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UOPVJOWGO_YNENEG\EN NGMV_YNGREYFGOIJGKOXXG]OXGXV_YGYVMNEFGXEVMERGS]_QEMGObXcVEPNE[ UMG KVEXERGHIZEMbPV_QG ]bEFOMN]TFNENEG EFG XV_YG ZOM G KERG V_YV_QXOPG IMKG KO_YNE JP]_YNVZGKOFOMXGKO GEFG`EFOMN]TFNIMZXbE]I NGZEPEbNGYONNEXG]EMMGEXGWFRIN G VYR OI_YGMV_YNGVRREFGPEV_YNGZERO_YNGYONNE[

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L^FEZTFXGV_YGbVMGKOYMGXOZNEGEF[

UOPVJOWG ZVMZG PJMZXXEVNXG IMKG X_YOPNENEG KEMG U_[V_YVFRG XEVMEXG ]JZEFXG Ob[G DEF KTFKRINOMNG bEXO G VMG XEVMEFG YOX_YVMEG QEVMEG YZZPV_YQEVNG REYFXG EVMEMG V_YVFR OIJ^IbOIEMXGKEMMGKERG]JZEFGJEYPNEGEVMG EVPGKEXGUE_QX[GSIMKEXGbOI_YVZEGKEYJPNEF FOZNEMG YEFOIXXG EXG ]OFEMG KVEG FEVbXNTJJNOMQXXG KVEG YEVPG ZEbPVEbEMG ]OFEM[G VTMXN ]JFEG`TMGKERG]JZEFGIMKGXEVMERGWVPTNEMGMV_YNG VEPG]bFVZZEbPVEbEM[

DOMMG XOYG KEFG WX[_YTPTZEG VRG \V_YNG KEXG V_YEVM]EFJEFXG KVEG \OM^EP[G VVEG ]OF ^EFXcPVNNEFNGTKEFG]EZZEFVXXEM[G^FEZTFGVJVE]PPVTWGYVMZG VMGXEVMEMG^IFNEMXGIMKGKEF WbEFQZFcEFG]OFGMO_YG`TFMGbVXGKV_YNG]bEFGKVEG\TMNFTPPEMGZEXIMQEM[GSTRETGUOPVJOW EFX_YFOQ[G\FGEFQOMMNEXGKO GKEFGKTFKRINOMNGEVMEMGDTccEPYEPRGNFIZ[GDEFGUEPRGKEX PEV_YNEMG\VMXON^OM^IZXG]OFG^EFXcPVNNEFNXGIMKGEVMGYEPPEFGV_YPOI_YGJ]YFNEGVMGKEMGYIMK KEXGYOMMEX[G\XG]OFGKEFGVOIEFXNTJJX_YPOI_Y[GDOF]bEFGNFIZG^FEZTFGEVMEMG^]EVNEM UEPRXGKEMGXEVMEXG\VMXON^OM^IZX[GDEXXEMGV_YEVbEG]OFGMT_YGZOM XGObEFGUOPVJOW ZPOIbNEG EVMG cOOFG VcF]MZEG IMKG SVXXEG ^IG EFQEMMEM[G L\TRROMKOMNYMG X_YFVE STRET[GLUZFXNGKIGRV_YaM

LUOPVJOWMXGQPOMZGEXGQOIRGYZFbOFGOIJ[GLDIGRI NGRV_YGYEVRbFVMZEMYM

UEVRGVMGKVEGVW\[

UT_YG MVEG VMG XEVMERG \EbEMG YONNEG STRETG UOPVJOWG XTG QTM^EMNFVEFNG IMKG X_YMEPP ZEYOMKEPN[G\FGbFO_YNEGXEVMEMG]JZEFGOIJGKVEG[MNEFXEVNEGKEXGaFO_QXGIMKGPEZNEGVYM LKOI_YG OIJG KOI_YMG IFE_YN[G DOMMG X_YOPNENEG EFG KEMG YOZMENJEXXEPcFT\EQNTFG EVM[ VTFXV_YNVZGbEZOMMGEFG^IGbEX_YPEIMVZEM[

LaTGXVMKG]VFaMGXNZYMNEGKEFGKTFKRINOMN[GSTRETGEFQPJFNEGEXGVYR[

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STRETGUOPVJOWGXNEIEFNEGOIJGEVMEGKEFGVNFIQNIFP]_QEMG^I[GHPXGVYMGKVEGaOMKIMZGKEX UOMZOFXGIRJVMZXGKOG]bEF]JPNVZNEGVYMGEVMG^EJ]YPXGOPXGXEVGEFGMEIGZEbTFEMG]TFKEM[

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VTJTFNG ]OFG EFG `TMG VTPOMEFMG IRFVMZNXG KVEG VYRG KEFIYVZIMZXRVNNEPG `EFObFEV_YEM ]TPPNEM[G\FG]VMQNEGObGIMKGKEINENEGMO_YGTbEMXG]TGKOXGaFO_QGKEXGOMKEFEMG]JZEFX YVMZ[

VTPOMEFG]OFEMGKTFNGbEX_YJJNVZNXGKEMGKTFKRINOMNEMGOIXGXEVMERGVVN G^IGYEbEMGIMK OIJGEVMEGHMNVZFO`X_YEVbEG^IGPEZEM[GVVEGbFO_YNEGVYMGYEFObG^IRGKTKEMGIMKGMOYREM EVMEG UMJIXVTMG TF[G VTFXV_YNVZG PZXNEMG KVEG YEKV VMEFG KEMG JI`EFEMG IMKG KOMMG KEM VMMEFEMGUEPRG`TRG\TcJGObGIMKGEMNJEFMNEMGKVEGVcPVNNEFGIMKGKEMGV_YPOI_Y[

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LUOPVJOWMXGRIFREPNEGKEFGVEFPEN NE[GLaVFGXVMKGKOYEVRYM

45

ABCDAEFGHDIJKLEMDNGODABOOPQFMBOMHDNMKDRSGPMTUMEDIJMDMJHDRJVHGFWDXKDOPQFBPLEMW YMKDZMVHMKDKMGVJMKEMDMHNFJPQDOJPQE[GK\DG[MKDOMJHD]^KVMQMHDFJM_DNJMDA[OJPQEDHJPQE MKLMHHMHWDXKOEMD`BHLGHKBCMDVJHVMHDMJHWDRJMDLGaMHDb^HDNMKDUME\DNJMDb^HDR^FGHMKH VMOEMBMKEDIBKNMWDRJMDKJMCMHDBaDcJFCMDBHND[MadQEMHDOJPQ\DO^DOPQHMFFDIJMDaeVFJPQ GBODNMKDfMJPQIMJEMDNMKDAfRXgAhUijDkBDL^aaMHW

AHVMOJPQEOD NMKD QMLEJOPQMHD XHEIJPLFBHVD [MNGBMKEMD AEFGHD MO\D NG_D MKD NMK ABOOPQFMBOBHVD NMOD UlVMKT]MK[GHNOD kBVMOEJaaED QGEEMWD YJMD XHEOPQMJNBHVD NMO ]MK[GHNOL^aaGHNGHEMHD gMN^PQDCdQKEMD JQaDb^KDABVMH\DNG_DMODN^PQDb^HD]^KEMJF IGKWDYJMDUlVMKDOPQJKaEMHDNJMDUMEDMKOEDMJHaGFDG[DBHNDMKaeVFJPQEMHDMO\DNG_DOJM\ ^[I^QFD OPQIMKD GHVMOPQFGVMH\D MHEL^aaMHD L^HHEMWD g^PQD JaaMKD VJHVMHD NJM g^EKBCMD MJH\D BHND OPQFJM_FJPQD LGaD GBPQD MJHMD DJFNbMK[JHNBHVD kBOEGHNMWD YGO bMKOPQIJEkEMDZMOJPQEDMJHMKDR^FGHMKJHDMKOPQJMHW

EAEFGHF\DLMBPQEMDOJMWDEDMMJFEDMBPQWDRJMDIMKNMHDBHODBa[KJHVMHGF

YJMD RHTID QGEEMD OJPQD FlHVOED JHD DMIMVBHVD VMOMEkEWD RJMD C^FVEMD NMHD UlVMKHD BHN bMKOElKLEMDNJMDA[IMQKDVMVMHd[MKDNMKDAfRXgAhUijW

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RJMDVG[DNJMDHeEJVMHDAHIMJOBHVMHW

LHND NGHHD VMOPQGQ\D I^aJED JHD NJMOMaD ABVMH[FJPLD HJMaGHND KMPQHMEMWD MFeEkFJPQ MKF OPQDNMKDMGKGEK^HOPQJKaDBaDNMHDUlVMKbMK[GHN\D^[I^QFDMKDHGPQDIJMDb^KDNBKPQ REKBLEBKFdPLMHDJHDNMHDRPQJKaMHDNMKDRHTIDaJEDXHMKVJMDbMKO^KVEDIBKNMW

AEFGHD IGKCD OJPQD HGPQD b^KHD GHD NJMD j^HEK^FFMHD BHND FJM_D OJPQD aJED NMaD NHVMHJMBK bMK[JHNMH\D NMKD NJMD AVVKMVGEMD MJHVM[GBED QGEEMWD YMKD R^FGHMKD FJM_D NMHD j^SC QlHVMHWDXKDL^HHEMDaJEDNMaD[MOEMHDJJFFMHDLMJHMDABOLBHCEDVM[MH\DI^KGHDMODFGVW

EYJMDUlVMKDO^FFMHDkBKdPLLMQKMH\DNGaJEDJPQDOJMDBHEMKOBPQMHDLGHHF\DaMJHEMDMKDHBKW XOD IGKD FMJPQEMKD VMOGVED GFOD VMEGHWD AEFGHD [M^[GPQEMEM\D IJMD NJMD OGOPQJHMH GBOMJHGHNMKOE^[MHDBHNDJQKDcMJFDJHDNMKD`FBPQEDOBPQEMHWDXODIGKDNJKMLEDMJHDJBHNMK\ NG_D MOD JQHMHD QHMD RPQIJMKJVLMJEMHD VMFGHVD BHND FMNJVFJPQD MJHMD VMEK^CCMHD IBKNMW P[MKDNMHD`BHLDQeKEMDMKDaJE\DNG_DMODNJMDOGOPQJHMDNMODD^KNaBEGHEMHDIGK\DNMKDNMH ]MK[GHNDGHVMCdQKEDQGEEMW

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cGFJCGQD[KGPQEMDJQHDJHDNMHDjKMBkMKDkBKdPL\DNMKDJHkIJOPQMHDNJMDGHNMKMHDUlVMKDBHN NJMDRSGPMTUMEDGBCVMH^aaMHDQGEEMW

AEFGHDOMEkEMDOJPQDaJEDcGRMODJHD]MK[JHNBHVWDEYGODIGKDfMEEBHVDJHDFMEkEMKDRMLBHNMF\ FJM_DOJPQDNMKDcJVQDRJNMKREDbMKHMQaMHWDEJGODEBHDIJKDgMEkESF

YMKD AKL^HJNMD bMKOSdKEMD MJHD CFGBMOD ZMCdQFD JHD NMKD OGVMHVMVMHNWD XKD k^VD NJM ABVMH[KGBMHDkBOGaaMHDBHNDeCCHMEMDNMHDOBHNW

ENPQD QGFEMD MOD CdKD MJHMD GFFMF\D OGVEMD MKWD EYJMD RSGPMTUMED JOED MJHMD GFFMWD XEIGO OEJaaEDHJPQEDaJEDJQKGF

EABPQD JPQD QG[MD GHD O^D MEIGOD VMNGPQEF\D HJPLEMD cGRMOWD ET[VFMJPQD MOD aJK BHIGQKOPQMJHFJPQDMKOPQMJHEWDJGODQGOEDNBDb^KSF

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XJHMDREKBLEBKFdPLMDeCCHMEMDOJPQ\DBHNDNMKDjKMBkMKDLMQKEMDJHDOMJHMHDcGHVGKDkBKdPLW

XODIGKMHDkIMJDR^FGHMKDBHNDkIMJDR^FGHMKJHHMHWDRJMDVMQeKEMHDkBKDDMOGEkBHVDNMK DAgAgXD BHEMKD OGEGD REWD MFJQWD RJMD bMKFJM_MHD NJMD RPQFMBOMD NMOD jKMBkMKOD BHN IBKNMHDO^C^KEDb^HD[MIGCCHMEMHDOlHHMKHDJHDXaSCGHVDVMH^aaMHWDXJHDf^[^EMKDIGK NG[MJ\DBHNDMKDKGHHEMDQJHDBHNDQMKDBHNDVG[DNJMDBHEMKOPQJMNFJPQOEMHDAHIMJOBHVMH\ [JODMJHMDFGBEMDREJaaMDJQHDkBKDTKNHBHVDKJMCW

EDFeNMFGFDNKeQHEMDg^PLMaGHHODREJaaMDGBCWDEjGHHOEDNBDHJPQEDMJHDMJHkJVMODOGF NMJHDMK^VKGaaDkdVMFHSDR^C^KED[MVJ[OEDNBDNJPQDkBKdPLDJHDNGODhG[^KGF

YMKD f^[^EMKD keVMKEM\D G[MKD GFOD MKD GBCD MJHMaD JGHN[JFNOPQJKaD NGOD VKJaaJVM ZMOJPQED NMOD ZGFGLE^TZMHMEJLMKOD OGQ\D C^FVEMD MKD OMJHMKD ABCC^KNMKBHVWD YMHH^PQ [MQJMFEDMKDNJMDZKBSSMDFlHVMKMDHMJEDJaDABVM\DNGDOJMDNMHDJMVDVJHVMH\DNMHDGBPQDMK

[MHBEkEMWDLHNDOSlEMKDbMKC^FVEMDMKDd[MKD`BHLDaJE\DIJMDOJPQDGFFMODMHEIJPLMFEMWDYJM bJMKDAHLeaaFJHVMDIBKNMHDkBHlPQOEDIJMDZMCGHVMHMD[MQGHNMFEWDOGHDOSMKKEMDOJMDJH MJHMHD GBO[KBPQOJPQMKMHD fGBaD BHND BHEMKOBPQEMD OJMD aMNJkJHJOPQWD RJMD IGKMH VMOBHNDBHND[MEMBMKEMH\DHJPQEDaMQKDBHEMKDNMaDXJHCFB_DNMKDMMHMEKGHkDBHNDNGaJE b^HD AHEJTXRD kBD OEMQMHWD AEFGHD VMHdVEMD NGOD HJPQEWD XKD OBPQEMD NJMD bJMKD GBCD BHN BHEMKQJMFEDOJPQDd[MKDkIMJDREBHNMHDaJEDJQHMH\D^QHMDkBDMJHMaDOPQFdOOJVMHDXKVM[HJO kBDL^aaMHW

ERMJND JQKDaJEDMJHMaD]MKQeKDMJHbMKOEGHNMHSFD CKGVEMDMKDOJM\DN^PQDOJMD FMQHEMHDMO kBMKOEDG[WDXKOEDHGPQDLBKkMKDDMKGEBHVDBHEMKMJHGHNMKDOEJaaEMHDOJMDkBW

ABPQDGBODNJMOMaD]MKQGFEMHDFJM_DOJPQDLMJHDMJHNMBEJVMKDRPQFB_DkJMQMHW

AEFGHD[MNGBMKEMDMO\DNG_DMKDGBCDNMKDRHTIDLMJHMHDUMFMSGEQMHDkBKD]MKCdVBHVDQGEEMW REMKHCMBMKD BHNDURGKJDIGKMHD JaDOJEEMFEMJFD kBKdPLVM[FJM[MH\D BHNDDKMJOL^FFD VGFED GFO bMKOPQ^FFMHWD XOD [FJM[D JQHMHD HBKD NJMD OeVFJPQLMJE\D NGOD ]MKQeKD aJED EMPQHJOPQMH OJEEMFHDNBKPQkBCdQKMHW

AEFGHDbMKOElHNJVEMDcGVMDg^PLMaGHHDBHND[KGPQEMDNJMDbJMKDR^FGHMKDJHDNGODhG[^K\ NGODNMKDJJOOMHOPQGCEFMKDCdKDOJPQDJHDAHOSKBPQDHGQaWDDFeNMFDEQK^HEMDIJMDMJHDjeHJV GBCDMJHMaDM^OEGaMHEDBHNDQJMFEDaMQKMKMDAHOPQFdOOMDJHDNMHDCMJHMHDclHNMHW

EJJKDaGPQMHDNGODOPQ^HF\DOGVEMDMKDBHNDOPQIM[EMDkBDD^NMHWDYGHHDVJHVDMKDGBC OMJHMHDLBKkMHDDMJHMHDNMHDR^FGHMKHDMHEVMVMHWDEXODEBEDHJPQEDIMQDBHND[KJHVEDBHO NJMDXKLMHHEHJOOM\DNJMDIJKD[KGBPQMHGF

EDFeNMF\DQGFEMDNJPQDkBKdPLGFDIGKHEMDg^PLMaGHHWDXKDLGaDGBODNMaDQJHEMKMHDUMJF NMODhG[^KODQMK[MJWDEJJKDOJHNDO^IMJEWDYGOD]MKQeKDLGHHDNBKPQVMCdQKEDIMKNMHWF

YJMD bJMKD ZMCGHVMHMHD IBKNMHD GBCD [MKMJEOEMQMHNMD hJMVMHD VM[MEEME\D NJM g^PLMaGHHD QMK[MJVMkGB[MKED QGEEM\D BHND GHD bMKOPQJMNMHMD AVVKMVGEM GHVMOPQF OOMHWD XJHD cRSH^OMNMEMLE^KD K^FFEMD QMK[MJ\D BHND DFeNMFD OEMPLEMD NJM AHOPQFdOOMDMJH\DIlQKMHNDg^PLMaGHHDbJMKDcGB[MHDGBCDNJMDjeSCMDNMKDOlHHMKDBHN `KGBMHDOMHLEMWDHBFMEkEDOEeSOMFEMDOJPQDDFeNMFDNMHDcGBSEGHOPQFB_DGFFMKDZMKlEMDMJH BHND OEGKKEMD g^PLMaGHHD GBOD OMJHMaD MJHMHD ABVMD GHWD AFOD [MIMVFJPQM c^PQFMJOEBHVOS^OJEK^HJLDd[MKIGPQEMDMKDNGODZMOPQMQMHW

g^PLMaGHHD OPQJPLEMD NJMD JlPQEMKD NMKD ZMCGHVMHMHD QJHGBOD BHND VG[D AEFGHD MJH HMJPQMHWDEYBDLGHHOEDNJPQDN^KEDNKd[MHDQJHOMEkMH\DIMHHDNBDNJPQDKBQJVDbMKQlFEOEF\ aMJHEMDMK\DN^PQDNMKDAKL^HJNMDOPQdEEMFEMDNMHDj^SCDBHNDVJHVDM[MHCGFFODQJHGBOW

V

EYBDCJHNMOEDaJPQDJHDNMKDHMHEKGFM\DO^[GFNDNBDMEIGODQMKGBOVMCBHNMHDQGOEF\DaMJHEM MKWD NHD ZMNGHLMHD bMKOBHLMHD aGPQEMD MKD OJPQD GBCD NMHD fdPLIMVD kBKD HMHEKGFMW LHBHEMK[K^PQMHDOBPQEMDMKDHGPQDMJHMKDYMBEBHVDNMKDXKMJVHJOOM\DN^PQDOJMDVMFGHV JQaDHJPQEW

AEFGHDlHNMKEMDOMJHDHJMFDBHNDOBPQEMDNMHDcGHVGKDGBC\DJHDNMaDMKDNJMDJHkIJOPQMHDGBO NMaDjKMBkMKDGBOVMOPQFMBOEMDRSGPMTUMEDIB_EMWDXKD[MEKGEDOJMDBHNDOBPQEMDOJMDHGPQ cJHIMJOMHDG[WDXKDCGHNDHJPQEODBHNDIGKCDNMHDf^[^EMKH\DNJMDOEGKKD JHDNMKDglQMDNMK RPQFMBOMDOEGHNMH\DMJHMHDaJ_[JFFJVMHNMHDDFJPLDkBW

AFODMKDNJMDHMHEKGFMD[MEKGE\D[FJPLEMDJQaDR^FGHJGDCKGVMHNDMHEVMVMHWDXKDOPQdEEMFEMDNMH j^SCWD EgJPQEOF\D OGVEMD MKWD EXOD aGPQED NMHD XJHNKBPL\D GFOD OMJD BHOMKMD ]^KOJPQE BaO^HOEWDLHNDNG[MJDLGHHDMODN^PQDHJPQEDaeVFJPQDOMJH\DNG_DNMKD]^KVGHVDHJPQEODkB [MNMBEMHD QGEGFD EJJKD adOOMHD NGOD LHEMKOBPQBHVOMKVM[HJOD b^HD g^PLMaGHH G[IGKEMHF\D OEJaaEMD R^FGHJGD JQaD kBWD EP[MKD NJMD LHVMNBFND aGHPQMKD R^FGHMK QJHIMVGF

RJMD [MKJPQEMEMD AEFGH\D NG_D OJPQD WBKJMD bGHD cMKFJHVD BHND JGgOE^D j^FOPQD NGCdK GBOVMOSK^PQMHDQGEEMH\DNJMDRHTID[GFNaeVFJPQOEDIJMNMKDGHkBL^SSMFHWDXOD[^EDOJPQ GH\D NMHHD NJMDAHVKJCCOFBOED NMKDAfRXgAhUijD FJM_D aMKLFJPQD HGPQWD gBKD bMKMJHkMFE gGVEMHDREKGQFMH[GQHMHDNBKPQDNMHDfGBaDBHNDbMKCJHVMHDOJPQDJHDNMHDRPQBEkOPQJKaMH NMKD[MJNMHDRThTUMJFMWDEAHEJTXRDJOEDMJHDQMJaEdPLJOPQMKDZMVHMK\DIJKDIMKNMHDHJPQE b^KOPQHMFFDQGHNMFHGFDAEFGHD[GFFEMDNJMDclHNMDkBD`lBOEMHWDEJJKDQG[MHDNJMDRSGPMT UMEDMJHVMOPQFMBOE\DgMEkEDJOEDNMKDZMVHMKDGaDHBVWF

AFOD OMJMHD OMJHMD J^KEMD MJHD RJVHGFD VMIMOMH\D QMBFEMD NMKDAFGKaD GBCD BHND KJ_D NJM R^FGHMKDGBODJQKMKDgGPQNMHLFJPQLMJEW

ERG[^EGVMGFDbMKLdHNMEMDNJMDM^OJEK^HJLWDEYMKD`MJHNDJOEDJaDRPQJCCGF

OMN^K^[^EMKD [KGPQEMHD NJMD AHEJVKGbOPQMJ[MD JHD NJMD kMHEKGFMD OMN^OEGEJ^HWD Y^KE Q^[MHDOJMDNMHD]MKFMEkEMHDQMKG[DBHNDFMVEMHDJQHDJHDMJHMDJGHHM\DNJMDOJPQDGFODDMEEMJF MJHMKD L^aSFMQMHD YJGVH^OMaGOPQJHMKJMD QMKGBOOEMFFEMWD XJHD JGHN[JFNOPQJKa MKQMFFEMD OJPQ\D BHND MJHD NBaSCMKD U HD [MVGHHD NMHD MBFOOPQFGVD NMOD MGEJMHEMH IJMNMKkBVM[MHW

f^aM^D cGFJCGQD IGKD HM[MHD NMaD XJHVGHVD OEMQMHVM[FJM[MHWD XKD bMKC^FVEMD NJM ]^KVlHVMDGBCaMKLOGa\DBHNDMKD[FJPLEMDGBCDOMJHMHDWQK^H^VKGSQMHDBHNDklQFEMDaJEW

HIMJBHNHMBHkJVWD YMKD D^KNaBEGHED QGEEMD MJHMD MBFOCKMXBMHkD b^HD kIMJBHNHMBHkJV RPQFlVMHDSK^DOJHBEMWDYGODIGKDkBbJMFW

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EfBQMGFDkJOPQEMDMJHMKDNMKDÄKkEMWDEJGODIJFFOEDNBDd[MKQGBSEDQJMKSF

EhG_DJQHF\DaMJHEMDMJHDGHNMKMKWDEXKDQGEDJQHDVMKMEEMEGF

RJMDKJPQEMEMHDJQKMDABCaMKLOGaLMJEDIJMNMKDGBCDNMHDMGEJMHEMHDBHNDL^aaBHJkJMKEMH aJEDNMaDf^[^EMKW

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JGODIdKNMDTKaBEkDNGkBDOGVMHSDYMK

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ERPQHMFFGFDlPQkEMHDOJMW

cGFJCGQDQGEEMD[MKMJEODNJMDVMVMHd[MKFJMVMHNMDjFGSSMDNMODRPQGPQEMODVMeCCHMEWDRJM CdQKEMDJHDMJHMHDAB_MH[MkJKLDNMKDOMN^OEGEJ^H\DNMKDaGHPQaGFDJHDNMKD]MKVGHVMHQMJE GFOD NO^FJMKOEGEJ^HD VMNJMHED QGEEM\D IMHHD CKMaNGKEJVMD jKGHLQMJEMHD GHD D^KN GBCVMEGBPQEDIGKMHW

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EJGODJOEDaJEDNMaDd[KJVMHDMMKO^HGFSFDCKGVEMDMKDFMJOMW

EXODQGEDNMHDcJHEMKGBOVGHVD[MHBEkEWDY^KEDOJHNDLMJHMDf^[^EMKDGBCVMEGBPQEGF

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EJGKBaSFDI^FFEMDMJHMKDNMKDOMNJkJHMKDIJOOMHWDEJGKBaDbMKIdOEMHDOJMDNJMDREGEJ^H\ I^DOJMDN^PQDO^DIJPQEJVDJOEGF

cGFJCGQD GHEI^KEMEMD HJPQEWD XKD OEGKKEMD GBCD RCJMIFFJ^Q\D NMKD OJPQD LGBaD aMKLFJPQ [MIMVEMWDYMKD]MKFMEkEMDMKIGPQEMDGBODNMKDgGKL^OMDBHNDCBQKDaJEDMJHMKDcGHNDkBa j^SCWDcGFJCGQDMKVKJCCDOJMDBHNDk^VDOJMDHGPQDBHEMHWDXKDNKdPLEMDOJMDCMOEWDEJJKDOJHNDNG\ ZKMV^KF\DOGVEMDMKWDEXODJOEDGFFMODJHDTKNHBHVGF

ENPQDOMQMDHJPQEOF\DQGBPQEMDNMKD]MKIBHNMEMWDEOMJHMDRThGFDlPQkEMDcGFJCGQWDRMJHM

V

hJSSMHD[MIMVEMHDOJPQDNGkB\DG[MKDMODLGaDLMJHDhGBEDd[MKDOMJHMDhJSSMHWDYJMDjMQFM IGKDJQaDIJMDkBVMOPQHdKEW

cGVMD g^PLMaGHHD kIJK[MFEMD NJMD XHNMHD OMJHMOD RPQHGBk[GKEOD BHND [FJPLEM HGPQNMHLFJPQDGBCDNJMDXHkMSQGF VKGaaM\DNJMDDFeNMFDGBCkMJPQHMEMWDYMKDZGFGLE^T ZMHMEJLMKD OEGHND FMJPQED VM[dPLED NG\D BHND OMJHMD CGFEJVMD cGBED FJM_D JQHD bJMFD lFEMK MKOPQMJHMH\D GFOD MKD IGKWD XKD EKBVD MJHMHD CFMPLJVMH\D kMKKJOOMHMHD jGCEGH\D NMHD MK VK^_OSBKJVDhG[^KaGHEMFDHGHHEMWDYJMDFGHVMH\DVKGBMHDcGGKMDQJHVMHDJQaDIJKKDJHDNJM REJKHWD UMEkED kMJVEMHD NJMDABCkMJPQHBHVMHD MJHMHD IJHkJVMH\D LGBaD IGQKHMQa[GKMH ABOOPQFGVWD R^C^KED KJPQEMEMD NMKD JJOOMHOPQGCEFMKD OJPQD GBCWD EDFeNMFF\D OGVEMD MK\ ENJMOMKDABOOPQFGVDNMBEMEDGBCDMJHMDRSBKDQJHWDABPQDGBCDNJMDZMCGQKDQJH\DNG_DIJKDBHO JKKMH\D C^FVMHD IJKD NJMOMKD RSBKGFD EUGI^QF\D WQMC\D OPQ^HD NG[MJF\D MKIJNMKEMD NMK f^[^EMK\DBHNDg^PLMaGHHDIGHNEMDOJPQDNMHDbJMKDR^FGHMKHDkB\DNJMDGBCDNMHDhJMVMH KBQEMHWD RJMD QJMFEMHD NJMD ABVMHD VMOPQF OOMHD BHND OEGHNMHD VGHkD JaD DGHHD NMO cRSH^bMKQeKOWDHBaJHNMOEDMKIMPLEMHDOJMDNJMOMHDAHOPQMJHWDZGHkDOJPQMKDIGKDOJPQ NMKD JJOOMHOPQGCEFMKD HJPQE\D [D NJMD cRSH^OMD IJKLEMD NMKD [D NJMD R^FGHMKD BHEMK MJHMaD CKMaNMHD XJHCFB_D OEGHNMHD BHND MOD HBKD b^KElBOPQEMHWD YJMD [JOQMKJVMH LHEMKOBPQBHVMHDQGEEMHDLMJHMHDcJHIMJODMKVM[MH\DBHNDNMKDZGFGLE^TZMHMEJLMKDQGEEM aJED NMaD ZMNGHLMHD VMOSJMFE\D AEFGHD kBD [MKBQJVMHD BHND OMJHMD ]^K[MQGFEM GBOkBKlBaMHW

UMEkEDVG[DMODNJMOMHDABOOPQFGV\DBHNDDFeNMFDCBQKDC^KEK

EXODOPQMJHEDMJHDAHkMJPQMHDCdKDMKQeQEMODXHMKVJMS^EMHEJGFDkBDOMJH\DNGODVBEDVMEGKHE JOEDBHNDHBKD[MJDFlHVMKMKDDM^[GPQEBHVDkBDUGVMDEKJEEWDNPQDIMKEMDGBOWF

MKdCMHNDd[MKCF VDg^PLMaGHHDNJMDL^aSFJkJMKEMD]MKOBPQOMJHKJPQEBHVWDhlHVOEDQGEEMH OJMD HJPQED GFFMD OeVFJPQLMJEMHD GBOVMOPQeSCE\D BHND NMKD JJOOMHOPQGCEFMKD OSJMFEMD aJE NMaDZMNGHLMH\DMJHMDHMBK^HJOPQMDAHkGSCBHVDNMKDZK^_QJKHKJHNMDb^KkBHMQaMH\DBa OJPQD MHNVdFEJVD ZMIJ_QMJED kBD bMKOPQGCCMHWD RPQIMJVMHND bMKC^FVEMD MKD DFeNMFO LHEMKOBPQBHVMH\D BHND MJHMD ]JMKEMFOEBHNMD OSlEMKD OGVEMD NMKD f^[^EMKKD EXOD VJ[E LMJHMHDHIMJCMF\DWQMCWDXHEVMVMHDJQKMHDDMEMBMKBHVMHDOEMQMHDNJMDbJMKDR^FGHMKDBHEMK MJHMHDEJMCMHQRSH^EJOPQMHDDGHH\DNMKDHBKDb^HDNMKDMMHMEKGHkDbMKBKOGPQEDI^KNMHDOMJH LGHHWDJJKDQG[MHDNJMDJBKkMFDNJMOMODcRSH^[F PLODMHENMPLEWF

EjeHHMHDIJKDJQHDFeOMHSFDCKGVEMDg^PLMaGHHDHGPQNMHLFJPQW

DFeNMFD[MBVEMDOMJHMHDOPQaGFMHDjeKSMKDO^DIMJEDb^K\DNG_DMODNMHDAHOPQMJHDQGEEM\ GFODLJSSEMDMKDgMNMHDO^aMHEDBaW

EJJKD IMKNMHD MOD bMKOBPQMHWD XOD JOED IJMD [MJaD HGQHGKkEWD clFED MKD MKOED MJHaGFD NJM JBKkMFD VMSGPLE\D OEMQMHD NJMD WQGHPMD VBE\D NG_D MKD NMHD HGQHD b^FFL^aaMH QMKGBOKMJ_MHDLGHHGF

g^PLMaGHHD aB_EMD [MJD NJMOMaDGFEMKEdaFJPQMHD]MKVFMJPQD FGPQMH\D N^PQD MKD IBKNM d[MKVGHVOF ODIJMNMKDMKHOEW

EDMMJFBHVF\DaMJHEMDMKWDEAEFGHDIJKNDBHVMNBFNJV\DBHNDMKD[KGBPQEDMJHDXKVM[HJOWDJJK GFFMD[KGBPQMHDMOGF

TQHMDjFGKQMJED d[MKDNMHDHBOEGHNDNMKD bJMKDR^FGHMKDVG[DMODLMJHDJMJEMKL^aaMHW gGPQDIJMDb^KDIGKDaGHDaJ_EKGBJOPQ\DIGODNGODOGHebMKDNMKDAfRXgAhUijDBHNDNJM `FBPQED NMKD RSGPMTUMED kBD [MNMBEMHD QGEEMHWD YJMD bJMKD R^FGHMKD GBOD NMKD DAgAgX IdKNMHD ABOLBHCED VM[MHD LeHHMH\D IMHHD JQKD cRSH^[F PLD MKOED VMFeOED IGKWD DJOQMK QGEEMHD OJMD[MEMBMKE\D beFFJVD JHDTKNHBHVD kBD OMJHWDAEFGHODOJ_EKGBMHD[MOElEJVEMD OJPQ gMEkEWD YMKD ZGFGLE^TZMHMEJLMKD GLEJbJMKEMD MJHMD kBOlEkFJPQMD cRSH^O^HNMWD YGO L^SCVK^_MD ZMKlED OPQIM[EMD QMK[MJD BHND bMKQGKKEMD d[MKD NMHD jeSCMHD NMKD bJMK R^FGHMK\DNJMDBHEMKDJQKMHDcGB[MHDFGVMHWDg^PLMaGHHDVG[DDFeNMFDMJHMHDJJHL\DBHN NMKD f^[^EMKD GLEJbJMKEMD NJMD XHMKVJMkBCBQKD CdKD NGOD ZMKlEWD LHOJPQE[GKMD REKeaM CF OOMHD d[MKD BHND L^HkMHEKJMKEMHD OJPQD JHD NMKD R^HNMWD Y^KED IBKNMHD OJMD QGF[JMKE\ bMKOElKLEDBHNDGHDNJMDcGB[MHDG[VMOEKGQFEW

OMNJkJHJOPQD IGKD NGOD ]MKCGQKMHD HJPQED VGHkD BHVMClQKFJPQWD YMKD jKMJOFGBCD NMK DMEK^CCMHMHD IBKNMD [MFGOEME\D BHND MOD IJKLEMD OJPQD GBCD NMHD MBFOOPQFGVD BHND NJM AEMaCKMXBMHkDGBOWDYJMDZMOJPQEMKDNMKDbJMKDR^FGHMKDKeEMEMHDOJPQDFMJPQEWDg^PLMaGHH EKGEDNJPQEDGHDNJMDhJMVMHDQMKGHWDEJMFPQMHDABCEKGVDQGEDMBPQDNJMDMMHMEKGHkDMKEMJFESF CKGVEMDMKWDYMKDGaDHlPQOEMHDhJMVMHNMDVG[DAHEI^KEW

EJJKDQG[MHDLMJHMHDABCEKGV\DIJKDOJHNDGBODNMKDAfRXgAhUijDVMCF QMHDBHNDVMKMEEME I^KNMHWDUMEkEDOJHNDIJKDJHDNMKDRTh\DBHOMKMKDcMJaGE\DBHNDIMKNMHDBHEMKOBPQEGF

EJGHHDQG[EDJQKDNMHDAKOMHGFSFGHMEMHDbMKFGOOMHSF

EYGODFJMVEDMEIGODOMPQODREBHNMHDkBKdPLGFDEJJMDOJMQEDNJMDMMHMEKGHkDGBOSF

ERJMDJOEDMJHDMJCeKaJVMKDjeKSMKGFDEJMFPQMDDMCMQFMDMKEMJFEDOJMDVMIeQHFJPQSFDERJM VJ[ED GFFMD aeVFJPQMHD DMCMQFMWD RJMD VJ[ED BHOD ABCEKlVM\D IMHHD IJKD BHOD BHEMKD JQKMa OMHEGFkIGHVD[MCJHNMHWF

EJMFPQMHDABCEKGVDQGEDOJMDMBPQDgMEkEDMKEMJFESF

EjMJHMHWDJJKDBHEMKFJMVMHDHJPQEDJQKMaDOMHEGFkIGHVWF

g^PLMaGHHDOPQIJMVDBHNDNGPQEMDHGPQWDDFeNMFDLF SCEMDJQaDGBCDNJMDRPQBFEMKW

EJMJEMKCKGVMH\DWQMCWDNPQD[JHDNMKDÇBMFFMDGBCDNMKDRSBKWF

XKDaMJHEMDNGODHMHEKBaDNMODcRSH^[F PLOWDEJGKBaDOMJNDJQKDb^aDAKOMHGFSFGHMEMH GBCVM[K^PQMHSFD CKGVEMD NMKD ZGFGLE^TZMHMEJLMKD IMJEMKWD XKD QGEEMD NJMD hJMVMH BaKBHNMEDBHNDOEGHNDHBHDHM[MHDMJHMKD`KGB\DNJMDJQaD[MKMJEIJFFJVDGHEI^KEMEMW

ELaDkBKDRThDkBDCFJMVMHWF

EJ^KJHD[MOEGHNDMBMKDABCEKGVSF

EJJKDQGEEMHDLMJHMHDABCEKGVWDJJKDOJHNDVMCF QMHGF

EJGODIGKDb^KDNMaDABCEKGVSF

EYMKDAKOMHGFSFGHMEWDJJKDOJHNDb^HDN^KEDWWWFDYJMD`KGBDOE^PLEMDLBKkDBHNDCBQKDNGHHDC^KEK EJJKDOJHNDGBCVM[K^PQMH\DBaDkBDCFJMQMHWDJJKDOJHNDkBKDRThDVMCF QMHGF

EYJMDMMHMEKGHkDQGEDMBPQDCFJMQMHDFGOOMHSFDERJMDQGEDMODHJPQEDVMaMKLEGF

EA[MKD NJMD MMHMEKGHkD L^HEK^FFJMKED NGODAKOMHGFD d[MKD bJMFMD hJPQEgGQKMD QJHIMVD b^a AKOMHGFSFGHMEMHDGBOGF

EUGWDA[MKDIJKDOJHNDHJPQEDNGODWWWFDJJMNMKDOPQIJMVDNJMD`KGB\DBHNDNJMOaGFDOMEkEMDOJM NMHDBHEMK[K^PQMHMHDRGEkDHJPQEDC^KEWDDFeNMFDOPQIJMV\DBHNDNGODFMJOMDRBaaMHDNMK ZMKlEMDbMKlHNMKEMDOJPQDHJPQEW

EYBD[JOEDNJMDMMHMEKGHkF\DOGVEMDcGVMDg^PLMaGHHDBHbMKaJEEMFEDBHND[MIJMODNGaJE MJHDHJPQEDVMKJHVMODSORPQ^F VJOPQMODZMOPQJPLWDEYBDVJ[OEDNJMDDMCMQFMGF

ENPQD[JHDNJMDMMHMWWWF\D[MVGHHDNJMD`KGBWDEgMJH\DJPQD[JHD`KMNGDTBV^KGFDRJMDOPQKJM MOD QJHGBO\D BHND JQKD jeKSMKD [lBaEMD OJPQD GBCWD ENPQD [JHD VMCF QMHWD JJKD GFFMD OJHN VMCF QMHGFD YGOD DKBaaMHD NMKD cRSH^O^HNMD HGQaD kBWD DFeNMFD OEMBMKEMD OJMD BHN OGHNEMDXHMKVJMHDJHDNJMDjeSCMDNMKDbJMKDR^FGHMKWDAFFMDbJMKDCJHVMHDkBDkJEEMKHDGH\DBHN g^PLMaGHHDKJMCD[MOPQIeKMHNKDENQKDOMJNDMHEFGKbEWDNQKDOMJND]MKKlEMKGDUMNMKDb^HDMBPQ JOEDNJMDMMHMEKGHkGDNQKDOMJNDNJMDOGHJCMOEGEJ^HDb^HDAHEJTXRGF

ABCD NMHD ZMOJPQEMKHD NMKD R^FGHMKD [JFNMEMD OJPQD RPQIMJ_WD RJMD EKBVMHD MJHMH JHHMKFJPQMHDjGaSCDGBO\DBHNDNJMDcRSH^O^HNMDSMJHJVEMDOJMDaJEDbMKOElKLEMHDNaSBFOMH

NMOOMH\D IGOD g^PLMaGHHD VMOGVED QGEEMWD TQHMD NMHD XJHCFB_D b^HD YK^VMH\D HBKD aJE cJFCMD aMPQGHJOPQMKD ASSGKGEBKMH\D bMKOBPQEMD NGOD RPJMHE^F VMHEMGa\D NMHD EJMC bMKGHLMKEMHDcRSH^[F PLDkBDFeOMH\DNMHDOJMDHBKDNBKPQDHBCGFFDBHNDZMNBFNDVMCBHNMH QGEEMHWDENQKDOMJNDNJMDMMHMEKGHkGFDIJMNMKQ^FEMDNMKDZGFGLE^TZMHMEJLMKW

YJMDbJMKDjeKSMKDMKOPQFGCCEMHDSFeEkFJPQWDNQKMDMBFOCKMXBMHkDOGHL\DBHNDJQKDAEMaDVJHV KBQJVMKWD YJMD cRSH^O^HNMD OPQIM[EMD kBKD RMJEMD BHND LMQKEMD JHD NJMD CdKD OJM b^KVMOMQMHMDcGFEMKBHVDkBKdPLW

EXOD JOED VMOPQGCCEF\D OBaaEMD DFeNMFD BHND FeOEMD NJMD MKOEMHD j^HEGLEMD b^HD OMJHMa jeKSMKWD AaD BHEMKMHD XHNMD NMOD TCMHK^QKOD eCCHMEMD OJPQD MJHMD jFGSSM\D BHND NMK DGLIMKDJBOPQMFDOGBOEMDQMKGBODBHNDKGHHEMDLBKkDBHNDXBMKDNBKPQDNGODhG[^KW

EXODJOEDVMOPQGCCEGFDSJMSOEMDMKDDFeNMFODJ^KEMDHGPQW

YMKDcRSH^[F PLDIGKDkMK[K^PQMH\DNJMDbJMKDR^FGHMKDIGKMHDCKMJW

g^PLMaGHHD OPQKJEED kBaDABOVGHVD BHND CGHND JQHD bMKKJMVMFEWD XJHD K^EMOD hJPQED IJMO NGKGBCDQJH\DNG_DNJMDS^OJEK^HJOPQMDRJPQMKBHVDMJHVMKGOEMEDIGKWDXHEKdOEMEDNKMQEMDMK OJPQDBaWDEAEFGHDaB_DJHC^KaJMKEDIMKNMHGFDOGVEMDMKDb^KIBKCOb^FFWDEXKDaB_DO^C^KEDb^H NMKDRHTIDJHDNMHDOJEEMFEMJFDIMPQOMFHWDYJMDZMCGQKDJOEDb^K[MJGF

EYBDIJKOEDNJPQDaJEDNMaDNHEMKL^aD[MVHdVMHDadOOMHF\DMKIJNMKEMDNMKDf^[^EMKDBHN LKGBFEMDNJMDVKdHMHDcGGKMDOMJHMODEjJHH[GKEOFWDEXOD JOEDOMJEDMJHMKDQGF[MHDREBHNM AFGKaWDf^[^EMKDQG[MHDJHDNMKDRHTIDGHVMVKJCCMHDBHND]MKIdOEBHVMHDGHVMKJPQEMEWDRJM L^HHEMHDbMKHJPQEMEDIMKNMH\DG[MKDNMKDAFGKaD[MOEMQEDH^PQGFDEJGKBaDQGOEDNBDaJK HJPQEODVMOGVESFD[KGBOEMDg^PLMaGHHDGBCW

ELHOMKMDAK[MJEDNBKCEMDHJPQEDVMOEeKEDIMKNMH\DWQMCWDYMOQGF[DQG[MDJPQDOPQIMJVMHN NJMDUdKDbMKKJMVMFEWDXODQlEEMDgGDOMJHDLeHHMH\DNG_DNJMDf^[^EMKD[JODQJMKQMKDWWWF

g^PLMaGHHDQeKEMDHJPQEDaMQKDQJHWDXKDIGKDGHDNMHDNHEMKL^aDVMEKMEMHWDXKD FJM_DOJPQ MJHMD]MK[JHNBHVDaJEDNMKDcGBSEkMHEKGFMD JaDOJEEMFEMJFDVM[MHDBHNDVFMJPQkMJEJVDMJHM ]MK[JHNBHVDaJEDNMKDHMHEKGFMDNMKDRHTIDOPQGCCMH\DJHDNMKDMKDOJPQD[MCGHNW

56

EFGHIJGKLMIFGNOGPKQGRSTLUGVHHKGFWXQLKOGKFUGYKZIOOLGFLIQQLKOGFNKGISTGPKOG[\]NQ^_GPKQ PNKGV`[EaVRbcdGeKNJLKUGfNKGdgQhKLLKG]NOJGPQISiKOGN^GVHH_GSOPGFNKGLQNKZG]NOGSOP ]KQUG EFG FI]G ISF_G IHFG FKNKOG FN\]G PNKG jOFIFFKOG SOF\]HXFFNJG XZKQG N]QG MKNLKQKF kgQJK]KOU

VLHIOGMSiLK_GPIiGPNKFKFGSOhKQMSOPZIQKG[\]NTTGKNOKGJKTl]QHN\]KGmKPQg]SOJGMIQUEFGZNHPKLKGKNOGÄI\]LNOFLQS^KOLGNOGPKOGÅlOPKOGhgOGVOLNÆE[_GPIFGON\]LGSOLKQF\]lLeLMKQPKOG PSQTLKUG fIFG MIQG PKQG ÅISWLJQSOP_G MIQS^G PKQGVQÇgONPKG FN\]G ZK]IQQHN\]MKNJKQLK_G^NLGPKQG[ÈRÆÉKHHKGOl]KQGIOGPIFGXZQNJKG[\]NTTG]KQIOeSJK]KOGgPKQGJIQdgOLIÇLKG eSG KQHISZKOUG fNKG ÊQIOF^NLLKQG MIQKOG OI\]G MNKG hgQG ZHg\ÇNKQL_G SOPG ÇKNOmKNZggLGhKQHNKiGKNOKOGÅIOJIQUGaSQGPNKGmS]QHgFGOI]^KOG N]QKGYKMg]O]KNLKOGIST_FgZIHPGKFG^ËJHN\]GMIQU

ÌOPGKFGMIQG^ËJHN\]U

fNKGV`[EaVRbcdGOI]^GWHËLeHN\]GÍI]QLGISTUG[NKGPQNTLKLKGISFGPKQGSO^NLLKHZIQKOal]KG PKQG [ÉÆÎG PIhgOG SOPG QIFLKG NOG PKOG `IS^G ]NOISFUG fNKG ÈQLKQG PKQG [ÈR hKQTgHJLKOGFNKGSOPGFLKHHLKOGTKFL_GPIiGFNKGFN\]GNOGKNOKQGFNKZKOGRN\]LÏI]QKGKOLTKQOLKO [gOOKGhKQZIQJ_G NOGPKQKOGlSiKQKOG[\]N\]LKOGFNKGOI\]GMNKGhgQGIOeS^KFFKOGMIQU fgQLGZHNKZGFNKGSOPGQX]QLKGFN\]GON\]LUGfNKGmKPQg]SOJGPSQ\]GKNOKOGlSiKQKOGVOJQNTT MIQGIHFgGhKQF\]MSOPKOU

ÐÑNQGÇËOOKOGPKOGVHIQ^GIST]KZKOÒ_GFIJLKG[gHIONIGeSGVLHIOUGÐEFGNFLGPKQGÓKOKLQIOe JKHSOJKO_G ^NLG PKQG [WI\KÆbKLG `gZgLKQG KNOeSF\]HKSFKO_G PNKG NOG N]QK^G [NOO WQgJQI^^NKQLG MIQKOUG fNKG gZgLKQG FNOPG hKQON\]LKL_G SOPG PNKG [I\]KG NLG PKOG hNKQ [gHIOKQOGMNQPGFN\]GIS\]GÇHlQKO_GPIhgOGZNOGN\]GXZKQeKSJLÔÒ

VLHIOG^SFLKQLKGPNKG[gHIOKQNOUGEQGhKQFS\]LKGeSGKQJQXOPKO_GgZGPNKGdg^^IOPIOLNOPKQG [ÉÆÎG PI\]LK_G MIFG FNKG FIJLK_G gPKQG gZG FNKG HKPNJHN\]G KNOKOG hgOG ^K]QKQKO YKPIOÇKOGlSiKQLKUGEQGÇgOOLKGKFGON\]LGKQÇKOOKOGSOPGHNKiGKNOGMKONJGPNKG[\]SHLKQO FNOÇKOUGfNKGQgLKOGVSJKOGTHI\ÇKQLKOGSOQS]NJ_GSOPGKQGMXOF\]LKGFN\]_GPIiGN]^GKNOKÊKHKWIL]NOGeSQGkKQTXJSOJGFLK]KOGMXQPKU

ag\]G]ILLKG FN\]G PNKGV`[EaVRbcdG ON\]LG hËHHNJG eSQX\ÇJKegJKO_G SOPGPNKG ZKNPKO[ÈRÊKNHKGhKQ]IQQLKOGOI\]GMNKGhgQG N^G[\]SLeG N]QKQG[LITTKHF\]NQ^KUGfNKGVOJFLGhgQÄÏINHI^GSOPGÄMHgLLIGMIQGeSGJQgi_GPNKGEQTI]QSOJG^NLG N]OKOGeSGTQNF\]_GIHFGPIiGPNK [gHIOKQGHKN\]LFNOONJGJKMgQPKOGMlQKOU

fNKGV`[EaVRbcdGMIQLKLGISTGKLMIF_G^KHPKLKGFN\]GVLHIOFGENLQIFNOOUGEFGÇIOOGPNK V`[EaVRbcdGjjGFKNO_GIZKQGIS\]GKNOKGEOLMN\ÇHSOJG]NKQGZKNGSOFU

VLHIOG MIQG KNOKQG ÄKNOSOJG NLG FKNOK^G RgJNÇFKÇLgQUG EQG JHISZLKG IS\]_G PIiG PNKFK EOLMN\ÇHSOJG^NLGPKOGhNKQG[gHIOKQOGeSFI^^KO]NOJ_GS^GPNKGÅIJKGag\ÇK^IOOGFN\]ÇX^^KQLKUG ag\]G MIQG ÇKNOKG ÄKHPSOJG PKFG YIHIÇLgÆYKOKLNÇKQFG KNOJKLQgTTKO_G SOP PKQG VQÇgONPKG LQSJG FN\]G ^NLG PK^G YKPIOÇKO_G ag\ÇK^IOOG KOLJKJKOG PKQVZ^I\]SOJGISTeSFS\]KOUGEFGÇI^GKNOGVOQSTGhgOGÅIMKFUGfKQGÅNJ]G[NPKQMLGZHN\ÇLK VLHIOGTQIJKOPGIO_GPg\]GPKQGVQÇgONPKGF\]XLLKHLKGPKOGdgWTU

ÐÑNQGSOLKQOK]^KOGON\]LFÒ_G FIJLKGKQUGÐj\]GZNOGJKJKOGPNKGÍQKNJIZKGPKFGRIFLKOÆSOPGÓKQFgOKOhKQÇK]QFGeMNF\]KOGPKOGZKNPKO

[\]NTTFLKNHKOUGRKPNJHN\]GKNOKGmNLLKG]IZKGN\]_GmQK\ÇUÒ

Ð[WQN\]ÔÒGFIJLKGÅIMKFU

Ð[\]N\ÇKG^NQG[LKQOTKSKQG]KQXZKQUGV\]LKGPIQIST_GPIiGPKQGÊQIOF^NLLKQGOSQGKNOFKNLNJJKWgHLGSOPGFgTgQLGMNKPKQGIZJKF\]IHLKLGMNQPUGfIOOGÇIOOGON\]LFGF\]NKTJK]KOÔÒ

ÐfSGJHISZFLG N^^KQGOg\]GIOGKNOKGmKPQg]SOJOÒGMgHHLKGÅIMKFGMNFFKOUGÐfNKGhNKQYKTIOJKOKOOÒ

VLHIOGON\ÇLKUGÐj GYQSOPKGJHISZFLGPSGPg\]GIS\]GPIQIOÔÒGFLKHHLKGKQGTKFLU

ÐbIUGj\]GÇIOOGKFGOSQGÇKNOK^GZKJQKNTHN\]G^I\]KOUGfSGMKNiLGFKHZFL_GPIiGKFGÇKNOKHgJNF\]KGmKJQXOPSOJGPITXQGJNZL_GPNKG[ÈRGMKNLKQGNOGeMKNGÊKNHKOGeSGZKHIFFKOUÒ

Ðj\]GNOTgQ^NKQKGPN\]_GFgZIHPGag\ÇK^IOOGPNKGÌOLKQFS\]SOJGZKKOPKLG]ILÒ_GFIJLK VLHIOG SOPG SOLKQZQI\]G PNKG kKQZNOPSOJG MNKPKQUG VSTG IOPKQKOG dIOlHKOG JIZG KFMKNLKQ]NOG KNOKOG dgOLIÇLG ^NLG PKQG ÅISWLeKOLQIHKG N^G ÄNLLKHLKNH_G MgG ^IOG PKO `gZgLKQIHIQ^GHlOJFLGMNKPKQGISTJK]gZKOG]ILLKUG[gHIONIGLILGPNKFGOSOGIS\]GTXQGPNK[ÉÆÎ_GSOPGPKQGVQÇgONPKGhKQTgHJLKG^NLGJKQSOeKHLKQG[LNQO_GMNKGFNKGFN\]GeS^GVSFJIOJ MIOPLKGSOPGNQJKOPMgGPQISiKOGhKQF\]MIOPU

YHKN\]eKNLNJG^KHPKLKGFN\]Gag\ÇK^IOOGSOPGZKQN\]LKLKGhgOGFKNOK^GEQTgHJUGVLHIOGZIL N]O_GPNKGhNKQG[gHIOKQGNOGPNKGÉKOLQIHKGeSGZQNOJKOUGÑKONJKGÄNOSLKOGFWlLKQGFLIOPGKQ N]OKOGJKJKOXZKQU

fNKGÄlOOKQGSOPGÍQISKOG^I\]LKOGKNOKOGISFJKQS]LKOGENOPQS\ÇUGEFGMIQKOG N]OKOÇKNOKGÍgHJKOGPKFGÅMWOghKQ]ËQFGIOeSFK]KOUG[NKGLQILKOGISTGN]OGeSGSOPGJIZKOGN]^

PNKG ÅIOPUG ÐEFG NFLG ISFJKFLIOPKOÒ_G KNOLKOG FNKUG ÐfIOÇK_G PIiG PSG FgG S^FN\]LNJQKIJNKQLG]IFLÔÒGmHËPKHGQIOOLKG]KQKNO_GJKTgHJLGhgOGPK^GYIHIÇLgÆYKOKLNÇKQU

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