"!

.'1)/0#
*BI><KGI
Evfgbe 8( :TYYXeTg_T )GEBKP )GFJLDKBMG 1:<BGF:D
?b`Xeb D( 9\U\_ba\&:Te_bf 8( 9bgTff\& AbeZX8( =eTamT& AbeZXD( >T_Wyf&@f\Wbeb ?( >b_WXaUXeZ& =X_\cX >bamu_Xm 8emTV& <WhTeWb G(A\`vaXm& 8wWTI( BX`X_`T]Xe WX:Te_hVV\&9XTge\mBeb`& ;Ta\X_ ?( CTZb&I\VTeWb C( CbeXamXgg\& ETeV\fb A( ChZbaXf& ITz_ DTWhXx"b& AbeZXDbffXg @gheeTfcX& CXbaTeWb =( GTfgbe\ab& <WhTeWb 8( G\ZeXgg\& ;Ta\X_ 8( JTUfTl& DTe\b =( MT__f& 8lWvX MumdhXm M\__Te& AhTa IbWe\Zb NT_f[& KXbWbeT QT`hW\b

&' &'.'%(-

#+$)',0#*

2<KL;I>"*B<B>E;I> %#$%

4>MBJK: =>

)GEBKP)GFJLDKBMG -FK>IF:<BGF:D
8agba\b ?( 9Xa]T`\a #9eTf\_$& J\_i\T :TcX__\ #9eTf\_$& DTahX_ :TfgTxba WX_ MT__X #<fcTxT$&J\_i\T ATdhXabWQfyZya #<fcTxT$& GTh_b8YYbafb CX`X DTV[TWb #9eTf\_$& EXyY\gbCycXmIT`bf #Dvk\Vb$&I\VTeWb DXe_b #GTeTZhTl$(M_TW\`\e GTffbf WX=eX\gTf #9eTf\_$& Abfv 8agba\b GX_uXm 9TeWT_Xf#GXez$& D\V[X_ Ge\Xhe#=eTaV\T$& 8dh\_\ab MumdhXm >TeVwT #Dvk\Vb$&IbffTaT J\_iT IXcXggb #GELD8$

*+4+),2 '0(-+16'/
*G<KIBF: .LIBJHIL=>F<B: />@BJD:<BQF N 3IO<KB<:

)GEBKP+C><LKBMG
GTU_bCbeXamXgg\& >hfgTib I\aT_W\&=XWXe\Vb Qba\f

*BI><KGI& 1PJKGI '! ):??>I:KD:

4>JHGFJ:;D>J => OI>:
LaT chU_\VTV\ya WX ';>D>=G3>IIGK 5'

KhVh`ua +.1+ #:+*/*88:$ 9hXabf 8\eXf& 8eZXag\aT

*BI><KGI +=BKGIB:D 8_X]TaWeb @hm\b

Ym(

)GGI=BF:=GI +=BKGIB:D GTU_b>( >_\X`Taa

@JJE +2/+'++32

MT_Xe\T 9Xeebf #:Tfbf :b`c_X]bf$ 8hebeT 9XfT_z GTe^\afba #;Txb 8`U\XagT_$ >h\__Xe`b DTeV[Xf\ l >TUe\X_TC&9beWX_b\fWXIbff\ #;XeXV[b 8W`\a\fgeTg\ib 8`U\XagT_$ Abfv <fT\a #;XeXV[b :bafg\ghV\baT_" 8`U\XagT_$ 8We\TaTKe\cX__\ #;XeXV[b @agXeaTV\baT_& <kgeTa]Xebl :b`cTeTWb$ >TUe\X_T >TeVwT D\aX__Tl =XeaTaWb ;wTm:Tagya #;XeXV[b GXaT_ 8`U\XagT_$ :Te_bf :T`cf #;XeXV[b GebVXfT_8`U\XagT_$ ;Ta\X_ Jbe\T #;XeXV[b LeUTawfg\Vb$ ?hZb 8VV\Tee\& GT`X_T Kb_bfTl GTU_b 8( _TaaX__b #<Vbab`wTl DXW\b8`U\XagX$ <WhTeWb :baZ[bf #@afgeh`Xagbf WX>Xfg\ya l Gb_wg\VT 8`U\XagT_$ ETaVl KbZab_T#IXVhefbf ETgheT_Xf$ DTZZ\X ChmM\WX_T #KvVa\VT8`U\XagT_$ 8awUT_=T_Ub#8VghT_\WTW 8`U\XagT_ WX_Tcebi\aV\T WX9hXabf 8\eXf$ 8_\V\T DbeT_Xf CT`UXeg\ #8VghT_\WTW 8`U\XagT_ WX_Tcebi\aV\T WX:yeWbUT$ DThe\V\b G\agb #8VghT_\WTW 8`U\XagT_ WX:hlb$ & ChVXaT JcTab #8VghT_\WTW 8`U\XagT_ WXC\gbeT_$ DTe\TaT :TgT_Tab #8VghT_\WTW 8`U\XagT_ WXEbegX$ :Te_bf 8( IbWewZhXm #8VghT_\WTW 8`U\XagT_ WXEbeWXfgX$ AhTa :Te_bf =XeauaWXm #8VghT_\WTW 8`U\XagT_ WXGTgTZba\T$

<_ @afg\ghgb <_ ;XeXV[b GbeLa G_TaXgT MXeWX 8eZXag\aT Ue\aWT fh TiT_ l eXfcT_WbTVTWv`\Vb T _TceXfXagX chU_\VTV\ya& Vba X_bU]Xg\ib WXVbTWlhiTe T _Tceb`bV\ya& XfghW\b& \aiXfg\ZTV\ya l W\Yhf\ya WX_ WXeXV[bT`U\XagT_ T a\iX_ _bVT_& aTV\baT_&eXZ\baT_X \agXeaTV\baT_( jjj(c_TaXgTiXeWX(beZ(Te

&!:;VY`YXcJYeemg!

M@@@ +$ @@@? @gX_ JLI=?M;F

wE;@:< ><E<I8C

\b

;G<C?HN;F

& ,21

E g\ @ fbUeX cThgTf cebVXfT_XfcTeT _TcebgXVV\ya WX_ `XW\b T`U\XagX Xa X_ceb'

l VgbWX:yW\Zb :\i\_4 `TeV[Tf l VbageT`TeV[Tf& cbe :8ICFJ <( :8DGJ

8 NO;FC>;>

;G<C?HN;F

>? F; JLIPCH=C;

>? <O?HIM

;CL?M

*>I><AG :E;B>FK:D! ;Txb l eXfcbafTU\_\WTW ' 8VV\ya WXT`cTeb ' G_TZh\V\WTf Xa cTeVX_T eheT_ ' GebWhVV\ya TZewVb_T ' :bageb_ WXTZebdhw`\Vbf ' @aVh`c_\' `\Xagb WXbeWXaTamT `ha\V\cT_ ' :bagT`\aTV\ya ' ;Txb T _TfT_hWlT _Ti\WT ' QbaT XVb_yZ\VT cebgXZ\WT #Jhc( :begX 9f& 8f(& 2)2),*+,$ ( $!$ <_T`cTeb T`U\XagT_ Vb`b _TiwT `uf TWXVhTWT cTeTghgX_Te X_T`U\XagX( 8 ceb' cyf\gb WX_TfXagXaV\T WX_TJhceX`T :begX UbaTXeXafXXa ha VTfb cbe Yh`\' ZTV\baXf&cbe 8Ew98C =8C9F (((((((((((((((((((((((((((((((((((((|(((((((((((((((((((((((((((((((((((((((((((((((( $#" Gbe_TcebgXVV\ya WX_ T`U_XagX TZeTWb& cbe 8Ew98C =8C9F ( $#(

rH>C=? >? =IF;<IL;>IL?M

k$

;VYX& M\Y]`U
| ;X ,<fgbVb_`b #;b$" T Iwb& YPTA UADIR.! I;8`U -,'

=UZZYeUggU& Hufgce;&
| | Cb dhX abf WX]y Iwb %,* fXagTV\ya$& I;8`U IXYbe`h_TV\ya T W\XmTxbf X T ceb_U_Vub -*'-/ #;<$ U\XagX( 8iTaVXf -,'+ #T `TaXeT #;b$ WX cebZeXf\i\WTW >XaXeT_ WX_8`' -+'+ #;$ WXhaT ceX'

WX_ ce\aV\c\b WX _T CXl ,/(01/

;kU`U& JUgekW_ XY ;eUx^c

| ;\eX\gb YhaWT`XagT_ Tb T`U\XagX WX eXZeXffb abf aT :bafg_gh\Vub UeTf\_X\eT&I;8`U awiX\f WX decgYWtc T`U\XagT_

;=NO;FC>;>

;G<C?HN;F

>? F; JLIPCH=C;

>? =sL>I<;!

l abiXWTWXf& I;8`U

*>I><AG :E;B>FK:D! ;XeXV[b cXaT_ T`U\XagT_ ' <`XeZXaV\T fTa\gTe\T ' =h`\' ZTV\baXf ' IXf\Whbf cX_\Zebfbf ' :bagT`\aTV\ya T`U\XagT_ cbe WXe\iT WX TZebdhw`\Vbf Xa X_ZeTWbWX\afg\ZTWbel Thgbe ' :bagT`\aTV\ya Wb_bfTWX_ T`U\XagX WXha `bWb cX_\ZebfbcTeT _TfT_hW' ;X_\gbWXX]XVhV\yaVbag\ahT' WTl VbaVhefb `TgXe\T_#:( :e\`( :yeWbUT& fT_T +!&.)3),*+,$ (((|((((((((( 4 ( 8c_\VTV\yaWXTZebdhw`\Vbf l WX_\gb WXVbagT`\aTV\ya Wb_bfTWX_ T`U\XagX WXha `bWb cX_\Zebfb cTeT _TfT_hW4 X_VTfb !gghmTgaZy8avkb!&cbe 8C@:@8 DFI8C<J C8D9<IK@ n 4 (

=Uadf& =Ue`cf ?(
| <`UTeZb I;8`U T`U\XagT_ -*'++1 l XY\VTV\T WX_ cebVXfb& #;Ge8$ Xa X_ ceblXVgb WX :y' I;8`U (

<YbUiYbgY& GUevUC(
| <_ _XZTWbWX_VTfb !JT_Tf!& I;8`U -*',/ #;8$ |

Ebg\V\T fbUeX cThgTf cebVXfT_Xf cTeT _T cebgXV' V\ya WX_`XW\b T`U\XagX W\Zb (:\i\_4 `TeV[Tf l VbageT`TeV[Tf&

$$%

<Yeecf& GUevU P(
| <_ ce\aV\c\b ce\aV\c\b -+',#;$ WX ceXVThV\ya Xa W\u_bZb Vba X_ WX Xdh\WTW _agXeZXaXeTV\baT_4 T_Zh'

-,',21

#;Ge8$

abf WXfTYwbf TU\Xegbf [TV\T X_cbeiXa\e& I;8`U

=tbciUf Acblt`Yl& >U]aUe

| <_ TZhT Vb`b cTeg\e WX Iwb WXeXV[b [h`Tab( IXY_Xk\baXf T #;"H$

;=NO;FC>;>

;G<C?HN;F&>?

F; JLIPCH=C;

>? G?H>IS; <Yeecf& PU`Ye]U5 Je]Yhe& G]W\Y`5 GcbuX]Ue]Y& AYeUeX5 Eec`]_& =\e]fgcd\Y5 GU_cj]U_&DYff]WU5 >Y`lUb[]Yf& BhVYeg5 Mcllc&AcblU`c5 MVeYffc& FhW]UbU k <]UbW\]& FceYbU (
| <_ ce\aV\c\b I;8`U -,'-3 WX ab #;b$ eXZeXf\ya Xa Iwb % ,*&

%,*&

I;8`U

-,'+3-

:bbeW\aTV\ya f\fgv`\VT WX_Tf eXZh_TV\baXf T`U\XagT_Xf l gXee\gbe\T_Xf& cbe D8LI@' :@F G\EKF (((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((|(((((((((((((((((((((((((((((((((((((((((((((((((((( -.3

=UgU`Ubc& GUe]UbUk Acblt`Yl(^OV5!O 4! LcXev[hYl& FceYbU **

| :bafh`b fbfgXa\U_X& I;8eaU -+'31 #;$

DOLCMJLO>?H=C;
cbe G89CF >( >C_<D8EE

MCHN?NCS;>;
& (((((((((((((((((((((((((((((((((((((((((((|(((((( $&'

=Uhacbg& ;eghec
| ;XeXV[b T`U\XagT_ l gXbewTWX_WXeXV[b WX WT' f\fgX`u' xbf4 _T eXTY\e`TV\ya WX_cXafT`\Xagb VbaVXcghT_& I;8`U -+'1/ #;$

F?ACMF;ACsH

MCHN?NCS;>;

$''

waW\VX(WX Vb_TUbeTWbeXf waW\VX WX`TgXe\Tf waW\VX WXcTegXf waW\VX WXge\UhaT_Xf

( ( ( (

@O O@M OM@@@ OM@@@

<]UbW\]& FceYbU5 Je]Yhe& rP`]W\Y`5 GcbuX]Ue]Y& AYeUeX5 Eec`]_& =\e]fgcd\Y5 GU_cj]U_& DYff]WU5 >Y`lUb[`Yf& BhVYeg5 Mcllc&AcblU`c5 <Yeecf& PU`Ye]U k MVeYffc& FhW]UbU
| <_ ce\aV\c\b I;8`U -,'-3 WX ab #;b$ eXZeXf\ya Xa Iwb % ,*&

g\Vb cTeT _T VXeg\Wh`UeX l _T fhfgXagTU\_\WTW

=cb[\cf& ?XhUeXc
| CT _Xl ,/(01/ l _TeXVb`cbf\V\ya TeaU\XagT_4eX' Y_Xk\baXf fbUeX _T ahXiT WXJ\g\bf :bagT`\aTWbf abf 8\eXf& I;8eaU -+',*CXP WX IX`XW\TV\ya WX _T Gebi\aV\T WX 9hX' #;$

| CT f\Z_T #8898$ \WXag\Y\VTT 8VghT_\WTW8`U\XagT_ WTW8`U\XagT_ #;88$ T ;XeXV[b 8`U\XagT_5 #:8$ T :bagT`\aTV\ya 8`U\XagT_5

WX _T Gebi\aV\T WX n&hXabf 8\eXf5 #88:$ T 8VghT_\' WX _T Gebi\aV\T WX DXaWbmT5 #;<$ T ;XeXV[b #;Ge8$ T ;XeXV[b <kgeTa]Xeb5 GebVXfT_ 8`U\XagT_5 #;@8$T ;XeXV[bp 8`U\XagT_5

WX _T Gebi\aV\T WX :yeWbUT5 #88D$ T 8VghT_\WTW8`U\XagT_ #;$ T ;bVge\aT5 #;8$ T ;Txb T ;XeXV[b 8W`\a\fgeTg\ib 8`U\XagT_5 #;:8$ l DXW\b 8`U\XagX5 ETgheT_Xf( ,3& -*& -+ :bafg\ghV\baT_

@agXeaTV\baT_8`U\XagT_5 #;G8$ T ;XeXV[b #<lD8$ T <Vbab`wT @aggwmTWX4 #IE$ T IXVhefbf

GXaT_ 8`U\XagT_5 #;b$ T ;bff\Xe5

#_8$T @aYbe`TV\ya 8`U\XagT_5 #AJ$ T Ahe\fcehWXaV\T

! @ab_hlXX_VbagXa\Wb WX _bf az`Xebf 8Ub_FWbGbeeF_ >

WX_" ceXfXagX(

*+ /'

')67'/-*'* 3428-1)-'2+
5

'0(-+16'/ 0+1*29' n
& n(

=IIL>CH;=CsH MCMNqGC=; >? F;M L?AOF;=CIH?M ;G<C?HN;F?M R D?LLCNILC;F?M

dce
G;OLC=CI JCHNI

+( CHNLI>O==CsH &
CT :bafg\ghV\ya ETV\baT_ [T [XV[b Xkc_wV\gT _TbU_\ZTV\ya WX_Tf Thgbe\WTWXf WX cebiXXe T _bf [TU\gTagXf X_WXeXV[bTha T`U\XagX M]aU l Xdhg{UeTWb& Tcgb cTeT ha WX' fTeeb__b [h`Tab Xa X_dhX _Tf TVg\i\WTWXfcebWhVg\iTf fTg\fYTZTa _Tf aXVXf\WTWXfTV' ghT_Xf f\a Vb`ceb`XgXe _Tf WX_Tf ZXaXeTV\baXf YhgheTf #Teg( .+& :E$& _bdhX&T_WXV\e WXHh\ebZT CTi\v& XaZ_bUTu` ahXfgeb cTwf Xa ha 2RSADN 106862409DE 6171056!# 8 gT_Y\a! aVe`TgwiT`XawX fX XaVThmT haT cb_wg\VT T`U\XagT_ Xkc__V\gTWT Xa X_ Tegb (:# _Xl ,/(01n& cTeT X_u`U\gb aTV\baT_&l Xa X_Tegb*:# _Xl /30+ cTeT X__bVT_ WX _Tcebi\aV\T WX& DXaWbmT& &WbaWX _TabV_yaWX T`U\XagX fXWX_\aXT Vba ha YhXegX eTf' Zb TageycwVb'& WXgXe`\aTWbcbe TVg\i\WTWXf[h`TaTf dhX `b_WXTa X_gXee\gbe\b( <a gT_ VbaVXcV\ya&_bf VbageTfgXf XageX_b(aTgheT_l _b [h`Ta\mTWb& XageXfXVTab l bTf\f& b XageXX_`XW\b eheT_ lX_ heUTab&fX Vba]hZTa Xa haT Vb`c_X]T X _aXiwgTU_X ha\WTWWX Tau__f\f&WbaWX X_Xagbeab [h`Tab Xf T_T iXm aTgheT_XmT l Vh_gheT!& CT eXYXe\WT cb_wg\VT T`U\XagT_Xf cbgXaV\TWTcbe _T ceXi\f\ta WXW\iXefbf& \afgeh' `Xagbf dhX _Tf _XlXf W\fcbaXa cTeT T_VTamTe _bf bU]Xg\ibf (VbagXeac_TWbf( ;Xageb WX W\V[bf wafgeheaXagbf& l Xa _bdhX T_gX`T Xa Tau_\f\f \agXeXfT& VXY$geTeX`bf ahXfgeT
+ & HL@IF>n C8M@r& ?(&p5"<@ XfgTWb

X:F@tZ\nF WXWn[b&Xa

(_TVbafg\gnV\ya ETV\baT_!& CC"WX_

'+%)%',,+# d(`(
G@EKF& D( ' 8E;@EF& D(& !<_ WXeXV[b [h`Tab T_T`U\XagX Xa 8eZXag\aT l fh eX_TV\yaVba" X_f\fgX`T _agXeT`XaVTab WXWXeXV[bf [h`Tabf!& Xa <D9@; @ILAF& 8( #W\e($& 2KDEQECHN T TM LE" DKNALBIEMSE ADECTADN!_hfgX_& DTWe\W& ,**2& c( .23(
DFP8EF&8(&8VV\baXf DE OQEREQUACI]M k DERAQQNKKN DEK OASQILNMIN ALBI#EMSAK! <W\Te\h`& DXaWbmT& +33*(

$%!

8:KL8C@;8;

8D9@<EK8C ;< C8 GIFM@E:@8 ;< D<E;FQ8

:FFI;@E8:\tE

J@JKrD@:8 ;< C8J I<>LC8:@FE<J

8D9@<EK8C<J (((

$%"

TgXaV\ya Xa _TbeWXaTV\yaWX_ gXee\gbe\b l _Tf W\fg\agTf [XeeT`\XagTf dhX T gT_Y\aXah' `XeT _T_Xl 2*/+ Xa DXaWbmT& Vba WXgT__X cTeg\Vh_Te Xa _TVbaVbeWTaV\T& f\`\_\ghWXf l W\YXeXaV\Tf XageXT_ZhaTf WXX__Tfl _Tf dhX cebi\XaXa WX_ evZ\`Xa T`U\XagT_&TgXa' W\XaWb_Tcbf\U\_\WTWWXhaT \agXZeTV\ya Vb`c_X`XagTe\T dhX Xae\dhXmVT_TXY\VTV\T WXgT_Xf \afgeh`Xagbf `XW\TagX fh TWXVhTWT eXZ_T`XagTV\ya( <a XfgX fXag\Wb&X_`TeVb VbaVXcghT_WX_ dhX cTeg\`bf Xag\XaWXdhX X_ evZ\`Xa i\ZXagX ab chXWX TaT_\mTefXf\ab Xa ha VbagXkgbf\fgv`\Vb dhX \aib_hVeX X_Vba]ha' gb abe`Tg\ib& l dhX Vbaf\Zh\XagX`XagX \`cbaZT haT Vbaf\WXeTV\ya f\`h_guaXT WX _bf ceXVXcgbf gXee\gbe\T_Xf l T`U\XagT_Xf& lT dhX 'Vb`b Xkc_\VT 9bUU_b6' _T abe`T ]hewW\VT [T WXXfghW\TefX gXa\XaWb Xa VhXagT ha !gbWb `uf iTfgb dhX _T Vb`ceXa' WX!&XagXaW\XaWbcbe XfX gbWbT_ Vba]hagb WXabe`Tf Xa VhTagb XkV_hf\ibf X_X`Xa' gbf \agXZeTagXfWX_ beWXaT`\Xagb ]hewW\Vb& XaVhTWeX Xa X_dhX fy_b chXWX[TU_TefX WX WXeXV[bVhTaWb [Tl ha f\fgX`T WXabe`Tf dhX Ybe`Ta ha beWXaT`\Xagb [ggc\))jjj ( ( hi(Xf] JTaZbxXeXgT]GTZXD\_+SIXfbheVXf]gX`cbeTel([g`_'=EK1& ThadhX fXT aXVXfT' e\b VbeeXZ\e fhf Tag\ab`\Tf `XW\TagX _T\agXeceXgTV\ya WX_ Vba]hagb(

CC( Fcf

JL?MOJO?MNIM GrHCGIM >? JLIN?==CsH ;G<C?HN;F& ?F IL>?H;GC?HNI N?LLCNILC;F R F; L?AOF;=CsH ;G<C?HN;F

:beeXfcbaWX T _T ETV\ya W\VgTe _Tf abe`Tf WXceXfhchXfgbf `wa\`bf WXcebgXV' V\ya T`U\XagT_ l T _Tf cebi\aV\Tf T`c_\Te gT_Xf `wa\`bf `XW\TagX abe`Tf Vb`c_X' `XagTe\Tf& l X]XeVXe _T]he\fW\VV\ya cTeT _TTc_\VTV\ya _bVT_ WXgT_f\fgX`T abe`Tg\ib #Teg& .+& :E$( CT CXl WXGb_wg\VT 8`U\XagT_ ,/(01/ #CG8$ [T \agebWhV\Wb Xa X_WXeXV[bTeZXag\ab& Vb`b ceXfhchXfgb `wa\`b WXcebgXVV\yaT`U\XagT_&haT fXe\X WX\afgeh`Xagbf T XYXV' gbf WX`TgXe\T_\mTe _Tf TVV\baXf cebc\Tf WX_ Vh`c_\`\Xagb WX_Tcb_wg\VT T`U\XagT_( 8fw& Xa fh Tegb 2o Xah`XeT4 T$X_beWXaT`\Xagb T`U\XagT_ WX_ gXee\gbe\b4" U$_TXiT_hTV\ya WX \`cTVgb T`U\XagT_5 X$ X_f\fgX`T WXVbageb_ fbUeX X_WXfTeeb__b WX_Tf TVg\i\WTWXfTab geyc\VTf5 W$_TXWhVTV\yaT`U\XagT_4 X$ X_f\fgX`T WXW\TZayfg\Vb X \aYbe`TV\ya T`b U\XagT_5 l Y$X_evZ\`Xa XVbay`\Vb WXceb`bV\ya WX_ WXfTeeb__b fhfgXagTU_X( ;X XfgX UTZT]X \afgeh`XagT_& l TgXaW\XaWb_T f\fgX`Tg\mTV\ya dhX 'Vb`b iXeX' `bf' Xk\ZXa Xa X_WXeXV[b `XaWbV\ab _Tf _XlXf /30+ l 2*/+ Xa gbeab T iTe\bf W Xfgbf \afgeh`Xagbf& VXageTeX`bf ahXfgeb Tau_\f\f Xa _TbeWXaTV\yaT`U\XagT_ WX_ gXp ee\gbe\b l Xa _TXiT_hTV\ya WX\`cTVgb T`U\XagT_&f\a cXe]h\V\b WX_TeX_TV\yab Vb`c_ | `XagTV\ya dhX Xk\fgX Vba _bf eXfgTagXf \afg\ghgbf( <a cTeg\Vh_Te& Xa eX_TV\yaT_beWXaT`\Xagb T`U\XagT_ WX_ gXee\gbe\b& X_Tegb 3o WXgT_ evZ\`Xa WXceXfhchXfgbf `wa\`bf XfgTU_XVXdhX vfgX WXfTeeb__Teu _TXfgehVgheTW YhaV\baT`\Xagb Z_bUT_ WX_ gXee\gbe\b WX_TETV\ya l fX ZXaXeTeu `XW\TagX _TVbbeW_a V\ya \aYXe]he\fW\VV\baT_ XageX_bf `ha\V\c\bf l _Tf cebi\aV\Tf& l WXvfgTf l _T:\hWTW W 9hXabf 8\eXf Vba _TETV\ya&T geTivf WX_ :bafX]b =XWXeT_ WXDXW\b 8`U\XagX5 vfgX W UXeuVbaf\WXeTe_TVbaVXegTV\yaWX\agXeXfXf WX_Tf W\fg\agbf fXVgbeXf WX_TfbV\XW XageXfw& l WXvfgbf Vba _T8W`\a\fgeTV\ya GzU_\VT ((

. 9*22+*& E(&>ENQ\A GEMEQAK DEKDEQECHN! geTW( WX<WhTeWb Ibmb 8VhxT& ;XUTgX&DaWe_W& +33+& cf( ,/& +/.5 +1- P +2+(

8 fh iXm&X_Tegb+* Vbag\azT _T eXZh_TV\ya \aW\VTaWbdhX X_ cebVXfb WXbeWXaT' `\Xagb T`U\XagT_&gXa\XaWbXa VhXagT _bf TfcXVgbf cb_wg\Vbf& Ywf\Vbf& fbV\T_Xf&gXVab' _yZ\Vbf&Vh_gheT_Xf& XVbay`\Vbf& ]hewW\:FJl XVb_yZ\Vbf WX_TeXT_\WTW _bVT_& eXZ\baT_l aTV\baT_& WXUXeu TfXZheTe X_hfb T`U\XagT_`XagX TWXVhTWb WX_bf eXVhefbf T`U\Xa' gT_Xf& cbf\U\_\gTe_T`uk\`T cebWhVV\yal hg\_\mTV\ya WX_bf W\YXeXagXf XVbf\fgX`Tf& ZT' eTag\mTe _T `wa\`T WXZeTWTV\ya l WXfTcebiXV[T`\Xagb l ceb`biXe _T cTeg\V\cTV\ya fbV\T_&Xa _Tf WXV\f\baXf YhaWT`XagT_Xf WX_ WXfTeeb__b fhfgXagTU_X( 8f\`\f`b& Xa _T _bVT_\mTV\ya WX_Tf W\fg\agTf TVg\i\WTWXfTageyc\VTf l Xa X_WXfTeeb__b WXTfXagT`\Xa' gbf [h`Tabf& fX WXUXeu Vbaf\WXeTe& Xa Ybe`T ce\be\gTe\T4 T$ _TibVTV\ya WXVTWTmbaT b eXZ\ya&Xa YhaV\ya WX_bf eXVhefbf T`U\XagT_Xf l _TfhfgXagTU\_\WTW fbV\T_&XVbay' `\VT l XVb_yZ\VT5 U$_TW\fge\UhV\yaWX_TcbU_TV\ya l fhf VTeTVgXewfg\VTf cTeg\Vh_TeXf5 ' X$ _TaTgheT_XmT l _Tf VTeTVgXewfg\VTf cTeg\Vh_TeXfWX_bf W\YXeXagXf U\b`Tf5 W$_Tf T_gX' eTV\baXf Xk\fgXagXf Xa _bf U\b`Tf cbe XYXVgb WX_bf TfXagT`\Xagbf [h`Tabf& WX_Tf TVg\i\WTWXf XVbay`\VTf b WXbgeTf TVg\i\WTWXf[h`TaTf b YXay`Xabf aTgheT_Xf5 l X$_T VbafXeiTV\ya l cebgXVV\yaWXXVbf\fgX`Tf f\Za\Y\VTg\ibf( 8 fh gheab&_bf Tegf( ++ l ff(& CG8& \agebWhVXa_Tf Xk\ZXaV\Tf `wa\`Tf dhX e\ZXaXa gbWbX_cTwf Xa eX_TV\yaT _TXiT_hTV\ya WX\`cTVgb T`U\XagT_ #<@8$& XfgTU_XV\XaWb dhX gbWTbUeT b TVg\i\WTW dhX& Xa X_gXee\gbe\b WX_T ETV\ya5 fXT fhfVXcg\U_X WXWXZeTWTe X_T`U\XagX& T_Zhab WXfhf Vb`cbaXagXf b TYXVgTe _TVT_\WTW WXi\WT WX_TcbU_TV\ya Xa Ybe`T f\Za\Y\VTg\iT&XfgTeu fh]XgT T ha cebVXW\`\Xagb WXXiT_hTV\ya WX\`cTVgb T`' U\XagT_& ceXi\b T fh X]XVhV\ya( <a gT_VbagXkgbbU_\ZTV_baT_& _Tf cXefbaTf Ywf\VTfb ]hewW\VTfWTeua\a\V\b T_cebVX' W\`\Xagb Vba _TceXfXagTV\yaWX haT WXV_TeTV\ya ]heTWT& Xa _TdhX fX `Ta\Y\XfgX f\ _Tf bUeTf b TVg\i\WTWXfTYXVgTeua X_T`U\XagX( CTf Thgbe\WTWXf Vb`cXgXagXf WXgXe`\aT' eua _TceXfXagTV\ya WXha XfghW\b WX\`cTVgb T`U\XagT_&Vhlbf eXdhXe\`\Xagbf XfgT' eua WXgT__TWbf Xa _Xl cTeg\Vh_Te l& Xa VbafXVhXaV\T& WXUXeuaeXT_\mTe haT <@8 l X`\g\e haT WXV_TeTV\ya WX\`cTVgb T`U\XagT_ Xa _TdhX fX `Ta\Y\XfgX _TTcebUTV\ya b eXV[T' mbWX_bf XfghW\bf ceXfXagTWbf #Teg( +,$( Cbf XfghW\bf WX\`cTVgb T`U\XagT_ WXUXeua VbagXaXe& Vb`b `wa\`b& haT WXfVe\cV\ya WXgT__TWT WX_ ceblXVgb WX_TbUeT b TVg\i\WTW T eXT_\mTe& _T \WXag\Y\VTV\ya WX_Tf VbafXVhXaV\Tf fbUeX X_T`U\XagX& l _Tf TVV\baXf WXfg\aTWTfT `\g\ZTe _bf XYXVgbfaXZTg\ibf #Teg( +-$( 8VhW\XaWbT Xfgbf \afgeh`Xagbf WXfWXhaT eXZh_TV\yafXVgbe\T_& _T_Xl ,0(--+ [T W\fchXfgb ceXfhchXfgbf `wa\`bf WXcebgXVV\yaWXUbfdhXf aTg\ibf& XfgTghlXaWb haT aXVXfTe\T beWXaTV\yagXee\gbe\T_ WXgT_Xf UbfdhXf Xa YhaV\ya WX_Tf aXVXf\WTWXf WX VbafXeiTV\ya WXX__bf& l _TaXVXfTe\T <@8 WX_Tf TVg\i\WTWXfWXWXf`bagX l WXTcebiX' V[T`\Xagb fbfgXa\U_X dhX VThfX \`cTVgb f\Za\Y\VTg\ib( R _T_Xl ,/(3+0& T_ eXZh_Te _bf ceXfhchXfgbf `wa\`bf WXcebgXVV\yaXa eX_TV\yaT eXf\Whbf Wb`\V\_\Te\bf& [T fhcXW\' gTWb_ThU\VTV\ya WX_bf VXagebf WXW\fcbf\V\ya Y\aT_ T _TVbaf\WXeTV\ya WX_Tc_Ta\Y\VT' V\ya gXee\gbe\T_ #Teg( ,*$( =\aT_`XagX&WXageb WX_Tabe`Tg\iT aTV\baT_ \agXeXfT eXYXe\e _T _Xl,0(0-3& dhX Xa fh Tegb 1o \agebWhVX ']hagb T _T<@8'@T XiT_hTV\ya T`U\XagT_ XfgeT' gvZ\VT cTeT gbWTTVg\i\WTW cXe`\g\WT Xa Z_TV\TeXfl Xa T`U\XagX cXe\Z_TVwT_( ;X gT_`bWb& dhXWTVbaYbe`TWbha evZ\`Xa" Uuf\Vb Vba i\ZXaV\T aTV\baT_& dhX Xfg\ch' _TTfcXVgbf XfXaV\T_Xf fbUeX X_beWXaT`\Xagb gXee\gbe\T_ l _TXiT_hTV\ya T`U\XagT_&Xa X_ dhX T`Ubf \afg\ghgbf fX WXfg\aTaT fTg\fYTVXe\afgeh`XagT_`XagX haT cb_wg\VT T`U\XagT_ Xa _TdhX _Thg\_\mTV\ya WX_ XfcTV\b fX _\`\gT Xa YhaV\yaWX_TibVTV\ya T`U\XagT_ WXVTWT mbaTb eXZ\ya& WXU\XaWb Xk\fg\ehaT XiT_hTV\ya ceXi\T WXgbWbWXfTeeb__b Tageyc\Vb(

;C` + ++++C!++ +

$%# D--! F;

8:KL8C@;8;

8D9@<EK8C ;< C8 GIFM@E:@8;< D<E;FQ8

:FFI;@E8:\tE

J@JKrD@:8 ;< C8J I<>LC8:@FE<J

8D9@<EK8C<J (((

$%$

=IGJF?G?HN;=CsH HILG;NCP; >?F IL>?H;GC?HNI N?LLCNILC;F R ;G<C?HN;F ?H F; JLIPCH=C; >? G?H>IS;

<_ XfdhX`T eXZh_Tgbe\b Y\]TWbXa _Tf abe`Tf WXceXfhchXfgbf `wa\`bf eXYXe\WTf [T f\Wb Vb`c_X`XagTWb Xa _Tcebi\aV\T WXDXaWbmT`XW\TagX _Tf _XlXf /30+& 2*/+ l 2+3//y ( ( CT ce\`XeT WXX__TfXf VbabV\WTVb`b _TCXl >XaXeT_WX_ 8`U\XagX #C>8$& lXfgTgh' lX _Tcb_wg\VT T`U\XagT_ cebi\aV\T_ l _bf \afgeh`Xagbf cTeT f(h WXfTeeb__b( IXfT_gTnnf& T _bf Y\aXf WX_ Tau_\f\f& dhX cebVheT`bf dhX XfgT abe`T Xfg\ch_T dhX _TceXfXeiTVeba& VbafXeiTV\ya& WXYXafTl `X]beT`\Xagb WX_ T`U\XagX Vb`ceXaWX X_beWXaT`\Xagb gX' eagbewT l _Tc_Ta\Y\VTV\yaWX_bf cebVXfbf WXheUTa\mTV\ya& cbU_T`\Xagb& \aWhfge\T_\mT' V\ya&Xkc_bgTV\ya`\aXeT l TZewVb_T'ZTaTWXeT& l XkcTaf\ya WXYebagXeTfcebWhVg\iTf&Xa YhaV\ya WX_bf iT_beXf WX_ T`U\XagX #Teg( -o$( <fgX VbaVXcgb iT T eXfh_gTe VbaVbeWTagX Vba _TeXZh_TV_ya WX_ c_Ta T`U\XagT_ #Teg(0o$& WX_ \aYbe`X T`U\XagT_ #Teg( Q !l WX_T niT_hTV\ya WX\`cTVgb T`U\XagT_ #Tegf( ,0 T .,#( <_ c_Ta T`U\XagT_& dhX WXUXaX_TUbeTe_Tf Thgbe\WTWXfX]XVhg\iTf (cebn\nV\T_Xfk `ha\V\cT_Xf& ceXfXagT ha VbagXa\Wb`wa\`b dhX WXUX\aV_h\e4 T$ _TTcw\VTVgya WX FJ ce\aV\c\bf WXcb_wg\VT T`U\XagT_ Y\]TWbf cbe _Xl5U$beWXaT`\Xagb XVb_yZ\VbWX_ gXe(e_gb' e\b cebi\aV\T_&VbagX`c_TaWb vfgX \$_Tf VTeTVgXewfg\VTf T`U\XagT_Xf WXVTWTXVbn_fgX' eaT&\\$X_ZeTWbWXWXZeTWTV\ya l WXfXdh\_\Ue\bXVb_yZ_Vb& \\\$ _Tnb7TV\ta Xa eTnbn W _bf eXVhefbf aTgheT_XfXk\fgXagXf&TfXagT`\Xagbf [h`Tabf l TVg\i\WTWXfXVbabahVTf WXfTeeb__TWTf& \i$ X_cbgXaV\T_\`cTVgb T`U\XagT_ cbe X_WXfTeeb__b WXahXiTf nVg\i\WT( WXf cebWhVg\iTf5 X$cebZeT`Tf WXXfghW\b X \aiXfg\ZTV\ya V\XagwY\VT l XWhVTg\iT5W$X_ W\fXxb WXcThgTf W\e\Z\WTfT_ TcebiXV[T`\Xagb WX_bf eXVhefbf aTgheT_Xf& VbaYbe` T ha hfb \agXZeT_& Te`ya\Vb l VbbeW\aTWb WXX__bf5 X$_T\`c_X`XagTV\ya WXh(a UTaVb WXWTgbf l WXha f\fgX`T WX\aYbe`TV\ya l i\Z\_TaV\T cXe`TaXagX WX_bf XVbf\fgXeaT & _bf X_X`Xagbf dhX _b \agXZeTal fh Xdh\_\Ue\b& TVghT_\mTWb Xa Ybe`T cXe`TaXagX5 Y$@ X_TUbeTV\yaWXcebZeT`Tf WXVXafb& eXVhcXeTV\yal ceXfXeiTV\ya WXXfcXV\Xf Ta\` _Xf l iXZXgT_Xf Xa cX_\ZebWXXkg\aV\ya5l Z$_TX_TUbeTV\yaWXcebZeT`Tf WX_hV[T Vba geT_TVbagT`\aTV\ya l WXZeTWTV\ya WX_ T`U\XagX l WX_bf W\fg\agbf eXVhefbf aTgheT_X& Gbefh cTegX& X_GbWXe <]XVhg\ib cebi\aV\T_ WXUXX_XiTeTahT_`XagX T _TCXZ\f_Tgh eT ha \aYbe`X T`U\XagT_( X_VhT_VbagXaWeuT_ `Xabf _bf f\Zh\XagXf TfcXVgbf4 Tn X gTWbZXaXeT_WX_bf XVbf\fgX`Tf& T`U\XagXf aTgheT_Xf& TZebcXVhTe_bf l heUTabf l Xdh\_\Ue\bXVb_yZ\Vb5U$f\ghTV\ya WX _bf eXVhefbf aTgheT_Xf&eXabiTU_Xf b ab& cbgXa V\T_\WTW cebWhVg\iT&ZeTWbWXWXZeTWTV\ya b VbagT`\aTV\ya l cXefcXVg\iTf Yhghe 4 X$WXfTeeb__b WX_ c_Ta T`U\XagT_ l WX_bf W\fg\agbf cebZeT`Tf Xa X]XVhV na5W$Xin_h V\ya Vewg\VT WX_bTVghTWb& Xa`\XaWTf T (XgXVghTe lcebchXfgTf WXfb_hV\ya( <fgX `Yb `X WXUX fXe W\YhaW\Wb k chU_\V\gTWb cTeT VbabV\`\Xagb WX_Tbc\a\ya czU_\VT#Teg( 2o$& ;\V[T C>8 Xfg\ch_T TWX`uf T _T<@8 Vb`b X_cebVXW\`\Xagb WXfg\aTWbT \WXag_Y_b X \agXeceXgTe& Tfw Vb`b T ceXiXa\e&_Tf VbafXVhXaV\Tf b XYXVgbfdhX TVV\baXf b cebl gbf czU_\Vbf b ce\iTWbf chXWTa VThfTe T_Xdh\_\Ue\bXVb_yZ\Vb& T_`TagXa\`\Xagb W @ VT_\WTW WXi\WT l T _TceXfXeiTV\ya WX_bf eXVhefbf aTgheT_XfXk\fgXagXf Xa _Tcebi_
/ :b`b evZ\`Xa fXVgbe\T_XfcXVwY\:F& _T _Xl 2+3/ [T Vb`c_X`XagTWb T _T _Xl ,0(--+& X fTeeb__TaWb _TbeWXaTV\yaWX_bf UbfdhXf aTg\ibf cebi\aV\T_Xf& XkceXfTaWb X_Teg(+o WX_Tabe` fh T]hfgX T _bXfgTU_XV\Wb cbe _Tf _XlXf cebi\aV\T_Xf /30+ WX8`U\XagX l 2*/+ WXFeWXaT`_ a

V\T( CT abe`T XfgTU_XVX Xa fh Tegb -/ dhX&ceXi\b T _T( eXfb_hV\ya WX_ cebVXW\`\Xagb&_T Thgbe\WTW WXTc_\VTV\ya WXUXeu Vbaf\WXeTeXa _bf Tau_\f\f WX_bf eXfh_gTWbfcebWhV\' Wbf Xa _Tf W\fg\agTf XgTcTf _bf f\Zh\XagXf Ve\gXe\bf4 T$ X_beWXaT`\Xagb XVb_yZ\Vbceb' i\aV\T_ dhX VbagX`c_T X_lT eXYXe\Wb c_Ta T`U\XagT_5 U$_Tf W\fcbf\V\baXf _XZT_Xfl c_T' aXf WX`TaX]b WX_Tf ueXTf cebgXZ\WTfaTgheT_Xfl heUTaTf5 X$_bf Ve\gXe\bfXVb_yZ\Vbf cTeT _TcebgXVV\yaWX_TY_beT l WX_TYThaT&cTeT X_TcebiXV[T`\Xagb eTV\baT_WX_bf eXVhefbf aTgheT_Xfl cTeT _TcebgXVV\yaWX_ T`U\XagX5 W$_Tf eXZh_TV\baXf fbUeX beWX' aT`\Xagb gXee\gbe\T_ l gbWTf TdhX__TfbgeTf VbaVXea\XagXfT _TceXfXeiTV\ya T`U\XagT_5 X$_bf bU]Xg\ibf WX_Tcb_wg\VT T`U\XagT_ cebi\aV\T_( CT _Xl 2*/+& Xa VT`U\b& Xf _TCXl WXFeWXaT`\Xagb KXee\gbe\T_ l Lfbf WX_ JhX_b #CF' KLJ$&Y\]TaWbT gT_beWXaT`\Xagb Vb`b ha cebVXW\`\Xagb cb_wg\Vb'TW`\a\fgeTg\ib dhX "@agXagT cT_\Te_bf WXYXVgbf XfgehVgheT_XfXk\fgXagXf XageXdh\XaXf Ybe`h_Ta cb_wg\VTf& _bf dhX _Tf X]XVhgTal fba _bf eXfcbafTU_Xf WX_ Vbageb_& Vb`b gT`U\va fbUeX _Tf FTEQ" mTf DE ONDEQ dhX chZaTa cbe WXYXaWXe \agXeXfXf ce\iTWbf l TdhX__bf dhX ceXgXaWXa \aV_\aTe_TUT_TamT Xa WXYXafTWX_ U\Xa Vb`za& XagXaW\vaWbfXdhX W\V[b beWXaT`\Xa' gb eXfh_gThaT XkceXf\ya XfcTV\T_ WX_Tf cb_wg\VTfczU_\VTf `XW\TagX haT VbaVXcV\ya geTafiXefT_ T _Tf cb_wg\VTf fXVgbe\T_XfdhX VXageT_TTgXaV\ya Xa X_gXee\gbe\b Vb`b eX' fh_gTWbWXcebVXfbf aTgheT_Xf& [\fgye\Vbf& Vh_gheT_Xf l XVbay`\Vbf dhX __XiTaT Vba' Ybe`Te haT XfgehVgheTcebWhVg\iT& fbV\bXVbay`\VT l T`U\XagT_ W\YXeXaV\TWT fXZza _T \WXag\WTW WXVTWT_hZTe!& ;\V[T CFKLJ& Xa fh Tegb/ # XfgTU_XVXdhX fba \afgeh`Xagbf l cebVXW\`\Xagbf WX_ beWXaT`\Xagb gXee\gbe\T_ _Tf f\Zh\XagXf abe`Tf gTagb WXc_Ta\Y\VTV\yal X]XVhV\ya& Vb`b WX\aYbe`TV\ya l Vbageb_4 T$ X_ G_Ta <fgeTgvZ\Vb WX ;XfTeeb__b WX _T Gebi\aV\T WXDXaWbmT5 U$X_G_TaWXFeWXaT`\Xagb KXee\gbe\T_ Gebi\aV\T_5 X$_bf c_TaXf WXbeWX' aT`\Xagb gXee\gbe\T_ `ha\V\cT_5 W$X_G_Ta8`U\XagT_ Gebi\aV\T_5X$ X_G_TaWX>Xfg\ya WXI\XfZbf l DTaX]b WX<`XeZXaV\Tf Gebi\aV\T_5Y$X_G_TaWXFeWXaT`\Xagb KXee\gb' e\T_DXgebcb_\gTabcTeT X_>eTa DXaWbmT5 Z$_bf c_TaXf WXbeWXaT`\Xagb gXee\gbe\T_ WX ueXTf XfcXV\T_Xf #cXe\_TZbf& cXWX`bagX& W\fge\gbf\aWhfge\T_Xf& cTedhXf gXVab_yZ\Vbf& fhU'eXZ\baXf& bgebf$5[$ _bf c_TaXf fXVgbe\T_Xf b \agXefXVgbe\T_Xf TVghT_Xf l Yhghebf5\$ X_J\fgX`T WX@aYbe`TV\ya8`U\XagT_ l X_J\fgX`T WX\aYbe`TV\ya KXee\gbe\T_ #WX _T;\' eXVV\yaGebi\aV\T_WX:TgTfgeb&fXZza _Xl ,0(,*3$5 ]$ _TXiT_hTV\ya WX_ \`cTVgb T`U\Xa' gT_5 ^$ _TXiT_hTV\ya WX_ \`cTVgb gXee\gbe\T_5 +# _TThW\gbewT XkgXeaTWX\`cTVgb gXee\gbe\T_5 `$ _TXiT_hTV\ya T`U\XagT_ XfgeTgvZ\VT( <fgX Vba]hagb WX\afg\ghV\bavf cebVXW\`XagT_Xf dhX Y\]T_TCFKLJ ceXfXagT W\fg\a' gb ZeTWbWXWXfTeeb__b ]hewW\Vb& _bdhX Xa V\XegT`XW\WT _\`\gT _TXY\VTV\T abe`Tg\iT T cXfTe WXfh i\ZXaV\T"& <f dhX f\ U\Xa _Tabe`T WXfTeeb__T _bf VbagXa\Wbf WX_bf ce\aV\' cT_Xf \afgeh`Xagbf WXc_Ta\Y\VTV\yadhX XkcbaX& ab gbWbf X__bffX XaVhXageTa eXZh' _TWbf& _bdhX Xk\ZX ha XfYhXembeXZ_T`XagTe\b cTeT fhcXeTe gT_WvY\V\g WXX]XVhV\ya(

>L;@sF&D( <(&!IXT_\WTWb hgbcwT(CXl WXFeWXaT`\Xagb KXee\gbe\T_!& <EUIRSA ;QNWECCI]M! aeb( .& :@=FK& DXaWbmT&,**2& c( -& W\fcba\U_X Xa" HSSO-$$OQNWECCINQI#CIFNS#CNL!AQ #TVVXW\Wb X_ +)/),*+,$( G@EKF& D(& !CT XiT_hTV\ya WX\`cTVgb T`U\XagT_ Xa X_evZ\`Xa `XaWbV\ab!& Xa G@EKF& D( ' D8IK@E& C( #W_ef($& 8A EUAKTACI]M DE ILOACSNALBIEMSAK k fh Q[GILEM JTQ\DICN! CT]bhaX& 9hXabf 8\eXf& ,*+,& c( ++,(
@@Fi_a"! ++Yg @n@@L 8@@@@@@@@@_@@@@ E" ,

KXee\gbe\T_ WXLfb WX_ JhX_b(

8_$ +!@@Nn@@@+"

-/.

8:KL8C@;8; 8D9@<EK8C ;< C8GIFM@E:@8 ;< D<E;FQ8 >? =IH?QCsH ?HNL? F;M HILG;M ;G<C?HN;F?M R N?LLCNILC;F?M( JLI<F?G;M >? ?@C=;=C; ?H MO;JFC=;=CsH MCMNqGC=;

:FFI;@E8:\tE

J@JKrD@:8 ;< C8J I<>LC8:@FE<J 8D9@<EK8C<J (((

-//

CP( JOHNIM

CT Vb`cbaXagX XfcTV\T_ Xf YhaWT`XagT_ Xa gbWbTau_\f\f T`U\XagT_& ab fy_b cTeT WXfVe\U\e X_Xagbeab Xa X_dhX _Tf TVV\baXf fX eXT_\mTa& f\ab cTeT X_Tau_\f\f l VbeeX_T' V\ya WXYXay`Xabf dhX \`cTVgTa Xa X_gXee\gbe\b l X_`XW\b T`U\XagX""( <a XfgX fXag\' Wb& X_f\fgX`T abe`Tg\ib WXfVe\cgb& Vbaf\WXeTWbXa _TbU]Xg\i\WTW WX_bf gXkgbf _XZT_Xf& ceXfXagT haT \aWhWTU_X VbaXk\ya XageX_bf \afgeh`Xagbf T`U\XagT_Xf l gXee\gbe\T_Xf( 8Y\e`T`bf X__b Xa VhTagb&cbe haT( cTegX& \aV_hfb WXfWXX_ZXave\Vb evZ\`Xa Uuf\' Vb aTV\baT_&_TbeWXaTV\yagXee\gbe\T_ Xf haT cThgT WX_TZXfg\ya T`U\XagT_& Vba ceXi\' f\ya XfcXVwY\VT Xa _bf Tegf( 3p l +*& CG8& RVba ceXfXaV\T eXZw`XaXf fXVgbe\T_Xf& Xa T_' Zhabf Vba haT ZeTa \`cebagT 'Vb`b Xa X_VTfb WX_T_Xl ,0(--+'( <a cTeg\Vh_Te& X_X]X WXTau_\f\f gXee\gbe\T_ ab [T f\Wb XkgeTxb Xa X_evZ\`Xa T`U\Xa' gT_Y\]TWbXa _T C>8( Eb fy_b X_beWXaT`\Xagb gXee\gbe\T_ l _bf cebVXfbf WXbVhcTV\ya WX_ XfcTV\b \agXZeTa_TghgX_T T`U\XagT_ #Teg( -o$&f\ab dhX TWX`uf _Tc_Ta\Y\VTV\ya T`' U\XagT_ gb`T(gT_ X]X WXTau_\f\f T cTeg\eWX_T\aV_hf\ya WX_ beWXaT`\Xagb XVb_yZ_Vb WX_ gXee\gbe\b #Teg(0p#5l _TXiT_hTV\ya( WX\`cTVgb T`U\XagT_ WXUXVbaf\WXeTeaXVXfTe\T' `XagX gT_beWXaT`\Xagb T`U\XagT_ c_Ta\Y\VTWb gXee\gbe\T_`XagX& TfwVb`b _Tf eXfgTagXf eXZh_TV\baXffbUeX beWXaT`\Xagb gXee\gbe\T_ #Teg( -/#( <fgb ab chXWXfXe WXbgeT`TaX' eTXa _T`XW\WT Xa dhX _TC>8 VbaVXcghT_\mT T_T`U\XagX Vb`b haT \agXeTVV\yaXfcT' V\T_WXX_X`Xagbf aTgheT_Xfl Tageyc\Vbf #Teg( .o$( <fgT Vbaf\WXeTV\ya WX_TiTe\TU_XgXee\gbe\T_ Xa _T<@8 Xf Vbag\ahTWTXa X_WXfTeeb__b eXZ_T`XagTe\bWX_TC>84X_WXV( ,+*3)+33. [T f\Wb W\VgTWb UT]b _TVbaVXcV\ya WXdhX _TXiT_hTV\ya WX_ \`cTVgb T`U\XagT_ fheZX Vb`b haT [XeeT`\XagT \aW\fcXafTU_X WX_T c_Ta\Y\VTV\ya Ywf\VT& \WXTdhX i\aVh_T T `bWT_\WTWXf\afg\ghV\baT_XfXk\fgXagXf WXfWX Ta' gTxb&Vb`b Xf X_beWXaT`\Xagb gXee\gbe\T_ #Vbaf\Wf( -o l .o$5 P Xk\ZX WXageb WX_T \aYbe' `TV\ya Uuf\VT cTeT \a\V\TeX_Tau_\f\f WX_ ceblXVgbX_XfghW\b WX_bf g\cbf Xk\fgXagXf WX bVhcTV\ya WX_ fhX_b l TcebiXV[T`\Xagbf WXbgebf eXVhefbf aTgheT_Xf& _TVTegbZeTYwT WX gbWbf _bf TfcXVgbf T`U\XagT_Xf dhX chXWTa fXe TYXVgTWbf cbe _TTVghTV\ya ceblXVgTWT #cbU_TV\ya[h`TaT& YThaT& Y_beT& iXZXgTV\ya&[YU& fhX_b&T\eX& TZhT&V_\`T& cT\fT]X& XgV($& l _TWX_\`\gTV\yal WXfVe\cV\yaVTegbZeTY\TWT WX_ gXee\gbe\b b VhXaVT XfcTV\T_ TYXVgTWT cbe X_ceblXVgb cTeT VTWThab WX_bf TfcXVgbf T`U\XagT_Xf WXY\a\Wbf #Teg( .o$( CT CFKLJ eXTY\e`T XfgT \agXeVbaXk\ya!&\aV_hlXaWb Vb`b \afgeh`Xagbf WX_ cebVX' W\`\Xagb WXbeWXaT`\Xagb gXee\gbe\T_ T_c_Ta T`U\XagT_&T_f\fgX`T WX\aYbe`TV\ya T`' U\XagT_& T _TXiT_hTV\ya WX\`cTVgb T`U\XagT_ l _TXiT_hTV\ya T`U\XagT_ XfgeTgvZ\VT( IXeb TWX`uf& Xa fhf Tegf( -- l -.& XkceXfT dhX _TXiT_hTV\ya T`U\XagT_ WXUXVb`' ceXaWXe _T\WXag\Y\VTV\ya& \agXeceXgTV\ya l iT_hTV\ya WX_Tf VbafXVhXaV\Tf ZXbZeuY\VTf& fbV\T_Xf l XVbay`\Vb'Y\aTaV\XeTf dhX chXWTa VThfTe _Tf TVV\baXf b ceblXVgbf czU__' M8CGI<;8& :( ' >L;@sF;< DLsbm& D( <( ' M@CC<>8J ;< C_CCF& 9( P bgebf& !CT XiT_hTV\yaU '\`cTVgb T`U\XagT_l n@ beWXaT`\Xagb gXee\gbe\T_!& <EUIRSA;QNWECCI]M!aeb( ,& :@=FK& DXaWbmT& ,**,& W\fcba\U_X Xa HSSO-$$OQNWECCINM#CIFNS#CNL#AQ #TVVXW\Wb X_+)/),*+,#( 3 8WX`uf WX_bf ceXVXcgbf WX_T_XldhX eXYXe\`bfT Vbag\ahTV\ya& <J:F98I 9C8E:F& C( AC& !:bbeW\aTV\yaWXhaT YhgheT CXl WXDXW\b8`U\XagX Vba _TCXl WXFeWXaT`\XagbKXee\gbe\T_!& <EUIRSA DEK3NQN!aeb( +++& ;\^X& DXaWbmT& ,*+*& cf( 1+ l ff(& T dh\Xa eX`\g\`bf& WXgT__T X_Vba gXa\Wb T`U\XagT_WX W\iXefbf ceXVXcgbf WX_T_Xl2*/+& Xa X c *+ @a _b Tegf( +p& -o P.o(
;\b` !++++!++& &++*+

Vbf b ce\iTWbf Xa X_Xdh\_\Ue\bgXee\gbe\T_& _TXdh\WTWfbV\T_ l X_WXfTeeb__b fhfgXagTU_X" l beWXaT_TTWXVhTV\yacebVXW\`XagT_eXZ_T`XagTe\T WX_ WXV( ,+*3)+33.( ! 8 fh iXm&X_Tegb ,+ WXXfT abe`T& Xfg\ch_T Vb`b VbagXa\WbUuf\Vb WX_ G_TaGebi\a' V\T_WXFeWXaT`\Xagb KXee\gbe\T_ _TVeXTV\yal XfgTU_XV\`\Xagb WXW\eXVge\VXf gXee\gbe\T' _Xf cTeT 'XageX bgebf bU]Xg\ibf' _TceXfXeiTV\ya WX_TU\bW\iXef\WTW WX_ T`U\XagX Xa X Vbegb& `XW\Tnb l _TeZbc_Tmb& TgXaW\XaWb T _bf Y\aXf&bU]Xg\ibf l XfgeTgXZ\Tf XfgTU_X' V\Wbf Xa XfT `\f`T abe`T& Xa _T_Xl ,/(01/ l Xa _Tf ceXi\fgTf cTeT X_G_Ta8`U\Xa' gT_Gebi\aV\T_Xa _T_Xl /30+( ( n@ ]hXZb abe`Tg\ib WXT`UTf eXZh_TV\baXf `hXfgeT XagbaVXf dhX X_WXeXV[bceb' i\aV\T_ [T cebVheTWbn\aVh_(Te _TZXfg\ya WX_ T`U\XagX l WX_ gXee\gbe\b Xa ha XfdhX`T d(hX4 TnadhX Vb`Xnm7 Tan!mTaWb Xa _TC>8 _bf VbaY_\Vgbf fbUeX _TUTfX WXha X]X XVb' fwfgv`\Vb dhX WXU_T @aV_h\e _TcXefcXVg\iT XfcTV\T_&T cTeg\eWX_TCFKLJ& [T Ue\aWTWb na YhXegX vaYTf\f T_Tau_\f\f gXee\gbe\T_& XaVThfTaWb _bf `XVTa\f`bf WX_T C>8 Vb`b nafgen`Xagbf aXVXfTe\bf WX_ cebVXfb WXbeWXaT`\Xagb WX_ gXee\gbe\b& eXVbabV\XaWb X_ \agXevf dhX ceXfXagT _TTc_\VTV\ya WXce\aV\c\bf ZXbZeuY\Vbf T _T eXY_Xk\ya fbUeX f\f' gX`Tf T`U\XagT_Xf l gXee\gbe\T_Xf dhX fX eXT_\mT Xa _bf cebVXW\`\Xagbf WXXiT_hTV\ya T`U\XagT_"!( GXebX__b 'Xa ahXfgeb cXafT`\Xagb' ab WXfi\egzT _TaXVXfTe\T eXgebT_\' `XagTV\ya XageXT`U7J cXefcXVg\iTf& a\ Vb_bVThaT WXX__TffbUeX _TbgeT& f\ab dhX fX Vb`c_X`XagTa eXVwcebVT`XagX& f\XaWb X_eXYXe\Wb beWXaT`\Xagb gXee\gbe\T_ ha Vba' gXa\WbWX_ c_Ta l _TXiT_hTV\ya T`U\XagT_ dhX Xk\ZX _TC>8&lT _T" iXm T cTeg\eWX_TCF' KLJ gT_c_Ta T`U\XagT_ fX ceXfXagT Vb`b ha \afgeh`Xagb WX_ beWXaT`\Xagb gXee\gbe\T_( 8 cXfTe WXXfgT Xi\WXagXi\aVh_TV\ya abe`Tg\iT XageX_bgXee\gbe\T_ l _bf `XVTa\f' `bf WXZXfg\ya T`U\XagT_ VbagX`c_TWbf Xa _TC>8&fX [Ta bUfXeiTWb YT_XaV\TfWX\`' G_Xn(XagnV\yadhX ZXaXeTa ha WXfVh\WbWX_TiTe\TU_XXfcTV\T_&_bdhX VbaWhVXT haT WXY\V\XaV\T Xa _TXiT_hTV\ya WX_bf \`cTVgbf fbUeX X_T`U\XagX( <a XfgX fXag\Wb&!<a ZXaXeT__Tf `XgbWb_bZ_Tf hg\_\mTWTf [Ta X`c_XTWb cbaWXeTV\baXf fhU]Xg\iTf& b `XW\' V\baXf WXV\Xegbf Vb`cbaXagXf Xa Ybe`T cTeV\T_\mTWT& Xa WbaWXab fX g\XaX Xa VhXa' gT X_gXee\gbe\b fbneX X_VhT_fX WXfTeeb__Ta _Tf TVV\baXf l _bf XYXVgbf(<fgb [TVX dhX _Tf <@8 ab fXTa T]hfgTWTf& gbeauaWbfX `uf W\Y\Vh_gbfb Tza Xa _Tf XiT_hTV\baXf eX_T' V_7aTWTfVba gX`Tf WXbeWXaT`\Xagb gXee\gbe\T_& WbaWX_TVb`c_X]\WTW Xfgu WTWT ab fb_b cbe _TVTag\WTW WXiTe\TU_Xf T \aV_h\ef\ab cbe X_a\iX_ WX\agXeTVV\baXfT Vbaf\WX' eTe(#((($ CTf `XgbWb_bZwTfVb`b _T`Tge\m WXCXbcb_W& _Tf ZhwTf WX_ 9TaVb DhaW\T_ X_ `bWX_b WXfhcXecbf V\ya WXgeTafcTeXagXf&_TWXDV ?TeZ&9TggX__X l :b_h`Uhf& XgVv' gXeT ((( geTgTaT_ T`U\XagX Xa Ybe`T \aWXcXaW\XagX T_gXee\gbe\b T cXfTe WXVbaYbe`Te ha ZXnf\fgX`T( \agXZeTWb X \aW\i\f\U_X(KbWTf XaVTeTagX`Tf dhX g\XaXa Vb`cbaXagXf XfcTV\T_Xf4 _T\aWhfge\T& X_geTafcbegX&_TTZe\Vh_gheT& XgVvgXeT (((&cXeb _Thg\_\mTV\ya WX VTegbZeTYwT Xf ceuVg\VT`XagX \aXk\fgXagXl VhTaWb Xk\fgX fh hfb fX eXWhVX T haT !f\`' c_XfhcXecbf\V\ya! Xa WbaWXab fX Tc_\VTa gvVa\VTf "WX Tau_\f\f YfdUWvUe! ( 8_ TaT_\mTe _TW_iXeZXaV\T XageXT`U\XagX l gXee\gbe\b& >hW\xb eXfT_gT_b\`cbegTagX WXVXageTe _TTgXaV\ya Xa fhf W\YXeXaV\Tf& cbedhX f\ ab fX g\XaXa Xa VhXagT fX VbeeXX_

+*

>nD<Qn@s<@n7& @(D(& !8nu_\f\f ZXbZeuY\Vb k _Tf XiT_hTV\baXfT`U\XagT_Xf XfgeTgvZ\VTf!&

8TQQAKDE6MUERSKGACK:M k EROECSN! aeb(,-& @afg\ghgb >XbZeuY\Vb MTfVb& ;babfg\T JTa JXUTfg\ua ,***#&d( ++& W\fcba\U_X Xa HSSO-$$VVV#IMGEBA#NQG$KTQQAKDE #TVVXW\Wb X_'(%*3(&'("$ !
m+

M8CGI<;8& :( ' >L;@sF;< DLsbm& D( <( ' M@CC<>8J ;< _@CCF& 9( P bgebf& CT EUAKTACI]MDE

6LOACSN ### ! V_g(

C`]`P`+ &Cb``be``c\ ;a```cb` +
E" "$

-/0!

8:KL8C@;8;

8D9@<EK8C ;< C8 GIFM@E:@8;< D<E;FQ8

:FFI;@E8:\tE

J@JKrD@:8 ;< C8J I<>LC8:@FE<J

8D9@<EK8C<J (((

-/1

e\XfZb WXfXZh\e XaYTg\mTaWb Xa X_T`U\XagX f\a Vbaf\WneTeT_gXne\gbe\b& +(*dhX Xf VTh' fT l VbafXVhXaV\T WX_bf XYXVgbfT`U\XagT_Xf& Vbag\ahTaWbfX J\a fb_hV\baTe `hV[bf WX_bf cebU_X`Tf dhX [bl cXef\fgXa b fX U[hXvlUb ( ( ( | <fgT f\ghTV\ya& ZXaXeTaWbha eXWhVV\ba\f`b dhX `XabfVTUT _TXxVwXaVwT WX_ Xf' ghW\bghgX_Te dhX T geTivf WX_TXiT_hTV\ya T`U\XagT_ fX cebVheTVba eXfcXVgb T _TVT' _\WTW WXi\WT&[TVX cXeWXe WXi\fgT _TVb`c_X`XagTV\ya TaT_wg\VT dhX T`Ub4 XaYbdnXn chXWXa TcbegTe& gT_Vb`b _TV\gTWT ThgbeT [T eXYXe\Wb Xn gbea(bT _TTn_\7TV_baWX_ eXZw' `Xa T`U\XagT_ dhX XfgTU_XVX _T_Xl /30+4 !<ageX fhf caaV\cebf l bU]Xg\ibf Vbagn`c_T T_beWXaT`\Xagb WX_ gXee\gbe\b cXeb Xa fh \`c_X`XagTV\ya _Tf \agXaV\baXf WXTeg\Vh_Te T`U\XagX l gXee\gbe\b fX WXfiTaXVXa( #((($ Cb V\XegbXf dhX T`U\Xa4X l gXee\g7e\F fba ha U\ab`\b dhX WXY\aXa _Tf cbf\U\_\WTWXfWXT_VTamTe haT `X]be VT_\WTW WXM\WT l X_gTa Taf\TWb WXfTeeb__b fhfgXagTU_X!( :b`b VbageTcTeg\WT& <fVbUTe 9_TaVb'! eXY\XeX ha fXfZb gXee\gbe\T_\fgT Xa _TCFKLJ& dhX Xa fh cbfgheT WXUXewT VbeeXZ\efXVba _TVb`c_X`XagTV\ya WX`TlbeXf( \afnnh`Xa( gbf T`U\XagT_Xf X [wWe\Vbf(:bageTe\T`XagX T XfTf f\ghTV\baXf WX cb_TewmTV\ba& Xa' gXaWX`bf dhX a\aZhaT WX_Tf cXefcXVg\iTf cbf\U_Xf Xfgu cbe XaV\`T WX_Tf bgeTf&n@ chXWX eXWhV\efXX_Tau_\f\f WX`TaXeT ha\gTe\T [TV\T hab fb_b WXgT_Xf TfcXVgbf J@F `XabfVTUTe _TXY\V\XaV\T WX_ eXfh_gTWb( ( <a TeTf WX_ TVghT_cebVXfb WX\`c_X`XagTV\ya WX_TCFKLJ&WXUX gXaXefX ceXfXa' gXXfT _XVV\yaTceXaW\WT& Xi\gTaWb cTeV\T_\WTWXf WXTc_\VTV\ya dhX cebWhmVTa ha nXfp Zb [TV\T T_ZhaT WX_Tf cXefcXVg\iTf W\fV\c_\aTeXf dhX YhaWTagvVa\VT`XagX _bf `Xgb' Wbf WXVTWThaT WXW\V[Tf abe`Tf(

P( Fcf

J;L;>CAG;M k ?F ?H@IKO? CHN?L>CM=CJFCH;LCI >? FIM JLI<F?G;M ;G<C?HN;F?M R N?LLCNILC;F?M4 H?=?MC>;> >? OH G?=;HCMGI >? CHN?AL;=CsH G?NI>IFsAC=;

Cbf cTeTWwZ`Tf eXfh_gTa haT i\f\ya VbagXkghT_dhX Xa`TeVT X_ Tau_\f\n Wn 32 gX`T( <a XfgX fXag\Wb&Vba haT Xi\WXagX VbaabgTV\ya Tkwb_yZ\VT& CbeXamXggw Tne` dhX X_Tegb .+& :E& [T ZXaXeTWbha ahXib cTeTW\Z`T ]hewW\Vb dhX naVThmT X_(TaT__f_ l Tc_\VTV\ya WX_ WXeXV[b Xa ha VbagXkgbiT_beTg\ib dhX g\XaX cbe X]X aXVXfTe\b _Ti e\TU_X T`U\XagT_!( J\a cXe]h\V\b WXX__b& l `uf T__uWXXfT cXefcXVg\iT Tkwb_yZwVT dhX gT`U(\va XfgTe ceXfXagX Vba fhf W\fg\agbf `Tg\VXf Xa X_`TeVb WXiT_beXf dhX V7agXkghT[nT n VTW TUbeWT]X W\fV\c_\aTeXa "cTeg\Vh_Te& WXUX`bf TWiXeg\edhX Xa _TXcwfgXeab_bZwT V_nageYg XT `bWXeaT _bf cTeTW\Z`Tf b `Tge\VXf W\fV\c_\aTeXffX ceXfXagTa Vb`b eXT _mTV_ba V\XagwY\VTf ha\iXefT_`XagX eXVbabV\WTfdhX&WheTagX V\Xegbg\X`cb& cebcbeV\baTa ` WX_bfWXcebU_X`Tf l fb_hV\baXf T haT Vb`ha\WTW V\XagwY\VT!( La cTeTW\Z`T eXfh_gTX_`bWX_b `XgbWb_yZ\Vb P VbaVXcghT_fbUeX _TUTfX WX_ Vh VTWTXfcXV\T_\WTW cebVheTeuXaVbageTeeXfchXfgTf T _bf \agXeebZTagXfdhX fX Ybe`
>LF@sF& D( <&!IXT_\WTWb hgbcwT (((!( V\g( <J:F98I 9C8E:F& C( >(& !:bbeW\aTV\ya WXhaT YhgheT (((!& V\g(& c( 20( c( +1(
C

_Xa5WX`bWb gT_dhX X_`\f`b \agXeebZTagX chXWX fXe TYebagTWb `XW\TagX W\fg\agbf `vgbWbf l VbaVXcgbf Xa YhaV\ya WX_T`Tge\m W\fV\c_\aTeTfh`\WT T gT_Y\a(P _Tf [XeeT' `\XagTf `XgbWb_yZ\VTf dhX fX cebVheXa& VbaYbe`X _TiXeg\XagXW\fV\c_\aTedhX _Tf ZX' aXeX& ceXfXagTeua VTeTVgXewfg\VTf l X]Xf WXTau_\f\f W\fcTeXf& _bf dhX XiXaghT_`XagX fX geTf_TWTeua T _Tf abe`Tf dhX TWbcgXa(gT_ b VhT_`bWX_b WXTau_\f\f cTeT Vbaf\WX' eTe_Tf TVg\i\WTWXf[h`TaTf( <a _TZXfg\ya l fb_hV\ya WX_bf cebU_X`Tf T`U\XagT_Xf& XfgX geTVV\baT`\Xagb W\f' V\c_\aTechXWX ceXfXagTefX Vb`b ha bUfguVh_b T _TXY\V\XaV\T WX_TZXfg\ya( <a bVT' f\baXf& _TXfcXV\T_\WTW cebc\T WXVTWT`bWX_b V\XagwY\Vb chXWXYTibeXVXeV\XegbT\f_T' `\Xagb VbaVXcghT_XageX_bf XfcXV\T_\fgTf WXVTWTW\fV\c_\aT dhX UeXZTa cbe Tc_\VTe _Tf [XeeT`\XagTf `XgbWb_yZ\VTfl _T`Tge\m VbaVXcghT_dhX Xag\XaWXa`uf Tcebc\TWT WXfWXfh cTeg\Vh_Te XfcXV\T_\WTW& gT_Vb`b chXWX [TUXe bVhee\WbXa gbeab T _TeXYXe\' WTTc_\VTV\ya WX_TC>8 Vba haT cXefcXVg\iT XfcTV\T_ TgXahTWT( <f cbe X__b dhX Vba X_TWiXa\`\Xagb WX_TVb`c_X]\WTW T`U\XagT_ fX [T cebc\V\T' Wbha XaYbdhX `h_g\ X \agXeW\fV\c_\aTe\b dhX YTibeXmVT ha geTgT`\Xagb \agXZeT_ WX_ ceb' U_X`T& Vba TcbegXf WXgbWTf _Tf eT`Tf WX_ fTUXe dhX eXfh_gXaaXVXfTe\Tf& WbaWX_Tf V\XaV\Tf dhX g\XaXa cbe bU]Xgb _bf f\fgX`Tf T`U\XagT_Xf l gXee\gbe\T_Xf [Ta WXVbage\' Uh\e Vba fhf [XeeT`\XagTf l gXbewTf( <a XfgX fXag\Wb&ab WXUXb_i\WTefX dhX _T ha\V\WTW dhX VTeTVgXe\mT T _TVb`c_X' ]T eXT_\WTW Xa XfghW\b Xk\ZX aXVXfTe\T`XagX haT \agXZeT_\WTW WX_ VbabV\`\Xagb dhX fbUeX X__T WXUXgXaXeX_WXV\fbe& ThadhX W\V[b fTUXe fX YeTVV\baXXa Vb`cTeg\`\Xa' gbf TVTWv`\Vbf dhX cebcbeV\baTa W\iXefbf `TeVbf VbaVXcghT_Xf l `vgbWbf WXTau' _\f\f eXZh_TWbfabe`Tg\iT`XagX5 cXeb Tha Tfw&Vb`b V_TeT`XagX Xkc_\VT =b__Te !5 gT_ \agXZeT_\WTW WXVbabV\`\Xagb ab WXUXcebWhV\ehaT cveW\WT WX_TXfcXV\T_\WTW W\fV\' c_\aTedhX _bZXaXeT& lT dhX ]hfgT`XagX X_cebZeXfb WX_ fTUXe V\XagwY\Vb fX [T _bZeTWb cbe gT_beZTa\mTV\yaXa f\aZh_Te\WTWXf& ab WXU\XaWb cXeWXefXX_cTeg\Vh_Te TcbegX WX VTWTcXeVXcV\ya cTeTW\Z`ug\VT dhX VbaVheeXT \agXZeTe _Ti\f\ya [b_wfg\VTWX_ WXV\fbe( <f aXVXfTe\b&XagbaVXf&ceXV\fTe TWXVhTWT`XagX _bf T_VTaVXf `XgbWb_yZ\Vbf dhX WXUXa\afgeh`XagTe _bf eXZ_T`Xagbf WXX]XVhV\ya dhX fX W\fcbaZTa cTeT _bZeTe haT cXefcXVg\iT \agXZeT_ T_`b`Xagb WXWXV\W\e& fXT c_Ta\Y\VTaWb _TZXfg\ya czU_\VTb Tceb' UTaWbb WXaXZTaWbhaT Thgbe\mTV\yaT ha ceblXVgb&lT dhX _Tcb_wg\VT T`U\XagT_ l gX' ee\gbe\T_ Xk\ZXa Xkc_wV\gT`XagX ha aXVXfTe\b XaYbdhX V\XagwY\Vb \agXel `h_g\W\fV\c_\aTe\b 'Tegf( /o& \aV( W$& C>8&R -o&\aV( Z$& CFKLJ'( <fgT _TUbe& _X]bf WX\`cbaXe haT eXfchXfgT geTafW\fV\c_waTe! dhX aXhgeT_\VX _bf TcbegXf WXVTWTXfcXV\T_\WTW& eXdh\XeXhaT Vbbe'

+0 =FCC8I@& I(& !IX_Xib Xa _Tf V\XaV\Tf fbV\T_Xf _Tg\abT`Xe\VTaTf( <fghW\bf Vh_gheT_Xf geTaf' W\fV\c_\aTe\XWTW l `h_g\W\fV\c_\aTe\XWTW!& 1IZKNGNR DE KA0NLTMICACI]M! aeb( 0-& =XWXeTV\yaCT' g\abT`Xe\VTaT WX=TVh_gTWXfWX:b`ha\VTV\ya JbV\T_&JTag\TZb WX:T_\& ,**+& c( --(

+, ++.
+/

CFI<EQ<K@@& I( C(& >ENQ\A DEK DEQECHN ALBIEMSAK!CT CXl&9hXabf 8\eXf& ,**2& c( +-(

BL?E& K( J(& CT XfgehVgheT DE KAR QEUNKTCINMER CIEMS\FICAR! =baWb WX:h_gheT <Vba0`_

Dvk\Vb& ,**,&

+1 9<IE8C KFII<J& :( 8(& 9ESNDNKNG\A DE KAIMUERSIGACI]M OAQAADLIMIRSQACI]M k ECNMNL\A! GeXag\VX ?T__& 9bZbgu&,***& cf( .* l ff(& W\fg\aZhX XageX4 T$ gi h_g\W\fV\c_\aTe\XWTW4 ;\u_bZb XageX _Tf V\XaV\Tf&VTWTW\fV\c_\aT cXe`TaXVX WXageb WXfh XaYbdhX( `vgbWbf& VTgXZbewTf l XfcXV\T_\' WTW5 ab [Tl Vb`ceb`\fb `uf dhX X_WXXkcbaXe fh cXefcXVg\iT fbUeX ha gX`T Xa haT Xkcbf\V\ya WX VbabV\`\Xagbf( U$ @agXeW\fV\c_\aTe\XWTW4 :baf\fgX Xa V\XegTeTmya WX ha\WTW& WX eX_TV\baXf l WX TVV\baXf eXVwcebVTf& WX \agXeceXgTV\baXf XageXW\YXeXagXf W\fV\c_\aTf5 `TagXa\XaWb _bf _w' `\gXf cebc\bf WX VTWT haT WX X__Tf& fX UhfVTa YTVgbeXfWX ha\WTWXa _b dhX gbVT T_ bU]Xgb& T_ `vgbWb b T_ _XaZhT]X( X$KeTafW\fV\c_\aTe\XWTW4 :babV\`\Xagb dhX eXUTfT _bf _w`\gXf WX _Tf W\ V_c__aTfbU]Xgb WX_T\agXZeTV\ya5fhf cebU_X`Tf \ZhT_`XagX XkVXWXa_bf _w`\gXf WXVhT_dh\Xe

;\c``+```+`!

+++++

i`mCB g+ C`acW\c ;ag``

+++*+H

&

-/2

&'''

8:KL8C@;8; 8D9@<EK8C ;< C8 GIFM@E:@8 ;< D<E;FQ8

:FFI;@E8:\tE

J@JKrD@:8 ;< C8J I<>LC8:@FE<J 8D9@<EK8C<J (((

-/3

))

W\ aTV\ya dhX \agXZeXcebVXW\`XagT_`XagX VTWThaT WX_Tf _+XeeT`\XagTf dhX TcbegTa _Tf W\fV\c_\aTf __T`TWTf T Vbage\Uh\ecbe X_beWXa]hewW\Vb dhX [X`bf TaT_\mTWb& f\a dhX X__Tfc\XeWTafhf `TeVbf VbaVXcghT_Xf l `vgbWbf( <fgT _TUbeab eXfh_gTfXaV\__T& lT dhX ab fX _\`\gT T ha `Xeb CNKKAGE b fhcXecbf\' V\ya WXcTegXf(VeXTWTfWXfWX_Tf iTe\TWTf W\fV\c_\aTf&f\ab dhX eXdh\XeXhaT iXeWT' WXeT\agXZeTV\ya `XgbWb_yZ\VT( CT VbafgehVV\ya WXW\u_bZbf \agXeW\fV\c_\aTeXf!gw`\' Wbf! \`cbegT haT lhkgTcbf\V\ya WXW\fV\c_\aTf l ab haT cXefcXVg\iT dhX _Tf \agXZeX!( <a XfgX WXfTeeb__b \agXZeTg\ib&XagXaWX`bf dhX 'Vb`b cebc\V\T `XgbWb_yZ\VT' `XagX IbWewZhXm Ih\m+3'_T&ge\TaZh_TV\ya XageX_bf Tau_\f\f ce\aV\cT_`XagX XVbfwfgv' `\Vbf cebc\bf WX_Tf [XeeT`\XagTf dhX VbagX`c_T _TC>8 l _bf Tau_\f\f XfcTV\T_Xf dhX ceb`hXiX _TCFKLJ cXe`\g\eu ab fy_b ha cebVXfb WXiT_\WTV\ya VbaiXeZXagX XageX_Tf TceXV\TV\baXf T`U\XagT_Xf l gXee\gbe\T_Xf f\ab TWX`uf haT i\f\ya [b_wfg\VTWX_ bU]Xgb WXXfghW\b l X_Vbaf\Zh\XagX XafTaV[T`\Xagb WX_bf _w`\gXf WX_TVb`ceXaf\ya WX_T eXT_\WTW XfghW\TWTcbe cTegXWX_ WXV\fbedhX WXUX TcebUTe _bf ceblXVgbf( :ba X__b& f\ U\Xa _TW\fg\aV\ya cTeTW_Z`ug\VTdhX YhaWTVbaVXcghT_l eaXgbWb_yZ\VT' `XagX _bf W\fg\agbf `XVTa\f`bf \aVbecbeTWbf Xa _Tf _XlXf /30+ l 2*/+ Xf haT ceuVg\' VT dhX fX ceXfXagT Vb`b fT_hWTU_X& _TVb`c_X]\WTWT`U\XagT_ Xk\ZX Xa cTegXfhcXeTe XYTUbeWT]XT\f_TWb WXVTWThab WX_bf `bWX_bf W\fV\c_\aTeXf dhX TcbegTa gT_Xf [X' eeT`\XagTf WXTau_\f\f& TgXaW\XaWb T dhX haT za\VT eXT_\WTW WXUX fXe Vbaf\WXeTWT Xa UTfX T cXeVXcV\baXf`h_g\W\fV\c_\aTe\Tf dhX cbe _Tfh`Tgbe\T WXTcbegXf Xae\dhXmVTa _TXY\VTV\T dhX Ue\aWTVTWThab WX_bf XaYbdhXf fXVgbe\T_Xf cbf\U_Xf( ( l WXfWX_TV\XaV\T]hewW\VT& X_WXfTYwb Xf W\fXxTe ha cebVXW\`\Xagb eXZ_T`XagTe\b dhX cXe`\gT Teg\Vh_Te l VbbeW\aTe TWXVhTWT`XagX_Tf W\fg\agTf XiT_hTV\baXf l c_Ta\Y\' VTV\baXf dhX WXfWX_Tf V\XaV\Tf T`U\XagT_Xf l gXee\gbe\T_Xf [Ta Xae\dhXV\WbX_WXeX' V[b i\ZXagX( CT c_Ta\Y\VTV\yagXee\gbe\T_ l T`U\XagT_( 8eg\Vh_TV\ya l VbbeW\aTV\yaeXVwcebVT J\a _hZTeT WhWTf& Xk\fgX haT V_TeT Vb[XeXaV\T Xa X__XZ\f_TWbe `XaWbV\ab& dhX [T XagXaW\Wb ]hfgT`XagX dhX X_T`U\XagX ab chXWXfXe VbaVXU\Wb f\ ab Xf Xa YhaV\ya WX fh `Ta\YXfgTV\ya XfcTV\T_&l T _TiXm dhX X_gXee\gbe\b Xf \aWhWTU_X`XagXhaT `Ta\YXf' gTV\ya WX_ Xagbeab [h`Tab( " KTagb _T C>8 Vb`b _T CFKLJ [Ta `TgXe\T_\mTWb `XVTa\f`bf WXc_Ta\Y\VTV\yaXa VTWT hab WX _bf u`U\gbf dhX cebVheTa eXZh_Te& _bf dhX 'Vb`b lT [X`bf TWiXeg\' Wb' ceXfXagTa haT \aWhWTU_X \agXeVbaXk\ya Xa _T`XW\WT Xa dhX T`Ubf \afgeh`Xa' gbf WXUXa\aV_h\efXl T_\`XagTefX `hghT`XagX4 _Tc_Ta\Y\VTV\ya T`U\XagT_ WXUX \aV_h\e X_beWXaT`\Xagb XVb_yZ\VbWX_ gXee\gbe\b #Teg( 0o&C>8$l X_c_Ta WXbeWXaT`\Xagb gXee\gb' e\T_ WXUXTgXaWXe _bXfgTU_XV\Wb Xa X_c_Ta T`U\XagT_ #Teg( ,+& CFKLJ$(

GXebTWXnuf& _TCFKLJ [T VbagX`c_TWb Xkc_wV\gT`XagX XfgT aXVXfTe\T i\aVh_TV\ya XageXT`Ubf @afgeh`Xagbf WXc_Ta\Y\VTV\ya& Y\]TaWb Xa fh Tegb ,3 dhX _Tf W\fcbf\V\baXf W(X_ c_Ta Te4aU\XagT_ XkceXfTWb Xa _TC>8 l X_G_TaWXFeWXaT`\Xagb KXee\gbe\T_ cebiwa' V_T(+ WXUXeTa fne Vb`c_X`XagTe\Tf l Vb`cTg\U_Xf XageXfw( GXebXfgT VbbeW\aTV\yaab dhngTThgbab`wT T VTWThab WXX__bf& TV_TeTaWb Xa XfgX fXag\WbX_ceXVXcgbdhX ab cb' WeTTeZh`XagnnfX _TYn_gT WXTcebUTV\ya WXhab cTeT cebVXWXe _TTcebUTV\ya WX_ bgeb( ! KT_eXZh_TV\yaThgbnb`T WX _bf c_TaXf T`U\XagT_Xf l gXee\gbe\T_Xf& Xa ahXfgeT bcw' ehba&Vba__XiT nXVXfTe_T`XagX T dhX a7 Xk\fgX ha beWXaWXce\be\WTW XageXX__bf& WX `bWb gT_dhX ehaZhab WXX__bfXf VbaW\V\baTagXWX_ VbagXa\WbWX_ bgeb(<a XfgX fXag\' Wb& <fVbUTe 9nTaVb '_hXZb WXTWiXeg\e dhX _TCFKLJ ab WXgXe`\aT ha beWXaWXce\be\' WTW XageX_bf @afgeh`Xagbf WXc_Ta\Y\VTV\yadhX Xah`XeT' Vbaf\WXeT Xi\WXagXdhX X_ c_Ta WX(nXnTeeb__b XfgeTgvZ\VbWXUXgXaXece\`TVwT YeXagX T _bf eXfgTagXf&l fbfg\XaX dhX Xf \_yZ\VbceXgXaWXe dhX _bf WX`uf \afgeh`Xagbf WXc_Ta\Y\VTV\yadhX Xah`XeT n@ Tenn1o WX( _Tnbe`T 'XngeX X__bfX_c_Ta T`U\XagT_' Xfgva fhUbeW\aTWbf T _Tc_Taw' Y_VTV_&ba gXe4_nbn&T_& fbfgXa\XaWb dhX _TXah`XeTV\ya Xa XfX ceXVXcgbXf XahaV\Tg\iTj& J\a cXe]hgV\bWXXfT Thgbab`wT l VbbeW\aTV\ya XageXW\V[bf c_TaXf& Vb\aV\W\`bf Vba <f(VbU(Te 9_TaVb Xa X_fXag\Wb WXdhX _T`\f`T CFKLJ eXTY\e`T XfgX XaYbdhX WXf' nX ha `fg_ghg7 dnX fX ceXfXagT Vb`b ha OQITR VbaW\V\baTagXWX_T_TUbeWX_bf c_Ta\' Y\VTWbeXf gXee\gbe\T_Xf l T`U\XagT_Xf( GTeTX__b Y\]T_TX_TUbeTV\yaWXha G_Ta<fgeTgvZ\' Vb cTeT XnnnfTeeb__bnX _TGebi\aV\T WXDXaWbmT& X_dhX g\XaXcbe Y\aT_\WTW(Vb`U\aTe l Vb`cTn_U___mTe _bn W_(YXeXagXf c_TaXf fXVgbe\T_Xf&X_c_Ta T`U\XagT_ l _bf c_TaXf WT beWXaT`\Xagb( gXee\gbe\T_& cebi\aV\T_ l `ha\V\cT_Xf& UT]b haT XfgeTgXZ\T \agXZeTWbeT #neg(( mI#( <fgn @nfgeh`Xagb WXVbbeW\aTV\ya\agXefvVgbe\T_ WXUXeXi\fTefX Vba haT cX' e\bW\V\WTW eaTke`T WXV\aVb Txbf( &@aWhWTU_X`XagX& XfgX z_g\`b \afgeh`Xagb VbaY\e`T dhX ab Xk\fgX haT `Tlbe ]XeTe' dh\T WX(hab WX(@bf nnXnXagbf WXc_Ta\Y\VTV\yaVba eXfcXVgb T _bf bgebf&cXeb fw haT aXVXfTn_nnbbeW`TV_ba @agXZeTW beT Xa haT za\VT cb_wg\VT cebi\aV\T_ dhX Xk\ZX _TV_TeT Vb`cTg\U\_\WTW XageXVTWThaT WX_Tf _waXTf WXTVV\ya ceXi\fgTf Xa gT_Xf\afgeh`Xagbf(

1)

=IIL>CH;=CsH >? F; JF;HC@C=;=CsH N?LLCNILC;F H?=?MC>;> >? MO>?M;LLIFFI JLI=?>CG?HN;F

? Bv>LC=;(

Eb cb(WXnbf WX]Te nn T_nW\e& ThadhX fXT WX`TaXeT fb`XeT& T _TVbbeW\aTV\yaXa' gn4X_gXen_gbn&F l _TnXfg_ba [_ne\VTXa haT cebi\aV\T Vhlb `bWX_b WXWXfTeeb__b l bVhcT' :@FngXee_gbe_T_&[T J\WF( nenTa_mTWb Xa ZeTa cTegXT cTeg\eWX_TTf\ZaTV\ya WX_ TZhT Xa FnJ@n TnnfgXV_Wbf Teg\Y\V\T_ `XagX cTeT ha WXfTeeb__b \agXaf\ib WX_Tf TVg\i\WTWXfTa' geyc\VTf &gbWbX__b Vba ha cTeg\Vh_Te fhfgXagb ]hewW\:F( 8fw&_T:bafg\ghV\ya cebi\aV\T_ [T W\fchXfgb dhX _bf WXeXV[bf T ahXibf hfbf WX_ TZhT WXUXafXe VbaVXW\Wbf_XZ\f_Tg\iT `XagX 'Vba haT Xk\ZXagX`TlbewT XfcXV\T_' fb' VbabV\`\XagbXfcXV\T_\mTWb& VhlT `X]be Vb`ceXaf\ya Xk\ZXhaT"\agXZeTV\ya WX fTUXeXfdhX ZXp aXeTha fTUXefhcXe\beT_Xk\fgXagX b haT ahXiT V\XaV\T b W\fV\c_\aT V\XagwY\VT( neX _TUnfX WXha XnghW\bgvVa\Vb ceXi\b dhX fbUeX _TW\fcba\U\_\WTW [wWe\VT WXUXeXT' +2 8I@8J8CGwQ8I& C(D(&!@agXeW\fV\c_\aTe\XWTW lge\TaZh_TV\ya Xa V\XaV\TffbV\T_Xf!& 1IZKNGNR# @@mTn &habeZTab ThgTedh\Vb WXbe\ZXa Vbafg\ghV\yaT_'X_";XcTegT`Xagb >XaXeT_WX_eew' <EUIRSA 2KECSQ]MICA WX5IRSNQIA! ib_( +*& aeb( +& <fVhX_TWX?\fgbe\T& La\iXef\WTW WX:bfgT I\VT ZTV_ba' #Teg( +3.&:bafg( DXaWbmT$& f\XaWb gT_XfWXeXV[bf \a[XeXagXf T_ceXW\bT_dhX JTa GXWeb& YXUeXeb'TZbfgb WX,**3& W\fcba\U_X Xa VVV#HIRSNQIA#FCR#TCQ#AC#CQJAQSICTKNRJ'%%,J UNK&J%)6TXIMSEQDIRCIO$IMAQIEDAD#HSLK #TVVXW\Wb X_,*)/),*+,#( ,* <J:F98I 9C8E:F& C(>(&!:bbeW\aTV\yaWXhaT YhgheT (((!&V\g(& c( 12n +3 IF;Iw>L<Q IL@Q& F(&!CTge\TaZh_TV\ya Vb`b XfgeTgXZ\T WX \aiXfg\ZTV\yaXaV\XaV\Tf fbV\T' ,+ _8DFI8EF& D(4!IXZ\ya VhlTaT WX _bfbTf\f TZeb\aWhfge\T_Xf!& Xa IF::8K8>C_8K8& D(#VbbeW($& _Xf!& <EUIRSA 9ADQID! aeb(-+&:b`ha\WTW WXDTWe\W& DTWe\W4& ,**/& W\fcba\U_X Xa HSSO-$$VVV# 8A/QGEMS6MAGENGQAFKA GEMEQAK l `TeVbf QEGINMAKER! G_TaXgT& 9hXabf 8\eXf& +33,& c( 0+0( LADQILARD#NQG$QEUIRSAJQEUIRSA(&JSQIBTMAJSQIBTMA'#ARO #TVVXW\Wb X_+*)/),*+,#(
)+++o+ ++*+!++C++++]IC

i@LRL W 1AQ Tab 8`U_b!gng HI

4)

-0*

8:KL8C@;8; 8D9@<EK8C ;< C8 GIFM@E:@8 ;< D<E;FQ8

:FFI;@E8:\tE

J@JKrD@:8 ;< C8J I<>LC8:@FE<J 8D9@<EK8C<J (((

-0+

fX VbaVXWXa#Teg(+20& :bafg( DXaWbmT$& _bdhX \`c\WX fh geTf_TV\ya T bgebf u`U\gbf gXee\gbe\T_Xf( 8 fh iXm&_T `\f`T :bafg\ghV\ya W\fcbaX Xa fh Tegb+3/ dhX _T[TU\_\gT' V\ya WXahXiTf ueXTf T_hfb [wWe\Vb WXUXfXe eXT_\mTWT cbe _Xl fbUeX _TUTfX WXXfgh' W\bf gvVa\Vbf dhX T_eXfcXVgb WXUXeXT_\mTe _TeXYXe\WT Thgbe\WTW [wWe\VT& WXU\XaWb _Tf & ZeTaWXf bUeTf dhX eXfh_gXaaXVXfTe\Tf T gT_Y\afXe Thgbe\mTWTfcbe _Xl #Teg(+3,#( CT | Thgbe\WTW XaVTeZTWT WXgT_Xf \aYbe`Xf [wWe\VbfTagX _TThgbe\WTW _XZ\f_Tg\iT& TfwVb`b WX_TTc_\VTV\ya WX_ evZ\`Xa WX_Tf TZhTf& [T f\Wb WbgTWT WXcTeg\Vh_TeXfeTfZbf WX Thgbab`wT #Tegf( +22 l ff(& :bafg( DXaWbmT$& _b dhX cbgXaV\T _T \aWXcXaWXaV\TVba eXfcXVgbT _Tf eXfgTagXf Thgbe\WTWXf TW`\a\fgeTg\iTf eXfcbafTU_Xf WXTc_\VTebgebf eX' Zw`XaXf 'Vb`b _bf eXYXe\Wbf T T`U\XagX b gXee\gbe\b'(p CT CFKLJ& cbe fh cTegX& [T VbagX`c_TWb W\iXefbf TfcXVgbf dhX [TVXa T _TVbbeW\' aTV\ya WX_TiTe\TU_XgXee\gbe\T_ Vba _TZXfg\ya WX_ eXVhefb [wWe\Vb( Eb fy_b cebVheT ha WXfTeeb__b gXee\gbe\T_ TgXaW\XaWb _TiTe\TU_X [wWe\VT 'Tegf( -o& \aVf( T$&U$& X$l \$& P .o& \aVf( U$l [$' P V_Tf\Y\VT T_gXee\gbe\b Xa YhaV\ya WX_ hfb WX_ TZhT #Teg( +.#5f\ab dhX TWX' `uf& WXageb WX_ VbagXa\WbUuf\Vb Y\]TWb cbe X_Tegb ,+ cTeT X_G_TaGebi\aV\T_WXFeWX' aT`\Xagb KXee\gbe\T_& cebVheT TVV\baXf aXVXfTe\T`XagX VbaXkTf T _TZXfg\ya [wWe\VT 'fbUeX WXfXeg\Y\VTV\ya& fT_\a_mTV\ya& Xebf\ya l WXZeTWTV\ya WX_bf fhX_bf l VbagT`\aT' V\ya [wWe\VT'&_Tf VhT_Xf WXUXewTa fXe VbbeW\aTWTf& VbaYbe`X TY\e`T _Tcebc\T _Xl& Vba _Tf TVV\baXf XfgTU_XV\WTfXa _bf WX`uf c_TaXf '\aV( i$'( <a cTeg\Vh_Te& X_`\f`b Tegb,+ \`cbaX haT VbbeW\aTV\yaXageX_bf \afgeh`Xagbf cebc\bf WX_TZXfg\ya WX_ TZhT l WX_ gXee\gbe\b T_VbagX`c_Te WXageb WX_ VbagXa\WbWX_ G_TaGebi\aV\T_WX( FeWXaT`\Xagb KXee\gbe\T_ X_!TW[Xe\e! T _Tf cb_wg\VTf fbUeX VhXaVTf [\WebZeuY\VTf WXY\a\WTf cbe X_;XcTegT`Xagb >XaXeT_WX@ee\ZTV\ya l _Tf WXV\f\baXf dhX WXgXe`\aX _T?( CXZ\f_TgheTcTeT bgbeZTeahXiTf VbaVXf\baXf b T`c_\TV\baXf WX_Tf mb' aTf UT]b e\XZb'\aV( Z$'( IXTY\e`TaWb XfgX ceXVXcgb& X_8aXkb - WX_TCFKLJ XfgTU_XVX dhX _TTc_\VTV\ya X \agXeceXgTV\ya WX_Tf W\fcbf\V\baXf WXXfT abe`T WXUXeu UTfTefX Xa W\iXefbf ce\aV\' c\bf l abe`Tf& eXfT_gTaWb Xa cTeg\Vh_Te Xa X_chagb 9(1 X_evZ\`Xa XfcXV\T_ Xa `TgX' e\Tf WXTZhT dhX VbaYbe`Ta _bf Tegf( +20 T +30& :bafgb cebi(&l _bf ce\aV\c\bf Uuf\Vbf WX\a[XeXaV\T WX_ WXeXV[bWX_ TZhT T_ceXW\b& _TVbaVXf\ya WXWXeXV[bf `XW\TagX _Xl& _TaTgheT_XmT XkgeT'cbWXe l _TThgbab`wT cb_wg\VT WX_ ;XcTegT`Xagb >XaXeT_WX@ee\ZT' V\ya l fh Vb`cXgXaV\T fbUeX gbWbf _bf Tfhagbf eXYXe\Wbf T _T\ee\ZTV\ya& XagXaW\XaWb dhX !Xa _T cb_wg\VT WXbeWXaT`\Xagb gXee\gbe\T_& fX WXUXgXaXe_T aXVXfTe\T VbbeW\aT' V\ya Vba _TThgbe\WTW WXTZhTf& fbUeX _TUTfX WXW\V[Tf abe`Tf Vbafg\ghV\baT_Xf l gX' a\XaWbXa VhXagT _TCXl WX8ZhTf& _TCXl WX8ZhTf JhUgXeeuaXTf l _T_Xl 0.*/& dhX Xf' gTU_XVX X_YhaV\baT`\Xagb WX_Tf beZTa\mTV\baXf WXhfhTe\bf [wWe\VbfWX_Tcebi\aV\T!( 8WX`uf WXX__b& _T eXYXe\WT CFKLJ \aVbecbeT T_ ;XcTegT`Xagb >XaXeT_ WX@ee\ZT' V\ya WXageb WX_bf yeZTabf Vbafh_g\ibf dhX VeXT#Tegf(2o l .*$& _bdhX cbgXaV\T _Tcb' f\U\_\WTW WX_ W\T_bZb\afg\ghV\baT_XageX_Tf Thgbe\WTWXf eXfcbafTU_Xf WXTc_\VTeX_ev' Z\`Xa gXee\gbe\T_ l _Tf cebc\Tf WX_ TZhT&ThadhX gT_cTeg\V\cTV\ya WX_TThgbe\WTW WX_ TZhT WXageb WX_bf yeZTabf Vbafh_g\ibf WX_TThgbe\WTW gXee\gbe\T_'f\ U\Xa Xf ha eaXVT' a\f`b dhX YTV\_\gT _TVbbeW\aTV\ya`XW\TagX _TVbafh_gT Xa X_cebVXfb WXWXV\f\ya gXee\' gbe\T_' ab WXUX__XiTeT haT VbaYhf\ya Vb`cXgXaV\T_5 _Tf YhaV\baXf cebc\Tf WX_TThgb' e\WTW WX_ TZhT WXUXafXe X]XeV\WTfcbe vfgT Xa fh eXfcXVg\ib u`U\gb Vb`b XkceXf\ya WX_TYhaV\ya TW`\a\fgeTg\iT TVg\iT&ab WXU\XaWb VbaYhaW\efX_TVb`cXgXaV\T [YWegV XkV_hf\iT Vba haT YhaV\ya Vbafhag\iT Xa _TTW`\a\fgeTV\ya gXee\gbe\T_(

<f \aWhWTU_X& XagbaVXf&dhX Xk\fgX haT aXVXfTe\T eX_TV\yaXageX_Tf \afg\ghV\baXf WXZXfg\ya [wWe\VT l gXee\gbe\T_( <_\agXeebZTagX dhX chXWXc_TagXTefX& f\a X`UTeZb& Xf Xa VhTagb T_XiXaghT_ ceXWb`\a\b abe`Tg\ib WXhab WXXfgbf eXZw`XaXf Vba eXfcXV' gb T_bgeb& Xa cTeg\Vh_Te& TgXaW\XaWb _TYhaV\ya WX\agXZeTV\yaXfgeTgvZ\VTZXaXeT_ dhX _TCFKLJ Ue\aWTT _TThgbe\WTW X]XVhg\iT cebi\aV\T_ Xa _T`TgXe\T #Teg( 3o$ l _TXk\ZXa' V\T WXdhX _bf c_TaXf fXVgbe\T_XffX TWXVhXe\ T _Tf cThgTf& abe`Tg\iTf l TVV\baXf Xf' gTU_XV\WTf Xa X_G_TaGebi\aV\T_WXFeWXaT`\Xagb KXee\gbe\T_ l _bf c_TaXf `ha\V\cT_Xf WXbeWXaT`\Xagb gXee\gbe\T_& Y\]TaWb X_Vbageb_ WX_Tf Thgbe\WTWXf gXee\gbe\T_Xf fbUeX _Tf cb_wg\VTf b TVV\baXf Xa`TeVTWTf Xa c_TaXf fXVgbe\T_Xf eXYXe\Wbf T ghe\f`b& fT_hW& `\' aXewT& XWhVTV\ya& ZXfg\ya WX_bf e\XfZbf h bgebf #Teg( -*$( <a ahXfgeT bc\a\ya& _TfhceX`TVwT Vbafg\ghV\baT_WX_ evZ\`Xa [wWe\Vb eXYXe\Wb \`cb' aX WXfVTegTe AB IMISIN VhT_dh\Xecbf\U\_\WTW WXdhX _TThgbe\WTW ZhUXeaT`XagT_ZXaX' eT_& Vba YhaWT`Xagb Xa haT abe`T \aYeTVbafg\ghV\baT_& \`cbaZT _Tfb_hV\ya WXTfcXVgbf dhX WXUXafXe X]XeVwWbf cbe _TThgbe\WTW [wWe\VT cbe W\eXVgT [TU\_\gTV\yaVbafg\ghV\baT_& GbeX__b& WXfVTegT`bf dhX _Tcbf\U\_\WTW WX\agXZeTe bgebf c_TaXf fXVgbe\T_XfdhX ceX' fXagT X_c_Ta XfgeTgvZ\VbeXZh_TWb cbe _TCFKLJ chXWT \`c_\VTe WXfc_TmTe WX`bWb T_' Zhab T_;XcTegT`Xagb >XaXeT_WX@ee\ZTV\ya Xa _Tf cb_wg\VTf& c_TaXf&cebZeT`Tf l Xfgh' W\bf dhX XYXVgzX Xa WXfTeeb__b WX_bf Tegf( +22 T +30& :bafgb DXaWbmT1,y <_XfghW\bWX ahXiTf mbaTf cTeT T`c_\Te _bf hfbf WXTZhT'Xa ZXaXeT_& b _bf Tau_\f\f ceXi\bfT_ bgbeZT' `\Xagb WXWXeXV[bf T hfTe _Tf TZhTf Xa _bf VTfbf cTeg\Vh_TeXf& eXfh_gTaeXfbegXf ceb' c\bf WX_TVb`cXgXaV\T Vbafg\ghV\baT_WXXfX beZTa\f`b& `uf T__u WX_bf \afg\ghgbf gXee\' gbe\T_XfdhX \agebWhVX _TCFKLJ( <fgX VbaVXcgb cTeXV\XeTXkceXfT`XagX VbagX`c_TWb cbe _T`\f`T CFKLJ&VhTaWb Xa fh Teg(,+ W\fcbaX dhX X_G_TaGebi\aV\T_WXFeWXaT`\Xagb KXee\gbe\T_ WXUXTW[Xe\e T _Tf cb_wg\VTf fbUeX VhXaVTf [\WebZeuY\VTfWXY\a\WTf cbe X_;XcTegT`Xagb >XaXeT_WX @ee\ZTV\ya l _Tf WXV\f\baXf dhX WXgXe`\aX _TCXZ\f_TgheT cTeT bgbeZTeahXiTf VbaVXf\b' aXfb T`c_\TV\baXf WX_Tf mbaTf UT]b"e\XZb& _bdhX eXY_X]T _bf cebVXW\`\Xagbf XkchXf' gbf Xa _bf Tegf( +3. l +3/&:bafg( DXaWbmT( <fgT abV\ya fX cbgXaV\T TYwa atf Vba _T Vbaf\WXeTV\ya dhX eXT_\mT X_Teg(2o&CFKLJ&T_fXxT_Te dhX _TTc_\VTV\ya X \agXeceXgT' V\ya WX_Tf W\fcbf\V\baXf WXW\V[T _Xl WXUXeu UTfTefX Xa ce\aV\c\bf l abe`Tf dhX fX WXgT__Ta Xa X_8aXkb -& XageX_bf dhX eXfT_gT_TeXYXeXaV\T T_IvZ\`Xa <fcXV\T_ WXDXa' WbmT Xa `TgXe\Tf WXTZhT( Gbe fh cTegX&_T]he\fcehWXaV\T `hXfgeT Vba V_Te\WTW dhX Xk\fgX haT aXVXfTe\T VbbeW\aTV\yaXageX_TZXfg\ya WX_ TZhT l _Tf eXfgTagXf Vb`cXgXaV\Tf cF +nkTf T X__T 'u`U\XagT_& fXei\V\bf czU_\Vbf WXcbgTU_g_mTV_ya b XaXeZwT,-T& _b dhX eXfh_gTTc_\VT' U_XT_beWXagXee\gbe\T_( J\a X`UTeZb& Xf WXWXfgTVTefXdhX gT_VbbeW\aTV\ya ab WXUX
,, G@EKF& D! !:bbeW\aTV\yaXageX _TahXiT CXl WXFeWXaT`\Xagb KXee\gbe\T_ l X_evZ\`Xa [wWe\Vb `XaWbV\ab!&I;8`U(& aeb,-& 8UX_XWTGXeebg& 9hXabf 8\eXf& ,*+*& c( ,/-( ,CTJhcb :begXAhfg& DXaWbmT& fT_T ,!& IMQE!;\eXVV\ya >XaXeT_ WX@ee\ZTV\ya i( Gebi\aV\T WXDXaWbmT!& fXag( WX_ ,2)3),**/& CC>eTa :hlb ,**/'+,3*& Vba abgTWXG@EKF& D( ' KFI:?@8& E! !qeXTf aTgheT_Xf cebgXZ\WTf& WXfTeeb__b l TW`\a\fgeTV\ya [wWe\VT!& Vbaf\WXeT _TaXVXfTe\T VbbeW\aTV\ya Vb`cXgXaV\T_ XageX _TfThgbe\WTWXf WX_ TZhTl WX_ T`U\XagX5 Jhc&:begXAhfg(DXa' WTmT& Xa c_Xab& IMQE!<agX Gebi\aV\T_ WX_ 8ZhT l JTaXT`\Xagb U#Dha\V\cT_\WTW WXCTf ?XeTf l bgeb!& fXag( WX_ 0)3),**,& CC>eTa :hlb ,**,'2-/& Vba abgTWXG@EKF& D! !<agX Gebi\aV\T_ WX 8ZhTf l JTaXT`\Xagb!&WbaWX fX bUfXeiT _TaXVXfTe\T VbbeW\aTV\ya XageX X_XagXeXZh_TWbe WX_ fXei\V\b WXTZhT l _Tf Thgbe\WTWXf `ha\V\cT_Xf5 Xa _TabgTT_YT__b fX Vbaf\WXeT _TeXZh_TV\ya

;`# `]^"`c`!`C&& ++*+

Ibl_SR Fh FbeTb[b 8`U_baga_ N -,

:FFI;@E8:\tE

J@JKrD@:8 ;< C8J I<>LC8:@FE<J 8D9@<EK8C<J (((

-0-

-0,

8:KL8C@;8; 8D9@<EK8C ;< C8GIFM@E:@8 ;< D<E;FQ8 cebc\Tf WXVTWTXfYXeTWXcbWXe& f\ab haT gbWb_bZwT WXTau_\f\f Vba XfcXV\T_ TVXagbXa _TghgX_T XVbf\fgv`\VT& fX fh`T _TbU_\ZT' V\ya WXXYXVghTe haT XiT_hTV\ya WX\`cTVgb gXee\gbe\T_ #<@K$( J\a X`UTeZb& f\ U\Xa _TWXY\a\V\ya _XZT_ l X_VbagXa\WbcebVXW\`XagT_WX_TXiT_hT' V\ya T`U\XagT_ Xf ceXV\fb #Tegf(,0 l ff(&C>8$&ab bVheeX_b `\f`b Vba fh cTe gXee\gb' e\T_& X_dhX fy_b Xf Xah`XeTWb Xa _TCFKLJ&f\a dhX [TfgT X_`b`Xagb fXT bU]XgbWX `Tlbe WXfTeeb__b abe`Tg\ib( 8 cXfTe WXX__b& gT_\afg\ghgb Xf ceXV\fTWb cbe(_TWbVge\aT ThgbeT_ Vb`b ha \afgeh`Xagb dhX VbagX`c_T X_Vba]hagb WXXfghW\bf l cebchXfgTf Xa' VT`\aTWbf T ceXWXV\e l iT_beTe _Tcbf\U_X \aV\WXaV\T& XfcTV\T_`XagX VbaVeXgTWT l W\' YXeXaV\TWT& WXhaT TVghTV\ya b fXe\X WX TVghTV\baXf fbUeX ha u`U\gb XfcTV\T_ WX' gXe`\aTWb&lT bcg\`\mTe fh Vbage\UhV\yaT _Tcb_wg\VT WXWXfTeeb__b& fXxT_uaWbfX dhX XfgX \afg\ghgb Xf WXabiXWbfT Tc_\VTV\ya 'Vba _b dhX fh eXZh_TV\ya_XZT_ Vb`cTeTWT Tza Xf _\`\gTWT'& f\XaWb VbafXVhXagX`XagX XfVTfT _TXkcXe\XaV\T fbUeX _bf eXfh_gT' Wbf Wv ufgY8& DTewT<_\aT >hW\xb'! eXY\XeX Xa XfgX fXag\Wb dhX _T <@K Xf ha ahXib \afgeh`Xa' gb dhX g\XaX cbe cebcyf\gb \WXag\Y\VTe& \agXeceXgTe l XiT_hTe _Tf VbafXVhXaV\Tf ZXbZeu' Y\VTf&fbV\T_Xf l XVbay`\Vb'Y\aTaV\XeTf dhX chXWTa VThfTe _Tf TVV\baXf b ceblXVgbf czU_\Vbf b ce\iTWbf Xa X_Xdh\_\Ue\bgXee\gbe\T_& _TXdh\WTW fbV\T_ l X_WXfTeeb__b fhfgXa' gTU_X(;XUX \aV_h\eTfcXVgbf ZXbZeuY\Vbf& fbV\T_Xf l XVbay`\Vbf( Cbf TfcXVgbf ZXb' ZeuY\Vbf cXe`\gXa \WXag\Y\VTe _bf W\YXeXagXf hfbf dhX X_ [b`UeX chXWX [TVXe WX _T g\XeeT l XiT_hTe _Tf Ybe`Tf WXbeZTa\mTV\yaeXfh_gTagXfWXTVhXeWb T fh ZeTWbWXVb`' cTg\U\_\WTW b \aVb`cTg\U\_\WTW& _Tf aXVXf\WTWXf WX_TfbV\XWTWl _Tf VTeTVgXewfg\VTf \agewafXVTfWX_ `XW\b aTgheT_ l fh eX_TV\yaVba X_Tageyc\Vb( Cbf TfcXVgbf fbV\T_Xf fX \aVbecbeTa T XYXVgbfWXVbage\Uh\eT_ WXfTeeb__b [h`Tab \agXZeT_ l _bf TfcXVgbf XVb' ay`\Vb'Y\aTaV\Xebf cTeT cbWXeVb`ceXaWXe _TeX_TV\yaVbfgb'UXaXY\V\bWX_Tf W\fg\agTf TVg\i\WTWXfdhX fX WXfTeeb__Ta b dhX fX cebcbaZTa( ;X \ZhT_Ybe`T& fX TY\e`T dhX ThadhX _T <@K Xf f\`\_Te T _TT`U\XagT_ l T bgeTf Vb`b _TXVbay`\VT b fbV\T_&fX W\fg\aZhX WXX__TfXa VhTagb fX VTeTVgXe\mT cbe _TW\' `Xaf\ya gXee\gbe\T_ dhX Tfh`X T_eXYXe\efX T ha f\fgX`T gXee\gbe\T_& cbe D: geTafiXefT_\' WTW \agXefXVgbe\T_ dhX Tg\XaWXT_Vbaf\WXeTe_bf geXf TfcXVgbf WX_ WXfTeeb__b 4!!fbV\T_& XVbay`\Vb l T`U\XagT_'& cbe X_VTeuVgXe cbf\g\ib WXfh c_TagXT`\Xagb 'dhX& `uf dhX Vbageb_Te& UhfVT \`ch_fTe X_WXfTeeb__b'l cbe _T\agXZeTV\yaXa X_cebVXfb WXVbaVXc' V\ya l WXfTeeb__b WX_bf ceblXVgbf( 8 cXfTe WXXfgTf W\YXeXaV\Tf& Xa bc\a\ya WX>y`Xm FeXT&Xf aXVXfTe\T haT \agXZeT \WTW XiT_hTg\iT dhX 'ThadhX ab ha\Y\dhX' VbbeW\aXl Vb`c_X`XagX _Tf W\YXeXagXf XiT_hTV\baXf cbf\U_Xf!( l gT_\agXZeT_\WTW XageX_T<@8 l _T<@K Xf cT_cTU_XT cTeg\eWXdhX haT VbeeXVgT <@K WXUXiX_Te cbe X_Vh`c_\`\Xagb WX_bf ceXfhchXfgbf `wa\`bf WXcebgXVV\yaT`U\Xa' gT_l _bf ceXfhchXfgbf `wa\`bf fbUeX VTcTV\WTW WXVTeZTl TVbZ\WTb Tcg\ghW WXha gX' ee\gbe\b cTeT X_TfXagT`\Xagb [h`Tab l X_WXfTeeb__b WX_Tf TVg\i\WTWXfYWcbwa]WUf (

\`cbegTe haT fhfgeTVV\ya WXVb`cXgXaV\Tf

Vb`c_X`XagTV\ya XageXX__Tf( ( <a XfgX fXag\Wb VhTaWb _TCXZ\f_TgheT VeXyha ueXT aTgheT_cebgXZ\WT cbe _Xl 030/ l XaVb`XaWy T _TThgbe\WTW X]XVhg\iT VXageT_ _Tc_Ta\Y\VTV\yaWX_ `TaX]b WXgT_ueXT | WX`bWb \aVb`cTg\U_X Vba _Tf YhaV\baXf WXZXfg\ya WX( _Tf (nZhTf dhX Vbafg\g(hV\(naT_' `XagX VbeeXfcbaWwTaT_ ;XcTegT`Xagb >XaXeT_ WXgeewZTVeya& _T:begX effgaaZeb Xa XfgX fXag\Wb gT_abe`T& XagXaW\XaWb dhX !;X_ Tau_\f\f XYXVghTWb fX bUfXeiT& dhX Xa ce\aV\c\b&ab Xk\fg\ewT VbaY_\Vgb WXVb`cXgXaV\Tf XageXX_;>@ l _T;&\enVV\yaWXnXVhe' fbf ETgheT_Xf& cbe VhTagb T`UTf WXUXa\agXeTVghTe Xa Ybe`T ne`ba_VT l( VbbeW_nTWT #((($( <_ VbaY_\Vgb fX fhfV\gT VhTaWb _TcebgXVV\yal VbafXeiT&V\na WX_ `nWnb T`U\XagX eXfh_gX\aVb`cTg\U_X Vba X_hfb l WXfg\ab WX_bf eXVhefbf [YWe\VbfTW`\a\fgeTWbf cbe X_TVV\baTagX( #((($ Eb VTUX WhWTdhX X_<fgTWb WXUXcebiXXe _TWXYXafTl ghgX_T WX_ T`U\XagX aTgheT_#((($&cXeb ab chXWX Xa YhaV\ya WXhaT VhXfg\ya \`cbegTagX Vb`b Xf _TcebgXVV_yeg'WX_ `XW\b T`U\XagX cTeT fT_iTZhTeWTe _TYThnT l _TY_beT dhX fX WX' fTeeb__TaXa X_`\f`b& VTXeXa X_WXfVbabV\`\Xagb #(((WX_$ VTeTVgXe eX_XiTagXWX_ ;>@ Vb`b yeZTab XkgeTcbWXeXa _Tcb_\VwT WX_ TZhT Tf\ZaTWT bbafgwghVwbaT_eaXagX"7" "( <fgT VbbeW\aTV\ya\agXefXVgbe\T_& Xi\gTaWb dhX haT WX_Tf XfYXeTf Vb`cXgXaV\T_Xf WXfUbeWX fbUeX _TbgeT& [T f\Wb XaVT`\aTWT cbe _T`\f`T CFKLJ Vba eXYXeXaV\T XkceXfT U_Tf YhaV\baXf `ha\V\cT_Xf `XW\TagX haT eX_TV\ya VbaiXaV\baT_ #Teg( ,.$( <agXaWXnbf dhX&WX\ZhT_`TaXeT& X_`TeVb Thguedh\VbWX_TThgbe\WTW [wWe\7T Xk\ZXdhX _TVbbeW\aT' V\ya XageX_bf c_TaXf gXee\gbe\T_Xf X [YWe\Vbf& VhTaWb _Tf aXVXf\WTWXfWX_ VTfb fhcXeXa _T`XeT !TW[Xf\ya! WXTdhv__bf T vfgbf dhX Vbaf\WXeTX_Tegb ,+&CFKLJ&WXUXcebWh' V\efX WX`TaXeT VbaiXaV\baT_&VbaVXeguaWbfX_Tf W\fVeXV\baT_\WTWXf cebc\Tf WXVTWT XfYXeTWXZbU\Xeab \aib_hVeTWT& eXfh_gTaWb VbaiXa\XagX XfgTU_XVXe WX(`Tn4eT XkcenfT cebVXW\`\Xagbf WXVbaVXegTV\yadhX YTV\_\gXa TW]Xg\iT`XagX _T VbbeW_a(TV_ba eXYXaWT& f\a cXe]h\V\bWX_Tcbf\U\_\WTW WXTVhW\e T _TYhaV\ya W\e\`XagXdhX Xa X_f\fgX`T nXaWb' V\ab VbeeXfcbaWXT _TJhceX`T :begX WXAhfg\V\TTagXVbaY_\Vgbf WXcbWXeXageXyeZTabf Thguedh\Vbf&b XageXvfgbf l X_GbWXe VXageT_ #Teg( +..& \aV( .&:bafgb DXaWbmT$(

1))

F;

CHN?AL;=CsH

>? F; ?P;FO;=CsH

>? FIM CGJ;=NIM

;G<C?HN;F?M

R N?LLCNILC;F?M( H?=?MC>;>

>? MOL?AF;G?HN;=CsH

?X`bf eXYXe\Wb _bf W\fg\agbf \afgeh`Xagbf dhX VbagX`c_Ta _Tf _XlXf /30+ l 2*/+ Xa eX_TV\yaVba XCTau_\f\f WX_XYXVgb T`U\XagT_ l gXee\gbe\T_ dhX chXWTa ceXfXagTe _bf ceblXVgbf dhX ceXgXaWTaeXT_\mTefX Xa X_gXee\gbe\b WX _T ceni\aV\T WX DXaWbmT( @ZhT_`XagX& [X`bf TY\e`TWb dhX _T Vb`c_X]\WTW T`U\XagT_ '`Tf dhX haT&lhkgTcb' f\V\ya' Vba__XiT T ha TUbeWT]X\agXel `h_g\ W\fV\c_\aTe\bdhX \agXZeX_bf `XgbWbf X Tau_\f\f ceXi\fgbf Xa _Tf _XlXf&VTWThab WXX__bfVba _T cXefcXVg\iT l YhaWT`Xagb dhX Ue\aWTafhf eXfcXVg\iTf YhXagXf W\fV\c_\aTeXf( (&( <a XfgX fXag\Wb&T cTeg\eWX_TCFKLJ& T _TgeTW\V\baT_ XiT_hTV\ya WX@`cTVgb :E U\XagT_ dhX _TC>8 eXZh_TWXfWX+33, Vb`b cebVXW\`\Xagb WXTc_\VTV\ya WXhaT ` _XZT_ WX_TVbbeW\aTV\ya WX_Tf Vb`cXgXaV\Tf WX_bf XagXf eXZh_TWbeXf WXfXei\V\bf WXTZh l XaXeZwT Vba eXfcXVgb T _TThgbe\WTW WX_ TZhT( ,. Jhcb :begXAhfg(DXaWbmT& fT_T ,!& IM QE!;\eXVV\ya >XaXeT_ WX@ee\ZTV\ya i( GeF___aV_ W DXaWbmT!& V\g(

>tD<Q FI<8&;(& :QDEMACI]M SEQQISNQIAK! DhaW\'GeXafT& DTWe\W& ,**1& c( /33( >L;@sF& D( <(&!IXT_\WTW b hgbcwT (((!&V\gb | ,1 >tD<Q FI<8&;(& :QDEMACI]M SEQQISNQIAK! V\gb ,2 >L;@sF& D( ?(& !@afgeh`XagbfcTeT _TZXfg\ya WX_ gXee\gbe\b( CXl WXbeWXaT`\XagbgX' ee\gbe\T_ l f\fgX`Tf WX\aYbe`TV\yaZXbZeuY\VT!& Xa ;w8Q& 9( >( R :8CM@sF& G(#Vb`cf($& 7NQMADAR <EGINMAKER DE 6MFNQLACI]M 4ENGQZFICA k :QDEMALIEMSN >EQQISNQIAK 8VgTf DE KAR6k $& 7NQMADAR #,**1',**2$& D\a\fgXe\bJXVeXgTewT >XaXeT_ WX_T>bUXeaTV\ya WX_TGebi\aV\TWXJTagT :ehm&
,/ ,0

I i\ +0** ;be *++*8`U\XagT_ Eo -,

-0.

8:KL8C@;8;

8D9@<EK8C ;< C8 GIFM@E:@8;< D<E;FQ8

:FFI;@E8:\tE

J@JKrD@:8 ;< C8J I<>LC8:@FE<J

8D9@<EK8C<J (((

-0/

;XfWX X_Tau_\f\f abe`Tg\ib& W\iXefTf f\`\_\ghWXf l VbaXk\WTWXfeXYhXemTa _Tcbf\' U\_\WTW WXXfgT VbbeW\aTV\yaXa ha cebVXW\`\Xagb dhX \agXZeX T`Ubf `vgbWbf WXTau' _\f\f& cXe`\g\XaWb T_WXV\fbeTceXV\TeVba]hagT`XagX _TiTe\TU_XT`U\XagT_ l gXee\gbe\n+ T_`b`Xagb WXeXfb_iXe fbUeX _Ti\TU\_\WTW WXha ceblXVgb( GbehaT cTegX& Vb`b TaT_\' | mT`bf fhceT& X_Tegb -/& C>8&eXY\XeX dhX _Tf eXZh_TV\baXffbUeX beWXaT`\Xagb gXee\gb' e\T_ Xf ha Ve\gXe\b WXTau_\f\f cTeT _TXiT_hTV\ya T`U\XagT_&l T _TiXm _bf Tegf( -- l -.& CFKLJ&\agXZeTaX_Tau_\f\f gXee\gbe\T_ WXageb WX_TXiT_hTV\ya T`U\XagT_ '_b dh4 T_' ZhaT `TaXeT fhcXecbaX Xa ZeTa cTegX_bf X_X`Xagbf l `b`Xagbf WXgT_XfTau_\f\f%( GbebgeTcTegX& _Tf [XeeT`\XagTf WXTau_\f\f gXee\gbe\T_ cebVheTa ha `bWX_b WXZXf' g\ya `XW\TagX ha f\fgX`T \agXe\afg\ghV\baT_ VbbeW\aTWb" cbe ha beZTa\f`b WX_ ZbU\Xeab VXageT_ Vba _TY\aT_\WTW Xf \`ce\`\e haT ahXiT W\au`\VT T geTivf WXha cebVXW\`\Xagb Xa X_dhX cTeg\V\cXa _Tf \afg\ghV\baXf \`c_\VTWTf `XW\TagX haT VbbcXeTV\ya geTaniXe' fT_ dhX \aib_hVeT _bfbV\T_&_b cb_wg\Vb& _bXVbay`\Vb l _bT`U\XagT_ Vb`b haT ha\WTW `Wwfb_hU_X"!( <fgbf VbaVXcgbf eXfh_gTa TVbeWXf Vba _Tf \afgTaV\Tf WXVbbeW\aTV\ya \agXefXVgbe\T_ dhX \`cbegTa _bf W\Vgu`XaXf b \aYbe`Xf fXVgbe\T_Xf ceXi\fgbf Xa _TC>8

9m

l X_WXV(,+*3)+33.( &( ! :ba Xfgbf X_X`Xagbf& l Xa X_`TeVb WXce\aV\c\bf WXVX_Xe\WTW& XY\VTV\T k XVbabeehT TW`\a\fgeTg\iT dhX \`cbaX X_evZ\`Xa TW]Xg\ib TW`\a\fgeTg\ib& Xf ahXfgeT bc\a\ya dhX eXfh_gT`uf dhX bcbeghab l eTmbaTU_X haT ha\Y\VTV\ya cebVXW\`XagT_ WXT`UTf \af' gTaV\Tf XiT_hTg\iTf& \agXZeTaWb Xa ha `\f`b 8817_Tf XgTcTf X \agXeiXaV\baXf TW`\a\f' geTg\iTf dhX Xk\ZXa gTagb _TC>8 Vb`b _TCFKLJ(

cXeg\aXagXf& l XkcbaXe Vb`b VbagXa\Wb`wa\`b4 T$XfgTWbZXaXeT_ WX_bf XVbf\fgX`Tf& T`U\XagXf aTgheT_Xf& TZebcXVhTe\bf l heUTabf l fh Xdh\_\Ue\bXVb_yZ\Vb5 U$f\ghTV\ya WX_bf eXVhefbf aTgheT_Xf& eXabiTU_Xf b ab&cbgXaV\u_\WTW cebWhVg\iT& ZeTWbWXWXZeT' WTV\ya b VbagT`\aTV\ya l cXefcXVg\iTf YhgheTf5X$WXfTeeb__b WX_ c_Ta T`U\XagT_ l WX _bf W\fg\agbf cebZeT`Tf Xa X]XVhV\ya5W$ XiT_hTV\ya Vewg\VT WX_bTVghTWb& Xa`\XaWTf T XYXVghTe l cebchXfgTf WXfb_hV\ya( :baf\Zh\XagX`XagX& Xk\fgX ha ahXib chagb WXVbagTVgbXageX_bf \afgeh`Xagbf WX _TZXfg\ya T`U\XagT_ l _bf cebc\bf WX_TgXee\gbe\T_4 Xa T`Ubf VTfbf fX cebVheTa `XVT' a\f`bf WXVbaf\WXeTV\ya WX_ XYXVgb eXT_dhX _bf eXfcXVg\ibf c_TaXf ceXfXagTa Xa fh X]XVhV\ya&_bdhX [TU\_\gT _TVbeeXVV\ya WXX__bfl WX_Tf cb_wg\VTf dhX _bf YhaWTa& 8ha' dhX XfgX VbagTVgbab cXe`\gX bUi\Te _Tf cTeg\Vh_Te\WTWXf dhX W\fg\aZhXa T`UTf'Xf' geTgXZ\TfWXeXi\f\ya4 `\XageTf dhX Xa ha VTfb fX cebVheT eXYbemTe _TbU]Xg\i\WTW Xa' geXdh\Xa ThW\gTl dh\XaXf TVgzTa Xa _TTVg\i\WTW Vbageb_TWT& Xa X_bgebfX [T \WXTWb ha `XVTa\f`b WXThgbXiT_hTV\ya cbe cTegXWX_T`\f`T Thgbe\WTW eXfcbafTU_X WX_T X]XVhV\ya WX_ c_Ta( 8 cXfTe WXXfgTf ceXi\f\baXf abe`Tg\iTf& _TXkcXe\XaV\TXa Tc_\VTV\ya WXXfgbf \af' geh`Xagbf WXVbageb_ Xf _\`\gTWT& f\XaWb abgbe\T _TYT_gT WXVh`c_\`\Xagb Xa _TfhfgTa' V\TV\ya WXX__bfcbe cTegXWX_Tf Thgbe\WTWXf WXTc_\VTV\ya( "

CQ(F;

?P;FO;=CsH

;G<C?HN;F

?MNL;NqAC=;(

H?=?MC>;>

>? MO>?M;LLIFFI

L?AF;G?HN;LCI

1)))

F; ;O>CNILr; >? CGJ;=NI N?LLCNILC;F R ?F CH@ILG? ;G<C?HN;F =IGI G?=;HCMGIM >? L?PCMCsH R ;=NO;FCS;=CsH

<_ Tegb -/& CFKLJ&XfgTU_XVX dhX Vba haT cXe\bW\V\WTW `uk\`T WXWbf Txbf WXUX eXT_\mTfX haT ThW\gbewT XkgXeaT WX\`cTVgb gXee\gbe\T_& cebVXW\`\XagbdhX WXUXeu fXe eXT' _\mTWb cbe _Tf ha\iXef\WTWXf b \afg\ghgbf WX\aiXfg\ZTV\ya XfcXV\T_\mTWbf& f\a dhX chXWTa \agXeiXa\e_bf eXceXfXagTagXfWX_ fXVgbeV\XagwY\Vb'gvVa\Vb WX_Tcebi_aV\T a\ WXha\iXef\' WTWXfdhX \agXZeXaX_:bafX]b Gebi\aV\T_WXFeWXaT`\Xagb KXee\gbe\T_& a\ _T8ZXaV\T Geb' i\aV\T_ WXFeWXaT`\Xagb KXee\gbe\T_& VeXTWbfcbe _bf Tegf( .* l .+ WXW\V[T _Xl( ;\V[T ThW\gbewT& Vhlbf eXfh_gTWbfWXUXafXe eX`\g\Wbf T VbabV\`\Xagb _XZ\f_Tg\ibl chU_\VTWbXa X_J\fgX`T WX@aYbe`TV\ya8`U\XagT_& fXeu X]XVhgTWT UT]n _T`bWT_\nTW WXVbafh_gbewT XkgXeaTl gXaWeu Vb`b bU]Xg\ib `XW\e _bf XYXVgbfcebWhV\Wbfcbe _T`f' geh`XagTV\ya l X]XVhV\ya WX_bf c_TaXf WXbeWXaT`\Xagb gXee\gbe\T_ l fhf cebZeT`Tf l ceblXVgbf Xa X__bZebWX_ `bWX_b gXee\gbe\T_ WXfXTWbl X_YhaV\baT`\Xagb WX_bf beZT' a\f`bf WXTc_\VTV\ya WX_TceXfXagX _Xl( CT C>8& cbe fh cTegX& eXZh_TXa fhf Tegf( DI l 2o _TeXT_\mTV\ya WXha&\aYbe`X T`' U\XagT_& dhX WXUX fXe W\YhaW\Wb l chU_\V\gTWb cTeT VbabV_`\Xagb czU_\Vb(<fgX WXUX fXe eXT_\mTWb TahT_`XagX cbe _TThgbe\WTW T`U\XagT_ Xa VbbeW\aTV\yaVba _bf beZTa\f`bf

FgeTf WX_Tf \afg\ghV\baXf Vba `TeVTWT \aV\WXaV\TT`U\XagT_ dhX \agebWhVX _TCF' KLJ Xa X_evZ\`Xa i\ZXagX Xf _TXiT_hTV\ya T`U\XagT_ XfgeTgvZ\VT #<8<$( J\a" X`UTe' Zb&ahXiT`XagX b`\gX eXZh_Te fh VbagXa\Wb& _\`\guaWbfX T Xah`XeTe_T Vb`b ha \af' geh`Xagb WX_ beWXaT`\Xagb gXee\gbe\T_ #Teg(-."# Vbaf\WXeuaWb_T XkV_hf\iT`XagX Vb`b haT XgTcT WX_ cebVXW\`\Xagb WXc_Ta\Y\VTV\ya gXee\gbe\T_ #Teg( +0$ l W\fcba\XaWb fh Tc_\' VTV\ya cbe cTegXWX_T8ZXaV\T Gebi\aV\T_WXFeWXaT`\Xagb KXee\gbe\T_ T c_TaXfl ceb' ZeT`Tf #Teg( .+#( :b`b \afg\ghV\ya cebVXW\`XagT_& _T<8 5 Xf Vbaf\WXeTWTha Xdh\iT_XagX WX_T<@8& ThadhX Tc_\VTWT T cb_wg\VTf& c_TaXf l cebZeT`Tf& f\XaWb X_TW]Xg\ib XfgeTgvZ\VbeXYXe\' WbT _Tf bcV\baXf WXXaYbdhX WXY\a\WTf Vba ha T_gba\iX_ WXTUfgeTVV\ya&T _bf TfcXV' gbf V_TiXf b Vewg\Vbf l& Xa ZXaXeT_& T gbWbf TdhX__bf Vba cbf\U\_\WTWXfWXeXcXeVhg\e fb' UeXYTVgbeXf WXVTeuVgXe f\agvg\Vb( <f WXeXfT_gTefXXa XfgX fXag\Wb dhX _T<8< Tg\XaWX _bf \`cTVgbf TVh`h_Tg\ibf WX_bf W\fg\agbf c_TaXf& \aV_hlXaWb _bf gXee\gbe\T_Xf l T`' UgXagT_Xf6(Jh Tc_\VTV\ya&Vba fXZhe\WTW& Ue\aWTha Tau_\f\f Xa haT XfVT_T dhX cXe' `\gX TceXV\Te_bf \`cTVgbf TVheah_Tg\ibf dhX ':b`b XkceXf\ya WXhaT cb_wg\VT& c_Ta b cebZeT`T' ZXaXeTa ha Vba]hagb WXceblXVgbf WXfTeeb__TWbf Xa ha WXgXe`\aTWbu`' U\gbXfcTV\T_&_bf dhX& TaT_\mTWbf\aW\i\WhT_`XagX&ab cXe`\gXa cXeV\U\e_Tf iXeWTWX' eTf w`c_\VTaV\Tf WXfh Vba]hagb( CT aXVXf\WTWWXfh eXT_\mTV\ya VhTaWb _T<@8 eXfh_'

Iwb >T__XZbf&,**3&

cf& ,,

l ff(& W\cba\U_XXa HSSO-$$VVV#RISRAMSACQTX#GNU#AQ$IMFN###GENGQAFICA$

AQCHIUNR$:K%($KIBQNR$8IB3T6?NQM64:> @%* "%+#ODF #TVVXW\Wb X_+)/),*+,$( ,3 >L;@sF& D( <(&!GTfTWb& ceXfXagX l YhghebWX_ beWXaT`\Xagb gXee\gbe\T_( CXl 2*/+),**3 WX_T cebi\aV\T WXDXaWbmT!&<EUIRSA ;QNWECCI]M! aeb( 2& :@=FK& DXaWbmT& ,*+*& W\fcba\U_X Xa HSSO-$$OQNWECCINM#CIFNS#CNL#AQ #TVVXW\Wb X_+)/),*+,$(
8Ub_bWbGbeebg

-*

+*,

>tD<Q FI<8& ;(& 2UAKTACI]M ALBIEMSAK ERSQAS[GICA! DhaW\'GeXafT& DTWe\W& ,**1& P +*-(

cf( ,1&

a i_Tg2Wb;bebb[b 8`U\XagT_ Eo -,

$&&

8:KL8C@;8;

8D9@<EK8C ;< C8 GIFM@E:@8 ;< D<E;FQ8

gT gafhxVeXagXcTeT ceXiXa\e X_WTxb [T f\Wb VbagX`c_TWT ]he\fcehWXaV\T_`XagX cbe _T :begX JhceX`T WXAhfg\V\T WX_TETV\ya"!( :ba X__b& _TcbgXaV\T_\WTW WXXfgX \afg\ghgb V_TeT`XagX eXUTfT _T`XeT c_Ta\Y\VTV\ya gXee\gbe\T_& gTagb Xa fXag\Wb iXeg\VT_'TWX`uf WX_bf cebZeT`Tf dhX \agXZeTa_Tc_Ta\' & Y\VTV(\ya gXee\gbe\T_ gT`U\va WXUXewT TUTeVTe_Tf cb_wg\VTf dhX Vbag\XaXa T gT_c_Ta\Y\VT' | V\ya' Vb`b [be\mbagT_'Xa VhTagb fX Xkg\XaWX "`uf T__uWX_Tcb_wg\VT l c_Ta\Y\VTV\ya gXee\gbe\T_ cTeT T_VTamTe gbWTf _Tf _waXTfWX_ TVghTeXfgTgT_'( ;Xageb WX_ evZ\`Xa i\ZXagX&eXZ_T`XagTaWb _TlT V\gTWT _Xl ,0(0-3& Xa eX_TV\yaT _bf cebVXW\`\Xagbf dhX fX fhfgTaV\Xa Vba eXfcXVgb T XfcTV\bf Z_TV\TeXfl T`U\XagXf cXe\Z_TV_T_& X_WXV( ,*1),*+* [T WXY\a\Wb T _T<8< Vb`b !TdhX_ cebVXfb f\fgX`ug\Vb WX XfghW\b WX\`cTVgbf T`U\XagT_Xf WX_Tf cb_wg\VTf& c_TaXf l cebZeT`Tf l WXfhf T_gXe' aTg\iTf& \aV_hlXaWb _TceXcTeTV\ya WXha \aYbe`X XfVe\gbl _Tf VbaV_hf\baXf WX_TXiT' _hTV\ya l fh hfb Xa _bf cebVXfbf WXWXV\f\baXf czU_\VTf!( <fgT WXY\a\V\ya& Xa bc\a\ya WXI\aT_W\& Xf +*!fhY\V\XagX`XagX T`c_\T cTeT dhX _Tf ]he\fW\VV\baXf _bVT_Xf\`c_X`Xa' gXal Tc_\dhXa XfgX \afg\ghgb WXTVhXeWb T fhf cebc\Tf VTeTVgXewfg\VTf l aXVXf\WTWXf6( <_WXfTYwb fXZheT`XagX XfgTeu Xa cebWhV\e ha evZ\`Xa eXZ_T`XagTe\bdhX&TWX`uf WX\agebWhV\e _Tf XgTcTf WXfh WXfTeeb__b l bgbeZTe VbagXa\Wb T_eXYXe\Wb \afg\ghgb& VbbeW\' aX _Tf aXVXf\WTWXfWXXiT_hTV\ya WX_ beWXaT`\Xagb WX_ gXee\gbe\b l fh c_Ta\Y\VTV\ya Vba _Tf cebc\Tf WX_Tf c_Ta\Y\VTV\baXf dhX VbeeXfcbaWXaT bgeTf eT`Tf WX_TZXfg\ya 7Wcebc (@T T`U\XagT_&[wWe\VT& XgV('&l cXe`\gT ha Tau_\f\f WX_Tcb_wg\VT ZXaXeT_ dhX _T_Xl 2*/+ [T cebVheTWb VbbeW\aTe `XW\TagX X_G_Ta<fgeTgvZ\VbWX;XfTeeb__b Gebi\aV\T_(

k( =IH=FOMCIH?M
<a X_WXfTeeb__b VbaVXcghT_dhX [X`bf eXT_\mTWb& [X`bf cebVheTWbWXfXageTxTe Xa X_`TeVb ]hewW\Vb i\ZXagX _Tf eX_TV\baXfXk\fgXagXf XageX_bf \afgeh`Xagbf cebc\bf WX_TZXfg\ya T`U\XagT_ l gXee\gbe\T_( <fgT`bf(VbaiXaV\Wb dhX _Tf VXeVTawTfXageXW\V[bf `XVTa\f`bf fba `TlbeXf T fhf XfVTfbf chagbf WXVbaY_\Vgbf& _bdhX WXi\XaX Xa haT V_TeT cbf\U\_\WTW WXVbbeW\aT' V\ya eXZ_T`XagTe\T dhX '`uf dhX lhkgTcbaXe gT_Xf \afg\ghgbf' _bf Vb`c_X`XagX `h' ghT`XagX& cXe`\g\vaWbfX dhX _Tf XiT_hTV\baXf l c_Ta\Y\VTV\baXfdhX \agXZeTa _Tf eX' Zh_TV\baXf T`U\XagT_Xf l gXee\gbe\T_Xf fX ceXfXagXa Vb`b ha f\fgX`T Te`ya\Vb& dhX cbgXaV\T _TVbafXVhV\ya WX_ \agXevf ZXaXeT_( <fT Vb`c_X`XagTV\ya XageX_Tf [XeeT`\XagTf dhX cbaXa fh vaYTf\f Xa _TiTe\TU_X XfcTV\T_ l _Tf dhX Tg\XaWXa_Tcebc\T`XagX XVbf\fgv`\VT Vba__XiTha iXeWTWXeb TUbe' WT]X`h_g\W\fV\c_\aTe\b dhX Vbafb_\WT haT cXefcXVg\iT `uf Vb`c_XgT WX_ WXV\fbedhX WXUX iX_Te cbe X_TWXVhTWb WXfg\ab WX_TVbfT czU_\VT(

-+ :begX Jh c(& IMQE!JT_Tf& ;\ab l bgebf i( <fgTWb ETV\baT_!&,**3& GNB#AQ# #

W\fcba\U_X Xa VVV#C=JM#

-, I@E8C;@&>(& !CT XiT_hTV\ya T`U\XagT_ XfgeTgvZ\VT!&Xa G@EKF& D( ' D8IK@E& C( #W_ef($& 8 EUAKTACI]M DE ILOACSN ### ! V\g(& c( ,+1(

;`8Zg` &Cnn]!a````6CCD