Carl Schmitt, El concepto de lo político

Page 1

!"#$%&$!'(%# )!#"%#'%"*(+$%#


$,-"#.$/0+((#

!"#$%&$!'(%# )!# "%#'%"*(+$%# !"#!$% &"% '()*% +$,%-,%./01$2$% 3%!/"4% +$/$15/6$4%

789:;<=%>8% /?@?8A%5B?C;DE%

,123453#!62789231#


!"#$%&' &()*)+,%-' !"#$ %"&#'(($)"*$ +,-'.'*/0"12$ 3"4.$5,1$ 6789$:'.$"'1":$ ;,#<,#.$=1)$)#"'$>,#,--?#'"1$

.()/0(,'01)2)3+'0+'45%),+6,'7+)80(9)1,14-' :;;:' .()/0(,'01)2)3+'0+'4<+9,=&4-' :;;>' ?$)+#,'(0)/@(09)3+-' ABB;'

C090(8,1&9'#&1&9'%&9'10(02D&9E' <%'2&+#0+)1&'10'09#,'&F(,'09#G'@(&#0*)1&'@&(' %,'H0=I'J$0'09#,F%020'@0+,9'10'@()9)3+'=K&'/$%#,9I',10/G9'10'%,9'2&((09@&+L 1)0+#09')+10/+)6,2)&+09'@&('1,M&9'='@0(N$)2)&9I'@,(,'J$)0+09'(0@(&1$N0(0+I' @%,*),(0+I'1)9#()F$=0(0+'&'2&/$+)2,(0+'@OF%)2,/0+#0I'0+'#&1&'&'0+'@,(#0I' $+,'&F(,'%)#0(,(),I',(#"9#)2,'&'2)0+#"P)2,I'&'9$' #(,+9P&(/,2)3+I')+#0(@(0#,2)3+' &'0N02$2)3+',(#"9#)2,'P)N,1,'0+'2$,%J$)0('#)@&'10' 9&@&(#0'&'2&/$+)2,1,','#(,L 8Q9'10'2$,%J$)0('/01)&I' 9)+' %,'@(020@#)8,',$#&()6,2)3+E'

R' :;>S' T$+2U0('V' W$/F&%#'X/FWI' Y0(%)+'Z:' R' <1E'2,9#E-'5%),+6,'<1)#&(),%I'[E! "#$! %&'()'$! *++*$! *++,$! *+++$!-..-$!-../$!-..0$!-..+! 12!34&5!675&8)9!:48&!';!<;5&$! */='#0%QPE';:' \;\'>>' >>]'A>BAS'^,1()1' ___E,%),+6,01)#&(),%E09'' `[Ya-' ;S>L>ZLABbLA;ABL;' T0@39)#&'%0*,%-' ^E'cE:;\LABB;' `/@(09&'0+'H,80%I'[E'5E' .&%E' `+1E'H&9'H%,+&9' dK'X(,+'d,+,(),I' :AE' W$/,+09'e^,1()1f' .()+#01')+' [@,)+' [`'?7`<C<'C<d`Y`C'`aghC^5d`ia'.<C`iT`d5'[hYC<'H5['ahj<T5T<['T<' 5H`5ak5'<T`!hC`5HI'<ajl<'7a'dhCC<h'<H<d!Cia`dh'5'H5'T`C<dd`ia-' ,%),+6,01)#&(),%m,+,=,E09'


6,&6+"%

6=D9E>FGG;<=H% CE9% /?@?8A% 5B?C;DE%

''%

. / 0 1 $ 2 $%

) (%

6=D8=DE% >8% 98:CF8:D?% .9E:8GFG;<=% >8% A?% 98:CF8:D?% " 1% +$,+".!$% & "% 1$% .$1K!6+$%

L!8MDE% >8%

I*% IJ% ' ( ) * N%

15% "/5% &"% 154% ,"-!/516O5+6$,"4% 3% &"% 154% & " 4 . $ 1 6 ! 6 O 5 + 6 $ , " 4P%

'P% 1E:% >8:CA?S?T;8=DE:% >8A% G8=D9E% >8% B9?U8>?>% V% :F% :8W GF8=G;?% *P% 1?:% 8D?C?:% >8% A?% =8FD9?A;S?G;<=% V% >8:CEA;D;S?G;<=%

I (% ' Q R%

'Q(% ''X%

" . K 1 $ 2 $% 5% 15% " & 6 + 6 0 ,% &"% ' ( ) *%

' * )%

+E9EA?9;E% 6P% /8:FT8=% >8% AE:% >;U89:E:% :;B=;@;G?>E:% V% @F=G;E=8:% >8A% GE=G8CDE% >8% A?% =8FD9?A;>?>% CEAYD;G?% ;=D89=?% >8A% ":D?>E% L'()'NP%

'*X%

+E9EA?9;E% 66P% 4EZ98% A?% 98A?G;<=% 8=D98% AE:% GE=G8CDE:%>8% BF899?% V%8=8W T;BE% L'()[N%

')'%

+E9EA?9;E% 666P% 4EZ98% A?:% CE:;Z;A;>?>8:% V% 8A8T8=DE:% =E% 8:D?D?A8:% >8A% &898G\E% ;=D89=?G;E=?A% /8@898=G;?:%

'I'% 'IX%



!"# $%&'%$()# (%#*+#,*+-)# .'-'/0#1&2,%034# (%# 56"&2%"4# &,7()# %8#9:# (%# ,-)/0)# (%# ;<;=# %"# %8#,/,80)# ,# 5)"&%8'8#



6,!/$&-++60,%

,:;6<53# =# >2?<923# 6<# 13# 9<@1<A2B4# ?8C9<# 13# D81E72F3# 1?% C98:8=D8% 8>;G;<=% >8% 8:D?% C8]F8^?% EZ9?% >8% +P% 4G\T;DDH% 8=% :F% U89:;<=%>8% '()*%V%GE=% AE:%?^?>;>E:%>8%F=?%GE=@898=G;?%C9E=F=G;?>?% 8=% _?9G8AE=?%8=% '(*(% :EZ98%A?%89?%>8%A?:%=8FD9?A;S?G;E=8:H% V%>8%F=E:% C8=E:E:% +E9EA?9;E:H% =E% 98:FAD?% >;@YG;A% >8% `F:D;@;G?9P% "A% ?TZ;U?A8=D8% C8=:?T;8=DE% >8% 4G\T;DD% @?:G;=?% CE9% A?% 9?>;G?A;>?>% D8<9;G?% V% A?% ?BFW >8S?%>8% :F:% ?=aA;:;:H% V% :F:G;D?%?A% T;:TE%D;8TCE%F=%`F:D;@;G?>E%D8TE9% >8Z;>E% ?A% 98>FGG;E=;:TE% ]F8% C?9?% A?% D8E9Y?% V% 8A% &898G\E% GE=:D;DFW G;E=?A8:% CF8>8=% ;TCA;G?9% :F:% C9ECF8:D?:% >8% :EAFG;<=P% "AAE% =E% ;TC;>8%]F8%:8% A8%>8Z?%GE=:;>89?9%GETE%?%F=%GAa:;GE%V%]F8H%GETE%D?AH% CF8>?%:89U;9%>8%8:DYTFAE%C?9?%A?%98@A8M;<=% :EZ98% AE%CEAYD;GE%8=% =F8:W D9E%GE=D8MDE% \;:D<9;GE%V%GE=:D;DFG;E=?AP% !?A% 98@A8M;<=%8:%:;8TC98% =8W G8:?9;?H% CF8:% GE=:D;DFV8% 8A% b=;GE% T8>;E% >8% ?GDF?A;S?9% A?:% 8M;B8=G;?:% GE=:D;DFG;E=?A8:%>8%F=E%>8% AE:%GETCE=8=D8:%Za:;GE:%>8% A?%+E=:D;DFW G;<=H% A?% >;T8=:;<=% CEAYD;GEW>8TEG9aD;G?P% "=% GETC?9?G;<=% GE=% 8A% ED9E%GETCE=8=D8%Za:;GEH%8A% `F9Y>;GE%E%B?9?=D;:D?H% A?%>;T8=:;<=% CEAYW D;G?% ?C?98G8% GETE% Ta:% @9aB;AH% Ta:% 8MCF8:D?% ?%:;TCA;@;G?G;E=8:%V% 98W >FGG;E=8:P% -=?%98@A8M;<=%:EZ98%AE%CEAYD;GE%8:% \EV%D?=DE%Ta:%ECE9DF=?%GF?=W DE%]F8H%C8:8%?%AE%8U;>8=D8%>8%:F%=8G8:;>?>H%G\EG?%GE=%8A%EZ:DaGFAE%>8% F=% 8MD8=>;>E% V% GE=:EA;>?>E% 8:G8CD;G;:TEH% F=% 8:G8CD;G;:TE% ]F8% :8% ''%


/?@?8A% 5B?C;DE%

'*%

:F:D8=D?% 8=% C?9D8% 8=% ?GD;DF>8:% :FZ`8D;U?:% >8% 98:;B=?G;<=% E% G;=;:TE% 98:C8GDE%>8%A?%CE:;Z;A;>?>%>8%>;:G;CA;=?9%8A%CE>89%]F8%EC89?%8=%A?%CEW AYD;G?H% C89E% ]F8% D;8=8% D?TZ;c=% :F% Z?:8% 8=% F=?%GE=G8CG;<=% 98>FGDE9?% >8% A?% CEAYD;G?% GETE% T89?% 8:D9?D8B;?% C?9?% ;TCE=89% EZ`8D;UE:% C98@;`?W >E:H%]F8>?=>E%8=% :F:C8=:E%A?%GF8:D;<=%>8%G<TE%CF8>8=%V%>8Z8=%>8W @;=;9:8% c:DE:%8=%8A% T?9GE%>8%F=?%GE=:D;DFG;<=%>8TEG9aD;G?P% "A%GY9GFW AE%:8%G;899?%GF?=>E%:8%GE=:;>89?%8:D?% 98@A8M;<=% GETE%?ABE%:FC89@AFEH% CE9]F8%:8%8=D;8=>8%]F8%AE:%T8G?=;:TE:%>8%GE=D9EA%`F>;G;?A%d?%CE:D8W 9;E9;e%GE=:D;DFV8=%F=?%UY?%:F@;G;8=D8%C?9?% 98U;:?9%AE:%98:FAD?>E:%>8%A?% ?GD;U;>?>% CEAYD;G? 'P% ":%GA?9E%]F8%A?%?GD;U;>?>%>8%GE=D9EA%]F8%8`89G8%8A%!9;ZF=?A%+E=:W D;DFG;E=?A% CF8>8% ;=@AF;9%>8% TE>E%:F:D?=G;?A% 8=% A?% C9aGD;G?% CEAYD;G?% ?% D9?Uc:%>8% A?%>8@;=;G;<=% V%GE=D9EA%>8A% GFTCA;T;8=DE%>8% AE:% 98]F;:;DE:% GE=:D;DFG;E=?A8:%]F8%>8Z8=% EC89?9%8=% A?%Bc=8:;:%>8% A?:% =E9T?:H% C89E% 8AAE% =E%8MGAFV?% A?% =8G8:;>?>%>8%?CEV?9%A?% ;=D89C98D?G;<=%>8% A?%+E=:W D;DFG;<=% ?% 8:D8% 98:C8GDE% 8=% F=?% GETC98=:;<=% >8% A?% CEAYD;G?% ]F8% :8% ?>8Gb8% CA8=?T8=D8% V% :;=% GE=D9?>;GG;E=8:% ?% A?% A<B;G?% >8A% ":D?>E% GE=:D;DFG;E=?A% >8TEG9aD;GEP% 1?% A8GDF9?% >8#!8#&)"&%>0)#(%#8)#>)870+&)%>8% +P% 4G\T;DD%?VF>?% ?%GETW C98=>89%>8D89T;=?>E:% ?:C8GDE:% =FGA8?98:%>8% :F% C8=:?T;8=DEP% ":%:?W Z;>E%]F8H%:?AUE%8=%:F# ?%)$7,#(%#8,#@)"/0+0'&+A"4% V%]F;Sa%D?TZ;c=%8=#B)C *)/#(%$#!$(%H% >8>;G?>?% ?A% &898G\E% ;=D89=?G;E=?AH% 4G\T;DD% =E% E@98G8% 8MCE:;G;E=8:% :;:D8TaD;G?:P% 4F:%EZ9?:% :8%C98:8=D?=% GETE% 98:CF8:D?:%?% A?:% GF8:D;E=8:% C9aGD;G?:% ]F8% 8=% G?>?% TET8=DE% ?D9?8=% :F% ?D8=G;<=H% :;=% ]F8% 8AAE% ;TCA;]F8% F=?% T89T?%8=% A?% C9E@F=>;>?>%V%8MD8=:;<=% >8% AE:% GE=EG;T;8=DE:% D8<9;GE:% V% `F9Y>;GE:% ]F8% ?>FG8% 8=% G?>?% G?:EP% 3% \?V% ]F8% 98GE=EG89%F=?% TF8:D9?%>8% =ED?ZA8% AFG;>8S% ;=D8A8GDF?A% 8=% :F% T?=89?% >8% \F;9%>8%GE=:D9FGG;E=8:% ?Z:D9?GD?:%V%>8% ?D8=89:8% ?A% G?9aGW D89%\;:D<9;GE%>8A%EZ`8DE% :EZ98%8A% ]F8% \?%>8%EC89?9%8A% &898G\E%GE=:D;W DFG;E=?AP% "A% GE=`F=DE%>8% :F% EZ9?% C89T;D8% :;=% 8TZ?9BE%?>U89D;9% A?%8M;:D8=W G;?%>8%F=?%:89;8%>8%C98:FCF8:DE:%]F8%:FZV?G8=%?%DE>E%:F%C8=:?T;8=W DEP# !8#&)"&%>0)#(%#8)#>)870+&)%EGFC?%8=%8:D8%:8=D;>E%F=?%CE:;G;<=%G8=D9?AH% V?% ]F8% E@98G8% F=?% 8MCE:;G;<=% :;=BFA?9T8=D8% GA?9?% >8% AE:% T;:TE:P% ,E% :<AE% 8:% F=?% TF8:D9?% @8\?G;8=D8% >8% A?% ?BF>8S?% GE=% ]F8% :F% ?FDE9% >8D8GD?%C9EZA8T?:%?b=% \EV%?GDF?A8:%V%>;B=E:%>8%:89%D8=;>E:%8=%GF8=W :

' dP(E' %&9'2&/0+#,()&9'10' ^E' X,(2",' .0%,=&I'0+' 9$$@*.?),$)"$+?#.'),*I' 9&F(0' %,' 2&+9#,#,2)3+'10'J$0'0+'Q%'0%' @()+2)@)&'10' %,'90@,(,2)3+'10'@&10(09'90'2&+#(,0',',90L *$(,(' %,' )+10@0+10+2),' 10%' @&10(' N$P)2),%E'


')%

6=D9E>FGG;<=%

D?H% :;=E%]F8%8=%8:D8%8:G9;DE%:8%CF8>8%9?:D98?9%8A%E9;B8=%>8%A?:%Ta:%:;BW =;@;G?D;U?:% 98>FGG;E=8:% ]F8% :F% C8=:?T;8=DE% ?CA;G?% ?A% D8998=E% >8% A?% CEAYD;G?% V% >8A% &898G\E% GE=:D;DFG;E=?AP%

`'

!1# F84F<D78# G2?7B92F8# F84?727;F28431# 6<# H!1# F84F<D78# 6<# 18# D81E72F8I# .?9?% GETC98=>89% 8A% GE=G8CDE% >8% AE% CEAYD;GE% ]F8% C9ECE=8% 4G\T;DD%8:%;=>;:C8=:?ZA8%98@89;9:8%?A%GE=D8MDE%\;:D<9;GE%>8A%]F8%=?G8% 8:D?% EZ9?H% CE9% Ta:% ]F8% :F:% ?=aA;:;:% =E% :8% A;T;D?=% ?%cAP% .98G;:?T8=D8% AE%G?9?GD89Y:D;GE%>8A%C8=:?T;8=DE%>8%4G\T;DD%8:%]F8%:F:%98:CF8:D?:%:8% @E9TFA?=% >8:>8% C89:C8GD;U?:% ]F8% 98C98:8=D?=% F=?% :F:D?=G;?A% ?TW CA;?G;<=% >8% A?% D9?>;G;<=% \;:D<9;GE%GE=:D;DFG;E=?A% ?A8T?=?H% V%]F8%8=W D98% ED9?:% GE:?:% ;=GE9CE9?=% ;>8?:% C9EG8>8=D8:% >8A% C8=:?T;8=DE% V% 8A% GE=:D;DFG;E=?A;:TE% @9?=G8:8:P% &8=D9E% >8% 8:8% GE=D8MDE% D;8=8=% 8:C8W G;?A% 98A8U?=G;?%:F%GETC98=:;<=%>8%A?:%9?SE=8:%>8%A?%G9;:;:%>8A%TE>8AE% GE=:D;DFG;E=?A% ?A8Ta=% \898>?>E%>8A% M;MH% :F%G9YD;G?%?%A?% ;=:F@;G;8=G;?% >8A% 8=@E]F8% V% A?:% G?D8BE9Y?:% `F9Y>;GEWGE=:D;DFG;E=?A8:% >8A% CE:;D;U;:W TE% `F9Y>;GEH% V% @;=?AT8=D8% :F% 98:CF8:D?% ?A% >c@;G;D% >8% ?FDE9;>?>% >8A% ":D?>E% ]F8% :8% CA?=D8?% ?% AE% A?9BE% >8% A?% \;:DE9;?% >8% A?% /8CbZA;G?% >8% f8;T?9P% 'P% "A% CF=DE% >8% C?9D;>?% >8A% CA?=D8?T;8=DE% >8% +P% 4G\T;DD% AE% GE=:D;DFV8%A?#&$+/+/#(%8#*)(%8)#&)"/0+0'&+)",8%]F8%:8%GE=:D9FV8%8=%5A8T?W =;?% ?% C?9D;9% >8A% @9?G?:E% >8% A?% 98UEAFG;<=% >8A% I[P% .?9?% 4G\T;DD% =E% CF8>8%:E:D8=89:8%V?%A?%@;BF9?%>8A% ":D?>E%>F?A%]F8%C98D8=>8%GE=G;A;?9% 8A% C9;=G;C;E% TE=a9]F;GE%GE=% F=?% 98C98:8=D?G;<=% C?9A?T8=D?9;?%GE=% GETC8D8=G;?:% A;T;D?>?:P% 1?% @;BF9?% >8A% d":D?>E% >8% &898G\EeH% >8% GF^E% ?A8Ta=H% ]F8% 98CE:?% :EZ98% F=% GE=D9EA% >8% A?% @F=G;<=% 8`8GFD;U?% CE9% T8>;E% >8% AE:% D9;ZF=?A8:% V% :EZ98% A?% 8M;B8=G;?% >8% 98:89U?% >8% A8V% C?9?% F=?:% >8D89T;=?>?:% T?D89;?:H% =E% GE=:D;DFV8% V?% F=?% 98:CF8:D?% ?>8GF?>?% V% :F@;G;8=D8% C?9?% F=% =8ME% :EG;?A% ]F8% :8% E9B?=;S?% >8:>8% 8A% :F@9?B;E% F=;U89:?A% V% >8:>8% 8A% GE=:;BF;8=D8% GETCA8`E% CAF9?A;:TE% >8% B9FCE:P% 4G\T;DD% =E% G988% ]F8% 8=% A?:% =F8U?:% G;9GF=:D?=G;?:% 8A% ":W D?>E%CF8>?%D8=89%ED9?%`F:D;@;G?G;<=%CA?F:;ZA8%]F8% A?%>8A#>D"&+>+)#(%*)C &$E0+&)F# 1?:% 9?SE=8:%]F8%?U?A?=%8:D?%ECG;<=%>8%4G\T;DD%C9EG8>8=%8=%C?9W


'I%

/?@?8A% 5B?C;DE%

D8%>8%:F% ;=D89C98D?G;<=%>8%A?%\;:DE9;?%>8%AE:%bAD;TE:%:;BAE:%>8%"F9EC?% GETE%F=%C9EG8:E%>8%:8GFA?9;S?G;<=*H%>8% 98:FAD?:%>8A%GF?A% A?%`F:D;@;G?W G;<=%>8A% ":D?>E%=E%CF8>8%?CEV?9:8%V?%8=%F=?%A8B;D;T?G;<=%:?G9?A%>8A% :EZ89?=EH% GETE% A?% ]F8% ?CE9D?% 8A% C9;=G;C;E% TE=a9]F;GEH% :;=E% ]F8% D;8=8% ]F8% 98@89;9:8% ?A% CF8ZAEP% ,E% EZ:D?=D8% 8A% :;TCA8% G?TZ;E% >8% G;9W GF=:D?=G;?:% =E% GE=:D;DFV8% C?9?% 4G\T;DD% F=?% @F=>?T8=D?G;<=% :F@;W G;8=D8% >8% A?% ECG;<=% 8=% @?UE9% >8A% C9;=G;C;E% >8TEG9aD;GEH% V?% ]F8% A?:% 9?SE=8:% T89?T8=D8% \;:D<9;G?:% :E=H% >8:>8% A?% C89:C8GD;U?% >8A% C9EC;E% 4G\T;DDH% ?ABE% GE=>;G;E=?>EH% G?TZ;?=D8H% ;=:8BF9EP% "=% bAD;TE%8MD98W TE% =E% CE>9Y?=% @F=>?9% GE=% @;9T8S?% V% GA?9;>?>% F=% ":D?>EP% 1?% 9?S<=% bAD;T?% >8%8:?%ECG;<=% D8=>9Y?%]F8%ZF:G?9:8%8=%8A% 98G\?W SE%>8%4G\T;DD%>8%DE>?% ;>8?%>8%C?GDE%GETE%:F:D9?DE%E%:ECE9D8%>8A% ":W D?>EH% F=% 98G\?SE%]F8% ?@8GD?% D?=DE% ?A% C?GDE% ;TCAYG;DE%8=% A?% D9?>;G;<=% >F?A;:D?% ?=D89;E9%GETE% ?A% GETC9ET;:E% GE=:D;DFV8=D8% ]F8% :FZV?G8% ?% A?%+E=:D;DFG;<=%>8% f8;T?9P% "A% TE>8AE%>F?A%>8A% ":D?>E%:8%Z?:?%C?9?% 4G\T;DD%8=% A?%@?AD?%>8%GETC9ET;:E%>8%A?%ZF9BF8:Y?H%]F8%\?%C98@89;>E% ?G8CD?9%A?%DFD8A?%>8A% TE=?9G?H%?CEV?>E%8=% A?%ZF9EG9?G;?%V%8A%8`c9G;DEH% ?=D8:% ]F8% ?:FT;9% CE9% :Y% T;:T?% A?% D?98?% >8% GE=@;BF9?9% A?% :EG;8>?>% V% A?:%98A?G;E=8:%GE=%8A% ":D?>EP% 1?%GE=:D;DFG;<=%>8%f8;T?9%=E%A8%98:FAW D?% ?G8CD?ZA8H% CF8:% >8D89T;=?>E:% GETC9ET;:E:% :EZ98% ?:C8GDE:% 8:8=W G;?A8:H% ?>T;D;>E:%8=% 8AA?H% ;=GAFV8=% @<9TFA?:%]F8% CF8>8=% ;=D89C98D?9W :8% 8=% >;98GG;E=8:% GE=D9?CF8:D?:P% 1?% ECG;<=% >8% 4G\T;DD% 8=% @?UE9% >8A% C9;=G;C;E% >8TEG9aD;GE% >8Z8% 8=D8=>89:8% 8=% 8A% :8=D;>E% >8% ]F8% c:D8% A8% C?98G8% A?% UY?% ?>8GF?>?% C?9?% ?AG?=S?9% F=?% >8G;:;<=% GA?9?% V% F=YUEG?% :EZ98% AE:% G9;D89;E:% E% C?FD?:% >8:>8% AE:% ]F8% :8% GE=:D;DFV8% F=% ":D?>EH% C?9?% AA8B?9%?% AE%]F8% cA% AA?T?% A?%d>8G;:;<=%@F=>?T8=D?Ae%]F8%:FZV?G8%?%DE>E%":D?>E%>ED?>E%>8%F=?% ;>8=D;>?>%GA?9?%V%C98G;:?P% .89E%>8%8:D?%@E9T?%8A%C9;=G;C;E%>8TEG9aD;W GE% :8% 8=D;8=>8% =E% CE9% :Y% T;:TEH% :;=E% 8=% @F=G;<=% >8% A?%GE=:8GFG;<=% >8% 8:8% EZ`8D;UEH% VH% GETE% 8:% A<B;GEH% 8:D?% ;=:D9FT8=D?A;S?G;<=% >8A% C9;=G;C;E% D;8=8% GE=:8GF8=G;?:% C?9?% A?% GE=G8CG;<=% >8% A?% ;>8?% >8% >8W TEG9?G;?P% "=% C9;T89%Dc9T;=E%4G\T;DD%C9ECE=8%V%>8@;8=>8%F=?% =EG;<=% :F:W D?=D;U?% >8A% C9;=G;C;E% >8TEG9aD;GEP% &8TEG9?G;?% 8:% C?9?% cA% A?% UEAF=W D?>%F=;D?9;?%>8A%CF8ZAEH%98@A8`?>?%8=% A?%>8G;:;<=%8=%@?UE9%>8#'",#(%0%$C *+",(,% GE=@;BF9?G;<=% >8A% ":D?>E% 8=% DE9=E% ?% F=E:% >8D89T;=?>E:%

9

$ ;')E' 9$'0n@%)2,2)3+'10'09#0'@(&209&'10'902$%,()6,2)3+'0+'%,'o<(,'10'%,9'+0$#(,L %)6,2)&+09' =' 10' %,9' 109@&%)#)6,2)&+09pI' )+2%$)1,' 0+' 09#0' 8&%$/0+E'


6=D9E>FGG;<=%

'X%

C9;=G;C;E:% EH% Ta:% B8=c9;G?T8=D8H% ;>8?:% >;98GD9;G8:)P% 4G\T;DD% 98G\?W S?% F=?% GE=G8CG;<=% @E9T?A% E% C9EG8>;T8=D?A% >8% A?% >8TEG9?G;?% GETE% A?%]F8%C9ECE=8%g8A:8=H% GE=%8A% ?9BFT8=DE%>8%]F8%8=%8AA?%:<AE%9;B8%8A% C9;=G;C;E%T?VE9;D?9;EH%V%]F8%c:D8%=E%98:CE=>8%?%A?%A<B;G?%>8%F=%":D?W >E% Z?:?>E% 8=% 8A% C9;=G;C;E% >8TEG9aD;GEP% "=% 8:D8% CF=DE% :8% \?G8% U;:;W ZA8% A?% ?BF>8S?% >8% A?% G?C?G;>?>%G9YD;G?% >8% 4G\T;DDH% C89E% :8% ?>U;89D8=% D?TZ;c=% AE:% AYT;D8:% V% GE=:8GF8=G;?:% >8% :F% G9YD;G?P% .?9?% 4G\T;DD I% 8A% C9;=G;C;E% >8% A?% >8A;Z89?G;<=% V% >8% A?% >8G;:;<=% CE9%T?VE9Y?%D;8=8%:F%:8=D;>E%V%`F:D;@;G?G;<=%CE9%98@898=G;?%?%F=?%>8W D89T;=?>?% 8D?C?% \;:D<9;G?H% A?% >8A% ":D?>E% A;Z89?AWZF9BFc:% >8A% M;MP% -=?% >8G;:;<=% CF8>8% `F:D;@;G?9:8% ?% D9?Uc:% >8A% C9;=G;C;E% T?VE9;D?9;E% :<AE% GF?=>E% :8% C98:FCE=8% A?% \ETEB8=8;>?>% >8% A?% :EG;8>?>P% &8:>8% D?A% :FCF8:DE%8:%CE:;ZA8%8=D8=>89%]F8%8A%.?9A?T8=DE%EC89?%?%D9?Uc:%>8% F=?% >8A;Z89?G;<=% B8=89?AH% V% ]F8% >8% 8:?% >8A;Z89?G;<=% =?G8=% =E9T?:% >8%G?9aGD89%B8=89?AP% 1?%T?VE9Y?%EC89?%?]FY%GETE%98@A8`E%E%8MC98:;<=% >8%8:?%9?S<=%8A?ZE9?>?%?%D9?Uc:%>8%A?:%GE=>;G;E=8:%;>8?A8:%>8%F=?%>;:W GF:;<=% B8=89?AP% "=% 8A% GF9:E% >8% F=?% 9;BF9E:?% V% ?BF>?% G9YD;G?% ;>8EA<B;G?% 4G\T;DD% GE=D9?CE=8% ?% ?]F8AA?% `F:D;@;G?G;<=% A?:% G?9?GD89Y:D;G?:% 98?A8:% >8% 8:?% T;:T?% :EG;8>?>P% .E=8% >8% T?=;@;8:DE% ]F8% A?% \ETEB8=8;>?>% :EG;?A% ]F8%C98:FCE=8% A?%GE=G8CG;<=%A;Z89?A% =E%8:%:;=E%@;GG;<=H% AE%]F8%C9;U?% >8% :8=D;>E% ?% DE>?:% A?:% GE=:D9FGG;E=8:% ]F8% >8C8=>8=% >8% 8AA?P% ":D8% 8:% 8A% CF=DE% 8=% 8A% ]F8% 8=D9E=G?% A?% G9YD;G?% >8% 4G\T;DD% ?A% C?9A?T8=D?9;:W TE%>8A% ":D?>E%A;Z89?AWZF9BFc:P% "A%G?9aGD89%@;GD;G;E%>8%A?%\ETEB8=8;W >?>% >8% A?% :EG;8>?>H% C98:FCF8:D?% 8=% A?% GE=G8CG;<=% A;Z89?AH% U?GY?% >8% DE>E%:8=D;>E%?%A?%D8:;:%>8%]F8%8:Da=%>?>?:%A?:%GE=>;G;E=8:%C?9?%F=%>8W Z?D8%Z?:?>E%:<AE%8=% A?%9?S<=H%G?C?S%>8%>8:GFZ9;9%CE9%:F%:EAE%8`89G;G;E% A?:% :EAFG;E=8:%B8=89?A8:%?% A?:% =8G8:;>?>8:%>8%8:?%:EG;8>?>P% "A%:F:D9?W DE% :EG;?A% >8% A?:%>8G;:;E=8:%8:% F=% GE=D8MDE%CAF9?A% 8=% 8A% ]F8%:8%>?=% ;=W D898:8:% GE=D9?CF8:DE:% ]F8H% ?% `F;G;E% >8% 4G\T;DD% h8:GcCD;GEH% E% ]F;Sa% Ta:%Z;8=% ?C98:?>E%8=% A?% ;>8?%>8%F=?%8:G;:;<=% ;=8U;D?ZA8%8=D98%;=D89c:% V% 9?S<=hH% =E% :E=% :F:G8CD;ZA8:% >8% 98:EAFG;<=% 9?G;E=?A% :;=E% :<AE% >8% GETC9ET;:E:% E% :EAFG;E=8:% >8% @F89S?P% "=% 8:D8% GE=D8MDE% 8A% C9;=G;C;E% >8% A?% T?VE9Y?% :8%C98:8=D?% GETE% ;TCE:;G;<=H% CE9% A?% @F89S?%V%GE=% G?W 8

$ ;')2'.(0P,2)&','%,'AE,'01)2)3+'10$!'"$&"'*."*&"*/0'/0.-'?/0"$A?&"$)"*$0"=.'&"1$+?#-?B :"1.?#'*:=*'e:;AbfI')+2%$)1&'0+'%,'#(,1$22)3+'10'dE'[2D/)##I$C,D#"$"-$E?#-?:"1.?#'*:,F$ !02+&9I' :;;BE' G $ ;')2' %,9' @G*)+,9' J$0' 101)2,' [2D/)##' ,' %&9' o@()+2)@)&9' 10%' @,(%,/0+#,()9/&pI' 0+$C,D#"$"-$E?#-?:"1.?#'*:,I'@@E'Z:'='99E'


/?@?8A% 5B?C;DE%

'J%

9aGD89% GEVF=DF9?AH% >8% F=% :8GDE9%>8% A?% :EG;8>?>% :EZ98% ED9EP% 3% c:D?% =E% 8:%Z?:8% :F@;G;8=D8% C?9?%A?%8M;:D8=G;?%>8% F=% ":D?>E%GE=%F=?%;>8=D;>?>% @;9T8H% 8:DE% 8:H% Z?:?>E% 8=% G9;D89;E:% GA?9E:% V% GE=% A?% ?FDE9;>?>% C98G;W :?P% "A% C9;=G;C;E%>8TEG9aD;GE% D;8=8%CE9% AE% D?=DE%]F8%8:D?9%>ED?>E%>8% F=%GE=D8=;>E%:F:D?=D;UEH%V%:<AE%CE:88%:8=D;>E%V%`F:D;@;G?G;<=%8=%D?=W DE% ]F8% \?G8% CE:;ZA8% F=?% UEAF=D?>% F=;D?9;?% >8A% CF8ZAEP% ,E% 8:H% 8=% GE=:8GF8=G;?H% GETC?D;ZA8% GE=% 8A% CAF9?A;:TEP% .E9%8:EH% V%8=% 98A?G;<=% GE=% :F% G9YD;G?% ?% A?% GE=G8CG;<=% A;Z89?AH% 8A% GE=G8CDE% >8% >8TEG9?G;?% D;8=8% ]F8% 8=D8=>89:8% 8MGAF:;U?T8=D8% >8:>8% A?% ;>8?% >8% A?% ;BF?A>?>XP% .?9?%4G\T;DD%A?%A;Z89D?>% =E%:8%GE998:CE=>8%GE=% A?%>8TEG9?G;?i%8:%F=% C9;=G;C;E% C9EC;E% >8% A?% GE=G8CG;<=% A;Z89?AWZF9BF8:?H% ]F8% :8% Z?:?% 8=% F=?%E9;8=D?G;<=% TE9?A% :8Bb=% ;>8?:% \FT?=;D?9;?:%8%;=>;U;>F?A;:D?:H% V% ]F8% EZU;?T8=D8% G?98G8% >8% @F=>?T8=DE% >8TEG9aD;GEP% 1?% >8TEG9?W G;?H% CE9% 8A% GE=D9?9;EH% D;8=8% GETE% GE=D8=;>E% A?% \ETEB8=8;>?>% >8A% CF8ZAEH%:F%;BF?A>?>H%?=GA?>?%8=% A?%>8G;:;<=%@F=>?T8=D?A%8=%@?UE9%>8% F=?% >8D89T;=?>?% ;>8?% >;98GD9;SH% ]F8% U?A8% CE9% ;BF?A% C?9?% DE>E:P% 3% 8=% 8:D8% :8=D;>E% 8:D?% ;BF?A>?>% :F:D?=G;?A% =E% ;TC;>8% ]F8% CF8>?% 8MGAF;9:8% >8%8AA?% ?% F=?%C?9D8%>8A% CF8ZAEP% +E=%8AAE%S?=`?%8A% C9EZA8T?%>8%GE=G;W A;?9%?TZ?:% =EG;E=8:H%V%AE% \?G8%8=%@?UE9%>8% A?%F=;>?>H%>8% A?%\ETEB8W =8;>?>H% >8`?=>E% ?A% T?9B8=% A?% >;U89:;>?>H% A?% >;@898=G;?% ]F8% C9EG8>8% >8A% 98GE=EG;T;8=DE% >8% A?% A;Z89D?>P% 1?%G9YD;G?%>8%g8A:8=% ?%8:D8%CA?=D8?T;8=DE%C98D8=>8% 98:G?D?9%C98W G;:?T8=D8% 8:?% A;Z89D?>H% 8:8% >898G\E% ?% A?% >;@898=G;?H% >8% ;=>;U;>FE:% E% >8%B9FCE:H%@98=D8%?%GF?A]F;89%CA?=D8?T;8=DE%]F8%C98D8=>?%8:D?ZA8G89% '",% >8D89T;=?>?% ;>8?% GETE% UY?% >8% \ETEB8=8;S?G;<=% >8% A?% >;U89:;W >?>% :EG;?A J P% 48% >;9;B8% CF8:% GE=D9?% D8=D?G;E=8:%dDED?A;D?9;?:e% >8% GF?AW ]F;89% :;B=E% CEAYD;GEH% ]F8% C98D8=>?=% ;TCE=89% F=% >8D89T;=?>E% GE=W D8=;>E% GETE% >8D89T;=?G;<=% >8% AE% ]F8% >8Z8% :89% 8:?% A;Z89D?>% ;=>;U;W >F?AP% .?9?% 8AAE% g8A:8=% 8=D;8=>8% A?% >8TEG9?G;?% 8=% F=% :8=D;>E% T8DEW >EA<B;GEH% C9EG8>;T8=D?AP% ":D8%G?9aGD89%C9EG8>;T8=D?A%8:%A?%B?9?=DY?% >8% ]F8% =E% :F9B;9a=H% =;% CE>9a=% 8=GE=D9?9% `F:D;@;G?G;<=% ?ABF=?H% C98W D8=:;E=8:% DED?A8:%>8%GE=@;BF9?9H% >8%F=% TE>E%F=;A?D89?A%V%?\;:D<9;GEH% AE:%GE=D8=;>E:%>8%A?%A;Z89D?>H% ]F8%:<AE%CF8>8=%C9EG8>89%>8A%8`89G;G;E% =E% ;=\;Z;>E% >8% 8:D?% T;:T?% A;Z89D?>P% ":8% G?9aGD89%C9EG8>;T8=D?A% ;TCA;G?% ]F8% =E% G?Z8% AA8B?9%?% C9;=G;W H

$ ;')2' 0%' 2,@"#$%&'101)2,1&' ,' o%,'1&2#()+,'10' %,'10/&2(,2),p'0+' 9$$ 3",#I?$)"$-?$ >,1*.'.=/'J1' e^,1()1I' 5%),+6,I' :;>AfI' @@E' AA:' ='99E' b ' WE' q0%90+I$@*"1/'?$K$5?-,#$)"$-?$!":,/#?/'?F' Y,(20%&+,I'H,F&(I' :;SSE'


6=D9E>FGG;<=%

'R%

C;E:%E%U89>?>8:% ?Z:EAFD?:P% 3% :;% G?Z8%\?ZA?9%>8%F=%C9;=G;C;E%]F8%:FZW V?G8%?%DE>E%8:DEH%c:D8%=E%:89Y?%ED9E%]F8%A?%;>8?%=8B?D;U?%>8%DEA89?=G;?% ]F8% :8% ?Z98% C?:E% 8=% 8A% :;BAE% MU;% 8F9EC8E% V% ]F8% 8MGAFV8H% >8=D9E% >8A% ":D?>EH% ]F8% =?>;8% :8% ?99EBF8% A?% C98D8=:;<=% >8% CE:889% 8=% 8MGAF:;U?% F=?% U89>?>% ?Z:EAFD?H% E% >8% 98C98:8=D?9% F=% ;=D89c:% ;=>;:GFD;ZA8P% "=% 8:D8% :8=D;>E% A?% >8@8=:?% ]F8% \?G8% g8A:8=% >8A% G?9aGD89% 98A?D;UE% >8% EC;=;E=8:% 8% ;=D898:8:% =E% :FCE=8% ?>ECD?9% F=?% ?GD;DF>% 98A?D;U;:D?H% CF8:% :8%Z?:?%8=% 8A% 98GE=EG;T;8=DE%>8A%U?AE9%>8%A?:%>;:D;=D?:%CE:;G;EW =8:H%:8%Z?:?%8=%:FT?%8=%8A% 98GE=EG;T;8=DE%>8%A?%A;Z89D?>%>8%ED9?:%CEW :;G;E=8:P% 4;=% 8TZ?9BE% D?TCEGE% 8A% CA?=D8?T;8=DE% >8% g8A:8=% 8:Da% 8=% GE=>;G;E=8:% >8% \?G89% @98=D8% ?% A?% EZ`8G;<=% ]F8% ECE=8% 4G\T;DD% ?% 8:D?% GE=G8CG;<=% C9EG8>;T8=D?A% >8% A?% >8TEG9?G;?j% ]F8% :;% A?% >8TEG9?G;?% 8:% :<AE% F=% C9EG8>;T;8=DEH% 8=DE=G8:% A?% +E=:D;DFG;<=% 8:% CF9?T8=D8% @E9T?AH% :8% 98@;898% D?=% :<AE% ?% GETC8D8=G;?:% V% C9EG8>;T;8=DE:H% V% :F% GE=D8=;>E% T?D89;?A% ]F8>?%8=% T?=E:%>8A% A8B;:A?>E9%E9>;=?9;EH%GE=% AE% ]F8%8AAE% ;TCA;G?%>8% ;=:8BF9;>?>% V%>8% ;=8:D?Z;A;>?>%CEAYD;G?%V%:EG;?ARP% 4G\T;DD% >8@;8=>8% A?% =8G8:;>?>% >8% F=% GE=D8=;>E% D?TZ;c=% :F:D?=D;UE% C?9?% A?% >8TEG9?G;?H% V% \?V% ]F8% 98GE=EG89% A?% >E:;:% >8% 9?S<=% ]F8% A8% ?:;:D8j% A?% >8TEG9?G;?% =E% CF8>8% 98>FG;9:8% ?% F=% C9EG8>;T;8=DEH% =;% ?% F=% ?GDE% CF=DF?A% >8% 8MC98:;<=% >8% UEAF=D?>P% 5\E9?%Z;8=H%A?%C9ECF8:D?%>8%4G\T;DD%D?TCEGE%98Z?:?%8A% CA?=E%>8% 8:?%8M;B8=G;?% ?Z:D9?GD?%>8% F=% GE=D8=;>E%:F:D?=D;UE%C?9?%8A% C9;=G;C;E% >8TEG9aD;GEP% ,E% >;G8% =?>?% :EZ98% GFaA% CF8>?% :89% 8:8% GE=D8=;>EH% =;% T8=E:% ?b=% G<TE% CE>9Y?% `F:D;@;G?9:8P% &8% \8G\E% 8A% GE=D8=;>E% >8% A?% d>8G;:;<=% @F=>?T8=D?Ae% 8:% 8=% G?>?% G?:E% 98:FAD?>E% >8% A?% \;:DE9;?H% V% CF8>8%>8:8TC8^?9%8:8%C?C8A% GF?A]F;89?%>8%AE:%TED;UE:%]F8%8=%8A%>8W :?99EAAE% \;:D<9;GE% >8% F=% CF8ZAE% :8% UF8AU8=% 98A8U?=D8:% 8=% ?ABb=% :8=W D;>E[P% 5:Y% AE% ?@;9T?% 4G\T;DD% GF?=>EH% ?A% >;:GFD;9% A?% @;BF9?% GE=:D;DFW G;E=?A% >8% A?% d2?9?=DY?% 6=:D;DFG;E=?AeH% V% D9?:% `F:D;@;G?9% A?% >;:D;=G;<=% 8=D98% B?9?=DY?:% GE=8M?:% V% >898G\E:% @F=>?T8=D?A8:H% :8^?A?% ]F8% 8:DE:% bAD;TE:%:8%CF8>8=% ;=D89C98D?9%GE=%GA?9;>?>H%C8:8%?%AE%?Z:D9?GDE%>8%:F% @E9TFA?G;<=H% CE9]F8% :8% >?=% 8=% 8A% T?9GE% >8% A?% GE=G8CG;<=% A;Z89?AW ZF9BF8:?H% V% 8:D8% GE=D8MDE% \89T8=cFD;GE% GE=D;8=8% C?FD?:% :F@;G;8=D8:% L

$ ;')2' .(3%&*&'10'^E' 5(,*3+','%,'#(,1$22)3+'10'%,'&F(,'10'[2D/)##I$C,D#"$"-$E?#B -?:"1.?#'*:,F'@@E'rr``I'='99E' M $ ;')2' ,'09#0' (09@02#&'oH,'0(,'10' %,9' +0$#(,%)6,2)&+09EEEpI'0+'090' 8&%$/0+I'=' %&9' 2&/0+#,()&9'10'sE'5E'<9#Q'806'5(,ON&'0+'9$$A?$/#'*'*$)"-$@*.?),$)"$!"#"/0,$-'D"#?-'eY,(20L %&+,I' 5()0%I' :;>;f' 9&F(0' %,'(0%,2)3+'0+#(0'%,9'0%,F&(,2)&+09'N$("1)2&2&+20@#$,%09'10' $+,' Q@&2,' =' %,' /0#,P"9)2,' 10' 09,' /)9/,' Q@&2,' 0+' 0%' 2,@E' ```E'


/?@?8A% 5B?C;DE%

'[%

C?9?% F=?% GETC98=:;<=% 9?SE=?ZA8T8=D8% ;=8]FYUEG?P% .89E% 8:% GA?9E% ]F8%8:?%GE=G8CG;<=% A;Z89?AWZF9BF8:?%=E%8:% :;=E%F=?%Ta:%>8%8=D98%A?:% =FT89E:?:% ECG;E=8:% ]F8% \?=% ?C?98G;>E% 8=% A?% \;:DE9;?P% 1E% ]F8% ;TW CE9D?%98?AT8=D8%8:%]F8%8M;:D?%F=?%>8G;:;<=%:F:D?=D;U?H%:8?%GF?A%:8?%:F% GE=D8=;>EH% V% ]F8% :8% ;TCE=B?% :;=% ?TZ;Bk8>?>8:% ?% DE>E:P% 1?%CEAcT;G?%8=D98%g8A:8=%V%4G\T;DD%=E%>?%Ta:%>8%:YP% 5TZE:%?FW DE98:% >8`?=% 8=% :F:C8=:E% 8A% GE=D8=;>E% :F:D?=D;UE%>8%8:?%>8G;:;<=% E9;W B;=?9;?%V%G<TE%CF8>8% AA8B?9:8%?%8AA?P% 1?%C9ECF8:D?%>8%g8A:8=% ;=:;:D8% 8=% A?% >;T8=:;<=% `F9Y>;G?% >8% A?% +E=:D;DFG;<=H% T;8=D9?:% ]F8% 4G\T;DD% >8:D?G?%A?%>;T8=:;<=% CEAYD;G?H% C89E% =;=BF=E%>8%AE:%>E:%?CE9D?%A?%=8W G8:?9;?%GA?9;>?>% ?A% C9EZA8T?% >8%A?% 98A?G;<=% 8=D98%>898G\E%V% CEAYD;G?P% 1?% GF8:D;<=% >8% G<TE% >8@;=;9% V% `F:D;@;G?9% 8:8% :8=D;>E% :F:D?=D;UE% >8A% C9;=G;C;E% >8TEG9aD;GE% :<AE% CE>9Y?% ?ZE9>?9:8% GE=% C89:C8GD;U?:% >8% cM;DE%:;% :8%98:EAU;8:8%C98U;?T8=D8%8A%>;A8T?%]F8%98C98:8=D?%8=D8=>89% A?% A;Z89D?>%V%A?%;BF?A>?>%GETE%GE=G8CDE:%GE=D9?CF8:DE:%E%;=GAF:E%?AW D89=?D;UE:P% .89E% >;G\?% CEAcT;G?% ;AF:D9?% ?A% T8=E:% ?ABF=E:% ?:C8GDE:% G8=D9?A8:% >8A% 8=@E]F8% V% >8A% TE>E% >8% EC89?9% >8% +P% 4G\T;DDP% 1?%9?>;G?A;>?>%GE=% A?%]F8%4G\T;DD%:8%CA?=D8?%A?%G9YD;G?%?%AE:%GE=W G8CDE:% CEAYD;GE:% >8% A?% :EG;8>?>% A;Z89?AWZF9BF8:?H% V% A?% CE:;G;<=% >8G;W :;E=;:D?% 8=% A?% ]F8% >8:8TZEG?% :F% C9EC;E% >8:?99EAAE% D8<9;GEH% :E=% A?:% >E:% GA?U8:% >8:>8% A?:% GF?A8:% CF8>8% GETC98=>89:8% :F% D9?D?T;8=DE% >8% >E:% =F8U?:% GF8:D;E=8:% 98:C8GDE% >8A% GE=D8MDE% \;:D<9;GE% >8% :F% EZ9?P% *P% "A% :8BF=>E% B9?=% D8T?% ?A% ]F8% >;9;B8% :F% ?D8=G;<=% +?9;% 4G\T;DD%8:#8,#+"/'G+&+%"&+,#(%8#%"G)H'%#I#(%#8,/#&,0%-)$7,/#(%8#>)/+0+J+/*)#K'$7(+C &)C>LM8+&)# ,8%*E"H% 8A?ZE9?>?:% ?% AE% A?9BE% >8A% M;MP% .?9?% 4G\T;DD% V?% =E% G?Z8% 8=D8=>89% A?% GE=:D;DFG;<=% GETE% =E9T?% `F9Y>;G?% 8=% F=% :8=D;>E% CE:;D;U;:D?P% 1?% GETC98=:;<=% >8% A?% GE=:D;DFW G;<=% =E%CF8>8% ;B=E9?9%8:?%ED9?%>;T8=:;<=% ]F8%8:% A?%Bc=8:;:%E%`F:D;@;W G?G;<=% >8% A?% =E9T?% `F9Y>;GEW@F=>?T8=D?AP% "=% >;@898=D8:% GE=D8MDE:% 4G\T;DD% D9?D?% >8% @F=>?9% 8:D?% ?@;9T?G;<=% >8:D?G?=>E% ]F8% DE>E% >898W G\E% =8G8:;D?% ;=D89C98D?G;<=P% 3% C98:G;=>;8=>E% >8% A?% >8Z;A;>?>% V% ECE9DF=;:TE% >8% ?ABF=?:% >8% :F:% ?9BFT8=D?G;E=8: (H% AE% G;89DE% 8:% ]F8% 8=% 8A% aTZ;DE% >8A% &898G\E% GE=:D;DFG;E=?A% 8:% ;=>;:C8=:?ZA8% DET?9%8=% GE=:;>89?G;<=% A?% >;T8=:;<=% B8=cD;G?% E% >8% @F=>?T8=D?G;<=H% CE9]F8% 8=% 8:D8%D8998=E% =E%G?Z8% A?% 98T;:;<=%?A% A8B;:A?>E9H% :;8TC98%CE:;ZA8%8=% A?% ?CA;G?G;<=% >8A% &898G\E% E9>;=?9;EP% 1?% +E=:D;DFG;<=% ;=GAFV8% D?=DE% A?% ?CA;G?G;<=% GETE% A?%G98?G;<=%>8%>898G\EH% V%8AAE%8=D9?^?% A?% =8G8:;W 7

$ ;')2' sE' 5E' <9#Q806' 5(,ON&I' 2)#EI' @@E' :>A' =' 99E'


6=D9E>FGG;<=%

'(%

>?>% >8% GETC98=>89% D?TZ;c=% A?% >;T8=:;<=% 8:C8GY@;G?T8=D8% CEAYD;G?% >8%A?%`F:D;@;G?G;<=%>8A% &898G\EH%V?%:8?%E9>;=?9;E%E%GE=:D;DFG;E=?AP% "=% 8AAE% :8% Z?:?% A?% >;:D;=G;<=% >8% 4G\T;DD% 8=D98% +E=:D;DFG;<=% V% 18V% GE=:D;DFG;E=?AH% ]F8% =E% >8Z8% T?A;=D89C98D?9:8% 8=% 8A% :8=D;>E% >8% ]F8% 8M;:D?% ?ABE% ]F8% 8:Dc% CE9% 8=G;T?% E% ?A% T?9B8=% >8A% D8MDE% `F9Y>;GE% CE:;D;UE'QP% 1?%>;:D;=G;<=%>8%4G\T;DD%:8%98@;898%:<AE%?%]F8H%>8=D9E%>8A% D8MDE% `F9Y>;GE% CE:;D;UEH% A?% ;=D89C98D?G;<=% >8% A?% A<B;G?% ;=D89=?% >8% :F% 98BFA?G;<=% C89T;D8% 98GE=EG89% F=% =bGA8E% 8:8=G;?AH% ?A% T?9B8=% >8A% GF?AH% E% TE>;@;G?>E%8A% GF?AH% A?%+E=:D;DFG;<=% CE:;D;U?>?% C89>89Y?%DE>E% :8=D;>EP% 1?%>;:D;=G;<=%>8%4G\T;DD% :8%ECE=8%CF8:% ?A%G9;D89;E%CE:;D;U;:D?%>8% ]F8% DE>E:% AE:% C98G8CDE:% >8% A?% +E=:D;DFG;<=% D;8=8=% 8A% T;:TE% U?AE9H% >8% ]F8% =E% CF8>8% =;% >8Z8%8:D?ZA8G89:8%`89?9]FY?% ?ABF=?%8=D98%8AAE:H% V% ?CF=D?% ?% A?% CE:;Z;A;>?>% >8% ;=D89C98D?9%A?%+E=:D;DFG;<=% :8Bb=% :F%C9EW C;?%A<B;G?%;=D89=?P% ":D?%CE:;Z;A;>?>H%]F8%\EV%:8%?GEB8%8=%8A%G?=E=%`FW 9;:C9F>8=G;?A% >8% A?% d;=D89C98D?G;<=% :;:D8TaD;G?e% >8A% D8MDE% GE=:D;DFW G;E=?AH% ]F8>?% ?=FA?>?% :;% :8% ?:FT8% F=% G9;D89;E% CE:;D;U;:D?H% CF8:% 8AAE% ;TCA;G?9Y?% 98=F=G;?9%?%8=D8=>89%]F8%F=?%+E=:D;DFG;<=% ]F8%8:D?ZA8G8% F=E:% aTZ;DE:% >8% A;Z89D?>% GE=% U;B8=G;?% B8=89?AH% V% ]F8% B?9?=D;S?% 8A% C9;=G;C;E% >8% F=?%C?9D;G;C?G;<=% CEAYD;G?% ;BF?AH% GE=D;8=8% AYT;D8:%8:8=W G;?A8:% ?% :F% C9EC;?% 98@E9T?% E% D9?=:B98:;<=P% 3% :FCE=>9Y?% ?>8Ta:%>8:W GE=EG89% ]F8% 8A% =;U8A% >8% U;B8=G;?% 8@8GD;U?% V% B8=89?A% >8% D?A8:% A;Z89D?W >8:%8:%C98G;:?T8=D8%A?%B?9?=DY?%Ta:%C98G;:?%V%@;9T8%>8% A?%C89T?=8=W G;?% >8% A?% +E=:D;DFG;<= '' P% 1?% C9ECF8:D?%>8% 4G\T;DD%8=% 8:D8%D8998=E% =E% :8%>;9;B8% :;=% 8TZ?9W BE% ?% ?=?A;S?9%E% @F=>?T8=D?9%8:8% =bGA8E%8:8=G;?A% >8% A?% +E=:D;DFG;<=H% :;=E%]F8%:8%A;T;D?%?%CE=89%>8% 98A;8U8%A?%=8G8:;>?>%>8%?D8=>89%?%A?%G?W D8BE9Y?% >8A% CE>89% GE=:D;DFV8=D8H% GETE% GETCE=8=D8% 8:8=G;?A% >8% A?% D8E9Y?% V% 8A% &898G\E% GE=:D;DFG;E=?A8:P% 3% :F% ;=:;:D8=G;?% D;8=8% ?>8Ta:% F=% EZ`8D;UE% @F=>?T8=D?AT8=D8% C9aGD;GEH% V% 8=% GE=:8GF8=G;?% Ta:% A;W T;D?>Ej% :8%D9?D?%>8%;=>?B?9%G<TE%8:%CE:;ZA8%GE=:D;DF;9%F=%":D?>E%Z?W :?>E%8=% F=?%>8G;:;<=% GA?9?%V% @;9T8P% ":D8% 98GE9D8%C9?BTaD;GE% :8% \?G8% U;:;ZA8% 8=% 8A% \8G\E% >8% ]F8H% ?% AE% A?9BE% >8% :F:% 8MCE:;G;E=8:H% 4G\T;DD% =E% >;:D;=BF8% 8=D98% GE=>;G;E=8:% >8% A?% Bc=8:;:% >8% F=% ":D?>E% V%GE=>;W :B

' 59"' CE' t,D%I' oT0(' j&((,+*' 10(' j0(P,99$+*pI$ !"#$C.??.FI' Z' e:;>:fE' ' <9#,' 2$09#)3+' #)0+0' 09@02),%' )+#0(Q9' @,(,' ,@(02),(' %,' ,P)(/,2)3+' 10' J$0' (09L @02#&',%'2&+#(&%'10' %,'2&+9#)#$2)&+,%)1,1'10'%&9'@,(#)1&9'@&%"#)2&9'+$09#(,'d&+9#)#$L 2)3+'09' )10&%3*)2,/0+#0' +0$#(,%I'2&/&'90'/,+#)0+0'@&('0N0/@%&'0+'`E' 10'h##&' .,(L 1&I$A?$)"("1*?$)"$-?$>,1*.'.=/'J1$K$E?#.'),*$E,-I.'/,*F'^,1()1I'dE<EdEI':;>cE' ::


/?@?8A% 5B?C;DE%

*Q%

G;E=8:% >8% :F% @F=>?T8=D?G;<=P% .?9?% cA% 8:% F=?% GF8:D;<=% ]F8% =E% D;8=8% 98:CF8:D?H% E%]F;Sa%]F8% =E%T898G8%A?%C8=?% 9?:D98?9i% ?%8@8GDE:%D8<9;GE:% Z?:D?% GE=% ]F8f9`?% F=% ":D?>E% GE=% 8:?:% G?9?GD89Y:D;G?:P% 1?% 8MCA;G?W G;<=% >8% 8:D8% \8G\E% GE=:D;DFV8% 8A% D89G89% G8=D9E% >8% B9?U8>?>% >8% :F% CA?=D8?T;8=DEP% )P% ":D8% D89G89% aTZ;DE% >8% C9EZA8T?:% D;8=8% :F% CF=DE% >8% C?9D;>?% 8=% A?% GE=:D?D?G;<=% >8% A?% 8M;:D8=G;?% >8% F=#(NG+&+0#(%#,'0)$+(,(#(%8#!/0,()# l8=% A?% 8D?C?% \;:D<9;G?% >8:>8% A?% ]F8% 8:G9;Z8% +P% 4G\T;DDP% 1?% /8CbZA;G?% >8% f8;T?9%:8%GE=:D;DFV8%8=% F=% TET8=DE%8=%]F8%:8%\?G8%V?%;=8U;D?W ZA8%8A% 98GE=EG;T;8=DE%>8% AE:% C?9D;>E:% CEAYD;GE:P% 3%c:DE:% ?C?98G8=%8=% 8:D8% TET8=DE% \;:D<9;GE% ?GF^?>E:%CE9%F=?%@F89D8%G?9B?%GE=:D;DFV8=W D8P% 1?% G9;:;:% >8A% ":D?>E% A;Z89?A% CE9% F=% A?>EH% V%8A% D9?:C?:E%>8% A?% ?FDEW =ETY?% >8A% 98C98:8=D?=D8% CEAYD;GEH% D9?>;G;E=?A% 8=% "F9EC?% >8:>8% A?% /8UEAFG;<=% m9?=G8:?%?%D9?Uc:%>8%A?%@;BF9?%>8A% T?=>?DE%98C98:8=D?D;W UEH% ?%AE:%C?9D;>E:H% 98@F89S?=% A?%D8=>8=G;?%?%A?%?FDE=ET;S?G;<=%>8%c:W DE:% 98:C8GDE%>8% AE:%8A8GDE98:H% AE%GF?A% :8%D9?>FG8%8=%A?%C9aGD;G?%;=8M;:W D8=G;?% >8% AYT;D8:% GE=:D;DFG;E=?A8:% ?% :F% CEAYD;G? '* P% m98=D8% ?% 8AAE% 4G\T;DD% \?G8% EY9% F=?% UES% G9YD;G?% ?A% ?@;9T?9% ]F8% 8A% ":D?>EH% E%Ta:%B8=c9;G?T8=D8% A?%:EZ89?=Y?H% =E%CF8>8%Z?:?9:8%8=% F=?% CAF9?A;>?>%>8% :F`8DE:%d:EZ89?=E:eH%V?%]F8%D?A%GE:?%GETCE9D?%;=8U;D?W ZA8T8=D8% A?% Cc9>;>?% >8% A?% ?FDE9;>?>% >8A% ":D?>EP% +E=% 8AAE% 4G\T;DD% 98GEB8% GE=% GA?9;>?>% A?% =8G8:;>?>% >8% F=?% A;T;D?G;<=% >8% A?% CEAYD;G?% GETE% 98]F;:;DE% 8:8=G;?A% >8A% ":D?>E% GE=:D;DFG;E=?AP% 4;=% 8TZ?9BE% =E% >8:?99EAA?% 8:D?% ;>8?% 8=% >;98GG;<=% ?% F=?% >8A;T;D?G;<=% GE=:D;DFG;E=?A% >8% A?% @F=G;<=% >8% AE% CEAYD;GEH% :;=E% ]F8% A?% FD;A;S?% Ta:%Z;8=% C?9?%8MCA;W G?9%V%`F:D;@;G?9%A?%=8G8:;>?>%>8#'",%CEAYD;G?%GE=:D;DFV8=D8P% 4F%D8T?%8:% G<TE% GE=:D;DF;9% F=% ":D?>EH% G<TE% 8=D8=>89% A?% +E=:D;DFG;<=% GETE% ;=:D9FT8=DE%>8%@E9T?G;<=% >8A% ":D?>EH% =E%8=%G?TZ;E%G<TE%>;:G;CA;W =?9% 8A% d":D?>Ee% Z?`E% F=?% +E=:D;DFG;<=P% 7?A8% A?% C8=?% 98GE=:D9F;9% AE:% C?:E:% 8=% AE:% ]F8% 4G\T;DD% U?% C89@;W A?=>E% A?% @;BF9?% >8% 8:?% UEAF=D?>% GE=:D;DFV8=D8H% CE9]F8% 8AAE% C89T;D8% ?>U89D;9% D?TZ;c=% ?:C8GDE:%>8% :F% GE=D8=;>E%V% A?:%GE=:8GF8=G;?:% ?% A?:% ]F8%GE=>FG8P% 1?%;=>?B?G;<=%>8%4G\T;DD%>8Z8%8=%C?9D8%:F%?TCA;DF>%?% :F% C89:C8GD;U?% :EZ98% A?% \;:DE9;?H% ?GF^?>?% CE9%:F% =8B?D;U?% ?% 98GE=EW G89%8=%8AA?%A8V%?ABF=?i%:8%TF8U8%8=%8A%GE=D8MDE%;=D8A8GDF?A%>8%A?%>;GEW DETY?%8=D98%G;8=G;?:%>8%A?%=?DF9?A8S?%V%G;8=G;?:%>8A%8:CY9;DFH%V%8:%8U;W 69

$;')2','09#0'(09@02#&'CE'10'5*,@)#&'[0((,+&I$@*.?),$/,1*.'.=/',1?-$K$E#,/"*,$E,-I.'/,F$ <1E' 7+)8E' 10'[,%,/,+2,I' :;>;I'0+'@,(#)2$%,('0%',@,(#,1&'9&F(0'oH,')10,'10'%,'(0@(0L 90+#,2)3+' @&%"#)2,pI' @@E' :c;L:>cE'


6=D9E>FGG;<=%

*'%

>8=D8% :F% :8=:;Z;A;>?>% \?G;?% AE:% CA?=D8?T;8=DE:% \;:DE9;G;:D?:% >8=D9E% >8% 8:D?:% bAD;T?:')P% &8% ?\Y% 8MD9?8% C?9D8% >8% :F:% ?9BFT8=DE:% C?9?% 8A% ?=aA;:;:% G9YD;GE% :EZ98% A?% @E9T?G;<=% >8A% ":D?>EP% .89E% 8:% D?TZ;c=% G?9?GD89Y:D;GE% >8% :F% C8=:?T;8=DE% 8A% \8G\E% >8% ]F8% :8% TF8U8% Y=D8B9?T8=D8% 8=% 8A% :8=E% >8% 8:?% >;GEDETY?H% :;=% ;9% 8=% =;=Bb=% TET8=DE% Ta:% ?AAa% >8% 8AA?H% AE% ]F8% D;8=8% GETE% GE=:8GF8=G;?% A?% 98=F=G;?% ?% C89G;Z;9% ?ABF=?% 9?S<=% 8=% A?% \;:DE9;?P% "=% Dc9T;=E:% ?GW DF?A8:% A?% CE:;G;<=% >8% 4G\T;DD% CE>9Y?%@E9TFA?9:8% GETE% :;BF8j% A?% \;:W DE9;?% =E% :8% >8`?% 98>FG;9%>8:>8% F=?% C89:C8GD;U?% F% EZ`8D;UE% ?=?AYD;GE:i% 8:% ?ABE% ;=?Z?9G?ZA8H% V% :F% >8:?99EAAE% U?% CE=;8=>E% F=?% V% ED9?% U8S% >8% T?=;@;8:DE% A?% 98A?D;U;>?>%>8%GF?A]F;89%C?FD?%E%G9;D89;E%E9>8=?>E9%>8% A?% 98?A;>?>% \;:D<9;G?H% V?% :8?% c:D8% D8<9;GE% E% C9aGD;GEH% V?% D;8=>?% ?% F=?% 8MCA;G?G;<=%G;8=DY@;GEWG?F:?A%E%?%F=?%E9>8=?G;<=% C98:G9;CD;U?H%8:%>8W G;9H% `F9Y>;G?% E% TE9?AH% >8% 8:?% 98?A;>?>P% 4EZ98%8:D?%Z?:8%4G\T;DD%8=D;8=>8%]F8% A?%C98BF=D?%CE9%A?%CE:;Z;A;W >?>%>8% F=?% CEAYD;G?%GE=:D;DFV8=D8%>8Z8% CA?=D8?9:8%>8A% TE>E% Ta:%9?W >;G?AP% .?9?%cA% =E%G?Z8%?CA;G?9%>898G\E%?ABF=E%?%F=%G?E:P% ":%=8G8:?9;E% ]F8%A?%98?A;>?>%?%A?%]F8%:8%?CA;G?%A?%=E9T?%8:Dc%C98U;?T8=D8%GE=@;BFW 9?>?% >8% ?ABb=% TE>EP% 3% 8AAE% A8% AA8U?% ?% CE:DFA?9% A?% =8G8:;>?>% >8% F=?% ?FDE9;>?>% GETE% 98]F;:;DE%C98U;E%?%8:?% CE:;Z;A;>?>%>8%A?%U;B8=G;?%>8A% >898G\EP% &8% @E9T?% GE\898=D8% 4G\T;DD% 98GF998% ?]FY% ?% ?ABF=?:% >8% A?:% CE:;G;E=8:% D8<9;G?:% GE=G89=;8=D8:% ?A% E9;B8=% >8A% ":D?>E% A;Z89?AP% 5>FG8%CE9%F=% A?>E%A?%`F:D;@;G?G;<=%>8%_E>;=E%C?9?%A?%F=;@;G?G;<=% >8A% CE>89%8=% 8A% :EZ89?=EH% A?%GE=G8=D9?G;<=%>8%A?%@?GFAD?>% A8B;:A?D;U?% 8=% F=% b=;GE% :F`8DE% @98=D8% :F% @9?BT8=D?G;<=% 8=% 8A% n8>;E8UEi% V% CE9% 8A% ED9E% D9?8% D?TZ;c=% ?% GEA?G;<=% ?% AE:% ?FDE98:% ]F8% \?=% E@98G;>E% F=?% `F:D;@;G?G;<=% >8TEG9aD;G?% >8% 8:8% CE>89% GE=G8=D9?>E% 8=% 8A% :EZ89?=EH% 8=%8A% ":D?>EP% +E=% =ED?ZA8%?BF>8S?%CE=8%>8%T?=;@;8:DE%A?%98A?G;<=%>8% oEZZ8:% GE=% A?% @F=>?T8=D?G;<=% D8<9;G?% 9?>;G?A% >8A% C9;=G;C;E%>8TEW G9aD;GEH% 8=% 8A% :8=D;>E% >8% ]F8% :<AE% G?Z8% F=% :EZ89?=EH% 8:% >8G;9H% F=?% ;=:D?=G;?% CE9% 8=G;T?% >8% A?:% CE:;G;E=8:% C?9D;GFA?98:% 8=% GE=@A;GDEH% GF?=>E#0)()/%D9?=:@;898=%?%cA%:F%CE>89%V%:8%:ET8D8=%?%cA%CE9%;BF?AP% &8% /EF::8?F% DET?% A?% ;>8?% ]F8% A?% :EZ89?=Y?% 8:% ;=U;:;ZA8% 8% ;=>8A8W B?ZA8P% 1E%]F8%4G\T;DD%=E%C89G;Z8H%E% =E% A8% ;=D898:?% C89G;Z;9H%8=%8:D?%D9?W >;G;<=% 8:%8A% \8G\E%>8% ]F8% A?%`F:D;@;G?G;<=% >8% _E>;=E% :8% @F=>?%8=% A?:% A8V8:% @F=>?T8=D?A8:%>8A% /8;=EH% V% ]F8%c:D?:%GE=D;8=8=% AYT;D8:%`F9Y>;W :\

'<+'09#0'2&+#0n#&'(09$%#,'2%,80'%,'&F(,'10'[2D/)##I$+,-'.'*/0"$30",-,&'"2$ ;'"#$N?B E'."-$LO3$A"0#"$5,1$)"#$C,=5"#P1'.P.'10':;AAI'#(,1E'09@E$3",-,&I?$+,-I.'/?F':;Z:E'


/?@?8A% 5B?C;DE%

**%

GE:% ?A% :EZ89?=Ei% ]F8% A?% GE=G8=D9?G;<=% >8A% CE>89% 8=% 8A% :EZ89?=E% =E% 8MGAFV8% 8:E:% AYT;D8:% `F9Y>;GE:i% ]F8% 8=% _E>;=E%?CF=D?=% V?% A?% C9EC;8W >?>% V% A?% A;Z89D?>% GETE% 8A8T8=DE:% ]F8% `F:D;@;G?=% 8:?% GE=G8=D9?G;<=% >8% A?% @F=G;<=% A8B;:A?D;U?% 8=% 8A% :EZ89?=EP% 3% =E% C?98G8% ?>U89D;9% D?TW CEGE% ]F8% A?% `F:D;@;G?G;<=% >8A% C9;=G;C;E% >8TEG9aD;GE% 8=% C8=:?>E98:% 9?>;G?A8:% GETE% oEZZ8:% V% /EF::8?F% D;8=8% GETE% GE9EA?9;E% A?% =8G8:;W >?>%>8% ]F8%8A% C?GDE%E%8A% GE=D9?DE%U;=GFA8=% A?% ?GD;U;>?>%`F9Y>;G?% CE:W D89;E9%>8A% :EZ89?=E%?A%EZ`8D;U;:TE%T;:TE%>8A% C?GDEj% 8A%>898G\E%D;8=8% ]F8% 98:CE=>89%>8%]F8% :F:%GE=D8=;>E:% :8% ?`F:D?=% ?%8:8%EZ`8D;UE%E9;B;W =?9;EP% 4;% =E% AE% \?G8H% :;% 8A% :EZ89?=E% :8% UF8AU8% ;=:D?=G;?% C?9G;?AH% E% :8% \?G8% C?9D8% 8=% 8A% GE=@A;GDEH% E% :;% =E% 98:CE=>8% ?% A?% UEAF=D?>% B8=89?AH% >8:?C?98G8%GETE%D?AP% "A% ]F8% =;=BF=E%>8%8:DE:%>E:%?FDE98:%>8:?99EAA8% 8=% GE=G98DE% F=% :;:D8T?% >8% B?9?=DY?:% V%GE=D9EA8:% C?9?% 8AAE% =E% ]F;898% >8G;9% ]F8% =E% 8:Dc% GA?9E% :F% EZ`8D;UEP% 4G\T;DD%:8%U;=GFA?%?% A?%D9?>;G;<=% 9?>;G?A% >8%A?% "F9EC?%GE=D;=8=W D?AH% V% C?:?% >8% A?9BE% ?=D8% AE:% >8:?99EAAE:% >8A% TE>8AE% ?=BAE:?`<=P% "=% C?9D;GFA?9% =E% D;8=8% 8=% GF8=D?% 8:8% AEB9E% 8:C8GY@;GE% >8% 8:D8% TE>8AE% ]F8%GE=:;:D8%8=%8=D8=>89%A?%U;B8=G;?%B8=89?A%>8% AE:%>898G\E:%V%A;Z89W D?>8:%h>8:>8% AF8BE%98GE9D?>?%8=%AE:%GET;8=SE:h#0,"0)#,#0$,JN/#(%#/'# -,$,"07,#K'(+&+,8#&)*)#(%/(%#8,#>,$0+&+>,&+A"#>)870+&,H%V%CE9%AE%D?=DE%GETE%AYW T;D8:%V%?A% T;:TE%D;8TCE%GETE%>8D89T;=?=D8:%>8A%EZ`8D;UE%V% A?%GE=W @;BF9?G;<=% GE=:D;DFG;E=?A8:% >8% A?% CEAYD;G?% V% >8% A?% E9Ba=;G?% GE=:D;DFW G;E=?A% 8=% :F% GE=`F=DE 'I P% m98=D8%?%8AAE%4G\T;DD%:8% ;=GA;=?%?%8=D8=>89%A?%UEAF=D?>%GE=:D;DFW V8=D8% 8=% 8A% :8=D;>E% 9?>;G?A% C98GE=;S?>E% 8=% 8A% T?9GE% >8% A?% /8UEAFW G;<=% m9?=G8:?P% 5]FY% 8A% CE>89%GE=:D;DFV8=D8% ?C?98G8%GETE% ?Z:EAFDEH% GETE% :F`8DE% bAD;TE% G?C?S% >8% >8D89T;=?9% GE=% 8=D89?% A;Z89D?>% AE:% GE=D8=;>E:% >8% A?%+E=:D;DFG;<=% ]F8% ;TCE=B?P% ":D8%G?9aGD89%?Z:EAFDE% ?C?98G8% 98@A8`?>E% GE=% GA?9;>?>% 8=% A?% ;>8?H% ]F8% ?>]F;898% ?TCA;E% 8GE% 8=% A?% 5:?TZA8?%GE=:D;DFV8=D8H%>8%]F8%F=?%B8=89?G;<=% =E%D;8=8%>898W G\E% ?% ;TCE=89% V% A;T;D?9% A?% G?C?G;>?>% >8% >8G;:;<=% >8% A?:% B8=89?G;EW =8:% FAD89;E98:'Xi% pGETE% :;% A?% B?9?=DY?% 8@8GD;U?% V% GE=D;=F?>?% >8% F=?% >8D89T;=?>?% A;Z89D?>% ;=D89:FZ`8D;U?% =E% CF>;89?% GE=:;>89?9:8% >ED?>?% >8% :8=D;>E% C?9?% GF?A]F;89% B8=89?G;<=q% 5% 4G\T;DDH% ]F8% DET?% C;8% 8=% F=?% GE=G8CG<=% ?Z;89D?% >8% A?% \;:DE9;?H% A8% ;=D898:?% >8:D?G?9H% :;=% 8TW 6G

$ ;')2'CE'10'5*,@)#&'[0((,+&I$@*.?),$/,1*.'.=/',1?-$K$E#,/"*,$E,-I.'/,F'2)#E' $ ;')2'qE'H&0_0+9#0)+I$;,-Q$=1)$+?#-?:"1.$1?/0$)"#$C.??.?*.0",1"$)"#$(#?1RS*'*/0"1$ T?.',1?-5"#*?::-=1&$5,1$6LM7'e:;AAfI'5'5%0+I':;bZE'.E'10'j0*,I$A?$#"(,#:?$/,1*.'.=/',B 1?-$K$-?$E#,D-":U.'/?$)"-$E,)"#$/,1*.'.=K"1."F'^,1()1I'!02+&9I':;>cE' 6H


6=D9E>FGG;<=%

*)%

Z?9BEH% 8A% G?9aGD89% ?Z:EAFDEH% A;Z98% >8% GF?A]F;89% D9?Z?H% >8% 8:8% CE>89% GE=:D;DFV8=D8P% +E=% 8:D?% GE=G8CG;<=% >8A% CE>89% GE=:D;DFV8=D8H% ]F8% :FCE=8% 8=W D8=>89% GETE% :EZ89?=E% A?% T89?% UEAF=D?>% :FZ`8D;U?% V% 8TCY9;G?% >8A% CF8ZAEH% 4G\T;DD% 98:FG;D?% >8% =F8UE% A?% U;8`?% GF8:D;<=H% 8=% 8A% @E=>E% ?CE9cD;G?H% >8% G<TE% GE=:8BF;9% F=;@;G?9H% GE=@89;9%F=% :8=D;>E% E%>;98GW G;<=%GETb=H%?%A?%UEAF=D?>%CF9?T8=D8%:FZ`8D;U?%>8%AE:%;=>;U;>FE:P% 5%A?%\E9?%>8%>8@;=;9%A?%G?D8BE9Y?%>8%CF8ZAE%GETE%:F:D9?DE%\ETEW Bc=8E% >8A% ":D?>E% A?% ?9BFT8=D?G;<=% >8% 4G\T;DD% :8% DE9=?% G;9GFA?9P% .E9%F=?% C?9D8H% V%>8:>8% F=?% <CD;G?% \;:DE9;G;:D?H% 4G\T;DD% 98T;D8% ?% AE:% GETCA8`E:% >8% C?FD?:H% GE:DFTZ98:H% 8DGPH% GETE%GE=:D;DFD;UE:% >8A% CF8W ZAEH% CE9]F8% GE=@;BF9?=% :F% ;>8=D;>?>% @98=D8% ?% ED9E:% CF8ZAE:P% .89E% CE9%ED9?% C?9D8% :8^?A?%]F8%8:?:% C?FD?:% =E% :E=% :F@;G;8=D8:% C?9?%>?9% AFW B?9%?%F=?%>8G;:;<=% @;9T8% V%GA?9?% :EZ98%8:?% T;:T?%;>8=D;>?>P% "=% bAD;W TE% 8MD98TEH% V% :;BF;8=>E% 8=% C?9D8% 8:]F8T?:% >8% C8=:?T;8=DE% \898W >?>E:% >8% A?% 6AF:D9?G;<=H% ?:FT8%]F8%8A% CF8ZAE%=E%8:%G?C?*%>8%@E9T?9% CE9% :Y% T;:TE% F=?% UEAF=D?>% F=;D?9;?H% ]F8% =8G8:;D?% ?ABE% ]F8% CE>9Y?% 8=D8=>89:8% GETE% F=% ;=Dc9C98D8% >8% :F% C9EC;?% UEAF=D?>% L?ABE% ]F8% 98W GF89>?% ?A% A8B;:A?>E9% ;AF:D9?>EH% V% ]F8% ?C?98G8% 8=% 8A% T;:TE% /EF:W :8?FN%H<P% /8:FAD?%GA?9EH% CE9% AE% D?=DEH% ]F8% 4G\T;DD% CA?=D8?%8A% GE=G8CDE%>8A% :EZ89?=E%?b=%8=%8A%T?9GE%V%>8:>8%AE:%AYT;D8:%>8%A?%D9?>;G;<=%8F9EC8?% GE=D;=8=D?Ai% ]F8% :;BF8% ?b=% ?C98:?>E% 8=% 8A% dGE=@A;GDE% >8% :EZ89?W =Y?e'RH%]F8%>F9?=D8%8A% :;BAE%M;MH%V%CE9%@?AD?%>8%F=?%GETC98=:;<=%?>8W GF?>?%>8%A?%98A?G;<=%8=D98%A?%=8G8:;>?>%>8%?FDE9;>?>%>8A% ":D?>E%V%:F% A8B;D;T?G;<=%>8TEG9aD;G?H%B8=89?% ;=G89D;>FTZ98%98:C8GDE%>8% A?%A8B;W D;T?G;<=% >8A% ":D?>EH% ?D9;ZF;>E% F=?:% U8G8:% ?A% <9B?=E% 8`8GFD;UE% V% ED9?:% ?A% A8B;:A?D;UEP% 1E% ]F8% ;=D898:?% >8:D?G?9% 8:% ]F8% 4G\T;DD% :;BF8% @E9TFA?=>E% A?% C98BF=D?% >8#H'+N"%8:% 8A% :EZ89?=EH% =E% A?% >8# &A*)%8:% 8A% :EZ89?=EP% .?9?% cA% 8A% :EZ89?=E% :;BF8% :;8=>E% F=% :F`8DE% 8=% ?Z:D9?GDEH% F=?% UEAF=D?>% :;=% 98@898=G;?% ?% F=% GE=D8=;>E% `F9Y>;GE% GE=G98DEP% &8% ?\Y%]F8%:EZ89?=E%:8?%C?9?%cA% :;TCA8T8=D8%?]F8A%]F8%GE=:;BF8%;TCEW =89% F=?% >8G;:;<=% @F=>?T8=D?A% 8=% F=?% :;DF?G;<=% 8MG8CG;E=?A '[ P%

6V

$ ;')2$ 3",#I?$)"$-?$>,1*.'.=/'J1F'2)#EI'@@E' ABc'='99E' ' <+' 0%' 90+#)1&'10'^E' q()0%0I$W1.#,)=//'J1$?$-?$.",#I?$)"-$@*.?),F' Y$0+&9' 5)(09I' :;>BI' @@E' \>c' =' 99E' :> ' o[&F0(,+&' 09' J$)0+' 102)10' 9&F(0' %,' 9)#$,2)3+' 0n20@2)&+,%pI' ,9"' 2&/)0+6,' 9$' &F(,$3",-,&I?$+,-I.'/?'10':;AAE' :S


/?@?8A% 5B?C;DE%

*I% 6 6%

H!1# F84F<D78# 6<# 18# D81E72F8I# "A% ?=aA;:;:% >8% A?:% GF8:D;E=8:% ]F8% CA?=D8?% 8A% GE=D8MDE% \;:D<9;GE% V% GE=:D;DFG;E=?A%8=%8A% ]F8%:8% TF8U8%+P% 4G\T;DD%A8%AA8U?%CF8:%?%F=?% 98W @A8M;<=% G9YD;G?% :EZ98% 8A% ":D?>E% A;Z89?AP% "=% 98?A;>?>% CE>9Y?TE:% >8G;9% ]F8% AE%]F8% :8% C9ECE=8H% FD;A;S?=>E% F=% Dc9T;=E% ?GDF?AH% 8:% A?%d>8GE=:W D9FGG;<=e% >8A% GETCA8`E% >8% G9;D89;E:% >8% A8B;D;T?G;<=% V% >8% T8G?=;:W TE:% >8% B?9?=DY?:% ]F8% GE=@;BF9?=% 8A% ":D?>E% A;Z89?AH% E% Ta:% 8M?GD?W T8=D8% :F% U89:;<=% A;Z89?AWZF9BF8:?H% 8=% A?% "F9EC?% GE=D;=8=D?AP% 'P% 4F% ?9BFT8=D?G;<=% :8% >;9;B8H% 8=% C9;T89% AFB?9H% GE=D9?% 8A% G9;W D89;E% >8% A8B;D;T?G;<=% >8% 8:?% @E9T?% >8% ":D?>EH% V% :8% CA?:T?% 8=% F=?% G9YD;G?% ;>8EA<B;G?% >8% :F% @F=>?T8=D?G;<=% TE9?AP% .?9?% 4G\T;DD% A?% GE=G8CG;<=% A;Z89?A% 98CE:?%:EZ98%F=?%Z?:8%d\FT?=;D?9;?eH% ]F8% =E%D;8W =8% ED9E% ?CEVE% ]F8% 8A% >8% A?% TE9?AH% V% A8% ECE=8% AE% ]F8% CE>9Y?TE:% AA?W T?9% F=% d98?A;:TE% :EG;EA<B;GEeH% D?=DE% Ta:% CA?F:;ZA8%8=% 8:8%GE=D8MDE% \;:D<9;GE% GF?=DE% ]F8% 8=% cA% GE;=G;>8=% C89:C8GD;U?:% CE9% AE% >8Ta:% D?=% >;:D?=D8:% GETE% A?% G9YD;G?% T?9M;:D?% V% 8A% 8=@E]F8% :EG;EA<B;GE% >8% f8W Z89P% &8:>8% cA% CE=8% >8% 98A;8U8% A?% @?AD?% >8% DE>E% :F:D8=DE% 98?A% C?9?% A?% @F=>?T8=D?G;<=% ;=>;U;>F?A;:D?% >8A% A;Z89?A;:TEWZF9BFc:P% .89E%8A% ?=aA;:;:%>8%4G\T;DD%D;8=8%F=% ?AG?=G8%Ta:%?TCA;EP% "=% 98?W A;>?>% :8%E9;8=D?%GE=D9?%GF?A]F;89%@F=>?T8=D?G;<=%TE9?A%>8A% ":D?>EH% AE% ]F8% :;Db?% :F% CE:;G;<=% 8=% A?% T;:T?% AY=8?% >8% :8GFA?9;S?G;<=% >8% A?% CEAYD;G?% ]F8% ;=;G;?% n?]F;?U8AE% V% ]F8% :8% >8:?99EAA?% ?TCA;?T8=D8% 8=% A?% 6AF:D9?G;<=% @9?=G8:?P% "=% A?% D9?>;G;<=% >8% A?% G9YD;G?% ;>8EA<B;G?'(H% A?% TE9?A%GETE%98C98:8=D?G;<=%:<AE%:FZ`8D;U?%>8%AE%]F8%>8Z8%:89%=E%C89W T;D8% AA8B?9% ?% F=?% 98C98:8=D?G;<=% b=;G?% V% >8@;=;D;U?% ]F8% :8?% U;=GFW A?=D8% C?9?% DE>E:H% V% GF?=>E% :8% ;TCE=8% F=?%>8D89T;=?>?% ;>8?% TE9?AH% c:D?% =E% \?G8% Ta:%]F8%8=GFZ9;9%V%U;EA8=D?9%A?:%>;@898=G;?:%V%A?%>;U89W :;>?>%>8% A?% 98?A;>?>% :EG;?AP% "=%GF?A]F;89%G?:E%F=?%E9;8=D?G;<=% TE9?A% ;B=E9?H% ;=D8=G;E=?>?T8=D8% E% =EH% A?% C98:8=G;?% >8A% CE>89%8=% A?:% 98A?W G;E=8:% :EG;?A8:% V% A?% =8G8:;>?>% >8% CE>89% C?9?% 98:EAU89%AE:% C9EZA8T?:% ]F8% :8% :F:G;D?=% 8=% 8AA?:P% 5\E9?% Z;8=H% 8=% 4G\T;DD% 8:D?% G9YD;G?% ?% A?% TE9?A% :8% 8MD;8=>8% D?TW Z;c=% ?A% >ET;=;E%>8A% >898G\Ej% =E% \?V%8=% cA% F=?%>;:D;=G;<=% =YD;>?%8=W :;

'dP(E'%,'`+#(&1$22)3+'10'qE'H0+U',$W)",-,&'"2$W)",-,&'"Q#'.'Q$=1)$X'**"1**,R',-,&'"F$ a0$_)01I' :;>:' e#(,1E'09@E$@-$/,1/"E.,$)"$')",-,&I?F' Y$0+&9'5)(09I' :;SZfE'


6=D9E>FGG;<=%

*X%

D98% AE:% >ET;=;E:% TE9?A% V% `F9Y>;GEH% :;=E% ]F8% 8=D;8=>8% 8A% >898G\E% D?A% :<AE%GETE% A?%@E9TFA?G;<=%>8%F=% >8Z89%:89H%V%A8%?CA;G?% ;=>;:G9;T;=?W >?T8=D8% :F:% ?9BFT8=DE:% GE=D9?% 8A% CA?=D8?T;8=DE% TE9?AP% ,E% C98:D?% ?D8=G;<=H% E% =E% ?D9;ZFV8% U?AE9H% ?A% =8ME% >8% ;>8?:% ]F8% EC89?=% 8=% AE:% ;=;G;E:% >8A% ":D?>E% GE=:D;DFG;E=?AH% V% ]F8% >8@;=8=% 8A% >898G\E% GETE% F=?%UY?%?>8GF?>?% C?9?%@F=>?9%F=%E9>8=% :EG;?A%Z?:?>E%8=% A?% A;Z89D?>P% "=%8:?%T8>;>?%4G\T;DD%CA?=D8?% A?%GE=:D;DFG;<=%>8% A?%F=;>?>%CEAYD;G?% >8A% ":D?>E% GE=% ;=>8C8=>8=G;?% >8% :F% 98A?G;<=% GE=% 8A% >898G\EP% "A% ?=aA;:;:% >8% 4G\T;DD% U?% ?b=% Ta:% A8`E:H% CF8:% GE=% :F% G9YD;G?% ?% A?% @F=>?T8=D?G;<=% TE9?A% >8A% ":D?>E% 98G\?S?% D?TZ;c=% A?% `F:D;@;G?G;<=% >8A% ":D?>E%CE9%98@898=G;?%?%AE:%;=>;U;>FE:H%?%A?%:EG;8>?>P% m98=D8%?%A?% `F:D;@;G?G;<=% d\FT?=;D?9;?e%4G\T;DD%CE=8%8=% C9;T89%Dc9T;=E%?A% B9FW CEH% ?F=]F8% c:D8% :8?% D?=% ?TCA;E% GETE% 8A% C9EC;E% CF8ZAE% >8% F=% ":D?W >EP% "=% DE>E% G?:E% 8A% :F`8DE% 8:% :;8TC98% GEA8GD;UEH% =E% ;=>;U;>F?AP% "=% :8BF=>E% AFB?9%4G\T;DD% AA8U?%?%G?ZE%F=?%G9YD;G?%>8% A?:% ;=:D;DFW G;E=8:%>8A% ":D?>E% A;Z89?AWZF9BFc:%>8A% M;MH%8TC8S?=>E%CE9%A?% ;>8?%>8% A?%A8V%GETE%=E9T?%B8=89?AP% &8`?=>E%>8%A?>E%:F%8:G8CD;G;:TE%98:C8GW DE% ?% A?% CE:;Z;A;>?>% >8% AA8B?9%?% F=% ?GF89>E% >8% G?9aGD89%B8=89?A% 8=% F=% =8ME% :EG;?A% GETCF8:DE% CE9% ;=D898:8:% GE=D9?CF8:DE:H% A?% ;>8?% A;Z89?A% >8% F=% ":D?>E%8=% 8A% ]F8%BEZ;89=?=% A?:% A8V8:%D;8=8%C?9?%cA% GE=:8GF8=W G;?:% =E% >8:8?ZA8:j% :FCE=8% A?%C98D8=:;<=% >8%]F8% A?% ?GG;<=% >8A% ":D?>E% :8?% C98U;:;ZA8H% G?AGFA?ZA8% 8=% DE>E% TET8=DEH% V%8AAE% 8=D9?^?% A?% >8:?W C?9;G;<=% >8A% TET8=DE% >8% CE>89H% >8% 8:8% TET8=DE% CEAYD;GE% ]F8% 8:% ;998=F=G;?ZA8%C?9?%]F8%8A% ":D?>E%CF8>?%GFTCA;9%:F%@F=G;<=%>8%T?=W D8=89% A?% F=;>?>% 8% ;>8=D;>?>% CEAYD;G?:% >8% F=% CF8ZAEP% 4F% FAD89;E9% G9YD;G?% ?A% C?9A?T8=D?9;:TE% :8% Z?:?% 8=% A?% C89G8CG;<=% G89D89?% >8% ]F8% A?% >8TEG9?G;?% =E% :8% GETC?B;=?% :;=% GE=D9?>;GG;<=% GE=% A?% ;>8?% A;Z89?A% >8A% T?=>?DE% 98C98:8=D?D;UEH% 8:% >8G;9H% >8% F=?% 98W C98:8=D?G;<=% CEAYD;G?% Z?:?>?%8=% A?%EC;=;<=% V%8=%8A%`F;G;E%?FD<=ETE:% >8A% 98C98:8=D?=D8P% 3% @;=?AT8=D8H% A?%>8@8=:?% >8% A?% 8M;:D8=G;?% >8% GE=W D9EA8:% 98GYC9EGE:% 8=D98% AE:% <9B?=E:% :FC89;E98:% >8A% ":D?>E% A8% C?98G8% F=% T8G?=;:TE% ]F8% CF8>8% >8Z;A;D?9% A?% ?FDE9;>?>% >8A% ":D?>EP% *P% /8:FAD?%CF8:%=8G8:?9;E%;=U8:D;B?9%8A% TET8=DE%E9;B;=?9;E%>8% A?% GE=:D;DFG;<=% >8% A?% F=;>?>% CEAYD;G?% >8A% ":D?>EH% V% ZF:G?9% 8=% cA% 8A% 8A8T8=DE% 8:8=G;?A% ]F8% C89T;D?% 8MCA;G?9% G<TE% :8% @E9T?% V% G<TE% :8% T?=D;8=8% A?% ;>8=D;>?>%>8A% ":D?>EP% ":8%8A8T8=DE% \?%>8% ZF:G?9:8H% :8W Bb=% 4G\T;DDH% 8=% A?% 8:8=G;?% >8% AE% CEAYD;GEP% 5\E9?%Z;8=H% 4G\T;DD% =E%G988% ]F8% A?% :EAFG;<=% ?%8:DE:%;=D899EB?=W D8:%CF8>?%:89%\?AA?>?%CE9%T8>;E%>8% A?%GE=:D9FGG;<=%>8%F=?%:;DF?G;<=% ;=;G;?AH% >8% F=% 8:D?>E% =?DF9?AH% GETE% \?G8% A?%D8E9Y?%GE=D9?GDF?A;:D?%8=%


*J%

/?@?8A% 5B?C;DE%

8A% A;Z89?A;:TE%D8TC9?=EP% ":8%8:D?>E%=?DF9?AH%E%8:?%:;DF?G;<=%E9;B;=?W 9;?H% 8=% D89T;=EAEBY?% >8% A?% D8E9Y?% =8EGE=D9?GDF?A;:D?% ?GDF?AH% =E% 8:% C?9?%4G\T;DD%Ta:%]F8%F=?% @;GG;<=H% ]F8%=E%:8%?`F:D?%?%A?%>;U89:;>?>%>8% A?:% :;DF?G;E=8:% CE:;ZA8:% 8=% 8A% TF=>E% \;:D<9;GE% >8% AE:% \ETZ98:P% "=% 98?A;>?>% :F% EZ`8G;<=% ?% 8:D8% TE>E% >8% EC89?9% 8:% ]F8% =E% D;8=8% :8=D;>E% GE=:D9F;9% F=?% b=;G?% @;BF9?% >8% 8:D?>E% =?DF9?AH% V?% ]F8% 8=% A?% \;:DE9;?% G?Z8=% D?=D?:% :;DF?G;E=8:% E9;B;=?A8:% GETE% CF8>?=% GE=G8Z;9:8P% "=% GE=:8GF8=G;?% AE% ]F8% \?% >8% DET?9:8% 8=% GE=:;>89?G;<=% 8:% :<AE% 8A% G?W 9aGD89% 8MG8CG;E=?A% >8% A?% :;DF?G;<=% >8% C?9D;>?H% :8?% GF?A% :8?% :F% GE=D8W =;>EP% ,E% G?Z8% CF8:% ZF:G?9% E% 8:C89?9% F=?% `F:D;@;G?G;<=% >8% A?% G98?G;<=% >8A% ":D?>E% =;% GE=% A?:% \899?T;8=D?:% >8% A?% A<B;G?% hGETE% >89;U?G;<=% ?%C?9D;9%>8%F=?%GE=:D9FGG;<=% D8<9;G?%8:C8GY@;G?%>8A%8:D?>E%=?DF9?AhH% =;% D?TCEGE% >8:>8% F=?% 8MCA;G?G;<=% 8TCY9;G?% ?% C?9D;9% >8A% ;=D89c:% >8% AE:% \ETZ98:H% ?%C?9D;9%>8%?9BFT8=DE:%>8%D;CE%FD;A;D?9;:D?P% 1E%]F8%8:Da% 8=% 8A% C9;=G;C;E%>8A% ":D?>EH% V% AE%]F8% A8% :;9U8%>8% @F=>?T8=DEH%8:% :;TW CA8T8=D8%F=?%>8G;:;<=P% "=%8A% E9;B8=%8:Da%8A% :EZ89?=EH%V%c:D8%:8%;>8=W D;@;G?% GE=% A?% >8G;:;<=% CEAYD;G?P% 1E% CEAYD;GE% :8% >8@;=8% ?:Y% GETE%F=?%>8G;:;<=% GE=:D;DFD;U?%V%CEAcW T;G?P% ":%GE=:D;DFD;U?%CE9]F8%8:%?%D9?Uc:%>8%8AA?%GETE%:8%>8@;=8=%E%:8% >8D89T;=?=% AE:% GE=D8=;>E:% 8=% DE9=E% ?% AE:% GF?A8:% :8% U?% ?% GE=@;BF9?9% A?% ;>8=D;>?>%>8% F=% CF8ZAE% @98=D8% ?% ED9EP% 48%D9?D?%>8% F=?%>8G;:;<=%>8% G?9aGD89%CbZA;GEH%8=%8A% :8=D;>E%>8%]F8%=E%D;8=8%]F8%U89%GE=% AE:%:8=D;W T;8=DE:% E% ;=D898:8:% ;=>;U;>F?A8:% E% C9;U?>E:H% :;=E% GE=% ?ABE% ]F8% @F=W >?% F=?% 98A?G;<=% 8=D98% CF8ZAE:P% 3% 8:% CEAcT;G?%CE9]F8%GE=% 8AA?% :8%8:W D?ZA8G8% AE%CEAYD;GE%GETE% 98A?G;<=% ?T;BEW8=8T;BEH%D?=DE% \?G;?%8A%8MW D89;E9H%8=% A?% 98A?G;<=%GE=%ED9E:%CF8ZAE:%E%":D?>E:H%GETE%\?G;?%8A% ;=W D89;E9H% @98=D8% ?% ?]F8AAE:% ]F8% =E% GETC?9D8=% E% 98:C8D?=% A?% ;>8=D;>?>% GE=G98D?% V% 8:C8GY@;G?% >8A% ":D?>EP% 1?% @F=G;<=% >8% AE% CEAYD;GEH% >8% 8:?% >8G;:;<=%E9;B;=?9;?H%8:%CF8:%A?%>8%?B9FC?9%?A%CF8ZAE%8=%DE9=E%?%F=%>8W D89T;=?>E%GE=D8=;>E%@F=>?T8=D?AH% V%>8@8=>89AE%@98=D8%?% AE:%]F8%=E% GETC?9D8=% 8:?% ;>8=D;>?>H% V?% C9EG8>?=% >8A% 8MD89;E9% E% >8A% ;=D89;E9P% ":D?% >8G;:;<=% :8% G?9?GD89;S?% ?>8Ta:% CE9]F8% G?98G8% >8% F=% EZ`8DE% >8D89T;=?>EP% "=% C9;=G;C;E% DE>E% D8T?% E% T?D89;?% CF8>8% GE=U89D;9:8% 8=% GF8:D;<=% CEAcT;G?H% V% C9EUEG?9% A?% ?B9FC?G;<=% >8% AE:% ;=>;U;>FE:% GETE% ?T;BE:% E% 8=8T;BE:% CE9% 98@898=G;?% ?% 8AA?P% 4G\T;DD% >8@;=8% AE% CEAYD;GE%GETE%GE=D9?CE:;G;<=%>8%A?:%G?D8BE9Y?:%>8%?T;BE%V%8=8T;BEH% V% 8=D;8=>8% ]F8% c:D?:% >8:8TC8^?=% 98:C8GDE% >8% A?% CEAYD;G?% 8A% T;:TE% C?C8A% GE=:D;DFD;UE% ]F8% 8=% A?% TE9?A% A?:% G?D8BE9Y?:% >8% AE% ZF8=E% V% AE% T?AEH% E%8=% 8A% ?9D8% A?:%>8% AE%Z8AAE%V% AE%@8EP% 4;=%8TZ?9BE%8A% aTZ;DE%>8%


6=D9E>FGG;<=%

*R%

AE%CEAYD;GE%V%:F:%G?D8BE9Y?:%?C?98G8%GETE%?ABE%Ta:%C9;T?9;EH%CE9]F8% A?% 98A?G;<=% ?T;BEr8=8T;BE% CF8>8% @F=>?9:8% ?% C9EC<:;DE% >8% GF?AW ]F;89%D8T?P% 1E%CEAYD;GE%:8%>8@;=8%?:Y%:;=% 98@898=G;?%8:C8GY@;G?%?%EZ`8W DE% ?ABF=Ei% ?C?98G8%GETE%F=?% 98A?G;<=% ]F8%:8%G?9?GD89;S?% T89?T8=D8% CE9% :F% ;=D8=:;>?>H% 8=% bAD;TE% 8MD98TE% CE9% A?% CE:;Z;A;>?>% >8% ]F8% 8=% 8AA?% :8% AA8BF8% ?A% F:E% >8% A?% GE?GG;<=H% >8% A?% @F89S?P% .E9% bAD;TE% A?%>8G;:;<=% CEAYD;G?H% :;% \?% >8% @F=>?9%>8% TE>E%8@8GD;W UE% A?% ;>8=D;>?>% >8A% ":D?>EH% D;8=8%]F8% :89% ;=GE=>;G;E=?>?P% 4;% 8M;:D;8W :8% ?ABb=% D;CE% >8% GETC9ET;:E% E% ?ABF=?% GE=>;G;<=% ]F8% >8D89T;=?9?% A?% >8G;:;<=% E9;B;=?9;?H% c:D?% =E% 98F=;9Y?% A?:% GE=>;G;E=8:% C9EC;?:% >8A% :EZ89?=EH% V%8A% ":D?>E%G?98G89Y?%>8% A?%?FDE9;>?>%=8G8:?9;?% C?9?%T?=W D8=89:8P% 1?% >8G;:;<=% D;8=8%]F8% C9EG8>89% CF8:%>8% F=% ?GDE% ?Z:EAFDEH% V% 8=% 8:?% T8>;>?% \?V% ]F8% 8=D8=>89A?% GETE% CF9?T8=D8% @aGD;G?i% :F% ;TW CE:;G;<=% 8:% ?FDE9;D?9;?P% )P% "A% GE=G8CDE% >8% AE% CEAYD;GE% ]F8% C9ECE=8% 4G\T;DD% :8% Z?:?% CF8:%8=% A?%;>8?%>8%]F8%8=%A?%GE=G8CG;<=%V%8A%@F=G;E=?T;8=DE%>8A% ":W D?>E%8:% ;=8AF>;ZA8%8A% TET8=DE%>8% AE%CEAYD;GEH%8A% TET8=DE%>8%CE>89P% 3% 8:D?% ?@;9T?G;<=% =E% :<AE% D;8=8% :8=D;>E% @98=D8% ?% A?:% 98:D9;GG;E=8:% ]F8% ;TCE=8% F=?%;=D89C98D?G;<=% CE:;D;U;:D?%>8% A?% +E=:D;DFG;<=% GETE% A?% ]F8% C98>ET;=?Z?% 8=% 8A% GE=D8MDE% ?A8Ta=% 8=% 8A% ]F8% 8:G9;Z8% +P% 4G\T;DDP% mE9T?% C?9D8% D?TZ;c=% >8% A?% =EG;<=% >8% ":D?>E% GE=:D;DFW G;E=?A% 8=% B8=89?AP% .98G;:?T8=D8% A?% ;>8?% >8% ":D?>E% GE=:D;DFG;E=?A% :8% @E9T?%?%C?9D;9%>8%F=?%GA?9?%GE=G;8=G;?%>8A% G?9aGD89%\;:D<9;GEH% C9EG8W :F?AH% >8% AE% :EG;?AP% "A% ":D?>EH% E% Ta:% 8M?GD?T8=D8% A?% +E=:D;DFG;<=H% ?C?98G8% GETE% 8A% ;=:D9FT8=DE%G98?>E% C?9?% 8:D?ZA8G89%V% ?:8BF9?9%F=?% E9;8=D?G;<=% 9?G;E=?AH% B8=89?AH% >8% 8:8% C9EG8:EP% 3% ?% 8AAE% 98:CE=>8=% D?=DE% A?:% B?9?=DY?:% ]F8% ?:8BF9?=% A?% ?CA;G?G;<=% >8A% >898G\E% CE:;D;UE% GETE% A?% ;=:D;DFG;E=?A;S?G;<=% >8% A?% CEAYD;G?% >8=D9E% >8% cAj% A?% CEAYD;G?% ?C?98G8% GETE% A?% UY?% =8G8:?9;?% C?9?% TE>;@;G?9% 8A% >898G\E% U;B8=D8% V% ?`F:D?9AE% ?% A?:% =8G8:;>?>8:% E% ;=D898:8:% ?GDF?A8:%>8% AE:% G;F>?>?=E:H% EH% 8=%:F%G?:EH%GETE%A?%CE:;Z;A;>?>%>8%>8:?99EAA?9%A?:%B?9?=DY?:%]F8%98GEW B8% A?% +E=:D;DFG;<=P% .89E% 8=% 98?A;>?>% 4G\T;DD%8A?ZE9?% 8:D?% C98:8=G;?% ;=8AF>;ZA8%>8% AE% CEAYD;GE%8=% F=?%>;98GG;<=% ]F8% 98:FAD?% ;=GETC?D;ZA8% GE=% AE:% GE=D8=;W >E:% >8A% ":D?>E%GE=:D;DFG;E=?AP% 5F=]F8H% >8% ?GF89>E% GE=% :F% CA?=D8?W T;8=DEH% A?% T8=G;E=?>?% >8G;:;<=% CEAYD;G?% @F=>?T8=D?A% CE>9Y?% D?TW Z;c=% C9E>FG;9:8%8=% @?UE9%>8%G9;D89;E:%V% T8G?=;:TE:%C9EC;E:%>8A% ":W D?>E%GE=:D;DFG;E=?A% h>8% \8G\E% 4G\T;DD% =E% :8% ?C?9D?%CE9%GETCA8DE% >8%8AAE:H%V%8=% DE>E%:F% 9?SE=?T;8=DE%:;BF8%TEU;c=>E:8%8=%8:D?%D9?>;W G;<=hH% AE:% C98:FCF8:DE:% ]F8% \?% 8:D?ZA8G;>E% C?9?% 8:?% >8G;:;<=% @F=W


/?@?8A% 5B?C;DE%

*[%

>?T8=D?A% \?G8=% ]F8% :F:% >8:?99EAAE:% =E% :8?=% :;=E% F=% 9EC?`8% ]F8% 8=W GFZ98% ED9?% @E9T?% >8% ":D?>EP% 1?% >8G;:;<=% CEAYD;G?% 8:% 8=% 4G\T;DD% F=?% >8G;:;<=% >8% G?9aGD89% DEW D?Aj% =E%:<AE%EC89?%8=%8A% TET8=DE%GE=:D;DFV8=D8%:;=E%]F8%\?%>8%T?=W D8=89:8%C98:8=D8%V%?GD;U?%8=%8A%@F=G;E=?T;8=DE%>8A%":D?>E%V?%GE=:D;W DF;>EP% 1?:% 8M;B8=G;?:% ]F8% 8:D?ZA8G8% 4G\T;DD% C?9?%8A% GE=G8CDE% >8% :EW Z89?=Y?% GETE% 8A8T8=DE% 8:8=G;?A% >8A% ":D?>E% :8% D9?>FG8=% 8=% A?% =8G8W :;>?>% >8% ]F8% 8M;:D?% F=?% ;=:D?=G;?H% F=% <9B?=EH% ]F8% d98C98:8=D8e% E% d8=G?9=8e% A?% :F:D?=G;?% >8A% CE>89% >8A% ":D?>EH% ;A;T;D?>E% CE9% C9;=G;W C;EH% ]F8% CF8>8% ]F8Z9?9%8A% :;:D8T?% 8:D?ZA8G;>E%>8% ?GF89>E%GE=% G9;D8W 9;E:% >8% =8G8:;>?>P% "=% 8:?% >;98GG;<=% >8:?99EAA?% A?% @;BF9?% >8A% `8@8% >8A% ":D?>E% GETE% >8@8=:E9% >8% A?% +E=:D;DFG;<=j% c:D8% =E% CF8>8% :89% F=?% ;=:D?=G;?% ]F8% EC89?% `F9Y>;G?T8=D8H% :;=E% :<AE% ?ABF;8=% ]F8% D;8=8% ]F8% ?GDF?9%GETE%:EZ89?=EH% V%8:DE% :;B=;@;G?%>8G;:;<=% CEAYD;G?%bAD;T?%8% ;=W GE=>;G;E=?>? *Q P% 4G\T;DD% :8% TF8U8% ?]FY% >8=D9E% >8% A?% Ta:% B8=F;=?% D9?>;G;<=% ?A8W T?=?% ?A% :8^?A?9% A?% =8G8:;>?>% >8% F=% Uc9D;G8% ]F8% d98C98:8=D8e% A?% T;:W T?% ;>8?% >8% 9?S<=% ]F8% :8% 8=G?9=?% 8=% 8A% ":D?>EH% V% ]F8% =E% CE>9Y?% :89% >8A;T;D?>E% CE9% 8=D89EP% 3% 8:% G;89DE% ]F8% AE:% G9;D89;E:% V% T8G?=;:TE:% `F9Y>;GE:% V% CEAYD;GE:% ]F8% :8%>8:?99EAA?=% 8=% F=% ":D?>E%GE=:D;DFG;E=?A% =E% CF8>8=% C98D8=>89% GFZ9;9% DE>?% GE=D;=B8=G;?% \;:D<9;G?P% 5\E9?% Z;8=H% A?% >;@898=G;?% >8% :F% C9ECF8:D?% >8% :EAFG;<=% ?% 8:D?% GF8:D;<=% 98:W C8GDE% >8% AE:% 98]F;:;DE:% V% 8M;B8=G;?:% 8:C8GY@;GE:% >8A% ":D?>E%GE=:D;DFW G;E=?A% :8% \?G8% 8U;>8=D8% :;% :8% DET?% GETE% GE=D9?:D8% A?% GE=G8CG;<=% GE=:D;DFG;E=?A% >8% A?% +E9E=?% 8=% 8A% TE>8AE% ;=BAc:P% 48% \?%>;G\E%]F8% A?%+E=:D;DFG;<=% ;=BA8:?% CF8>8%8=D8=>89:8%GETE% 8A% >8:?99EAAE%>8%F=?%C?FA?D;=?% A;T;D?G;<=%>8% A?% C9899EB?D;U?%>8A% TEW =?9G?P% 3% :;=% 8TZ?9BE% 8:D?% C9899EB?D;U?% :8% A;T;D?H% C89E% =E%>8:?C?98W G8% CE9% 8=D89EH% 8=% A?% >8@;=;G;<=% >8% A?% +E9E=?% ;=BA8:?P% /8GFc9>8:8H% CE9%8`8TCAEH% ]F8% >F9?=D8% A?%48BF=>?% 2F899?% nF=>;?A% :8%>8:8TCEAW U<%8%\;SE%F:E%>8%A?%U;8`?%C9899EB?D;U?%98B;?%GE=:;:D8=D8%8=%A?%CE:;Z;A;W >?>% >8% C9E99EB?9% 8A% .?9A?T8=DEH% CE:;Z;A;>?>% ]F8% :8% \?AA?% A;T;D?>?% CE9%A?%GE=U8=G;<=%GE=:D;DFG;E=?A% >8%F=?%GE=UEG?DE9;?%?FDETaD;G?%E% ?% C8D;G;<=% >8A% dC98T;89eP% 5\E9?% Z;8=H% 8:?% @?GFAD?>% :8%CF:E% 8=% `F8BE% 8=% F=?:%G;9GF=:D?=G;?:%8MD9?E9>;=?9;?:H% V%DFUE%]F8%`F:D;@;G?9:8%>8:>8% 8A% 98:C8DE% ?% AE:% EZ`8D;UE:% >8A% ":D?>E% GE=:D;DFG;E=?AH% V% Z?:?9:8% 8=% 8A% ?GF89>E% >8A% 98:DE% >8% A?:% ;=:D;DFG;E=8:% >8% 8:8% ":D?>EP% 9Y

$ ;')2$ !"#$ Z[."#$ )"#$ ;"#(?**=1&F' !uF)+*0+I' :;\:' e#(,1E' 09@E' 0+' H,F&(I' :;\:fE'


6=D9E>FGG;<=%

*(%

48%D9?D?%CF8:%>8%F=?%GETC8D8=G;?%98:;>F?A%>8%A?%+E9E=?%]F8%CF8W >8% 98?GD;U?9:8H% C89E%V?%>8=D9E%V%8=%@?UE9%>8A% ":D?>E% GE=:D;DFG;E=?AP% 3% ?% 8:D8% TE>E% >8% ?9BFT8=D?9% :8% CF8>8% ?`F:D?9% A?% ;=D89C98D?G;<=% GE=:D;DFG;E=?A% >8% A?% ?GDF?G;<=% >8% A?% +E9E=?%8=% AE:% ?GE=D8G;T;8=DE:% >8A% *)% >8%@8Z989E%8=% =F8:D9E% C?Y:P% "=%8AA?% :8% CF:;89E=% 8=%`F8BE%F=?:% @?GFAD?>8:% ]F8% G?98G8=% >8% 98BFA?G;<=% 8MCAYG;D?% GE=:D;DFG;E=?AH% C89E% ]F8% :E=% CE:;ZA8:% >8:>8% F=?% ;=D89C98D?G;<=% :;:D8TaD;G?% >8% A?% +E=:D;W DFG;<=H% V% ]F8% C89T;D;89E=% :?A;9% ?A% C?:E% >8% F=E:% \8G\E:% @98=D8% ?% AE:% GF?A8:% =E% 89?% :F@;G;8=D8% A?% >8@8=:?% `F9Y>;G?% >8% A?% +E=:D;DFG;<=% ]F8% B?9?=D;S?% 8A% !9;ZF=?A% +E=:D;DFG;E=?AP%

666%

"8# D81E72F8# =# <1# !?7368# F84?727;F28431# &8:>8% A?% <CD;G?% >8A% ":D?>E% GE=:D;DFG;E=?A% 8A% GE=G8CDE%>8% AE% CEW AYD;GE% 98]F;898% F=?% GETCA8`;>?>% >8% CA?=D8?T;8=DE% :FC89;E9% ?% A?% ]F8% :8% 8=GF8=D9?% 8=% 4G\T;DDP% 3% :;=% 8TZ?9BE%8=% A?% GE=G8CG;<=% GE=:D;DFW G;E=?A% >8% AE% CEAYD;GE% :8% CF8>8=% 9?:D98?9% ?b=% \EV% ;=:F@;G;8=G;?:H% ]F8% 98@A8`?=% A?% C89U;U8=G;?% >8% ?ABF=E% >8% AE:% C98:FCF8:DE:% ]F8% FD;A;S?% 4G\T;DD% C?9?%>8@;=;9%AE% CEAYD;GEP% 5:Y% EGF998H% CE9%8`8TCAEH% GF?=>E% A?% CEAYD;G?%:8%GE=G;Z8%T89?T8=D8%GETE%F=%C9EG8:E%?Z;89DE%?%?AD89=?D;W U?:H% :;=%>F>?%>8=D9E%>8A% T?9GE%GE=:D;DFG;E=?AH% C89E%:;=%]F8%:8%>8:?W 99EAA8=% CA8=?T8=D8% A?:% 8M;B8=G;?:% GE=:D;DFG;E=?A8:% ]F8% ?@8GD?=% ?% A?% >8@;=;G;<=% >8% A?:% GE=>;G;E=8:% >8% :F% Bc=8:;:% V% C9EG8:E% >8% 8A?ZE9?W G;<=P% ":D?% ;=:F@;G;8=G;?% C9EG8>8% >8% A?% C89U;U8=G;?% >8% F=% >;A8T?% ]F8% ?@8GD?% ?% A?% Z?:8% T;:T?% :EZ98% A?% ]F8% :8% ?:;8=D?%8A% 8:D?ZA8G;T;8=DE% >8% F=% ":D?>E% GE=:D;DFG;E=?A% >8TEG9aD;GEP% 3% :8% T?=;@;8:D?% 8=% A?% GE=W D9?>;GG;<=% =E%98:F8AD?%8=D98H%CE9%F=?%C?9D8H% A?%GE=G8CG;<=%>8%F=%CEW >89%GE=:D;DFV8=D8%GETE%;A;T;D?>EH%8=%A?%T8>;>?%8=%]F8%98C98:8=D?%A?% @F=>?T8=D?G;<=% >8TEG9aD;G?% >8% A?% +E=:D;DFG;<=H% VH% CE9% A?% ED9?H% A?% 8M;B8=G;?H% >89;U?>?% >8% A?% =EG;<=% >8% ":D?>E% GE=:D;DFG;E=?AH% >8% =E% ?G8CD?9%A?%8M;:D8=G;?%>8%=;=Bb=%CE>89%]F8%=E%8:Dc%:ET8D;>E%?%F=?%A;W T;D?G;<=% `F9Y>;G?P% /8:FAD?% 8U;>8=D8% A?% 98A?G;<=% >8%8:D8%C9EZA8T?%GE=% AE:% :FCF8:DE:% >8:>8%AE:%]F8%4G\T;DD%>8@;=8%AE%CEAYD;GEP% 48%D9?D?H% 8=%8@8GDEH%>8%?GA?W 9?9% E% 98>8@;=;9% A?% 98A?G;<=% ]F8% 8M;:D8% 8=D98% A?% ;>8?% >8% :EZ89?=Y?% h]F8H% GETE% :EZ89?=Y?% CECFA?9H% ?C?98G8% GETE% @F=>?T8=DE% ;=8AFW


/?@?8A% 5B?C;DE%

)Q%

>;ZA8%>8%F=?%+E=:D;DFG;<=%>8TEG9aD;G?hH%V%8A%C9;=G;C;E%>8TEG9aD;W GE% 8=D8=>;>E% GETE% V?% GE=:D;DFG;E=?A;S?>EH% ]F8% CE9% AE% D?=DE% \?% >8% GE=D8=89% G9;D89;E:% GE=:D;DFG;E=?A8:% ?>8GF?>E:% C?9?% >8@;=;9% AE:% AYT;W D8:% T?D89;?A8:% V% C9EG8>;T8=D?A8:% >8% AE% CEAYD;GEP% 'P% "A% C9;T89%?:C8GDE%]F8% 98]F;898%?GA?9?G;<=%8:%8A% >8#8,#",0'$,C 8%3,#(%8#/'K%0)#,8#H'%#/%#,0$+M'I%#%/,#/)M%$,"7,4%V%]F8%?C?98G8%D?TZ;c=%GETE% Z?:8% >8A% C9;=G;C;E% >8TEG9aD;GE% ?GEB;>E% 8=% A?% +E=:D;DFG;<=P% "=% A?% 98@898=G;?%?A%CF8ZAE%:8%CF8>8%C89G;Z;9%?ABF=?%:8T8`?=S?%8=D98%A?%@E9W TFA?G;<=% >8% 4G\T;DD% V% >8D89T;=?>E:% ?:C8GDE:%>8% A?%GE=G8CG;<=% ?GW DF?A%>8%AE%CEAYD;GE%>8=D9E%>8A% T?9GE%>8%F=%":D?>E%GE=:D;DFG;E=?AP% "=% 4G\T;DDH% GETE% \8TE:% U;:DEH% AE% CEAYD;GE% :8% 8=D;8=>8% GETE% F=?% >8G;:;<=% @aGD;G?% ]F8% D;8=8% GETE% EZ`8D;UE% 8:D?ZA8G89% F=?% ;>8=D;W >?>% CE:;D;U?% 8=% DE9=E% ?% A?% GF?A% :8% F=;@;]F8% 8A% CF8ZAEP% .?9?% +P% 4G\T;DD% =E% D;8=8% 98A8U?=G;?% 8A% ]F8% F=;@;G?9H% \ETEB8=8;S?9H% ?A% CF8ZAE% ?% C?9D;9%>8% F=% >8D89T;=?>E% GE=D8=;>E%CE:;D;UE%:;B=;@;G?% CE9% C9;=G;C;E% \?G89% U;EA8=G;?% :EZ98% A?% 98?A;>?>% :EG;?AH% ]F8% 8:Da% GE=:D;W DF;>?H% D?TZ;c=% CE9% C9;=G;C;EH% CE9%>;@898=G;?:% :EG;?A8:% V% CE9% ;=>;U;W >F?A;>?>8:% >;U89:?:P% 4G\T;DD% ?G8CD?% GETE% ;=8AF>;ZA8% 8:8% TET8=DE% >8% U;EA8=G;?H% V% ?:FT8% ]F8% A?% \ETEB8=8;>?>% :<AE% CF8>8% T?=D8=89:8% =8B?=>E% CE9% A?% @F89S?% GF?A]F;89% >;@898=G;?% ]F8% :F9`?% >8A% G?9aGD89% \;:D<9;GE%V%>;:D;=DE%>8% AE:% ;=>;U;>FE:%>8%]F8% :8%GETCE=8%8A% CF8ZAEP% &8% ?]FY% ]F8# 8,#>)870+&,# /%# +(%"0+G+H'%# /+"# *E/# &)"# 8,# +(%,# (%#>)(%$9OF# 1?% =EG;<=% >8% ":D?>E% GE=:D;DFG;E=?A% 98CE:?% D?TZ;c=% :EZ98% A?% ;>8?%>8%>8TEG9?G;?H%V%A<B;G?T8=D8%8A%:F`8DE%>8%98@898=G;?%8:%D?TZ;c=% 8A% CF8ZAEP% 3% D?TZ;c=% 8=% 8:D?% GE=G8CG;<=% :8% CF8>8=% 9?:D98?9% \F8AA?:% >8% F=?% T?A?% ?Z:D9?GG;<=H% GETE% CE9% 8`8TCAE% GF?=>E% :8% C?9D8% >8% A?% @;GG;<=% >8% A?% \ETEB8=8;>?>% >8% A?% :EG;8>?>% ]F8% :8% C98:FCE=8% 8=% A?% GE=G8CG;<=% A;Z89?AWZF9BF8:?H% E% GF?=>E% :8% 8=D;8=>8% 8A% C9;=G;C;E% >8W TEG9aD;GE% GETE%Z?:?>E%8=% A?% =?DF9?A8S?%GEA8GD;U?%>8A% CF8ZAEP% 5\EW 9?% Z;8=H% 8=% A?% FD;A;S?G;<=% >8% 8:D8% C9;=G;C;E% >8:>8% A?% <CD;G?% GE=:D;DFW G;E=?A% GE=D8TCE9a=8?% \?V% F=?% >;@898=G;?% @F=>?T8=D?A% @98=D8% ?% 4G\T;DDj% 8A% EZ`8D;UE% =E% 8:% V?% A?% \ETEB8=8;>?>H% A?% F=;>?>% >8A% CF8W ZAEH% :;=E% 8A% 98GE=EG;T;8=DE% >8% :F% >;U89:;>?>H% >8% A?% A;Z89D?>% >8% AE:% ;=>;U;>FE:%LC8:8%?%DE>?:%A?:%98:D9;GG;E=8:%\;:D<9;G?:%>8A%?AG?=G8%>8%A?% B8=89?A;>?>% GE=G98D?% >8% c:D?NP% 3% 8:% D?TZ;c=% >;:D;=D?% A?% @F=G;<=% >8A% C9;=G;C;E% >8TEG9aD;GE% 8=% GF?=DE% CF=DE% >8% 98@898=G;?j% :8% D9?D?% G;89W A:

' [&F(0'09#,' )10+#)P)2,2)3+'10' %,'@&%"#)2,'2&+'0%' @&10(I$5')2' %,'8&6'o.&%"#)2,p'10' aE' Y&FF)&I' 0+$ !'R\,1?],$ )"$ +,-I.'/?I' 01E' @&(' aE' Y&FF)&' =' aE' ^,##0$22)E'


6=D9E>FGG;<=%

)'%

D?T8=D8% >8% GE=@;BF9?9% F=?% +E=:D;DFG;<=% C?9?% 8A% ":D?>EH% C89E% =E% >8:>8%F=?% T89?%>8G;:;<=% L\;:D<9;G?%E%GEVF=DF9?ANH% :;=E%GETE%@F=>?W T8=DE% E% A8B;D;T?G;<=% 8@8GD;UE:% >8% 8:?% +E=:D;DFG;<=P% ":D8% 8:% 8A% =F8UE% CF=DE% >8% C?9D;>?% >8:>8% 8A% GF?A% CF8>8=% 98CA?=W D8?9:8% AE:% U;8`E:% >;A8T?:P% 5GDF?AT8=D8% :8% 8=D;8=>8% ]F8H% F=?% U8S% 98W GE=EG;>E%V%GE=:D;DFG;E=?A;S?>E%8A% C9;=G;C;E%>8TEG9aD;GEH% A?% ;>8?%>8% :EZ89?=Y?% 8:% ;==8G8:?9;?% 8% ;=GAF:E% ;=GETC?D;ZA8% GE=% A?% >8A% ":D?>E% GE=:D;DFG;E=?AP% "A% ":D?>E% GE=:D;DFG;E=?A% >;U;>8% 8:8% CE>89% E9;B;=?W 9;E% 8=% @F=G;E=8:% V% <9B?=E:% GE=% GETC8D8=G;?:% GA?9?T8=D8% >8A;T;W D?>?:**P% m98=D8% ?%8AAE%:8% ?>FG8H% V%GE=% ZF8=?% 9?S<=*)H%]F8%8A% C9;=G;C;E%>8W TEG9aD;GE% =E% CF8>8%D8=89%AYT;D8:% T?D89;?A8:H% :;=E%:<AE%C9EG8>;T8=W D?A8:P% &8% ?GF89>E%GE=% A?%GE=G8CG;<=% @E9T?A% >8A% C9;=G;C;E%>8TEG9aW D;GEH% 8MC98:?% 8=% A?% 98@E9TFA?G;<=% s?=D;?=?% >8% A?% CE:;G;<=% >8% /EF:W :8?FH% c:D8% ?C?98G8%>8:>8% AF8BE%GETE%b=;GE%G9;D89;E%CE:;ZA8%>8% A8B;D;W T?G;<=% >8A% >898G\E% hD?=DE% >8A% &898G\E% GE=:D;DFG;E=?A% GETE% >8A% &898G\E%E9>;=?9;EhH% C89E%GE=:;:D8%:;TCA8T8=D8%8=% A?%8M;B8=G;?%>8% ]F8% AE:% ]F8% U?=% ?% U89:8% U;=GFA?>E:% CE9%8A% >898G\E% C?9D;G;C8=% 8=% A?% E9;8=D?G;<=% V% 8A?ZE9?G;<=% >8% A?:% >8G;:;E=8:% ]F8% @F=>?=% 8A% >898G\E% U;B8=D8P% ":D?% 8M;B8=G;?% >8% C?9D;G;C?G;<=% ?@8GD?% ?% 98]F;:;DE:% >8% C9EW G8>;T;8=DEH% V% =E% GE=D;8=8% =;=Bb=% AYT;D8% >8% D;CE% T?D89;?AP% 1?% 9?S<=% bAD;T?%>8%8:D8%>;A8T?% \?%>8% ZF:G?9:8% T8=E:%8=%8A% GE=W G8CDE%T;:TE%>8%:EZ89?=Y?%]F8%8=%G<TE%:8%GE=G;Z8%8A% :F`8DE%>8%c:D?j% c:D8% :8% 8=D;8=>8% GETb=T8=D8% GETE% CF9?% UEAF=D?>% 8=% ?Z:D9?GDEH% GETE# J)8'"0,(#/'MK%0+J,#I#%*>*&,#(%#8)/#+"(+J+(')/%?% AE:% ]F8% GE=G;89=8% 8:8% C9;=G;C;E% >8TEG9aD;GEP% 48% D9?D?% 8=% GE=:8GF8=G;?% >8% F=?% UEAF=W D?>%>8%G?9aGD89%?9Z;D9?9;EH%GEVF=DF9?AH%]F8% =E%CF8>8%@F=>?9%=;=BF=?% F=;>?>%:EG;?AP% &8%?\Y%>89;U?=%A?:%?CE9Y?:%?%]F8%GE=>FG8%8:D8%>;A8T?P% 1?%UEAF=D?>%CEAYD;G?% LV?%:8?%GE=:D;DFV8=D8%E%V?%:8?%E9>;=?9;?N% :8%>8W @;=8%GETE%dCE>89eH% CE9]F8%8:?% 98?A;>?>% T89?T8=D8%8TCY9;G?%>8%UEW AF=D?>8:%:FZ`8D;U?:%V%>;:G98D?:% =E%;=GAFV8%=;=Bb=%G9;D89;E%;=D89:FZ`8W D;UEH%V%8=%GE=:8GF8=G;?%=E%CF8>8%>?9%AFB?9%Ta:%]F8%?%A?%AFG\?%V%?%A?% ;TCE:;G;<=% >8% CE:;G;E=8:% F=;A?D89?AT8=D8%>8@;=;>?:P% 3%8:D?%GE=G8CW G;<=% >8% A?%UEAF=D?>% CEAYD;G?%GETE% dCE>89e% ;TCA;G?% F=?%8:G;:;<=%8=W 99

$ ;')2'dE'sE'g()01()2DI$^,D'"#1,$/,1*.'.=/',1?-$K$!":,/#?/'?F'^,1()1I':;ScI'8&%E'`I' @@E'bB'='99E]'^E'q()0%0I$W1.#,)=//'J1$?$-?$.",#I?$)"-$@*.?),F'Y$0+&9'5)(09I':;>BI'@@E':cB' ='99E' .0(&'g()01()2D',9$/0'0+' #&1&'2,9&'J$0' %,' (0+$+2),','09,')10,'10%' 9&F0(,+&'+&' )/@%)2,' J$0' Q9#0' +&' @$01,' (0,2#)8,(90' 2&/&' o*($@&' 2&+9#)#$=0+#0pE' 98 $ ;')2' ^E' 5(,*3+I$ >,1*.'.=/'J1$K$!":,/#?/'?F'!02+&9I' :;>;I'@@E' \:' ='99E'


/?@?8A% 5B?C;DE%

)*%

D98%8A% CE>89%GE=:D;DFV8=D8H% :F`8DE%>8%8:?%dUEAF=D?>%CEAYD;G?e%=E%A;T;W D?>?H% V% 8A% CE>89% GE=:D;DF;>E% V% A;T;D?>E% CE9% A?% +E=:D;DFG;<=P% 5]FcA% CF8>8% C89T?=8G89% d?A8D?9B?>E% V% EGFADEe *I% ?% AE% A?9BE% >8% A?% U;B8=G;?% >8%A?%+E=:D;DFG;<=H% C89E%GETE%CE>89%=E%A;T;D?>E%:8%T?=D;8=8%:;8TW C98%C98:8=D8%V%CE>9Y?%?GD;U?9:8%8=%GF?A]F;89%TET8=DE%GETE%F=% CEW >89% 8MD9?`F9Y>;GEP% ":D?%8:G;:;<=%?CF=D?%?%F=?%:8C?9?G;<=%>8%AE%`F9Y>;GE%V%AE%CEAYD;GE% 8=% A?%Z?:8% T;:T?%>8A% E9;B8=%V%@F=>?T8=D?G;<=%>8% A?%+E=:D;DFG;<= *X P% /8:FAD?%GA?9EH%CF8:H%]F8%A?%GF8:D;<=%G8=D9?A%?]FY%8:%A?%>8%?GA?9?9%A?#$%C 8,&+A"# %"0$%#>)(%$#&)"/0+0'I%"0%#I# @)"/0+0'&+A"F% 3% AE% C9;T89E% ]F8% \?Z9Y?% ]F8% :8^?A?9% 8:% ]F8% 8=D98% F=E% V% ED9?% 8M;:D8% 8@8GD;U?T8=D8% F=?% 98A?W G;<=% C98G;:?P% .F8:% F=?% +E=:D;DFG;<=% >8% G?9aGD89% =E9T?D;UE% =E% CF8W >8%8=D8=>89:8%GETE% ;=>;@898=D8%?% A?% 98?A;>?>% :EG;?A% V%:;=%8@8GDE:%:EW Z98% A?% UEAF=D?>% >8% AE:% ;=>;U;>FE:P% ,E%:8%CF8>8%EAU;>?9%]F8%8A%EZ`8DE%>8%F=?%+E=:D;DFG;<=% =E9T?D;W U?H%GETE%8A%>8%DE>E%>898G\E%?A% ]F8%:8%?D9;ZFV8% F=?%U;B8=G;?%B8=89?A% V% 8=% GFV?% 8A?ZE9?G;<=% :8% 8M;B8% F=?% C?9D;G;C?G;<=% CEAYD;G?H% 8:% 8A% >8% GE=:D;DF;9% 8=% A?% :EG;8>?>% F=% aTZ;DE% >8% A;Z89D?>% 8% ;BF?A>?>% B8=89?AH% :8?%GF?A%:8?%8A%?AG?=G8%\;:D<9;GE%>8%8:?%B8=89?A;>?>P% .E9%8AAE%A?%+E=:W D;DFG;<=% =E%:8%8=@98=D?%?%F=%G?E:H%GETE%>;G8%4G\T;DDH%?%F=?%98?A;>?>% ]F8% :8% G?9?GD89;S?% GETE% ?=ET;?% 8=% AE% :EG;?A% E% GETE% F=?% T?:?% ?TE9@?% 8=% AE% CEAYD;GEP% .E9% 8A% GE=D9?9;E% A?% U;B8=G;?% >8% A?% +E=:D;DFW G;<=H% >8A% >898G\E% 8=% B8=89?AH% GE=@;BF9?% A?% :EG;8>?>% >8% F=?% T?=89?% >8D89T;=?>?H% V% 8:D?ZA8G8% GE=% 8AAE% F=?% D8=:;<=% 8=D98% AE:% aTZ;DE:% 98W BFA?>E:% >8:>8% 8:8% G9;D89;E% >8% B8=89?A;>?>% V% AE:% 98BFA?>E:% CE9% G9;D8W 9;E:% C?9G;?A8:% E% F=;A?D89?A8:P% &8:>8% 8:D?% <CD;G?% A?% UEAF=D?>% CEAYD;G?% >8A% :F`8DE% :EZ89?=EH% >8A% CF8ZAEH% V?%?GDb8%GETE%GE=:D;DFV8=D8%E%8=%8A% :8=E%>8%F=%E9>8=%GE=:W D;DFG;E=?AH% =E% CF8>8% 8=D8=>89:8% GETE% CF9?% UEAF=D?>% 8=% ?Z:D9?GDEH% GETE%UEAF=D?>%:FZ`8D;U?%V%8TCY9;G?%>8% AE:% ;=>;U;>FE:P% .E:88H% CE9%8A% GE=D9?9;EH% F=% AYT;D8%8:D?ZA8G;>E%CE9%8A% GE=D8=;>E% T;:TE%>8% ?]F8AAE% ?% AE%]F8% :8% 98@;898%8=% :F:%>8G;:;E=8:j% AE%CEAYD;GE% 98C98:8=D?%F=?%>8G;W :;<=#&)"&$%0,%]F8%:8%E9;8=D?%\?G;?%A?%98U;:;<=%>8A%>898G\E%U;B8=D8P%4;%?% 9G

$ ;')2'.E'10'j0*,I$A?$#"(,#:?$)"$-?$>,1*.'.=/'J1$K$-?$E#,D-":U.'/?$)"-$E,)"#$/,1*.'.=K"1B ."F' ^,1()1I' :;>cI' @E' :B;E' Ac ' ?$)6G'0%' )+#0+#&' /G9' ,P)+,1&'10' 2&/@,*)+,('0%' @&10('2&+9#)#$=0+#0'2&+' 2()L #0()&9'10'+,#$(,%06,'2&+9#)#$2)&+,%'90,'0%'10'dE' ^&(#,#)' ,%'#(,#,('10'09#,F%020('%&9'(0L J$)9)#&9'10' $+' @&10('2&+9#)#$=0+#0' 10/&2(G#)2&' eC/#'..'I' 8&%E' `fE' .0(&'93%&' %&'10P)+0' #,/F)Q+' 10910' 2()#0()&9' 10' @(&201)/)0+#&E'


6=D9E>FGG;<=%

))%

:F% U8S% 8:?% 98U;:;<=% :8% E9;8=D?% >8TEG9aD;G?T8=D8H% :F% EZ`8D;UE% :89a% T?=D8=89% A?% A;Z89D?>% B8=89?A% ]F8% 8:Da% V?% 98GE=EG;>?% 8=% 8A% >898G\E% U;B8=D8H% V% GF8:D;E=?9% 8:8% >898G\E% >8:>8% AE:% ;=D898:8:% B8=89?A8:% =E% ?GEB;>E:% ?b=% 8=%cAP% +ETE% ;=>;G?% nP% g9;8A8H% A?%CEAYD;G?%8=%8A% ":D?>E% GE=:D;DFG;E=?A% >8TEG9aD;GE% 8:% A?% UY?% C?9?% 98C?9?9% A?% ;=`F:D;G;?% ]F8% \?G8% 8A% >898G\E% U;B8=D8P% ,E% CF8>8% CF8:% T?=D8=89:8% GE=% :8=D;>E% F=?% >8:U;=GFA?G;<=% >8A% CE>89%GE=:D;DFV8=D8% 98:C8GDE%>8% A?%+E=:D;DFG;<=P% ,E%:8%CF8>8% ;B=EW 9?9% ]F8H% F=?% U8S% ]F8% :8% \?% 8:D?ZA8G;>E% F=?% +E=:D;DFG;<=% ]F8% 98W GE=EG8% V%B?9?=D;S?% F=E:% >8D89T;=?>E:% =;U8A8:% B8=89?A8:%>8% A;Z89D?>% V%C?9D;G;C?G;<=%CEAYD;G?H% =E%8M;:D8%V?%F=%CE>89%GE=:D;DFV8=D8%?Z:EAFW DEH% >8:U;=GFA?>E%>8% A?:% GE=>;G;E=8:% GE=G98D?:% >8% A?% :;DF?G;<=% \;:D<W 9;G?P% 3% A?%GE=:8GF8=G;?%>8%8:DE%8:%]F8%8A#/'K%0)#(%#8,#J)8'"0,(#>)870+&,4%>8% A?%>8G;:;<=%@F=>?T8=D?A% 8=%4G\T;DDH%E%>8A% CE>89%GE=:D;DFV8=D8%8=%8A% ":D?>E%GE=:D;DFG;E=?AH#")#>'%(%#&)"&%M+$/%#I,#&)*)#P>)(%$Q4%8:DE%8:H%GETE% ?ABE% ;99?G;E=?AH% GETE% ?ABE% =E% :F:G8CD;ZA8% >8% :89% :ET8D;>E% ?% ?ABF=?% >;:G;CA;=?% >8:>8% G9;D89;E:% `F9Y>;GE:% T?D89;?A8:P% ":8% TET8=DE% E9;B;W =?A% E% 8:8% @F=>?T8=DE% =E% CF8>8=% GE=G8Z;9:8% GETE% ?ABE% T89?T8=D8% @aGD;GEH% :;=E% ]F8% D;8=8=% ]F8% ;=GE9CE9?9H% GETE% G9;D89;E%>8% 9?S<=% >8A% ":D?>E% GE=:D;DFG;E=?AH% A?% U;B8=G;?% B8=89?A% >8% A?% A;Z89D?>% 8% ;BF?A>?>% 8=D98% AE:% ;=>;U;>FE:P% ":D8%GETCE=8=D8%`F9Y>;GE%GE=G98DE%@E9T?%C?9W D8%>8% A?%98?A;>?>%>8%?]F8A% :F`8DEP% na:%?b=H%>8:>8%A?%;>8?%V%A?%C9aGD;G?% >8A% ":D?>E%GE=:D;DFG;E=?AH% 8A% :8=D;>E% >8% A?% 98A?G;<=% 8=D98% A?%+E=:D;W DFG;<=%V%8:8%:F:D9?DE%:EG;?A%>8A%]F8%:F9B8%V%:EZ98%8A%]F8%?GDb?%A?%T;:W T?% +E=:D;DFG;<=% 8:% C98G;:?T8=D8% 8A% >8% \?G89% CE:;ZA8# '",# $%('&&+A"# >$)-$%/+J,# (%8#>)(%$4% >8% AE% =E% 9?G;E=?AH% ]F8% C89U;U8% 8=% A?:% 98A?G;E=8:% :EG;?A8:P% ":%CF8:%8:D8%G9;D89;E%>8%9?S<=% AE%]F8%>8@;=8%?A% :F`8DE%>8%A?%UEAF=W D?>% CEAYD;G?H% GE=% ;=>8C8=>8=G;?% >8A% ?AG?=G8% GE=G98DE% ]F8% D8=B?% 8=% F=?%+E=:D;DFG;<=%GE=G98D?P% 5%A?%\E9?%>8%ZF:G?9%F=?%`F:D;@;G?G;<=%>8W TEG9aD;G?% C?9?% F=?% +E=:D;DFG;<=H% AE% ]F8% ;TCE9D?% =E%8:% ]F8%c:D?% 98W GE=ESG?%8A%G?9aGD89%=E%A;T;D?>E%>8A% CE>89%>8A%CF8ZAEH%:;=E%A?%G?A;>?>% >8% A?% +E=:D;DFG;<=% GETE% ;=:D9FT8=DE% G?C?S% >8% 98BFA?9% ?>8GF?>?W T8=D8%8:8% C9EG8:E%>8% T?=D8=;T;8=DE%V%>8:?99EAAE%>8% A?% A;Z89D?>% ;=W >;U;>F?A% GETE% B8=89?AP% 3% 8:%>8:>8%8:D8% G9;D89;E%>8:>8%>E=>8% :8% CF8>8% ?99E`?9%?ABF=?% AFS% :EZ98%A?:% =EG;E=8:%>8%:EZ89?=Y?%V%>8%C9;=G;C;E%>8TEG9aD;GE%]F8%@E9W T?=% A?% Z?:8% >8A% >;A8T?% ]F8% 8MCE=Y?TE:% ?A% GET;8=SEP% *P% 1?%98=F=G;?%?GDF?A%?A#&)"&%>0)#(%#/)M%$,"7,4%]F8%\8TE:%?CF=D?W


)I%

/?@?8A% 5B?C;DE%

>EH% \?%>8%8=D8=>89:8%CF8:%GETE%98@89;>?%?%:F%GE=G8CG;<=%GETE%dCEW >89eH% V% CE9% D?=DE% GETE% ?ABE% =E% >8A;T;D?ZA8P% 4;% \EV% :8% CF8>8% :8BF;9% \?ZA?=>E%>8% :EZ89?=Y?H% V% C?98G8% ;=8U;D?ZA8% \?G89AE%8=% A?% T8>;>?%8=% ]F8% :8% 8:D?ZA8G8% A?% :EZ89?=Y?% CECFA?9%GETE% @F8=D8% >8% DE>E:% AE:% CEW >898:%>8A% ":D?>EH%D8=>9a%]F8%:89%8=% 98A?G;<=%GE=%8A%@F=>?T8=DE%E%A8W B;D;T?G;<=% >8% F=% ":D?>E% GE=:D;DFG;E=?AP% 3% 8AAE% ;TCA;G?% 98@89;9:8% =E% ?% F=?% UEAF=D?>%8=% ?Z:D9?GDEH% :;=E% ?% F=% G9;D89;E%>8% 9?S<=% GETE%@F=W >?T8=DE% >8A% E9>8=% GE=:D;DFG;E=?AP% ":%G;89DE%]F8%=E%:8%CF8>8%;B=E9?9%A?%=8G8:;>?>%>8%F=%CE>89%:F@;W G;8=D8% C?9?% ;TCE=89% A?% 9?S<=% 8=% A?% \;:DE9;?P% 3% 8=% 8:8% :8=D;>E% \?V% ]F8% 98GE=EG89% :;8TC98% A?% 8M;:D8=G;?% >8% F=% GETCE=8=D8% >8% CE>89H% D?=DE%8=% 8A% TET8=DE%]F8%>?%E9;B8=% ?%F=?% +E=:D;DFG;<=% GETE%GF?=W >E% :8% D9?D?% >8% :E:D8=89% c:D?% @98=D8% ?% ;=D8=DE:% >8% 98D9EG8:EP% .89E% 8:8% CE>89% D;8=8% :<AE% F=% G?9aGD89% ;=:D9FT8=D?A% 98:C8GDE% >8A% EZ`8D;UE% >8A% ":D?>E% GE=:D;DFG;E=?AP% m98=D8% ?% F=?% GETC98=:;<=% ;=B8=F?% >8% A?% ;>8?%>8A%d@;=%>8%A?%\;:DE9;?eH%]F8%:F8A8%;9%F=;>?%?%DE>?%G9YD;G?%?A%CE>89% V% ]F8% C98D8=>8% :F% G?=G8A?G;<=% CF9?% V% :;TCA8H% 8A% @;=% >8% A?% \;:DE9;?% :<AE% :8% CF8>8% 8=D8=>89% 8=% :F% :8=D;>E% 98?A% GETE% @;=% >8% F=% C9EG8:E% \;:D<9;GE% G;8BEP% "A% ]F8% :;B?% U?A;8=>E% A?% C8=?% C8=:?9% 8=% 8A% @;=% >8% A?% \;:DE9;?% GETE% F=?% CE:;Z;A;>?>% 98?A% =E% CF8>8% ]F8989% >8G;9% ]F8% :8% G?=G8A8% A?% \;:DE9;G;>?>% >8% AE:% \ETZ98:% =;% 8=% GE=:8GF8=G;?% >8% A?% :EW G;8>?>P% tF;898%>8G;9%b=;G?T8=D8%]F8%:8% \?#2%&2)#&)"/&+%"0%%8A%G9;D89;E% 9?G;E=?A% >8:>8%8A%]F8%CF8>8%8=D8=>89:8%V% C9ETEU89:8% A?% 98?A;>?>%>8% A?% \;:DE9;?P% ":8%G9;D89;EH% 8:8% d:F`8DEe%>8% A?% \;:DE9;?%]F8%V?% =E%8:%F=%dCE>89eH% \?% 8=GE=D9?>E% :F% 98GE=EG;T;8=DE% `F9Y>;GE% GE=:D;DFG;E=?A% 8=% 8A% GE=:D;DFG;E=?A;:TE% CE:D89;E9% ?% A?% 48BF=>?% 2F899?% nF=>;?AP% "=% GE=G98DE%8A%?9DP% 'H% 'H%>8%A?%1m_H%E%8=%F=?%@E9T?%`F9Y>;G?%Ta:%>c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c9:8A?% >8:>8% :F% CE:;G;<=% V% @F=G;<=% >8=D9E% >8% A?% +E=:D;DFG;<=P% 1?% ?FDE=ETY?% >8% AE:% ;=>;U;>FE:% ]F8% :8% 98GEB8% 8=% 8A%


6=D9E>FGG;<=%

)X%

D8MDE%`F9Y>;GEWGE=:D;DFG;E=?A% ?C?98G8%GETE%>ED?>?%>8%F=?%>EZA8% =?W DF9?A8S?j% CE9%F=?% C?9D8% D;8=8%8A% 9?=BE%>8% F=% C9;=G;C;E% =E9T?D;UE%VH% GETE%D?AH% :;9U8%>8%Z?:8%V%@F=>?T8=DE%C?9?%A?%;=D89C98D?G;<=%>8A% D8MW DE% GE=:D;DFG;E=?AP% .89E% ?>8Ta:H% CE9%ED9?% C?9D8H% 8:% ?A% T;:TE% D;8TCE% F=% T89E% 98GE=EG;T;8=DE% >8% :F% 8M;:D8=G;?% V%>8% :F% EC89?D;U;>?>% 98?A% GETE% Z?:8% >8A% @F=G;E=?T;8=DE% >8% DE>E% 8A% E9>8=% GE=:D;DFG;E=?AP% ,E%:8%D9?D?%CF8:%>8A% 98GE=EG;T;8=DE%>8%F=%@F=>?T8=DE%8MD89=EP% 48%D9?D?%Ta:%Z;8=%>8%]F8%A?% =E9T?%`F9Y>;G?%@F=>?T8=D?A%:8%8:D?ZA8G8% GETE% B?9?=DY?% >8% ]F8% 8A% E9>8=% GE=:D;DFG;E=?A% ?GDb?% 8=% @F=G;<=% >8% 8:D8%C9;=G;C;E%V#,#0$,JN/#(%#N8F% &8%8:D?%@E9T?%8A%:F`8DE%>8A%":D?>E%GE=:W D;DFG;E=?A%>8TEG9aD;GE%8:%F=% U89>?>89E%:F`8DEH%8=% D?=DE%:8% 98GE=EG8% ]F8% 8A% ":D?>E% \?% >8% EC89?9% ?% D9?Uc:% >8% cAP% "=% 8:D8% GE=D8MDEH% ?>8Ta:H% 8:8% :F`8DE% =E% CF8>8% 8=D8=>89:8% V?% GETE% CF9?% UEAF=D?>% 8=% ?Z:D9?GDEH% :;=E%]F8% \?%>8% D8=89%F=% GE=D8=;W >E%8:C8GY@;GEP% "A% C9;=G;C;E%>8% A?%?FDE=ETY?%>8% AE:% ;=>;U;>FE:%:8%>8W @;=8%>8%F=% TE>E%Ta:%GE=G98DE%V%>8D89T;=?>E%GF?=>E%:8%\?G8%8MCAYW G;D?%:F%>;T8=:;<=% ;=D89:FZ`8D;U?%V%:8%98GE=EG8%:F%U;=GFA?G;<=%?%A?%:;W DF?G;<=% \;:D<9;G?% V% :EG;?A% 8=% A?% ]F8% :8% >8:8=UF8AU8P% "A% C9;=G;C;E%`F9Y>;GE% GE=:D;DFG;E=?A% >8% A?% ?FDE=ETY?% ;=>;U;>F?A% :8% C98:8=D?% GETE% A?% :FC89?G;<=% >8% A?% U;8`?% 8:G;:;<=% 8=D98% \ETZ98% V% G;F>?>?=EH%8=% A?%T8>;>?%8=% ]F8%:8% A?%?@;9T?%C?9?%DE>?:% A?:%C89:E=?:% ]F8% :E=% T;8TZ9E:% >8A% ":D?>E% \;:D<9;GE% 8=% GF8:D;<=P% .89E% ?>8Ta:% C89T;D8% 8=D8=>89% :;=% GE=D9?>;GG;E=8:% A?% 98A?G;<=% 8=D98% A;Z89D?>% 8% ;BF?A>?>P% 1?% ;>8?% >8% A?% ?FDE=ETY?% ;=>;U;>F?A% ;=GAFV8% 8A% 98GE=EG;W T;8=DE% ;=D89:FZ`8D;UE% >8% A?# 8+M%$0,(%GETE% 8A% >898G\E% ?% A?% >;@898=G;?% >8%AE:%\ETZ98:#%"#&',"0)#+"(+J+(')/H%V%?A%T;:TE%D;8TCE%8=%8AA?%:8%GE=W @;898% F=% GE=D8=;>E%`F9Y>;GE%GE=:D;DFG;E=?A% C98G;:E%?A% CE:DFA?>E% ;AF:W D%9?>E%>8%:F#+-',8(,(#%"#&',"0)#2)*M$%/H%>8@;=;c=>EA?%GETE%;BF?A%G?C?G;W >?>% CEAYD;G? *JP% 1?% ?FDE=ETY?% ;=>;U;>F?A% =E% 8:% ?:Y% F=?% UEAF=D?>% >8:U;=GFA?>?% >8A% =8ME%:EG;?A%8=%8A%]F8%8M;:D8P% 4;=%>F>?%;=GAFV8%8A% ?:C8GDE%>8%A?%?FW DE>8D89T;=?G;<=% GETE% >;T8=:;<=% 8:C8GY@;G?T8=D8% ;=>;U;>F?AH% D?=W DE%8=% AE%]F8%:8% 98@;898% ?% A?% ;=>8C8=>8=G;?%>8% A?%>8G;:;<=%GETE%8=% AE% ]F8% :8% 98@;898% ?% AE:% GE=D8=;>E:% 8=% @?UE9% >8% AE% ]F8% :8% >8G;>8P% .89E% :<AE% EZD;8=8% F=% :8=D;>E% ;=>;U;>F?A% CE9% 98@898=G;?% ?% AE:% ?:C8GDE:% :EW Ab

' <9#0'+0n&'10' )10,9'@(&2010'10'5E' 10's$,+' ^,(#"+I'=' D,'9)1&'109,((&%%,1&','%&' %,(*&' 10' 9$' ,2#)8)1,1' 1&20+#0' 2&/&' *$",' @,(,' $+,' (02&+9#($22)3+' 10' %&9' ,9@02#&9' 20+#(,%09' 10' %,' #0&(",' 10%' <9#,1&'2&+9#)#$2)&+,%' =' 10' %,' )+#0(@(0#,2)3+' 2&+9#)#$2)&L +,%E'


)J%

/?@?8A% 5B?C;DE%

GY?A8:%GE=G98DE:%@98=D8%?%AE:%GF?A8:%G?>?%F=E% 98GA?T?%8:?%?FDE=ETY?P% 1?%A;Z89D?>% \?%>8%8=D8=>89:8%CF8:%GETE#8+M%$0,(#/)&+,8R% 8:DE%8:H% GETE% A;Z89?G;<=% >8% A?:%=8G8:;>?>8:%E%G?98=G;?:%;=>;U;>F?A8:% 98:C8GDE%>8%A?% 98BFA?G;<=%`F9Y>;G?%V%:EG;?A% U;B8=D8H% V%GETE%:?D;:@?GG;<=%?%D9?Uc:%>8A% =8ME% :EG;?A% >8% D9?Z?`E%8% ;=D89G?TZ;E%>8% A?%:EG;8>?>P% 3H%CE9%:F%C?9D8H% A?%;BF?A>?>%\?%>8%8=D8=>89:8%=E%GETE%;BF?A>?>%F%\ETEB8=8;>?>%:EW G;?A8:H% :;=E%GETE#+-',8(,(#>)870+&,4%8:%>8G;9H%GETE%>898G\E%?%;=@AF;9%8=% GE=>;G;E=8:%>8%;BF?A>?>%8=% A?%CEAYD;G?%]F8%8A?ZE9?%V%>8G;>8%A?:%:EAFW G;E=8:% `F9Y>;G?:% B8=89?A8:% ?% AE:% GE=@A;GDE:% 8M;:D8=D8:% 8=% A?% :EW G;8>?>P% )P% ":D?% ;=D89C98D?G;<=% >8% A?% ;>8?% >8% :EZ89?=Y?% ?% C?9D;9% >8% A?:% 8M;B8=G;?:% C9EC;?:% >8A% ":D?>E% GE=:D;DFG;E=?A% >8TEG9aD;GE% C89T;D8% ?99E`?9% ?ABF=?% AFS% D?TZ;c=% :EZ98% A?:% >;@;GFAD?>8:% ]F8% :8% CA?=D8?=% C?9?% F=?% GETC98=:;<=% GE=:D;DFG;E=?A% >8A#>D"&+>+)# (%*)&$E0+&)F% 5F=W ]F8% c:D8% ?C?98G8% GETE% F=% C9;=G;C;E% GE=:D;DFG;E=?A;S?>EH% V% CE9% AE% D?=DE% \?V% ]F8% :FCE=89% ]F8% 8:Da% :ET8D;>E% ?% AYT;D8:H% :;=% 8TZ?9BE% :F% GETC98=:;<=% GETE% F=% C9;=G;C;E% >8% G?9aGD89% @E9T?A% C?98G8% :8BF;9% ;TCA;G?=>E% A?% ?F:8=G;?% >8% DE>E% AYT;D8% `F9Y>;GE% T?D89;?AP% +E=% cA% :8% ?AF>8% :;TCA8T8=D8% ?% A?% A;Z98% UEAF=D?>% >8% AE:% G;F>?>?=E:P% ":D?%GE=G8CG;<=% >8A% C9;=G;C;E%>8TEG9aD;GE% :8%Z?:?% :;=% 8TZ?9BE% 8=% F=?% GETC98=:;<=% ;=:F@;G;8=D8% >8% :F% =?DF9?A8S?% @E9T?AP% 1?% =?DFW 9?A8S?% @E9T?A% >8%8:D8% C9;=G;C;E% :<AE% :;B=;@;G?% ]F8% DE>E% >898G\EH% ;=W GAF;>E% 8A% GE=:D;DFG;E=?AH% :8% `F:D;@;G?% b=;G?T8=D8% >8:>8% F=% @F=>?W T8=DE%>8%G?9aGD89%F=;U89:?AH%GE=:;:D;8=>E%:F%F=;U89:?A;>?>%8=%A?%CEW :;Z;A;>?>% >8% ]F8% DE>E% GE=D8=;>E% `F9Y>;GE% :8?% :ET8D;>E% ?% 98U;:;<=H% V% ]F8% CF8>?% :89% CF8:DE% 8=% GF8:D;<=% CE9% DE>E% ;=>;U;>FEP% .89E% 8:DE% =E% ;TCA;G?% >8:GE=8GD?9% A?% UEAF=D?>% >8TEG9aD;G?% 98:C8GDE% >8% :F% U;=GFW A?G;<=%?A%GE=D8MDE%:EG;?A%GE=G98DE%8=%8A%]F8%EC89?P% 1?%;BF?A>?>%CEAYW D;G?% =E% CF8>8% 98>FG;9:8H% >8:>8% F=?% GETC98=:;<=% @E9T?A% 8=% :8=D;>E% C8VE9?D;UEH% ?% A?% 8T;:;<=% CF=DF?A% >8A% UEDE% 8=% 8A% TET8=DE% >8% A?:% 8A8GG;E=8:P% na:% ?AAa% >8% 8:DEH% A?% ;BF?A>?>% CEAYD;G?% :8% 98@;898% ?% A?#+-',8# &,>,&+(,(#%G%&0+J,% C?9?% ;=@AF;9% :EZ98% A?:% >8G;:;E=8:% CEAYD;G?:H% V% 8:% 8U;W >8=D8%]F8%8:?%G?C?G;>?>%>8C8=>8%>8A%B9?>E%>8% A;Z89D?>%:EG;?A% >8%]F8% >;:CE=8% G?>?% F=E% >8% AE:% ;=>;U;>FE:P% ":% GA?9E% D?TZ;c=% ]F8H% C8:8% ?% A?:% >8:;BF?A>?>8:% 8M;:D8=D8:H% A?% +E=:D;DFG;<=% 98GEB8% :;=% 98:D9;GG;E=8:% 8:8% C9;=G;C;E% >8% ;BF?A>?>P% 3% 8=% 8AAE% :8% \?G8% C89G8CD;ZA8% 8A% :;B=;@;G?>E% ]F8% D;8=8% 8:D8% 98GE=EG;W T;8=DE% GE=:D;DFG;E=?A% ;=GE=>;G;E=?>E% >8% A?% ;BF?A>?>% CEAYD;G?P% 1?% =?DF9?A8S?% @E9T?A% >8% A?% ;BF?A>?>% CEAYD;G?% D;8=8% A?% @F=G;<=% GE=:D;DFW G;E=?A% >8% \?G89%CE:;ZA8% ]F8% ?@AE98=% V% :8% CA?=D88=% AE:% GE=@A;GDE:% ]F8%


6=D9E>FGG;<=%

)R%

:8% >?=% 8=% A?% :EG;8>?>% ?% C?9D;9%>8A% 8`89G;G;E% >8% A?:% A;Z89D?>8:% ]F8% B?W 9?=D;S?% A?% T;:T?% +E=:D;DFG;<=H% V% ]F8% :8% T?=D8=B?% :;8TC98% ?Z;89D?% A?% CE:;Z;A;>?>% >8%U89;@;G?9%8A% G?9aGD89%B8=89?A% >8% A?:% :EAFG;E=8:% `F9YW >;G?:% U;B8=D8:% 8=% A?% :EG;8>?>P% "A% C9;=G;C;E% >8TEG9aD;GE% =E% 98C98:8=D?% CF8:% A?% Z?:8% >8% F=?% GE=G8CG;<=%?Z;89D?%>8% A?%CEAYD;G?P% ":%:<AE% A?%B?9?=DY?%>8%]F8% =E%\?V?% =bGA8E:% G899?>E:% ?% :F% GE=U?A;>?G;<=% >8:>8% G9;D89;E:% `F9Y>;GE:% B8=8W 9?A8:%V%>8TEG9aD;GE:P% 3% 8=%8:8%:8=D;>E%8:% D?TZ;c=% F=?%A;T;D?G;<=%>8% AE% CEAYD;GEj% 8:%F=?%B?9?=DY?%@98=D8%?% A?% CE:;Z;A;>?>%>8% ]F8% A?% CEAYD;G?% CF8>?% AA8B?9% ?% ;=>8C8=>;S?9:8% >8% 8:8% EZ`8D;UE% >8% T?=D8=89% V% >8:?W 99EAA?9% A?% ?FDE=ETY?% ;=>;U;>F?A% ?% C?9D;9% >8% 8AA?% T;:T?P% "A% C9;=G;C;E% >8TEG9aD;GE% GE=D;8=8% ?:Y% A?%8M;B8=G;?% V% A?% CE:;Z;A;W >?>%>8%GE=G8Z;9%AE%CEAYD;GE%=E%:<AE%GETE%?ABE%>8A;T;D?ZA8%:;=E%D?TW Z;c=% GETE% :ET8D;>E% ?% AYT;D8:% 8@8GD;UE:P% -=?% CEAYD;G?% >8TEG9aD;G?% ]F8% EC898% >8=D8% >8% A?% +E=:D;DFG;<=% =E% CF8>8% ;=GAF;9% A?% CE:;Z;A;>?>% >8% ]F8% AE:% ?GDE98:% >8A% C9EG8:E% CEAYD;GE% :8% ?99EBF8=% A?% G?C?G;>?>% >8% >;:CE=89%>8% A?% A;Z89D?>% 8% ;BF?A>?>%`F9Y>;GEW@F=>?T8=D?A% >8% AE:% ;=>;W U;>FE:P% 5A% GE=D9?9;EH% >8Z8%8=D8=>89:8% GETE% F=?% ?GD;U;>?>% A;T;D?>?% ?% 98:EAU89%`F9Y>;G?T8=D8% 8=% F=% :8=D;>E% B8=89?A% AE:% GE=@A;GDE:% >8% ;=W D898:8:% GE=G98DE:% ]F8% ?@AE9?=% ?% C?9D;9% >8A% 8`89G;G;EH% CE9% AE:% ;=>;U;W >FE:H% >8% A?:% A;Z89D?>8:% @F=>?T8=D?A8:P! "! #$%&'()!'$*% CEAYD;G?%>8TEW G9aD;G?%]F8%?GDb8%8=% F=% :8=D;>E%GE=:D;DFV8=D8%:<AE%CF8>8%8=D8=>89:8% GETE%F=?%?TCA;?G;<=%>8%AE:%aTZ;DE:%>8% A;Z89D?>%B8=89?A%]F8%\?%?:8W BF9?>E% A?% U;B8=G;?% >8% A?% +E=:D;DFG;<=H% :;=% ]F8% :8?% CE:;ZA8% ?>T;D;9% 98D9EG8:E:P%

"A# @)"&%>0)# (%#8)#>)870+&)% >8% +?9A% 4G\T;DDH% 8:G9;DE% Z?`E% 8A% ;TC?GDE% >8% F=?% BF899?% >8% >;T8=:;E=8:% ;=c>;D?:H% C98D8=>;<% 8=% :F% TET8=DE% ?;:A?9% D8<9;G?T8=D8% AE% CEAYD;GEH% CE=89%GEDEH% :;]F;89?% 8=% AE:% GE=G8CW DE:H% ?% F=% 8A8T8=DE% GFV?% A<B;G?% \?ZY?% GE=>FG;>E% ?% F=?% BF899?% :;=% @9E=D89?:P% tF;:EH%GE=% :F:% ?GED?G;E=8:%D8<9;G?:H% ?Z9;9%A?% CF89D?%?%F=?% 98@A8M;<=% 9;BF9E:?% :EZ98% AE:% @F=>?T8=DE:% >8A% ":D?>EP% 3% 8=% 8:D8% :8=W D;>E% =E% :8% CF8>8% ;B=E9?9%]F8% A?%G9YD;G?%>8% 4G\T;DD% ?A% GE=G8CDE% A;Z8W 9?A% >8% A?% CEAYD;G?% \?% >8:8TC8^?>E% F=% C?C8A% >8% C9;T89% E9>8=% 8=% A?% 98GE=:D9FGG;<=% CE:D89;E9%>8% AE:%GE=G8CDE:%V%>8%A?:% 98?A;>?>8:% CEAYD;W G?:% V% `F9Y>;G?:P% 1?%?BF>8S?%>8%:F%98@A8M;<=%:EZ98%A?%G9;:;:%>8A%GE=:D;DFG;E=?A;:TE% >8%8=D98BF899?:% =E% AEB9<% :;=%8TZ?9BE%98TE=D?9%8A% A?:D98%]F8%C?9?%8A% 8:@F89SE%D8<9;GE%98C98:8=D?Z?%8=DE=G8:% A?%>8:D9FGG;<=%>8% AE:%:FCF8:W


)[%

/?@?8A% 5B?C;DE%

DE:% >8% F=?% GE=U;U8=G;?% G;F>?>?=?% TY=;T?T8=D8%8:D?ZA8P% 3% A?:% C9EW CF8:D?:%>8%+?9A% 4G\T;DD%=E%:<AE%=E%CF>;89E=% C98U8=;9%A?%Z?9Z?9;8%8=% ]F8% >8:8TZEG<%8:?%G9;:;:% \;:D<9;G?H% :;=E% ]F8% ;=GAF:E%GE=D9;ZFV89E=H% GE=% A?%?Z:D9?GG;<=%>8%:F%CA?=D8?T;8=DEH%?%98:D?9%@F89S?%?%A?:%Z?9989?:% ]F8% A?% 9?S<=% `F9Y>;G?% GE=:D;DFG;E=?A% ;=D8=D?Z?% ECE=89% ?% A?% :;=9?S<=% CEAYD;G?P% .89E%D?TZ;c=% 8:% G;89DE% ]F8% \?% C89T;D;>E% ?% A?% 98@A8M;<=% ;=D9E>FW G;9% F=?% T?VE9% GETCA8`;>?>% 8=% 8A% CA?=D8?T;8=DEH% V% \?G89% C9E>FGD;W UE:%C?9?%8AA?%AE:%AEB9E:%G9YD;GE:%>8%A?%\;:DE9;?%V%8A%C8=:?T;8=DE%>8%AE:% bAD;TE:% :;BAE:P% 3% 8=% 8:8% :8=D;>E% =E%CF8>8%>F>?9:8%>8%]F8% \?%GE=D9;W ZF;>E%?%]F8%8=%8A% GE=:D;DFG;E=?A;:TE%CE:D89;E9%?%A?%48BF=>?%2F899?% nF=>;?A% \?V?% :;>E% CE:;ZA8% F=% CA?=D8?T;8=DE%8=% 8A% @E=>E% Ta:% 9?>;W G?AH% Ta:% U89?S% V% Ta:% G89G?=E% ?% A?% U;>?% GE=:D;DFG;E=?A% >;?9;?% >8% AE:% CF8ZAE:% V% >8% AE:% \ETZ98:P%

/ 5 m 5 " 1% 5 2 5 . 6 ! $%


./$1$2$%

":D?% 98;TC98:;<=% >8A% 8:G9;DE% :EZ98% 8A% dGE=G8CDE% >8% AE% CEAYD;GEe% GE=D;8=8% 8A% D8MDE% GETCA8DE% V% :;=% TE>;@;G?G;E=8:% >8% A?% 8>;G;<=% >8% '()*P% "=% 8A% 8CYAEBE% >8% '()*% :8% CE=8%>8% 98A;8U8% 8A% G?9aGD89%8:D9;GD?W T8=D8% >;>aGD;GE% >8A% D9?Z?`EH% V% :8% ;=:;:D8% 8MC98:?T8=D8% 8=% ]F8% DE>E% AE%]F8% ?]FY% :8%>;G8% :EZ98%8A% GE=G8CDE%>8% AE% CEAYD;GE%D;8=8%GETE% b=;W GE% EZ`8D;UE% d8=GF?>9?9% D8<9;G?T8=D8% F=% C9EZA8T?% ;=?Z?9G?ZA8eP% 48% D9?D?H% 8=% ED9?:% C?A?Z9?:H% >8% 8:D?ZA8G89% F=% T?9GE% C?9?% >8D89T;=?>?:% GF8:D;E=8:%>8% A?%G;8=G;?%`F9Y>;G?%GE=%8A%@;=%>8%CE=89%E9>8=%8=%F=?%D8W TaD;G?% GE=@F:?% V% \?AA?9% ?:Y% F=?% D<C;G?% >8% :F:%GE=G8CDE:P% ":% F=% D9?W Z?`E% ]F8% =E% CF8>8% GET8=S?9% GE=% >8D89T;=?G;E=8:% ;=D8TCE9?A8:% >8% A?% 8:8=G;?% >8% AE% CEAYD;GEH% :;=E% ]F8% D;8=8% ]F8% 8TC8S?9%CE9%@;`?9%G9;D8W 9;E:%]F8%A8%C89T;D?=% =E%C89>89%>8%U;:D?%A?%T?D89;?%=;%A?%:;DF?G;<=P% &8% AE%]F8% :8%D9?D?%@F=>?T8=D?AT8=D8%8:%>8% A?% 98A?G;<=%V%GE998A?G;<=%>8% AE:% GE=G8CDE:% >8% AE# %/0,0,8%V% >8% AE#>)870+&)% CE9% F=?% C?9D8H% V% >8% AE:% >8% -'%$$,% V# %"%*+-)% CE9% A?% ED9?H% C?9?% >8% 8:D8% TE>E% EZD8=89% A?% ;=@E9T?W G;<=%]F8%F=E:%V%ED9E:%CF8>8=%?CE9D?9%?%8:D8%>ET;=;E%GE=G8CDF?AP%

!1# 6<?3@E8# "A% G?TCE% >8% 98A?G;E=8:% >8% AE% CEAYD;GE% :8% TE>;@;G?% ;=G8:?=D8W T8=D8H% GE=@E9T8% A?:% @F89S?:% V% CE>898:% :8% F=8=% E% :8C?9?=% GE=% 8A% @;=% >8% ?@;9T?9:8P% .?9D;8=>E% >8% A?% ?=D;BF?#>)8+/% 59;:D<D8A8:% >8D89T;=?% AE% )(%


IQ%

+?9A% 4G\T;DD%

CEAYD;GE%>8%F=% TE>E%>;:D;=DE%>8A%>8%AE:%8:GEAa:D;GE:%T8>;8U?A8:H%]F8% DET?=% A;D89?AT8=D8% A?:% @E9TFA?G;E=8:% ?9D;:DEDcA;G?:% V% C;8=:?=% :;=% 8TZ?9BE% 8=% ?ABE% GETCA8D?T8=D8% >;:D;=DEH% 8=% A?% ECE:;G;<=% 8=D98% AE% 8:C;9;DF?AW8GA8:;a:D;GE% CE9% F=% A?>E% V% AE% TF=>?=EWCEAYD;GE% CE9% 8A% ED9EH%E%>;G\E%>8%ED9E%TE>EH%8=%F=?%98A?G;<=%>8%D8=:;<=%8=D98%>E:%E9W >8=?T;8=DE:% GE=G98DE:P% +F?=>E%8=% 8A% :;BAE% MU;% :8% 9ETC8% A?% F=;>?>% 8GA8:;a:D;G?% >8% "F9EC?% EGG;>8=D?AH% V% A?% F=;>?>% CEAYD;G?% ]F8>?% >8:W D9F;>?% CE9% A?:% BF899?:% G;U;A8:% 8=D98% A?:% >;U89:?:% GE=@8:;E=8:% G9;:D;?W =?:H%8=%m9?=G;?%:8%>?%8A% =ETZ98%>8#>)8+0+H'%/%`F:D?T8=D8%?%?]F8AAE:%`FW 9;:D?:% ]F8% 8=% A?% BF899?% @9?D9;G;>?% 8=D98% AE:% C?9D;>E:% 98A;B;E:E:% :8% \?W ZY?=%CF8:DE%>8%C?9D8%>8A#!/0,()%GETE%F=;>?>%=8FD9?A%V%:FC89;E9P%u8?=% _E>;=H%8A%C?>98%>8A%>898G\E%8F9EC8E%;=D89=?G;E=?A%V%>8A% ":D?>EH%@F8% F=E% >8% 8:DE:% DYC;GE:#>)870+&)/% >8A% TET8=DEP% 1?% CE9G;<=%8F9EC8?%>8% A?%\FT?=;>?>% \?% U;U;>E% \?:D?% \?G8%CEGE% 8=% F=?% cCEG?% GFVE:% GE=G8CDE:% `F9Y>;GE:% \?=% 8:D?>E% Y=D8B9?T8=D8% ?GF^?>E:% >8:>8% 8A% ":D?>EH% V% ]F8% AE% C98:FCE=8=% GETE% TE>8AE%>8% A?% F=;>?>% CEAYD;G?P% 1?% cCEG?% >8% A?% 8:D?D?A;>?>% DEG?% ?\E9?% ?% :F% @;=P% ,E% U?A8% A?%C8=?%>8:C89>;G;?9%Ta:%C?A?Z9?:%8=%8AAEP%!89T;=?%?:Y%DE>?%F=?% :FC898:D9FGDF9?% >8% GE=G8CDE:% 98@89;>E:% ?A% ":D?>EH% 89;B;>?% ?% AE% A?9BE% >8% F=% D9?Z?`E% ;=D8A8GDF?A% >8% GF?D9E% :;BAE:% CE9% F=?% G;8=G;?% >8A% >898W G\E% ;=D89=?G;E=?A% V% >8A% ":D?>E% d8F9EC?Gc=D9;G?eP% "A% 98:FAD?>E% 8:% ]F8% 8A% ":D?>E% GETE% TE>8AE% >8% A?% F=;>?>% CEAYD;G?H% 8A% ":D?>E% GETE% CE9D?>E9%>8A% Ta:%?:ETZ9E:E%>8%DE>E:% AE:%TE=ECEA;E:H%8A%>8%A?%>8G;W :;<=% CEAYD;G?H% 8:?%`EV?% >8% A?% @E9T?% 8F9EC8?% V% >8A% 9?G;E=?A;:TE%EGG;W >8=D?AH% ]F8>?%>8:D9E=?>?P% 4;=%8TZ?9BE%:8% T?=D;8=8=% :F:%GE=G8CDE:H% ]F8% ]F8>?=% ;=GAF:E% GETE% GE=G8CDE:# &8E/+&)/F% _;8=% 8:% U89>?>% ]F8% 8=% A?%?GDF?A;>?>%8A%Dc9T;=E#&8E/+&)%:F8=?%8=%B8=89?A%F=%D?=DE%8]FYUEGE%V% ?TZ;U?A8=D8H% CE9% =E% >8G;9% ;9<=;GEP% oFZE%>8% \8G\E%F=%D;8TCE%8=%8A% ]F8%D8=Y?% :8=D;>E% ;>8=D;@;G?9%AE:% GE=G8CDE:% >8#%/0,0,8%V#>)870+&)F% "A% ":D?>E%GAa:;GE%8F9EC8E%\?ZY?% AEB9?W >E%?ABE%GETCA8D?T8=D8%;=U89E:YT;Aj% ;=:D?F9?9%A?%C?S%8=%:F%;=D89;E9%V% >8:G?9D?9% A?% \E:D;A;>?>% GETE% GE=G8CDE% `F9Y>;GEP% o?ZY?% GE=:8BF;>E% 8A;T;=?9%8A% ;=:D;DFDE%`F9Y>;GE% T8>;8U?A% >8A% d>8:?@YEei% CE=89% @;=% ?% A?:% BF899?:% G;U;A8:% GE=@8:;E=?A8:% >8% AE:% :;BAE:% MU;% V% MU=H% 8=D8=>;>?:% >8% F=% A?>E%V%>8%ED9E%GETE%C?9D;GFA?9T8=D8%`F:D?:i%8:D?ZA8G89%>8%@9E=D8W 9?:% ?>8=D9E% C?SH% :8BF9;>?>% V% E9>8=P% ":% :?Z;>E% ]F8% A?% @<9TFA?% dC?SH% :8BF9;>?>%V%E9>8=e%GE=:D;DFY?%A?%>8@;=;G;<=%>8%A?% CEA;GY?P% "=%8A% ;=D8W 9;E9% >8% 8:D8% D;CE% >8% 8:D?>E:% AE% ]F8% \?ZY?% >8% \8G\E% 89?% b=;G?T8=D8% CEA;GY?H% =E% CEAYD;G?H% ?% =E% :89% ]F8% :8% GE=:;>898=% CEAYD;G?% A?:% ;=D9;B?:% C?A?G;8B?:H% A?:% 9;U?A;>?>8:H% A?:% @9E=>?:% V% AE:% ;=D8=DE:% >8% 98Z8A;<=% >8%


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

I'%

AE:% >8:GE=D8=DE:H% 8=% F=?% C?A?Z9?H% A?:% d?AD89?G;E=8:eP% +A?9E% 8:Da% ]F8% D?TZ;c=% :8% CF8>8% FD;A;S?9% ?:Y% 8A% Dc9T;=E% dCEAYD;G?eH% V% >;:GFD;9% :EZ98% :F%C9EC;8>?>%E%;TC9EC;8>?>%=E%>8`?9Y?%>8%:89%F=%T89E%>8Z?D8%D89T;W =EA<B;GEP% +E=U;8=8% 98GE9>?9% ]F8% ?TZ?:% C?A?Z9?:H% D?=DE% CEAYD;G?% GETE% CEA;GY?H% >89;U?=% >8% A?% T;:T?% C?A?Z9?% B9;8B?#>)8+/F% 1?% CEAYD;G?% >8% B9?=%8:D;AEH% A?%?AD?% CEAYD;G?H% 89?% 8=DE=G8:% b=;G?T8=D8% CEAYD;G?% 8MW D89;E9H%V%A?%98?A;S?Z?%F=% ":D?>E%:EZ89?=E%GETE%D?A% 98:C8GDE%>8%ED9E:% ":D?>E:% :EZ89?=E:% ?% AE:% ]F8% 98GE=EGY?% GETE% D?A8:H% ?GDF?=>E% :EZ98% A?%Z?:8%>8%8:D8%98GE=EG;T;8=DE%V%8=%@E9T?%>8%>8G;:;E=8:%:EZ98%?T;:W D?>H% \E:D;A;>?>% E% =8FD9?A;>?>% 98GYC9EG?:P% vtFc% \?V% >8% GAa:;GE% 8=% 8:D8% TE>8AE% >8% F=;>?>% CEAYD;G?% ]F8% :8% C98:8=D?% G899?>?% \?G;?% @F89?% GETE% :EZ89?=?% V% \?G;?% >8=D9E% GETE% C?G;@;G?>?w% 1E%GAa:;GE% 8:% A?%CE:;Z;A;>?>%>8% AA8U?9%?%G?ZE%>;:D;=G;E=8:% GA?9?:H% F=YUEG?:j% 8=D98% ;=D89;E9%V% 8MD89;E9H% 8=D98% BF899?% V% C?SH% V% >FW 9?=D8%A?%BF899?%8=D98% T;A;D?9%V%G;U;AH%8=D98%=8FD9?A;>?>% V% =E%=8FD9?A;W >?>P% +?>?%Dc9T;=E%CF8>8%98GE=EG89:8%CE9%:8C?9?>E%V%=E%:8%>8:>;ZFW `?%>8%@E9T?%;=D8=G;E=?>?P% 6=GAF:E%8=% A?%BF899?%DE>E:%D;8=8=% GA?9E%:F% /0,0'/%8=% G?>?% A?>EP% "=% A?% @;BF9?% >8% A?% BF899?H% D?A% GETE% c:D?% :8% GE=W D8TCA?%8=%8A%>898G\E% ;=D89=?G;E=?A% 8=D98% ":D?>E:H%8A% 8=8T;BE%8:% 98W GE=EG;>E% D?TZ;c=% ?A% T;:TE% =;U8A% GETE% ":D?>E% :EZ89?=EP% "=% 8:D8% >898G\E% ;=D89=?G;E=?A% 8A% 98GE=EG;T;8=DE% GETE% ":D?>E% ;TCA;G?% V?H% 8=% D?=DE% T?=D;8=8% ?b=% ?ABb=% GE=D8=;>EH% 8A% 98GE=EG;T;8=DE% >8A% >8W 98G\E% ?% A?% BF899?H% V% GE=% 8AAE% 8A% 98GE=EG;T;8=DE% >8A% ED9E% GETE%8=8W T;BE%GE=@E9T8% ?%>898G\EP% !?TZ;c=% 8A%8=8T;BE%D;8=8%:F%C9EC;E#/0,C 0'/4% =E% 8:% F=% G9;T;=?AP% 1?% BF899?% CF8>8% :89% A;T;D?>?% V% G;9GF=:G9;D?% T8>;?=D8% 98BFA?G;E=8:% >8A% >898G\E% ;=D89=?G;E=?AP% &8% ?GF89>E% GE=% 8:DE% A?% BF899?% CE>Y?% :89% GE=GAF;>?% GE=% F=% D9?D?>E% >8% C?SH% ]F8% =E9W T?AT8=D8% ;=GAFY?% F=?% GAaF:FA?% >8% ?T=;:DY?P% 4<AE% ?:Y% 8:% CE:;ZA8% F=?% GA?9?% >;:D;=G;<=% 8=D98% BF899?% V% C?SH% V% :<AE% ?:Y% G?Z8% F=?% CE:;G;<=% >8% =8FD9?A;>?>% GA?9?% V% F=YUEG?P% 1?%98BFA?G;<=%V%A?%GA?9?%>8A;T;D?G;<=%>8%A?%BF899?%:FCE=8%F=?%98W A?D;U;S?G;<=% >8% A?% \E:D;A;>?>P% !E>?% 98A?D;U;S?G;<=% >8% 8:D8% Bc=89E% 98W C98:8=D?% F=% B9?=% C9EB98:E% 8=% 8A% :8=D;>E% >8% A?% \FT?=;>?>P% &8:>8% AF8BE%=E%8:%@aG;A%>8%AEB9?9H%V?%]F8%C?9?%AE:%\ETZ98:%98:FAD?%>;@YG;A%=E% GE=:;>89?9%?%:F%8=8T;BE%GETE%F=%G9;T;=?AP% 4;=%8TZ?9BE%8A%>898G\E% ;=D89=?G;E=?A% 8F9EC8E% 98@898=D8% ?% A?:% BF899?:% D899;DE9;?A8:%8=D98% C?YW :8:%GE=:;BF;<%>?9%8:D8%:E9C98=>8=D8%C?:EP% tF8>?%CE9%:?Z89%\?:D?%]Fc% CF=DE% AEB9?9a=% ?ABE% :8T8`?=D8% ED9E:% CF8ZAE:% GFV?% \;:DE9;?% D?=% :<AE% GE=EG8% BF899?:% GEAE=;?A8:% V% G;U;A8:P% 1E% ]F8% =E% GE=:D;DFV8% 8=% TE>E% ?ABF=E%F=%C9EB98:E%C?9?% A?% \FT?=;>?>%8:%C9E:G9;Z;9%A?%BF899?%98BFW


I*%

+?9A% 4G\T;DD%

A?>?% CE9%8A% >898G\E% ;=D89=?G;E=?A% 8F9EC8E% GETE% 98?GG;E=?9;?% V% G9;W T;=?AH% V% >8:8=G?>8=?9% 8=% :F% AFB?9H% 8=% =ETZ98% >8% A?% BF899?% `F:D?H% \E:D;A;>?>8:% 98UEAFG;E=?9;?:% >8%GA?:8% E% 9?S?%]F8% =E%8:Da=% V?%8=% GE=W >;G;E=8:% >8% >;:D;=BF;9%8=D98% 8=8T;BE% V% G9;T;=?AH% V% ]F8% D?TCEGE% AE% >8:8?=P% "A% ":D?>E%V% A?%:EZ89?=Y?%GE=:D;DFV8=% A?%Z?:8%V%8A%@F=>?T8=DE%>8% A?:% ?GED?G;E=8:% 98?A;S?>?:% \?:D?% ?\E9?% CE9% 8A% >898G\E% ;=D89=?G;E=?A% 98:C8GDE%>8%A?%BF899?%V%A?%\E:D;A;>?>P% "=%U89>?>%F=?%BF899?%GE998GD?W T8=D8%AA8U?>?%?%G?ZEH%>8%?GF89>E%GE=% A?:% 98BA?:%>8A%>898G\E%;=D89=?W G;E=?A% 8F9EC8EH% GE=D;8=8% Ta:% :8=D;>E%>8A% >898G\E%V%>8% A?% 98G;C9EG;W >?>H% V% D?TZ;c=% Ta:% C9EG8>;T;8=DE% `F9Y>;GEH% Ta:% d?GG;<=% `F9Y>;G?eH% GETE% :8% >8GY?% ?=D8:H% ]F8% F=% C9EG8:EW8:C8GDaGFAE% 8:G8=;@;G?>E% CE9% TE>89=E:% >8D8=D?>E98:% >8A% CE>89%C?9?% A?% ?=;]F;A?G;<=% CEAYD;G?% V% @YW :;G?%>8A% 8=8T;BE%CEAYD;GEP% "A% ]F8%8G\?% ?Z?`E% A?:%>;:D;=G;E=8:%GAa:;G?:% V% A?:% ?GED?G;E=8:% >8% A?% BF899?%8=D98% ":D?>E:%8:D?ZA8G;>?:% ?%C?9D;9%>8% 8AA?:% D;8=8% ]F8% :?Z89% AE% ]Fc% 8:Da% \?G;8=>EP% /8UEAFG;E=?9;E:% C9E@8W :;E=?A8:%GETE% 18=;=% V% n?E%AE%:?ZY?=P% .89E% Ta:%>8%F=%`F9;:D?%C9E@8W :;E=?A% AE% ;B=E9?P% ,;% :;]F;89?% :8%>?=% GF8=D?% >8A% TE>E%GETE% :8% FD;A;W S?=% AE:% GE=G8CDE:% D9?>;G;E=?A8:%GAa:;GE:%>8% A?%BF899?% 98BFA?>?%GETE% ?9T?:%C?9?%A?%BF899?%98UEAFG;E=?9;?H%?9T?:%>8%A?:%]F8%:8%\?G8%F=%F:E% CF9?T8=D8% ;=:D9FT8=D?AH% GE=% CA8=?% A;Z89D?>% V%:;=% EZA;B?G;<=% ?ABF=?% >8% 98G;C9EG;>?>P% 5:Y% 8:Da=% A?:% GE:?:P% -=?% :;DF?G;<=% D?=% GE=@F:?% >8% @E9T?% V% @?AD?% >8% @E9T?H% >8% BF899?% V% C?SH% CA?=D8?% ;=D899EB?=D8:% ;=G<TE>E:% C89E% ]F8% =E% CF8>8=% C?:?9:8% CE9% ?ADE% V% ]F8% :FCE=8=% F=% B8=F;=E% >8:?@YEP% "A% Dc9T;=E%?A8Ta=#S%$,'/G)$(%$'"-%GE=D;8=8H%CE9%G;89DEH%D?=DE%8A%:8=W D;>E% >8% F=# &2,88%"-%% GETE% 8A% >8% F=?#>$)J)&,&+A"F#

+47<478# 6<# 9<?D;<?73# "A% 8:G9;DE%:EZ98% 8A% GE=G8CDE%>8% AE%CEAYD;GE%98C98:8=D?%F=% ;=D8=DE% >8% \?G89% `F:D;G;?% ?% AE:% =F8UE:% ;=D899EB?=D8:% :;=% ;=@9?U?AE9?9% =;% 8A% TET8=DE%>8#&2,88%"-%%=;%8A%>8%C9EUEG?G;<=P% 5:Y%GETE%A?%GE=@898=G;?% :EZ98% oFBE% .98F::% L'()QN% V% A?:% TE=EB9?@Y?:% :EZ98% d"A% >8@8=:E9% >8% A?%+E=:D;DFG;<=e%L'()'N% V%d18B?A;>?>%V% 18B;D;T;>?>e%L'()*N% :8%EGFW C?=% >8% A?% =F8U?%C9EZA8TaD;G?% GE=:D;DFG;E=?A% ;=D9?8:D?D?AH% ?]FY% GE=W @AFV8=% D8T?:% >8%D8E9Y?% >8A% ":D?>E%GE=% ED9E:%>8A% >898G\E% ;=D89=?G;EW =?A%8=D98% ":D?>E:i% =E%:8% \?ZA?%b=;G?T8=D8%>8%A?%D8E9Y?%CAF9?A;:D?%>8A% ":D?>E%hDE>?UY?%>8:GE=EG;>?%CE9%GETCA8DE%8=% A?%5A8T?=;?%>8%8=W


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

I)%

DE=G8:h% :;=E% D?TZ;c=% >8% A?% 4EG;8>?>% >8% A?:% ,?G;E=8:% >8% 2;=8Z9?P% ":D8%8:G9;DE%98:CE=>8%?A%>8:?@YE%>8%F=?%:;DF?G;<=%8=D98%>E:%?BF?:P% "A% 98DE% ]F8% 8T89B8% >8% 8AA?% :8% >;9;B8% 8=% C9;T89% Dc9T;=E% ?% AE:% 8MC89DE:% GE=:D;DFG;E=?A8:% V% ?% AE:% `F9;:D?:% ;=D89=?G;E=?A8:P% n;% C9;T89% ?M;ET?% >;G8j% d"A% GE=G8CDE% >8A% ":D?>E% C98:FCE=8% 8A% >8% AE% CEAYD;GEPe% vtF;c=% CE>9Y?% 8=D8=>89% F=?% D8:;:% @E9TFA?>?% D?=% 8=% ?Z:D9?GDEw%!E>?UY?%?\E9?%:;BE%>F>?=>E%:EZ98%8A% :8=D;>E%>8%8TC8S?9% GE=%F=?%?Z:D9?GG;<=%?%C9;T89?%U;:D?%D?=%EC?G?H% CF8:DE%]F8%A?%C9;T8W 9?%@9?:8%>8G;>8%8=%T8>;>?%=E%C8]F8^?%:EZ98%8A%>8:D;=E%>8%F=?%CFZA;W G?G;<=P% ,E% EZ:D?=D8% D?A% ?:8U89?G;<=H% @E9TFA?>?% 8=% GE=G8CDE:% G?:;% 8:EDc9;GE:H% =E%8:Da%@F89?%>8%AFB?9%C98G;:?T8=D8%?\YP% 4F%T;:T?%@E9T?% >8%D8:;:%C9EUEG?D;U?%GE=D9;ZFV8%?%CE=89%>8%T?=;@;8:DE%GFaA8:%:E=%:F:% >8:D;=?D?9;E:% C9;=G;C?A8:H% ?% :?Z89j% AE:% GE=EG8>E98:% >8A# 0'/#>'M8+&'*# !'$)>,%'*I% AE:%GE=EG8>E98:%>8%:F%\;:DE9;?%V%>8%:F%C9EZA8TaD;G?%GE=W D8TCE9a=8?P% "=% 98?A;>?>% 8:% CE9% 98@898=G;?% ?% 8:DE:% >8:D;=?D?9;E:% GETE%?>]F;898%U89>?>89E%:8=D;>E%8A%8CYAEBEH%V?%]F8%CE=8%>8%98A;8U8% D?=DE% A?% ;=D8=G;<=%>8%d8=GF?>9?9%F=%C9EZA8T?%;=?Z?9G?ZA8e%GETE%8A% G?9aGD89% 8:D9;GD?T8=D8% >;>aGD;GE% >8% A?% 8MCE:;G;<=P% -=% ;=@E9T8% :EZ98% 8A% 8@8GDE% >8% 8:D8% 8:G9;DE% 8=% 8A% :8=E% >8% 8:8% GY9GFAE% C9E@8:;E=?A% D8=>9Y?% ]F8% ;=GAF;9% D?TZ;c=% CFZA;G?G;E=8:% CE:W D89;E98:% ]F8% \?=% >8:?99EAA?>E% 8A% GE=G8CDE% >8% AE% CEAYD;GE% 8:ZES?>E% ?]FY% V% \?=% ;=D8=D?>E% :?DF9?9% GE=% GE=D8=;>E:% 8A% 8=GF?>98% E@98G;>EP% "=D98%8AA?:%\?V%]F8%GE=D?9#T+%# U%"('"-# (+/V$+*+"+%$%"(%"#W$+%-/M%C -$+GG#X!8-+$)#2,&+,#'"#&)"&%>0)#(+/&$+*+",()$#(%#8,#-'%$$,Y% L'()[N%V%8A% A;Z9E% :EZ98% 8A#B)*)/#(%$#!$(%# X!8#")*)/#(%#8,#0+%$$,Y% L'(XQNP% !?A% ;=@E9T8% >8W Z89Y?% ?Z?9G?9%D?TZ;c=% A?:% GE=G8CG;E=8:%>8A% >8A;DE% CEAYD;GE% V% >8A% ?:;W AE% CEAYD;GEH% >8% A?%`F:D;G;?Z;A;>?>% >8% AE:% ?GDE:% CEAYD;GE:% V% >8% A?:% >8G;W :;E=8:% :EZ98% GF8:D;E=8:% CEAYD;G?:% ?% D9?Uc:% >8% A?% UY?% `F>;G;?Ai% D8=>9Y?% ;=GAF:E% ]F8% ;=D8B9?9% A?% GF8:D;<=% @F=>?T8=D?A% >8A% C9EG8:E% `F>;G;?AH% 8:DE% 8:H% F=?% ;=U8:D;B?G;<=% :EZ98% 8A% B9?>E% V% A?% T8>;>?% 8=% ]F8H% 8=% :F% G?A;>?>%>8%C9EG8>;T;8=DEH% 8A% C9EG8:E%`F>;G;?A% TE>;@;G?%:F% T?D89;?%V% EZ`8DE% V% A8% GE=@;898% F=?% GE=D8MDF9?% >;@898=D8P% !E>E% 8:DE% :EZ98C?:?% ?TCA;?T8=D8% 8A% T?9GE% >8% F=% C9<AEBE% V% :<AE% CF8>8% :89% C98:8=D?>E% ?]FY% GETE% D?98?% C8=>;8=D8P% !?TZ;c=% 8=D9?9Y?% ?]FY% 8A% C9EZA8T?% >8% A?%F=;>?>%CEAYD;G?%h = E%:<AE%8GE=<T;G?%E%DcG=;G?h%>8A% TF=>EP% ,E% EZ:D?=D8% T8%BF:D?9Y?% T8=G;E=?9%8=%8:D8% CF=DEH% >8%8=D98% A?% TFAD;DF>% >8% DET?:% >8% CE:;G;<=% ?A% 98:C8GDEH% >E:% ?9DYGFAE:% >8% >898G\E% ;=D89=?W G;E=?A% ]F8% 98C98:8=D?=% F=?% CE:;G;<=% G9YD;G?% V% =8B?D;U?% 98:C8GDE% >8% T;:%;>8?:H%:;=%CE9%8:E%>8`?9%>8%DET?9%8=%GE=:;>89?G;<=%8A%D8T?%>8%F=% TE>E% EZ`8D;UEj% T8% 98@;89E% ?% A?:% >E:% ;=D89U8=G;E=8:% >8A% C9E@8:E9%


II%

+?9A% 4G\T;DD%

o?=:% f8\Z89BH% >8% 2;=8Z9?H% 8=% :F% 98U;:D?# Z"%(%"/[,$0%H% 8=% '(I'% V% '(X'P% "A% 8:G9;DE% :EZ98% 8A% GE=G8CDE% >8% AE% CEAYD;GEH% GETE% DE>E% D9?D?W T;8=DE% >8% GE=G8CDE:% GE=G98DE:% >8:>8% 8A% CF=DE% >8% U;:D?% `F9Y>;GEH% :8% EGFC?%>8%F=% T?D89;?A% \;:D<9;GEH%V%:8%>;9;B8%8=%GE=:8GF8=G;?%D?TZ;c=% ?%AE:%\;:DE9;?>E98:H%8=%C9;T89%Dc9T;=E%?%AE:%GE=EG8>E98:%>8%A?%cCEG?% >8% AE:% ":D?>E:% 8F9EC8E:% V% >8% A?% D9?=:;G;<=% >8A% :;:D8T?% @8F>?A% >8% A?% ">?>% n8>;?% ?A% ":D?>E% D899;DE9;?A% :EZ89?=EH% GE=% :F% >;:D;=G;<=% 8=D98% ":D?>E% V% :EG;8>?>P% "=% 8:D8% GE=D8MDE% >8Z8% T8=G;E=?9:8% 8A% =ETZ98% >8% F=% B9?=% \;:DE9;?>E9H% $DDE% _9F==89H% ]F8% 8=% :F% EZ9?% C;E=89?#\,"(# '"(#S%$$/&2,G0% L'P?% 8>PH% '()(NH% \?% ?CE9D?>E% F=?% ;TCE9D?=D8% U89;@;G?W G;<=% \;:D<9;G?%>8%T;%G9;D89;E%>8% AE%CEAYD;GEP% &8>;G?%?%T;%C8]F8^E%8:W G9;DE% ?ABF=?% ?D8=G;<=H% CE9% Ta:% ]F8% AE% GE=:;B=?% b=;G?T8=D8% GETE% F=% dCF=DE%@;=?AeH% 8A% >8% A?%8UEAFG;<=% >8% F=?%G;89D?%>EGD9;=?%>8% A?% 9?W S<=%>8% ":D?>EP% .98:8=D?%?>8Ta:%A?%EZ`8G;<=% G9YD;G?%>8%]F8%8=%cA%8:%8A% 8=8T;BE%V% =E%8A% ?T;BE%8A% ]F8% 98C98:8=D?%98?AT8=D8%8A% 9?:BE%GE=G8CW DF?A% CE:;D;UEP% +?9?GD89;S?9%8A% 8:G9;DE%GETE%dCF=DE%@;=?Ae%D;8=8%8A%8@8GDE%>8%U;=W GFA?9AE% ?% A?% cCEG?% ;TC89;?A;:D?H% V% G?A;@;G?% ?% :F% ?FDE9% >8% 8CYBE=E% >8% n?M% f8Z89P% 1?%U89>?>89?% 98A?G;<=%>8%T;:%GE=G8CDE:%GE=% AE:%>8%F=?% >EGD9;=?% ;=D89=?G;E=?A% V% >8A% ":D?>E% DYC;G?T8=D8% ;TC89;?A;:D?% ]F8>?% :F@;G;8=D8T8=D8%GA?9?% 8=% A?% =ED?% (% >8% CP% J)H% ]F8% :8% 98@;898% ?% F=% C9EW >FGDE% DYC;GE% >8% 8:?% 89?P% "A% 98C9EG\8% >8% \?Z89% C9;T?>E% 8A% GE=G8CDE% >8% 8=8T;BE% 8:Da% TFV% 8MD8=>;>E% V% 8:% F=% 8:D898ED;CEP% ,E% D;8=8% 8=% GF8=D?% ]F8% 8A% TEU;T;8=DE%>8% F=% GE=G8CDE%`F9Y>;GE%C?9D8H% GE=% =8G8W :;>?>%>;?AcGD;G?H%>8%A?%=8B?G;<=P% "=% A?%U;>?%>8A%>898G\EH% ;BF?A%]F8%8=% :F% D8E9Y?H% A?% ;=D8B9?G;<=% >8% A?% =8B?G;<=% 8:% DE>E% AE% GE=D9?9;E% >8% F=% dC9;T?>Ee%>8% AE%=8B?>EP% -=% C9EG8:E%GETE%?GG;<=%`F9Y>;G?%:<AE%CF8W >8% C8=:?9:8% GF?=>E% :8% \?% C9E>FG;>E% A?% =8B?G;<=% >8%F=% >898G\EP% 1?% C8=?%V%8A% >898G\E%C8=?A% =E%D;8=8=%8=%:F%E9;B8=%F=?%?GG;<=%GF?A]F;8W 9?% :;=E% F=?% ?GG;<=% >8A;GD;U?P% v&8Z8% DET?9:8% 8:DE% GETE% F=?% ?G8CW G;<=% dCE:;D;U?e% >8A% >8A;DE% V% GETE% F=% dC9;T?>Ee% >8A% G9;T8=w% +E=% ;=>8C8=>8=G;?%>8%8:DE%8A% \;:DE9;?>E9%C?9?%8A% ]F8% A?% \;:DE9;?% =E% :8?% :<AE%8A% C?:?>E%D8=>9a%]F8%DET?9%8=% GE=:;>89?G;<=% D?TZ;c=%8A% >8:?@YE%?GDF?A%V%GE=G98DE%]F8%CA?=D8?%=F8:D9?%8MCA;G?G;<=%>8%AE%CEAYW D;GEH% D8=>9a% ]F8%D8=89%8=% GF8=D?% A?% GE=@F:?%8]F;UEG;>?>%>8% AE:%GE=W G8CDE:% `F9Y>;GE:% GAa:;GE:% V% 98UEAFG;E=?9;E:H% V% =E% 8]F;UEG?9%8A% :8=D;W >E%>8% =F8:D9?% 98:CF8:D?%?%8:D8%>8:?@YEP% "A%>8:?99EAAE%>8%A?:%G?D8BE9Y?:% >8% BF899?% V% 8=8T;BE% ]F8% GET8=S<% 8=% '()(% \?% GE=>FG;>E% ?% =F8U?:% @E9T?:%>8%BF899?%G?>?%U8S%Ta:%;=D8=:;U?:%V%?%GE=G8CDE:%>8%C?S%DED?AW


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

IX%

T8=D8% >8:GE=G89D?=D8:H% ?:Y% GETE% ?% A?% TE>89=?% BF899?% 98UEAFG;E=?W 9;?%V%>8% C?9D;:?=E:P% v+<TE%8:% CE:;ZA8% ?C98\8=>89%DE>E%8:DE%D8<9;G?W T8=D8%:;%:8%98C9;T8%V%?99E`?%>8%A?%GE=G;8=G;?%G;8=DY@;G?%A?%98?A;>?>%>8% A?% 8M;:D8=G;?% >8% A?% \E:D;A;>?>%8=D98% AE:% \ETZ98:w% ,E%8:% c:D8% 8A% AFB?9% >8%C9E@F=>;S?9%8=% A?%>;:GF:;<=%:EZ98%8:D?:%GF8:D;E=8:P% .89E%:Y%]F;:;8W 9?%?A% T8=E:%98GE9>?9%]F8%8A% 98DE%C?9?%8A%]F8%ZF:G?TE:%F=?%98:CF8:D?% =E% :<AE% =E% \?% C89>;>E%@F89S?% :;=E% ]F8% \?% ;=D8=:;@;G?>E% :F%U;EA8=G;?% V%F9B8=G;?P% .E9%ED9?%C?9D8%8A%GE9EA?9;E%?^?>;>E%8=% '()[%C9ECE9G;E=?% F=?% C?=E9aT;G?% :EZ98% A?% 98A?G;<=% 8=D98% AE:% GE=G8CDE:% >8% BF899?% V% 8=8T;BEP% .89E% =E% :E=% :<AE% AE:% `F9;:D?:% 8% \;:DE9;?>E98:% AE:% ]F8% :8% \?=% EGFW C?>E% >8A% GE=G8CDE% >8% AE% CEAYD;GEj% AE% \?=% \8G\E% D?TZ;c=% ;TCE9D?=W D8:% D8<AEBE:% V% @;A<:E@E:H% V% :89Y?% =8G8:?9;E% F=% ZF8=% ;=@E9T8% G9YD;GE% ]F8% C9ECE9G;E=?:8% F=% GF?>9E% T8>;?=?T8=D8% GETCA8DE% >8% A?% :;DF?W G;<=P% 1E% ]F8% EGF998% 8:% ]F8% 8=% 8:D8% >ET;=;E% :8% ?^?>8=% =F8U?:% >;@;W GFAD?>8:% C?9D;GFA?9T8=D8% GETCA8`?:% >8% 8=D8=>;T;8=DE% 98GYC9EGEH% GE:?%]F8% \?G8%G?:;% ;TCE:;ZA8%8=GF?>9?9%>8% F=% TE>E%GE=U;=G8=D8%A?% C9EZA8TaD;G?% GETb=P% 4;BF8% 8=% U;BE9% 8A# /+8%0%# 02%)8)-+8% A?=S?>E% ?% GEW T;8=SE:%>8% A?%89?%>8% AE:% ":D?>E:%CE9%F=%`F9;:D?% ;=D89=?G;E=?A% GE=D9?% AE:% D8<AEBE:% >8% ?TZ?:% GE=@8:;E=8:P% 1?% >;:B98B?G;<=% ?% ]F8% \?% >?>E% AFB?9% A?% >;U;:;<=% >8A% D9?Z?`E% 8=% 8A% >ET;=;E%>8% A?% 8=:8^?=S?% V% A?% ;=W U8:D;B?G;<=% >8% A?:% G;8=G;?:% >8A% 8:CY9;DF% \?% UF8ADE% GE=@F:?% A?% A8=BF?% GETb=H% V% `F:D?T8=D8% ?% C9EC<:;DE% >8% GE=G8CDE:% GETE%8A% >8% ?T;BE% V% 8=8T;BE% :8% \?G8% G?:;% ;TC98:G;=>;ZA8% F=?# +07)# +"#>,$0%/F# 1?% E9BFAAE:?% ?FDEGE=G;8=G;?% ]F8% :8% 8MC98:?% 8=% 8:8# /+8%0%% >8% GEW T;8=SE:%>8%A?%8>?>%>8%AE:%":D?>E:%:8%A8:%8:Da%G?V8=>E%>8%A?:%T?=E:%?% AE:% `F9;:D?:% >8A% @;=?A% >8% A?% T;:T?P% nFG\E:% ZF:G?=% \EV% >Y?% ?CEVE:% V% 98U?AE9;S?G;E=8:%8=% F=%>898G\E% =?DF9?A% >8%GE9D8%D8EA<B;GE%V%TE9?A%E% ;=GAF:E%8=% GAaF:FA?:%B8=89?A8:%>8% F=?% @;AE:E@Y?% >8% AE:%U?AE98:P% 3?% =E% Z?:D?%GE=% 8A% CE:;D;U;:TE%`F9Y>;GE%>8A% :;BAE%M;MH%V%?% =?>;8%:8% A8%EGFAD?% AE% ?ZF:;UE%>8% A?% FD;A;S?G;<=% 98UEAFG;E=?9;?% >8% AE:% GE=G8CDE:% >8% F=?% ;>8?% GAa:;G?% >8% A?% A8B?A;>?>P% m98=D8% ?% A?% D8EAEBY?% V% ?% A?% @;AE:E@Y?% CE9% F=% A?>EH%V%CE9%8A%ED9E%@98=D8%?%AE:%98?`F:D8:%DcG=;GEW:EG;?A8:H%8A%`F9;:D?% CbZA;GE%:8%8=GF8=D9?%8=%F=?%CE:;G;<=%;=D89T8>;?%V%?%A?%>8@8=:;U?i%V?% =E%CF8>8%GE=D?9%GE=%A?%;=D?=B;Z;A;>?>%?FD<GDE=?%>8%:F%CE:;G;<=H%V%A?% ;=@E9T?G;<=%GE=D8=;>?%8=%:F:%>8@;=;G;E=8:%8:Da%8=%:F:C8=:EP% -=?%:;W DF?G;<=% D?=% G?<D;G?% `F:D;@;G?9Y?% CE9% :Y% T;:T?% A?% 98;TC98:;<=% >8% F=% 8:G9;DEH% ?BED?>E%\?G8%V?%TFG\E:%?^E:H% :EZ98%8A%GE=G8CDE%>8% AE%CEAYW D%;GEH% ?F=]F8% =E% :8?% Ta:% ]F8% CE9% 98:G?D?9% F=% >EGFT8=DE% ?FDc=D;GE% >8% :F:% @?A:?:% T;D;@;G?G;E=8:% V% \?G89% CE:;ZA8% F=?%8MC98:;<=% ?FDc=D;G?%


IJ%

+?9A% 4G\T;DD%

>8% A?% ;=@E9T?G;<=% C98G;:?% ]F8% GE=D8=Y?% 8=% :F% TET8=DE% E9;B;W =?9;EP% "A% ;=D89c:% CE9% 8A% :8=D;>E% A;D89?A% >8% F=% 8=F=G;?>E% >8% 8:D8% D;CE% :8% `F:D;@;G?% >8%@E9T?% ?b=% Ta:% C?D8=D8%8=% T8>;E:%8MD9?G;8=DY@;GE:%GETE% A?% U;>?% CbZA;G?% >;?9;?% V% A?% CFZA;GY:D;G?% >8% AE:% T8>;E:% >8% T?:?:P% "=% 8:DE:%>ET;=;E:%:8%:F8A8%:FC8>;D?9%DE>E%?% AE:%EZ`8D;UE:%;=T8>;?DE:%>8% A?% AFG\?% CEAYD;G?% GED;>;?=?% E% >8A% GE=:FTEP% 5]FY% GF?A]F;89% ;=D8=DE% >8% 8=GF?>9?9% ?ABE% G;8=DY@;G?T8=D8% 98:FAD?% :;=% Ta:% ?Z:F9>EP% 3% 8:% 8=% 8:D8%T8>;E%>E=>8H% AE%]F8%@F8%8=% :F% TET8=DE%F=% C9;T89%V%G?FD8AE:E% ;=D8=DE%>8%>8T?9G?9%F=% G;89DE%G?TCE% GE=G8CDF?AH% :8% \?% U;:DE%D9?=:W @E9T?>E%8=% F=% :AEB?=% C9;T;D;UEH% F=?%>8=ET;=?>?%dD8E9Y?%>8%?T;BE% V% 8=8T;BEe% GE=EG;>?% :<AE% >8% EY>?:% V% 8=>E:?>?% :;8TC98% ?A% C?9D;>E% GE=D9?9;EP% "=%8:DE%8A% ?FDE9%=E%CF8>8% \?G89%TFG\E%Ta:%]F8%D9?D?9%>8% CE=89% ?% :?AUE% 8A% D8MDE% 8=% :F% GE=`F=DEP% .E9% AE% >8Ta:% D;8=8% ]F8% :89% GE=:G;8=D8% >8% ]F8% AE:% 8@8GDE:% V% GE=:8GF8=G;?:% >8% :F:% CFZA;G?G;E=8:% 8:G?C?=% ?% :F% GE=D9EAP% 4EZ98%DE>E% AE:% 8:G9;DE:% T8=E98:% ?GE:DFTZ9?=% ?% DET?9% :F% C9EC;E% >899ED89EH% V% AE% ]F8% 8A% ?FDE9% \?% \8G\E% 98?AT8=D8% GE=% 8AAE:% d:<AE% AE% 98U8A?% 8A% >Y?% :;BF;8=D8eP%

'98?<F;F2B4# 6<# 13# 9<?D;<?73# 1?%:;DF?G;<=%>8%C?9D;>?%:;BF8%:;8=>E%A?% T;:T?H%V%=;=BF=E%>8%:F:% >8:?@YE:%CF8>8%GE=:;>89?9:8%:FC89?>EP% 1?%GE=D9?>;GG;<=%8=D98%8A% F:E% E@;G;?A% >8% AE:% GE=G8CDE:% GAa:;GE:% V% A?% 98?A;>?>%8@8GD;U?% >8% AE:% EZ`8D;W UE:% V% TcDE>E:% 98UEAFG;E=?9;E:% F=;U89:?A8:% =E% \?% \8G\E% :;=E%?BF>;W S?9:8P% 1?% 98@A8M;<=% :EZ98% 8:D8% 98DE% =E% CF8>8% :89% ?Z?=>E=?>?i% \?V% ]F8% :8BF;9% ;=D8=D?=>E% >8:?99EAA?9% F=?% 98:CF8:D?P% v.89E% G<TE% :8% CE>9Y?% \?G89% 8:DEw% "A% D;8TCE% >8% AE:% :;:D8T?:% \?% C?:?>EP% "=% A?%cCEG?%8=% A?%]F8%AE:% ":D?>E:%8F9EC8E:%DFU;89E=%:F%TaW M;TE% ?FB8H% \?G8% F=E:% D98:G;8=DE:% ?^E:H% :F9B;89E=% D?TZ;c=% T?B=Y@;W GE:% :;:D8T?:% >8% C8=:?T;8=DEP% .89E% ?\E9?%V?% =E%:8%CF8>8% :8BF;9%8>;W @;G?=>E%>8%8:?% T?=89?P% oEV%>Y?% :<AE%G?Z8%V?%UEAU89%A?%U;:D?% \?G;?% A?% \;:DE9;?H%8=% F=?% 98@A8M;<=% ]F8%GEZ98%GE=G;8=G;?%>8% A?%B9?=%cCEG?%>8A% +'/>'M8+&'*#%'$)>,%'*%V%>8%A?%:;:D8TaD;G?%>8%:F:%GE=G8CDE:%>8%":D?>EH% BF899?%V%8=8T;BE%`F:DEP% ":% AE%]F8%VE% \8% ;=D8=D?>E%8=% T;% A;Z9E%:EZ98% 8A# B)*)/# (%$# !$(%% L'(XQNP% -=?% CE:;Z;A;>?>% >;:D;=D?% V% ?AD89=?D;U?% :89Y?% C?:?9:8% ?A% ?@E9;:TEP% .89E% ?% TYH% GETE%`F9;:D?%]F8% :EVH%8:E% T8% 98:FAD?% ;TCE:;ZA8P% "=% 8A% >;W A8T?% 8=D98% :;:D8T?% V% ?@E9;:TE% :<AE% GE=ESGE% F=?% :?A;>?j% T?=D8=89%


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

IR%

C98:8=D8% 8A% @8=<T8=E% V% :ET8D89% A?:% GF8:D;E=8:% ]F8% Z9ED?=% ;=G8:?=W D8T8=D8% >8% :;DF?G;E=8:% :;8TC98% =F8U?:% V% DFTFADFE:?:% ?% A?% U89;@;G?W G;<=% >8% :F:% G9;D89;E:P% 5:Y% F=% GE=EG;T;8=DE% 8=A?S?% GE=% 8A% ?=D89;E9% V% 8TC;8S?% ?% @E9T?9:8% F=?% G?>8=?% >8% GE9EA?9;E:P% "=D98D?=DE% >;:CE=8W TE:% V?%>8% F=% ZF8=% ?GEC;E%>8%8AAE:H% C89E% =E%:89Y?%>8T?:;?>E%C9aGD;W GE%98G?9B?9%GE=%8AAE:% A?%98;TC98:;<=%>8%F=?%EZ9?%>8A% ?^E% '()*P% 5]FY% :<AE% CF8>8% 8=D9?9% 8=% GE=:;>89?G;<=% F=?% G?D8BE9Y?% TFV% 8:C8G;?A% >8% D?A8:% GE9EA?9;E:H% A?% ]F8% C9ECE9G;E=?% F=?% C?=E9aT;G?% :EZ98% A?:% 98A?W G;E=8:% ;=D89=?:% >8% F=% >8D89T;=?>E% G?TCE% GE=G8CDF?AP% 4F% EZ`8DE% 8:% ?GED?9%F=% D8998=E% 8=% 8A% ]F8% AE:% GE=G8CDE:% :8% ;=@E9T?=% F=E:% ?%ED9E:% 8=% U;9DF>% >8% :F% CE:;G;<=% >8=D9E% >8% ?]FcAP% -=?% C?=E9aT;G?% >8% 8:D?% Y=>EA8%CF8>8% :89%A?% T?VE9%FD;A;>?>%C?9?%8A% EZ`8D;UE%>;>aGD;GE%>8%8:D8% 8:G9;DEP% 1?%98;TC98:;<=%>8% '()*%C98:8=D?%8A%D8MDE%D?A% GETE%8:D?Z?H% GETE% F=% >EGFT8=DE% GE=% DE>?:% :F:% >8@;G;8=G;?:P% 4F% >8@8GDE% C9;=G;C?A% 8:Da% 8=% ]F8%8=% cA% =E% :8%>8:A;=>?=% V%>;@898=G;?=% GE=% :F@;G;8=D8%GA?9;>?>% V% C98G;:;<=% AE:%>;U89:E:%D;CE:%>8%8=8T;BE:j% GE=U8=G;E=?AH% 98?A%E%?Z:EW AFDEP% &8ZE% F=?% ;=>;G?G;<=% >8% 8:D?% A?BF=?% ?% F=% @9?=Gc:H% uFA;8=% m98F=>H%>8%A?%-=;U89:;>?>%>8%":D9?:ZF9BEH%V%?%F=%?T89;G?=EH%28E9W B8%4G\x?ZH%>8%A?%+EAFTZ;?%-=;U89:;DV%>8%,F8U?%3E9sP% 1?%>;:GF:;<=% :EZ98% 8A% C9EZA8T?% :;BF8% :F% GF9:E% ;TC?9?ZA8% V% :8% 8:Da% C9E>FG;8=>E% F=% B8=F;=E% C9EB98:E% 8=% A?% GE=G;8=G;?% >8A% T;:TEP% .F8:% A?:% =F8U?:% @E9T?:% V% TcDE>E:% GE=D8TCE9a=8E:% >8% A?% BF899?% =E:% @F89S?=% ?% 98W GE=:;>89?9%8A% @8=<T8=E%>8% A?% \E:D;A;>?>P% o8% ;=D8=D?>E% TE:D9?9%8:DE% >8% A?% T?=E% >8% F=% 8`8TCAE% >8% 8:C8G;?A% ?GDF?A;>?>% V% ?BF>8S?% 8=% F=?% EZ9?% ;=>8C8=>;8=D8% :EZ98% A?# ?%)$7,#(%8#>,$0+/,")H% ]F8%:8% \?%CFZA;G?>E% ?A% T;:TE%D;8TCE%]F8%8:D?%98;TC98:;<=P% -=% :8BF=>E%8`8TCAE%=E%T8W =E:% 8MC98:;UE% 8:% 8A% ]F8% C9ECE9G;E=?% A?% AA?T?>?% BF899?% @9Y?P% "=% A?% TE>89=?% BF899?% >8% C?9D;:?=E:H% D?A% GETE% :8% ;=;G;<% 8=% A?% GE=@A?B9?G;<=% G\;=EW`?CE=8:?% ?% C?9D;9%>8% '()*H% AF8BE% 8=% A?% :8BF=>?% BF899?%TF=>;?A% V% @;=?AT8=D8H% >8:>8% '(IXH%8=% 6=>EG\;=?%V%ED9E:%C?YW :8:H% :8% F=8=% >E:% C9EG8:E:% >8% :;B=E% ECF8:DEH% >E:% TE>?A;>?>8:% GETW CA8D?T8=D8%>;:D;=D?:%>8%BF899?%V%\E:D;A;>?>j% CE9%F=?%C?9D8H%F=?%98:;:W D8=G;?% ?FD<GDE=?% ]F8% 8:% 8=% 8:8=G;?% >8@8=:;U?%V% ]F8% A?% CEZA?G;<=% >8% F=%C?Y:%ECE=8%?%F=%;=U?:E9%8MD9?=`89EH%V%CE9%A?%ED9?H%8A%?CEVE%V%FD;A;W S?G;<=%>8%D?A% 98:;:D8=G;?%CE9%D89G89?:% CED8=G;?:% ;=D898:?>?:%V%>8%?GD;W DF>%?B98:;U?%\?G;?%8A% 98:DE%>8A% TF=>EP% "A%C?9D;:?=EH% ]F8%C?9?%A?%T?W =89?%D9?>;G;E=?A%>8% \?G89%A?%BF899?%89?%F=%:;TCA8%d;998BFA?9eH%F=?% @;W BF9?%T?9B;=?AH% :8%\?%GE=U89D;>E%8=D98%D?=DEH%:;% =E%8=%@;BF9?%G8=D9?AH% :Y% >8:>8% AF8BE% 8=% C;8S?% GA?U8% >8% A?% T?=89?% >8% \?G89% A?% BF899?% 8=%


+?9A% 4G\T;DD%

I[%

=ETZ98% >8% 98UEAFG;E=8:% >8% aTZ;DE% TF=>;?AP% _?:D8% 98GE9>?9% A?% TaW M;T?% GE=% A?% ]F8% AE:% 8`c9G;DE:% ?A8T?=8:% C9F:;?=E:% 8:C89?Z?=% U8=G89% ?A% C?9D;:?=Ej% A?% D9EC?% GETZ?D8% ?A% 8=8T;BEH% C89E% ?A% T89E>8?>E9% AE% 8A;T;=?% A?% CEA;GY?P% !?TZ;c=%8=%8:?%ED9?%@E9T?%TE>89=?%>8%\?G89%A?%BF899?%?\E9?H% A?% AA?T?>?% BF899?% @9Y?H% :8% ]F;8Z9?=% DE>E:% AE:% 8`8:% GE=G8CDF?A8:% ]F8% :EW CE9D?Z?=% ?=D8:% 8A% :;:D8T?% D9?>;G;E=?A% >8% >8A;T;D?9%V% 98BFA?9% A?% BF8W 99?P% 1?% BF899?% @9Y?% :8% ZF9A?% >8% DE>?:% A?:% >;:D;=G;E=8:% GAa:;G?:% 8=D98% BF899?H%C?S%V% =8FD9?A;>?>H%8=D98%CEAYD;G?%V%8GE=ETY?H%8=D98%T;A;D?9%V% G;U;AH%8=D98%GETZ?D;8=D8%V%=E%GETZ?D;8=D8i% AE%b=;GE%]F8%T?=D;8=8%8:% A?% >;:D;=G;<=% 8=D98% ?T;BE% V% 8=8T;BEH% GFV?% 8:D9;GD?% GE=:8GF8=G;?% GE=:D;DFV8% :F% E9;B8=% V% 8:8=G;?P% ,E% 8:% >8% 8MD9?^?9% ]F8% A?% U;8`?% C?A?Z9?% ;=BA8:?#G)%%\?V?%>8:C89D?W >E% >8% :F% A?9BE% A8D?9BE% ?9G?;GE% >8% GF?D9EG;8=DE:% ?^E:H% V% ]F8% 8=% AE:% >E:%bAD;TE:%>8G8=;E:%\?V?%8TC8S?>E%?%UEAU89%?%F:?9:8%`F=DE%?#%"%*IF# v3% G<TE% CE>9Y?% T?=D8=89:8% U;U?% F=?% 98@A8M;<=% :EZ98% A?% >;:D;=G;<=% 8=D98% ?T;BE%V%8=8T;BE%8=% F=?%cCEG?%]F8% C9E>FG8% T8>;E:% =FGA8?98:% >8% ?=;]F;A?G;<=% V% >8:>;ZF`?% ?A% T;:TE% D;8TCE% A?% >;:D;=G;<=% 8=D98% BF899?%V%C?Sw% "A% B9?=% C9EZA8T?%8:%V%:;BF8%:;8=>E% A?%>8A;T;D?G;<=% >8% A?%BF899?H% A?% GF?A% =E% :89a% :;=% 8TZ?9BE% Ta:%]F8% F=%`F8BE%GY=;GEH% F=?% 98C98:8=D?G;<=% >8# ()-G+-20I% E% F=% ?FDE8=B?^E% :;=% GE=D8=;>EH% :;% =E% :8% A?% U;=GFA?% CE9% ?TZ?:% C?9D8:% GE=% F=?% 98A?D;U;S?G;<=% >8% A?% \E:D;W A;>?>P% "A% C9<AEBE% ?% A?% 98;TC98:;<=% >8% F=% 8:G9;DE% Z98U8% =E% CF8>8% C9EW CE=89:8% D9?D?9% 8M\?F:D;U?T8=D8% >8% 8:DE:% C9EZA8T?:% =;% GETC8=:?9% A?:% EZU;?:% A?BF=?:% V% >8@;G;8=G;?:% >8% F=% D8MDE% >8% \?G8% D98;=D?% ?^E:P% !?TCEGE% U?A8% A?% C8=?% ]F8% ;=D8=D8% 988TCA?S?9% ?% F=% A;Z9E% ]F8% 8:Da% CE9% 8:G9;Z;9:8P% ":% T8`E9% GE=D8=D?9:8% GE=% E@98G89% ?ABF=?:% ;=>;G?G;EW =8:% :EZ98% A?:%G?F:?:%]F8%8MCA;G?=%]F8%:8% \?V?% T?=D8=;>E%U;UE%8A% ;=W D89c:% CE9% 8:?% EZ9?% V% ]F8% \?=% \8G\E% ?GE=:8`?ZA8% :F% 98;TC98:;<=P% n?9SE% '(J)% + 5 / 1% 4 + o n 6 ! !%


"1% +$,+".!$% &"% 1$% .$16!6+$% L!8MDE% >8% '()*N%

)'

"A%GE=G8CDE%>8A% ":D?>E%:FCE=8%8A%>8%AE%CEAYD;GEP% &8%?GF89>E%GE=% 8A% F:E%?GDF?A%>8A%Dc9T;=EH%8A%":D?>E%8:%8A#/0,0'/%CEAYD;GE%>8%F=%CF8ZAE% E9B?=;S?>E%8=% 8A% ;=D89;E9%>8% F=?:% @9E=D89?:%D899;DE9;?A8:P% ":DE%8:% D?=% :<AE% F=?%C9;T89?%?C9EM;T?G;<=H% ]F8% =E% ;=D8=D?%>8D89T;=?9%GE=G8CW DF?AT8=D8%8A% ":D?>EH% GE:?% ]F8% D?TCEGE% \?G8% @?AD?H% CF8:% AE% ]F8% ;=D8W 98:?%?]FY%8:%A?%8:8=G;?%>8%AE%CEAYD;GEP% .E9%8A%TET8=DE%CE>8TE:%>8`?9% 8%=%:F:C8=:E%GFaA%8:%A?%8:8=G;?%>8A%":D?>EH%:;%8:%F=?%Ta]F;=?%E%F=%E9W B?=;:TEH% F=?% C89:E=?% E% F=?% ;=:D;DFG;<=H% F=?% :EG;8>?>% E% F=?% GETFW =;>?>H% F=?% 8TC98:?H% F=?% GEAT8=?% E% ;=GAF:E% F=?% d:89;8% Za:;G?% >8% C9EG8>;T;8=DE:eP% !E>?:% 8:D?:% >8@;=;G;E=8:% V% :YT;A8:% C98:FCE=8=% E% ?=D;G;C?=% >8T?:;?>?:% GE:?:% 8=% T?D89;?% >8% ;=D89C98D?G;<=H% :8=D;>EH% ;AF:D9?G;<=% V% GE=:D9FGG;<=H% V% 8:DE% A?:% \?G8% CEGE% ?>8GF?>?:% GETE% C==DE% >8% C?9D;>?% C?9?% F=?% 8MCE:;G;<=% :8=G;AA?% V% 8A8T8=D?AP% .E9% 8A% :8=D%;>E%>8A%Dc9T;=E%V%CE9%A?%Y=>EA8%>8A% @8=<T8=E%\;:D<9;GEH%8A% ":D?W y%6;%z%98C98:8=D?%F=%>8D89T;=?>E%TE>E%>8%8:D?9%>8%F=%CF8ZAEH%8:DE%8:H% GA% TE>E% ]F8% GE=D;8=8% 8=% 8A% G?:E% >8G;:;UE% A?% C?FD?% GE=GAFV8=D8H% V% {zE9% 8:?% 9?S<=H% @98=D8% ?% AE:% >;U89:E:# /0,0'/% ;=>;U;>F?A8:% V% GEA8GD;UE:% L9E=G?T8=D8%CE:;ZA8:H%cA% 8:%8A#/0,0'/%CE9%?=DE=ET?:;?P% &8% TET8=DE% =E%G?Z8%>8G;9%Ta:P% !E>E:% AE:% 9?:BE:% >8%8:D?% T?=89?%>8% 98C98:8=Da9W :8AE% h/0,0'/% V% CF8ZAEh% ?>]F;898=% :F% :8=D;>E% 8=% U;9DF>% >8A% 9?:BE% I(%


+?9A% 4G\T;DD%

XQ%

?>;G;E=?A% >8% AE% CEAYD;GEH% V% :8% UF8AU8=% ;=GETC98=:;ZA8:% :;% =E% :8% 8=W D;8=>8% ?>8GF?>?T8=D8% A?% 8:8=G;?% >8% AE% CEAYD;GEP% ":% 9?9E% 8=GE=D9?9% F=?% >8@;=;G;<=% GA?9?% >8% AE% CEAYD;GEP% "=% B8=8W 9?A% A?% C?A?Z9?% :8% FD;A;S?% :<AE% =8B?D;U?T8=D8H% 8=% ECE:;G;<=% ?% ED9E:% GE=G8CDE:% >;U89:E:H% CE9% 8`8TCAE% 8=% ?=DYD8:;:% GETE% A?% >8% CEAYD;G?% V% 8GE=ETY?H%CEAYD;G?%V%TE9?AH%CEAYD;G?%V%>898G\EH%V%?%:F%U8SH%>8=D9E%>8A% >898G\EH% 8=D98% >898G\E% CEAYD;GE%V% >898G\E% G;U;A% 8DGP ' P% ":% G;89DE% ]F8H% >8C8=>;8=>E% >8A% GE=D8MDE% V% >8% A?% :;DF?G;<=% GE=G98D?H% 8:D8% D;CE% >8% GE=D9?CE:;G;E=8:% =8B?D;U?:H% 8=% B8=89?A% Ta:% Z;8=% CEAcT;G?:H% CF8>8=% AA8B?9%?% ?99E`?9%F=%:8=D;>E%:F@;G;8=D8T8=D8%GA?9EP% .89E%8:DE%=E%8]F;W U?A8% DE>?UY?% ?% F=?% >8D89T;=?G;<=% >8% AE% 8:C8GY@;GEP% +?:;% :;8TC98% AE% dCEAYD;GEe%:F8A8%8]F;C?9?9:8%>8% F=%TE>E%F%ED9E%GE=% AE%d8:D?D?AeH%E%?A% T8=E:% :8% AE% :F8A8% 98@89;9% ?A% ":D?>E*P% +E=% 8AAE% 8A% ":D?>E% :8% TF8:D9?% :

' H,' 2&+#(,@&9)2)3+' 10'10(02D&' ='@&%"#)2,' 90' 2&+P$+10' P(02$0+#0/0+#0' 2&+' %,' 10'10(02D&'2)8)%'='10(02D&'@OF%)2&I'@&('0N0/@%&I'Y%$+9#92D%)I$_--&":"'1"*$C.??.*#"/0.$ e:>b>fI'@E' A:;-' oH,'@(&@)01,1'09'$+'2&+20@#&'10%'10(02D&'@()8,1&I'+&'$+'2&+20@#&' @&%"#)2&Ep' H,' 9)*+)P)2,2)3+' @&%"#)2,'10'09#,' ,+#"#09)9'J$013'10' /,+)P)09#&'2&+' @,(#)L 2$%,(' +)#)106'0+' %,9'0n@%)2,2)&+09' J$0' 90' 1)0(&+' 10' %,' 0n@(&@),2)3+' 10%' @,#()/&+)&' 10' %,9' 2,9,9' ,+#09' (0)+,+#09' 0+' 5%0/,+),' 0+' :;Ac' =' :;Ab]' 9)(8,' 10' 0N0/@%&' %,' 9)L *$)0+#0'P(,90'#&/,1,'10%'1)92$(9&'10%'1)@$#,1&'T)0#()2D'e[09)3+'10%' C0)2D9#,*'10%' A' 10' 1)2)0/F(0' 10' :;AcI' )+P&(/09' ZS:Sf-' o[&/&9' 10' %,' &@)+)3+' 10' J$0' 10' %&' J$0' 90' #(,#,' ,J$"' +&' 09' 0+' +)+*O+' 2,9&' 10' 2$09#)&+09' @(&@),9' 10%' 10(02D&' @()8,1&I' 9)+&' O+)2,/0+#0'10'2$09#)&+09'@&%"#)2,9p'eX()#&9'10'ov/$='F)0+wp'0+#(0'%&9'10/32(,#,9'=' %,' )6J$)0(1,fE' A ' !,/F)Q+' 0+' %,9' 10P)+)2)&+09' 10' %&' @&%"#)2&' J$0' $#)%)6,+' 0%' 2&+20@#&' 10%' o@&L 10(p' 2&/&' (,9*&' 102)9)8&I' 09#0' @&10(' ,@,(020' 0+' *0+0(,%' 2&/&' @&10(' 10%' <9#,1&I' @&('0N0/@%&'0+' ^,n' t0F0(-' ,9@)(,2)3+' ,'@,(#)2)@,('0+'0%'@&10('&',')+P%$)('9&F(0'9$' 1)9#()F$2)3+I' F)0+' 0+#(0' <9#,1&9I' F)0+' 10+#(&'10%' 09#,1&'0+#(0' %&9'*($@&9' D$/,+&9' J$0'Q9#0' ,F,(2,]' &'F)0+-' oH,'1)(022)3+'0' )+P%$0+2),' 9&F(0' $+,',9&2),2)3+' @&%"#)2,I' &' %&'J$0'09'%&'/)9/&'0+'%,',2#$,%)1,1-'10'$+'<9#,1&p'e+,-'.'Q$?-*$%"#=(F'AE,'01EI' :;AbI'@E' SfI'&'F)0+'e0+$+?#-?:"1.$=1)$`"&'"#=1&$':$1"=&",#)1"."1$!"=.*/0-?1)I':;:>I'@E'c:f-'oH,' 090+2),' 10' %,' @&%"#)2,I' 2&/&' 90*$)(0/&9' #0+)0+1&' J$0' (02&(1,(' 2&+' P(02$0+2),I' 09' %$2D,I'2&/@0#0+2),'@&('D,20(90'2&+',%),1&9'='2&+' 90*$)1&(09'8&%$+#,()&9Ep' WE' !()0L @0%I$C.??.*#"/0.$=1)$+,-'.'QI' :;ASI'@E' :bI'1)20-' oW,9#,'D,20'@&2&9'1020+)&9'%,'@&%"#)2,' 90'D,'0+#0+1)1&'%)9,'='%%,+,/0+#0'2&/&'#0&(",'10%' <9#,1&EEE' t,)#6I'@&('0N0/@%&I'2,L %)P)2,','%,'@&%"#)2,'10'0%$2)1,2)3+'2)0+#"P)2,'10'%,9'(0%,2)&+09'='2)(2$+9#,+2),9'10%'<9L #,1&I'@&('(0P0(0+2),'#,+#&','%,'08&%$2)3+'D)9#3()2,'10' %&9'<9#,1&9'0+'*0+0(,%'2&/&',' %,9'2)(2$+9#,+2),9'='+0209)1,109'10%'<9#,1&',2#$,%Ep'!()0@0%'@(&2010','2&+#)+$,2)3+' ,'2()#)2,('2&+' ,(*$/0+#&9'8G%)1&9'='2&/@(0+9)F%09' %,',@,()0+2),'10',@&%)#)2)1,1I'10' 2&+9)10(,2)3+' o@$(,/0+#0p' N$("1)2,I' 10' %,' 092$0%,' 10' X0(F0(' =' H,F,+1I' ,9"' 2&/&' %&9')+#0+#&9'10'@(&90*$)(%,'0+' %,'@&9#*$0((,' eq0%90+fE' a&'&F9#,+#0I'!()0@0%' +&'%%0*,' ,' ,180(#)('0%' 90+#)1&'@$(,/0+#0'@&%"#)2&'10'#,%' @(0#0+9)3+'10'o@$(06,',@&%"#)2,pI' =,' J$0' 9)*$0',P0((,1&','%,'02$,2)3+'@&%"#)2&'x'09#,#,%E' T0' D02D&I'='2&/&'80(0/&9'/G9' ,10%,+#0' $+,' =' &#(,' 806I' $+,' /,+0(,' @,(#)2$%,(/0+#0' #"@)2,' 0' )+#0+9)8,' 10' D,20('


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

X'%

GETE% ?ABE% CEAYD;GEH% C89E% ?% :F% U8S% AE% CEAYD;GE% :8% TF8:D9?% GETE% ?ABE% 8:D?D?AH% V% c:D8% 8:% F=% GY9GFAE%U;G;E:E% ]F8% EZU;?T8=D8% =E% CF8>8% :?D;:W @?G89% ?% =?>;8P% "=% A?% Z;ZA;EB9?@Y?% `F9Y>;G?% :8% 8=GF8=D9?=% TFG\?:% ?C9EM;T?G;EW =8:% ?% AE% CEAYD;GE% >8% G?9aGD89%?=aAEBEP% .89E%GF?=>E% =E% C89:;BF8=% F=% EZ`8D;UE% CEAYD;GE%CEAcT;GEH% :F8A8% \?Z89%]F8%8=D8=>89A?:%>8:>8%8A% ;=W D89c:% C9aGD;GEWDcG=;GE% C9EC;E% >8% A?:% :8=D8=G;?:% `F9Y>;G?:% E% ?>T;=;:W D9?D;U?:% :EZ98% G?:E:% ;=>;U;>F?A8:P% .E9% 98BA?% B8=89?A% :F% :;B=;@;G?>E% >89;U?%>8A%\8G\E%>8%]F8%C98:FCE=8=%]F8%8A%":D?>E%8=%GFVE%T?9GE%:8% TF8U8=% =E%8:%C9EZA8TaD;GEP% "M;:D8%CE9%8`8TCAE%`F9;:C9F>8=G;?%V%Z;W ZA;EB9?@Y?% :EZ98% 8A% GE=G8CDE% >8% d?:EG;?G;<=% CEAYD;G?e% E% >8% A?% d98FW =;<=% CEAYD;G?e% 8=% 8A% >898G\E% >8% ?:EG;?G;E=8:)i% V% CE9% ED9E% A?>E% A?% C9aGD;G?% >8A% >898G\E% ?>T;=;:D9?D;UE% @9?=Gc:% \?% ;=D8=D?>E%@F=>?9%F=% @&%"#)2,'2&+9)9#0'N$9#,/0+#0'0+' 2,%)P)2,(',%' ,180(9,()&'10'@&%"#)2&'=','$+&'/)9/&'10' ,@&%"#)2&'e%&'J$0'0+'09#0'2&+#0n#&'9)*+)P)2,',%*&',9"'2&/&'2)0+#"P)2&I'N$9#&I'&FN0#)8&I' +&' @,(#)1)9#,I' 0#2EfE' \ ' T0' ,2$0(1&'2&+' 0%' ,(#"2$%&' \I' @,(#0' :' 10%' T0$#92D09' C0)2D980(0)+9*090#6'10%' :;'10',F()%'10' :;B>I'09',9&2),2)3+'@&%"#)2,'o#&1,',9&2),2)3+'J$0'#)0+0'@&('&FN0#&')+L P%$)('0+' %,9'2$09#)&+09' @&%"#)2,9pE' <+' %,' @(G2#)2,I' #,%09' 2$09#)&+09' @&%"#)2,9' 8)0+0+' ,' 90(',J$0%%,9'J$0'90'(0P)0(0+' ,'%,'2&+90(8,2)3+'&'/&1)P)2,2)3+'10'%,'&(*,+)6,2)3+'09L #,#,%I' &' ,' %,' )+P%$0+2),' 9&F(0' %,9' P$+2)&+09' 10%' <9#,1&'&'9&F(0' %,9'2&(@&(,2)&+09'10' 10(02D&' @OF%)2&' )+#0*(,1,9' 0+' Q%E' <+' 0%' /,(2&' 10' 09#0' #)@&' 10' 09@02)P)2,2)&+09' 90' @(&1$20' D,F)#$,%/0+#0' $+,' #(,+9)2)3+' 9)+' 9&%$2)3+' 10' 2&+#)+$)1,1' 0+#(0' %,9' 2$09L #)&+09' @&%"#)2,9I' %,9'09#,#,%09' =' %,9' @OF%)2,9E' W,9#,' :;Bb' e[0+#0+2),'10%' q,//0(*0L ()2D#' 10%' :A' 10' P0F(0(&' 10' :;BbF$a,Q,<' \:' dE' \ALAZf' 0+' .($9),' %,' @(G2#)2,' N$1)2),%' 2&+#0/@%3' F,N&' %,' jhE' 10%' :\' 10' /,(6&' 10' :>cB' e^"*CbF' @E' ASSf' #&1,' ,2#)8)1,1' 10' ,9&2),2)&+09'02%09)G9#)2,9' =' (0%)*)&9,9' 9)+' 2$,%)1,1' 2&(@&(,#)8,I' )+2%$9&' %,9' 909)&+09' 10'/01)#,2)3+' (0%)*)&9,9I'2&/&')+P%$0+2),'9&F(0'2$09#)&+09'@OF%)2,9'&'0n@%)2)#,2)3+' 10' %,9' /)9/,9]' 9&F(0' 0%' 109,((&%%&' 10' #,%' @(G2#)2,I' 2P(E' WE' X0PP2U0+I' oyPP0+#%)2D0' 5+*0%0*0+D0)#I' @&%)#)92D0(' X0*0+9#+1' $+1' @&%)#)92D0(' j0(0)+' +,2D' @(0$z)92D0/' C02D#pI$c"*.*/0#'(.$($@2$c#'")D"#F' :;B>I'@@E' A>S'='99E'd$,+1&'90'@(&1$20'0%'(02&+&2)L /)0+#&'N$1)2),%' 10%' 2,(G2#0('+&'09#,#,%'10'%,9'2$09#)&+09'(0%)*)&9,9I'2$%#$(,%09I' 9&2),L %09I'0#2EI'0%%&'@(&@&(2)&+,'$+' )+1)2)&')/@&(#,+#0I' )+2%$9&'102)9)8&I'10'J$0'10#0(/)L +,1&9' G/F)#&9' J$01,+' ,@,(#,1&9' 10%' <9#,1&' =' 9$' 1&/)+)&'0+' 2,%)1,1' 10' 09P0(,9'10' )+P%$0+2),' 0' )+#0(Q9' 10' 10#0(/)+,1&9' *($@&9' =' &(*,+)6,2)&+09E' H&' 2$,%I' 0+' 0%' %0+L *$,N0' 10%' 9)*%&% #6#H' 9)*+)P)2,' J$0' %,' o9&2)01,1p' 90' 0+P(0+#,' 2&+' 0%' o<9#,1&p' 2&/&' G/F)#&',$#3+&/&'(09@02#&'10'Q%E' [)'%,'#0&(",'10%' <9#,1&I'%,'2)0+2),'N$("1)2,'='%,9'0nL @(09)&+09' ,%' $9&' 9)*$0+' @,(#)0+1&'10'J$0' @&%"#)2&'09' %&' /)9/&'J$0' 09#,#,%I' D,=' J$0' %%0*,(',' %,'2&+2%$9)3+' e+&'@&('%3*)2,/0+#0' )/@&9)F%0'/0+&9')+08)#,F%0I' ,%' @,(020(I' 0+'%,'@(G2#)2,f'10'J$0'#&1&'%&'J$0'+&'09'09#,#,%I'%$0*&'#&1&'%&'o9&2),%pI'v09'@&('%&'#,+L #&' ,@&%"#)2&w' <9#&'09'0+' @,(#0' $+'0((&('10F)1&',' %,' )+*0+$)1,1I' ='J$0' 2&+#)0+0'#&1,' $+,'90()0'10'0N0/@%&9')%$9#(,1&(09'10'%,'1&2#()+,'10'jE' .,(0#&'9&F(0'(09)1$&9'='10()L 8,2)&+09$d30e,#'"$)"$C,/',-,&'"$&e1e#?-"F'01E'P(,+209,'10':;:S'=':;:;I:I'@@E'ZcB'='99EI'``I' @@E' S>c' ='99Ef]'@0(&'09'#,/F)Q+I'0+' $+)3+' ,@0+,9'1)920(+)F%0'2&+'090'0((&(I' $+' /0L


X*%

+?9A% 4G\T;DD%

GE=G8CDE% >8A% dT<U;A% CEAYD;GEe# X*)M+8%#>)8+0+H'%Y% GE=% 8A% @;=% >8% CE>89% >;:D;=BF;9%GE=% :F%?VF>?%8=D98%?GDE:%BFZ89=?T8=D?A8:%dCEAYD;GE:e#X,&C 0%/#(%#-)'J%$"%*%"0Y%V%?GDE:%?>T;=;:D9?D;UE:%d=E%CEAYD;GE:eH%V%:F:D9?89% ?:Y% AE:% C9;T89E:% ?A% GE=D9EA% >8% A?% `F:D;G;?% ?>T;=;:D9?D;U?IP% ":D8%D;CE%>8%>8D89T;=?G;E=8:%GE=G8CDF?A8:H%]F8%>8Z8=%:F%E9;B8=% ?% A?:% =8G8:;>?>8:% >8% A?% C9aGD;G?% `F9Y>;G?H% =E% C98D8=>8=% 8=% 8A% @E=>E% ED9?%GE:?%]F8%C9ECE9G;E=?9%F=% ?:;>89E%C9aGD;GE%C?9?%A?%>8A;T;D?G;<=% 1)&'#G2#)2&'10'%,'/,=&('$#)%)1,1'='0P)2,2),'10+#(&'10'%,'%$2D,'@&%"#)2,')+#0(+,'2&+'0%' 09#,1&' 8)*0+#0' =' 9$' &(*,+)6,2)3+' 09@02"P)2,E' Z 's{60I$A"*$E#'1/'E"*$&e1e#?=4$)=$)#,'.$?):'1'*.#?.'(':I' \E,'01EI' :;AcI'@E' \;AI' @,(,' J$)0+' #&1,'09#,'1)9#)+2)3+' +&'09' 9)+&'2$09#)3+' 10$,EE,#.=1'.e$E,-'.'f="2'!,/F)Q+'CE' 5%)F0(#I$A"$/,1.#g-"$\=#'*)'/.',11"-$)"$-b?):'1'*.#?.',1F'.,()9I':;AbI'@@E'SB'='99E'^G9'F)L F%)&*(,P",'0+'CE'[/0+1I$!'"$E,-'.'*/0"$^"<?-.$':$;"#(?**=1&**.??.$=1)$)?*$+#,D-":$)"#$ C.??.*(,#:I'g09#92D()P#'q,D%I'!uF)+*0+I':;A\I'@E' :b]'#,/F)Q+$;"#(?**=1&$=1)$;"#(?*B *=1&*#"/0.F'@@E' :B\I' :\\I' :cZI'='0%')+P&(/0'2&+#0+)1&'0+'%,9'@$F%)2,2)&+09'10%'`+9#)L #$#' `+#0(+,#)&+,%'10'T(&)#' .$F%)2I' :;\B]',%%"' #,/F)Q+' %&9' )+P&(/09'10' CE' H,$+'='.E' T$06E' T0%' 10' T$06'e@E' ::f' #&/&'$+,'10P)+)2)3+'@,(#)2$%,(/0+#0')+#0(09,+#0'0+' (0L %,2)3+' 2&+' 0%' 2()#0()&' 10' %&' @&%"#)2&' e&()0+#,2)3+' 90*O+' ,/)*&9' =' 0+0/)*&9f' @(&L @$09#&'0+'09#,9'@G*)+,9-' %,'10%$?/."$)"$&,=5"#1":"1.'09@02"P)2,/0+#0'@&%"#)2&I'='J$0' @(&2010'10'T$P&$('eo|'%}Q@&J$0'%0'*(,+'2&+9#($2#0$('10'%,'#DQ&()0'109',2#09'10'*&$L 80(+0/0+#pfI$ 3#?'.e$)"$!#,'.$_):'1'*.#?.'($?EE-'f=e'jI' @E' :A>-' o20'J$)' P,)#' %},2#0'10' *&$80(+0/0+#I'2}09#'%0'F$#'J$0'90'@(&@&90'%},$#0$(E' H},2#0'J$)','@&$('F$#'%,'1QP0+90' 10' %,' 9&2)Q#Q' @()90' 0+' 0%%0L/~/0' &$' @(09&++)P)Q' 1,+9' %0'*&$80(+0/0+#I' 2&+#(0' 909' "11":'*')+#Q()0$(9'&$'0n#Q()0$(9I' ,8&$Q9'&$'2,2DQ9I' @(Q90+#9'&$'|'80+)(I'8&)%|' %},2#0' 10'*&$80(+0/0+#pE' H,'1)9#)+2)3+'0+#(0'o,2#09'10'*&$80(+0/0+#p'='o,2#09'10'9)/@%0' ,1/)+)9#(,#)&+p' &F#$8&' $+,' +$08,' 9)*+)P)2,2)3+' 2$,+1&' 0+' N$+)&' 10' :>c:I' 0+' %,' 59,/F%0,' a,2)&+,%' P(,+209,I' 90' 1)92$#)3' 9&F(0' %,' (09@&+9,F)%)1,1' @,(%,/0+#,(),' 10%' .(09)10+#0'10'%,'C0@OF%)2,I'='0%' .(09)10+#0'@(0#0+1",',9$/)('%,'(09@&+9,F)%)1,1' E#,E'?:"1."'@&%"#)2,I'09#&'09I'%,'10'%&9$?/.,*$)"$&,D'"#1,h'2P(E'<9/0)+La{6,(1I$!#,'.$>,1*B .'.=.',11"-i'SE,'01E'`I'@E'A\ZE'T)9#)+2)&+09',+G%&*,9'0+'%,'0%$2)1,2)3+'10'%,9'2&/@0#0+L 2),9'=',#()F$2)&+09'10'$+'oX092D P#9/)+)9#0()$/p'90*O+',(#E' cAI'@,(#0'A'10'%,'d&+9L #)#$2)3+'.($9),+,','@(&@39)#&'10'%,'2$09#)3+'10'9)'#,%'o/)+)9#0()&'0N02$#)8&p'93%&'10L F0(",'08,2$,('%&9',9$+#&9'o2&(()0+#09p'0+'0%' 90+#)1&'10',9$+#&9'@&%"#)2&9]'2P(E' [#)0(L ])^$RR)4$_#/02$S(#_F';'e:;AcfI'@E'A\\]'HE't,%102U0(I$N,::"1.?##[$$+#"=j'*/0"1$;"#(?*B *=1&F' AE,'01EI' :;A>I'@E' :bSI'='%,'90+#0+2),'10%'[#,,#9*0()2D#9D&P'10%'T0$#92D09'C0)2D' 10%' A:' 10' +&8)0/F(0' 10' :;Ac' eCXk' ::AI' 5@Q+1)20I' @E' cfE' a&' &F9#,+#0I' ,J$"' 90' @(092)+10'0+' O%#)/,' )+9#,+2),' 10' #&1,'1)9#)+2)3+' 0+#(0' ,9$+#&9'2&(()0+#09' e+&'@&%"L #)2&9f' =' &#(&9' e@&%"#)2&9fE' [&F(0' %,' 2&+#(,@&9)2)3+' 0+#(0' ,9$+#&9' 2&(()0+#09' e,1/)L +)9#(,2)3+f' ='@&%"#)2,' (0@&9,'0%' ,(#"2$%&'10'5E' [2D PP%09I' o7F0('10+' _)990+92D,P#%)L 2D0+'Y0*()PP'10('.&%)#)UpI$k"'.*/0#'(.$([#$)'"$&"*?:."$C.??.*<'**"1*/0?(.'c\'e:>;Sf]'q,(%' ^,++D0)/I$W)",-,&'"$=1)$l.,E'"F'Y&++I':;A;I'@@E'S:'='99EI'(02&*0'09#,'2&+#(,@&9)2)3+' 2&/&'o@$+#&'10'@,(#)1,'='&()0+#,2)3+pE' T0' +,#$(,%06,' ,+G%&*,'9&+' #,/F)Q+'1)9#)+L 2)&+09'2&/&'%,'10'J$0'%,'%0='e&'0%'10(02D&f'09'@&%"#)2,'9&%)1)P)2,1,I'J$0'%,'@&%"#)2,'09' %0=' e&' 10(02D&f' 0+' 2$(9&' 10' @(&1$22)3+I' J$0' %&' $+&' 09' 09#G#)2&' =' %&' &#(&' 1)+G/)L 2&I' 0#2E'


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

X)%

>8% AE:% >;U89:E:% :FCF8:DE:% >8% \8G\E% ]F8% :8% C9E>FG8=% >8=D9E% >8% F=% 6%5:D?>E%8=%8A%T?9GE%>8%:F%C9aGD;G?%`F9Y>;G?P% 4F%EZ`8D;UE%=E%8:%F=?%>8W @;=;G;<=% B8=89?A% >8% AE% CEAYD;GEP% .E9% 8:E% :F% 98@898=G;?% ?A% ":D?>E% E% AE% 8:D?D?A% =E% G?F:?% T?VE98:% C9EZA8T?:% T;8=D9?:% :;B?% :;8=>E% CE:;ZA8% GE=:;>89?9% 8A% ":D?>E% V% :F:% ;=:D;DFG;E=8:% GETE% ?ABE% @;9T8H% A<B;GE% V% =?DF9?AP% 1E%T;:TE%EGF998%GE=% A?:%>8D89T;=?G;E=8:%GE=G8CDF?A8:%B8W =89?A8:% >8% AE% CEAYD;GE% ]F8% :8% ?BED?=% 8=% A?% 98@898=G;?% ?A% d":D?>Eei% :8% 8=D;8=>8=H% V% D;8=8=% 8=% 8:D?% T8>;>?% :F% `F:D;@;G?G;<=% G;8=DY@;G?H% 8=% D?=DE%8=% GF?=DE%8A% ":D?>E%GE=:D;DFV8%>8%\8G\E%F=?%T?B=;DF>%GA?9?%8% ;=8]FYUEG?T8=D8% >8D89T;=?>?H% 8=% =8D?%GE=D9?CE:;G;<=% ?% AE:%B9FCE:% 8% ;=:D?=G;?:% d=E% CEAYD;GE:eH% 8:% >8G;9H% 8=% D?=DE% 8=% GF?=DE% 8A% ":D?>E% T?=D8=B?%8A% TE=ECEA;E%>8%AE%CEAYD;GEP% 5:Y%EGF99Y?%?AAY%>E=>8H%GETE% 8=% 8A% :;BAE% MU;=H% 8A% ":D?>E% =E% 98GE=EGY?% d:EG;8>?>e% ?ABF=?% GETE% ?=D?BE=;:D?H% E% ?A% T8=E:%>E=>8% LGETE%8=% 5A8T?=;?%>F9?=D8%8A%M;M%V% C?9D8%>8A% MMN% 8A% ":D?>EH% GETE%CE>89%8:D?ZA8%V%>;:D;=DEH% :8%8=GE=D9?W Z?#>)$#%"&+*,% >8% A?% d:EG;8>?>eP% .E9% 8A% GE=D9?9;E% A?% 8GF?G;<=% 8:D?D?A% |% CEAYD;GE% :8% UF8AU8% ;=GEW 998GD?%8%;=>FG8%?%899E9%8=%A?%C98G;:?%T8>;>?%8=%A?%]F8%":D?>E%V%:EG;8W >?>% :8% ;=D89C8=8D9?=% 98GYC9EG?T8=D8i% 8=% A?% T8>;>?%8=% ]F8%DE>?:% A?:% ;=:D?=G;?:%]F8%?=D8:%89?=%8:D?D?A8:%:8%UF8AU8=%:EG;?A8:%VH%?%A?%;=U89:?H% DE>?:% A?:% ;=:D?=G;?:%]F8% ?=D8:%89?=% dT89?T8=D8e%:EG;?A8:% :8%UF8AU8=% 8:D?D?A8:H% GE:?% ]F8% :8% C9E>FG8% GE=% G?9aGD89%>8% =8G8:;>?>% 8=% F=?% GEW TF=;>?>% E9B?=;S?>?% >8TEG9aD;G?T8=D8P% "=DE=G8:% AE:% aTZ;DE:% ?=W D8:% d=8FD9?A8:e% h98A;B;<=H% GFADF9?H% 8>FG?G;<=H% 8GE=ETY?h% >8`?=% yA8% :89% =?DF9?A8:% 8=% 8A% :8=D;>E% >8% =E% 8:D?D?A8:% V% =E% CEAYD;GE:P% +ETE% GE=G8CDE%ECF8:DE%?%8:?:% =8FD9?A;S?G;E=8:% V%>8:CEA;D;S?G;E=8:%>8% ;TW CE9D?=D8:%>ET;=;E:%>8%A?%98?A;>?>%:F9B8%F=% ":D?>E% D?D?rZ?:?>E% 8=% A?% ;>8=D;>?>%>8%":D?>E%V%:EG;8>?>H%]F8%=E%:8%>8:;=D898:?%>8%=;=Bb=%>EW T;=;E%>8% AE% 98?A%V%8:Da%>;:CF8:DE%8=%CED8=G;?%?%?Z?9G?9AE:%DE>E:P% &8% ?GF89>E%GE=% 8:DEH% 8=% 8:D?% TE>?A;>?>%>8% ":D?>E#0)()%8:%?A% T8=E:% CEW DG=G;?AT8=D8%CEAYD;GEH% V% A?% 98@898=G;?% ?A% ":D?>E%V?% =E%8:Da%8=%GE=>;W G;E=8:% >8% @F=>?T8=D?9% =;=BF=?% G?9?GD89;S?G;<=% 8:C8GY@;G?% V% >;:D;=W D;U?% >8% AE% dCEAYD;GEeP% ":D8% >8:?99EAAE% D;8=8% :F% CF=DE% >8% C?9D;>?% 8=% 8A% ":D?>E% ?Z:EAFDE% >8A% +,-./! 0*(*! 0)1! 2&! 3(4*5)! $2'41*&! 6$)! #$42172$%#)$#(4*8! 52&! 9#9! :! &&2;*! *&! -!*4*5)! 4)4*&! 52&! 99! 6%<1=! >*1&! ?%@A#44/!"#$#S60%$#(%$# `%$G,//'"-4% !kZ;=B8=H% '()'H% CCP% R[WR(NP% 1?%>8TEG9?G;?%:8%U8%EZA;B?>?%?%G?=G8A?9%DE>?:%A?:%>;:D;=W y% ;E=8:%]F8%G?9?GD89;S?=%?A%A;Z89?A;:TE%>8G;TE=<=;GEH%V%?A%8A;T;=?9%A?%ECEW :;G;<=%8=D98%":D?>E%V%:EG;8>?>%L8=D98%AE%CEAYD;GE%V%AE%:EG;?AN% D;8=8%]F8%>8`?9%


+?9A% 4G\T;DD%

XI%

D?TZ;c=% 8=% :F:C8=:E% A?:% GE=D9?CE:;G;E=8:% V% 8:G;:;E=8:% GE998:CE=>;8=D8:% ?% A?% :;DF?G;<=% >8A% M;Mj% 98A;B;E:E% LGE=@8:;E=?AN% GFADF9?A%% 8GE=<T;GE%% `F9Y>;GE%% G;8=DY@;GE%%

8=% 8=% 8=% 8=% 8=%

ECE:;G;<=% ECE:;G;<=% ECE:;G;<=% ECE:;G;<=% ECE:;G;<=%

?% ?% ?% ?% ?%

CEAYD;GE% CEAYD;GE% CEAYD;GE% CEAYD;GE% CEAYD;GE%

?:Y% GETE%ED9?:% TFG\?:% ?=DYD8:;:%>8:>8% AF8BE% CEAcT;G?:% V% CE9%8:E% T;:TE%?% :F% U8S% CEAYD;G?:P% 1E:% C8=:?>E98:% Ta:% C9E@F=>E:% >8A% M;M% ?>U;9D;89E=% 8:DE% D8TC9?=?T8=D8P%"=%A?:# U%80-%/&2+&208+&2%#a%0$,&20'"-%"%>8%u?GEZ%_F9Gs\?9>D% L>8% ?A98>8>E9% >8% '[RQN% :8% 8=GF8=D9?=% F=?% :89;8% >8% @9?:8:% :EZ98% A?% d>8TEW G9?G;?H% 8:DE% 8:H% :EZ98% F=?% ?G8CG;<=% >8A% TF=>E% 8=% A?% ]F8% GE=@AFV8=% T;A% @F8=D8:%>;U89:?:H%V%]F8%CE:88%?%:F%U8S%F=%GE=D8=;>E%TFV%>;@898=D8%:8Bb=%8A% 8:D9?DE% >8A% ]F8% C9EG8>8=% :F:% ?>;GDE:H% C89E% ]F8% 8:% GE=:8GF8=D8#%"#'"#>'"0)b# =F=G?% A8% C?98G8% :F@;G;8=D8% 8A% CE>89%>8A% ":D?>E% :EZ98% 8A% ;=>;U;>FEP% &8% 8:8% TE>E#(%/(+M'K,#8,#G$)"0%$,#%"0$%#!/0,()#I#/)&+%(,(4% ?:;B=?%?A% ":D?>E%DE>E%GF?=DE% :FCE=8%]F8%=E%U?%?%\?G89%A?%:EG;8>?>H%C89E%:8%8TC8^?%8=%]F8#0)()%:8?%:;8TW C98% >;:GFD;ZA8% V% T<U;AH% V% ?G?Z?% 98;U;=>;G?=>E% C?9?% G;89D?:% G?:D?:% F=% >898W G\E% 8:C8G;?A% ?A% D9?Z?`E% V% ?% A?% :FZ:;:D8=G;?eP% _F9Gs\?9>D% ?>U;89D8% D?TZ;c=% GE=%GA?9;>?>% A?%GE=D9?>;GG;<=% 8=D98%>8TEG9?G;?%V% ":D?>E%GE=:D;DFG;E=?A% A;W Z89?Aj% d5:Y% CF8:%8A% ":D?>E%>8Z8% :89%CE9%F=?% C?9D8% A?% 98?A;S?G;<=% V% A?%8MC98W :;<=%>8%A?%;>8?%>8%GFADF9?%>8%G?>?%C?9D;>EH%C89E%CE9%A?%ED9?%:<AE%>8Z8%GE=:D;W DF;9%8A% 9EC?`8% U;:;ZA8% >8% A?% U;>?% G;U;A% V% :89%G;89D?T8=D8%ET=;CED8=D8H% pC89E% :<AE#,(#2)&c%!;8=8% ]F8#>)(%$%DE>E% AE% ;T?B;=?ZA8H% C89E% =?>?% A8% >8Z8# %/0,$#>%$C *+0+()d% 8=% C?9D;GFA?9% =E% A8% >8Z8% 8:D?9% C89T;D;>E% >8@8=>89% :F% C9EC;?% @E9T?% U;B8=D8% GE=D9?% G9;:;:% ?ABF=?PPPH% C89E% 8:E% :YH% DE>E% 8A% TF=>E% ]F;:;89?% DET?9% C?9D8%8=%:F%8`89G;G;E%>8A% CE>89P% 3%?:YH%T;8=D9?:%A?%@E9T?%>8A% ":D?>E%:8%UF8AW U8%G?>?% U8S%Ta:%>;:GFD;ZA8H% 8A#E*M+0)%>8% :F% CE>89%8:%G?>?%U8S%Ta:%8MD8=:Ee% L">P% >8% g9}=89H% CCP% '))H% ')XH% '(RNP% "=% F=% C9;=G;C;E% A?%D8E9Y?%>8A% ":D?>E%?A8T?=?%:8%?DFUE% LZ?`E% A?% ;=@AF8=W G;?%>8A%:;:D8T?%>8%A?%@;AE:E@Y?%>8A%":D?>E%\8B8A;?=?N%?%A?%;>8?%>8%]F8%8A%":D?W >E%8:%GF?A;D?D;U?T8=D8%>;:D;=DE%>8%A?%:EG;8>?>%V%?ABE%:FC89;E9%?%8AA?P% -=%":W D?>E% :;DF?>E% CE9% 8=G;T?% >8% A?% :EG;8>?>% CE>9Y?% G?A;@;G?9:8% >8% F=;U89:?AH% C89E% =E%>8% DED?A% 8=%8A% :8=D;>E%GE=D8TCE9a=8E%>8% A?% =8B?G;<=% CEAcT;G?%>8% F=% ":D?>E%=8FD9?A%L98:C8GDE%>8%GFADF9?%V%8GE=ETY?NH% C?9?%8A% GF?A% A?%8GE=EW TY?% V% :F% >898G\E% :E=% A;D89?AT8=D8% V# %)#+>/)% ?ABE% ?CEAYD;GEP% 4;=% 8TZ?9BE% ?% C?9D;9%>8% '[I[% A?%>;:D;=G;<=%GF?A;D?D;U?%8=D98%":D?>E%V%:EG;8>?>H%]F8%:E:D;8W =8=% ?b=% 1E98=S% UE=% 4D8;=% V% /F>EA@%2=8;:DH% 8TC;8S?% ?% C89>89% :F% =;D;>8S% E9;B;=?AP% "=% T;% D9?D?>E#S'-)#e$%'//4# /%+"#10,,0/M%-$+GG#'"(#/%+"%#10%88'"-#+"#(%$# (%'0/&2%"#10,,0/8%2$%#XS'-)#e$%'//b#/'#&)"&%>0)#(%8#!/0,()#I#/'#>)/+&+A"#%"#8,#0%)$7,#(%8# !/0,()#,8%*,",H% !kZ;=B8=H% '()QNH% \8% TE:D9?>E% A?:% AY=8?:% @F=>?T8=D?A8:% >8% A?%8UEAFG;<=%>8%A?%D8E9Y?%>8A%":D?>E%8=%5A8T?=;?H%]F8%?%>8:C8G\E%>8%G;89D?:%


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

XX%

98:D9;GG;E=8:H% 98:89U?:%V%GETC9ET;:E:%=E%>8`?%8=%bAD;TE%8MD98TE%>8%:8BF;9% 8A% C?:E% >8A% >8:?99EAAE% \;:D<9;GE% \?G;?% F=?% ;>8=D;@;G?G;<=% >8TEG9aD;G?% >8% ":D?>E% V% :EG;8>?>P% "=% 5P% o?8=8A% CF8>8% ?>U89D;9:8% F=% ;=D898:?=D8% 8:D?>;E% ;=D89T8>;EH% >8% GE9D8% =?G;E=?AWA;Z89?AH% >8=D9E% >8% 8:D8% C9EG8:EP% "=% :F:#10'(+%"#[*#(%'0/&2%"# 10,,0/$%&20#ff#X!/0'(+)/#/)M$%#%8#(%$%&2)#>)870+&)#,8%*E"Y4% '([[H%CP%*'(H%V%8=#T%'0/C &2%/#10,,0/$%&20#f#XT%$%&2)#>)870+&)#,8%*E"Y4% '[(*H% CP% ''QH% \?ZA?% >8A% d8U;>8=D8% 899E9%>8% B8=89?A;S?9%8A% GE=G8CDE%>8A% ":D?>E% \?:D?%\?G89%>8%cA% F=% GE=G8CDE% >8% A?%:EG;8>?>%\FT?=?%8=%B8=89?AeP% .?9?%cA%8A% ":D?>E%GE=:D;DFV8%F=?%dE9B?W =;S?G;<=%:EG;?A% >8%=?DF9?A8S?%C8GFA;?9eH%]F8%:8%:FT?%?%ED9?:%E9B?=;S?G;E=8:% >8%=?DF9?A8S?:%>;U89:?:%8M;:D8=D8:%8=%A?%:EG;8>?>H%C89E%d]F8%:8%8A8U?%CE9%8=W G;T?% >8% 8AA?:% V% A?:% ?Z?9G?ei% V% :;% 8A% EZ`8D;UE% GETb=% ?% DE>?:% 8AA?:% 8:% G;89D?W T8=D8% dF=;U89:?AeH% AE% 8:% :;=% 8TZ?9BE% D?=% :<AE% CE9% 98@898=G;?% ?A% GET8D;>E% &)"&$%0)%>8%>8A;T;D?9%V%?9D;GFA?9%A?:%@F89S?:%V%UEAF=D?>8:%]F8%?GDb?=%8=%A?%:EW G;8>?>H%8:DE%8:H%8=%A?%@F=G;<=%8:C8GY@;G?%]F8%GE=U;8=8%?A#(%$%&2)F% o?8=8A%>8:W G?A;@;G?%D?TZ;c=%CE9%;=GE998GD?%A?%;>8?%>8%]F8H%?A% T8=E:#%"#>)0%"&+,4%8A%":D?W >E%D8=>9Y?% D?TZ;c=%GETE%EZ`8D;UE%C9EC;E%DE>E:%AE:%EZ`8D;UE:%:EG;?A8:%>8% A?% \FT?=;>?>i%8A% ":D?>E%8:%CF8:%C?9?%cA%8=%8@8GDE%F=;U89:?AH%C89E%8=% TE>E%?AW BF=E% DED?AP% "A% C?:E% Ta:% ;TCE9D?=D8%8=% 8:D?%8UEAFG;<=% 8:% A?% D8E9Y?% >8% A?% 28=E::8=W :G\?@D%>8%2;89s8%L8A%C9;T89%UEAFT8=%>8%:F#T%'0/&2%/#g%")//%"/&2,G0/$%&20%?C?W 98G;<%8=% '[J[NP% 5]FY% 8A% ":D?>E%:8%GE=G;Z8%GETE%F=?%GE9CE9?G;<=%>8%=?DFW 9?A8S?#%/%"&+,8*%"0%#+-',8%?%A?%>8%A?:%>8Ta:%GE9CE9?G;E=8:P%_;8=%8:%U89>?>%]F8% `F=DE%?% AE:%8A8T8=DE:%GE9CE9?D;UE:%D8=Y?=%]F8% ;=D8B9?9:8%8=%8A% ":D?>E%D?TW Z;c=%8A8T8=DE:%>8%>ET;=;EH%V%]F8%c:DE:%?C?98G8=%F=?:%U8G8:%GE=%Ta:%98A;8W U8%V%ED9?:%GE=%T8=E:P% .89E%GETE%:8%D9?D?Z?%8=%GF?A]F;89%G?:E%>8%F=?%D8E9Y?% >8% A?% GE9CE9?G;<=H% =E% >8% F=?% D8E9Y?% >8A% ":D?>E% GETE%8:D9FGDF9?% >8% >ET;W =;EH% A?:%GE=:8GF8=G;?:%>8TEG9aD;G?:%>8%:F%CE:;G;<=%:8%;TCE=Y?=%CE9%:Y%T;:W T?:P% "=% 5A8T?=;?% 8MD9?`89E=% 8:?:% GE=:8GF8=G;?:% oFBE% .98F::% V% gP% fEAW S8=>E9@@i%8=% 6=BA?D899?%8=%G?TZ;E%GE=>F`89E=% ?%D8E9Y?:%>8A% CAF9?A;:TE%LG@9P% :EZ98% 8:DE% ;=@PH% CP% IQNP% 5% C9EC<:;DE% >8% A?% >EGD9;=?% >8% /F>EA@%4T8=>% :EZ98% A?% ;=D8B9?G;<=% >8A% ":D?>EH%V%?%98:89U?%>8%FAD89;E98:%;=U8:D;B?G;E=8:H%G98E%CE>89%?@;9T?9%]F8%:8% GE998:CE=>8%GE=%F=?%:;DF?G;<=%CEAYD;G?%8=% A?%]F8%V?%A?%:EG;8>?>% =E%8:%EZ`8W DE%>8%;=D8B9?G;<=%8=% F=% ":D?>E%C988M;:D8=D8% LGETE%EGF998%GE=% A?%ZF9BF8:Y?% ?A8T?=?% 8=% 8A% ":D?>E% TE=a9]F;GE%>8A% M;MNH% :;=E% ]F8%8:% 8AA?% T;:T?% A?%]F8% >8Z8% ;=D8B9?9:8% 8=% 8A% ":D?>E% ;=GE9CE9a=>E:8% ?% cAP% tF8% F=?% :;DF?G;<=% >8% 8:D?% =?DF9?A8S?% AA8U?%GE=:;BE% A?%8M;B8=G;?%>8% F=% ":D?>E%DED?A% ]F8>?%>8% T?W =;@;8:DE%GE=%A?% T?VE9%GA?9;>?>%8=% A?%EZ:89U?G;<=%>8%4T8=>% L#`%$G,//'"-#'"(# `%$G,/,'"-/$%&204# @)"/0+0'&+A"#I#T%$%&2)#@)"/0+0'&+)",84% '(*[H%CP% (RH% =ED?%*N% ?% C9EC<:;DE% >8% F=?% @9?:8% >8% oP% !98:G\89% L8=% A?% D8:;:% >EGDE9?A% >8% c:D8% :EZ98% nE=D8:]F;8F%V%o8B8AH% '('[NH%]F8%>;G8%]F8% A?%D8E9Y?%>8%A?%>;U;:;E=%>8%CE>8W 98:%>8% o8B8A% 98C98:8=D?%dA?% Ta:%U;U?%C8=8D9?G;<=%>8#0)(,/%A?:%8:@89?:% :EG;?W A8:% CE9%8A% ":D?>EH%GE=%8A% EZ`8D;UE%B8=89?A% >8%B?=?9%C?9?% A?%DED?A;>?>%>8%c:D8%


+?9A% 4G\T;DD%

XJ%

0)(,/% A?:% @F89S?:% U;D?A8:% >8A% GF89CE% >8A% CF8ZAEeP% .F8:% Z;8=H% 4T8=>% ?@;9T?% ]F8% c:D8% 8:% d8M?GD?T8=D8% 8A% GE=G8CDE% >8% ;=D8B9?G;<=e% >8% :F% A;Z9E% :EZ98% A?% +E=:D;DFG;<=P% "=% 98?A;>?>% 8:% 8A% ":D?>E% DED?AH% ]F8% V?% =E% GE=EG8% =?>?% ]F8% CF8>?% GE=:;>89?9:8% GETE% ?Z:EAFD?T8=D8% ?CEAYD;GEH% 8A% ]F8% D;8=8% ]F8%8A;T;W =?9%A?%>8:CEA;D;S?G;<=%>8A%M;MH%CE=;8=>E%?:Y%@;=%?A% ?M;ET?%>8%F=?%8GE=ETY?% A;Z98% L?CEAYD;G?N% V% >8% F=% ":D?>E% A;Z98% 98:C8GDE% >8% A?% 8GE=ETY?P%

*% 4;% :8% ?:C;9?%?%EZD8=89%F=?%>8D89T;=?G;<=% >8A% GE=G8CDE%>8% AE%CEW AYD;GEH%A?%b=;G?%UY?%GE=:;:D8%8=%C9EG8>89%?%GE=:D?D?9%V%?%CE=89%>8%T?W =;@;8:DE% GFaA8:% :E=% A?:% G?D8BE9Y?:% 8:C8GY@;G?T8=D8% CEAYD;G?:P% .F8:% AE% CEAYD;GE% D;8=8% :F:% C9EC;E:% G9;D89;E:H% V% c:DE:% EC89?=% >8% F=?% T?=89?% TFV% C8GFA;?9% 8=% 98A?G;<=% GE=% AE:% >;U89:E:% >ET;=;E:% Ta:% E% T8=E:% ;=>8C8=>;8=D8:%>8A% C8=:?9%V%8A% \?G89%\FT?=E:H%8=%C?9D;GFA?9%CE9%98W @898=G;?% ?% AE% TE9?AH% AE% 8:DcD;GE% V% AE% 8GE=<T;GEP% 1E% CEAYD;GE% D;8=8% ]F8%\?AA?9:8%8=%F=?%:89;8%>8%>;:D;=G;E=8:%C9EC;?:%bAD;T?:%?% A?:%GF?A8:% CF8>?% 98GE=>FG;9:8% DE>E% GF?=DE% :8?% ?GG;<=% CEAYD;G?% 8=% F=% :8=D;>E% 8:C8GY@;GEP% 4FCE=B?TE:%]F8%8=%8A% >ET;=;E%>8%AE%TE9?A% A?%>;:D;=G;<=%bAD;T?% 8:% A?%>8A% Z;8=% V%8A% T?Ai%]F8%8=% AE%8:DcD;GE%AE%8:%A?%>8%AE%Z8AAE%V%AE%@8Ei% 8=% AE%8GE=<T;GE%A?%>8% AE%Z8=8@;G;E:E%E% AE% C89`F>;G;?AH% E%D?A% U8S%A?%>8% AE% 98=D?ZA8% V% AE% =E% 98=D?ZA8P% "A% C9EZA8T?% 8:% :;% 8M;:D8% ?ABF=?% >;:D;=W G;<=% 8:C8GY@;G?H% GETC?9?ZA8% ?%8:?:%ED9?:%?F=]F8H% GA?9E%8:DaH% =E%>8% A?% T;:T?% E% C?98G;>?% =?DF9?A8S?H% ;=>8C8=>;8=D8% >8% 8AA?:H% ?FD<=ET?% V% ]F8% :8% ;TCE=B?%CE9%:Y% T;:T?%GETE%G9;D89;E% :;TCA8%>8% AE%CEAYD;GEi% V% :;% 8M;:D8H% vGFaA% 8:w% .F8:%Z;8=H% A?%>;:D;=G;<=% CEAYD;G?%8:C8GY@;G?H% ?]F8AA?%?%A?%]F8%CF8W >8=% 98GE=>FG;9:8%DE>?:%A?:%?GG;E=8:%V%TED;UE:%CEAYD;GE:H%8:%A?%>;:D;=W G;<=% >8# ,*+-)#I#%"%*+-)P% 1E% ]F8% c:D?% C9ECE9G;E=?% =E% 8:% >8:>8% AF8BE% F=?% >8@;=;G;<=% 8M\?F:D;U?% >8% AE% CEAYD;GEH% =;% F=?% >8:G9;CG;<=% >8% :F% GE=D8=;>EH% C89E% :Y% F=?% >8D89T;=?G;<=% >8% :F% GE=G8CDE%8=% 8A% :8=D;>E% >8%F=% G9;D89;EP% "=% A?% T8>;>?%8=%]F8% =E%>89;U?%>8%ED9E:%G9;D89;E:H%8:?% >;:D;=G;<=% :8%GE998:CE=>8%8=%8A% >ET;=;E%>8% AE%CEAYD;GE%GE=%AE:%G9;D8W 9;E:% 98A?D;U?T8=D8% ?FD<=ETE:% ]F8% C9ECE9G;E=?=% >;:D;=G;E=8:%GETE% A?%>8A%Z;8=%V%8A%T?A%8=%AE%TE9?AH%A?%>8%Z8AA8S?%V%@8?A>?>%8=%AE%8:DcD;GEH% 8DGP% ":% >8:>8% AF8BE% F=?% >;:D;=G;<=% ?FD<=ET?H% C89E% =E%8=% 8A% :8=D;>E% >8% >8@;=;9% CE9% :Y% T;:T?% F=% =F8UE% G?TCE% >8% A?% 98?A;>?>H% :;=E% 8=% 8A% :8=D;>E%>8%]F8%=;% :8%@F=>?%8=% F=?%E%U?9;?:%>8%8:?:%ED9?:%>;:D;=G;E=8:% =;% :8% A?% CF8>8% 98GE=>FG;9% ?% 8AA?:P%


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

XR%

4;% A?% >;:D;=G;<=% 8=D98% 8A% Z;8=% V% 8A% T?A% =E% CF8>8% :89% ;>8=D;@;G?>?% :;=% Ta:% GE=% A?:% >8% Z8AA8S?% V% @8?A>?>H% E% Z8=8@;G;E% V% C89`F;G;EH% =;% :89% 98>FG;>?% ?% 8AA?:% >8% F=?% T?=89?% >;98GD?H% TFG\E% T8=E:% >8Z8% CE>89% GE=@F=>;9:8% A?% ECE:;G;<=% ?T;BEW8=8T;BE% GE=% ?]FcAA?:P% "A% :8=D;>E% >8% A?% >;:D;=G;<=% ?T;BEW8=8T;BE% 8:% T?9G?9% 8A% B9?>E% TaM;TE% >8% ;=W D8=:;>?>% >8% F=?% F=;<=% E% :8C?9?G;<=H% >8% F=?% ?:EG;?G;<=% E% >;:EG;?W G;<=P% 3% 8:D8% G9;D89;E% CF8>8% :E:D8=89:8% D?=DE% 8=% A?% D8E9Y?% GETE% 8=% A?% C9aGD;G?% :;=% =8G8:;>?>% >8% ?CA;G?9% :;TFADa=8?T8=D8% DE>?:% ?]F8AA?:% ED9?:% >;:D;=G;E=8:% TE9?A8:H% 8:DcD;G?:H% 8GE=<T;G?:% V% >8Ta:P% "A% 8=8W T;BE% CEAYD;GE% =E% =8G8:;D?% :89% TE9?AT8=D8% T?AEH% =;% 8:DcD;G?T8=D8% @8Ei% =E% \?G8% @?AD?% ]F8% :8% 89;`?% 8=% GETC8D;>E9%8GE=<T;GEH% 8% ;=GAF:E% CF8>8% D8=89% :F:% U8=D?`?:% \?G89% =8BEG;E:% GE=% cAP% 4;TCA8T8=D8% 8:% 8A% ED9EH%8A%8MD9?^EH%V%C?9?%>8D89T;=?9%:F%8:8=G;?%Z?:D?%GE=%]F8%:8?%8M;:W D8=G;?AT8=D8% >;:D;=DE% V% 8MD9?^E% 8=% F=% :8=D;>E% C?9D;GFA?9T8=D8% ;=W D8=:;UEP% "=% bAD;TE% 8MD98TE% CF8>8=% C9E>FG;9:8% GE=@A;GDE:% GE=% cA% ]F8% =E%CF8>?=% 98:EAU89:8% =;% >8:>8%?ABF=?% =E9T?D;U?%B8=89?A% C98U;?% =;% 8=% U;9DF>% >8A% `F;G;E% E% :8=D8=G;?% >8% F=% D89G89E% d=E% ?@8GD?>Ee% E% d;TC?9G;?AeP% "=% 8:DE% A?% CE:;Z;A;>?>% >8% GE=EG89% V% GETC98=>89% ?>8GF?>?T8=W D8H% V% 8=% GE=:8GF8=G;?% A?% GETC8D8=G;?% C?9?% ;=D89U8=;9H% 8:Da=% >?>?:% D?=% :<AE%8=% U;9DF>%>8% F=?%G;89D?%C?9D;G;C?G;<=H%>8%F=%DET?9%C?9D8%8=% :8=D;>E% 8M;:D8=G;?AP% -=% GE=@A;GDE% 8MD98TE% :<AE% CF8>8% :89% 98:F8ADE% CE9% AE:% C9EC;E:% ;TCA;G?>E:i% 8=% 9;BE9% :<AE% G?>?% F=E% >8% 8AAE:% CF8>8% >8G;>;9%CE9%:Y%T;:TE%:;% A?%?AD89;>?>%>8A%8MD9?^E%98C98:8=D?%8=%8A%GE=W @A;GDE% GE=G98DE% V% ?GDF?A% A?% =8B?G;<=% >8A% C9EC;E% TE>E% >8% 8M;:D8=G;?H% V%8=%GE=:8GF8=G;?%:;% \?V%]F8%98G\?S?9AE%E%GETZ?D;9AE%C?9?%C98:89U?9% A?% C9EC;?%@E9T?%8:8=G;?A% >8%U;>?P% "=%8A% CA?=E%>8% A?%98?A;>?>%C:;GEA<W B;G?% 8:% @aG;A% ]F8% :8% D9?D8% ?A% 8=8T;BE% GETE% :;% @F8:8% D?TZ;c=% T?AE% V% @8EH%V?%]F8%DE>?%>;:D;=G;<=H% V%>8:>8% AF8BE% A?%>8% A?%CEAYD;G?H% ]F8%8:% A?% Ta:% @F89D8%8% ;=D8=:?% >8% A?:% >;:D;=G;E=8:% V% ?B9FC?G;E=8:H% 8G\?% T?=E% >8% GF?A]F;89% ED9?% >;:D;=G;<=% ]F8% 8=GF8=D98% GE=% D?A% >8% C9EGF9?9:8% ?CEVEP% .89E% 8:DE% =E% ?AD89?% 8=% =?>?% A?% ?FDE=ETY?% >8% 8:?:% ECE:;W G;E=8:P% 3% 8:DE% :8% CF8>8% ?CA;G?9% D?TZ;c=% 8=% :8=D;>E% ;=U89:Ej% AE% ]F8% 8:% TE9?AT8=D8% T?AEH% 8:DcD;G?T8=D8% @8E% E%8GE=<T;G?T8=D8%C89`F>;G;?A% =E% D;8=8% CE9% ]Fc% :89% D?TZ;c=% =8G8:?9;?T8=D8% \E:D;Ai% =;% D?TCEGE% AE% ]F8% 8:% TE9?AT8=D8% ZF8=EH% 8:DcD;G?T8=D8% \89TE:E% V% 8GE=<T;G?W T8=D8% 98=D?ZA8% :8% GE=U;89D8%CE9%:Y% T;:TE%8=% ?T;:DE:E%8=%8A% :8=D;>E% 8:C8GY@;GEH% 8:DE% 8:H% CEAYD;GEH% >8A% Dc9T;=EP% 1?% EZ`8D;U;>?>% V% ?FDE=EW TY?% C9EC;?:%>8A% :89%>8% AE%CEAYD;GE%]F8>?=% >8%T?=;@;8:DE%8=%8:D?%T;:W


+?9A% 4G\T;DD%

X[%

T?% CE:;Z;A;>?>% >8% ?;:A?9% F=?% >;:D;=G;<=% 8:C8GY@;G?% GETE% A?% >8% ?T;W BEW8=8T;BE% 98:C8GDE% >8% GF?A8:]F;89?% ED9?:% V% >8% GE=G8Z;9A?% GETE% >ED?>?% >8% GE=:;:D8=G;?% C9EC;?P%

)%

1E:% GE=G8CDE:% >8% ?T;BE% V% 8=8T;BE% >8Z8=% DET?9:8% ?]FY% 8=% :F% :8=D;>E%GE=G98DE%V%8M;:D8=G;?AH% =E%GETE% T8Da@E9?:%E%:YTZEAE:i% D?TW CEGE%:8% AE:%>8Z8%GE=@F=>;9%E%>8Z;A;D?9%8=% =ETZ98%>8%;>8?:%8GE=<T;W G?:H% TE9?A8:%E%>8%GF?A]F;89%ED9E%D;CEi%C89E%:EZ98%DE>E%=E%:8%AE:%>8Z8% 98>FG;9%?% F=?% ;=:D?=G;?% C:;GEA<B;G?% C9;U?>?%8% ;=>;U;>F?A;:D?H% DETa=W >EAE:%GETE%8MC98:;<=%>8% :8=D;T;8=DE:%E%D8=>8=G;?:%C9;U?>E:P% ,E%:8% D9?D?% =;% >8% F=?% ECE:;G;<=% =E9T?D;U?% =;% >8% F=?% >;:D;=G;<=% dCF9?W T8=D8%8:C;9;DF?AeP% "=%8A% T?9GE%>8%F=%>;A8T?%8:C8GY@;GE%8=D98%8:CY9;W DF% V% 8GE=ETY?% LV% >8A% GF?A% =E:% EGFC?98TE:% 8=% 8A% ?CP% [NH% 8A% A;Z89?A;:W TE% ;=D8=D?% >;:EAU89%8A% GE=G8CDE% >8% 8=8T;BEH% CE9%8A% A?>E%>8% AE% 8GEW =<T;GEH% 8=% 8A% >8% F=% GETC8D;>E9H% V% CE9%8A% A?>E%>8A% 8:CY9;DFH% 8=% 8A% >8% F=%ECE=8=D8%8=% A?%>;:GF:;<=P% _;8=%8:%U89>?>%]F8%8=%8A%>ET;=;E%8GEW =<T;GE% =E% 8M;:D8=% 8=8T;BE:% :;=E% b=;G?T8=D8% GETC8D;>E98:H% V% ]F8% 8=% F=% TF=>E% TE9?A;S?>E% V% 98>FG;>E% CE9%GETCA8DE% ?%G?D8BE9Y?:% cD;W G?:% ]F;Sa% V?% =E% \?Z9Y?% D?TCEGE% ED9?% GE:?% ]F8% ECE=8=D8:% U89Z?A8:P% "=% GF?A]F;89%G?:E%?]FY% =E% =E:% ;=D898:?%:?Z89%:;%8:% 98G\?S?ZA8%E%=E%8A% ]F8% AE:% CF8ZAE:% :;B?=% ?B9FCa=>E:8% >8% \8G\E% :8Bb=% ]F8% :8% GE=:;>8W 98=% ?T;BE:% E% 8=8T;BE:H% =;% :;% :8% D9?D?% >8% F=% 98:DE% ?DaU;GE% >8% cCEG?:% >8% Z?9Z?9;8i% D?TCEGE% U?TE:% ?% EGFC?9=E:% >8% A?:% 8:C89?=S?:% >8% ]F8% ?ABb=%>Y?%8:?%>;:D;=G;<=%>8:?C?98SG?%>8%A?%@?S%>8%A?%D;899?H%=;%>8%A?%CEW :;ZA8% ZE=>?>% E% GE=U8=;8=G;?% >8% \?G89H% GE=% @;=8:% 8>FG?D;UE:H% GETE% :;% V?% =E% \FZ;8:8%8=8T;BE:P% ,E% 8:D?TE:% D9?D?=>E% >8% @;GG;E=8:% =;% >8% =E9T?D;U;>?>8:H%:;=E%>8%A?%98?A;>?>%<=D;G?%V%>8%A?%CE:;Z;A;>?>%98?A%>8% 8:D?%>;:D;=G;<=P% 48% CE>9a=%GETC?9D;9%E% =E%8:?:%8:C89?=S?:%V%8:E:%EZW `8D;UE:% C8>?B<B;GE:i% C89E% AE% ]F8% =E% :8% CF8>8% =8B?9% 9?SE=?ZA8T8=D8% 8:% ]F8% AE:% CF8ZAE:% :8% ?B9FC?=% GETE% ?T;BE:% V% 8=8T;BE:H% V% ]F8% 8:D?% ECE:;G;<=% :;BF8%8:D?=>E%8=%U;BE9H%V%8:Da%>?>?%GETE%CE:;Z;A;>?>%98?AH% C?9?% DE>E% CF8ZAE% ]F8% 8M;:D?% CEAYD;G?T8=D8P% "=8T;BE% =E% 8:% CF8:% GF?A]F;89% GETC8D;>E9% E% ?>U89:?9;EP% !?TW CEGE%8:%8A%?>U89:?9;E%C9;U?>E%?A%]F8%:8%>8D8:D?%CE9%GF8:D;<=%>8%:8=D;W T;8=DE:% E% ?=D;C?DY?P% "=8T;BE% 8:% :<AE% F=% GE=`F=DE% >8% \ETZ98:% ]F8% :;]F;89?% 8U8=DF?AT8=D8H% 8:DE% 8:H% >8% ?GF89>E% GE=% F=?% CE:;Z;A;>?>% 98?AH%:8%ECE=8#&)*M,0+J,*%"0%%?%ED9E%GE=`F=DE%?=aAEBEP%4<AE%8:%8=8T;W


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

X(%

BE%8A%8=8T;BE#>LM8+&)4% CF8:%DE>E%GF?=DE%\?G8%98@898=G;?%?%F=%GE=`F=W DE% D?A% >8% C89:E=?:H% E% 8=% Dc9T;=E:% Ta:% C98G;:E:% ?% F=% CF8ZAE% 8=D89EH% ?>]F;898#%)#+>/)%G?9aGD89#>LM8+&)F%"=8T;BE%8:%8=%:FT?#2)/0#+/4%=E#+"+*+&'/# 8=% :8=D;>E%?TCA;Ei%8:!"#$%&'#()! *+! ,-./0(12! 3!456578*98!:5! ;+!<=5! +>=??5% D?TZ;c=% 8=% TFG\?:% ED9?:% A8=BF?:H% A?% ?A8T?=?% =E% >;:D;=BF8% 8=D98% d8=8T;BE:e% C9;U?>E:% V% CEAYD;GE:H% V% 8AAE% >?% C;8% ?% TFAD;DF>% >8% T?A8=D8=>;>E:%V%@?A:8?T;8=DE:P% 1?%@?TE:?%@9?:8%8U?=BcA;G?%d?T?>%?% UF8:D9E:%8=8T;BE:e% LnDP% XH% IIi% 18P% JH% *RN% 8:%8=% E9;B;=?A% d>;A;B;D8#+"+C *+&)/% U8:D9E:eH! @A@"BC,! C#D(! ,-./#E(! D&FG)! H! "#! I:J;JKJL5! $#%&'%! M54L?+4NO% ?]FY% =E% :8% \?ZA?% >8A% 8=8T;BE% CEAYD;GEP% "=% A?% CFB=?% T;A8W =?9;?%8=D98%8A% +9;:D;?=;:TE%V%8A% 6:A?T%`?Ta:%:8% A8%EGF99;<%?%G9;:D;?=E% ?ABF=E% 8=D98B?9% "F9EC?% ?A% 6:A?T% 8=% U8S% >8% >8@8=>89A?% >8% cA% CE9% ?TE9%?% AE:%:?99?G8=E:%E%?% AE:%DF9GE:P% 5%F=% 8=8T;BE%8=% :8=D;>E%CEAYW D;GE% =E% \?G8%@?AD?%E>;?9AE%C89:E=?AT8=D8i% :<AE%8=% A?%8:@89?%>8% AE%C9;W U?>E%D;8=8%?ABb=% :8=D;>E%?T?9%?%:F%d8=8T;BEeH%8:DE%8:H%?%:F%?>U89:?W 9;EP% 1?% G;D?% ZYZA;G?% 8=% GF8:D;<=% D;8=8% T8=E:% ]F8% U89% GE=% A?% >;:D;=W G;<=% CEAYD;G?%8=D98%?T;BE%V%8=8T;BE%]F8%GE=%F=%8U8=DF?A% ;=D8=DE%>8% G?=G8A?9% A?% ECE:;G;<=% 8=D98% ZF8=E% V% T?AE% E% 8=D98% \89TE:E% V% @8EP% 3% >8:>8% AF8BE% =E%]F;898%>8G;9%8=% TE>E% ?ABF=E%]F8%:8%>8Z?% ?T?9%?% AE:% 8=8T;BE:% >8A% C9EC;E% CF8ZAE% V% ?CEV?9A8:% @98=D8% ?% c:D8P% 1?% ECE:;G;<=% E% 8A% ?=D?BE=;:TE% GE=:D;DFV8% A?% Ta:% ;=D8=:?% V% 8MW D98T?% >8% DE>?:% A?:% ECE:;G;E=8:H% V% GF?A]F;89% ?=D?BE=;:TE% GE=G98DE% :8% ?C9EM;T?9a% D?=DE% Ta:% ?% AE%CEAYD;GE%GF?=DE%T?VE9%:8?% :F%G89G?=Y?% ?A% CF=DE% 8MD98TEH% 8:DE% 8:H% ?% A?% >;:D;=G;<=% 8=D98% ?T;BE% V% 8=8T;BEP% T%"0$)%>8A% ":D?>E% GETE% F=;>?>% CEAYD;G?% E9B?=;S?>?H% ]F8%>8G;>8% CE9% :Y% T;:T?%GETE%F=% DE>E%:EZ98%?T;BE%V%8=8T;BEH%V#K'"0)%?%A?:%>8G;:;EW c

' <+' .%,#3+I$+,-'."'?'jI'rj`I'ZSBI'90'@&+0'$+'P$0(#0',20+#&'9&F(0'%,'&@&9)2)3+' 0+#(0!"#$%&'#(!)!*+,-.(/!)!01! 23!456612347583',10/G9'2&+' %,'J$0'0n)9#0'0+#(0!".$*9 &#(!:;<1663=!)!>?@>'(!:61A<12B3/' (08&%$2)3+I' (0F0%)3+I'*$0((,'2)8)%fE' .,(,' .%,#3+I' %,' *$0((,'@(&@),/0+#0'1)2D,'93%&'@$010'90('0+#(0'*()0*&9'='FG(F,(&9' eJ$0'9&+'o0+0/)L *&9'@&(' +,#$(,%06,pf]' %,9' %$2D,9'0+#(0'*()0*&9I' @&('0%' 2&+#(,()&I' 9&+'@,(,'Q%! >?@>*'(! :25!C<1!DBB5!EF12B/!18!0<'01)2)3+'10'%,$+0'-,*,E0'*/0"$%'D-',.0"QF' #(,1$20'@&('ok_)0L #(,2DpI'1)90+9)3+fE' H&'J$0'&@0(,',J$"'09'%,' )10,'10'J$0'$+'@$0F%&'+&'@$010'D,20('%,' *$0((,'2&+#(,'9"' /)9/&I'='J$0'$+,'o*$0((,'2)8)%p'93%&'@$010'90(',$#&/,9,2(0I' +&'0+' 2,/F)&'P&(/,2)3+'10' $+' +$08&' <9#,1&'&')+2%$9&'10'$+'+$08&'@$0F%&E' .,(,'0%'2&+L 20@#&'10$0,*.'*',2&9#$/F(,' ,'2)#,(90' $+' @,9,N0'10%' T)*09#&I' cBI' :bI' ::>I'10' .&/@&L +)&E' H,'10P)+)2)3+'/G9'2%,(,'09'%,'J$0'90'0+2$0+#(,I'N$+#&'2&+'&#(&9'#09#)/&+)&9I'0+' 0%$A"4'/,1$.,.'=*$-?.'1'.?.'*'10' g&(20%%)+)I' ```I' \AB'='c::-' W&9#)9')9'09#'2$/'J$&'@$F%)L 20' F0%%$/' D,F0/$9' EEE' )+' J$0' ,F' )+)/)2&' 1)PP0(#I' J$)' 09#' )9I' J$&2$/' D,F0/$9' @()L 8,#,' &1),E' T)9#)+*$"' 0#),/' 9)2' @&99$+#I' $#' )+)/)2$9' 9)#' J$)' +&9' &1)#]' D&9#)9' J$)' &@@$*+,#E'


+?9A% 4G\T;DD%

JQ%

=8:% CEAYD;G?:% C9;T?9;?:% V%8=% :F%?CEVEH% :F9B8=% =FT89E:E:% GE=G8CDE:% /%&L"(,")/%?>;G;E=?A8:% >8% AE% dCEAYD;GEeP% ":DE% EGF998% 8=% C9;T89% AFB?9% GE=% ?VF>?%>8% A?%8]F;C?9?G;<=%>8%AE%CEAYD;GE%V%AE%8:D?D?A%]F8% T8=G;EW =aZ?TE:% Ta:% ?99;Z?P% "=D98% :F:%GE=:8GF8=G;?:%8:Da%8A% ]F8% :8% ECE=B?% CE9%8`8TCAE%F=?%?GD;DF>%>8%dCEAYD;G?%>8% ":D?>Ee%?%ED9?%>8%=?DF9?A8S?% C?9D;>;:D?H% E% ]F8% :8% CF8>?% \?ZA?9%>8% F=?% CEAYD;G?% 98A;B;E:?H% 8>FG?D;W U?H% GETF=?AH% :EG;?AH% 8DGPH% >8A% C9EC;E% ":D?>EP% 4;=% 8TZ?9BE% D?TZ;c=% 8=% 8:DE:% G?:E:% 8A% GE=G8CDE% >8% AE% CEAYD;GE% :8% :;BF8% GE=:D9FV8=>E% ?% C?9D;9% >8% F=?% ECE:;G;<=% ?=D?B<=;G?% >8=D9E% >8A% ":D?>EH% ?F=]F8% 8:E% :YH% 98A?D;U;S?>?%CE9%A?%T89?%8M;:D8=G;?%>8% A?%F=;>?>%CEAYD;G?%>8A% ":D?W >E% ]F8% 8=G;899?% 8=% :Y% DE>?:% A?:% >8Ta:% ECE:;G;E=8:JP% 3% @;=?AT8=D8% AA8B?=% ?% C9E>FG;9:8% D?TZ;c=% @E9T?:% FAD89;E98:% >8% dCEAYD;G?eH% ?b=% Ta:% >8Z;A;D?>?:H%>8B9?>?>?:% \?:D?%8MD98TE:#>,$,/+0,")/%V%G?9;G?DF98:W GE:H%8=% A?:%GF?A8:%>8% A?% ?B9FC?G;<=% E9;B;=?A% :8Bb=%8A% G9;D89;E%>8% ?T;W BE%V%8=8T;BE%=E%]F8>?%Ta:%]F8%F=% TET8=DE%>8%?=D?BE=;:TE%GF?AW ]F;89?H% ]F8%:8%8MC98:?%8=% DaGD;G?:%V%C9aGD;G?:%>8%DE>E%Bc=89EH%8=%@E9W T?:% >;U89:?:% >8% GETC8D8=G;?% 8% ;=D9;B?H% V% ]F8% ?G?Z?% G?A;@;G?=>E% >8% dCEAYD;GE:e% AE:% Ta:% 8MD9?U?B?=D8:% =8BEG;E:% V% T?=;CFA?G;E=8:P% 4;=% 8TZ?9BE% A?% GE=U;GG;<=% >8% ]F8% A?% 8:8=G;?% >8% A?:% 98A?G;E=8:% CEAYD;G?:% :8%G?9?GD89;S?%CE9%A?%C98:8=G;?%>8%F=%?=D?BE=;:TE%GE=G98DE%:;BF8%U;W B8=D8% 8=% A?% @E9T?% F:F?A% >8% 8TCA8?9% 8A% A8=BF?`8% 8=% 8:D8% D8998=EH% ;=W GAF:E% 8=% ?]F8AAE:% G?:E:% 8=% AE:% ]F8% @?AD?% DE>?% GE=G;8=G;?% >8% \?ZA?9% d8=% :89;EeP% o?V% >E:% @8=<T8=E:% ]F8% GF?A]F;89?% CF8>8% GETC9EZ?9% V% 8=% AE:% GF?A8:% CF8>8% ?>U89D;9:8% 8:DE% ?% >;?9;EP# !"#>$+*%$#8'-,$i% DE>E:% AE:% GE=W G8CDE:H% ;>8?:%V%C?A?Z9?:%CE:88=% F=% :8=D;>E#>)8N*+&)d%:8%@E9TFA?=%GE=% U;:D?:% ?% F=% ?=D?BE=;:TE%GE=G98DEH% 8:Da=% U;=GFA?>E:% ?%F=?% :;DF?G;<=% GE=G98D?%GFV?%GE=:8GF8=G;?% bAD;T?%8:% F=?%?B9FC?G;<=% :8Bb=% ?T;BE:% V%8=8T;BE:%L]F8%:8%T?=;@;8:D?%8=%BF899?%E%98UEAFG;<=NH%V%:8%GE=U;89W D8=% 8=% ?Z:D9?GG;E=8:% U?GY?:% V% @?=D?:T?A8:% 8=% GF?=DE%C;89>8%U;B8=G;?% 8:?% :;DF?G;<=P% .?A?Z9?:% GETE% 8:D?>EH% 98CbZA;G?RH% :EG;8>?>H% GA?:8H% E% b

' <n)9#0' $+,' o@&%"#)2,' 9&2),%p' O+)2,/0+#0' 10910' 0%' /&/0+#&' 0+' J$0' $+,' 2%,90' 2&+' 9$P)2)0+#0' 9)*+)P)2,2)3+' @&%"#)2,' @%,+#03' 9$9' 0n)*0+2),9' o9&2),%09p]' %,' ,+#)*$,' ,9)9#0+2),' ,' %&9' @&F(09' =' /)90(,F%09' +&'90' 0+#0+1",' 2&/&' @(&F%0/,' @&%"#)2&I' +)' #0L +",' 09,' 10+&/)+,2)3+E' T0%' /)9/&' /&1&I' 93%&' D,F",' $+,' @&%"#)2,' 02%09)G#)2,' ,%%"' 1&+10' %,' `*%09),' P$+2)&+,F,' 2&/&' )+#0(%&2$#&(' @&%"#)2&' (0%08,+#0E' S ' ^,J$),80%&I' @&('0N0/@%&I' %%,/,' (0@OF%)2,' ,' #&1&' <9#,1&' J$0$ 1,'09' $+,' /&L +,(J$",]'09#,'P&(/,'10'0n@(09,(90'D,'2&+1)2)&+,1&'%,9'10P)+)2)&+09'D,9#,'%,',2#$,%)L 1,1E' C)2D,(1' !D&/,'10P)+0' %,'10/&2(,2),'2&/&'<9#,1&$*'1'@()8)%0*)&9I'2&+' %&'J$0' #&1&' <9#,1&' J$0' 2&+#0/@%,' @()8)%0*)&9' J$01,' 2,%)P)2,1&' 2&/&' +&' 10/&2(G#)2&E'


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

J'%

D?TZ;c=%:EZ89?=Y?H%8:D?>E%>8%>898G\EH%?Z:EAFD;:TEH%>;GD?>F9?H%CA?=H% 8:D?>E% =8FD9?AH% 8:D?>E% DED?AH% 8DGPH% 98:FAD?=% ;=GETC98=:;ZA8:% :;% =E% :8% :?Z8%?%]F;c=%8=%GE=G98DE%:8%D9?D?%8=%G?>?%G?:E%>8%?@8GD?9H%>8%GETZ?W D;9H% =8B?9% V% 98@FD?9% GE=% D?A8:% Dc9T;=E: [ P% "A% G?9aGD89% CEAcT;GE% >ET;=?% :EZ98% DE>E% 8A% F:E% >8A% C9EC;E% Dc9W T;=E% dCEAYD;GEeH% V?% :8?% ]F8% :8% TED8`8% ?A% ?>U89:?9;E% >8% d?CEAYD;GEe% L8=%8A%:8=D;>E%>8%8:D?9%@F89?%>8A%TF=>EH%>8%=E%D8=89%?GG8:E%?%AE%GE=W G98DENH% V?% ]F8% :8% AE% C98D8=>?% ?% A?% ;=U89:?% >8:G?A;@;G?9% V% >8=F=G;?9% GETE%dCEAYD;GEeH%GE=% 8A% @;=% >8% TE:D9?9:8% F=E%T;:TE% CE9%8=G;T?%>8% >

' !,/F)Q+' ,J$"' 9&+' @&9)F%09' +$/0(&9,9' P&(/,9' =' *(,1&9' 10+#(&' 10%' 2,(G2#0(' @&%Q/)2&I' @0(&' 9)0/@(0' (09$%#,' (02&+&2)F%0' %,' 2&+1)2)3+' 090+2),%/0+#0' @&%Q/)2,' 10' %,' P&(/,2)3+' 10' %&9' 2&+20@#&9' =' #Q(/)+&9' @&%"#)2&9E' T0' 09#0' /&1&' 2$09#)&+09' #0(/)+&%3*)2,9' 90'2&+8)0(#0+' 0+' )+9#,+2),9' ,%#,/0+#0' @&%)#)6,1,9]' $+,' @,%,F(,I' $+,' P&(/,' 10' 0n@(09,(90I' @$010' 2&+9#)#$)(' ,%' /)9/&' #)0/@&' $+' (0P%0N&I' $+,' 90M,%I' $+,' 2,(,2#0()6,2)3+' =' D,9#,' $+' ,(/,' 10' %,'2&+P(&+#,2)3+' D&9#)%E' 7+' 9&2),%)9#,'10' %,'[0L *$+1,' `+#0(+,2)&+,%I' q,(%' C0++0(I' 0+' $+' 09#$1)&' 2)0+#"P)2&' 10%' /Gn)/&' )+#0(Q9' (0,%)6,1&'9&F(0'%&9'o)+9#)#$#&9'N$("1)2&9'10%'10(02D&'@()8,1&p'0+'!uF)+*0+I' :;A;I'@E' A;I'2,%)P)2,'10'o#()F$#&p'%,' (0+#,'J$0'@,*,'0%' )+J$)%)+&',%'@(&@)0#,()&'10'$+,'8)8)0+L 1,E' H,' /,=&(",'10' %&9' @(&P09&(09'10'10(02D&I' N$0209' =' ,F&*,1&9',%0/,+09'2&+9)10L (,(",+' 09,' 10+&/)+,2)3+' 2&/&' $+,' o@&%)#)6,2)3+p' )+,20@#,F%0' 10' %,9' (0%,2)&+09' 10' 10(02D&' @()8,1&I' =' %,9' (02D,6,(",+' 2&/&'1)9#&(9)3+' 10' %&'J$0'10F0' 90('0%$2)1,2)3+' o@$(,/0+#0'N$("1)2,'=' 2)0+#"P)2,pI' @$09' @,(,'0%%&9' %,'2$09#)3+'09#G' =,'102)1)1,'0+' 0%' o10(02D&'@&9)#)8&pI'=' %,'102)9)3+' @&%"#)2,'10%' <9#,1&'J$0'9$F=,20' D,'9)1&' (02&+&2)L 1,' @&(' 0%%&9E' Ä' ,' %,' )+80(9,-' +$/0(&9&9' 9&2),%)9#,9' 10' %,' [0*$+1,' `+#0(+,2)&+,%' /$09#(,+'$+' @&9)#)8&')+#0(Q9'0+'J$0$1,'90' %%,/0+'o#()F$#&9p','%&9'@,*&9','%&9'J$0'%,' g(,+2),' ,(/,1,' &F%)*,' ,' $+,' 5%0/,+),' 109,(/,1,I' =' J$0' 90' D,F%0' O+)2,/0+#0' 10' o(0@,(,2)&+09pE' oC0@,(,2)&+09p'9$0+,'/G9'N$("1)2&I' /G9'%0*,%I' /G9'@,2"P)2&I'/0+&9' @&%Q/)2&' =' /0+&9' @&%"#)2&' J$0' o#()F$#&9pE' a&'&F9#,+#0I' ,' $+,' /)(,1,' /G9' ,#0+#,' (09$%#,(G'@,#0+#0'J$0'o(0@,(,2)&+09p'@&900' $+' 2,(G2#0('/G9')+#0+9,/0+#0'@&%Q/)2&' ='0+'2&+902$0+2),'@&%"#)2&I'@$09'09'$+'#Q(/)+&'J$0'90'9)(80'@&%"#)2,/0+#0'10'$+'N$)L 2)&' 10' 8,%&(' +0*,#)8&I' N$("1)2&' 0' )+2%$9&' /&(,%I' 2&+' 0%' P)+' 10' 9&/0#0(' ,%' 0+0/)*&' 80+2)1&I' @&(' /01)&'10' @,*&9'2&,2#)8&9I' ,' $+,'1092,%)P)2,2)3+' 9)/$%#G+0,/0+#0'N$L ("1)2,' =' /&(,%E' <+' %,' ,2#$,%)1,1' %,' 2$09#)3+' 10' 9)' 90' 10F0' D,F%,(' 0+' 5%0/,+),' 10' o#()F$#&9p'&'10' o(0@,(,2)&+09p' 90' D,'2&+80(#)1&'0+' #&/,'10' 2&+#(&80(9),' )+#(,09#,L #,%E' <+' 9)*%&9',+#0()&(09'90'@(&1$N&'0+'2)0(#&'90+#)1&'$+,'2&+#(&80(9),')+80(9,'0+#(0' 0%' 0/@0(,1&(',%0/G+' e(0='10' W$+*(",f' ='0%' 9$%#G+'10'!$(J$",'9&F(0'9)' %&'J$0'10F",' @,*,('0%'0/@0(,1&(',%'9$%#G+'0(,'$+,$E"1*'J1'&'$+'o#()F$#&pE' 5J$"'0%'10$1&('#0+",')+L #0(Q9'0+' @,*,(I' +&'$+'#()F$#&I'9)+&'$+,'o@0+9)3+pI'0+' #,+#&'J$0'0%' ,2(001&('@(0P0(",' J$0' P$090' $+' o#()F$#&pE' .&(' ,J$0%%,' Q@&2,' @,(020' J$0' %,9' @,%,F(,9I' ,%' /0+&9'0+' %,9' (0%,2)&+09'0+#(0'2()9#),+&9'='#$(2&9I'0(,+'/G9',F)0(#,9'='&FN0#)8,9I'='J$0'%&9'2&+20@L #&9' N$("1)2&9' +&' 90' D,F",+' 2&+80(#)1&' ,O+' 0+' /01)&9' 10' 2&,22)3+' @&%"#)2,' 0+' $+' *(,1&' 2&/@,(,F%0E' 5D&(,' F)0+I' Y&1)+&I' J$0' 09'0%' J$0' /0+2)&+,'09#,'2&+#(&80(9),' mA"*$*'4$-'5#"*$)"$-?$#eE=D-'f="F' AE,'01EI' :c>BE' @E' >ZfI' ,M,10-' 0+'*0+0(,%' o@0+9)&+p'90' @,*,' O+)2,/0+#0' @,(,' @(&#0*0(90I' +&'10'&#(&9'0+0/)*&9I'9)+&'10%' @(&#02#&('/)9/&I' =' @,(,'08)#,(' /01),+#0' (092,#0' $+,')+8,9)3+$ mE,=#$*"$#?/0"."#$)"$-b'15?*',1n2$


J*%

+?9A% 4G\T;DD%

cA% 8=% :F%G?A;>?>%>8%d?CEAYD;GEe%L8=%8A% :8=D;>E%>8%CF9?T8=D8%EZ`8D;UEH% CF9?T8=D8% G;8=DY@;GEH% CF9?T8=D8% TE9?AH% CF9?T8=D8% `F9Y>;GEH% CF9?W T8=D8% 8:DcD;GEH% CF9?T8=D8% 8GE=<T;GEH% E% 8=% U;9DF>% >8% GF?A]F;89% ED9?% >8% 8:D?:% CF98S?:% CEAcT;G?:NP% !"#/%-'"()#8'-,$i%8=% A?%T?=89?%F:F?A%>8%8MC98:?9:8%8=%8A% T?9GE%>8% A?:% CEAcT;G?:% GED;>;?=?:% ;=D9?8:D?D?A8:% 8A% Dc9T;=E# >)870+&)% ?C?98G8% TFG\?:% U8G8:% GETE% 8]F;U?A8=D8% ?#>$)>+)# (%# 8,#>)870+&,# (%#>,$0+()/d% A?% ;=8U;D?ZA8% d@?AD?% >8% EZ`8D;U;>?>e% >8% DE>?% >8G;:;<=% CEAYD;G?H% >8@8GDE% ]F8% =E% 8:% :;=E% 98@A8`E%>8% A?%>;:D;=G;<=% 8=D98% ?T;BE% V%8=8T;BE% ;=\8W 98=D8% ?% DE>?% GE=>FGD?% CEAYD;G?H% :8% 8MC98:?% 8=% A?:% C8=E:?:% @E9T?:% V% \E9;SE=D8:% ]F8%>ET;=?=% A?% GE=G8:;<=% >8% CF8:DE:% V% CEAYD;G?% >8% :;=8W GF9?:%>8% AE:%C?9D;>E:%CEAYD;GE:P% +F?=>E%CE9% 98@898=G;?%?%8:DE%:8%C;>8% F=?% d>8:CEA;D;S?G;<=eH% AE% ]F8% :8%8:Da% ZF:G?=>E% =E%8:% :;=E%F=?% :FC8W 9?G;<=% >8A% ?:C8GDE#>,$0+(+/0,% >8% AE% CEAYD;GEH% 8DGP% 1?% 8GF?G;<=% CEAYD;W G?% |% CEAYD;G?% >8% C?9D;>E% :8% \?G8% CE:;ZA8% GF?=>E% 8TC;8S?% ?% C89>89% @F89S?% A?% ;>8?%>8%F=?% F=;>?>% CEAYD;G?% L>8A% d":D?>EeN% G?C?S%>8% 98A?D;W U;S?9%?%DE>E:%AE:%C?9D;>E:%]F8%EC89?=% 8=% A?% CEAYD;G?% ;=D89;E9H% GE=% :F:% GE998:CE=>;8=D8:% 9;U?A;>?>8:H% GE=% AE%GF?A%c:D?:%?>]F;898=%F=?% ;=D8=W :;>?>% :FC89;E9% ?% A?% >8% A?% ECE:;G;<=% GETb=H% 8=% A?% CEAYD;G?% 8MD89;E9H% 98:C8GDE%>8%ED9E:% ":D?>E:P% +F?=>E%>8=D9E%>8%F=% ":D?>E%A?:%>;@898=W G;?:%8=D98%C?9D;>E:%CEAYD;GE:%:8%GE=U;89D8=% 8=%dA?:e%>;@898=G;?:%dCEAYW D;G?:%?%:8G?:eH%8:%]F8%:8%\?%?AG?=S?>E%8A%B9?>E%8MD98TE%>8%A?%8:G?A?%>8% A?% dCEAYD;G?% ;=D89;E9eH% 8:DE% 8:H% ]F8% AE% ]F8% >8G;>8% 8=% T?D89;?% >8% GE=W @9E=D?G;<=% ?9T?>?% V?% =E% :E=% A?:% ?B9FC?G;E=8:% >8% ?T;BE:% V% 8=8T;W BE:% C9EC;?:% >8% A?% CEAYD;G?% 8MD89;E9% :;=E% A?:% ;=D89=?:% >8A% ":D?>EP% ":?% CE:;Z;A;>?>% 8@8GD;U?% >8% AFG\?% ]F8% D;8=8% ]F8% 8:D?9%:;8TC98% >?>?% C?9?% ]F8%]F8C?%\?ZA?9%>8%CEAYD;G?H%GF?=>E%:8%>?%F=%dC9;T?>E%>8%A?%CEAYD;W G?% ;=D89;E9e%GETE%8A% >8:G9;DEH% V?%=E%:8% 98@;898%GE=% CA8=?%GE=:8GF8=W G;?% ?% A?%BF899?%8=D98%>E:% F=;>?>8:% CECFA?98:% E9B?=;S?>?:% L":D?>E:% E% 6TC89;E:N% :;=E% ?% A?#-'%$$,# &+J+8F# .F8:%8:%GE=:D;DFD;UE%>8A%GE=G8CDE%>8%8=8T;BE%8A%]F8%8=%8A%>ET;W =;E% >8% AE% 98?A% :8% >c% A?% 8U8=DF?A;>?>% >8% F=?% AFG\?P% 3% 8=% 8:D8% CF=DE% \?V% ]F8% \?G89%?Z:D9?GG;<=% >8% DE>?:% A?:% TE>;@;G?G;E=8:%8=% A?% DcG=;G?% >8% A?% BF899?% V% >8A% ?9T?T8=DEH% ]F8H% ?A% \;AE% >8A% >8:?99EAAE% \;:D<9;GEH% :8% \?=% ;>E% C9E>FG;8=>E% ?A% ?S?9P% 2F899?% 8:% F=?% AFG\?% ?9T?>?% 8=D98% F=;>?>8:% CEAYD;G?:% E9B?=;S?>?:H% V% BF899?% G;U;A% 8:% F=?% AFG\?% ?9T?>?% 8=%8A% :8=E%>8%F=?%F=;>?>%E9B?=;S?>?%L]F8%:;=%8TZ?9BE%:8%UF8AU8%`F:W D?T8=D8% CE9% 8AAE% C9EZA8TaD;G?NP% 1E% 8:8=G;?A% 8=% 8A% GE=G8CDE% >8A% ?9W T?T8=DE%8:%]F8%:8%D9?D?%>8%T8>;E:%C?9?%C9E>FG;9%A?%TF89D8%@Y:;G?%>8% C89:E=?:P% 6BF?A%]F8%8=%8A%G?:E%>8%A?%C?A?Z9?%d8=8T;BEeH%?]FY%>8Z8%DEW


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

J)%

T?9:8%A?%C?A?Z9?%dAFG\?e%8=% :F%:8=D;>E%8:8=G;?A%V%E9;B;=?9;EP% ,E%:;BW =;@;G?%GETC8D8=G;?H% =;% A?%CFB=?%dCF9?T8=D8%;=D8A8GDF?Ae%>8%A?%>;:GFW :;<=H% =;%F=?%dCE9@Y?e%:;TZ<A;G?%]F8%8=% 98?A;>?>%DE>E%8A% TF=>E% AA8U?% ?%G?ZE%>8%F=?%F%ED9?%@E9T?H%V?%]F8%DE>?%U;>?% \FT?=?% =E%>8`?%>8%:89% F=?% dAFG\?eH% V% G?>?% \ETZ98% 8:% F=% dAFG\?>E9eP% 1E:% GE=G8CDE:% >8% ?T;BEH% 8=8T;BE% V% AFG\?% ?>]F;898=% :F% :8=D;>E% 98?A% CE9% 8A% \8G\E% >8% ]F8%8:Da=%V%:8%T?=D;8=8=%8=%GE=8M;<=%GE=%A?%CE:;Z;A;>?>%98?A%>8%T?W D?9% @Y:;G?T8=D8P% 1?% BF899?% C9EG8>8% >8% A?% 8=8T;:D?>H% V?% ]F8% c:D?% 8:% F=?% =8B?G;<=%<=D;G?%>8%F=%:89%>;:D;=DEP% 1?%BF899?% =E%8:%:;=E% A?%98?A;W S?G;<=% 8MD98T?% >8% A?% 8=8T;:D?>P% ,E% =8G8:;D?% :89% =?>?% GED;>;?=E% =;% =E9T?AH% =;% \?G8%@?AD?%:8=D;9AE%GETE%?ABE%;>8?A%E%>8:8?ZA8H% C89E%D;8=8% >8:>8% AF8BE% ]F8% 8:D?9% >?>E% GETE% CE:;Z;A;>?>% 8@8GD;U?% :;% 8:% ]F8% 8A% GE=G8CDE% >8A% 8=8T;BE% \?% >8% D8=89% ?ABb=% :8=D;>EP% ,E% \?V% ]F8% 8=D8=>89% CE9% AE% D?=DE% ]F8% A?% 8M;:D8=G;?% CEAYD;G?% =E% :8?%:;=E%BF899?%:?=B9;8=D?H%V%]F8%G?>?%?GG;<=%CEAYD;G?%:8?%F=?%?GG;<=% T;A;D?9% >8% AFG\?H% GETE% :;% G?>?% CF8ZAE% :8% U;8:8% GE=:D?=D8% 8% ;=;=D8W 99FTC;>?T8=D8%8=@98=D?>EH% 98:C8GDE%>8% AE:%>8Ta:H% GE=% A?%?AD89=?D;W U?% >8% :89% ?T;BE% E% 8=8T;BEi% V% TFG\E% T8=E:% ?b=% ]F8% AE% CEAYD;G?W T8=D8% GE998GDE% =E% CF8>?% GE=:;:D;9% C98G;:?T8=D8% 8=% A?% 8U;D?G;<=% >8% A?%BF899?P% 1?%>8@;=;G;<=%>8%AE%CEAYD;GE%]F8%>?TE:%?]FY%=E%8:%Z8A;G;:D?% E% T;A;D?9;:D?H% =;% ;TC89;?A;:D?% =;% C?G;@;:D?P% !?TCEGE% C98D8=>8% 8:D?W ZA8G89%GETE%d;>8?A% :EG;?Ae%A?%BF899?%U;GDE9;E:?% =;%8A% cM;DE%>8%F=?% 98W UEAFG;<=H% CF8:% A?% BF899?% V% A?% 98UEAFG;<=% =E% :E=% =?>?% d:EG;?Ae% =;% d;>8?Ae(P% 1?% AFG\?% T;A;D?9% =E% 8:% 8=% :Y% T;:T?% A?% dC9E:8GFG;<=% >8% A?% CEAYD;G?%GE=% ED9E:% T8>;E:eH% GETE%?GE:DFTZ9?% ?%G;D?9:8%>8% TE>E% ;=W GE998GDE% A?% @9?:8% >8% +A?F:8x;DS'QH% :;=E% ]F8H% GETE% D?A% BF899?H% CE:88% ;

' 5' %,'#09)9'10' C$1&%P'[#,//%0(I' ,@&=,1,'0+' ,(*$/0+#&9' U,+#),+&9I'10'J$0'o0%' )10,%'9&2),%p'09'o%,'2&/$+)1,1'10' D&/F(09'1&#,1&9'10'%)F(0'8&%$+#,1pI' <()2D' q,$PL /,++I$!?*$X"*"1$)"*$;S-Q"##"/0.*$=1)$)'"$/-?=*=-?$#"D=*$*'"$*.?1.'D=*F':;::I'@E':ZbI'%0'&@&L +0' %,'9)*$)0+#0'@(&@$09#,-' o<%' )10,%'9&2),%' +&'09'%,'2&/$+)1,1'10'%&9'D&/F(09'1&#,L 1&9' 10' %)F(0' 8&%$+#,1I' 9)+&' %,' *$0((,' 8)2#&()&9,-' %,' *$0((,' 8)2#&()&9,' 2&/&' O%#)/&' /01)&'@,(,'090' P)+' 9$@(0/&p'eJ$0'09' %,'@,(#)2)@,2)3+'10%' <9#,1&'0+' %,' D)9#&(),'$+)L 80(9,%' ='9$',P)(/,2)3+' 10+#(&'10'0%%,fE' <9#,'P(,90'90' 9)(80'10' %,' )10,'#"@)2,/0+#0'%)L F0(,%' =' +0&U,+#),+,'10%' o)10,%' 9&2),%pI' 2&+' %,'J$0' 9)+' 0/F,(*&' %,9'*$0((,9'0+' *0+0L (,%I' )+2%$)1,9' %,9' 8)2#&()&9,9I' 9&+' #,+' )+2&+/0+9$(,F%09' 2&/&' )+2&/@,#)F%09I' =' %,' ,9&2),'2&+' %,')10,'10'%,'o*$0((,'8)2#&()&9,pI'@(&2010+#0'10%' /$+1&'10')10,9'10'%,' P)L %&9&P",' 10' %,' D)9#&(),' 10' 2$M&' D0*0%),+&' =' U,+#),+&I' 10+#(&'10%' 2$,%' +&'0n)9#0' ,'9$' 806' +)+*O+' o)10,%' 9&2),%pE' T0'09#0' /&1&' %,' ,+#"#09)9I' ,' @()/0(,' 8)9#,'#,+' %%,/,#)8,I' 90' 109D,20' 0+' 1&9' @&(2)&+09' )+2&+0n,9I' =' +)' %,' ,*(09)8)1,1' (0#3()2,' 10%' &n"/&(&+' %&*(,+' &2$%#,(' %,' )+2&D0(0+2),' 09#($2#$(,%' +)' 9,+,(' %,' P(,2#$(,' #03()2,E' :B ' d%,$90_)#6I$ ;,:$N#'"&"'```I'Y0(%"+I' :;\ZI'@E' :ZBBI'1)20-'oH,'*$0((,'+&'09'9)+&' %,' @(&902$2)3+' 10' %,' @&%"#)2,'2&+' &#(&9' /01)&9Ep' .,(,' Q%' %,' *$0((,'09' o/0(&' )+9#($L


JI%

+?9A% 4G\T;DD%

:F:% C9EC;?:% 98BA?:H% :F:% CF=DE:% >8% U;:D?% 8:D9?DcB;GE:H% DaGD;GE:% V% >8% ED9E:% D;CE:H% V% DE>E:% 8AAE:% C98:FCE=8=% ]F8% 8:Da% >?>?% C98U;?T8=D8% A?% >8G;:;<=% CEAYD;G?% :EZ98% ]F;c=% 8:%8A% 8=8T;BEP% "=% A?%BF899?% AE:% ?>U89W :?9;E:% :F8A8=% 8=@98=D?9:8% ?Z;89D?T8=D8% GETE% D?A8:i% ;=GAF:E% 8:% =E9W T?A% ]F8% ?C?98SG?=% G?9?GD89;S?>E:% CE9% F=% >8D89T;=?>E% dF=;@E9T8eH% >8% TE>E%]F8% A?%>;:D;=G;<=% 8=D98%?T;BE%V%8=8T;BE%=E%:8?%V?% =;=Bb=% C9EZA8T?% CEAYD;GE% ]F8% D8=B?% ]F8% 98:EAU89% 8A% :EA>?>E% 8=% ?GG;<=P% "=% 8:DE%8:D9;Z?% A?% 9?S<=% >8% A?% @9?:8% ]F8%>;`E%F=?% U8S%F=% >;CAETaD;GE% ;=W BAc:j% ]F8%8A% CEAYD;GE%8:Da% T8`E9%8=D98=?>E%C?9?% A?% AFG\?%]F8%8A% :EA>?W >EH%CE9]F8%:8%C?:?%A?%U;>?%AFG\?=>EH%T;8=D9?:%]F8%8A%:EA>?>E%:<AE%AE% \?G8%8MG8CG;E=?AT8=D8P% 1?%BF899?% =E%8:% CF8:%8=% TE>E%?ABF=E%EZ`8W D;UE%E% ;=GAF:E%GE=D8=;>E%>8% A?%CEAYD;G?H%C89E%GE=:D;DFV8%8A#>$%/'>'%/0)# ]F8% 8:Da% :;TC98% >?>E% GETE% CE:;Z;A;>?>% 98?AH% ]F8% >8D89T;=?% >8% F=?% T?=89?% C8GFA;?9% A?% ?GG;<=% V% 8A% C8=:?T;8=DE% \FT?=E:% V% E9;B;=?% ?:Y% F=?% GE=>FGD?% 8:C8GY@;G?T8=D8% CEAYD;G?P% .E9%8:E% 8A% G9;D89;E% >8% A?% >;:D;=G;<=% 8=D98% ?T;BE% V% 8=8T;BE% D?TW CEGE% :;B=;@;G?% 8=% TE>E% ?ABF=E% ]F8% F=% >8D89T;=?>E% CF8ZAE% D8=B?% ]F8% :89%8D89=?T8=D8% ?T;BE%E%8=8T;BE%>8% ED9EH% E%]F8% A?% =8FD9?A;>?>% =E% :8?% CE:;ZA8H% E% =E%CF8>?% :89%CEAYD;G?T8=D8%:8=:?D?P% 1E%]F8%EGF998% 8:% ]F8% 8A% GE=G8CDE% >8% A?% =8FD9?A;>?>H% ;BF?A% ]F8% GF?A]F;89% ED9E% GE=W G8CDE% CEAYD;GEH% :8% 8=GF8=D9?% D?TZ;c=% Z?`E%8:8%:FCF8:DE%bAD;TE%>8% A?% CE:;Z;A;>?>% 98?A% >8% ?B9FC?9:8% GETE% ?T;BE:% E% 8=8T;BE:P% 4;% :EZ98% A?% D;899?% =E% \FZ;8:8% Ta:% ]F8% =8FD9?A;>?>H% =E% :<AE% :8% \?Z9Y?% D89T;=?>E% A?%BF899?% :;=E%]F8%:8% \?Z9Y?%?G?Z?>E%D?TZ;c=% A?% =8FD9?A;>?>% T;:T?H% >8A% T;:TE% TE>E% ]F8% >8:?C?98G89Y?% GF?A]F;89% CEAYD;G?H% ;=GAF;>?% A?% /0+#3'10' %,'@&%"#)2,pE' Ä'2)0(#,/0+#0' %,'*$0((,'09'#,/F)Q+'09&]'%&'J$0'&2$((0'09'J$0' 9$' 9)*+)P)2,2)3+' @,(,' 0%' 2&+&2)/)0+#&' 10' %,' 090+2),' 10' %&' @&%"#)2&' +&' 90' ,*&#,' 2&+' 09,'@(&@&9)2)3+E' Ä' 9)' 90'/)(,'/G9',#0+#,/0+#0I'#,/@&2&'@,(,'d%,$90_)#6'09' %,'*$0L ((,' $+&' /G9' 0+#(0' %&9' 1)80(9&9' )+9#($/0+#&9' 10' %,' @&%"#)2,I' 9)+&' J$0' 2&+9#)#$=0' %,' oO%#)/,' (,#)&p'10' %,',*($@,2)3+' 90*O+' ,/)*&9'='0+0/)*&9E' H,'*$0((,'@&900' 9$' @(&L @),' o*(,/G#)2,p' e9$9' @(&@),9' (0*%,9' #Q2+)2&L/)%)#,(09fI' @0(&' %,' @&%"#)2,' 09' =' 9)*$0' 9)0+1&' 9$' o20(0F(&p]' %,' *$0((,' +&'@&900' +)+*$+,'o%3*)2,' @(&@),pE' .$09' #,+' 93%&'@&L 1(",'&F#0+0(%,'10'%&9'2&+20@#&9'10',/)*&'='0+0/)*&I'='09'09#0'+O2%0&'10'#&1&'%&'@&L %"#)2&' %&'J$0'J$01,'10' /,+)P)09#&'0+' %,'9)*$)0+#0'P(,90-' o[)' %,'*$0((,'P&(/,'@,(#0'10' %,' @&%"#)2,I' ,1&@#,(G' 9$' 2,(G2#0(' @02$%),(E' d$,+#&' /G9' )/@&(#,+#0' =' @&10(&9,' 90' D,*,',J$Q%%,I'/,=&('90(G'#,/F)Q+'%,'*$0((,I'='09#&'@$010'@(&90*$)(90'D,9#,'0%'@$+#&' 0+' 0%' J$0' %,' *$0((,' ,%2,+20' 9$' P,6' ,F9&%$#,Ep' a$/0(&9,9' &#(,9' P(,909' 10/$09#(,+' D,9#,' J$Q' @$+#&' #&1,' 2&+9)10(,2)3+' 09@02"P)2,/0+#0' @&%"#)2,' (0@&9,' 9&F(0' 09,9' 2,L #0*&(",9' @&%"#)2,9I' 9&F(0' #&1&' #,/F)Q+' %,9' ,P)(/,2)&+09'2&+20(+)0+#09' ,' *$0((,9' 10' 2&,%)2)3+'=','@,2#&9I$,E2$/'.2F'@@E' :\c'='99E]'2P(E'#,/F)Q+'WE' C&#P0%9I$>?#-$5,1$>-?=*"B <'.RF$ +,-'.'Q$=1)$N#'"&F' Y0(%"+I' :;ABI' @E' ABAE'


6;;% GE=G8CDE% >8% AE% CEAYD;GE%

JX%

>8% A?% 8U;D?G;<=% >8% A?% AFG\?H% :;% >8`?:8%>8%8M;:D;9%A?% CE:;Z;A;>?>%>8%F=?% AFG\?% 8=% B8=89?AP% 1E% >8G;:;UE% 8:% CF8:% :;8TC98% V% :<AE% A?% CE:;Z;A;>?>% >8%8:D8%G?:E%>8G;:;UEH%8A%>8%A?%AFG\?%98?AH%?:Y%GETE%A?%>8G;:;<=%>8%:;%:8% >?% E% =E% :8% >?% 8:8% G?:EP% "A% ]F8% 8:D8% G?:E% :<AE% :8% C9E>FSG?% 8MG8CG;E=?AT8=D8% =E% ?@8GD?% ?% :F%G?9aGD89%>8D89T;=?=D8H% :;=E%]F8%8:% AE%]F8%A8%GE=@;898%:F% =?DF9?A8W S?%>8%@F=>?T8=DEP% 5F=]F8%A?:%BF899?:%?GDF?A8:%V?%=E%:E=%D?=% =FT8W 9E:?:%V%GED;>;?=?:%GETE% ?=D8:H% CF8>8%>8G;9:8%]F8%:8% \?=% UF8ADE%D?=W DE% Ta:% ?99EAA?>E9?:% V% DED?A8:% GF?=DE% Ta:% \?=% C89>;>E%8=% @98GF8=G;?% =FTc9;G?% V% GED;>;?=;>?>P% 1?% :;DF?G;<=% >8% BF899?% :;BF8% :;8=>E% \EV% >Y?%8A% dTET8=DE%>8% A?:% U89?:eP% !?TZ;c=%?]FYH% GETE%8=% D?=DE:%ED9E:% G?:E:H% CF8>8%>8G;9:8%]F8% AE%8MG8CG;E=?A% CE:88%F=?%:;B=;@;G?G;<=%C?9W D;GFA?9T8=D8%>8G;:;U?H%]F8%8:%A?%]F8%CE=8%?A%>8:GFZ;89DE%8A%=bGA8E%>8% A?:% GE:?:P% .F8:% :<AE%8=% A?% AFG\?% 98?A% :8% \?G8%C?D8=D8% A?%GE=:8GF8=G;?% 8MD98T?%>8% A?% ?B9FC?G;<=% CEAYD;G?% :8Bb=% ?T;BE:% V%8=8T;BE:P% ":%CE9% 98@898=G;?% ?% 8:D?% CE:;Z;A;>?>% 8MD98T?% GETE% A?% U;>?% >8A% \ETZ98% ?>W ]F;898% :F% D8=:;<=% 8:C8GY@;G?T8=D8#>)870+&,F# -=%TF=>E%8=%8A%]F8%:8%\FZ;8:8%8A;T;=?>E%CE9%GETCA8DE%A?%CE:;W Z;A;>?>% >8% F=?% AFG\?% >8% 8:?% =?DF9?A8S?H% F=% CA?=8D?% >8@;=;D;U?T8=D8% C?G;@;G?>EH% :89Y?% CF8:% F=% TF=>E% ?`8=E% ?% A?% >;:D;=G;<=% >8% ?T;BE% V% 8=8T;BEH% V% 8=% GE=:8GF8=G;?% G?98=D8% >8% CEAYD;G?P% ":% CE:;ZA8% ]F8% :8% >;8:8=%8=%cA% ECE:;G;E=8:%V%GE=D9?:D8:%>8A% T?VE9%;=D89c:H%@E9T?:%TFV% U?9;?>?:%>8%GETC8D8=G;?%8%;=D9;B?H%C89E% AE%]F8%V?%=E%D8=>9Y?%:8=D;>E% :89Y?% F=?%ECE:;G;<=%8=% U;9DF>%>8%A?%GF?A%:8%CF>;8:8%8M;B;9%?%AE:% \ETW Z98:% 8A% :?G9;@;G;E% >8% :F:% U;>?:H% >?9%CE>89%?%G;89DE:% \ETZ98:% C?9?%>8W 99?T?9%:?=B98%V%T?D?9%?%ED9E:%\ETZ98:P% !?TCEGE%8=%8:D8%G?:E%?@8GW D?%?% A?%>8D89T;=?G;<=% GE=G8CDF?A%>8% AE%CEAYD;GE%8A%]F8%F=E%:8% ;T?B;W =8%E%=E%]F8%U?A8%A?%C8=?%>8:8?9%F=% TF=>E%>8%8:?:%G?9?GD89Y:D;G?:H% A;W Z98% >8% CEAYD;G?H% GETE% 8:D?>E% ;>8?AP% "A% @8=<T8=E% >8% AE% CEAYD;GE% :<AE% :8%>8`?% ?C98\8=>89%CE9%98@898=G;?% ?% A?%CE:;Z;A;>?>% 98?A% >8% A?%?B9FC?W G;<=% :8Bb=% ?T;BE:% V% 8=8T;BE:H% GE=% ;=>8C8=>8=G;?% >8% A?:% GE=:8W GF8=G;?:% ]F8% CF8>?=% >89;U?9:8% >8% 8AAE% C?9?% A?% U?AE9?G;<=% 98A;B;E:?H% TE9?AH% 8:DcD;G?% E% 8GE=<T;G?% >8% AE% CEAYD;GEP% 1?% BF899?% GETE% 8A% T8>;E% CEAYD;GE% 8MD98TE% 98U8A?% A?% CE:;Z;A;>?>% >8%8:D?%>;:D;=G;<=% 8=D98% ?T;BE%V%8=8T;BE%]F8%:FZV?G8%?%DE>?%@E9T?% >8%98C98:8=D?9:8%AE%CEAYD;GEH%V%CE9%8:?%9?S<=%:<AE%D;8=8%:8=D;>E%T;8=W D9?:%8:?%>;:D;=G;<=%D;8=8% 98?AT8=D8%AFB?9%8=%A?%\FT?=;>?>H%E%GF?=>E% T8=E:% 8:% 98?AT8=D8% CE:;ZA8P% .E9% 8A% GE=D9?9;EH% F=?% BF899?% AA8U?>?% ?% G?ZE% CE9% TED;UE:% dCF9?T8=D8e% 98A;B;E:E:H% dCF9?T8=D8e% TE9?A8:H% dCF9?T8=D8e% `F9Y>;GE:% E% dCF9?T8=D8e% 8GE=<T;GE:% :89Y?% F=% GE=D9?W


JJ%

+?9A% 4G\T;DD%

:8=D;>EP% &8% A?:% >;:D;=G;E=8:% 8:C8GY@;G?:% ]F8% GE=@;BF9?=% 8:DE:% aTZ;W DE:% >8% A?% U;>?% \FT?=?% =E% 8:% CE:;ZA8% >89;U?9% A?% ?B9FC?G;<=% :8Bb=% ?T;BE:%V%8=8T;BE:% =;%8=% GE=:8GF8=G;?% A?%BF899?P% -=?%BF899?% =E%=8W G8:;D?% :89% GE:?% C;?>E:?H% TE9?AT8=D8% ZF8=?% E% 98=D?ZA8i% C9EZ?ZA8W T8=D8% \EV% 8=% >Y?% =E% :8?% =;=BF=?% >8% 8:D?:% D98:% GE:?:P% ":D?% U89>?>% D?=% 8A8T8=D?A% ?GE:DFTZ9?% :;=% 8TZ?9BE% ?% D89B;U89W :?9:8% GF?=>E% ?=D?BE=;:TE:% 98A;B;E:E:H% TE9?A8:% E%>8% ?ABb=% ED9E% D;CE% :8% \;C89D9E@;?=% \?:D?%8=D8=>89:8%GETE%GE=@9E=D?G;E=8:%CEAYD;G?:%G?W C?G8:% >8% AA8U?9% ?% A?% ?B9FC?G;<=% >8G;:;U?% >8% ?T;BE:% V% 8=8T;BE:% E9;8=D?>?%\?G;?%A?% AFG\?P% 5\E9?%Z;8=H%:;%AA8B?%?%C9E>FG;9:8%8:D?%?B9FW C?G;<=% GETZ?D;U?H% A?% ECE:;G;<=% >8G;:;U?% =E% :89a% V?% >8% =?DF9?A8S?% T89?T8=D8% 98A;B;E:?H% TE9?A% E%8GE=<T;G?H% :;=E%CEAYD;G?P% 1?%GF8:D;<=% =E%8:%8=DE=G8:%ED9?%]F8% A?%>8%:;% :8%>?%E% =E%D?A%?B9FC?G;<=%>8%?T;BE:% V% 8=8T;BE:% GETE% CE:;Z;A;>?>% 98?A% E% GETE% 98?A;>?>H% GE=% ;=>8C8=W >8=G;?% >8% AE:% TED;UE:% \FT?=E:% ]F8% \?=% Z?:D?>E% ?% C9E>FG;9A?P% ,?>?%CF8>8% :F:D9?89:8%?%8:D?%GE=:8GF8=G;?%>8%AE%CEAYD;GEP% 3% :;% A?% ECE:;G;<=% C?G;@;:D?% GE=D9?% A?% BF899?% AA8B?:8% ?% :89% D?=% @F89D8% ]F8% CFW >;8:8%?99?:D9?9%?%AE:%C?G;@;:D?:%?%F=?%BF899?%GE=D9?%AE:%=E%C?G;@;:D?:H%?% F=?%dBF899?%GE=D9?% A?%BF899?eH%GE=%8AAE%]F8>?9Y?%>8TE:D9?>?%A?%@F89W S?% CEAYD;G?% >8% ?]F8AA?% ECE:;G;<=H% CE9]F8% \?Z9Y?% >8TE:D9?>E% D8=89% :F@;G;8=D8%@F89S?%GETE%C?9?%?B9FC?9%?% AE:% \ETZ98:%8=%?T;BE:%V%8=8W T;BE:P% 4;% A?% UEAF=D?>% >8% 8U;D?9% A?% BF899?% :8% UF8AU8% D?=% ;=D8=:?% ]F8% =E%98D9EG8>8%V?%?=D8%A?%T;:T?%BF899?H%8:%]F8%:8%\?%GE=U89D;>E%8=%F=% TED;UE% CEAYD;GEH% 8:DE% 8:H% ]F8% \?% ?G?Z?>E% ?@;9T?=>E% A?% BF899?% 8% ;=W GAF:E%8A%:8=D;>E%>8%A?%BF899?H%?F=]F8%:<AE%:8?%GETE%8U8=DF?A;>?>%8MW D98T?P% "=% A?%?GDF?A;>?>%c:D?%:8% \?%GE=U89D;>E%8=%F=?%>8%A?:%Ta:%C9ET8W D8>E9?:% T?=89?:% >8% `F:D;@;G?9% A?% BF899?P% +?>?% BF899?% ?>ECD?% ?:Y% A?% @E9T?% >8% dA?% BF899?% bAD;T?% >8% A?% \FT?=;>?>eP% 3% 8:D?% GA?:8% >8% BF8W 99?:% :E=% =8G8:?9;?T8=D8% >8% ;=D8=:;>?>% 8% ;=\FT?=;>?>% ;=:<A;D?:H% V?% ]F8# J,"#*E/#,88E#(%#8)#>)870+&)%V%>8B9?>?=%?A%8=8T;BE%?A% T;:TE%D;8TCE% CE9%T8>;E%>8%G?D8BE9Y?:%TE9?A8:%V%>8%ED9E:%D;CE:H%GE=U;9D;c=>EAE%?:Y% 8=% 8A% \E99E9% ;=\FT?=E% ]F8% =E% :<AE% \?V% ]F8% 98G\?S?9% :;=E% ]F8% \?V% ]F8#,"+H'+8,$%>8@;=;D;U?T8=D8i#%8#%"%*+-)#I,#")#%/#,H'%8#H'%#(%M%#/%$#$%&2,C 3,()# ,8# +"0%")$# (%# /'/#>$)>+,/#G$)"0%$,/F% 5\E9?% Z;8=H% A?% CE:;Z;A;>?>% >8% BF899?:% >8% 8:D?% Y=>EA8% >8TF8:D9?% GE=% C?9D;GFA?9% GA?9;>?>% ]F8% DE>?W UY?% \EV% A?% BF899?% 8:Da% >?>?% GETE% CE:;Z;A;>?>% 98?AH% ]F8% 8:% AE% b=;GE% ]F8%;TCE9D?%C?9?%A?%>;:D;=G;<=%>8%?T;BE:%V%8=8T;BE:%V%C?9?%8A%GE=EW G;T;8=DE% >8% AE% CEAYD;GEP%


oA% GE=G8CDE% >8% AE% CEAYD;GE%

JR% I%

!E>E%?=D?BE=;:TE%F%ECE:;G;<=% 98A;B;E:?H% TE9?AH% 8GE=<T;G?H%cDW =;G?% E% >8% GF?A]F;89% GA?:8% :8% D9?=:@E9T?% 8=% ECE:;G;<=% CEAYD;G?% 8=% GF?=DE% B?=?% A?% @F89S?% :F@;G;8=D8% GETE% C?9?% ?B9FC?9% >8% F=% TE>E% 8@8GD;UE%?%AE:%\ETZ98:%8=%?T;BE:%V%8=8T;BE:P% 1E%CEAYD;GE%=E%8:D9;Z?% 8=%A?%AFG\?%T;:T?i%c:D?%CE:88%?%:F%U8S%:F:%C9EC;?:%A8V8:%DcG=;G?:H%C:;W GEA<B;G?:% V% T;A;D?98:P% 1E% CEAYD;GE%8:DaH%GETE%>8GY?TE:H% 8=% F=?%GE=W >FGD?% >8D89T;=?>?% CE9% 8:D?% CE:;Z;A;>?>% 98?AH% 8=% A?% GA?9?% GETC98=W :;<=%>8%A?%C9EC;?%:;DF?G;<=%V%>8%:F%T?=89?%>8%8:D?9%>8D89T;=?>?%CE9% 8AAEH% ?:Y% GETE% 8=% 8A% GET8D;>E% >8% >;:D;=BF;9% GE998GD?T8=D8% 8=D98% ?T;BE:% V% 8=8T;BE:P% -=?% GETF=;>?>% 98A;B;E:?% ]F8% \?B?% A?% BF899?% GETE% D?AH% Z;8=% GE=D9?% T;8TZ9E:% >8% ED9?:% GETF=;>?>8:% 98A;B;E:?:H% Z;8=% 8=% B8=89?AH% 8:H% Ta:% ?AAa% >8% F=?% GETF=;>?>% 98A;B;E:?H% D?TZ;c=% F=?% F=;>?>% CEAYD;G?P% 489Y?% D?TZ;c=% F=?% T?B=;DF>% CEAYD;G?% GE=% :<AE% ]F8%8`89G;8:8%>8%F=%TE>E%T89?T8=D8%=8B?D;UE%?ABF=?%;=@AF8=G;?%:EW Z98%8:8%C9EG8:E%>8G;:;UEH% :;% 8:DFU;8:8%CE9%8`8TCAE%8=%GE=>;G;E=8:%>8% 8U;D?9%BF899?:%CE9%T8>;E%>8%A?%GE998:CE=>;8=D8%C9E\;Z;G;<=%?%:F:%:8W BF;>E98:H% 8:DE%8:H% :;% CE:8V8:8% A?%?FDE9;>?>% =8G8:?9;?%C?9?% =8B?9%8@8GW D;U?T8=D8% A?% GE=>;G;<=% >8% 8=8T;BE% >8% F=% >8D89T;=?>E% ?>U89:?9;EP% 1E% T;:TE% :8% ?CA;G?% C?9?% F=?% ?:EG;?G;<=% >8% C89:E=?:% Z?:?>?% 8=% F=% @F=>?T8=DE% 8GE=<T;GEH% CE9% 8`8TCAE% F=% GE=:E9G;E% ;=>F:D9;?A% E% F=% :;=>;G?DEP% !?TZ;c=% F=?%dGA?:8e%8=%8A% :8=D;>E% T?9M;:D?%>8A% Dc9T;W =E% >8`?% >8% :89% ?ABE% CF9?T8=D8% 8GE=<T;GE% V% :8% GE=U;89D8% 8=% F=?% T?B=;DF>%CEAYD;G?%>8:>8%8A% TET8=DE%8=%]F8%?AG?=S?%8A%CF=DE%>8G;:;W UE%>8%DET?9%8=% :89;E% A?#8'&2,%>8%GA?:8:% V%D9?D?9%?A% ?>U89:?9;E%>8%GA?:8% GETE% U89>?>89E% 8=8T;BE% V% GETZ?D;9AEH% Z;8=% >8% ":D?>E% ?% ":D?>EH% Z;8=% 8=% F=?% BF899?% G;U;A% >8=D9E% >8% F=% T;:TE% ":D?>EP% 1?% AFG\?% 98?A% =E% CE>9a% V?% >;:GF99;9%:8Bb=% A8V8:% 8GE=<T;G?:H% :;=E% ]F8H% `F=DE% ?% AE:% TcDE>E:% >8% AFG\?% 8=% 8A% :8=D;>E% DcG=;GE% 98:D9;GD;UE% >8A% Dc9T;=EH% CEW :889a% :F:% C9EC;?:% =8G8:;>?>8:% V% E9;8=D?G;E=8:% CEAYD;G?:H% V% 98?A;S?9a% A?:% GE998:CE=>;8=D8:% GE?A;G;E=8:H% GETC9ET;:E:H% 8DGP% 4;% 8A% C9EA8D?W 9;?>E% :8% ?CE>89?%>8A% CE>89%CEAYD;GE% >8=D9E%>8%F=% ":D?>EH% \?Z9a% =?W G;>E% F=% ":D?>E% C9EA8D?9;EH% ]F8% =E% :89a% F=?% F=;>?>% T8=E:% CEAYD;G?% ]F8% GF?A]F;89% ":D?>E% =?G;E=?AH% :?G89>ED?AH% GET89G;?A% E% T;A;D?9H% ]F8% F=% ":D?>E%@F=G;E=?9;?A%E%]F8%GF?A]F;89%ED9?%G?D8BE9Y?%>8%F=;>?>%CEW AYD;G?P% 4;% :8% AA8B?9?% ?% ?B9FC?9% >8% ?GF89>E% GE=% 8A% G9;D89;E% ?T;BEr% 8=8T;BE% ?% A?% \FT?=;>?>% 8=D89?% C?9D;8=>E% >8% A?% ECE:;G;<=% 8=D98% ZF9BF8:8:% V%C9EA8D?9;E:H% @E9T?=>E% ":D?>E:% C9EA8D?9;E:%V%8:D?>E:%G?W C;D?A;:D?:H% 8A;T;=?=>E% GE=% 8AAE% DE>?:% A?:% >8Ta:% ?B9FC?G;E=8:% >8%


J[%

+?9A% 4G\T;DD%

?T;BE:% V% 8=8T;BE:H% 8A% 98:FAD?>E% :89Y?% ]F8% :8% CE=>9Y?% >8% T?=;@;8:DE% A?% CA8=?% 98?A;>?>% >8% AE% CEAYD;GE% ]F8% GE=D8=Y?=% 8:DE:% GE=G8CDE:% 8=% ?C?9;8=G;?% dCF9?T8=D8e% 8GE=<T;GE:P% 3% :;% A?% @F89S?% CEAYD;G?% >8% F=?% GA?:8%E%GF?A]F;89%ED9E%B9FCE%>8=D9E%>8%F=% CF8ZAE%D;8=8%8=D;>?>%:F@;W G;8=D8% GETE% C?9?% 8MGAF;9% GF?A]F;89% BF899?% 8MD89;E9H% C89E% 8:8% B9FCE% G?98G8%CE9%:F% C?9D8%>8% A?%G?C?G;>?>%E%>8% A?%UEAF=D?>% =8G8:?9;?:%C?9?% ?:FT;9%8A% CE>89%8:D?D?AH% C?9?% 98?A;S?9% CE9%:Y% T;:TE% A?%>;:D;=G;<=% 8=W D98%?T;BE%V%8=8T;BE%VH%8=%G?:E%>8%=8G8:;>?>H%C?9?%\?G89%A?%BF899?H%A?% F=;>?>% CEAYD;G?% ]F8>?9a% >8:D9F;>?P% 1E% CEAYD;GE% CF8>8% 8MD9?89% :F% @F89S?% >8% AE:% aTZ;DE:% Ta:% >;U89:E:% >8% A?% U;>?% \FT?=?H% >8% ?=D?BE=;:TE:% 98A;B;E:E:H% 8GE=<T;GE:H% TE9?W A8:H% 8DGP% .E9% :Y% T;:TE% AE% CEAYD;GE% =E% ?GED?% F=% G?TCE% C9EC;E% >8% A?% 98?A;>?>H% :;=E% :<AE% F=% G;89DE#-$,()#(%#+"0%"/+(,(%>8% A?% ?:EG;?G;<=% E%>;W :EG;?G;<=% >8% \ETZ98:P% 4F:% TED;UE:% CF8>8=% :89% >8% =?DF9?A8S?% 98A;W B;E:?H% =?G;E=?A% L8=% :8=D;>E%cD=;GE%E%GFADF9?ANH%8GE=<T;G?H% 8DGPH% V%D8W =89%GETE%GE=:8GF8=G;?%8=%G?>?%TET8=DE%V%cCEG?%F=;E=8:%V%:8C?9?W G;E=8:%>;@898=D8:P% 1?%?B9FC?G;<=% 98?A%8=% ?T;BE:%V%8=8T;BE:%8:%8=%8A% CA?=E% >8A% :89%?ABE% D?=% @F89D8% V%>8G;:;UE% ]F8H% 8=% 8A% TET8=DE% 8=% ]F8% F=?% ECE:;G;<=% =E% CEAYD;G?% C9E>FG8% F=?% ?B9FC?G;<=% >8% 8:?% Y=>EA8H% C?:?=% ?% :8BF=>E%CA?=E% AE:% ?=D89;E98:% G9;D89;E:% dCF9?T8=D8e% 98A;B;EW :E:H% dCF9?T8=D8e% 8GE=<T;GE:% E% dCF9?T8=D8e% GFADF9?A8:H% V% >;G\?% ?B9FC?G;<=% ]F8>?% :ET8D;>?%?%A?:%GE=>;G;E=8:%V%GE=:8GF8=G;?:%DED?AW T8=D8% =F8U?:% V% C8GFA;?98:% >8% F=?% :;DF?G;<=% GE=U89D;>?% 8=% CEAYD;G?H% GE=% @98GF8=G;?% \?9DE%;=GE=:8GF8=D8:%8%d;99?G;E=?A8:e%>8:>8% A?%<CD;G?% >8% ?]F8A% CF=DE%>8% C?9D;>?%dCF9?T8=D8e% 98A;B;E:EH% dCF9?T8=D8e%8GEW =<T;GE% E% @F=>?>E% 8=% GF?A]F;89%ED9?% dCF98S?eP% "=% GF?A]F;89%G?:E% 8:% CEAYD;G?% :;8TC98% DE>?% ?B9FC?G;<=% ]F8% :8% E9;8=D?% CE9% 98@898=G;?% ?A% G?:E%d>8G;:;UEeP% .E9%8:E%8:% :;8TC98% A?% ?B9FC?G;<=% \FT?=?#H'%#*,$&,# 8,#>,'0,4% V%>8%?\Y%]F8H%:;8TC98%]F8%8M;:D8%F=?%F=;>?>%CEAYD;G?H%8AA?%:8?% A?%>8G;:;U?H%V%:8?%d:EZ89?=?e%8=%8A% :8=D;>E%>8%]F8%:;8TC98H%CE9%=8G8W :;>?>%GE=G8CDF?AH% CE:8?%A?%GETC8D8=G;?%C?9?%>8G;>;9%8=%8A% G?:E%>8G;W :;UEH% ?F=]F8% :8% D9?D8% >8% F=% G?:E% 8MG8CG;E=?AP% "A% Dc9T;=E%d:EZ89?=Y?e%D;8=8%?]FY% :F% :8=D;>E%GE998GDEH% ;BF?A% ]F8% 8A%>8%dF=;>?>eP% ,;=BF=?%>8%A?:%>E:%GE:?:%]F;898%>8G;9%]F8%G?>?%>8D?W AA8%>8%A?%8M;:D8=G;?%>8%DE>?%C89:E=?%]F8%C89D8=8G8%?%F=?%F=;>?>%CEAYW D;G?%D8=B?%]F8%8:D?9%>8D89T;=?>E%CE9%AE%CEAYD;GE%E%:ET8D;>E%?%:F:%<9W >8=8:H% =;%]F8%F=%:;:D8T?%G8=D9?A;:D?%\?V?%>8%?=;]F;A?9%GF?A]F;89%ED9?% E9B?=;S?G;<=% E% GE9CE9?G;<=P% .F8>8% EGF99;9% ]F8% A?:% GE=:;>89?G;E=8:% >8% =?DF9?A8S?% 8GE=<T;G?% 8:Dc=% CE9% 8=G;T?% >8% GF?A]F;89% ED9?% GE:?% ]F8% CF8>?% ]F8989% 8A% BEZ;89=E% >8% F=% ":D?>E% 8GE=<T;G?T8=D8% =8FW


"A% GE=G8CDE% >8% AE% CEAYD;GE%

J(%

D9?A%8=%?C?9;8=G;?i%V%=E%8:%9?9E%]F8%8A%CE>89H%8=%F=% ":D?>E%?C?98=D8W T8=D8% =8FD9?A% 8=% AE% GE=@8:;E=?AH% D9EC;8G8% GE=% :F% C9EC;E% AYT;D8% 8=% GF?=DE%8=D9?=%8=%`F8BE% A?:%GE=U;GG;E=8:% 98A;B;E:?:P% 1E%]F8%>8G;>8%8:% :;8TC98% V% :<AE% 8A% G?:E% >8% GE=@A;GDEP% 4;% AE:% ?=D?BE=;:TE:% 8GE=<T;W GE:H% GFADF9?A8:%E%98A;B;E:E:% AA8B?=% ?%CE:889%D?=D?%@F89S?%]F8%>8D89T;W =?=% CE9% :Y% T;:TE:% A?% >8G;:;<=% 8=% 8A% G?:E% AYT;D8H% ]F;898% >8G;9% ]F8% 8AAE:%:E=% A?% =F8U?% :F:D?=G;?%>8%A?%F=;>?>%CEAYD;G?P% 3%:;% G?98G8=%>8% A?% @F89S?% =8G8:?9;?% C?9?% 8U;D?9% F=?% BF899?% ?GE9>?>?% 8=% GE=D9?% >8% :F:% C9EC;E:% ;=D898:8:% V% C9;=G;C;E:H% 8:E% :;B=;@;G?% ]F8% =E% \?=% ?AG?=S?>E% DE>?UY?% 8A% CF=DE%>8G;:;UE%>8% AE% CEAYD;GEP% 4;% CE:88=% @F89S?% :F@;G;8=D8% GETE% C?9?% 8U;D?9% F=?% BF899?% >8:8?>?% CE9% A?% >;98GG;<=% CEAYD;G?% C89E% GE=D9?9;?% ?% :F:% ;=D898:8:% E% C9;=G;C;E:H% C89E% =E% D?=D?% GETE% C?9?% >8W D89T;=?9% CE9% :Y% T;:TE:% F=?% BF899?% CE9% C9EC;?% >8G;:;<=H% 8:% ]F8% V?% =E%8M;:D8%F=?%T?B=;DF>%CEAYD;G?%F=;D?9;?P% 48?%8AAE%GETE%@F898j% GETE% GE=:8GF8=G;?% >8% A?% 98@898=G;?% ?% A?% CE:;Z;A;>?>% AYT;D8% >8% A?% AFG\?% 8@8GD;U?%GE=D9?% F=% 8=8T;BE%8@8GD;UEH% F=?%>8%>E:j% E% A?%F=;>?>% CEAYD;W G?%8:%A?%]F8%>8G;>8%A?%?B9FC?G;<=%>8%?T;BE:%V%8=8T;BE:H%V%8:%:EZ89?W =?% 8=% 8:D8% :8=D;>E% L=E% 8=% ?ABb=% :8=D;>E% ?Z:EAFD;:D?NH% E% Z;8=% 8:% ]F8% =E% 8M;:D8% 8=% ?Z:EAFDEP% +F?=>E% :8% >8:GFZ9;<% \?:D?% ]Fc% CF=DE% CE:88=% ;TCE9D?=G;?% CEAYW D;G?% A?:%?:EG;?G;E=8:%8GE=<T;G?:%>8=D9E%>8A% ":D?>EH% V%:8%?>U;9D;<%8=% C?9D;GFA?9%A?%8MC?=:;<=%>8% AE:%:;=>;G?DE:H% GE=:D?D?=>E%]F8%GE=D9?%:F% ;=:D9FT8=DE%>8% CE>89%CEAYD;GEH% A?% \F8AB?H% A?:% A8V8:%>8A% ":D?>E% 98:FAW D?Z?=%F=%D?=DE%;TCED8=D8:H% :8%C9EGA?T<%GE=%?ABF=?%C98G;C;D?G;<=%A?% TF89D8% V% 8A% @;=?A% >8A% ":D?>EP% +ETE% >EGD9;=?% C9EC;?T8=D8% >;G\?% 8:DE% =E% ?C?98G8H% ]F8% VE% :8C?H% \?:D?% AE:% ?^E:% '(QJW'(QRH% 8=D98% AE:% :;=>;G?A;:D?:% @9?=G8:8:''P% &8% AE:% D8<9;GE:% >8A% ":D?>E% ]F8% \?Z9Y?% ]F8% ::

' od0##0'2D&90'Q+&(/0'EEE' %,'/&(#'10'20#'~#(0'P,+#,9#)J$0I'@(&1)*)0$nI'J$)','#0+$' 1,+9'%}D)9#&)(0'$+0'@%,20'9)'2&%&99,%0-' %}<#,#'09#'/&(#p'e<E' Y0(#DI' 2$=,9')10,9'@(&20L 10+'10'X0&(*09'[&(0%I'0+$A"$:,=5":"1.$*,/'?-'*."F'&2#$F(0I':;BSI'@E'\:Zf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h#(&9'0N0/@%&9')+#0(09,+#09'10'09#0'1),*+39#)2&'9)+L 1)2,%)9#,'10%'<9#,1&'2&+#0/@&(G+0&'@$010+'D,%%,(90'0+'<9/0)+I$!#,'.$/,1*.'.=.',11"-$ eSE,'01E' 10'aQ6,(1fI' :;A:I:I'@@E' cc'='99EI'='9&F(0'#&1&'0+'0%' )+#0(09,+#"9)/&'%)F(&'10' ^,n)/0'H0(&=I$A"*$.#?1*(,#:?.',1*$)"$-?$E='**?1/"$E=D-'f="F':;BSE'H,'1&2#()+,'9)+1)2,L %)9#,' 10F0' /,+#0+0(90' 1)P0(0+2),1,' 10' %,9' 2&+9#($22)&+09' /,(n)9#,9' #,/F)Q+' 0+' %&' J$0' 90' (0P)0(0' ,' 9$' 1),*+39#)2&'9&F(0'0%' <9#,1&E' .,(,' %&9' /,(n)9#,9'0%' <9#,1&' +&'09'


RQ%

+?9A% 4G\T;DD%

T8=G;E=?9% ?]FY% 8A% Ta:% GE=EG;>E% 8:# T'-'+0F% &8:>8% '(Q'% 8:DFUE% ;=W D8=D?=>E%98@FD?9%8A% GE=G8CDE%>8%:EZ89?=Y?%V%A?%;>8?%>8%]F8%8A% ":D?>E% CE:88%F=?%C89:E=?A;>?>%C9EC;?H% V%?CE9D<% ?ABF=E:% ?9BFT8=DE:% ?D;=?W >E:%GE=D9?% F=?%T8D?@Y:;G?%?G9YD;G?%>8A% ":D?>E%V%GE=D9?%G;89D?:% C89:EW =;@;G?G;E=8:% >8% c:D8% ]F8H% 8=% >8@;=;D;U?H% =E% 89?=% :;=E% 98:;>FE:% >8A% TF=>E% >8% AE:% C9Y=G;C8:% ?Z:EAFDE:P% 4;=% 8TZ?9BE% 8=% AE% 8:8=G;?A% C?:<% >8% A?9BE% ?=D8% 8A% :8=D;>E% C9EC;?T8=D8% CEAYD;GE% >8% A?% ;>8?% >8% :EZ8W 9?=Y?P% 5ABE% C?98G;>E% CF8>8% >8G;9:8% >8% A?% AA?T?>?% D8E9Y?% CAF9?A;:D?% >8A% ":D?>EH% @E9TFA?>?% ?ABE% Ta:% D?9>8% 8=% AE:% C?Y:8:% ?=BAE:?`E=8:% CE9% gF# TF# SF# @)8%% V# S,$)8(hF# \,/V+"F% 4F% CAF9?A;:TE% GE=:;:D8% 8=% =8B?9% A?% F=;>?>%:EZ89?=?%>8A% ":D?>EH%8:DE%8:H% A?%F=;>?>%CEAYD;G?H% V%CE=89%F=?% V% ED9?% U8S% >8% 98A;8U8% ]F8% G?>?% ;=>;U;>FE% C?9D;GFA?9% >8:?99EAA?% :F% U;>?% 8=% 8A% T?9GE% >8% =FT89E:?:% U;=GFA?G;E=8:% V% ?:EG;?G;E=8:% :EG;?W A8:j% 8:% T;8TZ9E%>8% F=?% GETF=;>?>% 98A;B;E:?H% >8% F=?% =?G;<=H% >8% F=% :;=>;G?DEH% >8% F=?% @?T;A;?H% >8% F=% GAFZ% >8CE9D;UE% V% >8% TFG\?:% ED9?:% d?:EG;?G;E=8:eH% ]F8% AE% >8D89T;=?=% 8=% G?>?% G?:E% GE=% ;=D8=:;>?>% U?W 9;?ZA8% V% AE% U;=GFA?=% ?% F=?% dCAF9?A;>?>% >8% EZA;B?G;E=8:% V% A8?AD?>8:eH% :;=% ]F8%]F8C?%>8G;9%>8% ?ABF=?%>8%8:D?:%?:EG;?G;E=8:%]F8%8:%A?% ;=GE=W >;G;E=?AT8=D8%>8G;:;U?%V%:EZ89?=?P% 5A%GE=D9?9;EH%G?>?%F=?%>8% A?:%>;W U89:?:% d?:EG;?G;E=8:e% CF8>8% 98:FAD?9% :89% A?% Ta:% @F89D8% 8=% F=% >ET;W =;E%>;@898=D8H% >8% TE>E% ]F8% 8A% GE=@A;GDE%8=D98% AE:% >;U89:E:% UY=GFAE:H% EZA;B?G;E=8:% V% A8?AD?>8:% :<AE% CF8>8% 98:EAU89:8% >8% G?:E% 8=% G?:EP% 48%

,%*&' /$0(#&'&',*&+)6,+#0I' 9)+&'J$0'2&+9#)#$=0' $+' /01)&' +0209,()&' @,(,',%2,+6,(' %,' 9&2)01,1' 9)+' 2%,909' =' 9)+' 09#,1&I' /&#)8&'@&('0%' 2$,%' *&6,' 10' $+,' (0,%)1,1' @(&8)9)&L +,%]' 0+' 0%' <9#,1&'9&8)Q#)2&I' ='2&+' ,=$1,'10' %,'1&2#()+,' /,(n)9#,I'N$9#,/0+#0' D,'0nL @0()/0+#,1&' $+' +$08&' 0/@$N0' =' 8)#,%)1,1E' :A ' 7+,'2&/@)%,2)3+' /,+0N,F%0'='@%,$9)F%0'10'%,9'#09)9'10'd&%0'eP&(/$%,1,'@&('Q%' /)9/&f' 90' D,' )/@(09&' 0+' %,9' @$F%)2,2)&+09' 10' %,' 5()9#&#0%),+' [&2)0#=I' 8&%E' rj`' e:;:bfI'@@E' \:BLAc]'%,'#09)9'20+#(,%'09'#,/F)Q+',J$"'J$0'%&9'<9#,1&9'+&'1)P)0(0+'@&(' 9$' 090+2),' 10' &#(&9' #)@&9' 10' ,9&2),2)&+09' D$/,+,9E' T0' 0+#(0' %&9' 092()#&9' 10' H,9U)' /0+2)&+0/&9',J$"-$C.=)'"*$'1$.0"$+#,D-":$,($C,5"#"'&1.KF':;:S]$_=.0,#'.K$'1$.0"$O,)"#1$ C.?."F' :;:;]$c,=1)?.',1*$,($C,5"#"'&1.KF':;A:]$_$^#?::?#$,(E,-'.'/*I':;Ac]'oT,9'C02D#' $+1'10('[#,,#pI$k"'.*/0#'(.$([#$S(("1.-'/0"*$`"/0.'r'e:;\BfI'@@E':LAcE'^G9'F)F%)&*(,P",'0+' q$+*'dD$,+'W9),&I$+,-'.'/?-$+-=#?-'*:F'H&+1(09I' :;AS]'9&F(0'%,'2("#)2,','090'@%$(,%)9L /&-'tE'ÄE'<%%)&##I$_:"#'/?1$+,-'.'/?-$C/'"1/"$`"5'"<'rj```'e:;AZfI'@@E'Ac:'='99EI'=$30"$ E#?&:?.'/$`"5,-.$'1$+,-'.'/*I' a$08,'Ä&(UI' :;A>]'d,(%'[2D/)##I'o[#,,#90#D)U'$+1'@%$(,L %)9#)92D0(' [#,,#pI' q,+#L[#$1)0+' rrrj' e:;\BfI' @@E' A>LZAE' [&F(0' %,' 1)9*(0*,2)3+' @%$(,%)9#,'10%' <9#,1&' ,%0/G+' 2&+#0/@&(G+0&' ='0%' 109,((&%%&'10%' @,(%,/0+#&'2&/&' #0,#(&' 10' $+' 9)9#0/,' @($(,%)9#,-' d,(%' [2D/)##I$ !"#$Z[."#$)"#$ ;"#(?**=1&F' !uF)+*0+I' :;\:I' @@E' S\' =' 99E'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

R'%

CF8>8% ;T?B;=?9% CE9% 8`8TCAE% ]F8% F=% :;=>;G?DE% >;@F=>?% 8=D98% :F:% T;8TZ9E:%A?%GE=:;B=?%>8%=E%UEAU89%?%A?%6BA8:;?H%V%]F8%c:DE:%AE%\?B?=% ?%C8:?9%>8%DE>EH%C89E%]F8%?%:F%U8S%:8%=;8BF8=%?%EZ8>8G89%F=% 98]F89;W T;8=DE% ?% ?Z?=>E=?9% 8A% :;=>;G?DE% 8T?=?>E% >8% A?% 6BA8:;?P% ":D8%8`8TCAE% TF8:D9?%GE=%8:C8G;?A% =;D;>8S%A?%GEE9>;=?G;<=% 8=D98% :EG;8>?>8:% 98A;B;E:?:% V% ?:EG;?G;E=8:% C9E@8:;E=?A8:H% ]F8% ?% 9?YS% >8% :F% GETb=%ECE:;G;<=%?A% ":D?>E%CF8>8=% AA8B?9%?%>?9%C;8%?%F=?%?A;?=S?%8=W D98% 6BA8:;?%V%:;=>;G?DE:P% ":D?%@E9T?%>8%GEE9>;=?G;<=%8:%DYC;G?%>8A% =?W G;8=D8% CAF9?A;:TE% 8=% C?Y:8:% ?=BAE:?`E=8:i% :F%CF=DE%>8% C?9D;>?% D8<9;W GE% @F8H% ?C?9D8% >8% A?% D8E9Y?%>8% A?:% GE9CE9?G;E=8:# Xg%")//%"/&2,G0%"Y% >8% g+%$V%H% 8A% A;Z9E% >8rP# B%J+88%#Z+--+/%:EZ98% A?:% ;BA8:;?:% 8=% 8A% ":D?>E% TEW >89=E% L'(')N ') P% "A% C9EG8:E% \;:D<9;GE% ?A% ]F8% F=?%V% ED9?%U8S%:8% 98@;898% 1?:s;H% V% ]F8% C9E>FG8% 8=% cA% 8U;>8=D8T8=D8% A?% Ta:% @F89D8% ;TC98:;<=H% :E=% A?:% ;=;G;?D;U?:% >8% _;:T?9GsH% GE=D8TCE9a=8?:% 8% ;BF?A% >8% U?=?:H% GE=D9?% A?% 6BA8:;?% G?D<A;G?% V% AE:% :EG;?A;:D?:P% "=% A?% dBF899?% GFADF9?Ae% GE=D9?% A?% 6BA8:;?% 9ET?=?% :8% CF:E% >8% T?=;@;8:DE% ]F8% =;% :;]F;89?% F=% 68

$ >0=#/0"*$'1$.0"$O,)"#1$C.?."I'H&+1(09I':;:\I'J$)0+'@&('2)0(#&'2$0+#,'0+' @G*)+,' AZ;'J$0' ^,)#%,+1I'2$=,9' )+809#)*,2)&+09'9&F(0' D)9#&(),'10%'10(02D&')+P%$=0L (&+' #,/F)Q+' 9&F(0' %&9' @%$(,%)9#,9I' 1)N&' $+,' 806' ,' @(&@39)#&' 10%' %)F(&' 10' X)0(U0' !"=.*/0"*$^"1,**"1*/0?(.*#"/0.'e2P(E$*=E#?'@E'AcfI'J$0'%,'1)9@$#,'/01)08,%'0+#(0'`*%09),'=' <9#,1&I' 09#&' 09I' 0+#(0' .,@,' =' </@0(,1&(I' &' /G9' 0n,2#,/0+#0' 0+#(0' 0%' 09#,/0+#&' 2%0()2,%' =' 0%' 902$%,(I' +&' P$0' $+,' %$2D,' 0+#(0' oX090%%92D,P#0+p' e9&2)0#)9fI' 9)+&' $+,' *$0((,'2)8)%' 0+' 0%' 90+&'10' $+,'/)9/,'$+)1,1'2)8)%]' D&='0+' 2,/F)&'90(",+'1&9' 9&2)0L 1,109I$)=,E,E=-'K' %,9'J$0'90'D,%%,(",+'0+P(0+#,1,9E' <+'/)'&@)+)3+I'09#&'09'2&((02#&E' .$09',9"'2&/&'0+' %,'Q@&2,',+#0()&(',%'2)9/,'%,' (0%,2)3+'0+#(0'.,@,'='</@0(,1&('@&L 1",'(09$/)(90'0+' %,'P3(/$%,'10'J$0'0%' .,@,'@&90",'%,$?=/.,].?*'='0%' </@0(,1&('%,E,B ."*.?*09#&' 09I' J$0' D,F",' $+,' 1)9#()F$2)3+' 10' P$+2)&+09' 0+' 0%' /,(2&' 10' $+,' /)9/,' $+)1,1I' 10910'0%' 9)*%&'n+' %,' `*%09),'d,#3%)2,'90' D,' /,+#0+)1&'0+' %,'1&2#()+,'10'J$0' `*%09),'='<9#,1&'9&+'1&9$*,/'".?."*F'='J$0')+2%$9&',/F,9'9&+$*,/'".?."*$E"#("/.?"'e2,1,' $+,'0+' 9$'G/F)#&'9&F0(,+,'=',$#G(J$)2,f]'10%' %,1&'10'%,'`*%09),I'&F8),/0+#0'93%&'90' (02&+&20'09#,'2&+1)2)3+'10$*,/'".?*E"#("/.?','$+,'O+)2,I'0+'#,+#&'J$0'10%'%,1&'09#,#,%' ,@,(020' D&=' 1",' $+,' @%$(,%)1,1' e9)' +&' )+2%$9&'$+,' ,F9$(1,'1)9@0(9)3+f' 10$*,/'".?."*$ E"#("/.?"F' 2$=,'o@0(P022)3+p'(09$%#,'+&'&F9#,+#0',%*&'@(&F%0/G#)2,'@&('0%'9&%&'D02D&' 10' 9$' 2,+#)1,1' +$/Q()2,E' .,$%' [)/&+I' 0+' 9$' ,(#"2$%&' o[#,,#' $+1' q)(2D0p' e!"=*/0"*$ ;,-Q*.=:I' W,/F$(*&I' ,*&9#&I' :;\:I' @@E' cSbLc;bfI' @(&@&(2)&+,' $+,' 0n20%0+#0' @,L +&(G/)2,' (09$/)1,'10' %,' 1&2#()+,' 2,#3%)2,' ,%' (09@02#&E' d%,(&'09#G' J$0' 0+' %,' `*%09),' d,#3%)2,' (09$%#,' )/@0+9,F%0' 09,' 2&&(1)+,2)3+' 10' )*%09),9' =' 9)+1)2,#&9' #,+' #"@)2,' 10' %,' 1&2#()+,' @%$(,%)9#,' ,+*%&9,N&+,]' %,' `*%09),' d,#3%)2,' #,/@&2&' @&1(",' ,20@#,(' J$0' 90' %,' 0+#0+1)090' 2&/&'090+2),%/0+#0'0J$)@,(,F%0' ,' +)+*$+,' )+#0(+,2)&+,%' 9)+1)2,L %)9#,E' Ä'09'2)0(#&'J$0I'2&/&',18)0(#0'<%%)&#I'%,'`*%09),'93%&'%0'9)(80','H,9U)'10$*.?-Q'1&$ 0,#*"'@,(,'%&9'9)+1)2,#&9E' .&('%&'10/G9I'P,%#,'#,+#&'@&('0%' %,1&'2,#3%)2&'2&/&'@&('0%' 10',J$0%%&9'@%$(,%)9#,9'$+,'1)92$9)3+' 2%,(,'='0+' @(&P$+1)1,1'10' %,9'#0&(",9'10'$+&'=' &#(&' =' 10' 9$9' (0%,2)&+09' (02"@(&2,9E'


+?9A% 4G\T;DD%

R*%

":D?>E% >ED?>E% >8% F=?% @F89S?% D?=% ;=GE=TEU;ZA8% GETE% A?% >8A% /8;G\% >8% _;:T?9Gs% 89?%?Z:EAFD?T8=D8% :EZ89?=E% =;% DE>ECE>89E:Ei% 8:8% T;:W TE% ":D?>E% =E% U8=G;<% D?TCEGE% 8=% :F% AFG\?% GE=D9?% A?:% E9B?=;S?G;EW =8:% :EG;?A;:D?:%>8%D9?Z?`?>E98:H%>8A% T;:TE% TE>E%]F8% =E% \?Z9Y?%8:D?W >E%8=% :F:% T?=E:H% 8=%8A% >ET;=;E%8GE=<T;GEH% ?998Z?D?9%?% AE:%:;=>;G?W DE:% 8A% CE>89% ]F8% CE=Y?% 8=% :F:% T?=E:% 8A% d>898G\E% >8% \F8AB?eP% ":D?%G9YD;G?%8:%8=% :F%T?VE9%C?9D8%?D;=?>?P% 1E:%]F;8Z9E:%?%AE:%]F8% :8% \?% ;>E% U;8=>E% :ET8D;>?% A?% dET=;CED8=G;?e% >8A% ":D?>E% =E% \?=% :;>E% >8% \8G\E% TFG\?:% U8G8:% ED9?% GE:?% ]F8% :8GFA?9;S?G;E=8:% :FC89@;W G;?A8:% >8% A?:% @<9TFA?:% D8EA<B;G?:% :EZ98% A?% ET=;CED8=G;?% >;U;=?i% A?% >EGD9;=?%?A8T?=?%>8A%:;BAE%M;M%:EZ98%A?%dC89:E=?A;>?>e%>8A% ":D?>E%8:% 8=% C?9D8% F=?% ?=DYD8:;:% CEAcT;G?% >;9;B;>?% GE=D9?% A?% C89:E=?A;>?>% >8A% C9Y=G;C8%d?Z:EAFDEeH%V%8=%C?9D8%F=?%T?=89?%>8%8AF>;9%8A%>;A8T?%8=D98% :EZ89?=Y?% >8A% TE=?9G?% V% :EZ89?=Y?% >8A% CF8ZAEH% ?D9;ZFVc=>E:8A?% ?A% ":D?>E%GETE%?%F=%dD89G89E%:FC89;E9eP% .89E%?b=%?:Y%:;BF8%:;=%98:CF8:W D?% A?% GF8:D;<=% >8% GFaA% 8:% A?% dF=;>?>% :EG;?Ae% L:;% :8% T8% C89T;D8% 8G\?9% T?=E% ?]FY% >8A% CEGE% C98G;:E% GE=G8CDE% A;Z89?A% >8% AE%d:EG;?AeN% ]F8%>8W G;>8%8=%G?:E%>8%GE=@A;GDE%V%>8D89T;=?%A?%?B9FC?G;<=%>8G;:;U?%>8%?T;W BE:% V% 8=8T;BE:P% 1?% BF899?% ]F8% ]F89Y?% \?G89% 8A% /8;G\% ?A8Ta=% Z?`E% _;:T?9Gs% =E% \?Z9Y?% CE>;>E%:89%8U;D?>?% =;% CE9%F=?% 6BA8:;?H% =;% CE9%F=% :;=>;G?DEH% =;% CE9% F=?% ?A;?=S?% 8=D98% ?TZE:P% +A?9E% 8:Da% ]F8% _;:T?9Gs% =E% \?Z9Y?% CE>;>E%>8GA?9?9A8% A?% BF899?% ?A% .?C?H% C89E%D?=% :<AE% CE9]F8% c:D8% G?98GY?% V?% >8% DE>E# +'/#M%88+d%V% D?TCEGE% AE:% :;=>;G?DE:% :EG;?A;:D?:% D8=Y?=% A?% T8=E9% ;=D8=G;<=% >8% ?C?98G89% GETE#>,$0+%# M%88+-N$,"0%P% "=% GF?A]F;89%G?:E% =E%8:% CE:;ZA8% ;T?B;=?9% =;=BF=?% ;=:D?=G;?% ]F8% \FZ;8W :8% ]F89;>E% E% CE>;>E% ECE=89:8% ?% F=?% >8G;:;<=% >8A% 2EZ;89=E% ?A8Ta=% >8% 8=DE=G8:H% :EZ98% F=% G?:E% 98?AT8=D8% :89;EH% :;=% GE=U89D;9:8% ?A% T;:W TE%D;8TCE%8=%8A%8=8T;BE%CEAYD;GE%V%]F8>?9%?@8GD?>E%CE9%8A%GE=`F=DE% >8% A?:%GE=:8GF8=G;?:%]F8% \?Z9Y?=%>89;U?>E%>8%8AAEH% V%?%A?% ;=U89:?H% =;% A?% 6BA8:;?% =;% =;=Bb=% :;=>;G?DE%8:D?Z?=% CE9%F=?%BF899?%G;U;A 'I P% ":DE%8:% :Z

' T,1&' J$0' H,9U)' #&/,' @&9#$(,' #,/F)Q+' ,+#0' %,' 2&+#(&80(9),' 10' %&9' 2,#3%)2&9' )+*%0909' 2&+' X%,19#&+0I' @0(/"#,90/0' ,1$2)(' ,J$"' ,%*$+,9' P(,909' 10%' J$0' /G9' #,(10' 90(",'2,(10+,%' a0_/,+' ,%' 1$J$0'10' a&(P&%U'0+' 2,(#,' @()8,1,'e:>SZI'=','@(&@39)#&' 10%'092()#&'10'X%,19#&+0'oH&9'102(0#&9'10%' j,#)2,+&'='9$'9)*+)P)2,2)3+' @,(,' %,'%0,%L #,1' 10' %&9' 9$F1)#&9pf-' o[$@&+*,/&9'J$0'`+*%,#0((,'102)10'0+8),('9$9'F,(2&9'0+' ,@&L =&'10'`#,%),'2&+#(,'0%'.,@,'='9$9',%),1&9]'%&9'2,#3%)2&9')+*%0909'90'90+#)(",+','F$0+'90L *$(&'109/&(,%)6,1&9I' ,$+' ,+#09'10' )+)2),(90' %,'*$0((,'#&/,(",+'@,(#)1&'@&('0%' .,@,I' =' D,(",+' $9&' 10' #&1&9' %&9' /01)&9' 2&+9#)#$2)&+,%09' @,(,' )/@01)(' %,' *$0((,]' ,D&(,' F)0+-' ÅJ$)Q+'2(00(",'J$0I' 9)' %,'*$0((,'09#,%%,'@090','#&1&I'9$',22)3+' )F,','2&+9)9#)('0+' &#(,' 2&9,' J$0' 0+' &(,2)&+09' ='0+' 09P$0(6&9' @&(' %&*(,('9$' #0(/)+,2)3+Ç'Å?$Q' /&#)8&' D,F(",' @,(,' 9$@&+0(' J$0' 90' $+)(",+' @,(,' 1,(' ,%*O+' @,9&' #(,)2)&+0(&Çp'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

R)%

:F@;G;8=D8% C?9?% @F=>?T8=D?9% F=% GE=G8CDE% 9?G;E=?A% >8% :EZ89?=Y?% V% F=;>?>P% ,E% \?V% ]F8% >?9A8% Ta:% UF8AD?:j% A?% F=;>?>% CEAYD;G?% 8:% CE9% :F% 8:8=G;?%A?%]F8%T?9G?%A?%C?FD?H% :8?=%GF?A8:%:8?=% A?:%@F89S?:%>8%A?:%]F8% 8MD9?8%:F:%TED;UE:%C:;GEA<B;GE:%bAD;TE:P% +F?=>E%8M;:D8H%8:%A?%F=;>?>% :FC98T?H% 8:DE% 8:H% A?% ]F8% T?9G?% A?% C?FD?% 8=% 8A% G?:E% >8G;:;UEP% "A% \8G\E%>8%]F8%8A% ":D?>E%:8?% F=?%F=;>?>H% V%]F8%:8?%`F:D?T8=D8% A?% ]F8% T?9G?% A?% C?FD?H% 98CE:?% :EZ98% :F% G?9aGD89%CEAYD;GEP% -=?% D8E9Y?% CAF9?A;:D?%8:H% E% A?% D8E9Y?%>8% F=% ":D?>E%]F8% ?AG?=S?% :F% F=;>?>%8=% U;9W DF>% >8% F=% @8>89?A;:TE%>8% ?:EG;?G;E=8:% :EG;?A8:H% E%Z;8=% :;TCA8T8=D8% F=?% D8E9Y?% >8% A?% >;:EAFG;<=% E% 98@FD?G;<=% >8A% ":D?>EP% 4;% >;:GFD8% :F% F=;>?>%V%C98D8=>8%8]F;C?9?9AE%8=%8:8=G;?H%8=%G?A;>?>%>8%d?:EG;?G;<=% CEAYD;G?eH% ?% ED9?:% ?:EG;?G;E=8:% >8% D;CE% 98A;B;E:EH% 8GE=<T;GEH% 8DGPH% D8=>9a% ]F8% >?9% F=?% 98:CF8:D?% ?A% C9EZA8T?% >8A% GE=D8=;>E% 8:C8GY@;GE% >8% AE%CEAYD;GEP% 4;=%8TZ?9BE%8=% =;=BF=E%>8%AE:%GF?D9E%A;Z9E:%>8%1?:s;% :8% 8=GF8=D9?% F=?% >8@;=;G;<=% GA?9?% >8% AE% CEAYD;GEH% ?F=]F8% =E% :8% >8`8% >8% \?ZA?9%F=?%V%ED9?%U8S%>8% ":D?>EH% CEAYD;G?H%:EZ89?=Y?%V#-)J%$"*%"0F# "A% ":D?>E% :8% D9?=:@E9T?% :;TCA8T8=D8%8=% F=?%?:EG;?G;<=% 8=% GETC8W D8=G;?%GE=%ED9?:i%U;8=8%?%:89%F=?#/)&+%(,(%`F=DE%?%V%8=D98%ED9?:H% ]F8%:8% >8:8=UF8AU8=% >8=D9E% E% @F89?% >8A% ":D?>EP% ":D8%8:%8A%dCAF9?A;:TEe%>8%8:D?%D8E9Y?%>8A%":D?>EH%]F8%UF8AG?%DE>?% :F% ?BF>8S?% G9YD;G?% GE=D9?:% A?:% U;8`?:% \;C89D9E@;?:% >8A% ":D?>EH% GE=D9?% :F%dT?`8:D?>e%V%:F%dC89:E=?A;>?>eH%GE=D9?%:F%dTE=ECEA;Ee%>8%A?%F=;W >?>% :FC98T?H% V% ]F8% >8`?% 8=% C8=FTZ9?% ]Fc% 8:%8=DE=G8:% AE% ]F8% DE>?W UY?% CF8>8% GE=:;>89?9:8% A?% F=;>?>% CEAYD;G?P% ":D?% ?C?98G8% F=?:% U8G8:H% 8=% 8A% Ta:% 9?=G;E% 8:D;AE% A;Z89?AH% GETE% T89?% :89U;>E9?% >8% F=?% :EG;8W >?>%>8D89T;=?>?%8=% AE%8:8=G;?A% CE9%A?%8GE=ETY?i%ED9?:H%?A% TE>E%CAFW 9?A;:D?H%GETE%F=%D;CE%8:C8G;?A%>8%:EG;8>?>H%8:DE%8:H%GETE%F=?%?:EG;?W G;<=% 8=D98%ED9?:i%E%?C?98G8%@;=?AT8=D8%D?TZ;c=%GETE%8A% C9E>FGDE%>8% F=% @8>89?A;:TE%>8% ?:EG;?G;E=8:# X#`%$Mi"(%Y% :EG;?A8:% E%GETE% F=?% ?:EW G;?G;<=WD8G\E% >8% ED9?:% ?:EG;?G;E=8:P% .89E% AE% ]F8% \?Z9Y?% ]F8% ?GA?9?9% :EZ98%DE>E%8:%CE9%]Fc%9?S<=%AE:%\ETZ98:%@E9T?=H%`F=DE%?%:F:%?:EG;?W G;E=8:% 98A;B;E:?:H% GFADF9?A8:H% 8GE=<T;G?:H% 8DGPH% D?TZ;c=% F=?% ?:EG;?W G;<=% CEAYD;G?H% F=?-)J%$"*%"0,8#,//)&+,0+)"4% V%8=%]Fc%GE=:;:D8%8A%:8=D;>E% 8:C8GY@;G?T8=D8% CEAYD;GE% >8% 8:D?% bAD;T?P% ,E% :8% ?>U;89D8% ?]FY% F=?% AYW =8?%>8%C8=:?T;8=DE%GA?9?%V%:8BF9?i%GETE%GE=G8CDE%bAD;TEH%?Z?9G?=W D8H%>8:>8%AF8BE%TE=;:D?WF=;U89:?A%V%=?>?%CAF9?A;:D?H%?C?98G8%8=%+EA8% A?#/)&+%0I% V% 8=% 1?:s;% A?# 2'*,"+0IF# ":D?% D8E9Y?% CAF9?A;:D?% >8A% ":D?>E% 8:% :EZ98% DE>E% CAF9?A;:D?% 8=% :Y% T;:T?H% 8:DE% 8:H% G?98G8% >8% F=% G8=D9E% C9EC;?T8=D8% >;G\E% V% DET?% :F:% TED;UE:% 8% ;>8?:% >8% AE:% Ta:% >;U89:E:% >ET;=;E:% GE=G8CDF?A8:% L98A;W


+?9A% 4G\T;DD%

RI%

B;<=H% 8GE=ETY?H% A;Z89?A;:TEH% :EG;?A;:TEH% 8DGPNi% ;B=E9?% 8:8% GE=G8CDE% G8=D9?A%>8%DE>?%D8E9Y?%>8A% ":D?>E%]F8%8:%8A%>8%AE%CEAYD;GEH%V%=;%:;]F;8W 9?%:8%EGFC?%>8%A?%CE:;Z;A;>?>%>8%]F8%8A%CAF9?A;:TE%>8%A?:%?:EG;?G;E=8:% CF8>?% GE=>FG;9% ?% F=?% F=;>?>% CEAYD;G?% >8% =?DF9?A8S?% @8>89?A;:D?i% :8% ]F8>?% CF9?% V% :;TCA8T8=D8% 8=% F=% ;=>;U;>F?A;:TE% A;Z89?AH% V?% ]F8% 8=% 8A% @E=>E% :8% A;T;D?% ?% GE=@9E=D?9%F=?% ?:EG;?G;<=% GE=% ED9?H% ?A% :89U;G;E% >8A% ;=>;U;>FE% A;Z98% V% >8% :F:% A;Z98:% ?:EG;?G;E=8:H% V% GE=@Y?% A?% 98:EAFW G;<=% >8% DE>E% C9EZA8T?% E% GE=@A;GDE% ?% A?% >8G;:;<=% >8A% ;=>;U;>FEP% "=% 98?A;>?>% =E% 8M;:D8% =;=BF=?% d:EG;8>?>e% E% d?:EG;?G;<=e% CEAYD;W G?i% AE% ]F8% \?V%8:% :<AE% F=?%F=;>?>%CEAYD;G?H% F=?%dGETF=;>?>e%CEAYD;W G?P% 1?% CE:;Z;A;>?>% 98?A% >8% ?B9FC?9:8% GETE% ?T;BE:% V%8=8T;BE:% Z?:D?% C?9?%G98?9%F=?%F=;>?>%]F8%T?9G?%A?%C?FD?H%Ta:%?AAa%>8%AE%T89?T8=D8% :EG;?AW?:EG;?D;UEH% F=?% F=;>?>% ]F8% 8:% 8:C8GY@;G?T8=D8% >;@898=D8% V% ]F8% @98=D8% ?% A?:% >8Ta:% ?:EG;?G;E=8:% D;8=8% F=% G?9aGD89% >8G;:;UE'XP% 4;% c:D?% :8% >8B9?>?% GETE% ?ABE% 8U8=DF?AH% :8% 8A;T;=?% D?TZ;c=% AE% CEAYD;GEP% 4<AE% A?% ;B=E9?=G;?% E% ;=?>U89D8=G;?% >8% A?% 8:8=G;?% >8% AE% CEAYD;GE% \?G8% CE:;ZA8% 8:?% GE=G8CG;<=% CAF9?A;:D?%>8% F=?%d?:EG;?G;<=e% CEAYD;G?%`F=DE% ?% A?:% >8% D;CE% 98A;B;E:EH% GFADF9?AH% 8GE=<T;GE% V% >8Ta:H% ;=GAF:E% 8=% GETC8D8=G;?% GE=% 8AA?:P% ":% G;89DE% ]F8% >8A% GE=G8CDE% >8% AE% CEAYD;GEH% GETE% TE:D9?98TE:% Ta:% ?>8A?=D8%L8=% JNH% >89;U?=% GE=:8GF8=G;?:%CAFW 9?A;:D?:H% C89E% =E% 8=% 8A% :8=D;>E% >8% ]F8# (%"0$)% >8% F=?% T;:T?% F=;>?>% CEAYD;G?H% V% 8=% AFB?9%>8% A?% >;:D;=G;<=% >8G;:;U?% 8=D98% ?T;BE:% V% 8=8T;W BE:H% CF8>?% >?9:8% F=% CAF9?A;:TE% ]F8H% ?A% ?G?Z?9% GE=% A?% F=;>?>H% >8:W D9F;9Y?% D?TZ;c=% AE% CEAYD;GEP%

X%

5A% ":D?>EH%8=%:F%GE=>;G;<=%>8%F=;>?>%8:8=G;?AT8=D8%CEAYD;G?H% A8% 8:% ?D9;ZFG;<=% ;=\898=D8%8A#0'/#M%88+H% 8:DE%8:H% A?%CE:;Z;A;>?>% 98?A%>8H% AA8W B?>E%8A% G?:EH% >8D89T;=?9%CE9%C9EC;?%>8G;:;<=% ]F;c=% 8:% 8A% 8=8T;BE% V% GETZ?D;9AEP% 1E:%T8>;E:%DcG=;GE:%>8%GETZ?D8H% A?%E9B?=;S?G;<=%>8%AE:% 8`c9G;DE:H% A?:% C89:C8GD;U?:% >8% B?=?9% A?% BF899?% =E% GF8=D?=% ?]FY% T;8=W D9?:% 8A% CF8ZAE% F=;>E% CEAYD;G?T8=D8% 8:Dc% >;:CF8:DE% ?% AFG\?9% CE9% :F% 8M;:D8=G;?% V% CE9%:F% ;=>8C8=>8=G;?H% \?Z;8=>E%>8D89T;=?>E% CE9%C9EW C;?% >8G;:;<=% 8=% ]Fc% GE=:;:D8=% :F% ;=>8C8=>8=G;?% V% A;Z89D?>P% 48% >;9Y?% :c

' o.&10/&9' 102)(' J$0' 0%' 1",' 10' %,' /&8)%)6,2)3+' %,' 9&2)01,1' 8)*0+#0' D,9#,' 0+L #&+209'90'#(,+9P&(/3'0+'$+,'2&/$+)1,1pI'<E'H010(0(I$_#/0'5$([#$C,R'?-<'**"1*/0?(F'\;' e:;:cfI' @E' \ZcE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

RX%

]F8% 8A% >8:?99EAAE% ?GDF?A% >8% A?% DcG=;G?% T;A;D?9% U?% ?% ?G?Z?9% \?G;8=>E% ]F8% :<AE%]F8>8=%F=E:%CEGE:% ":D?>E:%GE=% :F@;G;8=D8%CE>89%;=>F:D9;?A% GETE% C?9?% \?G89% A?% BF899?% GE=% ?ABF=?% C89:C8GD;U?% >8% cM;DEH% T;8=W D9?:% ]F8% ":D?>E:% Ta:% C8]F8^E:% E% Ta:% >cZ;A8:% C98:G;=>;9a=% E% D8=W >9a=% ]F8% C98:G;=>;9%>8A# +'/#M%88+H% ?% =E% :89%]F8% GE=:;B?=% :?AU?BF?9>?9% :F% ?FDE=ETY?% CE9% T8>;E% >8% F=?% CEAYD;G?% >8% ?A;?=S?:% ?G89D?>?P% ":D?% 8UEAFG;<=% =E% >8TF8:D9?% ]F8% :8% \?V?=% D89T;=?>E% A?% BF899?H% 8A% ":D?W >E% V% A?% CEAYD;G?P% !E>?:% A?:% ;==FT89?ZA8:% TE>;@;G?G;E=8:% V% UF8AGE:% >8% A?% \;:DE9;?% V% >8% A?% 8UEAFG;<=% \FT?=?:% \?=% \8G\E% :F9B;9% =F8U?:% @E9T?:%V%=F8U?:%>;T8=:;E=8:%>8% A?%?B9FC?G;<=% CEAYD;G?H% \?=%?=;]F;W A?>E% U;8`?:% GE=:D9FGG;E=8:% CEAYD;G?:H% \?=% GE=G;D?>E% BF899?:% 8MD89;EW 98:%V%G;U;A8:H% V% \?=% ?G98G8=D?>E%F=?:%U8G8:H% V% 98>FG;>E%ED9?:H% 8A% =bW T89E% >8% A?:% F=;>?>8:% CEAYD;G?:% E9B?=;S?>?:P% "A% ":D?>EH% 8=% :F% GE=>;G;<=% >8% F=;>?>% CEAYD;G?% >8D89T;=?=D8H% GE=G8=D9?% 8=% :Y% F=?% GETC8D8=G;?% ?D899?>E9?j% A?% CE:;Z;A;>?>% >8% >8W GA?9?9% A?% BF899?H% V% 8=% GE=:8GF8=G;?% >8% >;:CE=89% ?Z;89D?T8=D8% >8% A?% U;>?%>8%A?:%C89:E=?:P% .F8:%8A#+'/#M%88+%;TCA;G?%D?A%G?C?G;>?>%>8%>;:CE:;W G;<=j% :;B=;@;G?% A?% >EZA8% CE:;Z;A;>?>% >8% 98]F89;9%CE9%F=?% C?9D8%>8% AE:% T;8TZ9E:% >8A% C9EC;E% CF8ZAE% A?% >;:CE=;Z;A;>?>% C?9?% T?D?9% V% :89% TF89DE:H%V%CE9%A?%ED9?%>8%T?D?9%?% A?:%C89:E=?:%]F8%:8%8=GF8=D9?=%>8A% A?>E% >8A% 8=8T;BEP% 4;=% 8TZ?9BE% A?% ?CE9D?G;<=%>8% F=% ":D?>E% =E9T?A% GE=:;:D8%:EZ98%DE>E%8=%C9E>FG;9#(%"0$)%>8A% ":D?>E%V%:F%D899;DE9;E%F=?% C?G;@;G?G;<=% GETCA8D?H%8:DE%8:H%8=%C9EGF9?9%dC?SH% :8BF9;>?>%V%E9>8=e% V%G98?9%?:Y% A?% :;DF?G;<=# ")$*,8%]F8%GE=:D;DFV8% 8A% C98:FCF8:DE% =8G8:?W 9;E% C?9?% ]F8% A?:% =E9T?:% `F9Y>;G?:% CF8>?=% D8=89%U;B8=G;?% 8=% B8=89?AH% V?% ]F8%DE>?% =E9T?%C98:FCE=8%F=?%:;DF?G;<=% =E9T?A% V% =;=BF=?%=E9W T?% CF8>8% D8=89% U;B8=G;?% 8=% F=?% :;DF?G;<=% DED?AT8=D8% ?=<T?A?% CE9% 98@898=G;?% ?% 8AA?P% ":D?% =8G8:;>?>% >8% C?G;@;G?G;<=% >8=D9E% >8A% ":D?>E% D;8=8% GETE% GE=:8GF8=G;?H% 8=% G?:E% >8% :;DF?G;<=% G9YD;G?H% ]F8%8A% ":D?>E%GETE%F=;W >?>%CEAYD;G?H% T;8=D9?:%8M;:D?%GETE%D?AH%8:Da%G?C?G;D?>E%C?9?%>8D89T;W =?9%CE9%:Y% T;:TE%D?TZ;c=% ?A%d8=8T;BE%;=D89;E9eP% !?A%8:%A?%9?S<=%CE9% A?% ]F8% 8=% DE>E% ":D?>E% :8% >?% F=?% @E9T?% F% ED9?% AE% ]F8% 8=% 8A% >898G\E% CbZA;GE% >8% A?:% 98CbZA;G?:% B9;8B?:% :8% GE=EGY?% GETE% >8GA?9?G;<=% >8% "#$%&'#()! H! 5*! 5;! ?+68*+! >+6+% >8GA?9?G;<=% >8# 2)/0+/b% @E9T?:% >8% C9E:G9;CG;<=H%>8:D;899EH%E:D9?G;:TEH%>8%CE=89%@F89?%>8%A?%A8VH%8=%F=?% C?A?Z9?H% >8% >8GA?9?9% ?% ?ABF;8=% 8=8T;BE% >8=D9E% >8A% ":D?>Ei% @E9T?:% ?FDETaD;G?:% E% >8% 8@;G?G;?% 98BFA?>?% `F>;G;?AT8=D8% CE9% A8V8:% 8:C8G;?W A8:H% @E9T?:% ?Z;89D?:% F% EGFAD?:% 8=% G;9GF=AE]F;E:% E@;G;?A8:P% 48Bb=% :8?% 8A% GETCE9D?T;8=DE% >8A% ]F8% \?% :;>E% >8GA?9?>E% 8=8T;BE% >8A% ":D?>EH%


RJ%

+?9A% 4G\T;DD%

D?A% >8GA?9?G;<=% :89a% A?% :8^?A% >8% A?% BF899?% G;U;AH% 8:DE% 8:H% >8% A?% >;:EAFW G;<=% >8A% ":D?>E% GETE% F=;>?>% CEAYD;G?% E9B?=;S?>?H% ;=D89=?T8=D8% ?C?G;BF?>?H% D899;DE9;?AT8=D8% G899?>?% :EZ98% :Y% 8% ;TC89T8?ZA8% C?9?% 8MD9?^E:P% 1?% BF899?%G;U;A% >8G;>;9a%8=DE=G8:% :EZ98% 8A% >8:D;=E% FAD89;E9% >8% 8:?% F=;>?>P% 3% ?% >8:C8G\E% >8% DE>?:% A?:% ?D?>F9?:% GE=:D;DFG;E=?A8:% ]F8% U;=GFA?=% ?A% ":D?>E% >8% >898G\E% ZF9BFc:% GE=:D;DFG;E=?AH% D?A% GE:?% U?A8% C?9?% cA% 8=% A?% T;:T?% T8>;>?H% :;% =E% 8=% T8>;>?% ?b=% T?VE9H% ]F8% C?9?% GF?A]F;89% ED9E% ":D?>EP% .F8:H% :;BF;8=>E% F=?% 8MC98:;<=% >8% 1EW 98=S#J)"#10%+"4%d8=%8A%":D?>E%GE=:D;DFG;E=?Ae%A?%GE=:D;DFG;<=%8:%dA?%8MW C98:;<=% >8A% E9>8=% :EG;?AH% A?% 8M;:D8=G;?% T;:T?% >8% A?% :EG;8>?>% G;F>?W >?=?P% "=% GF?=DE% 8:% ?D?G?>?H% A?% AFG\?% \?% >8% >8G;>;9:8% @F89?% >8% A?% GE=:D;DFG;<=% V% >8A% >898G\EH% 8=% GE=:8GF8=G;?#>)$# 8,#G'%$3,# (%# 8,/# ,$C *,/QF# "A%G?:E%>8A% C:8@;:T?%>8% &8TE@?=DE%8:%D?A%U8S%8A%8`8TCAE%Ta:%@?TE:E%>8% A?% \;:DE9;?% B9;8B?P% ":D?% 98:EAFG;<=% >8A% CF8ZAEH% ?>ECD?>?% CE9% AE:% ?D8=;8=:8:% 8=% 8A% ?^E% I'Q% ?P+P% ?% 9?YS% >8% A?% 8MCFA:;<=% >8% AE:% +F?D9EG;8=DE:H% >8GA?9?Z?% ]F8%DE>E% ?]F8A% ]F8%C98D8=>;8:8%>;:EAU89% A?%>8TEG9?G;?% ?D8=;8=:8%d:89Y?% F=% 8=8T;BE% >8% AE:% ?D8=;8=:8:e! P"#$%&'#(! ,QCR! S.TG@URGVO! ()*+! +L?+4! 5756W X;+4!H%Z;ZA;EB9?@Y?%8=%_F:EADW4xEZE>?H#g$+%&2+/&2%#10,,0/V'"(%4% )P?%8>PH% '(*QH% CCP% *)'H% X)*P% 4EZ98%A?%>8GA?9?G;<=%?=F?A%>8%BF899?%>8%AE:%8@E9E:%8:C?9D?=E:% GE=D9?% AE:% ;AED?:% ]F8% 98:;>Y?=% >8=D9E%>8A% ":D?>EH% G@9P# +M+(F4% CP% JRQP% 4EZ98% A?% >8GA?9?G;<=%>8#2)/0+/%8=%8A% &898G\E%.bZA;GE%9ET?=E#+M+(F4% V%66H% CCP% R)X%V%::P% 4EZ98#Z$+%(8)/+-V%+0%L?=FA?G;<=% >8A% >898G\E% >8A% ;=>;U;>FE% ?% A?:% GE=>;G;E=8:% >8%U;>?%d8=%C?SeN%V%>8:D;899EH%?>8Ta:%>8%AE:%T?=F?A8:%>8%o;:DE9;?%>8A%&898W G\E% ?A8Ta=H# J+(F% :EZ98% DE>E% "P% ";G\T?==H#.&20#'"(#a,""#+*#_%+&2/$%&20#(%/# 5+00%8,80%$/4%'(Q(P%"=D98%A?:%C9aGD;G?:%>8%AE:%`?GEZ;=E:%V%>8A#@)*+0N#(%#/,8'0#>'C M8+&% :8% 8=GF8=D9?=% =FT89E:E:% 8`8TCAE:% >8% >8GA?9?G;E=8:% >8# 2)$/C8,C8)+% 8=% 5FA?9>H#g%/&2+&20%#(%$#G$,"3j/+/&2%"#_%J)8'0+)"F%7?A8%A?%C8=?%T8=G;E=?9%F=%;=W @E9T8%>8A#@)*+0N#(%#/,8'0#>'M8+&%G;D?>E%CE9%"P%m9;8:8=Z?\=H#T%$#>)8+0+/&2%#!+(4# '(*[H%CP% 'Jj% d&8CF;:%A8%C8FCA8%@9?=~?;:%?%T?=;@8:Dc%:?%UEAE=Dc#0)'0#&%#H'+#8'+#

%/0#)>>)/N#%/0#2)$/#8%#/)'J%$,+"d#0)'0#&%#H'+#%/0#2)$/#8%#/)'J%$,+"4#%/0#%""%*+FFF%"=D98%A8% C8FCA8%8D%:8:%8==8T;:%;A% =lV%?%CAF:%9;8=%>8%GETTF=%]F8%A8%BA?;U8Pe%1?#Z$+%(C 8)/8%-'"-%L8MCFA:;E=%d@F89?%>8%A?%C?S%;=D89=?eN%CF8>8%AA8U?9:8%?%G?ZE%D?TZ;c=% ?D9;ZFV8=>E% ?% AE:% :8BF;>E98:% >8% >8D89T;=?>?:% 98A;B;E=8:% E% C?9D;>E:% ?F:8=W G;?%>8%?GD;DF>%C?GY@;G?%E%A8B?AP% o?V%>8%8:DE%8`8TCAE:%;=GE=D?ZA8:%8=%A?%\;:DEW 9;?%CEAYD;G?%>8%AE:%\898`8:H%>8%AE:%]F8%8:%G?9?GD89Y:D;G?%A?%:;BF;8=D8%?9BFT8=W D?G;<=%>8%,;GEAa:%>8%789=FA:#XT%#'",#%0#(+J%$/,#$%8+-+)"%4% 'JIJNj%d5A%\898`8%=E% :8% A8% >8Z89a% DEA89?9% 8=% 8A% ":D?>E% =;% :;]F;89?% :;% 8:% C?GY@;GEH% CF8:% \ETZ98:% GETE% AE:% \898`8:% =E% CF8>8=% :89%C?GY@;GE:e% LG;D?>E%8=% oP%uP% "A;?:H% d1l"BA;:8% 8D%Al"D?DeH#_%J'%#M%8-%#(%#>2+8)8)-+%#%0#(k2+/0)+$%4%7H%*r)NP%"M;:D8=%TFAD;CA8:%V%U?W 9;?>?:% @E9T?:% ?D8=F?>?:% >8% >8GA?9?G;<=% >8#2)/0+/b% GE=@;:G?G;E=8:H% 8MC?D9;?W


"A% GE=G8CDE% >8% AE% CEAYD;GE%

RR%

G;E=8:H% C9E\;Z;G;E=8:% >8% E9B?=;S?G;<=% V% ?:EG;?G;<=H% 8MGAF:;E=8:%>8%G?9BE:% CbZA;GE:H%8DGP% "A% C?:?`8%>8%1E98=S%UE=%4D8;=%G;D?>E%Ta:%?99;Z?%:8%8=GF8=D9?% 8=%:F%>8:G9;CG;<=%>8%A?%8UEAFG;<=%CEAYD;GEW:EG;?A%>8%A?%/8:D?F9?G;<=%V%>8%A?%

nE=?9]FY?%>8%uFA;E%8=%m9?=G;?H%8=#g%/&2+&20%#(%$#/)3+,8%"#a%[%-'"-#+"#Z$,"VC $%+&2H% UEAP% 6H#T%$#a%-$+GG#(%$#g%/%88/&2,G04%8>P%>8%2P%4?AETE=H%CP%I(IP% 1?% GETC8D8=G;?% C?9?% >;:CE=89% >8% A?% U;>?% V% TF89D8% >8% F=% \ETW Z98% Z?`E% A?% @E9T?% >8% F=?% :8=D8=G;?%G?C;D?AH% 8A#+'/#J+0,%#,&#"%&+/I% CF8>8% 8:D?9%?D9;ZF;>?%?%?ABF=?%8=D;>?>%>;:D;=D?%>8% A?%F=;>?>%CEAYD;G?%V%8M;:W D8=D8% 8=% :F% :8=EH% CE9% 8`8TCAE% ?% A?% @?T;A;?% E% ?A% G?Z8S?% >8% @?T;A;?H% C89E%8=%D?=DE%:FZ:;:D8%A?%F=;>?>%CEAYD;G?H%8A#+'/#M%88+%E%8A%>898G\E%?%>8W GA?9?9% ?% ?ABF;8=% 8=8T;BE% A8% GE998:CE=>8% ?%8AA?% :EA?P% 3% 8=% 9;BE9%D?TW Z;c=%8A%>898G\E%?% A?%U8=B?=S?%>8%:?=B98%8=D98%@?T;A;?:%E%GA?:8:%>8Z8W 9Y?%]F8>?9%:F:C8=>;>E%8=%G?:E%>8%BF899?H% :;%8:%]F8%A?%F=;>?>%CEAYD;G?% \?% >8% T?=D8=89% ?ABF=?% GE=:;:D8=G;?P% -=?% ?:EG;?G;<=% \FT?=?% ]F8% C98:G;=>;8:8% >8% 8:D?:% GE=:8GF8=G;?:% >8% A?% F=;>?>% CEAYD;G?% =E% :89Y?% F=?%?:EG;?G;<=%CEAYD;G?H% CF8:%8:D?9Y?%98=F=G;?=>E%?%A?%CE:;Z;A;>?>%>8% T?9G?9%A?%C?FD?%8=% A?%>8G;:;<=%>8%]F;c=% \?%>8%:89%GE=:;>89?>E%V% D9?W D?>E%GETE% F=%8=8T;BEP% ":D8% CE>89%:EZ98% A?%U;>?%@Y:;G?%>8% A?:% C89:EW =?:% 8A8U?% ?% A?% GETF=;>?>% CEAYD;G?% CE9%8=G;T?% >8% DE>E% ED9E% D;CE% >8% GETF=;>?>%E%>8%:EG;8>?>P% &8=D9E%>8% A?%GETF=;>?>% CF8>8=% ?%:F% U8S% T?=D8=89:8% :FZB9FCE:% >8% G?9aGD89% CEAYD;GE% :8GF=>?9;EH% GE=% GETC8W D8=G;?:%C9EC;?:%E%>8A8B?>?:H%;=GAF:E%GE=%F=#+'/#J+0,%#,&#"%&+/%A;T;D?>E%?% AE:% T;8TZ9E:% >8A% B9FCEP% -=?% GETF=;>?>% 98A;B;E:?H% F=?% ;BA8:;?H% CF8>8% C98D8=>89% >8% :F:% :8BF;>E98:%]F8% TF89?=% CE9%:F%@8%V% ]F8% :8% :ET8D?=% ?A% T?9D;9;EH% C89E% :<AE%CE9%A?%:?AU?G;<=%>8%:F%?AT?H% =E%CE9%A?%GETF=;>?>%8GA8:;?A%GETE% 8:D9FGDF9?%>8%CE>89%:;D?%8=%8A% Ta:%?Gai%8=%G?:E%GE=D9?9;E%:8%D9?=:@E9W T?% 8=% T?B=;DF>% CEAYD;G?i% :F:% BF899?:% :?=D?:% V% :F:% G9FS?>?:% :E=% ?GW G;E=8:% ]F8% 98CE:?=% :EZ98% F=?% >8GA?9?G;<=% >8% \E:D;A;>?>% GETE% GF?AW ]F;89%ED9?%BF899?P% "=% F=?% :EG;8>?>% >8D89T;=?>?% ?%C?9D;9%>8%G9;D89;E:% 8GE=<T;GE:H% GFVE% E9>8=% V% GFVE% @F=G;E=?T;8=DEH% 8=% A?% T8>;>?% 8=% ]F8% :8?=% G?AGFA?ZA8:H% :8% >8:8=UF8AU?=% 8=% 8A% >ET;=;E% >8% A?:% G?D8BEW 9Y?:%8GE=<T;G?:H% =E% :8% CE>9Y?% C98D8=>89%Z?`E%=;=Bb=% CF=DE%>8% U;:D?% ;T?B;=?ZA8%]F8% F=% T;8TZ9E%GF?A]F;89?%>8%A?%:EG;8>?>%:?G9;@;G?:8%:F% U;>?%8=% ;=D89c:%>8A% =E%8:DE9Z?>E%@F=G;E=?T;8=DE%>8%?]FcAA?P% tF8989% @F=>?T8=D?9% :8T8`?=D8% C98D8=:;<=% >8:>8% A?% 9?G;E=?A;>?>% 8GE=<T;W G?% 98C98:8=D?9Y?% F=?% GE=D9?>;GG;<=% @9E=D?A% GE=% AE:% C9;=G;C;E:% ;=>;W U;>F?A;:D?:%>8%F=%E9>8=?T;8=DE%8GE=<T;GE%A;Z89?AH%V%`?Ta:%:8%AE%CEW >9Y?%`F:D;@;G?9%?%C?9D;9%>8% A?:% =E9T?:%8% ;>8?A8:%>8%F=?%8GE=ETY?%C8=W


R[%

+?9A% 4G\T;DD%

:?>?% GETE% ?FD<=ET?P% "A% :89% \FT?=E% ;=>;U;>F?A% CF8>8% TE9;9% UEW AF=D?9;?T8=D8%CE9% AE% ]F8% A8% C?98SG?i% 8:DEH% GETE%DE>E% AE%8:8=G;?A% 8=% F=?% :EG;8>?>% A;Z89?A% ;=>;U;>F?A;:D?H% 8:% >8:>8% AF8BE% dGF8:D;<=% C9;U?W >?eH% 8:DE%8:H% GF8:D;<=% >8% 98:EAFG;<=% C89:E=?A% A;Z98H% =E% GE=D9EA?>?H% V% ]F8% =E%GE=G;89=8% ?% =?>;8% Ta:%]F8%?A% ]F8%DET?%:F% C9EC;?%V% A;Z98%>8W G;:;<=P% 1?%:EG;8>?>%]F8%@F=G;E=?%>8:>8%G9;D89;E:%8GE=<T;GE:%CE:88%>8:W >8% AF8BE%T8>;E:%:F@;G;8=D8:%C?9?%>8`?9%@F89?%>8%:F:%G;9GF;DE:% ?%]F;8=% \?V?% G?Y>E% UYGD;T?% >8% A?% GETC8D8=G;?% 8GE=<T;G?% E% =E% \?V?% D8=;>E% cM;DE% 8=% 8AA?H% ?:Y% GETE% ?% GF?A]F;89% dC89DF9Z?>E9eH% V% CF8>8% D?TZ;c=% GE=U89D;9AE% 8=% ;=E@8=:;UE% >8% F=?% T?=89?%dC?GY@;G?e%V% :;=% U;EA8=G;?i% >;G\E% Ta:% GE=G98D?T8=D8H% :;% =E%:8% ?>?CD?% CE9% A?:% ZF8=?:% CF8>8%>8W `?9AE% TE9;9%>8% \?TZ98P% -=% :;:D8T?%:EG;?A% CF9?T8=D8%GFADF9?A% E%G;U;W A;S?DE9;E% =E% G?98G89a% =F=G?% >8% d;=>;G?G;E=8:% :EG;?A8:e% :EZ98% G<TE% A;Z9?9:8% >8% ?T8=?S?:% E% >8% >8:?99EAAE:% ;=>8:8?>E:P% .89E% =E% 8M;:D8% C9EB9?T?H% ;>8?AH% =E9T?% =;% 9?G;E=?A;>?>% ]F8% EDE9BF8=% 8A% >898G\E% ?% >;:CE=89%>8%A?%U;>?%@Y:;G?%>8%ED9?:%C89:E=?:P% .98D8=>89%:89;?T8=D8%>8% A?:% C89:E=?:% ]F8% T?D8=% ?% ED9?:% C89:E=?:% V% 8:Dc=% >;:CF8:D?:% ?% TE9;9% GE=% 8A% @;=% >8% ]F8% @AE98SG?=% 8A% =8BEG;E% V% A?% ;=>F:D9;?%>8% AE:% :FC89U;W U;8=D8:H% E%>8% ]F8% G98SG?% A?% G?C?G;>?>% ?>]F;:;D;U?%>8% AE:% =;8DE:H% :89Y?% G9F8A% V%>;:C?9?D?>EP% /8=8B?9%>8% A?%BF899?%GETE%?:8:;=?DE%C?9?%C98=W D8=>89%AF8BE%]F8%AE:%\ETZ98:%\?B?=%BF899?:H%T?D8=%V%:8%>8`?=%T?D?9% 8=%8AA?:H% C?9?%d]F8% =F=G?% Ta:% \?V?%BF899?eH% 8:% F=% 8=B?^E% T?=;@;8:W DEP% 1?%BF899?H% A?%>;:CE:;G;<=%>8%AE:%\ETZ98:%]F8%GETZ?D8=%?%T?D?9%V% :89%TF89DE:H% A?%TF89D8%@Y:;G?% ;=@A;B;>?%?%ED9E:%:898:% \FT?=E:%]F8%8:W Da=%>8A% A?>E%8=8T;BEH% DE>E%8:DE% =E%D;8=8%F=% :8=D;>E% =E9T?D;UE%:;=E% 8M;:D8=G;?AH% V% AE% D;8=8% `F:D?T8=D8%8=% A?% 98?A;>?>% >8% F=?% :;DF?G;<=% >8% BF899?% 98?A% GE=D9?% F=% 8=8T;BE% 98?AH% =E% 8=% ;>8?A8:H% C9EB9?T?:% E% 8:W D9FGDF9?:% =E9T?D;U?:% GF?A8:]F;89?P% ,E% 8M;:D8% EZ`8D;UE% D?=% 9?G;E=?AH% =;% =E9T?%D?=%8A8U?>?H% =;% C9EB9?T?%D?=%8`8TCA?9H% =E%\?V% ;>8?A% :EG;?A% D?=% \89TE:EH% =;% A8B?A;>?>% =;% A8B;D;T;>?>% ?ABF=?% ]F8% CF8>?=% `F:D;@;W G?9% 8A% ]F8% >8D89T;=?>E:% \ETZ98:% :8% T?D8=% 8=D98% :Y% CE9% 8AAE:P% 1?% >8:D9FGG;<=%@Y:;G?%>8%A?%U;>?%\FT?=?%=E%D;8=8%`F:D;@;G?G;<=%CE:;ZA8H%?% =E% :89% ]F8% :8% C9E>FSG?H% 8=% 8A% 8:D9;GDE% CA?=E% >8A% :89H% GETE% ?@;9T?W G;<=% >8% A?% C9EC;?% @E9T?% >8% 8M;:D8=G;?% GE=D9?% F=?% =8B?G;<=% ;BF?AW T8=D8%<=D;G?%>8%8:?%@E9T?P% -=?%BF899?%=E%CF8>8%`F:D;@;G?9:8%D?TCEW GE% ?% Z?:8% >8% ?9BFT8=DE:% cD;GE:% V% =E9T?:% `F9Y>;G?:P% +F?=>E% \?V% 8=8T;BE:% U89>?>89E:H% 8=% 8A% :8=D;>E% <=D;GE% ?A% ]F8% :8% 8:Da% \?G;8=>E% 98@898=G;?% ?]FYH% D;8=8% :8=D;>EH% C89E% :<AE% CEAYD;G?T8=D8H% 98G\?S?9AE:% @Y:;G?T8=D8H% V% :;% \?G8% @?AD?H% GETZ?D;9% GE=% 8AAE:P%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

R(%

tF8% A?% `F:D;G;?% =E% @E9T?% C?9D8% >8A% GE=G8CDE% >8% A?% BF899?% 8:% F=?% ;>8?% ]F8% :8% 98GE=EG8% >8% TE>E% B8=89?A% >8:>8% 29ED;F: 'J P% 1?:% GE=:W D9FGG;E=8:% GE=G8CDF?A8:% >8:>8% A?:% ]F8% :8% C9EGA?T?% A?% =8G8:;>?>% >8% F=?%BF899?%`F:D?%8:Da=% \?Z;DF?AT8=D8%?%:F%U8S%?A% :89U;G;E%>8%F=%EZ`8W D;UE%CEAYD;GEP% .98D8=>89%>8%F=%CF8ZAE%CEAYD;G?T8=D8%F=;>E%]F8% \?B?% A?%BF899?%:<AE%CE9%9?SE=8:%`F:D?:H% F=?%>8%>E:j% E%8:%CF9?%D?FDEAEBY?H%V% :;B=;@;G?%:;TCA8%V% AA?=?T8=D8%]F8%:<AE%\?V%]F8% \?G89%A?%BF899?%GE=W D9?%8=8T;BE:% 98?A8:H% E%Z;8=%EGFAD?% A?%C98D8=:;<=% CEAYD;G?%>8%CE=89%8=% ED9?:% T?=E:% A?%GETC8D8=G;?%>8A#+'/#M%88+H% V%>8% \?AA?9%=E9T?:%>8%`F:D;W G;?% :EZ98% GFVE% GE=D8=;>E% V% ?CA;G?G;<=% ?A% G?:E% ;=>;U;>F?A% =E% >8G;>?% 8A% C9EC;E% ":D?>E%:;=E%F=% D89G89E%GF?A]F;89?H%]F8%:89Y?%8A%]F8%>8G;>;W 9Y?% >8% 8:8% TE>E%]F;c=% 8:% 8=8T;BEP% n;8=D9?:% F=% CF8ZAE% 8M;:D?% 8=% A?% 8:@89?% >8% AE% CEAYD;GEH% D8=>9a% ]F8% >8G;>;9% CE9% :Y% T;:TEH% ?F=]F8% =E% :8?% Ta:%]F8%8=% 8A% G?:E%8MD98TE%hC89E%:;8=>E%cA% D?TZ;c=% ]F;8=% >8W G;>?% :;% 8:Da% >?>E% D?A% G?:E% 8MD98TEhH% ]F;c=% 8:% 8A% ?T;BE% V% ]F;c=% 8A% 8=8T;BEP% "=% 8AAE% 8:D9;Z?% A?% 8:8=G;?% >8% :F% 8M;:D8=G;?% CEAYD;G?P% 4;% =E% CE:88% V?%G?C?G;>?>% E% UEAF=D?>% >8% DET?9%D?A% >8G;:;<=H% >8`?%>8%8M;:D;9% CEAYD;G?T8=D8P% 4;% :8%>8`?%>8G;9%CE9%F=%8MD9?^E%]F;c=%8:%8A%8=8T;BE%V% GE=D9?% ]F;c=% >8Z8% E% =E% >8Z8% GETZ?D;9H% 8:% ]F8% V?% =E% 8:% F=% CF8ZAE% CEAYD;G?T8=D8% A;Z98H% :;=E% ]F8% 8:Da% ;=D8B9?>E% 8=% E% :ET8D;>E% ?% ED9E% :;:D8T?% CEAYD;GEP% "A% :8=D;>E%>8% F=?% BF899?% =E%8:Da%8=% ]F8%:8% A?% \?B?% CE9% ;>8?A8:% E% :8Bb=% =E9T?:% `F9Y>;G?:H% :;=E% 8=% ]F8% :8% A?% \?B?% GE=D9?% F=% 8=8T;BE% 98?AP% !E>E% 8=DF9Z;?T;8=DE% >8% 8:D?% G?D8BE9Y?% >8% ?T;BEW 8=8T;BE% :8% 8MCA;G?% b=;G?T8=D8% GETE% 98:FAD?>E%>8% \?Z89A?% GE=@F=W >;>E% GE=% ?Z:D9?GG;E=8:% E% =E9T?:% >8% ?ABb=% D;CEP% &8% TE>E% ]F8% F=% CF8ZAE% ]F8% 8M;:D8% CEAYD;G?T8=D8% =E% CF8>8% C98:G;=>;9%>8%>;:D;=BF;9%CE9%:Y%T;:TEH% AA8B?>E%8A%G?:EH%8=D98%?T;BE%V% 8=8T;BEH% V% >8% ?:FT;9% 8A% 9;8:BE% GE998:CE=>;8=D8P% .E>9a% \?G89% F=?% >8GA?9?G;<=% :EA8T=8% >8% ]F8% GE=>8=?% A?% BF899?% GETE% T8>;E% >8% 98W :EAU89%AE:%GE=@A;GDE:%;=D89=?G;E=?A8:H%V%>8%]F8%98=F=G;?%?%8AA?%dGETE% ;=:D9FT8=DE%>8%CEAYD;G?% =?G;E=?AeH% GETE% :8% \?% \8G\E%8=% 8A% AA?T?>E% d.?GDE% g8AAEBBe%>8% '(*[ A R P% .89E%GE=%8AAE% =;% \?% 98=F=G;?>E%?% A?%BF8W 6V

$!"$'=#"$D"--'$?/E?/.*'`I'2E'`I!L#! -H!M34>@)@)&?!)5!';B)5)@)95;!G>8#!A;22)N!595!)5824K '9#O! D5! 2&'092&%G9#)2,' /01)08,%' %,'*$0((,'2&+#(,' %&9' )+P)0%09'0(,'2&+9)10(,1,$D"--=:$ \=*.$=:' e@&(' %&' #,+#&' 2&/&' *$0((,I' +&' 2&/&' o0N02$2)3+' 10' ,2$0(1&9pI' o/01)1,' 10' @,6p' &' o9,+2)3+pfE' :S ' H,'#(,1$22)3+'&P)2),%' ,%0/,+,$m`"'/0*&"*".RD-?..' :;A;I'``I'@E' ;Sf' $#)%)6,'%,'0nL @(09)3+' o)5"#=#."'-"1' %,'*$0((,'2&/&'/01)&'@,(,' %,' (09&%$2)3+'10'%&9'2&+P%)2#&9' )+#0(L +,2)&+,%09pI'0+'#,+#&'J$0'0%'#0n#&')+*%Q9L,/0()2,+&'D,F%,'10$/,1)":1I' 0%'P(,+2Q9'10' /,1)?:1"#2' <%' #0n#&' 10%' @,2#&' q0%%&**'10%' AS' 10' ,*&9#&'10' :;A;' 09#G' (0@(&1$2)1&I'


[Q%

+?9A% 4G\T;DD%

99?%GETE%;=:D9FT8=DE%>8%CEAYD;G?%;=D89=?G;E=?A% LV%F=?%BF899?%?A% :89W U;G;E% >8% A?% CEAYD;G?% ;=D89=?G;E=?A% CF8>8% :89% C8E9% ]F8% A?% ]F8% :;9U8% :<AE% ?% F=?% CEAYD;G?% =?G;E=?ANH% =;% \?% dGE=>8=?>Ee% E% d>8:D899?>Ee% A?% BF899?%8=%B8=89?AP% "=%C9;T89%AFB?9H% F=?%>8GA?9?G;<=%>8%8:?%Y=>EA8%:8% 8=GF8=D9?% CE9% 8=D89E% Z?`E% F=?% >8D89T;=?>?% :89;8% >8% 98:89U?:% ]F8H% 8MC98:?% E% DaG;D?T8=D8H% :8% 8=D;8=>8=% CE9% :Y% :EA?:H% CE9% 8`8TCAE% A?% 98W :89U?%>8% A?%C9EC;?%8M;:D8=G;?%GETE% ":D?>E%V% A?%>8% A?%A8BYD;T?%>8@8=W :?H% A?% 98:89U?%>8% AE:%C?GDE:%V%?A;?=S?:%GE=D9?Y>E:H% >8A%>898G\E%?% :FZW :;:D;9% A;Z98% 8% ;=>8C8=>;8=D8T8=D8H% 8DGP% "=% :8BF=>E% AFB?9H% 8:D?:% 98W :89U?:H% CE9% AE%]F8% \?G8% ?% :F%8:D9FGDF9?% A<B;G?H% =E%GE=:D;DFV8=% T89?:% 8MG8CG;E=8:% ?% A?% =E9T?H% :;=E%]F8%:E=% 98?AT8=D8% A?:%]F8%GE=@;898=% ?% A?% =E9T?% :F% GE=D8=;>E% GE=G98DEi% =E% :E=% 98:D9;GG;E=8:% ]F8% A;T;D8=% A?:% EZA;B?G;E=8:H% ]F8% ;TCA;]F8=% 98:89U?:% 8MG8CG;E=?A8:H% :;=E% 98:89W U?:%]F8% T?9G?=% A?% =E9T?% V% :;=% A?:%GF?A8:% A?:%EZA;B?G;E=8:% C89T?=8W G89Y?=% U?GY?:% >8% GE=D8=;>EP% "=% D89G89% AFB?9H% T;8=D9?:% 8M;:D?% F=% ":W D?>E% >8% TE>E% ;=>8C8=>;8=D8H% c:D8% >8G;>;9a% :;8TC98% CE9% :Y% T;:TEH% 8=%U;9DF>%>8%:F% ;=>8C8=>8=G;?H%:;%:8%>?%E%=E%F=E%>8%8:E:%G?:E:%>8%98W :89U?% LA8BYD;T?% >8@8=:?H% ?B98:;<=% CE9%8A% ?>U89:?9;EH% 9FCDF9?% >8% C?GW DE:% 8M;:D8=D8:H% ;=GAF;>E% 8A% C9EC;E% .?GDE% g8AAEBBH% 8DGPNP% 3% @;=?AT8=W D8H% 8=% GF?9DE% AFB?9H% =E% 8:% CE:;ZA8%d>8:D899?9e%dA?% BF899?e% 8=% B8=89?AH% :;=E% :<AE% ?% G;89D?:% C89:E=?:H% CF8ZAE:H% ":D?>E:H% GA?:8:% :EG;?A8:H% 98A;W B;E=8:H% 8DGPH% ?% AE:%]F8% :8% D9?D?%>8%>8GA?9?9%8=8T;BE:% T8>;?=D8% A?%>8W GA?9?G;<=% >8% >8:D;899EP% 1?% >8GA?9?G;<=% :EA8T=8% >8% dGE=>8=?% >8% A?% N$+#&' 2&+' %,9' (090(8,9' /G9' )/@&(#,+#09' e`+*%,#0((,-' D&+&(' +,2)&+,%I' ,$#&10P0+9,I' 09#,#$#&9'10' %,'[&2)01,1' 10' %,9' a,2)&+09'='10' H&2,(+&I'F)0+09#,('0')+#0*()1,1'10'#0L (()#&()&9'2&/&'<*)@#&I'.,%09#)+,I'0#2E]'g(,+2),-' ,$#&10P0+9,I'09#,#$#&'10'%,'[&2)01,1' 10' %,9' a,2)&+09I' H&2,(+&' =' @,2#&9' 10' +0$#(,%)1,1I' 9&F(0' #&1&' #,/F)Q+' /,+#0+)L /)0+#&' 10%' @(&@)&' @,2#&' q0%%&**]' .&%&+),-' ,$#&10P0+9,I' /,+#0+)/)0+#&'10%' @,2#&' q0%%&**I'09#,#$#&'10'%,'[&2)01,1'10' %,9' a,2)&+09f'0+'0%' %)F(&'10'P$0+#09$!"#$ ;S-Q"#B D=1)$=1)$)?*$E,-'.'*/0"$+#,D-":$)"#$c#'")"1**'/0"#=1&F'0+'%,$o="--"1*?::-=1&$([#$)"1$^"B */0'/0.*=1."##'/0.'10'%,'<1E'!0$F+0(I'`jI' :\I'H0)@6)*I' :;\BE' <%'@(&F%0/,'N$("1)2&'*0L +0(,%' 10' %,9' (090(8,9'+&'D,' 9)1&'#&1,8",'&FN0#&'10'$+' #(,#,/)0+#&'9)9#0/G#)2&I' +)'9)L J$)0(,'0+' %&9'2&/0+#,()&9' @&(/0+&()6,1&9' (0P0(0+#09' ,' %,' 9,+#)1,1' 10' %&9' @,2#&9' =' ,%'@()+2)@)&$E?/.?$*=1.$*"#5?1)?2' a&'&F9#,+#0'90'0+2$0+#(,'$+')+)2)&'@,(#)2$%,(/0+#0' 1)*+&' 10' ,#0+2)3+' @,(,' 0%' #(,#,/)0+#&' 10' 09#,' %,*$+,' 2)0+#"P)2,' 0+' d,()' Y)%P)+*0(I' oY0#(,2D#$+*0+'uF0('@&%)#)92D09'C02DpI$k"'.*/0#'(.$([#$?=*-P1)'*/0"*$S(("1.-'/0"*$`"/0.'`I' Y0(%)+I' :;A;I'@@E' cS'='99E' [&F(0'0%'@(&F%0/,'*0+0(,%'10'%,'@,2)P)2,2)3+'10' %,'D$/,L +)1,1I' 2P(E' %&'0n@$09#&'0+' 0%' #0n#&'0+' 0%' ,@,(#,1&' b]'9&F(0'0%' D02D&'10'J$0'0%'@,2#&' q0%%&**' +&' @(&D)F0I' 9)+&' J$0' 9,+2)&+,I' 2P(E' Y&(2D,(1#I' o!D0' q0%%&**' !(0,#)09' 9,+2#)&+' _,(pI$k"'.*/0#'(.$([#$?=*-P1)'*/0"*$S(("1.-'/0"*$`"/0.I' :;A;I' @@E' :Ab'='99EI' ,9"' 2&/&' 5(#D$(' t0*+0(I' <)+PuD($+*' )+' 1)0' C02D#9_)990+92D,P#' ``' eXÉ92D0+I' +O/E' :BZ>fI' @@E' :B;' =' 99E'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

['%

BF899?e% =E% G?=G8A?% CF8:% A?% >;:D;=G;<=% ?T;BEW8=8T;BEH% :;=E% ]F8% A8% C9ECE9G;E=?% F=% =F8UE% GE=D8=;>E% V% F=?% =F8U?% U;>?% ?% D9?Uc:% >8% A?:% =F8U?:% CE:;Z;A;>?>8:% >8% A?% >8GA?9?G;<=% ;=D89=?G;E=?A% >8% ?ABF;8=% GETE#2)/0+/F# 3% :;%>8:?C?98G8%8:?%>;:D;=G;<=H%>8:?C?98G8% A?%U;>?%CEAYD;G?%8=%B8W =89?AP% ,;=Bb=% CF8ZAE%GE=%8M;:D8=G;?% CEAYD;G?%8:% A;Z98%>8%:F:D9?89:8% ?% 8:?% @?D?A% >;:D;=G;<=% CE9% A?% UY?% >8% A?:% C9EGA?T?G;E=8:% :EA8T=8:P% 4;% F=?%C?9D8%>8A%CF8ZAE%>8GA?9?%]F8%V?%=E%GE=EG8%8=8T;BE:H%AE%]F8%8:Da% \?G;8=>E%8=% 98?A;>?>%8:% CE=89:8%>8A% A?>E%>8% AE:%8=8T;BE:%V% ?VF>?9W A8:H% C89E%>8:>8% AF8BE%GE=% 8AAE% =E% :8%G?=G8A?% A?%>;:D;=G;<=% 8=D98% ?T;W BE:%V%8=8T;BE:P% 3%:;% AE:%G;F>?>?=E:%>8%F=%":D?>E%?@;9T?=%>8%:Y%T;:W TE:% ]F8% C89:E=?AT8=D8% =E% D;8=8=% 8=8T;BE:H% 8:E% =E% D;8=8% =?>?% ]F8% U89% GE=% =F8:D9E% C9EZA8T?H% CF8:% F=?% C89:E=?A;>?>% C9;U?>?% =E% D;8=8% 8=8T;BE:% CEAYD;GE:P% +E=% F=?% >8GA?9?G;<=% >8% 8:?% =?DF9?A8S?% CE>9a% ?% AE% :FTE% ]F8989% >8G;9% ]F8% :F% ;=D8=G;<=% 8:% ?C?9D?9:8% >8% A?% DED?A;>?>% CEAYD;G?% ?% A?% ]F8% C89D8=8G8% CE9% :F% 8M;:D8=G;?% V% U;U;9% b=;G?T8=D8% GETE% C89:E=?A;>?>% C9;U?>?'[P% 489Y?% ?>8Ta:% 8]F;UEG?>E% G9889% ]F8% F=% CF8ZAE% GF?A]F;89?% 8:Da% 8=% GE=>;G;E=8:% >8%?C?9D?9%>8% :Y% A?% >;:D;=W G;<=% 8=D98% ?T;BE:% V% 8=8T;BE:% CE9% T8>;E% >8% F=?% >8GA?9?G;<=% >8% ?T;:D?>%F=;U89:?A%E%C9EG8>;8=>E%?%F=%>8:?9T8%UEAF=D?9;EP% ,E%8:%?:Y% GETE% :8%>8:CEA;D;S?%8A% TF=>E% =;% GETE% :8% AE%D9?:A?>?% ?% F=%8:D?>E%>8% TE9?A;>?>% CF9?H% `F9;>;G;>?>% CF9?% E% 8GE=ET;G;>?>% CF9?P% 4;% F=% CF8W ZAE%D;8=8% T;8>E%>8%AE:% 9;8:BE:%V%C8=?A;>?>8:%U;=GFA?>E:%?%A?%8M;:D8=W G;?% CEAYD;G?H% AE%]F8%EGF99;9a%8:%]F8% ?C?98G89a%ED9E%CF8ZAE%]F8% A8%8M;W T?% >8% F=E:% V% ED9?:H% ?:FT;8=>E% :F% dC9ED8GG;<=% GE=D9?% AE:% 8=8T;BE:% 8MD89;E98:e% V% 8=% GE=:8GF8=G;?% 8A% >ET;=;E% CEAYD;GEi% :89a% 8=DE=G8:% 8A% C9ED8GDE9% 8A% ]F8% >8D89T;=8% ]F;c=% 8:% 8A% 8=8T;BEH% :EZ98% A?% Z?:8% >8A% =8ME% 8D89=E% >8#>$)0%&&+A"% V# )M%(+%"&+,F# ,E%8:%:<AE%]F8%8A% E9>8=?T;8=DE%@8F>?A%V% A?% 98A?G;<=%>8% :8^E9%V%U?:?AAEH% >8% AY>89% V% :8BF;>E98:H% >8% C?D9<=% V% GA;8=D8A?H% 98CE:8% :EZ98% 8:D8% C9;=G;C;EH% V% ]F8% 8:D?:% 98A?G;E=8:% :;TCA8T8=D8% AE% 98@A8`8=% GE=% :;=BFA?9% =;D;>8S%V% CFZA;G;W >?>P% ":%]F8% =E% \?V% :FZE9>;=?G;<=% =;%`89?9]FY?H% =E%\?V% A8B;D;T;>?>% =;% A8B?W '%;>?>% 9?G;E=?A8:% @F89?% >8A% =8ME% >8% C9ED8GG;<=% V% EZ8>;8=G;?P% "A#>$)0%-)#%$-)# :>

' <9' %$0*&'2&9,'10' %,' 2&/$+)1,1' @&%"#)2,' (0*$%,('09#0' #)@&'10' 1&/)+)&9' @,(#)L 2$%,(09I' +&' @OF%)2&9' +)' )+#0(09,1&9' @&%"#)2,/0+#0I' 10' $+' /&1&' $' &#(&' e/01),+#0' @()8)%0*)&9'10%' 10(02D&'10'0n#(,+N0(",I'&(*,+)6,2)3+'10'(0*$%,2)&+09'09@02),%09I'0nL #(,#0(()#&(),%)1,1I' @0(/)9&9' =' 2&+209)&+09' 10' (09)10+2),I' %0*)9%,2)3+' 10' /0#02&9I' 0#2EfE' C09@02#&'10'%,',9@)(,2)3+'10'8)8)(',@&%"#)2,/0+#0'='9)+'()09*&9'e10P)+)2)3+'10%' D,=#&",'*fI'2P(E'%,',P)(/,2)3+'10'W0*0%I$'1(#?F'@E'b\E'


+?9A% 4G\T;DD%

[*%

)M8+-)%8:%8A# &)-+0)#%$-)#/'*%>8A% ":D?>EH%V% F=?%D8E9Y?%>8A% ":D?>E%]F8%:E:D8=B?% F=?% ;B=E9?=G;?% :;:D8TaD;G?% >8% 8:D8% C9;=G;C;E% :89a% :;8TC98% ;=:F@;G;8=D8% V% @9?BT8=D?9;?P% "=% A?% GE=GAF:;<=% >8% A?% 8>;G;<=% ;=BA8:?% >8% 'JX'H% CP% )(JH% >8A% \%J+,02,"% oEZZ8:% G?A;@;G?% >8% U89>?>89E% EZ`8D;UE% >8% :F% D9?D?>E% 8A% >8% CE=89% >8% T?=;@;8:DE% =F8U?T8=D8% ?=D8% AE:% \ETZ98:% A?% dTFDF?A% 98A?D;E=% Z8Dx88=% .9ED8GD;E=% ?=>% $Z8>;8=G8ei% :F% EZ:89U?=G;?% ;=]F8Z9?=D?ZA8% 8:D?9Y?%8M;B;>?% D?=DE% CE9% A?% =?DF9?A8S?% \FT?=?% GETE% CE9% 8A% >898G\E% >;U;=EP% oEZZ8:%DFUE%8MC89;8=G;?%>8%8:D?%U89>?>%8=%AE:%>F9E:%D;8TCE:%>8%A?%BF8W 99?% G;U;AH% ]F8% 8:% GF?=>E% :8% >8:U?=8G8=% DE>?:% A?:% ;AF:;E=8:% A8B;D;T;:D?:% V% =E9T?D;U;:D?:%GE=% A?:%]F8%8=% D;8TCE:%>8%:8BF9;>?>% =E%8:DE9Z?>?%BF:D?=% AE:% \ETZ98:% >8% 8=B?^?9:8% ?% :Y% T;:TE:% ?G89G?% >8% A?:% 98?A;>?>8:% CEAYD;G?:P% 3% :;% >8=D9E%>8%F=% ":D?>E%8M;:D8=% C?9D;>E:%E9B?=;S?>E:%G?C?G8:%>8%C9ECE9G;E=?9% ?%:F:%T;8TZ9E:%Ta:%C9ED8GG;<=% ]F8%8A% ":D?>EH%c:D8%:8%98>FG;9a% ?% AE%:FTE%?% F=% T89E% ?Cc=>;G8%>8% D?A8:% C?9D;>E:H%V%G?>?%G;F>?>?=E%:?Z8% :;8TC98%Z;8=% ?% ]F;c=% D;8=8% ]F8% EZ8>8G89P% ":DE% CF8>8% `F:D;@;G?9% F=?% dD8E9Y?% CAF9?A;:D?% >8A% ":D?>Ee% GETE% A?% ]F8% \8TE:% D9?D?>E% Ta:% ?99;Z?% LG@9P% INP% "=% A?:% 98A?G;E=8:% >8%CEAYD;G?%8MD89;E9%V%8=D98%":D?>E:%?b=%8:%Ta:%GA?9?%A?%8A8T8=D?A%U89?G;>?>% >8%8:D8% ?M;ET?%>8%C9ED8GG;<=% V% EZ8>;8=G;?j% 8A% C9ED8GDE9?>E% ;=D89=?G;E=?AH% A?%A;B?%E%@8>89?G;<=%\8B8T<=;G?%>8%8:D?>E:H%AE:%D9?D?>E:%>8%C9ED8GG;<=%V%B?W 9?=DY?% >8% DE>E% D;CE% \?AA?=% 8=% cA% :F% @<9TFA?% Ta:% :;TCA8P%

489Y?% F=?% DE9C8S?% G9889%]F8% F=% CF8ZAE% :;=% >8@8=:?% =E% D;8=8% Ta:% ]F8% ?T;BE:H% V% F=% GaAGFAE% 8:G?=>?AE:E% :FCE=89%]F8% A?% @?AD?% >8% 98:;:W D8=G;?%U?%?%GE=TEU89%?A%8=8T;BEP% ,?>;8%G9889Y?%CE:;ZA8%]F8%8A% TF=W >E% 8=D98% 8=% F=% 8:D?>E% >8% TE9?A;>?>% CF9?% CE9% 98=F=G;?% ?% DE>?% C9EW >FGD;U;>?>% 8:DcD;G?% E% 8GE=<T;G?H% CE9% CE=89% F=% 8`8TCAEi% CF8:% Z;8=H% ?b=% 8:% TFG\E% T8=E:% ;T?B;=?ZA8% ]F8% F=% CF8ZAEH% CE9% 98=F=G;?9% ?% DE>?% >8G;:;<=% CEAYD;G?H% CF8>?% AA8U?9%?% A?% \FT?=;>?>% ?% F=% 8:D?>E%CFW 9?T8=D8% TE9?A% E% CF9?T8=D8% 8GE=<T;GEP% .E9]F8% F=% CF8ZAE% \?V?% C89>;>E% A?% @F89S?%E% A?% UEAF=D?>% >8% :E:D8=89:8%8=% A?%8:@89?%>8% AE%CEAYW D;GE% =E% U?% ?% >8:?C?98G89% AE% CEAYD;GE%>8A% TF=>EP% 1E% b=;GE% ]F8% >8:?W C?98G89a% 8=% 8:8% G?:E% 8:% F=% CF8ZAE% >cZ;AP%

J% &8A% 9?:BE% GE=G8CDF?A% >8% AE% CEAYD;GE% >89;U?% 8A% CAF9?A;:TE% 8=% 8A% TF=>E% >8% AE:% ":D?>E:P% 1?% F=;>?>% CEAYD;G?% C98:FCE=8% A?% CE:;Z;A;>?>% 98?A% >8A% 8=8T;BE% V% GE=% 8AA?% A?% 8M;:D8=G;?% :;TFADa=8?%>8% ED9?:% F=;>?W >8:% CEAYD;G?:P% &8% ?\Y% ]F8H% T;8=D9?:% \?V?% :EZ98% A?% D;899?% F=% ":D?>EH% \?Z9a% D?TZ;c=% ED9E:H% V% =E% CF8>8% \?Z89% F=% d":D?>Ee% TF=>;?A% ]F8% ?Z?9]F8% DE>?% A?% D;899?% V% ?% DE>?% A?% \FT?=;>?>P% "A% TF=>E% CEAYD;GE% 8:%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

[)%

F=% CAF9;U89:EH% =E%F=% F=;U89:EP% "=%GE=:8GF8=G;?H%DE>?%D8E9Y?%>8A% ":W D?>E%8:%CAF9?A;:D?H% :;% Z;8=%8:DE%CE:88%?]FY%F=%:8=D;>E%>;@898=D8%>8A%>8% A?% D8E9Y?% CAF9?A;:D?% ;=D9?8:D?D?A% GET8=D?>?% Ta:% ?99;Z?% LZ?`E% INP% .E9% :F%8:8=G;?%A?%F=;>?>% CEAYD;G?% =E%CF8>8%:89%F=;U89:?A% 8=%8A% :8=D;>E%>8% F=?% F=;>?>% ]F8%GETC98=>;8:8% 8A% GE=`F=DE%>8% A?% \FT?=;>?>% V%>8% A?% D;899?P% 3%:;% A?%DED?A;>?>%>8%AE:%>;U89:E:%CF8ZAE:H%98A;B;E=8:H%GA?:8:%:EW G;?A8:%V%B9FCE:% \FT?=E:%8=%B8=89?A% AA8B?9?%?%F=;9:8%V%?GE9>?9:8%\?:W D?%8A%8MD98TE%>8%]F8%\;G;8:8% ;TCE:;ZA8%8% ;TC8=:?ZA8%F=?% AFG\?%8=D98% 8AAE:i% :;%8=%8A% :8=E%>8%F=% ;TC89;E%]F8%?Z?9]F8%DE>?%A?%D;899?%:8%\;G;8W :8%8@8GD;U?T8=D8%;TCE:;ZA8%8% ;TC8=:?ZA8%C?9?%DE>E%D;8TCE%F=?%BF8W 99?%G;U;Ai%:;H%8=%GE=:8GF8=G;?H%>8:?C?98G;8:8% \?:D?% A?%8U8=DF?A;>?>%>8% A?%>;:D;=G;<=% 8=D98% ?T;BE%V% 8=8T;BEH% 8=% D?A% G?:E% AE%]F8% \?Z9Y?% :89Y?% F=?% ?G8CG;<=% >8A% TF=>EH% F=?% GFADF9?H% F=?%G;U;A;S?G;<=H% F=?%8GE=EW TY?H%F=?%TE9?AH%F=%>898G\EH%F=%?9D8H%F=%EG;EH%8DGPH%]FYT;G?T8=D8%A;W Z98:%>8%CEAYD;G?H%C89E% =E% \?Z9Y?%V?% =;%CEAYD;G?%=;% ":D?>EP% 3E%=E%:c%:;% :8T8`?=D8%":D?>E%>8%A?%\FT?=;>?>%V%>8A%TF=>E%:8%C9E>FG;9a%?ABF=?% U8SH% =;% GFa=>EP% &8% TET8=DE% =E% AE% \?VP% 3% :89Y?% F=?% @;GG;<=% CEGE% \E=9?>?% >?9AE% CE9% 8M;:D8=D8H% V% F=?% 8]F;UEG?G;<=% ]F8% :8% >8:\?9Y?% CE9%:Y%:EA?%G9889%]F8H% CE9]F8%\EV%8=%>Y?%F=?%BF899?%8=D98%A?:%B9?=>8:% CED8=G;?:% :8% GE=U;89D8% @aG;AT8=D8% 8=% F=?% dBF899?% TF=>;?AeH% A?%@;=?W A;S?G;<=% >8% 8:?% BF899?% D8=>9Y?% ]F8% 98C98:8=D?9% 8=% GE=:8GF8=G;?% A?% dC?S% TF=>;?Ae% V%GE=% 8AA?% 8:8% ;>YA;GE% ":D?>E% @;=?A% >8% >8:CEA;D;S?G;<=% GETCA8D?% V% >8@;=;D;U?P% 1?# 2'*,"+(,(%GETE% D?A% =E% CF8>8% \?G89% F=?% BF899?H% CF8:% G?98G8% >8%8=8T;BEH%?A% T8=E:%:EZ98%8:D8%CA?=8D?P% "A%GE=G8CDE%>8%A?% \FT?=;W >?>% 8MGAFV8% 8A% >8A% 8=8T;BEH% CF8:% =;% :;]F;89?% 8A% 8=8T;BE%>8`?% >8% :89% \ETZ98:H% >8% TE>E% ]F8% =E% \?V% ?]FY% =;=BF=?% >;:D;=G;<=% 8:C8GY@;G? % "A% ]F8% :8% \?B?=%BF899?:% 8=% =ETZ98% >8% A?% \FT?=;>?>% =E% 98@FD?% 8:D?% U89>?>% 8A8T8=D?AH% :;=E% ]F8% CE:88% T89?T8=D8% F=% :8=D;>E% CEAYD;GE% C?9D;GFA?9T8=D8% ;=D8=:EP% +F?=>E% F=% ":D?>E% GETZ?D8% ?% :F% 8=8T;BE% CEAYD;GE%8=% =ETZ98%>8%A?%\FT?=;>?>H% =E%:8%D9?D?%>8%F=?%BF899?%>8%A?% \FT?=;>?>% :;=E% >8% F=?% BF899?% 8=% A?% ]F8% F=% >8D89T;=?>E% ":D?>E% C98D8=>8% ?C9EC;?9:8% F=% GE=G8CDE% F=;U89:?A% @98=D8% ?% :F% ?>U89:?9;EH% GE=%8A% @;=%>8% ;>8=D;@;G?9:8%GE=%cA% L?%GE:D?%>8A% ?>U89:?9;ENH%>8A% T;:TE% TE>E%]F8%:8%CF8>8%\?G89%F=%T?A% F:E%>8%A?%C?SH%8A%C9EB98:EH% A?%G;U;A;W S?G;<=% GE=% 8A% @;=%>8% 98;U;=>;G?9AE:%C?9?% F=E% T;:TE% =8Ba=>E:8AE:%?A% 8=8T;BEP% d1?% \FT?=;>?>e%98:FAD?%:89%F=% ;=:D9FT8=DE%>8%AE%Ta:%bD;A% C?9?% A?:%8MC?=:;E=8:% ;TC89;?A;:D?:H% V%8=% :F%@E9T?%cD;GEW\FT?=;D?9;?% GE=:D;DFV8% F=% U8\YGFAE% 8:C8GY@;GE% >8A% ;TC89;?A;:TE% 8GE=<T;GEP% 5]FY% :8% CE>9Y?H% GE=% F=?% TE>;@;G?G;<=% TFV% CA?F:;ZA8H% ?CA;G?9% F=?%


[I%

+?9A% 4G\T;DD%

@<9TFA?% ?GF^?>?% CE9% .9EF>\E=j% 8A% ]F8% >;G8% \FT?=;>?>% 8:Da% ;=D8=W D?=>E% 8=B?^?9P% 5>FG;9% 8A% =ETZ98% >8% A?% d\FT?=;>?>eH% ?C8A?9% ?% A?% \FT?=;>?>H% GE=@;:G?9%8:8% Dc9T;=EH% \?Z;>?% GF8=D?% >8% ]F8% D?=% 8MG8AW :E% =ETZ98% =E% CF8>8% :89% C9E=F=G;?>E% :;=% >8D89T;=?>?:% GE=:8GF8=W G;?:H% :<AE%CF8>8%CE=89%>8%T?=;@;8:DE% A?%?D899?>E9?%C98D8=:;<=%>8%=8W B?9% ?A% 8=8T;BE% A?% G?A;>?>% >8% \ETZ98:H% >8GA?9?9AE# 2)$/C8,C8)+% V# 2)$/# 8k2'*,"+0N4% V% AA8U?9%?:Y% A?% BF899?% ?% A?% Ta:% 8MD98T?>?% ;=\FT?=;>?>'(P% .89E%?A% T?9B8=%>8%8:D?%T?=;CFA?G;<=% D?=% CEAYD;G?%>8A% =ETZ98%?CEAYW D;GE%>8%A?%\FT?=;>?>H% =E%8M;:D8=%BF899?:%>8%A?%\FT?=;>?>%GETE%D?AP% 1?%\FT?=;>?>%=E%8:%F=%GE=G8CDE%CEAYD;GEH%V%=E%A8%GE998:CE=>8%D?TW CEGE% F=;>?>% E% GETF=;>?>% CEAYD;G?% =;% CE:88#/0,0'/% CEAYD;GEP% "A% GE=W G8CDE% \FT?=;D?9;E%>8% A?%\FT?=;>?>%GE=:D;DFV<%8=%8A%:;BAE%MU;=% F=?% =8B?G;<=% CEAcT;G?% >8A% E9>8=?T;8=DE% ?9;:DEG9aD;GEW@8F>?A% E% 8:D?W T8=D?A% U;B8=D8%8=% ?]F8A% TET8=DE%V%>8% :F:%C9;U;A8B;E:P% 1?% \FT?=;W >?>% >8% A?:% >EGD9;=?:% ;F:=?DF9?A;:D?:% V% A;Z89?AW;=>;U;>F?A;:D?:% 8:% F=;W U89:?AH%8:DE%8:H%F=?%GE=:D9FGG;<=%:EG;?A% ;>8?A% ]F8%GETC98=>8%?%DE>E:% AE:% :898:% \FT?=E:% >8% A?% D;899?H% F=% :;:D8T?% >8% 98A?G;E=8:% 8=D98% AE:% \ETZ98:% :;=BFA?98:% ]F8% :8% >?9a% 8@8GD;U?T8=D8% D?=% :<AE% GF?=>E% A?% CE:;Z;A;>?>% 98?A% >8A% GETZ?D8% ]F8>8% 8MGAF;>?% V% :8% \?V?% UF8ADE% ;TCEW :;ZA8%DE>?%?B9FC?G;<=%>8%?T;BE:%V%8=8T;BE:P% "=%:8T8`?=D8%:EG;8>?>% F=;U89:?A% =E% \?Z9a% V?% CF8ZAE:% ]F8% GE=:D;DFV?=% F=;>?>8:% CEAYD;G?:H% C89E% D?TCEGE% \?Z9a% GA?:8:% ]F8% AFG\8=% 8=D98% :Y% =;% B9FCE:% \E:W D;A8:P% 1?% ;>8?% >8% F=?# 8+-,# (%# 8)/#>'%M8)/% DFUE% F=% C89@;A% GA?9E% V% C98G;:E% T;8=D9?:% :8% T?=DFUE%GETE% F=% GE=G8CDE%CEAcT;GE%]F8% :8% ECE=Y?%?A% >8% A?% A;B?% >8% AE:#>$+"&+>%/F% 5:Y% 8:% GETE% :F9B;<% 8A% Dc9T;=E% ?A8Ta=% `j8V%$M'"(% 8=% 8A% :;BAE% MU;=P% ":D8% G?9aGD89% CEAcT;GE% >8:?C?98G;<% GF?=>E% A?% TE=?9]FY?% ?>]F;9;<% F=% :;B=;@;G?>E%CEAYD;GEP% -=?%dA;B?%>8% AE:%CF8ZAE:e%CF8>8%:89%D?TZ;c=%8A% ;=:D9FT8=DE% ;>8EA<B;GE%>8A% ;TC8W 9;?A;:TE% >8% F=% ":D?>E% E% GE?A;G;<=% >8% ":D?>E:% >;9;B;>E% GE=D9?% ED9E:% ":D?>E:P% "=%D?A%G?:E%:8%A8%?CA;G?% A?%DED?A;>?>%>8%AE%8MCF8:DE%?%C9EC<W :;DE% >8A% F:E% CEAYD;GE% >8A% Dc9T;=E% d\FT?=;>?>eP% 5\E9?% Z;8=H% ?C?9D8% :;

' [&F(0'0%'o109#)0((&p'10'%,'*$0((,I'2P(E$*=E#?'@E' c:E' .$P0+1&(PP$m!"a=#"$T?.=#?"$ ".$ ^"1.'=:' j```I' 2E' j`I' @,(#0' cfI' 2)#,' ,@(&F,#&(),/0+#0' %,' ,P)(/,2)3+' 10' Y,2&+' 10' J$0'10#0(/)+,1&9'@$0F%&9'o09#G+' @(&92()#&9' @&(' %,' @(&@),' +,#$(,%06,pI' @&('0N0/@%&' %&9' )+1)&9' 10' 5/Q()2,I' @&(J$0' 2&/0+' 2,(+0' D$/,+,E' Ä' 0+' 0P02#&I' %&9' )+1)&9' +&(L #0,/0()2,+&9'P$0(&+',+)J$)%,1&9E' 5' /01)1,'J$0'@(&*(09,'%,'2)8)%)6,2)3+'='90')+2(0L /0+#,' %,' /&(,%)1,1I' %%0*,+' ,'90('9$P)2)0+#09'2&9,9'F,9#,+#09'/G9' )+&P0+9)8,9'J$0'0%' 2,+)F,%)9/&' @,(,' /0(020(' $+,' @(&92()@2)3+' 10'09,'2%,90]' 0+' ,%*O+' /&/0+#&'@$010' J$0' F,9#0' 0%' J$0' $+' @$0F%&' +&' 09#Q' 0+' 2&+1)2)&+09' 10' @,*,(' 9$9' 10$1,9E'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

[X%

>8% DE>E%8:DE% A?%@F=>?G;<=%>8%F=?% A;B?%>8% AE:%CF8ZAE:%]F8%?Z?9G?:8%?A% GE=`F=DE% >8% A?% \FT?=;>?>% CE>9Y?% 98:CE=>89% ?% A?% D8=>8=G;?H% \?:D?% ?\E9?% GETC98=:;ZA8T8=D8% TFV% ;TC98G;:?H% >8% E9B?=;S?9% F=% ":D?>E% ;>8?A% ?CEAYD;GE%8=% 8A% :8=E%>8% F=?% :EG;8>?>% F=;U89:?A% >8% A?%d\FT?=;W >?>eP% .E9%8:E%G?:;%:;8TC98%]F8%:8%\?ZA?%>8%8:?%A;B?%>8%AE:%CF8ZAE:H%:8% :F8A8% 98;U;=>;G?9H% >8% @E9T?% Z?:D?=D8% ?G9YD;G?H% ]F8% >8Z8% :89% dF=;U89W :?AeH% 8:DE%8:H% ]F8%DE>E:% AE:% ":D?>E:%>8% A?% D;899?% \?=% >8% :89%T;8TZ9E:% >8% A?% T;:T?P% !?A% F=;U89:;>?>% ;TCA;G?9Y?% :;=% 8TZ?9BE% F=?% GETCA8D?% >8:CEA;D;S?G;<=H%V%GE=%8AAEH%:;%:8%\?%>8%:89%TY=;T?T8=D8%GE=:8GF8=W D8H% A?#G,80,# (%# !/0,()/F# &8:>8% 8:8% CF=DE% >8% U;:D?% A?% E9B?=;S?G;<=% ]F8% =?G8% 8=% 2;=8Z9?% 8=% '('(% GETE% 98:FAD?>E% >8% A?:% GE=U89:?G;E=8:% >8% C?S% >8% .?9Y:H% >8W =ET;=?>?% 8=% 5A8T?=;?# `j8V%$M'"(% C89E% ?% A?% ]F8% GF?>9?% T8`E9% A?% >8:;B=?G;<=% E@;G;?A% @9?=G8:?% 8% ;=BA8:?# X41)&+N0N# ,%/# B,0+)"/4# \%,-'%# )G# B,0+)"/Y4% GE=:D;DFV8% F=% TE=D?`8% GE=D9?>;GDE9;EP% 48% D9?D?% >8% F=?% E9W B?=;S?G;<=% ;=D898:D?D?A% ]F8% C98:FCE=8% ":D?>E:% GETE% D?A8:H% 98BFA?% ?ABF=?:% >8% :F:% 98A?G;E=8:% 98GYC9EG?:% 8% ;=GAF:E% B?9?=D;S?% :F% 8M;:D8=W G;?% CEAYD;G?P% ,E% :<AE% =E% 8:% F=?% E9B?=;S?G;<=% F=;U89:?A% :;=E% ]F8% =;% :;]F;89?%8:% C9EC;?T8=D8% ;=D89=?G;E=?AH% :;% :8% T?=D;8=8% A?% >;:D;=G;<=H% F:F?A% ?A% T8=E:%8=%8A% aTZ;DE%?A8Ta=H%8=D98% ;=D89=?G;E=?A%8%;=D898:D?W D?AP% ":D?%>;:D;=G;<=% 8:% 8=% 8:8% aTZ;DE%GE998GD?%V%U89?SH% V% 98:D9;=B8% A?% :;B=;@;G?G;<=% >8% AE% ;=D89=?G;E=?A% ?% ?]F8AAE:% TEU;T;8=DE:% ]F8H% ?D9?W U8:?=>E%A?:%@9E=D89?:%8=D98% ":D?>E:%V%AE:% TF9E:%8=D98%8AAE:H% ;B=E9?=% 8A% G?9aGD89% >8% D899;DE9;E% G899?>EH% ;TC8=8D9?ZA8% 8# +*>%$*%,M8%% >8% AE:% ":D?>E:% U;B8=D8:H% GETE% EGF998% CE9%8`8TCAE%GE=% A?%!89G89?% 6=D89=?W G;E=?AP% ":D8% 8`8TCAE% TF8:D9?% GE=% GA?9;>?>% A?% ECE:;G;<=% 8A8T8=D?A% 8=D98% ;=D89=?G;E=?A% 8% ;=D898:D?D?AH% 8=D98% :EG;8>?>% F=;U89:?A% >8:CEA;W D;S?>?% V% B?9?=DY?% ;=D898:D?D?A% >8A# /0,0'/#H')% >8% A?:% ?GDF?A8:% @9E=D89?:% =?G;E=?A8:H% V%8=%8A% @E=>E%?C8=?:% 98:FAD?%GETC98=:;ZA8%G<TE%F=% D9?W D?T;8=DE%G;8=DY@;GE% >8% A?% dA;B?% >8% AE:%CF8ZAE:e% \?% CE>;>E% C?:?9%8:DE% CE9% ?ADE% V% GE=D9;ZF;9% ;=GAF:E% ?% ;=G98T8=D?9% A?% GE=@F:;<=P% 1?% 4EG;8>?>%>8% A?:% ,?G;E=8:%>8% 2;=8Z9?% =E% :FC9;T8% A?% CE:;Z;A;W >?>%>8%]F8% \?V?%BF899?:H%8=% A?%T;:T?% T8>;>?%8=%]F8% =E%G?=G8A?% AE:% ":D?>E:P% 6=D9E>FG8% =F8U?:% CE:;Z;A;>?>8:% >8% BF899?:H% C89T;D8% A?:% BF899?:H% @?UE98G8%A?:%BF899?:%>8%GE?A;G;E=8:%V%?C?9D?%F=?%:89;8%>8% ;=W \;Z;G;E=8:% @98=D8% ?% A?% BF899?% >8:>8% 8A% TET8=DE% 8=% ]F8% A8B;D;T?% V% :?=G;E=?% >8D89T;=?>?:% BF899?:P% !?A% GETE% 8M;:D8% \?:D?% A?% @8G\?H% GE=:D;DFV8% F=?% ;=:D?=G;?%>8% =8BEG;?G;<=% ]F8% CF8>8% :89%TFV%bD;AH% F=% :;:D8T?% >8% GE=@898=G;?:% 8=D98% >;CAETaD;GE:% ]F8% :8% 98b=8=% Z?`E% A?:% >8:;B=?G;E=8:%d+E=:8`E%>8%A?%1;B?%>8%AE:%.F8ZAE:e%V%d5:?TZA8?%>8%A?%


+?9A% 4G\T;DD%

[J%

1;B?% >8% AE:% .F8ZAE:eH% 8=% GETZ;=?G;<=% GE=% F=?% E@;G;=?% DcG=;G?% AA?W T?>?% 48G98D?9Y?% 28=89?AP% +ETE% \8% TE:D9?>E%8=% ED9E% AFB?9*QH% =E% :8% D9?D?%>8%F=?% A;B?H% ?F=]F8%D?A% U8S%:Y% >8%F=?% ?A;?=S?# Xa6"("+/YF% "A% GE=W G8CDE%?FDc=D;GE%>8%A?%\FT?=;>?>%:8%TF8:D9?%8=%cA%EC89?D;UE%D?=%:<AE% 8=% 8A% \8G\E%>8% ]F8% :F% U89>?>89?%?GD;U;>?>% :8%>8:?99EAA?%8=% 8A% >ET;W =;E% \FT?=;D?9;E%V% =E% CEAYD;GEH% >8% TE>E% ]F8H% :;]F;89?% GETE% GETFW =;>?>% ?>T;=;:D9?D;U?%8=D98% ":D?>E:H% CE:88%F=?%dD8=>8=G;?e%?% A?%F=;W U89:?A;>?>P% +A?9E% ]F8% D8=;8=>E% 8=% GF8=D?% :F% U89>?>89?% GE=:D;DFW G;<=H% ?:Y% GETE% 8A% \8G\E% >8% ]F8% ;=GAF:E% 8=% 8A% :8=E% >8% 8:?% AA?T?>?% dA;B?e%:;BF8%:;8=>E%CE:;ZA8%A?%BF899?H% A?%dD8=>8=G;?e%8=%GF8:D;<=%D?TW CEGE% 8:% TFG\E% Ta:% ]F8% F=% CE:DFA?>E% ;>8?AP% 3% F=?% A;B?% >8% CF8ZAE:% ]F8% =E% :8?% F=;U89:?A% :<AE% CF8>8% D8=89% F=% :;B=;@;G?>E% CEAYD;GE% 8=% A?% T8>;>?%8=% ]F8% 98C98:8=D8% F=?% ?A;?=S?%CED8=G;?A% E%8@8GD;U?H% F=?%GE?W A;G;<=P% +E=% 8:E% =E% :8% \?Z9Y?% 8A;T;=?>E% 8A# +'/# M%88+4% :;=E% ]F8% \?Z9Y?% ]F8>?>E% D9?:A?>?>E% Ta:% E% T8=E:H% CE9% GETCA8DE% E% C?9G;?AT8=D8H% ?% A?%dA;B?eP% "=% G?TZ;E%F=?% A;B?%>8%AE:%CF8ZAE:%8=D8=>;>?%8=% 8A% :8=D;>E% >8% F=?% E9B?=;S?G;<=% F=;U89:?A% >8% A?% \FT?=;>?>% V% GETE% >ED?>?% >8% 8M;:D8=G;?%GE=G98D?H% D8=>9Y?% ]F8% AA8U?9%?%G?ZE%A?%>;@YG;A% D?98?H%8=% C9;W T89% AFB?9H% >8% ?998Z?D?9%8A# +'/#M%88+%?% A?% DED?A;>?>% >8% A?:% ?B9FC?G;E=8:% \FT?=?:% :FZ:;:D8=D8:H% V% 8=% :8BF=>E% AFB?9H% >8% =E% ?:FT;9% ?% :F% U8S% =;=Bb=#+'/#M%88+H% CF8:%8=% G?:E%GE=D9?9;E% UEAU89Y?%?%>8:C?98G89%A?% F=;W U89:?A;>?>H% A?%\FT?=;>?>H% A?%:EG;8>?>%>8:CEA;D;S?>?H%8=%F=?%C?A?Z9?H% DE>E:% AE:% 9?:BE:% 8:8=G;?A8:P% 4;% F=% d":D?>E% TF=>;?Ae% AA8B?9?% ?% ?Z?9G?9%?% DE>?% A?% D;899?% V% ?% DEW >E:% AE:% \ETZ98:H% =E% :89Y?% V?% F=?% F=;>?>% CEAYD;G?H% V% AA?T?9AE%d":D?W >Ee% =E% :89Y?% Ta:% ]F8% F=?% @;BF9?% 98D<9;G?% U?GY?P% 4;% DE>?% A?% \FT?=;W >?>% V% DE>E% 8A% TF=>E% ]F8>?:8=% F=;>E:% :EZ98% A?% Z?:8% >8% F=?% F=;>?>% b=;G?T8=D8% 8GE=<T;G?% V% >8% D9a@;GEH% 8:DE% =E% :8% D9?>FG;9Y?% 8=% Ta:% dF=;>?>% :EG;?Ae%>8% AE% ]F8% CF8>?=% :89AE% AE:% ;=]F;A;=E:% >8% F=% ZAE]F8% >8% U;U;8=>?:H% E% AE:% F:F?9;E:% GE=8GD?>E:% ?% F=?% T;:T?% 98>% >8% B?:H% E% AE:% C?:?`89E:% >8% F=% T;:TE% ?FDEZb:P% n;8=D9?:% D?A% F=;>?>% :8% T?=DFW U;8:8%GETE%:<AE%8GE=<T;G?%E%>8%D9a@;GEH%?%@?AD?%>8%?>U89:?9;E%=E%CEW >9Y?% =;% :;]F;89?% 8A8U?9:8% ?% A?% GE=>;G;<=% >8% C?9D;>E% 8GE=<T;GE% V% >8% D9a@;GEP% 3% :;H% V8=>E% Ta:% A8`E:H% C98D8=>;8:8% AA8B?9% ?% @E9T?9% D?TZ;c=% F=?% F=;>?>% GFADF9?AH% ;>8EA<B;G?% E% dTa:% 8A8U?>?e% 8=% ?ABb=% :8=D;>EH% C89E% :;=% >8`?9%>8%:89%8:D9;GD?T8=D8% ?CEAYD;G?H% AE% ]F8% :89Y?%8=% D?A% G?:E% 8:% F=?% GE9CE9?G;<=% >8% GE=:FTE% V% C9E>FGG;<=% ?% A?% ZF:G?% >8A% CF=DE% >8% ;=>;@898=G;?%8=D98% A?:% CEA?9;>?>8:%cD;G?%V%8GE=<T;G?P% ,E%GE=EG8W AB$!'"$N"#1(#?&"$)"*$;S-Q"#D=1)"*I'Y0(%"+I':;AbE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

[R%

9Y?% ":D?>EH% 98;=E% =;% ;TC89;EH% 98CbZA;G?% =;% TE=?9]FY?H% ?9;:DEG9?G;?% =;%>8TEG9?G;?H% =;%C9ED8GG;<=% =;%EZ8>;8=G;?j% \?Z9Y?%C89>;>E%DE>E%G?W 9aGD89% CEAYD;GEP% 1E% ]F8% \?V% ]F8% C98BF=D?9:8% 8:# ,# H'N#2)*M$%/% GE998:CE=>89Y?% 8A% D98T8=>E% CE>89% U;=GFA?>E% ?% F=?% G;U;A;S?G;<=% 8GE=<T;G?% V% DcG=;G?% ]F8%GETC98=>;8:8%8A% GE=`F=DE%>8% A?% D;899?P% 1?%C98BF=D?% =E%:8%CF8>8% >8:U;9DF?9% GE=% A?% 8:C89?=S?% >8% ]F8% C?9?% 8=DE=G8:% DE>E% d;9Y?% :EAEeH% ]F8% A?:%GE:?:%d:8%?>T;=;:D9?9Y?=%?%:Y% T;:T?:e%V%]F8%V?%=E%\?9Y?%@?AD?% ]F8%F=E:% \ETZ98:%BEZ89=?:8=%?%ED9E:H%V?%]F8%DE>E:%AE:%\ETZ98:%:8W 9Y?=% ?Z:EAFD?T8=D8% dA;Z98:eP% 1?% C98BF=D?% 8:% `F:D?T8=D8% dA;Z98:#>,$,# H'NeP% 3% :8% CE>9a=% E@98G89% 98:CF8:D?:% Z?:?>?:% 8=% GE=`8DF9?:% ECD;T;:W D?:%E%C8:;T;:D?:H%C89E%DE>?:%>8C8=>89a=%8=%bAD;TE%8MD98TE%>8%F=?%F% ED9?% GE=@8:;<=% >8% @8% ?=D9ECEA<B;G?P%

R%

48% CE>9Y?% :ET8D89%?% 8M?T8=% A?% ?=D9ECEAEBY?% :FZV?G8=D8% ?% DE>?:% A?:% D8E9Y?:% CEAYD;G?:%V%>8A% ":D?>EH% V%GA?:;@;G?9A?:%:8Bb=% ]F8%GE=:G;8=W D8% E% ;=GE=:G;8=D8% C?9D?=% >8% F=% \ETZ98% dZF8=E% CE9% =?DF9?A8S?e% E% dT?AE%CE9%=?DF9?A8S?eP% 1?%>;:D;=G;<=%\?Z9a%>8%DET?9:8%8=%:F%:8=D;>E% Ta:% B8=c9;GEH% =E% 8=% ?ABb=% :8=D;>E% 8:C8GY@;GE% TE9?A% E% cD;GEP% 1E% ;TW CE9D?=D8%8:% :;% 8A% \ETZ98% :8%DET?%GETE%C98:FCF8:DE%C9EZA8TaD;GE%E% =E% C9EZA8TaD;GE% >8% GF?A]F;89% 8AFGFZ9?G;<=% CEAYD;G?% FAD89;E9H% 8:DE% 8:H% :;% 8A% \ETZ98% :8% 8=D;8=>8% GETE% F=% :89% dC8A;B9E:Ee% E% ;=EGFEH% :;% GE=:D;DFV8% F=% 9;8:BE% E% F=?% ?T8=?S?H% E% :;% 8:% 8=D89?T8=D8% ;=E@8=W :;UEP% ,E%U?A8% A?% C8=?%8=D9?9%?]FY%?%8M?T;=?9%A?:% ;==FT89?ZA8:%U?9;?G;E=8:%V% TE>;@;G?G;E=8:% >8%8:D?%>;:D;=G;<=% ?=D9ECEA<B;G?%8=D98%8A% Z;8=% V%8A% T?AP% 1?% dT?A>?>e% CF8>8%8=D8=>89:8%GETE%GE99FCG;<=H% >8Z;A;>?>H% GEZ?9>Y?H% 8:DFC;W >8SH% E% D?TZ;c=% GETE%d:?AU?`;:TEeH% ;=:D;=DEH% U;D?A;>?>H% ;99?G;E=?A;>?>H%8DGPi% A?% dZE=>?>e% :89a% GE998A?D;U?T8=D8% 9?G;E=?A;>?>H% C89@8GD;Z;A;>?>H% >FGD;A;W >?>H% 8>FG?Z;A;>?>H% C?GY@;G?% :;TC?DY?H% 8DGP% ":% AA?T?D;U?% A?% @?G;A;>?>% GE=% A?% ]F8% A?:% @aZFA?:% :EZ98% ?=;T?A8:% :8% >8`?=% ;=D89C98D?9%8=% F=% :8=D;>E% CEAYD;GEi% G?:;% DE>?:% CF8>8=% 98A?G;E=?9:8%GE=% ?ABF=?% :;DF?G;<=% CEAYD;G?%?GDF?Aj% 8A% C9EW ZA8T?%>8%A?%d?B98:;<=e%8=%A?%>8A%AEZE%V%8A%GE9>89Ei%A?%GF8:D;<=%>8%A?%GFAC?%8=% A?%@aZFA?%>8%1?%mE=D?;=8%:EZ98%A?%C8:D8H% A?%GFAC?%>8%A?%GF?A% =?DF9?AT8=D8%:8% \?G8%G?89%:EZ98%8A% ?:=Ei% A?%GF8:D;<=%>8% A?%`F:D;G;?%8=D98%":D?>E:%8=% A?:%@aZFW A?:% :EZ98% ?:?TZA8?:% >8% ?=;T?A8:i% A?% GF8:D;<=% >8A% >8:?9T8% 8=% 8A% >;:GF9:E% 8A8GDE9?A% >8% +\F9G\;AA% 8=% EGDFZ98% >8% '(*[H% >E=>8% :8% TF8:D9?% G<TE% G?>?%


[[%

+?9A% 4G\T;DD%

?=;T?A% C98:8=D?% :F:%>;8=D8:H% B?99?:%E%GF89=E:% GETE% T8>;E:%?A% :89U;G;E%>8A% T?=D8=;T;8=DE%>8% A?% C?Si% AE:% C8G8:%B9?=>8:% ]F8% :8%GET8=% ?% AE:% C8G8:%G\;W GE:H%8DGPPP% !E>E%8:DE%:8%8MCA;G?%CE9%A?%8:D98G\?%GE=8M;<=%8=D98%A?%?=D9ECEAEW BY?% CEAYD;G?% V% AE% ]F8% AE:% @;A<:E@E:% CEAYD;GE:% >8A% MU=% LoEZZ8:H% 4C;=ES?H% .FW @8=>E9@@N% AA?T?Z?=%8A% d":D?>E%=?DF9?AeH% A?%:;DF?G;<=%8=% A?%]F8%U;U8=%AE:%>;W U89:E:% ":D?>E:%8=D98%:YH%V%]F8% AE%8:%>8%C8A;B9E%V% ?T8=?S?%GE=:D?=D8:H% TED;W UE% CE9%8A% GF?A% AE:%:F`8DE:% ]F8% ?GDb?=% 8=% :F% :8=E% :E=% dT?AE:e% ;BF?A% ]F8% AE:% ?=;T?A8:%]F8%AE%\?G8=% TEU;>E:%CE9%:F:%;=:D;=DE:%L\?TZ98H% 9?C?G;>?>H% T;8W >EH% G8AE:NP% .E9%8:EH% C?9?% A?:%GE=:;>89?G;E=8:% ]F8% :8% 8:Da=% \?G;8=>E% ?]FYH% =E%D8=8W TE:% =8G8:;>?>% >8% 8G\?9% T?=E% >8% A?% :;BF;8=D8% >;:D;=G;<=% >8% &;AD\8V% L4G\9;@D8=% 66H% '('IH% CP% )'Nj% d48Bb=% n?]F;?U8AE% 8A% \ETZ98% =E%8:% T?AE% CE9% =?DF9?A8S?P% 5ABb=% C?:?`8%8=% cA% C?98G8% ?@;9T?9AEPPP% .89E% AE% ]F8% ]F;898%>8G;9% F=?% V% ED9?% U8S%8:% ]F8% 8A% \ETZ98% CE:88% F=?% ;998:;:D;ZA8% ;=GA;=?G;<=% ?% C?:?9% >8A%>8:8E%?A% T?AH%:;% =E%\?V%?ABE%]F8%AE%8:DE9Z8j% ?=;T?A;>?>H% ;=:D;=DEH%?@8GDE% GE=:D;DFV8=% 8A% =bGA8E%>8% A?% =?DF9?A8S?% \FT?=?H% V%Ta:% ?b=% 8A% ?TE9%V%8A% D8W TE9P% n?]F;?U8AE% 98:FAD?% ;=?BED?ZA8% 8=% :F:% EZ:89U?G;E=8:% C:;GEA<B;G?:% :EW Z98%8A% `F8BE%>8% AE:%?@8GDE:PPP% ":% >8%8:D8% 9?:BE%@F=>?T8=D?A% >8% A?% =?DF9?A8S?% \FT?=?%>8%>E=>8%cA%8MD9?8%A?% A8V%@F=>?T8=D?A%>8%DE>?%U;>?%CEAYD;G?Pe% nFV% ?G89D?>?T8=D8% >;G8% ">P% 4C9?=B89%8=% 8A% G?CYDFAE%d"A% \ETZ98% >8% CE>89e%>8% :F:% dmE9T?:% >8% U;>?ej% d":% =?DF9?A% ]F8% C?9?% 8A% CEAYD;GE% A?%G;8=G;?% >8A% \ETW Z98% EGFC8%8A% C9;T89%CA?=E%>8%:F% ;=D89c:Pe% n8% C?98G8%:;=%8TZ?9BE%]F8%?]FY% 4C9?=B89% 8=D;8=>8% 8:8% ;=D89c:% >8T?:;?>E% F=;A?D89?AT8=D8% GETE% ;=D89c:% DcG=;GE% CE9%8A% T?=8`E% DaGD;GE% >8A% dT8G?=;:TE% ;=:D;=D;UE%>8% AE:% \ETZ98:eP% "=% 8A% >8:?99EAAE% FAD89;E9% >8% 8:8% T;:TE% G?CYDFAEH% D?=% 8MD9?E9>;=?9;?T8=D8% @8GF=>E%8=% ;>8?:%V%EZ:89U?G;E=8:H%:8%98GE=EG8=%D?TZ;c=% F=?%V%ED9?%U8S%AE:% @8=<T8=E:%8:C8GY@;G?T8=D8%CEAYD;GE:H%V%A?%8M;:D8=G;?A;>?>%DE>?%>8%AE%CEAYD;W GEH%8=% @E9T?%?Z9FT?>E9?T8=D8%G89G?=?P% .E9%8`8TCAE%:F%@9?:8%dA?%>;B=;>?>% >8A% AA?T?>E%Ä\ETZ98% >8% CE>89Ä% C?98G8%G98G89%GE=% :F%8:@89?%>8% ;=@AF8=G;?e% \?G8% 98@898=G;?%?%F=%@8=<T8=E%]F8%D;8=8%:F% :8>8%8=% A?%8:@89?%>8%AE%CEAYD;GE% V% ]F8H% CE9% AE% T;:TEH% :<AE% CF8>8% :89% 8=D8=>;>E% CEAYD;G?T8=D8H% GETE% G?:E% >8% ?CA;G?G;<=%>8% A?% D8:;:%>8% ]F8%8A% CF=DE%>8% AE% CEAYD;GE%:8%>8D89T;=?%:8Bb=% A?% ;=D8=:;>?>%>8A% >;:D?=G;?T;8=DE%CE9%8A% ]F8% :8%E9;8=D?=% A?:% ?:EG;?G;E=8:%V% >;:EG;?G;E=8:%]F8%T?9G?=% A?%C?FD?i%D?TCEGE%A?%@<9TFA?%\8B8A;?=?%>8A%UF8AW GE% >8% A?% G?=D;>?>% ?% A?% GF?A;>?>% CF8>8% 8=D8=>89:8% Ta:% ]F8% GETE% CEAYD;G?% LG@9P% =ED?% :EZ98% o8B8A% 8=% CP% J*NP% oP% .A8::=89H% 8A% C9;T89% @;A<:E@E% TE>89=E% ]F8% :8% \?% ?D98U;>E% ?% TE=D?9% F=?%?=D9ECEAEBY?%CEAYD;G?%>8%?ADF9?%L8=% :F%A;Z9E#5,&20#'"(#*%"/&28+&2%#B,0'$4# _89AY=H% '()'NH% >;G8% GE=% DE>?% 9?S<=% ]F8% =E% 8M;:D8% @;AE:E@Y?% =;% ?=D9ECEAEBY?% ]F8%G?98SG?%>8%98A8U?=G;?%CEAYD;G?H%>8A% T;:TE%TE>E%]F8%=E%8M;:D8%D?TCEGE% =;=BF=?%CEAYD;G?% @;AE:<@;G?T8=D8% ;998A8U?=D8i% 98GE=EG8%8=%C?9D;GFA?9%]F8%A?% @;AE:E@Y?%V%A?%?=D9ECEAEBY?H%GETE%@E9T?:%>8%:?Z89%]F8%:8%98@;898=%?%A?#0)0,8+C (,(4% V%?%>;@898=G;?%>8% A?:%>;:G;CA;=?:%]F8%:8% A;T;D?=% ?%daTZ;DE:e%>8D89T;=?W >E:H% =E%CF8>8=%=8FD9?A;S?9:8%@98=D8%?%>8G;:;E=8:%U;D?A8:%d;99?G;E=?A8:eP% .?9?%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

[(%

.A8::=89% A?%G?9?GD89Y:D;G?% C9;T?9;?%>8A% \ETZ98% 98:;>8%8=% ]F8%8:%dF=% :89%]F8% :8%>;:D?=G;?eH%V%]F8%8=%:F%8:8=G;?%C89T?=8G8%;=>8D89T;=?>EH% ;=8:G9FD?ZA8%V% dGF8:D;<=% ?Z;89D?eP% !9?>FG;>E% 8:DE% ?A% A8=BF?`8% ;=B8=FE% V% C9;T;D;UE% >8% A?:% ?=D9ECEAEBY?:% CEAYD;G?:% ]F8% D9?Z?`?=% GE=% A?% >;:D;=G;<=% 8=D98% dZF8=E% V% dT?AEeH% 8:?% d?C89DF9?% C89T?=8=D8e% V% >;=aT;G?% >8% .A8::=89H% GE=% :F% G89G?W =Y?% ?% A?:% GE:?:% V% ?% A?% 98?A;>?>% V% :F% >;:CE:;G;<=% ?% ?99;8:B?9% ?ABEH% V?% CE9% 8A% T89E% \8G\E% >8% D8=89% F=?% 98A?G;<=% CE:;D;U?% GE=% 8A% C8A;B9E% E% GE=% AE% C8A;B9EW :E%>8Z89Y?%G?89%Ta:%G89G?%>8A%dT?Ae%]F8%>8A%Z;8=P% +E=GF89>?%GE=%8:DE%8A% \8W G\E%>8%]F8%D?TZ;c=% o8B8A% V% ,;8DS:G\8%8:Dc=%>8A% A?>E%dT?AEeH%V%]F8H%8=%@;=H% 8A% dCE>89e%8=% B8=89?A% :8?% ?ABE% T?AE% L:8Bb=% A?% @?TE:?% @9?:8%>8% _F9Gs\?9>DH% ]F8% >8% DE>E:% TE>E:% D?TCEGE% 8:% ;=8]FYUEG?NP%

3?%:8% \?%:8^?A?>E%8=% Ta:%>8%F=?%EG?:;<=%]F8%`F:D?T8=D8%A?%ECEW :;G;<=%8=D98% A?:% AA?T?>?:% D8E9Y?:%?FDE9;D?9;?:%V%?=?9]F;:D?:%CF8>8% 98W D9ED9?89:8% ?% 8:D?:% @<9TFA?:*'P% .?9D8% >8% A?:% D8E9Y?:% V% GE=:D9FGG;E=8:% ]F8%C98:FCE=8=%]F8%8A% \ETZ98%8:%dZF8=Ee%8=%A?%@E9T?%V?%8=F=G;?>?% :E=% A;Z89?A8:% V% :8% E9;8=D?=% CEAcT;G?T8=D8% GE=D9?% A?% ;=`898=G;?% >8A% ":D?>EH% :;=% CE9% 8:E% :89% C9EC;?T8=D8% ?=?9]F;:D?:P% "=% 8A% G?:E% >8A% ?=?9]F;:TE% CF9E% 98:FAD?%8U;>8=D8% \?:D?% ]Fc% CF=DE% A?% @8%8=% A?%dZE=W >?>% =?DF9?Ae% 8:Da% 8=% GE=8M;<=% GE=% A?% =8B?G;<=% 9?>;G?A% >8A% ":D?>EH% ]F8%A?%F=?%>89;U?%>8%A?%ED9?%V%?TZ?:%:8%?CEV?=%98GYC9EG?T8=D8P% .?9?% AE:%A;Z89?A8:%8=%G?TZ;E%A?%ZE=>?>%>8A% \ETZ98%=E%8:%ED9?%GE:?%]F8%F=% ?9BFT8=DE% GE=% GFV?% ?VF>?% :8% CE=8% 8A% ":D?>E% ?A% :89U;G;E% >8% A?% d:EW G;8>?>eH% V% =E% ]F;898% >8G;9% :;=E% ]F8% A?% :EG;8>?>% CE:88% F=% C9EC;E% E9>8=% 8=% :Y% T;:T?% V% ]F8%8A% ":D?>E% A8% 8:Da% :FZE9>;=?>Ei% 8AA?% AE%GE=W D9EA?%GE=%Ta:%>8:GE=@;?=S?%]F8%ED9?%GE:?H%V% AE%:F`8D?%?%AYT;D8:%8:D9;GW DE:P% 1?% @E9TFA?G;<=% GAa:;G?% >8% 8:D?% ;>8?% :8% 8=GF8=D9?% 8=% !\ET?:% e,+"%b%A?%:EG;8>?>#X/)&+%0IY%8:%8A% 98:FAD?>E%>8%A?%98BFA?G;<=% 9?G;E=?A%>8% =F8:D9?:% =8G8:;>?>8:H%8A% ":D?>E#X-)J%$"*%"0Y%8:%8A% 98:FAD?>E%>8% =F8:W D9E:% U;G;E: **P% "A% 9?>;G?A;:TE% \E:D;A% ?A% ":D?>E%G98G8%8=% A?% T;:T?% T8W >;>?%]F8%A?%@8%8=%A?%ZE=>?>%9?>;G?A%>8%A?%=?DF9?A8S?%\FT?=?P% "A% A;Z8W 9?A;:TE%ZF9BFc:%=E%@F8%=F=G?%9?>;G?A%8=%F=%:8=D;>E%CEAYD;GEP% .89E%8:% 8U;>8=D8% ]F8% :F:%=8B?G;E=8:%>8A% ":D?>E%V%>8% AE%CEAYD;GEH% :F:% =8FD9?W A;S?G;E=8:H% >8:CEA;D;S?G;E=8:% V% >8GA?9?G;E=8:% >8% A;Z89D?>8:% CE:88=% 96

$ +,-'.'*/0"$ 30",-,&'"F' :;AAI' @@E' cB' =' 99E]$ !'"$ !'Q.?.=#F' @@E' ;I' :B;I' ::A' =' 99EI' :A\I' :Z>E' AA ' dP(E$!'"$!'Q.?.=#F$,E2$/'.2F'@E' ::ZE'H,'P&(/$%,2)3+'10%'!()F$+'1$'@0$@%0'10'Y,L F0$P-'!&$#0')+9#)#$#)&+'J$)' +0'9$@@&90'@,9' %0'@0$@%0'F&+'0#'%0'/,*)9#(,#'2&(($@#)F%0' EEE' e09'2&+10+,F%0f' +&'09'%)F0(,%I'9)+&'J$0'@&900'0%'90+#)1&'10' %,' )10+#)1,1'10/&2(GL #)2,' 10' *&F0(+,+#09' =' *&F0(+,1&9E'


(Q%

+?9A% 4G\T;DD%

D?TZ;c=% F=% :8=D;>E% CEAYD;GE% >8D89T;=?>E% V% :8% E9;8=D?=% CEAcT;G?W T8=D8H% 8=% 8A% T?9GE% >8% F=?% G;89D?% :;DF?G;<=H% GE=D9?% F=% >8D89T;=?>E% ":D?>E%V%:F%CE>89%CEAYD;GEP% 1E%]F8%EGF998%8:%]F8%8=% 98?A;>?>% =E%:E=% F=?%U89>?>89?%D8E9Y?%>8A% ":D?>E% =;%F=?% ;>8?%CEAYD;G?P% .F8:%:;%Z;8=%8:% G;89DE% ]F8% 8A% A;Z89?A;:TE% =E% \?% =8B?>E% 9?>;G?AT8=D8% 8A% ":D?>EH% =E% AE% 8:% T8=E:% ]F8% D?TCEGE% \?% \?AA?>E% F=?% D8E9Y?% CE:;D;U?% =;% F=?% 98W @E9T?% C9EC;?% >8A% ":D?>EH% :;=E% ]F8% D?=% :<AE% \?% C9EGF9?>E% U;=GFA?9% AE% CEAYD;GE% ?% F=?% cD;G?% V% :ET8D89AE% ?% AE% 8GE=<T;GEi% \?% G98?>E% F=?% >EGD9;=?%>8% A?%>;U;:;<=% V%8]F;A;Z9;E%>8% AE:%dCE>898:eH%8:DE%8:H% F=% :;:W D8T?% >8% D9?Z?:% V%GE=D9EA8:%>8A% ":D?>E% ]F8% =E%8:% CE:;ZA8% G?A;@;G?9%>8% D8E9Y?% >8A% ":D?>E% E% >8% C9;=G;C;E% >8% GE=:D9FGG;<=% CEAYD;G?P% "=% GE=:8GF8=G;?% ]F8>?%8=% C;8% F=% \8G\E% :;=% >F>?% =ED?ZA8% V%]F8% =E%>8`?9a%>8% ;=]F;8D?9%?% TFG\E:j% ]F8%DE>?:% A?:%D8E9Y?:%CEAYD;G?:%C9EW C;?T8=D8%>;G\?:%C98:FCE=8=%]F8%8A% \ETZ98%8:%dT?AEeH%V%AE%GE=:;>8W 9?=% GETE% F=% :89%=E%:<AE%C9EZA8TaD;GE%:;=E%dC8A;B9E:Ee%V%>;=aT;GEP% ,E%8:%>;@YG;A% >EGFT8=D?9%8:D?% CE:;G;<=% 8=% G?>?%F=E%>8% AE:% C8=:?>EW 98:% 8:C8GY@;G?T8=D8% CEAYD;GE:P% .E9% TFV% >;U89:E:% ]F8% :8?=% 8A% D;CEH% 8A% 9?=BE% V% A?% :;B=;@;G?G;<=% \;:D<9;G?% >8% 8:E:% C8=:?>E98:H% 8=% A?% T8>;>?% 8=% ]F8% :E=% C8=:?>E98:% 8:C8GY@;G?T8=D8% CEAYD;GE:H% 8:Da=% DE>E:% >8% ?GF89>E%8=%GE=G8Z;9%A?%=?DF9?A8S?% \FT?=?%GETE%GE:?%C9EZA8TaD;G?P% _?:D?9a% GE=% T8=G;E=?9% ?]FY% AE:% =ETZ98:% >8% n?]F;?U8AEH% oEZZ8:H% _E::F8DH% m;G\D8% LGF?=>E%>8`?%>8%A?>E%:F% ;>8?A;:TE%\FT?=;D?9;ENH% &8% n?;:D98H% &E=E:E%+E9Dc:H% oP% !?;=8i% V%D?TZ;c=% o8B8AH%]F8%8=%8:DE% =E% >8`?% >8% TE:D9?9% >8% U8S% 8=% GF?=>E% :F% >EZA8% @?SP% ,E% EZ:D?=D8% o8B8A% :8% T?=D;8=8%8=% DE>E% TET8=DE%GETE% CEAYD;GE%8=% 8A% T8`E9% >8% AE:% :8=D;>E:P% !?TZ;c=% ?]FcAAE:% >8% 8=D98% :F:% 8:G9;DE:% ]F8% :8% EGFW C?=%>8%GF8:D;E=8:%?GDF?A8:%>8%:F%TET8=DEH%8=%C?9D;GFA?9%V%:EZ98%DE>E%8A%B8W =;?A%8:G9;DE%>8%`FU8=DF>%d1?%+E=:D;DFG;<=%>8% 5A8T?=;?eH%=E%:E=%:;=E%>EGFW T8=D?G;<=% A<B;G?%V% =?DF9?A% h]F8%=E%C;89>8%=?>?%>8%:F%D9?=:C?98=G;?%CE9W ]F8%?]FY%E%?AAa%TF8:D98%?G;89DE:%E%899E98:%8@YT89E:h%>8%A?%U89>?>%@;AE:<@;W G?% >8% ]F8% DE>E% 8:CY9;DF% 8:% 8:CY9;DF% ?GDF?AH% C98:8=D8H% =E% ?ABE% ]F8% \?V?% >8% ZF:G?9:8% E% 8=GE=D9?9:8% 8=% F=?% 98C98:8=D?G;<=% Z?99EG?% E% 8=% F=?% GE?9D?>?% 9ETa=D;G?P% ":D8%8:%8A#2+&#_2)('/%\8B8A;?=EH% V%c:D?% A?%?FD8=D;G;>?>%>8%F=?% @;W AE:E@Y?%]F8%=E%:8%?Z?=>E=?%?%A?%T89?%@?Z9;G?G;<=%>8%98>8:%>8%C8:G?%;=D8A8GW DF?A% >8:>8% F=?%dCF98S?% ?CEAYD;G?e%]F8%8:% CF9E%V%:;TCA8%?CEA;D;G;:TEP% !?TW Z;c=% 8:% >8% G?9aGD89% 8:C8GY@;G?T8=D8% CEAYD;GE% :F% >;?AcGD;G?% >8A% C8=:?9% GE=W G98DEP% 1?% D?=D?:% U8G8:% G;D?>?% @<9TFA?%>8A% :?ADE%>8% A?%G?=D;>?>% ?% A?%GF?A;>?>% CE:88% F=% :8=D;>E% ;=>8@8GD;ZA8T8=D8% CEAYD;GE%V%8MC98:?%8A% GE=EG;T;8=DE%>8% ]F8%>8:>8%GF?A]F;89%daTZ;DE%>8%A?%98?A;>?>e%:8%AA8B?%?A%CF=DE%>8%AE%CEAYD;GEH% V%GE=%8AAE%?%F=?%;=D8=:;>?>%GF?A;D?D;U?T8=D8%=F8U?%>8%A?%@E9T?%\FT?=?%>8% ?B9FC?9:8P%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

('%

"=% 8A% :;BAE% M;M% 8A% G?:E% ?A% ]F8% :8% ?CA;G?% 8:?% @9?:8% 8:% 8=% 9;BE9% 8A% aTZ;DE% 8GE=<T;GEi% 8=% 8:8% aTZ;DE% d?FD<=ETEeH% C98:F=D?T8=D8% =8FD9?A% 8=% GF?=DE% ?% AE%CEAYD;GEH%]F8%89?% A?%d8GE=ETY?e%8:DFUE%C9E>FG;c=>E:8%>8%GE=D;=FE%8:8% :?ADEH% A?% D9?=:@E9T?G;<=% 8=% CEAYD;GE%>8% AE% \?:D?%8=DE=G8:% ?CEAYD;GE%V% CF9?W T8=D8% dEZ`8D;UEeP% 1?% CE:8:;<=% 8GE=<T;G?% CE9% 8`8TCAEH% ?A% ?AG?=S?9% F=% >8W D89T;=?>E# H',"0'*H% :8% GE=U89DY?% GE=% DE>?% 8U;>8=G;?% 8=#>)(%$% d:EG;?Ae% LE% Ta:%GE998GD?T8=D8H%8=% CE>89%CEAYD;GENH% A?#>$)>$+N0N#/%4%\?G8#>)'J)+$H%A?%ECE:;W G;<=% >8% GA?:8:H% TED;U?>?% ?A% GET;8=SE% :<AE% :EG;?AT8=D8H% :8% D9?=:@E9T<% 8=% 8'&2,% >8% GA?:8:% 8=D98% B9FCE:% \E:D;A8:P% ":% D?TZ;c=% 8=% o8B8A% >E=>8% :8% 8=W GF8=D9?%A?%C9;T89?%>8@;=;G;<=%CEAcT;GEWCEAYD;G?%>8A%ZF9BFc:%GETE%8A% \ETW Z98% ]F8% =E%>8:8?% ?Z?=>E=?9%A?%8:@89?%>8%AE%C9;U?>EH%GETE%?CEAYD;G?%V% A;Z98% >8%9;8:BE:H%]F8%8=%A?%CE:8:;<=%V%8=%A?%`F:D;G;?%>8%A?%CE:8:;<=%C9;U?>?%:8%GETW CE9D?%GETE% ;=>;U;>FE%@98=D8% ?A% DE>EH% ]F8% \?AA?% A?%:F:D;DFG;<=% V%GETC8=:?W G;<=%>8%:F%=FA;>?>%CEAYD;G?%8=%AE:%@9FDE:%>8%A?%C?S%V%>8%A?%?>]F;:;G;<=%>8%Z;8W =8:%V%:EZ98%DE>E%d8=%A?%C89@8GD?#/%-'$+(,(%>8A%>;:@9FD8%>8%AE:%T;:TE:eH%V%]F8H% GETE% GE=:8GF8=G;?% >8% AE% ?=D89;E9H% ]F;898% ]F8>?9%8M;T;>E%>8% A?% =8G8:;>?>% >8% :89% U?A89E:E% V% >8% AE:% C8A;B9E:% >8% F=?% TF89D8% U;EA8=D?# X#U+//%"/&2,G08+&2%# a%2,"(8'"-%"# (%/# B,0'$$%&20/4% '[Q*H% ">P% 1?::E=H% CP% )[)H% 2AEGs=89H% 6H% CP% I((NP% .E9%FAD;TE%o8B8A% =E:%C9ECE9G;E=?%D?TZ;c=%F=?%>8@;=;G;<=%>8A#%"%*+-)4# ?ABE%]F8% AE:% C8=:?>E98:%>8% A?% ">?>% nE>89=?%D;8=>8=% Ta:%Z;8=% ?%8U;D?9j% 8A% 8=8T;BE%8:% A?%>;@898=G;?%cD;G?# X/+008+&2Y% L=E%8=% 8A% :8=D;>E% TE9?AH% :;=E%GETE% C8=:?>?%>8:>8%A?%dU;>?%?Z:EAFD?e%8=% AE%d8D89=E%>8A% CF8ZAEeNH%>;@898=G;?%]F8% GE=:D;DFV8%AE%?`8=E%]F8%\?%>8%:89%=8B?>E%8=%:F%DED?A;>?>%U;U?P% d!?A%>;@898=W G;?%8:%8A%8=8T;BEH%V%A?%>;@898=G;?H%GE=D8TCA?>?%GETE%98A?G;<=H%8:%?A% T;:TE% D;8TCE% ECE:;G;<=% >8A% :89% ?% AE:% ECF8:DE:H% 8:% A?% =?>?% >8A% 8=8T;BEH% V% 8:D?% =?>?H% ?D9;ZF;>?% CE9% ;BF?A% ?% ?TZE:% CEAE:H% 8:% 8A% C8A;B9E%>8% A?% AFG\?P% .?9?% AE% cD;GE% 8:D8% 8=8T;BE% :<AE% CF8>8% :89% F=% 8=8T;BE% >8A% CF8ZAEH% V% ?% :F% U8S% =E% CF8>8% :89% :;=E% F=% CF8ZAEP% 3% CE9]F8% ?]FY% :8% TF8:D9?% A?% :;=BFA?9;>?>H% 8:% C?9?%8A% CF8ZAE%GETE%8A% ;=>;U;>FE%:8%8=D98B?%?A% C8A;B9E%>8%A?%TF89D8Pe%d":D?% BF899?%=E%AE%8:%>8%@?T;A;?:%GE=D9?%@?T;A;?:H%:;=E%>8%CF8ZAE:%GE=D9?%CF8ZAE:H% V%GE=%8AAE%8A%E>;E%]F8>?%;=>;@898=G;?>E%8=%:Y%T;:TEH%A;Z98%>8%DE>?%C89:E=?W A;>?>Pe% o?Z9Y?% ]F8% C98BF=D?9:8% GFa=DE% D;8TCE% 98:;>;<% 98?AT8=D8% 8=% _89AY=% 8A% 8:CY9;DF%>8% o8B8AP% "=% GF?A]F;89%G?:E% A?% D8=>8=G;?%]F8% :8% ;TCF:E%8=% .9F:;?% >8:>8% '[IQ% C98@;9;<% \?G89:8% EZ:8]F;?9% GE=% F=?% @;AE:E@Y?% dGE=:89U?>E9?e% >8A% ":D?>EH% A?%>8% m9;8>9;G\%uFA;F:% 4D?\AH% T;8=D9?:%]F8% o8B8A% 8TC98=>;<%:F% C898B9;=?G;<=H% ?% D9?Uc:%>8% n?9M% V% >8% 18=;=H% \?G;?% nE:GbP% 5AAY% :F% TcDE>E% >;?AcGD;GE% 98U8A<% :F% @F89S?% GE=G98D?% 8=% F=% =F8UE% GE=G8CDE% GE=G98DE% >8A% 8=8T;BEH% 8A% >8A% 8=8T;BE% >8% GA?:8H% V% AE% D9?=:@E9T<% DE>EH% ?% :Y% T;:TE% h?A% TcDE>E%>;?AcGD;GEhH%A?%A8B?A;>?>%V%A?%;A8B?A;>?>H%8A%":D?>EH%;=GAF:E%8A%GETW C9ET;:E%GE=%8A%?>U89:?9;EH%8=%F=%d?9T?e%>8%8:?%AFG\?P% ":%8=%28E9B%1FsaG:% lS+/0)$+,I#&)"&+%"&+,#(%#&8,/%4% '()*H% 18=;=H% '(*IN% >E=>8% A?%?GDF?A;>?>%>8% o8W B8A% TF8:D9?% :F% TaM;T?%U;D?A;>?>P% 1FsaG:%G;D?%D?TZ;c=% F=%>;G\E%>8% 18=;=H%


(*%

+?9A% 4G\T;DD%

?D9;ZF;>E% CE9%c:D8%?% o8B8AH% =E% :EZ98% A?:%GA?:8:% :;=E%:EZ98% A?% F=;>?>% CEAYD;G?% >8% F=% CF8ZAE%8=% AFG\?j% d1?:% C89:E=?:eH%>;G8% 18=;=H% d]F8%8=D;8=>8=% A?%CEAYW D;G?% GETE% C8]F8^E:% D9FGE:% ]F8% 8=% EG?:;E=8:% A;=>?=% GE=% 8A% 8=B?^EH% D;8=8=% ]F8% :89% 98:F8AD?T8=D8% 98G\?S?>?:% CE9% =E:ED9E:P% ,E% :8% CF8>8% 8=B?^?9% ?% A?:% GA?:8:eP%

1?% GF8:D;<=% =E% :8% 98:F8AU8%GE=% G?A;@;G?G;E=8:%C:;GEA<B;G?:%GETE% dECD;T;:TEe% V% dC8:;T;:TEei% V% D?TCEGE% :8% AA8B?% ?% =;=BF=?% C?9D8% GE=% D89B;U89:?G;E=8:%GETE%A?%>8A% ?=?9]F;:TEH% ]F8%:E:D;8=8%]F8% :<AE% :E=% T?AE:% AE:% \ETZ98:% ]F8% GE=:;>89?=% T?AE% ?A% \ETZ98H% V?% ]F8% A?% GE=:8GF8=G;?% 8:% ]F8% AE:% ]F8% AE% GE=:;>89?=% ZF8=EH% 8:DE% 8:H% AE:% ?=?9W ]F;:D?:H% ]F8>?=% ?:Y% @?GFAD?>E:% C?9?% 8`89G89% ?ABF=?% GA?:8% >8% >ET;=;E% E%GE=D9EA% :EZ98% AE:% T?AE:H%GE=% AE%]F8%8A% C9EZA8T?%GET;8=S?%>8% =F8W UEP% 1E%]F8%\?V%]F8%\?G89H% CE9%8A%GE=D9?9;EH%8:%:89%GE=:G;8=D8%>8%\?:W D?% ]Fc% CF=DE% :E=% >;U89:E:% AE:% :FCF8:DE:% d?=D9ECEA<B;GE:e% ]F8% :FZW V?G8=% ?% G?>?% aTZ;DE%>8A% C8=:?T;8=DE% \FT?=EP% -=%C8>?BEBE% :8%8=W GF8=D9?%Z?`E%A?%=8G8:;>?>%T8DE>EA<B;G?%>8%D8=89%?A% \ETZ98%CE9%8>FW G?ZA8% V% :F:G8CD;ZA8% >8% 98G;Z;9% F=?% @E9T?G;<=P% -=% `F9;:D?%>8% >898G\E% C9;U?>E%C?9D8%>8A% ?@E9;:TE#'"'/#H'+/H'%#>$,%/'*+0'$#M)"'/*)P% -=%D8<AEW BE% >8`?9Y?% >8% :89AE% :;% >8`?:8% >8% D8=89% ?A% \ETZ98% CE9% C8G?T;=E:E% V% C98G;:?>E%>8%98>8=G;<=H%V%=E%@F8:8%V?%G?C?S%>8%>;:D;=BF;9%8=D98%98>;W T;>E:% V% CE9% 98>;T;9H% 8=D98% 8A8B;>E:% V% =E% 8A8B;>E:H% T;8=D9?:% ]F8% 8A% TE9?A;:D?%C98:FCE=8%]F8%8M;:D8%A;Z89D?>%>8%8A8GG;<=%8=D98%8A%Z;8=%V%8A% T?A*IP% 3% >8:>8% 8A% TET8=DE%8=% ]F8% A?% 8:@89?% >8% AE% CEAYD;GE% :8% >8D89W A\

' <%'%)F0(,%'Y%$+#92D%)I$A"0#"$5,:$:,)"#1"1$C.??.'``I'o.&%)#)U',%9't)990+92D,P#pI' [#$##*,(#I' :>SbI' @E' cc;I' &@&+0' ,' %,' #0&(",' 10' %&9' @,(#)1&9' 10' [#,D%' J$0' %,'N$()9@($L 10+2),'e10' %,'J$0'@&('2)0(#&'+&'D,20'2$09#)3+'0+' +)+*O+'/&/0+#&'0+'09#,'#0&(",'10' %&9' @,(#)1&9f' +&'@,(#0'10' %,' /,%1,1'10'%&9' D&/F(09I' 9)+&'10' %,'o(0*%,'10'&(&'10%'N$L ()9#,p$f='5'*E#?"*=:'.=#$D,1=*F'0+'#,+#&'J$0'[#,D%'D,20'9$=,'%,',2#)#$1'#0&%3*)2,'10'9)L #$,('0+' %,' 2$/F(0'10' 9$' ,(*$/0+#,2)3+' %,'2&+1)2)3+' @02,1&(,'10' %&9' D&/F(09E's$L ()9@($10+2),' 09' @,(,' Y%$+#92D%)' +,#$(,%/0+#0' @(&2010+2),' 10%' 10(02D&' 2)8)%' e2P(E' *=E#?F' +&#,' :fE' H,'(0*%,'10'&(&'10%'N$()9#,'#)0+0'9$'90+#)1&'0+'%,'(0*$%,2)3+'10'%,'2,(L *,' 10' %,' @($0F,]' @(09$@&+0' @&(' %&'10/G9' %,' 0n)9#0+2),'10' $+' <9#,1&'J$0' D,'@$09#&' %,9'o2&+1)2)&+09'0n#0(+,9'10' %,' /&(,%)1,1p'@&(' /01)&'10' $+' &(10+,/)0+#&'@,2)P)L 2,1&'='*,(,+#)6,1&'P(0+#0',' %&9'@0%)*(&9'J$0'@$1)0(,+' ,/0+,6,(%&I'='J$0'D,'2(0,1&' $+,' 9)#$,2)3+' 10' +&(/,%)1,1' 10+#(&' 10' %,' 2$,%' 0%' D&/F(0' @$010' 90(' oF$0+&pE' AZ ' <+' %,'/01)1,'0+' %,'J$0'%,'#0&%&*",'90'2&+8)0(#0'0+'#0&%&*",'/&(,%I'@,9,','@()L /0('@%,+&'09#0'@$+#&'10'8)9#,'10' %,'%)F0(#,1'10'0%022)3+'='@,%)1020'%,'1&2#()+,'10'%,' @02,/)+&9)1,1' (,1)2,%'10%' 90('D$/,+&E' oW&/)+09' %)F0(&9'0990'0#'0%)*0+1)'P,2O%#,#0' @(,01)#&9]' +02' @(&)+10' J$&91,/' +,#$(,' F&+&9I' J$&91,/' +,#$(,' /,%&9pI' `(0+,0$9I' >,1.#?$0?"#"*"*'`jI'2E'\SI' ^)*+0'j``I'@E' :B;;E'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

()%

T;=?% 8=% bAD;T?% ;=:D?=G;?% CE9% A?% CE:;Z;A;>?>% 98?A% >8% ]F8% 8M;:D?% F=% 8=8T;BEH% A?:% 98C98:8=D?G;E=8:% V% ?9BFT8=D?G;E=8:% :EZ98% AE% CEAYD;GE% >;@YG;AT8=D8%CE>9Y?=% DET?9%GETE% CF=DE%>8%C?9D;>?%F=% dECD;T;:TEe% ?=D9ECEA<B;GEP% uF=DE% ?% A?% CE:;Z;A;>?>% >8A% 8=8T;BE% D8=>9Y?=% ]F8% 98W =F=G;?9% D?TZ;c=% ?% DE>?% GE=:8GF8=G;?% 8:C8GY@;G?T8=D8% CEAYD;G?P% 1?% GE=8M;<=% 8=D98% A?:% D8E9Y?:% CEAYD;G?:% V% AE:% >EBT?:% D8EA<B;GE:% GE=G89=;8=D8:% ?A% C8G?>EH% D?=% AA?T?D;U?% 8=% C8=:?>E98:% GETE% _E:W :F8DH% n?;:D98H% _E=?A>H% &E=E:E% +E9Dc:% V% mP%uP% 4D?\AH% C89E% ]F8% =E% 8:% T8=E:% EC89?D;U?% 8=% ED9E:% ;==FT89?ZA8:% D8<9;GE:H% :8% 8MCA;G?% CE9% A?% ?@;=;>?>% 8M;:D8=D8% 8=D98% AE:% :FCF8:DE:% >8% F=?:% V% ED9E:P% n;8=D9?:% A?% D8EAEBY?% =E%:8%>;AFV?%8=% F=?% T89?% TE9?A% =E9T?D;U?%E%8=% C8>?BEBY?H% V% T;8=D9?:% A?% >EBTaD;G?% =E% :8% ]F8>8% 8=% CF9?% >;:G;CA;=?H% 8A% >EBT?% D8EA<B;GE% @F=>?T8=D?A% >8A% G?9aGD89% C8G?T;=E:E% >8A% TF=>E% V% >8A% \ETZ98%EZA;B?H% ;BF?A%]F8%A?%>;:D;=G;<=%8=D98%?T;BE%V%8=8T;BEH%?%GA?W :;@;G?9%?% AE:% \ETZ98:H% ?%dDET?9%>;:D?=G;?eH% V% \?G8% ;TCE:;ZA8% 8A% ECD;W T;:TE% ;=>;:G9;T;=?>E% >8% F=% GE=G8CDE% >8A% \ETZ98% ;BF?A% C?9?% DEW >E:P% +A?9E%8:Da%]F8%8=% F=% TF=>E%ZF8=E%\?Z;D?>E%CE9%\ETZ98:%ZF8W =E:% BEZ89=?9Y?=% A?% C?SH% A?% :8BF9;>?>% V% A?% ?9TE=Y?% >8% DE>E:% GE=% DE>E:i%8=%cA% AE:%GF9?:%V%D8<AEBE:%\?9Y?=%D?=%CEG?%@?AD?%GETE%AE:%CEAYW D;GE:% V%8:D?>;:D?:P% 1?% :;B=;@;G?G;<=% ]F8% C?9?% A?% C:;GEAEBY?% ;=>;U;>F?A% V% :EG;?A% ?>]F;898% A?% =8B?G;<=% >8A% C8G?>E% E9;B;=?A% \?% :;>E% CF8:D?% >8% 98A;8U8% CE9%!9E8AD:G\% L8=% :F:#1)3+,88%2$%"#(%$#&2$+/08+&2%"#W+$&2%"Y% V%CE9% 48;AA;Ã…98% L8=% =FT89E:?:% CFZA;G?G;E=8:% :EZ98% 8A% 9ET?=D;G;:TE% V% AE:% 9ETa=D;GE:N% GE=%8A% 8`8TCAE%>8% TFG\?:%:8GD?:H% \898`8:H% 9ETa=D;GE:%V% ?=?9]F;:D?:P% tF8>?% CF8:% GA?9E%8A% =8ME% T8D<>;GE% ]F8%8M;:D8% 8=D98% AE:% :FCF8:W DE:%>8A% C8=:?T;8=DE%D8EA<B;GE%V%CEAYD;GEP% 1E%]F8%EGF998%8:%]F8%8A%:EW CE9D8% D8EA<B;GE% GE=D9;ZFV8% GE=% @98GF8=G;?% ?% 8TZ9EAA?9% AE:% GE=G8CW DE:% CEAYD;GE:H% V?% ]F8% ?GE:DFTZ9?% ?% >8:CA?S?9% DE>?% >;:D;=G;<=% ?A% >EW T;=;E% >8% A?% D8EAEBY?% TE9?AH% E% ?A% T8=E:% A?% GE=@F=>8% GE=% cAH% V% GE=% 8AAE% F=% G;89DE% @;GG;E=?A;:TE% =E9T?D;U;:D?H% E% C8E9% ?b=H% F=% ECE9DFW =;:TE% C8>?B<B;GEWC9aGD;GEH% ?G?Z?% CE9% 8=DF9Z;?9% 8A% GE=EG;T;8=DE% >8% AE:% 8=@98=D?T;8=DE:% 8M;:D8=G;?A8:P% !8<9;GE:% >8% A?% CEAYD;G?% GETE% n?]F;?U8AEH% oEZZ8:H% @98GF8=D8T8=D8% D?TZ;c=% m;G\D8H% AE% b=;GE%]F8% \?G8=% GE=% :F% dC8:;T;:TEe% 8:% C98:FCE=89% A?% 98?A;>?>% E% CE:;Z;A;>?>% 98?A%>8%A?%>;:D;=G;<=%8=D98%?T;BE%V%8=8T;BEP% "=%8:D8%:8=D;>E%\?V%]F8% 8=D8=>89%8=% oEZZ8:H% C8=:?>E9% CEAYD;GE% B9?=>8% V% :;:D8TaD;GE%>E=>8% AE:%\?V?H%8=%C9;T89%AFB?9H% A?%GE=G8CG;<=%dC8:;T;:D?e%>8A% \ETZ98i%8=% :8BF=>E% AFB?9H% :F% GE998GD?%GETC98=:;<=% >8%]F8% AE%]F8%>8:8=G?>8=?% A?:% Ta:% D899;ZA8:% \E:D;A;>?>8:% 8:% `F:D?T8=D8% 8A% ]F8% G?>?% F=?% >8% A?:%


(I%

+?9A% 4G\T;DD%

C?9D8:%8:Da%GE=U8=G;>?%>8%CE:889%A?%U89>?>H% A?%ZE=>?>%V%A?%`F:D;G;?i%V% @;=?AT8=D8H% 8=%D89G89%AFB?9H%]F8%8A#M%88'*%>8%DE>E:%GE=D9?%DE>E:% =E%8:% F=%8=B8=>9E%>8%F=?%@?=D?:Y?%EZG8G?>?%V%G9F8AH%=;%D?TCEGE%F=?%T89?% @;AE:E@Y?% >8%F=?%:EG;8>?>%ZF9BF8:?%]F8%:8%8:Da%GE=:D9FV8=>E%:EZ98%A?% Z?:8%>8% A?%A;Z98%dGETC8D8=G;?e%L!}==;8:NH%:;=E%]F8%:8%D9?D?%>8%C98:FW CF8:DE:% 8A8T8=D?A8:% >8% F=% :;:D8T?% >8% ;>8?:% 8:C8GY@;G?T8=D8% CEW AYD;GEP% +ETE%8:DE:%C8=:?>E98:% T?=D;8=8=% :;8TC98%?=D8%:F:%E`E:% A?%8M;:W D8=G;?A;>?>% GE=G98D?% >8% F=% CE:;ZA8% 8=8T;BEH% GE=% @8GF8=G;?% C9EGA?W T?=%F=%D;CE%>8% 98?A;:TE%G?C?S%>8%C9EUEG?9%8A% D899E9%8=% A?:%C89:E=?:% =8G8:;D?>?:% >8% :8BF9;>?>P% 4;=% ]F8989% ?\E9?% DET?9% C?9D;>E% 98:C8GDE% >8% A?% GF8:D;<=% >8% A?% >ED?G;<=% =?DF9?A% >8A% \ETZ98H% :8% CF8>8% ?@;9T?9% :;=% >F>?% ]F8% AE:% \ETZ98:% 8=% B8=89?AH% ?A% T8=E:% T;8=D9?:% A?% U;>?% A8:% 98:FAD?% :ECE9D?ZA8% E% T;8=D9?:% A8:% U?% Z;8=H% ?T?=% A?% ;AF:;<=% >8% F=?% ]F;8DF>% =E% ?T8=?S?>?% V% =E% :ECE9D?=% ?% AE:%dCa`?9E:%>8% T?A% ?Bk89EeP% 5:Y% CF8:% ?% AE:% ?>U89:?9;E:% CEAYD;GE:% >8% F=?% D8E9Y?% CEAYD;G?% GA?9?% =E% A8:% 98:FAD?% >;@YG;A% ECE=89:8% ?% F=% GE=EG;T;8=DE% V% >8:G9;CG;<=% GA?9E:% >8% AE:% @8=<T8=E:% V% >8% A?:% U89>?>8:% CEAYD;GE:H% >8:G?A;@;G?9AE:H% >8:>8% F=?% C89:C8GD;U?% GF?A]F;89?H% GETE% ;=TE9?A8:H% =E% 8GE=<T;GE:H% ?G;8=DY@;GE:H% V% :EZ98% DE>E% h]F8%8:% AE%]F8% ;TCE9D?% CEAYD;G?T8=D8h% >8GA?9?9AE:#2)$/C8,C8)+!%.! %*&#5*5! 52! )B1*%>;?Z<A;G?% ]F8% \?V% ]F8% GETW Z?D;9P% !?A% 8:%8A% >8:D;=E% ]F8% DFUE% n?]F;?U8AEH% 8A% GF?AH% :;% AA8B?% ?% :89% F=% T?]F;?U8A;:D?H% 8=% AFB?9% >8% 8:G9;Z;9# !8#>$7"&+>%% \?Z9Y?% 8:G9;DE% Ta:% Z;8=% F=% A;Z9E% CA?B?>E% >8% :8=D8=G;?:% GE=TEU8>E9?:P% "=% 98?A;>?>% n?]F;?U8AE%8:D?Z?%?% A?%>8@8=:;U?H%GETE%AE%8:D?Z?%D?TZ;c=%:F%C?D9;?H% ]F8% 8=% 8A% :;BAE% MU;% 8:D?Z?% 8MCF8:D?% ?% A?:% ;=U?:;E=8:% >8% ?A8T?=8:H% @9?=G8:8:H% 8:C?^EA8:% V% DF9GE:P% ":D?% CE:;G;<=% ;>8EA<B;G?% >8@8=:;U?% :8% 98C;D;<%?%GET;8=SE:%>8A%M;M%8=% 5A8T?=;?H%>F9?=D8% A?:% ;=U?:;E=8:% 98W UEAFG;E=?9;?:%V% =?CEA8<=;G?:%>8%AE:%@9?=G8:8:P% ":% A?%cCEG?%8=% A?%]F8% m;G\D8% V% o8B8A% >8UF8AU8=% :F% G9c>;DE% ?% n?]F;?U8AEH% GF?=>E% AE% ;TW CE9D?=D8% C?9?% 8A% CF8ZAE% ?A8Ta=% 89?% >8@8=>89:8% >8% F=% 8=8T;BE% ]F8% 8:D?Z?% ZF:G?=>E% :F% 8MC?=:;<=% GE=% F=?% ;>8EAEBY?% \FT?=;D?9;?P% 1?%C8E9%>8% A?:%GE=@F:;E=8:%8:% A?%]F8%:8%C9E>FG8%GF?=>E%GE=G8CW DE:%GETE%>898G\E%V% C?S%:E=% 8:B9;T;>E:%CEAYD;G?T8=D8%C?9?%EZ:D?GFW A;S?9%F=% C8=:?T;8=DE% CEAYD;GE% GA?9EH% A8B;D;T?9% A?:% C9EC;?:% ?:C;9?G;EW =8:% CEAYD;G?:% V% >8:G?A;@;G?9% E% >8:TE9?A;S?9% ?A% 8=8T;BEP% "A% >898G\EH% V?%:8?% CbZA;GE%E%C9;U?>EH% CE:88% :F% C9EC;E%aTZ;DE% 98A?D;U?T8=D8%?FW D<=ETE% GETE% D?AH% Ta:% :8BF9E% GF?=>E% :8% 8=GF8=D9?% ?% A?% :ETZ9?% >8% F=?%B9?=%>8G;:;<=% CEAYD;G?H%CE9%8`8TCAE%8=%8A% T?9GE%>8%F=%8:D?>E%8:W


"A% GE=G8CDE% >8% AE% CEAYD;GE%

(X%

D?ZA8P% .89E% ?A% ;BF?A% ]F8% :FG8>8% GE=% DE>?:% A?:% 8:@89?:% >8% A?% U;>?% V% 8A% C8=:?9% \FT?=E:H% CF8>8% :89% FD;A;S?>E%8=% ?CEVE% E%8=% GE=D9?% >8% ?ABFW =?% ED9?% 8:@89?P% &8:>8% 8A% CF=DE% >8% U;:D?% >8A% C8=:?T;8=DE% CEAYD;GE% 8:% =?DF9?AH% V% =E% D;8=8% =?>?% >8% ;A8B?A% E% >8% ;=TE9?AH% ?D8=>89% ?A% :8=D;>E% CEAYD;GE%>8%8:?:%FD;A;S?G;E=8:%>8A%>898G\E%E%>8%A?%TE9?AH%V%8=%C?9D;GFW A?9H% @98=D8% ?%8MC98:;E=8:% GETE% A?% >8A% d;TC89;Ee%E% ;=GAF:E% A?% :EZ89?W =Y?% d>8Ae%>898G\EH% CA?=D8?9% :;TC98% ?ABF=?:% C98BF=D?:% >8% =?DF9?A8S?% Ta:%GE=G98D?j% 8=% C9;T89%AFB?9H% :;% d>898G\Ee%>8:;B=?%8=%8:D8%G?:E% A?:% A8V8:% CE:;D;U?:% U;B8=D8:% V% AE:% TcDE>E:% A8B;:A?D;UE:% GE998:CE=>;8=D8:% ]F8% \?=%>8%:8BF;9%8:D?=>E%8=% U;BE9P% .F8:%8=% D?A% G?:E%8A% d;TC89;E%>8A% >898G\Ee% =E% :;B=;@;G?% ED9?% GE:?% ]F8% A?% A8B;D;T?G;<=% >8% F=% >8D89T;W =?>E#/0,0'/#H')% 8=% GFVE% T?=D8=;T;8=DE% 8:Da=% A<B;G?T8=D8% ;=D898:?W >E:% DE>E:% ?]F8AAE:% GFVE% CE>89%CEAYD;GE%E% U8=D?`?% 8GE=<T;G?% CE:88=% :F% 8:D?Z;A;>?>% 8=% 8A% :8=E% >8% 8:8% >898G\EP% "=% :8BF=>E% AFB?9% A?% ?C8A?G;<=% ?A% >898G\E% CE>9Y?% :;B=;@;G?9% ]F8% ?A% >898G\E% >8A# /0,0'/#H')% :8% A8% ECE=8% F=% >898G\E% :FC89;E9%E% Ta:% GEW 998GDEH% AE% ]F8% ?GE:DFTZ9?% ?% >8=ET;=?9:8% >898G\E% =?DF9?A% E% >8% 9?W S<=P% .?9?% F=% CEAYD;GE% :89a% 8=DE=G8:% 8U;>8=D8% ]F8% 8A% dBEZ;89=Ee%E% A?% d:EZ89?=Y?e% >8% 8:D?% GA?:8% >8% >898G\E% :;B=;@;G?%BEZ;89=E% V% :EZ89?=Y?% >8% AE:% \ETZ98:% ]F8% CF8>8=% ?C8A?9%?A% >898G\E%:FC89;E9%V%>8G;>;9%:EW Z98% GFaA% 8:% :F% GE=D8=;>EH% V% :EZ98% ]F;c=% V%G<TE% D;8=8% ]F8% ?CA;G?9AEP% oEZZ8:% \?% 8MD9?Y>E% 8:D?:% :;TCA8:% GE=:8GF8=G;?:% >8A% C8=:?T;8=DE% CEAYD;GE% GE=% Ta:% GA?9;>?>% ]F8% GF?A]F;89%ED9E%V% :;=% >8`?9:8% ;=>FG;9%?% 899E9%8=% =;=Bb=% :8=D;>EH% ?@;9T?=>E% F=?%V%ED9?% U8S%]F8% A?% :EZ89?=Y?% >8A% >898G\E% :;B=;@;G?% b=;G?T8=D8% A?% :EZ89?=Y?% >8% AE:% \ETZ98:% ]F8% ;TCE=8=% A?:% =E9T?:%`F9Y>;G?:%V% :8%:;9U8=%>8%8AA?:H% ]F8%8A% ;TC89;E%>8% F=%dE9>8=?T;8=DE%:FC89;E9e%=E%8:%Ta:%]F8%F=?%@9?:8%U?GY?%:;% =E%CEW :88% 8A% :8=D;>E% CEAYD;GE%>8% ]F8% >8D89T;=?>E:% \ETZ98:% C98D8=>?=%BEW Z89=?9H% :EZ98% A?% Z?:8%>8%8:D8%E9>8=?T;8=DE%:FC89;E9H% :EZ98%C89:E=?:% >8% F=%dE9>8=?T;8=DE% ;=@89;E9eP% 5]FY%8A% C8=:?T;8=DE%CEAYD;GE%98:FAW D?% ;998@FD?ZA8%>8=D9E%>8%:F%8:@89?%?FD<=ET?%V%G899?>?H% CF8:%:;8TC98% :89a=%B9FCE:%GE=G98DE:%>8%C89:E=?:%AE:%]F8%GETZ?D;9a=%GE=D9?%ED9E:% B9FCE:% ;BF?AT8=D8%GE=G98DE:%>8%8AA?:%8=% =ETZ98%>8A% d>898G\Ee%E%>8% A?% d\FT?=;>?>e% E% >8A% dE9>8=e% E% >8% A?% dC?SeH% V% 8A% EZ:89U?>E9%>8% AE:% @8=<T8=E:%CEAYD;GE:H% :;% :8%?D;8=8%GE=:8GF8=D8T8=D8%?A% C8=:?T;8=DE% CEAYD;GEH% =E% CE>9a% U89% =F=G?% 8=% AE:% 98C9EG\8:% >8% ;=TE9?A;>?>% V% >8% G;=;:TE%ED9?%GE:?%]F8%F=% T8>;E%CEAYD;GE%?A% :89U;G;E%>8%C89:E=?:%]F8% A;Z9?=% GETZ?D8:% GE=G98DE:P% !?=DE%8A% C8=:?T;8=DE% CEAYD;GE%GETE%8A% ;=:D;=DE% CEAYD;GE%:8% ?U?W A?=% D8<9;G?%V% C9aGD;G?T8=D8% 8=% A?% @?GFAD?>%>8%>;:D;=BF;9%8=D98% ?T;BE%


(J%

+?9A% 4G\T;DD%

V% 8=8T;BEP% 1E:% CF=DE:% aAB;>E:% >8% A?% B9?=% CEAYD;G?% :E=% ?A% T;:TE% D;8TCE% AE:% TET8=DE:% 8=% AE:% ]F8% 8A% 8=8T;BE% 8:% GE=D8TCA?>E% GETE% D?A% 8=% A?% T?VE9% V% Ta:% GETCA8D?% GA?9;>?>P% "=%T;%EC;=;<=% A?% ;99FCG;<=% Ta:%CE>89E:?%>8%:8T8`?=D8%\E:D;A;>?>%8=% A?% ">?>% nE>89=?% hTa:% @F89D8% ?b=% ]F8%8A# N&$,/%3#8k+"Gm*%%>8A% :;BAE!CDEEE/! F'2! %)$! 4)5)! 4*A0)%)! 0'252! ('B2(4#A*1(2G% Ta:% @F89D8% D?TZ;c=% ]F8% 8A% E>;E% ?% AE:%@9?=G8:8:%>8A% m98;\899%UE=% 4D8;=%V%]F8% A?%8MC98:;<=%>8% 18;:D%dT?D?>AE:H% 8A% `F;G;E% >8A% TF=>E% =E% E:% U?% ?% C98BF=D?9% CE9% AE:% TED;UE:ei% Ta:%@F89D8% ;=W GAF:E% ]F8% A?:% ?=;]F;A?>E9?:% @9?:8:% >8% 18=;=% GE=D9?% 8A% ZF9BFc:% V% GE=D9?% 8A% G?C;D?A;:TE%EGG;>8=D?Ah%8:% A?% AFG\?%>8%+9ETx8AA%GE=D9?% A?%":C?^?%C?C;:W D?P% "=% :F% >;:GF9:E%>8A% 'R%>8% :8CD;8TZ98%>8% 'JXJ% L8>P% >8%+?9AVA8H% 666H% '(Q*H% CCP% *JR%V%::PN%>;G8j% d!\8%@;9:D%D\;=B%D\898@E98H%D\?D%6% :\?AA% :C8?s%DEH% ;:%!\?DH% D\?D% ;:% D\8% @;9:D% A8::E=% E@%,?DF98j% _8;=B%?=>% .98:89U?D;E=PPP% !\8% GE=:89U?W D;E=% E@%!\?D% Ä=?T8AV% EF9% ,?D;E=?A% _8;=BÄ% ;:% @;9:D% DE% Z8% U;8x8>% x;D\% 98:W C8GD%DE%D\E:8%x\E%:88s%DE%F=>E%;DH%?=>%:E%T?s8%;D#")#0)#M%e%Ld1?%C9;T89?%GE:?% >8%A?%]F8%D8=BE%]F8%\?ZA?9%8:%c:D?H%V%8:%A?%C9;T89?%A8GG;<=%>8%A?%,?DF9?A8S?j% 8A% :89%V% A?% C98:89U?G;<=PPP% 1?%GE=:89U?G;<=% >8% AE%]F8%8:%Ä=F8:D9E%:89% =?G;EW =?AÄ% >8Z8% GE=D8TCA?9:8% 8=% C9;T89% AFB?9% CE9% 98@898=G;?% ?% ]F;8=8:% ;=D8=D?=% ?=;]F;A?9AEH% V% \?G89% ]F8% =E% :8?eP% +E=:;>898TE:% CF8:% GETE% =F8:D9E:% 8=8W T;BE:% ?% dD\8% "=8T;8:% DE% D\8% U89V% _8;=B%E@%D\8:8# X/+&Y% ,?D;E=% LdAE:% 8=8T;W BE:%>8A% U89>?>89E%:89%>8%8:D?%,?G;<=eN%LF=?%V%ED9?%U8S%98C;D8%8:D?:%8MC98:;EW =8:%>8%dU89>?>89E%:89e%E%d:89%=?G;E=?AeNj% df\VH%D9FAVH%VEF9%B98?D%"=8TV% ;:% D\8%4C?=;?9>P% o8% ;:% ?% =?DF9?A% 8=8TVP% o8% ;:% =?DF9?AAV% :Ei% \8% ;:% =?DF9?AAV% :E% D\9EFB\EFD% hZV% 98?:E=% E@%D\?D% 8=8T;DV% D\?D% ;:% ;=% \;T% ?B?;=:D%x\?D:E8U89% ;:%E@%2E>P% f\?D:E8U89%;:%E@%2E>% x\;G\% ;:% ;=% VEFH%E9%x\;G\% T?V%Z8% ;=%VEFe% Ld.E9]F8% 8=% U89>?>% UF8:D9E% B9?=% 8=8T;BE% 8:% 8A% 8:C?^EAP% ":% F=% 8=8T;BE% =?DF9?AP% 1E%8:%>8% F=?% T?=89?% =?DF9?Ai% AE%8:%>8% F=?%T?=89?% =?DF9?A% V%G?Z?A% h8=% 9?S<=% >8% 8:?%8=8T;:D?>% ]F8% A8%8:% ;=\898=D8% GE=D9?% DE>E% AE% ]F8%8:% >8% &;E:P% !E>E%AE%]F8%8:%>8%&;E:%8:%AE%]F8%8:Da%8=%UE:ED9E:%E%AE%]F8%CF8>8%8:D?9% 8=% UE:ED9E:eNP% 3% AF8BE% 98C;D8j% 8A% 8:C?^EA% 8:% UF8:D9E%8=8T;BEH% :F% d8=8T;DV% ;:% CFD% ;=DE% \;T% ZV%2E>e%Ld8=8T;:D?>% \?% :;>E% CF8:D?%8=%cA% CE9%&;E:eNi%cA%8:% dD\8%=?DF9?A%8=8TVH%D\8%C9EU;>8=D;?A%8=8TVeH%V%8A%]F8%AE%D;8=8%CE9%F=%d8=8W T;BE% ?GG;>8=D?Ae%8:%]F8% =E%GE=EG8% A?:% ":G9;DF9?:% =;% A?:%GE:?:%>8% &;E:H% ]F8% >;`E%]F8% CE=>9Y?%8=8T;:D?>% 8=D98%DF%:;T;8=D8%V% A?%>8%8AA?% L2c=8:;:% 666H% 'XNi% GE=% m9?=G;?% :8%CF8>8%GE=GAF;9%F=?%C?SH% =E%8=% G?TZ;E%GE=% ":C?^?H% CF8:%8:% F=% ":D?>E%C?C;:D?%V%8A% .?C?%:<AE%T?=D;8=8%A?%C?S%GF?=>E%]F;898P% L1?%A;D89?W A;>?>%>8% A?%8MC98:;<=% ;=BA8:?%>;@YG;AT8=D8% CF8>8% 98@A8`?9:8%8=% A?%D9?>FGG;<=% ?% ED9?:% A8=BF?:PN%

.89E%D?TZ;c=% :8%?CA;G?% AE% ;=U89:Ej% CE9%>E]F;89%8=% A?%\;:DE9;?%CEW AYD;G?H% D?=DE% >8% A?% CEAYD;G?% 8MD89;E9% GETE% >8% A?% ;=D89=?H% A?% ;=G?C?G;W >?>% E% A?% @?AD?% >8% UEAF=D?>% C?9?% AA8U?9% ?% G?ZE% 8:?% >;:D;=G;<=% ?C?98G8%


(R%

"A% GE=G8CDE% >8% AE% CEAYD;GE%

GETE% :Y=DET?% >8A% ?G?Z?T;8=DE% CEAYD;GEP% "=% /F:;?% A?:% GA?:8:% 8=% >8W GA;U8% ;=D89C98D?9E=% 9ETa=D;G?T8=D8%?A% A?Z9?>E9%9F:E%?=D8:%>8% A?%/8W UEAFG;<=% GETE% 8A# *'K+V% ZF8=EH% A8?A% V% G9;:D;?=EP% "=% F=?% "F9EC?% >8W :E9;8=D?>?H% F=?% ZF9BF8:Y?% 98A?D;U;:D?% 8:D?Z?% C9EGF9?=>E% GE=U89D;9% 8=% EZ`8DE% >8% :F% GE=:FTE% 8:DcD;GE% DE>?:% A?:% GFADF9?:% 8M<D;G?:% ;T?B;W =?ZA8:P% 5=D8:% >8% A?% /8UEAFG;<=% >8% 'R[(% A?% :EG;8>?>% ?9;:DEG9aD;G?% @9?=G8:?% :E^?Z?% GE=% 8A% d\ETZ98% ZF8=E% CE9% =?DF9?A8S?e% V% GE=% F=% CF8ZAE% GE=TEU8>E9?T8=D8% U;9DFE:EP# ?)&H'%J+88%%>8:G9;Z8% 8:D?% :;DF?W G;<=% 8=% :F% 8MCE:;G;<=% >8A#."&+%"#_N-+*%% LCP% **[N% 8=% @9?:8:% GFV?% D8=W :;E=% :ED899?>E% C9EG8>8% 8=% cA% D?TZ;c=% >8% F=#>,02)/% 8:C8GY@;G?T8=D8% CEAYD;GEj% =?>;8% =ED?Z?% =?>?% >8% A?% /8UEAFG;<=i% 8:% GF9;E:E% U89% GE=% ]Fc%:8BF9;>?>H%GE=%]Fc%;=G?C?G;>?>%C?9?%C89G;Z;9%A?:%GE:?:%\?ZA?Z?=% 8:DE:% C9;U;A8B;?>E:% :EZ98% A?% ZE=>?>H% T?=:8>FTZ98% 8% ;=EG8=G;?% >8A% CF8ZAEH%GF?=>E% 'R()%8:D?Z?%G98G;8=>E%V?%Z?`E%:F:%C;8:j% d:C8GD?GA8%9;W >;GFA8% 8D% D899;ZA8eP%

[% "A% A;Z89?A;:TE%>8A% bAD;TE% :;BAE% \?%?99?:D9?>E%GE=:;BE%F=?% :;=BFW A?9% V% :;:D8TaD;G?% D9?=:@E9T?G;<=% V% >8:=?DF9?A;S?G;<=% >8% DE>?:% A?:% ;>8?:%V% 98C98:8=D?G;E=8:%>8% AE%CEAYD;GEP% +ETE%98?A;>?>% \;:D<9;G?%]F8% 8:H% 8A% A;Z89?A;:TE% \?% CE>;>E% :F:D9?89:8% ?% AE% CEAYD;GE%8=% A?% T;:T?%8:W G?:?% T8>;>?% ]F8% GF?A]F;89%ED9E% TEU;T;8=DE% \FT?=E% >8% GE=:;>89?W G;<=H% V% D?TZ;c=% :F:% =8FD9?A;S?G;E=8:% V% >8:CEA;D;S?G;E=8:% L>8% A?% 8>FW G?G;<=H% >8% A?% 8GE=ETY?H% 8DGPNH% CE:88=% F=% :8=D;>E% CEAYD;GEP% "=% DE>E:% AE:%C?Y:8:% AE:% A;Z89?A8:% \?=% \8G\E%CEAYD;G?% ;BF?A% ]F8% A?:%>8Ta:%C89:EW =?:H% V% :8% \?=% GE?A;B?>E%8=% A?:% @E9T?:% Ta:% >;U89:?:% GE=% 8A8T8=DE:% 8% ;>8?:% =E% A;Z89?A8:H% @E9T?=>E% =?G;E=?AWA;Z89?A;:TE:H% :EG;?AWA;Z89?A;:W TE:H% GE=:89U?>E98:% A;Z98:H% G?D<A;GE:% A;Z89?A8:H% 8DGP *X P% "=% C?9D;GFA?9% Ac

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o2&+90(8,L


([%

+?9A% 4G\T;DD%

:8% \?=% U;=GFA?>E%GE=% A?:%@F89S?:%>8% A?%>8TEG9?G;?H% ]F8% =E%:E=% =?>?% A;Z89?A8:% V?% ]F8% :E=% 8:8=G;?AT8=D8%CEAYD;G?:%V%GE=>FG8=D8:H% ;=GAF:EH% ?%8:D?>E:%DED?A8:*JP% 1?%GF8:D;<=%8:H% :;=%8TZ?9BEH%:;%>8A%GE=G8CDE%CF9E% V%GE=:8GF8=D8%>8A% A;Z89?A;:TE% ;=>;U;>F?A;:D?%CF8>8% AA8B?9%?%EZD8=89W :8% F=?% ;>8?% 8:C8GY@;G?T8=D8% CEAYD;G?P% 1?% 98:CF8:D?%D;8=8%]F8% :89%=8B?D;U?P% .F8:% A?% =8B?G;<=%>8% AE%CEAYW D;GE% ]F8% GE=D;8=8% DE>E% ;=>;U;>F?A;:TE% GE=:8GF8=D8% GE=>FG8% >8:>8% AF8BE% ?% F=?% C9aGD;G?% CEAYD;G?H% A?% >8% A?% >8:GE=@;?=S?% GE=D9?% DE>E% CEW >89%CEAYD;GE%V%@E9T?%>8A% ":D?>E%;T?B;=?ZA8H%C89E%=F=G?%?%F=?%D8E9Y?% CE:;D;U?% C9EC;?%>8A% ":D?>E% V%>8% A?% CEAYD;G?P% "M;:D8% CF8:% F=?% CEAYD;G?% A;Z89?AH% 8=% 8A% :8=D;>E% >8% F=?% GE=D9?C9ECF8:D?% CEAcT;G?% ?% A?:% A;T;D?W G;E=8:%8:D?D?A8:H%8GA8:;a:D;G?:%E%>8%GF?A]F;89%ED9E%Bc=89E%;TCF8:D?:%?% A?% A;Z89D?>% ;=>;U;>F?AH% AE% ]F8%B8=89?% G;89D?T8=D8% F=?%G;89D?% CEAYD;G?% GET89G;?AH% 8GA8:;a:D;G?H% 8>FG?D;U?% E% GFADF9?AP% .89E% AE% ]F8% =E% \?V% 8:% F=?% CEAYD;G?% A;Z89?A% >8% G?9aGD89% B8=89?AH% :;=E% :;8TC98% b=;G?T8=D8% F=?%G9YD;G?% A;Z89?A% ?% A?% CEAYD;G?P% 1?%D8E9Y?%:;:D8TaD;G?%>8A% A;Z89?A;:TE% :8%98@;898%G?:;%8=%8MGAF:;U?%?%A?%AFG\?%CEAYD;G?%;=D89=?%GE=D9?%8A%CE>89% >8A% ":D?>EH% V% ?CE9D?% DE>?% F=?% :89;8% >8% TcDE>E:% C?9?% ;=\;Z;9%V% GE=W D9EA?9%8:8%CE>89%?A%:89U;G;E%>8%A?%C9ED8GG;<=%>8%A?%A;Z89D?>%;=>;U;>F?A% V% >8% A?% C9EC;8>?>% C9;U?>?P% 48% D9?D?% >8% GE=U89D;9% ?A% ":D?>E% 8=% F=% dGETC9ET;:EeH% V% :F:% ;=:D;DFG;E=8:%8=% dUaAUFA?:eH% V%8=% C?9D;GFA?9%>8% GE=D9?CE=89%TE=?9]FY?%?%>8TEG9?G;?H%V%U;G8U89:?H%GE=%8A%@;=%>8%d8:W D?ZA8G89% F=% GE=D9?C8:EeH% AE% ]F8%8=% D;8TCE:% G9YD;GE:% h 8 =% C?9D;GFA?9% 8=% ' [ I [ h% ?G?Z<% ?99E`?=>E% ?GD;DF>8:% D?=% GE=D9?>;GDE9;?:% ]F8% DE>E:% AE:% ZF8=E:% EZ:89U?>E98:% >8% A?% :;DF?G;<=j% 1E98=S% UE=% 4D8;=H% g?9A% n?9MH% m9P% uFA;F:% 4D?\AH% &E=E:E% +E9Dc:H% >8:8:C89?9E=% >8% \?AA?9% 8=% 8AAE% ?ABb=% C9;=G;C;E% CEAYD;GE% E% ?ABF=?% GE=B9F8=G;?% D8<9;G?P% "A%C8=:?T;8=DE%A;Z89?A%8AF>8%E%;B=E9?%?A% ":D?>E%V%?%A?%CEAYD;G?%>8% F=% TE>E% B8=F;=?T8=D8% :;:D8TaD;GEH% V% 8=% :F% AFB?9% :8% TF8U8% 8=% 8A% :8=E%>8%F=?%CEA?9;>?>%DYC;G?%V%98GF998=D8%8=D98%>E:%8:@89?:%\8D89EBcW 1$()9/&pI' 09#G+' &F%)*,1&9' ,' @,9,(' @&(',%#&' %&9' +0n&9' /G9' 08)10+#09E' H&9' #(09'*(,+L 109' DQ(&09' %)#0(,()&9' 10' $+' @,(%,/0+#,()9/&' #"@)2,/0+#0' %)F0(,%' 9&+' %&9' #(09' (&L /G+#)2&9' #"@)2&9-' Y$(U0I' dD,#0,$F(),+1' =' Y0+N,/)+' d&+9#,+#E' Ab ' [&F(0' %,' &@&9)2)3+' 0+#(0' %)F0(,%)9/&' =' 10/&2(,2),I' 2P(E' d,(%' [2D/)##I$ !'"$ &"'*."*&"*/0'/0.-'/0"$A?&"$)"*$0"=.'&"1$+?#-?:"1.?1*:=*F'AE,'01EI':;AbI'@@E':\'='99E]'#,/F)Q+' 0%',(#"2$%&'10'gE'!É++)09I'oT0/&U(,#)0'$+1'.,(%,/0+#,()9/$9pI$C/0:,--"#*$a?0#D=/0$ c:' e,F()%' :;ASfI'@@E' :S\'='99EI'J$0'(02&+&20'#,/F)Q+'%,'09#()2#,'90@,(,2)3+'10'%)F0(,L %)9/&'=' 10/&2(,2),]' 2P(E' P)+,%/0+#0'0%' )+#0(09,+#"9)/&',(#"2$%&'10' WE' W0P0%0'0+' %,' (08)9#,$Z,/0-?1)'10'+&8)0/F(0'10' :;AZE'[&F(0'%,'2&+0n)3+'0+#(0'10/&2(,2),'='<9#,L 1&' #&#,%I' 2P(E$ *=E#?F' @E' AZE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

((%

=8?:H% A?:% >8% cD;G?% V% 8GE=ETY?H% 8:CY9;DF% V% =8BEG;EH% 8>FG?G;<=% V% C9EW C;8>?>P% 1?%>8:GE=@;?=S?%G9YD;G?%@98=D8%?A% ":D?>E%V%?%A?%CEAYD;G?%:8%8MW CA;G?=%?%C?9D;9%>8% AE:% C9;=G;C;E:%>8%F=% :;:D8T?%C?9?%8A% GF?A%8A% ;=>;U;W >FE% 8:% V% >8Z8% :8BF;9% :;8=>E% D?=DE# 0%$*+"'/# ,# H')% GETE# 0%$*+"'/# ,(# H'%*F% -=?% F=;>?>% CEAYD;G?% D;8=8%]F8% CE>89%C8>;9%8=%G?:E%8MD98TE%8A% :?G9;@;G;E%>8% A?%C9EC;?%U;>?P% .?9?%8A% ;=>;U;>F?A;:TE%>8A% C8=:?T;8=DE% A;Z89?A% :8T8`?=D8% C98D8=:;<=% =E% 8:% =;% ?:8]F;ZA8% =;% :F:G8CD;ZA8% >8% @F=>?T8=D?G;<=P% -=% ;=>;U;>F?A;:TE% ]F8% CF:;8:8% 8=% ED9?:% T?=E:% ]F8% A?:% C9EC;?:% A?%G?C?G;>?>%>8%>;:CE:;G;<=% :EZ98% A?%C9EC;?%U;>?H% =E% C?:?9Y?% >8% :89% F=?% C?A?Z9?% U?GY?H% GETE% AE% :89Y?% ;BF?AT8=D8% F=?% A;W Z89D?>% A;Z89?A% GFVE:% GE=D8=;>E:% V% ?AG?=G8% @F8:8=% >8D89T;=?>E:% CE9% ED9E% >;:D;=DE% >8A% C9EC;E% :89% A;Z98P% .?9?% 8A% ;=>;U;>FE% GETE% D?A% =E% 8M;:D8%8=8T;BE% ?A% ]F8% \?V?%]F8%GETZ?D;9%?%U;>?%E% TF89D8%:;% cA% =E%AE% ]F;898% C89:E=?AT8=D8i% EZA;B?9A8% ?% GETZ?D;9% GE=D9?% :F% UEAF=D?>% :8W 9Y?H% >8:>8%8A% CF=DE% >8% U;:D?%>8A% ;=>;U;>FE% C9;U?>EH% @?AD?%>8% A;Z89D?>H% U;EA8=G;?P% !E>E%8A#>,02)/%A;Z89?A% :8%>;9;B8%GE=D9?%A?%U;EA8=G;?%V% A?%@?AW D?%>8% A;Z89D?>P% !E>?%GE=:D9;GG;<=%E%?T8=?S?%?%A?%A;Z89D?>% ;=>;U;>F?AH% CE9%C9;=G;C;E%;A;T;D?>?H%E%?%A?%C9EC;8>?>%C9;U?>?%E%?%A?%A;Z98%GETC8W D8=G;?H%8:%dU;EA8=G;?e%V%CE9%AE%D?=DE#%)#+>/)%?ABE%T?AEP% 1E%]F8%8:D8%A;W Z89?A;:TE%>8`?%8=%C;8%>8A% ":D?>E%V%>8%A?%CEAYD;G?%8:%b=;G?T8=D8%8A%GEW T8D;>E% >8% B?9?=D;S?9% A?:% GE=>;G;E=8:% >8% A?% A;Z89D?>% V% >8% ?C?9D?9% GF?=DE% CF8>?% 8:DE9Z?9A?P% &8% 8:D8% TE>E% :8% U?% 8>;@;G?=>E% DE>E% F=% :;:D8T?% >8% GE=G8CDE:% >8:T;A;D?9;S?>E:%V%>8:CEA;D;S?>E:P% "=FT89?TE:%?]FY%8=% AE%]F8%:;BF8% :;]F;89?%?ABF=E:%>8%8AAE:H%GE=%8A% @;=%>8%CE=89%>8%T?=;@;8:DE%A?%?:ETW Z9E:?% GE=B9F8=G;?% >8% A?% :;:D8TaD;G?% >8A% C8=:?T;8=DE% A;Z89?AH% ]F8% ?% >8:C8G\E%>8% D?=DE:% 98D9EG8:E:% :;BF8% :;=% :89% 988TCA?S?>E%8=% "F9EC?% CE9% =;=Bb=% :;:D8T?%?AD89=?D;UEP% +E=U;8=8%=E%EAU;>?9%]F8%8:DE:%GE=W G8CDE:%A;Z89?A8:%:8%TF8U8=%:;8TC98%DYC;G?T8=D8%8=D98%A?%cD;G?%Ld8:C;W 9;DF?A;>?>eN% V% A?% 8GE=ETY?% LAE:% =8BEG;E:NH% 8% ;=D8=D?=H% >8:>8% 8:DE:% >E:% CEAE:H% ?=;]F;A?9%AE%CEAYD;GE%GETE%8:@89?%>8% A?%dU;EA8=G;?% ;=U?:EW 9?eP% "A% GE=G8CDE%>8A% ":D?>E% >8% d>898G\EeH% 8=D;c=>?:8j% >8A% d>898G\E% C9;U?>EeH% :;9U8% 8=% 8:DE% >8% C?A?=G?H% T;8=D9?:% ]F8% 8A% >8% A?% C9EC;8>?>% C9;U?>?%GE=:D;DFV8%8A% G8=D9E%>8A% BAEZE%GFVE:% CEAE:%hcD;G?%V%8GE=EW T Y ? h% =E% :E=% :;=E% A?:% ;99?>;?G;E=8:% GE=D9?CF8:D?:%>8%8:8%G8=D9EP% "A% >,02)/%cD;GE%V% A?% EZ`8D;U;>?>%8GE=<T;G?% T?D89;?A;:D?% :8% F=8=% 8=% DE>?% 8MC98:;<=% DYC;G?T8=D8% A;Z89?A%V%GE=@;898=% F=% 9E:D9E%>;@898=D8%?%G?>?% GE=G8CDE%CEAYD;GEP% 5:Y%8A%GE=G8CDE%CEAYD;GE%>8%A?#8'&2,%:8%D9?=:@E9T?% 8=% 8A% C8=:?T;8=DE% A;Z89?AH% CE9% 8A% A?>E% 8GE=<T;GEH# %"# &)*>%0%"&+,H% V% CE9%8A%ED9EH%8A%A?>E%d8:C;9;DF?AeH#%"#(+/&'/+A"F% "=%AFB?9%>8%A?%>;:D;=G;<=%


'QQ%

+?9A% 4G\T;DD%

GA?9?%8=D98%AE:%>E:%8:D?>E:%ECF8:DE:%>8%dBF899?e%V%dC?Se%?C?98G8%?]FY% A?%>;=aT;G?%>8%A?#&)*>%0%"&+,#%0%$",%V%>8%A?#%0%$",#(+/&'/+A"F#!8#!/0,()%:8% DE9=?#/)&+%(,(b%>8A% A?>E%cD;GEW8:C;9;DF?AH%GETE%98C98:8=D?G;<=% ;>8EA<W B;GEW\FT?=;D?9;?% >8% A?# 2'*,"+(,(d% >8A% A?>E% GE=D9?9;E% GETE% F=;>?>% Dc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a:% G89D89E% \?G;?% 8A% EZ`8D;UE% >8% :ET8D89% 8A% ":D?>E% V% A?% CEAYD;G?% 8=% C?9D8% ?% F=?% TE9?A% ;=>;U;>F?A;:D?H% V% CE9%8:E%T;:TE%;F:C9;U?D;:D?H%V%8=%C?9D8%?%G?W D8BE9Y?:%8GE=<T;G?:H% >8:CE`a=>EAE:%>8% :F% :8=D;>E%8:C8GY@;GEP% /8:FAW D?% AA?T?D;UE% GE=% ]Fc% =?DF9?A;>?>% 98GE=EG8% 8A% A;Z89?A;:TEH% @F89?% >8% A?%CEAYD;G?H% A?%d?FDE=ETY?e%>8%AE:%>;U89:E:%aTZ;DE:%>8%A?%U;>?%\FT?W =?H% 8:C8G;?A;Sa=>EAE:% V% AA8B?=>E% ;=GAF:E% ?% 8M?B89?9% ?]FcAA?% \?:D?% 8A% GETCA8DE% ?;:A?T;8=DEP% 18% C?98G8% DED?AT8=D8% =?DF9?A% ]F8% 8A% ?9D8% :8?% \;`E%>8% A?% A;Z89D?>H% ]F8% AE:%`F;G;E:%>8%U?AE9%8:DcD;GE:% \?V?=% >8% :89%;=W GE=>;G;E=?AT8=D8% ?FD<=ETE:% V% 8A% B8=;E% ?9DY:D;GE% :EZ89?=EP% "=% ?AW BF=E:%C?Y:8:%=E%:8%C9E>F`E%F=#>,02)/%B8=F;=?T8=D8%A;Z89?A% \?:D?%]F8% 8:?% A;Z89D?>% ?FD<=ET?% >8A% ?9D8% =E% :8% :;=D;<% ?T8=?S?>?% CE9%8A% TE9?W A;:TE%>8% AE:%d?C<:DEA8:%>8% A?%TE9?A;>?>eP% 5% :F%U8S%A?% TE9?A% :8%?FDEW =ET;S<%98:C8GDE%>8%T8D?@Y:;G?%V% 98A;B;<=H% A?%G;8=G;?%:8%>8:A;B<%>8%98W A;B;<=H% ?9D8% V% TE9?AH% 8DGP% ":E%:YH%8A% aTZ;DE%?FD<=ETE%GE=:;>89?>E%GETE%Ta:% 98A8U?=D8%8=% 8A% >ET;=;E%>8% AE%98?AH% A?%?FDE=ETY?%>8%A?:%=E9T?:%V%A8V8:%>8%AE%8GEW =<T;GEH% :8% ;TCF:E% GE=% A?% 98:EAFG;<=% >8A% ]F8% =E% :8% >8`?% ;=>FG;9% ?% 899E9% CE9% =?>?% =;% CE9% =?>;8P% tF8% C9E>FGG;<=% V%GE=:FTEH% C98G;E:%V% T89G?>E%CE:88=%:F%C9EC;?%8:@89?H%V%=E%CF8>8=%:89%>;9;B;>E:%=;%CE9%A?% cD;G?% =;% CE9%A?%8:DcD;G?H% =;% CE9%A?%98A;B;<=% =;H% T8=E:%?b=H%CE9%A?%CEAYW D;G?H% \?% :;>E%8A% >EBT?% Ta:% ;=@?A;ZA8%>8% A?% 89?%A;Z89?AH% F=E%>8% AE:% CEW GE:%U89>?>89?T8=D8%;=>;:GFD;ZA8:P% ":E%\?G8%D?=DE%Ta:%;=D898:?=D8%8A% TE>E%GETE%:8%>8:CE`?%>8%DE>?%U?A;>8S%?%DE>E%CF=DE%>8%U;:D?%CEAYD;GE% ]F8% :8% C98:8=D8%GE=#>,02)/%C?9D;GFA?9T8=D8% ;=D8=:EH% V% :8% AE% :ET8D8% ?% A?:% =E9T?:%V%?A%dE9>8=e%TE9?A8:H%`F9Y>;GE:%V%8GE=<T;GE:P% &?>E%]F8H% GETE% ]F8>?% >;G\EH% A?% 98?A;>?>% GE=G98D?% >8A% :89% CEAYD;GE% =E% :8% 9;B8%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'Q'%

CE9%8:DE:%<9>8=8:% =;%CE9%:89;8:%>8%=E9T?:%?Z:D9?GD?:H%:;=E%]F8%AE%]F8% EGF998% :;8TC98% 8:% ]F8% \ETZ98:% E% ?:EG;?G;E=8:% GE=G98DE:% >ET;=?=% :EZ98% ED9E:% \ETZ98:% E% ?:EG;?G;E=8:% ;BF?AT8=D8% GE=G98DE:H% D?TZ;c=% ?]FYH%>8:>8%F=%CF=DE%>8%U;:D?%CEAYD;GEH%8A%d>ET;=;Ee%>8%A?%TE9?AH%>8A% >898G\EH% >8% A?%8GE=ETY?% V%>8% A?%d=E9T?e% CE:88=% :;8TC98% V% :<AE%F=% :8=D;>E% CEAYD;GE% GE=G98DEP% ,ED?% L:;=% TE>;@;G?G;<=% 98:C8GDE%>8% A?%8>P% >8% '(*RNj% A?%8:D9FGDF9?% ;>8EW A<B;G?%>8A% .?GDE%>8%789:?A%A8:%98:CE=>8%8M?GD?T8=D8%?%8:D?%CEA?9;>?>%>8#>,0C 2)/%cD;GE%V%GaAGFAE%8GE=<T;GEP% "=%8A% ?9DYGFAE%*)'% :8%EZA;B?%?A% /8;G\%?A8Ta=% ?%98GE=EG89%:F%d98:CE=:?Z;A;>?>e%:EZ98%8A%GE=`F=DE%>8%AE:%>?^E:%V%Cc9>;>?:% EG?:;E=?>?:% CE9%A?%BF899?H%GE=% AE%GF?A% :8%8:D?ZA8G8%A?%Z?:8%C?9?%F=%`F;G;E%>8% U?AE9%`F9Y>;GE% V% TE9?AP% 48%8AF>8=% GE=G8CDE:% CEAYD;GE:% GETE%8A% >8% A?:%d?=8W M;E=8:ei% 8A% >8:B?`?T;8=DE% >8% 5A:?G;?% V% 1E98=?% :8% G?A;@;G?% >8%d>8:?=8M;<=eH% 8:DE%8:H%>8% 98C?9?G;<=%>8%F=?%;=`F:D;G;?P% 1?%8=D98B?%>8%D899;DE9;E:%CEA?GE:%V% >?=8:8:%:8%CE=8%?A%:89U;G;E%>8%A?%8M;B8=G;?%;>8?A%>8A% C9;=G;C;E%>8%=?G;E=?A;W >?>i%8A%>8:CE`?T;8=DE%>8%A?:%GEAE=;?:%]F8%:8%98GEB8%8=%8A%?9DYGFAE%**%:8%C9EW GA?T?% ;=GAF:E% GETE% F=?% EZ9?% >;GD?>?% CE9% F=% \FT?=;:TE% >8:;=D898:?>EP% "A% CEAE% 8GE=<T;GE% ECF8:DE% ?% 8:D8% ;>8?A;:TE% AE% GE=:D;DFV8=% A?:% 98C?9?G;EW =8:%>8%BF899?H%8:DE%8:H% A?%8MCAED?G;<=%8GE=<T;G?H% :E:D8=;>?%8% ;A;T;D?>?H%>8A% :ET8D;>EP% /8:FAD?>Ej% ]F8%:8T8`?=D8%C?GDE% =E%8:D?Z?%8=%GE=>;G;E=8:%>8% \?W G89%98?A;>?>% F=% GE=G8CDE%CEAYD;GE%GETE%8A% >8% A?%dC?SeH% AE%]F8%EZA;B<%F=?%V% ED9?%U8S%?%=F8UE:%D9?D?>E:%>8%C?S%dU89>?>89E:ej% 8A%.9EDEGEAE%>8%1E=>98:%>8% ?BE:DE%>8% '(*I%L.A?=% &?x8:NH%8A%>8%1EG?9=E%>8%EGDFZ98%>8% '(*XH%8A%;=B98:E% 8=%A?%4EG;8>?>%>8%A?:% ,?G;E=8:%8=%:8CD;8TZ98%>8% '(*JPPPH%A?%:89;?%?b=%=E%\?% GE=GAF;>EP%

&8:>8%:F:%GET;8=SE:%8A%C8=:?T;8=DE%A;Z89?A% FD;A;S<%GE=D9?%8A%":W D?>E%V% A?%CEAYD;G?%8A% 98C9EG\8%>8%A?%dU;EA8=G;?eP% ":DE%=E%\?Z9Y?%C?:?W >E%>8%:89%F=E%>8%8:E:%;=:FADE:%Ta:%E%T8=E:%;=EGFE:%C9EC;E:%>8%A?%AFW G\?%CEAYD;G?%:;%:F%;TZ9;G?G;<=%8=%F=?%B9?=%GE=:D9FGG;<=%T8D?@Y:;G?%V% A?%GE998:CE=>;8=D8% ;=D89C98D?G;<=% >8%A?% \;:DE9;?%=E%A8% \FZ;8:8=%GE=W @89;>E% F=% \E9;SE=D8% Ta:% U?:DE% V% F=?% T?VE9% @F89S?% >8% GE=U;GG;<=P% 1?%6AF:D9?G;<=%>;8G;EG\8:G?%U8Y?%?=D8%:F:%E`E:%F=?%AY=8?%:;TCA8%V%GA?W 9?% >8% C9EB98:E% ?:G8=>8=D8% >8% A?% \FT?=;>?>P% !?A% C9EB98:E% GE=:;:D;W 9Y?% ?=D8% DE>E% 8=% A?% C89@8GG;<=#+"0%8%&0',8%V#*)$,8%>8% A?% \FT?=;>?>i% A?% AY=8?%:8%TEUY?%8=D98#()/%CF=DE:H%GE=>FGY?%>8A% @?=?D;:TE%?% A?%A;Z89D?>% V%T?>F98S%8:C;9;DF?A8:H%>8A%>EBT?%?%A?%G9YD;G?H%>8%A?%:FC89:D;G;<=%?%A?% 6AF:D9?G;<=H% >8% A?:% D;=;8ZA?:%?% A?% AFSP% "A% :;BAE%M;M% TF8:D9?%:;=% 8TZ?9W BE% 8=% :F% C9;T89?% T;D?>% ?ABF=?:% GE=:D9FGG;E=8:#0"*%*M$%/%>8% A?% Ta:% ?AD?% :;B=;@;G?G;<=H% 8=% C?9D;GFA?9% A?% :8GF8=G;?# 2%-%8+,",% >;?AcGD;G?% >8%


!"#$

+?9A% 4G\T;DD%

A?:% D98:%@?:8:% LCE9%8`8TCAEH% GETF=;>?>% =?DF9?AH% :EG;8>?>%ZF9BF8:?%V% ":D?>EN% V% A?% @?TE:?% A8V%>8% AE:% D98:%8:D?>;E:%>8# @)*0%%L>8% A?%D8EAEBY?H% C?:?=>E% CE9%A?% T8D?@Y:;G?H% \?:D?% A?%G;8=G;?% CE:;D;U?NP% 4;=%8TZ?9BE%?% 8:D?:% D9Y?>?:% A8:% @?AD?%8A% ;=G;:;UE%U;BE9%CEAcT;GE%>8% A?% ?=DYD8:;:%Z;CEW A?9P% !?A%8:%A?%9?S<=%CE9%A?%]F8H%C?:?>E:%AE:%D;8TCE:%>8%G?AT?H%@?D;B?%8% ;=D8=DE:% >8% 98:D?F9?G;<=H% V% 98?=F>?>?% A?% AFG\?H% UEAU;<% ?% ;TCE=89:8% >8% ;=T8>;?DE% A?% :;TCA8% GE=D9?CE:;G;<=% >F?AP% 6=GAF:E% 8=% 5A8T?=;?H% >E=>8% >F?A;>?>8:% GETE% A?% >8% $P# g+%$V%% 8=D98% >ET;=;E% V% GE9CE9?W G;<=H%E%GETE%A?%>8#ZF# ?j""+%/%8=D98%GETF=;>?>%V%:EG;8>?>H% =E%D8=Y?=% 8A% T8=E9% :8=D;>E% GETZ?D;UEH% 8=% A?% :8BF=>?% T;D?A% >8A% M;M% ?G?Z?9E=% 98A8B?=>E% 8A% 8:]F8T?% D9;T8TZ98% >8% o8B8AP% "A% 8`8TCAE% Ta:% AA?T?D;UEH% V% >8% Ta:% ?ZFAD?>?:% GE=:8GF8=G;?:% \;:D<9;G?:H% 8:% A?% ?=DYD8:;:% 8=D98% ZF9BFc:% V% C9EA8D?9;E% @E9TFA?>?% CE9% g?9A%n?9MV% GE=%:F%;=D8=DE%>8%GE=G8=D9?9%DE>?:%A?:%AFG\?:%>8%A?%\;:DEW 9;?% F=;U89:?A% 8=% F=?% b=;G?% AFG\?% @;=?A% GE=D9?%8A% bAD;TE% 8=8T;BE% >8% A?% \FT?=;>?>P% "=% 8AA?% :8% 98b=8=% DE>?:% A?:% >;@898=D8:% ZF9BF8:Y?:% >8% A?% D;899?% 8=% F=?% :EA?% V% DE>E:% AE:% C9EA8D?9;?>E:% ;BF?AT8=D8% 8=% F=E% :EAEH% V% :8% EZD;8=8% >8% 8:D8% TE>E% F=?% B9?=>;E:?% ?B9FC?G;<=% ?T;BEW 8=8T;BEP% 5\E9?%Z;8=H%:F%@F89S?%>8%GE=U;GG;<=% 9?>;G?Z?%C?9?%8A% :;BAE% #6#% :EZ98% DE>E% 8=% ]F8% \?ZY?% :8BF;>E% ?A% 8=8T;BE% A;Z89?AWZF9BFc:%8=% :F% C9EC;E% >ET;=;E% >8% AE% 8GE=<T;GE% V% AE% \?ZY?% ?@9E=D?>EH% GETE% ]F;8=% >;G8H%8=% :F% C9EC;E% D899;DE9;E%V%GE=% :F:% T;:T?:%?9T?:P% ":DE% :8% \;SE%=8G8:?9;E%>8:>8%8A%TET8=DE%8=%]F8H%GE=%8A%D9;F=@E%>8%A?%d:EG;8W >?>% ;=>F:D9;?AeH% \?ZY?% ]F8>?>E% GE=:EA;>?>E% V% GE=:?B9?>E%8A% UF8AGE% \?G;?% AE%8GE=<T;GEP% 48% CF8>8% :8^?A?9H%GETE%@8G\?%>8%8:8%D9;F=@EH%8A% ?^E% '['IH% 8A% >8% A?%U;GDE9;?%>8% 6=BA?D899?%GE=D9?%8A% ;TC89;?A;:TE%T;W A;D?9;:D?%>8% ,?CEA8<=P% 4F%@E9TFA?G;<=%D8<9;G?%Ta:%:;TCA8%V%D9?=:C?W 98=D8%8:% A?%;=D89C98D?G;<=%]F8% oP#1>%"&%$%\?G8%>8%A?%\;:DE9;?H%:8Bb=%A?% GF?A% A?% \;:DE9;?%>8% A?% \FT?=;>?>%8:%F=?%8UEAFG;<=% ]F8%GE=>FG8%>8:W >8% A?% :EG;8>?>% T;A;D?9%V% @8F>?A% \?:D?% A?% ;=>F:D9;?A% V% GET89G;?AP% 3% @;W =?AT8=D8% :F% 8MC98:;<=% >EGFT8=D?A% C9;T89?% C89E% V?% G?Z?A% :8% 8=W GF8=D9?% 8=% 8A% D9?D?>E% :EZ98% d8A% 8:CY9;DF% >8% A?% U;EA8=G;?% ;=U?:E9?eH% 8A% %/>"0#(%#&)"H'n0%H% CFZA;G?>E% 8=% '['I% CE9% _8=`?T;=# @)"/0,"0H% 8A% ;=?FW BF9?>E9% >8% A?% 8:C;9;DF?A;>?>% A;Z89?A% >8A% M;M% 8=% :F% GE=`F=DEP% 1E%>8G;:;UE%8:%?]FY% A?%U;=GFA?G;<=%>8% A?%@8%8=%8A%C9EB98:EH%Z?`E%A?% @E9T?%]F8%?>ECD<%8=%8A% MUTH%8:DE%8:H%@F=>?T8=D?AT8=D8%\FT?=;D?W 9;?H% TE9?A;S?=D8% 8% ;=D8A8GDF?AH% d8:C;9;DF?AeH% GE=% 8A% >8:?99EAAE% 8GE=<W T;GEH% ;=>F:D9;?A%V% DcG=;GE%>8A% M;MP% 1?%d8GE=ETY?e%89?% :8=D;>?%GETE% A?% CE9D?>E9?%>8% 8:?% T?B=;DF>H% U89>?>89?T8=D8% TFV%GETCA8`?P% "GEW =ETY?H% GET89G;E%8% ;=>F:D9;?H% C89@8GG;E=?T;8=DE% DcG=;GEH% A;Z89D?>% V%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'Q)%

9?G;E=?A;S?G;<=% C?:?Z?=%CE9%:89%?A;?>E:H% V%?%>8:C8G\E%>8%:F%?B98:;U?% ;TCA?=D?G;<=% @98=D8% ?% AE:% :;:D8T?:%@8F>?A8:H% 98?GG;E=?9;E:%V%CEA;G;?W A8:H% :8% AE:%8=D8=>Y?% GETE%@F=>?T8=D?AT8=D8%C?GY@;GE:% 8=% ECE:;G;<=% ?% A?% U;EA8=G;?% BF89989?P% ":% ?:Y% GETE% =?G8% AE% ]F8% :89Y?=% A?:% ?B9FC?W G;E=8:% >8% GE=G8CDE:% DYC;G?:% >8A% :;BAE% M;Mj% A;Z89D?>H% C9EB98:E% V% 9?S<=% `F=DE% GE=% 8GE=ETY?H% ;=>F:D9;?H% DcG=;G?% GETE% C?9A?T8=D?9;:TE%

GE=D9?% @8F>?A;:TEH% 98?GG;<=%V%U;EA8=G;?% `F=DE% GE=% GE=D9?% ":D?>EH% BF899?% V% CEAYD;G?% GETE% GE=D9?% >;GD?>F9?%

"=% 8A% 8:G9;DE% >8% _8=`?T;=% +E=:D?=D% T8=G;E=?>E% Ta:% ?99;Z?H% >8A% ?^E% '['IH%:8%8=GF8=D9?%V?%8A% ;=U8=D?9;E%GETCA8DE%>8%8:D?:%?=DYD8:;:%V% >8% :F:% GETZ;=?G;E=8:% CE:;ZA8:P% 5AAY% :8% >;G8j% =E:% 8=GE=D9?TE:% 8=% A?% 89?% ]F8% \?Z9a%>8% 988TCA?S?9%CE9%@F89S?% ?% A?%>8% A?:%BF899?:H% >8A% T;:W TE% TE>E% ]F8% A?% 89?% >8% A?:% BF899?:% D8=Y?% CE9% @F89S?% ]F8% C98G8>89% ?% c:D?P% 4;BF8% 8=DE=G8:% A?% G?9?GD89;S?G;<=% >8% ?TZ?:% cCEG?:j% A?% F=?% ;=W D8=D?% EZD8=89% AE:% Z;8=8:% =8G8:?9;E:% C?9?% A?% U;>?% CE9% T8>;E% >8A% 8=W D8=>;T;8=DE% C?GY@;GE# X)M0%"+$# (%#-$N#o#-$NY4% A?% ED9?% AE% ;=D8=D?% CE9% A?% BF899?%V%A?%U;EA8=G;?i%c:D?%8:%A?#+*>'8/+)"#/,'J,-%4% ?]FcAA?%8=%G?TZ;E#8%# &,8&'8#&+J+8+/NP% &?>E%]F8% =;% A?%BF899?% =;% A?%GE=]F;:D?%U;EA8=D?%8:Da=%8=% GE=>;G;E=8:% >8% ?CE9D?9% A?:% :?D;:@?GG;E=8:% V% 8A% GE=@E9D% ]F8% =E:% C9EW CE9G;E=?=% 8A% GET89G;E% V% A?% ;=>F:D9;?H% A?:% BF899?:% =E% 98CE9D?=% V?% U8=D?`?% ?ABF=?H% V% \?:D?% A?% BF899?% U;GDE9;E:?% 8:% C?9?% 8A% U8=G8>E9% F=% T?A% =8BEG;EP% .E9%ED9?%C?9D8%8A% ;=?F>;DE%>8:?99EAAE%>8% A?:%DcG=;G?:%>8% BF899?% GE=D8TCE9a=8?:% L+E=:D?=D% T8=G;E=?% :EZ98% DE>E% A?% ?9D;AA8W 9Y?H%]F8%89?%8A%@F=>?T8=DE%:EZ98%8A%]F8%98CE:?Z?%A?%:FC89;E9;>?>%>8A% 8`c9G;DE%=?CEA8<=;GEN% \?%C9;U?>E%>8%:8=D;>E%?%DE>E%GF?=DE%8=%cCEG?:% ?=D89;E98:% 98:FAD?Z?% \89E;GE% 8=% A?:% BF899?:% V% C9ECE9G;E=?Z?% @?T?% V% \E=E9H% 8A% U?AE9% C89:E=?A% V% 8A% BF:DE% CE9% 8A% GETZ?D8P% &8% TE>E% ]F8H% :;8TC98% :8Bb=% +E=:D?=DH% A?%BF899?% \?% C89>;>E% \EV%8=% >Y?%DE>?%FD;A;W >?>%V%DE>E%8=G?=DEi#8k2)**%#"k%/0#>8'/#%"0$,p"N#o#/kI#8+J$%$4#"+#>,$#+"0N$n04#"+# >,$#>,//+)"F% 5=D8:% AE:%CF8ZAE:%BF89989E:%:E`FSB?Z?=% ?% AE:%]F8%:8%>8>;W G?Z?=% ?A% GET89G;EH% \EV% >Y?% 8:% ?% A?% ;=U89:?P% "=D98% D?=DE% 8:?% GE?A;G;<=% D?=% GETCA8`?% >8% 8GE=ETY?H% A;Z89D?>H% DcG=;G?H% cD;G?%V% C?9A?T8=D?9;:TE% \?% ?G?Z?>E%\?G8%V?%D;8TCE%GE=% :F% ?>U89:?9;EH%GE=%DE>E%98:DE%>8A% ":D?>E%?Z:EAFD;:D?%V%>8%:F%?9;:DEG9?G;?% @8F>?AH%V%\?%C89>;>E%GE=%8AAE%A?%?GDF?A;>?>%>8%:F%:8=D;>EP%$D9?:%?B9FW C?G;E=8:%V%GE?A;G;E=8:%?C?98G8=%8=%:F%AFB?9P% 1?%8GE=ETY?%V?%=E%8:#%)#


'QI%

+?9A% 4G\T;DD%

+>/)% A;Z89D?>i% A?% DcG=;G?% =E% 8:Da% D?=% :<AE% ?A% :89U;G;E% >8A% GE=@E9D H% :;=E% ]F8% :;9U8% D?TZ;c=% C?9?% C9E>FG;9% ?9T?:% 8% ;=:D9FT8=DE:% C8A;B9E:E:i% :F% C9EB98:E% =E% GETCE9D?% D?TCEGE% CE9% :Y% T;:T E% F=% C89@8GG;E=?W T ; 8 = D E% \FT?=;D?9;E% V% TE9?AH% G E T E% 8A% :;BAE% M U T% BF:D?Z?% >8% 98C98W :8=D?9:8H% V% F=?% 9?G;E=?A;S?G;<=% DcG=;G?% CF8>8% AA8B?9% ?% GE=U89D;9:8% 8=% AE% ECF8:DE% ?% F=?% 9?G;E=?A;S?G;<=% 8GE=<T;G?P% 5% C8:?9% >8% DE>EH% A?% ?DW T<:@89?% 8:C;9;DF?A% >8% "F9EC?% :;BF8% 8:D?=>E% GE=>;G;E=?>?% \?:D?% ?\E9?% T ; : T E% CE9% 8:D?% ;=D89C98D?G;<=% ]F8% 8A% :;BAE% M ; M% \?GY?% >8% A?% \;:W DE9;?H% V% \?:D?% \?G8% CEGE% ?A% T8=E:% :F:% @<9TFA?:% V% GE=G8CDE:% \?=% G E = W :89U?>E% F=?% 8=89BY?% ]F8% C?98G8% 98Z?:?9% GE=% G98G8:% A?% TF89D8% >8A% U;8W `E% ?>U89:?9;EP% 5% 8:D8% 98:C8GDE% 98:FAD?=% :;=BFA?9T8=D8%:;B=;@;G?D;U?:%8=% AE:% bAD;TE:%>8W G8=;E:% A?:% D8:;:% >8% m9?=S% $CC8=\8;T89P% .9EGA?T?% ]F8% :F% EZ`8D;UE% 8:% A?% d899?>;G?G;<=% >8A% ":D?>EeP% !?=% 9?>;G?A% 8:% :F% A;Z89?A;:TE% ]F8% =E% ]F;898% >8W `?9% 8A% ":D?>E% =;% :;]F;89?% GETE% :89U;>E9% ?9T?>E% >8% A?% ?>T;=;:D9?G;<=P% ":?% d899?>;G?G;<=e% :8% CE=8%8=% T?9G\?% CE9% T8>;E%>8% F=?%>8@;=;G;<=% G?9B?>?%>8% 8A8T8=DE:% U?AE9?D;UE:% V% ?@8GD;UE:P% "A%GE=G8CDE%>8A% ":D?>E%>8Z89Y?%8:D?9%>8W D89T;=?>E% CE9% 8A% dT8>;E% CEAYD;GEeH% 8A% GE=G8CDE% >8% A?% :EG;8>?>% L8:8=G;?AW T8=D8% ?CEAYD;G?N% CE9% 8A% dT8>;E% 8GE=<T;GEeP% 5\E9?% Z;8=H% AE:% C98>;G?>E:% GE=% AE:% ]F8% :8% >8@;=8=% AF8BE% AE:% T8>;E:% CEAYD;GE:% V% 8GE=<T;GE:% =E% :E=% :;=E% ?]F8AAE:% 9E>8E:% D?=% G?9?GD89Y:D;GE:% >8% F=#>,02)/% ]F8% Z?:GFA?% 8=D98% AE:% CEAE:%>8%A?%cD;G?%V%>8%A?%8GE=ETY?H%]F8%:8%E9;8=D?%GE=D9?%8A% ":D?>E%V%A?%CEAYW D;G?H% V% GE=:D;DFV8=% ?=DYD8:;:% ?C8=?:% U8A?>?:% ]F8% 98@A8`?=% A?% CEAcT;G?% 98A?W G;<=% 8=D98% ":D?>E% V% :EG;8>?>H% 8=D98% CEAYD;G?% V% 8GE=ETY?H% ]F8% BEZ;89=?% 8=% A?% 5A8T?=;?% >8A% M;MP% "A% T8>;E% 8GE=<T;GE% 8:% 8A% ;=D89G?TZ;Ei% 8:% 98G;C9EG;W >?>% >8% :89U;G;E% V% GE=D9?C98:D?G;<=H% 8=% GE=:8GF8=G;?% 98G;C9EG;>?>H% ;BF?AW >?>H% `F:D;G;?% V% C?SH% V% @;=?AT8=D8% =?>?% T8=E:% ]F8% d8A% 8:CY9;DF% GETF=;D?9;E% >8% A?% ?9TE=Y?H% @9?D89=;>?>% V% `F:D;G;?e% T;:T?: *R i% 8A% T8>;E% CEAYD;GE% 8=% G?TW Z;E%8:% dA?% U;EA8=G;?% 8MD9?8GE=<T;G?% ;=U?:E9?eH% 8MCEA;EH% GE=]F;:D?% V%G9YT8W =8:%>8% DE>?:%GA?:8:P% 48% T?=D;8=8%F=?%`89?9]FY?%>8% U?AE98:%8=% A?% 98A?G;<=%8=W D98% ":D?>E% V% :EG;8>?>P% .89E% ?:Y% GETE% A?% GE=G8CG;<=% >8A% ":D?>E%>8A% M;MH% D?A% GETE% A?% :;:D8T?D;S?% o8B8AH% GE=:D9FY?% 8A% ":D?>E% GETE% ?ABE% ]F8% 8:Da% TFV% CE9%8=G;T?%>8A% d98;=E%?=;T?Ae%>8% F=?%:EG;8>?>% d8BEY:D?eH%GETE% 98;=E%>8% A?% TE9?A;>?>%V%>8%A?%9?S<=%EZ`8D;U?H%AE:%U?AE98:%8:Da=%?\E9?%;=U89D;>E:H%V%A?%:EW G;8>?>H%GETE%8:@89?%>8% F=?%`F:D;G;?%C?GY@;G?H%]F8>?%TFV% CE9%8=G;T?%>8A% ":W D?>EH% >8B9?>?>E% CE9%:F% C?9D8% ?% 98B;<=% >8% ;=TE9?A;>?>% V% U;EA8=G;?P% 48%G?TW Z;?=% AE:% C?C8A8:H% C89E% A?% ?CED8E:;:% C89T?=8G8P% 4;=% 8TZ?9BE% =E% C?98G8% AYG;DEH% =;% TE9?A% =;% C:;GEA<B;G?T8=D8H% V% TFG\E% T8=E:% G;8=DY@;G?T8=D8H% TE=D?9% >8@;=;G;E=8:% ?% Z?:8% >8% >8:G?A;@;G?G;E=8:% AS

' dP(E' %,' (02&@)%,2)3+' 10' gE' [,+10(I' oX090%%092D,P#' $+1' [#,,#I' [#$1)0' 6$(' X0' 90%%92D,P#9%0D(0' 8&+' g(,+6' h@@0+D0)/0(pI$_#/02$(2$ C,Rp$ X'**2' cb' e:;AbfI' @E' \>ZE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'QX%

TE9?A8:H%ECE=;8=>E%F=%;=D89G?TZ;E%ZF8=EH%`F:DEH%C?GY@;GEH%8=% F=?%C?A?Z9?j% :;TCaD;GEH% ?% F=?% CEAYD;G?% :?AU?`8H% >8C98>?>E9?% V% G9;T;=?AP% +E=% :8T8`?=D8% TcDE>E% :8% CE>9Y?=% ;BF?AT8=D8% ;=U89D;9% AE:% Dc9T;=E:% V% >8GA?9?9% A?% CEAYD;G?% 8:@89?%>8% A?% AFG\?% =EZA8H% V%8=D8=>89%A?%8GE=ETY?%8=%G?TZ;E%GETE%8A% TF=W >E% >8A% 8=B?^EH% CF8:% 8=% bAD;T?% ;=:D?=G;?% A?% CEAYD;G?% =E% CE:88% F=?% 98A?G;<=% Ta:%8:C8GY@;G?%GE=% 8A% 9EZE%V% A?%U;EA8=G;?%]F8% A?%8GE=ETY?% GE=% A?% ?:DFG;?% V% 8A% 8=B?^EP% +?TZ;E%V% G?TZ;?SE% :F8A8=% ]F8>?9%G89G?P% -=%>ET;=;E%:EZ98%:8W 98:% \FT?=E:% ]F8% 98CE:?% :EZ98% F=% @F=>?T8=DE%8GE=<T;GEH% :;% :8% T?=D;8=8% ?CEAYD;GE% 8=% 8A% :8=D;>E% >8% :F:D9?89:8% ?% DE>?% 98:CE=:?Z;A;>?>% V% :FC89U;:;<=% CEAYD;G?:H% D;8=8% ]F8% ?C?98G89% `F:D?T8=D8% GETE% F=% D899;ZA8% 8=B?^EP% "A% GE=W G8CDE%>8A% G?TZ;E% =E% 8MGAFV8% GETE% D?A% GE=G8CDE%8=% TE>E% ?ABF=E% ]F8% F=?% >8% A?:% C?9D8:% ]F8>8% 8=% >8:U8=D?`?H% =;% ]F8% F=% :;:D8T?% >8% GE=D9?DE:% 98GYC9EW GE:%?G?Z8%CE9%GE=U89D;9:8%8=% F=% :;:D8T?%>8% A?%Ta:%:?AU?`8%8MCAED?G;<=%V%98W C98:;<=P% 3% :;% AE:% 8MCAED?>E:% V% :ET8D;>E:% ;=D8=D?=% >8@8=>89:8% 8=% A?% :;DF?W G;<=% 8=% A?% ]F8% :8% 8=GF8=D9?=H% 8:%8U;>8=D8% ]F8% =E% CE>9a=% \?G89AE%GE=% T8W >;E:%8GE=<T;GE:P% ,E%T8=E:%8U;>8=D8%8:%:;=%8TZ?9BE%]F8%]F;8=8:%>8D8=D?=% 8A% CE>89% 8GE=<T;GE% GE=:;>89?9a=% GF?A]F;89% ;=D8=DE% d8MD9?8GE=<T;GEe% >8% TE>;@;G?9%:F% CE:;G;<=% >8%CE>89%GETE%F=% ?GDE%>8%U;EA8=G;?%G9;T;=?AH%V%]F8% ;=D8=D?9a=% ;TC8>;9AEP% .89E% GA?9E% 8:Da% ]F8% GE=% 8:DE% :8% >899FTZ?% ?]F8AA?% GE=:D9FGG;<=% ;>8?A% >8% F=?% :EG;8>?>% ]F8% 98CE:?9Y?% :EZ98% 8A% ;=D89G?TZ;E% V% AE:%GE=D9?DE:%98GYC9EGE:%V%]F8%:89Y?%CE9%8:E%T;:TE%C?GY@;G?%V%`F:D?P% 1?T8=W D?ZA8T8=D8%?%A?%:?=D;>?>%>8%AE:%C?GDE:%V%?A%C9;=G;C;E#>,&0,#/'"0#/%$J,"(,%?GE:W DFTZ9?=%?%?C8A?9%D?TZ;c=% AE:%8:C8GFA?>E98:%V%AE:%8MDE9:;E=?>E98:P% 1?%8:@8W 9?%>8A%G?TZ;E% CE:88% :F:% C9EC;E:% AYT;D8:%8:D98G\E:%V% :F% C9EC;E%>ET;=;E%8:W C8GY@;GEH% V% =E% DE>?:% A?:% GE:?:% CE:88=% F=% U?AE9% >8% G?TZ;EP% ,E% 8M;:D8% CE9% 8`8TCAE% =;=BF=?% 8]F;U?A8=G;?% `F:D?% >8% A?% A;Z89D?>% V% >8% A?% ;=>8C8=>8=G;?% CEAYD;G?:H% CE9% TFV% 8A8U?>?% ]F8% :8?% A?% :FT?% >8A% :EZE9=EP% +E=% A?% ?VF>?% >8% 8:D?% GA?:8% >8% >8@;=;G;E=8:% V% GE=:D9FGG;E=8:H% ]F8% =E% :E=% 8=% >8@;=;D;U?% :;=E% 9E>8E:% 8=% DE9=E% ?% A?% CEA?9;>?>% >8% cD;G?% V% 8GE=ETY?H% =E% 8:% CE:;ZA8%899?>;G?9% =;% 8A% ":D?>E% =;% A?% CEAYD;G?H% V% =E%8:% ?:Y% G E T E% :8% >8:CEA;D;S?9a% 8A% TF=>EP% "A% ]F8% AE:% ?=D?BE=;:TE:% 8GE=<W T;GE:% :8% \?V?=% UF8ADE% CEAYD;GE:H% V% 8A% ]F8% \?V?% CE>;>E% :F9B;9% 8A% GE=W G8CDE% >8% dCE:;G;<=% >8% CE>89% 8GE=<T;G?eH% =E% \?G8% :;=E% >8TE:D9?9% ]F8%8A% CF=DE%>8%8T89B8=G;?%>8% AE%CEAYD;GE%CF8>8% :89%?AG?=S?>E% ?% C?9W D;9% >8% A?% 8GE=ETY?% 8M?GD?T8=D8% ;BF?A% ]F8% ?% C?9D;9% >8% GF?A]F;89% ED9E% aTZ;DEP% ":% Z?`E% 8:D?% ;TC98:;<=% G E T E% =?G;<% A?% D?=% G;D?>?% ?@;9T?G;<=% >8# U,802%$# _,02%",'% >8% ]F8% \EV% 8A% >8:D;=E% =E% 8:% A?% CEAYD;G?% :;=E% A?% 8GE=ETY?P% 489Y?% Ta:% GE998GDE% >8G;9% ]F8% A?% CEAYD;G?% \?% :;>EH% 8:% V% :8W BF;9a% :;8=>E%8A% >8:D;=EH% V% ]F8% AE%b=;GE% ]F8% \?%EGF99;>E%8:% ]F8% A?%8GEW =ETY?% :8% \?% D9?=:@E9T?>E% 8=% F=% \8G\E% CEAYD;GE% V% :8% \?% GE=U89D;>E% ?:Y% 8=% d>8:D;=EeP%


'QJ%

+?9A% 4G\T;DD%

.E9%8:E%89?%D?TZ;c=% 8]F;UEG?>E% C8=:?9%]F8%F=?%CE:;G;<=% CEAYD;W G?%EZD8=;>?%GE=%?VF>?%>8% A?%:FC89;E9;>?>%8GE=<T;G?%D8=>9Y?%]F8%:89% d8:8=G;?AT8=D8% =E% Z8A;GE:?e% LGETE% ?@;9T?Z?% uP% 4G\FTC8D89% 8=% :F% 1)&+)8)-7,#(%8#f*>%$+,8+/*)%>8% '('(NP% 1E%b=;GE%8:8=G;?AT8=D8%=E%Z8A;GEW :E%8:%?]FY% A?%D89T;=EAEBY?H% V%8AAE%CE9%A?%8:8=G;?% T;:T?%>8% A?% ;>8EAEW BY?% A;Z89?AP% -=% ;TC89;?A;:TE% >8% Z?:8% 8GE=<T;G?% ;=D8=D?9aH% GETE% 8:% A<B;GEH% AA8U?9% ?A% TF=>E% ?% F=% 8:D?>E% 8=% 8A% GF?A% cA% CF8>?% ?CA;G?9% :;=% EZ:DaGFAE% ?ABF=E% :F:% T8>;E:% >8% CE>89% 8GE=<T;GEH% D?A8:% GETE% ZAEW ]F8E% >8% G9c>;DE:H% 8TZ?9BE% >8% T?D89;?:% C9;T?:H% \F=>;T;8=DE% >8% A?% >;U;:?%8MD9?=`89?H%8DGPH%V%8=%8A%]F8%DE>E%8:DE%CF8>?%Z?:D?9A8P% +E=:;>8W 9?9a% dU;EA8=G;?% 8MD9?8GE=<T;G?e% GF?A]F;89% ;=D8=DE% >8% :F:D9?89:8% ?A% 8@8GDE%>8%8:DE:%TcDE>E:%dC?GY@;GE:e%98?A;S?>E%CE9%GF?A]F;89%CF8ZAE%E% B9FCE% \FT?=E%>;:D;=DEP% o?9a%F:E%>8% T8>;E:%>8%GE?GG;<=% Ta:% :8U8W 9E:H% ?F=]F8% >8:>8% AF8BE% ?b=% d8GE=<T;GE:eH% T8>;E:% ]F8% :8Bb=% 8:D?% D89T;=EAEBY?% :8BF;9a=% :;8=>E% ?CEAYD;GE:% V% 8:8=G;?AT8=D8% C?GY@;GE:H% GETE% AE:% 8=FT89?>E:% CE9% 8`8TCAE% 8=% A?:% d>;98GD9;G8:e% >8% A?% 4EG;8W >?>% >8% ,?G;E=8:% >8% 2;=8Z9?% C?9?% A?% 8`8GFG;<=% >8A% ?9DYGFAE% 'J% >8A% !9?D?>E% L=bTP% 'I% >8% A?% /8:EAFG;<=% >8% A?% 48BF=>?% 5:?TZA8?% >8% '(*'Nj% ZAE]F8E% >8% A?% ?CE9D?G;<=% >8% T8>;E:% >8% U;>?% ?% A?% CEZA?G;<=% G;U;A% V% ?:8>;E% CE9% \?TZ98P% m;=?AT8=D8% 8A% ;TC89;?A;:TE% 8GE=<T;GE% >;:CE=8%>8% T8>;E:% DcG=;GE:% C?9?% ;=@A;B;9% A?% TF89D8% @Y:;G?% CE9% A?% U;EW A8=G;?H% ?9T?:% TE>89=?:% >8% B9?=% C89@8GG;<=% DcG=;G?% CF8:D?:% ?% CF=DE% T8>;?=D8% F=?% ;=c>;D?% ;=U89:;<=% >8%G?C;D?A% V%GE=EG;T;8=DE:%G;8=DY@;W GE:H%GE=%8A% @;=% >8%]F8%8=%G?:E%>8%=8G8:;>?>%:8%CF8>?%>;:CE=89%8@8GD;W U?T8=D8% >8% 8AA?:P% ":E% :YH% C?9?% A?% ?CA;G?G;<=% >8% D?A8:% T8>;E:% :8% G98?% F=% =F8UE% UEG?ZFA?9;E% 8:8=G;?AT8=D8% C?G;@;:D?H% ]F8% =E% GE=EG8% V?% A?% BF899?% :;=E% b=;G?T8=D8% 8`8GFG;E=8:H% :?=G;E=8:H% 8MC8>;G;E=8:% >8% G?:D;BEH% C?G;@;G?G;E=8:H% C9ED8GG;<=%>8% AE:% C?GDE:H% CEA;GY?% ;=D89=?G;EW =?AH% T8>;>?:% C?9?% B?9?=D;S?9% A?% C?SP% "A% ?>U89:?9;E% V?% =E% :8% AA?T?% 8=8T;BEH% C89E% 8=% :F% GE=>;G;<=% >8% 8:DE9ZE% V% 9FCDF9?% >8% A?% C?S%:8% AE% >8GA?9?# 2)$/C8,C8)+%V# 2)$/#8k2'*,"+0Nd% GF?A]F;89% BF899?% ;=;G;?>?% C?9?% A?% GE=:89U?G;<=% E%?TCA;?G;<=%>8%F=?%CE:;G;<=%>8%CE>89%8GE=<T;GE%;9a% C98G8>;>?% >8% F=?% E@89D?% C9EC?B?=>Y:D;G?% G?C?S% >8% GE=U89D;9A?% 8=% dG9FS?>?e%V%8=% dbAD;T?%BF899?%>8% A?% oFT?=;>?>eP% ":% AE%]F8%8M;B8%A?% CEA?9;>?>%>8%cD;G?% V%8GE=ETY?P% ":D?%8M\;Z8H% ]Fc%>F>?%G?Z8H% F=?% :;:W D8TaD;G?% V% F=?% GE=:8GF8=G;?% ?:ETZ9E:?:H% C89E% D?TZ;c=% 8:D8% :;:D8W T?H% C98:F=D?T8=D8% ?CEAYD;GE% V% 8=% ?C?9;8=G;?% ;=GAF:E% ?=D;CEAYD;GEH% 8:Da%?A% :89U;G;E%>8%?B9FC?G;E=8:%>8%?T;BE:%V%8=8T;BE:H%Z;8=%V?%8M;:W D8=D8:H% Z;8=% =F8U?:H% V% =E% CE>9a% D?TCEGE% 8:G?C?9% ?% A?%GE=:8GF8=G;?% ;=D89=?% >8% AE% CEAYD;GEP%


15% "/5% &"% 154% ,"-!/516O5+6$,"4% 3% &"% 154% &"4.$16!6O5+6$,"4%

,E:ED9E:% AE:% G8=D9E8F9EC8E:% U;U;TE:#/)'/#8k)%+8#(%/#_'//%/F% o?G8% V?% F=% :;BAE% ]F8% :F% C8=8D9?G;<=% C:;GEA<B;G?% \?% D9?:C?:?>E% =F8:D9?:% B9?=>8:% C?A?Z9?:% V% =F8:D9?:% ;=:D;DFG;E=8:P% .E:88=% :F@;G;8=D8% U;D?A;W >?>% GETE% C?9?% ?CE>89?9:8% >8% =F8:D9E:% GE=EG;T;8=DE:% V% >8% =F8:D9?% DcG=;G?% V% F:?9AE:% GETE% ?9T?:P% 4F% GE9?`8% C?9?% 8A% 9?G;E=?A;:TE% V% :F% GE=D9?9;EH% :F% U;BE9% C?9?% A?%E9DE>EM;?%8=% AE%ZF8=E% V% 8=% AE% T?AEH% :E=% ;TCE=8=D8:P% o?=% \8G\E% 98?A;>?>% A?%U;=GFA?G;<=% >8% :EG;?A;:TE%V%8:W A?U;:TE% ]F8% V?% 8=% '(I[% &E=E:E% +E9Dc:% ?=F=G;?Z?% C9E@cD;G?T8=D8% GETE% 8A% ?GE=D8G;T;8=DE% >8G;:;UE% >8A% :;BAE% U8=;>89EP% ":?% 8:% =F8:D9?% :;DF?G;<=P% 3% =E% :8% CE>9a% >8G;9% =?>?% >;B=E% >8% T8=G;<=% :EZ98% A?% GFADF9?% =;% :EZ98% A?% \;:DE9;?% :;% =E% 8:% >8:>8% A?% GE=W G;8=G;?% >8% =F8:D9?% C9EC;?% :;DF?G;<=% GFADF9?A% 8% \;:D<9;G?P% tF8% DE>E% GE=EG;T;8=DE%\;:D<9;GE%8:%GE=EG;T;8=DE%>8A% C98:8=D8H%]F8% =E%EZD;8W =8%:F%AFS%8% ;=D8=:;>?>%Ta:%]F8%>8%c:D8%V%]F8%8=%F=%:8=D;>E%C9E@F=>E% =E% 8:Da% :;=E% ?% :F% :89U;G;EH% CE9]F8% DE>E% 8:CY9;DF% =E% 8:% :;=E% 8:CY9;DF% C98:8=D8H% 8:% ?ABE% ]F8% :?Z8TE:% ?% C?9D;9% >8% o8B8A% CE9% ZEG?% >8% TFW G\E:H% V% ]F;Sa% :EZ98% DE>E% >8% _8=8>8DDE% +9EG8P% ,FT89E:E:% \;:DE9;?W >E98:% @?TE:E:% >8% A?% bAD;T?% B8=89?G;<=% CE=8=% ?=D8% =E:ED9E:% 8:D?% U89>?>% CF9?% V% :;TCA8H% V% V?% =E% ]F8>?% =?>;8% G?C?S%>8% 8=B?^?9:8% ?% :Y% T;:TEH% ?% Z?:8% >8% ?GFTFA?9% T?D89;?A8:H% :EZ98% 8A% \8G\E% >8% ]F8% DE>?% 8MCE:;G;<=% V% GE=:D9FGG;<=% \;:D<9;G?%8:Da% :?DF9?>?%>8% C9EV8GG;E=8:%8% ;>8=D;@;G?G;E=8:% ;=B8=F?:P% 'QR%


'Q[%

+?9A% 4G\T;DD%

1E% C9;T89E% D;8=8% ]F8% :89% CF8:% A?% GE=G;8=G;?% >8% A?% C9EC;?% :;DF?W G;<=% C98:8=D8P% ":% ?% AE% ]F8% U8=Y?% 8:?% EZ:89U?G;<=% C98A;T;=?9% :EZ98% AE:% 9F:E:P% o?G89%A?:% GE:?:% :;TFADa=8?T8=D8% GE=:G;8=D8:% V% C98:8=D8:% 98:FAD?% \EV% >Y?% >;@YG;AH% C89E% CE9% 8AAE% T;:TE% D?=DE% Ta:% =8G8:?9;EP% !E>E:% AE:% ;=>;G;E:% ?CF=D?=% ?% ]F8%8=% A?% "F9EC?%>8% '(*(% 8:D?TE:% U;W U;8=>E% F=?% cCEG?% >8% G?=:?=G;E% V% >8% ;=D8=DE:% >8% 98:D?F9?G;<=H% GE:?% D?=% \?Z;DF?A% GETE% GETC98=:;ZA8% >8:CFc:% >8% F=?% B9?=% BF899?P% !9?:% A?:% BF899?:%>8%GE?A;G;<=% GE=D9?% m9?=G;?H% ]F8% >F9?9E=% U8;=D8% ?^E:H% A?% \FT?=;>?>% 8F9EC8?% >8A% :;BAE% M;M% :8% \?% \?AA?>E% ?% C?9D;9%>8% '['X% 8=% F=?% GE=:D8A?G;<=% 8:C;9;DF?A% ]F8% G?Z9Y?% 98>FG;9% ?% A?% @<9TFA?% dA8B;D;W T;>?>%>8A#/0,0'/#H')eP% !E>E:% AE:% ?9BFT8=DE:%]F8%C9E>FG8%F=?%cCEG?% >8% 8:D?:% G?9?GD89Y:D;G?:% GE=D;8=8=% 8=% 98?A;>?>% T8=E:% A?% 98U;D?A;S?W G;<=% >8%GE:?:% C?:?>?:H%E%]F8%8:Da=% C?:?=>EH% ]F8% F=% 9YB;>E%?@899?9:8H% 8=% CEAYD;G?% D?=DE% 8MD89=?% GETE% ;=D89=?H% ?A% d/0,0'/#H')b% v]Fc% :;% =EweP% 5A% T;:TE% D;8TCE% A?% G?AT?% ]F8% C9ECE9G;E=?% 8A% ?TZ;8=D8% >8% 98:D?FW 9?G;<=% GE=D9;ZFV8% ?% ]F8% :8% >8:?99EAA8=% GE=% 9?C;>8S%V% :;=% EZ:DaGFAE:% GE:?:% V% 98A?G;E=8:% =F8U?:% GFVE% :8=D;>E% V% E9;8=D?G;<=% ]F8>?=% ?TW CA;?T8=D8% EGFADE:% CE9% >8D9a:% >8% A?% @?G\?>?% 98:D?F9?>?P% 3% 8=% GF?=DE% :F8=?% A?% \E9?H%8A% 9E:D9E%A8B;D;T;:D?%:8%>8:TE9E=?%GETE%F=% @?=D?:T?% U?GYEP% 1E:% 9F:E:% :8% DET?9E=% 8A% M;M% 8F9EC8E% ?A% C;8% >8% A?% A8D9?H% 98GE=EW G;89E=% AE%]F8%GE=:D;DFY?%:F% =bGA8E%T;:TE%V%8MD9?`89E=%>8%:F:%C98T;W :?:%GFADF9?A8:% A?:%bAD;T?:% GE=:8GF8=G;?:P% 4;8TC98%:8%U;U8%Z?`E%A?% T;W 9?>?% >8A% \89T?=E% Ta:% 9?>;G?AH% 8A% ]F8% A8% EZA;B?% ?% F=E% ?% AA8B?9% \?:D?% A?:% bAD;T?:% GE=:8GF8=G;?:% C9aGD;G?:P% +E=% 8=D89?% ;=>8C8=>8=G;?% >8% AE%]F8%:8%C9E=E:D;]F8%C?9?% A?%CEAYD;G?%;=D89;E9%V%8MD89;E9H%F=?%GE:?%?A% T8=E:%8:% :8BF9?j% ]F8%:EZ98%8A% :EA?9%9F:E%:8%DET<%8=% :89;E%A?%?=D;998W A;B;<=% D8G=;G;:D?H%V%]F8%8=%cA% \?% =?G;>E%F=% ":D?>E%]F8%8:%Ta:%8:D?D?A% >8% AE%]F8% CF>E%:89AE%`?Ta:%8A% ":D?>E%>8A% Ta:%?Z:EAFDE%>8% AE:%C9Y=G;W C8:H% >8:>8% m8A;C8% 66% \?:D?% m8>89;GE% 8A% 29?=>8% C?:?=>E% CE9% 1F;:% #67P% ":D?% :;DF?G;<=% 8=% :F% GE=`F=DE% =E% 98:FAD?% GETC98=:;ZA8% Ta:% ]F8% >8:>8% AE% ]F8% \?% :;>E% A?% 8UEAFG;<=% >8% "F9EC?% 8=% AE:% bAD;TE:% :;W BAE:P% /8C98:8=D?%A?%GE=GAF:;<=%V% ?F=% 98Z?:?T;8=DE%>8%F=?:% ;>8?:%8:W C8GY@;G?T8=D8% 8F9EC8?:% V% TF8:D9?H% 8=% :F% U89:;<=% Ta:% 8MD98T?H% AE% ]F8% GE=:D;DFV8% 8A% =bGA8E% >8% A?% \;:DE9;?% TE>89=?% >8% "F9EC?P%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'Q(%

JK# "8?# 6<?D1353>2<478?# 6<1# F<4798# 6<# :93L<636# V# ?;# ?<F;<4F23# o?B?TE:%F=%98C?:E%>8%A?:%8D?C?:%]F8%\?%98GE99;>E%8A%8:CY9;DF%8FW 9EC8E% 8=% AE:% bAD;TE:% GF?D9E% :;BAE:H% ?:Y% GETE%>8% A?:% >;U89:?:% 8:@89?:% 8:C;9;DF?A8:%8=%A?:%]F8%8=GE=D9<%8=%G?>?%G?:E%8A%G8=D9E%>8%:F%8M;:D8=W G;?% \FT?=?P% 4E=% GF?D9E%B9?=>8:%C?:E:% :;TCA8:H% :8GFA?98:P% 48%GE998:W CE=>8=% GE=% AE:% GF?D9E% :;BAE:% V% U?=% >8% AE% D8EA<B;GE% ?% AE% T8D?@Y:;GEH% >8% ?AAY% ?A% TE9?A;:TE% \FT?=;D?9;EH% V% >8% c:D8% ?% A?% 8GE=ETY?P% 7;GE% V% +ETD8H%8:E:%>E:%B9?=>8:% ;=Dc9C98D8:%>8% A?% \;:DE9;?%>8% A?% \FT?=;>?>H% B8=89?A;S?9E=% 8:D8% C9EG8:E% 8F9EC8EH% b=;GE% 8=% :F% Bc=89EH% V% AE% GE=W U;9D;89E=% 8=% A8V% F=;U89:?A% >8% A?% 8UEAFG;<=% \FT?=?i% ?A% G?ZE% >8% T;A% Z?=?A;S?G;E=8:%V%UFAB?9;S?G;E=8:% A?%;>8?%:8%>;@F=>;<%GETE%A?%@?TE:?% dA8V%>8%AE:%D98:%8:D?>;E:ej%>8A%D8EA<B;GE%?A%T8D?@Y:;GEH%>8%c:D8%?A%dG;8=W DY@;GEe%E%dCE:;D;U;:TEeP% "=% 98?A;>?>% AE% b=;GE% CE:;D;UE% ]F8% G?Z8% ?@;9W T?9%8:% ]F8H% >8:>8% 8A% :;BAE% MU;H% A?% \FT?=;>?>%8F9EC8?% \?% ;>E%>?=>E% C?:E:%>8%F=%G8=D9E%>8%B9?U8>?>% ?%ED9EH%V%]F8%DE>E%AE%]F8%GE=:D;DFV8% 8A% GE=D8=;>E% >8% =F8:D9?% 8UEAFG;<=% GFADF9?A% :8% \?AA?% Z?`E% AE:% 8@8GDE:% 98D?9>?>E:% >8% 8:E:% C?:E:P% "=% AE:% bAD;TE:% GF?D9E% :;BAE:% >8% A?% \;:DE9;?% 8F9EC8?% A?% U;>?% 8:C;9;DF?A% \?% D8=;>E%GF?D9E%G8=D9E:%>8%B9?U8>?>%>;:W D;=DE:H%V%8A%C8=:?T;8=DE%>8%A?%cA;D8%?GD;U?%]F8%\?%GE=:D;DF;>E%8=%G?>?% G?:E% A?%?U?=S?>?% \?%8:D?>E% TEU;c=>E:8%8=%8:E:%:;BAE:%8=% DE9=E%?%>;W U89:E:% =bGA8E:% >8% ;>8?:P% 1E:% GE=G8CDE:% ]F8% 8A?ZE9?=% A?:% >;U89:?:% B8=89?G;E=8:% :<AE% 98W :FAD?=% GETC98=:;ZA8:% ?% C?9D;9% >8% 8:DE:% >8CA?S?T;8=DE:% >8A% =bGA8E% G8=D9?AP% !?A8:% >8:CA?S?T;8=DE:% h>8% A?% D8EAEBY?% ?% A?% T8D?@Y:;G?H% ?A% TE9?A;:TE% \FT?=;D?9;E% V% @;=?AT8=D8% ?% A?% 8GE=ETY?h# ")% \?G8=% ?]FY% 98@898=G;?% hC89TYD?:8T8% 98C8D;9AEh% ?% F=?% dD8E9Y?% >8% >ET;W =?=D8:e%>8%A?%\;:DE9;?%GFADF9?A%V%8:C;9;DF?AH%V#0,*>)&)%GE=:D;DFV8=%F=?% 8%I% 8=% 8A% :8=D;>E% >8% A?% A8V% >8% AE:% D98:% 8:D?>;E:% E% >8% GE=:D9FGG;E=8:% ?=aAEB?:P% ,E% 8:DEV% \?ZA?=>E% >8% A?% GFADF9?% >8% A?% \FT?=;>?>% 8=% :F% GE=`F=DEH% =;%>8A% 9;DTE%>8%A?%\;:DE9;?%F=;U89:?AH% =;%8:DEV%8=%GE=>;G;EW =8:%>8%>8G;9%=?>?%:EZ98%AE:%G\;=E:H% AE:% ;=>;E:%E%AE:%8B;CG;E:P% .E9%8:E% T;:TE% A?% :8GF8=G;?% >8% >8:CA?S?T;8=DE:% >8% AE:% G8=D9E:% >8% B9?U8>?>% =E% >8Z8% C8=:?9:8% D?TCEGE% GETE% F=?% AY=8?% ?:G8=>8=D8% 8% ;=;=D8W 99FTC;>?%>8%dC9EB98:EeH% =;%GETE% AE%GE=D9?9;EP% tF8989%U89%?]FY% F=?% 8:G?A?%>8%?99;Z?%?%?Z?`E%E%>8%?Z?`E%?%?99;Z?H% F=%?:G8=:E%E%F=%>8GA;U8H% 8:% ED9?% GF8:D;<=P% 489Y?% D?TZ;c=% F=% T?A8=D8=>;>E% ;=D89C98D?9% A?% :8W GF8=G;?%>8%8D?C?:%GETE%:;%8=% G?>?%F=E%>8%8:E:%:;BAE:% =E% \FZ;8:8%\?W Z;>E%=?>?% Ta:%]F8%8:8%G8=D9E%>8%B9?U8>?>P% 1E%]F8%8M;:D8%:;8TC98%8:%


''Q%

+?9A% 4G\T;DD%

Ta:%Z;8=%F=?%G;89D?%GE8M;:D8=G;?%CAF9?A;:D?%>8%8D?C?:%]F8%V?%\?=%:;>E% 98GE99;>?:P% .89:E=?:% >8A% T;:TE%D;8TCE% V% 8A% T;:TE% C?Y:H% ;=GAF:E%>8% F=?% T;:T?% @?T;A;?H% U;U8=% `F=D?:% G?>?% F=?% 8=% F=?%8D?C?% >;@898=D8H% V% CE9% 8`8TCAE% 8A% _89AY=% ?GDF?A% 8:Da% Ta:% G89G?H% T8>;>E% 8=% >;:D?=G;?% GFADF9?AH% >8% ,F8U?% 3E9s% E%>8% nE:Gb% ]F8% >8% nF=;G\% E%>8%!9cU89;:P% "A% >8:CA?S?T;8=DE% >8% AE:% aTZ;DE:% G8=D9?A8:% :8% 98@;898% CF8:% D?=% :<AE% ?A% \8G\E% GE=G98DE% >8% ]F8% 8=% 8:DE:% GF?D9E% :;BAE:% >8% \;:DE9;?%8F9EC8?% \?=% ;>E%G?TZ;?=>E% A?:% cA;D8:% >;9;B8=D8:i% A?% 8U;>8=G;?% >8% :F:% GE=U;GW G;E=8:% V% ?9BFT8=DE:% :8% \?% ;>E% TE>;@;G?=>E% :;=% G8:?9H% GETE% :8% \?% ;>E% TE>;@;G?=>E% D?TZ;c=% 8A% GE=D8=;>E%>8% :F:% ;=D898:8:% 8:C;9;DF?A8:H% 8A%C9;=G;C;E%>8%:F%?GDF?9H%8A% :8G98DE%>8%:F:%cM;DE:%CEAYD;GE:%V%A?%>;:CEW :;G;<=% >8% A?:% B9?=>8:% T?:?:% ?% >8`?9:8% ;TC98:;E=?9%CE9% F=?% >8D89T;W =?>?% GA?:8% >8% :FB8:D;E=8:P% nFV%GA?9EH%V%>8%C89@;A8:% C?9D;GFA?9T8=D8% =YD;>E:H%8:%8:8%B;9E%b=;W GE%8=% A?% \;:DE9;?%]F8% :8% C9E>FG8%GE=% 8A% C?:E%>8% A?% D8EAEBY?% >8A% MU;% ?% A?%T8D?@Y:;G?%>8A%MU=H%F=E%>8%AE:%:;BAE:%Ta:%B9?=>8:%>8%A?%\;:DE9;?%>8% "F9EC?% =E% :<AE% CE9% A?% T8D?@Y:;G?% :;=E%D?TZ;c=% CE9% A?%G;8=G;?H% V% ]F8% G?Z8% GE=:;>89?9% GETE% A?% U89>?>89?% cCEG?% \89E;G?% >8A% 9?G;E=?A;:TE% EGG;>8=D?AP% ":D?% cCEG?% >8% :?Z89% G;8=DY@;GE% :;:D8TaD;GE% ?Z?9G?% CE9% ;BF?A% ?% 4Fa98S% V% ?% _?GE=H% ?% 2?A;A8EH% g8CA89H% &8:G?9D8:H% 29ED;F:H% oEZZ8:H% 4C;=ES?H% .?:G?AH% 18;Z=;S%V% ,8xDE=P% !E>E:% AE:% ?:ETZ9E:E:% GE=EG;T;8=DE:% T?D8TaD;GE:H% ?:D9E=<T;GE:% V% >8% G;8=G;?% =?DF9?A% >8% 8:?% cCEG?% 8:D?Z?=% ;=D8B9?>E:% 8=% F=% B9?=>;E:E% :;:D8T?% T8D?@Y:;GE% E% d=?DF9?Aei% DE>E:%8:E:% C8=:?>E98:%@F89E=% T8D?@Y:;GE:%>8A% Ta:% ?ADE%8:W D;AEH% 8% ;=GAF:E% A?% :FC89:D;G;<=% C9EC;?% >8% 8:?% cCEG?% 89?% G<:T;GEW 9?G;E=?A;:D?j% 89?% A?% ?:D9EAEBY?P% "A% :;BAE%MU;=% >8:CA?S<% AF8BE% A?% T8D?W @Y:;G?% GE=% ?VF>?%>8% A?:% GE=:D9FGG;E=8:% >8% F=?% @;AE:E@Y?% >8Y:D?H% V% @F8% F=?% UFAB?9;S?G;<=% >8% B9?=% 8:D;AEH% ;AF:D9?G;<=H% ?C9EC;?G;<=% A;D89?9;?% >8% AE:% B9?=>8:% ?GE=D8G;T;8=DE:%>8A% MU=H% \FT?=;S?G;<=% V% 9?G;E=?A;W S?G;<=P% 48% CF8>8% 98GE=:D9F;9%8=% >8D?AA8% G<TE% :8% C89C8Db?% CE9%8`8TW CAE%A?%EZ9?%>8%4Fa98S%8=% ;==FT89?ZA8:%8:G9;DE:%CECFA?98:i%CE9%AE%]F8% :8%98@;898%?%Ta:%>8%F=%GE=G8CDE%@F=>?T8=D?A%>8%A?%TE9?A%V%>8%A?%D8EW 9Y?%>8A% ":D?>EH% .F@8=>E9@@%=E%8:%Ta:%]F8%F=%8CYBE=E%>8%4Fa98SH%V% @;W =?AT8=D8% 8A% C9EC;E% GE=D9?DE% :EG;?A% >8% /EF::8?F% =E% 8:% ?% :F% U8S% Ta:% ]F8% F=?% UFAB?9;S?G;<=% >8% .F@8=>E9@@P% .89E% 8A# >,02)/% 8:C8GY@;GE% >8A% MU;;;% 8:%8A%>8% A?%dU;9DF>eH% :F%C?A?Z9?%TaB;G?#J%$0'H% >8Z89P% ,;%:;]F;89?% 8A% 9ET?=D;G;:TE% >8% /EF::8?F% AEB9?% 9ETC89% GE=:G;8=D8T8=D8% 8A% T?9GE%>8% A?:% G?D8BE9Y?:% TE9?A8:P% "MC98:;<=% G?9?GD89Y:D;G?%>8%8:D8%:;W BAE% 8:% 8A% GE=G8CDE% s?=D;?=E% >8% &;E:i% 8=% :F% :;:D8T?% c:D8% =E% 8:% V?H% GETE%:8%\?%>;G\E%?ABE%B9E:89?T8=D8H%Ta:%]F8%F=%dC?9a:;DE%>8%A?%cD;W


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'''%

G?eP% +?>?% F=?% >8% A?:% C?A?Z9?:% ]F8% @E9T?=% A?% GE=`F=G;<=% dG9YD;G?% >8% A?% 9?S<=% CF9?e% hG9YD;G?H% 9?S<=H% CF9?h% 8:% F=?% CEAcT;G?% GE=D9?% 8A% >EBT?H% A?% T8D?@Y:;G?% V% 8A% E=DEAEB;G;:TEP% +E=% 8A% :;BAE% M;M% AE% ]F8% ?C?98G8% 8:% A?% 89?% 8=% A?% ]F8% :8% 8:D?ZA8G8% F=?%GE=8M;<=% ?A% C?98G89% \YZ9;>?%8% ;TCE:;ZA8%8=D98%D8=>8=G;?:%8:DcD;W GEW9ETa=D;G?:% V% 8GE=<T;GEWDcG=;G?:P% "=% 98?A;>?>% 8A% 9ET?=D;G;:TE% >8A% M;M% h:;% =E% ]F898TE:% FD;A;S?9%8:8% Dc9T;=E% ?ABE% >?>?Y:D?% >8A% 9EW T?=D;G;:TE% ?% A?% T?=89?% 9ETa=D;G?H% GETE% U8\YGFAE% >8% GE=@F:;EW = 8 : h% =E% :;B=;@;G?% :;=E% A?% 8D?C?% ;=D89T8>;?% >8% AE% 8:DcD;GE% 8=D98% 8A% TE9?A;:TE% >8A% MUT% V% 8A% 8GE=ET;G;:TE% >8A% M;MH% F=?% T89?% D9?=:;W G;<=% ]F8% :8% AEB9<% ;=D9E>FG;8=>E% A?% 8:DcD;G?% 8=% DE>E:% AE:% >ET;=;E:% >8A% 8:CY9;DFH% V% CE9% G;89DE% ]F8% GE=% B9?=% @?G;A;>?>% V% cM;DEP% .F8:% 8A% G?W T;=E%]F8%U?%>8%A?%T8D?@Y:;G?%V%A?%TE9?A%?%A?%8GE=ETY?%C?:?%CE9%A?%8:W DcD;G?H% V%A?%UY?%>8A% GE=:FTE%V%>;:@9FD8%8:DcD;GE:H%DE>E%AE%:FZA;T8%]F8% :8%]F;89?H%8:%A?%Ta:%G<TE>?%V%:8BF9?%C?9?%AA8B?9%?%F=?%d8GE=ET;@;G?W G;<=e%B8=89?A% >8% A?% U;>?% 8:C;9;DF?A% V% ?% F=?% GE=:D8A?G;<=% >8A% 8:CY9;DF% ]F8% \?AA8% A?:%G?D8BE9Y?:%G8=D9?A8:%>8% A?%8M;:D8=G;?% \FT?=?%8=% A?%C9EW >FGG;<=% V% 8A% GE=:FTEP% "=% 8A% FAD89;E9% >8:?99EAAE% 8:C;9;DF?A% 8A% 8:D8D;W G;:TE% 9ETa=D;GE%:8%CE=>9a%?A% :89U;G;E%>8%AE%8GE=<T;GE%V%GE=:D;DF;W 9a% F=% @8=<T8=E%GE=GET;D?=D8%DYC;GEP% .89E%8=%8A% M;M% A?%DcG=;G?%?C?W 98G89a% ?b=% 8=% A?% Ta:% 8:D98G\?% ?:EG;?G;<=% GE=% A?% 8GE=ETY?H% GETE% d;=>F:D9;?A;:TEeP% "A% 8`8TCAE% Ta:% G?9?GD89Y:D;GE% >8% 8:DE% AE% GE=:D;DFW V8% A?%GE=EG;>?% GE=:D9FGG;<=% D8<9;G?%>8% \;:DE9;?%V%:EG;8>?>%>8A% :;:D8W T?% T?9M;:D?P% .?9?% 8AA?% A?% 8GE=ETY?% 8:% A?% Z?:8% V% 8A% @F=>?T8=DEH% A?% d;=@9?8:D9FGDF9?e%>8% DE>E% AE%8:C;9;DF?AP% ":%G;89DE%]F8% :;Db?% A?%DcG=;G?% 8=% 8A% =bGA8E% >8% AE% 8GE=<T;GEH% V% ]F8% >8@;=8% A?:% cCEG?:% 8GE=<T;G?:% >8% A?% \FT?=;>?>% >8% ?GF89>E% GE=% :F:% T8>;E:% DcG=;GE:% 8:C8GY@;GE:P% ,E%EZ:D?=D8%8A%:;:D8T?%GETE%D?A%8:%8GE=<T;GEH%V%AE:%8A8T8=DE:%>8%A?% DcG=;G?% :<AE% C?:?9a=% ?% C9;T89% CA?=E% 8=% UFAB?9;S?G;E=8:% CE:D89;E98:P% "=% :F% GE=`F=DE%8A% T?9M;:TE%]F;898%C8=:?9%8=%Dc9T;=E:%8GE=<T;GE:% V%:8%T?=D;8=8%8=%8AAE%\;`E%>8A% :;BAE%M;MH%]F8%8:%8:8=G;?AT8=D8%8GE=<W T;GEP% ":E% :YH% >F9?=D8% 8A% :;BAE% M;M% 8A% C9EB98:E% DcG=;GE% 8:% D?=% ?:ETZ9EW :EH% A?:% :;DF?G;E=8:% :EG;?A8:% V% 8GE=<T;G?:% :8% TE>;@;G?=% 8=% GE=:8W GF8=G;?% GE=% D?A% 9?C;>8SH% ]F8% A?% 98?A;>?>% >8% 8:D8% >8:?99EAAE% DcG=;GE% ?G?Z?% ?@8GD?=>E% ?% A?% DED?A;>?>% >8% AE:% C9EZA8T?:% TE9?A8:H% CEAYD;GE:H% :EG;?A8:%V%8GE=<T;GE:P% _?`E%8A% ;TC?GDE%?99EAA?>E9%>8%;=U8=DE:%V%98?W A;S?G;E=8:%G?>?% U8S% Ta:% =EU8>E:E:% V% :E9C98=>8=D8:% :8% U8% =?G89%F=?% 98A;B;<=% >8A% C9EB98:E% DcG=;GE% C?9?% A?% GF?A% GF?A]F;89% ED9E% C9EZA8T?% \?Z9a%>8% 98:EAU89:8% CE9%:Y% :EAE%B9?G;?:% ?% ?]FcAP% .?9?% A?:%B9?=>8:% T?W


''*%

+?9A% 4G\T;DD%

:?:% >8% AE:% C?Y:8:% ;=>F:D9;?A;S?>E:% 8:D?% G988=G;?% @F8% D?=% 8U;>8=D8% GETE% =?DF9?AP% "AA?:% :8% :?AD?9E=% DE>?:% A?:% 8D?C?:% ;=D89T8>;?:% ]F8% T?9G?9E=% 8A% C8=:?T;8=DE%>8% A?:%cA;D8:%>;9;B8=D8:H% V%8=D98%8AA?:% A?% 98W A;B;<=% >8% AE:% T;A?B9E:% V% >8A% Ta:% ?AAa% :8% GE=U;9D;<H% :;=% :EAFG;<=% >8% GE=D;=F;>?>H% 8=% F=?% 98A;B;<=% >8A% T;A?B9E% DcG=;GEH% >8% A?:% GE=]F;:D?:% \FT?=?:% V% >8A% >ET;=;E%:EZ98% A?%=?DF9?A8S?P% -=?% 98A;B;E:;>?>% TaB;W G?%>?%C?:E% ?% F=?%DcG=;G?% =E% T8=E:% TaB;G?P% 3%?:Y%8A% :;BAE%MM%TE:D9?W 9a% :89%8=% :F:% GET;8=SE:% =E% :<AE% A?%89?% >8% A?% DcG=;G?% :;=E%D?TZ;c=% A?% >8%F=?%@8% 98A;B;E:?%8=%8AA?P% 48%AE%>8:;B=?%GE=% @98GF8=G;?%GETE%89?%>8% A?% DcG=;G?H% C89E%8:D?% >8:;B=?G;<=% :<AE% :;9U8% C?9?% G?9?GD89;S?9%?A% GE=W `F=DE%>8%A?%:;DF?G;<=%>8%F=%TE>E%C9EU;:;E=?Aj% A?%C98BF=D?%CE9%8A% :;BW =;@;G?>E% >8% 8:D?% D8G=;G;>?>% ?99EAA?>E9?% ]F8>?% CE9% 8A% TET8=DE% ?Z;89D?P% .F8:% 8=% 98?A;>?>% A?% @8% 8=% A?% DcG=;G?% =E% 8:% :;=E% 8A% 98:FAD?>E% >8A% TE>E%GE=G98DE%GETE% :8% \?%C9E>FG;>E%8A% bAD;TE%>8:CA?S?T;8=DE% >8A%G8=D9E%>8%B9?U8>?>i%GETE%@8%8:%C9E>FGDE%>8%A?:%GE=:8GF8=G;?:%>8% D?A% >8:CA?S?T;8=DEP% !E>E:% AE:% GE=G8CDE:% >8% A?% 8:@89?% >8A% 8:CY9;DFH% ;=GAF;>E% 8A% GE=W G8CDE% T;:TE% >8% 8:CY9;DFH% :E=% 8=% :Y% T;:TE:% CAF9?A;:D?:H% V% :8% 8=D;8=W >8=% b=;G?T8=D8%?% C?9D;9%>8% A?%8M;:D8=G;?% CEAYD;G?%GE=G98D?P% &8A% T;:W TE% TE>E% ]F8% G?>?% =?G;<=% CE:88% :F% C9EC;E% GE=G8CDE% >8% =?G;<=H% V% 8=GF8=D9?% AE:% 9?:BE:% GE=:D;DFD;UE:%>8% A?% =?G;E=?A;>?>%8=% :Y% T;:T?%V% 8=% =;=BF=?% ED9?% C?9D8H% D?TZ;c=% G?>?% GFADF9?% V% G?>?% cCEG?% GFADF9?A% CE:88=% :F% C9EC;E%GE=G8CDE%>8%GFADF9?P% !E>?:% A?:% ;>8?:%8:8=G;?A8:%8=% A?% 8:@89?% 8:C;9;DF?A% >8A% \ETZ98% :E=% ?ABE% 8M;:D8=G;?AH% =E% =E9T?D;UEP% 4;% ?% AE%A?9BE%>8% AE:%bAD;TE:%GF?D9E%:;BAE:%\?%8:D?>E%>8:CA?Sa=>E:8%:;=% G8:?9% 8A% G8=D9E% >8% B9?U8>?>% >8% A?% U;>?% 8:C;9;DF?AH% GE=% cA% \?=% D8=;>E% ]F8% ;9% TE>;@;Ga=>E:8% D?TZ;c=% ;=G8:?=D8T8=D8% A?% DED?A;>?>% >8% AE:% GE=G8CDE:% V% >8% A?:% C?A?Z9?:H% V% 8:% =8G8:?9;E% DET?9% GE=G;8=G;?% >8% A?% CEA;U?A8=G;?%>8%G?>?%C?A?Z9?% V%>8%G?>?%GE=G8CDEP% 1?% T?VE9Y?%>8% AE:% T?A8=D8=>;>E:H%V%G;89D?T8=D8%AE:%Ta:%B9E:89E:%>8%8=D98%8AAE:%L>8%AE:% GF?A8:% U;U8=% CE9%G;89DE% TFG\E:%8:D?@?>E98:NH% :8%8MCA;G?=% GETE% D9?:W A?G;<=% ;=GE998GD?% >8% F=% GE=G8CDE% GFV?% 9?YS%8:Da% 8=% F=% G;89DE% G?TCE% L:<AE% 8=% A?% T8D?@Y:;G?H% E% :<AE% 8=% A?% TE9?AH% E% :<AE% 8=% A?% 8GE=ETY?N% ?% AE:%>8Ta:% >ET;=;E:% >8% A?% U;>?% 8:C;9;DF?AP% ,E%8:% :<AE% ]F8% AE:% C9EG8W :E:%V%?GE=D8G;T;8=DE:%]F8%C9E>FG8=%?ABF=?%;TC98:;<=%8=%A?%U;>?%;=W D89;E9%>8A%\ETZ98H%V%]F8%:8%GE=U;89D8=%?:Y%8=%EZ`8DE%>8%:F%98@A8M;<=%V% >8% :F:% GE=U89:?G;E=8:H% :8% E9;8=D8=% >8% GE=D;=FE% CE9%8A% >ET;=;E% ]F8% 8=% G?>?%G?:E% :8% ;=:D?F9?% GETE%G8=D9?AP% .E9%8`8TCAE%8A% D8998TEDE%>8% 1;:ZE?%8=%8A% :;BAE%MUT% DFUE%8A% 8@8GDE%>8%:F:G;D?9%F=?% 9;?>?%>8% A;D89?W DF9?% TE9?A;S?=D8H% 8=% D?=DE% ]F8% \EV% >Y?% F=% ?GE=D8G;T;8=DE%>8% =?DFW


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'')%

9?A8S?% ?=aAEB?% =E% D8=>9Y?% T?VE98:% GE=:8GF8=G;?:% 8=% 8A% >ET;=;E% ;=W D8A8GDF?AP% -=?% G?Da:D9E@8%8GE=<T;G?%8=% G?TZ;EH% F=?%G?Y>?%E% ;=GAF:E% F=%>899FTZ?T;8=DE%>8% A?%ZEA:?H%EGFC?9Y?%8A%;=D89c:%D8<9;GE%>8%8:D9?W DE:% TFV% ?TCA;E:% GE=% A?% TaM;T?% ;=D8=:;>?>P% !?TZ;c=% AE:% GE=G8CDE:% 8:C8GY@;GE:% >8% G?>?% :;BAE% EZD;8=8=% :F% :8=D;>E% G?9?GD89Y:D;GE% ?% C?9D;9% >8% AE% ]F8% 8=% G?>?% G?:E% GE=:D;DFV8% 8A% >ET;=;E% E% aTZ;DE% G8=D9?AP% .89TYD?:8T8% ?>FG;9% F=% 8`8TCAE% ;AF:D9?W >E9P% "=% 8A% :;BAE% MUT% :8% ;TCF:E%GETE% ;>8?%>ET;=?=D8% A?% >8% F=#>$)C -$%/)4% 8:DE% 8:H% >8% F=?% T8`E9?% E% C89@8GG;E=?T;8=DE% ]F8% 8=% A8=BF?`8% TE>89=E% >8=ET;=?9Y?TE:% 9?G;E=?A;S?G;<=i% 89?% F=?% cCEG?% ]F8% :8% Z?:?Z?%8=% F=%G98>E% \FT?=;D?9;E%V% TE9?AP% &8%?GF89>E%GE=%c:D8H%C9EW B98:E% :;B=;@;G?Z?% 8=DE=G8:% Za:;G?T8=D8% C9EB98:E% 8=% A?% ;AF:D9?G;<=H% 8=% A?% GFADF9?% ;=>;U;>F?AH% 8=% 8A% ?FDE>ET;=;E% V% A?% 8>FG?G;<=H% 8=% F=?% C?A?Z9?H% C89@8GG;E=?T;8=DE# *)$,8F% "=% F=?% cCEG?% >8% C8=:?T;8=DE% 8GE=<T;GE%E%DcG=;GE%8A% C9EB98:E%:8%8=D8=>89a%>;98GD?%V%=?DF9?AT8=W D8%GETE%C9EB98:E%8GE=<T;GE%E%DcG=;GEH%V%8A%\FT?=;D?9;E%V%TE9?AH%:;% 8:% ]F8% ?b=% :F:G;D?% ?ABb=% ;=D89c:H% ?C?98G89a% GETE% :FZC9E>FGDE% >8A% C9EB98:E% 8GE=<T;GEP% +F?=>E% F=% G;89DE% aTZ;DE% \?% C?:?>E% ?% EGFC?9% F=?% CE:;G;<=% G8=D9?AH% AE:% C9EZA8T?:% >8% AE:% >8Ta:% >ET;=;E:% :E=% 98W :F8ADE:%?%C?9D;9%>8%cA% V%EZD;8=8=% ?% AE%:FTE% A?%G?A;@;G?G;<=%>8%C9EZA8W T?:% >8% :8BF=>E%E9>8=H% GFV?% :EAFG;<=% U8=>9a%:EA?%GE=% D?A% ]F8%:8% 98W :F8AU?=% AE:% >8A% aTZ;DE% G8=D9?AP% .?9?%F=?%89?%D8EA<B;G?H%CE9%8`8TCAEH%DE>E%:?A>9a%Z;8=%GE=%D?A%]F8% :8% CE=B?% E9>8=% 8=% A?:% GF8:D;E=8:% D8EA<B;G?:i% DE>E% AE% >8Ta:% :8% A8:% >?9a% ?% AE:% \ETZ98:% dCE9% ?^?>;>F9?eP% 3% ?ABE% ?=aAEBE% :FG8>8% 8=% A?:% >8Ta:%cCEG?:j% 8=% F=?%cCEG?% \FT?=;D?9;EWTE9?A;:D?%AE%b=;GE%;TCE9W D?=D8% :89a% 8>FG?9% V% @E9T?9% TE9?AT8=D8% ?% AE:% \ETZ98:H% V% DE>E:% AE:% C9EZA8T?:% :8% DE9=?9a=% 8>FG?D;UE:i% C?9?% F=?% 89?% 8GE=<T;G?% Z?:D?9a% GE=% E9B?=;S?9%GE998GD?T8=D8% A?% C9E>FGG;<=% V% A?% >;:D9;ZFG;<=% >8% AE:% Z;8=8:H%V%A?:%GF8:D;E=8:%TE9?A8:%V%:EG;?A8:%>8`?9a=%>8%>?9%C9EZA8T?:i% C?9?% F=%C8=:?T;8=DE%T89?T8=D8%DcG=;GE%AE:%=F8UE:% ;=U8=DE:%DcG=;W GE:%Z?:D?9a=%?%:F%U8S%C?9?%98:EAU89%D?TZ;c=%8A%C9EZA8T?%8GE=<T;GEH% V%DE>?%ED9?%GF8:D;<=H% ;=GAF;>?% A?%8GE=<T;G?H% \?Z9a%>8%C?:?9%?%:8BF=W >E% CA?=E% @98=D8% ?% A?% D?98?% >8A% C9EB98:E% DcG=;GEP% $D9E% 8`8TCAEH% 8:D?% U8S% :EG;EA<B;GEH% >8A% CAF9?A;:TE% ;=\898=D8% ?% D?A8:%GE=G8CDE:j% A?%T?=;@8:D?G;<=%DYC;G?%>8A% 98C98:8=D?=D8%>8%A?%8:C;W 9;DF?A;>?>%V%>8%AE%CbZA;GEH%8A#&8%$&4% EZD;8=8%:F%:;=BFA?9;>?>%8:C8GY@;G?% 8=% G?>?% :;BAE% ?% C?9D;9%>8A% aTZ;DE% ]F8% ?C?98G8%GETE%G8=D9?AP% 5A% D8<W AEBE%V% C98>;G?>E9%>8A% :;BAE%MU;% A8%:;BF8%8A%89F>;DE%:;:D8TaD;GE%>8A% :;W BAE%MU;;H% ]F8%U;U8%8=% F=?% U89>?>89?% 98CbZA;G?%>8% AE:% :?Z;E:% V% :8%8=W


''I%

+?9A% 4G\T;DD%

GF8=D9?%TFV%?A8`?>E%>8%A?:%T?:?:i%:;BF8=%?%8:DE%AE:%8:G9;DE98:%;AF:D9?W >E:% >8% F=% :;BAE% MU=;% DE>?UY?% ?9;:DEG9aD;GEP% "=% AE% ]F8% \?G8% ?A% :;BAE% #6#H% =E%\?V%]F8%>8`?9:8%;=>FG;9%?%899E9%CE9%8A%d;=D89T8SSEe%>8A%B8=;E% 9ETa=D;GE% =;% CE9% AE:% TFG\E:%:?G89>ED8:%>8% F=?% 98A;B;<=% C9;U?>?P% "A% &8%$&%>8A% :;BAE%M;M%L8A% TaM;TE%8MCE=8=D8%8:%gP% n?9MN% :8%GE=U;89D8%8=% 8MC89DE% 8GE=<T;GEH% V% A?% b=;G?% GF8:D;<=% 8:% V?% \?:D?% ]Fc% CF=DE% 8A% C8=:?T;8=DE% 8GE=<T;GE% 8=% B8=89?A% :;BF8% \?G;8=>E% CE:;ZA8% 8A% D;CE% :EG;EA<B;GE%>8A#&8%$&%V%\?:D?%]Fc%CF=DE%AE:%8GE=ET;:D?:% =?G;E=?A8:%V% AE:% :Y=>;GE:% GE=% @E9T?G;<=% >8%8GE=ET;:D?:% CF8>8=% 98C98:8=D?9%F=?% cA;D8%8:C;9;DF?A% GE=% G?C?G;>?>%>8%>;98GG;<=P% 5A% T8=E:%C?9?%8A% C8=:?W T;8=DE% D8G=;G;:D?% 8A# &8%$&% =E% C?98G8% V?% CE:;ZA8i% UEAU898TE:% ?% \?ZA?9% >8% 8AAE% Ta:% ?>8A?=D8H% GF?=>E% =E:% EGFC8TE:% >8% 8:D?% 89?% >8% A?% D8GW =;G;>?>P% ,E% EZ:D?=D8% >8Z89Y?=% Z?:D?9% 8:D?:% Z98U8:% ;=>;G?G;E=8:% C?9?% TE:D9?9%GE=% GA?9;>?>% A?%CAF9?A;>?>% ]F8% ?AZ89B?% A?%G?D8BE9Y?% >8A% &8%$&F# +ETE% >8GY?TE:j% DE>E:% AE:% GE=G8CDE:% V% 98C98:8=D?G;E=8:% >8% A?% 8:@89?% 8:C;9;DF?AH% &;E:H% A?% A;Z89D?>H% 8A% C9EB98:EH% A?:% ;>8?:% ?=D9ECEA<W B;G?:%>8% AE%]F8%8:% A?% =?DF9?A8S?% \FT?=?H% A?%CFZA;G;>?>H% AE% 9?G;E=?A% V% A?% 9?G;E=?A;S?G;<=H% V% 8=% bAD;TE% Dc9T;=E% D?=DE% 8A% GE=G8CDE% >8% A?% =?W DF9?A8S?%GETE%8A% >8% A?%GFADF9?% T;:T?H% DE>E%8:DE%EZD;8=8% :F%GE=D8=;W >E%\;:D<9;GE%GE=G98DE%CE9%:F%CE:;G;<=% 98:C8GDE%>8A% aTZ;DE%G8=D9?AH%V% =E% :8% CF8>8% 8=D8=>89% :;% =E% 8:% CE9% 98@898=G;?% ?% cAP% 5\E9?% Z;8=H%8:%:EZ98%DE>E%8A#!/0,()%8A%]F8%?>]F;898%:F% 98?A;>?>%V% :F% @F89S?% ?% C?9D;9%>8% AE%]F8%8=% G?>?% G?:E% GE=:D;DFV8% 8:8% aTZ;DE% G8=W D9?AH% V?%]F8% AE:%D8T?:%8=% A;D;B;E%]F8%T?9G?=% A?%C?FD?%C?9?% A?:%?B9FC?W G;E=8:%>8%?T;BE:%V%8=8T;BE:%:8%>8D89T;=?=% ;BF?AT8=D8%CE9%98@898=W G;?%?A%aTZ;DE%>8%A?%98?A;>?>%]F8%8:%8A%>8G;:;UE%8=%G?>?%G?:EP% n;8=D9?:% AE% D8EA<B;GEW98A;B;E:E%EGFC<%F=?% CE:;G;<=% G8=D9?AH% A?%@9?:8#&'+'/#$%-+)# %+'/# $%8+-+)% DFUE% F=% :8=D;>E% CEAYD;GEP% +F?=>E% AE% D8EA<B;GEW98A;B;E:E% >8`<% >8% :89% 8A% >ET;=;E% G8=D9?AH% D?TZ;c=% 8:D?% @9?:8% C89>;<% :F% ;=D89c:% C9aGD;GEP% "=D98D?=DE%:8%\?%>8:CA?S?>E%C9;T89E%?A%8:D?>;E%GFADF9?A%>8% A?% =?G;<=% V% >8A% C9;=G;C;E% >8% A?% =?G;E=?A;>?># X&'+'/# $%-+)# %+'/# ",0+)Y4# C?9?%D89T;=?9%8=%8A% 98;=E%>8% AE%8GE=<T;GEH% >E=>8% AE%]F8% ]F;898%>8W G;9%8:% ]F8% 8=% 8A% ;=D89;E9% >8% F=% T;:TE% ":D?>E% =E% CF8>8=% 8M;:D;9%>E:% :;:D8T?:% 8GE=<T;GE:% GE=D9?9;E:P% 1E:% E9>8=?T;8=DE:% 8GE=<T;GE:% GETF=;:D?% V% G?C;D?A;:D?% :8% 8MGAFV8=% F=E% ?% ED9EP% "A% ":D?>E% :EU;cD;GE% \?% \8G\E% 98?A;>?>% A?% @9?:8#&'+'/#$%-+)#%+'/#)%&)")*+,H% 8=% F=% B9?>E%]F8% >8TF8:D9?% ]F8% A?% GE=8M;<=% 8=D98% F=% D899;DE9;E% GETC?GDE% V% F=?% \EW TEB8=8;>?>% 8:C;9;DF?A% ;BF?AT8=D8% GETC?GD?% =E% 8:% C9;U?D;U?% >8% A?:% BF899?:% >8% 98A;B;<=% >8A% :;BAE% MU;% =;% >8% A?:% >;T8=:;E=8:% >8% AE:% ":D?W


"A% GE=G8CDE% >8% AE% CEAYD;GE%

''X%

>E:%8F9EC8E:%C8]F8^E:%V%T8>;?=E:H%:;=E%]F8%8:%?ABE%]F8%:8%U?%?>?CW D?=>E%GE=%8A%D;8TCE%?%AE:%>;U89:E:%G8=D9E:%>8%B9?U8>?>%>8%A?%U;>?%8:W C;9;DF?A% V% ?A% G?TZ;E% >8% >;T8=:;E=8:% >8% AE:% 98;=E:% ?FDa9]F;GE:% >8A% TF=>EP% 1E% 8:8=G;?A% >8% 8:D8% @8=<T8=E% 8:% ]F8% F=% ":D?>E% >8% 8GE=EW TY?% \ETEBc=8?% :8% GE998:CE=>8% GE=% F=% >8D89T;=?>E% C8=:?T;8=DE% 8GE=<T;GEP% -=% ":D?>E% >8% 8:D?% =?DF9?A8S?% C98D8=>89% :89% TE>89=EH% %"0%"(%$%GE998GD?T8=D8% A?% C9EC;?% :;DF?G;<=% D8TCE9?A% V% GFADF9?AP% !;8W =8%]F8% \?G89%:FV?% A?%C98D8=:;<=%>8% 98GE=EG89%GE998GD?T8=D8%8A% GE=W `F=DE% >8% A?% 8UEAFG;<=% \;:D<9;G?P% ":% ?\Y% >E=>8% 8:D9;Z?% :F% >898G\E% ?% BEZ89=?9P% -=% ":D?>E% ]F8% 8=% CA8=?% 89?% 8GE=<T;G?% 98=F=G;?:8% ?% GETC98=>89% V% BF;?9% ?C9EC;?>?T8=D8% CE9% :Y% T;:TE% A?:% G;9GF=:D?=W G;?:%8GE=<T;G?:%D8=>9Y?%]F8%>8GA?9?9:8% =8FD9?A% 98:C8GDE%>8%A?:%GF8:W D;E=8:% V% >8G;:;E=8:% CEAYD;G?:H% GE=% AE% GF?A% ?Z?=>E=?9Y?% D?TZ;c=% :F% C98D8=:;<=% >8% BEZ89=?9P% ,E%>8`?% >8% :89%F=% @8=<T8=E% GF9;E:E% ]F8%8A% ":D?>E% A;Z89?A% 8F9EW C8E%>8A%:;BAE%#6#%CF>;89?%CA?=D8?9:8%?%:Y% T;:TE%GETE#/0,0)#"%'0$,8%#%(# ,-")/0+&)4% V%GE=D8TCA?9?%A?%`F:D;@;G?G;<=%>8%:F%8M;:D8=G;?%C98G;:?T8=W D8%8=% 8:?% =8FD9?A;>?>P% 4FZV?G8=% ?%8AAE%>;U89:E:% TED;UE:H% V% =E%8:%CEW :;ZA8%8MCA;G?9%8:D8% \8G\E%GE=%F=?%:EA?%C?A?Z9?%=;%>8:>8%F=?%:EA?%G?FW :?P% 1E%]F8%?]FY% =E:% ;=D898:?%8:%:F%GE=>;G;<=%>8%:Y=DET?%>8%F=?%=8FW D9?A;>?>% GFADF9?A% B8=89?Ai% CF8:% A?% >EGD9;=?%>8A% ":D?>E% =8FD9?A% >8A% :;W BAE%#6#%:8%>?%8=%8A% T?9GE%>8%F=?%D8=>8=G;?%B8=89?A%?%F=%=8FD9?A;:TE% 8:C;9;DF?A% ]F8% 8:%G?9?GD89Y:D;GE%>8% A?% \;:DE9;?%8F9EC8?%>8% AE:% bAD;TE:% :;BAE:P% +98E%]F8%8:% ?]FY%>E=>8%:8%8=GF8=D9?% A?%8MCA;G?G;<=% \;:D<9;G?% >8% AE%]F8%:8% \?%G?A;@;G?>E%GETE%89?%>8% A?%DcG=;G?P% .89E%8:DE% 98]F;898% ?A% T8=E:% F=?% Z98U8% 8MCA;G?G;<=P%

*P# "3?# <73D3?# 6<# 13# 4<;7931253F2B4# =# 6<?D8127253F2B4# 1?% :89;8% >8% 8D?C?:% 8MCF8:D?:% Ta:% ?99;Z?% h>8% AE% D8EA<B;GEH% C?W :?=>E%CE9%AE%T8D?@Y:;GE%V% AE%TE9?AH% \?:D?%AE%8GE=<T;GEh%98C98:8=W D?%?A% T;:TE% D;8TCE% F=?%:89;8%>8%C9EB98:;U?:%=8FD9?A;S?G;E=8:%>8%AE:% aTZ;DE:% ?%C?9D;9%>8% AE:% GF?A8:% :8%C9E>F`E%8A% >8:CA?S?T;8=DE%>8A% G8=W D9E%>8%B9?U8>?>P% "A% B;9E%8:C;9;DF?A% ]F8% T8%C?98G8%Ta:%;=D8=:E%V%G?9W B?>E% >8% GE=:8GF8=G;?:% 8=% DE>?% A?% \;:DE9;?%8F9EC8?% 8:% 8A% C?:E% ]F8% :8% C9E>F`E%8=%8A%:;BAE%MU;;% >8%A?%D8EAEBY?%G9;:D;?=?%D9?>;G;E=?A% ?A%:;:D8T?% >8% F=?% G;8=D;@;G;>?>% d=?DF9?AeP% ":8% C?:E% \?% GE=>;G;E=?>E% \?:D?% 8A% >Y?%>8% \EV% A?%>;98GG;<=% ]F8% :8% U89Y?% EZA;B?>E%?% DET?9%DE>E%>8:?99EW


''J%

+?9A% 4G\T;DD%

A;E% FAD89;E9P% !E>?:% A?:% dA8V8:e%>8% A?% \;:DE9;?%>8% A?% \FT?=;>?>H% A?% A8V% >8% AE:% D98:% 8:D?>;E:%>8% +ETD8H% A?%D8E9Y?%>8%4C8=G89%:EZ98%8A% >8:?99EW AAE% >8% A?% 89?% T;A;D?9% ?% A?% 89?% ;=>F:D9;?AH% V% 8=% B8=89?A% DE>?:% A?:% GE=:W D9FGG;E=8:% D8<9;G?:% >8% 8:D8% D;CE% ]F8% :8% \?=% C9E>FG;>E% 8=% DE9=E% ?% A?% @;AE:E@Y?% >8% A?% \;:DE9;?H% :8% 8=GF8=D9?=% Z?`E% A?% T?B=?% ;TC98:;<=% >8% ?]F8A% C9EG8:EP% "=% 8A% =bGA8E% >8% D?=% ?:ETZ9E:E% G?TZ;E% >8% 9FTZE% :8% 8=GF8=D9?% F=% TED;UE% @F=>?T8=D?AH% 8=% :Y% T;:TE% :;TCA8%C89E%]F8%>8D89T;=<%8A% GF9:E%>8% AE:% :;BAE:%U8=;>89E:j% A?%Zb:]F8>?% >8% F=?%8:@89?% =8FD9?AP% 5A% G?ZE%>8% D?=D?:%>;:CFD?:% V% A;D;B;E:% D8EA<B;GE:% :;=% C89:C8GD;U?%>8% :EAFW G;<=%8=%8A%:;BAE%MU;H% A?%\FT?=;>?>%:8% A?=S<%8=% "F9EC?%?%A?%Zb:]F8>?% >8%F=%D8998=E%=8FD9?A%8=%8A%]F8%G8:?:8%A?%AFG\?%V%8=%8A%]F8%@F8:8%CE:;W ZA8%8=D8=>89:8H% CE=89:8%>8%?GF89>E%V%GE=U8=G89:8%F=E:%?%ED9E:P% .E9% 8:8% TED;UE% AE:% \ETZ98:% ?C?9D?9E=% A?% U;:D?%>8% AE:%>8Z?D;>E:% GE=G8CW DE:%V%?9BFT8=D?G;E=8:%>8% A?%D8EAEBY?%G9;:D;?=?%D9?>;G;E=?A%V%GE=:D9FW V89E=%F=%:;:D8T?%d=?DF9?Ae%>8%A?%D8EAEBY?H%A?%T8D?@Y:;G?H% A?%TE9?A%V%8A% >898G\EP% ":D8%C9EG8:E%>8%A?%\;:DE9;?%>8A%8:CY9;DF%\?%:;>E%>8:G9;DE%CE9% &;AD\8V%8=% F=?% 8MCE:;G;<=% ]F8% GE=% DE>?% 9?S<=% :8% \?% \8G\E% @?TE:?H% V% 8=% A?% GF?A% :8% CE=8% >8% 98A;8U8% :EZ98% DE>E% A?% B9?=% :;B=;@;G?G;<=% ]F8% GE998:CE=>8% 8=% 8:DE% ?% A?% D9?>;G;<=% 8:DE;G?P% ,E% EZ:D?=D8H% G98E% ]F8% AE% 8:8=G;?A% 8:%]F8% :8%?Z?=>E=<%AE%]F8% \?ZY?%GE=:D;DF;>E%\?:D?%8=DE=G8:% 8A% G8=D9E% >8% B9?U8>?>H% A?% D8EAEBY?H% CE9]F8% GE=:D;DFY?% F=% D8998=E% GE=@A;GD;UEH% V% ]F8% CE9% 8:E% :8% ZF:G<% ED9E% D8998=E% ]F8% @F8:8% =8FD9?AP% -=% >ET;=;E% ]F8% >8:8TC8^?% F=% C?C8A% G8=D9?A% \?:D?% F=% TET8=DE% >8D89T;=?>E%:8%=8FD9?A;S?%CE9%8A% \8G\E%>8%]F8%>8`?%>8%:89%G8=D9?Ai%:8% D;8=8% A?%8:C89?=S?%>8%]F8%:EZ98%A?%Z?:8%>8A% =F8UE%G8=D9E%>8%B9?U8>?>% CF8>?% \?AA?9:8% F=% TY=;TE% >8% GE;=G;>8=G;?% V% >8% C98T;:?:% GETF=8:% ]F8% CF8>?% B?9?=D;S?9% :8BF9;>?>H% 8U;>8=G;?H% 8=D8=>;T;8=DE% V% C?SP% +E=% 8AAE% :8% CE=Y?% 8=% T?9G\?% F=?% E9;8=D?G;<=% \?G;?% A?% =8FD9?A;S?W G;<=%V%T;=;T?A;S?G;<=H%V%:8%?G8CD?Z?%A?%A8V%CE9%A?%]F8%A?%\FT?=;>?>% 8F9EC8?%d;=;G;<%:F%G?T;=Ee%C?9?%AE:%C9<M;TE:%:;BAE:%V%@E9T<%:F#&)"C &%>0)# (%# 8,# J%$(,(F# 1E:% GE=G8CDE:% 8A?ZE9?>E:%8=% 8A% GF9:E% >8% TFG\E:% :;BAE:% >8% C8=W :?T;8=DE% D8EA<B;GE% C;89>8=% ?\E9?% ;=D89c:% V% :8% GE=U;89D8=% 8=% GF8:W D;<=% C9;U?>?P% &;E:%T;:TE%:8%U8%8MCFA:?>E%>8A% TF=>E%8=%A?%T8D?@Y:;W G?% >8Y:D?% >8A% :;BAE% M U T H% V% GE=U89D;>E% 8=% ;=:D?=G;?% =8FD9?A% @98=D8% ?% AE:%GETZ?D8:% V% ?=D?BE=;:TE:%>8% A?%U;>?% 98?Ai%GETE%?9BFV8% o?T?==% GE=D9?% g?=DH% :8%GE=U;89D8%8=%F=%GE=G8CDE%V%>8`?%>8%:89%F=%:89P% "=%8A% :;BAE% M;M% A?% T?B=;DF>% =8FD9?A% 8:% C9;T89E%8A% TE=?9G?% V% Ta:% D?9>8%8A% ":D?>EH%V%8=% A?%>EGD9;=?%A;Z89?A%>8A#>)'J)+$#"%'0$%%V%>8A#/0,0)#"%'0$,8%%:8%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

''R%

\?G8% 98?A;>?>%F=%G?CYDFAE%>8%A?%D8EAEBY?%CEAYD;G?%8=%8A%]F8%8A% C9EG8:E% >8% A?% =8FD9?A;S?G;<=% 8=GF8=D9?% :F:% @<9TFA?:% GAa:;G?:% CE9]F8% :8% \?% \8G\E%GE=% AE%>8G;:;UEH% GE=%8A% CE>89%CEAYD;GEP% 4;=% 8TZ?9BE% A?%>;?AcGW D;G?%>8%F=?%8UEAFG;<=%>8%8:D?%GA?:8%\?G8%]F8%G?>?%U8S%]F8%:8%>8:CA?S?% 8A% G8=D9E% >8% B9?U8>?>% :F9`?% F=% =F8UE% D8998=E% >8% >;:CFD?P% "=% 8:D8% =F8UE% >ET;=;EH% ;=;G;?AT8=D8% D8=;>E% CE9% =8FD9?AH% :8% >8:?99EAA?% >8% ;=T8>;?DE% V% GE=% 98=EU?>?% ;=D8=:;>?>% 8A% ?=D?BE=;:TE% 8=D98% \ETW Z98:% V% 8=D98% ;=D898:8:H% GE=% D?=D?% Ta:% U;9FA8=G;?% GF?=DE% Ta:% @;9T8W T8=D8% :8% DET8% CE:8:;<=% >8% cAP% "=% "F9EC?% A?% \FT?=;>?>% 8:Da% :;8TW C98% :?A;8=>E%>8% F=% G?TCE%>8% Z?D?AA?% C?9?%8=D9?9%8=% F=% D8998=E% =8FW D9?AH% V% F=?% V% ED9?% U8S% 8A% 98G;c=% ?AG?=S?>E% D8998=E% =8FD9?A% :8% UF8AU8% =F8U?T8=D8% G?TCE% >8% Z?D?AA?% V% \?G8% =8G8:?9;E% ZF:G?9% =F8U?:% 8:@8W 9?:% >8% =8FD9?A;>?>P% !?TCEGE% A?% G;8=G;?% =?DF9?A% CF>E% D9?89% A?% C?SP% 1?:%BF899?:%>8% 98A;B;<=% :8%GE=U;9D;89E=%8=% A?:%BF899?:% =?G;E=?A8:%>8A% :;BAE%#6#H%DE>?UY?%8=%C?9D8%GFADF9?A8:H%C89E%V?%D?TZ;c=%>8D89T;=?>?:% 8=% C?9D8% CE9% A?% 8GE=ETY?P% 5A% @;=?A% @F89E=% CF9?:% V% :;TCA8:% BF899?:% 8GE=<T;G?:P% 1?%8U;>8=G;?%>8% A?%8MD8=>;>?%@8%GE=D8TCE9a=8?%8=% A?%DcG=;G?% 98W CE:?%b=;G?T8=D8%:EZ98%8A% \8G\E%>8%]F8%8=%?ABb=%TET8=DE%:8%\?%CEW >;>E% G9889% ]F8% GE=% A?% DcG=;G?% :8% \?ZY?% \?AA?>E% F=% :F8AE% ?Z:EAFD?% V% >8@;=;D;U?T8=D8% =8FD9?AP% .F8:% 8=% ?C?9;8=G;?% =E% \?V% =?>?% Ta:% =8FW D9?A% ]F8% A?% DcG=;G?P% ":Da% ?A% :89U;G;E%>8%GF?A]F;89?H% ?A% TE>E% GETE% A?% 9?>;E% CF8>8% FD;A;S?9:8% C?9?% >;@F=>;9% =ED;G;?:% >8% GF?A]F;89% GA?:8% V% GE=D8=;>EH% E%GETE%+E998E:%D9?=:T;D8% AE:%8=UYE:%GE=% ;=>8C8=>8=G;?% >8%:F%GE=D8=;>EH%>8%TE>E%]F8%>8%A?%DcG=;G?%>8%+E998E:%=E%CF8>8%8MW D9?89:8% G9;D89;E% ?ABF=E% C?9?% A?% U?AE9?G;<=% V% 8=`F;G;?T;8=DE% >8% AE:% 8=UYE:% ]F8% B8:D;E=?P% m98=D8% ?% A?:% GF8:D;E=8:% D8EA<B;G?:H% T8D?@Y:;G?:H% TE9?A8:% 8% ;=GAF:E% 8GE=<T;G?:H% :EZ98% A?:% GF?A8:% :8% CE>9Y?% >;:CFD?9% 8D89=?T8=D8H% AE:% C9EZA8T?:% CF9?T8=D8% DcG=;GE:% :E=% >8% F=?% EZ`8D;W U;>?>% 98@98:G?=D8P% 48%>?=% 8=%8AAE:% :EAFG;E=8:%8U;>8=D8:H% V% =E%8:%:;=E% GETC98=:;ZA8% 8A% ;=D8=DE% >8% \F;9%>8% A?% C9EZA8TaD;G?% ;=8MD9;G?ZA8% >8% DE>?:% A?:% >8Ta:% 8:@89?:% ?% A?%>8% A?% D8G=;G;>?>P% 48%>;9Y?% ]F8% ?]FY% CF8W ZAE:% V% =?G;E=8:H% GA?:8:%V%GE=@8:;E=8:H% C89:E=?:%>8%GF?A]F;89%B8=89?W G;<=% V% :8MEH% CF8>8=% CE=89:8% 9aC;>?T8=D8% >8% ?GF89>EH% V?% ]F8% DE>E:% :8%:;9U8=%GE=%;>c=D;G?% =?DF9?A;>?>%>8%A?:%U8=D?`?:%V%GETE>;>?>8:%>8A% GE=@E9D%DcG=;GEP% .?98G8%CF8:%]F8%:8%\?AA?%?]FY%A?%Z?:8%C?9?%8A%8:D?ZA8W G;T;8=DE%>8% F=%8]F;A;Z9;E%B8=89?A;S?>Ei% V% n?M%4G\8A89H% 8=% F=?%GE=W @898=G;?% >8A% ?^E% '(*RH% :8% 89;B;<% 8=% C98GE=;S?>E9% >8A% T;:TEP% !E>?% >;:CFD?% V% GE=@F:;<=% C9EG8>8=D8:% >8% A?:% C8A8?:%GE=@8:;E=?A8:H% =?G;EW =?A8:% V% :EG;?A8:H% ]F8>?=% ?]FY% ?G?AA?>?:% 8=% F=% D8998=E% DED?AT8=D8%


''[%

+?9A% 4G\T;DD%

=8FD9?AP% 1?%8:@89?%>8% A?%DcG=;G?%C?98GY?% :89%F=?%8:@89?%>8% C?SH%8=D8=W >;T;8=DE% V% 98GE=G;A;?G;<=P% 1?% 98A?G;<=H% >8% ED9E% TE>E% ;=8MCA;G?ZA8H% 8=D98% AE:% G98>E:% C?G;@;:D?% V% D8G=;G;:D?% :8% 8MCA;G?% >8:>8% 8:D?% E9;8=D?W G;<=% \?G;?%A?%=8FD9?A;S?G;<=%CE9%A?%]F8%ECD<%8A%8:CY9;DF%8F9EC8E%8=%8A% :;BAE%MU=H%V%?% A?%]F8%:8%?DFUE%GETE%?%:F%C9EC;E%>8:D;=E%\?:D?%8=D9?W >E% 8A% :;BAE% MMP% 4;=% 8TZ?9BE% A?% =8FD9?A;>?>% >8% A?% DcG=;G?% =E% :8% C?98G8% ?% A?% =8FW D9?A;>?>%>8%=;=BF=E%>8%AE:%aTZ;DE:%?=D89;E98:P% 1?%DcG=;G?%8:%:;8TC98% :<AE% ;=:D9FT8=DE%V%?9T?H% V% CE9]F8% :;9U8% ?%GF?A]F;89?% =E%8:% =8FD9?AP% &8% A?% ;=T?=8=G;?%>8%AE%DcG=;GE%=E%:?A8%F=?%:EA?%>8G;:;<=% \FT?=?%=;% 8:C;9;DF?AH% V% TFG\E% T8=E:% A?% >8% A?% =8FD9?A;>?>P% +F?A]F;89% GA?:8% >8% GFADF9?H% GF?A]F;89% CF8ZAE% V% GF?A]F;89% 98A;B;<=H% GF?A]F;89% BF899?% V% GF?A]F;89%C?S%CF8>8% :89U;9:8%>8% A?% DcG=;G?%GETE%>8%F=% ?9T?P% "A% ]F8% AE:% ;=:D9FT8=DE:% V% A?:% ?9T?:% :8?=% G?>?% U8S% Ta:% 8@8GD;UE:% =E% \?G8% :;=E% ;=G98T8=D?9% A?%U89E:;T;A;DF>%>8%]F8% :8% AE:%FD;A;G8%8@8GD;U?T8=W D8P% -=% C9EB98:E% DcG=;GE% =E% =8G8:;D?% :89% C9EB98:E% T8D?@Y:;GE% =;% TEW 9?AH% =;% :;]F;89?% 8GE=<T;GEP% 3% :;% TFG\E:% \ETZ98:% :;BF8=% 8:C89?=>E% \EV% >Y?% >8A% C89@8GG;E=?T;8=DE% DcG=;GE% F=% C9EB98:E% \FT?=;D?9;E% V% TE9?AH% 8:%]F8%8:Da=% U;=GFA?=>E%DcG=;G?% V% TE9?A%>8%@E9T?% TaB;G?H% V% ?>8Ta:% >8% 8:DE% 8:Da=% C98:FCE=;8=>E% GE=% =E% C8]F8^?% ;=B8=F;>?>% ]F8% 8A% B9?=>;E:E% ;=:D9FT8=D?A%>8% A?% DcG=;G?%GE=D8TCE9a=8?% :<AE% U?% ?% :89% FD;A;S?>E% 8=% 8A% :8=D;>E% ]F8% 8AAE:% A8% >?9Y?=P% "=% Dc9T;=E:% :EG;EW A<B;GE:%8:DE%:;B=;@;G?%]F8%G988=% ]F8%8AAE:%U?=%?%:89%AE:%:8^E98:%>8%8:W D?:% ?9T?:% D899;ZA8:H% V% ]F8% CF8>8=% CE9% AE% D?=DE% 98G?Z?9% 8A% D98T8=>E% CE>89%U;=GFA?>E%?%8AA?:P% 1?%DcG=;G?%T;:T?%:8%T?=D;8=8%:;=%8TZ?9BEH% :;% :8% T8%C89T;D8%A?%8MC98:;<=H%GFADF9?AT8=D8%G;8B?P% &8%TE>E%]F8%>8% dA?% DcG=;G?% V% =?>?% Ta:e% =E% :8% CF8>8% 8MD9?89% =;=BF=?% >8% A?:% GE=GAFW :;E=8:% ]F8% ?GE:DFTZ9?=% ?% 8MD9?89:8% >8% AE:% ED9E:% >ET;=;E:% G8=D9?A8:% >8% A?%U;>?%8:C;9;DF?Aj% =;% F=%GE=G8CDE%>8% C9EB98:E%GFADF9?AH% =;% 8A% D;CE% >8A# &8%$&% E% >8A% >;9;B8=D8% 8:C;9;DF?AH% =;% F=% :;:D8T?% CEAYD;GE% >8D89T;W =?>EP% 1?% 8:C89?=S?% >8% ]F8% AE:% ;=U8=DE98:% DcG=;GE:% ?G?Z?9a=% B8=89?=W >E% F=% 8:D?T8=DE% CEAYD;GE% >;9;B8=D8% =E% :8% \?% GFTCA;>E% \?:D?% ?\E9?P% 1?:% GE=:D9FGG;E=8:% D8<9;G?:% >8% 4?;=D% 4;TE=% V% ED9E:% :EG;<AEBE:% ]F8% 8:C89?Z?=% F=?% :EG;8>?>% d;=>F:D9;?AeH% E% =E% :E=% CF9?T8=D8% D8G=;G;:W D?:H% :;=E%]F8%8M\;Z8=% F=?% TF8:D9?%>8%8A8T8=DE:%8=% C?9D8% \FT?=;D?W 9;EWTE9?A;:D?:% V% 8=% C?9D8% 8GE=<T;GE:H% E% :E=% CF9?% V% :;TCA8T8=D8% @?=D?:Y?P% ,;% :;]F;89?% A?%>;98GG;<=%V%BFY?%8GE=<T;G?:%>8% A?%8GE=ETY?% ?GDF?A% 8:Da=%8=% T?=E:%>8% AE:% DcG=;GE:H% V% \?:D?% A?%@8G\?% =?>;8% \?% CEW >;>E% ;T?B;=?9% F=% E9>8=?T;8=DE% :EG;?A% >;9;B;>E% CE9% DcG=;GE:% Ta:%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

''(%

]F8% GETE% A?% 98C98:8=D?G;<=% >8% F=?% :EG;8>?>% G?98=D8% >8% >;98GG;<=% V% BFY?P% 28E9B8:% 4E98A% =E% :;BF;<% :;8=>E% ;=B8=;89Ej% :8% GE=U;9D;<% 8=% F=% &8%$&P% ,;=Bb=% ;=U8=DE%DcG=;GE%;TCE9D?=D8% \?%C89T;D;>E%8U?AF?9%GFaW A8:% U?=% ?% :89% :F:% 8@8GDE:% EZ`8D;UE:% CEAYD;GE:P% 1E:% ;=U8=DE:% >8% AE:% :;W BAE:%#7%V%#76%DFU;89E=%F=%8@8GDE%>8%A;Z89?G;<=H%;=>;U;>F?A;:TE%V%98W Z8A;<=i% 8A% ;=U8=DE% >8% A?% ;TC98=D?% GE=>F`E% ?% A?% A;Z89D?>% >8% C98=:?P% oEV% >Y?% AE:% ;=U8=DE:% DcG=;GE:% :E=% T8>;E:% C?9?% F=?% ;=?F>;D?% >ET;W =?G;<=%>8% A?:% T?:?:i% A?% 9?>;E%:8% \?%UF8ADE% TE=ECEA;EH% 8A% G;=8% \?%B8W =89?>E% A?% G8=:F9?P% 1?% >8G;:;<=% 8=D98% A;Z89D?>%V% :89U;>FTZ98% =E%8:Da% 8=% A?% DcG=;G?% GETE% D?AP% 1?% DcG=;G?% CF8>8% :89% 98UEAFG;E=?9;?% V% 98?GW G;E=?9;?H%:89U;9%?%A?%A;Z89D?>%V%?%A?%EC98:;<=H%?%A?%G8=D9?A;S?G;<=%V%?%A?% >8:G8=D9?A;S?G;<=P% &8% :F:% C9;=G;C;E:% V% CF=DE:% >8% U;:D?% CF9?T8=D8% DcG=;GE:% =E% =?G8=% =;% C98BF=D?:% =;% 98:CF8:D?:% CEAYD;G?:P% 1?%B8=89?G;<=% ?A8T?=?%]F8% C98G8>8%?% A?% =F8:D9?%8:D?Z?%>ET;=?W >?%CE9%F=?%:8=:?G;<=%>8%EG?:E%GFADF9?A%]F8%:8%CF:E%>8%T?=;@;8:DE%V?% ?=D8:%>8%A?%2F899?% nF=>;?AH%V%]F8%8=% TE>E%?ABF=E%DFUE%]F8%8:C89?9% ?A% \F=>;T;8=DE% >8% '('[% =;% ?% A?% >8G?>8=G;?% >8% $GG;>8=D8% >8% 4C8=W BA89P% "=% "9=:D% !9E8AD:G\H% n?M% f8Z89% V% f?AD89% /?D\8=?F% :8% 8=W GF8=D9?=% =FT89E:?:% T?=;@8:D?G;E=8:% >8% 8:8% :8=D;T;8=DEP% "A% CE>89% ;998:;:D;ZA8% >8% A?%DcG=;G?% ?C?98GY?% ?]FY% GETE% BEZ;89=E%>8% A?% @?AD?% >8% 8:CY9;DF% :EZ98% 8A% 8:CY9;DFH% GETE% T8Ga=;G?% D?A% U8S% ;=B8=;E:?% C89E% G?W 98=D8%>8%?AT?P% 5%F=% :;BAE%8F9EC8E%]F8%B;T8%CE9%A?#*,8,(+%#('#/+q&8%%V% 8:C89?% 8A% BEZ;89=E% >8% +?A;Za=% E% d5@D89% F:% D\8% 4?U?B8% 2E>eH% :8% A8% ?:EG;?%F=?%B8=89?G;<=%?A8T?=?%]F8%B;T8%CE9%A?%@?AD?%>8%?AT?%>8%F=?% 89?% >8% A?% DcG=;G?%8=% A?% ]F8% 8=% 8A% ?AT?%:8% :;8=D8% ;=89T8% 8% ;TCED8=D8P% "=% A?% T8D?@Y:;G?% >8A% &;E:% ;TCED8=D8% >8% n?M% 4G\8A89H% E% 8=% A?% GE=:W D9FGG;<=% D8<9;G?% >8% 18ECEA>% O;8BA89% >8% F=?% cA;D8% V?% :<AE% EG?:;E=?AH% @AFGDF?=D8% V% 8=% >8@;=;D;U?% ;TCED8=D8H% :8% >EGFT8=D?% A?% ;=?=;>?>% >8A% ?AT?% E% >8A% 8:CY9;DF% ?=D8% A?% 89?% >8% A?% DcG=;G?P% 1?% ?=BF:D;?% 8:D?Z?% `F:D;@;G?>?H% CF8:% =?GY?% >8% F=% E:GF9E% :8=D;W T;8=DE% :EZ98% A?:% GE=:8GF8=G;?:% >8% F=% C9EG8:E% >8% =8FD9?A;S?G;<=% AA8U?>E% \?:D?% 8A% @;=?AP% +E=% A?% DcG=;G?% A?% =8FD9?A;>?>% 8:C;9;DF?A% \?ZY?% ?GG8>;>E%?% A?%=?>?%8:C;9;DF?AP% !9?:% \?Z89%?Z:D9?Y>E%C9;T89E%>8%A?% 98W A;B;<=%V%>8%A?%D8EAEBY?H%AF8BE%>8%A?%T8D?@Y:;G?%V%>8A% ":D?>EH%?\E9?%C?W 98GY?% ]F8% :8% \?ZY?% ?Z:D9?Y>E% >8% DE>E% AE% GFADF9?A% 8=% B8=89?A% V% ]F8% :8% \?ZY?% ?AG?=S?>E% A?% =8FD9?A;>?>% >8% A?% TF89D8% GFADF9?AP% n;8=D9?:% F=?% 98A;B;<=% >8% T?:?:% UFAB?9% 8:C89?Z?% >8% A?% =8FD9?A;>?>% ?C?98=D8% >8% A?% DcG=;G?% F=% C?9?Y:E% \FT?=EH% ?]F8AAE:% B9?=>8:% :EG;<AEBE:% :8=DY?=% ]F8% A?% D8=>8=G;?% ]F8% \?ZY?% BEZ89=?>E% DE>?% A?% :8GF8=G;?% >8% 8D?C?:% >8A% Ta:% TE>89=E% 8:CY9;DF% 8F9EC8E% 8:D?Z?% ?T8=?S?=>E% ?\E9?% ?% A?%


'*Q%

+?9A% 4G\T;DD%

GFADF9?%T;:T?P% 48%?^?>Y?%?%8:DE%8A% T;8>E%?%A?:%=F8U?:%GA?:8:%V%T?:?:% :F9B;>?:% >8% A?# 0,M'8,# $,/,%>8% F=?% D8G=;@;G?G;<=% :;=% A?BF=?:P% &8A% ?Z;:W TE%>8%F=?% =?>?%GFADF9?A% V%:EG;?A% :F9BY?=% F=?%V%ED9?%U8S%=F8U?:% T?W :?:%?`8=?:%V% \?:D?% \E:D;A8:%?% A?%GFADF9?%V% ?A% BF:DE%D9?G;E=?A8:P% .89E%8A% T;8>E% =E%89?% 8=%>8@;=;D;U?%ED9?% GE:?% ]F8% F=% >8:8:C89?9%>8% A?% C9EC;?% G?C?G;>?>% >8% CE=89% ?% :F% :89U;G;E% 8A% B9?=>;E:E% ;=:D9FT8=D?A% >8% A?% =F8U?% DcG=;G?H% ?% C8:?9% >8% ]F8% c:D8% =E% 8:C89?% ED9?% GE:?% ]F8% ?ABF;8=% ]F8%:8%:;9U?%>8%cAP% !?TCEGE%8:%?>T;:;ZA8%TED8`?9%CF9?%V%:;TCA8T8=W D8%>8% GE:?% TF89D?% V% :;=% ?AT?% ?A% 98:FAD?>E%>8A% 8=D8=>;T;8=DE% V%>8% A?% >;:G;CA;=?% \FT?=?:H% ]F8%8:% AE%]F8%8:%DE>?%DcG=;G?%V% TFV% 8=% C?9D;GFW A?9%A?%TE>89=?H%V%GE=@F=>;9%A?%98A;B;<=%>8%A?%D8G=;G;>?>%GE=%A?%DcG=;W G?% T;:T?P% "A% 8:CY9;DF% >8% A?% D8G=;G;>?>% ]F8% \?% GE=>FG;>E% ?A% G98>E% T?:;UE% >8% F=% ?GD;U;:TE% ?=D;998A;B;E:E% 8=% 8A% Ta:% ?GaH% 8:% 8:CY9;DFi% CF8>8% ]F8% :8?% F=% 8:CY9;DF% T?A;B=E% V% >8TE=Y?GEH% C89E% AE% ]F8% =E% :8% CF8>8% 8:% 98G\?S?9AE% GETE% T8G?=;G;:D?% V% ?D9;ZFY9:8AE% ?% A?% DcG=;G?P% .F8>8% ]F8% :8?% ?ABE%G9F8AH% C89E%8=% :Y% T;:TE% =E%8:% =;% DcG=;GE% =;% GE:?% >8% A?%Ta]F;=?P% ":%A?%GE=U;GG;<=%>8%F=?%T8D?@Y:;G?%?GD;U;:D?H%8:%@8%8=% F=% CE>89%V% >ET;=;E% :;=% AYT;D8:% >8A% \ETZ98% :EZ98% A?% =?DF9?A8S?H% ;=W GAF:E% :EZ98% A?#>2I/+/% \FT?=?H% 8=% F=% ;A;T;D?>E% d98D9EG8:E% >8% A?:% Z?W 9989?:% =?DF9?A8:eH%8=%CE:;Z;A;>?>8:%;A;T;D?>?:%>8%TE>;@;G?G;<=%V%@8A;W G;>?>%>8%A?%8M;:D8=G;?%\FT?=?%=?DF9?A%8=%8A% Ta:%?GaP% 5%8:DE%:8% AE%CEW >9a% AA?T?9% @?=Da:D;GE% E% :?Da=;GEH% C89E% =E% :;TCA8T8=D8% TF89DEH% G?W 98=D8% >8% 8:CY9;DF% E% T8Ga=;G?% :;=% ?AT?P% "A% T;8>E% ?% A?% =?>?% GFADF9?A% V% :EG;?A% @F8% 8=% C?9D8% Ta:% Z;8=% C9EW >FGDE% >8% F=% D899E9%Ca=;GE% ?=D8% A?:% ?T8=?S?:% ?A#/0,0'/#H')% ]F8% >8% F=% GE=EG;T;8=DE% 8GFa=;T8% :EZ98% A?% C8GFA;?9;>?>% >8% AE:% C9EG8:E:% 8:C;W 9;DF?A8:% V% >8% :F% >;=aT;G?P% !E>E:% AE:% =F8UE:% V% B9?=>8:% ;TCFA:E:H% DE>?% 98UEAFG;<=%V%DE>?%98@E9T?H%DE>?%=F8U?%cA;D8%=?G8%>8%A?%?:Gc:;:%V% >8% F=?% G?98=G;?% >8A;Z89?>?% E% ;=UEAF=D?9;?H% V% ?]FY% G?98=G;?% :;B=;@;G?% :EZ98% DE>E% 98=F=G;?% ?% A?% :8BF9;>?>% >8A# /0,0'/#H')F% "A% C9;T89% G9;:D;?W =;:TE%V% DE>?:% A?:% 98@E9T?:%8=% C9E@F=>;>?>% ]F8% :8%C9E>F`89E=% 8=% :F% ;=D89;E9H% A?:% 98=EU?G;E=8:%Z8=8>;GD;=?H% GAF=;?G8=:8H% @9?=G;:G?=?H% AE:% ?=?Z?CD;:D?:% V% AE:% CF9;D?=E:H% ?:Y% GETE% DE>E% ?FDc=D;GE% 98=?G;T;8=DE% GE=% AE%]F8%D;8=8%>8%98DE9=E%?A%C9;=G;C;E%:;TCA8%>8% A?%C9EC;?%8:C8G;8H% DE>E% B8=F;=E# $+0)*,$#,8#>$+"&+>+)% L:;GNH% DE>?% UF8AD?% ?% F=?% =?DF9?A8S?% ;=D?GD?%V%=E%GE99ETC;>?H%:8%TF8:D9?%@98=D8%?A%GE=@E9D%V%Z;8=8:D?9%>8A% /0,0'/# H')% U;B8=D8% GETE% F=?% =?>?% GFADF9?A% E% :EG;?AP% +98G8% G?AA?>?W T8=D8% 8=% A?:% D;=;8ZA?:H% V% 8=% :F:%C9;T89E:% GET;8=SE:% F=% \;:DE9;?>E9% E% F=% :EG;<AEBE% =E% 98GE=EG89Y?% Ta:% ]F8% F=?% =?>?P% "A% TET8=DE% >8% :F% 98C98:8=D?G;<=% 98:CA?=>8G;8=D8% 8:% V?% D?TZ;c=% 8A% TET8=DE% 8=% 8A%


"A%GE=G8CDE%>8% AE% CEAYD;GE%

'*'%

]F8% 8:?% GE=8M;<=% GE=% AE:% GET;8=SE:% :8G98DE:%8% ;=?C?98=D8:%GET;8=W S?% ?% 8:D?9% ?T8=?S?>?P% "A% C9EG8:E%>8% =8FD9?A;S?G;<=% C9EB98:;U?%>8% AE:%>;U89:E:% aTZ;DE:% >8% A?%U;>?%GFADF9?A% \?%AA8B?>E%?%:F% @;=% CE9]F8%\?%AA8B?>E%?%A?%DcG=;G?P% 1?% DcG=;G?% =E%8:%V?% F=% D8998=E% =8FD9?A% 8=% 8A% :8=D;>E%>8% ?]F8A% C9EG8W :E%>8% =8FD9?A;S?G;<=H% V%DE>?%CEAYD;G?%@F89D8%\?Z9a%>8%:89U;9:8%>8%8AA?P% .E9%8:E%GE=G8Z;9%=F8:D9E%:;BAE%8=% :8=D;>E%8:C;9;DF?A% GETE% A?%89?%DcGW =;G?% =E% CF8>8% D8=89% Ta:% ]F8% F=% :8=D;>E% C9EU;:;E=?AP% "A% :8=D;>E%>8W @;=;D;UE%:8%\?9a% C?D8=D8%GF?=>E%]F8>8%GA?9E%]Fc%GA?:8%>8%CEAYD;G?%?>W ]F;898%:F@;G;8=D8%@F89S?%GETE%C?9?%?CE>89?9:8%>8% A?%=F8U?%DcG=;G?H%V% GFaA8:% :E=% A?:% U89>?>89?:% ?B9FC?G;E=8:% >8% ?T;BE% V% 8=8T;BE% ]F8% C98=>8=% :EZ98% 8:D8% =F8UE% :F8AEP% 29?=>8:% T?:?:%>8%CF8ZAE:% ;=>F:D9;?A;S?>E:%:;BF8=% \EV%?C8B?>E:% ?% F=?% 9ET?% 98A;B;<=% >8% A?% D8G=;G;>?>% CE9]F8H%GETE% DE>?:% A?:% T?:?:H% ZF:G?=% A?% GE=:8GF8=G;?% 9?>;G?A% V% G988=% ;=GE=:G;8=D8T8=D8% \?Z89% \?AA?>E%?]FY% A?%>8:CEA;D;S?G;<=%?Z:EAFD?%]F8%:8%8:D?Z?%ZF:G?=>E%>8:W >8% \?GY?%:;BAE:H% V%GE=% A?%GF?A% G8:?% A?%BF899?%V%8TC;8S?% A?% C?S%F=;U89W :?AP% 4;=% 8TZ?9BE% A?% DcG=;G?% =E% CF8>8% \?G89%ED9?%GE:?%]F8% ;=G98T8=W D?9%A?%C?S%E%A?%BF899?i%8:Da%>;:CF8:D?%?%?TZ?:%GE:?:%CE9%;BF?AH%V%8A%]F8% F=?%V%ED9?%U8S%:8%=ETZ98%V%:8%GE=`F98%A?%C?S%=E%G?TZ;?9a%=?>?P% oEV% >Y?%U8TE:%?% D9?Uc:%>8% A?% =;8ZA?%>8% AE:% =ETZ98:%V% A?:%C?A?Z9?:%GE=% A?% ]F8% D9?Z?`?% A?% T?]F;=?9;?% C:;GEDcG=;G?% >8% A?% :FB8:D;<=% >8% T?:?:P% +E=EG8TE:% ;=GAF:E% A?% A8V% :8G98D?%>8%8:8%UEG?ZFA?9;EH% V%:?Z8TE:% ]F8%\EV%>Y?% A?%BF899?%Ta:%?D899?>E9?%:<AE%:8%98?A;S?%8=% =ETZ98%>8%A?% C?SH% A?%EC98:;<=% Ta:% D899;ZA8% :<AE%8=% =ETZ98%>8% A?% A;Z89D?>H% V% A?% ;=W \FT?=;>?>% Ta:% ?D9ES% :<AE%8=% =ETZ98% >8% A?% \FT?=;>?>P% +ETC98=W >8TE:H% 8=% @;=H% D?TZ;c=% 8A% :8=D;T;8=DE% >8% ?]F8AA?% B8=89?G;<=% ]F8% :<AE%U;E%8=% A?%89?%>8% A?%D8G=;G;>?>% A?%TF89D8%>8A%8:CY9;DF%E%F=?%T8GaW =;G?%:;=% ?AT?P% /8GE=EG8TE:%8A%CAF9?A;:TE%>8%A?%U;>?%8:C;9;DF?A%V%:?W Z8TE:%]F8%8A% G8=D9E%>8%B9?U8>?>%>8% A?%8M;:D8=G;?% \FT?=?% =E%CF8>8% :89%F=% >ET;=;E%=8FD9?AH% V%]F8%8:% ;=GE998GDE%]F8989%98:EAU89%F=% C9EW ZA8T?% CEAYD;GE% T8>;?=D8% A?% ?=DYD8:;:%8=D98% T8Ga=;GE% V%E9Ba=;GEH% 8=W D98% TF89D8% V% U;>?P% -=?% U;>?% ]F8% =E% D8=B?% @98=D8% ?% :Y% Ta:% ]F8% A?% TF89D8% V?% =E% 8:% U;>?H% =E% 8:% :;=E% ;TCED8=G;?%8% ;=?=;>?>P% tF;8=% =E% GE=EG8%V?%ED9E%8=8T;BE%]F8%A?%TF89D8H% =;%GE=D8TCA?%8=%:F%8=8T;BE% ED9?% GE:?% ]F8% F=?% T8Ga=;G?% U?GY?H% 8:Da% Ta:% G89G?% >8% A?% TF89D8% ]F8% >8% A?% U;>?H% V% A?% G<TE>?% ?=DYD8:;:% >8% E9Ba=;GE% V% T8Ga=;GE% 8:% 8=% :Y% T;:T?%G9F>E%T8G?=;G;:TEP% -=?%?B9FC?G;<=%]F8%U8?%>8%:F%A?>E%:<AE% 8:CY9;DF% V% U;>?H% V% >8A% ED9E% :<AE% TF89D8% V% T8Ga=;G?H% =E% :;B=;@;G?% =;% Ta:% =;% T8=E:%]F8% A?% 98=F=G;?% ?% A?% AFG\?H% V% =E%CE:88%ED9E%U?AE9%]F8%


'**%

+?9A% 4G\T;DD%

8A%>8%F=?%]F8`?%9ETa=D;G?P% .F8:%A?%U;>?%=E%AFG\?%GE=%A?%TF89D8H%=;%8A% 8:CY9;DF%GE=% A?%@?AD?%>8%cAP% "A%8:CY9;DF%AFG\?%GE=D9?%8A%8:CY9;DFH% A?%U;>?% GE=D9?%A?%U;>?H%V%8:%>8%A?%@F89S?%>8%F=%:?Z89%Y=D8B9E%>8%>E=>8%=?G8%8A% E9>8=% >8% A?:% GE:?:% \FT?=?:P# .M# +"0%-$)# ",/&+0'$#)$()F#


".61$2$% 5% 15% "&6+6$,% &"% '()*%

"A% D9?D?>E% :EZ98% 8A% dGE=G8CDE% >8% AE% CEAYD;GEe% ?C?98G;<% CE9% C9;W T89?% U8S% 8=% 8A# S%+(%8M%$-%$# .$&2+J#G6$# 1)3+,8>)8+0+VH% UEAP% X[H% 6% LCCP% 'W))HN% 8=% ?BE:DE%>8% '(*Ri% C98U;?T8=D8%\?ZY?%D9?D?>E%8A% T;:TE%D8T?% GE=% ;>c=D;G?:% D8:;:% 8=% F=?% GE=@898=G;?% E9B?=;S?>?% CE9% A?% &8FD:G\8% oEG\:G\FA8% @k9%.EA;D;s% 8=% _89AY=H% 8=% T?VE%>8% '(*RP% 1?%GE=@898=G;?% :EZ98% dA?% 89?% >8% A?:% =8FD9?A;S?G;E=8:% V% >8:CEA;D;S?G;E=8:e% @F8% C9EW =F=G;?>?% 8=% EGDFZ98% >8% '(*(% 8=% F=% +E=B98:E% >8A% "F9ECÇ;:G\89% gFADF9ZF=>% 8=% _?9G8AE=?H% V% :8% CFZA;G<% 8=% A?# !'$)>i+/&2%# _%J+%[% 8=% >;G;8TZ98% >8% '(*(P% 1E% ]F8% :8% >;G8% ?]FY% :EZ98% 8A% dGE=G8CDE% >8% AE% CEAYD;GEe% C98D8=>8% d8=GF?>9?9e% F=% C9EZA8T?% D8<9;GE% >8% T?B=;DF>% ;=G?AGFA?ZA8P% +?>?% F=?% >8% :F:% C9ECE:;G;E=8:% 8:Da% C8=:?>?% GETE%CF=DE% >8% C?9D;>?% C?9?% F=%>8:?99EAAE%FAD89;E9%>8A%D8T?H%V%:8%D9?D?%>8%]F8%:;9U?=%>8%Z?:8%C?9?% ?]F8AA?:% :8:;E=8:% >8% D9?Z?`E%D8<9;G?:% V% C9aGD;G?:%>8A% ]F8\?G89%G;8=DYW @;GE% ]F8% CF8>?=% C89T;D;9:8% 8=D9?9% ?% GE=:;>89?9% F=?# $%/# ('$,% GETE% c:D?P% m98=D8%?%A?:%CFZA;G?G;E=8:%T8=G;E=?>?:%Ta:%?99;Z?H% A?%C98:8=D8% 8>;G;<=% GE=D;8=8% DE>?% F=?% :89;8% >8% @E9TFA?G;E=8:H% ?=ED?G;E=8:% V% 8`8TCAE:% =F8UE:H% C89E% =E% C98:8=D?% =;=BF=?% TE>;@;G?G;<=% =;% >8:?W 99EAAE% FAD89;E9% >8A% 9?SE=?T;8=DE% T;:TEP% .?9?% \?G89AE% C98@89;9Y?%8:W C89?9%?% A?:% ;=>;G?G;E=8:%V%CF=DE:%>8%U;:D?%]F8%:;=%>F>?%;9a=% :F9B;8=W >E% GE=% :;B=;@;G?G;<=% >8G;:;U?% 8=% 8A% GF9:E% >8% A?% >;:GF:;<=% :EZ98% 8A% C9EZA8T?% >8% AE% CEAYD;GE% ]F8% :8% \?% ;=;G;?>E% ?C9EM;T?>?T8=D8% \?G8% F=% ?^E% GE=% =F8U?% U;D?A;>?>P% _89AY=H% EGDFZ98% >8% '()'P% + 5 / 1% 4 + o n 6 ! !%

'*)%



+E9EA?9;E% 6% /"4-n",% &"% 1$4% &67"/4$4% 462,6m6+5&$4% 3% m-,+6$,"4% &"1% +$,+".!$% &"% 15% ,"-!/516&5&% .$16!6+5% 6,!"/,5% &"1% "4!5&$% L'()'N%

!8=;8=>E% 8=% GF8=D?% A?% CAF9?A;>?>% >8% :;B=;@;G?>E:% >8A% Dc9T;=E% d=8FD9?A;>?>e% V% A?% GE=@F:;<=% ]F8% >89;U?% >8% 8AA?H% ]F8% ?T8=?S?% GE=% \?G89% ;=:89U;ZA8% E% ;=?CA;G?ZA8% F=% GE=G8CDE% >8% :FVE% ;TC98:G;=>;ZA8H% GE=U8=>9Y?% C9EG8>89% ?% F=?% ?GA?9?G;<=% D?=DE% >8A% Dc9T;=E% GETE% >8A% ?:F=DE% T;:TEP% 6=D8=D?98TE:% CF8:H% 8=% AE% ]F8% :;BF8H% E@98G89% >8% F=% TE>E% :;:D8TaD;GE% F=?% 8MCE:;G;<=% GETCA8D?% >8% :F:% >;U89:E:% :;B=;@;W G?>E:H% @F=G;E=8:% V% :8=D;>E:% CEAcT;GE:P%

+K# .2:42@2F3F284<?# 4<:372L3?# 6<1# 7M9>248# H4<;79312636IN# 4<;O 79312636# F8>8# 3F727;6# 24G2C26893# 6<# 13# 6<F2?2B4# D81E72F3# 'P# B%'0$,8+(,(#%"#%8#/%"0+()#(%#")#+"0%$J%"&+A"4#(%/+"0%$N/H%A?;::89%C?::89H#0)C 8%$,"&+,#>,/+J,4# %0&F# ":% 8=% 8:D?% :;B=;@;G?G;<=% GETE% A?% =8FD9?A;>?>% CEAYD;G?% ;=D89=?% >8A% ":D?W >E%8=D9?% CE9%C9;T89?% U8S%8=% A?%GE=G;8=G;?% \;:D<9;G?H%`F:D?T8=D8%GETE#"%'C 0$,8+(,(#(%8#!/0,()#G$%"0%#,#8,/#$%8+-+)"%/#I#&)"G%/+)"%/F%m8>89;GE%8A%29?=>8%>8%.9FW :;?H%8=%:F%D8:D?T8=DEH%>;G8j#K%#/'+/#"%'0$%#%"0$%#_)*%#%0#g%"qJ%F% 48%D9?D?H%CE9% G;89DEH% >8% F=?% U;8`?% @<9TFA?% ]F8% :8% 8=GF8=D9?% V?% 8=% F=% 98D9?DE% >8% oFBE% 29ED;F:%V% ]F8% 98U;:D8% A?% TaM;T?% :;B=;@;G?G;<=%C?9?%8A% C9EG8:E%>8% =8FD9?A;W S?G;<=% ]F8% :8% ;=;G;?% 8=% 8:8%:;BAEP% 1?%GE=:8GF8=G;?%bAD;T?%>8%8:D8%C9;=G;C;E% AA8U?% ;=8U;D?ZA8T8=D8% ?% F=?% =8FD9?A;>?>% B8=89?A% 98:C8GDE% >8% GF?A]F;89% '*X%


'*J%

+?9A% 4G\T;DD%

CF=DE% >8% U;:D?% V% C9EZA8T?% ;T?B;=?ZA8H% V% ?% F=% D9?DE% ?Z:EAFD?T8=D8% ;BF?A% C?9?% DE>E:P% ,E% G?Z9Y?% CE9% 8`8TCAE% C9ED8B89% T8`E9% ?% ]F;8=% C;8=:?% GETE% G98V8=D8%]F8%?A%?D8EH%=;%?%]F;8=%:8%:;8=D8%F=;>E%?%F=?%=?G;<=%Ta:%]F8%?A%]F8% A?%>8:C98G;?% E%A8%8:% \E:D;AP% !?TZ;c=% :8%:;BF8%>8%8AAE%A?%Ta:%GETCA8D?%A;Z89W D?>% >8% C9EC?B?=>?H% D?=DE% 98A;B;E:?% GETE% ?=D;998A;B;E:?H% D?=DE% =?G;E=?A% GETE% ?=D;=?G;E=?Ai% E% ;=GAF:E% F=?% dGE=:;>89?G;<=e% ?Z:EAFD?% \?G;?% DE>E% 8A% ]F8% dC;8=:?% >;:D;=DEeH% ?F=]F8% :8% ZF9A8% >8% A?% TE9?A% V% >8% A?:% GE:DFTZ98:H% ?F=]F8%;=D8=D8%T;=?9%F=?%@E9T?%>8%":D?>E%V%?GDb8%GETE%?B;D?>E9%?A%:89U;W G;E% >8% F=% ":D?>E% 8MD9?=`89EP% ":D8% d":D?>E% =8FD9?Ae% 8:% 8A% :D?DE% =8FD9?A8% 8>% ?B=E:D;GE# H'%#I,# ")#(+/0+"-'%# ",(,4# $%8,0+J+/0,H% 8A% ":D?>E% :;=% GE=D8=;>EH% E% >8% GE=D8=;>E% 98>FG;>E% ?% F=# *7"+*)F% 4F% GE=:D;DFG;<=% :89a# 0,*M+N"#"%'0$,8#/)M$%# 0)()#G$%"0%#,#8,#%&)")*7,H% 8=%8A% :8=D;>E%>8%=E%;=`898=G;?%LA;Z89D?>%8GE=<T;G?%V% >8%GE=D9?DENH%GE=%A?%d@;GG;<=%>8%F=% ":D?>E%A;Z98%>8%8GE=ETY?%V% F=?%8GE=EW TY?%A;Z98%>8%":D?>Ee%LmP% 18=SNP% 5F=%?:YH%D?TZ;c=%8:D8%":D?>E%CF8>8%AA8B?9%?% :89% CEAYD;GEH% V?% ]F8% GF?=>E% T8=E:% G?Z8% C8=:?9% 8=% A?% CE:;Z;A;>?>% >8% ]F8% 98GE=ESG?% ?% F=% 8=8T;BEH% ?]F8A% ]F8% =E% G988% 8=% 8:D8% Bc=89E% >8% =8FD9?W A;>?>P%

*P# B%'0$,8+(,(#%"#%8#/%"0+()#(%#'",#&)"&%>&+A"#+"/0$'*%"0,8#(%8#!/0,()4# %"#8,# H'%#N/0%#%/#'"#*%(+)#0N&"+&)#H'%#(%M%#G'"&+)",$#&)"#)MK%0+J+(,(#&,8&'8,M8%#I# )G$%&%$#,#0)()/#8,/#*+/*,/#)>)$0'"+(,(%/#(%#'0+8+3,$8)# ":D?%GE=G8CG;<=% ;=:D9FT8=D?A%>8A% ":D?>E%8:%A?%]F8%:F8A8%:FZV?G89%?%8MW C98:;E=8:%D?A8:%GETEj% 8A#,>,$,0)%8:D?D?A% >8% A?%`F:D;G;?%V% A?%?>T;=;:D9?G;<=H% A?% P*,H'+",$+,%BFZ89=?T8=D?AeH%8A% ":D?>E%GETE#%*>$%/,%ZF9EG9aD;G?H%A?%T?]F;W =?9;?% A8B;:A?D;U?H% A?% T?=;U8A?% A8B;:A?D;U?H% 8DGP% 1?% =8FD9?A;>?>% >8A% ":D?>E% GETE% ;=:D9FT8=DE% DcG=;GE% 8:% GE=G8Z;ZA8% 8=% 8A% D8998=E% >8A% 8`8GFD;UEH% V% :8% CE>9Y?% D?A% U8S% ;T?B;=?9%]F8% 8A% ?C?9?DE%>8% A?% `F:D;G;?% E%8A% >8% A?% ?>T;=;:D9?W G;<=%CF8>?=%AA8B?9%?%@F=G;E=?9%>8%A?%T;:T?%T?=89?%V%8:D?9%?%>;:CE:;G;<=%>8% GF?A]F;89% F:F?9;EH% GE=% ;>c=D;G?% EZ`8D;U;>?>% V% D8G=;G;>?>H% GE=% D?A% ]F8% \?B?% >8%cA% 8A% F:E%C98U;:DE%CE9%A?:%=E9T?:H%>8%A?%T;:T?%@E9T?%]F8%8A% D8Ac@E=EH%8A% D8AcB9?@EH% 8A% GE998E% V% ED9?:% ;=:D;DFG;E=8:% DcG=;G?:% :8T8`?=D8:H% ]F8% 8:Da=% ?A% :89U;G;E% >8% DE>E:% GE=% ;=>;@898=G;?% ?A% GE=D8=;>E% >8% AE% ]F8% GETF=;G?=H% :;8TC98%]F8%8A% F:F?9;E%:8%?D8=B?%?%A?:%=E9T?:%>8%F:E%>8%A?:%T;:T?:P% -=%":W D?>E% >8% 8:D?% =?DF9?A8S?% 8:D?9Y?% >8:CEA;D;S?>E% CE9% GETCA8DE% V% =E% CE:889Y?% CE9% :Y% T;:TE% G?C?G;>?>% C?9?% >;:D;=BF;9% 8=D98% ?T;BE% V% 8=8T;BEP%

)P# B%'0$,8+(,(#%"#%8#/%"0+()#(%#+-',8(,(#(%#)>)$0'"+(,(%/#%"#8,#G)$*,&+A"#(%#8,# J)8'"0,(#%/0,0,8# 5]FY% 8A% Dc9T;=E% =8FD9?A;>?>% D;8=8% F=?% :;B=;@;G?G;<=% ]F8% :FZV?G8% ?% >8W D89T;=?>?:% ;=D89C98D?G;E=8:% A;Z89?A8:% >8A% >898G\E% B8=89?A% >8% ;BF?A>?>% >8% :F@9?B;EH% ?:Y%GETE%>8% A?% ;BF?A>?>% B8=89?A% ?=D8% A?% A8VH%8=% D?=DE%8:?% ;BF?A>?>%


"A%GE=G8CDE%>8% AE% CEAYD;GE%

'*R%

=E%:8%GE=G;Z?%?A% TE>E%GE=:;B=?>E%8=%8A% ?C?9D?>E%*%LGETE%;BF?A>?>%>8%FD;W A;S?G;<=%>8%A?%A8VNP%!E>E:%D;8=8=% A?%CE:;Z;A;>?>%>8%?AG?=S?9%T?VE9Y?H%V%:;%?AW BF;8=%]F8>?%8=%T;=E9Y?H%:ET8D;>E%?%A?%:FC89;E9;>?>%>8%UEDE:%>8A%ED9EH%:8%A8% 98GE9>?9a%]F8% \?%D8=;>E%V%:;BF8%D8=;8=>E% A?% CE:;Z;A;>?>%>8%AA8B?9%?%:89%T?W VE9Y?P% !?TZ;c=% 8:DE% 8:% F=?% ;>8?% A;Z89?A% >8% A?% `F:D;G;?P% ":D?% T?=89?%>8% GE=G8Z;9%A?% =8FD9?A;>?>% GETE%;BF?A>?>%>8%ECE9DF=;>?W >8:%8=% A?%@E9T?G;<=%>8% A?%UEAF=D?>%8:D?D?A%:FZV?G8%D?TZ;c=H%?F=]F8%EZU;?W T8=D8%>8%TE>E%CEGE%GE=:G;8=D8H%?% A?%;=D89C98D?G;<=%>ET;=?=D8%>8A%?9DYGFW AE% RJ% >8% A?% +E=:D;DFG;<=% >8A% /8;G\P% &8% ?GF89>E% GE=% 8AA?% 8A% ?9DYGFAE% RJ% =E% GE=D;8=8% D?=% :<AE% F=?% 98BFA?G;<=% >8% A?% TE>;@;G?G;<=% >8% A?% GE=:D;DFG;<=% LGETE%C?98G89Y?%CE9%8A% D8=E9%A;D89?A%>8A%?9DYGFAENH%:;=E%D?TZ;c=%8A% 98GE=EG;W T;8=DE%>8%F=%8:D?DFDE%>8% CA8=E:%CE>898:H%:;=% AYT;D8% =;% @9E=D89?H%V%8=%:FT?% >8% F=% CE>89% GE=:D;DFV8=D8P% 5:Y% 8:% GETE% AE% ;=D89C98D?=% CE9% 8`8TCAE% 2P% 5=:G\kDS%8=%:F%GET8=D?9;E%?A%?9DYGFAE%RJ%L'QP ?%8>PH%CCP% )I(%V%::PNH%m9P% 2;8:8% lW)**%"0,$I% [P?%8>PH% '()'H% CP% '(QNH% V%!\ET?# lS,"(M'&2#(%/#(%'0/&2%"#10,,0/C $%&20/I% 66H%CP% 'XINH%]F8%AA8B?%;=GAF:E%?%G?A;@;G?9%A?:%EC;=;E=8:%>8%+P% _;A@;=B89% V% A?:% TY?:% GETE% >8% dC9EC;?:% >8% F=% >898G\E% >8:;>89?D;UEeH% F=% G?A;@;G?D;UE% ]F8% 8MC98:?% >8% @E9T?% CEGE% F:F?A% F=?% ;=:;=F?G;<=% >8% Z?=?A;>?>P% ":D?% ?G8CG;<=% >ET;=?=D8% >8A% ?9DYGFAE% RJ% >8:CE`?% ?% A?% +E=:D;DFG;<=% >8% f8;T?9%>8%:F%:F:D?=G;?%CEAYD;G?%V%>8%:F%d@F=>?T8=DEe%V%A?%GE=U;89D8%8=%F=% >$)&%(+*+%"0)#(%#&,*M+)#"%'0$,8R#+"(+G%$%"0%#,#0)()#&)"0%"+()4%=8FD9?A%;=GAF:E%98:W C8GDE%>8%A?%@E9T?%>8%":D?>E%U;B8=D8%8=%G?>?%G?:EP% 1E%`F:DE%8:%8=%D?A%G?:E%98W GE=EG89% ?% DE>E% C?9D;>E% A?% T;:T?% CE:;Z;A;>?>% >8% ?AG?=S?9% A?% T?VE9Y?% =8G8W :?9;?% C?9?H% GE=% ?VF>?% >8A% C9EG8>;T;8=DE% C98U;:DE%C?9?% A?% TE>;@;G?G;<=% >8% A?%GE=:D;DFG;<=H%?AG?=S?9%:F%EZ`8D;UEH%V?%:8?%A?%;=:D?F9?G;<=%>8%F=?% 98CbZA;W G?% :EU;cD;G?H% V?% F=% 98;=E% =?G;E=?A% :EG;?A;:D?H% F=% ":D?>E% :;=>;G?A% >8% >8TEW G9?G;?% 8GE=<T;G?H% F=% ":D?>E% GE9CE9?D;UE% >8% 8:D?T8=DE:% C9E@8:;E=?A8:H% F=?%TE=?9]FY?%?A% U;8`E%8:D;AEH%F=?%?9;:DEG9?G;?%>8%GF?A]F;89%GA?:8H%8DGPH%GE=% :F% GE998:CE=>;8=D8% =F8U?% GE=:D;DFG;<=P% +F?A]F;89% C98@898=G;?% EDE9B?>?% ?% A?% @E9T?% >8% ":D?>E% U;B8=D8% E% ?% ?ABF=E%>8% AE:% C?9D;>E:%]F8%E:D8=D8=%8A% BEW Z;89=E%8=% G?>?% G?:EH% V?% :8?% T8>;?=D8% :FZU8=G;E=8:% C?9?% C9EC?B?=>?H% T8W >;?=D8%>;:D;=G;E=8:% ?% A?% \E9?%>8% FD;A;S?9% A?% 9?>;EH# a)8%07"#rG+&+,84% G8=:F9?%G;W =8T?DEB9a@;G?H% 98:D9;GG;E=8:% ?% A?% ?GD;U;>?>% >8% AE:% C?9D;>E:% CEAYD;GE:% E% ?% A?% ?@;A;?G;<=% CEAYD;G?%>8% AE:%@F=G;E=?9;E:%h8=% 8A% :8=D;>E%>8%]F8%8A% C?9D;>E%8=% 8A% BEZ;89=E% =E%?G8CD8%8=%G?>?%G?:E%Ta:%]F8% A?%?@;A;?G;<=%>8%c:DE:%?%:F%C9EW C;E%C?9D;>E%E%?%?]F8AAE:%ED9E:%]F8%=E%A8%:8?=%8MG8:;U?T8=D8%A8`?=E:hH%C9EW \;Z;G;<=%>8%98F=;<=%?%C?9D;>E:%9?>;G?A8:H%>;:D;=G;<=%8=D98%C?9D;>E:%A8B?A8:%V% 98UEAFG;E=?9;E:%>8%?GF89>E%GE=% :F:%C9EB9?T?:%98:C8GD;UE:j% DE>E%8:DE%:89Y?H% :;% :8% AA8U?% \?:D?% 8A% @;=?A% A?% ?G8CG;<=% >ET;=?=D8% >8A% ?9DYGFAE% RJH% GE=GFAG?W G;E=8:%B9E:89?:%8% ;99;D?=D8:%>8% A?%GE=:D;DFG;<=P% 3% ?%A?%\E9?%>8%D9?D?9%8A% C9EW ZA8T?%>8% :;% A?% A8V%>8% C9ED8GG;<=% >8% A?% /8CbZA;G?% >8A% *X% >8% T?9SE%>8% '()Q% L/2_AP% 6H% CP% ('N% 8:% ;=GE=:D;DFG;E=?A% E% =EH% :8% :F8A8%>8:GF;>?9%CE9%GETCA8DE% A?% GE=8M;<=% :;:D8TaD;G?% >8% 8:?% GF8:D;<=% GE=% 8A% ?9DYGFAE% RJP%


'*[%

+?9A% 4G\T;DD%

IP# B%'0$,8+(,(#%"#%8#/%"0+()#(%#>,"(,(4#%/0)#%/4#,(*+/+A"#(%#0)()#-$'>)#'#)D%"C 0,&+A"#/'/&%>0+M8%/#(%#%"0$,$#%"#&)"/+(%$,&+A"I#M,K)#&)"(+&+)"%/#+-',8%/#I#&)"# +(N"0+&,#&)"/+(%$,&+A"#,#8,#2)$,#(%#/%$J+$/%#(%#8,/#J%"0,K,/#I#(%*E/#,>)$0,&+)C "%/# (%8# !/0,()# ":D?% C?9;>?>% CE:88% 98A8U?=G;?% \;:D<9;G?% V% C9aGD;G?% C?9?% :EG;8>?>8:% >8% G?9aGD89% 98A;B;E:E% E% ;>8EA<B;GE% 8=% ":D?>E:% 8=% AE% ]F8% =E% :8% \?% C9E>FG;>E% F=?% 8:D9;GD?% :8C?9?G;<=% 98:C8GDE% >8% DE>?% GF8:D;<=% 98A;B;E:?% E% ;>8EA<B;G?H% :;=E% ]F8% :8% T?=D;8=8=% U;=GFA?>E:%?% F=?% CAF9?A;>?>% >8% B9FCE:% 98A;B;E:E:%V% :;T;A?98:% 8M;:D8=D8:H% Z;8=% CE9% EZA;B?G;E=8:% C?D9;TE=;?A8:% >8% ?ABb=% D;CEH% Z;8=% CE9% GEEC89?G;<=% 8=% 8A% :;:D8T?% 8>FG?D;UEH% E% CE9% 8A% Z;8=8:D?9% CbZA;GEH% 8DGP% 1?% C?9;>?>% :F:G;D?% ?]FY% F=?%GF8:D;<=% ]F8H% >8C8=>;8=>E%>8% A?:% G;9GF=:W D?=G;?:H%CF8>8%AA8B?9%?%:89%8MD9?E9>;=?9;?T8=D8%>;@YG;A%V%GETCA8`?H%A?%>8#&'EC 8%/%:E=% AE:%B9FCE:%]F8% \?=%>8% :89%D8=;>E:%8=%GF8=D?%?%8@8GDE:%>8%A?%C?9;>?>P% 5:YH% CE9%8`8TCAEH%:;% :8% C;8=:?%8=% A?%=8FD9?A;>?>%>8% A?% 9?>;E% 98:C8GDE%>8% AE:% C?9D;>E:%?%Z?:8%>8%F=% F:E%C?9;D?9;E%>8%AE:%D;8TCE:%>8%8T;:;<=H%8A% C9EZA8T?% 8:%?%]Fc%C?9D;>E:%CEAYD;GE:%:8%GE=G8>89a%8:8%?GG8:E%C?9;D?9;EH%CF8:%=E%8:%CEW :;ZA8% EDE9Ba9:8AE% T8Ga=;G?T8=D8% ?% GF?A]F;89% C?9D;>E% ]F8% ?C?98SG?P% -=?% GF8:D;<=% ?=aAEB?% :8% :F:G;D?% ?% C9EC<:;DE% >8% A?% A;Z89D?>% >8% G;8=G;?% L59DP% 'I*% /7N% GF?=>E% :8% A?%8=D;8=>8% GETE% C?9;>?>% >8% DE>?% E9;8=D?G;<=% G;8=DY@;G?% V% :8%8M;B8%]F8%DE>?:%8AA?:%EZD8=B?=%A?%T;:T?%GE=:;>89?G;<=%?%A?%\E9?%>8%>ED?9% V% EGFC?9% CA?S?:% >EG8=D8:P% n?M% f8Z89%C98D8=>Y?% ]F8H% :;% :8% ?G8CD?=% U?AE9?W G;E=8:%8=% A?% -=;U89:;>?>H%8=DE=G8:%\?V%]F8% \?G89%AFB?9%C?9?#0)(,/%A?:%U?AEW 9?G;E=8:P% ":DE%CF8>8%@F=>?T8=D?9:8%D8<9;G?T8=D8%D?=DE%>8:>8%A?%A<B;G?%>8A% ":D?>E% 98A?D;U;:D?%V% ?B=<:D;GE%GETE%>8:>8% A?% 8M;B8=G;?% A;Z89?A% >8% ;BF?A>?>% >8%ECE9DF=;>?>8:H%C89E%]F8%8=%A?%C9aGD;G?%L?%A?%\E9?%>8%GE=G8>89%A?:%CA?S?:N% >8%F=%":D?>E%CAF9?A;:D?H%:8%D9?>FG8%8=%C?9;>?>%8=D98% AE:%C?9D;>E:%]F8%>ET;W =?=% 8A% ":D?>E% 8=% G?>?% G?:EP% 5\E9?% Z;8=H% A?% =8FD9?A;>?>% 8=% :8=D;>E% >8% C?9;>?>% :<AE% 8:% U;?ZA8% 8=% A?% C9aGD;G?% CE9% 98@898=G;?% ?% F=% =bT89E% 98A?D;U?T8=D8% A;T;D?>E%>8% B9FCE:% A8W B;D;T?>E:% VH% 8=% G?:E%>8% ]F8% 8M;:D?% F=?%>;:D9;ZFG;<=% >8% CE>89%8% ;=@AF8=G;?H% Ta:%E% T8=E:% ?G8CD?>?% CE9%DE>E:H%8=D98%AE:%;=D89AEGFDE98:% A8B;D;T?>E:%C?9?% ?GG8>89% ?% A?% C?9;>?>P% 4;% 8A% =bT89E%>8%B9FCE:% ]F8% CA?=D8?=% A?%8M;B8=G;?%>8% D9?DE% C?9;D?9;E% 8:% >8T?:;?>E% 8A8U?>EH% E% :;% =E% \?V% :F@;G;8=D8% :8BF9;>?>% ?% A?% \E9?%>8%8U?AF?9%:F%CE>89%8%;TCE9D?=G;?H%8:DE%8:H%>8%G?AGFA?9%A?%GFED?%]F8%A8:% GE998:CE=>8H%:8%\?G8%;TCE:;ZA8%A?%CF8:D?%8=%C9aGD;G?%>8A%C9;=G;C;E%>8%A?%C?W 9;>?>%V%>;:T;=FV8%D?TZ;c=%A?%8U;>8=G;?%>8A%C9EC;E%C9;=G;C;E%:FZV?G8=D8P% -=?%:8BF=>?%98:89U?%]F8%:F:G;D?%A?%;>8?%>8%F=?%C?9;>?>%AA8U?>?%\?:D?%:F% bAD;T?%GE=:8GF8=G;?%8:%]F8%F=?%>8%>E:j% E%GE=>FG8%?%F=?% ;BF?A>?>% ;=>;:G9;W T;=?>?% LGETE%EGF998% CE9%8`8TCAE%GE=% @98GF8=G;?%GE=% A?%C?9;>?>%>8%D9?Z?W `?>E98:%V%8TC98:?9;E:NH%E%Z;8=H%GF?=>E%8M;:D8=%B9FCE:%@F89D8:%8%;=8]FYUEG?W T8=D8%>8D89T;=?>E:H% AA8U?%?%F=?#+0+)#+"#>,$0%/%GETE%A?%]F8%:8%>;E%8=D98%G?D<W A;GE:%V%C9ED8:D?=D8:%>8:>8%8A% :;BAE%MU;%8=%8A% U;8`E%/8;=E%?A8Ta=P% "=%D?A% G?:E%


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'*(%

G?>?% C?9D;>E% CE=>9a% ?% ZF8=% 98G?F>E% ?]F8AA?% C?9D8% >8% A?% :F:D?=G;?% 8:D?D?A% ]F8%A8%;=D898:?%8=%8:C8G;?AH%V%8:D?9a%>;:CF8:DE%?%?G8CD?9H%CE9%UY?%>8%GETC9EW T;:EH% ]F8%8A% ED9E% C?9D;>E% \?B?% AE%C9EC;E%GE=% ED9?:%CE9G;E=8:P% ,;=BF=E%>8% 8:DE:% >E:% TcDE>E:% h;BF?A>?>% ?9;DTcD;G?% 8#+0+)#+"#>,$0%/h% CE:88% 8A% :8=D;>E% >8% F=?% >8G;:;<=% CEAYD;G?H% :;=E% ]F8% ?TZ?:% :8% ?C?9D?=% >8% 8AA?P%

++K# .2:42@2F368?# D8?272L8?# 6<1# 7M9>248# H4<;79312636IP# <?78# <?P# ?2:42@2F368?# Q;<# @3L89<F<4# 13# 78>3# 6<# 6<F2?284<?# ;F# B%'0$,8+(,(# %"# %8# /%"0+()# (%# )MK%0+J+(,(# /)M$%# 8,# M,/%# (%# '",# ")$*,# $%&)")&+(,# 48%D9?D?%>8%A?%=8FD9?A;>?>%>8A%`F8S%GF?=>E%:8=D8=G;?%:EZ98%A?%Z?:8%>8%F=?% A8V% 98GE=EG;>?%V%>8%GE=D8=;>E%>8D89T;=?ZA8P% 4<AE%A?%U;=GFA?G;<=%?%F=?%A8V% ]F8% CE:8?% ?% :F% U8S% F=% GE=D8=;>E% U;=GFA?=D8% \?G8%CE:;ZA8% A?% EZ`8D;U;>?>H% V% GE=% 8AA?% 8:D?% GA?:8%>8% =8FD9?A;>?>H% ?:Y% GETE% A?% 98A?D;U?% ?FDE=ETY?% >8A% `F8S% GE=D9?%8A% 98:DE%>8%A?%UEAF=D?>%>8A% ":D?>E%L8:DE%8:H%@98=D8%?%@E9T?:%>8%>;G\?% UEAF=D?>% ]F8% :8% 8MC98:?=% CE9% C9EG8>;T;8=DE:% >;:D;=DE:% >8A% >8% A?% 98BFA?W G;<=% A8B?ANP% ":D?% =8FD9?A;>?>%8:%@F8=D8%>8%>8G;:;E=8:H% C89E%=E%>8%>8G;:;E=8:% CEAYD;G?:P%

*P# B%'0$,8+(,(# /)M$%# 8,# M,/%# (%# '"# &)")&+*+%"0)# )MK%0+J)#I# ")# %-)7/0,# (%# 8,/# &)/,/# ":D?%8:%A?%=8FD9?A;>?>%>8A%8MC89DE%]F8%>;GD?T;=?%V%?:8:E9?H%>8A%GE=:8`8W 9E%8MC89DEH% 8=% A?% T8>;>?%8=% ]F8% =E%?GDb?%GETE% 98C98:8=D?=D8%>8% ;=D898:8:% E% 8MCE=8=D8% >8A% :;:D8T?% CAF9?A;:D?P% 4EZ98% 8:D?% =8FD9?A;>?>% 98CE:?% D?TZ;c=% A?% ?FDE9;>?>%>8A% T8>;?>E9%V%>8A%a9Z;D9EH%?%=E%:89%]F8%:8%8=GF?>98%8=%8A% D;CE% :;BF;8=D8P%

)P# B%'0$,8+(,(# &)*)# %^>$%/+A"# (%# '",# '"+(,(#I# 0)0,8+(,(# H'%# ,M,$&,# %"# /'# +"C 0%$+)$# ,-$'>,&+)"%/# ,"0,-A"+&,/#I# H'%#>)$# 8)# 0,"0)# $%8,0+J+/*# %"# /'# /%")# %/)/# ,"0,-)"+/*)/# 48%D9?D?%?]FY%>8%A?%=8FD9?A;>?>%>8%A?%>8G;:;<=%8:D?D?A%:EZ98%GE=@A;GDE:%;=W D89=E:%?A% ":D?>EH%@98=D8%?% A?%>;:B98B?G;<=%V%>;U;:;<=%>8A% ":D?>E%8=%C?9D;>E:% GÉ% ;=D898:8:% C?9D;GFA?98:H% GF?=>E% A?% >8G;:;<=% \?G8% U?A89%8A% ;=D89c:% GE=`F=DE% d69A% A;:D?>E% GETE% D?AP%


')Q%

+?9A% 4G\T;DD%

IP# B%'0$,8+(,(#(%8#H'%# /%# *,"0+%"%# ,8#*,$-%"4I# H'%# &)*)# 0%$&%$)#>'%(%4# %"# &,/)# (%# "%&%/+(,(R# (,$# &,'&%# ,# 8,# (%&+/+A"#I# 8)-$,$# 8,# '"+(,(# ":% A?% EZ`8D;U;>?>% >8A% C9ED8GDE9% 98:C8GDE% >8A% ":D?>E% ]F8% :8% 8=GF8=D9?% Z?`E%:F% C9ED8GDE9?>EH% V%@98=D8%?%:F:%?=D?BE=;:TE:%CEAYD;GE:%;=D89=E:i%A?%>8A% GE=]F;:D?>E9% @98=D8% ?% AE:% >;U89:E:% B9FCE:% 8=% F=?% GEAE=;?H% >8% AE:% ;=BA8:8:% @98=D8%?%\;=>b8:%V%TF:FAT?=8:%8=%A?%6=>;?H%>8%.;A?DE#XH'+(%/0#J%D0,/8Y%@98=D8% ?% A?:% ]F898AA?:% 98A;B;E:?:% >8% AE:% `F>YE:P%


+E9EA?9;E% 66% 4$_/"% 15% /"15+6$,% ",!/"% 1$4% +$,+".!$4% &"% 2-"//5% 3% ","n62$% L'()[N%

;F# S)I#(7,#%8#%"%*+-)#&)"/0+0'I%#%8#&)"&%>0)#>D*,D)#>)$#$%G%$%"&+,#,#8,# -'%$$,F% +A?9E%8:Da%]F8%8:DE% =E%:8%?CA;G?%?%DE9=8E:H%C8A8?:%>8%B?Z;=8D8H% >F8AE:% F% ED9?:% TE>?A;>?>8:% >8% BF899?% :<AE% d?BE=?A8:eP% 1?:% AFG\?:% ?BE=?A8:% :F:G;D?=% Ta:% A?% ;>8?%>8% F=?% ?GG;<=% ]F8% A?%>8% F=?% :;DF?G;<=% E% ":D?>EP% 4;% \?G8TE:% CF8:% F:E%>8% A?% U;8`?% V% ?C?98=D8T8=D8% ;=:E:A?W V?ZA8% >;:D;=G;<=% 8=D98% A?% dBF899?% GETE% ?GG;<=e% V% A?% dBF899?% GETE% ":D?>EeH%8=%8A%G?:E%>8%A?%C9;T89?H%GF?=>E%\?V%F=?%Z?D?AA?%E%F=?%EC8W 9?G;<=% T;A;D?9H% 8:DE%8:H% 8=% A?% ?GG;<=% T;:T?H% 8=% A?:% d\E:D;A;>?>8:eH% 8A% 8=8T;BE% 8:Da% D?=% ;=T8>;?D?% V% U;:;ZA8T8=D8% C98:8=D8% GETE% ?>U89:?W 9;E% LGETE% AE% ]F8% :8% 8=@98=D?% GE=% F=ENH% ]F8% =E% \?G8% @?AD?% ?>8Ta:% C98:FCE=89AEP% &;:D;=DE%8:% 8A% G?:E% >8% A?%BF899?%GETE% ":D?>E# X/0,0'/YF# 5]FY%8M;:D8%F=%8=8T;BEH% ;=GAF:E%?F=]F8% \?V?=%G8:?>E% A?:% \E:D;A;>?W >8:%?Z;89D?:%V%>;98GD?:%V%A?:%?GG;E=8:%ZcA;G?:P#a%88'*#*,"%0s#>'-",#&%//m0F# 5]FY% A?% \E:D;A;>?>% 8:% GE=% DE>?% 8U;>8=G;?% 8A#>$%/'>'%/0)%>8A% 8:D?>E%>8% BF899?P% "=% A?% ;>8?% BAEZ?A% >8% AE% ]F8%8:%F=?%dBF899?e%CF8>8%C98>ET;W =?9% AE% F=E% E% AE% ED9EH% A?% BF899?% GETE% ?GG;<=% E%GETE% ":D?>EP% 5\E9?% Z;8=H% =;=BF=?% BF899?% CF8>8% ?BED?9:8% 8=% A?% CF9?% V% :;TCA8% ?GG;<=% ;=W T8>;?D?H% >8A% T;:TE% TE>E% ]F8% D?TCEGE% CF8>8% T?=D8=89:8% :;8TC98% GETE% F=% d":D?>Ee% :;=% ?GG;<=P% 1?% AA?T?>?% BF899?% DED?A% D;8=8%]F8% :89%DED?A%GETE% ?GG;<=% V% GETE% ":D?>EH% :;% 8:% ]F8% \?%>8% :89% 98?AT8=D8% DED?AP% 4F% :8=D;>E% 98:;>8%CE9%AE% D?=DE% 8=% F=?% \E:D;A;>?>% C98:FCF8:D?H% GE=G8CDF?AT8=D8% C98U;?P% .E9% ')'%


+?9A% 4G\T;DD%

')*%

8:E% :<AE% :8% A?%CF8>8% GETC98=>89%V%>8@;=;9%>8:>8% A?% \E:D;A;>?>P% 2F8W 99?% 8=% 8:D8% :8=D;>E% DED?A% 8:% DE>E% AE%]F8% =?G8%>8% A?% \E:D;A;>?>% L?GG;EW =8:% V% ":D?>E:NP% ,E%D8=>9Y?% :8=D;>E%C8=:?9%]F8% A?% \E:D;A;>?>% =?G8%>8% A?% BF899?% E% >8% :F% G?9aGD89%DED?AH% =;% 98>FG;9A?% ?% T89E% @8=<T8=E%GE=W GET;D?=D8%>8%A?%DED?A;>?>%>8%A?%BF899?P% 48%:F8A8%>8G;9H%FD;A;S?=>E%F=?% 8MC98:;<=% @98GF8=D8H% ]F8%8=%8A% U89?=E%>8% '('I% AE:%CF8ZAE:%8F9EC8E:% d:8%C98G;C;D?9E=%?% A?%BF899?%>8%F=%D9?:C;c:eP% 1E%]F8%:FG8>;<%8=% 98?A;W >?>% 8:% ]F8% @F89E=% >8:A;Sa=>E:8% CEGE% ?%CEGE% \?G;?% A?% DED?A;>?>% >8% A?% BF899?i% A?% BF899?% GE=D;=8=D?AH% T;A;D?9%V%>8% GETZ?D8:H% V% A?%BF899?% ;=W BA8:?H% 8MD9?T;A;D?9H% BF899?% T?9YD;T?H% >8% ZAE]F8E% V% 8GE=<T;G?H% :8% @F89E=%8TCF`?=>E% A?%F=?%?% A?%ED9?%LCE9%A?%UY?%>8%A?:%98C98:?A;?:N% \?:W D?% AA8B?9%?% F=?% ;=UEAFG9?G;<=%DED?AP% 1?%BF899?%DED?A% =E% =?G;<% ?]FY%>8% F=?% \E:D;A;>?>%DED?A% C988M;:D8=D8P% mF8% Ta:%Z;8=H% ?% A?% ;=U89:?H% A?%\E:W D;A;>?>% DED?A% A?% ]F8% =?G;<%V% :8%?A;T8=D<%>8% F=?%BF899?%]F8% :8% ;Z?% \?W G;8=>E% G?>?% U8S%Ta:% DED?AP% 4F% GE=GAF:;<=% =E%CE>Y?% :89% F=% dD9?D?>Ee% =;% F=?%dC?SeH% T8=E:%?b=% F=%dD9?D?>E%>8% C?Se%8=% 8A% :8=D;>E%>8A% >898W G\E% ;=D89=?G;E=?AH% :;=E% F=?% :8=D8=G;?% >8% GE=>8=?% >8A% U8=G8>E9% GE=D9?%8A%U8=G;>EP% ":D8%?>]F;898%AF8BE%F=?%;TC9E=D?%D?=DE%Ta:%?GFW :?>?% >8% 8=8T;BE% GF?=DE% Ta:% U8=G;>E% 8:DaP% *P% "=% 8A% :;:D8T?% >8% C?GDE:% >8% A?% CEAYD;G?% >8% CE:DBF899?% >8% 2;W =8Z9?%:8%>8@;=8%GETE#%"%*+-)#,8#,-$%/)$F% 5B98:E9%V%?B98:;<=%:E=%8MCA;W G?>E:% CE9% A?% UY?%>8% AE:% \8G\E:j% 8A% ]F8%>8GA?9?% A?%BF899?H% 8A% ]F8% D9?:W C?:?% F=?% @9E=D89?H% 8A% ]F8% =E% :8% ?D;8=8% ?% F=% >8D89T;=?>E% C9EG8>;W T;8=DE% E% ?% F=E:% >8D89T;=?>E:% CA?SE:H% 8DGPH% 8:% 8A% ?B98:E9% V% 8A% ]F8% 9ETC8% A?% C?SP% 5]FY% AE:% GE=G8CDE:% >8A% >898G\E% ;=D89=?G;E=?A% :8% GE=:D;DFV8=% >8:>8% F=?% <CD;G?% U;:;ZA8T8=D8% G9;T;=?A;:D?% V% C8=?A;:D?P% "=%8A%>898G\E%;=D89=?G;E=?A%8A% ?B98:E9%U;8=8%?%:89%AE%]F8%8=%8A%?GDF?A% >898G\E%C8=?A%8:%8A% >8A;=GF8=D8H%8A%d?FDE9eH%]F8%8=% 98?A;>?>% Ta:%]F8% d?FDE9e%>8Z89Y?%AA?T?9:8%d=EW?FDE9eH%V?%]F8%:F%C98:F=D?%?GG;<=%8:%8=% U89>?>% F=% dG9;T8=e'%ÑP% 1E:%`F9;:D?:%>8% A?% CEAYD;G?%B;=8Z9;=?%>8%CE:DW BF899?% 8=D8=>;89E=% 8:D?% G9;T;=?A;S?G;<=% >8A% ?B98:E9% V% 8:D?% 98>FGW G;<=% >8% A?% ?B98:;<=% ?%F=% :FCF8:DE%>8% \8G\EH% F=# ?,0M%/0,"(H% GETE%F=% C9EB98:E%`F9Y>;GE% >8A% >898G\E% ;=D89=?G;E=?AP% 5\E9?% Z;8=H% 8A% :8=D;>E% :

' <%' )+#0+#&'10'D,%%,('o#)@&9'10',$#&(09p'2()/)+,%09'2&+1$2)(",','%,'@,(,1&N,'10' %&9' o#)@&9' 10' +&' ,$#&(09p' edP(E# BF# (%8# ?FYF# Ñ' <+' ,%0/G+' o/,%,' ,22)3+p' 09# t"0,04' %)#0(,%/0+#0' o+&' ,22)3+p]' 0%' #Q(/)+&' t"0i0%$4' J$0' #(,1$62&' 2&/&' o0%' +&' ,$#&(pI' ,2&*0' 0%' 90+#)1&' 10' $+,' +0*,2)3+' /&(,%' #,+' #&#,%' =' ,F9&%$#,' J$0' D,9#,' 09' %)+*u"9#)2,/0+#0' %&'2&+#(,()&'10' o,22)3+pE' XBF# (%8# ?FY#


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'))%

Ta:% C9E@F=>E% >8% DE>E:% 8:DE:% 8:@F89SE:% CE9% >8@;=;9% ?A% d?B98:E9eH% ?:Y% GETE%CE9%C98G;:?9%8A% \8G\E%>8% A?%d?B98:;<=eH%8:D9;Z?%8=%GE=:D9F;9%F=% %"%*+-)%V%EDE9B?9%?:Y%F=%:8=D;>E%?%F=?%BF899?%]F8%>8%ED9E%TE>E%G?98W G89Y?%>8% cAP% +F?=DE% Ta:% ?FDETaD;G?% V% T8Ga=;G?% :8% UF8AU8% A?%BF899?H% Ta:%?FDETaD;G?:%V%T8Ga=;G?:%:8%DE9=?=%D?TZ;c=%D?A8:%>8@;=;G;E=8:P% "=% A?%cCEG?%>8% A?:% B8=F;=?:% BF899?:% >8%GETZ?D;8=D8:% >8GA?9?9% A?% BF899?% =E%D8=Y?%]F8%:89%CE9%@F89S?%F=?%U89Bk8=S?%=;%F=?%DE9C8S?%CEW AYD;G?i% CE>Y?% ;=GAF:E% :89% GF8:D;<=% >8% \E=E9H% :;% F=E% D8=Y?% TED;UE:% C?9?%:8=D;9:8%?T8=?S?>E%F%E@8=>;>E% LGETE%EGF99;<%CE9%8`8TCAE%GE=% A?% >8GA?9?G;<=% >8% BF899?% >8A% 8TC89?>E9% m9?=G;:GE%uE:c% ?% m9?=G;?% 8% 6D?A;?%8=% '[X(NP% 5\E9?H%8=%8A%>898G\E%;=D89=?G;E=?A%>8%CE:DBF899?%>8% 2;=8Z9?H% :8% D9?D?%>8%>8@;=;9AE%GETE% \8G\E%G9;T;=?A% CE9]F8% \?V%]F8% GE=U89D;9% ?A% 8=8T;BE% 8=% F=% >8A;=GF8=D8P% )P# .*+-)#I#%"%*+-)%CE:88=%F=?%8:D9FGDF9?%A;=BkY:D;G?%V%A<B;G?%>;W @898=D8% >8C8=>;8=>E% >8% A?:% >;U89:?:% A8=BF?:% V% B9FCE:% A;=BkY:D;GE:P% &8% ?GF89>E% GE=% 8A% :8=D;>E% >8% A?% A8=BF?% ?A8T?=?% LC89E% D?TZ;c=% >8A% >8% ED9?:% TFG\?:N% d?T;BEe%8:% 8=% E9;B8=% D?=% :<AE% 8A% ]F8% C89D8=8G8% ?A% T;:TE%D9E=GE%@?T;A;?9P% ":%CF8:%E9;B;=?AT8=D8%?T;BE%>8%:?=B98H% C?W 9;8=D8% E% d8TC?98=D?>Ee% CE9% T?D9;TE=;EH% CE9% `F9?T8=DE% >8% \89W T?=>?>H% ?>ECG;<=% E% ;=:D;DFG;E=8:%?=aAEB?:P% ":%C9EZ?ZA8%]F8% A?% C9;W U?D;S?G;<=% V% C:;GEAEB;S?G;<=% GE=D8TCE9a=8?:% >8A% GE=G8CDE% >8% ?T;W BEH% DYC;G?:% >8A% M;M% C89E% TFV% 8MD8=>;>?:% D?TZ;c=% 8=% A?% ?GDF?A;>?>H% :8?=% 98:FAD?>E% >8A% C;8D;:TE% V% TEU;T;8=DE:% :8T8`?=D8:H% ]F8% 8=% A?% Zb:]F8>?%>8A%d?T;BE%>8%&;E:e%\?AA?9E=%>8%C?:E%?A%d?T;BE%>8A%?AT?eP% &8%8:D8% TE>E% A?%?T;:D?>% :8%D9?=:@E9T<%8=% F=?% ;=:D?=G;?%C9;U?>?%>8% :8=D;T;8=DE:% >8% :;TC?DY?H% 8% ;=GAF:E% ?G?Z<% ?>ECD?=>E% 9?:BE:% 89<D;W GE:% 8=% 8A% T?9GE% >8% F=?% ?DT<:@89?% ?% AE% n?FC?::?=DP% "D;TEA<B;G?T8=D8% 98:FAD?% Ta:%>;@YG;A% 8MCA;G?9%A?% C?A?Z9?% ?A8T?W =?%C?9?%d8=8T;BEeH#Z%+"(F% "A%>;GG;E=?9;E%>8%29;TT%>;G8%]F8%:F%9?YS% d8:Da% ?b=% :;=% 8:GA?98G89eP% &8% ?GF89>E% GE=% AE:% >;GG;E=?9;E:% >8% .?FAH% o8V=8% V% f8;B?=>% 8:D?9Y?% 8=% 98A?G;<=% GE=#G+K,"%dE>;?9e%V% :;B=;@;G?9Y?% d8A% ]F8% E>;?eP% ,E% C98D8=>E% 8=D9?9% 8=% CEAcT;G?:% GE=% AE:% A;=Bk;:D?:H% :;=E%]F8%]F;:;89?%?D8=89T8%:;TCA8T8=D8%?%A?% ;>8?%>8%]F8%CE9%:F%:8=W D;>E% A;=BkY:D;GE% E9;B;=?9;E% 8A# Z%+"(%8:% ?]FcA% GE=D9?% 8A% GF?A% :8% ;=;G;?% F=?# Z%2(%% L>;:CFD?H% ]F898AA?H% GE=D;8=>?NP# Z%2(%% V# Z%+"(% U?=% `F=DE:% >8:>8%8A% C9;=G;C;EP% 48Bb=% 8A# g$'"($+u#(%/#g%$*,"+/&2%"#_%&20/%>8%g?9A% UE=% 5T;9?% L)P?%8>PH% '(')H% CP% *)[N#Z%2(%%>8:;B=?%d8=%C9;=G;C;E%b=;G?W T8=D8% 8A% 8:D?>E% >8% ]F;8=% ]F8>?% 8MCF8:DE% ?% F=?% 8=8T;:D?>% ?% TF89W D8eP% +E=% 8A% >8:?99EAAE% >8% AE:% >;U89:E:% D;CE:% V% @E9T?:% >8% A?# Z%2(%% U?% G?TZ;?=>E% D?TZ;c=% A?% ;>8?% >8A% 8=8T;BEH% 8:DE% 8:H% >8A% ?>U89:?9;E% 8=%


+?9A% 4G\T;DD%

')I%

A?# Z%2(%F% 1?% >;:D;=G;<=% T8>;8U?A% 8=D98% GE=D;8=>?% G?Z?AA898:G?% V% =E% G?Z?AA898:G?%LG@9P% +A?F>;F:%m9\9P% UE=%4G\x89D;=H# g$'"(36-%#(%$#(%'0/C &2%"# _%&20/-%/&2+&20%s% '()IH% CP% '(XN% AE% CE=8% >8% 98A;8U8% GE=% A?% T?VE9% GA?9;>?>P% 1?% GE=D;8=>?% G?Z?AA898:G?% ?>ECD?% @E9T?:% @;`?:% V% GE=>FG8% D?TZ;c=% ?% F=?% ?G8CD?G;<=% ?BE=?A% >8A% ?>U89:?9;EP% "=% ED9?:% A8=BF?:% 8A% 8=8T;BE% :<AE% :8% >8D89T;=?% =8B?D;U?T8=D8% GETE%8A#")C,*+-)F% 5:Y%EGF998%8=% A?:% A8=BF?:% 9ETa=;G?:H%>8:>8%]F8H% ?% 9?YS% >8% A?% .?M% /ET?=?% F=;U89:?AH% 8A% GE=G8CDE% >8#2)/0+/%:8% @F8% >8:>;W ZF`?=>E% 8=% 8A% ;=D89;E9% >8A% 6TC89;E% /ET?=E% E% GE=U;9D;8=>E% 8=% F=?% GF8:D;<=% >8% CEAYD;G?% ;=D89;E9j# ,*+&'/C+"+*+&'/4# ,*+&)C"%*+&)4% 8DGP% "=% A?:% A8=BF?:% 8:A?U?:% 8A% 8=8T;BE% 8:% D?TZ;c=% 8A% =E% ?T;BEj% >"K,0k%8kC"%>"K,0k%8k4% 8DGP * P% "=% ;=BAc:% 8A% Dc9T;=E# %"%*I% \?% \8G\E% G?89% GETCA8D?T8=D8% 8=% >8:F:E% A?% C?A?Z9?% B89Ta=;G?#G)%% L]F8% 8=% E9;B8=% >8:;B=?Z?%b=;G?T8=D8%?A% ?>U89:?9;E%8=% A?% AFG\?%?%TF89D8H%V%Ta:%D?9W >8% ?A% 8=8T;BE% 8=% B8=89?ANP% IP% 5AAY% >E=>8% A?% BF899?% V% A?% \E:D;A;>?>% GE=:D;DFV8=% C9EG8:E:% E% T?=;@8:D?G;E=8:% >8% ;>8=D;@;G?G;<=% :8BF9?% V% @aG;A% GETC9EZ?G;<=H% DE>E% AE% ]F8% =E% 8:% BF899?% CF8>8% :89# %)# +>/)% C?SH% V% DE>E% 8A% ]F8% =E% 8:% 8=8T;BE%CF8>8%:89#%)#+>/)%?T;BEP%3%?%A?%;=U89:?j% ?AAY%>E=>8%A?%C?S%V%A?% ?T;:D?>%:E=% AE%A<B;GE%V% =?DF9?AH% AE%]F8%8:Da%>?>EH% DE>E% AE%]F8% =E%:8?% C?S%CF8>8%:89%BF899?H%V%DE>E%AE%]F8%=E%:8?%?T;:D?>%CF8>8%:89%8=8T;:W D?>P% "=% 8A% C9;T89%G?:E% 8:% A?% C?S% AE% ]F8% :8% >8D89T;=?% =8B?D;U?T8=D8% CE9% 98@898=G;?% ?% AE% ]F8% 8:Da% >?>E% GETE% GE:?% >8D89T;=?>?H% 8=% 8A% :8W BF=>E% AE% 8:% A?% BF899?P% "=% 8A% C9;T89% G?:EH% V% CE9% ;>c=D;G?% 9?S<=H% 8A% ?T;BE% 8:% 8A% =E% 8=8T;BEH% T;8=D9?:% ]F8% 8=% 8A% :8BF=>E% 8A% 8=8T;BE% 8:% 8A% =E%?T;BEP% .E9%8`8TCAE% A?%?G8CG;<=% C8=?A% >8%A?:%d?GG;E=8:% \E:D;A8:% GE=D9?% ":D?>E:% ?T;BE:e% LG?CP% I% >8% A?% 48BF=>?% .?9D8% >8A# T%'0/&2%/# _%+&2//0$,G-%/%03M'&2%C?9:P% 'Q*W'QIN%C?9D8%>8%A?%=EG;<=%>8%?T;BE%GETE% :;TCA8% =E%8=8T;BEj% :8%8=D;8=>8%]F8%8:% F=% ":D?>E%?T;BE%DE>E%?]F8A% GE=%8A%GF?A%8A%C9EC;E%":D?>E%=E%8:Da%8=%BF899?P% p48Bb=%8:DE%8A% ":D?>E% G\8GE:AEU?GE% Z?`E% A?% C98:;>8=G;?% >8% _8=8:G\% \?Z9Y?% :;>E%8=% T?VE% V% :8CD;8TZ98% >8% '()[% F=% ":D?>E% ?T;BE% >8A# T%'0/&2%/#_%+&2R# ":D8% CA?=D8?T;8=DE% Lv]Fc% GE=G8CDE% 8:Da% D?=% Z;8=% >8D89T;=?>E% ]F8% :8?% CE:;ZA8% >8D89T;=?9% ED9E:% GE=G8CDE:% CE9% 98@898=G;?% =8B?D;U?% ?%cAwN% :8% \?G8% =8G8:?9;E%V?%CE9%8A% \8G\E%>8% ]F8%DE>?:% A?:%8MCA;G?G;EW A

' ^G9' #,(10' eN$%)&' 10' :;\;f' /)' 2&%0*,' )+13%&*&' 10' %,' 7+)80(9)1,1' 10' Y0(%"+I' @(&P09&('Y(0%&0(I'/0'2&/$+)23',%*$+&9'0N0/@%&9'10%'9G+92()#&I'0+'@,(#)2$%,('%,'0nL @(09)3+'2,(,2#0("9#)2,'o,C*+02$,Q'e0%' +&',/)*&'x'0+0/)*&f# XBF# (%8#?Fb'0((&('10'#(,+9L 2()@2)3+E' H,' *(,P",' 2&((02#,' 09' ,L/)#(,fE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

')X%

=c:% ]F8% \?% C9ECE9G;E=?>E% \?:D?% ?\E9?% 8A% >898G\E% ;=D89=?G;E=?A% :EW Z98%G<TE%>8D89T;=?9%:;%F=?%G;89D?%?GG;<=%8:%E%=E%8:%BF899?%C?9D8=%>8% ]F8%A?%>;:VF=G;<=%8=D98%BF899?%V%C?S%8:%8M\?F:D;U?%V%8MGAFV8=D8H%8:DE% 8:H% ]F8% \?V% ]F8% ?>T;D;9% ]F8% :;8TC98% ]F8% =E% 8:Da% >?>E% AE% F=E% 8:Da% >?>E% AE% ED9EH% V% ]F8% =E% 8M;:D8% F=?% D89G89?% CE:;Z;A;>?>P# f"0%$>,&%*# %0# M%88'*#"+2+8#%/0#*%(+'*)P% 5:Y% CE9%8`8TCAE% :EZ98% A?% ?GD;DF>% ]F8% ?>ECD<% u?C<=% GE=D9?% +\;=?% 8=% '()'W)*H% V% GE=% 8A% @;=% >8% >8A;T;D?9% F=?:% 98W C98:?A;?:% T;A;D?98:% L]F8% =E% 89?=% ?b=% BF899?N% 98:C8GDE% >8% A?% BF899?% C9EC;?T8=D8% >;G\?H% :8% 8:DFUE% D9?Z?`?=>E% >8% GE=D;=FE% GE=% 8:D8% T8W G?=;:TE%GE=G8CDF?AP% 3%=E%EZ:D?=D8%8:D8#"+2+8#*%(+'*%8:%`F:D?T8=D8%AE% ]F8% GF8:D;E=?% A?% :;DF?G;<=P% -=% CA?=D8?T;8=DE% GE998GDE% >8% A?% GF8:W D;<=% >8:>8% 8A% CF=DE% >8% U;:D?% >8A% >898G\E% ;=D89=?G;E=?A% :89Y?% c:D8j% v:E=% E% =E% :E=% GETC?D;ZA8:% GE=% A?% C?S% A?:% T8>;>?:% >8% @F89S?% T;A;D?W 98:H% 8=% C?9D;GFA?9% A?:% 98C98:?A;?:w% 3% :;% =E% AE% :E=H% v:E=% 8=DE=G8:% BF8W 99?w% ":D8% :89Y?%F=% CA?=D8?T;8=DE%]F8%C?9D;9Y?%>8% A?%C?S%GETE%F=%E9W >8=?T;8=DE% GE=G98DEP% "A% T8`E9% ;=D8=DE% 8=% 8:D?% >;98GG;<=% AE% U8E% 8=% 599;BE# @,J,-8+%$+H% 8=% F=% ?9DYGFAE%>8% '('X I P% "=% cA% U;8=8% ?% >8G;9% AE%:;W BF;8=D8j% A?:% T8>;>?:% >8% @F89S?% T;A;D?98:% =E% :E=% GETC?D;ZA8:% GE=% F=% ":D?>E%>8%C?SH% AF8BE%:E=%BF899?P% 1E%;=D898:?=D8%>8%:F%9?SE=?T;8=DE% 8:% :F% GE=G8CG;<=% >8% A?% C?S% GETE% F=% E9>8=% GE=G98DE% V% G899?>EH% V% D?TZ;c=% GETE% 8A% GE=G8CDE% Ta:% @F89D8H% 8A% ]F8% T?9G?% A?% C?FD?P% 1?% T?VE9Y?% >8% A?:% 8MCA;G?G;E=8:% >8% ED9?% C9EG8>8=G;?% 98:FAD?=% T8=E:% GA?9?:% 8=% :F% CA?=D8?T;8=DE% V% :8% TF8U8=% 8=% A?% C?A?Z989Y?% U?GY?% >8% F=?% ?AD89=?D;U?% GE=G8CDF?A% >8% CE:;D;U;:TE% CF9?T8=D8% ?C?98=D8P% 3?%:8%>8G;>?H%CF8:H%]F8%\?V%BF899?%CE9]F8%=E%\?V%C?SH%E%]F8%\?V% C?S% CE9]F8% =E% \?V% BF899?H% 8=% F=E% V% ED9E% G?:E% \?Z9Y?% ]F8% 8TC8S?9% CE9% C98BF=D?9% :;% 98?AT8=D8% =E% 8M;:D8% ?ABb=% D89G89EH% ?ABF=?% CE:;Z;A;W >?>% ;=D89T8>;?H% E%:;% =E%\?V#"+2+8#*%(+'*F% 489Y?%>8:>8%AF8BE%?ABE%?=<W T?AEH% C89E% 8:% ]F8% `F:D?T8=D8% 8M;:D8=% :;DF?G;E=8:% ?=<T?A?:P% 3% 8=% A?% ?GDF?A;>?>% :8% >?% F=?% >8% 8:?:% :;DF?G;E=8:% ;=D89T8>;?:% 8=D98% BF899?% V% C?SH% 8=% A?% ]F8% ?TZ?:% GE:?:% 8:Da=% T8SGA?>?:P% !98:% :E=% A?:% G?F:?:j% 8=% C9;T89%AFB?9H% AE:%>;GD?>E:%>8%C?S%>8% .?9Y:i%8=% :8BF=>E%AFB?9%8A%:;:D8W \

' d)20(3+'0+'%,'>E,'g)%"@)2,I'2)#,1&'@&('W$*&'X(&#)$9I$!"\=#"$D"--'?/E?)*'```I'A:I' @,(#0' :E' Z ' oa&#0'2()#)J$0'9$'%,'#0&(",'10)'/066)'2&0(2)#)8)',%'1)P$&()'10%%,'*$0((,pI$`'5'*.?$ )'$)'#'..,$'1."#1?.',1?-"'`r'e:;:cfI'@@E'A\'='99EI'\Bc'='99E'^G9'#,(10'd,8,*%)0()'/&1)P)L 23' 9$' &@)+)3+' F,N&' %,' )/@(09)3+' 10' %,'@(,n)9-$ >,#*,$)'$)'#'..,$'1."#1?.',1?-"F' \E,' 01EI' :;\ZI' @E' ccc]' C02$0)%'109'd&$(9'10'%}52,1Q/)0'`+#0(+,#)&+,%0'10'T(&)#'`+#0(+,#)&L +,%' e:;:;'`fI'@@E' cSb'='99E' H&'102)9)8&'0+'(0%,2)3+'2&+'+$09#(&'@%,+#0,/)0+#&'09'#,+' 93%&' 0%' D02D&' 10' J$0' @,(,' 0%' 9$=&' Q%' @,(#0' 10' $+' 2&+20@#&' P$0(#0' 10' %,' @,6E'


+?9A% 4G\T;DD%

')J%

T?% >8% C98U8=G;<=% >8% A?% BF899?% E9B?=;S?>E% >F9?=D8% A?% CE:DBF899?% GE=% 8A% C?GDE% >8% g8AAEBB%V% A?% 4EG;8>?>% >8% A?:% ,?G;E=8: X i% V% 8=% D89G89% AFB?9%A?%8MC?=:;<=%>8%A?%;>8?%>8%A?%BF899?%?%?GD;U;>?>8:%>8%\E:D;A;>?>% D?TZ;c=% 8MD9?T;A;D?98:% L8GE=<T;G?:H% C9EC?B?=>Y:D;G?:H% 8DGPNP% .F8:% AE:%T8=G;E=?>E:%>;GD?>E:%>8%C?S%C98D8=>Y?=%GE=U89D;9%A?%C?S%8=%F=?% dC9E:8GFG;<=% >8% A?% BF899?% GE=% ED9E:% T8>;E:eP% 1A8U?9E=% D?=% A8`E:% 8A% GE=G8CDE% >8A% 8=8T;BE% ]F8% ?G?Z?9E=% =E% :<AE% GE=% A?%>;:D;=G;<=% 8=D98% GETZ?D;8=D8% V% =E% GETZ?D;8=D8H% :;=E% ;=GAF:E% GE=% A?%>8%BF899?% V% C?SP% .89E%?A% T;:TE%D;8TCE%;=D8=D?9E=% A8B?A;S?9%CE9%T8>;E%>8%C?GDE:%8:D8% 8:D?>E% ;=D89T8>;EH% D?=% ;=>8D89T;=?>E% V% >8A;Z89?>?T8=D8% T?=D8=;W >E%8=% :F:C8=:EH% V% \?G89%GETE% :;%`F9Y>;G?T8=D8%@F8:8%8A#/0,0'/#H')%>8% A?% C?S% =E9T?A% V% >8@;=;D;UEP% 5% 8:D8% ?=<T?AE% 8:D?>E% ;=D89T8>;E% :8% A8% ;=`89D?9E=% ?% U;U?% @F89S?% A?% A<B;G?% `F9Y>;G?% C9EC;?% >8% A?% C?SH% A?:% C98:F=G;E=8:% `F9Y>;G?:% V% DYC;W G?:% >8% A?:% ]F8% DE>E% `F9;:D?% CF8>8% V% >8Z8% C?9D;9% 8=% F=?% :;DF?G;<=% ?FW Dc=D;G?T8=D8% C?G;@;G?>?P% "=% F=% C9;T89% TET8=DE% C?98G;<% ]F8% 8:DE% 98CE9D?9Y?%U8=D?`?:%?%A?:%CED8=G;?:%U8=G8>E9?:H%CF8:%A8:%C89T;D;<%>FW 9?=D8%?ABb=%D;8TCE%`FB?9#o#(%'^#*,+"/H% V%:8Bb=%]F8%?:FT;89?=%A?%BF8W 99?% E% A?% C?S%CE>Y?=% C98D8=>89%]F8% A?% A8B?A;>?>%>8% 2;=8Z9?% 8:D?Z?%>8% :F%A?>E%8=%GF?A]F;89%G?:EH%8=>E:?=>E%?A%?>U89:?9;E%?]F8AAE:%GE=G8CW DE:%:FVE:%>8%9FCDF9?%>8A%C?GDEH%?B98:;<=H% :?=G;E=8:H%8DGP% "=%:8T8`?=W D8%8:D?>E%;=D89T8>;E%8=D98%BF899?%V%C?S%:8%>8:U?=8G8%8A%:8=D;>E%9?SEW =?ZA8% ]F8% 8=% ED9?:% G;9GF=:D?=G;?:% CE>9Y?% D8=89% A?% >8D89T;=?G;<=% >8% F=%GE=G8CDE%CE9%8A%ED9EH%>8%A?%BF899?%CE9%A?%C?S%V%U;G8U89:?P% 3?%=E%8:% :<AE% ]F8% A?% >8GA?9?G;<=% >8% BF899?% :8% DE9=8% C8A;B9E:?% CE9]F8% :;Db?% @F89?%>8A% >898G\E% ?%]F;8=% A?% \?G8H% :;=E% ]F8%DE>?%G?9?GD89;S?G;<=% >8W A;T;D?>E9?%>8% A?:% ?GG;E=8:H% D?=DE%T;A;D?98:%GETE% =E%T;A;D?98:H% GETE% dC?GY@;G?e% E% dZ8A;GE:?e% C;89>8% :8=D;>EH% V?% ]F8% ?GG;E=8:% =E% T;A;D?98:% CF8>8=%:89%\E:D;A8:%>8%A?%T?=89?%Ta:%8@;G?SH% ;=T8>;?D?%8% ;=D8=:?H%8=% D?=DE% ]F8H% ?% A?% ;=U89:?H% ?GG;E=8:% T;A;D?98:% CF8>8=% :89% 8TC98=>;>?:% >8:>8% A?% Ta:% :EA8T=8% V% 8=c9B;G?% C98D8=:;<=% >8% ?GD;DF>% C?GY@;G?P% "=% A?% C9aGD;G?H% C?9?% 8:D?% :;DF?G;<=% ;=D89T8>;?% A?% ?AD89=?D;U?% 8=W c

' o[0'1)(",'J$0'%&'J$0'90'@(0#0+10'J$0'90,'0%'0P02#&'10%' @,2#&'10'%,'[&2)01,1'10' %,9' a,2)&+09' =' 10%' @,2#&' q0%%&**'09' J$0' 2)0(#,/0+#0' 0+' 0%' P$#$(&' =,' +&' 90' D,*,+' /G9' *$0((,9I' @0(&' J$0' ,22)&+09' /)%)#,(09' 10' *(,+' 09#)%&' 90' 80+1,+' 2&/&' o/0(,9' D&9#)%)1,109pI' %&' J$0' +&' 2&+9#)#$=0' @(&*(09&' ,%*$+&I' 9)+&' /G9' F)0+' $+' (0#(&209&p' LuE:8@'HE'q$+6I$N#'"&*#"/0.$=1)$T"=.#?-'.P.*#"/0.':;\cI'@E'>I'+&#,'\SE'<n20%0+#0'g(DE' 8&+' g(0='#,*LH&()+*D&'80+I$ k"'.*/0#2$ )2$ _Q?)2$(2$ !"=.*/0"*$ `"/0.' :I' /,(6&I' :;\>I' @E' :ZbE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

')R%

D98% BF899?% V% C?S% 98:FAD?% D?=DE% Ta:% ;TCE9D?=D8% GF?=DE% ]F8% DE>E% 8=% 8AA?%:8%GE=U;89D8%8=% C98:F=G;<=%>8%>898G\E%V%@;GG;<=H% V?%:8%8=D;8=>?% ]F8% DE>E% AE% ]F8% =E% 8:% C?S% 8:% BF899?H% V?% ?% A?% ;=U89:?H% ]F8% GF?A]F;89% GE:?% ]F8% =E% :8?% BF899?% 8:% V?% CE9% 8:E% T;:TE% C?SP% ":% 8A% GE=EG;>E% dZ?:D<=% >8% >E:% 8MD98TE:eP% !E>E% 8A% TF=>E% CF8>8% ?9BFT8=D?9% 8=% ?TZ?:% >;98GG;E=8:% V% ?B?99?9%8A% Z?:D<=% CE9%GF?A]F;89?% >8% AE:% >E:%8MW D98TE:P% !E>E% ;=D8=DE% >8% C9ECE9G;E=?9% F=?% >8@;=;G;<=% >8% A?% BF899?% D;8=8% ]F8% D89T;=?9% ?]FY% ?% AE% :FTE% 8=% F=% >8G;:;E=;:TE% CE9% 8=D89E% :FZ`8D;U;:D?% V% UEAF=D?9;:D?j% \?V% BF899?% GF?=>E% F=?% >8% A?:% C?9D8:% 8=% ?GG;<=# H'+%$%% ]F8% \?V?% BF899?P% d"A% b=;GE% 9?:BE% >;:D;=D;UE% @;?ZA8% ]F8% ]F8>?eH% :8% >;G8% 8=% F=?% T8D;GFAE:?% TE=EB9?@Y?% 98G;c=% CFZA;G?>?% :EW Z98%8A%GE=G8CDE%>8%A?%BF899?%8=%8A%>898G\E%;=D89=?G;E=?AH%d8:%V?%:<AE% A?%UEAF=D?>%>8% A?:%C?9D8:%8=% A;D;B;EP% 4;%8:?%UEAF=D?>% AE%8:%>8%>8:?99EW AA?9% A?:% T8>;>?:% >8% @F89S?% GETE% Z8A;GE:?:H% \?Z9a% BF899?H% 8=% G?:E% GE=D9?9;E%\?Z9a%C?SeJP#\,*%"0,M8%*%"0%#%/0%#P%"#&,/)#&)"0$,$+)#2,M$E#>,3Q# ")#%/#J%$(,(F% _?:D?%A?%UEAF=D?>%>8%F=%:EAE%":D?>E%C?9?%]F8%:8%GFTCA?% 8A% GE=G8CDE%>8%BF899?H% ;=>8C8=>;8=D8T8=D8%>8%GFaA% :8?%8A% A?>E%8=%8A% ]F8% :8% \?AA8RP% !?A% >8G;:;E=;:TE%98:CE=>8%>8:>8% AF8BE%?% A?%:;DF?G;<=P% 48%CE=8%CE9%8`8TCAE%>8%T?=;@;8:DEH%>8%T?=89?%GE998A?D;U?H%8=%8A% \8W G\E% >8% ]F8% 8A% G?9aGD89% CEAYD;GE% >8% F=% A;D;B;E% >8%>898G\E% ;=D89=?G;EW =?A% :8% >8D89T;=?% V?% D?=% :<AE% >8:>8% 8A% >8G;:;E=;:TE% ;=\898=D8% ?% A?% UEAF=D?>% >8% G?>?% A;D;B?=D8H% GE=% AE% ]F8% D?TZ;c=% ?]FY% A?% UEAF=D?>% :8% GE=U;89D8% 8=% 8A% dG9;D89;E% ;=T8>;?DE% >8% AE% CEAYD;GEe[P% v.89E% ]Fc% :;B=;@;G?% 8:DE% C?9?% =F8:D9?% C98BF=D?% CE9% A?% 98A?G;<=% 8=D98% BF899?% V% C?Sw% .E=8% >8% T?=;@;8:DE% ]F8% A?% \E:D;A;>?>H% 8A# ,"+*'/# 2)/0+8+/I% :8% \?%GE=U89D;>E%8=% 8A% GE=G8CDE% C9;T?9;EP% 3% 8=% A?% ?GDF?A% :;W DF?G;<=% ;=D89T8>;?%8=D98%BF899?%V%C?S%8:DE%CE:88%GE=:8GF8=G;?:% ]F8% U?=% TFG\E% Ta:% A8`E:% ]F8% A?:% >8% AE:% ?=D89;E98:% GE=G8CDE:% >8% BF899?% d:FZ`8D;UE:e% E% @E9T?>E:% >8:>8% A?% dD8E9Y?% >8% A?% UEAF=D?>eP% "=% DE>?:% A?:% cCEG?:% \?=% 8M;:D;>E% dT8>;?:e% BF899?:H% BF899?:% dC?9G;?A8:eH% d;TW C89@8GD?:eH% dA;T;D?>?:e%V% d8=GFZ;89D?:eH% >8% T?=89?% ]F8% A?% 8MC98:;<=% FD;A;S?>?% CE9% 8A% ;=@E9T8% 1VDDE=% :EZ98% 8A% C9EG8>89% >8% AE:% `?CE=8:8:H% 8A% >8#[,$#(+/-'+/%(R% =E%GE=:D;DFV8%8=%:Y% T;:TE%=;=BF=?%=EU8>?>P% 1E% ;=c>;DE%8:%]F8%8:D8%8:D?>E%;=D89T8>;E%8=D98%BF899?%V%C?S%8:Da%TE=D?W b

' X0&(*'q,@@$9I$!"#$5S-Q"##"/0.-'/0"$N#'"&*D"&#'(($'1$*"'1"#$_D&#"1R=1&$&"&"1[D"#$:'B -'.P#'*/0"1$`"E#"*?-'"1F'Y(09%,$I'@E'cSE' S ' XE' q,@@$9I$,E2$/'.2K' @E' bcE' > ' h++&'h+2U0+I$!'"$E,-'.'*/0"1$C.#"'.'&Q"'."1$':$;S-Q"##"/0.q$"'1$%"'.#?&$R=$)"1$^#"1B R"1$)"#$C.??."1&"#'/0.D?#Q"'.F'Y0(%)+I':;\bE'


+?9A% 4G\T;DD%

')[%

>E%`F9Y>;G?T8=D8H% ;=:D;DFG;E=?A;S?>E%?%Z?:8%>8A%C?GDE%g8AAEBB%V%>8%A?% 4EG;8>?>% >8% A?:% ,?G;E=8:H% V% ]F8% \?% D8=;>E%8A% 8@8GDE%>8% >8`?9%:;=% U?W AE9% DE>?:% ?]F8AA?:% GE=:D?D?G;E=8:% =8B?D;U?:H% V?% GE=GAFV8:8=% A?% BF8W 99?% >8% A?% @?AD?% >8% C?SH% V?% AE% GE=D9?9;EP% "A% C?G;@;:D?% o?=:% f8\Z89B%>8GY?% 8=% '()*H% ?% C9EC<:;DE% >8A% GE=W @A;GDE% >8% n?=G\F9;?H% ]F8% AE% ]F8% =E% 8:% BF899?H% 8=% 8A% :8=D;>E%`F9Y>;GE% >8A%>898G\E% ;=D89=?G;E=?AH%8:%C?SP% "=% A?%C9aGD;G?%8:DE%:;B=;@;G?Z?%8=W DE=G8:% ]F8% AE% ]F8% \;G;89E=% AE:% `?CE=8:8:% 8=% +\;=?% =E% 89?% BF899?H% ]F8%8AAE:% =E%d\?ZY?=%>?>E%8A% C?:E% \?G;?% A?%BF899?e%GE=@E9T8%?A%!9?W D?>E%>8% A?%4EG;8>?>%>8% A?:% ,?G;E=8:H%>8%TE>E%]F8%=E%8:D?Z?=%>?>E:% AE:% :FCF8:DE:% ]F8% \?Z9Y?=% A8B;D;T?>E% A?% ;TCE:;G;<=% >8% :?=G;E=8:% CE9%C?9D8%>8%>;G\?% 4EG;8>?>% LGETE% A?:% ]F8% :8% DET?9E=% 8=% EDE^E%>8% '()X% GE=D9?%6D?A;?NP% na:%D?9>8%f8\Z89B%TE>;@;G?9Y?%:F%EC;=;<=%V%:F% @E9TFA?G;<= ( H% C89E% \?:D?%8A%>Y?%>8% \EV% =E%:8% \?%>?>E%GF8=D?%>8%GFaA% 8:% A?% U89>?>89?% A<B;G?%>8% A?% 98A?G;<=% 8=D98%8:DE:%GE=G8CDE:% ?%Z?:8%>8% D?A8:% >8D89T;=?G;E=8:% =8B?D;U?:P% ,E% :8% D9?D?% >8% D8E9Y?:% =;% d:FZ`8D;W U?:e% =;% dEZ`8D;U?:e% >8A% GE=G8CDE% >8% A?% BF899?% 8=% B8=89?AH% :;=E% >8A% C9EZA8T?%8:C8GY@;GE%>8%F=?%:;DF?G;<=% ;=D89T8>;?%8=D98%A?%BF899?%V%A?% C?SP% 3% 8:% DYC;GE%>8A% C?G;@;:TE%B;=8Z9;=E% 8A% 8:D?9% \?G;8=>E% >8% A?% C?S% F=?%@;GG;<=%`F9Y>;G?j% C?S%8:%DE>E%AE%]F8% =E%8:%BF899?H%C89E%:<AE%:8%98W GE=EG8%GETE%BF899?%A?%U;8`?%BF899?%T;A;D?9%GE=% :F#,"+*'/#M%88+-%$,"(+F# ptFc%C?S%D?=%T8S]F;=?q% .?9?%]F;8=8:%8:Da=%8=%GE=>;G;E=8:%>8%;TCEW =89% :F% UEAF=D?>% V% ]F8Z9?9% A?% >8% AE:% >8Ta:% GE=% T8>;E:% 8MD9?T;A;D?W 98:H% CE9% 8`8TCAE% T8>;?=D8% CE:;Z;A;>?>8:% >8% ;=@AF8=G;?% V% GE?GG;<=% 8GE=<T;G?:H%98:FAD?%F=%`F8BE%>8%=;^E:%8U;D?9%A?%BF899?%T;A;D?9%?A%U;8W `E%8:D;AEH%V%:;%C9EG8>8=% T;A;D?9T8=D8H% =E%D;8=8=% Ta:%]F8%?@;9T?9%GE=% :F@;G;8=D8% @;9T8S?% ]F8% A8:% @?AD?% DE>?% UEAF=D?>% BF89989?H% DE>E#,"+*'/# M%88+-%$,"(+F# XP% 1?% AA?T?>?#-'%$$,# 0)0,8% G?=G8A?% A?% >;:D;=G;<=% 8=D98% GETZ?W D;8=D8:% V% =E% GETZ?D;8=D8:% V% GE=EG8H% `F=DE% ?% A?% BF899?% T;A;D?9H% ED9?% =E% T;A;D?9% LBF899?% 8GE=<T;G?H% C9EC?B?=>Y:D;G?H% 8DGPNH% GETE% 8T?=?W G;<=%>8%A?% \E:D;A;>?>P% .89E%?]FY% A?%G?=G8A?G;<=%>8%A?%>;:D;=G;<=%8=D98% GETZ?D;8=D8%V% =E%GETZ?D;8=D8%8:%F=?%:FC89?G;<=#(+,8N&0+&,%L8=% :8=D;W >E% \8B8A;?=ENP% ,E% :;B=;@;G?% CF8:% ]F8H% CE9%8`8TCAEH% AE:% ]F8%?=D8:% =E% 89?=% GETZ?D;8=D8:% :8% \?V?=% GE=U89D;>E% CF9?% V% :;TCA8T8=D8% 8=% GETZ?D;8=D8:%>8% AE:%>8% ?=D?^EP% 4E=#8,/#()/%C?9D8:% A?:%]F8%G?TZ;?=H% V% A?%BF899?% :8% \?G8% ?\E9?%8=% F=%CA?=E% =F8UEH% ;=D8=:;@;G?>EH% GETE%?GW D;U?G;<=% V?% =E% :<AE% T;A;D?9%>8% A?% \E:D;A;>?>P% "A% G?9aGD89%DED?A% GE=:;:W ;

' dP(E' T)0' g()010+9_,(#0I' 0+0(&I' :;\AI' @@E' :L:\I' 2&+' \ K Z' 10' :;\>I' @E' :ZBE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

')(%

D8% ?]FY% 8=% ]F8% aTZ;DE:% >8% A?% 98?A;>?>% >8% :FVE% =E% T;A;D?98:% L8GE=EW TY?H% C9EC?B?=>?H% 8=89BY?:% C:Y]F;G?:% V% TE9?A8:% >8% AE:% ]F8% =E% GETW Z?D8=N% :8% U8=% ;=UEAFG9?>E:% 8=% A?% GE=@9E=D?G;<=% \E:D;AP% "A% C?:E% Ta:% ?AAa% >8% AE% CF9?T8=D8% T;A;D?9% =E% 98C98:8=D?% D?=% :<AE% F=?% 8MC?=:;<=% GF?=D;D?D;U?i% 8:% D?TZ;c=% F=% ;=G98T8=DE% GF?A;D?D;UEP% .E9% 8:E% =E% :FW CE=8% F=?% ?D8=F?G;<=% :;=E% F=?% ;=D8=:;@;G?G;<=% >8% A?% \E:D;A;>?>P% 1?% T89?% CE:;Z;A;>?>% >8% 8:D8% ;=G98T8=DE% >8% ;=D8=:;>?>% \?G8% ]F8% D?TW Z;c=% AE:% GE=G8CDE:% >8% ?T;BE% V%8=8T;BE% :8% D9?=:@E9T8=% >8% =F8UE%V% CE9%:Y%T;:TE:%8=%CEAYD;GE:%V%]F8H% ;=GAF:E%?AAY%>E=>8%:F%G?9aGD89%CEAYW D;GE%\?ZY?%C?A;>8G;>E%CE9%GETCA8DEH%:8%?C?9D8=%>8%A?%8:@89?%>8%A?:%8MW C98:;E=8:% C9;U?>?:% V% C:;GEA<B;G?:'QP% JP% "A% GE=G8CDE% >8% A?# "%'0$,8+(,(%C?9?% 8A% >898G\E% ;=D89=?G;E=?A% 8:Da% 8=% @F=G;<=% >8A% >8% A?% BF899?P% .E9%8:E% A?% =8FD9?A;>?>% :8% TE>;@;G?% GF?=>E% AE% \?G8% A?% BF899?P% &8:>8% F=?% C89:C8GD;U?% C9aGD;G?% G?Z8% >;:W D;=BF;9%\EV%GF?D9E%:;B=;@;G?>E:%>;:D;=DE:%>8% A?%=8FD9?A;>?>H%?%AE:%]F8% :FZV?G8=% ED9?:% D?=D?:% :;DF?G;E=8:% >;U89:?:j% ?N% 8]F;A;Z9;E% >8% CE>89%8=D98% =8FD9?A8:% V%Z8A;B89?=D8:j% ?]FY% D;8W =8% CA8=E% :8=D;>E% A?% ;>8?% dGAa:;G?e% >8% =8FD9?A;>?>H% ]F8% GE=:;:D8% 8=% d?F:8=G;?% >8% DET?%>8% C?9D;>Ee%V%GE=>FGD?% C?9;D?9;?P% 48% D9?D?%>8% F=?% ?GD;DF>% CE:;ZA8% 8% ;=GAF:E% C9EZ?ZA8i% 8A% ]F8% 8:% =8FD9?A% :;BF8% :;8=>E% ?T;BE%h,*+&'/h%>8%G?>?%F=?%>8% A?:%C?9D8:%8=%BF899?j# ,*+0+N%;TC?9W D;?A8i% ZN% ;=8]FYUEG?%:FC89;E9;>?>%>8%CE>89%>8% AE:%Z8A;B89?=D8:%@98=D8% ?% AE:% =8FD9?A8:j% ?]FY% A?% =8FD9?A;>?>% :8% GE=U;89D8% 8=% F=% GETC9ET;:E% DaG;DE%8=D98% AE:%]F8%\?G8=% A?%BF899?H% F=?%8:C8G;8%>8%D;899?%>8%=?>;8%E% >8% 8MGAF:;<=% >8% AE% ZcA;GE% ?G8CD?>?% CE9% ?GF89>E% DaG;DEH% >8% ?GF89>E% GE=% 8A% 8]F;A;Z9;E% >8% @F89S?:% 8=D98% AE:% Z8A;B89?=D8:% LBF899?% TF=>;?A% ' ( ' R r ' [ N i%

GN% ;=8]FYUEG?% :FC89;E9;>?>%>8% CE>89%>8%AE:% =8FD9?A8:%:EZ98% AE:% Z8A;B89?=D8:j% ?]FY%A?%@F89S?%>8%AE:% =8FD9?A8:%CF8>8%GE=G8>89%?%AE:%Z8W A;B89?=D8:% Ta:% >cZ;A8:% F=% G;89DE% G?TCE% >8% `F8BE% C?9?% :F% BF899?P% "=% 8A% G?:E% Ta:% CF9E% c:D8% :89Y?% 8A% GE=G8CDE% >8A# ()-G+-20% ;=D9E>FG;>E% CE9% 4;9%uE\=% m;:G\89% f;AA;?T:% 8=% A?% >EGD9;=?% >8A% >898G\E% ;=D89=?G;EW =?A''i% :B

' d$,+1&' 0%' 10+#)9#,' J$0' %0' #(,#,F,' %0' 1)N&-' o+&' 09' $9#01' +)+*O+' DQ(&0pI' tE' X$0=1,+' 10' C&$990%' %0' (0@%)23-' o<9' J$0' $9#01' #,/@&2&' 09' /)' 0+0/)*&Ep' :: 'dP(E' 0%' ,(#"2$%&'oT,9' +0$0' j,0' a0$#()9pI' )/@(09&'0+$ +,*'.',1"1$=1)$%"&#'(("F$ @E' Ac:E'


'IQ%

+?9A% 4G\T;DD%

>N% GETCA8D?% @?AD?%>8% 98A?G;<=%8=D98% F=E:%V% ED9E:% LCE9%B9?=%>;:W D?=G;?% B8EB9a@;G?% E% CE9]F8% :8% >;:CE=8% >8% F=% CE>89% :F@;G;8=D8T8=D8% ?FDa9]F;GE% ]F8% C89T;D8% 8A% ?;:A?T;8=DENj% 8:D8% G?:E% >8TF8:D9?% ]F8% =8FD9?A;>?>%=E%8:%AE%T;:TE%]F8%?;:A?T;8=DEH%V%]F8%8A%?;:A?T;8=DE%L8A% GETCA8DE% ?C?9D?T;8=DE% V% @?AD?% >8% DE>?% 98A?G;<=N% 8:% >;:D;=DE% >8% A?% =8FD9?A;>?>P% "A% ]F8% :8% ?;:A?% =E% ]F;898% :89% =;% ?T;BE% =;% 8=8T;BE% >8% =;=BF=E% >8% AE:% ]F8% \?G8=% A?% BF899?P% "=%8A%8:D?>E%;=D89T8>;E%8=D98%BF899?%V%C?S%>8A%]F8%=E:%EGFCaZ?W TE:% Ta:% ?99;Z?% L?C>EP% IN% A?% >8G;:;<=% EZ`8D;U?%:EZ98% :;% :8%>?%E% =E%F=% &,/)% >8% =8FD9?A;>?>H% GE=% DE>E:% AE:% >898G\E:% V% >8Z898:% U;=GFA?>E:% ?% 8AA?H%>8C8=>8%>8%:;%BF899?%8:%AE%]F8%=E%8:%C?SH%E%?%A?%;=U89:?P% 3%:;%8:D?% 98:EAFG;<=% 8:% DET?>?% CE9% G?>?% F=E% C?9?% :YH% 8=% CF9E% >;G;:;E=;:TEH% =E%:8%8=D;8=>8%CE9%]Fc%\?%>8%:89%CF9?T8=D8%>8G;:;E=;:D?%:<AE%8A%Z8A;W B89?=D8%V%=E%D?TZ;c=%8A%=8FD9?AP%+E=%A?%?TCA;?G;<=%>8A#&)"0%"+()%>8%A?% BF899?% :8% ?TCAY?%D?TZ;c=% 8A% >8% AE:%>8Z898:% U;=GFA?>E:% ?% A?% =8FD9?A;W >?>P% .89E%:;%V?% =E%8:% CE:;ZA8%>;:D;=BF;9%A?%BF899?%>8% A?%C?SH% Ta:%>;@YW G;A% ?b=% :89a% 8=D8=>89% ]Fc% 8:% =8FD9?A;>?>P%


+E9EA?9;E% 666% 4$_/"% 154% .$46_616&5&"4% 3% "1"n",!$4% ,$% "4!5!51"4% &"1% &"/"+o$% 6,!"/,5+6$,51%

"A% >898G\E% ;=D89=?G;E=?A% 8=D98% ":D?>E:% 8=% 8A#K'/#>'M8+&'*# !'$)C >,%'*% =E% 8:% :;=E% F=?% >8% A?:% CE:;Z;A;>?>8:% >8A% >898G\E% ;=D89=?G;E=?A% 98GEB;>?:%8=% A?%\;:DE9;?%>8A%>898G\EP% "=% :F%C9EC;?% 98?A;>?>%GE=D;8=8% D?TZ;c=%8A8T8=DE:#")%8:D?D?A8:%>8A% T?VE9%98A;8U8P% 1E% ;=D898:D?D?A% =E% :;B=;@;G?% CE9% AE% D?=DE% 8=% TE>E% ?ABF=E% ]F8% G?>?% :F`8DE% >8% >898G\E% ;=D89=?G;E=?A% :8?%8=%8:D8%D;CE%>8%E9>8=?T;8=DE%?ABE%?;:A?>EP% 5A%GE=W D9?9;EP% "A%G?9aGD89%;=D898:D?D?A% =E%:8%GETC98=>8%?%:F%U8S%:;% =E%8:%>8:W >8%F=%E9>8=?T;8=DE%8:C?G;?A% Ta:%?Z?9G?=D8%V%]F8%:ECE9D?%?%AE:%C9EW C;E:% ":D?>E:P% &8:>8% '(QQ% :8% \;SE%F:F?A% >;:D;=BF;9%>8% F=% TE>E%8:D9;GDE%V%>F?W A;:D?% 8=D98% 8A# +"0%$+)$%V% 8A# %^0%$+)$F% "AAE% \?% 8=DF9Z;?>E% A?% 98?A;>?>% >8A% >898G\E% ;=D89=?G;E=?A% 8=D98% ":D?>E:P% "=% C?9D;GFA?9% :8% >8:GF;><% 8A% \8G\E%>8%]F8%8A% ":D?>E%]F8%98GE=EG8%8A%>898G\E%;=D89=?G;E=?A%8F9EW C8EH%8=%:F%?G8CG;<=%GAa:;G?H%GE=D;8=8#%"#/+#*+/*)%F=%=F8UE%>F?A;:TEH% 8A% >8%>898G\E#>LM8+&)#I#>$+J,()F% 3%=E%:8%>8Z89Y?=%?;:A?9%8:D?:%>E:%>F?A;W >?>8:'P% ,E% EZ:D?=D8% 8:E% 8:% AE% ]F8% :8%U;8=8% \?G;8=>E% GE=% DE>?% =?DFW 9?A;>?>%8=% A?%C9aGD;G?% :FC898:C8G;?A;S?>?%>8% A?%TE>89=?%G;8=G;?%`F9YW :

' d,(%' [2D/)##I'oÖF0('1)0'6_0)' *(&z0+' T$,%)9/0+'109' D0$#)*0+' C02D#99=9#0/9E' t)0' 80(D %#' 9)2D' 1)0' 7+#0(92D0)1$+*' 8&+' jÉ%U0((02D#' $+1' 9#,,#%)2D0/' C02D#' 6$' 10(' )++0(9#,,#%)2D0+' 7+#0(92D0)1$+*' 8&+' ÉPP0+#%)2D0/' $+1' @()8,#0/' C02D#ÇI' 0+' rs"*.*/0#'(.$([#$^",#&',*$C.#"'.F'5#0+,9I':;ZB'e+,*'.',1"1$=1)$%"&#'(("F'@E'Ab:fE'

!%!$


'I*%

+?9A% 4G\T;DD%

>;G?P% 48%?^?>Y?%?%8:DE%]F8%8A#&)**)"#8,[%;=BAc:%98G\?S?Z?%8A%>F?A;:TE% CbZA;GErC9;U?>EH% >8A% T;:TE% TE>E% ]F8% 98G\?S?Z?% 8A% GE=G8CDE% >8% ":D?>E% C9EC;E% >8% AE:% ":D?>E:% 8F9EC8E:% GE=D;=8=D?A8:P% 5% C8:?9% >8% DE>E%:;BF8%U;B8=D8%AE%]F8%8MCF:E%>8%F=?%U8S%CE9%DE>?:%8A% T?8:D9E%>8% =F8:D9?% G;8=G;?H% n?F9;G8% o?F9;EFH% 8=% :F:#e$+"&+>%/#(%#T$)+0#>'M8+&%L*P?%% 8>PH% '('JH% CCP% )Q)% V% ::PNj% ]F8% DE>E% 9cB;T8=% 8:D?D?AH% 8=%8A% :8=D;>E%8:W C8GY@;GE% 8% \;:D<9;GE% >8A% Dc9T;=E#%/0,()4% 98CE:?% :EZ98% F=?% :8C?9?G;<=% >8% G8=D9?A;S?G;<=% CbZA;G?% V% 8GE=ETY?% C9;U?>?H% >8% ":D?>E% V% :EW G;8>?>P% 1?% :8C?9?G;<=% >F?A;:D?% >8% >898G\E% ;=D89=?G;E=?A% V% >898G\E% >8A% ":D?>E% =E%8:% ?]FYH% GETE%8=% D?=DE:%ED9E:% G?:E:H% Ta:% ]F8%CF9?%@?G\?W >?P% "=% 8A% @E=>EH%?% AE% A?9BE%>8% DE>E%8A% :;BAE%M;M% \?:D?% A?%BF899?%TF=W >;?A% >8% '('IW'[H% F=?% C?FD?% GE=:D;DFG;E=?A% GETb=% \?% 8:D?>E% D8=W >;8=>E% F=% CF8=D8% :EZ98% 8A% ?Z;:TE% >8% A?% GE=D9?CE:;G;<=H% ?C?98=D8W T8=D8% D?=%8:D9;GD?H% 8=D98% @F89?%V%>8=D9EH% GE=% AE%]F8% DE>E%8:D8#(',8+/C *)% \?% ?G?Z?>E% ?C?98G;8=>E% GETE% F=?% GF8:D;<=% >8% :8BF=>E% E9>8=H% >8% ;=D89c:%`F9Y>;GE% T89?T8=D8% @E9T?AP% 3% ?AAY% >E=>8%@?AD?%8:8#/0,"(,$(# GE=:D;DFG;E=?A% GETb=% 8F9EC8EH% D?TCEGE% 8A% ;=:D;DFDE% `F9Y>;GE% >8% A?% )&&'>,0+)# M%88+&,% CF8>8% ?GG8>89% ?% A?% C9aGD;G?P% +F?=>E% 8=% '[RR% /F:;?% EGFC<% D899;DE9;E% EDET?=EH% 8=% A?:% SE=?:% EGFC?>?:% :8% C9EG8>;<% ?% 8A;W T;=?9%>8% ;=T8>;?DE% A?:% U;8`?:% ;=:D;DFG;E=8:% ;:AaT;G?:H% V% =?>?% T8=E:% ]F8%oP% n?9D8=:H%8A% ]F8%8=% A?%+E=@898=G;?%>8%_9F:8A?:%>8% '[R)%:8%\?W ZY?%89;B;>E%8=%?>?A;>%>8A% ;=:D;DFDE%`F9Y>;GE%>8%A?#)&&'>,0+)#M%88+&,H% `F:D;W @;G<%A?%;=D9E>FGG;<=% ;=T8>;?D?%>8%F=%E9>8=?T;8=DE%:EG;?A%V%`F9Y>;GE% =F8UE%V%TE>89=E%>;G;8=>E%]F8% =E%D8=>9Y?%:8=D;>E%]F8%:8%T?=DFU;8W :8=% 8=% C;8H% CE9% A?% @F89S?% >8% A?:% ?9T?:% 9F:?:H% `F:D?T8=D8% A?:% ?=D;GF?W >?:% 98BFA?G;E=8:% V% 8:D?>E:% >8% GE:?:% GFV?% 8A;T;=?G;<=% \?ZY?% GE=:D;W DF;>E% F=E% >8% AE:% C9;=G;C?A8:% EZ`8D;UE:% >8% ?]F8AA?% BF899?% 9F:EW DF9G? * P% .F8:%Z;8=H% GF?=DE%Ta:% \89TcD;G?T8=D8%:8%G899?Z?=%>8:>8%AE%CbW ZA;GE% A?:% CF89D?:%>8% A?% >;:D;=G;<=% 8=D98% 8A% ;=D89;E9%V% 8A% 8MD89;E9H% Ta:% ;TCE9D?=D8% :8% \?GY?% T?=D8=89A?:% Z;8=% ?Z;89D?:%8=% 8A% >ET;=;E%C9;U?W >EH% V% :E:D8=89% 8=% 8:D8% aTZ;DEH% 8=% C?9D;GFA?9% 8=% AE% 8GE=<T;GEH% F=?% C89T8?Z;A;>?>% CE9%8=G;T?%>8%DE>?%@9E=D89?P% &8%8AAE%>8C8=>Y?%8A% E9W >8=?T;8=DE%8:C?G;?A% >8A#K'/#>'M8+&'*#!'$)>,%'*P% .E9%8:EH%:;%:8%]F;898% 8=D8=>89% A?% 98?A;>?>% >8A% >898G\E% ;=D89=?G;E=?A% 8=D98% ":D?>E:H% GE=W

A

'<E' 5E' q&(&_)+I$ !?*$ ;S-Q"##"/0.$)"#$ tD"#&?1&*R"'.F' 80(9)3+' ,%0/,+,I' Y0(%"+I' :;\BI' @E' :\cI' 01E' @&(' W0(F0(#' q(,$9E'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'I)%

U;8=8% C9EG8>89% ?% F=?% :89;8% >8% >;:D;=G;E=8:% ]F8% \?B?=% GE=:G;8=D8:% D?TZ;c=%A?:%CE:;Z;A;>?>8:%V%8A8T8=DE:%=E%8:D?D?A8:%>8%F=%>898G\E%;=W D89=?G;E=?A% ]F8% CE9% AE% >8Ta:% >;:GF998% 8=D98% ":D?>E:P% 1?%8MCE:;G;<=% ]F8% :;BF8% C98D8=>8%>;9;B;9% A?% ?D8=G;<=% \?G;?% ?ABFW =?:% T?=;@8:D?G;E=8:% >8A% >898G\E% ;=D89=?G;E=?A% ]F8% ]F8>?=% @F89?%>8% AE:% GE=G8CDE:% 98@898=D8:% ?A% ":D?>E# =% ]F8% C89D8=8G8=% ?A% U?:DE% >ET;W =;E% >8A% >898G\E% ;=D89=?G;E=?A% =E% ;=D898:D?D?AP% 1?T8=D?ZA8T8=D8% 8A% Dc9T;=E#%/0,()% \?% ?G?Z?>E% CE9%GE=U89D;9:8% 8=% F=% GE=G8CDE%B8=c9;GE% 8% ;=>;:G9;T;=?>Ei% 8:% c:D?% F=?% FD;A;S?G;<=% ?ZF:;U?% ]F8% \?% B8=89?>E% F=?% GE=@F:;<=% B8=89?A;S?>?P% "=% C?9D;GFA?9% >8D89T;=?>?:% ;>8?:% GE=W G89=;8=D8:% ?A% aTZ;DE%8:C?G;?A# =% C9EG8>8=D8:%>8% A?%cCEG?% Ta:%8:C8GYW @;G?T8=D8% 8:D?D?A% >8A% >898G\E% ;=D89=?G;E=?AH% A?% ]F8% T8>;?% 8=D98% AE:% :;BAE:#RS+# =#RRP% :8% \?%U;:DE%D9?:CEA?>?% ?%E9>8=?T;8=DE:%>8A% >898G\E% ;=D89=?G;E=?A% >8% =?DF9?A8S?% 8:8=G;?AT8=D8% >;:D;=D?P% .E9% 8AAE% U?A8% A?% C8=?% 98GE9>?9% ]F8% 8A% >898G\E% ;=D89=?G;E=?A% ;=D898:D?D?A% :8% A;T;D?% ?% F=?%:89;8%>8%@E9T?:#=%T?=;@8:D?G;E=8:%>8%A?%F=;>?>%CEAYD;G?#=%>8A%E9W >8=?T;8=DE% >8A% 8:C?G;E% TF=>;?A% ]F8% 8:Da=% U;=GFA?>?:% ?% F=% D;8TCE% >8D89T;=?>EH%V%]F8%;=GAF:E%>8=D9E%>8%8:D?%cCEG?%;=D898:D?D?AH%V%`F=DE% ?% A?:% 98A?G;E=8:H% 98BA?:%8% ;=:D;DFG;E=8:% CF9?T8=D8% ;=D898:D?D?A8:H% \?=% D8=;>E% F=% C?C8A% >8G;:;UE% ED9?:% ]F8% =E% AE% 89?=P% 6P% "A% >898G\E% ;=D89=?G;E=?AH% 8A#K'/#-%"0+'*% 8=% 8A% :8=D;>E% >8#K'/# +"0%$#-%"0%/#I%>8C8=>8%EZU;?T8=D8%>8%A?%T?=89?%GETE%8:Da=%E9B?=;S?W >?:% A?:#-%"0%/% 8=% GF8:D;<=H% V% CF8>8% :;B=;@;G?9j% 'N% >898G\E% 8=D98#>'%M8)/% L8=D98% @?T;A;?:H% A;=?`8:H% GA?=8:H% D9E=GE:% @?T;A;?98:H% D9E=GE:% cD=;GE:H% =?G;E=8:Ni% *N% >898G\E%8=D98#&+'(,(%/%L8=D98#>)8%+/%V#&+J+0,0%/%?FD<=ET?:i%>898W G\E% ;=D89TF=;G;C?ANi% )N% >898G\E%8=D98#!/0,()/%L8=D98% E9>8=?T;8=DE:% D899;DE9;?A8:%G8=W D9?A;S?>E:% >8% @E9T?G;E=8:% :EZ89?=?:Ni% IN% >898G\E%U;B8=D8%8=D98%?FDE9;>?>8:#%&8%/+E/0+&)C$%8+-+)/,/%V%CE>8W 98:% :8GFA?98:% LC?C?H% G?A;@?H% ZF>>\?H% &?A?;W1?T?% 8=% :F:% 98A?W G;E=8:%GE=%ED9?:%8:D9FGDF9?:%>8%CE>89H%8=%C?9D;GFA?9%GETE%:EW CE9D8:% >8% BF899?% :?=D?Ni% XN% >898G\E% 8=D98# +*>%")/I#K'/# +"0%$#+*>%",% L8=D98% B9?=>8:% CED8=W G;?:% GE=% :EZ89?=Y?% D899;DE9;?A% ]F8% 98Z?:?% 8A% D899;DE9;E% >8% F=% ":D?>ENH% V% ]F8%>8Z8% :89%>;:D;=BF;>E%>8A% ]F8%8:% U;B8=D8#(%"0$)# >8% F=% ;TC89;E%E%8:C?G;E%B9?=>8%8=D98%:F:%CF8ZAE:H% ":D?>E:%F% ED9E:% B9FCE:P%


'II%

+?9A% 4G\T;DD%

66P% uF=DE% ?A#K'/#-%"0+'*% 8=% 8A% :8=D;>E% >8% F=#K'/# +"0%$#-%"0%/% L]F8% :89a%>;U89:E%:8Bb=%:8?%A?%@E9T?%>8%8:D?9%8:D9FGDF9?>?:%A?:#-%"0%/Y%CF8W >8%\?Z89%D?TZ;c=%F=#(%$%&2)#&)*L"#-8)M,8%]F8%98Z?:8%8A%aTZ;DE%G899?>E% >8% A?:#-%"0%/% LV?% :8?=% CF8ZAE:H% ":D?>E:% E% ;TC89;E:NP% .F8>8% GE=:;:D;9% 8=% F=%G;89DE#/0,"(,$(%GE=:D;DFG;E=?A% GETb=H%E%8=%F=E:%:FCF8:DE:% TYW =;TE:%>8%E9B?=;S?G;<=% ;=D89=?H%8=% ?G8CG;E=8:%8% ;=:D;DFG;E=8:%GETFW =8:% >8% G?9aGD89% 98A;B;E:EH% G;U;A;S?DE9;E% V% 8GE=<T;GEP% "A% aTZ;DE% >8% ?CA;G?G;<=% Ta:% ;TCE9D?=D8% 8:% 8A% >898G\E% >8% AE:% \ETZ98:% A;Z98:H% 98W GE=EG;>E%Ta:%?AAa%>8%A?:%@9E=D89?:%>8%":D?>E:%V%CF8ZAE:H%?%A?%C9EC;8W >?>% V% ?% F=% TY=;TE% C9EG8:?A# X('%#>$)&%//# )G#8,[YF# "=% 8A% :;BAE% M;MH% CE9% 8`8TCAEH% 8=% 8A% T?9GE% >8A% >898G\E% ;=D89=?W G;E=?A% 8F9EC8EH% V% `F=DE% ?A% >898G\E% ;=D898:D?D?A% C9EC;?T8=D8% >;G\EH% GE=% :F% >;:D;=G;<=% >F?A;:D?% 8=D98% AE% ;=D89;E9% V% AE% 8MD89;E9H% 8M;:DY?% F=% (%$%&2)#%&)"A*+&)%GETb=H%F=%>898G\E%;=D89=?G;E=?A%C9;U?>E%GFVE#/0,"C (,$(% GE=:D;DFG;E=?A% GETb=% LA?% GE=:D;DFG;<=N% 89?% Ta:% ;TCE9D?=D8% ]F8% A?%:EZ89?=Y?%CEAYD;G?%>8%G?>?%F=E%>8% AE:%D899;DE9;E:%CEAYD;G?%C89E% =E% 8GE=<T;G?T8=D8% G899?>E:%8=% :Y% T;:TE:P% 4<AE%GF?=>E% A?% :EZ89?W =Y?%CEAYD;G?%8TC8S<%?%GE=U89D;9:8%8=%?FD?9]FY?%8GE=<T;G?%>8:?C?98W G;<H% GE=% 8A# /0,"(,$(%GE=:D;DFG;E=?A% C98:FCF8:DEH% D?TZ;c=% A?% E9>8=?W G;<=% D899;DE9;?A% GETb=P% 1E98=S%UE=%4D8;=%D;8=8%8=% GF8=D?%8:DE:%>E:%>898G\E:%>;U89:E:% L8A% ;=D898:D?D?A% V%8A%GETb=N%GF?=>E%>;:D;=BF8%8=D98#(%$%&2)#(%#8)/#>'%M8)/%E% ;=D898:D?D?AH%V#(%$%&2)#+"0%$",&+)",8R%]F8%8:%8A#(%$%&2)#%&)"A*+&)#I#(%#%^0$,"C K%$)/% GETb=P% ":D8%>898G\E%;=D89=?G;E=?A%>8A%GET89G;E%V%>8%A?%8GE=ETY?%A;Z98:% :8%F=;<%8=%8A% :;BAE%M;M%GE=%A?%A;Z89D?>%>8%AE:%T?98:H%D?A%GETE%:8%A?%;=W D89C98D?Z?% 8=% 8A% 6TC89;E% _9;Da=;GEP% 6=BA?D899?H% ]F8% =E% \?ZY?% >8:?W 99EAA?>E% CE9% :Y% T;:T?% 8A% >F?A;:TE% GE=D;=8=D?A% 8:D?D?A% >8% >898G\E% C9;U?>E%V%CbZA;GEH% CE>Y?%8=D9?9%8=%GE=D?GDE%>;98GDE%GE=% AE:%8A8T8=W DE:%C9;U?>E:H% =E%8:D?D?A8:H%>8%GF?A]F;89%":D?>E%8F9EC8EP% 1?%F=;<=%>8% ?TZ?:% A;Z89D?>8:% >8D89T;=<% A?% 98?A;>?>% >8A% >898G\E% ;=D89=?G;E=?A% 8F9EC8E% >8A% :;BAE% M;M% 8=% T8>;>?% TFV% :FC89;E9% ?% A?% >8% A?% :EZ89?=Y?% ;=D898:D?D?A% >8% AE:% ":D?>E:% 8=% ;BF?A>?>% >8%>898G\E:P% 5%8AA?% C89D8=8W G8=%A?:%>E:%B9?=>8:%A;Z89D?>8:%>8%8:?%cCEG?j% A?%A;Z89D?>%>8%AE:%T?98:%V% A?% >8A% GET89G;E% TF=>;?AP%


/"m"/",+654%

H,9'(0P0(0+2),9'J$0'9)*$0+'+&'9&+'9)+&',+&#,2)&+09'F)F%)&*(GP)2,9'='&F90(8,2)&L +09'109#)+,1,9','2&/@%0#,('%,'%02#$(,'10'$+'#0n#&'(0)/@(09&',%'2,F&'10'#(0)+#,',M&9E' H,9'2)P(,9I'9,%8&')+1)2,2)3+'0+'2&+#(,I'90'(0/)#0+','%,'F)F%)&*(,P",'10'.)0#'!&//)9L 90+I'AE,'01EI'J$0',2&/@,M,','%,'og09#92D()P#'6$/'SBE'X0F$(#9#,*p'eT$+2U0('V'W$/L F%&#I' :;c;fI' @@E' AS\L\\BE' <+' 1)2D,' F)F%)&*(,P",I' 2$=,' /0#)2$%&9)1,1' =' P),F)%)1,1' 9&+'2&+&2)1,9I',@,(020+'F,N&'0%' +O/E' :;' %,9'1)80(9,9'01)2)&+09'10'o<%'2&+20@#&'10' %&' @&%"#)2&pI',9"' 2&/&'9$9'1)80(9,9'#(,1$22)&+09','&#(,9'%0+*$,9'='%,9'1)92$9)&+09'=' (09@$09#,9','%,'&F(,I'10'/&1&'2,9)'0nD,$9#)8&'D,9#,' :;c>E' T0910'09,'P02D,'D,+',@,L (02)1&'/$2D,9' +$08,9'#&/,9'10'@&9#$(,'='1)92$9)&+09'9&F(0'0%'%)F(&E' [0'#(,#,'10'$+' /,#0(),%' #,+' ,F$+1,+#0' J$0' 9$' 0+$/0(,2)3+' 0n2010(",' %&9' %"/)#09' 10' $+,' /0(,' (0)/@(09)3+I' 2$=&' 90+#)1&' =' P)+,%)1,1' 2&+9)9#0'N$9#,/0+#0'0+' 8&%80(',' D,20('&"('%,' 8&6'@(&@),'10'$+'#0n#&'J$0'D,F",'J$01,1&'0+'2)0(#&'/&1&'9&P&2,1&'@&('%,'/,9,'10' %,9' (0P$#,2)&+09' 10' J$0' D,' 9)1&' &FN0#&E'

4EZ98% 8A% C9<AEBE% .E';E'[&F(0$E,-'*$K$E,-I.'/?'0+'5()9#3#0%09-'s&,2D)/'C)##0(I$T?.=##"/0.$D"'$_#'*.,."-"*h$ kO:$+#,D-":$)"*$T?.=##"/0.*F'[#$##*,(#I':;b:]'90()0'oC09'.$F%)2,pI'+O/E'b'e<1E'q&D%L D,//0(fE'q,(%'W0)+6'`%#)+*I$Z"&"-*$_=*"'1?1)"#*".R=1&$:'.$_#'*.,."-"*'eJ$0',@,(020(G' 0+' 0%'s,D(F$2D' 10' %,' XÉ((09LX090%%92D,P#' 10' :;b\f' ,%$10' ,%' D02D&' 10' J$0' W0*0%' ,2&9#$/F(,' ,' #(,1$2)('0%' #Q(/)+&$E,-'*'@&($E="D-,2' [&F(0'0%' <9#,1&'2&/&'2&+20@#&' 2&+2(0#&I'8)+2$%,1&','$+,'10#0(/)+,1,'Q@&2,'D)9#3()2,-' d,(%'[2D/)##I$ ;"#(?**=1&*B #"/0.-'/0"$_=(*P.R"'e:;c>fI'@@E'\ScL>cI'2&+'#(09'*%&9,9E'[&F(0'%&9$E,-'.'f="*'0+'0%'9)*%&' #7;j'C&/,+'[2D+$(I$!'"$(#?1RS*'*/0"1$a=#'*."1$':$Q,1("**',1"--"1$%[#&"#Q#'"&$)"*$6V2$a?0#B 0=1)"#.*h$"'1$%"'.#?&$R=#$@1.*."0=1&*&"*/0'/0."$)"*$:,)"#1"1$C.??."*F'Y0(%)+I':;bA'e<1E' T$+2U0(' V' W$/F%&#fI' 2P(E' #&/&' +O/E' ABSE' 'IX%


'IJ%

+?9A% 4G\T;DD%

.E' ::E' !&1,8",' C&F0(#' 8&+' ^&D%I' 0+' 9$' %)F(&$!'"$+,-'Rj'B$X'**"1*/0?(.$1?/0$)"1$ ^#=1)*P.R"1$)"*$`"/0.**.??."*'e:;\AL\\f'2&/@(0+10'F,N&'@&%)2",'%,'8)0N,'oF$0+,'@&%)L 2",pI' 9)+' 2$=,'o%,F&('90+9)F%0p' %&9' 2)$1,1,+&9I' 2&/&'1)20' ^&D%I' o+&'@&1(",+' @,9,(' #(,+J$)%,'$+,'D&(,'10'9$'8)1,p]'9&F(0'09#&'<()2D'5+*0(/,++I$`,D"#.$5,1$O,0-F$A"D"1$ =1)$ X"#Q$"'1"*$?-.-'D"#?-"1$C.??.*&"-"0#."1F' .&%"#)2,I' >' e<1E' W0(/,++' H$2D#0(D,+1I' a0$_)01fI' :;bAI' @E' :\:E' [&F(0$E,-'.'/' &$E,-'/"$E,<"#'0+' 0%' 10(02D&' 2&+9#)#$2)&+,%' ,/0()2,+&-' t)%D0%/' W0++)9I' ok$/' .(&F%0/' 10(' 10$#92D0+' [#,,#9,+92D,$$+*pI' ;'"#."-\?0#"*0"(."$([#$k"'.&"*/0'/0."'eT0$#92D0'j0(%,*9,+9#,%#I'[#$##*,(#I':;c;fI'8&%E'SI' @E' ;-' o<9#,'e92E' 2&/@0#0+2),'10'80%,('@&('0%'F)0+09#,('@OF%)2&I'@&('$+,'8)1,'D$/,+,' 1)*+,f' ,%2,+6,' /$2D&' /G9' %0N&9' J$0' +$09#(&' @&10(' @&%)2),%E' a&' 109)*+,' &#(,' 2&9,' J$0' %,'0#0(+,'#,(0,'10'%,$E,-'*'10'*,(,+#)6,('%,9'@&9)F)%)1,109'10'$+,'F$0+,'8)1,Ep'[&L F(0' %,'109@&%)#)6,2)3+'@&('%,',1/)+)9#(,2)3+'0+'d&$(+&#-' C&/,+'[2D+$(I$`"5'*.?$)"$ @*.=)',*$+,-I.'/,*F' :AS'e:;b\fI'^,1()1I'@@E' A;EZSE's$+#&','%,9'1&9'10()8,2)&+09'10'%,' E,-'*' e@&%"#)2,' D,2),' P$0(,I' @&%)2",' D,2),' 10+#(&f' ,@,(020' 2&/&' #0(20(,' %,$E,-'."**"$ 2&/&' o@0#)#0' @&%)#)J$0p' 10%' N$0*&' 9&2),%I' 2P(E' +&#,' ,' @E' >Z' eH0&' [#(,$zfE' .E' :AE' H,9' #0&(",9' 10' H0+)+' =' ^,&I' 0+' %,' /01)1,' 0+' J$0' (08)9#0+' )/@&(#,+2),' @,(,'09#0'#0/,I'D,+'9)1&'0n@%)2,1,9'0+'$+'8&%$/0+'10',@,()2)3+'9)/$%#G+0,I$ 30",#'"$ )"*$+?#.'*?1"12' <%' (08&%$2)&+,()&'@(&P09)&+,%' #(,+9P&(/,' +$08,/0+#0' %,' @&%)2",'0+' @&%"#)2,' =' 109@(02),' %,$E,-'."**"' 2&/&' /0(&' N$0*&E' .E' :ZE' H&9'1&9',(#"2$%&9'10'W,+9't0DF0(*0+')Å$c#'")"1*<?#."$"1'#&/&'+O/E' \;S' =' ZABE' .E':ZE'h##&'Y($++0(I$A?1)$=1)$Z"##*/0?(.F$^#=1)(#?&"1$)"#$."##'.,#'?-":$;"#(?**=1&*B &"*/0'/0."$C[),*.B!"=.*/0-?1)*$':$O'.."-?-."#F':E,'01EI':;\;'e01E'C$1&%P'^E'C&D(0(I'Y,10+' F0)' t)0+f]' #,/F)Q+' 0%' ,(#"2$%&'o^&10(+0(' j0(P,99$+*9F0*()PP'$+1' /)##0%,%#0(%)2D0' j0(P,99$+*9*092D)2D#0pI'0+$O'.."'-=1&"1$)"*$S*."##"'/0'*/0"1$W1*.'.=.*$([#$^"*/0'/0.*(,#B */0=1&F'<(*E'Y1E' :ZI:;\;'e(09$/0+fE'a$/0(&9&9'0N0/@%&9'10'%,'(0P0(0+2),',%'<9#,1&' 0+' 0%' @0+9,/)0+#&' 10' %&9' D)9#&(),1&(09' 2&+9#)#$2)&+,%09' D,9#,' %,' P02D,' @$010+' D,L %%,(90'0+'<(+9#'t&%P*,+*'YÉ2U0+PÉ(10I$!'"$)"=.*/0"$5"#(?**=1&*&"*/0'/0.-'/0"$c,#*/0=1&$ ':$672$(?0#0=1)"#.F$Rj'.&"D=1)"1"$c#?&"*."--=1&"1$=1)$A"'.D'-)"#F'0+$C/0#'(."1$R=#$;"#(?*B *=1&*&"*/0'/0."'YTE' :I'Y0(%)+I' :;b:' e<1E' T$+2U0('V'W$/F%&#fE' .E':cE$C'-"."$30",$-,&.r'dP(E$!"#$T,:,*$)"#$@#)"F'@@E';AI':\:'e5%F0()2$9'X0+#)))9f'9&L F(0'%,'90@,(,2)3+'10'N$()9#,9'='#03%&*&9E' [)'0+'09#0'='&#(&9'%$*,(09'e<n'2,@#)8)#,#0'[,L %$9I' @E' SBf' /$09#(&' $+,' 2&/@(0+9)3+' @,(#)2$%,(' D,2),' %,' 0nD&(#,2)3+' 10' 5%F0()2$9' X0+#)%)9I'09&' +&' 9)*+)P)2,'J$0' +&'09#Q' ,*(,102)1&' ,' %&9' #03%&*&9I' 2$=,'@,(#)2)@,2)3+' D,' 2&+#()F$)1&'090+2),%/0+#0' ,' @(&P$+1)6,('=' 09#)/$%,(' %,'1)92$9)3+' 9&F(0' 0%' 2&+L 20@#&'10' %&'@&%"#)2&-' @&('0%' %,1&'08,+*Q%)2&'9&F(0'#&1&'g()01()2D'X&*,(#0+'='X0&(*' tu+92DI'@&('0%' %,1&'2,#3%)2&'.E' g(,+2)92$9'[#(,#D/,+' hE' .EI' .E' <()2D' .(6=_,(,'[E' sEI' t0(+0('[2DÉ%%*0+' =' t0(+0(' Y02U0(E' H&9' #03%&*&9' ,2#$,%09' +&'9&+' 2&/&' %&9' 10%' 9)*%&% #76H' =' %&' /)9/&' D,=' J$0' 102)(' 10' %&9' N$()9#,9E' .E' :;E$ ),&('&0.$ 5')2' d&(&%,()&' [0*$+1&I' @E' :\:E' .E' :>E's$%)0+'g(0$+1'09#G'#(,F,N,+1&'0+' $+,'#09)9'9&F(0'0%'2&+20@#&'10' %&'@&%"#)L 2&]' D,'@$F%)2,1&I'0+#(0'&#(,9'2&9,9I' $+,'oa&#0'9$('%,'(,)9&+'1),%02#)J$0'10'sE' .E' [,(L #(0p'e_#/0'5"*$)"$+0'-,*,E0'"$)=$!#,'.F' b'Ü:;b:áI'@@E' AA;LA\bfI'='$+',(#"2$%&'oT)0'T0L /&U(,#)0' $+1' 1,9' .&%)#)92D0p' e0+$ !"#$C.??.F' :' Ü:;bAáI' @@E' Ab:LA>>fE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'IR%

4EZ98% 8A% D8MDE% .E' AAE'[3%&'09'$+',8,+20',@,(0+#0'0+'%,'109@&%)#)6,2)3+'0%'J$0'90'&/)#,'%)9,'='%%,L +,/0+#0'#&1,' (0P0(0+2),' ,' <9#,1&' ='09#,#,%)1,1I' +&' 90' D,*,' +)' /0+2)3+' 10%' @(09$L @$09#&' 10' %,' $+)1,1' @&%"#)2,' =' 90' @(09$@&+*,' 0+' 9$' %$*,(' $+' @(&201)/)0+#&' @$(,L /0+#0' #Q2+)2&LN$("1)2&I' 2&/&' 9$@0(,2)3+' o@$(,/0+#0' N$("1)2,p' 10' %&' @&%"#)2&E' 5' 09#0'(09@02#&'#)0+0'#&1,'%,'(,63+'dD,(%09'<)90+/,++I$;"#(?**=1&*&"]/0.D?#Q"'.$)"#$^"B &"1<?#.F' ^,n' .%,+2U' `+9#)#$#' Pu(' 5$9% +1)92D09' C02D#' $+1' jÉ%U0((02D#I' 01E' @&(' W0(/,++' ^&9%0(I' qÉ%+LY0(%)+I' :;bAI' @E' >ScE' [&F(0' 109@&%)#)6,2)3+' @&(' %,' ,1/)L +)9#(,2)3+' =' %,' #02+&%&*",I' 2P(E' +&#,' ,' @@E' >Z' =99E' .E'A\LAZE'<9#,1&'#&#,%I$5')2$ ;"#(?**=1&*#"/0.-'/0"$_=(*P.R"':;c>fI'@E'\bbI'*%&9,'\]' #,/F)Q+'W,+9'Y$2DD0)/I$3,.?-'.P#"$Z"##*/0?(.F$ X"*"1$=1)$O"#Q:?-"F'^$+)2DI':;bA' e<1E' qÉ90%fE' .E' AbE' <%' @,9,N0'10' C$1&%P'[/0+1' 2)#,1&'0+'0%' #0n#&I' ,D&(,$C.??.*#"/0.-'/0"$_DB 0?1)-=1&"1F' Y0(%"+I' :;cc' eT$+2U0('V' W$/F%&#fI'@E' ABb]' 9&F(0'09#&' W,++9'^,=0(I' !'"$N#'*'*$)"#$)"=.*/0"1$C.??.*-"0#"$=1)$)'"$C.??.*?=((?**=1&$`=),-($C:"1)*F'qÉ%+0('s$(E' T)99EI' :;\:]' @(&902$2)3+' 10' %,' 1&2#()+,' 10' %,' )+#0*(,2)3+' 0+' 0%' ,(#"2$%&'10' [/0+1' 0+' WE' tE' YE' [&6E' t)99E' Y1E' c' e:;cbfI' @E' AbbE' .E' AbLA>E' H,' ,$#&+&/",' 10' +$09#(&' 2()#0()&' @&900' $+' 90+#)1&' @(G2#)2&L 1)1G2#)2&-' 0%' 10'10N,('0n@01)#&'0%'2,/)+&'D,2),'0%'P0+3/0+&'0%$1)0+1&'#,+#,9'2,#0L *&(",9'='1)9#)+2)&+09'@(02&+20F)1,9I' #,+#,9' )+#0(@(0#,2)&+09'='8,%&(,2)&+09I'@(09$L @&9)2)&+09'='@(09$+2)&+09'J$0'2&+#(&%,+'090'2,/)+&'='+&'10N,+'@,9,('/G9'J$0','9$9' @(&@)&9'8)9,1&9E' ?$)0+'@0%0,'2&+'$+'0+0/)*&',F9&%$#&'à=,'90,'0%'0+0/)*&'10'2%,L 90I'=,'0%'10' (,6,I' =,'0%' )+#0/@&(,%'='0#0(+&à' +&'#0+1(G'10'#&1&9'/&1&9')+#0(Q9',%L *$+&'@&('+$09#(&'09P$0(6&'0+' #&(+&' ,%' 2()#0()&'10' %&'@&%"#)2&]' ,%' 2&+#(,()&I' 80(G'0+' 0%%&'$+,' ,/0+,6,' @,(,' 9$' P$0(6,' 1)(02#,' 10' 2&/F,#0I' $+' 10F)%)#,/)0+#&'@(&1$2)1&' @&(' %,' (0P%0n)3+I' D,/%0#)6,2)3+' =' (0%,#)8)6,2)3+' 9&9@02D&9,I' ,%' /&1&' 2&/&' H0+)+' (02D,6,'0%'o&FN0#)8)9/&p'10'[#($80'e2P(E' ,'09#0'(09@02#&$30",#'"$)"*$+?#.'*?1"1F' 2,@E' oT0' d%,$90_)#6' ,' H0+)+pfE' Ä' ,' %,' )+80(9,I' %,9' +0$#(,%)6,2)&+09' 109#)+,1,9' ,' (09#,(' P$0(6,',%' #0/,'10N,+',%' 0+0/)*&'0+'/0(&')+#0(%&2$#&('e0+'$+'2&+P%)2#&'&'0+'$+'N$0L *&fI' ='2&+10+,+' +$09#(&'2&+&2)/)0+#&'10' $+,' (0,%)1,1'#,+*)F%0'2&/&')+2)#,2)3+',' %,' *$0((,I' /,J$),80%)9/&I' /,+)J$0"9/&' =' àD&=' 1",' =,' )+08)#,F%0/0+#0à' +)D)L %)9/&E' T0+#(&' 10' %,9' ,%#0(+,#)8,9' P&9)%)6,1,9' 10' %,9' P,2$%#,109' =' 10' %,9' ,9)*+,#$(,9' #(,1)2)&+,%09I' ,/)*&' =' 0+0/)*&' 90' 80+' 10/&+)6,1&9' &' +&(/,#)8)6,1&9I' &' F)0+' 90' %&9')+#0*(,'0+'$+,'P)%&9&P",'10'%&9'8,%&(09'='90'%&9'(0)+#0(@(0#,'2&/&'8,%&('='o1098,L %&(pE' Ä' 2&+' 0%' 109/0+$6,/)0+#&'@(&*(09)8&'10' %,9'09@02),%)6,2)&+09I'10+#(&'10' $+' ,N0#(0&'2)0+#"P)2&'8$0%#&'P$+2)&+,%','F,90'10'1)8)9)&+09'10%'#(,F,N&I',/)*&'='0+0/)L *&'9&+'&FN0#&I' F)0+'10'$+'1090+/,92,(,/)0+#&'@9)2&%3*)2&I' F)0+'à='2&+',=$1,'10' %&'J$0'XE's&&9'10+&/)+,'o%,')+2(0"F%0'2,@,2)1,1'10',1,@#,2)3+'10'%,'0n@(09)3+'/,L #0/G#)2,à' 10' $+,' 2&+80(9)3+' 0+' ,%#0(+,#)8,9' ,@,(0+#09' 0+#(0' )+#0(%&2$#&(09I' J$0' 10F0+' %%0*,(','@&10('90('2,%2$%,1,9'='/,+)@$%,1,9E' H02#&(09',#0+#&9'10'+$09#(&'#(,L #,1&I' @&('0N0/@%&' H0&'[#(,$z'0+' :;\A' e#&/&' +O/E' \cbf' =' W0%/$#' q$D+' 0+' :;\\' e#&/&'+O/E' \b:fI'D,+'2&/@(0+1)1&'10')+/01),#&'J$0','+&9&#(&9'%&'O+)2&'J$0'@&L 1",' )/@&(#,(+&9'09' 109@0N,('0%' 2,/)+&'@,(,' +&'J$01,(',#,92,1&9',+#09'10'0/@06,(I' =' J$0'10' %&'J$0' 90' #(,#,F,' ,J$"' 0(,'10' ,%*&'1)9#)+#&'10' %,'o,$#&+&/",'10' %&9'1&/)L +)&9' 10%' 2&+&2)/)0+#&p' &' )+2%$9&' 10' %&9' oG/F)#&9' 10' 8,%&(,2)3+pE' .E'A;L\BE'a&'09'93%&'J$0'0+'0%'a$08&'!09#,/0+#&$c"'1)'90,$'1':'/=*'e0+'%$*,('10' 0,*.'*f-'#,/F)Q+$?:?#'90'1)20$)'-'&"#"'e+&$?:*#enF'0+'*()0*&$?&?EP1'e+&E0'-"I1n2'5'@(&@3L


'I[%

+?9A% 4G\T;DD%

9)#&' 10' %,' &F90(8,2)3+' 10' W0%/$#' q$D+I' J$0' 2&+9)10(,' o0n#(0/,1&p' J$0' 90' o1)()L N,+p' ,' $+,' /)9/,' @0(9&+,' 0%' ,/&(' @()8,1&' =' 0%' &1)&' @OF%)2&I' 2P(E' t0(+0(' [2DÉ%%*0+I$_Q.="--"$O,#?-E#,D-":"F' Tu990%1&(PI' :;cc' e<1E' .,#/&9fI' @@E' AbBLb\I' ,9"' 2&/&'%,'P(,90'10'5%8,(&'Th(9-$0?."$'*$1,$."#:$,($-?<2'!,/F)Q+'0+'0%$3#?/.?.=*$.0",-,&'B /,BE,-'.'/=*'10'[@)+&6,I'2,@E'rj`I'D,F(",'@&1)1&'%00('J$0$0,*.":$"1':$':E"#''$1,1$,)'=:$ *")$\=*$(?/'.2$ .E' \AE' [&F(0'*$0((,'2)8)%'=$*.?*'*q'%,'2&+2%$9)&+'10' ^,$()20'T$80(*0(I$A"*$E?#.'*$ E,-'.'f="*F'.,("9I' :;c:' e<1E'5(/,+1'd&%)+fI'@E'Zb:-'oH0'1Q80%&@@0/0+#'10'%,'92)0+20' 109' @,(#)9' @&%)#)J$09' +0' @&$((,)#L&+' %},@@0%0($*.?*',-,&'"uv' a&' &F9#,+#0' ,M,10' J$0' D&=' 1",' %,' 10/&2(,2),' +&' 09#G' ,/0+,6,1,' @&(' %,' 0n)9#0+2),' 10' @,(#)1&9' 2&/&' #,%09' 9)+&' 93%&' @&(' %,' +,#$(,%06,' /)%)#,(I' (0%)*)&9,' =' #&#,%)#,(),' 10' 2)0(#&9' @,(#)1&9E' <9#&' 10F0(",'D,F0(%0')+1$2)1&',')+809#)*,('%,9'1)80(9,9'2%,909'10'1)9#)+2)3+'0+#(0',/)*&'=' 0+0/)*&E' .E' \\I' +&#,';-' 9&F(0'0%' )/@0(),%)9/&'2&/&'9&%$2)3+'10' %,'2$09#)3+' 9&2),%' 2P(E' 0%' ,(#"2$%&' oa0D/0+' K' !0)%0+' K' t0)10+p' 0+' %&9$ ;"#(?**=1&*#"/0.-'/0"$_=(*P.R"$ e:;c>fI'@E' Z;cI'2&+'c'*%&9,9E' [&F(0'd%,$90_)#6-'2&+#)+$,2)3+'0+$ 30",1"$)"*$+?#.'*?B 1"1F' 9&F(0' #&1&'0%' 2,@"#$%&'oT0('.,(#)9,+' ,%9' @(0$z)92D09' `10,%' :>:\' $+1' 1)0' t0+L 1$+*' 6$(' !D0&()0p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d&+'0%%&'J$01,'0n@(09,1&'2&+'#&1,'2%,()1,1'J$0'0%'2&+20@#&'10'0+0/)*&'J$0'@(09$L @&+0/&9',J$"'#)0+0'9$'90+#)1&'+&'0+'9$',+)J$)%,2)3+'9)+&'0+'9$' (02D,6&I'0+' $+' /0L 1)('%,9'P$0(6,9'(09@02#)8,9'='&F#0+0('$+,'P(&+#0(,'2&/O+E' H&'J$0'&2$((0'09'J$0'0n)9L #0' #,/F)Q+' $+' 2&+20@#&',F9&%$#&'10%' 0+0/)*&I' J$0' ,J$"' (02D,6,/&9'0n@(09,/0+#0' @&(' 2&+9)10(,(%&' )+D$/,+&E' <9' ,F9&%$#&' @&(J$0' à=' 2)#&' ,J$"' P&(/$%,2)&+09' 10' $+' )/@&(#,+#0',(#"2$%&'10'XE' WE' [2D_,F0'10%' ,M&' :;c;à'0n)*0'o$+' (02&+&2)/)0+L #&' )+2&+1)2)&+,%' 2&/&' %&' ,F9&%$#&' =' ,%' /)9/&'#)0/@&'0%' 9&/0#)/)0+#&'10%' )+1)8)L 1$&' ,' 9$' &(10+,/)0+#&pI' /&#)8&' @&(' 0%' 2$,%' @)10' +&' =,' 0%)/)+,2)3+' 9)+&' )+2%$9&' o,$#&0%)/)+,2)3+' 10%' 0+0/)*&' @&(' ,$#&,2$9,2)3+' @OF%)2,pE' WE' WE' [2D_,F0' @)0+9,' J$0'09#,',$#&0%)/)+,2)3+'10%' )+1)8)1$&'09#G'=,'1,1,'o0+'%,'090+2),'10'%,'2)8)%)6,2)3+' ,8,+6,1,p'eok$P'q()#)U'10('X0*0+_,(#9U()#)UpI$O'.."'-=1&"1$)"#$A'*.B^"*"--*/0(?.F' :BI' P0F(0(&' 10' :;c;fE' .E' \S'='99E' e.%$(,%)9/&fE' W,(&%1'sE' H,9U)' eP,%%02)1&'0+' :;cBf'90'@,93'N$9#,/0+#0' 0+' %,'Q@&2,'2("#)2,'10' :;\:L\A'10'9$' )+1)8)1$,%)9/&'%)F0(,%'&()*)+,()&',%'/,(n)9/&]' 9&F(0'Q%'2P(E' %,'/&+&*(,P",'10'W0(F0(#'5E'T0,+0I$30"$+,-'.'/?-$W)"?*$,($Z?#,-)a2$A?*Q'F$ a$08,' Ä&(UI' :;ccI' d&%$/F),' 7+)80(9)#=' .(099E' <+' %,' C0@OF%)2,' g010(,%' 5%0/,+,' 0%'@%$(,%)9/&',%2,+63','@,(#)('10' :;Z;'$+' (02&+&2)/)0+#&'#,+'0n#0+1)1&'='*0+0(,%)L 6,1&'J$0'90(",'&F%)*,1&'2,%)P)2,(%&'10'1&2#()+,'@&%"#)2,'1&/)+,+#0I'9)' +&'P$090'@&(L J$0' #(,9' %,' P,2D,1,' 10%' #Q(/)+&' 2&/O+' 10' o@%$(,%)9/&p' 90' @0(@0#O,+' %,9' /)9/,9' @(&P$+1,9' 2&+#(,1)22)&+09' J$0' 2&+8)0(#0+' %,' &F(,' 2&+N$+#,' 10' H,9U)' 0+' ,%*&' #,+' 2&+#(,1)2#&()&]' $+,'X(,+' d&,%)2)3+' )10&%3*)2,' e%,'10%' @%$(,%)9/&'02%09)G9#)2&I' /&L


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'I(%

(,%' =' #0&%3*)2&' 2&+' 0%' %)F0(,%L)+1)8)1$,%)9#,' =' 0%' 9)+1)2,%L9&2),%)9#,f' +&' @$010' 9)+&' D,20(%,9',O+' /G9' )+2&/@,#)F%09E' <+'09#&'@$010'90(8)('10'@)01(,'10'#&J$0'0%'@()+2)L @)&' 10' 9$F9)1),()1,1I' N$9#,/0+#0' @&(J$0' @(09$@&+0' $+,' $+)1,1' O%#)/,' e=' +&' $+,' @%$(,%)1,1' O%#)/,f' 10' %,' 9&2)01,1I' =' @&(J$0'09'09,' $+)1,1' %,' J$0' 90' 8$0%80' @(&F%0L /G#)2,' 0+' 2$,+#&' 90' @&+0' 0+' 2$09#)3+' %,' D&/&*0+0)1,1' &' +&' D&/&*0+0)1,1' 2&+L 2(0#,9' 10' %&9'1)80(9&9' @&(#,1&(09'10' %,',=$1,'9&2),%E's&90@D' WE' q,)90('@(&@&(2)&+,' $+' 0n20%0+#0' #(,#,/)0+#&'9)9#0/G#)2&'=' 2&+N$+#&'10%' @(&F%0/,'0+' 0%' 2,@"#$%&'o.%$L (,%)9#)92D0'T),*+&90+'$+1'q&+9#($U#)&+0+p'10'9$'%)F(&$!'"$`"E#"*"1.?.',1$,#&?1'*'"#."#$ W1."#"**"1F' Y0(%)+I' :;cb' eT$+2U0('V' W$/F%&#fI' @@E' \:\'=' 99E' [)+' 0/F,(*&' ,J$"' 0%' @()+2)@)&'10' 9$F9)1),()1,1' +&',@,(020',O+' 2&/&'@)01(,'10'#&J$0E' <+' 2,/F)&'0%' ,(L #"2$%&' 10' !($#6' C0+1#&(PPI' oq()#)92D0' <(_ *$+*0+' 6$/' [$F9)1),()# #9@()+6)@pI' 0+' !"#$C.??.$K' :' e:;bAfI' @@E' ZBcLZ\BI' #0(/)+,' D,F%,+1&' 10%' @%$(,%)9/&' e@@E' ZAbLA>-' (0)+#0(@(0#,2)3+' 10%' @()+2)@)&' 10' 9$F9)1),()1,1' =' 10%' @%$(,%)9/&fE' .E' ZSE' <+' %,' P&(/$%,' o#&$#' 20' J$)' 09#' D&(9' %0' 9&$80(,)+' 09#' 0++0/)p' J$01,' 10' /,+)P)09#&'%,'2&)+2)10+2),'10'%,'2&+9#($22)3+'10' %,')10,'10'<9#,1&'10'C&$990,$'2&+' %,' 10' !DE' W&FF09E' H,' 2&)+2)10+2),' 90' (0P)0(0' ,%' <9#,1&'2&/&' $+)1,1' @&%"#)2,I' J$0' 0+' 9$' )+#0()&('+&'2&+&20' 9)+&'%,'@,6I'=' +&'(02&+&20'0+0/)*&'/G9'J$0'P$0(,'10'0%%,E' <+' %,'2&+2%$9)3+' ,%' 2,@"#$%&' >' 10%' %)F(&' `j' 10%$ >,1.#?.,$C,/'?-I' /G9' #,(10'&/)#)1,I' C&$990,$'1)20','@(&@39)#&'10' %,'*$0((,'2)8)%-'o)%9'108)0++0+#'#&$9'0++0/)9]',%#0(+,L #)8,/0+#0' @0(9Q2$#Q9' 0#' @0(9Q2$#0$(9]' 2D,2$+' 9$(' #&$9' 0#' #&$9' 9$(' 2D,2$+]' %})+#&%QL (,+#'09#' %}D&//0'10' W&FF09I' %})+#&%Q(,+20'09#' %,'*$0((0'10' %}D$/,+)#QpE' 5'09#0' (09L @02#&I',18)0(#0' C0)+D,(#' q&90%%02UI$N#'.'Q$=1)$N#'*"2$ @'1$%"'.#?&$R=#$+?.0,&"1"*"$)"#$ D[#&"-'/0"1$ X"-.F' g(0)F$(*L^$+)2DI' :;c;I'01E'q,(%'5%F0(#I'@@E'AA'='99EI'+&#,'Z>I'J$0' 09#0' *)(&' ,9&/F(&9&',+$+2),' %,'2&+0n)3+' 9&#0((,1,' 0+#(0' %,'*$0((,' 2)8)%' (0%)*)&9,' =' %,' (08&%$2)3+' P(,+209,E' .E' c:Lc\E' <%' #0n#&'10' :;\A' (09@&+10',' %,'9)#$,2)3+'10'0+#&+209'10',2$0(1&'2&+' 0%'10(02D&')+#0(+,2)&+,%]'P,%#,'0+'@,(#)2$%,('$+,'1)9#)+2)3+'2%,(,'='0n@%"2)#,'0+#(0'0%' 2&+20@#&'10' *$0((,' 2%G9)2&' e+&'1)92()/)+,1&(f' ='0%' @(&@)&'10' %,'N$9#)2),' (08&%$2)&L +,(),' e&' 1)92()/)+,1&(fI' #,%' 2&/&' ,@,(020' @&(' @()/0(,' 806' 0+$ !'"$ X"1)=1&$kO.1$ )'*Q#':'1'"#")"1$N#'"&*D"&#'((F':;\>'e#&/&'+O/E'ZBfI'2P(E'#,/F)Q+',%'d&(&%,()&'90*$+L 1&'10' :;\>$ d*=E#?F' @E' :BAf'='%,'@(&902$2)3+'10%' #0/,'0+'oa&/&9'10('<(10p'e:;cBfI' ,9"' 2&/&' 0%' 2,@"#$%&' oY%)2U' ,$P'1)0' 8É%U0((02D#%)2D0' H,*0p' 10$ 30",#'"$)"*$+?#.'*?B 1"1'e:;b\fE' .E' cZE' oT)0'<)+D0)#'10('t0%#pI'0+'%,'@$F%)2,2)3+' /0+9$,%$O"#Q=#F' ^$+)2DI'0+0L (&'10':;cA'e#&/&'+O/E'AA;f]'#,/F)Q+'W,++&'q09#)+*I$^"*/0'/0.*E0'-,*,E0'"$=1)$X"-.B D[#&"#Q#'"&F' W0)10%F0(*I' :;c;' ed,(%' t)+#0(fI' @@E' \B;' ='99E' .E' cZE' od&+20@2)3+' 10%' /$+1&I' 2$%#$(,I' 2)8)%)6,2)3+I' 02&+&/",I' /&(,%I' 10(0L 2D&I',(#0I$ l1."#0?-.=1&'e&2)&I'2&+80(9,2)3+fI'0#2Ep'<+'9$'2&/0+#,()&'10' :;\A'e#&/&' +O/E' \cbfI'@E' SZcI' H0&'[#(,$z'@&+0'0%'101&'0+' %,' %%,*,'9$F(,=,+1&'0%' #Q(/)+&$l1B ."#0?-.=1&2' d&+' (,63+E' <%' #Q(/)+&' (09$%#,' ,J$"' 2&/@%0#,/0+#0' )+9$P)2)0+#0' =' (09L @&+10' ,%' )+/,1$(&'09#,1&'10' %,' (0P%0n)3+'0+' ,J$0%' /&/0+#&E' W&='1",'=&'$#)%)6,(",' /G9' F)0+' 0%' #Q(/)+&'10$\="&,F' 2&+' 0%' P)+' 10' @&+0(' /G9'0n@(09,/0+#0' 10' (0%)080'0%' 2&+#(,9#0' 2&+' 0%' ,+#3+)/&$ @#1*.' e90()01,1f' e2&((02#,/0+#0' 10#02#,1&' @&(' H0&' [#(,$zfE' <%%&'2&+#()F$)(",'#,/F)Q+','D,20('/G9'+"#)1&9'%&9'#(09'2&+20@#&9'10$E,-I.'/?$ @(&2010+#09' 10%' #Q(/)+&$E,-'*F' ,2$M,1&9' =' 1)P0(0+2),1&9' @&(' %,' )/@&+0+#0' 2,@,2)L 1,1' 10'&(10+,2)3+' 109,((&%%,1,'@&(' %&9' <9#,1&9'0$(&@0&9'10'0+#&+209-' @&%"#)2,' D,L 2),'P$0(,I'@&%)2",'D,2),'10+#(&I'=$E,-'."**"'2&/&'N$0*&'10'2&(#0'='o@0J$0M,'@&%"#)2,p]' 2P(E'9&F(0'09#&'/)'092()#&$Z?:-".$K$Ze/=D?h$'##=E/'J1$)"-$.'":E,$"1$"-\="&,'e:;cbI'#&/&'


'XQ%

+?9A% 4G\T;DD%

+O/E' cbfI'0+' @,(#)2$%,('0%' 2,@"#$%&'oT,9'[@)0%' )/' [@)0%p'='0%'o<n2$(9'uF0('10+'F,(L F,()92D0+' dD,(,U#0(' 109' [D,U09@0,(092D0+' T(,/,9pE' <+' #&1&9' 09#&9' 092()#&9' D,L F(",' J$0' #(,1$2)($ CE'"-'@&($E-?KF' =' J$01,(",' ,F)0(#,' $+,' 2)0(#,' 0+0/)9#,1I' ,$+J$0' 93%&'P$090'2&+80+2)&+,%I'0+#(0' %&9'o,+#,*&+)9#,9'0+'0%'N$0*&pE' h#(,'2&9,'09'%,'#0&(",' /,#0/G#)2,'10'%&9'oN$0*&9pI'J$0'09'1"2$&?:"*'='10'9$',@%)2,2)3+','%,'2&+1$2#,'D$/,L +,I' 2&/&' J$01,' 10' /,+)P)09#&' 0+' 0%' %)F(&' 10's&D+' 8&+' a0$/,++' =' hE' ^&(*0+L 9#0(+I$30",#K$,($^?:"*$?1)$@/,1,:'/$%"0?5',#F'.()+20#&+'7+)80(9)#='.(099I':;ZSE'5/)9L #,1' =' 0+0/)9#,1' J$01,+' ,J$"' 9)/@%0/0+#0'0/F(&%%,1&9' ='10N,+' 10'#0+0('2&+9)9#0+L 2),'@(&@),I'10%'/)9/&'/&1&'J$0'%,'&@&9)2)3+'10'F%,+2&'='+0*(&'0+'0%',N01(06'+&'#)0L +0' %,' /0+&('(0%,2)3+' 2&+' ,/)9#,1'='0+0/)9#,1E' <+' /)' 0n@(09)3+' 10'2)(2$+9#,+2),9I' l1."#0?-.=1&F' 90' &2$%#,+I' 9)+'0/F,(*&I'#,/F)Q+' (0P0(0+2),9' ,%' 10@&(#0I' ,' %,'&2$@,L 2)3+' 10%' #)0/@&' %)F(0' =' ,' %&9' +$08&9' P0+3/0+&9' 10' $+,' o9&2)01,1' 10' %,' ,F$+1,+L 2),pI' (0P0(0+2),9'J$0'0+' ,J$0%%,'Q@&2,I'0+' %,',#/39P0(,'J$0'1&/)+,F,'0+' ,J$0%' /&L /0+#&' %,'P)%&9&P",'10%' #(,F,N&'0+' 5%0/,+),I' +&' /0'0(,+' ,O+' 9$P)2)0+#0/0+#0'2&+9L 2)0+#09E' .E' c;LbbE' eW&FF09fE' T&9' #(,F,N&9'10' W0)+6' H,$P0(' D,+' 8$0%#&',' @&+0(' 9&F(0' 0%' #,@0#0' %,'2$09#)3+'10' %,'o+,#$(,%06,p'D$/,+,'2&/&'90('@&%"#)2&-' %,'#09)9'1&2#&(,%'0+' 10(02D&' 10%' <9#,1&' =' 2)0+2),' @&%"#)2,' @(090+#,1,' 0+' tu(6F$(D' 2&+' 0%' #"#$%&$ !?*$ N#'."#'=:$E,-'.'*/0"1$Z?1)"-1*'e^)2(&P)2D,'sE'Y0(+02U0('5+#)J$,(),#I'g(,+UP$(#',E'^EI' :;bAfI' =' %,' 2&+#()F$2)3+' ,%' D&/0+,N0','<()2' j0*0%)+$Z,:,$Z,:'1'$Z,:,F' ^$+)2DI' :;bA'e<1E'dE' WE' Y02UfE' H,$P0('90'(0/)#0','5()9#3#0%09I' .%,#3+'='%,'#0&%&*",'2()9#),+,' @,(,'&F#0+0('$+'o#)@&'+&(/,%p'10'90('D$/,+&'J$0' %$0*&'2&+#(,@&+0',%'o#)@&'10*(,L 1,1&p'10' W&FF09E' C09@02#&'10%'*(,+'#0/,'10' W&FF09'à2P(E' 0%' )+P&(/0'10' Y0(+,(1' t)%%/9' o<)+)*0' 59@0U#0' 10(' +0$0(0+' 0+*%)92D0+' W&FF09LH)#0(,#$(pI$ !"#$ C.??.' :' e:;bAfI' @@E' ;\' =' 99EàI' 8,%1(",' %,' @0+,' 90M,%,(' J$0' 0%' $9&'10' P3(/$%,9' 2&/&' %,' 10' F$0+&' &' /,%&' o@&(' +,#$(,%06,p' +&' )/@%)2,' 10' 9$=&' $+,' 2&+P09)3+' 10' P0' 0+' 0%' 2&+L 20@#&'10E0K*'*'10'5()9#3#0%09'e2P(E' q,(%'W0)+6'`%#)+PI$,E2$/'.2F'@E' ::bfI'0+'0%'10'.%,#3+I' 1)9#)+#&'10',J$Q%I'&'0+'0%'2&+20@#&'10'+,#$(,%06,'@(&@)&'10'%,'#0&%&*",'2()9#),+,E' .&(' %&' 10/G9I' =' 0+' 0%' /,(2&' 10' 09#,' ,+&#,2)3+I' D,F(0/&9' 10' 2&+#0+#,(+&9' 2&+' D,20(' #(09' &F90(8,2)&+09E' .()/0(,-' <+' W&FF09I' F$0+&'&'/,%&'0+'0%' 90+#)1&'10' +&(/,%)1,1'&'10*(,1,2)3+' 09#G+'(0P0()1&9','%,'9)#$,2)3+-'0%'<9#,1&'+,#$(,%'2&+9#)#$=0'$+,'9)#$,2)3+',+3/,%,I'=' 9$' +&(/,%)6,2)3+' 90' %&*(,' O+)2,/0+#0' 0+' 0%' <9#,1&I' 09#&'09I' 0+' %,' $+)1,1' @&%"#)2,E' <%' <9#,1&' 09' $+' (0)+&'10' %,' (,63+' e09#,' P3(/$%,' %,' )+80+#3' W&FF09I' +&' W0*0%fI' $+' ':E"#'=:$#?.',1'*$m!"$/'5"F' :BI'@,(#0':fI'J$0'#(,+9P&(/,'%,'*$0((,'2)8)%'0+'2&0n)9#0+2),' @,2"P)2,' 10' %&9'2)$1,1,+&9' 10%' <9#,1&E' H&' ,+3/,%&'09' %,' o9)#$,2)3+' 10*(,1,1,pI' %,' *$0((,' 2)8)%E' <+' %,' *$0((,' 2)8)%' +)+*O+' 90(' D$/,+&' @$010' 2&/@&(#,(90' +&(/,%L /0+#0]'2P(E' 0%'@,9,N0'10'CE' [2D+$('2)#,1&'/G9',(()F,'9&F(0'%&9'N$()9#,9'0+' %,9'*$0((,9' 2)8)%09' 2&+P09)&+,%09' 10%' 9)*%&' n8)E' [0*$+1,-' d$,+1&' W&FF09' D,F%,' 10' %,$ 1?.=#?-"*' 0+' 90+#)1&' 10$E0K*'*F' 09#G' @0+L 9,+1&' 0+' #Q(/)+&9' 10' %,' 5+#)*u01,1' d%G9)2,I' @$09' @(09$@&+0' %,' 2&+9#,+2),' 10' %,9' 09@02)09E' <9#G' @0+9,+1&' 2&/&' @(008&%$2)&+)9#,' =' @(01,(_)+)9#,E' a&' 09' #,/@&2&' $+'P)%39&P&'10'%,'D)9#&(),I'='+&'%&'09'9&F(0'#&1&'@&('(0P0(0+2),','09#,'+,#$(,%06,')+,%L #0(,F%0' 10%' 90(' D$/,+&I' J$0' N,/G9' 209,(G' 10' )+80+#,(' +$08,9' ,(/,9' =' 2&+' 0%%&' à@&(' 9$' &F909)3+' 10' 90*$()1,1à' 10' 2(0,(' +$08,9' ,/0+,6,9E' !0(20(,-' <%' #,+' ,1/)(,1&'9)9#0/,'10'!D&/,9' W&FF09'10N,',F)0(#,'$+,'@$0(#,',' %,'#(,920+10+2),E' H,'80(1,1'10'J$0$a"*w*$"*$"-$>#'*.,F'#,+#,9'80209'0n@(09,1,'@&('W&FL F09',F)0(#,/0+#0'2&/&'9$'P0'='9$'2(01&I'09'$+,'80(1,1'10' %,'P0'@OF%)2,I'10' %,$E=D-'/$


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'X'%

#"?*,1F' ='10%'2$%#&'@OF%)2&'0+'0%'J$0'#&/,'@,(#0'0%'2)$1,1,+&'10%'<9#,1&E' <+'F&2,'10' !D&/,9' W&FF09' +&'90' #(,#,'10' $+,' /0(,' ,P)(/,2)3+' #G2#)2,'10' ,$#&@(&#022)3+I' +&' 09' $+,' /0+#)(,' /&#)8,1,' @&(' %,' +0209)1,1' &' @&(' 9$9' &FN0#)8&9I' 109#)+,1,' ,' 08)#,(' @0(902$2)&+09' =' 20+9$(,9E' <9' #,/F)Q+' 1)9#)+#,'10' %,$:,#?-"$E?#$E#,5'*'J1'2&+'%,'J$0' T092,(#09' 90' ,#$8&' ,' %,' P0' #(,1)2)&+,%E' <+' %,' #(,+9@,(0+#0'2&+9#($22)3+'10%' 9)9#0/,' @&%"#)2&' 10' o^,##0(I' g&/' ,+1' .&_0(' &P',' d&//&+_0,%#D' 022%09),9#)2,%' ,+1' 2)8)%p' 09#,' 80(1,1'2&+9#)#$=0' /G9' F)0+' %,'@)01(,' ,+*$%,(I' =' %,' P(,90's09$9' )9' #D0' dD()9#' %%,L /,',%' T)&9'@(090+#0'0+'0%'2$%#&'@OF%)2&'@&('9$'+&/F(0E' a&'&F9#,+#0I'%,',#(&6'*$0((,' 2)8)%' 0+#(0' %,9'2&+P09)&+09'2()9#),+,9',((&N,' )+08)#,F%0/0+#0' %,'2$09#)3+'10'J$)Q+'09' 0%' J$0' )+#0(@(0#,'09#,'80(1,1' 9)0/@(0' +0209)#,1,'10' +$08,')+#0(@(0#,2)3+I'='%&'D,20' 10' /&1&' N$("1)2,/0+#0' 8)+2$%,+#0E' Å?$)Q+' 102)10' 2$G%' 09' 0%' 80(1,10(&' 2()9#),+)9L /&Ç' <9#0' 09' 0%' )+08)#,F%0$o='*$'1."#E#".?D'.=#''=' 0%' )+209,+#0$o='*$\=)'/?D'.u'Å?$)Q+' ,2$M,' %,' 80(1,1' 0+' /&+01,' 2&(()0+#0Ç' 5' 09#,' @(0*$+#,' (09@&+10' %,' @(&@&9)2)3+-' _=/.,1.?*F$ 1,1$5"1.?*F$(?/'.$-"&":E' H,' 80(1,1' +&' 90' (0,%)6,'9&%,I' 9)+&'J$0' +0209)#,'10' )+9#($22)&+09'J$0'%,'D,*,+'(0,%)6,F%0E' .(&2010+'Q9#,9'10'$+,E,."*.?*$)'#"/.?'J$0I','1)L P0(0+2),' 10' %,$E,."*.?*' )+1)(02#,I' 09' (09@&+9,F%0' 10' %,' 0N02$2)3+' 10' %,' &(10+I' 0n)*0' &F01)0+2),' =' 09#G' 0+' 2&+1)2)&+09' 10' 1)9@0+9,(' 9$' @(&#022)3+' ,' J$)0+' &F01020E' T0' 09#0' /&1&'90' @(&1$20' $+,'90()0' 80(#)2,%I'10' ,(()F,',',F,N&I'J$0'90'0n#)0+10'10910' %,' 80(1,1' 10%' 2$%#&' @OF%)2&' D,9#,' %,' &F01)0+2),'=' @(&#022)3+' 10%' )+1)8)1$&E' [)' @&('0%' 2&+#(,()&'(02&((0/&9'09,'90()0'10',F,N&',',(()F,I'@,(#)0+1&'10%'9)9#0/,'10'%,9'+0209)L 1,109'/,#0(),%09'10'%&9')+1)8)1$&9I'0+'#,%'2,9&'%,'90()0'2&/)0+6,'2&+' %,'+0209)1,1'10' @(&#022)3+' =' 90*$()1,1' 10%' 90(' D$/,+&' )+1)8)1$,%I' o@&(' +,#$(,%06,p' +0209)#,1&'10' ,=$1,'='2&+90N&I'='2&+'%,'&F01)0+2),'J$0'(09$%#,'10'0%%&I'='2&+1$20'0+'1)(022)3+')+L 80(9,I'='@&('%,'/)9/,'8",I'D,9#,'%,'@$0(#,'10'%,'#(,920+10+2),E' <9',9"'2&/&'90'%%0*,',' $+'1),*(,/,'J$0'0+'9$9'2)+2&'0N09'à2&+'0%'0N0'\L\'2&/&'20+#(&à',((&N,'0%'9)*$)0+L #0$x/#'*.?-$*'*.":U.'/,vq$ ,(()F,' ?Z;89DE' ,% A?' #(,920+10+2),' :' j0()#,9-' s09$2()9#&' c' ?$)9% ;=D89C98D?Z;DF9% I% 5$#&()#,9I' +&+% 789;D?:' P,2)#' %0*0/% )% .&#09#,9' 1)(02#,I' +&+' )+1)(02#,' c' hF&01)0+#),' hF&01)0+#),' :' 0#' 0#' @(&#02#)&' @(&#02#)&' ,F,N&' 20((,1&-' 9)9#0/,' 10' +0209)1,109' <9#0'o2()9#,%' 10' W&FF09p' eP($#&'10%' #(,F,N&'10' $+,'8)1,'9&F(0'0%' /,*+&'#0/,'0+' 9$' 2&+N$+#&I' =' 9&F(0' %,'&F(,' 10' !D&/,9' W&FF09'0+' @,(#)2$%,(f' /0(020' $+' )+9#,+#0'10' ,#0+2)3+'='(0P%0n)3+E' <8)10+#0/0+#0I' %,'@()/0(,'P(,90I'0%'0N0' :LcI'2&+#)0+0'=,'0+'9"' %,' +0$#(,%)6,2)3+' 10' %&9' ,+#,*&+)9/&9' 10' %,9'*$0((,9' 10' (0%)*)3+' 2()9#),+,E' Ä' 9$(*0' 10' )+/01),#&' %,' 2$09#)3+' 10' 9)' #,%' +0$#(,%)6,2)3+' @&1(",' 90(' %%08,1,' /G9' ,%%G' 10%' /,(2&' 10' %,' P0' 2&/O+' 0+'s09$2()9#&I' @&('0N0/@%&' ,' $+,'P0' 2&/@,(#)1,'0+' T)&9I' 0+' 2$=&'2,9&'%,'@()/0(,'P(,90'@&1(",'90('#,/F)Q+'o5%G'09'*(,+10pI'&'/G9'%0N&9',O+I'D,9L


'X*%

+?9A% 4G\T;DD%

#,' 2$,%J$)0(,' 10' %,9' /$2D,9' 80(1,109' +0209)#,1,9' 10' )+#0(@(0#,2)3+I' )10,%09' 9&2),L %09I' 8,%&(09' 9$@(0/&9' =' @()+2)@)&9' P$+1,/0+#,%09' 0+' 2$=,' 0N02$2)3+' =' @$09#,' 0+' @(G2#)2,'90'@(&1$20+'%,9'1)9@$#,9'='%,9'*$0((,9I'@&('0N0/@%&'%,'%)F0(#,1I'%,')*$,%1,1'=' %,' P(,#0(+)1,1]' &'o0%' D&/F(0' 09' F$0+&pI'&'o,'2,1,' $+&' 90*O+' 9$9' /Q()#&9pI'0#2E' a&' 2(0&'J$0'09#$8)090'0+' %,' )+#0+2)3+'10' W&FF09'$+,' +0$#(,%)6,2)3+' #,+' #&#,%E' .0(&'+&' 90' #(,#,' ,J$"' #,/@&2&'10' %,' 2$09#)3+' @9)2&%3*)2,' )+1)8)1$,%' 10' 2$G%' 0(,' %,' 2&+8)2L 2)3+' 9$FN0#)8,' 10' W&FF09I' 9)+&' J$0' +&9' 09#,/&9' @%,+#0,+1&' 0%' @(&F%0/,' P$+1,L /0+#,%'='9)9#0/G#)2&'J$0'9&@&(#,'9$'1&2#()+,'@&%"#)2,I'='J$0'0+'/&1&',%*$+&'2)0((,' %,'@$0(#,','%,'#(,920+10+2),E' <9'%,'2$09#)3+'10'%,')+#0(2,/F),F)%)1,1'&'+&')+#0(2,/L F),F)%)1,1'10'%,'P(,90$.0?.$a"*=*$'*$.0"$>0#'*.2$ .E' bBE'[&F(0'%,'0n@(09)3+'10'Y$(2UD,(1#'10%'@&10('o/,%&'0+'9"p-'oX09@( 2D'uF0(' 1)0'^,2D#'$+1'10+'k$*,+*'6$/'^,2D#D,F0(pI' :;cZ'e#&/&'+O/E' c\fI'J$0'90'/$080' 0+' %,'1),%Q2#)2,'10%' @&10('D$/,+&E' H,'@,%,F(,'o10/&+",2&p'+&',@,(020'0+'09,'2&+L 80(9,2)3+E' .E' bcE' [)' ^,J$),80%&'D$F)090'9)1&'$+'/,J$),8Q%)2&I'0+' %$*,('10%'o.("+2)@0p'D,L F(",'092()#&'$+' %)F(&'01)P)2,+#0I'J$)6G'1)(02#,/0+#0' $+' ,+#)L^,J$),80%&E' <9#,'P(,90' 09' 2)#,1,' @&(' ^,+$0%' g(,*,' `()F,(+0' 0+' $+,' 2&+P0(0+2),'10%' A:' 10' /,(6&'10' :;bA' m`"5'*.?$)"$@*.=)',*$+,-I.'/,*':AAI'@E' :AfI'J$0',M,10'2&+'1)9#,+2),1,')(&+",-'oH&'1)*&' 2&+'@$1&(I',D&(,'J$0'09#&=','@$+#&'10'@$F%)2,($@-$1="5,$_1.'BO?f='?5"-,2v'<%'+$08&' 5+#)L^,J$),80%&'10' g(,*,' 90' D,' @$F%)2,1&' 0+#(0' #,+#&'0+' %,' d&%022)3+' </@(09,9' .&%"#)2,9I' `+9#)#$#&' 10' <9#$1)&9' .&%"#)2&9I' ^,1()1I' :;bAE' .E' S\E' oT0(' X0*0+9,#6' 8&+' X0/0)+92D,P#' $+1' X090%%92D,P#' ,%9' Y0)9@)0%' 0)+0(' 6_0)*%)01()*0+' 7+#0(92D0)1$+*I' Y0#(,2D#$+*'6$(' [#($U#$(' $+1' 6$/' [2D)2U9,%' 9&%L 2D0('5+#)#D090+pI'0+'0%'D&/0+,N0','H$)9'H0*,6'='H,2,/F(,I'[,+#),*&'10'd&/@&9#0L %,I' :;bBI:I'@@E' :bcL:SbE' <%'109#)+&'$%#0()&('10'%,',+#"#09)9'10'2&/$+)1,1'='9&2)01,1' 2&+#)0+0','9$'806'$+'0N0/@%&')+9#($2#)8&'9&F(0'%&9'0P02#&9'10%' @0+9,/)0+#&'8,%&(,L #)8&'9&F(0'2$,%J$)0(',+#"#09)9' )/,*)+,F%0E' 5%' @&+0('0+' @(G2#)2,' %,' %3*)2,'10%' @0+9,L /)0+#&' 10' 8,%&(09' àJ$0' 09' 9)0/@(0' $+,' %3*)2,' 10%' @0+9,/)0+#&' 9&F(0' %&' J$0' +&' 8,%0àI'09#&'9)*+)P)2,'@,(,'+$09#(&'#0/,'J$0'0%',/)*&'90'(0*)9#(,'2&/&'o8,%&(pI'='0%' 0+0/)*&'0+'2,/F)&'2&/&'o+&'8,%&(pI'10'/&1&'J$0'9$',+)J$)%,2)3+'@,(020'$+'8,%&(' @&9)#)8&I'10',2$0(1&'2&+'0%'2&+&2)1&'/&10%&'10'%,'o,+)J$)%,2)3+'10'%,'8)1,')+1)*+,' 10' 90(' 8)8)1,pE'

1?% 89?% >8% A?:% =8FD9?A;S?G;E=8:% .E' >:K>AE' <+' 2$,+#&' ,' %,' $F)2,2)3+' 10' Y0(%"+' e/G9'20(2,'10' a$08,' Ä&(U'&'10' ^&92O'J$0'10' ^$+)2D'&'10'!(Q80()9fI'0+'0%',M&' :;c;' $+,'10' %,9'2,F06,9'1)()*0+#09' 10' %,' 02&+&/",' 9&2),%' 10' /0(2,1&' /0' @(0*$+#3' 13+10' 2,0(",' Y&++' 0+' 090' /,@,E' [3%&' @$10' (0/)#)(%0' ,' %,' 90+#0+2),' 9&F(0' #0%08)9)3+' 10%' !()F$+,%' d&+9#)#$2)&+,%' 10' q,(%9($D0' 0+' P0F(0(&' 10' :;b:E' .E' >Z'='99EI'>;'='99E' 5'@(&@39)#&'10'%,'#0&(",'@&%"#)2,'10'%,'#02+&2(,2),-' W0(/,++' HuFF0I$,E2$/'.2'[&F(0'0%')+#0+#&'10',%2,+6,('%,'$+)1,1'@&%"#)2,'10'<$(&@,'/01),+#0'%,' 109@&%)#)6,2)3+'e%,'%%,/,1,')+#0*(,2)3+fI'g(,+2)9'C&90+9#)0%I$A"$E#'1/'E"$)"$*=E#?.',B 1?-'.eK$@**?'$*=#$-"*$#?EE,#.*$)"$-?$+,-'.'f="$".$)=$!#,'.K'.,("9I':b;bA'e<1E'.01&+0fE'


"A% GE=G8CDE% >8% AE% CEAYD;GE%

'X)%

"CYAEBE% .E'>AE'H,'0n@(09)3+$#"*$)=#?'(0/)#0','/)'%)F(&'10':;\:$@-$)"("1*,#$)"$-?$>,1*.'.=/'J1F$ 2$=&' @(3%&*&' 2&+2%$=0' 2&+' %,' 2)#,' `"*$)=#?$".$#"&1'$1,5'.?*$:"$.?-'?$/,&=1.$ O,-'#'222$ H,'2)#,'@(&2010'10'j)(*)%)&I$@1"')?'`I'cb\LbZI'='9)*+)P)2,-'oH,'1$(06,'10'%,'9)#$,2)3+' @&%"#)2,'=' %,'+&801,1'10%' (Q*)/0+' e10' %,'d&+9#)#$2)3+'10't0)/,(f' /0'P$0(6,+','#,L %09'2,8)%,2)&+09Ep'<+#(0#,+#&I'D,20'=,'#)0/@&'J$0'D0'%%0*,1&','%,'2&+2%$9)3+'10'J$0' +)' $+,' 0n@(09)3+' 1)GP,+,' +)' %,9' 2)#,9' 10' %&9' 2%G9)2&9' %&*(,+' )/@01)(' J$0' %,' *0+#0' 8$0%8,' 9$' 8)9#,' ,#(G9' 2&+' 09@"()#$' #0+10+2)&9&E' +E9EA?9;E:% Y)F%)&*(,P",-' !&/&9' +O/9E' A\I'ZAI'cBE' [&F(0'@E' :BcI$"1":KB(,"q'0+'0%'8&%$/0+' 2&%02#)8&$+,<"#$?1)$>'5'-'R?.',1F$+,-'.'/?-$30,=&0.$'1$.0"$3<"1.'".0$>"1.=#KF'01E'@&('T,8)1' d&&@0(/,+' =! P#! Q#! Q&2@;($! R4;S&! T9(U$! *+0-! G<V9?&>! T#! 1(9W;22! 19?E&5XN$! EE#! *+.K+,$!29>!E&>&Y;>!';2!M1958;E@9!';!29'@&%"#)2&p',%%"'(0@(&1$2)1&9'2&+#)0+0+'0%' #Q(/)+&$(,"'2&/&'#(,1$22)3+' D,F)#$,%' 10$c"'1)2' <9'10'09@0(,('J$0'X0&(*0'[2D_,1' e2P(E$;"#(?**=1&*#"/0.-'/0"$_=(*P.R"F':;c>I'@E'Z\;f'(0,%)6,(G'$+,')+809#)*,2)3+'/G9'@&(L /0+&()6,1,' ,%' (09@02#&E' [&F(0' 0%' @(&F%0/,' %)+*u"9#)2&'og0)+1Lg(0$+1p-' 2&+9)10(&' ,2#$,%/0+#0' )/,*)+,F%0' J$0'0+$ c#"=1)'%,' %0#(,' C' 90,' $+' )+P)N&I' @&('/G9'J$0'0+' %,9' %0+*$,9' )+1&0$(&@0,9' #,%09' )+P)N&9'9&+' (,(&9E' .0(&'#,%' 806'90,+' /0+&9' )+P(02$0+#09' 10' %&'J$0' ,2&9#$/F(,' ,' 9$@&+0(90E' C' 0+$ c#"=1)'@&1(",'90('$+' )+P)N&' e9&F(0$c"'1)nF$ 10%' /)9/&'/&1&'J$0'0+$c#?."#'e9&F(0$ ;?."#n'&'0+' %,'2)P(,$)#"''e9&F(0$R<"'n2' <n@$90' 09#,' 9$@&9)2)3+' ,' $+' 0n20%0+#0' 2&+&201&(' 10%' #0/,I' 0%' j&(#(,*0+10(' H0*,#)&+9(,#' T(E' WE' q,(9#)0+I'0%' 2$,%' +&'%,'0+2&+#(3')+1)92$#)F%0I'10'/&1&'J$0'J$)9)0(,' D,F0(%,' 2&/$+)2,1&',J$"' 9)J$)0(,'2&/&' D)@3#09)9'N0$("9#)2,E' e!jE$ )"-$32q' %,' D)@3#09)9'2,(020' 10'#&1&'P$+1,/0+#&'%)+*u"9#)2&-'+)'0n)9#0'0%')+P)N&'/0+2)&+,1&I'+)'D,='%,'/0+&('(0L %,2)3+' 0#)/&%3*)2,' 0+#(0' %&9' @,(09' 10' @,%,F(,9' ,1$2)1&9' @&(' 0%' ,$#&(fE' .E' :::E$),&('&0.2' !&/&'09#,'@,%,F(,'10'$+',(#"2$%&'10'[)('s&D+'g)92D0('t)%%),/9' e9&F(0'%,9'9,+2)&+09'2&+#(,'`#,%),'@(&/&8)1,9'@&('%,'[&2)01,1'10' %,9'a,2)&+09'0+'0%' 2&+P%)2#&'2&+'5F)9)+),I' :;\bfI'@$F%)2,1&'0+'0%$%#'.'*0$y"?#D,,Q$,($W1."#1?.',1?-$WOX$ rj``I' @@E' :Z>LZ;E' [0' 1)20' ,%%"' J$0' %,' *0+0(,2)3+' 80+)10(,' @&+1(G' @(&F,F%0/0+#0' 0+'@()/0('@%,+&',+#09'%&9'10F0(09'J$0'%&9'10(02D&9'10%'+0$#(,%E' .&1(",+I'9)+'0/F,(L *&I'@(&1$2)(90'*$0((,9'0+' %,9'2$,%09'à9)'+&'10'&F(,I'9"',%'/0+&9'10'@0+9,/)0+#&à' (09$%#,90' )/@0+9,F%0' @,(,'2$,%J$)0('90('D$,/+&'2&+' )10,9'/&(,%09$1,'#&/,('@&9#$L (,E' <+' 90/0N,+#0'*$0((,' /$+1),%I'J$0' +&'90(",' $+$),&('&0.'='90' %%08,(",','2,F&'(0$L +)0+1&' %,' #&#,%)1,1' 10' %,9'0+0(*",9' /&(,%09I' %,' +0$#(,%)1,1I' @&(' (09@0#,F%0'J$0'90,I' +&'@&1(",' D,%%,('$+' (09@0#&'0n209)8,/0+#0'0n#0+1)1&E' 5' %&9'G+*0%09'J$0'90'/,+#$L 8)0(&+' +0$#(,%09'0+'0%' *(,+' 2&/F,#0'0+#(0' T)&9'='0%' T),F%&I' T,+#0' %09' D,20'&FN0#&' 10' 9)+*$%,(' 109@(02)&' =' %&9' 0+#(0*,' ,' $+' 2,9#)*&' 2&((09@&+1)0+#0I' +&' 93%&' @&(J$0' 10%)+J$)0(&+' ,%' %09)&+,(' 9$' &F%)*,2)3+' 10' 2&/F,#)(' @&(' 0%' 10(02D&I' 9)+&' #,/F)Q+' @&(J$0' )*+&(,(&+' 9$' )+#0(Q9' /G9' @(&@)&' =' *0+$)+&]' ,' %&9' +0$#(,%09' 0+' 90/0N,+#0' 2&+P(&+#,2)3+' à,9"' ,P)(/,'0%' 2&+&2)1&'N$()9#,' )+*%Q9'10' %,'[&2)01,1'10' %,9'a,2)&L +09à' %09' 2&((09@&+10(",' $+' 109#)+&' 2&+' 0%' J$0' +&' 93%&'09#,(",'10' ,2$0(1&' T,+#0I' 9)+&' #,/F)Q+' ^,J$),80%&E'


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.