V40 CROSS COUNTRY Īpašnieka Rokasgrāmata L:7:9>I>DC GODĀTAIS VOLVO ĪPAŠNIEK! 1"-%*&4 Ļ,"Ļ*;7ð-ð+Ă5*&4Ļ70-70 .ùTĻDFSBN ĻLBĻCSBVLtBOBĻBSĻ7PMWPĻTBHâEâTĻ+VNT QSJFLVĻEBVE[VTĻHBEVTĻ"VUPNBtăOBĻJSĻJ[TUSâEâUB +ÜTVĻVOĻ+ÜTVĻQBTBxJFSVĻESPtăCBJĻVOĻLPNGPSUBN 7PMWPĻJSĻWJFOBĻOPĻESPtâLBKâNĻBVUPNBtăOâN QBTBVMùĻ+ÜTVĻ7PMWPĻJSĻJ[TUSâEâUBĻUâ ĻMBJĻBUCJMTUV WJTâNĻFTPtBKâNĻESPtăCBTĻVOĻWJEFTĻBJ[TBSE[ăCBT QSBTăCâN -BJĻ+ÜTĻWBSùUVĻOPĻBVUPNBtăOBTĻHÜUĻWùMĻWBJSâL QSJFLB ĻNùTĻJFTBLâNĻ+VNTĻJFQB[ăUJFTĻBSĻBQSăLP KVNV ĻJOTUSVLDJKâNĻVOĻBQLPQFTĻJOGPSNâDJKV ĻLBT TOJFHUBĻtBKâĻăQBtOJFLBĻSPLBTHSâNBUâ 5CVWTCTęFĦVęLU +GXCFU &TQÝĦDC 4WBSăHBĻJOGPSNâDJKB 7PMWPĻVOĻWJEF %SPtăCBTĻKPTUBTĻ %SPtăCBTĻTQJMWFOJ %SPtăCBTĻTQJMWFOBĻBLUJWùtBOBEFBLUJWù tBOB 4âOVĻESPtăCBTĻHBJTBĻTQJMWFOJĻ 4*14 Ļ 4âOVĻMPHVĻESPtăCBTĻBJ[LBSTĻ *$ Ļ 8)*14Ļ ,BEĻTJTUùNBĻOPTUSâEâĻ 4BGFUZĻNPEF 1BTBxJFSBĻESPtăCBTĻTQJMWFOTĻ 1FEFTUSJBO "JSCBH #ùSOVĻESPtăCB #VUNġICUWPUKIPCNK\ęEKLC 00 01 02 Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 5âMWBEăCBTĻQVMUTĻBUTMùHBBUTMùHBTĻTMù E[PtâĻEBĮB #BUFSJKBTĻOPNBJĪB ĻUâMWBEăCBTĻQVMUT BUTMùHB1$$ ,FZMFTT "J[TMùHtBOBBUTMùHtBOB #ùSOVĻESPtăCBTĻTMùExJ 4JHOBMJ[âDJKB 5CVWTCTęFĦVęLU ,ĹUWDTCWMÝCPCUXKFG 8CFĦVęLCCVDCNUVU *OTUSVNFOUVĻQBOFMJTĻVOĻWBEăCBTĻTWJSBT 7PMWPĻ4FOTVTĻ "UTMùHBTĻQP[ăDJKBT 4ùEFLĮJ 4UÜSF "QHBJTNPKVNT 7ùKTUJLMBĻUăSăUâKJĻVOĻWùKTUJLMBĻNB[HâtBOB -PHJĻVOĻBUQBLBĮTLBUBĻVOĻTâOVĻTQPHVĮJ ,PNQBTT "MLPNFUST %[JOùKBĻJFEBSCJOâtBOB %[JOùKBĻJFEBSCJOâtBOBĻqĻQBSBMùMBJTĻBLV NVMBUPST 1âSOFTVNLâSCBT &DPĻ(VJEFĻVOĻ1PXFS 4UBSU4UPQĻ 1JMOQJFE[JĪBĻĻ"8% ,âKBTĻCSFN[F )%$Ļ)JMMĻ%FTDFOUĻ$POUSPM 4UâWCSFN[F %JOBNJTLâĻTUBCJMJUâUFTĻVOĻWJMDùKTQùLB LPOUSPMFTĻTJTUùNB $FĮB[ăNKVĻJOGPSNâDJKBĻĻ34* ĂUSVNBĻJFSPCFxPUâKT ,SVă[LPOUSPMF "EBQUăWâĻQBTUâWăHBĻâUSVNBĻV[UVSùtBOBT TJTUùNB %JTUBODFTĻCSăEJOâKVNT $JUZĻ4BGFUZs 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUP NâUJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBS E[ăCV %SJWFSĻ"MFSUĻ4ZTUFN %SJWFSĻ"MFSUĻ4ZTUFNĻĻ%"$ %SJWFSĻ"MFSUĻ4ZTUFNĻĻ+PTMBTĻTBHMBCâtB OBTĻQBMăHGVOLDJKB 1BSLĻ"TTJTU 4UâWWJFUâĻOPWJFUPtBOBTĻLBNFSB "LUăWâĻTUâWWJFUâĻOPWJFUPtBOBTĻQBMăHTJT UùNBĻĻ1"1 #-*4ĻVOĻ$5" -QOHQTVUWPDTCWMÝCPCU RTKGMU 03 04 05 *[WùMOFTĻVOĻ[JĪPKVNJ *[WùMOFTĻBWPUTĻ.:Ļ$"3 ,MJNBUBĻLPOUSPMF %[JOùKBĻVOĻTBMPOBĻTJMEăUâKT 1BQJMEVĻTJMEăUâKT 7BEăUâKBĻJOGPDFOUST #SBVLtBOBTĻăQBtăCVĻQJFMâHPtBOB ,PNGPSUTĻQBTBxJFSVĻTBMPOâ )PNF-JOLĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 5CVWTCTęFĦVęLU +PHQTOęEKLCUWPK\MNCKFGU UKUVġOC %GīQLWOCNCKMę 4KVGĮKWPTKGRCU 06 07 08 7JTQâSăHBĻJOGPSNâDJKBĻQBSĻJOGPSNâDJKBTĻVO J[LMBJEFTĻTJTUùNV 3BEJP .FEJKVĻBUTLBĪPUâKT ĂSùKBJTĻTLBĪBTĻBWPUT ĻLBTĻQJFWJFOPUT "6964# ĻJFFKBJ .FEJKJĻ#MVFUPPUI Ļ #MVFUPPUIĻCSăWSPLVĻTJTUùNB #BMTTĻBUQB[ătBOB ĻNPCJMBJTĻUâMSVOJT 57 5âMWBEăCBTĻQVMUT Ļ 3FLPNFOEâDJKBTĻCSBVLtBOBTĻMBJLâ %FHWJFMBTĻV[QJMEF %FHWJFMB #BHâxBTĻJFLSBVtBOB #BHâxBTĻOPEBMăKVNT #SBVLtBOBĻBSĻQJFLBCJ 7JMLtBOBĻVOĻUFIOJTLâĻQBMăE[ăCB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 7JTQâSăHJĻ 3JUFĪVĻNBJĪBĻ 3JFQVĻTQJFEJFOTĻ #SăEJOâKVNBĻUSăTTUÜSJTĻVOĻQJSNâTĻQBMăE[ă CBTĻBQUJFDJĪB 1âSEVSUBTĻSJFQBTĻBWâSJKBTĻSFNPOUTĻ 5., Ļ 5CVWTCTęFĦVęLU 6GJPKUMęCRMQRGWPUGTXKUU 6GJPKUMKGRCTCOGVTK %[JOùKBĻOPEBMăKVNT -VLUVSJ -PHVĻUăSăUâKBĻTMPUJĪBTĻVOĻNB[HâtBOBTĻtĸă EVNT "LVNVMBUPST %SPtJOâUâKJ "VUPNBtăOBTĻBQSÜQF 5JQBĻBQ[ăNùKVNT *[NùSJĻVOĻTWBST %[JOùKBĻTQFDJGJLâDJKBT %[JOùKBĻFĮĮB fĸJESVNJĻVOĻTNùSWJFMBT %FHWJFMB 3JUFĪJĻVOĻSJFQBT ĻJ[NùSJĻVOĻTQJFEJFOTĻ &MFLUSPTJTUùNB "QTUJQSJOâUBJTĻUJQT -JDFODFT %JTQMFKBĻTJNCPMJ #NHCDġVKUMCKUTęFĦVęLU 09 10 11 "MGBCùUJTLBJTĻSâEăUâKT +GXCFU 5XCTĦICKPHQTOęEKLC ÿRCÝPKGMCTQMCUITęOCVCUNCUĦÝCPC +GXCFU -BCTĻWFJET ĻLâĻJFQB[ăUĻTBWVĻKBVOPĻBVUPNBtăOV JSĻJ[MBTăUĻăQBtOJFLBĻSPLBTHSâNBUV ĻJEFâMâĻHBEă KVNâĻĻQJSNTĻQJSNâĻCSBVDJFOBĻ5BTĻĮBVTĻKVNT JFQB[ăUJFTĻBSĻKBVOBKâNĻGVOLDJKâN ĻJ[QSBTU ĻLâ WJTMBCâLĻSăLPUJFTĻBSĻBVUPNBtăOVĻEBxâEâT TJUVâDJKâT ĻVOĻWJTMBCâLBKâĻWFJEâĻJ[NBOUPUĻWJTBT BVUPNBtăOBTĻJFTQùKBTĻ-ÜE[V ĻQJFWùSTJFU V[NBOăCVĻSPLBTHSâNBUâĻFTPtBKJFNĻOPSâEăKV NJFNĻQBSĻESPtăCV 4QFDJGJLâDJKBT ĻEJ[BJOTĻVOĻBUUùMJĻtBKâĻSPLBTHSâ NBUâĻOBWĻTBJTUPtJĻ1BUVSBNĻUJFTăCBTĻWFJLU J[NBJĪBTĻCF[ĻJFQSJFLtùKBĻCSăEJOâKVNB Ļ7PMWPĻ$BSĻ$PSQPSBUJPO 2CRKNFCRTĦMQLWOU 7JTBĻWFJEBĻQBQJMEBQSăLPKVNTQJFEFSVNJĻJSĻBU[ă NùUJĻBSĻ[WBJH[OăUJ 1BQJMEJOPUĻJOGPSNâDJKVĻQBSĻTUBOEBSUBĻBQSăLP KVNV ĻtBKâĻSPLBTHSâNBUâĻBQSBLTUăUTĻBSăĻQBQJME BQSăLPKVNTĻ SÜQOăDâĻV[TUâEăUTĻBQSăLPKVNT ĻVO EBxâEJĻQJFEFSVNJĻ QBQJMEVĻV[MBCPKVNVĻLPN QMFLUJ įQBtOJFLBĻSPLBTHSâNBUâĻBQSBLTUăUBJTĻBQSăLP KVNTĻOBWĻQJFFKBNTĻWJTPTĻBVUPNPCJĮPTĻĻUP BQSăLPKVNTĻBUtĸJSBTĻBULBSăCâĻOPĻQJFMâHPtBOBT EBxâEVĻWBMTUVĻUJSHVĻWBKBE[ăCâN ĻLâĻBSăĻOBDJP OâMBKJFNĻWBJĻWJFUùKJFNĻMJLVNJFNĻVOĻOPUFJLV NJFN +BĻSPEBTĻOFTLBJESăCBTĻQBSĻTUBOEBSUBĻWBJ QBQJMEVĻBQSăLPKVNV ĻTB[JOJFUJFTĻBSĻ7PMWPĻJ[QMB UăUâKV ÿRCÝKGVGMUVK $4ÿ&+0ó,7/5 +BĻQBTUâWĻJFWBJOPKVNVĻSJTLT ĻUJFLĻQBSâEăUJ CSăEJOâKVNVĻQB[JĪPKVNJ 58#4ÿ)+ 1B[JĪPKVNJĻ4WBSăHJĻQBSâEâT ĻKBĻQBTUâW CPKâKVNVĻSJTLT <KĮQLWOWVGMUVK "VUPNBtăOâĻJSĻEJTQMFKJ ĻLVSPTĻSFE[BNJĻUFLTUB [JĪPKVNJĻfJFĻUFLTUBĻ[JĪPKVNJĻăQBtOJFLBĻSPLBT HSâNBUâĻJSĻJ[DFMUJĻBSĻNB[MJFUĻMJFMâLBTĻESVLBT UFLTUVĻQFMùLâĻLSâTâĻfâEJĻQJFNùSJĻJSĻJ[WùMĪVĻVO [JĪPKVNVĻUFLTUJĻJOGPSNâDJKBTĻEJTQMFKâĻ QJFN #WFKQUGVVKPIU 7\NĦOGU "VUPNPCJMJNĻJSĻEBxâEBĻWFJEBĻV[MăNFT ĻLBTĻJS QBSFE[ùUBT ĻMBJĻWJFOLâStJĻVOĻTLBJESJĻQB[JĪPUV TWBSăHVĻJOGPSNâDJKVĻ6[MăNFTĻBVUPNPCJMăĻBUCJMTU UVSQNâLâTĻCSăEJOâKVNBJOGPSNâDJKBTĻTWBSă HVNBĻQBLâQùNĻQùDĻOP[ăNFTĻMFKVQFKPtâ TFDăCâ $TĦFKPęLWOURCTKGURġLCOęOVTCWOęO 2+'<ÿ/' 5FLTUTĻ*&7ð30+*&5ĻTOJFE[ĻJFUFJLVNVĻWBJ QBEPNVT ĻLBTĻBUWJFHMP ĻQJFNùSBN ĻGVOLDJKV J[NBOUPtBOV 2CTKPFG įQBtOJFLBĻSPLBTHSâNBUâĻMBQQVtVĻBQBLtâĻBUSP EBTĻ[FNTWăUSBTĻQJF[ăNFTĻfăĻJOGPSNâDJKBĻQBQJM EJOBĻUFLTUV ĻBSĻLVSVĻUPĻTBJTUBĻOVNVSTĻ+BĻ[FN TWăUSBTĻQJF[ăNFTĻBUUJFDBTĻV[ĻUFLTUVĻUBCVMâ ĻUBE BUTBVDFJĻTLBJUĮVĻWJFUâĻJ[NBOUPUJĻCVSUJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET G031590 +GXCFU 5XCTĦICKPHQTOęEKLC .FMOJĻ*40ĻTJNCPMJĻV[ĻE[FMUFOBĻCSăEJOâKVNV MBVLB ĻCBMUTĻUFLTUTBUUùMTĻV[ĻNFMOBĻ[JĪPKVNB MBVLBĻ*[NBOUP ĻMBJĻJOGPSNùUVĻQBSĻCăTUBNăCV LBTĻCSăEJOâKVNBĻOFJFWùSPtBOBTĻHBEăKVNâĻWBS J[SBJTăUĻJFWBJOPKVNVTĻWBJĻOâWJ +BĻQBLâQFOJTLâNĻJOTUSVLDJKâNĻJSĻWBJSâLBT JMVTUSâDJKBT ĻLBUSTĻJOTUSVLDJKBTĻTPMJTĻJS OVNVSùUTĻUâQBUĻLâĻBUCJMTUPtâĻJMVTUSâDJKB +PHQTOCVKQP #MBLVTĻBUUùMVĻTùSJKâNĻJSĻOVNVSùUJĻTBSBLTUJ BSĻCVSUJFN ĻLVSĻJOTUSVLDJKVĻLâSUăCBĻOBW CÜUJTLB ÿRCÝWOCDQLęLWOCTKUMU #VMUJĪBTĻJSĻOVNVSùUBTĻVOĻOFOVNVSùUBT ĻVO UJFLĻMJFUPUBTĻLVTUăCBTĻBQ[ăNùtBOBJ G031593 #VMUJĪBTĻBSĻCVSUJFNĻJ[NBOUP ĻMBJĻOPSâEăUV LVTUăCVĻHBEăKVNPT ĻLBEĻBQHSJF[UBKBJĻTFDă CBJĻOBWĻOP[ăNFT G031592 #BMUJĻ*40ĻTJNCPMJĻVOĻCBMUTĻUFLTUTBUUùMTĻV[ NFMOBĻ[JĪPKVNBĻMBVLB #BMUJĻ*40ĻTJNCPMJĻVOĻCBMUTĻUFLTUTBUUùMTĻV[ NFMOBĻWBJĻ[JMBĻCSăEJOâKVNBĻMBVLBĻVOĻ[JĪPKVNB MBVLBĻ*[NBOUP ĻMBJĻJOGPSNùUVĻQBSĻCăTUBNăCV LBTĻCSăEJOâKVNBĻOFJFWùSPtBOBTĻHBEăKVNâĻWBS J[SBJTăUĻăQBtVNBĻCPKâKVNVT 2+'<ÿ/' įQBtOJFLBĻSPLBTHSâNBUBTĻBUUùMPTĻSFE[BNâT V[MăNFTĻOFĻWJFONùSĻQSFDă[JĻBUCJMTUĻBVUPNB tăOâĻFTPtBKâNĻ"UUùMVĻNùSĸJTĻJSĻQBSâEăU V[MăNKVĻBQUVWFOPĻJ[TLBUVĻVOĻBUSBtBOâT WJFUVĻBVUPNBtăOâĻ*OGPSNâDJKB ĻLBTĻBUUJFDBT UJFtJĻV[ĻKÜTVĻBVUPNBtăOV ĻJSĻTOJFHUBĻKÜTV BVUPNBtăOBTĻBUUJFDăHBKâTĻV[MăNùT 2TQEGFĹTWUCTCMUVK 1SPDFEÜSBT ĻLVSâTĻEBSCăCBTĻKâWFJDĻOPUFJLUâ TFDăCâ ĻăQBtOJFLBĻSPLBTHSâNBUâĻJSĻOVNVSùUBT +BĻQBLâQFOJTLâNĻJOTUSVLDJKâNĻOBWĻJMVTUSâDJKV JOTUSVLDJKVĻTPĮJĻJSĻOVNVSùUJĻBSĻQBSBTUJFNĻDJQB SJFN #VTCÝCPęUXKGVWUCTCMUVK 4BSLBOPTĻBQĮVTĻBSĻDJQBSJFNĻJ[NBUPĻQâS TLBUBĻBUUùMPT ĻOPSâEPUĻWBJSâLBTĻEFUBĮBT $JQBSTĻJSĻBSăĻBUSBtBOâTĻWJFUBTĻTBSBLTUâ LBTĻEPUTĻTBJTUăCâĻBSĻJMVTUSâDJKV ĻLVSâ QBTLBJESPUBĻBUUJFDăHâĻQP[ăDJKB &CTDĦDCUUQīWUCTCMUVK %BSCăCBTĻTPĮVĻTBSBLTUVTĻJ[NBOUP ĻKBĻăQBtOJFLB SPLBTHSâNBUâĻEPUBĻOVNVSùUBĻTFDăCB 1JFNùST p %[FTùtBOBTĻtĸJESVNT p %[JOùKBĻFĮĮB +GXCFU 5XCTĦICKPHQTOęEKLC 6WTRKPęLWOUUGMQU ``fJTĻTJNCPMTĻBUSPEBTĻWJTUâMâLĻMFKâĻQBĻMBCJ LBEĻTBEBĮBĻUVSQJOâTĻOâLBNBKâĻEVCVMUMBQBT J[LMâKVNâ &CVWKGTCMUVĦÝCPC +ÜTVĻBVUPNBtăOBĻJSĻBQSăLPUBĻBSĻWBJSâLJFN EBUPSJFN ĻLVSVĻV[EFWVNTĻJSĻOFQâSUSBVLUJĻQâS CBVEăUĻVOĻV[SBVE[ăUĻBVUPNBtăOBTĻEBSCăCVĻVO GVOLDJPOBMJUâUJĻ%BxJĻOPĻEBUPSJFNĻWBSĻJFSBLTUăU JOGPSNâDJKVĻQBSBTUBTĻCSBVLtBOBTĻMBJLâ ĻKBĻUJF LPOTUBUùĻLĮÜNJĻ5VSLMâUĻJOGPSNâDJKBĻUJFLĻJFSBL TUăUBĻTBEVSTNFTĻWBJĻOFHBEăKVNBĻMBJLâĻ%BĮBĻOP JFSBLTUăUâTĻJOGPSNâDJKBTĻJSĻOFQJFDJFtBNB ĻMBJ UFIOJĸJĻWBSùUVĻEJBHOPTUJDùUĻVOĻOPWùSTUĻBVUP NBtăOBTĻQSPCMùNBTĻUFIOJTLâTĻBQLPQFTĻVO V[UVSùtBOBTĻMBJLâĻVOĻMBJĻ7PMWPĻWBSùUVĻJ[QJMEăU KVSJEJTLâTĻQSBTăCBTĻVOĻDJUVTĻOPUFJLVNVTĻ5VS LMâUĻ7PMWPĻJ[NBOUPĻtPĻJOGPSNâDJKVĻQùUăKVNPT MBJĻOFQâSUSBVLUJĻV[MBCPUVĻLWBMJUâUJĻVOĻESPtăCV KPĻUâĻWBSĻQBMăE[ùUĻMBCâLĻJ[QSBTUĻGBLUPSVT ĻLBT J[SBJTBĻOFHBEăKVNVTĻVOĻUSBVNBTĻfăĻJOGPSNâ DJKBĻJFUWFSĻEBUVTĻQBSĻEBxâEVĻBVUPNBtăOBTĻTJT UùNVĻVOĻNPEVĮVĻTUBUVTVĻVOĻGVOLDJPOBMJUâUJ DJUBĻTUBSQâĻTBJTUăCâĻBSĻE[JOùKV ĻESPTFMJ ĻTUÜSFT VOĻCSFNxVĻTJTUùNâNĻfăĻJOGPSNâDJKBĻWBSĻJFU WFSUĻEBUVTĻQBSĻWFJEV ĻLâEâĻWBEăUâKTĻWBEBĻBVUP NBtăOV ĻQJFNùSBN ĻBVUPNBtăOBTĻâUSVNV CSFNxVĻVOĻBLTFMFSBUPSBĻQFEâĮBĻMJFUPtBOV ĻTUÜ SFTĻLVTUăCVĻVOĻUP ĻWBJĻWBEăUâKTĻVOĻQBTBxJFSJĻJS CJKVtJĻQJFTQSâE[ùKVtJFTĻfFJUĻV[TLBJUăUPĻJFNF TMVĻEùĮĻtăĻJOGPSNâDJKBĻWBSĻUJLUĻTBHMBCâUBĻBVUP NBtăOBTĻEBUPSPTĻOPUFJLUVĻMBJLBĻQFSJPEV ĻLâĻBSă QùDĻTBEVSTNFTĻWBJĻOFHBEăKVNBĻ7PMWPĻWBS TBHMBCâUĻtPĻJOGPSNâDJKVĻUJLĻJMHJ ĻLBNùSĻUâĻWBS QBMăE[ùUĻWùMĻWBJSâLĻV[MBCPUĻESPtăCVĻVOĻLWBMJUâUJ VOĻLBNùSĻJSĻTQùLâĻKVSJEJTLâTĻQSBTăCBTĻVOĻDJUJ OPUFJLVNJ ĻLBTĻ7PMWPĻJSĻKâJFWùSP 7PMWPĻOFJ[QBVEăTĻJFQSJFLtĻBQSBLTUăUPĻJOGPSNâ DJKVĻUSFtBKâNĻQVTùNĻCF[ĻBVUPNBtăOBTĻăQBt OJFLBĻQJFLSJtBOBTĻ5BÀVĻWBMTUVĻOPSNBUăWJFĻBLUJ VOĻOPUFJLVNJĻWBSĻV[MJLUĻQBSĻQJFOâLVNVĻ7PMWP BULMâUĻtPĻJOGPSNâDJKVĻWBSBTĻJFTUâEùN ĻQJFNù SBN ĻQPMJDJKBJ ĻWBJĻDJUâN ĻLVSâNĻWBSĻCÜUĻMJLVNâ OPUFJLUBĻQJFLĮVWFĻtâEJFNĻEBUJFN -BJĻWBSùUVĻJ[MBTăUĻVOĻJ[QSBTUĻBVUPNBtăOBT EBUPSVĻJFSBLTUăUPĻJOGPSNâDJKV ĻJSĻOFQJFDJFtBNT ăQBtTĻUFIOJTLBJTĻBQSăLPKVNT ĻLVStĻJSĻ7PMWPĻVO UPĻBVUPTFSWJTVĻSăDăCâ ĻLVSJĻOPTMùHVtJĻMăHVNVĻBS 7PMWPĻ7PMWPĻJSĻBUCJMEăHTĻQBSĻUP ĻMBJĻJOGPSNâDJKB LBTĻOPEPUBĻ7PMWPĻUFIOJTLâTĻBQLPQFTĻVOĻV[UV SùtBOBTĻMBJLâ ĻUJLUVĻTBHMBCâUBĻVOĻBQTUSâEâUB ESPtJĻVOĻSăLPtBOâTĻBSĻUPĻBUCJMTUVĻTQùLâĻFTPtB KâNĻKVSJEJTLBKâNĻQSBTăCâNĻ-BJĻTBĪFNUVĻQMB tâLVĻJOGPSNâDJKV ĻTB[JOJFUJFTĻBSĻ7PMWPĻJ[QMBUă UâKV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #MUGUWęTKWPRCRKNFWCRTĦMQLWOU /FQBSFJ[BĻQBQJMEVĻJFSăÀVĻTBWJFOPtBOBĻVO V[TUâEătBOBĻWBSĻOFHBUăWJĻJFUFLNùUĻNBtăOBT FMFLUSPTJTUùNVĻ%BxJĻQJFEFSVNJĻEBSCPKBTĻUJLBJ UBE ĻKBĻBVUPNPCJĮBĻEBUPSTJTUùNâĻJSĻJOTUBMùUB BUUJFDăHBĻQSPHSBNNBUÜSBĻ5âEùĮĻQJSNTĻUâEV QJFEFSVNVĻV[TUâEătBOBT ĻLBTĻUJFLĻQJFWJFOPUJ FMFLUSPTJTUùNBJĻWBJĻWBSĻUPĻJFUFLNùU Ļ7PMWP JFTBLBĻWJFONùSĻTB[JOâUJFTĻBSĻQJMOWBSPUVĻ7PMWP TFSWJTV ÿRCÝPKGMCOCKĮCCWVQOQDKīKGOCT 8QNXQ1P%CNN 7PMWPĻ0OĻ$BMMĻJSĻQBQJMEVĻGVOLDJKB ĻLBTĻJFUWFS ESPtăCBTĻVOĻLPNGPSUBĻQBLBMQPKVNVTĻ+BĻBVUP NBtăOBĻJSĻBQSăLPUBĻBSĻ7PMWPĻ0OĻ$BMMĻVOĻNBJOâT ăQBtOJFLT ĻJSĻĮPUJĻTWBSăHJĻQâSUSBVLUĻtPTĻQBLBMQP KVNVT ĻMBJĻJFQSJFLtùKBJTĻăQBtOJFLTĻOFWBSùUV UJFNĻQJFLĮÜUĻįQBtVNUJFTăCVĻNBJĪBTĻHBEăKVNâ TB[JOJFUJFTĻBSĻBVUPSJ[ùUVĻ7PMWPĻJ[QMBUăUâKV +PHQTOęEKLCKPVGTPGVę 1MBtâLBĻJOGPSNâDJKBĻQBSĻKÜTVĻBVUPNPCJMJĻJS WJFUOùĻXXXWPMWPDBSTDPN -BJĻOPMBTăUVĻ23ĻLPEV ĻJSĻOFQJFDJFtBNTĻ23 LPEVĻMBTăUâKT ĻLVStĻWBJSâLJFNĻNPCJMBKJFNĻUâMSV ĪJFNĻJSĻQJFFKBNTĻLâĻQBQJMEVĻQSPHSBNNBĻ23 LPEVĻMBTăUâKVĻWBSĻMFKVQJFMâEùUĻWFJLBMâĻ"QQ 4UPSFĻWBJĻ(PPHMFĻ1MBZ +GXCFU 5XCTĦICKPHQTOęEKLC 34MQFU +GXCFU 8QNXQWPXKFG G000000 8QNXQ%CTUCRMęTVġLęUXKFGUCK\UCTF\ĦDCUHKNQ\QHKLC 4BVE[ăHBĻBUUJFLTNFĻQSFUĻWJEJĻJSĻWJFOBĻOPĻ7PMWP $BSĻ$PSQPSBUJPOĻQBNBUWùSUăCâN ĻLBTĻJFUFLNù WJTBTĻEBSCăCBTĻ.ùTĻUJDBN ĻLBĻBSăĻNÜTVĻLMJFO UJFNĻUâQBUĻSÜQĻWJEF +ÜTVĻ7PMWPĻBUCJMTUĻTUJOHSJFNĻTUBSQUBVUJTLJFN WJEFTĻTUBOEBSUJFN ĻVOĻUBTĻBSăĻJSĻSBxPUTĻWJFOâĻOP UăSâLBKâNĻVOĻSFTVSTVTĻWJTQJMOăHâLĻJ[NBOUPKPtâ LBKâNĻSÜQOăDâNĻQBTBVMùĻ7PMWPĻ$BSĻ$PSQPSB UJPOĻJSĻQJFtĸJSUTĻ*40ĻTFSUJGJLâUT ĻLBTĻJFUWFSĻWJEFT TUBOEBSUVĻ*40Ļ ĻLBNĻQBLĮBVUBTĻWJTBT SÜQOăDBTĻVOĻWBJSâLBTĻNÜTVĻTUSVLUÜSWJFOăCBT .ùTĻV[TUâEâNĻQSBTăCBTĻBSăĻQBSUOFSJFN ĻMBJĻUJF TJTUFNâUJTLJĻTUSâEâUVĻWJEFTĻKBVUâKVNVĻKPNâ &GIXKGNCURCVġTKĮÝ 7PMWPĻBVUPNBtăOâN ĻTBMăE[JOPUĻBSĻDJUâNĻBVUP NBtăOâNĻBUUJFDăHBKâTĻNBtăOVĻLMBTùT ĻJSĻLPOLV SùUTQùKăHTĻEFHWJFMBTĻQBUùSJĪtĻ;FNâLTĻEFHWJF MBTĻQBUùSJĪtĻQBSBTUJĻSBEBĻ[FNâLVĻTJMUVNOăDBT FGFLUVĻJ[SBJTPtâTĻHâ[FTĻĻPHMFLĮBĻEJPLTăEBĻ FNJTJKV 7BEăUâKTĻWBSĻJFUFLNùUĻEFHWJFMBTĻQBUùSJĪVĻ1MB tâLVĻJOGPSNâDJKVĻMBTJFUĻOPEBĮâĻ+GVGMOGU UCOC\KPęÝCPCW\XKFK 'HGMVĦXCK\OGÝWKGTQDGäQÝCPC +ÜTVĻ7PMWPĻJSĻJ[HBUBWPUT ĻJFWùSPKPUĻ$MFBO JOTJEFĻBOEĻPVUĻ UăSăCBĻJFLtQVTùĻVOĻâSQVTù Ļq LPODFQDJKV ĻLBTĻJFUWFSĻUăSVĻJFLtùKPĻWJEJĻVOĻĮPUJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET FGFLUăWVĻFNJTJKBTĻLPOUSPMJĻ%BVE[PTĻHBEăKVNPT J[NFtVĻEBVE[VNTĻJSĻJFWùSPKBNJĻ[FNâLTĻQBS BUUJFDăHPĻTUBOEBSUVĻQSBTăCâN 6ĦTUICKUUCWVQOCÝĦPCUUCNQPę 1BTBxJFSVĻTBMPOBĻHBJTBĻGJMUSTĻOFĮBVKĻQBĻHBJTB JFQMÜEFTĻLBOâMJFNĻTBMPOâĻJFQMÜTUĻQVUFLĮJFNĻVO [JFEQVUFLtĪJFN ,PNQMJDùUBĻHBJTBĻBUUăSătBOBTĻTJTUùNBĻ*"24 *OUFSJPSĻ"JSĻ2VBMJUZĻ4ZTUFNĻĻTBMPOBĻHBJTB LWBMJUâUFTĻTJTUùNB ĻOPESPtJOB ĻLBĻTBMPOâĻJFOâ LPtBJTĻHBJTTĻJSĻUăSâLTĻOFLâĻâSQVTùĻFTPtBJT 4JTUùNVĻWFJEPĻFMFLUSPOJTLBJTĻTFOTPSTĻVO PHMFTĻGJMUSTĻ/PUJFLĻQBTUâWăHBĻJFQMÜTUPtâĻHBJTB +GXCFU 8QNXQWPXKFG V[SBVE[ăCB ĻVO ĻKBĻEBxVĻOFWFTFMăHPĻHâ[V ĻUâEV LâĻPHMFLĮBĻNPOPLTăET ĻMăNFOJTĻQJFBVH ĻHBJTB JFQMÜEFTĻBUWFSFĻUJFLĻBJ[WùSUBĻfâEBĻTJUVâDJKB WBSĻSBTUJFT ĻQJFNùSBN ĻTBTUSùHVNPT ĻSJOEâT VOĻUVOFĮPT 4MâQFLĮBĻPLTăEV Ļ[FNFTĻMăNFĪBĻP[POBĻVOĻPHĮ ÜEFĪSBxVĻJFLĮÜtBOVĻTBMPOâĻOPWùStĻPHMFTĻGJMUST 5CNQPU 7PMWPĻBVUPNBtăOVĻJOUFSKFSTĻJSĻWFJEPUTĻUâ ĻMBJ CÜUVĻQBUăLBNTĻVOĻùSUT ĻBSăĻDJMWùLJFN ĻLBNĻJS LPOUBLUBMFSīJKBTĻWBJĻBTUNBĻ4FWJtĸBĻV[NBOăCB JSĻQJFWùSTUBĻJ[WùMPUJFTĻBQLâSUùKBJĻWJEFJĻESBVE[ă HVTĻNBUFSJâMVT 8QNXQTGOQPVFCTDPĦECUWPCRMęTVġLę XKFG 3FHVMâSBĻBQLPQFĻOPESPtJOBĻQSJFLtOPUFJLVNVT JMHBNĻBVUPNPCJĮBĻLBMQPtBOBTĻMBJLBNĻVO [FNBNĻEFHWJFMBTĻQBUùSJĪBNĻfâEJĻKÜTĻWFJDJOâU UăSâLBTĻWJEFTĻOPESPtJOâtBOVĻ+BĻ7PMWP SFNPOUEBSCOăDBJĻUJFLĻV[UJDùUTĻWFJLUĻSFNPOUV VOĻBQLPQJĻKÜTVĻBVUPNPCJMJN ĻUBTĻLĮÜTUĻQBS NÜTVĻTJTUùNBTĻEBĮVĻ7PMWPĻJ[WJS[BĻTLBJESBT QSBTăCBTĻBUUJFDăCâĻV[ĻWFJEV ĻLâEâĻNÜTVĻEBSC OăDBTĻOPWùStĻQJFTâSĪPKVNBĻOPLĮÜtBOVĻBQLâS UùKâĻWJEùĻ.ÜTVĻSFNPOUEBSCOăDVĻBQLBMQPKPtB KBNĻQFSTPOâMBNĻJSĻQJFUJFLBNBTĻ[JOâtBOBTĻVO BQSăLPKVNT ĻMBJĻHBSBOUùUVĻBQLâSUùKBJĻWJEFJ OFLBJUăHVĻEBSCăCV 5COC\KPKGVKGVGMOKW\CRMęTVġLQXKFK +ÜTĻWBSBUĻWJFOLâStJĻQBMăE[ùUĻTBNB[JOâUĻJFUFLNJ V[ĻWJEJĻĻMÜL ĻEBxJĻQBEPNJ p /FĮBVKJFUĻE[JOùKBNĻEBSCPUJFTĻUVLtHBJUâĻ J[TMùE[JFUĻE[JOùKV ĻJMHâLVĻMBJLVĻTUâWPU *FWùSPKJFUĻWJFUùKPTĻOPUFJLVNVT p #SBVDJFUĻFLPOPNJTLJĻĻEPNâKJFUĻV[ QSJFLtV p 7FJDJFUĻBQLPQFTĻVOĻV[UVSJFUĻBVUPNPCJMJ LâSUăCâ ĻJFWùSPKPUĻįQBtOJFLBĻSPLBTHSâNBUâ TOJFHUPTĻOPSâEăKVNVT ĻVOĻJFWùSPKJFUĻ"QLP QFTĻVOĻHBSBOUJKBTĻHSâNBUJĪâĻJFUFJLUPT JOUFSWâMVT p +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻE[JOùKBĻCMPLB TJMEăUâKV ĻJ[NBOUPKJFUĻUP ĻQJSNTĻJFEBSCJOâU BVLTUVĻE[JOùKVĻĻUBTĻV[MBCPĻJFEBSCJOâtB OBTĻTQùKVĻVOĻTBNB[JOBĻOPEJMVNVĻBVLTUâ MBJLâ ĻLâĻBSăĻE[JOùKTĻâUSâLĻTBTOJFE[ĻOPS NâMVĻEBSCBĻUFNQFSBUÜSV ĻUâEùKâEJĻTBNB[J OPUĻQBUùSJĪVĻVOĻJ[NFtVĻEBVE[VNV p #SBVLtBOBĻMJFMâĻâUSVNâĻJFWùSPKBNJĻQBMJF *FWùSPKPUĻtPĻQBEPNV ĻWBSBUĻJFUBVQăUĻOBVEV QMBOùUBTĻSFTVSTVTĻVOĻQBHBSJOâUĻBVUPNPCJĮB LBMQPtBOBTĻJMHVNVĻ-BJĻTBĪFNUVĻQMBtâLV JOGPSNâDJKVĻVOĻQBQJMEVĻQBEPNVT ĻTLBUJFUĻ VOĻĻMQQ 1VTTGK\ġLCRęTUVTęFG 7JFOTĻOPĻQBTâLVNJFN ĻLPĻ7PMWPĻWFJDĻWJEFT MBCâ ĻQBSFE[ĻBVUPNPCJĮBĻPUSSFJ[ùKVĻQâSTUSâEJ WJEFJĻESBVE[ăHâĻWFJEâĻ1âSTUSâEâUĻJFTQùKBNT HBOESă[ĻWJTVĻBVUPNPCJMJĻ5âEùĮĻQùEùKBNĻBVUP NPCJĮBĻăQBtOJFLBNĻWBKBE[ùUVĻTB[JOâUJFTĻBS J[QMBUăUâKV ĻMBJĻTBĪFNUVĻJOGPSNâDJKVĻQBSĻTFSUJGJ DùUVBQTUJQSJOâUVĻQâSTUSâEFTĻWJFUV ÿRCÝPKGMCTQMCUITęOCVCWPXKFG .FxVĻV[SBVE[ăCBTĻQBEPNFTĻ 'PSFTUĻ4UF XBSETIJQĻ$PVODJMĻĻ'4$ ĻTJNCPMTĻOPSâEB ĻLB tBKâĻQVMJLâDJKâĻJ[NBOUPUBJTĻQBQăSTĻJFHÜUTĻOP '4$ĻTFSUJGJDùUBTĻLPLTOFTĻWBJĻDJUJFNĻLPOUSPMù UJFNĻBWPUJFN MJOBĻEFHWJFMBTĻQBUùSJĪV ĻKPĻQJFBVHĻWùKB QSFUFTUăCBĻĻEJWLâStPKPUJFTĻâUSVNBN ĻWùKB QSFUFTUăCBĻQJFBVHĻĻSFJ[FT p 7JEFJĻCăTUBNVTĻBULSJUVNVT ĻQJFNùSBN BLVNVMBUPSVTĻVOĻFĮĮBTĻWJFONùSĻMJLWJEùKJFU OFLBJUùKPUĻWJEFJĻ+BĻOF[JOâU ĻLâĻKâBUCSăWPKBT OPĻtâEBĻUJQBĻBULSJUVNJFN ĻTB[JOJFUJFTĻBS TFSWJTVĻĻJFUFJDBNTĻBVUPSJ[ùUVĻ7PMWPĻTFS WJTV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET %SPtăCBTĻKPTUBTĻ %SPtăCBTĻTQJMWFOJ %SPtăCBTĻTQJMWFOBĻBLUJWùtBOBEFBLUJWùtBOB 4âOVĻESPtăCBTĻHBJTBĻTQJMWFOJĻ 4*14 Ļ 4âOVĻMPHVĻESPtăCBTĻBJ[LBSTĻ *$ Ļ 8)*14Ļ ,BEĻTJTUùNBĻOPTUSâEâĻ 4BGFUZĻNPEF 1BTBxJFSBĻESPtăCBTĻTQJMWFOTĻ 1FEFTUSJBOĻ"JSCBH #ùSOVĻESPtăCB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET %30fį#" &TQÝĦDC &TQÝĦDCULQUVCU 8KURęTĦICKPHQTOęEKLC 2CTGK\KRKGURTđF\ĘVCFTQÞĝDCULQUVC +BĻOFUJFLĻMJFUPUBTĻESPtăCBTĻKPTUBT ĻBTBTĻCSFN [ùtBOBTĻMBJLâĻQBTUâWĻSJTLTĻHÜUĻTNBHBTĻUSBV NBTĻ1âSMJFDJOJFUJFT ĻWBJĻWJTJĻQBTBxJFSJĻJSĻV[MJ LVtJĻESPtăCBTĻKPTUBT "J[NVHVSùKâĻTùEFLĮBĻWJEùKâTĻTùEWJFUBTĻGJLTB UPSTĻEFSĻUJLBJĻUBNĻQBSFE[ùUBKBJĻESPtăCBTĻKPTUBT TQSâE[FJ *SĻTWBSăHJĻMBJĻESPtăCBTĻKPTUBĻBUSBTUPTĻBQĻĸFS NFOJĻUâĻMBJĻOPESPtJOâUVĻNBLTJNâMVĻBJ[TBS E[ăCVĻ/FBUHâ[JFUĻBU[WFMUOJĻQâSâLĻUâMVĻBUQBLBĮ %SPtăCBTĻKPTUBĻJSĻLPOTUSVùUBĻUâ ĻMBJĻQBTBSHâUV QBTBxJFSJĻOPSNâMâĻTùEùtBOBTĻTUâWPLMă &TQÝĦDCULQUVCUCVDTĦXQÝCPC /PTQJFEJFUĻTBSLBOPĻQPHVĻESPtăCBTĻKPTUBTĻGJL TBUPSâĻVOĻĮBVKJFUĻKPTUBJĻJFUăUJFTĻ+BĻKPTUBĻOFJFUJ OBTĻQJMOăCâ ĻJFWBEJFUĻUPĻBSĻSPLVĻV[UătBOBT NFIâOJTNâ ĻMBJĻUâĻCSăWJĻOFLBSâUPT &TQÝĦDCULQUVCUW\NKMÝCPC *[WFMDJFUĻKPTUVĻMùOâNĻVOĻOPGJLTùKJFUĻUP ĻJFTQJF xPUĻNFUâMBĻNùMăUJĻESPtăCBTĻKPTUBTĻGJLTBUPSâ 4LBĮtĻLMJLtĸJTĻOPSâEB ĻLBĻKPTUBĻJSĻOPGJLTùUB &TQÞĝDCULQUVCUCWIUVWOCTGIWNĘÞCPC0QURKGFKGV VCWUVKĺWWPXKT\KGVLQUVWXGTVKMđNK0QXKGVQLKGVLQUVW RĘEKGURĘLCUCWIUVđMVđNCKLQUVCPGUMCTVWMCMNW 0GRCTGK\KRKGURTđF\ĘVCFTQÞĝDCULQUVC,QUVCK LđDĨVPQUVKGRVCKRđTRNGEW ,QUVCPQDNQĨġLCUWPVQPCXKGURġLCOU K\XKNMV p KBĻUPĻWFMLĻMBVLâĻQâSâLĻTUSBVKJ p CSFN[ùtBOBTĻVOĻQBâUSJOâtBOâTĻMBJLâ p KBĻBVUPNBtăOBĻTUSBVKJĻTBTWFSBT &TQÝĦDC &TQÝĦDCULQUVCU 8KGPOġTCVEGTKGVKGU p OFMJFUPKJFUĻTBTQSBVEFTĻWBJĻKFCLPĻDJUV ĻLBT WBSĻUSBVDùUĻKPTUBTĻQBSFJ[VĻOPTUJFQtBOPT p QâSMJFDJOJFUJFT ĻWBJĻKPTUBĻOBWĻTBHSJF[VTJFT WBJĻBJ[ĸùSVTJFTĻBJ[ĻLBVUĻLâ p LMùQKBĻKPTUBJĻKâCÜUĻV[MJLUBJĻ[FNVĻ Uâ OFESăLTUĻTUJFQUJFTĻQâSĻWùEFSV p OPTUJFQJFUĻKPTUBTĻHVSOVĻEBĮVĻQâSĻLMùQJ QBWFMLPUĻEJBHPOâMPĻQMFDVĻKPTUVĻV[ĻBVHtV QMFDBĻWJS[JFOâ $4ÿ&+0ó,7/5 %SPtăCBTĻKPTUBTĻVOĻESPtăCBTĻHBJTBĻTQJMWFOJ WJFOTĻPUSVĻQBQJMEJOBĻ+BĻESPtăCBTĻKPTUB OFUJFLĻMJFUPUBĻWBJĻUJFLĻMJFUPUBĻOFQBSFJ[J ĻWBS TBNB[JOâUJFTĻESPtăCBTĻHBJTBĻTQJMWFOB TOJFHUâĻBJ[TBSE[ăCBĻTBEVSTNFTĻHBEăKVNâ $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFQâSWFJEPKJFUĻVOĻOFSF NPOUùKJFUĻESPtăCBTĻKPTUBTĻTBWJFNĻTQùLJFN 7PMWPĻJFTBLBĻKVNTĻTB[JOâUJFTĻBSĻ7PMWPĻQJMO WBSPUVĻTFSWJTV +BĻESPtăCBTĻKPTUBĻJSĻCJKVTJĻQBLĮBVUBĻMJFMBJ TMPE[FJ ĻQJFNùSBN ĻTBEVSTNù ĻJSĻKâOPNBJOB WJTBĻESPtăCBTĻKPTUBĻ%BxBTĻOPĻESPtăCBTĻKPT UBTĻBJ[TBSHâKPtBKâNĻăQBtăCâNĻWBSĻCÜU [VEVtBTĻQBU ĻKBĻOFtĸJFU ĻLBĻUâĻJSĻCPKâUB %SPtăCBTĻKPTUBĻKâOPNBJOBĻBSăĻHBEăKVNâ ĻKBĻJS SFE[BNBTĻOPEJMVNBĻWBJĻCPKâKVNVĻQùEBT +BVOBKBJĻESPtăCBTĻKPTUBJĻKâCÜUĻTBĪFNUBN UJQBĻBQTUJQSJOâKVNBN ĻVOĻUBJĻKâCÜUĻQBSFE[ù UBJĻV[TUâEătBOBJĻUBKâĻQBtâĻWJFUâ ĻLVSĻBUSBEâT JFQSJFLtùKâĻESPtăCBTĻKPTUB &TQÝĦDCULQUVCUWPITĹVPKGEĦDC (SÜUOJFDăCBTĻMBJLâĻWJFONùSĻKâJ[NBOUPĻESPtăCBT KPTUBĻ5BÀVĻJSĻĮPUJĻTWBSăHJĻUPĻBQMJLUĻQBSFJ[JĻ%JB HPOâMBKBJĻEBĮBJĻKâHVMTUBTĻQâSĻQMFDV ĻUBEĻTUBSQ LSÜUăNĻVOĻV[ĻWùEFSBĻTâOVĻEBĮBT +PTUBTĻLMùQKBĻEBĮBJĻKâHVĮĻQMBLBOJTLJĻV[ĻBVHt TUJMCJFN ĻQùDĻJFTQùKBTĻ[FNâLĻ[FNĻWùEFSBĻq /FESăLTUĻUBJĻĮBVUĻTMăEùUĻBVHtVQĻ/PTUJFQJFU KPTUVĻTUJOHSJĻVOĻSBVHJFUJFT ĻMBJĻUâĻQJFHVMùUV BVHVNBNĻQùDĻJFTQùKBTĻDJFtâLĻ5VSLMâUĻQâS CBVEJFU ĻWBJĻESPtăCBTĻKPTUBĻOBWĻTBHSJF[VTJFT (SÜUOJFDăCBJĻBUUăTUPUJFT ĻBVUPWBEăUâKâNĻHSÜU OJFDùNĻKâOPSFHVMùĻTùEFLMJTĻVOĻTUÜSFĻUâ ĻMBJ WBSùUVĻWJFHMJĻWBEăUĻBVUPNPCJMJĻ UĻJ ĻùSUJĻMJFUPU QFEâĮVTĻVOĻTUÜSJ Ļ5âEùĮĻWBKBE[ùUVĻDFOTUJFT OPWJFUPUĻTùEFLMJĻUâ ĻMBJĻQBOâLUVĻJFTQùKBNJĻMJFMV BUTUBUVNVĻTUBSQĻWùEFSVĻVOĻTUÜSJ &TQÝĦDCULQUVWCVIęFKPęVęLU $4ÿ&+0ó,7/5 G020998 ,BUSBĻESPtăCBTĻKPTUBĻJSĻQBSFE[ùUBĻUJLBJĻWJF OBJĻQFSTPOBJ &TQÝĦDC &TQÝĦDCULQUVCU +BĻQBTBxJFSJĻOBWĻQJFTQSâE[ùKVtJFTĻBSĻESPtăCBT KPTUV ĻUJFNĻUJLTĻBUHâEJOâUTĻQJFTQSâE[ùUJFT J[NBOUPKPUĻTLBĪBTĻVOĻWJ[VâMVĻBUHâEJOâKVNV 4LBĪBTĻBUHâEJOâKVNTĻBULBSăHTĻOPĻâUSVNBĻVO EBxPTĻHBEăKVNPTĻBSăĻOPĻMBJLBĻ7J[VâMBJTĻBUHâ EJOâKVNTĻJSĻKVNUBĻLPOTPMùĻVOĻLPNCJOùUBKâ LPOUSPMNùSJOTUSVNFOUVĻQBOFMă #ùSOVĻTùEFLĮJĻOBWĻBQHâEâUJĻBSĻESPtăCBTĻKPTUV BUHâEJOâUâKV #K\OWIWTġLCKUUġFGMNKU %SPtăCBTĻKPTUVĻBUHâEJOâUâKBNĻBJ[NVHVSùKâ TùEFLMăĻJSĻEJWBTĻBQBLtGVOLDJKBT p 5BTĻTOJFE[ĻJOGPSNâDJKVĻQBSĻUP ĻLVSBTĻESPtă CBTĻKPTUBTĻBJ[NVHVSùKâĻTùEFLMăĻUJFL J[NBOUPUBTĻ+BĻESPtăCBTĻKPTUBTĻJSĻQJFTQSâ E[ùUBTĻWBJĻJSĻBUWùSUBTĻLâEBTĻOPĻBJ[NVHV SùKâNĻEVSWăN ĻJOGPSNâDJKBTĻEJTQMFKâĻQBSâ EâTĻ[JĪPKVNTĻ1B[JĪPKVNTĻUJFLĻBVUPNâ UJTLJĻBQTUJQSJOâUTĻQùDĻBQUVWFOJĻĻTFLVOxV CSBVLtBOBTĻWBJĻQùDĻQBHSJF[JFOVĻSâEăUâKV TWJSBTĻUBVTUJĪBĻ1-ĻOPTQJFtBOBTĻ+BĻWBEă UâKTĻWBJĻLâETĻOPĻQBTBxJFSJFNĻOBWĻQJFTQSâ E[ùKJFT ĻUBEĻQB[JĪPKVNVĻWBSĻBQTUJQSJOâU UJLBJĻNBOVâMJ ĻOPTQJFxPUĻQBHSJF[JFOVĻSâEă UâKVĻTWJSBTĻUBVTUJĪVĻ1- p #SăEJOB ĻKBĻCSBVLtBOBTĻMBJLâĻUJFLĻBUTQSâ E[ùUBĻLâEBĻBJ[NVHVSFTĻESPtăCBTĻKPTUB fJTĻCSăEJOâKVNTĻQBSâEâTĻ[JĪPKVNBĻWFJEâ JOGPSNâDJKBTĻEJTQMFKâ ĻVOĻUPĻQBWBEBĻTLB ĪBTĻWBJĻWJ[VâMTĻTJHOâMTĻ#SăEJOâKVNTĻUJFL QâSUSBVLUT ĻLBEĻOPĻKBVOBĻQJFTQSâE[ùĻESP tăCBTĻKPTUV ĻWBJĻBSăĻUPĻWBSĻBQTUJQSJOâU NBOVâMJ ĻOPTQJFxPUĻ1-ĻUBVTUJĪV *OGPSNâDJKBTĻEJTQMFKT ĻTLBUăUĻMQQĻĻSâEB LVSBTĻESPtăCBTĻKPTUBTĻJSĻQJFTQSâE[ùUBTĻfă JOGPSNâDJKBĻJSĻQJFFKBNBĻWJFONùS &TQÝĦDCULQUVCUPQURTKGIQVęLU %SPtăCBTĻKPTUBTĻWBEăUâKBĻQVTù ĻQBTBxJFSBĻQVTù VOĻBJ[NVHVSùKâĻTùEFLĮBĻâSùKâTĻTùEWJFUâTĻJS BQSăLPUBTĻBSĻESPtăCBTĻKPTUVĻTQSJFHPUâKJFN .FIâOJTNTĻESPtăCBTĻKPTUVĻTQSJFHPUâKâĻTBWFML DJFtâLĻESPtăCBTĻKPTUVĻQJFUJFLBNJĻTQùDăHBT TBEVSTNFTĻHBEăKVNâĻ%SPtăCBTĻKPTUBĻUBE OPESPtJOBĻEBVE[ĻFGFLUăWâLVĻCSBVDùKVĻOPUVSù tBOVĻTBWâTĻWJFUâT $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFJFWJFUPKJFUĻCMBLVTTùEù UâKBĻESPtăCBTĻKPTUBTĻQMâLTOFTĻNùMăUJĻWBEă UâKBĻQVTFTĻTQSâE[ùĻ7JFONùSĻJFWJFUPKJFU ESPtăCBTĻKPTUBTĻQMâLTOFTĻNùMăUJĻQBSFJ[âT QVTFTĻTQSâE[ùĻ/FLâEâĻHBEăKVNâĻOFCPKâ KJFUĻESPtăCBTĻKPTUBTĻVOĻOFJFWJFUPKJFUĻTQSâ E[ùTĻTWFtĸFSNFĪVTĻ1SFUùKâĻHBEăKVNâ TBEVSTNFTĻMBJLâĻESPtăCBTĻKPTUBTĻVOĻTQSâ E[FTĻWBSĻOFEBSCPUJFTĻLâĻQBSFE[ùUTĻ1BTUâW OPQJFUOVĻTBWBJOPKVNVĻSJTLT &TQÝĦDC &TQÝĦDCUURKNXGPK #PCNQICKUMQODKPĘVCKUKPUVTWOGPVWRCPGNKU BUTMùHBĻBUSPEBTĻQP[ăDJKâĻ++ ĻVOĻLBUSâĻBJ[EFE[FT JFTMùHtBOBTĻSFJ[ùĻUJFLĻWFJLUBĻUSBVDùKVNNFLMù tBOBĻ4JNCPMTĻOPE[JFTUĻQùD BQNĻĻTFLVOEùN ĻKBĻWJFOĻESPtăCBTĻTQJMWFOV TJTUùNBĻOBWĻCPKâUB #SăEJOâKVNBĻTJNCPMTĻJSĻBUUùMPUT ĻKBĻUSBVDùKVN NFLMùtBOBTĻHBJUâĻJSĻLPOTUBUùUBĻLĮÜNFĻWBJĻKBĻJS BLUJWJ[ùUBĻTJTUùNBĻ+BĻOFQJFDJFtBNT ĻCSăEJOâ KVNBĻTJNCPMTĻJSĻBUUùMPUTĻLPQâĻBSĻQB[JĪPKVNV JOGPSNâDJKBTĻEJTQMFKâĻ+BĻCSăEJOâKVNBĻTJNCPMT OFEBSCPKBT ĻJ[HBJTNPKBTĻCSăEJOâKVNBĻUSăTTUÜSJT VOĻEJTQMFKâĻQBSâEâTĻ545FTQÝURKNXGPU ,ęXGKECRMQRGĻWBJĻ545FTQÝURKNXGPU ,ęXGKECRMQRGPGMCXĻ7PMWPĻJFTBLBĻOFLB WùKPUJFTĻTB[JOâUJFTĻBSĻ7PMWPĻQJMOWBSPUVĻTFSWJTV &TQÝĦDCUURKNXGPWUKUVġOC G018665 $TĦFKPęLWOCUKODQNUMQODKPġVCLę KPUVTWOGPVWRCPGNĦ &TQÞĝDCUURKNXGPWUKUVĘOCUUMCVUPQCWIÞCU CWVQOQDKNKUCTUVĨTKMTGKUCLđRWUĘ $4ÿ&+0ó,7/5 &KIKVđNCKUMQODKPĘVCKUKPUVTWOGPVWRCPGNKU #SăEJOâKVNBĻTJNCPMTĻLPNCJOùUBKâĻJOTUSVNFOUV QBOFMăĻUJFLĻJFTMùHUT ĻLBEĻUâMWBEăCBTĻQVMUT G018666 +BĻESPtăCBTĻTQJMWFOVĻTJTUùNBTĻCSăEJOâKVNB TJNCPMTĻQBMJFLĻJ[HBJTNPUTĻWBJĻJ[HBJTNPKBT CSBVLtBOBTĻMBJLâ ĻUBTĻOP[ăNù ĻLBĻESPtăCBT TQJMWFOVĻTJTUùNBĻOBWĻQJMOăCâĻGVOLDJPOù KPtBĻfJTĻTJNCPMTĻOPSâEBĻV[ĻLĮÜNJĻESPtăCBT HBJTBĻTQJMWFOVĻTJTUùNâ ĻESPtăCBTĻKPTUV TQSJFHPUâKBĻTJTUùNâ Ļ4*14 Ļ*$ĻTJTUùNâĻWBJ V[ĻLâEVĻDJUVĻTJTUùNBTĻLĮÜNJĻ7PMWPĻJFTBLB OFLBWùKPUJFTĻTB[JOâUJFTĻBSĻ7PMWPĻQJMOWBSPUV TFSWJTV &TQÞĝDCUURKNXGPWUKUVĘOCUUMCVUPQCWIÞCU CWVQOQDKNKUCTUVĨTKNCDCLđRWUĘ &TQÝĦDC &TQÝĦDCUURKNXGPK 4JTUùNVĻWFJEPĻESPtăCBTĻTQJMWFOJĻVOĻTFOTPSJ 1JFUJFLBNJĻTUJQSBTĻTBEVSTNFTĻUSJFDJFOTĻJFEBS CJOBĻTFOTPSVT ĻVOĻESPtăCBTĻTQJMWFOTĻ J ĻUJFL QJFQÜTUTĻ J ĻVOĻTBLBSTUĻ%SPtăCBTĻTQJMWFOT BNPSUJ[ùĻWBEăUâKBĻWBJĻQBTBxJFSBĻTâLPUOùKP TBEVSTNFTĻUSJFDJFOVĻ,BEĻESPtăCBTĻTQJMWFOJ TBEVSTNùĻUJFLĻTBTQJFTUJ ĻUJFĻTBQMPLĻ,BEĻUBT OPUJFL ĻTBMPOâĻJ[QMBUâTĻEÜNJĻ5BTĻJSĻQJMOăHJĻOPS NâMJĻ7JTTĻQSPDFTT ĻJFTLBJUPUĻESPtăCBTĻTQJMWFOB QJFQJMEătBOVĻVOĻTBQMBLtBOV ĻOPSJTJOâTĻTFLVO EFTĻEFTNJUEBĮâT &TQÝĦDCUURKNXGPKXCFĦVęLCRWUġ fJNĻBVUPNPCJMJNĻJSĻEJWJĻESPtăCBTĻTQJMWFOJ ĻLBT QBQJMEJOBĻBJ[TBSE[ăCV ĻLVSVĻOPESPtJOBĻESPtă CBTĻKPTUBĻWBEăUâKBĻQVTùĻ7JFOTĻOPĻESPtăCBT HBJTBĻTQJMWFOJFNĻTBMPDăUâĻWFJEâĻBUSPEBTĻTUÜSFT SBUâĻ TLBUJFUĻBUUùMVĻĻMQQ ĻVOĻV[ĻTUÜSFTĻJS SFE[BNBĻV[MăNFĻ#+4$#) $4ÿ&+0ó,7/5 %SPtăCBTĻKPTUBTĻVOĻESPtăCBTĻHBJTBĻTQJMWFOJ WJFOTĻPUSVĻQBQJMEJOBĻ+BĻESPtăCBTĻKPTUB OFUJFLĻMJFUPUBĻWBJĻUJFLĻMJFUPUBĻOFQBSFJ[J ĻWBS TBNB[JOâUJFTĻESPtăCBTĻHBJTBĻTQJMWFOV TOJFHUâĻBJ[TBSE[ăCBĻTBEVSTNFTĻHBEăKVNâ 2CUCäKGTCFTQÝĦDCUURKNXGPU $4ÿ&+0ó,7/5 7PMWPĻJFTBLBĻTB[JOâUJFTĻBSĻBVUPSJ[ùUVĻ7PMWP TFSWJTV ĻMBJĻWFJLUVĻSFNPOUVĻ/FQJMOăHTĻESPtă CBTĻHBJTBĻTQJMWFOVĻTJTUùNBTĻSFNPOUTĻWBS J[SBJTăUĻEBSCăCBTĻLĮÜNFTĻVOĻOPQJFUOVT TBWBJOPKVNVT 2+'<ÿ/' %FUFLUPSJĻSFBīùĻBUtĸJSăHJĻBULBSăCâĻOPĻTBEVS TNFTĻWFJEBĻVOĻUâ ĻWBJĻJSĻQJFTQSâE[ùUBTĻESP tăCBTĻKPTUBTĻ"UUJFDBTĻV[ĻWJTâNĻESPtăCBT KPTUVĻQP[ăDJKâN ĻJ[ĪFNPUĻBJ[NVHVSùKP WJEùKPĻTùEFLMJ 5âEùĮĻJSĻJFTQùKBNT ĻLBĻTBEVSTNùĻJ[QMFtBT UJLBJĻWJFOTĻ WBJĻOFWJFOT ĻOPĻESPtăCBTĻHBJTB TQJMWFOJFNĻ%FUFLUPSJĻOPTBLBĻTBEVSTNFT TQùLVĻV[ĻBVUPNBtăOVĻVOĻBUUJFDăHJĻQJFMâHP KBT ĻJ[QMFtPUĻWJFOVĻWBJĻWBJSâLVTĻESPtăCBT HBJTBĻTQJMWFOVT %GĹICNWFTQÞĝDCUICKUCURKNXGPKXCFĝVđLCRWUĘ CWVQOCÞĝPCCTUVĨTKMTGKUCLđRWUĘ 0USTĻESPtăCBTĻHBJTBĻTQJMWFOTĻ DFĮHBMVĻMăNFOă BUSPEBTĻJOTUSVNFOUVĻQBOFĮBĻWBEăUâKBĻQVTFT BQBLtùKâĻEBĮâĻĻV[ĻtăĻQBOFĮBĻBUSPEBTĻV[MăNF #+4$#) 2TKGMÞĘLđRCUCåKGTCFTQÞĝDCUURKNXGPCCVTCÞCPđU XKGVCCWVQOQDKNĝCTUVĨTKMTGKUCLđRWUĘ &TQÝĦDC &TQÝĦDCUURKNXGPK $4ÿ&+0ó,7/5 %SPtăCBTĻKPTUBTĻVOĻESPtăCBTĻHBJTBĻTQJMWFOJ WJFOTĻPUSVĻQBQJMEJOBĻ+BĻESPtăCBTĻKPTUB OFUJFLĻMJFUPUBĻWBJĻUJFLĻMJFUPUBĻOFQBSFJ[J ĻWBS TBNB[JOâUJFTĻESPtăCBTĻHBJTBĻTQJMWFOB TOJFHUâĻBJ[TBSE[ăCBĻTBEVSTNFTĻHBEăKVNâ -BJĻTBNB[JOâUVĻTBWBJOPKVNVĻHÜtBOBTĻSJTLV HBEăKVNâ ĻKBĻJ[QMFtBTĻESPtăCBTĻHBJTBĻTQJM WFOJ ĻQBTBxJFSJFNĻKâTùxĻWFSUJLâMJ ĻBUCBMTUPU BCBTĻLâKBTĻQSFUĻHSăEV ĻCFUĻNVHVSBTĻĻQSFU BU[WFMUOJĻ%SPtăCBTĻKPTUBTĻJSĻKâQJFTQSâE[ù 2TKGMÞĘLđRCUCåKGTCFTQÞĝDCUURKNXGPCCVTCÞCPđU XKGVCCWVQOQDKNĝCTUVĨTKNCDCLđRWUĘ fJNĻBVUPNPCJMJNĻJSĻESPtăCBTĻTQJMWFOT ĻLBT QBQJMEJOBĻBJ[TBSE[ăCV ĻLVSVĻOPESPtJOBĻESPtă CBTĻKPTUBĻCMBLVTTùEùUâKBĻQVTùĻ5BTĻJSĻV[TUâ EăUTĻWJFUâĻWJSTĻDJNEVĻOPEBMăKVNBĻ6[ĻUâĻQâS TFHBĻQBOFĮBĻJSĻNBSĸùKVNTĻ#+4$#) $4ÿ&+0ó,7/5 /FOPWJFUPKJFUĻOFLâEVTĻQSJFLtNFUVTĻJOTUSV NFOUVĻQBOFĮBĻQSJFLtQVTùĻWBJĻWJSTĻUâĻWJFUâ LVSĻBUSPEBTĻQBTBxJFSBĻESPtăCBTĻHBJTBĻTQJM WFOT $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻCùSOVĻOFMJFDJFUĻCùSOV TùEFLMăUăĻWBJĻV[ĻTùEFLĮBĻQBMJLUĪBĻQSJFLtùKâ TùEFLMă ĻKBĻJSĻBLUJWùUTĻESPtăCBTĻTQJMWFOT /FLâEâĻHBEăKVNâĻOFĮBVKJFUĻCùSOBNĻTUâWùU WBJĻTùEùUĻQSJFLtùKâĻQBTBxJFSBĻTùEFLĮB QSJFLtâ #ùSOJ ĻLBTĻăTâLJĻQBSĻĻDN ĻOFLâEâĻHBEă KVNâĻOFESăLTUĻTùEùUĻCMBLVTTùEùUâKB TùEFLMă ĻKBĻJSĻBLUJWùUTĻESPtăCBTĻTQJMWFOT *FQSJFLtNJOùUPĻOPSâEăKVNVĻOFJFWùSPtBOB WBSĻBQESBVEùUĻE[ăWăCV &TQÝĦDC &TQÝĦDCUURKNXGPCCMVKXġÝCPCFGCMVKXġÝCPC #VUNġICUUNġF\KUK\UN2#%15 8KURęTĦICKPHQTOęEKLC 1SJFLtùKâĻQBTBxJFSBĻTùEFLĮBĻESPtăCBTĻTQJMWFOV WBSĻEFBLUJWùU ĻKBĻBVUPNBtăOBĻJSĻBQSăLPUBĻBSĻTMù E[JĻ1"$04Ļ 1BTTFOHFSĻ"JSCBHĻ$VUĻ0GG 4XJUDI Ļ*OGPSNâDJKVĻQBSĻBLUJWùtBOVEFBLUJWù tBOVĻTLBUJFUĻTBEBĮâĻ"LUJWùtBOBEFBLUJWù tBOB #VUNġICUUNġF\KUK\UNUNġF\KU 1SJFLtùKâĻQBTBxJFSBĻESPtăCBTĻTQJMWFOBĻJ[TMùH tBOBTĻTMùE[JTĻ 1"$04 ĻBUSPEBTĻJOTUSVNFOUV QBOFĮBĻHBMâĻQSJFLtùKâĻQBTBxJFSBĻQVTù ĻVOĻUBT JSĻQJFFKBNT ĻLBEĻQSJFLtùKâĻQBTBxJFSBĻEVSWJTĻJS BUWùSUBTĻ TLBUJFUĻUVSQNâLPĻOPEBĮVĻ"LUJWù tBOBEFBLUJWùtBOB 1âSCBVEJFU ĻWBJĻTMùE[JTĻJSĻWBKBE[ăHBKâĻQP[ăDJKâ 7PMWPĻJFTBLBĻQP[ăDJKBTĻNBJOătBOBJĻMJFUPUĻUâMWB EăCBTĻQVMUTĻBUTMùHBTĻTMùE[PtPĻEBĮV *OGPSNâDJKBĻQBSĻBUTMùHBTĻTMùE[PtPĻEBĮV ĻTLBUăU MQQĻ $4ÿ&+0ó,7/5 *FQSJFLtNJOùUPĻOPSâEăKVNVĻOFJFWùSPtBOB WBSĻBQESBVEùUĻBVUPNBtăOBTĻQBTBxJFSVĻE[ă WăCV $4ÿ&+0ó,7/5 #MVKXġÝCPCFGCMVKXġÝCPC +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻQSJFLtùKâ QBTBxJFSBĻESPtăCBTĻTQJMWFOV ĻCFUĻUBNĻOBW TMùExBĻ1"$04Ļ 1BTTFOHFSĻ"JSCBHĻ$VUĻ0GG 4XJUDIĻĻ1BTBxJFSBĻESPtăCBTĻTQJMWFOB J[TMùHtBOBTĻTMùE[JT ĻUBEĻESPtăCBTĻTQJMWFOT WJFONùSĻJSĻBLUJWùUT $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFTùEJOJFUĻCùSOVĻUâEâ CùSOVĻTùEFLMăĻWBJĻV[ĻUâEBĻTùEFLĮBĻQBMJLUĪB LVStĻQJFTUJQSJOâUTĻQSJFLtùKâĻTùEFLMă ĻKB QSJFLtùKBJTĻESPtăCBTĻHBJTBĻTQJMWFOTĻJSĻBLUJ WùUTĻVOĻKVNUBĻLPOTPMùĻEFHĻTJNCPMTĻ /FJFWùSPKPUĻtPĻQBEPNV ĻWBSBUĻBQESBVEùU CùSOBĻE[ăWăCV $4ÿ&+0ó,7/5 /FĮBVKJFUĻOFWJFOBNĻTùEùUĻQSJFLtùKâĻQBTB xJFSBĻTùEFLMă ĻKBĻKVNUBĻLPOTPMùĻ TLBUăU MQQĻ ĻJSĻSFE[BNTĻ[JĪPKVNT ĻLBĻESPtăCBT TQJMWFOTĻJSĻEFBLUJWJ[ùUT ĻVOĻKBĻESPtăCBTĻTQJM WFOVĻTJTUùNBTĻCSăEJOâKVNBĻTJNCPMTĻJS SFE[BNTĻBSăĻLPNCJOùUBKâĻJOTUSVNFOUV QBOFMăĻ5BTĻOPSâEB ĻLBĻTJTUùNâĻJSĻOPQJFUOB LĮÜNFĻ#SBVDJFUĻV[ĻTFSWJTVĻQùDĻJFTQùKBT ESă[âLĻ7PMWPĻJFTBLBĻKVNTĻTB[JOâUJFTĻBS 7PMWPĻQJMOWBSPUVĻTFSWJTV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET &TQÞĝDCUURKNXGPCW\NĝOGUWPUNĘFåCCVTCÞCPđU XKGVC %SPtăCBTĻTQJMWFOTĻJSĻBLUJWùUTĻ+BĻTMùE[JT BUSPEBTĻtBKâĻQP[ăDJKâ ĻQSJFLtùKâĻQBTBxJFSB TùEFLMăĻWBSĻTùEùUĻQFSTPOBT ĻLBTĻJSĻHBSâLBT QBSĻĻDN ĻCFUĻOFLâEâĻHBEăKVNâĻCùSOJ CùSOVĻTùEFLMăUăĻWBJĻV[ĻTùEFLĮBĻQBMJLUĪB %SPtăCBTĻTQJMWFOTĻJSĻEFBLUJWùUTĻ+BĻTMùE[JT BUSPEBTĻtBKâĻQP[ăDJKâ ĻCMBLVTTùEùUâKB TùEFLMăĻCùSOJĻWBSĻTùEùUĻCùSOVĻTùEFLMăUăĻWBJ V[ĻTùEFLĮBĻQBMJLUĪB ĻCFUĻOFLâEâĻHBEăKVNâ OFWBSĻTùEùUĻDJMWùLJ ĻLVSJĻJSĻHBSâLJĻQBS ĻDN &TQÝĦDC &TQÝĦDCUURKNXGPCCMVKXġÝCPCFGCMVKXġÝCPC $4ÿ&+0ó,7/5 #MVKXK\ġVUFTQÝĦDCUURKNXGPU &GCMVKXK\ġVUFTQÝĦDCUURKNXGPU +PFKMCVQTUMCURCTđFCMCDNCMWUUĘFĘVđLCFTQÞĝ DCUURKNXGPUKTCMVKXĘVU +PFKMCVQTUMCUPQTđFCMCDNCMWUUĘFĘVđLCFTQÞĝ DCUURKNXGPUKTFGCMVKXĘVU 5FLTUBĻ[JĪPKVNTĻVOĻCSăEJOâKVNTĻTJNCPMT KVNUBĻLPOTPMùĻOPSâEB ĻLBĻQSJFLtùKâĻQBTBxJFSB TùEFLĮBĻESPtăCBTĻTQJMWFOTĻJSĻBLUJWùUTĻ TLBUJFU JFQSJFLtùKPĻBUUùMV 5FLTUBĻ[JĪPKVNTĻVOĻTJNCPMTĻKVNUBĻLPOTPMù OPSâEB ĻLBĻQSJFLtùKâĻQBTBxJFSBĻTùEFLĮBĻESPtă CBTĻTQJMWFOTĻJSĻEFBLUJWùUTĻ TLBUJFUĻJFQSJFLtùKP BUUùMV #MVKXġVUFTQÝĦDCUURKNXGPUĻ QBTBxJFSB TùEFLMJT /FLâEâĻHBEăKVNâĻCùSOVĻOFMJFDJFUĻCùSOV TùEFLMăUăĻWBJĻV[ĻTùEFLĮBĻQBMJLUĪBĻQSJFLtùKâ QBTBxJFSBĻTùEFLMă ĻKBĻJSĻBLUJWùUTĻESPtăCBT TQJMWFOTĻ5BTĻBUUJFDBTĻV[ĻWJTâNĻQFSTPOâN LVSVĻBVHVNTĻOFQâSTOJFE[ĻĻDN &GCMVKXġVUFTQÝĦDCUURKNXGPUĻ QBTBxJFSB TùEFLMJT 1FSTPOBT ĻLBTĻHBSâLBTĻQBSĻĻDN OFLâEâĻHBEăKVNâĻOFESăLTUĻTùEùUĻQSJFLtùKâ QBTBxJFSBĻTùEFLMă ĻKBĻESPtăCBTĻTQJMWFOTĻJS EFBLUJWùUT *FQSJFLtNJOùUPĻOPSâEăKVNVĻOFJFWùSPtBOB WBSĻBQESBVEùUĻE[ăWăCV 2+'<ÿ/' 1BHSJFxPUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻQP[ăDJKâ ++ ĻLPNCJOùUBKâĻLPOUSPMNùSJOTUSVNFOUV QBOFMăĻBQUVWFOJĻĻTFLVOEFTĻUJFLĻSâEăUTĻESP tăCBTĻHBJTBĻTQJMWFOBĻCSăEJOâKVNBĻTJNCPMT TLBUăUĻMQQĻ 1ùDĻUBNĻJ[HBJTNPKBTĻJOEJLBUPSTĻKVNUBĻLPO TPMù ĻOPSâEPUĻCMBLVTTùEùUâKBĻTùEFLĮBĻESP tăCBTĻTQJMWFOBĻQBSFJ[PĻTUBUVTVĻ1MBtâLB JOGPSNâDJKBĻQBSĻEBxâEâNĻUâMWBEăCBTĻQVMUT BUTMùHBTĻQP[ăDJKâN ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET &TQÝĦDC 5ęPWFTQÝĦDCUICKUCURKNXGPK 5+25 5ęPWFTQÝĦDCUURKNXGPU #VTCÝCPęUXKGVC QJFQÜtBTĻTUBSQĻCSBVDùKVĻVOĻEVSWKVĻQBOFMJ UâEùKâEJĻBNPSUJ[ùKPUĻTâLPUOùKPĻUSJFDJFOVĻ,BE ESPtăCBTĻTQJMWFOJĻTBEVSTNùĻUJFLĻTBTQJFTUJ ĻUJF TBQMPLĻ4âOVĻESPtăCBTĻTQJMWFOTĻQBSBTUJĻUJFL QJFQÜTUTĻUSJFDJFOBĻQVTù $ġTPWUġFGMNĦÝKWPUęPWFTQÝĦDCUICKUC URKNXGPK 4âOVĻESPtăCBTĻTQJMWFOJĻOFNB[JOBĻBVUPNPCJĮB BJ[TBSE[ăCVĻCùSOJFN ĻLVSJĻTùxĻCùSOVĻTùEFLMăUă WBJĻV[ĻTùEFLĮBĻQBMJLUĪB $4ÿ&+0ó,7/5 4âOVĻUSJFDJFOBĻTBEVSTNFTĻHBEăKVNâĻMJFMBĻEBĮB TBEVSTNFTĻTQùLBĻUJFLĻOPWBEăUBĻBSĻ4*14Ļ TâOV USJFDJFOVĻBJ[TBSE[ăCBTĻTJTUùNB ĻV[ĻTJKâN ĻTUBU ĪJFN ĻHSăEV ĻKVNUVĻVOĻDJUâNĻBVUPNPCJĮBĻWJST CÜWFTĻEBĮâNĻ4âOVĻESPtăCBTĻTQJMWFOJĻQJFĻWBEă UâKBĻVOĻQSJFLtùKâĻQBTBxJFSBĻTùEFLĮJFNĻBJ[ TBSHâĻLSÜtLVSWKBĻVOĻHVSOVĻSBKPOV ĻVOĻUJFĻJS TWBSăHBĻ4*14ĻTBTUâWEBĮB 4*14ĻESPtăCBTĻTQJMWFOVĻTJTUùNBĻTBTUâWĻOP EJWJFNĻHBMWFOBKJFNĻLPNQPOFOUJFN ĻTâOVĻESP tăCBTĻTQJMWFOJFNĻVOĻTFOTPSJFNĻ4âOVĻHBJTB TQJMWFOJĻJSĻOPWJFUPUJĻQSJFLtùKPĻTùEFLĮVĻBU[WFMU OùT 8CFĝVđLCUĘFGMNKUUVĨTGMTGKUCLđRWUĘ $NCMWUUĘFĘVđLCUĘFGMNKUUVĨTGMTGKUCLđRWUĘ 4*14ĻTQJMWFOVĻTJTUùNVĻWFJEPĻTâOVĻESPtăCBT TQJMWFOJĻVOĻTFOTPSJĻ1JFUJFLBNJĻTQùDăHB TBEVSTNFĻJFEBSCJOBĻTFOTPSVT ĻVOĻTâOVĻESPtă CBTĻTQJMWFOJĻUJFLĻQJFQÜTUJĻ%SPtăCBTĻTQJMWFOT p 7PMWPĻJFTBLBĻtPĻOPNBJĪVĻV[UJDùUĻUJLBJ BVUPSJ[ùUBĻ7PMWPĻTFSWJTBĻEBSCJOJFLJFN /FQJMOăHTĻ4*14ĻTQJMWFOVĻTJTUùNBT SFNPOUTĻWBSĻJ[SBJTăUĻEBSCăCBTĻLĮÜNFT VOĻOPQJFUOVTĻTBWBJOPKVNVT p /FOPWJFUPKJFUĻOFLâEVTĻQSJFLtNFUVT WJFUâĻTUBSQĻTùEFLĮBĻâSNBMVĻVOĻEVSWKV QBOFMJ ĻKPĻtăĻWJFUBĻJSĻOFQJFDJFtBNB ĻMBJ WBSùUVĻJ[QMFTUJFTĻTâOVĻESPtăCBTĻHBJTB TQJMWFOT p 7PMWPĻJFTBLBĻMJFUPUĻUJLBJĻ7PMWPĻBQTUJQSJ OâUVTĻTùEFLĮVĻQâSWBMLVTĻ$JUJĻTùEFLĮV QâSWBMLJĻWBSĻUSBVDùUĻTâOVĻESPtăCBT HBJTBĻTQJMWFOVĻEBSCăCV p 4âOVĻESPtăCBTĻHBJTBĻTQJMWFOJĻQBQJMEJOB ESPtăCBTĻKPTUVĻTOJFHUPĻBJ[TBSE[ăCV 7JFONùSĻQJFTQSâE[ùKJFUĻESPtăCBTĻKPTUV &TQÝĦDC 5ęPWNQIWFTQÝĦDCUCK\MCTU +% ÿRCÝĦDCU $4ÿ&+0ó,7/5 /FLBEĻOFQBLBSJOJFUĻWBJĻOFQJFTUJQSJOJFU TNBHVTĻQSJFLtNFUVTĻQJFĻHSJFTUVĻSPLUVSJFN ĂĸJTĻJSĻQBSFE[ùUTĻUJLBJĻWJFHMVĻBQīùSCV HBCBMVĻ OFWJTĻDJFUVĻQSJFLtNFUV ĻQJFNùSBN MJFUVTTBSHV ĻQBLBSJOâtBOBJ /FLPĻOFQJFTLSÜWùKJFUĻWBJĻOFV[TUâEJFUĻQJF BVUPNPCJĮBĻHSJFTUJFN ĻEVSWKVĻTUBUĪJFNĻWBJ TâOVĻQBOFĮJFNĻ5BTĻWBSĻNB[JOâUĻQBSFE[ùUP BJ[TBSE[ăCVĻ7PMWPĻJFTBLBĻWJFONùSĻJ[NBOUPU UJLBJĻ7PMWPĻPSJīJOâMâTĻSF[FSWFTĻEBĮBT ĻLBTĻJS BQTUJQSJOâUBTĻJ[WJFUPKVNBNĻtBKâTĻ[POâT 4âOVĻMPHVĻESPtăCBTĻ QJFQÜtBNJF ĻBJ[LBSJĻ *$ ĻJS 4*14ĻTJTUùNBTĻEBĮBĻ5JFĻJSĻV[TUâEăUJĻBVUPNBtă OBTĻHSJFTUVĻBQtVWVNBĻBCâTĻQVTùTĻVOĻBJ[ TBSHâĻâSùKPTĻTùEFLĮPTĻTùEPtâTĻQFSTPOBTĻ1JF UJFLBNJĻTQùDăHBĻTBEVSTNFĻJFEBSCJOBĻTFOTPSVT VOĻESPtăCBTĻBJ[LBSJĻUJFLĻQJFQÜTUJĻ%SPtăCBTĻBJ[ TBSHTĻTBEVSTNFTĻMBJLâĻQBMăE[ĻQBTBSHâUĻWBEă UâKBĻVOĻQSJFLtùKâĻTùEFLĮBĻQBTBxJFSBĻHBMWVĻOP USJFDJFOBĻQSFUĻTBMPOBĻJFLtQVTJ $4ÿ&+0ó,7/5 /FOPWJFUPKJFUĻLSBWVĻBVHTUâLĻQBSĻĻNN [FNĻEVSWKVĻMPHVĻBVHtùKâTĻNBMBTĻ1SFUùKâ HBEăKVNâĻHSJFTUVĻBQEBSùĻFTPtPĻBJ[LBSWFJEB ESPtăCBTĻHBJTBĻTQJMWFOVĻTOJFHUâĻBJ[TBS E[ăCBĻWBSĻQBTMJLUJOâUJFT $4ÿ&+0ó,7/5 "J[LBSWFJEBĻESPtăCBTĻHBJTBĻTQJMWFOJĻQBQJM EJOBĻESPtăCBTĻKPTUVĻTOJFHUPĻBJ[TBSE[ăCV 7JFONùSĻQJFTQSâE[ùKJFUĻESPtăCBTĻKPTUV &TQÝĦDC 9*+25 #K\UCTF\ĦDCRTGVMCMNCUMTKGOGīW KGXCKPQLWOKGOp9*+25 ,BLMBĻTLSJFNFĮVĻBJ[TBSE[ăCBTĻTJTUùNV 8)*14 ĻWFJEPĻFOFSīJKVĻBCTPSCùKPtBTĻBU[WFMU OFTĻVOĻTQFDJâMJĻLPOTUSVùUJĻQSJFLtùKPĻTùEFLĮV HBMWBTĻCBMTUJĻ4JTUùNVĻBLUJWJ[ùĻTBEVSTNFĻOP BJ[NVHVSFT ĻJFUFLNFĻJSĻTBEVSTNFTĻMFĪĸJNĻVO âUSVNBN ĻLâĻBSăĻTBEVSTNùĻJFTBJTUăUâĻUSBOT QPSUBĻMăE[FLĮBĻUFIOJTLBKJFNĻQBSBNFUSJFN $4ÿ&+0ó,7/5 8)*14ĻTJTUùNBĻQBQJMEJOBĻESPtăCBTĻKPTUV TOJFHUPĻBJ[TBSE[ăCVĻ7JFONùSĻQJFTQSâE[ù KJFUĻESPtăCBTĻKPTUV 9*+25UKUVġOCWPDġTPWUġFGMNĦÝK UġFGMīCRCNKMVĮK 8)*14ĻTJTUùNBĻOFNB[JOBĻBVUPNPCJĮBĻBJ[TBS E[ăCVĻCùSOJFN ĻLVSJĻTùxĻCùSOVĻTùEFLMăUăĻWBJĻV[ TùEFLĮBĻQBMJLUĪB 2CTGK\CUġFġÝCPCURQ\ĦEKLC .BLTJNâMBTĻBJ[TBSE[ăCBTĻOPMÜLâĻWBEăUâKBNĻVO CMBLVTTùEùUâKBNĻKâTùxĻTùEFLĮBĻWJEÜĻVOĻUâ ĻMBJ TUBSQĻHBMWVĻVOĻHBMWBTĻCBMTUVĻCÜUVĻQùDĻJFTQù KBTĻNB[âLTĻBUUâMVNT 0GVTCWEġLKGV9*+25UKUVġOCK 5ġFGMīCĦRCÝĦDCU "LUJWJ[ùKPUJFTĻ8)*14ĻTJTUùNBJ ĻQSJFLtùKP TùEFLĮVĻBU[WFMUOFTĻBULSăUĻBUQBLBĮ ĻNBJOPUĻWBEă UâKBĻVOĻQSJFLtùKPĻQBTBxJFSVĻTUâWPLMJĻ5BT TBNB[JOBĻSJTLVĻHÜUĻLBLMBĻVOĻTQSBOEBTĻJFWBJ OPKVNVT $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFQâSWFJEPKJFUĻVOĻOFMB CPKJFUĻTùEFLMJĻWBJĻ8)*14ĻTJTUùNVĻTBWJFN TQùLJFNĻ7PMWPĻJFTBLBĻKVNTĻTB[JOâUJFTĻBS 7PMWPĻQJMOWBSPUVĻTFSWJTV 0GCVUVđLKGVPGMđFWURTKGMÞOGVWUW\ITĝFCUCK\ XCFĝVđLCUĘFGMĹCDNCMWUUĘFĘVđLCUĘFGMĹCRTGVĘLđ ICFĝLWOđXCTVKMVMCXĘVC9*+25UKUVĘOCUFCT DĝDC &TQÝĦDC 9*+25 $4ÿ&+0ó,7/5 /FJFTQJFEJFUĻDJFUVTĻQSJFLtNFUVTĻTUBSQĻBJ[ NVHVSùKâĻTùEFLĮBĻQPMTUFSùKVNVĻVOĻQSJFL tùKPĻTùEFLĮVĻBU[WFMUOùNĻ1âSMJFDJOJFUJFT ĻLB OBWĻUSBVDùUBĻ8)*14ĻTJTUùNBTĻEBSCăCB $4ÿ&+0ó,7/5 +BĻTùEFLMJTĻJSĻCJKJTĻQBLĮBVUTĻâSLâSUăHJĻMJFMBN USJFDJFOBN ĻQJFNùSBN ĻBJ[NVHVSFTĻTBEVS TNFJ Ļ8)*14ĻTJTUùNBĻJSĻKâQâSCBVEBĻ7PMWP JFTBLBĻUPĻQâSCBVEăUĻBVUPSJ[ùUâĻ7PMWPĻTFS WJTâ 1BUĻKBĻtĸJFU ĻLBĻTùEFLĮJĻOBWĻCPKâUJ Ļ&)*14 TJTUùNBTĻBJ[TBSHTQùKBĻWBSĻCÜUĻEBĮùKJ [VEVTJ 7PMWPĻJFTBLBĻTB[JOâUJFTĻBSĻBVUPSJ[ùUVĻ7PMWP TFSWJTV ĻMBJĻQâSCBVEăUVĻTJTUùNVĻQBUĻQùD OFMJFMâNĻBJ[NVHVSFTĻTBEVSTNùN 0GPQXKGVQLKGVRTKGMÞOGVWUCK\OWIWTĘLđUĘFGMNĝ RTGVĘLđICFĝLWOđXCTVKMVMCXĘVC9*+25UKUVĘOCU FCTDĝDC $4ÿ&+0ó,7/5 /PMPLPUĻBJ[NVHVSùKâĻTùEFLĮBĻBU[WFMUOFT BUUJFDăHJFĻQSJFLtùKJFĻTùEFLĮJĻKâQBCăEBĻV[ QSJFLtV ĻMBJĻUJFĻOFTBTLBSUPTĻBSĻOPMPDăUBKâN BU[WFMUOùN &TQÝĦDC -CFUKUVġOCPQUVTęFę -CFUKUVġOCPQUVTęFę 5KUVġOC +GFCTDKPęVC %SPtăCBTĻKPTUBT TQSJFHPUâKT ĻQSJFL tùKBJTĻTùEFLMJT 'SPOUâMBTĻTBEVSTNFT VOWBJĻTBEVSTNFTĻBS USJFDJFOVĻOPĻTâOJFN VOWBJĻBJ[NVHVSùKâT TBEVSTNFTĻVOWBJ BQHâtBOâTĻHBEăKVNâ %SPtăCBTĻKPTUBT TQSJFHPUâKT ĻBJ[ NVHVSùKBJT TùEFLMJT" 'SPOUâMBTĻTBEVSTNFT VOWBJĻTâOVĻUSJFDJFOB VOWBJĻBQHâtBOâT HBEăKVNâ %SPtăCBTĻTQJMWFOJ 'SPOUâMâĻTBEVSTNù# 4UÜSFTĻESPtăCBT HBJTBĻTQJMWFOT DFĮHBMVĻESPtăCBT HBJTBĻTQJMWFOT QBTBxJFSBĻESPtă CBTĻHBJTBĻTQJM WFOT 4âOVĻESPtăCBT TQJMWFOJĻ 4*14 5KUVġOC " # +GFCTDKPęVC 4âOVĻMPHVĻESPtă CBTĻBJ[TBSHTĻ *$ 4âOVĻUSJFDJFOBĻVOWBJ BQHâtBOâTĻVOWBJ EBxVĻGSPOUâMP TBEVSTNKVĻHBEăKVNâ# ,BLMBĻTLSJFNFĮV BJ[TBSE[ăCB 8)*14 4BEVSTNùĻOPĻBJ[NV HVSFT "J[NVHVSùKâĻTùEFLĮBĻWJEùKâĻTùEWJFUBĻOBWĻBQSăLPUBĻBSĻESPtă CBTĻKPTUVĻTQSJFHPUâKV "VUPNPCJĮBĻWJSTCÜWF ĻBSăĻOFOPTUSâEâKPUĻESPtăCBTĻTQJMWF OJFN ĻTBEVSTNùĻWBSĻUJLUĻJFWùSPKBNJĻEFGPSNùUBĻ"VUPNPCJĮB ESPtăCBTĻTJTUùNVĻEBSCăCVĻJFUFLNùĻWBJSâLJĻBQTUâLĮJ ĻQJFNù SBN ĻPCKFLUB ĻBSĻLVSVĻOPUJLVTJĻTBEVSTNF ĻDJFUăCBĻVOĻNBTB BVUPNPCJĮBĻâUSVNT ĻUSJFDJFOBĻMFĪĸJTĻVD +BĻESPtăCBTĻTQJMWFOJĻJSĻQJFQÜTUJ ĻJFWùSPKJFU tâEVTĻJFUFJLVNVT p "VUPNPCJĮBĻFWBLVùtBOBĻ7PMWPĻJFTBLBĻUP OPHâEâUĻ7PMWPĻQJMOWBSPUâĻTFSWJTâĻ/FCSBV DJFU ĻKBĻESPtăCBTĻTQJMWFOJĻJSĻBUWùSVtJFT p "VUPNPCJĮBĻESPtăCBTĻTJTUùNVĻLPNQP /FHBEăKVNâĻBSĻUSJF DJFOVĻOPĻTâOJFN# OFOUVĻNBJĪBTĻWFJLtBOVĻ7PMWPĻJFTBLBĻV[UJ DùUĻ7PMWPĻQJMOWBSPUBNĻTFSWJTBN p /PUFJLUJĻTB[JOJFUJFTĻBSĻâSTUV 2+'<ÿ/' %SPtăCBTĻHBJTBĻTQJMWFOBĻVOĻKPTUBTĻTQSJFHP UâKBĻTJTUùNBTĻUJFLĻBLUJWùUBTĻUJLBJĻWJFOVĻSFJ[J TBEVSTNFTĻMBJLâ $4ÿ&+0ó,7/5 %SPtăCBTĻTQJMWFOVĻTJTUùNBTĻWBEăCBTĻNPEV MJTĻBUSPEBTĻWJEVTLPOTPMùĻ+BĻWJEVTLPOTPMù JSĻJFLĮVWJTĻÜEFOTĻWBJĻDJUTĻtĸJESVNT ĻBUWJFOP KJFUĻBLVNVMBUPSBĻLBCFĮVTĻ/FNùīJOJFU JFEBSCJOâUĻBVUPNPCJMJ ĻKPĻWBSĻOPTUSâEâUĻESP tăCBTĻTQJMWFOJĻ"VUPNPCJĮBĻFWBLVâDJKB 7PMWPĻJFTBLBĻOPHâEâUĻBVUPNPCJMJĻV[Ļ7PMWP QJMOWBSPUVĻTFSWJTV $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFCSBVDJFU ĻKBĻESPtăCBT HBJTBĻTQJMWFOJĻJSĻJ[QMFUVtJFTĻ5JFĻWBSĻBQHSÜUJ OâUĻTUÜSùtBOVĻ7BSĻUJLUĻCPKâUBTĻBSăĻDJUBTĻESP tăCBTĻTJTUùNBTĻ*MHTUPtBĻBUSBtBOâTĻEÜNPT VOĻQVUFLĮPT ĻLBTĻSBEVtJFTĻESPtăCBTĻHBJTB TQJMWFOVĻJ[QMFtBOâTĻMBJLâ ĻWBSĻJ[SBJTăUĻâEBT VOĻBDVĻLBJSJOâKVNVTBWBJOPKVNVTĻ+B SPEBTĻLBJSJOâKVNT ĻJ[TLBMPKJFUĻBDJTĻBSĻBVL TUVĻÜEFOJĻĂUSâĻESPtăCBTĻHBJTBĻTQJMWFOV J[QMFtBOâTĻVOĻUPĻBVEVNTĻWBSĻJ[SBJTăUĻCFS[J VOĻâEBTĻBQEFHVNVT &TQÝĦDC 5CHGV[OQFG $TCWMÝCPCRġEUCFWTUOGU +BĻBVUPNPCJMJTĻJSĻJFLĮVWJTĻTBEVSTNù ĻJOGPSNâ DJKBTĻEJTQMFKâĻWBSĻQBSâEăUJFTĻUFLTUTĻ&TQÝĦDCU TGä5MTQMCUITĻ5BTĻOP[ăNù ĻLBĻJSĻTBNB[J OâKVTJFTĻBVUPNBtăOBTĻGVOLDJPOBMJUâUFĻ%SPtă CBTĻSFxăNTĻJSĻBJ[TBSE[ăCBTĻTUâWPLMJT ĻLBE TBEVSTNFTĻHBEăKVNâĻWBSĻCÜUĻCPKâUBTĻTWBSăHBT BVUPNBtăOBTĻGVOLDJKBT ĻQJFNùSBN ĻEFHWJFMBT QBEFWFTĻTJTUùNB ĻLâEBTĻESPtăCBTĻTJTUùNBT TFOTPSJĻWBJĻCSFNxVĻTJTUùNB /ġĥKPKGVKGFCTDKPęVCWVQOCÝĦPW #PCNQIđMQODKPĘVđKPUVTWOGPVWRCPGĹCDTĝFKPđ LWOCUKODQNU 1JSNLâSU ĻQâSCBVEJFU ĻWBJĻOPĻBVUPNBtăOBT OFJ[UFLĻEFHWJFMBĻ/FESăLTUĻCÜUĻKÜUBNBĻEFHWJF MBTĻTNBLB +BĻWJTTĻtĸJFUĻLâSUăCâĻVOĻFTBUĻQâSCBVEăKJT ĻWBJ OFOPQMÜTUĻEFHWJFMB ĻWBSBUĻNùīJOâUĻJFEBSCJOâU BVUPNBtăOV *[ĪFNJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻVOĻBUWFSJFU WBEăUâKBĻEVSWJTĻ+BĻQBSâEâTĻ[JĪPKVNTĻQBSĻUP LBĻBJ[EFE[FĻJSĻJFTMùHUB ĻOPTQJFEJFUĻJFEBSCJOâ tBOBTĻQPHVĻ1ùDĻUBNĻBJ[WFSJFUĻEVSWJTĻVOĻWùM SFJ[ĻJFWJFUPKJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻ"VUP NPCJĮBĻFMFLUSPOJTLâĻTJTUùNBĻUBHBEĻNùīJOâT BUHSJF[UJFTĻOPSNâMâĻSFxăNâĻ1ùDĻUBNĻNùīJOJFU JFEBSCJOâUĻBVUPNBtăOV &KIKVđNđMQODKPĘVđKPUVTWOGPVWRCPGĹCDTĝFKPđ LWOCUKODQNU #WVQOCÝĦPCURęTXKGVQÝCPC +BĻ0QTOCNOQFGĻUJFLĻSâEăUTĻQùDĻ&TQÝĦDCU TGä5MTQMCUITĻBUJFTUBUătBOBT ĻBSĻBVUPNP CJMJĻV[NBOăHJĻESăLTUĻJ[CSBVLUĻâSâĻOPĻCăTUBNâT [POBTĻ/FQâSWJFUPKJFUĻBVUPNBtăOVĻUâMâLĻOFLâ OFQJFDJFtBNT $4ÿ&+0ó,7/5 /FLBEĻOFNùīJOJFUĻTBSFNPOUùUĻTBWVĻBVUP NPCJMJĻWBJĻBUJFTUBUăUĻFMFLUSPOJLVĻQBUT ĻKB BVUPNPCJMJTĻJSĻCJKJTĻESPtăCBTĻSFxăNâĻ5BTĻWBS J[SBJTăUĻJFWBJOPKVNVTĻWBJĻOFBUCJMTUPtVĻBVUP NPCJĮBĻTJTUùNVĻEBSCăCVĻ"VUPNPCJĮBĻQâS CBVEJĻVOĻBUKBVOPtBOVĻOPSNâMâĻTUBUVTâĻQùD UBN ĻLBEĻUJDJTĻQBSâEăUTĻ&TQÝĦDCUTGä5M TQMCUIT Ļ7PMWPĻJFTBLBĻV[UJDùUĻ7PMWPĻQJMO WBSPUBNĻTFSWJTBN $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻVOĻOFLâEPTĻBQTUâLĮPT OFNùīJOJFUĻJFEBSCJOâUĻBVUPNPCJMJĻBULâSUPUJ KBĻQBSâEâTĻ[JĪPKVNTĻ&TQÝĦDCUTGä5M TQMCUITĻVOĻJSĻKÜUBNBĻEFHWJFMBTĻTNBLB /FLBWùKPUJFTĻJ[LâQJFUĻOPĻBVUPNPCJĮB +BĻEJTQMFKâĻUJFLĻQBSâEăUTĻ[JĪPKVNTĻ&TQÝĦDCU TGä5MTQMCUIT ĻUBEĻBSĻBVUPNPCJMJĻOFESăLTU CSBVLUĻWBJĻUPĻWJMLU ĻUâĻWJFUâĻKâJ[NBOUPĻUFIOJTLâT QBMăE[ăCBTĻEJFOFTUBĻQBLBMQPKVNTĻ1BUĻUBE ĻKB NBtăOBĻtĸJFUĻCSBVDBNB ĻTMùQUTĻEFGFLUTĻCSBV DPUĻWBSĻQBEBSăUĻUPĻOFWBEâNV &TQÝĦDC 5CHGV[OQFG $4ÿ&+0ó,7/5 +BĻBVUPNBtăOBJĻJSĻJFTMùHUTĻESPtăCBTĻSFxăNT UPĻOFESăLTUĻWJMLUĻ"VUPNBtăOBĻKâUSBOTQPSUù OPĻWJFUBT ĻLVSĻUâĻBUSPEBTĻ7PMWPĻJFTBLB USBOTQPSUùUĻBVUPNBtăOVĻV[Ļ7PMWPĻQJMOWBSPUV TFSWJTV &TQÝĦDC 2CUCäKGTCFTQÝĦDCUURKNXGPU 2GFGUVTKCP#KTDCI ÿRCÝĦDCU $4ÿ&+0ó,7/5 /FV[TUâEJFUĻQJFEFSVNVTĻVOĻOFNBJOJFU OFLPĻQSJFLtQVTùĻ/FQBSFJ[BĻJFKBVLtBOâT QSJFLtQVTùĻWBSĻJ[SBJTăUĻOFQBSFJ[VĻTJTUùNBT EBSCăCV ĻLâĻBSăĻOPQJFUOVTĻTBWBJOPKVNVTĻVO BVUPNBtăOBTĻCPKâKVNVT 7PMWPĻJFTBLBĻMJFUPUĻPSJīJOâMâTĻUăSăUâKVĻTWJSBT VOĻUJLBJĻPSJīJOâMâTĻUPĻEFUBĮBT $4ÿ&+0ó,7/5 %SPtăCBTĻTQJMWFOTĻ 1FEFTUSJBOĻ"JSCBH ĻBUSPEBT [FNĻE[JOùKBĻQâSTFHBĻOFUâMVĻOPĻWùKTUJLMBĻ+B OPUJFLĻGSPOUâMBĻTBEVSTNFĻBSĻHâKùKV ĻQSJFLtùKâ USJFDJFOTUJFĪBĻTFOTPSJĻSFBīùĻVOĻWBKBE[ăCBT HBEăKVNâĻESPtăCBTĻHBJTBĻTQJMWFOTĻJ[QMFtBT CBMTUPUJFTĻV[ĻUSJFDJFOBĻTQùLVĻ4FOTPSJĻUJFL BLUJWJ[ùUJ ĻKBĻCSBVLtBOBTĻâUSVNTĻTBTOJFE[ BQUVWFOJĻĻLNIĻVOĻBQLâSUùKâĻUFNQFSB UÜSBĻJSĻOPĻĻMăE[Ļ $ +BĻESPtăCBTĻHBJTBĻTQJMWFOTĻJSĻBLUJWJ[ùUT 1FEFTUSJBOĻ"JSCBH p E[JOùKBĻQâSTFHBĻBJ[NVHVSùKâĻEBĮBĻUJFL QBDFMUBĻVOĻOPGJLTùUBĻtBKâĻQP[ăDJKâ p p CSFNxVĻTJTUùNBĻUJFLĻTBHBUBWPUBĻBWâSJKBT UJFLĻBLUJWJ[ùUJĻBWâSJKBTĻHBJTNBTĻTJHOâMJ CSFN[ùtBOBJ /FV[TUâEJFUĻQJFEFSVNVTĻVOĻOFNBJOJFU OFLPĻQSJFLtQVTù ĻKBĻBVUPNBtăOBĻJSĻBQSăLPUB BSĻESPtăCBTĻHBJTBĻTQJMWFOVĻ 1FEFTUSJBO "JSCBH Ļ/FQBSFJ[BĻJFKBVLtBOâTĻQSJFLtQVTù WBSĻJ[SBJTăUĻOFQBSFJ[VĻTJTUùNBTĻEBSCăCV ĻLâ BSăĻOPQJFUOVTĻTBWBJOPKVNVTĻVOĻBVUPNBtă OBTĻCPKâKVNVT TBEBĮâĻ%SPtăCBTĻHBJTBĻTQJMWFOBĻTBMPDă tBOBĻ 1FEFTUSJBOĻ"JSCBH 7ùSTJFUJFTĻUVWâLBKâĻBVUPTFSWJTâ $4ÿ&+0ó,7/5 7PMWPĻJFTBLBĻQùDĻESPtăCBTĻHBJTBĻTQJMWFOB BLUJWJ[ùtBOâTĻTB[JOâUJFTĻBSĻBVUPSJ[ùUV 7PMWPĻTFSWJTVĻQùDĻJFTQùKBTĻâUSâL &TQÝĦDCUICKUCURKNXGPCUCNQEĦÝCPC 2GFGUVTKCP#KTDCI 7PMWPĻJFTBLBĻMJFUPUĻPSJīJOâMâTĻUăSăUâKVĻTWJSBT VOĻUJLBJĻPSJīJOâMâTĻUPĻEFUBĮBT 4ĦEĦDCRġECMVKXK\ġÝCPęU +BĻUJFLĻBLUJWJ[ùUTĻLâETĻOPĻQâSùKJFNĻQBTBxJFSV TBMPOBĻESPtăCBTĻHBJTBĻTQJMWFOJFN ĻESPtăCBT SFxăNTĻQBMJFLĻJFTMùHUT ĻTLBUăUĻMQQĻ +BĻJSĻBLUJWJ[ùKJFTĻUJLBJĻHâKùKVĻESPtăCBTĻHBJTB TQJMWFOT 1âSWJFUPKJFUĻBVUPNBtăOVĻESPtâĻWJFUâĻQùD JFTQùKBTĻUVWâL 4BMPLJFUĻESPtăCBTĻHBJTBĻTQJMWFOVĻBUCJMTUPtJ JOTUSVLDJKâN ĻLBTĻTOJFHUBTĻOâLBNBKâ %SPtăCBTĻHBJTBĻTQJMWFOTĻ 1FEFTUSJBO "JSCBH %SPtăCBTĻHBJTBĻTQJMWFOBĻLPSQVTT -JQMFOUF ĻQBTBxJFSBĻQVTù -JQMFOUF ĻWBEăUâKBĻQVTù Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET &TQÝĦDC 2CUCäKGTCFTQÝĦDCUURKNXGPU 2GFGUVTKCP#KTDCI %SPtăCBTĻHBJTBĻTQJMWFOTĻWBSĻCÜUĻTJMUT ĻVOĻUBT WBSĻEÜNPUĻ5BTĻJSĻOPSNâMJĻ4BMPLJFUĻESPtăCBT HBJTBĻTQJMWFOVĻtâEJ "USPEJFUĻWBEăUâKBĻQVTFTĻ ĻMJQMFOUJ 7BEăUâKBĻQVTùĻTBĪFNJFUĻESPtăCBTĻHBJTB TQJMWFOBĻBVEVNVĻHBSFOJTLJĻ1ùDĻUBNĻTBMP LJFUĻTBĪFNUPĻBVEVNVĻV[ĻDFOUSBĻQVTJĻ"S MJQMFOUJĻ EJWQVTùKP ĻBQĪFNJFUĻQùDĻJFTQùKBT WBJSâLĻBVEVNBĻVOĻOPTUJQSJOJFU *FTQJFEJFUĻESPtăCBTĻHBJTBĻTQJMWFOBĻTBMP DăUPĻEBĮV ESPtăCBTĻHBJTBĻTQJMWFOBĻLPSQVTâĻ "ULâSUPKJFUĻĻTPMJĻQBTBxJFSBĻQVTFTĻESP tăCBTĻHBJTBĻTQJMWFOBNĻ*FTQùKBNT ĻtBKâ QVTùĻTBĪFNUPĻBVEVNVĻOâLTJFTĻTBMPDăU EJWSFJ[ ĻMBJĻUBNĻWBSùUVĻBQMJLUĻMJQMFOUJ %SPtăCBTĻHBJTBĻTQJMWFOBĻLPSQVTBĻQâSTFHV WBSĻBUWùSUĻUJLBJĻOFEBVE[Ļ5BTĻJSĻOPSNâMJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET &TQÝĦDC $ġTPWFTQÝĦDC $ġTPCOLęUġäġTVKWPFTQÝK 7PMWPĻJFTBLBĻQâSWBEâUĻCùSOVTĻV[ĻBJ[NVHVSJ WùSTUâĻCùSOVĻTùEFLMăUăĻQùDĻJFTQùKBTĻJMHâL ĻWJT NB[ĻMăE[ĻĻHBEVĻWFDVNBN ĻVOĻQùDĻUBN J[NBOUPUĻV[ĻQSJFLtVĻWùSTUVĻTùEFLĮBĻQBMJLUOJ CùSOVĻTùEFLMăUJĻMăE[ĻĻHBEVĻWFDVNBN #ùSOBĻOPWJFUPKVNVĻBVUPNPCJMăĻVOĻBQSăLPKVNB J[WùMJĻOPTBLBĻCùSOBĻTWBSTĻVOĻHBSVNT ĻQMBtâLB JOGPSNâDJKB ĻTLBUăUĻMQQĻ 2+'<ÿ/' $4ÿ&+0ó,7/5 +BĻSPEBTĻKBVUâKVNJĻQBSĻCùSOVĻESPtăCBTĻBQSă LPKVNBĻV[TUâEătBOV ĻTB[JOJFUJFTĻBSĻSBxP UâKV ĻMBJĻTBĪFNUVĻTLBJESâLVTĻOPSâEăKVNVT $ġTPWUġFGMNĦÝK $ġTPWUġFGMNĦÝWPQXKGVQLWOU +ÜTĻESăLTUBUĻOPWJFUPU %BxâEVĻWBMTUVĻOPUFJLVNJĻQBSĻCùSOVĻJ[WJFUP KVNVĻBVUPNBtăOâTĻBUtĸJSBTĻ1âSCBVEJFU LVSJĻOPUFJLVNJĻJSĻTQùLâĻKÜTVĻWBMTUă 7PMWPĻJSĻLPOLSùUJĻKÜTVĻBVUPNPCJMJNĻQBSFE[ùUT CùSOVĻESPtăCBTĻBQSăLPKVNTĻ CùSOVĻTùEFLMătJ TùEFLĮBĻQBMJLUĪJĻVOĻTUJQSJOâtBOBTĻJFSăDFT Ļ-JF UPKPUĻ7PMWPĻCùSOVĻESPtăCBTĻBQSăLPKVNV ĻCùS OBNĻUJFLĻOPESPtJOâUJĻPQUJNâMJĻBQTUâLĮJĻESPtBJ CSBVLtBOBJĻBVUPNPCJMăĻ5VSLMâUĻCùSOVĻESPtăCBT BQSăLPKVNTĻJSĻQJFNùSPUTĻVOĻWJFOLâStJĻMJFUP KBNT /FQJFTUJQSJOJFUĻCùSOVĻTùEFLĮBĻTJLTOBT TùEFLĮBĻIPSJ[POUâMBKBNĻSFHVMùtBOBTĻTUJF OJN ĻBUTQFSùNĻWBJĻTMJFEùNĻVOĻCBMTUJFN ĻLBT BUSPEBTĻ[FNĻTùEFLĮBĻ"TBTĻNBMBTĻWBS TBCPKâUĻTJLTOBT -BJĻQBSFJ[JĻV[TUâEăUVĻCùSOBĻTùEFLMăUJ ĻJ[MBTJFU V[TUâEătBOBTĻJOTUSVLDJKV 2+'<ÿ/' p CùSOVĻTùEFLMăUJTùEFLĮBĻQBMJLUOJĻQBTBxJFSB TùEFLMă ĻKBĻQBTBxJFSBĻESPtăCBTĻTQJMWFOT OBWĻBLUJWùUT G020739 7JTVĻWFDVNVĻVOĻBVHVNVĻCùSOJFNĻBVUPNBtăOâ WJFONùSĻKâCÜUĻQBSFJ[JĻOPTùEJOâUJFNĻ/FLâEâ HBEăKVNâĻOFĮBVKJFUĻCùSOBNĻTùEùUĻLMùQăĻQBTB xJFSJN $ĘTPWUĘFGMNĝÞKWPFTQÞĝDCUURKNXGPKPCXUCXKGVQ LCOK 2+'<ÿ/' -JFUPKPUĻCùSOVĻESPtăCBTĻBQSăLPKVNV ĻJSĻTWB SăHJĻJ[MBTăUĻLPNQMFLUâĻJFLĮBVUâTĻV[TUâEătB OBTĻJOTUSVLDJKBT p WJFOTĻWBJĻWBJSâLJĻCùSOVĻTùEFLMătJTùEFLĮB QBMJLUĪJĻBJ[NVHVSùKâĻTùEFLMă +BĻCMBLVTTùEùUâKBĻESPtăCBTĻTQJMWFOTĻJSĻBLUJ WùUT ĻWJFONùSĻOPWJFUPKJFUĻCùSOVĻTùEFLMăUJ TùEFLĮBĻQBMJLUOJĻBJ[NVHVSùKâĻTùEFLMăĻ+BĻCùSOT TùxĻQSJFLtùKâĻQBTBxJFSBĻTùEFLMă ĻWJĪtĻWBSĻHÜU TNBHVTĻTBWBJOPKVNVT ĻESPtăCBTĻTQJMWFOBN J[QMFtPUJFT *OGPSNâDJKVĻQBSĻBLUJWùUVEFBLUJWùUVĻESPtăCBTĻTQJMWFOVĻTLBUăUĻMQQĻ &TQÝĦDC $ġTPWFTQÝĦDC $4ÿ&+0ó,7/5 /FLBEĻOFOPWJFUPKJFUĻCùSOVĻTùEFLMăUăĻWBJĻV[ TùEFLĮBĻQBMJLUĪBĻQSJFLtùKâĻTùEFLMă ĻKBĻJS BLUJWùUTĻESPtăCBTĻTQJMWFOTĻ 434 #ùSOJ ĻLBTĻăTâLJĻQBSĻĻDN ĻOFLâEâĻHBEă KVNâĻOFESăLTUĻTùEùUĻCMBLVTTùEùUâKB TùEFLMă ĻKBĻJSĻBLUJWùUTĻESPtăCBTĻTQJMWFOT 434 *FQSJFLtNJOùUPĻOPSâEăKVNVĻOFJFWùSPtBOB WBSĻBQESBVEùUĻE[ăWăCV $4ÿ&+0ó,7/5 /FESăLTUĻMJFUPUĻTùEFLĮBĻQBMJLUĪVTCùSOV TùEFLĮVTĻBSĻUùSBVEBĻTUJQSJOâKVNJFNĻWBJ DJUJFNĻQJFEFSVNJFN ĻLBTĻWBSĻBUCBMTUăUJFT QSFUĻESPtăCBTĻKPTUBTĻTQSâE[FTĻBUWùStBOBT QPHV ĻQSFUùKâĻHBEăKVNâĻESPtăCBTĻKPTUBT TQSâE[FĻWBSĻOFKBVtJĻBUTQSâE[ùUJFT /FĮBVKJFUĻCùSOVĻTùEFLĮBĻBVHtEBĮBJĻBUCBMTUă UJFTĻQSFUĻWùKTUJLMV &TQÝĦDCUURKNXGPCW\NĦOG 7\NĝOGMĹĨUVTGF\COCMCFKTCVXĘTVCURCUCåKGTC FWTXKUUMCVKGVCVVĘNWNRR &TQÝĦDC $ġTPWFTQÝĦDC +GVGKECOKGDġTPWUġFGMNĦÝK /CUC 2TKGMÝġLCKUUġFGMNKU CTFGCMVKXġVWFTQÝĦ DCUURKNXGPW ĻHSVQB /CNġLCKUCK\OWIWTġLCKUUġFGMNKU 7PMWPĻNB[VĮVĻTùEFLMăUJTĻ 7PMWPĻ*OGBOUĻ4FBU ĻĻV[ĻBJ[NV HVSJĻWùSTUTĻCùSOVĻTùEFLMăUJT ĻQJFTUJQSJOâNT ĻJ[NBOUPKPU *40'*9ĻTUJQSJOâKVNBĻTJTUùNV NBLTĻĻLH ĻHSVQB "QTUJQSJOâUBJTĻUJQTĻ&Ļ NBLTĻĻLH - ĻHSVQB 7PMWPĻNB[VĮVĻTùEFLMăUJTĻ 7PMWPĻ*OGBOUĻ4FBU ĻqĻV[ĻBJ[ NVHVSJĻWùSTUTĻCùSOVĻTùEFLMăUJT ĻQJFTUJQSJOâNT J[NBOUPKPUĻBVUPNPCJĮBĻESPtăCBTĻKPTUV 7PMWPĻNB[VĮVĻTùEFLMăUJTĻ 7PMWPĻ*OGBOUĻ4FBU ĻqĻV[ĻBJ[NV HVSJĻWùSTUTĻCùSOVĻTùEFLMăUJT ĻQJFTUJQSJOâNT ĻJ[NBOUPKPU BVUPNPCJĮBĻESPtăCBTĻKPTUV ĻHSVQB "QTUJQSJOâUBJTĻUJQTĻ&Ļ "QTUJQSJOâUBJTĻUJQTĻ&Ļ NBLTĻĻLH 6 6 NBLTĻĻLH 8KFġLCKUCK\ OWIWTġLCKU UġFGMNKU 7PMWPĻNB[VĮV TùEFLMăUJTĻ 7PMWP *OGBOUĻ4FBU ĻqĻV[ BJ[NVHVSJĻWùSTUT CùSOVĻTùEFLMăUJT QJFTUJQSJOâNT J[NBOUPKPUĻBVUP NPCJĮBĻESPtăCBT KPTUV "QTUJQSJOâUBJT UJQTĻ& 6 *[NBOUPKPUĻDJUVTĻCùSOVĻTùEFLMătVT ĻKÜTVĻBVUPNPCJMJNĻJSĻKâCÜUĻJFLĮBVUBNĻUPĻSBxPUâKBĻQJFWJFOPUBKâĻUSBOTQPSUMăE[FLĮVĻTBSBLTUâĻWBJĻUBNĻKâCÜUĻBQTUJQSJOâUBNĻLâĻVOJWFSTâMBNĻTùEFLMăUJNĻBUCJMTUPtJĻ&$&Ļ3 MJLVNBĻQSBTăCâN `` &TQÝĦDC $ġTPWFTQÝĦDC /CUC 2TKGMÝġLCKUUġFGMNKU CTFGCMVKXġVWFTQÝĦ DCUURKNXGPW /CNġLCKUCK\OWIWTġLCKUUġFGMNKU ĻHSVQB 6OJWFSTâMJĻBQTUJQSJOâUJĻCùSOVĻTùEFLĮJ" 6OJWFSTâMJĻBQTUJQSJOâUJĻCùSOVĻTùEFLMătJ NBLTĻĻLH 6 6 6[ĻBJ[NVHVSJĻWùSTUTHSP[âNTĻ7PMWPĻCùSOVĻTùEFLMă UJTĻ 7PMWPĻ$POWFSUJCMFĻ$IJMEĻ4FBU ĻĻV[ĻBJ[NVHVSJ WùSTUTĻCùSOVĻTùEFLMăUJT ĻQJFTUJQSJOâNT ĻJ[NBOUPKPU BVUPNPCJĮBĻESPtăCBTĻKPTUVĻVOĻTJLTOBT 6[ĻBJ[NVHVSJĻWùSTUTHSP[âNTĻ7PMWPĻCùSOVĻTùEFLMăUJT 7PMWPĻ$POWFSUJCMFĻ$IJMEĻ4FBU ĻĻV[ĻBJ[NVHVSJĻWùSTUT CùSOVĻTùEFLMăUJT ĻQJFTUJQSJOâNT ĻJ[NBOUPKPUĻBVUPNPCJĮB ESPtăCBTĻKPTUVĻVOĻTJLTOBT "QTUJQSJOâUBJTĻUJQTĻ&Ļ "QTUJQSJOâUBJTĻUJQTĻ&Ļ - - ĻHSVQB 6OJWFSTâMJĻBQTUJQSJOâUJĻCùSOVĻTùEFLMătJ" 6OJWFSTâMJĻBQTUJQSJOâUJĻCùSOVĻTùEFLMătJ qĻLH 6 6 ĻHSVQB 6[ĻBJ[NVHVSJĻWùSTUTHSP[âNTĻ7PMWPĻCùSOVĻTùEFLMă UJTĻ 7PMWPĻ$POWFSUJCMFĻ$IJMEĻ4FBU ĻĻV[ĻBJ[NVHVSJ WùSTUTĻCùSOVĻTùEFLMăUJT ĻQJFTUJQSJOâNT ĻJ[NBOUPKPU BVUPNPCJĮBĻESPtăCBTĻKPTUVĻVOĻTJLTOBT 6[ĻBJ[NVHVSJĻWùSTUTHSP[âNTĻ7PMWPĻCùSOVĻTùEFLMăUJT 7PMWPĻ$POWFSUJCMFĻ$IJMEĻ4FBU ĻĻV[ĻBJ[NVHVSJĻWùSTUT CùSOVĻTùEFLMăUJT ĻQJFTUJQSJOâNT ĻJ[NBOUPKPUĻBVUPNPCJĮB ESPtăCBTĻKPTUVĻVOĻTJLTOBT "QTUJQSJOâUBJTĻUJQTĻ&Ļ "QTUJQSJOâUBJTĻUJQTĻ&Ļ - - ĻHSVQB NBLTĻĻLH ĻHSVQB qĻLH ĻLH 8KFġLCKUCK\ OWIWTġLCKU UġFGMNKU &TQÝĦDC $ġTPWFTQÝĦDC /CUC 2TKGMÝġLCKUUġFGMNKU CTFGCMVKXġVWFTQÝĦ DCUURKNXGPW /CNġLCKUCK\OWIWTġLCKUUġFGMNKU ĻHSVQB 6[ĻBJ[NVHVSJĻWùSTUTHSP[âNTĻ7PMWPĻCùSOVĻTùEFLMă UJTĻ 7PMWPĻ$POWFSUJCMFĻ$IJMEĻ4FBU ĻĻV[ĻQSJFLtV WùSTUTĻCùSOVĻTùEFLMăUJT ĻQJFTUJQSJOâNT ĻJ[NBOUPKPU BVUPNPCJĮBĻESPtăCBTĻKPTUV 6[ĻBJ[NVHVSJĻWùSTUTHSP[âNTĻ7PMWPĻCùSOVĻTùEFLMăUJT 7PMWPĻ$POWFSUJCMFĻ$IJMEĻ4FBU ĻĻV[ĻQSJFLtVĻWùSTUTĻCùSOV TùEFLMăUJT ĻQJFTUJQSJOâNT ĻJ[NBOUPKPUĻBVUPNPCJĮBĻESPtă CBTĻKPTUV "QTUJQSJOâUBJTĻUJQTĻ&Ļ "QTUJQSJOâUBJTĻUJQTĻ&Ļ 6 6 7PMWPĻTùEFLĮBĻQBMJLUOJTĻBSĻBU[WFMUOJĻ 7PMWPĻ#PPTUFS 4FBUĻXJUIĻCBDLSFTU 7PMWPĻTùEFLĮBĻQBMJLUOJTĻBSĻBU[WFMUOJĻ 7PMWPĻ#PPTUFSĻ4FBU XJUIĻCBDLSFTU "QTUJQSJOâUBJTĻUJQTĻ&Ļ "QTUJQSJOâUBJTĻUJQTĻ&Ļ 6' 6' 4ùEFLĮBĻQBMJLUOJTĻBSĻBU[WFMUOJĻVOĻCF[ĻUâTĻ #PPTUFS $VTIJPOĻXJUIĻBOEĻXJUIPVUĻCBDLSFTU 4ùEFLĮBĻQBMJLUOJTĻBSĻBU[WFMUOJĻVOĻCF[ĻUâTĻ #PPTUFS $VTIJPOĻXJUIĻBOEĻXJUIPVUĻCBDLSFTU "QTUJQSJOâUBJTĻUJQTĻ&Ļ "QTUJQSJOâUBJTĻUJQTĻ&Ļ 6' 6' ĻLH (SVQBĻ qĻLH (SVQBĻ qĻLH 8KFġLCKUCK\ OWIWTġLCKU UġFGMNKU -ĻQJFNùSPUTĻTQFDJGJTLJFNĻCùSOVĻTùEFLMătJFNĻfJFĻCùSOVĻTùEFLMătJĻWBSĻCÜUĻQBSFE[ùUJĻMJFUPtBOBJĻăQBtâĻBVUPNPCJĮBĻNPEFMă ĻJFSPCFxPUâTĻWBJĻEBĮùKJĻJFSP CFxPUâTĻLBUFHPSJKâT 6ĻQJFNùSPUTĻVOJWFSTâMJĻBQTUJQSJOâUJFNĻCùSOVĻTùEFLMătJFNĻtBKâĻTWBSBĻLBUFHPSJKâ 6'ĻQJFNùSPUTĻV[ĻQSJFLtVĻWùSTUJFN ĻVOJWFSTâMJĻBQTUJQSJOâUJFNĻCùSOVĻTùEFLMătJFNĻtBKâĻTWBSBĻLBUFHPSJKâ #ĻJFCÜWùUJĻCùSOVĻTùEFLMătJ ĻLBTĻBQTUJQSJOâUJĻMJFUPtBOBJĻtBKâĻTWBSBĻLBUFHPSJKâ " 5JLBJĻCùSOVĻTùEFLĮJFNĻBSĻTLBUVĻV[ĻBJ[NVHVSJĻ/PWJFUPKJFUĻTùEFLĮBĻBU[WFMUOJĻWFSUJLâMâĻQP[ăDJKâ `` &TQÝĦDC $ġTPWFTQÝĦDC $ġTPWFTQÝĦDCUUNġFäKCK\OWIWTġLęU FWTXKU &MFLUSJTLPĻMPHVĻQBDùMâKVĻEBSCJOâtBOBTĻTMùExVT VOĻBJ[NVHVSùKPĻEVSWKVĻBUWùStBOBTĻSPLUVSVT WBSĻCMPĸùUĻBUWùStBOBJĻOPĻJFLtQVTFTĻ1MBtâLB JOGPSNâDJKB ĻTLBUăUĻMQQĻ +51(+:UVKRTKPęLWOWUKUVġOCDġTPW UġFGMNĦÝKGO 1JFWJFOPKPUĻCùSOVĻTùEFLMăUJĻ*40'*9ĻTUJQSJOâ KVNBĻQVOLUJFN ĻWJFONùSĻJFWùSPKJFUĻSBxPUâKB TOJFHUâTĻV[TUâEătBOBTĻJOTUSVLDJKBT +\OġTWMNCUGU #ùSOVĻTùEFLMătJĻJSĻEBxâEVĻJ[NùSVĻqĻBVUPNPCJĮJ JSĻEBxâEVĻJ[NùSVĻ5BTĻOP[ăNù ĻLBĻOFĻWJTJ CùSOVĻTùEFLMătJĻJSĻQJFNùSPUJĻWJTJFNĻTùEFLĮJFN WJTPTĻBVUPNPCJĮVĻNPEFĮPT 5âQùD ĻMBJĻQBMăE[ùUVĻMJFUPUâKJFNĻJ[WùMùUJFT QBSFJ[PĻCùSOVĻTùEFLMăUJ ĻJSĻJFWJFTUBĻJ[NùSVĻLMB TJGJLâDJKBĻUJFNĻCùSOVĻTùEFLMătJFN ĻLVSJFN J[NBOUPUBĻ*40'*9ĻTUJQSJOâKVNVĻTJTUùNBĻ TLBUăU UBCVMVĻUVSQNâL +\OġTC MNCUG #RTCMUVU " 1JMOTĻJ[NùST ĻV[ĻQSJFLtV WùSTUTĻCùSOBĻTùEFLMJT # 4BNB[JOâUTĻJ[NùSTĻ BMUFSO ĻV[ĻQSJFLtVĻWùSTUT CùSOBĻTùEFLMJT .POUâxBTĻQVOLUJĻ*40'*9ĻTUJQSJOâKVNJFNĻCùSOV TùEFLMătJFNĻBUSPEBTĻQJFĻBJ[NVHVSùKPĻâSùKP TùEFLĮVĻBU[WFMUOFTĻBQBLtùKâTĻEBĮBT # .POUâxBTĻQVOLUVĻBUSBtBOâTĻWJFUBTĻJSĻOPSâEăUBT BSĻTJNCPMJFNĻBU[WFMUĪVĻQPMTUFSùKVNâĻ TLBUJFU JFQSJFLtùKPĻBUUùMV 4BNB[JOâUTĻJ[NùSTĻ BMUFSO ĻV[ĻQSJFLtVĻWùSTUT CùSOVĻTùEFLMăUJT $ 1JMOTĻJ[NùST ĻV[ĻBJ[NVHVSJ WùSTUTĻCùSOBĻTùEFLMJT +\OġTC MNCUG #RTCMUVU % 4BNB[JOâUTĻJ[NùST ĻV[ĻBJ[NV HVSJĻWùSTUTĻCùSOBĻTùEFLMJT & 6[ĻBJ[NVHVSJĻWùSTUTĻ[ăEBJĪB TùEFLMăUJT ' fĸùSTFOJTLTĻ[ăEBJĪBĻTùEFLMă UJT ĻLSFJTâĻQVTF ( fĸùSTFOJTLTĻ[ăEBJĪBĻTùEFLMă UJT ĻMBCâĻQVTF $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFOPWJFUPKJFUĻCùSOV QSJFLtùKâĻQBTBxJFSBĻTùEFLMă ĻKBĻBVUPNBtăOB JSĻBQSăLPUBĻBSĻBLUJWùUVĻESPtăCBTĻHBJTBĻTQJM WFOV 2+'<ÿ/' +BĻ*40'*9ĻCùSOVĻTùEFLMJNĻOBWĻJ[NùSVĻLMB TJGJLâDJKBT ĻBVUPNBtăOBTĻNPEFMJNĻKâCÜU OPSâEăUBNĻCùSOVĻTùEFLĮBĻSBxPUâKBĻJ[TUSâEâ UBKâĻBVUPNBtăOVĻTBSBLTUâ &TQÝĦDC $ġTPWFTQÝĦDC 2+'<ÿ/' -BJĻTBĪFNUVĻJOGPSNâDJKVĻQBSĻUP ĻLVSVTĻ*40 '*9ĻCùSOVĻTùEFLĮVTĻ7PMWPĻJFTBLBĻJ[NBOUPU TB[JOJFUJFTĻBSĻQJMOWBSPUVĻ7PMWPĻQâSTUâWJ +51(+:DġTPWUġFGMNĦÝWVKRK $ġTPWUġFGMNĦÝCXGKFU ;ăEBJĪBĻTùEFLMăUJTĻtĸùSTFOJTLT ;ăEBJĪBĻTùEFLMăUJT ĻV[ĻBJ[NVHVSJĻWùSTUT /CUC NBLTĻĻLH NBLTĻĻLH +\OġTCMNCUG 2CUCäKGTWUġFGMīK+51(+:DġTPWUġFGMNĦÝW W\UVęFĦÝCPCK 2TKGMÝġLCKUUġFGMNKU /CNġLCKUCK\OWIWTġLCKU UġFGMNKU ' 9 9 ( 9 9 & 9 %FS *- ;ăEBJĪBĻTùEFLMăUJT ĻV[ĻBJ[NVHVSJĻWùSTUT NBLTĻĻLH & 9 %FS *- % 9 %FS *- $ 9 %FS *- &TQÝĦDC $ġTPWFTQÝĦDC $ġTPWUġFGMNĦÝCXGKFU #ùSOVĻTùEFLMăUJT ĻV[ĻBJ[NVHVSJĻWùSTUT /CUC qĻLH +\OġTCMNCUG 2CUCäKGTWUġFGMīK+51(+:DġTPWUġFGMNĦÝW W\UVęFĦÝCPCK 2TKGMÝġLCKUUġFGMNKU /CNġLCKUCK\OWIWTġLCKU UġFGMNKU 9 %FS % *$ 9 %FS *- 6[ĻQSJFLtVĻWùSTUTĻCùSOVĻTùEFLMăUJT qĻLH # 9 %FS" *6' # 9 %FS" *6' " 9 %FS" *6' 9Ļ*40'*9ĻQP[ăDJKBĻOBWĻQJFNùSPUBĻ*40'*9ĻCùSOVĻTùEFLMătJFNĻtBKâĻTWBSBĻVOWBJĻJ[NùSBĻLBUFHPSJKâ *-ĻQJFNùSPUTĻTQFDJGJTLJFNĻ*40'*9ĻCùSOVĻTùEFLMătJFNĻfJFĻCùSOVĻTùEFLMătJĻWBSĻCÜUĻQBSFE[ùUJĻMJFUPtBOBJĻăQBtâĻBVUPNPCJĮBĻNPEFMă ĻJFSPCFxPUâTĻWBJ EBĮùKJĻJFSPCFxPUâTĻLBUFHPSJKâT *6'ĻQJFNùSPUTĻV[ĻQSJFLtVĻWùSTUJFNĻ*40'*9ĻCùSOVĻTùEFLMătJFN ĻLBTĻJSĻVOJWFSTâMJĻBQTUJQSJOâUJĻMJFUPtBOBJĻtBKâĻTWBSBĻLBUFHPSJKâ " fBJĻHSVQBJĻ7PMWPĻJFTBLBĻV[ĻBJ[NVHVSJĻWùSTUVTĻCùSOVĻTùEFLMătVT &TQÝĦDC $ġTPWFTQÝĦDC #WIÝġLKGOQPVęäCURWPMVKDġTPW UġFGMNĦÝKGO 2+'<ÿ/' "VUPNBtăOâN ĻLBTĻBQSăLPUBTĻBSĻLSBWBTĻQâS TFHVĻWJSTĻCBHâxBTĻOPEBMăKVNB ĻUBTĻKâOP ĪFN ĻMBJĻTUJQSJOâKVNBĻQVOLUJFNĻWBSùUVĻQJFT UJQSJOâUĻCùSOVĻTùEFLĮVT 1MBtâLVĻJOGPSNâDJKVĻQBSĻUP ĻLâĻCùSOVĻTùEFLMăUJT KâQJFWFMLĻQJFĻBVHtùKJFNĻNPOUâxBTĻQVOLUJFN TLBUJFUĻTùEFLMătBĻJ[HBUBWPUâKBĻJOTUSVLDJKâT $4ÿ&+0ó,7/5 fJNĻBVUPNPCJMJNĻJSĻBVHtùKJFĻTUJQSJOâKVNV QVOLUJĻEBxJFNĻV[ĻQSJFLtVĻWùSTUJFNĻCùSOV TùEFLMătJFNĻfJFĻTUJQSJOâKVNVĻQVOLUJĻBUSPEBT TùEFLĮVĻBJ[NVHVSù 1JSNTĻOPTQSJFHPUĻCùSOVĻTùEFLMătBĻTJLTOBT TUJQSJOâtBOBTĻWJFUâ ĻUâTĻWJFONùSĻKâJ[WFML DBVSJĻHBMWBTĻCBMTUBĻLâKVĻBUWùSVNBN "VHtùKJFĻTUJQSJOâKVNBĻQVOLUJĻHBMWFOPLâSUĻJS QBSFE[ùUJĻJ[NBOUPtBOBJĻV[ĻQSJFLtVĻWùSTUJFN CùSOVĻTùEFLMătJFNĻ7PMWPĻJFTBLBĻNB[JFNĻCùS OJFNĻJ[NBOUPUĻV[ĻBJ[NVHVSJĻWùSTUVTĻCùSOV TùEFLMătVTĻJFTQùKBNJĻJMHJ 2+'<ÿ/' /PMPLJFUĻHBMWBTĻCBMTUVT ĻMBJĻBUWJFHMPUVĻtâEB WFJEBĻCùSOVĻTùEFLMătBĻV[TUâEătBOVĻBVUP NBtăOâT ĻLVSVĻâSNBMVĻTùEFLĮJFNĻJFTQùKBNT OPMPDăUĻHBMWBTĻCBMTUVT 5âMWBEăCBTĻQVMUTĻBUTMùHBBUTMùHBTĻTMùE[PtâĻEBĮB #BUFSJKBTĻOPNBJĪB ĻUâMWBEăCBTĻQVMUTĻBUTMùHB1$$ ,FZMFTT "J[TMùHtBOBBUTMùHtBOB #ùSOVĻESPtăCBTĻTMùExJ 4JHOBMJ[âDJKB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET "54-ð("4Ļ6/Ļ4*(/"-*;Ă$*+" #VUNġICUWPUKIPCNK\ęEKLC 6ęNXCFĦDCURWNVUCVUNġICCVUNġICUUNġF\QÝęFCīC 8KURęTĦIK "VUPNPCJĮBĻLPNQMFLUâDJKâĻJFUJMQTUĻĻUâMWBEăCBT QVMUTĻBUTMùHBTĻWBJĻEJWBTĻUâMWBEăCBTĻQVMUTĻBUTMù HBTĻBSĻLFZMFTTĻGVOLDJKVĻ5âTĻJ[NBOUPĻBVUPNP CJĮBĻJFEBSCJOâtBOBJ ĻLâĻBSăĻBJ[TMùHtBOBJĻVO BUTMùHtBOBJ 5âMWBEăCBTĻQVMUTĻBUTMùHâĻBUSPEBTĻOPĻNFUâMB J[HBUBWPUBĻOPĪFNBNBĻBUTMùHBTĻTMùE[PtâĻEBĮB 3FE[BNâĻEBĮBĻJSĻQJFFKBNBĻEJWPTĻWBSJBOUPT ĻMBJ UâMWBEăCBTĻQVMUTĻBUTMùHBTĻWBSùUVĻBUtĸJSU 7BSĻQBTÜUăUĻQBQJMEVĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻ WJFOBNĻBVUPNPCJMJNĻWBSĻJFQSPHSBNNùUĻVOĻMJF UPUĻMăE[ĻĻBUTMùHâN *SĻÀFUSJĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻWBSJBOUJ p p p p 5âMWBEăCBTĻQVMUTĻBUTMùHB ĻTUBOEBSUB 5âMWBEăCBTĻQVMUTĻBUTMùHBĻBSĻ,FZMFTTĻTUBSU 5âMWBEăCBTĻQVMUTĻBUTMùHBĻBSĻ,FZMFTTĻESJWF 1$$ĻBSĻ,FZMFTTĻESJWFĻ *OGPSNâDJKVĻQBSĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻGVO LDJKBTĻUBVTUJĪJFNĻTLBUăUĻMQQĻ TBEBĮBĻJSĻWFMUăUBĻWJTJFNĻWBSJBOUJFNĻQJFFKBNP GVOLDJKVĻBQSBLTUBN $4ÿ&+0ó,7/5 +BĻBVUPNBtăOâĻBUSPEBTĻCùSOJ "UDFSJFUJFTĻJ[TMùHUĻFMFLUSJTLPĻMPHVĻQBDùMâKV TUSâWBTĻQBEFWJ ĻJ[ĪFNPUĻUâMWBEăCBTĻQVMUT BUTMùHV ĻLBEĻJ[LâQKBUĻOPĻBVUPNBtăOBT 6ęNXCFĦDCURWNVUCVUNġICUPQ\CWFġÝCPC +BĻFTBUĻQB[BVEùKJTĻUâMWBEăCBTĻQVMUTĻBUTMùHV UBEĻKBVOVĻWBSBUĻQBTÜUăUĻTFSWJTâ ĻJFUFJDBNT 7PMWPĻQJMOWBSPUâĻTFSWJTâĻ"UMJLVtâTĻUâMWBEăCBT QVMUTĻBUTMùHBTĻJSĻKâOPHâEâĻTFSWJTâĻ1B[BVEù UBTĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻLPETĻJSĻKâJ[E[ùt OPĻTJTUùNBTĻQSFUBJ[E[ătBOBTĻBJ[TBSE[ăCBT OPMÜLâ 1BtSFJ[ùKPĻBVUPNPCJMJNĻSFīJTUSùUPĻBUTMùHV TLBJUVĻWBSĻQâSCBVEăUĻJ[WùMĪVĻTJTUùNâĻ/;%#4 [FNĻ+PHQTOCVKQP 0WODGTQHMG[UĻ1BS J[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ 1$$ĻVOĻUâMWBEăCBTĻQVMUTĻBUTMùHBJĻBSĻLFZMFTT GVOLDJKVĻJSĻQMBtâLBĻGVOLDJPOBMJUâUFĻOFLâĻTUBO EBSUBĻUâMWBEăCBTĻQVMUTĻBUTMùHBJĻ1âSùKâĻtă ĻUBVTUJĪVĻBUTMùHB ĻUBVTUJĪVĻBUTMùHB 5JLBJĻLPQâĻBSĻFMFLUSJTLJĻWBEâNVĻWBEăUâKBĻTùEFLMJĻVOĻFMFLUSJTLJĻWBEâNJFNĻTQPHVĮJFN 5JLBJĻBVUPNPCJĮJFNĻBSĻFMFLUSJTLJĻQJFMJFDBNJFNĻTâOVĻTQPHVĮJFN #VUNġICUCVOKĮCUęPWURQIWīK XCFĦVęLCUġFGMNKUWPUVĹTġÝCPCUURġMU *FTUBUăKVNJĻBVUPNâUJTLJĻUJFLĻTBWJFOPUJĻBSĻKFC LVSVĻBUCJMTUPtVĻUâMWBEăCBTĻQVMUTĻBUTMùHV ĻTLB UJFUĻ ĻĻVOĻĻMQQ 'VOLDJKVĻWBSĻBLUJWùUĻĻEFBLUJWùUĻJ[WùMĪVĻTJT UùNâĻ/;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU %CTMG[OGOQT[ 1BSĻJ[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăU MQQĻ 1BSĻUâMWBEăCBTĻQVMUTĻBUTMùHâNĻBSĻLFZMFTTĻGVO LDJKV ĻTLBUăUĻMQQĻ #K\UNġIÝCPCUCVUNġIÝCPCUKPFKMCVQTU "J[TMùE[PUĻWBJĻBUTMùE[PUĻNBtăOVĻBSĻUâMWBEăCBT QVMUTĻBUTMùHV ĻQBHSJF[JFOBĻSâEăUâKJĻOPNJSHP BQTUJQSJOPU ĻLBĻBJ[TMùHtBOBTBUTMùHtBOBTĻEBS CăCBĻCJKVTJĻWFJLTNăHB p "J[TMùHtBOBĻĻWJFOTĻ[JCTOJTĻVOĻEVSWKVĻTQP HVĮJĻUJFLĻQJFMJFLUJ p "UTMùHtBOBĻĻEJWJĻ[JCtĪJ ĻVOĻEVSWKVĻTQP HVĮJĻUJFLĻBUMJFLUJĻBUQBLBĮ #VUNġICUWPUKIPCNK\ęEKLC 6ęNXCFĦDCURWNVUCVUNġICCVUNġICUUNġF\QÝęFCīC 2+'<ÿ/' #K\UNġIÝCPCUKPFKMCVQTU ÙFNJFUĻWùSâ ĻLBĻQBTUâWĻSJTLTĻJFTMùHUĻUâMWB EăCBTĻQVMUTĻBUTMùHVĻBVUPNPCJMă "J[TMùE[PUĻBQTUJQSJOâtBOBĻOPUJFLĻUJLBJĻHBEă KVNâ ĻKBĻJSĻBJ[TMùHUBTĻWJTBTĻTMùE[FOFTĻVOĻBJ[ WùSUBTĻWJTBTĻEVSWJTĻ"QTUJQSJOâtBOBĻOPUJFL LBEĻJSĻBJ[WùSUBTĻQùEùKâTĻEVSWJT 2C\KĮQLWOU +GXCWVQO CVUN ,ĮÜNFĻOPMBTPUĻUâMWBEă CBTĻQVMUTĻBUTMùHBT JOGPSNâDJKVĻJFEBSCJOâ tBOBTĻMBJLâĻĻJ[ĪFNJFU BUTMùHVĻOPĻBJ[EFE[FT TMùExB ĻWùMSFJ[ĻJFWJFUP KJFUĻVOĻNùīJOJFUĻJFEBSCJ OâUĻWùMSFJ[ #WVQOCVUN PCXCVTCUVC ,ĮÜNFĻOPMBTPUĻ1$$ JFSăDJĻJFEBSCJOâtBOBT MBJLâĻĻNùīJOJFUĻJFEBSCJ OâUĻWùMSFJ[ (WPMEKLCUK\XġNG "VUPNPCJĮBĻJ[WùMĪVĻTJTUùNâĻWBSĻJFTUBUăUĻEBxâ EBTĻJFTQùKBT ĻLâĻOPSâEăUĻBJ[TMùHtBOVBUTMùH tBOVĻBSĻHBJTNV ĻTLBUăUĻMQQĻ *[WùMĪVĻTJTUùNâĻ/;%#4ĻNFLMùKJFUĻ5GVVKPIU %CTUGVVKPIU .KIJVUGVVKPIUĻVOĻJ[WùMJF UJFTĻ&QQTNQEMEQPHKTOCVKQPNKIJVĻVOWBJ 7PNQEMEQPHKTOCVKQPNKIJV 6đRCVKNCORKĺCMCUUKIPCNK\đEKLCUKPFKMCVQTCO UMCVĝVNRR 1JFĻWùKTUJLMBĻNJSHPKPtBĻMBNQJĪBĻOPSâEB ĻLB BVUPNPCJMJTĻJSĻBJ[TMùHUT "UUJFDBTĻUJLBJĻV[ BVUPNPCJĮJFNĻBS ,FZMFTTĻGVO LDJKV 2+'<ÿ/' fJTĻJOEJLBUPSTĻJSĻBSăĻUJFNĻBVUPNPCJĮJFN ĻLBT OBWĻBQSăLPUJĻBSĻTJHOBMJ[âDJKV +OQDKNCK\GTU ,BUSBJĻUâMWBEăCBTĻQVMUJKĻJSĻTBWTĻVOJLâMTĻLPET "VUPNBtăOVĻWBSĻJFEBSCJOâUĻUJLBJĻBSĻQBSFJ[PĻUâM WBEăCBTĻQVMUTĻBUTMùHVĻBSĻQBSFJ[PĻLPEV 5VSQNâLĻOPSâEăUJFĻLĮÜEVĻ[JĪPKVNJĻLPNCJOùUâ LPOUSPMNùSJOTUSVNFOUVĻQBOFĮBĻJOGPSNâDJKBT EJTQMFKâĻBUUJFDBTĻV[ĻFMFLUSPOJTLPĻJNPCJMBJ[FSV 6GJPKUMKGRCTC OGVTK +OQDKNCK\GTU /ġĥKPKGV KGFCTDXġNTGK\ +BĻLĮÜNFĻOFJ[[ÜE *FWJFUPKJFUĻUâMWBEăCBT QVMUTĻBUTMùHVĻBJ[EFE[FT TMùE[ăĻVOĻNùīJOJFU JFEBSCJOâUĻWùMSFJ[ ,ĮÜNFĻJNPCJMBJ[FSBĻTJT UùNâĻJFEBSCJOâtBOBT CSăEăĻ+BĻLĮÜNFĻOFJ[[ÜE 4B[JOJFUJFTĻBSĻTFSWJTVĻ JFUFJDBNTĻBVUPSJ[ùUV 7PMWPĻTFSWJTV "VUPNPCJĮBĻJFEBSCJOâtBOB ĻTLBUăUĻMQQĻ #VUNġICUWPUKIPCNK\ęEKLC 6ęNXCFĦDCURWNVUCVUNġICCVUNġICUUNġF\QÝęFCīC (WPMEKLCU /PTQJFEJFUĻVOĻUVSJFUĻ WJTNB[ĻĻTFLVOEFT ĻMBJ WJFOMBJLVTĻBUWùSUVĻWJTVTĻMPHVT fPĻGVOLDJKVĻWBSĻNBJOăUĻUâ ĻMBJ ĻWJFOVĻSFJ[J OPTQJFxPUĻUBVTUJĪVĻOFUJLUVĻWJFOMBJDăHJĻBUTMùHUBT WJTBTĻEVSWJT ĻCFUĻHBOĻUJLBJĻWBEăUâKBĻEVSWJT ĻVO ĻTFLVOxVĻMBJLâĻOPTQJFxPUĻUBVTUJĪVĻWùMSFJ[Ļ UJLUVĻBUTMùHUBTĻQâSùKâTĻEVSWJT VCWUVKĺWVđNXCFĝDCURWNVUCVUNĘIC ĻĻ"J[TMùHtBOB 6đNXCFĝDCURWNVUCVUNĘICCT2%% 2GTUQPCN%CT %QOOWPKECVQT ĻĻ*OGPSNBUJPO ĻĻ"UTMùHtBOB (WPMEKLWRQICU ĻĻ1JFUVWPtBOâTĻBQHBJTNPKVNT Ļ#K\UNġIÝCPCĻqĻBLUJWùKPUĻTJHOBMJ[âDJKV ĻBJ[ TMùE[ĻEVSWJTĻVOĻBJ[NVHVSFTĻEVSWJT ĻĻ"J[NVHVSùKâTĻEVSWJT ĻĻ5SBVLTNFTĻGVOLDJKB /PTQJFEJFUĻVOĻUVSJFUĻ WJTNB[ĻĻTFLVOEFT ĻMBJ WJFOMBJLVTĻBJ[WùSUVĻWJTVTĻMPHVT $4ÿ&+0ó,7/5 +BĻMPHJĻUJFLĻBJ[WùSUJ ĻJ[NBOUPKPUĻUâMWBEăCBT QVMUTĻBUTMùHV ĻQâSMJFDJOJFUJFT ĻLBĻOFWJFOT OFJFTQJFEăTĻSPLBT Ļ#VUNġIÝCPCĻqĻEFBLUJWùKPUĻTJHOBMJ[âDJKV BUTMùE[ĻEVSWJTĻVOĻBJ[NVHVSFTĻEVSWJT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET fPĻGVOLDJKVĻWBSĻNBJOăUĻJ[WùMĪVĻTJTUùNâ ĻJ[NBO UPKPUĻ/;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU .QEMUGVVKPIU &QQTUWPNQEMĻBSĻBCâN BMUFSOBUăWâNĻĻ#NNFQQTUĻVOĻ&TKXGTFQQT VJGPCNNĻ1BSĻJ[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăU MQQĻ Ļ2KGVWXQÝCPęUCRICKUOQLWOCKNIWOUĻq UJFLĻJ[NBOUPUT ĻMBJĻOPĻBUUâMVNBĻJFTMùHUVĻBVUP NPCJĮBĻBQHBJTNPKVNVĻ1MBtâLBĻJOGPSNâDJKB TLBUăUĻMQQĻ Ļ#K\OWIWTGUFWTXKUĻqĻBUTMùE[ĻUJLBJĻBJ[NV HVSFTĻEVSWJTĻVOĻEFBLUJWùĻTJHOBMJ[âDJKVĻUJLBJ BJ[NVHVSFTĻEVSWăNĻ1MBtâLBĻJOGPSNâDJKB ĻTLB UăUĻMQQĻ Ļ6TCWMUOGUHWPMEKLCĻqĻMJFUP ĻMBJĻâSLâSUBT TJUVâDJKâĻQJFTBJTUăUVĻV[NBOăCV /PTQJFEJFUĻVOĻUVSJFUĻUBVTUJĪVĻWJTNB[ĻĻTFLVO EFTĻWBJĻBSăĻOPTQJFEJFUĻUPĻEJWSFJ[ĻĻTFLVOxV MBJLâ ĻMBJĻJFTMùHUVĻWJS[JFOBĻSâEăUâKVTĻVOĻTJHOâM UBVSJ #VUNġICUWPUKIPCNK\ęEKLC 6ęNXCFĦDCURWNVUCVUNġICCVUNġICUUNġF\QÝęFCīC 'VOLDJKV ĻKBĻUâĻCJKVTJĻBLUăWBĻWJTNB[ĻĻTFLVO EFT ĻJFTQùKBNTĻJ[TMùHUĻBSĻUPĻQBtVĻUBVTUJĪV 1SFUùKâĻHBEăKVNâĻGVOLDJKBĻBVUPNâUJTLJĻJ[TMù E[BTĻQùDĻĻNJOÜUùNĻVOĻĻTFLVOEùN 7PKMęNCU2%%HWPMEKLCU 2+'<ÿ/' Ļ+B ĻEBxâEâTĻWJFUâTĻBULâSUPUJĻOPTQJFxPU JOGPSNâDJKBTĻUBVTUJĪVĻ BSăĻQùDĻĻTFLVOEùN VOĻQùDĻUBN ĻLBEĻJSĻCJKVTJĻJ[HBJTNPUBĻ1$$ JFSăDF ĻOFWJFOBĻJOEJLBUPSBĻMBNQJĪBĻOFJFEF HBT ĻTB[JOJFUJFTĻBSĻSFNPOUEBSCOăDBTĻTQF DJâMJTUJFNĻĻJFUFJDBNTĻBVUPSJ[ùUVĻ7PMWPĻTFS WJTV &KCRC\QPU 5âMWBEăCBTĻQVMUTĻBUTMùHBTĻGVOLDJKBTĻEBSCPKBT BQNùSBNĻĻNĻSâEJVTâĻBQĻBVUPNPCJMJ +BĻBVUPNPCJMJTĻOFSFBīùĻV[ĻUBVTUJĪBĻOPTQJF tBOV ĻQJFFKJFUĻUVWâLĻVOĻNùīJOJFUĻWùMSFJ[ *OEJLBUPSVĻMBNQJĪBTĻQBSâEBĻJOGPSNâDJKVĻBUCJM TUPtJĻtJNĻBUUùMBN 2+'<ÿ/' 5âMWBEăCBTĻQVMUTĻBUTMùHBTĻGVOLDJKBTĻWBS USBVDùUĻBQLâSUĻFTPtJFĻSBEJPĻWJĮĪJ ĻùLBT UPQPHSâGJTLBJTĻOPWJFUPKVNTĻVDĻ"VUPNPCJMJ WJFONùSĻWBSĻBJ[TMùHUBUTMùHUĻBSĻBUTMùHBT TMùE[PtPĻEBĮV ĻTLBUăUĻMQQĻ 6đNXCFĝDCURWNVUCVUNĘICCT2%% 2GTUQPCN%CT %QOOWPKECVQT *OGPSNâDJKBTĻTQJFEQPHB *OEJLBUPSBĻMBNQJĪBT *OGPSNâDJKBTĻUBVTUJĪBĻJ[NBOUPtBOBĻBLUJWùĻQJF LĮVWJĻOPUFJLUBJĻBVUPNPCJĮBĻJOGPSNâDJKBJ ĻWùSPKPU JOEJLBUPSVĻMBNQJĪBT +PHQTOęEKLCUURKGFRQICUK\OCPVQÝCPC p /PTQJFEJFUĻJOGPSNâDJKBTĻUBVTUJĪVĻ 7JTBTĻJOEJLBUPSVĻMBNQJĪBTĻNJSHPĻBQN ĻTFLVOEFTĻVOĻHBJTNBĻUJFLĻWùSTUBĻV[ 1$$ĻJFSăDJĻ5BTĻOPSâEB ĻLBĻBVUPNPCJĮB JOGPSNâDJKBĻJSĻOPMBTăUB ;BĮBĻOFQâSUSBVLUBĻHBJTNBĻqĻBVUPNPCJMJTĻJS BJ[TMùHUT %[FMUFOBĻOFQâSUSBVLUBĻHBJTNBĻqĻBVUPNP CJMJTĻJSĻBUTMùHUT +BĻtBKâĻMBJLâĻUJFLĻOPTQJFTUTĻLâETĻDJUT UBVTUJĪt ĻOPMBTătBOBĻUJFLĻQâSUSBVLUB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC 6ęNXCFĦDCURWNVUCVUNġICCVUNġICUUNġF\QÝęFCīC 4BSLBOB ĻOFQâSUSBVLUJĻJ[HBJTNPUBĻMBNQJĪB ĻTJHOBMJ[âDJKBĻJSĻCJKVTJĻJFEBSCJOâUBĻLPQt BVUPNPCJĮBĻBJ[TMùHtBOBT "CâTĻJOEJLBUPSBĻMBNQJĪâTĻQâSNBJĪVTĻNJS HPKPtBĻTBSLBOBĻHBJTNBĻĻTJHOBMJ[âDJKBĻJS CJKVTJĻJFEBSCJOâUBĻNB[âLĻOFLâĻQJSNTĻ NJOÜUùN 2%%KGTĦEGUFCTDĦDCUTęFKWUU 1$$ĻJFSăDFTĻEBSCăCBTĻSâEJVTTĻBJ[TMùHtBOBJ BUTMùHtBOBJĻVOĻBJ[NVHVSFTĻEVSWKVĻEBSCJOâtB OBJĻJSĻBQNùSBNĻĻNĻOPĻBVUPNPCJĮB ĻQâSùKâN GVOLDJKâNĻĻMăE[ĻBQNùSBNĻĻN +BĻBVUPNPCJMJTĻOFSFBīùĻV[ĻUBVTUJĪBĻOPTQJF tBOV ĻQJFFKJFUĻUVWâLĻVOĻNùīJOJFUĻWùMSFJ[ 2+'<ÿ/' *OGPSNâDJKBTĻUBVTUJĪBĻGVOLDJKVĻWBSĻUSBVDùU BQLâSUĻFTPtJFĻSBEJPĻWJĮĪJ ĻùLBT ĻUPQPHSâGJ TLBJTĻOPWJFUPKVNTĻVD óTRWU2%%KGTĦEGUFCTDĦDCUFKCRC\QPC +BĻ1$$ĻJSĻQâSâLĻUâMVĻOPĻBVUPNBtăOBT ĻMBJĻOPMB TăUVĻJOGPSNâDJKV ĻUJFLĻQBSâEăUTĻTUâWPLMJT ĻLâEâ BVUPNBtăOBĻQùEùKPĻSFJ[JĻBUTUâUB ĻOFQBSâEPU HBJTNBTĻLVTUăCVĻBQĻ1$$ +BĻBVUPNPCJMJNĻUJFLĻJ[NBOUPUBTĻWBJSâLBTĻ1$$ JFSăDFT ĻUJLBJĻQùEùKâĻBJ[TMùHtBOBJBUTMùHtBOBJ J[NBOUPUâĻ1$$ĻJFSăDFĻSâEBĻQBSFJ[VĻTUBUVTV 2+'<ÿ/' Ļ+B ĻEBxâEâTĻWJFUâTĻBULâSUPUJĻOPTQJFxPU JOGPSNâDJKBTĻUBVTUJĪVĻ BSăĻQùDĻĻTFLVOEùN VOĻQùDĻUBN ĻLBEĻJSĻCJKVTJĻJ[HBJTNPUBĻ1$$ JFSăDF ĻOFWJFOBĻJOEJLBUPSBĻMBNQJĪBĻOFJFEF HBT ĻTB[JOJFUJFTĻBSĻSFNPOUEBSCOăDBTĻTQF DJâMJTUJFNĻĻJFUFJDBNTĻBVUPSJ[ùUVĻ7PMWPĻTFS WJTV 0QĮGOCOCCVUNġICUUNġF\QÝęFCīC p WBSĻNBOVâMJĻCMPĸùUĻQSJFLtùKâTĻMBCâTĻQVTFT EVSWJTĻVOĻBJ[NVHVSùKâTĻEVSWJT ĻQJFN ĻKB QB[VEVTJĻTUSâWBTĻQBEFWF ĻTLBUăUĻMQQĻ p $JNEVĻOPEBMăKVNBĻBJ[TMùHTĻ ĻUJFLĻBUWùSUT TLBUăUĻMQQĻ p WBSĻBLUJWùUĻĻEFBLUJWùUĻESPtăCBTĻTQJMWFOV QSJFLtùKâĻQBTBxJFSBĻTùEFLMJNĻ 1"$04 TLBUăUĻMQQĻ #VUNġICUUNġF\QÝęUFCīCUPQĮGOÝCPC 5âMWBEăCBTĻQVMUTĻBUTMùHBJĻJSĻOPĪFNBNBĻNFUâMB TMùE[PtâĻEBĮB ĻBSĻLVSVĻWBSĻBLUJWùUĻEBxBTĻGVO LDJKBTĻVOĻWFJLUĻEBxBTĻEBSCăCBT "UTMùHBTĻTMùE[PtâTĻEBĮBTĻVOJLâMPĻLPEV BQTUJQSJOBĻ7PMWPĻQJMOWBSPUJĻTFSWJTJ ĻLVSPTĻJFUFJ DBNTĻWùSTUJFTĻBSă ĻQBTÜUPUĻKBVOBTĻBUTMùHBT TMùE[PtâTĻEBĮBT #VUNġICUUNġF\QÝęUFCīCUHWPMEKLCU *[NBOUPKPUĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻOPĪF NBNPĻBUTMùHBTĻTMùE[PtPĻEBĮV p WBSĻNBOVâMJĻBUWùSUĻQSJFLtùKâTĻLSFJTâT QVTFTĻEVSWJT ĻKBĻDFOUSâMâTĻBJ[TMùHtBOBT GVOLDJKVĻOFWBSĻBLUJWùUĻBSĻUâMWBEăCBTĻQVMUT BUTMùHV ĻTLBUăUĻMQQĻ p WBSĻBLUJWùUĻĻEFBLUJWùUĻBJ[NVHVSùKPĻEVSWKV NFIâOJTLPTĻTMùExVTĻCùSOVĻESPtăCBJ ĻTLBUăU MQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #ăEJFUĻBUTQFSFTĻOPTQSJFHPUPĻBUUVSJĻV[ TâOJFN 7JFOMBJLVTĻWFMDJFUĻBUTMùHBTĻTMùE[PtPĻEBĮV UBJTOJĻBUQBLBĮ #VUNġICUUNġF\QÝęUFCīCURKGXKGPQÝCPC 6[NBOăHJĻJFWJFUPKJFUĻBUTMùHBTĻTMùE[PtPĻEBĮV BUQBLBĮĻUâMWBEăCBTĻQVMUTĻBUTMùHâ #VUNġICUWPUKIPCNK\ęEKLC 6ęNXCFĦDCURWNVUCVUNġICCVUNġICUUNġF\QÝęFCīC 5VSJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBSĻtBVSP HBMVĻWùSTUVĻV[ĻMFKVĻVOĻJFTMJEJOJFUĻBUTMùHBT TMùE[PtPĻEBĮVĻUBJĻQBSFE[ùUBKâĻBUWFSù 7JFHMJĻQJFTQJFEJFUĻBUTMùHBTĻTMùE[PtPĻEBĮV ,BEĻBUTMùHBTĻTMùE[PtâĻEBĮBĻOPGJLTùKBT TBWâĻTUâWPLMă ĻJSĻKâCÜUĻE[JSEBNBNĻLMJLt ĸJN &WTXLWCVUNġIÝCPCCTCVUNġICU UNġF\QÝQFCīW +BĻDFOUSâMâTĻBJ[TMùHtBOBTĻGVOLDJKVĻOFWBSĻBLUJ WùUĻBSĻUâMWBEăCBTĻQVMUTĻBUTMùHV ĻQJFN ĻKBĻJ[Mâ EùKVtâTĻCBUFSJKBT ĻUBEĻQSJFLtùKâTĻLSFJTâT QVTFTĻEVSWJTĻWBSĻBUWùSUĻtâEJ "UTMùE[JFUĻQSJFLtùKâTĻLSFJTâTĻQVTFTĻEVS WJT ĻJFWJFUPKPUĻBUTMùHBTĻTMùE[PtPĻEBĮV EVSWKVĻSPLUVSBĻTMùE[FOFTĻDJMJOESâ "UUùMVĻVOĻQMBtâLVĻJOGPSNâDJKVĻTLBUăU MQQĻ 2+'<ÿ/' ,BEĻEVSWJTĻUJFLĻBUTMùHUBTĻVOĻBUWùSUBT J[NBOUPKPUĻBUTMùHBTĻTMùE[PtPĻEBĮV ĻUJFL JFEBSCJOâUBĻTJHOBMJ[âDJKB %FBLUJWùKJFUĻTJHOBMJ[âDJKV ĻJFWJFUPKPUĻUâMWB EăCBTĻQVMUTĻBUTMùHVĻBJ[EFE[FTĻTMùE[ă *OGPSNâDJKVĻQBSĻBVUPNPCJĮJFNĻBSĻ,FZMFTTĻWBEă CBTĻTJTUùNV ĻTLBUăUĻMQQĻ #VUNġICUWPUKIPCNK\ęEKLC $CVGTKLCUPQOCKĮCVęNXCFĦDCURWNVUCVUNġIC2%% $CVGTKLCUPQOCKĮC $CVGTKLCUPQOCKĮC 6[NBOăHJĻBQTLBUJFU ĻLâĻCBUFSJKBCBUFSJKBTĻJS OPGJLTùUBTĻLPSQVTBĻJFLtQVTùĻBUCJMTUPtJĻUP ĻVOĻ p ĻQVTùN #BUFSJKBTĻKâOPNBJOB ĻKB p J[HBJTNPKBTĻJOGPSNâDJKBTĻTJNCPMTĻVOĻEJT QMFKâĻSFE[BNTĻ.QYDCVVGT[KPTGOQVG EQPVTQN2NGCUGEJCPIGDCVVGTKGU 6ęNXCFĦDCURWNVUCVUNġICCTDCVGTKLW 6[NBOăHJĻJ[ĪFNJFUĻCBUFSJKV VOWBJ 6[TUâEJFUĻKBVOPĻCBUFSJKVĻBSĻ p TMùExJĻBULâSUPUJĻOFSFBīùĻV[ĻUâMWBEăCBT QVMUTĻBUTMùHBTĻTJHOâMJFNĻĻNFUSVĻSâEJVTâ BQĻBVUPNPCJMJ #VXġTÝCPC Ļ#ăEJFUĻBUTQFSFTĻOPTQSJFHPUPĻBUUVSJĻV[ TâOJFN Ļ7JFOMBJLVTĻWFMDJFUĻBUTMùHBTĻTMùE[PtP EBĮVĻUBJTOJĻBUQBLBĮ Ļ*FWJFUPKJFUĻĻNNĻTLSÜWHSJF[JĻBUWFSùĻBJ[ BUTQFSPUâĻBJ[TMùHBĻVOĻWJFHMJĻJ[ĪFNJFUĻUâM WBEăCBTĻQVMUTĻBUTMùHV 2+'<ÿ/' 1BHSJF[JFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻUâ ĻMBJ UBVTUJĪJĻBUSBTUPTĻBVHtQVTùĻĻUBTĻOFĮBVT CBUFSJKâNĻQùDĻBUWùStBOBTĻJ[LSJTU 58#4ÿ)+ /FQJFTLBSJFUJFTĻBSĻQJSLUJFNĻKBVOJFNĻBLV NVMBUPSJFNĻVOĻUPĻTBTLBSFTĻWJSTNâN ĻQSF UùKâĻHBEăKVNâĻUPĻGVOLDJPOùtBOBĻQBTMJLUJOâ TJFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ĻQVTJĻV[ĻMFKV 6ęNXCFĦDCURWNVUCVUNġICWP2%% CT DCVGTKLęO 6[NBOăHJĻJ[ĪFNJFUĻCBUFSJKBT /PĻTâLVNBĻV[TUâEJFUĻWJFOVĻKBVOPĻCBUFSJKV BSĻ ĻQVTJĻV[ĻBVHtV /PWJFUPKJFUĻTUBSQâĻCBMUPĻQMBTUNBTBT JFMJLUOJĻVOĻQùDĻUBNĻV[TUâEJFUĻPUSVĻKBVOP CBUFSJKVĻBSĻ ĻQVTJĻV[ĻMFKV $CVGTKLCUVKRU *[NBOUPKJFUĻCBUFSJKBTĻBSĻBQ[ăNùKVNVĻ$3 Ļ7 /QPVęäC 4BTQJFEJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻLPQâ 5VSJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBSĻtBVSP HBMVĻWùSTUVĻV[ĻMFKVĻVOĻJFTMJEJOJFUĻBUTMùHBT TMùE[PtPĻEBĮVĻUBJĻQBSFE[ùUBKâĻBUWFSù 7JFHMJĻQJFTQJFEJFUĻBUTMùHBTĻTMùE[PtPĻEBĮV ,BEĻBUTMùHBTĻTMùE[PtâĻEBĮBĻOPGJLTùKBT TBWâĻTUâWPLMă ĻJSĻKâCÜUĻE[JSEBNBNĻLMJLt ĸJN #VUNġICUWPUKIPCNK\ęEKLC $CVGTKLCUPQOCKĮCVęNXCFĦDCURWNVUCVUNġIC2%% 58#4ÿ)+ /PUFJLUJĻBUCSăWPKJFUJFTĻOPĻJ[MJFUPUBKJFNĻBLV NVMBUPSJFNĻWJEFJĻESBVE[ăHâĻWFJEâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC -G[NGUU $G\CVUNġICUUNġF\GPGWPCK\FGF\GU UKUVġOC 8KURęTĦIK "CBTĻBVUPNPCJĮBĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻJS BQSăLPUBTĻBSĻ,FZMFTTĻGVOLDJKVĻ7BSĻQBTÜUăUĻWùM DJUBTĻUâMWBEăCBTĻQVMUTĻBUTMùHBT ĻTLBUăUĻMQQĻ "VUPNPCJĮBĻFMFLUSPTJTUùNBJĻBSĻUâMWBEăCBTĻQVMUT BUTMùHVĻWBSĻJFTUBUăUĻĻEBxâEVTĻMăNFĪVTĻ BUTMù HBTĻQP[ăDJKBT ĻĻ Ļ+ĻVOĻ++ ĻTLBUăUĻMQQĻ 6ęNXCFĦDCURWNVUCVUNġICUFCTDĦDCU TęFKWUU 5VSQNâLĻJSĻBQSBLTUăUBTĻUâMWBEăCBTĻQVMUTĻBUTMù HBTĻBSĻ,FZMFTTĻESJWFĻVOĻ,FZMFTTĻTUBSUĻGVOLDJKV "VUPNPCJĮVTĻBSĻ,FZMFTTĻTUBSUĻGVOLDJKVĻWBS JFEBSCJOâU ĻOFJFWJFUPKPUĻUâMWBEăCBTĻQVMUT BUTMùHVĻBJ[EFE[FTĻTMùE[FOùĻ"VUPNPCJĮVTĻBS ,FZMFTTĻESJWFĻWBSĻBJ[TMùHUĻVOĻBUTMùHU ĻOFOP TQJFxPUĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻUBVTUJĪV ĻLâ BSăĻJFEBSCJOâU ĻOFJFWJFUPKPUĻUâMWBEăCBTĻQVMUT BUTMùHVĻBJ[EFE[FTĻTMùE[FOùĻ4JTUùNBĻBUWJFHMP VOĻQBEBSBĻùSUâLVĻBVUPNPCJĮBĻBUWùStBOV ĻKB KVNT ĻQJFNùSBN ĻBCBTĻSPLBTĻJSĻBJ[ĪFNUBT -BJĻBUWùSUVĻLâEBTĻTâOVĻWBJĻBJ[NVHVSFTĻEVSWJT OFOPTQJFxPUĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻUBVT UJĪV ĻUâMWBEăCBTĻQVMUTĻBUTMùHBJĻKâBUSPEBT BQNùSBNĻ ĻNĻBUUâMVNâĻOPĻBVUPNPCJĮB EVSWKVĻSPLUVSBĻWBJĻBJ[NVHVSFTĻEVSWăNĻ5BT OP[ăNù ĻLBĻUBN ĻLVStĻWùMBTĻBUTMùHUĻWBJĻBJ[TMùHU LâEBTĻEVSWJT ĻJSĻKâCÜUĻLMâUĻUâMWBEăCBTĻQVMUT BUTMùHBJĻ/BWĻJFTQùKBNTĻBJ[TMùHUĻWBJĻBUTMùHU EVSWJT ĻKBĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻBUSPEBT BVUPNPCJĮBĻPUSâĻQVTù 4BSLBOJFĻBQĮJĻUVSQNâLBKâĻBUUùMâĻOPSâEBĻTJTUù NBTĻBOUFOVĻV[UWFStBOBTĻ[POV +BĻWJTBTĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻJSĻJ[ĪFNUBT OPĻBVUPNPCJĮB ĻLBEĻE[JOùKTĻEBSCPKBT ĻWBJĻJS J[WùMùUBĻBUTMùHBTĻQP[ăDJKBĻ+ĻWBJĻ++Ļ TLBUăU MQQĻ ĻVOĻJSĻBUWùSUBTĻVOĻQùDĻUBNĻBJ[WùSUBT LâEBTĻOPĻEVSWăN ĻUBEĻJOGPSNâDJKBTĻEJTQMFKâ UJFLĻQBSâEăUTĻCSăEJOâKVNBĻQB[JĪPKVNTĻVOĻWJFO MBJLVTĻLâĻBUHâEJOâKVNTĻBUTLBOĻTLBĪBTĻTJHOâMT /FBUUJFDBTĻV[ĻBVUPNBtăOâNĻBSĻCF[BUTMùHBTĻJFEBSCJOâtBOV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,BEĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻBULBMĻBUSPEBT BVUPNPCJMă ĻCSăEJOâKVNBĻQB[JĪPKVNTĻJ[[ÜEĻVO TLBĪBTĻTJHOâMTĻBQLMVTU ĻKBĻSPEBTĻLâEBĻOPĻtăN TJUVâDJKâN p EVSWJTĻUJLVtBTĻBUWùSUBTĻVOĻBJ[WùSUBT p UâMWBEăCBTĻQVMUTĻBUTMùHBĻUJFLĻJFWJFUPUBĻBJ[ EFE[FTĻTMùE[ă p 5BVTUJĪtĻ1-ĻV[ĻQBHSJF[JFOBĻSâEăUâKVĻTWJ SBT 6ęNXCFĦDCURWNVUCVUNġICUCT DG\CVUNġICUHWPMEKLWFTQÝC K\OCPVQÝCPC +BĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻBSĻLFZMFTTĻGVOLDJKV JSĻBUTUâUBĻBVUPNPCJMă ĻUâĻV[ĻMBJLVĻUJFLĻEFBLUJ WùUB ĻLBEĻBVUPNPCJMJTĻUJFLĻBJ[TMùHUTĻ5BT OPWùStĻJFTQùKVĻOFTBOLDJPOùUJĻJFLĮÜUĻBVUPNB tăOâ 5PNùS ĻKBĻLâETĻV[MBVxĻBVUPNPCJMJĻVOĻBUSPEĻUâM WBEăCBTĻQVMUTĻBUTMùHV ĻUBTĻUJFLĻOPĻKBVOBĻBLUJ WùUTĻ5âQùDĻJSĻTWBSăHJĻBSĻWJTâNĻUâMWBEăCBTĻQVMUT BUTMùHâNĻBQJFUJFTĻĮPUJĻV[NBOăHJ 58#4ÿ)+ ,BEĻEVSWJTĻUJFLĻBUTMùHUBTĻVOĻBUWùSUBT J[NBOUPKPUĻBUTMùHBTĻTMùE[PtPĻEBĮV ĻUJFL JFEBSCJOâUBĻTJHOBMJ[âDJKB #VUNġICUWPUKIPCNK\ęEKLC -G[NGUU 6ęNXCFĦDCURWNVUCVUNġICUFCTDĦDCU VTCWEġLWOK #K\UNġIÝCPC 2+'<ÿ/' "VUPNBtăOâNĻBSĻBVUPNâUJTLPĻQâSOFTVN LâSCVĻQâSOFTVNVĻQâSTMùHTĻKâJFTMùE[Ļ2 QP[ăDJKâ ĻQSFUùKâĻHBEăKVNâĻBVUPNBtăOV OFWBSùTĻBUTMùHUĻVOĻTJHOBMJ[âDJKVĻOFWBSùT JFEBSCJOâU &MFLUSPNBHOùUJTLJFĻMBVLJĻVOĻFLSBOùtBOBĻWBS USBVDùUĻ,FZMFTTĻGVOLDJKBTĻEBSCăCBJ 2+'<ÿ/' /FOPWJFUPKJFUJMHTUPtJĻOFHMBCâKJFUĻUâMWBEă CBTĻQVMUTĻBUTMùHVĻBSĻLFZMFTTĻGVOLDJKVĻCMB LVTĻNPCJMBKBNĻUâMSVOJNĻWBJĻNFUâMBĻQSJFLt NFUJFNĻfJTĻBUUâMVNTĻOFESăLTUĻCÜUĻNB[âLT QBSĻĻDN +BĻUSBVDùKVNJĻUPNùSĻQBSâEâT ĻJ[NBOUPKJFUĻUâM WBEăCBTĻQVMUTĻBUTMùHVĻVOĻBUTMùHBTĻTMùE[PtP EBĮVĻLâĻQBSBTUVĻUâMWBEăCBTĻQVMUTĻBUTMùHV ĻTLB UăUĻMQQĻ #VUNġIÝCPC #WVQOQDKĹKGOCT-G[NGUUFTKXGUKUVĘOWW\FWTXLW đTĘLđTQMVWTCKTUMđTKGPLWVĝIC\QPCWPDNCMWUCK\ OWIWTGUFWTXLWIWOKLCUURKGFKGPCRNđMUPGKCVTQ FCUIWOKLCURQIC "J[TMùE[JFUĻEVSWJTĻVOĻBJ[NVHVSFTĻEVSWJT ĻTBU WFSPUĻLâEVĻOPĻEVSWKVĻSPLUVSJFNĻWBJĻOPTQJFxPU NB[âLPĻOPĻBJ[NVHVSFTĻEVSWKVĻHVNJKBTĻQPHâN ĻWùKTUJLMâĻFTPtBJTĻBJ[TMùHtBOBTĻJOEJLBUPSTĻTâL NJSHPU ĻOPSâEPU ĻLBĻBVUPNPCJMJTĻJSĻBJ[TMùHUT TLBUăUĻMQQĻ "UTMùHtBOVĻBSĻ,FZMFTTESJWFĻWFJD ĻBSĻSPLVĻTBU WFSPUĻEVSWKVĻSPLUVSJĻWBJĻBLUJWùKPUĻBJ[NVHVSFT EVSWKVĻHVNJKBTĻTQJFEJFOBĻQMâLTOJĻ5BHBEĻEVS WJTĻWBJĻBJ[NVHVSFTĻEVSWJTĻWBSĻBUWùSUĻLâ QBSBTUJ 2+'<ÿ/' %VSWKVĻSPLUVSJĻQBSBTUJĻLPOTUBUù ĻLBEĻSPLB TBUWFSĻSPLUVSJ ĻCFU ĻKBĻSPLâTĻJSĻCJF[JĻDJNEJ WBJĻSPLBTĻLVTUăCBĻJSĻĮPUJĻâUSB ĻJFTQùKBNT ĻCÜT KâNùīJOBĻWùMSFJ[ĻWBJĻKâOPWFMLĻDJNEJ -BJĻBJ[TMùHUVĻBVUPNPCJMJ ĻWJTQJSNTĻKâBJ[WFS WJTBTĻEVSWJTĻVOĻBJ[NVHVSFTĻEVSWJTĻĻQSFUùKâ HBEăKVNâĻBVUPNPCJMJTĻOFUJLTĻBJ[TMùHUT /FBUUJFDBTĻV[ĻUâMWBEăCBTĻQVMUTĻBUTMùHâNĻBSĻLFZMFTTĻTUBSU Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC -G[NGUU #VUNġIÝCPCCTCVUNġICUUNġF\QÝQFCīW *FTQJFxPUĻTMùE[PtPĻEBĮVĻUJFtJĻBUWFSù HSJF[FTĻNPNFOUTĻBVUPNâUJTLJĻBUCSăWP QMBTUNBTBTĻQâSTFHV 1ùDĻUBNĻJFWJFUPKJFUĻBUTMùHBTĻTMùE[PtPĻEBĮV TMùE[FOFTĻDJMJOESâĻVOĻBUTMùE[JFUĻEVSWJT 1ùDĻBUTMùHtBOBTĻV[MJFDJFUĻQMBTUNBTBTĻQâS TFHVĻWJFUâ 2+'<ÿ/' #VXGTGCVUNĘICUUNĘF\QÞCLCKFCĹCKNCKPQĺGOVW RđTUGIW +BĻDFOUSâMâTĻBJ[TMùHtBOBTĻGVOLDJKVĻOFWBSĻBLUJ WùUĻBSĻUâMWBEăCBTĻQVMUTĻBUTMùHV ĻQJFN ĻKBĻJ[Mâ EùKVtâTĻCBUFSJKBT ĻUBEĻQSJFLtùKâTĻLSFJTâT QVTFTĻEVSWJTĻWBSĻBUWùSUĻBSĻUâMWBEăCBTĻQVMUT BUTMùHBTĻOPĪFNBNPĻBUTMùHBTĻTMùE[PtPĻEBĮV TLBUăUĻMQQĻ -BJĻQJFLĮÜUVĻTMùE[FOFTĻDJMJOESBN ĻKâOPĪFN EVSWKVĻSPLUVSBĻQMBTUNBTBTĻQâSTFHTĻĻUPĻWBS J[EBSăUĻBSăĻBSĻBUTMùHBTĻTMùE[PtPĻEBĮV *FWJFUPKJFUĻBUTMùHBTĻTMùE[PtPĻEBĮVĻBQNù SBNĻĻDNĻE[JĮVNâĻUJFtJĻBUWFSùĻ[FNĻEVSWKV SPLUVSBĻĻQâSTFHBĻĻOFNùīJOJFUĻBUWùSUĻBS TQùLV ,BEĻQSJFLtùKâTĻLSFJTâTĻQVTFTĻEVSWJTĻUJFL BUTMùHUBTĻVOĻBUWùSUBT ĻJ[NBOUPKPUĻBUTMùHBT TMùE[PtPĻEBĮV ĻUJFLĻJFEBSCJOâUBĻTJHOBMJ[â DJKBĻ5âĻUJFLĻJ[TMùHUB ĻJFWJFUPKPUĻUâMWBEăCBT QVMUTĻBUTMùHVĻBJ[EFE[FTĻTMùE[ă ĻTLBUăU MQQĻ #VUNġICUCVOKĮCXCFĦVęLCUġFGMNKU UęPWURQIWīKWPUVĹTġÝCPCUURġMU #VOKĮCUHWPMEKLCVęNXCFĦDCURWNVU CVUNġICKCTMG[NGUUHWPMEKLW +BĻQJFĻBVUPNPCJĮBĻQJFOâLĻWBJSâLJĻDJMWùLJ LVSJFNĻLBUSBNĻJSĻUâMWBEăCBTĻQVMUTĻBUTMùHB ĻUBE TùEFLĮVĻVOĻTQPHVĮVĻJFTUBUăKVNJĻUJFLĻQJFMâHPUJ UBN ĻLVStĻBUWFSĻWBEăUâKBĻEVSWJT +BĻWBEăUâKBĻEVSWJTĻJSĻBUWùSVTJĻQFSTPOBĻ"ĻBSĻUâM WBEăCBTĻQVMUTĻBUTMùHVĻ" ĻCFUĻBSĻBVUPNPCJMJ 5JLBJĻLPQâĻBSĻFMFLUSJTLJĻWBEâNVĻWBEăUâKBĻTùEFLMJĻVOĻFMFLUSJTLJĻWBEâNJFNĻTQPHVĮJFN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET CSBVLTĻQFSTPOBĻ#ĻBSĻUâMWBEăCBTĻQVMUTĻBUTMùHV # ĻJFTUBUăKVNVTĻWBSĻNBJOăUĻtâEJ p 4UâWPUĻQJFĻWBEăUâKBĻEVSWăNĻWBJĻTùxPUĻQJF TUÜSFT ĻQFSTPOBĻ#ĻOPTQJFxĻTBWBTĻUâMWBEă CBTĻQVMUTĻBUTMùHBTĻBUTMùHtBOBTĻUBVTUJĪV TLBUăUĻMQQĻ p *[WùMJFUJFTĻWJFOVĻOPĻUSJNĻJFTQùKBNâN TùEFLĮBĻQP[ăDJKBTĻJFTUBUătBOBTĻBUNJĪBT TUâWPLĮJFNĻBSĻTùEFLĮBĻUBVTUJĪVĻ ĻTLBUăU MQQĻ p /PSFHVMùKJFUĻTùEFLMJĻVOĻTQPHVĮVTĻNBOVâMJ TLBUăUĻMQQĻĻVOĻ p /PSFHVMùKJFUĻTUÜSùtBOBTĻTQùLVĻJ[WùĮĪVĻTJT UùNâĻ/;%#4ĻTLBUJFUĻTLBUăUĻMQQĻ $NQĨġÝCPCUW\UVęFĦLWOK 7BSĻQJFMâHPUĻ,FZMFTTESJWFĻGVOLDJKV ĻJ[WùĮĪV TJTUùNâĻ/;%#4ĻOPSâEPU ĻLVSBTĻEVSWJTĻKâBU TMùE[ ĻJ[NBOUPKPUĻ%CTUGVVKPIU .QEM UGVVKPIU -G[NGUUGPVT[ĻĻtFJUĻJ[WùMJFUJFTĻ#NN FQQTUWPNQEM Ļ#P[FQQT Ļ&QQTUQPUCOG UKFGĻWBJĻ$QVJHTQPVFQQTU 1BSĻJ[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăU MQQĻ #VUNġICUWPUKIPCNK\ęEKLC -G[NGUU #PVGPCUPQXKGVQLWOU $4ÿ&+0ó,7/5 $JMWùLJ ĻLVSJFNĻJSĻJFWJFUPUTĻFMFLUSPLBSEJPTUJ NVMBUPST ĻOFESăLTUĻBUSBTUJFTĻUVWâLĻQBSĻ DNĻOPĻ,FZMFTTĻTJTUùNBTĻBOUFOâNĻ5âEù KâEJĻUJLTĻOPWùSTUJĻFMFLUSPLBSEJPTUJNVMBUPSB VOĻ,FZMFTTĻTJTUùNBTĻUSBVDùKVNJ ,FZMFTTĻTJTUùNâĻJFUJMQTUĻWBJSâLBTĻJOUFHSùUBT BOUFOBT ĻLBTĻOPWJFUPUBTĻEBxâEâTĻBVUPNPCJĮB WJFUâT "J[NVHVSùKBJTĻCVGFSJT ĻWJEÜ %VSWKVĻSPLUVSJT ĻLSFJTâTĻQVTFTĻBJ[NVHVSù KBJT #BHâxBTĻOPEBMăKVNT ĻWJEÜĻVOĻWJTUâMâLĻ[FN HSăEBT %VSWKVĻSPLUVSJT ĻMBCâTĻQVTFTĻBJ[NVHVSù KBJT 7JEVTLPOTPMF Ļ[FNĻBJ[NVHVSùKâTĻEBĮBT 7JEVTLPOTPMF Ļ[FNĻQSJFLtùKâTĻEBĮBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC #K\UNġIÝCPCCVUNġIÝCPC 0QęTRWUGU "SĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBUTMùE[BJ[TMùE[ WJTBTĻEVSWJT ĻBJ[NVHVSFTĻEVSWJTĻVOĻEFHWJFMBT UWFSUOFTĻBJ[WJSUOJĻ7BSĻJ[WùMùUJFTĻDJUVĻBUTMùHtB OBTĻTFDăCV4LBUJFUĻOPEBĮVĻ"UTMùHtBOBĻBSĻUâM WBEăCBTĻQVMUTĻBUTMùHV ĻĻMQQ -BJĻWBSùUVĻBLUJWùUĻBJ[TMùHtBOBTĻGVOLDJKV ĻWBEă UâKBĻEVSWăNĻKâCÜUĻBJ[WùSUâNĻĻKBĻJSĻBUWùSUBT LâEBTĻOPĻEVSWăNĻWBJĻBJ[NVHVSFTĻEVSWJTĻ ĻUBE UâTĻUJFLĻBJ[TMùHUBTĻVOĻTJHOBMJ[âDJKBĻUJFLĻBLUJ WùUBĻUJLBJĻUBE ĻLBEĻUBTĻJSĻBJ[WùSUTĻ7JTBTĻEVSWJT VOĻBJ[NVHVSFTĻEVSWJTĻKâBJ[WFS ĻJ[NBOUPKPU CF[BUTMùHBT ĻTJTUùNV 2+'<ÿ/' ÙFNJFUĻWùSâ ĻLBĻQBTUâWĻSJTLTĻJFTMùHUĻUâMWB EăCBTĻQVMUTĻBUTMùHVĻBVUPNPCJMă +BĻOBWĻJFTQùKBNTĻBJ[TMùHUĻĻBUTMùHUĻBSĻUâMWBEă CBTĻQVMUTĻBUTMùHV ĻCBUFSJKBĻWBSĻCÜUĻJ[MâEùKVTJFT ĻBJ[TMùE[JFUĻWBJĻBUTMùE[JFUĻQSJFLtùKâTĻLSFJTâT QVTFTĻEVSWJTĻBSĻOPĪFNBNPĻBUTMùHBTĻTMùE[PtP EBĮV ĻTLBUăUĻMQQĻ 2+'<ÿ/' "UDFSJFUJFT ĻLBĻTJHOBMJ[âDJKBĻJFTMùE[BT ĻKB EVSWJTĻUJFLĻBUWùSUBTĻQùDĻUBN ĻLBEĻUâT BUTMùHUBTĻBSĻBUTMùHBTĻTMùE[PtPĻEBĮV ĻVO J[TMùE[BT ĻLBEĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻUJFL JFWJFUPUBĻBJ[EFE[FTĻTMùE[ă $4ÿ&+0ó,7/5 +BĻBVUPNPCJMJTĻJSĻBJ[TMùHUTĻOPĻâSQVTFTĻBS UâMWBEăCBTĻQVMUTĻBUTMùHV ĻQBTUâWĻSJTLTĻUJLU JFTMùHUBNĻBVUPNPCJMă ĻKPĻOFWJFOVĻOPĻEVSWăN OFWBSùTĻBUWùSUĻOPĻTBMPOB ĻJ[NBOUPKPUĻEVSWKV WBEăCBTĻTMùExVTĻ1MBtâLVĻJOGPSNâDJKV ĻTLB UăUĻMQQĻ Ļ7JTQâSùKBĻCMPĸùtBOB #VMęTVQVCCWVQOęVKUMęCK\UNġIÝCPC +BĻOFWJFOBTĻEVSWJTĻWBJĻBSăĻBJ[NVHVSùKâTĻEVSWJT OFUJFLĻBUWùSUBTĻĻNJOÜtVĻMBJLâĻQùDĻBUTMùHtB OBT ĻUâTĻWJTBTĻUJFLĻBULBMĻBVUPNâUJTLJĻBJ[TMùH UBTĻfăĻGVOLDJKBĻTBNB[JOBĻSJTLV ĻLBĻBVUPNPCJMJT OFKBVtJĻWBSĻUJLUĻBUTUâUTĻOFBJ[TMùHUTĻ "VUPNPCJ ĮJFNĻBSĻTJHOBMJ[âDJKV ĻTLBUăUĻMQQĻ /CPWęNCCK\UNġIÝCPC %BxâTĻTJUVâDJKâTĻBVUPNPCJMJTĻJSĻKâBJ[TMùE[ NBOVâMJ ĻQJFN ĻKBĻQB[ÜEĻTUSâWBTĻQBEFWF 1SJFLtùKâTĻLSFJTâTĻQVTFTĻEVSWJTĻWBSĻBJ[TMùHU J[NBOUPKPUĻTMùE[FOFTĻDJMJOESVĻVOĻUâMWBEăCBT QVMUTĻBUTMùHBTĻOPĪFNBNPĻTMùE[PtPĻEBĮV ĻTLB UăUĻMQQĻ $JUâNĻEVSWăNĻOBWĻTMùE[FĪVĻDJMJOESVĻĻUâĻWJFUâ LBUSVĻEVSWKVĻNBMâĻBUSPEBTĻBJ[TMùHT ĻLBTĻKâOP TQJFx ĻJ[NBOUPKPUĻBUTMùHBTĻTMùE[PtPĻEBĮV ĻUBE EVSWJTĻUJLTĻNFIâOJTLJĻBJ[TMùHUBTCMPĸùUBT ĻMBJ OFĮBVUVĻUâTĻBUWùSUĻOPĻâSQVTFTĻ%VSWJTĻKPQSPKâN WBSùTĻBUWùSUĻOPĻJFLtQVTFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET /CPWđNCFWTXLWCK\UNĘIÞCPC0GLCWEKGVCTUNĘ FåKGODĘTPWFTQÞĝDCKUMCVĝVNRR p *[ĪFNJFUĻBUTMùHBTĻTMùE[PtPĻEBĮVĻOPĻUâMWB EăCBTĻQVMUTĻBUTMùHBT ĻTLBUăUĻMQQĻĻ*FWJF UPKJFUĻBUTMùHBTĻTMùE[PtPĻEBĮVĻBJ[TMùHB BUWFSùĻVOĻJFTQJFEJFUĻBUTMùHVĻV[ĻJFLtV ĻMăE[ UâĻTBTOJFE[ĻBQBLtEBĮV ĻBQUVWFOJĻĻNN %VSWJTĻWBSĻBUWùSUĻHBOĻOPĻâSQVTFT ĻHBO JFLtQVTFT %VSWJTĻUJFLĻCMPĸùUBT ĻMBJĻUâTĻOFWBSùUV BUWùSUĻOPĻâSQVTFTĻ-BJĻWùMSFJ[ĻOPSFHVMùUVĻ" QP[ăDJKV ĻKâBUWFSĻJFLtùKBJTĻEVSWKVĻSPLUVSJT #VUNġICUWPUKIPCNK\ęEKLC #K\UNġIÝCPCCVUNġIÝCPC %VSWJTĻWBSĻBUTMùHUĻBSăĻBSĻUâMWBEăCBTĻQVMUTĻBUTMù HBTĻBUTMùHtBOBTĻQPHVĻWBJĻBSĻWBEăUâKBĻEVSWKV DFOUSâMâTĻBJ[TMùHtBOBTĻQPHV p /PTQJFEJFUĻDFOUSâMâTĻBJ[TMùHtBOBTĻUBVT 0QKGMÝRWUGU UJĪVĻ %GPVTęNęCK\UNġIÝCPC %VSWKVĻBJ[TMùHBĻBUJFTUBUătBOBĻBJ[TMùE[ UJLBJĻBUUJFDăHâTĻEVSWJT ĻOFWJTĻWJTBTĻEVS WJTĻWJFOMBJDăHJ p .BOVâMJĻBJ[TMùHUBTĻBJ[NVHVSùKâTĻEVSWJT BSĻBLUJWùUVĻNBOVâMPĻCùSOVĻESPtăCBT TMùE[JĻOFWBSĻBUWùSUĻOFĻOPĻâSQVTFT ĻOF OPĻJFLtQVTFT ĻTLBUăUĻMQQĻĻfâEJ BJ[TMùHUBTĻBJ[NVHVSùKâTĻEVSWJTĻWBS BUTMùHUĻUJLBJĻBSĻUâMWBEăCBTĻQVMUTĻBUTMùHV WBJĻDFOUSâMâTĻBJ[TMùHtBOBTĻUBVTUJĪV p 1BWFMDJFUĻEVSWKVĻSPLUVSJĻVOĻBUWFSJFUĻEVSWJT 2+'<ÿ/' p /PTQJFEJFUĻVOĻUVSJFUĻ WJTNB[ĻĻTFLVOEFT ĻMBJ WJFOMBJLVTĻBUWùSUVĻBSăĻWJTVTĻTâOVĻMPHVT ĻEVSWJTĻUJLTĻWJFOMBJLVTĻBUTMùHUBTĻVOĻBUWùS UBT #K\UNġIÝCPC p -BJĻWBSùUVĻBLUJWùUĻDFOUSâMPĻBJ[TMùHtBOV ĻJS KâBJ[WFSĻBCBTĻQSJFLtùKâTĻEVSWJTĻ/PTQJF EJFUĻDFOUSâMâTĻBJ[TMùHtBOBTĻUBVTUJĪVĻ Ļ WJTBTĻEVSWJTĻUJFLĻBJ[TMùHUBTĻ+BĻLâEBTĻOP BJ[NVHVSùKâNĻEVSWăNĻJSĻBUWùSUBT ĻUâTĻBJ[ WFSPU ĻEVSWJTĻBJ[TMùHTJFT %GPVTđNđCK\UNĘIÞCPC 7JTBTĻEVSWJTĻVOĻBJ[NVHVSFTĻEVSWJTĻWBSĻBJ[TMùHU VOĻBUTMùHUĻWJFOMBJLVT ĻJ[NBOUPKPUĻDFOUSâMPĻBJ[ TMùHtBOBTĻUBVTUJĪVĻWBEăUâKBĻEVSWăT p -BJĻBJ[TMùHUV ĻOPTQJFEJFUĻUBVTUJĪBĻWJFOV QVTJĻ ĻĻPUSVĻQVTJĻ ĻMBJĻBUTMùHUV #K\UNġIÝCPCURQICUNCORKĮC +BĻJSĻJFEFHUBĻMBNQJĪBĻWBEăUâKBĻEVSWKVĻDFOUSâMâT BUTMùHBTĻUBVTUJĪâ ĻUBTĻOP[ăNù ĻLBĻWJTBTĻEVSWJT JSĻBJ[TMùHUBT #VUNġIÝCPC %VSWJTĻWBSĻBUTMùHUĻOPĻJFLtQVTFTĻEJWPTĻEBxâ EPTĻWFJEPT /PTQJFEJFUĻVOĻUVSJFUĻ WJTNB[ĻĻTFLVOEFT ĻMBJ WJFOMBJLVTĻBJ[WùSUVĻBSăĻWJTVTĻTâOVĻMPHVT 8KURęTġLCCVXġTÝCPC /PTQJFEJFUĻVOĻUVSJFUĻDFOUSâMâTĻBJ[TMùHtBOBT UBVTUJĪVĻ Ļ WJTNB[ĻĻTFLVOEFT ĻMBJĻWJFOMBJ LVTĻBUWùSUVĻBSăĻWJTVTĻMPHVTĻĻQJFNùSBN ĻMBJĻâUSJ J[WùEJOâUVĻTBMPOVĻLBSTUâĻMBJLâ #WVQOęVKUMęCK\UNġIÝCPC %VSWJTĻVOĻBJ[NVHVSùKâTĻEVSWJTĻUJFLĻBVUPNâ UJTLJĻBJ[TMùHUBT ĻLBEĻBVUPNPCJMJTĻTâLĻCSBVLU 'VOLDJKVĻWBSĻBLUJWùUĻĻEFBLUJWùUĻJ[WùMĪVĻTJT UùNâĻ/;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU .QEMUGVVKPIU #WVQOCVKEFQQT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC #K\UNġIÝCPCCVUNġIÝCPC NQEMKPIĻ1BSĻJ[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăU MQQĻ 5NġF\GPGUEKNKPFTUEKOFWPQFCNĦLWOU p -BJĻBUTMùHUV ĻWFJDJFUĻUPĻQSFUùKâĻTFDăCâ #K\OWIWTġLęUFWTXKU 58#4ÿ)+ p -BJĻBUCSăWPUVĻOPEBMăKVNBĻGJLTBUPSV ĻJS OFQJFDJFtBNTĻNJOJNâMTĻTQùLTĻĻWJFO LâStJĻWJFHMJĻOPTQJFEJFUĻV[ĻHVNJKBT QBOFĮB p "UWFSPUĻOPEBMăKVNV ĻOFDFMJFUĻV[ĻBVHtV HVNJKBTĻQBOFMJĻĻMBJĻQBDFMUV ĻJ[NBOUPKJFU SPLUVSJĻ-JFUPKPUĻQâSâLĻEBVE[ĻTQùLB WBSBUĻTBCPKâUĻHVNJKBTĻQBOFMăĻFTPtPT FMFLUSJTLPTĻTBWJFOPKVNVT /CPWęNCCVXġTÝCPC #VUNġIÝCPCCTVęNXCFĦDCURWNVUCVUNġIW $JNEVĻOPEBMăKVNVĻWBSĻBJ[TMùHUĻĻBUTMùHUĻUJLBJ J[NBOUPKPUĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻTMùE[PtP EBĮVĻ*OGPSNâDJKBĻQBSĻBUTMùHBTĻTMùE[PtPĻEBĮV TLBUăUĻMQQĻ $JNEVĻOPEBMăKVNBĻBJ[TMùHtBOB *FWJFUPKJFUĻBUTMùHBTĻTMùE[PtPĻEBĮVĻDJNEV OPEBMăKVNBĻTMùE[FOFTĻDJMJOESâ 1BHSJF[JFUĻBUTMùHBTĻTMùE[PtPĻEBĮVĻQBS ĻHSâEJFNĻQVMLTUFĪSâEăUâKVĻLVTUăCBTĻWJS [JFOâĻ"J[TMùHUâĻQP[ăDJKâĻBUTMùHBTĻDBVSVNT BUSPEBTĻIPSJ[POUâMJ )WOKLCURNđMUPGCTGNGMVTKUMQMQPVCMVW "J[NVHVSFTĻEVSWJTĻBJ[WùSUBTĻOPUVSĻFMFLUSJTLT GJLTBUPSTĻ-BJĻBUWùSUV 7JFHMJĻOPTQJFEJFUĻQMBUâLPĻOPĻBCâNĻHVNJ KBTĻTQJFEJFOBĻQMâLTOùNĻ[FNĻâSùKâĻSPLUVSB MBJĻBUCSăWPUVĻGJLTBUPSV 1BDFMJFUĻâSùKPĻSPLUVSJ ĻMBJĻQJMOăCâĻBUWùSUV BJ[NVHVSFTĻEVSWJT *[ĪFNJFUĻBUTMùHBTĻTMùE[PtPĻEBĮV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET "J[NVHVSùKPĻEVSWKVĻTJHOBMJ[âDJKVĻWBSĻEFBLUJWùU ĻVOĻBJ[NVHVSùKâTĻEVSWJTĻWBSĻBUTMùHUĻBUTF WJtĸJ ĻJ[NBOUPKPUĻUâMWBEăCBTĻQVMUTĻBUTMùHBT UBVTUJĪV #VUNġICUWPUKIPCNK\ęEKLC #K\UNġIÝCPCCVUNġIÝCPC *OTUSVNFOUVĻQBOFMăĻFTPtBJTĻBJ[TMùHtBOBTĻJOEJ LBUPSTĻQâSUSBVDĻNJSHPU ĻOPSâEPU ĻLBĻOFĻWJTBT EVSWJTĻJSĻBJ[TMùHUBTĻVOĻLBĻTJHOBMJ[âDJKBT ĻMăNF OJT ĻLâĻBSăĻLVTUăCBTĻTFOTPSJĻVOĻBJ[NVHVSFT EVSWKVĻBUWùStBOBTĻTFOTPSJĻJSĻBUWJFOPUJ p %VSWJTĻQBMJFLĻBJ[TMùHUBT ĻVOĻTJHOBMJ[âDJKB QBMJFLĻBLUJWJ[ùUâĻTUâWPLMă "SĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBJ[NVHVSFTĻEVSWJT WBSĻBUWùSUĻEJWPTĻEBxâEPTĻWFJEPT 0QURKGFKGVXKGPWTGK\KĻĻCBHâxBTĻOPEBMăKVNB QâSTFHTĻUJFLĻBUTMùHUT ĻUBÀVĻKPQSPKâNĻJSĻBJ[WùSUT ĻWJFHMJĻOPTQJFEJFUĻV[ĻHVNJKBTĻTQJFEJFOBĻQMâLT OFT ĻLBTĻBUSPEBTĻ[FNĻâSùKâĻSPLUVSB ĻVOĻQBDF MJFUĻCBHâxBTĻOPEBMăKVNBĻQâSTFHVĻ+BĻBJ[NVHV SFTĻEVSWJTĻOFUJFLĻBUWùSUBTĻĻNJOÜtVĻMBJLâ ĻUâT BULBMĻBJ[TMùE[BTĻVOĻOPĻKBVOBĻUJFLĻBLUJWùUBĻTJH OBMJ[âDJKB 4MùE[FOFĻUJFLĻBUCSăWPUB ĻVOĻBJ[NVHVSFT EVSWJTĻBUWFSBTĻQBSĻEBxJFNĻDFOUJNF USJFN 2+'<ÿ/' p +BĻCBHâxBTĻOPEBMăKVNBĻWâLTBJ[NVHV SFTĻEVSWJTĻUJFLĻBUTMùHUBT ĻĻSFJ[FT OPTQJFxPUĻUBVTUJĪVĻWBJĻOPĻBVUPNBtăOBT TBMPOB ĻBVUPNâUJTLâĻBJ[TMùHtBOBĻOFOP UJFL ĻKPĻCBHâxBTĻOPEBMăKVNBĻWâLT BJ[NVHVSFTĻEVSWJTĻJSĻBUWùSUBTĻĻUâT KâBJ[WFSĻNBOVâMJ 1ùDĻUBN ĻLBEĻCBHâxBTĻOPEBMăKVNB WâLTBJ[NVHVSFTĻEVSWJTĻJSĻBJ[WùSUBT UâTĻUJFLĻBUTMùHUBT ĻCFUĻTJHOBMJ[âDJKB OFUJFLĻBLUJWùUBĻĻBJ[TMùE[JFUĻEVSWJTĻWùM SFJ[ĻVOĻBLUJWùKJFUĻTJHOBMJ[âDJKVĻBSĻUâMWB EăCBTĻQVMUTĻBUTMùHBTĻ ĻUBVTUJĪV #WVQOQDKīCCVXġTÝCPCPQKGMÝRWUGU 0QURKGFKGVFKXCUTGK\GUĻĻCBHâxBTĻOPEBMă KVNBĻQâSTFHTĻUJFLĻBUTMùHUTĻVOĻGJLTBUPSTĻBUWJF OPKBT ĻĮBVKPUĻCBHâxBTĻOPEBMăKVNBĻQâSTFHBN BUWùSUJFTĻBQNùSBNĻWJFOVĻDFOUJNFUSVĻĻQBDFMJFU âSùKPĻSPLUVSJ ĻMBJĻBUWùSUVĻ5BÀVĻMJFUVT ĻBVL TUVNT ĻTBMTĻWBJĻTOJFHTĻWBSĻUSBVDùUĻBJ[NVHVSFT EVSWăNĻBUCSăWPUJFTĻOPĻGJLTBUPSB #K\UNġIÝCPCCTVęNXCFĦDCURWNVUCVUNġIW p -BJĻBJ[TMùHUV ĻOPTQJFEJFUĻUâMWBEăCBTĻQVMUT BUTMùHBTĻBJ[TMùHtBOBTĻUBVTUJĪV Ļ ĻTLB UăUĻMQQĻ *OTUSVNFOUVĻQBOFMăĻFTPtBJTĻBJ[TMùHtB OBTĻJOEJLBUPSTĻTâLĻNJSHPU ĻOPSâEPU ĻLB BVUPNPCJMJTĻJSĻBJ[TMùHUTĻVOĻTJHOBMJ[â DJKB ĻBLUJWùUB &GIXKGNCUVXGTVPGUCK\XKTVPKU %FHWJFMBTĻUWFSUOFTĻBJ[WJSUOJĻWBSĻBUTMùHUĻBSĻUâM WBEăCBTĻQVMUTĻBUTMùHBTĻ ĻUBVTUJĪVĻ%FHWJF MBTĻUWFSUOFTĻBJ[WJSUOJTĻQBMJFLĻBUTMùHUTĻUJLĻJMHJ LBNùSĻBVUPNPCJMJTĻUJFLĻBJ[TMùHUTĻBSĻUâMWBEăCBT QVMUTĻBUTMùHBTĻ ĻUBVTUJĪVĻ+BĻBVUPNPCJMJT UJFLĻBJ[TMùHUTĻCSBVDJFOBĻMBJLâĻWBJĻJ[NBOUPKPU TBMPOBĻUBVTUJĪVT ĻEFHWJFMBTĻUWFSUOFTĻBJ[WJSUOJT QBMJFLĻBUTMùHUT %FHWJFMBTĻUWFSUOFTĻBJ[WJSUĪBĻBJ[TMùHtBOB OPUJFLĻBUCJMTUPtJĻLFZMFTTESJWFĻVOĻDFOUSâMâT BJ[TMùHtBOBTĻTJTUùNBTĻBJ[TMùHtBOBJĻWBJĻBUTMùH tBOBJĻ%FHWJFMBTĻUWFSUOFTĻBJ[WJSUĪBĻBJ[TMùH tBOBĻWJFONùSĻOPUJFLĻBSĻĻNJOÜtVĻBJ[LBWJ -BJĻBUWùSUVĻBJ[NVHVSFTĻEVSWJT p /PTQJFEJFUĻUBVTUJĪVĻBQHBJTNPKVNBĻQBOFMă Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC #K\UNġIÝCPCCVUNġIÝCPC 8KURęTġLCDNQĨġÝCPC 2CICKFWFGCMVKXġÝCPC 7JTQâSùKâTĻCMPĸùtBOBTĻGVOLDJKBĻQBSFE[ĻWJTV EVSWKVĻSPLUVSVĻNFIâOJTLVĻCMPĸùtBOV ĻLBT OFĮBVKĻEVSWJTĻBUWùSUĻOPĻBVUPNPCJĮBĻTBMPOB 7JTQâSùKPĻCMPĸùtBOVĻBLUJWùĻBSĻUâMWBEăCBTĻQVMUT BUTMùHV ĻVOĻUâĻUJFLĻJFTUBUăUBĻBSĻBQNùSBN ĻTFLVOxVĻOPCăEJĻQùDĻEVSWKVĻBJ[TMùHtBOBT *[WùMJFUJFTĻ#EVKXCVGQPEG ,POUSPMNùSJOTUSVNFOUVĻQBOFMăĻUJFL SâEăUTĻ[JĪPKVNTĻ5NġFäKWP UKIPCNK\ęEKLC5COC\CK\UCTF\ ĻVO WJTQâSùKâTĻCMPĸùtBOBTĻGVOLDJKBĻUJFL J[TMùHUB ĻBJ[TMùE[PUĻBVUPNPCJMJ WBJ p 2+'<ÿ/' +BĻBJ[LBWFTĻMBJLâĻUJFLĻBUWùSUBTĻEVSWJT ĻUBE TFDăCBĻUFLĻQâSUSBVLUBĻVOĻTJHOBMJ[âDJKBĻ EFBLUJWùUB #MVĝXđUK\XĘNPGUKGURĘLCUKTPQTđFĝVCUCTMTWUVKĺW 7JTQâSùKâĻCMPĸùtBOBTĻTUâWPLMăĻBVUPNPCJMJĻWBS BUTMùHUĻUJLBJĻBSĻUâMWBEăCBTĻQVMUTĻBUTMùHV 1SJFLtùKâTĻLSFJTâTĻQVTFTĻEVSWJTĻWBSĻBUTMùHUĻBSă BSĻOPĪFNBNPĻBUTMùHBTĻTMùE[PtPĻEBĮV $4ÿ&+0ó,7/5 -BJĻOPWùSTUVĻJFTQùKVĻLâEVĻJFTMùHUĻBVUPNP CJMă ĻOFĮBVKJFUĻOFWJFOBNĻUBKâĻBUSBTUJFT ĻKBĻOBW J[TMùHUBĻWJTQâSùKâTĻCMPĸùtBOBTĻGVOLDJKB /;%#4 1-/'07 5BVTUJĪtĻ670' ':+6 +BĻLâETĻQBMJFLĻBVUPNPCJMă ĻCFUĻEVSWJTĻOFQJF DJFtBNTĻBJ[TMùHUĻOPĻâSQVTFT ĻWJTQâSùKâTĻCMP ĸùtBOBTĻGVOLDJKVĻWBSĻăTMBJDăHJĻJ[TMùHUĻ5PĻEBSB tâEJ 1JFLĮÜTUJFUĻJ[WùMĪVĻTJTUùNBJĻ/;%#4Ļ[FN 5GVVKPIU %CTUGVVKPIU 4GFWEGF )WCTFĻ QMBtâLVĻBQSBLTUVĻQBSĻJ[WùMĪVĻTJT UùNV ĻTLBUăUĻMQQĻ 5JLBJĻLPQâĻBSĻTJHOBMJ[âDJKV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET *[WùMJFUJFTĻ#UMYJGPGZKVKPI *LSFJ[ĻJ[TMùE[PUĻE[JOùKV ĻWJEVTLPOTPMFT EJTQMFKBĻFLSâOâĻQBSâEâTĻ[JĪPKVNT #EVKXCVG4GFWEGF)WCTFWPVKN GPIKPGJCUUVCTVGFCICKP! ĻLBNĻTFLP J[WùMFTĻJFTQùKBTĻ%QPHKTOYKVJ1-ĻVO %CPEGNYKVJ':+6 ,CXKURęTġLęUDNQĨġÝCPCUHWPMEKLWKTLęK\ UNġF\ p /PTQJFEJFUĻ1-/'07ĻVOĻBJ[TMùE[JFU BVUPNPCJMJĻ ÙFNJFUĻWùSâ ĻLBĻWJFOMBJDăHJ UJFLĻBUTMùHUJĻTJHOBMJ[âDJKBTĻMăNFĪBĻVOĻLVTUă CBTĻTFOTPSJ ĻTLBUăUĻMQQĻ /âLBNBKâĻE[JOùKBĻJFEBSCJOâtBOBTĻSFJ[ù TJTUùNBĻUJFLĻBUJFTUBUăUBĻV[ĻOVMMJĻVOĻLPO USPMNùSJOTUSVNFOUVĻQBOFĮBĻEJTQMFKâ QBSâEâTĻ[JĪPKVNTĻ5NġFäKWP UKIPCNK\ęEKLC2KNPCCK\UCTF\ ĻLBT OP[ăNù ĻLBĻWJTQâSùKâTĻCMPĸùtBOBT GVOLDJKB ĻLâĻBSăĻTJHOBMJ[âDJKBTĻLVTUăCBT #VUNġICUWPUKIPCNK\ęEKLC #K\UNġIÝCPCCVUNġIÝCPC VOĻTBTWùStBOâTĻEFUFLUPSJ ĻUJFLĻBLUJWùUJ OPĻKBVOB ,CCK\UNġIÝCPCUUKUVġOWPGFTĦMUVOCKPĦV p /PTQJFEJFUĻ':+6ĻVOĻBJ[TMùE[JFUĻBVUPNP CJMJ 2+'<ÿ/' p "UDFSJFUJFT ĻLBĻTJHOBMJ[âDJKBĻUJFL JFTMùHUB ĻLBEĻBVUPNPCJMJTĻUJFLĻBJ[TMùHUT p +BĻLâEBTĻEVSWJTĻUJFLĻBUWùSUBTĻOPĻJFLt QVTFT ĻUBEĻUJFLĻJFEBSCJOâUBĻTJHOBMJ[â DJKB #VUNġICUWPUKIPCNK\ęEKLC $ġTPWFTQÝĦDCUUNġFäK /CPWęNCCK\OWIWTġLQFWTXLW DNQĨġÝCPC %VSWJTĻUJFLĻCMPĸùUBT ĻMBJĻUâTĻOFWBSùUV BUWùSUĻOPĻJFLtQVTFT 4MùExJĻCùSOVĻESPtăCBJĻOFĮBVKĻCùSOJFNĻOPĻJFLt QVTFTĻBUWùSUĻBJ[NVHVSùKâTĻEVSWJT %VSWJTĻWBSĻBUWùSUĻHBOĻOPĻâSQVTFT ĻHBO JFLtQVTFT #TUNĘFåKGODĘTPWFTQÞĝDCK0GLCWEKGVCTOCPWđ NCLKGOFWTXLWUNĘFåKGOUMCVĝVNRR 2+'<ÿ/' -BJĻBLUJWùUVĻTMùExVTĻCùSOVĻESPtăCBJ p %VSWKVĻTMùE[JTĻCMPĸùĻUJLBJĻBUUJFDăHâT EVSWJT ĻOFWJTĻBCBTĻBJ[NVHVSùKâTĻEVSWJT WJFOMBJDăHJ *FEBSCJOJFUĻE[JOùKVĻWBJĻQBHSJF[JFUĻBUTMùHV QP[ăDJKâ ĻLBTĻQâSTOJFE[Ļ p "VUPNPCJĮJFN ĻLBTĻBQSăLPUJĻBSĻFMFLUSJ TLPĻCùSOVĻESPtăCBTĻTMùE[J ĻOBW NBOVâMBĻCùSOVĻESPtăCBTĻTMùExB 'NGMVTKUMęDNQĨġÝCPCCK\OWIWTġLęO FWTXĦO WPGNGMVTKUMCLKGONQIW RCEġNęLKGO ,BEĻFMFLUSJTLBJTĻCùSOVĻESPtăCBTĻTMùE[JTĻJSĻBLUJ WùUT ĻUBEĻBJ[NVHVSùKPT p MPHVTĻWBSĻBUWùSUĻUJLBJĻBSĻTMùExJFNĻWBEăUâKB p EVSWJTĻOFWBSĻBUWùSUĻOPĻJFLtQVTFT *[TMùE[PUĻE[JOùKV ĻQBtSFJ[ùKBJTĻJFTUBUăKVNT TBHMBCâKBTĻĻKBĻTMùExJĻCùSOVĻESPtăCBJĻUJFLĻBLUJ WùUJ ĻLBEĻE[JOùKTĻJSĻJ[TMùHUT ĻtăĻGVOLDJKBĻUJLT JFTMùHUBĻBSă ĻOâLBNSFJ[ĻJFEBSCJOPUĻE[JOùKV -BJĻBLUJWùUVĻĻEFBLUJWùUVĻTMùExVTĻCùSOVĻESPtă CBJ 1BHSJF[JFUĻTMùE[J ĻJ[NBOUPKPUĻUâMWBEăCBT QVMUTĻBUTMùHBTĻOPĪFNBNPĻTMùE[PtPĻEBĮVĻ TLBUăUĻMQQĻ 8CFĝVđLCFWTXLWXCFĝDCURCPGNKU /PTQJFEJFUĻUBVTUJĪVĻWBEăUâKBĻEVSWKVĻQBOFMă *OGPSNâDJKBTĻEJTQMFKâĻQBSâEâTĻ[JĪPKVNT #K\OUNġFäKDġTPWFTQÝĦDCKCMVKXġVK VOĻUBVTUJĪBĻMBNQJĪBĻJ[HBJTNPKBTĻĻTMù E[FOFTĻJSĻBLUJWùUBT EVSWKVĻQBOFMă #ùSOVĻESPtăCBTĻGJLTBUPSJĻBUSPEBTĻBJ[NVHVSFT EVSWKVĻUâMâLBKâĻNBMâ ĻVOĻUJFNĻWBSĻQJFLĮÜUĻUJLBJ UBE ĻKBĻEVSWJTĻJSĻBUWùSUBT p 4MùExVTĻCùSOVĻESPtăCBJĻWBJĻBLUJWùUĻĻEFBLUJWùU WJTâTĻBUTMùHBTĻQP[ăDJKâT ĻLBTĻQâSTOJFE[ĻĻ TLBUăUĻMQQĻĻ"LUJWùtBOVĻĻEFBLUJWùtBOVĻWBS WFJLUĻMăE[ĻĻNJOÜUùNĻQùDĻE[JOùKBĻJ[TMùHtBOBT KBĻOBWĻBUWùSUBTĻOFWJFOBTĻOPĻEVSWăN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC 5KIPCNK\ęEKLC 8KURęTĦIK "LUJWùUBĻTJHOBMJ[âDJKBĻBUTLBO ĻKB p UJFLĻBUWùSUBTĻEVSWJT ĻE[JOùKBĻQâSTFHTĻWBJ BJ[NVHVSùKâTĻEVSWJT p TBMPOâĻLPOTUBUùUBĻLVTUăCBĻ KBĻTBMPOTĻJS BQSăLPUTĻBSĻLVTUăCVĻEFUFLUPSV p BVUPNPCJMJTĻUJFLĻQBDFMUTĻWBJĻWJMLUTĻQSPKâN KBĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻTBTWùStBOâT EFUFLUPSV p UJFLĻBUWJFOPUTĻBLVNVMBUPSBĻLBCFMJT p TJSùOBĻUJFLĻBUTMùHUB +BĻTJHOBMJ[âDJKBTĻTJTUùNâĻJSĻLĮÜNF ĻJOGPSNâDJ KBTĻEJTQMFKâĻUJFLĻQBSâEăUTĻ[JĪPKVNTĻfBKâĻHBEă KVNâĻTB[JOJFUJFTĻBSĻTFSWJTV ĻJFUFJDBNTĻ7PMWP QJMOWBSPUVĻTFSWJTV 5KIPCNK\ęEKLCUKPFKMCVQTU 2+'<ÿ/' +BĻTBMPOâĻUJFLĻLPOTUBUùUBĻLVTUăCB ĻUBKâ TLBJUâĻHBJTBĻQMÜTNBT ĻUBEĻLVTUăCBTĻTFOTPSJ JFEBSCJOBĻTJHOBMJ[âDJKVĻ5âEùĮ ĻKBĻBVUPNB tăOBĻJSĻBUTUâUBĻBSĻBUWùSUVĻMPHVĻWBJĻQBTBxJFSV TBMPOâĻUJFLĻJ[NBOUPUTĻWFOUJMBUPST ĻJFTMùE[BT TJHOBMJ[âDJKB -BJĻUâĻOFOPUJLUVĻ*[LâQKPUĻOPĻBVUPNBtăOBT WJFONùSĻBJ[WFSJFUĻMPHVĻ+BĻKâJ[NBOUPĻBVUP NPCJĮBĻJFCÜWùUBJTĻTBMPOBĻTJMEăUâKTĻ WBJĻQâS OùTâKBNBJTĻFMFLUSJTLBJTĻTJMEăUâKT ĻQBHSJF[JFU WFOUJMBUPSVTĻUâ ĻMBJĻHBJTBĻQMÜTNBĻOFCÜUV WùSTUBĻV[ĻBVHtVĻ7BSĻBSăĻJ[NBOUPUĻTBNB[J OâUVĻTJHOBMJ[âDJKBTĻMăNFOJ ĻTLBUăUĻMQQĻ 2+'<ÿ/' /FNùīJOJFUĻTBWJFNĻTQùLJFNĻTBMBCPUĻWBJ NBJOăUĻTJHOBMJ[âDJKBTĻTJTUùNBTĻLPNQPOFO UVTĻ+FCLVStĻtâETĻNùīJOâKVNTĻWBSĻJFUFL NùUĻBQESPtJOâtBOBTĻOPTBDăKVNVT 6đRCVKNCORKĺCMCUCK\UNĘIÞCPCUKPFKMCVQTCO UMCVĝVNRR 4BSLBOBĻHBJTNBĻEJPEFĻLPOUSPMNùSJOTUSVNFOUV QBOFMăĻOPSâEBĻTJHOBMJ[âDJKBTĻTJTUùNBTĻTUBUVTV p (BJTNBTĻEJPEFĻOFEFHĻqĻTJHOBMJ[âDJKBĻOBW JFTMùHUB p (BJTNBTĻEJPEFĻNJSHPĻWJFOVĻSFJ[JĻTFLVOEù qĻTJHOBMJ[âDJKBĻJSĻJFTMùHUB p (BJTNBTĻEJPEFĻâUSJĻNJSHPĻQùDĻTJHOBMJ[âDJ KBTĻJ[TMùHtBOBTĻ VO ĻMăE[ĻUâMWBEăCBTĻQVMUT BUTMùHBĻUJFLĻJFWJFUPUBĻBJ[EFE[FTĻTMùE[ăĻVO BUTMùHBĻJSĻQP[ăDJKâĻ+ ĻqĻTJHOBMJ[âDJKBĻJS OPTUSâEâKVTJ 5KIPCNK\ęEKLCUCMVKXK\ġÝCPC p 1JFTQJFEJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻBJ[ TMùHtBOBTĻTQJFEQPHV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC 5KIPCNK\ęEKLC &GCMVKXġLKGVUKIPCNK\ęEKLW p 1JFTQJFEJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHBT BUTMùHtBOBTĻTQJFEQPHV +GUNġIWÝęUUKIPCNK\ęEKLCUK\UNġIÝCPC p /PTQJFEJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHBT BUTMùHtBOBTĻUBVTUJĪVĻWBJĻJFWJFUPKJFUĻBJ[EF E[FTĻTMùE[ăĻUâMWBEăCBTĻQVMUTĻBUTMùHV J[MâEùKVTJFT ĻUBEĻBVUPNPCJMJĻWBSĻBUTMùHU ĻBUWJF OPUĻTJHOBMJ[âDJKVĻVOĻJFEBSCJOâUĻE[JOùKVĻtâEJ "UWFSJFUĻLSFJTâTĻQVTFTĻEVSWJTĻBSĻOPĪF NBNPĻBUTMùHBTĻTMùE[PtPĻEBĮVĻĻTLBUăU MQQĻ 4JHOBMJ[âDJKBĻUJFLĻBLUJWùUB ĻQBHSJF[JFOB SâEăUâKJĻNJSHP ĻVOĻBUTLBOĻTJSùOB %KVCUUKIPCNK\ęEKLCUHWPMEKLCU #WVQOęVKUMęUKIPCNK\ęEKLCUCVMęTVQVC KGUNġIÝCPC #WVQOęVKUMęUKIPCNK\ęEKLCUKGUNġIÝCPęU %BxâTĻWBMTUăTĻTJHOBMJ[âDJKBĻUJFLĻBULBMĻJFTMùHUB QùDĻLâEBĻCSăxB ĻKBĻWBEăUâKBĻEVSWJTĻJSĻBUWùSUBT VOĻBJ[WùSUBT ĻCFUĻBVUPNPCJMJTĻOBWĻWùMSFJ[ĻBJ[ TMùHUT 6ęNXCFĦDCURWNVUCVUNġICPGFCTDQLCU +BĻTJHOBMJ[âDJKVĻOFWBSĻJ[TMùHUĻBSĻUâMWBEăCBT QVMUTĻBUTMùHV ĻQJFN ĻKBĻBUTMùHBTĻCBUFSJKBĻJS p 1BHSJF[JFOVĻSâEăUâKJĻNJSHPĻĻNJOÜUFTĻWBJ LBNùSĻTJHOBMJ[âDJKBĻUJFLĻJ[TMùHUB 5COC\KPęVUUKIPCNK\ęEKLCUNĦOGPKU -BJĻOFKBVtJĻOFJFTMùHUVĻTJHOBMJ[âDJKV ĻQJFN ĻKB BJ[TMùHUâĻBVUPNPCJMăĻJSĻBUTUâUTĻTVOTĻWBJĻBVUP NPCJMJTĻUJFLĻUSBOTQPSUùUTĻBSĻWJMDJFOVĻWBJĻQSâNJ ăTMBJDăHJĻJ[TMùE[JFUĻLVTUăCBTĻVOĻTBTWùStBOâT EFUFLUPSVT 1SPDFEÜSBĻJSĻUâEBĻQBUJ ĻLâĻăTMBJDăHJĻEFBLUJWùKPU WJTQâSùKâTĻCMPĸùtBOBTĻGVOLDJKV ĻTLBUăUĻMQQĻ făĻGVOLDJKBĻOPWùStĻJFTQùKVĻOFKBVtJĻQBNFTU BVUPNBtăOVĻBSĻOFBLUJWJ[ùUVĻTJHOBMJ[âDJKV +BĻBVUPNPCJMJĻBUTMùE[ĻBSĻUâMWBEăCBTĻQVMUT BUTMùHVĻ VOĻTJHOBMJ[âDJKBĻJSĻJ[TMùHUB ĻCFUĻOFWJF OBTĻTâOVĻEVSWJTĻWBJĻBJ[NVHVSùKâTĻEVSWJT OFUJFLĻBUWùSUBTĻĻNJOÜtVĻMBJLâ ĻTJHOBMJ[âDJKB BVUPNâUJTLJĻUJFLĻJFTMùHUBĻOPĻKBVOBĻ7JFOMBJLVT BVUPNPCJMJTĻUJFLĻBJ[TMùHUTĻOPĻKBVOB QBUJĻBSĻTBWVĻBLVNVMBUPSV ĻVOĻUâĻEBSCPKBT OFBULBSăHJĻOPĻBVUPNPCJĮBĻBLVNVMBUPSB *FWJFUPKJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBJ[EF E[FTĻTMùE[ă 4JHOBMJ[âDJKBĻJSĻEFBLUJWùUB 5KIPCNK\ęEKLCUVTCWMUOGUUKIPęNK ,BEĻJSĻJ[SBJTăUBĻTJHOBMJ[âDJKBTĻUSBVLTNF p 4JSùOBĻTLBOĻĻTFLVOEFTĻWBJĻLBNùSĻTJH OBMJ[âDJKBĻUJFLĻJ[TMùHUBĻ4JSùOBĻJSĻBQHâEâUB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #VUNġICUWPUKIPCNK\ęEKLC *OTUSVNFOUVĻQBOFMJTĻVOĻWBEăCBTĻTWJSBT 7PMWPĻ4FOTVTĻ "UTMùHBTĻQP[ăDJKBT 4ùEFLĮJ 4UÜSF "QHBJTNPKVNT 7ùKTUJLMBĻUăSăUâKJĻVOĻWùKTUJLMBĻNB[HâtBOB -PHJĻVOĻBUQBLBĮTLBUBĻVOĻTâOVĻTQPHVĮJ ,PNQBTT "MLPNFUST %[JOùKBĻJFEBSCJOâtBOB %[JOùKBĻJFEBSCJOâtBOBĻqĻQBSBMùMBJTĻBLVNVMBUPST 1âSOFTVNLâSCBT &DPĻ(VJEFĻVOĻ1PXFS 4UBSU4UPQĻ 1JMOQJFE[JĪBĻĻ"8% ,âKBTĻCSFN[F )%$Ļ)JMMĻ%FTDFOUĻ$POUSPM 4UâWCSFN[F )PNF-JOLĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +ą46Ļ#3"6,f"/"4Ļ7*%& ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU +PUVTWOGPVWRCPGīCRęTUMCVU 5VĨTGMTGKUCLđRWUĘ ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU (WPMEKLC .CRRWUG (WPMEKLC .CRRWUG *[WùMOFTĻVOĻ[JĪPKVNJ ĻWJS [JFOVĻSâEăUâKJ ĻUâMâTUVWâT HBJTNBT ĻWBEăUâKBĻJOGP DFOUST Ļ "WâSJKBTĻHBJTNBTĻTJHOâMT Ļ ,SVă[LPOUSPMF Ļ *OGPSNâDJKBTĻVOĻJ[LMBJEFT TJTUùNBTĻVOĻJ[WùMĪV WBEăCB 4LBĪBTĻTJHOâMT ĻESPtă CBTĻHBJTBĻTQJMWFOJ Ļ ,MJNBUBĻLPOUSPMFTĻWBEă CBTĻQBOFMJT ,PNCJOùUBJTĻJOTUSV NFOUVĻQBOFMJT Ļ 1âSOFTVNVĻQâSTMùHT 4UâWCSFN[F *[WùMOFT ĻBVEJPĻVOĻUâM SVĪBĻWBEăCBTĻJFLâSUB Ļ 7ùKTUJLMBĻUăSăUâKJĻVOĻWùK TUJLMBĻNB[HâtBOB Ļ 5BVTUJĪtĻ45"354501 &/(*/& 4UÜSFTĻQJFMâHPtBOB %[JOùKBĻQâSTFHBĻBUWùSùKT "J[EFE[FTĻTMùE[JT Ļ *OGPSNâDJKBTĻVOĻJ[LMBJEFT TJTUùNBTĻVOĻJ[WùMĪVĻEJT QMFKT Ļ -VLUVSVĻTMùE[JT ĻBJ[NV HVSFTĻEVSWKVĻBUWùStBOBT TMùE[JT 4ùEFLĮVĻSFHVMùtBOB %VSWKVĻSPLUVSJT q 7BEăCBTĻQBOFMJT Ļ Ļ `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU 5VĨTGNCDCLđRWUĘ ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU (WPMEKLC .CRRWUG (WPMEKLC .CRRWUG 7ùKTUJLMBĻUăSăUâKJĻVOĻWùK TUJLMBĻNB[HâtBOB Ļ Ļ *[WùMOFT ĻBVEJPĻVOĻUâM SVĪBĻWBEăCBTĻJFLâSUB Ļ *OGPSNâDJKBTĻVOĻJ[LMBJEFT TJTUùNBTĻVOĻJ[WùMĪV WBEăCB ,MJNBUBĻLPOUSPMFTĻWBEă CBTĻQBOFMJT 4LBĪBTĻTJHOâMT ĻESPtă CBTĻHBJTBĻTQJMWFOJ Ļ 1âSOFTVNVĻQâSTMùHT ,PNCJOùUBJTĻJOTUSV NFOUVĻQBOFMJT Ļ 4UâWCSFN[F ,SVă[LPOUSPMF Ļ Ļ 5BVTUJĪtĻ45"354501 &/(*/& *[WùMOFTĻVOĻ[JĪPKVNJ ĻWJS [JFOVĻSâEăUâKJ ĻUâMâTUVWâT HBJTNBT ĻWBEăUâKBĻJOGP DFOUST 4UÜSFTĻQJFMâHPtBOB "J[EFE[FTĻTMùE[JT %[JOùKBĻQâSTFHBĻBUWùSùKT *OGPSNâDJKBTĻVOĻJ[LMBJEFT TJTUùNBTĻVOĻJ[WùMĪVĻEJT QMFKT Ļ -VLUVSVĻTMùE[JTĻVOĻBJ[ NVHVSFTĻEVSWKVĻBUWùStB OBTĻTMùE[JT Ļ %VSWKVĻSPLUVSJT q 4ùEFLĮVĻSFHVMùtBOB 7BEăCBTĻQBOFMJT Ļ Ļ "WâSJKBTĻHBJTNBTĻTJHOâMT +PHQTOęEKLCUFKURNGLK +PHQTOđEKLCUFKURNGLUCPCNQICKUKPUVTWOGPVW RCPGNKU +PHQTOđEKLCUFKURNGLKFKIKVđNCKUKPUVTWOGPVWRCPG NKU ,PNCJOùUâĻJOTUSVNFOUVĻQBOFĮBĻJOGPSNâDJKBT EJTQMFKTĻSâEBĻJOGPSNâDJKVĻQBSĻWBJSâLâNĻBVUP `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU NPCJĮBĻGVOLDJKâN ĻQJFNùSBN ĻLSVă[BĻLPOUSPMJ VOĻWBEăUâKBĻJOGPDFOUSV ĻLâĻBSăĻQB[JĪPKVNVT *OGPSNâDJKBĻUJFLĻQBSâEăUBĻBSĻUFLTUVĻVOĻTJNCP MJFN ;FNĻJOGPSNâDJKBTĻEJTQMFKâĻQBSâEăUBKâNĻGVOLDJ KâNĻEPUJĻQMBtâLJĻBQSBLTUJ 5MCNCUWPKPFKMCVQTKCPCNQICKU KPUVTWOGPVWRCPGNKU MQQĻ ĻVOĻ%FHWJFMBTĻV[QJMEătBOB ĻMQQĻ &DPĻ.FUFS 4QJEPNFUST 5BIPNFUSTĻ.ùSăUâKTĻSâEBĻE[JOùKBĻBQHSJF [JFOVTĻUÜLTUPtPTĻBQHSNJOĻ SQN 1âSOFTVNVĻQâSTMùHtBOBTĻJOEJLBUPSTĻ QâSOFTVNVĻQP[ăDJKBTĻJOEJLBUPSTĻ4LBUJFU BSăĻĻMQQ 5MCNCUWPKPFKMCVQTKFKIKVęNCKU KPUVTWOGPVWRCPGNKU %JHJUâMBKBNĻLPNCJOùUBKBNĻJOTUSVNFOUVĻQBOF MJNĻWBSĻJ[WùMùUJFTĻEBxâEVTĻNPUăWVTĻ*FTQùKBNJF NPUăWJĻJSĻ&MFHBODF Ļ&DPĻVOĻ1FSGPSNBODF %FHWJFMBTĻEBVE[VNBĻSâEăUâKTĻ,BEĻJOEJLB UPSTĻTBTOJFE[ĻCBMUPĻBU[ăNJ ĻJFEFHBTĻ[FNB EFHWJFMBTĻMăNFĪBĻE[FMUFOBJTĻJOEJLBUPSB TJNCPMTĻ4LBUJFUĻBSăĻ7BEăUâKBĻJOGPDFOUST -BJĻNBJOăUVĻNPUăWV ĻOPTQJFEJFUĻLSFJTâTĻTWJSBT UBVTUJĪVĻ1-ĻVOĻQùDĻUBNĻBUMBTJFUĻJ[WùMOFT PQDJKVĻ6ġOCU ĻQBHSJFxPUĻTWJSBTĻHSFE[FOV "QTUJQSJOJFUĻTBWVĻJ[WùMJ ĻOPTQJFxPUĻUBVTUJĪV 1-Ļ1MBtâLVĻJOGPSNâDJKVĻQBSĻJ[WùMOùN ĻTLBUăU MQQĻ ,BEĻEJTQMFKBĻQB[JĪPKVNTĻ"UUâMVNTĻMăE[ĻUVLtBJĻEFHWĻUWFSUOFJĻSâEBĻ ĻtăĻBU[ăNFĻLĮÜTUĻTBSLBOB .BOVâMâĻQâSOFTVNLâSCB "VUPNâUJTLâĻQâSOFTVNLâSCB ,BEĻEJTQMFKBĻQB[JĪPKVNTĻ"UUâMVNTĻMăE[ĻUVLtBJĻEFHWĻUWFSUOFJĻSâEBĻ ĻtăĻBU[ăNFĻLĮÜTUĻTBSLBOB /ĘTKPUVTWOGPVKWPKPFKMCVQTK'NGICPEG %FHWJFMBTĻEBVE[VNBĻSâEăUâKTĻ,BEĻJOEJLB UPSTĻTBTOJFE[ĻCBMUPĻBU[ăNJ ĻJFEFHBTĻ[FNB EFHWJFMBTĻMăNFĪBĻE[FMUFOBJTĻJOEJLBUPSB TJNCPMTĻ4LBUJFUĻBSăĻ7BEăUâKBĻJOGPDFOUST MQQĻ ĻVOĻ%FHWJFMBTĻV[QJMEătBOB ĻMQQ %[JOùKBĻE[FTùtBOBTĻtĸJESVNBĻUFNQFSBUÜ SBTĻSâEăUâKT 4QJEPNFUST ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU 5BIPNFUSTĻ.ùSăUâKTĻSâEBĻE[JOùKBĻBQHSJF [JFOVTĻUÜLTUPtPTĻBQHSNJOĻ SQN 5BIPNFUSTĻ.ùSăUâKTĻSâEBĻE[JOùKBĻBQHSJF [JFOVTĻUÜLTUPtPTĻBQHSNJOĻ SQN 5BIPNFUSTĻ.ùSăUâKTĻSâEBĻE[JOùKBĻBQHSJF [JFOVTĻUÜLTUPtPTĻBQHSNJOĻ SQN 1âSOFTVNVĻQâSTMùHtBOBTĻJOEJLBUPSTĻ QâSOFTVNVĻQP[ăDJKBTĻJOEJLBUPSTĻ4LBUJFU BSăĻĻMQQ 1âSOFTVNVĻQâSTMùHtBOBTĻJOEJLBUPSTĻ QâSOFTVNVĻQP[ăDJKBTĻJOEJLBUPSTĻ4LBUJFU BSăĻĻMQQ 1PXFSĻ.FUFSĻ4LBUJFUĻBSăĻĻMQQ /ĘTKPUVTWOGPVKWPKPFKMCVQTK'EQ /ĘTKPUVTWOGPVKWPKPFKMCVQTK2GTHQTOCPEG %FHWJFMBTĻSâEăUâKTĻ,BEĻJOEJLBUPSTĻTBT OJFE[ĻCBMUPĻBU[ăNJ ĻJFEFHBTĻ[FNBĻEFHWJF MBTĻMăNFĪBĻE[FMUFOBJTĻJOEJLBUPSBĻTJNCPMT 4LBUJFUĻBSăĻ7BEăUâKBĻJOGPDFOUST ĻMQQĻ VOĻ%FHWJFMBTĻV[QJMEătBOB ĻMQQĻ %FHWJFMBTĻSâEăUâKTĻ,BEĻJOEJLBUPSTĻTBT OJFE[ĻCBMUPĻBU[ăNJ ĻJFEFHBTĻ[FNBĻEFHWJF MBTĻMăNFĪBĻE[FMUFOBJTĻJOEJLBUPSBĻTJNCPMT 4LBUJFUĻBSăĻ7BEăUâKBĻJOGPDFOUST ĻMQQĻ VOĻ%FHWJFMBTĻV[QJMEătBOB ĻMQQĻ &DPĻ(VJEFĻ4LBUJFUĻBSăĻĻMQQ %[JOùKBĻE[FTùtBOBTĻtĸJESVNBĻUFNQFSBUÜ SBTĻSâEăUâKT 4QJEPNFUST 1âSOFTVNVĻQâSTMùHtBOBTĻJOEJLBUPSTĻ QâSOFTVNVĻQP[ăDJKBTĻJOEJLBUPSTĻ4LBUJFU BSăĻĻMQQ 4QJEPNFUST .BOVâMâĻQâSOFTVNLâSCB "VUPNâUJTLâĻQâSOFTVNLâSCB ,BEĻEJTQMFKBĻQB[JĪPKVNTĻ"UUâMVNTĻMăE[ĻUVLtBJĻEFHWĻUWFSUOFJĻSâEBĻ ĻtăĻBU[ăNFĻLĮÜTUĻTBSLBOB `` ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU +PFKMCVQTCWPDTĦFKPęLWOCUKODQNK OPE[JFTUĻTFLVOxVĻMBJLâ ĻJ[ĪFNPUĻTJNCPMV LBTĻOPSâEBĻV[ĻLĮÜNùNĻBVUPNPCJĮBĻJ[QMÜEFT TJTUùNâ ĻVOĻ[FNBĻFĮĮBTĻTQJFEJFOBĻTJNCPMV +PFKMCVQTWUKODQNK 5KODQNU 6GJPKUMKGRCTCOGVTK "#-ĻTJTUùNBTĻCPKâKVNT &NJTJKBTĻTJTUùNB +PFKMCVQTKWPDTĝFKPđLWOCUKODQNKCPCNQICKU KPUVTWOGPVWRCPGNKU *OEJLBUPSVĻTJNCPMJ *OEJLBUPSBĻVOĻCSăEJOâKVNBĻTJNCPMJ CSăEJOâKVNBĻTJNCPMJ +PFKMCVQTKWPDTĝFKPđLWOCUKODQNKFKIKVđNCKU KPUVTWOGPVWRCPGNKU *OEJLBUPSVĻTJNCPMJ *OEJLBUPSBĻVOĻCSăEJOâKVNBĻTJNCPMJ (WPMEKQPCNKVęVGURęTDCWFG +BĻE[JOùKVĻOFJ[EPEBTĻJFEBSCJOâU ĻWBJĻKBĻGVOL DJPOBMJUâUFTĻQâSCBVEFĻUJFLĻWFJLUB ĻLBEĻBUTMùHB BUSPEBTĻQP[ăDJKâĻ++ ĻUBEĻWJTJĻTJNCPMJ "J[NVHVSùKBJTĻNJHMBTĻMVLUVSJT JFTMùHUT 4UBCJMJUâUFTĻTJTUùNB CSăEJOâKVNBĻTJNCPMJ 7JTJĻJOEJLBUPSVĻVOĻCSăEJOâKVNBĻTJNCPMJĻJ[HBJT NPKBT ĻLBEĻBUTMùHBĻBUSPEBTĻQP[ăDJKâĻ++ĻWBJĻLBE UJFLĻJFEBSCJOâUTĻE[JOùKTĻ1ùDĻE[JOùKBĻQBMBJtB OBTĻWJTJFNĻTJNCPMJFNĻKâJ[E[JFTU ĻJ[ĪFNPU TUâWCSFN[FTĻTJNCPMV ĻLBTĻJ[E[JFTUĻUJLBJĻUBE LBEĻTUâWCSFN[FĻUJFLĻBUCSăWPUB "#4ĻTJTUùNBTĻCPKâKVNT 4UBCJMJUâUFTĻTJTUùNB ĻTQPSUB SFxăNT %[JOùKBĻJFQSJFLtùKâTĻV[TJMEătB OBTĻJFLâSUBĻ Eă[FĮE[JOùKJFN ;FNTĻEFHWJFMBTĻMăNFOJTĻUWFSUOù *OGPSNâDJKB ĻOPMBTăUĻUFLTUVĻEJT QMFKâ %BxJFNĻE[JOùKBĻNPEFĮJFNĻOBWĻJ[NBOUPUTĻ[FNBĻFĮĮBTĻTQJFEJFOBĻCSăEJOâKVNBĻTJNCPMTĻ#SăEJOâtBOBĻOPUJFL ĻJ[NBOUPKPUĻEJTQMFKBĻUFLTUVĻ*OGPSNâDJKVĻQBSĻFĮĮBTĻMăNFĪBĻQâSCBVEJĻTLBUăUĻMQQĻ ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU 5KODQNU 6GJPKUMKGRCTCOGVTK 5âMâTĻHBJTNBTĻJFTM ,SFJTâĻQBHSJF[JFOBĻSâEăUâKJ -BCâĻQBHSJF[JFOBĻSâEăUâKJ 4UBSU4UPQ ĻE[JOùKTĻJSĻBVUPNâ UJTLJĻBQUVSùUT ĻTLBUăUĻMQQĻ #$.UKUVġOCUDQLęLWOU 4JNCPMTĻJ[HBJTNPKBTĻ"#-ĻGVOLDJKBTĻ BLUăWJF QBHSJF[JFOBĻMVLUVSJ ĻCPKâKVNBĻHBEăKVNâ 'OKUKLCUUKUVġOC +BĻTJNCPMTĻJ[HBJTNPKBT ĻUBTĻWBSĻOPSâEăU ĻLB SBEVTJFTĻLĮÜNFĻBVUPNPCJĮBĻFNJTJKBTĻTJTUùNâ #SBVDJFUĻV[ĻTFSWJTV ĻMBJĻWFJLUVĻQâSCBVEJĻ7PMWP JFTBLBĻWùSTUJFTĻQùDĻQBMăE[ăCBTĻ7PMWPĻQJMOWB SPUâĻTFSWJTâ #$5UKUVġOCUDQLęLWOU +BĻtJTĻTJNCPMTĻJFEFHBT ĻTJTUùNBĻOFEBSCPKBT "VUPNBtăOBTĻQBSBTUâĻCSFNxVĻTJTUùNBĻUVSQJOB EBSCPUJFT ĻCFUĻCF[Ļ"#4ĻGVOLDJKBT "QUVSJFUĻBVUPNPCJMJĻESPtâĻWJFUâĻVOĻJ[TMù E[JFUĻE[JOùKV *FEBSCJOJFUĻE[JOùKVĻOPĻKBVOB +BĻTJNCPMTĻQBMJFLĻJ[HBJTNPUT ĻCSBVDJFUĻV[ TFSWJTV ĻMBJĻQâSCBVEăUVĻ"#4ĻTJTUùNV 7PMWPĻJFTBLBĻWùSTUJFTĻ7PMWPĻQJMOWBSPUâ TFSWJTâ #K\OWIWTġLCKUOKINCUNWMVWTKUKGUNġIVU fJTĻTJNCPMTĻJFEFHBT ĻLBEĻJSĻJFTMùHUTĻBVUPNBtă OBTĻBJ[NVHVSùKBJTĻNJHMBTĻMVLUVSJTĻ"J[NVHVSù KBJTĻNJHMBTĻMVLUVSJTĻTBTUâWĻOPĻEJWâNĻTQVM E[ùN 5VCDKNKVęVGUUKUVġOC +BĻTJNCPMTĻNJSHP ĻUBTĻOPSâEBĻV[ĻUP ĻLBĻTUBCJMJ UâUFTĻTJTUùNBĻQBtMBJLĻEBSCPKBTĻ+BĻtJTĻTJNCPMT EFHĻQBTUâWăHJ ĻTJTUùNâĻJSĻLĮÜNF 5VCDKNKVęVGUUKUVġOCURQTVCTGäĦOU 5RQTVĻSFxăNTĻOPESPtJOBĻBLUăWâLBTĻCSBVLtBOBT CBVEăKVNVĻfăĻTJTUùNBĻLPOTUBUù ĻWBJĻBLTFMFSB UPSBĻQFEâĮBĻVOĻTUÜSFTĻLVTUăCBTĻVOĻQBHSJF[JFOV WFJLtBOBĻOPUJFLĻBLUăWâLĻOFLâĻQBSBTUJ ĻVOĻBUĮBVK WFJLUĻLPOUSPMùUVĻBJ[NVHVSùKâTĻEBĮBTĻCVLTù tBOVĻMăE[ĻOPUFJLUBNĻCSăEJN ĻQJSNTĻUâĻJFKBVDBT VOĻTUBCJMJ[ùĻBVUPNPCJMJ &\KPġLCKGRTKGMÝġLęUW\UKNFĦÝCPCU KGMęTVC FĦ\GīF\KPġLKGO fJTĻTJNCPMTĻJFEFHBTĻE[JOùKBĻJFQSJFLtùKâTĻV[TJM EătBOBTĻMBJLâĻ1âSTWBSâĻQSJFLtTJMEătBOBĻOPUJFL [FNBTĻUFNQFSBUÜSBTĻEùĮ +PHQTOęEKLCPQNCUĦVVGMUVWFKURNGLę +BĻLâEBĻOPĻBVUPNBtăOBTĻTJTUùNâNĻOFEBSCP KBT ĻLâĻQBSFE[ùUT ĻJOGPSNâDJKBTĻEJTQMFKâĻQBSâ EâTĻtJTĻJOGPSNâDJKBTĻTJNCPMTĻVOĻUFLTUTĻ;JĪP KVNBĻUFLTUVĻOPE[ùtĻBSĻUBVTUJĪVĻ1- ĻTLBUăU MQQĻ ĻWBJĻBSăĻUBTĻBVUPNâUJTLJĻJ[[ÜEĻQùD LâEBĻMBJLBĻ MBJLTĻBULBSăHTĻOPĻUâ ĻV[ĻLVSVĻGVO LDJKVĻUBTĻOPSâEB Ļ*OGPSNâDJKBTĻTJNCPMTĻWBS J[HBJTNPUJFTĻBSăĻTBJTUăCâĻBSĻDJUJFNĻTJNCPMJFN 2+'<ÿ/' ,BEĻUJFLĻQBSâEăUTĻBQLPQFTĻQB[JĪPKVNT TJNCPMVĻVOĻQB[JĪPKVNVĻWBSĻOPUăSăU ĻOPTQJF xPUĻ1-ĻUBVTUJĪVĻ1SFUùKâĻHBEăKVNâĻUJFĻQùD MBJLBĻJ[[VEăTĻBVUPNâUJTLJ 6ęNęUICKUOCUKGUN fJTĻTJNCPMTĻJFEFHBT ĻLBEĻJSĻJFTMùHUBTĻUâMâT HBJTNBTĻVOĻLBEĻUâMâTĻHBJTNBTĻ[JCTOă .CDęUMTGKUęURWUGUXKT\KGPCTęFĦVęLK "CJĻQBHSJF[JFOBĻSâEăUâKVĻTJNCPMJĻNJSHP ĻLBE UJFLĻJ[NBOUPUTĻBWâSJKBTĻHBJTNVĻTJHOâMT 5VCTV5VQR fJTĻTJNCPMTĻEFH ĻLBEĻBVUPNPCJMJTĻJSĻBVUPNâ UJTLJĻJ[TMùE[JFT <GOUFGIXKGNCUNĦOGPKUVXGTVPġ ,BEĻTJNCPMTĻJ[HBJTNPKBT ĻEFHWJFMBTĻMăNFOJT UWFSUOùĻJSĻ[FNT ĻV[QJMEJFUĻJFTQùKBNJĻESă[ ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU DTĦFKPęLWOCUKODQNK 5KODQNU 6GJPKUMKGRCTCOGVTK ;FNTĻFĮĮBTĻTQJFEJFOT" 4UâWCSFN[FĻOPWJMLUB 4UâWCSFN[FĻJFTMùHUB ĻBMUFSOB UăWTĻTJNCPMT %SPtăCBTĻTQJMWFOJĻqĻ434 %SPtăCBTĻKPTUVĻBUHâEJOâUâKT ĶFOFSBUPSTĻOFMâEù #PKâKVNTĻCSFNxVĻTJTUùNâ #SăEJOâKVNT " %BxJFNĻE[JOùKBĻWBSJBOUJFNĻOBWĻJ[NBOUPUTĻ[FNBĻFĮĮBTĻTQJF EJFOBĻCSăEJOâKVNBĻTJNCPMTĻ#SăEJOâtBOBĻOPUJFL ĻJ[NBOUPKPU EJTQMFKBĻUFLTUV ĻTLBUăUĻĻVOĻ <GOUGīīCUURKGFKGPU +BĻtJTĻTJNCPMTĻJFEFHBTĻCSBVLtBOBTĻMBJLâ ĻE[J OùKBĻFĮĮBTĻTQJFEJFOTĻJSĻQâSâLĻ[FNTĻ/FLBWùKP UJFTĻBQTUâEJOJFUĻE[JOùKVĻVOĻQâSCBVEJFUĻFĮĮBT MăNFOJĻE[JOùKâ ĻOFQJFDJFtBNăCBTĻHBEăKVNâ QBQJMEJOJFUĻFĮĮVĻ+BĻTJNCPMTĻJ[HBJTNPKBT ĻCFU FĮĮBTĻMăNFOJTĻJSĻOPSNâMT ĻTB[JOJFUJFTĻBSĻTFSWJTV 7PMWPĻJFTBLBĻWùSTUJFTĻQùDĻQBMăE[ăCBTĻ7PMWP QJMOWBSPUâĻTFSWJTâ 5VęXDTGO\GPQXKNMVC fJTĻTJNCPMTĻJFEFHBTĻBSĻQBTUâWăHVĻHBJTNV ĻKB OPWJMLUBĻTUâWCSFN[FĻ4JNCPMTĻEFHĻUJLĻJMHJ LBNùSĻUâĻJSĻJFTMùHUBĻ1MBtâLVĻJOGPSNâDJKBĻTLB UJFUĻTLBUăUĻMQQĻĻMQQ &TQÝĦDCUURKNXGPKp545 +BĻtJTĻTJNCPMTĻOFOPE[JFTUĻWBJĻJ[HBJTNPKBT CSBVDPU ĻUBTĻOP[ăNù ĻLBĻESPtăCBTĻKPTUBTĻTQSâ E[ù Ļ434 Ļ4*14ĻWBJĻ*$ĻTJTUùNâĻOPUFJLUT EFGFLUTĻ/FLBWùKPUJFTĻCSBVDJFUĻV[ĻTFSWJTV ĻMBJ WFJLUVĻTJTUùNVĻQâSCBVEJĻ7PMWPĻJFTBLBĻWùSTUJFT QùDĻQBMăE[ăCBTĻ7PMWPĻQJMOWBSPUâĻTFSWJTâ &TQÝĦDCULQUVWCVIęFKPęVęLU fJTĻTJNCPMTĻNJSHP ĻKBĻLâETĻOPĻQSJFLtùKPT TùEFLĮPTĻTùEPtBKJFNĻOBWĻV[MJDJTĻTBWVĻESPtă CBTĻKPTUVĻWBJĻKBĻLâETĻOPĻBJ[NVHVSùKPTĻTùEFL ĮPTĻTùEPtBKJFNĻJSĻOPĪùNJTĻESPtăCBTĻKPTUV þGPGTCVQTUPGNęFġ fJTĻTJNCPMTĻJFEFHBTĻCSBVLtBOBTĻMBJLâ ĻKBĻFMFL USJTLBKâĻTJTUùNâĻBUHBEăKJFTĻCPKâKVNTĻ%PEJF UJFTĻV[ĻTFSWJTVĻ7PMWPĻJFTBLBĻWùSTUJFTĻQùDĻQBMă E[ăCBTĻ7PMWPĻQJMOWBSPUâĻTFSWJTâ $QLęLWOUDTGOäWUKUVġOę +BĻtăTĻTJNCPMTĻEFH ĻCSFNxVĻtĸJESVNBĻMăNFOJT WBSĻCÜUĻQâSâLĻ[FNTĻ"QTUâEJOJFUĻBVUPNPCJMJ ESPtâĻWJFUâĻVOĻQâSCBVEJFUĻMăNFOJĻCSFNxVĻtĸJE SVNBĻUWFSUOù ĻTLBUăUĻMQQĻ +BĻCSFNxVĻVOĻ"#4ĻTJNCPMJĻJFEFHBTĻWJFOMBJDăHJ JFTQùKBNT ĻLBĻLĮÜNFĻJSĻCSFNxVĻTQùLBĻTBEBMă KVNBĻTJTUùNâ "QUVSJFUĻBVUPNPCJMJĻESPtâĻWJFUâĻVOĻJ[TMù E[JFUĻE[JOùKV *FEBSCJOJFUĻE[JOùKVĻOPĻKBVOB p +BĻBCJĻTJNCPMJĻOPE[JFTU ĻUVSQJOJFU CSBVLU p +BĻTJNCPMJĻOFOPE[JFTU ĻQâSCBVEJFU MăNFOJĻCSFNxVĻtĸJESVNBĻUWFSUOù ĻTLBUăU MQQĻĻ+BĻtĸJESVNBĻMăNFOJTĻJSĻOPS NâMT ĻCFUĻTJNCPMJĻKPQSPKâNĻJ[HBJTNP KBT ĻBSĻBVUPNPCJMJĻQJFTBSE[ăHJĻESăLTU CSBVLUĻMăE[ĻTFSWJTBN ĻMBJĻWFJLUVĻCSFNxV TJTUùNBTĻQâSCBVEJĻ7PMWPĻJFTBLBĻWùS TUJFTĻQùDĻQBMăE[ăCBTĻ7PMWPĻQJMOWBSPUâ TFSWJTâ $4ÿ&+0ó,7/5 +BĻCSFNxVĻtĸJESVNBĻMăNFOJTĻJSĻ[FNĻCSFNxV tĸJESVNBĻUWFSUOFTĻ/+0ĻMăNFĪB ĻBQUVSJFU BVUPNBtăOVĻVOĻV[QJMEJFUĻCSFNxVĻtĸJESVNV 4FSWJTâĻKâOPTBLBĻCSFNxVĻtĸJESVNB [VEVNBĻJFNFTMTĻ7PMWPĻJFTBLBĻTB[JOâUJFTĻBS BVUPSJ[ùUVĻ7PMWPĻTFSWJTV ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU $4ÿ&+0ó,7/5 +BĻWJFOMBJLVTĻJSĻJ[HBJTNPUTĻTJNCPMTĻ#3",& VOĻ"#4 ĻQBTUâWĻSJTLT ĻLBĻTQùDăHBTĻCSFN[ù tBOBTĻMBJLâĻWBSĻJ[TMăEùUĻBVUPNBtăOBTĻBJ[NV HVSF $TĦFKPęLWOU 4BSLBOBJTĻCSăEJOâKVNBĻTJNCPMTĻJFEFHBT ĻKBĻJS LPOTUBUùUTĻCPKâKVNT ĻLBTĻWBSĻJFUFLNùUĻESPtăCV VOWBJĻBVUPNBtăOBTĻWBEâNăCVĻ7JFOMBJLVT JOGPSNâDJKBTĻEJTQMFKâĻSFE[BNTĻQBTLBJESPKPtBJT UFLTUTĻ4JNCPMTĻJSĻSFE[BNT ĻMăE[ĻLĮÜNFĻUJFL OPWùSTUB ĻUBÀVĻUFLTUBĻ[JĪPKVNVĻWBSĻJ[E[ùTU J[NBOUPKPUĻUBVTUJĪVĻ1- ĻTLBUăUĻTLBUăUĻMQQĻ #SăEJOâKVNBĻTJNCPMTĻWBSĻJ[HBJTNPUJFTĻBSăĻLPQâ BSĻDJUJFNĻTJNCPMJFN J[HBJTNPKBTĻJOGPSNâDJKBTĻWBJĻCSăEJOâKVNBĻTJN CPMTĻVOĻQBSâEâTĻTLBJESPKVNBĻUFLTUTĻ5JLMăE[ JFTQùKBNT ĻBQTUâEJOJFUĻBVUPNPCJMJĻESPtâĻWJFUâ VOĻBJ[WFSJFUĻEVSWJT ĻE[JOùKBĻQâSTFHVĻWBJ CBHâxOJFLBĻWâLVĻBULBSăCâĻOPĻUâ ĻLBTĻJSĻJ[SâEă KJFTĻBUWùSUT +BĻBVUPNPCJMJTĻCSBVDĻBSĻâUSVNV ĻLBT NB[âLTĻQBSĻBQNĻĻLNI ĻJ[HBJTNPKBT JOGPSNâDJKBTĻTJNCPMT +BĻBVUPNPCJMJTĻCSBVDĻBSĻâUSVNV ĻLBT MJFMâLTĻQBSĻBQNĻĻLNI ĻJ[HBJTNPKBT CSăEJOâKVNBĻTJNCPMT $TCWEKGPCQFQOGVTU #SBVDJFOBĻPEPNFUSBĻEJTQMFKT "CVTĻCSBVDJFOBĻPEPNFUSVTĻ6ĻVOĻ6ĻMJFUPĻăTV BUUâMVNVĻOPUFJLtBOBJĻ"UUâMVNTĻUJFLĻQBSâEăUT EJTQMFKâ 1BHSJF[JFUĻLSFJTâĻTWJSTMùExBĻăLtĸSBUV ĻMBJĻQBSâ EăUVĻWBKBE[ăHPĻPEPNFUSV 5VSPUĻOPTQJFTUVĻLSFJTâĻTWJSTMùExBĻUBVTUJĪV 4'5'6ĻJMHâLĻQBSĻĻTFLVOEJ ĻUJFLĻBUJFTUBUăUT QBtSFJ[ĻSFE[BNBJTĻCSBVDJFOBĻPEPNFUST /PTQJFxPUĻJMHâLĻ ĻTFLVOEFT ĻUJFLĻBUJFTUBUăUT CPSUBĻEBUPSTĻ KBĻBVUPNBtăOBĻJSĻBQSăLPUBĻBSĻEJHJ UâMVĻJOTUSVNFOUVĻQBOFMJ Ļ1MBtâLVĻJOGPSNâDJKB TLBUJFUĻTLBUăUĻMQQĻĻMQQ %BSCăCB "QTUâKJFUJFTĻESPtâĻWJFUâĻ/FUVSQJOJFUĻWBEăU BVUPNBtăOV *[MBTJFUĻ[JĪPKVNVĻJOGPSNâDJKBTĻEJTQMFKâ 3ăLPKJFUJFTĻTBTLBĪâĻBSĻEJTQMFKâĻSFE[BNP [JĪPKVNVĻ/PE[ùTJFUĻ[JĪPKVNVĻBSĻUBVTUJĪV 1- #VIęFKPęLWOUpFWTXKUPCXCK\XġTVCU +BĻLâEBTĻTâOVĻEVSWJT ĻE[JOùKBĻQâSTFHTĻWBJ BJ[NVHVSùKâTĻEVSWJTĻOBWĻBJ[WùSUBTĻQBSFJ[J LPNCJOùUBKâĻLPOUSPMNùSJOTUSVNFOUVĻQBOFMă $TCWEKGPCQFQOGVTU 5JLBJĻBVUPNPCJĮJFNĻBSĻTJHOBMJ[âDJKV %BxâEJFNĻWBSJBOUJFNĻEJTQMFKBĻJ[TLBUTĻWBSĻBUtĸJSUJFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG +PUVTWOGPVWRCPGNKUWPXCFĦDCUUXKTCU 2WNMUVGPKU 2WNMUVGPKUFKIKVđNCKUKPUVTWOGPVWRCPGNKU %JTQMFKTĻMBJLBĻSâEătBOBJ 2WNMUVGĮCKGUVCVĦÝCPC 1VMLTUFOJĻWBSĻJFTUBUăUĻJ[WùĮĪVĻHSVQâĻ/;%#4 1MBtâLVĻJOGPSNâDJKVĻTLBUăUĻMQQĻ +BĻJSĻV[TUâEăUTĻBOBMPHBJTĻJOTUSVNFOUVĻQBOFMJT ĻMBJLTĻUJFLĻSâEăUTĻJOTUSVNFOUVĻQBOFĮBĻWJEÜ ,ĹUWDTCWMÝCPCUXKFG 8QNXQ5GPUWU 8KURęTĦIK QFSTPOBMJ[ùU ĻJ[NBOUPKPUĻOFQâSQSPUBNVĻMJFUP UâKBĻJOUFSGFJTVĻ*FTUBUăKVNVTĻWBSĻWFJLUĻBVUPNP CJĮBĻJFTUBUăKVNVĻJ[WùMOù ĻJOGPSNâDJKBTĻVOĻJ[LMBJ EFTĻTJTUùNâ ĻLMJNBUBĻLPOUSPMFTĻSFxăNPTĻVD "SĻWJEVTLPOTPMFTĻUBVTUJĪJFNĻVOĻWBEăCBTĻTMù ExJFNĻWBJĻTUÜSFTĻWBEăCBTĻUBTUBUÜSV ĻWBSĻBLUJWùU WBJĻEFBLUJWùUĻGVOLDJKBTĻVOĻWFJLUĻWBJSâLVTĻEBxâ EVTĻJFTUBUăKVNVT 8KFWUMQPUQNGUXCFĝDCURCPGNKU /BWJHâDJKB ĻĻ0#8 ĻTLBUJFUĻBUTFWJtĸPĻăQBt OJFLBĻSPLBTHSâNBUVĻ $FĮVĻVOĻTBUJLTNFT JOGPSNâDJKBTĻTJTUùNBĻĻ35* *OGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJTUùNBĻ 4#&+1 /'&+# Ļ6'. ĻTLBUăUĻMQQĻ "VUPNPCJĮBĻV[TUâEăKVNJĻĻ/;%#4 ĻTLBUăU MQQĻ ,MJNBUBĻLPOUSPMF ĻTLBUăUĻMQQĻ /PTQJFxPUĻ/;%#4 ĻQBSâEâTĻWJTJĻBSĻCSBVL tBOVĻVOĻBVUPNPCJĮBĻWBEăCVĻTBJTUăUJFĻJFTUBUă KVNJ ĻQJFNùSBN ĻQJMTùUBTĻESPtăCBTĻGVOLDJKB TMùE[FOFTĻVOĻTJHOBMJ[âDJKB ĻQVMLTUFĪBĻV[TUâEă tBOBĻVD /PTQJFxPUĻBUUJFDăHPĻGVOLDJKVĻ4#&+1 Ļ/'&+# 6'. Ļ0#8 ĻVOĻ%#/ ĻWBSĻBLUJWùUĻDJUVTĻBWP UVT ĻTJTUùNBTĻVOĻGVOLDJKBT ĻQJFNùSBN Ļ". '. Ļ$% Ļ%7% Ļ57 Ļ#MVFUPPUI ĻOBWJHâDJKV VOĻTUâWWJFUâĻOPWJFUPtBOBTĻQBMăHTJTUùNBT LBNFSV 1MBtâLVĻJOGPSNâDJKVĻQBSĻWJTâNĻGVOLDJKâN TJTUùNâNĻTLBUJFUĻăQBtOJFLBĻSPLBTHSâNBUBT BUUJFDăHBKâĻOPEBĮâ 4UâWWJFUâĻOPWJFUPtBOBTĻQBMăHTJTUùNBT LBNFSBĻ%#/ ĻTLBUăUĻMQQĻ 7PMWPĻ4FOTVTĻJSĻBVUPNPCJĮBĻWBEăCBTĻTJTUùNBĻ KÜTVĻQFSTPOăHâTĻ7PMWPĻQJFSFE[FTĻDFOUSTĻ7PMWP 4FOTVTĻBQWJFOPĻVOĻWJEVTLPOTPMFTĻ57ĻFLSâOâ QJFEâWâĻEBVE[ĻGVOLDJKVĻWBJSâLâTĻBVUPNPCJĮB TJTUùNâTĻ"SĻ7PMWPĻ4FOTVTĻBVUPNPCJMJĻWBS Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG #VUNġICURQ\ĦEKLCU 6ęNXCFĦDCURWNVUCVUNġICUKGNKMÝCPCWP K\ĮGOÝCPC 58#4ÿ)+ "J[EFE[FTĻTMùE[ăĻFTPtJĻTWFtĸFSNFĪJĻWBS QBTMJLUJOâUĻUâĻEBSCăCVĻWBJĻTBCPKâUĻTMùE[J /FNùīJOJFUĻJFTQJFTUĻUâMWBEăCBTĻQVMUT BUTMùHV ĻKBĻUâĻJSĻOFQBSFJ[JĻQBHSJF[UBĻĻTBUWF SJFUĻUPĻHBMV ĻLVSâĻBUSPEBTĻOPĪFNBNâĻBUTMù HBTĻTMùE[PtâĻEBĮB ĻTLBUăUĻMQQĻ .ĦOG PKU UBJĻJ[CăEăUJFTĻVOĻJ[ĪFNJFUĻUPĻOPĻBJ[EFE[FT TMùExB #K\FGF\GUUNĘF\KUCTK\XĘTUVWKGXKGVQVWVđNXCFĝDCU RWNVUCVUNĘIW *FSPCFxPUVĻMBJLBĻQPTNVĻWBSĻMJFUPU BVEJPTJTUùNVĻĻTLBUăUĻMQQĻ 2+'<ÿ/' "VUPNBtăOâNĻBSĻCF[BUTMùHBT ĻGVOLDJKV BUTMùHBĻOBWĻKâJFWJFUPĻBJ[EFE[FTĻTMùE[ă ĻCFU UPĻWBSĻOPHMBCâU ĻQJFNùSBN ĻLBCBUâĻ-BJ TBĪFNUVĻQMBtâLVĻJOGPSNâDJKVĻQBSĻtPĻGVO LDJKV ĻTLBUăUĻMQQĻ +GXKGVQLKGVCVUNġIW 5BCVMâĻSFE[BNBTĻLBUSâĻBUTMùHBTĻQP[ăDJKâ MăNFOăĻQJFFKBNâTĻGVOLDJKBT 4BUWFSJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBSĻUâT TMùE[PtPĻEBĮVĻVOĻJFWJFUPKJFUĻBUTMùHVĻBJ[EF E[FTĻTMùE[ă 1ùDĻUBNĻJFTQJFEJFUĻBUTMùHVĻMăE[ĻHBMBN + 7BSĻMJFUPUĻTUJLMBĻKVNUBĻTBVMKVNV FMFLUSJTLPTĻMPHVĻQBDùMâKVT ĻĻ7 LPOUBLUMJH[EVĻQBTBxJFSVĻTBMPOâ 35* ĻUâMSVOJ ĻWFOUJMBUPSVĻVOĻWùK TUJLMBĻUăSăUâKVT ++ *FEFHBTĻQSJFLtùKJFĻMVLUVSJ &CäęFWNĦOGĮWHWPMEKLCU -BJĻJFTQùKPUVĻJFSPCFxPUBĻGVOLDJKVĻTLBJUB J[NBOUPtBOV ĻLBEĻE[JOùKTĻJSĻJ[TMùHUT ĻBVUPNP CJĮBĻFMFLUSPTJTUùNBJĻWBSĻJFTUBUăUĻĻEBxâEVT MăNFĪVTĻ BUTMùHBTĻQP[ăDJKBT ĻJ[NBOUPKPUĻUâMWB EăCBTĻQVMUTĻBUTMùHVĻĻ Ļ+ĻVOĻ++Ļ7JTâĻăQBtOJFLB SPLBTHSâNBUâĻtJFĻMăNFĪJĻJSĻBQ[ăNùUJĻLâĻBUTMù HBTĻQP[ăDJKBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 5JFLĻBQHBJTNPUTĻPEPNFUST ĻQVML TUFOJTĻVOĻUFNQFSBUÜSBTĻSâEăUâKT 7BSĻSFHVMùUĻFMFLUSJTLJĻWBEâNPT TùEFLĮVT #VUNġICUK\ĮGOÝCPC p 4BUWFSJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHV ĻĮBVKJFU (WPMEKLCU #SăEJOâKVNBĻVOĻJOEJLBUPSVĻMBNQJ ĪBTĻJFEFHBTĻV[ĻQJFDâNĻTFLVO EùN 5JFLĻBLUJWùUBTĻWBJSâLBTĻDJUBTĻTJT UùNBTĻ5BÀVĻTùEFLĮJĻVOĻBJ[NVHV SFTĻTUJLMBĻBQTJMEJĻWBSĻJFTMùHUĻUJLBJ QùDĻE[JOùKBĻJFEBSCJOâtBOBT ÀĦCVUNġICURQ\ĦEKLCRCVġTġ FCWF\UVCTVGTCCMWOWNCVQTC UVTęXCUVęFġīVQPGXCLCF\ġVW K\OCPVQV ,ĹUWDTCWMÝCPCUXKFG #VUNġICURQ\ĦEKLCU #VUNġICURQ\ĦEKLCUNĦOGĮCK\XġNG #VUNġICURQ\ĦEKLC p "UTMùE[JFUĻBVUPNPCJMJĻĻUBTĻOP[ăNù ĻLB BVUPNPCJĮBĻFMFLUSPTJTUùNBĻBUSPEBTĻMăNFOă #VUNġICURQ\ĦEKLC+ p ,BEĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻJSĻMăE[ĻHBMBN JFWJFUPUBĻBJ[EFE[FTĻTMùE[ă 56#465612'0)+0' ĻăTJĻOPTQJFEJFU 2+'<ÿ/' #WFKQUKUVġOC *OGPSNâDJKVĻQBSĻBVEJPTJTUùNBTĻGVOLDJKâN ĻLBT QJFFKBNBT ĻLBEĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻJS J[ĪFNUBĻĻTLBUăUĻMQQĻ &\KPġLCKGFCTDKPęÝCPCWPK\UNġIÝCPC *OGPSNâDJKVĻQBSĻE[JOùKBĻJFEBSCJOâtBOVJ[TMùH tBOVĻĻTLBUăUĻMQQĻ 8KNMÝCPC 4WBSăHVĻJOGPSNâDJKVĻQBSĻUâMWBEăCBTĻQVMUT BUTMùHVĻWJMLtBOBTĻMBJLâĻĻTLBUăUĻMQQĻ -BJĻTBTOJFHUVĻMăNFOJĻ+ĻWBJĻ++ĻPGKGFCTDKPQV E[JOùKV ĻPGPQURKGFKGVĻCSFNxVTBKÜHB QFEâMJ ĻLBEĻHBUBWPKBUJFTĻJFTMùHUĻtăTĻBUTMùHBT QP[ăDJKBT #VUNġICURQ\ĦEKLC++ p ,BEĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻJSĻMăE[ĻHBMBN JFWJFUPUBĻBJ[EFE[FTĻTMùE[ă ĻUVSJFUĻJMHâL OPTQJFTUVĻ56#465612'0)+0' #VRCMCīCVUNġICURQ\ĦEKLę p -BJĻWùMSFJ[ĻOPSFHVMùUVĻBUTMùHBTĻQP[ăDJKVĻ OPĻQP[ăDJKBTĻ++ĻVOĻ+ ĻăTJĻOPTQJFEJFUĻ56#46 5612'0)+0' /BWĻOFQJFDJFtBNTĻBVUPNPCJĮJFNĻBSĻCF[BUTMùHBT ĻGVOLDJKV "QUVWFOJĻĻTFLVOEFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 5ġFGMīK 2TKGMÝġLKGUġFGMīK $4ÿ&+0ó,7/5 /PSFHVMùKJFUĻWBEăUâKBĻTùEFLMJ ĻQJSNTĻTâLU CSBVLtBOVĻĻOFLâEâĻHBEăKVNâĻOFEBSJFUĻUP CSBVLtBOBTĻMBJLâĻ1âSMJFDJOJFUJFT ĻLBĻTùEFL MJTĻJSĻOPGJLTùUT ĻMBJĻOFTBWBJOPUPTĻTUSBVKBT CSFN[ùtBOBTĻWBJĻOFHBEăKVNBĻMBJLâ -BJĻOPSFHVMùUVĻBVHTUVNV ĻKâOPTQJFxĻUBVTUJĪt TLBUJFUĻBUUùMV ĻWJFOMBJLVTĻWJS[PUĻHBMWBTĻCBMTUV V[ĻBVHtVĻWBJĻV[ĻMFKV (BMWBTĻCBMTUVĻWBSĻOPSFHVMùUĻUSăTĻEBxâEâTĻQP[ă DJKâT 2TKGMÝġLęUġFGMīCCV\XGNVPGUPQNCKÝCPC 2TKGMÝġLQUġFGMīWICNXCUDCNUVW TGIWNġÝCPC -BJĻOPSFHVMùUVĻHVSOVĻBUCBMTUV ĻQBHSJF[JFU SJQTMùE[J 6[ĻQSJFLtVBUQBLBĮĻQBDFMJFUĻSPLUVSJ ĻMBJ OPSFHVMùUVĻBUUâMVNVĻMăE[ĻTUÜSFJĻVOĻQFEâ ĮJFNĻ1âSCBVEJFU ĻWBJĻTùEFLMJTĻOPGJLTùKBT QùDĻTUâWPLĮBĻJ[NBJOătBOBT -BJĻQBDFMUVOPMBJTUVĻTùEFLĮBĻQSJFLtùKP NBMV ĻTÜLOùKJFUĻV[ĻBVHtVV[ĻMFKV "U[WFMUOFTĻTMăQVNBĻSFHVMùtBOB ĻQBHSJF[JFU SJUFOăUJ 1BDFMJFUOPMBJEJFUĻTùEFLMJ ĻTÜLOùKPUĻV[ BVHtVV[ĻMFKV 2TKGMÞĘLQUĘFGMĹWICNXCUDCNUVWCWIUVWOWXCT TGIWNĘV 1JFMâHPKJFUĻHBMWBTĻCBMTUVĻQBTBxJFSBĻBVHVNBN MBJ ĻKBĻWJFOĻJFTQùKBNT ĻCÜUVĻOPTFHUBĻWJTBĻHBM WBTĻBJ[NVHVSF 7BEăCBTĻQBOFMJTĻFMFLUSJTLJĻWBEâNBNĻTùEF LMJN "UUJFDBTĻBSăĻV[ĻFMFLUSJTLJĻSFHVMùKBNVĻTùEFLMJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 1BTBxJFSBĻTùEFLĮBĻBU[WFMUOJĻWBSĻOPMPDăUĻV[ QSJFLtV ĻMBJĻBVUPNPCJMăĻWBSùUVĻJFWJFUPUĻHBSVT QSJFLtNFUVT 1âSWJFUPKJFUĻTùEFLMJĻV[ĻQSJFLtVĻVOĻV[ĻMFKV DJLĻWJFOĻUâMVĻJFTQùKBNT /PSFHVMùKJFUĻBU[WFMUOJĻWFSUJLâMJ 1BDFMJFUĻGJLTBUPSVTĻOPĻBU[WFMUOFTĻBJ[NV HVSFTĻVOĻTBMPLJFUĻUPĻV[ĻQSJFLtV ,ĹUWDTCWMÝCPCUXKFG 5ġFGMīK 1BWFMDJFUĻTùEFLMJĻV[ĻQSJFLtVĻUâ ĻMBJĻHBMWBT CBMTUTĻGJLTùUPTĻ[FNĻDJNEVĻOPEBMăKVNB 'NGMVTKUMKTGIWNġLCOUUġFGMNKU 1BDFMtBOBĻOPUJFLĻQSFUùKâĻTFDăCâ $4ÿ&+0ó,7/5 /FMJFUPKJFUĻWJFUVĻBJ[ĻQSJFLtùKâĻTùEFLĮBĻWBJ BJ[NVHVSFTĻTùEFLĮBĻWJEùKPĻTùEWJFUV ĻKB QSJFLtùKâĻTùEFLĮBĻBU[WFMUOFĻJSĻOPMBJTUB 5CICVCXQÝCPC 4ùEFLĮVTĻWBSĻSFHVMùUĻLâEVĻMBJLVĻQùDĻEVSWKV BUTMùHtBOBTĻBSĻUâMWBEăCBTĻQVMUTĻBUTMùHV ĻOFJF WJFUPKPUĻBUTMùHVĻBJ[EFE[FTĻTMùE[ăĻ4ùEFLĮV SFHVMùtBOBĻQBSBTUJĻUJFLĻWFJLUB ĻLBEĻBUTMùHBĻJS QP[ăDJKâĻ+ ĻVOĻSFHVMùtBOVĻWBSĻWFJLUĻWJFONùS LBNùSĻEBSCPKBTĻE[JOùKT 5ġFGMNKUCTCVOKĮCUHWPMEKLW $4ÿ&+0ó,7/5 4BUWFSJFUĻBU[WFMUOJĻVOĻQâSMJFDJOJFUJFT ĻLBĻQùD QBDFMtBOBTĻUâĻJSĻLâSUăHJĻOPGJLTùUB ĻMBJĻOFTB WBJOPUPTĻTUSBVKBTĻCSFN[ùtBOBTĻWBJĻOFHBEă KVNBĻMBJLâ 4ùEFLĮBĻTQJMWFOBĻQSJFLtùKâTĻEBĮBTĻQBDFM tBOBOPMBJtBOB 4ùEFLĮBĻQBWJS[ătBOBĻV[ĻQSJFLtVBUQBLBĮ LâĻBSăĻQBDFMtBOBOPMBJtBOB "U[WFMUOFTĻTMăQVNT &MFLUSJTLJĻSFHVMùKBNJFĻQSJFLtùKJFĻTùEFLĮJĻJSĻBJ[ TBSHâUJĻQSFUĻQâSTMPE[J ĻLBTĻWBSĻSBTUJFT ĻKBĻLâET QSJFLtNFUTĻCMPĸùĻTùEFLĮVĻQâSWJFUPtBOPTĻ+B UâĻOPUJFL ĻJFTUBUJFUĻBUTMùHVĻQP[ăDJKâĻ+ĻWBJĻĻVO QBHBJEJFUĻăTVĻCSăEJĻQJSNTĻBULâSUPUBTĻTùEFLĮB SFHVMùtBOBT 7JFOMBJLVTĻWBSĻWFJLUĻUJLBJĻWJFOVĻLVTUăCVĻ V[ QSJFLtVBUQBLBĮV[ĻBVHtVV[ĻMFKV +GUVCVĦLWOWUCINCDęÝCPC "UNJĪBTĻQPHB "UNJĪBTĻQPHB "UNJĪBTĻQPHB 1PHBĻJFTUBUăKVNVĻTBHMBCâtBOBJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 5ġFGMīK /PSFHVMùKJFUĻTùEFLMJĻVOĻTâOVĻTQPHVĮVT 5VSJFUĻQPHVĻOPTQJFTUV ĻMBJĻTBHMBCâUVĻJFTUB UăKVNVT ĻOPTQJFxPUĻWJFOVĻOPĻBUNJĪBT QPHâN 5CINCDęVQKGUVCVĦLWOWK\OCPVQÝCPC 5VSJFUĻOPTQJFTUVĻLâEVĻOPĻBUNJĪBTĻUBVTUJĪJFN MăE[ĻTùEFLMJTĻVOĻTâOVĻTQPHVĮJĻBQTUâKBTĻ+BĻKÜT BUCSăWPKBUĻTQJFEQPHV ĻTùEFLĮBĻQâSWJFUPtBOâT BQTUâTJFT 6ęNXCFĦDCURWNVUCVUNġICUCVOKĮCU HWPMEKLC VOĻTâOVĻTQPHVĮVĻJFTUBUăKVNVTĻ3ăLPKJFUJFT tâEJ p /PSFHVMùKJFUĻTùEFLMJĻWùMBNBKâĻQP[ăDJKâ p "J[TMùE[JFUĻBVUPNBtăOV ĻOPTQJFxPUĻUâTĻUâM WBEăCBTĻQVMUTĻBUTMùHBTĻBJ[TMùHtBOBTĻUBVT UJĪV ĻLVSVĻQBSBTUJĻMJFUPKBUĻ4ùEFLĮBĻVOĻTâOV TQPHVĮVĻQP[ăDJKBTĻUJLTĻTBHMBCâUBTĻUâMWBEă CBTĻQVMUTĻBUNJĪâ p "UTMùE[JFUĻBVUPNBtăOVĻ OPTQJFxPUĻVęU RCÝCUĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻBUTMùHtB OBTĻUBVTUJĪV ĻVOĻBUWFSJFUĻWBEăUâKBĻEVSWJT 7BEăUâKBĻTùEFLMJTĻVOĻTâOVĻTQPHVĮJĻBVUP NâUJTLJĻJFĪFNĻQP[ăDJKBT ĻLBTĻTBHMBCâUBT UâMWBEăCBTĻQVMUTĻBUTMùHBTĻBUNJĪâĻ KB TùEFLMJTĻJSĻQâSWJFUPUTĻLPQtĻBVUPNBtăOBT BJ[TMùHtBOBT "ULâSUPUBĻBUKBVOPtBOB ĻMBJĻTBTOJFHUVĻBUTMùHBT BUNJĪâĻTBHMBCâUPĻTùEFLĮBĻQP[ăDJKV ĻUJFLĻWFJLUB OPTQJFxPUĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻBUTMùHtB OBTĻUBVTUJĪVĻ5BEĻWBEăUâKBĻEVSWăNĻJSĻKâCÜU BUWùSUâN $4ÿ&+0ó,7/5 *FTQJFtBOBTĻSJTLTĻ/PESPtJOJFU ĻMBJĻCùSOJ OFSPUBĮâUPTĻBSĻWBEăCBTĻTMùExJFNĻ1âSMJFDJ OJFUJFT ĻLBĻSFHVMùtBOBTĻMBJLâĻOFLBTĻOFBUSP EBTĻQSJFLtâĻTùEFLĮJFN ĻBJ[ĻWBJĻ[FNĻUJFN /PESPtJOJFU ĻMBJĻOFWJFOTĻOPĻBJ[NVHVSùKâ TùEFLĮBĻQBTBxJFSJFNĻOFUJLUVĻJFTQJFTUT #RUKNFęOKGUġFGMīK 1BSĻBQTJMEâNBKJFNĻTùEFLĮJFN ĻTLBUăUĻMQQĻ "UTMùHBTĻBUNJĪVĻWBSĻBLUJWùUĻĻEFBLUJWùUĻJ[WùMĪV TJTUùNâĻ/;%#4Ļ[FNĻ5GVVKPIU %CT UGVVKPIU %CTMG[OGOQT[Ļ1BSĻJ[WùMĪVĻTJT UùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ óTMęTVCUCRUVęFKPęÝCPC 7JTBTĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻWBSĻMJFUPU EBxâEJĻWBEăUâKJ ĻMBJĻTBHMBCâUVĻWBEăUâKBĻTùEFLĮB +BĻTùEFLMJTĻOFKBVtJĻTâLĻLVTUăCV ĻOPTQJFEJFU LâEVĻOPĻTùEFLĮVĻWBJĻBUNJĪBTĻJFTUBUăKVNVĻUBV TUJĪJFN ĻMBJĻUPĻBQTUâEJOâUV 1BSĻBUNJĪBTĻGVOLDJKVĻ,FZMFTTĻWBEăCBJ ĻTLBUăUĻMQQĻ "UUJFDBTĻUJLBJĻV[ĻBVUPNBtăOâN ĻLBTĻBQSăLPUBTĻBSĻFMFLUSJTLJĻWBEâNJFNĻTùEFLĮJFNĻBSĻBUNJĪBTĻGVOLDJKVĻVOĻJFWFMLBNJFNĻFMFLUSJTLJĻWBEâNJFNĻTâOVĻTQPHVĮJFN fJTĻJFTUBUăKVNTĻOFJFUFLNùĻJFTUBUăKVNVT ĻLBTĻTBHMBCâUJĻFMFLUSJTLJĻWBEâNâĻTùEFLĮBĻBUNJĪâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 5ġFGMīK #K\OWIWTGUUġFGMīK )CNXCUDCNUVUXKFġLCKUCK\OWIWTġLCKU UġFGMNKU /CNġLQICNXCUDCNUVWPQNCKÝCPCCT TQMęOCK\OWIWTġLCKUUġFGMNKU #K\OWIWTGUUġFGMīCCV\XGNVPGU PQNCKÝCPCW\NGLW 58#4ÿ)+ +BĻHBUBWPKBUJFTĻOPMJFLUĻBU[WFMUOJ ĻBJ[NVHV SùKâĻTùEFLĮBĻHMâxVĻUVSùUâKBNĻKâCÜUĻBJ[WùS UBNĻVOĻBJ[NVHVSùKâĻTùEFLMăĻOFESăLTUĻBUSB TUJFTĻOFLâEJĻQSJFLtNFUVĻ"SăĻESPtăCBTĻKPT UBTĻOFESăLTUĻCÜUĻQJFTQSâE[ùUBTĻ1SFUùKâ HBEăKVNâĻQBTUâWĻSJTLTĻTBCPKâUĻBJ[NVHVSFT TùEFLĮBĻQPMTUFSùKVNV %JWEBĮăHPĻBU[WFMUOJĻWBSĻOPMJFLUĻWBJSâLPTĻWFJEPT 1JFMâHPKJFUĻHBMWBTĻCBMTUVĻQBTBxJFSBĻBVHVNBN MBJ ĻKBĻWJFOĻJFTQùKBNT ĻCÜUVĻOPTFHUBĻWJTBĻHBM WBTĻBJ[NVHVSFĻ/FQJFDJFtBNăCBTĻHBEăKVNâ QâSCăEJFUĻUPĻV[ĻBVHtV -BJĻHBMWBTĻCBMTUVĻWùMSFJ[ĻOPMBJTUV ĻKâOPTQJFx UBVTUJĪtĻ TLBUJFUĻBUUùMV ĻWJFOMBJLVTĻV[NBOăHJ TQJFxPUĻHBMWBTĻCBMTUVĻV[ĻMFKV 1BWFMDJFUĻGJLTùtBOBTĻSPLUVSJĻUVWâLĻHBMWBTĻCBM TUBN ĻMBJĻOPMPDăUVĻHBMWBTĻCBMTUVĻV[ĻQSJFLtV (BMWBTĻCBMTUTĻKâQâSWJFUPĻBUQBLBĮĻNBOVâMJ $4ÿ&+0ó,7/5 1ùDĻHBMWBTĻCBMTUBĻBUMJFLtBOBTĻUBTĻKâOPGJLTù WJFUâ 2+'<ÿ/' -BJĻBJ[NVHVSùKPĻTùEFLĮVĻBU[WFMUOFTĻWBSùUV OPMPDăUĻMăE[ĻHBMBNĻV[ĻQSJFLtV ĻQSJFLtùKJF TùEFLĮJĻWBSĻCÜUĻKâQBWJS[BĻV[ĻQSJFLtVĻVOWBJ UPĻBU[WFMUOFTĻKâQBDFĮĻV[ĻBVHtV p "CBTĻEBĮBTĻWBSĻOPMJFLUĻBUTFWJtĸJ p +BĻOFQJFDJFtBNTĻOPMJFLUĻWJTVĻBU[WFMUOJ ĻUBE WJTBTĻEBĮBTĻKâOPMJFDĻBUTFWJtĸJ (BMWBTĻCBMTUVĻWBSĻOPSFHVMùUĻQJFDâTĻEBxâEâT QP[ăDJKâT 2+'<ÿ/' /FTùEJFUĻWJEùKâĻTùEWJFUâ ĻKBĻHBMWBTĻCBMTUTĻJS QJMOăHJĻOPMBJTUTĻV[ĻMFKV ,ĹUWDTCWMÝCPCUXKFG 5ġFGMīK 2+'<ÿ/' +BĻBU[WFMUOFTĻJSĻOPMBJTUBT ĻHBMWBTĻCBMTUJ OFEBVE[ĻKâQBCăEBĻV[ĻQSJFLtV ĻMBJĻUJFĻOFTB TLBSUPTĻBSĻTùEFLĮVĻQPMTUFSùKVNV 1BDFMtBOBĻOPUJFLĻQSFUùKâĻTFDăCâ 2+'<ÿ/' ,BEĻBU[WFMUOFĻJSĻQBDFMUB ĻTBSLBOBKBNĻJOEJ LBUPSBNĻWBKBE[ùUVĻJ[[VTUĻ+BĻUBTĻKPQSPKâN JSĻSFE[BNT ĻBU[WFMUOFĻOBWĻOPGJLTùKVTJFT WJFUâ $4ÿ&+0ó,7/5 1âSMJFDJOJFUJFT ĻLBĻQùDĻBUMJFLtBOBTĻBJ[NV HVSùKâĻTùEFLĮBĻBU[WFMUOFĻVOĻHBMWBTĻCBMTUJ VOĻLâSUăHJĻOPGJLTùUJ +BĻMBCâTĻQVTFTĻEBĮBĻUJFLĻOPMBJTUBĻ[FNâLĻ BUCSăWPKJFUĻVOĻOPSFHVMùKJFUĻWJEùKâTĻTùEWJF UBTĻHBMWBTĻCBMTUVĻV[ĻMFKV ĻTLBUăUĻMQQĻ /PMBJxPUĻ[FNâLĻBU[WFMUOFT ĻâSùKJFĻHBMWBT CBMTUJĻUJFLĻOPMBJTUJĻ[FNâLĻBVUPNâUJTLJ 1BWFMDJFUĻV[ĻBVHtVĻBU[WFMUOFTĻGJLTâDJKBT ĻWJFOMBJLVTĻMPLPUĻBU[WFMUOJĻV[ SPLUVSJĻ QSJFLtVĻ4BSLBOTĻJOEJLBUPSTĻGJLTBUPSâĻ OPSâEB ĻLBĻBU[WFMUOFĻWBJSTĻOBWĻOPTUJQSJ OâUB ,ĹUWDTCWMÝCPCUXKFG 5VĹTG 4GIWNġÝCPC $4ÿ&+0ó,7/5 5MCĮCUUKIPęNU 1JSNTĻCSBVLtBOBTĻTâLtBOBTĻOPSFHVMùKJFU VOĻOPGJLTùKJFUĻTUÜSJ *[NBOUPKPUĻOPĻâUSVNBĻBULBSăHPĻTUÜSFTĻQBTUJQSJ OâUâKV ĻWBSĻSFHVMùUĻTUÜSùtBOBTĻTQùLBĻMăNFOJ TLBUăUĻMQQĻ 6CUVCVĹTCU 5VĨTGURKGNđIQÞCPC 5MCĺCUUKIPđNU 4WJSBĻĻTUÜSFTĻBUCSăWPtBOB -BJĻQBEPUVĻTLBĪBTĻTJHOâMV ĻQJFTQJFEJFUĻTUÜSFT DFOUSâ *FTQùKBNâTĻTUÜSFTĻQP[ăDJKBT *SĻJFTQùKBNTĻQJFMâHPUĻHBOĻTUÜSFTĻBVHTUVNV HBOĻBSăĻBUUâMVNVĻMăE[ĻTUÜSFJ 1BCăEJFUĻTWJSVĻV[ĻQSJFLtV ĻMBJĻBUCSăWPUV TUÜSJ /PSFHVMùKJFUĻTUÜSJĻTUâWPLMă ĻLBTĻKVNTĻWJTMB CâLĻQJFNùSPUT 1BWFMDJFUĻTWJSVĻBUQBLBĮ ĻMBJĻOPGJLTùUVĻTUÜSJ WJFUâĻ+BĻTWJSVĻOFWBSĻQBLVTUJOâU ĻTQJFxPU TWJSVĻBUQBLBĮ ĻWJFOMBJDăHJĻOFEBVE[ĻV[TQJF EJFUĻBSăĻTUÜSFJ 5VĨTGUTCVđGUQÞđUVCUVCVĨTCU ,SVă[BĻLPOUSPMF ĻTLBUăUĻMQQĻ "EBQUăWâĻLSVă[BĻLPOUSPMF ĻTLBUăUĻMQQĻ "VEJPTJTUùNBTĻVOĻUâMSVĪBĻWBEăCB ĻTLBUăU MQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU )CKUOWUNġFäK %JTQMFKBĻBQHBJTNPKVNTĻUVNTâĻUJFLĻBVUPNâ UJTLJĻTBNB[JOâUT ĻVOĻUâĻKVUăCVĻWBSĻJFTUBUăUĻBS ăLtĸSBUV *OTUSVNFOUVĻBQHBJTNPKVNBĻJOUFOTJUâUJĻOPSF HVMùĻBSĻăLtĸSBUV 2TKGMÝġLQNWMVWTWUVCTCCWIUVWOC TGIWNġÝCPC .BtăOBTĻOPTMPHPKVNTĻNBJOBĻTUBSNFtVĻTUBSB WFSUJLâMPĻWJS[JFOV ĻSBEPUĻJFTQùKVĻBQxJMCJOâUĻQSF UJNCSBVDùKVTĻ/PĻUâĻWBSĻJ[WBJSăUJFT ĻOPSFHVMùKPU TUBSBĻBVHTUVNVĻ1B[FNJOJFUĻTUBSV ĻKBĻBVUPNB tăOBĻJSĻTNBHJĻQJFLSBVUB 2đTUMCVUICKUOWUNĘFåK įLtĸSBUTĻEJTQMFKBĻVOĻQBOFĮBĻBQHBJTNPKVNB VOĻBQLâSUùKâĻBQHBJTNPKVNBĻSFHVMùtBOBJ "J[NVHVSùKBJTĻNJHMBTĻMVLUVSJT (BJTNVĻTMùExJ "UTUâKJFUĻE[JOùKVĻEBSCPKBNJFTĻWBJĻJFTMù E[JFUĻBVUPNPCJĮBĻFMFLUSPTJTUùNVĻBUTMùHBT QP[ăDJKâĻ+ 5JLBJĻWBEăUâKT 1BSJUJOJFUĻăLtĸSBUVĻV[ĻBVHtVĻWBJĻV[ĻMFKV ĻMBJ TUBSVĻQBDFMUVĻV[ĻBVHtVĻWBJĻOPMBJTUVĻV[ MFKV 7JTJĻTùEFLĮJĻBJ[ĪFNUJ įLtĸSBUTĻQSJFLtùKPĻMVLUVSVĻTUBSBĻBVHTUVNB SFHVMùtBOBJ +PUVTWOGPVWCRICKUOQLWOU "ULBSăCâĻOPĻBUTMùHBTĻQP[ăDJKBTĻUJFLĻJFTMùHUT BUtĸJSăHTĻEJTQMFKBĻVOĻLPOUSPMNùSJOTUSVNFOUV BQHBJTNPKVNT ĻTLBUăUĻMQQĻ þMÞķTCVCRQ\ĝEKLCUFCåđFđOUNQF\ĘO /BWĻQJFFKBNTĻBVUPNPCJĮJFN ĻLBTĻJSĻBQSăLPUJĻBSĻLTFOPOBĻQSJFLtùKJFNĻMVLUVSJFN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 7BEăUâKTĻVOĻQBTBxJFSJTĻQSJFLtùKâĻQBTBxJFSB TùEFLMă 7JTJĻTùEFLĮJĻJSĻBJ[ĪFNUJ ĻNBLTJNâMJĻOPTMP HPUTĻCBHâxBTĻOPEBMăKVNT 7BEăUâKTĻVOĻNBLTJNâMJĻOPTMPHPUTĻCBHâxBT OPEBMăKVNT "VUPNPCJĮJFNĻBSĻLTFOPOBĻQSJFLtùKJFNĻMVLUV SJFN ĻJSĻBVUPNâUJTLâĻQSJFLtùKPĻMVLUVSVĻTUBSB BVHTUVNBĻSFHVMùtBOBTĻGVOLDJKB ĻVOĻUâEùĮĻUJF OBWĻBQSăLPUJĻBSĻăLtĸSBUV ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU 6ęNęUVWXęUICKUOCU 5VęXQM NKU 6GJPKUMKGRCTCOGVTK %JFOBTĻHBJTNBTĻMVLUVSJĻCSBVL tBOBJĻEJFOOBLUTĻHBJtBKâĻMBJLâ "VUPNâUJTLBĻUVWPĻHBJTNV JFTMùHtBOBĻTMJLUBĻBQHBJTNP KVNBĻBQTUâLĮPTĻVOĻHBEăKVNPT LBEĻJSĻJFTMùHUJĻWùKTUJLMBĻUăSăUâKJ WBJĻBJ[NVHVSùKJFĻNJHMBTĻMVLUVSJ 2TKGMÞĘLQNWMVWTWXCFĝDCWPUXKTUNĘF\KU 5âMPĻHBJTNVĻ[JCTOătBOBTĻQP[ăDJKB 5âMPĻHBJTNVĻQP[ăDJKB 5VęXQM NKU 6GJPKUMKGRCTCOGVTK 7JFHMJĻQâSWJFUPKJFUĻTWJSTMùE[JĻWJS[JFOâĻQSFUĻTUÜSJ UâMPĻHBJTNVĻ[JCTOătBOBTĻQP[ăDJKâĻ5JLMăE[ĻTWJS TMùE[JTĻUJLTĻBUMBJTUT ĻJFEFHTJFTĻUâMâTĻHBJTNBT &KGPCUICKUOCUNWMVWTKFKGPPCMVU ICKÝCLęNCKMę&4. 4MJLUBĻBQHBJTNPKVNBĻBQTUâLĮPT 5VOFĮVĻV[UWFStBOBT ĻGVOLDJKB BLUJWJ[ùĻUVWâTĻHBJTNBT 7BSĻMJFUPUĻGVOLDJKVĻ5âMâTĻHBJT NBTĻBSĻBVUPNâUJTLVĻJFTMùHtB OPT fBKâĻQP[ăDJKâĻUâMâTĻHBJTNBT JFNJSHPKBT 5VWâTĻHBJTNBT %JFOBTĻHBJTNBTĻMVLUVSJ 7BSĻJFTMùHUĻUâMâTĻHBJTNBT fBKâĻQP[ăDJKâĻUâMâTĻHBJTNBT JFNJSHPKBT fBKâĻQP[ăDJKâĻUâMâTĻHBJTNBT JFNJSHPKBT %JFOBTĻHBJTNBTĻMVLUVSJĻCSBVL tBOBTĻMBJLâĻ"VUPNâUJTLBĻTUâW HBJTNBTĻMVLUVSVĻJFTMùHtBOB LBEĻBVUPNBtăOBĻJSĻOPWJFUPUB TUâWùtBOBJ 6ęNQICKUOW\KDUPĦÝCPC 7PMWPĻJFTBLBĻJ[NBOUPUĻ ĻSFxăNV ĻKBĻTBUJL TNFTĻTJUVâDJKBĻWBJĻMBJLBĻBQTUâLĮJĻOBWĻOFQJFNù SPUJĻGVOLDJKBJĻ5âMâTĻHBJTNBTĻBSĻBVUPNâUJTLP JFTMùHtBOPT .WMVWTWUNĘF\KURQ\ĝEKLđ#761 ,BEĻMVLUVSVĻTMùE[JTĻBUSPEBTĻQP[ăDJKâĻ %BZUJNFĻ3VOOJOHĻ-JHIUTĻ %3- ĻEJFOBTĻMBJLâ JFTMùE[BTĻBVUPNâUJTLJĻ5PĻSFHVMùĻHBJTNBT TFOTPST ĻLBTĻQâSTMùE[BTĻOPĻEJFOBTĻHBJTNBT MVLUVSJFNĻV[ĻUVWBKâNĻHBJTNâNĻLSùTMâĻWBJĻUBE LBEĻEJFOBTĻHBJTNBĻLĮÜTUĻQâSâLĻWâKBĻ5VWâT HBJTNBTĻUJFLĻJFTMùHUBTĻBSăĻUBE ĻKBĻUJFLĻBLUJWùUJ WùKTUJLMBĻUăSăUâKJĻWBJĻBJ[NVHVSùKJFĻNJHMBTĻMVLUVSJ `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU 2+'<ÿ/' -BJĻQBOâLUVĻNJOJNâMVĻFOFSīJKBTĻQBUùSJĪV BJ[NVHVSùKJFĻMVLUVSJĻUJFLĻJ[TMùHUJĻBSăĻUBE ĻLBE UVWâTĻHBJTNBTĻBVUPNâUJTLJĻJFTMùE[BTĻEJF OBTĻHBJTNBTĻSFxăNâ $4ÿ&+0ó,7/5 făĻTJTUùNBĻQBMăE[ĻUBVQăUĻFOFSīJKVĻĻUâĻOFTQùK WJTâTĻTJUVâDJKâT ĻQJFNùSBN ĻNJHMâĻVOĻMJFUÜ OPUFJLU ĻLBEĻEJFOBTĻHBJTNBĻJSĻQâSâLĻWâKBĻWBJ QJFUJFLPtJĻTQùDăHB 7BEăUâKBNĻWJFONùSĻKâOPESPtJOB ĻMBJĻBVUP NPCJMJTĻUJLUVĻWBEăUTĻBSĻQBSFJ[JĻOPSFHVMùUJFN MVLUVSJFNĻVOĻJFWùSPKPUĻWJTVTĻTQùLâĻFTPtPT TBUJLTNFTĻOPUFJLVNVT 6WXęUICKUOCU 1P[ăDJKâĻ ĻUVWâTĻHBJTNBTĻJFTMùE[BTĻBVUP NâUJTLJĻLSùTMâĻWBJĻUBE ĻLBEĻEJFOBTĻHBJTNB LĮÜTUĻQâSâLĻWâKBĻ5VWâTĻHBJTNBTĻJFTMùE[BT BVUPNâUJTLJĻBSăĻUBE ĻKBĻJSĻJFTMùHUJĻWùKTUJLMBĻUăSăUâKJ WBJĻBJ[NVHVSùKJFĻNJHMBTĻMVLUVSJ ĻUVWâTĻHBJTNBTĻWJFONùSĻUJFL 1P[ăDJKâĻ BLUJWùUBT ĻLBEĻEBSCPKBTĻE[JOùKTĻWBJĻBUTMùHB BUSPEBTĻQP[ăDJKâĻ++ 6ęNęUICKUOCU 5âMâTĻHBJTNBTĻWBSĻBLUJWJ[ùU ĻKBĻQSJFLtùKPĻMVL ĻWBJ UVSVĻWBEăCBTĻTMùE[JTĻBUSPEBTĻQP[ăDJKâĻ Ļ-BJĻBLUJWùUVEFBLUJWùUVĻUâMâTĻHBJTNBT QâSWJFUPKJFUĻTWJSTMùE[JĻWJS[JFOâĻQSFUĻTUÜSJĻMăE[ HBMùKBJĻQP[ăDJKBJĻVOĻBUMBJEJFUĻ5âMâTĻHBJTNBTĻWBS J[TMùHUĻBSă ĻWJFHMJĻQBWFMLPUĻTWJSTMùE[JĻV[ĻTUÜSFT QVTJ TFLVOEFTĻVOĻCSBVLtBOBTĻâUSVNBNĻKâCÜUĻ LNIĻWBJĻWBJSâL +BĻUâMâTĻHBJTNBTĻJSĻBLUJWùUBT ĻLPNCJOùUBKâ LPOUSPMNùSJOTUSVNFOUVĻQBOFMăĻJ[HBJTNPKBT TJNCPMTĻ 6ęNęUICKUOCUCTCWVQOęVKUMW KGUNġIÝCPQU#*$ 5âMâTĻHBJTNBTĻBSĻBVUPNâUJTLVĻJFTMùHtBOPT "DUJWFĻ)JHIĻ#FBNĻĻ")# ĻJSĻGVOLDJKB ĻLBT J[NBOUPĻWùKTUJLMBĻBVHtQVTùĻFTPtPĻLBNFSBT TFOTPSV ĻMBJĻV[UWFSUVĻQSFUăĻCSBVDPtPĻUSBOTQPSU MăE[FLĮVĻQSJFLtùKPĻMVLUVSVĻHBJTNBTĻWBJĻQSJFLtâ FTPtPĻUSBOTQPSUMăE[FLĮVĻBJ[NVHVSùKPĻMVLUVSV HBJTNBT ĻVOĻQùDĻUBNĻQâSTMùE[ĻUâMâTĻHBJTNBT V[ĻUVWBKâNĻHBJTNâNĻ"QUVWFOJĻTFLVOEJĻQùD UBN ĻLBEĻLBNFSBTĻTFOTPSTĻWBJSTĻOFV[UWFS tâEVĻHBJTNV ĻUJFLĻWùMSFJ[ĻJFTMùHUBTĻUâMâTĻHBJT NBT fPĻGVOLDJKVĻWBSĻBLUJWùU ĻKBĻQSJFLtùKPĻMVLUVSV Ļ-BJĻOPUJLUV TMùE[JTĻBUSPEBTĻQP[ăDJKâĻ BLUJWùtBOB ĻE[JOùKBNĻKâEBSCPKBTĻWJTNB[Ļ +BĻJSĻBLUJWJ[ùUJĻUVWâTĻHBJTNBTĻMVLUVSJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET .WMVWTWUNĘF\KURQ\ĝEKLđ#761 -BJĻBLUJWJ[ùUVEFBLUJWJ[ùUVĻ")# ĻQâSWJFUPKJFU LSFJTPĻTWJSTMùE[JĻWJS[JFOâĻQSFUĻTUÜSJĻMăE[ĻHBMùKBJ QP[ăDJKBJĻVOĻBUMBJEJFUĻ%FBLUJWùKPU ĻLBEĻJS JFTMùHUBTĻUâMâTĻHBJTNBT ĻOP[ăNù ĻLBĻV[SFJ[ĻUJFL JFTMùHUBTĻUVWâTĻHBJTNBT ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU 2+'<ÿ/' $4ÿ&+0ó,7/5 /PESPtJOJFU ĻMBJĻWùKTUJLMBĻWJSTNBĻQSJFLtâ LBNFSBTĻTFOTPSBNĻCÜUVĻCSăWBĻOPĻMFEVT TOJFHB ĻBJ[TWăEVNBĻVOĻOFUăSVNJFN /FQJFMăNùKJFUĻVOĻOFQJFTUJQSJOJFUĻOFLPĻQJF WùKTUJLMBĻQSJFLtâĻLBNFSBTĻTFOTPSBN ĻQSF UùKâĻHBEăKVNâĻWBSĻTBNB[JOâUJFTĻLâEBTĻTJT UùNBTĻFGFLUJWJUâUFĻWBJĻUJLUĻQâSUSBVLUBĻWJFOBT WBJĻWBJSâLVĻOPĻLBNFSBTĻBULBSăHVĻTJTUùNV EBSCăCB 2TKGMÞĘLQNWMVWTWXCFĝDCWPUXKTUNĘF\KU #WVQOCÝĦPęOCTCPCNQIQMQODKPġVQ KPUVTWOGPVWRCPGNK ,BEĻJSĻBLUJWJ[ùUTĻ")# ĻJOTUSVNFOUVĻQBOFĮBĻEJT Ļ+BĻUâMâT QMFKâĻJ[HBJTNPKBTĻTJNCPMTĻ HBJTNBTĻJSĻBLUJWJ[ùUBT ĻJOTUSVNFOUVĻQBOFMă J[HBJTNPKBTĻBSăĻTJNCPMTĻ #WVQOCÝĦPęOCTFKIKVęNQMQODKPġVQKPUVTW OGPVWRCPGNK ,BEĻJSĻBLUJWJ[ùUTĻ")# ĻJOTUSVNFOUVĻQBOFMă Ļ,BEĻJSĻJFTMùHUBT J[HBJTNPKBTĻTJNCPMTĻ UâMâTĻHBJTNBT ĻTJNCPMTĻJ[HBJTNPKBTĻ[JMâĻLSâTâ ")#ĻJSĻPQUJNâMBTĻHBJTNBTĻJ[NBOUPtBOBT QBMăHMăE[FLMJTĻQJFNùSPUPTĻBQTUâLĮPT 7BEăUâKTĻJSĻWJFONùSĻBUCJMEăHTĻQBSĻNBOVâMP QâSTMùHtBOPTĻTUBSQĻUâMBKâNĻVOĻUVWBKâN HBJTNâN ĻLBEĻUPĻQSBTBĻTBUJLTNFTĻTJUVâDJ KBTĻWBJĻMBJLBĻBQTUâLĮJ +BĻLPNCJOùUBKâĻJOTUSVNFOUVĻQBOFMăĻUJFLĻQBSâ EăUTĻQB[JĪPKVNTĻ#MVVęNęICKUOCÿUNCKEĦIK PCXRKGGLCOC+GUNġF\KGVOCPWęNK ĻTUBSQ UâMBKâNĻVOĻUVWBKâNĻHBJTNâNĻJSĻKâQâSTMùE[BT NBOVâMJĻ5BÀVĻQSJFLtùKPĻMVLUVSVĻWBEăCBTĻTMù E[JNĻWJFOBMHBĻKâBUSPEBTĻQP[ăDJKâĻ Ļ5BT QBUTĻBUUJFDBTĻV[ĻTJUVâDJKV ĻKBĻQBSâEâTĻQB[JĪP KVNTĻ8ġLUVKMNCUGPUQTKDNQĨ5MTQMCUIT VOĻTJNCPMTĻ Ļ,BEĻQBSâEâTĻtJFĻQB[JĪP KVNJ ĻTJNCPMTĻ ĻOPE[JFTU ")#ĻWBSĻCÜUĻăTMBJDăHJĻOFQJFFKBNT ĻQJFNùSBN TJUVâDJKâ ĻLBEĻJSĻCJF[BĻNJHMBĻWBJĻTQùDăHTĻMJFUVT ,BEĻ")#ĻBULBMĻJSĻQJFFKBNTĻWBJĻWùKTUJLMBĻTFOTPSJ WBJSTĻOBWĻBJ[TFHUJ ĻQB[JĪPKVNTĻOPE[JFTUĻVO J[HBJTNPKBTĻTJNCPMTĻ ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU 58#4ÿ)+ 4JUVâDJKBT ĻLVSâTĻWBSĻCÜUĻOFQJFDJFtBNB NBOVâMBĻQâSTMùHtBOâTĻTUBSQĻUâMBKâNĻVO UVWBKâNĻHBJTNâN p p p p p TQùDăHâĻMJFUÜĻWBJĻCJF[âĻNJHMâ MJFUÜ ĻLBEĻUFNQFSBUÜSBĻJSĻBQĻOVMMJ TOJFHQVUFĪPTĻWBJĻTMBQKESBĪĸă NùOFTHBJTNâ CSBVDPUĻTMJLUJĻBQHBJTNPUâTĻBQE[ăWPUâT WJFUâT p KBĻQSJFLtâĻCSBVDPtBKBNĻUSBOTQPSUMă E[FLMJNĻJSĻWâKtĻBQHBJTNPKVNT p p KBĻV[ĻDFĮBĻWBJĻCMBLVTĻUBNĻBUSPEBTĻHâKùKJ 6WPGīCW\VXGTÝCPC "VUPNBtăOâT ĻLBTĻBQSăLPUBTĻBSĻMJFUVTĻTFO TPSV ĻMJFUVTĻTFOTPSTĻV[UWFSĻHBJTNBTĻBQTUâLĮV J[NBJĪBT ĻLBTĻSPEBT ĻBVUPNBtăOBJĻJFCSBVDPU UVOFMăĻ5âEâĻHBEăKVNâĻMVLUVSJĻUJFLĻQâSTMùHUJĻOP EJFOBTĻHBJTNBTĻV[ĻUVWBKâNĻHBJTNâNĻ"QUV WFOJĻĻTFLVOEFTĻQùDĻJ[CSBVLtBOBTĻOPĻUVOFĮB UJFLĻBUQBLBĮĻJFTMùHUJĻEJFOBTĻHBJTNBTĻMVLUVSJĻ+B BVUPNBtăOBĻtBKâĻMBJLBĻQPTNâĻJFCSBVDĻDJUâ UVOFMă ĻUVWâTĻHBJTNBTĻQBMJFLĻJFTMùHUBTĻ5BT OPWùStĻBVUPNBtăOBTĻBQHBJTNPKVNBĻSFHVMâSV NBJĪVĻ*FWùSPKJFUĻ-BJĻEBSCPUPTĻUVOFĮVĻV[UWFS tBOBTĻGVOLDJKB ĻQSJFLtùKPĻMVLUVSVĻWBEăCBTĻTMù E[JNĻKâBUSPEBTĻQP[ăDJKâĻ KBĻDFĮBĻUVWVNâĻBUSPEBTĻJ[UFJLUJĻBUTUBSP KPtJĻQSJFLtNFUJ ĻQJFNùSBN ĻDFĮB[ăNFT p KBĻQSFUăĻCSBVDPtPĻUSBOTQPSUMăE[FLĮV BQHBJTNPKVNVĻBJ[TFE[ ĻQJFNùSBN ĻBJ[ TBSHTUJFOJT p KBĻQBĻTBWJFOPKPtJFNĻDFĮJFNĻQâSWJFUPKBT USBOTQPSUMăE[FLĮJ p p V[ĻLBMOBĻLSBVKBTĻWBJĻJFQMBLBT BTPTĻMăLVNPT 1MBtâLVĻJOGPSNâDJKVĻQBSĻLBNFSBTĻTFOTPSB JFSPCFxPKVNJFN ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #MVĦXKGMUGPQPCRTKGMÝġLKGNWMVWTK#$. 2TKGMÞĘLQNWMVWTWICKUOCUUVCTWVTCLGMVQTKLCMCFÞĝ HWPMEKLCKTCVVKGEĝIKK\UNĘIVC RCMTGKUK WPKGUNĘIVC RCNCDK +BĻBVUPNPCJMJNĻJSĻV[TUâEăUJĻBLUăWJFĻLTFOPOB QSJFLtùKJFĻMVLUVSJĻ "DUJWFĻ#FOEJOHĻ-JHIUTĻ "#- ĻHBJTNBTĻTUBSTĻOPĻQSJFLtùKJFNĻMVLUVSJFN TFLPĻTUÜSFTĻLVTUăCBJ ĻMBJĻOPESPtJOâUVĻNBLTJ NâMVĻBQHBJTNPKVNVĻMăLVNPTĻVOĻLSVTUPKVNPT UâEùKâEJĻTOJFE[PUĻQBBVHTUJOâUVĻESPtăCV *FEBSCJOPUĻBVUPNPCJMJ ĻtăĻGVOLDJKBĻUJFLĻBLUJWùUB BVUPNâUJTLJĻ KBĻUâĻOBWĻEFBLUJWùUBĻJ[WùĮĪVĻTJT UùNâĻ/;%#4 Ļ'VOLDJKBTĻUSBVDùKVNVĻHBEă KVNâĻLPNCJOùUBKâĻLPOUSPMNùSJOTUSVNFOUV ĻVOĻWJFOMBJ QBOFMăĻJ[HBJTNPKBTĻTJNCPMTĻ ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU LVTĻJOGPSNâDJKBTĻEJTQMFKâĻUJFLĻQBSâEăUTĻTLBJ ESPKPtTĻUFLTUTĻVOĻQBQJMEVĻJ[HBJTNPUTĻTJNCPMT 5KODQNU &KURNGLU 6GJPKUMKG RCTCOGVTK 2TKGMÝ NWMVWTW MīĹOG ,ęXGKE CRMQRG 4JTUùNBĻJSĻBUWJF OPUBĻ+BĻ[JĪP KVNTĻOFJ[[ÜE BQNFLMùKJFUĻTFS WJTVĻ7PMWP JFTBLBĻTB[JOâUJFT BSĻ7PMWPĻQJMOWB SPUVĻTFSWJTV 'VOLDJKBĻJSĻBLUăWBĻUJLBJĻLSùTMâĻWBJĻUVNTâĻVO UJLBJ ĻBVUPNPCJMJNĻQâSWJFUPKPUJFT 'VOLDJKVĻWBSĻBLUJWùUEFBLUJWùUĻJ[WùĮĪVĻTJTUùNâ /;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU .KIJVUGVVKPIU #EVKXG$GPFKPI.KIJVUĻ1BS J[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ )CDCTĦVNWMVWTKUVęXICKUOCU $TGOäWUKIPęNU #SFNxVĻTJHOâMTĻBVUPNâUJTLJĻJFEFHBTĻCSFN[ù tBOBTĻMBJLâĻ*OGPSNâDJKBĻQBSĻBWâSJKBTĻCSFNxV TJHOâMJFNĻVOĻBVUPNâUJTLPĻBWâSJKBTĻHBJTNBT TJHOâMV ĻTLBUăUĻMQQĻ #K\OWIWTġLCKUOKINCUNWMVWTKU 2TKGMÞĘLQNWMVWTWUNĘF\KUUVđXQMNĝMCUKGUNĘF\ ICDCTĝVNWMVWTWUUVđXICKUOCU 1BHSJF[JFUĻMVLUVSVĻTMùE[JĻHBCBSăUMVLUVSVTUâW HBJTNVĻQP[ăDJKâĻ WJFOMBJLVTĻJFEFHTJFTĻBSă OVNVSBĻ[ăNFTĻBQHBJTNPKVNT +BĻâSâĻJSĻUVNtTĻVOĻUJFLĻBUWùSUBTĻBJ[NVHVSùKâT EVSWJT ĻJFEFHBTĻBJ[NVHVSùKJFĻHBCBSăUMVLUVSJ CSăEJOPUĻBJ[NVHVSùĻFTPtPĻUSBOTQPSUMăE[FLĮV WBEăUâKVTĻ5BTĻOPUJFLĻOFBULBSăHJĻOPĻQSJFLtùKP MVLUVSVĻTMùExBĻQP[ăDJKBTĻVOĻBVUPNPCJĮBĻFMFL USPTJTUùNBTĻBUTMùHBTĻQP[ăDJKBT 5RKGFRQICCK\OWIWTĘLđOKINCUNWMVWTCKGUNĘIÞC PCK "J[NVHVSFTĻNJHMBTĻMVLUVSJTĻTBTUâWĻOPĻEJWJFN BJ[NVHVSFTĻMVLUVSJFN ĻVOĻUPĻWBSĻJFTMùHU ĻKBĻJS JFTMùHUBĻBUTMùHBTĻQP[ăDJKBĻ++ĻWBJĻEBSCPKBTĻE[J OùKTĻVOĻQSJFLtùKPĻMVLUVSVĻWBEăCBTĻTMùE[JTĻBUSP ĻWBJĻ EBTĻQP[ăDJKâĻ /PTQJFEJFUĻ*FTMJ[TMĻUBVTUJĪVĻ,BEĻBJ[NVHVSù KBJTĻNJHMBTĻMVLUVSJTĻJSĻJFTMùHUT ĻLPNCJOùUBKâ 1JFHâEâKPUĻOPĻSÜQOăDBTĻJSĻBLUJWùUT `` ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU LPOUSPMNùSJOTUSVNFOUVĻQBOFMăĻJ[HBJTNPKBTĻBJ[ NVHVSùKâĻNJHMBTĻMVLUVSBĻJOEJLBUPSBĻTJNCPMT ĻVOĻMBNQJĪBĻUBVTUJĪâ "J[NVHVSFTĻNJHMBTĻMVLUVSJTĻJ[TMùE[BTĻBVUPNâ UJTLJ ĻLBEĻUJFLĻJ[TMùHUTĻE[JOùKTĻWBJĻQSJFLtùKP MVLUVSVĻWBEăCBTĻTMùE[JTĻQBHSJF[UTĻQP[ăDJKâ ĻWBJĻ 2+'<ÿ/' %BxâEâTĻWBMTUăTĻOPUFJLVNJĻQBSĻBJ[NVHVSùKP NJHMBTĻMVLUVSVĻJ[NBOUPtBOVĻBUtĸJSBT #XęTKLCUICKUOCUUKIPęNU SâEăUâKJĻLPNCJOùUBKâĻLPOUSPMNùSJOTUSVNFOUV QBOFMă "WâSJKBTĻHBJTNBTĻTJHOâMTĻUJFLĻBLUJWJ[ùUTĻBVUP NâUJTLJ ĻKBĻBVUPNBtăOBĻCSFN[ùĻUJLĻTUSBVKJ ĻLB âSLâSUBTĻCSFNxVĻTJHOâMJĻJFTMùE[BTĻâUSVNâ ĻLBT NB[âLTĻQBSĻĻLNIĻ"WâSJKBTĻHBJTNBTĻTJHOâMT QBMJFLĻJFTMùHUT ĻLBEĻBVUPNBtăOBĻJSĻBQUVSùUB ĻVO UJFLĻJ[TMùHUTĻBVUPNâUJTLJ ĻBUTâLPUĻCSBVLtBOV WBJĻOPTQJFxPUĻUBVTUJĪVĻ1MBtâLBĻJOGPSNâDJKB QBSĻBWâSJKBTĻCSFNxVĻTJHOâMJFNĻVOĻBWâSJKBT HBJTNBTĻTJHOâMV ĻTLBUăUĻMQQĻ 8KT\KGPWTęFĦVęLKOKTIQLQÝKICKUOCU UKIPęNK ÿUNCKEĦIUOKTIQLQÝUUKIPęNU 1âSWJFUPKJFUĻTWJSTMùE[JĻV[ĻBVHtVĻWBJĻV[ĻMFKV MăE[ĻQJSNBKBJĻQP[ăDJKBJĻVOĻBUMBJEJFUĻ1BHSJF [JFOBĻSâEăUâKJĻOPNJSHPĻUSăTĻSFJ[FTĻ'VOLDJKV WBSĻBLUJWùUEFBLUJWùUĻJ[WùMĪVĻTJTUùNâ /;%#4Ļ[FNĻ5GVVKPIU %CT UGVVKPIU .KIJVUGVVKPIU 6TKRNG KPFKECVQTĻ1BSĻJ[WùMĪVĻTJTUùNBTĻBQSBLTUV TLBUăUĻMQQĻ 2CUVęXĦIUOKTIQLQÝUUKIPęNU 1âSWJFUPKJFUĻTWJSTMùE[JĻV[ĻBVHtVĻWBJĻV[ĻMFKV MăE[ĻâSùKBJĻQP[ăDJKBJ 4WJSTMùE[JTĻQBMJFLĻTBWâĻTUâWPLMă ĻQâSTMùHtBOB BUQBLBĮĻOPUJFLĻNBOVâMJĻWBJĻBVUPNâUJTLJ QBHSJFxPUĻTUÜSJ 2CITKG\KGPCTęFĦVęLWUKODQNK 1BSĻQBHSJF[JFOVĻSâEăUâKVĻEBSCăCBTĻJOEJLBUPSV TJNCPMJFN ĻTLBUăUĻMQQĻ #XđTKLCUICKUOCUUKIPđNWVCWUVKĺÞ /PTQJFEJFUĻUBVTUJĪV ĻMBJĻBLUJWùUVĻNJSHPKPtP BWâSJKBTĻHBJTNBTĻTJHOâMVĻ,BEĻUJFLĻJ[NBOUPUJ BWâSJKBTĻHBJTNBTĻTJHOâMJ ĻNJSHPĻBCVĻWJS[JFOV 8KT\KGPWTđFĝVđLKOKTIQLQÞKICKUOCUUKIPđNK ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU 5CNQPCCRICKUOQLWOU 2TKGMÝġLęUNCUęONCORCU -BTâNMBNQBTĻJFTMùE[ĻVOĻJ[TMùE[ ĻăTJĻOPTQJFxPU BUUJFDăHPĻUBVTUJĪVĻKVNUBĻLPOTPMù 4QJMHUVNVĻSFHVMù ĻUVSPUĻJFTQJFTUVĻUBVTUJĪV #K\OWIWTġLęUNCUęONCORCU %CTUGVVKPIU .KIJVUGVVKPIU +PVGTKQT NKIJV (NQQTNKIJVUĻ"UMBTJFUĻOPĻ1HH Ļ.QYĻVO *KIJĻ1MBtâLVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻTJTUùNV /;%#4 ĻTLBUăUĻMQQĻ 2TKGMÝġLQFWTXLWINCDęÝCPCUPQFCNĦLWOW CRICKUOQLWOU 1SJFLtùKPĻEVSWKVĻHMBCâtBOBTĻOPEBMăKVNV BQHBJTNPKVNTĻJFEFHBT ĻUJLMăE[ĻTâLĻEBSCPUJFT E[JOùKT %KOFWPQFCNĦLWOCCRICKUOQLWOU $JNEVĻOPEBMăKVNBĻBQHBJTNPKVNTĻJFTMùE[BT VOĻJ[TMùE[BT ĻLBEĻOPEBMăKVNBĻWâLTĻBUUJFDăHJ UJFLĻBUWùSUTĻWBJĻBJ[WùSUT 2TKGMÞĘLQNCUđONCORWWPUCNQPCCRICKUOQLWOC UNĘFåKLWOVCMQPUQNĘ -BTâNMBNQB ĻLSFJTâĻQVTF 1BTBxJFSVĻTBMPOBĻBQHBJTNPKVNTĻ HSăEBT MBNQBT ĻVOĻHSJFTUVĻMBNQBT ĻĻJFTMùHtBOB J[TMùHtBOB 1BTBxJFSVĻTBMPOBĻBQHBJTNPKVNBĻBVUPNâ UJTLâTĻEBSCăCBTĻGVOLDJKB -BTâNMBNQB ĻMBCâĻQVTF 7JTVĻTBMPOBĻBQHBJTNPKVNVĻWBSĻJFTMùHUĻVO J[TMùHUĻNBOVâMJĻĻNJOÜtVĻMBJLâĻQùD p E[JOùKBĻJ[TMùHtBOBTĻVOĻBVUPNPCJĮBĻFMFL USPTJTUùNBTĻJFTMùHtBOBTĻBUTMùHBTĻQP[ăDJKâ p BVUPNPCJĮBĻBUTMùHtBOBT ĻKBĻE[JOùKTĻOBW JFEBSCJOâUT 2CUCäKGTCURQIWNKU #K\OWIWTĘLđUNCUđONCORCU -BNQBTĻJFTMùE[ĻVOĻJ[TMùE[ ĻăTJĻOPTQJFxPUĻBUUJF DăHPĻUBVTUJĪV 4QJMHUVNVĻSFHVMù ĻUVSPUĻJFTQJFTUVĻUBVTUJĪV )TĦFCUCRICKUOQLWOUMęUCNQPC NWMVWTKU -BJĻCSBVLtBOBTĻMBJLâĻTBMPOâĻCÜUVĻHBJtâLT ĻHSă EBTĻBQHBJTNPKVNVĻWBSĻBLUJWJ[ùUĻBSĻNB[âLV TQJMHUVNBĻMăNFOJ (SăEBTĻMBNQVĻEFHtBOBTĻJOUFOTJUâUJĻWBSĻNBJOăU J[WùĮĪVĻTJTUùNâĻ/;%#4Ļ[FNĻ5GVVKPIU 1BTBxJFSBĻTQPHVĮBĻBQHBJTNPKVNT ĻTLBUăU MQQĻ ĻJFTMùE[BTĻVOĻJ[TMùE[BT ĻBUUJFDăHJ BUWFSPUĻWBJĻBJ[WFSPUĻQâSTFHV #RICKUOQLWOUDCIęäCUPQFCNĦLWOU "QHBJTNPKVNTĻCBHâxBTĻOPEBMăKVNâĻJFTMùE[BT VOĻJ[TMùE[BTĻBUUJFDăHJ ĻLBEĻUJFLĻBUWùSUBTĻWBJ BJ[WùSUBTĻBJ[NVHVSFTĻEVSWJT 2CUCäKGTWUCNQPCCRICKUOQLWOC CWVQOęVKUMęUFCTDĦDCUHWPMEKLC "VUPNâUJTLâTĻEBSCăCBTĻGVOLDJKBĻUJFLĻBLUJWJ [ùUB ĻUJLMăE[ĻJFEFHBTĻ#761ĻUBVTUJĪtĻJFCÜWùUâ MBNQJĪB `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU 1ùDĻUBNĻQBTBxJFSVĻTBMPOBĻBQHBJTNPKVNTĻUJFL JFTMùHUTĻVOĻJ[TMùHUT ĻLâĻBQSBLTUăUTĻUVSQNâL 4BMPOBĻBQHBJTNPKVNTĻUJFLĻJFTMùHUTĻVOĻEFH ĻTFLVOEFT ĻKB p BVUPNPCJMJTĻUJFLĻBUTMùHUTĻBSĻUâMWBEăCBT QVMUTĻBUTMùHVĻWBJĻBUTMùHBTĻTMùE[PtPĻEBĮV TLBUJFUĻĻWBJĻ +BĻLâEBTĻOPĻEVSWăNĻJSĻBUWùSUBT ĻUBTĻQBMJFL JFEFHUTĻEJWBTĻNJOÜUFT "QHBJTNPKVNBĻLSâTVĻWBSĻJFTUBUăUĻ/;%#4 J[WùMĪVĻTJTUùNâĻ5GVVKPIU %CTUGVVKPIU .KIJVUGVVKPIU +PVGTKQTNKIJV #ODKGPV NKIJVEQNQWTUĻ"UMBTPUĻ6GORGTCVWTG ĻLSâTB NBJOâTĻOPĻTJMUJĻCBMUBTĻV[ĻBVLTUJĻCBMUVĻBULBSăCâ OPĻUFNQFSBUÜSBTĻBVUPNBtăOâĻ7BSBUĻBSăĻJ[WùMù UJFTĻLâEVĻOPĻEBxâEBKâNĻLSâTVĻUùNâNĻ1JFFKB NâTĻLSâTVĻUùNBTĻJSĻ(TQUV[9JKVG Ļ6QUECPC 9JKVG Ļ'ODGT)QNF Ļ4GF5WPUGV 4CKPHQTGUV Ļ)NCEKGT$NWGĻVOĻ8KQNGV2WTRNG 1MBtâLVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻTJTUùNV /;%#4 ĻTLBUăUĻMQQĻ +BĻLâETĻBQHBJTNPKVNTĻUJFLĻJFTMùHUTĻNBOVâMJ VOĻBVUPNPCJMJTĻUJFLĻBJ[TMùHUT ĻBQHBJTNPKVNT J[TMùHTJFTĻBVUPNâUJTLJĻQùDĻEJWâNĻNJOÜUùN /ęLęUPQMīĹÝCPCUCRICKUOQLWOC FGIÝCPCUKNIWOU p E[JOùKBĻJ[TMùHtBOBTĻVOĻBVUPNPCJĮBĻFMFL USPTJTUùNBTĻJFTMùHtBOBTĻBUTMùHBTĻQP[ăDJKâ 4BMPOBĻBQHBJTNPKVNTĻJ[TMùE[BT ĻLBE p JFEBSCJOBĻE[JOùKV p BVUPNPCJMJTĻJSĻBJ[TMùHUT 1BTBxJFSVĻTBMPOBĻBQHBJTNPKVNTĻJFTMùE[BTĻWBJ J[TMùE[BTĻUBE ĻLBEĻBUUJFDăHJĻUJFLĻBUWùSUBTĻWBJ BJ[WùSUBTĻTâOVĻEVSWJT 0QUMCĮCUCRICKUOQLWOU +BĻQBSBTUBJTĻTBMPOBĻBQHBJTNPKVNTĻJSĻJ[TMùHUT VOĻE[JOùKTĻEBSCPKBT ĻJFEFHBTĻQSJFLtùKâTĻVO BJ[NVHVSùKâTĻKVNUBĻLPOTPMFTĻHBJTNBTĻEJPEF OPESPtJOPUĻOFMJFMVĻBQHBJTNPKVNVĻVOĻQBQJMEJ OPUĻOPTLBĪVĻCSBVLtBOBTĻMBJLâĻfJTĻBQHBJTNP KVNTĻBSăĻBUWJFHMPĻHMBCâtBOBTĻOPEBMăKVNPT FTPtPĻQSJFLtNFUVĻTBTLBUătBOVĻVDĻEJFOOBLUT UVNtBKâĻMBJLâĻ"QHBJTNPKVNBĻJOUFOTJUâUJĻWBS NBJOăUĻJ[WùĮĪVĻTJTUùNâĻ/;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU .KIJVUGVVKPIU +PVGTKQT NKIJV #ODKGPVNKIJVĻ"UMBTJFUĻOPĻ1HH Ļ.QY VOĻ*KIJĻ*[TMùE[PUĻE[JOùKV ĻtJTĻBQHBJTNPKVNT OPE[JFTU %BĮBĻâSùKâĻBQHBJTNPKVNBĻWBSĻQBMJLUĻJFTMùHUB VOĻLBMQPUĻQBSĻBQHBJTNPKVNVĻESPtBJĻOPLĮÜtB OBJĻNâKâTĻQùDĻUBN ĻLBEĻBVUPNPCJMJTĻJSĻBJ[ TMùHUT *[ĪFNJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻOPĻBJ[ EFE[FTĻTMùExB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 1âSWJFUPKJFUĻLSFJTâTĻQVTFTĻTWJSTMùE[JĻTUÜSFT WJS[JFOâĻMăE[ĻHBMBĻQP[ăDJKBJĻVOĻBUMBJEJFUĻUP 'VOLDJKVĻWBSĻBLUJWùUĻUâQBUĻLâĻUâMPĻHBJTNV [JCTOătBOV ĻTLBUăUĻMQQĻ *[LâQJFUĻOPĻNBtăOBTĻVOĻBJ[TMùE[JFUĻEVSWJT ,BEĻtăĻGVOLDJKBĻUJFLĻBLUJWJ[ùUB ĻJFEFHBTĻUVWâT HBJTNBT ĻTUâWHBJTNBT ĻTâOVĻTQPHVĮVĻMBNQJ ĪBT ĻOVNVSBĻ[ăNFTĻBQHBJTNPKVNT ĻTBMPOB HSJFTUVĻMBNQBTĻVOĻHSăEBTĻMBNQBT .âKVQDFĮBĻBQHBJTNPKVNBĻEFHtBOBTĻJMHVNV WBSĻJFTUBUăUĻJ[WùMĪVĻTJTUùNâĻ/;%#4Ļ[FN 5GVVKPIU %CTUGVVKPIU .KIJVUGVVKPIU *QOGUCHGNKIJVFWTCVKQPĻ1BSĻJ[WùMĪVĻTJT UùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ #RRTQCEJNKIJVFWTCVKQP 5VWPtBOâTĻBQHBJTNPKVNVĻJFTMùE[ĻBSĻUâMWBEă CBTĻQVMUTĻBUTMùHV ĻTLBUăUĻMQQĻ ĻVOĻUP J[NBOUP ĻMBJĻOPĻBUUâMVNBĻJFTMùHUVĻBVUPNPCJĮB BQHBJTNPKVNV ,BEĻtăĻGVOLDJKBĻUJFLĻBLUJWJ[ùUBĻBSĻUâMWBEăCBT QVMUJ ĻJFEFHBTĻUVWâTĻHBJTNBT ĻTUâWHBJTNBT TâOVĻTQPHVĮVĻMBNQJĪBT ĻOVNVSBĻ[ăNFT BQHBJTNPKVNT ĻTBMPOBĻHSJFTUVĻMBNQBTĻVOĻHSă EBTĻMBNQBT 1JFUVWPtBOâTĻBQHBJTNPKVNBĻEFHtBOBT JMHVNVĻWBSĻJFTUBUăUĻJ[WùMĪVĻTJTUùNâĻ/;%#4 [FNĻ5GVVKPIU %CTUGVVKPIU .KIJV ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU 2TKGMÝġLQNWMVWTWCK\MNęÝCPC UGVVKPIU #RRTQCEJNKIJVFWTCVKQPĻ1BS J[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ /PLPQùKJFUĻtBCMPOVTĻ"ĻVOĻ#ĻBVUPNBtăOâN BSĻTUÜSJĻLSFJTBKâĻQVTùĻWBJĻtBCMPOVTĻ$ĻVOĻ% BVUPNBtăOâNĻBSĻTUÜSJĻMBCBKâĻQVTùĻTLBUăU MQQĻĻfBCMPOBĻNùSPHTĻJSĻĻ*[NBO UPKJFU ĻQJFNùSBN ĻGPUPLPQùUâKBĻQBMJFMJOâtB OBTĻGVOLDJKV ĻMBJĻOPLPQùUVĻtBCMPOVT ĻĻQBMJFMJOâKVNâ 2TKGMÝġLQNWMVWTWICKUOCUUVCTC HQTOCUTGIWNġÝCPC G021152 p "ĻĻ-)%Ļ LSFJTâTĻQVTFTĻTBUJLTNF ĻMBCâ G021151 2TKGMÞĘLQNWMVWTWICKUOCUUVCTCHQTOCNCDđU RWUGUUCVKMUOG 2TKGMÞĘLQNWMVWTWICKUOCUUVCTCHQTOCMTGKUđU RWUGUUCVKMUOG 1SJFLtùKPĻMVLUVSVĻHBJTNBTĻTUBSBĻGPSNBĻKâOPSF HVMùĻUâ ĻMBJĻOFBQxJMCJOâUVĻQSFUJNCSBVDPtPT ĻVO UPĻWBSĻJFTUBUăUĻBUCJMTUPtJĻMBCâTĻWBJĻLSFJTâT QVTFTĻTBUJLTNFTĻLVTUăCBJ #MVĦXKGMUGPQPCRTKGMÝġLKGNWMVWTK (BJTNBTĻTUBSBĻGPSNBĻOBWĻKâSFHVMùĻ1SJFLtùKP MVLUVSVĻHBJTNBTĻTUBSBĻGPSNBĻJSĻLPOTUSVùUBĻUâ MBJĻOFBQxJMCJOâUVĻQSFUăĻCSBVDPtPĻUSBOTQPSUMă E[FLĮVĻWBEăUâKVT *CNQIġPCNWMVWTK 1SJFLtùKPĻMVLUVSVĻHBJTNBTĻTUBSBĻGPSNBTĻSFHV MùtBOVĻWFJD ĻBJ[LMâKPUĻMVLUVSVĻMùDBTĻ1SJFLtùKP MVLUVSVĻHBJTNBTĻTUBSBĻGPSNBĻWBSĻQBTMJLUJOâUJFT QVTFĻ LSFJTâTĻQVTFTĻTBUJLTNF ĻMBCâT QVTFTĻJ[LMJFEùUâKJ p #ĻĻ-)%Ļ LSFJTâTĻQVTFTĻTBUJLTNF LSFJTâĻQVTFĻ LSFJTâTĻQVTFTĻTBUJLTNF LSFJTâTĻQVTFTĻJ[LMJFEùUâKJ p $ĻĻ3)%Ļ MBCâTĻQVTFTĻTBUJLTNF ĻMBCâ QVTFĻ MBCâTĻQVTFTĻTBUJLTNF ĻMBCâT QVTFTĻJ[LMJFEùUâKJ p %ĻĻ3)%Ļ MBCâTĻQVTFTĻTBUJLTNF LSFJTâĻQVTFĻ MBCâTĻQVTFTĻTBUJLTNF LSFJTâTĻQVTFTĻJ[LMJFEùUâKJ 1âSOFTJFUĻQBSBVHVĻV[ĻQBtMăNùKPtVĻÜEFOT ESPtVĻNBUFSJâMVĻVOĻJ[HSJF[JFUĻUP 4âDJFUĻOPĻLPOTUSVLDJKBTĻMăOJKâNĻV[ĻQSJFL tùKPĻMVLUVSVĻJ[LMJFEùUâKJFNĻTLĻQVOLUPUâT MăOJKBTĻĻMQQĻ4LBUPUJFTĻBUUùMâ ĻOPWJFUP KJFUĻQBtMăNùKPtPTĻtBCMPOVTĻQJFĻLPOTUSVLDJ KBTĻMăOJKâN `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU ÀCDNQPWEGPVTġÝCPC #WIÞĘLđTKPFCCWVQOCÞĝPđOCTUVĨTKMTGKUCLđRWUĘÞCDNQPK#WP$#RCMÞĘLđTKPFCCWVQOCÞĝPđOCTUVĨTKNCDCLđRWUĘÞCDNQPK%WP& ,ĹUWDTCWMÝCPCUXKFG #RICKUOQLWOU ÀCDNQPKJCNQIġPCRTKGMÝġLKGONWMVWTKGO ,ĹUWDTCWMÝCPCUXKFG 8ġLUVKMNCVĦTĦVęLKWPXġLUVKMNCOC\IęÝCPC 8ġLUVKMNCVĦTĦVęLK 5ăSăUâKJĻEBSCPKBTĻQBSBTUâĻâUSVNâ +BĻJSĻBLUJWJ[ùUTĻMJFUVTĻTFOTPST ĻLPNCJOùUâ JOTUSVNFOUVĻQBOFĮBĻEJTQMFKâĻUJFLĻQBSâEăUTĻMJF 5ăSăUâKJĻEBSCPKBTĻQBâUSJOâUJ UVTĻTFOTPSBĻTJNCPMTĻ JFEFHUBĻMBNQJĪB 0GRęTVTCWMVęVĦTĦÝCPC ĻVOĻUBVTUJĪâĻJS #MVKXK\ġÝCPCWPLWVĦDCUKGUVCVĦÝCPC 58#4ÿ)+ 1JSNTĻJFTMùHUĻTUJLMVĻUăSăUâKVTĻ[JFNâ ĻQâSMJFDJ OJFUJFT ĻLBĻUăSăUâKVĻTMPUJĪBTĻOBWĻQJFTBMVtBT VOĻOPUăSJFUĻOPĻWùKTUJLMBĻTOJFHVĻVOĻMFEV 8ĘLUVKMNCVĝTĝVđLKWPXĘLUVKMNCCRUMCNQVđLK -JFUVTĻTFOTPST ĻJFTMùHUTJ[TMùHUT įLtĸSBUBĻKVUăCBGSFLWFODF 8ġLUVKMNCVĦTĦVęLKK\UNġIVK 1âSWJFUPKJFUĻTWJSTMùE[JĻQP[ăDJKâĻ ĻMBJ J[TMùHUVĻWùKTUJLMBĻUăSăUâKVT 8KGPUXġ\KGPU 1BDFMJFUĻTWJSTMùE[JĻVOĻBUMBJEJFU ĻMBJ UJLUVĻJ[QJMEăUTĻWJFOTĻWù[JFOT 4GIWNęTęVĦTĦÝCPC *FTUBUJFUĻWù[JFOVĻTLBJUVĻMBJLBĻWJFOăCâ BSĻăLtĸSBUV ĻLBEĻJ[WùMùUBĻSFHVMâSâĻUăSă tBOB 58#4ÿ)+ ,BEĻTUJLMVĻUăSăUâKJĻUăSBĻWùKTUJLMV ĻJ[TNJE[JOJFU MJFMVĻEBVE[VNVĻTUJLMVĻTLBMPtBOBTĻtĸJE SVNBĻ,BEĻWùKTUJLMBĻUăSăUâKJĻEBSCPKBT ĻWùKTUJL MBNĻKâCÜUĻTMBQKBN 6ĦTĦVęLWUNQVKĮWCRMQRGURQ\ĦEKLC *OGPSNâDJKVĻQBSĻWùKTUJLMBUăSăUâKVĻTMPUJĪVĻUăSătBOV VOĻUăSăUâKVĻTMPUJĪVĻOPNBJĪVĻTLBUJFUĻTLBUăU MQQĻĻVOĻĻMQQ .KGVWUUGPUQTU -JFUVTĻTFOTPSTĻBULBSăCâĻOPĻMJFUVTĻEBVE[VNB LBTĻUJFLĻOPUFJLUTĻV[ĻWùKTUJLMB ĻBVUPNâUJTLJĻBLUJ WJ[ùĻWùKTUJLMBĻUăSăUâKVTĻ-JFUVTĻTFOTPSBĻKVUăCVĻWBS OPSFHVMùUĻBSĻăLtĸSBUV "LUJWùKPUĻMJFUVTĻTFOTPSV ĻBVUPNPCJMJNĻKâCSBVD WBJĻUâMWBEăCBTĻQVMUTĻBUTMùHBJĻKâCÜUĻQP[ăDJKâĻ+ WBJĻ++ĻUBKâĻMBJLâ ĻLBEĻWùKTJLMBĻUăSăUâKVĻTWJSTMùE[JN KâCÜUĻQP[ăDJKâĻĻWBJĻWJFOBĻWù[JFOBĻQP[ăDJKâ "LUJWùKJFUĻMJFUVTĻTFOTPSV ĻOPTQJFxPUĻUBVTUJĪV Ļ7ùKTUJLMBĻUăSăUâKJFNĻKâWFJDĻWJFOTĻWù[JFOT 1JFTQJFEJFUĻTWJSTMùE[JĻV[ĻBVHtV ĻVOĻTUJLMBĻUăSă UâKJĻWFJLTĻWJFOVĻQBQJMEVĻWù[JFOV 1BHSJF[JFUĻăLtĸSBUVĻV[ĻBVHtV ĻMBJĻQBBVHTUJOâUV KVUăCV ĻWBJĻV[ĻMFKV ĻMBJĻQB[FNJOâUVĻKVUăCV 1BQJMEVĻWù[JFOTĻUJFLĻJ[EBSăUT ĻKBĻăLtĸSBUTĻUJFL QBHSJF[UTĻV[ĻBVHtV &GCMVKXK\ġV %FBLUJWùKJFUĻMJFUVTĻTFOTPSV ĻOPTQJFxPUĻQPHV ĻWBJĻQâSTMùE[PUĻTWJSTMùE[JĻV[ĻMFKV ĻV[ĻDJUV WùKTUJLMBĻUăSăUâKBĻQSPHSBNNV -JFUVTĻTFOTPSTĻUJFLĻBVUPNâUJTLJĻEFBLUJWùUT LBEĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻUJFLĻJ[ĪFNUBĻOP BJ[EFE[FTĻTMùExB ĻWBJĻQJFDBTĻNJOÜUFTĻQùDĻE[J OùKBĻJ[TMùHtBOBT 5ăSăUâKVĻTMPUJĪVĻOPNBJĪBĻTLBUăUĻMQQĻ ĻBQLPQFTĻQP[ăDJKB ĻUăSăUâKVĻTMPUJĪBĻTLBUăUĻMQQĻĻVOĻTLBMPtBOBTĻtĸJESVNBĻV[QJMEF ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 8ġLUVKMNCVĦTĦVęLKWPXġLUVKMNCOC\IęÝCPC 58#4ÿ)+ "VUPNâUJTLBKâĻBVUPNB[HâUBWâĻWùKTUJLMBĻUăSă UâKJĻWBSĻTâLUĻEBSCPUJFTĻVOĻUJLUĻTBCPKâUJ *[TMùE[JFUĻMJFUVTĻTFOTPSV ĻLBNùSĻBVUPNB tăOBĻBUSPEBTĻLVTUăCâĻWBJĻUâMWBEăCBTĻQVMUT BUTMùHBĻBUSPEBTĻQP[ăDJKâĻ+ĻWBJĻ++Ļ/PE[JFTU LPNCJOùUâĻLPOUSPMNùSJOTUSVNFOUVĻQBOFĮB TJNCPMTĻVOĻUBVTUJĪâĻJFCÜWùUâĻMBNQJĪB 2TKGMÝġLQNWMVWTWUMCNQÝCPCWP XġLUVKMNCUMCNQÝCPC 1ùDĻTWJSBTĻBUCSăWPtBOBTĻWùKTUJLMBĻUăSăUâKJĻWFJLT WùMĻWBJSâLVTĻWù[JFOVTĻVOĻQSJFLtùKJFĻMVLUVSJĻUJLT BQTLBMPUJ #K\OWIWTġLęUVKMNCVĦTĦÝCPCWP UMCNQÝCPC 2TKGMÝġLQNWMVWTWCWIUVURKGFKGPC OC\IęÝCPC 1SJFLtùKPĻMVLUVSVĻBVHTUTQJFEJFOBĻNB[HâtBOB QBUùSùĻMJFMVĻEBVE[VNVĻNB[HâtBOBTĻtĸJESVNB fĸJESVNBĻUBVQătBOBTĻOPMÜLâĻQSJFLtùKJFĻMVLUVSJ UJFLĻTLBMPUJĻBVUPNâUJTLJĻJLĻQùDĻQJFDJFNĻWùK TUJLMBĻTLBMPtBOBTĻDJLMJFN 5COC\KPęVCCRUMCNQÝCPC +BĻNB[HâtBOBTĻtĸJESVNBĻUWFSUOùĻJSĻBUMJDJTĻUJLBJ ĻMJUSTĻtĸJESVNBĻVOĻLPNCJOùUâĻJOTUSVNFOUV QBOFĮBĻEJTQMFKâĻUJFLĻQBSâEăUTĻQB[JĪPKVNTĻQBS NB[HâtBOBTĻtĸJESVNBĻV[QJMEătBOV ĻUJFLĻQâS USBVLUBĻNB[HâtBOBTĻtĸJESVNBĻQBEFWFĻQSJFL tùKJFNĻMVLUVSJFNĻ5âĻOPUJFLĻUâEùĮ ĻLBĻWùKTUJLMB NB[HâtBOBJĻVOĻSFE[BNăCBJĻDBVSĻUPĻJSĻQJFtĸJSUB MJFMâLBĻQSJPSJUâUF "J[NVHVSùKâĻMPHBĻUăSăUâKTĻqĻUăSătBOBĻQâS USBVLUBKâĻSFxăNâ "J[NVHVSùKâĻMPHBĻUăSăUâKTĻqĻOFQâSUSBVLUT SFxăNT /PTQJFEJFUĻTWJSTMùE[JĻV[ĻQSJFLtVĻ TLBUJFUĻCVM UJĪVĻJFQSJFLtùKâĻBUUùMâ ĻMBJĻTâLUVĻBJ[NVHVSùKâ MPHBĻTLBMPtBOVĻVOĻUăSătBOV #RUMCNQÞCPCUHWPMEKLC 8ġLUVKMNCUMCNQÝCPC -BJĻJFEBSCJOâUVĻWùKTUJLMBĻVOĻQSJFLtùKPĻMVLUVSV NB[HâUâKVT ĻQâSWJFUPKJFUĻTWJSTMùE[JĻV[ĻQSJFLtV TUÜSFTĻWJS[JFOâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 8ġLUVKMNCVĦTĦVęLKWPXġLUVKMNCOC\IęÝCPC 2+'<ÿ/' "J[NVHVSùKâĻTUJLMBĻUăSăUâKTĻJSĻBQSăLPUTĻBSĻQâS LBStBOBTĻBJ[TBSE[ăCBTĻTJTUùNV ĻLBTĻJ[TMùE[ E[JOùKV ĻKBĻUBTĻQâSLBSTUĻ"J[NVHVSùKâĻTUJLMB UăSăUâKTĻBUTâLĻEBSCPUJFTĻQùDĻBUE[JtBOBT QFSJPEBĻ ĻTFLVOEFTĻWBJĻJMHâL ĻBULBSăCâĻOP E[JOùKBĻLBSTUVNBĻQBLâQFTĻVOĻâSBĻUFNQFSB UÜSBT 6ĦTĦVęLCpFCTDĦDCCVRCMCīICKVę "UQBLBĮHBJUBTĻQâSOFTVNBĻJFTMùHtBOB ĻLBNùS WùKTUJLMBĻUăSăUâKJĻJSĻJFTMùHUJ ĻJFTMùE[ĻBJ[NVHVSùKâ MPHBĻUăSătBOVĻBSĻQâSUSBVLVNJFNĻfăĻGVOLDJKB UJFLĻBQUVSùUB ĻLBEĻUJFLĻJ[TMùHUTĻBUQBLBĮHBJUBT QâSOFTVNT +BĻBJ[NVHVSùKâĻMPHBĻUăSăUâKTĻKBVĻJSĻJFTMùHUT OFQâSUSBVLUâĻSFxăNâ ĻOFLâEBTĻJ[NBJĪBTĻOFOP UJFL 2+'<ÿ/' "VUPNBtăOâNĻBSĻMJFUVTĻTFOTPSVĻCSBVDPU BUQBLBĮHBJUâ ĻUJFLĻJFTMùHUTĻBJ[NVHVSFTĻUăSă UâKT ĻKBĻTFOTPSTĻJSĻBLUJWùUTĻVOĻMăTUĻMJFUVT fPĻGVOLDJKVĻ UăSătBOBĻBSĻQâSUSBVLVNJFN ĻCSBVDPUĻBUQBLBĮHBJUâ ĻWBSĻEFBLUJWùUĻ"QNFLMùKJFUĻTFSWJTVĻ7PMWPĻJFTBLBĻTB[JOâUJFTĻBSĻ7PMWPĻQJMOWBSPUVĻTFSWJTV ,ĹUWDTCWMÝCPCUXKFG .QIKWPCVRCMCīUMCVCWPUęPWURQIWīK 8KURęTĦIK 5KNVWOWCVUVCTQLQÝUXġLUVKMNU &CWF\UNęĮCKPCKU VTKRNGMUC UVKMNU OùUT 4UJLMTĻJSĻSÜEăUT ĻVOĻUBTĻOPESPtJOB MBCâLVĻBJ[TBSE[ăCVĻQSFUĻJFMBVtBOPT LâĻBSăĻMBCâLVĻTLBĪBTĻJ[PMâDJKVĻQBTB xJFSVĻOPEBMăKVNâĻ7ùKTUJLMTĻJSĻMBNJ -BJĻFMFLUSPOJTLBJTĻBQSăLPKVNTĻGVOLDJPOùUV PQUJNâMJ ĻUBNĻKâCÜUĻOPWJFUPUBNĻV[ĻWùKTUJLMB EBĮBTĻCF[ĻBUTUBSPKPtâTĻQMùWFTĻ TLBUJFUĻJF[ă NùUPĻ[POVĻBVHTUâLĻFTPtBKâĻBUUùMâ 'NGMVTKUMKGNQIWRCEġNęLK ēFGPKWPPGVĦTWOWUCVITĹFQÝU RęTMNęLWOU -PHJĻJSĻBQTUSâEâUJĻBSĻQâSLMâKVNV ĻLBT V[MBCPĻSFE[BNăCVĻTMJLUPTĻMBJLB BQTUâLĮPTĻ"QLPQF ĻTLBUăUĻMQQĻ <QPCUMWTđU+4RNĘXGPCXK\OCPVQVC 58#4ÿ)+ /FJ[NBOUPKJFUĻNFUâMBĻMFEVTĻTLSâQJ ĻMBJĻOP TUJLMJFNĻOPUăSăUVĻMFEVĻ/PUăSJFUĻMFEVĻOP EVSWKVĻTQPHVĮJFN ĻJFTMùE[PUĻBQTJMEJ ĻTLBUăU MQQĻ +\OġTK " ĻNN # ĻNN $ ĻNN 7ùKTUJLMTĻJSĻBQSăLPUTĻBSĻTJMUVNVĻBUTUBSPKPtV QMùWJĻ *3 ĻLBTĻTBMPOâĻTBNB[JOBĻTBVMFTĻSBEJâDJ KBTĻTJMUVNV 8CFĝDCURCPGNKUXCFĝVđLCFWTXĝU #ùSOVĻFMFLUSJTLJFĻESPtăCBTĻTMùExJ ĻVOĻBJ[ NVHVSùKPĻFMFLUSJTLPĻMPHVĻQBDùMâKVĻUBVT UJĪVĻEFBLUJWùtBOB ĻTLBUăUĻMQQĻ "J[NVHVSFTĻMPHVĻTMùExJ 1SJFLtùKPĻMPHVĻTMùExJ &MFLUSPOJTLâĻBQSăLPKVNB ĻQJFNùSBN ĻSFUSBOTMB UPSBĻOPWJFUPtBOBĻBJ[ĻTUJLMBĻWJSTNBTĻBSĻTJMUVNV BUTUBSPKPtPĻQMùWJĻWBSĻJFUFLNùUĻUâĻGVOLDJPOù tBOVĻVOĻWFJLUTQùKV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG .QIKWPCVRCMCīUMCVCWPUęPWURQIWīK $4ÿ&+0ó,7/5 'MURNWCVęEKLC "J[WFSPUĻMPHVTĻBSĻWBEăUâKBĻEVSWKVĻTMùExJFN QâSMJFDJOJFUJFT ĻLBĻOFWJFOTĻOPĻBJ[NVHVSùKâ TùEFLĮBĻQBTBxJFSJFNĻOFUJLTĻJFTQJFTUT $4ÿ&+0ó,7/5 "J[WFSPUĻMPHVT ĻQâSMJFDJOJFUJFT ĻLBĻCùSOJĻVO DJUJĻQBTBxJFSJĻOFUJLTĻJFTQJFTUJĻQBU ĻKBĻMJFUPKBU UâMWBEăCBTĻQVMUTĻBUTMùHV 2+'<ÿ/' $4ÿ&+0ó,7/5 +BĻBVUPNBtăOâĻBUSPEBTĻCùSOJ ĻBUDFSJFUJFT WJFONùSĻJ[TMùHUĻFMFLUSJTLPĻMPHVĻQBDùMâKV TUSâWBTĻQBEFWJ ĻJFTMùE[PUĻBUTMùHBTĻQP[ăDJKV ĻVO ĻJ[LâQKPUĻOPĻBVUPNBtăOBT ĻĪFNJFUĻUâM WBEăCBTĻQVMUTĻBUTMùHVĻTFWĻMăE[JĻ*OGPSNâDJKV QBSĻBUTMùHBTĻQP[ăDJKâN ĻTLBUăUĻMQQĻ 'NGMVTKUMQNQIWRCEĘNđLWFCTDĝDC <QMVBUâDJKB ĻOFJ[NBOUPKPUĻBVUPNâUJTLP EBSCăCBTĻSFxăNV <QMVBUâDJKB ĻJ[NBOUPKPUĻBVUPNâUJTLP EBSCăCBTĻSFxăNV 7JTVTĻFMFLUSJTLPTĻMPHVĻQBDùMâKVTĻWBSĻEBSCJOâU J[NBOUPKPUĻWBEăUâKBĻEVSWKVĻWBEăCBTĻQBOFMJĻĻBS DJUVĻEVSWKVĻWBEăCBTĻQBOFĮJFNĻWBSĻEBSCJOâU BUUJFDăHPĻFMFLUSJTLPĻMPHVĻQBDùMâKVĻ7JFOMBJLVT WBSĻEBSCJOâUĻUJLBJĻWJFOVĻWBEăCBTĻQBOFMJ -BJĻWBSùUVĻMJFUPUĻFMFLUSJTLPTĻMPHVĻQBDùMâKVT BUTMùHBTĻQP[ăDJKBJĻKâCÜUĻWJTNB[Ļ+ĻĻTLBUăU MQQĻĻ&MFLUSJTLPĻMPHVĻQBDùMâKVTĻWBSĻSFHVMùU EBxBTĻNJOÜUFTĻQùDĻE[JOùKBĻJ[TMùHtBOBTĻVO QùDĻUâMWBEăCBTĻQVMUTĻBUTMùHBTĻJ[ĪFNtBOBT UBÀVĻOFĻQùDĻUBN ĻLBEĻJSĻBUWùSUBTĻLâEBTĻOP EVSWăN -PHVĻBJ[WùStBOBĻUJFLĻBQUVSùUBĻVOĻMPHTĻUJFL BUWùSUT ĻKBĻLBVUĻLBTĻUSBVDùĻUPĻLVTUăCVĻ+BĻMPHB BJ[WùStBOBĻUJFLĻBQUVSùUB ĻQJFNùSBN ĻMFEVTĻEùĮ BJ[TBSE[ăCVĻQSFUĻJFTQJFtBOVĻWBSĻJHOPSùUĻ+B BJ[WùStBOBĻUJFLĻQâSUSBVLUBĻEJWBTĻSFJ[FTĻQùD LâSUBT ĻJFTMùE[BTĻBJ[TBSE[ăCBĻQSFUĻJFTQJFtBOV VOĻBVUPNâUJTLâĻGVOLDJKBĻUJFLĻV[ĻCSăEJĻEFBLUJ WùUBĻ5BHBEĻMPHVĻWBSĻBJ[WùSU ĻOFQâSUSBVLUJ UVSPUĻUBVTUJĪVĻV[ĻBVHtV ĻMăE[ĻMPHTĻJSĻBJ[WùSUT 7JFOTĻOPĻWFJEJFN ĻLâĻTBNB[JOâUĻQVMTùKPtP WùKBĻUSPLTOJ ĻLBTĻSPEBT ĻLBEĻBJ[NVHVSFT MPHJĻJSĻBUWùSUJ ĻJSĻOFEBVE[ĻQBWùSUĻBSăĻQSJFLt ùKPTĻMPHVT 'MURNWCVęEKLCPGK\OCPVQLQV CWVQOęVKUMQFCTDĦDCUTGäĦOW 7JFHMJĻQBCăEJFUĻWJFOVĻOPĻTMùExJFNĻV[ĻBVHtVV[ MFKVĻ&MFLUSJTLJFĻMPHVĻQBDùMâKJĻEBSCPTJFTĻV[ BVHtVV[ĻMFKVĻUJLĻJMHJ ĻDJLĻTMùE[JTĻUJLTĻUVSùUT BUUJFDăHBKâĻQP[ăDJKâ 'MURNWCVęEKLCK\OCPVQLQVCWVQOęVKUMQ FCTDĦDCUTGäĦOW 1âSWJFUPKJFUĻLâEVĻWBEăCVĻV[ĻBVHtVV[ĻMFKVĻMăE[ HBMùKBNĻTUâWPLMJNĻVOĻBUCSăWPKJFUĻUPĻ-PHTĻQâS WJFUPKBTĻBVUPNâUJTLJĻMăE[ĻUâĻHBMùKBNĻTUâWPLMJN ,ĹUWDTCWMÝCPCUXKFG .QIKWPCVRCMCīUMCVCWPUęPWURQIWīK &CTDKPęÝCPCCTVęNXCFĦDCURWNVUCVUNġIW WPEGPVTęNQCVUNġIW 5ęPWURQIWīK ,BEĻBVUPNBtăOBĻJSĻBJ[TMùHUBĻBSĻUâMWBEăCBT QVMUTĻBUTMùHV ĻTQPHVĮBĻTUâWPLĮJĻUJFLĻTBHMBCâUJ BUTMùHBTĻBUNJĪâĻ,BEĻBVUPNBtăOBĻUJFLĻBUTMùHUB BSĻUPĻQBtVĻUâMWBEăCBTĻQVMUJĻVOĻWBEăUâKBĻEVSWJT UJFLĻBUWùSUBT ĻTQPHVĮJĻVOĻWBEăUâKBĻTùEFLMJT JFĪFNĻTBHMBCâUPTĻTUâWPLĮVT -BJĻOPĻBUUâMVNBĻEBSCJOâUVĻFMFLUSJTLPTĻMPHV QBDùMâKVTĻBSĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻOPĻâSQV TFTĻWBJĻBSĻDFOUSâMPĻBUTMùHVĻOPĻJFLtQVTFT ĻTLB UJFUĻVOĻĻMQQ #VMęTVQVCKGUVCVĦÝCPC įTJĻBUCSăWPKJFUĻTQJFEQPHV 7ùMSFJ[ĻV[ĻWJFOVĻTFLVOEJĻQBDFMJFUĻTQJFEQP HBTĻQSJFLtùKPĻEBĮV $4ÿ&+0ó,7/5 -BJĻEBSCPUPTĻBJ[TBSE[ăCBĻQSFUĻJFTQJFtBOV KâWFJDĻBUJFTUBUătBOB 5đPWURQIWĹWUNĘFåK 4GIWNġÝCPC /PTQJFEJFUĻ.ĻLSFJTâTĻQVTFTĻTâOVĻTQPHVĮB UBVTUJĪVĻWBJĻ4ĻMBCâTĻQVTFTĻTâOVĻTQPHVĮB UBVTUJĪVĻ*FEFHBTĻHBJTNBĻTQJFEQPHâ /PSFHVMùKJFUĻTQPHVMJĻBSĻWBEăCBTĻTWJSVĻDFO USâ 7ùMSFJ[ĻOPTQJFEJFUĻ.ĻWBJĻ4ĻUBVTUJĪVĻ(BJT NBJĻKâOPE[JFTU $4ÿ&+0ó,7/5 7BEăUâKBĻQVTùĻBUSPEBTĻQMBUMFĪĸBĻUJQBĻTQP HVMJT ĻLBTĻOPESPtJOBĻPQUJNâMVĻSFE[BNăCV 7BSĻtĸJTU ĻLBĻQSJFLtNFUJĻBUSPEBTĻUâMâL ĻOFLâ UJFĻJSĻQBUJFTăCâ 'VOLDJKVĻWBSĻBLUJWùUEFBLUJWùUĻJ[WùMĪVĻTJTUùNâ /;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU %CTMG[OGOQT[ 2GTUQPCNUGVVKPIUKP MG[OGOQT[Ļ1BSĻJ[WùMĪVĻTJTUùNBTĻBQSBLTUV TLBUăUĻMQQĻ +BĻCBUFSJKBĻUJFLĻBUWJFOPUB ĻUBEĻBVUPNâUJTLâT BUWùStBOBTĻGVOLDJKBĻKâJFTUBUBĻOPĻKBVOB ĻMBJĻUâ WBSùUVĻEBSCPUJFTĻQBSFJ[J 6[NBOăHJĻQBDFMJFUĻTQJFEQPHBTĻQSJFLtùKP EBĮV ĻMBJĻQBDFMUVĻMPHVĻMăE[ĻUâĻHBMùKBNĻTUâW PLMJN ĻVOĻOPUVSJFUĻUPĻtâEâĻTUâWPLMăĻWJFOV TFLVOEJ 5VęXQMīCUCINCDęÝCPC 5ęPWURQIWīWPQNQEĦÝCPCUNĦRK PQXKGVQLQVCWVQOCÝĦPWUVęXXKGVę 4âOVĻTQPHVMJĻWBSĻOPMPDăUĻV[ĻMFKV ĻMBJĻWBEăUâKT WBSùUVĻSFE[ùUĻDFĮBĻBQNBMJ ĻQJFNùSBN ĻOPWJFUP KPUĻBVUPNPCJMJĻTUâWùtBOBJ p *FTMùE[JFUĻBUQBLBĮHBJUBTĻQâSOFTVNVĻVO OPTQJFEJFUĻ.ĻWBJĻ4ĻUBVTUJĪV ,BEĻUJFLĻJ[TMùHUTĻBUQBLBĮHBJUBTĻQâSOFTVNT TQPHVMJTĻBVUPNâUJTLJĻBUHSJFxBTĻTâLPUOùKâ QP[ăDJKâĻQùDĻBQUVWFOJĻĻTFLVOEùNĻWBJĻâUSâL OPTQJFxPUĻBUUJFDăHJĻBQ[ăNùUPĻUBVTUJĪVĻ.ĻWBJĻ4 #WVQOęVKUMCUęPWURQIWīCPQNQEĦÝCPC UNĦRKPQXKGVQLQVCWVQOCÝĦPWUVęXXKGVę *FTMùE[PUĻBUQBLBĮHBJUV ĻTâOVĻTQPHVMJTĻUJFL BVUPNâUJTLJĻOPMPDăUTĻV[ĻMFKV ĻMBJĻWBEăUâKTĻWBSùUV 5JLBJĻLPNCJOâDJKâĻBSĻFMFLUSJTLJĻSFHVMùKBNPĻTùEFLĮVĻBUNJĪBTĻGVOLDJKV ĻTLBUăUĻMQQĻ ,ĹUWDTCWMÝCPCUXKFG .QIKWPCVRCMCīUMCVCWPUęPWURQIWīK SFE[ùUĻDFĮBĻBQNBMJ ĻQJFNùSBN ĻOPWJFUPKPU BVUPNPCJMJĻTUâWùtBOBJĻ*[TMùE[PUĻBUQBLBĮHBJUV TQPHVMJTĻQùDĻCSăxBĻBVUPNâUJTLJĻBUHSJFxBT TâLPUOùKâĻQP[ăDJKâ +BĻOFQJFDJFtBNT ĻBULâSUPKJFUĻJFQSJFLtùKâT EBSCăCBT 'VOLDJKVĻWBSĻBLUJWùUEFBLUJWùUĻJ[WùMĪVĻTJTUùNâ /;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU 5KFGOKTTQTUGVVKPIU 6KNVNGHVOKTTQTĻWBJ 6KNVTKIJVOKTTQTĻ1BSĻJ[WùMĪVĻTJTUùNBT BQSBLTUV ĻTLBUăUĻMQQĻ +GXGNMCOKGGNGMVTKUMKXCFęOKGUęPW URQIWīK #WVQOęVKUMęRKGNQEĦÝCPCCWVQOQDKNK CK\UNġF\QV ,BEĻBVUPNBtăOBĻUJFLĻBJ[TMùHUBBUTMùHUBĻBSĻUâM WBEăCBTĻQVMUTĻBUTMùHV ĻTâOVĻTQPHVĮJĻUJFLĻBVUP NâUJTLJĻQJFMPDăUJBUMPDăUJ 'VOLDJKVĻWBSĻBLUJWùUEFBLUJWùUĻJ[WùMĪVĻTJTUùNâ /;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU 5KFGOKTTQTUGVVKPIU (QNFOKTTQTUĻ1BS J[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ #VKGUVCVĦÝCPCPGKVTęNęRQ\ĦEKLę 4QPHVĮJ ĻLVSJĻâSùKBTĻJFEBSCăCBTĻEùĮĻJSĻJ[SFHVMùUJ JSĻKâOPSFHVMùĻBUQBLBĮĻOFJUSâMâĻQP[ăDJKâĻBSĻFMFL USPQJFWBEV ĻMBJĻUPĻQJFMPDătBOBTBUMPDătBOBT GVOLDJKBĻEBSCPUPTĻQBSFJ[J 5BHBEĻTQPHVĮJĻJSĻBUJFTUBUăUJĻOFJUSâMâĻTUâWPLMă 4QPHVĮVTĻJFTQùKBNTĻJFWJMLU ĻLBEĻOPWJFUPKBU BVUPNBtăOVĻTUâWùtBOBJĻWBJĻCSBVDBUĻtBVSâT WJFUâT /PTQJFEJFUĻ.ĻVOĻ4ĻUBVTUJĪVTĻWJFOMBJDăHJ KâCÜUĻJFTMùHUBJĻWJTNB[ĻBUTMùHBTĻQP[ăDJKBJ + "UMBJEJFUĻUPTĻQùDĻBQNùSBNĻĻTFLVOEFT 4QPHVĮJĻBVUPNâUJTLJĻBQTUâKBTĻQJMOăCâ JFWJMLUâĻTUâWPLMă 8ĘLUVKMNC CK\OWIWTĘLđUVKMNCWPUđPWURQIWĹW CRUKNFG "UMPLJFUĻTQPHVĮVT ĻWJFOMBJLVTĻOPTQJFxPUĻ.ĻVOĻ4 UBVTUJĪVTĻ4QPHVĮJĻBVUPNâUJTLJĻBQTUâKBTĻQJM OăCâĻJ[CăEăUâĻTUâWPLMă *[NBOUPKJFUĻBQTJMEJ ĻMBJĻâUSJĻMJLWJEùUVĻBJ[TWăEVNV VOĻBQMFEPKVNVĻV[ĻWùKTUJLMB ĻBJ[NVHVSùKâĻMPHB VOĻTâOVĻTQPHVĮJFN /ęLCUICKUOCUWPVWXQÝCPęU CRICKUOQLWOU 7JFOVĻSFJ[JĻOPTQJFxPUĻQPHV ĻUJFLĻTâLUBĻBQTJMEF (BJTNBĻTQJFEQPHâĻOPSâEB ĻLBĻGVOLDJKBĻJS BLUăWBĻ*[TMùE[JFUĻBQTJMEJ ĻUJLMăE[ĻBQMFEPKVNTĻ BJ[TWăEVNTĻJSĻJ[[VEJT ĻMBJĻOFWBKBE[ăHJĻOFOPTMP HPUVĻBLVNVMBUPSVĻ1ùDĻOPUFJLUBĻMBJLBĻBQTJMEF UJFLĻJ[TMùHUBĻBVUPNâUJTLJ +BĻJ[WùMùUTĻUVWPtBOâTĻBQHBJTNPKVNTĻWBJ ESPtBĻNâKVQDFĮBĻBQHBJTNPKVNT ĻJFEFHBTĻMVL UVSJĻTâOVĻTQPHVĮPT ĻTLBUăUĻMQQĻ *FWFMDJFUĻTQPHVĮVTĻBSĻ.ĻVOĻ4ĻUBVTUJĪJFN *[CăEJFUĻTQPHVĮVTĻV[ĻâSV ĻWùMSFJ[ĻJ[NBOUP KPUĻ.ĻVOĻ4ĻUBVTUJĪVT #RUKNFęOUXġLUVKMNU CK\OWIWTġLCKU UVKMNUWPUęPWURQIWīK 5JLBJĻLPNCJOâDJKâĻBSĻFMFLUSJTLJĻSFHVMùKBNPĻTùEFLĮVĻBUNJĪBTĻGVOLDJKV ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4LBUJFUĻTBEBĮVĻ"QTJMEâNTĻWùKTUJLMTĻVOĻNBLT BULBVTùUâKTĻĻMQQ ,ĹUWDTCWMÝCPCUXKFG .QIKWPCVRCMCīUMCVCWPUęPWURQIWīK 4âOVĻTQPHVĮJĻVOĻBJ[NVHVSùKBJTĻTUJLMTĻUJFL BVUPNâUJTLJĻBQTJMEăUTBULBVTùUT ĻKBĻBVUPNB tăOBĻUJFLĻJFEBSCJOâUB ĻâSBĻUFNQFSBUÜSBJ OFQâSTOJFE[PUĻ Ļ$Ļ"VUPNâUJTLPĻBULBVTù tBOVĻWBSĻJ[WùMùUJFTĻJ[WùĮĪVĻTJTUùNâĻ/;%#4 [FNĻ5GVVKPIU %NKOCVGUGVVKPIU #WVQOCVKETGCTFGHTQUVGTĻ*[WùMJFUJFTĻ1PĻWBJ 1HHĻ1BSĻJ[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăU MQQĻ "LUJWùKPUĻBQTJMEâNPĻWùKTUJLMV ĻLPNQBTTĻUJFL EFBLUJWùUTĻ%FBLUJWùKPUĻBQTJMEâNPĻWùKTUJLMV LPNQBTTĻUJFLĻWùMSFJ[ĻBLUJWùUT 5CNQPCCVRCMCīUMCVCURQIWNKU /CPWęNęCRVWOÝQÝCPC 4QJMHUBĻHBJTNBĻOPĻBJ[NVHVSFTĻWBSĻBUTQăEùU BUQBLBĮTLBUBĻTQPHVMăĻVOĻBQxJMCJOâUĻWBEăUâKV *[NBOUPKJFUĻBQUVNtPtBOV ĻBLUJWùKPUĻUPĻBS BQUVNtPtBOBTĻTMùE[J ĻLBEĻCSBVLtBOVĻUSBVDù HBJTNBT ĻLBTĻTQăEĻOPĻBJ[NVHVSFT *[NBOUPKJFUĻBQUVNtPtBOBTĻGVOLDJKV ĻQâS WJFUPKPUĻTMùE[JĻTBMPOBĻWJS[JFOâ "UJFTUBUJFUĻQBSBTUâĻQP[ăDJKâ ĻQâSWJFUPKPU TMùE[JĻWùKTUJLMBĻWJS[JFOâ #WVQOęVKUMęCRVWOÝQÝCPC "UQBLBĮTLBUBĻTQPHVMJTĻBVUPNâUJTLJĻBQUVNtP TQJMHUVĻHBJTNVĻOPĻBJ[NVHVSFTĻ4MùE[JTĻOBW QJFFKBNTĻTQPHVĮPTĻBSĻBVUPNâUJTLPĻBQUVNtP tBOV ,PNQBTV ĻWBSĻQBTÜUăUĻUJLBJĻBUQBLBĮTLBUBĻTQP HVĮJFNĻBSĻBVUPNâUJTLVĻBQUVNtPtBOV ĻTLBUăU MQQĻ "VUPNâUJTLBĻBUWùStBOBĻMăE[ĻHBMBĻQP[ăDJKBJ .BOVâMBĻBUWùStBOBĻMăE[ĻUBVTUJĪBĻBUMBJtBOBJ .BOVâMBĻBJ[WùStBOBĻMăE[ĻUBVTUJĪBĻBUMBJtB OBJ "VUPNâUJTLBĻBJ[WùStBOBĻMăE[ĻHBMBĻQP[ăDJKBJ 5VKMNCLWOVU 4UJLMBĻKVNUTĻJSĻOFLVTUăHT ĻCFUĻBJ[MBJEOJĻWBSĻEBS CJOâUĻBSĻTMùE[JĻKVNUBĻLPOTPMù ĻLBEĻBUTMùHB BUSPEBTĻQP[ăDJKâĻ+ĻWBJĻ++Ļ*OGPSNâDJKBĻQBSĻBUTMù HBTĻQP[ăDJKâNĻĻTLBUăUĻMQQĻ "QUVNtPtBOBTĻWBEăCB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG -QORCUU 'MURNWCVęEKLC "LUJWùKPUĻBQTJMEâNPĻWùKTUJLMV ĻLPNQBTTĻUJFL EFBLUJWùUTĻ%FBLUJWùKPUĻBQTJMEâNPĻWùKTUJLMV LPNQBTTĻUJFLĻWùMSFJ[ĻBLUJWùUT -CNKDTġÝCPC #VRCMCĹUMCVCURQIWNKUCTMQORCUW "VHtùKBJTĻMBCBJTĻBUQBLBĮTLBUBĻTQPHVĮBĻTUÜSJT WJFOMBJDăHJĻJSĻBSăĻJOUFHSùUBJTĻEJTQMFKT ĻLBT QBSâEBĻLPNQBTBĻWJS[JFOV ĻLâEâĻWùSTUBĻBVUP NBtăOBTĻQSJFLtQVTFĻ"SĻBOHĮVĻWBMPEBTĻTBăTJ OâKVNJFNĻUJFLĻQBSâEăUJĻBTUPĪJĻEBxâEJĻWJS[JFOJ 0Ļ [JFNFĮJ Ļ0'Ļ [JFNFĮBVTUSVNJ Ļ'Ļ BVTUSVNJ 5'Ļ EJFOWJEBVTUSVNJ Ļ5Ļ EJFOWJEJ Ļ59Ļ EJFOWJ ESJFUVNJ Ļ9Ļ SJFUVNJ ĻVOĻ09Ļ [JFNFĮSJFUVNJ ,PNQBTTĻUJFLĻBLUJWùUTĻBVUPNâUJTLJ ĻLBEĻBVUP NPCJMJTĻUJFLĻJFEBSCJOâUTĻWBJĻBUTMùHBĻBUSPEBT QP[ăDJKâĻ++ ĻTLBUăUĻMQQĻĻ-BJĻEFBLUJWùUVBLUJ WùUVĻLPNQBTV ĻOPTQJFEJFUĻQPHVĻTQPHVĮBĻBJ[ NVHVSù ĻJ[NBOUPKPU ĻQJFNùSBN ĻQBQăSB TBTQSBVEJ "QUVSJFUĻBVUPNPCJMJĻQMBtâĻOPĻUùSBVEBĻLPO TUSVLDJKâNĻVOĻBVHTUTQSJFHVNBĻMăOJKâN CSăWâĻUFSJUPSJKâ *FEBSCJOJFUĻBVUPNBtăOV 2+'<ÿ/' -BJĻOPESPtJOâUVĻWJTMBCâLPĻLBMJCSùtBOV J[TMùE[JFUĻWJTVĻFMFLUSJTLPĻBQSăLPKVNVĻ LMJ NBUBĻLPOUSPMFTĻTJTUùNB ĻTUJLMVĻUăSăUâKJĻVD VOĻQâSMJFDJOJFUJFT ĻLBĻWJTBTĻEVSWJTĻJSĻBJ[WùS UBT 5VSJFUĻOPTQJFTUVĻQPHVĻV[ĻBUQBLBĮTLBUB TQPHVĮBĻBJ[NVHVSFTĻBQUVWFOJĻĻTFLVOEFT J[NBOUPKPU ĻQJFNùSBN ĻQBQăSBĻTBTQSBVEJ MăE[ĻQBSâEâTĻSBLTU[ăNFĻ% G030295 ;FNFTMPEFĻJSĻTBEBMăUBĻĻNBHOùUJTLBKâT [POâTĻ,PNQBTTĻUJFLĻJFTUBUăUTĻīFPHSâGJTLBKBJ [POBJ ĻLVSBJĻUJFLĻQJFHâEâUBĻBVUPNPCJMJTĻ,PN QBTBNĻKâCÜUĻLBMJCSùUBN ĻKBĻBVUPNPCJMJTĻQâS WJFUPKBTĻQâSJĻWBJSâLâNĻNBHOùUJTLâNĻ[POâN 3ăLPKJFUJFTĻtâEJ /CIPĘVKUMđU\QPCU 5VSJFUĻOPTQJFTUVĻQPHVĻV[ĻBUQBLBĮTLBUB TQPHVĮBĻBJ[NVHVSFTĻBQUVWFOJĻĻTFLVOEFT 5JFLĻQBSâEăUTĻQBtSFJ[ùKâTĻNBHOùUJTLâT [POBTĻOVNVST /PTQJFEJFUĻtPĻQPHVĻBULâSUPUJ ĻMăE[ĻUJFL QBSâEăUBĻOFQJFDJFtBNâĻNBHOùUJTLâĻ[POB p Ļ4LBUJFUĻNBHOùUJTLPĻ[POVĻLBSUJ LPNQBTBN 6[HBJEJFU ĻMăE[ĻUJFLĻBUKBVOPUBĻJOGPSNâDJKB EJTQMFKBĻFLSâOâ ĻSâEPUĻSBLTU[ăNJĻ% #SBVDJFUĻMùOâNĻQBĻBQMJĻBSĻâUSVNV ĻOFĻMJF MâLVĻQBSĻĻLNI ĻMăE[ĻEJTQMFKBĻFLSâOâĻJS SFE[BNTĻLPNQBTBĻWJS[JFOT ĻOPSâEPU ĻLB LBMJCSùtBOBĻJSĻQBCFJHUBĻ1ùDĻUBNĻCSBVDJFU WùMĻĻBQĮVTĻQSFDă[BJĻLBMJCSùtBOBJ +BĻOFQJFDJFtBNT ĻBULâSUPKJFUĻJFQSJFLtùKâT EBSCăCBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG #NMQOGVTU 8KURęTĦICKPHQTOęEKLCRCTCNMQOGVTW (WPMEKLCU &CTDĦDC "MLPNFUSBĻV[EFWVNTĻJSĻOPWùSTUĻBVUPNBtăOBT WBEătBOVĻSFJCVNâĻ-BJĻJFEBSCJOâUVĻE[JOùKV WBEăUâKBNĻKâWFJDĻFMQUFTUT ĻLBTĻBQMJFDJOB ĻLB WJĪtĻOBWĻBMLPIPMBĻSFJCVNâĻ"MLPNFUSBĻLBMJCSù tBOBĻOPUJFLĻBUCJMTUPtJĻOPUFJLUBKBNĻQSPNJĮV EBVE[VNBN ĻLBTĻJSĻTQùLâĻLBUSâĻOPĻUJSHJFN #MWOWNCVQTU "MLPNFUSBĻJOEJLBUPSBĻMBNQJĪBĻ ĻOPSâEBĻBLV NVMBUPSBĻTUBUVTV $4ÿ&+0ó,7/5 "MLPNFUSTĻJSĻUJLBJĻQBMăHMăE[FLMJTĻVOĻOFBUCSăWP WBEăUâKVĻOPĻBUCJMEăCBTĻ7BEăUâKBĻQJFOâLVNT JSĻWJFONùSĻCÜUĻOFE[ùSVtBNĻVOĻWBEăUĻBVUP NPCJMJĻESPtJ &MQUFTUBĻJFSăDFTĻV[HBMJT +PFKMCVQTC NCORKĮC #MWOWNCVQTCUVCVWUU ;BĮtĻNJSHPKPtT /PUJFLĻV[MâEF ;BĮt 1JMOăHJĻV[MâEùUT %[FMUFOT %BĮùKJĻV[MâEùUT 4BSLBOT *[MâEùKJFTĻĻJFWJFUPKJFU MâEùUâKVĻUVSùUâKâĻWBJĻQJF WJFOPKJFUĻDJNEVĻOPEBMă KVNâĻFTPtPĻTUSâWBTĻQBEF WFTĻWBEV 4MùE[JT *OGPSNâDJKBTĻOPTÜUătBOBTĻUBVTUJĪt "LVNVMBUPSBĻTUBUVTBĻMBNQJĪB &MQUFTUBĻSF[VMUâUBĻMBNQJĪB -BNQJĪBĻOPSâEBĻHBUBWăCVĻFMQUFTUBĻWFJLtB OBJ 2+'<ÿ/' /PHMBCâKJFUĻBMLPNFUSVĻUVSùUâKâĻ5âEùKâEJ JFCÜWùUBJTĻBLVNVMBUPSTĻWJFONùSĻCÜTĻQJMOăHJ V[MâEùUT ĻVOĻBMLPNFUSTĻUJLTĻBVUPNâUJTLJ BLUJWùUT ĻBUWFSPUĻBVUPNPCJĮBĻEVSWJT 5PĻTBVDĻBSăĻQBSĻ"MDPHVBSE Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG #NMQOGVTU )NCDęÝCPC ,BEĻJOEJLBUPSBĻMBNQJĪBĻ ĻJ[HBJTNPKBT [BĮâĻLSâTâ ĻBMLPNFUSTĻJSĻHBUBWTĻMJFUPtBOBJ 'NRVGUVCTG\WNVęVK *[ĪFNJFUĻBMLPNFUSVĻOPĻUVSùUâKBĻ+B ĻBUTMù E[PUĻBVUPNPCJMJ ĻBMLPNFUSTĻBUSPEBTĻâSQVT Uâ ĻBMLPNFUSTĻWJTQJSNTĻKâBLUJWù ĻOPTQJFxPU TMùE[JĻ "UMJFDJFUĻV[HBMJĻ ĻE[JĮJĻJFWFMDJFUĻFMQVĻVO WJFONùSăHJĻJ[QÜUJFU ĻMăE[ĻQùD BQNùSBNĻĻTFLVOEùNĻBUTLBOĻLMJLtĸJT 3F[VMUâUâĻQBSâEăTJFTĻWJFOTĻOPĻWBSJBOUJFN LBTĻSFE[BNJĻUâMâLĻFTPtBKâĻUBCVMâĻ'NRVGUVC TG\WNVęVK 4QMCUKGTĝEGUINCDđÞCPCWPW\NđFGUUVCEKLC p 3PLBTĻBMLPNFUSBĻJFSăDJĻWBSĻBUCSăWPU ĻWJFHMJ JFTQJFxPUĻUPĻUVSùUâKâĻVOĻBUMBJxPUĻĻUâĻJ[OâL MBVLâ ĻVOĻQùDĻUBNĻUPĻWBSĻJ[ĪFNUĻOPĻUVSù UâKB p /PWJFUPKJFUĻSPLBTĻJFSăDJĻBUQBLBĮĻUVSùUâKâ JFTQJFxPUĻUP ĻMăE[ĻUâĻOPGJLTùKBT p (MBCâKJFUĻSPLBTĻJFSăDJĻUVSùUâKâĻĻUBTĻTOJFE[ WJTMBCâLPĻBJ[TBSE[ăCVĻVOĻOPESPtJOBĻCBUF SJKVĻQJMOăHVĻV[MâEJ +BĻOBWĻSFE[BNTĻOFLâETĻ[JĪPKVNT ĻUBE JFTQùKBNT ĻBVUPNPCJĮBĻQâSOFTVNLâSCBT EBSCăCâĻSBEVTJFTĻLĮÜNFĻĻUâEâĻHBEăKVNâ OPTQJFEJFUĻQPHVĻ ĻMBJĻNBOVâMJĻQâSSBJEăUV SF[VMUâUVĻV[ĻBVUPNPCJMJ /PMJFDJFUĻV[ĻMFKVĻV[HBMJĻVOĻOPWJFUPKJFUĻBMLP NFUSVĻBUQBLBĮĻUVSùUâKâ 1ùDĻBQTUJQSJOPtBĻFMQUFTUBĻJFEBSCJOJFUĻE[J OùKVĻĻNJOÜtVĻMBJLâĻĻQSFUùKâĻHBEăKVNâĻUBT CÜTĻKâBULâSUP 2KTOUF\KPġLCKGFCTDKPęÝCPCU "MLPNFUSTĻUJFLĻBLUJWùUTĻBVUPNâUJTLJĻVOĻJS HBUBWTĻMJFUPtBOBJ ĻUJLMăE[ĻBVUPNPCJMJTĻUJFL BUWùSUT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET " +PFKMCVQTC NCORKĮC FKURNGLC VGMUVU 6GJPKUMKGRCTCOGVTK ;BĮBĻMBNQJĪBĻ #NEQIWCTF #RUVKRTVGUVU *FEBSCJOJFUĻE[JOùKVĻ BMLPIPMBĻTBUVSTĻOBW LPOTUBUùUT %[FMUFOBĻMBN QJĪBĻ Ļ#NEQ IWCTF#RUVKRT VGUVU %[JOùKVĻWBSĻJFEBSCJOâUĻ LPOTUBUùUBJTĻBMLPIPMB TBUVSTĻQâSTOJFE[ ĻQSPNJMJ ĻCFUĻJS [FNâLTĻQBSĻTQùLâ FTPtPĻQJFĮBVKBNPĻQSP NJĮVĻEBVE[VNV" 4BSLBOBĻMBN QJĪBĻ Ļ0GCR UVKRTVGUVU )CKFKGVOKP %[JOùKVĻOFWBSĻJFEBSCJOâU ĻLPOTUBUùUBJTĻBMLPIPMB TBUVSTĻQâSTOJFE[ĻTQùLâ FTPtPĻQJFĮBVKBNPĻQSP NJĮVĻEBVE[VNV" %BxâEâTĻWBMTUăTĻJFSPCFxPKVNJĻBUtĸJSBT ĻUâEùĮĻV[[JOJFU ĻLâEJ JFSPCFxPKVNJĻJSĻTQùLâĻKÜTVĻWBMTUăĻ4LBUJFUĻBSăĻOPEBĮVĻ7JTQâ SăHBĻJOGPSNâDJKBĻQBSĻBMLPNFUSVĻĻMQQ 2+'<ÿ/' 1ùDĻCSBVLtBOBTĻE[JOùKVĻWBSĻJFEBSCJOâUĻWùM SFJ[ĻĻNJOÜtVĻMBJLâ ĻOFWFJDPUĻKBVOVĻFMQ UFTUV ,ĹUWDTCWMÝCPCUXKFG #NMQOGVTU ,ęRCVWTRTęVę 2KTOUGNRVGUVCXGKMÝCPCU -BJĻOPESPtJOâUVĻQBSFJ[VĻJFSăDFTĻEBSCăCVĻVO QùDĻJFTQùKBTĻQSFDă[âLVĻNùSăKVNBĻSF[VMUâUV p /FùEJFUĻVOĻOFE[FSJFUĻBQUVWFOJĻĻNJOÜUFT QJSNTĻFMQUFTUBĻWFJLtBOBT p 1âSNùSăHJĻOFBQTLBMPKJFUĻQSJFLtùKPĻMPHVĻ NB[HâtBOBTĻtĸJESVNâĻFTPtBJTĻBMLPIPMT WBSĻJ[SBJTăUĻOFQBSFJ[VĻNùSăKVNBĻSF[VMUâUV 8CFĦVęLWOCKĮC -BJĻWBEăUâKVĻNBJĪBTĻHBEăKVNâĻWFJLUVĻKBVOV FMQUFTUV ĻWJFOMBJDăHJĻUVSJFUĻOPTQJFTUVĻTMùE[JĻ VOĻOPTÜUătBOBTĻQPHVĻ ĻBQUVWFOJĻĻTFLVOEFT "VUPNPCJMJTĻJFTMùE[ĻBJ[UVSùtBOBTĻSFxăNVĻVO MBJĻJFEBSCJOâUVĻE[JOùKV ĻKâWFJDĻKBVOTĻBQTUJQSJ OPtTĻFMQUFTUT -CNKDTġÝCPCWPCRMQRG "MLPNFUSTĻKâQâSCBVEBĻVOĻKâLBMJCSùĻTFSWJTâĻJL QùDĻĻNùOFtJFN ĻEJFOBTĻQJSNTĻQBSFE[ùUâTĻLBMJCSùtBOBTĻEJT QMFKâĻQBSâEâTĻ#NEQIWCTF,ÉXGKEMCNKDTĻ+B tPĻĻEJFOVĻMBJLâĻLBMJCSùtBOBĻOFUJLTĻWFJLUB E[JOùKVĻOFWBSùTĻJFEBSCJOâUĻLâĻQBSBTUJĻĻCÜT QJFFKBNBĻUJLBJĻJFEBSCJOâtBOBĻBSĻBQJFtBOBT GVOLDJKV ĻTLBUăUĻMQQĻĻOPEBĮVĻĂSLâSUBT TJUVâDJKBT ;JĪPKVNVĻWBSĻOPE[ùTU ĻWJFOSFJ[ĻOPTQJFxPU OPTÜUătBOBTĻQPHVĻ Ļ1SFUùKâĻHBEăKVNâĻUBT OPE[JFTUĻQBUTĻQùDĻBQUVWFOJĻĻNJOÜUùN ĻCFU QùDĻUBNĻQBSâEâTĻJLSFJ[ ĻLBEĻUJFLĻJFEBSCJOâUT E[JOùKTĻĻQB[JĪPKVNVĻQBWJTBNĻOPE[ùTUĻWBS UJLBJ ĻWFJDPUĻBULâSUPUVĻLBMJCSùtBOVĻTFSWJTâ #WMUVUXCKMCTUVUNCKMU +PĻBVLTUâLTĻMBJLT ĻKPĻJMHâLTĻMBJLTĻOFQJFDJF tBNT ĻQJSNTĻBMLPNFUSTĻJSĻHBUBWTĻMJFUPtBOBJ 6GORGTCVĹTC % /CMUKOęNCKU W\UKNÝCPCUNCKMU UGMWPFGU ĻMăE[Ļ ĻMăE[Ļ ĻMăE[Ļ +BĻUFNQFSBUÜSBĻJSĻ[FNâLBĻQBSĻĻĘ$ĻWBJĻBVH TUâLBĻQBSĻ ĻĘ$ ĻBMLPNFUSBNĻOFQJFDJFtBNB QBQJMEVĻTUSâWBTĻQBEFWFĻ%JTQMFKâĻJSĻSFE[BNT +GX#NEQIWCTFUVTÉXCUXCFWĻ5âEâĻHBEă KVNâĻQJFWJFOPKJFUĻDJNEVĻOPEBMăKVNâĻFTPtP TUSâWBTĻQBEFWFTĻWBEVĻVOĻHBJEJFU ĻMăE[ĻJOEJLB UPSBĻMBNQJĪBĻ ĻJ[HBJTNPKBTĻ[BĮâĻLSâTâ ĚPUJĻBVLTUâĻMBJLâĻV[TJMtBOBTĻMBJLVĻWBSĻTBNB[J OâU ĻJFOFTPUĻBMLPNFUSVĻJFLtUFMQâT óTMęTVCUUKVWęEKLCU +BĻSPEBTĻâSLâSUBTĻTJUVâDJKBTĻWBJĻBMLPNFUST OFEBSCPKBT ĻBMLPNFUSBĻMJFUPtBOVĻJSĻJFTQùKBNT BQJFU ĻMBJĻWBSùUVĻJFEBSCJOâUĻBVUPNPCJMJ 2+'<ÿ/' 7JTJĻBQCSBVLtBOBTĻBLUJWùtBOBTĻHBEăKVNJ UJFLĻSFīJTUSùUJĻVOĻTBHMBCâUJĻBUNJĪâ ĻTLBUăU MQQĻĻTBEBĮâĻ%BUVĻJFSBLTUătBOB 1ùDĻBQJFtBOBTĻGVOLDJKBTĻBLUJWùtBOBTĻEJTQMFKâ WJTVĻCSBVLtBOBTĻMBJLVĻJSĻSFE[BNTĻ#NEQIWCTF #RKGÝCPCCMVKX ĻVOĻUPĻWBSĻBUJFTUBUăUĻUJLBJĻTFS WJTâ "QJFtBOBTĻGVOLDJKVĻWBSĻQâSCBVEăU ĻOFSFīJTUSù KPUĻLĮÜNFTĻ[JĪPKVNVĻĻUâEâĻHBEăKVNâĻWFJDJFU WJTBTĻEBSCăCBT ĻOFJFEBSCJOPUĻBVUPNPCJMJĻ"J[ TMùE[PUĻBVUPNPCJMJ ĻLĮÜNFTĻ[JĪPKVNTĻJ[[ÜE *OTUBMùKPUĻBMLPNFUSV ĻQBSĻBQJFtBOBTĻPQDJKVĻUJFL J[WùMùUBĻBQJFtBOBTĻWBJĻâSLâSUBTĻGVOLDJKBĻfP JFTUBUăKVNVĻWBSĻWùMâLĻNBJOăUĻTFSWJTâ #RKGÝCPCUHWPMEKLCUCMVKXġÝCPC p 7JFOMBJDăHJĻOPTQJFEJFUĻVOĻUVSJFUĻOPTQJFTUV LSFJTPĻTWJSTMùExBĻ1-UBVTUJĪVĻVOĻBWâSJKBT HBJTNBTĻTJHOâMBĻQPHV BQUVWFOJĻĻTFLVOEFTĻĻEJTQMFKâĻWJTQJSNT QBSâEâTĻ#RKGÝCPCCMVKX)CKFKGVOKP *FUFJDBNTĻJ[WùMùUJFTĻBVUPSJ[ùUVĻ7PMWPĻTFSWJTV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG #NMQOGVTU ĻVOĻWùMâLĻ#NEQIWCTF#RKGÝCPCCMVKXĻ QùDĻUBNĻE[JOùKVĻWBSĻJFEBSCJOâU fPĻGVOLDJKVĻWBSĻBLUJWùUĻWBJSâLBTĻSFJ[FTĻ#SBVL tBOBTĻMBJLâĻSFE[BNPĻ[JĪPKVNVĻWBSĻOPE[ùTU UJLBJĻTFSWJTâ óTMęTVCUHWPMEKLCUCMVKXġÝCPC p 7JFOMBJDăHJĻOPTQJFEJFUĻVOĻUVSJFUĻOPTQJFTUV LSFJTPĻTWJSTMùExBĻ1-UBVTUJĪVĻVOĻBWâSJKBT HBJTNBTĻTJHOâMBĻQPHV BQUVWFOJĻĻTFLVOEFTĻĻEJTQMFKâĻQBSâEâT #NEQIWCTF#RKGÝCPCCMVKXĻVOĻE[JOùKV WBSĻJFEBSCJOâU fPĻGVOLDJKVĻWBSĻJ[NBOUPUĻWJFOSFJ[ĻĻQùDĻUBN TFSWJTâĻKâWFJDĻBUJFTUBUătBOB 5KODQNKWPFKURNGLC\KĮQLWOK 1BQJMEVTĻJFQSJFLtĻBQSBLTUăUBKJFNĻ[JĪPKVNJFN LPNCJOùUBKâĻLPOUSPMNùSJOTUSVNFOUVĻQBOFMăĻWBS QBSâEăUJFTĻBSăĻtâEJĻ[JĪPKVNJ &KURNGLC VGMUVU 0Q\ĦOGFCTDĦDC &KURNGLC VGMUVU 0Q\ĦOGFCTDĦDC #NEQIWCTF 4GUVCTVU KGURÐL %[JOùKTĻJSĻCJKJTĻJ[TMùHUT NB[âLĻQBSĻĻNJOÜUùNĻ E[JOùKVĻWBSĻJFEBSCJOâU OFWFJDPUĻKBVOVĻUFTUV #NEQIWCTF 2ĹVKGVURÐEÔ IÉM (BJTTĻJ[QÜTUTĻQâSâLĻWâKJĻ QÜUJFUĻTQùDăHâL #NEQIWCTF ,ÉXGKE CRMQRG 4B[JOJFUJFTĻBSĻTFSWJTV #NEQIWCTF ICKFKGV W\UKNUV 6[TJMtBOBĻOBWĻQBCFJHUBĻ HBJEJFU ĻMăE[ĻQBSâEâT UFLTUTĻ#NEQIWCTFRĹVKGV UGM #NEQIWCTF 0CXUKIPÉNC 1âSOFTVNLâSCBTĻLĮÜNFĻ OPTÜUJFUĻNBOVâMJ ĻOPTQJF xPUĻQPHVĻ ĻWBJĻWFJDJFU KBVOVĻFMQUFTUV #NEQIWCTF 0GFGTÔIU VGUVU 5FTUBĻLĮÜNFĻĻWFJDJFU KBVOVĻFMQUFTUV #NEQIWCTF 2ĹVKGVKNIÉM (BJTTĻJ[QÜTUTĻQâSâLĻăTV CSăEJĻĻJ[QÜUJFUĻUPĻJMHâL #NEQIWCTF 2ĹVKGVXKG INÉM (BJTTĻJ[QÜTUTĻQâSâLĻTQù DăHJĻĻQÜUJFUĻWâKâL *FUFJDBNTĻJ[WùMùUJFTĻBVUPSJ[ùUVĻ7PMWPĻTFSWJTV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG &\KPġLCKGFCTDKPęÝCPC $GP\ĦPCWPFĦ\GīF\KPġLK 5VSJFUĻTBKÜHBĻQFEâMJĻMăE[ĻHBMBN OPTQJFTUVĻ "VUPNPCJĮJFNĻBSĻBVUPNâUJTLP QâSOFTVNLâSCVĻOPTQJFEJFUĻCSFNxV QFEâMJ /PTQJFEJFUĻ56#465612'0)+0'ĻUBVT UJĪVĻVOĻUBEĻBUMBJEJFU 4UBSUFSBĻNPUPSTĻEBSCPKBT ĻLBNùSĻTâLĻEBSCP UJFTĻE[JOùKTĻWBJĻJFTMùE[BTĻQâSLBStBOBTĻBJ[TBS E[ăCB 58#4ÿ)+ #K\FGF\GUUNĘF\KUCTK\XĘTUVWKGXKGVQVWVđNXCFĝDCU RWNVUCVUNĘIWWPRQIC56#465612'0)+0' 58#4ÿ)+ /FNùīJOJFUĻJFTQJFTUĻUâMWBEăCBTĻQVMUT BUTMùHV ĻKBĻUâĻJSĻOFQBSFJ[JĻQBHSJF[UBĻĻTBUWF SJFUĻUPĻHBMV ĻLVSâĻBUSPEBTĻOPĪFNBNâĻBUTMù HBTĻTMùE[PtâĻEBĮB ĻTLBUăUĻMQQĻ *FWJFUPKJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBJ[EF E[FTĻTMùE[ăĻVOĻJFTQJFEJFUĻMăE[ĻHBMBN ÙFNJFUĻWùSâ ĻLBĻHBEăKVNâ ĻKBĻBVUPNBtăOB JSĻBQSăLPUBĻBSĻBMLPNFUSV ĻUBE ĻMBJĻWBSùUV JFEBSCJOâUĻE[JOùKV ĻWJTQJSNTĻKâWFJDĻFMQ UFTUT ĻTLBUăUĻMQQĻ +BĻE[JOùKVĻOFJ[EPEBTĻJFEBSCJOâUĻBS ĻNùīJOâKVNJFN ĻOPHBJEJFUĻĻNJOÜUFT QJSNTĻNùīJOâUĻWùMSFJ[ĻĚBVKPUĻBLVNVMBUP SBNĻBUQÜTUJFT ĻJFEBSCJOâtBOBTĻKBVEBĻQJF BVH $4ÿ&+0ó,7/5 *[LâQKPUĻOPĻBVUPNBtăOBT ĻWJFONùSĻJ[ĪFNJFU UâMWBEăCBTĻQVMUTĻBUTMùHVĻOPĻBJ[EFE[FTĻTMù ExBĻVOĻQâSMJFDJOJFUJFT ĻLBĻJSĻJFTMùHUBĻBUTMù HBTĻQP[ăDJKBĻĻĻăQBtJ ĻKBĻBVUPNBtăOâĻBUSP EBTĻCùSOJĻ*OGPSNâDJKVĻQBSĻEBSCăCBTĻQSJO DJQV ĻTLBUăUĻMQQĻ 2+'<ÿ/' /PUFJLUBĻUJQBĻE[JOùKJFNĻBVLTUâTĻJFEBSCJOâ tBOBTĻMBJLâĻUVLtHBJUBTĻâUSVNTĻWBSĻCÜUĻJFWù SPKBNJĻMJFMâLTĻOFLâĻQBSBTUJĻ5âĻOPUJFLĻUâEùĮ MBJĻFNJTJKVĻTJTUùNBĻWBSùUVĻQùDĻJFTQùKBT âUSâLĻTBTOJFHUĻOPSNâMVĻEBSCBĻUFNQFSBUÜSV UâEùKâEJĻTBNB[JOPUĻJ[QMÜEFTĻFNJTJKVĻEBV E[VNVĻVOĻBJ[TBSHâKPUĻWJEJ $G\CVUNġICUXCFĦDC -BJĻQBMBJTUVĻCFO[ăOBĻVOĻEă[FĮE[JOùKVT ĻJ[QJMEJFU TPĮVTĻqĻ1MBtâLBĻJOGPSNâDJKBĻQBSĻCF[BUTMù HBTĻWBEăCV ĻTLBUăUĻMQQĻ 2+'<ÿ/' -BJĻBVUPNPCJMJĻWBSùUVĻJFEBSCJOâU ĻQBTBxJFSV TBMPOâĻWBJĻCBHâxBTĻOPEBMăKVNâĻKâBUSPEBT WJFOBJĻOPĻBVUPNPCJĮBĻUâMWBEăCBTĻQVMUT BUTMùHâNĻBSĻCF[BUTMùHBTĻWBEăCBT ĻGVOLDJKV $4ÿ&+0ó,7/5 0GMęFęICFĦLWOęĻOFJ[ĪFNJFUĻUâMWBEăCBT QVMUTĻBUTMùHVĻOPĻBVUPNBtăOBTĻCSBVLtBOBT WBJĻWJMLtBOBTĻMBJLâ +\UNġF\KGVF\KPġLW -BJĻJ[TMùHUVĻE[JOùKV +BĻBVUPNPCJMJTĻJ[LVTUBT ĻUBEĻQJFUJFLĻOPTQJFTUĻUBVTUJĪVĻ56#465612'0)+0' ĻMBJĻJFEBSCJOâUVĻBVUPNPCJMJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG &\KPġLCKGFCTDKPęÝCPC p /PTQJFEJFUĻ56#465612'0)+0'ĻĻE[J OùKTĻQâSUSBVDĻEBSCPUJFT p +BĻBVUPNBtăOBJĻJSĻBVUPNâUJTLâĻQâSOFTVN LâSCBĻVOĻQâSOFTVNVĻQâSTMùHTĻOFBUSPEBT QP[ăDJKâĻ2ĻWBJĻKBĻBVUPNBtăOBĻQâSWJFUPKBT EJWBTĻSFJ[FTĻOPTQJFEJFUĻWBJĻUVSJFU OPTQJFTUVĻQPHVĻ56#465612'0)+0' MăE[ĻE[JOùKTĻJ[TMùE[BT 5VĹTGUDNQĨġVęLU 4UÜSFTĻTMùE[FOFJĻGJLTùKPUJFTĻWBJĻBUCMPĸùKPUJFT WBSĻCÜUĻE[JSEBNTĻNFIâOJTLTĻUSPLTOJT p +BĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻBUSPEBTĻBJ[EF E[FTĻTMùExBĻQP[ăDJKâĻVOĻUJFLĻOPTQJFTUB QPHBĻ56#465612'0)+0' ĻTUÜSFTĻGJL TBUPSTĻUJFLĻBUCMPĸùUT p 4UÜSFTĻTMùE[FOFĻOPCMPĸùKBT ĻKBĻWBEăUâKB EVSWJTĻUJFLĻBUWùSUBTĻQùDĻUBN ĻLBEĻE[JOùKT JSĻJ[TMùHUT #VUNġICURQ\ĦEKLCU *OGPSNâDJKBĻQBSĻUâMWBEăCBTĻQVMUTĻBUTMùHBT EBxâEBKâNĻBUTMùHBTĻQP[ăDJKâNĻTLBUăUĻMQQĻ "VUPNBtăOâNĻBSĻCF[BUTMùHBTĻQJFE[JĪVĻUâMWBEăCBTĻQVMUTĻBUTMùHBJĻJSĻKâBUSPEBTĻTBMPOâ ,ĹUWDTCWMÝCPCUXKFG &\KPġLCKGFCTDKPęÝCPCpRCTCNġNCKUCMWOWNCVQTU +GFCTDKPęÝCPCURCNĦF\ĦDC 1JFWJFOPKJFUĻWJFOVĻTBSLBOâĻWBEBĻTQBJMJ QBSBMùMâĻBLVNVMBUPSBĻQP[JUăWBKBNĻUFSNJOâ MJNĻ 58#4ÿ)+ 6[NBOăHJĻQJFWJFOPKJFUĻE[JOùKBĻJFEBSCJOâtB OBTĻLBCFMJ ĻMBJĻJ[WBJSăUPTĻOPĻăTTBWJFOPKV NJFN ĻLPĻWBSĻSBEăUĻDJUBTĻE[JOùKBĻOPEBMăKVNâ FTPtâTĻEFUBĮBT "UWFSJFUĻLMJQtVTĻBVUPNPCJĮBĻBLVNVMBUPSB QSJFLtùKâĻQâSTFHâĻVOĻOPĪFNJFUĻQâSTFHV Ļ +BĻBLVNVMBUPSTĻJSĻJ[MâEùKJFT ĻBVUPNPCJMJĻWBS JFEBSCJOâU ĻJ[NBOUPKPUĻTUSâWVĻOPĻDJUBĻBLVNVMB UPSB -BJĻJ[WBJSăUPTĻOPĻăTTBWJFOPKVNJFNĻWBJĻDJUJFN CPKâKVNJFN ĻJFEBSCJOPUĻBVUPNBtăOVĻBSĻTBWJF OPUâKWBEVĻQBMăE[ăCV ĻJFUFJDBNTĻSăLPUJFTĻtâEJ *FWJFUPKJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBUTMù HBTĻQP[ăDJKâĻ ĻTLBUăUĻMQQĻ 1âSMJFDJOJFUJFT ĻLBĻQBSBMùMâĻBLVNVMBUPSB TQSJFHVNTĻJSĻĻ7 +BĻQBSBMùMBJTĻBLVNVMBUPSTĻJSĻV[TUâEăUTĻDJUâ BVUPNPCJMă ĻJ[TMùE[JFUĻQBSBMùMâĻBVUPNPCJĮB E[JOùKVĻVOĻQâSMJFDJOJFUJFT ĻLBĻBCJĻBVUPNP CJĮJĻOFTBTLBSBT 1JFWJFOPKJFUĻPUSVĻTBSLBOâĻWBEBĻTQBJMJĻBVUP NPCJĮBĻQP[JUăWBKBNĻUFSNJOâMJNĻ 1JFWJFOPKJFUĻWJFOVĻNFMOâĻWBEBĻTQBJMJĻQBSB MùMâĻBLVNVMBUPSBĻOFHBUăWBKBNĻUFSNJOâMJN 1JFWJFOPKJFUĻPUSVĻTQBJMJĻ[FNùKVNBĻQVO LUBN ĻQJFNùSBN ĻMBCâTĻQVTFTĻE[JOùKB TUJQSJOâKVNBĻBVHtEBĮBJ ĻâSùKâTĻTLSÜWFT HBMWJĪBJĻ 1âSMJFDJOJFUJFT ĻWBJĻâSùKâĻTBWJFOPKVNBĻWBEB TQBJMFTĻJSĻESPtJĻOPTUJQSJOâUBT ĻMBJĻJFEBSCJ OâtBOBTĻMBJLâĻOFCÜUVĻE[JSLTUFĮV *FEBSCJOJFUĻQBSBMùMâĻBVUPNPCJĮBĻE[JOùKVĻVO ĚBVKJFUĻUBNĻEBxBTĻNJOÜUFTĻEBSCPUJFTĻBS BQHSJF[JFOJFN ĻLBTĻJSĻOFEBVE[ĻMJFMâLJĻQBS UVLtHBJUBTĻBQNùSBNĻĻBQHSNJO *FEBSCJOJFUĻUâĻBVUPNPCJĮBĻE[JOùKV ĻLVSB BLVNVMBUPSTĻJSĻJ[MâEùKJFT 58#4ÿ)+ .ùīJOPUĻJFEBSCJOâUĻBVUPNBtăOV ĻOFJ[NBO UPKJFUĻTBWJFOPKVNVT ĻKPĻQBTUâWĻE[JSLTUFĮPtB OBTĻSJTLT /PĪFNJFUĻWBEVTĻBQHSJF[UâĻTFDăCâĻĻWJT QJSNTĻNFMOP ĻQùDĻUBNĻTBSLBOP /PESPtJOJFUĻUP ĻMBJĻOFWJFOBĻNFMOâĻWBEB TQBJMFĻOFTLBSUVĻBLVNVMBUPSBĻQP[JUăWP UFSNJOâMJĻWBJĻTBSLBOâĻWBEBĻUFSNJOâMJ $4ÿ&+0ó,7/5 p "LVNVMBUPSTĻWBSĻSBEăUĻĮPUJĻTQSâE[JFO CăTUBNVĻHâ[JĻ/FQBSFJ[JĻQJFWJFOPKPU BLVNVMBUPSBĻTBWJFOPUâKWBEV ĻWBS SBTUJFTĻE[JSLTUFMFT ĻLBTĻTBWVLâSUĻWBS J[SBJTăUĻBLVNVMBUPSBĻFLTQMP[JKV p "LVNVMBUPSTĻTBUVSĻTùSTLâCJ ĻLBTĻWBS J[SBJTăUĻOPQJFUOVTĻBQEFHVNVT p +BĻTùSTLâCFĻJFLĮÜTUĻBDăT ĻOPOâLĻV[ âEBTĻWBJĻBQīùSCB ĻTLBMPKJFUĻTLBSUPĻWJFUV BSĻMJFMVĻÜEFOTĻEBVE[VNVĻ+BĻTùSTLâCF JFLĮÜTUĻBDăT ĻOFLBWùKPUJFTĻWùSTJFUJFTĻQJF âSTUB 1MBtâLVĻJOGPSNâDJKVĻQBSĻBVUPNPCJĮBĻBLVNVMB UPSVĻTLBUJFUĻTLBUăUĻMQQĻ ,ĹUWDTCWMÝCPCUXKFG 2ęTPGUWOMęTDCU 8KURęTĦIK /CPWęNęRęTPGUWOMęTDC *5# )4"Ļ )JMMĻ4UBSUĻ"TTJTU ĻGVOLDJKBĻJSĻQJFFKBNB BVUPNPCJĮJFNĻHBOĻBSĻNBOVâMP ĻHBOĻBVUPNâ UJTLPĻQâSOFTVNLâSCV 58#4ÿ)+ 1âSOFTVNLâSCBTĻEBSCBĻUFNQFSBUÜSBĻUJFL QâSCBVEăUB ĻMBJĻOPWùSTUVĻKFCLâEVĻQJFE[JĪBT TJTUùNBTĻLPNQPOFOUVĻCPKâKVNVTĻ+BĻSPEBT QâSLBStBOBTĻSJTLT ĻJOTUSVNFOUVĻQBOFMă J[HBJTNPKBTĻCSăEJOâKVNBĻTJNCPMTĻVOĻQBSâ EâTĻUFLTUBĻQB[JĪPKVNTĻ5âEâĻHBEăKVNâ JFWùSPKJFUĻTOJFHUPTĻOPSâEăKVNVT "UQBLBĮHBJUBTĻQâSOFTVNBĻCMPĸùUâKTĻOPWùSt OFKBVtVĻBUQBLBĮHBJUBTĻQâSOFTVNBĻJFTMùHtBOBT JFTQùKVĻQBSBTUBTĻCSBVLtBOBTĻUVSQHBJUâĻMBJLâ p *FWùSPKJFUĻV[ĻQâSOFTVNVĻQâSTMùHTWJSBT SFE[BNPĻQâSOFTVNVĻQâSTMùHtBOBTĻTIùNV ĻTâDJFUĻQâSTMùHtBOVĻOPĻOFJUSâMâTĻQP[ăDJKBT 0ĻVOĻQùDĻUBNĻKGURKGFKGVW\KGMÝWĻQâSOF TVNVĻQâSTMùHTWJSV ĻMBJĻUPĻWBSùUVĻQâSWJFUPU QP[ăDJKâĻ4 făĻGVOLDJKBĻOP[ăNù ĻLBĻCSFNxVĻTJTUùNBT QFEâĮBĻTQJFEJFOTĻTBHMBCâKBTĻWBJSâLBTĻTFLVO EFT ĻLBNùSĻLâKBĻUJFLĻQâSWJFUPUBĻOPĻCSFNxV QFEâĮBĻV[ĻBLTFMFSBUPSBĻQFEâMJ ĻQJSNTĻV[TâLU CSBVLtBOVĻWBJĻCSBVLUĻBUQBLBĮHBJUâĻBVHtVQ LBMOâ įTMBJDăHBJTĻCSFN[ùtBOBTĻFGFLUTĻJ[[ÜEĻQùD EBxâNĻTFLVOEùNĻWBJĻUBE ĻLBEĻUJFLĻOPTQJFTUT Hâ[FTĻQFEâMJT #VRCMCīICKVCURęTPGUWOCDNQĨġVęLU p *FTMùE[JFUĻBUQBLBĮHBJUVĻUJLBJĻUBE ĻKBĻBVUP NPCJMJTĻJSĻQJMOăHJĻBQTUâKJFT 2đTPGUWOWRđTUNĘIÞCPCUUJĘOC "QMÜLPKJFUĻGBLUJTLPĻQâSOFTVNVĻTIùNV ĻLBT BUUùMPUBĻV[ĻQâSOFTVNVĻQâSTMùHTWJSBT p 1JFĻLBUSBTĻQâSOFTVNVĻQâSTMùHtBOBT OPTQJFEJFUĻTBKÜHBĻQFEâMJĻMăE[ĻHBMBN p 1âSOFTVNVĻNBJĪBTĻTUBSQMBJLPTĻOPĪFNJFU LâKVĻOPĻTBKÜHBĻQFEâĮB $4ÿ&+0ó,7/5 /PWJFUPKPUĻBVUPNBtăOVĻTUâWùtBOBJĻTMăQVNâ WJFONùSĻJFTMùE[JFUĻTUâWCSFN[JĻĻQâSOFTVNB JFTMùHtBOBĻOBWĻQJFUJFLPtB ĻMBJĻBVUPNBtăOV OPUVSùUVĻV[ĻWJFUBTĻWJTâTĻTJUVâDJKâT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 2ęTPGUWOWKPFKMCVQTU 4WBSăHTĻOPTBDăKVNTĻTBJTUăCâĻBSĻWJEFJĻESBV E[ăHVĻCSBVLtBOVĻJSĻQBSFJ[âĻQâSOFTVNBĻJ[WùMù tBOâTĻVOĻTBWMBJDăHBĻQâSOFTVNVĻQâSTMùHtBOB %BxPTĻWBSJBOUPTĻLâĻQBMăHMăE[FLMJTĻJSĻQJFFKBNT JOEJLBUPSTĻ(4*ĻrĻ (FBSĻ4IJGUĻ*OEJDBUPS ĻrĻLBT JOGPSNùĻWBEăUâKV ĻLBEĻWBSĻBLUJWJ[ùUĻOâLBNP BVHTUâLPĻWBJĻ[FNâLPĻQâSOFTVNV ĻMBJĻQBOâLUV QùDĻJFTQùKBTĻ[FNâLVĻEFHWJFMBTĻQBUùSJĪV 5BÀV ĻĪFNPUĻWùSâĻUâEVTĻSBLTUVSMJFMVNVTĻLâ WFJLUTQùKVĻVOĻEBSCăCVĻCF[ĻWJCSâDJKâN ĻWBSĻCÜU JFUFJDBNTĻQâSTMùHUĻQâSOFTVNVT ĻLBEĻE[JOùKB âUSVNTĻJSĻMJFMâLTĻ$JQBSTĻSâNăUJĻOPSâEBĻQBtSFJ [ùKPĻQâSOFTVNV ,ĹUWDTCWMÝCPCUXKFG 2ęTPGUWOMęTDCU #WVQOęVKUMęRęTPGUWOMęTDC )GCTVTQPKE TMùHVĻJ[TMùHUVĻOPĻ2ĻQP[ăDJKBT ĻKâCÜUĻOPTQJFT UBNĻCSFNxVĻQFEâMJN ,BEĻQâSTMùHTĻJSĻQP[ăDJKâĻ2 ĻQâSOFTVNLâSCB UJFLĻNFIâOJTLJĻCMPĸùUBĻ1JFTBSE[ăCBTĻOPMÜLâ JFTMùE[JFUĻBSăĻTUâWCSFN[J ĻTLBUăUĻMQQĻ 2+'<ÿ/' -BJĻWBSùUVĻBJ[TMùHUĻBVUPNBtăOVĻVOĻJFTMùHU TJHOBMJ[âDJKV ĻQâSOFTVNVĻQâSTMùHBNĻKâBUSP EBTĻ2ĻQP[ăDJKâ +PUVTWOGPVWRCPGNKU&KIKVCNCTRđTPGUWOWKPFK MCVQTW 1âSOFTVNVĻJOEJLBUPST NBOVâMBKâNĻQâSOFTVNLâS CâNĻ7JFOMBJDăHJĻUJFLĻJ[HBJ TNPUTĻUJLBJĻWJFOTĻSâEăUâKTĻ UBTĻJ[HBJTNPKBTĻDFOUSâĻUJLBJ QBSBTUBTĻCSBVLtBOBTĻMBJLâ 1âSTMùE[PUĻBVHTUâLV[FNâLVĻQâSOFTVNV ĻLâ JFUFJLUT ĻBVHtùKBJTĻQâSOFTVNTĻBUUùMâĻJ[HBJTNP KBTĻTBSLBOâĻLSâTâĻQJFĻBU[ăNFTĻ ĻCFUĻBQBLt ùKBJTĻĻQJFĻBU[ăNFTĻ *OTUSVNFOUVĻQBOFMăĻ"OBMP HVFĻQâSOFTVNVĻQP[ăDJKBTĻVO JOEJLBUPSBĻCVMUJĪBTĻJSĻSFE[B NBTĻLPNCJOùUâĻJOTUSVNFOUV QBOFĮBĻDFOUSâ 58#4ÿ)+ &#WVQOđVKUMQRđTPGUWOWRQ\ĝEKLCU p /CPWđNQRđTPGUWOWRQ\ĝEKLCU 2ęTPGUWOWRQ\ĦEKLCU "VUPNâUJTLPĻQâSOFTVNV QP[ăDJKBTĻJSĻOPSâEăUBTĻJOTUSV NFOUVĻQBOFĮBĻMBCBKâĻQVTù 7JFOMBJLVTĻJ[HBJTNPKBTĻUJLBJ WJFOTĻSâEăUâKTĻĻUBT ĻLVSt OPSâEBĻQBtSFJ[ùKPĻQâSOF TVNVĻQâSTMùHBĻQP[ăDJKV 4JNCPMTĻ5Ļ03"/jĂĻLSâTâĻBQ[ăNùĻBLUJWJ[ùUV 4QPSUBĻSFxăNV 2p5VęXġÝCPCURQ\ĦEKLC *FEBSCJOPUĻE[JOùKVĻWBJĻBVUPNPCJMJNĻBUSPEPUJFT TUâWWJFUâ ĻJ[WùMJFUJFTĻ2Ļ-BJĻQâSOFTVNVĻQâS *FTMùE[PUĻ2ĻQP[ăDJKV ĻBVUPNBtăOBJĻKâCÜUĻQJM OăHJĻBQUVSùUBJ $4ÿ&+0ó,7/5 /PWJFUPKPUĻBVUPNBtăOVĻTUâWùtBOBJĻTMăQVNâ WJFONùSĻJFTMùE[JFUĻTUâWCSFN[JĻĻBVUPNâUJ TLâTĻQâSOFTVNLâSCBTĻ2ĻQP[ăDJKBTĻJFTMùH tBOBĻOBWĻQJFUJFLPtB ĻMBJĻBVUPNBtăOVĻOPUV SùUVĻV[ĻWJFUBTĻWJTâTĻTJUVâDJKâT 4p#VRCMCīICKVC "VUPNPCJMJNĻKâTUâWĻV[ĻWJFUBT ĻLBEĻUJFLĻJ[WùMùUB 4ĻQP[ăDJKB 0p0GKVTęNU /BWĻJFTMùHUTĻOFWJFOTĻOPĻQâSOFTVNJFN ĻVOĻE[J OùKVĻWBSĻJFEBSCJOâUĻ*[NBOUPKJFUĻTUâWCSFN[J ĻKB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 2ęTPGUWOMęTDCU BVUPNPCJMJTĻTUâWĻV[ĻWJFUBT ĻQâSOFTVNVĻQâSTMù HBNĻBUSPEPUJFTĻQP[ăDJKâĻ0 &p2KGF\KĮC &ĻJSĻQBSBTUâĻCSBVLtBOBTĻQP[ăDJKBĻ1âSTMùHtB OâTĻV[ĻBVHtVĻVOĻMFKVĻOPUJFLĻBVUPNâUJTLJĻBULB SăCâĻOPĻQBâUSJOâKVNBĻVOĻâUSVNBĻMăNFĪBĻ"VUP NPCJMJNĻKâTUâWĻV[ĻWJFUBT ĻLBEĻQâSOFTVNVĻQâS TMùHTĻUJFLĻQâSWJFUPUTĻV[ĻQP[ăDJKVĻ&ĻOPĻQP[ăDJKBT 4 )GCTVTQPKEpOCPWęNQRęTPGUWOW RQ\ĦEKLCU *[NBOUPKPUĻ(FBSUSPOJDĻBVUPNâUJTLPĻQâSOF TVNLâSCV ĻWBEăUâKTĻWBSĻNBJOăUĻQâSOFTVNVTĻBSă NBOVâMJĻ"VUPNPCJMJTĻCSFN[ùĻBSĻE[JOùKV ĻLBE BLTFMFSBUPSBĻQFEâMJTĻJSĻBUMBJTUT .BOVâMâTĻQâSOFTVNVĻQP[ăDJKBTĻWBSĻJFTMùHU QâSWJFUPKPUĻTWJSVĻV[ĻTâOJFNĻOPĻQP[ăDJKBTĻ&ĻMăE[ HBMùKBJĻQP[ăDJKBJĻQJFĻ Ļ*OGPSNâDJKBTĻEJT QMFKBĻTJNCPMTĻ ĻNBJOBĻLSâTVĻOPĻ#"-5"4 V[ĻPSBOxV ĻVOĻTLBJUĮJĻĻĻJSĻSFE[BNJĻMBVLâ ĻLBT BUCJMTUĻUJLLPĻJFTMùHUBKBNĻQâSOFTVNBN p 1âSWJFUPKJFUĻTWJSVĻV[ĻQSJFLtVĻ Ļ QMVT ĻMBJ JFTMùHUVĻBVHTUâLVĻQâSOFTVNV ĻVOĻBUMBJEJFU TWJSV ĻMBJĻUâĻBUHSJF[UPTĻTâLVNBĻQP[ăDJKâ TUBSQĻ ĻVOĻp WBJ p 7FMDJFUĻTWJSVĻBUQBLBĮĻV[ĻpĻ NăOVT ĻMBJ JFTMùHUVĻ[FNâLVĻQâSOFTVNV ĻVOĻBUMBJEJFU UP .BOVâMPĻQâSOFTVNVĻQâSTMùHtBOBTĻSFxăNV ĻWBSĻJFTUBUăUĻKFCLVSâĻCSăEăĻCSBVLtBOBT MBJLâ (FBSUSPOJDĻBVUPNâUJTLJĻQâSTMùE[ĻQâSOFTVNVT V[ĻMFKV ĻKBĻWBEăUâKTĻĮBVKĻâUSVNBNĻTBNB[JOâUJFT [FNĻJFTMùHUBKBNĻQâSOFTVNBNĻBUCJMTUPtâ MăNFĪB ĻMBJĻOFQJFĮBVUVĻSBVTUătBOPTĻVOĻBQTUâtB OPT -BJĻWùMSFJ[ĻOPSFHVMùUVĻBVUPNâUJTLPĻCSBVLtB OBTĻSFxăNV p 1âSWJFUPKJFUĻTWJSVĻV[ĻTâOJFNĻMăE[ĻHBMùKBJ QP[ăDJKBJĻ& 2+'<ÿ/' +BĻQâSOFTVNLâSCBJĻJSĻTQPSUBĻQSPHSBNNB QâSOFTVNLâSCBĻLĮÜTĻQBSĻNBOVâMPĻUJLBJĻQùD UBN ĻLBEĻTWJSBĻUJLTĻQâSWJFUPUBĻV[ĻQSJFLtVĻWBJ BUQBLBĮĻ ĻQP[ăDJKâĻ*OGPSNâDJKBTĻEJTQMFKB SâEăKVNJĻNBJOăTJFTĻOPĻ5 ĻMBJĻQBSâEăUV ĻLâET QâSOFTVNTĻqĻJSĻJFTMùHUT )GCTVTQPKEURQTVCTGäĦOU 5 4QPSUBĻSFxăNTĻOPESPtJOBĻTQPSUJTLâLVTĻSBL TUVSMJFMVNVTĻVOĻĮBVKĻTBTOJFHUĻMJFMâLVTĻE[JOùKB BQHSJF[JFOVTĻBSĻLBUSVĻQâSOFTVNVĻ7JFOMBJLVT UBTĻâUSâLĻSFBīùĻV[ĻQBâUSJOâKVNVĻ"LUăWJĻCSBV DPU ĻQSJFLtSPLBĻUJFLĻEPUBĻ[FNâLBNĻQâSOFTV NBN ĻLBTĻJ[SBJTBĻWùMâLVĻQâSTMùHtBOVĻV[ĻBVH TUâLVĻQâSOFTVNV 4QPSUBĻSFxăNVĻWBSĻJFTUBUăU ĻQâSWJFUPKPUĻTWJSVĻV[ TâOJFNĻOPĻQP[ăDJKBTĻ&ĻMăE[ĻHBMùKBJĻQP[ăDJKBJĻQJF Ļ*OGPSNâDJKBTĻEJTQMFKâĻSâEăKVNTĻNBJOâT OPĻ&ĻV[Ļ5 4QPSUBĻSFxăNVĻWBSĻJFTMùHUĻKFCLVSâĻMBJLâĻBVUP NPCJĮBĻLVTUăCBTĻMBJLâ )GCTVTQPKE\KGOCUTGäĦOU 7BSĻCÜUĻWJFHMâLĻV[TâLUĻCSBVLtBOVĻV[ĻTMJEFOB DFĮB ĻNBOVâMJĻJFTMùE[PUĻĻQâSOFTVNV /PTQJFEJFUĻCSFNxVĻQFEâMJĻVOĻQâSWJFUPKJFU QâSOFTVNVĻQâSTMùHTWJSVĻOPĻQP[ăDJKBTĻ& MăE[ĻHBMùKBJĻQP[ăDJKBJĻQJFĻ ĻĻJOTUSV NFOUVĻQBOFMăĻSâEăKVNTĻNBJOâTĻOPĻ&ĻV[ DJQBSVĻ 3JUJOJFUĻV[ĻBVHtVĻMăE[ĻĻQâSOFTVNBN ĻEJW SFJ[ĻTQJFxPUĻTWJSVĻV[ĻQSJFLtVĻV[Ļ Ļ QMVTB QVTJĻĻEJTQMFKâĻSâEăKVNTĻNBJOâTĻOPĻĻV[Ļ "UMBJEJFUĻCSFN[FTĻVOĻV[NBOăHJĻTQJFEJFU BLTFMFSBUPSBĻQFEâMJ 1âSOFTVNLâSCBTĻ[JFNBTĻSFxăNTĻOP[ăNùĻUP LBĻBVUPNPCJMJĻJ[LVTUJOBĻBSĻNB[âLJFNĻE[JOùKB BQHSJF[JFOJFNĻVOĻTBNB[JOâUVĻE[JOùKBĻKBVEV E[FOPtBKJFNĻSJUFĪJFN -KEMFQYP ,BEĻBLTFMFSBUPSBĻQFEâMJTĻUJFLĻQJMOăCâ OPTQJFTUTĻMăE[ĻHSăEBJĻ HBSâNĻQP[ăDJKBJ ĻLVSB QBSBTUJĻBUUJFDJOâNBĻV[ĻQJMOVĻQBâUSJOâKVNV ,ĹUWDTCWMÝCPCUXKFG 2ęTPGUWOMęTDCU UÜEBĮĻUJFLĻJFTMùHUTĻ[FNâLTĻQâSOFTVNTĻ5P EùWùĻQBSĻLJDLEPXOĻGVOLDJKV 1âSWJFUPKPUĻQâSOFTVNVĻQâSTMùHVĻDJUâĻTUâWPLMă UVSJFUĻLâKVĻV[ĻCSFN[FTĻQFEâĮB /GJęPKUMCKURęTPGUWOWRęTUNġIC DNQĨġVęLU 'NGMVTKUMCKURęTPGUWOWDNQĨġVęLUp RęTUNġICDNQĨġVęLUUVęXġÝCPCURQ\ĦEKLę 2 +BĻBLTFMFSBUPSBĻQFEâMJTĻUJFLĻBUMBJTUTĻOPĻLJDL EPXOĻQP[ăDJKBT ĻQâSOFTVNLâSCBĻBVUPNâUJTLJ QâSTMùE[BTĻV[ĻBVHtV -BJĻQâSOFTVNVĻQâSTMùHVĻWBSùUVĻQâSTMùHUĻOP QP[ăDJKBTĻ2ĻDJUâTĻQP[ăDJKâT ĻKâCÜUĻOPTQJFTUBN CSFNxVĻQFEâMJNĻVOĻUâMWBEăCBTĻQVMUTĻBUTMùHBJ KâCÜUĻQBHSJF[UBJĻQP[ăDJKâĻ++ ĻTLBUăUĻMQQĻ ,JDLEPXOĻGVOLDJKVĻJ[NBOUP ĻLBEĻJSĻOFQJFDJF tBNTĻTUSBVKtĻQBâUSJOâKVNT ĻQJFNùSBN ĻBQE[F OPU &TQÝĦDCUHWPMEKLC (FBSUSPOJDĻOFQJFĮBVKĻQâSTMùHtBOPTĻV[ĻMFKVĻKFC LJDLEPXOĻGVOLDJKV ĻLâĻSF[VMUâUâĻE[JOùKB âUSVNTĻLĮÜUVĻUJLĻMJFMT ĻLBĻTQùUVĻCPKâUĻE[JOùKV /FLBTĻOFOPUJFL ĻKBĻWBEăUâKTĻKPQSPKâNĻNùīJOB tâEJĻQâSTMùHUĻ[FNâLVĻQâSOFTVNVĻQJFĻBVH TUJFNĻE[JOùKBĻBQHSJF[JFOJFNĻqĻQBMJFLĻJFTMùHUT TâLPUOùKBJTĻQâSOFTVNT +BĻJSĻBLUJWùUBĻLJDLEPXOĻGVOLDJKB ĻBVUPNBtăOB WBSĻQâSTMùHUĻWJFOVĻWBJĻWBJSâLVTĻQâSOFTVNVT WJFOMBJDăHJĻBULBSăCâĻOPĻE[JOùKBĻBQHSJF[JFOJFN "VUPNBtăOBĻQâSTMùE[BTĻQâSOFTVNVĻV[ĻBVHtV LBEĻE[JOùKTĻTBTOJFE[ĻNBLTJNâMPĻâUSVNV ĻMBJ OFQJFĮBVUVĻCPKâKVNVĻSBEătBOVĻE[JOùKâ 2ęTUNġICDNQĨġVęLUpPGKVTęNęRQ\ĦEKLC 0 G021351 -BJĻOFQJFĮBVUVĻQJFĮBVKBNPĻE[JOùKBĻBQHSJF[JFOV TLBJUBĻQâSTOJFHtBOV ĻQâSOFTVNLâSCBTĻLPOUSP MFTĻQSPHSBNNBJĻJSĻBJ[TBSE[ăCBTĻCMPĸùUâKTĻQâS OFTVNVĻQâSTMùHtBOBJĻV[ĻMFKV ĻLBTĻOFQJFĮBVK LJDLEPXOĻGVOLDJKV 1âSOFTVNVĻQâSTMùHVĻCSăWJĻWBSĻQâSTMùHUĻV[ QSJFLtVĻVOĻBUQBLBĮĻTUBSQĻ0ĻVOĻ&Ļ$JUBTĻQP[ăDJ KBTĻJSĻCMPĸùUBTĻBSĻGJLTBUPSV ĻLPĻWBSĻBUCSăWPU OPTQJFxPUĻCMPĸùUâKBĻQPHVĻV[ĻQâSOFTVNVĻQâS TMùHB +BĻQâSOFTVNVĻQâSTMùHTĻJSĻ0ĻQP[ăDJKâĻVOĻBVUP NPCJMJTĻJSĻTUâWùKJTĻWJTNB[ĻĻTFLVOEFTĻ OFBULB SăHJĻOPĻUâ ĻWBJĻE[JOùKTĻEBSCPKBT ĻQâSOFTVNV QâSTMùHTĻJSĻCMPĸùUT -BJĻQâSOFTVNVĻQâSTMùHVĻWBSùUVĻQâSTMùHUĻOP QP[ăDJKBTĻ0ĻDJUâTĻQP[ăDJKâT ĻKâCÜUĻOPTQJFTUBN CSFNxVĻQFEâMJNĻVOĻUâMWBEăCBTĻQVMUTĻBUTMùHBJ KâBUSPEBTĻQP[ăDJKâĻ++ ĻTLBUăUĻMQQĻ ,BEĻCMPĸùUâKQPHBĻJSĻOPTQJFTUB ĻTWJSVĻWBSĻQâS WJFUPUĻV[ĻQSJFLtVĻWBJĻBUQBLBĮĻQP[ăDJKâTĻ2 Ļ4 Ļ0 VOĻ& #WVQOęVKUMCKURęTPGUWOWRęTUNġIC DNQĨġVęLU "VUPNâUJTLBKBJĻQâSOFTVNLâSCBJĻJSĻTQFDJâMBT ESPtăCBTĻTJTUùNBT 5VęXġÝCPCURQ\ĦEKLC 2 4UâWPtBĻBVUPNBtăOBĻBSĻJFTMùHUVĻE[JOùKV `` ,ĹUWDTCWMÝCPCUXKFG 2ęTPGUWOMęTDCU &GCMVKXġLKGVCWVQOęVKUMQRęTPGUWOW RęTUNġICDNQĨġVęLW #WVQOęVKUMęRęTPGUWOMęTDC 2QYGTUJKHV 2QYGTUJKHVXCK)GCTVTQPKE! +BĻOFFTBUĻQâSMJFDJOâUT ĻWBJĻBVUPNBtăOBĻJSĻBQSă LPUBĻBSĻ1PXFSTIJGUĻQâSOFTVNLâSCV ĻWBSBUĻUP OPTLBJESPU ĻBQMÜLPKPUĻBQ[ăNùKVNVĻQâSOFTVN LâSCBTĻV[MăNùĻ[FNĻE[JOùKBĻQâSTFHBĻrĻTLBUăU MQQĻĻ"Q[ăNùKVNTĻo.14oĻOP[ăNù ĻLB BVUPNBtăOBĻJSĻBQSăLPUBĻBSĻ1PXFSTIJGUĻQâSOF TVNLâSCVĻ1SFUùKâĻHBEăKVNâĻUâĻJSĻBQSăLPUBĻBS (FBSUSPOJDĻBVUPNâUJTLPĻQâSOFTVNLâSCV ,ęRCVWTRTęVę +BĻBVUPNBtăOBĻOBWĻCSBVLtBOBTĻLâSUăCâ ĻQJF NùSBN ĻKBĻBLVNVMBUPSTĻJ[MâEùKJFT ĻUBEĻQâSOF TVNVĻQâSTMùHTĻKâJ[TMùE[ĻOPĻ2ĻQP[ăDJKBT ĻMBJ BVUPNBtăOVĻWBSùUVĻQâSWJFUPU 1BDFMJFUĻOPEBMăKVNâĻBJ[ĻDFOUSBĻLPOTPMFT FTPtPĻHVNJKBTĻQBLMâKJĪV /PTQJFEJFUĻVOĻBUMBJEJFUĻLPOTPMFTĻE[FMUFOP UBVTUJĪV 1âSWJFUPKJFUĻQâSOFTVNVĻQâSTMùHVĻOPĻQP[ă DJKBTĻ2 /PWJFUPKJFUĻHVNJKBTĻQBLMâKJĪVĻBUQBLBĮ WJFUâ &#WVQOđVKUMQRđTPGUWOWRQ\ĝEKLCU p /CPWđNQRđTPGUWOWRQ\ĝEKLCU 1PXFSTIJGUĻJSĻBVUPNâUJTLâĻQâSOFTVNLâSCB LBNĻQBSBTUâTĻBVUPNâUJTLâTĻQâSOFTVNLâSCBT WJFUâĻJSĻEJWLâStâĻNFIâOJTLâĻTBKÜHBĻEJTLJ "VUPNâUJTLBKBJĻQâSOFTVNLâSCBJĻUâĻWJFUâĻJS IJESBVMJTLTĻHSJF[FTĻNPNFOUBĻQâSWFJEPUâKT LBTĻWBEBĻKBVEVĻOPĻE[JOùKBĻV[ĻQâSOFTVNLâSCV 1PXFSTIJGUĻQâSOFTVNLâSCBĻEBSCPKBTĻUâQBUĻVO UBJĻJSĻUâEJĻQBtJĻWBEăCBTĻFMFNFOUJĻVOĻGVOLDJKBT LâĻ(FBSUSPOJDĻBVUPNâUJTLBKBJĻQâSOFTVNLâSCBJ LBTĻBQSBLTUăUBĻJFQSJFLtùKâĻTBEBĮâ 1âSOFTVNLâSCBTĻEJWLâStBKBNĻTBKÜHBNĻJSĻQâS TMPE[FTĻBJ[TBSHGVOLDJKB ĻLBTĻUJFLĻBLUJWùUBĻQâS LBStBOBTĻHBEăKVNâ ĻQJFNùSBN ĻKBĻBVUPNPCJMJT TMăQâĻWJFUâĻUJFLĻJMHTUPtJĻUVSùUTĻV[ĻWJFUBT OPTQJFxPUĻHâ[FTĻQFEâMJ 1âSLBSTVTJĻQâSOFTVNLâSCBĻJ[SBJTBĻBVUPNPCJĮB LSBUătBOPTĻVOĻWJCSùtBOV ĻLâĻSF[VMUâUâĻJ[HBJT NPKBTĻCSăEJOâKVNBĻTJNCPMTĻVOĻJOGPSNâDJKBT EJTQMFKâĻQBSâEâTĻ[JĪPKVNTĻ1âSOFTVNLâSCB WBSĻQâSLBSTUĻBSă ĻMùOâNĻCSBVDPUĻBVUPNBtăOV SJOEâĻ ĻLNIĻWBJĻMùOâL ĻBVHtVQĻLBMOâĻWBJĻBS QJFTUJQSJOâUVĻQJFLBCJĻ1âSOFTVNLâSCB BUE[JFTU ĻLBEĻBVUPNPCJMJTĻTUâWĻV[ĻWJFUBT ĻJS OPTQJFTUTĻCSFNxVĻQFEâMJTĻVOĻE[JOùKTĻEBSCPKBT CSăWHBJUâ 1âSLBStBOV ĻLPĻJ[SBJTBĻMùOBĻCSBVLtBOBĻBVUP NPCJĮVĻSJOEâ ĻWBSĻOPWùSTU ĻCSBVDPUĻQBLâQFOJ TLJ 7JFOăHBJTĻJ[ĪùNVNTĻJSĻTBEBĮâĻ(FBSUSPOJDĻrĻ[JFNBTĻSFxăNTĻ1PXFSTIJGUĻTOJFE[ĻJFTQùKVĻTâLUĻHBJUVĻQBĻTMJEFOVĻCSBVLUVWJ ĻKBĻJSĻNBOVâMJĻBLUJWJ[ùUTĻĻQâSOFTVNTĻrĻOFWJTĻĻQâSOFTVNT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 2ęTPGUWOMęTDCU p "QUVSJFUĻBVUPNPCJMJĻVO ĻUVSPUĻOPTQJFTUV CSFNxVĻQFEâMJ ĻOPHBJEJFU ĻLBNùSĻMăE[ QSJFLtâĻFTPtBKBNĻBVUPNPCJMJNĻJSĻQJFUJF LBNTĻBUUâMVNT ĻUBEĻOPCSBVDJFUĻOFMJFMV BUUâMVNVĻVOĻWùMSFJ[ĻOPHBJEJFU ĻWJFOMBJLVT UVSPUĻOPTQJFTUVĻCSFNxVĻQFEâMJ 58#4ÿ)+ /PTQJFEJFUĻCSFNxVĻQFEâMJ ĻMBJĻBVUPNPCJMJT OFSJQPUV ĻKBĻBUSPEBUJFTĻTMăQâĻWJFUâĻĻOFNùīJ OJFUĻUPĻEBSăU ĻOPTQJFxPUĻHâ[FTĻQFEâMJĻ1SF UùKâĻHBEăKVNâĻQâSOFTVNLâSCBĻWBSĻQâSLBSTU 4WBSăHBĻJOGPSNâDJKBĻQBSĻ1PXFSTIJGUĻQâSOFTVN LâSCVĻVOĻWJMLtBOVĻĻTLBUăUĻMQQĻ 6GMUVC\KĮQLWOUWPFCTDĦDC %BxâTĻTJUVâDJKâTĻEJTQMFKâĻWBSĻQBSâEăUJFTĻ[JĪP KVNTĻWJFMBJLVTĻBSĻTJNCPMBĻJ[HBJTNPtBOV 5KODQNU " &KURNGLU $TCWMÝCPCUTCMUVWTNKGNWOK 4ĦEĦDC 2ÉTPGURÉTMCTU DTGO\NCKCRV 7JFONùSăHBĻâUSVNBĻV[UVSùtBOBTĻHSÜUă CBTĻQJFĻE[JOùKBĻQBTUâWăHJFNĻBQHSJF [JFOJFN 1âSOFTVNLâSCBĻJSĻQâSLBSTùUBĻ/PUVSJFUĻBVUPNPCJMJĻV[ĻWJFUBTĻBS EBSCBĻCSFN[ùN" 2ÉTPGURÉTMCTÝ#RV FTQÝÉXKGVÉ #ÜUJTLBĻSBVTUătBOâTĻBVUPNPCJĮBĻHBJUâ 1âSOFTVNLâSCBĻJSĻQâSLBSTùUBĻ/FLBWùKPUJFTĻESPtâĻWFJEâĻOPWJF UPKJFUĻBVUPNPCJMJĻTUâWWJFUâ" 2ÉTPGUF\GUÐLCUFCT DKPKGVF\KP /BWĻQJFE[JĪBT ĻKPĻQâSLBSTVTJĻQâSOF TVNLâSCB 1âSOFTVNLâSCBĻJSĻQâSLBSTùUBĻ-BJĻQBâUSJOâUVĻE[FTùtBOVĻ%BSCJ OJFUĻE[JOùKVĻBSĻUVLtHBJUBTĻBQHSJF[JFOJFNĻBSĻQâSOFTVNVĻTWJSV QP[ăDJKâĻ0ĻWBJĻ2 ĻMăE[ĻtJTĻ[JĪPKVNTĻJ[[ÜE -BJĻE[FTùtBOBĻOPSJUùUVĻWJTâUSâL ĻEBSCJOJFUĻE[JOùKVĻBSĻUVLtHBJUBTĻBQHSJF[JFOJFNĻBSĻQâSOFTVNVĻQâSTMùHBĻTWJSVĻQP[ăDJKâĻ0ĻWBJĻ2 ĻMăE[ĻtJTĻ[JĪPKVNTĻJ[[ÜE 5BCVMâĻJSĻQBSâEăUJĻUSăTĻTPĮJĻBSĻQBMJFMJOâUVĻOPQJFU OăCBTĻQBLâQJĻHBEăKVNBN ĻKBĻQâSOFTVNLâSCB LĮÜTUĻQâSâLĻLBSTUBĻ1BSBMùMJĻUFLTUBĻJ[WBEFJĻEJT QMFKâĻBSăĻWBEăUâKBNĻUJFLĻQB[JĪPUT ĻLBĻBVUPNP CJĮBĻFMFLUSPOJTLâTĻTIùNBTĻV[ĻMBJLVĻNBJOB CSBVLtBOBTĻSBLTUVSMJFMVNVTĻ"UCJMTUPtâĻHBEă KVNâĻJ[QJMEJFUĻJOGPSNâDJKBTĻEJTQMFKâĻSFE[BNâT JOTUSVLDJKBT 2+'<ÿ/' 5BCVMâĻTOJFHUJFĻQJFNùSJĻOFOP[ăNù ĻLBĻBVUP NBtăOBTĻEBSCăCâĻJSĻSBEVTJFTĻQSPCMùNB ĻCFU HBOĻOPSâEB ĻLBĻJSĻBLUJWùUBĻESPtăCBTĻGVOL DJKB ĻMBJĻOPWùSTUVĻBVUPNBtăOBTĻLPNQPOFOUV CPKâKVNVT $4ÿ&+0ó,7/5 +BĻCSăEJOâKVNBĻTJNCPMTĻLPQâĻBSĻUFLTUV 2ÉTPGURÉTMCTÝ#RVFTQÝÉXKGVÉĻUJFL JHOPSùUT ĻQâSOFTVNLâSCBĻWBSĻUJLĻĮPUJ TBLBSTU ĻLBĻăTMBJDăHJĻUJFLĻQâSUSBVLUBĻKBVEBT QBEFWFĻOPĻE[JOùKBĻV[ĻQâSOFTVNLâSCV ĻMBJ `` ,ĹUWDTCWMÝCPCUXKFG 2ęTPGUWOMęTDCU OPWùSTUVĻLĮÜNKVĻSBtBOPTĻTBKÜHBĻEBSCăCâĻ UâEâĻHBEăKVNâĻJ[[ÜEĻBVUPNPCJĮBĻWJMLNFĻVO UBTĻQBMJFLĻOFLVTUăHJĻTUâWPU ĻMăE[ĻQâSOFTVN LâSCBTĻUFNQFSBUÜSBĻJSĻQJFUJFLPtJĻBUE[JTVTJ 1MBtâLVĻJOGPSNâDJKVĻQBSĻJFTQùKBNBKJFNĻEJT QMFKBĻ[JĪPKVNJFNĻVOĻBUUJFDăHBKJFNĻSJTJOâKVNV JFUFJLVNJFNĻQBSĻBVUPNâUJTLPĻUSBOTNJTJKVĻTLB UJFUĻTLBUăUĻMQQĻ 5FLTUTĻEJTQMFKâĻUJFLĻE[ùTUTĻBVUPNâUJTLJĻQùD UBN ĻLBEĻJSĻWFJLUBĻEBSCăCB ĻWBJĻQùDĻJOEJLBUPSB TWJSBTĻUBVTUJĪBĻ1-ĻOPTQJFtBOBT ,ĹUWDTCWMÝCPCUXKFG 'EQ)WKFGWP2QYGT 8KURęTĦIK făTĻNùSJFSăDFTĻQBMăE[ĻWBEăUĻBVUPNPCJMJ ĻWJFOMBJ LVTĻOPESPtJOPUĻWJTMBCâLPĻJFTQùKBNPĻFLPOP NJKV -BJĻQBSâEăUVĻWBJĻBJ[WùSUVĻtPĻGVOLDJKVĻEJTQMFKV TLBUăUĻMQQĻ "VUPNBtăOBTĻTBHMBCâĻBSăĻTUBUJTUJLVĻQBSĻWFJLUB KJFNĻCSBVDJFOJFN ĻLVSVĻWBSĻTLBUăUĻCMPLTIùNBT WFJEâ ĻTLBUăUĻMQQĻ 'EQ)WKFG făĻNùSJFSăDFĻTOJFE[ĻJOGPSNâDJKVĻQBSĻUP ĻDJL FLPOPNJTLJĻUJFLĻWBEăUTĻBVUPNPCJMJT 1BtSFJ[ùKâĻWùSUăCB ,CWFC 7JEùKâĻWùSUăCB făĻNùSJFSăDFĻSâEB ĻDJLĻEBVE[ĻKBVEBTĻUJFLĻĪFNUT OPĻE[JOùKBĻVOĻDJLĻEBVE[ĻKBVEBTĻJSĻQJFFKBNT 2CÝTGK\ġLęXġTVĦDC 1BtSFJ[ùKâĻWùSUăCBĻUJFLĻSâEăUBĻtFJUĻĻKPĻBVHTUâLT TLBMBTĻSF[VMUâUT ĻKPĻMBCâL 1BtSFJ[ùKâĻWùSUăCBĻUJFLĻBQSùĸJOâUB ĻCBMTUPUJFT V[ĻâUSVNV ĻE[JOùKBĻâUSVNV ĻJ[NBOUPUPĻE[JOùKB KBVEV ĻLâĻBSăĻLâKBTĻCSFN[FTĻJ[NBOUPtBOV *FUFJDBNTĻJ[NBOUPUĻPQUJNâMPĻCSBVLtBOBT âUSVNVĻ ĻLNI ĻVOĻ[FNVTĻE[JOùKB BQHSJF[JFOVTĻĂUSVNBĻQBMJFMJOâtBOBTĻVOĻTBNB [JOâtBOBTĻMBJLâĻSâEăUâKJĻOPLSăUBT ĚPUJĻ[FNBTĻQBtSFJ[ùKâTĻWùSUăCBTĻJ[HBJTNPĻTLB MBTĻTBSLBOPĻ[POVĻ BSĻăTVĻMBJLBĻBJ[LBWJ ĻLBT OP[ăNùĻWâKVTĻEFHWJFMBTĻFLPOPNJKBTĻSâEăUâKVT UâEùĮĻOPĻtâEâNĻTJUVâDJKâNĻJSĻKâJ[WBJSâT 8KFġLęXġTVĦDC 7JEùKâĻWùSUăCBĻUJFLĻMùOâNĻQBSâEăUBĻQùDĻQBtSFJ [ùKâTĻWùSUăCBT ĻVOĻUâĻSâEB ĻLâĻBVUPNPCJMJTĻJS WBEăUTĻQùEùKâĻMBJLâĻ+PĻBVHTUâLĻTLBMâĻBUSPEBT SâEăUâKJ ĻKPĻMBCâLBĻBVUPNPCJĮBĻFLPOPNJKBĻJS TBTOJFHUB 1JFFKBNâĻE[JOùKBĻKBVEB *[NBOUPUâĻE[JOùKBĻKBVEB 2KGGLCOęLCWFC .B[âLBJTĻBVHtùKBJTĻSâEăUâKTĻSâEBĻQJFFKBNP E[JOùKBĻKBVEVĻ+PĻBVHTUâLTĻJSĻTLBMBTĻSF[VMUâUT KPĻWBJSâLĻKBVEBTĻJSĻQJFFKBNTĻQBtSFJ[ùKâĻQâSOF TVNâ +\OCPVQVęLCWFC -JFMâLBJTĻBQBLtùKBJTĻSâEăUâKTĻSâEBĻJ[NBOUPUP E[JOùKBĻKBVEV ĻĻ+PĻBVHTUâLTĻJSĻTLBMBTĻSF[VM UâUT ĻKPĻWBJSâLĻKBVEBTĻUJFLĻĪFNUTĻOPĻE[JOùKB +BVEBĻJSĻBULBSăHBĻOPĻE[JOùKBĻâUSVNB `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 'EQ)WKFGWP2QYGT -JFMBĻTQSBVHBĻTUBSQĻBCJFNĻSâEăUâKJFNĻOPSâEB V[ĻMJFMVĻKBVEBTĻSF[FSWJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 5VCTV5VQR -NWUęMWPVĦTęM 4BVE[ăHBĻBUUJFLTNFĻQSFUĻWJEJĻJSĻWJFOBĻOPĻ7PMWP $BSĻ$PSQPSBUJPOĻQBNBUWùSUăCâN ĻVOĻUâ JFUFLNùĻWJTBTĻNÜTVĻEBSCăCBTĻ0SJFOUùKPUJFTĻV[ tPĻNùSĸJ ĻJSĻJFHÜUBTĻWBJSâLBTĻFOFSīJKBTĻUBVQă tBOBTĻGVOLDJKBT ĻOPĻLVSâNĻWJFOBĻJSĻ4UBSU4UPQ VOĻLVSVĻWJTVĻLPQăHBJTĻNùSĸJTĻJSĻTBNB[JOâU EFHWJFMBTĻQBUùSJĪV ĻLBT ĻTBWVLâSU ĻQBMăE[ TBNB[JOâUĻJ[NFtVĻEBVE[VNVĻBUNPTGùSâ 8KURęTĦICKPHQTOęEKLCRCT5VCTV5VQR 4UBSU4UPQĻGVOLDJKBĻĮBVKĻWBEăUâKBNĻWBEăUĻBVUP NBtăOVĻWJEFJĻESBVE[ăHâLâĻWFJEâ ĻOPUFJLUâT TJUVâDJKâTĻĮBVKPUĻE[JOùKBNĻBVUPNâUJTLJĻJ[TMùH UJFT %BxBTĻE[JOùKBĻVOĻQâSOFTVNLâSCBTĻLPNCJOâ DJKBTĻJSĻBQSăLPUBTĻBSĻJFEBSCJOâtBOBTĻVOĻJ[TMùH tBOBTĻGVOLDJKV ĻLBTĻJFTMùE[BT ĻQJFNùSBN TBUJLTNFTĻTBTUSùHVNPTĻWBJĻQJFĻMVLTPGPSJFNĻ E[JOùKTĻUJFLĻăTMBJDăHJĻJ[TMùHUTĻVOĻBVUPNâUJTLJ BUTâLĻEBSCPUJFT ĻLBEĻCSBVDJFOVĻWBSĻUVSQJOâU -BJĻE[JOùKTĻJ[TMùHUPTĻBVUPNâUJTLJ ĻBVUPNBtăOBJ KâCÜUĻQJMOăHJĻBQUVSùUBJ /CPWęNęXCKCWVQOęVKUMę 0QUCEĦLWOK . (WPMEKLCUWPFCTDĦDC /PTQJFEJFUĻTBKÜHBĻQFEâMJ ĻJFTMù E[JFUĻQâSOFTVNVĻQâSTMùHTWJSVĻOFJ USâMâĻQP[ăDJKâĻVOĻBUMBJEJFUĻTBKÜHB QFEâMJĻĻE[JOùKTĻJ[TMùHTJFT "QUVSJFUĻBVUPNBtăOV ĻOPTQJFxPU CSFNxVĻQFEâMJ ĻVOĻBUTUâKJFUĻLâKVĻV[ QFEâĮBĻĻE[JOùKTĻJ[TMùHTJFTĻBVUPNâ UJTLJ " ÙFNJFUĻWùSâ ĻLBĻNBOVâMBKâNĻVOĻBVUPNâUJTLB KâNĻQâSOFTVNLâSCâNĻ4UBSU4UPQĻGVOLDJKBĻEBS CPKBTĻBUtĸJSăHJ 4UBSU4UPQ*FEBSCJOPUĻE[JOùKV BSĻBUTMùHV ĻGVOLDJKBĻJFTMùE[BT BVUPNâUJTLJĻ-BJĻJOGPSNùUV WBEăUâKVĻQBSĻtPĻGVOLDJKV JOTUSVNFOUVĻQBOFMăĻăTJĻJFEF HBTĻtJTĻTJNCPMT ĻEJTQMFKâĻJS SFE[BNTĻUFLTUTĻ&\KPġLCO #WVQ5VCTVTGäĻVOĻJFEFHBT JFTMùHtBOBTJ[TMùHtBOBTĻUBVTUJĪBĻ[BĮâĻMBN QJĪB &\KPĘLUKTK\UNĘIVUMĹĨUVMNWUđMUWPVĝTđMU &\KPġLCCWVQOęVKUMCK\UNġIÝCPęU 7JTBTĻQBSBTUâTĻBVUPNBtăOBTĻTJTUùNBT ĻQJFNù SBN ĻBQHBJTNPKVNT ĻSBEJPĻVDĻEBSCPKBTĻLâ QBSBTUJĻQBUĻUBE ĻKBĻE[JOùKTĻJSĻBVUPNâUJTLJĻJ[TMù E[JFT ĻJ[ĪFNPUĻEBxBTĻJFSăDFT ĻLVSVĻGVOLDJPOù tBOBĻWBSĻăTMBJDăHJĻQBTMJLUJOâUJFT ĻQJFNùSBN ĻLMJ NBUBĻLPOUSPMFTĻTJTUùNBTĻWFOUJMBUPSBĻâUSVNT WBJĻâSLâSUăHJĻMJFMTĻBVEJPTJTUùNBTĻTLBĮVNT " /# # .ĻĻNBOVâMâĻQâSOFTVNLâSCB Ļ"ĻĻBVUPNâUJTLâĻQâSOFTVN LâSCB *OGPSNâDJKBTĻEJTQMFKâĻJFEFHBT #76156#46ĻTJNCPMT ĻBQTUJQSJOPU VOĻBUHâEJOPU ĻLBĻE[JOùKTĻJSĻBVUPNâ UJTLJĻJ[TMùE[JFT `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 5VCTV5VQR &\KPġLCCWVQOęVKUMCKGUNġIÝCPęU 0QUCEĦLWOK / ## +BĻQâSOFTVNVĻQâSTMùHTWJSBĻJSĻOFJ USâMâĻQP[ăDJKâ . /PTQJFEJFUĻTBKÜHBĻQFEâMJĻWBJ BLTFMFSBUPSBĻQFEâMJĻĻE[JOùKT TâLTĻEBSCPUJFT "LUJWJ[ùKJFUĻQJFNùSPUVĻQâSOF TVNVĻVOĻCSBVDJFU făĻPQDJKBĻJSĻQJFFKBNBĻBSăĻMFKVQFKPtâT OPHâ[ùT . "UMBJEJFUĻCSFNxVĻQFEâMJĻVOĻĮBVKJFU BVUPNBtăOBJĻV[TâLUĻLVTUăCVĻĻE[JOùKT TâLĻEBSCPUJFTĻBVUPNâUJTLJ ĻUJLMăE[ CSBVLtBOBTĻâUSVNTĻQâSTOJFE[ĻQBSB TUPĻJFtBOBTĻâUSVNV 4BNB[JOJFUĻTQJFEJFOVĻV[ĻCSFNxV QFEâMJĻĻE[JOùKTĻTâLĻEBSCPUJFTĻBVUP NâUJTLJ ĻVOĻCSBVDJFOTĻWBSĻUVSQJOâ UJFT " " .ĻĻNBOVâMâĻQâSOFTVNLâSCB Ļ"ĻĻBVUPNâUJTLâĻQâSOFTVN LâSCB $TCWMÝCPCUMCNPęRCNĦIUKUVġOC*5# -BJĻE[JOùKVĻJFEBSCJOâUVĻBVUPNâUJTLJ ĻCSFNxV QFEâMJĻWBSĻBUMBTăU ĻBSăĻBUSPEPUJFTĻLBMOBĻLâQVNâ Ļ)4"ĻGVOLDJKBĻOFĮBVKĻBVUPNBtăOBJĻSJQPUĻBUQB LBĮ )4"Ļ )JMMĻ4UBSUĻ"TTJTU ĻOP[ăNù ĻLBĻCSFNxVĻTJT UùNBTĻTQJFEJFOTĻJSĻQJFFKBNTĻWùMĻCSăEJĻCSFNxV QFEâĮBĻBUMBJtBOBTĻVOĻQâSWJFUPtBOBTĻV[ĻBLTFMF SBUPSBĻQFEâMJ ĻMBJĻV[TâLUVĻCSBVLtBOVĻQùDĻUBN LBEĻE[JOùKTĻJSĻBVUPNâUJTLJĻJ[TMùE[JFTĻįTMBJDă HBJTĻCSFN[ùtBOBTĻFGFLUTĻJ[[ÜEĻQùDĻEBxâN TFLVOEùNĻWBJĻUBE ĻLBEĻUJFLĻOPTQJFTUTĻHâ[FT QFEâMJT 1MBtâLBĻJOGPSNâDJKBĻQBSĻ)4"ĻJSĻTOJFHUBĻ MQQ 5VCTV5VQRHWPMEKLCUFGCMVKXġÝCPC /PUFJLUâTĻTJUVâDJKâTĻJFUFJ DBNTĻăTMBJDăHJĻJ[TMùHUĻBVUPNâ UJTLPĻ4UBSU4UPQĻGVOLDJKVĻĻUP WBSĻJ[EBSăU ĻWJFOSFJ[ĻOPTQJFxPU tPĻUBVTUJĪVĻ UBVTUJĪâĻJFCÜWùUâ MBNQJĪBĻOPE[JFTU +BĻGVOLDJKBĻ4UBSU4UPQĻJSĻEFBLUJWJ[ùUB ĻJOGPSNâ DJKBTĻEJTQMFKBĻTJNCPMTĻUJFLĻJ[TMùHUTĻVOĻWBJSâLBT TFLVOEFTĻJSĻSFE[BNTĻ[JĪPKVNTĻ'EQ&4+8G +<5. ĻUVSLMâUĻUBVTUJĪBĻMBNQJĪBĻWJFOMBJLVTĻUJFL J[TMùHUB 4UBSU4UPQĻGVOLDJKBĻQBMJFLĻEF[BLUJWùUBĻUJLĻJMHJ MăE[ĻUJFLĻWùMSFJ[ĻJFTMùHUB ĻOPTQJFxPUĻUBVTUJĪV WBJĻE[JOùKTĻUJFLĻJFEBSCJOâUTĻBSĻBUTMùHV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +GTQDGäQLWOK &\KPġLUPGK\UNġF\CUCWVQOęVKUMK 1BUĻKBĻ4UBSU4UPQĻGVOLDJKBĻJSĻBLUJWùUB ĻE[JOùKT OFJ[TMùE[BTĻBVUPNâUJTLJ ĻKB 0QUCEĦLWOK /## BVUPNPCJMJTĻOBWĻTBTOJFE[JT BQUVWFOJĻĻLNIĻ ĻâUSBĻJFtBOBT HBJUB ĻâUSVNVĻQùDĻJFEBSCJOâtBOBT BSĻBUTMùHVĻWBJĻQùEùKâTĻBVUPNâUJ TLâTĻJ[TMùHtBOâT .Ļ Ļ" WBEăUâKTĻJSĻBUTQSâE[ùKJTĻESPtăCBT KPTUV .Ļ Ļ" BLVNVMBUPSBĻKBVEBĻJSĻ[FNâLBĻQBS NJOJNâMPĻBUĮBVUPĻMăNFOJ .Ļ Ļ" E[JOùKTĻOBWĻQBSBTUâĻEBSCBĻUFNQF SBUÜSâ .Ļ Ļ" âSBĻUFNQFSBUÜSBĻJSĻ[FNĻOVMMFTĻWBJ WJSTĻBQUVWFOJĻĻ$ .Ļ Ļ" QBTBxJFSVĻTBMPOBĻLMJNBUTĻBUtĸJSBT OPĻJFQSJFLtĻJFTUBUăUBKâNĻWùSUăCâN# ĻUPĻOPSâEBĻWFOUJMBUPSBĻEBSCPtB OâTĻMJFMâĻâUSVNâ .Ļ Ļ" JSĻJFTMùHUTĻBUQBLBĮHBJUBTĻQâSOF TVNT .Ļ Ļ" ,ĹUWDTCWMÝCPCUXKFG 5VCTV5VQR 0QUCEĦLWOK /## 0QUCEĦLWOK TUBSUFSBĻBLVNVMBUPSBĻUFNQFSBUÜSB JSĻ[FNâLBĻQBSĻTBTBMtBOBTĻQVOLUV WBJĻQâSâLĻBVHTUB .Ļ Ļ" WBEăUâKBĻEVSWJTĻJSĻBUWùSUBT ĻLBE QâSOFTVNVĻQâSTMùHTĻBUSPEBTĻ& QP[ăDJKâ " WBEăUâKTĻQBHSJFxĻTUÜSJĻMJFMâĻBNQMJ UÜEâ .Ļ Ļ" " J[QMÜEFTĻTJTUùNBTĻEBĮJĪVĻGJMUSTĻJS QJMOTĻĻăTMBJDăHJĻEFBLUJWùUâ 4UBSU4UPQĻGVOLDJKBĻBUTâLĻEBSCP UJFT ĻUJLMăE[ĻJSĻWFJLUTĻBVUPNâUJTLBJT UăSătBOBTĻDJLMTĻ TLBUăUĻMQQĻ .Ļ Ļ" QâSOFTVNVĻQâSTMùHTĻUJFLĻQâSTMùHUT OPĻ&ĻQP[ăDJKBTĻ5ĻQP[ăDJKâ$ĻWBJ DFĮtĻJSĻĮPUJĻTUâWT .Ļ Ļ" BVUPNPCJĮBĻFMFLUSPTJTUùNBJĻJSĻFMFL USJTLJĻQJFWJFOPUBĻQJFLBCF .Ļ Ļ" BUNPTGùSBTĻHBJTBĻTQJFEJFOTĻJS NB[âLTĻQBSĻTQJFEJFOV ĻLâET TBTUPQBNTĻĻNFUSVTĻWJST KÜSBTĻMăNFĪBĻĻQBtSFJ[ùKBJTĻHBJTB TQJFEJFOTĻNBJOâTĻBULBSăCâĻOPĻMBJLB BQTUâLĮJFN .Ļ Ļ" JSĻBLUJWùUBĻBEBQUăWâTĻLSVă[BĻLPOUSP MFTĻSJOEâĻTUâWùtBOBTĻQBMăHTJTUùNB " " # $ /## .ĻĻNBOVâMâĻQâSOFTVNLâSCB Ļ"ĻĻBVUPNâUJTLâĻQâSOFTVN LâSCB "VUPNPCJĮJĻBSĻ&$$ 4QPSUBĻSFxăNT &\KPġLUKGUNġF\CUCWVQOęVKUMK %BxPTĻHBEăKVNPTĻBVUPNâUJTLJĻJ[TMùE[JFTĻE[J OùKTĻWBSĻWùMSFJ[ĻJFTMùHUJFT ĻMBJĻHBOĻWBEăUâKTĻOBW EPNâKJTĻCSBVDJFOVĻUVSQJOâUĻ5VSQNâLBKPT HBEăKVNPTĻE[JOùKTĻTâLĻEBSCPUJFTĻBVUPNâUJTLJ KBĻWBEăUâKTĻOBWĻOPTQJFEJTĻTBKÜHBĻQFEâMJ NBOVâMâĻQâSOFTVNLâSCB ĻWBJĻOPĪFNĻLâKVĻOP CSFNxVĻQFEâĮBĻ BVUPNâUJTLâĻQâSOFTVNLâSCB 0QUCEĦLWOK /## 6[ĻMPHBĻWFJEPKBTĻBJ[TWăEVNT .Ļ Ļ" 1BTBxJFSVĻTBMPOBĻLMJNBUTĻOFBUCJMTU JFQSJFLtĻJFTUBUăUBKâNĻWùSUăCâN# .Ļ Ļ" ĂSBĻHBJTBĻUFNQFSBUÜSBĻJSĻ[FNĻOVM MFTĻWBJĻWJSTĻBQUVWFOJĻĻ$ .Ļ Ļ" " 0QUCEĦLWOK /## įTMBJDăHJĻJSĻBVHTUTĻTUSâWBTĻQBUùSJĪt WBJĻBLVNVMBUPSBĻKBVEBĻTBNB[JOâT MăE[Ļ[FNâLBKBNĻBUĮBVUBKBNĻMăNF OJN .Ļ Ļ" #SFNxVĻQFEâMJTĻUJFLĻOPTQJFTUTĻWBJ SâLBTĻSFJ[FT .Ļ Ļ" "VUPNBtăOBĻTâLĻSJQPU ĻQâSTOJFE[PU OPSNâMVĻJFtBOBTĻâUSVNV . 7BEăUâKBĻESPtăCBTĻKPTUBTĻTQSâE[FĻJS BUWùSUB ĻLBEĻQâSOFTVNVĻQâSTMùHT BUSPEBTĻ&ĻWBJĻ0ĻQP[ăDJKâ " 4UÜSFTĻLVTUăCBT " 1âSOFTVNVĻQâSTMùHTĻUJFLĻQâSWJF UPUTĻOPĻ&ĻQP[ăDJKBTĻ ĻWBJĻ4 QP[ăDJKâ " 7BEăUâKBĻEVSWJTĻJSĻBUWùSUBT ĻLBE QâSOFTVNVĻQâSTMùHTĻBUSPEBTĻ& QP[ăDJKâ " .ĻĻNBOVâMâĻQâSOFTVNLâSCB Ļ"ĻĻBVUPNâUJTLâĻQâSOFTVN LâSCB `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 5VCTV5VQR $4ÿ&+0ó,7/5 /FBUWFSJFUĻE[JOùKBĻQâSTFHV ĻKBĻE[JOùKTĻJS J[TMùE[JFTĻBVUPNâUJTLJĻĻUBTĻWBSĻOFHBJEăUJ TâLUĻEBSCPUJFTĻBVUPNâUJTLJĻ1JSNTĻBUWùSU E[JOùKBĻQâSTFHV ĻWJTQJSNTĻJ[TMùE[JFUĻE[JOùKV LâĻQBSBTUJ ĻOPTQJFxPUĻQPHVĻ56#465612 '0)+0' &\KPġLUPGKGUNġF\CUCWVQOęVKUMK 5âMâLĻNJOùUBKPTĻHBEăKVNPTĻE[JOùKTĻOFJFTMù E[BTĻBVUPNâUJTLJĻQùDĻBVUPNâUJTLBTĻJ[TMùHtB OâT " 0QUCEĦLWOK / ## *SĻJFTMùHUTĻQâSOFTVNT ĻOFOPTQJFxPU TBKÜHBĻQFEâMJĻĻEJTQMFKBĻ[JĪPKVNT OPSâEB ĻLBĻKâJFTMùE[ĻOFJUSâMBJTĻQâS OFTVNT ĻMBJĻE[JOùKTĻWBSùUVĻJFTMùHUJFT BVUPNâUJTLJ . 7BEăUâKTĻOBWĻQJFTQSâE[ùKJFT ĻQâSOF TVNVĻQâSTMùHTĻBUSPEBTĻ2ĻQP[ăDJKâ VOĻWBEăUâKBĻEVSWJTĻJSĻBUWùSUBTĻĻE[J OùKTĻKâJFEBSCJOBĻLâĻQBSBTUJ " .ĻĻNBOVâMâĻQâSOFTVNLâSCB Ļ"ĻĻBVUPNâUJTLâĻQâSOFTVN LâSCB 0GLCWÝCF\KPġLCK\UNġIÝCPęU CWVQOQDKīKGOCTOCPWęNQ RęTPGUWOMęTDW +BĻJFEBSCJOâtBOBĻOFJ[EPEBTĻVOĻE[JOùKTĻJ[TMù E[BT ĻSăLPKJFUJFTĻtâEJ 7ùMSFJ[ĻOPTQJFEJFUĻTBKÜHBĻQFEâMJ ĻVOĻE[J OùKTĻTâLTĻEBSCPUJFTĻBVUPNâUJTLJ %BxâTĻTJUVâDJKâTĻQâSOFTVNVĻQâSTMùHTWJSBJ KâCÜUĻJFTMùHUBJĻOFJUSâMBKâĻQP[ăDJKâĻ5âEPT HBEăKVNPTĻEJTQMFKâĻUJFLĻQBSâEăUTĻUFLTUT 2WVIGCTKPPGWVTCN 2NCÝęMCKPHQTOęEKLCWPKGUVCVĦLWOK "VUPNBtăOBTĻ/;%#4ĻJ[WùĮĪVĻTJTUùNBT TBEBĮâĻ&4+8GĻJSĻTOJFHUBĻJOGPSNâDJKBĻQBSĻ7PMWP Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4UBSU4UPQĻTJTUùNV ĻLâĻBSăĻJFUFJLVNJĻQBS CSBVLtBOBTĻNFUPEùN ĻLBTĻĮBVKĻUBVQăUĻFOFSīJKV TLBUăUĻMQQĻ 6GMUVC\KĮQLWOU /PUFJLUâTĻTJUVâDJKâTĻ4UBSU4UPQĻGVOL DJKBĻWBSĻQBSâEăUĻUFLTUBĻ[JĪPKVNVT JOGPSNâDJKBTĻEJTQMFKâĻVOĻWBSĻJFEFH UJFTĻtăĻJOEJLBUPSBĻMBNQJĪBĻ%BxPTĻOPĻ[JĪPKV NJFNĻJSĻJFUFJLUBĻUVSQNâLâĻSăDăCB ĻLBTĻKâWFJD 5BCVMâĻUâMâLĻJSĻQBSâEăUJĻEBxJĻQJFNùSJ ,ĹUWDTCWMÝCPCUXKFG 5VCTV5VQR 5KODQNU 2C\KĮQLWOU +PHQTOęEKLCTĦEĦDC /## &\KPġLCO#WVQ5VCTVTGä *[HBJTNPKBTĻEBxBTĻTFLVOEFTĻQùDĻUBN ĻLBEĻJSĻBLUJWJ[ùUTĻ4UBSU4UPQ .Ļ Ļ" 'EQ&4+8G+<5. *[HBJTNPKBTĻEBxBTĻĻTFLVOEFTĻQùDĻUBN ĻLBEĻJSĻJ[TMùHUTĻ4UBSU4UPQ .Ļ Ļ" #WVQOKGFCTDK\UN,ęXGKE CRMQRG 4JTUùNBĻ4UBSU4UPQĻOFEBSCPKBTĻ4B[JOJFUJFTĻBSĻTFSWJTVĻĻJFUFJDBNTĻBSĻ7PMWPĻQJMOWBSPUVĻTFS WJTV .Ļ Ļ" 'PIKPGOCPCIGOGPV U[UVGO 5JFLĻWFJLUBĻBVUPNâUJTLâĻGVOLDJKVĻQâSCBVEF .Ļ Ļ" &\KPġLCO#WVQ5VCTVTGä %[JOùKTĻJSĻHBUBWTĻBVUPNâUJTLJĻJFTMùHUJFTĻĻHBJEB ĻMăE[ĻUJLTĻOPTQJFTUTĻCSFNxVĻWBJĻTBKÜHBĻQFEâ MJT . 0QURUVCTVCRQIW %[JOùKTĻOFJFTMùE[BTĻBVUPNâUJTLJĻĻJFEBSCJOJFUĻUPĻLâĻQBSBTUJ ĻOPTQJFxPUĻQPHVĻ56#465612 '0)+0' . 0QURUCLĹIWNCKKGFCTD %[JOùKTĻJSĻHBUBWTĻBVUPNâUJTLJĻJFTMùHUJFTĻĻHBJEB ĻMăE[ĻUJLTĻOPTQJFTUTĻTBKÜHBĻQFEâMJT . 0QURDTGO\GUNCKKGFCTD %[JOùKTĻJSĻHBUBWTĻBVUPNâUJTLJĻJFTMùHUJFTĻĻHBJEB ĻMăE[ĻUJLTĻOPTQJFTUTĻCSFNxVĻQFEâMJT . 0QURDTGO\GUWPUCLĹIW NCKKGF %[JOùKTĻJSĻHBUBWTĻBVUPNâUJTLJĻJFTMùHUJFTĻĻHBJEB ĻMăE[ĻUJLTĻOPTQJFTUTĻCSFNxVĻWBJĻTBKÜHBĻQFEâ MJT . `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG 5VCTV5VQR 5KODQNU " 2C\KĮQLWOU +PHQTOęEKLCTĦEĦDC +GUNPGKVTRęTPNCKKGFCT DKPęVW 1âSOFTVNTĻJSĻJFTMùHUT ĻOFOPTQJFxPUĻTBKÜHBĻQFEâMJĻĻJ[TMùE[JFUĻQâSOFTVNVĻVOĻJFTMùE[JFUĻQâS OFTVNVĻQâSTMùHTWJSVĻOFJUSâMâĻQP[ăDJKâ . &\KPġLCO#WVQ5VCTVTGä %[JOùKTĻJSĻHBUBWTĻBVUPNâUJTLJĻJFTMùHUJFTĻĻHBJEB ĻMăE[ĻUJLTĻBUMBJTUTĻCSFNxVĻQFEâMJT " +GUN2XCK0NCKKGFCTDK PÉVW 4UBSU4UPQĻGVOLDJKBĻJSĻEFBLUJWùUBĻĻQâSWJFUPKJFUĻQâSOFTVNVĻQâSTMùHVĻ0ĻWBJĻ2ĻQP[ăDJKâĻVOĻJFEBS CJOJFUĻE[JOùKVĻLâĻQBSBTUJ ĻOPTQJFxPUĻ56#465612'0)+0'ĻQPHV " 0QURUVCTVCRQIW %[JOùKTĻOFJFTMùE[BTĻBVUPNâUJTLJĻĻJFEBSCJOJFUĻUPĻLâĻQBSBTUJ ĻOPTQJFxPUĻQPHVĻ56#465612 '0)+0'ĻVOĻJFTMùE[PUĻ2ĻWBJĻ0ĻQâSOFTVNV " .ĻĻNBOVâMâĻQâSOFTVNLâSCB Ļ"ĻĻBVUPNâUJTLâĻQâSOFTVNLâSCB +BĻQùDĻEBSCăCBTĻCFJHâNĻ[JĪPKVNTĻOFJ[[ÜE KâTB[JOâTĻBSĻSFNPOUEBSCOăDVĻ*FTBLâNĻTB[JOâ UJFTĻBSĻ7PMWPĻSFNPOUEBSCOăDV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET /## ,ĹUWDTCWMÝCPCUXKFG 2KNPRKGF\KĮC#9& 2KNPRKGF\KĮCRCUVęXĦIKKTCMVKXġVC 2KNPRKGF\KĺCURTKPEKRU 1JMOQJFE[JĪBĻ "8%ĻqĻ"MMĻ8IFFMĻ%SJWF ĻOP[ăNù UP ĻLBĻBVUPNPCJMJNĻWJTJĻÀFUSJĻSJUFĪJĻWJFOMBJLVTĻJS E[FOPtJF +BVEBĻUJFLĻBVUPNâUJTLJĻTBEBMăUBĻTUBSQĻQSJFLtù KJFNĻVOĻBJ[NVHVSùKJFNĻSJUFĪJFNĻ4BKÜHBĻTJT UùNBĻBSĻFMFLUSPOJTLPĻWBEăCVĻOPWJS[BĻWBJSâL KBVEBTĻV[ĻUJFNĻSJUFĪJFN ĻLBNĻJSĻMBCâLBĻTBĸFSF BSĻDFĮBĻWJSTNVĻBUUJFDăHBKâĻCSăEăĻ5BTĻOPESPtJOB WJTMBCâLPĻWJMLNJĻVOĻOPWùStĻSJUFĪVĻJ[TMăEùtBOV 1BSBTUPTĻCSBVLtBOBTĻBQTUâLĮPTĻMJFMâLâĻKBVEBT EBĮBĻUJFLĻOPWBEăUBĻV[ĻQSJFLtùKJFNĻSJUFĪJFN 1JMOQJFE[JĪBĻV[MBCPĻCSBVLtBOBTĻESPtăCVĻMJF UVT ĻTOJFHBĻVOĻMFEVTĻBQTUâLĮPT fJTĻBUUùMTĻJSĻTIFNBUJTLTĻrĻJ[LâSUPKVNTĻWBSĻBUtĸJSUJFTĻBULBSăCâĻOPĻWBMTUTĻVOĻBVUPNBtăOBTĻNPEFĮB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG -ęLCUDTGO\G 8KURęTĦIK "VUPNBtăOBJĻJSĻEJWJĻCSFNxVĻLPOUÜSJĻ+BĻWJFOT CSFNxVĻLPOUÜSTĻJSĻCPKâUT ĻUBEĻCSFN[FTĻEBSCP KBTĻQJFĻ[FNâLBĻQFEâĮBĻMăNFĪBĻVOĻJSĻWBKBE[ăHT TQùDăHâLTĻTQJFEJFOTĻV[ĻQFEâMJ ĻMBJĻSBEăUVĻOPS NâMVĻCSFN[ùtBOBTĻFGFLUV 7BEăUâKBĻTQJFEJFOVĻV[ĻCSFNxVĻQFEâMJĻQBTUJQ SJOBĻCSFNxVĻQBTUJQSJOâUâKT $4ÿ&+0ó,7/5 #SFNxVĻQBTUJQSJOâUâKTĻEBSCPKBTĻUJLBJĻUBE ĻKB E[JOùKTĻJSĻJFTMùHUT +BĻCSFN[FTĻMJFUPĻUBE ĻLBEĻE[JOùKTĻJSĻJ[TMùHUT QFEâMJTĻtĸJFUĻDJFUT ĻVOĻJSĻWBKBE[ăHTĻMJFMâLT TQùLT ĻMBJĻOPCSFN[ùUVĻBVUPNBtăOV #SBVDPUĻĮPUJĻLBMOBJOâĻBQWJEÜĻWBJĻBSĻTNBHV LSBWV ĻCSFN[FTĻWBSĻBUTMPHPU ĻJ[NBOUPKPU CSFN[ùtBOVĻBSĻE[JOùKVĻ#SBVDPUĻMFKVQĻOP LBMOB ĻCSFN[ùtBOBJĻBSĻE[JOùKVĻJ[NBOUPKJFUĻUP QBtVĻQâSOFTVNV ĻLâEVĻKÜTĻJ[NBOUPUV ĻCSBVDPU LBMOâ 1MBtâLVĻJOGPSNâDJKVĻQBSĻTNBHVĻLSBWVĻQâSWB EâtBOVĻBSĻBVUPNPCJMJĻTLBUăUĻMQQĻ $TGOäWRTGVDNQĨġÝCPCUUKUVġOC "VUPNPCJMJTĻJSĻBQSăLPUTĻBSĻ"#4Ļ "OUJMPDL #SBLJOHĻ4ZTUFN ĻLBTĻOFĮBVKĻSJUFĪJFNĻOPCMPĸù UJFTĻCSFN[ùtBOBTĻMBJLâĻ5BTĻOP[ăNù ĻLBĻTBHMB CâKBTĻWBEâNăCBĻVOĻJSĻWJFHMâLĻNBOFWSùU ĻMBJ QJFNùSBN ĻJ[WBJSăUPTĻOPĻCSJFTNâNĻ1ùD CSFNxVĻQFEâĮBĻQJFTQJFtBOBTĻUBKâĻWBSĻCÜUĻTBKÜ UBNBTĻWJCSâDJKBTĻfâEBĻQBSâEăCBĻJSĻOPSNâMB ĂUSBĻ"#4ĻTJTUùNBTĻQâSCBVEFĻUJFLĻWFJLUBĻBVUP NâUJTLJĻQùDĻE[JOùKBĻJFEBSCJOâtBOBT ĻLBEĻWBEă UâKTĻBUMBJxĻCSFNxVĻQFEâMJĻ1BQJMEVĻBVUPNâUJ TLâTĻQâSCBVEFTĻ"#4ĻTJTUùNBJĻWBSĻWFJLU ĻLBE BVUPNPCJMJTĻTBTOJFE[ĻâUSVNVĻĻLNIĻ1âS CBVEFĻJSĻKÜUBNB ĻLâĻCSFNxVĻQFEâĮBĻQVMTù tBOB #XęTKLCUDTGOäWUKIPęNKWP CWVQOęVKUMCKUCXęTKLCUICKUOCUUKIPęNU "WâSJKBTĻCSFNxVĻTJHOâMJĻUJFLĻJFTMùHUJ ĻMBJĻCSăEJ OâUVĻBJ[NVHVSùĻFTPtPTĻBVUPNPCJĮVTĻQBS TUSBVKVĻCSFN[ùtBOVĻfăĻGVOLDJKBĻOP[ăNù ĻLB CSFNxVĻMVLUVSJĻNJSHP ĻOFWJTĻWJFONùSăHJĻJ[HBJT NPKBTĻLâĻQBSBTUBTĻCSFN[ùtBOBTĻMBJLâ "WâSJKBTĻCSFNxVĻTJHOâMJĻUJFLĻBLUJWùUJ ĻLBE âUSVNTĻQâSTOJFE[ĻĻLNI ĻKBĻ"#4ĻTJTUùNB EBSCPKBTĻVOWBJĻOPUJFLĻBTBĻCSFN[ùtBOBĻ,BE BVUPNBtăOBTĻâUSVNTĻJSĻTBNB[JOâKJFTĻ[FN ĻLNI ĻCSFNxVĻTJHOâMTĻQâSTUâKĻNJSHPUĻVOĻJS QBTUâWăHJĻJFEFHUTĻLâĻQBSBTUJĻrĻWJFOMBJDăHJĻUJFL BLUJWJ[ùUTĻBWâSJKBTĻHBJTNBTĻTJHOâMT ĻLBTĻNJSHP MăE[ĻWBEăUâKTĻQBMJFMJOBĻâUSVNVĻMăE[ĻWJTNB[ ĻLNIĻWBJĻUPĻJ[TMùE[ĻBSĻTJHOâMBĻUBVTUJĪV TLBUăUĻMQQĻ $TGOäWFKUMWPQVĦTĦÝCPC /FUăSVNJĻVOĻÜEFOTĻV[ĻCSFNxVĻEJTLJFNĻWBS J[QBVTUJFTĻLâĻBJ[UVSFĻQùDĻCSFNxVĻQFEâĮBĻQJF TQJFtBOBTĻfPĻBJ[UVSJĻWBSĻTBNB[JOâU ĻOPUăSPU CSFNxVĻV[MJLBT .BOVâMâĻUăSătBOBĻJSĻJFUFJDBNBĻV[ĻNJUSâNĻDFĮB WJSTNâN ĻWùMBNTĻQJSNTĻQBSFE[ùUBTĻJMHMBJDăHBT TUâWùtBOBTĻVOĻQùDĻBVUPNBtăOBTĻNB[HâtBOBT 5PĻJ[EBSB ĻV[NBOăHJĻVOĻăTMBJDăHJĻBULâSUPUJĻCSFN [ùKPU ĻBVUPNBtăOBJĻBUSPEPUJFTĻDFĮâ óTMęTVCUDTGO\ġÝCPCUUKUVġOC ĂSLâSUBTĻCSFN[ùtBOBTĻTJTUùNBĻ&#" &NFSHFODZĻ#SBLFĻ"TTJTU ĻQBMăE[ĻQBMJFMJOâU CSFN[ùtBOBTĻTQùLVĻVOĻMăE[ĻBSĻUPĻTBNB[JOâU CSFN[ùtBOBTĻDFĮVĻ&#"ĻTJTUùNBĻOPTBLBĻWBEă UâKBĻCSFN[ùtBOBTĻTUJMVĻVOĻQùDĻWBKBE[ăCBT QBMJFMJOBĻCSFN[ùtBOBTĻTQùLVĻ#SFN[ùtBOBT TQùLTĻWBSĻQBMJFMJOâUJFTĻMăE[ĻUâEBNĻMăNFOJN LBEĻUJFLĻJFEBSCJOâUBĻ"#4ĻTJTUùNBĻ&#"ĻTJTUù NBTĻEBSCăCBĻUJFLĻQâSUSBVLUB ĻLBEĻTBNB[JOB TQJFEJFOVĻV[ĻCSFNxVĻQFEâMJ 2+'<ÿ/' ,BEĻ&#"ĻJSĻBLUJWùUB ĻCSFNxVĻQFEâMJĻWBS OPTQJFTUĻOFEBVE[ĻUâMâLĻOFLâĻQBSBTUJ /PTQJFEJFUĻVOĻUVSJFUĻCSFNxVĻQFEâMJ OPTQJFTUVĻUJLĻJMHJ ĻDJLĻOFQJFDJFtBNTĻ"UMBJ xPUĻCSFNxVĻQFEâMJ ĻCSFN[ùtBOBĻUJFLĻQâS USBVLUB ,ĹUWDTCWMÝCPCUXKFG -ęLCUDTGO\G #RMQRG -BJĻBVUPNBtăOBĻCÜUVĻESPtBĻVOĻV[UJDBNB ĻJFWù SPKJFUĻ7PMWPĻBQLPQFTĻJOUFSWâMVT ĻLâĻOPSâEăUT BQLPQFTĻVOĻHBSBOUJKBTĻHSâNBUJĪâ ĻTLBUăU MQQĻ 58#4ÿ)+ 3FHVMâSJĻKâQâSCBVEBĻCSFNxVĻTJTUùNBT LPNQPOFOUVĻOPEJMVNT 4B[JOJFUJFTĻBSĻBVUPTFSWJTV ĻMBJĻTBĪFNUV JOGPSNâDJKVĻQBSĻtPĻQSPDFEÜSVĻWBJĻV[UJDJFUĻtă QâSCBVEFTĻWFJLtBOVĻTFSWJTBĻEBSCJOJFLJFNĻ JFUFJDBNTĻJ[WùMùUJFTĻBVUPSJ[ùUVĻ7PMWPĻTFS WJTV $4ÿ&+0ó,7/5 +BĻWJFOMBJDăHJĻEFHĻHBOĻ ĻHBOĻ JFTQùKBNT ĻCSFNxVĻTJTUùNâĻJSĻSBEVTJFT LĮÜNF +BĻtBKâĻCSăEăĻCSFNxVĻtĸJESVNBĻMăNFOJT UWFSUOùĻJSĻOPSNâMT ĻV[NBOăHJĻCSBVDJFUĻMăE[ UVWâLBKBNĻTFSWJTBNĻVOĻUVSĻWFJDJFUĻCSFNxV TJTUùNBTĻQâSCBVEJĻĻJFUFJDBNTĻJ[NBOUPU BVUPSJ[ùUVĻ7PMWPĻTFSWJTV +BĻCSFNxVĻtĸJESVNBĻMăNFOJTĻJSĻ[FNĻCSFNxV tĸJESVNBĻUWFSUOFTĻ/+0ĻMăNFĪB ĻBQUVSJFU BVUPNBtăOVĻVOĻV[QJMEJFUĻCSFNxVĻtĸJESVNV +âOPTBLBĻCSFNxVĻtĸJESVNBĻ[VEVNB JFNFTMT 5KODQNKMQODKPġVCLę MQPVTQNOġTKPUVTWOGPVWRCPGNĦ 5KODQNU 6GJPKUMKGRCTCOGVTK %FHĻQBTUâWăHJĻqĻ1âSCBVEJFU CSFNxVĻtĸJESVNBĻMăNFOJĻ+B MăNFOJTĻJSĻ[FNT ĻQJFMFKJFU CSFNxVĻtĸJESVNVĻVOĻOPTLBJE SPKJFUĻCSFNxVĻtĸJESVNB [VEVNBĻJFNFTMV 1BTUâWăHJĻJFEFHUTĻĻTFLVOEFT QùDĻE[JOùKBĻJFEBSCJOâtBOBTĻr BVUPNâUJTLBĻGVOLDJKVĻQâS CBVEF ,ĹUWDTCWMÝCPCUXKFG *&%*KNN&GUEGPV%QPVTQN 8KURęTĦIK )%$ĻWBSĻTBMăE[JOâUĻBSĻBVUPNâUJTLVĻE[JOùKB CSFN[JĻ,BE ĻCSBVDPUĻV[ĻMFKVĻQBĻOPHâ[J ĻBUMBJx BLTFMFSBUPSBĻQFEâMJ ĻBVUPNPCJMJĻQBSBTUJ CSFN[ùĻE[JOùKT ĻUJFLEBNJFTĻTBTOJFHUĻ[FNVT CSăWHBJUBTĻBQHSJF[JFOVT ĻLBTĻJSĻUâĻTBVDBNâ CSFN[ùtBOBĻBSĻE[JOùKVĻ#FUĻKPĻTUâWâLBĻOPHâ[F VOĻKPĻWBJSâLĻBVUPNPCJMJTĻOPTMPHPUT ĻKPĻâUSâL UBTĻSJQPĻQBSĻTQăUJĻCSFN[ùtBOBJĻBSĻE[JOùKV 5âEâĻHBEăKVNâ ĻMBJĻTBNB[JOâUVĻâUSVNV ĻWBEă UâKBNĻKâMJFUPĻLâKBTĻCSFN[FT făĻGVOLDJKBĻĮBVKĻQBMJFMJOâUTBNB[JOâUĻâUSVNVĻV[ MFKVĻTUâWâTĻOPHâ[ùT ĻUVSPUĻLâKVĻUJLBJĻV[ĻBLTFMF SBUPSBĻQFEâĮBĻVOĻOFJ[NBOUPKPUĻCSFNxVĻQFEâMJ "LTFMFSBUPSBĻQFEâĮBĻKVUăHVNTĻTBNB[JOâTĻVO LĮÜTUĻQSFDă[âLT ĻQJMOăCâĻOPTQJFxPUĻQFEâMJ ĻLBT JSĻJFSPCFxPUTĻE[JOùKBĻBQHSJF[JFOVĻSFHVMùtBOBJ OPUFJLUâĻEJBQB[POâĻ#SFNxVĻTJTUùNBĻQBUJĻWFJD CSFN[ùtBOV ĻOPESPtJOPUĻOFMJFMVĻVOĻWJFONùSăHV BVUPNPCJĮBĻâUSVNV ĻUâEùKâEJĻĮBVKPUĻWBEăUâKBN QJMOăCâĻQJFWùSTUJFTĻTUÜSùtBOBJ )%$ĻJSĻăQBtJĻOPEFSăHBĻTUâWâTĻOPHâ[ùTĻBSĻOFMă E[FOVĻDFĮBĻWJSTNVĻVOĻTMJEFOJFNĻQPTNJFN 1JFNùSBN ĻOPHâEâKPUĻMBJWVĻQJFLBCùĻOPĻSBN QBT $4ÿ&+0ó,7/5 )%$ĻOFEBSCPKBTĻWJTâTĻTJUVâDJKâT ĻUBÀVĻUBJĻJS UJLBJĻQBMăHMăE[FLĮBĻGVOLDJKB 7BEăUâKTĻWJFONùSĻJSĻBUCJMEăHTĻQBSĻESPtV BVUPNBtăOBTĻWBEătBOV (WPMEKLC 2+'<ÿ/' "VUPNBtăOâNĻBSĻBVUPNâUJTLPĻQâSOFTVN LâSCVĻ)%$ĻOFWBSĻJFTMùHUĻ&ĻQP[ăDJKâ &CTDĦDC )%$ĻĮBVKĻBVUPNPCJMJNĻCSBVLUĻV[ĻMFKVĻOFĻâUSâL QBSĻĻLNIĻUVSQHBJUâ ĻJ[NBOUPKPUĻCSFN[ù tBOVĻBSĻE[JOùKV ĻVOĻBSĻĻLNIĻBUQBLBĮHBJUâ 5PNùSĻBSĻBLTFMFSBUPSBĻQFEâMJĻWBSĻJ[WùMùUJFT KFCLVSVĻâUSVNVĻtăĻQâSOFTVNBĻâUSVNVĻEJBQB [POâĻ"UMBJxPUĻBLTFMFSBUPSBĻQFEâMJ ĻBVUPNPCJMJT UJFLĻâUSJĻOPCSFN[ùUTĻMăE[ĻBUUJFDăHJĻĻWBJ ĻLNI ĻOFBULBSăHJĻOPĻOPHâ[FTĻTUâWVNB ĻOFJ[ NBOUPKPUĻCSFNxVĻQFEâMJ )%$ĻJFTMùE[ĻVOĻJ[TMùE[ĻBSĻTMùE[JĻWJEVTLPO TPMùĻ,BEĻGVOLDJKBĻJSĻJFTMùHUB ĻJ[HBJTNPKBT QPHBTĻJOEJLBUPSMBNQJĪBĻ,BEĻ)%$ĻEBSCPKBT ĻVOĻEJTQMFKâĻQBSâ J[HBJTNPKBTĻTJNCPMTĻ EâTĻ0QDTPQMCNPCXCFÔDC+'5. făĻGVOLDJKBĻEBSCPKBTĻUJLBJĻUBE ĻKBĻJFTMùHUTĻQJS NBJTĻWBJĻBUQBLBĮHBJUBTĻQâSOFTVNTĻ"VUPNâ UJTLBKBJĻQâSOFTVNLâSCBJĻKâJ[WùMBTĻQâSOFTVNB QP[ăDJKBĻ ĻLBTĻLPQâĻBSĻTJNCPMVĻĻSFE[BNB WBEăUâKBĻJOGPDFOUSBĻEJTQMFKâ ĻTLBUăUĻMQQĻ ,BEĻEBSCPKBTĻtăĻGVOLDJKB ĻBVUPNâUJTLJĻJFEFHBT CSFNxVĻTJHOâMMVLUVSJĻ7BEăUâKTĻKFCLVSâĻMBJLâ WBSĻCSFN[ùUĻWBJĻBQUVSùUĻBVUPNPCJMJĻBSĻCSFNxV QFEâMJ )%$ĻJSĻEFBLUJWùUB p BSĻJFTMùHtBOBTJ[TMùHtBOBTĻUBVTUJĪVĻWJEVT LPOTPMù p KBĻNBOVâMBKBJĻQâSOFTVNLâSCBJĻJ[WùMùUT QâSOFTVNT ĻLBTĻBVHTUâLTĻOFLâĻ p KBĻBVUPNâUJTLBKBJĻQâSOFTVNLâSCBJĻJ[WùMùUT QâSOFTVNT ĻLBTĻBVHTUâLTĻOFLâĻ ĻWBJĻQâS WJFUPKPUĻQâSOFTVNVĻQâSTMùHVĻQP[ăDJKâĻ& ,ĹUWDTCWMÝCPCUXKFG *&%*KNN&GUEGPV%QPVTQN fPĻGVOLDJKVĻWBSĻJ[TMùHUĻKFCLVSâĻCSăEăĻ+BĻUBT OPUJFLĻTUâWâĻOPHâ[ù ĻUBEĻCSFN[ùtBOBTĻFGFLUT OFQB[ÜEĻV[SFJ[ ĻCFUĻHBOĻMùOJ ĻQBLâQFOJTLJ 2+'<ÿ/' ,BEĻ)%$ĻJSĻBLUJWùUB ĻWBSĻCÜUĻOPCăEFĻTUBSQ BLTFMFSBUPSBĻQFEâĮBĻOPTQJFtBOVĻVOĻE[JOùKB SFBLDJKV ,ĹUWDTCWMÝCPCUXKFG 5VęXDTGO\G 8KURęTĦIK $4ÿ&+0ó,7/5 /PWJFUPKPUĻBVPUNBtăOVĻTUâWùtBOBJĻTMăQVNâ WJFONùSĻJFTMùE[JFUĻTUâWCSFN[JĻĻQâSOFTVNB WBJĻ2ĻQP[ăDJKBTĻ BVUPNBtăOâNĻBSĻBVUPNâ UJTLPĻQâSOFTVNLâSCV ĻJFTMùHtBOBĻOBWĻQJF UJFLPtB ĻMBJĻBVUPNBtăOVĻOPUVSùUVĻV[ĻWJFUBT WJTâTĻTJUVâDJKâT *OTUSVNFOUVĻQBOFĮBĻCSăEJOâKVNTĻTJN CPMTĻJFEFHBT 2+'<ÿ/' ĻĻLPNCJOùUBKâĻLPOUSPMNùSJOTUSV NFOUVĻQBOFMăĻFTPtBJTĻCSăEJOâKVNBĻTJNCPMT JFEFHBTĻOFBULBSăHJĻOPĻUâ ĻWBJĻTUâWCSFN[FĻJS OPWJMLUBĻWJFHMJĻWBJĻTUJOHSJ "UCSăWPKJFUĻLâKBTĻCSFN[JĻVOĻQâSMJFDJOJFUJFT LBĻBVUPNBtăOBĻOFQâSWJFUPKBT +BĻBVUPNPCJMJTĻJ[LVTUBT ĻTUâWCSFN[FĻJS KâOPWFMLĻWJTNB[ĻOFEBVE[ĻTUJOHSâL p /PWJFUPKPUĻUSBOTQPSUMăE[FLMJĻTUâWùtBOBJ WJFONùSĻJFTMùE[JFUĻQJSNPĻQâSOFTVNV NBOVâMâĻQâSOFTVNLâSCB ĻWBJĻJFTUBUJFU QâSOFTVNVĻQâSTMùHVĻQP[ăDJKâĻ2Ļ BVUPNâ UJTLâĻQâSOFTVNLâSCB #WVQOCÝĦPCUPQXKGVQÝCPCUVęXġÝCPCKW\ RCMCNPC +PUVTWOGPVWRCPGĹCDTĝFKPđLWOCUKODQNU +BĻBVUPNBtăOBĻJSĻOPWJFUPUBĻBSĻTLBUVĻLBMOâ 4WJSBĻBUSPEBTĻTUBSQĻQSJFLtùKJFNĻTùEFLĮJFN p 1BHSJF[JFUĻSJUFĪVTĻRTQOĻOPĻJFUWFT 5VęXDTGO\GUKGUNġIÝCPC +BĻBVUPNPCJMJTĻJSĻOPWJFUPUTĻBSĻTLBUVĻMFKâĻOP LBMOB 4UJOHSJĻOPTQJFEJFUĻLâKBTĻCSFN[J 4UJOHSJĻOPWFMDJFUĻTWJSV p 1BHSJF[JFUĻSJUFĪVTĻW\ĻJFUWFTĻQVTJ 5VęXDTGO\GUK\UNġIÝCPC 4UJOHSJĻOPTQJFEJFUĻLâKBTĻCSFN[J .B[MJFUĻQBWFMDJFUĻV[ĻBVHtVĻTWJSV ĻOPTQJF EJFUĻQPHV ĻBUCSăWPKJFUĻTWJSVĻVOĻBUMBJEJFU QPHV *OTUSVNFOUVĻQBOFĮBĻCSăEJOâKVNTĻTJN CPMTĻOPE[JFTU +BĻWBEăUâKTĻBJ[NJSTUĻBUCSăWPUĻTUâWCSFN[J ĻJFEF HBTĻCSăEJOâKVNBĻMBNQJĪB ĻBUTLBOĻTQBMHB TLBĪBĻVOĻJOTUSVNFOUVĻQBOFMăĻUJFLĻQBSâEăUT QB[JĪPKVNT ĻCSăEJOPUĻQBSĻUPĻWBEăUâKV ĻUJLMăE[ CSBVLtBOBTĻâUSVNTĻQâSTOJFE[ĻĻLNI ,ĹUWDTCWMÝCPCUXKFG *QOG.KPM 8KURęTĦIK $4ÿ&+0ó,7/5 p )PNF-JOLĻJSĻBUQBLBĮTLBUBĻTQPHVMăĻJFCÜWùUB QSPHSBNNùKBNBĻUâMWBEăCBTĻQVMUT ĻBSĻLVSVĻOP BUUâMVNBĻWBSĻWBEăUĻMăE[ĻUSJNĻEBxâEâNĻJFSăDùN QJFN ĻHBSâxBTĻWâSUVĻBUWùStBOBTĻNFIâOJTNV TJHOBMJ[âDJKBTĻTJTUùNV ĻâSùKPĻVOĻJFLtùKP BQHBJTNPKVNVĻVUU ĻUâEùKâEJĻBJ[WJFUPKPUĻtP JFSăÀVĻUâMWBEăCBTĻQVMUJTĻ1BQJMEVTĻUSJNĻJFQSP HSBNNùKBNJFNĻUBVTUJĪJFN ĻQBOFMăĻBUSPEBTĻBSă JOEJLBUPSBĻMBNQJĪBĻ)PNF-JOLĻOFWBSĻBLUJWJ [ùU ĻKBĻBVUPNBtăOBĻJSĻBJ[TMùHUBĻOPĻâSQVTFTĻ-BJ JFHÜUVĻQMBtâLVĻJOGPSNâDJKVĻQBSĻ)PNF-JOL BQNFLMùKJFUĻXXXIPNFMJOLDPNĻWBJĻ[WBOJFU ĻĻĻĻĻ WBJĻV[ĻNBLTBTĻUâMSVĪB OVNVSVĻ ĻĻĻ +BĻHBSâxBTĻEVSWKVĻWBJĻWâSUVĻWBEăCBJ J[NBOUPKBUĻ)PNF-JOL ĻOPESPtJOJFU ĻMBJ EVSWKVĻWBJĻWâSUVĻLVTUăCBTĻMBJLâĻOFWJFOT OFBUSBTUPTĻEVSWKVĻWBJĻWâSUVĻUVWVNâ p *FQSPHSBNNùKPUĻHBSâxBTĻEVSWKVĻBUWùS tBOBTĻNFIâOJTNV ĻBVUPNBtăOBĻKâBUTUâK âSQVTĻHBSâxBT p /FMJFUPKJFUĻ)PNF-JOLĻUâMWBEăCBTĻQVMUJ HBSâxBTĻEVSWăN ĻLBTĻOBWĻBQSăLPUBTĻBS ESPtăCBTĻBUEVSJĻWBJĻBUQBLBĮLVTUăCBT GVOLDJKV 4BHMBCâKJFUĻPSJīJOâMâTĻUâMWBEăCBTĻQVMUJTĻWùMâLBJ JFQSPHSBNNùtBOBJĻ QJFNùSBN ĻKBĻOPNBJOâU BVUPNBtăOVĻWBJĻMJFUPtBOBJĻDJUâĻBVUPNBtăOâ 1âSEPEPUĻBVUPNBtăOV ĻJFUFJDBNTĻJ[E[ùTUĻUBV TUJĪJFNĻJFQSPHSBNNùUâTĻGVOLDJKBTĻ4LBUJFU OPEBĮVĻ)PNF-JOLĻUBVTUJĪVĻBUJFTUBUătBOB ĻMQQ *QOG.KPMRTQITCOOġÝCPC 2+'<ÿ/' %BxâNĻBVUPNBtăOâNĻBJ[EFE[FĻKâJFTMùE[ WBJĻKâQBHSJFxĻQJFEFSVNVĻQP[ăDJKâ ĻMBJ WBSùUVĻJFQSPHSBNNùUĻWBJĻJ[NBOUPU )PNF-JOLĻ+BĻJFTQùKBNT ĻJFWJFUPKJFUĻUâMWB EăCBTĻQVMUăĻKBVOBTĻCBUFSJKBT ĻOPNBJOPUĻUâT QSFUĻ)PNF-JOL ĻMBJĻOPESPtJOâUVĻâUSâLV QSPHSBNNùtBOVĻVOĻV[MBCPUVĻSBEJPĻTJHOâMV QâSSBJEJĻ1JSNTĻQSPHSBNNùtBOBTĻKâBUJFT UBUBĻ)PNF-JOLĻUBVTUJĪJĻ,BEĻUBTĻJSĻJ[EBSăUT )PNF-JOLĻUJFLĻJFTUBUăUTĻNâDătBOâT SFxăNâĻVOĻJSĻHBUBWTĻJFQSPHSBNNùtBOBJ /PTQJFEJFUĻVOĻUVSJFUĻOPTQJFTUVĻWBKBE[ăHP )PNF-JOLĻUBVTUJĪV ĻMăE[ĻJOEJLBUPSBĻMBN QJĪBĻTâLĻNJSHPUĻE[FMUFOâĻLSâTâĻ5BT OPSâEB ĻLBĻUBVTUJĪtĻJSĻHBUBWTĻQSPHSBNNù tBOBJ 1BWùSTJFUĻPSJīJOâMPĻUâMWBEăCBTĻQVMUJĻQSFU )PNF-JOLĻQSPHSBNNùKBNPĻUBVTUJĪVĻVO UVSJFUĻUPĻĻDNĻBUUâMVNâĻOPĻtăĻUBVTUJĪB /FBJ[LMâKJFUĻ)PNF-JOLĻJOEJLBUPSBĻMBN QJĪV /PTQJFEJFUĻVOĻUVSJFUĻOPTQJFTUVĻPSJīJOâMâT UâMWBEăCBTĻQVMUTĻUBVTUJĪVĻ/FBUMBJEJFUĻUBVT UJĪV ĻLBNùSĻJOEJLBUPSBĻMBNQJĪBTĻLSâTBĻOBW NBJOăKVTJFTĻOPĻE[FMUFOBTĻV[ĻTBSLBOVĻWBJ )PNF-JOLĻVOĻ)PNF-JOLĻNâKBTĻTJNCPMTĻJSĻSFīJTUSùUBTĻ+PIOTPOĻ$POUSPMT Ļ*ODĻQSFÀVĻ[ăNFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,ĹUWDTCWMÝCPCUXKFG *QOG.KPM [BĮVĻ+BĻJOEJLBUPSBĻMBNQJĪBĻJ[HBJTNPKBT TBSLBOâĻLSâTâ ĻNùīJOJFUĻWùMSFJ[ĻJFQSP HSBNNùUĻUâMWBEăCBTĻQVMUJ ĻUVSPUĻPSJīJOâMP UâMWBEăCBTĻQVMUJĻDJUâĻBUUâMVNâĻOP )PNF-JOLĻUBVTUJĪBĻ;BĮBĻJOEJLBUPSBĻMBN QJĪBĻOPSâEB ĻLBĻQSPHSBNNùtBOBĻJSĻCJKVTJ WFJLTNăHB 0QURKGFKGV*QOG.KPMRTQITCOOġ LCOQVCWUVKĮWVWTKGVVQPQURKGUVW UGMWPFGUWPRġEVCOCVNCKFKGVĻ7BKB E[ăCBTĻHBEăKVNâĻBULâSUPKJFU ĻMăE[ĻHBSâxBT WâSUJĻUJFLĻBLUJWJ[ùUJĻ+BĻEVSWJTĻOFUJFLĻBLUJWJ [ùUBT ĻOPTQJFEJFUĻ)PNF-JOLĻQSPHSBNNù KBNPĻUBVTUJĪV ĻUVSJFUĻUPĻOPTQJFTUVĻVOĻQâS CBVEJFUĻJOEJLBUPSBĻMBNQJĪV 0GRęTVTCWMVC\CīCICKUOCĻ*OEJLBUPSB MBNQJĪBĻEFHĻOFQâSUSBVLUJ ĻLBEĻtJTĻUBVT UJĪtĻUJFLĻUVSùUTĻOPTQJFTUTĻUBTĻOPSâEB LBĻRTQITCOOġÝCPCKTRCDGKIVC (BSâxBTĻEVSWăN ĻWâSUJFNĻVOĻUNMĻUBHBE KâCÜUĻBLUJWùUJFN ĻLBEĻJSĻOPTQJFTUTĻQSP HSBNNùUBJTĻ)PNF-JOLĻUBVTUJĪt /KTIQLQÝC\CīCICKUOCĻ*OEJLBUPSB MBNQJĪBĻNJSHP ĻLBNùSĻUBVTUJĪtĻUJFL UVSùUTĻOPTQJFTUTĻ5âEâĻHBEăKVNâĻUVSQJ OJFU ĻWFJDPUĻĻQSPHSBNNùtBOBTĻEBS CăCV ĻMBJĻQBCFJHUVĻJFSăDFTĻQSPHSBNNù tBOVĻBSĻOFQâSUSBVLUJĻNBJOăHPĻLPEV QBSBTUJĻHBSâxBTĻWâSUVĻBUWùStBOBT NFIâOJTNBN /PWJFUPKJFUĻQSPHSBNNùtBOBTĻUBVTUJĪV QJFNùSBN ĻV[ĻHBSâxBTĻEVSWKVĻV[UWùSùKB LBTĻQBSBTUJĻBUSPEBTĻOFUâMVĻOPĻV[UWùSùKB BOUFOBTĻLSPOtUFJOB /PTQJFEJFUĻVOĻBUMBJEJFUĻV[UWùSùKBĻQSP HSBNNùtBOBTĻUBVTUJĪVĻ5BVTUJĪtĻNJSHP BQNùSBNĻĻTFLVOEFT ĻVOĻOâLBNâĻEBS CăCBĻJSĻKâWFJDĻtăĻQFSJPEBĻMBJLâ ,BNùSĻJFSăDFTĻQSPHSBNNùtBOBTĻUBVT UJĪtĻNJSHP ĻOPTQJFEJFUĻ)PNF-JOLĻQSP HSBNNùKBNPĻUBVTUJĪV ĻUVSJFUĻUPĻOPTQJFTUV BQNùSBNĻĻTFLVOEFTĻVOĻQùDĻUBNĻBUMBJ EJFUĻ"ULâSUPKJFUĻtPĻOPTQJFtBOBTUVSùtB OBTBUCSăWPtBOBTĻTFDăCVĻMăE[ĻĻSFJ[ùN ĻMBJ QBCFJHUVĻQSPHSBNNùtBOV 'MURNWCVęEKLC ,BEĻ)PNF-JOLĻJSĻQJMOăCâĻTBQSPHSBNNùUT ĻUP WBSĻJ[NBOUPUĻBUTFWJtĸVĻPSJīJOâMPĻUâMWBEăCBT QVMtVĻWJFUâ /PTQJFEJFUĻQSPHSBNNùKBNPĻUBVTUJĪVĻVO UVSJFUĻUPĻOPTQJFTUV ĻMăE[ĻHBSâxBTĻWâSUJ ĻTJHOBMJ [âDJKBTĻTJTUùNBĻVDĻUJFLĻBLUJWJ[ùUJĻ UBTĻWBSĻBJ[ ĪFNUĻWBJSâLBTĻTFLVOEFT Ļ1SPUBNT ĻWBKBE[ă 5BVTUJĪBĻBQ[ăNùKVNTĻVOĻLSâTBĻBUtĸJSBTĻBULBSăCâĻOPĻSBxPUâKB *OEJLBUPSBĻMBNQJĪBĻUVSQJOBĻJ[HBJTNPUJFT ĻLBNùSĻUBVTUJĪtĻJSĻOPTQJFTUT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET CBTĻHBEăKVNâĻPSJīJOâMâTĻUâMWBEăCBTĻQVMUTĻUBV TUJĪVTĻKPQSPKâNĻWBSĻMJFUPUĻQBSBMùMJĻ)PNF-JOL 2+'<ÿ/' +BĻBJ[EFE[FĻJSĻJ[TMùHUB Ļ)PNF-JOLĻEBSCP KBTĻĻNJOÜUFTĻQùDĻWBEăUâKBĻEVSWKVĻBUWùStB OBT +BĻQSPHSBNNùtBOBTĻQSPCMùNBTĻOFJ[[ÜE TB[JOJFUJFTĻBSĻ)PNF-JOLĻWJFUOù XXXIPNFMJOLDPNĻWBJĻ[WBOJFU ĻĻĻĻĻ WBJĻV[ĻNBLTBTĻUâMSVĪB OVNVSVĻ ĻĻĻ *QOG.KPMVCWUVKĮWCVKGUVCVĦÝCPC *FTQùKBNTĻBUJFTUBUăUĻUJLBJĻWJTVTĻ)PNF-JOL UBVTUJĪVTĻWJFOMBJDăHJ ĻOFWJTĻLBUSVĻUBVTUJĪVĻBUTF WJtĸJĻ5BÀVĻBUTFWJtĸVTĻUBVTUJĪVTĻWBSĻBULâSUPUJ JFQSPHSBNNùUĻTLBUJFUĻUVSQNâLPĻOPEBĮV "UTFWJtĸVĻUBVTUJĪVĻQSPHSBNNùtBOB /PTQJFEJFUĻVOĻUVSJFUĻOPTQJFTUVTĻBCVTĻâSù KPTĻ)PNF-JOLĻUBVTUJĪVTĻ/FBUMBJEJFUĻUPT LBNùSĻJOEJLBUPSBĻMBNQJĪBTĻLSâTBĻOBWĻNBJ OăKVTJFTĻOPĻE[FMUFOBTĻV[ĻTBSLBOVĻWBJĻ[BĮV "UCSăWPKJFUĻUBVTUJĪVT 5BHBEĻ)PNF-JOLĻJSĻJFTUBUăUTĻUâĻEùWù UBJTĻNâDătBOâTĻSFxăNT ĻVOĻUBTĻJS ,ĹUWDTCWMÝCPCUXKFG *QOG.KPM HBUBWTĻQSPHSBNNùtBOBJĻTLBUJFU OPEBĮVĻ)PNF-JOLĻQSPHSBNNùtBOB ĻMQQ #VUGXKÝĨWVCWUVKĮWRTQITCOOġÝCPC -BJĻQâSQSPHSBNNùUVĻBUTFWJtĸVĻ)PNF-JOL UBVTUJĪV ĻSăLPKJFUJFTĻtâEJ /PTQJFEJFUĻWBKBE[ăHPĻUBVTUJĪVĻVOĻPGCVNCK FKGV ,BEĻ)PNF-JOLĻJOEJLBUPSBĻMBNQJĪBĻTâL NJSHPUĻE[FMUFOâĻLSâTâĻ QùDĻBQUVWFOJĻ TFLVOEùN ĻBUMBJEJFUĻUBVTUJĪVĻVOĻTâDJFUĻBS ĻTPMJ ĻLBTĻBQSBLTUăUTĻTBEBĮâĻ)PNF-JOL QSPHSBNNùtBOBĻĻMQQ -BJĻJFHÜUVĻJOGPSNâDJKVĻWBJĻJ[UFJLUVĻLPNFOUâSVT QBSĻ)PNF-JOL ĻBQNFLMùKJFU XXXIPNFMJOLDPNĻWBJĻ[WBOJFU ĻĻĻĻĻ WBJĻV[ĻNBLTBTĻUâMSVĪB OVNVSVĻ ĻĻĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET G000000 %JOBNJTLâĻTUBCJMJUâUFTĻVOĻWJMDùKTQùLBĻLPOUSPMFTĻTJTUùNB $FĮB[ăNKVĻJOGPSNâDJKBĻĻ34* ĂUSVNBĻJFSPCFxPUâKT ,SVă[LPOUSPMF "EBQUăWâĻQBTUâWăHBĻâUSVNBĻV[UVSùtBOBTĻTJTUùNB %JTUBODFTĻCSăEJOâKVNT $JUZĻ4BGFUZs 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNB BSĻBVUPNâUJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCV %SJWFSĻ"MFSUĻ4ZTUFN %SJWFSĻ"MFSUĻ4ZTUFNĻĻ%"$ %SJWFSĻ"MFSUĻ4ZTUFNĻĻ+PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKB 1BSLĻ"TTJTU 4UâWWJFUâĻOPWJFUPtBOBTĻLBNFSB "LUăWâĻTUâWWJFUâĻOPWJFUPtBOBTĻQBMăHTJTUùNBĻĻ1"1 #-*4ĻVOĻ$5" 7"%į5Ă+"Ļ"5#"-454 8CFĦVęLCCVDCNUVU &KPCOKUMęUVCDKNKVęVGUWPXKNEġLURġMCMQPVTQNGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCT&56% 4UBCJMJUâUFTĻVOĻWJMLNFTĻTJTUùNB Ļ%45$ %ZOBNJDĻ4UBCJMJUZĻĻ5SBDUJPOĻ$POUSPM ĻQBMăE[ WBEăUâKBNĻJ[WBJSăUJFTĻOPĻSJUFĪVĻJ[TMăEùtBOBTĻVO V[MBCPĻBVUPNPCJĮBĻWJMLNJ 4JTUùNBTĻBLUJWJ[ùtBOBĻCSFN[ùtBOBTĻMBJLâĻJS TBKÜUBNBĻLâĻQVMTùKPtBĻTLBĪBĻ"VUPNPCJMJĻQBâ USJOâUĻWBSĻMùOâL ĻOFLâĻTBHBJEâNTĻQùDĻHâ[FT QFEâĮBĻOPTQJFtBOBT $4ÿ&+0ó,7/5 4UBCJMJUâUFTĻVOĻWJMLNFTĻLPOUSPMFTĻTJTUùNBĻJS QBMăHGVOLDJKBĻĻUâĻOFWBSĻOFWBJOPKBNJĻEBSCP UJFTĻWJTâTĻTJUVâDJKâTĻVOĻWJTPTĻDFĮBĻBQTUâL ĮPT 7BEăUâKTĻWJFONùSĻJSĻBUCJMEăHTĻQBSĻESPtV BVUPNBtăOBTĻWBEătBOVĻVOĻTQùLâĻFTPtP DFĮVĻTBUJLTNFTĻOPUFJLVNVĻJFWùSPtBOV #MVĦXęPQXKT\ĦÝCPęUPQEGīCMQPVTQNG 'VOLDJKBĻJFSPCFxPĻLBUSBĻBUTFWJtĸâĻSJUFĪB CSBVLtBOBTĻVOĻCSFN[ùtBOBTĻTQùLV ĻMBJĻTUBCJ MJ[ùUVĻBVUPNBtăOV 5RQNġÝCPCUMQPVTQNG făĻGVOLDJKBĻTBNB[JOBĻE[JOùKBĻKBVEV ĻKBĻE[FOP tJFĻSJUFĪJĻJ[TMăEĻV[ĻWJSTNBT ĻMBJĻTBHMBCâUVĻTUBCJ MJUâUJĻVOĻWJMLNJ 5CUMCTGUMQPVTQNGUUKUVġOC 'VOLDJKBĻEBSCPKBTĻQJFĻOFMJFMBĻâUSVNBĻVOĻQâS OFTĻTQùLVĻOPĻTQPMùKPtâĻE[FOPtâĻSJUFĪBĻV[ OFTQPMùKPtP &\KPġLCFCTDĦDCUMQPVTQNG'&% &%$Ļ &OHJOFĻ%SBHĻ$POUSPM ĻOPWùStĻOFQBSF E[ùUVĻSJUFĪVĻCMPĸùtBOPT ĻQJFNùSBN ĻQùD [FNâLBĻQâSOFTVNBĻJFTMùHtBOBTĻWBJĻCSFN[ù tBOBTĻBSĻE[JOùKV ĻCSBVDPUĻBSĻ[FNVĻQâSOFTVNV QBĻTMJEFOJFNĻDFĮJFN /FKBVtBĻSJUFĪVĻCMPĸùtBOâTĻCSBVLtBOBTĻMBJLâ WBSĻDJUBĻTUBSQâĻOFHBUăWJĻJFUFLNùUĻWBEăUâKB TQùKVĻTUÜSùUĻBVUPNPCJMJ %QTPGT6TCEVKQP%QPVTQNp%6% $5$ĻLPNQFOTùĻOFQJFUJFLBNVĻTUÜSFTĻHSJFtB OBTĻTQùKVĻVOĻMăLVNPTĻĮBVKĻWFJLUĻMJFMâLVĻQBâUSJ OâKVNVĻOFLâĻQBSBTUJ ĻOPWùStPUĻJFLtùKPĻSJUFĪV J[TMăEùtBOV ĻQJFN ĻV[ĻDFĮJFN ĻLBTĻQJFLĮBVKBT BVUPTUSâEùN ĻMBJĻâUSJĻJFLĮBVUPTĻLPQùKâĻTBUJL TNFTĻQMÜTNâ &TKXGT5VGGTKPI4GEQOOGPFCVKQP +GVGKMWOKUVĹTġÝCPCK&54 %43Ļ %SJWFSĻ4UFFSJOHĻ3FDPNNFOEBUJPO QBMăE[ĻWBEăUâKBNĻWBEăUĻBVUPNBtăOVĻQBSFJ[BKâ WJS[JFOâĻQB[FNJOâUBTĻWJMLNFTĻWBJĻ"#4ĻTJTUù NBTĻJFTMùHtBOâTĻHBEăKVNâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET %43ĻGVOLDJKBTĻHBMWFOâĻGVOLDJKBĻJSĻQBMăE[ùU WBEăUâKBNĻTUÜSùUĻQBSFJ[BKâĻWJS[JFOâ ĻKBĻBVUPNB tăOBĻJ[TMăE %43ĻJFTMùE[BT ĻQJFNùSPKPUĻTUÜSFJĻOFMJFMVĻHSJF [FTĻNPNFOUVĻUBKâĻWJS[JFOâ ĻLVSâĻBVUPNBtăOBJ KâHSJFxBT ĻMBJĻTBHMBCâUVQBOâLUVĻNBLTJNâMP JFTQùKBNPĻWJMLNJĻVOĻTUBCJMJ[ùUVĻBVUPNBtăOV 2KGMCDGUUVCDKNKVęVGURCNĦIUKUVġOC 65# făĻGVOLDJKBĻQBSFE[ùUBĻBVUPNPCJĮBĻVOĻQJFLBCFT TUBCJMJ[ùtBOBJ ĻKBĻTâLBTĻTâOOPWJS[F ĻTLBUăU MQQĻ 2+'<ÿ/' +BĻWBEăUâKTĻJ[WùMBTĻ5RQTVĻSFxăNV ĻGVOLDJKB UJFLĻEFBLUJWùUB &CTDĦDC .ĦOGĮCK\XġNG5RQTVTGäĦOU %45$ĻTJTUùNBĻWJFONùSĻJSĻBLUJWùUBĻĻUPĻOFWBS EFBLUJWùU 5BÀVĻWBEăUâKTĻWBSĻJ[WùMùUJFTĻ5RQTVĻSFxăNV ĻLBT TOJFE[ĻBLUăWâLBTĻCSBVLtBOBTĻJ[KÜUBTĻ5RQTV SFxăNâĻTJTUùNBĻOPTBLB ĻWBJĻBLTFMFSBUPSB QFEâĮB ĻTUÜSFTĻLVTUăCBTĻVOĻCSBVLtBOBĻMăLVNPT JSĻBLUăWâLBĻOFLâĻQBSBTUJ ĻVOĻQùDĻUBNĻBUĮBVK WFJLUĻLPOUSPMùUVĻSJUFĪVĻJ[TMăEùtBOV ĻOPUFJLUâ 8CFĦVęLCCVDCNUVU &KPCOKUMęUVCDKNKVęVGUWPXKNEġLURġMCMQPVTQNGUUKUVġOC BVHTUVNâĻQBDFĮPUJFTĻBJ[NVHVSFTĻEBĮBJ ĻVO QùDĻUBNĻJFKBVDBTĻVOĻTUBCJMJ[ùĻBVUPNPCJMJ -BJĻJ[WùMùUPTĻ5RQTVĻSFxăNV ĻSăLPKJFUJFTĻtâEJ +BĻWBEăUâKTĻBQUVSĻLPOUSPMùUPĻJ[TMăEùtBOV ĻBUMBJ xPUĻBLTFMFSBUPSBĻQFEâMJ ĻUBEĻ%45$ĻTJTUùNB JFKBVDBTĻVOĻTUBCJMJ[ùĻBVUPNPCJMJ 5RQTVĻSFxăNâĻNBLTJNâMâĻWJMLNFĻUJFL TBTOJFHUB ĻKBĻBVUPNPCJMJTĻJSĻJFTUJE[JTĻWBJĻCSBV DBUĻQBĻOFTUBCJMVĻWJSTNV ĻQJFN ĻTNJMUăNĻWBJ E[JĮVĻTOJFHV /PTQJFEJFUĻWJEVTLPOTPMFTĻUBVTUJĪVĻ/; %#4ĻVOĻEJTQMFKBĻJ[WùMĪVĻTJTUùNâĻBUSPEJFU /[8 &56%Ļ *OGPSNâDJKVĻQBSĻJ[WùMĪV TJTUùNV ĻTLBUăUĻMQQĻ /PUăSJFUĻJ[WùMFTĻSÜUJĪVĻVOĻJ[FKJFUĻOPĻJ[WùMĪV TJTUùNBT ĻOPTQJFxPUĻ':+6 5BHBEĻTJTUùNBĻBUCBMTUBĻTQPSUJTLâLV CSBVLtBOBTĻTUJMV 5RQTVĻSFxăNTĻJSĻBLUăWT ĻLBNùSĻWBEăUâKTĻBUDFĮĻUâ J[WùMJĻWBJĻLBNùSĻE[JOùKTĻUJFLĻJ[TMùHUTĻĻOâLBN SFJ[ĻJFEBSCJOPUĻE[JOùKV Ļ%45$ĻTJTUùNBĻBULBM CÜTĻOPSFHVMùUBĻQBSBTUBKâĻSFxăNâ 5KODQNKWP\KĮQLWOKFKURNGLę 5KODQNU# 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK &56%·UNCKE+<5. %45$ĻTJTUùNBĻV[ĻMBJLVĻOFEBSCPKBTĻCSFNxVĻEJTLVĻQâSNùSăHBTĻTBLBStBOBTĻEùĮĻfăĻGVOLDJKBĻUJLTĻBVUPNâ UJTLJĻWùMSFJ[ĻJFTMùHUB ĻUJLMăE[ĻCSFN[FTĻCÜTĻBUE[JTVtBT &56%,ÉXGKECRMQRG %45$ĻTJTUùNBĻJSĻEFBLUJWùUB p "QUVSJFUĻBVUPNBtăOVĻESPtâĻWJFUâ ĻJ[TMùE[JFUĻE[JOùKVĻVOĻWùMSFJ[ĻJFEBSCJOJFU p +BĻ[JĪPKVNTĻOFJ[[ÜE ĻCSBVDJFUĻV[ĻTFSWJTV ĻJFUFJDBNTĻV[Ļ7PMWPĻQJMOWBSPUVĻTFSWJTV /GUUCIG 4QJEPNFUSBĻEJTQMFKâĻJSĻSFE[BNTĻ[JĪPKVNTĻĻJ[MBTJFUĻUP /FQâSUSBVLUJĻEFH ĻTFLVOEFT *FEBSCJOPUĻE[JOùKV ĻUJFLĻWFJLUBĻTJTUùNBTĻQâSCBVEF VO `` 8CFĦVęLCCVDCNUVU &KPCOKUMęUVCDKNKVęVGUWPXKNEġLURġMCMQPVTQNGUUKUVġOC 5KODQNU# 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK .JSHP %45$ĻTJTUùNBĻUJFLĻBLUJWùUB *SĻBLUJWùUTĻ5RQTVĻSFxăNT " 4JNCPMJĻJSĻTIFNBUJTLJ 8CFĦVęLCCVDCNUVU %GīC\ĦOLWKPHQTOęEKLC45+ 8KURęTĦICKPHQTOęEKLCRCT45+ $4ÿ&+0ó,7/5 34*ĻOFEBSCPKBTĻWJTâTĻTJUVâDJKâT ĻUBÀVĻUBNĻJS UJLBJĻQBMăHMăE[FLĮBĻGVOLDJKB 7BEăUâKTĻWJFONùSĻJSĻBUCJMEăHTĻQBSĻESPtV BVUPNBtăOBTĻWBEătBOVĻVOĻTQùLâĻFTPtP DFĮVĻTBUJLTNFTĻOPUFJLVNVĻJFWùSPtBOV +GTQDGäQLWOCXCKCWVQOCĥKUVTęNGU DGKICU &CTDĦDC *OTUSVNFOUVĻQBOFMăĻBQUVWFOJĻĻTFLVOEFTĻJS BUUùMPUBĻBUCJMTUPtBĻDFĮB[ăNF ĻKBĻ34*ĻOPTBLB [ăNJ ĻLBTĻJSĻTBJTUăUBĻBSĻâUSVNBĻJFSPCFxPKVNB CFJHâNĻrĻWBJĻLâĻDJUâEJĻJSĻTBJTUăUBĻBSĻâUSVNV QJFNùSBN ĻBVUPNBīJTUSâMFTĻCFJHBT 0QNCUđOQđVTWOCKGTQDGåQLWOC\ĝOLWRKGOĘTK fâEVĻ[ăNKVĻQJFNùSJ $FĮB[ăNKVĻJOGPSNâDJKBTĻGVOLDJKBĻ 34*ĻqĻ3PBE 4JHOĻ*OGPSNBUJPO ĻQBMăE[ĻWBEăUâKBNĻBUDFSùUJFT LâEâNĻDFĮB[ăNùNĻBVUPNPCJMJTĻJSĻQBCSBVDJT HBSâN ĻDJUBĻTUBSQâĻTOJFE[PUĻJOGPSNâDJKVĻQBS QBtSFJ[ùKPĻâUSVNV ĻBVUPNBīJTUSâMFTĻWBJĻDFĮB TâLVNVCFJHâNĻVOĻBQE[ătBOBTĻBJ[MJFHVNJFN +BĻBVUPNPCJMJTĻQBCSBVDĻHBSâNĻHBOĻ[ăNFJĻQBS BVUPUSBOTQPSUBNĻQBSFE[ùUVĻBVUPNBīJTUSâMJ DFĮV ĻHBOĻ[ăNFJ ĻLBTĻOPSâEBĻNBLTJNâMP BUĮBVUPĻCSBVLtBOBTĻâUSVNV Ļ34*ĻQBSâEBĻNBL TJNâMâĻBUĮBVUâĻCSBVLtBOBTĻâUSVNBĻ[ăNFTĻTJN CPMV /PUFJLUâTĻTJUVâDJKâTĻLPQâĻBS QBtSFJ[ùKâĻâUSVNBĻJFSPCFxP KVNBĻTJNCPMVĻWBSĻUJLUĻQBSâ EăUBĻBSăĻBQE[ătBOBTĻBJ[MJF HVNBĻ[ăNF 7JTVĻJFSPCFxPKVNVĻCFJHBT 4GĜKUVTĘVđđVTWOCKPHQTOđEKLC +BĻ34*ĻJSĻSFīJTUSùKVTJĻâUSVNBĻJFSPCFxPKVNB DFĮB[ăNJĻ ĻUBEĻtăĻ[ăNFĻUJFLĻQBSâEăUBĻJOTUSV NFOUVĻQBOFMăĻLâĻTJNCPMT "VUPNBīJTUSâMFTĻCFJHBT *OTUSVNFOUVĻQBOFMăĻSFE[BNâTĻDFĮB[ăNFTĻJSĻBULBSăHBTĻOPĻWBMTUTĻrĻSPLBTHSâNBUBTĻJMVTUSâDJKâTĻJSĻSFE[BNJĻUJLBJĻEBxJĻQJFNùSJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU %GīC\ĦOLWKPHQTOęEKLC45+ 1ùDĻUBNĻ[ăNKVĻJOGPSNâDJKBĻUJFLĻQBTMùQUB ĻMăE[ UJFLĻOPUFJLUBĻOâLBNâĻBSĻâUSVNVĻTBJTUăUâĻ[ăNF 2CRKNFW\ĦOGU ĂUSVNBĻJFSPCFxPKVNT ĻLBTĻJS TQùLâ ĻOPCSBVDPUĻOPĻâUSHBJ UBTĻDFĮB ĻUJFLĻOPSâEăUT ĻJ[NBO UPKPUĻQBQJMEVĻ[ăNJĻBSĻCVMUJĪV ĂUSVNBĻJFSPCFxPKVNBĻ[ăNFT LBTĻJSĻTBJTUăUBTĻBSĻtâEBĻWFJEB QBQJMEVĻ[ăNùN ĻUJFLĻSâEăUBTĻUJLBJĻHBEăKVNâ ĻKB WBEăUâKTĻJSĻJFTMùE[JTĻQBHSJF[JFOBĻSâEăUâKV %BxJĻâUSVNBĻJFSPCFxPKVNJĻJS TQùLâĻUJLBJĻQùDĻOPUFJLUBĻBUUâ MVNBĻWBJĻOPUFJLUâĻEJFOOBLUT MBJLâĻ7BEăUâKTĻUJFLĻJOGPSNùUT QBSĻtâEVĻJOGPSNâDJKV Ļ[FN âUSVNBĻJFSPCFxPKVNBĻTJN CPMBĻBUUùMPKPUĻUVLtVĻSâNJ 2CRKNFW\ĝOLWRKGOĘTK %BxSFJ[ĻWJFOBNĻVOĻUBNĻQBtBNĻDFĮBNĻJS OPUFJLUJĻBUtĸJSăHJĻâUSVNBĻJFSPCFxPKVNJĻĻUâEâ HBEăKVNâĻQBQJMEVĻ[ăNFĻOPSâEBĻBQTUâLĮVT LâEPTĻJSĻTQùLâĻBUtĸJSăHJFĻCSBVLtBOBTĻâUSVNJ ,POLSùUBJTĻDFĮBĻQPTNTĻWBS ĻQJFNùSBN ĻCÜU ăQBtJĻCăTUBNTĻTBUJLTNFJĻMJFUÜĻVOWBJĻNJHMâ 2CRKNFWKPHQTOęEKLCUTęFĦÝCPC 5VLtTĻSâNăUJTĻ[FNĻâUSVNB TJNCPMBĻJOTUSVNFOUVĻQBOFMă OP[ăNù ĻLBĻ34*ĻJSĻOPUFJLVTJ QBQJMEVĻ[ăNJĻBSĻQBQJMEJOGPS NâDJKVĻQBSĻQBtSFJ[ùKPĻâUSVNB JFSPCFxPKVNV 1BQJMEVĻ[ăNFĻBSĻJOGPSNâDJKVĻQBSĻMJFUVĻUJFL SâEăUBĻUJLBJĻHBEăKVNâ ĻKBĻUJFLĻMJFUPUJĻWùKTUJLMBĻUăSă UâKJ *OTUSVNFOUVĻQBOFMăĻSFE[BNâTĻDFĮB[ăNFTĻJSĻBULBSăHBTĻOPĻWBMTUTĻrĻSPLBTHSâNBUBTĻJMVTUSâDJKâTĻJSĻSFE[BNJĻUJLBJĻEBxJĻQJFNùSJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +\XġNPGU/;%#4KGUVCVĦLWOK 34*ĻPQDJKBTĻJSĻQJFFKBNBTĻ/;%#4ĻJ[WùMĪVĻTJT UùNâ ĻTLBUăUĻMQQĻ %GīC\ĦOLWKPHQTOęEKLCKGUNġIVCK\UNġIVC *OTUSVNFOUVĻQBOFĮBĻâUSVNBĻJFSPCFxPKVNBĻTJN CPMVĻSâEăKVNVTĻWBSĻEFBLUJWùUĻ-BJĻEFBLUJWùUV 34*ĻGVOLDJKV p /PUăSJFUĻPQDJKBTĻ4QCF5KIP+PHQTOCVKQP 3PBEĻ4JHOĻ*OGPSNBUJPOĻ0O ĻJ[WùMJĻJ[WùMOù 5GVVKPIU %CTUGVVKPIU 4QCF5KIP +PHQTOCVKQPĻVOĻEPEJFUJFTĻBUQBLBĮ ĻOPTQJF xPUĻ':+6 8CFĦVęLCCVDCNUVU %GīC\ĦOLWKPHQTOęEKLC45+ $TĦFKPęLWOURCTęVTWOCRęTUPKGIÝCPW +GTQDGäQLWOK 34*ĻGVOLDJKBTĻLBNFSBTĻTFOTPSBĻEBSCăCBĻJS JFSPCFxPUBĻUâQBUĻLâĻDJMWùLBĻBDTĻEBSCăCBĻ1MB tâLBĻJOGPSNâDJKBĻQBSĻUPĻJSĻTOJFHUBĻĻMQQ 34*ĻGVOLDJKBĻOFSFīJTUSùĻ[ăNFT ĻLBTĻOFUJFtJ TOJFE[ĻJOGPSNâDJKVĻQBSĻTQùLâĻFTPtVĻâUSVNB JFSPCFxPKVNV ĻQJFNùSBN ĻQJMTùUVSBKPOV OPTBVLVNBĻ[ăNFT făTĻGVOLDJKBTĻEBSCăCVĻWBSĻQâSUSBVLU 7BEăUâKTĻWBSĻJ[WùMùUJFTĻTBĪFNUĻCSăEJOâKVNVĻ LBEĻTQùLâĻFTPtBJTĻâUSVNBĻJFSPCFxPKVNTĻUJFL QâSTOJFHUTĻQBSĻĻLNIĻWBJĻWBJSâLĻfJTĻCSăEJOâ KVNTĻUJFLĻTOJFHUT ĻâUSVNBĻQâSTOJFHtBOBTĻMBJLâ ăTMBJDăHJĻNJSHPKPUĻTJNCPMBN ĻLBTĻOPSâEBĻTQùLâ FTPtPĻNBLTJNâMPĻâUSVNV p p p p p J[CBMùKVtBTĻ[ăNFT $FĮBĻMăLVNPTĻJ[WJFUPUBTĻ[ăNFT 1BHSJF[UBTĻWBJĻCPKâUBTĻ[ăNFT 1BTMùQUBTĻWBJĻTMJLUJĻJ[WJFUPUBTĻ[ăNFT "SĻTBMOV ĻTOJFHVĻVOWBJĻEVCĮJFNĻQJMOăHJĻWBJ EBĮùKJĻOPLMâUBTĻ[ăNFT -BJĻBLUJWùUVĻâUSVNBĻQâSTOJFHtBOBTĻCSăEJOâ KVNV p /PUăSJFUĻPQDJKBTĻ5RGGFCNGTVĻ 4QFFEĻ"MFSU J[WùMJĻJ[WùMOùĻ5GVVKPIU %CTUGVVKPIU 5RGGFCNGTVĻVOĻEPEJFUJFTĻBUQBLBĮ ĻOPTQJF xPUĻ':+6 Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU óVTWOCKGTQDGäQVęLU 8KURęTĦICKPHQTOęEKLCRCTęVTWOC KGTQDGäQVęLW 4QFFEĻ-JNJUFS ĻWBSĻV[UWFSUĻLâĻLSVă[BĻLPOUSPMJ LBTĻEBSCPKBTĻQSFUùKJĻĻWBEăUâKTĻSFHVMùĻâUSVNV BSĻBLTFMFSBUPSBĻQFEâMJ ĻCFUĻâUSVNBĻJFSPCFxP UâKTĻOFĮBVKĻWJĪBNĻQâSTOJFHUĻJFQSJFLtĻJ[WùMùUVĻ JFTUBUăUVĻâUSVNV &CTDĦDC "UMBTăUBJTĻâUSVNT ĂUSVNBĻJFSPCFxPUâKTĻBLUJWJ[ùUT +GUNġF\KGVWPCMVKXġLKGV ,BEĻâUSVNBĻJFSPCFxPUâKTĻJSĻBLUJWJ[ùUT ĻUâĻTJN CPMTĻ ĻUJFLĻQBSâEăUTĻLPQâĻBSĻBU[ăNJĻ ĻLBT EJTQMFKâĻBUSPEBTĻCMBLVTĻJFTUBUăUBKBNĻNBLTJNâ MBKBNĻâUSVNBN "VHTUâLâĻJFTQùKBNâĻâUSVNBĻJ[WùMJĻVOĻTBHMBCâ tBOVĻBUNJĪâĻWBSĻWFJLUĻHBOĻCSBVDJFOBĻMBJLâ HBOĻUBE ĻLBEĻBVUPNPCJMJTĻTUâWĻV[ĻWJFUBT 3JUJOJFUĻBSĻ ĻUBVTUJĪV ĻLBNùSĻJOTUSVNFOUV QBOFMăĻCMBLVTĻWùMBNBKBNĻNBLTJNâMBKBN âUSVNBNĻUJFLĻQBSâEăUBĻBU[ăNFĻ 5BHBEĻâUSVNBĻJFSPCFxPUâKTĻJSĻBLUJWùUT VOĻJ[WùMùUBJTĻNBLTĻâUSVNTĻJSĻTBHMBCâUT BUNJĪâ óVTWOCOCKPĦÝCPC -BJĻNBJOăUVĻTBHMBCâUPĻâUSVNV p 7FJDJFUĻSFHVMùtBOV ĻăTJĻOPTQJFxPUĻ ĻWBJ ĻĻJLSFJ[ĻOPTQJFxPU ĻâUSVNTĻNBJOâTĻQBS ĻĻLNIĻ1ùEùKBJTĻJFTUBUăKVNTĻUJFL TBHMBCâUTĻBUNJĪâ $TCWMÝCPCUNCKMę /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ ĻMBJ JFTMùHUVĻâUSVNBĻJFSPCFxPUâKV *OTUSVNFOUVĻQBOFĮBĻEJTQMFKâĻJ[HBJTNP KBTĻâUSVNBĻJFSPCFxPUâKBĻTJNCPMTĻ 5VĨTGUXCFĝDCUVCUVCVĨTCWPKPUVTWOGPVWRCPGNKU &KIKVCNXCK#PCNQIWG ĂUSVNBĻJFSPCFxPUâKTĻĻJFTMùHUTĻĻJ[TMùHUT (BJEătBOBTĻSFxăNTĻUJFLĻQâSUSBVLUT ĻVO BUKBVOPKBTĻBUNJĪâĻTBHMBCâUBJTĻâUSVNT (BJEătBOBTĻSFxăNT "LUJWùKJFUĻVOĻOPSFHVMùKJFUĻNBLTĻâUSVNV +BĻBVUPNPCJMJTĻCSBVDĻBSĻWùMBNPĻWJTBVH TUâLPĻJFTQùKBNPĻâUSVNVĻ/PTQJFEJFUĻTUÜ ĻLBNùS SFTĻWBEăCBTĻUBVTUJĪVĻ ĻWBJĻ JOTUSVNFOUVĻQBOFMăĻCMBLVTĻWùMBNBKBN NBLTJNâMBJTĻâUSVNBNĻUJFLĻQBSâEăUB BU[ăNFĻ 5BHBEĻâUSVNBĻJFSPCFxPUâKTĻJSĻBLUJWùUT VOĻJ[WùMùUBJTĻNBLTĻâUSVNTĻJSĻTBHMBCâUT BUNJĪâ #WVQOQDKNKOUVęXQV /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ JFTMùHUVĻâUSVNBĻJFSPCFxPUâKV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ĻMBJ -BJĻOPSFHVMùUVĻ ĻĻLNI p 5VSJFUĻOPTQJFTUVĻUBVTUJĪVĻVOĻBUMBJEJFU ĻLBE JOTUSVNFOUVĻQBOFMăĻCMBLVTĻWùMBNBKBN NBLTJNâMBKBNĻâUSVNBNĻUJFLĻQBSâEăUB BU[ăNFĻ ÿUNCKEĦICFGCMVKXġÝCPCICKFĦÝCPCU TGäĦOU -BJĻăTMBJDăHJĻEFBLUJWùUVĻâUSVNBĻJFSPCFxPUâKVĻVO JFTUBUăUVĻUBNĻHBJEătBOBTĻSFxăNV p /PTQJFEJFUĻ %JTQMFKBĻBU[ăNFĻ ĻLSâTBĻNBJOâTĻOP ;"Ě"4ĻV[Ļ#"-56Ļ %JHJUBM ĻWBJĻOPĻ#"- 5"4ĻV[Ļ;"Ě6Ļ "OBMPHVF ĻVOĻWBEăUâKT WBSĻăTMBJDăHJĻQâSTOJFHUĻJFTUBUăUPĻNBLTJ NâMPĻâUSVNV 8CFĦVęLCCVDCNUVU óVTWOCKGTQDGäQVęLU ĂUSVNBĻJFSPCFxPUâKVĻWBSĻWùMSFJ[ĻBLUJWJ [ùU ĻWJFOVĻSFJ[JĻOPTQJFxPUĻ ĻĻUâEâ HBEăKVNâĻEJTQMFKBĻBU[ăNFĻ ĻNBJOB LSâTVĻOPĻ#"-5"4ĻV[Ļ;"Ě6Ļ %JHJUBM ĻWBJ OPĻ1&-ð,"4ĻV[Ļ#"-56Ļ "OBMPHVF ĻVO BVUPNBtăOBTĻNBLTĻâUSVNTĻJSĻBULBM JFSPCFxPUT ÿUNCKEĦICFGCMVKXġÝCPCCTCMUGNGTCVQTC RGFęNK ĂUSVNBĻJFSPCFxPUâKBNĻWBSĻJFTUBUăUĻHBJEătBOBT SFxăNVĻBSă ĻOPTQJFxPUĻBLTFMFSBUPSBĻQFEâMJ QJFN ĻKBĻLâEâĻTJUVâDJKâĻTUSBVKJĻKâQBMJFMJOB âUSVNT p -ăE[ĻHBMBNĻOPTQJFEJFUĻBLTFMFSBUPSB QFEâMJ %JTQMFKâĻJSĻSFE[BNTĻTBHMBCâUBJTĻNBLTJ NâMBJTĻâUSVNTĻBSĻJFLSâTPUVĻBU[ăNJĻ VOĻWBEăUâKTĻWBSĻăTMBJDăHJĻQâSTOJFHUĻJFTUB UăUPĻNBLTJNâMPĻâUSVNVĻĻEJTQMFKB BU[ăNFĻ ĻtBKâĻMBJLâĻNBJOBĻLSâTVĻOP ;"Ě"4ĻV[Ļ#"-56Ļ %JHJUBM ĻWBJĻOPĻ#"- 5"4ĻV[Ļ;"Ě6Ļ "OBMPHVF "UMBJxPUĻBLTFMFSBUPSBĻQFEâMJ ĻâUSVNB JFSPCFxPUâKTĻUJFLĻBVUPNâUJTLJĻWùMSFJ[ BLUJWJ[ùUT ĻVOĻBVUPNBtăOBTĻâUSVNT TBNB[JOâTĻ[FNĻJ[WùMùUâĻĻBUNJĪâĻTBHMB CâUâĻNBLTJNâMâĻâUSVNBĻSPCFxBTĻĻEJT QMFKBĻBU[ăNFĻ ĻNBJOBĻLSâTVĻOPĻ#"-54 V[Ļ;"Ě6Ļ %JHJUBM ĻWBJĻOPĻ1&-ð,"4ĻV[ #"-56Ļ "OBMPHVF ĻVOĻBVUPNBtăOBT NBLTJNâMBJTĻâUSVNTĻBULBMĻJSĻJFSPCFxPUT 5MCĮCUUKIPęNULCKTRęTUPKGIVUęVTWOU 5BHBEĻWBEăUâKTĻWBSĻMJFUPUĻBLTFMFSBUPSB QFEâMJ ĻMBJĻJ[WùMùUPTĻâUSVNVĻCF[ĻJFSPCF xPKVNB #SBVDPUĻQBĻTUâWJFNĻDFĮJFN ĻFGFLUTĻCSFN[ùtB OBJĻBSĻE[JOùKVĻWBSĻCÜUĻOFBEFLWâUTĻVOĻJ[WùMùUBJT NBLTJNâMBJTĻâUSVNTĻWBSĻUJLUĻQâSTOJFHUTĻ7BEă UâKVĻQBSĻUPĻCSăEJOBĻTLBĪBTĻTJHOâMT 4JHOâMTĻTLBO ĻLBNùSĻWBEăUâKTĻTBNB[JOB âUSVNVĻ[FNĻJ[WùMùUâĻNBLTJNâMâĻâUSVNBĻSPCF xBT 2+'<ÿ/' +BĻâUSVNTĻJSĻCJKJTĻQâSTOJFHUTĻQBSĻWJTNB[ ĻLNI ĻTJHOâMTĻJFTMùE[BTĻUJLBJĻQùD ĻTFLVOEùNĻBSĻOPUFJLVNV ĻLBĻQùEùKâT QVTNJOÜUFTĻMBJLâĻOBWĻOPTQJFTUTĻOFĻUBVTUJĪt ĻOFĻ &GCMVKXK\ġV -BJĻEFBLUJWùUVĻâUSVNBĻJFSPCFxPUâKV p /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ %JTQMFKâĻJ[[ÜEĻâUSVNBĻJFSPCFxPUâKBĻTJN CPMTĻVOĻJFTUBUăUâĻâUSVNBĻBU[ăNFĻ 5âEùKâEJĻJFTUBUăUBJTĻVOĻTBHMBCâUBJT âUSVNTĻUJFLĻJ[E[ùTUTĻOPĻBUNJĪBTĻVOĻUP WBJSTĻOFWBSùTĻBUKBVOPU ĻOPTQJFxPUĻ UBVTUJĪV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU -TWĦ\MQPVTQNG 8KURęTĦICKPHQTOęEKLCRCT%% &CTDĦDC ,SVă[BĻLPOUSPMFĻ $$ĻqĻ$SVJTFĻ$POUSPM ĻQBMăE[ WBEăUâKBNĻV[UVSùUĻOFNBJOăHVĻâUSVNV ĻĮBVKPU SFMBLTùUJĻWFJLUĻHBSVTĻCSBVDJFOVTĻQBĻâUSHBJUBT DFĮJFNĻVOĻUBJTOJFNĻHBMWFOBKJFNĻDFĮJFNĻBS WJFONùSăHVĻTBUJLTNFTĻQMÜTNV $4ÿ&+0ó,7/5 7BEăUâKBNĻJSĻWJFONùSĻKâJFWùSPĻTBUJLTNFT OPUFJLVNJĻVOĻKâJFKBVDBT ĻKBĻLSVă[BĻLPOUSPMF OFV[UVSĻQJFNùSPUVĻâUSVNVĻVOWBJĻQJFNù SPUVĻBUUâMVNV 7BEăUâKTĻWJFONùSĻJSĻBUCJMEăHTĻQBSĻESPtV BVUPNBtăOBTĻWBEătBOV 5VĨTGUXCFĝDCUVCWUVKĺKWPFKURNGLUCWVQOQDKĹKGO DG\đVTWOCKGTQDGåQVđLC 5VĨTGUXCFĝDCUVCWUVKĺKWPFKURNGLUCWVQOQDKĹKGO CTđVTWOCKGTQDGåQVđLW ,SVă[BĻLPOUSPMFĻĻJFTMùHUBĻĻJ[TMùHUB (BJEătBOBTĻSFxăNTĻUJFLĻQâSUSBVLUT ĻVO BUKBVOPKBTĻBUNJĪâĻTBHMBCâUBJTĻâUSVNT (BJEătBOBTĻSFxăNT "LUJWùKJFUĻVOĻOPSFHVMùKJFUĻâUSVNV *[WùMJFUJFTĻâUSVNVĻ 1&-ð,4ĻĻHBJEătBOBT SFxăNT ,SVă[BĻLPOUSPMFĻBLUJWùUBĻĻ#"-54ĻTJNCPMT 1&-ð,4ĻĻHBJEătBOBTĻSFxăNT #MVKXK\ġÝCPCWPęVTWOCKGUVCVĦÝCPC -BJĻJFTQùKPUVĻLSVă[BĻLPOUSPMJ p /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ 7PMWPĻJ[QMBUăUâKBNĻJSĻBLUVâMBĻJOGPSNâDJKBĻQBSĻBQSăLPKVNV ĻLBTĻJFUJMQTUĻLBUSBTĻWBMTUTĻUJSHVNĻQBSFE[ùUBKâĻTQFDJGJLâDJKâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU -TWĦ\MQPVTQNG %JTQMFKâĻSFE[BNBJTĻTJNCPMTĻ ĻNBJOB LSâTVĻOPĻ1&-Ă,"4ĻV[Ļ#"-56ĻVOĻOPSâEB LBĻLSVă[BĻLPOUSPMFĻBUSPEBTĻHBJEătBOBT SFxăNâ -BJĻBLUJWùUVĻLSVă[BĻLPOUSPMJ p ,BEĻJSĻTBTOJFHUTĻWBKBE[ăHBJTĻâUSVNT OPTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ ,SVă[BĻLPOUSPMJĻOFWBSĻJFTQùKPU ĻKBĻCSBVLtB OBTĻâUSVNTĻJSĻ[FNâLTĻQBSĻĻLNI óVTWOCOCKPĦÝCPC -BJĻNBJOăUVĻTBHMBCâUPĻâUSVNV p 7FJDJFUĻSFHVMùtBOV ĻăTJĻOPTQJFxPUĻ ĻWBJ ĻĻJLSFJ[ĻOPTQJFxPU ĻâUSVNTĻNBJOâTĻQBS ĻĻLNIĻ1ùEùKBJTĻJFTUBUăKVNTĻUJFL TBHMBCâUTĻBUNJĪâ -BJĻOPSFHVMùUVĻ ĻĻLNI p 5VSJFUĻUBVTUJĪVĻOPTQJFTUVĻVOĻBUMBJEJFUĻUP LBEĻJSĻTBTOJFHUTĻWBKBE[ăHBJTĻâUSVNT ÿUNCKEĦICFGCMVKXġÝCPCICKFĦÝCPCU TGäĦOU -BJĻăTMBJDăHJĻJ[TMùHUVĻLSVă[BĻLPOUSPMJĻVOĻJFTUBUăUV UBJĻHBJEătBOBTĻSFxăNV p /PTQJFEJFUĻ QBSĻĻNJOÜUJ p QâSOFTVNVĻQâSTMùHTĻUJFLĻQâSWJFUPUTĻOFJU SâMBKâĻQP[ăDJKâĻ BVUPNâUJTLâĻQâSOFTVN LâSCB JFTUBUăUPĻâUSVNVĻJMHâLĻQBSĻĻNJOÜUJ 5VSPUĻKFCLVSVĻOPĻLSVă[BĻLPOUSPMFTĻUBVTUJ ĪJFNĻOPTQJFTUVĻWBJSâLBTĻNJOÜUFT ĻUâĻUJFL CMPĸùUBĻVOĻEFBLUJWJ[ùUBĻ-BJĻWBSùUVĻWùMSFJ[ JFTMùHUĻLSVă[BĻLPOUSPMJ ĻBVUPNBtăOBĻJSĻKâBQ UVS ĻE[JOùKTĻKâJ[TMùE[ĻVOĻWùMSFJ[ĻKâJFTMùE[ 1BtSFJ[ùKBJTĻâUSVNTĻUJFLĻTBHMBCâUTĻBUNJĪâ VOĻQJFĻJ[WùMùUâĻâUSVNTĻUJFLĻQBSâEăUT QVOLUTĻ p TBKÜHBĻQFEâMJTĻUJFLĻUVSùUTĻOPTQJFTUTĻJMHâL p WBEăUâKTĻTBHMBCâĻâUSVNV ĻLBTĻJSĻMJFMâLTĻQBS 2+'<ÿ/' ĻWBJ 2+'<ÿ/' įTMBJDăHTĻâUSVNBĻQBMJFMJOâKVNTĻBSĻBLTFMFSBUPSB QFEâMJ ĻQJFN ĻBQE[ătBOBTĻMBJLâ ĻOFJFUFLNù LSVă[BĻLPOUSPMFTĻJFTUBUăKVNVĻĻBUMBJxPUĻBLTFMF SBUPSBĻQFEâMJ ĻBVUPNPCJMJTĻBUKBVOPĻJFTUBUăUP âUSVNV %JTQMFKâĻSFE[BNBJTĻQVOLUTĻ ĻVOĻTJNCPMT ĻNBJOBĻLSâTVĻOPĻ#"-5"4ĻV[Ļ1&-ð,6 #WVQOęVKUMUICKFĦÝCPCUTGäĦOU ,SVă[BĻLPOUSPMFĻUJFLĻăTMBJDăHJĻEFBLUJWùUBĻVOĻUBJ UJFLĻJFTUBUăUTĻHBJEătBOBTĻSFxăNT ĻKB p SJUFĪJĻ[BVEùKVtJĻTBĸFSJ p UJFLĻOPTQJFTUTĻCSFNxVĻQFEâMJT p âUSVNTĻTBNB[JOâTĻ[FNĻBQNùSBNĻĻLNI 5âEâĻHBEăKVNâĻWBEăUâKBNĻQBtBNĻKâSFHVMù BVUPNPCJĮBĻâUSVNT #VLCWPKPęVKGUVCVĦVQęVTWOW -BJĻWùMSFJ[ĻBLUJWùUVĻLSVă[BĻLPOUSPMJ ĻLBEĻJS JFTMùHUTĻHBJEătBOBTĻSFxăNT p /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ %JTQMFKâĻSFE[BNBJTĻQVOLUTĻ ĻVOĻTJNCPMT ĻNBJOBĻLSâTVĻOPĻ1&-ð,"4ĻV[Ļ#"-56 VOĻUJFLĻJFTUBUăUTĻQùEùKBJTĻBUNJĪâĻTBHMBCâ UBJTĻâUSVNT 2+'<ÿ/' ĂUSVNTĻWBSĻQJFBVHUĻQBSĻOPUFJLUVĻWùSUăCV UJLBJĻQùDĻUBN ĻLBEĻâUSVNTĻJSĻBUKBVOPUT ĻBUMB TPUĻ &GCMVKXK\ġV ,SVă[BĻLPOUSPMJĻWBSĻJ[TMùHU ĻOPTQJFxPUĻTUÜSFT WBEăCBTĻUBVTUJĪVĻ ĻWBJĻJ[TMùE[PUĻE[JOùKVĻ JFTUBUăUBJTĻâUSVNTĻUJFLĻJ[E[ùTUTĻOPĻBUNJĪBTĻVO %FBLUJWùKPUĻUPĻVOĻJ[WùMPUJFTĻBVHTUâLVĻWBJĻ[FNâLVĻQâSOFTVNV ĻOFUJFLĻJFTMùHUTĻHBJEătBOBTĻSFxăNT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU -TWĦ\MQPVTQNG UPĻWBJSTĻOFWBSùTĻBUKBVOPU ĻOPTQJFxPUĻ UJĪV ĻUBVT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCT##% CFCRVĦXęMTWĦ\CMQPVTQNG "EBQUăWâĻLSVă[BĻLPOUSPMFĻ "$$ĻqĻ"EBQUJWF $SVJTFĻ$POUSPM ĻQBMăE[ĻWBEăUâKBNĻTBHMBCâU ESPtVĻBUUâMVNVĻMăE[ĻQSJFLtâĻCSBVDPtBKBN USBOTQPSUMăE[FLMJNĻ"EBQUăWâĻLSVă[BĻLPOUSPMF ĮBVKĻSFMBLTùUJĻWFJLUĻHBSVTĻCSBVDJFOVTĻQBĻâUSHBJ UBTĻDFĮJFNĻVOĻUBJTOJFNĻHBMWFOBKJFNĻDFĮJFNĻBS WJFONùSăHVĻTBUJLTNFTĻQMÜTNV 7BEăUâKTĻJFTUBUBĻWùMBNPĻâUSVNVĻVOĻMBJLBĻJOUFS WâMVĻMăE[ĻQSJFLtâĻCSBVDPtBKBNĻUSBOTQPSUMăE[FL MJNĻ+BĻSBEBSBĻEFUFLUPSTĻV[UWFSĻQSJFLtâĻMùOJ CSBVDPtVĻUSBOTQPSUMăE[FLMJ ĻâUSVNTĻUJFLĻBVUP NâUJTLJĻQJFMâHPUTĻtăĻUSBOTQPSUMăE[FLĮBĻâUSV NBNĻ,BEĻDFĮtĻBULBMĻJSĻCSăWT ĻBVUPNPCJMJT BUKBVOPĻJ[WùMùUPĻâUSVNV +BĻBEBQUăWâĻLSVă[BĻLPOUSPMFĻUJFLĻJ[TMùHUBĻWBJĻUBJ UJFLĻJFTUBUăUTĻHBJEătBOBTĻSFxăNTĻVOĻBVUPNPCJMJT QJFCSBVDĻQâSâLĻUVWVĻQSJFLtâĻFTPtBKBNĻUSBOT QPSUMăE[FLMJN ĻUBEĻEJTUBODFTĻCSăEJOâKVNBĻGVOL DJKBĻ TLBUăUĻMQQĻ ĻCSăEJOBĻWBEăUâKVĻQBSĻUP ĻLB TUBSQĻUSBOTQPSUMăE[FLĮJFNĻJSĻOFMJFMTĻBUUâMVNT $4ÿ&+0ó,7/5 (WPMEKLC 7BEăUâKBNĻJSĻWJFONùSĻKâJFWùSPĻTBUJLTNFT OPUFJLVNJĻVOĻKâJFKBVDBT ĻKBĻBEBQUăWâĻLSVă[B LPOUSPMFĻOFV[UVSĻQJFNùSPUVĻâUSVNVĻWBJĻQJF NùSPUVĻBUUâMVNV "EBQUăWâĻLSVă[BĻLPOUSPMFĻOFTQùKĻUJLUĻHBMâĻBS WJTâNĻTBUJLTNFTĻTJUVâDJKâN ĻWJTJFNĻMBJLB BQTUâLĮJFNĻVOĻDFĮBĻTUâWPLĮJFN -BJĻJFHÜUVĻJOGPSNâDJKVĻQBSĻBEBQUăWâTĻLSVă[B LPOUSPMFTĻJFSPCFxPKVNJFN ĻJ[MBTJFUĻWJTVĻtP OPEBĮVĻ1JSNTĻTâLUĻMJFUPUĻBEBQUăWPĻLSVă[B LPOUSPMJ ĻWBEăUâKBNĻKâJFQB[ăTUBTĻBSĻtPĻJOGPS NâDJKV 7BEăUâKBNĻWJFONùSĻKâV[ĪFNBTĻBUCJMEăCBĻQBS QBSFJ[BĻBUUâMVNBĻVOĻâUSVNBĻV[UVSùtBOVĻQBU UBE ĻKBĻUJFLĻMJFUPUBĻBEBQUăWâĻLSVă[BĻLPOUSPMF (WPMEKLWRđTUMCVU #SăEJOâKVNBĻMBNQJĪBĻĻWBEăUâKBNĻKâCSFN[ù QBtBN 4UÜSFTĻWBEăCBTĻUBTUBUÜSB 58#4ÿ)+ "EBQUăWâTĻLSVă[BĻLPOUSPMFTĻTJTUùNBTĻLPN QPOFOUVĻBQLPQJĻESăLTUĻWFJLUĻUJLBJĻTFSWJTâĻ JFUFJDBNTĻBVUPSJ[ùUâĻ7PMWPĻTFSWJTâ 3BEJPMPLâDJKBTĻTFOTPST "EBQUăWPĻQBTUâWăHBĻâUSVNBĻV[UVSùtBOBTĻTJT UùNVĻWFJEPĻQBTUâWăHBĻâUSVNBĻV[UVSùtBOBTĻTJT UùNBĻVOĻTBTLBĪPUBĻBUTUBSQKVĻTJTUùNB #WVQOęVKUMęRęTPGUWOMęTDC "VUPNBtăOâNĻBSĻBVUPNâUJTLPĻQâSOFTVNLâSCV JSĻQBQMBtJOâUBĻGVOLDJPOBMJUâUFĻBSĻBEBQUăWâT LSVă[BĻLPOUSPMFTĻSJOEâĻTUâWùtBOBTĻQBMăHTJT UùNV ĻTLBUăUĻMQQĻ *&7ð30+*&5ĻBUUùMTĻJSĻTIFNBUJTLT ĻVOĻEBxâEJFNĻBVUPNPCJĮVĻNPEFĮJFNĻEFUBĮBTĻWBSĻBUtĸJSUJFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC $4ÿ&+0ó,7/5 "EBQUăWâĻLSVă[BĻLPOUSPMFĻOBWĻTBEVSTNFT OPWùStBOBTĻTJTUùNBĻ+BĻTJTUùNBĻOFV[UWFS QSJFLtâĻCSBVDPtVĻUSBOTQPSUMăE[FLMJ ĻWBEăUâ KBNĻJSĻKâJFKBVDBT "EBQUăWâĻLSVă[BĻLPOUSPMFĻOFCSFN[ù ĻKBĻUâ V[UWFSĻDJMWùLVTĻWBJĻE[ăWOJFLVT ĻLâĻBSă NB[VTĻUSBOTQPSUMăE[FLĮVT ĻQJFNùSBN ĻWFMP TJQùEVTĻVOĻNPUPDJLMVTĻ5âQBUĻUâ OFCSFN[ù ĻKBĻUJFLĻV[UWFSUJĻQSFUăĻCSBVDPtJ MùOJĻWBJĻTUâWPtJĻUSBOTQPSUMăE[FLĮJĻVOĻQSJFL tNFUJ /FJ[NBOUPKJFUĻBEBQUăWPĻLSVă[BĻLPOUSPMJ ĻQJF NùSBN ĻQJMTùUBTĻTBUJLTNù ĻJOUFOTăWâ TBUJLTNù ĻDFĮVĻLSVTUPKVNPT ĻV[ĻTMJEFOJFN WBJĻBQQMÜEVtJFNĻDFĮJFN ĻtĮÜEPOă ĻTUJQSâ MJFUÜTOJFHâ ĻTMJLUBTĻSFE[BNăCBTĻBQTUâLĮPT V[ĻMăLVNPUJFNĻWBJĻTMJEFOJFNĻDFĮJFN "UUâMVNVĻMăE[ĻQSJFLtùKBNĻUSBOTQPSUMăE[FLMJN HBMWFOPLâSUĻNùSBĻSBEJPMPLâDJKBTĻTFOTPST ,SVă[BĻLPOUSPMFĻSFHVMùĻâUSVNVĻBSĻBVUPNPCJĮB HBJUBTĻQBâUSJOâtBOVĻVOĻCSFN[ùtBOVĻ*SĻOPS NâMJ ĻKBĻCSFN[FTĻJ[EPEĻLMVTVĻTLBĪV ĻLBEĻUâT J[NBOUPĻBEBQUăWâĻLSVă[BĻLPOUSPMF $4ÿ&+0ó,7/5 ,SVă[BĻLPOUSPMFJĻCSFN[ùKPU ĻCSFNxVĻQFEâMJT UJFLĻQâSWJFUPUTĻ/FUVSJFUĻLâKVĻ[FNĻCSFNxV QFEâĮB ĻQSFUùKâĻHBEăKVNâĻUâĻWBSĻUJLU JFTQJFTUB "EBQUăWâTĻLSVă[BĻLPOUSPMFTĻNùSĸJTĻJSĻCSBVLUĻBJ[ QSJFLtâĻFTPtâĻUSBOTQPSUMăE[FLĮBĻQBĻUPĻQBtV KPTMV ĻJFWùSPKPUĻWBEăUâKBĻJFTUBUăUPĻMBJLBĻJOUFS WâMVĻ+BĻSBEJPMPLâDJKBTĻTFOTPSTĻQSJFLtâĻBVUP NPCJMJNĻOFV[UWFSĻOFWJFOVĻDJUVĻUSBOTQPSUMă E[FLMJ ĻUBEĻBVUPNPCJMJTĻTBHMBCâĻLSVă[BĻLPOUSP MFJĻJFTUBUăUPĻâUSVNVĻ5âĻOPUJFLĻBSăĻUBE ĻKB QSJFLtâĻFTPtâĻUSBOTQPSUMăE[FLĮBĻâUSVNTĻQâS TOJFE[ĻLSVă[BĻLPOUSPMFJĻJFTUBUăUPĻâUSVNV "EBQUăWâTĻLSVă[BĻLPOUSPMFTĻNùSĸJTĻJSĻV[UVSùU WJFONùSăHVĻâUSVNVĻ4JUVâDJKâT ĻLBEĻOFQJFDJF tBNTĻTUSBVKJĻCSFN[ùU ĻUBTĻWBEăUâKBNĻKâEBSB QBtBNĻ5BTĻOPUJFLĻUâEPTĻHBEăKVNPT ĻLBEĻJS MJFMBTĻâUSVNBĻBUtĸJSăCBTĻWBJĻBSăĻQSJFLtùKBJT USBOTQPSUMăE[FLMJTĻTUSBVKJĻCSFN[ùĻ3BEBSBĻTFO TPSBĻEBSCăCBTĻJFSPCFxPKVNVĻEùĮĻCSFN[ùtBOB WBSĻOPUJLUĻOFHBJEăUJĻWBJĻOFOPUJLUĻOFNB[ ĻTLBUăU MQQĻ [JFOVĻTLBJUTĻLĮÜTUĻQâSâLĻNB[T ĻLSVă[BĻLPOUSPMFJ UJFLĻJFTUBUăUTĻHBJEătBOBTĻSFxăNT ĻLVSâĻWBJST OFOPUJFLĻBVUPNâUJTLBĻCSFN[ùtBOBĻĻUâEâ HBEăKVNâĻWBEăUâKBNĻJSĻKâQâSĪFNĻWBEăCB ĻMBJ TBHMBCâUVĻESPtVĻBUUâMVNVĻMăE[ĻQSJFLtâĻCSBVDP tBKBNĻUSBOTQPSUMăE[FLMJN $TĦFKPęLWOCNCORKĮCXCFĦVęLCO LęDTGO\ġRCÝCO "EBQUăWâTĻLSVă[BĻLPOUSPMFTĻCSFN[ùtBOBT TQùKBĻJSĻFLWJWBMFOUBĻWBJSâLĻOFLâĻĻOPĻBVUP NPCJĮBĻCSFN[ùtBOBTĻTQùKBT +BĻBVUPNBtăOBĻKâCSFN[ùĻTQùDăHâL ĻOFLâĻUP TQùKĻLSVă[BĻLPOUSPMF ĻVOĻWBEăUâKTĻOFCSFN[ù UBEĻLSVă[BĻLPOUSPMFĻJ[NBOUPĻTBEVSTNFTĻCSăEJ OâKVNBĻTJTUùNBTĻCSăEJOâKVNBĻMBNQJĪVĻVOĻTLB ĪBTĻTJHOâMVĻ TLBUJFUĻBUUùMVĻĻMQQ ĻMBJĻCSăEJ OâUVĻWBEăUâKV ĻLBĻOFQJFDJFtBNBĻUÜMăUùKBĻJFKBVL tBOâT "EBQUăWPĻLSVă[BĻLPOUSPMJĻWBSĻBLUJWùU ĻMBJĻBVUP NPCJMJTĻTFLPUVĻDJUBNĻUSBOTQPSUMăE[FLMJNĻBS âUSVNVĻOPĻĻLNIĻMăE[ĻĻLNIĻ+BĻâUSVNT TBNB[JOâTĻ[FNĻĻLNIĻWBJĻE[JOùKBĻBQHSJF 3JOEâĻTUâWùtBOBTĻQBMăHTJTUùNBĻ BVUPNBtăOâNĻBSĻBVUPNâUJTLPĻQâSOFTVNLâSCV ĻEBSCPKBTĻCSBVDPUĻBSĻâUSVNVĻĻLNI ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 2+'<ÿ/' 4QùDăHâĻTBVMFTĻHBJTNâĻWBJĻMJFUPKPUĻTBVMFT CSJMMFTĻCSăEJOâKVNBĻMBNQJĪBTĻTBTLBUătBOB WBSĻCÜUĻBQHSÜUJOâUB 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC $4ÿ&+0ó,7/5 #4ęVTWOCKGTQDGäQVęLW $'<ęVTWOCKGTQDGäQVęLC ,SVă[BĻLPOUSPMFĻCSăEJOBĻUJLBJĻQBSĻUSBOTQPSUMă E[FLĮJFN ĻLVSVTĻJSĻV[UWùSJTĻSBEJPMPLâDJKBT TFOTPSTĻ5âEùĮĻCSăEJOâKVNTĻWBSĻOFUJLU TOJFHUTĻWBJĻWBSĻUJLUĻTOJFHUTĻBSĻOPLBWùtBOPT /FHBJEJFUĻCSăEJOâKVNV ĻMBJĻCSFN[ùUV ĻLBE UBTĻJSĻOFQJFDJFtBNT 5VęXKEGīKWPXCKUOCICDCIęäC 1BUVSJFUĻQSâUâ ĻLBĻBEBQUăWPĻLSVă[BĻLPOUSPMJĻHBM WFOPLâSUĻJSĻQBSFE[ùUTĻJ[NBOUPUĻCSBVLtBOBJĻQB MăE[FOJFNĻDFĮJFNĻ#SBVDPUĻQBĻTUâWJFNĻMFKVQF KPtJFNĻDFĮJFN ĻBSĻTNBHVĻCBHâxVĻWBJĻQJFLBCJ LSVă[BĻLPOUSPMFJĻWBSĻTBHâEâUĻHSÜUăCBTĻTBHMBCâU QBSFJ[VĻBUUâMVNVĻMăE[ĻQSJFLtâĻCSBVDPtBKBN USBOTQPSUMăE[FLMJNĻĻUâEâĻHBEăKVNâĻCSBVDJFU ăQBtJĻQJFTBSE[ăHJĻVOĻFTJFUĻHBUBWTĻCSFN[ùU &CTDĦDC 4UÜSFTĻWBEăCBTĻUBTUBUÜSBTĻEJ[BJOTĻBUtĸJSBT BULBSăCâĻOPĻUâ ĻWBJĻBVUPNBtăOBĻJSĻBQSăLPUBĻBS âUSVNBĻJFSPCFxPUâKV ,SVă[BĻLPOUSPMFĻĻJFTMùHUBĻĻJ[TMùHUB (BJEătBOBTĻSFxăNTĻUJFLĻQâSUSBVLUT ĻVO BUKBVOPKBTĻBUNJĪâĻTBHMBCâUBJTĻâUSVNT (BJEătBOBTĻSFxăNT -BJLBĻJOUFSWâMTĻĻQBMJFMJOâUĻĻTBNB[JOâU "LUJWùKJFUĻVOĻOPSFHVMùKJFUĻâUSVNV ;BĮtĻNBSĸùKVNTĻQJFĻTBHMBCâUâĻâUSVNB #"-54ĻĻHBJEătBOBTĻSFxăNT -BJLBĻBUUâMVNT "$$ĻJSĻBLUăWB ĻLBEĻTJNCPMTĻJSĻ;"ĚĂĻLSâTâ #"-54ĻĻHBJEătBOBTĻSFxăNT (BJEătBOBTĻSFxăNTĻUJFLĻQâSUSBVLUT ĻVO BUKBVOPKBTĻBUNJĪâĻTBHMBCâUBJTĻâUSVNT ,SVă[BĻLPOUSPMFĻĻJFTMùHUBĻĻJ[TMùHUBĻWBJ HBJEătBOBTĻSFxăNT -BJLBĻJOUFSWâMTĻĻQBMJFMJOâUĻĻTBNB[JOâU "LUJWùKJFUĻVOĻOPSFHVMùKJFUĻâUSVNV /FUJFLĻJ[NBOUPUT ;BĮtĻNBSĸùKVNTĻQJFĻTBHMBCâUâĻâUSVNB #"-54ĻĻHBJEătBOBTĻSFxăNT -BJLBĻBUUâMVNT "$$ĻJSĻBLUăWB ĻLBEĻTJNCPMTĻJSĻ;"ĚĂĻLSâTâ #"-54ĻĻHBJEătBOBTĻSFxăNT 7PMWPĻJ[QMBUăUâKBNĻJSĻBLUVâMBĻJOGPSNâDJKBĻQBSĻBQSăLPKVNV ĻLBTĻJFUJMQTUĻLBUSBTĻWBMTUTĻUJSHVNĻQBSFE[ùUBKâĻTQFDJGJLâDJKâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC 7JFOMBJLVTĻUJFLĻOPSâEăUT âUSVNBĻEJBQB[POT #MVKXK\ġÝCPCWPęVTWOCKGUVCVĦÝCPC -BJĻJFTQùKPUVĻLSVă[BĻLPOUSPMJ p /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪV Ļ EJTQMFKâĻ ĻUJFLĻQBSâEăUTĻMăE[ăHTĻTJNCPMT #"-5ĂĻLSâTâ ĻLBTĻOPSâEB ĻLBĻLSVă[BĻLPO USPMFĻBUSPEBTĻHBJEătBOBTĻSFxăNâ -BJĻBLUJWùUVĻLSVă[BĻLPOUSPMJ p ,BEĻJSĻTBTOJFHUTĻWBKBE[ăHBJTĻâUSVNT OPTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ ĻWBJ 1BtSFJ[ùKBJTĻâUSVNTĻUJFLĻTBHMBCâUTĻBUNJĪâ EJTQMFKâĻBQUVWFOJĻTFLVOEJĻBQĻJ[WùMùUP âUSVNVĻJSĻSFE[BNTĻQBMJFMJOâNBJTĻTUJLMT VOĻNBSĸùKVNTĻ ĻNBJOBĻLSâTVĻ#"-5"4ĻV[ 1&-ð,6 ,BEĻtJTĻEJTQMFKBĻTJNCPMTĻNBJOB LSâTVĻOPĻ#"-5"4ĻV[Ļ1&-ð,6 LSVă[BĻLPOUSPMFĻJSĻJFTMùHUBĻVOĻBVUP NPCJMJTĻTBHMBCâĻBUNJĪâĻTBHMBCâUPĻâUSVNV ,SVă[BĻLPOUSPMFĻLPOUSPMù CVVęNWOWĻMăE[ĻQSJFLtâĻFTPtB KBNĻUSBOTQPSUMăE[FLMJNĻUJLBJ HBEăKVNâ ĻKBĻEJTQMFKâĻJS SFE[BNTĻDJUBĻUSBOTQPSUMă E[FLĮBĻBUUùMT pĻMJFMâLBJTĻâUSVNTĻBSĻ;"Ě6 NBSĸùKVNVĻ ĻJSĻJFQSJFLt JFQSPHSBNNùUBJTĻâUSVNT pĻNB[âLBJTĻâUSVNTĻJSĻQSJFLtâ CSBVDPtâĻUSBOTQPSUMăE[FLĮBĻâUSVNT óVTWOCOCKPĦÝCPC -BJĻNBJOăUVĻTBHMBCâUPĻâUSVNV p 7FJDJFUĻSFHVMùtBOV ĻăTJĻOPTQJFxPUĻ ĻWBJ ĻĻJLSFJ[ĻOPTQJFxPU ĻâUSVNTĻNBJOâTĻQBS ĻĻLNIĻ1ùEùKBJTĻJFTUBUăKVNTĻUJFL TBHMBCâUTĻBUNJĪâ +BĻâUSVNTĻUJFLĻQBMJFMJOâUT ĻQJSNTĻUBVTUJĪB ĻOPTQJFtBOBTĻOPTQJFxPUĻBLTFMFSB UPSBĻQFEâMJ ĻUBEĻLSVă[BĻLPOUSPMFTĻBUNJĪâ UJFLĻTBHMBCâUTĻBVUPNBtăOBTĻâUSVNT ĻBS LâEVĻBVUPNBtăOBĻQâSWJFUPKVTJFTĻUBVTUJĪB OPTQJFtBOBTĻMBJLâ -BJĻOPSFHVMùUVĻ ĻĻLNI p 5VSJFUĻUBVTUJĪVĻOPTQJFTUVĻVOĻBUMBJEJFUĻUP LBEĻJSĻTBTOJFHUTĻWBKBE[ăHBJTĻâUSVNT 2+'<ÿ/' 5VSPUĻKFCLVSVĻOPĻLSVă[BĻLPOUSPMFTĻUBVTUJ ĪJFNĻOPTQJFTUVĻWBJSâLBTĻNJOÜUFT ĻUâĻUJFL CMPĸùUBĻVOĻEFBLUJWJ[ùUBĻ-BJĻWBSùUVĻWùMSFJ[ JFTMùHUĻLSVă[BĻLPOUSPMJ ĻBVUPNBtăOBĻJSĻKâBQ UVS ĻE[JOùKTĻKâJ[TMùE[ĻVOĻWùMSFJ[ĻKâJFTMùE[ %BxâTĻTJUVâDJKâTĻLSVă[BĻLPOUSPMJĻOFWBS JFTMùHUĻ5âEâĻHBEăKVNâĻEJTQMFKâĻQBSâEâT -TWÔ\CMQPVTQNG0CXRKGGLCOC ĻTLBUăU MQQĻ +GUVCVĦVNCKMCKPVGTXęNW 7BSĻJ[WùMùUJFTĻEBxâEVTĻMBJLB JOUFSWâMVTĻMăE[ĻQSJFLtâĻCSBV DPtBKBNĻUSBOTQPSUMăE[FLMJN LBTĻUJFLĻEJTQMFKâĻBUUùMPUJĻLâ ĻIPSJ[POUâMBTĻMăOJKBTĻĻKP WBJSâLĻMăOJKV ĻKPĻJMHâLTĻMBJLB JOUFSWâMTĻ7JFOBĻMăOJKBĻBUCJMTU BQNùSBNĻĻTFLVOEFJĻMăE[ĻQSJFLtâĻCSBVDPtB KBNĻUSBOTQPSUMăE[FLMJN ĻĻMăOJKBTĻĻBQNùSBN ĻTFLVOEùN -BJĻJFTUBUăUVNBJOăUVĻMBJLBĻBUUâMVNV p 1BHSJF[JFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪBĻăLtĸSBUV WBJĻJ[NBOUPKJFUĻUBVTUJĪVTĻ ĻBVUPNP CJĮJFNĻCF[ĻâUSVNBĻJFSPCFxPUâKB /FMJFMâĻâUSVNâ ĻLBEĻBUUâMVNJĻJSĻNB[J ĻBEBQUăWâ QBTUâWăHBĻâUSVNBĻV[UVSùtBOBTĻTJTUùNB OFEBVE[ĻQBMJFMJOBĻMBJLBĻJOUFSWâMV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC "EBQUăWâĻQBTUâWăHBĻâUSVNBĻV[UVSùtBOBTĻTJT UùNBĻOPUFJLUâTĻTJUVâDJKâTĻQJFĮBVKĻJFWùSPKBNV MBJLBĻJOUFSWâMBĻNBJĪV ĻMBJĻBVUPNPCJMJTĻWBSùUV TFLPUĻQSJFLtùKBNĻUSBOTQPSUMăE[FLMJNĻWJFONù SăHJĻVOĻWJFHMJ ÙFNJFUĻWùSâU ĻLBĻOFQBSFE[ùUVĻTBUJLTNFTĻQSP CMùNVĻHBEăKVNâĻăTTĻMBJLBĻJOUFSWâMTĻWBEăUâKBN OPESPtJOBĻăTVĻSFBīùtBOBTĻVOĻSăLPtBOâTĻMBJLV 5BTĻQBUTĻTJNCPMTĻUJFLĻQBSâEăUTĻBSăĻUBE ĻLBEĻJS BLUJWùUTĻEJTUBODFTĻCSăEJOâKVNT ĻTLBUăU MQQĻ 2+'<ÿ/' -JFUPKJFUĻUJLBJĻUâEVTĻMBJLBĻJOUFSWâMVT ĻLâEJĻJS BUĮBVUJĻWJFUùKPTĻTBUJLTNFTĻOPUFJLVNPT +BĻtĸJFU ĻLBĻLSVă[BĻLPOUSPMFĻQùDĻBLUJWùtB OBTĻOFSFBīù ĻJFTQùKBNT ĻUBTĻJSĻUâEùĮ ĻLB MBJLBĻBUUâMVNTĻMăE[ĻQSJFLtâĻFTPtBKBNĻUSBOT QPSUMăE[FLMJNĻOFĮBVKĻQBMJFMJOâUĻâUSVNV +PĻMJFMâLTĻâUSVNT ĻKPĻMJFMâLTĻBQSùĸJOâUBJT BUUâMVNTĻNFUSPTĻOPUFJLUâĻMBJLBĻJOUFSWâMâ ÿUNCKEĦICFGCMVKXġÝCPCICKFĦÝCPCU TGäĦOU -BJĻăTMBJDăHJĻJ[TMùHUVĻLSVă[BĻLPOUSPMJĻVOĻJFTUBUăUV UBJĻHBJEătBOBTĻSFxăNV p /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ fJTĻEJTQMFKBĻTJNCPMTĻVOĻBUNJĪâĻTBHMB CâUBJTĻâUSVNBĻNBSĸùKVNTĻNBJOB LSâTVĻOPĻ;"Ě"4ĻV[Ļ#"-56 8CFĦDCUVCUVCVĹTCDG\ęVTWOC KGTQDGäQVęLC -BJĻăTMBJDăHJĻJ[TMùHUVĻLSVă[BĻLPOUSPMJĻVOĻJFTUBUăUV UBJĻHBJEătBOBTĻSFxăNV p /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ )CKFĦÝCPCUTGäĦOCKGUVCVĦÝCPCXCFĦVęLC KGLCWMÝCPęUFġī ,SVă[BĻLPOUSPMFĻUJFLĻăTMBJDăHJĻEFBLUJWùUB ĻVOĻUBJ BVUPNâUJTLJĻUJFLĻJFTUBUăUTĻHBJEătBOBTĻSFxăNT KB p UJFLĻOPTQJFTUTĻCSFNxVĻQFEâMJT p TBKÜHBĻQFEâMJTĻUJFLĻUVSùUTĻOPTQJFTUTĻJMHâL QBSĻĻNJOÜUJ p QâSOFTVNVĻQâSTMùHTĻJSĻQâSWJFUPUTĻ0ĻQP[ă DJKâĻ BVUPNâUJTLâĻQâSOFTVNLâSCB p WBEăUâKTĻTBHMBCâĻâUSVNV ĻLBTĻJSĻMJFMâLTĻQBS JFTUBUăUPĻâUSVNVĻJMHâLĻQBSĻĻNJOÜUJ 5âEâĻHBEăKVNâĻWBEăUâKBNĻQBtBNĻKâSFHVMù BVUPNPCJĮBĻâUSVNT įTMBJDăHTĻâUSVNBĻQBMJFMJOâKVNTĻBSĻBLTFMFSBUPSB QFEâMJ ĻQJFN ĻBQE[ătBOBTĻMBJLâ ĻOFJFUFLNù LSVă[BĻLPOUSPMFTĻJFTUBUăKVNVĻĻBUMBJxPUĻBLTFMF SBUPSBĻQFEâMJ ĻBVUPNPCJMJTĻBUKBVOPĻQùEùKP BUNJĪâĻTBHMBCâUPĻâUSVNV #WVQOęVKUMUICKFĦÝCPCUTGäĦOU "EBQUăWâĻLSVă[BĻLPOUSPMFĻJSĻBULBSăHBĻOPĻDJUâN TJTUùNâN ĻQJFNùSBNĻ%45$Ļ TLBUăUĻMQQĻ +BĻLâEBĻOPĻtăNĻTJTUùNâNĻQâSUSBVDĻEBSCăCV BEBQUăWâĻQBTUâWăHBTĻUFNQFSBUÜSBTĻV[UVSùtB OBTĻTJTUùNBĻBVUPNâUJTLJĻUJFLĻEFBLUJWùUB "VUPNâUJTLâTĻEFBLUJWùtBOBTĻHBEăKVNâĻTLBOùT TJHOâMTĻVOĻEJTQMFKâĻQBSâEăTJFTĻ[JĪPKVNT -TWÔ\CMQPVTQNG#VEGNVCĻ5âEâĻHBEăKVNâ WBEăUâKBNĻJSĻKâJFKBVDBTĻVOĻKâQJFMâHPĻâUSVNTĻVO BUUâMVNTĻQSJFLtâĻCSBVDPtBKBNĻUSBOTQPSUMă E[FLMJN "VUPNâUJTLâĻEFBLUJWùtBOBĻWBSĻOPUJLUĻtâEV JFNFTMVĻEùĮ p p p p p p p WBEăUâKTĻBUWFSĻEVSWJT WBEăUâKTĻBUTQSâE[ùĻESPtăCBTĻKPTUV E[JOùKBĻâUSVNTĻJSĻQâSâLĻ[FNTBVHTUT âUSVNTĻTBNB[JOâTĻ[FNĻĻLNI SJUFĪJĻ[BVEùKVtJĻTBĸFSJ CSFNxVĻUFNQFSBUÜSBĻJSĻQâSâLĻBVHTUB SBEBSBĻTFOTPSTĻJSĻBJ[TFHUT ĻQJFNùSBN ĻBS TMBQKVĻTOJFHVĻWBJĻTQùDăHBTĻMJFUVTHâ[FTĻEùĮ CMPĸùUJĻSBEBSBĻWJĮĪJ %FBLUJWùKPUĻUPĻVOĻJ[WùMPUJFTĻBVHTUâLVĻWBJĻ[FNâLVĻQâSOFTVNV ĻOFUJFLĻJFTMùHUTĻHBJEătBOBTĻSFxăNT /FBUUJFDBTĻV[ĻBVUPNBtăOâNĻBSĻSJOEâĻTUâWùtBOBTĻQBMăHTJTUùNVĻĻUâTĻTBNB[JOBĻâUSVNV ĻMăE[ĻQJMOăHJĻBQTUâKBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC #VLCWPKPęVKGUVCVĦVQęVTWOW ,SVă[BĻLPOUSPMJĻHBJEătBOBTĻSFxăNâĻWBSĻWùMSFJ[ BLUJWùU ĻWJFOVĻSFJ[JĻOPTQJFxPUĻTUÜSFTĻWBEăCBT UBVTUJĪVĻ ĻĻUâEâĻHBEăKVNâĻUJFLĻJFTUBUăUT QùEùKBJTĻBUNJĪâĻTBHMBCâUBJTĻâUSVNT 2+'<ÿ/' ĂUSVNTĻWBSĻQJFBVHUĻQBSĻOPUFJLUVĻWùSUăCV UJLBJĻQùDĻUBN ĻLBEĻâUSVNTĻJSĻBUKBVOPUT ĻBUMB TPUĻ %KVCVTCPURQTVNĦF\GMīCCRF\ĦÝCPC +BĻBVUPNPCJMJTĻTFLPĻDJUBNĻUSBOTQPSUMăE[FLMJN VOĻWBEăUâKTĻBSĻQBHSJF[JFOBĻSâEăUâKVĻTJHOBMJ[ù QBSĻUSBVDùUVĻBQE[ătBOV ĻLSVă[BĻLPOUSPMFĻQBMăE[ ăTMBJDăHJĻQBMJFMJOâUĻCSBVLtBOBTĻâUSVNV ĻUVWPKP UJFTĻQSJFLtâĻFTPtBKBNĻUSBOTQPSUMăE[FLMJN făĻGVOLDJKBĻJSĻBLUăWB ĻKBĻâUSVNT QâSTOJFE[ĻĻLNI $4ÿ&+0ó,7/5 ÙFNJFUĻWùSâ ĻLBĻtăĻGVOLDJKBĻWBSĻJFTMùHUJFTĻOF UJLBJĻBQE[ătBOBTĻMBJLâ ĻCFUĻBSăĻDJUâTĻTJUVâDJ KâT ĻQJFNùSBN ĻKBĻJSĻJFTMùHUTĻQBHSJF[JFOB SâEăUâKT ĻMBJĻTJHOBMJ[ùUVĻQBSĻKPTMBTĻNBJĪVĻWBJ J[CSBVLtBOVĻV[ĻDJUBĻDFĮBĻĻUâEâĻHBEăKVNâ BVUPNBtăOBĻăTVĻCSăEJĻQBMJFMJOBĻâUSVNV &GCMVKXK\ġV $4ÿ&+0ó,7/5 6CUVCVĹTCCTęVTWOCKGTQDGäQVęLW "EBQUăWPĻLSVă[BĻLPOUSPMJĻWBSĻEFBLUJWùU ĻĦUK OPTQJFxPUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ Ļ*FTUBUă UBJTĻâUSVNTĻUJFLĻJ[E[ùTUT ĻVOĻUPĻWBJSTĻOFWBSùT BUKBVOPU ĻOPTQJFxPUĻ ĻUBVTUJĪV 8CFĦDCUVCUVCVĹTCDG\ęVTWOC KGTQDGäQVęLC ÿUKĻOPTQJFxPUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ LSVă[BĻLPOUSPMFJĻUJFLĻJFTUBUăUTĻHBJEătBOBT SFxăNTĻ7ùMSFJ[ĻăTJĻOPTQJFxPU ĻLSVă[BĻLPOUSPMF UJFLĻEFBLUJWJ[ùUBĻ*FTUBUăUBJTĻâUSVNTĻUJFL J[E[ùTUT ĻVOĻUPĻWBJSTĻOFWBSùTĻBUKBVOPU ĻOPTQJF xPUĻ ĻUBVTUJĪV 2ęTUNġIÝCPęUPQ#%%W\%% 1âSTMùE[PUJFTĻOPĻTJTUùNBTĻ"$$ĻV[Ļ$$ BVUPNBtăOBĻWBJSTĻOFCSFN[ùĻBVUPNâUJTLJĻ UâĻWJFOLâStJĻV[UVSĻJFTUBUăUPĻâUSVNV 2ęTUNġIÝCPęUPQ%%W\#%% %FBLUJWJ[ùKJFUĻ$$ ĻĻSFJ[FTĻOPTQJFxPUĻ ĻLâ BQSBLTUăUTĻTBEBĮâĻ*[TMùHtBOBĻĻUBTUBUÜSBĻCF[ âUSVNBĻJFSPCFxPUâKBĻ/âLBNSFJ[ĻJFTMùE[PU TJTUùNV Ļ"$$ĻUJLTĻBLUJWJ[ùUT 4KPFęUVęXġÝCPCURCNĦIUKUVġOC "VUPNPCJĮJFNĻBSĻBVUPNâUJTLPĻQâSOFTVNLâSCV BEBQUăWâĻLSVă[BĻLPOUSPMFĻJSĻQBQJMEJOâUBĻBSĻSJOEâ TUâWùtBOBTĻQBMăHTJTUùNBTĻGVOLDJKVĻ UPĻEùWùĻBSă QBSĻ2VFVFĻ"TTJTU /PTQJFxPUĻUBVTUJĪV ĻWBSĻEFBLUJWùUĻLSVă[BĻLPO USPMFTĻBEBQUăWPĻFMFNFOUVĻ BUUâMVNBĻTJTUùNV Ļ UâEâĻHBEăKVNâĻBVUPNPCJMJTĻUJLBJĻTBHMBCâĻJFTUB UăUPĻâUSVNV 3JOEâĻTUâWùtBOBTĻQBMăHTJTUùNBJĻJSĻtâEBTĻGVO LDJKBT p 6WTQVPQURKGUVWĻTUÜSFTĻWBEăCBTĻUBVTUJĪV p .ùSĸBĻNBJĪB p "VUPNâUJTLâĻCSFN[ùtBOBĻUJFLĻQâSUSBVLUB ĻEJTQMFKBĻTJNCPMTĻNBJOâTĻOPĻ ĻV[Ļ 5BTĻBLUJWùĻTUBOEBSUBĻLSVă[BĻLPOUSPMJĻ$$ $SVJTFĻ$POUSPM ĻTLBUăUĻMQQĻ p 1BQMBtJOâUTĻâUSVNBĻEJBQB[POTĻĻBSăĻ[FN ĻLNIĻVOĻTUâWPUĻV[ĻWJFUBT KBĻBVUPNPCJMJTĻJSĻBQTUâKJFT ÙFNJFUĻWùSâ ĻLBĻWJT[FNâLBJTĻLSVă[BĻLPOUSPMFJ JFQSPHSBNNùKBNBJTĻâUSVNTĻJSĻĻLNIĻ-BJ HBOĻLSVă[BĻLPOUSPMFĻTQùKĻTFLPUĻDJUBNĻUSBOT ,SFJTâĻQBHSJF[JFOBĻSâEăUâKBĻQBNJSLtĸJOâtBOBĻBVUPNPCJĮJFNĻBSĻTUÜSJĻLSFJTBKâĻQVTùĻWBJĻMBCâĻQBHSJF[JFOBĻSâEăUâKBĻQBNJSLtĸJOâtBOBĻBVUPNPCJĮJFNĻBSĻTUÜSJĻMBCBKâĻQVTù Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC QPSUMăE[FLMJN ĻMăE[ĻUBTĻBQTUâKBT Ļ[FNâLV âUSVNVĻPGXCTĻJ[WùMùUJFT SFJ[ĻKâBLUJWùĻLSVă[BĻLPOUSPMFĻLâEâĻOPĻtJFNĻWFJ EJFN .KGNęMUęVTWOCFKCRC\QPU p /PTQJFEJFUĻTUÜSFTĻWBEăCBTĻUBVTUJĪVĻ 2+'<ÿ/' -BJĻWBSùUVĻJFTMùHUĻLSVă[BĻLPOUSPMJ ĻWBEăUâKB EVSWăNĻKâCÜUĻBJ[WùSUâNĻVOĻWBEăUâKBĻESPtă CBTĻKPTUBJĻĻQJFTQSâE[ùUBJ "VUPNPCJĮJFNĻBSĻBVUPNâUJTLPĻQâSOFTVN LâSCV ĻLSVă[BĻLPOUSPMFĻWBSĻTFLPUĻDJUBNĻUSBOT QPSUMăE[FLMJNĻâUSVNBĻEJBQB[POâĻĻLNI 2+'<ÿ/' -BJĻBLUJWùUVĻLSVă[BĻLPOUSPMJ ĻKBĻBVUPNPCJĮB âUSVNTĻJSĻNB[âLTĻQBSĻĻLNI ĻBVUPNPCJĮB QSJFLtâĻQJFĪFNBNâĻBUUâMVNâĻKâBUSPEBT DJUBNĻUSBOTQPSUMăE[FLMJN 7BJSâLBTĻSFJ[FTĻWFJDPUĻăTMBJDăHVĻBQTUâtBOPT QJFNùSBN ĻMùOBTĻTBUJLTNFTĻWBJĻMVLTPGPSBĻTJH OâMVĻEùĮ ĻCSBVLtBOBĻUJFLĻBVUPNâUJTLJĻBUTâLUB KBĻBQTUâtBOâTĻJMHVNTĻOFQâSTOJFE[ BQNùSBNĻĻTFLVOEFTĻ+BĻOFQJFDJFtBNTĻJMHâLT MBJLT ĻQJSNTĻQSJFLtâĻFTPtBJTĻUSBOTQPSUMăE[FLMJT BUTâLĻLVTUăCV ĻUBEĻLSVă[BĻLPOUSPMFJĻUJFLĻJFTUB UăUTĻHBJEătBOBTĻSFxăNTĻBSĻBVUPNâUJTLPĻCSFN[ù tBOBTĻGVOLDJKVĻ5âEâĻHBEăKVNâĻWBEăUâKBNĻWùM /ġTĨCOCKĮC WBJ p /PTQJFEJFUĻBLTFMFSBUPSBĻQFEâMJ ,SVă[BĻLPOUSPMFĻBUTâLTĻTFLPUĻQSJFLtâ CSBVDPtBKBNĻUSBOTQPSUMăE[FLMJN 2+'<ÿ/' 3JOEâĻTUâWùtBOBTĻQBMăHTJTUùNBĻWBSĻQBMăE[ùU OPUVSùUĻBVUPNBtăOVĻOFLVTUăHJĻNBLTJNâMJ ĻNJOÜUFTĻĻQùDĻUBNĻCSFN[FTĻUJFLĻBUCSăWP UBT 1MBtâLVĻJOGPSNâDJKVĻTLBUJFUĻUVSQNâLĻTBEBĮâ "VUPNâUJTLâTĻCSFN[ùtBOBTĻQâSUSBVLtBOB TUâWPtBJĻBVUPNBtăOBJ ,CRTKGMÞđGUQÞCKUOĘTķCVTCPURQTVNĝF\GMNKU RĘMÞĺKXGKERCITKG\KGPWKGURĘLCOUMCRTKGMÞđ CVTQFCUUVđXQÞKVTCPURQTVNĝF\GMĹK +BĻLSVă[BĻLPOUSPMFĻTFLPĻDJUBNĻUSBOTQPSUMăE[FL MJNĻBSĻâUSVNV ĻLBTĻOC\ęMUĻQBSĻĻLNIĻVO NBJOBĻNùSĸJĻOPĻLVTUăHBĻV[ĻTUâWPtVĻUSBOTQPSU MăE[FLMJ ĻLSVă[BĻLPOUSPMFĻTâLTĻCSFN[ùU ĻMBJ WFJLUVĻBQTUâtBOPT $4ÿ&+0ó,7/5 +BĻLSVă[BĻLPOUSPMFĻTFLPĻDJUBNĻUSBOTQPSUMă E[FLMJNĻBSĻâUSVNV ĻLBTĻRęTUPKGF\ĻĻLNI VOĻNùSĸJTĻUJFLĻNBJOăUTĻOPĻCSBVDPtBĻUSBOT QPSUMăE[FLĮBĻV[ĻTUâWPtV ĻLSVă[BĻLPOUSPMF JHOPSùĻTUâWPtPĻUSBOTQPSUMăE[FLMJ ĻUâĻWJFUâ J[WùMPUJFTĻTBHMBCâUPĻâUSVNV p 7BEăUâKBNĻJSĻQBtBNĻKâJFKBVDBTĻVO KâCSFN[ù Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC #WVQOęVKUMUICKFĦÝCPCUTGäĦOUCT OġTĨCOCKĮW p KBĻâUSVNTĻJSĻNB[âLTĻQBSĻĻLNIĻVOĻLSVă[B 3JOEâĻTUâWùtBOBTĻQBMăHTJTUùNBĻWBSĻQBMăE[ùU OPUVSùUĻBVUPNBtăOVĻOFLVTUăHJĻNBLTJNâMJ ĻNJOÜUFTĻĻQùDĻUBNĻCSFN[FTĻUJFLĻBUCSăWP UBT p KBĻâUSVNTĻJSĻNB[âLTĻQBSĻĻLNIĻVOĻQSJFLtâ 4LBĪBTĻTJHOâMTĻ ExJOLTUùtBOB ĻVOĻUFL TUBĻQB[JĪPKVNT ,SVă[BĻLPOUSPMFĻUJFLĻEFBLUJWùUBĻVOĻUBJĻUJFL JFTUBUăUTĻHBJEătBOBTĻSFxăNT LPOUSPMFĻOFWBSĻJ[tĸJSU ĻWBJĻNùSĸJTĻJSĻTUâ WPtTĻUSBOTQPSUMăE[FLMJTĻWBJĻDJUTĻQSJFLtNFUT QJFN ĻHVĮPtBJTĻQPMJDJTUT 58#4ÿ)+ FTPtBJTĻUSBOTQPSUMăE[FLMJTĻOPHSJFxBT ĻUâEù KâEJĻLSVă[BĻLPOUSPMFJĻWBJSTĻOBWĻLBNĻTFLPU #WVQOęVKUMęUDTGO\ġÝCPCU RęTVTCWMÝCPCMCFCWVQOQDKNKUUVęXW\ XKGVCU 3JOEâĻTUâWùtBOBTĻQBMăHTJTUùNBĻBQUVSĻBVUPNâ UJTLPĻCSFN[ùtBOV ĻLBEĻBVUPNPCJMJTĻTUâWĻV[ WJFUBT ĻtâEâTĻTJUVâDJKâT p WBEăUâKTĻBUWFSĻEVSWJT p WBEăUâKTĻBUTQSâE[ùĻESPtăCBTĻKPTUV 5BTĻOP[ăNù ĻLBĻCSFN[FTĻUJFLĻBUCSăWPUBTĻVO BVUPNPCJMJTĻTâLTĻSJQPUĻĻUâEùĮĻWBEăUâKBNĻKâJF KBVDBTĻVOĻQBtBNĻKâCSFN[ù ĻMBJĻOPUVSùUVĻBVUP NPCJMJĻV[ĻWJFUBT 7BEăUâKBĻV[NBOăCBĻUBNĻUJFLĻQJFWùSTUBĻWBJSâ LBTĻSFJ[FTĻBSĻQJFBVHPtVĻJOUFOTJUâUJ 4âLĻNJSHPUĻBSăĻWùKTUJLMâĻFTPtâĻCSăEJOâ KVNBĻMBNQJĪB /PUJFLĻBTBĻCSFN[ùtBOB 3JOEâĻTUâWùtBOBTĻQBMăHTJTUùNBĻBUCSăWPĻLâKBT CSFN[JĻVOĻUJFLĻJFTUBUăUBĻHBJEătBOBTĻSFxăNâĻBSă tâEâTĻTJUVâDJKâT p WBEăUâKTĻOPWJFUPĻLâKVĻV[ĻCSFNxVĻQFEâĮB p QâSOFTVNVĻQâSTMùHTĻUJFLĻQâSWJFUPUTĻ2 Ļ0 WBJĻ4ĻQP[ăDJKâ p WBEăUâKTĻJFTUBUBĻLSVă[BĻLPOUSPMFJĻHBJEătBOBT SFxăNV p UJFLĻJFTMùHUBĻTUâWCSFN[F 4CFKQNQMęEKLCUUGPUQTUWPVę KGTQDGäQLWOK 5VSQNâLĻNJOùUâTĻGVOLDJKBTĻJ[NBOUPĻOFĻUJLBJ BEBQUăWPĻLSVă[BĻLPOUSPMJ ĻCFUĻBSăĻSBEJPMPLâDJKBT TFOTPSV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET p 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUP NâUJTLPĻCSFN[ùtBOV ĻTLBUăUĻMQQĻ p %JTUBODFTĻCSăEJOâKVNT ĻTLBUăUĻMQQĻ 3BEJPMPLâDJKBTĻTFOTPSBĻGVOLDJKBĻJSĻV[UWFSUĻUBKâ QBtâĻWJS[JFOâĻVOĻUBKâĻQBtâĻKPTMâĻCSBVDPtVT BVUPNPCJĮVTĻWBJĻMJFMâLVTĻUSBOTQPSUMăE[FLĮVT 3BEJPMPLâDJKBTĻTFOTPSBĻNPEJGJDùtBOBĻWBSĻUP QBEBSăUĻQBSĻOFJ[NBOUPKBNV 58#4ÿ)+ +BĻJSĻSFE[BNJĻBVUPNBtăOBTĻQSJFLtùKâĻSFxīB CPKâKVNJĻWBJĻKBĻKVNTĻJSĻSBEVtâTĻBJ[EPNBT LBĻSBEBSBĻTFOTPSTĻWBSùUVĻCÜUĻCPKâUT p 4B[JOJFUJFTĻBSĻTFSWJTVĻĻJFUFJDBNTĻBS 7PMWPĻQJMOWBSPUVĻTFSWJTV făĻGVOLDJKBĻWBSĻQJMOăHJĻWBJĻEBĮùKJĻOFEBSCPUJFT rĻWBJĻEBSCPUJFTĻOFQBSFJ[JĻr ĻKBĻSFxīJT SBEBSBĻTFOTPSTĻWBJĻUâĻLSPOtUFJOTĻJSĻCPKâUT WBJĻOBWĻTUJOHSJĻOPTUJQSJOâUT 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC $4ÿ&+0ó,7/5 $4ÿ&+0ó,7/5 2+'<ÿ/' 7BEăUâKBNĻJSĻWJFONùSĻKâJFWùSPĻTBUJLTNFT OPUFJLVNJĻVOĻKâJFKBVDBT ĻKBĻBEBQUăWâĻLSVă[B LPOUSPMFĻOFV[UVSĻQJFNùSPUVĻâUSVNVĻWBJĻQJF NùSPUVĻBUUâMVNV "EBQUăWâĻLSVă[BĻLPOUSPMFĻOBWĻTBEVSTNFT OPWùStBOBTĻTJTUùNBĻ+BĻTJTUùNBĻOFV[UWFS QSJFLtâĻCSBVDPtVĻUSBOTQPSUMăE[FLMJ ĻWBEăUâ KBNĻJSĻKâJFKBVDBT /PESPtJOJFU ĻMBJĻWJFUBĻSBEJPMPLâDJKBTĻTFO TPSBĻQSJFLtQVTùĻCÜUVĻUăSBĻĻTLBUJFUĻTBEBĮV "QLPQFĻ "EBQUăWâĻLSVă[BĻLPOUSPMFĻOFTQùKĻUJLUĻHBMâĻBS WJTâNĻTBUJLTNFTĻTJUVâDJKâN ĻWJTJFNĻMBJLB BQTUâLĮJFNĻVOĻDFĮBĻTUâWPLĮJFN "EBQUăWâĻLSVă[BĻLPOUSPMFĻOFCSFN[ù ĻKBĻUâ V[UWFSĻDJMWùLVTĻWBJĻE[ăWOJFLVT ĻLâĻBSă NB[VTĻUSBOTQPSUMăE[FLĮVT ĻQJFNùSBN ĻWFMP TJQùEVTĻVOĻNPUPDJLMVTĻ5âQBUĻUâ OFCSFN[ù ĻKBĻUJFLĻV[UWFSUJĻQSFUăĻCSBVDPtJ MùOJĻWBJĻTUâWPtJĻUSBOTQPSUMăE[FLĮJĻVOĻQSJFL tNFUJ p QSJFLtâĻFTPtPĻUSBOTQPSUMăE[FLĮVĻâUSVNT -BJĻJFHÜUVĻJOGPSNâDJKVĻQBSĻBEBQUăWâTĻLSVă[B LPOUSPMFTĻJFSPCFxPKVNJFN ĻJ[MBTJFUĻWJTVĻtP OPEBĮVĻ1JSNTĻTâLUĻMJFUPUĻBEBQUăWPĻLSVă[B LPOUSPMJ ĻWBEăUâKBNĻKâJFQB[ăTUBTĻBSĻtPĻJOGPS NâDJKV 7BEăUâKBNĻWJFONùSĻKâV[ĪFNBTĻBUCJMEăCBĻQBS QBSFJ[BĻBUUâMVNBĻVOĻâUSVNBĻV[UVSùtBOVĻQBU UBE ĻKBĻUJFLĻMJFUPUBĻBEBQUăWâĻLSVă[BĻLPOUSPMF $4ÿ&+0ó,7/5 1BQJMEVĻBQSăLPKVNVĻWBJĻDJUVTĻQSJFLtNFUVT QJFNùSBN ĻQBQJMEVĻMVLUVSVT ĻOFESăLTU V[TUâEăUĻQSJFLtâĻSFTUùN /FJ[NBOUPKJFUĻBEBQUăWPĻLSVă[BĻLPOUSPMJ ĻQJF NùSBN ĻQJMTùUBTĻTBUJLTNù ĻJOUFOTăWâ TBUJLTNù ĻDFĮVĻLSVTUPKVNPT ĻV[ĻTMJEFOJFN WBJĻBQQMÜEVtJFNĻDFĮJFN ĻtĮÜEPOă ĻTUJQSâ MJFUÜTOJFHâ ĻTMJLUBTĻSFE[BNăCBTĻBQTUâLĮPT V[ĻMăLVNPUJFNĻWBJĻTMJEFOJFNĻDFĮJFN JFWùSPKBNJĻBUtĸJSBTĻOPĻKÜTVĻCSBVLtBOBT âUSVNB 2KGOġTKUKVWęEKLęOMWTęUMTWĦ\C MQPVTQNGPGFCTDQLCUQRVKOęNK 3BEBSBĻTFOTPSBĻSFE[FTĻMBVLTĻJSĻJFSPCFxPUT %BxâTĻTJUVâDJKâTĻDJUTĻUSBOTQPSUMăE[FLMJTĻWBS OFUJLUĻV[UWFSUTĻWBJĻV[UWFStBOBĻWBSĻOPUJLUĻWùMâL OFLâĻHBJEăUT 3BEBSBĻTFOTPSBĻTQùKBĻV[UWFSUĻQSJFLtâĻFTPtPT USBOTQPSUMăE[FLĮVTĻUJFLĻCÜUJTLJĻQBWâKJOâUB tâEPTĻBQTUâLĮPT p KBĻSBEBSBĻTFOTPSTĻUJFLĻCMPĸùUTĻVOĻOFWBS V[UWFSUĻDJUVTĻUSBOTQPSUMăE[FLĮVT ĻQJFNù SBN ĻTQùDăHâĻMJFUÜĻWBJĻTMBQKESBĪĸă ĻWBJ SBEBSBĻTFOTPSBĻQSJFLtâĻJSĻTBLSâKVtJFTĻDJUJ QSJFLtNFUJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC %BxSFJ[ĻSBEJPMPLâDJKBTĻTFOTPSTĻBSĻOPLBWù tBOPTĻOPTBLBĻUJFtâĻUVWVNâĻFTPtVTĻUSBOT QPSUMăE[FLĮVT ĻQJFNùSBN ĻUSBOTQPSUMăE[FLMJ LBTĻJFCSBVDĻTUBSQĻKÜTVĻWBEăUPĻBVUPNPCJMJ VOĻQSJFLtâĻFTPtBKJFNĻUSBOTQPSUMăE[FLĮJFN /FV[UWFSUJĻWBSĻQBMJLUĻNB[JĻUSBOTQPSUMă E[FLĮJ ĻUâEJĻLâĻNPUPDJLMJĻWBJĻUSBOTQPSUMă E[FLĮJ ĻLBTĻOFCSBVDĻSBEJPMPLâDJKBTĻTFO TPSBĻBTTĻMăOJKBTĻDFOUSâ 5VSLMâUĻUBTĻOP[ăNù ĻLBĻOFEBSCPKBTĻOFĻBEBQUăWâ QBTUâWăHBĻâUSVNBĻV[UVSùtBOBTĻTJTUùNB ĻEJT UBODFTĻCSăEJOâKVNT ĻOFĻTBEVSTNFTĻCSăEJOâ KVNBĻTJTUùNBĻBSĻBVUPNâUJTLPĻCSFN[ùtBOV 5âMâLĻFTPtBKâĻUBCVMâĻJSĻOPSâEăUJĻJFTQùKBNJF [JĪPKVNBĻQBSâEătBOBTĻDùMPĪJ ĻLâĻBSăĻWFJDBNâT EBSCăCBT -ăLVNPTĻSBEJPMPLâDJKBTĻTFOTPSTĻWBS V[UWFSUĻDJUVĻUSBOTQPSUMăE[FLMJĻWBJĻQB[BVEùU V[UWFSUBĻUSBOTQPSUăE[FLĮBĻTJHOâMV 6TCWEġLWOOGMNġÝCPCWPXGKECOęU FCTDĦDCU +BĻEJTQMFKâĻQBSâEâTĻ[JĪPKVNTĻ4CFCTU DNQMÐVU5MTQMCUITÉOCVW ĻUBTĻOP[ăNù ĻLB SBEBSBĻTFOTPSBĻTJHOâMJĻJSĻCMPĸùUVĻVOĻUSBOTQPSU MăE[FLĮVTĻBVUPNPCJĮBĻQSJFLtâĻOFWBSĻV[UWFSU #%%TGF\COĝDCUNCWMU %ġNQPKU 4ĦEĦDC 3BEBSBĻWJSTNBĻSFxīăĻJSĻOFUăSBĻWBJĻQâSTFHUBĻBSĻMFEVĻWBJĻTOJFHV 5ăSJFUĻOPĻSBEBSBĻWJSTNBTĻSFxīăĻOFUăSVNVT ĻMFEVĻVOĻTOJFHV 4QùDăHTĻMJFUVTĻWBJĻTOJFHTĻCMPĸùĻSBEBSBĻTJHOâMVT /FEBSCPKBTĻ%BxLâSUĻSBEBSTĻOFEBSCPKBTĻTQùDăHBĻMJFUVTĻWBJĻJOUFOTăWBTĻTOJHtBOBT MBJLâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC %ġNQPKU 4ĦEĦDC ąEFOTĻVOĻTOJFHTĻV[ĻDFĮBĻWJSTNBTĻUJFLĻNFTUTĻV[ĻBVHtV ĻUâEùKâEJ CMPĸùKPUĻSBEBSBĻTJHOâMVT /FEBSCPKBTĻ%BxLâSUĻSBEBSTĻOFEBSCPKBT ĻCSBVDPUĻQBĻĮPUJĻTMBQKâNĻWBJĻTOJFHBJ OâNĻDFĮVĻWJSTNâN 3BEBSBĻWJSTNBĻJSĻOPUăSăUB ĻUBÀVĻ[JĪPKVNTĻOFQB[ÜE 6[HBJEJFUĻ,BNùSĻSBEBSTĻV[UWFS ĻLBĻUBTĻWBJSTĻOBWĻCMPĸùUT ĻWBSĻQBJFUĻEBxBT NJOÜUFT 5KODQNKWP\KĮQLWOKFKURNGLę 5KO DQNU# 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK 4JNCPMTĻJSĻ#"-5ĂĻLSâTâ "EBQUăWâĻLSVă[BĻLPOUSPMFĻBUSPEBTĻHBJEătBOBTĻSFxăNâ 4JNCPMTĻJSĻ;"ĚĂĻLSâTâ "VUPNPCJMJTĻTBHMBCâĻBUNJĪâĻTBHMBCâUPĻâUSVNV 4UBOEBSUBĻLSVă[BĻLPOUSPMFĻUJFLĻJ[WùMùUBĻNBOVâMJ &56%0QTONCKKGUNMTWĦ\W "EBQUăWPĻLSVă[BĻLPOUSPMJĻOFWBSĻBLUJWùU ĻLBNùSĻOBWĻOPSFHVMùUBĻOPSNâMBĻ&56%ĻQP[ăDJKBĻĻTLBUăU MQQĻ -TWÔ\CMQPVTQNG#VEGNVC "EBQUăWâĻLSVă[BĻLPOUSPMFĻJSĻEFBLUJWùUBĻĻWBEăUâKBNĻJSĻKâSFHVMùĻâUSVNTĻQBtBN -TWÔ\CMQPVTQNG0CXRKG GLCOC "EBQUăWPĻLSVă[BĻLPOUSPMJĻOFWBSĻBLUJWùU 5BTĻWBSĻOPUJLUĻtâEVĻJFNFTMVĻEùĮ p CSFNxVĻUFNQFSBUÜSBĻJSĻQâSâLĻBVHTUB p SBEJPMPLâDJKBTĻTFOTPSVĻJSĻCMPĸùKJT ĻQJFNùSBN ĻTMBQKtĻTOJFHTĻWBJĻMJFUVT `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #FCRVĦXęRCUVęXĦICęVTWOCW\VWTġÝCPCUUKUVġOC 5KO DQNU# 2C\KĮQLWOU 4CFCTUDNQMÐVU5MTQMCU ITÉOCVW 6GJPKUMKGRCTCOGVTK "EBQUăWâĻLSVă[BĻLPOUSPMFĻăTMBJDăHJĻJ[TMùHUB p 3BEJPMPLâDJKBTĻTFOTPSTĻJSĻCMPĸùUT ĻVOĻUBTĻOFWBSĻV[UWFSUĻDJUVTĻUSBOTQPSUMăE[FLĮVT ĻQJFN ĻLBE TQùDăHTĻMJFUVTĻWBJĻtĸăEPOJTĻJSĻBJ[TFE[JTĻSBEJPMPLâDJKBTĻTFOTPSV 5BHBEĻWBEăUâKTĻWBSĻJFTMùHUĻQBSBTUPĻLSVă[BĻLPOUSPMJĻ $$ ĻTLBUăUĻMQQĻĻĻEJTQMFKBĻUFLTUBĻQB[JĪPKVNJ JOGPSNùĻQBSĻQJFNùSPUâNĻBMUFSOBUăWâN 1BSĻSBEJPMPLâDJKBTĻTFOTPSBĻJFSPCFxPKVNJFNĻMBTJFU ĻTLBUăUĻMQQĻ -TWÔ\CMQPVT,ÉXGKECRMQRG "EBQUăWâĻLSVă[BĻLPOUSPMFĻJSĻJ[TMùHUB p 4B[JOJFUJFTĻBSĻTFSWJTVĻĻJFUFJDBNTĻBSĻ7PMWPĻQJMOWBSPUVĻTFSWJTV 0QUR$TGO\GU.CKUVęXġVWĻ TLBĪBTĻTJHOâMTĻ ĻCSăEJOâKVNB MBNQJĪBĻWùKTUJLMâĻ ĻCSFNxV OPWJMLtBOB "VUPNPCJMJTĻTUâWĻV[ĻWJFUBT ĻVOĻBEBQUăWâĻLSVă[BĻLPOUSPMFĻBUMBJEăTĻLâKBTĻCSFN[J ĻUâEùĮĻBVUPNPCJMJT ESă[ĻWBSĻTâLUĻSJQPU p 7BEăUâKBNĻJSĻKâCSFN[ùĻQBtBNĻ;JĪPKVNTĻOFJ[[ÜEĻVOĻTLBĪBTĻTJHOâMTĻTLBO ĻMăE[ĻWBEăUâKTĻOPTQJFx CSFNxVĻWBJĻBLTFMFSBUPSBĻQFEâMJ 5JLBJĻBSĻSJOEâĻTUâWùtBOBT QBMăHTJTUùNV <GOMOJ6KMCKUGMQ 5JLBJĻBSĻSJOEâĻTUâWùtBOBT QBMăHTJTUùNV " 5JFLĻQBSâEăUT ĻKBĻNùīJOâUĻBLUJWùUĻBEBQUăWPĻLSVă[BĻLPOUSPMJ ĻCSBVDPUĻBSĻâUSVNV ĻLBTĻJSĻNB[âLTĻQBS ĻLNI ĻCFUĻQSJFLtâĻBLUJWùtBOBTĻ[POâĻ BQNùSBNĻĻNFUSJ ĻOFBUSPEBTĻOFWJFOTĻUSBOTQPSUMăE[FLMJT 4JNCPMJĻJSĻTIFNBUJTLJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU &KUVCPEGUDTĦFKPęLWOU 8KURęTĦIK %JTUBODFTĻCSăEJOâKVNTĻ %JTUBODFĻ"MFSU ĻJSĻGVOL DJKB ĻLBTĻJOGPSNùĻWBEăUâKVĻQBSĻMBJLBĻJOUFSWâMV MăE[ĻQSJFLtâĻCSBVDPtBKJFNĻUSBOTQPSUMăE[FLĮJFN %JTUBODFTĻCSăEJOâKVNTĻJSĻBLUăWTĻUBE ĻKBĻâUSVNT QâSTOJFE[ĻĻLNI ĻVOĻSFBīùĻUJLBJĻV[ĻQSJFLtâ CSBVDPtBKJFNĻUSBOTQPSUMăE[FLĮJFN ĻLBTĻEPEBT UBKâĻQBtBĻWJS[JFOâĻ%JTUBODFTĻJOGPSNâDJKB OFUJFLĻTOJFHUBĻQBSĻUSBOTQPSUMăE[FLĮJFN ĻLBT UVWPKBT ĻCSBVDĻMùOJĻWBJĻTUâWĻV[ĻWJFUBT 2+'<ÿ/' -BJLâ ĻLBNùSĻJSĻBLUJWùUBĻBEBQUăWâĻLSVă[B LPOUSPMF ĻEJTUBODFTĻCSăEJOâKVNBĻGVOLDJKBĻJS J[TMùHUB $4ÿ&+0ó,7/5 %JTUBODFTĻCSăEJOâKVNBĻGVOLDJKBĻSFBīùĻUJLBJ UBE ĻKBĻBUUâMVNTĻMăE[ĻQSJFLtâĻCSBVDPtBKBN USBOTQPSUMăE[FLMJNĻJSĻNB[âLT ĻOFLâĻJFTUBUăUâ WùSUăCBĻĻBVUPNPCJĮBĻâUSVNTĻOFUJFLĻJFUFL NùUT /PTQJFEJFUĻQPHVĻWJEVTLPOTPMù ĻMBJĻJFTMùHUVĻWBJ J[TMùHUVĻGVOLDJKVĻ'VOLDJKBĻJSĻJFTMùHUB ĻKBĻUBVT UJĪâĻEFHĻWJFOBĻMBNQJĪB %BxâNĻJ[WùMùUâĻBQSăLPKVNBĻLPNCJOâDJKâN WJEVTLPOTPMùĻOBWĻCSăWBTĻWJFUBT ĻMBJĻUVSĻJ[WJF UPUVĻUBVTUJĪV ĻUâEùĮĻtPĻGVOLDJKVĻWBSĻSFHVMùU BVUPNPCJĮBĻJ[WùMĪVĻTJTUùNâĻ/;%#4Ļ[FN 5GVVKPIU %CTUGVVKPIU &KUVCPEG#NGTV *[WùMĪVĻTJTUùNBTĻBQSBLTUTĻĻTLBUăUĻMQQĻ +GUVCVĦVNCKMCKPVGTXęNW &CTDĦDC 1TCPåCDTĝFKPđLWOCNCORKĺC 0SBOxâĻCSăEJOâKVNBĻMBNQJĪBĻWùKTUJLMâĻJ[HBJT NPKBTĻBSĻQBTUâWăHVĻHBJTNV ĻKBĻBUUâMVNTĻMăE[ QSJFLtâĻCSBVDPtBKBNĻUSBOTQPSUMăE[FLMJNĻJS NB[âLTĻQBSĻJFTUBUăUPĻMBJLBĻJOUFSWâMV 8CFĝDCUUNĘFåKWPFKURNGLUNCKMCKPVGTXđNCO -BJLBĻJOUFSWâMTĻĻQBMJFMJOâUĻĻTBNB[JOâU -BJLBĻJOUFSWâMTĻĻJFTMùHUTĻ SFHVMùtBOBT MBJLâ *&7ð30+*&5ĻBUUùMTĻJSĻTIFNBUJTLT ĻVOĻEBxâEJFNĻBVUPNBtăOVĻNPEFĮJFNĻEFUBĮBTĻWBSĻBUtĸJSUJFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU &KUVCPEGUDTĦFKPęLWOU 7BSĻJ[WùMùUJFTĻEBxâEVTĻMBJLB JOUFSWâMVTĻMăE[ĻQSJFLtâĻCSBV DPtBKBNĻUSBOTQPSUMăE[FLMJN LBTĻUJFLĻEJTQMFKâĻBUUùMPUJĻLâ ĻIPSJ[POUâMBTĻMăOJKBTĻĻKP WBJSâLĻMăOJKV ĻKPĻJMHâLTĻMBJLB JOUFSWâMTĻ7JFOBĻMăOJKBĻBUCJMTU BQNùSBNĻĻTFLVOEFJĻMăE[ĻQSJFLtâĻCSBVDPtB KBNĻUSBOTQPSUMăE[FLMJN ĻĻMăOJKBTĻĻBQNùSBN ĻTFLVOEùN +GTQDGäQLWOK 'VOLDJKBĻJ[NBOUPĻUPĻQBtVĻSBEBSBĻTFOTPSV ĻLP BEBQUăWâĻQBTUâWăHBĻâUSVNBĻV[UVSùtBOBTĻTJT UùNBĻVOĻTBEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻ1MB tâLBĻJOGPSNâDJKBĻQBSĻSBEBSBĻTFOTPSVĻVOĻUâ JFSPCFxPKVNJFN ĻTLBUăUĻMQQĻ 5BTĻQBUTĻTJNCPMTĻUJFLĻQBSâEăUTĻBSă ĻLBEĻJSĻBLUJ WùUBĻBEBQUăWâĻQBTUâWăHBĻâUSVNBĻV[UVSùtBOBT TJTUùNB 2+'<ÿ/' +PĻMJFMâLTĻâUSVNT ĻKPĻMJFMâLTĻBQSùĸJOâUBJT BUUâMVNTĻNFUSPTĻOPUFJLUâĻMBJLBĻJOUFSWâMâ *FTUBUăUPĻMBJLBĻJOUFSWâMVĻJ[NBOUPĻBSăĻBEBQUăWâ LSVă[BĻLPOUSPMFTĻGVOLDJKB ĻTLBUăUĻMQQĻ -JFUPKJFUĻUJLBJĻUâEVĻMBJLBĻJOUFSWâMV ĻLâETĻJS BUĮBVUTĻWJFUùKPTĻTBUJLTNFTĻOPUFJLVNPT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 2+'<ÿ/' 4QùDăHBTĻTBVMFTĻHBJTNBT ĻBUTQăEVNVĻWBJ LSBTVĻHBJTNBTĻJOUFOTJUâUFTĻJ[NBJĪV ĻLâĻBSă TBVMFTCSJĮĮVĻWBMLâtBOBTĻEùĮĻWBSBUĻOFSFE[ùU LBĻWùKTUJLMâĻJSĻJ[HBJTNPKVTJFTĻCSăEJOâKVNB MBNQJĪB 4MJLUJĻMBJLBĻBQTUâLĮJĻWBJĻMăLVNPUJĻDFĮJĻWBS JFUFLNùUĻSBEJPMPLâDJKBTĻTFOTPSBĻTQùKV V[UWFSUĻQSJFLtâĻFTPtPTĻUSBOTQPSUMăE[FLĮVT "SăĻDJUVĻUSBOTQPSUMăE[FLĮV ĻQJFNùSBN ĻNPUP DJLMV ĻJ[NùSTĻWBSĻJFUFLNùUĻV[UWFStBOBT TQùKVĻ5BTĻWBSĻOP[ăNùU ĻLBĻCSăEJOâKVNB MBNQJĪBĻJ[HBJTNPKBTĻUBE ĻLBEĻMăE[ĻtĸùSTMJN JSĻQBMJDJTĻNB[âLTĻBUUâMVNT ĻOFLâĻJFTUBUăUT WBJĻLBĻCSăEJOâKVNTĻăTMBJDăHJĻOFUJFLĻEPUT "SăĻUBE ĻKBĻâUSVNTĻJSĻâSLâSUăHJĻMJFMT ĻMBNQJĪB WBSĻJFEFHUJFTĻUBE ĻLBEĻMăE[ĻtĸùSTMJNĻJSĻQBMJ DJTĻNB[âLTĻBUUâMVNT ĻOFLâĻJFTUBUăUT ĻKPĻTFO TPSBĻEBSCăCBTĻEJBQB[POTĻJSĻJFSPCFxPUT 8CFĦVęLCCVDCNUVU &KUVCPEGUDTĦFKPęLWOU 5KODQNKWP\KĮQLWOKFKURNGLę 5KODQNU# 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK 4CFCTUDNQMÐVU5M TQMCUITÉOCVW %JTUBODFTĻCSăEJOâKVNTĻJSĻăTMBJDăHJĻEFBLUJWùUT 3BEJPMPLâDJKBTĻTFOTPSTĻJSĻCMPĸùUT ĻVOĻUBTĻOFWBSĻV[UWFSUĻDJUVTĻUSBOTQPSUMăE[FLĮVT ĻQJFN ĻLBEĻTQùDăHTĻMJFUVTĻWBJ tĸăEPOJTĻJSĻBJ[TFE[JTĻSBEJPMPLâDJKBTĻTFOTPSV 1BSĻSBEBSBĻTFOTPSBĻJFSPCFxPKVNJFNĻMBTJFU ĻTLBUăUĻMQQĻ 5CFWTUOGUDTÔF ,ÉXGKECRMQRG %JTUBODFTĻCSăEJOâKVNTĻVOĻTBEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUPNâUJTLPĻCSFN[ùtBOBTĻGVOLDJKVĻJSĻQJMOăCâ WBJĻEBĮùKJĻEFBLUJWùUB +BĻ[JĪPKVNTĻOFJ[[ÜE ĻCSBVDJFUĻV[ĻTFSWJTV ĻJFUFJDBNTĻV[Ļ7PMWPĻQJMOWBSPUVĻTFSWJTV " 4JNCPMJĻJSĻTIFNBUJTLJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU %KV[5CHGV[ 8KURęTĦIK $JUZĻ4BGFUZsĻJSĻGVOLDJKB ĻLBTĻQBMăE[ĻWBEăUâKBN J[WBJSăUJFTĻOPĻTBEVSTNFT ĻCSBVDPUĻSJOEâ ĻLBE J[NBJĪBTĻTBUJLTNFTĻLVTUăCâĻQSJFLtâĻBQWJFOP KVNâĻBSĻV[NBOăCBTĻBUTMâCVNBĻCSăEJĻWBSĻJ[SBJTăU OFHBEăKVNV 'VOLDJKBĻJSĻBLUăWBĻâUSVNâĻMăE[ĻLNIĻVO OFOPWùStBNBTĻTBEVSTNFTĻSJTLBĻHBEăKVNâĻBS QSJFLtâĻCSBVDPtPĻBVUPNPCJMJĻUâ ĻBVUPNâUJTLJ CSFN[ùKPU ĻQBMăE[ĻWBEăUâKBN ĻKBĻWBEăUâKTĻOBW MBJLVTĻOPSFBīùKJT ĻCSFN[ùKPUĻVOWBJĻQBHSJFxPU TUÜSJ ĻMBJĻJ[WBJSăUPTĻOPĻTBEVSTNFT +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSăĻBSĻTBEVSTNKVĻCSă EJOâtBOBTĻGVOLDJKVĻBSĻBVUPNâUJTLPĻCSFN[ù tBOV ĻtăTĻBCBTĻTJTUùNBTĻWJFOBĻPUSVĻQBQJMEJOB 7BJSâLĻJOGPSNâDJKBTĻQBSĻTBEVSTNFTĻCSăEJOâ KVNBĻTJTUùNVĻBSĻBVUPNâUJTLVĻCSFN[ùtBOV TLBUăUĻMQQĻ 58#4ÿ)+ $JUZĻ4BGFUZsĻLPNQPOFOUVĻBQLPQJĻVO OPNBJĪVĻESăLTUĻWFJLUĻUJLBJĻTFSWJTâĻĻJFUFJ DBNTĻBVUPSJ[ùUâĻ7PMWPĻTFSWJTâ 4JTUùNBĻ$JUZĻ4BGFUZsĻUJFLĻBLUJWùUBĻTJUVâDJKâT LBEĻWBEăUâKBNĻCJKBĻKâTâLĻCSFN[ùUĻBHSâL ĻUâQùD UâĻOFWBSĻQBMăE[ùUĻWBEăUâKBNĻWJTâTĻTJUVâDJKâT $JUZĻ4BGFUZsĻJSĻQBSFE[ùUTĻBLUJWùUĻJFTQùKBNJ WùMV ĻMBJĻOPWùSTUVĻOFWBKBE[ăHVĻJFKBVLtBOPT 4JTUùNVĻ$JUZĻ4BGFUZsĻOFESăLTUĻJ[NBOUPUĻQBS BUUBJTOPKVNVĻWBEăUâKBN ĻMBJĻNBJOăUVĻWJĪB CSBVLtBOBTĻTUJMVĻ+BĻWBEăUâKTĻQBĮBVKBTĻWJFOăHJ V[ĻTJTUùNVĻ$JUZĻ4BGFUZs ĻMBJĻCSFN[ùUV ĻBHSâL WBJĻWùMâLĻOPUJLTĻTBEVSTNF 7BEăUâKTĻWBJĻQBTBxJFSJĻQBSBTUJĻJFWùSPĻTJTUùNV $JUZĻ4BGFUZsĻUJLBJĻUBE ĻKBĻSPEBTĻTJUVâDJKB ĻLBE BVUPNPCJMJTĻJSĻĮPUJĻUVWVĻUBN ĻMBJĻOPLĮÜUV TBEVSTNù Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET $4ÿ&+0ó,7/5 $JUZĻ4BGFUZsĻOFUJFLĻJFTMùHUBĻWJTâTĻCSBVL tBOBTĻVOĻTBUJLTNFTĻTJUVâDJKâTĻWBJĻKFCLâEPT MBJLBĻVOĻDFĮBĻBQTUâLĮPT $JUZĻ4BGFUZsĻOFSFBīùĻV[ĻDJUâĻWJS[JFOâ CSBVDPtJFNĻUSBOTQPSUMăE[FLĮJFN ĻNB[JFN USBOTQPSUMăE[FLĮJFN ĻNPUPDJLMJFNĻVOĻWFMPTJ QùEJFN ĻLâĻBSăĻDJMWùLJFNĻVOĻE[ăWOJFLJFN $JUZĻ4BGFUZsĻWBSĻOPWùSTUĻTBEVSTNJ ĻKB âUSVNBĻBUtĸJSăCBĻJSĻNB[âLBĻQBSĻĻLNIĻĻKB BUtĸJSăCBĻJSĻMJFMâLB ĻWBSĻTBNB[JOâUĻUJLBJ TBEVSTNFTĻâUSVNVĻ-BJĻOPESPtJOâUVĻQJMOăHV CSFNxVĻGVOLDJKV ĻBVUPWBEăUâKBNĻKâOPTQJFx CSFNxVĻQFEâMJT /FLâEâĻHBEăKVNâĻOFHBJEJFU ĻLBNùSĻJFTMùH TJFTĻ$JUZĻ4BGFUZsĻ7BEăUâKTĻJSĻWJFONùSĻBUCJM EăHTĻQBSĻQJFNùSPUBĻBUUâMVNBĻVOĻâUSVNB V[UVSùtBOV 8CFĦVęLCCVDCNUVU %KV[5CHGV[ (WPMEKLC +BĻUSBOTQPSUMăE[FLĮVĻâUSVNVĻTUBSQăCBĻJSĻMJFMâLB QBSĻĻLNI ĻTJTUùNBĻ$JUZĻ4BGFUZsĻWJFOBĻQBUJ TBEVSTNJĻOPWùSTUĻOFWBSĻ-BJĻJFHÜUVĻQJMOV CSFN[ùtBOBTĻTQùLV ĻWBEăUâKBNĻKâOPTQJFx CSFNxVĻQFEâMJTĻ5BTĻWBSĻĮBVUĻOPWùSTUĻTBEVSTNJ QBUĻQJFĻâUSVNVĻTUBSQăCBTĻWJSTĻĻLNI ,BEĻTJTUùNBĻ$JUZĻ4BGFUZsĻJFEBSCPKBTĻVOĻWFJD CSFN[ùtBOV ĻLPOUSPMNùSJOTUSVNFOUVĻQBOFĮB EJTQMFKâĻJSĻSFE[BNTĻ[JĪPKVNT ĻLBTĻOPSâEB ĻLB GVOLDJKBĻJSCJKBĻBLUăWB 2+'<ÿ/' .đ\GTCKGTĝEGUTCKFĝVđLCWPW\VXĘTĘLCNQF\KĺÞ 4JTUùNBĻ$JUZĻ4BGFUZsĻLPOUSPMùĻTBUJLTNJĻBVUP NPCJĮBĻQSJFLtQVTùĻBSĻMâ[FSBĻTFOTPSV ĻLBTĻJS JFTUJQSJOâUTĻWùKTUJLMBĻBVHtQVTùĻ+BĻQBTUâW TBEVSTNFTĻESBVEJ Ļ$JUZĻ4BGFUZsĻBVUPNâUJTLJ CSFN[ùĻBVUPNPCJMJ ĻLPĻWBSĻTBKVTUĻLâĻTUSBVKV CSFN[ùtBOBTĻLVTUăCV +BĻâUSVNVĻTUBSQăCBĻBUUJFDăCâĻQSFUĻUSBOTQPSUMă E[FLMJĻQSJFLtQVTùĻJSĻĻLNI ĻTJTUùNBĻ$JUZ 4BGFUZsĻQBSBTUJĻWBSĻOPWùSTUĻTBEVSTNJ $JUZĻ4BGFUZsĻBLUJWùĻăTV ĻTUSBVKVĻCSFN[ùtBOV VOĻOPSNâMPTĻBQTUâLĮPTĻBQUVSĻBVUPNPCJMJ OFEBVE[ĻBJ[ĻQSJFLtâĻFTPtâĻUSBOTQPSUMăE[FLĮB 7BJSVNBNĻWBEăUâKVĻUBTĻOFJFUJMQTUĻOPSNâMâ CSBVLtBOBTĻTUJMâĻVOĻWBSĻUSBVDùU ,BEĻ$JUZĻ4BGFUZsĻCSFN[ù ĻJFEFHBTĻCSFNxV TJHOâMMVLUVSJ &CTDĦDC 2+'<ÿ/' 'VOLDJKBĻ$JUZĻ4BGFUZsĻWJFONùSĻUJFLĻBLUJ WùUBĻQùDĻUBN ĻLBEĻE[JOùKTĻJSĻJFEBSCJOâUT QBHSJFxPUĻBUTMùHVĻQP[ăDJKâĻ+ĻVOĻ++Ļ TLBUăU MQQĻĻQBSĻBUTMùHBTĻQP[ăDJKâN MBQâNĻWBSĻTMăEùUĻQBĻE[JOùKBĻQâSTFHVĻVOWBJ WùKTUJLMV 1ùDĻE[JOùKBĻJFEBSCJOâtBOBTĻ$JUZĻ4BGFUZsĻWBS EFBLUJWùUĻtâEJ p *[NBOUPKPUĻ/;%#4ĻWJEVTLPOTPMFTĻEJT QMFKâĻBSĻUâĻJ[WùMĪVĻTJTUùNV ĻBUSPEJFU 5GVVKPIU %CTUGVVKPIU &TKXGT UWRRQTVU[UVGOU %KV[5CHGV[Ļ*[WùMJF UJFTĻ1HHĻJFTQùKVĻ1MBtâLVĻJOGPSNâDJKVĻQBS J[WùMĪVĻTJTUùNVĻ/;%#4 ĻTLBUăUĻMQQĻ făĻGVOLDJKBĻUPNùSĻUJLTĻBLUJWùUBĻOâLBNBKâ SFJ[ù ĻLBEĻUJLTĻJFEBSCJOâUTĻE[JOùKT ĻOFBULB SăHJĻOPĻUâ ĻWBJĻtăĻTJTUùNBĻCJKVTJĻJFTMùHUBĻWBJ J[TMùHUB ĻJ[TMùE[PUĻE[JOùKV $4ÿ&+0ó,7/5 -â[FSBĻTFOTPSTĻJ[TUBSPĻMâ[FSBĻHBJTNVĻQBU KBĻ$JUZĻ4BGFUZĻJSĻEFBLUJWùUBĻNBOVâMJ -BJĻBULBMĻBLUJWùUVĻTJTUùNVĻ$JUZĻ4BGFUZs p *[QJMEJFUĻUPĻQBtVĻQSPDFEÜSVĻLâĻJ[TMùE[PU CFUĻJ[WùMJFUJFTĻ1PĻPQDJKV +GUNġIÝCPCWPK\UNġIÝCPC %BxâTĻTJUVâDJKâTĻWBSĻCÜUĻJFUFJDBNTĻJ[TMùHUĻTJT UùNVĻ$JUZĻ4BGFUZs ĻQJFNùSBN ĻKBĻLPLVĻ[BSJĻBS *&7ð30+*&5ĻBUUùMTĻJSĻTIFNBUJTLT ĻVOĻEBxâEJFNĻBVUPNBtăOVĻNPEFĮJFNĻEFUBĮBTĻWBSĻBUtĸJSUJFT 8CFĦVęLCCVDCNUVU %KV[5CHGV[ +GTQDGäQLWOK 4JTUùNBTĻ$JUZĻ4BGFUZsĻTFOTPSTĻJSĻQBSFE[ùUT MBJĻV[UWFSUVĻBVUPNPCJMJĻVOĻDJUVTĻMJFMVTĻUSBOT QPSUMăE[FLĮVTĻBVUPNPCJĮBĻQSJFLtâĻHBOĻEJFOBT HBOĻOBLUTĻMBJLâ 4FOTPSBNĻUPNùSĻJSĻ[JOâNJĻEBSCăCBTĻJFSPCFxP KVNJ ĻVOĻUBTĻTMJLUâLĻEBSCPKBTĻWBJĻOFNB[ĻOFEBS CPKBT ĻQJFNùSBN ĻTUJQSâĻTOJFHQVUFOăĻWBJĻMJFUÜ CJF[âĻNJHMâ ĻQVUFLĮVĻWùUSâĻWBJĻtĸăEPOă .JUSVNT ĻEVCĮJ ĻTOJFHTĻWBJĻMFEVTĻV[ĻWùKTUJLMB WBSĻUSBVDùUĻUâĻEBSCăCV %BSCăCVĻJFSPCFxPĻBSăĻQJFLâSUJĻQSJFLtNFUJ ĻQJF NùSBN ĻLBSPE[JĪtĻQJFĻQBHBSJOâUBTĻLSBWBTĻV[ KVNUB ĻWBJĻBSăĻUâEJĻQJFEFSVNJĻLâĻQBQJMEVĻMVLUVSJ VOĻUSJFDJFOTUJFĪJ ĻLBTĻJSĻBVHTUâLJĻQBSĻE[JOùKB QâSTFHV $JUZĻ4BGFUZsĻTJTUùNBTĻTFOTPSBĻMâ[FSBĻHBJTNB OPTBLB ĻLâĻUJFLĻBUTUBSPUBĻHBJTNBĻ4FOTPST OFWBSĻV[UWFSUĻPCKFLUVTĻBSĻ[FNVĻBUTUBSPtBOBT TQùKVĻ5SBOTQPSUMăE[FLĮVĻBJ[NVHVSùKâĻEBĮB QBSBTUJĻQJFUJFLBNJĻBUTUBSPĻHBJTNV ĻKPĻUVSĻBUSP EBTĻOVNVSBĻ[ăNFĻVOĻBJ[NVHVSùKPĻMVLUVSV BUTUBSPUâKJ 6[ĻTMJEFOâNĻDFĮBĻWJSTNâNĻCSFN[ùtBOBTĻDFĮt QBMJFMJOâT ĻVOĻUBTĻWBSĻTBNB[JOâUĻ$JUZĻ4BGFUZs TQùKVĻOPWùSTUĻTBEVSTNJĻfâEâTĻTJUVâDJKâTĻ"#4 VOĻ%45$ĻTJTUùNBTĻOPESPtJOâTĻMBCâLPĻJFTQù KBNPĻCSFN[ùtBOBTĻTQùLVĻBSĻQBTUâWăHVĻTUBCJMJ UâUJ #SBVDPUĻBUQBLBĮHBJUâ Ļ$JUZĻ4BGFUZsĻUJFLĻăTMBJ DăHJĻEFBLUJWùUB $JUZĻ4BGFUZsĻOFUJFLĻBLUJWùUBĻNB[âĻâUSVNâĻ [FNĻĻLNI ĻVOĻUâQùDĻTJTUùNBĻOFJFKBVDBT TJUVâDJKâT ĻLBEĻUVWPtBOâTĻQSJFLtâĻFTPtBN USBOTQPSUMăE[FLMJNĻOPUJFLĻĮPUJĻMùOJ ĻQJFN OPWJFUPKPUĻTUâWùtBOBJ 7BEăUâKBĻLPNBOEâNĻWJFONùSĻUJFLĻEPUBĻQSJFLt SPLB ĻVOĻUâEùĮĻ$JUZĻ4BGFUZsĻOFJFKBVDBTĻTJUVâ DJKâT ĻLBEĻWBEăUâKTĻBQ[JOâUJĻTUÜSùĻWBJĻQBMJFMJOB âUSVNVĻQBUĻUBE ĻKBĻTBEVSTNFĻOBWĻOPWùStBNB ,BEĻ$JUZĻ4BGFUZsĻJSĻOPWùSTVTJĻTBEVSTNJĻBS TUBDJPOâSVĻPCKFLUV ĻBVUPNPCJMJTĻQBMJFLĻOFLV TUăHTĻNBLTJNâMJĻ ĻTFLVOEFTĻ+BĻBVUPNPCJMJT UJFLĻCSFN[ùUTĻQSJFLtâĻCSBVDPtâĻUSBOTQPSUMă E[FLĮBĻEùĮ ĻâUSVNTĻUJFLĻTBNB[JOâUTĻMăE[ĻUâEBN QBtBNĻMăNFOJNĻLâĻQSJFLtâĻCSBVDPtBKBN USBOTQPSUMăE[FLMJN "VUPNPCJĮJFNĻBSĻNBOVâMPĻQâSOFTVNLâSCV E[JOùKTĻJ[TMùE[BT ĻLBEĻTJTUùNBĻ$JUZĻ4BGFUZsĻJS BQUVSùKVTJĻBVUPNPCJMJ ĻKBĻWJFOĻWBEăUâKTĻQJSNT UBNĻOFQBTQùKĻOPTQJFTUĻTBKÜHBĻQFEâMJ 2+'<ÿ/' p /PESPtJOJFU ĻMBJĻWùKTUJLMBĻWJSTNBĻQSJFLtâ Mâ[FSBĻTFOTPSBNĻCÜUVĻCSăWBĻOPĻMFEVT TOJFHBĻVOĻOFUăSVNJFNĻ TLBUăUĻBUUùMâ Mâ[FSBĻTFOTPSBĻBUSBtBOâTĻWJFUVĻ MQQ p /FQJFTUJQSJOJFUĻVOĻOFV[TUâEJFUĻOFLâEVT QSJFLtNFUVTĻV[ĻWùKTUJLMBĻQSJFLtâĻMâ[FSB TFOTPSBN p /PUăSJFUĻOPĻE[JOùKBĻQâSTFHBĻMFEVĻVO TOJFHVĻĻUâĻBVHTUVNTĻOFESăLTUĻQâST OJFHUĻĻDN 6TCWEġLWOOGMNġÝCPCWPXGKECOęU FCTDĦDCU +BĻJOTUSVNFOUVĻQBOFĮBĻEJTQMFKâĻJSĻBUUùMPUTĻQB[J ĪPKVNTĻ8ġLUVKMNCUGPUQTKDNQĨ5M TQMCUIT ĻUBTĻOPSâEB ĻLBĻMâ[FSBĻTFOTPSTĻJS CMPĸùUTĻVOĻOFWBSĻBULMâUĻUSBOTQPSUMăE[FLĮVT BVUPNPCJĮBĻQSJFLtQVTùĻ5BTĻOP[ăNù ĻLBĻTJT UùNBĻ$JUZĻ4BGFUZsĻOFEBSCPKBT 5PNùSĻQB[JĪPKVNTĻ8ġLUVKMNCUGPUQTKDNQĨ 5MTQMCUITĻOFUJFLĻSâEăUTĻWJTâTĻTJUVâDJKâT LVSâTĻJSĻCMPĸùUTĻTFOTPSTĻ"VUPWBEăUâKBNĻUâQùD JSĻKâHâEâĻQBSĻWùKTUJLMBĻUăSăCVĻVOĻSFHVMâSJĻKâUăSB [POBĻMâ[FSBĻTFOTPSBĻQSJFLtQVTù 5BCVMâĻJSĻOPSâEăUJĻJFTQùKBNJFĻ[JĪPKVNBĻQBSâEă tBOBTĻDùMPĪJ ĻLâĻBSăĻJFUFJLVNJĻWFJDBNâNĻEBS CăCâN 8CFĦVęLCCVDCNUVU %KV[5CHGV[ %ġNQPKU 4ĦEĦDC 7ùKTUJLMBĻWJSTNB Mâ[FSBĻTFOTPSB QSJFLtQVTùĻJSĻOFUăSB WBJĻBJ[TFHUBĻBSĻMFEV WBJĻTOJFHV /PUăSJFUĻOFUăSVNVT MFEVĻVOĻTOJFHVĻOP WùKTUJLMBĻWJSTNBT TFOTPSBĻQSJFLtâ -â[FSBĻTFOTPSB SFE[FTMBVLTĻJSĻCMP ĸùUT /PĪFNJFUĻCMPĸù KPtPĻQSJFLtNFUV 58#4ÿ)+ +BĻWùKTUJLMâĻLâEBĻMâ[FSBĻJFSăDFTĻMPE[JĪB QSJFLtâĻJSĻQMBJTBT ĻTLSâQùKVNJĻWBJĻBLNFĪV J[SBJTăUJĻCPKâKVNJ ĻLBTĻBQUWFS BQUVWFOJĻ ĻYĻ ĻNNĻ WBJĻWBJSâL ĻKâWùStBT TFSWJTâ ĻMBJĻTBSFNPOUùUVĻWBJĻOPNBJOăUVĻWùK TUJLMVĻ TLBUăUĻBUUùMâĻMâ[FSBĻTFOTPSBĻBUSBtB OâTĻWJFUVĻĻMQQ Ļ*FUFJDBNTĻWùSTUJFT BVUPSJ[ùUâĻ7PMWPĻTFSWJTâ +BĻOFUJFLĻWFJLUBĻBUCJMTUPtBĻSăDăCB ĻWBS TBNB[JOâUJFTĻ$JUZĻ4BGFUZsĻWFJLUTQùKB .ę\GTCUGPUQTU $JUZĻ4BGFUZsĻGVOLDJKBĻJFUWFSĻTFOTPSV ĻLBT J[TUBSPĻMâ[FSBĻHBJTNVĻ+BĻSBEVTJFTĻLĮÜNFĻWBJ Mâ[FSBĻTFOTPSBNĻKâWFJDĻBQLPQF ĻTB[JOJFUJFTĻBS LWBMJGJDùUVĻTFSWJTVĻĻJFUFJDBNTĻBVUPSJ[ùUV 7PMWPĻTFSWJTVĻ%BSCPKPUJFTĻBSĻMâ[FSBĻTFOTPSV PCMJHâUJĻKâJ[QJMEBĻOPSâEăUâTĻJOTUSVLDJKBT "CBTĻUVSQNâLĻSFE[BNâTĻV[MăNFTĻJSĻQJFMăNùUBT UJFtJĻMâ[FSBĻTFOTPSBĻJFLâSUBJ -BJĻOFQJFĮBVUVĻ$JUZĻ4BGFUZsĻTJTUùNBTĻEBS CăCBTĻQBTMJLUJOâtBOPT ĻKâĪFNĻWùSâĻBSăĻtâEJ BQTWùSVNJ p 1JSNTĻWùKTUJLMBĻOPNBJĪBTĻTB[JOJFUJFTĻBS BVUPSJ[ùUVĻ7PMWPĻTFSWJTV ĻMBJĻQâSMJFDJOâ UPT ĻLBĻJSĻQBTÜUăUTĻQBSFJ[TĻWùKTUJLMT ĻLVSt EFSùTĻKÜTVĻBVUPNBtăOBJĻ-JFUPKPUĻOFQJF NùSPUVĻWùKTUJLMV Ļ$JUZĻ4BGFUZĻGVOLDJKB WBSĻOFEBSCPUJFTĻWBJĻEBSCPUJFTĻOFQB SFJ[J p .BJOPUĻWùKTUJLMV ĻKâV[TUâEBĻUâEBĻQBtB UJQBĻWBJĻ7PMWPĻBQTUJQSJOâUJĻWùKTUJLMBĻUăSă UâKJ "UUùMâĻSFE[BNâĻBVHtùKâĻV[MăNFĻOPSâEBĻMâ[FSB TUBSBĻLMBTJGJLâDJKV p -â[FSBĻSBEJâDJKBĻĻOFTLBUJFUJFTĻMâ[FSBĻTUBSâ BSĻPQUJTLBKJFNĻJOTUSVNFOUJFNĻĻ.ĻLMBTFT Mâ[FSBĻJ[TUSâEâKVNT "UUùMâĻSFE[BNâĻBQBLtùKâĻV[MăNFĻOPSâEBĻMâ[FSB TUBSBĻGJ[JTLPTĻEBUVT 8CFĦVęLCCVDCNUVU %KV[5CHGV[ p *&$ĻĻ Ļ"Ļ"UCJMTUĻ'%" "47Ļ1âSUJLBTĻBENJOJTUSâDJKB ĻMâ[FSBĻJ[TUSâ EâKVNVĻEJ[BJOBĻTUBOEBSUJFN ĻJ[ĪFNPU OPCăEFTĻTBTLBĪâĻBSĻĻHBEBĻĻKÜMJKB 1B[JĪPKVNVĻQBSĻMâ[FSJFNĻOSĻ /FJFWùSPKPUĻLâEVĻOPĻtJFNĻOPTBDăKVNJFN QBTUâWĻBDVĻTBWBJOPtBOBTĻSJTLT p .ę\GTCUGPUQTCUVCTQLWOCFCVK 5âMâLĻFTPtBKâĻUBCVMâĻJSĻOPSâEăUJĻMâ[FSBĻTFOTPSB GJ[JTLJFĻEBUJ .BLTJNâMâĻJNQVMTVĻFOFSīJKB Ϧ+ .BLTJNâMâĻWJEùKâĻJ[FKBTĻKBVEB ĻN8 *NQVMTBĻJMHVNT /PWJS[FĻ IPSJ[POUâMâĻYĻWFSUJLâMâ -â[FSBĻEFUBĮVĻQâSCBVEJ ĻSFNPOUùtBOV OPĪFNtBOV ĻSFHVMùtBOVĻVOWBJ OPNBJĪVĻESăLTUĻWFJLUĻUJLBJĻLWBMJGJDùUBT SFNPOUEBSCOăDBTĻQFSTPOâMTĻĻNùT JFTBLâNĻBVUPSJ[ùUVĻ7PMWPĻTFSWJTV p -BJĻOFQBLĮBVUVĻTFWJĻLBJUăHBJĻSBEJâDJKBJ OFWFJDJFUĻOFLâEVTĻSFHVMùtBOBTĻWBJ BQLPQFTĻEBSCVT ĻJ[ĪFNPUĻtFJUĻBQSBLTUă UPT p p /FLâEâĻHBEăKVNâĻOFTLBUJFUJFTĻMâ[FSB TFOTPSâĻ LVStĻSBJEBĻOFSFE[BNVĻMâ[FSB SBEJâDJKV ĻKBĻBUUâMVNTĻJSĻĻNNĻWBJ NB[âLT ĻBSĻQBMJFMJOPtPĻPQUJLV ĻQJFNù SBN ĻMVQV ĻNJLSPTLPQV ĻMùDVĻWBJĻMăE[ă HJFNĻPQUJTLJFNĻJOTUSVNFOUJFN p ĻOT Ļ¯Ļ CJMTUĻMâ[FSBĻLMBTFJĻ# ĻLâĻOPUFJLUTĻTUBO EBSUâĻ*&$ĻĻ-â[FSBĻLMBTFĻ# OBWĻESPtBĻBDăNĻVOĻUâEùĮĻJFUWFSĻTBWBJ OPKVNVĻHÜtBOBTĻSJTLV $4ÿ&+0ó,7/5 3FNPOUEBSCVĻWFJDùKBNĻJSĻKâJFWùSPĻăQBtJ J[TUSâEâUBĻSFNPOUEBSCOăDVĻMâ[FSBĻTFO TPSBĻJOGPSNâDJKB /FOPĪFNJFUĻMâ[FSBĻTFOTPSVĻ UBJĻTLBJUâ MùDBT Ļ/PĪFNUTĻMâ[FSBĻTFOTPSBĻOFBU p 1JSNTĻOPĪFNUĻWùKTUJLMV ĻMâ[FSBĻTFOTPSB TBWJFOPUâKBNĻKâCÜUĻBUWJFOPUBN p -â[FSBĻTFOTPSTĻKâV[TUâEBĻV[ĻWùKTUJLMB QJSNTĻUJFLĻQJFWJFOPUTĻTFOTPSBĻTBWJFOP UâKT p ,BEĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻBUSPEBT QP[ăDJKâĻ++ĻVOĻE[JOùKTĻJSĻJ[TMùHUTĻ TLBUăU MQQĻĻQBSĻBUTMùHBTĻQP[ăDJKâN ĻMâ[FSB TFOTPSTĻSBJEBĻMâ[FSBĻHBJTNV 5KODQNKWP\KĮQLWOKFKURNGLę ,PQâĻBSĻBVUPNâUJTLVĻCSFN[ùtBOVĻBSĻTJTUùNV $JUZĻ4BGFUZs ĻLPOUSPMNùSJOTUSVNFOUVĻQBOFMă WBSĻJ[HBJTNPUJFTĻWJFOTĻWBJĻWBJSâLJĻTJNCPMJĻVO EJTQMFKBĻFLSâOâĻWBSĻQBSâEăUJFTĻQB[JĪPKVNT 5FLTUBĻ[JĪPKVNTĻWBSĻUJLUĻBQTUJQSJOâUT ĻăTJ OPTQJFxPUĻUBVTUJĪVĻ1-ĻV[ĻWJS[JFOVĻSâEăUâKB TWJSTMùExB 8CFĦVęLCCVDCNUVU %KV[5CHGV[ 5KODQNU# 2C\KĮQLWOU 0Q\ĦOGFCTDĦDC %KV[5CHGV[CWVQODTGO\ 4JTUùNBĻ$JUZĻ4BGFUZsĻWFJDĻCSFN[ùtBOVĻWBJĻJSĻBVUPNâUJTLJĻCSFN[ùKVTJ 8ġLUVKMNCUGPUQTKDNQĨ5MTQMCUIT -â[FSBĻTFOTPSTĻQBHBJEâNĻOFEBSCPKBT ĻKPĻUPĻLBVUĻLBTĻJSĻCMPĸùKJT p /PĪFNJFUĻQSJFLtNFUV ĻLBTĻCMPĸùĻTFOTPSV ĻVOWBJĻOPUăSJFUĻWùKTUJLMVĻTFOTPSBĻQSJFLtQVTù 1BSĻMâ[FSBĻTFOTPSBĻJFSPCFxPKVNJFNĻMBTJFU ĻTLBUăUĻMQQĻ %KV[5CHGV[,ęXGKECRMQRG 4JTUùNBĻ$JUZĻ4BGFUZsĻOFEBSCPKBT p +BĻ[JĪPKVNTĻOFJ[[ÜE ĻCSBVDJFUĻV[ĻTFSWJTV ĻJFUFJDBNTĻV[Ļ7PMWPĻQJMOWBSPUVĻTFSWJTV " 4JNCPMJĻJSĻTIFNBUJTLJ 8CFĦVęLCCVDCNUVU 5CFWTUOGUDTĦFKPęLWOCUKUVġOCCTCWVQOęVKUMQDTGO\ġÝCPWWPIęLġLWCK\UCTF\ĦDW 8KURęTĦIK 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUPNâ UJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCVĻJS QBSFE[ùUB ĻMBJĻQBMăE[ùUVĻWBEăUâKBNĻHBEăKVNâ LBEĻQBTUâWĻSJTLTĻTBEVSTNFJĻBSĻHâKùKVĻWBJĻBVUP NPCJĮBĻQSJFLtâĻFTPtVĻUSBOTQPSUMăE[FLMJ ĻLBT TUâWĻV[ĻWJFUBTĻWBJĻCSBVDĻUBKâĻQBtâĻWJS[JFOâ 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUPNâ UJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCVĻUJFL BLUJWùUBĻTJUVâDJKâT ĻLBEĻWBEăUâKBNĻCJKBĻKâTâL CSFN[ùUĻBHSâL ĻUâQùDĻUâĻOFWBSĻQBMăE[ùUĻWBEăUâ KBNĻWJTâTĻTJUVâDJKâT 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNVĻBSĻBVUPNâ UJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCVĻJS QBSFE[ùUTĻBLUJWùUĻJFTQùKBNJĻWùMV ĻMBJĻOPWùSTUV OFWBKBE[ăHVĻJFKBVLtBOPT 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUPNâ UJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCVĻWBS OPWùSTUĻTBEVSTNJĻWBJĻTBNB[JOâUĻTBEVSTNFT âUSVNV 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNVĻBSĻBVUPNâ UJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCV OFESăLTUĻJ[NBOUPUĻQBSĻBUUBJTOPKVNVĻWBEăUâKBN MBJĻNBJOăUVĻWJĪBĻCSBVLtBOBTĻTUJMVĻ+BĻWBEăUâKT QBĮBVKBTĻWJFOăHJĻV[ĻTBEVSTNFTĻCSăEJOâKVNB TJTUùNBĻBSĻBVUPNâUJTLPĻCSFN[ùtBOBTĻGVO LDJKV ĻMBJĻCSFN[ùUV ĻBHSâLĻWBJĻWùMâLĻOPUJLT TBEVSTNF (WPMEKLC &KXKUKUVġOCUNĦOGĮK "ULBSăCâĻBVUPNBtăOBTĻBQSăLPKVNBĻ4BEVS TNFTĻCSăEJOâKVNBĻTJTUùNBJĻBSĻBVUPNâUJTLP CSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCVĻWBSĻCÜT EJWJĻWBSJBOUJĻNĦOGPKUĻVOĻNĦOGPKU NĦOGPKU 7BEăUâKTĻUJFLĻUJLBJĻCSăEJOâUTĻQBSĻtĸùStĮJFN ĻLBT JSĻSBEVtJFT ĻJ[NBOUPKPUĻWJ[VâMVTĻVOĻTLBĪBTĻTJH OâMVTĻĻOFOPUJFLĻBVUPNâUJTLâĻCSFN[ùtBOB ĻUâ WJFUâĻWBEăUâKBNĻJSĻKâCSFN[ùĻQBtBN NĦOGPKU 7BEăUâKTĻUJFLĻUJLBJĻCSăEJOâUTĻQBSĻtĸùStĮJFN ĻLBT JSĻSBEVtJFT ĻJ[NBOUPKPUĻWJ[VâMVTĻVOĻTLBĪBTĻTJH OâMVTĻĻKBĻWBEăUâKTĻQBUTĻMBJDăHJĻOFSFBīù ĻBVUP NPCJMJTĻUJFLĻCSFN[ùUTĻBVUPNâUJTLJ 58#4ÿ)+ 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNâĻBSĻBVUP NâUJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCV JFUWFSUPĻLPNQPOFOUVĻBQLPQJĻESăLTUĻWFJLU UJLBJĻTFSWJTâĻĻJFUFJDBNTĻBVUPSJ[ùUâĻ7PMWP TFSWJTâ *&7ð30+*&5ĻBUUùMTĻJSĻTIFNBUJTLT ĻVOĻEBxâEJFNĻBVUPNBtăOVĻNPEFĮJFNĻEFUBĮBTĻWBSĻBUtĸJSUJFT 5JLBJĻĻTJTUùNBTĻMăNFOJN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET (WPMEKLWRđTUMCVU 4LBĪBTĻVOĻWJ[VâMTĻCSăEJOâKVNBĻTJHOâMT TBEVSTNFTĻSJTLBĻHBEăKVNâ 3BEJPMPLâDJKBTĻTFOTPST ,BNFSBTĻTFOTPST 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUPNâ UJTLPĻCSFN[ùtBOVĻWFJDĻUSăTĻEBSCăCBTĻtâEâ TFDăCâ 5CFWTUOGUDTĦFKPęLWOU $TGOäWCVDCNUVUKUVġOC #WVQOęVKUMęDTGO\ġÝCPC 8CFĦVęLCCVDCNUVU 5CFWTUOGUDTĦFKPęLWOCUKUVġOCCTCWVQOęVKUMQDTGO\ġÝCPWWPIęLġLWCK\UCTF\ĦDW 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻVOĻ$JUZ 4BGFUZsĻQBQJMEJOBĻWJFOTĻPUSVĻ1MBtâLVĻJOGPS NâDJKVĻQBSĻ$JUZĻ4BGFUZs ĻTLBUăUĻMQQĻ 5CFWTUOGUDTĦFKPęLWOU 7JTQJSNTĻWBEăUâKTĻUJFLĻCSăEJOâUTĻQBSĻESBVEPtV TBEVSTNJ 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻV[UWFSĻBVUP NPCJĮBĻQSJFLtâĻFTPtVTĻHâKùKVT ĻUSBOTQPSUMă E[FLĮVT ĻLBTĻTUâWĻV[ĻWJFUBT ĻLâĻBSăĻUPT ĻLBT CSBVDĻUBKâĻQBtâĻtâĻWJS[JFOâ +BĻQBTUâWĻTBEVSTNFTĻSJTLTĻBSĻHâKùKVĻWBJĻUSBOT QPSUMăE[FLMJ ĻWBEăUâKBĻV[NBOăCBĻUJFLĻQJFWùSTUB BSĻNJSHPKPtVĻTBSLBOVĻCSăEJOâKVNBĻTJHOâMV BUUùMTĻOSĻ<>ĻĻMQQ ĻVOĻTLBĪBTĻTJHOâMV $TGOäWCVDCNUVUKUVġOC +BĻQùDĻTBEVSTNFTĻCSăEJOâKVNBĻBLUJWùtBOBT TBEVSTNFTĻSJTLTĻJSĻWùMĻWBJSâLĻQBMJFMJOâKJFT ĻUJFL BLUJWùUBĻCSFNxVĻBUCBMTUTJTUùNB 5BTĻOP[ăNù ĻLBĻCSFNxVĻTJTUùNBĻUJFLĻTBHBUB WPUBĻâUSBJĻCSFN[ùtBOBJ ĻWJFHMJĻOPTQJFxPU CSFNxVĻQFEâMJ ĻQBSĻLPĻMJFDJOBĻOFMJFMJĻBVUPNP CJĮBĻHSÜEJFOJ +BĻCSFNxVĻQFEâMJTĻUJFLĻOPTQJFTUTĻQJFUJFLPtJ âUSJ ĻUBEĻUJFLĻJ[NBOUPUBĻQJMOăHBĻCSFNxVĻGVOL DJKB #SFNxVĻBUCBMTUTĻBSăĻQBQJMEJOBĻWBEăUâKBĻWFJLUV CSFN[ùtBOV ĻKBĻTJTUùNBĻV[TLBUB ĻLBĻCSFN[ù tBOBĻOBWĻQJFUJFLPtB ĻMBJĻTQùUVĻJ[WBJSăUJFTĻOP TBEVSTNFT #WVQOęVKUMęDTGO\ġÝCPC "VUPNâUJTLâĻCSFN[ùtBOBTĻGVOLDJKBĻUJFLĻBLUJ WùUBĻQùEùKâ +BĻtâEâĻTJUVâDJKâĻWBEăUâKTĻWùMĻOBWĻTâDJTĻWFJLU EBSCăCBT ĻLBTĻĮBVUVĻJ[WBJSăUJFTĻOPĻTBEVSTNFT VOĻTBEVSTNFTĻSJTLTĻJSĻOFOPWùStBNT ĻUJFL J[NBOUPUBĻBVUPNâUJTLâTĻCSFN[ùtBOBTĻGVOL DJKBĻOFBULBSăHJĻOPĻUâ ĻWBJĻWBEăUâKTĻCSFN[ù 5âEâĻHBEăKVNâĻCSFN[ùtBOBĻOPUJFLĻBSĻJFSPCF xPUVĻCSFN[ùtBOBTĻTQùLV ĻMBJĻTBNB[JOâUV TBEVSTNFTĻâUSVNVĻWBJĻBSĻUâEVĻCSFN[ùtBOBT TQùLV ĻLBTĻJSĻQJFUJFLPtT ĻMBJĻJ[WBJSăUPTĻOP TBEVSTNFT $4ÿ&+0ó,7/5 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻOFUJFL JFTMùHUBĻWJTâTĻCSBVLtBOBTĻVOĻTBUJLTNFT TJUVâDJKâTĻWBJĻKFCLâEPTĻMBJLBĻVOĻDFĮB BQTUâLĮPTĻ4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNB OFSFBīùĻV[ĻBVUPNPCJĮJFN ĻLBTĻCSBVDĻQSF UùKâĻWJS[JFOâ ĻVOĻV[ĻE[ăWOJFLJFN #SăEJOâKVNTĻUJFLĻBLUJWùUTĻUJLBJĻUBE ĻKB QBTUâWĻOPQJFUOTĻTBEVSTNFTĻSJTLTĻfBKâ OPEBĮâĻ'VOLDJKBTĻVOĻOPEBĮâĻ*FSPCFxP KVNJĻJSĻTOJFHUBĻJOGPSNâDJKBĻQBSĻJFSPCFxPKV NJFN ĻLBTĻWBEăUâKBNĻKâBQ[JOâTĻQJSNTĻMJFUPU TBEVSTNFTĻCSăEJOâKVNBĻTJTUùNVĻBSĻBVUP NâUJTLâTĻCSFN[ùtBOBTĻGVOLDJKV #SăEJOâKVNJĻVOĻCSFNxVĻJFEBSCJOâtBOBĻHBEă KVNPT ĻLBEĻUJFLĻV[UWFSUTĻHâKùKT ĻJ[TMùE[BT KBĻBVUPNPCJĮBĻâUSVNTĻQâSTOJFE[ĻĻLNI #SăEJOâKVNJĻVOĻCSFNxVĻJFEBSCJOâtBOBĻHBEă KVNPT ĻLBEĻUJFLĻV[UWFSUTĻHâKùKT ĻOFEBSCPKBT UVNTâĻVOĻUVOFĮPTĻĻQBUĻUBE ĻKBĻEFHĻJFMV BQHBJTNPKVNT "VUPNâUJTLâTĻCSFN[ùtBOBTĻGVOLDJKBĻWBS OPWùSTUĻTBEVSTNJĻWBJĻTBNB[JOâUĻTBEVSTNFT âUSVNVĻ-BJĻOPESPtJOâUVĻPQUJNâMVĻCSFNxV WFJLUTQùKV ĻWBEăUâKBNĻWJFONùSĻKâOPTQJFx CSFNxVĻQFEâMJTĻĻQBUĻUBE ĻKBĻBVUPNPCJMJT CSFN[ùĻBVUPNâUJTLJ 5JLBJĻĻTJTUùNBTĻMăNFOJN `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 5CFWTUOGUDTĦFKPęLWOCUKUVġOCCTCWVQOęVKUMQDTGO\ġÝCPWWPIęLġLWCK\UCTF\ĦDW /FLâEâĻHBEăKVNâĻOFHBJEJFU ĻMăE[ĻQBSâEăTJFT TBEVSTNFTĻCSăEJOâKVNTĻ7BEăUâKTĻWJFONùSĻJS BUCJMEăHTĻQBSĻQBSFJ[âĻBUUâMVNBĻVOĻâUSVNB TBHMBCâtBOVĻĻQBUĻUBE ĻKBĻUJFLĻJ[NBOUPUB TBEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUP NâUJTLâTĻCSFN[ùtBOBTĻGVOLDJKV p -BJĻHâKùKVĻWBSùUVĻV[UWFSU ĻWJĪBNĻKâCÜU &CTDĦDC p 4JTUùNBĻOFWBSĻV[UWFSUĻHâKùKV ĻLBTĻOFTĻMJF *FTUBUăKVNVTĻWBSĻWFJLU ĻJ[NBOUPKPUĻ/;%#4 WJEVTLPOTPMFTĻEJTQMFKâĻVOĻJ[WùMĪVĻTJTUùNâ *OGPSNâDJKBĻQBSĻUP ĻLâĻJ[NBOUPKBNBĻJ[WùMĪV TJTUùNB ĻTLBUăUĻMQQĻ SFE[BNBNĻWJTâĻBVHVNâĻVOĻKâCÜUĻWJTNB[ ĻDNĻHBSBN MVTĻQSJFLtNFUVT p ,BNFSBTĻTFOTPSBĻTQùKBĻSFE[ùUĻHâKùKVT LSùTMâĻVOĻSăUBVTNâĻJSĻJFSPCFxPUBĻĻMăE[ăHJ LâĻDJMWùLBĻBDJK )ęLġLWW\VXGTÝCPC p ,BNFSBTĻTFOTPSBĻTQùKBĻV[UWFSUĻHâKùKVT UJFLĻEFBLUJWùUB ĻCSBVDPUĻUVNTâĻWBJĻDBVSJ UVOFĮJFNĻQBUĻUBE ĻKBĻJSĻJFTMùHUTĻJFMVĻBQHBJT NPKVNT $4ÿ&+0ó,7/5 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUP NâUJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCV JSĻQBMăHMăE[FLMJT 2KGOĘTKVCOMQUKUVĘOCW\UMCVCRCTIđLĘLKGOCT UMCKFTđOķGTOGĺCMQPVĨTđO -BJĻTJTUùNBĻEBSCPUPTĻPQUJNâMJ ĻGVOLDJKBJ ĻLBT V[UWFSĻHâKùKVT ĻJSĻKâTBĪFNĻQùDĻJFTQùKBTĻTLBJ ESâLBĻJOGPSNâDJKBĻQBSĻĸFSNFĪBĻLPOUÜSâNĻĻUBJ KâTQùKĻJEFOUJGJDùUĻHBMWB ĻSPLBT ĻQMFDJ ĻLâKBT ĸFSNFĪBĻBVHtEBĮBĻVOĻBQBLtEBĮB ĻLâĻBSăĻKâTQùK BUQB[ăUĻOPSNâMBTĻDJMWùLBĻLVTUăCBTĻQB[ăNFT făĻGVOLDJKBĻOFWBSĻV[UWFSUĻWJTVTĻHâKùKVTĻWJTâT TJUVâDJKâT ĻLâĻBSă ĻQJFNùSBN ĻEBĮùKJĻBJ[TFH UVTĻHâKùKVT ĻDJMWùLVTĻĸFSNFĪBĻBQSJTFT OPTFE[PtâĻBQīùSCâĻWBJĻHâKùKVT ĻLBTĻJSĻăTâLJ QBSĻĻDN p 7BEăUâKTĻJSĻWJFONùSĻBUCJMEăHTĻQBSĻUP ĻMBJ BVUPNPCJMJTĻUJLUVĻWBEăUTĻQJFOâDăHJĻVO JFWùSPKPUĻESPtVĻBUUâMVNV ĻLBTĻJ[WùMùUT ĪFNPUĻWùSâĻBVUPNPCJĮBĻâUSVNV +BĻMJFMBTĻĸFSNFĪBĻEBĮBTĻLBNFSBJĻQBMJFL BQTMùQUBT ĻUBEĻTJTUùNBĻOFWBSĻV[UWFSUĻHâKùKV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET $TĦFKPęLWOCUKIPęNWKGUNġIÝCPCWP K\UNġIÝCPC 7BSBUĻBUMBTăU ĻWBJĻTBEVSTNFTĻCSăEJOâKVNBĻTJTUù NBTĻTLBĪBTĻVOĻWJ[VâMBKJFNĻCSăEJOâKVNBĻTJHOâ MJFNĻJSĻKâCÜUĻJFTMùHUJFNĻWBJĻJ[TMùHUJFN *FEBSCJOPUĻE[JOùKV ĻBVUPNâUJTLJĻUJFLĻOPSFHVMùUT V[TUâEăKVNT ĻLBTĻCJKBĻJ[WùMùUTĻE[JOùKBĻJ[TMùH tBOBTĻCSăEă 2+'<ÿ/' #SFNxVĻBUCBMTUBĻTJTUùNBĻVOĻBVUPNâUJTLâT CSFN[ùtBOBTĻGVOLDJKBĻJSĻWJFONùSĻJFTMùHUBTĻ UâTĻOFWBSĻJ[TMùHU )CKUOCUWPUMCĮCUUKIPęNK -BJĻEFBLUJWJ[ùUVĻHBJTNBTĻVOĻTLBĪBTĻTJHOâMVT p "USPEJFUĻ5GVVKPIU %CTUGVVKPIU &TKXGTUWRRQTVU[UVGOU %QNNKUKQP 9CTPKPIĻrĻBUMBTJFU ĻMBJĻOPĪFNUVĻSÜUJĪBJ BU[ăNJ #SăEJOâKVNBĻMBNQJĪBĻ OSĻ<>ĻBUUùMâĻĻMQQ UJFLĻQâSCBVEăUBĻLBUSâĻE[JOùKBĻJFEBSCJOâtBOBT SFJ[ù ĻăTJĻJ[HBJTNPKPUĻCSăEJOâKVNBĻMBNQJĪBT BUTFWJtĸPTĻHBJTNBTĻQVOLUVT ĻKBĻJSĻBLUJWJ[ùUJ 8CFĦVęLCCVDCNUVU 5CFWTUOGUDTĦFKPęLWOCUKUVġOCCTCWVQOęVKUMQDTGO\ġÝCPWWPIęLġLWCK\UCTF\ĦDW TBEVSTNFTĻCSăEJOâKVNBĻTJTUùNBTĻHBJTNBTĻVO TLBĪBTĻCSăEJOâKVNJ 5MCĮCUUKIPęNU #SăEJOâKVNBĻTJHOâMVĻWBSĻBLUJWùUEFBLUJWùU BUTFWJtĸJ p *[WùĮĪVĻTJTUùNâĻ[FNĻ5GVVKPIU %CT UGVVKPIU &TKXGTUWRRQTVU[UVGOU %QNNKUKQP9CTPKPI 9CTPKPIUQWPF BUMBTJFUĻ1PĻWBJĻ1HH $TĦFKPęLWOCCVVęNWOCKGUVCVĦÝCPC #SăEJOâKVNBĻBUUâMVNTĻOPTBLBĻBUUâMVNV ĻLâEâ UJFLĻBLUJWùUJĻWJ[VâMJFĻVOĻTLBĪBTĻCSăEJOâKVNJ p *[WùĮĪVĻTJTUùNâĻ/;%#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU &TKXGTUWRRQTV U[UVGOU %QNNKUKQP9CTPKPI 9CTPKPIFKUVCPEGĻBUMBTJFUĻ.QPI ĻWBJ 0QTOCN5JQTV #SăEJOâKVNBĻBUUâMVNTĻOPTBLBĻTJTUùNBTĻKVUăCV #SăEJOâKVNBĻBUUâMVNTĻ.QPIĻOPESPtJOBĻBHSâLV CSăEJOâtBOVĻ7JTQJSNTĻQâSCBVEJFUĻBSĻJFTUBUă KVNVĻ.QPIĻVO ĻKBĻtJTĻJFTUBUăKVNTĻBLUJWùĻQâSâL EBVE[ĻCSăEJOâKVNV ĻLBTĻOPUFJLUâTĻTJUVâDJKâT WBSĻUSBVDùU ĻUBEĻNBJOJFUĻCSăEJOâKVNBĻBUUâMVNV V[Ļ0QTOCN 2+'<ÿ/' $4ÿ&+0ó,7/5 +BĻUJFLĻMJFUPUBĻBEBQUăWâĻLSVă[BĻLPOUSPMF ĻUâ J[NBOUPĻCSăEJOâKVNBĻMBNQJĪVĻVOĻTLBĪBT TJHOâMVĻQBUĻUBE ĻKBĻJSĻJ[TMùHUBĻTBEVSTNFT CSăEJOâKVNBĻTJTUùNB 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻCSăEJOB WBEăUâKV ĻKBĻSPEBTĻTBEVSTNFTĻSJTLT ĻUBÀVĻtă GVOLDJKBĻOFWBSĻTBNB[JOâUĻWBEăUâKBĻSFBLDJKBT MBJLV -BJĻTBEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻEBSCP UPT ĻWJFONùSĻCSBVDJFUĻBSĻJFTUBUăUVĻEJTUBODFT CSăEJOâKVNBĻJOUFSWâMVĻ ĻTLBUăUĻMQQĻ 2+'<ÿ/' 1BUĻKBĻCSăEJOâKVNBĻBUUâMVNTĻJSĻJFTUBUăUTĻV[ .QPI ĻEBxâTĻTJUVâDJKâTĻCSăEJOâKVNJĻWBSĻUJLU TBĪFNUJĻBSĻOPLBWùtBOPT ĻQJFNùSBN ĻKB BVUPNPCJĮVĻâUSVNJĻJSĻĮPUJĻBUtĸJSăHJĻWBJ QSJFLtâĻFTPtJFĻUSBOTQPSUMăE[FLĮJĻTUSBVKJ CSFN[ù /FWJFOBĻBVUPNâUJTLâĻTJTUùNBĻOFWBSĻHBSBO UùUĻĻĻQBSFJ[VĻEBSCăCVĻWJTâTĻTJUVâDJKâT 5âEùĮĻOFLâEâĻHBEăKVNâĻOFQâSCBVEJFU TBEVSTNFTĻCSăEJOâKVNBĻTJTUùNVĻBSĻBVUP NâUJTLPĻCSFN[ùtBOV ĻCSBVDPUĻWJSTÜĻDJMWù LJFNĻWBJĻUSBOTQPSUMăE[FLĮJFNĻĻWBSBUĻJ[SBJTăU OPQJFUOVTĻCPKâKVNVTĻVOĻTBWBJOPKVNVT ĻLâ BSăĻBQESBVEùUĻLâEBĻE[ăWăCV +GUVCVĦLWOWRęTDCWFG 7BKBE[ăHPTĻJFTUBUăKVNVTĻWBSĻSFHVMùUĻWJEVTLPO TPMFTĻEJTQMFKâĻ.FLMùKJFUĻJ[WùMĪVĻTJTUùNâĻ/; %#4Ļ[FNĻ5GVVKPIU %CTUGVVKPIU &TKXGT UWRRQTVU[UVGOU %QNNKUKQP9CTPKPI ĻTLB UăUĻMQQĻ #SăEJOâKVNBĻBUUâMVNVĻ5JQTVĻJ[NBOUPKJFUĻUJLBJ J[ĪùNVNBĻHBEăKVNPT ĻQJFNùSBN ĻCSBVDPU EJOBNJTLJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 5CFWTUOGUDTĦFKPęLWOCUKUVġOCCTCWVQOęVKUMQDTGO\ġÝCPWWPIęLġLWCK\UCTF\ĦDW #RMQRG +GTQDGäQLWOK 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUPNâ UJTLPĻCSFN[ùtBOVĻVOĻHâKùKVĻBJ[TBSE[ăCVĻEBS CPKBTĻOPĻBQUVWFOJĻĻLNIĻMJFMBĻâUSVNB 7J[VâMPĻCSăEJOâKVNBĻTJHOâMVĻ BUUùMTĻOSĻ<>Ļ MQQ ĻWBSĻCÜUĻHSÜUJĻQBNBOăUĻTQùDăHBTĻTBVMFT HBJTNBTĻVOĻBUTQăEVNBĻHBEăKVNâ ĻKBĻUJFL J[NBOUPUBTĻTBVMFTCSJMMFT ĻLâĻBSăĻKBĻWBEăUâKT OFTLBUâTĻUBJTOJĻV[ĻQSJFLtVĻ5âEùĮĻWJFONùS KâCÜUĻBLUJWùUBNĻCSăEJOâKVNBĻTLBĪBTĻTJHOâMBN -COGTCWPTCFKQNQMđEKLCUUGPUQTU -BJĻTFOTPSJĻEBSCPUPTĻQBSFJ[J ĻV[ĻUJFNĻOFESăLTU BUSBTUJFTĻOFUăSVNJ ĻMFEVTĻVOĻTOJFHT ĻVOĻUJF SFHVMâSJĻKâNB[HâĻBSĻÜEFOJĻVOĻBVUPtBNQÜOV 2+'<ÿ/' +BĻTFOTPSVTĻLMâKĻOFUăSVNJ ĻMFEVTĻWBJĻTOJFHT UPĻGVOLDJPOBMJUâUFĻTBNB[JOâTĻVOĻNùSăKVNV WFJLtBOBĻWBSĻOFCÜUĻJFTQùKBNB 6[ĻTMJEFOâNĻDFĮBĻWJSTNâNĻCSFN[ùtBOBTĻBUUâ MVNTĻQBMJFMJOâT ĻVOĻUBTĻWBSĻTBNB[JOâUĻTQùKV OPWùSTUĻTBEVSTNJĻfâEâTĻTJUVâDJKâTĻ"#4ĻVO %45$ĻTJTUùNBTĻOPESPtJOâTĻMBCâLPĻJFTQùKBNP CSFN[ùtBOBTĻTQùLVĻBSĻQBTUâWăHVĻTUBCJMJUâUJ 2+'<ÿ/' +BĻQBTBxJFSVĻTBMPOâĻJSĻBVHTUBĻUFNQFSBUÜSB LPĻJ[SBJTăKVTJ ĻQJFNùSBN ĻTQùDăHBĻTBVMFT HBJTNB ĻWJ[VâMâĻCSăEJOâKVNBĻTJHOâMVĻWBS ăTMBJDăHJĻEFBLUJWùUĻ+BĻUâĻOPUJFL ĻUBEĻCSăEJOâ KVNBĻTLBĪBTĻTJHOâMTĻUJFLĻBLUJWùUTĻQBUĻUBE KBĻJ[WùMĪVĻTJTUùNâĻUBTĻJSĻEFBLUJWùUT p #SăEJOâKVNJĻWBSĻOFQBSâEăUJFT ĻKBĻBUUâ MVNTĻMăE[ĻQSJFLtâĻFTPtBKBNĻUSBOTQPSUMă E[FLMJNĻJSĻOFMJFMTĻWBJĻTUÜSFTĻVOĻQFEâĮB LVTUăCBTĻBNQMJUÜEBĻJSĻMJFMB ĻQJFNùSBN CSBVDPUĻĮPUJĻTQPSUJTLJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET $4ÿ&+0ó,7/5 #SăEJOâKVNVĻTOJFHtBOBĻVOĻCSFNxVĻJFEBSCJ OâtBOBĻWBSĻOPUJLUĻWùMâLĻWBJĻOFOPUJLUĻWJTQâS KBĻTJUVâDJKBĻV[ĻDFĮBĻWBJĻLâEBĻâSùKBĻJFUFLNF OP[ăNùĻUP ĻLBĻSBEJPMPLâDJKBTĻWBJĻLBNFSBT TFOTPSTĻOFTQùKĻQBSFJ[JĻV[UWFSUĻQSJFLtâ FTPtVĻHâKùKVĻWBJĻUSBOTQPSUMăE[FLMJ 4FOTPSVĻTJTUùNBJĻJSĻJFSPCFxPUBĻHâKùKV V[UWFStBOBTĻTQùKB ĻUâEùĮĻTJTUùNBĻTOJFE[ CSăEJOâKVNVTĻVOĻJFEBSCJOBĻCSFN[FT ĻKB BVUPNPCJMJTĻCSBVDĻBSĻâUSVNVĻMăE[ĻĻLNI "VUPNPCJĮJFN ĻLBTĻTUâWĻV[ĻWJFUBTĻWBJĻCSBVD MùOJ ĻCSăEJOâKVNJĻUJFLĻTOJFHUJĻVOĻCSFN[FT JFEBSCJOâUBT ĻKBĻBVUPNPCJMJTĻCSBVDĻBS âUSVNVĻMăE[ĻĻLNI #SăEJOâKVNVTĻV[ĻWJFUBTĻTUâWPtJFNĻWBJĻMùOJ CSBVDPtJFNĻBVUPNPCJĮJFNĻWBSĻJ[TMùHUĻUVN TBTĻWBJĻTMJLUBTĻSFE[BNăCBTĻEùĮ #SăEJOâKVNJĻVOĻCSFNxVĻJFEBSCJOâtBOBĻHBEă KVNPT ĻLBEĻUJFLĻV[UWFSUTĻHâKùKT ĻJ[TMùE[BT KBĻBVUPNBtăOBTĻâUSVNTĻQâSTOJFE[ĻĻLNI #SăEJOâKVNBĻTJTUùNBĻQBSĻTBEVSTNùNĻJ[NBOUP UPĻQBtVĻSBEJPMPLâDJKBTĻTFOTPSV ĻLVSVĻJ[NBOUP BEBQUăWâĻLSVă[BĻLPOUSPMFĻ1MBtâLBĻJOGPSNâDJKB QBSĻSBEBSBĻTFOTPSVĻVOĻUâĻJFSPCFxPKVNJFN TLBUăUĻMQQĻ +BĻtĸJFU ĻLBĻCSăEJOâKVNJĻUJFLĻBLUJWùUJĻQâSâL CJFxJĻWBJĻUJFĻUSBVDù ĻCSăEJOâKVNBĻBUUâMVNVĻWBS TBNB[JOâUĻ5âEâĻHBEăKVNâĻTJTUùNBĻTOJFHTĻCSă EJOâKVNVTĻWùMâL ĻUâEùKâEJĻTBNB[JOPUĻLPQùKP 8CFĦVęLCCVDCNUVU 5CFWTUOGUDTĦFKPęLWOCUKUVġOCCTCWVQOęVKUMQDTGO\ġÝCPWWPIęLġLWCK\UCTF\ĦDW CSăEJOâKVNVĻTLBJUVĻTLBUJFUĻTBEBĮVĻ#SăEJOâ KVNBĻBUUâMVNBĻJFTUBUătBOBĻĻMQQ *FTMùE[PUĻBUQBLBĮHBJUV ĻTBEVSTNFTĻCSăEJOâ KVNBĻTJTUùNBĻBSĻBVUPNâUJTLPĻCSFN[ùtBOVĻUJFL ăTMBJDăHJĻEFBLUJWùUB 4BEVSTNFTĻCSăEJOâKVNTĻBSĻBVUPNâUJTLâT CSFN[ùtBOBTĻGVOLDJKVĻOFUJFLĻBLUJWùUTĻNB[â âUSVNâĻĻ[FNĻĻLNI ĻVOĻUâEùĮĻTJTUùNBĻOFJF KBVDBTĻTJUVâDJKâT ĻLBEĻBVUPNPCJMJTĻUVWPKBT QSJFLtâĻCSBVDPtBKBNĻUSBOTQPSUMăE[FLMJNĻĮPUJ MùOJ ĻQJFN ĻOPWJFUPKPUĻBVUPĻTUâWùtBOBJ 4JUVâDJKâT ĻLBEĻWBEăUâKTĻSăLPKBTĻBLUăWJĻVOĻBQ[J OâUJ ĻTBEVSTNFTĻCSăEJOâKVNTĻWBSĻUJLUĻOFEBVE[ BUMJLUT ĻMBJĻMăE[ĻNJOJNVNBNĻTBNB[JOâUVĻOFWB KBE[ăHVĻCSăEJOâKVNVĻTLBJUV +BĻBVUPNâUJTLâTĻCSFN[ùtBOBTĻGVOLDJKBĻJS OPWùSTVTJĻTBEVSTNJĻBSĻTUBDJPOâSVĻPCKFLUV BVUPNPCJMJTĻQBMJFLĻOFLVTUăHTĻNBLTJNâMJ ĻTFLVOEFTĻ+BĻBVUPNPCJMJTĻUJFLĻCSFN[ùUT QSJFLtâĻCSBVDPtâĻUSBOTQPSUMăE[FLĮBĻEùĮ âUSVNTĻUJFLĻTBNB[JOâUTĻMăE[ĻUâEBNĻQBtBN MăNFOJNĻLâĻQSJFLtâĻCSBVDPtBKBNĻUSBOTQPSUMă E[FLMJN "VUPNPCJMJNĻBSĻNBOVâMPĻQâSOFTVNLâSCVĻE[J OùKTĻJ[TMùE[BT ĻLBEĻBVUPNâUJTLâTĻCSFN[ùtB OBTĻGVOLDJKBĻJSĻBQUVSùKVTJĻBVUPNPCJMJ ĻKBĻWJFO WBEăUâKTĻQJSNTĻUBNĻOFQBTQùKĻOPTQJFTUĻTBKÜHB QFEâMJ -COGTCUUGPUQTCKGTQDGäQLWOK ,BNFSBTĻTFOTPSVĻJ[NBOUPĻBSăĻTBEVSTNFTĻCSă EJOâKVNBĻTJTUùNBĻBSĻBVUPNâUJTLPĻCSFN[ù tBOV ĻJFTMùE[PUĻtâEBTĻGVOLDJKBT p "VUPNâUJTLâĻUâMPUVWPĻHBJTNVĻTUBSB BQUVNtPtBOBĻĻTLBUăUĻMQQĻ p $FĮB[ăNKVĻJOGPSNâDJKBĻĻTLBUăUĻMQQĻ p %SJWFSĻ"MFSUĻ$POUSPMĻqĻTLBUăUĻMQQĻ p Ļ+PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻTLBUăU MQQĻ 2+'<ÿ/' /PESPtJOJFU ĻMBJĻWùKTUJLMBĻWJSTNBĻQSJFLtâ LBNFSBTĻTFOTPSBNĻCÜUVĻCSăWBĻOPĻMFEVT TOJFHB ĻBJ[TWăEVNBĻVOĻOFUăSVNJFN /FQJFMăNùKJFUĻVOĻOFQJFTUJQSJOJFUĻOFLPĻQJF WùKTUJLMBĻQSJFLtâĻLBNFSBTĻTFOTPSBN ĻQSF UùKâĻHBEăKVNâĻWBSĻTBNB[JOâUJFTĻLâEBTĻTJT UùNBTĻFGFLUJWJUâUFĻWBJĻUJLUĻQâSUSBVLUBĻWJFOBT WBJĻWBJSâLVĻOPĻLBNFSBTĻBULBSăHVĻTJTUùNV EBSCăCB ,BNFSBTĻTFOTPSJFNĻJSĻJFSPCFxPKVNJĻMăE[ăHJĻLâ DJMWùLBĻBDJK ĻUĻJĻUJFĻSFE[ĻTMJLUâL ĻQJFNùSBN UVNTâ ĻJOUFOTăWBTĻTOJHtBOBT ĻMJFUVTĻWBJĻCJF[BT NJHMBTĻHBEăKVNâĻfâEPTĻBQTUâLĮPTĻOPĻLBNF SBTĻBULBSăHPĻTJTUùNVĻEBSCăCBĻWBSĻJFWùSPKBNJ QBTMJLUJOâUJFTĻWBJĻUâTĻWBSĻăTMBJDăHJĻOFEBSCPUJFT WJTQâS 4QJMHUBTĻQSFUJNCSBVDPtâĻUSBOTQPSUMăE[FLĮB HBJTNBT ĻCSBVLUVWFTĻBUTQăEVNT ĻBQTOJHVTJ BQMFEPKVTJ ĻOFUăSBĻCSBVLUVWFĻWBJĻOFTLBJEST KPTMVĻNBSĸùKVNTĻBSăĻWBSĻJFWùSPKBNJĻQBTMJLUJOâU LBNFSBTĻTFOTPSBĻEBSCăCV ĻKBĻUâĻUJFLĻJ[NBO UPUB ĻMBJĻTLFOùUĻCSBVLUVWJĻVOĻV[UWFSUVĻDJUVT USBOTQPSUMăE[FLĮVT ,BNFSBTĻTFOTPSBĻSFE[BNăCBTĻMBVLTĻJSĻJFSPCF xPUT ĻUâEùĮĻUBTĻEBxâTĻTJUVâDJKâTĻOFTQùKĻV[UWFSU HâKùKVTĻVOĻUSBOTQPSUMăE[FLĮVTĻWBJĻBSăĻUJFĻUJFL V[UWFSUJĻWùMâLĻOFLâĻQSPHOP[ùUT +BĻUFNQFSBUÜSBĻJSĻĮPUJĻBVHTUB ĻLBNFSBĻăTMBJDăHJ UJFLĻJ[TMùHUBĻBQNĻV[ĻĻNJOÜUùNĻQùDĻE[JOùKB JFEBSCJOâtBOBT ĻMBJĻOPWùSTUVĻLBNFSBTĻGVOLDJKV USBVDùKVNVT 6TCWEġLWOOGMNġÝCPCWPXGKECOęU FCTDĦDCU +BĻEJTQMFKâĻQBSâEâTĻ[JĪPKVNTĻ8ÐLUVKMNC UGPUQTKDNQMÐVK ĻUBTĻOP[ăNù ĻLBĻLBNFSBT TFOTPSTĻJSĻCMPĸùUTĻVOĻOFWBSĻV[UWFSUĻHâKùKVT USBOTQPSUMăE[FLĮVTĻWBJĻDFĮBĻNBSĸùKVNVT QSJFLtâĻBVUPNPCJMJN 5âQBUĻBSăĻUBTĻOP[ăNù ĻLBĻHBOĻTBEVSTNFTĻCSăEJ OâKVNBĻTJTUùNBĻBSĻBVUPNâUJTLPĻCSFN[ùtBOV HBOĻBVUPNâUJTLâĻUâMPUVWPĻHBJTNVĻBQUVNtP tBOB ĻDFĮB[ăNKVĻJOGPSNâDJKBTĻGVOLDJKB ĻQBMăH GVOLDJKBĻ%SJWFSĻ"MFSUĻ$POUSPMĻVOĻ-BOFĻ,FFQJOH "JEĻOFEBSCPTJFTĻQJMOăHJĻQBSFJ[J Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 5CFWTUOGUDTĦFKPęLWOCUKUVġOCCTCWVQOęVKUMQDTGO\ġÝCPWWPIęLġLWCK\UCTF\ĦDW 5âMâLĻFTPtBKâĻUBCVMâĻJSĻOPSâEăUJĻJFTQùKBNJF [JĪPKVNBĻQBSâEătBOBTĻDùMPĪJ ĻLâĻBSăĻWFJDBNâT EBSCăCBT %ġNQPKU 4ĦEĦDC 7ùKTUJLMBĻWJSTNB LBNFSBTĻQSJFLtâĻJS OFUăSBĻWBJĻBJ[TFHUB BSĻMFEVĻWBJĻTOJFHV 5ăSJFUĻOFUăSVNVT MFEVĻVOĻTOJFHVĻOP WùKTUJLMBĻWJSTNBT LBNFSBTĻQSJFLtâ #JF[BĻNJHMB ĻTQù DăHTĻMJFUVTĻWBJĻJOUFO TăWBĻTOJHtBOB OP[ăNù ĻLBĻLBNFSB OFGVOLDJPOùĻQJFUJF LBNJĻMBCJ /FEBSCPKBTĻ(BEăKV NPT ĻLBEĻLBNFSB OFEBSCPKBTĻTQùDăHB MJFUVTĻWBJĻTOJHtBOBT MBJLâ %ġNQPKU 4ĦEĦDC 7ùKTUJLMBĻWJSTNB LBNFSBTĻQSJFLtâĻJS OPUăSăUB ĻUBÀVĻ[JĪP KVNTĻOFQB[ÜE 6[HBJEJFUĻ,BNùS LBNFSBĻJ[NùSB SFE[BNăCV ĻWBSĻQBJFU WBJSâLBTĻNJOÜUFT 1BSâEăKVtJFTĻOFUă SVNJĻTUBSQĻWùKTUJLMB JFLtQVTJĻVOĻLBNFSV -BJĻOPUăSăUVĻWùKTUJLMB JFLtQVTJĻLBNFSBT QSJFLtâ ĻCSBVDJFUĻV[ TFSWJTV ĻJFUFJDBNT V[Ļ7PMWPĻQJMOWBSPUV TFSWJTV 5KODQNKWP\KĮQLWOKFKURNGLę 5KODQNU# 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK 5CFWTUOGUDTÔF +<5. 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻJSĻJ[TMùHUB 3FE[BNT ĻLBEĻUJFLĻJFEBSCJOâUTĻE[JOùKT 1B[JĪPKVNTĻUJFLĻOPE[ùTUTĻQùDĻBQUVWFOJĻĻTFLVOEùNĻWBJĻQùDĻUBN ĻLBEĻWJFOVĻSFJ[JĻJSĻOPTQJFTUTĻ1-ĻUBVTUJĪt 5CFWTUOGUDTÔF 0CXRKGGLCOU 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNVĻOFWBSĻBLUJWùU 3FE[BNT ĻLBEĻWBEăUâKTĻNùīJOBĻBLUJWùUĻGVOLDJKV 1B[JĪPKVNTĻUJFLĻOPE[ùTUTĻQùDĻBQUVWFOJĻĻTFLVOEùNĻWBJĻQùDĻUBN ĻLBEĻWJFOVĻSFJ[JĻJSĻOPTQJFTUTĻ1-ĻUBVTUJĪt Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 5CFWTUOGUDTĦFKPęLWOCUKUVġOCCTCWVQOęVKUMQDTGO\ġÝCPWWPIęLġLWCK\UCTF\ĦDW 5KODQNU# 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK #WVQODTGO\DKLC CMVKXÐVC "VUPNâUJTLâĻCSFN[ùtBOBĻCJKBĻBLUăWB 8ġLUVKMNCUGPUQTK DNQĨ5MTQMCUIT ,BNFSBTĻTFOTPSTĻJSĻăTMBJDăHJĻEFBLUJWùUT ;JĪPKVNVĻWBSĻOPE[ùTU ĻWJFOVĻSFJ[JĻOPTQJFxPUĻ1-ĻUBVTUJĪV 1BSâEâT ĻQJFNùSBN ĻKBĻV[ĻWùKTUJLMBĻJSĻTOJFHT ĻMFEVTĻWBJĻOFUăSVNJ p /PUăSJFUĻWùKTUJLMBĻWJSTNVĻLBNFSBTĻTFOTPSBĻQSJFLtâ *[MBTJFUĻQBSĻLBNFSBTĻTFOTPSBĻJFSPCFxPKVNJFN ĻTLBUăUĻMQQĻ 4CFCTUDNQMÐVU5M TQMCUITÉOCVW 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUPNâUJTLPĻCSFN[ùtBOBTĻGVOLDJKVĻJSĻăTMBJDăHJĻEFBLUJWùUB 3BEJPMPLâDJKBTĻTFOTPSTĻJSĻCMPĸùUT ĻVOĻUBTĻOFWBSĻV[UWFSUĻDJUVTĻUSBOTQPSUMăE[FLĮVT ĻQJFN ĻLBEĻTQùDăHTĻMJFUVTĻWBJ tĸăEPOJTĻJSĻBJ[TFE[JTĻSBEJPMPLâDJKBTĻTFOTPSV 1BSĻSBEBSBĻTFOTPSBĻJFSPCFxPKVNJFNĻMBTJFU ĻTLBUăUĻMQQĻ 5CFWTUOGUDTÔF ,ÉXGKECRMQRG " 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUPNâUJTLPĻCSFN[ùtBOBTĻGVOLDJKVĻJSĻQJMOăCâĻWBJĻEBĮùKJĻEFBLUJWùUB p +BĻ[JĪPKVNTĻOFJ[[ÜE ĻCSBVDJFUĻV[ĻTFSWJTV ĻJFUFJDBNTĻV[Ļ7PMWPĻQJMOWBSPUVĻTFSWJTV 4JNCPMJĻJSĻTIFNBUJTLJĻrĻUJFĻWBSĻBUtĸJSUJFTĻBULBSăCâĻOPĻWBMTUTĻVOĻBVUPNBtăOBTĻNPEFĮB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU &TKXGT#NGTV5[UVGO 8KURęTĦICKPHQTOęEKLCRCT&TKXGT#NGTV 5[UVGO 8CFĦVęLCRCNĦINĦF\GMīWUVCVWUU %SJWFSĻ"MFSUĻ4ZTUFNĻJSĻQBSFE[ùUB ĻMBJĻQBMăE[ùUV WBEăUâKJFN ĻLVSJFNĻQBTMJLUJOâTĻWBEătBOBTĻTQù KBTĻWBJĻLVSJĻOFKBVtJĻJSĻQâSLâQVtJĻCSBVLtBOBT KPTMV ĻQBĻLVSVĻUJFĻQJSNTĻUBNĻCSBVDB %SJWFSĻ"MFSUĻ4ZTUFNĻTBTUâWĻOPĻEJWâNĻBUtĸJSă HâNĻGVOLDJKâN ĻLVSBTĻWBSĻJFTMùHUĻHBOĻSFJ[ù HBOĻBUTFWJtĸJ p %SJWFSĻ"MFSUĻ$POUSPMĻqĻ%"$ ĻTLBUăU MQQĻ p +PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻĻ-," TLBUăUĻMQQĻ *FTMùHUâĻGVOLDJKBĻUJFLĻJFTUBUăUBĻHBUBWăCBT SFxăNâĻVOĻOFUJFLĻBLUJWùUBĻBVUPNâUJTLJ ĻMăE[ âUSVNTĻQâSTOJFE[ĻĻLNI 1BtSFJ[ùKPĻWJTVĻWBEăUâKBĻQBMăHMăE[FLĮVĻTUBUVTV WBSĻBQMÜLPUĻJ[WùMOùĻ/;%#4 ĻTLBUăUĻMQQĻ 'VOLDJKBĻUJFLĻEFBLUJWùUBĻBULBM ĻLBEĻâUSVNT TBNB[JOâTĻ[FNĻĻLNI 'VOLDJKBTĻJ[NBOUPĻLBNFSV ĻLVSBTĻEBSCăCBĻJS BULBSăHBĻOPĻCSBVDBNâTĻKPTMBTĻTâOVĻNBSĸù KVNBĻLBUSâĻNBMâ $4ÿ&+0ó,7/5 %SJWFSĻ"MFSUĻ4ZTUFNĻOFEBSCPKBTĻWJTâTĻTJUVâ DJKâT ĻUBÀVĻUBJĻJSĻUJLBJĻQBMăHMăE[FLĮBĻGVOLDJKB 7BEăUâKTĻWJFONùSĻJSĻBUCJMEăHTĻQBSĻESPtV BVUPNBtăOBTĻWBEătBOV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU &TKXGT#NGTV5[UVGO&#% 8KURęTĦICKPHQTOęEKLCRCT&#% QBSFE[ùUBĻJ[NBOUPtBOBJ ĻCSBVDPUĻQBĻNBīJT USâMBKJFNĻDFĮJFNĻ'VOLDJKBĻOBWĻQBSFE[ùUBĻQJM TùUBTĻTBUJLTNFJ &CTDĦDC %BxLâSUĻCSBVLtBOBTĻTQùKBTĻOBWĻJFUFLNùUBT OFTLBUPUJFTĻV[ĻUP ĻLBĻWBEăUâKTĻJSĻOPHVSJTĻfâEâ HBEăKVNâĻWBEăUâKTĻOFUJFLĻCSăEJOâUTĻ5âEùĮĻOFBU LBSăHJĻOPĻUâ ĻWBJĻ%"$ĻCSăEJOBĻWBJĻOF ĻWJFONùSĻJS TWBSăHJĻBQTUâUJFTĻVOĻQBĪFNUĻQâSUSBVLVNV ĻKB NBOâNBTĻKFCLâEBTĻWBEăUâKBĻOPHVSVNBĻQB[ă NFT 2+'<ÿ/' %"$Ļ %SJWFSĻ"MFSUĻ$POUSPM ĻGVOLDJKBĻJSĻQBSF E[ùUB ĻMBJĻQJFTBJTUăUVĻWBEăUâKBĻV[NBOăCV ĻLBE WJĪtWJĪBĻTâLĻCSBVLUĻOFWJFONùSăHâL ĻQJFNù SBN ĻKBĻWJĪtWJĪBĻLĮÜTUĻJ[LMBJEăHTĻWBJĻNJFHBJOT ,BNFSBĻV[UWFSĻNBMVĻNBSĸùKVNVT ĻLBTĻV[LSâ TPUVĻV[ĻCSBVLUVWFT ĻVOĻTBMăE[JOBĻDFĮBĻEBĮVĻBS WBEăUâKBĻTUÜSùtBOBTĻLVTUăCâNĻ7BEăUâKTĻUJFL CSăEJOâUT ĻKBĻUSBOTQPSUMăE[FLMJTĻWJFONùSăHJ OFTFLPĻCSBVLUVWFTĻNBSĸùKVNBN 2+'<ÿ/' ,BNFSBTĻTFOTPSBNĻJSĻOPUFJLUJĻJFSPCFxPKVNJ ĻTLBUăUĻMQQĻ %"$ĻV[EFWVNTĻJSĻV[UWFSUĻMùOVĻCSBVLtBOBT TQùKVĻQBTMJLUJOâtBOPT ĻVOĻUâĻHBMWFOPLâSUĻJS fPĻGVOLDJKVĻOFESăLTUĻMJFUPU ĻMBJĻQBJME[JOâUV CSBVLtBOBTĻMBJLVĻ7JFONùSĻJFQMâOPKJFUĻSFHV MâSVTĻQâSUSBVLVNVTĻVOĻLâSUăHJĻBUQÜUJFUJFT +GTQDGäQLWOU %BxLâSUĻTJTUùNBĻWBSĻCSăEJOâU ĻOFSBVHPUJFTĻV[ UP ĻLBĻCSBVLtBOBTĻTQùKBTĻOBWĻQBTMJLUJOâKVtâT QJFNùSBN p TQùDăHBĻTâOVĻWùKBĻHBEăKVNâ p OFMăE[FOBTĻDFĮBĻWJSTNBTĻHBEăKVNâ 7FJLUJĻJFTUBUăKVNJĻWJEVTLPOTPMFTĻEJTQMFKB FLSâOâĻVOĻUâĻJ[WùĮĪVĻTJTUùNâĻ*OGPSNâDJKBĻQBS UP ĻLâĻJ[NBOUPKBNBĻJ[WùMĪVĻTJTUùNB ĻTLBUăU MQQĻ +GUNġIVU+\UNġIVU -BJĻJFTUBUăUVĻ%SJWFSĻ"MFSUĻHBJEătBOBTĻSFxăNâ p *[WùMOùĻ/;%#4ĻNFLMùKJFUĻ%CTUGVVKPIU &TKXGTUWRRQTVU[UVGOU &TKXGT #NGTVĻVOĻBU[ăNùKJFUĻJ[WùMFTĻSÜUJĪVĻĻ/BW BU[ăNùUBĻJ[WùMFTĻSÜUJĪBĻ'VOLDJKBĻJS J[TMùHUB (WPMEKLC %SJWFSĻ"MFSUĻUJFLĻBLUJWùUB ĻLBEĻâUSVNTĻQâS TOJFE[ĻĻLNIĻVOĻQBMJFLĻBLUăWBĻUJLĻJMHJ ĻLBNùS âUSVNTĻJSĻMJFMâLTĻQBSĻĻLNI Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU &TKXGT#NGTV5[UVGO&#% +BĻBVUPNPCJMJTĻUJFLĻWBEăUTĻOFQBSBTUâ WFJEâ ĻBUTLBOĻTLBĪBTĻTJHOâMTĻVOĻUJFL QBSâEăUTĻUFLTUBĻQB[JĪPKVNTĻ&TKXGT #NGTV.CKMUCVRĹVCK ĻCSăEJOPUĻWBEă UâKVĻĻWJFOMBJLVTĻJOTUSVNFOUVĻQBOFMăĻJ[HBJTNP KBTĻTBJTUăUBJTĻTJNCPMTĻ#SăEJOâKVNTĻUJFLĻBULâS UPUTĻQùDĻMBJLB ĻKBĻCSBVLtBOBTĻTQùKBTĻOFV[MB CPKBT #SăEJOâKVNBĻTJNCPMTĻWBSĻOPE[JTU p /PTQJFEJFUĻLSFJTâTĻQVTFTĻTWJSTMùExBĻUBVT UJĪVĻ1- $4ÿ&+0ó,7/5 4LBĪBTĻTJHOâMTĻKâV[UWFSĻĮPUJĻOPQJFUOJ ĻKP NJFHBJOTĻtPGFSJTĻCJFxJĻWJFOĻQBUTĻOFBQ[JOâT TBWVĻTUâWPLMJ +BĻBUTLBOĻTLBĪBTĻTJHOâMTĻWBJĻKÜUBUJFTĻOPHV SJT ĻBQUVSJFUĻBVUPNPCJMJĻESPtâĻWFJEâĻQùD JFTQùKBTĻESă[âLĻVOĻBUQÜUJFUJFT 1ùUăKVNJĻMJFDJOB ĻLBĻCSBVLUĻOPHVSVtBNĻJS UJLQBUĻCăTUBNJ ĻDJLĻCSBVLUĻSFJCVNâ 5KODQNKWPRC\KĮQLWOK +PUVTWOGPVWRCPGNKU 5KODQNU# 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK &TKXGT#NGTV.CKMUCVRĹVCK 5SBOTQPSUMăE[FLMJTĻJSĻWBEăUTĻOFWJFONùSăHJĻĻWBEăUâKTĻUJFLĻCSăEJOâUT ĻJ[NBOUPKPUĻTLBĪBTĻTJHOâMVĻVO UFLTUV 8ġLUVKMNCUGPUQTKDNQĨ5M TQMCUIT ,BNFSBTĻTFOTPSTĻJSĻăTMBJDăHJĻEFBLUJWùUT 1BSâEâT ĻQJFNùSBN ĻKBĻV[ĻWùKTUJLMBĻJSĻTOJFHT ĻMFEVTĻWBJĻOFUăSVNJ p /PUăSJFUĻWùKTUJLMBĻWJSTNVĻLBNFSBTĻTFOTPSBĻQSJFLtâ *[MBTJFUĻQBSĻLBNFSBTĻTFOTPSBĻJFSPCFxPKVNJFN ĻTLBUăUĻMQQĻ &TKXGT#NGTVUKUV,ęXGKE CRMQRG " 4JTUùNBĻJSĻEFBLUJWùUB p +BĻ[JĪPKVNTĻOFJ[[ÜE ĻCSBVDJFUĻV[ĻTFSWJTV ĻJFUFJDBNTĻV[Ļ7PMWPĻQJMOWBSPUVĻTFSWJTV 4JNCPMJĻJSĻTIFNBUJTLJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU &TKXGT#NGTV5[UVGO&#% &KURNGLU 5KO DQNU 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK &TKXGT#NGTV+<5. 'VOLDJKBĻJSĻJ[TMùHUB &TKXGT#NGTVĻ#XCKNCDNG 'VOLDJKBĻJSĻBLUJWùUB &TKXGT#NGTV)CKFĦÝMOJ 'VOLDJKBJĻJSĻJFTUBUăUTĻHBJEătBOBTĻSFxăNT ĻKPĻâUSVNTĻJSĻNB[âLTĻQBSĻĻLNI &TKXGT#NGTV0CXRKGGLCOU #SBVLUVWFJĻOBWĻTLBJESJĻTBSFE[BNJĻTâOVĻNBSĸùKVNJĻWBJĻLBNFSBTĻTFOTPSTĻJSĻăTMBJDăHJĻEFBLUJWùUTĻ*[MBTJFU QBSĻLBNFSBTĻTFOTPSBĻJFSPCFxPKVNJFN ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU &TKXGT#NGTV5[UVGO,QUNCUUCINCDęÝCPCURCNĦIHWPMEKLC 8KURęTĦICKPHQTOęEKLCRCTLQUNCU UCINCDęÝCPCURCNĦIHWPMEKLW $4ÿ&+0ó,7/5 -,"ĻJSĻUJLBJĻWBEăUâKBĻQBMăHMăE[FLMJT ĻVOĻUâ OFJFTMùE[BTĻWJTâTĻCSBVLtBOBTĻTJUVâDJKâTĻWBJ KFCLâEPTĻMBJLBĻVOĻDFĮBĻBQTUâLĮPT 7BEăUâKTĻWJFONùSĻJSĻBUCJMEăHTĻQBSĻESPtV BVUPNBtăOBTĻWBEătBOVĻVOĻTQùLâĻFTPtP MJLVNVĻVOĻDFĮVĻTBUJLTNFTĻOPUFJLVNVĻJFWù SPtBOV (WPMEKLC +PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻ -BOF ,FFQJOHĻ"JE ĻJSĻQBSFE[ùUBĻJ[NBOUPtBOBJĻV[ âUSHBJUBTĻDFĮJFNĻVOĻMăE[ăHJFNĻTWBSăHBTĻOP[ă NFTĻDFĮJFN ĻMBJĻTBNB[JOâUVĻSJTLV ĻLBĻBVUPNB tăOBĻOPUFJLUâTĻTJUVâDJKâTĻOFKBVtJĻJ[CSBVDĻOP TBWBTĻKPTMBT +PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻUJFLĻBLUJWJ [ùUB ĻLBEĻCSBVLtBOBTĻâUSVNTĻTBTOJFE[ ĻLNIĻV[ĻDFĮJFNĻBSĻTLBJESJĻSFE[BNâN TâOVĻMăOJKâNĻfăĻGVOLDJKBĻUJFLĻăTMBJDăHJĻEFBLUJWJ [ùUBĻV[ĻtBVSJFNĻDFĮJFN ĻKBĻBUUâMVNTĻTUBSQ TâOVĻMăOJKâNĻJSĻNB[âLTĻQBSĻ ĻNFUSJFN ,BNFSBĻOPMBTBĻDFĮBKPTMBTĻTâOVĻMăOJKBTĻ+B BVUPNBtăOBĻHBUBWPKBTĻtĸùSTPUĻTâOVĻMăOJKV KPTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻBLUăWJĻWBEB BVUPNBtăOVĻBUQBLBĮĻTBWâĻKPTMâ ĻQJFNùSPKPU TUÜSFJĻOFMJFMVĻHSJF[FTĻNPNFOUV +BĻBVUPNBtăOBĻTBTOJFE[ĻTâOVĻMăOJKVĻWBJĻtĸùSTP UP ĻKPTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻCSăEJOB WBEăUâKV ĻSBEPUĻTUÜSùĻQVMTùKPtBTĻWJCSâDJKBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +GUNġIVU+\UNġIVU /PTQJFEJFUĻQPHVĻWJEVTLPOTPMù ĻMBJĻBLUJWùUVĻWBJ EFBLUJWùUVĻGVOLDJKVĻ'VOLDJKBĻJSĻJFTMùHUB ĻKB UBVTUJĪâĻEFHĻWJFOBĻMBNQJĪB %BxâNĻJ[WùMùUâĻBQSăLPKVNBĻLPNCJOâDJKâN WJEVTLPOTPMùĻOBWĻCSăWBTĻWJFUBT ĻMBJĻUVSĻJ[WJF UPUVĻJFTMùHtBOBTJ[TMùHtBOBTĻUBVTUJĪV ĻUâEùĮ tPĻGVOLDJKVĻWBSĻSFHVMùUĻBVUPNPCJĮBĻJ[WùĮĪVĻTJT UùNâĻ/;%#4Ļ3ăLPKJFUJFTĻtâEJ p ;FNĻ5GVVKPIU %CTUGVVKPIU .CPG -GGRKPI#KFĻBUMBTJFUĻ1PĻWBJĻ1HH *[WùMĪVĻTJTUùNBTĻBQSBLTUTĻĻTLBUăUĻMQQĻ 5VSLMâUĻJ[WùMOùĻ/;%#4ĻWBSĻWFJLUĻtâEBTĻBUMB TFT p #SăEJOâKVNTĻBSĻTUÜSFTĻWJCSùtBOV 8KDTCVKQPQPN[ĻĻ1PĻWBJĻ1HH p "LUăWâĻTUÜSùtBOBĻ5VGGTKPICUUKUVQPN[Ļq 1PĻWBJĻ1HH p (BOĻCSăEJOâKVNTĻBSĻTUÜSFTĻWJCSùtBOV ĻHBO BLUăWâĻTUÜSùtBOBĻ(WNNHWPEVKQPĻĻ1PĻWBJ 1HH #MVĦXęUVĹTġÝCPC +PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻDFOtBT OPUVSùUĻBVUPNBtăOVĻTUBSQĻKPTMVĻTBEBMPtBKJFN DFĮBĻNBSĸùKVNJFN 8CFĦVęLCCVDCNUVU &TKXGT#NGTV5[UVGO,QUNCUUCINCDęÝCPCURCNĦIHWPMEKLC $TĦFKPęLWOUCTUVĹTGUXKDTġÝCPW &KPCOKUMCRCITKG\KGPWXGKMÝCPC .-#KGLCWECUWPXCFCCWVQOQDKNKRTQO +BĻBVUPNBtăOBĻUVWPKBTĻKPTMBTĻLSFJTâTĻWBJĻMBCâT QVTFTĻMăOJKâN ĻCFUĻQBHSJF[JFOBĻSâEăUâKTĻOBW JFTMùHUT ĻBVUPNBtăOBĻUJFLĻWBEăUBĻBUQBLBĮĻV[ TBWVĻKPTMV .-#UVĨTĘWPDTĝFKPCCTRWNUĘLQÞđOUVĨTGUXKDTđ EKLđO +BĻBVUPNBtăOBĻtĸùSTPĻTâOVĻMăOJKV ĻKPTMBT TBHMBCâtBOBTĻQBMăHGVOLDJKBĻCSăEJOBĻWBEăUâKV SBEPUĻTUÜSùĻQVMTùKPtBTĻWJCSâDJKBTĻ5BTĻOPUJFL OFBULBSăHJĻOPĻUâ ĻWBJĻBVUPNBtăOBĻUJFLĻBLUăWJ WBEăUBĻBUQBLBĮ ĻQJFNùSPKPUĻOFMJFMVĻTUÜSFTĻHSJF [FTĻNPNFOUV .-#PGKGUNĘF\CUCUQUKGMÞOCNCUNĝMWOQU %BxPTĻHBEăKVNPTĻKPTMBTĻTBHMBCâtBOBTĻQBMăH GVOLDJKBĻĮBVKĻBVUPNBtăOBJĻtĸùSTPUĻTâOVĻMăOJKBT OFJFTMùE[PUĻBLUăWPĻTUÜSùtBOVĻWBJĻCSăEJOâKVNV BSĻQVMTùKPtâNĻTUÜSFTĻWJCSâDJKâNĻ7JFOTĻOP tâEVĻTJUVâDJKVĻQJFNùSJFNĻJSĻCMBLVTĻFTPtâT KPTMBTĻJ[NBOUPtBOBĻEJOBNJTLBJĻQBHSJF[JFOB WFJLtBOBJĻHBEăKVNPT ĻLBEĻSFE[BNăCBTĻMBVLâ OFBUSPEBTĻDJUJĻUSBOTQPSUMăE[FLĮJ fĸùSTPKPUĻTâOVĻMăOJKV ĻBUUùMâĻJSĻSFE[BNBTĻĻQVMTùKPtBTĻWJCSâDJKBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU &TKXGT#NGTV5[UVGO,QUNCUUCINCDęÝCPCURCNĦIHWPMEKLC &CTDĦDC 2+'<ÿ/' fPĻGVOLDJKVĻEBxâEâTĻTJUVâDJKâTĻQBQJMEJOBĻTLBJ ESJĻHSBGJTLJĻBUUùMJĻ5âMâLĻJSĻTOJFHUJĻEBxJĻQJFNùSJ /PUFJLUâTĻTJUVâDJKâT ĻLVSâTĻâUSJĻKâSFBīù -,"ĻWBSĻOFTQùUĻQBMăE[ùUĻWBEăUâKBNĻLâ OâLBTĻĻUâEâĻHBEăKVNâĻJFUFJDBNTĻUPĻJ[TMùHU 2+'<ÿ/' fâEVĻTJUVâDJKVĻQJFNùSJĻJS ,BNùSĻJSĻJFTMùHUTĻQBHSJF[JFOBĻSâEăUâKT Ļ-," UJFLĻăTMBJDăHJĻEFBLUJWJ[ùUB .-#KGUNĘF\CUNCDCLđRWUĘ +PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻJFKBVDBTĻVO TUÜSùĻQSPNĻOPĻNBMùKâTĻMăOJKBTĻĻV[ĻUPĻOPSâEB p 4"3,"/"ĻMăOJKBĻBUUJFDăHBKâĻNBMâ +GTQDGäQLWOK p +PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBTĻLBNF .-#TGF\UGMQLQÞđUUđPWNĝPKLCU +BĻKPTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻJSĻBLUJWJ [ùUBĻVOĻV[UWFSSFE[ĻTâOVĻMăOJKBT ĻUBEĻ-," TJNCPMTĻUJFLĻQBSâEăUTĻLPQâĻBSĻ#"-5Ă.ĻMăOJKâN SBTĻTFOTPSBĻEBSCăCBĻJSĻJFSPCFxPUBĻMăE[ăHJ LâĻDJMWùLBĻBDTĻEBSCăCBĻ1MBtâLVĻJOGPSNâ DJKVĻTLBUăUĻMQQĻ p 1&-ð,"ĻTâOVĻMăOJKBĻĻKPTMBTĻTBHMBCâtBOBT QBMăHGVOLDJKBĻOFV[UWFSĻMăOJKVĻtBKâĻBVUPNB tăOBTĻQVTù Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET p p p p p DFĮVĻSFNPOUT TJUVâDJKBĻV[ĻDFĮJFNĻ[JFNâ TMJLUBTĻLWBMJUâUFTĻDFĮBĻTFHVNT ĮPUJĻTQPSUJTLTĻCSBVLtBOBTĻTUJMT TMJLUJĻMBJLBQTUâLĮJĻBSĻTBNB[JOâUBĻSFE[B NăCV 4QMCUW\UVĹTGU -BJĻKPTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBĻWBSùUV EBSCPUJFT ĻWBEăUâKBĻSPLâNĻKâBUSPEBTĻV[ĻTUÜSFT -,"ĻUPĻOFQâSUSBVLUJĻV[SBVHBĻ+BĻTJTUùNB V[UWFS ĻLBĻSPLBTĻOFBUSPEBTĻV[ĻTUÜSFT ĻUJFL QBSâEăUTĻUFLTUBĻQB[JĪPKVNT ĻBJDJOPUĻWBEăUâKV BLUăWJĻTUÜSùUĻBVUPNBtăOV +BĻWBEăUâKTĻOFJFWùSPĻQSBTăCVĻTâLUĻTUÜSùU ĻKPTMBT TBHMBCâtBOBTĻQBMăHGVOLDJKBĻJFTMùE[ĻHBJEătBOBT SFxăNV ĻLVSVĻV[UVSĻUJLĻJMHJ ĻMăE[ĻWBEăUâKTĻBUTâL TUÜSùUĻBVUPNBtăOV 5KODQNKWPRC\KĮQLWOK 4JUVâDJKâT ĻLBEĻ-,"ĻGVOLDJKBĻOFEBSCPKBTĻWBJĻUBJ JSĻJFTUBUăUTĻHBJEătBOBTĻSFxăNT ĻJOTUSVNFOUV QBOFMăĻWBSĻUJLĻQBSâEăUTĻQB[JĪPKVNT ĻCFUĻEJT 8CFĦVęLCCVDCNUVU &TKXGT#NGTV5[UVGO,QUNCUUCINCDęÝCPCURCNĦIHWPMEKLC QMFKâĻWBJĻ57ĻFLSâOâĻĻQBTLBJESPKVNTĻ+BĻUâ OPUJFL ĻJFWùSPKJFUĻTOJFHUPTĻJFUFJLVNVT 5KODQNU# 1B[JĪPKVNVĻQJFNùSJ 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK .CPG-GGRKPI#KFĻ7PCXCKNCDNG CVVJKUURGGF +PTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKBJĻJSĻJFTUBUăUTĻHBJEătBOBTĻSFxăNT ĻKPĻâUSVNTĻJSĻNB[âLTĻQBS ĻLNI .CPG-GGRKPI#KFĻ7PCXCKNCDNG HQTEWTTGPVOCTMKPIU +PTMBJĻOBWĻTLBJESJĻTBSFE[BNBTĻTâOVĻMăOJKBTĻWBJĻLBNFSBTĻTFOTPSTĻJSĻăTMBJDăHJĻEFBLUJWJ[ùUTĻ*[MBTJFU QBSĻLBNFSBTĻTFOTPSBĻJFSPCFxPKVNJFN ĻTLBUăUĻMQQĻ .CPG-GGRKPI#KFĻ#XCKNCDNG 'VOLDJKBĻTLFOùĻKPTMBTĻTâOVĻMăOJKBT 8ġLUVKMNCUGPUQTKDNQĨ5MTQM CUIT ,BNFSBTĻTFOTPSTĻJSĻăTMBJDăHJĻEFBLUJWùUT 1BSâEâT ĻQJFNùSBN ĻKBĻV[ĻWùKTUJLMBĻJSĻTOJFHT ĻMFEVTĻWBJĻOFUăSVNJ p /PUăSJFUĻWùKTUJLMBĻWJSTNVĻLBNFSBTĻTFOTPSBĻQSJFLtâ *[MBTJFUĻQBSĻLBNFSBTĻTFOTPSBĻJFSPCFxPKVNJFN ĻTLBUăUĻMQQĻ " .CPG-GGRKPI#KF,ęXGKE CRMQRG 4JTUùNBĻJSĻEFBLUJWùUB .CPG-GGRKPI#KF2ęTVTCWMVC -,"ĻJSĻJFTUBUăUTĻHBJEătBOBTĻSFxăNTĻ-,"ĻTJNCPMBĻMăOJKBTĻOPSâEB ĻLBEĻGVOLDJKBĻBULBMĻJSĻBLUJWJ[ùUB p +BĻ[JĪPKVNTĻOFJ[[ÜE ĻCSBVDJFUĻV[ĻTFSWJTV ĻJFUFJDBNTĻV[Ļ7PMWPĻQJMOWBSPUVĻTFSWJTV 5BCVMâĻSFE[BNJFĻTJNCPMJĻJSĻTIFNBUJTLJĻ%JTQMFKBĻTJNCPMVĻJ[TLBUTĻWBSĻOFEBVE[ĻBUtĸJSUJFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 2CTM#UUKUV 8KURęTĦIK $4ÿ&+0ó,7/5 "VUPNBtăOBTĻOPWJFUPtBOBTĻTFOTPSTĻUJFL J[NBOUPUT ĻMBJĻQBMăE[ùUVĻNBtăOVĻOPWJFUPUĻTUâW WJFUâĻ4LBĪBTĻTJHOâMT ĻLâĻBSăĻTJNCPMJĻWJEVTLPO TPMFTĻEJTQMFKâĻOPSâEBĻBUUâMVNVĻMăE[ĻV[UWFSUB KBNĻtĸùSTMJN p "VUPĻOPWJFUPtBOBTĻQBMăHTJTUùNBĻOFNB [JOBĻWBEăUâKBĻBUCJMEăCVĻBVUPĻOPWJFUPtB OBTĻMBJLâ p "VUPNBtăOBTĻOPWJFUPtBOBTĻTFOTPSBĻTLBĪBT MăNFOJĻWBSĻOPSFHVMùUĻBLVTUJTLâĻTJHOâMBĻMBJLâ J[NBOUPKPUĻWJEVTLPOTPMFTĻ81.ĻTMùE[JĻWBJ BVUPNBtăOBTĻJ[WùMĪVĻTJTUùNVĻ/;%#4ĻĻTLBUăU MQQĻ 4FOTPSJFNĻJSĻBLMâTĻ[POBT ĻLVSâĻUJF OFV[UWFSĻtĸùStĮVT p 6[NBOJFUJFT ĻQJFNùSBN ĻOPĻBVUPNBtă OBTĻUVWVNâĻFTPtJFNĻDJMWùLJFNĻWBJ E[ăWOJFLJFN 4UâWWJFUâĻOPWJFUPtBOBTĻTJTUùNBĻJSĻQJFFKBNB EJWPTĻWBSJBOUPT (WPMEKLC p 5JLBJĻBJ[NVHVSùKâ p 1SJFLtùKâĻVOĻBJ[NVHVSùKâ &KURNGLCGMTđPCUMCVURCTđFCÞķĘTUNKRTKGMÞRWUĘ RCMTGKUKWPCK\OWIWTĘRCNCDK 7JEVTLPOTPMFTĻEJTQMFKTĻQBSâEBĻQâSTLBUVĻQBS BVUPNPCJĮBĻVOĻV[UWFSUâĻtĸùStĮBĻBUUJFDăCV 2+'<ÿ/' *F[ăNùUJFĻMBVLJĻQBSâEB ĻLVSt J ĻOPĻÀFUSJFN TFOTPSJFNĻV[UWùSJT VtJ ĻtĸùSTMJĻ+PĻUVWâL BVUPNPCJĮBĻTJNCPMBNĻJSĻJ[WùMùUBJTĻTFLUPST ĻKP ăTâLTĻBUUâMVNTĻTUBSQĻBVUPNPCJMJĻVOĻV[UWFSUP tĸùSTMJ ,BEĻWJMLtBOBTĻJFLâSUBĻJSĻLPOGJHVSùUBĻBS BVUPNBtăOBTĻFMFLUSPTJTUùNV ĻWJMLtBOBT JFLâSUBTĻJ[WJS[ăKVNTĻUJFLĻĪFNUTĻWùSâ ĻGVOLDJ KBJĻBQSùĸJOPUĻTUâWWJFUBTĻJ[NùSVT #WVQOCÞĝPCUPQXKGVQÞCPCUWP%6#UGPUQTW KGUNĘIÞCPCK\UNĘIÞCPC *FEBSCJOPUĻE[JOùKV ĻTJTUùNBĻUJFLĻBLUJWùUBĻBVUP NâUJTLJĻĻJFEFHBTĻTMùExBĻJFTMùHtBOBTJ[TMùH tBOBTĻMBNQJĪBĻ+BĻTUâWWJFUâĻOPWJFUPtBOBTĻTJT UùNVĻJ[TMùE[ĻBSĻUBVTUJĪV ĻMBNQJĪBĻOPE[JFTU 4âOVĻCSăEJOâKVNT ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PĻăTâLTĻBUUâMVNTĻMăE[ĻtĸùSTMJNĻBVUPNPCJĮB QSJFLtâĻWBJĻBJ[NVHVSù ĻKPĻQBMJFMJOâTĻTJHOâMB CJFxVNTĻ$JUBTĻBVEJPTJTUùNBTĻTLBĪBTĻUJFL BQLMVTJOâUBTĻBVUPNâUJTLJ 8CFĦVęLCCVDCNUVU 2CTM#UUKUV +BĻBUUâMVNTĻOFQâSTOJFE[ĻĻDN ĻTLBĪBTĻTJH OâMTĻJSĻWJFONùSăHTĻVOĻBLUăWBJTĻTFOTPSBĻMBVLT LBTĻBUSPEBTĻWJTUVWâLĻBVUPNPCJMJN ĻJSĻBJ[QJMEăUT +BĻV[UWFSUBJTĻtĸùSTMJTĻJSĻOFNBJOăHBTĻTLBĪBT BUUâMVNâĻHBOĻBVUPNPCJĮBĻQSJFLtâ ĻHBOĻBJ[NV HVSù ĻUBEĻTLBĪBĻTLBOùTĻQâSNBJĪVTĻOPĻTLBĮSV ĪJFN #K\OWIWTġLęUVęXXKGVęPQXKGVQÝCPCU UKUVġOC 58#4ÿ)+ /PUFJLUJĻQSJFLtNFUJ ĻQJFNùSBN ĻĸùEFT ĻUJFWJ TQăEăHJĻDFĮVĻTUBCJĪJĻWBJĻ[FNBTĻCBSKFSBTĻWBS BUSBTUJFTĻTJHOâMBĻùOâĻVOĻUâEâĻHBEăKVNâ TFOTPSJĻUPTĻOFV[UWFSĻĻQVMTùKPtBJTĻTJHOâMT WBSĻOFHBJEăUJĻQâSUSÜLUĻUâĻWJFUâ ĻMBJĻTâLUVĻTLB OùUĻOFQâSUSBVLUTĻTJHOâMT p 5âEâĻHBEăKVNâĻFTJFUĻăQBtJĻQJFTBSE[ăHT VOĻNBOFWSùKJFUQâSWJFUPKJFUĻBVUPNPCJMJ ăQBtJĻMùOJĻWBJĻQâSUSBVDJFUĻQBtSFJ[ùKP BVUPNPCJĮBĻOPWJFUPtBOVĻTUâWWJFUâĻĻWBS SBTUJFTĻBVHTUTĻSJTLTĻTBCPKâUĻDJUVTĻUSBOT QPSUMăE[FLĮVTĻWBJĻDJUVTĻQSJFLtNFUVT ĻKP TFOTPSJĻOFTQùKĻEBSCPUJFTĻPQUJNâMJ 2+'<ÿ/' #SBVDPUĻBUQBLBĮHBJUâĻBS ĻQJFNùSBN ĻWJMLtB OBTĻJFSăDFJĻQJFTUJQSJOâUVĻQJFLBCJĻWBJĻWFMPTJ QùEVĻUVSùUâKVĻ CF[Ļ7PMWPĻPSJīJOâMâĻQJFLBCFT LBCFĮB ĻJFTQùKBNT ĻOâLTJFTĻNBOVâMJĻEFBL UJWJ[ùUĻTUâWWJFUâĻOPWJFUPtBOBTĻQBMăHTJTUùNV MBJĻTFOTPSJĻOFSFBīùUVĻV[ĻQJFLBCJĻWBJĻWFMPTJ QùEVĻUVSùUâKV 2TKGMÝġLęUVęXXKGVęPQXKGVQÝCPCU UKUVġOC 6[UWFStBOBTĻ[POBĻBVUPNPCJĮBĻBJ[NVHVSùĻJS BQNùSBNĻ ĻNFUSJĻ4LBĪBTĻTJHOâMT ĻLBTĻCSă EJOBĻQBSĻtĸùStĮJFNĻBVUPNPCJĮBĻBJ[NVHVSù BUTLBOĻOPĻWJFOBĻBJ[NVHVSùKâĻTLBĮSVĪB "J[NVHVSùKâĻTUâWWJFUâĻOPWJFUPtBOBTĻTJTUùNB UJFLĻBLUJWùUB ĻJFTMùE[PUĻBUQBLBĮHBJUBTĻQâSOF TVNV #SBVDPUĻBUQBLBĮHBJUâ ĻTJTUùNBĻUJFLĻBVUPNâ UJTLJĻEFBLUJWJ[ùUB ĻKBĻWJMLtBOBTĻJFLâSUBJĻJSĻQJF TUJQSJOâUB ĻQJFNùSBN ĻQJFLBCFĻWBJĻWFMPTJQùEV QâSWBEâtBOBTĻTUBUăWT ĻMBJĻTFOTPSJĻV[ĻUJFN OFSFBīùUV 6[UWFStBOBTĻ[POBĻBVUPNPCJĮBĻQSJFLtQVTùĻJS BQNùSBNĻ ĻNFUSJĻ4LBĪBTĻTJHOâMT ĻLBTĻCSă EJOBĻQBSĻtĸùStĮJFNĻBVUPNPCJĮBĻQSJFLtQVTù BUTLBOĻOPĻWJFOBĻQSJFLtùKâĻTLBĮSVĪB 1SJFLtùKâĻTUâWWJFUâĻOPWJFUPtBOBTĻQBMăHTJTUùNB JSĻBLUăWB ĻCSBVDPUĻBSĻâUSVNV ĻLBTĻOFQâSTOJFE[ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 2CTM#UUKUV BQUVWFOJĻĻLNIĻ5BVTUJĪâĻFTPtâĻMBNQJĪB J[HBJTNPKBT ĻOPSâEPU ĻLBĻTJTUùNBĻJSĻBLUăWB ,BEĻâUSVNTĻJSĻNB[âLTĻQBSĻĻLNI ĻTJTUùNB UJFLĻBLUJWùUBĻOPĻKBVOB 5GPUQTWVĦTĦÝCPC 58#4ÿ)+ +BĻJSĻV[TUâEăUJĻQBQJMEVĻMVLUVSJĻ"UDFSJFUJFT LBĻUJFĻOFESăLTUĻBJ[LMâUĻTFOTPSVT ĻQSFUùKâ HBEăKVNâĻQBQJMEVĻMVLUVSJĻWBSĻUJLUĻV[UWFSUJĻLâ tĸùStĮJ $QLęLWOCKPFKMCVQTU +BĻJOGPSNâDJKBTĻTJNCPMTĻJ[HBJTNPKBT BSĻOFNBJOăHVĻTQJMHUVNVĻVOĻJOGPSNâ DJKBTĻEJTQMFKâĻSFE[BNTĻ0QXKGVQÝ UKUV,ÉXGKECRMQRG ĻUBEĻTUâWWJFUâĻOPWJFUP tBOBTĻTFOTPSTĻJSĻEFBLUJWùUT 5GPUQTWCVTCÞCPđUXKGVCRTKGMÞRWUG 58#4ÿ)+ /PUFJLUPTĻBQTUâLĮPTĻTUâWWJFUâĻOPWJFUPtB OBTĻTFOTPSJĻWBSĻTOJFHUĻWJMUVTĻCSăEJOâKVNB TJHOâMVT ĻLPĻJ[SBJTBĻâSùKJĻTLBĪBTĻBWPUJ ĻLBT J[NBOUPĻUâEBTĻQBtBTĻVMUSBTLBĪBTĻGSFLWFO DFT ĻLâEâTĻEBSCPKBTĻtăĻTJTUùNB fâEVĻBWPUVĻQJFNùSJĻJSĻTJHOâMUBVSFT ĻTMBQKBT SJFQBTĻV[ĻBTGBMUB ĻQOFJNBUJTLâTĻCSFN[FT NPUPDJLMVĻJ[QMÜEFTĻHâ[VĻSBEăUJFĻUSPLtĪJĻVD 2+'<ÿ/' +BĻTFOTPSVTĻLMâKĻOFUăSVNJ ĻMFEVTĻWBJĻTOJFHT UPĻGVOLDJPOBMJUâUFĻTBNB[JOâTĻVOĻNùSăKVNV WFJLtBOBĻWBSĻOFCÜUĻJFTQùKBNB 5GPUQTWCVTCÞCPđUXKGVCCK\OWIWTG -BJĻTFOTPSJĻQJFOâDăHJĻGVOLDJPOùUV ĻUJFĻSFHVMâSJ KâUăSBĻ5ăSJFUĻUPTĻBSĻÜEFOJĻVOĻBVUPtBNQÜOV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 5VęXXKGVęPQXKGVQÝCPCUMCOGTC 8KURęTĦIK (WPMEKLCUWPFCTDĦDC "VUPNPCJĮBĻOPWJFUPtBOBTĻLBNFSBĻJSĻQBMăHTJT UùNB ĻLBTĻUJFLĻBLUJWùUB ĻJFTMùE[PUĻBUQBLBĮHBJUV WBSĻNBJOăUĻJFTUBUăKVNVĻJ[WùMOù ĻTLBUăU MQQĻ *FTMùE[PUĻBUQBLBĮHBJUV ĻHSBGJTLJĻUJFLĻBUUùMPUBT EJWBTĻOFQâSUSBVLUBTĻMăOJKBT ĻLBTĻJMVTUSùĻWJFUV LVSĻBUSPEBTĻBVUPNPCJĮBĻBJ[NVHVSùKJFĻSJUFĪJ BUUJFDăCâĻQSFUĻQBtSFJ[ùKPĻTUÜSFTĻMFĪĸJĻ5BT BUWJFHMPĻBVUPĻOPWJFUPtBOVĻVOĻCSBVLtBOVĻBUQB LBĮHBJUâĻtBVSâTĻWJFUâT ĻLâĻBSăĻQJFLBCFTĻWJML tBOVĻ"VUPNPCJĮBĻBQUVWFOJFĻâSùKJFĻJ[NùSJĻUJFL BQ[ăNùUJĻBSĻEJWâNĻQâSUSBVLUâNĻMăOJKâNĻfăT QBMăHMăOJKBTĻWBSĻJ[TMùHUĻJFTUBUăKVNVĻJ[WùMOù ,BNFSBTĻBUUùMTĻJSĻSFE[BNTĻWJEVTLPOTPMFT FLSâOâ 2+'<ÿ/' ,BEĻWJMLtBOBTĻJFLâSUBĻJSĻLPOGJHVSùUBĻBS BVUPNBtăOBTĻFMFLUSPTJTUùNV ĻWJMLtBOBT JFLâSUBTĻJ[WJS[ăKVNTĻUJFLĻĪFNUTĻWùSâ ĻGVOLDJ KBJĻBQSùĸJOPUĻTUâWWJFUBTĻJ[NùSVT p %#/VCWUVKĺCCVTCÞCPđUXKGVC $4ÿ&+0ó,7/5 ,BNFSBĻQBSâEBĻUP ĻLBTĻBUSPEBTĻBJ[ĻBVUPNP CJĮB ĻLâĻBSăĻUP ĻLBTĻQBSâEâTĻOPĻTâOJFN "VUPNBtăOBTĻOPWJFUPtBOBTĻLBNFSBĻJS QBMăHMăE[FLMJT ĻVOĻUâĻOFLâEâĻHBEăKVNâ OFWBSĻBJ[TUâUĻWBEăUâKBĻBUCJMEăCV ĻCSBV DPUĻBUQBLBĮHBJUâ ,BNFSBĻQBSâEBĻQMBUVĻ[POVĻBJ[ĻBVUPNPCJĮB ĻLâ BSăĻEBĮVĻCVGFSBĻVOĻWJMLtBOBTĻJFLâSUBT ĻKBĻUâEB V[TUâEăUB p 4FOTPSJFNĻJSĻBLMâTĻ[POBT ĻLVSâTĻUJF OFV[UWFSĻtĸùStĮVT p 6[NBOJFUJFTĻOPĻBVUPNBtăOBTĻUVWVNâ FTPtJFNĻDJMWùLJFNĻWBJĻE[ăWOJFLJFN +BĻJSĻBLUăWTĻDJUTĻTLBUT ĻBVUPNPCJĮBĻOPWJFUPtB OBTĻLBNFSBJĻUJFLĻBVUPNâUJTLJĻEPUBĻQSJFLtSPLB VOĻUâTĻBUUùMTĻQBSâEâTĻFLSâOâ &LSâOâĻSFE[BNJFĻPCKFLUJĻWBSĻtĸJTUĻOFEBVE[ TBTWùSVtJFT ĻUBTĻJSĻOPSNâMJ +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSăĻBSĻBVUPNPCJĮB OPWJFUPtBOBTĻTFOTPSJFN ĻUPĻJOGPSNâDJKBĻUJFL HSBGJTLJĻBUUùMPUBĻLâĻJFLSâTPUBTĻ[POBT ĻOPSâEPU BUUâMVNVĻMăE[ĻV[UWFSUBKJFNĻtĸùStĮJFN ĻTLBUăU MQQĻ ,BNFSBĻJSĻBLUăWBĻBQNùSBNĻĻTFLVOEFTĻQùD BUQBLBĮHBJUBTĻJ[TMùHtBOBTĻWBJĻMăE[ĻCSăEJN ĻLBE BVUPNBtăOBTĻâUSVNTĻQâSTOJFE[ĻĻLNI CSBVDPUĻV[ĻQSJFLtV ĻWBJĻLNI ĻCSBVDPUĻBUQB LBĮHBJUâ 2+'<ÿ/' %JTQMFKBĻFLSâOâĻSFE[BNJFĻPCKFLUJĻWBSĻtĸJTU UVWâLJĻBVUPNBtăOBJ ĻOFLâĻBQMÜLPKPUĻUPT FLSâOâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 5VęXXKGVęPQXKGVQÝCPCUMCOGTC -QPVTQNGUNĦPKLCU -COGTCUCVTCÞCPđUXKGVCDNCMWUCVXĘTÞCPCUTQMVW TKO #RICKUOQLWOCCRUVęMīK ,BNFSBTĻBUUùMTĻUJFLĻSFHVMùUTĻBVUPNâUJTLJ ĪFNPUĻWùSâĻâSBĻBQHBJTNPKVNBĻBQTUâLĮVTĻfă JFNFTMBĻEùĮĻOFEBVE[ĻWBSĻNBJOăUJFTĻBUUùMB TQJMHUVNTĻVOĻLWBMJUâUFĻ7âKBĻBQHBJTNPKVNB BQTUâLĮPTĻBUUùMBĻLWBMJUâUFĻWBSĻOFEBVE[ĻQBTMJL UJOâUJFT 2KGOĘTKVCOMđXCFĝVđLCOVKGMCVVĘNQVCUMQPVTQNGU NĝPKLCU -ăOJKBTĻV[ĻFLSâOBĻUJFLĻQSPKJDùUBT ĻJUĻLâĻUâTĻCÜUV [FNFTĻMăNFOăĻBVUPNPCJĮBĻBJ[NVHVSù ĻVOĻUâTĻJS UJFtJĻTBJTUăUBTĻBSĻTUÜSFTĻLVTUăCâN ĻLBTĻQBSâEB WBEăUâKBNĻDFĮV ĻLâEVĻWFJLTĻBVUPNPCJMJTĻUBE ĻKB UBTĻWFJDĻQBHSJF[JFOV 2+'<ÿ/' 6[UVSJFUĻLBNFSBTĻMùDBTĻUăSBTĻOPĻOFUăSV NJFN ĻTOJFHBĻVOĻMFEVT ĻMBJĻOPESPtJOâUVĻUP PQUJNâMVĻEBSCăCVĻ5BTĻJSĻTFWJtĸJĻTWBSăHJ TMJLUâĻBQHBJTNPKVNâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 2+'<ÿ/' p #SBVDPUĻBUQBLBĮHBJUâĻBSĻQJFLBCJ ĻLBT BVUPNPCJMJNĻOBWĻQJFWJFOPUBĻFMFLUSPOJ TLJ ĻEJTQMFKâĻSFE[BNâTĻMăOJKBTĻSâEB CWVQOQDKīC ĻOFWJTĻQJFLBCFTĻNBStSVUV p &LSâOTĻMăOJKBTĻOFSâEB ĻKBĻQJFLBCFĻJS FMFLUSPOJTLJĻQJFWJFOPUBĻBVUPNPCJĮB FMFLUSPTJTUùNBJ p "VUPNPCJĮBĻOPWJFUPtBOBTĻLBNFSBĻUJFL BVUPNâUJTLJĻEFBLUJWùUB ĻKB ĻCSBVDPUĻBS QJFLBCJ ĻJ[NBOUPKBUĻPSJīJOâMPĻ7PMWPĻQJF LBCFTĻWBEV 58#4ÿ)+ "UDFSJFUJFT ĻLBĻEJTQMFKâĻJSĻSFE[BNBĻUJLBJ WJFUBĻBJ[ĻBVUPNBtăOBT ĻUâEùĮ ĻQBHSJFxPU TUÜSJĻCSBVLtBOBJĻBUQBLBĮHBJUâ ĻQJFWùSTJFU V[NBOăCVĻBVUPNBtăOBTĻTâOJFNĻVOĻQSJFLt QVTFJ 8CFĦVęLCCVDCNUVU 5VęXXKGVęPQXKGVQÝCPCUMCOGTC 4QDGäNĦPKLCU #WVQOQDKīKCTCVRCMCīICKVCUUGPUQTKGO -TęUCMTęUQ LWOU #VVęNWOU OGVTQU 0SBOxT q 4BSLBOT q +GUVCVĦLWOK ,BEĻJSĻSFE[BNTĻLBNFSBTĻTLBUT ĻOPTQJFEJFU 1-/'07Ļ7FJDJFUĻWBKBE[ăHPTĻJFTUBUăKVNVT &CäęFK p /PLMVTùKVNBĻJFTUBUăKVNTĻOPTBLB ĻLB 5KUVĘOCUFCåđFđUNĝPKLCU 3PCFxMăOJKB ĻCSăWâĻBUQBLBĮHBJUBTĻ[POB 3JUFĪVĻTMJFEFT 1âSUSBVLUâĻMăOJKBĻ ĻBQ[ăNùĻ[POVĻMăE[ BQNùSBNĻ ĻNĻOPĻCVGFSBĻBJ[NVHVSFTĻ5âĻBSă JSĻQJFMBJEFĻUâEâNĻWJTWBJSâLĻJ[WJS[ăUâLBKâNĻBVUP NPCJĮBĻEBĮâNĻLâĻTâOVĻTQPHVĮJFNĻVOĻCVGFSV TUÜSJFNĻĻBSăĻWFJDPUĻQBHSJFtBOPT 1MBUâTĻSJUFĪVĻTMJFEFTĻ ĻTUBSQĻTâOVĻMăOJKâN OPSâEB ĻLVSĻBUSBEăTJFTĻBVUPNPCJĮBĻSJUFĪJ ĻVO tBKâĻDFĮâĻWBSĻQâSTOJFHUĻBQNùSBNĻ ĻNĻOP CVGFSBĻBJ[NVHVSFTĻMăE[ĻtĸùSTMJN +GMTđUQVđU\QPCU ZXKGPCMCVTCOUGPUQTCO PQTđFCCVVđNWOW +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSăĻBSĻBVUPNPCJĮB OPWJFUPtBOBTĻTFOTPSJFNĻ TLBUăUĻMQQĻ BUUâMVNBĻSâEăKVNJĻCÜTĻEBVE[ĻQSFDă[âLJ ĻVO JFLSâTPUâTĻ[POBTĻQBSâEăT ĻLVSt J ĻOPĻĻTFOTP SJFNĻJSĻSFīJTUSùKJT VtJ ĻtĸùSTMJ ;POVĻLSâTBTĻNBJOâT ĻTBNB[JOPUJFTĻBUUâMVNBN MăE[ĻtĸùSTMJNĻĻOPĻHBJtJĻE[FMUFOBTĻMăE[ĻE[FMUF OBJ ĻPSBOxBJĻVOĻTBSLBOBJ -TęUCMTęUQ LWOU #VVęNWOU OGVTQU (BJtJĻE[FMUFOB q %[FMUFOT q LBNFSBĻUJFLĻBLUJWùUB ĻJFTMùE[PUĻBUQBLB ĮHBJUV p 7JFOVĻSFJ[JĻOPTQJFxPUĻ%#/ ĻLBNFSBĻUJFL BLUJWùUBĻQBUĻUBE ĻKBĻOBWĻJFTMùHUBĻBUQBLBĮ HBJUB p 1âSTMùE[JFUJFTĻTUBSQĻOPSNâMVĻVOĻQJFUVWJ OâUVĻBUUùMV ĻQBHSJFxPUĻ670'ĻWBJĻOPTQJFxPU %#/ 2KGMCDGUęĨKU ,BNFSBĻWBSĻCÜUĻOPEFSăHBĻBSă ĻWFMLPUĻBJ[ĻBVUP NPCJĮBĻQJFLBCJĻ%JTQMFKâĻWBSĻBUUùMPUĻQBMăHMăOJKV LBTĻOPSâEBĻWJMLtBOBTĻJFLâSUBTĻQSPHOP[ùUP DFĮVĻV[ĻQJFLBCFTĻQVTJĻĻUâQBUĻLâĻSJUFĪVĻTMJF EùN p -BJĻWBSùUVĻQSFDă[JĻWFJLUĻNBOFWSùtBOV ĻWJML tBOBTĻJFLâSUVĻWBSĻQJFUVWJOâU ĻWJFOVĻSFJ[J OPTQJFxPUĻ%#/Ļ/PTQJFxPUĻWùMSFJ[ ĻWBS BUKBVOPUĻOPSNâMPĻTLBUV `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU 5VęXXKGVęPQXKGVQÝCPCUMCOGTC 7JMLtBOBTĻJFLâSUBTĻTUâWWJFUâĻOPWJFUPtBOBT QBMăHTJTUùNBTĻLPOUSPMFTĻMăOJKBTĻWBSĻBLUJWùU J[WùĮĪVĻTJTUùNâĻ/;%#4 ĻLVSĻJFTQùKBNTĻJ[Wù MùUJFTĻTUBSQĻSJUFĪVĻTMJFxVĻWBJĻWJMLtBOBTĻJFLâS UBTĻMăOJKVĻSâEătBOVĻĻBCBTĻPQDJKBTĻOFWBSĻSâEăU WJFOMBJDăHJ +GTQDGäQLWOK 2+'<ÿ/' "VUPNBtăOBTĻBJ[NVHVSùĻV[TUâEăUJĻWFMPTJ QùEVĻUVSùUâKJĻWBJĻQBQJMEVĻBQSăLPKVNTĻWBS BJ[LMâUĻLBNFSBTĻSFE[BNăCBTĻMBVLV 1JFWùSTJFUĻV[NBOăCVĻUBN ĻLBĻQBUĻHBEăKVNâ ĻKB UJLBJĻtĸJFU ĻLBĻJSĻBJ[tĸùSTPUBĻOFMJFMBĻBUUùMBĻEBĮB OPĻTLBUBĻWBSĻCÜUĻQBTMùQUTĻSFMBUăWJĻMJFMTĻTFLUPST fĸùStĮJĻUâQùDĻWBSĻUJLUĻOFBULMâUJ ĻLBNùSĻUJFĻOBW QJFUJFLBNJĻUVWVĻBVUPNPCJMJN ,ęRCVWTRTęVę p 6[UVSJFUĻLBNFSBTĻPCKFLUăWVĻCSăWVĻOPĻOFUă SVOJFN ĻMFEVTĻVOĻTOJFHB p 3FHVMâSJĻUăSJFUĻLBNFSBTĻPCKFLUăWVĻBSĻSFN EFOVĻÜEFOJĻVOĻBVUPtBNQÜOVĻĻV[NBOJF UJFT ĻMBJĻOFTBTLSâQùUVĻPCKFLUăWV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #MVĦXęUVęXXKGVęPQXKGVQÝCPCURCNĦIUKUVġOC2#2 8KURęTĦIK $4ÿ&+0ó,7/5 1"1ĻOFEBSCPKBTĻWJTâTĻTJUVâDJKâT ĻUBÀVĻUBN JSĻUJLBJĻQBMăHMăE[FLĮBĻGVOLDJKB 7BEăUâKTĻJSĻWJFONùSĻBUCJMEăHTĻQBSĻESPtV BVUPNBtăOBTĻWBEătBOVĻVOĻV[NBOăCBTĻQJF WùStBOVĻBQLâSUOFJĻVOĻDJUJFNĻDFĮVĻMJFUPUâ KJFN ĻLBTĻUVWPKBTĻWBJĻCSBVDĻHBSâNĻBVUPNB tăOBTĻOPWJFUPtBOBTĻMBJLâ (WPMEKLC +GUNĘIÞCPCUK\UNĘIÞCPCUVCWUVKĺÞCVTQFCUXKFWU MQPUQNĘ "LUăWâĻTUâWWJFUâĻOPWJFUPtBOBTĻQBMăHTJTUùNB 1"1ĻqĻ1BSLĻ"TTJTUĻ1JMPU ĻQBMăE[ĻWBEăUâKBN OPWJFUPUĻBVUPNPCJMJ ĻWJTQJSNTĻQâSMJFDJOPUJFT WBJĻWJFUBĻJSĻQJFUJFLPtJĻMJFMB ĻVOĻQùDĻUBNĻQBHSJF xPUĻTUÜSJĻVOĻJFCSBVDPUĻBVUPNPCJMJĻtBKâĻWJFUâ ,PNCJOùUBKâĻJOTUSVNFOUVĻQBOFMăĻSFE[BNJF TJNCPMJ ĻHSBGJTLJFĻBUUùMJĻVOĻUFLTUTĻOPSâEB ĻLBE KâWFJDĻEBxâEBTĻEBSCăCBT 2+'<ÿ/' ,BEĻWJMLtBOBTĻJFLâSUBĻJSĻLPOGJHVSùUBĻBS BVUPNBtăOBTĻFMFLUSPTJTUùNV ĻWJMLtBOBT JFLâSUBTĻJ[WJS[ăKVNTĻUJFLĻĪFNUTĻWùSâ ĻGVOLDJ KBJĻBQSùĸJOPUĻTUâWWJFUBTĻJ[NùSVT 2#2FCTDĝDCURTKPEKRU 2+'<ÿ/' 1"1ĻGVOLDJKBĻOPTBLBĻBUUâMVNVĻVOĻQBHSJFx TUÜSJĻrĻWBEăUâKBĻV[EFWVNTĻJSĻJFWùSPUĻEJT QMFKâĻSFE[BNPTĻOPSâEăKVNVTĻVOĻJ[WùMùUJFT QâSOFTVNVĻ CSBVLtBOBJĻV[ĻQSJFLtVBUQB LBĮHBJUâ ĻLPOUSPMùUĻâUSVNV ĻCSFN[ùUĻVO BQUVSùUĻBVUPNBtăOV 1"1ĻWBSĻBLUJWùU ĻKBĻQùDĻE[JOùKBĻJFTMùHtBOBTĻJS JFWùSPUJĻtâEJĻLSJUùSJKJ p 'VOLDJKBTĻ%45$ĻVOĻ"#4ĻOFESăLTUĻUSBVDùU 1"1ĻGVOLDJKBĻOPWJFUPĻBVUPNPCJMJĻTUâWWJFUâ WFJDPUĻtâEBTĻEBSCăCBT 'VOLDJKBĻNFLMùĻTUâWWJFUVĻVOĻOPTBLBĻUâT J[NùSVTĻ "ĻVOĻ# Ļ.ùSăKVNVĻWFJLtBOBT MBJLâĻâUSVNTĻOFESăLTUĻQâSTOJFHUĻĻLNI #SBVDPUĻBUQBLBĮHBJUâ ĻBVUPNPCJMJTĻUJFL OPWJFUPUTĻTUâWWJFUâĻ $ĻVOĻ% "VUPNPCJMJTĻUJFLĻOPWJFUPUTĻTUâWWJFUâĻUBJTOJ CSBVDPUĻBUQBLBĮĻVOĻV[ĻQSJFLtVĻ &ĻVOĻ' LBNùSĻJSĻBLUJWùUBĻ1"1ĻGVOLDJKBĻĻUâTĻWBS JFTMùHUJFT ĻKBĻBUSPEBUJFTĻV[ĻTUâWBTĻWBJĻTMJ EFOBTĻWJSTNBT ĻQJFNùSBNĻQMBtâLVĻJOGPS NâDJKVĻTLBUJFUĻĻVOĻĻMQQ p "VUPNPCJMJNĻOFESăLTUĻQJFWJFOPUĻQJFLBCJ p #SBVLtBOBTĻâUSVNBNĻKâCÜUĻNB[âLBNĻQBS ĻLNI Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #MVĦXęUVęXXKGVęPQXKGVQÝCPCURCNĦIUKUVġOC2#2 &CTDĦDC Ļ"LUJWJ[ùKJFUĻ1"1 ĻOPTQJFxPU tPĻUBVTUJĪV ĻVOĻOFCSBVDJFU âUSâLĻQBSĻĻLNI 7BEăUâKBNĻUJFLĻJOTUSVNFOUVĻQBOFMăĻTOJFHUJĻWJFO LâStJ ĻTLBJESJĻOPSâEăKVNJĻĻHBOĻHSBGJTLVĻBUUùMV HBOĻUFLTUBĻWFJEâ +GDTCWMÝCPCUVęXXKGVęCVRCMCīICKVę 2+'<ÿ/' "UDFSJFUJFT ĻLB ĻQBHSJFxPUĻTUÜSJĻTUâWWJFUâ OPWJFUPtBOBTĻNBOFWSVĻWFJLtBOBTĻMBJLâ EBxBTĻTUÜSFTĻQP[ăDJKBTĻWBSĻBJ[TFHUĻJOTUSV NFOUVĻQBOFMăĻSFE[BNâTĻJOTUSVLDJKBT *LĻQBĻMBJLBNĻBQMÜLPKJFUĻJOTUSVNFOUVĻQBOFĮB EJTQMFKVĻVOĻFTJFUĻHBUBWTĻBQUVSùUĻBVUPNP CJMJ ĻLBEĻHSBGJTLJFĻBUUùMJĻVOĻUFLTUBĻQB[JĪP KVNJĻMJLTĻUPĻEBSăU /ġTĦLWOWOGMNġÝCPCWPRęTDCWFG "QUVSJFUĻBVUPNPCJMJ ĻLBEĻHSBGJTLJFĻBUUùMJĻVO UFLTUBĻQB[JĪPKVNJĻMJFLĻUPĻEBSăU 2+'<ÿ/' 1"1ĻNFLMùĻTUâWWJFUV ĻQBSâEBĻJOTUSVLDJKBT VOĻOPWJFUPĻBVUPNBtăOVĻTUâWWJFUâĻQBTBxJFSB QVTùĻ7BKBE[ăCBTĻHBEăKVNâĻBVUPNBtăOVĻWBS OPWJFUPUĻTUâWWJFUâĻWBEăUâKBĻQVTFTĻJFMBT NBMâ p *FTMùE[JFUĻWBEăUâKBĻQVTFTĻQBHSJF[JFOB SâEăUâKVĻĻUâEâĻHBEăKVNâĻBVUPNBtăOB UJLTĻOPWJFUPUBĻTUâWWJFUâĻWBEăUâKBĻQVTFT JFMBTĻNBMâ 1"1ĻGVOLDJKBĻNFLMùĻTUâWWJFUVĻVOĻQâSCBVEB WBJĻUâĻJSĻQJFUJFLBNJĻMJFMBĻ3ăLPKJFUJFTĻtâEJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #SBVDPUĻBUQBLBĮHBJUâ Ļ1"1ĻJFHSJFxĻBVUPNPCJMJ TUâWWJFUâĻ3ăLPKJFUJFTĻtâEJ 1âSMJFDJOJFUJFT ĻLBĻWJFUBĻBJ[ĻBVUPNPCJĮBĻJS CSăWB ĻVOĻQùDĻUBNĻJFTMùE[JFUĻBUQBLBĮHBJUBT QâSOFTVNV #SBVDJFUĻBUQBLBĮHBJUâĻMùOâNĻVOĻV[NBOăHJ OFQJFTLBSPUJFTĻTUÜSFJĻVOĻOFĻâUSâĻQBS BQUVWFOJĻĻLNI *LĻQBĻMBJLBNĻBQMÜLPKJFUĻJOTUSVNFOUVĻQBOFĮB EJTQMFKVĻVOĻFTJFUĻHBUBWTĻBQUVSùUĻBVUPNP CJMJ ĻLBEĻHSBGJTLJFĻBUUùMJĻVOĻUFLTUBĻQB[JĪP KVNJĻMJLTĻUPĻEBSăU 8CFĦVęLCCVDCNUVU #MVĦXęUVęXXKGVęPQXKGVQÝCPCURCNĦIUKUVġOC2#2 2+'<ÿ/' p ,BEĻJSĻBLUJWJ[ùUBĻ1"1ĻGVOLDJKB ĻOFUVSJFU SPLBTĻV[ĻTUÜSFT p /PESPtJOJFU ĻMBJĻTUÜSFTĻLVTUăCâNĻOFLBT OFUSBVDùUVĻVOĻUPĻWBSùUVĻCSăWJĻQBHSJF[U p -BJĻOPESPtJOâUVĻPQUJNâMVTĻSF[VMUâUVT OPHBJEJFU ĻMăE[ĻTUÜSFĻJSĻQBHSJF[UB ĻVO UJLBJĻUBEĻTâDJFUĻCSBVLUĻBUQBLBĮV[ QSJFLtV #WVQOQDKīCK\VCKUPQÝCPC QBHSJF[UB ĻVOĻQùDĻUBNĻMùOâNĻCSBVDJFUĻV[ QSJFLtV "QUVSJFUĻBVUPNPCJMJ ĻLBEĻHSBGJTLJFĻBUUùMJĻVO UFLTUBĻQB[JĪPKVNJĻMJFLĻUPĻEBSăU *FTMùE[JFUĻBUQBLBĮHBJUBTĻQâSOFTVNVĻVO MùOâNĻCSBVDJFUĻBUQBLBĮHBJUâ ĻMăE[ĻHSBGJTLJF BUUùMJĻVOĻUFLTUBĻQB[JĪPKVNJĻMJFLĻBQTUâUJFT ,BEĻOPWJFUPtBOBĻTUâWWJFUâĻJSĻQBCFJHUB Ļtă GVOLDJKBĻUJFLĻBVUPNâUJTLJĻEFBLUJWùUBĻVOĻHSBGJ TLJFĻBUUùMJĻVOĻUFLTUBĻQB[JĪPKVNJĻSâEB ĻLB OPWJFUPtBOBĻTUâWWJFUâĻJSĻQBCFJHUBĻ*FTQùKBNT WBEăUâKBNĻOâLTJFTĻQJFMBCPUĻBVUPNBtăOBT OPWJFUPKVNVĻ5JLBJĻWBEăUâKTĻWBSĻOPUFJLU ĻWBJ BVUPNBtăOBĻJSĻQBSFJ[JĻOPWJFUPUBĻTUâWWJFUâ 58#4ÿ)+ #SăEJOâKVNBĻBUUâMVNTĻJSĻăTâLT ĻKBĻTFOTPSVT J[NBOUPĻBLUăWâĻTUâWWJFUâĻOPWJFUPtBOBT QBMăHTJTUùNB ĻOFWJTĻQBSBTUâĻTUâWWJFUâ OPWJFUPtBOBTĻQBMăHTJTUùNB p KBĻJSĻBUWùSUBTĻQBTBxJFSBĻEVSWJTĻ UBÀVĻWBEă UâKBĻEVSWJTĻESăLTUĻCÜUĻBUWùSUBT 5FLTUBĻQB[JĪPKVNTĻOPSâEB ĻLBĻ1"1ĻEBSCăCBĻJS J[CFJHUB 2+'<ÿ/' +BĻTFOTPSVTĻLMâKĻOFUăSVNJ ĻMFEVTĻWBJĻTOJFHT UPĻGVOLDJPOBMJUâUFĻTBNB[JOâTĻVOĻNùSăKVNV WFJLtBOBĻWBSĻOFCÜUĻJFTQùKBNB 58#4ÿ)+ /PUFJLUPTĻBQTUâLĮPTĻ1"1ĻOFWBSĻBUSBTUĻTUâW WJFUVĻĻWJFOTĻOPĻJFNFTMJFNĻWBSĻCÜUĻGBLUT ĻLB TFOTPSVĻEBSCăCVĻUSBVDùĻâSùKJĻTLBĪBTĻBWPUJ LBTĻSBJEBĻUâTĻQBtBTĻGSFLWFODFT ĻLVSâTĻEBS CPKBTĻtăĻTJTUùNB fâEVĻBWPUVĻQJFNùSJĻJSĻTJHOâMUBVSFT ĻTMBQKBT SJFQBTĻV[ĻBTGBMUB ĻQOFJNBUJTLâTĻCSFN[FT NPUPDJLMVĻJ[QMÜEFTĻHâ[VĻSBEăUJFĻUSPLtĪJĻVD ,ęRCVWTRTęVę +GTQDGäQLWOK 1"1ĻEBSCăCBĻUJFLĻJ[CFJHUB ,BEĻBVUPNPCJMJTĻJSĻBUQBLBĮHBJUâĻJFCSBVDJT TUâWWJFUâ ĻUBTĻKâOPWJFUPĻUBJTOJĻVOĻKâBQUVS p KBĻCSBVLtBOBTĻâUSVNTĻJSĻQâSâLĻMJFMTĻrĻMJF 7JTQJSNTĻJFTMùE[JFUĻQJSNPĻQâSOFTVNVĻWBJ QP[ăDJKVĻ& ĻOPHBJEJFU ĻMăE[ĻTUÜSFĻUJFL p KBĻWBEăUâKTĻQJFTLBSBTĻTUÜSFJ p KBĻUJFLĻJFTQùKPUBĻ"#4ĻWBJĻ%45$ĻGVOLDJKB MâLTĻQBSĻĻLNI QJFNùSBN ĻKBĻSJUFĪJĻ[BVEùĻTBĸFSJĻV[ĻTMJ EFOBĻDFĮB 7BEăUâKBNĻKâQBUVSĻQSâUâ ĻLBĻTUâWWJFUâĻOPWJFUP tBOBTĻQBMăHTJTUùNBĻJSĻUJLBJĻQBMăHMăE[FLMJT ĻOFWJT OFLĮÜEăHB ĻQJMOăCâĻBVUPNâUJTLBĻGVOLDJKBĻ5âEùĮ WBEăUâKBNĻKâCÜUĻHBUBWBNĻJFKBVLUJFTĻ/PWJFUPKPU BVUPNBtăOVĻTUâWWJFUâ ĻKâQBUVSĻQSâUâĻBSăĻDJUJ GBLUPSJ ĻQJFNùSBN p 1"1ĻTâLĻEBSCăCV ĻĪFNPUĻWùSâĻTUâWWJFUâ OPWJFUPUâTĻBVUPNBtăOBTĻQBtSFJ[ùKPĻBUSB tBOâTĻWJFUV ĻrĻKBĻUâĻJSĻOPWJFUPUBĻOFQBSFJ[J Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU #MVĦXęUVęXXKGVęPQXKGVQÝCPCURCNĦIUKUVġOC2#2 JFTQùKBNT ĻBVUPNBtăOBTĻSJFQBTĻVOĻEJTLJ UJLTĻTBCPKâUJ ĻBUEVSPUJFTĻQSFUĻJFUWFTĻNBMV p 1"1ĻJSĻQBSFE[ùUBĻOPWJFUPtBOBJĻTUâWWJFUâ V[ĻUBJTOâNĻJFMâN ĻOFWJTĻBTPTĻMăLVNPTĻWBJ QBHSJF[JFOPTĻ5âEùĮĻHâEâKJFU ĻMBJĻBVUPNB tăOBĻCÜUVĻOPWJFUPUBĻQBSBMùMJĻTUâWWJFUBJ ĻLBE 1"1ĻNùSBĻWJFUV p /FĻWJFONùSĻWBSĻBUSBTUĻTUâWWJFUVĻtBVSâT JFMâT ĻKPĻOFQJFUJFLĻWJFUBTĻNBOFWSùtBOBJ fâEâTĻTJUVâDJKâT ĻKBĻHBUBWPKBUJFTĻOPWJFUPU BVUPNBtăOVĻTUâWWJFUâ ĻJFUFJDBNTĻCSBVLU QùDĻJFTQùKBTĻUVWâLĻJFMBTĻNBMBJ p 1BUVSJFUĻQSâUâ ĻLB ĻOPWJFUPKPUĻBVUPNBtăOV TUâWùtBOBJ ĻUâTĻQSJFLtQVTFĻWBSĻJ[WJS[ăUJFT V[ĻâSVĻQSFUĻQSFUùKâĻWJS[JFOâĻCSBVDPtBKJFN USBOTQPSUMăE[FLĮJFN p /FMJFUPKJFUĻ1"1 ĻLBĻJSĻV[TUâEăUBTĻTOJFHB ĸùEFTĻWBJĻSF[FSWFTĻSJUFOJT p /FMJFUPKJFUĻ1"1 ĻKBĻLâETĻOPĻBVUPNBtăOâ FTPtBKJFNĻQSJFLtNFUJFNĻJSĻJ[WJS[ăKJFTĻV[ âSV 58#4ÿ)+ 1"1ĻTJTUùNBTĻQBSBNFUSJĻWBSĻCÜUĻKâBUKBV OJOB ĻKBĻUJFLĻV[TUâEăUJĻDJUVĻBQTUJQSJOâUV J[NùSVĻSJUFĪVĻEJTLJĻVOĻKBĻNBJOâTĻSJFQV BQLâSUNùSTĻ4B[JOJFUJFTĻBSĻBVUPTFSWJTVĻr JFUFJDBNTĻTB[JOâUJFTĻBSĻ7PMWPĻQJMOWBSPUV TFSWJTV -BJĻGVOLDJKBĻ1"1ĻEBSCPUPTĻQBSFJ[J ĻUâTĻTFOTPSJ SFHVMâSJĻKâNB[HâĻBSĻÜEFOJĻVOĻBVUPtBNQÜOVĻr UJFĻJSĻUJFĻQBtJĻTFOTPSJ ĻLVSVTĻJ[NBOUPĻBVUPNBtă OBTĻOPWJFUPtBOBTĻTFOTPST ĻTLBUăUĻMQQĻ 5KODQNKWPRC\KĮQLWOK *OTUSVNFOUVĻQBOFĮBĻEJTQMFKâĻWBSĻUJLUĻBUUùMPUBT EBxâEBTĻTJNCPMVĻVOĻUFLTUBĻLPNCJOâDJKBTĻBS EBxâEVĻTBUVSVĻrĻEBxSFJ[ĻLPQâĻBSĻTLBJESJFN QBEPNJFNĻQBSĻBUUJFDăHPĻSăDăCV +BĻQB[JĪPKVNâĻJSĻUFJLUT ĻLBĻ1"1ĻJSĻEFBLUJWùUB JFUFJDBNTĻTB[JOâUJFTĻBSĻBVUPSJ[ùUVĻ7PMWPĻTFS WJTV #RMQRG p 7FJDPUĻBQSùĸJOVTĻTUâWWJFUâĻOPWJFUPtBOBT NBOFWSBN ĻOFUJFLĻĪFNUJĻWùSâĻPCKFLUJ ĻLBT BUSPEBTĻBVHTUâLĻQBSĻV[UWFStBOBTĻ[POâN 5BTĻWBSĻJ[SBJTăUĻ1"1ĻJFHSJFtBOPTĻTUâWWJFUâ QâSâLĻBHSJ p 7BEăUâKBNĻJSĻKâOPTBLB ĻWBJĻ1"1ĻJ[WùMùUâ WJFUBĻJSĻQJFNùSPUBĻBVUPNBtăOBTĻOPWJFUPtB OBJ p -JFUPKJFUĻBQTUJQSJOâUBTĻSJFQBTĻBSĻQBSFJ[V HBJTBĻTQJFEJFOVĻSJFQâT ĻKPĻUBTĻJFUFLNù 1"1ĻTQùKVĻOPWJFUPUĻBVUPNBtăOV p 4QùDăHâĻMJFUÜĻWBJĻTOJFHâĻTJTUùNBĻWBS OFQBSFJ[JĻOPUFJLUĻTUâWWJFUBTĻJ[NùSVT 2#2UGPUQTKCVTQFCUDWHGTQURTKGMÞđWP CK\OWIWTĘ "QTUJQSJOâUBTĻSJFQBTĻJSĻUâEBĻQBtBĻWFJEBĻVOĻSBxPKVNBĻSJFQBT ĻLâEBTĻBVUPNBtăOBJĻCJKBĻV[TUâEăUBTĻCSăEă ĻLBEĻUâĻUJLBĻQJFHâEâUBĻOPĻSÜQOăDBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU $.+5WP%6# 8KURęTĦICKPHQTOęEKLCRCT$.+5WP%6# &CTDĦDC (WPMEKLC #-*4ĻGVOLDJKBĻ #MJOEĻ4QPUĻ*OGPSNBUJPOĻ4ZTUFN JSĻQBSFE[ùUBĻCSBVLtBOBJĻCMăWâĻTBUJLTNùĻV[ DFĮJFNĻBSĻWBJSâLâNĻKPTMâNĻLBUSâĻWJS[JFOâĻ#-*4 JSĻWBEăUâKBĻQBMăHMăE[FLMJT ĻLVSBĻNùSĸJTĻJSĻCSăEJOâU WBEăUâKVĻQBS #-*4ĻVOĻ$5"ĻUJFLĻBLUJWJ[ùUBT ĻJFTMùE[PUĻE[J OùKVĻ5PĻBQTUJQSJOBĻEVSWKVĻQBOFĮPTĻFTPtPĻJOEJ LBUPSBĻMBNQJĪVĻJFNJSHPtBOâTĻWJFOVĻSFJ[J $.+5CMVKXK\ġÝCPCFGCMVKXK\ġÝCPC p USBOTQPSUMăE[FLĮJFN ĻLBTĻBUSPEBTĻBVUPNB tăOBTĻBLMBKâĻ[POâ p USBOTQPSUMăE[FLĮJFN ĻLBTĻBVUPNBtăOBJ TUSBVKJĻUVWPKBTĻOPĻWJTUVWâLBKâNĻLSFJTâTĻVO MBCâTĻQVTFTĻKPTMâN #-*4ĻGVOLDJKBĻ$5"Ļ $SPTTĻ5SBGGJDĻ"MFSU ĻJSĻWBEă UâKBĻQBMăHMăE[FLMJT ĻLVSBĻNùSĸJTĻJSĻCSăEJOâUĻQBS p tĸùSTPKPtVĻTBUJLTNJĻMBJLâ ĻLBEĻBVUPNBtăOB CSBVDĻBUQBLBĮHBJUâ $.+5NCORKĺCUCVTCÞCPđUXKGVC *OEJLBUPSBĻMBNQB #-*4ĻTJNCPMT $4ÿ&+0ó,7/5 #-*4ĻVOĻ45"ĻJSĻQBMăHGVOLDJKBT ĻVOĻUâTĻOFBJ[ TUâKĻESPtVĻCSBVLtBOBTĻTUJMVĻVOĻBUQBLBĮ TLBUBĻTQPHVĮBĻVOĻTâOVĻTQPHVĮVĻMJFUPtBOV #-*4ĻVOĻ$5"ĻGVOLDJKBTĻOFLâEâĻHBEăKVNâ OFWBSĻBJ[TUâUĻWBEăUâKBĻBUCJMEăCVĻVOĻV[NB OăCV -BNQJĪBĻJFEFHBTĻUBKâĻBVUPNBtăOBTĻQVTù LVSâĻTJTUùNBĻJSĻV[UWùSVTJĻUSBOTQPSUMăE[FLMJ +BĻBVUPNBtăOBĻWJFOMBJLVTĻUJFLĻBQE[ăUBĻOP BCâNĻQVTùN ĻJFEFHBTĻBCBTĻMBNQJĪBT 7BEăUâKTĻJSĻWJFONùSĻBUCJMEăHTĻQBSĻKPTMV NBJĪVĻVOĻCSBVLtBOVĻBUQBLBĮHBJUâĻESPtâ WFJEâ 6CWUVKĺÞCMVKXĘÞCPCKFGCMVKXĘÞCPCK 2+'<ÿ/' $.+5ĻGVOLDJKVĻWBSĻBLUJWJ[ùUEFBLUJWJ[ùU OPTQJFxPUĻWJEVTLPOTPMFTĻUBVTUJĪVĻ$.+5 %BxâNĻJ[WùMùUâĻBQSăLPKVNBĻLPNCJOâDJKâN WJEVTLPOTPMùĻOBWĻCSăWBTĻWJFUBT ĻMBJĻUVSĻJ[WJF UPUVĻUBVTUJĪV ĻUâEùĮĻtPĻGVOLDJKVĻWBSĻSFHVMùU BVUPNBtăOBTĻJ[WùĮĪVĻTJTUùNâĻ/;%#4 p "USPEPUJFTĻ5GVVKPIU %CTUGVVKPIU $.+5 ĻBUMBTJFUĻ1PĻWBJĻ1HH *&7ð30+*&5ĻBUUùMTĻJSĻTIFNBUJTLT ĻVOĻEBxâEJFNĻBVUPNBtăOVĻNPEFĮJFNĻEFUBĮBTĻWBSĻBUtĸJSUJFT *OGPSNâDJKVĻQBSĻJ[WùĮĪVĻTJTUùNVĻĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU $.+5WP%6# +BĻ#-*4ĻJSĻEFBLUJWJ[ùUBBLUJWJ[ùUB ĻUBVTUJĪâ JFCÜWùUâĻMBNQJĪBĻOPE[JFTUJ[HBJTNPKBTĻVO JOTUSVNFOUVĻQBOFĮBĻEJTQMFKâĻUJFLĻBQTUJQSJOâUBT J[NBJĪBT ĻQBSâEPUĻUFLTUBĻQB[JĪPKVNVĻ1ùD BLUJWJ[ùtBOBTĻEVSWKVĻQBOFĮBĻJOEJLBUPSBĻMBNQJ ĪBTĻWJFOVĻSFJ[JĻJFNJSHPKBT -BJĻOPE[ùTUVĻUFLTUBĻQB[JĪPKVNV p /PTQJFEJFUĻLSFJTâTĻQVTFTĻTWJSTMùExBĻUBVT UJĪVĻ1- WBJ p /PHBJEJFUĻBQUVWFOVĻĻTFLVOEFTĻĻQB[JĪP KVNTĻOPE[JFTU -CF$.+5FCTDQLCU #-*4ĻGVOLDJKBĻJSĻBLUăWB ĻKBĻâUSVNTĻQâSTOJFE[ BQUVWFOJĻĻLNI 4JTUùNBJĻQBSFE[ùUTĻSFBīùU ĻLBE p BVUPNBtăOVĻBQE[FOĻDJUJĻUSBOTQPSUMăE[FLĮJ p BVUPNBtăOBJĻTUSBVKJĻUVWPKBTĻDJUTĻUSBOTQPSU MăE[FLMJT +BĻ#-*4ĻV[UWFSĻUSBOTQPSUMăE[FLMJĻĻ[POâĻWBJ USBOTQPSUMăE[FLMJ ĻLBTĻTUSBVKJĻUVWPKBTĻĻ[POâ EVSWKVĻQBOFMăĻJFCÜWùUâĻ#-*4ĻMBNQJĪBĻOFQâS USBVLUJĻJ[HBJTNPKBTĻ+BĻWBEăUâKTĻJFTMùE[ĻQBHSJF [JFOBĻSâEăUâKV ĻLBTĻBUSPEBTĻUBKâĻQBtâĻQVTù LVSâĻCSăEJOâKVNT ĻUBEĻ#-*4ĻMBNQJĪBĻQâSTUâK OFQâSUSBVLUJĻJ[HBJTNPUJFTĻVOĻTâLĻNJSHPUĻBS TQJMHUâLVĻHBJTNV $4ÿ&+0ó,7/5 #-*4ĻOFEBSCPKBTĻBTPTĻMăLVNPT #-*4ĻOFEBSCPKBT ĻCSBVDPUĻBUQBLBĮHBJUâ %6#CMVKXK\ġÝCPCFGCMVKXK\ġÝCPC "VUPNBtăOâT ĻLBTĻBQSăLPUBTĻBSĻBVUPNBtăOBT OPWJFUPtBOBTĻTFOTPSVĻ TLBUăUĻMQQĻ Ļ$5" GVOLDJKVĻWBSĻEFBLUJWJ[ùUBLUJWJ[ùUĻBSĻ1"4ĻUBVT UJĪV $.+5RTKPEKRU#MNđU\QPCUNCWMU.CWMU VTCPURQTVNĝF\GMĹKGOMCUUVTCWLKVWXQLCU *OGPSNâDJKVĻQBSĻJ[WùĮĪVĻTJTUùNVĻĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #WVQOCÞĝPCUPQXKGVQÞCPCUUGPUQTWWP%6#UGP UQTWKGUNĘIÞCPCK\UNĘIÞCPC 5JLBJĻ$5"ĻWBSĻEFBLUJWJ[ùUĻJ[WùĮĪVĻTJTUùNâĻ/; %#4ĻtâEJ p %PEJFUJFTĻV[Ļ5GVVKPIU %CTUGVVKPIU $.+5 %TQUU6TCHHKE#NGTVĻVOĻOPUăSJFU BUMBTJĻĻ$5"ĻGVOLDJKBĻUJLTĻEFBLUJWJ[ùUB #-*4ĻQBMJFLĻBLUăWB 8CFĦVęLCCVDCNUVU $.+5WP%6# -CF%6#FCTDQLCU OâMTĻJSĻE[JSEBNTĻLSFJTâTĻWBJĻMBCâTĻQVTFT TLBĮSVOă p $5"ĻBSăĻCSăEJOB ĻJ[HBJTNPKPUĻ#-*4ĻMBNQJ ĪBT p 1BQJMEVĻCSăEJOâKVNTĻUJFLĻTOJFHUT Ļ57 FLSâOBĻ1"4ĻHSBGJLâĻJ[HBJTNPKPUĻJLPOV $4ÿ&+0ó,7/5 $5"ĻOFEBSCPKBTĻWJTâTĻTJUVâDJKâT ĻUBÀVĻUBJĻJS UJLBJĻQBMăHMăE[FLĮBĻGVOLDJKB 7BEăUâKTĻWJFONùSĻJSĻBUCJMEăHTĻQBSĻESPtV BVUPNBtăOBTĻWBEătBOV %6#RTKPEKRU $5"ĻQBQJMEJOBĻ#-*4ĻGVOLDJKV ĻV[UWFSPUĻOP TâOJFNĻtĸùSTPKPtVTĻUSBOTQPSUMăE[FLĮVTĻBUQB LBĮHBJUBTĻMBJLâ ĻQJFNùSBN ĻBUQBLBĮHBJUâ J[CSBVDJFUĻOPĻTUâWWJFUBT #-*4ĻVOĻ$5"ĻTFOTPSJĻBUSPEBTĻBJ[NVHVSùKâ TQâSOBUSJFDJFOTUJFĪBĻJFLtQVTùĻBCâTĻBVUPNB tăOBTĻQVTùT p -BJĻOPESPtJOâUVĻPQUJNâMVĻGVOLDJPOBMJUâUJ WJFUBJĻQSJFLtâĻTFOTPSJFNĻKâCÜUĻUăSBJ +GTQDGäQLWOK p 1JFWJFOPKPUĻBVUPNBtăOBTĻFMFLUSPTJTUùNBJ QJFLBCJ Ļ#-*4ĻVOĻ$5"ĻUJFLĻEFBLUJWJ[ùUBT p /FUăSVNJ ĻMFEVTĻVOĻTOJFHT ĻLBTĻLMâKĻTFOTP SVT ĻWBSĻTBNB[JOâUĻGVOLDJPOBMJUâUJĻVO OFĮBVUĻTOJFHUĻCSăEJOâKVNVTĻ#-*4ĻVOĻ$5" OFTQùKĻV[UWFSUĻESBVEVT ĻKBĻUJFĻJSĻCMPĸùUJ p /FQJFTUJQSJOJFUĻOFLâEVTĻQSJFLtNFUVT ĻMăN #RMQRG MFOUJĻWBJĻV[MăNFTĻWJFUBJĻBQĻTFOTPSJFN 58#4ÿ)+ #-*4ĻVOĻ$5"ĻGVOLDJKVĻLPNQPOFOUV SFNPOUVĻESăLTUĻWFJLUĻUJLBJĻBVUPTFSWJTBĻEBS CJOJFLJĻĻJFUFJDBNTĻJ[WùMùUJFTĻBVUPSJ[ùUV 7PMWPĻTFSWJTV $5"ĻHBMWFOBJTĻNùSĸJTĻJSĻV[UWFSUĻUSBOTQPSUMă E[FLĮVTĻ-BCWùMăHPTĻBQTUâLĮPTĻUâĻWBSĻV[UWFSU BSăĻNB[âLVTĻPCKFLUVT ĻQJFNùSBN ĻWFMPTJQùEJT UVTĻVOĻHâKùKVT $5"ĻUJFLĻBLUJWùUBĻUJLBJĻCSBVDPUĻBUQBLBĮHBJUâ VO ĻJFTMùE[PUĻBUQBLBĮHBJUBTĻQâSOFTVNV ĻUâ JFTMùE[BTĻBVUPNâUJTLJ p +BĻ$5"ĻV[UWFSĻPCKFLUV ĻLBTĻUVWPKBTĻOP TâOJFN ĻBUTLBOĻTLBĪBTĻTJHOâMTĻ"ULBSăCâ OPĻWJS[JFOB ĻOPĻLVSBĻUVWPKBTĻPCKFLUT ĻTJH $.+5WP%6#UGPUQTWCVTCÞCPđUXKGVC Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU $.+5WP%6# <KĮQLWOKFKURNGLę 4JUVâDJKâT ĻLBEĻ#-*4ĻVOĻ$5"ĻGVOLDJKBTĻOFEBS CPKBTĻWBJĻUPĻEBSCăCBĻUJFLĻQâSUSBVLUB ĻJOTUSV NFOUVĻQBOFMăĻWBSĻUJLUĻQBSâEăUTĻTJNCPMTĻLPQâĻBS TLBJESPKPtVĻQB[JĪPKVNVĻĻJFWùSPKJFUĻWJTVT TOJFHUPTĻOPSâEăKVNVT 1B[JĪPKVNVĻQJFNùSJ 2C\KĮQLWOU 6GJPKUMKGRCTCOGVTK %6#+\UNġIVC $5"ĻJSĻEFBLUJWJ[ùUB NBOVâMJĻ#-*4ĻJSĻBLUăWB $.+5WP%6# +<5.2KGXKG PQVCRKG MCDG #-*4ĻVOĻ$5"ĻJSĻăTMBJDăHJ EFBLUJWJ[ùUBT ĻKPĻBVUPNB tăOBTĻFMFLUSPTJTUùNBJĻJS QJFWJFOPUBĻQJFLBCF $.+5WP%6# ,ęXGKE CRMQRG #-*4ĻVOĻ$5"ĻOFEBSCPKBT p +BĻ[JĪPKVNTĻOFJ[[ÜE CSBVDJFUĻV[ĻTFSWJTV JFUFJDBNTĻV[Ļ7PMWP QJMOWBSPUVĻTFSWJTV 5FLTUBĻ[JĪPKVNTĻWBSĻUJLUĻBQTUJQSJOâUT ĻăTJ OPTQJFxPUĻUBVTUJĪVĻ1-ĻV[ĻWJS[JFOVĻSâEăUâKB TWJSTMùExB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 8CFĦVęLCCVDCNUVU *[WùMOFTĻVOĻ[JĪPKVNJ *[WùMOFTĻBWPUTĻ.:Ļ$"3 ,MJNBUBĻLPOUSPMF %[JOùKBĻVOĻTBMPOBĻTJMEăUâKT 1BQJMEVĻTJMEăUâKT 7BEăUâKBĻJOGPDFOUST #SBVLtBOBTĻăQBtăCVĻQJFMâHPtBOB ,PNGPSUTĻQBTBxJFSVĻTBMPOâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,0.'0354Ļ6/Ļ#3"6,f"/"4Ļ13*&,4 -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUWP\KĮQLWOK -QODKPġVCKUKPUVTWOGPVWRCPGNKU +\XġNPGURęTUMCVU %BxâNĻOPĻtăNĻJ[WùMOFTĻGVOLDJKâNĻOFQJFDJF tBNBĻGVOLDJKVĻVOĻUFIOJTLâĻOPESPtJOâKVNB V[TUâEătBOBĻBVUPNPCJMă #PCNQICKUMQODKPġVCKUKPUVTWOGPVW RCPGNKU &KIKVęNCKUęVT 5KNFĦVęLU 2CRKNFWUKNF 6%QREKLCU +PHQTOđEKLCUFKURNGLU CPCNQICKUMQODKPĘVCKU KPUVTWOGPVWRCPGNKU WPK\XĘĹĺWPCXKIđEKLCUUNĘFåK +PHQTOđEKLCUFKURNGLK FKIKVđNCKUMQODKPĘVCKU KPUVTWOGPVWRCPGNKU WPK\XĘNĺWPCXKIđEKLCUUNĘFåK 1-ĻĻQJFLĮÜTUJFUĻJ[WùMOFJ ĻBQTUJQSJOJFUĻQB[J ĪPKVNVTĻVOĻJ[WùĮĪVĻBUMBTFT įLtĸSBUTĻqĻSJUJOJFUĻTUBSQĻJ[WùMĪVĻJFTQùKâN 4'5'6ĻĻBUJFTUBUJFUĻBUMBTăUâĻWBEăUâKBĻJOGP DFOUSBĻTPĮBĻEBUVTĻVOĻEPEJFUJFTĻBUQBLBĮ J[WùĮĪVĻTUSVLUÜSâ ,PNCJOùUâĻJOTUSVNFOUVĻQBOFĮBĻJOGPSNâDJKBT EJTQMFKâĻQBSâEăUPĻJ[WùMOJĻWBEBĻBSĻLSFJTâTĻQVTFT TWJSTMùE[JĻ/PSâEăUâTĻJ[WùMOFTĻJSĻBULBSăHBTĻOP BUTMùHBTĻQP[ăDJKBT ĻTLBUăUĻMQQĻĻ+BĻ[JĪPKVNT QBSâEâT ĻUBTĻJSĻKâBQTUJQSJOBĻBSĻ1- ĻMBJĻQBSâEăUV J[WùMOFT #RMUVCVWUU 'īīCUNĦOGPKU <KĮQLWOK &KIKVęNCKUMQODKPġVCKUKPUVTWOGPVW RCPGNKU +GUVCVĦLWOK 6ġOCU -QPVTCUVCTGäĦOU-TęUWTGäĦOU #RMQRGUUVCVWUU <KĮQLWOK 'īīCUNĦOGPKU #WVQPQOCKUUKNF /PUFJLUJFNĻE[JOùKJFN 1B[JĪPKVNVĻTLBJUTĻJSĻOPSâEăUTĻJFLBWâT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUWP\KĮQLWOK $QTVCFCVCVKGUV 2C\KĮQ LWOU 6GJPKUMKGRCTCOGVTK 2C\KĮQ LWOU 6GJPKUMKGRCTCOGVTK 2C\KĮQLWOU #RVFTQÝę XKGVę" "QTUâKJFUJFTĻVOĻJ[TMùE[JFU E[JOùKVĻ/PQJFUOTĻCPKâKVNV SJTLTĻĻTB[JOJFUJFTĻBS SFNPOUEBSCOăDV# .CKMUXGKMV TGICRMQRK +\UNF\K PġLW" "QTUâKJFUJFTĻVOĻJ[TMùE[JFU E[JOùKVĻ/PQJFUOTĻCPKâKVNV SJTLTĻĻTB[JOJFUJFTĻBS SFNPOUEBSCOăDV# -BJLTĻWFJLUĻQFSJPEJTLP BQLPQJĻĻTB[JOJFUJFTĻBS SFNPOUEBSCOăDV#Ļ-BJLV OPTBLBĻOPCSBVLUPĻLJMPNF USVĻTLBJUT ĻLPQtĻQùEùKâT BQLPQFTĻQBHâKVtBJT NùOFtVĻTLBJUT ĻE[JOùKBĻLBM QPtBOBTĻMBJLTĻVOĻFĮĮBTĻLWB MJUâUF ,ęXGKECRM PGM" 4B[JOJFUJFTĻBSĻSFNPOUEBSC OăDV# ĻMBJĻOFLBWùKPUJFT WFJLUVĻBVUPNPCJMJNĻQâS CBVEJ #RMQRGVKGM MCXġVC +BĻQFSJPEJTLâTĻBQLPQFT JOUFSWâMJĻOBWĻJFWùSPUJ HBSBOUJKBĻV[ĻTBCPKâUBKâN EFUBĮâNĻOFBUUJFDBTĻĻTB[J OJFUJFTĻBSĻSFNPOUEBSCOăDV# +BĻJ[HBJTNPKBTĻCSăEJOâKVNB ĻJOGPSNâDJKBTĻWBJ JOEJLBUPSBĻTJNCPMT ĻJOGPSNâDJKBTĻEJTQMFKâĻQBSâ EâTĻBUUJFDăHBJTĻ[JĪPKVNTĻ,ĮÜEBTĻ[JĪPKVNTĻUJFL TBHMBCâUTĻBUNJĪBTĻTBSBLTUâ ĻLBNùSĻLĮÜNFĻOBW OPWùSTUB /PTQJFEJFUĻUBVTUJĪVĻ1-Ļ TLBUJFUĻBUUùMVĻTBEBĮâ ,PNCJOùUBJTĻJOTUSVNFOUVĻQBOFMJTĻĻMQQ MBJĻBQTUJQSJOâUVĻQB[JĪPKVNVĻ3JUJOJFUĻQB[JĪPKV NVTĻBSĻăLtĸSBUV 2+'<ÿ/' +BĻWBEăUâKBĻJOGPDFOUSBĻMJFUPtBOBTĻMBJLâĻUJFL QBSâEăUTĻCSăEJOâKVNBĻQB[JĪPKVNT ĻUBTĻKâJ[ MBTBĻ OPTQJFEJFUĻ1- ĻMBJĻWBSùUVĻBUTâLU JFQSJFLtùKPĻEBSCăCV 5GTXKEG TGSWKTGF" 4B[JOJFUJFTĻBSĻSFNPOUEBSC OăDV# ĻMBJĻWFJLUVĻBVUPNPCJ MJNĻQâSCBVEJĻQùDĻJFTQùKBT âUSâL 5MTQMCU ITęOCVW" 4LBUăUĻăQBtOJFLBĻSPLBTHSâ NBUV 2KGUCMKGV CRMQRK -BJLTĻQJFUFJLUĻQFSJPEJTLP BQLPQJĻĻTB[JOJFUJFTĻBS SFNPOUEBSCOăDV# 2ęTPGUWO MęTDC ,ęOCKPC GīīC 4B[JOJFUJFTĻBSĻSFNPOUEBSC OăDV# ĻMBJĻWFJLUVĻBVUPNPCJ MJNĻQâSCBVEJĻQùDĻJFTQùKBT âUSâL 1B[JĪPKVNVĻWBSĻBQTUJQSJOâU ĻJ[NBOUPKPUĻăLtĸSBUVĻWBJĻUBVTUJĪVĻ4'5'6 -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUWP\KĮQLWOK 2C\KĮQ LWOU 6GJPKUMKGRCTCOGVTK 2C\KĮQ LWOU 6GJPKUMKGRCTCOGVTK 2ęTPGUWO MęTDC 5COC\ XGKMVURġLC 1âSOFTVNLâSCBĻOFWBSĻEBS CPUJFTĻBSĻQJMOVĻKBVEVĻ#SBV DJFUĻV[NBOăHJ ĻMăE[Ļ[JĪP KVNTĻOPE[JFTU$ 6GORQTCTKN[ QHH" 'VOLDJKBĻJSĻQBHBJEâN J[TMùHUBĻVOĻBVUPNâUJTLJĻUJLT BUJFTUBUăUBĻCSBVLtBOBTĻMBJLâ WBJĻQùDĻBULâSUPUBTĻJFEBSCJ OâtBOBT <GOU CMWOW\Nę FGUNĦOGPKU 'PGTĥVCW RĦÝTGä "VEJPĻTJTUùNBĻJSĻJ[TMùHUB MBJĻUBVQăUVĻFOFSīJKVĻ6[Mâ EùKJFUĻBLVNVMBUPSV +BĻQBSâEâTĻBULâSUPUJĻĻTB[J OJFUJFTĻBSĻSFNPOUEBSCOăDV# -CTUVCRęT PGUWOM 5COC\KPKGV ęVTWOW -CTUVCRęT PGUWOM #RVFTQÝę XKGVę)CK FKGVNCK CVF\KGUV #SBVDJFUĻWJFONùSăHâLĻWBJ BQUVSJFUĻBVUPNPCJMJĻESPtâ WFJEâĻ*[TMùE[JFUĻQâSOF TVNLâSCVĻVOĻEBSCJOJFUĻE[J OùKVĻBSĻUVLtHBJUBTĻBQHSJF [JFOJFN ĻMăE[Ļ[JĪPKVNT OPE[JFTU$ ,SJUJTLTĻCPKâKVNTĻ/FLBWù KPUJFTĻBQUVSJFUĻBVUPNPCJMJ ESPtâĻWFJEâĻVOĻTB[JOJFUJFT BSĻSFNPOUEBSCOăDV# " # $ ;JĪPKVNBĻEBĮB ĻLBTĻJSĻSFE[BNBĻLPQâĻBSĻJOGPSNâDJKVĻQBSĻQSP CMùNBTĻBUSBtBOâTĻWJFUV *FUFJDBNTĻTB[JOâUJFTĻBSĻBVUPSJ[ùUVĻ7PMWPĻTFSWJTV *OGPSNâDJKVĻQBSĻQâSùKJFNĻ[JĪPKVNJFN ĻLBTĻTBJTUăUJĻBSĻBVUP NâUJTLPĻQâSOFTVNLâSCV ĻTLBUăUĻMQQĻ -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUCXQVU/;%#4 8KURęTĦICKPHQTOęEKLCRCT/;%#4 7BJSâLBTĻOPĻBVUPNPCJĮBĻGVOLDJKâN ĻQJF NùSBN ĻQVMLTUFĪB ĻTâOVĻTQPHVĮVĻVO TMùE[FĪVĻSFHVMùtBOV ĻWBSĻWBEăUĻtBKâ J[WùMOFTĻBWPUâ 'MURNWCVęEKLC 8KFWUMQPUQNGUUNġFäK /BWJHâDJKVĻQBĻJ[WùMOùNĻWBSĻWFJLU ĻJ[NBOUPKPU WJEVTLPOTPMFTĻUBVTUJĪVTĻWBJĻTUÜSFTĻMBCâT QVTFTĻWBEăCBTĻUBTUBUÜSV p p p p p UJFLĻOPSBJEăUTĻUâMSVĪBĻ[WBOT UJFLĻBUDFMUBĻQBtSFJ[ùKâĻGVOLDJKB UJFLĻJ[E[ùTUBTĻJFWBEăUâTĻSBLTU[ăNFT UJFLĻBUDFMUBĻQùEùKâĻBUMBTF OPUJFLĻQâSWJFUPtBOâTĻV[ĻBVHtVĻJ[WùĮĪV TJTUùNâ įTJĻOPTQJFxPUĻWBJĻUVSPUĻOPTQJFTUVĻJMHâL ĻSF[VM UâUTĻWBSĻBUtĸJSUJFT %BxBTĻOPĻGVOLDJKâNĻJSĻJFLĮBVUBTĻTUBOEBSUB LPNQMFLUâDJKâ ĻCFUĻDJUBTĻJSĻQJFFKBNBTĻLâ QBQJMEBQSăLPKVNTĻĻUPĻLMâTUTĻJSĻBULBSăHTĻBSăĻOP UJSHVT 5VSPUĻOPTQJFTUVĻJMHâL ĻWBSĻQâSWJFUPUJFTĻV[ĻBVH tùKPĻJ[WùĮĪVĻMăNFOJĻ TâLVNBĻTLBUT ĻOPĻLVSJF OFTĻWBSĻQJFLĮÜUĻWJTâNĻBVUPNPCJĮBĻGVOLDJKâN J[WùĮĪVĻBWPUJFNĻTLBUăUĻMQQĻ 8KFWUMQPUQNGUUNĘFåKK\XĘNĺWPCXKIđEKLCK /PTQJFEJFUĻ/;%#4 ĻMBJĻBUWùSUVĻJ[WùMOFT [FNĻ/;%#4 /PTQJFEJFUĻ1-/'07 ĻMBJĻJ[WùMùUPTBU[ă NùUVĻJF[ăNùUPĻJ[WùMOFTĻGVOLDJKVĻWBJĻTBHMB CâUVĻJ[WùMùUPĻGVOLDJKVĻBUNJĪâ 1BHSJF[JFUĻQPHVĻ670' ĻMBJĻSJUJOâUVĻV[ BVHtVV[ĻMFKVĻDBVSJĻJ[WùMĪVĻPQDJKâN ':+6 ':+6HWPMEKLCU "ULBSăCâĻOPĻGVOLDJKBT ĻLVSâĻBUSPEBTĻLVSTPST LBEĻUJFLĻOPTQJFTUTĻ':+6 ĻVOĻJ[WùMOFTĻMăNFĪB LVSâĻUBTĻBUSPEBT ĻWBSĻSBTUJFTĻLâEBĻOPĻtăN TJUVâDJKâN `` -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUCXQVU/;%#4 5VĹTGUVCUVCVĹTC 5âMâLĻJSĻTOJFHUTĻQJFNùST ĻLâĻQJFLĮÜUĻLâEBJĻOP GVOLDJKâNĻVOĻOPSFHVMùUĻUP ĻJ[NBOUPKPUĻTUÜSFT WBEăCBTĻUBTUBUÜSV /;%#4 *[WùMOFTĻBWPUâĻ/;%#4ĻJSĻQJFFKBNBTĻtâEBT PQDJKBT /PTQJFEJFUĻWJEVTLPOTPMFTĻUBVTUJĪVĻ/; %#4 "SĻăLtĸSBUVĻ ĻSJUJOJFUĻMăE[ĻWBKBE[ăHBKBJ J[WùMOFJ ĻQJFNĻ5GVVKPIU ĻVOĻQùDĻUBN PQURKGFKGVĻăLtĸSBUVĻĻBUWFSBTĻBQBLtJ[ WùMOF 8CFĝDCUVCUVCVĨTCXCTCVÞķKTVKGUCVMCTĝDđPQCWFKQ UKUVĘOCUNĝOGĺCUMCVĝVNRR 2CITKG\KGVĻăLtĸSBUV ĻMBJĻSJUJOâUVĻV[ BVHtVV[ĻMFKVĻTUBSQĻJ[WùMOFTĻPQDJKâN 0QURKGFKGVĻăLtĸSBUV ĻMBJĻJ[WùMùUPTBU[ăNùUV JF[ăNùUPĻJ[WùMOFTĻGVOLDJKVĻWBJĻTBHMBCâUV J[WùMùUPĻGVOLDJKVĻBUNJĪâ ':+6Ļ TLBUJFUĻOPEBĮVĻ*[JFtBOBĻOPĻGVOLDJKB SFxăNBĻĻMQQ /GMNġÝCPCUEGīK 1BtSFJ[ùKBJTĻJ[WùMOFTĻMăNFOJTĻUJFLĻSâEăUTĻWJEVT LPOTPMFTĻEJTQMFKBĻBVHtùKâĻMBCBKâĻQVTùĻ.FLMù KJFUĻDFĮVTĻV[ĻJ[WùMĪVĻTJTUùNBTĻGVOLDJKâN ĻLâ UBTĻBQSBLTUăUTĻtBKâĻSPLBTHSâNBUâ 5GVVKPIU %CTUGVVKPIU .QEMUGVVKPIU &QQTUWPNQEM &TKXGTFQQTVJGPCNN 3JUJOJFUĻMăE[ĻWBKBE[ăHBKBJĻJ[WùMOFJ ĻQJFN %CTUGVVKPIU ĻVOĻOPTQJFEJFUĻăLtĸSBUVĻ BUWFSBTĻBQBLtJ[WùMOF 3JUJOJFUĻMăE[Ļ.QEMUGVVKPIUĻVOĻOPTQJFEJFU ăLtĸSBUVĻĻBUWFSBTĻKBVOBĻBQBLtJ[WùMOF 3JUJOJFUĻMăE[Ļ&QQTUWPNQEMĻVOĻOPTQJFEJFU ăLtĸSBUVĻĻBUWFSBTĻBQBLtJ[WùMOFĻBSĻGVOLDJ KâN ĻOPĻLVSâNĻJ[WùMùUJFT *[WùMJFUJFTĻ#NNFQQTUĻWBJĻ&TKXGTFQQT VJGPCNNĻPQDJKVĻVOĻOPTQJFEJFUĻăLtĸSBUVĻ tăTĻPQDJKBTĻUVLtBKâĻSÜUJĪâĻUJFLĻJFWJMLUTĻLSV TUJĪt *[FKJFUĻOPĻQSPHSBNNBT ĻQBLâQFOJTLJĻJ[FKPU OPĻJ[WùMOùN ĻăTJĻOPTQJFxPUĻ':+6Ļ ĻWBJ UVSPUĻUPĻJMHâLĻOPTQJFTUV 1SPDFEÜSBĻJSĻUâEBĻQBUJĻLâĻJ[NBOUPKPUĻWJEVT LPOTPMFTĻUBVTUJĪVTĻTLBUăUĻMQQĻĻ1/'07Ļ Ļ':+6 ĻVOĻQPHBĻ670'Ļ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET p p p p p /[8 6TKRUVCVKUVKEUĻ 5SJQĻTUBUJTUJDT &4+8G 5WRRQTVU[UVGOUĻ 4VQQPSUĻTZTUFNT 5GVVKPIUĻ 4FUUJOHT -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUCXQVU/;%#4 p 5VCTV5VQR p 'EQFTKXKPIIWKFG /[8 1MBtâLVĻJOGPSNâDJKVĻTLBUJFUĻTLBUăUĻMQQĻ MQQ K\XġīĮWNĦOGPKU K\XġīĮWNĦOGPKU MQQĻ ĻJ[WùĮĪVĻMăNFOJT 8CFĦVęLCCVDCNUVCUKUVġOC ĻJ[WùĮĪVĻMăNFOJT fFJUĻJSĻSFE[BNJĻQJSNJFĻĻJ[WùMĪVĻMăNFĪJĻ[FNĻ/; %#4 5GVVKPIUĻ%BxâNĻJ[WùMOùNĻJSĻBQBLtJ[ WùMOFTĻĻUâEâĻHBEăKVNâĻUâTĻJSĻQMBtâLĻBQSBLTUă UBTĻBUUJFDăHBKâTĻOPEBĮâT /;%#4 "UMBTPU ĻWBJĻBLUJWùU1PĻWBJĻEFBLUJWùU1HHĻGVO LDJKV ĻQBSâEâTĻLWBESâUT /[8 $TCWEKGPCUVCVKUVKMC /;%#4 6TKRUVCVKUVKEU 57ĻFLSâOâĻWùTUVSFĻJSĻBUUùMPUBĻLâĻKPTMVĻEJB HSBNNBĻBSĻWJEùKPĻEFHWJFMBTĻQBUùSJĪVĻVOĻWJEùKP âUSVNV ĻTLBUăUĻMQQĻ &4+8G /;%#4 &4+8G 1PĻBUMBTăUTĻLWBESâUT %JTQMFKBĻFLSâOâĻSFE[BNTĻWJTVĻBVUPNBtăOBT WBEăUâKBĻBUCBMTUBĻTJTUùNVĻTBSBLTUTĻĻtFJUĻUâT WBSĻBLUJWùUĻWBJĻEFBLUJWùU 1HHĻUVLtTĻLWBESâUT /;%#4 5WRRQTVU[UVGOU p "UMBTJFUĻ1P1HH ĻOPTQJFxPUĻ1-ĻVOĻQùDĻUBN EPEJFUJFTĻâSâĻOPĻJ[WùMOFT ĻOPTQJFxPUĻ':+6 .:Ļ$"3ĻĻ4VQQPSUĻTZTUFNT %CTUGVVKPIU %JTQMFKBĻFLSâOâĻSFE[BNTĻBVUPNBtăOBTĻWBEă UâKBĻBUCBMTUBĻTJTUùNVĻQBtSFJ[ùKâĻTUBUVTBĻLPQ TBWJMLVNT %CTMG[OGOQT[ +GUVCVĦÝCPCK\XġNPGU *[WùĮĪVĻTUSVLUÜSBĻJSĻtâEB 0O 0GG MQQ VO MQQ fFJUĻJSĻTOJFHUBĻJOGPSNâDJKBĻQBSĻ7PMWPĻ4UBSU 4UPQĻTJTUùNV ĻLâĻBSăĻJFUFJLVNJĻQBSĻCSBVLtBOBT NFUPEùN ĻLBTĻĮBVKĻUBVQăUĻFOFSīJKV `` -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUCXQVU/;%#4 .QEMUGVVKPIU "VUPNBUJDĻEPPSĻMPDLJOH 0O 0GG %PPSTĻVOMPDL MQQ MQQ VO MQQ "MMĻEPPST 0GG 5JMUĻMFGUĻNJSSPS ĻTFD 5JMUĻSJHIUĻNJSSPS .KIJVUGVVKPIU ĻTFD %PPSTĻPOĻTBNF TJEF %PPSĻMPDLĻDPOGJSNBUJPO MJHIU #PUIĻGSPOUĻEPPST )PNFĻTBGFĻMJHIUĻEVSBUJPO ĻTFD ĻTFD MQQ 5SJQMFĻJOEJDBUPS 0O 5FNQPSBSZĻ-)ĻUSBGGJD 6OMPDLĻDPOGJSNBUJPOĻMJHIU 0GG 0O 0O MQQ VO MQQ 0GG 0GG WBJ 5FNQPSBSZĻ3)ĻUSBGGJD 0O 0GG MQQ 0GG 0GG 0O MQQ ĻTFD 0O "VEJCMFĻDPOGJSNBUJPO MQQ VO MQQ ĻTFD MQQ "NCJFOUĻMJHIU DPMPVST "OZĻEPPS "TLĻXIFOĻFYJUJOH "QQSPBDIĻMJHIUĻEVSBUJPO "NCJFOUĻMJHIU "MMĻEPPST "DUJWBUFĻPODF MQQ 'MPPSĻMJHIUT ,FZMFTTĻFOUSZ 4GFWEGF)WCTF 'PMEĻNJSSPST *OUFSJPSĻMJHIU %SJWFSĻEPPS ĻUIFO BMM 5KFGOKTTQTUGVVKPIU MQQ -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUCXQVU/;%#4 "DUJWFĻCFOEJOHĻMJHIUT 0O MQQ 0GG "VYJMJBSZĻMJHIUT 0O MQQ -PX .FEJVN MQQ 0O MQQ .CPG-GGRKPI#KF 0O 0GG 0GG 8BSOJOHĻEJTUBODF 0OĻBUĻTUBSUVQ -POH 0O /PSNBM 0GG 4IPSU 0GG 5VGGTKPIYJGGNHQTEG %QNNKUKQP9CTPKPI *ODSFBTFEĻTFOTJUJWJUZ 8BSOJOHĻTPVOE 0O 0O 0GG 0GG "TTJTUBODFĻBMUFSOBUJWFT 7JCSBUJPOĻPOMZ )JHI 0GG 4GUGVECTUGVVKPIU 7JTâNĻ%CTUGVVKPIUĻJ[WùMOùNĻJS OPSâEăUJĻTâLPUOùKJFĻSÜQOăDBTĻJFTUBUă KVNJ &TKXGTUWRRQTVU[UVGOU 4UFFSJOHĻBTTJTUĻPOMZ 'VMMĻGVODUJPO 5RGGFKPKPHQVCKPOGPVFKURNC[ 0O MQQ 4QCF5KIP+PHQTOCVKQP 0O MQQ 0GG 5RGGFCNGTV 0O 0GG `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUCXQVU/;%#4 &56% 0O MQQ 0GG %KV[5CHGV[ 0O MQQ 0GG $.+5 0O MQQ 0GG 0O 0GG 0O MQQ 0GG &TKXGT#NGTV 0O 0GG 5[UVGOQRVKQPU 6KOGHQTOCV ĻI MQQ MQQ 5JQYJGNRVGZV MQQ %JTQMFKBĻFLSâOBĻQBtSFJ[ùKâĻSâEăKVNB TLBJESPKPtBJTĻUFLTUTĻJSĻSFE[BNTĻUBE KBĻJSĻBUMBTăUBĻtâEBĻGVOLDJKB 5ETGGPUCXGT 0O 0GG 1BtSFJ[ùKBJTĻFLSâOBĻTBUVSTĻQBSâEâT WùMSFJ[ ĻKBĻUJFLĻBLUJWJ[ùUTĻLâETĻOPĻ57 FLSâOBĻUBVTUJĪJFNĻWBJĻWBEăCBTĻTMù ExJFN 0O 0GG ĻI 57ĻFLSâOBĻQBtSFJ[ùKBJTĻTBUVST OPE[JFTUĻQùDĻCF[EBSCăCBTĻQFSJPEB VOĻUPĻOPNBJOBĻUVLtTĻFLSâOT ĻKB tâEBĻPQDJKBĻJSĻJ[WùMùUB %TQUU6TCHHKE#NGTV &KUVCPEG#NGTV 6KOG *OTUSVNFOUVĻQBOFĮBĻQVMLTUFĪBĻMBJLV WBSĻJFTUBUăUĻtFJU &KUVCPEGCPFHWGNWPKVU MQQ .1(Ļ 6, .1(Ļ 64 LNM MLN 6GORGTCVWTGWPKV $FMTJVT 'BISFOIFJU .CPIWCIG 5JFLĻJ[WùMùUBĻâSBĻUFNQFSBUÜSBTĻSâEă KVNVĻNùSWJFOăCBĻVOĻLMJNBUBĻLPOUSP MFTĻTJTUùNBTĻJFTUBUăKVNJ 5JFLĻJ[WùMùUBĻJ[WùMĪVĻUFLTUVĻWBMPEB 8QNWOGNGXGNU 7PJDFĻPVUQVUĻWPMVNF 'SPOUĻQBSLĻBTTJTUĻWPMVNF 3FBSĻQBSLĻBTTJTUĻWPMVNF 1IPOFĻSJOHJOHĻWPMVNF MQQ -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUCXQVU/;%#4 4GUGVU[UVGOQRVKQPU 7JTâNĻ5[UVGOQRVKQPUĻJ[WùMOùNĻJS OPSâEăUJĻTâLPUOùKJFĻSÜQOăDBTĻJFTUBUă KVNJ 8QKEGUGVVKPIU 5JLBJĻBVUPNPCJĮJFNĻBSĻ7PMWPĻ(14 OBWJHâDJKBTĻTJTUùNVĻ35* ĻĻTLBUJFU BUTFWJtĸPĻSPLBTHSâNBUV 8QKEGVWVQTKCN făĻJ[WùMOFTĻPQDJKBĻ Ļ1-ĻTOJFE[ NVUJTLVĻJOGPSNâDJKVĻQBSĻTJTUùNBT EBSCăCV 8QKEGEQOOCPFNKUV 1IPOFĻDPNNBOET 1IPOF 1IPOFĻDBMMĻDPOUBDU 1IPOFĻEJBMĻOVNCFS /BWJHBUJPOĻDPNNBOET /BWJHBUJPO /BWJHBUJPOĻSFQFBU JOTUSVDUJPO /BWJHBUJPOĻHPĻUP BEESFTT NùSVTĻQBSĻQJFFKBNBKâNĻOBWJHâDJKBT TJTUùNBTĻCBMTTĻLPNBOEâN 8QKEGWUGTUGVVKPI %FGBVMUĻTFUUJOH 6TFSĻ 6TFSĻ *SĻJFTQùKBNTĻJ[WFJEPUĻPUSVĻMJFUPUâKB QSPGJMVĻĻUBTĻJSĻùSUJ ĻKBĻBVUPNPCJMJ TJTUùNVĻSFHVMâSJĻJ[NBOUPĻWBJSâL OFLâĻWJFOBĻQFSTPOBĻ&GHCWNVUGV VKPIĻBUKBVOPĻSÜQOăDBTĻJFTUBUăKVNVT 8QKEGVTCKPKPI (FOFSBMĻDPNNBOET 6TFSĻ )FMQ 6TFSĻ $BODFM 7PJDFĻUVUPSJBM *[WùMOFTĻPQDJKBTĻ[FNĻ2JQPGEQO OCPFUĻTOJFE[ĻWBJSâLVTĻQJFNùSVT QBSĻQJFFKBNBKâNĻCBMTTĻLPNBOEâN ĻUJLBJĻUâEâĻHBEăKVNâ ĻKBĻJSĻJOTUBMùUT NPCJMBJTĻUâMSVOJT ĻLBNĻJFTQùKPUB #MVFUPPUIĻGVOLDJKBĻ-BJĻTBĪFNUV QMBtâLVĻVOĻEFUBMJ[ùUâLVĻJOGPSNâDJKV ĻTLBUăUĻMQQĻ "SĻ8QKEGVTCKPKPIĻCBMTTĻBUQB[ătB OBTĻTJTUùNBĻNâDâTĻBUQB[ăUĻWBEăUâKB CBMTJĻVOĻJ[SVOVĻ&LSâOâĻQBSâEâT WBJSâLBTĻGSâ[FT ĻLBTĻWBEăUâKBNĻTLBĮJ KâOPMBTBĻ,BEĻTJTUùNBĻJSĻJFQB[JOVTJ WBEăUâKBĻSVOBTĻWFJEV ĻGSâxVĻSâEătBOB UJFLĻQâSUSBVLUBĻ1ùDĻUBNĻJ[WùMOù 8QKEGWUGTUGVVKPIĻWBSĻJ[WùMùUJFT QJFNùSBN Ļ7UGT ĻMBJĻTJTUùNB LMBVTăUPTĻQBSFJ[BKâĻMJFUPUâKâ *[WùMOFTĻPQDJKBTĻ[FNĻ0CXKICVKQP EQOOCPFUĻTOJFE[ĻWBJSâLVTĻQJF `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU +\XġNPGUCXQVU/;%#4 8QKEGQWVRWVXQNWOG #WVQOCVKEDNQYGTCFLWUVOGPV &LSâOâĻQBSâEâTĻTLBĮVNBĻSFHVMB UPSTĻ3ăLPKJFUJFTĻtâEJ /PSNBM )JHI /PSFHVMùKJFUĻTLBĮVNVĻBSĻăLtĸ SBUV -PX 4GEKTEWNCVKQPVKOGT 7FJDJFUĻLMBVTătBOâTĻQâSCBVEJ J[NBOUPKPUĻ1- 0O *[NBOUPKJFU':+6 ĻMBJĻTBHMBCâUV JFTUBUăKVNVĻVOĻJ[JFUVĻOPĻJ[WùM OFT 0GG #WVQOCVKETGCTFGHTQUVGT 8QKEG21+NKUV &EJUĻMJTU %NKOCVGUGVVKPIU MQQ &KX:¥81&EQFG MQQ $NWGVQQVJUQHVYCTGXGTUKQPKP ECT MQQ 5JLBJĻBVUPNBtăOâNĻBSĻ7PMWPĻ(14 OBWJHâDJKBTĻTJTUùNVĻĻTLBUJFUĻBUTF WJtĸPĻSPLBTHSâNBUV 0GG 7JTâNĻ%NKOCVGUGVVKPIUĻJ[WùMOùN JSĻOPSâEăUJĻTâLPUOùKJFĻSÜQOăDBT JFTUBUăKVNJ (CXQWTKVGU (#8 8QNXQ1P%CNN "QSBLTUăUTĻBUTFWJtĸâĻSPLBTHSâNBUâ +PHQTOCVKQP 8+0PWODGT 0GG 4GUGVENKOCVGUGVVKPIU MQQ MQQ /CRCPFUQHVYCTGXGTUKQP 0O -BJĻTBĪFNUVĻQMBtâLVĻJOGPSNâDJKV QBSĻJFSăDùNĻVOĻCBMTTĻBUQB[ătBOV TLBUJFUĻOBWJHâDJKBTĻTJTUùNBTĻăQBt OJFLBĻSPLBTHSâNBUV 0WODGTQHMG[U 0O +PVGTKQTCKTSWCNKV[U[UVGO *FSăÀVĻTLBJUTĻJSĻJFWùSPKBNTĻVOĻBUtĸJ SBTĻBULBSăCâĻOPĻUJSHVTĻfBKâĻTBSBL TUâĻWBSĻTBHMBCâUĻNBLTJNâMJĻĻJFNă ĮPUâTĻJFSăDFT #WFKQUGVVKPIU MQQ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET MQQ -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG 8KURęTĦIK -NKOCVCMQPVTQNG fJTĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻFMFLUSPOJTLPĻLMJ NBUBĻLPOUSPMJĻ,MJNBULPOUSPMFTĻTJTUùNBĻTJT UùNBĻE[FTùĻWBJĻTJMEB ĻLâĻBSăĻTBVTJOBĻHBJTV TBMPOâ 2+'<ÿ/' (BJTBĻLPOEJDJPOùUâKBĻTJTUùNVĻ "$ ĻWBS J[TMùHU ĻCFU ĻMBJĻTBMPOâĻOPESPtJOâUVĻWJTMB CâLPĻJFTQùKBNPĻLMJNBUBĻLPNGPSUVĻVO OPWùSTUVĻMPHVĻBJ[TWătBOV ĻUBJĻWBKBE[ùUV WJFONùSĻCÜUĻJFTMùHUBJ 2CÝTGK\ġLęVGORGTCVĹTC 5FNQFSBUÜSB ĻLPĻKÜTĻJ[WùMBUJFT ĻBUCJMTUĻGJ[JTLB KâNĻTBKÜUâN ĻĪFNPUĻWùSâĻUâEVTĻGBLUPSVTĻLâ HBJTBĻâUSVNT ĻNJUSVNT ĻTBVMFTĻJFEBSCăCB TBMPOâĻVOĻBVUPNBtăOBTĻâSQVTù 4JTUùNâĻJFLĮBVUTĻTBVMFTĻTFOTPST ĻLBTĻOPTBLB OPĻLVSBTĻQVTFTĻTBMPOâĻTQăEĻTBVMFĻ5BT OP[ăNù ĻLBĻUFNQFSBUÜSBĻTUBSQĻMBCâTĻVOĻLSFJ TâTĻQVTFTĻWFOUJMâDJKBTĻBUWFSùNĻWBSĻBUtĸJSUJFT OFTLBUPUJFTĻV[ĻUP ĻLBĻBCâNĻQVTùNĻJFTUBUăUB WJFOâEBĻUFNQFSBUÜSB 5GPUQTWCVTCÝCPęUXKGVC p 4BVMFTĻTFOTPSTĻJSĻOPWJFUPUTĻQSJFLtùKâ QBOFĮBĻBVHtQVTù p 1BTBxJFSVĻTBMPOBĻUFNQFSBUÜSBTĻTFOTPST BUSPEBTĻ[FNĻLMJNBUBĻLPOUSPMFTĻQBOFĮB p ĂSBĻUFNQFSBUÜSBTĻTFOTPSTĻBUSPEBTĻTâOV TQPHVMă 2+'<ÿ/' /FBQLMâKJFUĻVOĻOFOPCMPĸùKJFUĻTFOTPSVTĻBS BQīùSCVĻWBJĻDJUJFNĻQSJFLtNFUJFN 5ęPWNQIK OùtBOVĻWBSĻăTMBJDăHJĻJ[TMùHUĻ5BEĻăTMBJDăHJĻWBS QBBVHTUJOâUJFTĻUFNQFSBUÜSBĻTBMPOâ -QPFGPUġÝCPęU 4JMUPTĻMBJLBĻBQTUâLĮPTĻ[FNĻBVUPNBtăOBTĻOP LPOEJDJPOùtBOBTĻTJTUùNBTĻWBSĻQJMùUĻLPOEFO TâUTĻ5BTĻJSĻOPSNâMJ .GFWUWPUPKGIU /PUăSJFUĻMFEVĻVOĻTOJFHVĻOPĻLMJNBUBĻLPOUSPMFT HBJTBĻJFQMÜEFTĻBUWFSFTĻ SFTUFTĻTUBSQĻE[JOùKB QâSTFHVĻVOĻWùKTUJLMV 2KNPĦICUICKUCRCFGXGUHWPMEKLC -BJĻOPESPtJOâUV ĻLBĻHBJTBĻLPOEJDJPOùtBOB EBSCPKBTĻPQUJNâMJ ĻTâOVĻMPHJFNĻKâCÜUĻBJ[WùS UJFN făĻGVOLDJKBĻWJFOMBJLVTĻBUWFSBJ[WFSĻWJTVTĻTâOV MPHVT ĻVOĻUPĻWBSĻJ[NBOUPU ĻQJFNùSBN ĻMBJĻâUSJ J[WùEJOâUVĻBVUPNPCJMJĻLBSTUâĻMBJLâ ĻTLBUăU MQQĻ .QIWCK\UXĦÝCPC 2CUCäKGTWUCNQPCICKUCHKNVTU /PWùSTJFUĻBJ[TWătBOVĻOPĻMPHVĻJFLtQVTFT ĻWJT QJSNTĻJ[NBOUPKPUĻBULBVTùtBOBTĻGVOLDJKV -BJĻTBNB[JOâUVĻMPHVĻBJ[TWătBOBTĻSJTLV ĻV[UVSJFU MPHVTĻUăSVTĻVOĻUăSJFU ĻJ[NBOUPKPUĻMPHVĻUăSătBOBT MăE[FLMJ )CKUCMQPFKEKQPġÝCPCUUKUVġOCU ĦUNCKEĦICCVUNġIÝCPęU 7JTTĻBVUPNBtăOBTĻQBTBxJFSVĻTBMPOâĻJFOâLP tBJTĻHBJTTĻUJFLĻBUUăSăUTĻGJMUSâĻ5BTĻQFSJPEJTLJ KâOPNBJOBĻ*FUFJDBNJFĻNBJĪBTĻJOUFSWâMJĻBUSP EBNJĻ7PMWPĻBQLPQFTĻQSPHSBNNâĻ+BĻBVUPNP CJMJTĻUJFLĻFLTQMVBUùUTĻOPQJFUOJĻQJFTâSĪPUâ BQLâSUùKâĻWJEù ĻWBSĻCÜUĻOFQJFDJFtBNTĻGJMUSV OPNBJOăUĻEBVE[ĻCJFxâL ,BEĻE[JOùKBNĻJSĻOFQJFDJFtBNBĻQJMOBĻKBVEB QJFN ĻNBLTJNâMBNĻQBâUSJOâKVNBNĻWBJĻCSBV DPUĻBVHtVQĻLBMOâĻBSĻQJFLBCJ ĻHBJTBĻLPOEJDJP "UUJFDBTĻUJLBJĻV[Ļ&$$ -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG 2+'<ÿ/' *SĻEBxâEVĻWFJEVĻQBTBxJFSVĻTBMPOBĻGJMUSJĻ1âS MJFDJOJFUJFT ĻLBĻJSĻV[TUâEăUTĻQBSFJ[BJTĻGJMUST 6ĦTęU\QPCUUCNQPCMQORNGMVU %NGCP <QPG+PVGTKQT2CEMCIG%<+2 făĻGVOLDJKBĻV[UVSĻQBTBxJFSVĻTBMPOVĻUăSâLVĻOP BMFSīJKVĻVOĻBTUNVĻJ[SBJTPtâNĻWJFMâNĻ-BJ TBĪFNUVĻQMBtâLVĻJOGPSNâDJKVĻQBSĻ$;*1 ĻTLBUJFU BVUPNPCJĮBĻJFHâEFTĻLPNQMFLUâDJKâĻJFLĮBVUP CSPtÜSV ,PNQMFLUâĻJFUWFSUT p 1BTUJQSJOâUBĻWFOUJMBUPSBĻEBSCăCB ĻLBT OP[ăNù ĻLBĻWFOUJMBUPSTĻTâLĻEBSCPUJFTĻQùD BVUPNPCJĮBĻBUWùStBOBTĻBSĻUâMWBEăCBTĻQVMUT BUTMùHVĻ7FOUJMBUPSTĻQJFQJMEBĻQBTBxJFSV TBMPOVĻBSĻTWBJHVĻHBJTVĻfăĻGVOLDJKBĻTâL EBSCPUJFTĻQùDĻWBKBE[ăCBTĻVOĻUJFLĻJ[TMùHUB BVUPNâUJTLJĻQùDĻLâEBĻMBJLB ĻLBEĻUJFL BUWùSUBTĻLâEBTĻOPĻTBMPOBĻEVSWăNĻ7FOUJMB UPSBĻEBSCăCBTĻMBJLTĻUJFLĻQBLâQFOJTLJ TBNB[JOâUT ĻTBNB[JOPUJFTĻOFQJFDJFtBNă CBJ ĻMăE[ĻBVUPNPCJMJTĻLĮÜTUĻĻHBEVTĻWFDT p (BJTBĻLWBMJUâUFTĻTJTUùNBĻĻ*"24ĻJSĻQJMOăCâ BVUPNBUJ[ùUBĻTJTUùNB ĻLBTĻBUUăSBĻHBJTV TBMPOâĻOPĻUâEJFNĻQJFNBJTăKVNJFNĻLâĻEBĮJ ĪBT ĻPHĮÜEFĪSBxJ ĻTMâQFLĮBĻPLTăEJĻVO [FNFTĻMăNFĪBĻP[POT 2+'<ÿ/' -BJĻTBHMBCâUVĻ$;*1ĻTUBOEBSUVĻBVUPNBtă OâNĻBSĻ$;*1ĻVOĻ*"24 ĻGJMUSTĻKâNBJOBĻQùD ĻĻLNĻWBJĻSFJ[JĻHBEâĻBULBSăCâĻOPĻUâ LBTĻJFTUâKBTĻQJSNBJTĻ5PNùSĻNBLT ĻĻLNĻWJSTĻĻHBEJFNĻ"VUPNBtăOâN CF[Ļ$;*1ĻHBEăKVNPT ĻLBEĻLMJFOUTĻOFWùMBT TBHMBCâUĻ$;*1ĻTUBOEBSUV Ļ*"24ĻGJMUSTĻKâOP NBJOBĻQBSBTUâTĻBQLPQFTĻMBJLâ 5CNQPCKGMęTVQLWOęK\OCPVQLKGVVKMCK RęTDCWFĦVWUOCVGTKęNWU tBOB ĻTLBUăUĻMQQĻ p (BJTBĻLWBMJUâUFTĻTJTUùNBĻ*"24 ĻTLBUăU MQQĻ ,MJNBUBĻLPOUSPMFTĻTJTUùNBTĻGVOLDJKâNĻWBS BUJFTUBUăUĻOPLMVTùKVNBĻJFTUBUăKVNVTĻJ[WùMĪV TJTUùNâĻ/;%#4Ļ[FNĻ5GVVKPIU %NKOCVG UGVVKPIU 4GUGVENKOCVGUGVVKPIU )CKUCRNĹUOCUUCFCNĦLWOU .BUFSJâMJĻJSĻJ[TUSâEâUJ ĻMBJĻTBNB[JOâUVĻQVUFLĮV EBVE[VNVĻQBTBxJFSVĻTBMPOâ ĻVOĻUJFĻBUWJFHMP QBTBxJFSVĻTBMPOBĻV[UVSùtBOVĻUăSăCâĻ1BLMâKJ HBOĻTBMPOâ ĻHBOĻCBHâxBTĻOPEBMăKVNâĻJSĻJ[ĪF NBNJ ĻUPTĻJSĻWJFHMJĻJ[ĪFNUĻVOĻJ[UăSăUĻ*[NBOUPKJFU UJLBJĻ7PMWPĻJFUFJLUPTĻUăSătBOBTĻVOĻBVUPLPQtB OBTĻMăE[FLĮVT ĻTLBUăUĻMQQĻ +\XġNPGUKGUVCVĦLWOK *[NBOUPKPUĻWJEVTLPOTPMJ ĻWBSĻBLUJWùUEFBLUJWùU ÀFUSBTĻLMJNBUBĻLPOUSPMFTĻTJTUùNBTĻGVOLDJKBT WBJĻNBJOăUĻUPĻOPLMVTùKVNBĻJFTUBUăKVNVTĻ7JTQâ SăHVĻJOGPSNâDJKVĻQBSĻJ[WùMĪVĻOBWJHâDJKV ĻTLBUăU MQQĻ *FQMÜTUPtBJTĻHBJTTĻUJFLĻTBEBMăUTĻV[ĻWBJSâLâN EBxâEâNĻWFOUJMâDJKBTĻBUWFSùNĻTBMPOâ p 7FOUJMBUPSBĻâUSVNTĻBVUPNâUJTLBKâĻSFxăNâ (BJTBĻQMÜTNBTĻTBEBMăKVNTĻJSĻQJMOăCâĻBVUPNâ UJTLTĻ#761ĻSFxăNâ p 3FDJSLVMâDJKBTĻUBJNFSJTĻTBMPOBĻHBJTBĻSFDJS +BĻOFQJFDJFtBNT ĻUPĻWBSĻSFHVMùUĻNBOVâMJ ĻTLB UăUĻMQQĻ TLBUăUĻMQQĻ LVMâDJKBJ ĻTLBUăUĻMQQĻ p "J[NVHVSùKâĻMPHBĻBVUPNâUJTLBĻBULBVTù Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG )CKUCMCPęNKKPUVTWOGPVWRCPGNĦ "UWùSUBT "J[WùSUBT (BJTBĻQMÜTNBĻV[ĻTâOJFN (BJTBĻQMÜTNBĻV[ĻBVHtVMFKV 7JS[JFUĻLBOâMVTĻV[ĻTâOVĻMPHJFN ĻMBJĻMJLWJEùUV BJ[TWăEVNV 2+'<ÿ/' "UDFSJFUJFT ĻLBĻNB[JĻCùSOJĻWBSĻCÜUĻKVUăHJĻQSFU HBJTBĻQMÜTNVĻVOĻDBVSWùKV -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG 'NGMVTQPKUMęMNKOCVCMQPVTQNG'%% 7FOUJMBUPST #761 &MFLUSJTLJĻBQTJMEâNTĻQSJFLtùKBJTĻTùEFLMJT LSFJTBKâĻQVTù "QTJMEâNTĻWùKTUJLMT ĻVOĻNBLTĻBULBVTùUâKB SFxăNT (BJTBĻQMÜTNBTĻTBEBMăKVNTĻĻHSăEBTĻWFOUJ MâDJKB (BJTBĻQMÜTNBTĻTBEBMăKVNTĻĻJOTUSVNFOUV QBOFĮBĻHBJTBĻWFOUJMâDJKB "J[NVHVSùKâĻTUJLMBĻVOĻTâOVĻTQPHVĮVĻBQTJM EăUâKJ ĻTLBUăUĻMQQĻ *FTUBUătBOB ĻUFNQFSBUÜSBTĻSFHVMùtBOBT LSFJTâMBCâĻQVTF &MFLUSJTLJĻBQTJMEâNTĻQSJFLtùKBJTĻTùEFLMJT MBCBKâĻQVTù 5FNQFSBUÜSBTĻLPOUSPMF (BJTBĻSFDJSLVMâDJKB #%ĻqĻqĻHBJTBĻLPOEJDJPOùtBOBĻJFTMùHUB J[TMùHUB (BJTBĻTBEBMFĻĻWùKTUJLMBĻBULBVTùUâKT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG 'NGMVTQPKUMęVGORGTCVĹTCUMQPVTQNG'6% 7FOUJMBUPST &MFLUSJTLJĻBQTJMEâNTĻQSJFLtùKBJTĻTùEFLMJT LSFJTBKâĻQVTù "J[NVHVSùKâĻTUJLMBĻVOĻTâOVĻTQPHVĮVĻBQTJM EăUâKJ ĻTLBUăUĻMQQĻ (BJTBĻSFDJSLVMâDJKB #%ĻqĻqĻHBJTBĻLPOEJDJPOùtBOBĻJFTMùHUB J[TMùHUB &MFLUSJTLJĻBQTJMEâNTĻQSJFLtùKBJTĻTùEFLMJT MBCBKâĻQVTù "QTJMEâNTĻWùKTUJLMT ĻVOĻNBLTĻBULBVTùUâKB SFxăNT 5FNQFSBUÜSBTĻLPOUSPMF (BJTBĻQMÜTNBTĻTBEBMăKVNTĻĻHSăEBTĻWFOUJ MâDJKB (BJTBĻQMÜTNBTĻTBEBMăKVNTĻĻJOTUSVNFOUV QBOFĮBĻHBJTBĻWFOUJMâDJKB (BJTBĻTBEBMFĻĻWùKTUJLMBĻBULBVTùUâKT `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG 5NġFäWXCFĦDC #RUKNFęOKGUġFGMīK 2TKGMÝġLKGUġFGMīK 5SăTSFJ[ĻOPTQJFxPUĻUBVTUJĪV ĻUJFLĻOPSFHVMùUT WJT[FNâLBJTĻTJMUVNBĻMăNFOJTĻqĻ57ĻFLSâOâĻJFEF HBTĻWJFOTĻPSBOxJĻMBVLT /PTQJFEJFUĻUBVTUJĪVĻÀFUSBTĻSFJ[FT ĻMBJĻJ[TMùHUV BQTJMEJĻqĻOFEFHĻOFWJFOTĻMBVLT $4ÿ&+0ó,7/5 "QTJMEâNPTĻTùEFLĮVTĻOFESăLTUĻMJFUPUĻDJMWùLJ LVSJFNĻJSĻBQHSÜUJOâUBĻTQùKBĻTBKVTUĻUFNQFSB UÜSBTĻQBBVHTUJOâtBOPTĻTBNB[JOâUBTĻKVUăCBT EùĮĻWBJĻLVSJFNĻJSĻBQHSÜUJOâUBĻBQTJMEâNP TùEFLĮVĻWBEăCBTĻTMùExVĻSFHVMùtBOBĻ1SFUùKâ HBEăKVNâĻWBSĻHÜUĻBQEFHVNVT #K\OWIWTġLCKUUġFGMNKU /PTQJFEJFUĻUBVTUJĪVĻUSăTSFJ[ ĻMBJĻJFHÜUVĻWJT[F NâLPĻTJMUVNBĻMăNFOJĻqĻEFHĻWJFOBĻTJHOâMMBN QJĪB /PTQJFEJFUĻUBVTUJĪVĻÀFUSBTĻSFJ[FT ĻMBJĻJ[TMùHUV GVOLDJKVĻqĻOFEFHĻOFWJFOBĻMBNQJĪB 8GPVKNCVQTU 2+'<ÿ/' +BĻWFOUJMBUPSTĻJSĻQJMOăHJĻJ[TMùHUT ĻUBEĻHBJTB LPOEJDJPOùUâKTĻOFEBSCPKBT ĻVOĻUBTĻWBSĻJ[SBJ TăUĻMPHVĻBJ[TWătBOV '%%XGPVKNCVQTCUNġF\KU 8KFWUMQPUQNGU68GMTđPđKTCVVĘNQVURCÞTGK\ĘLCKU UKNVWOCNĝOGPKU 7JFOSFJ[ĻOPTQJFxPUĻUBVTUJĪV UJFLĻOPSFHVMùUTĻWJTBVHTUâLBJT TJMUVNBĻMăNFOJTĻĻWJEVTLPOTP MFTĻ57ĻFLSâOâĻJFEFHBTĻUSăT PSBOxJĻMBVLJĻ TLĻBUUùMV JFQSJFLt UJFLĻEFBLUJWùUT %JWSFJ[ĻOPTQJFxPUĻUBVTUJĪV ĻUJFLĻOPSFHVMùUT [FNâLTĻTJMUVNBĻMăNFOJTĻqĻ57ĻFLSâOâĻJFEFHBT EJWJĻPSBOxJĻMBVLJ /PTQJFEJFUĻUBVTUJĪVĻWJFOSFJ[ ĻMBJĻJFHÜUVĻBVH TUâLPĻTJMUVNBĻMăNFOJĻqĻEFHĻUSăTĻTJHOâMMBNQJĪBT /PTQJFEJFUĻUBVTUJĪVĻEJWSFJ[ ĻMBJĻJFHÜUVĻ[FNâLV TJMUVNBĻMăNFOJĻqĻEFHĻEJWBTĻTJHOâMMBNQJĪBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 1BHSJF[JFUĻQPHV ĻMBJĻQBMJFMJ OâUVĻWBJĻTBNB[JOâUVĻWFOUJMB UPSBĻEBSCăCBTĻâUSVNVĻ#761 +BĻJSĻBUMBTăUTĻ#761ĻSFxăNT WFOUJMBUPSTĻâUSVNTĻUJFLĻSFHV MùUTĻBVUPNâUJTLJ ĻVOĻJFQSJFLt JFTUBUăUBJTĻWFOUJMBUPSBĻâUSVNT -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG '6%XGPVKNCVQTCUNġF\KU 1BHSJF[JFUĻQPHV ĻMBJĻQBMJFMJ OâUVĻWBJĻTBNB[JOâUVĻWFOUJMB UPSBĻEBSCăCBTĻâUSVNV TLĻBUUùMVĻ[FNâL ĻVOĻCVMUJĪBĻLBUSBTĻBUUùMB EBĮBTĻQSJFLtQVTùĻOPSâEBĻJ[WùMùUPĻHBJTBĻQMÜT NBTĻTBEBMăKVNVĻ1MBtâLVĻJOGPSNâDJKVĻQBS HBJTBĻQMÜTNBTĻTBEBMăKVNV ĻTLBUăUĻMQQĻ )CKUCRNĹUOCUUCFCNĦLWOU JFTUBUăKVNJĻUJFLĻJ[TMùHUJĻ57ĻFLSâOâĻQBSâEâT #761%.+/#6' 7FOUJMBUPSBĻâUSVNVĻBVUPNâUJTLBKâĻSFxăNâĻWBS JFTUBUăUĻJ[WùMĪVĻTJTUùNâĻ/;%#4Ļ[FN 5GVVKPIU %NKOCVGUGVVKPIU #WVQOCVKE DNQYGTCFLWUVOGPVĻ*[WùMJFUJFTĻ.QY Ļ0QTOCN WBJĻ*KIJ p .QYĻĻ"VUPNâUJTLâĻWFOUJMBUPSBĻWBEăCB 1SJPSJUâUFĻJSĻMùOBJĻHBJTBĻQMÜTNBJ p 0QTOCNĻĻ"VUPNâUJTLâĻWFOUJMBUPSBĻWBEăCB p *KIJĻĻ"VUPNâUJTLâĻWFOUJMBUPSBĻWBEăCB 1SJPSJUâUFĻJSĻJOUFOTăWâLBJĻHBJTBĻQMÜTNBJ 1BSĻJ[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ +\XĘNĘVCKUICKUCRNĨUOCUUCFCNĝLWOUKTCVVĘNQVU XKFWUMQPUQNGU68GMTđPđ #761 (BJTBĻTBEBMFĻĻWùKTUJLMBĻBULBVTùUâKT (BJTBĻQMÜTNBTĻTBEBMăKVNTĻĻJOTUSVNFOUV QBOFĮBĻHBJTBĻWFOUJMâDJKB (BJTBĻQMÜTNBTĻTBEBMăKVNTĻĻHSăEBTĻWFOUJ MâDJKB "UUùMâĻQBSâEăUBTĻUSăTĻTQJFEQPHBTĻ/PTQJFxPU QPHBT Ļ57ĻFLSâOâĻJFEFHBTĻBUCJMTUPtBJTĻBUUùMT 'VOLDJKBĻ"VUPĻBVUPNâUJTLJ SFHVMùĻUFNQFSBUÜSV ĻHBJTB LPOEJDJPOùtBOV ĻWFOUJMBUPSB EBSCăCBTĻâUSVNV ĻSFDJSLVMâ DJKVĻVOĻHBJTBĻQMÜTNBTĻTBEBMJ 6GORGTCVĹTCUMQPVTQNG *FEBSCJOPUĻE[JOùKV ĻUJFLĻBUKBVOPUJĻQùEùKJFĻJFTUB UăKVNJ 2+'<ÿ/' "QTJMEJĻWBJĻBUE[FTùtBOVĻOFWBSĻQBâUSJOâU J[WùMPUJFTĻBVHTUâLVĻWBJĻ[FNâLVĻUFNQFSB UÜSVĻOFLâĻOFQJFDJFtBNT +BĻKÜTĻJ[WùMBUJFTĻWJFOVĻWBJĻWBJSâLBTĻNBOVâMâT GVOLDJKBT ĻDJUBTĻGVOLDJKBTĻUVSQJOBĻLPOUSPMùU BVUPNâUJTLJĻ/PTQJFxPUĻ#761 ĻWJTJĻNBOVâMJF "UUJFDBTĻUJLBJĻV[Ļ&$$ -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG '%%VGORGTCVĹTCUTGIWNġÝCPC '6%VGORGTCVĹTCUTGIWNġÝCPC 1BTBxJFSVĻTBMPOBĻUFNQFSB UÜSVĻWBSĻSFHVMùUĻBSĻQPHV #RUKNFęOUXġLUVKMNU WPOCMU CVMCWUġVęLCTGäĦOU #%p)CKUCMQPFKEKQPġÝCPCKGUNġIVC K\UNġIVC -CVTCURWUGURCÞTGK\ĘLđVGORGTCVĨTCKTCVVĘNQVC XKFWUMQPUQNGU68GMTđPđ 5FNQFSBUÜSVĻWBEăUâKBĻVO QBTBxJFSBĻQVTùĻWBSĻJFTUBUăU BUTFWJtĸJĻ7BJSâLBTĻSFJ[FT OPTQJFEJFUĻUBVTUJĪâĻFTPtP .4 ĻMBJĻBUMBTăUVĻLSFJTâT ĻMBCâT WBJĻBCVĻQVtVĻJFTUBUăKVNVĻ*FT UBUJFUĻUFNQFSBUÜSV ĻJ[NBOUP KPUĻQPHVĻĻBCVĻQVtVĻBUMBTăUâĻUFNQFSBUÜSBĻUJFL SâEăUBĻWJEVTLPOTPMFTĻEJTQMFKâ +BĻJFEFHBTĻMBNQJĪBĻ#% QPHâ ĻHBJTBĻLPOEJDJPOùUâKV EBSCJOBĻTJTUùNBTĻBVUPNâ UJTLâĻGVOLDJKBĻfâEâĻWFJEâ JFOâLPtBJTĻHBJTTĻUJFLĻQùD WBKBE[ăCBTĻBUE[FTùUTĻVOĻTBV TJOâUT +BĻMBNQJĪBĻ#%ĻQPHâĻOBWĻJ[HBJTNPUB ĻHBJTB LPOEJDJPOùUâKTĻJSĻJ[TMùHUTĻ$JUBTĻGVOLDJKBT KPQSPKâNĻUJFLĻLPOUSPMùUBTĻBVUPNâUJTLBKâ SFxăNâĻ*FTMùE[PUĻNBLTĻBULBVTùtBOV ĻBVUP NâUJTLJĻJFTMùE[BTĻHBJTBĻLPOEJDJPOùUâKT ĻMBJ NBLTJNâMJĻBJ[WBEăUVĻNJUSVNV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +\XĘNĘVCKUKGUVCVĝLWOUKTCVVĘNQVUXKFWUMQPUQNGU68 GMTđPđ &MFLUSJTLâĻBQTJMEF .BLTĻBULBVTùtBOB -JFUP ĻMBJĻâUSJĻMJLWJEùUVĻBJ[TWă EVNVĻVOĻMFEVĻOPĻWùKTUJLMBĻVO TâOVĻMPHJFNĻ,BEĻEBSCPKBTĻtă GVOLDJKB ĻBULBVTùUâKBĻUBVTUJĪâ EFHĻMBNQJĪB -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG "VUPNPCJĮJFNĻCF[ĻBQTJMEâNâĻWùKTUJLMB p 7JFOVĻSFJ[JĻOPTQJFxPUĻUBVTUJĪV ĻHBJTTĻTâL QMÜTUĻV[ĻMPHJFNĻĻEJTQMFKâĻUJFLĻQBSâEăUT TJNCPMTĻ p %JWSFJ[ĻOPTQJFxPU ĻtăĻGVOLDJKBĻUJFLĻJ[TMùHUB ĻTJNCPMTĻOBWĻSFE[BNT "VUPNPCJĮJFNĻBSĻBQTJMEâNPĻWùKTUJLMVĻtăĻGVOL DJKBĻEBSCPKBTĻtâEJ p 7JFOVĻSFJ[JĻOPTQJFxPUĻUBVTUJĪV ĻUJFLĻTâLUB WùKTUJLMBĻBQTJMEFĻĻEJTQMFKâĻUJFLĻQBSâEăUT TJNCPMTĻ p %JWSFJ[ĻOPTQJFxPUĻUBVTUJĪV ĻUJFLĻTâLUBĻWùK TUJLMBĻBQTJMEFĻVOĻHBJTTĻQMÜTUĻV[ĻMPHJFNĻ EJTQMFKâĻUJFLĻQBSâEăUTĻTJNCPMTĻ ĻVOĻ p 5SăTĻSFJ[FTĻOPTQJFxPU ĻtăĻGVOLDJKBĻUJFL J[TMùHUBĻĻTJNCPMTĻOBWĻSFE[BNT 2+'<ÿ/' ,BNùSĻE[JOùKTĻJSĻBVUPNâUJTLJĻBQUVSùUT ĻWùK TUJLMBĻFMFLUSJTLâĻBQTJMEFĻOBWĻQJFFKBNB ĻTLB UăUĻMQQĻ -BJĻOPESPtJOâUVĻNBLTJNâMVĻQBTBxJFSVĻTBMPOB HBJTBĻTBVTJOâtBOV ĻLBEĻtăĻGVOLDJKBĻJSĻBLUJWùUB OPUJFLĻBSăĻUVSQNâLĻV[TLBJUăUBJT p BVUPNâUJTLJĻJFTMùE[BTĻHBJTBĻLPOEJDJPOù tBOB p SFDJSLVMâDJKBĻVOĻHBJTBĻLWBMJUâUFTĻTJTUùNB UJFLĻBVUPNâUJTLJĻJ[TMùHUB 2+'<ÿ/' +BĻWFOUJMBUPSTĻEBSCPKBTĻBSĻNBLTĻKBVEV USPLtĪVĻMăNFOJTĻQJFBVH ,BEĻBQTJMEăUâKTĻUJFLĻJ[TMùHUT ĻLMJNBUBĻLPOUSPMF BVUPNâUJTLJĻBUHSJFxBTĻJFQSJFLtĻV[TUâEăUBKPT QBSBNFUSPT )CKUCTGEKTMWNęEKLC +BĻJSĻJFTMùHUBĻHBJTBĻSFDJSLVMâ DJKB ĻQPHâĻJFEFHBTĻPSBOxB MBNQJĪBĻfPĻGVOLDJKVĻJ[WùMBT UBE ĻKBĻKâOPWùStĻTNBLV ĻJ[QMÜ EFTĻHâ[VĻVUUĻJFLĮÜtBOB TBMPOâĻ(BJTTĻTBMPOâĻUJFL SFDJSLVMùUT ĻUĻJ ĻKBĻtăĻGVOLDJKB JSĻBLUJWùUB ĻOPĻâSQVTFTĻHBJTTĻOFUJFLĻJFWBEăUT BVUPNPCJMă 58#4ÿ)+ +BĻHBJTTĻTBMPOâĻDJSLVMùĻQâSâLĻJMHJ ĻQBTUâW SJTLT ĻLBĻMPHJĻBVUPNPCJĮBĻJFLtQVTùĻWBSĻBJ[ TWăTU 6CKOGTKU "SĻBLUJWùUVĻUBJNFSBĻGVOLDJKVĻTJTUùNBĻJ[JFTĻOP NBOVâMJĻBLUJWùUBĻSFDJSLVMâDJKBTĻSFxăNBĻQùD MBJLB ĻLBTĻBULBSăHTĻOPĻâSùKâTĻUFNQFSBUÜSBT 5BTĻTBNB[JOBĻMFEVT ĻBJ[TWătBOBTĻVOĻTNBLV WFJEPtBOâTĻJFTQùKVĻ"LUJWùKJFUEFBLUJWùKJFU GVOLDJKVĻJ[WùMĪVĻTJTUùNâĻ/;%#4Ļ[FN 5GVVKPIU %NKOCVGUGVVKPIU 4GEKTEWNCVKQPVKOGTĻ1BSĻJ[WùMĪVĻTJTUùNBT BQSBLTUV ĻTLBUăUĻMQQĻ 2+'<ÿ/' *[WùMPUJFTĻNBLTĻBULBVTùUâKBĻKBVEV ĻDJSLVMâ DJKBĻUJFLĻWJFONùSĻEFBLUJWùUB )CKUCMXCNKVęVGUUKUVġOC+#35 (BJTBĻLWBMJUâUFTĻTJTUùNBĻBUEBMBĻHâ[FTĻVOĻEBĮJ ĪBT ĻMBJĻTBNB[JOâUVĻTNBSxVĻVOĻQJFTâSĪPKVNB MăNFĪVTĻQBTBxJFSVĻTBMPOâĻ+BĻâSBĻHBJTTĻJSĻQJF TâSĪPUT ĻHBJTBĻJFQMÜEFĻUJFLĻBJ[WùSUB ĻVOĻHBJTT UJFLĻSFDJSLVMùUT "LUJWùKJFUEFBLUJWùKJFUĻGVOLDJKVĻJ[WùMĪVĻTJTUùNâ /;%#4Ļ[FNĻ5GVVKPIU %NKOCVGUGVVKPIU +PVGTKQTCKTSWCNKV[U[UVGOĻ1BSĻJ[WùMĪV TJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ ,BEĻJSĻJFTMùHUBĻWùKTUJLMBĻBQTJMEF ĻLPNQBTTĻOFEBSCPKBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG #WVQOQDKīKCT5VCTV5VQR 2+'<ÿ/' (BJTBĻLWBMJUâUFTĻTFOTPSBNĻWJFONùSĻKâCÜU JFTQùKPUBN ĻMBJĻOPESPtJOâUVĻQBTBxJFSV TBMPOâĻWJTMBCâLPĻHBJTBĻLWBMJUâUJ "VLTUBĻLMJNBUBĻ[POâTĻBVUPNâUJTLâTĻSFDJS LVMâDJKBTĻGVOLDJKBĻJSĻJFSPCFxPUB ĻMBJĻOPWùSTUV BJ[TWăEVNBĻWFJEPtBOPT +BĻE[JOùKTĻJSĻJ[TMùE[JFTĻBVUPNâUJTLJ ĻEBxV JFSăÀVĻGVOLDJPOBMJUâUF ĻQJFNùSBN ĻLMJNBUBĻLPO USPMFTĻHBJTBĻLPOEJDJPOùtBOBĻVOĻWFOUJMBUPSB âUSVNT ĻăTMBJDăHJĻTBNB[JOâTĻ-BJĻJFHÜUVĻQMB tâLVĻJOGPSNâDJKV ĻTLBUăUĻMQQĻ )CKUCRNĹUOCUUCFCNĦLWOCVCDWNC )CKUCRNĹUOCU UCFCNĦLWOU .KGVQÝCPC )CKUCRNĹUOCUUCFCNĦ LWOU .KGVQÝCPC -JFMTĻEBVE[VNTĻLBSTUâ HBJTBĻQMÜTUĻV[ĻMPHJFN MBJĻâUSJĻMJLWJEùUVĻBJ[TWă EVNVĻVOĻBQMFEPKVNV (BJTBĻQMÜTNBĻV[ĻTBMPOB MFKBTEBĮVĻVOĻMPHJFN ;JOâNBĻHBJTBĻQMÜTNBT EBĮBĻQMÜTUĻOPĻQSJFLtùKâ QBOFĮBĻHBJTBĻWFOUJMâDJKBT BUWFSùN MBJĻOPESPtJOâUVĻLPNGPS UBCMVTĻBQTUâLĮVTĻVO âUSVĻBJ[TWăEVNBĻMJLWJ EùtBOVĻBVLTUPTĻVO NJUSPTĻMBJLBĻBQTUâLĮPT (BJTBĻQMÜTNBĻQSFUĻWùK TUJLMVĻQBĻBULBVTùUâKB WFOUJMâDJKBTĻBUWFSJĻVO QSFUĻTâOVĻMPHJFN ;JOâNBĻHBJTBĻEBĮBĻQMÜTU OPĻHBJTBĻWFOUJMâDJKBT BUWFSùN MBJĻOPWùSTUVĻBJ[TWătBOV VOĻBJ[TBMtBOVĻBVLTUâĻVO NJUSâĻLMJNBUâĻ MBJĻUPĻBLUJ WùUV ĻWFOUJMBUPSBĻEBSCă CBTĻâUSVNTĻOFESăLTUĻCÜU QâSâLĻNB[T (BJTBĻQMÜTNBĻV[ĻTBMPOB MFKBTEBĮVĻVOĻOPĻQSJFLtùKâ QBOFĮBĻWFOUJMâDJKBTĻBUWF SùN TBVMBJOâĻMBJLâĻBSĻWùTV âSBĻUFNQFSBUÜSV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU -NKOCVCMQPVTQNG )CKUCRNĹUOCU UCFCNĦLWOU .KGVQÝCPC )CKUCRNĹUOCUUCFCNĦ LWOU .KGVQÝCPC (BJTBĻQMÜTNBĻV[ĻMPHJFN VOĻOPĻQSJFLtùKâĻQBOFĮB WFOUJMâDJKBTĻBUWFSùN MBJĻOPESPtJOâUVĻMBCV LPNGPSUVĻTJMUPT ĻTBVTPT MBJLBĻBQTUâLĮPT (BJTBĻQMÜTNBĻV[ĻTBMPOB MFKBTEBĮVĻ/FMJFMBĻHBJTB QMÜTNBĻV[ĻWFOUJMâDJKBT BUWFSùNĻQSJFLtùKâĻQBOFMă VOĻV[ĻMPHJFN MBJĻWJS[ăUVĻTJMUVĻWBJĻWùTV QMÜTNVĻHSăEBJ (BJTBĻQMÜTNBĻV[ĻTBMPOB BVHtEBĮVĻOPĻWFOUJMâDJKBT BUWFSùNĻQSJFLtùKâ QBOFMă MBJĻOPESPtJOâUVĻFGFLUăWV E[FTùtBOVĻTJMUPTĻMBJLB BQTUâLĮPT (BJTBĻQMÜTNBĻV[ĻMPHJFN OPĻWFOUJMâDJKBTĻBUWFSùN QSJFLtùKâĻQBOFMăĻVOĻV[ TBMPOBĻMFKBTEBĮV MBJĻOPESPtJOâUVĻWùTâLB HBJTBĻQMÜTNVĻHSăEBJĻWBJ TJMUâLBĻHBJTBĻQMÜTNV TBMPOBĻBVHtEBĮBJ BVLTUâĻMBJLâĻWBJĻLBSTUâ VOĻTBVTâĻMBJLâ -QOHQTVUWPDTCWMÝCPCURTKGMU &\KPġLCWPUCNQPCUKNFĦVęLU 8KURęTĦIK &GIXKGNCUW\RKNFG "SĻEFHWJFMVĻEBSCJOâNâĻTUâWBQTJMEFĻQJSNT CSBVLtBOBTĻTâLtBOBTĻTBHBUBWPĻE[JOùKVĻVO QBTBxJFSVĻTBMPOV ĻMBJĻTBNB[JOâUVĻOPEJMVNVĻVO FOFSīJKBTĻQBUùSJĪVĻCSBVLtBOBTĻMBJLâĻ"VUPNB tăOBTĻJFTJMEătBOBĻBSăĻQBMJFMJOâTĻJFTQùKBNP CSBVLtBOBTĻBUUâMVNV 4UâWBQTJMEJĻWBSĻJFTMùHUĻUJFtJĻWBJĻBSĻUBJNFSJ *[NBOUPKPUĻUBJNFSJ ĻWBSĻJ[WùMùUJFTĻEJWVTĻBUtĸJSă HVTĻMBJLVTĻfFJUĻMBJLTĻBUUJFDBTĻV[ĻMBJLV ĻLBE BVUPNPCJMJTĻJSĻV[TJMJTĻVOĻHBUBWăCâĻ"VUPNBtă OBTĻFMFLUSPOJLBĻQùDĻâSBĻUFNQFSBUÜSBTĻBQSù ĸJOB ĻLBEĻWBKBE[ùUVĻTâLUĻBQTJMEJ #TFGIXKGNWFCTDKPęOUUKNFĦVęLU 4UâWBQTJMEJĻOFWBSĻBLUJWJ[ùU ĻKBĻâSùKâĻUFNQFSB UÜSBĻQâSTOJFE[Ļ$Ļ+BĻUFNQFSBUÜSBĻJSĻq$ WBJĻ[FNâLB ĻTUâWBQTJMEFTĻNBLTJNâMBJTĻEBSCă CBTĻMBJLTĻJSĻĻNJOÜUFT $4ÿ&+0ó,7/5 /FMJFUPKJFUĻBSĻEFHWJFMVĻEBSCJOâNPĻTJMEăUâKV JFLtUFMQâTĻ*[QMÜEFTĻHâ[FTĻOBWĻSFE[BNBT 2+'<ÿ/' "SĻEFHWJFMVĻEBSCJOâNâĻQBQJMEVĻTJMEăUâKB EBSCăCBTĻMBJLâĻOPĻBVUPNBtăOBTĻBQBLtEBĮBT WBSĻQBDFMUJFTĻEÜNJĻqĻUBTĻJSĻOPSNâMJ #MWOWNCVQTUWPFGIXKGNC +BĻBLVNVMBUPSTĻJSĻOFQJFUJFLBNJĻV[MâEùUTĻWBJ EFHWJFMBTĻMăNFOJTĻJSĻQâSâLĻ[FNT ĻTUâWBQTJMEF UJFLĻBVUPNâUJTLJĻJ[TMùHUBĻVOĻJOGPSNâDJKBTĻEJT QMFKâĻJSĻBUUùMPUTĻQB[JĪPKVNTĻ"QTUJQSJOJFUĻ[JĪP KVNV ĻWJFOSFJ[ĻOPTQJFxPUĻJOEJLBUPSBĻTWJSBTĻ1UBVTUJĪV ĻTLBUăUĻMQQĻ 58#4ÿ)+ +BĻBSĻBVUPNBtăOVĻEPEBTĻUJLBJĻăTPTĻQâSCSBV DJFOPT ĻTJMEăUâKBĻJMHTUPtBĻMJFUPtBOBĻJ[MâEù BLVNVMBUPSVĻVOĻBQHSÜUJOBĻJFEBSCJOâtBOV $TĝFKPđLWOCW\NĝOGW\FGIXKGNCUVXGTVPGUCK\ XKTVĺC $4ÿ&+0ó,7/5 *[MJKVTJĻEFHWJFMBĻWBSĻBJ[EFHUJFTĻ1JSNTĻEFH WJFMBTĻV[QJMEFTĻTâLtBOBTĻJ[TMùE[JFUĻBSĻEFH WJFMVĻEBSCJOâNPĻQBQJMEVĻTJMEăUâKV *OGPSNâDJKBTĻEJTQMFKâĻQâSMJFDJOJFUJFT ĻLBĻTJM EăUâKTĻJSĻJ[TMùHUTĻ,BNùSĻUBTĻEBSCPKBT ĻJOGPS NâDJKBTĻEJTQMFKâĻJSĻSFE[BNTĻBQTJMEFTĻTJN CPMT #WVQOCÝĦPCUPQXKGVQÝCPCUVęXġÝCPCKW\ RCMCNPC +BĻOPWJFUPKBUĻBVUPNBtăOVĻTUâWâĻOPHâ[ù ĻBVUP NBtăOBTĻQSJFLtQVTFJĻKâCÜUĻWùSTUBJĻV[ĻMFKV ĻMBJ OPESPtJOâUV ĻLBĻBSĻEFHWJFMVĻEBSCJOâNBKBJĻE[J OùKBĻBQTJMEFJĻUJFLĻQJFWBEăUBĻEFHWJFMB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -BJĻOPESPtJOâUV ĻLBĻBVUPNBtăOBTĻBLVNVMB UPSTĻUJFLĻQJFUJFLPtJĻV[MâEùUTĻVOĻWBSùUVĻBJ[ TUâUĻTUâWBQTJMEFTĻSFHVMâSBTĻJ[NBOUPtBOBT MBJLâĻQBUùSùUPĻFOFSīJKV ĻBVUPNBtăOBJ KâCSBVDĻUJLQBUĻJMHJ ĻDJLĻJMHJĻUJFLĻEBSCJOâUB TUâWBQTJMEFĻ,BUSâĻSFJ[ùĻTJMEăUâKVĻWBSĻMJFUPU OFĻJMHâLĻLâĻĻNJOÜUFT -QOHQTVUWPDTCWMÝCPCURTKGMU &\KPġLCWPUCNQPCUKNFĦVęLU &CTDĦDC "LUJWJ[ùUâĻUBJNFSBĻTJNCPMTĻBOBMPHBKâ LPNCJOùUBKâĻJOTUSVNFOUVĻQBOFMă "LUJWJ[ùUâĻUBJNFSBĻTJNCPMTĻEJHJUâMBKâ LPNCJOùUBKâĻJOTUSVNFOUVĻQBOFMă 5BCVMâĻJSĻSFE[BNJĻTJNCPMJĻVOĻEJTQMFKBĻUFLTUJ LBTĻWBSĻQBSâEăUJFT +PHQTOđEKLCUFKURNGLU CPCNQICKUMQODKPĘVCKU KPUVTWOGPVWRCPGNKU WPK\XĘĹĺWPCXKIđEKLCUUNĘFåK +PHQTOđEKLCUFKURNGLK FKIKVđNCKUMQODKPĘVCKU KPUVTWOGPVWRCPGNKU WPK\XĘNĺWPCXKIđEKLCUUNĘFåK 1-ĻQPHB įLtĸSBUT 4'5'6 1MBtâLVĻJOGPSNâDJKVĻQBSĻJOGPSNâDJKBTĻEJTQMFKV VOĻ1-ĻTLBUJFUĻĻMQQĻVOĻĻMQQ 5KODQNKWPFKURNGLC\KĮQLWOK ,BEĻJSĻBLUJWJ[ùUTĻTJMEăUâKT ĻJOGPSNâDJ KBTĻEJTQMFKâĻJSĻJFEFHUTĻBQTJMEFTĻTJN CPMT +BĻJSĻBLUJWJ[ùUTĻLâETĻOPĻUBJNFSJFN ĻJOGPSNâDJ KBTĻEJTQMFKâĻJSĻJFEFHUTĻBLUJWJ[ùUâĻUBJNFSBĻTJN CPMTĻVOĻWJFOMBJLVTĻCMBLVTĻTJNCPMBNĻJSĻBUUùMPUT JFTUBUăUBJTĻMBJLT `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU &\KPġLCWPUCNQPCUKNFĦVęLU 5KO DQNU &KU RNGLU 6GJPKUMKGRCTC OGVTK 4JMEăUâKTĻJSĻJFTMùHUT VOĻEBSCPKBT 4JMEăUâKBĻUBJNFSJT UJFLĻBLUJWùUTĻQùDĻUâM WBEăCBTĻQVMUTĻBUTMù HBTĻJ[ĪFNtBOBTĻOP BJ[EFE[FTĻTMùExBĻVO J[LâQtBOBTĻOPĻBVUP NPCJĮBĻĻE[JOùKTĻVO TBMPOTĻUJFLĻTJMEăUT JFTUBUăUBKâĻMBJLâ #T FGIX FCTD UKNF K\UN #MWOW NCVQTC VCWRĦÝ TGä 4JMEăUâKVĻJ[TMùE[B BVUPNPCJĮBĻFMFLUSP OJLB ĻMBJĻBUWJFHMPUV E[JOùKBĻJFEBSCJOâ tBOV 5KO DQNU &KU RNGLU 6GJPKUMKGRCTC OGVTK #T FGIX FCTD UKNF K\UN <GOU FGIX NĦO 4JMEăUâKVĻOFWBS JFTMùHU ĻKPĻEFHWJFMBT MăNFOJTĻJSĻQâSâL [FNTĻĻUBTĻBUWJFHMP E[JOùKBĻJFEBSCJOâ tBOV ĻLâĻBSăĻĮBVK OPCSBVLU BQNùSBNĻĻLN #T FGIX FCTD UKNF ,ęXGKE CRMQRG 4JMEăUâKTĻOFEBSCPKBT 4B[JOJFUJFTĻBSĻTFS WJTV ĻMBJĻWFJLUV SFNPOUVĻ7PMWP JFTBLBĻTB[JOâUJFTĻBS 7PMWPĻQJMOWBSPUV TFSWJTV %JTQMFKBĻUFLTUTĻUJFLĻOPE[ùTUTĻBVUPNâUJTLJĻQùD CSăxBĻWBJĻQùDĻUBN ĻLBEĻWJFOSFJ[ĻOPTQJFTUTĻJOEJ LBUPSBĻTWJSBTĻ1-ĻUBVTUJĪt Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6KGÝęKGFCTDKPęÝCPCWPVĹNĦVġLę K\UNġIÝCPC 1ùDĻTJMEăUâKBĻUJFtâTĻJFEBSCJOâtBOBTĻUBTĻCÜT JFTMùHUTĻĻNJOÜUFT 4BMPOBĻBQTJMEFĻUJLTĻV[TâLUBĻUJLMăE[ĻE[JOùKB E[FTùtBOBTĻtĸJESVNTĻTBTOJFHTĻQBSFJ[PĻUFN QFSBUÜSV 2+'<ÿ/' "VUPNBtăOVĻWBSĻJFEBSCJOâUĻVOĻCSBVLU LBNùSĻEBSCPKBTĻTJMEăUâKT -BJĻQJFLĮÜUVĻJ[WùMOFJ ĻOPTQJFEJFUĻ1- "SĻăLtĸSBUVĻSJUJOJFUĻMăE[Ļ5KNFĦVęLUĻVOĻBUMBTJFU BSĻ1- /âLBNBKâĻJ[WùMOùĻSJUJOJFUĻV[ĻQSJFLtVĻMăE[ 6KGÝęKGFCTD#RVWTġV ĻMBJĻBLUJWJ[ùUV EFBLUJWJ[ùUVĻTJMEăUâKV ĻVOĻBUMBTJFUĻBSĻ1- *[FKJFUĻOPĻJ[WùMOFT ĻOPTQJFxPUĻ4'5'6 -QOHQTVUWPDTCWMÝCPCURTKGMU &\KPġLCWPUCNQPCUKNFĦVęLU 6CKOGTKU -BJLT ĻLBEĻBSĻBVUPNPCJMJĻJSĻKâCSBVDĻVOĻLBEĻUBT KâV[TJMEB ĻUJFLĻOPSâEăUT ĻJ[NBOUPKPUĻUBJNFSJ 6CKOGTCKGUVCVĦÝCPC -BJĻQJFLĮÜUVĻJ[WùMOFJ ĻOPTQJFEJFUĻ1- "SĻăLtĸSBUVĻSJUJOJFUĻMăE[Ļ5KNFĦVęLUĻVOĻBUMBTJFU BSĻ1- "SĻăLtĸSBUVĻBUMBTJFUĻWJFOVĻOPĻEJWJFNĻUBJNF SJFNĻVOĻBQTUJQSJOJFUĻBSĻ1- įTJĻOPTQJFEJFUĻ1- ĻMBJĻQJFLĮÜUVĻJ[HBJTNPUP TUVOEVĻJFTUBUătBOBJ *[WùMJFUJFTĻWBKBE[ăHPĻTUVOEV ĻJ[NBOUPKPU ăLtĸSBUV įTJĻOPTQJFEJFUĻ1- ĻMBJĻQJFLĮÜUVĻJ[HBJTNPUP NJOÜtVĻJFTUBUătBOBJ *[WùMJFUJFTĻWBKBE[ăHPĻNJOÜUJ ĻJ[NBOUPKPU ăLtĸSBUV /PTQJFEJFUĻ1- ĻMBJĻBQTUJQSJOâUVĻJFTUBUă KVNV %PEJFUJFTĻBUQBLBĮĻJ[WùĮĪVĻTUSVLUÜSâ OPTQJFxPUĻ4'5'6 "UMBTJFUĻDJUVĻMBJLVĻ UVSQJOJFUĻOPĻĻTPĮB ĻWBJ J[FKJFUĻOPĻJ[WùMOFT ĻOPTQJFxPUĻ4'5'6 6CKOGTCKGUNġIÝCPC -BJĻQJFLĮÜUVĻJ[WùMOFJ ĻOPTQJFEJFUĻ1- "SĻăLtĸSBUVĻSJUJOJFUĻMăE[Ļ5KNFĦVęLUĻVOĻBUMBTJFU BSĻ1- "SĻăLtĸSBUVĻBUMBTJFUĻWJFOVĻOPĻEJWJFNĻUBJNF SJFNĻVOĻBLUJWJ[ùKJFUĻBSĻ1- *[FKJFUĻOPĻJ[WùMOFT ĻOPTQJFxPUĻ4'5'6 6CKOGTCFGCMVKXK\ġÝCPC "SĻUBJNFSJĻJFEBSCJOâUVĻTJMEăUâKVĻWBSĻJ[TMùHU NBOVâMJ ĻQJSNTĻQBHâKJTĻJFTUBUăUBJTĻMBJLTĻ3ăLP KJFUJFTĻtâEJ "SĻUBJNFSJĻJFTMùHUVĻTJMEăUâKVĻWBSĻJ[TMùHU ĻJ[QJMEPU TBEBĮâĻ5JFtâĻJFEBSCJOâtBOBĻVOĻUÜMăUùKâĻJ[TMùH tBOBĻFTPtâTĻJOTUSVLDJKBTĻTLBUJFUĻĻMQQ 2WNMUVGPKUVCKOGTU 4JMEăUâKBĻMBJLTĻJSĻTBWJFOPUTĻBSĻBVUPNPCJĮBĻQVML TUFOJ 2+'<ÿ/' "UJFTUBUPUĻBVUPNBtăOBTĻQVMLTUFOJ ĻWJTBTĻUBJ NFSBĻJFQSPHSBNNùUâTĻWùSUăCBTĻUJLT OPE[ùTUBT -BJĻQJFLĮÜUVĻJ[WùMOFJ ĻOPTQJFEJFUĻ1- "SĻăLtĸSBUVĻSJUJOJFUĻMăE[Ļ5KNFĦVęLUĻVOĻBUMBTJFU BSĻ1- +BĻUBJNFSJTĻJSĻJFTUBUăUT ĻCFUĻOBWĻBLUJWJ [ùUT ĻCMBLVTĻJFTUBUăUBKBNĻMBJLBNĻJS SFE[BNBĻQVMLTUFĪBĻJLPOB "SĻăLtĸSBUVĻBUMBTJFUĻWJFOVĻOPĻEJWJFNĻUBJNF SJFNĻVOĻBQTUJQSJOJFUĻBSĻ1- %FBLUJWJ[ùKJFUĻUBJNFSJĻtâEJ p UVSPUĻOPTQJFTUVĻ1-ĻWBJ p ăTJĻOPTQJFxPUĻ1- ĻMBJĻUVSQJOâUVĻEBSCV J[WùMOùĻ1ùDĻUBNĻJ[WùMJFUJFTĻBQUVSùUĻUBJ NFSJĻVOĻBQTUJQSJOJFU ĻOPTQJFxPUĻ1- *[FKJFUĻOPĻJ[WùMOFT ĻOPTQJFxPUĻ4'5'6 7ùMSFJ[ĻOPTQJFEJFUĻ1- ĻMBJĻBLUJWJ[ùUVĻUBJNFSJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU 2CRKNFWUKNFĦVęLU 8KURęTĦICKPHQTOęEKLCRCTRCRKNFW UKNFĦVęLW #TFGIXKGNWFCTDKPęOURCRKNFW UKNFĦVęLU "VUPNPCJĮJFNĻBSĻEă[FĮE[JOùKV ĻLBTĻUJFLĻUJSHPUJ BVLTUBĻLMJNBUBĻ[POâTĻWBSĻCÜUĻOFQJFDJFtBNT QBQJMEVĻTJMEăUâKT ĻMBJĻTBTOJFHUVĻQBSFJ[VĻE[JOùKB EBSCăCBTĻUFNQFSBUÜSVĻVOĻOPESPtJOâUVĻQJFUJF LBNVĻTBMPOBĻBQTJMEJ ,BEĻE[JOùKTĻEBSCPKBT ĻTJMEăUâKTĻJFTMùE[BTĻBVUP NâUJTLJ ĻKBĻJSĻOFQJFDJFtBNTĻQBQJMEVĻTJMUVNT fâEPTĻHBEăKVNPTĻBVUPNBtăOBĻJSĻBQSăLPUBĻBS p QBQJMEVĻFMFLUSJTLPĻTJMEăUâKVĻWBJĻBS p EFHWJFMVĻEBSCJOâNVĻQBQJMEVĻTJMEăUâKV 'NGMVTKUMURCRKNFWUKNFĦVęLU 4JMEăUâKVĻOFWBSĻLPOUSPMùUĻNBOVâMJ ĻUBÀVĻUPĻWBS JFTMùHUĻBVUPNâUJTLJĻQùDĻE[JOùKBĻJFEBSCJOâtB OBTĻUFNQFSBUÜSâ ĻLBTĻ[FNâLBĻQBSĻĻ$ ĻVO J[TMùHUĻQùDĻUBN ĻLBEĻJSĻTBTOJFHUBĻJFTUBUăUâ TBMPOBĻUFNQFSBUÜSB 4JMEăUâKTĻJ[TMùE[BTĻBVUPNâUJTLJĻLBEĻJS TBTOJFHUBĻQBSFJ[âĻUFNQFSBUÜSB ĻWBJĻLBEĻUJFL J[TMùHUTĻE[JOùKT 2+'<ÿ/' ,BEĻEBSCPKBTĻQBQJMEVĻTJMEăUâKT ĻOPĻBVUPNB tăOBTĻBQBLtBTĻWBSĻOâLUĻEÜNJĻĻUBTĻJSĻOPS NâMJ #WVQOęVKUMUTGäĦOUXCKCVUNġIÝCPC 1BQJMEVĻTJMEăUâKBĻBVUPNâUJTLâTĻJFTMùHtBOâT GVOLDJKVĻWBKBE[ăCBTĻHBEăKVNâĻWBSĻJ[TMùHU "VUPSJ[ùUBNĻ7PMWPĻJ[QMBUăUâKBNĻJSĻJOGPSNâDJKBĻQBSĻīFPHSâGJTLBKâNĻ[POâN ĻV[ĻLVSâNĻBUUJFDBTĻtăĻJOGPSNâDJKB "VUPNPCJĮJFN ĻLBTĻBQSăLPUJĻBSĻTUâWBQTJMEJ ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOđEKLCUFKURNGLU CPCNQICKUMQODKPĘVCKU KPUVTWOGPVWRCPGNKU WPK\XĘĹĺWPCXKIđEKLCUUNĘFåK -QOHQTVUWPDTCWMÝCPCURTKGMU 2CRKNFWUKNFĦVęLU 2+'<ÿ/' *[WùMOFTĻPQDJKBTĻJSĻSFE[BNBTĻUJLBJĻUBE ĻKB UâMWBEăCBTĻQVMUTĻBUTMùHBĻBUSPEBTĻQP[ăDJKâĻ+Ļ UâEùĮĻSFHVMùtBOBĻKâWFJDĻQJSNTĻE[JOùKB JFEBSCJOâtBOBT +PHQTOđEKLCUFKURNGLK FKIKVđNCKUMQODKPĘVCKU KPUVTWOGPVWRCPGNKU WPK\XĘNĺWPCXKIđEKLCUUNĘFåK 1-ĻQPHB įLtĸSBUT 4'5'6ĻQPHB 1JSNTĻE[JOùKBĻJFEBSCJOâtBOBTĻ1BHSJF[JFU BUTMùHVĻQP[ăDJKâĻ+ ĻTLBUăUĻMQQĻ -BJĻQJFLĮÜUVĻJ[WùMOFJ ĻOPTQJFEJFUĻ1- "SĻăLtĸSBUVĻSJUJOJFUĻMăE[Ļ2CRKNFWUKNFĻWBJ +GUVCVĦLWOKĻVOĻBUMBTJFUĻBSĻ1- "SĻăLtĸSBUVĻBUMBTJFUĻPQDJKVĻ10ĻWBJĻ1((ĻVO BQTUJQSJOJFUĻBSĻ1- *[FKJFUĻOPĻJ[WùMOFT ĻOPTQJFxPUĻ4'5'6 "OBMPHBJTĻLPNCJOùUBJTĻJOTUSVNFOUVĻQBOFMJT %JHJUâMBJTĻLPNCJOùUBJTĻJOTUSVNFOUVĻQBOFMJT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU 8CFĦVęLCKPHQEGPVTU 8KURęTĦIK 7BEăUâKBĻJOGPDFOUSBĻTBUVSTĻVOĻJ[TLBUTĻJSĻQJF FKBNTĻEJWPTĻWBSJBOUPTĻ"OBMPHĻWBJĻ%JHJUBM 7BEăUâKBĻJOGPDFOUSBĻJ[WùMOJĻWBSĻTLBUăUĻNBJOăHâ BQMăĻ7JFOBĻOPĻWBSJBOUBĻ"OBMPHĻPQDJKâNĻJS UVLtTĻEJTQMFKTĻrĻUBTĻBSăĻJF[ăNùĻBQĮBĻTâLVNV CFJHBTĻ*[NBOUPKPUĻtPĻPQDJKVĻWBSJBOUâ %JHJUBM ĻWBEăUâKBĻJOGPDFOUSBĻEJTQMFKTĻOPE[JFTU +PUVTWOGPVWRCPGNKU#PCNQI 2+'<ÿ/' 1-ĻrĻBUWFSĻWBEăUâKBĻJOGPDFOUSBĻJ[WùMOFT VOĻBLUJWJ[ùĻQBtSFJ[ùKPĻPQDJKV ÿMÝĨTCVUĻrĻSJUJOBĻDBVSJĻPQDJKâN 4'5'6ĻrĻBUTBVDĻWBJĻQâSJFUĻWJFOVĻTPMJ BUQBLBĮ 2CRKNFWUKNF 1MBtâLVĻJOGPSNâDJKB TLBUJFUĻTLBUăUĻMQQĻ MQQ +\XġNPGUQREKLC +PHQTOCVKQP &KIKVęNCKUęVT "UMBTJFUĻLNIĻWBJ NQI Ļ.ĦF\VWMÝVX LNĻMăE[ĻUVLtBJ UWFSUOFJ 5KNFĦVęLU "SĻĦMÝĨTCVWĻBUMB TJFUĻTUVOEVĻWBJ NJOÜtVĻMPE[JĪVĻVO BLUJWJ[ùKJFUĻMPE[JĪV BSĻ1- Ļ5JNFSĻĻ ĻUBJ NFSJT ĻrĻBUWFS MBJLBĻBUMBTătBOBT J[WùMOJ +PHQTOđEKLCUFKURNGLU#PCNQIWPXCFĝDC +PHQTOCVKQP qĻ#WVQKGU Ļ%JSFDUĻTUBSU 5JFtâĻJFEBSCJOâ tBOB +\XġNPGUQREKLC +BĻCSăEJOâKVNBĻ[JĪPKVNTĻQBSâEâTĻMBJLâ LBNùSĻJ[NBOUPKBUĻWBEăUâKBĻJOGPDFOUSV ĻUBE KâBQTUJQSJOBĻ[JĪPKVNT ĻMBJĻJOGPDFOUSVĻWBSùUV BULBMĻBLUJWùUĻ"QTUJQSJOJFUĻCSăEJOâKVNBĻQB[J ĪPKVNV ĻăTJĻOPTQJFxPUĻSâEăUâKVĻTWJSBTĻUBVT UJĪVĻ1- Ļ5JNFSĻĻ ĻUBJ NFSJT ĻrĻBUWFS MBJLBĻBUMBTătBOBT J[WùMOJ "SĻĦMÝĨTCVWĻBUMB TJFUĻTLBJUMJĻVO OPTQJFEJFUĻ1- ĻMBJ UPĻJFQSPHSBN NùUV "UMBTJFUĻOâLBNP MPE[JĪVĻWBJĻQâSF KJFUĻBUQBLBĮĻBS 4'5'6 1MBtâLVĻJOGPSNâDJKB TLBUJFUĻTLBUăUĻMQQĻ MQQ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET qĻ+\UN 6%QREKLCU qĻ&GIXRCV "UMBTJFUĻEJTQMFKâ SâEâNPĻPQDJKV p "SĻĦMÝĨTCVWĻSJUJOJFU PQDJKBTĻVOĻBUMBTJFU UâTĻBSĻ1- qĻ8KFęVT #SBVDJFOBĻPEP NFUSTĻ6WPMQR CVV #SBVDJFOBĻPEP NFUSTĻ6WPM CVV qĻ8CFCVDCNUVU Ļ/BWĻUFLTUBĻr DJLMJTLBĻJFTMùH tBOBJ[TMùHtBOB #RMQRGUUVCVWUU 3âEBĻNùOFtVĻTLBJUV VOĻOPCSBVLVNVĻMăE[ OâLBNBKBJĻBQLPQFJ -QOHQTVUWPDTCWMÝCPCURTKGMU 8CFĦVęLCKPHQEGPVTU +\XġNPGUQREKLC +PHQTOCVKQP /QVQTGNNCUNÔO )CKFKGV# 1MBtâLVĻJOGPSNâDJKB TLBUJFUĻTLBUăU MQQĻĻMQQ <KĮQLWOK " 1MBtâLVĻJOGPSNâDJKB TLBUJFUĻTLBUăUĻMQQĻ MQQ /PUFJLUJFNĻE[JOùKJFN +PUVTWOGPVWRCPGNKU&KIKVCN %JTQMFKBĻ%JHJUBMĻWFSTJKâĻWJFOMBJDăHJĻWBSĻQBSâEăU USăTĻWBEăUâKBĻJOGPDFOUSBĻGVOLDJKBTĻĻQBĻWJFOBJ GVOLDJKBJĻLBUSâĻOPĻJFQSJFLtùKâĻBUUùMBĻUSJN MPHJFN +\XġNPGU QREKLC +PHQTOCVKQP +GUVCVĦLWOK 5âMâLĻOPSâEăUâTĻLPNCJOâDJKBTĻWBSĻSJUJOâUĻBS ĦMÝĨTCVW qĻ2CRKNFWUKNF *[WùMJFUJFTĻ#WVQKGUĻWBJ +\UN p 7JEùKâĻOPCSBVLVNBĻSâEăUâKTĻĻCSBVDJFOB PEPNFUSTĻ ĻSâEăKVNTĻĻWJEùKBJTĻâUSVNT p 1BtSFJ[ùKâĻOPCSBVLVNBĻSâEăUâKTĻĻCSBV DJFOBĻPEPNFUSTĻ ĻSâEăKVNTĻĻBSĻBUMJLVtP EFHWJFMBTĻEBVE[VNVĻOPCSBVDBNBJTĻBUUâ MVNT 4'5'6ĻrĻBUTBVDĻWBJĻQâSJFUĻWJFOVĻTPMJ BUQBLBĮ 5KNFĦVęLU +PHQTOCVKQP qĻ6KGÝę KGFCTD $QTVCFCV CVKGUV "SĻĦMÝĨTCVWĻBUMBTJFUĻWBKB E[ăHPĻPQDJKVĻVOĻBSĻ1-ĻUP BLUJWJ[ùKJFU Ļ5JNFSĻĻ UBJNFSJT Ļr BUWFSĻMBJLBĻBUMB TătBOBTĻJ[WùMOJ "SĻĦMÝĨTCVWĻBUMBTJFU TLBJUMJĻVOĻOPTQJFEJFU 1- ĻMBJĻUPĻJFQSP HSBNNùUV Ļ5JNFSĻĻ UBJNFSJT Ļr BUWFSĻMBJLBĻBUMB TătBOBTĻJ[WùMOJ "UMBTJFUĻOâLBNP MPE[JĪVĻWBJĻQâSFKJFU BUQBLBĮĻBSĻ4'5'6 ĻLNI ÿMÝĨTCVUĻrĻSJUJOBĻDBVSJĻPQDJKâN *OTUSVNFOUVĻQBOFĮB J[TLBUBĻQJFMâHPtBOB +\XġNPGU QREKLC ĻMĻLN 1-ĻrĻBUWFSĻWBEăUâKBĻJOGPDFOUSBĻJ[WùMOFT VOĻBLUJWJ[ùĻQBtSFJ[ùKPĻPQDJKV -QPVTCUVC TGäĦOU-TęUW TGäĦOU "SĻĦMÝĨTCVWĻBUMBTJFU TUVOEVĻWBJĻNJOÜtV MPE[JĪVĻVOĻBLUJWJ[ù KJFUĻMPE[JĪVĻBSĻ1- p /BWĻJOGPSNâDJKBT +PHQTOđEKLCUFKURNGLU&KIKVCNWPXCFĝDC 1MBtâLVĻJOGPSNâDJKBĻTLB UJFUĻTLBUăUĻMQQĻĻMQQ Ļ3FTFUĻCPUI "UJFTUBUăUĻBCVT <KĮQLWOK 1MBtâLVĻJOGPSNâDJKBĻTLB UJFUĻTLBUăUĻMQQĻĻMQQ 6ġOCU fFJUĻWBSĻBUMBTăUĻJOTUSV NFOUVĻQBOFĮBĻJ[TLBUV TLBUăUĻMQQĻ 1MBtâLVĻJOGPSNâDJKBĻTLB UJFUĻTLBUăUĻMQQĻĻMQQ `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU 8CFĦVęLCKPHQEGPVTU " +\XġNPGU QREKLC +PHQTOCVKQP #RMQRGUUVC VWUU 3âEBĻNùOFtVĻTLBJUVĻVO OPCSBVLVNVĻMăE[ĻOâLB NBKBJĻBQLPQFJ /QVQTGNNCU NÔO)CKFKGV# 1MBtâLVĻJOGPSNâDJKBĻTLB UJFUĻTLBUăUĻMQQĻĻMQQ /PUFJLUJFNĻE[JOùKJFN (WPMEKLCU %BxVĻWBEăUâKBĻJOGPDFOUSBĻGVOLDJKVĻBQSBLTUT 8KFġLCKU 7JEùKBJTĻEFHWJFMBTĻQBUùSJĪtĻUJFLĻBQSùĸJOâUT LPQtĻQùEùKâTĻBUJFTUBUătBOBTĻSFJ[FT 2+'<ÿ/' +BĻJSĻMJFUPUTĻBSĻEFHWJFMVĻEBSCJOâNTĻTJMEă UâKT ĻMBTăKVNâĻWBSĻSBTUJFTĻOFMJFMBĻLĮÜEB 8KFġLCKUęVTWOU 7JEùKBJTĻâUSVNTĻUJFLĻBQSùĸJOâUTĻLPQtĻQùEùKâT BUJFTUBUătBOBTĻSFJ[FT 2CÝTGK\ġLCKU %JTQMFKBĻJOGPSNâDJKBĻQBSĻQBtSFJ[ùKPĻEFHWJFMBT QBUùSJĪVĻUJFLĻBLUVBMJ[ùUBĻBQUVWFOJĻSFJ[J TFLVOEùĻ#SBVDPUĻOFMJFMâĻâUSVNâ ĻQBUùSJĪtĻUJFL BUUùMPUTĻMBJLBĻWJFOăCâ ĻCFUĻMJFMâLâĻâUSVNâĻUBT UJFLĻSâEăUTĻBUUJFDăCâĻQSFUĻOPCSBVLVNV %JTQMFKBĻSâEăKVNBNĻWBSĻBUMBTăUĻEBxâEBTĻNùS WJFOăCBTĻ LNKÜE[FT ĻĻTLBUJFUĻOâLBNPĻTBEBĮV .ùSWJFOăCBTĻNBJĪB -OCTCVNKMWÝQFGIXKGNCUFCWF\WOW "QSùĸJOPTĻUJFLĻJ[NBOUPUTĻWJEùKBJTĻEFHWJFMBT QBUùSJĪtĻQùEùKPTĻĻLNĻVOĻBUMJLVtBJTĻCSBVLtB OBJĻJ[NBOUPKBNBJTĻEFHWJFMBTĻEBVE[VNTĻ%JT QMFKâĻSFE[BNTĻBQUVWFOBJTĻBUUâMVNT ĻLPĻJFTQù KBNTĻOPCSBVLUĻBSĻUWFSUOùĻBUMJLVtPĻEFHWJFMBT EBVE[VNV &LPOPNJTLBNĻCSBVLtBOBTĻTUJMBNĻHBMWFOJF SF[VMUâUJĻJSĻMJFMPTĻCSBVLtBOBTĻBUUâMVNPTĻ1MB tâLBĻJOGPSNâDJKBĻQBSĻUP ĻLâĻWBSBUĻJFUFLNùU EFHWJFMBTĻQBUùSJĪV ĻTLBUăUĻMQQĻ ,BEĻEJTQMFKâĻUJFLĻSâEăUTĻMONÔF\VWMÝCK VX ĻOFUJFLĻTBHMBCâUTĻHBSBOUùUBJTĻQBUùSJĪB EJBQB[POTĻfBKâĻHBEăKVNâĻQùDĻJFTQùKBTĻESă[âL V[QJMEJFUĻEFHWJFMV 5JLBJĻJOTUSVNFOUVĻQBOFMJNĻ%JHJUBM Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 2+'<ÿ/' +BĻFTBUĻNBJOăKJTĻCSBVLtBOBTĻTUJMV ĻMBTăKVNPT WBSĻSBTUJFTĻOFMJFMBĻLĮÜEB &KIKVęNUęVTWOCTęFĦLWOU ĂUSVNTĻUJFLĻSâEăUTĻHBMWFOBKBNĻJOTUSVNFOUV QBOFMJNĻQSFUùKâĻNùSWJFOăCâĻ LNIĻrĻNQI Ļ+B TQJEPNFUSTĻJSĻLBMJCSùUTĻKÜE[ùT ĻUBEĻEJTQMFKT UJFLĻQâSTMùHUTĻV[ĻLNI #VKGUVCVĦÝCPCCT#PCNQI *[WùMJFUJFTĻMOJXKFÉVTWOUĻWBJĻN MOXKFÐLCKU įTJĻOPTQJFxPUĻ BQUVWFOJĻĻTFLVOEJ ĻUBVTUJĪV 4'5'6 ĻUJFLĻBUJFTUBUăUBĻBUMBTăUâĻGVOLDJKB #VKGUVCVĦÝCPCCT&KIKVCN *[WùMĪVĻTJTUùNâĻBUSPEJFUĻ3FTFUĻ "UJFTUBUăU ĻVO BUMBTJFUĻtPĻPQDJKV 0QDJKVĻ3FTFUĻWBSĻBLUJWJ[ùU ĻBSăĻJMHJĻ ĻTFLVO EFT ĻOPTQJFxPUĻUBVTUJĪVĻ4'5'6Ļ5JFLĻBUJFTUB UăUTĻBSăĻQBSâEăUBJTĻCSBVDJFOBĻPEPNFUSTĻ 5ĻWBJ 5 /ġTXKGPĦDCUOCKĮC -BJĻNBJOăUVĻBUUâMVNBĻVOĻâUSVNBĻNùSWJFOăCBT LNKÜE[FT ĻEPEJFUJFTĻV[Ļ/;%#4 -QOHQTVUWPDTCWMÝCPCURTKGMU 8CFĦVęLCKPHQEGPVTU 5GVVKPIU 5[UVGOQRVKQPU &KUVCPEG CPFHWGNWPKVU ĻTLBUăUĻMQQĻ 2+'<ÿ/' 7PMWPĻ(14ĻOBWJHBUPSBĻ35*ĻNBJOâTĻOFĻUJLBJ WBEăUâKBĻJOGPDFOUSBĻJOGPSNâDJKB ĻCFUĻBSăĻtăT NùSWJFOăCBT $TCWEKGPCUVCVKUVKMC ,BUSBĻKPTMBĻTJNCPMJ[ùĻĻLNĻWBJĻĻLN OPCSBVLUPĻBUUâMVNVĻBULBSăCâĻOPĻBUMBTăUâ NùSPHBĻrĻMBCâĻHBMùKâĻKPTMBĻBUUùMPĻQBtSFJ[ùKâ LJMPNFUSBĻWBJĻĻLNĻWùSUăCBT 1PHVĻ670'ĻWBSĻJ[NBOUPU ĻMBJĻNBJOăUVĻLBUSBT KPTMBTĻNùSPHVĻTUBSQĻĻLNĻVOĻĻLNĻrĻOPWJF UPKPUĻLVSTPSVĻWJTUâMâLĻMBCBKâĻQVTù ĻWBSĻNBJOăU BUSBtBOâTĻWJFUVĻTUBSQĻBVHtQVTJĻVOĻBQBLtQVTJ BULBSăCâĻOPĻJ[WùMùUâĻNùSPHB KâJ[E[ùtĻNBOVâMJ ĻWJTQJSNTĻJ[NBOUPKPUĻPQDJKV 5VCTVPGYVTKR 4LBUJFUĻBSăĻJOGPSNâDJKVĻQBSĻ&DPĻ(VJEFĻ MQQ 'MURNWCVęEKLC "VUPNBtăOâĻUJFLĻTBHMBCâUBĻJOGPSNâDJKBĻQBS QBCFJHUBKJFNĻCSBVDJFOJFN ĻUPTUBSQĻWJEùKPĻEFH WJFMBTĻQBUùSJĪVĻVOĻWJEùKPĻâUSVNV ĻLPĻWBSĻTLBUăU 57ĻFLSâOâĻLâĻKPTMVĻEJBHSBNNV *FTUBUăKVNVĻWBSĻEFGJOùUĻJ[WùĮĪVĻTJTUùNâĻ/; %#4 (WPMEKLC p 5VCTVPGYVTKRĻĻ'06'4ĻMJFUP ĻMBJĻJ[E[ùTUV /;%#4 /[8 6TKRUVCVKUVKEU WJTVĻJFQSJFLtùKPĻTUBUJTUJLVĻ*[FKJFUĻOPĻJ[WùM OFT ĻBUMBTPUĻ':+6 p 4GUGVHQTGXGT[FTKXKPIE[ENGĻ'06'4Ļ BU[ăNùKJFUĻJ[WùMFTĻSÜUJĪV ĻBUMBTPUĻ':+6ĻVO J[FKJFUĻOPĻJ[WùMOFT ĻBUMBTPU +BĻJSĻBU[ăNùUBĻPQDJKBĻ4GUGVHQTGXGT[ FTKXKPIE[ENG ĻWJTBĻTUBUJTUJLBĻUJFLĻBVUPNâUJTLJ J[E[ùTUB ĻLBEĻCSBVDJFOTĻJSĻCFJE[JFTĻVOĻBVUP NPCJMJTĻJSĻCJKJTĻBQUVSùUTĻĻTUVOEBTĻ/âLBNSFJ[ JFEBSCJOPUĻE[JOùKV ĻCSBVDJFOBĻTUBUJTUJLBĻUJFL TâLUBĻOPĻKBVOB $TCWEKGPCUVCVKUVKMC +BĻKBVOTĻCSBVLtBOBTĻDJLMTĻTâLBT ĻQJSNTĻJS QBHâKVtBTĻĻTUVOEBT ĻQBtSFJ[ùKBJTĻQFSJPETĻJS fJTĻBUUùMTĻJSĻTIFNBUJTLTĻrĻJ[LâSUPKVNTĻWBSĻBUtĸJSUJFTĻBULBSăCâĻOPĻBUKBVOJOâUâTĻQSPHSBNNBUÜSBTĻWFSTJKBTĻVOĻBVUPNBtăOBTĻNPEFĮB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU $TCWMÝCPCUĦRCÝĦDWRKGNęIQÝCPC 0QęVTWOCCVMCTĦIUUVĹTGU RCUVKRTKPęVęLU 4UÜSùtBOBTĻTQùLTĻQBMJFMJOâTĻMăE[ĻBSĻBVUPNP CJĮBĻâUSVNV ĻWBEăUâKBNĻQJFtĸJSPUĻV[MBCPUV BVUPNPCJĮBĻKVUăCVĻ4UÜSùtBOBĻJSĻTUJOHSâLBĻVO SFBLDJKBĻTUSBVKâLBĻV[ĻâUSHBJUBTĻDFĮJFNĻ4UÜSù tBOBĻJSĻWJFHMBĻVOĻOFQSBTBĻQBQJMEVĻQJFQÜMJ NB[âĻâUSVNâĻOPWJFUPKPUĻBVUPNPCJMJĻTUâWùtB OBJ 7BEăUâKTĻWBSĻJ[WùMùUJFTĻOPĻUSJNĻEBxâEJFNĻTUÜSù tBOBTĻTQùLBĻMăNFĪJFNĻBULBSăCâĻOPĻSFBLDJKBT V[ĻDFĮBĻWBJĻTUÜSFTĻKVUăCBTĻ*[WùMĪVĻTJTUùNâĻ/; %#4ĻEPEJFUJFTĻV[Ļ5GVVKPIU %CTUGVVKPIU 5VGGTKPIYJGGNHQTEGĻVOĻJ[WùMJFUJFTĻ.QY /GFKWOĻWBJĻ*KIJ "QSBLTUVĻQBSĻJ[WùĮĪVĻTJTUùNV ĻTLBUăUĻMQQĻ fBJĻJ[WùMOFJĻOFWBSĻQJFLĮÜU ĻLBNùSĻBVUPNPCJMJT CSBVD Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU -QOHQTVURCUCäKGTWUCNQPę )NCDęÝCPCUPQFCNĦLWOK `` -QOHQTVUWPDTCWMÝCPCURTKGMU -QOHQTVURCUCäKGTWUCNQPę (MBCâtBOBTĻOPEBMăKVNTĻEVSWKVĻQBOFMă (MBCâtBOBTĻOPEBMăKVNT ĻWBEăUâKBĻQVTF FLVĻQJFTQSBVEF 6[HMBCâtBOBTĻOPEBMăKVNT $JNEVĻOPEBMăKVNT )NCDęÝCPCUPQFCNĦLWOUXCFĦVęLCRWUG 6WPGīMQPUQNG $4ÿ&+0ó,7/5 /FHMBCâKJFUĻOPEBMăKVNâĻBTVTĻQSJFLtNFUVT WBJĻQSJFLtNFUVT ĻLVSVĻWBSĻJ[WJS[ăUĻV[ĻâSV ÇCMGVGUVWTġVęLU ĻĻQSJFLtùKâĻTùEFLĮB (MBCâtBOBTĻLBCBUB TùEWJSTNVĻQSJFLtEBĮâ jBLFUFTĻUVSùUâKTĻJSĻQBSFE[ùUTĻUJLBJĻWJFHMBN BQīùSCBN (MBCâtBOBTĻOPEBMăKVNT ĻHMâxVĻUVSùUâKT jBLFUFTĻUVSùUâKT (MâxVĻUVSùUâKT ĻBJ[NVHVSùKâĻTùEFLMă (MBCâtBOBTĻLBCBUB (MBCâtBOBTĻOPEBMăKVNT ĻBJ[NVHVSùKBJT TùEFLMJT $4ÿ&+0ó,7/5 (MBCâKJFUĻOFOPTUJQSJOâUVTĻQSJFLtNFUVT ĻQJF NùSBN ĻNPCJMPTĻUâMSVĪVT ĻLBNFSBT ĻQJFEF SVNVĻUâMWBEăCBTĻQVMUJTĻVDĻDJNEVĻOPEBMă KVNâĻWBJĻDJUPTĻOPEBMăKVNPTĻ1SFUùKâĻHBEă KVNâĻTUSBVKBTĻCSFN[ùtBOBTĻWBJĻTBEVSTNFT MBJLâĻUJFĻWBSĻLâEVĻTBWBJOPU "SĻMFEVTĻTLSâQKBĻUVSùUâKVĻWBEăUâKBĻQVTù /FBUUJFDBTĻV[ĻBVEVNBĻQPMTUFSùKVNV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET (MBCâtBOBTĻOPEBMăKVNTĻ QJFN ĻLPNQBLU EJTLJFN ĻVOĻ64# "69ĻJFWBEFĻ[FNĻFMLPĪ CBMTUB *FUWFSĻHMâxVĻUVSùUâKVĻWBEăUâKBNĻVOĻQBTB xJFSJNĻ +BĻQBTÜUăUTĻQFMOVĻUSBVLTĻVOĻDJHB SFtVĻQJFTNùĸùUâKT ĻUBEĻĻ7ĻLPOUBLUMJH[Eâ QSJFLtùKJFNĻTùEFLĮJFNĻJSĻDJHBSFtVĻQJFTNù ĸùUâKT ĻTLBUăUĻMQQĻ ĻVOĻHMâxVĻUVSùUâKâĻJS J[ĪFNBNTĻQFMOVĻUSBVLT 'NMQĮDCNUVU ,BEĻFMLPĪCBMTUTĻJSĻBJ[WùSUT ĻUPĻWBSĻSFHVMùUĻ HBSFOJTLJ -QOHQTVUWPDTCWMÝCPCURTKGMU -QOHQTVURCUCäKGTWUCNQPę %KICTGÝWRKGUOġĨġVęLUWPRGNPWVTCWMU 1FMOVĻUSBVLTĻUVOFĮLPOTPMùĻUJFLĻOPĪFNUT QBDFĮPUĻQBMJLUOJĻUBJTOJĻV[ĻBVHtV $JHBSFtVĻQJFTNùĸùUâKVĻBLUJWJ[ù ĻQJFTQJFxPU TQJFEQPHVĻ,BEĻDJHBSFtVĻQJFTNùĸùUâKTĻJS V[LBSTJT ĻTQJFEQPHBĻBSĻQMBVLtĸJĻJ[MFDĻMBVLâ *[WFMDJFUĻDJHBSFtVĻQJFTNùĸùUâKVĻVOĻQJFĻTBLBS TùUâTĻTQJSâMFTĻBJ[EFE[JOJFUĻDJHBSFUJ %KOFWPQFCNĦLWOU 2CUCäKGTCURQIWNKU &\GUġÝCPC $JNEVĻOPEBMăKVNVĻWBSĻJ[NBOUPUĻBSăĻLâĻBUE[F TùUVĻ[POV 4âDJFUĻE[FTùtBOV ĻQâSWJFUPKPUĻTMùE[JĻMăE[ HBMBNĻWJS[JFOâĻV[ĻQBTBxJFSVĻTBMPOBĻQVTJ *[TMùE[JFUĻE[FTùtBOV ĻQâSWJFUPKPUĻTMùE[J MăE[ĻHBMBNĻV[ĻQSJFLtV %[FTùtBOBĻJSĻJFTMùHUB ĻLBEĻJSĻBLUJWJ[ùUBĻLMJNBUB LPOUSPMFTĻTJTUùNB ĻUJ ĻLBEĻBUTMùHBĻBUSPEBT QP[ăDJKâĻ++ĻWBJĻE[JOùKTĻEBSCPKBT +GMNęVKGRCMNęLKĮK 7PMWPĻQJFHâEâĻTQFDJâMJĻJ[HBUBWPUVTĻJFLMâKBNPT QBLMâKVT 2CUCåKGTCURQIWNKUCTCRICKUOQLWOW (BJTNBĻJFTMùE[BTĻBVUPNâUJTLJ ĻLBEĻUJFL QBDFMUTĻQâSTFHT $4ÿ&+0ó,7/5 1JSNTĻV[TâLUĻCSBVLtBOV ĻQâSMJFDJOJFUJFT ĻLB WBEăUâKBĻQVTùĻJFLMâUBJTĻQBLMâKJĪtĻJSĻTUJOHSJ OPGJLTùUTĻVOĻOPTUJQSJOâUTĻQJFĻUBQâN ĻMBJĻUBT OFWBSùUVĻQBTMăEùUĻ[FNĻQFEâĮJFNĻWBJĻOPOâLU CMBLVTĻUJFN fFJUĻWBSĻV[HMBCâU ĻQJFNùSBN ĻăQBtOJFLBĻSPLBT HSâNBUVĻVOĻLBSUFTĻ7âDJĪBĻJFLtQVTùĻJSĻBSăĻUVSù UâKJĻQJMETQBMWâNĻ$JNEVĻOPEBMăKVNVĻWBSĻBJ[ TMùHU ĻBSĻBUTMùHBTĻTMùE[PtPĻEBĮV ĻTLBUJFUĻĻVO ĻMQQ *SĻTQùLâĻUJLBJĻBVUPNPCJĮJFNĻBSĻ&$$ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU -QOHQTVURCUCäKGTWUCNQPę 8NKI\FC 2+'<ÿ/' ,MJNBUBĻLPOUSPMFĻWBSĻBLUJWùUĻQBQJMEBQSăLP KVNVĻVOĻQJFEFSVNVT ĻQJFNùSBN Ļ57ĻFLSâ OVT ĻNÜ[JLBTĻBUTLBĪPUâKVTĻVOĻNPCJMPTĻUâM SVĪVT ĻLBTĻJSĻQJFWJFOPUJĻLâEBJĻOPĻQBTBxJFSV TBMPOBĻ7ĻFMFLUSăCBTĻLPOUBLUMJH[EâN ĻQBU UâEâĻHBEăKVNâ ĻKBĻUâMWBEăCBTĻQVMUTĻBUTMùHB JSĻJ[ĪFNUBĻWBJĻBVUPNPCJMJTĻBJ[TMùHUT ĻQJFNù SBN ĻKBĻJFQSJFLtĻOPUFJLUâĻMBJLâĻJSĻBLUJWùUB TUâWBQTJMEF 8NKI\FCVWPGĹMQPUQNĘRTKGMÞĘLCKUUĘFGMNKU &MFLUSăCBTĻLPOUBLUMJH[EBTĻWBSĻJ[NBOUPUĻEBxâ EJFNĻQJFEFSVNJFN ĻLBTĻQBSFE[ùUJĻMJFUPtBOBJ Ļ7ĻTQSJFHVNBĻLPOUBLUMJH[EâT ĻQJFNùSBN Ļ57 FLSâOJFN ĻNÜ[JLBTĻBUTLBĪPUâKJFNĻVOĻNPCJMB KJFNĻUâMSVĪJFNĻ-BJĻLPOUBLUMJH[EâTĻCÜUVĻTUSâ WBTĻQBEFWF ĻUâMWBEăCBTĻQVMUTĻBUTMùHBJĻJSĻKâCÜU QBHSJF[UBJĻWJTNB[ĻQP[ăDJKâĻ+ ĻTLBUăUĻMQQĻ $4ÿ&+0ó,7/5 ,BEĻLPOUBLUMJH[EBĻOFUJFLĻMJFUPUB ĻWJFONùS BUTUâKJFUĻLPOUBLUTQSBVEOJĻLPOUBLUMJH[Eâ 5âEùĮĻBUWJFOPKJFUĻQBQJMEBQSăLPKVNVĻWBJĻQJF EFSVNVTĻOPĻFMFLUSăCBTĻLPOUBLUMJH[EâN ĻKB UPTĻOFMJFUPKBU ĻQSFUùKâĻHBEăKVNâĻBLVNVMB UPSTĻWBSĻJ[MâEùUJFT ĻKBĻUJFĻUJLTĻJFTMùHUJ 58#4ÿ)+ ,BUSBTĻLPOUBLUMJH[EBTĻNBLTĻKBVEBT OPĪFNtBOBĻJSĻĻ"Ļ Ļ8 2+'<ÿ/' 7PMWPĻJSĻQâSCBVEăKJTĻVOĻBQTUJQSJOâKJT QBHBJEVĻBWâSJKBTĻDBVSEÜSVNVĻSFNPOUB LPNQMFLUBĻLPNQSFTPSVĻ*OGPSNâDJKVĻQBS 7PMWPĻJFUFJLUPĻQBHBJEVĻBWâSJKBTĻDBVSEÜSVNV SFNPOUBĻLPNQMFLUVĻ 5., ĻTLBUăUĻMQQĻ 'NGMVTĦDCUMQPVCMVNKI\FCDCIęäCU PQFCNĦLWOę 1MBtâLVĻJOGPSNâDJKV ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -QOHQTVUWPDTCWMÝCPCURTKGMU 7JTQâSăHBĻJOGPSNâDJKBĻQBSĻJOGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJTUùNV 3BEJP .FEJKVĻBUTLBĪPUâKT ĂSùKBJTĻTLBĪBTĻBWPUT ĻLBTĻQJFWJFOPUTĻ"6964# ĻJFFKBJ .FEJKJĻ#MVFUPPUI Ļ #MVFUPPUIĻCSăWSPLVĻTJTUùNB #BMTTĻBUQB[ătBOB ĻNPCJMBJTĻUâMSVOJT 57 5âMWBEăCBTĻQVMUT Ļ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET */'03.Ă$*+"4Ļ6/Ļ*;,-"*%&4Ļ4*45ð." +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW 8KURęTĦIK *OGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJTUùNBĻJFUWFSĻSBEJP NFEJKVĻBUTLBĪPUâKV Ļ57 ĻVOĻJFTQùKVĻTB[JOâUJFT J[NBOUPKPUĻNPCJMPĻUâMSVOJ Ļ*OGPSNâDJKBĻUJFL SâEăUBĻĻWBJĻĻDPMMV ĻFLSâOâĻWJEVTLPOTPMFT BVHtùKâĻEBĮâĻ'VOLDJKBTĻWBSĻWBEăUĻBSĻTUÜSFT UBVTUJĪJFN ĻWJEVTLPOTPMFTĻUBVTUJĪJFN ĻLBT BUSPEBTĻ[FNĻFLSâOB ĻWBJĻUâMWBEăCBTĻQVMUJ +B ĻJ[TMùE[PUĻE[JOùKV ĻJOGPSNâDJKBTĻVOĻJ[LMBJEFT TJTUùNBĻJSĻBLUăWB ĻUBE ĻOâLBNSFJ[ĻJFWJFUPKPU BUTMùHVĻQP[ăDJKâĻ+ĻWBJĻBVHTUâLâ ĻUâĻUJFLĻBVUP NâUJTLJĻJFTMùHUBĻVOĻUVSQJOBĻBUTLBĪPUĻUPĻQBtV TLBĪBTĻBWPUVĻ QJFN ĻSBEJP ĻLBTĻTLBOùKB QJSNTĻE[JOùKBĻJ[TMùHtBOBTĻ BVUPNPCJĮJFNĻBS CF[BUTMùHBTĻWBEăCBTĻTJTUùNâN ĻKâCÜUĻBJ[WùS UâNĻWBEăUâKBĻEVSWăN +BĻUâMWBEăCBTĻQVMUTĻBUTMùHBĻOBWĻJFWJFUPUBĻBJ[ EFE[ù ĻUBE ĻOPTQJFxPUĻJFEBSCJOâtBOBTĻĻJ[TMùH tBOBTĻUBVTUJĪV ĻJOGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJT UùNVĻWJFOâĻSFJ[ùĻWBSĻMJFUPUĻĻNJOÜUFT "VUPNPCJĮBĻJFEBSCJOâtBOBTĻMBJLâĻJOGPSNâDJKBT VOĻJ[LMBJEFTĻTJTUùNBĻăTMBJDăHJĻUJFLĻJ[TMùHUB ĻVO QùDĻE[JOùKBĻJFEBSCJOâtBOBTĻUVSQJOBĻEBSCPUJFT 2+'<ÿ/' +BĻJ[NBOUPKBUĻJOGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJT UùNV ĻLBNùSĻE[JOùKTĻJSĻJ[TMùHUT ĻJ[ĪFNJFU UâMWBEăCBTĻQVMUTĻBUTMùHVĻOPĻBJ[EFE[FTĻTMù ExBĻ5BTĻOFQJFDJFtBNT ĻMBJĻOFWBKBE[ăHJ OFJ[MâEùUVĻBLVNVMBUPSV &QND[2TQ.QIKE "UUJFDBTĻUJLBJĻV[Ļ1SFNJVNĻ4PVOEĻ.VMUJNFEJB 4LBĪBTĻJ[TUSâEFTĻVOĻOPSFHVMùtBOBTĻQSPDFTâĻJS J[NBOUPUBĻ"VEZTTFZĻ.VMU&2ĻTJTUùNB ĻMBJ OPESPtJOâUVĻQBTBVMFTĻLMBTFTĻTLBĪBTĻCBVEă KVNV 2ęTUMCVU *[HBUBWPUTĻTBTLBĪâĻBSĻ%PMCZĻ-BCPSBUPSJFT MJDFODJĻ%PMCZ Ļ1SPĻ-PHJDĻVOĻEVCVMUâĻ%ĻTJN CPMTĻJSĻ%PMCZĻ-BCPSBUPSJFTĻQSFÀVĻ[ăNFT #WF[UUG[/WNV'3 "UUJFDBTĻUJLBJĻV[Ļ1SFNJVNĻ4PVOEĻ.VMUJNFEJB "69Ļ BUUJFDBTĻUJLBJĻV[ĻWFSTJKVĻ1FSGPS NBODF ĻrĻVOĻ64#Ļ OFBUUJFDBTĻV[ĻWFSTJKV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW 1FSGPSNBODF ĻrĻâSùKVĻBVEJPĻBWPUVĻ QJF NùSBN ĻJ1PE ĻJFFKBT 4UÜSFTĻWBEăCBTĻUBTUBUÜSBĻ BS CF[ĻăLt ĸSBUB 57ĻFLSâOTĻ57ĻFLSâOBNĻJSĻQJFFKBNJĻEJWJ J[NùSJĻĻVOĻĻDPMMBTĻ3PLBTHSâNBUâĻJS BUUùMPUTĻĻDPMMVĻ57ĻFLSâOT 7JEVTLPOTPMFTĻWBEăCBTĻQBOFMJT 5KUVġOCUFCTDKPęÝCPC Ļ4KVKPęÝCPCRęTVĦÝCPCOGMNġÝCPCrĻĦUK PQURKGäQV ĻSJUJOBĻEJTLBĻDFMJĪVT ĻJFTUBUăUâT SBEJPĻTUBDJKBTĻ OFBUUJFDBTĻV[Ļ%"# ĻWBJĻOPEBĮBT BUUJFDBTĻUJLBJĻV[Ļ%7%ĻEJTLJFN Ļ6WTQV PQURKGUVWKNIęM ĻâUSJĻQâSUJOĻEJTLBĻJFSBLTUVTĻWBJ NFLMùĻOâLBNPĻQJFFKBNPĻSBEJPTUBDJKV Ļ5170&ĻĻOPTQJFEJFU ĻMBJĻQJFLĮÜUVĻBVEJP JFTUBUăKVNJFNĻ [FNâT ĻBVHTUâTĻGSFLWFODFT TLBĪBTĻVD Ļ1MBtâLVĻJOGPSNâDJKVĻTLBUJFU ĻTLB UăUĻMQQĻ Ļ81.ĻĻQBMJFMJOBĻWBJĻTBNB[JOBĻTLBĮVNV Ļ Ļ101((/76'ĻĻÿUKPQURKGäQVĻUBVT UJĪV ĻTJTUùNBĻTâLĻEBSCPUJFT ĻCFU ĻVWTQVVQ PQURKGUVWKNIęMĻ LBNùSĻFLSâOTĻOPE[JFTU ĻTJT UùNBĻJ[TMùE[BTĻÙFNJFUĻWùSâ ĻLBĻWJTBĻ4FOTVT TJTUùNBĻ BSăĻOBWJHâDJKBĻ ĻVOĻUâMSVĪBĻGVOLDJKBT TâLCFJE[ĻEBSCPUJFTĻWJFOMBJDăHJĻįTJĻOPTQJFEJFU MBJĻJ[TMùHUVĻTLBĪVĻ .65& ĻWBJĻJFTMùHUVĻTLBĪV KBĻUâĻJSĻCJKVTJĻJ[TMùHUB Ļ%JTLVĻJFWJFUPtBOBTĻVOĻJ[CăEătBOBTĻBUWFSF Ļ%JTLBĻJ[CăEătBOB Ļ)CNXGPKGCXQVKĻĻOPTQJFEJFU ĻMBJĻBUMBTăUV HBMWFOPĻBWPUVĻ QJFNùSBN Ļ4#&+1 Ļ/'&+# 5JFLĻQBSâEăUTĻQùEùKBJTĻBLUăWBJTĻBWPUTĻ QJFNù SBN Ļ(/ Ļ/PTQJFxPUĻHBMWFOâĻBWPUBĻUBVTUJĪV LBNùSĻJSĻJFTMùHUTĻ4#&+1ĻWBJĻ/'&+#ĻSFxăNT UJFLĻBUMBTăUTĻKBVOTĻBWPUBĻTLBUTĻ+BĻJSĻBUWùSUT `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW 6'. ĻWBJĻ0#8 ĻVOĻUJFLĻOPTQJFTUTĻHBMWFOâ BWPUBĻUBVTUJĪt ĻQBSâEâTĻTBătĪVĻJ[WùMOFĻBSĻCJFxJ MJFUPUBKâNĻJ[WùMOFTĻPQDJKâN Ļ1-/'07ĻĻOPTQJFEJFUĻTUÜSFTĻăLtĸSBUVĻWBJ WJEVTLPOTPMFTĻUBVTUJĪV ĻMBJĻBQTUJQSJOâUVĻJ[WùM OFTĻBUMBTJĻ+BĻ1-/'07ĻUJFLĻOPTQJFTUT LBNùSĻJSĻBUWùSUTĻQBSBTUBJTĻTLBUT ĻUJFLĻBUWùSUT BUMBTăUâĻBWPUBĻTLBUTĻ QJFNùSBN Ļ4#&+1ĻWBJ /'&+# Ļ+BĻJSĻQJFFKBNBTĻBQBLtJ[WùMOFT FLSâOBĻMBCBKâĻQVTùĻJSĻSFE[BNBĻCVMUJĪB Ļ670'ĻĻQBHSJF[JFUĻTUÜSFTĻăLtĸSBUVĻWBJ WJEVTLPOTPMFTĻUBVTUJĪV ĻMBJĻSJUJOâUVĻDBVSĻJFSBL TUJFNNBQùN ĻSBEJPTUBDJKâNĻVOĻ57 ĻTUBDJKâN VOĻUâMSVĪBĻLPOUBLUJFN ĻWBJĻQâSWJFUPUPTĻTUBSQ 57ĻFLSâOBĻJ[WùMùN Ļ*FTUBUăKVNVĻUBVTUJĪJ ĻDJQBSVĻVOĻCVSUV JFWBEF Ļ(#8ĻqĻTBăTOFĻV[ĻJFNăĮPUPĻJFTUBUăKVNV 5BVTUJĪVĻWBSĻJFQSPHSBNNùUĻCJFxJĻJ[NBOUPUâN GVOLDJKâNĻ". Ļ'.ĻVDĻEJBQB[POâĻ1MBtâLV JOGPSNâDJKVĻTLBUJFU ĻTLBUăUĻMQQĻ Ļ/76'Ļ BVUPNBtăOâTĻCF[ĻOBWJHâDJKBT Ļr OPTQJFEJFU ĻMBJĻEFBLUJWJ[ùUVĻSBEJPNVMUJWJEFT BVEJPĻTJHOâMVĻWBJĻBUTâLUVĻBVEJPĻTJHOâMBĻBUTLB ĪPtBOV ĻKBĻUBTĻCJKJTĻJ[TMùHUT Ļ8QKEGTGEQIPKVKQPĻ BVUPNBtăOâTĻBSĻOBWJ HâDJKV ĻrĻOPTQJFEJFU ĻMBJĻBLUJWJ[ùUVĻCBMTTĻBUQB [ătBOVĻ NPCJMBKBNĻUâMSVOJNĻBSĻ#MVFUPPUI TBWJFOPKVNVĻVOĻOBWJHâDJKBTĻTJTUùNBJ Ļ':+6ĻĻĦUKPQURKGäQVĻWBSĻQâSWJFUPUJFTĻV[ BVHtVĻJ[WùĮĪVĻTJTUùNâ ĻQâSUSBVLUĻQBtSFJ[ùKP GVOLDJKV ĻQâSUSBVLUOPSBJEăUĻUâMSVĪBĻ[WBOVTĻWBJ J[E[ùTUĻJFWBEăUâTĻSBLTU[ăNFTĻ+NIKPQURKGäQV UJFLĻBLUJWJ[ùUTĻQBSBTUBJTĻTLBUTĻWBJĻBSă ĻKBĻFTBU QBSBTUBKâĻTLBUâ ĻBVHTUâLBJTĻJ[WùMĪVĻMăNFOJT HBMWFOPĻBWPUVĻTLBUT ĻLVSĻWBSBUĻTBTOJFHUĻUPT QBtVTĻHBMWFOPĻBWPUVĻUBVTUJĪVT ĻLBTĻBUSPEBT WJEVTLPOTPMùĻ Ļ+0(1ĻĻKBĻJSĻQJFFKBNTĻWBJSâLĻJOGPSNâDJKBT OFLâĻWBSĻQBSâEăUĻFLSâOâ ĻOPTQJFEJFUĻUBVTUJĪV +0(1 ĻMBJĻSFE[ùUVĻBUMJLVtPĻJOGPSNâDJKV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW +\XġNPGU 2KGOĘTđKTTGF\COCPCXKIđEKLCW\FCåđFđOHWPMEKLđOFKUMCCVUMCĺQÞCPCUNCKMđ )CNXGPđCXQVCVCWUVKĺÞ RCTCUVCKUUMCVU ĝUKPđLWOKMQPWCXQVWK\XĘNPG đVTđK\XĘNPG CXQVWK\XĘNPG `` +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW "UMBTJFUĻHBMWFOPĻBWPUV ĻOPTQJFxPUĻHBMWFOâ BWPUBĻUBVTUJĪVĻ Ļ 4#&+1/'&+#6'. Ļ-BJ QâSWJFUPUPTĻQBĻBWPUBĻJ[WùMOùN ĻJ[NBOUPKJFU WBEăCBTĻUBVTUJĪVTĻ670'1-/'07 ':+6ĻWBJ HBMWFOâĻBWPUBĻUBVTUJĪVĻ Ļ#XQVWK\XġNPGĻĻJ[WùĮĪVĻOBWJHâDJKBJĻ WBS QJFLĮÜU ĻOPTQJFxPUĻ1-/'07 (#8UCINCDęVKGUVCVĦLWOW 2+'<ÿ/' +BĻBVUPNBtăOBĻJSĻBQSăLPUBĻBSĻTUÜSFTĻWBEăCBT UBTUBUÜSVĻBSĻăLtĸSBUV ĻUPTĻWBSĻJ[NBOUPU WJEVTLPOTPMFTĻUBVTUJĪVĻWJFUâĻ 670'1- /'07':+6 ĻTLBUăUĻMQQĻ "UMBTJFUĻHBMWFOPĻBWPUVĻ QJFNùSBN 4#&+1 Ļ/'&+# *[WùMJFUJFTĻWJĮĪVĻHBSVNVĻWBJĻTLBĪBTĻBWPUV #/ Ļ&KUEĻVD *[TLBUTĻJSĻBULBSăHTĻOPĻBWPUB ĻBVUPNBtăOBTĻBQSă LPKVNB ĻJFTUBUăKVNJFNĻVD Ļ2CTCUVCKUUMCVUĻĻQBSBTUBJTĻBWPUBĻSFxăNT ĻÿUKPęLWOKMQPWCXQVWK\XġNPGĻSâEBĻHBM WFOPĻBWPUV ĻQJFNùSBN Ļ6'.ĻVOĻ/'&+#ĻCJFxJ J[NBOUPUâTĻJ[WùĮĪVĻPQDJKBTĻ WBSĻQJFLĮÜU OPTQJFxPUĻBLUăWâĻBWPUBĻHBMWFOâĻBWPUBĻUBVTUJĪV ĻóVTęK\XġNPGĻĻâUSBJTĻSFxăNT ĻLBEĻUJFL QBHSJF[UTĻUBVTUJĪtĻ670' ĻQJFNùSBN ĻNBJOPU EJTLBĻJFSBLTUVT ĻSBEJPTUBDJKBTĻVD "69 57 -BJĻTBHMBCâUVĻGVOLDJKVĻ(#8ĻUBVTUJĪâ 68GMTęPCK\XġNPGUWPUMCVK J1PE #MVFUPPUI 7BSĻJ[WùMùUJFTĻVOĻTBHMBCâUĻBSăĻ/;%#4 Ļ%#/ VOĻ0#8 ĻJFNăĮPUPTĻJFTUBUăKVNVTĻ*FNăĮPUPT JFTUBUăKVNVTĻWBSĻJ[WùMùUJFTĻVOĻTBHMBCâUĻBSăĻ[FN /;%#4Ļ1MBtâLVĻJOGPSNâDJKVĻQBSĻJ[WùMĪVĻTJT UùNVĻ/;%#4 ĻTLBUăUĻMQQĻ 1BSĻ*[WùMOFTĻQâSTLBUTĻTLBUJFUĻĻMQQ Ļ)CNXGPęCXQVCVCWUVKĮÝĻĻOPTQJFEJFU ĻMBJ JFTMùHUVĻHBMWFOâĻBWPUBĻTLBUVĻWBJĻBLUăWBKâ BWPUâĻBUWùSUVĻăTJOâKVNJLPOVBWPUVĻJ[WùMOJ p p p p /PTQJFxPUĻ(#8ĻUBVTUJĪV ĻWBSĻTBHMBCâUĻCJFxJ J[NBOUPUâTĻGVOLDJKBT ĻMBJĻGVOLDJKBTĻWBSùUV QBMBJTU ĻWJFOLâStJĻOPTQJFxPUĻ(#8Ļ,BUSBJĻGVOL DJKBJĻWBSBUĻJ[WùMùUJFTĻJFNăĮPUPĻJFTUBUăKVNV QJFN Ļ'SWCNK\GT ĻtâEJ 4#&+1ĻSFxăNâ p ". p '.'. p %"# %"# /'&+#ĻSFxăNâ p %*4$ p 64# Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 5VSJFUĻOPTQJFTUVĻ(#8ĻUBVTUJĪV ĻMăE[ĻQBSâ EâTĻJFNăĮPUPĻJFTUBUăKVNVĻJ[WùMOF 1BHSJF[JFUĻ670' ĻMBJĻJ[WùMùUPTĻLâEVĻOP TBSBLTUBĻPQDJKâN ĻVOĻOPTQJFEJFUĻ1- /'07 ĻMBJĻTBHMBCâUV ,BEĻCÜTĻBLUăWTĻHBMWFOBJTĻTLBĪBTĻBWPUT QJFN Ļ4#&+1 Ļ/'&+# ĻWBSùTJFUĻQJF LĮÜUĻTBHMBCâUBKBJĻGVOLDJKBJ ĻăTJĻOPTQJFxPU (#8 +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW 8KURęTĦIKCWFKQKGUVCVĦLWOK /PTQJFEJFUĻ5170& ĻMBJĻQJFLĮÜUVĻBVEJPĻJFTUBUă KVNVĻJ[WùMOFJĻ $CUU Ļ6TGDNG ĻVD Ļ3JUJOJFUĻV[ QSJFLtVĻBSĻ5170&ĻWBJĻ1-/'07 ĻMăE[ĻTBT OJFE[BUĻWBKBE[ăHPĻJFTUBUăKVNVĻ QJFN Ļ6TGDNG /PSFHVMùKJFUĻJFTUBUăKVNV ĻQBHSJFxPUĻ670' ĻVO TBHMBCâKJFUĻJFTUBUăKVNV ĻOPTQJFxPUĻ1-/'07 5VSQJOJFUĻTQJFTUĻ5170&ĻWBJĻ1-/'07 ĻMBJ QJFLĮÜUVĻDJUâNĻPQDJKâN p 5WTTQWPFĻĻWBSĻJFTUBUăUĻJFTMùHUâĻĻJ[TMùHUâ QP[ăDJKâĻ+BĻJSĻJ[WùMùUBĻQP[ăDJKBĻ*FTMùHUT UBEĻTJTUùNBĻJ[WùMBTĻJFTUBUăKVNVĻPQUJNâMBJ TLBĪBTĻBUWFJEFJĻ1ùDĻUBNĻQBSBTUJĻ57 Ļ+BĻJFSBL FLSâOâĻQBSâEâTĻ%1-**ĻVOĻ TUPUĻJSĻJ[NBOUPUBĻ%PMCZĻ%JHJUBMĻUFIOPMPīJKB UBEĻBUTLBĪPtBOBĻOPUJFL ĻLBEĻJ[WùMùUTĻtJT JFTUBUăKVNTĻ1ùDĻUBNĻ57ĻFLSâOâĻQBSâEâT Ļ+BĻJSĻJ[WùMùUBĻQP[ăDJKBĻ*[TMùHUT UBEĻJSĻQJFFKBNTĻĻLBOâMVĻTUFSFP p $CUUĻĻ#BTBĻMăNFOJT p 6TGDNGĻĻ"VHTUPĻUPĪVĻMăNFOJT p (CFGTĻqĻ-ăE[TWBSTĻTUBSQĻQSJFLtùKJFNĻVO BJ[NVHVSùKJFNĻTLBĮSVĪJFN p $CNCPEGĻqĻ-ăE[TWBSTĻTUBSQĻMBCâTĻVOĻLSFJ TâTĻQVTFTĻTLBĮSVĪJFN p 5WDYQQHGT ĻqĻCBTBĻTLBĮSVĪBĻMăNFOJT p &2.++EGPVTGNGXGNEJCPPGNEGPVTG NGXGNĻĻWJEùKâĻTLBĮSVĪBĻTLBĮVNT p &2.++UWTTQWPFNGXGN ĻĻqĻUFMQJTLâTĻTLB ĪBTĻMăNFOJT 2CRKNFWCWFKQKGUVCVĦLWOK 5MCĮCUDCWFĦLWOU 4LBĪBTĻCBVEăKVNVĻWBSĻPQUJNJ[ùUĻWBEăUâKB TùEFLMJN ĻBCJFNĻQSJFLtùKJFNĻTùEFLĮJFNĻWBJ BJ[NVHVSùKBNĻTùEFLMJNĻ+BĻQBTBxJFSJĻTùxĻHBO QSJFLtùKâ ĻHBOĻBJ[NVHVSùKâĻTùEFLMă ĻUBEĻJFUFJ DBNTĻPQUJNJ[ùUĻTLBĪVĻBCJFNĻQSJFLtùKJFN TùEFLĮJFNĻ0QDJKBTĻWBSĻJ[WùMùUJFTĻJ[WùMOù #WFKQUGVVKPIU 5QWPFUVCIG 4LBĮVNBĻMăNFOJĻEBxâEVĻHBSVNVĻWJĮĪJFNĻWBS SFHVMùUĻBUTFWJtĸJ 'MXCNCK\GTU 7JTQâSăHVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV TLBUăUĻMQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăU MQQĻ /PTQJFEJFUĻ1-/'07 ĻMBJĻQJFLĮÜUVĻ#WFKQ UGVVKPIU ĻVOĻJ[WùMJFUJFTĻ'SWCNK\GT #WFKQUKUVġOCUUMCīWOCWPCWVQOęVKUMę UMCīWOCMQPVTQNG *[WùMJFUJFTĻWJĮĪVĻHBSVNV ĻQBHSJFxPUĻ670' VOĻBQTUJQSJOJFU ĻOPTQJFxPUĻ1-/'07 /PSFHVMùKJFUĻTLBĪBTĻJFTUBUăKVNVT ĻQBHSJF xPUĻ670' ĻVOĻBQTUJQSJOJFU ĻOPTQJFxPUĻ1- /'07Ļ5âQBUĻUVSQJOJFUĻBSĻDJUJFNĻWJĮĪV HBSVNJFN ĻLVSVTĻWùMBUJFTĻNBJOăU ,BEĻTLBĪBTĻJFTUBUăKVNJĻJSĻWFJLUJ ĻOPTQJFEJFU ':+6 ĻMBJĻBQTUJQSJOâUVĻVOĻBUHSJF[UPTĻQBSB TUBKâĻTLBUâ 7JTQâSăHVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV TLBUăUĻMQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăU MQQĻ "VEJPTJTUùNBĻLPNQFOTùĻUSBVDùKPtPTĻUSPLt ĪVTĻTBMPOâ ĻQBMJFMJOPUĻTLBĮVNVĻBULBSăCâĻOP BVUPNPCJĮBĻâUSVNBĻ7BSĻJFTUBUăUĻ[FNV ĻWJEùKV WBJĻBVHTUVĻLPNQFOTùtBOBTĻMăNFOJĻWBJĻUP J[TMùHUĻ*[WùMJFUJFTĻMăNFOJ ĻJ[NBOUPKPUĻ#WFKQ UGVVKPIU 8QNWOGEQORGPUCVKQP 7JTQâSăHVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV TLBUăUĻMQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăU MQQĻ óTġLęCWFKQCXQVCUMCĮCUUMCīWOU +BĻ"69ĻJFFKBJĻJSĻQJFWJFOPUTĻâSùKTĻTLBĪBTĻBWPUT QJFN Ļ.1ĻBUTLBĪPUâKTĻWBJĻJ1PE ĻUBEĻQJF 5JLBJĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB 5JLBJĻUBE ĻKBĻJSĻBLUJWùUBĻGVOLDJKBĻ4VSSPVOE *[ĪFNPUĻ1FSGPSNBODF `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW WJFOPUâĻTLBĪBTĻBWPUBĻTLBĮVNTĻWBSĻBUtĸJSUJFT OPĻTJTUùNBTĻJFLtùKâĻTLBĮVNBĻ QJFN ĻSBEJP /PWùSTJFUĻUP ĻSFHVMùKPUĻJFFKBTĻTLBĮVNV /PTQJFEJFUĻ/'&+#ĻUBVTUJĪV ĻQBHSJF[JFU 670'ĻMăE[Ļ#7:ĻVOĻOPHBJEJFUĻEBxBT TFLVOEFTĻWBJĻOPTQJFEJFUĻ1-/'07 /PTQJFEJFUĻ1-/'07ĻVOĻQùDĻUBN QBHSJF[JFUĻ670'ĻQP[ăDJKâĻ#7:KPRWV XQNWOGĻ"QTUJQSJOJFUĻBSĻ1-/'07 1BHSJF[JFUĻ670' ĻMBJĻOPSFHVMùUVĻTLBĮVNV "69ĻJFFKBJ 2+'<ÿ/' +BĻâSùKâĻTLBĪBTĻBWPUBĻTLBĮVNTĻJSĻQâSâLĻMJFMT WBJĻNB[T ĻUBEĻTLBĪBTĻLWBMJUâUFĻWBSĻQBTMJLUJ OâUJFTĻ4LBĪBTĻLWBMJUâUFĻWBSĻQBTMJLUJOâUJFT BSăĻUBE ĻKBĻBUTLBĪPUâKTĻUJFLĻV[MâEùUTĻMBJLâ LBNùSĻJOGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJTUùNB BUSPEBTĻ"69ĻSFxăNâĻ5âEâĻHBEăKVNâĻOFV[ MâEùKJFUĻBUTLBĪPUâKV ĻJ[NBOUPKPUĻĻ7ĻLPO UBLUMJH[EV 1RVKOęNCUMCĮCUTGRTQFWMEKLC "VEJPTJTUùNBĻJSĻJFQSJFLtĻLBMJCSùUBĻUâ ĻMBJ OPESPtJOâUVĻPQUJNâMVĻTLBĪBTĻBUWFJEJ ĻJ[NBO UPKPUĻTJHOâMBĻDJQBSVĻBQTUSâEJ fBKâĻLBMJCSâDJKâĻĪFNUJĻWùSâĻTLBĮSVĪJ ĻQBTUJQSJ OâUâKJ ĻTBMPOBĻBLVTUJLB ĻLMBVTăUâKBĻBUSBtBOâT WJFUBĻVUUĻLBUSBJĻBVUPNPCJĮBĻNPEFĮBĻVOĻBVEJP TJTUùNBTĻLPNCJOâDJKBJ &RVBMJ[FS 4LBUJFUĻQBSJOEJĻ% *SĻBSăĻEJOBNJTLâĻLBMJCSâDJKB ĻLBTĻĪFNĻWùSâĻTLB ĮVNBĻSFHVMùtBOBTĻUBVTUJĪBĻQP[ăDJKV ĻSBEJP V[UWFStBOBTĻMăNFOJĻVOĻBVUPNPCJĮBĻâUSVNV 4MùExJ ĻQBSĻLVSJFNĻTLBJESPUTĻtBKâTĻMJFUPtBOBT JOTUSVLDJKâT ĻQJFN Ļ$CUU Ļ6TGDNGĻVO 'SWCNK\GT ĻJSĻQBSFE[ùUJĻUJLBJ ĻMBJĻMJFUPUâKTĻWBSùUV QJFMâHPUĻTLBĪVĻTBWBJĻQFSTPOăHBKBJĻHBVNFJ 7PMVNFĻDPNQFOTBUJPO 3FTFUĻBMMĻBVEJPĻTFUUJOHT " # +\XġNPGURęTUMCVU (BMWFOBKPTĻBWPUPTĻ4#&+1/'&+#ĻVOĻ6'.ĻJS tâEBTĻJ[WùMOFTĻ*OGPSNâDJKVĻQBSĻJ[WùMĪVĻOBWJ HâDJKVĻTLBUăUĻMQQĻ +\XġNPGU4#&+1 #/ICNXGPęK\XġNPG 5JQYRTGUGVU MQQĻ 4LBUJFUĻQBSJOEJĻ" 5ECP MQQ #WFKQUGVVKPIU MQQ 4LBUJFUĻQBSJOEJĻ# 4PVOEĻTUBHF 4LBUJFUĻQBSJOEJĻ$ MQQ MQQ $ % MQQ MQQ "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVN 4PVOEĻ.VMUJNFEJB "VEJPĻJFTUBUăKVNVĻJ[WùMOFTĻPQDJKBTĻJSĻUâEBTĻQBtBT ĻLâĻWJTJFN TLBĪBTĻBWPUJFN "UUJFDBTĻUJLBJĻV[Ļ1SFNJVNĻ4PVOEĻ.VMUJNFEJB /FBUUJFDBTĻV[Ļ1FGPSNBODF (/(/ICNXGPęK\XġNPG 62 MQQ 5JQYTCFKQVGZV MQQ 5JQYRTGUGVU MQQ 4LBUJFUĻQBSJOEJĻ" 5ECP MQQ 0GYUUGVVKPIU MQQ #FXCPEGFUGVVKPIU +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW 3&( "MUFSOBUJWFĻGSFRVFODZ &0/ 4FUĻ51ĻGBWPVSJUF 15:ĻTFUUJOHT 3FTFUĻBMMĻ'.ĻTFUUJOHT #WFKQUGVVKPIU MQQ MQQ # 5JQYRTGUGVU MQQ +\XġNPGU/'&+# %&CWFKQICNXGPęK\XġNPGĻ &KUEOGPW 4CPFQO MQQ MQQ 5ECP MQQ 5ECP MQQ MQQ #FXCPEGFUGVVKPIU MQQ #WFKQUGVVKPIU MQQ MQQ %"#ĻMJOLJOH MQQ %"#ĻCBOE MQQ 4VCĻDIBOOFMT #WFKQUGVVKPIU MQQ 26;HKNVGTKPI MQQ MQQ MQQ 3FTFUĻBMMĻ%"#ĻTFUUJOHT )CNXGPęK\XġNPG&#$ &#$ 'PUGODNGNGCTP MQQ 4IPXĻ15:ĻUFYU "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVN 4PVOEĻ.VMUJNFEJB *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF 5VSOĻPGGĻ15:ĻGJMUFSJOH MQQ 4LBUJFUĻQBSJOEJĻ" 4LBUJFUĻQBSJOEJĻ# " 5JQYTCFKQVGZV MQQ MQQ MQQ MQQ 4LBUJFUĻQBSJOEJĻ# " # "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVN 4PVOEĻ.VMUJNFEJB *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF 4LBUJFUĻQBSJOEJĻ" " *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF %&&8&#FCVWICNXGPęK\XġNPG &KUEOGPW 2NC[ MQQ 2CWUG 5VQR MQQ 4CPFQO MQQ 4GRGCVHQNFGT MQQ %JCPIGUWDVKVNGU MQQ %JCPIGCWFKQ VTCEM MQQ `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW 5ECP MQQ #WFKQUGVVKPIU MQQ # "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVN 4PVOEĻ.VMUJNFEJB *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF " # &8&#XKFGQICNXGPęK\XġNPGĻ &KUEOGPW &8&FKUEOGPW 5GNGEV75$FGXKEG MQQ 4LBUJFUĻQBSJOEJĻ# %JCPIGUWDVKVNGU MQQ "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVN 4PVOEĻ.VMUJNFEJB *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF %JCPIGCWFKQVTCEM MQQ 5ECP MQQ #WFKQUGVVKPIU MQQ MQQ 5VQR MQQ 5WDVKVNGU MQQ #WFKQVTCEMU MQQ #FXCPEGFUGVVKPIU MQQ MQQ MQQ MQQ K2QFICNXGPęK\XġNPG# MQQ 2NC[2CWUG%QPVKPWG "OHMF MQQ #WFKQUGVVKPIU 4LBUJFUĻQBSJOEJĻ# " 4GRGCVHQNFGT %JW9Ļ70%ĻDPEF 4CPFQO MQQ 5ECP MQQ #WFKQUGVVKPIU MQQ 4LBUJFUĻQBSJOEJĻ# " # /FBUUJFDBTĻV[Ļ1FGPSNBODF *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF " # /FBUUJFDBTĻV[Ļ1FGPSNBODF *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF )CNXGPęK\XġNPG/GFKC$NWG VQQVJ# 4CPFQO MQQ %JCPIGFGXKEG MQQ MQQ 4GOQXG$NWGVQQVJ FGXKEG MQQ 5VQR MQQ 5ECP MQQ 4CPFQO MQQ 75$ICNXGPęK\XġNPG# 2NC[ 2CWUG 4LBUJFUĻQBSJOEJĻ# +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW $NWGVQQVJUQHVYCTG XGTUKQPKPECT #WFKQUGVVKPIU MQQ MQQ 4LBUJFUĻQBSJOEJĻ# " # MQQ #WFKQUGVVKPIU MQQ 4LBUJFUĻQBSJOEJĻ" " /FBUUJFDBTĻV[Ļ1FGPSNBODF *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF #7:KPRWVXQNWOG MQQ -BJĻQJFLĮÜUVĻV[OJSTUPtBKBJĻJ[WùMOFJ ĻOPTQJF EJFUĻ1-/'07 ĻLBEĻUJFLĻSâEăUBĻWJEFPĻWBJ 57 ĻBUTLBĪPtBOB #WFKQUGVVKPIU MQQ +OCIGUGVVKPIU MQQ 4LBUJFUĻQBSJOEJĻ" #XQVCK\XġNPG MQQ *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF 4LBUJFUĻQBSJOEJĻ# 5GNGEVEQWPVT[ MQQ 4GQTICPKUGRTGUGVU MQQ #WVQUVQTG MQQ MQQ 4LBUJFUĻQBSJOEJĻ$ &8&FKUE612OGPW% " # $ $NWGVQQVJDTĦXTQMWUKUVġOCU#ICNXGPę K\XġNPGĻ 2JQPGOGPW "MMĻDBMMT .JTTFEĻDBMMT "OTXFSFEĻDBMMT %JBMMFEĻDBMMT $BMMĻEVSBUJPO &8&FKUEOGPW 68ICNXGPęK\XġNPG +\XġNPGU6'. #NNECNNU *OGPSNâDJKVĻQBSĻBQBLtJ[WùMOùNĻTLBUJFUĻOPEBĮâĻ".ĻHBMWFOâ J[WùMOF 7\PKTUVQÝęK\XġNPG#XKFGQWP68 #7:ICNXGPęK\XġNPG " 5ECP MQQ "UUJFDBTĻUJLBJĻV[ĻWJEFPĻBUTLBĪPtBOVĻWBJĻ57ĻSâEătBOV "WPUBĻJ[WùMOFTĻV[OJSTUPtBKâĻJ[WùMOùĻSFE[BNâĻJOGPSNâDJKBĻJS BULBSăHBĻOPĻUâ ĻLBTĻUJFLĻBUTLBĪPUTĻWBJĻSâEăUTĻĻUBTĻWBSĻCÜU QJFNùSBN Ļ$%%7%ĻEBUBĻNFOVĻWBJĻ64#ĻNFOV "UUJFDBTĻUJLBJĻV[Ļ%7%ĻWJEFPĻEJTLJFN 2JQPGDQQM 4FBSDI /FXĻDPOUBDU 4QFFEĻEJBMT 3FDFJWFĻW$BSE MQQ MQQ MQQ MQQ MQQ MQQ MQQ MQQ MQQ MQQ MQQ `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 8KURęTĦICKPHQTOęEKLCRCTKPHQTOęEKLCUWPK\MNCKFGUUKUVġOW .FNPSZĻTUBUVT $MFBSĻQIPOFĻCPPL MQQ MQQ 4GOQXG$NWGVQQVJFGXKEG MQQ 2JQPGUGVVKPIU 4PVOETĻBOEĻWPMVNF %PXOMPBEĻQIPOF CPPL #MVFUPPUIĻTPGUXBSF WFSTJPOĻJOĻDBS MQQ MQQ MQQ MQQ %CNNQRVKQPU "VUPĻBOTXFS &KUEQPPGEVRJQPG MQQ %JCPIGRJQPG %JTDPWFSBCMF 7PJDFNBJMĻOVNCFS MQQ " /FBUUJFDBTĻV[Ļ1FGPSNBODF MQQ MQQ +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 4CFKQ 8KURęTĦIK #WVQOęVKUMCPQTGIWNġÝCPCW\UVCEKLW 2+'<ÿ/' +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻTUÜSFTĻWBEăCBT UBTUBUÜSV ĻVOWBJĻUâMWBEăCBTĻQVMUJ ĻUBEĻCJFxJ WJFOĻUPTĻWBSĻJ[NBOUPUĻDFOUSâMâTĻLPOTPMFT UBVTUJĪVĻWJFUâĻ-BJĻBQMÜLPUVĻTUÜSFTĻWBEăCBT UBVTUJĪVĻBQSBLTUV ĻTLBUăUĻMQQĻĻ-BJĻBQMÜ LPUVĻUâMWBEăCBTĻQVMUTĻBQSBLTUV ĻTLBUăU MQQĻ 8KFWUMQPUQNGTCFKQHWPMEKLWXCFĝDC 4#&+1ĻUBVTUJĪt ĻBSĻLPĻJ[WùMBTĻWJĮĪV HBSVNVĻ ". Ļ'. Ļ'. Ļ%"# Ļ%"# *FQSJFLtĻTBHMBCâUBTĻTUBDJKBTĻ "QTUJQSJOJFUĻTBWVĻJ[WùMJĻWBJĻEPEJFUJFTĻV[ SBEJPĻJ[WùMOJ ĻOPTQJFxPUĻ1-/'07 *[WùMJFUJFTĻWBKBE[ăHPĻGSFLWFODJSBEJPTUBDJKV WBJĻQâSWJFUPKJFUJFTĻQBĻSBEJPĻJ[WùMOJ ĻQBHSJF xPUĻ670' -BJĻOPSFHVMùUVĻOâLBNPJFQSJFLtùKPĻQJF FKBNPĻSBEJPTUBDJKV ĻUVSJFUĻOPTQJFTUVĻUBVT UJĪVĻ-BJĻOPSFHVMùUVĻBUNJĪâĻTBHMBCâUV SBEJPTUBDJKV ĻăTJĻOPTQJFEJFUĻUBVTUJĪV /PTQJFEJFUĻ4#&+1 ĻQBHSJF[JFUĻ670' ĻMăE[ QBSâEâTĻWBKBE[ăHBJTĻWJĮĪBĻHBSVNTĻ #/ (/ĻVD ĻVOĻOPTQJFEJFUĻ1-/'07 5VSJFUĻOPTQJFTUVĻ ĻĻ ĻUBVTUJĪVĻV[ WJEVTLPOTPMFTĻ WBJĻTUÜSFTĻUBTUBUÜSBT 3BEJPĻNFLMùĻOâLBNPJFQSJFLtùKPĻQJF FKBNPĻSBEJPTUBDJKV +\XġNPGU 4CFKQUVCEKLWUCTCMUVU 4#&+1ĻJ[WùMOFTĻWBSĻWBEăU ĻJ[NBOUPKPUĻWJEV TLPOTPMJĻVOĻTUÜSFTĻWBEăCBTĻUBTUBUÜSV Ļ7JTQâ SăHVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV ĻTLBUăU MQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăUĻMQQĻ 3BEJPĻBVUPNâUJTLJĻTBTUâEBĻTBSBLTUVĻBSĻQBtSFJ[ V[UWFSBNBKâNĻ'.ĻSBEJPTUBDJKâN ĻLVSVĻTJHOâMT JSĻWJTTQùDăHâLBJTĻ5BTĻĮBVKĻBUSBTUĻSBEJPTUBDJKV KBĻCSBVDBUĻTWFtâĻWJFUâĻVOĻOF[JOâUĻSBEJPTUBDJKBT VOĻUPĻGSFLWFODFT 4CFKQ#/(/ -BJĻEPUPTĻV[ĻTBSBLTUVĻVOĻJ[WùMùUPTĻSBEJPTUB DJKV /GMNġÝCPC *[WùMJFUJFTĻWBKBE[ăHPĻWJĮĪVĻHBSVNVĻ (/ WBJĻ(/ 2+'<ÿ/' 6[UWFStBOBĻJSĻBULBSăHBĻHBOĻOPĻTJHOâMBĻTUJ QSVNB ĻHBOĻLWBMJUâUFTĻ5SBOTMâDJKVĻWBSĻUSBV DùUĻWBJSâLJĻGBLUPSJ ĻQJFNùSBN ĻBVHTUBTĻùLBT WBJĻUâMVĻFTPtTĻSBJEăUâKTĻ"SăĻQâSLMâKVNB MăNFOJTĻWBSĻBUtĸJSUJFTĻBULBSăCâĻOPĻWJFUBT ĻLVS BUSPEBUJFT 1BHSJF[JFUĻ670'ĻQBSĻWJFOVĻTPMJĻLâEâĻOP WJS[JFOJFNĻ5JFLĻQBSâEăUTĻTBSBLTUTĻBS WJTâNĻtBKâĻWJFUâĻV[UWFSBNBKâNĻSBEJPTUBDJ KâNĻ1BtSFJ[ĻOPSFHVMùUâĻSBEJPTUBDJKB TBSBLTUâĻJSĻOPSâEăUBĻBSĻMJFMâLJFNĻCVSUJFN 7ùMSFJ[ĻQBHSJF[JFUĻ670'ĻBCPTĻWJS[JFOPT MBJĻOPĻTBSBLTUBĻJ[WùMùUPTĻSBEJPTUBDJKV /FBUUJFDBTĻV[Ļ1FGPSNBODF Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 4CFKQ "QTUJQSJOJFUĻTBWVĻJ[WùMJ ĻOPTQJFxPUĻ1- /'07 2+'<ÿ/' p p 5JFLĻSâEăUTĻUJLBJĻUPCSăEĻV[UWFSUPĻSBEJP TUBDJKVĻGSFLWFOÀVĻTBSBLTUT ĻPGXKUĻWJTV J[WùMùUâĻWJĮĪVĻHBSVNBĻSBEJPĻGSFLWFOÀV QJMOăHTĻTBSBLTUT +BĻQBtSFJ[ĻV[UWFSUâTĻSBEJPTUBDJKBTĻTJH OâMTĻJSĻWâKt ĻSBEJPĻWBSĻOFBLUVBMJ[ùU SBEJPTUBDJKVĻTBSBLTUVĻ+BĻUâĻOPUJFL ĻUBVTUJĪVĻ LBNùSĻEJT OPTQJFEJFUĻ QMFKBĻFLSâOâĻJSĻSFE[BNTĻSBEJPTUBDJKV TBSBLTUT ĻMBJĻQâSJFUVĻV[ĻNBOVâMP NFLMùtBOVĻVOĻJ[WùMùUPTĻGSFLWFODJĻ+B SBEJPTUBDJKVĻTBSBLTUTĻWBJSTĻOFUJFL SâEăUT ĻQBHSJF[JFUĻ670'ĻQBSĻWJFOVĻTPMJ LâEâĻOPĻWJS[JFOJFN ĻMBJĻWùMSFJ[ĻQBSâEăUV ĻMBJĻQâS TBSBLTUV ĻVOĻOPTQJFEJFUĻ TMùHUV /CPWęNęOGMNġÝCPC 3ÜQOăDBTĻOPLMVTùKVNBĻJFTUBUăKVNTĻOPTBLB ĻLB QBHSJFxPUĻ670'Ļ TLBUJFUĻOPEBĮVĻ3BEJPTUBDJKV TBSBLTUTĻĻMQQ ĻSBEJPĻQBSâEBĻLPOLSùUâ WJFUâĻV[UWFSBNPĻSBEJPTUBDJKVĻTBSBLTUVĻBSĻWJT TQùDăHâLPĻTJHOâMVĻ,BEĻQBSâEâTĻSBEJPTUBDJKV ĻUBVTUJĪVĻWJEVTLPO TBSBLTUT ĻOPTQJFEJFUĻ TPMù ĻMBJĻQâSJFUVĻV[ĻNBOVâMPĻNFLMùtBOVĻ5âEù KâEJĻWBSùTJFUĻJ[WùMùUJFTĻGSFLWFODJĻOPĻTBSBLTUB LVSâĻJFLĮBVUBTĻWJTBTĻQJFFKBNâTĻJ[WùMùUâĻWJĮĪV HBSVNBĻSBEJPĻGSFLWFODFTĻ$JUJFNĻWâSEJFN TBLPU ĻQBSĻWJFOVĻTPMJĻQBHSJFxPUĻ670'ĻNBOVâ MâTĻNFLMùtBOBTĻMBJLâ ĻGSFLWFODFĻNBJOâTĻOP QJFN Ļ ĻV[Ļ Ļ.)[ĻVUNM -BJĻNBOVâMJĻJ[WùMùUPTĻSBEJPTUBDJKV /PTQJFEJFUĻ4#&+1ĻQPHV ĻQBHSJF[JFU 670' ĻMăE[ĻEJTQMFKâĻJSĻSFE[BNBĻWBKBE[ăHâ GSFLWFODFĻ #/ Ļ(/ĻVD ĻVOĻOPTQJFEJFU 1-/'07 1BHSJF[JFUĻ670' ĻMBJĻJ[WùMùUPTĻGSFLWFODJ 2+'<ÿ/' 3ÜQOăDBTĻJFTUBUăKVNTĻQBSFE[ ĻLBĻSBEJP BVUPNâUJTLJĻNFLMùĻSBEJPTUBDJKBT ĻLBTĻJSĻQJF FKBNBTĻWJFUâ ĻQBĻLVSVĻCSBVDBUĻ TLBUJFU JFQSJFLtùKPĻOPEBĮVĻ3BEJPTUBDJKV TBSBLTUT 5BÀV ĻKBĻFTBUĻQâSHâKJTĻV[ĻNBOVâMPĻNFLMù tBOVĻ OPTQJFxPUĻDFOUSâMâTĻLPOTPMFTĻ UBVTUJĪV ĻLBNùSĻUJFLĻSâEăUTĻSBEJPTUBDJKV TBSBLTUT ĻUBE ĻOâLBNSFJ[ĻJFTMùE[PUĻSBEJP KPQSPKâNĻCÜTĻOPSFHVMùUBĻNBOVâMâTĻNFLMù tBOBTĻGVOLDJKBĻ-BJĻQâSJFUVĻBUQBLBĮĻV[ 3BEJPTUBDJKVĻTBSBLTUBĻGVOLDJKV ĻQBHSJF[JFU 670'ĻQBSĻWJFOVĻTPMJĻ MBJĻQBSâEăUVĻQJMOăHV SBEJPTUBDJKVĻTBSBLTUV ĻVOĻOPTQJFEJFUĻ UBVTUJĪV MBJLâ ÙFNJFUĻWùSâ ĻLB ĻOPTQJFxPUĻ LBNùSĻSBEJPTUBDJKVĻTBSBLTUTĻOBWĻSFE[BNT UJFLĻBLUJWùUBĻ+0(1ĻGVOLDJKBĻ-BJĻTBĪFNUV QMBtâLVĻJOGPSNâDJKVĻQBSĻtPĻGVOLDJKV ĻTLBUăU MQQĻ 1ùDĻEBxâNĻTFLVOEùNĻTBSBLTUTĻJ[[ÜEĻOPĻ57 FLSâOB 2TGUGV +BĻSBEJPTUBDJKBĻWBJSTĻOFUJFLĻSâEăUB ĻQBHSJF[JFU 670'ĻQBSĻWJFOVĻTPMJĻLâEâĻOPĻWJS[JFOJFNĻVO ĻWJEVTLPOTPMFTĻUBVTUJĪV ĻMBJ OPTQJFEJFUĻ QâSJFUVĻV[ĻNBOVâMPĻNFLMùtBOVĻ WBJĻOPĻNBOVâ MâTĻSFHVMùtBOBTĻBUHSJF[UPTĻQJFĻGVOLDJKBT 3BEJPTUBDJKVĻTBSBLTUT *FQSJFLtĻJFTUBUăUâTĻWùSUăCBTĻUJFLĻJ[WùMùUBT J[NBOUPKPUĻJFQSJFLtĻJFTUBUăUPĻWùSUăCVĻTQJFEQP HBT ,BUSBNĻWJĮĪVĻHBSVNBNĻWBSĻWFJLUĻĻJFTUBUăKV NVTĻ #/ Ļ(/ĻVD +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 4CFKQ /PSFHVMùKJFUĻSBEJPTUBDJKVĻ TLBUJFUĻ.FLMù tBOBĻĻMQQ %BxBTĻTFLVOEFTĻUVSJFUĻOPTQJFTUVĻLâEVĻOP JFTUBUăKVNVĻUBVTUJĪJFNĻfBKâĻMBJLâĻJ[[ÜE TLBĪBĻVOĻBUKBVOPKBT ĻLBEĻSBEJPTUBDJKBĻJS TBHMBCâUBĻ5BHBEĻWBSĻMJFUPUĻJFTUBUăKVNV UBVTUJĪV 57ĻFLSâOâĻWBSĻBQMÜLPUĻJFQSJFLtĻJ[WùMùUV LBOâMVĻTBSBLTUVĻfPĻGVOLDJKVĻWBSĻBLUJWùUEFBL UJWùUĻ'.".ĻSFxăNâĻ[FNĻ(/OGPW 5JQY RTGUGVUĻWBJĻ#/OGPW 5JQYRTGUGVU 4&5HWPMEKLCU 3%4Ļ SBEJPĻEBUVĻTJTUùNB ĻTBWJFOPĻ'.ĻSBJEăUâ KVTĻLPQùKâĻUăLMâĻ'.ĻSBJEăUâKTĻtâEâĻUăLMâĻTÜUB JOGPSNâDJKV ĻLBTĻ3%4ĻSBEJPĻQJFtĸJSĻtâEBTĻGVO LDJKBT p "VUPNâUJTLJĻQâSTMùE[BTĻV[ĻTQùDăHâLVĻSBJ EăUâKV ĻKBĻBUUJFDăHBKâĻUFSJUPSJKâĻQBTMJLUJOâT V[UWFStBOBTĻBQTUâLĮJ p .FLMùĻQSPHSBNNBTĻWFJEV ĻQJFNùSBN TBUJLTNFTĻJOGPSNâDJKVĻWBJĻ[JĪBT p 4BĪFNĻUFLTUBĻJOGPSNâDJKVĻQBSĻQBtSFJ[ùKP SBEJPĻQSPHSBNNV 2+'<ÿ/' %BxBTĻSBEJPTUBDJKBTĻOFJ[NBOUPĻ3%4ĻWBJ J[NBOUPĻUPĻUJLBJĻEBĮùKJ +BĻWùMBNBJTĻQSPHSBNNBTĻWFJETĻJSĻBUSBTUT SBEJPĻWBSĻQâSTMùHUĻTUBDJKBT ĻQâSUSBVDPUĻQBtSFJ[ TLBOPtPĻBVEJPĻBWPUVĻ1JFNùSBN ĻKBĻUJFL J[NBOUPUTĻ$%ĻBUTLBĪPUâKT ĻUBTĻUJFLĻQâSTMùHUT QBV[FTĻSFxăNâĻ1âSUSBVLUâĻQâSSBJEFĻUJFLĻBUTLB ĪPUBĻJFQSJFLtĻJFTUBUăUBKâĻTLBĮVNâ ĻTLBUăU MQQĻĻ3BEJPĻQâSTMùE[BTĻV[ĻJFQSJFLtùKP TLBĪBTĻBWPUVĻVOĻTLBĮVNV ĻLBEĻJFTUBUăUBJTĻQSP HSBNNBTĻWFJETĻWBJSĻOFUJFLĻQâSSBJEăUT 1SPHSBNNùKBNâTĻGVOLDJKBTĻUSBVLTNF #.#4/ ĻTBUJLTNFTĻJOGPSNâDJKBĻ 62 Ļ[JĪBT 0'95 ĻVOĻQSPHSBNNVĻWFJEJĻ 26; ĻQâSUSBVD DJUBĻDJUVĻQSJPSJUâtVĻTFDăCâ ĻUVSLMâUĻUSBVLTNFJĻJS BVHTUâLâĻQSJPSJUâUFĻVOĻQSPHSBNNVĻUJQJFNĻ [FNâLâĻ-BJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKVĻQBS QâSUSBVLtBOBTĻQSPHSBNNùtBOVĻ '10Ļ&KUVCPV VOĻ'10Ļ.QECN ĻTLBUJFUĻOPEBĮVĻ&OIBODFE 0UIFSĻ/FUXPSLTĻ V[MBCPUJĻDJUJĻUăLMJ ĻqĻ&0/ UâMâLĻ/PTQJFEJFUĻ':+6 ĻMBJĻBUHSJF[UPTĻQJFĻQâS USBVLUâĻTLBĪBTĻBWPUBĻ/PTQJFEJFUĻ1-/'07 MBJĻOPE[ùTUVĻ[JĪPKVNV 5KIPCNK\ęEKLC 4JHOBMJ[âDJKVĻOFWBSĻăTMBJDăHJĻQâSUSBVLUĻWBJ J[TMùHUĻ;JĪPKVNTĻ#.#4/ĻQBSâEâTĻ57 FLSâOâ ĻLBEĻUJFLĻQâSSBJEăUTĻUSBVLTNFTĻ[JĪP KVNT 5CVKMUOGUKPHQTOęEKLCp62 făTĻGVOLDJKBTĻĮBVKĻTBUJLTNFTĻJOGPSNâDJKVĻOPTÜ UăUĻJFTUBUăUâTĻTUBDJKBTĻ3%4ĻUăLMâ ĻMBJĻQâSUSBVLUV UPĻ62ĻTJNCPMTĻOPSâEB ĻLBĻGVOLDJKBĻJSĻBLUăWB +BĻSBEJPTUBDJKBĻTQùKĻQâSSBJEăUĻTBUJLTNFTĻJOGPS NâDJKV ĻUPĻOPSâEBĻ62 ĻLBTĻTQPxJĻJ[HBJTNPKBT 57ĻFLSâOâĻ1SFUùKâĻHBEăKVNâĻ62ĻJSĻQFMùLâ LSâTâ p "LUJWùKJFUEFBLUJWùKJFUĻ'.ĻSFxăNâĻ[FNĻ(/ OGPW 62 'PJCPEGF1VJGT0GVYQTMU W\NCDQVKEKVK VĦMNK p'10 făĻGVOLDJKBĻJSĻOPEFSăHBĻVSCBOJ[ùUâĻWJEùĻBS EBVE[âNĻWJFUùKâNĻSBEJPTUBDJKâNĻ5âĻOPWùSUù BUUâMVNVĻTUBSQĻBVUPNBtăOVĻVOĻSBEJPTUBDJKV ĻMBJ OPUFJLUV ĻLBEĻQSPHSBNNBTĻGVOLDJKâNĻKâQâS USBVDĻQBtSFJ[ùKBJTĻTLBĪBTĻBWPUT p "LUJWùKJFUEFBLUJWùKJFUĻ'.ĻSFxăNâ ĻBUMBTPU LâEVĻOPĻPQDJKâNĻ[FNĻ(/OGPW #FXCPEGFUGVVKPIU '10 făĻGVOLDJKBĻUJFLĻJ[NBOUPUB ĻMBJĻCSăEJOâUVĻQBS OPQJFUOJFNĻOFHBEăKVNJFNĻWBJĻLBUBTUSPGâN "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 4CFKQ p .QECNĻqĻQâSUSBVDĻUJLBJĻUBE ĻKBĻSBEJPTUBDJKBT SBJEăUâKTĻBUSPEBTĻUVWV p &KUVCPVĻqĻQâSUSBVDĻHBEăKVNâ ĻKBĻTUBDJKBT SBJEăUâKTĻBUSPEBTĻUâMV ĻLâĻBSă ĻKBĻJSĻEBVE[ USBVDùKVNV 62PQK\XġNġVęUXCKXKUęOTCFKQUVCEKLęO -BJĻQâSSBJEăUVĻTBUJLTNFTĻJOGPSNâDJKV ĻSBEJPĻWBS QâSUSBVLUĻJ[WùMùUâTĻSBEJPTUBDJKBTĻWBJĻWJTV SBEJPTUBDJKVĻBUTLBĪPtBOVĻUJLBJĻ3%4ĻUăLMâ p '.ĻSFxăNâĻEPEJFUJFTĻV[Ļ(/OGPW #FXCPEGFUGVVKPIU 5GV62HCXQWTKVG MBJĻWFJLUVĻJ[NBJĪBT <KĮCU făTĻGVOLDJKBTĻĮBVKĻ[JĪVĻQâSSBJEFTĻOPTÜUăUĻJFTUB UăUâTĻTUBDJKBTĻ3%4ĻUăLMâ ĻMBJĻQâSUSBVLUVĻUP 0'95ĻTJNCPMTĻOPSâEB ĻLBĻGVOLDJKBĻJSĻBLUăWB p "LUJWùKJFUEFBLUJWùKJFUĻ'.ĻSFxăNâĻ[FNĻ(/ OGPW 0GYUUGVVKPIU 0GYU +\XġNġVęUTCFKQUVCEKLCUXCKXKUW TCFKQUVCEKLWRęTTCKFĦVęU\KĮCU -BJĻQâSSBJEăUVĻ[JĪBT ĻSBEJPĻWBSĻQâSUSBVLUĻJ[WùMù UâTĻSBEJPTUBDJKBTĻWBJĻWJTVĻSBEJPTUBDJKVĻBUTLBĪP tBOVĻUJLBJĻ3%4ĻUăLMâ 3ÜQOăDBTĻJFTUBUăKVNJ p '.ĻSFxăNâĻEPEJFUJFTĻV[Ļ(/OGPW 0GYUUGVVKPIU 5GVPGYUHCXQWTKVG ĻMBJ WFJLUVĻJ[NBJĪBT 2TQITCOOWXGKFKp26; 15:ĻWBSĻBUJFTUBUăUĻVOĻOPĪFNUĻ[FNĻ(/OGPW #FXCPEGFUGVVKPIU 26;UGVVKPIU 5GNGEV26; %NGCTCNN 2TQITCOOCUXGKFCOGMNġÝCPC 15:ĻGVOLDJKVĻWBSĻJ[NBOUPU ĻMBJĻJ[WùMùUPTĻWJFOV WBJĻWBJSâLVTĻQSPHSBNNBTĻWFJEVT ĻQJFNùSBN QPQNÜ[JLVĻVOĻOPQJFUOPĻLMBTJTLPĻNÜ[JLVĻ15: TJNCPMTĻOPSâEB ĻLBĻtăĻGVOLDJKBĻJSĻBLUăWBĻfă GVOLDJKBĻĮBVKĻQBSâEăUJFTĻJ[WùMùUBTĻTUBDJKBTĻ3%4 UăLMâĻOPSBJEăUBKBNĻQSPHSBNNBTĻWFJEBN făĻGVOLDJKBĻJ[WùMùUPĻQSPHSBNNBTĻWFJEVĻNFLMù WJTâĻWJĮĪVĻHBSVNBĻEJBQB[POâ "LUJWùKJFUĻ'.ĻSFxăNâ ĻWJTQJSNTĻJ[WùMPUJFT QSPHSBNNBTĻWFJEVTĻ[FNĻ(/OGPW #FXCPEGFUGVVKPIU 26;UGVVKPIU 5GNGEV26; &KJFUĻV[Ļ(/OGPW #FXCPEGFUGVVKPIU 26;UGVVKPIU 5GGM26; 1ùDĻUBNĻKâBLUJWùĻ15:ĻGVOLDJKBĻ[FNĻ(/ OGPW #FXCPEGFUGVVKPIU 26; UGVVKPIU 4GEGKXGVTCHHKEDWNNGVKPU HTQOQVJGTPGVYQTMU +BĻ15:ĻJSĻBLUJWùUT Ļ57ĻFLSâOâĻQBSâEâTĻJOEJLB UPST 15:ĻGVOLDJKVĻWBSĻEFBLUJWùUĻ'.ĻSFxăNâĻ[FNĻ(/ OGPW #FXCPEGFUGVVKPIU 26;UGVVKPIU 4GEGKXGVTCHHKEDWNNGVKPUHTQOQVJGT PGVYQTMUĻ*[WùMùUJFĻQSPHSBNNBTĻWFJEJĻ 15: OFUJFLĻBUJFTUBUăUJ '.ĻSFxăNâĻJ[WùMJFUJFTĻWJFOVĻWBJĻWBJSâLVT 15:Ļ[FNĻ(/OGPW #FXCPEGF UGVVKPIU 26;UGVVKPIU 5GNGEV26; -BJĻCFJHUVĻNFLMùtBOV ĻOPTQJFEJFUĻ':+6 p ĻWBJĻ ĻMBJĻUVSQJOâUV /PTQJFEJFUĻ NFLMùUĻDJUVĻJ[WùMùUâĻQSPHSBNNBTĻWFJEB SBJEăKVNV 2TQITCOOCUXGKFCTęFĦLWOU *[WùMùUâTĻTUBDJKBTĻQSPHSBNNBTĻWFJETĻSFE[BNT 57ĻFLSâOâ p "LUJWùKJFUEFBLUJWùKJFUĻ'.ĻSFxăNâĻ[FNĻ(/ OGPW #FXCPEGFUGVVKPIU 26; UGVVKPIU 5JQY26;VGZV +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 4CFKQ 4CFKQVGMUVU %BxBTĻ3%4ĻTUBDJKBTĻQâSSBJEBĻJOGPSNâDJKVĻQBS QSPHSBNNBTĻTBUVSV ĻNâLTMJOJFLJFNĻVUUĻfP JOGPSNâDJKVĻWBSĻQBSâEăUĻ57ĻFLSâOâ p "LUJWùKJFUEFBLUJWùKJFUĻ'.ĻSFxăNâĻ[FNĻ(/ OGPW 5JQYTCFKQVGZV #WVQOęVKUMęHTGMXGPEGUCVLCWPKPęÝCPC p#( făĻGVOLDJKBĻJ[WùMBTĻJFTUBUăUâTĻSBEJPTUBDJKBTĻSBJ EăUâKVĻBSĻWJTTQùDăHâLPĻTJHOâMVĻ-BJĻBUSBTUVĻSBJ EăUâKVĻBSĻWJTTQùDăHâLPĻTJHOâMV ĻGVOLDJKBĻWBS J[ĪùNVNBĻHBEăKVNPTĻNFLMùUĻWJTâĻ'.ĻEJBQB [POâ p "LUJWùKJFUEFBLUJWùKJFUĻ'.ĻSFxăNâĻ[FNĻ(/ OGPW #FXCPEGFUGVVKPIU #NVGTPCVKXGHTGSWGPE[ 4GĥKQPęNęUTCFKQRTQITCOOCUp4') făĻGVOLDJKBĻMJFLĻSBEJPĻUVSQJOâUĻV[UWFSUĻSFīJPOâMP SBJEăUâKV ĻQBUĻKBĻUâĻTJHOâMBĻTUJQSVNTĻJSĻNB[T 4JNCPMTĻ4')ĻOPSâEB ĻLBĻGVOLDJKBĻJSĻBLUăWB p "LUJWùKJFUEFBLUJWùKJFUĻ'.ĻSFxăNâĻ[FNĻ(/ OGPW #FXCPEGFUGVVKPIU 4') 4&5HWPMEKLWCVKGUVCVĦÝCPC 7JTVTĻSBEJPĻJFTUBUăKVNVTĻWBSĻBUJFTUBUăUĻV[ TâLPUOùKJFNĻSÜQOăDBTĻJFTUBUăKVNJFN p "UJFTUBUătBOBĻ'.ĻSFxăNâĻUJFLĻWFJLUBĻ(/ OGPW #FXCPEGFUGVVKPIU 4GUGVCNN (/UGVVKPIU 5MCīWOCTGIWNġÝCPCRTQITCOOWXGKFK 1âSUSBVDPtJFĻQSPHSBNNVĻWFJEJ ĻQJFNùSBN 0'95ĻWBJĻ62 ĻJSĻE[JSEBNJĻUBKâĻTLBĮVNâ ĻLâET V[TUâEăUTĻLBUSBNĻBUCJMTUPtBKBNĻQSPHSBNNBT WFJEBNĻ+BĻTLBĮVNBĻMăNFOJTĻJSĻOPSFHVMùUTĻQSP HSBNNBTĻQâSUSBVLVNBĻMBJLâ ĻKBVOBJTĻMăNFOJT UJLTĻTBHMBCâUT ĻMăE[LPĻUJLTĻQâSUSBVLUBĻKBVOâ QSPHSBNNB 5MGPġLKGVXKīĮCICTWOW făĻGVOLDJKBĻBVUPNâUJTLJĻNFLMùĻQJFFKBNPT LBOâMVTĻVOĻĪFNĻWùSâĻWJTVTĻQSPHSBNNBTĻUJQB GJMUSVTĻ,BEĻSBEJPTUBDJKBĻJSĻBUSBTUB ĻUâĻTLBO BQNĻBQNĻĻTFLVOEFT ĻQJSNTĻTLFOùtBOB UJFLĻBUTâLUBĻ-BJLâ ĻLBNùSĻUJFLĻBUTLBĪPUB SBEJPTUBDJKB ĻUPĻWBSĻTBHMBCâUĻBUNJĪâĻLâĻQBSBTUJ TLBUJFUĻOPEBĮVĻ1SFTFUĻĻMQQ p -BJĻTâLUVĻTLFOùtBOV Ļ'.".ĻSFxăNâ EPEJFUJFTĻV[ĻSFxăNâĻEPEJFUJFTĻV[Ļ(/ OGPW 5ECPĻWBJĻ#/OGPW 5ECP 2+'<ÿ/' 4LFOùtBOBĻBQTUâKBT ĻKBĻUJFLĻTBHMBCâUB SBEJPTUBDJKB 4CFKQUKUVġOC&#$ 8KURęTĦIK %"#Ļ EJHJUâMâĻTLBĪBTĻQâSSBJEF ĻJSĻSBEJPĻEJHJUâMâ TLBĪBTĻQâSSBJEătBOBTĻTJTUùNBĻfăĻTJTUùNB BUCBMTUBĻ%"# Ļ%"# ĻVOĻ%.# 2+'<ÿ/' %"#ĻQâSLMâKVNTĻOBWĻQJFFKBNTĻWJTVSĻ+BĻOBW QâSLMâKVNB ĻEJTQMFKBĻFLSâOâĻQBSâEâTĻ[JĪP KVNTĻ0QTGEGRVKQP 2CMCNRQLWOKWPTCFKQUVCEKLWITWRC p 5GTXKEGĻĻLBOâMT ĻSBEJPLBOâMTĻ TJTUùNB BUCBMTUBĻUJLBJĻBVEJPĻQBLBMQPKVNVT p 'PUGODNGĻĻWJFOBTĻGSFLWFODFTĻSBEJPLB OâMVĻHSVQB -CPęNWITWRWUCINCDęÝCPC 'PUGODNG NGCTP +BĻUSBOTQPSUMăE[FLMJTĻJFCSBVDĻDJUâĻBQSBJEFT [POâ ĻJFTQùKBNT ĻCÜTĻKâWFJDĻ[POâĻFTPtP LBOâMVĻHSVQVĻQSPHSBNNùtBOB 1SPHSBNNùKPUĻLBOâMVĻHSVQBT ĻUJFLĻJ[WFJEPUT BUKBVOJOâUTĻTBSBLTUTĻBSĻWJTâNĻQJFFKBNâN LBOâMVĻHSVQâNĻ4BSBLTUTĻOFUJFLĻBUKBVOJOâUT BVUPNâUJTLJ 5JLBJĻBVUPNBtăOâN ĻLBTĻBQSăLPUBTĻBSĻĻDPMMVĻFLSâOV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 4CFKQ 1SPHSBNNùtBOBĻUJFLĻWFJLUBĻJ[WùMĪVĻTJTUùNâ %"#ĻSFxăNâĻ[FNĻ&#$OGPW 'PUGODNG NGCTPĻ1SPHSBNNùtBOVĻWBSĻWFJLUĻBSăĻtâEJ 1BHSJF[JFUĻ670'ĻQBSĻWJFOVĻTPMJĻLâEâĻOP WJS[JFOJFN 1JFFKBNPĻLBOâMVĻHSVQVĻTBSBLTUâĻQBSâ EâTĻ'PUGODNGNGCTP -BJLâ ĻLBNùSĻUJFLĻBUTLBĪPUBĻSBEJPTUBDJKB ĻUâ UJFLĻTBHMBCâUBĻBUNJĪâĻLâĻQBSBTUJĻ1MBtâLV JOGPSNâDJKVĻQBSĻJFTUBUăKVNJFNĻTLBUJFUĻOPEBĮâ *FTUBUăKVNJĻUâMâL p 2+'<ÿ/' /PTQJFEJFUĻ1-/'07 5JFLĻTâLUBĻKBVOBĻQSPHSBNNùtBOB 4LFOùtBOBĻBQTUâKBT ĻKBĻUJFLĻTBHMBCâUB SBEJPTUBDJKB 1SPHSBNNùtBOVĻWBSĻBUDFMU ĻOPTQJFxPUĻ':+6 0CXKIęEKLCRCMCPęNWITWRWUCTCMUVW QDLGMVWITWRW -BJĻQâSWJFUPUPTĻQBĻLBOâMVĻHSVQVĻTBSBLTUVĻVO UBNĻQJFLĮÜUV ĻQBHSJF[JFUĻ670'Ļ&OTFNCMFĻHSV QBTĻOPTBVLVNTĻJSĻSFE[BNTĻ57ĻFLSâOBĻBVHt EBĮâĻ1âSTMùE[PUĻV[ĻKBVOPĻ&OTFNCMFĻHSVQV OPTBVLVNTĻNBJOâTĻV[ĻKBVOP p 5GTXKEGĻĻSâEBĻLBOâMVTĻOFBULBSăHJĻOP LBOâMVĻHSVQBT ĻLVSBJĻUJFĻQJFEFSĻ4BSBLTUV WBSĻGJMUSùUĻBSă ĻJ[NBOUPKPUĻQSPHSBNNBT WFJEBĻJ[WùMJĻ 26;HKNVGTKPI ĻTLBUJFUĻUâMâL 5MGPġÝCPC făĻGVOLDJKBĻBVUPNâUJTLJĻNFLMùĻTQùDăHâLâT SBEJPTUBDJKBTĻtBKPTĻWJĮĪVĻHBSVNPTĻ,BEĻSBEJP TUBDJKBĻJSĻBUSBTUB ĻUâĻTLBOĻBQNĻBQNĻ TFLVOEFT ĻQJSNTĻTLFOùtBOBĻUJFLĻBUTâLUB %"#ĻSFxăNâĻEPEJFUJFTĻV[Ļ&#$OGPW 5ECP ĻMBJĻTâLUVĻTLFOùtBOV 4LFOùtBOVĻWBSĻJ[WùMùUJFTĻBSăĻ%"#15:ĻSFxăNâ 5âEâĻHBEăKVNâĻUJFLĻBUTLBĪPUBTĻUJLBJĻJFQSJFLt JFTUBUăUâĻWFJEBĻQSPHSBNNBT 2TQITCOOCUXGKFU 26; *[NBOUPKPUĻQSPHSBNNBTĻWFJEBĻGVOLDJKV ĻWBS J[WùMùUJFTĻEBxâEVĻWFJEVĻSBEJPQSPHSBNNBTĻ*S WBJSâLJĻBUtĸJSăHJĻQSPHSBNNVĻWFJEJ ĻLBTĻJFUWFS BSăĻBUtĸJSăHBTĻQSPHSBNNVĻLBUFHPSJKBTĻ1ùD QSPHSBNNBTĻWFJEBĻJ[WùMFTĻQâSWJFUPtBOâT OPUJFLĻUJLBJĻQBĻUJFNĻLBOâMJFN ĻLBTĻQâSSBJEBĻtP UJQV 1SPHSBNNBTĻWFJEVĻWBSĻJ[WùMùUJFTĻ%"#ĻSFxăNâ [FNĻ&#$OGPW 26;HKNVGTKPIĻ*[FKJFUĻOPĻtă SFxăNBĻtâEJ p /PTQJFEJFUĻ':+6 "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB +BĻ15:ĻJSĻBLUJWùUT Ļ57ĻFLSâOâĻQBSâEâT JOEJLBUPST "UTFWJtĸPTĻHBEăKVNPTĻ%"#ĻSBEJPĻJ[JFTĻOPĻ15: SFxăNB ĻLBEĻUJFLĻJ[WFJEPUTĻ%"#ĻĻ%"#ĻTBWJF OPKVNTĻ TLBUăUĻUVSQNâL 2TGUGV ,BUSBNĻWJĮĪVĻHBSVNBNĻWBSĻTBHMBCâUĻĻSBEJP TUBDJKVĻJFTUBUăKVNVTĻ%"#ĻJSĻĻJFTUBUăKVNVĻBUNJ ĪBTĻ&#$ĻVOĻ&#$Ļ"UNJĪBTĻJFTUBUăKVNV TBHMBCâtBOBĻOPUJFL ĻUVSPUĻOPTQJFTUVĻJ[WùMùUP BUNJĪBTĻUBVTUJĪVĻ1MBtâLVĻJOGPSNâDJKVĻTLBUăU MQQĻĻ*FQSJFLtĻJFTUBUăUâTĻWùSUăCBTĻUJFLĻJ[Wù MùUBT ĻJ[NBOUPKPUĻJFQSJFLtĻJFTUBUăUPĻWùSUăCV TQJFEQPHBT *FQSJFLtùKBJTĻJFTUBUăKVNTĻTBUVSĻWJFOVĻLBOâMV CFUĻOFĻBQBLtLBOâMVĻ+BĻUJFLĻBUTLBĪPUTĻBQBLt LBOâMTĻVOĻTBHMBCâUTĻJFQSJFLtùKBJTĻJFTUBUăKVNT UBEĻTJTUùNBĻSFīJTUSùĻUJLBJĻHBMWFOPĻLBOâMVĻ5BT JSĻUâEùĮ ĻLBĻBQBLtLBOâMJĻJSĻăTMBJDăHJĻ/âLBNBKâ NùīJOâKVNâĻJ[HÜUĻJFQSJFLtùKPĻJFTUBUăKVNV ĻUJLT BUTLBĪPUTĻLBOâMT ĻLBTĻTBUVSùKBĻBQBLtLBOâMV *FQSJFLtùKBJTĻJFTUBUăKVNTĻOBWĻBULBSăHTĻOP LBOâMVĻTBSBLTUB 57ĻFLSâOâĻWBSĻBQMÜLPUĻJFQSJFLtĻJ[WùMùUV LBOâMVĻTBSBLTUVĻfPĻGVOLDJKVĻWBSĻBLUJWùUEFBL UJWùUĻ%"#ĻSFxăNâĻ[FNĻ&#$OGPW 5JQY RTGUGVU +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 4CFKQ 2+'<ÿ/' 4LBĪVĻTJTUùNBTĻ%"#ĻTJTUùNBĻOFBUCBMTUB WJTBTĻ%"#ĻTUBOEBSUBĻGVOLDJKBT 4CFKQVGMUVU %BxBTĻSBEJPTUBDJKBTĻQâSSBJEBĻJOGPSNâDJKVĻQBS QSPHSBNNBTĻTBUVSV ĻJ[QJMEăUâKJFNĻVDĻfăĻJOGPS NâDJKBĻQBSâEâTĻ57ĻFLSâOâ fPĻGVOLDJKVĻWBSĻEFBLUJWùUBLUJWùUĻ%"#ĻSFxăNâ [FNĻ&#$OGPW 5JQYTCFKQVGZV 2+'<ÿ/' 7JFOMBJLVTĻWBSĻBLUJWùUĻUJLBJĻWJFOVĻOPĻtăN GVOLDJKâNĻĻ5JQYTCFKQVGZVĻWBJĻ5JQY RTGUGVUĻ+BĻLâEBĻOPĻUâNĻUJFLĻBLUJWùUB MBJLâ ĻLBEĻKBVĻJSĻJFTMùHUBĻPUSBĻGVOLDJKB ĻUBE JFQSJFLtĻBLUJWùUâĻGVOLDJKBĻUJFLĻBVUPNâUJTLJ J[TMùHUBĻ"CBTĻGVOLDJKBTĻWBSĻEFBLUJWùU QBtSFJ[ùKâĻLBOâMBĻJ[TMùHtBOVĻVOĻQâSFKVĻV[ KBVOPĻLBOâMVĻWBSĻCÜUĻăTMBJDăHTĻLMVTVNT fPĻGVOLDJKVĻWBSĻBLUJWùUEFBLUJWùUĻ%"#ĻSFxăNâ [FNĻ&#$OGPW #FXCPEGFUGVVKPIU &#$NKPMKPI 8KīĮWICTWOU %"#ĻWBSĻQâSSBJEăUĻEJWPTĻWJĮĪVĻHBSVNPT p $CPF+++ĻĻQâSLMâKVNTĻJSĻQJFFKBNTĻHBOESă[ WJTVS p .$CPFĻĻQâSLMâKVNTĻJSĻQJFFKBNTĻUJLBJ EBxâTĻUFSJUPSJKâT *[WùMPUJFT ĻQJFNùSBN ĻUJLBJĻ$CPF+++ ĻLBOâMV QSPHSBNNùtBOBĻOPUJFLĻâUSâLĻOFLâ ĻKBĻJSĻJ[Wù MùUTĻHBOĻ$CPF+++ ĻHBOĻ.$CPFĻ7JTBTĻHSVQBT WBSĻOFBUSBTUĻ7JĮĪVĻHBSVNBĻJ[WùMFĻOFJFUFLNù TBHMBCâUâTĻBUNJĪBT 2CRKNFWKGUVCVĦLWOK 7JĮĪVĻHBSVNVTĻWBSĻEFBLUJWùUBLUJWùUĻ%"# SFxăNâĻ[FNĻ&#$OGPW #FXCPEGF UGVVKPIU &#$DCPF &#$&#$UCXKGPQLWOU #RCMÝMCPęNU %"#ĻĻ%"#ĻTBWJFOPKVNTĻOP[ăNù ĻLBĻ%"# SBEJPĻWBSĻQâSJFUĻOPĻWJFOBĻLBOâMBĻBSĻTMJLUVĻTJH OâMVĻWBJĻCF[ĻTJHOâMBĻV[ĻDJUâĻLBOâMVĻHSVQâ FTPtVĻUPĻQBtVĻLBOâMVĻBSĻMBCâLVĻTJHOâMVĻ.BJ OPUĻLBOâMBĻHSVQV ĻWBSĻCÜUĻBJ[LBWFĻ-BJLâĻTUBSQ 4FLVOEâSJFĻLPNQPOFOUJĻQBSBTUJĻUJFLĻEùWùUJĻQBS BQBLtLBOâMJFNĻ5JFĻJSĻăTMBJDăHJĻVOĻWBSĻJFUWFSU QJFN ĻHBMWFOâTĻQSPHSBNNBTĻUVMLPKVNVTĻDJUâT WBMPEâT +BĻUJFLĻQâSSBJEăUTĻWJFOTĻWBJĻWBJSâLJĻBQBLtLBOâMJ UBEĻ57ĻFLSâOâĻQBĻLSFJTJĻOPĻLBOâMBĻOPTBVLVNB UJFLĻQBSâEăUTĻTJNCPMTĻ Ļ"QBLtLBOâMTĻUJFL QBSâEăUTĻBSĻTJNCPMVĻ ĻLBTĻ57ĻFLSâOâĻQBSâEâT QBĻLSFJTJĻOPĻLBOâMBĻOPTBVLVNB /PTQJFEJFUĻ ĻMBJĻQJFLĮÜUVĻBQBLtLBOâMJFN "QBLtLBOâMJFNĻWBSĻQJFLĮÜUĻUJLBJĻJ[WùMùUBKâĻHBM WFOBKâĻLBOâMâ ĻOFWJTĻLâEâĻDJUâĻLBOâMâ ĻOFJ[Wù MPUJFTĻUP "QBLtLBOâMVĻSâEătBOVĻWBSĻEFBLUJWùUBLUJWùU %"#ĻSFxăNâĻ[FNĻ&#$OGPW #FXCPEGF UGVVKPIU 5WDEJCPPGNU 2TQITCOOCUXGKFCVGMUVU %BxBTĻSBEJPTUBDJKBTĻQâSSBEBĻJOGPSNâDJKVĻQBS QSPHSBNNBTĻWFJEVĻVOĻLBUFHPSJKVĻ*OGPSNâDJKV QBSĻ1SPHSBNNVĻWFJEJĻqĻ15:ĻTLBUJFUĻĻMQQ făĻJOGPSNâDJKBĻQBSâEâTĻ57ĻFLSâOâ fPĻGVOLDJKVĻWBSĻBLUJWùUEFBLUJWùUĻ%"#ĻSFxăNâ [FNĻ&#$OGPW #FXCPEGFUGVVKPIU 5JQY26;VGZV &#$KGUVCVĦLWOWCVKGUVCVĦÝCPC 7JTVTĻ%"#ĻJFTUBUăKVNVTĻWBSĻBUJFTUBUăUĻV[ĻTâLPU OùKJFNĻSÜQOăDBTĻJFTUBUăKVNJFN p "UJFTUBUătBOVĻ%"#ĻSFxăNâĻWBSĻWFJLUĻ[FN &#$OGPW #FXCPEGFUGVVKPIU 4GUGVCNN&#$UGVVKPIU /FĻWJTâTĻ[POâTWBMTUăTĻJ[NBOUPĻBCVTĻWJĮĪVĻHBSVNVT +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC /GFKLWCVUMCĮQVęLU 8KURęTĦIK 5BVTUJĪtĻ/'&+#ĻBLUJWJ[ùĻQùEùKPĻBLUăWP NFEJKVĻBWPUVĻ+BĻNFEJKVĻBWPUTĻKBVĻJS BUWùSUTĻVOĻUJFLĻOPTQJFTUTĻUBVTUJĪtĻ/'&+# QBSâEâTĻTBătĪVĻJ[WùMOFĻBSĻCJFxJĻMJFUPUBKâN J[WùMOFTĻPQDJKâN .VMUJWJEFTĻBUTLBĪPUâKâĻWBSĻBUTLBĪPUĻBVEJPĻVO WJEFPĻTJHOâMVĻOPĻ$%%7% ĻEJTLJFNĻVOĻâSùKJ QJFWJFOPUJFNĻBVEJPĻBWPUJFN ĻJ[NBOUPKPU "6964# ĻJFFKV ĻWBJĻTUSBVNùUĻBVEJPĻGBJMVTĻOP âSùKâNĻJFSăDùN ĻJ[NBOUPKPUĻCF[WBEVĻTBWJFOP KVNVĻ#MVFUPPUIĻ/PUFJLUJĻNVMUJWJEFTĻBUTLBĪP UâKJĻJSĻBQSăLPUJĻBSĻUFMFWă[JKBTĻV[UWùSùKV ĻVOĻWBS TB[JOâUJFTĻBSĻNPCJMPĻUâMSVOJĻ TLĻĻMQQ J[NBOUPKPUĻ#MVFUPPUI $JQBSVĻVOĻCVSUVĻJFWBEF "QTUJQSJOJFUĻTBWVĻJ[WùMJĻWBJĻEPEJFUJFTĻV[ J[WùMùUâĻEBUVĻOFTùKBĻBWPUBĻJ[WùMOJ ĻOPTQJF xPUĻ1-/'07 *[WùMJFUJFTĻEJTLBĻJFSBLTUVTNBQFTĻWBJĻQâS WJFUPKJFUJFTĻTUBSQĻJ[WùMOFTĻPQDJKâN ĻQBHSJF xPUĻ670' %&&8&HWPMEKLCU 5JOJFUĻV[ĻQSJFLtVBUQBLBĮĻVOĻNBJOJFUĻEJTLB JFSBLTUVĻWBJĻOPEBĮV .FEJKVĻBUTLBĪPUâKTĻBUCBMTUBĻVOĻWBSĻBUTLBĪPU tâEVĻUJQVĻEJTLVĻVOĻGBJMVT p *FQSJFLtĻJFSBLTUăUVTĻLPNQBLUEJTLVTĻ $% "VEJP p 8KFWUMQPUQNGUXCFĝDCURCPGNKU %JTLVĻJFWJFUPtBOBTĻVOĻJ[CăEătBOBTĻBUWFSF %JTLBĻJ[CăEătBOB *FSBLTUăUVTĻLPNQBLUEJTLVTĻBSĻBVEJPĻVOĻ WBJĻWJEFPĻGBJMJFN p *FQSJFLtĻJFSBLTUăUVTĻ%7%ĻWJEFPĻEJTLV p *FSBLTUăUVTĻ%7%ĻEJTLVTĻBSĻBVEJPĻVOĻĻWBJ WJEFPĻGBJMJFN 1MBtâLVĻJOGPSNâDJKVĻQBSĻBUCBMTUăUBKJFNĻGPSNâ UJFN ĻTLBUăUĻMQQĻ "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB "UUJFDBTĻUJLBJĻV[Ļ%7%ĻEJTLJFN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 2+'<ÿ/' +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻTUÜSFTĻWBEăCBT UBTUBUÜSV ĻVOWBJĻUâMWBEăCBTĻQVMUJ ĻUBEĻCJFxJ WJFOĻUPTĻWBSĻJ[NBOUPUĻDFOUSâMâTĻLPOTPMFT UBVTUJĪVĻWJFUâĻ-BJĻBQMÜLPUVĻTUÜSFTĻWBEăCBT UBVTUJĪVĻBQSBLTUV ĻTLBUăUĻMQQĻĻ-BJĻBQMÜ LPUVĻUâMWBEăCBTĻQVMUTĻBQSBLTUV ĻTLBUăU MQQĻ +\XġNPGU /'&+#ĻJ[WùMOFTĻWBSĻWBEăU ĻJ[NBOUPKPUĻWJEV TLPOTPMJĻVOĻTUÜSFTĻWBEăCBTĻUBTUBUÜSV Ļ7JTQâ SăHVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV ĻTLBUăU MQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăUĻMQQĻ &KUMCCVUMCĮQÝCPCUUęMÝCPC /PTQJFEJFUĻ/'&+#ĻQPHV ĻQBHSJF[JFUĻ670' MăE[ĻEJTQMFKâĻUJFLĻQBSâEăUTĻ&KUE ĻVOĻOPTQJFEJFU 1-/'07Ļ+BĻNFEJKVĻBUTLBĪPUâKâĻBUSPEBT EJTLT ĻUBEĻBVUPNâUJTLJĻUJFLĻTâLUBĻUâĻBUTLBĪP tBOBĻ1SFUùKâĻHBEăKVNâĻ57ĻFLSâOâĻQBSâEâT +PUGTVFKUEĻ1ùDĻUBNĻJFWJFUPKJFUĻEJTLVĻBS BQSBLTUăUPĻQVTJĻBVHtVQĻ%JTLBĻBUTLBĪPtBOB TâLBTĻBVUPNâUJTLJ +BĻBUTLBĪPUâKâĻUJFLĻJFWJFUPUTĻEJTLTĻBSĻBVEJPĻ WJEFPĻGBJMJFN ĻUBEĻJSĻKâJFMâEùĻEJTLBĻNBQFT TUSVLUÜSBĻ"ULBSăCâĻOPĻEJTLBĻLWBMJUâUFTĻVO JOGPSNâDJKBTĻEBVE[VNB ĻJFTQùKBNT ĻQBJFT OFMJFMTĻCSăEJT ĻQJSNTĻTâLTJFTĻBUTLBĪPtBOB +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC /GFKLWCVUMCĮQVęLU &KUMCK\ĮGOÝCPC %JTLTĻQBMJFLĻJ[CăEăUTĻBQNùSBNĻĻTFLVOEFT QùDĻUBNĻUBTĻESPtăCBTĻBQTWùSVNVĻEùĮĻUJFLĻJFCă EăUTĻBUQBLBĮĻBUTLBĪPUâKâ 2CW\G +BĻTLBĮVNTĻUJFLĻQJMOăHJĻTBNB[JOâUTĻWBJĻUJFL OPTQJFTUTĻUBVTUJĪtĻ.65&Ļ ,MVTJOâU ĻNFEJKV BUTLBĪPUâKBĻEBSCăCBĻUJFLĻBQUVSùUBĻ+BĻTLBĮVNT UJFLĻQBMJFMJOâUTĻWBJĻWùMSFJ[ĻUJFLĻOPTQJFTUTĻUBVT UJĪtĻ.65&Ļ ,MVTJOâU ĻNFEJKVĻBUTLBĪPUâKTĻTâL EBSCPUJFTĻ1BV[JĻWBSĻJFTMùHUĻBSă ĻJ[WùĮĪVĻTJT UùNâĻOPTQJFxPUĻ1-/'07ĻVOĻBUMBTPUĻ2NC[ 2CWUG #VUMCĮQÝCPCWPPCXKIęEKLC %&CWFKQFKUMK 1BHSJF[JFUĻ670' ĻMBJĻQJFLĮÜUVĻEJTLBĻBUTLBĪP tBOBTĻTBSBLTUBNĻVOĻQâSWJFUPUPTĻQBĻTBSBLTUV /PTQJFEJFUĻ1-/'07 ĻMBJĻBQTUJQSJOâUVĻEJTLB JFSBLTUBĻJ[WùMJĻVOĻTâLUVĻBUTLBĪPtBOVĻ/PTQJF EJFUĻ':+6 ĻMBJĻBUDFMUVĻVOĻJ[JFUVĻOPĻBUTLBĪPtB OBTĻTBSBLTUBĻ5VSPUĻOPTQJFTUVĻ':+6 ĻWBS EPUJFTĻV[ĻBUTLBĪPtBOBTĻTBSBLTUBĻTâLVNB MăNFOJ %JTLBĻJFSBLTUVTĻWBSĻNBJOăUĻBSă ĻOPTQJFxPU ĻĻ ĻWBJĻWBEăCBT WJEVTLPOTPMFTĻUBVTUJĪVĻ UBVTUJĪVĻV[ĻTUÜSFT +GTCMUVĦVCFKUMCCWFKQXKFGQHCKNK 1BHSJF[JFUĻ670' ĻMBJĻQJFLĮÜUVĻEJTLBĻBUTLBĪP tBOBTĻTBSBLTUBNĻĻNBQFTĻTUSVLUÜSBJĻVOĻQâS WJFUPUPTĻQBĻTBSBLTUVĻĻTUSVLUÜSVĻ/PTQJFEJFU 1-/'07 ĻMBJĻBQTUJQSJOâUVĻBQBLtNBQFTĻJ[WùMJ WBJĻTâLUVĻBUTLBĪPUĻJ[WùMùUPĻBVEJPĻĻWJEFPĻGBJMV /PTQJFEJFUĻ':+6 ĻMBJĻQâSUSBVLUVĻVOĻJ[JFUVĻOP BUTLBĪPtBOBTĻTBSBLTUBĻWBJĻEPUPTĻV[ĻBVHtV BUQBLBĮ ĻNBQFTĻTUSVLUÜSâĻ5VSPUĻOPTQJFTUV ':+6 ĻWBSĻEPUJFTĻV[ĻBUTLBĪPtBOBTĻTBSBLTUB TâLVNBĻMăNFOJ "VEJPWJEFPĻGBJMVTĻWBSĻNBJOăUĻBSă ĻOPTQJFxPU WJEVTLPOTPMFTĻUBVTUJĪVĻ ĻĻ ĻWBJĻWBEăCBT UBVTUJĪVĻV[ĻTUÜSFT "VEJPĻGBJMJĻJSĻBQ[ăNùUJĻBSĻTJNCPMVĻ ĻWJEFP GBJMJĻĻBSĻTJNCPMVĻ ĻVOĻNBQFTĻĻBSĻTJN CPMVĻ ,BEĻJSĻQBCFJHUBĻGBJMBĻBUTLBĪPtBOB ĻUVSQJOâT DJUVĻtBKâĻNBQùĻFTPtPĻGBJMVĻ UâĻQBtBĻUJQB BUTLBĪPtBOBĻ.BQFTĻNBJĪBĻOPUJFLĻBVUPNâ UJTLJ ĻLBEĻWJTJĻtBKâĻNBQùĻFTPtJFĻGBJMJĻJSĻBUTLB ĪPUJĻ4JTUùNBĻBVUPNâUJTLJĻOPTBLBĻJFTUBUăKVNV VOĻUPĻNBJOB ĻKBĻNFEJKVĻBUTLBĪPUâKâĻJSĻJFWJFUPUT EJTLT ĻLBTĻTBUVSĻUJLBJĻBVEJPĻGBJMVTĻWBJĻUJLBJ WJEFPĻGBJMVT ĻVOĻQùDĻUBNĻTâLĻUPTĻBUTLBĪPU 5BÀVĻTJTUùNBĻOFNBJOBĻJFTUBUăKVNV ĻKBĻNFEJKV BUTLBĪPUâKâĻJSĻJFWJFUPUTĻEJTLT ĻLBTĻTBUVSĻHBO BVEJP ĻHBOĻWJEFPĻGBJMVTĻ5âĻWJFUâĻBUTLBĪPUâKT UVSQJOBĻBUTLBĪPUĻJFQSJFLtĻJ[WùMùUPĻGBJMVĻUJQV 2+'<ÿ/' 7JEFPĻGJMNBĻUJFLĻSâEăUBĻUJLBJ ĻLBNùSĻBVUPNP CJMJTĻTUâWĻ5JLMăE[ĻBVUPNPCJĮBĻâUSVNTĻQâS TOJFE[ĻBQNùSBNĻĻLNI ĻBUUùMTĻJ[[ÜEĻVO EJTQMFKBĻFLSâOâĻQBSâEâTĻ0QXKUWCNOGFKC CXCKNCDNGYJKNGFTKXKPI ĻUBÀVĻTLBĪV KPQSPKâNĻWBSĻE[JSEùUĻ"UUùMTĻUJFLĻBULBM SâEăUT ĻUJLMăE[ĻBVUPNPCJĮBĻâUSVNTĻTBNB[J OâTĻMăE[ĻBQNùSBNĻĻLNI 2+'<ÿ/' "UTLBĪPUâKTĻWBSĻOFBUTLBĪPUĻEBxVTĻBVEJP GBJMVT ĻLVSVTĻJFSBLTUVĻLPNQâOJKBTĻJSĻBJ[TBS HâKVtBTĻQSFUĻLPQùtBOV ĻWBJĻQSJWâUJĻQâSSBL TUăUPTĻBVEJPĻGBJMVT &8&XKFGQFKUMK *OGPSNâDJKVĻQBSĻ%7%ĻWJEFPĻEJTLVĻBUTLBĪP tBOV ĻTLBUăUĻMQQĻ 2CVĦÝCPCW\RTKGMÝWCVRCMCī 5VSJFUĻOPTQJFTUVTĻUBVTUJĪVTĻ ĻĻ ĻMBJĻUăUV V[ĻQSJFLtVBUUăUVĻBUQBLBĮĻ"VEJPĻGBJMJĻUJFLĻUăUJĻV[ QSJFLtVBUQBLBĮĻWJFOâĻâUSVNâ ĻCFUĻWJEFPĻGBJMVT /FBUUJFDBTĻV[Ļ$%Ļ"VEJP "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB +BĻJSĻBLUJWùUTĻ3FQFBUĻGPMEFS ĻUBEĻUBTĻOFOPUJFL Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC /GFKLWCVUMCĮQVęLU WBSĻUăUĻV[ĻQSJFLtVBUQBLBĮĻEBxâEPTĻâUSVNPT ĻĻ ĻMBJ "ULâSUPUJĻOPTQJFEJFUĻUBVTUJĪVTĻ QBMJFMJOâUVĻâUSVNVĻWJEFPĻGBJMVĻUătBOBJĻV[ QSJFLtVBUUătBOBJĻBUQBLBĮĻ"UMBJEJFUĻUBVTUJĪV ĻMBJ BUTâLUVĻTLBUătBOPTĻQBSBTUBKâĻâUSVNâ 5MGPġLKGV făĻGVOLDJKBĻBUTLBĪPĻLBUSBĻEJTLBĻJFSBLTUBBVEJP GBJMBĻQJSNâTĻEFTNJUĻTFLVOEFTĻ-BJĻTLFOùUV /PTQJFEJFUĻ1-/'07 1BHSJF[JFUĻ670'ĻMăE[Ļ5ECP 5JFĻBUTLBĪPUBTĻLBUSBĻEJTLBĻJFSBLTUBĻWBJ BVEJPĻGBJMBĻQJSNâTĻĻTFLVOEFT 4LFOùtBOVĻWBSĻBUDFMU ĻOPTQJFxPUĻ':+6 "UTLBĪPUBJTĻEJTLBĻJFSBLTUTĻWBJĻBVEJPĻGBJMT UVSQJOâTĻTLBOùU 0GLCWÝCK\XġNG făĻGVOLDJKBĻJFSBLTUVTĻBUTLBĪPĻOFKBVtâĻTFDăCâ -BJĻLMBVTăUPTĻJFSBLTUVTĻOFKBVtJĻJ[WùMùUâĻTFDăCâ %JTLBĻJFSBLTUVTBVEJPĻGBJMVTĻWBSĻNBJOăU OPTQJFxPUĻWJEVTLPOTPMFTĻUBVTUJĪVĻ ĻĻ WBJĻWBEăCBTĻUBVTUJĪVĻV[ĻTUÜSFT #VMęTVQÝCPCUOCRG făĻGVOLDJKBĻĮBVKĻWBJSâLLâSUĻBUTLBĪPUĻNBQùĻFTP tPTĻGBJMVTĻ,BEĻJSĻBUTLBĪPUTĻQùEùKBJTĻGBJMT BULBMĻTâLBTĻQJSNâĻGBJMBĻBUTLBĪPtBOB /PTQJFEJFUĻ1-/'07 1BHSJF[JFUĻ670'ĻMăE[Ļ4GRGCVHQNFGT -BJĻBLUJWùUVEFBLUJWùUVĻtPĻGVOLDJKV OPTQJFEJFUĻ1-/'07 2+'<ÿ/' 7JEFPĻGJMNBĻUJFLĻSâEăUBĻUJLBJ ĻLBNùSĻBVUPNP CJMJTĻTUâWĻ5JLMăE[ĻBVUPNPCJĮBĻâUSVNTĻQâS TOJFE[ĻBQNùSBNĻĻLNI ĻBUUùMTĻJ[[ÜEĻVO EJTQMFKBĻFLSâOâĻQBSâEâTĻ0QXKUWCNOGFKC CXCKNCDNGYJKNGFTKXKPI ĻUBÀVĻTLBĪV KPQSPKâNĻWBSĻE[JSEùUĻ"UUùMTĻUJFLĻBULBM SâEăUT ĻUJLMăE[ĻBVUPNPCJĮBĻâUSVNTĻTBNB[J OâTĻMăE[ĻBQNùSBNĻĻLNI 2ęTXKGVQÝCPęURC&8&XKFGQFKUMC K\XġNPK &8&XKFGQFKUMWCVUMCĮQÝCPC #VUMCĮQÝCPC "UTLBĪPKPUĻ%7%ĻWJEFPĻEJTLV ĻEJTQMFKâĻWBS QBSâEăUJFTĻEJTLBĻJ[WùMOFĻ%JTLBĻJ[WùMOFĻĮBVK QJFLĮÜUĻQBQJMEVĻGVOLDJKâNĻVOĻJFTUBUăKVNJFN QJFNùSBN ĻTVCUJUSV ĻWBMPEBTĻVOĻBJOBTĻJ[WùMFJ /PTQJFEJFUĻ1-/'07 1BHSJF[JFUĻ670'ĻMăE[Ļ4CPFQO -BJĻBLUJWùUVEFBLUJWùUVĻtPĻGVOLDJKV OPTQJFEJFUĻ1-/'07 /FBUUJFDBTĻV[Ļ%7%ĻWJEFPĻEJTLJFN "UUJFDBTĻUJLBJĻV[ĻBVEJPĻĻWJEFPĻGBJMJFN ĻLBTĻJFSBLTUăUJĻEJTLPTĻWBJĻ64#Ļ[JCBUNJĪâ "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 1âSWJFUPtBOâTĻQBĻ%7%ĻWJEFPĻEJTLBĻJ[WùMOJ OPUJFL ĻJ[NBOUPKPUĻWJEVTLPOTPMFTĻDJQBSVĻUBV TUJĪVT ĻLâĻSFE[BNTĻBUUùMâĻJFQSJFLt +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC /GFKLWCVUMCĮQVęLU 5CFCīCUXCKPQUCWMWOCOCKĮC 1BHSJF[JFUĻ670' ĻMBJĻQJFLĮÜUVĻTBEBĮVĻTBSBL TUBNĻVOĻQâSWJFUPUPTĻQBĻUâNĻ KBĻUPCSăEĻUJFL BUTLBĪPUBĻGJMNB ĻUâĻUJFLĻQBV[ùUB Ļ/PTQJFEJFU 1-/'07 ĻMBJĻJ[WùMùUPTĻTBEBĮVĻVOĻEPUPT BUQBLBĮĻV[ĻTâLVNVĻ KBĻJFQSJFLtĻUJLBĻBUTLBĪPUB GJMNB ĻUâTĻBUTLBĪPtBOBĻUVSQJOâT Ļ/PTQJFEJFU ':+6 ĻMBJĻQJFLĮÜUVĻOPTBVLVNVĻTBSBLTUBN /PTBVLVNVTĻWBSĻJ[WùMùUJFTĻOPTBVLVNVĻTBSBL TUâ ĻQBHSJFxPUĻ670'ĻVOĻBQTUJQSJOPUĻJ[WùMJĻBS 1-/'07Ļ5âEùKâEJĻBSăĻOPLĮÜTJFUĻBUQBLBĮ TBEBĮVĻTBSBLTUâĻ/PTQJFEJFUĻ1-/'07 ĻMBJ BLUJWùUVĻJ[WùMJĻVOĻBUHSJF[UPTĻTâLVNBĻQP[ăDJKâ /PTQJFEJFUĻ':+6 ĻMBJĻBUDFMUVĻJ[WùMJĻVOĻEPUPT BUQBLBĮĻV[ĻTâLVNVĻ OFWFJDPUĻOFLâEVĻJ[WùMJ 4BEBĮVĻWBSĻNBJOăUĻBSă ĻOPTQJFxPUĻWJEVTLPOTP ĻĻ ĻWBJĻWBEăCBTĻUBVTUJĪVĻV[ MFTĻUBVTUJĪVĻ TUÜSFT 2CRKNFWKGUVCVĦLWOK .GĮĨKU +BĻ%7%ĻWJEFPĻEJTLTĻBUCBMTUBĻtâEVĻGVOLDJKV UBEĻUPĻWBSĻJ[NBOUPU ĻMBJĻJ[WùMùUPTĻLBNFSBT MFĪĸJ ĻOPĻLVSBĻTLBUăUĻLPOLSùUVĻBJOVĻ%JTLV SFxăNâĻEPEJFUJFTĻV[Ļ&KUEOGPW #FXCPEGF UGVVKPIU #PING &KX:8KFGQ1P&GOCPF .FEJKVĻBUTLBĪPUâKVĻWBSĻSFīJTUSùU ĻMBJĻBUTLBĪPUV %JW9Ļ70%ĻUJQBĻGBJMVTĻOPĻJFSBLTUăUJFNĻEJTLJFN WBJĻ64#Ļ[JCBUNJĪBTĻ3FīJTUSâDJKBTĻLPEVĻWBS BUSBTUĻJ[WùMĪVĻTJTUùNâĻ/;%#4Ļ5GVVKPIU +PHQTOCVKQP &KX:¥81&EQFGĻ7JTQâSăHB JOGPSNâDJKBĻQBSĻJ[WùMOùN ĻTLBUJFUĻ[FN /;%#4 ĻTLBUăUĻMQQĻ 5CXKGVQLCOKGHCKNWHQTOęVK .FEJKVĻBUTLBĪPUâKTĻWBSĻBUTLBĪPUĻEBxâEVTĻGBJMV UJQVT ĻVOĻUBTĻJSĻTBEFSăHTĻBSĻUâMâLĻUBCVMâĻOPSâEă UBKJFNĻGPSNâUJFN 2+'<ÿ/' %JWLâStâĻGPSNâUBĻBCQVTùKJFĻEJTLJĻ %7% 1MVT Ļ$%%7%ĻGPSNâUT ĻJSĻCJF[âLJ ĻOFLâ QBSBTUJFĻ$%ĻEJTLJ ĻUâEùĮĻUPĻBUTLBĪPtBOV OFWBSĻHBSBOUùU ĻVOĻWBSĻSBTUJFTĻEBSCăCBT LĮÜNF -BJĻTBĪFNUVĻQMBtâLVĻJOGPSNâDJKV ĻBQNFLMùKJFU XXXEJWYDPNWPE #VVġNCKGUVCVĦLWOK +BĻ$%ĻJFUWFSĻHBOĻ.1 ĻHBOĻ$%%"ĻJFSBL TUVT ĻWJTJĻ.1ĻGBJMJĻUJFLĻJHOPSùUJ /PTQJFEJFUĻ1-/'07ĻVOĻJ[WùMJFUJFT +OCIGUGVVKPIU ĻBQTUJQSJOJFU ĻOPTQJFxPU 1-/'07 "VEJPĻGPSNâUT" $%ĻBVEJP ĻNQ ĻXNB "VEJPĻGPSNâUT# $%ĻBVEJP ĻNQ ĻXNB BBD ĻNB 7JEFPĻGPSNâUT$ $%ĻWJEFP Ļ%7%ĻWJEFP EJWY ĻBWJ ĻBTG 4QJMHUVNBĻVOĻLPOUSBTUBĻJFTUBUăKVNVTĻWBSĻOPSF HVMùU ĻLBEĻBVUPNPCJMJTĻTUâW 1BHSJF[JFUĻ670'ĻMăE[ĻOPSFHVMùtBOBTĻPQDJ KBJĻVOĻBQTUJQSJOJFU ĻOPTQJFxPUĻ1-/'07 /PSFHVMùKJFUĻJFTUBUăKVNV ĻQBHSJFxPUĻ670' VOĻBQTUJQSJOJFU ĻOPTQJFxPUĻ1-/'07 -BJĻBUHSJF[UPTĻJFTUBUăKVNVĻTBSBLTUâ ĻOPTQJFEJFU 1-/'07ĻWBJĻ':+6 " # $ "UUJFDBTĻV[Ļ1FSGPSNBODF /FBUUJFDBTĻV[Ļ1FGPSNBODF "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVN 4PVOEĻ.VMUJNFEJB "UUùMVĻJFTUBUăKVNVTĻWBSĻBUJFTUBUăUĻV[ĻSÜQOăDBT JFTUBUăKVNJFN ĻJ[WùMPUJFTĻ4GUGVPQDJKV "UUJFDBTĻV[Ļ)JHIĻ1FSGPSNBODF Ļ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC óTġLCKUUMCĮCUCXQVUMCURKGXKGPQVU#7:75$ KGGLCK 8KURęTĦIK 2+'<ÿ/' +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻTUÜSFTĻWBEăCBT UBTUBUÜSV ĻVOWBJĻUâMWBEăCBTĻQVMUJ ĻUBEĻCJFxJ WJFOĻUPTĻWBSĻJ[NBOUPUĻDFOUSâMâTĻLPOTPMFT UBVTUJĪVĻWJFUâĻ-BJĻBQMÜLPUVĻTUÜSFTĻWBEăCBT UBVTUJĪVĻBQSBLTUV ĻTLBUăUĻMQQĻĻ-BJĻBQMÜ LPUVĻUâMWBEăCBTĻQVMUTĻBQSBLTUV ĻTLBUăU MQQĻ óTĘLWUMCĺCUCXQVWRKGXKGPQÞCPCUXKGVCU ĂSùKVĻTLBĪBTĻBWPUV ĻQJFN ĻJ1PEĻWBJĻ.1 BUTLBĪPUâKV ĻWBSĻQJFWJFOPUĻBVEJPTJTUùNBJ J[NBOUPKPUĻKFCLVSVĻWJEVTLPOTPMFTĻQJFTMùH WJFUVĻ"SĻ64#ĻQJFTMùHWJFUBJĻQJFWJFOPUVĻTLBĪBT BWPUVĻWBSĻQùDĻUBNĻSăLPUJFT ĻJ[NBOUPKPUĻBVUP NPCJĮBĻTLBĪBTĻWBEăCBTĻTMùExVTĻ*FSăDJ ĻLBT QJFWJFOPUBĻ"69ĻJFFKBJ ĻOFWBSĻWBEăU ĻJ[NBOUPKPU BVUPNPCJĮBĻWBEăCBTĻTMùExVT 5VOFĮLPOTPMFTĻMBCâTĻQVTFTĻBJ[NVHVSùKâĻNBMâ BUSPEBTĻQBE[JĮJOâKVNT ĻLVSâĻWBSĻJFWJFUPUĻLBCF ĮVT ĻMBJĻMÜLVĻWBSùUVĻBJ[WùSU ĻUPTĻOFJFTQJFxPU J1PEĻWBJĻ.1ĻBUTLBĪPUâKTĻBSĻBULâSUPUJĻV[MâEù KBNâNĻCBUFSJKâNĻUJFLĻV[MâEùUTĻ KBĻBJ[EFE[FĻJS JFTMùHUBĻWBJĻE[JOùKTĻEBSCPKBT ĻUâEâĻHBEăKVNâ KBĻtăĻJFSăDFĻJSĻQJFWJFOPUBĻ64#ĻQJFTMùHWJFUBJ -BJĻQJFWJFOPUVĻTLBĪBTĻBWPUV /PTQJFEJFUĻ/'&+# ĻQBHSJF[JFUĻ670'ĻMăE[ WBKBE[ăHBKBNĻTLBĪBTĻBWPUBNĻ75$ ĻK2QF WBJĻ#7:ĻVOĻOPTQJFEJFUĻ1-/'07 *[WùMPUJFTĻ64# Ļ57ĻFLSâOâĻJSĻSFE[BNT %QPPGEV75$ 1JFWJFOPKJFUĻTLBĪBTĻBWPUVĻLâEBJĻOPĻQJF TMùHWJFUâNĻWJEVTLPOTPMFTĻHMBCâtBOBT OPEBMăKVNâĻ TLBUJFUĻJFQSJFLtùKPĻBUUùMV 57ĻFLSâOâĻQBSâEâTĻUFLTUTĻ4GCFKPI75$ LBNùSĻTJTUùNBĻJFMâEùĻGBJMVTĻOPĻBUNJĪBTĻWJEFT "ULBSăCâĻOPĻGBJMBĻTUSVLUÜSBTĻVOĻGBJMVĻTLBJUB JFMâEFĻWBSĻJFJMHU "UUJFDBTĻUJLBJĻV[ĻNFEJKVĻBWPUJFN ĻLBTĻQJFWJFOPUJ ĻJ[NBOUPKPUĻ64#ĻTBWJFOPKVNV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 2+'<ÿ/' 4JTUùNBĻBUCBMTUBĻMJFMâLPĻEBĮVĻJ1PE NPEFĮV ĻLBTĻJ[HBUBWPUJĻĻHBEâĻWBJ WùMâL 2+'<ÿ/' -BJĻOPWùSTUVĻ64#ĻTBWJFOPKVNBĻCPKâKVNVT UBTĻUJFLĻJ[TMùHUT ĻKBĻ64#ĻTBWJFOPKVNâ OPUJFLĻăTTMùHVNTĻWBJĻKBĻQJFWJFOPUâĻ64# JFSăDFĻQBUùSùĻQâSâLĻEBVE[ĻKBVEBTĻ UâĻWBS OPUJLU ĻKBĻQJFWJFOPUâĻJFSăDFĻOFBUCJMTUĻ64# TUBOEBSUBN Ļ/âLBNSFJ[ĻJFTMùE[PUĻBJ[EFE[J 64#ĻTBWJFOPKVNTĻUJFLĻBVUPNâUJTLJĻWùMSFJ[ BLUJWùUT ĻKBĻTJTUùNâĻOBWĻSBEVTJFTĻLĮÜNF +\XġNPGU /'&+#ĻJ[WùMOFTĻWBSĻWBEăU ĻJ[NBOUPKPUĻWJEV TLPOTPMJĻVOĻTUÜSFTĻWBEăCBTĻUBTUBUÜSV Ļ7JTQâ SăHVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV ĻTLBUăU MQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăUĻMQQĻ +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC óTġLCKUUMCĮCUCXQVUMCURKGXKGPQVU#7:75$ KGGLCK #VUMCĮQÝCPCWPPCXKIęEKLC 1BHSJF[JFUĻ670' ĻMBJĻQJFLĮÜUVĻBUTLBĪPtBOBT TBSBLTUBNĻĻNBQFTĻTUSVLUÜSBJĻVOĻQâSWJFUPUPT QBĻTBSBLTUVĻĻTUSVLUÜSVĻ/PTQJFEJFUĻ1- /'07 ĻMBJĻBQTUJQSJOâUVĻBQBLtNBQFTĻJ[WùMJĻWBJ TâLUVĻBUTLBĪPUĻJ[WùMùUPĻBVEJPĻĻWJEFPĻGBJMV /PTQJFEJFUĻ':+6 ĻMBJĻQâSUSBVLUVĻVOĻJ[JFUVĻOP BUTLBĪPtBOBTĻTBSBLTUBĻWBJĻEPUPTĻV[ĻBVHtV BUQBLBĮ ĻNBQFTĻTUSVLUÜSâĻ5VSPUĻOPTQJFTUV ':+6 ĻWBSĻEPUJFTĻV[ĻBUTLBĪPtBOBTĻTBSBLTUB TâLVNBĻMăNFOJ WJEFPĻGBJMVT ĻVOĻQùDĻUBNĻTâLĻUPTĻBUTLBĪPU 5BÀVĻTJTUùNBĻOFNBJOBĻJFTUBUăKVNV ĻKBĻ64# QJFTMùHWJFUBJĻJSĻQJFWJFOPUBĻJFSăDF ĻLBTĻTBUVSĻHBO BVEJP ĻHBOĻWJEFPĻGBJMVTĻ5âĻWJFUâĻBUTLBĪPUâKT UVSQJOBĻBUTLBĪPUĻJFQSJFLtĻJ[WùMùUPĻGBJMVĻUJQV 2CVĦÝCPCW\RTKGMÝWCVRCMCī 4LBUăUĻĻMBQQVTJ 5MGPġÝCPC 4LBUăUĻĻMBQQVTJ "VEJPWJEFPĻGBJMVTĻWBSĻNBJOăUĻBSă ĻOPTQJFxPU ĻĻ ĻWBJĻWBEăCBT WJEVTLPOTPMFTĻUBVTUJĪVĻ UBVTUJĪVĻV[ĻTUÜSFT 0GLCWÝCK\XġNG "VEJPĻGBJMJĻJSĻBQ[ăNùUJĻBSĻTJNCPMVĻ ĻWJEFP GBJMJĻĻBSĻTJNCPMVĻ ĻVOĻNBQFTĻĻBSĻTJN CPMVĻ 7JEVTLPOTPMFTĻWBEăCBTĻQBOFĮBĻUBTUBUÜSVĻWBS MJFUPU ĻMBJĻQBtSFJ[ùKâĻNBQùĻBUSBTUVĻGBJMBĻOPTBV LVNV ,BEĻJSĻQBCFJHUBĻGBJMBĻBUTLBĪPtBOB ĻUVSQJOâT DJUVĻtBKâĻNBQùĻFTPtPĻGBJMVĻ UâĻQBtBĻUJQB BUTLBĪPtBOBĻ.BQFTĻNBJĪBĻOPUJFLĻBVUPNâ UJTLJ ĻLBEĻWJTJĻtBKâĻNBQùĻFTPtJFĻGBJMJĻJSĻBUTLB ĪPUJĻ4JTUùNBĻBVUPNâUJTLJĻOPTBLBĻJFTUBUăKVNV VOĻUPĻNBJOB ĻKBĻ64#ĻQJFTMùHWJFUBJĻJSĻQJFWJFOPUB JFSăDF ĻLBTĻTBUVSĻUJLBJĻBVEJPĻGBJMVTĻWBJĻUJLBJ 4LBUăUĻĻMBQQVTJ /GMNġÝCPCUHWPMEKLC .FLMùtBOBTĻGVOLDJKBJĻWBSĻQJFLĮÜU ĻWBJĻOV QBHSJFxPUĻ670'Ļ MBJĻQJFLĮÜUVĻNBQFTĻTUSVLUÜ SBJ ĻWBJĻOPTQJFxPUĻCVSUVĻUBVTUJĪVTĻ.FLMùtB OBTĻKPTMâĻJFWBEPUĻCVSUVĻWBJĻSBLTU[ăNJ ĻKÜTĻUVWP KBUJFTĻNFLMùtBOBTĻNùSĸJN #VMęTVQÝCPCUOCRG 4LBUăUĻĻMBQQVTJ 2CW\G +BĻTLBĮVNTĻUJFLĻQJMOăHJĻTBNB[JOâUTĻWBJĻUJFL OPTQJFTUTĻUBVTUJĪtĻ.65&Ļ ,MVTJOâU ĻNFEJKV BUTLBĪPUâKBĻEBSCăCBĻUJFLĻBQUVSùUBĻ+BĻTLBĮVNT UJFLĻQBMJFMJOâUTĻWBJĻWùMSFJ[ĻUJFLĻOPTQJFTUTĻUBVT UJĪtĻ.65&Ļ ,MVTJOâU ĻNFEJKVĻBUTLBĪPUâKTĻTâL EBSCPUJFTĻ1BV[JĻWBSĻJFTMùHUĻBSă ĻJ[WùĮĪVĻTJT UùNâĻOPTQJFxPUĻ1-/'07ĻVOĻBUMBTPUĻ2NC[ 2CWUG 5MCĮCUCXQVK 75$CVOKĮC -BJĻBUWJFHMPUVĻ64#ĻBUNJĪBTĻLBSUFTĻJ[NBOUP tBOV ĻTBHMBCâKJFUĻUBKâĻUJLBJĻNÜ[JLBTĻGBJMVTĻ4JT UùNBJĻWBKBHĻEBVE[ĻWBJSâLĻMBJLB ĻMBJĻJFMâEùUV BUNJĪBTĻWJEJ ĻLVSĻJSĻJOGPSNâDJKB ĻLBTĻBUtĸJSBT OPĻTBEFSăHJFNĻNÜ[JLBTĻGBJMJFN 4âDJFUĻGBJMBĻBUTLBĪPtBOV ĻOPTQJFxPUĻ1- /'07 "UUJFDBTĻUJLBJĻV[Ļ64#ĻVOĻJ1PE "UUJFDBTĻV[Ļ)JHIĻ1FSGPSNBODF Ļ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB +BĻJSĻBLUJWùUTĻ3FQFBUĻGPMEFS ĻUBEĻUBTĻOFOPUJFL "UUJFDBTĻUJLBJĻV[Ļ64# /FBUUJFDBTĻV[ĻJ1PE `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC óTġLCKUUMCĮCUCXQVUMCURKGXKGPQVU#7:75$ KGGLCK 2+'<ÿ/' 4JTUùNBĻBUCBMTUBĻNPCJMPTĻUâMSVĪVT ĻLBTĻJS TBWJFUPKBNJĻBSĻ64#ĻĻVOĻ'"5ĻGBJMVĻTJT UùNVĻVOĻTQùKĻV[UVSùUĻĻNBQFTĻBSĻNBL TJNâMJĻĻBQBLtNBQùNGBJMJFNĻLBUSâĻOP NBQùNĻ"VHtùKBJTĻMăNFOJT ĻLBTĻTQùKĻV[UVSùU MăE[ĻĻBQBLtNBQùNGBJMJFN ĻJSĻJ[Īù NVNT K2QF J1PEĻUJFLĻV[MâEùUTĻVOĻCBSPUTĻBSĻTUSâWV J[NBOUPKPUĻ64#ĻTBWJFOPKVNV ĻLPĻOPESPtJOB BUTLBĪPUâKBĻTBWJFOPKVNBĻLBCFMJT 2+'<ÿ/' 4JTUùNBĻBUCBMTUBĻUJLBJĻJ1PEĻBVEJPĻGBJMV BUTLBĪPtBOV 2+'<ÿ/' 2+'<ÿ/' -JFUPKPUĻHBSâLBĻNPEFĮBĻ64#Ļ[JCBUNJĪV JFUFJDBNTĻJ[NBOUPUĻ64#ĻBEBQUFSBĻLBCFMJ 5BTĻJSĻUâQùD ĻMBJĻOPWùSTUVĻ64#ĻJFFKBTĻVO QJFWJFOPUâTĻ64#Ļ[JCBUNJĪBTĻNFIâOJTLV OPMJFUPtBOPT +BĻJ1PEĻUJFLĻJ[NBOUPUTĻLâĻTLBĪBTĻBWPUT BVUPNPCJĮBĻJOGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJT UùNBĻJ[NBOUPĻJ[WùĮĪVĻTUSVLUÜSV ĻLBTĻJS MăE[ăHBĻQBtBĻJ1PEĻBUTLBĪPUâKBĻJ[WùĮĪV TUSVLUÜSBJ 75$EGPVTOG\INU 64#ĻQJFTMùHWJFUBJĻWBSĻQJFWJFOPUĻ64#ĻDFOUS NF[HMV ĻLBTĻĮBVKĻWJFOMBJLVTĻQJFWJFOPUĻWBJSâLBT 64#ĻJFSăDFTĻ64#ĻJFSăDFTĻWBSĻJ[WùMùUJFTĻ75$ SFxăNâĻJ[WùMOùĻ75$OGPW 5GNGEV75$ FGXKEG 5CXKGVQLCOUCTHCKNWHQTOęVKGO K\OCPVQLQV75$UCXKGPQLWOW 5âMâLĻFTPtBKâĻUBCVMâĻJSĻOPSâEăUJĻBVEJPĻVOĻWJEFP GBJMJ ĻLVSVĻBUTLBĪPtBOVĻTJTUùNBĻBUCBMTUB J[NBOUPKPUĻ64#ĻTBWJFOPKVNV /2CVUMCĮQVęLU %BVE[JFNĻ.1ĻBUTLBĪPUâKJFNĻJSĻQBtJFNĻTBWBT EBUĪVĻTJTUùNBT ĻLVSBTĻBVEJPTJTUùNBĻOFBUCBM TUBĻ-BJĻTJTUùNâĻWBSùUVĻJ[NBOUPUĻ.1ĻBUTLB ĪPUâKV ĻUBTĻKâJFTUBUBĻSFxăNâĻ75$4GOQXCDNG FGXKEG/CUU5VQTCIG&GXKEG " "VEJPĻGPSNâUT NQ ĻXNB ĻBBD ĻNB 7JEFPĻGPSNâUT" EJWY ĻBWJ ĻBTG "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVN 4PVOEĻ.VMUJNFEJB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC /GFKLK$NWGVQQVJ 8KURęTĦIK "VUPNPCJĮBĻNFEJKVĻBUTLBĪPUâKTĻJSĻBQSăLPUTĻBS #MVFUPPUIĻVOĻWBSĻCF[WBEVĻSFxăNâĻBUTLBĪPU BVEJPĻGBJMVT ĻLBTĻTBHMBCâUJĻâSùKâTĻJFSăDùTĻBS #MVFUPPUIĻGVOLDJKV ĻQJFNùSBN ĻNPCJMBKPTĻUâM SVĪPTĻVOĻ1%"Ļ/BWJHâDJKVĻVOĻTLBĪBTĻSFHVMù tBOVĻWBSĻWFJLUĻBSĻWJEVTLPOTPMFTĻUBVTUJĪJFNĻWBJ TUÜSFTĻWBEăCBTĻUBTUBUÜSV Ļ%BxBTĻâSùKâTĻJFSăDFT ĮBVKĻNBJOăUĻJFSBLTUVTĻQBtâĻJFSăDù -BJĻBUTLBĪPUVĻBVEJP ĻBVUPNPCJĮBĻNFEJKV BUTLBĪPUâKBNĻWJTQJSNTĻKâJFTUBUBĻ$NWGVQQVJ SFxăNT ,BEĻBVUPNBtăOBJĻJSĻQJFWJFOPUTĻNPCJMBJTĻUâMSV OJT ĻWBSĻBUUâMJOâUJĻWBEăUĻWBJSâLBTĻNPCJMâĻUâMSVĪB GVOLDJKBT ĻTLBUăUĻMQQĻĻ1âSTMùE[JFUĻHBMWF OPTĻBWPUVTĻ6'.ĻVOĻ/'&+# ĻMBJĻMJFUPUVĻLBUSB BWPUBĻGVOLDJKBT 2ęTUMCVU 2+'<ÿ/' #MVFUPPUIĻNFEJKVĻBUTLBĪPUâKBNĻKâBUCBMTUB BVEJPWJEFPĻUâMWBEăCBTĻQVMUTĻQSPGJMT "73$1 ĻVOĻV[MBCPUBJTĻBVEJPĻLMBTJGJDùtB OBTĻQSPGJMTĻ "%1 Ļ"UTLBĪPUâKBNĻKâJ[NBOUP "73$1ĻWFSTJKBĻ Ļ"%1ĻĻ1SFUùKâĻHBEă KVNâĻEBxBTĻOPĻGVOLDJKâNĻWBSĻOFEBSCPUJFT /FĻWJTJĻUJSHÜĻQJFFKBNJFĻâSùKJFĻNFEJKVĻBUTLB ĪPUâKJĻJSĻQJMOăCâĻTBWJFUPKBNJĻBSĻBVUPNPCJĮB NFEJKVĻBUTLBĪPUâKBĻ#MVFUPPUIĻGVOLDJKV 7PMWPĻJFTBLBĻTB[JOâUJFTĻBSĻBVUPSJ[ùUVĻ7PMWP J[QMBUăUâKVĻWBJĻBQNFLMùU XXXWPMWPDBSTDPN ĻMBJĻTBĪFNUVĻJOGPSNâ DJKVĻQBSĻTBWJFUPKBNBKJFNĻUâMSVĪJFN 81.ĻqĻTLBĮVNT 2+'<ÿ/' "VUPNPCJĮBĻNFEJKVĻBUTLBĪPUâKTĻWBSĻBUTLB ĪPUĻBVEJPĻGBJMVTĻUJLBJ ĻJ[NBOUPKPUĻ#MVFUPPUI GVOLDJKV +\XġNPGU 8KFWUMQPUQNGUXCFĝDCURCPGNKU /'&+#ĻJ[WùMOFTĻWBSĻWBEăU ĻJ[NBOUPKPUĻWJEV TLPOTPMJĻVOĻTUÜSFTĻWBEăCBTĻUBTUBUÜSV Ļ7JTQâ SăHVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV ĻTLBUăU MQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăUĻMQQĻ 5BVTUJĪtĻ/'&+#"VUPNâUJTLJĻUJFLĻBLUJWJ [ùUTĻQùEùKBJTĻBLUăWBJTĻBWPUTĻ QJFNùSBN J1PE Ļ+BĻBWPUTĻJSĻBLUJWJ[ùUTĻVOĻUJFL OPTQJFTUTĻ/'&+# ĻQBSâEâTĻTBătĪVĻJ[WùMOF BSĻCJFxJĻMJFUPUBKâNĻJ[WùMOFTĻPQDJKâN "QTUJQSJOJFUĻTBWVĻJ[WùMJĻWBJĻEPEJFUJFTĻV[ J[WùMOJ ĻOPTQJFxPUĻ1-/'07 1âSWJFUPKJFUJFTĻQBĻJ[WùMOJ ĻQBHSJFxPUĻ670' ':+6ĻĻEPUJFTĻV[ĻBVHtVĻJ[WùMĪVĻTUSVLUÜSâ BQUVSùUĻQBtSFJ[ùKPĻGVOLDJKV -BJĻSJUJOâUVĻQBĻBVEJPĻGBJMJFN ĻUBVTUJĪt LęPQURKGäĦUWDTĦFKĻ-BJĻUăUVĻBVEJPĻGBJMVT "UUJFDBTĻV[Ļ)JHIĻ1FSGPSNBODF Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC /GFKLK$NWGVQQVJ V[ĻQSJFLtVĻVOĻBUQBLBĮ ĻUBVTUJĪtĻKâUVS OPTQJFTUTĻKNIęM 2+'<ÿ/' +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻTUÜSFTĻWBEăCBT UBTUBUÜSV ĻVOWBJĻUâMWBEăCBTĻQVMUJ ĻUBEĻCJFxJ WJFOĻUPTĻWBSĻJ[NBOUPUĻDFOUSâMâTĻLPOTPMFT UBVTUJĪVĻWJFUâĻ-BJĻBQMÜLPUVĻTUÜSFTĻWBEăCBT UBVTUJĪVĻBQSBLTUV ĻTLBUăUĻMQQĻĻ-BJĻBQMÜ LPUVĻUâMWBEăCBTĻQVMUTĻBQSBLTUV ĻTLBUăU MQQĻ &CTDCUęMÝCPC óTġLCU$NWGVQQVJKGTĦEGURKGXKGPQÝCPC 7BSĻSFīJTUSùUĻNBLTJNâMJĻĻâSùKâTĻJFSăDFT 4BWJFOPKVNTĻUJFLĻJ[WFJEPUTĻUâQBUĻLâĻUâMSVOJN TLBUJFUĻĂSùKBTĻ#MVFUPPUIĻJFSăDFTĻQJFWJFOP tBOBĻĻMQQ #WVQOęVKUMCRKGXKGPQÝCPC +BĻ#MVFUPPUIĻGVOLDJKBĻJSĻBLUJWùUBĻVOĻQùEùKâ QJFWJFOPUâĻâSùKâĻJFSăDFĻJSĻTBTOJFE[BNB ĻUBEĻUâ UJFLĻQJFWJFOPUBĻBVUPNâUJTLJĻ,BEĻJOGPSNâDJKBT VOĻJ[LMBJEFTĻTJTUùNBĻNFLMùĻQùEùKPĻQJFWJFOPUP JFSăDJ ĻEJTQMFKâĻ57ĻFLSâOâĻUâTĻOPTBVLVNTĻ-BJ QJFWJFOPUVĻDJUVĻJFSăDJ ĻOPTQJFEJFUĻ':+6Ļ1JFWJF OPKJFUĻKBVOVĻâSùKPĻJFSăDJ ĻTLBUJFUĻĂSùKâTĻJFSăDFT OPNBJĪBĻUâMâL óTġLęUKGTĦEGUPQOCKĮC +BĻBVUPNPCJMăĻJSĻWBJSâLBTĻJFSăDFT ĻWBSBUĻOPNBJ OăUĻQJFWJFOPUPĻJFSăDJĻQSFUĻDJUVĻ5BÀVĻJFSăDFĻWJT QJSNTĻKâTBWJFOPĻQâSă ĻTLBUJFUĻĂSùKBTĻ#MVF UPPUIĻJFSăDFTĻQJFWJFOPtBOBĻJFQSJFLtĻ-BJ NBJOăUVĻQSFUĻDJUVĻJFSăDJ /PTQJFEJFUĻ/'&+# ĻQBHSJF[JFUĻ670' ĻMăE[ EJTQMFKâĻUJFLĻQBSâEăUTĻ$NWGVQQVJ ĻVO OPTQJFEJFUĻ1-/'07 1âSCBVEJFU ĻWBJĻâSùKâĻJFSăDFĻJSĻBUSPEBNBĻ SFE[BNB ĻJ[NBOUPKPUĻ#MVFUPPUI ĻTLBUJFU âSùKâTĻJFSăDFTĻMJFUPtBOBTĻJOTUSVLDJKV /PTQJFEJFUĻ1-/'07 1BHSJF[JFUĻ670'ĻMăE[Ļ%JCPIGFGXKEGĻVO BQTUJQSJOJFU ĻOPTQJFxPUĻ1-/'07 1ùDĻCSăxBĻ57ĻFLSâOâĻQBSâEăTJFTĻâSùKâT JFSăDFTĻOPTBVLVNTĻ+BĻQâSăĻJSĻTBWJFOP UBTĻWBJSâLBTĻJFSăDFT ĻBSăĻUâTĻUJLTĻQBSâEă UBT *[WùMJFUJFTĻJFSăDJ ĻLVSVĻWùMBUJFTĻQJFWJFOPU QBHSJFxPUĻ670'ĻVOĻBQTUJQSJOJFU ĻOPTQJFxPU 1-/'07 /PUJFLĻâSùKâTĻJFSăDFTĻQJFWJFOPtBOB .BJOJFUĻBVEJPĻGBJMV ĻWJEVTLPOTPMùĻOPTQJFxPU ĻĻ ĻWBJĻJ[NBOUPKPUĻWBEăCBTĻUBVTUJĪVTĻV[ TUÜSFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +GTĦEGUCVXKGPQÝCPC +BĻâSùKâĻJFSăDFĻUJFLĻQâSWJFUPUBĻâSQVTĻJOGPSNâDJ KBTĻVOĻJ[LMBJEFTĻTJTUùNBTĻEBSCăCBTĻMBVLB ĻUâ UJFLĻBVUPNâUJTLJĻBUWJFOPUBĻ1MBtâLBĻJOGPSNâ DJKBĻQBSĻQJFWJFOPtBOV ĻTLBUăUĻMQQĻ 2KGXKGPQVęUKGTĦEGUCVXKGPQÝCPC /PTQJFEJFUĻ#MVFUPPUIĻSFxăNV ĻJ[NBOUPKPU 1-/'07 1BHSJF[JFUĻ670'ĻMăE[Ļ4GOQXG$NWGVQQVJ FGXKEGĻVOĻBQTUJQSJOJFU ĻOPTQJFxPUĻ1- /'07 *[WùMJFUJFTĻJFSăDJ ĻLVSVĻWùMBUJFTĻBUWJFOPU QBHSJFxPUĻ670'ĻVOĻBQTUJQSJOJFU ĻOPTQJFxPU 1-/'07 57ĻFLSâOâĻQBSâEâTĻWBJDâKVNT ĻWBJĻWùMB UJFTĻBUWJFOPUĻJFSăDJ /PTQJFEJFUĻ1-/'07 ĻMBJĻBQTUJQSJOâUVĻUP "SĻ':+6ĻUPĻBUDFĮ +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC /GFKLK$NWGVQQVJ )CFĦLWOCTCMUVWTC făĻGVOLDJKBĻBUTLBĪPĻâSùKâTĻJFSăDFTĻBVEJPĻGBJMVT OFKBVtJĻJ[WùMùUâĻTFDăCâĻ"LUJWùKJFUEFBLUJWùKJFU OFKBVtBTĻJ[WùMFTĻGVOLDJKVĻ#MVFUPPUIĻSFxăNâ [FNĻ$NWGVQQVJOGPW 4CPFQO .BJOJFUĻBVEJPĻGBJMV ĻWJEVTLPOTPMùĻOPTQJFxPU ĻĻ ĻWBJĻJ[NBOUPKPUĻWBEăCBTĻUBVTUJĪVTĻV[ TUÜSFT #WFKQHCKNWUMGPġÝCPCęTġLęKGTĦEġ făĻGVOLDJKBĻBUTLBĪPĻLBUSBĻBVEJPĻGBJMBĻQJSNâT EFTNJUĻTFLVOEFTĻ"LUJWùKJFUEFBLUJWùKJFUĻtP GVOLDJKVĻ#MVFUPPUIĻSFxăNâĻ[FNĻ$NWGVQQVJ OGPW 5ECP "UDFMJFUĻTLFOùtBOV ĻOPTQJFxPUĻ':+6 8GTUKLCUKPHQTOęEKLCRCT$NWGVQQVJ "VUPNPCJĮBĻQBtSFJ[ùKPĻ#MVFUPPUIĻWFSTJKVĻWBS BQMÜLPUĻ#MVFUPPUIĻSFxăNâĻ[FNĻ$NWGVQQVJ OGPW $NWGVQQVJUQHVYCTGXGTUKQPKPECT /FBUCBMTUBĻWJTJĻNPCJMJFĻUâMSVĪJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC 8KURęTĦIK 2ęTUMCVU 6ęNTWĮCHWPMEKLCURęTUMCVURCTXCFĦDW 5KUVĘOCURđTUMCVU 8KFWUMQPUQNGUXCFĝDCURCPGNKU "SĻ#MVFUPPUIĻBQSăLPUBNĻNPCJMBKBNĻUâMSVOJN WBSĻWFJLUĻCF[WBEVĻQJFTMùHVNVĻJOGPSNâDJKBTĻVO J[LMBJEFTĻTJTUùNBJĻ5BEĻJOGPSNâDJKBTĻVOĻJ[LMBJ EFTĻTJTUùNBĻEBSCPKBTĻCSăWSPLVĻSFxăNâĻBSĻGVO LDJKVĻOPĻBUUâMVNBĻLPOUSPMùUĻWJSLOJĻNPCJMâĻUâM SVĪBĻGVOLDJKVĻ*[NBOUPUBJTĻNJLSPGPOTĻBUSPEBT QJFĻWBEăUâKBĻTBVMFTTBSHBĻ Ļ.PCJMPĻUâMSVOJĻWBS EBSCJOâUĻBSĻUâĻLMBWJBUÜSV ĻOFBULBSăHJĻOPĻUâ ĻWBJ UâMSVOJTĻJSĻQJFWJFOPUTĻWBJĻOF 2+'<ÿ/' 5JLBJĻEBĮBĻNPCJMPĻUâMSVĪVĻJSĻQJMOăCâĻTBEFSăHB BSĻCSăWSPLVĻGVOLDJKVĻ7PMWPĻJFTBLBĻWùSTUJFT QJFĻ7PMWPĻQJMOWBSPUBĻJ[QMBUăUâKBĻWBJĻBQNFLMùU XXXWPMWPDBSTDPN ĻMBJĻTBĪFNUVĻJOGPSNâ DJKVĻQBSĻTBEFSăHJFNĻUâMSVĪJFN +BĻBVUPNBtăOBJĻJSĻQJFWJFOPUTĻNPCJMBJTĻUâMSVOJT OPĻUâMSVĪBĻWBSĻTUSBVNùUĻBVEJPĻGBJMVT ĻTLBUăU MQQĻĻ1âSTMùE[JFUĻHBMWFOPTĻBWPUVTĻ6'.ĻVO /'&+# ĻMBJĻMJFUPUVĻLBUSBĻBWPUBĻGVOLDJKBT .PCJMBJTĻUâMSVOJT $JQBSVĻVOĻCVSUVĻUBVTUJĪJ .JLSPGPOT /PTQJFxPUĻUBVTUJĪVĻ6'. ĻUJFLĻBLUJWJ[ùUT NFLMùUTĻQùEùKBJTĻQJFWJFOPUBJTĻUâMSVOJTĻ+B UâMSVOJTĻJSĻKBVĻQJFWJFOPUTĻVOĻ6'.ĻJS OPTQJFTUT ĻQBSâEâTĻTBătĪVĻJ[WùMOFĻBSĻCJFxJ MJFUPUBKâNĻUâMSVĪBĻJ[WùMOFTĻPQDJKâN 4UÜSFTĻUBTUBUÜSB 7JEVTLPOTPMFTĻWBEăCBTĻQBOFMJT +\XġNPGU 6'.ĻJ[WùMOFTĻWBSĻWBEăU ĻJ[NBOUPKPUĻWJEVTLPO TPMJĻVOĻTUÜSFTĻWBEăCBTĻUBTUBUÜSV Ļ7JTQâSăHV JOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV ĻTLBUăU MQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăUĻMQQĻ "UUJFDBTĻV[Ļ)JHIĻ1FSGPSNBODF Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET "LDFQUùKJFUĻJFOâLPtPTĻ[WBOVT ĻBQTUJQSJOJFU TBWVĻJ[WùMJĻWBJĻEPEJFUJFTĻV[ĻUâMSVĪBĻJ[WùMOJ OPTQJFxPUĻ1-/'07 670'ĻĻQBSBTUBKâĻTLBUâĻQBHSJF[UĻQBĻMBCJ MBJĻQJFLĮÜUVĻUâMSVĪVĻHSâNBUBJ ĻVOĻQBĻLSFJTJ MBJĻQJFLĮÜUVĻWJTJFNĻ[WBOVĻSFīJTUSBĻ[WBOJFN +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC 5PĻMJFUPĻBSă ĻMBJĻQâSWJFUPUPTĻTUBSQĻ57 FLSâOâĻSFE[BNBKâNĻPQDJKâN ':+6ĻĻBUDFĮOPSBJEBĻUâMSVĪBĻ[WBOVT J[E[ùtĻJFWBEăUâTĻSBLTU[ăNFT ĻĮBVKĻEPUJFTĻV[ BVHtVĻJ[WùMĪVĻTJTUùNâĻVOĻBUDFĮĻQBtSFJ[ùKP GVOLDJKV 2+'<ÿ/' +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻTUÜSFTĻWBEăCBT UBTUBUÜSV ĻVOWBJĻUâMWBEăCBTĻQVMUJ ĻUBEĻCJFxJ WJFOĻUPTĻWBSĻJ[NBOUPUĻDFOUSâMâTĻLPOTPMFT UBVTUJĪVĻWJFUâĻ-BJĻBQMÜLPUVĻTUÜSFTĻWBEăCBT UBVTUJĪVĻBQSBLTUV ĻTLBUăUĻMQQĻĻ-BJĻBQMÜ LPUVĻUâMWBEăCBTĻQVMUTĻBQSBLTUV ĻTLBUăU MQQĻ #VEGTKGVKGU #MVKXK\ġÝCPC įTJĻOPTQJFxPUĻ6'. ĻUJFLĻBLUJWJ[ùUTNFLMùUT QùEùKBJTĻQJFWJFOPUBJTĻUâMSVOJTĻ+BĻUâMSVOJTĻJSĻKBV QJFWJFOPUTĻVOĻ6'.ĻJSĻOPTQJFTUT ĻQBSâEâT TBătĪVĻJ[WùMOFĻBSĻCJFxJĻMJFUPUBKâNĻUâMSVĪBĻJ[WùM ĻOPSâEB ĻLBĻUâMSV OFTĻPQDJKâNĻ4JNCPMTĻ OJTĻJSĻQJFWJFOPUT óTġLCU$NWGVQQVJKGTĦEGURKGXKGPQÝCPC 7BSĻSFīJTUSùUĻNBLTJNâMJĻĻâSùKâTĻJFSăDFT ,BUSBTĻJFSăDFTĻSFīJTUSâDJKBĻKâWFJDĻUJLBJĻWJFOV SFJ[JĻ1ùDĻSFīJTUSâDJKBTĻJFSăDFĻWBJSTĻOBWĻKâBLUJ WJ[ùĻLâĻSFE[BNBNFLMùKBNB 2+'<ÿ/' +BĻJSĻBUKBVOJOâUBĻUâMSVĪBĻPQFSùUâKTJTUùNB JFTQùKBNT ĻUâMSVĪBĻSFīJTUSâDJKBĻUJFLĻQâS USBVLUBĻfBKâĻHBEăKVNâĻBUWJFOPKJFUĻUâMSVOJ TLBUăUĻMQQĻ ĻVOĻQùDĻUBNĻQJFWJFOPKJFUĻUP BUQBLBĮĻ TLBUăUĻMQQĻ 7JFOMBJLVTĻWBSĻQJFWJFOPUĻEJWBTĻ#MVFUPPUIĻJFSă DFTĻ7JFOTĻOPĻUJFNĻWBSĻCÜUĻUâMSVOJTĻVOĻPUSTĻ NFEJKVĻJFSăDF ĻTUBSQĻLVSJFNĻJFTQùKBNTĻQâSTMùH UJFT ĻTLBUăUĻMQQĻĻWBJĻTLBUăUĻMQQĻĻ5âMSVOJ WBSĻMJFUPUĻBSă ĻLBNùSĻTUSBVNùKBUĻBVEJPĻGBJMVTĻOP QJFWJFOPUBTĻJFSăDFT ĂSùKPĻJFSăDJĻWBSĻQJFTMùHUĻEBxâEPTĻWFJEPTĻBULB SăCâĻOPĻUâ ĻWBJĻUâĻJFQSJFLtĻKBVĻJSĻCJKVTJĻQJFTMùHUB 5VSQNâLĻFTPtâTĻTBWJFOPKVNBĻJFTQùKBTĻJS BQSBLTUăUBT ĻQJFĪFNPU ĻLBĻtăĻJSĻQJSNâĻSFJ[F ĻLBE JFSăDFJĻUJLTĻWFJLUTĻTBWJFOPKVNT ĻVOĻLBĻOBWĻQJF WJFOPUBĻOFWJFOBĻDJUBĻJFSăDF *FSăDFTĻWBSĻQJFWJFOPUĻEJWPTĻWFJEPTĻĻWBJĻOV NFLMùKPUĻâSùKVĻJFSăDJĻOPĻBVUPNBtăOBT ĻWBJ NFLMùKPUĻBVUPNBtăOVĻOPĻâSùKBTĻJFSăDFTĻ+B LâEBĻOPĻPQDJKâNĻOFEBSCPKBT ĻNùīJOJFUĻPUSV 6đNTWĺCRCTCUVđUMCVCRKGOĘTU +BĻWùMĻOFBUSPEBUJFTĻQBSBTUBKâĻTLBUâ ĻWJEVTLPO TPMùĻOPTQJFEJFUĻ6'. CNVGTPCVĦXCĻĻâSùKBTĻJFSăDFTĻNFLMùtBOB J[NBOUPKPUĻBVUPNBtăOBTĻJ[WùĮĪVĻTJTUùNV 1BEBSJFUĻNPCJMPĻUâMSVOJĻNFLMùKBNV SFE[BNV ĻJ[NBOUPKPUĻ#MVFUPPUI ĻTLBUJFU âSùKâTĻJFSăDFTĻSPLBTHSâNBUVĻWBJ XXXWPMWPDBSTDPN /PTQJFEJFUĻ1-/'07ĻVOĻJFWùSPKJFUĻ57 FLSâOâĻTOJFHUâTĻJOTUSVLDJKBT 5BHBEĻâSùKâĻJFSăDFĻJSĻQJFWJFOPUBĻBVUP NBtăOBJ ĻVOĻUPĻWBSĻWBEăUĻOPĻBVUPNBtă OBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC +BĻTBWJFOPKVNTĻOBWĻJ[EFWJFT ĻEJWSFJ[ĻOPTQJF EJFUĻ':+6ĻVOĻQJFWJFOPKJFUĻJFSăDJ ĻLâĻBQSBLTUăUT ĻBMUFSOBUăWâ CNVGTPCVĦXCĻĻBUSPEJFUĻBVUPNBtăOVĻBSĻâSùKâT JFSăDFTĻ#MVFUPPUIĻGVOLDJKV 1BEBSJFUĻBVUPNBtăOVĻNFLMùKBNV SFE[BNV ĻJ[NBOUPKPUĻ#MVFUPPUIĻ1BHSJF [JFUĻ670'ĻMăE[Ļ2JQPGUGVVKPIU ĻBQTUJQSJ OJFU ĻOPTQJFxPUĻ1-/'07 ĻBUMBTJFU &KUEQXGTCDNGĻVOĻBQTUJQSJOJFU ĻOPTQJFxPU 1-/'07 ĂSùKâTĻJFSăDFTĻFLSâOâĻBUMBTJFUĻ/[8QNXQ %CTĻVOĻJFWùSPKJFUĻTOJFHUPTĻOPSâEăKVNVT *FWBEJFUĻâSùKâĻJFSăDùĻ1*/ĻLPEVĻVOĻQùDĻUBN J[WùMJFUJFTĻWFJLUĻTBWJFOPKVNV /PTQJFEJFUĻ1-/'07ĻVOĻJFWBEJFUĻUPĻQBtV 1*/ĻLPEV ĻJ[NBOUPKPUĻWJEVTLPOTPMFTĻBVUP NBtăOBTĻUBTUBUÜSV ,BEĻâSùKâĻJFSăDFĻJSĻQJFWJFOPUB ĻBVUPNBtăOBTĻ57 FLSâOâĻQBSâEâTĻUâTĻ#MVFUPPUIĻOPTBVLVNT VOĻtPĻJFSăDJĻWBSĻWBEăUĻOPĻBVUPNBtăOBT #WVQOęVKUMCRKGXKGPQÝCPC +BĻCSăWSPLVĻGVOLDJKBĻJSĻBLUJWJ[ùUBĻVOĻQùEùKBJT QJFWJFOPUBJTĻNPCJMBJTĻUâMSVOJTĻJSĻTBTOJFE[BNT UBTĻUJFLĻQJFWJFOPUTĻBVUPNâUJTLJĻ+BĻQùEùKBJT QJFWJFOPUBJTĻNPCJMBJTĻUâMSVOJTĻOBWĻQJFFKBNT TJTUùNBĻNùīJOBĻQJFWJFOPUĻNPCJMPĻUâMSVOJ ĻLBT CJKJTĻTBWJFOPUTĻQâSăĻJFQSJFLtĻ,BEĻBVEJPTJT UùNBĻNFLMùĻQùEùKPĻQJFWJFOPUPĻUâMSVOJ Ļ57 FLSâOâĻQBSâEâTĻUâĻOPTBVLVNT /CPWęNCRKGXKGPQÝCPC +BĻWùMBUJFTĻNBJOăUĻQJFWJFOPUPĻNPCJMPĻUâMSVOJ UâMSVĪBĻSFxăNâĻEPEJFUJFTĻV[Ļ2JQPGOGPW %JCPIGRJQPG óTġLęUKGTĦEGUPQOCKĮC +BĻBVUPNPCJMăĻJSĻWBJSâLBTĻJFSăDFT ĻWBSBUĻOPNBJ OăUĻQJFWJFOPUPĻJFSăDJĻQSFUĻDJUVĻ5BÀVĻJFSăDFĻJSĻWJT QJSNTĻKâSFīJTUSùĻBVUPNBtăOâ ĻTLBUJFUĻĂSùKBT #MVFUPPUIĻJFSăDFTĻQJFWJFOPtBOBĻ-BJĻNBJOăUV QSFUĻDJUVĻJFSăDJ 1âSCBVEJFU ĻWBJĻâSùKâĻJFSăDFĻJSĻBUSPEBNBĻ SFE[BNB ĻJ[NBOUPKPUĻ#MVFUPPUI ĻTLBUJFU âSùKâTĻJFSăDFTĻMJFUPtBOBTĻJOTUSVLDJKV /PTQJFEJFUĻ6'.ĻVOĻQùDĻUBNĻBUMBTJFU %JCPIGRJQPG "VUPNBtăOBĻNFLMùĻJFQSJFLtĻQJFWJFOPUâT JFSăDFTĻ6[UWFSUâTĻâSùKâTĻJFSăDFTĻ57 FLSâOâĻUJFLĻQBSâEăUBTĻBSĻBUUJFDăHBKJFN UPĻ#MVFUPPUIĻOPTBVLVNJFN *[WùMJFUJFTĻJFSăDJ ĻLVSVĻWùMBUJFTĻQJFWJFOPU QBHSJFxPUĻ670'ĻVOĻBQTUJQSJOJFU ĻOPTQJFxPU 1-/'07 /PUJFLĻâSùKâTĻJFSăDFTĻQJFWJFOPtBOB 5JLBJĻCF[BUTMùHBTĻWBEăCB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET .CK\XCPĦVW 1âSMJFDJOJFUJFT ĻLBĻ57ĻFLSâOBĻBVHtEBĮâ ĻTJNCPMTĻVOĻCSăWSPLVĻTJTUù QBSâEâTĻ NBTĻGVOLDJKBJĻJSĻJFTUBUăUTĻUâMSVĪBĻSFxăNT 4BTUâEJFUĻWBKBE[ăHPĻOVNVSVĻWBJĻâUSP OVNVSV ĻTLBUăUĻMQQĻĻ7BSBUĻBSăĻQBSB TUBKâĻTLBUâĻQBHSJF[UĻ670'ĻQBĻMBCJ ĻMBJĻQJF LĮÜUVĻUâMSVĪVĻHSâNBUBJ ĻWBJĻQBĻLSFJTJ ĻMBJ QJFLĮÜUVĻWJTJFNĻ[WBOVĻSFīJTUSBĻ[WBOJFN *OGPSNâDJKVĻQBSĻUâMSVĪBĻHSâNBUV ĻTLBUăU MQQĻ /PTQJFEJFUĻ1-/'07 ;WBOVĻQâSUSBVDĻBSĻ':+6 /QDKNęVęNTWĮCCVXKGPQÝCPC "VUPNâUJTLBĻBUWJFOPtBOBĻOPUJFLĻUBE ĻKBĻNPCJ MBJTĻUâMSVOJTĻJ[JFUĻâSQVTĻBVEJPTJTUùNBTĻTOJF E[BNăCBTĻEJBQB[POBĻ4BWJFOPKVNVĻBSĻNPCJMP UâMSVOJĻWBSĻNBOVâMJĻQâSUSBVLUĻUâMSVĪBĻSFxăNâ [FNĻ2JQPGOGPW &KUEQPPGEVRJQPG 1MBtâLBĻJOGPSNâDJKBĻQBSĻQJFWJFOPtBOV ĻTLBUăU MQQĻ #SăWSPLVĻGVOLDJKBĻUJFLĻEFBLUJWJ[ùUB ĻJ[TMùE[PU E[JOùKVĻVOĻBUWFSPUĻEVSWJT ,BEĻNPCJMBJTĻUâMSVOJTĻUJFLĻBUWJFOPUT ĻOPUJFLPtV TBSVOVĻWBSĻUVSQJOâU ĻJ[NBOUPKPUĻUâMSVOăĻJFCÜ WùUPĻNJLSPGPOVĻVOĻTLBĮSVOJ +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC 2+'<ÿ/' 1BUĻUBE ĻKBĻNPCJMBJTĻUâMSVOJTĻJSĻCJKJTĻNBOVâMJ BUWJFOPUT ĻEBxJĻNPCJMJFĻUâMSVĪJĻWBSĻUJLUĻBVUP NâUJTLJĻTBWJFOPUJĻQâSăĻBSĻQùEùKPĻQJFWJFOPUP CSăWSPLVĻJFSăDJ ĻQJFNùSBN ĻKBĻUJFLĻTâLUB KBVOBĻUâMSVĪBĻTBSVOB +GTĦEGUCVXKGPQÝCPC 1JFWJFOPUBJĻJFSăDFJĻWBSĻBUDFMUĻSFīJTUSâDJKVĻVOĻUP OPĪFNUĻ5PĻWBSĻWFJLUĻUâMSVĪBĻSFxăNâĻ[FN 2JQPGOGPW 4GOQXG$NWGVQQVJFGXKEG <XCPĦÝCPCWP\XCPWUCĮGOÝCPC +GPęMQÝKG\XCPK p /PTQJFEJFUĻ1-/'07 ĻMBJĻBUCJMEùUVĻV[ [WBOVĻQBUĻUBE ĻKBĻBVEJPTJTUùNBĻBUSPEBT QJFNùSBN Ļ4#&+1ĻWBJĻ/'&+#ĻSFxăNâ /PSBJEJFUĻWBJĻQâSUSBVDJFU ĻOPTQJFxPUĻ':+6 #WVQOęVKUMęCVDKNFġÝCPC "VUPNâUJTLâTĻBUCJMEFTĻGVOLDJKBĻOP[ăNùĻUP ĻLB [WBOJĻUJFLĻQJFĪFNUJĻBVUPNâUJTLJ p "LUJWùKJFUEFBLUJWùKJFUĻUâMSVĪBĻSFxăNâĻ[FN 2JQPGOGPW %CNNQRVKQPU #WVQ CPUYGT +\UCWMVK\XġNPK /PTQJFEJFUĻ1-/'07 ĻMBJĻOPUJFLPtâTĻTBSVOBT MBJLâĻQJFLĮÜUVĻtâEâNĻGVOLDJKâN p /WVGĻĻBVEJPTJTUùNBTĻNJLSPGPOTĻJS J[TMùHUT p /QDKNGRJQPGĻĻ[WBOTĻUJFLĻQâSDFMUTĻOP CSăWSPLVĻTJTUùNBTĻV[ĻNPCJMPĻUâMSVOJ %BxJFNĻNPCJMBKJFNĻUâMSVĪJFNĻTBWJFOPKVNT UJFLĻQâSUSBVLUTĻ5BTĻJSĻOPSNâMJĻ#SăWSPLV TJTUùNBĻWBJDâT ĻWBJĻWùMBUJFTĻBUKBVOPU TBWJFOPKVNV p &KCNPWODGTĻĻJFTQùKBĻQJF[WBOăUĻUSFtBKBJ QVTFJ ĻJ[NBOUPKPUĻDJQBSVĻUBVTUJĪVTĻ QBtSFJ [ùKBNĻ[WBOBNĻUJFLĻJFTUBUăUTĻHBJEătBOBT SFxăNT <XCPWUCTCMUVK ;WBOVĻTBSBLTUJĻUJFLĻOPLPQùUJĻCSăWSPLVĻGVOLDJKâ LBUSâĻKBVOBTĻQJFWJFOPtBOâTĻSFJ[ùĻVOĻUBEĻUJFL BUKBVOPUJĻTBWJFOPKVNBĻMBJLâĻ1BSBTUBKâĻTLBUâ QBHSJF[JFUĻ670'ĻQBĻLSFJTJ ĻMBJĻBQMÜLPUVĻ[WBOV SFīJTUSVĻ#NNECNNU 5âMSVĪBĻSFxăNâĻWBSĻBQMÜLPUĻWJTVTĻ[WBOVĻTBSBL TUVTĻ[FNĻ2JQPGOGPW #NNECNNU p p p p p #NNECNNU /KUUGFECNNU #PUYGTGFECNNU &KCNNGFECNNU %CNNFWTCVKQP 2+'<ÿ/' %BxJĻNPCJMJFĻUâMSVĪJĻSâEBĻQùEùKPĻ[WBOăUP OVNVSVĻTBSBLTUVĻBQHSJF[UâĻTFDăCâ $CNUURCUVMCUVG 1BSBTUBKâĻTLBUâĻWBSĻJFQSPHSBNNùUĻCBMTTĻQBTU LBTUFTĻâUSPĻOVNVSV ĻMBJĻWùMâLĻUBNĻQJFLĮÜUV UVSPUĻOPTQJFTUVĻ #BMTTĻQBTULBTUFTĻOVNVSVĻWBSĻNBJOăUĻUâMSVĪB SFxăNâĻ[FNĻ2JQPGOGPW %CNNQRVKQPU 8QKEGOCKNPWODGT %JCPIGPWODGTĻ+B OFWJFOTĻOVNVSTĻOBWĻTBHMBCâUT ĻUBEĻtPĻJ[WùMOJ JFTQùKBNTĻBUSBTU ĻWJFOSFJ[ĻJMHâLĻOPTQJFxPUĻ #WFKQKGUVCVĦLWOK <XCPCUMCīWOU 5âMSVĪBĻ[WBOVĻTLBĮVNVĻWBSĻNBJOăUĻUJLBJĻ[WBOB MBJLâĻ*[NBOUPKJFUĻTUÜSFTĻWBEăCBTĻUBTUBUÜSV ĻWBJ QBHSJF[JFUĻ81.ĻTMùE[J #WFKQUKUVġOCUUMCīWOU +BĻWJFOĻQBtMBJLĻOFOPUJFLĻUFMFGPOBĻTBSVOB BVEJPTJTUùNBTĻTLBĮVNVĻWBSĻSFHVMùUĻLâĻQBSBTUJ QBHSJFxPUĻ81. +BĻJFOâLPtBĻ[WBOBĻMBJLâĻJSĻJFTMùHUTĻTLBĪBT BWPUT ĻUBTĻWBSĻUJLUĻBVUPNâUJTLJĻBQLMVTJOâUT "LUJWùKJFUEFBLUJWùKJFUĻUâMSVĪBĻSFxăNâĻ[FN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC 2JQPGOGPW CPFXQNWOG 2JQPGUGVVKPIU 5QWPFU /WVGTCFKQOGFKC <XCPCUMCīWOU 5âMSVĪBĻSFxăNâĻEPEJFUJFTĻV[Ļ2JQPGOGPW 2JQPGUGVVKPIU 5QWPFUCPFXQNWOG 4KPIXQNWOGĻVOĻOPSFHVMùKJFU ĻQBHSJFxPUĻ81. /PTQJFEJFUĻ1-/'07 ĻMBJĻE[JSEùUVĻBVEJPĻTLB ĮVNVĻ/PTQJFEJFUĻ':+6 ĻMBJĻTBHMBCâUV <XCPCUKIPęNK #SăWSPLVĻGVOLDJKBJĻJSĻJOUFHSùUJĻ[WBOBĻTJHOâMJ ĻLP WBSĻJ[WùMùUJFTĻUâMSVĪBĻSFxăNâĻ[FNĻ2JQPG OGPW 2JQPGUGVVKPIU 5QWPFUCPF XQNWOG 4KPIUKIPCNU 4KPIUKIPCNĻVD 2+'<ÿ/' %BxJFNĻNPCJMBKJFNĻUâMSVĪJFNĻOFUJFL J[TMùHUTĻQJFWJFOPUâĻUâMSVĪBĻ[WBOBĻTJHOâMT ĻKB UJFLĻMJFUPUTĻLâETĻOPĻCSăWSPLVĻTJTUùNBTĻJFCÜ WùUBKJFNĻTJHOâMJFN -BJĻJ[WùMùUPTĻQJFWJFOPUâĻUâMSVĪBĻ[WBOBĻTJH OâMV ĻUâMSVĪBĻSFxăNâĻEPEJFUJFTĻV[Ļ2JQPG OGPW 2JQPGUGVVKPIU 5QWPFUCPF XQNWOG 4KPIUKIPCNU /QDKNGRJQPG TKPIUKIPCN 2JQPGDQQM *SĻEJWBTĻUâMSVĪVĻHSâNBUBTĻ5âTĻUJFLĻBVUPNPCJMă BQWJFOPUBTĻWJFOâĻVOĻQBSâEăUBTĻLâĻWJFOBĻUâM SVĪVĻHSâNBUB p "VUPNPCJMJTĻMFKVQJFMâEùĻNPCJMâĻUâMSVĪB HSâNBUVĻVOĻQBSâEBĻtPĻUâMSVĪBĻHSâNBUV UJLBJĻUBE ĻKBĻJSĻQJFWJFOPUTĻUBTĻNPCJMBJTĻUâM SVOJT ĻOPĻLVSBĻtăĻHSâNBUBĻJSĻMFKVQJFMâEùUB p "VUPNPCJMJNĻJSĻBSăĻJFCÜWùUBĻUâMSVĪVĻHSâ NBUBĻ5BKâĻJSĻJFUWFSUJĻWJTJĻLPOUBLUJ ĻLBTĻJS TBHMBCâUJĻBVUPNPCJMăĻOFBULBSăHJĻOPĻUâ ĻLVSt UâMSVOJTĻCJKJTĻQJFWJFOPUT ĻUPTĻTBHMBCâKPU fJFĻLPOUBLUJĻJSĻSFE[BNJĻWJTJFNĻMJFUPUâKJFN OFBULBSăHJĻOPĻBVUPNPCJMJNĻQJFWJFOPUâ NPCJMâĻUâMSVĪBĻ+BĻLPOUBLUTĻJSĻTBHMBCâUT BVUPNPCJMă ĻUBEĻUâMSVĪVĻHSâNBUâĻQJSNT LPOUBLUBĻJSĻSFE[BNTĻTJNCPMTĻ 2+'<ÿ/' /PĻBVUPNPCJĮBĻWFJDPUĻJ[NBJĪBTĻNPCJMâĻUâM SVĪBĻUFMFGPOBĻHSâNBUBTĻJFSBLTUâ ĻUJLTĻJ[WFJ EPUTĻKBVOTĻJFSBLTUTĻBVUPNPCJĮBĻUâMSVĪBĻHSâ NBUâ ĻUJ ĻJ[NBJĪBTĻOFUJLTĻTBHMBCâUBTĻUâM SVOăĻ/PĻBVUPNPCJĮBĻJ[TLBUăTJFT ĻLBĻJFSBLTUJ JSĻEVCMùKVtJFT ĻCFUĻUJFNĻJSĻBUtĸJSăHBTĻJLPOBT ÙFNJFUĻWùSâĻBSăĻUP ĻLB ĻTBHMBCâKPUĻăTDFĮB OVNVSVĻWBJĻNBJOPUĻLPOUBLUBĻJOGPSNâDJKV BVUPNPCJĮBĻUâMSVĪBĻHSâNBUâĻUJLTĻJ[WFJEPUT KBVOTĻJFSBLTUT /FBUCBMTUBĻWJTJĻNPCJMJFĻUâMSVĪJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET -BJĻMJFUPUVĻUâMSVĪBĻSFxăNV Ļ57ĻFLSâOBĻBVHtEBĮâ ĻTJNCPMBNĻVOĻCSăWSPLVĻTJTUù KâQBSâEâTĻ NBTĻGVOLDJKBJĻKâCÜUĻJFTUBUăUBNĻUâMSVĪBĻSFxă NBN "VEJPTJTUùNBĻTBHMBCâĻLBUSBĻQâSăĻTBWJFOPUâ NPCJMâĻUâMSVĪBĻUFMFGPOBĻHSâNBUBTĻLPQJKVĻ5âM SVĪBĻHSâNBUVĻWBSĻBVUPNâUJTLJĻOPLPQùUĻBVEJ PTJTUùNâĻLBUSBĻTBWJFOPKVNBĻMBJLâ p "LUJWùKJFUEFBLUJWùKJFUĻtPĻGVOLDJKVĻUâMSVĪB SFxăNâĻ[FNĻ2JQPGOGPW 2JQPG UGVVKPIU &QYPNQCFRJQPGDQQM +BĻUâMSVĪBĻHSâNBUâĻJSĻJOGPSNâDJKBĻQBSĻJ[TBVDB NBKJFNĻBCPOFOUJFN ĻUBEĻUâĻQBSâEâTĻ57 FLSâOâ óVTęMQPVCMVWOGMNġÝCPC 1BSBTUBKâĻTLBUâĻQBHSJF[JFUĻ670'ĻQBĻMBCJ ĻMBJ BQMÜLPUVĻLPOUBLUVĻTBSBLTUVĻ1BHSJF[JFUĻ670' MBJĻJ[WùMùUPTĻVOĻ1-/'07 ĻMBJĻ[WBOăUV ;FNĻLPOUBLUBĻWâSEBĻJSĻOPSâEăUTĻQùDĻOPLMVTù KVNBĻJ[WùMùUTĻUâMSVĪBĻOVNVSTĻ+BĻQBĻMBCJĻOP LPOUBLUBĻQBSâEâTĻTJNCPMTĻ! ĻUBTĻOP[ăNù ĻLB tJNĻLPOUBLUBNĻJSĻTBHMBCâUJĻWBJSâLJĻUâMSVĪB OVNVSJĻ/PTQJFEJFUĻ1-/'07 ĻMBJĻQBSâEăUV OVNVSVTĻ.BJOăUĻOVNVSVĻVOĻTBTUâEăUĻDJUV OFWJTĻQùDĻOPLMVTùKVNBĻJ[WùMùUPĻOVNVSVĻWBS QBHSJFxPUĻ670'Ļ/PTQJFEJFUĻ1-/'07 ĻMBJ J[TBVLUV +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC ,POUBLUVĻTBSBLTUâĻWBSĻNFLMùU ĻJ[NBOUPKPU WJEVTLPOTPMFTĻUBTUBUÜSV ĻMBJĻBU[ăNùUVĻLPOUBLUB WâSEBĻTâLVNVĻ JOGPSNâDJKVĻQBSĻUBVTUJĪVĻGVOL DJKâNĻTLBUJFUĻOPEBĮâĻ7JEVTLPOTPMFTĻSBLTU [ăNKVĻUBTUBUÜSB ,POUBLUVĻTBSBLTUBNĻWBSĻQJFLĮÜUĻBSăĻOPĻQBSBTUâ TLBUB ĻOPTQJFxPUĻVOĻUVSPUĻOPTQJFTUVĻWJEVTLPO TPMFTĻUBTUBUÜSBTĻCVSUVĻUBVTUJĪV ĻBSĻLVSVĻTâLBT NFLMùUâĻLPOUBLUBĻWâSETĻ1JFNùSBN ĻUVSPU OPTQJFTUVĻCVSUVĻ ĻWBSBUĻV[SFJ[ĻQJFLĮÜUĻUBJ TBSBLTUBĻEBĮBJ ĻLVSâĻBUSPEBTĻLPOUBLUJ ĻLVSV WâSEJĻTâLBTĻBSĻCVSUVĻ/ 8KFWUMQPUQNGUTCMUV\ĦOLWVCUVCVĹTC 6CWUVKĮÝ (WPMEKLC 6CWUVKĮÝ (WPMEKLC -QPVCMVWOGMNġÝCPC 1Ļ2Ļ3Ļ4Ļ·Ļ 5Ļ6Ļ7Ļ´ĻøĻ 8Ļ9Ļ:Ļ;Ļ 1âSTMùHtBOBĻOPĻMJFMBKJFNĻV[ NB[BKJFNĻCVSUJFN ĻĻQĻX Ļ -QPVCMVWUXCTOGMNĘVK\OCPVQLQVVGMUVCTKVGPVKĺW 3BLTU[ăNKVĻTBSBLTUT "UTUBSQFĻĻ ĻĻ Ļ!ĻĻĻĻ Ļ Ļ *FWBEătBOBTĻSFxăNBĻNBJĪBĻ TLBUJFUĻUBCVMV UâMâL "Ļ#Ļ$ĻèĻĻĐĻĴĻĻ 1IPOFĻCPPL %Ļ&Ļ'ĻĜĻ¡Ļ (Ļ)Ļ*ĻĢĻ -BJĻNFLMùUVĻWBJĻSFEJīùUVĻLPOUBLUV ĻUâMSVĪB SFxăNâĻEPEJFUJFTĻV[Ļ2JQPGOGPW 2JQPG DQQM 5GCTEJ +Ļ,Ļ-Ļ .Ļ/Ļ0Ļ®ĻĦĻĤĻćĻ `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC 2+'<ÿ/' )JHIĻ1FSGPSNBODFĻTJTUùNBJĻOBWĻUFLTUB SJUFOUJĪB ĻUâEùĮĻ670'ĻOFWBSĻJ[NBOUPU ĻMBJ JFWBEăUVĻSBLTU[ăNFTĻUPĻWBSĻEBSăUĻUJLBJĻBS DJQBSVĻVOĻCVSUVĻUBVTUJĪJFNĻDFOUSâMâTĻLPO TPMFTĻWBEăCBTĻQBOFMă #$% 1âSTMùE[JFUJFTĻTUBSQĻCVSUVĻVO DJQBSVĻSFxăNV ĻOPTQJFxPUĻ1- /'07 /QTG .BJOJFUĻV[ĻTQFDJâMBKâNĻSBLTU[ă NùN ĻOPTQJFxPUĻ1-/'07 ĚBVKĻEPUJFTĻV[ĻUâMSVĪBĻHSâNBUV Ļ1BHSJF[JFUĻ670' ĻMBJĻJ[WùMù UPTĻLPOUBLUV ĻVOĻOPTQJFEJFU 1-/'07 ĻMBJĻBQMÜLPUVĻTBHMB CâUPTĻOVNVSVTĻVOĻDJUVĻJOGPS NâDJKV 1BHSJF[JFUĻ670'ĻMăE[ĻWBKBE[ăHBKBNĻCVS UBN ĻOPTQJFEJFUĻ1-/'07 ĻMBJĻBQTUJQSJ OâUVĻ7BSĻJ[NBOUPUĻBSăĻWJEVTLPOTPMFTĻWBEă CBTĻQBOFĮBĻDJQBSVĻVOĻCVSUVĻUBVTUJĪVT 5VSQJOJFUĻBSĻOâLBNPĻCVSUVĻVUUĻ.FLMùtB OBTĻSF[VMUâUTĻQBSâEâTĻUâMSVĪBĻHSâNBUâĻ -BJĻNBJOăUVĻJFWBEătBOBTĻSFxăNVĻV[ĻDJQB SJFNĻWBJĻTQFDJâMBKâNĻSBLTU[ăNùNĻWBJ EPUPTĻV[ĻUâMSVĪBĻHSâNBUV ĻQBHSJF[JFU 670'ĻMăE[ĻLâEBJĻOPĻPQDJKâNĻ TLBUJFUĻTLBJ ESPKVNVĻUBCVMâĻUâMâL ĻJFWBEătBOBTĻSFxăNB NBJOătBOBTĻTBSBLTUâĻ ĻVOĻOPTQJFEJFU 1-/'07 įTTĻQJFTQJFEJFOTĻV[Ļ':+6Ļ *;*&5 ĻJ[E[ùTăTĻJFWB EăUPĻTJNCPMVĻ*MHâLĻQJFTQJFxPUĻ':+6ĻJ[E[ùTăT JFWBEăUPTĻTJNCPMVT /PTQJFxPUĻDJQBSVĻUBVTUJĪVĻWJEVTLPOTPMùĻMBJLâ LBEĻUJFLĻSâEăUTĻUFLTUBĻSJUFOUJĪtĻ TLBUJFUĻBUUùMV JFQSJFLt Ļ57ĻFLSâOâĻQBSâEâTĻKBVOTĻSBLTU[ăNKV TBSBLTUTĻ Ļ5VSQJOJFUĻBULâSUPUJĻOPTQJFTU DJQBSVĻUBVTUJĪV ĻMăE[ĻJSĻTBTOJFHUTĻWBKBE[ăHBJT CVSUT ĻVOĻQùDĻUBNĻBUMBJEJFUĻUPĻ5VSQJOJFUĻBS OâLBNPĻCVSUVĻVUUĻ+BĻUBVTUJĪtĻJSĻOPTQJFTUT JFWBEJĻWBSĻBQTUJQSJOâU ĻOPTQJFxPUĻDJUVĻUBVTUJĪV -BJĻJFWBEăUVĻOVNVSV ĻUVSJFUĻOPTQJFTUVĻBUUJFDăHâ DJQBSBĻUBVTUJĪV ,CWPUMQPVCMVU "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET $WTVWKGXCFĝÞCPCLCWPCOMQPVCMVCO *FWBEătBOBTĻSFxăNBĻNBJĪBĻ TLBUJFUĻUBCVMV UâMâL *FWBEătBOBTĻMBVLT +BVOVTĻLPOUBLUVTĻWBSĻQJFWJFOPUĻUâMSVĪBĻSFxăNâ [FNĻ2JQPGOGPW 2JQPGDQQM 0GY EQPVCEV 2+'<ÿ/' )JHIĻ1FSGPSNBODFĻTJTUùNBJĻOBWĻUFLTUB SJUFOUJĪB ĻUâEùĮĻ670'ĻOFWBSĻJ[NBOUPU ĻMBJ JFWBEăUVĻSBLTU[ăNFTĻUPĻWBSĻEBSăUĻUJLBJĻBS DJQBSVĻVOĻCVSUVĻUBVTUJĪJFNĻDFOUSâMâTĻLPO TPMFTĻWBEăCBTĻQBOFMă +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC +BĻJSĻJ[WùMùUBĻ0COGĻSJOEB ĻOPTQJFEJFUĻ1- /'07 ĻMBJĻTBTOJFHUVĻJFWBEătBOBTĻSFxăNV BUUùMTĻJFQSJFLt 1BHSJF[JFUĻ670'ĻMăE[ĻWBKBE[ăHBKBNĻCVS UBN ĻOPTQJFEJFUĻ1-/'07 ĻMBJĻBQTUJQSJ OâUVĻ7BSĻJ[NBOUPUĻBSăĻWJEVTLPOTPMFTĻWBEă CBTĻQBOFĮBĻDJQBSVĻVOĻCVSUVĻUBVTUJĪVT #$ % 1âSTMùE[JFUJFTĻTUBSQĻCVSUVĻVO DJQBSVĻSFxăNV ĻOPTQJFxPUĻ1- /'07 /QTG .BJOJFUĻV[ĻTQFDJâMBKâNĻSBLTU[ă NùN ĻOPTQJFxPUĻ1-/'07 1- 4BHMBCâKJFUĻVOĻEPEJFUJFTĻBUQB LBĮĻV[Ļ#FFEQPVCEV ĻOPTQJFxPU 1-/'07 5VSQJOJFUĻBSĻOâLBNPĻCVSUVĻVUUĻ*FWBEăUBJT WâSETĻJSĻSFE[BNTĻ57ĻFLSâOBĻJFWBEătBOBT MBVLâĻ -BJĻNBJOăUVĻJFWBEătBOBTĻSFxăNVĻV[ĻDJQB SJFNĻWBJĻTQFDJâMBKâNĻSBLTU[ăNùN ĻQâSJFUV OPĻMJFMBKJFNĻCVSUJFNĻV[ĻNB[BKJFNĻVOĻPUSâEJ VD ĻQBHSJF[JFUĻ670'ĻMăE[ĻLâEBJĻOPĻPQDJ KâNĻ TLBUJFUĻTLBJESPKVNVĻUBCVMâĻUâMâL TBSBLTUâĻ ĻVOĻQùDĻUBNĻOPTQJFEJFUĻ1- /'07 ,BEĻWâSETĻJSĻQJMOăCâĻJFWBEăUT Ļ57ĻFLSâOBĻ TBSBLTUâĻJ[WùMJFUJFTĻ1-ĻVOĻOPTQJFEJFUĻ1- /'07Ļ5VSQJOJFUĻJFWBEăUĻUâMSVĪBĻOVNVSV UâQBU ĻLâĻBQSBLTUăUTĻJFQSJFLt ,BEĻUâMSVĪBĻOVNVSTĻJSĻJFWBEăUT ĻOPTQJFEJFU 1-/'07ĻVOĻJ[WùMJFUJFTĻUâMSVĪBĻOVNVSBĻUJQV /QDKNGRJQPG Ļ*QOG Ļ9QTMĻWBJĻ)GPGTCN /PTQJFEJFUĻ1-/'07 ĻMBJĻBQTUJQSJOâUV ,BEĻWJTBĻJOGPSNâDJKBĻJSĻJFWBEăUB ĻOPTQJFEJFU 5CXGEQPVCEV ĻMBJĻTBHMBCâUVĻLPOUBLUV 1âSTMùE[JFUJFTĻTUBSQĻMJFMBKJFNĻVO NB[BKJFNĻCVSUJFN ĻOPTQJFxPU 1-/'07 /PTQJFEJFUĻ1-/'07 ĻVOĻLVS TPSTĻQâSWJFUPTJFTĻV[ĻJFWBEătB OBTĻMBVLVĻ Ļ57ĻFLSâOBĻBVHt EBĮâĻ5BHBEĻLVSTPSVĻWBSĻQâSWJF UPUĻBSĻ670'ĻMăE[ĻWBKBE[ăHBKBJ WJFUBJ ĻQJFN ĻMBJĻJFWBEăUVĻKBVOVT CVSUVTĻWBJĻJ[E[ùTUV ĻOPTQJFxPU ':+6Ļ-BJĻWBSùUVĻJFWBEăUĻKBVOVT CVSUVT ĻWJTQJSNTĻKâEPEBTĻBUQB LBĮĻV[ĻJFWBEătBOBTĻSFxăNV OPTQJFxPUĻ1-/'07 óVTKGPWOWTK ĂUSPTĻOVNVSVTĻWBSĻQJFWJFOPUĻUâMSVĪBĻSFxăNâ [FNĻ2JQPGOGPW 2JQPGDQQM 5RGGF FKCN ;WBOătBOVĻBSĻâUSBKJFNĻOVNVSJFNĻWBSĻWFJLUĻUâM SVĪBĻSFxăNâ ĻJ[NBOUPKPUĻWJEVTLPOTPMFTĻUBTUB UÜSBTĻDJQBSVĻUBVTUJĪVT ĻOPTQJFxPUĻLâEVĻOP DJQBSVĻUBVTUJĪJFNĻVOĻQùDĻUBNĻOPTQJFxPUĻ1- /'07Ļ+BĻâUSâĻOVNVSBĻBUNJĪâĻOBWĻTBHMBCâUT OFWJFOTĻLPOUBLUT ĻUBEĻQBSâEâTĻPQDJKB ĻLBTĻĮBVK TBHMBCâUĻLPOUBLUVĻJ[WùMùUâĻâUSâĻOVNVSB BUNJĪâ 8K\ĦVMCTVGUUCĮGOÝCPC 7J[ăULBSUJĻWBSĻTBĪFNUĻBVUPNPCJĮBĻUâMSVĪBĻHSâ NBUâĻOPĻDJUJFNĻNPCJMBKJFNĻUâMSVĪJFNĻ UJFN LBTĻOBWĻQBtSFJ[ĻQJFWJFOPUJĻBVUPNPCJMJN Ļ-BJ UPĻBUĮBVUV ĻBVUPNPCJMJNĻKâJFTUBUBĻ#MVFUPPUI SFE[BNăCBTĻSFxăNTĻfPĻGVOLDJKVĻWBSĻBLUJWùUĻUâM SVĪBĻSFxăNâĻ[FNĻ2JQPGOGPW 2JQPG DQQM 4GEGKXGX%CTF #VOKĮCUUVęXQMNKU "VUPNPCJĮBĻUâMSVĪBĻHSâNBUBTĻVOĻQJFWJFOPUâ NPCJMâĻUâMSVĪBĻUFMFGPOBĻHSâNBUBTĻBUNJĪBTĻTUB UVTVĻWBSĻBQMÜLPUĻUâMSVĪBĻSFxăNâĻ[FNĻ2JQPG OGPW 2JQPGDQQM /GOQT[UVCVWU "UUJFDBTĻUJLBJĻV[Ļ)JHIĻ1FSGPSNBODFĻ.VMUJNFEJBĻVOĻ1SFNJVNĻ4PVOEĻ.VMUJNFEJB `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $NWGVQQVJDTĦXTQMWUKUVġOC 6ęNTWĮCITęOCVCUF\ġÝCPC "VUPNPCJĮBĻUâMSVĪBĻHSâNBUVĻWBSĻJ[E[ùTUĻUâM SVĪBĻSFxăNâĻ[FNĻ2JQPGOGPW 2JQPG DQQM %NGCTRJQPGDQQM 2+'<ÿ/' *[E[ùtPUĻBVUPNPCJĮBĻUâMSVĪBĻHSâNBUV ĻUJFL J[E[ùTUJĻUJLBJĻBVUPNPCJĮBĻUâMSVĪBĻHSâNBUâ FTPtJFĻLPOUBLUJĻ.PCJMâĻUâMSVĪBĻLPOUBLUJ OFUJFLĻJ[E[ùTUJ 8GTUKLCUKPHQTOęEKLCRCT$NWGVQQVJ "VUPNPCJĮBĻQBtSFJ[ùKPĻ#MVFUPPUIĻWFSTJKVĻWBS BQMÜLPUĻUâMSVĪBĻSFxăNâĻ[FNĻ2JQPGOGPW 2JQPGUGVVKPIU $NWGVQQVJUQHVYCTG XGTUKQPKPECT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $CNUUCVRC\ĦÝCPC OQDKNCKUVęNTWPKU 8KURęTĦIK *OGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJTUùNBTĻCBMTTĻBUQB [ătBOBTĻGVOLDJKBĻĮBVKĻWBEăUâKBNĻBSĻCBMTJĻBLUJ WùUĻOPUFJLUBTĻGVOLDJKBTĻ#MVFUPPUIĻQJFWJFOPUâ UâMSVOăĻWBJĻ7PMWPĻOBWJHâDJKBTĻTJTUùNâĻĻ35* 3PBEĻBOEĻ5SBGGJDĻ*OGPSNBUJPOĻ4ZTUFN 2+'<ÿ/' p p fBKâĻOPEBĮâĻJSĻTOJFHUBĻJOGPSNâDJKBĻQBS UP ĻLâĻMJFUPUĻCBMTTĻWBEăCV ĻMBJĻSăLPUPTĻBS OQDKNQVęNTWPKMCURKGXKGPQVU K\OCPVQLQV$NWGVQQVJĻTBWJFOPKVNV -BJĻTBĪFNUVĻQMBtâLVĻJOGPSNâDJKVĻQBS UP ĻLâĻMJFUPUĻNPCJMPĻUâMSVOJ ĻLBTĻQJFWJF OPUT ĻJ[NBOUPKPUĻ#MVFUPPUIĻTBWJFOP KVNVĻBSĻBVUPNPCJĮBĻJOGPSNâDJKBTĻVO J[LMBJEFTĻTJTUùNVĻTLBUăUĻMQQĻ $4ÿ&+0ó,7/5 8CNQFC 7BEăUâKTĻJSĻWJFONùSĻBUCJMEăHTĻQBSĻESPtV BVUPNPCJĮBĻWBEătBOVĻVOĻWJTVĻTQùLâĻFTPtP DFĮVĻTBUJLTNFTĻOPUFJLVNVĻJFWùSPtBOV #BMTTĻBUQB[ătBOBTĻTJTUùNBĻĮBVKĻWBEăUâKBNĻBS CBMTJĻBLUJWùUĻOPUFJLUBTĻ#MVFUPPUIĻQJFWJFOPUB NPCJMâĻUâMSVĪBĻVOĻ7PMWPĻOBWJHâDJKBTĻTJTUùNBT 35*Ļ 3PBEĻBOEĻ5SBGGJDĻ*OGPSNBUJPOĻ4ZTUFN GVOLDJKBT ĻWJFOMBJLVTĻUVSPUĻSPLBTĻV[ĻTUÜSFT *FWBEătBOBTĻEBUJĻJSĻWFJEPUJĻEJBMPHBĻGPSNâĻBSĻMJF UPUâKBĻJ[SVOâUâNĻLPNBOEâNĻVOĻTJTUùNBTĻJ[SV OâUâNĻBUCJMEùNĻ#BMTTĻBUQB[ătBOBTĻTJTUùNB J[NBOUPĻUPĻQBtVĻNJLSPGPOV ĻLVSVĻ#MVFUPPUI CSăWSPLVĻTJTUùNBĻ TLBUJFUĻBUUùMVĻĻMQQ ĻVO CBMTTĻBUQB[ătBOBTĻTJTUùNBTĻBUCJMEFTĻJSĻE[JSEB NBTĻOPĻBVUPNPCJĮBĻTLBĮSVĪJFN 7PMWPĻOBWJHâDJKBTĻTJTUùNBJĻ35*Ļ 3PBE BOEĻ5SBGGJDĻ*OGPSNBUJPOĻ4ZTUFN ĻJSĻBUTF WJtĸBĻMJFUPUâKBĻSPLBTHSâNBUB ĻLBTĻTBUVS QMBtâLVĻJOGPSNâDJKVĻQBSĻCBMTTĻWBEăCV VOĻCBMTTĻLPNBOEâN ĻBSĻLVSâNĻWBS WBEăUĻtPĻTJTUùNV 8CNQFWUCTCMUVU #BMTTĻBUQB[ătBOBTĻGVOLDJKBĻOBWĻQJFFKBNBĻWJTâT WBMPEâTĻ7BMPEBT ĻLVSâTĻJSĻQJFFKBNBĻCBMTT BUQB[ătBOBTĻGVOLDJKB ĻWBMPEVĻTBSBLTUâĻJSĻBQ[ă NùUBTĻBSĻJLPOVĻĻ Ļ7BMPEBTĻNBJĪVĻWBSĻWFJLU J[WùMĪVĻTJTUùNâĻ/;%#4 ĻTLBUăUĻMQQĻ #BMTTĻLPNBOEVĻMJFUPtBOBĻJSĻùSUBĻVOĻQBMăE[ WBEăUâKBNĻOFOPWùSTUĻV[NBOăCV ĻUâĻWJFUâĻLPO DFOUSùKPUJFTĻCSBVLtBOBJĻVOĻTJUVâDJKBJĻV[ĻDFĮB "UUJFDBTĻUJLBJĻV[ĻUSBOTQPSUMăE[FLĮJFN ĻLBTĻBQSăLPUJĻBSĻ7PMWPĻOBWJHâDJKBTĻTJTUùNVĻ35*Ļ 3PBEĻBOEĻ5SBGGJDĻ*OGPSNBUJPOĻ4ZTUFN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $CNUUCVRC\ĦÝCPC OQDKNCKUVęNTWPKU #VEGTKGVKGU -JFUPKPUĻCBMTTĻBUQB[ătBOBTĻTJTUùNV ĻQBUVSJFU QSâUâ p -BJĻTOJFHUVĻLPNBOEVĻĻSVOâKJFUĻQùDĻTJH OâMBĻOPSNâMâĻCBMTă ĻOPSNâMâĻâUSVNâ p /FSVOâKJFU ĻLBNùSĻTJTUùNBĻBUCJMEĻ tBKâ MBJLâĻTJTUùNBĻOFTBQSPUĻLPNBOEBT p "VUPNPCJĮBĻEVSWăNĻVOĻMPHJFNĻKâCÜUĻBJ[ WùSUJFN p $FOUJFUJFTĻOFQJFĮBVUĻGPOBĻUSPLTOJĻTBMPOâ 2+'<ÿ/' 5VĨTGUVCUVCVĨTC #BMTTĻBUQB[ătBOBTĻUBVTUJĪt .CKKGUNġIVWUKUVġOW -BJĻWBSùUVĻJ[NBOUPUĻCBMTTĻLPNBOEBTĻNPCJMB KBNĻUâMSVOJN ĻUBNĻJSĻKâCÜUĻTBWJFOPUBNĻQâSăĻVO QJFTMùHUBN ĻJ[NBOUPKPUĻ#MVFUPPUIĻCSăWSPLV TJTUùNVĻ+BĻUJFLĻTOJFHUBĻUâMSVĪBĻLPNBOEB ĻCFU OFWJFOTĻNPCJMBJTĻUâMSVOJTĻOBWĻTBWJFOPUTĻQâSă TJTUùNBĻQBSĻUPĻJOGPSNùĻ*OGPSNâDJKVĻQBSĻNPCJMâ UâMSVĪBĻTBWJFOPtBOVĻQâSăĻVOĻQJFTMùHtBOV ĻTLB UăUĻMQQĻ +BĻWBEăUâKTĻOF[JOB ĻLVSVĻLPNBOEVĻMJFUPU WJĪtĻWBSĻTBDăUĻ)FMQĻ 1BMăE[ăCB ĻVOĻTJT UùNBĻSFBīùT ĻQJFEâWâKPUĻEBxBTĻLPNBOEBT LPĻWBSĻMJFUPUĻQBtSFJ[ùKâĻTJUVâDJKâ #BMTTĻLPNBOEBTĻWBSĻEFBLUJWùU p p p p TBLPUĻ$BODFMĻ "UDFMU OFSVOâKPU UVSPUĻOPTQJFTUVĻCBMTTĻBUQB[ătBOBT UBVTUJĪVĻV[ĻTUÜSFT /PTQJFEJFUĻ':+6ĻWBJĻLâEVĻDJUVĻHBMWFOâ TLBĪBTĻBWPUBĻUBVTUJĪVĻ QJFNùSBN /'&+# p /PTQJFEJFUĻCBMTTĻBUQB[ătBOBTĻUBVTUJĪVĻ MBJĻBLUJWùUVĻTJTUùNVĻVOĻTâLUVĻEJBMPHV J[NBOUPKPUĻCBMTTĻLPNBOEBTĻ4JTUùNB QBSâEăTĻCJFxJĻMJFUPUâTĻLPNBOEBTĻWJEVT LPOTPMFTĻ57ĻFLSâOâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET $CNUUCVRC\ĦÝCPCURCNĦF\ĦDCUHWPMEKLCU p +PUVTWMEKLCUĻ'VOLDJKB ĻLBTĻQBMăE[ĻJFQB[ă UJFTĻBSĻTJTUùNVĻVOĻLPNBOEVĻTOJFHtBOBT QSPDFEÜSV p $CNUUVTGPKĮÝĻ'VOLDJKB ĻLBTĻĮBVKĻCBMTT BUQB[ătBOBTĻTJTUùNBJĻJFQB[ăUĻKÜTVĻCBMTJĻVO BLDFOUVĻfăĻGVOLDJKBĻĮBVKĻWFJLUĻCBMTTĻUSF OJĪVĻEJWJFNĻMJFUPUâKBĻQSPGJMJFN 1BMăE[ăCBTĻGVOLDJKâNĻWBSĻQJFLĮÜU ĻOPTQJFxPU /;%#4ĻUBVTUJĪVĻWJEVTLPOTPMFTĻWBEăCBT QBOFMăĻVOĻQùDĻUBNĻQBHSJFxPUĻ670'ĻMăE[ĻWBKB E[ăHBKBJĻJ[WùMOFTĻPQDJKBJ +PUVTWMEKLCU *OTUSVLDJKBTĻWBSĻQBMBJTUĻEJWPTĻWFJEPT 2+'<ÿ/' fPĻOPSâEăKVNVĻVOĻCBMTTĻUSFOJĪVĻWBSĻWFJLU UJLBJĻUBE ĻKBĻBVUPNPCJMJTĻJSĻOPWJFUPUTĻTUâWù tBOBJ p /PTQJFEJFUĻCBMTTĻBUQB[ătBOBTĻUBVTUJĪVĻVO TBLJFUĻ7PJDFĻJOTUSVDUJPOTĻ CBMTTĻ*OTUSVL DJKBT p "LUJWùKJFUĻJOTUSVLDJKBTĻJ[WùMĪVĻTJTUùNâĻ/; %#4Ļ[FNĻ5GVVKPIU 8QKEGUGVVKPIU 8QKEGVWVQTKCNĻ*[WùMĪVĻTJTUùNBTĻBQSBLTUV TLBUăUĻMQQĻ *OTUSVLDJKBTĻJSĻTBEBMăUBTĻĻOPEBSCăCâT ĻLBT LPQâĻBJ[ĪFNĻBQNùSBNĻĻNJOÜUFTĻ4JTUùNB +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $CNUUCVRC\ĦÝCPC OQDKNCKUVęNTWPKU TâLĻBSĻQJSNPĻOPEBSCăCVĻ-BJĻJ[MBJTUVĻOPEBSCăCV VOĻQâSJFUVĻQJFĻOâLBNâT ĻOPTQJFEJFUĻCBMTT BUQB[ătBOBTĻUBVTUJĪVĻVOĻTBLJFUĻ/FYUĻ /âLB NBJT Ļ6[ĻJFQSJFLtùKPĻOPEBSCăCVĻWBSĻEPUJFT TBLPUĻ1SFWJPVTĻ *FQSJFLtùKBJT *[JFUĻOPĻJOTUSVLDJKVĻSFxăNBĻWBS ĻUVSPUĻOPTQJFTUV CBMTTĻBUQB[ătBOBTĻUBVTUJĪV $CNUUVTGPKĮÝ 4JTUùNBĻQBSâEBĻMăE[ĻQJFDQBETNJUĻGSâ[ùN ĻLP WBSĻJ[SVOâUĻ#BMTTĻUSFOJĪVĻWBSĻQBMBJTUĻJ[WùMĪV TJTUùNâĻ/;%#4Ļ[FNĻ5GVVKPIU 8QKEG UGVVKPIU 8QKEGVTCKPKPIĻ*[WùMJFUJFTĻTUBSQ 7UGTĻVOĻ7UGTĻ*[WùMĪVĻTJTUùNBTĻBQSBLTUV TLBUăUĻMQQĻ $CNUUMQOCPFWNKGVQÝCPC 7BEăUâKTĻTâLĻEJBMPHVĻBSĻCBMTTĻLPNBOEâN OPTQJFxPUĻCBMTTĻBUQB[ătBOBTĻUBVTUJĪVĻ TLBUJFU BUUùMVĻĻMQQ ,BEĻEJBMPHTĻJSĻTâLUT Ļ57ĻFLSâOâĻQBSâEâTĻCJFxJ J[NBOUPUâTĻLPNBOEBTĻ1FMùLâĻLSâTâĻJF[ăNù UBJTĻUFLTUTĻWBJĻUFLTUTĻJFLBWâTĻOBWĻJFLĮBVUT CBMTTĻLPNBOEâT ,BEĻWBEăUâKTĻJSĻJFQB[JOJFTĻBSĻTJTUùNV ĻWBSĻQBâ USJOâUĻLPNBOEVĻEJBMPHBĻUFNQVĻVOĻJ[MBJTUĻTJTUù NBTĻMÜHVNVT ĻăTJĻOPTQJFxPUĻCBMTTĻBUQB[ătBOBT UBVTUJĪV 1IPOFĻĻDBMMĻOVNCFSĻ 5âMSVOJTĻĻTBTUâEăU OVNVSV 1IPOFĻDBMMĻOVNCFSĻ 5âMSVOJTĻĻTBTUâEăU OVNVSV WBJ UùNâĻ/;%#4Ļ[FNĻ5GVVKPIU 8QKEG UGVVKPIU 8QKEGQWVRWVXQNWOGĻ*[WùMĪV TJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ .KGVQVęLUUęMFKCNQIWUCMQV WBJ 2CRKNFWKGUVCVĦLWOKK\XġNĮWUKUVġOę/; %#4 p $CNUUUMCīWOUĻĻWBSĻNBJOăUĻJ[WùMĪVĻTJT 5âMâLĻJSĻTOJFHUTĻQJFNùSTĻEJBMPHBNĻBSĻCBMTT LPNBOEâNĻ4JTUùNBTĻBUCJMEFĻNBJOâTĻBULBSăCâ OPĻTJUVâDJKBT ,PNBOEVĻ1IPOFĻDBMMĻDPOUBDUĻ 5âMSVOJTĻ [WBOăUĻLPOUBLUBN ĻWBSĻJ[SVOâUĻLâ ĻQJFN p 1IPOFĻĻ$BMMĻDPOUBDUĻĻTBLJFUĻ1IPOF MJFUPUâKVĻQSPGJMVTĻĻtPĻGVOLDJKVĻWBSĻBLUJWùU J[WùMĪVĻTJTUùNâĻ/;%#4Ļ[FNĻ5GVVKPIU 8QKEGUGVVKPIU 8QKEGWUGTUGVVKPI *[WùMJFUJFTĻTUBSQĻ7UGTĻVOĻ7UGT *[WùMĪVĻTJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ 4JTUùNBĻTBQSPUĻDJQBSVTĻOPĻĻ OVMMFT ĻMăE[Ļ EFWJĪJ ĻfPTĻDJQBSVTĻWBSĻOPTBVLUĻBUTFWJtĸJ ĻQB HSVQâNĻWBJĻWJTVĻOVNVSVĻV[SFJ[Ļ4JTUùNB OFTBQSPUĻTLBJUĮVT ĻLBTĻJSĻMJFMâLJĻQBSĻĻ EFWJĪJ QJFNùSBN ĻĻ EFTNJU ĻWBJĻĻ WJFOQBETNJU -QOCPFCUXCTUPKGIVFCäęFQUXGKFQU ,BEĻCBMTTĻUSFOJĪtĻJSĻQBCFJHUT ĻBUDFSJFUJFTĻJFT UBUăUĻTBWVĻMJFUPUâKBĻQSPGJMVĻ[FNĻ8QKEGWUGT UGVVKPI p .KGVQVęLCKGUVCVĦLWOKĻĻWBSĻJFTUBUăUĻEJWVT 0WOWTCUCUVęFĦÝCPC OPHBJEJFU ĻMăE[ĻTJTUùNBĻBUCJME ĻVOĻQùDĻUBN UVSQJOJFU ĻTBLPUĻ$BMMĻDPOUBDU p 1IPOFĻDBMMĻDPOUBDUĻĻTBLJFUĻWJTV LPNBOEVĻV[SFJ[ óVTęUMQOCPFCU 5âMSVĪBĻâUSâTĻLPNBOEBTĻWBSĻBUSBTUĻJ[WùMĪVĻTJT UùNâĻ/;%#4Ļ[FNĻ5GVVKPIU 8QKEG UGVVKPIU 8QKEGEQOOCPFNKUV 2JQPG EQOOCPFUĻVOĻ)GPGTCNEQOOCPFUĻ*[WùMĪV TJTUùNBTĻBQSBLTUV ĻTLBUăUĻMQQĻ 5KUVġOCUCVDKNFG /VNVST .KGVQVęLCTĦEĦDC 4âDJFUĻOPTBVLUĻUâMSVĪBĻOVNVSBĻDJQBSVTĻ Lâ BUTFWJtĸBTĻWJFOăCBT ĻUJ ĻTFtJBTUPĪJTFQUJĪJ VD Ļ+BĻOPTBVDBUĻWBJSâLVTĻDJQBSVTĻVOĻJFUVSBU QBV[J ĻTJTUùNBĻUPTĻBULâSUPTĻVOĻQùDĻUBNĻTBDăT $POUJOVFĻ 5VSQJOJFU 5VSQJOJFUĻOPTBVLUĻDJQBSVTĻ,BEĻFTBUĻOPTBVDJT OVNVSV ĻCFJE[JFUĻLPNBOEV ĻTBLPUĻ$BMM ;WBOăU p /VNVSVĻWBSĻBSăĻNBJOăU ĻJ[SVOâKPUĻLPNBO EBTĻ$PSSFDUĻ *[MBCPU ĻLBTĻJ[E[ùtĻQùEùKP `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC $CNUUCVRC\ĦÝCPC OQDKNCKUVęNTWPKU OPTBVLUPĻDJQBSVĻHSVQVĻWBJĻ%FMFUF %[ùTU ĻLBTĻJ[E[ùtĻWJTVTĻOPTBVLUPTĻDJQB SVT UâTĻSJOEâTĻVOĻTJTUùNBĻMÜHTĻJ[WùMùUJFTĻSJO EBTĻOVNVSV p +BĻTBSBLTUâĻJSĻWBJSâLĻSJOEV ĻOFLâĻJFTQù KBNTĻWJFOMBJLVTĻQBSâEăU ĻTBLPUĻ%PXO 6[ĻMFKV ĻWBSBUĻSJUJOâUĻV[ĻMFKVĻTBSBLTUâĻ VO TBLPUĻ6QĻ 6[ĻBVHtV ĻWBSBUĻSJUJOâUĻV[ BVHtVĻTBSBLTUâ <XCPĦÝCPCPQ\XCPWTGĥKUVTC 5âMâLĻNJOùUBJTĻEJBMPHTĻĮBVKĻWFJLUĻUâMSVĪBĻ[WBOV OPĻLâEBĻKÜTVĻNPCJMâĻUâMSVĪBĻ[WBOVĻSFīJTUSJFN .KGVQVęLUUęMFKCNQIWUCMQV 1IPOFĻĻDBMMĻGSPNĻUIFĻDBMMĻSFHJTUFSĻ 5âMSVOJTĻ [WBOăUĻOPĻ[WBOVĻSFīJTUSB 1IPOFĻDBMMĻGSPNĻUIFĻDBMMĻSFHJTUFSĻ 5âMSVOJTĻ [WBOăUĻOPĻ[WBOVĻSFīJTUSB 5âMâLĻNJOùUBJTĻEJBMPHTĻĮBVKĻ[WBOăUĻCBMTTĻQBTU LBTUFJ ĻMBJĻQâSCBVEăUV ĻWBJĻFTBUĻTBĪùNJTĻLâEV [JĪPKVNVĻ+ÜTVĻCBMTTĻQBTULBTUFTĻOVNVSBN KâCÜUĻSFīJTUSùUBNĻ#MVFUPPUIĻGVOLDJKâ ĻTLBUăU MQQĻ 5VSQJOJFU ĻBUCJMEPUĻV[ĻTJTUùNBTĻMÜHVNJFN .KGVQVęLUUęMFKCNQIWUCMQV WBJ <XCPĦÝCPCMQPVCMVCO 5âMâLĻNJOùUBJTĻEJBMPHTĻĮBVKĻ[WBOăUĻNPCJMBKâĻUâM SVOăĻJFQSJFLtĻTBHMBCâUJFNĻLPOUBLUJFN <XCPĦÝCPCDCNUURCUVMCUVGK .KGVQVęLUUęMFKCNQIWUCMQV 1IPOFĻĻDBMMĻDPOUBDUĻ 5âMSVOJTĻĻ[WBOăUĻLPOUBL UBN 1IPOFĻĻDBMMĻWPJDFĻNBJMCPYĻ 5âMSVOJTĻĻ[WBOăU CBMTTĻQBTULBTUFJ WBJ 1IPOFĻDBMMĻWPJDFĻNBJMCPYĻ 5âMSVOJTĻĻ[WBOăU CBMTTĻQBTULBTUFJ 5VSQJOJFU ĻBUCJMEPUĻV[ĻTJTUùNBTĻMÜHVNJFN WBJ 1IPOFĻDBMMĻDPOUBDUĻ 5âMSVOJTĻĻ[WBOăUĻLPOUBL UBN 5VSQJOJFU ĻBUCJMEPUĻV[ĻTJTUùNBTĻMÜHVNJFN ;WBOPUĻLPOUBLUBN ĻĪFNJFUĻWùSâ p +BĻJSĻTBHMBCâUJĻWBJSâLJĻLPOUBLUJĻBSĻMăE[ăHJFN WâSEJFN ĻUJFĻQBSâEăTJFTĻEJTQMFKâĻOVNVSù Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 68 8KURęTĦIK 2+'<ÿ/' făĻTJTUùNBĻBUCBMTUBĻ57ĻQâSSBJEFTĻUJLBJĻUBKâT WBMTUăT ĻLBTĻSBJEBĻTJHOâMVTĻNQFHĻGPSNâUâ VOĻ%7#5ĻTUBOEBSUâĻ4JTUùNBĻOFBUCBMTUB 57ĻQâSSBJEFTĻNQFHĻGPSNâUâĻWBJĻBOBMPHâT QâSSBJEFT 1âSWJFUPKJFUJFTĻQBĻLBOâMVĻTBSBLTUJFN QBHSJFxPUĻ670' +\XġNPGU /'&+#ĻJ[WùMOFTĻWBSĻWBEăU ĻJ[NBOUPKPUĻWJEV TLPOTPMJĻVOĻTUÜSFTĻWBEăCBTĻUBTUBUÜSV Ļ7JTQâ SăHVĻJOGPSNâDJKVĻQBSĻJ[WùĮĪVĻOBWJHâDJKV ĻTLBUăU MQQĻĻVOĻJ[WùĮĪVĻTUSVLUÜSV ĻTLBUăUĻMQQĻ ':+6ĻĻEPUJFTĻV[ĻBVHtVĻJ[WùMĪVĻTUSVLUÜSâ BQUVSùUĻQBtSFJ[ùKPĻGVOLDJKV /âLBNPĻQJFFKBNVĻLBOâMVĻWBSĻQBSâEăU OPTQJFxPUĻ ĻĻ 2ęTUMCVU 2+'<ÿ/' +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻTUÜSFTĻWBEăCBT UBTUBUÜSV ĻVOWBJĻUâMWBEăCBTĻQVMUJ ĻUBEĻCJFxJ WJFOĻUPTĻWBSĻJ[NBOUPUĻDFOUSâMâTĻLPOTPMFT UBVTUJĪVĻWJFUâĻ-BJĻBQMÜLPUVĻTUÜSFTĻWBEăCBT UBVTUJĪVĻBQSBLTUV ĻTLBUăUĻMQQĻĻ-BJĻBQMÜ LPUVĻUâMWBEăCBTĻQVMUTĻBQSBLTUV ĻTLBUăU MQQĻ 2+'<ÿ/' 57ĻBUUùMTĻUJFLĻSâEăUTĻUJLBJ ĻLBNùSĻBVUPNPCJ MJTĻTUâWĻ5JLMăE[ĻBVUPNPCJĮBĻâUSVNTĻQâS TOJFE[ĻBQNùSBNĻĻLNI ĻBUUùMTĻJ[[ÜEĻVO EJTQMFKBĻFLSâOâĻQBSâEâTĻ0QXKUWCNOGFKC CXCKNCDNGYJKNGFTKXKPI ĻUBÀVĻTLBĪV KPQSPKâNĻWBSĻE[JSEùUĻ"QUVSPUĻBVUPNPCJMJ BUUùMTĻBULBMĻQBSâEâT 2+'<ÿ/' 6[UWFStBOBĻJSĻBULBSăHBĻHBOĻOPĻTJHOâMBĻTUJ QSVNB ĻHBOĻLWBMJUâUFTĻ5SBOTMâDJKVĻWBSĻUSBV DùUĻWBJSâLJĻGBLUPSJ ĻQJFNùSBN ĻBVHTUBTĻùLBT WBJĻUâMVĻFTPtTĻ57ĻSBJEăUâKTĻ"SăĻQâSLMâKVNB MăNFOJTĻWBSĻBUtĸJSUJFTĻBULBSăCâĻOPĻWJFUBT ĻLVS BUSPEBUJFT 58#4ÿ)+ -BJĻMJFUPUVĻtPĻQSPEVLUV ĻEBxâTĻWBMTUăTĻJS OFQJFDJFtBNBĻ57ĻMJDFODF 68UMCVĦÝCPęU p 8KFWUMQPUQNGUXCFĝDCURCPGNKU "UNJĪâĻTBHMBCâUâTĻSBEJPTUBDJKBT ĻDJQBSV JFWBEF UBVTUJĪtĻ/'&+#Ļ5JFLĻBLUJWJ[ùUTĻQùEùKBJT BLUăWBJTĻBWPUTĻ QJFNùSBN ĻJ1PEĻWBJĻ57 +BĻBWPUTĻJSĻBLUJWJ[ùUTĻVOĻUJFLĻOPTQJFTUT /'&+# ĻQBSâEâTĻTBătĪVĻJ[WùMOFĻBSĻCJFxJ MJFUPUBKâNĻJ[WùMOFTĻPQDJKâN "QTUJQSJOJFUĻTBWVĻJ[WùMJĻWBJĻEPEJFUJFTĻV[ J[WùMOJ ĻOPTQJFxPUĻ1-/'07 /PTQJFEJFUĻ/'&+# ĻQBHSJF[JFUĻ670' ĻMăE[ EJTQMFKâĻUJFLĻQBSâEăUTĻ68 ĻVOĻOPTQJFEJFU 1-/'07 4âLBTĻNFLMùtBOBĻVOĻQùDĻCSăxBĻQBSâEâT QùEùKBJTĻTLBUăUBJTĻLBOâMT -CPęNWOCKĮC ,BOâMVTĻWBSĻNBJOăUĻtâEJ p 1BHSJF[JFUĻ670' ĻVOĻUJLTĻQBSâEăUTĻWJTV tBKâĻWJFUâĻQJFFKBNPĻLBOâMVĻTBSBLTUTĻ+B LâETĻOPĻtJFNĻLBOâMJFNĻKBVĻJSĻTBHMBCâUT BUNJĪâ ĻUBEĻUâĻJFTUBUăKVNBĻOVNVSTĻQBSâ EâTĻLBOâMBĻOPTBVLVNBĻMBCBKâĻQVTùĻ5VS Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 68 QJOJFUĻHSJF[UĻ670' ĻMBJĻJ[WùMùUPTĻWBKBE[ăHP LBOâMV ĻVOĻOPTQJFEJFUĻ1-/'07 p /PTQJFxPUĻJFTUBUăKVNVĻUBVTUJĪVTĻ p įTJĻOPTQJFxPUĻ ĻĻ ĻUBVTUJĪVT ĻQBSâ EâTĻOâLBNBJTĻtBKâĻWJFUâĻQJFFKBNBJT LBOâMT 2+'<ÿ/' +BĻBVUPNPCJMJTĻJSĻQâSWJFUPKJFTĻWJFOBTĻWBMTUT SPCFxâT ĻQJFNùSBN ĻOPĻWJFOBTĻQJMTùUBTĻV[ DJUV ĻJFTQùKBNT ĻLBĻTBHMBCâUJFĻJFTUBUăKVNJ tBKâĻWJFUâĻOFCÜTĻQJFFKBNJ ĻKPĻCÜTĻNBJOăKJFT GSFLWFOÀVĻEJBQB[POTĻ5âEâĻHBEăKVNâĻWFJ DJFUĻKBVOVĻNFLMùtBOVĻVOĻTBHMBCâKJFUĻKBVOV TBHMBCâUPĻJFTUBUăKVNVĻTBSBLTUV4LBUJFUĻGVO LDJKVĻ1JFFKBNPĻ57ĻLBOâMVĻTBHMBCâtBOB BUNJĪâĻĻMQQ 2+'<ÿ/' +BĻJFTUBUăUPTĻLBOâMVTĻOFWBSĻV[UWFSU ĻJFTQù KBNT ĻBVUPNPCJMJTĻBUSPEBTĻDJUâĻWJFUâ ĻOFWJT UBKâ ĻLVSĻUJLBĻWFJLUBĻ57ĻLBOâMVĻTLFOùtBOB QJFNùSBN ĻFTBUĻOPĻ7âDJKBTĻEFWJFTĻV[Ļ'SBO DJKVĻ5âEâĻHBEăKVNâ ĻJFTQùKBNT ĻCÜTĻWùMSFJ[ KâJ[WùMBTĻWBMTUTĻVOĻKâWFJDĻKBVOBĻNFLMùtBOB 68MCPęNWOGMNġÝCPCCVOKĮę UCINCDęVQKGUVCVĦLWOWUCTCMUVU /PTQJFEJFUĻ57ĻSFxăNV ĻJ[NBOUPKPUĻ1- /'07 1BHSJF[JFUĻ670'ĻMăE[Ļ68OGPWĻVO OPTQJFEJFUĻ1-/'07 1BHSJF[JFUĻ670'ĻMăE[Ļ5GNGEVEQWPVT[ĻVO OPTQJFEJFUĻ1-/'07 +BĻJFQSJFLtĻJSĻJ[WùMùUBĻWJFOBĻWBJĻWBJSâLBT WBMTUJT ĻUBEĻUâTĻQBSâEâTĻTBSBLTUâ 1BHSJF[JFUĻ670'ĻMăE[Ļ1VJGTEQWPVTKGUĻWBJ LâEBJĻOPĻJFQSJFLtĻJ[WùMùUBKâNĻWBMTUăN /PTQJFEJFUĻ1-/'07 1BSâEâTĻQJFFKBNPĻWBMTUVĻTBSBLTUT 1BHSJF[JFUĻ670' ĻMBJĻTBTOJFHUVĻWBKBE[ăHP WBMTUJĻ QJFN Ļ;WJFESJKV ĻVOĻOPTQJFEJFUĻ1- /'07 4âLBTĻBVUPNâUJTLBĻQJFFKBNPĻ57ĻLBOâMV NFLMùtBOB ĻLBTĻBJ[ĪFNTĻLâEVĻCSăEJ fBKâĻMBJLâĻQBSâEâTĻLBUSBĻBUSBTUâĻVO JFTUBUăKVNJFNĻQJFWJFOPUâĻLBOâMB OVNVSTĻ,BEĻTLFOùtBOBĻJSĻQBCFJHUB QBSâEâTĻ[JĪPKVNTĻVOĻBUUùMTĻ5BHBEĻJS J[WFJEPUTĻVOĻQJFFKBNTĻBUNJĪâĻTBHMB CâUPĻJFTUBUăKVNVĻTBSBLTUTĻ NBLTĻ -BJĻNBJOăUVĻLBOâMV ĻTLBUăUĻMQQĻ 4LFOùtBOVĻVOĻJFTUBUăKVNVĻTBHMBCâtBOVĻWBS BUDFMU ĻOPTQJFxPUĻ':+6 Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET %JCPPGNOCPCIGOGPV 4BHMBCâUPĻJFTUBUăKVNVĻTBSBLTUVĻWBSĻSFEJīùU 7BSBUĻNBJOăUĻJFTUBUăKVNVĻTBSBLTUâĻSFE[BNP LBOâMVĻTFDăCVĻ57ĻLBOâMBNĻWBSĻCÜUĻWBJSâLĻQBS WJFOVĻWJFUVĻJFTUBUăKVNVĻTBSBLTUâĻ57ĻLBOâMV BUSBtBOâTĻWJFUBTĻJFTUBUăKVNVĻTBSBLTUâĻWBSĻBSă NBJOăUJFT -BJĻNBJOăUVĻJFTUBUăKVNVĻTBSBLTUBĻTFDăCV Ļ57 SFxăNâĻEPEJFUJFTĻV[Ļ68OGPW 4GQTICPKUG RTGUGVU 1BHSJF[JFUĻ670' ĻMăE[ĻTBTOJFE[BUĻLBOâMV LVSVĻWùMBUJFTĻQâSWJFUPUĻTBSBLTUâ ĻVOĻBQTUJ QSJOJFU ĻOPTQJFxPUĻ1-/'07 *[WùMùUBJTĻLBOâMTĻUJFLĻJF[ăNùUT 1BHSJF[JFUĻ670' ĻMăE[ĻTBTOJFE[BUĻWùMBNP BUSBtBOâTĻWJFUVĻTBSBLTUâ ĻVOĻBQTUJQSJOJFU OPTQJFxPUĻ1-/'07 ,BOâMJĻTBNBJOâTĻWJFUâNĻTBWâĻTUBSQâ "J[ĻBUNJĪâĻTBHMBCâUBKJFNĻJFTUBUăKVNVĻLBOâMJFN NBLTĻ ĻOâLĻWJTJĻQâSùKJFĻtBKâĻWJFUâĻQJFFKBNJF LBOâMJĻ,BOâMVĻWBSĻQâSWJFUPUĻV[ĻBVHtVĻJFTUBUă KVNVĻTBSBLTUâ 2KGGLCOQ68MCPęNWUCINCDęÝCPC CVOKĮę +BĻBVUPNPCJMJTĻJSĻQâSWJFUPKJFTĻWBMTUTĻSPCFxâT QJFNùSBN ĻOPĻWJFOBTĻQJMTùUBTĻV[ĻDJUV ĻJFTQù KBNT ĻLBĻTBHMBCâUJFĻJFTUBUăKVNJĻtBKâĻWJFUâ OFCÜTĻQJFFKBNJ ĻKPĻCÜTĻNBJOăKJFTĻGSFLWFOÀV +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 68 EJBQB[POTĻ5âEâĻHBEăKVNâĻWFJDJFUĻTLFOùtBOV WùMSFJ[ĻVOĻTBHMBCâKJFUĻKBVOVĻJFTUBUăKVNV TBSBLTUV /PTQJFEJFUĻ57ĻSFxăNV ĻJ[NBOUPKPUĻ1- /'07 1BHSJF[JFUĻ670'ĻMăE[Ļ68OGPWĻVO OPTQJFEJFUĻ1-/'07 1BHSJF[JFUĻ670'ĻMăE[Ļ#WVQUVQTGĻVO OPTQJFEJFUĻ1-/'07 4âLBTĻBVUPNâUJTLBĻQJFFKBNPĻ57ĻLBOâMV NFLMùtBOB ĻLBTĻBJ[ĪFNTĻLâEVĻCSăEJ fBKâĻMBJLâĻQBSâEâTĻLBUSBĻBUSBTUâĻVO JFTUBUăKVNJFNĻQJFWJFOPUâĻLBOâMB OVNVSTĻ,BEĻTLFOùtBOBĻJSĻQBCFJHUB QBSâEâTĻ[JĪPKVNTĻVOĻBUUùMTĻ5BHBEĻJS J[WFJEPUTĻVOĻQJFFKBNTĻBUNJĪâĻTBHMB CâUPĻJFTUBUăKVNVĻTBSBLTUTĻ NBLTĻ -BJĻNBJOăUVĻLBOâMV ĻTLBUăUĻMQQĻ 68MCPęNWUMGPġÝCPC făĻGVOLDJKBĻBVUPNâUJTLJĻTLFOùĻGSFLWFOÀVĻEJB QB[POV ĻMBJĻBUSBTUVĻWJTVTĻLPOLSùUBKâĻWJFUâĻQJF FKBNPTĻLBOâMVTĻ,BEĻLBOâMTĻJSĻBUSBTUT ĻUBTĻUJFL SâEăUTĻBQNùSBNĻĻTFLVOEFT ĻQJSNTĻTLFOù tBOBĻUJFLĻBUTâLUBĻ4LFOùtBOVĻWBSĻBQUVSùU OPTQJFxPUĻ':+6Ļ1ùDĻUBNĻTJTUùNBĻUVSQJOBĻSâEăU UJLLPĻTLBUăUPĻLBOâMVĻ4LFOùtBOBĻOFJFUFLNù JFTUBUăKVNVĻTBSBLTUV "LUJWùKJFUĻTLFOùtBOVĻ57ĻSFxăNâĻ[FNĻ68OGPW 5ECP 6GNGVGMUVU #VVġNCKGUVCVĦLWOK *FTQùKBNTĻMBTăUĻUFMFUFLTUVĻ3ăLPKJFUJFTĻtâEJ 7BSĻOPSFHVMùUĻTQJMHUVNBĻVOĻLPOUSBTUBĻJFTUBUă KVNVTĻ1MBtâLVĻJOGPSNâDJKVĻTLBUJFU ĻTLBUăU MQQĻ /PTQJFEJFUĻ ĻUBVTUJĪVĻUâMWBEăCBTĻQVMUă -BJĻJ[WùMùUPTĻMBQQVTJ ĻBSĻDJQBSVĻUBVTUJĪJFN ĻJFWBEJFUĻMBQQVTFTĻOVNVSVĻ ĻDJQBSJ -BQQVTFĻQBSâEâTĻBVUPNâUJTLJ *FWBEJFUĻKBVOVĻMBQQVTFTĻOVNVSVĻWBJĻOPTQJF ĻMBJ EJFUĻUâMWBEăCBTĻQVMUTĻUBVTUJĪVTĻ ĻĻ EPUPTĻV[ĻOâLBNPĻMBQQVTJ "UHSJF[JFUJFTĻQJFĻ57ĻFLSâOB ĻOPTQJFxPUĻUâMWBEă ĻUBVTUJĪV CBTĻQVMUTĻ':+6ĻWBJĻ "SĻUâMWBEăCBTĻQVMUTĻLSâTBJOBKJFNĻUBVTUJĪJFN WBSĻWBEăUĻUFMFUFLTUV +PHQTOęEKLCRCTRCÝTGK\ġLQ RTQITCOOW /PTQJFEJFUĻ+0(1ĻUBVTUJĪV ĻMBJĻTBĪFNUVĻJOGPS NâDJKVĻQBSĻQBtSFJ[ùKPĻQSPHSBNNV ĻOâLBNP QSPHSBNNVĻVOĻUâTĻTâLVNBĻMBJLVĻ7ùMSFJ[ OPTQJFxPUĻ+0(1ĻUBVTUJĪV ĻEBxSFJ[ĻWBSĻTBĪFNU QBQJMEVĻJOGPSNâDJKVĻQBSĻQBtSFJ[ùKPĻQSP HSBNNV ĻQJFNùSBN ĻTâLVNBĻVOĻCFJHVĻMBJLV LâĻBSăĻăTVĻQBtSFJ[ùKâTĻQSPHSBNNBTĻBQSBLTUV 1MBtâLVĻJOGPSNâDJKVĻQBSĻ+0(1ĻUBVTUJĪV ĻTLBUăU MQQĻ 7\VXGTGKT\WFWUK +BĻQB[ÜEĻQBtSFJ[ùKâĻ57ĻLBOâMBĻV[UWFStBOB BUUùMTĻTBTUJOHTUĻ%Să[ĻQùDĻUBNĻQBSâEâTĻ[JĪP KVNT ĻJOGPSNùKPU ĻLBĻJSĻ[VEVTJĻQBtSFJ[ĻJ[WùMùUâ 57ĻLBOâMBĻV[UWFSF ĻVOĻUJFLĻWFJLUBĻDJUBĻLBOâMB NFLMùtBOBĻ5JLMăE[ĻV[UWFSFĻBUKBVOPKBT ĻtJTĻ57 LBOâMTĻOFLBWùKPUJFTĻTâLĻSâEăUĻ,BOâMVĻWBSĻNBJ OăUĻKFCLVSâĻMBJLâ ĻLBNùSĻJSĻSFE[BNTĻ[JĪPKVNT +BĻJSĻSFE[BNTĻ[JĪPKVNTĻ4GEGRVKQPNQUV UGCTEJKPI ĻUBTĻOPSâEB ĻLBĻTJTUùNBĻJSĻLPOTUB UùKVTJ ĻLBĻOFUJFLĻOPESPtJOâUBĻWJTVĻ57ĻLBOâMV V[UWFSFĻ7JFOĻOPĻJFTQùKBNBKJFNĻJFNFTMJFNĻJS SPCFxBTĻtĸùSTPtBOBĻVOĻOFQBSFJ[BTĻWBMTUTĻJFT UBUătBOBĻTJTUùNâĻ5âEâĻHBEăKVNâĻV[TUâEJFU QBSFJ[VĻWBMTUJĻBUCJMTUPtJĻ57ĻLBOâMVĻNFLMù tBOBĻĻBUNJĪâĻTBHMBCâUPĻJFTUBUăKVNVĻTBSBLTUT TLBUăUĻMQQĻ -BJĻBUHSJF[UPTĻQJFĻ57ĻBUUùMB ĻOPHBJEJFUĻEBxBT TFLVOEFTĻWBJĻOPTQJFEJFUĻ':+6 Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 6ęNXCFĦDCURWNVU 8KURęTĦIK 5âMWBEăCBTĻQVMUJĻWBSĻMJFUPUĻWJTâNĻJOGPSNâDJKBT VOĻJ[LMBJEFTĻTJTUùNBTĻGVOLDJKâNĻ5âMWBEăCBT QVMUTĻUBVTUJĪJFNĻJSĻUâEBTĻQBtBTĻGVOLDJKBT ĻLâ WJEVTLPOTPMFTĻUBVTUJĪJFNĻWBJĻTUÜSFTĻWBEăCBT UBTUBUÜSBJ -JFUPKPUĻUâMWBEăCBTĻQVMUJ ĻWJTQJSNTĻOPTQJFEJFU UâMWBEăCBTĻQVMUTĻUBVTUJĪVĻ ĻQP[ăDJKâĻ(Ļ1ùD UBNĻQBWùSTJFUĻUâMWBEăCBTĻQVMUJĻQSFUĻ*3ĻV[UWù SùKV ĻLBTĻBUSPEBTĻQBĻMBCJĻOPĻWJEVTLPOTPMFT UBVTUJĪBĻ+0(1Ļ TLBUăUĻMQQĻ $4ÿ&+0ó,7/5 (MBCâKJFUĻOFOPTUJQSJOâUVTĻQSJFLtNFUVT ĻQJF NùSBN ĻNPCJMPTĻUâMSVĪVT ĻLBNFSBT ĻQJFEF SVNVĻUâMWBEăCBTĻQVMUJTĻVDĻDJNEVĻOPEBMă KVNâĻWBJĻDJUPTĻOPEBMăKVNPTĻ1SFUùKâĻHBEă KVNâĻTUSBVKBTĻCSFN[ùtBOBTĻWBJĻTBEVSTNFT MBJLâĻUJFĻWBSĻLâEVĻTBWBJOPU 2+'<ÿ/' /FQBLĮBVKJFUĻUâMWBEăCBTĻQVMUJĻUJFtBJĻTBVMFT HBJTNBJĻ QJFNùSBN ĻV[ĻLPOUSPMNùSJOTUSV NFOUVĻQBOFĮB ĻQSFUùKâĻHBEăKVNâĻCBUFSJKV EBSCăCâĻWBSĻSBTUJFTĻLĮÜNFT (WPMEKLCU 6CWUVKĮÝ (WPMEKLC (ĻĻQSJFLtùKPĻ57ĻFLSâOV .BJOăUĻV[ĻOBWJHâDJKV .BJOăUĻV[ĻSBEJPĻ #/ Ļ(/ĻVD .BJOăUĻV[ĻNFEJKVĻTLBĪBTĻBWPUV &KUE Ļ68 ĻVD .BJOăUĻV[Ļ#MVFUPPUIĻCSăWSPLV TJTUùNV 3JUJOâUUăUĻBUQBLBĮ ĻNBJOăU TLBĪVĻJFSBLTUVE[JFTNV "UTLBĪPUĻĻQBV[ùU "QUVSùU 3JUJOâUUăUĻV[ĻQSJFLtV ĻNBJOăU TLBĪVĻJFSBLTUVE[JFTNV *[WùMOF %PUJFTĻV[ĻJFQSJFLtùKP ĻBUDFMU GVOLDJKV ĻJ[E[ùTUĻJFWBEăUâT SBLTU[ăNFT "UCJMTUĻ670'ĻUBVTUJĪBNĻWJEVTLPOTPMù Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET +PHQTOęEKLCUWPK\MNCKFGUUKUVġOC 6ęNXCFĦDCURWNVU 6CWUVKĮÝ (WPMEKLC (WPMEKLC 1âSWJFUPUJFTĻV[ĻBVHtVV[ĻMFKV 4VCUJUSJ ĻUFLTUBĻWBMPEBTĻJ[WùMF 1âSWJFUPUJFTĻQBĻMBCJQBĻLSFJTJ 5FMFUFLTUT ĻJFTMùHUTĻĻJ[TMùHUT "QTUJQSJOâUĻJ[WùMJĻWBJĻEPUJFTĻV[ J[WùMĪVĻTJTUùNV ĻMBJĻJ[WùMùUPT TLBĪBTĻBWPUV 4LBĮVNT ĻTBNB[JOâU 4LBĮVNT ĻQBMJFMJOâU 6CWUVKĮÝ /PTQJFEJFUĻV[ĻMFKVĻCBUFSJKVĻOPEBMăKVNB WâDJĪBĻBUEVSJĻVOĻCăEJFUĻWâDJĪVĻJOGSBTBSLB OâTĻMùDBTĻWJS[JFOâ *[ĪFNJFUĻOPMJFUPUâTĻCBUFSJKBT ĻQBHSJF[JFU KBVOâTĻCBUFSJKBTĻBUCJMTUPtJĻTJNCPMJFNĻCBUF SJKBTĻOPEBMăKVNâĻVOĻJFWJFUPKJFUĻUâT 6[MJFDJFUĻWâDJĪVĻBUQBLBĮ 6ęNXCFĦDCURWNVUDCVGTKLCUPQOCKĮC 2+'<ÿ/' 1BSBTUJĻCBUFSJKBTĻEBSCNÜxTĻJMHTUĻĻHBEVT VOĻJSĻBULBSăHTĻOPĻUâMWBEăCBTĻQVMUTĻMJFUPtBOBT CJFxVNB "UNJĪâĻTBHMBCâUJFĻLBOâMJ DJQBSVĻVOĻCVSUVĻJFWBEF 5âMWBEăCBTĻQVMUTĻEBSCPKBTĻBSĻÀFUSâNĻ""-3 UJQBĻCBUFSJKâN *FNăĮPUPĻJFTUBUăKVNVĻTBăTOFT 5âMâĻDFĮPKVNâĻĪFNJFUĻMăE[JĻSF[FSWFTĻCBUFSJKBT 2+'<ÿ/' /PUFJLUJĻBUCSăWPKJFUJFTĻOPĻJ[MJFUPUBKâNĻCBUF SJKâNĻWJEFJĻESBVE[ăHâĻWFJEâ *OGPSNâDJKBĻQBSĻQBtSFJ[ùKP QSPHSBNNV ĻE[JFTNVĻVDĻ5JFL MJFUPUTĻUBE ĻKBĻJSĻQJFFKBNB QBQJMEVĻJOGPSNâDJKB ĻLPĻWBS QBSâEăUĻ57ĻFLSâOâ 4LBĪBTĻDFMJĪBĻWBMPEBTĻJ[WùMF Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 3FLPNFOEâDJKBTĻCSBVLtBOBTĻMBJLâ %FHWJFMBTĻV[QJMEF %FHWJFMB #BHâxBTĻJFLSBVtBOB #BHâxBTĻOPEBMăKVNT #SBVLtBOBĻBSĻQJFLBCJ 7JMLtBOBĻVOĻUFIOJTLâĻQBMăE[ăCB $&Ě0+6."Ļ-"*,Ă %GīQLWOCNCKMę 4GMQOGPFęEKLCUDTCWMÝCPCUNCKMę 8KURęTĦIK 'MQPQOKUMCDTCWMÝCPC &LPOPNJTLBĻCSBVLtBOBĻOP[ăNùĻCSBVLUĻWJFO NùSăHJ ĻWJFOMBJLVTĻEPNâKPUĻV[ĻQSJFLtVĻVOĻQJF MâHPKPUĻCSBVLtBOBTĻTUJMVĻVOĻâUSVNVĻFTPtBKJFN CSBVLtBOBTĻBQTUâLĮJFN p *[WùMJFUJFTĻWJTBVHTUâLPĻJFTQùKBNPĻQâSOF TVNV ĻQJFMâHPKPUJFTĻQBtSFJ[ùKJFNĻTBUJL TNFTĻBQTUâLĮJFNĻVOĻTJUVâDJKBJĻV[ĻDFĮBĻ [FNâLTĻE[JOùKBĻBQHSJF[JFOVĻTLBJUTĻOPESP tJOBĻ[FNâLVĻEFHWJFMBTĻQBUùSJĪV p *[WBJSJFUJFTĻOPĻCSBVLtBOBTĻBSĻBUWùSUJFN MPHJFN p *[WBJSJFUJFTĻOPĻQùLtĪBTĻVOĻOFWBKBE[ăHBT âUSVNBĻQBMJFMJOâtBOBTĻVOĻTQùKBTĻCSFN[ù tBOBT p *[ĪFNJFUĻOPĻBVUPNPCJĮBĻOFWBKBE[ăHBTĻMJF UBTĻĻKPĻMJFMâLTĻTWBST ĻKPĻMJFMâLTĻEFHWJFMBT QBUùSJĪt p #SFN[ùKJFUĻBSĻE[JOùKV ĻMBJĻTBNB[JOâUV âUSVNV ĻKBĻUBTĻOFSBEBĻESBVEVTĻDJUJFNĻDFĮV TBUJLTNFTĻEBMăCOJFLJFN p +VNUBĻCBHâxBĻVOĻTMùQKVĻOPEBMăKVNTĻQBMJF MJOBĻHBJTBĻQSFUFTUăCV ĻLBTĻQBMJFMJOBĻEFHWJF MBTĻQBUùSJĪVĻĻOPĪFNJFUĻKVNUBĻCBHâxOJFLV LBEĻUPĻOFMJFUPKBU p /FEBSCJOJFUĻE[JOùKVĻCSăWHBJUBTĻâUSVNâ ĻMăE[ JSĻTBTOJFHUBĻEBSCBĻUFNQFSBUÜSB ĻCFUĻQùD JFTQùKBTĻESă[âLĻTâDJFUĻCSBVLUĻBSĻOFMJFMV CBHâxVĻĻBVLTUTĻE[JOùKTĻQBUùSùĻWBJSâL EFHWJFMBT ĻOFLâĻV[TJMJT p "VUPNBtăOBTĻBSĻNBOVâMPĻQâSOFTVNLâSCV JFEBSCJOBĻĻQâSOFTVNâĻV[ĻMăE[FOBTĻWJS TNBTĻQBSBTUPTĻBQTUâLĮPT -BJĻTBĪFNUVĻQMBtâLVĻJOGPSNâDJKVĻVOĻWBJSâL QBEPNV ĻTLBUJFUĻĻVOĻĻMQQ $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFJ[TMùE[JFUĻE[JOùKV LBNùSĻBVUPNPCJMJTĻBUSPEBTĻLVTUăCâ ĻQJFNù SBN ĻCSBVDPUĻMFKâĻOPĻLBMOBĻ1SFUùKâĻHBEă KVNâĻUJLTĻEFBLUJWùUBTĻTWBSăHBTĻTJTUùNBT QJFNùSBN ĻTUÜSFTĻQBTUJQSJOâUâKTĻVOĻCSFNxV QBTUJQSJOâUâKT GVOLDJKBĻąEFOTĻVOĻEVCĮJĻWBS ĻQJFNùSBN TBTMBQJOâUĻCSFNxVĻV[MJLBT ĻVOĻUBTĻWBSĻJ[SBJTăU OPWùMPUVĻCSFNxVĻEBSCăCV p 1ùDĻCSBVLtBOBTĻQBĻÜEFOJĻVOĻEVCĮJFN OPUăSJFUĻE[JOùKBĻCMPLBĻTJMEăUâKBĻVOĻQJFLBCFT TBLBCFTĻFMFLUSJTLPTĻLPOUBLUVT p /FĮBVKJFUĻBVUPNPCJMJNĻJMHTUPtJĻBUSBTUJFT ÜEFOă ĻLBTĻTOJFE[BTĻQâSJĻTMJFLtĪJFNĻ5BT WBSĻSBEăUĻFMFLUSJTLVTĻCPKâKVNVT 58#4ÿ)+ +BĻHBJTBĻGJMUSâĻJFLĮÜTUĻÜEFOT ĻE[JOùKTĻWBS TBCPKâUJFT ēFGPUÝĨġTUQÝCPC +BĻE[JĮVNTĻQâSTOJFE[ĻĻDN ĻÜEFOTĻWBS JFLĮÜUĻQâSOFTVNLâSCâĻ5BTĻTBNB[JOBĻFĮĮV JFFĮĮPtBOBTĻTQùKVĻVOĻTBNB[JOBĻtPĻTJTUùNV LBMQPtBOBTĻJMHVNV "SĻBVUPNPCJMJĻWBSĻCSBVLUĻQBĻÜEFOJĻNBLT ĻDNĻE[JĮVNâ ĻOFQâSTOJFE[PUĻâUSVNV ĻLNIĻ#SBVDPUĻQBĻQMÜTUPtVĻÜEFOJ ĻKâJFWùSP ăQBtBĻQJFTBSE[ăCB +BĻE[JOùKTĻÜEFOăĻOPTMâQTU ĻOFNùīJOJFUĻUP WùMSFJ[ĻJFEBSCJOâUĻĻJ[WFMDJFUĻBVUPNBtăOV MBVLâĻOPĻÜEFOTĻVOĻOPHâEâKJFUĻTFSWJTâĻ JFUFJDBNTĻBVUPSJ[ùUâĻ7PMWPĻTFSWJTâĻ%[JOùKB TBMÜtBOBTĻSJTLT "SĻBVUPNPCJMJĻWBSĻCSBVLUĻQBĻÜEFOJĻNBLT ĻDNĻE[JĮVNâ ĻOFQâSTOJFE[PUĻâUSVNV ĻLNIĻ#SBVDPUĻQBĻQMÜTUPtVĻÜEFOJ ĻKâJFWùSP ăQBtBĻQJFTBSE[ăCB ąEFOTĻtĸùSTPtBOBTĻMBJLâĻTBHMBCâKJFUĻOFMJFMV âUSVNVĻVOĻOFBQUVSJFUĻBVUPNBtăOVĻ,BEĻÜEFOT JSĻtĸùSTPUT ĻWJFHMJĻOPTQJFEJFUĻCSFNxVĻQFEâMJĻVO QâSMJFDJOJFUJFT ĻWBJĻJSĻTBTOJFHUBĻQJMOBĻCSFNxV +BĻE[JĮVNTĻQâSTOJFE[ĻĻDN ĻÜEFOTĻWBS JFLĮÜUĻQâSOFTVNLâSCâĻ5BTĻTBNB[JOBĻFĮĮV JFFĮĮPtBOBTĻTQùKVĻVOĻTBNB[JOBĻtPĻTJTUùNV LBMQPtBOBTĻJMHVNV %GīQLWOCNCKMę 4GMQOGPFęEKLCUDTCWMÝCPCUNCKMę &\KPġLURęTPGUWOMęTDCWPF\GUġÝCPCU UKUVġOC įQBtPTĻBQTUâLĮPT ĻQJFNùSBN ĻCSBVDPUĻQBĻLBM OBJOVĻBQWJEVĻWBJĻâSLâSUùKâĻLBSTUVNâ ĻQBTUâW E[JOùKBĻVOĻQJFE[JĪBTĻTJTUùNBTĻQâSLBStBOBT SJTLT ĻJUĻăQBtJ ĻKBĻQâSWBEâKBUĻTNBHVĻCBHâxV *OGPSNâDJKVĻQBSĻQâSLBStBOVĻMBJLâ ĻLBNùSĻWFMLBU QJFLBCJ ĻTLBUăUĻMQQĻ p /PĪFNJFUĻQBQJMEVĻMBNQBTĻOPĻSBEJBUPSB SFTUătVĻQSJFLtQVTFT ĻKBĻCSBVDBUĻĮPUJĻLBS TUPTĻMBJLBĻBQTUâLĮPT p +BĻE[JOùKBĻE[FTùtBOBTĻTJTUùNBTĻUFNQFSB UÜSBĻJSĻQâSâLĻBVHTUB ĻJOTUSVNFOUVĻQBOFMă JFEFHBTĻCSăEJOâKVNBĻTJNCPMTĻVOĻQBSâEâT UFLTUBĻ[JĪPKVNTĻ#WIF\KPVGOR#RV FTQÝÉXKGVÉĻĻBQUVSJFUĻBVUPNPCJMJĻESPtâ WFJEâĻVOĻĮBVKJFUĻE[JOùKBNĻWBJSâLBTĻNJOÜUFT EBSCPUJFTĻCSăWHBJUâ ĻLBNùSĻUBTĻBUE[JFTU p +BĻQBSâEâTĻUFLTUBĻ[JĪPKVNTĻ#WIF\KP p VGOR+\UNF\KPÐLWĻWBJĻ&\GUÝMNÔO \GOUK\UNF\ ĻUBEĻQùDĻBVUPNPCJĮBĻBQUV SùtBOBTĻJSĻKâJ[TMùE[ĻE[JOùKT 1âSLBStBOBTĻHBEăKVNâĻUJFLĻBLUJWùUBĻJFCÜ WùUâĻBJ[TBSE[ăCBTĻGVOLDJKB ĻLBTĻDJUBĻTUBSQâ J[HBJTNPĻJOTUSVNFOUVĻQBOFMăĻFTPtPĻCSăEJ OâKVNBĻTJNCPMVĻVOĻQBSâEBĻUFLTUBĻ[JĪP KVNVĻ2ÉTPGUMCTUVC5COC\ÉVTWOWĻWBJ 2ÉTPGUMCTUVC#RVFTQÝÉXKGVÉĻ*FWùSP KJFUĻTOJFHUPTĻOPSâEăKVNVT ĻTBNB[JOJFU âUSVNVĻVOĻBQUVSJFUĻBVUPNPCJMJĻESPtâ WFJEâ ĻEBxBTĻNJOÜUFTĻĮBVKPUĻE[JOùKBNĻEBS CPUJFTĻCSăWHBJUâ ĻLBNùSĻQâSOFTVNLâSCB BUE[JFTU p +BĻBVUPNPCJMJTĻQâSLBSTU ĻV[ĻMBJLVĻWBS J[TMùHUĻHBJTBĻLPOEJDJPOùtBOBTĻTJTUùNV p 1ùDĻTNBHBĻCSBVDJFOBĻUÜMăUĻOFJ[TMùE[JFU E[JOùKV 2+'<ÿ/' *SĻOPSNâMJ ĻKBĻE[JOùKBĻE[FTùtBOBTĻWFOUJMB UPSTĻEBSCPKBTĻWùMĻLâEVĻCSăEJĻQùDĻE[JOùKB J[TMùHtBOBT #VXġTVCUCK\OWIWTġLęUFWTXKU $4ÿ&+0ó,7/5 CSăxPT ĻLBEĻE[JOùKTĻJSĻJ[TMùHUTĻfPĻGVOLDJKVĻQJF NùSJĻJS p p p p QSJFLtùKâĻMPHBĻUăSăUâKJ BVEJPĻTJTUùNBĻ EBSCJOâUBĻMJFMâĻTLBĮVNâ +BĻBLVNVMBUPSTĻJSĻHBOESă[ĻJ[MâEùKJFT ĻJOGPSNâ DJKBTĻEJTQMFKâĻQBSâEâTĻUFLTUTĻ#MWOK\NÉF ,CWFVCWRTGäĻ5âEâĻHBEăKVNâĻFOFSīJKBT UBVQătBOBTĻGVOLDJKBĻJ[TMùE[ĻOPUFJLUBTĻGVOLDJKBT WBJĻTBNB[JOBĻBLVNVMBUPSBĻOPTMPHPKVNV ĻQJF NùSBN ĻTBNB[JOPUĻWFOUJMBUPSBĻHSJFtBOâT âUSVNVĻVOĻĻWBJĻJ[TMùE[PUĻBVEJPTJTUùNV p /FCSBVDJFUĻBSĻBUWùSUâNĻBJ[NVHVSFTĻEVS WăNĻ*OEăHâTĻJ[QMÜEFTĻHâ[FTĻWBSĻJFLĮÜUĻBVUP NBtăOâĻDBVSĻCBHâxBTĻOPEBMăKVNV 0GRęTUNQIQLKGVCMWOWNCVQTW WFOUJMBUPST QSJFLtùKJFĻMVLUVSJ +BĻUâĻOPUJFL ĻV[MâEùKJFUĻBLVNVMBUPSV JFEBSCJOPUĻE[JOùKVĻVOĻĮBVKPUĻUBNĻEBSCPUJFT WJTNB[ĻĻNJOÜUFTĻĻBLVNVMBUPSBĻMâEù tBOBĻJSĻFGFLUăWâLBĻCSBVLtBOBTĻMBJLâ ĻOFWJT EBSCJOPUĻE[JOùKVĻCSăWHBJUâ ĻLBNùSĻBVUPNP CJMJTĻTUâW "VUPNPCJĮBĻFMFLUSJTLâTĻGVOLDJKBTĻEBxâEJ OPTMPHPĻBLVNVMBUPSVĻ*[WBJSJFUJFTĻJ[NBOUPU TMùExBĻQP[ăDJKVĻ++ ĻLBEĻE[JOùKTĻJSĻJ[TMùHUTĻ5â WJFUâĻJ[NBOUPKJFUĻ+ĻGVOLDJKV ĻLBTĻQBUùSùĻNB[âL KBVEBT 2KTOUVęNCDTCWEKGPC *[WBJSJFUJFTĻBSăĻOPĻBUtĸJSăHâNĻQBQJMEJFSăDùN LBTĻOPTMPHPĻFMFLUSJTLPĻTJTUùNVĻ/FJ[NBOUPKJFU MJFMVĻFOFSīJKBTĻEBVE[VNVĻUùSùKPtBTĻGVOLDJKBT p p 1âSMJFDJOJFUJFT ĻWBJĻE[JOùKTĻEBSCPKBTĻLâ QBSBTUJĻVOĻEFHWJFMBTĻQBUùSJĪtĻJSĻOPSNâMT p 1âSMJFDJOJFUJFT ĻWBJĻOBWĻOFLâEVĻOPQMÜxV EFHWJFMB ĻFĮĮBĻWBJĻDJUJĻtĸJESVNJ 1âSCBVEJFUĻWJTBTĻMBNQBTĻVOĻSJFQVĻQSPUFL UPSVĻE[JĮVNV p "UTFWJtĸâTĻWBMTUăTĻBVUPNBtăOâĻKâBUSPEBT CSăEJOâKVNBĻUSJKTUÜSJN %GīQLWOCNCKMę 4GMQOGPFęEKLCUDTCWMÝCPCUNCKMę $TCWMÝCPC\KGOę 1JSNTĻBVLTUâĻHBEBMBJLBĻJFTUâtBOâTĻQâSCBV EJFU p %[JOùKBĻE[FTùtBOBTĻtĸJESVNBNĻKâTBUVS WJTNB[ĻĻĻHMJLPMBĻfJTĻNBJTăKVNT QBTBSHâĻE[JOùKVĻQSFUĻFSP[JKVĻMăE[ BQNùSBNĻqĻ$Ļ-BJĻTBTOJFHUVĻPQUJNâMV QSFUTBTBMtBOBTĻBJ[TBSE[ăCV ĻOFESăLTUĻNBJ TăUĻEBxâEVĻWFJEVĻHMJLPMVT p -BJĻJ[WBJSăUPTĻOPĻLPOEFOTâDJKBT ĻEFHWJFMBT UWFSUOFĻKâUVSĻQJFQJMEăUB p 4WBSăHTĻQBSBNFUSTĻJSĻE[JOùKBĻFĮĮBTĻWJTLP[J UâUFĻ&ĮĮBTĻBSĻ[FNâLVĻWJTLP[JUâUJĻ tĸJESâLBT FĮĮBT ĻBUWJFHMPĻE[JOùKBĻQBMBJtBOVĻBVLTUâ MBJLâĻVOĻBSăĻQB[FNJOBĻEFHWJFMBTĻQBUùSJĪV LBNùSĻE[JOùKTĻJSĻBVLTUTĻ1MBtâLBĻJOGPSNâ DJKBĻQBSĻQJFNùSPUBKâNĻFĮĮâN ĻTLBUăU MQQĻ 58#4ÿ)+ "QHSÜUJOâUBTĻCSBVLtBOBTĻBQTUâLĮPTĻWBJ LBSTUâĻMBJLâĻOFESăLTUĻMJFUPUĻ[FNBTĻWJTLP[JUâ UFTĻFĮĮV p +âQâSCBVEBĻBLVNVMBUPSBĻTUâWPLMJTĻVO V[MâEFTĻQBLâQFĻ"VLTUâĻMBJLâĻQJFBVHĻQSB TăCBTĻQSFUĻBLVNVMBUPSV ĻCFUĻUâĻLBQBDJUâUF BVLTUâĻMBJLâĻTBNB[JOâT p *[NBOUPKJFUĻNB[HâtBOBTĻtĸăEVNV ĻMBJ J[WBJSăUPTĻOPĻMFEVTĻWFJEPtBOâTĻNB[HâtB OBTĻtĸăEVNBĻUWFSUOù -BJĻOPESPtJOâUVĻPQUJNâMVĻTBĸFSJĻBSĻDFĮV Ļ7PMWP JFTBLBĻJ[NBOUPUĻ[JFNBTĻSJFQBTĻV[ĻWJTJFNĻSJUF ĪJFN ĻKBĻQBTUâWĻJFTQùKB ĻLBĻV[ĻDFĮBĻCÜTĻTOJFHT WBJĻMFEVT 2+'<ÿ/' %BxâTĻWBMTUăTĻ[JFNBTĻSJFQVĻMJFUPtBOBĻJS OPUFJLUBĻBSĻMJLVNVĻ%BxâTĻWBMTUăTĻSBExPUV SJFQVĻMJFUPtBOBĻJSĻBJ[MJFHUBĻBSĻMJLVNV 5NKFGPKDTCWMÝCPCUCRUVęMīK *[NùīJOJFUĻCSBVLtBOVĻQBĻTMJEFOâNĻWJSTNâN LPOUSPMùKBNPTĻBQTUâLĮPT ĻMBJĻV[[JOâUV ĻLâ NBtăOBĻSFBīù %GīQLWOCNCKMę &GIXKGNCUW\RKNFG &GIXKGNCUW\RKNFG &GIXKGNCUVXGTVPGUCK\XKTVĮCCVXġTÝCPC CK\XġTÝCPC &GIXKGNCUVXGTVPGUCK\XKTVĮCOCPWęNę CVXġTÝCPC p *FWJFUPKJFUĻTÜLĪBĻTQSBVTMVĻEFHWJFMBTĻUWFSU "UWFSJFUĻEFHWJFMBTĻUWFSUOFTĻBJ[WJSUOJ ĻWJFHMJ JFTQJFxPUĻMÜLBTĻBJ[NVHVSùKPĻEBĮV *[ĪFNJFUĻâSâĻBJ[WJSUOJ 1ùDĻEFHWJFMBTĻV[QJMEFTĻBJ[WFSJFUĻBJ[WJSUOJ *OGPSNâDJKVĻQBSĻEFHWJFMBTĻUWFSUOFTĻBJ[WJSUĪB BJ[TMùHtBOVBUTMùHtBOVĻTLBUăUĻMQQĻĻ%FHWJF MBTĻUWFSUOFTĻBJ[WJSUĪBĻBJ[TMùHtBOBĻOPUJFLĻBUCJM TUPtJĻLFZMFTTESJWFĻVOĻDFOUSâMâTĻBJ[TMùHtBOBT TJTUùNBTĻBJ[TMùHtBOBJĻWBJĻBUTMùHtBOBJĻ%FHWJF MBTĻUWFSUOFTĻBJ[WJSUĪBĻBJ[TMùHtBOBĻWJFONùS OPUJFLĻBSĻĻNJOÜtVĻBJ[LBWJ +BĻEFHWJFMBTĻUWFSUOFTĻBJ[WJSUOJĻOFWBSĻBUWùSUĻOP âSQVTFT ĻUPĻWBSĻBUWùSUĻNBOVâMJ "UWFSJFUOPĪFNJFUĻCBHâxBTĻOPEBMăKVNB TâOVĻMÜLVĻ UBKâĻQBtâĻQVTù ĻLVSĻJSĻEFHWJFMBT UWFSUOFTĻBJ[WJSUOJT 6[NBOăHJĻQBWFMDJFUĻUPĻUBJTOJĻBUQBLBĮ 5BHBEĻBJ[WJSUOJĻWBSĻBUWùSUĻOPĻâSQVTFT 58#4ÿ)+ 7JFHMJĻQBWFMDJFUĻWBEVĻĻMBJĻBUCSăWPUVĻMÜLBT GJLTBUPSV ĻOFQJFDJFtBNTĻNJOJNâMTĻTQùLT OFTĻBUWùSVNâĻ6[NBOăHJĻJFWJFUPKJFUĻTQSBV TMVĻRCTGK\KĻQJFMJFtBOBTĻDBVSVMùĻ1JFMJFtB OBTĻDBVSVMFĻTBTUâWĻOPĻEJWJFNĻBUWFSBNJFN QâSTFHJFNĻ1JSNTĻV[QJMEFTĻTâLtBOBT V[HBMJTĻKâBJ[CăEBĻHBSâNĻBCJFNĻtJFNĻQâS TFHJFN p /FQâSQJMEJFUĻUWFSUOJ ĻCFUĻHBOĻQJFQJMEJFUĻUP MăE[ĻTÜLĪBĻTQSBVTMBĻQBUJĻOâLĻâSâ 2+'<ÿ/' ,BSTUâĻMBJLâĻOPĻEFHWJFMBTĻUWFSUOFTĻWBSĻJ[UF DùUĻMJFLâĻEFHWJFMB 2KGRKNFĦÝCPCCTFGIXKGNW %FHWJFMBTĻUWFSUOFĻJSĻBQSăLPUBĻBSĻEFHWJFMBT V[QJMEFTĻTJTUùNBĻCF[ĻWâLB %GīQLWOCNCKMę &GIXKGNCUW\RKNFG 2+'<ÿ/' %FHWJFMBTĻJ[MJFtBOVĻWBSĻOPWùSTU ĻOPHBJEPU BQUVWFOJĻĻTFLVOEFTĻQùDĻEFHWJFMBT V[QJMEFT ĻVOĻUJLBJĻUBEĻV[NBOăHJĻJ[ĪFNPU V[HBMJ 7\RKNFGPQFGIXKGNCUMCPPCU 6[QJMEPUĻOPĻEFHWJFMBTĻLBOOBT ĻJ[NBOUPKJFUĻQJM UVWJ ĻLBTĻBUSPEBTĻLSBWBTĻOPEBMăKVNâĻ[FNĻHSă EBTĻMÜLBTĻ6[NBOăHJĻJFWJFUPKJFUĻQJMUVWJĻRCTGK\K QJFMJFtBOBTĻDBVSVMùĻ1JFMJFtBOBTĻDBVSVMF TBTUâWĻOPĻEJWJFNĻBUWFSBNJFNĻQâSTFHJFN 1JSNTĻV[QJMEFTĻTâLtBOBTĻQJMUVWFĻKâBJ[CăEB HBSâNĻBCJFNĻtJFNĻQâSTFHJFN %GīQLWOCNCKMę &GIXKGNC 8KURęTĦICKPHQTOęEKLCRCTFGIXKGNW /FESăLTUĻJ[NBOUPUĻ[FNâLBTĻLWBMJUâUFTĻEFH WJFMVĻQBSĻ7PMWPĻJFUFJLUP ĻKPĻUBTĻWBSĻOFHBUăWJ JFUFLNùUĻE[JOùKBĻKBVEVĻVOĻEFHWJFMBTĻQBUùSJĪV $4ÿ&+0ó,7/5 $FOUJFUJFTĻOFJFFMQPUĻEFHWJFMBTĻHBSBJĪVTĻVO SBVHJFUJFT ĻMBJĻUâĻOFJFLĮÜUVĻBDăT +BĻEFHWJFMBĻJFLĮÜTUĻBDăT ĻJ[ĪFNJFUĻLPOUBLU MùDBT ĻKBĻUâTĻOùTâKBU ĻTLBMPKJFUĻBDJTĻBSĻMJFMV ÜEFOTĻEBVE[VNVĻWJTNB[ĻĻNJOÜUFTĻVO WùSTJFUJFTĻQJFĻâSTUB /FLâEâĻHBEăKVNâĻOFOPSJKJFUĻEFHWJFMVĻ%FH WJFMB ĻQJFNùSBN ĻCFO[ăOTĻVOĻEă[FĮEFHWJFMB JSĻĮPUJĻUPLTJTLJĻVOĻOPSătBOBTĻHBEăKVNâĻWBS J[SBJTăUĻOFBUHSJF[FOJTLVTĻTBWBJOPKVNVTĻWBJ OâWJĻ+BĻFTBUĻOPSJKJTĻEFHWJFMV ĻOFLBWùKPUJFT WùSTJFUJFTĻQJFĻâSTUB $4ÿ&+0ó,7/5 ;FNùĻJ[MJKVTJĻEFHWJFMBĻWBSĻBJ[EFHUJFT 1JSNTĻEFHWJFMBTĻV[QJMEFTĻJ[TMùE[JFUĻBSĻEFH WJFMVĻEBSCJOâNPĻTJMEăUâKV 6[QJMEPUĻEFHWJFMV ĻOFLâEâĻHBEăKVNâĻOFHMB CâKJFUĻQJFĻTFWJTĻJFTMùHUVĻNPCJMPĻUâMSVOJ ;WBOBĻTJHOâMTĻWBSĻJ[SBJTăUĻE[JSLTUFĮVĻSBtB OPTĻVOĻBJ[EFE[JOâUĻCFO[ăOBĻEÜNVT ĻJ[SBJTPU VHVOTHSùLVĻVOĻTBWBJOPKVNVT 58#4ÿ)+ 4BKBVDPUĻEBxâEVĻUJQVĻEFHWJFMVĻWBJĻMJFUPKPU OFJFUFJLUVĻEFHWJFMV Ļ7PMWPĻHBSBOUJKBTĻVOĻWJTJ QBQJMEVĻBQLPQFTĻMăHVNJ ĻLBTĻJSĻTQùLâ WJTJFNĻE[JOùKJFN Ļ[BVEùĻTQùLV 2+'<ÿ/' ĂSLâSUBTĻMBJLBĻBQTUâLĮJ ĻCSBVLtBOBĻBSĻQJF WJFOPUVĻQJFLBCJĻWBJĻMJFMâĻBVHTUVNâ ĻLâĻBSă EFHWJFMBTĻLBUFHPSJKBĻJSĻUJFĻGBLUPSJ ĻLBTĻWBS JFUFLNùUĻBVUPNBtăOBTĻWFJLUTQùKV -CVCNK\CVQTK WBEBĻJFTNJE[JĻ(BJTBĻVOĻEFHWJFMBTĻBUUJFDăCBT UJFLĻOFQâSUSBVLUJĻQJFMâHPUBTĻfăĻSFHVMùtBOB SBEBĻFGFLUăWBJĻTBEFHtBOBJĻPQUJNâMVTĻBQTUâLĮVT VOĻLPQâĻBSĻUSJKVĻQBLâQKVĻLBUBMJ[BUPSVĻTBNB[JOB LBJUăHâTĻWJFMBTĻJ[QMÜEFTĻHâ[ùTĻ PHĮÜEFOSBxVT PHMFLĮBĻNPOPPLTăEVĻVOĻTMâQFLĮBĻPLTăEVT $GP\ĦPF\KPġLU #FO[ăOBNĻKâBUCJMTUĻTUBOEBSUBNĻ&/ĻĻ-JF MâLPĻEBĮVĻE[JOùKVĻWBSĻEBSCJOâUĻBSĻCFO[ăOB PLUâOTLBJUMJĻĻVOĻĻ30/ĻĻ30/ĻKâMJFUP UJLBJĻJ[ĪùNVNBĻHBEăKVNPT p 1BSBTUBJĻCSBVLtBOBJĻWBSĻJ[NBOUPUĻĻ30/ NBSLBTĻCFO[ăOV ,BUBMJ[BUPSJĻJSĻQBSFE[ùUJĻJ[QMÜEFTĻHâ[VĻBUUăSătB OBJĻ5JFĻBUSPEBTĻUVWVĻE[JOùKBN ĻMBJĻâUSJ TBTOJFHUVĻEBSCăCBTĻUFNQFSBUÜSV p .BLTJNâMBJĻFGFLUJWJUâUFJĻVOĻNJOJNâMBN ,BUBMJ[BUPSVTĻWFJEPĻNPOPMăUTĻ LFSBNJLBTĻWBJ NFUâMB ĻCMPLTĻBSĻLBOâMJFNĻ,BOâMVĻTJFOJĪBTĻJS QâSLMâUBTĻBSĻQMâOVĻQMBUăOBSPEJKBQBMMâEJKBĻLâS UJĪVĻfJFĻNFUâMJĻEBSCPKBTĻLâĻLBUBMJ[BUPSJ ĻUJ ĻUJF QJFEBMâTĻĸăNJTLâTĻSFBLDJKBTĻQBâUSJOâtBOâ QBtJFNĻOFOPâSEPUJFT +BĻâSWJEFTĻUFNQFSBUÜSBĻQâSTOJFE[Ļ Ļ$ JFUFJDBNTĻJ[NBOUPUĻEFHWJFMVĻBSĻJFTQùKBNJĻBVH TUâLPĻJFUFJLUPĻPLUâOTLBJUMJ ĻMBJĻOPESPtJOâUV NBLTJNâMVĻBVUPNPCJĮBĻWFJLUTQùKVĻVOĻEFHWJF MBTĻFLPOPNJKV EFHWJFMBTĻQBUùSJĪBNĻJFUFJDBNTĻĻ30/ NBSLBTĻCFO[ăOT .CODFC\QPFG6/UMęDGMīCUGPUQTU 58#4ÿ)+ -BNCEBĻ[POEFĻJSĻJ[QMÜEFTĻHâ[VĻTBNB[JOâtB OBJĻVOĻEFHWJFMBTĻFLPOPNJKBTĻV[MBCPtBOBJ QBSFE[ùUBĻWBEăCBTĻTJTUùNBTĻTBTUâWEBĮB p 4LâCFLĮBĻTFOTPSTĻQâSSBVHBĻTLâCFLĮBĻTBUVSV E[JOùKBĻJ[QMÜEFTĻHâ[ùTĻfăTĻWùSUăCBTĻUJFLĻJFWB EăUBTĻFMFLUSPOJTLBKâĻTJTUùNâ ĻLBTĻOFQâSUSBVLUJ -JFUPKJFUĻUJLBJĻCF[TWJOBĻCFO[ăOV ĻMBJ OFQJFĮBVUVĻLBUBMăUJTLâĻOFJUSBMJ[BUPSB CPKâKVNVT p /FMJFUPKJFUĻQJFEFWBT ĻLVSBTĻOBWĻJFUFJDJT 7PMWP %GīQLWOCNCKMę &GIXKGNC &Ħ\GīF\KPġLU *[NBOUPKJFUĻUJLBJĻMBCJĻQB[ăTUBNVĻSBxPUâKVĻQJF EâWâUPĻEă[FĮEFHWJFMVĻ/FLâEâĻHBEăKVNâĻOFJ[ NBOUPKJFUĻBQtBVCâNBTĻLWBMJUâUFTĻEă[FĮEFH WJFMVĻ%ă[FĮEFHWJFMBJĻKâBUCJMTUĻTUBOEBSUBN &/ĻĻWBJĻ+*4Ļ,Ļ%ă[FĮE[JOùKJĻJSĻKVUăHJĻQSFU EFHWJFMBTĻQJFTâSĪPKVNV ĻQJFNùSBN ĻQSFUĻQâS NùSăHJĻBVHTUVĻTùSBĻEBĮJĪVĻTBUVSV ;FNâĻUFNQFSBUÜSâĻ Ļ$ĻMăE[ĻĻ$ ĻEă[FĮ EFHWJFMâĻWBSĻWFJEPUJFTĻQBSBGăOBĻOPHVMTOFT ĻLBT SBEBĻBJ[EFE[FTĻQSPCMùNBTĻ-JFMâLâTĻGJSNBT QJFEâWâĻăQBtVĻEă[FĮEFHWJFMV ĻLBTĻQBSFE[ùUB J[NBOUPtBOBJĻUFNQFSBUÜSâ ĻLBTĻUVWBĻTBTBMtB OBTĻQVOLUBNĻfăĻEFHWJFMBĻBVLTUVNâĻJSĻNB[âL WJTLP[BĻVOĻTBNB[JOBĻQBSBGăOBĻOPTùEVNVĻWFJ EPtBOâTĻJFTQùKVĻEFHWJFMBTĻTJTUùNâ ,POEFOTâUBĻWFJEPtBOâTĻJFTQùKBĻEFHWJFMBT UWFSUOùĻTBNB[JOâT ĻKBĻUWFSUOFĻUJFLĻUVSùUBĻQJF QJMEăUBĻ6[QJMEPUĻEFHWJFMV ĻOPESPtJOJFU ĻMBJĻMBV LVNTĻBQĻJFQJMEătBOBTĻWJFUVĻCÜUVĻUăSTĻ4FLPKJFU MBJĻEFHWJFMBĻOFOPOâLUVĻV[ĻLSâTPKVNBĻ+BĻUBTĻJS OPUJDJT ĻOPNB[HâKJFUĻEFHWJFMVĻBSĻtĸăEJOâUâKVĻVO ÜEFOJ 58#4ÿ)+ -JFUPKJFUĻUJLBJĻ&JSPQBTĻEă[FĮEFHWJFMBTĻTUBO EBSUBNĻBUCJMTUPtVĻEFHWJFMV 4ùSBĻTBUVSTĻOFESăLTUĻQâSTOJFHUĻĻQQN 58#4ÿ)+ %ă[FĮEFHWJFMBTĻUJQBĻEFHWJFMB ĻLVSVĻOFESăLTU MJFUPU p p p p ăQBtBTĻQJFEFWBT LVīVĻEă[FĮEFHWJFMB tĸJESBJTĻLVSJOâNBJT '".&Ļ 'BUUZĻ"DJEĻ.FUIZMĻ&TUFS ĻVO BVHVĻFĮĮB fJFĻEă[FĮEFHWJFMBTĻWFJEJĻOFBUCJMTUĻ7PMWP JFUFJLVNVĻQSBTăCâNĻVOĻQBMJFMJOBĻOPEJMVNV VOĻE[JOùKBĻCPKâKVNVT ĻV[ĻLPĻOFBUUJFDBT 7PMWPĻHBSBOUJKB 6WMÝCFGIXKGNCUVXGTVPG MBJĻWFJLUVĻQâSCBVEJĻ1BWFJDJFUĻUPĻQJSNTĻE[JOùKB JFEBSCJOâtBOBT ĻLBEĻUWFSUOùĻJSĻJFQJMEăUBĻEFH WJFMB *FWJFUPKJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBJ[EF E[FTĻTMùE[ăĻVOĻJFCăEJFUĻMăE[ĻHBMBNĻ TLBUăU MQQĻ /PTQJFEJFUĻ56#46ĻQPHV ĻPGPQURKGäQV CSFNxVĻVOWBJĻTBKÜHBĻQFEâMJ 1BHBJEJFUĻBQNĻĻNJOÜUJ -BJĻJFEBSCJOâUVĻE[JOùKVĻ/PTQJFEJFU CSFNxVĻVOWBJĻTBKÜHBĻQFEâMJĻVOĻQùDĻUBN OPTQJFEJFUĻ56#46ĻQPHVĻWùMSFJ[ 2+'<ÿ/' 1JSNTĻJFQJMEăUĻEFHWJFMV ĻKBĻUâĻCFJHVTJFT p "QUVSJFUĻBVUPNPCJMJĻV[ĻQùDĻJFTQùKBT QMBLBOâLBTMăE[FOâLBTĻWJSTNBTĻĻKB BVUPNPCJMJTĻTBTWFSBT ĻEFHWJFMBT QBEFWùĻWBSĻSBTUJFTĻHBJTBĻLBCBUBT %FHWJFMBTĻTJTUùNBTĻLPOTUSVLDJKBĻBVUPNPCJMJN BSĻEă[FĮE[JOùKVĻJSĻJ[HBUBWPUBĻUâ ĻLBĻHBEăKVNâ ĻKB BVUPNPCJMJNĻJ[CFJE[BTĻEFHWJFMB ĻUWFSUOJĻWBS OâLUJFTĻJ[WùEJOâUĻTFSWJTâ ĻMBJĻE[JOùKVĻWBSùUV JFEBSCJOâUĻQùDĻEFHWJFMBTĻJFQJMEătBOBT -QPFGPUęVCPQXCFĦÝCPCPQFGIXKGNCU HKNVTC +BĻE[JOùKTĻJ[TMùE[BTĻEFHWJFMBTĻUSÜLVNBĻEùĮ EFHWJFMBTĻTJTUùNBJĻOFQJFDJFtBNTĻLâETĻCSăEJT %FHWJFMBTĻGJMUSTĻKâJ[UVLtPĻQùDĻBQLPQFTĻVO HBSBOUJKBTĻHSâNBUJĪâĻOPSâEăUBKJFNĻMBJLBĻJOUFS %ă[FĮEFHWJFMBĻWBSĻTBUVSùUĻOPUFJLUVĻEBVE[VNVĻ'".& ĻUBÀVĻOFESăLTUĻUPĻQJFWJFOPUĻWùMĻWBJSâL %FHWJFMBTĻGJMUSTĻBUEBMBĻLPOEFOTâUVĻOPĻEFHWJF MBTĻ,POEFOTùtBOâTĻWBSĻJ[SBJTăUĻNPUPSBĻEBSCă CBTĻUSBVDùKVNVT %GīQLWOCNCKMę &GIXKGNC WâMJFN ĻLâĻBSăĻUBE ĻKBĻ+VNTĻSPEBTĻBJ[EPNBT LBĻNBtăOBĻV[QJMEăUBĻBSĻQJFTâSĪPUVĻEFHWJFMV 58#4ÿ)+ /PUFJLUBTĻăQBtBTĻQJFEFWBTĻOPWùStĻÜEFOT BUEBMătBOVĻEFHWJFMBTĻGJMUSâ &Ħ\GīF\KPġLCFCīKĮWHKNVTU &2( %ă[FĮE[JOùKJĻJSĻBQHâEâUJĻBSĻEBĮJĪVĻGJMUSV ĻLBT OPESPtJOBĻEBVE[ĻFGFLUăWâLVĻFNJTJKBTĻLPOUSPMJ /PSNâMBTĻCSBVLtBOBTĻMBJLâĻEBĮJĪBTĻOPĻJ[QMÜ EFTĻHâ[ùNĻUJFLĻTBWâLUBTĻGJMUSâĻ-BJĻTBEFE[J OâUVĻEBĮJĪBTĻVOĻJ[UVLtPUVĻGJMUSV ĻUJFLĻV[TâLUBĻUâ TBVDBNâĻSFīFOFSâDJKBĻ5BNĻOFQJFDJFtBNT MBJĻE[JOùKTĻTBTOJFHUVĻOPSNâMVĻEBSCăCBTĻUFNQF SBUÜSV 'JMUSBĻSFīFOFSâDJKBĻOPUJFLĻBVUPNâUJTLJĻVO QBSBTUJĻBJ[ĪFNĻĻNJOÜUFTĻ+BĻWJEùKBJT âUSVNTĻJSĻ[FNT ĻSFīFOFSâDJKBĻWBSĻCÜUĻOFEBVE[ JMHâLBĻ3FīFOFSâDJKBTĻMBJLâĻWBSĻOFEBVE[ĻQBMJF MJOâUJFTĻEFHWJFMBTĻQBUùSJĪt 4GĥGPGTęEKLCCWMUVQUNCKMCCRUVęMīQU +BĻBVUPNBtăOBĻCJFxJĻBVLTUPTĻMBJLBĻBQTUâLĮPT OPCSBVDĻOFMJFMVTĻBUUâMVNVT ĻE[JOùKTĻOFTQùK TBTOJFHUĻOPSNâMVĻEBSCăCBTĻUFNQFSBUÜSVĻ5BT OP[ăNù ĻLBĻEă[FĮE[JOùKBĻEBĮJĪVĻGJMUSBĻSFīFOFSâ DJKBĻOFWBSĻOPUJLUĻVOĻGJMUSTĻOFUJFLĻJ[UVLtPUT ,BEĻGJMUSTĻJSĻLĮVWJTĻQBSĻBQNĻĻQJMOTĻBSĻEBĮJ ĪâN ĻLPOUSPMNùSJOTUSVNFOUVĻQBOFMăĻJ[HBJTNP KBTĻCSăEJOâKVNBĻUSăTTUÜSJTĻVOĻLPOUSPMNùSJOTUSV NFOUVĻQBOFĮBĻEJTQMFKâĻQBSâEâTĻ[JĪPKVNTĻ&CN HKNRKNPU5MTQMCUITÉOCVW 6[TâDJFUĻGJMUSBĻSFīFOFSùtBOV ĻCSBVDPUĻBSĻBVUP NBtăOV ĻLBNùSĻE[JOùKTĻTBTOJFE[ĻOPSNâMPĻEBS CăCBTĻUFNQFSBUÜSVĻ7JTJFUFJDBNâLĻUPĻJ[EBSăUĻV[ tPTFKBTĻWBJĻBVUPNBīJTUSâMFTĻ"SĻBVUPNPCJMJ KâCSBVDĻWùMĻĻNJOÜUFT 2+'<ÿ/' 3FīFOFSâDJKBTĻMBJLâĻJSĻJFTQùKBNJĻtâEJ BQTUâLĮJ p ăTMBJDăHT ĻOFMJFMTĻE[JOùKBĻKBVEBTĻTBNB[J OâKVNT p p ăTMBJDăHTĻEFHWJFMBTĻQBUùSJĪBĻQJFBVHVNT EFHVNBĻTNBLB &GIXKGNCURCVġTKĮÝWPQINGMīC FKQMUĦFCGOKUKLC %FHWJFMBTĻQBUùSJĪBĻEBUJĻWBSĻNBJOăUJFT ĻKBĻBVUP NPCJMăĻV[TUâEăUTĻQBQJMEVĻBQSăLPKVNT ĻLBT JFUFLNùĻBVUPNPCJĮBĻTWBSVĻ*OGPSNâDJKVĻQBS NBTVĻTLBUJFUĻĻMQQĻVOĻUBCVMâĻĻMQQ %FHWJFMBTĻQBUùSJĪVĻWBSĻJFUFLNùUĻCSBVLtBOBT TUJMTĻVOĻDJUJĻOFUFIOJTLJĻGBLUPSJ 1BUùSJĪtĻJSĻMJFMâLTĻVOĻKBVEBĻ[FNâLB ĻJ[NBOUP KPUĻEFHWJFMV ĻLVSBTĻPLUâOTLBJUMJTĻJSĻ[FNâLTĻQBS Ļ30/ 2+'<ÿ/' ĂSLâSUBTĻMBJLBĻBQTUâLĮJ ĻCSBVLtBOBĻBSĻQJF WJFOPUVĻQJFLBCJĻWBJĻMJFMâĻBVHTUVNâ ĻLâĻBSă EFHWJFMBTĻLBUFHPSJKBĻJSĻUJFĻGBLUPSJ ĻLBTĻWBS JFUFLNùUĻBVUPNPCJĮBĻWFJLUTQùKV ,BEĻSFīFOFSâDJKBĻJSĻQBCFJHUB ĻCSăEJOâKVNB UFLTUTĻBVUPNâUJTLJĻOPE[JFTU "VLTUâĻMBJLâĻJ[NBOUPKJFUĻTUâWBQTJMEJ ĻMBJĻE[J OùKTĻâUSâLĻTBTOJFHUVĻOPSNâMVĻEBSCBĻUFNQFSB UÜSV 58#4ÿ)+ +BĻGJMUSTĻJSĻQJMOTĻBSĻEBĮJĪâN ĻE[JOùKBĻJFEBSCJ OâtBOBĻWBSĻCÜUĻBQHSÜUJOâUBĻVOĻGJMUSTĻOFEBS CPKBTĻ*FTQùKBNT ĻGJMUSTĻCÜTĻKâNBJOB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET %GīQLWOCNCKMę $CIęäCUKGMTCWÝCPC 8KURęTĦICKPHQTOęEKLCRCTDCIęäCU KGXKGVQÝCPW %FSăHâTĻLSBWBTĻTWBSTĻJSĻBULBSăHTĻOPĻBVUPNP CJĮBĻNBTBTĻ1BTBxJFSVĻVOĻWJTBĻBQSăLPKVNB LPQùKBJTĻTWBSTĻQBSĻBUCJMTUPtVĻWùSUăCVĻTBNB[JOB BVUPNPCJĮBĻEFSăHâTĻLSBWBTĻTWBSVĻ1MBtâLB JOGPSNâDJKBĻQBSĻNBTV ĻTLBUăUĻMQQĻ MQQĻ "J[NVHVSFTĻEVSWJTĻWBSĻBUWùSUĻBS UBVTUJĪVĻBQHBJTNPKVNBĻQBOFMăĻWBJ UâMWBEăCBTĻQVMUTĻBUTMùHV ĻTLBUăU p /PTFE[JFUĻBTVTĻHBMVTĻBSĻLBVUĻLPĻNăLTUV MBJĻJ[WBJSăUPTĻOPĻQPMTUFSùKVNBĻTBCPKâtBOBT p /PTUJQSJOJFUĻWJTBTĻLSBWBTĻBSĻLSBWBTĻGJLTù tBOBTĻDJMQVĻQBMăE[ăCV ĻUâTĻQJFTUJQSJOPUĻBS TBJUùNĻWBJĻUăLMV $4ÿ&+0ó,7/5 #SBVDPUĻBSĻĻLNIĻâUSVNV ĻOFOPTUJQSJOâUT QSJFLtNFUT ĻLBTĻTWFSĻĻLH ĻWBSĻUSJFLUJFTĻBS TQùLV ĻLBTĻMăE[WùSUăHTĻĻLHĻTNBHB QSJFLtNFUBĻTQùLBN $4ÿ&+0ó,7/5 "VUPNBtăOBTĻWBEâNăCBĻNBJOâTĻBULBSăCâĻOP CBHâxBTĻTWBSBĻVOĻJ[WJFUPKVNB ,ęRCVWTRTęVęKGXKGVQLQVCWVQOQDKNĦ DCIęäW p /PWJFUPKJFUĻCBHâxV ĻUPĻTUJOHSJĻBUTQJFxPU QSFUĻBJ[NVHVSùKâĻTùEFLĮBĻBU[WFMUOJ ÙFNJFUĻWùSâ ĻLB ĻHBEăKVNâ ĻKBĻLâEBĻOPĻBJ[NV HVSùKâĻTùEFLĮBĻBU[WFMUOùNĻJSĻOPMPDăUB ĻOFLâEJ QSJFLtNFUJĻOFESăLTUĻUSBVDùUĻQSJFLtùKPĻTùEFLĮV 8)*14ĻTJTUùNBTĻEBSCăCV TLBUăUĻMQQĻ p /PWJFUPKJFUĻCBHâxVĻDFOUSâ p 4NBHJĻQSJFLtNFUJĻKâOPWJFUPĻQùDĻJFTQùKBT [FNâLĻ/FOPWJFUPKJFUĻTNBHBTĻLSBWBTĻV[ OPMBJTUâNĻBU[WFMUOùN $4ÿ&+0ó,7/5 7JFONùSĻOPTUJQSJOJFUĻCBHâxVĻ1SFUùKâĻHBEă KVNâĻTUSBVKBTĻCSFN[ùtBOBĻMBJLâĻCBHâxBĻWBS QâSWJFUPUJFT ĻLâEVĻTBWBJOPKPU "QLMâKJFUĻBTâTĻNBMBTĻVOĻTUÜSVTĻBSĻLBVUĻLP NăLTUV *FLSBVKPUJ[LSBVKPUĻHBSVTĻQSJFLtNFUVT J[TMùE[JFUĻE[JOùKVĻVOĻJFTMùE[JFUĻTUâWCSFN[J 1SFUùKâĻHBEăKVNâĻWBSBUĻBSĻCBHâxVĻOFKBVtJ BJ[TLBSUĻâUSVNQâSTMùHBĻTWJSV ĻQâSCăEPUĻUP CSBVLtBOBTĻQP[ăDJKâ ĻVOĻBVUPNPCJMJTĻWBS TâLUĻCSBVLU $4ÿ&+0ó,7/5 "J[TBSE[ăCV ĻLPĻTOJFE[ĻKVNUBĻBQtVWVNâ JFCÜWùUBJTĻESPtăCBTĻTQJMWFOT ĻWBSĻEBĮùKJĻWBJ QJMOăHJĻTBNB[JOâUĻBVHTUVĻOPWJFUPUBĻCBHâxB p /FLâEâĻHBEăKVNâĻOFOPWJFUPKJFUĻCBHâxV WJSTĻTùEFLĮVĻBU[WFMUOùN (TQPVUGCV 4FWJtĸJĻHBSâNĻLSBWâNĻJFTQùKBNTĻOPMPDăUĻBSă QBTBxJFSVĻTùEFLĮBĻBU[WFMUOJ ĻTLBUăUĻMQQĻ $CIęäCW\LWOVC ,WOVCÝĨġTUUVKGĮWK\OCPVQÝCPC -BJĻJ[WBJSăUPTĻOPĻBVUPNBtăOBTĻTBCPKâtBOBTĻVO CSBVLtBOBTĻMBJLâĻOPESPtJOâUVĻNBLTJNâMPĻESP tăCV Ļ7PMWPĻJFTBLBĻJ[NBOUPUĻTBWVTĻJ[TUSâEâUPT KVNUBĻtĸùSTTUJFĪVT 3ÜQăHJĻJFWùSPKJFUĻOPĻQJFHâEâUâKBĻTBĪFNUâT NPOUâxBTĻJOTUSVLDJKBTĻOPSâEăKVNVT %GīQLWOCNCKMę $CIęäCUKGMTCWÝCPC p +VNUBĻCBHâxOJFLJĻJSĻOPUFJLUJĻKâV[TUâEBĻV[ BMVNăOJKBĻTMJFEFT p 1FSJPEJTLJĻQâSCBVEJFU ĻWBJĻKVNUBĻtĸùST TUJFĪJĻVOĻLSBWBĻJSĻQJFOâDăHJĻOPTUJQSJOâUB %SPtJĻQJFTUJQSJOJFUĻLSBWVĻBSĻTUJQSJOâKVNB TBJUùN p ,SBWVĻJ[MăE[JOJFUĻWJFONùSăHJĻWJSTĻKVNUB tĸùSTTUJFĪJFNĻ4NBHâLPTĻQSJFLtNFUVT OPWJFUPKJFUĻBQBLtâ #K\OWIWTGUUġFGMīCCV\XGNVPGU PQNCKÝCPCW\NGLW -BJĻBUWJFHMPUVĻJFLSBVtBOVĻCBHâxBTĻOPEBMăKVNâ BVUPNPCJĮBĻBJ[NVHVSùKPĻTùEFLĮVĻBU[WFMUOFT WBSĻOPMPDăU ĻTLBUăUĻMQQĻ -TCXCUHKMUġÝCPCUEKNRCU $4ÿ&+0ó,7/5 $JFUJ ĻBTJĻVOWBJĻTNBHJĻQSJFLtNFUJ ĻLBTĻWBS J[WJS[ăUJFTĻV[ĻâSV ĻWBSĻBTBTĻCSFN[ùtBOBT HBEăKVNâĻJ[SBJTăUĻTBWBJOPKVNVT 7JFONùSĻOPTUJQSJOJFUĻMJFMVTĻVOĻTNBHVT QSJFLtNFUVTĻBSĻESPtăCBTĻKPTUVĻWBJĻCBHâxBT OPTUJQSJOâtBOBTĻTJLTOâN p 1JFBVHPUĻLSBWBTĻJ[NùSJFN ĻQJFBVHĻBSăĻQMB 5QOWVWTġVęLU p #SBVDJFUĻV[NBOăHJĻ*[WBJSJFUJFTĻOPĻTUSBVKB 4PNVĻUVSùUâKJĻOPUVSĻWFEBNâTĻTPNBTĻWJFUâĻVO OFĮBVKĻUâNĻBQHâ[UJFTĻVOĻTBUVSBNĻJ[CJSUĻQBĻWJTV CBHâxBTĻOPEBMăKVNVĻ5VSùUâKBĻNBLTĻJFUJMQăCB JSĻĻLH UăCB ĻLBTĻQBLĮBVUBĻWùKBĻTQJFEJFOBN ĻVO UâEùKâEJĻQBMJFMJOâTĻBSăĻEFHWJFMBTĻQBUùSJĪt QBâUSJOâKVNB ĻTUSBVKBTĻCSFN[ùtBOBTĻVO BTBTĻMăLVNVĻJ[CSBVLtBOBT $4ÿ&+0ó,7/5 "VUPNPCJĮBĻHSBWJUâUFTĻDFOUSTĻVOĻCSBVLtB OBTĻăQBtăCBTĻNBJOâTĻBULBSăCâĻOPĻKVNUBĻTMP E[FTĻ-BJĻTBĪFNUVĻJOGPSNâDJKVĻQBSĻNBLTJ NâMPĻBUĮBVUPĻKVNUBĻCBHâxBTĻTWBSV ĻJFTLBJ UPUĻKVNUBĻtĸùSTTUJFĪVTĻVOĻKVNUBĻCBHâxBT LBTUJ ĻKBĻUâĻUJFLĻJ[NBOUPUB ĻTLBUăUĻMQQĻ -BJĻBSĻTJLTOâNĻOPTUJQSJOâUVĻQSJFLtNFUVT CBHâxBTĻOPEBMăKVNâ ĻUJFLĻJ[NBOUPUBTĻLSBWBT GJLTùtBOBTĻDJMQBT 5QOWVWTĘVđLU %GīQLWOCNCKMę $CIęäCUKGMTCWÝCPC 8MQPVCMVNKI\FC 5CNQMęOUUQOCUVWTġVęLU 5CNQMđOUUQOCUVWTĘVđLU (SăEâĻFTPtPĻTBMPLâNPĻTPNBTĻUVSùUâKVĻWBS BUWùSUĻUSăTĻQP[ăDJKâTĻ5BNĻWBSĻJFTUBUăUĻEJWBT SFHVMùtBOBTĻQP[ăDJKBTĻVOĻWJFOVĻBQLPQFTĻQP[ă DJKV ĻLVSâĻUBTĻUJFLĻQJMOăHJĻBUMPDăUTĻ*SĻQJFFKBNJĻBSă EJWJĻHSăEBTĻLPNCJOâDJKBTĻWBSJBOUJĻĻWJFOTĻBS SFHVMùtBOBTĻQP[ăDJKâNĻUWFSUOùĻ[FNĻHSăEBTĻVO PUSTĻĻBSĻSFHVMùtBOBTĻQP[ăDJKâNĻQMBTUNBTBT TMJFEùTĻ1BDùMVNTĻUVSQNâLĻOPSâEBĻSFHVMùtB OBTĻQP[ăDJKVĻUWFSUOùĻ[FNĻHSăEBT 1BDFMJFUĻBVHtùKâTĻHSăEBTĻSPLUVSJ ĻVOĻBUMP LJFUĻHSăEV 1BCăEJFUĻHSăEVĻV[ĻQSJFLtVĻQJFNùSPUâĻQP[ă DJKâĻVOĻJFWJFUPKJFUĻUPĻSFHVMùtBOBTĻHSPQù "QLPQFTĻQP[ăDJKâĻHSăEBĻUJFLĻQâSWJFUPUBĻMăE[ HBMBNĻV[ĻQSJFLtVĻBJ[NVHVSùKâĻTùEFLĮB BU[WFMUOFTĻWJS[JFOâĻVOĻJFWJFUPUBĻDFOUSâ FTPtBKâĻQMBTUNBTBTĻCBMTUFOă $FOUSâMâĻUVSùUâKBĻNBLTĻOPTMPE[FĻJSĻĻLH ĻCFU âSùKâĻUVSùUâKBĻNBLTĻOPTMPE[FĻĻĻLH /PMBJEJFUĻWâDJĪV ĻMBJĻQJFLĮÜUVĻFMFLUSăCBTĻLPO UBLUMJH[EBJ p ,POUBLUMJH[EâĻJSĻTQSJFHVNTĻBSăĻUBE ĻKBĻUâM WBEăCBTĻQVMUTĻBUTMùHBĻOBWĻJFWJFUPUBĻBJ[EF E[FTĻTMùE[ă 58#4ÿ)+ .BLTĻKBVEBTĻOPĪFNtBOBĻJSĻĻ"Ļ Ļ8 2+'<ÿ/' "UDFSJFUJFT ĻLB ĻMJFUPKPUĻFMFLUSăCBTĻLPOUBLU MJH[EVĻMBJLâ ĻLBEĻE[JOùKTĻJSĻJ[TMùHUT ĻBVUP NPCJĮBĻBLVNVMBUPSTĻWBSĻJ[MâEùUJFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET %GīQLWOCNCKMę $CIęäCUKGMTCWÝCPC 2+'<ÿ/' 7PMWPĻJSĻQâSCBVEăKJTĻVOĻBQTUJQSJOâKJT QBHBJEVĻBWâSJKBTĻDBVSEÜSVNVĻSFNPOUB LPNQMFLUBĻLPNQSFTPSVĻ*OGPSNâDJKVĻQBS 7PMWPĻJFUFJLUPĻQBHBJEVĻBWâSJKBTĻDBVSEÜSVNV SFNPOUBĻLPNQMFLUVĻ 5., ĻTLBUăUĻMQQĻ %GīQLWOCNCKMę $CIęäCUPQFCNĦLWOU -TCXCUVĦMNU 2KGUVKRTKPęÝCPC 2+'<ÿ/' 7JTWJFOLâStâLBJTĻESPtăCBTĻUăLMBĻV[TUâEătB OBTĻWFJETĻJSĻJ[NBOUPKPUĻLâEBTĻOPĻBJ[NVHV SFTĻEVSWăN $4ÿ&+0ó,7/5 +âQâSMJFDJOâT ĻLBĻESPtăCBTĻUăLMBĻBVHtùKJF TUJQSJOâKVNBĻQVOLUJĻJSĻQBSFJ[JĻV[TUâEăUJĻVO TJLTOBTĻQBSFJ[JĻOPTUJQSJOâUBTĻ/FESăLTUĻMJF UPUĻCPKâUVTĻUăLMVT -TCXCUVĝMNWW\UVđFCĕGVTQUUVKRTKPđLWOWRWPMVQU ,SBWBTĻUăLMTĻOFĮBVKĻCBHâxBJĻTUSBVKBTĻCSFN[ù tBOBTĻHBEăKVNâĻJFUSJFLUJFTĻTBMPOâĻ%SPtăCBT BQTWùSVNVĻEùĮĻLSBWBTĻUăLMBNĻWJFONùSĻKâCÜU QBSFJ[JĻV[TUâEăUâNĻVOĻOPTUJQSJOâUâNĻ5ăLMTĻJS J[HBUBWPUTĻOPĻJ[UVSăHBĻOFJMPOBĻBVEVNBĻVO OPTUJQSJOâUTĻBJ[ĻQSJFLtùKPĻTùEFLĮVĻBU[WFMUOùN $4ÿ&+0ó,7/5 ,âSUăHJĻKâOPTUJQSJOBĻCBHâxBTĻOPEBMăKVNâ FTPtâĻCBHâxBĻVOĻQBSFJ[JĻKâV[TUâEBĻESPtă CBTĻUăLMT "UMPLJFUĻLSBWBTĻUăLMVĻVOĻSBVHJFUJFT ĻMBJ TBEBMăUBJTĻBVHtùKBJTĻTUJFOJTĻCÜUVĻGJLTùUT J[TUJFQUâĻQP[ăDJKâ *FâĸùKJFUĻWJFOVĻTUJFĪBĻHBMVĻQSJFLtùKâĻKVNUB TUJQSJOâKVNâ ĻOPTUJQSJOâtBOBTĻBUTBJtVĻTMù ExJFNĻBUSPEPUJFTĻWùSTUJFNĻQSFUĻTFWJ *FâĸùKJFUĻPUSVĻTUJFĪBĻHBMVĻKVNUBĻTUJQSJOâ KVNâĻQSFUùKâĻQVTùĻĻUFMFTLPQJTLJFĻBS BUTQFSJĻOPTQSJFHPUJFĻGJLTâDJKBTĻâĸJĻBUWJFHMP DFOUSùtBOVĻ3BVHJFUJFT ĻMBJĻQJFTQJFTUVĻQSFU TUJFĪBĻGJLTâDJKBTĻâĸJFNĻLBUSBJĻBUUJFDăHBKBJ KVNUBĻTUJQSJOâKVNBĻQSJFLtQVTFTĻQP[ăDJKBJ *FâĸùKJFUĻLSBWBTĻUăLMBĻOPTUJQSJOâtBOBT BUTBJUFTĻDJMQJĪBTĻTùEFLĮBĻSFHVMùtBOBTĻTMJF EătVĻBJ[NVHVSùĻĻUPĻJSĻWJFHMâLĻJ[EBSăU ĻKB BU[WFMUOFTĻJSĻJ[UBJTOPUBTĻVOĻTùEFLĮJĻQBCăEăUJ NB[MJFUĻV[ĻQSJFLtV 3BVHJFUJFT ĻMBJĻOFQJFTQJFTUVĻQâSâLĻTUJQSJ TùEFLMJĻWBJĻUâĻBU[WFMUOJĻQSFUĻUăLMV ĻCăEPU TùEFLMJĻBUQBLBĮ ĻCFUĻHBOĻUJLBJĻOPSFHVMùKJFU TùEFLMJĻWBJĻBU[WFMUOJĻUâ ĻMBJĻTLBSUVĻUăLMV 58#4ÿ)+ 4QùDăHJĻJFTUVNKPUĻTùEFLMJBU[WFMUOJĻBUQBLBĮ ESPtăCBTĻUăLMâ ĻWBSĻTBCPKâUĻUăLMVĻVOWBJĻUâ KVNUBĻTUJQSJOâKVNVT /PTQSJFHPKJFUĻLSBWBTĻUăLMVĻBSĻBUTBJUùN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET %GīQLWOCNCKMę $CIęäCUPQFCNĦLWOU 0QĮGOÝCPCWPW\INCDęÝCPC 4BMPDăUVĻLSBWBTĻUăLMVĻWBSĻHMBCâUĻUBNĻQBSFE[ù UBKâĻTPNâĻCBHâxBTĻOPEBMăKVNâ $FQVSVĻQMBVLUVĻWBSĻOPĪFNU ĻMBJĻQBQMBtJOâUV CBHâxBTĻWJFUV %GRWTWRNCWMVCPQĮGOÝCPC /PĪFNJFUĻBCâTĻQVTùTĻFTPtâTĻDFQVSV QMBVLUBĻDFMtBOBTĻDJMQBT "UâĸùKJFUĻDFQVSVĻQMBVLUBĻQSJFLtùKPĻNBMV VOĻOPĪFNJFUĻUP -TCXCUVĝMNWXCTXKGINKPQĺGOVWPUCNQEĝV "UCSăWPKJFUĻUăLMBĻOPTQSJFHPKVNV ĻOPTQJFxPU QPHVĻV[ĻBUTBJUFTĻTMùExBĻVOĻQBWFMLPUĻV[ âSVĻEBĮVĻBUTBJUFT %GRWTWRNCWMVU *FTQJFEJFUĻJFLtâĻBJ[LSJUOJĻVOĻBUWJFOPKJFU BCVTĻBUTBJtVĻâĸVT "UâĸùKJFUĻTUJFOJĻOPĻKVNUBĻTUJQSJOâKVNB QBWFMLPUĻUPĻBUQBLBĮĻBJ[ĻKVNUBĻTUJQSJOâKVNB HBMùKâTĻQP[ăDJKBTĻ/PTQJFEJFUĻTUJFOJĻKFC LVSâĻWJS[JFOâ ĻMBJĻâĸJTĻOPGJLTùUPTĻTUJFOăĻVO WJFOMBJLVTĻBUCSăWPUVĻPUSâĻQVTùĻFTPtPĻâĸJ 7JTCFJE[PUĻJ[ĪFNJFUĻBUMJLVtPĻKVNUBĻTUJQSJ OâKVNBĻâĸJĻOPĻKVNUBĻTUJQSJOâKVNB 4BEBMJFUĻTUJFOJĻWJEÜ ĻTBMPLJFUĻUPĻVOĻTBSJUJ OJFUĻUăLMV *FWJFUPKJFUĻUăLMVĻHMBCâtBOBTĻTPNâ %GīQLWOCNCKMę $TCWMÝCPCCTRKGMCDK 8KURęTĦIK p #SBVDPUĻQBĻHBSâNĻVOĻTUâWâNĻOPHâ[ùN %FSăHâTĻLSBWBTĻTWBSTĻJSĻBULBSăHTĻOPĻBVUPNP CJĮBĻNBTBTĻ1BTBxJFSVĻVOĻWJTVĻQJFEFSVNV ĻQJF NùSBN ĻTBLBCFTĻJFSăDFTĻLPQùKBJTĻTWBSTĻQBS BUCJMTUPtVĻWùSUăCVĻTBNB[JOBĻBVUPNPCJĮBĻEFSă HâTĻLSBWBTĻTWBSVĻ1MBtâLBĻJOGPSNâDJKBĻQBS NBTV ĻTLBUăUĻMQQĻ p %SPtăCBTĻBQTWùSVNVĻEùĮĻOFESăLTUĻQâST p ,BEĻWBEâUĻBVUPNBtăOVĻBSĻQJFLBCJĻQBĻHBSV p "VUPNBtăOBTĻQJFLBCFTĻâĸBĻUJQBNĻKâCÜU p *[WBJSJFUJFTĻOPĻCSBVLtBOBTĻBSĻQJFLBCJĻQB p +BĻQJFLBCFTĻâĸJTĻJSĻNPEJGJDùUT ĻTB[JOJFUJFT BSĻQJMOWBSPUPĻ7PMWPĻQâSTUâWJ ĻMBJĻUJLUV WFJLUBĻBVUPNBtăOBTĻQâSCBVEF ĻWBJĻBVUP NBtăOBĻJSĻQJMOăCâĻBQHâEâUBĻQJFLBCFTĻWJML tBOBJ p *[WJFUPKJFUĻLSBWVĻQJFLBCùĻUâ ĻMBJĻTWBSTĻV[ QJFLBCFTĻâĸJĻBUCJMTUVĻNBLTJNâMBKBNĻQJF ĮBVKBNBKBNĻTQJFEJFOBNĻV[ĻTBLBCFTĻMPEJ p "VUPNBtăOBJĻBSĻQJMOVĻLSBWVĻQBMJFMJOJFU HBJTBĻTQJFEJFOVĻSJFQâTĻMăE[ĻJFUFJLUBKBN 3JFQVĻTQJFEJFOBĻV[MăNFTĻBUSBtBOâTĻWJFUB TLBUăUĻMQQĻ p #SBVDPUĻBSĻQJFLBCJ ĻE[JOùKTĻUJFLĻOPTMPHPUT WBJSâLĻOFLâĻQBSBTUJ p /FWFMDJFUĻTNBHVĻQJFLBCJ ĻLBNùSĻBVUPNB tăOBĻJSĻQJMOăHJĻKBVOBĻ1BHBJEJFU ĻMăE[ĻBSĻUP CÜTĻOPCSBVLUJĻWJTNB[ĻĻLN OJFHUĻNBLTJNâMPĻBUĮBVUPĻâUSVNVĻBVUPNP CJMJNĻBSĻQJFLBCJĻ*FWùSPKJFUĻTQùLâĻFTPtPT OPUFJLVNVTĻQBSĻBUĮBVUPĻâUSVNVĻVOĻTWBSB JFSPCFxPKVNJFN +BĻQJFLBCFTĻâĸJTĻJSĻV[TUâEăUTĻ7PMWPĻSÜQOăDâ BVUPNBtăOBĻUJFLĻQJFHâEâUBĻBSĻWJTVĻQJFLBCFT WJMLtBOBJĻOFQJFDJFtBNPĻBQSăLPKVNV BQTUJQSJOâUBN CSFN[FTĻUJFLĻOPTMPHPUBTĻEBVE[ĻWBJSâL OFLâĻQBSBTUJĻ1âSTMùE[JFUĻ[FNâLVĻQâSOF TVNVĻVOĻQJFMâHPKJFUĻBVUPNBtăOBTĻâUSVNV TUâWVĻLâQVNV ĻCSBVDJFUĻOFMJFMâĻâUSVNâ OPHâ[ùN ĻLBTĻTUâWâLBTĻQBSĻĻ 2KGMCDGUVTQUG +BĻBVUPNBtăOBTĻQJFLBCFTĻâĸJNĻJSĻĻFMFLUSJT LJFĻLPOUBLUJ ĻCFUĻQJFLBCFJĻĻ ĻOFQJFDJFtBNT BEBQUFSJTĻ-JFUPKJFUĻ7PMWPĻBQTUJQSJOâUVĻBEBQ UFSBĻLBCFMJĻ1âSCBVEJFU ĻWBJĻLBCFMJTĻOFWFMLBT QBĻ[FNJ 2KGMCDGUXKT\KGPWTęFĦVęLKWPDTGOäW NWMVWTK +BĻLâEJĻOPĻQJFLBCFTĻWJS[JFOVĻSâEăUâKVĻMVLUV SJFNĻJSĻCPKâUJ ĻLPNCJOùUBKâĻLPOUSPMNùSJOTUSV NFOUVĻQBOFMăĻWJS[JFOBĻSâEăUâKVĻTJNCPMTĻNJSHP âUSâLĻOFLâĻQBSBTUJĻVOĻEJTQMFKâĻUJFLĻQBSâEăUT UFLTUTĻ5RWNF\GUMNĹOGRKGMRCITUKI +BĻLâETĻOPĻQJFLBCFTĻCSFNxVĻMVLUVSJFNĻJS CPKâUT ĻUJFLĻQBSâEăUTĻUFLTUTĻ5RWNF\MNĹOG RKGMDTGONWM Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET .ĦOGĮCMQPVTQNG "J[NVHVSùKJFĻBNPSUJ[BUPSJĻV[UVSĻOFNBJOăHV BVHTUVNVĻOFBULBSăHJĻOPĻBVUPNPCJĮBĻOPTMP E[FTĻ OFQâSTOJFE[PUĻNBLTJNâMJĻQJFĮBVKBNP NBTV Ļ,BEĻBVUPNPCJMJTĻTUâWĻV[ĻWJFUBT ĻUâĻBJ[ NVHVSFĻOFEBVE[ĻOPMBJxBTĻUBTĻJSĻOPSNâMJ 2KGMCDGUUXCTU *OGPSNâDJKBĻQBSĻ7PMWPĻBUĮBVUPĻQJFLBCFTĻTWBSV TLBUăUĻMQQĻ 2+'<ÿ/' /PSâEăUBJTĻNBLTJNâMBJTĻQJFĮBVKBNBJTĻQJFLB CFTĻTWBSTĻJSĻTWBST ĻLPĻBUĮBVKĻ7PMWPĻ.BLTJ NâMBJTĻQJFĮBVKBNBJTĻCSBVLtBOBTĻâUSVNT BVUPNBtăOBJĻBSĻQJFTUJQSJOâUVĻQJFLBCJĻJSĻ LNIĻ"UUJFDăHâTĻWBMTUTĻTBUJLTNFTĻOPUFJLV NPTĻWBSĻCÜUĻQBSFE[ùUJĻDJUJĻQJFLBCFTĻTWBSB VOĻâUSVNBĻJFSPCFxPKVNJĻ7JMLtBOBTĻJFLâSUB WBSĻCÜUĻBQTUJQSJOâUBĻMJFMâLBNĻWJMLtBOBTĻTWB SBN ĻOFLâĻBVUPNBtăOBĻGBLUJTLJĻWBSĻWJMLU $4ÿ&+0ó,7/5 *FWùSPKJFUĻJFUFJLVNVTĻQBSĻQJFLBCFTĻTWBSV 1SFUùKâĻHBEăKVNâĻQùLtĪBTĻLVTUăCBTĻWBJ CSFN[ùtBOBTĻHBEăKVNâĻBVUPNBtăOBTĻVO QJFLBCFTĻWBEâNăCBĻWBSĻCÜUĻBQHSÜUJOâUB %GīQLWOCNCKMę $TCWMÝCPCCTRKGMCDK /CPWęNęRęTPGUWOMęTDC 2ęTMCTÝCPC #SBVDPUĻBSĻQJFLBCJĻLBMOBJOâĻBQWJEÜĻVOĻLBSTUâ LMJNBUâ ĻQBTUâWĻQâSLBStBOBTĻSJTLT p %BSCJOPUĻE[JOùKV ĻOFĮBVKJFUĻUâĻBQHSJF[JF OJFNĻQâSTOJFHUĻĻBQHSNJO Eă[FĮE[JOùKJFNĻĻBQHSNJO ĻQSFUùKâ HBEăKVNâĻFĮĮBTĻUFNQFSBUÜSBĻWBSĻLĮÜUĻQâSâL BVHTUB &Ħ\GīF\KPġLUEKN p +BĻSPEBTĻQâSLBStBOBTĻSJTLT ĻJFUFJDBNBJT E[JOùKBĻâUSVNT ĻMBJĻE[FTùtBOBTĻtĸJESVNT TQùUVĻPQUJNâMJĻDJSLVMùU ĻJSĻ BQHSJF[JFOJĻNJOÜUù #WVQOęVKUMęRęTPGUWOMęTDC 2ęTMCTÝCPC #SBVDPUĻBSĻQJFLBCJĻLBMOBJOâĻBQWJEÜĻVOĻLBSTUâ LMJNBUâ ĻQBTUâWĻQâSLBStBOBTĻSJTLT p "VUPNâUJTLâĻQâSOFTVNLâSCBĻJ[WùMBTĻTMP E[FJĻVOĻE[JOùKBĻâUSVNBĻBUCJMTUPtVĻQâSOF TVNV p 1âSLBStBOBTĻHBEăKVNâĻJOTUSVNFOUVĻQBOFMă J[HBJTNPKBTĻCSăEJOâKVNBĻTJNCPMTĻLPQâĻBS UFLTUBĻ[JĪPKVNVĻĻJFWùSPKJFUĻTOJFHUPTĻOPSâ EăKVNVT 5VęXCUPQIę\GU p /FJ[WùMJFUJFTĻBVUPNâUJTLBKBJĻQâSOFTVN LâSCBJĻBVHTUâLVĻQâSOFTVNVĻQBSĻUP ĻBS LâEVĻUâĻTQùKĻUJLUĻHBMâĻĻOFĻWJFONùSĻJFUFJ DBNTĻCSBVLUĻBSĻBVHTUVĻQâSOFTVNVĻQJF [FNJFNĻE[JOùKBĻBQHSJF[JFOJFN 58#4ÿ)+ 4LBUJFUĻBSăĻJOGPSNâDJKVĻQBSĻMùOVĻCSBVLtBOV BSĻQJFLBCJĻBVUPNPCJĮJFNĻBSĻ1PXFSTIJGU BVUPNâUJTLPĻQâSOFTVNLâSCVĻĻMQQ #WVQOCÝĦPCUPQXKGVQÝCPCUVęXġÝCPCKW\ RCMCNPC 1âSWJFUPKJFUĻQâSOFTVNBĻQâSTMùHVĻCSBVLtB OBTĻQP[ăDJKâĻ& "UCSăWPKJFUĻTUâWCSFN[J "UMBJEJFUĻCSFNxVĻQFEâMJĻVOĻTâDJFUĻCSBVL tBOV 2KGMCDGUęĨKU +BĻBVUPNBtăOBĻJSĻBQSăLPUBĻBSĻOPĪFNBNVĻWJML tBOBTĻJFLâSUV ĻSÜQăHJĻKâJFWùSPĻCSăWâTĻEBĮBT V[TUâEătBOBTĻOPSâEăKVNJ ĻTLBUăUĻMQQĻ $4ÿ&+0ó,7/5 /PTQJFEJFUĻCSFNxVĻQFEâMJ +BĻBVUPNBtăOBĻJSĻBQSăLPUBĻBSĻ7PMWPĻOPĪF NBNPĻWJMLtBOBTĻJFSăDJ *FEBSCJOJFUĻTUâWCSFN[J p 1âSTMùE[JFUĻQâSOFTVNVĻQâSTMùHVĻQP[ăDJKâ 2 3ÜQăHJĻJFWùSPKJFUĻV[TUâEătBOBTĻJOTUSVL DJKBT p 1JSNTĻV[TâLUĻCSBVLtBOV ĻOPĪFNBNâ EBĮBĻKâBJ[TMùE[ĻBSĻBUTMùHV p 1âSCBVEJFU ĻWBJĻJOEJLBUPSBĻMPE[JĪt J[HBJTNPKBTĻ[BĮâĻLSâTâ "UMBJEJFUĻCSFNxVĻQFEâMJ p 1âSWJFUPKJFUĻQâSOFTVNVĻQâSTMùHVĻTUâWùtB OBTĻTUâWPLMăĻ2 ĻKBĻOPWJFUPKBUĻTUâWùtBOBJ BVUPNPCJMJĻBSĻBVUPNâUJTLPĻQâSOFTVN LâSCVĻVOĻUBNĻQJFâĸùUVĻQJFLBCJĻ7JFONùS J[NBOUPKJFUĻTUâWCSFN[J p /PWJFUPKPUĻBVUPNBtăOVĻBSĻQJFLBCJĻTUâWâ 5XCTĦICURęTDCWFGU p 7JMLtBOBTĻJFLâSUBTĻMPEFĻSFHVMâSJĻKâUăSBĻVO KâJF[JFxĻBSĻTNùSWJFMV OPHâ[ù ĻQBMJFDJFUĻ[FNĻSJUFĪJFNĻĸăĮVT #WVQOCÝĦPCUKGFCTDKPęÝCPCW\RCMCNPC /PTQJFEJFUĻCSFNxVĻQFEâMJ %GīQLWOCNCKMę $TCWMÝCPCCTRKGMCDK $4ÿ&+0ó,7/5 6GJPKUMKGRCTCOGVTK /PĪFNBNâTĻWJMLtBOBTĻJFLâSUBTĻLVTUăHâT EFUBĮBTĻOFESăLTUĻJF[JFTUĻBSĻTNùSWJFMVFĮĮPU 5âĻWBSĻTBNB[JOâUĻESPtăCV 2+'<ÿ/' 0QĮGOCOęUXKNMÝCPCUKGMęTVCU INCDęÝCPC G021485 -JFUPKPUĻWJSBTĻBSĻWJCSâDJKVĻLMVTJOâUâKV ĻWJML tBOBTĻJFSăDJĻOFESăLTUĻJFFĮĮPU +\OġTKUVKRTKPęLWOCXKGVCU OO 0QĺGOCOđUXKNMÞCPCUKGMđTVCUINCDđÞCPCUXKGVC 58#4ÿ)+ 1ùDĻOPĪFNBNâTĻWJMLtBOBTĻJFLâSUBTĻMJFUPtB OBTĻOPĪFNJFUĻUPĻVOĻOPWJFUPKJFUĻUBJĻQBSFE[ù UBKâĻWJFUâĻBVUPNBtăOâ " # $ % & ' ( 4âOVĻHBSFOTJKB ) -PEFTĻDFOUST %GīQLWOCNCKMę $TCWMÝCPCCTRKGMCDK $ % & ' ( 4âOVĻHBSFOTJKB ) -PEFTĻDFOUST 0QĮGOCOęUXKNMÝCPCUKGMęTVCU W\UVęFĦÝCPC G021489 # *FWJFUPKJFUĻTBLBCFTĻMPEFTĻEBĮV ĻMăE[ĻE[JSEBU LMJLtĸJ 1âSMJFDJOJFUJFT ĻWBJĻNFIâOJTNTĻJSĻOFOPCMP ĸùUâĻTUâWPLMă ĻQBHSJFxPUĻBUTMùHVĻQVMLTUFĪB SâEăUâKVĻLVTUăCBTĻWJS[JFOâ G021490 G021487 " /PĪFNJFUĻBJ[TBSHWâLV ĻWJTQJSNTĻOPTQJF xPUĻTQSÜEVĻ ĻVOĻQùDĻUBNĻQBWFMLPUĻWâLV UBJTOJĻBUQBLBĮĻ *OEJLBUPSBĻMPHBNĻKâCÜUĻ[BĮBN G021488 +\OġTKUVKRTKPęLWOCXKGVCU OO *OEJLBUPSBĻMPHBNĻKâCÜUĻTBSLBOBN `` %GīQLWOCNCKMę $TCWMÝCPCCTRKGMCDK $4ÿ&+0ó,7/5 G000000 +BĻTBLBCFTĻMPEFĻOBWĻQBSFJ[JĻQJFTUJQSJOâUB UâĻKâOPĪFNĻVOĻWùMSFJ[ĻKâQJFTUJQSJOBĻTBTLBĪâ BSĻJFQSJFLtĻOPSâEăUBKâNĻJOTUSVLDJKâN 58#4ÿ)+ *FFĮĮPKJFUĻUJLBJĻWJMLtBOBTĻJFLâSUBTĻMPEJ ĻBUTUâ KPUĻQâSùKâTĻWJMLtBOBTĻJFSăDFTĻEFUBĮBTĻUăSBT VOĻTBVTBT *FWJFUPKJFUĻBUTMùHVĻVOĻQBHSJF[JFUĻUPĻQVML TUFĪBĻSâEăUâKVĻLVTUăCBTĻWJS[JFOâĻMăE[ĻBUCMP ĸùUBNĻTUâWPLMJN G021494 G021495 1BHSJF[JFUĻBUTMùHVĻQSFUùKJĻQVMLTUFĪBĻSâEă UâKVĻLVTUăCBTĻWJS[JFOBNĻCMPĸùUâĻTUâWPLMă *[ĪFNJFUĻBUTMùHVĻOPĻTMùE[FOFT 0QĮGOCOęUXKNMÝCPCUKGMęTVCU FGOQPVęäC 1âSCBVEJFU ĻWBJĻTBLBCFTĻMPEFTĻEBĮBĻJS ESPtB ĻQBWFMLPUĻUPĻBVHtVQ ĻMFKVQĻVOĻBUQB LBĮ %SPtăCBTĻLBCFMJT $4ÿ&+0ó,7/5 /PUFJLUJĻOPTUJQSJOJFUĻQJFLBCFTĻESPtăCBT LBCFMJĻUBNĻQBSFE[ùUBKâĻLSPOtUFJOâ *FTUVNJFUĻV[ĻJFLtVĻCMPĸùKPtPĻSJQVĻ ĻVO QBHSJF[JFUĻUPĻQSFUùKJĻQVMLTUFĪSâEăUâKVĻLVTUă ĻMăE[ĻBUTLBOĻLMJLtĸJT CBTĻWJS[JFOBNĻ %GīQLWOCNCKMę $TCWMÝCPCCTRKGMCDK 2KGMCDGUUVCDKNKVęVGURCNĦIUKUVġOC 65# OFQBSFJ[âĻCSBVLtBOBTĻKPTMâĻWBJĻOPCSBVLUĻOP CSBVLUVWFT 54"ĻTJTUùNBĻ 5SBJMFSĻ4UBCJMJUZĻ"TTJTU ĻQBSF E[ùUBĻBVUPNPCJĮBĻLPQâĻBSĻQJFLBCJĻTUBCJMJ[ùtB OBJ ĻKBĻTâLBTĻTâOOPWJS[F 54"ĻTJTUùNBĻQBTUâWăHJĻLPOUSPMùĻBVUPNPCJĮB LVTUăCBT ĻJUĻăQBtJĻTâOJTLâTĻLVTUăCBTĻ+BĻUJFL LPOTUBUùUBĻTâOOPWJS[F ĻQSJFLtùKJFĻSJUFĪJĻUJFL CSFN[ùUJĻBUTFWJtĸJĻ5BTĻJSĻQBSFE[ùUT ĻMBJĻTUBCJMJ [ùUVĻBVUPNPCJĮBQJFLBCFTĻTBWJFOPKVNVĻ"SĻUP CJFxJĻQJFUJFL ĻMBJĻQBMăE[ùUVĻBVUPWBEăUâKBNĻBUHÜU BVUPNPCJĮBĻWBEăCV 'VOLDJKBĻ54"ĻJSĻEBĮBĻOPĻ&56%ĻTJTUùNBT %ZOBNJDĻ4UBCJMJUZĻBOEĻ5SBDUJPOĻ$POUSPM ĻTLB UăUĻMQQĻ 1BHSJF[JFUĻCMPĸùKPtPĻSJUFOJĻMăE[ĻHBMBN LBNùSĻUBTĻOPOâLĻMăE[ĻBUEVSFJĻ5VSJFUĻUP tBKâĻTUâWPLMă ĻWJFOMBJLVTĻWFMLPUĻTBLBCFT MPEHBMWVĻBUQBLBĮĻVOĻV[ĻBVHtV $4ÿ&+0ó,7/5 +BĻOPHMBCâKBUĻOPĪFNBNPĻWJMLtBOBTĻJFSăDJ BVUPNBtăOâ ĻESPtJĻOPTUJQSJOJFUĻUP ĻTLBUăU MQQĻ (WPMEKLC 4âOOPWJS[FĻWBSĻSBTUJFTĻKFCLVSBNĻBVUPNPCJĮB QJFLBCFTĻTBWJFOPKVNBNĻ1BSBTUJĻTâOOPWJS[F OPUJFL ĻCSBVDPUĻBSĻMJFMVĻâUSVNVĻ5PNùSĻQBTUâW SJTLT ĻLBĻUâĻWBSĻSBTUJFT ĻCSBVDPUĻBSĻOFMJFMV âUSVNVĻ ĻLNI ĻKBĻQJFLBCFĻJSĻQâSTMPHPUB WBJĻLSBWBĻOBWĻQBSFJ[JĻTBEBMăUB ĻQJFN ĻUâĻOPWJF UPUBĻQâSâLĻUâMVĻV[ĻBJ[NVHVSJ -BJĻOPUJLUVĻTâOOPWJS[F ĻKâCÜUĻJFNFTMBN ĻLBTĻUP JFSPTJOB ĻQJFN p "VUPNPCJMJTĻBSĻQJFLBCJĻUJFLĻQBLĮBVUTĻQùLt ĪBNĻVOĻTQùDăHBNĻTâOVĻWùKBN p "VUPNPCJMJTĻBSĻQJFLBCJĻV[CSBVDĻV[ĻOFMă E[FOBTĻDFĮBĻWJSTNBTĻWBJĻJFCSBVDĻHSBNCâ p 4âOOPWJS[JĻJ[SBJTPtBTĻTUÜSFTĻLVTUăCBT &CTDĦDC 1BTUVNJFUĻBJ[TBSHBQWBMLV ĻMăE[ĻUBTĻDJFtJ TBTMùE[BT +BĻJSĻTâLVTJFTĻTâOOPWJS[F ĻWBSĻCÜUĻHSÜUJĻWBJĻQBU OFJFTQùKBNJĻUPĻBQUVSùUĻ5BTĻQBEBSBĻBVUPNP CJĮBQJFLBCFTĻTBWJFOPKVNVĻHSÜUJĻWBEâNV ĻVO QBTUâWĻSJTLT ĻLBĻWBSBU ĻQJFNùSBN ĻOPLĮÜU +BĻTâOOPWJS[FĻOFUJFLĻOPWùSTUBĻQJSNBKâĻSFJ[ù LBEĻBLUJWùKBTĻ54"ĻTJTUùNB ĻBVUPNPCJĮBQJFLB CFTĻTBWJFOPKVNTĻUJFLĻCSFN[ùUTĻBSĻWJTJFNĻSJUF ĪJFNĻVOĻE[JOùKBĻKBVEBĻUJFLĻTBNB[JOâUBĻ,BE TâOOPWJS[FĻUJFLĻQBLâQFOJTLJĻTBNB[JOâUBĻVO BVUPNPCJĮBQJFLBCFTĻTBWJFOPKVNTĻBULBMĻJSĻTUB CJMT Ļ54"ĻTJTUùNBĻQâSUSBVDĻSFHVMùtBOVĻVO BVUPWBEăUâKTĻBULBMĻQJMOăCâĻLPOUSPMùĻBVUPNPCJMJ &CäęFK 4JTUùNBĻ54"ĻWBSĻJFEBSCPUJFTĻâUSVNVĻJOUFSWâMâ OPĻĻMăE[ĻĻLNI 2+'<ÿ/' +BĻWBEăUâKTĻBUMBTBĻ54"ĻSFxăNV ĻGVOLDJKB 5RQTVĻUJFLĻJ[TMùHUB ĻTLBUăUĻMQQĻ 4JTUùNBĻ54"ĻWBSĻOFJFEBSCPUJFT ĻKBĻBVUPWBEă UâKTĻJ[NBOUPĻTQùDăHBTĻTUÜSFTĻLVTUăCBT ĻMBJ NùīJOâUVĻJ[MăE[JOâUĻTâOOPWJS[J ĻKPĻUâEâĻTJUVâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET %GīQLWOCNCKMę $TCWMÝCPCCTRKGMCDK DJKâĻTJTUùNBĻ54"ĻOFWBSĻOPUFJLU ĻWBJĻMăLVNP tBOVĻJ[SBJTBĻQJFLBCFĻWBJĻBVUPWBEăUâKT 4JNCPMTĻ&56%ĻLPNCJOùUBKâĻLPOUSPM NùSJOTUSVNFOUVĻQBOFMăĻNJSHP ĻLBEĻTJT UùNBĻ54"ĻEBSCPKBT %GīQLWOCNCKMę 8KNMÝCPCWPVGJPKUMęRCNĦF\ĦDC 8KNMÝCPC $4ÿ&+0ó,7/5 1JSNTĻBVUPNBtăOBTĻWJMLtBOBTĻOPTLBJESPKJFU BUĮBVUPĻWJMLtBOBTĻNBLTJNâMPĻâUSVNV "UCMPĸùKJFUĻTUÜSFTĻGJLTBUPSV ĻJFWJFUPKPUĻUâM WBEăCBTĻQVMUTĻBUTMùHVĻBJ[EFE[FTĻTMùE[ăĻVO UVSPUĻOPTQJFTUVĻ56#465612'0)+0' UBVTUJĪVĻĻUJFLĻBLUJWùUBĻBUTMùHBTĻQP[ăDJKBĻ++ 1MBtâLBĻJOGPSNâDJKBĻQBSĻBUTMùHBTĻQP[ăDJ KâNĻTLBUăUĻMQQĻ #SFNxVĻQBTUJQSJOâUâKTĻVOĻTUÜSFTĻQBTUJQSJOâ UâKTĻOFEBSCPKBT ĻKBĻE[JOùKTĻJSĻJ[TMùHUTĻ CSFNxVĻQFEâMJTĻJSĻKâOPTQJFx BQUVWFOJĻĻSFJ[FTĻTQùDăHâLĻVOĻTUÜSùtBOBĻJS EBVE[ĻBQHSÜUJOâUâLBĻOFLâĻQBSBTUJ /CPWęNęRęTPGUWOMęTDC 1JSNTĻWJMLtBOBT ,BNùSĻBVUPNPCJMJTĻUJFLĻWJMLUT ĻUâMWBEăCBT QVMUTĻBUTMùHBJĻKâBUSPEBTĻBJ[EFE[FTĻTMùE[ă p +BĻWFMLPtBJTĻUSBOTQPSUMăE[FLMJTĻTBNB[JOB âUSVNV ĻOPESPtJOJFU ĻMBJĻWJMLtBOBTĻUSPTF CÜUVĻOPTUJFQUB ĻUVSPUĻLâKVĻWJFHMJĻQJFTQJFTUV V[ĻCSFNxVĻQFEâĮBĻVOĻUâEùKâEJĻOPWùStPU TUSBVKBTĻLVTUăCBT #WVQOęVKUMęRęTPGUWOMęTDC)GCTVTQPKE 58#4ÿ)+ ÙFNJFUĻWùSâ ĻLBĻBVUPNPCJMJTĻWJFONùSĻKâWFML Uâ ĻMBJĻSJUFĪJĻHSJF[UPTĻV[ĻQSJFLtV &TJFUĻHBUBWTĻCSFN[ùU ĻMBJĻBQUVSùUV p $4ÿ&+0ó,7/5 p 1JSNTĻWJMLtBOBTĻQâSMJFDJOJFUJFT ĻLBĻTUÜ SFTĻGJLTBUPSTĻJSĻBUCMPĸùUT p 5âMWBEăCBTĻQVMUTĻBUTMùHBJĻKâBUSPEBT QP[ăDJKâĻ++ĻĻQP[ăDJKâĻ+ĻWJTJĻESPtăCBTĻTQJM WFOJĻJSĻEFBLUJWùUJ p /FLâEâĻHBEăKVNâĻOFJ[ĪFNJFUĻUâMWBEă CBTĻQVMUTĻBUTMùHVĻOPĻBJ[EFE[FTĻTMùExB WJMLtBOBTĻMBJLâ 1âSWJFUPKJFUĻQâSOFTVNVĻQâSTMùHVĻOFJUSâMâ QP[ăDJKâĻVOĻBUCSăWPKJFUĻTUâWCSFN[J .PEFĮVTĻBSĻ1PXFSTIJGUĻBVUPNâUJTLPĻQâSOF TVNLâSCVĻOFESăLTUĻWJMLU ĻKP ĻMBJĻQâSOFTVNLâSCB UJLUVĻQJFOâDăHJĻJFFĮĮPUB ĻJSĻKâEBSCPKBTĻBVUPNBtă OBTĻE[JOùKBNĻ+BĻWJMLtBOBĻUPNùSĻJSĻOFQJFDJF tBNB ĻKâJ[WùMBTĻQùDĻJFTQùKBTĻăTâLTĻNBStSVUT VOĻUBTĻKâWFJDĻĮPUJĻNB[âĻâUSVNâ +BĻOFFTBUĻQâSMJFDJOâUT ĻWBJĻBVUPNBtăOBĻJSĻBQSă LPUBĻBSĻ1PXFSTIJGUĻQâSOFTVNLâSCV ĻWBSBUĻUP OPTLBJESPU ĻBQMÜLPKPUĻBQ[ăNùKVNVĻV[ĻQâSOF TVNLâSCBTĻV[MăNFT ĻLBTĻBUSPEBTĻ[FNĻE[JOùKB QâSTFHBĻĻTLBUăUĻMQQĻĻ"Q[ăNù KVNTĻo.14oĻOP[ăNù ĻLBĻBVUPNBtăOBĻJSĻBQSă LPUBĻBSĻ1PXFSTIJGUĻqĻQâSOFTVNLâSCVĻ1SFUùKâ HBEăKVNâĻUâĻJSĻBQSăLPUBĻBSĻ(FBSUSPOJDĻBVUPNâ UJTLPĻQâSOFTVNLâSCV /FWFMDJFUĻBVUPNBtăOBTĻBSĻBVUPNâUJTLP QâSOFTVNLâSCVĻBSĻâUSVNV ĻLBTĻQâS TOJFE[ĻĻLNIĻWBJĻUâMâLĻQBSĻĻLN *FWùSPKJFUĻWJFUùKPTĻTBUJLTNFTĻOPUFJLV NPTĻBUĮBVUPTĻâUSVNBĻJFSPCFxPKVNVT 1JSNTĻWJMLtBOBT p #WVQOęVKUMęRęTPGUWOMęTDC 2QYGTUJKHV 1âSWJFUPKJFUĻQâSOFTVNVĻQâSTMùHVĻQP[ăDJKâ 0ĻVOĻBUCSăWPKJFUĻTUâWCSFN[J %GīQLWOCNCKMę 8KNMÝCPCWPVGJPKUMęRCNĦF\ĦDC 58#4ÿ)+ /FWFMDJFUĻBVUPNPCJMJ p p 5BÀVĻBVUPNPCJMJĻWBSĻWJMLUĻăTVĻBUUâMVNV OFMJFMâĻâUSVNâ ĻMBJĻUPĻQâSWJFUPUVĻOPĻCăT UBNBTĻQP[ăDJKBTĻĻOFĻUâMâLĻQBSĻĻLN VOĻOFĻâUSâLĻQBSĻĻLNIĻÙFNJFUĻWùSâ LBĻBVUPNPCJMJTĻWJFONùSĻKâWFMLĻUâ ĻMBJ SJUFĪJĻHSJF[UPTĻV[ĻQSJFLtV +BĻBVUPNPCJMJTĻKâQâSWJFUPĻUâMâLĻQBS ĻLN ĻUBTĻKâUSBOTQPSUù ĻQBDFĮPUĻWFMLP tPTĻSJUFĪVTĻWJSTĻ[FNFTĻĻJFUFJDBNT J[NBOUPUĻQSPGFTJPOâMBĻBVUPFWBLVBUPSB QBMăE[ăCV 1JSNTĻWJMLtBOBT p 1âSWJFUPKJFUĻQâSOFTVNVĻQâSTMùHVĻQP[ăDJKâ 0ĻVOĻBUCSăWPKJFUĻTUâWCSFN[J +GFCTDKPęÝCPCURCNĦF\ĦDC /FNùīJOJFUĻJFEBSCJOâUĻE[JOùKV ĻJFWFMLPUĻBVUP NPCJMJĻ+BĻBLVNVMBUPSTĻJSĻJ[MâEùKJFTĻVOĻE[JOùKV OFWBSĻJFEBSCJOâU ĻJ[NBOUPKJFUĻQBSBMùMPĻBLVNV MBUPSV ĻTLBUăUĻMQQĻ 58#4ÿ)+ .ùīJOPUĻJFEBSCJOâUĻBVUPNBtăOVĻUPĻWFMLPU WBSBUĻOPEBSăUĻCPKâKVNVTĻLBUBMăUJTLBKBNĻOFJ USBMJ[BUPSBN 8KNMÝCPCUEKNRC *[ĪFNJFUĻWJMLtBOBTĻDJMQV ĻLBTĻJSĻOPWJFUPUB [FNĻHSăEBTĻMÜLBTĻCBHâxBTĻOPEBMăKVNâ 7JMLtBOBTĻDJMQBĻJSĻJFTLSÜWùUBĻWăUĪPUâĻMJH[EâĻBJ[ WâLBĻCVGFSBĻMBCâTĻQVTFTĻQSJFLtQVTùĻWBJĻBJ[ NVHVSù 8KNMÝCPCUEKNRCURKGUVKRTKPęÝCPC 2+'<ÿ/' -BJĻQJFLĮÜUVĻWJMLtBOBTĻDJMQBJSJUFĪBUTMùHBJ LBTĻBUSPEBTĻQVUVĻCMPLâ p XGTUKLCĻQBDFMJFUĻBWâSJKBTĻDBVSEÜSVNB MBCPtBOBTĻLPNQMFLUBĻLPNQSFTPSVĻ QVOLUT ĻMBJĻQJFLĮÜUVĻSJUFĪBUTMùHBJĻ*[ĪF NJFUĻMBVLâĻIFSNFUJ[ùKPtâĻMăE[FLĮBĻQVEFMJ ĻQVOLUT ĻMBJĻQJFLĮÜUVĻWJMLtBOBTĻDJMQBJ p XGTUKLCĻQBDFMJFUĻBWâSJKBTĻDBVSEÜSVNB MBCPtBOBTĻLPNQMFLUBĻLPNQSFTPSVĻ QVOLUT ĻMBJĻQJFLĮÜUVĻWJMLtBOBTĻDJMQBJ 3JUFĪBUTMùHBĻBUSPEBTĻ[FNĻEPNLSBUB 7JMLtBOBTĻDJMQBTĻTUJQSJOâKVNBĻQVOLUB WâDJĪVĻBUWFSĻtâEJ p 7âDJĪBNĻWJFOâĻTâOâĻWBJĻTUÜSăĻBUSPEBT NBSĸùKVNTĻ"SĻQJSLTUVĻOPTQJFEJFUĻNBS ĸùKVNVĻVOĻWJFOMBJLVTĻJ[TQJFEJFUĻQSFUùKP TâOVTUÜSJĻĻWâLTĻHSJFxBTĻBQĻTBWVĻBTJ VOĻUPĻWBSĻUâEùKâEJĻJ[ĪFNU 7JMLtBOBTĻDJMQBTĻTUJQSJOâKVNBĻWJFUBT WâLBNĻJSĻQJFFKBNJĻEJWJĻWFJEJ ĻLPĻWBSĻBUWùSU tâEJ p "UWFSJFUĻBJ[NVHVSFTĻCVGFSBĻWâDJĪVĻBS QBE[JĮJOâKVNV ĻUBKâĻJFWJFUPKPUĻNPOùUV WBJĻMăE[ăHVĻQSJFLtNFUVĻVOĻV[NBOăHJ %GīQLWOCNCKMę 8KNMÝCPCWPVGJPKUMęRCNĦF\ĦDC QBHSJFxPUĻV[ĻâSVĻ1ùDĻUBNĻJ[HSJF[JFU WâLVĻMăE[ĻHBMBNĻV[ĻâSVĻVOĻJ[ĪFNJFU p 1SJFLtùKâĻCVGFSBĻWâDJĪBNĻBSĻQBE[JĮJOâ KVNVĻWJFOâĻTâOâĻWBJĻTUÜSăĻBUSPEBTĻNBS ĸùKVNTĻ"SĻQJSLTUVĻOPTQJFEJFUĻNBSĸù KVNVĻVOĻWJFOMBJLVTĻJ[TQJFEJFUĻQSFUùKP TâOVTUÜSJĻĻWâLTĻHSJFxBTĻBQĻTBWVĻBTJ VOĻUPĻWBSĻUâEùKâEJĻJ[ĪFNU *FTLSÜWùKJFUĻWJMLtBOBTĻDJMQVĻMăE[ĻHBMBN 4UJOHSJĻQJFHSJF[JFUĻWJMLtBOBTĻDJMQV ĻJ[NBO UPKPU ĻQJFNùSBN ĻV[HSJFxĪVĻBUTMùHV 7JMLtBOBTĻDJMQBĻQùDĻMJFUPtBOBTĻJSĻKâBU TLSÜWùĻ/PWJFUPKJFUĻWJMLtBOBTĻDJMQVĻBUQBLBĮ UBJĻQBSFE[ùUBKâĻWJFUâ #FJHâTĻV[MJFDJFUĻWâLVĻBUQBLBĮĻWJFUâĻV[ CVGFSB 58#4ÿ)+ 7JMLtBOBTĻDJMQBĻJSĻQBSFE[ùUBĻUJLBJĻWJMLtBOBJ QBĻDFĮV ĻPGXKUĻJFTUJHVtBĻBVUPNPCJĮBĻBUCSă WPtBOBJĻWBJĻJ[WJMLtBOBJĻOPĻHSâWKBĻ*[TBVDJFU FWBLVâDJKBTĻEJFOFTUV ĻMBJĻUBTĻ+VNTĻQBMă E[ùUV 2+'<ÿ/' %BxJFNĻBVUPNPCJĮJFN ĻLBNĻQJFTUJQSJOâUT KÜHTUJFOJT ĻWJMLtBOBTĻDJMQVĻOFWBSĻQJFTUJQSJOâU BJ[NVHVSùKBNĻLSPOtUFJOBNĻ7JMLtBOBJĻQBSF E[ùUâĻWJSWFĻKâQJFTUJQSJOBĻKÜHTUJFOJN făĻJFNFTMBĻEùĮĻJFUFJDBNTĻHMBCâUĻOPĪFNBNP KÜHTUJFĪBĻMPEJĻBVUPNPCJMă 'XCMWęEKLC *[TBVDJFUĻFWBLVâDJKBTĻEJFOFTUV ĻMBJĻUBTĻ+VNT QBMăE[ùUV 58#4ÿ)+ ÙFNJFUĻWùSâ ĻLBĻBVUPNPCJMJTĻWJFONùS KâUSBOTQPSUùĻUâ ĻMBJĻSJUFĪJĻHSJF[UPTĻV[ QSJFLtV p 7JTVĻSJUFĪVĻQJFE[JĪBTĻBVUPNPCJMJĻ "8% BSĻQBDFMUVĻQSJFLtùKPĻCBMTUJFLâSUV OFESăLTUĻWJMLUĻBSĻâUSVNV ĻLBTĻQâSTOJFE[ ĻLNIĻ5PĻOFESăLTUĻWJMLUĻUâMâLĻQBS ĻLN 7JTQâSăHJĻ 3JUFĪVĻNBJĪBĻ 3JFQVĻTQJFEJFOTĻ #SăEJOâKVNBĻUSăTTUÜSJTĻVOĻQJSNâTĻQBMăE[ăCBTĻBQUJFDJĪB 1âSEVSUBTĻSJFQBTĻBWâSJKBTĻSFNPOUTĻ 5., Ļ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 3*5&Ù*Ļ6/Ļ3*&1"4 4KVGĮKWPTKGRCU 8KURęTĦIK $TCWMÝCPCUTCMUVWTKG\ĦOGU 3JFQBTĻCÜUJTLJĻJFUFLNùĻBVUPNBtăOBTĻCSBVLtB OBTĻăQBtăCBTĻ3JFQBTĻWFJEBN ĻJ[NùSJFN ĻTQJF EJFOBNĻSJFQâĻVOĻSJFQBTĻâUSVNBĻKBVEBJĻJSĻMJFMB OP[ăNFĻBVUPNBtăOBTĻWFJLUTQùKâ 3JFQBTĻBSĻMJFMâLVĻQSPUFLUPSVĻE[JĮVNVĻWJFONùS KâV[TUâEBĻBVUPNPCJĮBĻBJ[NVHVSùĻ MBJĻTBNB[J OâUVĻTMăEùtBOBTĻSJTLV ,CWPCUTKGRCU 2+'<ÿ/' 1âSMJFDJOJFUJFT ĻLBĻBCJĻSJUFĪVĻQâSJĻJSĻWJFOâEB UJQBĻVOĻJ[NùSB ĻLâĻBSăĻLBĻUJFNĻJSĻWJFOTĻSBxP UâKT )TKGÝCPęUXKT\KGPU *FWùSPKJFUĻJFUFJLUPĻTQJFEJFOVĻSJFQâT ĻLâETĻOPSâ EăUTĻSJFQVĻTQJFEJFOBĻUBCVMâ ĻTLBUăUĻMQQĻ 4KGRWCRMQRG G021778 4KGRCUXGEWOU $WNVKĺCPQTđFCTKVGĺCITKGÞCPđUXKT\KGPW 6[ĻUâEBĻQSPUFLUPSVĻNPEFĮBĻSJFQâN ĻLBTĻQBSF E[ùUBTĻSPUùtBOBJĻUJLBJĻWJFOâĻWJS[JFOâ ĻSPUâDJKBT WJS[JFOTĻJSĻOPSâEăUTĻBSĻCVMUJĪVĻ3JFQBJĻWJTâĻUâT FLTQMVBUâDJKBTĻMBJLâĻWJFONùSĻKâSPUùĻWJFOâĻVO UBKâĻQBtâĻWJS[JFOâĻ3JFQBTĻWBSĻNBJOăUĻUJLBJ QSJFLtùKâĻVOĻBJ[NVHVSùKâĻTUâWPLMă ĻVOĻUâT OFLBEĻOFESăLTUĻNBJOăUĻOPĻMBCâTĻQVTFTĻV[ LSFJTPĻVOĻPUSâEJĻ+BĻSJFQBTĻJSĻQJFTUJQSJOâUBT OFQBSFJ[J ĻUJFLĻOFMBCWùMăHJĻJFUFLNùUBTĻBVUPNB tăOBTĻCSFN[ùtBOBTĻăQBtăCBTĻVOĻCSBVLtBOBT KBVEBĻMJFUVTĻVOĻtĸăEPĪBĻBQTUâLĮPT 7JTBTĻSJFQBT ĻLBTĻWFDâLBTĻQBSĻĻHBEJFN KâQâSCBVEBĻFLTQFSUBNĻQBUĻUBE ĻKBĻUâTĻJ[TLBUâT OFCPKâUBTĻ3JFQBTĻOPWFDPĻVOĻTBEBMâT ĻQBUĻKB UâTĻOFNB[ĻWBJĻUJLQBUĻLâĻOFNB[ĻOBWĻMJFUPUBT 5PĻEBSCăCVĻJFUFLNùĻSJFQBTĻNBUFSJâMBĻTBCSVL tBOBĻ5BTĻBUUJFDBTĻV[ĻWJTâNĻSJFQâN ĻLBTĻUJFL OPHMBCâUBTĻWùMâLBJĻMJFUPtBOBJĻ%BxBTĻâSùKâT QB[ăNFT ĻLBTĻOPSâEBĻV[ĻSJFQBTĻOFEFSăHVNV ĻJS QMBJTBTĻVOĻLSâTBTĻ[VEVNT 3JFQBTĻâUSJĻCPKâKBTĻ1ùDĻEBxJFNĻHBEJFNĻUâT LĮÜTUĻDJFUâLBT ĻWJFOMBJLVTĻQBLâQFOJTLJĻQBTMJLUJ OPUJFTĻUPĻTBĸFSFTĻTQùKBJĻVOĻăQBtăCâNĻ5âEùĮ NBJOPUĻSJFQBT ĻDFOUJFUJFTĻJFHâEâUJFTĻJFTQùKBNJ KBVOBTĻ5BTĻKPĻăQBtJĻBUUJFDBTĻV[Ļ[JFNBTĻSJF QâNĻ1ùEùKJFĻÀFUSJĻDJQBSJĻTFDăCâĻOP[ăNùĻJ[HB UBWPtBOBTĻOFEùĮVĻVOĻHBEVĻfJTĻJSĻSJFQBT %05ĻNBSĸùKVNTĻ %FQBSUNFOUĻPGĻ5SBOTQPSUB UJPOĻĻ5SBOTQPSUBĻEFQBSUBNFOUT ĻLBTĻJSĻOPSâ EăUTĻBSĻÀFUSJFNĻDJQBSJFN ĻQJFNùSBN Ļ "UUùMâĻSFE[BNâĻSJFQBĻUJLBĻJ[HBUBWPUBĻ HBEBĻĻOFEùĮâ 8CUCTCUWP\KGOCUTKGRCU .BJOPUĻWBTBSBTĻVOĻ[JFNBTĻSJFQBT ĻUâTĻJS KâNBSĸù ĻMBJĻ[JOâUV ĻLVSâĻBVUPNPCJĮBĻQVTùĻUâT CJKBĻV[TUâEăUBT ĻQJFNùSBN Ļ-ĻLSFJTBKBJĻVOĻ. MBCBKBJĻQVTFJ 4KVGĮKWPTKGRCU 8KURęTĦIK 1BSFJ[TĻTQJFEJFOTĻSJFQâTĻSBEBĻWJFONùSăHâLV OPEJMVNV ĻTLBUăUĻMQQĻĻ#SBVLtBOBTĻTUJMT TQJFEJFOTĻSJFQâT ĻLMJNBUTĻVOĻDFĮBĻTUâWPLMJT OPTBLBĻUP ĻDJLĻâUSJĻSJFQBTĻOPWFDPĻVOĻOPEJMTU -BJĻOPWùSTUVĻQSPUFLUPSVĻE[JĮVNBĻBUtĸJSăCBTĻVO OPEJMVNBĻQB[ăNKVĻQBTUJQSJOâtBOPT ĻQSJFLtùKJF VOĻBJ[NVHVSùKJFĻSJUFĪJĻJSĻTBWTUBSQùKJĻKâNBJOB 1JFNùSPUTĻOPCSBVLVNTĻQJSNBKBJĻNBJĪBJĻJS BQNĻBQNùSBNĻĻLNĻVOĻQùDĻUBNĻJLĻQùD ĻĻLNĻJOUFSWâMJFNĻ7PMWPĻJFTBLBĻTB[JOâ UJFTĻBSĻ7PMWPĻQJMOWBSPUVĻTFSWJTV ĻKBĻOFFTBUĻQâS MJFDJOâUTĻQBSĻQSPUFLUPSBĻE[JĮVNVĻ+BĻSJFQâNĻJS QBNBOâNBTĻJFWùSPKBNBTĻOPEJMVNBĻBUtĸJSăCBT ĻNNĻQSPUFLUPSBĻE[JĮVNBĻBUtĸJSăCB ĻSJFQBT BSĻWJTNB[âLPĻOPEJMVNVĻWJFONùSĻKâQJFTUJQSJOB BVUPNPCJĮBĻBJ[NVHVSùĻ/FQJFUJFLBNVĻTUÜSFT WBEăCVĻQBSBTUJĻJSĻWJFOLâStâĻJ[MBCPUĻOFLâĻQâS NùSăHVĻTUÜSFTĻWBEăCV ĻVOĻUâĻJ[SBJTBĻBVUPNPCJĮB CSBVLtBOVĻV[ĻQSJFLtVĻQBĻUBJTOVĻMăOJKV ĻOFWJT BJ[NVHVSFTĻJ[TMăEùtBOVĻV[ĻWJFOVĻQVTJ ĻLBT J[SBJTBĻQJMOăHVĻBVUPNPCJĮBĻWBEâNăCBT [VEVNVĻ5âEùĮĻJSĻTWBSăHJ ĻMBJĻBJ[NVHVSùKJFĻSJUFĪJ OFLâEâĻHBEăKVNâĻOF[BVEùUVĻTBĸFSJ ĻQJSNTĻUâ OPUJFLĻBSĻQSJFLtùKJFNĻSJUFĪJFN 3JUFĪVTĻJSĻKâHMBCâĻHVĮVTĻWBJĻJFLâSUâĻTUâWPLMă OFWJTĻOPWJFUPUVTĻTUâWVT &KUMWCROCNGUWPTKVGĮWUMTĹXGU $4ÿ&+0ó,7/5 #PKâUBĻSJFQBĻWBSĻJ[SBJTăUĻBVUPNBtăOBTĻLPO USPMFTĻ[VEVNV 4KGRCUCTRTQVGMVQTCPQFKNWOC KPFKMCVQTKGO 7FSTJKBTĻ-PXĻSJUFĪBĻTLSÜWF 7FSTJKBTĻ)JHIĻSJUFĪBĻTLSÜWF G021829 0QFKNWOUWPCRMQRG 2TQVGMVQTWPQFKNWOCKPFKMCVQTK 1SPUFLUPSBĻOPEJMVNBĻJOEJLBUPSJĻJSĻtBVSBTĻCF[ QSPUFLUPSBĻMFOUFT ĻLBTĻTUJFQKBTĻQâSJĻQSPUFLUPSV QMBUVNBNĻ6[ĻSJFQBTĻTâONBMBTĻJSĻV[SBLTUT 69+Ļ 5SFBEĻ8FBSĻ*OEJDBUPS Ļ,BEĻSJFQBTĻQSP UFLUPSBĻE[JĮVNTĻJSĻ[FNĻ ĻNN ĻSJFQBTĻQSPUFL UPSBĻE[JĮVNTĻJSĻWJFOâĻBVHTUVNâĻBSĻSJFQBTĻOPEJ MVNBĻJOEJLBUPSJFNĻ1ùDĻJFTQùKBTĻBQNBJOJFU QSFUĻKBVOâNĻSJFQâNĻ"UDFSJFUJFT ĻLBĻSJFQâNĻBS TFLMJFNĻQSPUFLUPSJFNĻJSĻĮPUJĻWâKBĻTBĸFSFĻMJFUVT VOĻTOJFHBĻMBJLâ 3JUFĪBĻTLSÜWKVĻOPGJLTùtBOB 2KGXKNMÝCPCUITKG\GUOQOGPVU p VKRCTKVGĮCUMTĹXG VġTCWFCFKUMK Ļ /N p VKRCTKVGĮCUMTĹXG CNWOĦPKLCFKUMK Ļ/N p VKRCUMTĹXLWW\OCXC VġTCWFCCNWOĦ PKLCFKUMK ĻĻ/N *[NBOUPKJFUĻUJLBJĻUâEVTĻSJUFĪVĻEJTLVT ĻLVSVTĻJS QâSCBVEăKJTĻVOĻBQTUJQSJOâKJTĻ7PMWPĻVOĻLVSJĻJS 7PMWPĻPSJīJOâMJFĻQJFEFSVNJĻ1âSCBVEJFUĻHSJF[FT NPNFOUVĻBSĻV[HSJFxĪVĻBUTMùHV ĻLBTĻQBSâEB HSJF[FTĻNPNFOUV 4KVGĮKWPTKGRCU 8KURęTĦIK 4KVGĮCUMTĹXLWPQHKMUġÝCPC 3JUFĪVĻTLSÜWKVĻV[NBWBT ĻWBSĻJ[NBOUPUĻHBO BMVNăOJKB ĻHBOĻUùSBVEBĻEJTLVĻBQNBMùNĻ;FN CBHâxBTĻOPEBMăKVNBĻHSăEBTĻJSĻWJFUBĻSJUFĪV TLSÜWKVĻV[NBWâN <KGOCUTKGRCU 7PMWPĻJFTBLBĻOPUFJLUVĻJ[NùSVĻ[JFNBTĻSJFQBT 3JFQVĻJ[NùSJĻJSĻBULBSăHJĻOPĻE[JOùKBĻNPEFĮB #SBVDPUĻBSĻ[JFNBTĻSJFQâN ĻQBSFJ[âĻUJQBĻSJFQBT KâV[MJFLĻWJTJFNĻÀFUSJFNĻSJUFĪJFN 2+'<ÿ/' 7PMWPĻJFTBLBĻLPOTVMUùUJFTĻBSĻ7PMWPĻJ[QMBUă UâKVĻQBSĻWJTQJFNùSPUâLBKâNĻSJUFĪVĻBQMPDùN VOĻSJFQVĻUJQJFN 4CFäQVCUTKGRCU 3BExPUâTĻ[JFNBTĻSJFQBTĻJSĻV[NBOăHJĻKâJFCSBVD ĻLN ĻMBJĻSBE[FTĻQBSFJ[JĻJFHVMTUĻSJFQâ 5BTĻQJFtĸJSĻSJFQBJĻVOĻJUĻăQBtJĻSBE[ùNĻJMHâLV FLTQMVBUâDJKBTĻMBJLV 2+'<ÿ/' -JLVNJĻQBSĻSBExPUVĻSJFQVĻMJFUPtBOVĻEBxâEâT WBMTUăTĻBUtĸJSBT 2TQVGMVQTWF\KīWOU BUUJFDăCâĻV[ĻSJFQâNĻOFLâĻWBTBSBTĻBQTUâLĮJĻfă JFNFTMBĻEùĮĻ7PMWPĻOFJFTBLBĻCSBVLUĻBSĻ[JFNBT SJFQâN ĻLVSVĻQSPUFLUPSVĻE[JĮVNTĻJSĻNB[âLTĻQBS ÀFUSJFNĻNJMJNFUSJFN 5PKGICĨġäWK\OCPVQÝCPC 4OJFHBĻĸùEFTĻWBSĻJ[NBOUPUĻUJLBJĻV[ĻQSJFLtù KJFNĻSJUFĪJFNĻ UBTĻBUUJFDBTĻBSăĻV[ĻQJMOQJFE[JĪBT BVUPNBtăOâN "SĻTOJFHBĻĸùEùNĻOFLBEĻOFCSBVDJFUĻâUSâLĻQBS ĻLNIĻ*[WBJSJFUJFTĻOPĻCSBVLtBOBTĻQBĻLBJMV [FNJ ĻKPĻUBTĻWFJDJOBĻLâĻTOJFHBĻĸùxV ĻUâĻSJFQV OPEJMVNV 4KVGĮW FKUMW K\OġTK 3JUFĪJFNĻ EJTLJFN ĻJSĻJ[NùSVĻBQ[ăNùKVNJ ĻQJF NùSBN Ļ+YY %JTLBĻQMBUVNTĻDPMMâT + %JTLBĻV[NBMBTĻQSPGJMT 3JUFĪBĻEJTLBĻEJBNFUSTĻDPMMâT "UUâMVNTĻNNĻ BUUâMVNTĻOPĻSJUFĪB WJEVTĻMăE[ĻSJUFĪBĻTBTLBSFTĻWJSTNBJĻQSFU SVNCV $4ÿ&+0ó,7/5 *[NBOUPKJFUĻ7PMWPĻPSJīJOâMâTĻTOJFHBĻĸùEFT WBJĻMăE[WùSUăHBTĻĸùEFT ĻLBTĻQBSFE[ùUBTĻLPO LSùUBKBNĻBVUPNPCJĮBĻNPEFMJN ĻLâĻBSăĻSJFQV VOĻBQMPÀVĻJ[NùSJFNĻfBVCVĻHBEăKVNâ 7PMWPĻJFTBLBĻLPOTVMUùUJFTĻBSĻBVUPSJ[ùUB 7PMWPĻTFSWJTBĻEBSCJOJFLJFNĻ/FQBSFJ[JĻJ[Wù MùUBTĻTOJFHBĻĸùEFTĻWBSĻSBEăUĻOPQJFUOVT BVUPNBtăOBTĻCPKâKVNVTĻVOĻJ[SBJTăUĻOFHBEă KVNV 6GJPKUMKGRCTCOGVTK "VUPNPCJMJNĻJSĻWJTBĻUSBOTQPSUMăE[FLĮBĻBQTUJQSJ OâKVNTĻ5BTĻOP[ăNù ĻLBĻJSĻBQTUJQSJOâUBT OPUFJLUBTĻSJUFĪVĻVOĻSJFQVĻLPNCJOâDJKBTĻ*OGPS $FĮBĻBQTUâLĮJĻBSĻMFEV ĻtĸăEPOJĻVOĻ[FNVĻUFNQF SBUÜSVĻJ[WJS[BĻJFWùSPKBNJĻBVHTUâLBTĻQSBTăCBT NâDJKVĻQBSĻBUĮBVUBKâNĻLPNCJOâDJKâN ĻTLBUăU MQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4KGRCUK\OġTK *[NùSJĻOPSâEăUJĻV[ĻWJTVĻBVUPNBtăOVĻSJFQâN "Q[ăNùKVNTĻQJFNùSTĻ3Ļ8 3JFQBTĻQMBUVNTĻ NN 3JFQBTĻtĸùSTHSJF[VNBĻTJFOJĪBTĻBVH TUVNBĻVOĻQMBUVNBĻBUUJFDăCBĻ 3 3BEJâMâTĻLâSUBT 3JUFĪBĻEJTLBĻEJBNFUSTĻDPMMâTĻ 4KVGĮKWPTKGRCU 8KURęTĦIK .BLTJNâMâTĻBUĮBVUâTĻSJFQVĻTMPE[FT LPEJ ĻSJFQVĻTMPE[FTĻJOEFLTTĻ -* 8 .BLTJNâMâĻQJFĮBVKBNâĻâUSVNB JOEFLTT ĻâUSVNBĻJOEFLTTĻ 44 Ļ fBKâ HBEăKVNâĻĻLNI 5NQF\GUKPFGMUU ,BUSBJĻSJFQBJĻJSĻOPUFJLUBĻTMPE[FTĻOFtBOBTĻKBVEB KFCĻTMPE[FTĻJOEFLTTĻ -* Ļ"VUPNPCJĮBĻNBTB OPTBLBĻSJFQVĻTMPE[FTĻJOEFLTVĻ.JOJNâMBJT BUĮBVUBJTĻJOEFLTTĻJSĻOPSâEăUTĻUâMâLĻUBCVMâ ĻTLB UăUĻMQQĻ óVTWOCITWRCU ,BUSBĻSJFQBĻWBSĻJ[UVSùUĻCSBVLtBOVĻBSĻOPUFJLUV NBLTJNâMPĻâUSVNV ĻâUSVNBĻJOEFLTTĻ âUSVNB TJNCPMTĻ44 3JFQVĻâUSVNBĻJOEFLTBNĻKâBUCJMTUĻWJTNB[ĻBVUP NPCJĮBĻNBLTJNâMBKBNĻâUSVNBNĻ.JOJNâMBJT BUĮBVUBJTĻâUSVNBĻJOEFLTTĻJSĻOPSâEăUTĻUBCVMâ TLBUăUĻMQQĻ 7JFOăHBJTĻtPĻOPTBDăKVNVĻJ[ĪùNVNTĻJSĻ[JFNBT SJFQBTĻ HBOĻBSĻNFUâMBĻLOJFEùN ĻHBOĻCF[ĻUâN LBNĻWBSĻJ[NBOUPUĻ[FNâLVĻâUSVNBĻJOEFLTVĻ+B JSĻJ[WùMùUBTĻtâEBTĻSJFQBT ĻUBEĻBSĻBVUPNPCJMJ OFESăLTUĻCSBVLUĻâUSâL ĻLâĻOPSâEăUTĻSJFQBT âUSVNBĻJOEFLTBĻBQ[ăNùKVNPTĻ QJFNùSBN ĻBSĻ2 LMBTFTĻSJFQâNĻOFESăLTUĻCSBVLUĻâUSâLĻQBS LNI 5P ĻDJLĻâUSJĻESăLTUĻCSBVLUĻBSĻBVUPNBtăOV OPTBLBĻTBUJLTNFTĻOPUFJLVNJ ĻOFWJTĻSJFQV âUSVNBĻHSVQB 2+'<ÿ/' .BLTJNâMBJTĻBUĮBVUBJTĻâUSVNTĻJSĻOPSâEăUT UBCVMâ 2 ĻLNIĻ MJFUPĻUJLBJĻV[Ļ[JFNBTĻSJFQâN 5 ĻLNI ) ĻLNI 7 ĻLNI 8 ĻLNI : ĻLNI $4ÿ&+0ó,7/5 "VUPNPCJMJNĻKâQJFTUJQSJOBĻSJFQBTĻBSĻUâEV QBtVĻWBJĻBVHTUâLVĻTMPE[FTĻJOEFLTVĻ -* ĻVO âUSVNBĻJOEFLTVĻ 44 ĻLâĻOPSâEăUTĻ-JFUPKPU SJFQVĻBSĻQâSâLĻ[FNVĻTMPE[FTĻWBJĻâUSVNB JOEFLTV ĻUâĻWBSĻQâSLBSTU 4KVGĮKWPTKGRCU 4KVGĮWOCKĮC 4G\GTXGUTKVGPKU 3F[FSWFTĻSJUFOJTĻ QBHBJEV ĻJSĻQBSFE[ùUTĻUJLBJ ăTMBJDăHBJĻMJFUPtBOBJĻVOĻKâOPNBJOBĻQSFUĻQBSBTUV SJUFOJ ĻDJLĻWJFOĻESă[ĻJFTQùKBNTĻ"VUPNBtăOBT EBSCăCVĻJFUFLNùĻSF[FSWFTĻSJUFĪBĻJ[NBOUPtBOB 3F[FSWFTĻSJUFOJTĻJSĻNB[âLTĻQBSĻQBSBTUPĻSJUFOJ 5BTĻJFUFLNùĻBVUPNPCJĮBĻLMăSFOTVĻ&TJFUĻQJFTBS E[ăHT ĻCSBVDPUĻHBSĻBVHTUâNĻBQNBMùN ĻVO OFNB[HâKJFUĻBVUPNPCJMJĻBVUPNâUJTLBKâĻBVUP NB[HâUBWâĻ+BĻSF[FSWFTĻSJUFOJTĻJSĻV[TUâEăUTĻV[ QSJFLtùKâTĻBTT ĻWJFOMBJLVTĻOFWBSĻMJFUPUĻTOJFHB ĸùEFTĻ"VUPNPCJĮJFNĻBSĻÀFUSVĻSJUFĪVĻQJFE[JĪV WBSĻBUWJFOPUĻBJ[NVHVSùKâTĻBTTĻQJFE[JĪV 3F[FSWFTĻSJUFOJĻOFESăLTUĻSFNPOUùUĻ1BSFJ[BJT TQJFEJFOTĻSF[FSWFTĻSJUFĪBĻSJFQâĻJSĻOPSâEăUT SJFQVĻTQJFEJFOVĻUBCVMâ ĻTLBUăUĻMQQĻ 58#4ÿ)+ /FLâEâĻHBEăKVNâĻOFCSBVDJFUĻâUSâLĻQBS ĻLNI ĻKBĻBVUPNBtăOBJĻJSĻV[TUâEăUT SF[FSWFTĻSJUFOJT p "SĻBVUPNBtăOVĻOFLâEâĻHBEăKVNâ OFESăLTUĻCSBVLU ĻKBĻJSĻV[TUâEăUJĻWBJSâL QBSĻWJFOVĻQBHBJEVĻSF[FSWFTĻSJUFOJ 4BUWFSJFUĻSF[FSWFTĻSJUFĪBĻWJTUâMâLPĻHBMVĻVO QBDFMJFUĻ7JFHMJĻQBCăEJFUĻSF[FSWFTĻSJUFOJĻV[ QSJFLtVĻVOĻJ[DFMJFUĻUPĻOPĻCBHâxBTĻOPEBMă KVNB *[ĪFNJFUĻOPĻQVUVĻCMPLBĻV[HSJFxĪVĻBUTMùHV EPNLSBUVĻVOĻWJMLtBOBTĻDJMQV 2+'<ÿ/' 4G\GTXGUTKVGĮCK\ĮGOÝCPC 3F[FSWFTĻSJUFOJT ĻEPNLSBUT ĻVOĻV[HSJFxĪV BUTMùHB ĻBUSPEBTĻCBHâxBTĻOPEBMăKVNâĻ[FNĻHSă EBT -BJĻWBSùUVĻQJFLĮÜUĻWJMLtBOBTĻDJMQBJ ĻKâJ[DFĮ EPNLSBUT &QOMTCVU 1BDFMJFUĻCBHâxBTĻOPEBMăKVNBĻHSăEBTĻBJ[ NVHVSùKPĻNBMVĻ NPEFĮJFNĻBSĻTBWJFOPUP CBHâxBTĻOPEBMăKVNBĻHSăEVĻTBUWFSJFUĻCBHâ xBTĻOPEBMăKVNBĻSPLUVSJ ĻQBDFMJFUĻVOĻQBWFM DJFUĻHSăEBTĻBJ[NVHVSùKPĻEBĮVĻV[ĻQSJFLtV 0SJīJOâMPĻEPNLSBUVĻESăLTUĻJ[NBOUPUĻUJLBJĻSF[FS WFTĻSJUFĪBĻNBJĪBJĻ%PNLSBUBĻWăUOFĻKâJ[NBOUP UJLBJĻMBCJĻJFFĮĮPUB *[ĪFNJFUĻMBVLâĻHMBCâtBOBTĻOPEBMăKVNV QBQJMEBQSăLPKVNT ĻĻUJLBJĻNPEFĮJFNĻBS TBWJFOPUPĻCBHâxBTĻOPEBMăKVNBĻHSăEV 6[TUâEJFUĻBWâSJKBTĻUSăTTUÜSJ ĻTLBUăUĻMQQĻĻKB SJUFOJTĻKâOPNBJOBĻWJFUâ ĻLVSĻJSĻJOUFOTăWB TBUJLTNFĻ"VUPNPCJMJNĻVOĻEPNLSBUBN ĻJSĻKâBU SPEBTĻV[ĻTUJOHSBTĻIPSJ[POUâMBTĻWJSTNBT *[ĪFNJFUĻMBVLâĻBQBLtùKPĻHSăEVĻ UJLBJ NPEFĮJFNĻBSĻTBWJFOPUPĻCBHâxBTĻOPEBMă KVNBĻHSăEV p "UTLSÜWùKJFUĻTUJQSJOâKVNBĻTLSÜWJĻVOĻJ[ĪF NJFUĻMBVLâĻQVUVĻCMPLV ĻLVSâĻBUSPEBTĻEPN LSBUTĻVOĻJOTUSVNFOUJ +BĻBVUPNPCJMJTĻJSĻBQSăLPUTĻBSĻSF[FSWFTĻSJUFĪBĻSFNPOUBĻLPNQMFLUV ĻTLBUJFUĻJOGPSNâDJKVĻĻMQQ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 0QĮGOÝCPC 4KVGĮKWPTKGRCU 4KVGĮWOCKĮC *FEBSCJOJFUĻTUâWCSFN[JĻVOĻJFTMùE[JFUĻBUQB LBĮHBJUVĻWBJĻ2ĻQP[ăDJKV ĻKBĻBVUPNPCJMJNĻJS BVUPNâUJTLâĻQâSOFTVNLâSCB VOĻJ[WFMDJFUĻâSâĻ3JUFĪVĻV[MJLBTĻWBSĻJ[WJMLU BSăĻBSĻSPLV $4ÿ&+0ó,7/5 1âSMJFDJOJFUJFT ĻLBĻEPNLSBUTĻOBWĻCPKâUTĻVO LBĻWăUOFTĻJSĻSÜQăHJĻJFFĮĮPUBTĻVOĻUăSBT 2+'<ÿ/' 7PMWPĻJFTBLBĻMJFUPUĻUJLBJĻLPOLSùUBKBNĻBVUP NPCJĮBĻNPEFMJNĻQBSFE[ùUPĻEPNLSBUV Ļ6[ EPNLSBUBĻV[MăNFTĻJSĻOPSâEăUTĻNPEFMJT ĻLBN UBTĻJSĻQBSFE[ùUT 6[ĻV[MăNFTĻJSĻOPSâEăUBĻBSăĻEPNLSBUBĻNBLTJ NâMâĻDFMUTQùKB ĻĪFNPUĻWùSâĻOPSâEăUPĻNJOJ NâMPĻDFMtBOBTĻBVHTUVNV *[ĪFNJFUĻSF[FSWFTĻSJUFOJĻVOĻJOTUSVNFOUVT TLBUJFUĻBQSBLTUVĻĻMQQ Ļ5VSĻBUSPEBT BSăĻJFQBLPKVNTĻBSĻDJNEJFNĻVOĻTPNVĻQâS EVSUBKBNĻSJUFOJN /PWJFUPKJFUĻCSFN[FTĻLMVÀVTĻUPĻSJUFĪV QSJFLtâĻVOĻBJ[NVHVSù ĻLVSJĻQBMJLTĻV[ [FNFTĻ*[NBOUPKJFU ĻQJFNùSBN ĻTNBHVT LPLBĻLMVÀVTĻWBJĻMJFMVTĻBLNFĪVT "VUPNPCJĮJFNĻBSĻUùSBVEBĻEJTLJFNĻJSĻOPĪF NBNBTĻEFLPSBUăWâTĻV[MJLBTĻ"J[âĸùKJFU WJTVTĻQJMOJ[NùSBĻSJUFĪVĻV[MJLBTĻBSĻJ[WJMDùKV 7\ITKGåĺWCVUNĘICWPXKNMÞCPCUEKNRC 1JFTLSÜWùKJFUĻWJMLtBOBTĻDJMQVĻQJFĻV[HSJFxĪV BUTMùHBT ĻMăE[ĻGJLTùtBOBTĻQP[ăDJKBJ ĻLâ QBSâEăUTĻBUUùMâĻUVSQNâL 58#4ÿ)+ 7JMLtBOBTĻDJMQBĻKâJFTLSÜWùĻWJTâTĻSJUFĪB V[HSJFxĪVĻBUTMùHBTĻWăUOùT "UCSăWPKJFUĻSJUFĪBĻV[HSJFxĪVT ĻBSĻV[HSJFxĪV BUTMùHVĻQBHSJFxPUĻUPTĻQBSĻØĻQBHSJF[JFOV QSFUùKJĻQVMLTUFĪSâEăUâKVĻLVTUăCBTĻWJS[JF OBN $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFOPWJFUPKJFUĻOFLPĻTUBSQ [FNJĻVOĻEPNLSBUVĻWBJĻTUBSQĻEPNLSBUVĻVO BVUPNPCJĮBĻQBDFMtBOBTĻQVOLUV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4KVGĮKWPTKGRCU 4KVGĮWOCKĮC ,BUSâĻBVUPNBtăOBTĻQVTùĻBUSPEBTĻEJWBT EPNLSBUBĻQJFMJLtBOBTĻWJFUBT $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFMJFOJFUĻ[FNĻBVUPNBtă OBT ĻLBEĻUâĻJSĻQBDFMUBĻBSĻEPNLSBUV /PMBJEJFUĻBVUPNBtăOVĻMFKâĻUâ ĻMBJĻSJUFĪJ OFWBSùUVĻCSăWJĻHSJF[UJFT 1JSNTĻQBDFMUĻBVUPNBtăOVĻBSĻEPNLSBUV ĻOP UâTĻKâJ[LâQKĻQBTBxJFSJFN /PWJFUPKJFUĻBVUPNBtăOVĻUâ ĻMBJĻTUBSQĻQBTB xJFSJFNĻVOĻDFĮVĻBUSBTUPTĻBVUPNBtăOBĻWBJ JEFâMâĻHBEăKVNâĻBWâSJKBTĻOPSPCFxPKVNT 2+'<ÿ/' 58#4ÿ)+ 7JSTNBJĻ[FNĻEPNLSBUBĻKâCÜUĻDJFUBJ ĻHMVEBJ VOĻMăE[FOBJ 4BMJFDJFUĻEPNLSBUVĻUâ ĻMBJĻLPSQVTBĻBUMPLT BUSBTUPTĻEPNLSBUBĻHBMWBTĻHSPQù 1BDFMJFUĻBVUPNBtăOVĻUâ ĻMBJĻSJUFOJTĻUJLUV BUCSăWPUTĻ*[ĪFNJFUĻSJUFĪBĻTLSÜWFTĻVO OPDFMJFUĻSJUFOJ 1BSBTUBJTĻBVUPNBtăOBTĻEPNLSBUTĻJSĻQBSF E[ùUTĻUJLBJĻOFSFHVMâSBJĻVOĻăTMBJDăHBJĻMJFUPtB OBJ ĻQJFNùSBN ĻNBJOPUĻSJUFOJĻBSĻDBVSEVSUV SJFQV ĻOPNBJOPUĻWBTBSBTĻSJFQBTĻQSFUĻ[JFNBT SJFQâNĻVDĻ"VUPNBtăOVĻESăLTUĻQBDFMUĻUJLBJ BSĻLPOLSùUBKBNĻNPEFMJNĻQBSFE[ùUPĻEPN LSBUVĻ+BĻHBUBWPKBUJFTĻBVUPNBtăOVĻQBDFMUĻBS EPNLSBUVĻCJFxâLĻWBJĻJMHâLVĻMBJLV ĻOFLâ OFQJFDJFtBNTĻSJUFĪBĻOPNBJĪBJ ĻJFUFJDBNT J[NBOUPUĻBVUPTFSWJTBĻEPNLSBUVĻ5âEâĻHBEă KVNâĻJFWùSPKJFUĻLPOLSùUâĻBQSăLPKVNBĻLPN QMFLUâĻJFLĮBVUâTĻMJFUPtBOBTĻJOTUSVLDJKBT 7\UVęFĦÝCPC /PUăSJFUĻSJUFĪBĻVOĻSVNCBTĻTBTLBSFTĻWJS TNBT 6[MJFDJFUĻSJUFOJĻ3ÜQăHJĻQJFWFMDJFUĻSJUFĪB TLSÜWFT 1JFWFMDJFUĻSJUFĪBĻTLSÜWFTĻLSVTUWFJEăHJĻ*S TWBSăHJ ĻMBJĻSJUFĪBĻTLSÜWFTĻUJLUVĻQJFWJMLUBT QBSFJ[JĻ TLBUăUĻMQQĻQBSĻQJFWJMLtBOBT HSJF[FTĻNPNFOUJFN Ļ1âSCBVEJFUĻHSJF[FT NPNFOUVĻBSĻV[HSJFxĪVĻBUTMùHV ĻLBT QBSâEBĻHSJF[FTĻNPNFOUV 4KVGĮKWPTKGRCU 4KVGĮWOCKĮC 4G\GTXGUTKVGĮC WPFQOMTCVC KGXKGVQÝCPCCVRCMCīDCIęäCUPQFCNĦLWOę p ,POUBLUMJH[EBTĻV[HSJFxĪVĻBUTMùHBĻ WJST EPNLSBUB +BĻFTBUĻJ[NBOUPKJTĻSF[FSWFTĻSJUFOJ ĻQâS EVSUPĻSJUFOJĻWBSĻJFWJFUPUĻQMBTUNBTBTĻTPNâ LBTĻBUSPEBTĻJFQBLPKVNâĻLPQâĻBSĻDJNEJFN *FWJFUPKJFUĻQVUVĻCMPLVĻBUQBLBĮĻCBHâxBT OPEBMăKVNâĻVOĻQJFWFMDJFUĻNPOUâxBTĻTLSÜWJ MăE[ĻCBHâxBTĻOPEBMăKVNBĻHSăEBJ +BĻSF[FSWFTĻSJUFOJTĻPCXĻJ[NBOUPUT ĻJFWJFUP KJFUĻQVUVĻCMPLVĻSF[FSWFTĻSJUFOă ĻOPWJFUPKJFU SF[FSWFTĻSJUFOJĻBUQBLBĮĻCBHâxBTĻOPEBMă KVNâĻVOĻQJFWFMDJFUĻNPOUâxBTĻTLSÜWJĻMăE[ CBHâxBTĻOPEBMăKVNBĻHSăEBJ 6[MJFDJFUĻBUQBLBĮĻQJMOâTĻSJUFĪVĻV[MJLBT 2+'<ÿ/' 3JUFĪBĻEFLPSBUăWâĻQâSTFHBĻWFOUJĮBĻJ[WBET V[TUâEătBOBTĻMBJLâĻKâOPWJFUPĻWJSTĻSJUFĪBĻTUă QBTĻWFOUJĮB *OTUSVNFOUJĻVOĻEPNLSBUT ĻQùDĻMJFUPtBOBTĻJS KâOPMJFLĻBUQBLBĮĻWJFUâĻQVUVĻCMPLâ "UTLSÜWùKJFUĻWJMLtBOBTĻDJMQVĻOPĻSJUFĪB TLSÜWKVĻV[HSJFxĪVĻBUTMùHBT /PWJFUPKJFUĻWJTVTĻJ[NBOUPUPTĻJOTUSVNFOUVT BUQBLBĮĻUJFNĻQBSFE[ùUBKPTĻQVUVĻCMPLB OPEBMăKVNPTĻtâEâĻTFDăCâ /PWJFUPKJFUĻBUQBLBĮĻOPĪFNBNPĻWJMLtBOBT JFLâSUV 58#4ÿ)+ ,BEĻJOTUSVNFOUJĻVOĻEPNLSBUT ĻOFUJFLĻMJFUPUJ UJFĻKâOPWJFUPĻUJFNĻQBSFE[ùUBKâĻWJFUâĻBVUP NPCJĮBĻCBHâxBTĻOPEBMăKVNâ p WJMLtBOBTĻDJMQBQJMUVWFTFtTUÜSBĻV[HSJF xĪVĻBUTMùHBSJUFĪVĻTLSÜWKVĻGJLTùtBOBT LPOUBLUMJH[EBSJUFĪVĻEJTLVĻJOTUSVNFOUT p %PNLSBUTĻ KâQBDFĮĻQBSFJ[âĻBVHTUVNâ MBJĻUBTĻJFHVMUVĻQVUVĻCMPLBĻOPEBMăKVNâ SPLUVSJNĻKâBUSPEBTĻWJSTĻQùEBTĻVOĻJFWJF UPUBNĻQVUVĻCMPLBĻQBE[JĮJOâKVNâ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4KVGĮKWPTKGRCU 4KGRWURKGFKGPU 5RKGFKGPUTKGRęU &GIXKGNCUGMQPQOKLC'%1URKGFKGPU #SBVDPUĻBSĻâUSVNVĻ[FNĻĻLNI ĻMBJĻQBOâLUV PQUJNâMVĻEFHWJFMBTĻFLPOPNJKV ĻSJFQâTĻJFUFJ DBNTĻOPESPtJOâUĻ&$0ĻTQJFEJFOVĻ LBTĻQBSF E[ùUTĻHBOĻQJMOBJ ĻHBOĻWJFHMBJĻTMPE[FJĻĻTLBUăU MQQĻ 4KGRWURKGFKGPCRęTDCWFG G021830 4QJFEJFOTĻSJFQâTĻKâQâSCBVEBĻLBUSVĻNùOFTJ 3JFQVĻTQJFEJFOVĻV[MăNFĻV[ĻWBEăUâKBĻQVTFT EVSWKVĻTUBUĪBĻ TUBSQĻSâNJĻVOĻBJ[NVHVSùKâN EVSWăN ĻOPSâEB ĻLâEBNĻKâCÜUĻSJFQVĻTQJFEJF OBNĻQJFĻEBxâEJFNĻOPTMPHPKVNBĻVOĻâUSVNB OPTBDăKVNJFNĻ5BTĻJSĻOPSâEăUTĻBSăĻSJFQVĻTQJF EJFOBĻUBCVMâ ĻTLBUăUĻMQQĻ p 4QJFEJFOTĻSJFQâTĻBVUPNPCJMJNĻJFUFJLUBKJFN SJFQVĻJ[NùSJFN p &$0ĻTQJFEJFOT 2+'<ÿ/' 5FNQFSBUÜSBTĻJ[NBJĪBTĻNBJOB HBJTBĻTQJFEJFOVĻSJFQâT &$0ĻTQJFEJFOBĻSF[VMUâUâĻTBNB[JOâTĻEFHWJFMBTĻQBUùSJĪt 1âSCBVEJFUĻTQJFEJFOVĻSJFQâT ĻQâSCBVEPU BVLTUBTĻSJFQBTĻ"VLTUBTĻSJFQBTĻOP[ăNùĻSJF QBT ĻLVSâNĻJSĻUâEBĻQBUĻUFNQFSBUÜSB ĻLâEBĻJS BQLâSUùKâĻWJEùĻ1ùDĻEBxVĻLJMPNFUSVĻOPCSBVL tBOBTĻSJFQBTĻTBTJMTU ĻVOĻTQJFEJFOTĻQBMJFMJOâT /FQBSFJ[TĻTQJFEJFOTĻSJFQâTĻQBMJFMJOBĻEFHWJFMBT QBUùSJĪV ĻTBNB[JOBĻSJFQVĻLBMQPtBOBTĻMBJLVĻVO QBTMJLUJOBĻBVUPNPCJĮBĻWBEâNăCVĻ#SBVDPUĻBS SJFQâN ĻLVSâTĻTQJFEJFOTĻJSĻQâSâLĻ[FNT ĻSJFQBT WBSĻQâSLBSTUĻVOĻUJLUĻCPKâUBTĻ4QJFEJFOTĻSJFQâT JFUFLNùĻCSBVLtBOBTĻLPNGPSUV ĻCSBVLtBOBT USPLTOJĻVOĻWBEâNăCBTĻSâEăUâKVT 2+'<ÿ/' "SĻMBJLVĻHBJTBĻTQJFEJFOTĻSJFQâTĻTBNB[JOâTĻ UBTĻJSĻOPSNâMJĻ(BJTBĻTQJFEJFOTĻSJFQâTĻNBJ OâTĻBSăĻBULBSăCâĻOPĻBQLâSUùKâTĻUFNQFSBUÜ SBT 4KVGĮKWPTKGRCU $TĦFKPęLWOCVTĦUUVĹTKUWPRKTOęURCNĦF\ĦDCUCRVKGEKĮC $TĦFKPęLWOCVTKLUVĹTKU 1BDFMJFUĻHSăEBTĻMÜLVĻ NPEFĮJFNĻBSĻTBWJF OPUPĻHSăEVĻQBCăEJFUĻCBHâxBTĻOPEBMăKVNB HSăEBTĻBJ[NVHVSùKPĻEBĮVĻV[ĻQSJFLtVĻVO QùDĻUBNĻQBDFMJFUĻBQBLtùKPĻHSăEV ĻVOĻJ[ĪF NJFUĻCSăEJOâKVNBĻUSJKTUÜSJ 1BĪFNJFUĻBWâSJKBTĻUSăTTUÜSJĻOPĻLPSQVTB TBMPLJFUĻVOĻTBNPOUùKJFUĻEJWBTĻCSăWâT NBMBT 4BMPLJFUĻBWâSJKBTĻUSăTTUÜSBĻBUCBMTUBĻLâKBT *FWùSPKJFUĻBWâSJKBTĻUSăTTUÜSBĻMJFUPtBOBTĻOPUFJLV NVTĻ/PWJFUPKJFUĻBWâSJKBTĻUSăTTUÜSJ ĻJFWùSPKPU TBUJLTNFTĻOPUFJLVNVĻQSBTăCBT 1âSMJFDJOJFUJFT ĻWBJĻBWâSJKBTĻUSJKTUÜSJTĻVOĻUâ TPNBĻQùDĻMJFUPtBOBTĻJSĻLâSUăHJĻOPTUJQSJOâUJ SF[FSWFTĻSJUFĪBĻQBE[JĮJOâKVNâ 2KTOęURCNĦF\ĦDCUCRVKGEKĮC #BHâxBTĻOPEBMăKVNBĻLSFJTBKâĻQVTùĻBUSPEBT LBTUF ĻLVSâĻJSĻBQSăLPKVNTĻQJSNâTĻQBMăE[ăCBT TOJFHtBOBJ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4KVGĮKWPTKGRCU 2ęTFWTVCUTKGRCUCXęTKLCUTGOQPVU 6/- 8KURęTĦIK BSăĻQâSCBVEăUVĻTQJFEJFOVĻSJFQâTĻVOĻUPĻOPSFHV MùUVĻ5BTĻTBTUâWĻOPĻLPNQSFTPSBĻVOĻQVEFMFTĻBS CMăWùKPtVĻtĸJESVNVĻ,PNQMFLUTĻEBSCPKBTĻLâ QBHBJEVĻSFNPOUBĻMăE[FLMJTĻ#MăWùKPtâĻtĸJESVNB QVEFMFĻKâOPNBJOBĻQJSNTĻEFSăHVNBĻUFSNJĪB CFJHâNĻVOĻQùDĻMJFUPtBOBT #MăWùKPtBJTĻtĸJESVNTĻFGFLUăWJĻIFSNFUJ[ùĻSJFQBT LVSBTĻQâSEVSUBTĻQSPUFLUPSâ 2+'<ÿ/' XGTUKLC "WâSJKBTĻDBVSEÜSVNVĻSFNPOUBĻLPNQMFLUTĻJS QBSFE[ùUTĻUJLBJĻSJFQBTĻQSPUFLUPSBĻDBVSEÜ SVNBĻTBMBCPtBOBJ 3JFQVĻSFNPOUBĻLPNQMFLUBNĻJSĻJFSPCFxPUBT JFTQùKBTĻTBMâQăUĻSJFQBT ĻKBĻQMăTVNTĻBUSPEBTĻSJF QBTĻTJFOJĪâĻ/FSFNPOUùKJFUĻSJFQBTĻBSĻBWâSJKBT DBVSEÜSVNVĻSFNPOUBĻLPNQMFLUV ĻKBĻSJFQâNĻJS MJFMâLJĻtĸùMVNJ ĻQMăTVNJĻWBJĻUBNMăE[ăHJĻCPKâKVNJ 1JFWJFOPKJFUĻLPNQSFTPSVĻWJFOBJĻOPĻBVUPNPCJĮB Ļ7ĻLPOUBLUMJH[EâNĻTLBUJFUĻĻVOĻĻMQQ *[WùMJFUJFTĻLPOUBLUMJH[EV ĻLBTĻJSĻWJTUVWâLâĻQâS EVSUBKBJĻSJFQBJ 2+'<ÿ/' XGTUKLC 1âSEVSUBTĻSJFQBTĻBWâSJKBTĻSFNPOUVĻ 5., 5FNQPSBSZĻ.PCJMJUZĻ,JUĻĻ1BHBJEVĻCSBVLtBOBT LPNQMFLUT ĻWFJD ĻMBJĻTBMBCPUVĻDBVSPĻWJFUV ĻLâ 7PMWPĻJSĻQâSCBVEăKJTĻVOĻBQTUJQSJOâKJT QBHBJEVĻBWâSJKBTĻDBVSEÜSVNVĻSFNPOUB LPNQMFLUBĻLPNQSFTPSV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET #XęTKLCUECWTFĹTWOWTGOQPVC MQORNGMVCWPDTĦFKPęLWOCVTKLUVĹTC CVTCÝCPęUXKGVC +BĻSJFQBĻUJFLĻSFNPOUùUBĻWJFUâ ĻLVSĻOPUJFL TBUJLTNF ĻV[TUâEJFUĻBWâSJKBTĻUSăTTUÜSJĻ#SăEJOâ KVNBĻUSJKTUÜSJTĻVOĻBWâSJKBTĻDBVSEÜSVNV SFNPOUBĻLPNQMFLUTĻBUSPEBTĻ[FNĻHSăEBTĻCBHâ xBTĻOPEBMăKVNâ 1BDFMJFUĻCBHâxBTĻOPEBMăKVNBĻHSăEBTĻBJ[ NVHVSùKPĻNBMVĻ NPEFĮJFNĻBSĻTBWJFOPUP CBHâxBTĻOPEBMăKVNBĻHSăEVĻTBUWFSJFUĻCBHâ xBTĻOPEBMăKVNBĻSPLUVSJ ĻQBDFMJFUĻVOĻQBWFM DJFUĻHSăEBTĻBJ[NVHVSùKPĻEBĮVĻV[ĻQSJFLtV *[ĪFNJFUĻMBVLâĻHMBCâtBOBTĻOPEBMăKVNV QBQJMEBQSăLPKVNT ĻĻUJLBJĻNPEFĮJFNĻBS TBWJFOPUPĻCBHâxBTĻOPEBMăKVNBĻHSăEV *[ĪFNJFUĻMBVLâĻBQBLtùKPĻHSăEVĻ UJLBJ NPEFĮJFNĻBSĻTBWJFOPUPĻCBHâxBTĻOPEBMă KVNBĻHSăEV "UâĸùKJFUĻLSFJTBKâĻQVTùĻWJSTĻ5.,ĻLPNQSF TPSBĻNF[HMBĻFTPtâTĻTJLTOBTĻFMBTUăHPĻEBĮV 1BDFMJFUĻ5.1ĻLPNQSFTPSBĻNF[HMVĻUBJTOJ V[ĻBVHtV -BJĻQJFLĮÜUVĻIFSNFUJ[ùKPtâĻMăE[FLĮBĻQVEF MFJ ĻUâĻKâQBTUVNKĻQBĻLSFJTJ ĻMăE[ĻUPĻWBS J[ĪFNUĻOPĻQVUVĻCMPLB 4KVGĮKWPTKGRCU 2ęTFWTVCUTKGRCUCXęTKLCUTGOQPVU 6/2+'<ÿ/' 2ęTUMCVU 5CFWTVWTKGRWNęRĦÝCPC -BJĻQJFLĮÜUVĻWJMLtBOBTĻDJMQBJSJUFĪBUTMùHBJ LBTĻBUSPEBTĻQVUVĻCMPLâ XGTUKLCĻQBDFMJFUĻBWâSJKBTĻDBVSEÜ SVNBĻMBCPtBOBTĻLPNQMFLUBĻLPNQSF TPSVĻ ĻQVOLUT ĻMBJĻQJFLĮÜUVĻSJUFĪBUTMù HBJĻ*[ĪFNJFUĻMBVLâĻIFSNFUJ[ùKPtâĻMăE[ FLĮBĻQVEFMJĻ ĻQVOLUT ĻMBJĻQJFLĮÜUVĻWJML tBOBTĻDJMQBJ p XGTUKLCĻQBDFMJFUĻBWâSJKBTĻDBVSEÜ SVNBĻMBCPtBOBTĻLPNQMFLUBĻLPNQSF TPSVĻ ĻQVOLUT ĻMBJĻQJFLĮÜUVĻWJMLtBOBT DJMQBJĻ3JUFĪBUTMùHBĻBUSPEBTĻ[FNĻEPN LSBUB 1ùDĻMJFUPtBOBTĻBJ[âĸùKJFUĻTJLTOVĻBUQBLBĮĻBJ[ LSFJTâTĻQVTFT XGTUKLCĻTJLTOBĻKâQBWFMLĻBJ[ĻQVUVĻCMPLB OFWJTĻWJSTQVTù XGTUKLCĻTJLTOBJĻKâBUSPEBTĻBU[BSPKVNâĻQVUV CMPLBĻBJ[NVHVSù $4ÿ&+0ó,7/5 1ùDĻBWâSJKBTĻDBVSEÜSVNVĻSFNPOUBĻLPN QMFLUBĻMJFUPtBOBTĻOFESăLTUĻCSBVLUĻâUSâLĻQBS ĻLNIĻ7PMWPĻJFTBLBĻQâSCBVEăUĻTBMBCPUP SJFQVĻBVUPSJ[ùUâĻ7PMWPĻTFSWJTâĻ NBLTJNâMBJT CSBVLtBOBTĻBUUâMVNTĻJSĻĻLNI Ļ4FSWJTB QFSTPOâMTĻWBSĻOPUFJLU ĻWBJĻSJFQVĻWBSĻTBMBCPU WBJĻUPĻOâLTJFTĻOPNBJOăU 6[MăNF ĻNBLTJNâMJĻQJFĮBVKBNBJTĻâUSVNT 4MùE[JT ,BCFMJT 1VEFĮVĻUVSùUâKTĻ PSBOxBJTĻWâDJĪt G014338 p "J[TBSHâKPtTĻWâLT 4QJFEJFOVĻQB[FNJOPtTĻWâSTUT (BJTBĻtĮÜUFOF 1VEFMFĻBSĻCMăWùKPtVĻtĸJESVNV .BOPNFUST +PHQTOđEKLWRCTFCĹWFCTDĝDWUMCVĝVKGRTKGMÞĘLđ CVVĘNđ "UWFSJFUĻBWâSJKBTĻDBVSEÜSVNVĻSFNPOUB LPNQMFLUBĻWâLV *[ĪFNJFUĻNBLTJNâMJĻQJFĮBVKBNâĻâUSVNB V[MăNJĻVOĻQJFTUJQSJOJFUĻUPĻQJFĻTUÜSFT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4KVGĮKWPTKGRCU 2ęTFWTVCUTKGRCUCXęTKLCUTGOQPVU 6/- $4ÿ&+0ó,7/5 )FSNFUJ[ùKPtBJTĻtĸJESVNTĻWBSĻJ[SBJTăUĻâEBT LBJSJOâKVNVĻ+BĻtĸJESVNTĻOPOâLĻV[ĻâEBT OPTLBMPKJFUĻUPĻBSĻ[JFQùNĻVOĻÜEFOJ 1âSMJFDJOJFUJFT ĻLBĻTMùE[JTĻBUSPEBTĻQP[ăDJKâ ĻVOĻOPWJFUPKJFUĻLBCFMJĻVOĻHBJTBĻtĮÜUFOJ 2+'<ÿ/' 1JSNTĻMJFUPtBOBTĻOFTBMBV[JFUĻQVEFMFT QMPNCVĻ1MPNCBĻUJFLĻBVUPNâUJTLJĻTBMBV[UB JFTLSÜWùKPUĻQVEFMJ "UTLSÜWùKJFUĻPSBOxPĻWâDJĪVĻVOĻBUTLSÜWùKJFU QVEFMFTĻBJ[Câ[OJ *FTLSÜWùKJFUĻQVEFMJĻUâTĻUVSùUâKâ $4ÿ&+0ó,7/5 /FBUTLSÜWùKJFUĻQVEFMJĻĻUâĻJSĻBQSăLPUBĻBS SF[FSWFTĻBJ[UVSJ ĻLBTĻOPWùStĻOPQMÜEJ "UTLSÜWùKJFUĻWFOUJĮBĻQSFUQVUFLĮVĻWâDJĪVĻVO JFTLSÜWùKJFUĻHBJTBĻtĮÜUFOFTĻWFOUJĮBĻTBWJF OPKVNVĻMăE[ĻHBMBNĻSJFQBTĻHBJTBĻWFOUJĮB WăUOù *FWJFUPKJFUĻLBCFMJĻĻ7ĻLPOUBLUMJH[EâĻVO JFEBSCJOJFUĻBVUPNPCJMJ $4ÿ&+0ó,7/5 ,BEĻE[JOùKTĻJSĻJFTMùHUT ĻOFBUTUâKJFUĻCùSOVT BVUPNBtăOâĻCF[ĻV[SBVE[ăCBT 1âSTMùE[JFUĻTMùE[JĻQP[ăDJKâĻ+ $4ÿ&+0ó,7/5 /FLBEĻOFTUâWJFUĻCMBLVTĻSJFQBJ ĻLBEĻEBSCP KBTĻLPNQSFTPSTĻ+BĻSPEBTĻQMBJTBTĻWBJĻEFGPS NâDJKB ĻLPNQSFTPSTĻOFLBWùKPUJFTĻJSĻKâJ[ TMùE[Ļ#SBVDJFOVĻOFESăLTUĻUVSQJOâUĻ*FUFJ DBNTĻTB[JOâUJFTĻBSĻTQFDJBMJ[ùUVĻSJFQVĻDFO USV 2+'<ÿ/' ,BEĻLPNQSFTPSTĻTâLĻEBSCPUJFT ĻTQJFEJFOT WBSĻQJFBVHUĻMăE[ĻĻCâSJFN ĻUBÀVĻQùDĻBQUV WFOJĻĻTFLVOEùNĻUBTĻOPLSăUBT *FTÜLOùKJFUĻHBJTVĻSJFQâĻĻNJOÜUFT 58#4ÿ)+ 1âSLBStBOBTĻSJTLTĻ,PNQSFTPSTĻOFESăLTU EBSCPUJFTĻJMHâLĻQBSĻĻNJOÜUùN *[TMùE[JFUĻLPNQSFTPSVĻVOĻQâSCBVEJFU TQJFEJFOVĻNBOPNFUSâĻ.JOJNâMBJTĻTQJF EJFOTĻJSĻ ĻCâSJ ĻCFUĻNBLTJNâMBJTĻĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET CâSJĻ +BĻTQJFEJFOTĻJSĻQâSâLĻBVHTUT ĻBUCSă WPKJFUĻHBJTV ĻJ[NBOUPKPUĻTQJFEJFOBĻWâSTUV $4ÿ&+0ó,7/5 +BĻTQJFEJFOTĻJSĻ[FNĻ ĻCâSJFN ĻUBEĻDBV SVNTĻSJFQâĻJSĻQâSâLĻMJFMTĻ#SBVDJFOV OFESăLTUĻUVSQJOâUĻ*FUFJDBNTĻTB[JOâUJFTĻBS TQFDJBMJ[ùUVĻSJFQVĻDFOUSV *[TMùE[JFUĻLPNQSFTPSVĻVOĻJ[ĪFNJFUĻLBCFMJ OPĻĻ7ĻLPOUBLUMJH[EBT "UWJFOPKJFUĻtĮÜUFOJĻOPĻSJFQBTĻWFOUJĮBĻVO V[TLSÜWùKJFUĻWFOUJĮBĻWâDJĪV *FTQùKBNJĻESă[ĻOPCSBVDJFUĻBQNùSBNĻĻLN OFĻâUSâLĻQBSĻĻLNI ĻMBJĻCMăWùKPtBJTĻtĸJE SVNTĻWBSùUVĻIFSNFUJ[ùUĻSJFQV 8GKMVQTGOQPVFCTDWWPURKGFKGPC CVMęTVQVCRęTDCWFG /PĻKBVOBĻQJFWJFOPKJFUĻBQSăLPKVNV .BOPNFUSâĻOPMBTJFUĻTQJFEJFOVĻSJFQâ p +BĻUBTĻJSĻ[FNâLTĻQBSĻ ĻCâSJFN ĻSJFQB JSĻOFQJFUJFLPtJĻQJFTÜLOùUBĻ#SBVDJFOV OFWBKBE[ùUVĻUVSQJOâUĻ4B[JOJFUJFTĻBS SJFQVĻSFNPOUBĻEBSCOăDV p +BĻTQJFEJFOTĻSJFQâĻJSĻMJFMâLTĻQBSĻ CâSJFN ĻSJFQBĻKâQJFTÜLOùĻMăE[ĻSJFQV TQJFEJFOBĻUBCVMâĻOPSâEăUBKBNĻTQJFEJF 4KVGĮKWPTKGRCU 2ęTFWTVCUTKGRCUCXęTKLCUTGOQPVU 6/OBN ĻTLBUăUĻMQQĻĻ ĻCâSTĻL1B +BĻTQJFEJFOTĻSJFQâĻJSĻQâSâLĻBVHTUT J[MBJEJFUĻHBJTV ĻJ[NBOUPKPUĻTQJFEJFOB QB[FNJOâtBOBTĻWâSTUV $4ÿ&+0ó,7/5 /FBUTLSÜWùKJFUĻQVEFMJĻĻUâĻJSĻBQSăLPUBĻBS SF[FSWFTĻBJ[UVSJ ĻLBTĻOPWùStĻOPQMÜEJ 1âSMJFDJOJFUJFT ĻLBĻLPNQSFTPSTĻJSĻJ[TMùHUT "UWJFOPKJFUĻHBJTBĻtĮÜUFOJĻVOĻLBCFMJĻ6[TUâ EJFUĻQSFUQVUFLĮVĻV[HBMJĻBUQBLBĮĻWJFUâ 4BMPLJFUĻDBVSVMJĻLBTUùĻVOĻBUTUâKJFUĻQVEFMJ LVSĻUâĻBUSPEBTĻ/PWJFUPKJFUĻ5.1ĻCBHâxBT OPEBMăKVNâ 2+'<ÿ/' 1ùDĻJ[NBOUPtBOBTĻIFSNFUJ[ùKPtâĻtĸJESVNB QVEFMFĻVOĻtĮÜUFOFĻJSĻKâOPNBJOBĻ7PMWP JFTBLBĻtPĻOPNBJĪVĻV[UJDùUĻBVUPSJ[ùUBĻ7PMWP TFSWJTBĻEBSCJOJFLJFN $4ÿ&+0ó,7/5 3FHVMâSJĻQâSCBVEJFUĻSJFQBT 7PMWPĻJFTBLBĻCSBVLUĻMăE[ĻUVWâLBKBNĻ7PMWPĻQJMO WBSPUBNĻTFSWJTBN ĻMBJĻOPNBJOăUVTBSFNPOUùUV CPKâUPĻSJFQVĻ%BSJFUĻ[JOâNVĻTFSWJTBN ĻLBĻSJFQB TBUVSĻCMăWùKPtPĻtĸJESVNV $4ÿ&+0ó,7/5 1ùDĻBWâSJKBTĻDBVSEÜSVNVĻSFNPOUBĻLPN QMFLUBĻMJFUPtBOBTĻOFESăLTUĻCSBVLUĻâUSâLĻQBS ĻLNIĻ7PMWPĻJFTBLBĻQâSCBVEăUĻTBMBCPUP SJFQVĻBVUPSJ[ùUâĻ7PMWPĻTFSWJTâĻ NBLTJNâMBJT CSBVLtBOBTĻBUUâMVNTĻJSĻĻLNI Ļ4FSWJTB QFSTPOâMTĻWBSĻOPUFJLU ĻWBJĻSJFQVĻWBSĻTBMBCPU WBJĻUPĻOâLTJFTĻOPNBJOăU $4ÿ&+0ó,7/5 ,BEĻE[JOùKTĻJSĻJFTMùHUT ĻOFBUTUâKJFUĻCùSOVT BVUPNBtăOâĻCF[ĻV[SBVE[ăCBT 1JFWJFOPKJFUĻLBCFMJĻQJFĻWJFOBTĻOPĻBVUPNP CJĮBĻĻ7ĻLPOUBLUMJH[EâNĻVOĻJFEBSCJOJFU BVUPNPCJMJ *FEBSCJOJFUĻLPNQSFTPSV ĻQâSTMùE[PUĻTMùE[J QP[ăDJKâĻ+ 58#4ÿ)+ 4KGRWRKGUĹMPġÝCPC "VUPNPCJĮBĻPSJīJOâMâTĻSJFQBTĻWBSĻQJFTÜLOùUĻBS LPNQSFTPSV ,PNQSFTPSTĻJSĻKâJ[TMùE[Ļ1âSMJFDJOJFUJFT ĻLB TMùE[JTĻBUSPEBTĻQP[ăDJKâĻĻVOĻOPWJFUPKJFU LBCFMJĻVOĻHBJTBĻtĮÜUFOJ "UTLSÜWùKJFUĻWFOUJĮBĻQSFUQVUFLĮVĻV[HBMJĻVO JFTLSÜWùKJFUĻHBJTBĻtĮÜUFOFTĻWFOUJĮBĻTBWJF OPKVNVĻMăE[ĻHBMBNĻSJFQBTĻHBJTBĻWFOUJĮB WăUOù $4ÿ&+0ó,7/5 1âSLBStBOBTĻSJTLTĻ,PNQSFTPSTĻOFESăLTU EBSCPUJFTĻJMHâLĻQBSĻĻNJOÜUùN 4ÜLOùKJFUĻSJFQVĻMăE[ĻTQJFEJFOBN ĻLâETĻJS OPSâEăUTĻSJFQVĻTQJFEJFOBĻUBCVMâ ĻTLBUăU MQQĻĻ +BĻTQJFEJFOTĻJSĻQâSâLĻBVHTUT BUCSăWPKJFUĻHBJTV ĻJ[NBOUPKPUĻTQJFEJFOB WâSTUV *[TMùE[JFUĻLPNQSFTPSVĻ"UWJFOPKJFUĻHBJTB tĮÜUFOJĻVOĻLBCFMJ 6[TUâEJFUĻQSFUQVUFLĮVĻV[HBMJĻBUQBLBĮĻWJFUâ "VUPNBtăOBTĻJ[QMÜEFTĻHâ[VĻJFFMQPtBOBĻWBS BQESBVEùUĻE[ăWăCVĻ/FLâEâĻHBEăKVNâ OFĮBVKJFUĻE[JOùKBNĻEBSCPUJFTĻTMùHUâTĻUFMQâT WBJĻUFMQâTĻCF[ĻQJFUJFLBNBTĻWFOUJMâDJKBT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4KVGĮKWPTKGRCU 2ęTFWTVCUTKGRCUCXęTKLCUTGOQPVU 6/- -QORQPGPVWKGXKGVQÝCPCCVRCMCīRWVW DNQMCPQFCNĦLWOQU .ĦOġLQÝęÝĨKFTWOCVXGTVPGUOCKĮC /PNBJOJFUĻCMăWùKPtâĻtĸJESVNBĻQVEFMJ ĻLBEĻUâT EFSăHVNBĻUFSNJĪtĻJSĻCFJE[JFTĻ"SĻWFDPĻQVEFMJ BQFKJFUJFT ĻLâĻBSĻBQLâSUùKBJĻWJEFJĻCăTUBNJFN BULSJUVNJFN $4ÿ&+0ó,7/5 1VEFMFĻTBUVSĻĻFUBOPMVĻVOĻEBCăHPĻHVNJ KBTĻQJFOTVMV #ăTUBNBĻOPSătBOBTĻHBEăKVNâĻ4BTLBSPUJFT BSĻâEV ĻWBSĻJ[SBJTăUĻBMFSīJTLVĻSFBLDJKV XGTUKLC XGTUKLC /FQJFĮBVKJFUĻOPOâLtBOVĻV[ĻâEBTĻVOĻBDăT ,PNQPOFOUJĻKâJFWJFUPĻQVUVĻCMPLBĻOPEBMăKVNPT tâEâĻTFDăCâ (MBCâKJFUĻCùSOJFNĻOFQJFFKBNâĻWJFUâ ,PNQPOFOUJĻKâJFWJFUPĻQVUVĻCMPLBĻOPEBMăKVNPT tâEâĻTFDăCâ ,POUBLUMJH[EBTĻV[HSJFxĪVĻBUTMùHB 7JMLtBOBTĻDJMQBLPOUBLUMJH[EBTĻV[HSJFxĪV BUTMùHB 1VEFMF 1VEFMFĻ JFTQJFTUBĻTâOPT 5.,ĻLPNQMFLUT 7JMLtBOBTĻDJMQB 5.,ĻLPNQMFLUT %PNLSBUT 1JMUVWF %PNLSBUT 4FtTUÜSBĻV[HSJFxĪVĻBUTMùHB 7JMLtBOBTĻJFLâSUB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4KVGĮKWPTKGRCU %[JOùKBĻOPEBMăKVNT -VLUVSJ -PHVĻUăSăUâKBĻTMPUJĪBTĻVOĻNB[HâtBOBTĻtĸăEVNT "LVNVMBUPST %SPtJOâUâKJ "VUPNBtăOBTĻBQSÜQF 5&)/*4,ĂĻ"1,01&Ļ6/Ļ4&37*44 6GJPKUMęCRMQRGWPUGTXKUU &\KPġLCPQFCNĦLWOU 8KURęTĦIK 8QNXQCRMQRGURTQITCOOC -BJĻV[UVSùUVĻBVUPNBtăOVĻQùDĻJFTQùKBTĻESPtV JFWùSPKJFUĻ7PMWPĻBQLPQFTĻQSPHSBNNV ĻLâ OPSâEăUTĻBQLPQFTĻVOĻHBSBOUJKBTĻHSâNBUJĪâ 7PMWPĻJFTBLBĻUFIOJTLâTĻBQLPQFTĻVOĻTFSWJTB EBSCVTĻV[UJDùUĻ7PMWPĻQJMOWBSPUBNĻTFSWJTBN 7PMWPĻSFNPOUEBSCOăDâTĻJSĻBUCJMTUPtTĻQFSTP OâMT ĻTQFDJâMJFĻEBSCBĻSăLJĻVOĻBQLPQFTĻMJUFSB UÜSB ĻLBTĻHBSBOUùĻWJTBVHTUâLPĻBQLPQFTĻLWBMJ UâUJ 58#4ÿ)+ $4ÿ&+0ó,7/5 "UDFSJFUJFT ĻLBĻSBEJBUPSBĻWFOUJMBUPSTĻ BUSP EBTĻE[JOùKBĻOPEBMăKVNBĻQSJFLtQVTù ĻBJ[ SBEJBUPSB ĻWBSĻTâLUĻEBSCPUJFTĻBVUPNâUJTLJ QùDĻUBN ĻLBEĻE[JOùKTĻLâEVĻMBJLVĻJSĻCJKJT J[TMùHUT 7JFONùSĻV[UJDJFUĻE[JOùKBĻUăSătBOVĻBVUPTFS WJTBĻEBSCJOJFLJFNĻ+BĻE[JOùKTĻJSĻLBSTUT QBTUâWĻBJ[EFHtBOâTĻESBVEJ &\KPġLCRęTUGICCVXġTÝCPCWP CK\XġTÝCPC -BJĻCÜUVĻTQùLâĻ7PMWPĻHBSBOUJKB ĻQâSCBVEJFU VOĻJFWùSPKJFUĻ"QLPQFTĻVOĻHBSBOUJKBTĻHSâNB UJĪâĻTOJFHUPTĻOPSâEăKVNVT "J[WFSPUĻE[JOùKBĻQâSTFHV ĻQâSMJFDJOJFUJFT ĻLB UBTĻLâSUăHJĻOPGJLTùKBT 3FHVMâSJĻQâSCBVEJFUĻtăTĻFĮĮBTĻVOĻtĸJESVNVT QJFNùSBN ĻV[QJMEPUĻEFHWJFMV 1BCăEJFUĻTQSÜEVĻQBĻLSFJTJĻVOĻBUWFSJFUĻE[J OùKBĻQâSTFHVĻ 4QSÜEBĻâĸJTĻBUSPEBTĻTUBSQ QSJFLtùKPĻMVLUVSJĻVOĻSFxīJ ĻTLBUăUĻBUUùMV $4ÿ&+0ó,7/5 4GIWNęTKRęTDCWFKGV p %[FTùtBOBTĻtĸJESVNT p %[JOùKBĻFĮĮB p .B[HâtBOBTĻtĸăEVNT 1BHSJF[JFUĻSPLUVSJĻQVMLTUFĪSâEăUâKVĻLVTUă CBTĻWJS[JFOâĻQBSĻBQNùSBNĻĻHSâEJFN +ÜTĻE[JSEùTJFU ĻLBEĻBJ[TMùHTĻBUCSăWPTJFT &\KPĘLCRđTUGICCVXĘTÞCPCUTQMVWTKUXKGPOĘTCVTQ FCUMTGKUCLđRWUĘ 6GJPKUMęCRMQRGWPUGTXKUU &\KPġLCPQFCNĦLWOU &\KPġLCPQFCNĦLWOURęTUMCVU 3FMFKVĻVOĻESPtJOâUâKVĻCMPLT &\KPġLCGīīCUNĦOGĮCRęTDCWFG (BJTBĻGJMUST $4ÿ&+0ó,7/5 "J[EFE[FTĻTJTUùNBJĻJSĻĮPUJĻBVHTUTĻTQSJFHVNT VOĻKBVEBTĻJ[WBEFĻ"J[EFE[FTĻTJTUùNBT TQSJFHVNTĻJSĻĮPUJĻCăTUBNTĻ7FJDPUĻEBSCVT E[JOùKBĻOPEBMăKVNâ ĻBVUPNBtăOBTĻFMFLUSP TJTUùNBJĻWJFONùSĻKâBUSPEBTĻQP[ăDJKâĻ ĻTLB UăUĻMQQĻ &\KPĘLCPQFCNĝLWOCK\UMCVUXCTDĨVCVÞķKTĝIUCVMC TĝDđPQF\KPĘLCXCTKCPVC /FQJFTLBSJFUJFTĻBJ[EFE[FTĻTWFDFJĻWBJ JOEVLDJKBTĻTQPMFJ ĻLBNùSĻBVUPNBtăOBTĻFMFL USPTJTUùNBĻBUSPEBTĻQP[ăDJKâĻ++ĻWBJĻLBNùS E[JOùKTĻJSĻLBSTUT %[FTùtBOBTĻtĸJESVNBĻJ[QMFtBOâTĻUWFSUOF "QTLBMPtBOBTĻtĸăEVNBĻJFQJMEătBOB 7PMWPĻJFTBLBĻ$BTUSPMĻFĮĮVĻJ[TUSâEâKVNVT #SBVDPUĻOFMBCWùMăHPTĻBQTUâLĮPT ĻTLBUăU MQQĻ 3BEJBUPST %[JOùKBĻFĮĮBTĻNùSTUJFOJT %[JOùKBĻFĮĮBĻJFQJMEătBOB #SFNxVĻVOĻTBKÜHBĻtĸJESVNBĻUWFSUOFĻ BUSP EBTĻWBEăUâKBĻQVTù "LVNVMBUPST %[JOùKJĻBSĻFMFLUSPOJTLPĻFĮĮBTĻMăNFĪBĻTFOTPSVĻOBWĻBQSăLPUJĻBSĻNùSTUJFOJĻ ĻDJMĻEă[FĮE[JOùKJ 6GJPKUMęCRMQRGWPUGTXKUU &\KPġLCPQFCNĦLWOU 58#4ÿ)+ -BJĻWBSùUVĻJFWùSPUĻE[JOùKBĻBQLPQFTĻJOUFSWâ MVT ĻWJTJĻE[JOùKJĻSÜQOăDâĻJSĻQJFQJMEăUJĻBSĻăQBtJ QJFMâHPUVĻTJOUùUJTLVĻE[JOùKBĻFĮĮVĻ&ĮĮBĻJS J[WùMùUBĻĮPUJĻSÜQăHJ ĻĪFNPUĻWùSâĻBQLPQFT JOUFSWâMVT ĻJFEBSCJOâtBOBTĻăQBtăCBT ĻEFH WJFMBTĻQBUùSJĪVĻVOĻJFUFLNJĻV[ĻWJEJ -BJĻTQùLâĻCÜUVĻJFUFJDBNJFĻBQLPQFTĻJOUFS WâMJ ĻKâMJFUPĻBQTUJQSJOâUBĻE[JOùKBĻFĮĮBĻ(BO FĮĮBTĻV[QJMEFJ ĻHBOĻOPNBJĪBJĻJ[NBOUPKJFU UJLBJĻJFUFJLUPĻFĮĮBTĻLBUFHPSJKV ĻQSFUùKâĻHBEă KVNâĻWBSBUĻJFUFLNùUĻFLTQMVBUâDJKBTĻJMHVNV JFEBSCJOâtBOBTĻăQBtăCBT ĻEFHWJFMBTĻQBUù SJĪVĻVOĻJFUFLNJĻV[ĻWJEJ 7PMWPĻ$BSĻ$PSQPSBUJPOĻOFV[ĪFNBTĻOFLâEV BUCJMEăCVĻBVUPNPCJĮBĻHBSBOUJKBTĻMBJLâ ĻKBĻOBW MJFUPUBĻOPSâEăUâTĻLBUFHPSJKBTĻVOĻWJTLP[JUâUFT E[JOùKBĻFĮĮB ĮJFNĻJSĻBCJĻWBSJBOUJĻ-BJĻJFHÜUVĻQMBtâLVĻJOGPSNâ DJKV ĻTB[JOJFUJFTĻBSĻ7PMWPĻJ[QMBUăUâKV .BJOJFUĻE[JOùKBĻFĮĮVĻVOĻFĮĮBTĻGJMUSVĻTBTLBĪâĻBS HSâNBUJĪâĻ"QLPQFĻVOĻHBSBOUJKBĻOPSâEăUBKJFN JOUFSWâMJFN %SăLTUĻJ[NBOUPUĻBSăĻBVHTUâLBTĻLMBTFTĻFĮĮV OFLâĻOPUFJLUTĻ+BĻJ[NBOUPKBUĻBVUPNBtăOV BQHSÜUJOâUBTĻCSBVLtBOBTĻBQTUâLĮPT Ļ7PMWP JFTBLBĻMJFUPUĻBVHTUâLBTĻLBUFHPSJKBTĻFĮĮV ĻTLBUăU MQQĻ &ĮĮBTĻMăNFĪBĻQâSCBVEFĻKBVOBJĻBVUPNBtăOBJĻJS ăQBtJĻTWBSăHBĻQJSNTĻQJSNâTĻMBJLBĻHSBGJLâĻQBSF E[ùUâTĻFĮĮBTĻNBJĪBT 7PMWPĻJFTBLBĻQâSCBVEăUĻFĮĮBTĻMăNFOJĻJLĻQùD ĻĻLNĻ7JTQSFDă[âLĻNùSăKVNVTĻWBSĻWFJLU BVLTUBNĻE[JOùKBNĻQJSNTĻUâĻJFEBSCJOâtBOBT .ùSăKVNTĻCÜTĻOFQBSFJ[T ĻKBĻUPĻWFJLTĻV[SFJ[ĻQùD E[JOùKBĻJ[TMùHtBOBTĻ.ùSTUJFOJTĻOPSâEăT ĻLB MăNFOJTĻJSĻQâSâLĻ[FNT ĻKPĻFĮĮBĻWùMĻOBWĻQBHVWVTJ BJ[UFDùUĻBUQBLBĮĻV[ĻLBSUFSJ 1BSĻUJMQVNJFN TLBUăUĻMQQĻĻVOĻUVSQNâL &\KPġLUCTGīīCUOġTUVKGPK 7PMWPĻJ[NBOUPĻEBxâEBTĻCSăEJOâtBOBTĻTJTUù NBT ĻLBTĻ[JĪPĻQBSĻ[FNVBVHTUVĻFĮĮBTĻMăNFOJ WBJĻ[FNVBVHTUVĻFĮĮBTĻTQJFEJFOVĻ%BxJFN WBSJBOUJFNĻJSĻFĮĮBTĻTQJFEJFOBĻTFOTPSTĻVOĻUâEâ HBEăKVNâĻUJFLĻJ[NBOUPUBĻFĮĮBTĻTQJFEJFOBĻMBN QJĪBĻ$JUJFNĻWBSJBOUJFNĻJSĻFĮĮBTĻMăNFĪBĻTFO TPST ĻVOĻUBEĻWBEăUâKTĻUJFLĻJOGPSNùUTĻBSĻCSăEJOâ KVNBĻTJNCPMVĻLPOUSPMNùSJOTUSVNFOUVĻQBOFĮB DFOUSâĻLâĻBSăĻBSĻUFLTUVĻEJTQMFKâĻ%BxJFNĻNPEF "UUJFDBTĻUJLBJĻV[ĻCFO[ăOBĻE[JOùKJFNĻVOĻĻDJMĻEă[FĮE[JOùKJFN G021737 7PMWPĻJFTBLBĻFĮĮBTĻNBJĪVĻWFJLUĻBVUPSJ[ùUâ 7PMWPĻTFSWJTâ 'ĹĹCUNĝOGPKOLđDĨVUVCTR/+0WP/#:CV\ĝOĘO /ĘTUVKGPKUWPW\RKNFGUECWTWNĝVG /ġTĦLWOWXGKMÝCPCWPW\RKNFĦÝCPC XCLCF\ĦDCUICFĦLWOę /PESPtJOJFU ĻMBJĻBVUPNPCJMJTĻCÜUVĻOPWJF UPUTĻMăE[FOJĻ1ùDĻE[JOùKBĻJ[TMùHtBOBTĻJS 6GJPKUMęCRMQRGWPUGTXKUU &\KPġLCPQFCNĦLWOU TWBSăHJĻOPHBJEăUĻĻNJOÜUFT ĻMBJĻĮBVUVĻFĮĮBJ TBUFDùUĻBUQBLBĮĻLBSUFSă &\KPġLUCTGNGMVTQPKUMWGīīCUNĦOGĮC UGPUQTW *[WFMDJFUĻNùSTUJFOJĻVOĻOPTMBVLJFUĻUăSV 7ùMSFJ[ĻJFWJFUPKJFUĻNùSTUJFOJ *[WFMDJFUĻUPĻVOĻQâSCBVEJFUĻMăNFOJ +BĻMăNFOJTĻJSĻUVWVĻ/+0ĻBU[ăNFJ ĻKâJFQJMEB ĻMJUSJĻ+BĻMăNFOJTĻJSĻJFWùSPKBNJĻOPLSJUJFT [FNĻtăTĻBU[ăNFT ĻJSĻOFQJFDJFtBNTĻMJFMâLT EBVE[VNTĻFĮĮBT 7BKBE[ăCBTĻHBEăKVNâĻWùMSFJ[ĻQâSCBVEJFU MăNFOJĻQùDĻUBN ĻLBEĻFTBUĻOPCSBVDJTĻOFMJFMV BUUâMVNVĻ1ùDĻUBNĻBULâSUPKJFUĻĻĻĻEBS CăCV $4ÿ&+0ó,7/5 /FLâEâĻHBEăKVNâĻOFJFQJMEJFUĻUâ ĻLBĻUJFL QâSTOJFHUBĻBU[ăNFĻ/#:Ļ-ăNFOJTĻOFLâEâ HBEăKVNâĻOFESăLTUĻBUSBTUJFTĻWJSTĻ/#:ĻWBJ [FNĻ/+0 ĻQSFUùKâĻHBEăKVNâĻWBSĻSBTUJFTĻE[J OùKBĻCPKâKVNJ $4ÿ&+0ó,7/5 /FJ[MFKJFUĻFĮĮVĻV[ĻLBSTUBKâNĻJ[QMÜEFTĻDBVSV MùNĻĻQBTUâWĻBJ[EFHtBOâTĻSJTLT 2KGNKGÞCPCUECWTWNG +VNTĻOBWĻKâWFJDĻOFLâEBTĻBSĻE[JOùKBĻFĮĮVĻTBJTUă UBTĻEBSCăCBT ĻQJSNTĻEJTQMFKâĻOBWĻQBSâEăKJFT [JĪPKVNTĻ4LBUJFUĻBUUùMVĻUâMâL &KURNGLC\KĺQLWOUWPFKCITCOOC-TGKUđURWUGU FKURNGLđKTTGF\COU&KIKVCNMQODKPĘVCKUKPUVTW OGPVWRCPGNKUDGVNCDđURWUGUFKURNGLđ#PCNQI MQODKPĘVCKUKPUVTWOGPVWRCPGNKU 1B[JĪPKVNT %[JOùKBĻFĮĮBTĻMăNFOJT /PUFJLUâNĻBVUPNBtăOâNĻFĮĮBTĻMăNFOJĻWBSĻQâS CBVEăU ĻJ[NBOUPKPUĻFMFLUSPOJTLPĻFĮĮBTĻMăNFĪB TFOTPSVĻBSĻăLtĸSBUV ĻLBEĻE[JOùKTĻJSĻJ[TMùHUT TLBUăUĻMQQĻ $4ÿ&+0ó,7/5 +BĻQBSâEâTĻ[JĪPKVNTĻ,ęXGKEGīīCU CRMQRG ĻCSBVDJFUĻV[ĻSFNPOUEBSCOăDV *FTQùKBNT ĻFĮĮBTĻMăNFOJTĻJSĻQâSâLĻBVHTUT "UUJFDBTĻUJLBJĻV[ĻĻDJMĻEă[FĮE[JOùKJFN 6GJPKUMęCRMQRGWPUGTXKUU &\KPġLCPQFCNĦLWOU 58#4ÿ)+ +BĻQBSâEâTĻ[JĪPKVNTĻ<GOUGīīCUNĦOGPKU +GRKNFKGVNKVTWU ĻJFQJMEJFUĻUJLBJĻ ĻMJUSVT 2+'<ÿ/' 1BHSJF[JFUĻăLtĸSBUVĻV[ĻLSFJTâTĻQVTFTĻTWJS TMùExBĻQP[ăDJKâĻ/QVQTGNNCUNÔO )CKFKGV 1BSâEâTĻJOGPSNâDJKBĻQBSĻE[JOùKBĻFĮĮBT MăNFOJ &\GUġÝCPCUÝĨKFTWOU .ĦOGĮCRęTDCWFGWPRCRKNFKPęÝCPC 4JTUùNBĻOPTBLBĻFĮĮBTĻMăNFOJĻUJLBJĻCSBVLtB OBTĻMBJLâĻ4JTUùNBĻOFWBSĻV[SFJ[ĻOPUFJLU J[NBJĪBT ĻLBTĻSPEBTĻFĮĮVĻJFQJMEPUĻWBJĻJ[MFKPU -BJĻFĮĮBTĻMăNFĪBĻSâEăKVNTĻCÜUVĻQBSFJ[T BVUPNPCJMJNĻKâOPCSBVDĻBQNùSBNĻĻLNI $4ÿ&+0ó,7/5 /FJFQJMEJFUĻWBJSâLĻFĮĮBT ĻKBĻJFQJMEFTĻMăNFOJT ĻWBJĻ ĻJSĻUâET ĻLâĻSFE[BNTĻBUUùMâĻ-ăNF OJTĻOFLâEâĻHBEăKVNâĻOFESăLTUĻBUSBTUJFTĻWJST /#:ĻWBJĻ[FNĻ/+0 ĻQSFUùKâĻHBEăKVNâĻWBS SBTUJFTĻE[JOùKBĻCPKâKVNJ $4ÿ&+0ó,7/5 /FJ[MFKJFUĻFĮĮVĻV[ĻLBSTUBKâNĻJ[QMÜEFTĻDBVSV MùNĻĻQBTUâWĻBJ[EFHtBOâTĻSJTLT %KRCTKCR\ĝOĘW\RKNFGUNĝOGPK0GKGRKNFKGVXCK TđMGĹĹCULCVKGMTđFĝVUW\RKNFGUNĝOGPKU XCK +GVGKECOCKUW\RKNFGUNĝOGPKUKT&KURNGLCRC\KĺQ LWOUWPFKCITCOOC-TGKUđURWUGUFKURNGLđKT TGF\COU&KIKVCNMQODKPĘVCKUKPUVTWOGPVWRCPGNKU DGVNCDđURWUGUFKURNGLđ#PCNQIMQODKPĘVCKU KPUVTWOGPVWRCPGNKU 'īīCUNĦOGĮCOġTĦÝCPC +BĻKâQâSCBVEBĻFĮĮBTĻMăNFOJT ĻUBTĻJSĻKâEBSB ĻWFJ DPUĻEBSCăCBTĻUâMâLĻBQSBLTUăUBKâĻTFDăCâ "LUJWùKJFUĻBUTMùHBTĻQP[ăDJKVĻ++ ĻTLBUăU MQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET ,BEĻWFJDBUĻE[FTùtBOBTĻtĸJESVNBĻQBQJMEJOâ tBOV ĻJFWùSPKJFUĻOPSâEăKVNVTĻV[ĻJFQBLPKVNBĻ*S TWBSăHJ ĻMBJĻE[FTùtBOBTĻtĸJESVNBĻVOĻÜEFOT NBJTăKVNTĻJSĻQBSFJ[âTĻBUUJFDăCâTĻVOĻBUCJMTU MBJLBĻBQTUâLĮJFNĻ/FLBEĻOFQBQJMEJOJFUĻUJLBJĻBS ÜEFOJĻ4BTBMtBOBTĻSJTLTĻQBMJFMJOâT ĻKBĻE[FTùtB OBTĻtĸJESVNBĻLPODFOUSâUBĻEBVE[VNTĻJSĻQâSâL MJFMTĻWBJĻQâSâLĻNB[T $4ÿ&+0ó,7/5 %[FTùtBOBTĻtĸJESVNTĻWBSĻCÜUĻĮPUJĻLBSTUT +BĻE[FTùtBOBTĻtĸJESVNBĻMăNFOJTĻJSĻKâQBQJM EJOB ĻLBEĻE[JOùKTĻJSĻEBSCBĻUFNQFSBUÜSâ BUTLSÜWùKJFUĻJ[QMFtBOâTĻUWFSUOFTĻWâDJĪV MùOâN ĻMBJĻBUCSăWPUVĻMJFLPĻTQJFEJFOV 6GJPKUMęCRMQRGWPUGTXKUU &\KPġLCPQFCNĦLWOU *OGPSNâDJKVĻQBSĻUJMQVNJFNĻVOĻTUBOEBSUVT ĻLBT BUUJFDBTĻV[ĻÜEFOTĻLWBMJUâUJ ĻTLBUăUĻMQQĻ 4GIWNęTKRęTDCWFKGVF\GUġÝCPCU ÝĨKFTWOW %[FTùtBOBTĻtĸJESVNBĻMăNFOJNĻKâCÜUĻTUBSQ BU[ăNùNĻ/+0ĻVOĻ/#:ĻV[ĻJ[QMFtBOâTĻUWFSUOFT +BĻTJTUùNBĻOBWĻQJFUJFLBNJĻQJFQJMEăUB ĻWBS SBTUJFTĻBVHTUBĻUFNQFSBUÜSB ĻLBTĻSBEBĻE[JOùKB CPKâKVNBĻSJTLV 58#4ÿ)+ $TGOäWWPUCLĹICÝĨKFTWOU p "VHTUTĻIMPSB ĻIMPSăEBĻVOĻDJUVĻTâĮV TBUVSTĻWBSĻJ[SBJTăUĻE[FTùtBOBTĻTJTUùNBT LPSP[JKV .ĦOGĮCRęTDCWFĦÝCPC p 7JFONùSĻMJFUPKJFUĻE[FTùtBOBTĻtĸJESVNV LBTĻTBUVSĻQSFULPSP[JKBTĻMăE[FLMJ ĻLâĻUP JFTBLBĻ7PMWP p 1âSMJFDJOJFUJFT ĻLBĻE[FTùtBOBTĻtĸJE SVNBĻNBJTăKVNTĻTBTUâWĻOPĻĻÜEFOT VOĻĻE[FTùtBOBTĻtĸJESVNB p 4BKBVDJFUĻE[FTùtBOBTĻtĸJESVNVĻBS BQTUJQSJOâUBTĻLWBMJUâUFTĻLSâOBĻÜEFOJĻ+B tBVCâUJFTĻQBSĻÜEFOTĻLWBMJUâUJ ĻJ[NBOUP KJFUĻKBVĻTBKBVLUVĻE[FTùtBOBTĻtĸJESVNV BUCJMTUPtJĻ7PMWPĻJFUFJLVNJFN p .BJOPUĻE[FTùtBOBTĻtĸJESVNVĻWBJĻE[F TùtBOBTĻTJTUùNBTĻTBTUâWEBĮBT ĻJ[TLB MPKJFUĻE[FTùtBOBTĻTJTUùNVĻBSĻBQTUJQSJ OâUBTĻLWBMJUâUFTĻLSâOBĻÜEFOJĻWBJĻKBV TBKBVLUVĻE[FTùtBOBTĻtĸJESVNV p %[JOùKVĻESăLTUĻEBSCJOâUĻUJLBJĻUBE ĻKBĻE[F TùtBOBTĻTJTUùNBĻJSĻQBSFJ[JĻV[QJMEăUB 1SFUùKâĻHBEăKVNâĻQâSâLĻBVHTUBĻUFNQF SBUÜSBĻWBSĻJ[SBJTăUĻDJMJOESBĻHBMWBTĻCPKâ KVNVĻ QMBJTV ĻSJTLV #SFNxVĻVOĻTBKÜHBĻtĸJESVNBNĻJSĻLPQùKB UWFSUOFĻ-ăNFOJNĻKâCÜUĻTUBSQĻ/+0ĻVOĻ/#: BU[ăNùN ĻLBTĻSFE[BNBTĻUWFSUOFTĻJFLtQVTù 3FHVMâSJĻQâSCBVEJFUĻMăNFOJ /PNBJOJFUĻCSFNxVĻtĸJESVNVĻJLĻQùDĻEJWJFN HBEJFNĻWBJĻLBUSâĻPUSBKâĻLâSUùKâTĻBQLPQFT SFJ[ù *OGPSNâDJKBĻQBSĻUJMQVNJFNĻVOĻJFUFJDBNPĻtĸJE SVNBĻLBUFHPSJKV ĻTLBUăUĻMQQĻĻfĸJESVNT LBUSVĻHBEVĻKâNBJOBĻUâEJFNĻBVUPNPCJĮJFN ĻLBT CSBVDĻBQTUâLĮPT ĻLVSPTĻOFQJFDJFtBNBĻTUSBVKB VOĻCJFxBĻCSFN[ùtBOB ĻCSBVDPUĻLBMOPTĻWBJĻUSP QJTLâĻLMJNBUâĻBSĻBVHTUVĻNJUSVNBĻMăNFOJ $4ÿ&+0ó,7/5 +BĻCSFNxVĻtĸJESVNBĻMăNFOJTĻJSĻ[FNĻCSFNxV tĸJESVNBĻUWFSUOFTĻ/+0ĻMăNFĪB ĻBQUVSJFU BVUPNBtăOVĻVOĻV[QJMEJFUĻCSFNxVĻtĸJESVNV 7PMWPĻJFTBLBĻV[UJDùUĻCSFNxVĻtĸJESVNB [VEVNBĻDùMPĪBĻOPTLBJESPtBOVĻBVUPSJ[ùUBN 7PMWPĻTFSWJTBN 6GJPKUMęCRMQRGWPUGTXKUU &\KPġLCPQFCNĦLWOU +GRKNFĦÝCPC )CKUCMQPFKEKQPġÝCPCUUKUVġOC -īĹOLWPQXġTÝCPCWPTGOQPVU (BJTBĻLPOEJDJPOùUâKBĻTJTUùNBĻTBUVSĻGMVPSFTDù KPtVTĻJ[TFLPtBOBTĻMăE[FLĮVTĻ.FLMùKPUĻOPQMÜ EFT ĻJ[NBOUPKJFUĻVMUSBWJPMFUPĻHBJTNV 7PMWPĻJFTBLBĻTB[JOâUJFTĻBSĻBVUPSJ[ùUVĻ7PMWP TFSWJTV $4ÿ&+0ó,7/5 $TGOåWÞķKFTWOCVXGTVPGUCVTCÞCPđUXKGVC fĸJESVNBĻUWFSUOFĻJSĻBJ[TBSHâUBĻ[FNĻQâSWBMLB E[JOùKBĻOPEBMăKVNâĻWJSTĻBVLTUâTĻEBĮBTĻ7JT QJSNTĻKâOPĪFNĻBQBĮBJTĻQâSTFHT ĻVOĻUJLBJĻUBE WBSĻQJFLĮÜUĻUWFSUOFTĻWâLBN 1BHSJF[JFUĻVOĻBUWFSJFUĻWâLV ĻLBTĻBUSPEBT V[ĻQâSTFHB "UTLSÜWùKJFUĻUWFSUOFTĻWâDJĪVĻVOĻV[QJMEJFU tĸJESVNVĻ-ăNFOJNĻKâCÜUĻTUBSQĻ/+0ĻVO /#:ĻBU[ăNùN ĻLBTĻBUSPEBTĻUWFSUOFTĻJFLt QVTù 58#4ÿ)+ /FBJ[NJSTUJFUĻV[MJLUĻBUQBLBĮĻWâDJĪV (BJTBĻLPOEJDJPOùUâKBĻTJTUùNBĻTBUVSĻIFSNF UJ[ùUVĻE[FTùUâKVĻ3BĻfăTĻTJTUùNBT BQLPQJĻVOĻSFNPOUVĻESăLTUĻWFJLUĻUJLBJĻBVUPSJ [ùUâĻTFSWJTâ 6GJPKUMęCRMQRGWPUGTXKUU .WMVWTK 8KURęTĦIK 7JTBTĻTQVME[FTĻJSĻOPSâEăUBT ĻTLBUăUĻMQQĻ fBKâĻTBSBLTUâĻV[TLBJUăUBTĻTQFDJâMPĻTQVMExVĻVO DJUVĻHBJTNBTĻBWPUV ĻLVSVĻNBJĪVĻJFTQùKBNT WFJLUĻUJLBJĻTFSWJTâ ĻBUSBtBOâTĻWJFUBT p "LUăWJFĻLTFOPOBĻQSJFLtùKJFĻMVLUVSJĻĻ"#LTFOPOBĻMVLUVSJ p 4âOVĻQBHSJF[JFOBĻSâEăUâKJ ĻTâOVĻTQPHVĮJ p 1JFUVWPtBOâTĻBQHBJTNPKVNTĻTâOVĻTQPHV ĮPT p (BCBSăUMVLUVSJ ĻBJ[NVHVSù p 4âOVĻHBCBSăUMVLUVSJĻBJ[NVHVSù p #SFNxVĻTJHOâMMVLUVSJTĻWJSTĻBJ[NVHVSùKâ TUJLMB p 4BMPOBĻVOĻCBHâxBTĻOPEBMăKVNBĻBQHBJTNP KVNT p $JNEVĻOPEBMăKVNBĻBQHBJTNPKVNT p (BJTNBTĻEJPxVĻMVLUVSJ ĻWJTQâSùKJF $4ÿ&+0ó,7/5 "VUPNBtăOâNĻBSĻLTFOPOBĻQSJFLtùKJFNĻMVL UVSJFNĻLTFOPOBĻMVLUVSVĻNBJĪBĻKâWFJDĻTFS WJTâ ĻJFUFJDBNTĻBVUPSJ[ùUâĻ7PMWPĻTFSWJTâĻ"S LTFOPOBĻQSJFLtùKJFNĻMVLUVSJFNĻKâSăLPKBT âSLâSUăHJĻQJFTBSE[ăHJ ĻKPĻUJFĻJSĻBQSăLPUJĻBS BVHTUBĻTQSJFHVNBĻJFSăDJ $4ÿ&+0ó,7/5 2TKGMÝġLQURWNFäWCVTCÝCPęUXKGVC "VUPNBtăOBTĻFMFLUSPTJTUùNBJĻKâBUSPEBT BUTMùHBTĻQP[ăDJKâĻ ĻTLBUăUĻMQQĻ 58#4ÿ)+ /FLâEâĻHBEăKVNâĻOFQJFTLBSJFUJFTĻTQVMExV TUJLMBNĻBSĻQJSLTUJFNĻ1JSLTUVĻBUTUâUJFĻUBVLBJ OJFĻOPTQJFEVNJĻLBSTUVNâĻJ[HBSP ĻQâSLMâKPU BUTUBSPUâKVĻVOĻJ[SBJTPUĻCPKâKVNV 2+'<ÿ/' +BĻLĮÜEBTĻ[JĪPKVNTĻOFJ[[ÜEĻQùDĻCPKâUâT TQVME[FTĻNBJĪBT ĻJFTBLâNĻBQNFLMùUĻ7PMWP QJMOWBSPUVĻTFSWJTV (BCBSăUMVLUVSJTUâWHBJTNBTĻ HBJTNBTĻEJP EFTĻLTFOPOBĻQSJFLtùKPTĻMVLUVSPT 5âMâTĻHBJTNBTĻTQVME[FTĻLTFOPOBĻQSJFLt ùKPTĻMVLUVSPTQBQJMEVĻUâMâTĻHBJTNBTĻTQVM E[FTĻLTFOPOBĻQSJFLtùKPTĻMVLUVSPT 5VWâTĻHBJTNBTĻTQVME[FTĻLTFOPOBĻQSJFLt ùKPTĻMVLUVSPTLTFOPOBĻTQVME[FTĻLTFOPOB QSJFLtùKPTĻMVLUVSPT *OEJLBUPST 4âOVĻHBCBSăUMVLUVSJ %JFOBTĻHBJUBTĻMVLUVSJĻ HBJTNBTĻEJPEFT ĻWBJ TQVME[FTĻBULBSăCâĻOPĻWBSJBOUB /PUFJLUJFNĻWBSJBOUJFN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMęCRMQRGWPUGTXKUU .WMVWTK 2TKGMÝġLKGNWMVWTK 7JTBTĻQSJFLtùKPĻMVLUVSVĻTQVME[FTĻKâNBJOBĻDBVS E[JOùKBĻOPEBMăKVNV ĻBUCSăWPKPUĻVOĻOPĪFNPU WJTVĻQSJFLtùKPĻMVLUVSJ (BCBSăUMVLUVSJTUâWHBJTNBTĻ HBJTNBTĻEJP EFTĻLTFOPOBĻQSJFLtùKPTĻMVLUVSPT 5âMâTĻHBJTNBTĻTQVME[FTĻLTFOPOBĻQSJFLt ùKPTĻMVLUVSPTQBQJMEVĻUâMâTĻHBJTNBTĻTQVM E[FTĻLTFOPOBĻQSJFLtùKPTĻMVLUVSPT 5VWâTĻHBJTNBTĻTQVME[FTĻLTFOPOBĻQSJFLt ùKPTĻMVLUVSPTLTFOPOBĻTQVME[FTĻLTFOPOB QSJFLtùKPTĻMVLUVSPT *[ĪFNJFUĻJOTUSVNFOUVĻ 5PSYĻ ĻLBTĻBUSPEBT CBHâxBTĻOPEBMăKVNâĻ[FNĻHSăEBTĻMÜLBT *OEJLBUPST Ļ"UTLSÜWùKJFUĻTLSÜWJ ĻJ[NBOUPKPUĻJOTUSV NFOUVĻ 5PSYĻ 1BHSJF[JFUĻGJLTBUPSVĻQSFUùKJĻQVMLTUFĪSâ EăUâKVĻLVTUăCBTĻWJS[JFOBN *[WFMDJFUĻMBVLâĻGJLTBUPSV 4âOVĻHBCBSăUMVLUVSJ %JFOBTĻHBJUBTĻMVLUVSJĻ HBJTNBTĻEJPEFT ĻWBJ TQVME[FTĻBULBSăCâĻOPĻWBSJBOUB Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET Ļ"UCSăWPKJFUĻQSJFLtùKâĻMVLUVSBĻLPSQVTV QâSNBJĪVTĻTBTWFSPUĻUPĻVOĻWFMLPUĻV[ĻâSV 58#4ÿ)+ 6[NBOJFUJFT ĻJ[ĪFNPUĻQSJFLtùKPĻMVLUVSJ ĻMBJ OFTBCPKâUVĻLâEVĻOPĻEFUBĮâN *[DFMJFUĻE[JOùKBĻQâSTFHBĻBUEVSJ Ļ/PTQJFEJFUĻSPLUVSJ 6GJPKUMęCRMQRGWPUGTXKUU .WMVWTK Ļ"UWJFOPKJFUĻTBWJFOPUâKV 6ęNQVWXQICKUOWNWMVWTK 6WXęUICKUOCU "UWJFOPKJFUĻQSJFLtùKPĻMVLUVSJ ĻTLBUăU MQQĻ /PMJFDJFUĻQSJFLtùKPĻMVLUVSJĻV[ĻNăLTUBTĻWJS TNBT ĻMBJĻOFTBTLSâQùUVĻMùDV 58#4ÿ)+ /FWFMDJFUĻFMFLUSăCBTĻWBEV ĻCFUĻHBOĻUJLBJ TBWJFOPUâKV /PNBJOJFUĻBUUJFDăHPĻTQVME[J ĻLâĻOPSâEăUT 1JSNTĻJFTMùHUĻMVLUVSVTĻWBJĻNBJOăUĻBUTMùHBT QP[ăDJKV ĻKâV[TUâEBĻVOĻQBSFJ[JĻKâQJFWJFOPĻQSJFL tùKBJTĻMVLUVSJT 4BTQJFEJFUĻâĸVTĻLPQâ *[TQJFEJFUĻWâLV /PNBJOJFUĻBUUJFDăHPĻTQVME[J ĻLâĻOPSâEăUT /PĪFNJFUĻWâLV ĻTLBUăUĻMQQĻ 1BCăEJFUĻTQVME[FTĻMJH[EVĻV[ĻBVHtV ĻMăE[ UâĻBUCSăWPKBT *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ "VUPNPCJĮJĻBSĻIBMPHùOBĻQSJFLtùKJFNĻMVLUVSJFN 6GJPKUMęCRMQRGWPUGTXKUU .WMVWTK 6ęNęUICKUOCU 2CRKNFWVęNQICKUOWUVCTU "UWJFOPKJFUĻQSJFLtùKPĻMVLUVSJ ĻTLBUăU MQQĻ "UWJFOPKJFUĻQSJFLtùKPĻMVLUVSJ ĻTLBUăU MQQĻ /PĪFNJFUĻWâLV ĻTLBUăUĻMQQĻ /PĪFNJFUĻWâLV ĻTLBUăUĻMQQĻ 1BHSJF[JFUĻTQVME[FTĻMJH[EVĻQSFUùKJĻQVML TUFĪSâEăUâKVĻLVTUăCBTĻWJS[JFOBN *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ 1BCăEJFUĻTQVME[FTĻMJH[EVĻV[ĻBVHtV ĻMăE[ UâĻJSĻBUWJFOPUB *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ "VUPNPCJĮJĻBSĻIBMPHùOBĻQSJFLtùKJFNĻMVLUVSJFN "VUPNPCJĮJĻBSĻLTFOPOBĻQSJFLtùKJFNĻMVLUVSJFN Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 2CITKG\KGPCTęFĦVęLKOKTIQLQÝKICKUOCU UKIPęNKRTKGMÝRWUġ "UWJFOPKJFUĻQSJFLtùKPĻMVLUVSJ ĻTLBUăU MQQĻ /PĪFNJFUĻWâLV *FTQJFEJFUĻSPLUVSJĻV[ĻJFLtV *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ 6GJPKUMęCRMQRGWPUGTXKUU .WMVWTK )CDCTĦVNWMVWTKUVęXICKUOCU 5ęPWICDCTĦVNWMVWTK &KGPCUICKUOCUNWMVWTK "UWJFOPKJFUĻQSJFLtùKPĻMVLUVSJ ĻTLBUăU MQQĻ "UWJFOPKJFUĻQSJFLtùKPĻMVLUVSJ ĻTLBUăU MQQĻ /PĪFNJFUĻWâLV 1BWFMDJFUĻV[ĻMFKVĻTQVME[FTĻMJH[EV 1BHSJF[JFUĻTQVME[FTĻMJH[EVĻQSFUùKJĻQVML TUFĪSâEăUâKVĻLVTUăCBTĻWJS[JFOBN *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ /PĪFNJFUĻWâLV 1BHSJF[JFUĻTQVME[FTĻMJH[EVĻQSFUùKJĻQVML TUFĪSâEăUâKVĻLVTUăCBTĻWJS[JFOBN *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ /FBUUJFDBTĻV[ĻBVUPNPCJĮJFNĻBSĻLTFOPOBĻQSJFLtùKJFNĻMVLUVSJFN ĻKPĻUJFĻJSĻBQSăLPUJĻBSĻ-&%ĻMBNQâN "UUJFDBTĻUJLBJĻV[ĻEJFOBTĻHBJUBTĻMVLUVSJFNĻBSĻTQVME[ùN `` 6GJPKUMęCRMQRGWPUGTXKUU .WMVWTK #K\OWIWTGUURWNFäWCVTCÝCPęUXKGVC /PĪFNJFUĻWâLV 1BHSJF[JFUĻTQVME[FTĻMJH[EVĻQSFUùKJĻQVML TUFĪSâEăUâKVĻLVTUăCBTĻWJS[JFOBN *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ #SFNxVĻTJHOâMMVLUVSJTĻ HBJTNBTĻEJPxV (BCBSăUMVLUVSJĻ HBJTNBTĻEJPEFT #SFNxVĻTJHOâMT 4âOVĻHBCBSăUMVLUVSJĻ HBJTNBTĻEJPEFT 1BHSJF[JFOBĻSâEăUâKJ "UQBLBĮHBJUBTĻMVLUVSJT "J[NVHVSùKBJTĻNJHMBTĻMVLUVSJT .CORCUMQTRWUUCK\OWIWTġLCKU *OEJLBUPSVT ĻCSFNxVĻTJHOâMMVLUVSVTĻVOĻBJ[NV HVSFTĻMVLUVSVTĻWBSĻOPNBJOăUĻOPĻCBHâxBTĻOPEB MăKVNBĻJFLtQVTFT *[ĪFNJFUĻQPMTUFSùKVNâĻ ĻFTPtPĻMÜLV ĻLBT BUSPEBTĻUBKâĻQBtâĻQVTù ĻLVSâĻCPKâUâĻTQVM E[F /PTQJFEJFUĻSPLUVSJĻV[ĻTâOJFN *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV *[ĪFNJFUĻJ[EFHVtPĻTQVME[J ĻTQJFxPUĻUPĻV[ JFLtVĻVOĻHSJFxPUĻQSFUùKJĻQVMLTUFĪSâEăUâKV WJS[JFOBN /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ 6GJPKUMęCRMQRGWPUGTXKUU .WMVWTK #K\OWIWTġLCKUOKINCUNWMVWTKU 1BHSJF[JFUĻTQVME[FTĻUVSùUâKVĻQSFUùKJ QVMLTUFĪSâEăUâKVĻLVTUăCBTĻWJS[JFOBN *[WFMDJFUĻMBVLâĻTQVME[FTĻMJH[EV /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ 2CUCäKGTCURQIWīCCRICKUOQLWOU 5SJKTUÜSăĻJFWJFUPKJFUĻ BQUVWFOJĻĻNNĻHBSV USVMV ĻOB[JNĻMăE[ăHVĻQSJFLtNFUV ĻQJFNù SBN ĻHBMEBĻOB[J 6[NBOăHJĻBUEBMJFU ĻMăE[ĻBVTUJĪBĻBUCSăWP KBT 58#4ÿ)+ 6[NBOJFUJFT ĻMBJĻOFTBCPKâUVĻLâEVĻOPĻEFUB ĮâN *FWJFUPKJFUĻTLSÜWHSJF[JĻ[FNĻBQBLtùKâTĻMBN QBTĻMùDBTĻVOĻV[NBOăHJĻQBDFMJFUĻV[ĻBVHtV NBMâĻFTPtPĻJ[DJMOăUJ 6[NBOăHJĻBUEBMJFUĻVOĻJ[ĪFNJFUĻMBNQBT MùDV *[NBOUPKPUĻLOBJCMFTĻBSĻQBHBSJOâUVĻQSJFLt EBĮV ĻJ[WFMDJFUĻTQVME[JĻMBVLâĻV[ĻWJFOJFN TâOJFNĻ/FTQJFEJFUĻLOBJCMFTĻQâSâLĻTQù DăHJĻ1SFUùKâĻHBEăKVNâĻTUJLMTĻWBSĻTBQMăTU /PNBJOJFUĻTQVME[JĻVOĻJFWJFUPKJFUĻWJTBT EFUBĮBTĻBUQBLBĮĻBQHSJF[UâĻTFDăCâ 6GJPKUMKGRCTCOGVTKURWNF\GU #RICKUOQLWOU =9?# 8GKFU 5VWâTĻHBJTNBT# )Ļ-- 5âMâTĻHBJTNBT# ) 1BQJMEVĻUâMPĻHBJTNV TUBST$ )Ļ-- 1SJFLtùKJFĻQBHSJF [JFOBĻSâEăUâKJ ):8 1SJFLtùKJFĻHBCBSăU MVLUVSJ# 88Ļ-- 1SJFLtùKJFĻTâOV HBCBSăUMVLUVSJ 8:8Ļ-- %JFOBTĻHBJTNBTĻMVL UVSJ% 188 4âOVĻQBHSJF[JFOB SâEăUâKJ ĻTâOVĻTQP HVĮJ% 8:8Ļ-- "J[NVHVSùKJFĻWJS [JFOVĻSâEăUâKJ 1:8Ļ-- #SFNxVĻTJHOâMT 18Ļ-- 6GJPKUMęCRMQRGWPUGTXKUU .WMVWTK #RICKUOQLWOU " # $ % =9?# 8GKFU "UQBLBĮHBJUBTĻMVLUV SJT 18Ļ-- "J[NVHVSùKBJT NJHMBTĻMVLUVSJT )8Ļ-- 4BVMFTTBSHBĻTQP HVĮBĻBQHBJTNPKVNT 5ĻMJH[EB 8Y E 7BUJ "VUPNPCJĮJĻBSĻIBMPHùOBĻQSJFLtùKJFNĻMVLUVSJFN "VUPNPCJĮJĻBSĻLTFOPOBĻQSJFLtùKJFNĻMVLUVSJFN /PUFJLUJFNĻWBSJBOUJFN 6GJPKUMęCRMQRGWPUGTXKUU .QIWVĦTĦVęLCUNQVKĮCUWPOC\IęÝCPCUÝĨĦFWOU .QIWVĦTĦVęLCUNQVKĮCU #RMQRGUUVęXQMNKU NPCJĮBĻFMFLUSPTJTUùNVĻBUTMùHBTĻQP[ăDJKâĻ+ 1MBtâLVĻJOGPSNâDJKVĻQBSĻBUTMùHBTĻQP[ăDJ KâN ĻTLBUăUĻMQQĻ .QIWVĦTĦVęLCUNQVKĮWOCKĮC 7ùMSFJ[ĻăTJĻOPTQJFEJFUĻ56#465612 '0)+0'ĻQPHV ĻMBJĻJFTUBUăUVĻBVUPNPCJĮB FMFLUSPTJTUùNVĻBUTMùHBTĻQP[ăDJKâĻ ĻTFLVOxVĻMBJLâĻQâSWJFUPKJFUĻMBCâTĻQVTFT TWJSTMùE[JĻV[ĻBVHtVĻVOĻUVSJFUĻtBKâĻQP[ăDJKâ BQUVWFOJĻĻTFLVOEJ -PHVĻUăSăUâKVĻTMPUJĪBTĻQâSWJFUPKBTĻQP[ă DJKâĻUBJTOJĻV[ĻBVHtV 6ĝTĝVđLWUNQVKĺCUCRMQRGURQ\ĝEKLđ -BJĻWFJLUVĻOPNBJĪV ĻOPUăSăUVĻWBJĻQBDFMUVĻMPHV UăSăUâKVĻTMPUJĪBTĻ QJFNùSBN ĻMBJĻOPTLSâQùUVĻMFEV OPĻWùKTUJLMB ĻUâNĻKâBUSPEBTĻBQLPQFTĻQP[ăDJKâ 58#4ÿ)+ 1JSNTĻOPWJFUPUĻUăSăUâKVĻTMPUJĪBTĻBQLPQFT QP[ăDJKâ ĻQâSMJFDJOJFUJFT ĻLBĻUâTĻOBWĻQJFTBMV tBTĻQJFĻTUJLMB įTJĻOPTQJFxPUĻ56#465612'0)+0'ĻQPHV ĻMBJ JFTUBUăUVĻBVUPNPCJĮBĻFMFLUSPTJTUùNVĻBUTMùHBT QP[ăDJKâĻ+Ļ WBJĻJFEBSCJOPUĻBVUPNPCJMJ ĻUăSăUâKV TMPUJĪBTĻBUHSJFxBTĻTâLVNBĻQP[ăDJKâ 58#4ÿ)+ +BĻUăSăUâKVĻTMPUJĪBTĻJSĻBQLPQFTĻQP[ăDJKâ BUMJFLUBTĻOPĻWùKTUJLMB ĻUâTĻKâQJFMJFDĻBUQBLBĮ QJFĻWùKTUJLMB ĻVOĻUJLBJĻUBEĻTMPUJĪBTĻWBSùT BUHSJF[UJFTĻTâLVNBĻQP[ăDJKâĻ5BTĻĮBVT OPWùSTUĻE[JOùKBĻQâSTFHBĻLSâTBTĻOPTLSâQù tBOV *FWJFUPKJFUĻUâMWBEăCBTĻQVMUTĻBUTMùHVĻBJ[EF E[FTĻTMùE[ăĻVOĻăTJĻOPTQJFEJFUĻ56#46 5612'0)+0'ĻQPHV ĻMBJĻJFTUBUăUVĻBVUP /BWĻOFQJFDJFtBNTĻBVUPNPCJĮJFNĻBSĻ,FZMFTTĻGVOLDJKV 6GJPKUMęCRMQRGWPUGTXKUU .QIWVĦTĦVęLCUNQVKĮCUWPOC\IęÝCPCUÝĨĦFWOU ,BEĻUăSăUâKBĻTWJSBĻBUSPEBTĻBQLPQFTĻQP[ă DJKâ ĻBUMPLJFUĻUPĻV[ĻBVHtVĻ1JFTQJFEJFU TQJFEQPHV ĻLBTĻBUSPEBTĻV[ĻMPHVĻUăSăUâKB TMPUJĪBTĻQBNBUOFTĻVOĻQBWFMDJFUĻUPĻâSâ QBSBMùMJĻMPHVĻUăSăUâKBĻTWJSBJ 2+'<ÿ/' 5ăSăUâKVĻTMPUJĪVĻHBSVNTĻBUtĸJSBTĻ7BEăUâKB QVTFTĻTMPUJĪBĻJSĻHBSâLBĻQBSĻQBTBxJFSB QVTFTĻTMPUJĪV *FCăEJFUĻJFLtâĻKBVOPĻMPHVĻUăSăUâKBĻTMPUJĪV LBNùSĻTBE[JSEBNTĻLMJLtĸJT .QIWVĦTĦVęLCUNQVKĮWOCKĮC CK\OWIWTġLCKUNQIU $4ÿ&+0ó,7/5 1âSMJFDJOJFUJFT ĻWBJĻMPHVĻUăSăUâKBĻTMPUJĪBĻJS QBSFJ[JĻV[TUâEăUB /PMPLJFUĻUăSăUâKBĻTWJSVĻBUQBLBĮĻQJFĻWùKTUJLMB įTJĻOPTQJFxPUĻ56#465612'0)+0'ĻQPHV ĻMBJ JFTUBUăUVĻBVUPNPCJĮBĻFMFLUSPTJTUùNVĻBUTMùHBT QP[ăDJKâĻ+Ļ WBJĻJFEBSCJOPUĻBVUPNPCJMJ ĻUăSăUâKV TMPUJĪBTĻOPĻBQLPQFTĻQP[ăDJKBTĻBUHSJFxBT TâLVNBĻQP[ăDJKâ +BĻBVUPNBtăOBĻJSĻBQSăLPUBĻBSĻESPtăCBTĻHBJTB TQJMWFOVĻ1FEFTUSJBOĻ"JSCBH Ļ7PMWPĻJFTBLB MJFUPUĻPSJīJOâMâTĻUăSăUâKVĻTWJSBTĻVOĻUJLBJĻPSJīJ OâMâTĻUPĻEFUBĮBT $4ÿ&+0ó,7/5 +BĻBVUPNBtăOBĻJSĻBQSăLPUBĻBSĻESPtăCBTĻHBJTB TQJMWFOVĻ1FEFTUSJBOĻ"JSCBH Ļ7PMWPĻJFTBLB MJFUPUĻPSJīJOâMâTĻUăSăUâKVĻTWJSBTĻVOĻUJLBJĻPSJīJ OâMâTĻUPĻEFUBĮBT 1BDFMJFUĻUăSăUâKBĻTWJSV 4BUWFSJFUĻTMPUJĪBTĻJFLtQVTJĻ QJFĻCVMUJĪBT 1BHSJF[JFUĻQSFUùKJĻQVMLTUFĪSâEăUâKVĻWJS[JF OBN ĻMBJĻJ[NBOUPUVĻTMPUJĪBTĻHBMùKPĻQP[ăDJKV LâĻTWJSVĻQSFUĻUăSăUâKBĻLâUV ĻUâEùKâEJĻWJFHMâL OPĪFNPUĻTMPUJĪV *FTQJFEJFUĻKBVOPĻTMPUJĪVĻWJFUâĻ1âSCBVEJFU WBJĻTMPUJĪBĻJSĻTUJOHSJĻJFTUJQSJOâUB G021763 /PMBJEJFUĻUăSăUâKBĻTWJSV 6ĦTĦÝCPC *OGPSNâDJKBĻQBSĻMPHVĻUăSăUâKVĻTMPUJĪVĻVOĻWùKTUJLMB UăSătBOV ĻTLBUăUĻMQQĻĻVOĻV[ĻQSJFLtV 6GJPKUMęCRMQRGWPUGTXKUU .QIWVĦTĦVęLCUNQVKĮCUWPOC\IęÝCPCUÝĨĦFWOU 58#4ÿ)+ 5ăSJFUĻTMPUJĪBTĻSFHVMâSJĻ/FWFJDPUĻUăSăUâKVĻTMP UJĪVĻBQLPQJ ĻTBNB[JOâTĻUPĻLBMQPtBOBT JMHVNT #RUMCNQÝCPCUÝĨĦFWOCKGRKNFĦÝCPC 7ùKTUJLMBĻVOĻMVLUVSVĻBQTLBMPUâKJĻJ[NBOUPĻWJFOV tĸJESVNBĻUWFSUOJ 58#4ÿ)+ ;JFNâĻMJFUPKJFUĻNB[HâtBOBTĻtĸJESVNVĻBS QSFUTBTBMtBOBTĻQJFEFWV ĻMBJĻOPWùSTUVĻTBTBM tBOVĻTÜLOă ĻUWFSUOùĻVOĻtĮÜUFOùT 5JMQVNJ ĻTLBUăUĻMQQĻ 6GJPKUMęCRMQRGWPUGTXKUU #MWOWNCVQTU &CTDĦDC "LVNVMBUPSBĻLBMQPtBOBTĻMBJLVĻVOĻEBSCăCV JFUFLNù ĻQJFNùSBN ĻJFEBSCJOâtBOBTĻSFJxV TLBJUT ĻJ[MâEùtBOâT ĻCSBVLtBOBTĻTUJMT ĻCSBVL tBOBTĻBQTUâLĮJ ĻLMJNBUBĻBQTUâLĮJĻVUU p /FLâEâĻHBEăKVNâĻOFBUWJFOPKJFUĻBLVNVMB UPSV ĻLBNùSĻEBSCPKBTĻE[JOùKT p 1âSCBVEJFU ĻWBJĻBLVNVMBUPSBĻLBCFĮJĻJS QBSFJ[JĻQJFWJFOPUJĻVOĻQBSFJ[JĻQJFWJMLUJ $4ÿ&+0ó,7/5 p "LVNVMBUPSTĻWBSĻSBEăUĻĮPUJĻTQSâE[JFO CăTUBNVĻHâ[JĻ/FQBSFJ[JĻQJFWJFOPKPU BLVNVMBUPSBĻTBWJFOPUâKWBEV ĻWBS SBTUJFTĻE[JSLTUFMFT ĻLBTĻTBWVLâSUĻWBS J[SBJTăUĻBLVNVMBUPSBĻFLTQMP[JKV p "LVNVMBUPSTĻTBUVSĻTùSTLâCJ ĻLBTĻWBS J[SBJTăUĻOPQJFUOVTĻBQEFHVNVT p +BĻTùSTLâCFĻJFLĮÜTUĻBDăT ĻOPOâLĻV[ âEBTĻWBJĻBQīùSCB ĻTLBMPKJFUĻTLBSUPĻWJFUV BSĻMJFMVĻÜEFOTĻEBVE[VNVĻ+BĻTùSTLâCF JFLĮÜTUĻBDăT ĻOFLBWùKPUJFTĻWùSTJFUJFTĻQJF âSTUB 2+'<ÿ/' "LVNVMBUPSBĻBULâSUPUBĻJ[MâEùtBOâTĻTBăTJOB UâĻLBMQPtBOBTĻJMHVNV "LVNVMBUPSBĻLBMQPtBOBTĻJMHVNVĻJFUFLNù WBJSâLJĻGBLUPSJ ĻUPTUBSQĻCSBVLtBOBTĻBQTUâLĮJ VOĻLMJNBUTĻ"LVNVMBUPSBĻJFEBSCJOâtBOBT KBVEBĻBSĻMBJLVĻQBLâQFOJTLJĻTBNB[JOâT UâEùĮ ĻKBĻBVUPNBtăOBĻJMHTUPtJĻOBWĻMJFUPUBĻWBJ BSĻUPĻOPCSBVLUJĻUJLBJĻăTJĻBUUâMVNJ ĻBLVNVMB UPSTĻJSĻKâV[MâEùĻĂSLâSUăHJĻMJFMâĻBVLTUVNâ JFEBSCJOâtBOBTĻKBVEBĻJSĻJFSPCFxPUB -BJĻV[UVSùUVĻBLVNVMBUPSVĻMBCâĻTUâWPLMă JFUFJDBNTĻOFEùĮâĻCSBVLUĻWJTNB[ĻĻNJOÜUFT WBJĻQJFWJFOPUĻBLVNVMBUPSVĻMâEùUâKBNĻBS BVUPNâUJTLPĻJNQVMTWFJEBĻV[MâEJ 1JMOăHJĻV[MâEùUBNĻBLVNVMBUPSBNĻJSĻNBLTJ NâMTĻLBMQPtBOBTĻJMHVNT 58#4ÿ)+ "LVNVMBUPSBĻV[MâEFJĻOFLâEâĻHBEăKVNâ OFESăLTUĻMJFUPUĻâUSâTĻV[MâEFTĻJFSăDJ 58#4ÿ)+ /FJFWùSPKPUĻUâMâLĻTOJFHUPTĻOPSâEăKVNVT QùDĻâSùKâĻBLVNVMBUPSBĻWBJĻBLVNVMBUPSB MâEùUâKBĻQJFTMùHtBOBTĻăTMBJDăHJĻWBSĻUJLU EFBLUJWùUBĻJOGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJTUù NBTĻFOFSīJKBTĻUBVQătBOBTĻGVOLDJKBĻVOWBJ ăTMBJDăHJĻWBSĻOFCÜUĻQJFFKBNTĻJOGPSNâDJKBT EJTQMFKâĻFTPtBJTĻ[JĪPKVNTĻQBSĻHBMWFOâĻBLV NVMBUPSBĻV[MâEFTĻMăNFOJ p "VUPNBtăOBTĻHBMWFOâĻBLVNVMBUPSB OFHBUăWPĻTQBJMJĻPGMęFęICFĦLWOę OFESăLTUĻQJFWJFOPUĻâSùKBNĻBLVNVMBUP SBNĻWBJĻBLVNVMBUPSBĻMâEùUâKBNĻĻQBS [FNùKVNBĻQVOLUVĻESăLTUĻJ[NBOUPUĻUJLBJ CWVQOCÝĦPCUÝCUKLW "QSBLTUVĻQBSĻLBCFĮVĻJ[WBETQBJĮVĻQJFWJFOP tBOVĻTLBUJFUĻOPEBĮâĻ1BMăE[ăCBĻJFEBSCJOPU 6GJPKUMęCRMQRGWPUGTXKUU #MWOWNCVQTU 5KODQNKW\CMWOWNCVQTC *[WBJSJFUJFTĻOPĻE[JSLTUF MùNĻVOĻBULMâUBTĻMJFTNBT BLVNVMBUPSBĻUVWVNâ -JFUPKJFUĻBJ[TBSHCSJMMFT 4QSâE[JFOCăTUBNT 1MBtâLBĻJOGPSNâDJKBĻEPUB ăQBtOJFLBĻSPLBTHSâNBUâ +âOPEPEĻBULâSUPUBJĻQâS TUSâEFJ (MBCâKJFUĻBLVNVMBUPSV CùSOJFNĻOFQJFFKBNâ WJFUâ "LVNVMBUPSTĻTBUVS LPEăHVĻTLâCJ 2+'<ÿ/' )CNXGPęCMWOWNCVQTCPQOCKĮC 7PMWPĻJFTBLBĻV[UJDùUĻBLVNVMBUPSBĻOPNBJĪV BVUPSJ[ùUBNĻTFSWJTBNĻĻJFUFJDBNTĻBVUPSJ[ùUBN 7PMWPĻTFSWJTBNĻ-BJĻJFHÜUVĻQMBtâLVĻJOGPSNâ DJKVĻQBSĻBVUPNPCJĮBĻHBMWFOPĻBLVNVMBUPSVĻ TLBUăUĻMQQĻ 5VCTV5VQR "VUPNPCJĮJĻBSĻ4UBSU4UPQĻGVOLDJKVĻJSĻBQSăLPUJĻBS EJWJFNĻĻ7ĻBLVNVMBUPSJFNĻĻWJFOVĻăQBtJĻKBV EăHVĻBLVNVMBUPSVĻJFEBSCJOâtBOBJĻVOĻWJFOV HBJETUâWFTĻBLVNVMBUPSV ĻLBTĻQBMăE[ĻWFJLU 4UBSU4UPQĻGVOLDJKBTĻOPESPtJOâUPĻJFEBSCJOâ tBOV 1MBtâLVĻJOGPSNâDJKVĻQBSĻ4UBSU4UPQĻĻTLBUăU MQQĻ -BJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKVĻQBSĻBVUPNPCJĮB HBMWFOPĻBLVNVMBUPSVĻĻTLBUăUĻMQQĻĻVOĻ MQQ /PMJFUPUTĻBLVNVMBUPSTĻKâJ[NBOUPĻBULâSUPUJ WJEFJĻESBVE[ăHâĻWFJEâ ĻKPĻUBTĻTBUVSĻTWJOV 6GJPKUMęCRMQRGWPUGTXKUU #MWOWNCVQTU #MW OWNC VQTU #VDCNUVU Ļ# # Ļ$ $ ¯¯# ¯¯# įTMBJDăHJĻTBNB[JOâUBĻ4UBSU4UPQĻGVOLDJKB ĻLP J[SBJTBĻMJFMTĻTUSâWBTĻQBUùSJĪt ĻOP[ăNù ¯¯$ ¯¯$ p %[JOùKTĻUJFLĻBVUPNâUJTLJĻJFEBSCJOâUT # # $ $ "VLTUâT JFEBSCJ OâtBOBT LBQBDJ UâUF" $$"Ļ " *[NùST% HYQYB NN +BVEB "I " # $ % 2+'<ÿ/' +GFCTDKPę ÝCPC 4BTLBĪâĻBSĻ&/ĻTUBOEBSUV .BOVâMâĻQâSOFTVNLâSCB "VUPNâUJTLâĻQâSOFTVNLâSCB -JFMâLBJTĻJFTQùKBNBJTĻJ[NùST p +PĻBVHTUâLTĻBVUPNPCJĮBĻTUSâWBTĻQBUù SJĪtĻ QBQJMEVĻE[FTùtBOBTJMEătBOBĻVD KPĻWBJSâLĻBLVNVMBUPSTĻKâV[MâEùĻĻMJFMâLT EFHWJFMBTĻQBUùSJĪt p ,BEĻBLVNVMBUPSBĻKBVEBĻOPLSăUBTĻ[FN [FNâLâĻQJFĮBVKBNâĻMăNFĪB ĻUBEĻGVOL DJKBĻ4UBSU4UPQĻUJFLĻJ[TMùHUB WBEăUâKBNĻOFOPTQJFxPUĻTBKÜHBĻQFEâMJ NBOVâMâĻQâSOFTVNLâSCB p %[JOùKTĻUJFLĻBVUPNâUJTLJĻJFEBSCJOâUT ĻWBEă UâKBNĻOFOPĪFNPUĻLâKVĻOPĻCSFNxVĻQFEâĮB BVUPNâUJTLâĻQâSOFTVNLâSCB 58#4ÿ)+ /PNBJOPUĻBLVNVMBUPSVTĻBVUPNBtăOâNĻBS 4UBSU4UPQĻGVOLDJKV ĻKâV[TUâEBĻ"(.ĻUJQB BLVNVMBUPSJ "CTPSCFEĻ(MBTTĻ.BU "VUPNâUJTLâĻJFEBSCJOâtBOBĻWBSĻOPUJLUĻUJLBJĻUâEâĻHBEăKVNâ ĻKBĻQâSOFTVNVĻQâSTMùHTWJSBĻBUSPEBTĻOFJUSâMâĻQP[ăDJKâ "LVNVMBUPSTĻJFEBSCJOâtBOBJĻJSĻEFUBMJ[ùUJĻBQSBLTUăUTĻĻMQQ #MWOWNCVQTWCVTCÝCPęUXKGVCU 5VCTVGTCCMWOWNCVQTU)CKFUVđXGUCMWOWNC VQTU "UCBMTUBĻBLVNVMBUPSBNĻQBSBTUJĻOBWĻWBKBE[ăHB CJFxâLBĻBQLPQFĻOFLâĻQBSBTUBNĻBLVNVMBUP SBN ĻLPĻJ[NBOUPĻJFEBSCJOâtBOBJĻ+BĻSPEBTĻKBV UâKVNJĻWBJĻQSPCMùNBT ĻKâTB[JOâTĻBSĻTFSWJTVĻ JFUFJDBNTĻTB[JOâUJFTĻBSĻBVUPSJ[ùUVĻ7PMWPĻTFS WJTV 6GJPKUMęCRMQRGWPUGTXKUU #MWOWNCVQTU 58#4ÿ)+ +BĻOFUJFLĻJFWùSPUJĻUâMâLĻNJOùUJFĻOPSâEăKVNJ UBEĻJFEBSCJOâtBOBTJ[TMùHtBOBTĻGVOLDJKB WBSĻăTMBJDăHJĻCFJHUĻEBSCPUJFTĻQùDĻâSùKâĻBLV NVMBUPSBĻWBJĻBLVNVMBUPSBĻMâEùUâKBĻQJFWJF OPtBOBT p "VUPNBtăOBTĻHBMWFOâĻBLVNVMBUPSB OFHBUăWPĻTQBJMJĻPGMęFęICFĦLWOę OFESăLTUĻQJFWJFOPUĻâSùKBNĻBLVNVMBUP SBNĻWBJĻBLVNVMBUPSBĻMâEùUâKBNĻĻQBS [FNùKVNBĻQVOLUVĻESăLTUĻJ[NBOUPUĻUJLBJ CWVQOCÝĦPCUÝCUKLW "QSBLTUVĻQBSĻLBCFĮVĻJ[WBETQBJĮVĻQJFWJFOP tBOVĻTLBUJFUĻOPEBĮâĻ1BMăE[ăCBĻJFEBSCJOPU 2+'<ÿ/' +BĻBLVNVMBUPSTĻJSĻUJLĻĮPUJĻJ[MâEùKJFT ĻLBĻWJTT JSĻNFMOTĻVOĻBVUPNPCJMJNĻOBWĻWJTVĻQBSBTUP FMFLUSJTLPĻGVOLDJKV ĻVOĻtâEâĻTJUVâDJKâĻE[J OùKTĻUJFLĻJFEBSCJOâUT ĻJ[NBOUPKPUĻâSùKPĻBLV NVMBUPSVĻWBJĻBLVNVMBUPSBĻMâEùUâKV ĻUBE JFTMùE[BTĻGVOLDJKBĻ4UBSU4UPQĻ%[JOùKTĻWBSùT BVUPNâUJTLJĻJ[TMùHUJFT ĻCFUĻBVUPNâUJTLâT J[TMùHtBOâTĻHBEăKVNâĻGVOLDJKBĻ4UBSU4UPQ WBSĻOFTQùUĻBVUPNâUJTLJĻJFEBSCJOâUĻE[JOùKV OFQJFUJFLPtBTĻBLVNVMBUPSBĻKBVEBTĻEùĮ -BJĻOPESPtJOâUV ĻLBĻQùDĻBVUPNâUJTLBT J[TMùHtBOâTĻE[JOùKTĻWBSùUVĻBVUPNâUJTLJ JFTMùHUJFT ĻBLVNVMBUPSTĻJSĻKâV[MâEùĻ+BĻâSB UFNQFSBUÜSBĻJSĻ Ļ$ ĻBLVNVMBUPSTĻJS KâMâEùĻWJTNB[ĻĻTUVOEVĻ+BĻUFNQFSBUÜSBĻJS [FNâLB ĻMâEùtBOBTĻMBJLVĻJFUFJDBNTĻQBHBSJ OâUĻMăE[ĻĻTUVOEâNĻ"LVNVMBUPSVĻJFUFJ DBNTĻMâEùU ĻJ[NBOUPKPUĻâSùKPĻBLVNVMBUPSB MâEùUâKV +BĻUBTĻOBWĻJFTQùKBNT ĻUBEĻJFUFJDBNTĻăTMBJ DăHJĻEFBLUJWùUĻGVOLDJKVĻ4UBSU4UPQ ĻMăE[ĻBLV NVMBUPSTĻUJLTĻQJFOâDăHJĻV[MâEùUT 1MBtâLVĻJOGPSNâDJKVĻQBSĻBLVNVMBUPSBĻMâEù tBOVĻTLBUJFUĻOPEBĮBTĻ5FIOJTLâĻBQLPQF SFNPOUTĻTBEBĮâĻ"LVNVMBUPST 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK 8KURęTĦIK &TQÝKPęVęLWDNQMWCVTCÝCPęUXKGVC 7JTBTĻFMFLUSJTLâTĻGVOLDJKBTĻVOĻEBĮBTĻJSĻBJ[TBS HâUBTĻBSĻWBJSâLJFNĻESPtJOâUâKJFN ĻMBJĻQBTBS HâUVĻBVUPNPCJĮBĻFMFLUSPTJTUùNVĻOPĻăTTMùHVNV WBJĻQâSTMPE[FTĻSBEăUJFNĻCPKâKVNJFN +BĻLâEBĻFMFLUSJTLâĻEBĮBĻWBJĻGVOLDJKBĻOFEBSCP KBT ĻUBTĻWBSĻCÜUĻUâQùD ĻLBĻtăTĻEBĮBTĻESPtJOâUâKT JSĻUJDJTĻăTMBJDăHJĻQâSTMPHPUTĻVOĻJSĻQâSEFE[JTĻ+B UBTĻQBUTĻESPtJOâUâKTĻQâSEFHĻBULâSUPUJ ĻCPKâ KVNTĻJSĻFMFLUSJTLBKâĻJFSăDùĻ7PMWPĻJFTBLBĻBQNF LMùUĻ7PMWPĻQJMOWBSPUVĻTFSWJTV ĻMBJĻWFJLUVĻQâS CBVEJ &TQÝKPęVęLWOCKĮC 4LBUJFUĻESPtJOâUâKVĻTIùNV ĻMBJĻBUSBTUV BUUJFDăHPĻESPtJOâUâKV *[ĪFNJFUĻESPtJOâUâKVĻVOĻBQTLBUJFUĻUPĻOP TâOJFN ĻMBJĻSFE[ùUV ĻWBJĻMJFLUBJTĻWBETĻJS QâSEFE[JT +BĻUâĻJSĻOPUJDJT ĻOPNBJOJFUĻUPĻBSĻKBVOV UâEBTĻQBtBTĻLSâTBTĻVOĻTUSâWBTĻTUJQSVNB ESPtJOâUâKV $4ÿ&+0ó,7/5 /PNBJOPUĻESPtJOâUâKV ĻOFLâEâĻHBEăKVNâ OFJ[NBOUPKJFUĻTWFtĸFSNFOJĻWBJĻESPtJOâUâKV LVSBĻTUSâWBTĻTUJQSVNTĻBNQùSPTĻQâSTOJFE[ OPSâEăUPĻ5BTĻWBSĻJ[SBJTăUĻJFWùSPKBNVTĻFMFL USPTJTUùNBTĻCPKâKVNVTĻVO ĻJFTQùKBNT J[SBJTăUĻVHVOTHSùLV %SPtJOâUâKVĻCMPLVĻBUSBtBOâTĻWJFUBĻBVUPNPCJMă BSĻTUÜSJĻLSFJTBKâĻQVTùĻ"VUPNPCJMăĻBSĻTUÜSJ MBCBKâĻQVTùĻ[FNĻDJNEVĻOPEBMăKVNBĻFTPtBJT ESPtJOâUâKVĻCMPLTĻBUSPEBTĻQSFUùKâĻQVTù %[JOùKBĻOPEBMăKVNT ;FNĻDJNEVĻOPEBMăKVNB ;FNĻQSJFLtùKâĻMBCâTĻQVTFTĻTùEFLĮB 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK &\KPġLCPQFCNĦLWOU 7âDJĪBĻJFLtQVTùĻJSĻQJODFUF ĻLBTĻBUWJFHMPĻESPtJ OâUâKVĻJ[ĪFNtBOVĻVOĻQJFTUJQSJOâtBOV 2ęTUGIWPQĮGOÝCPC %SPtJOâUâKVĻCMPLâĻJSĻWJFUBĻWBJSâLJFNĻSF[FSWFT ESPtJOâUâKJFN &TQÝKPęVęLWOCKĮC %SPtJOâUâKJFNĻWBSĻQJFLĮÜU ĻOPĪFNPUĻQâSTFHV LBTĻV[TUâEăUTĻV[ĻTUBSUFSBĻBLVNVMBUPSB ĻVO FMFLUSPTJTUùNBTĻTBEBMFTĻCMPLBĻQâSTFHV "UMPLJFUĻGJLTBUPSVT ĻLBTĻBUSPEBTĻQâS TFHBĻBCâTĻQVTùTĻV[ĻTUBSUFSBĻBLVNVMBUPSB $FMJFUĻQâSTFHVĻUBJTOJĻV[ĻBVHtV "UMPLJFUĻGJLTBUPSV ĻLBTĻBUSPEBTĻFMFLUSP TJTUùNBTĻTBEBMFTĻCMPLBĻTâOPT 1BHSJF[JFUĻQâSTFHVĻV[ĻBVHtV ĻMăE[ĻUJFL BUCMPĸùUJĻGJLTùKPtJFĻJ[DJĮĪJĻ `` 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK (WPMEKLC # (WPMEKLC # 7FOUJMBUPST 4UBSNFtVĻWBEăCBTĻTMùE[JT ĻQSJFL tùKPĻMVLUVSVĻWBEăCB *FLtùKBJTĻSFMFKBĻUJOVNT Ļ7ĻLPOUBLUMJH[EB ĻQSJFLtùKâ UVOFĮLPOTPMF 1âSOFTVNLâSCBTĻWBEăCBTĻNPEV MJT 4PMFOPăEBĻQâSTMùE[ùKBĻ"$ %SPtJOâUâKVĻĻHBMWFOBJTĻESP tJOâUâKT 4UBSUFSBĻNPUPSBĻFOFSīJKBTĻQâS WFJEPUâKBĻTPMFOPăETĻ OFWJTĻ4UBSU 4UPQ 2ęTUGIWW\UVęFĦÝCPC %FUBĮBTĻJFWJFUPKJFUĻBUQBLBĮĻQSFUùKâĻTFDăCâ &MFLUSJTLJĻWBEâNBJTĻWùKTUJLMT MBCâĻQVTF 5VęXQMīK -PLJFUĻQâSTFHVĻQSFUĻE[JOùKV ĻMBJĻQJFLĮÜUV ESPtJOâUâKJFN 7âDJĪBĻJFLtQVTùĻFTPtBKâĻV[MăNùĻJSĻOPSâEăUBT ESPtJOâUâKVĻBUSBtBOâTĻWJFUBT p %SPtJOâUâKJĻĻJSĻ+$"4&ĻUJQBĻESPtJOâ UâKJ ĻVOĻUPTĻESăLTUĻNBJOăUĻUJLBJĻTFSWJTâ p %SPtJOâUâKJĻĻVOĻĻJSĻ.JOJĻ'VTF UJQBĻESPtJOâUâKJ &MFLUSJTLJĻWBEâNBJTĻWùKTUJLMT LSFJTâĻQVTF Ļ7ĻLPOUBLUMJH[EB ĻBJ[NVHVSFT UVOFĮLPOTPMF 4UâWBQTJMEF ,MJNBUBĻTFOTPST ĻHBJTBĻJFQMÜEFT BUWFSVĻESPTFMFTĻNPUPSJ 7ùKTUJLMBĻUăSăUâKJ %[JOùKBĻWBEăCBTĻNPEVMJTĻ ĻDJM &MFLUSJTLJĻWBEâNTĻTùEFLMJT ĻMBCâ QVTF (WPMEKLC # "#4ĻQVNQJT $FOUSâMBJTĻFMFLUSPOJTLBJTĻNPEV MJT ĻBUTBVDFTĻTQSJFHVNT ĻHBJE TUâWFTĻBLVNVMBUPSTĻ 4UBSU4UPQ "#4ĻWFOUJĮJ 4LBĪBTĻTJHOâMT 1SJFLtùKPĻMVLUVSVĻBQTLBMPtBOB #SFNxVĻTJHOâMT *FUFJDBNTĻJ[NBOUPUĻBVUPSJ[ùUVĻ7PMWPĻSFNPOUEBSCOăDV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK (WPMEKLC # (WPMEKLC # (WPMEKLC # %[FTùtBOBTĻWFOUJMBUPSBĻSFMFKB TQPMFĻ ĻDJM ĻĻDJMĻEă[FĮE[JOùKT MBNCEBĻ[POEFTĻ ĻDJMĻCFO[ăOB E[JOùKT ĻHBJTBĻQMÜTNBTĻNBTBT TFOTPSTĻ Eă[FĮE[JOùKT ĻQâSQMÜEFT WâSTUT Ļ&(3ĻE[FTùtBOBĻ Eă[FĮE[J OùKT ĻEFHWJFMBTĻQMÜTNBTĻSFHVMù UâKWâSTUTĻ ĻDJMĻEă[FĮE[JOùKT EFHWJFMBTĻTQJFEJFOBĻSFHVMùUâK WâSTUTĻ ĻDJMĻEă[FĮE[JOùKT %[JOùKBĻWBEăCBTĻNPEVMJTĻ ĻDJM %[JOùKBĻWBEăCBTĻJFSăDFĻ ĻDJM ESPTFMFTĻJFSăDFĻ ĻDJMĻCFO[ăOB E[JOùKT "#4 %[JOùKBĻWBEăCBTĻNPEVMJT ĻQâSOF TVNLâSCBTĻWBEăCBTĻNPEVMJT ESPtăCBTĻHBJTBĻTQJMWFOJ %[FTùtBOBTĻWFOUJMBUPSBĻSFMFKB TQPMFĻ ĻDJMĻCFO[ăOBĻE[JOùKT MBNCEBĻ[POEFTĻ ĻDJMĻCFO[ăOB E[JOùKT &ĮĮBTĻTÜLOJT ĻBVUPNâUJTLâĻQâSOF TVNLâSCBĻ ĻDJMĻ4UBSU4UPQ HBJTBĻQMÜTNBTĻNBTBTĻTFOTPST CFO[ăOBĻE[JOùKT Ļ&7"1ĻWâSTUT ĻDJMĻCFO[ăOBĻE[JOùKT ĻWâSTUJĻ DJMĻCFO[ăOBĻE[JOùKT ĻTPMFOPăEJĻ DJMĻCFO[ăOBĻE[JOùKT ĻLBSUFSBĻWFO UJMâDJKBTĻTJMEăUâKTĻ ĻDJMĻCFO[ăOB E[JOùKT ĻUVSCPQÜUFTĻTFSWPNP UPSTĻ ĻDJMĻEă[FĮE[JOùKT ĻEFHWJF MBTĻQMÜTNBTĻSFHVMùUâKWâSTUTĻ DJMĻEă[FĮE[JOùKT ĻWJS[VĮVĻE[FTù tBOBTĻTPMFOPăETĻ ĻDJMĻEă[FĮE[J OùKT ĻUVSCPQÜUFTĻWBEăCBTĻWâSTUT ĻDJMĻEă[FĮE[JOùKT ĻFĮĮBTĻMăNFĪB TFOTPSTĻ ĻDJMĻEă[FĮE[JOùKT 7JFHMBĻBVHTUVNBĻWBEăCBTĻJFSăDF &MFLUSJTLTĻWBEăCBTĻTFSWPNPUPST 7âSTUJĻ ĻDJMĻCFO[ăOBĻE[JOùKT TPMFOPăEJĻ ĻDJMĻCFO[ăOBĻE[JOùKT JOxFLUPSJĻ ĻDJMĻCFO[ăOBĻE[JOùKT MBNCEBĻ[POEFĻ Eă[FĮE[JOùKT LBSUFSBĻWFOUJMâDJKBTĻTJMEăUâKTĻ ĻDJM Eă[FĮE[JOùKT $FOUSâMBJTĻFMFLUSPOJTLBJTĻNPEV MJT "J[EFE[FTĻTQPMFTĻ CFO[ăOBĻE[J OùKT %ă[FĮEFHWJFMBTĻGJMUSBĻTJMEăUâKT LWùMTWFÀVĻWBEăCBTĻCMPLTĻ ĻDJM Eă[FĮE[JOùKT %[FTùtBOBTĻtĸJESVNBĻTÜLOJT 4UBSU4UPQ 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNB "LTFMFSBUPSBĻQFEâĮBĻTFOTPST 6[MâEFTĻTUBDJKB ĻHBJETUâWFT CBUFSJKB `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK (WPMEKLC # 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK <GOEKOFWPQFCNĦLWOC &\KPġLCPQFCNĦLWOCFTQÝKPęVęLWDNQMC WâDJĪBĻJFLtQVTùĻJSĻQJODFUF ĻLBTĻBUWJFHMPĻESPtJ OâUâKVĻJ[ĪFNtBOVĻVOĻQJFTUJQSJOâtBOV &\KPġLCPQFCNĦLWOCFTQÝKPęVęLWDNQMęĻJS WJFUBĻWBJSâLJFNĻSF[FSWFTĻESPtJOâUâKJFN &TQÝKPęVęLWOCKĮC %SPtJOâUâKJFNĻWBSĻQJFLĮÜU ĻOPĪFNPUĻESPtJOâ UâKVĻCMPLBĻBJ[TBSHWâDJĪV 8ęEKĮCPQĮGOÝCPC 4BUWFSJFUĻQBE[JĮJOâKVNVĻVOĻWFMDJFU ĻMăE[ WâDJĪBĻBQBLtEBĮBTĻGJLTBUPSJĻBUCSăWPKBTĻOP ESPtJOâUâKVĻCMPLB /PĪFNJFUĻWâLV 2+'<ÿ/' -BJĻBUCSăWPUVĻWâLBĻBVHtùKâĻNBMâĻFTPtPTĻGJL TBUPSVTĻOPĻFMFLUSPTBEBMFTĻTLBQKB ĻJSĻOFQJF DJFtBNTĻSFMBUăWJĻMJFMTĻTQùLT 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK 8ęEKĮCW\NKMÝCPCCVRCMCī (WPMEKLC # (WPMEKLC # %FHWJFMBTĻTÜLOJT 4UÜSFTĻTMùE[FOF ,PNCJOùUBJTĻLPOUSPMNùSJOTUSV NFOUVĻQBOFMJT $FOUSâMâTĻBJ[TMùHtBOBTĻTJTUùNB EFHWJFMBTĻUWFSUOFTĻBJ[WJSUOJT# ,MJNBUBĻQBOFMJT 4UÜSFTĻSBUBĻNPEVMJT /PWJFUPKJFUĻBQBLtùKâTĻBVTUJĪBTĻWJFUâ "QHSJF[JFUĻWâLVĻPUSâEJ ĻMăE[ĻBVHtùKâT BVTUJĪBTĻOPGJLTùKBT 2+'<ÿ/' 1âSMJFDJOJFUJFT ĻLBĻBVHtùKJFĻGJLTBUPSJĻLâSUăHJ JFHVMUTĻFMFLUSPTBEBMFTĻTLBQKBĻQBE[JĮJOâKV NPT 5VęXQMīK "J[NVHVSùKâĻTUJLMBĻUăSăUâKT 4BMPOBĻBQHBJTNPKVNT ĻKVNUB LPOTPMFĻQSJFLtùKâNĻMBTătBOBT MBNQâNĻVOĻQBTBxJFSVĻTBMPOB BQHBJTNPKVNT 4BMPOBĻBQHBJTNPKVNT ĻFMFLUSJTLJ EBSCJOâNJFĻTùEFLĮJ 4BVMKVNT ĻTUJLMBĻKVNUT -JFUVTĻTFOTPST ĻBQUVNtPtBOB BUQBLBĮTLBUBĻTQPHVMJT ĻNJUSVNB TFOTPST 4BEVSTNFTĻCSăEJOâKVNBĻTJT UùNB 7âDJĪBĻJFLtQVTùĻFTPtBKâĻV[MăNùĻJSĻOPSâEăUBT ESPtJOâUâKVĻBUSBtBOâTĻWJFUBT "UTMùHtBOB ĻBJ[NVHVSFTĻEVSWJTĻ" %SPtJOâUâKJĻJSĻ.JOJĻ'VTFĻUJQBĻESPtJOâUâKJ ĻSF[FSWFTĻESPtJOâUâKBĻBUSBtB OâTĻWJFUBT ĻQBTUâWăHTĻTQSJFHVNT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 4JHOBMJ[âDJKBTĻTJSùOB ĻEBUVĻTBJ UFTĻTBWJFOPUâKTĻ0#%** 5âMâTĻHBJTNBT "UQBLBĮHBJUBTĻMVLUVSJT 7ùKTUJLMBĻUăSăUâKJ$ ĻBJ[NVHVSFT TUJLMBĻUăSăUâKT$ *NPCJMBJ[FST ĻSF[FSWFTĻESPtJOâUâKBĻBUSBtB OâTĻWJFUBT ĻQBTUâWăHTĻTQSJFHVNT ĻSF[FSWFTĻESPtJOâUâKBĻBUSBtB OâTĻWJFUBT ĻQBTUâWăHTĻTQSJFHVNT 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK (WPMEKLC # ,VTUăCBTĻTFOTPSBĻTJHOBMJ[âDJKB UâMWBEăCBTĻV[UWùSùKT 7ùKTUJLMBĻUăSăUâKJ% ĻBJ[NVHVSFT TUJLMBĻUăSăUâKT% $FOUSâMâTĻBJ[TMùHtBOBTĻTJTUùNB EFHWJFMBTĻUWFSUOFTĻBJ[WJSUOJT& "UTMùHtBOB ĻBJ[NVHVSFTĻEVSWJTĻ' &MFLUSJTLTĻQBQJMEVĻTJMEăUâKT ĻBJ[ NVHVSùKPĻTùEFLĮVĻBQTJMEFT UBVTUJĪt %SPtăCBTĻHBJTBĻTQJMWFOJ ĻHâKùKV ESPtăCBTĻHBJTBĻTQJMWFOT %SPtăCBTĻHBJTBĻTQJMWFOJ ĻHâKùKV ESPtăCBTĻHBJTBĻTQJMWFOT ĻSF[FSWFTĻESPtJOâUâKBĻBUSBtB OâTĻWJFUBT ĻQBTUâWăHTĻTQSJFHVNT " # $ % & ' 4LBUJFUĻBSăĻĻESPtJOâUâKV 4LBUJFUĻBSăĻĻESPtJOâUâKV 4LBUJFUĻBSăĻĻESPtJOâUâKV 4LBUJFUĻBSăĻĻESPtJOâUâKV 4LBUJFUĻBSăĻĻESPtJOâUâKV 4LBUJFUĻBSăĻĻESPtJOâUâKV `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK <GORTKGMÝġLęNCDęURWUGUUġFGMīC &\KPġLCPQFCNĦLWOCFTQÝKPęVęLWDNQMC WâDJĪBĻJFLtQVTùĻJSĻQJODFUF ĻLBTĻBUWJFHMPĻESPtJ OâUâKVĻJ[ĪFNtBOVĻVOĻQJFTUJQSJOâtBOV p %SPtJOâUâKJĻĻJSĻ+$"4&ĻUJQBĻESPtJOâ (WPMEKLC # p %SPtJOâUâKJĻĻVOĻĻJSĻ.JOJĻ'VTF 7BEăCBTĻQBOFMJT ĻQSJFLtùKâTĻLSFJ TâTĻQVTFTĻEVSWJT &\KPġLCPQFCNĦLWOCFTQÝKPęVęLWDNQMęĻJS WJFUBĻWBJSâLJFNĻSF[FSWFTĻESPtJOâUâKJFN 7BEăCBTĻQBOFMJT ĻQSJFLtùKâT MBCâTĻQVTFTĻEVSWJT 7BEăCBTĻQBOFMJT ĻBJ[NVHVSùKâT LSFJTâTĻQVTFTĻEVSWJT 7BEăCBTĻQBOFMJT ĻBJ[NVHVSùKâT MBCâTĻQVTFTĻEVSWJT 5VęXQMīK 7âDJĪBĻJFLtQVTùĻFTPtBKâĻV[MăNùĻJSĻOPSâEăUBT ESPtJOâUâKVĻBUSBtBOâTĻWJFUBT UâKJ ĻVOĻUPTĻESăLTUĻNBJOăUĻUJLBJĻSFNPOUEBSC OăDâ UJQBĻESPtJOâUâKJ (WPMEKLC # ,FZMFTT %VSWKVĻSPLUVSJTĻ ,FZMFTT *FUFJDBNTĻJ[NBOUPUĻBVUPSJ[ùUVĻ7PMWPĻSFNPOUEBSCOăDV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMęCRMQRGWPUGTXKUU &TQÝKPęVęLK (WPMEKLC # (WPMEKLC # (WPMEKLC # 1JFLBCFTĻLPOUBLUMJH[EBĻ %SPtJOâUâKVĻĻHBMWFOBJTĻESP tJOâUâKTĻJOGPSNâDJKBTĻVOĻJ[LMBJ EFTĻTJTUùNB &MFLUSJTLJĻWBEâNTĻTùEFLMJT LSFJTâĻQVTF "VEJPĻWBEăCBTĻJFSăDFĻ TLBĪBT QBTUJQSJOâUâKT 4ùEFLĮVĻBQTJMEF ĻBJ[NVHVSù MBCBKâĻQVTù 1JFLBCFTĻLPOUBLUMJH[EBĻ 4ùEFLĮVĻBQTJMEF ĻBJ[NVHVSù LSFJTBKâĻQVTù "J[NVHVSFTĻMPHBĻBULBVTùUâKT 5FMFNâUJLB Ļ#MVFUPPUI "VEJP ĻJOGPSNâDJKBTĻVOĻJ[LMBJEFT TJTUùNBTĻWBEăCBTĻJFSăDF #-*4 %JHJUâMBJTĻSBEJP Ļ57 "VUPNPCJĮBĻOPWJFUPtBOBTĻQBMăH GVOLDJKB Ļ7ĻLPOUBLUMJH[EB ĻCBHâxBT OPEBMăKVNT "VUPNPCJĮBĻOPWJFUPtBOBT LBNFSB 4ùEFLĮBĻBQTJMEFĻ WBEăUâKBĻQVTF 4ùEFLĮBĻBQTJMEFĻ CMBLVTTùEùUâKB QVTF 1JMOQJFE[JĪBTĻWBEăCBTĻNPEVMJT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMęCRMQRGWPUGTXKUU #WVQOCÝĦPCUCRTĹRG #WVQOCÝĦPCUOC\IęÝCPC /PNB[HâKJFUĻBVUPNBtăOV ĻUJLMăE[ĻUâĻLĮÜTU OFUăSBĻ.B[HâKJFUĻNBtăOVĻBVUPNB[HâUBWâĻBS OPUFLÜEFĪVĻTFQBSBUPSVĻ-JFUPKJFUĻBVUPĻtBN QÜOV p 1VUOVĻJ[LâSOăKVNVTĻOPĻLSâTPKVNBĻOPUăSJFU QùDĻJFTQùKBTĻâUSâLĻ1VUOVĻJ[LâSOăKVNJ TBUVSĻĸJNJLâMJKBT ĻLBTĻJFUFLNùĻLSâTPKVNV VOĻĮPUJĻâUSJĻUPĻJ[CBMJOBĻfâEJĻSBEVtPTĻJ[CB MùKVtPTĻUSBJQVTĻWBSĻMJLWJEùUĻUJLBJĻTQFDJâMJTUT BVUPSJ[ùUâĻ7PMWPĻSFNPOUEBSCOăDâ p 4LBMPKJFUĻBVUPNBtăOBTĻBQBLtV p /PTLBMPKJFUĻWJTVĻBVUPNPCJMJ ĻMăE[ĻJ[tĸăEVtJF OFUăSVNJĻJSĻOPNB[HâUJ ĻMBJĻTBNB[JOâUVĻSJTLV TBTLSâQùUĻBVUPNPCJMJĻNB[HâtBOBTĻMBJLâ /FWùSTJFUĻBVHTUTQJFEJFOBĻTUSÜLMVĻUJFtJĻQSFU TMùE[FOùN p +BĻOFQJFDJFtBNT ĻNB[HâKJFUĻĮPUJĻOFUăSBT WJSTNBTĻBSĻBVLTUVĻBUUBVLPKPtVĻMăE[FLMJ ÙFNJFUĻWùSâ ĻLBĻtBKâĻHBEăKVNâĻWJSTNBT OFESăLTUĻCÜUĻTBLBSTVtBTĻTBVMù p .B[HâtBOBJĻMJFUPKJFUĻTÜLMJ ĻBVUPĻtBNQÜOV VOĻMJFMVĻEBVE[VNVĻSFNEFOBĻÜEFOT p -PHVĻUăSăUâKVĻTMPUJĪBTĻOPUăSJFUĻBSĻSFNEFOV [JFQKÜEFOJĻWBJĻBVUPĻtBNQÜOV p /PTVTJOJFUĻBVUPNBtăOVĻBSĻUăSV ĻTBVTV [BNtâEVĻWBJĻÜEFOTĻTLSâQJĻ/FĮBVKPU ÜEFOTĻQJMJFOJFNĻOPxÜUĻTQùDăHâĻTBVMFT HBJTNâ ĻTBNB[JOâTĻSJTLTĻÜEFOTĻJ[xÜtBOBT QSPDFTâĻWFJEPUJFTĻUSBJQJFN ĻLVSVTĻWùMâL WBSĻOâLUJFTĻOPUăSăU $4ÿ&+0ó,7/5 7JFONùSĻV[UJDJFUĻE[JOùKBĻUăSătBOVĻBVUPTFS WJTBĻEBSCJOJFLJFNĻ+BĻE[JOùKTĻJSĻLBSTUT QBTUâWĻBJ[EFHtBOâTĻESBVEJ 58#4ÿ)+ /FUăSJĻQSJFLtùKJFĻMVLUVSJĻEBSCPKBTĻTMJLUâL 5ăSJFUĻUPTĻSFHVMâSJ ĻQJFNùSBN ĻV[QJMEPUĻEFH WJFMV /FMJFUPKJFUĻLPEăHVTĻNB[HâtBOBTĻMăE[FLĮVTĻ UâĻWJFUâĻJ[NBOUPKJFUĻÜEFOJĻVOĻOFTLSâQùKPtV TÜLMJ 2+'<ÿ/' 6[ĻâSùKâĻBQHBJTNPKVNBĻMVLUVSJFN ĻQJFNù SBN ĻQSJFLtùKJFNĻMVLUVSJFN ĻNJHMBTĻMVLUV SJFNĻVOĻBJ[NVHVSFTĻMVLUVSJFNĻMùDBTĻJFLt JFOùĻWBSĻSBTUJFTĻăTMBJDăHTĻLPOEFOTâUTĻ5BTĻJS OPSNâMJĻĻWJTJĻâSùKâĻBQHBJTNPKVNBĻMVLUVSJĻJS J[HBUBWPUJĻUâ ĻMBJĻUBTĻOFSBEăUVĻQSPCMùNBT 1BSBTUJĻLPOEFOTâUTĻJ[[ÜEĻOPĻMVLUVSBĻLPS QVTB ĻLBEĻMVLUVSJTĻJSĻLâEVĻMBJLVĻCJKJT JFTMùHUT .QIWVĦTĦVęLWUNQVKĮWVĦTĦÝCPC "TGBMUT ĻQVUFLĮJĻVOĻTâMTĻOPTùxBTĻV[ĻMPHVĻUăSăUâKV TMPUJĪâN ĻUâQBUĻLâĻJOTFLUJ ĻMFEVTĻVUUĻV[ĻWùK TUJLMB ĻTBăTJOPUĻMPHVĻUăSăUâKVĻTMPUJĪVĻEBSCB NÜxV -BJĻOPUăSăUV p /PWJFUPKJFUĻTUJLMBĻUăSăUâKVĻTMPUJĪBTĻBQLPQFT QP[ăDJKâ ĻTLBUăUĻMQQĻ 2+'<ÿ/' 3FHVMâSJĻOPNB[HâKJFUĻTUJLMVĻUăSăUâKVTĻVOĻWùK TUJLMVĻBSĻSFNEFOVĻ[JFQKVĻtĸăEVNVĻWBJĻBVUP NPCJĮVĻtBNQÜOV /FJ[NBOUPKJFUĻTQùDăHVTĻtĸăEJOâUâKVT #WVQOęVKUMęCWVQOC\IęVCXC .B[HâtBOBĻBVUPNâUJTLBKâĻBVUPNB[HâUBWâĻJS WJFOLâStTĻVOĻâUSTĻBVUPNPCJĮBĻNB[HâtBOBT WFJET ĻCFUĻBSĻUPĻOFWBSĻBJ[TOJFHUĻWJTBTĻWJFUBT 0QUJNâMPĻSF[VMUâUVĻTBTOJFHtBOBJĻJFTBLâNB BVUPNPCJĮBĻNB[HâtBOBĻBSĻSPLâN 2+'<ÿ/' %BxVĻQJSNPĻNùOFtVĻMBJLâĻBVUPNBtăOV ESăLTUĻNB[HâUĻUJLBJĻBSĻSPLâNĻ5BTĻKâJFWùSP UâEùĮ ĻLBĻKBVOBĻLSâTBĻJSĻKVUăHâLB /C\IęÝCPCCTCWIUVURKGFKGPCUVTĹMNW *[NBOUPKPUĻNB[HâtBOVĻBSĻBVHTUTQJFEJFOB TUSÜLMV ĻWFJDJFUĻTMBVDătBOBTĻLVTUăCBTĻVOĻSBV HJFUJFT ĻMBJĻTQSBVTMBĻBUPNPCJĮBĻWJSTNBJĻOFBU SBTUPTĻUVWâLĻQBSĻĻDNĻ tJTĻBUUâMVNTĻBUUJFDBT V[ĻWJTâNĻâSùKâNĻEBĮâN Ļ/FWùSTJFUĻBVHTUTQJF EJFOBĻTUSÜLMVĻUJFtJĻQSFUĻTMùE[FOùN 6GJPKUMęCRMQRGWPUGTXKUU #WVQOCÝĦPCUCRTĹRG $TGOäWRęTDCWFG $4ÿ&+0ó,7/5 1ùDĻBVUPNBtăOBTĻNB[HâtBOBTĻWJFONùS QâSCBVEJFUĻCSFN[FT ĻMBJĻOPESPtJOâUV ĻLB NJUSVNTĻVOĻLPSP[JKBĻOFTLBSĻCSFNxVĻV[MJLBT VOĻOFTBNB[JOBĻCSFNxVĻWFJLUTQùKV 7JFHMJĻQJFTQJFEJFUĻCSFN[FTĻQFEâMJĻUBHBEĻVO BULâSUPKJFUĻtPĻEBSCăCVĻQùDĻMJFMVĻBUUâMVNV OPCSBVLtBOBTĻMJFUÜĻWBJĻTMBQKâĻTOJFHâĻ#FS[FT J[SBJTăUBJTĻTJMUVNTĻJ[SBJTăTĻCSFNxVĻV[MJLVĻTBTJM tBOVĻVOĻJ[xÜtBOVĻ5PĻQBtVĻJ[EBSJFUĻQùDĻNBtă OBTĻJFEBSCJOâtBOBTĻĮPUJĻNJUSâĻVOĻBVLTUâĻMBJLâ óTġLęURNCUVOCUCUIWOKLCUWP FGMQTCVĦXęUFCīCU 1JFĻ7PMWPĻJ[QMBUăUâKJFNĻJFHâEâKBNTĻăQBtTĻUăSătB OBTĻMăE[FLMJT ĻLBTĻJFUFJDBNTĻLSâTBJOPĻQMBTUNB TBTĻEBĮV ĻHVNJKBTĻVOĻEFLPSBUăWPĻFMFNFOUVĻUăSă tBOBJ ĻQJFNùSBN ĻTQăEăHVĻEFLPSBUăWPĻMùKVNV UăSătBOBJĻVOĻLPQtBOBJĻ*[NBOUPKPUĻtâEVĻUăSătB OBTĻMăE[FLMJ ĻSÜQăHJĻKâJ[NBOUPĻOPSâEăKVNJ 58#4ÿ)+ /FV[LMâKJFUĻWBTLVĻV[ĻQMBTUNBTBTĻVOĻHVNJ KBTĻEFUBĮâNĻVOĻOFQVMùKJFUĻUâT -JFUPKPUĻBUUBVLPtBOBTĻMăE[FLMJĻV[ĻQMBTUNB TBTĻVOĻHVNJKBTĻEFUBĮâN ĻWBKBE[ăCBTĻHBEă KVNâĻWFJDJFUĻCFStBOVĻQBWJTBNĻWJFHMJ *[NBOUPKJFUĻNăLTUVĻNB[HâtBOBTĻTÜLMJ 1VMùKPUĻTQăEăHBTĻBQEBSFTĻJFUWBSMăTUFT ĻWBSBU OPCFS[UĻWBJĻTBCPKâUĻTQăEăHPĻWJSTNBTĻLâS UJĪV /FESăLTUĻJ[NBOUPUĻQVMùtBOBTĻMăE[FLMJ ĻLBT TBUVSĻBCSB[ăWBTĻEBĮJĪBT &KUMWCROCNGU *[NBOUPKJFUĻUJLBJĻ7PMWPĻJFUFJLUPTĻBQEBSFTĻUăSătB OBTĻMăE[FLĮVT 4UJQSJĻEJTLVĻBQNBĮVĻUăSătBOBTĻMăE[FLĮJĻWBSĻTBCP KâUĻWJSTNVĻVOĻSBEăUĻUSBJQVTĻV[ĻBMVNăOJKBĻEJTLV BQNBMùN ĻLBTĻQâSLMâUBTĻBSĻISPNV 1JSNTĻQVMùtBOBTĻWBJĻWBTLPtBOBTĻV[TâLtBOBT LâSUăHJĻOPNB[HâKJFUĻVOĻOPxâWùKJFUĻBVUPNBtăOV "TGBMUBĻVOĻEBSWBTĻUSBJQVTĻOPUăSJFUĻBSĻEBSWBT USBJQVĻUăSăUâKVĻWBJĻMBLCFO[ăOVĻ(SÜUâLĻOPUăSâNVT USBJQVTĻWBSĻOPUăSăUĻBSĻBVUPNBtăOBTĻLSâTPKVNBN TQFDJâMJĻSBxPUVĻTNBMLVĻQVMùtBOBTĻQBTUV 7JTQJSNTĻOPQVMùKJFUĻBSĻQVMùtBOBTĻMăE[FLMJĻVO UBEĻJFWBTLPKJFUĻBSĻtĸJESVĻWBJĻDJFUVĻWBTLV 3ÜQăHJĻJ[MBTJFUĻMJFUPtBOBTĻJOTUSVLDJKVĻV[ĻJFTBJ ĪPKVNBĻ%BVE[JĻMăE[FLĮJĻTBUVSĻHBOĻQVMùtBOBT MăE[FLMJ ĻHBOĻWBTLV 58#4ÿ)+ %SăLTUĻMJFUPUĻUJLBJĻ7PMWPĻJFUFJLUJĻLSâTBT BQTUSâEFTĻMăE[FLMJĻ$JUBĻWFJEBĻBQTUSâEF QJFNùSBN ĻQSFULPSP[JKBTĻBJ[TBSE[ăCB ĻIFS NùUJTLVĻMăE[FLĮVĻMJFUPtBOB ĻBJ[TBSE[ăCB TQPESJOâtBOBĻVOĻMăE[ăHBTĻEBSCăCBTĻWBS CPKâUĻLSâTPKVNVĻ7PMWPĻHBSBOUJKBĻOFBUUJFDBT V[ĻtâEBTĻBQTUSâEFTĻJ[SBJTăUJFNĻLSâTPKVNB CPKâKVNJFN 2WNġÝCPCWPXCUMQÝCPC /PQVMùKJFUĻVOĻJFWBTLPKJFUĻNBtăOV ĻKBĻLSâTBĻJS LĮVWVTJĻNBUùUBĻVOĻKBĻWùMBUJFTĻLSâTVĻQBQJMEVT BJ[TBSHâU "VUPNBtăOBJĻQVMùtBOBĻOBWĻOFQJFDJFtBNB LBNùSĻUâĻOBWĻWJTNB[ĻWJFOVĻHBEVĻWFDBĻ5PNùS tBKâĻMBJLâĻBVUPNBtăOVĻWBSĻJFWBTLPUĻ/FWFJDJFU BVUPNBtăOBTĻWBTLPtBOVĻVOĻQVMùtBOVĻUJFtV TBVMFTĻTUBSVĻJFEBSCăCâ 6GJPKUMęCRMQRGWPUGTXKUU #WVQOCÝĦPCUCRTĹRG ēFGPKCVITĹFQÝURęTMNęLWOU /FLBEĻOFJ[NBOUPKJFUĻBVUPWBTLV BUUBVLPUâKVTĻWBJĻMăE[ăHVTĻQSPEVLUVT KPĻUBTĻWBSĻQBTMJLUJOâUĻÜEFOJĻVOĻOFUăSV NVTĻBUHSÜEPtâTĻWJSTNBTĻăQBtăCBT -BJĻJ[WBJSăUPTĻOPĻTUJLMBĻWJSTNVĻCPKâKVNJFN ĻUăSPU MFEVĻqĻJ[NBOUPKJFUĻUJLBJĻQMBTUNBTBTĻTLSâQKVT /FUăSVNJĻVOĻDFĮBĻLBJTătBOâĻJ[NBOUPUâĻTâMTĻWBS J[TBVLUĻLPSP[JKV ĻUâQùDĻJSĻTWBSăHJĻBVUPNBtăOV UVSùUĻUăSVĻ"VUPNBtăOBTĻQSFULPSP[JKBTĻBQTUSâEF SFHVMâSJĻKâQâSCBVEBĻVOĻOFQJFDJFtBNăCBTĻHBEă KVNâĻKâWFJDĻOFMJFMTĻSFNPOUT 5BTĻJSĻEBCJTLTĻÜEFOJĻBUHSÜEPtâĻQâSLMâKVNB OPEJMVNT 5CNQPCVĦTĦÝCPC 6[NBOJFUJFT ĻMBJĻUăSPUĻOFTBCPKâUVĻTUJLMVĻWJSTNV "QTUSâEFĻBSĻăQBtVĻQâSLMâKVNBĻMăE[FLMJĻJSĻQJF FKBNBĻQJFĻ7PMWPĻJ[QMBUăUâKJFNĻVOĻUâĻJFUFJDBNB MBJĻV[UVSùUVĻÜEFOJĻBUHSÜEPtâTĻăQBtăCBTĻ5PĻWBS QJSNPĻSFJ[JĻJ[NBOUPUĻQùDĻUSJNĻHBEJFNĻVOĻQùD UBNĻJLĻHBEV 2TGVMQTQ\KLCUCK\UCTF\ĦDCUpRęTDCWFG WPCRMQRG "VUPNBtăOBJĻSÜQOăDâĻJSĻWFJLUBĻQBNBUăHBĻVOĻQJM OăHBĻQSFULPSP[JKBTĻBJ[TBSE[ăCBĻ7JSTCÜWFT EBĮBTĻJ[HBUBWPUBTĻOPĻHBMWBOJ[ùUBĻMPLtĪV NFUâMBĻ"VUPNBtăOBTĻBQBLtVĻBJ[TBSHâĻOFEJMTU PtTĻQSFULPSP[JKBTĻTMâOJTĻ#BMTUJ ĻTâOVĻEVSWJT JFLtùKJFĻQBE[JĮJOâKVNJĻVOĻOPTMùHUâTĻWJFUBTĻJS OPLMâUBTĻBSĻ[FNBTĻWJTLP[JUâUFTĻQSFULPSP[JKBT MăE[FLMJ /PSNâMPTĻBQTUâLĮPTĻQSFULPSP[JKBTĻBJ[TBSE[ăCB OBWĻKâBUKBVOPĻBQNùSBNĻĻHBEVTĻ1ùDĻtă QFSJPEBĻUâĻKâBUKBVOPĻBSĻUSJKVĻHBEVĻJOUFSWâMV 7PMWPĻJFTBLBĻWùSTUJFTĻQùDĻQBMăE[ăCBTĻ7PMWP QJMOWBSPUâĻTFSWJTâ ĻKBĻBVUPNPCJMJNĻOFQJFDJF tBNTĻWFJLUĻUVSQNâLVĻBQTUSâEJ *[NBOUPKJFUĻUJLBJĻ7PMWPĻJFUFJLUPTĻUăSătBOBT MăE[FLĮVTĻVOĻBVUPĻBQLPQFTĻJ[TUSâEâKVNVT 5ăSJFUĻSFHVMâSJĻVOĻJFWùSPKJFUĻJOTUSVLDJKBT ĻLBT QJFWJFOPUBTĻBVUPĻBQLPQFTĻQSPEVLUJFN 1JSNTĻMJFUPUĻUăSătBOBTĻMăE[FLĮVT ĻTWBSăHJĻTBMPOV J[TÜLUĻBSĻQVUFLĮTÜDùKV 2CMNęLKWPDCIęäCUPQFCNĦLWOU *[ĪFNJFUĻJFLMâUPTĻQBLMâKVT ĻMBJĻUPTĻWBSùUVĻJ[UăSăU BUTFWJtĸJĻ*[NBOUPKJFUĻQVUFLĮVĻUăSăUâKV ĻMBJĻBJ[ WâLUVĻQVUFLĮVTĻVOĻOFUăSVNVT 7JTJĻJFLMâUJFĻQBLMâKJĪJĻJSĻOPTUJQSJOâUJĻBSĻUBQâN p 4BUWFSJFUĻJFLMâUPĻQBLMâKJĪVĻBJ[ĻUBQâNĻVO DFMJFUĻUBJTOJĻV[ĻBVHtV /PTUJQSJOJFUĻQBLMâKJĪVĻWJFUâ ĻJFTQJFxPUĻLBUSV UBQV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET $4ÿ&+0ó,7/5 1JSNTĻV[TâLUĻCSBVLtBOV ĻQâSMJFDJOJFUJFT ĻLB WBEăUâKBĻQVTùĻJFLMâUBJTĻQBLMâKJĪtĻJSĻTUJOHSJ OPGJLTùUTĻVOĻOPTUJQSJOâUTĻQJFĻUBQâN ĻMBJĻUBT OFWBSùUVĻQBTMăEùUĻ[FNĻQFEâĮJFNĻWBJĻOPOâLU CMBLVTĻUJFN -BJĻJ[UăSăUVĻUSBJQVT ĻLBTĻQBMJLVtJĻQùDĻUăSătBOBTĻBS QVUFLĮTÜDùKV ĻMJFUPKJFUĻăQBtVĻBVEVNVĻUăSătBOBT MăE[FLMJĻ(SăEBTĻQBLMâKJĪJĻKâUăSBĻBSĻ7PMWPĻJ[QMBUă UâKBĻJFUFJLUBKJFNĻUăSătBOBTĻMăE[FLĮJFN 6TCKRWVĦTĦÝCPCPQCWFWOCRQNUVGTġLWOC WPLWOVCRQNUVGTġLWOC 5ăSPUĻBVEVNBĻQPMTUFSùKVNV ĻJFUFJDBNTĻăQBtT UăSătBOBTĻMăE[FLMJT ĻLBTĻOPQùSLBNTĻQJFĻQJMOWB SPUJFNĻ7PMWPĻJ[QMBUăUâKJFNĻ$JUJĻMăE[FLĮJĻWBS QBTMJLUJOâUĻQPMTUFSùKVNBĻVHVOTESPtăCBTĻăQBtă CBT 58#4ÿ)+ "TJĻQSJFLtNFUJĻVOĻMJQMFOUFĻWBSĻTBCPKâU BVEVNBĻQPMTUFSùKVNV 6TCKRWCRUVTęFGW\ęFCUVCRUġLWOC 7PMWPĻâEBTĻBQEBSFĻOFTBUVSĻISPNV ĻVOĻUâĻJS BQTUSâEâUBĻUâ ĻMBJĻTBHMBCâUVĻTBWVĻTâLPUOùKP J[TLBUV ĂEBTĻUBQTùKVNTĻBSĻMBJLVĻOPWFDPĻVOĻJFHÜTU TLBJTUVĻBQTÜCùKVNVĻĂEBĻJSĻBUUăSăUBĻVOĻBQTUSâ 6GJPKUMęCRMQRGWPUGTXKUU #WVQOCÝĦPCUCRTĹRG EâUBĻUâ ĻLBĻUâĻTBHMBCâĻTBWBTĻEBCJTLâTĻăQBtă CBTĻ5BJĻJSĻV[LMâUTĻBJ[TBSHâKPtTĻQâSLMâKVNT CFUĻJSĻOFQJFDJFtBNBĻSFHVMâSBĻUăSătBOB ĻMBJ TBHMBCâUVĻHBOĻSBLTUVSăHâTĻăQBtăCBT ĻHBO J[TLBUVĻ7PMWPĻQJFEâWâĻQJMOăHVĻMăE[FLMJĻâEBT QPMTUFSùKVNBĻUăSătBOBJĻVOĻBQTUSâEFJ ĻLBT ĻMJFUP KPUĻUPĻTBTLBĪâĻBSĻOPSâEăKVNJFN ĻTBHMBCâĻâEBT BJ[TBSHQâSLMâKVNVĻ1ùDĻLâEBĻMBJLBĻMJFUPtBOBT UJLĻVOĻUâĻQBSâEăTJFTĻâEBTĻEBCăHBJTĻJ[TLBUT ĻLBT [JOâNâĻNùSâĻJSĻBULBSăHTĻOPĻâEBTĻWJSTNBTĻGBL UÜSBTĻ5BTĻJSĻEBCăHTĻâEBTĻOPCSJFtBOBTĻQSP DFTT ĻLBTĻQBSâEBĻUP ĻLBĻtăĻJSĻEBCăHBĻâEB -BJĻTBTOJFHUVĻWJTMBCâLPĻSF[VMUâUV Ļ7PMWP JFTBLBĻWJFOVĻMăE[ĻÀFUSBTĻSFJ[FTĻHBEâĻ WBJĻWBJ SâL ĻKBĻOFQJFDJFtBNT ĻWFJLUĻUăSătBOVĻVOĻV[LMâU BJ[TBSHLSùNVĻ7PMWPĻâEBTĻLPQtBOBTĻLPN QMFLUVĻWBSĻJFHâEâUJFTĻQJFĻ7PMWPĻJ[QMBUăUâKB 58#4ÿ)+ p 3FJ[ùNĻLSâTBJOTĻBQīùSCTĻ QJFNùSBN ExJOTJĻVOĻ[BNtBĻBQīùSCT ĻWBSĻJFLSâTPU QPMTUFSùKVNV p /FLâEâĻHBEăKVNâĻOFJ[NBOUPKJFUĻTQùDă HVTĻtĸăEJOâUâKVTĻfâEJĻJ[TUSâEâKVNJĻWBS TBCPKâUĻBVEVNB ĻWJOJMBĻVOĻâEBTĻQPTM TUFSùKVNV óFCUVCRUġLWOCOC\IęÝCPCU KPUVTWMEKLCU p *[NBOUPKJFUĻEBCăHâTĻFĮĮBTĻ-BJĻTBTOJFHUV WJTMBCâLPTĻSF[VMUâUVT ĻJFUFJDBNTĻMJFUPU 7PMWPĻâEBTĻLPQtBOBTĻMăE[FLĮVT 6[MFKJFUĻâEBTĻUăSăUâKVĻTBNJUSJOâUBNĻTÜLMJN VOĻQBNBUăHJĻJ[TQJFEJFUĻQVUBT ,CW\UVĹTGUKTVTCKRK "SĻTBVE[ăHâNĻBQĮWFJEBĻLVTUăCâNĻOPUăSJFU OFUăSVNVT ITWRC UJOUF ĻWăOT ĻLBGJKB ĻQJFOT ĻTWJFESJĻVO BTJOJT 6[LMâKJFUĻSÜQăHJĻBSĻTÜLMJĻV[ĻUSBJQJFNĻĚBVKJFU TÜLMJNĻV[TÜLUĻUSBJQVĻ/FCFS[ùKJFU p /PTMBVLJFUĻBSĻNăLTUVĻQBQăSVĻWBJĻBVEVNV VOĻĮBVKJFUĻâEBJĻQJMOăCâĻOPxÜU óFCURQNUVGTġLWOWCK\UCTIęLQÝę CRUVTęFG 6[MFKJFUĻOFMJFMVĻEBVE[VNVĻBJ[TBSHLSùNB V[ĻTBMPDăUBĻBVEVNBĻVOĻJFCFS[ùKJFUĻQMâOV LâSUVĻLSùNBĻâEâĻBSĻTBVE[ăHâNĻBQĮWFJEB LVTUăCâN 1JSNTĻMJFUPtBOBTĻĮBVKJFUĻâEBJĻOPxÜU ĻNJOÜUFT -ăE[ĻBSĻUPĻUJFLĻV[MBCPUBĻâEBTĻBJ[TBSE[ăCBĻQSFU USBJQJFNĻVOĻVMUSBWJPMFUPĻTUBSPKVNV óFCUUVĹTGUVĦTĦÝCPCUKPUVTWMEKLCU p /PNB[HâKJFUĻOFUăSVNVTĻVOĻQVUFLĮVTĻBS NăLTUV ĻTBNJUSJOâUVĻTÜLMJĻVOĻOFJUSâMâNĻ[JF QùN p ĂEBJĻJSĻKâFMQPĻ/FLâEâĻHBEăKVNâĻOFBQLMâ KJFUĻâEBTĻTUÜSJĻBSĻBJ[TBSHâKPtVĻQMBTUNBTV *[NBOUPKJFUĻNăLTUVĻESâOVĻWBJĻTÜLMJĻ*[HBUB WPKJFUĻĻBNPOKBLBĻtĸăEVNVĻ "TJOTĻUSBJ QJFNĻMJFUPKJFUĻĻEMĻÜEFOTĻVOĻĻHĻTâMTĻtĸă EVNV ITWRC UBVLJ ĻFĮĮBT ĻNùSDFTĻVOĻtPLPMâEF 5âEBĻQBUJĻQSPDFEÜSBĻLâĻĻHSVQBJ 1VMùKJFUĻBSĻBCTPSCùKPtVĻQBQăSVĻWBJĻESâOV ITWRCĻ TBVTJĻOFUăSVNJ ĻQVUFLĮJ /PUăSJFUĻOFUăSVNVTĻBSĻNăLTUVĻTVLV 5âEBĻQBUJĻQSPDFEÜSBĻLâĻĻHSVQBJ 6TCKRWVĦTĦÝCPCPQUCNQPCRNCUVOCUCU OGVęNCWPMQMCFCīęO *FLtùKPĻEBĮVĻVOĻWJSTNVĻUăSătBOBJĻJFTBLBĻMJFUPU OFEBVE[ĻBSĻÜEFOJĻTBNJUSJOâUVĻTNBMLtĸJFESV WBJĻNJLSPtĸJFESVĻESâOV ĻLPĻWBSĻJFHâEâUJFTĻQJF 7PMWPĻQâSTUâWKJFN /FTLSâQùKJFUĻVOĻOFCFS[JFUĻUSBJQVTĻ/FLBE OFJ[NBOUPKJFUĻTQùDăHVTĻUSBJQVĻUăSăUâKVTĻ4QFDJ âMTĻUăSătBOBTĻMăE[FLMJT ĻLBTĻOFQJFDJFtBNT OPQJFUOBJĻUăSătBOBJ ĻJFHâEâKBNTĻQJFĻ7PMWP J[QMBUăUâKJFN 6GJPKUMęCRMQRGWPUGTXKUU #WVQOCÝĦPCUCRTĹRG &TQÝĦDCULQUVWVĦTĦÝCPC *[NBOUPKJFUĻÜEFOJĻVOĻTJOUùUJTLPĻNB[HâtBOBT MăE[FLMJĻįQBtJĻBVEVNBĻUăSătBOBTĻMăE[FLĮJĻQJF FKBNJĻQJFĻ7PMWPĻJ[QMBUăUâKBĻ1JSNTĻESPtăCBTĻKPT UBTĻJFUătBOâTĻQâSMJFDJOJFUJFT ĻLBĻUâĻJSĻTBVTB -TęUCUMQFU 0GNKGNWMTęUQLWOCDQLęLWOWRKGOġTCO CMOGĮWK\TCKUĦVWDQLęLWOWWP UMTęRġLWOWPQXġTÝCPC ,SâTBĻJSĻCÜUJTLBĻEBĮBĻBVUPNBtăOBTĻOPESPtJOâ KVNâĻQSFUĻLPSP[JKV ĻVOĻUâEùĮĻUPĻWBKBE[ùUVĻSFHV MâSJĻQâSCBVEăUĻ-BJĻOPWùSTUVĻSÜTBTĻSBtBOPT CPKâUBJTĻLSâTPKVNTĻOFLBWùKPUJFTĻKâTBMBCP 1BSBTUâLJFĻLSâTPKVNBĻCPKâKVNJĻJSĻBLNFĪV J[SBJTăUJĻCPKâKVNJ ĻTLSâQùKVNJĻVOĻUSBJQJ ĻQJFNù SBN ĻV[ĻTQâSOVĻNBMâN ĻEVSWăNĻVOĻUSJFDJFO TUJFĪB /CVGTKęNK "VUPNPCJĮBĻLSâTBTĻLPET *SĻTWBSăHJ ĻMBJĻUJLUVĻJ[NBOUPUBĻQBSFJ[BĻLSâTBĻ1BS QSPEVLUBĻV[MăNFTĻBUSBtBOâTĻWJFUV ĻTLBUăU MQQĻ p HSVOUTĻLSâTBĻĻăQBtBĻMJQăHBĻHSVOUTĻLSâTB J[TNJE[JOâNBĻBFSPTPMBĻWFJEâ ĻLPĻWBSĻMJF UPU ĻQJFNùSBN ĻUSJFDJFOTUJFĪJFNĻBSĻQMBTU NBTBTĻQâSLMâKVNV p QBNBUBĻQâSLMâKVNTĻVOĻDBVSTQăEăHBJTĻQâS LMâKVNTĻĻQJFFKBNTĻLâĻJ[TNJE[JOâNTĻBFSP TPMTĻWBJĻEFGFLUVTĻNBTLùKPtBJTĻ[ăNVMJT OÜKJĪB p BJ[TFE[PtâĻMFOUF p TNBMLTĻTNJMtQBQăST G021832 0GNKGNWMTęUQLWOCDQLęLWOW RKGNCDQÝCPC BSĻQMBTUNBTBTĻQâSLMâKVNV *FWùSPKJFUĻEFGFLUVTĻNBTLùKPtâĻ[ăNVĮBOÜKJĪBTĻLPNQMFLUâĻJFLĮBVUPTĻMJFUPtBOBTĻOPSâEăKVNVT 1JSNTĻEBSCBĻTâLtBOBTĻBVUPNPCJMJNĻKâCÜU UăSBNĻVOĻTBVTBN ĻVOĻUFNQFSBUÜSBJĻKâCÜUĻWJST Ļ$ 6[MăNùKJFUĻMăNMFOUFTĻHBCBMVĻV[ĻCPKâKVNB WJFUBTĻ5BEĻOPĪFNJFUĻMăNMFOUJ ĻMBJĻOPUăSăUV WJTBTĻNB[âLâTĻLSâTBTĻEBĮJĪBT +BĻCPKâKVNTĻJSĻTLâSJTĻNFUâMV ĻKâMJFUPĻHSVOUT LSâTBĻ+BĻCPKâUBĻQMBTUNBTBTĻWJSTNB MBCâLVĻSF[VMUâUVĻTBTOJFHtBOBJĻKâMJFUPĻMJQăHâ HSVOUTĻLSâTBĻĻJFTNJE[JOJFUĻBFSPTPMBĻWâLâ VOĻV[LMâKJFUĻBSĻPUVĻQMâOâĻLâSUâ 6GJPKUMęCRMQRGWPUGTXKUU #WVQOCÝĦPCUCRTĹRG 1JSNTĻLSâTPtBOBTĻWBKBE[ăCBTĻHBEăKVNâ TLBSUPĻWJFUVĻWBSĻNBJHJĻJ[QVMùUĻBSĻTNBMLQV MùtBOBTĻMăE[FLMJĻ QJFNùSBN ĻKBĻNBMBTĻOBW MăE[FOBT Ļ7JSTNBĻJSĻSÜQăHJĻKâOPNB[HâĻVO UBJĻKâĮBVKĻOPxÜU ,âSUăHJĻJ[NBJTJFUĻHSVOUTĻLSâTVĻVOĻV[LMâKJFU UP ĻJ[NBOUPKPUĻTNBMLVĻPUJĪV ĻTùSLPDJĪVĻWBJ MăE[ăHVĻQSJFLtNFUVĻ,BEĻHSVOUTĻLSâTBĻJS OPxVWVTJ ĻLâĻQBtVĻQùEùKPĻV[LMâKJFU QBNBUBĻQâSLMâKVNVĻVOĻDBVSTQăEăHPĻQâS LMâKVNV "SĻTLSâQùKVNJFNĻSăLPKJFUJFTĻUâQBU ĻLâ BQSBLTUăUTĻJFQSJFLt ĻCFUĻWJSTNVĻBQĻCPKâUP WJFUVĻOPTFE[JFUĻBSĻMăNMFOUJ ĻMBJĻBJ[TBSHâUV OFTLBSUPĻLSâTPKVNV 2+'<ÿ/' +BĻBLNFOTĻtĸFNCBĻOBWĻJ[VSCVTJFTĻQâSâL E[JĮJĻVOĻJSĻQBMJDJTĻOFTBCPKâUTĻLSâTBTĻTMâOJT JFLMâKJFUĻQBNBUBĻQâSLMâKVNVĻVOĻDBVSTQăEăHP QâSLMâKVNVĻV[SFJ[ĻQùDĻWJSTNBTĻOPUăSătBOBT 5JQBĻBQ[ăNùKVNT *[NùSJĻVOĻTWBST %[JOùKBĻTQFDJGJLâDJKBT %[JOùKBĻFĮĮB fĸJESVNJĻVOĻTNùSWJFMBT %FHWJFMB 3JUFĪJĻVOĻSJFQBT ĻJ[NùSJĻVOĻTQJFEJFOTĻ &MFLUSPTJTUùNB "QTUJQSJOâUBJTĻUJQT -JDFODFT %JTQMFKBĻTJNCPMJ 5&)/*4,*&Ļ1"3".&53* 6GJPKUMKGRCTCOGVTK 6KRCCR\ĦOġLWOU 7\NĦOLWCVTCÝCPęUXKGVCU 6GJPKUMKGRCTCOGVTK 6KRCCR\ĦOġLWOU ;JOPUĻBVUPNBtăOBTĻUJQBĻBQ[ăNùKVNV ĻUSBOT QPSUMăE[FLĮBĻJEFOUJGJLâDJKBTĻVOĻE[JOùKBĻOVNV SVT ĻăQBtOJFLBNĻCÜTĻWJFHMâLĻTB[JOâUJFTĻBSĻQJMO WBSPUBKJFNĻ7PMWPĻQâSTUâWKJFNĻHBEăKVNPT ĻLBE CÜTĻOFQJFDJFtBNTĻQBTÜUăUĻSF[FSWFTĻEBĮBTĻVO QJFEFSVNVT 5JQBĻBQ[ăNùKVNT ĻBVUPNPCJĮBĻJEFOUJGJLâDJ KBTĻOVNVST ĻNBLTJNâMBJTĻQJFĮBVKBNBJT TWBST ĻLSâTBTĻVOĻQPMTUFSùKVNBĻLPEJĻVO UJQBĻBQTUJQSJOâKVNBĻOVNVSTĻ6[MăNFĻJS SFE[BNB ĻKBĻJSĻBUWùSUBTĻMBCâTĻQVTFTĻBJ[ NVHVSùKâTĻEVSWJT 2+'<ÿ/' įQBtOJFLBĻSPLBTHSâNBUBTĻBUUùMPTĻSFE[BNâT V[MăNFTĻOFĻWJFONùSĻQSFDă[JĻBUCJMTUĻBVUPNB tăOâĻFTPtBKâNĻ"UUùMVĻNùSĸJTĻJSĻQBSâEăU V[MăNKVĻBQUVWFOPĻJ[TLBUVĻVOĻBUSBtBOâT WJFUVĻBVUPNBtăOâĻ*OGPSNâDJKB ĻLBTĻBUUJFDBT UJFtJĻV[ĻKÜTVĻBVUPNBtăOV ĻJSĻTOJFHUBĻKÜTV BVUPNBtăOBTĻBUUJFDăHBKâTĻV[MăNùT "$ĻTJTUùNBTĻV[MăNF 4UâWBQTJMEFTĻV[MăNF %[JOùKBĻLPETĻVOĻTùSJKBTĻOVNVST .PUPSFĮĮBTĻV[MăNF 1âSOFTVNLâSCBTĻUJQBĻBQ[ăNùKVNTĻVOĻTùSJ KBTĻOVNVST ĻNBOVâMâĻQâSOFTVNLâSCB ĻBVUPNâUJTLâĻQâSOFTVNLâSCB "VUPNBtăOBTĻJEFOUJGJLâDJKBTĻOVNVSTĻ 7*/ USBOTQPSUMăE[FLĮBĻJEFOUJGJLâDJKBTĻOVNVST 1MBtâLBĻJOGPSNâDJKBĻQBSĻBVUPNPCJMJĻJSĻTOJFHUB SFīJTUSâDJKBTĻEPLVNFOUPT 6GJPKUMKGRCTCOGVTK +\OġTKWPUXCTU +\OġTK 6GJPKUMKGRCTCOGVTK +\OġTKWPUXCTU " # $ +\OġTK OO (BSFOCâ[F (BSVNT ,SBWBTĻOPEBMăKVNBĻHBSVNT HSăEBTĻMăNFOJT ĻTBMPDăUTĻTùEFL MJT % ,SBWBTĻOPEBMăKVNBĻHBSVNT HSăEBTĻMăNFOJT & "VHTUVNT ' ,SBWBTĻBVHTUVNT ( +\OġTK OO 1SJFLtùKâĻtĸùSTCâ[F " # +\OġTK OO , 1MBUVNTĻBSĻTâOVĻTQPHVĮJFN - 1MBUVNTĻBSĻQJFMJFLUJFNĻTâOV TQPHVĮJFN $ ) "J[NVHVSùKâĻtĸùSTCâ[F # " # $ /PWJS[FĻ ĻNN /PWJS[FĻĻNN /PWJS[FĻĻNN +\OġTK OO " (BSFOCâ[F # (BSVNT $ " * ,SBWBTĻQMBUVNT ĻHSăEBTĻMăNF OJT + 1MBUVNT `` 6GJPKUMKGRCTCOGVTK +\OġTKWPUXCTU +\OġTK $ ,SBWBTĻOPEBMăKVNBĻHBSVNT HSăEBTĻMăNFOJT ĻTBMPDăUTĻTùEFL MJT % ,SBWBTĻOPEBMăKVNBĻHBSVNT HSăEBTĻMăNFOJT & "VHTUVNT ' ,SBWBTĻBVHTUVNT ( 1SJFLtùKâĻtĸùSTCâ[F OO " # ) "J[NVHVSùKâĻtĸùSTCâ[F " # " # * ,SBWBTĻQMBUVNT ĻHSăEBTĻMăNF OJT + 1MBUVNT , 1MBUVNTĻBSĻTâOVĻTQPHVĮJFN - 1MBUVNTĻBSĻQJFMJFLUJFNĻTâOV TQPHVĮJFN /PWJS[FĻĻNN /PWJS[FĻ ĻNN 5XCTU 1BtNBTâĻJFLĮBVUTĻWBEăUâKT ĻQBSĻĻĻV[QJMEăUB EFHWJFMBTĻUWFSUOFĻVOĻWJTJĻtĸJESVNJ 1BTBxJFSVĻVOĻQJFEFSVNVĻTWBST ĻLâĻBSăĻTMPE[F V[ĻQJFLBCFTĻâĸBĻMPEJĻ BSĻQJFWJFOPUVĻQJFLBCJ TLBUJFUĻUBCVMVĻĻMQQ ĻJFUFLNùĻOFUPĻNBTV CFUĻOBWĻJFLĮBVUTĻQBtNBTâ $4ÿ&+0ó,7/5 "VUPNBtăOBTĻWBEâNăCBTĻSBLTUVSMJFMVNJ NBJOâTĻBULBSăCâĻOPĻOPTMPE[FTĻVOĻLSBWBT J[WJFUPKVNT .BLTĻQJFĮBVKBNâĻLSBWBĻĻUSBOTQPSUMăE[FLĮB QJMOBĻNBTBĻĻQBtNBTB 2+'<ÿ/' %PLVNFOUùUâĻQBtNBTBĻBUUJFDBTĻV[ĻTUBO EBSUBĻWFSTJKBTĻBVUPNBtăOâNĻĻUJ ĻBVUPNB tăOâNĻCF[ĻQBQJMEVĻBQSăLPKVNBĻWBJĻQJFEFSV NJFNĻ5BTĻOP[ăNù ĻLBĻLBUSTĻQJFWJFOPUBJT QBQJMEVĻBQSăLPKVNTĻBUUJFDăHJĻTBNB[JOB LSBWOFTăCVĻQBSĻLPOLSùUâĻBQSăLPKVNBĻTWBSB WùSUăCV ,SBWOFTăCVĻTBNB[JOPtâĻQBQJMEVĻBQSăLP KVNBĻQJFNùSJĻJSĻ,JOFUJD.PNFOUVN 4VNNVNĻBQSăLPKVNBĻMăNFĪJ ĻLâĻBSăĻDJUT BQSăLPKVNT ĻQJFNùSBN ĻWJMLtBOBTĻJFSăDF KVNUBĻtĸùSTTUJFĪJ ĻKVNUBĻCBHâxBTĻLBTUF BVEJPTJTUùNB ĻQBQJMEVĻMVLUVSJ Ļ(14 ĻBSĻEFH WJFMVĻEBSCJOâNTĻTJMEăUâKT ĻESPtăCBTĻSFxīJT QBLMâKJ ĻCBHâxBTĻQâSTFHT ĻFMFLUSJTLJĻWBEâNJ TùEFLĮJĻVD "VUPNBtăOBTĻTWùStBOBĻQBMăE[ĻOPUFJLUĻKÜTV BVUPNBtăOBTĻQBtNBTV +PHQTOđEKLCRCTW\NĝOLWPQXKGVQLWOWUMCVĝV NRR .BLTĻUSBOTQPSUMăE[FLĮBĻQJMOBĻNBTB .BLTĻCSBVLtBOBTĻTWBSTĻ BVUPNPCJMJT QJFLBCF .BLTĻQSJFLtùKâTĻBTTĻOPTMPHPKVNT .BLTĻBJ[NVHVSùKâTĻBTTĻOPTMPHPKVNT "QSăLPKVNBĻMăNFOJT .BLTĻTMPE[FĻ4LBUăUĻSFīJTUSâDJKBTĻEPLVNFOUV .BLTĻTMPE[FĻV[ĻKVNUBĻĻLH 6GJPKUMKGRCTCOGVTK +\OġTKWPUXCTU 8KNMÝCPCULCWFCWPUNQF\GW\RKGMCDGUęĨK " &\KPġLU &\KPġLCMQFU# 2ęTPGUWOMęTDC /CMUOCUCRKGMCDGKCTDTGO\ġO MI /CMUUCMCDGUNQFGUUNQF\G MI 5 #5 .BOVâMâ Ļ# 5 #5 .BOVâMâ Ļ# 5 #5 "VUPNâUJTLâ Ļ.14 5 #5 "VUPNâUJTLâ Ļ5'4% 5 #5 "VUPNâUJTLâ Ļ5'4% 5 #5 "VUPNâUJTLâ Ļ5'4% % %5 .BOVâMâ Ļ# % %5 .BOVâMâ Ļ. % %5 "VUPNâUJTLâ Ļ5'4% % %5 .BOVâMâ Ļ. % %5 "VUPNâUJTLâ Ļ5'4% /CMUOCUCRKGMCDGKCTDTGO\ġO MI /CMUUCMCDGUNQFGUUNQF\G MI %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[JOùKB ĻTLBUăUĻMQQĻ &\KPġLU &\KPġLCMQFU# 2ęTPGUWOMęTDC 5 #5 .BOVâMâ Ļ# 5 #5 "VUPNâUJTLâ Ļ.14 5 #5 "VUPNâUJTLâ Ļ5'4% `` 6GJPKUMKGRCTCOGVTK +\OġTKWPUXCTU " &\KPġLU &\KPġLCMQFU# 2ęTPGUWOMęTDC /CMUOCUCRKGMCDGKCTDTGO\ġO MI /CMUUCMCDGUNQFGUUNQF\G MI 5 #5 "VUPNâUJTLâ Ļ5'4% 5Ļ"8% #5 "VUPNâUJTLâ Ļ5'4% 5 #5 "VUPNâUJTLâ Ļ5'4% 5Ļ"8% #5 "VUPNâUJTLâ Ļ5'4% % %5 .BOVâMâ Ļ# % %5 .BOVâMâ Ļ. % %5 "VUPNâUJTLâ Ļ5'4% % %5 .BOVâMâ Ļ. % %5 "VUPNâUJTLâ Ļ5'4% /CMUOCUCRKGMCDGKDG\DTGO\ġO MI /CMUUCMCDGUNQFGUUNQF\G MI %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[JOùKB ĻTLBUăUĻMQQĻ /CMUOCUCRKGMCDGKDG\DTGO\ġO MI &\KPġLU &\KPġLCMQFU# 2ęTPGUWOMęTDC 5 #5 .BOVâMâ Ļ# 5 #5 .BOVâMâ Ļ# 5 #5 "VUPNâUJTLâ Ļ.14 5 #5 "VUPNâUJTLâ Ļ5'4% 5 #5 "VUPNâUJTLâ Ļ5'4% 6GJPKUMKGRCTCOGVTK +\OġTKWPUXCTU &\KPġLU " &\KPġLCMQFU# 2ęTPGUWOMęTDC /CMUOCUCRKGMCDGKDG\DTGO\ġO MI /CMUUCMCDGUNQFGUUNQF\G MI 5 #5 "VUPNâUJTLâ Ļ5'4% % %5 .BOVâMâ Ļ# % %5 .BOVâMâ Ļ. % %5 "VUPNâUJTLâ Ļ5'4% % %5 .BOVâMâ Ļ. % %5 "VUPNâUJTLâ Ļ5'4% /CMUOCUCRKGMCDGKDG\DTGO\ġO MI /CMUUCMCDGUNQFGUUNQF\G MI %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[JOùKB ĻTLBUăUĻMQQĻ /CMUOCUCRKGMCDGKDG\DTGO\ġO MI &\KPġLU &\KPġLCMQFU# 2ęTPGUWOMęTDC 5 #5 .BOVâMâ Ļ# 5 #5 "VUPNâUJTLâ Ļ.14 5 #5 "VUPNâUJTLâ Ļ5'4% 5 #5 "VUPNâUJTLâ Ļ5'4% 5Ļ"8% #5 "VUPNâUJTLâ Ļ5'4% 5 #5 "VUPNâUJTLâ Ļ5'4% 5Ļ"8% #5 "VUPNâUJTLâ Ļ5'4% `` 6GJPKUMKGRCTCOGVTK +\OġTKWPUXCTU &\KPġLU &\KPġLCMQFU# 2ęTPGUWOMęTDC /CMUOCUCRKGMCDGKDG\DTGO\ġO MI /CMUUCMCDGUNQFGUUNQF\G MI % %5 .BOVâMâ Ļ# % %5 .BOVâMâ Ļ. % %5 "VUPNâUJTLâ Ļ5'4% % %5 .BOVâMâ Ļ. % %5 "VUPNâUJTLâ Ļ5'4% " %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[JOùKB ĻTLBUăUĻMQQĻ 6GJPKUMKGRCTCOGVTK &\KPġLCURGEKHKMęEKLCU &\KPġLCURGEKHKMęEKLCU 2+'<ÿ/' /FĻWJTJĻE[JOùKJĻJSĻQJFFKBNJĻWJTVĻWBMTUVĻUJSHPT " &\K PġLU &\KPġLC MQFU# ,CWFC M9 CRIT OKP ,CWFC JRTRO )TKG\GU OQOGPVU 0O CRITOKP %KNKPFTW UMCKVU %KNKPFTC FKCOGVTU OO 8KT\WīC IęLKGPU OO &\KPġLC VKNRWOU NKVTK -QORTG UKLCU RCMęRG 5 #5 q 5 #5 q 5 #5 q 5 #5 q 5 #5 q % %5 % %5 % %5 %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[JOùKB ĻTLBUăUĻMQQĻ 6GJPKUMKGRCTCOGVTK &\KPġLCURGEKHKMęEKLCU " &\K PġLU &\KPġLC MQFU# ,CWFC M9 CRIT OKP ,CWFC JRTRO )TKG\GU OQOGPVU 0O CRITOKP %KNKPFTW UMCKVU %KNKPFTC FKCOGVTU OO 8KT\WīC IęLKGPU OO &\KPġLC VKNRWOU NKVTK -QORTG UKLCU RCMęRG 5 #5 q 5 #5 q 5 #5 q 5 #5 q % %5 % %5 % %5 %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[JOùKB ĻTLBUăUĻMQQĻ 6GJPKUMKGRCTCOGVTK &\KPġLCGīīC 0GNCDXġNĦIKDTCWMÝCPCUCRUVęMīK /FMBCWùMăHJĻCSBVLtBOBTĻBQTUâLĮJĻWBSĻSBEăU OFOPSNâMJĻBVHTUVĻFĮĮBTĻUFNQFSBUÜSVĻWBJĻFĮĮBT QBUùSJĪVĻ5âMâLĻJSĻTOJFHUJĻEBxJĻOFMBCWùMăHV CSBVLtBOBTĻBQTUâLĮVĻQJFNùSJ (BSPTĻCSBVDJFOPTĻQâSCBVEJFUĻFĮĮBTĻMăNFOJĻCJF xâL p p p p BSĻBVUPGVSHPOVĻWBJĻQJFLBCJ LBMOBJOâĻBQWJEÜ MJFMâĻâUSVNâ KBĻHBJTBĻUFNQFSBUÜSBĻJSĻ[FNâLBĻQBSĻĻ$ WBJĻBVHTUâLBĻQBSĻ Ļ$ *FQSJFLtĻNJOùUBJTĻBUUJFDBTĻBSăĻV[ĻăTVĻBUUâMVNV WFJLtBOVĻ[FNâĻUFNQFSBUÜSâ /FMBCWùMăHPTĻCSBVLtBOBTĻBQTUâLĮPTĻJ[WùMJFUJFT TJOUùUJTLPĻFĮĮVĻ5âĻOPESPtJOBĻE[JOùKBNĻQBQJMEV BJ[TBSE[ăCV 7PMWPĻJFTBLBĻ$BTUSPMĻFĮĮVĻJ[TUSâEâKVNVT 58#4ÿ)+ -BJĻWBSùUVĻJFWùSPUĻE[JOùKBĻBQLPQFTĻJOUFSWâ MVT ĻWJTJĻE[JOùKJĻSÜQOăDâĻJSĻQJFQJMEăUJĻBSĻăQBtJ QJFMâHPUVĻTJOUùUJTLVĻE[JOùKBĻFĮĮVĻ&ĮĮBĻJS J[WùMùUBĻĮPUJĻSÜQăHJ ĻĪFNPUĻWùSâĻBQLPQFT JOUFSWâMVT ĻJFEBSCJOâtBOBTĻăQBtăCBT ĻEFH WJFMBTĻQBUùSJĪVĻVOĻJFUFLNJĻV[ĻWJEJ -BJĻTQùLâĻCÜUVĻJFUFJDBNJFĻBQLPQFTĻJOUFS WâMJ ĻKâMJFUPĻBQTUJQSJOâUBĻE[JOùKBĻFĮĮBĻ(BO FĮĮBTĻV[QJMEFJ ĻHBOĻOPNBJĪBJĻJ[NBOUPKJFU UJLBJĻJFUFJLUPĻFĮĮBTĻLBUFHPSJKV ĻQSFUùKâĻHBEă KVNâĻWBSBUĻJFUFLNùUĻFLTQMVBUâDJKBTĻJMHVNV JFEBSCJOâtBOBTĻăQBtăCBT ĻEFHWJFMBTĻQBUù SJĪVĻVOĻJFUFLNJĻV[ĻWJEJ 7PMWPĻ$BSĻ$PSQPSBUJPOĻOFV[ĪFNBTĻOFLâEV BUCJMEăCVĻBVUPNPCJĮBĻHBSBOUJKBTĻMBJLâ ĻKBĻOBW MJFUPUBĻOPSâEăUâTĻLBUFHPSJKBTĻVOĻWJTLP[JUâUFT E[JOùKBĻFĮĮB 7PMWPĻJFTBLBĻFĮĮBTĻNBJĪVĻWFJLUĻBVUPSJ[ùUâ 7PMWPĻTFSWJTâ 6GJPKUMKGRCTCOGVTK &\KPġLCGīīC &\KPġLCGīīCUMCVGIQTKLC &\KPġLU &\KPġLCMQFU# +GVGKECOęGīīCUMCVGIQTKLC 6KNRWOUKGUMGīīCUHKNVTW NKVTK 5 #5 4FSUJGJDùUBĻVOĻSÜQOăDâĻJFQJMEăUBĻFĮĮBĻ'īīCUMCVGIQTKLC955/%# BQUVWFOJĻ BQLPQFTĻJFTQùKBT 5 #5 'īīCUMCVGIQTKLC#%'##$ BQUVWFOJĻ 8KUMQ\KVęVG5#'9p 'īīCUMCVGIQTKLC#%'##$ % %5 8KUMQ\KVęVG5#'9p BQUVWFOJĻ #SBVDPUĻBQHSÜUJOâUBTĻCSBVLtBOBTĻBQTUâLĮPT ĻJ[NBOUPKJFUĻ"$&"Ļ"#Ļ4"&Ļ8 " % %5 'īīCUMCVGIQTKLC#%'##$ BQUVWFOJĻ % %5 8KUMQ\KVęVG5#'9p BQUVWFOJĻ 5 #5 'īīCUMCVGIQTKLC#%'##$ BQUVWFOJĻ 5 #5 8KUMQ\KVęVG5#'9p BQUVWFOJĻ 5 #5 %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[JOùKB ĻTLBUăUĻMQQĻ BQUVWFOJĻ 6GJPKUMKGRCTCOGVTK &\KPġLCGīīC &\KPġLU &\KPġLCMQFU# +GVGKECOęGīīCUMCVGIQTKLC 6KNRWOUKGUMGīīCUHKNVTW NKVTK 4FSUJGJDùUBĻVOĻSÜQOăDâĻJFQJMEăUBĻFĮĮBĻ'īīCUMCVGIQTKLC955/%# 5 #5 BQLPQFTĻJFTQùKBT 'īīCUMCVGIQTKLC#%'##$ BQUVWFOJĻ 8KUMQ\KVęVG5#'9p 'īīCUMCVGIQTKLC#%'##$ % %5 8KUMQ\KVęVG5#'9p BQUVWFOJĻ #SBVDPUĻBQHSÜUJOâUBTĻCSBVLtBOBTĻBQTUâLĮPT ĻJ[NBOUPKJFUĻ"$&"Ļ"#Ļ4"&Ļ8 " % %5 'īīCUMCVGIQTKLC#%'##$ BQUVWFOJĻ % %5 8KUMQ\KVęVG5#'9p BQUVWFOJĻ 5 #5 'īīCUMCVGIQTKLC#%'##$ BQUVWFOJĻ 5 #5 8KUMQ\KVęVG5#'9p BQUVWFOJĻ 5 #5 BQUVWFOJĻ %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[JOùKB ĻTLBUăUĻMQQĻ *OGPSNâDJKBĻQBSĻE[JOùKBĻFĮĮBTĻJFQJMEătBOV ĻTLBUăU MQQĻ 6GJPKUMKGRCTCOGVTK ÀĨKFTWOKWPUOġTXKGNCU &\GUġÝCPCUÝĨKFTWOU &\KPġLU# #5 5MCīWOU 5 #5 % %5 % %5 % %5 " &\KPġLU# NKVTK NKVTK 5 5MCīWOU &\KPġLU# 0QTęFĦVęMXCNKVęVGĻ7PMWPĻJFUFJLUBJTĻE[FTùtB OBTĻtĸJESVNTĻTBKBVLUTĻBSĻĻÜEFOT ĻTLBUJFU JFQBLPKVNV 5 #5 5 #5 5 #5 NKVTK %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[J OùKB ĻTLBUăUĻMQQĻ 5MCīWOU &\KPġLU# NKVTK 5 #5 % %5 " % %5 % %5 5 #5 5 #5 5 #5 6KNRWOU NKVTK # . ąEFOTĻLWBMJUâUFJĻKâBUCJMTUĻ45%ĻĻTUBOEBSUBN 0QTęFĦVCKUVTCPUOKUKLCUÝĨKFTWOU #05Ļ. %[JOùKBĻLPET ĻEBĮBTĻVOĻTùSJKBTĻOVNVSTĻJSĻOPSâEăUTĻV[ĻE[J OùKB ĻTLBUăUĻMQQĻ %KVKÝĨKFTWOKWPUOġTXKGNCU /CPWęNęRęTPGUWOMęTDC 5MCīWOU 6GJPKUMKGRCTCOGVTK ÀĨKFTWOKWPUOġTXKGNCU #WVQOęVKUMęRęTPGUWOMęTDC 6KNRWOU NKVTK 0QTęFĦVCKUVTCPUOKUKLCUÝĨKFTWOU 5'4% "8 .14 #05Ļ 2+'<ÿ/' 1BSBTUPTĻCSBVLtBOBTĻBQTUâLĮPTĻQâSOFTVN LâSCBTĻFĮĮBĻOBWĻKâNBJOBĻWJTBĻFLTQMVBUâDJKBT QFSJPEBĻMBJLâĻ5BÀVĻUBTĻWBSĻCÜUĻOFQJFDJF tBNTĻBQHSÜUJOâUBTĻCSBVLtBOBTĻBQTUâLĮPT TLBUăUĻMQQĻ ÀĨKFTWOU 5KUVġOC #SFNxVĻtĸJESVNT #SFNxVĻTJTUùNB %05Ļ .B[HâtBOBTĻtĸăEVNT "VUPNPCJĮJĻBSĻQSJFLtùKPĻMVLUVSVĻTLBMPtBOBT GVOLDJKV "VUPNPCJĮJĻCF[ĻQSJFLtùKPĻMVLUVSVĻTLBMPtB OBTĻGVOLDJKBT 7PMWPĻJFUFJLUBJTĻNB[HâtBOBTĻtĸJESVNTĻĻBSĻQSFUTBTBMtB OBTĻBJ[TBSE[ăCVĻBVLTUâĻMBJLâĻVOĻMBJLâ ĻLBEĻBQLâSUùKâĻUFN QFSBUÜSBĻJSĻ[FNĻÜEFOTĻTBTBMtBOBTĻQVOLUB %FHWJFMB ĻDJMJOESVĻCFO[ăOBĻE[JOùKT 6KNRWOU NKVTK 0QTęFĦVęMXCNKVęVG BQUVWFOJĻ #FO[ăOTĻTLBUăUĻMQQĻ ĻDJMJOESVĻEă[FĮE[JOùKT BQUVWFOJĻ %ă[FMJTĻTLBUăUĻMQQĻ ĻDJMJOESVĻEă[FĮE[JOùKT BQUVWFOJĻ ĻDJMJOESVĻCFO[ăOBĻE[JOùKT 6GJPKUMKGRCTCOGVTK ÀĨKFTWOKWPUOġTXKGNCU ÀĨKFTWOU 5KUVġOC ,PNQSFTPSBĻFĮĮB (BJTBĻLPOEJDJPOùtBOB %[FTùtBOBTĻtĸJESVNT (BJTBĻLPOEJDJPOùtBOB ĻLH ÀĨKFTWOU 5KUVġOC #SFNxVĻtĸJESVNT #SFNxVĻTJTUùNB %05Ļ .B[HâtBOBTĻtĸăEVNT "VUPNPCJĮJĻBSĻQSJFLtùKPĻMVLUVSVĻTLBMPtBOBT GVOLDJKV "VUPNPCJĮJĻCF[ĻQSJFLtùKPĻMVLUVSVĻTLBMPtBOBT GVOLDJKBT 7PMWPĻJFUFJLUBJTĻNB[HâtBOBTĻtĸJESVNTĻĻBSĻQSFUTBTBM tBOBTĻBJ[TBSE[ăCVĻBVLTUâĻMBJLâĻVOĻMBJLâ ĻLBEĻBQLâSUùKâ UFNQFSBUÜSBĻJSĻ[FNĻÜEFOTĻTBTBMtBOBTĻQVOLUB %FHWJFMB ĻDJMJOESVĻCFO[ăOBĻE[JOùKT 6KNRWOU NKVTK 6KNRWOU NKVTK BQUVWFOJĻ 0QTęFĦVęMXCNKVęVG 1"(ĻFĮĮB 3B 0QTęFĦVęMXCNKVęVG #FO[ăOTĻTLBUăUĻMQQĻ ĻDJMJOESVĻCFO[ăOBĻE[JOùKTĻ QSJFLtQJFE[JĪB ĻDJMJOESVĻCFO[ăOBĻE[JOùKTĻ QJMOQJFE[JĪB BQUVWFOJĻ ĻDJMJOESVĻEă[FĮE[JOùKT BQUVWFOJĻ ĻDJMJOESVĻEă[FĮE[JOùKT BQUVWFOJĻ ,PNQSFTPSBĻFĮĮB (BJTBĻLPOEJDJPOùtBOB %[FTùtBOBTĻtĸJESVNT (BJTBĻLPOEJDJPOùtBOB ĻLH %ă[FMJTĻTLBUăUĻMQQĻ 1"(ĻFĮĮB 3B 6GJPKUMKGRCTCOGVTK ÀĨKFTWOKWPUOġTXKGNCU $4ÿ&+0ó,7/5 (BJTBĻLPOEJDJPOùUâKBĻTJTUùNBĻTBUVSĻIFSNF UJ[ùUVĻE[FTùUâKVĻ3BĻfăTĻTJTUùNBT BQLPQJĻVOĻSFNPOUVĻESăLTUĻWFJLUĻUJLBJĻBVUPSJ [ùUâĻTFSWJTâ 6GJPKUMKGRCTCOGVTK &GIXKGNC %1GOKUKLCWPFGIXKGNCURCVġTKĮÝ 5Ļ #5 5Ļ #5 5Ļ #5 5Ļ #5 5Ļ #5 5Ļ #5 %"Ļ %5 %#Ļ %5 %Ļ %5 6GJPKUMKGRCTCOGVTK &GIXKGNC " # %Ļ %5 %Ļ %5 %Ļ %5 ĻHLNĻ$0ĻWFSTJKB ĻNBLTĻSJFQVĻQMBUVNTĻ ĻHLNĻ$0ĻWFSTJKB 5Ļ #5 5Ļ #5 5Ļ #5 5Ļ"8%Ļ #5 `` 6GJPKUMKGRCTCOGVTK &GIXKGNC 5Ļ #5 5Ļ"8%Ļ #5 %Ļ %5 %Ļ %5 %Ļ %5 %Ļ %5 %Ļ %5 5MCKFTQLWOU #SBVLtBOBĻQBĻQJMTùUV HSBNJLN #SBVLtBOBĻâSQVTĻQJMTùUBT MJUSJĻLN ,PNCJOùUâĻCSBVLtBOB 2+'<ÿ/' +BĻUSÜLTUĻEBUJĻQBSĻEFHWJFMBTĻQBUùSJĪVĻVO FNJTJKV ĻUBEĻUJFĻUJFLĻQJFWJFOPUJĻLPNQMFLUâDJ KBJ 6GJPKUMKGRCTCOGVTK &GIXKGNC &GIXKGNCURCVġTKĮÝWPQINGMīCFKQMUĦFC GOKUKLC -JFMBTĻOPCăEFTĻOPĻEFHWJFMBTĻQBUùSJĪBĻSâEăUâ KJFNĻWBSĻSBTUJFT ĻTBMăE[JOPUĻBSĻ&4ĻCSBVLtBOBT DJLMJFN ĻLBTĻUJFLĻJ[NBOUPUJĻBVUPNPCJĮBĻTFSUJGJ LâDJKBJĻVOĻV[ĻLVSJFNĻUJFLĻCBMTUăUJĻUBCVMâĻOPSâEă UJFĻQBUùSJĪBĻSâEăUâKJ *FQSJFLtĻUBCVMâĻOPSâEăUBJTĻEFHWJFMBTĻQBUùSJĪt VOĻFNJTJKBTĻWùSUăCBTĻJSĻCBMTUăUBTĻV[ĻTQFDJGJ TLJFNĻ&4ĻDJLMJFN ĻLBTĻBUUJFDBTĻV[ĻBVUPNPCJ ĮJFNĻBSĻQBNBUBĻWFSTJKBTĻQBtNBTVĻVOĻCF[ QBQJMEVĻBQSăLPKVNBĻ"VUPNPCJĮBĻNBTBĻWBS QJFBVHUĻBULBSăCâĻOPĻBQSăLPKVNBĻ5âĻLPQâĻBS CBHâxBTĻTWBSVĻQBMJFMJOBĻEFHWJFMBTĻQBUùSJĪVĻVO PHĮTLâCâTĻHâ[FTĻFNJTJKBT 2CVWTKGVRTęVę *SĻWBJSâLJĻJFNFTMJ ĻLâEùĮĻEFHWJFMBTĻQBUùSJĪtĻWBS CÜUĻMJFMâLTĻQBSĻUBCVMâĻOPSâEăUPĻ1JFNùSJ p #SBVDJFUĻBSĻQBSFJ[VĻHBJTBĻTQJFEJFOVĻSJFQâT p 7BEăUâKBĻCSBVLtBOBTĻTUJMT p +BĻLMJFOUTĻJSĻOPSâEăKJTĻSJUFĪVĻJ[NùSV ĻLBT QâSTOJFE[ĻBUUJFDăHâĻNPEFĮBĻTUBOEBSUBĻWFS TJKâĻV[TUâEăUPT ĻQJFBVHĻQSFUFTUăCB p -JFMTĻâUSVNTĻSBEBĻQBMJFMJOâUVĻWùKBĻQSFUFT UăCV p %FHWJFMBTĻLWBMJUâUF ĻDFĮBĻVOĻTBUJLTNFT BQTUâLĮJ ĻMBJLBĻBQTUâLĮJĻVOĻBVUPNPCJĮBĻTUâ WPLMJT "QWJFOPKPUĻJFQSJFLtĻNJOùUPTĻQBEPNVT ĻWBSBU JFWùSPKBNJĻTBNB[JOâUĻEFHWJFMBTĻQBUùSJĪVĻ-BJ TBĪFNUVĻQMBtâLVĻJOGPSNâDJKV ĻMÜE[V ĻTLBUJFU OPUFJLVNVT ĻLBTĻNJOùUJ 1BEPNJ ĻLPĻWBEăUâKTĻWBSĻJ[NBOUPU ĻMBJĻTBNB[J OâUVĻEFHWJFMBTĻQBUùSJĪV p #SBVDJFUĻWJFONùSăHJ ĻOFWBKBE[ăHJĻOFQBMJFMJ OJFUĻâUSVNVĻVOĻOFCSFN[ùKJFUĻTUSBVKJ VOĻQâSCBVEJFUĻUPĻSFHVMâSJĻĻMBJĻTBTOJFHUV WJTMBCâLPTĻSF[VMUâUVT ĻJ[WùMJFUJFTĻ&$0 TQJFEJFOVĻSJFQâT ĻTLBUJFUĻSJFQVĻTQJFEJFOB UBCVMVĻĻMQQ p 3JFQVĻJ[WùMFĻWBSĻJFUFLNùUĻEFHWJFMBTĻQBUù SJĪVĻĻLPOTVMUùKJFUJFTĻBSĻJ[QMBUăUâKVĻQBSĻQJF NùSPUâNĻSJFQâN 4LBUJFUĻQBQJMEVĻJOGPSNâDJKVĻVOĻWBJSâLĻQBEPNV ĻVOĻĻMQQ -BJĻTBĪFNUVĻWJTQâSăHVĻJOGPSNâDJKVĻQBSĻEFH WJFMV ĻTLBUJFUĻĻMQQ 0GJDJâMJFĻEFHWJFMBTĻQBUùSJĪBĻSâEăUâKJĻQBNBUPKBTĻV[ĻEJWJFNĻTUBOEBSUBĻCSBVLtBOBTĻDJLMJFNĻMBCPSBUPSJKBTĻWJEùĻ &4ĻCSBVLtBOBTĻDJLMJ ĻTBTLBĪâĻBSĻ&4ĻEJSFLUăWVĻ&&$Ļ &VSPĻ Ļ&6Ļ3FHVMBUJPOĻOP ĻĻ &VSPĻ ĻVOĻ6/Ļ&$&Ļ3FHVMBUJPOĻOPĻĻfăTĻSFHVMBTĻJFUWFSĻJOGPSNâDJKVĻQBSĻCSBVLtBOBTĻDJLMJFNĻQJMTùUâĻVOĻQBĻHBMWFOBKJFNĻDFĮJFNĻĻ#SBVLtBOBĻQJMTùUâĻrĻNùSăKVNJĻUJFLĻTâLUJ JFEBSCJOPUĻBVLTUVĻE[JOùKVĻ#SBVLtBOBĻUJFLĻTJNVMùUBĻĻ#SBVLtBOBĻQBĻHBMWFOBKJFNĻDFĮJFNĻrĻBVUPNPCJĮBĻâUSVNTĻUJFLĻQBMJFMJOâUTĻVOĻTBNB[JOâUTĻBNQMJUÜEâĻqĻLNIĻ#SBVLtBOBĻUJFLĻTJNVMùUBĻ "VUPNBtăOBTĻBSĻNBOVâMPĻQâSOFTVNLâSCVĻUJFLĻJFEBSCJOâUBTĻĻQâSOFTVNâĻ5BCVMâĻOPSâEăUâĻLPNCJOùUâĻCSBVLtBOBTĻWùSUăCBĻJSĻJFHÜUB ĻBQWJFOPKPUĻCSBVLtBOVĻQBĻQJMTùUVĻVOĻHBMWFOBKJFNĻDFĮJFNĻTBTLBĪâ BSĻMJLVNâĻOPUFJLUBKâNĻQSBTăCâNĻ$0ĻFNJTJKBĻrĻUJFLĻTBWâLUBTĻJ[QMÜEFTĻHâ[FT ĻMBJĻBQSùĸJOâUVĻPHĮTLâCâTĻHâ[FTĻFNJTJKVĻBCVĻCSBVLtBOBTĻDJLMVĻMBJLâĻ1ùDĻUBNĻUâĻUJFLĻBOBMJ[ùUBĻVOĻJ[UFJLUBĻLâĻ$0 FNJTJKBTĻWùSUăCB 6GJPKUMKGRCTCOGVTK 4KVGĮKWPTKGRCUK\OġTKWPURKGFKGPU #RUVKRTKPęVKGURKGFKGPKTKGRęU &\KPġLU 4KGRWK\OġTU óVTWOU MOJ Ļ3 5Ļ #5 Ļ3 5Ļ #5 Ļ3 %Ļ %5 Ļ3 5NQF\GRGTUQPCU /CMUUNQF\G '%1URKGFKGPU# 2TKGMÝġLCKU #K\OWIWTġLCKU 2TKGMÝġLCKU #K\OWIWTġLCKU M2C $ M2C M2C M2C 2TKGMÝġLCKUCK\OWIW TġLCKU Ļ Ļ Ļ M2C Ļ3 5Ļ #5 Ļ3 5Ļ #5 Ļ3 5Ļ #5 Ļ3 %Ļ %5 %Ļ %5 Ļ3 1BHBJEVĻSF[FSWFTĻSJUFOJT " # NBLTĻ &LPOPNJTLBĻCSBVLtBOB %BxâTĻWBMTUăTĻMJFUPĻOFĻUJLBJĻ4*ĻNùSWJFOăCVĻQBTLâMT ĻCFUĻBSăĻCâSTĻĻCâSTĻĻĻL1B 6GJPKUMKGRCTCOGVTK 4KVGĮKWPTKGRCUK\OġTKWPURKGFKGPU &\KPġLU 4KGRWK\OġTU óVTWOU MOJ Ļ3 7JTJ 5NQF\GRGTUQPCU /CMUUNQF\G '%1URKGFKGPU# 2TKGMÝġLCKU #K\OWIWTġLCKU 2TKGMÝġLCKU #K\OWIWTġLCKU 2TKGMÝġLCKUCK\OWIWTġLCKU M2C $ M2C M2C M2C M2C Ļ Ļ3 Ļ3 Ļ3 1BHBJEVĻSF[FSWFTĻSJUFOJT " # NBLTĻ &LPOPNJTLBĻCSBVLtBOB %BxâTĻWBMTUăTĻMJFUPĻOFĻUJLBJĻ4*ĻNùSWJFOăCVĻQBTLâMT ĻCFUĻBSăĻCâSTĻĻCâSTĻĻĻL1B 2+'<ÿ/' %BxJĻE[JOùKJ ĻSJFQBTĻWBJĻUPĻLPNCJOâDJKBTĻWBS OFCÜUĻQJFFKBNBTĻWJTVĻWBMTUVĻUJSHPT 6GJPKUMKGRCTCOGVTK 'NGMVTQUKUVġOC 'NGMVTQUKUVġOC "VUPNPCJMJNĻJSĻNBJĪTUSâWBTĻīFOFSBUPSTĻBS TQSJFHVNBĻSFHVMùtBOBTĻGVOLDJKVĻ&MFLUSPTJTUù NBJĻJSĻWJFOTĻQPMT ĻVOĻUâĻJ[NBOUPĻtBTJKVĻVOĻE[J OùKBĻLPSQVTVĻQBSĻTUSâWBTĻWBEăUâKV "LVNVMBUPSBĻLBQBDJUâUFĻJSĻBULBSăHBĻOPĻBVUP NPCJĮBĻBQSăLPKVNBĻMăNFĪB 58#4ÿ)+ /PNBJOPUĻBLVNVMBUPSV ĻQâSMJFDJOJFUJFT ĻLB KBVOBKBNĻBLVNVMBUPSBNĻJSĻUâEBĻQBUJ BVLTUâTĻJFEBSCJOâtBOBTĻVOĻSF[FSWFTĻLBQB DJUâUFĻLâĻJFQSJFLtùKBNĻ TLBUJFUĻV[MăNJĻV[ BLVNVMBUPSB #MWOWNCVQTU &\KPġLU " 5RTKGIWOU 8 #WMUVCF\KPġLCKGFCTDKPęÝCPCULCWFC 4G\GTXGUKGVKNRĦDC %%#UVTęXCCWMUVCF\KPġLCKGFCTDKPęÝCPCK # OKPĹVGU #FO[ăOBĻE[JOùKT q q %ă[FMJT q q #FO[ăOBEă[FĮE[JOùKTĻBSĻ4UBSU4UPQĻGVOLDJKV " "VUPNBtăOâNĻBSĻ4UBSU4UPQĻGVOLDJKVĻKâMJFUPĻBLVNVMBUPSBĻUJQTĻ"(.Ļ "CTPSCFEĻ(MBTTĻ.BU Ļ 2+'<ÿ/' p "LVNVMBUPSBĻUWFSUOFTĻJ[NùSBNĻKâBUCJMTU PSJīJOâMâĻBLVNVMBUPSBĻJ[NùSJFN p "LVNVMBUPSBĻBVHTUVNTĻWBSĻBUtĸJSUJFT BULBSăCâĻOPĻJ[NùSJFN 5VCTV5VQR *OGPSNâDJKVĻQBSĻBLVNVMBUPSJFNĻBVUPNBtăOâT BSĻ4UBSU4UPQ ĻTLBUăUĻMQQĻ Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU 6ęNXCFĦDCURWNVUCVUNġICUUKUVġOC 8CNUVU #K\UNġIÝCPCUUKUVġOCUVCPFCTVC ijăOB 8CNUVU 4CFCTCUKUVġOC 8CNUVU 4JOHB QÜSB &4 ĻijăOB )POLPOHB *%"Ļ4JOHBQÜSBTĻ*OGPSNâDJKBTĻVO LPNVOJLâDJKVĻBUUăTUăCBTĻJFTUâEF #SB[ăMJKB $G\CVUNġICUCK\UNġIÝCPCUUKUVġOC DG\CVUNġICUXCFĦDC 8CNUVU &4 ,PSFKB &JSPQB Ļ%FMQIJĻ&MFDUSPOJDTĻ 4BGFUZĻBSĻtPĻQB[JĪP ĻLB -$53ĻVOĻ-$53 BUCJMTUĻEJSFLUăWBTĻ&, CÜUJTLBKâNĻQSBTăCâNĻVOĻDJUJFN QJFNùSPKBNJFNĻOPUFJLVNJFN +BĻOFQJFDJFtBNT ĻtPĻBUCJMTUăCBT EFLMBSâDJKVĻWBSĻTBĪFNUĻOP %FMQIJĻ&MFDUSPOJDTĻĻ4BGFUZĻ 0OFĻ$PSQPSBUFĻ$FOUFSĻ ,PLPNP Ļ*OEJBOBĻ "47 `` 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU $NWGVQQVJ 2C\KĮQLWOURCTCVDKNUVĦDW &GENCTCVKQPQH%QPHQTOKV[ 8CNUVU &4ĻWBMTUJT <QPSUùKPtâĻWBMTUTĻ+BQâOB 3BxPUâKTĻ"MQJOFĻ&MFDUSPOJDTĻ*OD "QSăLPKVNBĻUJQTĻ$NWGVQQVJĻJFSăDF -BJĻTBĪFNUVĻQMBtâLVĻJOGPSNâDJKV ĻBQNFLMùKJFUĻIUUQFDFVSPQBFVFOUFSQSJTFSUUFGBRIUNĻJOGPSNJOH 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU 8CNUVU FIJKBT 3FQVCMJLB "MQJOFĻ&MFDUSPOJDT Ļ*ODĻUÅNUPĻQSPIMBtVKF ĻxFĻUFOUPĻ$NWGVQQVJĻ.PEVMFĻKFĻWFĻTIPEÄĻTFĻ[¹LMBEOÅNJĻQPxBEBWLZĻBĻEBMtÅNJĻQÐÅTMVtOÕNJ VTUBOPWFOÅNJĻTNÄSOJDFĻ&4 %âOJKB 6OEFSUFHOFEFĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻFSLMåSFSĻIFSWFE ĻBUĻGĆMHFOEFĻVETUZSĻ$NWGVQQVJĻ.PEVMFĻPWFSIPMEFSĻEFĻWåTFOUMJHFĻLSBWĻPH ĆWSJHFĻSFMFWBOUFĻLSBWĻJĻEJSFLUJWĻ&' 7âDJKB )JFSNJUĻFSLM¼SUĻ"MQJOFĻ&MFDUSPOJDT Ļ*OD ĻEBTTĻTJDIĻEBTĻ(FS¼UĻ$NWGVQQVJĻ.PEVMFĻJOĻ´CFSFJOTUJNNVOHĻNJUĻEFOĻHSVOEMFHFOEFO "OGPSEFSVOHFOĻVOEĻEFOĻÔCSJHFOĻFJOTDIM¼HJHFOĻ#FTUJNNVOHFOĻEFSĻ3JDIUMJOJFĻ&(ĻCFGJOEFU `` 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU 8CNUVU *HBVOJKB ,¼FTPMFWBHBĻLJOOJUBCĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻTFBENFĻ$NWGVQQVJĻ.PEVMFĻWBTUBWVTUĻEJSFLUJJWJĻ&´ĻQĹIJOĹVFUFMFĻKB OJNFUBUVEĻEJSFLUJJWJTUĻUVMFOFWBUFMFĻUFJTUFMFĻBTKBLPIBTUFMFĻT¼UFUFMF -JFMCSJUâOJKB )FSFCZ Ļ"MQJOFĻ&MFDUSPOJDT Ļ*OD ĻEFDMBSFTĻUIBUĻUIJTĻ$NWGVQQVJĻ.PEVMFĻJTĻJOĻDPNQMJBODFĻXJUIĻUIFĻFTTFOUJBMĻSFRVJSFNFOUTĻBOEĻPUIFS SFMFWBOUĻQSPWJTJPOTĻPGĻ%JSFDUJWFĻ&$ 4QâOJKB 1PSĻNFEJPĻEFĻMBĻQSFTFOUFĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻEFDMBSBĻRVFĻFMĻ$NWGVQQVJĻ.PEVMFĻDVNQMFĻDPOĻMPTĻSFRVJTJUPTĻFTFODJBMFTĻZ DVBMFTRVJFSBĻPUSBTĻEJTQPTJDJPOFTĻBQMJDBCMFTĻPĻFYJHJCMFTĻEFĻMBĻ%JSFDUJWBĻ$& (SJFĸJKB ƯƪĻƷƬƴĻƥƨƶƵƸƦƨĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻơƬƣŀƴƪƭĻƵƷƭĻ$NWGVQQVJĻ.PEVMFĻƦƸƯƯƵƶưŀƴƪƷƨƭĻƥƶƵƦĻƷƭƦĻƵƸƦƭŀơƪƭƦ ƨƥƨƭƷƬƦƪƭƦĻƮƨƭĻƷƭƦĻƣƵƭƥƪƦĻƦƹƪƷƭƮƪƦĻơƭƨƷƨƤƪƭƦĻƷƬƦĻƵơƬƠƭƨƦĻƪƮ 'SBODJKB 1BSĻMBĻQSÁTFOUFĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻEÁDMBSFĻRVFĻMBQQBSFJMĻ$NWGVQQVJĻ.PEVMFĻFTUĻDPOGPSNFĻBVYĻFYJHFODFTĻFTTFOUJFMMFTĻFUĻBVY BVUSFTĻEJTQPTJUJPOTĻQFSUJOFOUFTĻEFĻMBĻEJSFDUJWFĻ$& *UâMJKB $POĻMBĻQSFTFOUFĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻEJDIJBSBĻDIFĻRVFTUPĻ$NWGVQQVJĻ.PEVMFĻġĻDPOGPSNFĻBJĻSFRVJTJUJĻFTTFO[JBMJĻFEĻBMMFĻBMUSF EJTQPTJ[JPOJĻQFSUJOFOUJĻTUBCJMJUFĻEBMMBĻEJSFUUJWBĻ$& -BUWJKB "SĻtPĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻEFLMBSù ĻLBĻ$NWGVQQVJĻ.PEVMFĻBUCJMTUĻ%JSFLUăWBTĻ&,ĻCÜUJTLBKâNĻQSBTăCâNĻVOĻDJUJFNĻBSĻUP TBJTUăUBKJFNĻOPUFJLVNJFN -JFUVWB fJVPĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻEFLMBSVPKB ĻLBEĻtJTĻ$NWGVQQVJĻ.PEVMFĻBUJUJOLBĻFTNJOJVTĻSFJLBMBWJNVTĻJSĻLJUBTĻ&#Ļ%JSFLUZWPT OVPTUBUBT /ăEFSMBOEF )JFSCJKĻWFSLMBBSUĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻEBUĻIFUĻUPFTUFMĻ$NWGVQQVJĻ.PEVMFĻJOĻPWFSFFOTUFNNJOHĻJTĻNFUĻEFĻFTTFOUJÃMFĻFJTFOĻFOĻEF BOEFSFĻSFMFWBOUFĻCFQBMJOHFOĻWBOĻSJDIUMJKOĻ&( .BMUB )BXOIFLL Ļ"MQJOFĻ&MFDUSPOJDT Ļ*OD ĻKJEEJLKBSBĻMJĻEBOĻ$NWGVQQVJĻ.PEVMFĻKJLLPOGPSNBĻNBMĘUJĒJKJFUĻFTTFO[KBMJĻVĻNBĻQSPWWFEJNFOUJ PĘSBKOĻSFMFWBOUJĻMJĻIFNNĻGJE%JSSFUUJWBĻ&$ 6OHâSJKB "MVMÅSPUU Ļ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻOZJMBULP[PN ĻIPHZĻBĻ$NWGVQQVJĻ.PEVMFĻNFHGFMFMĻBĻWPOBULP[ËĻBMBQWFUĹĻLÎWFUFMNÁOZFLOFLĻÁTĻB[ &$ĻJS¹OZFMWĻFHZÁCĻFMĹÅS¹TBJOBL 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU 8CNUVU 1PMJKB /JOJFKT[ZNĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻPvXJBED[B ĻFĻ$NWGVQQVJĻ.PEVMFĻKFTUĻ[HPEOZĻ[Ļ[BTBEOJD[ZNJĻXZNPHBNJĻPSB[ĻQP[PTUBZNJ TUPTPXOZNJĻQPTUBOPXJFOJBNJĻ%ZSFLUZXZĻ&$ 1PSUVHâMF "MQJOFĻ&MFDUSPOJDT Ļ*ODĻEFDMBSBĻRVFĻFTUFĻ$NWGVQQVJĻ.PEVMFĻFTU¹ĻDPOGPSNFĻDPNĻPTĻSFRVJTJUPTĻFTTFODJBJTĻFĻPVUSBTĻEJTQPTJ¿ĹFTĻEB %JSFDUJWBĻ$& 4MPWùOJKB "MQJOFĻ&MFDUSPOJDT Ļ*ODĻJ[KBWMKB ĻEBĻKFĻUBĻ$NWGVQQVJĻ.PEVMFĻWĻTLMBEVĻ[ĻCJTUWFOJNJĻ[BIUFWBNJĻJOĻPTUBMJNJĻSFMFWBOUOJNJĻEPMPÀJMJĻEJSFL UJWFĻ&4 4MPWâLJKB "MQJOFĻ&MFDUSPOJDT Ļ*ODĻUÕNUPĻWZIMBTVKF ĻxFĻ$NWGVQQVJĻ.PEVMFĻTQ½ÊBĻ[¹LMBEOÁĻQPxJBEBWLZĻBĻWtFULZĻQSÅTMVtOÁĻVTUBOPWFOJBĻ4NFS OJDFĻ&4 4PNJKB "MQJOFĻ&MFDUSPOJDT Ļ*ODĻWBLVVUUBBĻU¼UFOĻFUU¼Ļ$NWGVQQVJĻ.PEVMFĻUZZQQJOFOĻMBJUFĻPOĻEJSFLUJJWJOĻ&:ĻPMFFMMJTUFOĻWBBUJNVTUFOĻKB TJU¼ĻLPTLFWJFOĻEJSFLUJJWJOĻNVJEFOĻFIUPKFOĻNVLBJOFO ;WJFESJKB )¼SNFEĻJOUZHBSĻ"MQJOFĻ&MFDUSPOJDT Ļ*ODĻBUUĻEFOOBĻ$NWGVQQVJĻ.PEVMFĻTUòSĻ*ĻÎWFSFOTTU¼NNFMTFĻNFEĻEFĻW¼TFOUMJHBĻFHFOTLBQTLSBW PDIĻÎWSJHBĻSFMFWBOUBĻCFTU¼NNFMTFSĻTPNĻGSBNHòSĻBWĻEJSFLUJWĻ&( įTMBOEF "MQJOFĻ&MFDUSPOJDT Ļ*ODĻIFSFCZĻDFSUJGJFTĻUIBUĻUIJTĻ$NWGVQQVJĻ.PEVMFĻDPOGPSNTĻUPĻUIFĻFTTFOUJBMĻDIBSBDUFSJTUJDĻSFRVJSFNFOUTĻBOE PUIFSĻSFMFWBOUĻSFHVMBUJPOTĻPGĻEJSFDUJWFĻ&$ /PSWùīJKB "MQJOFĻ&MFDUSPOJDT Ļ*ODĻFSLMåSFSĻIFSWFEĻBUĻVUTUZSFUĻ$NWGVQQVJĻ.PEVMFĻFSĻJĻTBNTWBSĻNFEĻEFĻHSVOOMFHHFOEFĻLSBWĻPHĻĆWSJHF SFMFWBOUFĻLSBWĻJĻEJSFLUJWĻ&' `` 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU 8CNUVU ijăOB कϝᴵǂ䖯ষ⫳ѻॖଚ݊ѻકⱘ䇈ᯢкՓ⫼ݠЁˈᑨߞॄϟ䗄᳝݇ݙᆍ˖ ᷛᯢ䰘ӊЁ᠔㾘ᅮⱘᡔᴃᣛᷛՓ⫼㣗ೈˈ䇈ᯢ᠔᳝ࠊǃ䇗ᭈঞᓔ݇ㄝՓ⫼ᮍ⊩˗ ƵՓ⫼乥⥛˖*+] Ƶㄝᬜܼ䕤ᇘࡳ⥛ (,53 ˖㒓Ⲟ˘ G%L ᯊ˖İP:İG%Pǂķ Ƶ᳔ࡳ⥛䈅ᆚᑺ˖㒓Ⲟ˘ G%L ᯊ˖İG%P0+] (,53 ķ Ƶ䕑乥ᆍ䰤˖SSP Ƶᴖᬷথᇘ 䕤ᇘ ࡳ⥛ ᇍᑨ䕑⊶f ֵס䘧ᏺᆑҹ ˖ p p p p p İG%PN+] 0+] İG%PN+] *+] İG%P0+] *+] İG%P0+] *+] İG%P0+] ݊ᅗ *+] ϡᕫ᪙㞾ᬍথᇘ乥⥛ǃࡴথᇘࡳ⥛ ࣙᣀ乱ࡴ㺙ᇘ乥ࡳ⥛ᬒ఼ ˈϡᕫ᪙㞾㒓ᬍ⫼݊ᅗথᇘ㒓˗ Փ⫼ᯊϡᕫᇍ⾡ড়⊩ⱘ᮴㒓⬉䗮ֵϮࡵѻ⫳᳝ᆇᑆᡄ˗ϔᮺথ⦄᳝ᑆᡄ⦄䈵ᯊˈᑨゟेذℶՓ⫼ˈᑊ䞛পᮑ⍜䰸ᑆᡄৢᮍৃ 㒻㓁Փ⫼˗ Փ⫼ᖂࡳ⥛᮴㒓⬉䆒ˈᖙ乏ᖡফ⾡᮴㒓⬉ϮࡵⱘᑆᡄᎹϮǃ⾥ᄺঞए⭫ᑨ⫼䆒ⱘ䕤ᇘᑆᡄ˗ ϡᕫ亲ᴎᴎഎ䰘䖥Փ⫼DŽ 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU 8CNUVU 5BJWâOB ܅㧤ሽंᘿ୴ࢤሽᖲጥ䏺ऄรԼ㦕 รԼԲය ᆖীڤᎁᢞٽհפ܅୴᙮ሽᖲΔॺᆖױΔֆΕᇆࢨࠌ݁ृشլᖐ۞!᧢ޓ᙮ΕףՕפࢨ᧢ޓૠհࢤ֗פ౨Ζ รԼය פ܅୴᙮ሽᖲհࠌشլᐙଆڜ٤֗եឫٽऄຏॾΙᆖ࿇ڶեឫွழΔ!ᚨܛمೖشΔࠀޏ۟ྤեឫழֱᤉᥛࠌشΖ ছႈٽऄຏॾΔਐࠉሽॾऄࡳ!܂ᄐհྤᒵሽຏॾΖפ܅୴᙮ሽᖲႊٽ࠹ݴऄຏॾࢨՠᄐΕઝᖂ֗᠔᛭شሽं!ᘿ୴ࢤሽᖲໂհ եឫΖ `` 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU 8CNUVU %JFOWJELP SFKB ⭧㟓#⭠‿ 7PMWPĻ$BSĻ,PSFB 㐔㷡㣄G䂈☐aGrjjTjttTuY\TphtYXsZSGrjjTjttTuY\TphtYXsYGGrjjTjttTuY\TphtYXsX 㥐䖼G⮹aGiGhGuGy ⯜⒬G⮹aGphtYUX G⇔㬐aGtVYWXW "MQJOFĻ&MFDUSPOJDT Ļ*OD .BEFĻJOĻ+BQBO ါཨ#⭠‿ 7PMWPĻ$BSĻ,PSFB ⸰⸨㣄┍㵜䂈⫠㙸 ㉐㟬㐐G㟝ẠG䚐⇜ Y ┍G^Y]TX^ZG⸰⸨⾀♝G[ 㽩 ⸰⸨㣄┍㵜GḔᵑ㉰䉤GX\__TX^^^ IUUQXXXWPMWPDBSTDPNLS ⏷⧴⫛#ⱇ⪣⏷㢸 䚨Gⱨ㉔㉘⽸⏈G㤸䑀䝰㐔Gᴴ⏙㉥㢨G㢼㡰⦐G㢬⮹㙼㤸ḰGḴ⥜═G㉐⽸㏘⏈G䚔G㍌G㛺㏩⏼␘ 6GJPKUMKGRCTCOGVTK #RUVKRTKPęVCKUVKRU 8CNUVU "QWJFOPUJF "SâCVĻ&NJ SâUJ %JFOWJEâ GSJLB +BNBJLB "QTUJQSJOâUTĻMJFUPtBOBJĻ+BNBJLâĻ4."Ļ&*Ļ*". 5BJ[FNF 5IJTĻUFMFDPNNVOJDBUJPOĻFRVJQNFOUĻDPOGPSNTĻUPĻ/5$ĻUFDIOJDBMĻSFRVJSFNFOU 0NâOB 6GJPKUMKGRCTCOGVTK .KEGPEGU 5GPUWUUQHVYCTG 5IJTĻTPGUXBSFĻVTFTĻQBSUTĻPGĻTPVSDFTĻGSPN DMJCĻBOEĻ1SFYĻ&NCFEEFEĻ3FBMUJNFĻ04Ļ 4PVSDFĻ $PQZSJHIUĻ D Ļ Ļ Ļ Ļ ĻBOEĻ2VFSDVTĻ3PCVTUBĻ $PQZSJHIU D Ļ Ļ Ļ5IFĻ3FHFOUTĻPGĻUIFĻ6OJWFSTJUZ PGĻ$BMJGPSOJBĻ"MMĻPSĻTPNFĻQPSUJPOTĻBSFĻEFSJWFE GSPNĻNBUFSJBMĻMJDFOTFEĻUPĻUIFĻ6OJWFSTJUZĻPG $BMJGPSOJBĻCZĻ"NFSJDBOĻ5FMFQIPOFĻBOE 5FMFHSBQIĻ$PĻPSĻ6OJYĻ4ZTUFNĻ-BCPSBUPSJFT *ODĻBOEĻBSFĻSFQSPEVDFEĻIFSFJOĻXJUIĻUIF QFSNJTTJPOĻPGĻ6/*9Ļ4ZTUFNĻ-BCPSBUPSJFT Ļ*OD 3FEJTUSJCVUJPOĻBOEĻVTFĻJOĻTPVSDFĻBOEĻCJOBSZ GPSNT ĻXJUIĻPSĻXJUIPVUĻNPEJGJDBUJPO ĻBSF QFSNJUUFEĻQSPWJEFEĻUIBUĻUIFĻGPMMPXJOH DPOEJUJPOTĻBSFĻNFUĻ3FEJTUSJCVUJPOTĻPGĻTPVSDF DPEFĻNVTUĻSFUBJOĻUIFĻBCPWFĻDPQZSJHIUĻOPUJDF UIJTĻMJTUĻPGĻDPOEJUJPOTĻBOEĻUIFĻGPMMPXJOH EJTDMBJNFSĻ3FEJTUSJCVUJPOTĻJOĻCJOBSZĻGPSN NVTUĻSFQSPEVDFĻUIFĻBCPWFĻDPQZSJHIUĻOPUJDF UIJTĻMJTUĻPGĻDPOEJUJPOTĻBOEĻUIFĻGPMMPXJOH EJTDMBJNFSĻJOĻUIFĻEPDVNFOUBUJPOĻBOEPSĻPUIFS NBUFSJBMTĻQSPWJEFEĻXJUIĻUIFĻEJTUSJCVUJPO /FJUIFSĻUIFĻOBNFĻPGĻUIFĻ03("/*;"5*0/ OPSĻUIFĻOBNFTĻPGĻJUTĻDPOUSJCVUPSTĻNBZĻCF VTFEĻUPĻFOEPSTFĻPSĻQSPNPUFĻQSPEVDUTĻEFSJWFE GSPNĻUIJTĻTPGUXBSFĻXJUIPVUĻTQFDJGJDĻQSJPS XSJUUFOĻQFSNJTTJPOĻ5)*4Ļ40'58"3&Ļ*4 1307*%&%Ļ#:Ļ5)&Ļ$01:3*()5Ļ)0-%&34 "/%Ļ$0/53*#65034Ļ"4Ļ*4Ļ"/%Ļ"/: &913&44Ļ03Ļ*.1-*&%Ļ8"33"/5*&4 */$-6%*/( Ļ#65Ļ/05Ļ-*.*5&%Ļ50 Ļ5)& *.1-*&%Ļ8"33"/5*&4Ļ0' .&3$)"/5"#*-*5:Ļ"/%Ļ'*5/&44Ļ'03Ļ" 1"35*$6-"3Ļ163104&Ļ"3&Ļ%*4$-"*.&% */Ļ/0Ļ&7&/5Ļ4)"--Ļ5)&Ļ$01:3*()5 08/&3Ļ03Ļ$0/53*#65034Ļ#&Ļ-*"#-& '03Ļ"/:Ļ%*3&$5 Ļ*/%*3&$5 Ļ*/$*%&/5"41&$*"- Ļ&9&.1-"3: Ļ03 $0/4&26&/5*"-Ļ%"."(&4Ļ */$-6%*/( #65Ļ/05Ļ-*.*5&%Ļ50 Ļ130$63&.&/5Ļ0' 46#45*565&Ļ(00%4Ļ03Ļ4&37*$&4Ļ-044 0'Ļ64& Ļ%"5" Ļ03Ļ130'*54Ļ03Ļ#64*/&44 */5&33615*0/ Ļ)08&7&3Ļ$"64&%Ļ"/% 0/Ļ"/:Ļ5)&03:Ļ0'Ļ-*"#*-*5: Ļ8)&5)&3 */Ļ$0/53"$5 Ļ453*$5Ļ-*"#*-*5: Ļ03Ļ5035 */$-6%*/(Ļ/&(-*(&/$&Ļ03Ļ05)&38*4& "3*4*/(Ļ*/Ļ"/:Ļ8":Ļ065Ļ0'Ļ5)&Ļ64&Ļ0' 5)*4Ļ40'58"3& Ļ&7&/Ļ*'Ļ"%7*4&%Ļ0'Ļ5)& 1044*#*-*5:Ļ0'Ļ46$)Ļ%"."(& 5IJTĻTPGUXBSFĻJTĻCBTFEĻJOĻQBSUĻPOĻUIFĻXPSLĻPG UIFĻ*OEFQFOEFOUĻ+1&(Ļ(SPVQ 5IJTĻTPGUXBSFĻVTFTĻQBSUTĻPGĻTPVSDFTĻGSPN MJCUFTTĻ5IFĻ0SJHJOBMĻ$PEFĻJTĻ0QFO(4BNQMFĻ*NQMFNFOUBUJPO Ļ7FSTJPOĻ SFMFBTFEĻ+BOVBSZĻ Ļ ĻEFWFMPQFEĻCZ 4JMJDPOĻ(SBQIJDT Ļ*ODĻ5IFĻ0SJHJOBMĻ$PEFĻJT $PQZSJHIUĻ D ĻĻ4JMJDPOĻ(SBQIJDT *ODĻ$PQZSJHIUĻJOĻBOZĻQPSUJPOTĻDSFBUFEĻCZĻUIJSE QBSUJFTĻJTĻBTĻJOEJDBUFEĻFMTFXIFSFĻIFSFJOĻ"MM 3JHIUTĻ3FTFSWFEĻ$PQZSJHIUĻ $ Ļ<> 4JMJDPOĻ(SBQIJDT Ļ*ODĻ"MMĻ3JHIUTĻ3FTFSWFE 1FSNJTTJPOĻJTĻIFSFCZĻHSBOUFE ĻGSFFĻPGĻDIBSHF UPĻBOZĻQFSTPOĻPCUBJOJOHĻBĻDPQZĻPGĻUIJT TPGUXBSFĻBOEĻBTTPDJBUFEĻEPDVNFOUBUJPOĻGJMFT UIFĻ4PGUXBSF ĻUPĻEFBMĻJOĻUIFĻ4PGUXBSF XJUIPVUĻSFTUSJDUJPO ĻJODMVEJOHĻXJUIPVUĻMJNJUBUJPO UIFĻSJHIUTĻUPĻVTF ĻDPQZ ĻNPEJGZ ĻNFSHF QVCMJTI ĻEJTUSJCVUF ĻTVCMJDFOTF ĻBOEPSĻTFMM DPQJFTĻPGĻUIFĻ4PGUXBSF ĻBOEĻUPĻQFSNJUĻQFSTPOT UPĻXIPNĻUIFĻ4PGUXBSFĻJTĻGVSOJTIFEĻUPĻEPĻTP TVCKFDUĻUPĻUIFĻGPMMPXJOHĻDPOEJUJPOTĻ5IF BCPWFĻDPQZSJHIUĻOPUJDFĻJODMVEJOHĻUIFĻEBUFTĻPG GJSTUĻQVCMJDBUJPOĻBOEĻFJUIFSĻUIJTĻQFSNJTTJPO OPUJDFĻPSĻBĻSFGFSFODFĻUPĻIUUQPTTTHJDPN QSPKFDUT'SFF#ĻTIBMMĻCFĻJODMVEFEĻJOĻBMMĻDPQJFT PSĻTVCTUBOUJBMĻQPSUJPOTĻPGĻUIFĻ4PGUXBSFĻ5)& 40'58"3&Ļ*4Ļ1307*%&%Ļ"4Ļ*4 8*5)065Ļ8"33"/5:Ļ0'Ļ"/:Ļ,*/% &913&44Ļ03Ļ*.1-*&% Ļ*/$-6%*/(Ļ#65 /05Ļ-*.*5&%Ļ50Ļ5)&Ļ8"33"/5*&4Ļ0' .&3$)"/5"#*-*5: Ļ'*5/&44Ļ'03Ļ" 1"35*$6-"3Ļ163104&Ļ"/% /0/*/'3*/(&.&/5Ļ*/Ļ/0Ļ&7&/5Ļ4)"-4*-*$0/Ļ(3"1)*$4 Ļ*/$Ļ#&Ļ-*"#-&Ļ'03 "/:Ļ$-"*. Ļ%"."(&4Ļ03Ļ05)&3 -*"#*-*5: Ļ8)&5)&3Ļ*/Ļ"/Ļ"$5*0/Ļ0' $0/53"$5 Ļ5035Ļ03Ļ05)&38*4& "3*4*/(Ļ'30. Ļ065Ļ0'Ļ03Ļ*/ $0//&$5*0/Ļ8*5)Ļ5)&Ļ40'58"3&Ļ03 5)&Ļ64&Ļ03Ļ05)&3Ļ%&"-*/(4Ļ*/Ļ5)& 40'58"3&Ļ&YDFQUĻBTĻDPOUBJOFEĻJOĻUIJT OPUJDF ĻUIFĻOBNFĻPGĻ4JMJDPOĻ(SBQIJDT Ļ*OD TIBMMĻOPUĻCFĻVTFEĻJOĻBEWFSUJTJOHĻPSĻPUIFSXJTF 6GJPKUMKGRCTCOGVTK .KEGPEGU UPĻQSPNPUFĻUIFĻTBMF ĻVTFĻPSĻPUIFSĻEFBMJOHTĻJO UIJTĻ4PGUXBSFĻXJUIPVUĻQSJPSĻXSJUUFO BVUIPSJ[BUJPOĻGSPNĻ4JMJDPOĻ(SBQIJDT Ļ*OD 5IJTĻTPGUXBSFĻJTĻCBTFEĻJOĻQBSUTĻPOĻUIFĻXPSLĻPG UIFĻ'SFF5ZQFĻ5FBN 5IJTĻTPGUXBSFĻVTFTĻQBSUTĻPGĻ44-FBZĻ-JCSBSZ $PQZSJHIUĻ $ ĻĻ&SJDĻ:PVOH FBZ!DSZQUTPGUDPN Ļ"MMĻSJHIUTĻSFTFSWFE %QODKPGF+PUVTWOGPV2CPGN5QHVYCTG $PNCJOFEĻ*OTUSVNFOUĻ1BOFMĻ4PGUXBSF 1PSUJPOTĻPGĻUIJTĻTPGUXBSFĻBSFĻDPQZSJHIUĻ Ļ5IFĻ'SFF5ZQF1SPKFDU XXXGSFFUZQFPSH Ļ"MMĻSJHIUTĻSFTFSWFE &KX: VTFEĻVOEFSĻMJDFOTFĻ"#065Ļ%*79Ļ7*%&0 %JW9ĻJTĻBĻEJHJUBMĻWJEFPĻGPSNBUĻDSFBUFEĻCZ %JW9 Ļ*ODĻ5IJTĻJTĻBOĻPGGJDJBMĻ%JW9Ļ$FSUJGJFE EFWJDFĻUIBUĻQMBZTĻ%JW9ĻWJEFPĻ7JTJU YYYFKXZEQOĻGPSĻNPSFĻJOGPSNBUJPOĻBOE TPGUXBSFĻUPPMTĻUPĻDPOWFSUĻZPVSĻGJMFTĻJOUPĻ%JW9 WJEFP "#065Ļ%*79Ļ7*%&00/%&."/%Ļ5IJTĻ%JW9 $FSUJGJFEĻEFWJDFĻNVTUĻCFĻSFHJTUFSFEĻJOĻPSEFS UPĻQMBZĻ%JW9Ļ7JEFPPO%FNBOEĻ 70% DPOUFOUĻ5PĻHFOFSBUFĻUIFĻSFHJTUSBUJPOĻDPEF MPDBUFĻUIFĻ%JW9Ļ70%ĻTFDUJPOĻJOĻUIFĻEFWJDF TFUVQĻNFOVĻ(PĻUPĻJVVRXQFFKXZEQOĻXJUI UIJTĻDPEFĻUPĻDPNQMFUFĻUIFĻSFHJTUSBUJPO QSPDFTTĻBOEĻMFBSOĻNPSFĻBCPVUĻ%JW9Ļ70% $PWFSFEĻCZĻPOFĻPSĻNPSFĻPGĻUIFĻGPMMPXJOHĻ64 1BUFOUTĻ Ļ Ļ %JW9Ļ$FSUJGJFEĻUPĻQMBZĻ%JW9ĻWJEFPĻ%JW9 %JW9Ļ$FSUJGJFEĻBOEĻBTTPDJBUFEĻMPHPTĻBSF SFHJTUFSFEĻUSBEFNBSLTĻPGĻ%JW9 Ļ*ODĻBOEĻBSF 6GJPKUMKGRCTCOGVTK &KURNGLCUKODQNK 8KURęTĦIK "VUPNPCJĮBĻEJTQMFKâĻSFE[BNJĻEBxâEJĻTJNCPMJ 4JNCPMVTĻJFEBMBĻCSăEJOâKVNB ĻJOEJLBUPSVĻVO JOGPSNâDJKBTĻTJNCPMPTĻ5âMâLĻJSĻQBSâEăUJĻWJTCJF xâLĻTBTUPQBNJFĻTJNCPMJĻVOĻUPĻOP[ăNF ĻLâĻBSă BUTBVDFĻV[ĻSPLBTHSâNBUBTĻWJFUV ĻLVSâĻTOJFHUB QMBtâLBĻJOGPSNâDJKBĻ-BJĻTBĪFNUVĻQMBtâLV JOGPSNâDJKVĻQBSĻTJNCPMJFNĻVOĻUFLTUBĻ[JĪPKV NJFN ĻTLBUJFUĻĻVOĻĻĻMQQ &KURNGLCUKODQNK $TĦFKPęLWOCUKODQNKMQODKPġVCLę KPUVTWOGPVWRCPGNĦ 5KODQNU +PFKMCVQTWUKODQNKMQODKPġVCLę KPUVTWOGPVWRCPGNĦ 5KODQNU 0Q\ĦOG .CR RWUG ,ĮÜNFĻ"#-ĻTJT UùNâ Ļ &NJTJKBTĻTJTUùNB ,ĮÜNFĻ"#4ĻTJTUùNâ Ļ %FHĻBJ[NVHVSùKBJT NJHMBTĻMVLUVSJT Ļ 4UBCJMJUâUFTĻTJT UùNB Ļ%45$ ĻQJFLB CFTĻTUBCJMJUâUFT QBMăHTJTUùNB Ļ 4UBCJMJUâUFTĻTJT UùNB ĻTQPSUBĻSFxăNT Ļ %[JOùKBĻQSJFLtTJMEă UâKTĻ Eă[FMJN 0Q\ĦOG .CR RWUG ;FNTĻFĮĮBTĻTQJF EJFOT ĻĻTBSLBOBJTĻCSăEJOâKVNBĻTJNCPMTĻJ[HBJT NPKBT ĻKBĻJSĻLPOTUBUùUBĻLĮÜNF ĻLBTĻWBSĻJFUFL NùUĻESPtăCVĻVOWBJĻBVUPNBtăOBTĻWBEâNăCV 7JFOMBJLVTĻJOGPSNâDJKBTĻEJTQMFKâĻQBSâEâTĻTLBJ ESPKVNT *FTMùHUBĻTUâW CSFN[F Ļ *FTMùHUBĻTUâW CSFN[F ĻBMUFSOB UăWTĻTJNCPMT ĻĻJOGPSNâDJKBTĻTJNCPMTĻJ[HBJTNPKBT LPQâĻBSĻUFLTUVĻJOGPSNâDJKBTĻEJTQMFKâ ĻKBĻLâEâ OPĻBVUPNBtăOBTĻTJTUùNâNĻSBEVTJFTĻOPCăEF %[FMUFOâĻTJNCPMBĻJOGPSNâDJKBĻWBSĻJFEFHUJFT LPQâĻBSĻDJUJFNĻTJNCPMJFN %SPtăCBTĻTQJMWFOJĻ 434 Ļ %SPtăCBTĻKPTUBT BUHâEJOâUâKT Ļ .BJĪTUSâWBTĻīFOF SBUPSTĻOFUJFLĻV[Mâ EùUT ,ĮÜNFĻCSFNxVĻTJT UùNâ Ļ %FHWJFMBTĻUWFSUOù [FNTĻMăNFOJT Ļ #SăEJOâKVNT ĻESPtă CBTĻSFxăNT Ļ Ļ *OGPSNâDJKB ĻJ[MBTJFU EJTQMFKBĻ[JĪPKVNV Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMKGRCTCOGVTK &KURNGLCUKODQNK 5KODQNU 0Q\ĦOG .CR RWUG *FTMùHUBTĻUâMâT HBJTNBT Ļ ,SFJTâTĻQVTFTĻWJS [JFOVĻSâEăUâKJ -BCâTĻQVTFTĻWJS [JFOVĻSâEăUâKJ *FEBSCJOâtBOBT J[TMùHtBOBTĻGVOL DJKB ĻE[JOùKTĻJS BVUPNâUJTLJĻJ[TMù E[JFT 0Q\ĦOG .CR RWUG 5KODQNU 0Q\ĦOG .CR RWUG "EBQUăWâĻLSVă[B LPOUSPMF 4UBSU4UPQ "EBQUăWâĻLSVă[B LPOUSPMF Ļ%JTUBODFT CSăEJOâKVNT ,BNFSBTĻTFOTPST Mâ[FSBĻTFOTPSTĻ Ļ "EBQUăWâĻLSVă[B LPOUSPMF "EBQUăWâĻLSVă[B LPOUSPMF ,SVă[BĻLPOUSPMF ĂUSVNBĻJFSPCFxPUâKT #SăEJOâKVNTĻQBS BUUâMVNV Ļ %JTUBODF "MFSU Ļ$JUZ 4BGFUZ5. ĻTBEVS TNFTĻCSăEJOâKVNB TJTUùNB ĻBVUPNâUJ TLâTĻCSFN[ùtBOBT TJTUùNB 3BEBSBĻTFOTPST %[JOùKBĻVOĻTBMPOB TJMEăUâKT 4UBSU4UPQ "LUJWJ[ùUTĻUBJNFSJT 4UBSU4UPQ "LUJWJ[ùUTĻUBJNFSJT +PHQTOęEKLCUUKODQNKMQODKPġVCLę KPUVTWOGPVWRCPGNĦ 5KODQNU 5KODQNU 0Q\ĦOG .CR RWUG 5âMâTĻHBJTNBTĻBS BVUPNâUJTLâT BQUVNtPtBOBTĻGVO LDJKVĻĻ")# ,BNFSBTĻTFOTPST "EBQUăWâĻLSVă[B LPOUSPMF `` Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMKGRCTCOGVTK &KURNGLCUKODQNK 5KODQNU 0Q\ĦOG .CR RWUG 0Q\ĦOG .CR RWUG "#-ĻTJTUùNB "VUPNâUJTLâTĻQâS OFTVNVĻQP[ăDJKBT *[MâEùKJFTĻBLVNVMB UPST 3FīJTUSùUâĻâUSVNB JOGPSNâDJKB 4UâWWJFUâĻOPWJFUP tBOBTĻQBMăHTJTUùNB Ļ1"1 &ĮĮBTĻMăNFĪBĻNùSă KVNT -JFUVTĻTFOTPST +PTMBTĻTBHMBCâtB OBTĻQBMăHGVOLDJKB %SJWFSĻ"MFSUĻTJT UùNB ĻKPTMBTĻTBHMB CâtBOBTĻQBMăHGVOL DJKB %SJWFSĻ"MFSUĻTJT UùNB Ļ-BJLTĻBUQÜUBJ 1âSOFTVNVĻJOEJLB UPST ĻNBOVâMâĻQâS OFTVNLâSCB 5KODQNU ,WOVCMQPUQNGUFKURNGLCKPHQTOęEKLCU UKODQNK 5KODQNU 0Q\ĦOG .CR RWUG %SPtăCBTĻKPTUBT BUHâEJOâUâKT %SPtăCBTĻTQJMWFOT CMBLVTTùEùUâKB TùEFLMJT ĻBLUJWùUT %SPtăCBTĻTQJMWFOT CMBLVTTùEùUâKB TùEFLMJT ĻEFBLUJWùUT Ļ1BQJMEBQSăLPKVNTQJFEFSVNTĻMBJĻJFHÜUVĻQMBtâLVĻJOGPSNâDJKV ĻTLBUăUĻOPEBĮVĻ*FWBET 6GJPKUMKGRCTCOGVTK #NHCDġVKUMCKUTęFĦVęLU Ā ĂEBTĻQPMTUFSùKVNT ĻNB[HâtBOBTĻJOTUSVL DJKBT ĂSùKJFĻJ[NùSJ ĂUSVNBĻJFSPCFxPUâKT A "$$ĻqĻBEBQUăWâĻLSVă[BĻLPOUSPMF "EBQUăWâĻQBTUâWăHBĻâUSVNBĻV[UVSùtBOBT TJTUùNB SBEJPMPLâDJKBTĻTFOTPST USBVDùKVNNFLMùtBOB "J[EFE[FTĻBUTMùHBT "J[NVHVSùKBJTĻMPHT ĻBULBVTùtBOB "J[NVHVSùKâTĻEVSWJT BJ[TMùHtBOBBUTMùHtBOB "J[NVHVSùKâĻTùEFLĮBĻBU[WFMUOF ĻOPMBJtBOB "J[NVHVSùKâTĻTQVME[FT OPWJFUPKVNT "J[TMùHtBOBBUTMùHtBOB BJ[NVHVSùKâTĻEVSWJT JFLtQVTF "J[TMùHtBOBTĻBQTUJQSJOâKVNTĻ "J[TWătBOB LPOEFOTâUBĻWFJEPtBOâTĻQSJFLtùKPTĻMVL UVSPT MJLWJEùtBOBĻBSĻWFOUJMâDJKBTĻBUWFSùN UBJNFSBĻGVOLDJKB V[NBOăCVĻQJFWùStPUĻMPHJFN "LMâĻWJFUBĻ #-*4 "LNFĪVĻtĸFNCBTĻVOĻTLSBNCBT "LUăWâĻKPTMBTĻTBHMBCâtBOBTĻQBMăHGVOLDJKB "LUăWâTĻMăLVNVĻHBJTNBTĻ "#- "LUăWJFĻLTFOPOBĻQSJFLtùKJFĻMVLUVSJ "LVNVMBUPST Ļ BQLPQF CSăEJOâKVNBĻTJNCPMT JFEBSCJOâtBOBTĻQBMăE[ăCB TJNCPMJĻV[ĻBLVNVMBUPSB UâMWBEăCBTĻQVMUTĻBUTMùHB1$$ "MFSīJKVĻVOĻBTUNVĻJ[SBJTPtBTĻWJFMBT "MLPNFUST "QHBJTNPKVNT BJ[NVHVSùKBJTĻNJHMBTĻMVLUVSJT BLUăWJFĻLTFOPOBĻQSJFLtùKJFĻMVLUVSJ BQQSPBDIĻMJHIU ĻEVSBUJPOĻ UVWPtBOâT BQHBJTNPKVNT Ļ BVUPNâUJTLBJTĻBQHBJTNPKVNT ĻTBMPOT EJFOBTĻHBJTNBTĻMVLUVSJ EJTQMFKBĻBQHBJTNPKVNT HBCBSăUMVLUVSJTUâWHBJTNBT JOTUSVNFOUVĻBQHBJTNPKVNT NâKBTĻHBJTNBT QSJFLtùKPĻMVLUVSVĻSFHVMùtBOB TBMPOâ TQVME[FT ĻUFIOJTLJFĻQBSBNFUSJ UâMâTUVWâTĻHBJTNBT UVOFĮVĻOPUFJLtBOBTĻGVOLDJKB WBEăCBT "QHBJTNPKVNT ĻTQVMExVĻNBJĪB BJ[NVHVSùKJFĻNJHMBTĻMVLUVSJ BJ[NVHVSFTĻTQVME[FTĻMJH[EB ĻCSFNxV TJHOâMMVLUVSJĻVOĻBUQBLBĮHBJUBTĻMVLUVSJ EJFOBTĻHBJTNBTĻMVLUVSJ HBCBSăUMVLUVSJTUâWHBJTNBT QBHSJF[JFOBĻSâEăUâKJ ĻQSJFLtùKJF TâOVĻHBCBSăUMVLUVSJ ĻQSJFLtùKJF UâMâTĻHBJTNBTĻ BVUPNBtăOâNĻBSĻBLUăWB KJFNĻLTFOPOBĻQSJFLtùKJFNĻMVLUVSJFN UâMâTĻHBJTNBTĻ BVUPNBtăOâNĻBSĻIBMP HùOBĻMVLUVSJFN UVWâTĻHBJTNBTĻ BVUPNBtăOâNĻBSĻIBMP HùOBĻMVLUVSJFN "QHBJTNPKVNT ĻTQVMExVĻOPNBJĪB BLTFTVâSVĻTQPHVMăUJT #NHCDġVKUMCKUTęFĦVęLU "QLPQF QSFULPSP[JKBTĻBJ[TBSE[ăCB LPNQBTT TBMPOT "QLPQFTĻQP[ăDJKB "UTMùHB "QLPQFTĻQSPHSBNNB "UTMùHBTĻQP[ăDJKBT "QQSPBDIĻMJHIU ĻEVSBUJPOĻ 5VWPtBOâT BQHBJTNPKVNT Ļ "UTMùHBTĻTMùE[PtâĻEBĮB "QSăLPKVNTĻWJMLtBOBJĻUBVWâ UFIOJTLJFĻQBSBNFUSJ "QTJMEF BJ[NVHVSùKBJTĻMPHT BUQBLBĮTLBUBĻVOĻTâOVĻTQPHVĮJ TùEFLĮJ "QTLBMPtBOBTĻtĸJESVNT ĻJFQJMEătBOB "QTLBMPUâKJ BQTLBMPtBOBTĻTĸJESVNT ĻJFQJMEătBOB "QTUJQSJOâUBĻUJQBĻUâMWBEăCBTĻQVMUTĻBUTMùHBT TJTUùNB "ULâSUPUBĻBVUPNâUJTLâĻBJ[TMùHtBOB "ULBVTùUâKT "UNJĪBTĻGVOLDJKBĻTùEFLĮPT "UQBLBĮHBJUBTĻQâSOFTVNBĻCMPĸùUâKT "UQBLBĮTLBUBĻVOĻTâOVĻTQPHVĮJ BQTJMEF EVSWJT FMFLUSJTLJĻJFWFMLBNJF "UTMùHtBOB OPĻâSQVTFT OPĻJFLtQVTFT "VUPNâUJTLâĻQâSOFTVNLâSCB NBOVâMâTĻQâSOFTVNVĻQâSTMùHtBOBT QP[ăDJKBTĻ (FBSUSPOJD QJFLBCF WJMLtBOBĻUBVWâĻVOĻFWBLVâDJKB "VUPNPCJĮBĻLPQtBOB ĻâEBTĻQPMTUFSùKVNT "VUPNPCJĮBĻQPMTUFSùKVNT "U[WFMUOF QSJFLtùKBJTĻTùEFLMJT ĻOPMBJtBOB "69ĻJFFKB Ļ "VEJP JFTUBUăKVNJ UFMQJTLB UFMQJTLâĻTLBĪBĻ "WâSJKBTĻBQSăLPKVNT CSăEJOâKVNBĻUSJKTUÜSJT "VEJPĻTJTUùNB GVOLDJKBT QâSTLBUT "WâSJKB ĻTLBUJFUĻ4BEVSTNF "WâSJKBTĻHBJTNBTĻTJHOâMT "WâSJKBTĻQâSEÜSVNBĻSFNPOUT "8% Ļ1JMOQJFE[JĪB "VEJPĻTLBĮVNTĻ âUSVNBUSPLtĪBĻLPNQFOTâDJKB B "VHTUBĻE[JOùKBĻUFNQFSBUÜSB #BHâxBTĻJFLSBVtBOB CBHâxBTĻOPEBMăKVNT CBHâxBĻV[ĻKVNUB "650 LMJNBUBĻLPOUSPMFTĻJFTUBUăKVNJ "VUPNPCJĮBĻNB[HâtBOB "VUPNBtăOBTĻBQSÜQF "VUPNâUJTLâĻBJ[TMùHtBOB "VUPNâUJTLâĻBVUPNB[HâUBWB #NHCDġVKUMCKUTęFĦVęLU NPOUâxBTĻQVOLUJ WJTQâSùKTĻQâSTLBUT CBHâxBTĻOPEBMăKVNT ,SBWBTĻUăLMT 4ăLMJFUVĻQMBVLUT #BHâxBTĻOPEBMăKVNT "QHBJTNPKVNT CBHâxBTĻJFLSBVtBOB NPOUâxBTĻQVOLUJ #BHâxBTĻOPTUJQSJOâtBOBĻ #BHâxBTĻJFLSBV tBOB #BMTTĻWBEăCB ĻNPCJMBJTĻUâMSVOJT #BUFSJKBĻ UâMWBEăCBTĻQVMUTĻ #FO[ăOBĻLBUFHPSJKB #ùSOJ BUSBtBOâTĻWJFUBĻBVUPNPCJMă CùSOVĻESPtăCBTĻTMùExJ CùSOVĻTùEFLMătJĻVOĻTâOVĻESPtăCBTĻHBJTB TQJMWFOJ ESPtăCB #ùSOVĻESPtăCBTĻTMùExJ #ùSOVĻTùEFLMătJ BVHtùKJFĻNPOUâxBTĻQVOLUJĻCùSOV TùEFLMătJFN JFUFJDBNJF *40'*9ĻTUJQSJOâKVNVĻTJTUùNBĻCùSOV TùEFLMătJFN J[NùSVĻLMBTFTĻCùSOVĻTùEFLMătJFNĻBS *40'*9ĻTUJQSJOâKVNVĻTJTUùNV #F[BUTMùHBTĻE[JOùKBĻQBMBJtBOBĻ CF[BUTMù HBTĻQJFE[JĪB Ļ #F[BUTMùHBTĻWBEăCB Ļ #-*4 #-*4ĻLĮÜEVĻ[JĪPKVNJ #-*4Ļ[JĪPKVNJ #MVFUPPUIĻ CSăWSPLVĻTJTUùNBĻ NFEJKJĻ NJLSPGPOTĻJ[TMùHUTĻ QâSSBJEăUĻ[WBOVĻV[ĻNPCJMPĻUâMSVOJĻ TUSBVNùKPtâĻTLBĪBĻ #SBVDJFOBĻPEPNFUST #SBVDJFOBĻTUBUJTUJLB #SBVLtBOB BSĻBUWùSUâNĻBJ[NVHVSùKâNĻEVSWăN BSĻQJFLBCJ E[FTùtBOBTĻTJTUùNB #SBVLtBOBĻBSĻQJFLBCJ TMPE[FĻV[ĻQJFLBCFTĻâĸJ WJMLtBOBTĻTQùLT #SBVLtBOBĻÜEFOă #SBVLtBOBĻ[JFNâ #SFN[FT âSLâSUBTĻCSFN[ùtBOBTĻTJHOâMT âSLâSUBTĻCSFN[ùtBOBTĻTJTUùNB Ļ&#"Ļ CSFNxVĻQSFUCMPĸùtBOBTĻTJTUùNB "#4 CSFNxVĻTJHOâMT CSFNxVĻTJTUùNB CSFNxVĻtĸJESVNBĻJFQJMEătBOB SPLBTCSFN[F TJNCPMJĻLPNCJOùUBKâĻLPOUSPMNùSJOTUSV NFOUVĻQBOFMă #SFN[ùtBOBĻBSĻE[JOùKV ĻBVUPNâUJTLB #SFNxVĻTJHOâMT #SFNxVĻVOĻTBKÜHBĻtĸJESVNT #SăEJOâKVNBĻMBNQJĪ TUBCJMJUâUFTĻVOĻTBTLBSFTĻLPOUSPMFTĻTJT UùNB #SăEJOâKVNBĻMBNQJĪB BEBQUăWâĻQBTUâWăHBĻâUSVNBĻV[UVSùtB OBTĻTJTUùNB TBEVSTNKVĻCSăEJOâKVNBĻTJTUùNB #SăEJOâKVNBĻMBNQJĪBT CPKâKVNTĻCSFNxVĻTJTUùNâ CSăEJOâKVNT #NHCDġVKUMCKUTęFĦVęLU ESPtăCBTĻKPTUVĻBUHâEJOâUâKT ESPtăCBTĻTQJMWFOJĻ 434 īFOFSBUPSTĻOFMâEù TUâWCSFN[FĻOPWJMLUB [FNTĻFĮĮBTĻTQJFEJFOT #SăEJOâKVNBĻTJNCPMJ #SăEJOâKVNBĻTJNCPMT ĻESPtăCBTĻTQJMWFOV TJTUùNB #SăEJOâKVNBĻTLBĪBTĻTJHOâMT TBEVSTNKVĻCSăEJOâKVNBĻTJTUùNB #SăEJOâKVNBĻUSJKTUÜSJT C D %SJWFSĻ"MFSUĻ4ZTUFN %"#Ļ3BEJP %SPtăCBTĻKPTUB BJ[NVHVSùKBJTĻTùEFLMJT ESPtăCBTĻKPTUBTĻOPTQSJFHPUâKT %BVE[TMâĪBJOBJTĻ USJQMFLTB ĻTUJLMT %FHWJFMB EFHWJFMBTĻFLPOPNJKB EFHWJFMBTĻGJMUST EFHWJFMBTĻQBUùSJĪt %FHWJFMBTĻV[QJMEF Ļ EFHWJFMBTĻUWFSUOFTĻBJ[WJSUOJT EFHWJFMBTĻUWFSUOFTĻBJ[WJSUOJT ĻBJ[TMùH tBOB EFHWJFMBTĻUWFSUOFTĻBJ[WJSUOJT ĻNBOVâMJ BUWFSBNT EFHWJFMBTĻV[QJMEF %SPtăCBTĻKPTUBT %SPtăCBTĻKPTUVĻBUHâEJOâUâKT %SPtăCBTĻSFxăNT %SPtăCBTĻTQJMWFOT BLUJWùtBOBEFBLUJWùtBOB Ļ1"$04 BUTMùHBĻQBHSJF[UBĻJ[TMùHUâĻQP[ăDJKâ WBEăUâKBĻVOĻQSJFLtùKâĻQBTBxJFSBĻQVTù %30fį#"4Ļ41*-7&/4Ļ %SPtăCBTĻTQJMWFOVĻTJTUùNBĻ %SPtJOâUâKJ ESPtJOâUâKVĻNBJĪB E[JOùKBĻOPEBMăKVNT WJTQâSùKTĻQâSTLBUT [FNĻDJNEVĻOPEBMăKVNB [FNĻQSJFLtùKâĻMBCâTĻQVTFTĻTùEFLĮB $%Ļ %JFOBTĻHBJTNBTĻMVLUVSJ $FĮB[ăNKVĻJOGPSNâDJKB $JHBSFtVĻQJFTNùĸùUâKBĻMJH[EB %JTLVĻBQNBMFT UăSătBOB $JNEVĻOPEBMăKVNT BJ[TMùHtBOB %JTQMFKBĻBQHBJTNPKVNT %JTUBODFTĻCSăEJOâKVNBĻLĮÜEVĻ[JĪPKVNJ $JUZĻ4BGFUZs %JTUBODFTĻCSăEJOâKVNT $0ĻJ[NFtJĻ %ă[FMJT %45$ ĻTLBUăUĻBSăĻ4UBCJMJUâUFTĻLPOUSPMFTĻTJT UùNB $;*1Ļ UăSâTĻ[POBTĻTBMPOBĻLPNQMFLUT %ă[FĮBĻEBĮJĪVĻGJMUST %7%Ļ %PMCZĻ4VSSPVOEĻ1SPĻ-PHJDĻ** %[FTùtBOBTĻTJTUùNB %SPtJOâUâKVĻCMPLT %SJWFSĻ"MFSUĻ$POUSPM #NHCDġVKUMCKUTęFĦVęLU %[FTùtBOBTĻtĸJESVNBĻMăNFĪBĻQâSCBVEF VOĻQBQJMEJOâtBOB E G %[FTùUâKT &$$ ĻFMFLUSPOJTLâĻLMJNBUBĻLPOUSPMF (BCBSăUMVLUVSJTUâWHBJTNBT %[JOùKBĻCMPLBĻTJMEăUâKT BSĻEFHWJFMVĻEBSCJOâNT &DP(VJEF &$0ĻTQJFEJFOT (BJTBĻLPOEJDJPOùtBOB WJTQâSùKTĻQâSTLBUT %[JOùKBĻEBSCăCBTĻLPOUSPMFĻ &$0USZDL (BJTBĻLPOEJDJPOùtBOB Ļ"$ %[JOùKBĻFĮĮB Ļ FĮĮBTĻLBUFHPSJKB GJMUST OFMBCWùMăHJĻCSBVLtBOBTĻBQTUâLĮJ SBLTUVSPKVNT &LPOPNJTLBĻCSBVLtBOB (BJTBĻLPOEJDJPOùUâKBĻTJTUùNB SFNPOUT %[JOùKBĻFĮĮBTĻMăNFĪBĻQâSCBVEF &MFLUSJTLPĻMPHVĻQBDùMâKVĻBUJFTUBUătBOB %[JOùKBĻOPEBMăKVNT E[FTùtBOBTĻtĸJESVNT FĮĮB QâSTLBUT &MFLUSPLPOUBLUMJH[EB CBHâxBTĻOPEBMăKVNT QSJFLtùKBJTĻTùEFLMJT %[JOùKBĻQâSTFHT ĻBUWùStBOB &5$ ĻFMFLUSPOJTLâĻUFNQFSBUÜSBTĻLPOUSPMFĻ %[JOùKBĻUFIOJTLJFĻEBUJ &WBLVâDJKB %[JOùKT JFEBSCJOâtBOB QâSLBSTùtBOB &MFLUSăCBTĻLPOUBLUMJH[EB &MFLUSJTLJFĻMPHVĻQBDùMâKJ &MFLUSJTLJĻSFHVMùKBNTĻTùEFLMJT &ĮĮB ĻTLBUJFUĻBSăĻ%[JOùKBĻFĮĮB (BJTBĻLWBMJUâUFTĻTJTUùNBĻ*"24Ļ (BJTBĻQMÜTNBTĻTBEBMăKVNT Ļ (BJTBĻSFDJSLVMâDJKB (BJTNVĻTMùExJ (âKùKVĻBJ[TBSE[ăCB HBMWBTĻCBMTUT QSJFLtùKBJTĻTùEFLMJT (BMWBTĻCBMTUT OPMBJtBOB WJEùKBJTĻTùEFLMJT ĻBJ[NVHVSùKBJT (FBSUSPOJD F (MBCâtBOBTĻOPEBMăKVNJĻTBMPOâ '4$ ĻWJEFTĻNBSĸùKVNT (Mâ[FT MBNJOùUBJTSÜEăUBJT (4*ĻĻQâSOFTVNVĻQâSTMùHBĻQBMăHTJTUùNB #NHCDġVKUMCKUTęFĦVęLU H QâSTLBUTĻ TLBĪBTĻBWPUBĻUBVTUJĪJĻ )%$ *OTUSVNFOUVĻQBOFMJTĻVOĻWBEăCBTĻTWJSBT )PNF-JOLĻ *OTUSVNFOUVĻQBOFĮBĻQâSTLBUT TUÜSFĻLSFJTBKâĻQVTù TUÜSFĻMBCBKâĻQVTù I J1PE ĻQJFTMùHtBOB K ,BCBUBTĻGPSNâUBĻTUâWWJFUâĻOPWJFUPtBOBT QBMăHTJTUùNBĻĻ1"1 ,âKBTĻCSFN[F ,BLMBĻTLSJFNFĮVĻUSBVNBT Ļ8)*14 *"24ĻqĻ*OUFSJPSĻ"JSĻ2VBMJUZĻ4ZTUFNĻ HBJTB LWBMJUâUFTĻTJTUùNB *[TMăEùtBOBTĻLPOUSPMFĻ ,BNFSBTĻTFOTPSB USBVDùKVNNFLMùtBOB Ļ *[WùMOFTGVOLDJKBT ,BNFSBTĻTFOTPST Ļ *$ĻqĻ*OGMBUBCMFĻ$VSUBJOĻ ESPtăCBTĻBJ[LBSJ *[WùMOFTĻVOĻ[JĪPKVNJ *FEBSCJOâtBOBTĻQBMăE[ăCB *[WùMĪVĻTJTUùNBĻ.:Ļ$"3 ,BUBMăUJTLBJTĻQâSWFJEPUâKT FWBLVâDJKB *FLMâUJFĻQBLMâKJĪJ *FTUBUăUĻMBJLBĻJOUFSWâMV *FUFJDBNJFĻCùSOVĻTùEFLMătJ ĻUBCVMB *FWFMLBNJFĻFMFLUSJTLJĻWBEâNJFĻTâOVĻTQP HVĮJ Ī įQBtOJFLBĻSPLBTHSâNBUB ĻWJEFTĻNBSĸù KVNT *NPCJMBJ[FST *OEJLBUPSBĻMBNQJĪBT Ļ1$$ *OGPSNâDJKBTĻEJTQMFKJ J *OGPSNâDJKBTĻUBVTUJĪt Ļ1$$ +BVEB *OGPSNâDJKBTĻVOĻJ[LMBJEFTĻTJTUùNBĻ CBMTTĻWBEăCB J[WùMOFTĻ +PTMBTĻTBHMBCâtBOBTĻQBMăHTJTUùNBĻĻ-," +VNUBĻCBHâxB ĻNBLTĻTWBSTĻ ,BUBMJ[BUPST ,MJNBUBĻLPOUSPMF TFOTPSJ WJTQâSùKTĻQâSTLBUT ,ĮÜEVĻ[JĪPKVNJ %SJWFSĻ"MFSUĻ$POUSPM TLBUJFUĻ;JĪPKVNJĻVOĻTJNCPMJ ,ĮÜNKVĻOPWùStBOB "EBQUăWâĻLSVă[BĻLPOUSPMF ,ĮÜNKVĻQB[JĪPKVNJ "EBQUăWâĻLSVă[BĻLPOUSPMF -," ,PNCJOùUBJTĻJOTUSVNFOUVĻQBOFMJT Ļ ,PNGPSUTĻQBTBxJFSVĻTBMPOâ #NHCDġVKUMCKUTęFĦVęLU ,PNQBTTĻ LBMJCSùtBOB OPNBJĪB ĻBJ[NVHVSùKBJTĻMPHT UăSătBOB .:Ļ$"3 ,POEFOTâUBĻWFJEPtBOâTĻQSJFLtùKPTĻMVLUV SPT -VLUVSJ ĻTLBUJFUĻ"QHBJTNPKVNT ,POUSPMNùSJOTUSVNFOUVĻBQHBJTNPKVNT TLBUJFUĻ"QHBJTNPKVNT ,SâTBTĻLPET ĻLSâTB ,SâTBTĻLPET ĻLSâTPKVNT ,SâTPKVNT CPKâKVNJĻVOĻQJFMBCPtBOB LSâTBTĻLPET ,SVă[BĻLPOUSPMF ,WùQVĻGJMUST ,WùQVĻGJMUSTĻJSĻQJMOT M .âKBTĻHBJTNBT .BLTĻKVNUBĻCBHâxBTĻTWBSTĻ .BOVâMâĻQâSOFTVNLâSCB (4*ĻĻQâSOFTVNVĻQâSTMùHBĻQBMăHTJT UùNB WJMLtBOBĻUBVWâĻVOĻFWBLVâDJKB .BOVâMâTĻQâSOFTVNVĻQâSTMùHtBOBTĻQP[ă DJKBTĻ (FBSUSPOJD .FEJKJ L -â[FSBĻTFOTPST -JFUVTĻTFOTPST -,"ĻĻKPTMBTĻTBHMBCâtBOBTĻQBMăHTJTUùNB -PHJĻVOĻBUQBLBĮTLBUBĻVOĻTâOVĻTQPHVĮJ -PHVĻUăSăUâKBĻTMPUJĪBT BQLPQFTĻTUâWPLMJT ESPtJOâUâKVĻNBJĪB Ļ#MVFUPPUIĻ .PCJMBJTĻUâMSVOJT CBMTTĻWBEăCB CSăWSPLVĻBQSăLPKVNT QJFWJFOPUT SFīJTUSùKJFUĻUâMSVOJ N /PCSBVDJFOBĻLPOUSPMF /PTLBĪBTĻBQHBJTNPKVNT O 0HMFLĮBĻEJPLTăEBĻFNJTJKB NFEJKVĻBUTLBĪPUâKTĻ .ùSJFSăDFT EFHWJFMBTĻEBVE[VNBĻSâEăUâKT TQJEPNFUST UBIPNFUST 1"$04 .ùSTUJFOJT ĻFMFLUSPOJTLBJT 1"$04 ĻTMùE[JT .JHMBTĻMVLUVSJ BJ[NVHVSùKJF 1BHSJF[JFOBĻSâEăUâKJ .JLSPGPOT P 1BOFĮBĻBQHBJTNPKVNT #NHCDġVKUMCKUTęFĦVęLU 1"1ĻĻBLUăWâĻTUâWWJFUâĻOPWJFUPtBOBT QBMăHTJTUùNB 1BQJMEVĻTJMEăUâKT 1BQJMEVĻTJMEăUâKTĻ Eă[FĮE[JOùKT 1âSLBSTùtBOB 1âSOFTVNLâSCB BVUPNâUJTLâ NBOVâMB 1âSOFTVNQâSTMùHBĻCMPĸùUâKB BUWJFOPtBOB 1âSOFTVNVĻQâSTMùHBĻCMPĸùUâKT 1âSOFTVNVĻQâSTMùHBĻCMPĸùUâKT ĻNFIâOJ TLBĻJ[TMùHtBOB 1âSWJFUPtBOâTĻQBĻJ[WùMOJ Ļ*OGPSNâDJKBTĻVO J[LMBJEFTĻTJTUùNBĻ 1BTBxJFSBĻTQPHVMJT Ļ 1BTBxJFSVĻTBMPOBĻBQHBJTNPKVNT BVUPNâUJTLT 1$$ĻqĻ1FSTPOBMĻ$BSĻ$PNNVOJDBUPSĻ BVUP NPCJĮBĻQFSTPOJTLâĻTBLBSJFSăDF EJBQB[POT Ļ GVOLDJKBT 1JFLBCF CSBVLtBOBĻBSĻQJFLBCJ USPTF 1JFLBCFT TâOOPWJS[F 1JFLBCFTĻTUBCJMJUâUFTĻQBMăHTJTUùNB 1JFLBCFTĻTUBCJMJUâUFTĻQBMăHTJTUùNBĻ 5SBJMFS TUBCJMJUZĻBTTJTU Ļ 1JFLBCFTĻTUBCJMJUâUFTĻQBMăHTJTUùNBĻ 54"Ļ USBJMFSĻTUBCJMJUZĻBTTJTU Ļ Ļ 1JMOăHâĻBUWùStBOB 1JMOăHBTĻHBJTBĻQBEFWFTĻGVOLDJKB Ļ 1JMOQJFE[JĪB Ļ"8% 1JMOQJFE[JĪBĻ "8% 1BTBxJFSVĻTBMPOBĻHBJTBĻGJMUST 1JSNâTĻQBMăE[ăCBTĻBQSăLPKVNT 1BTUâWăHBĻâUSVNBĻV[UVSùtBOBTĻTJTUùNB 1JSNâTĻQBMăE[ăCBTĻBQUJFDJĪBĻ 1BtNBTB 1PXFSTIJGU Ļ 1B[JĪPKVNJĻVOĻTJNCPMJ "EBQUăWâĻLSVă[BĻLPOUSPMF -," 1SFULPSP[JKBTĻBJ[TBSE[ăCB 1SJFLtùKBJTĻTùEFLMJT HBMWBTĻCBMTUT 1SJFLtùKâTĻTQVME[FT BUSBtBOâTĻWJFUB 1SJFLtùKJFĻMVLUVSJ 1SJFLtùKPĻMVLUVSVĻBVHTUTQJFEJFOBĻNB[Hâ tBOB 1SJFLtùKPĻMVLUVSVĻHBJTNBTĻTUBSBĻGPSNB SFHVMùtBOB 1SJFLtùKPĻMVLUVSVĻNPEFĮBĻQJFMâHPtBOB IBMPHùOBĻQSJFLtùKJFĻMVLUVSJ 1SJFLtùKPĻMVLUVSVĻTUBSBĻBVHTUVNBĻSFHVMù tBOB 1SJFLtùKPĻMVLUVSVĻTUBSBĻSFHVMùtBOBĻ "LUăWJFĻQBHSJF[JFOBĻMVLUVSJĻ 1VMùtBOB 1VMLTUFOJT ĻJFTUBUăKVNJ R 3BEJPĻ ".'.Ļ %"#Ļ 3BEJPMPLâDJKBTĻTFOTPST JFSPCFxPKVNJ 3FHVMâSâĻUăSătBOB #NHCDġVKUMCKUTęFĦVęLU 3FLPNFOEâDJKBTĻCSBVLtBOBTĻMBJLâ S 3FMFKVESPtJOâUâKVĻCMPLT ĻTLBUJFUĻTBEBĮV %SPtJOâUâKJ 4BEVSTNF 3FUSBOTMBUPST 4BEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBSĻBVUP NâUJTLPĻCSFN[ùtBOV 4FOTVT 4BEVSTNFTĻCSăEJOâKVNT Ļ 4JHOBMJ[âDJKB BLUJWùtBOB EFBLUJWJ[ùU JFTMùHVtâTĻTJHOBMJ[âDJKBTĻJ[TMùHtBOB TBNB[JOâUTĻTJHOBMJ[âDJKBTĻMăNFOJT TJHOBMJ[âDJKBTĻJOEJLBUPST TJHOBMJ[âDJKBTĻQâSCBVEF TJHOBMJ[âDJKBTĻUSBVLTNFTĻTJHOâMJ 3F[FSWFTĻSJUFOJT 3JFQBT BQLPQF âUSVNBĻHSVQBT CSBVLtBOBTĻăQBtăCBT DBVSEÜSVNVĻSFNPOUT HSJFtBOâTĻWJS[JFOT QSPUFLUPSBĻOPEJMVNBĻJOEJLBUPSJ TQJFEJFOT Ļ UFIOJTLJFĻQBSBNFUSJ Ļ [JFNBTĻSJFQBT 3JOEâĻTUâWĻQBMăHTJTU 3JOEâĻTUâWùtBOBTĻQBMăHTJTUùNB 3JUFĪJ EJTLVĻBQNBMFT ESPtJOâUâKVĻNBJĪB SF[FSWFTĻSJUFOJT TOJFHBĻĸùEFT V[TUâEătBOB 3JUFĪJĻVOĻSJFQBT 3PLBTCSFN[F 4BEVSTNKVĻCSăEJOâKVNBĻTJTUùNB SBEJPMPLâDJKBTĻTFOTPST Ļ Ļ 4BLBCFTĻJFSăDF ĻTLBUăUĻ"QSăLPKVNTĻWJMLtB OBJĻUBVWâ 4BMPOBĻBQHBJTNPKVNT ĻTLBUăUĻ"QHBJTNP KVNT 4BMPOBĻBUQBLBĮTLBUBĻTQPHVMJT BVUPNâUJTLâĻBQUVNtPtBOB 4BMPOBĻTJMEăUâKT BSĻEFHWJFMVĻEBSCJOâNT 4BMPOT 4âOVĻESPtăCBTĻTQJMWFOJ 4âOVĻMPHVĻESPtăCBTĻ QJFQÜtBNJF ĻBJ[LBSJ 4âOVĻTQPHVĮJ 4âOVĻTQPHVĮVĻBUJFTUBUătBOB 4ùEFLMJT ĻTLBUJFUĻ4ùEFLĮJ 4ùEFLĮJ BJ[NVHVSùKâTĻBU[WFMUOFTĻOPMBJtBOB BQTJMEF FMFLUSJTLJĻSFHVMùKBNJĻTùEFLĮJ HBMWBTĻCBMTUJ ĻBJ[NVHVSùKJF QSJFLtùKâTĻBU[WFMUOFTĻOPMBJtBOB 4JHOâMBĻJFWBEF ĻâSùKâ Ļ 4JHOâMT 4ăLMJFUVĻQMBVLUT 4JMUVNVĻBUTUBSPKPtTĻWùKTUJLMT 4JNCPMJ CSăEJOâKVNBĻTJNCPMJ JOEJLBUPSVĻTJNCPMJ 4JNCPMJĻVOĻQB[JĪPKVNJ "EBQUăWâĻLSVă[BĻLPOUSPMF -," #NHCDġVKUMCKUTęFĦVęLU 4JNCPMJĻVOĻ[JĪPKVNJ EJTUBODFTĻCSăEJOâKVNT %SJWFSĻ"MFSUĻ$POUSPM TBEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBS BVUPNâUJTLPĻCSFN[ùtBOV Ļ 4*14ĻTQJMWFOJ 4LBMPUâKJ BJ[NVHVSùKBJTĻMPHT WùKTUJLMT 4UBCJMJUâUFTĻVOĻTBTLBSFTĻLPOUSPMFTĻTJT UùNB 4UBSU4UPQ 4UâWBQTJMEF BLVNVMBUPSTĻVOĻEFHWJFMB BVUPNBtăOBTĻOPWJFUPtBOBĻTUâWùtBOBJ V[ĻQBLBMOB MBJLBĻJFTUBUătBOB 4VSSPVOE Ļ 4WBST QBtNBTB Š fĸJESVNJ ĻUJMQVNJ 4UâWCSFN[F fĸJESVNJĻVOĻFĮĮBT 4LBĪBTĻTJHOâMT 4UâWWJFUâĻOPWJFUPtBOBTĻLBNFSB 4LBĪBTĻTLBĮVNT UâMSVOJT UâMSVOJTNVMUJWJEFTĻBUTLBĪPUâKT [WBOBĻTJHOâMT ĻUâMSVOJT 4UâWWJFUâĻOPWJFUPtBOBTĻTJTUùNB BVUPNPCJĮBĻOPWJFUPtBOBTĻTFOTPSJ T 4UJLMBĻKVNUBĻSVMMPĻBJ[TFHT 5BJNFSJT 4UJLMBĻKVNUT ĻSVMMPĻBJ[TFHT 5âMâTUVWâTĻHBJTNBT ĻTLBUăUĻ"QHBJTNP KVNT 4MùExJ BJ[TMùHtBOB BUTMùHtBOB BVUPNâUJTLâĻBJ[TMùHtBOB 4NùSWJFMBT 4NùSWJFMBT ĻUJMQVNJ 4PNBTĻUVSùUâKTĻ 4QPMùtBOBTĻLPOUSPMF 4QPMùtBOBTĻLPOUSPMFTĻGVOLDJKB 4QVME[FT ĻTLBUJFUĻ"QHBJTNPKVNT 4UBCJMJUâUFTĻTJTUùNB 4UÜSF TUÜSFTĻQJFMâHPtBOB UBTUBUÜSB Ļ Ļ Ļ UBTUBUÜSB ĻBEBQUăWâĻLSVă[BĻLPOUSPMF 4UÜSFTĻCMPĸùUâKT 4UÜSFTĻQJFMâHPtBOB 4UÜSFTĻSBUâĻFTPtâĻUBTUBUÜSB Ļ Ļ Ļ 4UÜSùtBOBJĻQJFMJLUBJTĻTQùLT ĻâUSVNBULB SăHT 4UÜSùtBOBJĻQJFMJLUâĻTQùLBĻMăNFOJT ĻTLBUJFU 4UÜSùtBOBJĻQJFMJLUBJTĻTQùLT 5âMâTĻHBJTNBT ĻBVUPNâUJTLBĻBLUJWJ[ùtBOB 5âMSVOJT CBMTTĻWBEăCB CSăWSPLVĻBQSăLPKVNT JFOâLPtJFĻ[WBOJ QIPOFĻCPPL QJFWJFOPUT SFīJTUSùKJFUĻUâMSVOJ UâMSVĪBĻHSâNBUB ĻăTDFĮJ [WBOBĻTBĪFNtBOB [WBOătBOB #NHCDġVKUMCKUTęFĦVęLU 5âMWBEăCBTĻQVMUTĻ CBUFSJKVĻOPNBJĪBĻ 5SBOTNJTJKB 5SBOTQPSUMăE[FLĮBĻQJMOBĻNBTB WBEăCBTĻTMùExJĻ DFOUSâMâĻLPOTPMFĻ 5âMWBEăCBTĻQVMUT Ļ)PNF-JOLĻ JFQSPHSBNNùKBNBĻ 5SBVLTNFTĻGVOLDJKB 7BEăCBTĻTMùExJ ĻHBJTNBT 5VOFĮVĻOPUFJLtBOBTĻGVOLDJKB 7BEăUâKBĻJOGPDFOUST 57 7BTLPtBOB 5âMWBEăCBTĻQVMUTĻBUTMùHB CBUFSJKBTĻOPNBJĪB EJBQB[POT GVOLDJKBT OPĪFNBNBĻBUTMùHBTĻTMùE[PtâĻEBĮB 5âMWBEăCBTĻQVMUTĻBUTMùHBTĻTJTUùNB ĻBQTUJ QSJOâUBĻUJQB 5FNQFSBUÜSB QBtSFJ[ùKâĻUFNQFSBUÜSB 7ùKTUJLMBĻTLBMPtBOB Ū ąEFOJĻBUHSÜEPtBTĻWJSTNBT ĻUăSătBOB ąEFOJĻVOĻOFUăSVNVTĻBUHSÜEPtTĻQâSLMâ KVNT 5JQBĻBQ[ăNùKVNT U 5ăSâTĻ[POBTĻTBMPOBĻLPNQMFLUTĻ $MFBO ;POFĻ*OUFSJPSĻ1BDLBHF Ļ$;*1 64# ĻTBWJFOPKVNT 5PQPtâTĻNâUFT ĻESPtăCBTĻKPTUB 5SBJQJ 7ùKTUJLMBĻUăSăUâKJĻVOĻWùKTUJLMBĻNB[HâtBOB 7ùKTUJLMT "QTJMEF Ļ 7FOUJMâDJKB 7FOUJMâDJKBTĻBUWFSFT 5FNQFSBUÜSBTĻLPOUSPMF 5ăSătBOB BVUPNâUJTLâĻBVUPNB[HâUBWB BVUPNPCJĮBĻNB[HâtBOB EJTLVĻBQNBMFT ESPtăCBTĻKPTUBT QPMTUFSùKVNT 7ùKTUJLMBĻUăSăUâKJ MJFUVTĻTFOTPST 6[MăNFT 7FOUJMBUPST 7JCSâDJKBTĻTMâQùUâKT 7JEFTĻNBSĸùKVNT Ļ'4$ ĻăQBtOJFLBĻSPLBT HSâNBUB 7JEVTLPOTPMF V 7BEăCBT WJEVTLPOTPMF 7BEăCBTĻTJNCPMJ 7JMLNFTĻLPOUSPMFĻQBHSJF[JFOPTĻ 7JMLtBOB WJMLtBOBTĻDJMQB 7JMLtBOBTĻDJMQB #NHCDġVKUMCKUTęFĦVęLU 7JMLtBOBTĻJFSăDFĻ OPĪFNBNB ĻOPĪFNtBOBĻ OPĪFNBNB ĻQJFTUJQSJOâtBOBĻ 7JMLtBOBTĻTQùLT 7JS[JFOVĻSâEăUâKJ WJTQâSùKBĻCMPĸùtBOB EFBLUJWùtBOB ăTMBJDăHBĻEFBLUJWâDJKB 7JTQâSùKBĻCMPĸùtBOB ;JĪPKVNJĻVOĻTJNCPMJ EJTUBODFTĻCSăEJOâKVNT %SJWFSĻ"MFSUĻ$POUSPM TBEVSTNFTĻCSăEJOâKVNBĻTJTUùNBĻBS BVUPNâUJTLPĻCSFN[ùtBOV Ļ ;WBOJ EBSCăCB JFOâLPtJF ;WBOătBOB 7PMWPĻ4FOTVT W 8)*14 CùSOVĻTùEFLMăUJTTùEFLĮBĻQBMJLUOJT LBLMBĻTLSJFNFĮVĻUSBVNBT Z ;FNTĻFĮĮBTĻMăNFOJT ;JFNBTĻSJFQBT ;JĪPKVNJĻJOGPSNâDJKBTĻEJTQMFKâ ;JĪPKVNJĻLPNCJOùUBKâĻLPOUSPMNùSJOTUSV NFOUVĻQBOFMă #NHCDġVKUMCKUTęFĦVęLU Kdakd8Vg8dgedgVi^dc51 -BUWJBO "5 1SJOUFEJO4XFEFO (zUFCPSH $PQZSJHIU7PMWP$BS$PSQPSBUJPO
* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project
advertising