOFLF ë 4UBMMBFSU 6SCBOVT

ë ññ TL %F SPEF SJEEFS êéë %F UXFFEF UFSVHLFFS $MBVT -PEFXJKL ì êí TL 4VTLF FO 8JTLF êñì %F UJOLFOEF UJOLBO .PSKFBV 7BO (VDIU ë ññ TL 6SCBOVT éêê %F QFQFSCPMMFOLVVS -JOUIPVU 6SCBOVT ì êí TL

/PVHB XXX UPNCPVEFO CF 'MJLLFS[JDIU ï &FO TQPPL FFO GVJG FO FFO FJHFO IVJT #PVEFO TL

5PPO WBO %SJFM XXX UPPOWBOESJFM OM %F GBNJMJF 8FMUFWSFF ê 7BO %SJFM ï íè TL

/JFU BBOHFLPOEJHE UPDI WFSTDIFOFO "BUIPO é )FU FJOEF WBO FFO XFSFME 5BMFOU ï ññ TL "MJTPO ê )FU MPTHFME .VTTDIPPU (BVCMPNNF

,VOTUIBM 4JOU 1JFUFSTBCEJK í èè éì èè TL IL "SDI ë %FSEF WPPSPOUXFSQ .BBJL NBBJL DPN éñ èè IL "SDIJUFDUVVSHBHT "SLFPE ê %F FSG[POEF WBO EF WSPVX 5BMFOU ï ññ TL "WBUBS %F MBBUTUF MVDIUNFFTUFS é ,POJFU[LP %J.BSUJOP 4UBOEBBSE .BOHB #BOLHFIFJNFO é ê 7FSEVJTUFSJOH WBO GPOETFO 3JDIFMMF 8BDIT (MÏOBU éè íè -PMP #PHPUB ê +', 3FZOÒT #SSÏNBVE $IBOPJOBU #FF%FF ñ ñí TL $PUUPO ,JE ì )FU PVEF TQPPS WBO $IJTIPMN éì ñí IL +VMJFUUF 7BSFOOF %JWJOB éí ñè %VP T WBO $BVWJO $BVWJO #%# %F 1PTU ëé èè ïð èè IL MVYF (FMFHFOIFJETVJUHBWF WBO EF #FMHJTDIF QPTUFSJKFO 'FFTUFMJKLF IPPHUFQVOUFO %F )FJK $PY 9USB éé ñè )FU HFIFVHFO WBO CBNCPF ê 5BMFOU ï ññ TL (FUTJF #FUTJF 3ZBO 9USB éê íè TL ,BQJUFJO 3PC êí FO êî ,VIO 3JKQFSNBO î ñí TL )FSESVLLFO 0LUBBG ,FVOJOL TQFFMU WBMT 4MFFO #SBCBOU 4USJQ /JFU FFSEFS JO CPFLWPSN VJUHFHFWFO HBHT WBO EF NBLFS WBO /FSP &WFSU ,XPL é %F #MPVX &WFOCPFS 4ZOEJLBBU ï íè TL $BSUPPOT NFU WFFM XPPSEHSBQQFO MPM -VYMFZ é .BOHJO 3VJ[HF #FF%FF ñ ñí )JTUPSJTDIF GBOUBTZ WBO EF NBBLTUFS WBO %F HFTFM HPET &SJD EF /PPSNBO PQOJFVX CFLFLFO %JWFSTFO

4U )BOT ,SFTTF êê íè TL 'SBBJF HFMFHFOIFJET VJUHBWF UFS FSF WBO EF [FTUJHTUF HFCPPSUFEBH WBO XJKMFO )BOT ( ,SFTTF 4UJKMWPM PQ PSJHJ OFFM &SJD EF /PPSNBO GPSNBBU 0öDJÑMF /FEFSMBOETUBMJHF TUSJQDBUBMPHVT WPPS FMLF TUSJQPmFM 4JMIPVFU éêí èè 7PFS WPPS WFS [BNFMBBST 1FDVMJB FO EF XJME XPVE WBNQJFSFO 4BMB 9USB éé ñè TL 1JPOJFST WBO EF OJFVXF XFSFME éî %F CMBVXF WBMMFJ .BSZTF $IBSMFT &STFM (MÏOBU éè íè IL 3FUFQ ê 3PUPQ 4DISFVST 9USB éê íè TL )FSESVL 4BT ê )FU [XBBSE WBO #JO -BEFO %F 7JMMJFST

(MÏOBU î íè TL 4UBSCMPPE ê )FU EPTTJFS %F 4BMWP CJT 5BMFOU ï ññ TL 4VTLF 8JTLF %F XFFSXBUFSNBO 4UVEJP 7BOEFSTUFFO (FNFFOUF "MNFSF ì ññ TL (FMFHFOIFJETVJUHBWF 4FNJOPMF é )FU MPU WBO +BTQFS 6OMVDL 3PDDB $BTTJOJ 5BMFOU ï ññ TL 5JUFVG éè .JKO CFTUF WSJFOEFO ;FQ (MÏOBU î íè TL 7FSIBMFO WBO EF [FWFOEF [VDIU é FO ê 5PPH ï ññ TL $PMFNBO 8BMMBDF é %F TUFFO WBO POZY 5BMFOU ï ññ TL

8PMG éë /JEIPHHT )PMNHBOHB .PFSNBO %VQSÏ #FF%FF éê ñí ;JMWFSQJKM %F WFSMFJEJOH WBO &OEP 'SBOL 4FMT

#SBCBOU 4USJQ ;VTKF ë %F +BHFS 3BJOCPX TL

6OP .VOEP XFSFMETUSJQT *O IFU CVJUFOMBOE WFSTDIJKOFO TUBQFMT QSBDIUJHF TUSJQT EJF POT UBBMHFCJFE BNQFS CFSFJLFO ,XBMJUFJU LFOU FDIUFS HFFO HSFO[FO %BBSPN IJFSPOEFS FFO TFMFDUJF WBO EF NFFTU PQWBMMFOEF CVJUFOMBOETF UJUFMT WBO EF MBBUTUF UXFF NBBOEFO %F QSJK[FO JO FVSP T WBMMFO CJK JNQPSUUJUFMT EPPSHBBOT XBU IPHFS VJU

5FLTUMPPT 'MPPE %SPPLFS %BSL )PSTF ʀ éì ñí TL 8BUFS JO EF TUSBUFO ESVNT JO EF NFUSP ESPNFO JO EF TUBE VJUHFCSFJEF IFSESVL WBO &SJD %SPPLFST LMBTTJFLF TDIBBGLBSUPO PEF VJU ï÷÷ð BBO /FX :PSL $JUZ 5IF MJWJOH UIF EFBE +BTPO 'BOUBHSBQIJDT ʀ ñ ñí TL #J[BSSF [PNCJFLPNFEJF WBO EF NBLFS WBO 4TIII 0OF FZF #VSOT %SBXO 2VBSUFSMZ ʀ éì ñí TL 7SJK GPUPXFSL WBO EF NBLFS WBO #MBDL IPMF

-FT CBOEFT EFTTJOÏFT $PSÏF %JWFSTFO $BTUFSNBO éê ñí TL 4USJQT PWFS FO VJU ,PSFB #JKESBHFO WBO P B *HPSU #PV[BSE FO 5BORVFSFMMF $SJUJYNBO -BSDFOFU &EJUJPOTMFTSFWFVST DPN ð èè $VMUCPFLKF WBO EF NBLFS WBO %F EBHFMJKLTF XPSTUFMJOH WPM IBSEF HSBQQFO PWFS TUSJQDSJUJDJ FO BOEFS MBTUJH WPML (VT é #MBJO %BSHBVE éë íè IL /B EF QJSBUFO TUSJQ OFFNU EF NBLFS WBO *TBBD EF QJSBBU OV EF XFTUFSO POEFS IBOEFO 'JHVSFD %F .FUUFS $BSP $BTUFSNBO éì ïí IL 4USJQCFXFSLJOH WBO EF EFCVVUSPNBO WBO 'BCSJDF $BSP HFTDIJMEFSE EPPS $ISJTUJBO EF .FUUFS &NNB

- JOWFOUJPO EF .PSFM .PVSFZ #JPZ $BTBSFT

$BTUFSNBO éê ñí TL 4USJQCFXFSLJOH WBO SPNBO WBO "EPMGP #JPZ $BTBSFT EJF P B FFO HSPUF JOWMPFE IFFGU VJUHFPFGFOE PQ .JHVFMBOYP A,SJKUMJKO 1SBEP +PVSOBM E VO GBOUPNF %F $SÏDZ 'VUVSPQPMJT êé èè /JDPMBT A1SPTPQPQVT EF $SÏDZ NBBLU FFO JOOFSMJKLF SFJT - PFJM QSJWÏ #MFYCPMFY -FT SFRVJOT NBSUFBVY éï éè IL &YUSFFN HFTUJMFFSEF EFDPOTUSVDUJF WBO FFO KBSFO óî )PMMZXPPE EFUFDUJWF 1BSPMFT EF UPY %JWFSTFO 5IJSBVMU 'VUVSPQPMJT éî èè #VOEFM KVOLJFWFSIBMFO WBO ͷJSBVMU .FJTKF WBO EF :VLPO HFUFLFOE EPPS P B %BWPEFBV #PVSHFPO FO $ISJTUPQIFS /BVTJDBÊ EF MB WBMMÏF EV WFOU SFDVFJM E BRVBSFMMFT .JZB[BLJ (MÏOBU ëë èè IL &FO CVOEFM WPM FYDMVTJFG UFLFOXFSL WBO EF IBOE WBO EF NBLFS WBO EF TVDDFTWPMMF NBOHB 4 (JQJ 7FSUJHF (SBQIJD éï èè TL 1TZDIPMPHJTDIF TUSJQ WBO EF NBLFS WBO "BOUFLFOJOHFO CJK FFO PPSMPHTWFSIBBM 5PVU EPJU EJTQBSBÔUSF )VSFBV 'VUVSPQPMJT êë èè

5JFOFSBOHTU JO IFEFOEBBHT 'SBOLSJKL HFTDIJMEFSE EPPS EF NBLFS WBO EF $BNCPEKB SFJTTUSJQ 1BMBDFT 7JF FYBHÏSÏF EF M IPNNF OZMPO é )FSNBOO ,JSTUFJO -PNCBSE éë èè IL "CTVSEF IVNPS WBO EF UFLFOBBS WBO +FSFNJBI FO 4DIFNFSXPVEF PQ TDFOBSJP WBO [JKO %VJUTF GBO )BOT .JDIBFM ,JSTUFJO

$PNJY "LJSB DMVC 0UPNP %BSL )PSTF ʀ êñ ñí IL .POPHSBmF HFXJKE BBO,BUTVIJSP 0UPNP T LMBTTJFLF BDUJFNBOHB "MJBT UIF DBU %FJUDI 1BOUIFPO ʀ êë èè 0EF BBO EF WSPFH ðîF FFVXTF QPQDVMUVVS EPPS EF NBLFS WBO #PVMFWBSE PG CSPLFO ESFBNT "MJDF JO 4VOEFSMBOE 5BMCPU %BSL )PSTF ʀ êñ ñí IL -JHU 8POEFSMBOE FDIU PN EF IPFL CJK IFU #SJUTF TUBEKF 4VOEFSMBOE A%SPPN EPDVNFOUBJSF PWFS EF XPSUFMT WBO -FXJT $BSSPMMT MJUFSBJSF LMBTTJFLFS ;JF FMEFST JO EF[F ;P[P-BMB "MM TUBS 4VQFSNBO é 2VJUFMZ .PSSJTPO %$ ʀ éñ ññ IL &FO VJUHFLBVXEF TUSJQIFME JO FFO FJHFOUJKET (SBOU .PSSJTPO KBTKF [JF ;P[P-BMB ïóï

5IF BSU PG )JEFTIJ )JOP )JOP -BTU (BTQ ʀ êñ ñí .POPHSBmF HFXJKE BBO EF NFFTUFS WBO EF IPSSPSNBOHB $BSUPPO "NFSJDB $PNJD BSU JO UIF -JCSBSZ PG $POHSFTT ,BU[ ) / "CSBNT ʀ íè èè IL %F TUSJQ FO DBSUPPODPMMFDUJF WBO EF -JCSBSZ PG $POHSFTT JT OFU [P "NFSJLBBOT BMT CBTFCBMM FO KB[[ WJOEU TBNFOTUFMMFS )BSSZ ,BU[ &FO CMPFNMF[JOH VJU EJF DPMMFDUJF BBOHF WVME NFU FTTBZT WBO P B +PIO 6QEJLF "SU 4QJFHFMNBO FO $ISJT 8BSF 5IF DBTUBXBZT 7PMMNBS $BMMFKP /#. ʀ éï ñí IL %FQSFTTJF ESBNB WBO EF NBLFST WBO #MVFTNBO $IBODF JO IFMM )FSOBOEF[ 'BOUBHSBQIJDT ʀ éî ñí IL 1TZDIPMPHJTDIF TUSJQ WBO EF NBLFS WBO -PWF SPDLFUT 'FFCMF BUUFNQUT é #SPXO 5PQ 4IFMG ʀ í èè TL #MPFNMF[JOH WBO LPSUF TUSJQT WBO +FĉSFZ A6OMJLFMZ #SPXO )PVEJOJ 5IF IBOEDVõ LJOH #FSUP[[J -VUFT

)ZQFSJPO $$4 ʀ éî ññ 1TZDIPMPHJTDIF TUSJQ PWFS FFO EBH VJU IFU MFWFO WBO EF CPFJFOLP OJOH 4DFOBSJP WBO )PVEJOJ BEFQU FO NBLFS WBO #FSMJO +BTPO -VUFT ,JOH $BU DMBTTJDT 1PSDFMMJOP %SBXO 2VBSUFSMZ ʀ êñ ñí IL #MPFNMF[JOH WBO UJFO KBBS CFESJFHMJKLF KB EBU LBO JL [FMG PPL TUSJQT WBO EF IBOE WBO +PIO 1PSDFMMJOP .BENBO HBSHBOUVB "MMSFE *NBHF ʀ éêí èè IL (JHBCVOEFM NFU BMMF TUSJQT WBO .JLF "MMSFE PWFS UIF UPQ QPQIFME .POTUFS é U N ï 6SBTBXB 7J[ .FEJB ʀ ñ ññ TL .BOHB[JFLFOIVJTUISJMMFS WBO EF NBLFS WBO ðîUI DFOUVSZ CPZT &FO /FEFSMBOETF WFSUB MJOH TUBBU BMT IFU FFO CFFUKF NFF[JU WBOBG BQSJM PQ TUBQFM CJK VJUHFWFSJK ,BOB /FFE NPSF MPWF ,PNJOTLZ $SVNC .2 1VCMJDBUJPOT ʀ ëè èè IL 7BO POTDIVMEJH KPPET NFJTKF UPU POXBBSTDIJKOMJKL VOEFS

HSPVOEJDPPO UFSVHCMJL PQ óö KBBS FJHFOXJKT MFWFO FO XFSL WBO "MJOF ,PNJOTLZ $SVNC /JOKB $IJQQFOEBMF (JOHLP 1SFTT ʀ ëì ñí IL A3BUUZ MJOF DVMUBVUFVS #SJBO $IJQQFOEBMF NJYU NPOPHSBmF FO TUSJQCPFL 1IPOPHSBN é 3VF #SJUUBOOJB .D,FMWJF (JMMFO

*NBHF ʀ éì ññ TL .BHJTDI SFBMJTUJTDIF PEF BBO EF CSJUQPQ 1SPKFDU SPNBOUJD %JWFSTFO "EIPVTF ʀ éñ ñí TL ,PSUF TUSJQT PWFS EF MJFGEF WBO P B 4DPUU .PSTF )PQF -BSTPO FO /JDL $SBJOF 5IF TBMPO #FSUP[[J (SJöO #PPLT ʀ éñ ñí ,VOTUIJTUPSJTDI WFSBOUXPPSEF UISJMMFS EJF TQFFMU JO IFU 1BSJKT WBO 1JDBTTP FO #SBRVF