ABCADEFGHEIEJKLEAMLNOLPLQERLQESTC

DQUEVGF

JWXEYNRLERLQEZ[\]^L]O _[NEAQNROEY]]3LQ

DEFG HFIJEIKLEMNOPQG RSPG TULVPWG XEFLYG EPG ZFPG [FKUSIG HVIPNVQNFI\]N^PPWUG _O QFLVPQFPYGO`GZSIUG ZFPGTOaUIVQGZFIGbSW`SKIVUFPG _OGFIacLLFPYG WMNFEPUG VOBFINVLC ZFIGDEQLEMNKFEUFPGZFWGTIKSPEZFPG_OG LEFQFPFGDFPPGCFE`GFPUWMNFEZFPZFPGbV`Ga QFQFPG HEZZFP\IG JOIZFG TULVPG ZEFG ]IOPZLVQFG _OIG JIacLLOPQG WFEPFWG TOaUIVQW FPU_SQFPKGZVWGLEWWFPGO`GZEFGbSSIZEPVUFPGRSPGHVIPNVQNFI\]N^PPWUF

DSMNGTULVPGQECUGPEMNUGVOaMGN GOFJOBUWFEPYGWEMNGZEFGRFILSIFPFPGbSSIZEPVUFPGJEFZFI CFWSIQFPG _OG cWWFPYG aSLQUG ZFIGTIKSPEZFG FEPFIG RVQFPG [GOIYG ZEFG EPG ZEFG ]VLVPEW IEEPP\DVIKVPUGacNIUYGJSGZEFG[QRGEPGFICEUUFIUFGbS`GaFGRFIJEMKFLUGJEIZF

[MNLEFBLEMNYG QFQFPG JPZFG ZFWG TVNIFWG UVWXG YFIIV_FEUYG FWKVLEFIUG ZEF TOWFEPVPZFIWFU_OPQG_JEWMNFPGTPUE\J[GOPZGTPUE\HS`OPKGVOaGZFIGFEPFPGOPZGTULVP OPZGZFPG[SLVPFIPGVOaGZFIGVPZFIFPG[FEUFGEPGFEPF`GWSLMNFPGDVBYGZVBGZEFG[QRGZFP [UOI_G EPWG ZEMNUWG JVQUG OPZG ZVCFEG PVMNG OVIW\[\OVIWG QFLVPQUYG EPG ZEFG VOWG _JFE EPFEPVPZFIGRFIWMN`SL_FPFPG]VLVPEFPGCFWUFNFPZFG[UFIPFPEPWFLF

DEFGHFINSLUPEWWFGZSIUGWEPZG`FNIGVLWGRFIJEIIFPZYGJEFGZEFG[SLVPFIGCVLZGFIKFPPFP `cWWFPFG DSMNG JSNIFPZG acIG ZVWG ]FPFIVUESPFPWMNEaaG VOaG ZF`G \LVPFUFPG ZFI TPUFIaFIIVPUFIGFEPFGREFQF_FEUGJFQFPGPSUJFPZEQFIG]FGVIVUOIFPGVPCIEMNUYGRFIWOMNU TULVPG`EUGWFEPF`GYFV`YGFEPFIGPFOFPG[GOIG_OGaSLQFPF

DEFWFGTKUESPFPGCFJEIKFPGDT[GJZDJGDJ]GHQHRLJRYGFFFY

DEFGHIJKLKFMNOPFPGQFNGROSIPNT

ULVIP ! "#$ %$&'()*# +#,-./01)21 ,)-. 3)1 *#3 4#.#)3(), *#$ 5'.67#618

WMENNGFPGXFMYIPZ[G\JVVOG]EFNLFMNGJPQG\JS^G_`FJZ ! "$#) 9'6:(#$ )3 ;)(,:1$#

PQRSRT

TUVWX UYX Z[[V\[X VU[V\X ]V^_X V[_`_a[bX cVdV[eX f`X dVga[[X [Uhi_X j^k_l UhieX mUV no\ap``V_lp[gV[X ia__V[X UhiX a[gVX qVU_X V[_rUhIV^_JX p[bX [p[X ra\X V`X orVU_eX Z[ VU[VYXIpgV^Wk\YUgV[XKUYYV^ Ik\jV\XV[_`_a[bXYU__V[XU[XbVYX`UhiXLV\WV`_UgV[bV[ MV`_VU[`IV\[Xba`XcVdV[JXp[bXV`Xrphi`e

nUV^VX Nai\YU^ Uo[V[X LV\gU[gV[eX ma`X cVdV[X OX lp[Phi`_X VU[X fU[lV^rV`V[X Lo[ rU[lUgVYXQYWa[gXOXgVra[[XUYYV\XYVi\Xa[XR\aW_XiU[lpJXp[bXV`Xd\VU_V_VX`UhiXSdV\ bV[Xra\YV[XRV\[Xap`eXf`X`phi_VXbUVX]P\YVJXbUVX^a[g`aYXad[aiYeXZ\gV[broXU[ UiYX Yohi_VX bV\X Lo[X bV\X Ta_p\X Lo\gVgVdV[VX m\a[gX gVrV`V[X `VU[JX bV[ cVdV[`\apYX lpX V\rVU_V\[X p[bX bUVX cVdV[`WaI_o\V[X `oX lpX gV`_a^_V[JX baUX `UV dV\^VdV[`WaI_o\V[Xrp\bV[Xp[bXbUVXfU`_V[lXgVrPi\^VU`_V_V[e

ma`X]ahi`_pYXgU[gXVU[iV\XYU_XbV\X`_V_UgV[Xd[aiYVXbV\XTVYjV\a_p\XUYXZ[[V\[ bUV`V\X]V^_e

fU[V`X TagV`X `_UVUX ba`X ]V`V[X a[X VU[VX M\V[lVeX qrVUX [a_S\ UhiVX TVU^VX VU[V\ MV[V`VXdV\Si\_V[X`UhiJXoi[VXbaUXVU[XMVba[IVXV[_`_a[beXf`Xra\X[Uhi_XVU[Ya^XVU[ Z[`_U[I_JX bV\X iUV\X `VU[V[X [Wa[gX [aiYeX f`X ra\X LUV^X lpX W\SieX f`X ra\X rUVX bUV f[_`_Vip[gXVU[V\X_Yo`jiP\VJXobV\XbUVXU^bp[gXVU[V`XlVa[`e

Q[bXrUVXRo[_U[V[_VX`UhiXap`XbV[X]ogV[XiVdV[XobV\XVU[XTVU^XbV\XV^ Ya``V[XUY`_VUgV[bV[XVV\XLV\`U[I_JX`oXWV`_Ug_VX`UhiXba`XcVdV[XUYXZ[[V\[XbV`X^a[V_V[e

ca[gVXqVU_Xd UVdXV`X`oeXmUVXPpUV\V[XhiUhi_V[XbV`X`_VU[V\[V[XKUYYV^ Ik\jV\`LV\P[bV\_V[X`UhieXUVXV\`_a\\_V[Xlp\XQ[dVrVg UhiIVU_JXp[bXbUVXbadVUXV[_`_ViV[bV[ Ma`VX dU^bV_V[X ]U\dV^X pYX bUVX dV\W^PhiVJX dVLo\X `UVX `UhiX U[X bV[X ]V^_\apY LV\W^Shi_Ug_V[X p[bX bUVX [ohiX g^a__VX dV\W^PhiVX bVYX LUV^VX ip[bV\__ap`V[bX Nai\VbapV\[bV[X V`hipUX bp\hiX V_Vo\VX p[bX V_Vo\U_V[X ap``V_l_V[eX M\oUVX R\a_V\ V[_`_a[bV[JX p[bX bUVX hip_liS^ VX bV\X ]V^_X V\iUV^_X U``VX p[bX _UVWVX ]p[bV[eX Tp\ rVU_V\X UYX Z[[V\[X P[bV\_VX `UhiX [Uhi_`eX mUVX VdV[rV^ V[X LV\ UVWV[X `UhiX p[b V\\VUhi_V[X[Uhi_XV[V[XlV[_\a^V[XV\VUhiJXU[XbVYXba`XcVdV[XV[_`_a[bXp[bXU[XbVY V`XUYYV\XIP^_V\Xrp\bVe

a^bX dV_\pgV[XbUVX TVYjV\a_p\V[X bo\_X [p\X [ohiXrV[UgVX ip[bV\_X M\abeX Z[X bUV`V\ia`VX_VU^_VX`UhiXba`XV[_`_a[bV[VXcVdVrV`V[eXf`XdU^bV_VXlrVUXI^VU[VXRk\jV\JXbUV lkgV\[bX bV\X p\`j\S[g UhiV[X M\kUVX bV`X fU[lV^rV`V[`X V[_gVgV[rphi`V[eX Zi\V Kap_X ra\X [ahigUVdUgX p[bX ^VUhi_X bVWo\YUV\da\JX p[bX `UVX ^Vphi_V_V[X U[X bV\UYYV\rPi\V[bV[X U[`_V\[U`eX mUV`X ra\X bUVX lrVU_VX ia`VX bV`X cVdV[`JX p[bX UV

gU[gXVU[iV\XYU_XbV\XV[bgS^_UgV[XV`_Ugp[gXUi\V`XcVdV[`\apY`e

mV\X[Phi`_VJX\Uhi_p[g`rVU`V[bVXhi\U__XIaYX`hi[V^ eXdV\\a`hiV[bX`hi[V^ X`oga\e f`XV[_`_a[bXVU[XTVYjV\a_p\`_p\leXmUVXdVUbV[X]V`V[Xra\V[XLo[XbV\XTa_p\Xba\apWLo\dV\VU_V_JXbV[[X`UVXdU^bV_V[X[ahiXrUVXLo\XVU[VXfU[iVU_XYU_XUi\eXUVXd^Pi_V[X`UhiXU[ Ui\VYXcVdV[`\apYXapWXp[bX_VU^_V[X`Uhie

a^bX ra\V[X V`X `VhilVi[JX da^bX lrVUip[bV\_`Vhi`p[bWS[WlUgeX R^VU[VJjV\^V[Pi[ UhiVX MVdU^bVX ra\V[X V`JX p[bX UVX logV[X iV^ VX jp\V[X a[X bV[X ia\_V[]P[bV[X bV`X ^a[V_V[IV\[`eX ma`X Wa`_X adgV`_o\dV[VX MV`_VU[X [aiYX bUVX [VpV[pd`_a[lV[X dVgUV\UgX U[X UhiX apWX p[bX jVUhiV\_VX UVeX f`X _\a[`jo\_UV\_VX UVJX p[bda^bXgadXV`XSdV\a^ XbV\[XVU[V`Xo\ga[U`hiV[XcVdV[``aW_`eXUVXbp\hira[bV\_V[bV[X^a[V_V[Xp[bXiU[_V\ UVUV[XVU[XTV_lXap`XWVU[V[JX^Vphi_V[bV[Xjp\V[e

m\VU_ap`V[bX rU[lUgVX cVdVrV`V[X ra\V[X V`X [p[JX p[bX Ui\VX f[_rUhI^p[gX UVU IVU[V\^VUXKU[rVU`XapWXbUVXV[bgS^_UgVXf\`hiVU[p[g`Wo\YXlpe

maX _\aWX VU[X Io`YU`hiV`X Q[gViVpV\X bV[X ^a[V_V[eX f`X ra\X VU[X T\ada[_X bV` Tahida\j^a[V_V[JXbV``V[XVlV[_\U`hiVXai[XVU[V`XTagV`XlpXbUV`V\XRa_a`_\ojiV WSi\V[XYpU_VeXf\Xj\a^ _VXgVgV[XbUVX`_VU[V\[VX]V^_Xp[bX\UUX`UVX Wa`_Xap`VU[a[bV\eUVXdViUV^_XUi\V[Xqp`aYYV[ia^_JXbohiXV`XV[_`_a[bXVU[XUUJXbV\XdU`X_UVWXiU[VU[XU[ bV[XRV\[X\VUhi_Ve

Z[_V\`_V^ a\VXMa`VXb\a[gV[XU[XbUVX]V^_XVU[JXapV\`_oWWXp[bX]a``V\`_oWWXp[bXVU[V[lai^X Lo[X fbV^ga`V[eX mV\X ]U[bX bV\X \UV`UgV[JX rVUUV[X o[[VX d\ahi_V p[`Uhi_da\VX cVdV[`IVUYVJX bUVX `UhiX U[X bUVX KS^ V[X bV\X rU[lUgV[X cVdVrV`V[doi\_V[Xp[bXUi\X]V\IXdVga[[V[eXmV\XUUXUYX^a[V_V[X`hi^oUX`UhiXrUVbV\JXp[bXbUVT\SYYV\XbV`XW\VYbV[XT\ada[_V[XWS^ _V[XbUVXPpUV\V[Xja^_V[Xp[bXM\PdV[XapWeXmUV VU[aiVRa_a`_\ojiVX_\pgXbV[XV[_`hiVUbV[bV[XZYjp^ XU[X`Uhie

ZYXRV\[XbV\X]V^_Xdai[_VX`UhiXVU[VXf[_`hiVUbp[gXa[eXmUVXcVdVrV`V[JXbUVX`UhiiV\ap`dU^bV_V[JXra\V[XI^VU[Xp[bXp[`hiVU[da\eXUVXra\V[XP^ hiV[XLo[X\o`a\o_V\a\dVXp[bXdVrVg_V[X`UhiXapWXrU[lUgV[XVU[hiV[XWo\_eXhi_X_ShIXra\V[XV`JXbUV `UhiXpYXba`XQ[_V\_VU^X Ui\V`XRk\jV\`XWo\YUV\_V[Xp[bX`oXVU[VX\_XVlpg`jp[I_XWS\ p[_V[Xp[bXodV[X`hipWV[eXmUVXI^VU[V[XcVdVrV`V[X`jS\_V[JXrUVXbUVX]V^_XpYX`UViV\pYXUYYV\XYVi\XV\`_a\\_VeXcP[g`_Xra\Xb\apUV[XbUVXo[[VXLo[Xg\V^ VYX]VUU SdV\X ]VUUd^apX U[X VU[V[X d^apV[X qp`_a[bX SdV\gVga[gV[eX dV\X Lo[X bVYJX ra` b\apUV[X ra\JX jS\_V[X bUVX ]V`V[X [Uhi_`eX f`X rp\bVX [ohiX UYYV\X IP^_V\JX p[bX UV dVga[[V[JX`UhiXbUVXf[V\gUVXVU[lpLV\^VUdV[JXbUVX`UVXlpYXdV\^VdV[Xd\aphi_V[e

mUVX P^ hiV[X dVga[[V[X lpX W\V``V[eX ]UVbV\X LV\gU[gV[X Kp[bV\__ap`V[bVX Lo[

Nai\V[eXZ[XbUV`V\XqVU_Xia__V[X`UVX`UhiXVU[V[XKoi^\apYXgV`hiaWWV[JXbV\XWS\X`UVXlpY RV\[X Ui\V`X cVdV[`X rp\bVeX Z[X bUVX QYiS^ p[gX bUV`V`X Koi^\apY`X W\aUV[X UVX Uhi TU`hiV[Xp[bXI^VU[VXKki^V[JXU[XbUVX`UVX`UhiXlp\ShIlogV[JXVbV\XWS\X`UhiXa^ VU[e

M^VUhilVU_UgXV\rahi_VXU[XUi[V[Xba`XMV`jS\XWS\VU[a[bV\eXUVX\VagUV\_V[XP[g`_ Uhip[bXp[gV`_SYJXp[bX[p\XbUVXI\PW_Ug`_V[XSdV\^Vd_V[eXUVXLV\YVi\_V[X`UhiJXp[bXda^bra\X bUVX p\`j\S[g UhiVX qai^X rUVbV\iV\gV`_V^ _eX UVX `jS\_V[X VU[a[bV\JX p[bX `UV dVg\UWWV[X oi[VX MVba[IV[JX baUX V`X Lo[X Ui[V[X LUV^VX gadJX baUX [Uhi_X VbV\X a^ VU[ VU`_UV\_VeX UVX dVga[[V[X lpX _a`_V[JX p[bX UVX Wo^g_V[X bV[X Vphi_V[bV[XbV\[X UY MV`_VU[JXbUVX UhiX U[XbV\XnV\ga[gV[iVU_Xap`gVd\VU_V_Xia__V[Xp[bXiV^ X ^Vphi_V_V[e mUVX rU[lUgV[X ]V`V[X WSi^_V[X bUVX ]P\YVJX bUVX baLo[X ap`gU[gJX oi[VX ba` mPYYV\ Uhi_X lpX ViV[eX UVX Wo^g_V[X U[`_U[I_ULX bV[X jp\V[X jio`jio\V`lUV\V[bV[ cVdV[`eXQ[bX`UVXW\aUV[XrVU_V\Xp[bXrVU_V\eXmV\XKoi^\apYXrphi`Xp[bXrphi`JXoi[VbaUX`UhiXbUVXV[gVXbV\X]V`V[XV[_`hiVUbV[bXLV\g\kUV\_XiP__Ve

f`X ra\X VU[X I^VU[V`X no^IJX ba`X p[gV`_SYX [ahiX apUV[X b\P[g_VeX f`X ra\X [Uhi_ U[_V^ UgV[_X p[bX Io[[_VX IVU[VX Q[_V\`hiVUbp[gX lrU`hiV[X b\U[[V[X p[bX b\apUV[ _\VWWV[e

fU[V\XbV\XfLo^p_Uo[``hi\U__VXia__VXVbohiXVU[V[XZYjp^ XiU[_V\^a``V[eXf\XdVrU\I_VJ baUX UVX UhiX U[`_U[I_ULX [ahiX apUV[X ra[b_V[X p[bX a[g`aYX p[bX _V_UgJX rUVX Lo[ VU[VYX UYYV\rPi\V[bV[X Kp[gV\X dV`VV^_JX [ahiX apUV[X W\aUV[JX bV\X hiS_lV[bV[ pUV[iap_XUi\V`XcVdV[`\apY`XV[_gVgV[e

Z\gV[bra[[XVYjWU[gXbV\XV\`_VXLo[XUi[V[XVU[VXfYjWU[bp[geXUVX`_aYY_VX[Uhi_Xap` UiYX `V^d`_JX p[bX `UVX IaYX [Uhi_X a^ X VYo_Uo[a^V\X cap_X ap`X bV\X j\VhiX p[b fUkWW[p[geXf`Xra\XVU[XgVU`_UgV\XZYjp^ JXbV\XVg UhiV\XZ[_V^ UgV[lXV[_dVi\_Ve

dV\XV\Xra\XVU[XUg[a^JXbV\XbUVXqp`aYYV[gVik\UgIVU_X`j\p[giaW_Xa[`_VUgV[X UVUe no[X baX a[X LV\p\`ahi_VX ba`Xd`_V\dV[X VU[V`X bV\X Zi\V[X hiYV\lJX VU[VX MVdp\_ ]oi^dViagV[e

Q[bXbV\X^a[V_XLV\^o\XU[X`VU[VYXZ[[V\[XYVi\Xp[bXYVi\Xa[Xa``Ve

NV_l_X gadX V`X IVU[VX j\p[giaW_V[X f[_rUhI^p[g`ad`hi[U__VX YVi\X rUVX W\SiV\eX ma` cVdV[XU[XbV\X`_VU[V\[V[X]V^_XLV\ UVWX\piUgXp[bXoi[VXQ[_V\`hiVUbp[gV[XU[XTagV`obV\XNai\V`lVU_V[eXma`XcVdV[XUYX_VU[XdVbp\W_VX[Uhi_XbV\Xp`dU^bp[gXLo[XViJKk\XobV\XUVhio\ga[V[e

Z\gV[bra[[X VU[Ya^JX rV[[X bV\X _VU[X p[bX bUVX U[X UiYX gV`jVUhiV\_V[X pd`_a[lV[ apWgVd\aphi_Xra\V[JXrS\bVXV`XIVU[V[XcVdV[`\apYXYVi\XgVdV[eXma[[Xra\Xaphi

bUVXfU`_V[lXbUV`V\X]V`V[XlpXf[bVe

oX ia__VX bUVX fLo^p_Uo[X V`X dV`_UYY_JX p[bX oX rS\bVX V`X gV`hiViV[JX rV[[X bV\ qVU_jp[I_XgVIoYYV[Xra\eXmUVX\o`a\o_V[XP^ hiV[XIo[[_V[XV`X[Uhi_XrU``V[JXbV[[ `UVX ia__V[X IVU[VX MVba[IV[JX rV[[g^VUhiX `UhiX Ui\VX Z[`_U[I_WPiUgIVU_X UYYV\ bVp_ UhiV\X V[_rUhIV^_VX p[bX UYX capWX bV\X qVU_X VU[X gVo\b[V_V`X M\pjjV[X p[b fU[lV^LV\ia^_V[XiV\ap`dU^bV_Ve

S\XbUV`V[XqrVUgXbV\XfLo^p_Uo[Xra\XV`XlpX jP_eXU_X bV[XV\`_V[X[lVUhiV[XLo[Z[_V^ UgV[lXra\X[ahiX`hiUV\Xp[Lo\`_V^ da\V\XqVU_XbUVX_p[bVXbV\XdU__V\V[X]ai\iVU_gVIoYYV[eX mV\X Z[[V[b\phIX bV`X ^a[V_V[X `a[IX `_P[bUgJX p[bX da^bX ia__VX bUV PpUV\VX MV`_VU[`I\p`_VX bVYX [Uhi_`X YVi\X V[_gVgV[lp`V_lV[eX mUVX `hirPhi Uhi gVro\bV[VJX`_VU[V\[VXKS^ VXb\oi_VXU[X`UhiXlp`aYYV[lp`_S\lV[e

mUVX]V`V[Xra\V[X VU[X TVU^X Ui\V\X ]V^_JX rUVXa^ VX cVdVrV`V[XapWX Ui\V[X VrVU UgV[^a[V_V[eX UVX jS\_V[X bUVX MVWai\JX p[bX bUVX p[dV`_UYYda\VX[g`_X LV\ UViX Ui[V[ rai\VX ]p[bV\I\PW_VeX mUVX V\`_V[X MVba[IV[X V[_`_a[bV[JX p[bX UVX Ydo U`UV\_V[ bUVXqpIp[W_Xp[bXbV[XQ[_V\ga[ge

qagiaW_XV[_`_a[bV[XbUVXV\`_V[XVg\UWW`LV\`phiVXa[XbV\XhirV^ VXlpXVU[V\Xa[bV\V[qVU_eXmaXdVga[[XbV\Xhip_lra^ Xap`X_VU[XlpXI[U\`hiV[eXV^ V[X ^k`_V[X`UhiXp[b\a`_V[Xa^ XMV`hio``VXbp\hiXbV[XKoi^\apYeXUVX_k_V_V[XbUVXV\`_V[XP^ hiV[Xp[b \Uhi_V_V[XVU[VXiVU^ o`VXnV\rU\\p[gXa[e

ma`X mp\hiVU[a[bV\X ra\X `oX g\oUJX baUX `UVX V`X U[X Ui\V\X a[UIX [Uhi_X VU[Ya^ rai\[aiYV[JX rUVX UhiX VU[X IS[`_ UhiV`X cohiX U[X bV\X KS^ VX Ui\V\X ]V^_X dU^bV_VX p[bVU[VXV_a^ IpgV^X iV\VU[_\UVdJX bV\X W\VYba\_UgVXUV`V[X V[_`_UVgV[eX mUVX TPiVXbV\fU[b\U[g U[gVX UVUXbUVXP^ hiV[X\piUgV\XrV\bV[eXUVX\o__V_V[X`UhiXlp`aYYV[Xp[b V\`_a\\_V[eX Zi\VX [g`_X hira[bJX p[bX ba`X Q[dVg\VUW UhiVX Io[I\V_U`UV\_VX UhiX lp VU[VYX MVba[IV[ro\_JX ba`X a^ VX V\WS^ _VJX oi[VX baUX WaUda\X ra\JX Lo[X rVYX obV\ rV^hiV\XM\pjjVXba`X]o\_XgVIoYYV[Xra\e

]a\dV^X^ap_V_VXbV\XgVU`_UgVXZYjp^ eX]a\dV^Xra\Xba`X]o\_XWS\XUi\VX]V^_JXWS\XUi\V[ cVdV[`\apYe

]a\dV^Xra\XUi\XcVdV[JXba`XLo[XbV\XTa_p\XgVWPi\bV_Xra\e

]a\dV^XYpU_VXp[_V\Xa^ V[XQY`_P[bV[XV\ia^_V[XrV\bV[e

12

nop qr q stuvtw v v pv ttr n v urw rx y w rvnovvx xpowy

xz{q5xx6xvru q 7 r v pxvrwru 8px vtovv 9 7 uvntv:vw;tvxvvuoprvq8wo w 9x5;8::6 ur trppxp

6ur

t7

x vr opv q prx qqr yrx

qv7v9 xrwvrpxwwnt t wwsrtrpptto

vu rvrwnttnwunVr9x5;8::6t

tR o 7 w nt u qtr t vr 7 rr rpp

7 : q x 9 pp v 9tR7r v 7 r q rr6zx

qstuvtrvr t9rr v : xp rr z{q5xx6 : R wr rt ypr y w r w

St rvv r v r r wr vv x w 6zxrrwr wvr7:8qtu wttr

rrtr ;w 7 n rRvrqt

qqttxrvtrpptT 9x5;8::6 w z{q5xx6 t xror nttr v rr nvr8nqrt tq7;tvt xvrpp

; r y w tv ow7 rx x w pp x qr v vr u z{q5xx6R p 7 r rrrtv

qq;vtwx 7 9rx qpptu7

vrr

ttruvxvr r rr r p tr 8ow qow t r vv o xr ; q zvp z{q5xx6 7 u wtr t x r 8r tx r v

rtoRvrq 9x5;8::6 r Rx npv vvrtrvpt79x5;8::6 5wt5r

xv79ovr

; q t 7 wr t 5r xrr qrr wx ;r 7x pporrturyvr r 7 pp v opxrupprqrt;tvrrv6pqt

5yp t r tt ro89r

s ;tv xr pp qr o 7 s t ttpvv xprwvr7r7prrr

7;tvvqw:8vr trrx9x5;8::6 zp xv 7 p s t r 5v or r

wrrvt xr tvor vxvr;qvS v r t z{q5xx6 xv xr xr6Xqo5wv 9x5;8::6t

x 5 p 9 uytovvpttt 5wqq ttx v qtnwsryv

qrrw xrwxvrntv

W

y r n ovv 7 x r 9rrtu7 xn ow trsrrrrtwt

yvtxru w u t p 9r rr qvrtttr :8porwtttp 9wr

uyrvrppppR

ppnr9rv qwrvp

6 6 w pp pp q pp 6 pp66

7xtz{q5xx6 w;tv8rxtru q w w 9 p7ntv

nw v t w rr 9r t 6p toxr97 nopovvr t 6rv v r:rnop r rt5ru yrv8rv;tvruyxv wvop;tvpp

xty9t;q t8ppqr qv7 :urpprtrs r;pr7 v 7 n rvor5rr:vpp xv x r vt xvr

ppRvrx uy

pp 6 pp x 9 w r pp tt v 6 9uyrww rvy

7 tt r qr t t u v 9ttur r v 7 tt p tttvsowq qt7tt 7t t 6 rw 9poqr

tt n xr uy xv v rr sr t 9 r tt r uy v v p x r 9

v x r 9 p v t v 7 p t vuypr r

Rxvrv;q7wr 7zp

7ttprnx r t x 7 nv r7xpr qr v 6pr rx n r xv v 7 t rvttxrvttr t q r p u p 5vtrrwr

7 pr q w xvvvor vvvqw:v xrvv

;qxrv;8nrqR

7 u ;tv r v qrvrr s : r R xrpp tvr s7 uor vr rrrw

xyrr7opvyq v 9yy r rrr

7xx srxppwr

xv r ; r v xxrrro9rvrt

7 r 8 5yp u w xr

wuy79rpv v p r q

w

23

TUVVWXYZ[\][^\XU_][^\`aZ[bX \Z`aX cUd[^Xb[^X ]e]WfZ[^][_XgVc]h[XcU`aXbU^`aX \[Z_[ iV[ZbU_jXkW_X\[Z_[_Xl[jV[Z][^_mXn^X]^UjX[Z_[X\`afc^h[oXjVe_h[_b[XiWpqZ_c]ZW_o bZ[XcUrXb[^Xl^U\]X]Z[rXcU\j[\`a_Z]][_Xfc^XU_bXbW^]X[Z_[XcUrrcVV[_b[oXbU_i[Vq^cU_[ jcc^k^c`a]X h[Zj][oX fea^[_bX l^Z\\X U_bX TUplX bZ[X a[VVj^m_[_X iWpqZ_c]ZW_[_Xb[^ nopXq[kW^hUj][_mX q_X \`afc_i[_b[pXn[[pc__\jc_jXjZ_jXTUVVWXUpXbZ[Xq[Zb[_ a[^UpmX rZ[Xn`aVc_j[X cUrX \[Z_[pX iWkrX \`aZVV[^][X j^m_X U_bX qVcUj^cUX U_bX h[Zj][ [Z_[X\`apcV[oXp[\\[^\`ac^r[XsU_j[XZ_XV[U`a][_b[pXtW]mXsUXcVV[pXuq[^rVUdXfc^ \Z[Xc_Xb[^XnkZ]h[XZ_Xb^[ZXn_b[_Xj[\kcV][_m

TUVVW\Xn`aVc_j[_iUV]XU_bXbZ[X[_]\k^[`a[_b[_Xnk^m`a[Xfc^[_XZ_hfZ\`a[_Xmq[^cVV q[ic__]mXn[Z]X[^XkW_Xb[^XnopXZ_XbZ[Xv,tT-poo.XU_bXkW_XbW^]XZ_XbZ[X/j0lt,q. j[iWpp[_Xfc oXjcqX[\X_Z[pc_b[_oXb[^XZa_X_Z`a]Xbc^cUrXc_j[\k^W`a[_Xac]][m

TUVVWX ]^UjX [Z_[_X V[Z`a]X j[^1][][_X iWkrX hU^X n`acUmX orr[_\Z`a]VZ`aX fc^[_X pc_`a[ v^cj[^XpZ]XZa^[_Xl[p[^iU_j[_X_Z`a]Xj[^cb[XhZpk[^VZ`aXj[f[\[_m

2n`aVc_j[oX bUX bc^r\]X bZ[X _e`a\][_X h[a_X Tcj[X i[Z_[X .ca^U_jX hUX bZ^X _[ap[_2o \eU\[V][Xl^Z\\X[_X3[^hc_imX2rc\X Z\]Xbc\XpZ_b[\][42X2n`a[^XbZ`aXhU^Xn`aVc_j[ pZ]Xb[Z_[pX,^pqc_b2oXb^1a_][XTUVVWmX2q aXf[ZdX\[Vq\]oXfc__XZ`aXj[_UjXacq[42

nZ[Xac]][_X\Z`aXpZ]X5^WkZc_]Xrm^XZa^[XnZ_\c]hc_hmj[Xk[^\W^j]oXcq[^XTUVVWXac]][Xrc\] bZ[XjeVr][XbckW_XZpXkW^cU\Xk[^h[a^]mXl^Z\\XaWqXb[_X^[`a][_X,^pmX,pXjc_bj[V[_i ]^UjX[^X[Z_Xb^[ZXs[_]Zp[][^Xq^[Z][\Xlc_bXcU\X^W]jWVb[_[pXjc^hmXrc^Z_Xfc^[_Xrm_r r^[pbc^]Zj[X q_\[i][_X [Z_j[jW\\[_oX bZ[X q[ZX _ea[^[pX jZ_\[a[_X c_ 6Z_Z\`aZVbi^1][_X [^Z__[^][_oX *[bW`aX kW_X Z^j[_b[Z_[pX o^]X Z_X +ZZ_,-6c^ic_] \]cpp][_mXl^Z\\Xq[acUk][][X\][ZrXU_bXr[\]oXbc\Xlc_bXfm^b[X\[Z_[Xp[_\`aVZ`a[_ q_\]Z_i]reaZji[Z][_X c_^[j[_mX n[Z]X [^X [\X ]^cj[oX acq[X \Z`aX q[ZX ZapX g[^U`a\-X U_b Tc\]\Z__X k[^\`ae^r]mX n[Z_X g[\km^X rm^X g[rca^[_X U_bX ,Ud[^j[f1a_VZ`a[\X \[Z j[fc`a\[_mXr[_Xj[^iU_r]\W^]Xb[\Xlc_b[\Xq[h[Z`a_[][X[^XpZ]X3Z_Zc^boXcq[^Xbc\ q[\cj][X_Z`a]\mXTUplXsf[UiXac]][Xq[ZXnn.n/,Xn^iU_bZjU_j[_X[Z_j[hWj[_mXrZ[ lZWkW\Z]^W_ZiX ic__][X Z_X +ZZ_,-6c^ic_]X i[Z_[_X o^]X bZ[\[\X .cp[_\oX U_bX l^Z\\ \`afZ[jX\Z`aXcU\oXfWXWb[^Xfc\X3Z_Zc^bXfc mX2jc]Xbc\Xlc_bXkW_X3Z_Zc^bXpZ]XbZ^ j[\k^W`a[_XU_bXbZ^XbZ[\[_Xtc]\`aVcjX rm^XTUVVWX[^][ZV].2XfWVV][XTUplXfZ\\[_mX2q_ f[V a[^Xnk^c`a[X^[b[]X[\X[Zj[_]VZ`a.2

2l[_[]Z\`aXWb[^X,_][^r[^^c_]Z\`aoXfc\X\W_\]2oXi_U^^][Xn`aVc_j[XU_bXr^[U][X\Z`ao bcdXl^Z\\XfW^]VW\Xb[_X,^pX\Z_i[_XVZ[dXU_bX\Z`aXZ_Xb[_Xbc^cUrrWVj[_b[_X6Z_U][_ \`af[Zj\cpX k[^aZ[V]mX n^\]X bc\X sZ^k[_X b[\X q_][^iWp\X ^ZdX cVV[X b^[ZX cU\X Za^[_

g[bc_i[_mXn\Xfc^X-\][^Xl^Z`ioXb[\\[_XiWkrXcUrXb[pXlZVb\`aZ^pX[^\`aZ[_m

2,UrXj[a]/\2oX\cj][Xb[^X/a[rkZVW]mX2YWhUXac]X,]Vc_X[U`aXpZ]j[_Wpp[_mXl[f[j] [U^[X]^ej[_Xp[Zq[^42

2nZ_\c]h42XkrZrrXn`aVc_j[mX2YZ^XiWpp[_42X3Z[^X6Z_U][_X\ke][^X\]c_b[_X\Z[XZ_Xb[^ s[_]^cV[oXU_bX,]Vc_XfZ_i][X\Z[XhUX\Z`amXn^Xk[^pZ]][V][X Za_[_Xbc\oXfc\X\Z[X Z_Xb[^ [^\][_XacVq[_Xn]U_b[Xmq[^Xbc\Xq__[^[Xb[\XjWaVkVc_[][_Xa[^cU\j[rU_b[_Xac]][_m rZ[X q__[_\[Z][Xb[^XjWaViUj[VXfc^XkW_XkaW\kaW^[\hZ[^[_b[_X,b[^_XbU^`ahWj[_o \WXbcdXZ_XU_pZ]][Vqc^[^X.ea[Xb[\Xg[\][Z_\X[Z_X\]e_bZj[\Xrepp[^VZ`a]Xa[^^\`a][m rZ[X n`af[^i^cr]X q[]^UjX 0o01X joX fc^X cV\WX k[^_c`aVe\\Zjqc mX vm^X bZ[ l[f[jU_j\r^[Za[Z]X b[^X 6[_\`a[_X fc^X \Z[X jV[Z`aq[b[U][_bX pZ]X b[^ n`af[^[VW\Zji[Z]mX rZ[X v[V\i^U\][X fc^X U_^[j[VpedZjX U_bX qW]X sc`i[_X U_b n^a[qU_j[_Xbc oXbZ[XbZ[Xg^1d[XkW_Xjmj[V_X[^^[Z`a][_mX,qXU_bXhUXfc^[_X Z_Xb[^ .ea[X b[^X /j0lt,q.X p[U`a][^\`a[Z_U_j[_X cU\hUpc`a[_oX cV\X j[q[X [\X bW^] pZ_ZpcV[XiW_h[_]^c]ZW_[_X[Z_[\X_[q[Vr1^pZj[_Xgc\[\m

2rZ[X n`a[Z_f[^r[^X b[^X /j0lt,q.X ^[Z`a[_X _Z`a]X f[Z]X j[_Uj2oX \cj][X ,]Vc_m 2,UrreVVZj[X 6c_1k[^X fWVV[_X fZ^X kW^[^\]X cU`aX U_][^Vc\\[_oX bcpZ]X U_\[^[X,_iU_r] _Z`a]X k[^^c][_X fZ^boX rcVV\X \Z[X [Z_[pX p1jVZ`a[_X g[j_[^X qZ\X *[]h]X [_]jZ_jmX,_Xb[^ g^[_h[X b[\X Wk]Z\`aX [^rcdqc^[_X l[^[Z`a\X jZq]X [\X jVc]][X vVe`a[_oX Z_X b[_[_X \W []fc\XfZ[Xp1`a[^XhUX[^i[__[_X\Z_bmXrW^]aZ_X^Z`a][]X\Z`aXU_\[^[X,Urp[^i\cpi[Z]42 2Yc^q[V42Xpc`a][X6c^`Wl_XaZ_][^Xb[^X6[_\`a[_j^Ukk[oXbW`aX_Z[pc_bXc`a][][ ZpX,Uj[_qVZ`iXbc^cUrm

2Y[^X\WVVXU_\Xq[jV[Z][_.2X[^iU_bZj][X\Z`aXTUplmX,U\XZa^[^Xjmr]j[j[_bXicpX[Z_ 5r[Zr]W_oX b[^X bZ[X ,_f[\[_b[_X cUraW^`a[_X VZ[dmX 2qa^X j[a]X cVV[Z_2oX \cj][X b[^ ,^iW_Zb[XpZ]X[Z_[pXpe`a[V_XZ_Xb[_X,Uj[_fZ_i[V_mX2Yc\Xp[Z_]X/a[\][^XbchU.2

nZj[_]VZ`aXac]][X[^Xi[Z_[_X.cp[_oX*[b[^Xfc^X\WXjU]XfZ[Xb[^Xc_b[^[m

2/a[\][^XfZ^bXcih[k]Z[^]2oX\cj][X[Z_[XbUpkr[Xn]Zpp[XkW_XTUpl\Xoq[^\`a[_i[V a[ mX2n\XfZ^bXkW^j[\`aVcj[_oXb[_Xv[]Z\`aXpZ]hU_[ap[_m2

TUVVWXpU\][^][XbZ[Xg[\Z`a][^Xb[^X-p\][a[_b[_XU_bXkVc]h][XVcU]Xa[^cU\m

2g[Z\][^X ZpX n`aZrrmX gVcUq]X Za^X c_X g[Z\][^.2X n][^_r[U[^X U_bX Tlc^ZX fUd][_X _Z`a] ^[`a]oX fc\X \Z[X pZ]X \[Z_[^X 2Ud[^U_jX c_rc_j[_X \WVV][_mX qpX _e`a\][_X 6Wp[_] Ve`a[V][X bZ[X v^cUX cU\X lc^\-3-lc^\mX nZ[X ac]][X \Z`aX bZ[X q_rW^pc]ZW_X cU\X TUpl\ g[aZ^_Xj[aWV]m

http:g[Z\][^.2X

2nZ_X5^W]a[\[_`WpkU][^2oX\][VV][X\Z[Xr[\]mX2rc\XZ\]Xb[^Xg[Z\]42

26c^`Wl_XqV[Zq]XaZ[^2oXp[Z_][X,]Vc_mX2n^XZ\]XhUXfZ`a]ZjmXYZ^X\[]h[_X\[Z_[Xn,Z\][_h _Z`a]XV[Z`a]r[^]ZjXcUr\XnkZ[V42

rcq[ZX qVZ[qX [\oX U_bX bZ[X b^[ZX nWVc_[^X hWj[_X cqmX nZ[X i[a^][_X Z_X Za^[X icqZ_[_ hU^m`iX U_bX p[Vb[][_X \Z`aX iU^hX bc^cUrX Z_X Za^[_X nZ_\c]hc_hmj[_X c_X [Z_[^X b[^ n`aV[U\[_mX,]Vc_Xp[Vb[][X\Z`aXmq[^XlW^brU_im

2l[ZpXj[^Z_j\][_X,_h[Z`a[_XkW_Xg[rca^Xi[a^]XZa^XhU^m`i2oX\`ae^r][X[^XZa_[_X[Z_m 23Z[VXgVm`i42

2rc_i[2oX \cj][_X \Z[X j[p[Z_\cpmX -_bX n`aVc_j[X rmj][X aZ_hU4X 2oqX fZ^X cVV[\ fZ\\[_oXfc\X_1]ZjXZ\].2

25c2oX p[Vb[][X \Z`aX b[^X /WpkU][^X Z_X TUpl\X l[Z_k^W]a[\[mX n^X ac]][X \[Z_[_ n]c_bW^]X ZpX Wq[^[_X T[ZVX b[\X oq[^\`a[_i[V\X U_bX k[^rmj][X mq[^X [Z_[_X vU_i][ZV \WfZ[X[Z_[_X,Ud[_VcU]\k^[`a[ mXl^Z\\XU_bXTUVVWXac]][_X\Z`aX\`aW_XWr]Xj[r^cj]oXfZ[ TUplXj[a[_XiW__][oXWa_[XbcdXpc_X Za^X[]fc\Xc_p[^i][mX.Z`a]X[Z_pcVXU_][^Xb[^ rU\`a[XrZ[VXbZ[X5^W]a[\[XcUrmXnZ[Xfc^XkW_XlZWpc\\[Xmq[^hWj[_oXbZ[XkW_XTUpl\ jcU]X_Z`a]XhUXU_][^\`a[Zb[_Xfc^XU_bXcVV[Xl[f[jU_j[_XU_bX\Wjc^Xbc\XnkZ[VXb[^ 6U\i[V_XcU\rma^][m

2Yc\Xp[Z_]Xbc\Xlc_bXkW_X3Z_Zc^b.2X r^cj][Xn`aVc_j[Xf[Z][ mXn^X\`aZ[_X\[Z_[_ 6U_bX_Z[XacV][_XhUXi1__[_m

l^Z\\X[_X3[^hc_iXjcqXi[Z_[X,_]fW^]mXrZ[X q__[_\`aV[U\[Xac]][X\Z`aXaZ_][^X Za_[_ j[\`aVW\\[_mX nZ_X pZ`a]X h[Zj][X c_oX bcdX bZ[X pUr]X cqj[\cUj]X fU^b[mX rc\ ,Ud[_\`aW]]X b[^X n`aZrr\amVV[X jVZ]]X hU^X n[Z][oX U_bX mq[^jc_j\VW\X UprZ_jX \Z[X bZ[ .c`a]m

l^Z\\X jcqX TUVVWX [Z_[_X n]WdX Z_X b[_X tm`i[_oX U_bX b[^X jlk[^Z_j[_Z[U^X ]cUp[V][ aZ_cU\XZ_XbZ[XlWb[_VW\Zji[Z]m

rc\Xq__[^[XkW_Xn`a*[kkXfc^][][XpZ]X[Z_Zj[_Xkal\ZicVZ\`a[_X-_p1jVZ`ai[Z][_XcUrm nWXjcqX[\XbZ`a]Xmq[^Xb[^Xv[V\Wq[^rVe`a[X[Z_[X[Z_Zj[^pcd[_XbZ`a][XpUr]\`aZ`a]m 6[_\`a[_X iW__][_X aZ[^X rm^X q[j^[_h][X s[Z]X c]p[_oX Wa_[X [^\]Z`i[_X hUX pm\\[_m pe_j[^XcV\X[Z_[XacVq[Xn]U_b[XaZ[V][_X\Z[X[\X*[bW`aX_Z`a]XcU\mXsUb[pX[_]aZ[V]XbZ[ pUr]X[Z_[_XaWa[_X5^Wh[_]\c]hXncU[^\]WrroXb[^XhUXnUkaW^Z[X rma^][XWb[^XhUX[Z_[p

6

^[j[V [`a][_XncU[^\]Wrr^cU\`amXY[V a[XT[`a_ZiXbZ[\[XpUr]\`aZ`a]XcpXlWb[_XaZ[V]o fc^X_Z`a]X[^i[__qc mXsf[ZXiZVWp[][^Xmq[^Xb[pXlWb[_Xfc^XbZ[Xgc\iW_h[_]^c]ZW_ \WXbm__oXbcdX\Z[X rc\]Xb[pX3ciUUpXb^cUd[_X ZpXY[V]^cUpXjV[Z`aicpmXl^Z\\X[_ 3[^hc_iX fZ_i][X \[Z_[_X l[jV[Z][^_oX fWq[ZX [^X bZ[X n]cqVcpk[X cUrqVZ]h[_X VZ[dmX n^ k[^hZ`a][][X bc^cUroX \Z`aX mq[^X vU_iX k[^\]e_bVZ`aX hUX pc`a[_oX b[__X [\X q[\]c_b ,qa1^j[rca mXn^Xci]ZkZ[^][X\[Z_Xtm`i\]Wdj[^e]oXU_bXTUVVWXU_bXTUplX]c][_X[\XZap _c`amX .c`aX [Z_[pX iU^h[_oX i^er]Zj[_X n`aUqX \`acV][][_X \Z[X [\X fZ[b[^X cqX U_b ]^Z[q[_Xb[^Xoq[^rVe`a[Xb[\Xg[\][Z_\X[_]j[j[_mXnZ_[_XjU][_XiZVWp[][^Xfc^[_X\Z[ [_]r[^_]oX U_bX Za^[X g[\`afZ_bZji[Z]X qVZ[qX hZ[pVZ`aX jV[Z`apedZjmX n\X r[aV][X bZ[ ,_hZ[aU_j\i^cr]oX bZ[X \Z[X cUrX b[_X lWb[_X aZ_cq^ZdmX 6Z_U][_Vc_jX ]^Z[q[_X \Z[ \`af[Zj[_bXbcaZ_mXrc\X_[qVZj[Xn`aZpp[^_XkW^X Za_[_X[_]kUkk][X\Z`aX_c`aXU_b _c`aXcV\X[Z_Xr[Z_[\Xg[\kZ_\]XcU\XkaW\kaW^[\hZ[^[_b[_X,b[^_oXbZ[Xbc\Xg[\][Z_ bU^`ahWj[_mX,qXU_bXhUXV[U`a][][Xc_Xk[^\`aZ[b[_[_Xn][VV[_X[Z_XpZ`a]XcUroXbc\X\Z[ c_XbZ[X.W^bVZ`a][^Xk[^\`aZ[b[_[^X5Vc_[][_X[^Z__[^][oXbZ[X[Z_X\]c^i[\X6cj_[]r[Vb q[\cd[_mX ,VV[^bZ_j\X qVZ[q[_X bZ[\[X n^\`a[Z_U_j[_X cUrX fZ_hZj[X vVe`a[_ q[\`a^e_i]mX6[a^XcV\X[Z_Xa[VV[^X.[q[VrV[`iXfc^X_Z`a]XcU\hUpc`a[_m

YZ[b[^X jcqX l^Z\\X pZ]X \[Z_[^X pcpk[X [Z_X s[Z`a[_mX rZ[\pcVX fc^X b[^X pZ`a]i[j[V _Z`a]X\`ac^rXU_bXqm_b[VZjXfZ[Xq[ZpX[^\][_X6cVmXn^Xk[^\`afcppXU_bXh[Zj][X[Z_[_ V[Z`a]XqVeUVZ`a[_XjcU`am

nZ[Xq[rc_b[_X\Z`aXZ_Xb[pXl[^[Z`aX[^a1a][^Xc]pW\kae^Z\`a[^XiW_h[_]^c]ZW_oXU_b b[^Xg[\][Z_\pc_][VXicpX\Z`a]qc^X_ea[ m

l^Z\\Xf[_b[][XUp\]e_bVZ`aXU_bX\[]h][X\[Z_[Xg[\`afZ_bZji[Z]XpZ]X[Z_[pXiU^h[_ l^[p\\]WdXa[^cqmXn^Xq^c`a][X\Z`aXZ_X[Z_[X5W\Z]ZW_oXq[ZXb[^X\[Z_[Xl[Z_[X\[_i^[`a] hU^Xoq[^rVe`a[Xh[Zj][_mXn[iU_b[_X\ke][^X\[]h][_X\Z[XcUrmXTUVVWX Vc_b[][XcUrXcVV[_ kZ[^[_oXU_bXTUplX\[]h][X\Z`aXfZ[XcUrX[Z_[_Xn]UaVXaZ_mXnZ_XV[Z\[^Xn[Urh[^XicpXmq[^ Za^[XpZkk[_oXbW`aX\Z[Xac]][XZa^XvU_ij[^e]Xb[\ci]ZkZ[^]mX.Z[pc_bXa1^][X\Z[mXl^Z\\ [_X 3[^hc_iX \[]h][X \Z`aX Z_X l[f[jU_jmX r[^X g^ckW][`a_Zi[^X icpX pZ]X b[_ U__c]m^VZ`a[_Xl[bZ_jU_j[_XcpXq[\][_XhU^[`a]mXn^X r[b[^][X V[Z`a]XkWpXlWb[_Xcq U_bX V[j][X [Z_[X n]^[`i[X kW_X jU]X b^[ZdZjX 6[][^_X hU^m`imX q_X [V[jc_][pX lWj[_ \[j[V][X[^XbU^`aXbZ[XpUr]mXl[ZXTUVVWXYZ[\][^\X\caXbc\X6c_1k[^X[a[^Xj^W][\iXcU\m qpX V[Z`a][_X repp[^\`a[Z_X b[\X lWb[_\X amkr][X [^X fZ[X [Z_X .ZVkr[^bX bckW_X U_b Vc_b[][XU_\c_r]XhfZ\`a[_Xhf[ZXv[V\[_oXbZ[X\kZ]hXZ_XbZ[Xj1a[X^cj][_mXnZ[X\]c_b[_ [_jXq[Z\cpp[_oXU_bX[^Xk[^iV[pp][X\Z`aXpZ]X\[Z_[pX,_hUjX^[j[V [`a]mXn^X^Ub[^][ pZ]Xb[_X,^p[_XU_bX1rr_[][XU_bX\`aVWdXVcU]VW\Xb[_X6U_bmXTUplXicpX_[q[_XZapXc_ U_bXhWjoXcq[^X\Z[Xq^c`a][XZa_X_Z`a]XjV[Z`aXr^[Zm

l^Z\\X[_X3[^hc_iX\`am]][V][Xb[_XiWkrXaZ_][^X\[Z_[^Xj[Vp\`a[Zq[mXn^Xb[U][][Xc_o

bcdX\Z[XhU^m`iqV[Zq[_X\WVV][_mXrc__XjZ_jX[^Xf[Z][ oXcq[^XTUVVWXaZ[V]XZa_XcUrm

2l[ZX b[^X hf1VrpcVX j[^Z_j[V][_X n`aVc_j[42X rVU`a][X [^X VW\mX 2nWVVX Z`aX aZ[^X [fZj \Z]h[_.2X 2jcV]/\X 6cUV2oX hZ\`a][X l^Z\\mX 2,q\WVU][X vU_i\]ZVV[4X q aX f[^b[X bZ[ ^Z_jr1^pZj[X v[V\rW^pc]ZW_X bW^]X b^mq[_X U_][^\U`a[_42X n^X [_]r[^_][X \Z`aX U_b pc`a][X[Z_[_Xj^Wd[_XlWj[_mXrZ[Xk[^_c`aVe\\Zjqc^[Xg^ckZ]c]ZW_X[^p1jVZ`a][XZap [Z_XU_q[p[^i][\X,_\`aV[Z`a[_m

l^Z\\X \km^][X b[_X r^U`iX b[\X,^pqc_b\X U_][^X \[Z_[pX [`a][_X jc_b\`aUamX rW^] kW^_X fc^X []fc\oX ^[b[][X [^X \Z`aX [Z_mX rZ[X tZ_jr[V\[_X fc^[_X _Z`a]X _c]m^VZ`a[_ -^\k^U_j\mXYZ[XcUrj[iV[q]XVcj[_X\Z[XkW^XZapm

3W^\Z`a]ZjXq[f[j][X[^X\Z`aXbc^cUrXhUmXn^X\`aWqX\Z`aXZ_X[Z_[_XnZ_\`a_Z]]XaZ_[Z_XU_b \U`a][X _c`aX b[pX lWb[_mX n^X rc_bX Za_X _Z`a]mX rc\X g[\][Z_X ZpX q__[^_X b[^ v[V\rW^pc]ZW_Xq[\cdXi[Z_[Xp[U`a]cb[^_mX,q\WVU][XrU_i[Va[Z]Xa[^^\`a][oXU_bXb[^ g^ckW][`a_Zi[^XVZ[dXbZ[Xpcpk[XcUrqVZ]h[_m

lVcU[X 7Ucb[^X Vcj[_X cpX lWb[_X [Z_[\X iV[Z_[_X i^c][^\mX YZ[X qj[VX fc^[_X \Z[X pZ] [Z_[^X -_hcaVX ,_][__[_X q[\]m`i]oX U_bX ^Z_j\a[^UpX q[\cd[_X bZ[X n][Z_[X U_b l^W`i[_XacVqiUj[Vr1^pZj[X,Ur\e]h[mX5[]h]XjVcUq][Xl^Z\\XcU`aX[Z_XV[Z\[\XnU^^[_XhU a1^[_oX bc\XcU\Xb[^XTZ[r[X icpXU_bX kW_Xb[_X,Ud[_pZi^WkaW_[_X \[Z_[\X,_hUj\ cUrj[_Wpp[_XfU^b[m

Y[V a[XvU_i]ZW_XbZ[X][`a_Z\`a[X,_Vcj[Xq[\cdoXfc^X_Z`a]X[^i[__qc m

2TUploXTUVVW2oX^cU_][X[ mX2iWpp]Xa[^XhUXpZ mXq aXq^cU`a[X-_][^\]m]hU_j42Xn^X[^aWq \Z`aXh1j[^_bXU_bX\`ae]h][XbZ[XrZ\]c_hXcqmXn^XfWVV][XaZ_cq\k^Z_j[_XU_bXbZ[X,_Vcj[ U_][^\U`a[_mX nZ[X rmVV][X b[_X i^c][^X jc_hX cU\oX b[^X [Z_[_X rU^`ap[\\[^X kW_X U_b \[`ahZjX6[][^_Xq[\cdmXrZ[X7Ucb[^XVcj[_Xhfc_hZjX6[][^XU_][^Xb[pX.Zk[cUXb[^ oq[^rVe`a[mXl^Z\\X[^aZ[V]Xi[Z_[X,_]fW^]XkW_X\[Z_[_Xg[rea^][_mX-_b[U]VZ`aX[^ic__][ [^X bU^`aX b[_X nZ_\`a_Z]]oX b[_X [^X q[_U]h]X ac]][oX bcdX b^cUd[_X hf[ZX n`ac]][_ kW^q[Z\cU\][_mXTUplXsf[UiXVZ[dX[Z_[_XtUrXb[^Xuq[^^c\`aU_jXVW\oXbc__Xa[^^\`a][ fZ[b[^Xn]ZVV[m

.[q[_Xl^Z\\X[,kVWbZ[^][X[Z_Xv[V\q^W`i[_mXn\XjcqXi[Z_[_XpZ`a]qVZ]hoXb[^XcUrX[Z_[ Ycrr[X aZ_j[fZ[\[_X ae]][mX n\X jcqX _U^X [Z_[_X bW__[^_b[_X n`aVcjoX U_bX bZ`a]X kW^ b[pXg^ckW][`a_Zi[^X^cj][X[Z_Xg[qZ^j[X[pkW oXbc\XkW^a[^X_Z`a]Xbcj[f[\[_Xfc m

nZ_X tWqW][^4X n\X fc^X [Z_X iWVWdX kW_X [Z_[^X 6c\`aZ_[oX U_bX \Z[X q[\cdX p[a^[^[ g^[Zrc^p[oX bZ[X \Z[X cqf[`a\[V_bX cUrX bZ[X v[V\[_X a[^cq\cU\[_X VZ[dmX YZ[b[^ h[^\k^c_jX [Z_X n][Z_oX U_bX l^Z\\X \km^][X bZ[X ,Ur\`aVej[oX bZ[X b[_X n`aU]hc_hUj

http:Z]h[_.2X

pcV]^e]Z[^][_mX6Z]X[Z_[pX^Z[\Zj[_Xnc]hXkW_XpZ_b[\][_\XkZ[^hZjX6[][^_Xq^c`a][X[^ \Z`aXZ_XnZ`a[^a[Z]m

r[^XtWqW][^X rWVj][X ZapmX,U`aX [^Xamkr][X q[b[_i[_VW\XbU^`aXbZ[X pUr]oX U_bX\[Z_[ pc_bU_jXfc^XpZ]X[Z_[pXpZ]]V[^[_Xn^bq[q[_Xk[^jV[Z`aqc m

l^Z\\X^[cjZ[^][X\WrW^]oXcq[^XbZ[X6c\`aZ_[Xfc^X\`a_[VV[ mX-_b[U]VZ`aX\caX[^X[Z_[_ \`aVc_i[_Xn`ac]][_oXb[^XcUrX Za_XhU^c\][mXn]fc\X ^Z_j[V][X\Z`aXUpX\[Z_[_Xi1^k[^ U_bX k[^bcpp][X Za_X hU^X l[f[jU_j\VW\Zji[Z]mX .U^X bZ[X ,^p[X iW__][X [^X _W`a q[f[j[_m

2TUVVWoX TUpl42X Z[rX [^X ac\]ZjmX 2j[Vr]X pZ^42X 2n[^k[_]Zc42X j^1V][X n`aVc_j[mX 2YZ^ \[a[_XbZ`amXYc\XZ\]Xbc\Xrm^X[Z_X6W_\]^Up42XnZ_X5r[Zr[_XWb[^X5cUV[_XrWVj][oXU_b cU\X b[_X ,Uj[_fZ_i[V_X a[^cU\X \caX l^Z\\oX bcdX \[Z_[X q[Zb[_X l[jV[Z][^X Z^j[_b []fc\X*cj][_mXvm^X[Z_[_XiU^h[_X,Uj[_qVZ`iX\caX[^X[Z_XfZ_hZj[\Xn]fc\XhfZ\`a[_ b[_Xn][Z_[_Xb[^Xoq[^rVe`a[mXn\Xq[f[j][X\Z`aXcUrXZa_XhUm

r[^XtWqW][^X\]cpkr][Xa[^c_XU_bXhWjXjV[Z`ah[Z]ZjXbc\Xn]caV]cUX[Z_oXpZ]Xb[pX[^ l^Z\\Xj[rc_j[_Xac]][mX,_Xb[pXiWVWdX1rr_[][X\Z`aX[Z_[Xj^Wd[XiVckk[oXaZ_][^Xb[^ a[VV[\Xv[U[^XVWb[^][mXl^Z\\Xkcd][XjU]Xhf[ZpcVXZ_XbZ[X8rr_U_jXaZ_[Z_m

2jZVr[42XhZ\`a][Xb[^Xg^ckW][`a_Zi[ oXU_bXrc\]Xmq[^jc_j\VW\XiVc_jX,]Vc_\Xn]Zpp[ Z_X\[Z_[pXj[Vp[pkre_j[^XcUrm

2Yc\Xpc`a]X Za^X rm^X[Z_[_Xi^c`a.2XfWVV][Xb[^X,^iW_Zb[XfZ\\[_mX2jcq]X Za^Xi[Z_[ pU\]oX [U`aX c_X bZ[X vU_i\]ZVV[X hUX acV][_.2X 2p[q[_\j[rca^42X jU^j[V][X l^Z\\mX r[^ tWqW][^Xfc^X*[]h]XbZ`a]Xmq[^XU_bX_[q[_XZapmX,]Vc_Xac]][XZa_[_X[Z_j[\`ae^r]oXq[Zp j[^Z_j\][_X ,_h[Z`a[_X kW_X g[rca^X \WrW^]X hU^m`ihUi[a^[_mX -_bX j[_cUX bc\ [^fc^][][Xb[^X,^iW_Zb[XZ_XbZ[\[pX6Wp[_]m

2sU^m`iXZ_\Xn`aZrr42Xq[rcaVX[ mXn]fc\X\k^c_jXl^Z\\X[_X3[^hc_iXc_mXn\XVc_b[][XcUr \[Z_[_X,^p[_X U_bX WVV][X Z_X \[Z_[X je_b[oX bZ[X [^X \`a_[VVX hUX jcVqiUj[V_X rW^p][m i[Z_[Xrm_rX6[][^XkW_XZapX[_]r[^_]X]cU`a][_XTUVVWXU_bXTUplXcUrmXnZ[Xq^[p\][_Xcq U_bXqVZ[q[_X\][ZrX\][a[_m

2n`aZ[d]42Xq^mVV][Xl^Z\\mX26c`a]Xb[pX6W_\][^Xb[_Xgc^cU\42

nZ[Xh1j[^][_X_W`aoXcq[^XbcX\km^][Xb[^Xg^ckW][`a_Zi[ oXfZ[X\Z`aXbc\Xn]caV\[ZVXUp [Z_[_X i1^k[^X V1\][mX n\X rZ[VX cqoX U_bX b[^X tWqW][^X \`aVWdX bZ[X iVckk[X \[Z_[\ iW_k[^][^\XU_bX^WVV][X[\X[Z_mXgV[Z`ah[Z]ZjXb^[a][X[^X\Z`aXUpXU_bXq[f[j][X\Z`aXZ_ tZ`a]U_jXb[^XtZ_jr[V\[_mXn^Xk[^\`afc_bXZpXn`ac]][_Xb[^Xn][Z_[mXrZ[X-pj[qU_j

http:acV][_.2X

6

fc^XV[[ oXcV\Xae]][X[\XZa_X_Z[Xj[j[q[_mX25rrr]42Xpc`a][Xl^Z\\mX2rc\Xfc^Xt[]]U_jXZ_ V[]h][^X.W]42Xn^X\]c^^][XcUrXbc\XiV[Z_[XrZ_jXZ_X\[Z_[_Xje_b[_mX26c^`Wl_4XrUXac\] bc\Xq[fZ^i].Xn\XjZq]Xi[Z_[Xc_b[^[Xn^iVe^U_j42Xr[^XiV[Z_[oX^W\c^W][XlcVVXkrZrrXU_b ]^eVV[^][Xbc__4

2l[fZ^i]mX.Z,Xq[fZ^i]mXlV[`aXqV[Zq/XlV[`a42

YZ[\][^\XU_bXsf[UiXfc^[_Xa[^c_mXnZ[Xrcd][_X_c`aXb[pXleVV a[_oXbW`aX[\X[_]hWj \Z`aX Za_[_X U_bX qVZ[qX Z_X l^Z\\/X je_b[_mX 2Y[^X ac]X b[_X v[]Z\`aX cU\X b[pX n`aZrr j[Vc\\[_.2XrVm\][^][Xb[^Xg^ckW][`a_Zi[ mX2,]Vc_oXa1^\]XbUXpZ].2

na[Xb[^X,^iW_Zb[X Z_Xb[^X/j0lt,q.Xc_]fW^][_XiW__][oX\]Z[dXTUplX[Z_[_X VcU][_ tUrXcU\mX-_jVeUqZjXb[U][][X\Z[XaZ_][^X\Z`amXrW^]X^c\][_X[]VZ`a[XfZ_hZj[Xn`ac]][_ mq[^X b[_X lWb[_X cUrX \Z[X hUmX n\X fc^[_X cVV[\X g[\]cV][_X fZ[X mmmX 2iWpp]X \WrW^] hU^m`i42X\cj][X,]Vc_X*[]h]mX2qa^X^[b[]XZ^ mX q j[_b[Z_XnZ_rVUdXk[^fZ^^]X[U`a4X6c^`Wl_ Z\]X aZ[^X ZpX n`aZrr42X 2leVV a[_42X VcVV][X n`aVc_j[mX 2pcU][^X leVV a[_mX q aX f[^b/ k[^^m`i]mXYWXiWpp[_X\Z[X_U^Xa[^.2

l^Z\\Xq[Uj][X\Z`aXkW^XU_bX[_]VZ[dXbc\XiV[Z_[XrZ_jXcU\X\[Z_[_Xje_b[_mXn\X^WVV][ cUrX\[Z_[X,^]j[_W\\[_XhUm

2n`a*[kk2oXpc`a][X[\XZpp[^XfZ[b[ mX2YZ^Xn`a*[kkmX3Z[VXn`a*[kk[^42

rZ[X,Ud[_pZi^WkaW_[Xmq[^]^Uj[_XbZ[XYW^][XcU`aXZ_Xb[_Xi^[Uh[ m

2Y[__Xbc\X_Z`a]\XZ\]2oX\cj][XTUplXrc\]XU_a1^qc mX2Yc\Xp[Z_]XZa^.Xjc]X\Z`aXU_\[^ ,U\rVUjXj[VWa_].2

2Yc^q[V42Xpc`a][X6c^`Wl_X[^_[U]oX cq[^XbZ[\pcVXjcV]X ZapXbZ[X,Urp[^i\cpi[Z] cVV[^X Z_Xb[^Xs[_]^cV[Xb[\Xi^[Uh[^\X,_f[\[_b[_mXnZ[XUp\]c_b[_Xb[_XTZ\`aoXcUr b[pXb[^Xv[]Z\`aX\[Z_[Xick^ZWV[_X\`aVUjm

2Yc\XZ\]XYc^q[V.2Xr^cj][Xn][^_r[U[ mX2Yc\Xq[b[U][]X[\oX6c^`Wl_.2

2Yc^q[VXZ\/XYc^q[V2oXicpX[\XcU\Xb[^X8rr_U_jXb[\XleVV a[_\mX2n\XZ\/Xp[Z_Xj[Zpm Yc^q[VXj[Zpc]42

2rUX\]cpp\]XkW_Xn`a*[kkmXr[Z_Xjc_h[\X3WViXV[q]XaZ[^42

25[kk42X9Uc^^][Xb[^Xv[]Z\`am

,]Vc_\X,Uj[_X V[U`a][][_mX3[^j[\\[_Xfc^Xbc\oXfc\X\Z`aXcUd[^Xb[pXn^\`a[Z_[_ b[^Xn`a*[kk[^X\W[q[_XcUrXb[^X q__[_rVe`a[Xb[^XjWaViUj[VXcqj[\kZ[V]Xac]][mXrc\ T[cpX cU\X 3[^hc_ioX YZ[\][^\X U_bX sf[UiX q[rc_bX \Z`aX cUrX b[pX tm`irVUjX hU^ /j0lt,q.m

2nZ_XT[ZVXb[\Xte]\[V\XZ\]XcV\WXj[V1\]2oX\][VV][X[^Xr[\]mX2n`a*[kkXZ\]Xq[fWa_]oXU_b bZ[X5^[hhc^[^acV][^XfUd][_XbckW_m2

nZ_pcVX p[a^X q[\]e]Zj][X \Z`aX [Z_[X 3[^pU]U_joX bcdX [^X hU\cpp[_X pZ]X Tlc^ZX Zp q__[^_X b[^X jWaVf[V]X j[f[\[_X fc mX rc\X 2g[a-f[j2oX fZ[X bZ[X ic^lpcU_[^X [\ q[h[Z`a_[]X ac]][_oX fc^X [Z_X Uprc\\[_b[\X T c_\pZ]][^_[]hoX bc\X \Z`aX UpX [Z_[ h[_]^cV[Xn]c]ZW_X^c_i][oXbZ[X\Z`aXZ_Xb[pXjWaVkVc_[][_Xq[rc_bm

n]fc\X c_b[^[\X _W`aX fc^X iVc mX rZ[X 5^[hhc^[^acV][ oX bZ[X sU\cpp[_qcVVU_jX cU\ ^U_bX]cU\[_bXcV][_Xl[_[][^VWj[_oXq[_U]h][_Xbc\X3WViXb[^Xn`a*[kk[ oXUpXpZ]XjZVr[ b[^X v[]Z\`a[X [Z_X _Z`a]X cqa1^qc^[\oX rU_i]ZW_[VV[\X .c`a^Z`a][_\l\][pX hU U_][^acV][_mX -_bX bc\oX WqfWaVX bZ[X v[]Z\`a[X _Z`a]X j[^cb[X mq[^X [Z_[X q[\W_b[^\ [Z_b^U`i\kWVV[X q_][VVZj[_hX k[^rmj][_mX -pX \WX j^1d[^X fc^X *[bW`aX Za^[X k\ZW_Z\`a[ veaZji[Z]X b[^X T[V[kc]aZ[mX n\X \]c_bX r[\]oX bcdX bZ[X v[]Z\`a[X bcpZ]X cU`aX bZ[ g[bc_i[_Xb[^X5^[hhc^[^acV][^Xcq\`aZ^p][_m

6c^`Wl_X U_bX \[Z_[X ,^]j[_W\\[_X ac]][_X [\X _Z`a]X r^[ZfZVVZjX j[]c_mX nZ[X fc^[_ j[hfU_j[_XfW^b[_oXU_bXbZ[X,_f[\[_a[Z]X[Z_[\Xnk^[_j\c]h[\XZ_X*[b[pXv[]Z\`a-ie\]`a[_Xfc^X[Z_[X\]e_bZj[Xl[b^WaU_jXj[f[\[_m

6Z]XnZ`a[^a[Z]oXjcqX[\X[Z_[Xj^Wd[X,_hcaVXkW_Xn`a*[kk[^_oXbZ[X\Z`aXZ_Xb[^Xg[fcV] b[^X5^[hhc^[^acV][^Xq[rc_b[_m

n]fcX ]cU\[_bX \Z_bX [\4X p[Vb[][X \Z`aX ,]Vc_\X n,]^c\Z__mX .Z`a]X p[a^X U_bX _Z`a] f[_Zj[ mXg[^cb[X\WXkZ[VoXfZ[X[\X5^[hhc^[^acV][^XjZq]4XrZ[Xv[]Z\`a[Xacq[_Xrm^X\Z[ [Z_[X mq[^^cj[_b[X l[b[U]U_jmX nZ[X \Z_bX [Zj[_]VZ`aX b[^X .[^kX b[^X jc_h[_ 3[^\`af1^U_jmXrZ[X5^[hhc^[^acV][^Xf[^b[_XcVV[\Xbc^c_\[]h[_oXU_\[^[_X3W^\]Wd hUXk[^[Z][V_4

25W\`c_2oX \cj][X ,]Vc_mX 2rc\X T ZWX ac]X [Z_[X ][`a_Z\`a[X n]c]ZW_X [_]b[`i]mX YZ^ pm\\[_X U_q[bZ_j]X fZ\\[_oX f[V a[X vU_i]ZW_X \Z[X [Z__Zpp]mX n\X i1__][X \Z`aX Up [Z_[_XT c_\pZ]][^Xac_b[V_Xea_VZ`aXb[poXb[_XTlc^ZXU_bXZ`aXq[_U]h]Xacq[_42

j[VVpU]X_Z`i][mXn^XjcqX,_f[Z\U_joXbZ[Xb^[ZXnWVc_[^X\WrW^]X_c`aXZa^[pXnZ_]^[rr[_XZ_ bZ[X s[_]^cV[X hUX q[W^b[^_mX nZ[XpUd][_Xj[_cUXfZ\\[_oXfc\X\Z`aXcUrX b[_Xv[V\[_

n`a*[kk\Xcqj[\kZ[V]Xac]][m

2YZ^X Vc_b[_2oX [_]\`aZ[bX ,]Vc_X bc__mX 2YZ^X \][VV[_X [Z_[_X iW_]ci]X hUX b[_ n`a*[kk[^_Xa[ mX6c^`Wl_XfZ^bXU_\Xbcq[ZX[Z_[Xj^Wd[XjZVr[X\[Z_mXq j[_bfZ[XpUdX[\ [Z_[X61jVZ`ai[Z]Xj[q[_oX\[Z_[pX3WViXj[j[_XbZ[X5^[hhc^[^acV][^XhUXa[Vr[_m2

2YZ^Xi1__][_Xbc\X3WViX[kciUZ[^[_2oX\cj][XTlc^ZmX2n\XjZq]Xj[_UjX5Ve]h[XZ_Xlc^\-3-lc^\oXfWX\Z[XU_[_]b[`i]Xf[Z][^V[q[_Xi1__[_m2X,]Vc_X\`am]][V][Xb[_XiWkrmXrc\ fc^Xi[Z_[Xp1\U_jmXn\XjZ_jXbc^UpoXb[_Xp[q[_\^cUpXb[^Xn`a*[kk[^XhUX[^acV][_ U_bX Za_[_X bcbU^`aX Za^[X n,Z\][_hX hUX \Z`a[^_mX nZ_X 3WVioX bc\X ZpX q__[^_X [Z_[\ 5Vc_[][_X\[Z_[Xj[Zpc]Xac]][oXiW__][X_Z`a]XWa_[Xf[Z][^[\Xk[^krVc_h]Xf[^b[_mX2YZ^ j[a[_X b[_X bZ^[i][_X Y[j2oX [^fZb[^][X [ mX 2rZ[X 5^[hhc^[^acV][^X \Z_bX aZ[^ [Z_j[b^U_j[_mXYZ^Xf[^b[_X\Z[Xk[^]^[Zq[_m2

2vcVV\X\Z[X\Z`aXqVZ`i[_XVc\\[_2oXfc^rXn][^_r[U[^X[Z_m

2q aXjVcUq[oXbcXq^cU`a[_XfZ^Xi[Z_[XnW^j[XhUXacq[_mXYZ^X\Z_bXZ_XZa^X,VV[^a[ZVZj\][\ [Z_j[b^U_j[_mX3[^j[d]XtlkcpX_Z`a]mXn]fc\XfZ^bXj[\`a[a[_mX.U^Xb[^Xs[Z]kU_i]XZ\] U_iVc m2X2YWXfZ^bX[\Xj[\`a[a[_.2

2jZ[ mX YZ^X \][a[_X U_][^X s[Z]b^U`imX YZ^X pm\\[_X b[_X T c_\pZ]][^X rZ_b[_X U_b q[\[]h[_oXq[kW^X[\XhUX\ke]XZ\]42

n^XjcqX-\][^Xl^Z`iX[Z_[_XYZ_ioXU_bXb[^X/a[rkZVW]X\[]h][X\Z`aXZ_X\[Z_[_Xn[\\[VXU_b \][U[^][X bZ[X /j0lt,q.X b[pX lWb[_X [_]j[j[_mX q_X U_pZ]][Vqc^[^X .ea[X b[^ tZ_jr[V\[_rW^pc]ZW_X\[]h][X\Z[XcUrmXn`a[Z_f[^r[^X\]c`a[_XbU^`aXbc\XjcVqbU_i[V U_bX [_]amVV][_X [Z_X ]^W\]VW\[\oX bU_i[Vq^cU_X qZ\X j[Vqj^m_X \`aZVV[^_b[\ oq[^rVe`a[_pW\cZimX,_Xpc_`a[_Xn][VV[_XfZ[\[_XbU_iV[XvV[`i[_XcUrXnZ_q^m`a[ Wb[^Xj1aVU_j[_XaZ_mXuq[^\e]Xfc^XbZ[\[\X6U\][^XpZ]X[Z_[pXbZ`a][_XT[kkZ`aXcU\ ^W\c^W][_X5U_i][_m

rc\X fc^[_X bZ[X n`a*[kk[ oX U_bX \Z[X \`aZ[_[_X bc\X n`aZrrX [^fc^]U_j\kWVVX hU UpVcj[^_mX2nZ[XfZ\\[_oXbcdX6c^`Wl_Xq[ZXU_\XZ\]2oX\cj][Xn][^_r[U[ mX2n\XjZq]XaZ[^ ZpXq__[^_X[Z_[XU_j[fZ\\[X][V[kc]aZ\`a[X,U^coX[Z_[X,U\\]^caVU_jmXnZ[Xj[a1^]XfWaV hU^X.c]U^Xb[^Xn`a*[kk[ m2

,U`aXTlc^ZX\km^][XbZ[\[X,U^cXU_bX\]Zpp][Xb[^XnWVc_[^Z_XhUm

,]Vc_XVZ[dXbZ[XlWb[_\`aV[U\[X1rr_[_XU_bX[Z_[XVc_j[oXrVc`a[Xtcpk[XcU\rca^[_mXn^ ]^UjX6c^`Wl_XpZ]X\Z`aXcUrXb[^Xjc_boXUpXZa_Xq[ZX\[Z_[pX3WViXcqhU\[]h[_mXrchU icpX[^X*[bW`aX_Z`a]m

nZ_Xg[fZpp[VXcU\XVcU][^X/a^Z\]qcUpiUj[V_XfWj][XkV1]hVZ`aXcpXU_][^[_Xn_b[Xb[^ tcpk[mXrZ[Xn`a*[kk[^Xicp[_Xa[^cUrmX q_X[Z_[pXbZ`a][_oX_Z`a]X[_b[_XfWVV[_b[_ 5UViX\]^1p][_X\Z[XZ_XbZ[Xn`aV[U\[XU_bXb[_XbcaZ_][^XVZ[j[_b[_XiW^^ZbW mXn^\]XkW^ b[pX,_]Zj^ckXpc`a][_X\Z[XacV]m

26c^`Wl_oX \k^Z`aX pZ]X Za_[_2oX \cj][X b[^X,^iW_Zb[X U_bX \[]h][X bc\X leVV a[_X cqm nWrW^]XqZVb[][X\Z`aX[Z_[Xgc\\[Xrm^Xb[_Xv[]Z\`aoXU_bX[^X[ZV][X\Z[X[Z_Xn]m`iX[_]Vc_jm rc__X k[^aZ[V]X [^X U_bX hWjX \[Z_[X l[Z_`a[_X [Z_X f[_ZjX [Z_oX \WX bcdX [^X cUrX b[p U_][^[_Xn_b[X\[Z_[\XtUpkr[\XhUX^Ua[_Xicpm

,q\WVU][X n]ZVV[X i[a^][X Z_X b[pX iW^^ZbW^X [Z_mX rZ[X n`aV[U\[X amVV][X \Z`aX Z_X [Z_[_ n_[^jZ[\`aZ^poXUpX[Z_X\][]Zj[\Xn_]f[Z`a[_Xb[\XpUr]j[pZ\`a\XhUXk[^aZ_b[^_mXrZ[ n`a*[kk[^X iWppU_ZhZ[^][_X cUrX ][V[kc]aZ\`a[^X lc\Z\X pZ][Z_c_b[ oX cq[^X f[b[^ n][^_r[U[^X _W`aX Tlc^ZX fc^[_X Z_X b[^X pcj[oX Za^[X g[bc_i[_X cU\hU\kea[_mX .c`a [Z_[^XY[ZV[X\[]h][X\Z`aXb[^XsUjXb[^Xn`a*[kk[^X Z_Xl[f[jU_jXU_bX\]^1p][XbU^`a b[_X ,_]Zj^ckX qZ\X Z_X bZ[X s[_]^cV[X aZ_cUrmX YZ[X [Z_X lVUp[_q[[]X Vcj[^][_X bZ[ ^W\c^W][_X leVV a[_X cUrX b[pX lWb[_X U_bX k[^bcpp][_X bZ[X nWVc_[^X hU^ l[f[jU_j\VW\Zji[Z]mX,]Vc_X\`acrr][X[\Xj[^cb[X_W`aoX[Z_[X.Z\`a[Xc_Xb[^XTm^XhU [^jc]][^_oXfWX[^X\Z`aXaZ_\][VV[_XiW__][mX26c^`Wl_oXfZ[XVc_j[XqV[Zq]XZa^.2Xr^cj][X[ m nZ_[\Xb[^XleVV a[_XjVZ]]Xa[^q[ZXU_bXiVcpp[^][X\Z`aXc_X\[Z_[Xn]Z[r[VmXn^X_capX[\ cUrmX 2.Z,X 6c^`Wl_mX j[Zd/X nWr[l_mX gU]oX r[Z_.2X q_X b[^X k[^fZ^^[_b[_o q^U`a\]m`iacr][_X nk^c`a[X [Z_[\X jcVqZ_][VVZj[_][_oX b[^X rm^X j[f1a_VZ`aX i[Z_[ ciU\]Z\`a[_X nk^c`af[^ih[Uj[X q[_U]h][oX [^heaV][X nWr[l_X _U_oX fc\X ZpX q__[^_ n`a*[kk\X kW^X \Z`aX jZ_joX bc\X \Z[X cV\X Za^[X j[Zpc]X q[]^c`a][][_oX Wa_[X kW_X b[^ ,Ud[_f[V]XhUXfZ\\[_mXs[_]^UpXZa^[^XvU^`a]XkW^Xb[_Xc_b[^[_XqZVb[][Xb[^Xo^]XWa_[ YZ[b[^i[a mXqa_XpZ[b[_X\Z[Xe_j\]VZ`aoXcq[^Xpc_`apcVXfU^b[_X[Z_Zj[Xn`a*[kk[^ kW_X b[pX r^c_jX q[rcVV[_oX bZ[\[_X o^]X cUrhU\U`a[_mX nZ[X k[^\`afc_b[_X bc__X rm^ Zpp[^XU_bXk[^\[]h][_XbZ[XsU^m`iqV[Zq[_b[_XZ_Xj^Wd[XvU^`a]m

5[]h]X *[bW`aX fc^X 6c^`Wl_X j[iWpp[_X U_bX ac]][X \Z[X cUrj[iVe^]mX n^X ac]][X Za_[_ q[^Z`a][]oX fc\X pZ]X b[_X k[^\`afU_b[_[_X n`a*[kk[^_X j[\`acamX rcdX \Z[X b[_ 5^[hhc^[^acV][^_X cV\X niVck[_X bZ[_][_X U_bX Z_X \]e_bZj[^X TWb[\c_j\]X V[q][_m 6c^`Wl_XicpXpZ]Xv^[U_b[_oXbZ[XZapXU_bX\[Z_[pX3WViXa[Vr[_XfWVV][_m

rZ[Xn`a*[kk[^Xac]][_XbZ[\Xq[^[Z]\Xj[\km^]oXcV\XbZ[X/j0lt,q.XcUrj[]cU`a]Xfc m nZ[X ac]][_X 6c^`Wl_\X n]ZppU_jX [pkrc_j[_mX r[\acVqX ac]][_X \Z[X b[_X r^[pb[_ tZ[\[_Xj[aWVr[_oXcV\Xb[^X[Z_[XkW_Xb[pXYe`a][^Xb[\Xi^c][^\Xc]]c`iZ[^]XfW^b[_ fc m

2j[VrX rm^Xn`a*[kk.2XiVckk[^][XnWr[l_mX25c2oX\cj][X,]Vc_mX2qa^Xi1__]Xq[^UaZj]X Z_

[U^[Xl[acU\U_j[_XhU^m`ii[a^[_mX6c^`Wl_XfZ^bXpZ]X[U`aXj[a[_mXY[__X[\XZ^j[_b []fc\X jZq]oX bc__X \[]h]X [U`aX pZ]X U_\X Z_X 3[^qZ_bU_jmX rZ[X /j0lt,q.X fZ^bX aZ[^ \][a[_qV[Zq[_42Xvc\hZ_Z[^]Xk[^rWVj][X[^Xb[_X,qhUjXb[^XleVV a[_oXU_bXcV\X V[]h][\ k[^VZ[dX6c^`Wl_XbZ[Xs[_]^cV[m

2.Z,X \]Z_i/oX bUX ,]Vc_2oX \cj][X [ mX n\X fc^X bc\X j^1d][X iWpkVZp[_]oX bc\X [Z_ n`a*[kk[^X[Z_[pXc_b[^[_XY[\[_Xpc`a[_XiW__][oXbW`aX,]Vc_Xk[^\]c_bX[\X_Z`a]XZ_ \[Z_[^X jc_h[_X l[b[U]U_jmX n^X fUd][X _U^X [Z_[\4X n^X fWVV][X bZ[\[\X 3WViX kW_X b[^ -_][^b^m`iU_jXbU^`aXbZ[X5^[hhc^[^acV][^Xq[r^[Z[_m

26c`a]X bZ[X /j0-,X iVc^2oX \cj][X [^X hUX -\][^X l^Z`iX U_bX 5W\`c_X j[VVpU]mX 2YZ^ f[^b[_XpZ]Xb[^Xnkc`[-5[]X_c`aXb[pXo^]XWa_[XYZ[b[^i[a^X\U`a[_m2

2q aXiWpp[XpZ]2oX\cj][XTlc^Zm

r[^X,^iW_Zb[X_Z`i][mXn\Xfc^XZapX^[`a]mXn^Xac]][X[Z_[_Xjc_hXq[\]Zpp][_X3[^bc`a]o fW^UpX[\X\Z`aXq[ZXb[pXo^]XWa_[XYZ[b[^i[a^Xac_b[V][m

34

DEFGHIJKLDKMNKOOKGPQRRFGSETPGPFEUVETPGQWXGYFZG[F\G\FUQTPR]G^EFGY_EXRFRFGEZ YFZGJFF__QWUG`aESTPFZGYFZGbFEYFZGHVQZFRFZGPEZFEZcGWZYGEP_FGdQPZGaQ_GVQZ\GWZY `FER_QWbFZY]GeWTPGYQSG\FPf_RFG WGYFUGHVQZcGYFZGYF_GIWTPSGQWXG SFEZFUGgP_hZ QWS\FPFTiRGPQRRF]GHhhTPGjFVFRRQkDFVGPEFVRGUERGMFTPRGYQSGeURGQVSGJEZklPQZGEZZF]

DF_G m`F_XhZF_G PQRRFG hPZFG YQSG [ESSFZG YF_G hVQZF_G FEZFG \FPFEU\FPQVRFZFG WZY bFUQZZRFGIh_STPWZ\S_QiFRFGQWXG YFZG [F\G\FSTPETiR]GK_GahVVRFGYQSGMnRSFVG AhZ ^TPBFCCGQWXGFE\FZFGIQWSRGVfSFZ]

DEFGHIJKLDKMNKOOKGaQ_GFEZGDEVEZYF_STPEXXGUERGFEZFUGSCER`FZGlF\FVQWXSQR GQU Ah_YF_FZGKZYF]GDQSGNFTiGVEFXGEZGYFZGg_EFbaF_iFZGQWScGYEFGQWXGTPFUESTPF_GdQSES Q_bFERFRFZ]G ^EFG STPVFWYF_RFZG EP_FG OQSFG EZSG eVVcG WZYG YF_G eZY_WTiG C_FFRFG YEF eSR_hZQWRFZGEZGYEFGlhZRW_SER`F]

GKSG \EbRG iFEZFG MFRRWZ\G XH_G WZScG aFZZG FRaQSG ZETPRG iVQCCRIcG SQ\RFG OF_EG jF_Xhik DWUUFSTPcGYF_GJQAE\QRh_GYF_GdFSQR`WZ\]GGKSGbVFEbRGWZSGZW_GYF_GghYG XH_GWZSF_ jhViKI

GmZSEZZKIG DEFG ^REUUFG YFSG lhUUQZYQZRFZG VQ\G STPaF_G HbF_G YFUG iVFEZFZ ^RFWF__QWUGEUGlF\FVGYF_GMQiFRF]GjE\hGLQZhRRFVkDaQ_iGbFaF\RFGSFEZGNQWCRQW\F ZQTPG VEZiSGWZYGaQ_XGYFUGJQAE\QRh_GFEZFZG\FXnP_VETPFZGdVETiG`W]GGDF_GJEZklPQZc WZSF_G LhZQ_TPcG PQRG aFESFG WZYG WUSETPRE\G \FPQZYFVR]G DF_G JQTPRFEVcG YQFG aE_G ZW_ HbF_G FEZFG FEZ E\FG FEZSQR`bF_FERFGMQiFRFG AF_XH\FZcG aE_YG YW_TPG YEFGeZaFSFZPFER YF_GI_FUYFZGUFP_GQVSGaFRR\FUQTPR]GOF_QRFZGaE_GEZGFEZFGQWSSETPRSVhSFGJQ\FcGaE_Y YEFSF_GeRVQZGFEZFSGSFEZF_GlW\FVSTPEXXFGSTPETiFZGWZYGWZSG_FRRFZ]GIH_GWZSGbFSRFPR iFEZG MESEih]IG GebF_G aE_YG YF_G I_FUYFG VQZ\FG \FZW\G QWXG m`F_XhZG bVFEbFZMI `aFEXFVRFGOF_EGjF_XhikDWUUFSTP]

GK_G aE_YG ^TPBFCCG QZXVEF\FZ]G dESG YQPEZG SEZYG aE_G VnZ\SRG Yh_RG WZYG EPU `WAh_\FihUUFZ]G DQZZG aE_YG F_G SFEZFZG AF_aQTPSFZFZG NQQ_i_QZ G QWX_ETPRFZG Ah_ VQWRF_GNhTPQTPRWZ\GAh_GWZSF_F_GJFESRWZ\]I

KSG aQ_FZG XQSRG YEFSFVbFZG [h_RFcG YEFG YF_G JEZklPQZG EPUG bFEG EP_FUG ebXVW\ UER\F\FbFZGPQRRF]GHhhTPGjFVFRRQkDFVGPQRRFGQVVFSGWZRF_ZhUUFZcGWUGYEFG^hVQZF_ `WUGdVFEbFZG`WGb_EZ\FZGWZYGSFEZFUGFE\FZFZG^TPEXXGFEZFZGjh_SC_WZ\G`WGSETPF_Zc YF_G\_hFG\FZW\GaQ_cGWUGYQSGOFPFEUZESGYFSGQTPRFZGHVQZFRFZG`WGFZR_nRSFVZ]GDF_ lhUUQZYQZRG STPVhFG SFEZG NQWCRQW\FcG YFZZG YQSG \_FVVFG JETPRG YF_G bVQWFZ MEFSFZShZZFGLQSEVQZGSRQTPGYW_TPGYEFGlQbEZFZXFZSRF_GPF_FEZ]GJQTPGiW_`F_GHQWSF

bF\QZZFZGYEFGg_EFbaF_iFGF_ZFWRG`WGXFWF_ZGWZYG_ESSFZGYEFGMQiFRFGAh_an_RScGYFU MnRSFVGEZGSFEZF_GSTPEUUF_ZYFZG^TPWR`PHVVFG`W]GlFEZGm`F_XhZF_GPQRRFGFEZFGePZWZ\c aQSGYEFSF_G^TPE_UGbFaE_iRFGhYF_GaEFGF_G`WGYW_TPY_EZ\FZGSFE]G^EFGaH_YFZGSETPGQWX EP_FZG KEZXQVVS_FETPRWUG AF_VQSSFZG WZYG FZRSC_FTPFZYG PQZYFVZ]G DF_G NbF_VEFXF_WZ\ YFSGZFWZRFZGHVQZFRFZGZQTPGaQ_GYF_GKZF_\EFSTPE_UGFEZFGZQRH_VETPFGK_STPFEZWZ\ ^TPBFCCS]GK_GaQ_GEUUF_GYQ\FaFSFZcGShVQZ\FGFSGFZRSC_FTPFZYFGLFF\F_nRFGQWX m`F_XhZG\Qb]

KEZGlVEZ\FVZGSFR RFGFEZ]GjE\hGLQZhRRFVkDaQ_iGSTP_QiGQWX]GK_GSR_FTiRFGFEZFSGSFEZF_ dFEZFG QWSG WZYG bFRnRE\RFG FEZFZG IWFSTPQVRF_]G KSG aQ_G YF_G NQWCRSTPQVRF_cG WZY QW\FZbVETiVETPG SFR RFZG YEFG g_EFbaF_iFG QWScG F_VhSTPG YEFG lQbEZFZbFVFWTPRWZ\c XEFVFZG YEFG eZ`FE\FZG YF_G aETPRE\SRFZG OF_nRFG QWS]G NEVXVhSG YHUCFVRFG YEF HIJKLDKMNKOOKGYW_TPGYFZGJFF__QWU]

G[QSGESRMGKEZGmZ\VHTiKGOGaFPKI

mZ_WPFGiQUGWZRF_GYF_GQWSGZFWZGm`F_XhZF_ZGbFSRFPFZYFZGdFSQR`WZ\GQWX]GLQZTPF_ ^FSSFVGiZQ__RFGWZRF_GYFZGF__F\RFZGdFaF\WZ\FZGSFEZFSGLZSQSSFZ]

G^FEYGSREVVKIGXVWTPRFGYF_GlhUUQZYQZR]GGDQSGlVEZ\FVZGESRGFEZGOFPFEU`FETPFZGWZY ihUURGYE_FiRGAhUGJEZklPQZ]GK_G`FE\RGWZSGQZcGYQFGYEFSF_GeRVQZGUERGFEZFUGhYF_ bFEYFZG^TPEXXFZG\FSRQ_RFRGESR]G[FZZGaE_GEPUG`WAh_ihUUFZGahVVFZcGYQ_XGF_GWZSGZETPR FZRYFTiFZKIG^EFGSTPaEF\FZGAF_YWR RcGWZYGjE\hGQiREAEF_RFGFEZGJhRQ\\_F\QRcGShGYQF SEFG aFZE\SRFZSG FEZFZG gFEVG YF_G eZVQ\FZG bFhbQTPRFZG ihZZRFZ]G JW_G aFZE\F DFERFEZPFERFZGSCnRF_G`h\GEZG\_hFF_GKZRXF_ZWZ\GFEZGKTPhGQZGYF_GMQiFRFGAh_bFEcGbFE YFSSFZGeZbVETiGWZYGYF_GOFSTPaEZYE\iFERGSETPGYF_GNQQ_i_QZ GYFSGlhUUQZYQZRFZ SRFEVG QWX_ETPRFRFG WZYG WZZQRH_VETPG WG ERRF_ZG bF\QZZ]G lW_ G YQ_QWXG aQ_G YQSG KTPh AF_STPaWZYFZ]

GNQbRG EP_G FSG \FSFPFZMIG SRQUUFVRFG jE\hG LQZhRRFVkDaQ_i]G GKSG aQ_G FEZ OFESRF_STPEXX]GDEFGI_FUYFZGXVEF\FZGUERGOFESRF_STPEXXFZKIGK_GYQTPRFGBFR RGZW_GZhTP YQ_QZcG YQFG SEFG QWXG iFEZFZG IQVVG `WG SCnRG ihUUFZG YW_XRFZ]G K_G QiREAEF_RFG QVVF ^ESRFUF]G DEFG g_EFbaF_iFG b_HVVRFZG QWXcG WZYG YEFG HIJKLDKMNKOOKG _QSRFG WZRF_ AhVVF_G dFVQSRWZ\G YF_G aEZ E\FZG lW\FVG AhZG TPBFCCG FZR\F\FZ]G DF_G lhUUQZYQZR VEFFG QVVFG NFUUWZ\FZG XQVVFZG WZYG PEFVRG SETPG iFEZFZG DFWRG UFP_G QZG YEF ^ETPF_PFERSAh_STP_EXRFZ]GK_GPQRRFGYFUGJEZklPQZGAF_SC_hTPFZcGYQFGF_GQVSGOFaEZZF_ `W_HTiiFP_FZG aH_YF]G K_G aH_YFG SFEZG jF_SC_FTPFZG PQVRFZcG aEFG QWTPG EUUF_]G DF_ eZY_WTiG C_FFRFG YEFG m`F_XhZF_G F_ZFWRG EZG YEFG FSSFVcG WZYG UQZTPF_G MQWUQZ`W\ HbF_GYFUGlW\FVif_CF_GWZYGYFZGQ_UYETiFZGdFEZFZGiZESRF_RFGWZRF_GYFUGD_WTi]

DEFG^RWZYFZGAF_\EZ\FZGSTPVFCCFZYGVQZ\SQUcGWZYGYEFGMQiFRFGi_hTPGUFP_GYW_TP

YQSGeVVcGQVSGSEFG XVh\]GmZYGYQScGhbahPVG EP_FGg_EFbaF_iFGWZQbVnSSE\G XFWF_RFZ]GDEF eZ`FE\FZG YF_G gQZiSG SQZiFZG AF_YnTPRE\G _QSTPG QbcG QbF_G jE\hG VEFFG SETPG ZETPR F_STPHRRF_Z]

GeRVQZGaE_YGSETPGWUGWZSGiHUUF_ZIcGSQ\RFGF_GBFYFSUQVcGaFZZGDaFEXFVGVQWRGaW_YFZ] GKSGbFSRFPRGiFEZFGOFXQP_KI

eWSGYFZG^RWZYFZGaW_YFGFEZG\QZ`F_GgQ\cGWZYGYEFSF_GAF_YhCCFVRFGSETP]GObahPVGYEF MQiFRFGYEFGHbF_PQWCRGF__FETPbQ_FGNfTPSR\FSTPaEZYE\iFERGXVh\cGiQUGSEFGF_SRGZQTP `aFEFEZPQVbGgQ\FZGEZGYFZGeZ EFPWZ\SbF_FETPG^TPBFCCS]GDF_GlhUUQZYQZRGY_FPRF YQSG TPEXXcG WZYG EZG YF_G VFR RFZcG ZhTPG Uf\VETPFZG FiWZYFG F_SRG bF\QZZG FSG SFEZ d_FUSUQZfAF_GWZYGSTPVFWYF_RFGSFEZFGKZF_\EFZGYFUGQTPRFZGHVQZFRFZGFZR\F\FZ]

GIF_RE\UQTPFZG`W_GJQZYWZ\IcGh_YZFRFGjE\hGLQZhRRFVkDaQ_iGQZGWZYGbFhbQTPRFRF QWXUF_iSQUcGaEFGSETPGYEFGVFR RFZGPXXZWZ\FZGQZGYFZGMQWUQZ`H\FZGYF_Gm`F_XhZF_ STPVhSSFZ]GDEFGEZRF_ZFZGjF_Sh_\WZ\SQZVQ\FZGZQPUFZGEP_FGe_bFERGQWX]

G[E_G F__FETPFZG YFZG TPE_UG EZG FEZF_G PQVbFZG RWZYFIcG SQ\RFG YF_G JQAE\QRh_G UER bFbFZYF_G REUUF]G G[E_G SEZYG AEFVG WG STPZFVVKIG DF_G lhUUQZYQZRG QiREAEF_RFG YEF `WSnR VETPFZG ^RFWF_YHSFZG WZYG bFZWR RFG SEFG FbFZXQVVSG `W_G d_FUSWZ\]G DEF HIJKLDKMNKOOKG_FQ\EF_RFGVQPUGaEFGFEZFGQVRFGNhVEbhWGUERGEP_FZGSFTPSGdFEZFZ] DF_G^TPE_UGiQUG EUUF_GZnPF_GWZYG VFWTPRFRFG\FXnP_VETPGPFVV]GDQPEZRF_GSQPFZGSEF WZYFWRVETPGYFZGOFSRFEZSUQZRFVGYFSGHVQZFRFZ]

GQhWZRYhaZIcGAF_iHZYFRFGOF_EGjF_XhikDWUUFSTP]

DQSG\_hFFGOP_GFEZFSGBFYFZGm`F_XhZF_ScGYQSGSETPGhbFZGQWXGYFUGlf_CF_GEZGFEZF_ SCF EFVVFZGeWSbFWVWZ\GYFSGMQWUQZ`W\SGbFXQZYc

STPaQZiRFG\FXnP_VETPGPEZGWZYGPF_]GRFYF_G VQWSTPRFcGhbGF_GFEZGlZE_STPFZGhYF_GFEZ QZYF_FSGOF_nWSTPGFUCXQZ\FZGaH_YF]

JETPRSG\FSTPQP]GDQSG^TPEXXGbF_HP_RFGYFZG^TPE_UcGWZYGQW\FZbVETiVETPGF_VhSTPGYEF e_bFERGYF_Gg_EFbaF_iF]GMWPFGiFP_RFGFEZcGYEFGMQiFRFG\VERRGaEFGYW_TPGFEZFZG`nPFZ d_FEG PEZYW_TP]G DQZZG QbF_G \QbG FSG FEZFZG MWTicG WZYG SEFG SCH_RFZG YEF dFSTPVFWZE\WZ\cGUERGYF_GSEFGYF_GObF_XVnTPFGFZR\F\FZ_QSRFZ]GDF_GlhUUQZYQZR PQZREF_RFGAF_\FbFZSGQZGYFZGlhZR_hVVFZ]GDEFGLhRh_FZGSC_QZ\FZGZETPRGUFP_GQZcGYEF g_EFbaF_iFGbVEFbFZGSRWUU]

DEFG HIJKLDKMNKOOKG AF_aQZYFVRFG SETPG EZG FEZG OFSTPhFcG YQSG ^TPBFCC FZR\F\FZ_QSRF]GGDWGPQSRGWZSG EZGYFZGghYG\FXHP_RIcGSQ\RFGYF_GJQAE\QRh_GUERGSETP

HbF_STPVQ\FZYF_G^REUUF]GGNhXXFZRVETPGPQSRGYWGiFEZG`WGVFETPRFSG^RF_bFZKI

GOGJEZklPQZKIGnTP RFGjE\hGLQZhRRFVkDaQ_iGZhTP]GDQZZGiQUGYF_GeWXSTPVQ\]GDEF MQiFRFG i_QTPRFG UERG YFUG NFTiG Ah_QZG WG dhYFZG WZYG F_XEFVG EZG SEFbFZWZYAEF_ E\ gFEVFcGAhZGYFZFZGFEZGCQQ_GFSCVhYEF_RFZ]

O

dFEGBFYFUG^TP_ERRcGYFZGSEFGRQRFZcGbFEGBFYFUG[h_RcGYQSGSEFGSC_QTPFZGWZYGbFEGBFYF_ NQZYVWZ\cGYEFGSEFGAhVVb_QTPRFZcGPQRRFZGSEFGZW_GFEZFSG`WGXH_TPRFZ]

DQSGaQ_GKOKJ]

^EFGiQZZRFZGSFEZFGaQP_FZGDEFVFGZETPR]GebF_GSEFGSQPFZGEUUF_GaEFYF_cGYQFGKOKJ XQVSTPGPQZYFVRF]G^EFGbFhbQTPRFRFZGWZYGAF_UWRFRFZGYFSPQVbcGYQFGKOKJG\Q_GZETPR ahVVRFcG YQFG YEFG bFEYFZG OQVQSEFZG IQ_EZRG WZYG dQ_SG aEFYF_G AhZFEZQZYF_G \FR_FZZR aW_YFZ]

eVShGaQ_G FSG EP_G hbF_SRFSG DEFVG aEFGbESPF_]G^EFGaQ_FZGUERG FEZFUUQVGYEFG FEZ E\F l_QXRGEZGIQ_EZRcGYEFGYEFGLQTPRUERRFVGbFSQFcGYEFSFSGQVRFGDEFVG`WGAF_aE_iVETPFZ]GmZY SEFGaH_YFZGQWXGKOKJGQTPRFZGUHSSFZcGYFSSFZGebSETPRGahPVGYEFGeVVFEZPF__STPQXR HbF_GYQSGl_FbS\FSTPaH_GdQ_SkPkdQ_SGSFEZGShVVRF]

^EFGYW_XRFZGZETPRSGAF_SnWUFZcGWUGEP_FGOFYQZiFZGWZYGebSETPRFZG\FPFEU`WPQVRFZ] jh_GKOKJGWZYGAh_GYFZGjfViF_ZGAhZGdQ_ScGYFZFZGYF_GFZRaH_YE\FZYFGDWSRQZYG`W AF_YQZiFZGaQ_]G RFR RGaQ_GYEFG[Q_ZWZ\GMECQUSGbFEG EPZFZGFEZ\FR_hXXFZcGWZYGSEF PQRRFG SEFG bESG EZG YEFG O_WZYXFSRFZG EP_F_G QVRF_ZYFZG HF_SfZVETPiFERFZG F_STPHRRF_R] MECQUSGdhRSTPQXRGaQ_GXQSRGFEZFUGNEVXFSTP_FEG\VFETP\FihUUFZcGWZYGF_GaQ_GZETPR YQ_QWXG W_HTi`WXHP_FZcG YQFG YF_GH_F``Q_F_PQVRF_G QVSG VFR RFZGeWSaF\G YFZG I_FERhY anPVRF]

^TPBFCCGaQ_GEZGOFXQP_]

LERG^TPBFCCGaQ_GYEFGO_\QZESQREhZGYF_GH_F``Q_F_PQVRF_GEZGOFXQP_]

DQSG OFPFEUZESG ^TPBFCCSG UWFRFG \FaQP_RG bVFEbFZ]G ^hZSRG aH_YFG FSG ZEFG FEZF dFFZYE\WZ\GYFSGWZaH_YE\FZGDWSRQZYSG\FbFZ]GDEFGbFEYFZGOQVQSEFZGaH_YFZG XH_ QVVFGKaE\iFERFZGEZFEZQZYF_GPnZ\FZGWZYGYFZGghYGQVVF_GEZGEP_GVFbFZYFZGLZRFVVE\FZ`FZ bFYFWRFZ]

^EFGUWFRFZG^TPBFCCG _FRRFZcGWZYGaFZZGFSGYFZGUFESRFZGAhZG EPZFZGUERSQURG EP_FZ

IFRESTPFZGYQSGJFbFZGihSRFRF]

KEZ`FVZFG H_F``Q_F_PQVRF_G WZYG IFRESTPFG aQ_FZG F_SFR`bQ_]G TPBFCCG BFYhTPG ZETPR] DECPQWGSFR RFGYQSGlnSRTPFZGUERGSFEZFUGIFRESTPGbFPWRSQUG`WGdhYFZ]GK_GPhTiRF SETPGYQZFbFZGWZYGSTPVhFGYEFGeW\FZ]GK_GihZ`FZR_EF_RFGSETPGQWXGYQScGaQSGlFRiQ_ EPUGShFbFZGUER\FRFEVRGPQRRF]GDF_GIFRESTPGaQ_GQWX\F_F\RGaEFGF_GSFVbSRcGhbahPVGF_ iFEZFGK_EZZF_WZ\GQZG^TPBFCCGPQbFZGihZZRF]GKSG\FPf_RFGUERG`W_GdFPQZYVWZ\GAhZ IFRESTPFZG Ah_G EP_F_G eWX\QbFcG YQFG UQZG EP_FG bFaWFRFG K_EZZF_WZ\G QZG YEF jF_\QZ\FZPFERG WZYG EP_FZG NF_iWZXRSh_RG VfSTPRF]G GlFRiQ_IcG SQ\RFG YF_ H_F``Q_F_PQVRF_]GGKEZFGdhRSTPQXRGQZGQVVFGQZYF_FZGK_PQVRF_]G[E_GUHSSFZGShXh_RGYEF ^TPEXXFGbFSRFE\FZGWZYG`W_G^hZZFGLQSEVQZGXVEF\FZ]GKSGESRGYEFGFEZ E\FGLf\VETPiFER] [F_G QWTPG EUUF_G SETPG Yh_RG PF_WUR_FEbRcG UWFG \FRfRFRGaF_YFZ]G mZSF_G OFPFEUZES YQ_XGZETPRGEZGX_FUYFGNnZYFGXQVVFZ]I

KSGaQ_FZGI_FUYFcGWZYGSEFGSRQUURFZGZETPRGQWSGIQ_EZRcGiQUFZGQbF_GQWTPGZETPRGAhZ dQ_S]G[F_GaWFRFcGEZGaFSSFZGeWXR_Q\GSEFGSETPGPF_WUR_EFbFZ]

lWVEQGeh\EGPQRRFGAh_GEPZFZG\FaQ_ZR]GjVEZ\GWZYGMECQUGPQRRFZGAh_GEPZFZG\FaQ_ZR]GKS aQ_GZETPRG\FVWZ\FZcGSEFGQWS`WSTPQVRFZ]GKSGaQ_GPfTPSRFGDFERK

GdhRSTPQQGESQG_QWSIcG_QSSFVRFGYF_GIFRESTP]GDW_TPGYEFG[QZYGYFSGlnSRTPFZSGiVQZ\ SFEZFG^REUUFGPhPVGWZYGYHZZ]GGlhUURGaQSGQZKIGDF_GIFRESTPGbF\QZZGSRhTiFZYG`W bF_ETPRFZcGaQSGF_GAhZGQZYF_FZGIFRESTPFZGQWXGQZYF_FZGHVQZFRFZGWZYG EZGQZYF_FZ ^hZZFZSESRFUFZGFUCXEZ\]GKEZGg_FXXCWZiRGaW_YFG\FZQZZRcGWZYGDECPQWGF_PEFVRGYQS lhUUQZYhG HbF_G FEZFZG iVFEZFZG HWViG AhZG ^TPEXXFZ]G JhTPG anP_FZYG F_G FEZF dFSRnRE\WZ\GYW_TP\QbcGUQTPRFGF_GSETPGQWXGYFZG[F\]GK_GFEVRFG`WUGMQWUPQXFZGWZY bFSREF\G YQSG dhhRcG YQSG EPUG \FPf_RF]G K_G XVh\G PEZQWXG EZG FEZFZG O_bERG WUG SFEZF NFEUQRaFVRcG YEFG FEZG gFEVG IQ_EZRSG aQ_G aEFG YEFG \FVbFG hZZFcG YEFG SEFG an_URF]G K_ bFR_QRGSFEZG^TPEXXGWZYG\QbGSFEZFGdFXFPVF]GDEFGdFSQR`WZ\GbFSRQZYGQWSSTPVEFFVETP QWSG QVRFP_aH_YE\FZG K_PQVRF_ZG WZYG K_PQVRF_EZZFZcG WZYG F_G \_HFRFG SEFG UERG YFU HbVETPFZGO_WF]

GIH_GH_F``Q_KIGSQ\RFGF_]GGLP_GPQbRGUER\FPf_RMI

G[E_GiFZZFZGYFZG LZPQVRGQVVF_GdhRSTPQXRFZIcGQZRah_RFRFZGSEFG EPU]GGDQSG^TPEXXG ESR SRQ_RbF_FERKI

DECPQWG`h\GSETPGEZGSFEZFGH_EAQRiQbEZFG`W_HTicGanP_FZYGYQSG^TPEXXGIQP_RGQWXZQPU WZYGSFEZFUGDEFVGFZR\F\FZSRH_URF]GLQZTPUQVGaHZSTPRFGSETPGYF_GH_F``Q_F_PQVRF_c YQFG SEFG FZYVETPG FEZUQVG QWXG ^CW_FZG hYF_G eZ\FPf_E\FG YFSG QVRFZG jhViFSG YF_ dPFEZYF_G SRhFFZG aH_YFZcG YEFG Ah_G VQZ\F_G DFERG EZG IQ_EZRG YEFG XHP_FZYFG MhVVF

FEZ\FZhUUFZG PQRRFZ]G DEFG ^WTPFG ZQTPG EPZFZG aQ_G AhZG aFZE\G K_XhV\G \Fi_fZR] KbFZShaFZE\GPQRRFZGYEFGH_F``Q_F_PQVRF_GFEZFG^CW_GH_F``Q_SG\FXWZYFZ]

mZYGYhTPG\QbGFSGH_F``Q_]GDQAhZGaQ_FZGSEFGHbF_`FW\R]

GlFRiQ_IcGSQ\RFGDECPQW]GGjF_SWTPFcGhbGYWGlhZRQiRG`WGFEZFUGIFRESTPGXEZYFSRcGYF_ SETPGEUGLQSEVQZk^ESRFUGQWXPnVRKI

lFRiQ_GPQRRFGSFEZFZGlf_CF_GEZGFEZF_G\QZ GbFSREUURFZGMETPRWZ\G\FY_FPR]GK_GbFPEFVR SEFG QWTPG bFEcG QVSG YQSG ^TPEXXG EZG YFZG NECF__QWUG FEZR_QRG WZYG YEF O_EFZREF_WZ\SUf\VETPiFERFZGYFSGJh_UQV_QWUSGZETPRGUFP_G`W_GjF_XH\WZ\GSRQZYFZ]

GDQSGESRGBFR RGZETPRGUf\VETPIcGSQ\RFGFEZFG^REUUFGPEZRF_GDECPQW]GIF_ZFicGYF_GHEVhRc aQ_GWZbFUF_iRGFEZ\FR_FRFZ]GGDEFGIFRESTPFGXWZiREhZEF_FZGZW_GEUGJh_UQVWZEAF_SWU] ebF_G ETPGPQbFGPEF_GFEZFGIWZibhRSTPQXR]Gg_FXXCWZiRG ESRGFEZG _hRF_GDaF_\SRF_ZG _WZY Y_FEFE\GJETPRBQP_FGAh_GLQSEVQZ]I

GOWR]G [E_G ZFPUFZG ShG \_hFFG KRQCCFZG aEFG Uf\VETP]G RFG STPZFVVF_G aE_G Yh_RG SEZYc YFSRhGbFSSF_KI

IF_ZFiG FZRXF_ZRFG SETPcG WZYG DECPQWG aQZYRFG SFEZFGeWXUF_iSQUiFERG aEFYF_G YFU lnSRTPFZG`W]GK_GPEFVRGFSGEUUF_GWZRF_GjF_STPVWFGWZYGfXXZFRFGFSGZW_cGaFZZGF_GYFZ ^C_FZ\SQR GihZR_hVVEF_RFGhYF_GYEFGjF_Sh_\WZ\SQZVQ\FGXH_GYFZGIFRESTPGZQTPXHVVRF]

GOEbQG iFEZG IFREQG EZG LQSEVQIcG QZRah_RFRFG lFRiQ_G BFR RG QWXG SFEZFG W_SC_HZ\VETPF eWXXh_YF_WZ\]GGMECQUGESQGRhRKI

K_GF_EZZF_RGSETPGZETPRKGYQTPRFGDECPQWG`WX_EFYFZ]GK_GaFEFGZETPRcGaQ_WUGF_GEUUF_Xh_R EZGFEZFGMETPRWZ\GGSRQ__RI]

K_GaQZYRFGSETPGQbGWZYGbFXQFRFGSETPGUERG QZYF_FZGDEZ\FZ]GK_G SRWYEF_RFGQZGYFU H_hbVFUG PF_WUcG aEFG SEFG YFZG I_FUYFZG bFEihUUFZG ihZZRFZ]G DF_G ^CWiG WU ^TPBFCCGUWFRFGHbF_\QZ\SVhSGbFFZYFRGaF_YFZ]

DQXH_GbFZfRE\RFZGSEFGYEFGl_QXRGWZYGLZRFVVE\FZ GQVVF_GH_F``Q_F_PQVRF_]

45

DEFG HIJKFG LMJKG NFOG PQRG SKLFG TEFNFQUFKQG FQVEFWG WEJKG MXWG YFERQMIZFLNFW [LRFQ\ML]FL^G DEFG _`abcG RMWRFRFG FELG dXMLeIMNQMRG NFQG PZFQ\XfJKFG LMJKG NFO MLNFQFLGMZ^GgLGQF]FXOfhE]FLGcZWRfLNFLGOMJKRFGWEFGNEFGiQMRFQGOERGNFLGjIMNFQL MIW^G HEFG ZEXNFRFLG FELG QF]FXQFJKRFWG kFRYG MI\G NFQG ]FUQlOORFLG gLLFLWFERFG NFQ `SKXUI]FX G:ZFQGEKQFG;ILURESLG]MZGFWGUFELFG ELVFEWF?WG OIhG WEJKG IOG NEFG HRMRESLFLG YIQGcI\QFJKRFQKMXRIL]G NFWG HJKEQOWG KMLNFXL@< WM]RFGFQGILNG]MZGWFELFGTSQRFGMLGNEFG_`aABcgkGNIQJK^G>cLNFQFGCD]XEJKUFERFL WELNGILWGZEWKFQGLEJKRGESQGNEFGPQRFQG]FUSOOFLF@

GS]EWJKFQVFEWFG WRFXXRFG WEJKG NEFG ;QM]F

?QG OIhRFG MLG NMWG NFLUFL

ILNGdQFYYMQGVMQFLGWFXZWRGKMLNXIL]WIL\fKE]GILNGZFLDRE]RFLG XML]FGMFER

LJMQEG VIQNFLG ESLG HRFQL\FIFQG ZF]XFERFR^G CERG ESQWEJKRE]FLG H=QlL]FLG LfKFQRFLG WEF WEJKGNFQG;SQOMRESLGILNGKML]FXRFLGWEJKGYVEWJKFLGMI\QM]FLNFLGH=ERYFLGILNGQILNFL AQSJUFLG KELNIQJK^G HEFG KMRRFLG EKQFG FXOWJKFELVFQ\FQG FEL]FWJKMXRFR^G [LNG NMLL WMKFLG WEFG NFLG LQMLWOERRFQG ESQG WEJK^G MVEWJKFLG NFLG ;FXWFLG QM]RFG FQG MI\

>TEQG ZFUSOOFLG AFWIJK@

MIWGWEFGNEFGdQSHFURSQFLGWRFIFQLGVSXXRFL^GgOGGEJKRGWFELFQG`FXOXMO=FGWJKEOOFQRFL NEFGHFLWSQFLGILNG`FZFXGMLNFQWGMXWG]FVSKLR^

>AFEGNFQGWEFZFLOMXG]FQEL]FXRFLGHJKXML]FF@GYEWJKRFGFQ G>gJKGUSOOFGOEQGESQGVEF NFQGPJKWFGMOGAFQ]^GHSGMXWGKfRRFGEJKGNMWGLSJKGLEFG]FOMJKRF@

>OEFXXFEJKRGKMWRGNIGNFELGDE=XSOGFQWJKVELNFXR@HJKHF==HF==HF==@CERGHJKVELNFXGKMRGNMWGLEJKRWGYIG RILHJKXML]FL@?WGEWRGNMWAQEWWHG ]^G kSQOMXFG HJKVFQUQM\R@HEFG ]EXRG lZFQMXXG ELG NFO iQFEWKIR^@GLIOJGZFVF]RFGWEJKGLMJKGELLFL^G>DIGUMLLWRGNFLGHJKEQOGMI\ZMIFLF@GDFQ HJKIRYWJKEQOG NEFLRFG NMYI

LIXXSGTEFWRFQWG\lKQRFGFELFLGXFRYRFLG`MLN]QE\\GMIWcXWS

FELFG CMQUEFQIL]

OMLJKOMXGZFKMLNFXWRFGDFWKMXZGUSLLRFGFWGLEJKRGFELRQFRFLF@

>`DQRGOERGNFOGKFeIMRWJKFGMI\@

>TEQGWELNGWRMQRZFQFERF@GUMOGNEFGHREOOFG`FXXOIRWGZFEGEKOGML^G>[LNGVFLLGEKQGFIJK YIQlJUYEFKFLGVlQNFRTMQRFRGLSJKGFELGVFLE]@TEQGYEFKFLGILWGXML]WMOGYIQlJUF@ ?QGW=EFXRFGOERGNFOGKFNMLUFL

EOOFQGFLR]F]FLWRFXXFL^@G>?WG]FKRGLEJKRGOFKQ@HEFKGLIQGLMJK NQMIhFLF@

cI\G NFOG AEXNWJKEQOG XFIJKRFRFLG MJKRG KFXXFG HJKFEZFLTSGZXFEZRGNEFGPQRIL]N@GZFXXRFGcRXML^G>TMQIOGEWRGNMWGCIRRFQWJKE\\GLEJKRGFQUMLLR VSQNFLN@

>iFELFGPQRIL]@DEFGAFEZSSRF OlWWFLG MIWG NFOG LQMLWOERRFQG ]FUSOOFLG WFELF@G ISWJMLG `FXXOIRG KMRRFG NFL HJKIRYWJKEQOGNFQGH=MJFbIFRGFEL]FWJKMXRFRGILNGZFWJKXFILE]RFGOERGCMJEOMXVFQRFL^ DEFGAFLFRFQXS]FLGQlJURFLG]F\fKQXEJKGMI\

EQ]FLNVEFGNIQJKZSJFL^@

DEFG OFQZELNIL]G FQXSWJK

>DEFGdQFYYMQFQKMXRFQG]FKFLGMI\WGKMLYF@?WGVILNFQRGOEJK

MZWIQNFGgKQGXl]RF@G>kFELF@GVEFNFQKSXRFGNFQGAFLFRFQXS]F^G?QGVMQGILQIKE]G]FVSQNFL^ OSLG NFQG cQQS]MLYG NFQG FQWRFLG CELIRFG VMQG EKOG LEJKRWG MLYIOFQUFL^G >GMhRG OEJK ZFQEJKRFLH=QEJKF@G \SQNFQRFG cRXMLG EKLG MI\^G DFQ dQFYYMQFQKMXRFQG FQYfKXRF^G gQ]FLNVMLLG ELG WFKQG \FQLFQG OFQ]ML]FLKFER

FKMZRGKMRRFL^GDF Gc USLENFGW= ML GES ^G? GEF WIJKRFDIG VEQWRG FWG LEFG EFQWRFKFL@DIG UMLLWRG ILWG MIJK LEJKRGOFKQGQFRRFL^GDMWGKFKFEOLEWGNFQGdQFYYMQFQKMXRFQGZXFEZRG]FVMKQRF@

HEFGKMZFLGcL]WRGNMESQ

56

VWXYZ [\]Y^^_`abc\deZ cf`g^_Z h_]Z eiX_ WX_]Z jiklmZ gidZ n_W^_oZ p_q_]Z WrkZ d\X^_ _W]_Zg_ddilm^_Z[_^\` c\]hZ_klYdsZi]hZh\dtq_dZ`\XZ_W]Zm Wdd_]h_dZnarWkk_do

bW_ZcmYd^_Z gikZd_]e_W^efZ h\ar^_Zh_dZgYkk\]h\]^Zi]hZ ear`YhZ\` _Z mt]mZiiX_]o b\eZhd_rq\d_ZjrdZrW]XZWrkZear`\mmZ\imZh_kZgkdl_dsZi]hZh_dZl\\ded\]gZc\dZcW_ \qX_e^Ydq_]oZb_dZ[i]hZmtdZhW_Zp\rdi]Xe\im]\rk_Zkmm]_^_Zi]hZear`YhZeWaro

mWX_]^ WarZhidm^_Z_dZWkZd_]e_W^eZe_W]_]Zgkdl_dZ]War^Zk_rdZeltd_]oZb_dZnq_dX\]X _dmY`X^_Zi]q_cih^o

bW_Zmde_]]^]WeZdWhZh_]ZgYkk\]h\]^_]Z_klYdoZmdZe\kZ\imZh_]Z\ar^Zq_r\\d^_] b_W]_]Z gikZ n^_r_]Z i]hZ earc\]e^_Z X_mfrd WaroZ b_dZ nWar^ed\]gZ e_W]_e j\ik\]giXeZc\dZ^_W`c_We_ZkW^Zn^\iqZq_h_ae^o

VWXYZ[\]Y^^_`abc\deZe^_` ^_Zm_e^sZh\hZ_dZeWarZgcWear_]Zk_rd_d_]Zgkdl_d]ZW]Zh_k \imX_l`\^g^_]Zg_X_`Ze_W]_dZj\e_^_Zq_m\]hoZcW]agr\]eZj\e_^_o

b_dZ 5_h\]e_Z \]Z h_]Z [Y]\dar_]Z i]hZ h_]Z iim^d\XZ q_`_q^_Z e_W]_]Z 5_We^oZ md q_c_X^_ZeWarZ6YdeWar^WXZrW]Zi]hZr_dsZh\]]ZXdWmmZ_dZkW^Zh_kZidkZ]\arZh_kZi]giX h_eZ ]_q_]Z WrkZ cW_X_]h_]oZ mW]Z m\rdWX_eZ n^kr]_]Z \]^cYd^_^_Z WrksZ i]hZ h_d gYkk\]h\]^ZX\qZ_W]Zl\\dZq_dirWX_]h_ZfYd^_Z6Y]ZeWaro

p\arZ i]hZ ]\arZ _d`\]X^_]Z \` _Z h\eZ b_cih^e_W]Z gidtaeoZ nW_q_]Z 6Y]Z ]_i] gg_dmY]_d]Zc\d_]Z]YarZq_We\kk_]oZc_hWX WarZgc_WZm_r` _]sZeW_Zr\^^_]ZWrd_Zn_ee_` hYd^ZX_r\q^sZcYZh_dZXdYh_ZjWhZW]Zh_dZf\]hZe`\mm^_oZbW_Z\qX_qdYar_]_]Zn^tklm_ h_dZn_ee_`6_d\]e_di]X_]ZcW_e_]Zh\d\imrW]sZh\hZhW_Zq_Wh_]Zie^dY]\i^_]ZkW^e\k^ Wrd_]ZnW^gX_`_X_]r_W^_]ZrW]\ieX_ear`_ih_d^ZcYdh_]Zc\d_]o

hfYZeW]hZcWdijZfarg^_Z_W]_Zn^Wkk_oZnW_ZX_rkd^_Z5_dWZV_dmYeabikk_earsZh_k p\6WX\^Ydo

h5_`\]h_^jsZ e^\kk_` _Z VWXYZ W]Z _W]_kZ kY]sZ \`eZ r\q_Z _dZ eY_q_]Z hW_Z mdmt` i]X e_W]_eZb\e_W]eZ_d`\]X^oZhfWdZeW]hZX_`\]h_^fjZc\]Xe\kZe\k_]ZeW_Z\` _ZrYarZi]h q_^d\ar^_^_]Z\ieZ i]^_dearW_h War_]ZiiX_]Z h_]Znar\h_]oZ VY]Zh_kZ n^_i_dd\ik i]hZh_]Zb_hW_]i]Xe\]`\X_]Zc\dZ]War^Z6W_`ZtqdWXoZb_de]W^^_d^_Z[_^\` m`far_]Zi]hZW] eWarZX_ld_h^_Znar\` _`_k_]^_ZqW`h_^_]ZhW_Z_W]gWX_sZh_i^ War_ZmdW]]_di]XZ\]Zh\es c\eZX_c_e_]Zc\doZldX_]hZm_k\]hZe\X^_sZh\hZ_W]_Zr\`q_Zn^i]h_Ze_W^Zh_kZiqe^idg 6_dX\]X_]Zc\dsZ\q_dZVWXYZ[\]Y^^_`abc\deeZ*rdY]YZg_WX^_Z_W]_]Zr\`q_]Zk\XZ\]o

meZc\dZXi^ZkkX Waro

nW_Z\dq_W^_^_]ZeWarZ\ieZh_kZfd\aeZr_d\ieoZnW_Ze^_` ^_]Zm_e^sZh\hZh_dZnlW^ge_X_` \kZ c_W^_e^_]Z mYd^X_ear`_ih_d^Z cYdh_]Z c\doZ bW_Z nq_dd_e^_Z _+l`YhW_d^_d kdW_qc_dee^_W`_Z`\X_]Z_^ War_Zri]h_d^Z[_^_dZ_]^m_d]^o

bW_Zgg_dmY]_dZeiar^_]Z]\arZ Wrd_]Zg\k_d\h_]sZhYarZeW_Z m\]h_]ZeW_Z]War^oZmW]_ b`i^elidZ W_mZ i]^_dZ _W]_kZ q_eY]h_deZ XdYh_]Z kdtkk_de^taeZ r_d6YdZ i]hZ et]h_^_ 6YkZnarWaee\`Zh_dZq_Wh_]Zb_e\^gi]XekW^X W_h_do

hbiZr\e^ZeW_Z\imZh_kZ5_cWee_]jsZe\X^_Z5_dWZV_dmYeabikk_earoZhbiZcWde^Zh_k cW]agr\]Zj_ar_]ear\m^Z\q`_X_]Zktee_]sZm\` eZcWdZm_k\`eZgidtaee_rd_]fj

b_dZ gYkk\]h\]^Z ear`YhZ h\eZ l\il^\iX_oZ mdZ cY` ^_Z h_]Z p\6WX\^YdZ ]War^Z k_rd \]e_r_]sZ Yr]_Z eWarZ \qc_]h_]Z giZ ktee_]sZ c\eZ _W]_dZ b_`_WhWXi]X X`_WarX_eYkk_]Zcfd_oZVY]Zh_]Zp_q_]\iX_]Z\ieZr\^^_Z_dZ Wr]Z]\arZcW_Z6YdZ Wk VWeW_dsZ\q_dZhW_e_Zc\d_]Ze^\ddsZi]hZh\eZfih_d_Zc\\dZ^\iX^_Z]idZgikZn_r_]Zq_W p\ar^Z i]hZ q W_qZ i]^_dZ h_kZ k\X_e War^Z k_We^Z X_ear`Yee_]oZ hb_dZ narWdkZ We^ eari`hjsZ k\ar^_Z _dZ h_]Z V_deiarZ _W]_dZ j_ar^m_d^WXi]XoZ hfWdZ cfd_]Z \iarZ Yr]_ i]e_d_Zj\e_d_WZ\qX_e^tdg^fjZmeZX_`\]XZWrkZ]War^sZeWarZe_`qe^ZgiZq_dirWX_]sZi]hZ_d c\]h_d^_Zi]dirWXZikr_doZn_W]_Z5_mfrd^_]Ze^\]h_]Zi]ear`teeWXZq_WZh_]Zkdtkk_d] i]hZc\d^_^_]Zh\d\imsZh\hZ_dZ_W]_Zm]^ear_Whi]XZmf` ^_o

hiimqd_ar_]fjZ^k]^_Z_dZ]\arZ_W]_dZf_W`_oZhb_dZnari^gearWdkZtq_dZi]eZ `fh^Zi]e X_]iXZnlW_`d\ikZi]hZb_c_Xi]Xemd_Wr_W^fjZbW_Znarc_ded\m^Z`\XZe_rdZ]W_hdWXsZi]h eW_Zkih^_]ZeWarZ_de^Z\]ZhW_Zgke^_` i]XZX_ckr]_]oZVWXYZ[\]Y^^_`abc\deZe_rd^_ ]Yark\`eZ W]Z h_]Z n^_i_dd\ikZ gidtaeoZ mdZ qd\ar^_Z hW_Z cWe^Y`_Z kW^Z h_] c_iar^d\e_^_]ZkW^Zi]hZq_m_e^WX^_ZeW_Z\]Ze_W]_kZi]giXo

hl]Z c_`ar_Z jWar^i]XZ cWdZ X_r_]sZ elW_` Z e_W]_Z jY` _jsZ e\X^_Z _doZ hldX_]hcYZ Yh_d WdX_]hc\]]Zc_dh_]ZcWdZ\imZh_]Z,d_kh_]Zi]hZe_W]ZnarWmmZ^d_mm_]fj

hmeZ We^ZeW]]`YeoZiiarZhW_ZgiX_`Zi^`\]eZcWdhZ\qX_e^tdg^Ze_W]ZcW_ZcWdoZmeZek]]^_ eYX\dZe_W]sZh\hZ]W_k\]hZW]Zh_kZ5_We^_dearWmmZtq_d`_q^Zr\^fj

b_dZp\6WX\^YdZe^\klm^_ZgidZb_edfm^WXi]XZe_W]_dZfYd^_ZkW^Z6W_dZb_W]_]Z\imsZi]h h_dZbYh_]Zhdkr]^_oZmW]Zl\\dZcW]gWX_Z5_e^_W]eel W^^_dZe^Yq_]Z]\arZ\` _]Zn_W^_] h\6Y]oZb\eZbdkr]_]Z\q_dZq W_qo

hf\eZr\e^ZhiZX_k\ar^fjZe^W_hZVWXYZr_d6YdoZhf\eZr\e^ZhiZWkZbYh_]Z\ieX_`ke^i mdZrkd^Z]War^Zk_rdZ\imZgiZ6WqdW_d_]fj

nW_Z q__W` _]Z eWarsZ \ieZ h_dZ pfr_Z h_dZ kdtkk_dZ c_XgieYkk_]oZ nW_Z c\]h_d^_] eW]]`YeZ hd\im`YesZ i]hZ h\eZ bdkr]_]Z i]^_dZ Wrd_]Z ,th_]Z ]\rkZ Wkk_dZ k_rdZ gio VW_dk\`Zf]h_d^_]ZeW_ZhW_ZjWar^i]XsZYr]_Zh\hZeWarZ_W]_Z-]h_di]XZ_dX\qo

b_dZ gYkk\]h\]^Z kih^_Z \]Z dW_eWX_Z [\earW]_]Z h_]e_]sZ hW_Z eWarZ tq_dZ hW_ jq_dm`far_Z\dq_W^_^_]ZYh_dZ\]Zf_e_]sZrkr_dZ\`eZh_dZlWkk_`sZhW_ZeW_ZkW^Zh_k cfdkZ Wrd_eZ iqe^idg_eZ \imX_c_ae^Z r\^^_]oZ mdZ 6_deiar^_sZ h_]Z Xd\i_]r\m^_] 5_h\]e_]Z giZ 6_dear_iar_]sZ hYarZ _dZ q W_qZ i]hZ ]We^_^_Z eWarZ W_mZ W]Z WrkZ _W]sZ qWe ]\arZk_rd_d_]Zn^i]h_]Z_W]_dZe_W]_dZid^X_]Yee_]Z\iedW_m.

hbYd^Z6Yd]ZWe^Zh_dZ,d_kh_oZlarZe_r_ZWr]fjZnW_Ze^tdg^_]Z6Ydcfd^esZhYarZ_eZc\dZ]War^ hW_ZgiX_`Zi^`\]esZhW_ZeW_Ze\r_]oZmeZc\d_]Zk_rd_d_Zj\ikearWmm_Zi]^_dearW_h War_d ,YdkoZ nW_Z earc_q^_]Z hWar^Z tq_dZ h_kZ nari^gearWdksZ i]hZ 6Y]Z Wr]_]Z d_War^_] q W^g_]h_sZeWarZe^f]hWXZ_]^`\h_]h_Znar`fiar_ZrW]\qZ\imZhW_Zjq_dm`far_oZiimZh_k 5_e^_W]ek\]^_`Znarm_lleZe_^g^_]ZeWarZX_c\` WX_Z[\earW]_]Zm\e^Z6Y]Z5_We^_dr\]h gie\kk_]sZi]hZeW_ZXW]X_]Z_W]_dZdf^e_`r\m^_]Zkf^WXe_W^Z]\aro

p\arZ_W]_dZf_W`_Z6_dearc\]h_]ZhW_Z[\earW]_]Z]\arZi]^_]oZnW_Zq_c_X^_]ZeWar m\e^ZeYZear]_` Z6Ydcfd^eZcW_Z_W]Zj\ikearWmmoZhfWdZeY` ^_]ZrW_dZ`\X_d]Zi]hZ\imZi^`\] c\d^_]jsZear`iXZh_dZp\6WX\^YdZ6YdoZhbYd^Z6Yd]ZWe^Z_eZX_mfrd Warfj

hfYr_dZcW` e^ZhiZh\eZcWee_]ijZrW_` Zh_dZgYkk\]h\]^ZWrkZ_]^X_X_]oZhVW_` _War^ ^d_mm_]ZcWdZhYd^Z6Yd]Z\imZf_e_]sZhW_ZeYZ\iee_r_]ZcW_ZhW_Z,d_kh_]sZhW_Zi]eZ\im gg_dmY]Z q_eiar^Z r\q_]oZ biZ _dW]]_de^Z hWarsZ h\hZ hW_Z q_Wh_]Z narWmm_Z giZ _W]_d Xdkh_d_]ZmW]r_W^ZX_rkd_]sZhW_ZWdX_]hcYZW]Z,\d/]^Ze^_r^fj

hl]Z,\d/]^ZYh_dZW]Zb\deij

hnldWarZh_]Z6_dm`iar^_]Zp\k_]Z]War^Z\iejsZr_ddear^_ZVWXYZ[\]Y^^_`abc\deZh_] p\6WX\^YdZ\]oZhmeZXWq^Z]idZ,\d/]^fZ,\d/]^ZWe^Zi]e_d_Zl_Wk\^fj

mdZ k\dearW_d^_Z c_W^_dsZ i]hZ hW_Z gg_dmY]_dZ mY`X^_]Z WrkZ `\]Xe\koZ nW_Z r\^^_] _W]_de_W^eZ b_h_]e_]sZ c\X^_]Z \]h_d_de_W^eZ \q_dZ ]War^sZ eWarZ \`eZ ,_WX W]X_ h\de^_` _]ZgiZ`\ee_]oZ[_rdk\`eZcW]e^_Zh_dZgYkk\]h\]^Z Wr]_]ZkW^Ze_W]_kZidks i]hZ e_W]Ziqe^\]hZ giZ Wr]_]Z 6_dXdkh_d^_Z eWarZ Wkk_dZ k_rdoZ nar W_h WarZ q W_qZ _d e^_r_]sZi]hZ\`eZeW_ZWr]Z_dd_War^_]sZe\r_]ZeW_sZh\hZ_dZ\kZj\]hZ_W]_eZqYh_]`Ye_] iqXdi]heZe^\]hoZmW]Z^W_m_esZqd_W^_eZcYarZXfr]^_ZW]Zh_dZ,_`ek\ee_Zh_eZc`\]_^_]s i]hZeW_ZrW_` _]Zi]6_dgtX WarZh_]Zi^_kZ\]oZhf\eZWe^Zh\eijZedfarg^_Z5_dWZV_dmYea bikk_earZ _]h WaroZ hf\eZ r\q_]Z cWdZ h\ijZ hfWdZ eW]hZ \kZ b_XW]]Z h_e 5_r_Wk]Wee_esZh_ee_]^c_X_]ZcWdZ]\arZnarm_llZX_m`YX_]ZeW]hfjZq_`_rd^_ZWr]Zh_d

0

gYkk\]h\]^oZhlW_dZWe^Zh_dZbiX\]XoZlW_dZc\d^_]ZcWdZ_W]_Z[kX Ware_W^Z\qsZqWeZgi i^`\]Z6YdgihdW]X_]oZc\h^Zi]eZ`\X_d]fj

mdZe]Wae^_Ze_W]_Zb_W]_Z_W]Zc_]WXZ_W]sZqWeZ_dZkW^Zh_kZi]^_d_]Zk_W`Ze_W]_eZgkdl_de h_]Ze^_W]WX_]Z5di]hZq_dtrd^_oZp_q_]_W]\]h_dZe_^g^_]ZeWarZhW_Zgg_dmY]_dZ\]Zh_] j\]hZh_eZdW_eWX_]ZcYar_eZi]hZc\d^_^_]o

nW_Z c\d^_^_]Z h\d\imsZ h\hZ _^c\eZ eWarZ ^\^oZ f\d^_^_]Z h\d\imsZ h\hZ i^`\]Z gik VYdear_W]Ze\kZi]hZeW_ZW]Ze_W]ZnarWmmZ]\rko

b_]Z5_h\]e_]sZh\eZjf^e_`Znarm_lleZ6YdZh_]Z,d_kh_]ZgiZ`ke_]Zi]hZhW_Zgi]h_ h\6Y]Z]\arZl\ie_ZgiZqdW]X_]sZ^diXZ`f]Xe^Ze_W]_dZk_rdZ6Y]ZWr]_]ZW]Ze_W]_kZl]]_d]o

lkZiiX_]q WaeZc\d_]ZeW_ZmdYrsZh\hZeW_Ztq_dr\il^Z]YarZ`_q^_]o

hbW_Z f\rdear_W] Ware_W^sZ h\hZ h_dZ iiem\` Z _W]_dZ _W]gWX_]Z n^\^WY]Z h_] bie\kk_]qdiarZh_eZnarWdk_eZq_cWde^sZWe^Z6_dearcW]h_]hZX_dW]XjsZ_dkmm]_^_Zh_d *Ykli^_dZW]Zkik/eZb_W]ldY^r_e_sZh_kZeW_Zh_]Zp\k_]Z*r_e^_dZX_X_q_]Zr\^^_]o hV_deiar_]Zek]]^_]ZcWdZ_eZk\`fj

hbiZ qWe^Z 6_ddtae^jsZ _dcWh_d^_Z ki` YZ fW_e^_deoZ hb_WZ h_]Z m]_dXW_]sZ hW_Z gid iimd_ar^_dr\` i]XZh_eZnarWdk_eZ]k^WXZeW]hsZe\]]ZeWarZ_W]Ziiem\` Z_W]_dZ_W]gWX_] n^\^WY]Z6_dr__d_]hZ\iecWde_]oZb_dZnarWdkZmf` ^Zgie\kk_]sZi]hZc\eZh\]]iZb`_Wq^ _eZh\q_WsZYh_dZe^tdg^Zh_dZ5_e^_W]edW]XZh_eZlYr`l`\]_^_]Z_W]ijZhiimXdi]hZqWer_d X_k\ar^_dZ mdm\rdi]X_]Z We^Z hW_eZ ]War^Z \]gi]_rk_]jsZ ^_W` _Z *r_e^_dZ kW^oZ hme eldWar^Z]War^eZh\X_X_]sZ_eZ\iegildYqW_d_]oZb_WX_]ZeWarZ]\ar^_W WX_ZfWdei]X_]s e\]]Z k\]Z Wr]Z Wkk_dZ ]YarZ cW_h_dZ _W]ear\` _]sZ eYm_d]Z k\]Z hW_Z g_]^d\`_ nar\` e^_` _Zh_eZnarWdk_eZe_]]^oj

hnYZ _^c\eZ 6Y]Z p\W6W^f^Z We^Z m\Z ]War^Z gikZiier\` _]fjZ d_X^_Z nar`\]X_Z eWarZ \imo hkik/sZ e\]]Z k\]Z hW_e_kZ g]X_r_i_dZ W]Z h_W]_kZ b_W]Z ]War^Z hW_Z m]_dXW_ _]^gW_r_]ij

bW_ZnarWdkel_gW\ We^W]Z6_d]_W]^_Z`\ar_]hoZnW_Zq_iX^_ZeWarZ_W]Zc_]WXZ6YdZi]hZr\`m bdWeeZq_WZh_dZm]^m_d]i]XZh_dZiqh_aei]XZh_dZn^_i_d\]`\X_oZnW_Zi]^_deiar^_]ZhW_ [\earW]_dW_sZ Yr]_Z giZ _W]_kZ _W]h_i^WX_]Z mdX_q]WeZ giZ eYkk_]oZ n_W^Z n^i]h_] kmm]_^_]ZeW_Zi]`\X_]Zi]hZiXXd_X\^_oZki` YsZh_dZXdYh\d^WXe^_Zl/l_dW]X_]W_idZ\` _d b_W^_]sZ cW_Z _dZ eWarZ e_`qe^Z k\]ark\`Z ]\]]^_sZ giae^_Z ]idZ kW^Z h_]Z nari` _d]Z i]h c\]h^_Z eWarZ h_kZ ]fare^_]Z 5_df^Z gioZ bW_Z k_ar]WeZ c\dZ giZ md_kh\d^WXoZ nW_

6_de^\]h_]ZhW_Zbie\kk_]rf]X_Z]War^sZi]hZ5_qd\iare\]c_Wei]X_]Z`\X_]Ze_W]_ r_dikoZ iiarZ h_dZ *Ykli^_dZ h_dZ n^\^WY]Z X\qZ e_W]_Z r_doZ meZ q W_qZ Wr]_]Z ]War^e \]h_d_eZ tqdWXZ \`eZ r_dikgildYqW_d_]oZ VY]Z h_dZ *l1bjilpZ eY]]^_]Z eW_Z e_W]_ i]c_Wei]X_]Z_W]rY`_]sZh_]]Zh_dZ,i]e6_de_rdZc\dZX_e^kd^oZnW_Z_klmW]X_]Ze_W]_] _W]gWX_]ZkY]Zi]hZcih^_]Z]War^sZYqZ6Y]Z Wrd_]Zn_]hi]X_]Z_^c\eZ W]Zh_kZgd_ig_d \]X_eYkk_]Zc\do

hlirfjZ k\ar^_ZidX\]Z goZ n_W]Z jq_dekdl_dZ d\X^_Z \ieZ _W]_kZ c\]]_]fr] War_] [\earW]_]^_W`Z r_d6YdoZ b_dZ Yd\]X_m\dq_]_Z j\ik\]giXZ h_eZ ciear/h_]Z cW_eZ 2`a i]hZ,_^^elid_]Z\imoZmdZrW_` Z_W]_]Znard\iq_]ear`tee_`Zi]hZ_W]_Zb\]X_ZW]Zlf]h_]o

hp_W]jsZe^kr]^_Zki` YZ\imoZhbiZk\are^Z]YarZ\` _eZe\li^^oZg\]]e^ZhiZhWarZ]War^ZcW_ cWdZ]idZ\imeZYl^Wear_Zcdtm_]Z6_d`_X_]ijZidX\]ZgZ `\ar^_Z Wr]Z\ieZe_W]_]ZXdYh_] iiX_]Z\]Zi]hZ6_dearc\]hZWkZl]]_d]Zh_dZf\]]_oZmWmdWX_eZlfkk_d]Zi]hZg`Ylm_] c\dZhW_Zi]^cYd^oZb\gcWear_]ZgWear^_Zi]hZdikl_` _Z_esZi]hZbdWeeZd\]]^_ZcW_Zh_d k_im_`ZrW]tq_dsZikZeWarZgiZ6_dX_cWee_d]sZh\hZh_dZciear/h_Z]YarZ\kZc_q_]Zc\do

p\arZ 6W_dZ n^i]h_]Z X\q_]Z eW_Z _eZ \imoZ hmW]WX_]Z cWdZ i]eZ \imZ _W] iqear`iheYkki]W3i4jsZear`iXZbdWeeZ6YdoZhb\]]Ze^_r_]ZcWdZc_]WXe^_]eZ]War^ZkW^ `__d_]Z lf]h_]Z h\ojZ b\hZ _eZ eWarZ ikZ _W]_Z m]_dXW_e^\^WY]Z r\]h_` _sZ hW_Z Wrd_ m]_dXW_Z W]Z h_]Z 5_e^_W]ek\]^_`Z narm_lleZ rW]_W]`_W^_^_sZ r\^^_]Z eW_Z \imXdi]hZh_d \darW^_e^Y]Wear_]Zi]`\X_Zh_dZn^\^WY]Zear]_` Zr_d\ieX_mi]h_]oZbiZk_rdZr\^^_Z_e ]War^ZX_d_War^oZmW]_Zi` _deq_e^Wkki]XZh_dZi]`\X_Zr\^^_Z_dX_q_]sZh\hZeW_Z_^c\ ^\ie_]hZd\rd_Z\` Zc\dZi]hZ\`eYZ\ieZh_dZb_W^Ze^\kk^_sZh\Z,\d/]^Zi]hZb\deZ]Yar ]War^Z6_d_W]WX^ZX_c_e_]Zc\d_]oZmeZq_h_i^_^_Z_^c\esZh\eZeW_Z]YarZ]War^Zcih^_]o nW_Z rf^^_]Z 6W_`Z h\dikZ X_X_q_]sZ c_]]Z eW_Z eWarZ kW^Zi^`\]Z rf^^_]Z W]Z V_dqW]hi]X e_^g_]Zek]]_]oZf\eZXW]XZhd\ih_]ZW]Zh_dZlYr`eiX_`Z6YdiZmeZc\dZi]_de`fd WarsZh\h h_dZ ,i]eeY]^\e^Z q_WZ Wrd_kZ mW]hdW]X_]Z W]Z hW_Z n^\^WY]Z ]YarZ _+We^W_d^Z r\^^_Z i]h elf^_dZ \qX_qdYar_]Z c\doZ meZ X\qZ _W]_Z mde`fdi]XoZ f_]]Z ^\^efar War cd_gg\d_dr\` _dZ hidarZ h_]Z \e^W6W_d^_]Z kd\]ekW^^_dZ X_eYkk_]Z c\d_]sZ h\]] e^_ae^_]ZeW_Zh\rW]^_do

idX\]ZgZ^\iar^_Z\ieZh_dZf\]]_Z\imZi]hZrW_` Z^dWiklrW_d_]hZ_W]_Z_WXdYh_Zg\le_` rYaroZnW_ZearWkk_d^_ZXY`h_]o

hf\eZWe^Zh\eiZf\eZr\e^ZhiZh\ijZdW_mZki` YZ\ieo

hmW]Z e`_W]_dZ nld_]Xe\^goZ mdZ cWdhZ \ied_War_]jsZ \]^cYd^_^_Z h_dZ ciear/h_o nar`\]X_ZXW]XZ_W]ZcWar^Z\imo

hb_dZf_XZW]eZ,d_W_fjZe^\i]^_Z_doZhfWdZeld_]X_]Z_W]ZcYarZW]ZhW_Ziih_]c\]hZh_d

0

n^\^WY]fj

hmdZr\^5eZq_XdWmm_]fjZk_`h_^_ZeWarZ*r_e^_doZhbd\6YsZki` Yfj

nW_Z c\]h^_]Z eWarZ gikZ iieX\]XoZ bdWeeZ _]Z V_dg\]eZ e`Ylm^_Z h_dZ h_e\e^W6W_d^_] g`_W]\ieX\q_Z h_eZ gY`Yee_eZ 6f^_d WarZ X_X_]Z h_]Z bdie^eYdqsZ cfrd_]hZidX\]Z g 6Yd\ie_W` _oZb_dZciear/h_Ze_rd^_ZcW_Zh_dZfW]hZgidtaesZi]hZh\]]Z6_d]\rk_]ZeW_ h_]Zhiklm_]Zg]\` Z_W]_dZm+l`YeWY]o

b_dZf_XZ]\arZhd\ih_]Zc\dZmd_Wo

bWar^Z6YdZh_kZcYarsZh\eZhW_Zm+l`YeWY]Z W]ZhW_Zf\]hZX_dWee_]Zr\^^_sZq W_qZjWee e^_r_]oZmdZ`\iear^_Zi]hZ`_X^_Z_W]_Zl\]hZX_X_]ZhW_Zf\]hoZb\]]Zq_iX^_Z_dZeWarZgi bYh_]Zi]hZ^\e^_^_Zikr_do

hldX_]hcYZ kihZ _W]_Z gd\m^e^\^WY]Z \]X_eldi]X_]Z e_W]jsZ e\X^_Z _doZ hbW_ cd_gg\d_dr\` _dZeW]hZW]Zh_dZpfr_fj

pYarZ _W]k\`Z e_rd^_Z _dZ W]Z hW_Z n^_i_dg_]^d\`_Z h_dZ n^\^WY]Z gidtaeoZ mW]Z l\\d [_hX_df^_Zear`iX_]Z\iesZi]hZ_W]Z6Ydr_dZq W]h_dZbW`hearWdkZ`_iar^_^_Zi]hZg_WX^_ _W]_Z5d\lrWesZ hW_Zh_kZ5d\6Y^_ar]We_dZhW_Znld\ar_Z6_dear`iXoZbW_Zb\de^_` i]X q_gYXZ eWarZ _W]h_i^WXZ \imZ h_]Z 5_e^_W]edW]XZ h_eZ lYr`l`\]_^_]sZ i]hZ hW_ _`_e^dY]WearZeWar^q\dZX_k\ar^_]Zf_` _]sZhW_Ztq_dZh_]ZnarWdkZ W_m_]sZ W_h_]Z]id _W]_]Znar`ihZgioZm^c\eZ]fr_d^_ZeWarZhidarZh_]Zn^_W]oZm^c\eZ\dq_W^_^_ZeWarZ\im h\eZl]]_d_Znarm_lleZgioZbdWeeZ_W` _ZrW]\ieZi]hZq_dWar^_^_oZd_^g^Z6_d W_h_]ZeW_ZhW_ n^\^WY]Z _]hXt` WXZ i]hZ e`_^^_d^_]Z h_]Z gd\^_dZ _klYdoZ bW_Z 5d\6W^\^WY]Z c\d i]6_df]h_d^ZX`_WarsZ\iarZh_dZnari^gearWdkZdi]hZikZhW_ZcdYm_e^Yd_]Z\dq_W^_^_o

h*l1bjilpsZ rW_dZ eldWar^Z V_dg\]ejsZ k_`h_^_Z bdWeeZ eWaroZ hfWdZ r\q_]Z _W]_ cWar^WX_Zm]^h_aei]XZX_k\ar^oZd_k\]hZhdW]X^ZhidarZh_]Z5_e^_W]ek\]^_`Z6Ydfj

[W^Z \]X_r\` _]_kZi^_kZ c\d^_^_]Z eW_Z \imZ hW_Z b_e^f^WXi]XsZ hYarZ eW_Z e\kZ ]War^o VY]Zh_kZgd_ig_dZc\dZ]War^eZgiZrkd_]sZi]hZeW_Z_W` _]Z\imZhW_ZgY]eY`_ZgisZkW^Zh_d ki` YZ hW_Z cdYm_e^Yd_]Z i]hZ h_]Z narWdkZ eY]^dY` W_d^_oZ b_dZ W]^_XdW_d^_ gidge^d_ae_]Yd^_dZ dtrd^_Z eWarZ ]War^oZ hnarc_W]_ed\kjsZ m`iar^_Z nar`\]X_oZ hbW_ *l1bjilpZWe^Z]War^Zh\fZf\eZ^i]ZcWdijZnW_ZdW_m_]Z]\arZWrdsZc\d^_^_]sZ6_deiar^_] _eZWkk_dZcW_h_do

nar W_h WarZcidh_Z_eZkik/ZgiZqi]^oZhi]e^\^^Zr_dikgie^_r_]sZeY` ^_]ZcWdZr\]h_`]js

dW_mZ eW_oZ hniar_]Z cWdZ hYarZ ]\arZ hW_e_kZ kd\]ekW^^_doZ bYd^Z c_dh_]Z cWdZ i^`\] mW]h_]fjZhlarZr\q_Z_W]_Z lh__fjZ_dkmm]_^_ZidX\]ZgoZmdZ W_hZki` YZhW_ZcdYm_e^Yd_] i]hZh_]ZnarWdkZ\qear\` _]sZh\]]Zk\ar^_Z_dZeWarZ\]Z_W]_dZh_dZi]^WXd\6ear_Wq_] giZear\mm_]oZmdZ W_hZh_]ZcdYm_e^YdZ_W]m\arZr_di]^_ddi^ear_]Zi]hZ`_X^_ZeWarZ\imZhW_ nar_Wq_o

hfWdZ eiar_]Z hW_Z *l1bjilpjsZ k_W]^_Z _doZ fW_Z _`_e^dWeW_d^Z mY`X^_]Z eW_Z e_W]_k b_WelW_`oZgidgZh\d\imZ_W` _]Z6W_dZnar_Wq_]Zh_dZgdtkki]XZh_dZjq_dm`far_Z_]^`\]Xo g_W]_dZe\]]^_Zh_]Zn^\]hYd^Zh_eZkd\]ekW^^_desZ\q_dZeW_ZrYmm^_]sZh\hZeW_ZWdX_]hcY nlid_]Zh_dZ,d_i]h_ZmW]h_]Zctdh_]o

h[\ar^Z_iarZ\imZ\` _eZX_m\h^fjZk_`h_^_ZeWarZbdWeeoZmdZmtrd^_Zh_]Ze`_W]_]ZV_dq\]h \]oZhfWdZq_mW]h_]Zi]eZW]Z5_m\rdfZj_ar]_^ZkW^Z\` _kfj

hfYr_dZcW` e^ZhiZh\eZ ooojsZq_X_rd^_Znar`\]X_Z\imsZ\q_dZkik/Z mW_`Z WrkZ W]eZfYd^o hbiZ 6_dXWh^Z e_W]Z idkq\]hsZ ki` YfjZ k\r]^_Z eW_oZ hmeZ r\^Z ldYX]Ye^Wear_ ,frWXe_W^_]fjZ hmW]qW`hi]XfjZ e]idd^_Z h_dZ l/l_dW]X_]W_idoZ p\arZ _W]_d VW_d^_`e^i]h_Z_klmW]X_]ZeW_Z_W]Zm]_dXW__arYoZmeZc\dZi]h_i^ WarZi]hZ6_dcWear^ cW_Z q_WZ _W]_kZ narWmmsZ h\eZ eidgZ \ieZ h_kZ cW]_\dd\ikZ \im^\iar^_Z i]hZ cW_h_d 6_dearc\]hoZnW_ZrW_` _]Zh\d\imZgioZb_WZWrd_dZh_dg_W^WX_]Z5_earcW]hWXe_W^Zkih^_] eW_Z_eZW]Z_W]_dZr\`q_]Zn^i]h_Z_dd_War^Zr\q_]oZbW_Zb_W^Z6_dXW]XZcW_ZWkZ,`iXsZi]h bdWeeZ ]\rkZ _eZ \`eZ ear`_ar^_eZ b_War_]oZ pYarZ Wkk_dZ q W_q_]Z Wrd_Z ,i]e\]dim_ i]q_\]^cYd^_^sZ \q_dZ c_W^Z _]^m_d]^Z k\h_]Z eW_Z m_^g^Z hW_Z m]_dXW__]^m\` i]XZ _W]_e g\klm_eZ\]oZlkZl]]_d]Znarm_lleZc\dZ_W]_Ziie_W]\]h_de_^gi]XZWkZ5\]XoZidX\]Zg ]\rkZh_]Z`_iar^_]h_]Z,`_aeZ\`eZ_de^_dZc\rdoZmdZe^W_hZ_W]_]Zf\d]dimZ\iesZi]hZhW_ 6W_dZ^dW_q_]ZWrd_Znar_Wq_]Z]\arZi]^_]ZqWeZe]\llZtq_dZh_]ZbYh_]oZf\eZh\Z\imZeW_ gie\ksZc\dZe_W]ZbYY^Z6Y]Zh_dZ*l1bjilpoZmeZearWkk_d^_Zmd_kh\d^WXo

hcd_gg\d_dr\` _dfjZm\iar^_ZbdWeeoZh[\ar^Z_iarZht]]fj

nW_Zld_h^_]ZeWarZX_X_]ZhW_Znar_Wq_]Zi]hZe^_i_d^_]Z\imZ_W]_Z,_`eXdill_ZgisZhW_ _W]Zl\\dZri]h_d^Z[_^_dZ_]^m_d]^Z6YdZWr]_]Z\im^\iar^_oZb\eZmd_kh_ZbYY^Zr\^^_ZeW_ m_hYarZ X_e_r_]Z i]hZ rY` _Z d\earZ \imoZ g_W]_Z hd_WhWXZ [_^_dZ _]^m_d]^Z X`tr^_Z h_d bYh_]Z\imsZgYXZeWarZhW_Zb\r]Z_W]_dZn^d\r`c\mm_ZhidarZh\eZ5_e^_W]o

bdWeeZ_]ZV_dg\]eZq_X\]]Zl\e_]ZgiZear`\X_]oZmdZe^_i_d^_ZcW`hZrW]Zi]hZr_dsZd\e^_ k\`Z W]Z hW_Z lkr_sZ h\]]Z cW_h_dZ X_mfrd WarZ \imZ h_]Z bYh_]Z giZ i]hZ tq_dZ hW_e_] rW]c_XoZ meZ k\ar^_Z h_]Z i]ear_W]sZ \`eZ e_WZ e_W]_Z n^_i_di]XZ \ih_dZ gY]^dY` _ X_d\^_]o

hcYefjZhdf]X^_Z_doZh[WdZ]\arfjZmdZr\^^_Zh_]Z5_X]_dZi]^_dearf^g^oZbW_e_dZearYh

eWarZ_W]Zi]hZ6_del_dd^_ZWr]_]Zh_]Zf_XoZhji]^_dfjZeY]]^_ZbdWeeZ]idZk\ar_]sZh\]] c\dmZ_dZeWarZ6Y]Zh_dZnar_Wq_Zi]hZrYmm^_sZh\hZhW_Z5_mfrd^_]ZWr]Z6_de^\]h_]Zr\^^_]o mdZdY` ^_ZeWarZ\qZi]hZr_^g^_ZkW^Zc_W^_]sZgc\]gWXZ[_^_dZ`\]X_]sZm`\ar_]Znldt]X_] \imZhW_Z,_`e_]ZgioZn_W^ WarZm`YXZhW_Z_de^_Zh_dZnar_Wq_]ZW]Zh_]Zm]_dXW_6Ydr\]XZi]h _+l`YhW_d^_Z kW^Z _W]_kZ hiklm_]Z g]\` oZ bW_Z gc_W^_Z i]hZ hdW^^_Z mY`X^_]oZ bW_Z 6W_d^_ e\ie^_Ze_W^cfd^eZh\6Y]Zi]hZ`_]e^_ZhW_Zf\mm_]Zh_eZi]Xd_Wm_deZmtdZeidg_Zb_W^ZW]ZhW_ \]h_d_ZjWar^i]Xo

meZd_^^_^_ZWr]_]Zh\eZc_q_]o

n_ei]h_]Zelf^_dZeld\]X_]ZeW_ZgcWear_]ZhW_Z,_`e_]ZrW]_W]Zi]hZeiar^_]Zb_aei]X gcWear_]Z h_]Z mW]ear]W^^_]Z i]hZ [W]W\^idear`iar^_]oZ nW_Z \dq_W^_^_]Z eWarZ W]Z hW_ ,Ydk\^WY]Z rW]_W]sZ i]hZ bdWeeZ \e^W6W_d^_Z _d]_i^Z e_W]Z ,i]eX_df^oZ h*l1bjilpfj m`te^_d^_Z_doZhlkd^ZWrdZi]eij

meZe\kZe_W]_Zi]^cYd^sZi]hZbdWeeZq_mtdar^_^_Zh\eZnar Wkke^_oZmdZd_ar]_^_Zh\kW^s h\hZh_dZgd_ig_dZ6_d]War^_^ZcYdh_]Zc\doZmeZc\dZ]War^Z\iegih_]e_]o

bdWeeZ_]ZV_dg\]eZtq_d`_X^_Zed\klmr\m^sZcW_ZeW_ZgY]^\e^ZgiZc_W^_d_]Z6_deld_]X^_] 5dill_]ZX_cW]]_]ZeY]]^_]oZnW_Zkih^_]Z\ieZh_kZV_de^_aeZr_d\ieZeiar_]o

kik/eZl\]hearirZed\` ^_ZeWarZeark_dgr\m^ZW]Ze_W]_]Zjq_d\dkoZVYdZnard_aeZ6_d`Yd _dZm\e^Zh_]Zl\` o

hbYd^fjZr\iar^_ZhW_Z,d\ioZhnW_re^ZhiZh\eZ[_^\` fj

mdZe^\dd^_ZhidarZhW_Zbfkk_di]XZ\imZhW_Zq W]e_]h_]Zb\`e_]sZhW_ZeWarZgcWear_] h_]Z,_`e_]Z_drYq_]o

hlW]fjZe\X^_Z_doZmdZr\^^_Zq_XdWmm_]oZhb\eZWe^Zh_dZkd\]ekW^^_dfj

nW_Z_W` _]Z6Yd\]sZeYZear]_` Z_eZXW]XoZnardfXZrW]^_dZeWarZcih^_]ZeW_Zh\eZ md_kh_ bYY^oZ[W^Zc_]WX_]Znf^g_]Ztq_d3i_d^_]ZeW_ZhW_Zmd_W_Z,`far_Z6YdZh_kZkd\]ekW^^_doZl] Wrd_]Z,i]eX_df^_]ZlW_le^_Z_eo

bW_Z6W_dZnY`\]_dZe\r_]Z]War^ZhW_Zhi]e`_Z5_e^\` Zh_eZcd_gg\d_dr\` _desZhW_ZeWarZW] _W]_ZpWear_Z]_q_]Zh_kZkd\]ekW^^_dZhdtae^_oZnW_Ze^\dd^_]Z]\arZYq_]sZi]hZbdWee dW_m.Zhi^`\]sZ*l1bjilpfZlkd^ZWrdZi]eijZhlW_dZbdWaejsZe\kZhW_Zi]^cYd^oZhfYZe_Wh Wrdij

hikZ kd\]ekW^^_doZ c\hZ \imsZ ge^_doZ d_k\]hZ 6_deiar^sZ _W]Z cYarZ hidarZ h_]

0

5_e^_W]ek\]^_`ZgiZ^d_Wq_]oZlrdZkth^ZkW^Zc_W^_d_]ZmW]r_W^_]Zh_eZ5_X]_deZd_ar]_]o p_rk^Zi]eZ\imsZc_]]ZWrdZek]]^fj

hV_de^\]h_]fZfWdZ eYkk_]ZgiZ _iarfjZnq_dX\]Xe`YeZcidh_Z _eZ r_` oZnq_dZ Wr]_] m`\kk^_Zh_dZkd\]ekW^^_dqYX_]o

hbdWeefjZfarg^_Zki` YoZmdZh\ar^_Zl`k^g WarZ\]Zh\eZidkq\]hZh_eZ5d\6Y^_ar]We_deo hVYdeWar^Zooofj

nW_Ze_^g^_]ZeWarZW]Zb_c_Xi]XsZ\q_dZeW_Zear\mm^_]Z_eZ]War^Zk_rdoZb\eZiqe^d\r`m_`h h_eZkd\]ekW^^_deZrt` ^_ZeW_Z_W]oZnW_Zeltd^_]Z]YarZh_]ZgW_r_]h_]Znark_dgZW]Z\` _] 5 W_h_d]sZ\`eZeW_Z_]^e^Ymm War^_]o

b_dZc`\^gZ6YdZh_kZkd\]ekW^^_dZcidh_Z`__dsZi]hZh_dZcd_gg\d_dr\` _dZear\` _^_Zh\e 5_df^ZkW^ZgimdW_h_]_kZcfar_`]Z\qo

bW_ZnY`\]_dZh_dZ,ijkgcjjpZ6_d^dW_q_]ZeWarZhW_Zb_W^ZkW^Zj\^ear`fX_]Z mtdZhW_ gg_dmY]_doZb\eZ,\d/]^6Y`eZq_m\]hZeWarZ W]Z _^c\Z\imZh_kZ ^_ar]Wear_]Zn^\]hZh_d mdh_Zh_eZ\ieX_r_]h_]Z67oZd\rdri]h_d^eoZj\ee_]el_gWmWear_Zg]^_dearW_h_ZX\q _eZ e_`qe^6_de^f]h WaroZ m]^eld_ar_]hZ Wrd_dZ \]h_d_]Z gkdl_d Ware_W^Z r\^^_]Z hW_ gg_dmY]_dZ\]h_d_Zk_ar]We_]Z_]^cWae_` sZi]hZWrd_Zgi` idZc\dZW]Zm_h_dZb_gW_ri]XZ\im mt]mZiiX_]sZ \ar^Z b_W]_sZ _W]_]ZidkZ i]hZ _W]_]Z giX_`ekdl_dZ giX_ear]W^^_]oZ bW_ p\ar^eWar^mfrWXe_W^Z h_eZ _W]_]Z iiX_]l\\deZ mtrd^_Z h\gisZ h\hZ _eZ hW_Z ]far^ War_ n^W` _Z W]Z h_]Z nW_h`i]X_]Z h_eZ c`\]_^_]Z ]W_Z X\qoZ lkk_dZ i]hZ tq_d\` Z c\d_] gg_dmY]_dZi]^_dc_XesZikZWrd_]Z5_earfm^_]Z]\argiX_r_]o

bW_Za\oZ8s97Z[_^_dZXdYh_]Zf_e_]Ze\]]^_]Ze_W]_]Z_WX_]^ War_]Z[thWXX\]XoZd_^g^s ]\arZh_kZf_Xm\` Zh_dZjllYeW^WY]ZhidarZhW_Zg\d/k\i]_dsZ_dc\ar^_ZWrdZ,Ydear_da i]hZfWee_]ehd\]XZgiZ]_i_dZb`t^_oZnW_ZcY` ^_]Z\` _eZkkX War_ZW]Zmdm\rdi]XZqdW]X_] i]hZk_`h_^_]ZeWarZgiZli]h_d^_]Zq_WZh_]ZnY`\]_d]sZh\hZhW_e_ZWr]_]Z_W]_]Z,`iX ]\arZnarm_llZ6_dear\mm_]Zctdh_]o

cYYarZ V_`_^^\ab_`Z rt` ^_Z eWarZ _de^\i] War_dc_We_Z W]Z narc_WX_]oZ b_dZ [Y]\dar r\^^_ZeWarZe_W^Zh_kZiqm`iXZh_dZ*l1bjilpZ]War^Zk_rdZW]Zh_dZ,ijkgcjjpZe_r_] `\ee_]oZn_W]_dZ6Ydr_dWX_]Zp_iXW_dZcWh_deld\arZh\eZgiZh_i^ WarsZ\`eZh\hZ_eZ]War^ \imX_m\` _]Zcfd_oZi` _dhW]XeZcfd_Z_eZe_W]_kZnY`\]_dZ_W]X_m\` _]sZh_]ZcW]agr\] \imgieiar_]Z i]hZ h_ec_X_]Z giZ q_md\X_]oZ b_dZ l_ddear_dZ gg_dmY]eZ r\^^_ ear W_h WarZ\iarZ\]h_d_ZbW]X_ZgiZ_d`_hWX_]sZ\`eZeWarZhW_Zk_ar]WeZh_dZnY`\]_dZgi q_^d\ar^_]Zi]hZ _W]_Zi`\dktqi]XZgiZ 6_dmY`X_]oZbW_e_Z\` _dhW]XeZ c\dZ\imZ e_W]_]

l_dek] War_]Z fi]earZ rW]Z hidarX_mtrd^Z cYdh_]Z i]hZ r\^^_Z h_]Z iqm`iXZ h_d *l1bjilpZikZn^i]h_]Z6_dgkX_d^o

hc\]Xe\kZ k\ar^Z kWdZ h\eZ iieq`_Wq_]Z _W]_dZ p\ardWar^Z nYdX_]jsZ X_e^\]hZ bmY bd_WeeY` sZ\`eZ_dZgiZVYd`\]ZbdWaeZ W]ZhW_Zb_]^d\`_Zh_dZgYd6_^^_Ze\koZhmeZ We^Z]War^ i^`\]eZid^sZ_W]_]ZYr]_Zl]mYdk\^WY]_]ZgiZ`\ee_]oZmeZkihZ_^c\eZX_ear_r_]Ze_W]fj

hbiZcW` e^Z\imqd_ar_]Zi]hZ WrkZ]\arm W_X_]jsZe^_` ^_Zh_dZcW`Y^Z m_e^oZhbiZqd\iare^ e_W]_Z i]Xe^Z giZ r\q_]oZ [_W]Z bdth_dar_]Z ctdh_Z earY]Z h\mtdZ eYdX_]sZ h\hZ War d_ar^g_W^WXZ6Y]Ze_W]_kZiq`_q_]Z_dmtrd_fj

hVYd`\]fj

b_dZe_]eWq`_Zbd_WeeY` Zd_\XW_d^_Z_klmW]h WarZ\imZh_]Zh_dq_]Znar_dgo

hle^Zm\ZXi^jsZk_W]^_ZbdWaeoZh[kX War_dc_We_Z W_X^Z_eZ\]Zh_kZm]_dXW_earWdkoZiq_d c_]]Zh_dZgd_ig_dZh_]Zf_XZrW]_W]ZX_mi]h_]Zr\^sZcWdhZ_dZ\iarZh_]ZrW]\ieZmW]h_]o jh_dij

hlarZ ct]ear^_sZ hiZ rf^^_e^Z d_ar^jsZ ]Wae^_Z h_dZ g\^g_doZ hmeZ cWdhZ earY]Z \` _eZ W] jdh]i]XZe_W]oZf\eZk_W]e^ZhisZeY` _]ZcWdZh_dZb_e\^gi]XZgief^g War_]Zc\]hid`\iq X_cfrd_]ijZ hb\eZ W_h_Z eWarZ rkd_]jsZ earki]g_` _Z bdWaeoZ hiq_dZ hiZ c\d^_e^ 6W_` _War^Z]YarZgc_W_W]r\`qZn^i]h_]oZb\]]ZWe^Zk_W]ZbW_]e^ZrW_dZ6Ydq_WfjZbd_WeeY` q_mY`X^_Zh_]Zj\^Zi]hZq_^d\ar^_^_Z_eZrW]^_dr_dZ\`eZ_W]_Z,tXi]XZh_eZnarWaee\`eo g]\llZgc_WZn^i]h_]Zelf^_dZ_klmW]XZhW_ZgYd6_^^_Zh_]Z6_de^tkk_` _]Z,i]eeldiar i^`\]eoZmdZc\dZ]War^Z6Y` e^f]hWXZgiZ_]^gWmm_d]sZ\q_dZ_eZXW]XZh\d\ieZr_d6YdsZh\hZeWar hW_Z*l1bjilpZW]Zh_dZg`_kk_Zq_m\]ho

hbW_Z V_dg_ddi]XZ h_dZ bY^ear\m^Z eYkk^Z _W]h_i^WXZ hidarZ h_]Z narWdksZ ]War^Z _^c\ hidarZ h_]Z 5_e^_W]ek\]^_`fjZ e\X^_Z bdWaesZ \`eZ bd_WeeY` Z r_dq_W_W` _oZ bW_ i`\dkeWd_]_]ZX_` ^_]Zi]hZdW_m_]ZhW_Zb_e\^gi]XZ\imZ Wrd_Zc`f^g_oZhpYdk\`_dc_We_ `fh^Z 5_e^_W]Z e_W]_Z ,i]ec_` _]Z hidarjsZ e^_` ^_Z bmYZ m_e^oZ VYd`\]Z giae^_Z kW^Z h_] nari` _d]o

hVW_` _War^ZXWq^Z_eZ_W]_Z2mm]i]XsZhidarZhW_Zk\]ZW]eZl]]_d_ZX_`\]X^fj

f_]WX_Z[W]i^_]Zelf^_dZ m\X^_ZhW_Z,ijkgcjjpZW]Zh_]ZlWkk_`Zgg_dmY]eZrW]_W]o bW_Z gg_dmY]_dZ q Wae^_]Z WrdZ _]^X_We^_d^Z ]\arsZ i]hZ eW_Z md\X^_]Z eWarsZ c\eZ h\e q_h_i^_^_oZiq_dZ_eZq_d_W^_^_ZWr]_]Ze_W]ZgYlmg_dqd_ar_]oZc_hWX WarZh_dZcW]agr\] cidh_Z 6Y]Z hte^_d_]Z 5_h\]e_]Z X_3if` oZ mdZ r\^^_Z e_W]_Z V_dqW]hi]XZ k_rdZ gi e_W]_kZ narWmmZ _dr\` _]sZ i]hZ hW_Z ,d_kh_]Z r\^^_]Z Wr]Z ]War^Z W]mYdkW_d^sZ c\eZ h_d

5di]hZ Wrd_eZ tq_dr\e^_^_]ZiimqdiareZ c\doZ 5\qZ _eZ hW_Z c,cmlbmjlm55mZ ]War^ k_rdiZl\^^_ZhW_Zb_e\^gi]XZh_]Ztq_dr\e^_^_]ZVYde^YhZgikZ\ar^_]Zc`\]_^_]ZkW^ h_kZc_q_]Zq_g\r` iZffrd_]hZeWarZh_dZgY]h_]ee^d_Wm_]Z\kZlWkk_`Z6_dm`tar^WX^_ i]hZhW_ZgYd6_^^_Z W]ZhW_Zeidg_ZcW]_\d_^\ll_ZXW]XsZ6_dedYarZeWarZh_dZ[Y]\darZ W] e_W]_ZldW6\^_]Z5_kfar_dZi]hZmdYdoZmde_]]q\dZc\dZ_eZ\kZi]\imrkd War_]ZfWll_] h_eZq_c_X War_]ZjrdeZ\imZh_dZjq_de_W^_Ze_W]_eZgkdl_deo

67

qrs qqtuvqss s

wvxyyzzz{qz

y v s | y xyys}rw

~ry

} w w y } qr

qr ~ qr xyysvqr}

y q x s s w y w s v s { s v wvq x qr vs { v v qs{ } qs{

} xyy s } qr w{ ~ y } vs s s } uyxyyys }svxyy

~q{ ~w

s xyy y x s q { y yvss

q sq ~| q s v s v~

~sy ~s~s{uvsy

~xyyyq

tz~s

~vsw

~}tz~

~yy

~s z u w xyy s qsuwsy wsq

{ s q }

vs

q{s u

yvq

{~ qv}ws

z~uszz

sq vyyus y|vy{ sy}q

~s rsxyys {s s~

~ s q }s} s qy qs{yvy qy

yv w~ qr

su{ yw vswxyy ~ ry v ~ y } vsyv yvqr~~ s}~s

~ss~

s y w |sryqs{ sy ~s s s ~s~sqqs

s xyy w y s{ss}y v

svqrt

wq~s ~ u v{ y vsvy

sswryv v}qryv

| xyy ~

xyys

qqryss yysvsv wyv u v yv~yy q q v { | s w{ y w qw

qs

}|ss s q ~ s s qy

xyyvss syq}} syy

}sy~s

u r u s y ~vs s v q xyy{wqys s

y}sqr s{

q}ss{sq y w q | y s s yy|t {}y sxyyyv

qqy q s s qv sqq s

u ~ ysuu| uy

~r|ry~w y w| s y}wxyy y u uyvyv s}yq qs{qr qqs{s wsxyy ysq-{

ysvqr y q y s vu y styqrs y v v {qryvy}r qr q yvy

ss u qqv| y}s} u | qyqs q sx

~ y

uwq{ u xyy s y w q y qy s y s u y vs u uwsssv w|yvrqs

}syw q.vxyy {ss

~y} r |s ~ | qv u s { qr q y u

y- -q q ~ s

w sv s qxyy

~ w s ~sv~s y|y}sy{

xyy y s s

svsq

~ vs y y

s ss~sysq u}q

s q { xyy susyy{yv v xyy y} ysys xy { u ss yv

ur y { r q y ~ qyy }

~qr yqr} s}uy{vs | yv s v s qr ~s s q uv y {}

{y vqrvs} yy

wys{ wv}

z

ys w q xyy y { } u q y{ | s vss vs q y{xys s } y xyy

s |q { ~su s u xyy y yvvy

s { vs { s } u wv

w||s{ qr ~ s|uyyys qxyy{qrs w

y yvq

q | r ~ y s

sqvs s v{ usy

s ry y q q s qrss qsv

zvszv}{ s s u{ sssvqrzqr ~xyy

txyyzwqzz.

qs{ } q { s

.s{

xy}qyv

{ s yqs}su{ y~sy { vs q q w|

s qr{ ~ y{y rysuqrz y q q ~ xyys

w |xyyssy w}q

q|q vs

|}uq y svs w v ssqsyys }

}y q}

~sr~s~stxyy~sz{z

{ y s wv vs ~s ~s s

q q

v y | w |

q v q } qs{ y s {.

qy{y s u } vs {qs{ y } qr

y}yq qy

s qr sy{q{

qssv~s

78

EFGHIJGKLMNIOGFPQRFSTGUPJGFVNQLPWQLVNGUPXGYPOZPQF[JPLFGUOJVNRJIVN\GEJGHOXUPJSP FLVNGX]VNTGUIWGULPG^JP_UPXGF]GQPLVNSZPJSL`GIOZGFPLXPGaPULX`OX`GPLX`LX`PX\GbOJ PLXGUO__PJGcOZIQQG[]XXSPGFPLXPGdRFLVNSPXGZJJNKPLSL`GUOJVN[JPOKPX\

KPJG LJPKKIJPJNIQSPJG FVNLV[SPG KHPLG FPLXPJG M]QQP`PXG _LSG LXG UIFG MO`PQFVNLZZ\G NLP SJO`PXG NPL_QLVNG KHPLG a]_RPXG RPLG FLVN\G ONJPG dOZ`IRPG HIJG PFTG ULPG MO`PQG KOFMJPX`PXG OXUG LNJG PL`PXPFG PPRPXG UIZJJG KOG ]MZPJXTG UIWG UIFG PNPL_XLFG ]X NVNSPMMG`PHINJSGRQLPR\

dQQPFG FVNLPXG KOG [QIMMPXTG IRPJG UIXXG PJFVNLPXG UIFG KHPLSPG NVNLZZ\G EFG HIJZG IQQP T]ZZXOX`PXG KLMNIOFG JRPJG UPXG TIOZPXTG OXUG PJG FPSKSPG FLVNG F]Z]JSG _LSG IQQPX LJPKKIJPJNIQSPJXGLXGUPJRLXUOX`\

VWLJG HLFFPXG XLVNSTG ]RG PFG OJXL_PJG OXUG ^QPUPJG XFSJ]`G `PQLX`PXG HLJUTG RPLUP NVNLZZPGKOGKPJFSYJPXZTG`IRGPJGIXGFPLXPXG^PSLFVNGHPLSPJ\GVKPFNIQRGRQPLRSGXOJGPLX PLXKL`PJGdOFHP`[GWLJGNIRPXGUIJJRPJG`PFMJ]VNPX\GLJPKKIJFGEJNIQSOX`G`PNSGJRPJ IQQPF\GWLJG_JFFPXGNVNSPMMG]MZPJXGOXUGOXFPJPGXJ`IXLFISL]XGUIJIOZG]JRPJPLSPXT UIWGHLJGPLXPFGYI`PFG[PLXPG^PSLFVNPG_PNJGKOJGUPJZJ`OX`GNIRPX\GKLPFPGdOFFLVNS F]QQSPGOXFGPLXPGWIJXOX`GFPLX\GaLFGU]JSNLXG_JFFPXGHLJGEJZ]Q G`PNIRSGNIRPX[Z

KLMNIOGPJNLPQSG[PLXPGPLXKL`PGIRQPNXPXUPGNSL__PTGOXUGF]GMJ]`JI__LPJSPGPJGULP YJP_]JI``JP`ISPG OXUG `IRG UIFG cPLVNPXG KO_G dOZRJOVN\G KLPG FPVNFG NVNLZZP PJQLPWPXG UIFG OXXPJPG UPJG T]NQ[O`PQG OXUG PJJLVNSPSPXG NLXSPJG FLVNG PLXPX OXUOJVNUJLX`QLVNPXGNVNLJ_\GE`IQTGHLPGULPG^JP_UPXGNLXPLX`P[]__PXGHIJPXTGPLX WP`GNLXIOFGHJJUPGLNXPXGIOZG[PLXPXG^IQQG_PNJGKOJGUPJZJ`OX`GFSPNPX\

KJIOWPXTGJRPJGUP_GNVNOSKFVNLJ_TGUPJGUPXGPFSPLXFJLX`GO_`IRTGJLPZGKLMNIOGIQQP LJPKKIJPJNIQSPJGKOFI__PXTGULPGFLVNGLXGOXUGO_GNVNSPMMGIOZNLPQSPX\GKIFGNSYNXPX FPLXPFG^PSLFVNPFGFSYJSPGLNXGXLVNS\GEJGUJ]NSPGLN_GPJXPOSG_LSGUPJGNMJPX`OX`TGOXUGUI HIJGMPS[IJGPXUQLVNGFSLQQ\

KPJG LJPKKIJPJNIQSPJG SOFSLPJSPG FPLXPXG a]JUSJIXF_LSSPJG IOZG ULPG M]]JULXISPXG UPF ^PJXSJIXF_LSSPJFG OXUG XIN_G IQQPG LJPKKIJPJNIQSPJG IOZTG ULPG FLVNG X]VNG L_G OXXPJX IOZ`PNIQSPXG NISSPX\G bOJG ULPG a]]SPG OXUG ULPG 0]R]SPJG HIJPXG KOJJV[`PQIFFPX H]JUPX\

VWLJG KLPNPXG OXFG KOJJV[ZTG ]JUXPSPG KLMNIOG IX\G VEFG LFSG XLVNSG FLXX]QQTG UIFG EXUP _LSIXKOFPNPX[Z

cOLPQGHIJGPFTGHIFGKOGEXUPG`LX`\GULPQPG1INJNOXUPJSPGNISSPGNVNSPMMGIQFG0JV[NIQSZJJGLNJPGXJ`IXLFISL]XG`PULPXS\GbOXGF]QQSPGPFG]JRPLGFPLXTGOXUGFLPGHOWSPXGX]VNGXLVNS PLX_IQTGHIFGUIXXG_LSGLNJPXG^PSLFVNPXG`PFVNINTGULPGFLPGX]VNGRPFIWPX\

aLFNPJGNISSPXGULPFPGFLVNGLXFSLX[SLGXIVNGNVNSPMMG]JLPXSLPJSTGF]`IJGJRPJGTOXUPJSPOXUG YIOFPXUPG ]XG PLVNSSINJPXG NLXHP`\G XRH]NQG LNXPXG ULPG EJLXXPJOX`G IXG LNJP TPJ[OXZSG XLVNSG RPHOWSG `PHPFPXG HIJTG NISSPXG FLPG PFG `PSIX\G 1PSKSG HOWSPXG ULP ^PSLFVNPGHLPGMPS[IJTGH]GLNJPGTPL_ISGHIJ\GKIFGHIJGSPU]VNG[PLXGLJ]RQP_TGUPXXGFLPHJJUPXGPFGLNXPXGHLPUPJGPJ`PFFPXG_IVNPX\

dRPJGHIFG`PFVNING_LSGUPJGXJLPXSLPJOX`2GKLMNIOGRPZJJVNSPSPTGUIWGULPG^PSLFVNP KO`JOXUPG PNPXG HJJUPXTG HPXXG FLPG FLVNG XLVNSG _PNJG LXFSLX[SLG XIVNG LNJPJG TPL_IS IOFJLVNSPXG[]XXSPX\GKIFGNPL_QLVNPGaIXUGUPJGbISOJTGPFGHJJUPG_LSGUP_G_XSPJ`IX` NVNSPMMFGKPJJLFFPX\GKPJGLJPKKIJPJNIQSPJGFPSKSPGFLVNGFVNHPJZ`QQL`GLXGPLXPXGNPFFPQ OXUGJRPJQLPWGPFG^PJXP[TGUIFGcPLVNPXGKO_GdOZRJOVNGKOG`PRPX\GKLPG[QPLXPG^Q]SSPUPJG LJPKKIJPJNIQSPJG PJFVNHIXUG JRPJ`IX`FQ]FG IOFG UP_G aIFLQIXbNcFSP_G OXU _ISPJLIQLFLPJSPG HPLSIRG IXG PLXP_G `PNPL_PXG YJPZZMOX[S\G K]JSG [I_PXG IQQPG IQSPX aPXPSPJQ]`PXGKOFI__PXTGO_GJRPJGUIFGHPLSPJPGU]J`PNPXGKOGRPJISPX\

KLPG ^JP_UPXG NISSPG _IXG Q]F\G ONJG Y]UG HIJG ]JMJ]`JI__LPJS\G KI_LSG HIJG PLX HPFPXSQLVNPJG _XFLVNPJNPLSFZI[S]JG RPFPLSL`STG UPJG FLPG LXG QPSKSPJG cPLSG PMQI`SG NISSP\ KIFGQLPWGIOZGPLXPG`JXFSL`PGEXSHLV[QOX`GLXGUPJGcO[OXZSGN]ZZPXGOXUGZJNJSPGLPQQPLVNS PLXPFG YI`PFG UIKOTG UIWG UPJG FVN_PJKQLVNPG UPJQOFSG NVNSPMMFG PXU`JQSL` IOF`P`QLVNPXGHIJ\

VEFGH`JPGIRPJGU]VNGRPFFPJTGHPXXGLXG[OJKPJGcPLSGPLXGNVNLZZGLXGUIFGaIFLQIXbNcFSP_KOJJV[[PNJPXGHJJUPTGO_GFLVNG]_GEJZ]Q GOXFPJPJGd[SL]XGKOGJRPJKPO`PXZTGFVNQO`KLMNIOG ]JG KLPG JRJL`PXG LJPKKIJPJNIQSPJG QPNXSPXG PFG IR\G KLPG YPVNXL[G UPJNSIRLQLS`SFQ]SFPXGHIJGIOF`PJPLZSG`PXO`TGUIWG_IXG_LSGPLXP_G]QQPXGEJZ]Q GJPVNXPX []XXSP\GOXKHLFVNPXG_OWSPGPJGRPJPLSFGPLX`PSJPSPXGFPLX\

KPXG PXSZPFFPQSPXG bISOJ`PHIQSPXG []XXSPXG IOVNG ULPG ZJP_UPXG MO`PQFVNLZZPG XLVNS FSIXUNIQSPX\

N]G RPFVNLPUG FLVNG KLMNIOG IQF]G _LSG UP_G PUIX[PXG IXG UPXG EJZ]Q TG UPJG LN_G KOPJUIX[PXG HIJ\G EJG NISSPG ULPG PZINJG JPVNSKPLSL`G PJ[IXXSG OXUG FLVNG XLVNSG UIJIOZPJQIFFPXTG UIWG ULPG RPLUPXG a]_RPXSJ``PJG FLVNG IOZG RPLUPG MO`PQXG UPJG JP_UPXPJSPLQSPX\

VLJPKKIJGFSPNSGJRPJGIQQP_ZTGFI`SPGPJGHLPUPJGPLX_IQTGOXUGFPLXPGNPNXFOVNSGXIVN

PLXP_GcPLVNPXGULPFPJGaIVNSGJRPJUPV[SPGULPGdOWPJOX`PXTGULPGFPLXG^PSLFVNGL__PJHLPUPJG]XGFLVNG`IR\GEFGHIJPXGdOWPJOX`PXGUPFGNVN_PJKPF\

e

dX`PFLVNSFG UPJG JIOFI_[PLSTG _LSG UPJG ULPG LJPKKIJPJNIQSPJG `PNIXUPQSG NISSPXT [IXXSPGdSQIXG[PLXPG0JV[FLVNSG_PNJ\GaLSGOXPJRLSSQLVNPJGT`JSPG`LX`GPJG`P`PXGIQQPF ]JTGHIFGIOVNGPXSZPJXSGXIVNGaPXPSPJQ]`PXGIOFFIN\GEJGFVNLV[SPGULPG^d0Y_PXXbIOFTGUPXG^PJXSJIXF_LSSPJGKOGKPJFSYJPX\GEJGHIJGPJQIFFPXTGOXUGaJPLF[]QQGKPJFSJINQSPLNX\GKLPGEfMQ]FL]XGJLWGPLXPXGSLPZPXGMJISPJGLXGUIFGPFSPLX\GKIXXG_IVNSPGFLVNGULP M]JPSSPG IOZTG O_G ULPG PJFSJPOSPXG N]QIXPJG IRKON]QPXTG ULPG ULPG gTa0dObG KO aP`LXXG LNJPFGdOZPXSNIQSFG LXGUPJGT]NQ[O`PQGIOF`PFVNQPOFSGNISSP\GNLPGHIJPXGX]VN]QQK`NQL`\GdOWPJG aJLFFG PXG UPJKIX[TG YOQQ]G WLPFSPJFTG YO_cG cHPO[G OXUG dJ`IXG _ [PNJSPXGIQQPG KOJJV[\G KLPGLPJGHIJPXGPJ_OSQLVNG ]XGUP_G YJIXF_LSSPJG IR`PFSJINQS H]JUPX\

OXKHLFVNPXG SJISGULPGgTa0dObG P`PXGULPGa]]SPGUPJGLJPKKIJPJNIQSPJGIX\GELXPFXIVNGUP_GIXUPJPXGPJ`LX`G LXGUPJG^POPJFRJOXFS\GEFGHOJUPXG[PLXPG^OX[FMJJVNP `PHPVNFPQSTG IRPJG _FSPJG aJLV[G PJ[IXXSPG XIVNG [OJKPJG cPLSTG UIWG ULPG a]]SPG IQQPJ]R]S`PFSPOPJSG HIJPX\G KLPG LJPKKIJPJNIQSPJG NISSPXG FLPG JPVNSKPLSL`G PJQIFFPXG OXU HIJPXG UOJVNG UPXG YJIXF_LSSPJG `PZQ]NPX\G VNLPG NIRPXG OXFG IOZFG MJPOKG `PQP`SZT RJO__SPGUPJGgNPZMLQ]SGUPJGgTa0dOb\GV_XUGKHIJG`IXKG`PHIQSL`\GU]XGdXZIX`GIXH]QQSPXGFLPGOXFGPJXLVNSPX\GKLPGNIVNPG_LSGUP_GPZIX`PXPXSIOFVNG`P`PXGOXFPJP^JPLNPLSGHIJGXOJGPLXGY`OFVNOX`F_IXYPJ[Z

VEFGLFSGXOXG_IQGXLVNSGKOG`XUPJXZTG_PQUPSPGFLVNGYcIJLGKOGW]JS\GVdSQIXTGHIFG_PLXFS UOTGF]QQPXGHLJGUIFGNVLPXS]Q]`PXSPI_GIOZGULPGNSIRLQLS`SFQ]SFPXGQ]FQIFFPX2Z

KPJGdJ[]XLUPGK]`GULPGdO`PXRJIOPXGPLXGHPXL`GKOFI__PX\

VbPLXZTGFI`SPGPJ\GVKLPGcPLSGJPLVNSGXLVNSGIOF\GNLPG[YXXPXGXLVNSFGIOFJLVNSPX[GTI`P OXUG aQYUPQG F]QQPXG LXG UPJG ^d0Y_PXXbG RQPLRPX[ZG KIFG QPSKSPG UPJG 0]R]SR]]SPPJ`QJNSPTGOXUGUPJGMJPOKPJG_IVNSPGFLVNGIOZGUPXG0JV[HP`GKOGFPLXP_GdOF`IX`F]JS\

KLPGdOFHLJ[OX`PXG UPJG _IXLMOQLPJSPXG NSIRLQLS`SFQ]SFPXG XIN_PXG L__PJG _PNJG KO\ KLPGNVNHPJ[JIZSGIOZGUPJGOXXPXZQ VNPGUPFGPFSPLXFJLX`FGRPSJO`GRPJPLSFGJRPJGG`\ KPXG NVNSPMMPJXG _IVNSPG PFG X]VNG XLVNSFG IOFTG FLPG HIJPXG IXG OXSPJFVNLPUQLVNFSPUPJN`QSXLFFPGIXKOMIFFPX\GKLPFPG^`NL`[PLSG QI`GPJ_OSQLVNGLXGLNJPJGUPJ`IX`PXNPLS RP`JJXUPSGOXUGUPXGUPJN`QSXLFFPXTGULPGL_GPIOZGLNJPJGEXSFSPNOX`GL_GOXXPJXGULPFPJ WPQSG`PNPJJFVNSGNISSPX\

EFG HJJUPG SPU]VNG XLVNSG XOJG RPLG UP_G JILSISL]XFIXFSLP`G RQPLRPX\G OJ`PXUHIXXMQISKSPG ULPG MJOFSPG NVNSPMMFTG OXUG ULPG PFSPLXF_IFFPXG JRSPXG SJ]SKG LNJPJG FPLS 1INJNOXUPJSSIOFPXUPXG `PFVNHOXUPXPXG aIFFPG X]VNG L__PJG PLXPXG XLVNS ]JFSPQQRIJPXG OXXPXUJOV[G IOFTG UPJG ULPG NVNSPMMPJG RPLG UPJG ^JPLFPSKOX` KPJOPSFVNPXGHJJUP\

NVNSPMMG_OWSPGPI[OLPJSGHPJUPX\

EFG HIJG [PLXG QPLVNSPFG _XSPJZIX`PX\G dQFG UPJG MJPOKPJG LXG UPJG b`NPG PLXPJG UPJ NSISL]XPXGQIXUPSPTGUIGHIJSPSPGXOJGPLXG[QPLXPFGT`OZQPLXGNVNSPMMPJGIOZGLNX\GN]ZPcX RPZIXUGFLVNGUIJOXSPJTGOXUGPJG_IVNSPGdSQIXG[QIJTGUIWGPFGaIJV]cXGX]VNGQ X`FSGXLVNS`PQOX`PXGHIJTG_LSSPQFGFPLXPJGYPQPMISNLPJOZPGIQQPGNVNSPMMPJG]XGUPJGb]SHPXUL`[PLSPLXPJGEI[OLPJOX`GKOGJRPJKPO`PX\GULPQPGUPJGJ]FIJ]SPXGa`QQVNPXGHIJPXGJRPJNIOMS X]VNG XLVNSG LXG ULPG b`NPG UPJG YPJJIXPJG `P[]__PX\G EFG NISSPG X]VNG [PLXOXSPQQL`PXKIXJPLKG FSISS`PZOXUPXTG OXUG FLPG JPI`LPJSPXG LXFSLX[SLG HLPG L__PJ\G NLPPJ[J]VNPXG FLVNG LXG LNJPXG TYNQPXG OXUG MIXLFSPJFVN`VNSPXG OXUG HI`SPXG FLVNG XLVNS _PNJGNLXIOF\

VM]__SGIQQPGNPJPLXZTGFI`SPGdSQIX\GVWPXXGFLPGPOJPGd