Schiffbruch auf Urab

ABCADEFGHEIEJKLEAMLNOLPLQERLQESTC

DQUEVGW

SXYKZZMQPXYE[PZE\Q[M ]^NE_PQOE5[YQ

EFGHIFJKLKG MNGOPQMRGSTUTVGWMIGIXYHZR[MHIGO\FIMXLXYIQFI[]\XHG] MFJKIXGYIXG_Qà[IXGYIFGbcFM[MdIXeGKL\P[F`JKRMJKG QIPQ`FIX[MIQ[GY\QJKGO[RLXG\XYGYMI fcRLXIQeG\XYG] MFJKIXGOX[MgEfG\XYGFIMXIXG\XaQIM MRRMHIXGhIRaIQXeGdcRR]cHGFMJKGMXGiLQFgjgiLQFeGYIQGkZXF[RMJKGHIFJKLaaIXIXGWcPPIRHLRLlMFV

WMIFIQGEX[FJKIMY\XHFkLNPaGHIK[GZmIQQLFJKIXYGL\FVGWMIGdcXGYIXG _cFNckQL[IXGdIQLXRLn[IGoIQmLXX\XHGdcXGOX[MgEfG MQYGHIHIXF[LXYFRcFeGYIXXGL\F pBmmIkMXHG\XYGOX[MgEfGIX[F[IK[GIMXGXI\IFGf\PIQÎFIXeGYLFGKMXacQ[GL\aGYIQGfIM[IGYIFGbcFM[MdIXGLHMIQIXG MQYVGWMIGXI\IGfLJKRLHIGMF[G`\nIQF[G[QBF[RMJKe ]\NLRGYMIGCKLXJIGmIF[IK[eGYLnGMXGiLQFgjgiLQFGX\XGIXYHZR[MHGYIQGDQMIYIGIMXkIKQ[VGDZQGO[RLXGEIYcJKGMF[GYMIGfM[\L[McXGLRRIFGLXYIQIGLRFGQcFMHVGWIQGiIFM[]GYIQ _ccQYMXL[IXG dcXG oLQXKLHKIQgFKxXXF[eG cKXIG YMIG IQG XMJK[G YIXG O\a[QLHG YIQG _cFNckQL[IXG IQaZRRIXG kLXXeG MQYG MKNG X\XG L\FHIQIJKXI[G Y\QJKG CKxmQLMX dcQIX[KLR[IXVG ymG IQG IFG MRRG cYIQG XMJK[eG YIQGOQkcXMYIG MQYG dIQPaRMJK[I[eG YMIG zLNIXRcFIG {cXIG L\a]\F\JKIXG \XYG FMJKG NM[G YIQIXG |`[FIRXG \XYG fJKQIJkIX L\FIMXLXYIQ]\FI[]IXV

}XGYMIFIXGiIQIMJKGMF[GL\JKGYLFGfy~giIMmcc[GDO|��~yyzGdIQFJKRLHIXG^cQYIXVGWMIG_cQdI[[IG\X[IQGYING_cNNLXYcGdcXGiEcGiQIMFkcRRGkLXXGLRRIQYMXHFGYIQ zLNIXRcFIXG{cXIGIX[QMXXIXeGYcJKGiIFJK`YMH\XHIXG\XYGEMX MQk\XHIXGdcXGFIM[IXGNxF[IQMBFIQGoIQacRHIQGaZKQIXG]\NGfCh}DDi|�ChGO�DG�|OiGVVV

DEFGHIJKLKFMNOPFPGQFNGROSIPNT

UVOGUMFENWOXX ! "#$$%&'%&( ')* +,-./01123

YYZ[\I]F ! 4#*56(7)&')* ')5 -%()5 ')* 89*(#&6)*3

^FM_IXG`Pa]]GJPQGbFM]FGcEPdFNLFM ! :)5%(7;&<5$6(<=6)')* ')* +,-./01123

eFMPIGXIGfIVVP ! >6&) (%?@)*) +*%;3

\IMgFXXF ! >6& <)A)6$&65B#==)* +*)$')* 5#*<( @C* D6=@)3

12

EFGHIJGIKKLFGFMGNOLPPIFQRLSTU

EOLSGSMQRGRIVVLGWXMGWPLYFHMKKGJYVGZSVLPLFFLGTYLG[IVLSG\LP]MK V_GTYLGI ]GTLPGWYKT]KaQRLG\MPGYRJGIOPMKKVLSG`STGYRJGbKIPRLYVGTIPNOLPG\LPFQRI]]LSGFMKKVLS_GcIF JYVGTLPGdefghijjkGS`SGLY^LSVKYQRG^LFQRLRLSGcIPUG[ISSGJLKTLVLGFYQRGLYSLGfMOMVFVYJJLG`STG\LPHNSTLVLGYSGTLPGYRPGLY^LSLSGP`RY^LSG`STG`SOLVLYKY^VLS lLYFLmG0[YLGeScLYF`S^LS_GTYLGTLJGe VM1YKMVLSG\MPKYL^LS_GJNFFLSGNOLP1PN]VGcLPTLSU2GWXMGWPLYFHMKKGRMPQRVLGI ]UGkLOLSGYRJGOP`JJVLG3LP^LG4YSRLFVLPm

0lIFGFMKKGTIFGS`SGcYLTLPGRLY5LS62GhSTGTISSGOPIQRGTYLG7&KKLGKMFU

EYSLG`SFYQRVOIPLGfYLFLS]I`FVGFVI`QRVLGYRSGYSGTLSG;LFFLKUGdKIJJLSTLPG;QRJLP<GFQRM5GYRJGTIFGfNQH^PIVGLSVKISÛGeKIPJFYPLSLSGcYJJLPVLS_G4LSFQRLS FQRPYLS_G`STGI ]GTLPG^PM5LSG7YTLM]KaQRLG\MKK]NRPVLGTIFG;VLPSLSHPL`<GTLPG8IKI9YFGWIPF:;:WIPFGLYSLSGIOLSVL`LPKYQRLSGgIS<U

WXMG FQRYPJVLG FYQRG L^LSG TYLG 1ISYHLP]NKKVLSG 8LTISHLSG IO_G TYLG \MSG IKKLSG ;LYVLSG I ]G YRSG LYSFVP&JVLSUG ZSG ;YVÌVYMSLSG cYLG TYLFLPG cIPG TYLG daRY^HLYVG TLP gLKL1IVRYLGLRLPGLYSGdK QRGIKFGLYSLG8IOLUG[ PQRGTIFGdKYJJLPSGRYST PQR_GTIFGTLPGJ&PTLPYFQRLGeSTP`QHG\MPGFLYSLSGe`^LSGLP<L`^VL_G\LPF`QRVLGLP_GTYL eS<LY^LSGTLPGbMSVPMKKHMSFMKLSG< GLPHLSSLSUGEPGc`5VLGSYQRV_GcIFG^LFQRLRLSGcIPUGEPGOL^PY]]GS P_GTI5GLYSLG ]PLJTLGbPI]VGSIQRGTLJGHKLYSLSGfI`JFQRY]] ^L^PY]]LSGRIVVLG`STGLFGLPOIPJ`S^FKMFGFQRNVVLKVLU

EYSLGHPaQR<LSTLG;VYJJLGTPIS^GT PQRGTLSGYS]LPSIKYFQRLSGiaPJU

0;VLVLGdIRPV<G=`JGgL ]LKGUUUGR&PFVGT GJYQR6G;VLVLGdIRPV<2

0;VLVLGdIRPV2_GHIJG\MSGYP^LSTcMRLPGTYLG1KaPPLSTL_GFQRL11LPSTLGeSVcMPVUG0=`JGgL ]LKGUUUGR&PFVGT GJYQR6G;VLVLGdIUUU2

[LPGfLFVGcIPG=YFQRLS_GdI`QRLS_GF1KYVVLPSTLFGbSYFVLPSUG[LPGe`TYMFLP\MGRIVVLGTLSG[YLSFVGLYS^LFVLKKVUGWXMGFVLJJVLGFYQRGJYVGKLV<VLPGbPI]VG^L^LSGTLSG[P`QH_ TLPGI ]GYRJGKIFVLVLUGEPGOL`^VLGFYQRGSIQRG\MPSLGNOLPGTYLGeS<LY^LSGTLPGbMSFMKLUGZP^LSTcMG`SVLPGTLSGO`SVLSGiYQRVLPS_GTYLG\MPGFLYSLSGe`^LSGVIS<VLS_GcIPGTYL gIFVLG]NPGTYLGJIS`LKKLGWKMQHYLP`S^GTLFGe VM1YKMVLSUGjPIS^LGUUUGcMGcIPGLYSLGMPIS^L]IPOLSLGgIFVL6

EPGRIVVLGTIFG=YLKG\MPGe`^LSUG[YLG7ISTGFVPLQHVLGFYQRG<&^LPST_G<YVVLPSTGI`F_GTYLGKL`QRVLSTLGbMSVIHV]KaQRLG< GOLPNRPLSUGdNPGTLSGWP`QRVLYKGLYSLPG;LH`STLGKYL5 TLPGVL ]KYFQRLG[P`QHGSIQRGUUU

EYSGTMSSLPSTLPGbSIKKUGWXMGR&PVLGTIFGRa5KYQRLGbSYPFQRLS_GJYVGTLJGFYQRGTYLG7LPISHLP`S^GTLFG;LFFLKFGI`FGTLJGWMTLSGK&FVLUG[YLGbMSFMKL_GISGTLPGLPGLOLS SMQRG< GRISVYLPLSG\LPF`QRVGRIVVL_GKI^G1K&V<KYQRG`SVLPGYRJUGEPGHPNJJVLGFYQRGFMGVYL]GcYLGJ&^KYQRGYSGTYLG>MKFVLP`SÛGEYSGFQRJLVVLPSTLPGbPIQRGUUUGLPGc PTLGJYV ]NPQRVLPKYQRLPGl`QRVGSIQRG\MPSG^LPYFFLSUG[YLG;VYPSG1PIKKVLG^L^LSGLVcIFG7IPVLFUG[ISSGcIPGLFGFVYKKUGhSTG]YSFVLPU

[YLGjRSJIQRVGcIPG\MSGH P<LPG[I`LPUGEYSGFQRPYKKLF_G1]LY]LSTLFG8LPa`FQRGPY5GWXMGWPLYFHMKKGYSGTYLGlYPHKYQRHLYVG< PNQHUGEYSG;Y^SIK<GEPGHISSVLGTYLFLFG;Y^SIK< bPIJ1]RI]VG\LPF`QRVLGTLPGRIKO^LKaRJVLG7LPFVIST_GFYQRGISGFLYSLGWLTL V`S^G< GLPYSSLPSU

4LSFQRLSKLOLSGYSG8L]IRP<

WXMG&]]SLVLGTYLGe`^LSUGfYS^F`JGcIPLSG?ÌKJG`STG[`SFVUGfMVLGdKIJJLS<`S^LSGKLQHVLSGIJGfISTGTLFGWKYQH]LKTFUGEPGKI^GYSJYVVLSGTLPGgPNJJLPGFLYSLF ;LFFLKF_GYJJLPGSMQRG]LFV^LFQRSIKKVUGEPG^PY]]GSIQRGTLJG7LPFQRK 5GTLFG8 PVFG`STGJ`FVLPVLGLYSLSGeVLJ<`^GKIS^G\LPOKN]]VGTYLGOK VOLFQRJYLPVLG7ISTUG[LPG8 PV K&FVLGFYQRGJYVGLYSLJGf`QHUGWXMGFVNP<VLGSIQRG\MPSLG`STGKISTLVLGYSGLYSLJGgPNJJLPRI ]LSUG[IFG>]LY]LSG^LKKVLGYRJGYSGTLSGjRPLSUGlMGcIPGTYLG8L]IRP6G[LP ?ÌKJG OPISSVLG YRJG YSG TLSGe`^LSUG gLYKLG LYSLPG LOMPFVLSLSG lIST_G TYLG gPNJJLPG TLFG ;LFFLKF_G TYLG PI`QRLSTLSG @OLPPLFVLG LYSLFG bMSFMKLI^^PLÎVF \LPF1LPPVLSG YRJGTLSGlLÛG=MPSY^GTPNQHVLGLPGTYLG7YSTLPSYFFLGOLYFLYVLG STG\LPOPISSVLGFYQRGTIOLYGTYLGOK VLSTLG7ISTUG[LPG;QRJLP<GJIQRVLG YRSGSMQR LSVFQRKMFFLSLPUGZP^LSTcMGYSGTLPGkaRLGcIPGLYSG4LSFQRGYSG8L]IRPGAG\YLKKLYQRVGJLRPLPLG4LSFQRLSUGEPGJ`5VLGRLK]LSUG[LPG8LTISHLGOPISSVLGFYQRGYSGFLYSLJ 8LRYPSG]LFVU

[IFG;QRY]]GPNVVLKVLG`STGFQRNVVLKVLGFYQRUG[LPGeSVY^PI\G]`SHVYMSYLPVLGS PGSMQRG<`JGgLYKGMTLPGcIPGcMJ&^KYQRGÎS<GI`F^L]IKKLSUGWXMGc PTLGRYSG`STGRLPG^LcMP]LSU 3LV<VGc PTLGYRJGTLPG4I^LSGOYFG< PGbLRKLGRYSI ]^LTPNQHV_GYJGSaQRFVLSGe`^LSOKYQHG<cYFQRLSGTYLGbSYLGRYSIO^L<LPPVUGEFGc PTLGYRJGNOLKU

=cYFQRLSG<cLYG>]Y]]LSGTLFGlIPSFY^SIKFGR&PVLGLPG;V&RSLSU

0lM62GFQRPYLGLP_GFMGKI VGLPGHMSSVLUG0lMGOYFVGT`62

EPGLPRYLKVGHLYSLGeSVcMPVUG[YLGi ]VGLPRYV<VLGFYQRG<`SLRJLSTUG[IFGeVJLSG]YLKGFQRcLPUGEPGFQRKL`TLPVLGLYSLGRLPIO^LFVNP<VLG;VPLOLG< PG;LYVLG`STGFQRPYLG\MP ;QRJLP<_GIKFGYRJGTIFG^KNRLSTRLY5LG>MKBJLPJLVIKKGTYLG7I VG\LPOPISSVLUG7MPGYRJGKI^GLYSG;VNQHG]PLYLPGdKaQRL_GSYQRVGJLRPGIKFG<LRSG?ÌTPIVJLVLP_GI ]GTLP ^L^LSNOLPKYL^LSTLSG;LYVLGOL^PLS<VGT PQRGLYSLG^PI`LGlISTUG7MPGTLPGlISTGHI`LPVLGYSG\LPHPNJJVLPG7IKV`S^GLYSLGJLSFQRKYQRLG8LFVIKVUGWXMGFQRMOGFYQR \MPcaPVFU

EPGR&PVLGTIFGbSIQHLSGYSGTLSGjRPLSG`STG]NRKVLGFYQRGJYVGLYSLJJIKGKLYQRVG`STGFMP^LS]PLYUGhJGLYSG7IIPGRaVVLGYRSGTYLGE`1RMPYLGNOLPcaKVY^V_GIOLPGYJGKLV<VLS e`^LSOKYQHGFIRGLPGTYLG;VLKKLGISGTLPGlIST_GNOLPGTLPGLYSGcYS<Y^LPGlYPOLKcYSTGJYVGYPPLPG8LFQRcYSTY^HLYVGHPLYFLKVLU

iLQH<GFY^SIKYFYLPVLGTIFG8LRYPSU

e ]GbSYLSG`STGEKKOM^LSGFQRMOGWXMGFYQRGSaRLPGRLPISUG[LPGi ]VTP`QHGFISHGPI1YTLUGEPGRIVVLG4NRL_GFYQRGI ]GFLYSLGe ]ÎOLG< GHMS<LSVPYLPLSUGeJGKYLOFVLSGRaVVL LPGFYQRGRYS^LKL^VG`STGcaPLGLYS^LFQRKI]LSUGeOLPG\MPGYRJGHI`LPVLGTYLGRYK]KMFL_G\LPHPNJJVLG8LFVIKVG`STGcYJJLPVLG\MPGFYQRGRYSUGEPGOY5GTYLG=aRSLGI ]LYSISTLP `STGFQRMOGFYQRGcLYVLPU

[IGFIRGLP_GcYLGLYSG`SPL^LKJa5Y^G^L]MPJVLPGgLYKGTLPGlISTGFYQRG< G\LP]aPOLSGOLÎSSUGEPGHISSVLGTIFG>RaSMJLSUG;VP`HV PLKKLG;QRcaQRLUG[YLGlISTGcIP OLFQRaTY^VUGe ]GTLPGISTLPLSG;LYVLGKI^GTIFG7IH``JUG[ PQRGTIFGcYS<Y^LGiLQHGRYST PQRGcMKKVLGTLPG[P`QHGFYQRGI`F^KLYQRLSUGeOLPGSMQRGTPNQHVLSGJLRPGIKF <LRSVI`FLSTG bYKM^PIJJG L^LSG TIFG OLFQRaTY^VLG lISTFVNQHUG lYLG KIS^LG SMQR_G OYFG TIFG NOLPOLISF1P`QRVLG 4IVLPYIKG <LPOPIQR6G hSTG TISS6G E91KMFY\L [LHMJ1PLFFYMS_G<LPPLY5LSTLGi`S^LSGUUU

C

WXMGFQRM5G\MPcaPVFUG[YLGcMRKY^LG4NTY^HLYVGcIPG\LP^LFFLSUGEPGFIR_GcYLGRIIP]LYSLGfYFFLGFYQRGYSGTLPGlISTGOYKTLVLSUG>ISYHG^PY]]GSIQRGFLYSLJG7LP<LSUGEP cNPTLG< GF1aVGHMJJLSUGEFGOKYLOGYRJGSYQRVGLYSJIKGJLRPG=LYV_GFYQRGFLKOFVGYSG;YQRLPRLYVG< GOPYS^LSUGeOLPGWXMGÎOGSYQRVGI ]UG[YLGe`FFYQRVFKMFY^HLYVGTLPGiI^L LP]NKKVLGYRSGJYVGgPMV<UGEPGFQRMOGFYQRGcLYVLPG\MPcaPVFUGlLYVGRYSVLPGFYQRGR&PVLGLPGLYSG8LPa`FQR_GIKFGcNPTLSGgPNJJLPGOLYFLYVLG^LPa`JVUG07YLPRLP<2GFQRPYLGLP_GFM KI VG LPG HMSSVLUG ;LYSLG ;VYJJLG R&PVLG FYQRG YSG TLPG TNSSLSG i ]VG LY^LSIPVY^G FQRPYKKG STG OKLQRLPSG ISUG 07LR_G OLcL^G TYQR<2G ]`RPG LPG TYLG PL^KMFLG 8LFVIKVG TLF bI`LPSTLSGISUG0;VPLQHGTYLG7ISTGI`F_GTISSGHISSG YQRGTYQRG< GJYPG<YLRLSGUUU2GeOLPGTLPGbI`LPSTLGPNRPVLGFYQRGSYQRVUGESVcLTLPGRIVVLGLPGTIFGWLc`5VFLYS \LPKMPLS_GMTLPGTYLG>ISYHGFI5GYRJGYSGTLSGbSMQRLSUGWXMGc`5VLGSYQRV_GcLPGTLPGhS^KNQHFLKY^LGcIPUGEPGRIVVLGTLSGbM1]GLYS^L<M^LSG`STGTIFG8LFYQRVGI ]GTLS bSYLSGP`RLSU

[YLG lISTG LPYLVG YSG WLcL^`SÛG bSYPFQRLSTG K&FVLSG FYQRG HKLYSLG WPMQHLSG >MKBJLPJLVIKKG I`FG TLPG PI`LSG dKaQRLG STG VIS<VLSG YJG ]I`QRLSTLSG ;M^G TLP I`FFVP&JLSTLSGi ]VUGEFGc PTLGOYVVLPGHIKVUGWXMFGWKYQHG\LPSLOLKVLGFYQRUGW`SVLGfYS^LGVIS<VLSG YRJG\MPGTLSGe`^LSUG;VLQRLSTLPG;QRJLP<G<`QHVLGT PQRGTYL i`S^LUGEFGcIPGI`FGUUU

lYLGI`FG`SLSTKYQRGcLYVLPGdLPSLGR&PVLGLPGTLSGbSIKK_GJYVGTLJGTLPG;QRI`JTYQRVLPGFYQRGLSVK TUG[LPGIPJTYQHL_GcLY5LG;VPIRKG<aRLPGdKNFFY^HLYV_GTLPGOLYJ e ]1PIKKGI ]GTYLGlISTGSIQRGIKKLSG;LYVLSG\LPF1PYV<VL_GLPFQRYLSGYRJGcYLGLYSLG7IKK <YSIVYMSU

EPG]YLKG\MPSNOLPUG[YLGePJLGRIVVLSGHLYSLGbPI]VGJLRP_GTYLGl`QRVGTLFG;V P<LFG< GTaJ1]LSUGeOLPGTYLG;QRJLP<FY^SIKL_GTYLGTYLGkLP\LSGI`FFISTVLS_GIKFGTLP FVNP<LSTLGb&P1LPGTLSGRIPVLSGWMTLSGOLPNRPVL_GLPPLYQRVLSGTIFG8LRYPSGSYQRVGJLRPGUUU

0[YLG[YS^LGFYSTGI ]GR&QRFVLG`SLP]PL KYQRLGlLYFLGYSGWLcL^`S^G^LPIVLS2_GLPHKaPVLGDDE:>I^LUG0[YLGWLFVaSTY^HLYVGTLPG7LPRaKVSYFFLGYSGTLPGeO^LSIOLKVLS =MSLGYFVGYSG8L]IRPUG[LPGfIVG]NPGWLFMSTLPLGEPLY^SYFFLGc PTLGLYSOLP ]LS_G`JG4I5SIRJLSG< GTL]YSYLPLS_GTYLGYSGTYLFLPGiI^LG< GLP^PLY]LSGFYSTU2

7LKKLF_G cLY5LFG iYQRVG LP]NKKVLG TLSG ;IIKG TLPG WLPIV`S^_G YSG TLJG TYLG D;DG fIVFJYV^KYLTLP_G DDEFG f ]G ]MK LST_G FYQRG LYS^L]`STLSG RIVVLSUG [LPG fI`JG cIP FQRJ`QHKMFUGbLYSGF1YLKLPYFQRLPG =YLPPIV_G HLYSG ]PY\MKLFGjPSIJLSVG FMKKVLGTYLG8LTISHLSGTLPLPGIOKLSHLS_GTYLG YSGTYLFLJG;IIKGNOLPGOLFMSTLPLGEPLY^SYFFL SIQR<`TLSHLSG STG < G OLPIVLSG RIVVLSG STG TLSLSG FMJYVG TYLG 4IQRVG L^LOLSG cIP_G TIFG ;QRYQHFIKG TLFG <BPVMSYFQRLSG 7MKHLFG I ]G SIQRRIKVY^LG lLYFLG <` OLLYS]K FFLSUGEFG^LFQRIRGSYQRVGM]V_GTI5GTLPGfIVGTLPG>I^LSG YSGFLYSLPGd`SHVYMSGIKFGfIVG ]NPGWLFMSTLPLGEPLY^SYFFLGLYSOLP ]LSGc PTLUG[YLGiI^LG YSGTLP eO^LSIOLKVLSG=MSLGcIPGFVIOYK_G]IFVGRaVVLGJISGFYLGFVIVYFQRGSLSSLSGH&SSLSUG[IP`JGLPPL^VLGTYLG=`FIJJLSH`S]VGTLFGfIVLFGXLTLFJIKGAGTURUGYJGOYFRLPY^LS [ PQRFQRSYVVGLYSJIKGIKKLGFDG>KISLVLSXIRPLGAGTIFGOLFMSTLPLGZSVLPLFFLGTLPGG]]LSVKYQRHLYVUG[YLG;YV<`S^LSGTLFGfIVLFGcIPLSG^LRLYJHGYRPGEP^LOSYFGXLTMQR J`5VLGKI VG7LP]IFF`S^GTLSGWNP^LPSGJYV^LVLYKVGcLPTLSUG[LPGfIVGTLPG>I^LSGÎKVGIKFG KVYJIVLPGWMPSGTLPGlLYFRLYVUGEPGRIVVL_GFMGcLYVGFYQRGFLYSLG8LFQRYQRVL < PNQH\LP]MK LSGKYL5_GSMQRGSYLJIKFGLYSLG]IKFQRLGMTLPGFQRaTKYQRLGESVFQRLYT`S^G^LVPM]]LSU

[YLG D;DG fIVFJYV^KYLTLPG FI5LSG YJG cLYVLSG bPLYF_G XLTLFG YSG LYSLPG ;YV<J KTL_G TYLG FYQRG FLYSLJG FYKOLPSG FQRYJJLPSTLSG b&P1LP_G TLPG TYLG dMPJG LYSLF 7IKOLKKY1FMYTFGOLFI5_G^LSI GIS1I5VLUGiLTY^KYQRGDDE:>I^L_GTLPGTLSG7MPFYV<GYSSLRIVVL_GP`RVLGI ]GLYSLJG>MTLFV_GTIFGFYQRGLYSLGRIKOLGb&P1LPKaS^LGcLYVGNOLP TLSG WMTLSG TLFG ;IIKLFG LPRMOUG [YLG LPR&RVLG >MFYVYMSG FVISTG YRJG < G AG LOLSFMG cYLG TLPG ;QRJLP<_G TLSG TYLG SVLPG TLSG iLYOG L]IKVLVLSG 8KYLTJI5LSG YRJ OLPLYVLVLS_GcLYKGTYLGjOLP]KaQRLGTLFG>MTLFVFG^KIVVG`STGSYQRVGYSGTLPGdMPJGLYSLPG;YV<J KTLGI`F^LOYKTLVGcIPUGE91MSYLPVLG>MFYVYMSG`STGTYLGdaRY^HLYV_G;QRJLP< < GLPVPI^LS_GMRSLGTI5GFYQRGTIOLYGI`QRGS PGLYSGLYS<Y^LPGdNRKLPGHPNJJVLGAGTIFGcIPLSGTYLGa`5LPLSGeS<LYQRLS_GISGTLSLSGTLPG=BPVMSYLPGFLYSLG4IQRVOL]`^VLS LPHISSVLUG07MPKa ]Y^G YFVGTLJGfIVGSMQRG`SHKIP2_GJLKTLVLGFYQRG;II:>I^LG< GlMPV_G0I ]GcLKQRLGlLYFLGTYLG[YS^LG YSGWLcL^`S^G^LPIVLSGFYSTUG4ISGR&PV 8LPNQRVL_GLFGFLYGLYSGÎS<LFG;MSSLSFBFVLJGI`FGTLPGeO^LSIOLKVLSG=MSLG\LPFQRc`STLS_GIOLPGFMKQRLFGUUU2

0ZFVG`S^KIÒKYQR62G]YLKGYRJGDDE:>I^LGYSFGlMPVUG0bLYSLFcL^FUGEOLSGTIFGYFVG^LFQRLRLSUGkYQRVGF1MSVIS_GFMSTLPSG`SVLPGEYScYPH`S^GLYSLFGdPLJTH&P1LPFG`ST JYVG7YK]LG\MSGdPLJTKYS^LS_GTYLGI`FGTLJGkMPJIK SY\LPF`JGRYLPGLYSTPIS^LSU2

0[IFGYFVG`S^LRL`LPKYQR<2G;IIFG;QRPLQHG`STGESVPNFV`S^GcIPLSGLQRVUGDDE:>I^LGc`5VL_GTI5GLPGFYQRG\MPG;IIG< GRNVLSGRIVVLUG;IIGFVPLOVLGSIQRGFLYSLJGeJV_ TLJG7MPFYV<GNOLPGTLSGfIVGTLPG>I^LS_G`STGSIQRGSMQRGLYSG1IIPGISTLPLSG>MFVLS_GTYLGLPG YSSLRIVVLUGeOLPG YSGTYLFLJGe`^LSOKYQHG YSVPY^YLPVLGLPGSYQRVUG0lYP JNFFLSGLVcIFGTI^L^LSG`SVLPSLRJLS<2

DDE:>I^LGJIQRVLGLYSLGIOcLRPLSTLG8LOaPTLU

0EFGYFVG< GF1aV_GLVcIFGTI^L^LSG< G`SVLPSLRJLS2_GFI^VLGLPUG0[IFG;BFVLJG3IHGYFVG\LPFQRc`STLSUGhSFLPLGbPa]VLGPLYQRLSGSYQRVGI`F_GLFG< PNQH<ÒPYS^LSU lMRKGIOLPGH&SSLSGcYPG< GLP^PNSTLSG\LPF`QRLS_GcYLGLFG< GLYSLJGFMKQRG`S^KIÒKYQRLSGEPLY^SYFGHMJJLSGHMSSVLUG[IGTIFG3IH:;BFVLJGOYFRLPGLOLSFMGFVIOYK cIPGcYLGXLTLFGISTLPL_GHISSGTYLGfNQH\LPFLV<`S^GYSFGkMPJIK SY\LPF`JGS PGT PQRGTLSGdPLJTH&P1LPGI`F^LK&FVGcMPTLSGFLYSUG[YLFLJG^YKVGLFGIKFMGI ]GTLP ;1 PG< GOKLYOLSUGZQRGRIOLGTIFGkMVcLSTY^LGOLPLYVFG\LPISKI5VU2

0jRSLGTLSGfIVG< GOL]PI^LS62GJLKTLVLGFYQRG;II:>I^LU

0jRSLG TLSG fIVG < G OL]PI^LS2_G OLFVaVY^VLG DDEUG 07aVVLG YQRG ^LcIPVLV_G OYFG YRPG L`QRG RYLPG \LPFIJJLKVLV_G TISSG caPLG `SFG TYLG ;1 PG TLPG dPLJTLS \LPKMPLS^LÎS^LSU2

;II:>I^LGTIQRVLGLYSLSGe`^LSOKYQHGKIS^GSIQRUGjOGDDEFG7LPRIKVLSGFIV<`S^F^LPLQRVGcIPGMTLPGSYQRVGAGI`FGTYLFLPG;IQRLGKYL5GFYQRGHLYSG1MKYVYFQRLFGbI1YVIK FQRKI^LSU

0[ GRIFVGTYLG7E:;I`^LPGRYSVLPGYRSLSGRLP^LFQRYQHV62G]PI^VLGLPU

0[IFGYFVGYSGTLPGgIVGTLPGdIKK2_GISVcMPVLVLGDDE:>I^LUG0EYSLG`J]IS^PLYQRLG;QRIPG\MSG7E;I`^LPSGRIVGTYLG;QRMQH]PMSVGT PQRFVM5LSG`STGTYLG7LP]MK `S^GTLP dPLJTLSGI ]^LSMJJLSU2G0ZSFGkMPJIK SY\LPF`JGRYSNOLP62Gc PTLSGJLRPLPLGLPFVI`SVLG;VYJJLSGKI VU

03IUG[LSSGTMPVRYSGRIOLSGTYLGdPLJTLSGFYQRGLSV]LPSVU2

0lIFG cLY5GJISGOYFRLPG NOLPG TLSG EP]MK G TLPG 4YFFYMS62G LPH`STY^VLG FYQRG ;II:>I^LUG DDE:>I^LG PLQHVLG <cLYG 7MPTLP]NRKLPG FVLYKG YSG TYLG 7&RLG STG \LPKYLR TIT PQRGFLYSLJGJP^LPGFYQRVOIPLSGe`FTP`QHU

0[ GcLY5VGFMG^ VGcYLGYQR_GTI5GTYLG7E;I`^LPG\&KKY^GFLKOFVaSTY^GI^YLPLSUG[I5GcYPGHLYSLGbMSVPMKKLGNOLPGFYLGRIOLS_GFMOIKTGYRSLSGLYSGe ]VPI^GLPVLYKVGc PTLU ;YLGcLPTLSGFYQRGJLKTLS_GFMOIKTGLVcIFG4LKTLSFcLPVLFG\MPKYL^VUG ZSGTLPG=cYFQRLS<LYVGcaPLFVGT GcMRKOLPIVLS_GTLJGfIVGTLPG>I^LSGSYQRVGJYVGTLPIPVY^LS

dPI^LSGTYLG=LYVG< GFVLRKLSU2

0EFGFYSTGIOLPGb PYLPLG`SVLPGTLSG7E;I`^LPS62GOLRIPPVLG;II:>I^LG`SOLLYSTP`QHVUG0lYLGYJJLP2_GISVcMPVLVLGDDE:>I^LGHSI11UG0lYPGcLPTLSG\MSGYRSLS R&PLSU2

;II:>I^LGÎOGT PQRGeOHSYQHLSGLYSLFG;LSFMPFG< G \LPFVLRLS_GTI5GLPGHLYSLGcLYVLPLSGdPI^LSG< GFVLKKLSG^LTLSHLUGEPGRIVVLGDDEG YSGJP^LPG\LPFLV<VHGTIF ^LSN^VLGYRJG]NPGTLSGe`^LSOKYQHUGEFGcIPGTLFG7MPFYV<LSTLSG`ScNPTY^_GcaRPLSTGLYSLPGfIVFOLF1PLQR`S^GaP^LPKYQRG< GcLPTLSUG4ISGcNPTLGFYQRGOLY<LYVLSGIS DDEFGfLIHVYMSGLPYSSLPSU

0lLKQRLSGe ]VPI^GRIFVGT GTLSG7E:;I`^LPSG^L^LOLS62GcMKKVLGD;K:>I^LGcYFFLSUG0[YLGdPLJTLSGFYSTG`SOLcL^KYQRG< GJIQRLS2_GKI VLVLGDDEFGeSVcMPVUG0EF J`5G\LPRYSTLPVGcLPTLS_GTI5GFYLGLSVHMJJLSUG;MOIKTGTYLFLPGe ]VPI^GI`F^L]NRPVGYFV_GcYPTGFYQRGLYSLG<cLYVLGbMKMSSLG\MSG7E:;I`^LPSG`JGTYLGdPLJTLSG`ST YRPGdIRP<L`^GHNJJLPSG`STGYSGEP]IRP`S^GOPYS^LS_GI ]GcLKQRLGlLYFLGFYLGTYLGESV]NRP`S^GTLFG3IH:;BFVLJFGOLcLPHFVLKKY^VLSU2

EYSLG ;V`STLG KIS^G IOG DDE:>I^LG EPHKaP`S^LSG TYLFLPG STG aRSKYQRLPGePVUG [ISSG LKIS^VLG TYLGeS^LKL^LSRLYVG < PGeOFVYJJ`SÛG [YLG \MSG DDEG LP^PY]]LSLS 4I5SIRJLSG c PTLSG YJG SIQRRYSLYSG LYSFVYJJY^G LOYKKY^VUG ;LKOFVG ;II:>I^LG FVYJJVLG <`^`SFVLSG TLFG 7MPFYV<LSTLSG AG LYSG =`^_G TLPG YRJG TLSG f ]G TLP `SOLFVLQRKYQRLSGjOXLHVY\YVaVGLYSOPYS^LSGcNPTLU

C

e`FGTLSGcIKKLSTLSGkLOLKS_GTYLGTIFGWKYQH]LKTGLP]NKKVLS_GFQRaKVLSGFYQRGTYLGhJPYFFLGLYSLFG8LFYQRVFUGWXMGWPLYFHMKKFG7aSTLG^LPYLVLSGYSGWLcL^`SÛGEPGVIFVLVL TYLGfaSTLPGTLPGiYL^LGIO_GI ]G TLPGLPG P`RVLUG EPGcMKKVLGbMSVIHVGJYVG TLPGlYPHKYQRHLYVG RLPFVLKKLS_G FYQRGNOLP<L`^LS_GTI5GLPGSMQRG SYQRVG YSFG^PM5LG3LSFLYVF LYS^LÎS^LSGcIPUG[LSSGTIFG8LFYQRVGcIOLPVL_G<`QHVLG`STGVIS<VLGYSJYVVLSGTLFGkLOLKFG`STGÎOGT PQRGHLYSGeS<LYQRLSG< GLPHLSSLS_GTI5GLFGWLFVISTVLYKGTLP ^PLY]OIPLSGfLIKYVaVGcIPUG;QRKYL5KYQRGIOLPG&]]SLVLGFYQRGTLPG4`ST_G`STGLYSLGfLYRLG\MSGlMPVLSGTPIS^GISGWXMFG8LR&PU

0EFGYFVG^ V_GTI5GT GcYLTLPGOLYG`SFGOYFV_GWXMU2

eH`FVYFQRLPG`STGM1VYFQRLPGEYSTP`QHG^LJLYSFIJGOPIQRVLSGTIFG8LTaQRVSYFGcYLTLPGYSG8ISÛ

03LP^L_GOYFVGT GTIF62G]PI^VLGWXMGJYVGFQRcLPLPG=`S^LU

0lLPGLYSGTLPIPVG`SISFLRSKYQRLFG8LFYQRVGcYLTLPLPHLSSV2_GV&SVLGLFGI`FGTLJG7YSVLP^P`ST_G0TLPGYFVGMRSLG=cLY]LKG\MKKGYJGWLFYV<GFLYSLPG^LYFVY^LSGbI1I<YVaVU2

WXMGcISTVLGJYVG4NRLGTLSGbM1]UG[LPGkLOLKG\LP]KMÛGEYSLGFVaJJY^LG8LFVIKVGc`QRFG\MPGYRJGI ]UGZSGP&VKYQRLJG8MKTGFQRYJJLPVLGTYLG7I VGTLFGW`RPKMFU

0;LPOIKG8SB^^2_GFL ]<VLGTLPG4 VISVUGEFGc PTLGYRJGKLYQRVG`JFG7LP<UGEFGÎOGHLYSLSG=cLY]LKGJLRPmG[YLGlYPHKYQRHLYVGRIVVLGYRSGcYLTLPUG0lIFGRIOVGYRPG<cLY RYLPG \LPKMPLS6G lLPG HNJJLPVG FYQRG JG TIFG ;QRY]]62G 0jR_G TIFG V VG 7MPKISG WPYQHG YSG OLcaRPVLPG lLYFL2_G ISVcMPVLVLG TLPG W`RPKMUG 0[I5G YRSG TYLG XNS^FVLS EPLY^SYFFLGLYSGcLSY^GI`FGTLJG8KLYQR^LcYQRVG^LOPIQRVGRIOLS_GKa5VGLPGFYQRGSYQRVGISJLPHLSUGlaPLGFLYSGE^MGI`FG8PISYV_GTISSGRaVVLSGcYPGLYSLSGdLKFLSGFM RMQRGcYLGUUU2G07IKVGTLSG4`ST_G8SB^^2_GOP`JJVLG3LP^LG4YSRLFVLPUG0[LPG4ISSGYFVGLOLSGLPFVG< GFYQRG^LHMJJLSUGlLPGFMKKGFYQRGFMG\YLKG8LFQRcaV<GISR&PLS6 2

0iI5GYRSGPLTLS_G3LP^LUG;I^VGJYP_GcIFG^LFQRLRLSGYFV2_G]MPTLPVLGWXMU

0[LPGe VM1YKMVG RIVG TLSG 7LPFVISTG \LPKMPLS2_G ISVcMPVLVLG ;LPOIKG 8SB^^G RIFVYÛG 0[IFG >PMT`HVG S]LRKOIPLPG VLPPISYFQRLPG gLQRSMKM^YLG RIVG IS^L]IS^LSG <` F1YSSLSUG[YLG[IVLS_GSIQRGTLSLSGLPGTIFG;QRY]]GFVL`LPVL_GRaVVLSG`JGLYSG7IIPG`SFGIKKLSG7IKFG`STGbPI^LSG^LHMFVLVUGEPFVGYJGKLV<VLSGe`^LSOKYQHG^LKIS^GLF_GTLS bIRSG`SVLPGbMSVPMKKLG< GOPYS^LSU2

0[I5G7MPKISGWPYQHGTIFG<`cL^LG^LOPIQRVGRIV_GcYKKGLPG1MKLJYFQRG\LPFQRcLY^LS2_GFI^VLG3LP^LG4YSRLFVLPUG0EFGYFVGYSGTLPGgIVGFM_GTI5GTLJGe VM1YKMVLSGSYQRV JLRPG^LVPI VGcLPTLSGHISSUG[YLGdefghijjkGKa5VGFYQRGS PGSMQRGJIS`LKKGFVL`LPSU2

0lIP`J62GaQR<VLGWXMUG07IOVGYRPG\LPF`QRV_GTLSG8P`STG< G]YSTLS62

0[IFGRIOLSGcYP2_GOLFVaVY^VLG4YSRLFVLPUG07YLKGYFVGTIOLYGSYQRVGRLPI`F^LHMJJLSUGlYPGRIOLSGLYSG1IIPGESVTLQH`S^LSG^LJIQRV_GTYLGcYPG`SFG\MPKa ]Y^GSMQR SYQRVGLPHKaPLSGH&SSLSUGeOLPGTIFGIKKLFGRIVG=LYVUG[ GHISSFVGTYQRGTIJYVGOLFQRa]VY^LS_GcLSSGT GcYLTLPGI ]GTLSGWLYSLSGOYFVUG ZJGe`^LSOKYQHGOLFVLRVGHLYSL 8L]IRPU2G0;QRaTLS62G]PI^VLGWXMU

03LTLG4LS^L2_GISVcMPVLVLG8SB^ÛG0eOLPGTYLGfMOMVLPGFYSTG]KLY5Y^GTIOLY_GFYLG< GOLRLOLSUGWYFGT GcYLTLPGI ]GTLSGdN5LSGFVLRFV_GcYPFVGT GHI`JGSMQRGLYSL ;1 PG]YSTLSU2

WXMGWPLYFHMKKGKaQRLKVLG^LLàKVU

0ZRPGR&PVGL`QRGOLYTLGFMGIS_GIKFGcMKKVLVGYRPGJYQRGI ]GLYSG3IRPGYSG8LSLF`S^F PKIÒGFQRYQHLSU2

0lLPGFYQRGTLPIPVGTLSG7YSVLPSG\LPOPISSVGRIVGcYLGT`2_GJ PJLKVLG;LPOIKG8SB^ÛGlLYVLPGFI^VLGLPGSYQRVFU

WXMGOKYQHVLGISGFYQRGRYSIOUGEPGVP`^GTIFGNOKYQRL_GKMQHLPLGbPISHLS^LcISTUGeSGJLRPLPLSG;VLKKLSGOI`FQRVLGFYQRGTLPGKLYQRVLG;VM]]UGbMJ1PLFFLS_GLSVFQRYLTGLP_ TYLG ]PYFQRG I ]^LKL^VLG ;QRYQRVLSG WYMJMK1KIFVG ISG jPVG STG ;VLKKLG RYLKVLSUG EPG <aRKVLG YSF^LFIJVG IQRVUG =`JG LPFVLSJIKG JIQRVLG LPG FYQRG TYLG 4NRL_G I ]G FLYS ZSSLSKLOLSG< G RMPQRLSUG EPG F1NPVLGTYLG KLYQRVLGWLSMJJLSRLYVG AGTYLFLKOL_G TYLGLFG YRJG IS]IS^FG FMG FQRcLP^LJIQRVGRIVVL_G 3LP^LG4YSRLFVLPFG8LFYQRVG <` LPHLSSLSUG;YLGRIVVLSGYRSGJYVGFQRJLP<KYSTLPSTLSG4YVVLKSG\MKK LF1PYV<VUG;MGFQRKYJJGcIPGLFGIKFMU

0WLPYQRV2_G]MPTLPVLGLPUG0lYLGFVLRVMFGJYVGJYP62

07LPOPLSS`S^LSGNOLPG\YLP<Y^G>PM<LSVGTLPGb&P1LPMOLP]KaQRL2_GISVcMPVLVLG4YSRLFVLPGFIQRKYQRUG08LRYPSLPFQRNVVLP`SÛG[PLYG^LOPMQRLSLGfY11LSUGgPI`JIU eKKLFGSYQRVGFMGFQRKYJJUG[IFGJP^FVLGYFVGNOLPFVISTLSUGlLSSGT GI ]FVLRFV_GOYFVGT GcYLTLPGFMG^ VGcYLGSL UGk PGUUUGLFGOPI`QRVGLOLSGFLYSLG=LYVU2GWXMGKLYFVLVL FYQRGTLSGi`9`F_GYSGTLSG8LTISHLSGFLYSLPGOLYTLSGWLF`QRLPG< G]MPFQRLSUG4YSRLFVLPGF1PIQRGTYLGlIRPRLYV_GLPG\LPRLYJKYQRVLGSYQRVFUGhSTG;LPOIKG8SB^^GcIPGYS lYPHKYQRHLYVG\MKKLPGWLc`STLP`S^G]NPG7MPKISGWPYQH_GTLPGTLJGFYSSKMFLSGgMOLSGTLFGe VM1YKMVLSGEYSRIKVG^LOMVLSG`STGTIFG;QRY]]G`SVLPGFLYSLGbMSVPMKKLG^LOPIQRV

C

RIVVLUG;McLYVGcIPGIKKLFGYSGjPTS`SÛGeOLPGYP^LSTcMGYJG7YSVLP^P`STGYRPLFGWLc`5VFLYSFGRYLKVGFYQRGLYSLGRIKOG]PL`STKYQRL_GRIKOGF1&VVYFQRLG@OLPKL^`S^_GJYVGTLP FYLG SYQRVG RLPI`FPNQHLSG cMKKVLSUG EFG YS^G JG LYSLG dPI UG 4LRPG HMSSVLG WXMG SYQRVG LPHLSSLSUG EPG \LPF`QRVL_G FYQRG < G LPYSSLPSUG EPG FIRG TYLG LÌKJLSTLS_ OPLSSLSTLSGgPNJJLP_GTYLGLPGOLYFLYVLGFQRMOUGEPGFIRGTYLGHKLYSL_G]PLYLGdKaQRLGJYVGTLJG;VNQHGlIST_GTIFG`SVLPGTLJG;M^GTLFG7IH``JFG< G<LPOPLQRLSGTPMRVLU EPGFIRGTYLGPL^KMFL_GHI`LPSTLG8LFVIKVGUUU

0lIFGYFVGI`FGTLJGISTLPLSG^LcMPTLS62G]PI^VLGLPUG07IOVGYRPGYRSGLOLS]IKKFGPLVVLSGH&SSLS62

3LP^LG`STG;LPOIKGcIP]LSGLYSISTLPGLYSLSGOLTL VFIJLSGWKYQHG< U

0e`FGTLJGISTLPLS62G]PI^VLG;LPOIKG8SB^^GFQRLYSRLYKYÛ

03I_GTIGcIPGTMQRGSMQRGLYSLPGUUU2G0EPGc PTLGLOLS]IKKFG^LPLVVLV2_GISVcMPVLVLG3LP^LG4YSRLFVLPUG0[IFGfMOMVHMJJISTMGLPFQRYLSG^LPITLGSMQRG< PGPLQRVLS =LYVUGEYSLGRIKOLG;LH`STLGF1aVLP_G`STGTLPG[YQRV`S^FFQRI`JGRaVVLGTYLGlISTGSYQRVGJLRPG PLVVLSGH&SSLSU2GEPGcLQRFLKVLGIOP`1VGTIFGgRLJIUG0[ GcLY5V cYPHKYQRGSYQRV_GcLSGT GTIG^LPLVVLVGRIFV62GWXMGFQRNVVLKVLGTLSGbM1]GAGFLRPG< GFLYSLJGFM]MPVY^LSGWLTI`LPS_GTLSSGTLPG KaTYLPVLG;QRaTLKGPLI^YLPVLGI ]GTYL RIFVY^LGWLcL^`S^GJYVG<`FaV<KYQRLJG;QRJLP<U

0bLYSLGeRS`S^2_GHSYPFQRVLGWXMU

0[ISSGHMJJVGIKFMGTYLG^PM5LG@OLPPIFQR`S^GSMQRGI ]GTYQRG< <2G^PYSFVLG;LPOIKG8SB^ÛG0lLKQRLG@OLPPIFQR`S^62

0WXMGAGTIFGcIPG7LPSIGKIGdIXXS_GTLPGT GTIFGiLOLSG^LPLVVLVGRIFV2_GFI^VLG3LP^LG4YSRLFVLPGLPSFVU

0kIG`ST62GOP`JJVLGWXMU

ZSF^LRLYJGIOLPG]YS^GLPGIS_GFYQRG;MP^LSG< GJIQRLSU

0ZJG8P`STLG^LSMJJLSGHISSGJISGTYLGiI^LGSYQRVGIKFGLPSFVGOL<LYQRSLS2_GOLÎSSG3LP^LG4YSRLFVLPU

0;MKIS^LGJISGIKKLFG1LPG7ISTGJIQRVG`STGTYLGdYS^LPG\MSGTLSGe VMJIVYHLSGKa5VU2G7MPKISGWPYQHG^PYSFVLGNOLPFGÎS<LG8LFYQRVUG0;MSFVG]KYL^VGLYSLJGTLPGbIRS SaJKYQRG`JGTYLGjRPLSU2

WXMG WPLYFHMKKG HIJG FYQRG \MP_G IKFG FQRcLOLG LPG I ]G LYSLPG lMKHLUG [IFG cIPG TYLG lYPH`S^G TLFG FQRJLP<KYSTLPSTLSG 4YVVLKFUG EFG ]YLKG YRJG FQRcLP_G 4YSRLFVLPF [IPKL^`S^LSG LPSFVG < G SLRJLS_G `STG TYLG =cYFQRLSOLJLPH`S^LSG 7MPKISG WPYQHFG VP`^LSG SYQRVG LOLSG TI< G OLY_G YRJG TYLG WLTPMRKYQRHLYVG TLPG ;YVÌVYMS SaRLP<ÒPYS^LSUGeOLPGLFGcIPGcYQRVY^_GTI5GLPGISGTYLFLPGWLF1PLQR`S^GVLYKSIRJUGEPGRIVVLGTYLG4LTYHLPGFMKIS^LGOLFVNPJV_GOYFGFYLGOLPLYVG^LcLFLSGcIPLS_GYRS SIQRG7LPIOPLYQR`S^GLYSY^LPG4LTYHIJLSVLGI`FGTLPGbPISHLSFVIVYMSG< GLSVKIFFLSGAGSYQRVGI ]^P`STGMOXLHVY\LP_GJLTY<YSYFQRLPGbPYVLPYLS_GFMSTLPSGS P_G`JGFYQR FLYSG8LXIJJLPGSYQRVGKaS^LPGISR&PLSG< GJNFFLSU

0eKFMGFQR&S2_GFI^VLGLPUG0;MKIS^LGcYPG`SFGSYQRVG\MJGdKLQHGPNRPLS_GFYSTGcYPGSYQRVG YSG8L]IRPUGe ]GTYLG[I`LPGIKKLPTYS^F_GcLPTLVG YRPG<`^LOLS_G YFVGTIFGLYS `SRIKVOIPLPG=`FVISTUGZFVG`SFLPLG>MFYVYMSGYS<cYFQRLSGOLFVYJJV62G4YSRLFVLPGSYQHVLU

0bSI11GLYSR`STLPVFLQR<Y^GbYKM1IPFLQG\MSGWIPF:;:WIPF2_GISVcMPVLVLGLPUG0[IFG3IH:;BFVLJG YFVGF1 PKMFG\LPFQRc`STLS_GcYLGLPcIPVLVU2G0bMSVIHVGJYVGTLP ;ji62

0lLTLPGJYVGTLPG;jiGSMQRGJYVGFMSFVGXLJISTUG[LPG7B1LP]`SHGRIVGgMVIKFQRITLSU2G0dLTLPF1YLK62

[LPG4 VISVGFQRNVVLKVLGJY5J VY^GTLSGbM1]UG0eKKLFG`JFMSFV2_GFI^VLGLPUG0ZQRGRIOLGFV`STLSKIS^G\LPF`QRV_GJYVG;VLPS]L`LPGbMSVIHVG< GOLHMJJLSUG;YLGJLKTLV FYQRGSYQRVU2GWXMGWPLYFHMKKGKLRSVLGFYQRG< PNQHG`STGVPMJJLKVLGJYVGTLSGdYS^LPSGTLPGPLQRVLSG7ISTGI ]GTLPGgYFQR1KIVVLU

0lIFG YFVG TIFGIKFMGJYVG TLSGIS^L]PLFFLSLSGESLP^YLKLYVLPS62GcMKKVLG LPGcYFFLSUG0lLSSG YQRGTYPG TIPI ]G LYSLG\LPSNS]VY^LGeSVcMPVG ^LOLSG H&SSVL2_G FL ]<VL 4YSRLFVLP_G0caPLGYQRGTLPG^KNQHKYQRFVLG4ISSGISGWMPTUG[YLGbMSFVP`HVYMSGTLPGiLYVLPGYFVGTYPGOLHISSV_GSYQRVGcIRP6GEFGFYSTGP&RPLS]&PJY^L_GL\IH YLPVLGbISaKLGA L\IH YLPVGYJG;YSSLG\MSGK ]VKLLPGAGTYLG`SVLPGTLJGEYS]K 5G\MSGdMPJ]LKTLPSGcYLGLKLHVPYFQRL_GVRLPJYFQRLGMTLPGJLYSLVcL^LSGI`QRGJLQRISYFQRLGiLYVLPGcYPHLSU = PGEP<L`^`S^GTLPGdMPJ]LKTLPGFYSTGKaS^FGTLPGbISaKLGYSG`SPL^LKJa5Y^LSGeOFVaSTLSGHKLYSLG>PMXLHVMPLSGIS^LOPIQRVUG[LPGe VM1YKMVGFVLRVGNOLPG[ V<LSTL FMKQRLPGiLYVLPGJYVGTLPGhJcLKVGYSG7LPOYST`SÛGEYSG1IIPGTI\MSG\LPFMP^LSGYRSGJYVGESLP^YL_GIOLPGTYLGJLYFVLSGFYSTG[IVLSHISaKLUGk`S_GLYSG1IIPG>PMXLHVMPLS LSVKIS^GTLPG= KLYV`S^LSG<`JGe VM1YKMVLSGFYSTG\LPFQRc`STLSUG7MSGLYSG1IIPGISTLPLSGFYSTGS PGSMQRGgLYKLGNOPYÛG[YLGgLYKLGFLRLSGI`FGUUUGXI_GLOLSmGIKFGRaVVLGFYL LYSLPGIS^LHSIOOLPVU2

07LPPNQHV2_GJ PJLKVLGWXMU

0[IFG YFVG KaS^FVG SYQRVG IKKLF2_G ]`RPG 4YSRLFVLPG ]MPVUG 0lYPG RIOLSG TIPI ]RYSG TIFG LFIJVLG ESLP^YLKLYV`S^FFBFVLJG TLPG defghijjkG SVLPF`QRVUG JRSKYQRL ;QRaTLSGKYL^LSGISGYSF^LFIJVGIQRV<LRSGISTLPLSGjPVLSG\MPUGEFGYFVGVIVFaQRKYQRGFM_GcYLG7MPKISGFI^VmGkYJJGYP^LSTLYSLG;QRIKV`S^G\MP_G`STGT GcLY5VGSYQRV_GcIF 1IFFYLPVU2G0[LPGe VM1YKMVGFVL`LPVLGTIFG;QRY]]GSIQRG]IKFQRLSG[IVLS6Ge ]GTYLFLGlLYFLGHIJGTYLGWLYSIRL:bIVIFVPM1RLG<`FVISTL62

0;MGYFVGLFUGeKFGTYLGESLP^YLKLYVLPG`SVLPOPMQRLSGc PTLS_GKISTLVLGLYSLG4LS^LG`SFYSSY^LPG[IVLSGYJG;1LYQRLPGTLFGe VM1YKMVLSUGZP^LSTcMGYSGTLJG?ÌVFQRGJ`5 LYSGWYV:;VPYS^G\LPFVLQHVG^LcLFLSGFLYS_GTLSGLPGIKFGeHVY\YLP`S^FOL]LRKG\LPFVISTUGhSTGTISSG]YS^GLPGIS_GTYLGdefghijjkGSIQRGTLJGWK&TFYSSG< GFVL`LPS_GTLS LPG YSG FLYSLJG b PFF1LYQRLPG \MPKYL^LSG RIVVLU2G 7MPKISG WPYQHG PYSFVL_G IOLPG LPG F1PIQRG HLYSG lMPVUG EPG cIPG YSG lYPHKYQRHLYVG TYLG WLFQRLYTLSRLYVG YSG >LPFMS_ HMSFVIVYLPVLGWXMGWPLYFHMKK_GÎS<G`SIORaS^Y^GTI\MS_GcIFG;LPOIKG8SB^^GNOLPGYRSG< GTLSHLSG\MPÎOUGWXMGRIVVLGTYLGEYS<LKRLYVLSGYS<cYFQRLSGLP]IRPLSUG7MPKISF ;LFFLKGcIPGLOLSFMGcYLG<IRKPLYQRLGISTLPLGI`FGTLPG7IKVLP`S^G^LPYFFLSGcMPTLSUG7MPKISGRIVVLGLYSLSGdK ^GL`LPGT PQRGTLSGbMJJISTMPI`JG^LJIQRVG`STGcIP ^L^LSG TYLG PNQHcaPVY^LG lISTG ^L1PIKKVUG EYSLG ]PYFQRLG dKaQRLG WYMJMK1KIFVG I ]G TLPG KYSHLSG 7aK]VLG FLYSLPG ;VYPSG KL^VLG =L`^SYFG \MSG TLPG l`QRVG TLF =`FIJJLSFVM5LFG IOUG 7IKOG OLc`5VKMFG RIVVLG 7MPKISG TYLG 8 PVLG LK&FVG STG RIVVLG FYQRG T PQRG gPNJJLPG TLSG lL^G < PG SaQRFVLSG bMSFMKLG LPHaJ1]VUG kIQR JLRPLPLSG\LP^LOKYQRLSG7LPF`QRLSGcIPGLFGYRJGFQRKYL5KYQRG^LK S^LS_GTLSGe VM1YKMVLSG< GTLFIHVY\YLPLSU

WXMGFQRI`TLPVL_GcLSSGLPGTIPISGTIQRVL_GcIFGI`FGTLPGdefghijjkGRaVVLGcLPTLSGH&SSLSUG0[YLG;QRaTLSGKIFFLSGFYQRGPL1IPYLPLS_GSYQRVGcIRP62GFI^VLGLPU

08LcY5UG[IFG^LFIJVLGfMOMVLPHMJJISTMGYFVGFLYVGLVKYQRLSG;V`STLSGISGTLPGePOLYVUGlLSSGIKKLFG^ V^LRV_GFYSTGcYPGYSGbNP<LGcYLTLPG\MKKGLYSFIV<]aRYÛ2

0ZQRGcMKKVL_GT GJIQRVLFVGLYSG< ]PYLTLSLPLFG8LFYQRV_GcaRPLSTGT GTIFGFI^FV2_GOLJLPHVLGWXMGSIQRTLSHKYQRU

3LP^LG4YSRLFVLPG]`RPGJYVGTLPG7ISTGT PQRGTYLGi ]VU

04YPGcaPLGcMRKLPG<`J VL_GWXM2_GFI^VLGLPGOYVVLP_G0cLSSGcYPGcN5VLS_GI ]GcLKQRLGlLYFLG`STG\MSGcLJGTYLGESLP^YLKLYVLPGIS^L]PLFFLSGc PTLSUGEFGJI^GFLYS_ TI5GTYLGfMOMVLPGFYLGPL1IPYLPLSGH&SSLSUGeOLPGFMKIS^LGcYPGTYLGhPFIQRLGTLFG;QRITLSFGSYQRVGHLSSLS_GcLPGFI^VG`SF_GTI5GFYLGSYQRVGJMP^LSGFQRMSGcYLTLP <LPHSIOOLPVGFYST62

C

[YLGf`RLGVIVG^ VUG[YLGlYPH`S^GTLF

;QRJLP<KYSTLPLPFGcIPGIJGkIQRKIFFLSUGlLSSGLPG FYQRGOLcL^VL_G ]NRKVLGLPG;QRJLP<G YSG XLTLJG4`FHLK_G XLTLJG8LKLSHUGEPG cIPG \MSGkIV PG I`FG LYSG VaVY^LP 4LSFQR_GTLSGLFGSYQRVGKIS^LGIJGFLKOLSGdKLQHGRYLKVUGeOLPGTYLG>LYS_GTYLGTLPGJIKVPaVYLPVLGb&P1LPGYRJGOLPLYVLVL_GcIPGLYSGiLRPJLYFVLP_GTLPGHLYSLSGlYTLPF1P`QR T KTLVLUGWXMGWPLYFHMKKGOL^PY]]GPIFQR_GTI5GLPGFYQRGHLYSLSG^P&5LPLSG8L]IKKLSGV`SGHMSSVL_GIKFGIOFMK VGP`RY^G< GKYL^LSU

;LYSG?ÌPVYLPGcIPGLSÛGeSGWMPTGLYSLPG;LQR<Y^JLVLP:bMP\LVVLGÎOGLFGSYQRVG\YLKGi`9`FUGEPGTPLRVLGTLSGbM1]G\MPFYQRVY^G< PG;LYVLG`STGJ`FVLPVLGTYLG^PM5L WYKT]KaQRLUG04IQRGT`SHLK2_G]KNFVLPVLGLPGTLJGe`TYMFLP\MG< G`STGcIPGTISHOIP_GTI5GLPGI ]GFLYSLGFQRcIQRLG;VYJJLGc`SFQR^LJa5GPLI^YLPVLUG8L^LSGTLS FQRcIP<LS_GFVLPSLSKLLPLSG7YSVLP^P`STGTLFGeKKFG VPIVGTIFGbPL`<GTLPG8IKI9YFGWIPF:;:WIPFGTL VKYQRGRLP\MPUGe`FGTYLFLPG>LPF1LHVY\LGRIVVLGLPGLFGSYLG<`\MP ^LFLRLSUG;LYSLG8LTISHLSGFQRcLY]VLSGIOUG4YKKYIPTLSGiYQRV1`SHVLGcIPLSGLF_GTYLG YRSG\MJG7YTLMGRLPIOGISOKYQHVLSUG3LTLPG\LPH&P1LPVLGLYSLSG;VLPSUGhJ 7`STLPVLG \MSG 4YKKYMSLSG TLPG iYQRV1`SHVLG HPLYFVLSG >KISLVLS_G STG \MSG TYLFLSG cYLTLP`JG VP`^LSG LVKYQRLG 4YKKYMSLSG YSVLKKY^LSVLFG iLOLSUG =cLYG MTLPG TPLYG A \YLKKLYQRV_GcLSSGLPG8KNQHGRIVVL_G<cIS<Y^GMTLPGTPLY5Y^GAGTYLFLPGlLKVLSGcNPTLGLPG< G8LFYQRVGOLHMJJLSUGlLSSGFYQRGTLPG;QRITLSGISGTLPGdefghijjk PL1IPYLPLSGKYL5_GRYL5GTIFUGeKKLGISTLPLSGKYL5GLPGRYSVLPGFYQR_GMRSLGXLG< GLP]IRPLS_GcLKQRLSGlLFLSGFYLGIKFG7LYJIVGTYLSVLSU

;MG^LcIKVY^GcIPGTYLG;QR&1]`S^_GTI5GTLPGLYS<LKSLG4LSFQRGSYQRVGRM]]LSGHMSSVL_GJLRPGIKFGLYSLSGcYS<Y^LSG=Y1]LKGTI\MSG< GLP]IFFLSUGEPGJMQRVLGESV]LPS`S^LS < PNQHKL^LS_GTYLGFYQRGTLJG=`^PY]]GFLYSLPG7MPFVLKK S^FHPI]VGLSV<M^LS_GLPGJMQRVLGfI`JFQRY]]LGOI`LS_GTYLGFQRSLKKLPG`STGYJJLPGFQRSLKKLPGTIFGeKKGT PQRLYKVLSGA `STGcIFGOKYLOGYRJG<`JG;QRK 56GEYSR`STLPV_GLYSVI`FLST_G\YLKKLYQRVGFMÎPG<LRSVI`FLSTGYSVLKKY^LSVLGWP`TLPIPVLSGcNPTLGLPGHLSSLS^LKLPSVGRIOLSUG4YKKYIPTLS_ WYKKYMSLS_GgPYKKYMSLSGISTLPLPGOKYLOLSGYRJG`SOLHISSVUG[LP_GTLPGI`F<M^_GTIFGhSY\LPF`JGHLSSLS< KLPSLS_GRIVVLGTIFGWLc`5VFLYSGTLPGLY^LSLSGhS< KaS^KYQRHLYV <`JGlL^^LSMFFLSU

;LYSLG8LTISHLSGHLRPVLSG< PNQHG< GTLSGEPLY^SYFFLSGYSGTLPGkIJLSKMFLSG=MSLUGlIFGTMPVG^LFQRLRLSGcIP_GcNPTLGcMRKG]NPGYJJLPGLYSGfaVFLKGOKLYOLSUGeKFGTYL 8LFLKKFQRI]VGTLPGLPcIQRFLSLSG3IHIVLPG<LPOPIQR_GIKFGTYLG3`S^LSGTIFG;VL`LPGYSGTYLG7ISTGSIRJLS_GcIPGLFG< GLYSLPGEPSL`LP`S^G^LHMJJLS_GTYLGOLcYPHVL_ TI5G FYQRG TYLG ;QRMQH]PMSVG PYS^FG JG TIFG 3IH:;BFVLJG I ]K&FVLG STG TIFG ;BFVLJG YSG WLcL^`S^G LPYLVG AG YSG fYQRV`S^G TLPG SFYQRVOIPLSG 8PLS<L_G TYLG TYL kIJLSKMFLG=MSLG\MJGEYSFVLYS:hSY\LPF`JGVPLSSVLUG[IFGhS^KIÒKYQRLG^LFQRIRmG[YLG;MSSLG3IHG`STGYRPLG>KISLVLSGNOLPFQRPYVVLSGTYLG8PLS<LG`STGHLRPVLSGYS TLSGbMFJMFG< PNQH_GI`FGTLJGFYLGLYSFVGLSV]NRPVGcMPTLSGcIPLSUG ZJG;M^GTYLFLFG7MPÎS^FGcIPGI`QRGTYLGdefghijjkGRYSNOLPG YSGTLSGEYSFVLYS:fI`J ^LF1NKVGcMPTLSUGeKFGYRPLG4L5:G`STGlIRPSLRJ`S^FFBFVLJLGcYLTLPG< G]`SHVYMSYLPLSGOLÎSSLS_GcIPGTIFG3IH:;BFVLJG\LPFQRc`STLS_GT PQRG`SLPHKaPKYQRL bPa]VLG< PNQH\LPFLV<V_GcYLGJISGIKK LJLYSG^KIÒVL_GISGTLSGjPV_GTLSGLFG]PNRLPGLYS^LSMJJLSGRIVVLUGEFGÎOGHLYSLG[L V`S^GTI]NP_GcIP`JGTYLGdefghijjk I`F^LPLQRSLVG RYLP_G NOEUEEEG iYQRVXIRPLG \MJG =LSVP`JG TLPG [M11LK IKI9YFG WIPF:;:WIPFG LSV]LPSV_G PLJIVLPYIKYFYLPVG cIPUG EFG cIPG SYQRVG LYSJIKG HKIP_G MOG TLP 7MPÎS^GFVIVYFVYFQRLPGkIV PGcIP_GMTLPGMOGLYSGHI`FIKLPG=`FIJJLSRIS^G\MPKI^_GTLPGS PGTYLFLSGLYSLSGfLJIVLPYIKYFYLP`S^FMPVG< KYL5UGEFGOPIQRVLGSYQRVFGLYS_ FYQRGTLSGbM1]GTIPNOLPG< G<LPOPLQRLSUG7YLPGcIPLSGbPa]VLGIJGlLPH_GTYLGFYQRGTLJG7LPFVaSTSYFGTLFG4LSFQRLSGLSV<M^LSUG4ISGJ`5VLGTISHOIPGFLYS_GTI5GLF FMG`STGSYQRVGISTLPFG^LHMJJLSGcIPUG=cIPG ]`SHVYMSYLPVLGTLPG7B1LP]`SHGSYQRVGJLRP_GdLTLPF1YLKFG VLKL1IVRYFQRLGbPa]VLGFQRYLSLSG KIRJ^LKL^V_GTYLGOLYTLS iY^RVSYS^:3LVFGcIPLSG<LPFV&PV_G`STGFQRKYL5KYQRGcIPGLYSLGHSI11LGRIKOLG4YKKYMSGiYQRVXIRPLGSYQRVGLOLSGLYSLGKa11YFQRLGESV]LPS`SÛGeOLPGLFGOLFVISTGcLSY^FVLSF TYLG7M]]S`S^_GTI5GJISGYP^LSTcYLG7LPOYST`S^GJYVGTLPG;jiGcLPTLGI ]SLRJLSGH&SSLSU

;MG RIVVLG LFG cLSY^FVLSFG < GeS]IS^G I`F^LFLRLSUG kYLJISTG c`5VL_G cYLG TIFG >RaSMJLSG TLFG ESLP^YLKLYVLP]PI5LFG FYQRG I ]G TYLG @OLPKLOLSFQRISQLSG TLF ;QRY]]LFG`STGFLYSLPG4ISSFQRI]VGI`FcYPHLSGcNPTLU

0[ GRIFVGWLF`QR2_GJLKTLVLGTLPGe`TYMFLP\MG\&KKY^G`SLPcIPVLVLPcLYFLU

WXMGWPLYFHMKKG\LP<YQRVLVLGTIPI ]_GJYVG4YVVLKSGTLPGgLKL1IVRYLG< GLP]IRPLS_GcLPGYRSG< GTYLFLPG`S^Lc&RSKYQRLSG;V`STLG< GFLRLSGcNSFQRLU

0;MKKGRLPLYSHMJJLS2_GISVcMPVLVLGLPUG[YLGgNPG&]]SLVLGFYQRUGEYSGOLL`LJLPG8KLYVFV`RKGFL^LKVLGT PQRGTYLGG]]S`SÛGZJG;V`RKGFI5_G\MSGWISTI^LSG\LPJ`JJVG`ST TLSSMQRG`S\LPHLSSOIP_G7LPSIGKIGdIXXSU

C

WXMG]NRKVLG7LPKL^LSRLYVGYSGFYQRGI ]FVLY^LSUG7LPSIGcIP_GcIFGJISGYSG]PNRLPLSG=LYVLSGLYSLGdPI G\MSGlLKVG^LSISSVGRIVVLUG7IKOcLKVGOLRI`1VLVLSGJISQRL_GIOLP TIFGcIPGKaQRLPKYQRLFG8LcaFQR_GTIGYSGLYSLPG8LFLKKFQRI]VGcYLGTLPGTLPG;jiGTIFGbMS<L1VG7IKOcLKVGNOLPRI`1VGSYQRVGJLRPGTL]YSYLPVGcLPTLSGHMSSVLUGEFGJMQRVL ÎS<G LYS]IQRG FLYS_G TI5G 7LPSIG KIG dIXXSG LYSLG NOLPT PQRFQRSYVVKYQRG KYLOLOLTNP]VY^LG dPI G cIP_G TYLG FYQRG SYQRVG KIS^LG JYVG HMJ1KY<YLPVLSG e`FcIRKHPYVLPYLS RLP`JFQRK ^_GcLSSGLFG`JGTYLG;VYKK S^GTLFGWLTNP]SYFFLFG^YSÛG[LPG8KLYVFV`RKGFQRcLOVLGOYFG< PG4YVVLGTLFGfI`JLFUG7LPSIGFIRGI ]GTLSGPL^KMFGTIKYL^LSTLS 4 VISVLSGRYSIOUGZRPLGe`^LSGcIPLSG^PM5G`STGT`SHLKUG[YLGHIFVISYLSOPI`SLG7IIP1PIQRVG]YLKGYRPGYSGTYQRVLS_GcLYQRLSGlLKKLSGOYFGI ]GTYLG;QR KVLPSUG[LPGLVcIF < GOPLYVLG4`STGcIPG< GLYSLJG]PL`STKYQRLSGiaQRLKSG\LP<M^LSUG0ZQRGHMJJL_G`JGJYQRGOLYGTYPG< GOLTISHLS2_GFI^VLG7LPSIGKIGdIXXSU

0jR_GTIFGYFVGSYQRVGS&VY^2_GcLRPVLGWXMGRIFVY^GIOUG0ZQRGJLYSLGUUUGXLTLPGISGJLYSLPG;VLKKLGUUUGLFGcIPGSYQRVFGWLFMSTLPLFGUUU2

0?ÌVFQR2_G SVLPOPIQRG YRSG 7LPSIG PLFMK VUG 0jRSLG TYQRG RaVVLSG FYLG JYQRG \MSG TLPG lISTG IOHPIV<LSG JNFFLSUG E91KMFY\LG [LHMJ1PLFFYMS_G TIFG YFVG SYQRVF ;QR&SLFUG[IFG8LRYPSGHMJJVGLYSLJGI`FGTLPGkIFLG`STGTLSGjRPLS_GTYLG7I VG1KIV<VGI ]GUUU2

0WYVVL_G7LPSI<2GaQR<VLGTLPG4 VISVUG0kMQRGLYSGcLSY^GFQRcIQRGI ]GTLJG4I^LS_GcYL62GF1MVVLVLGFYLG]PL`STFQRI]VKYQRUG0[IFG\LP^LRVGOIKT_G^KIÒMFGJYPUG4YQR RIOLSGFYLGTLPIPVG<`FIJJLS^L]KYQHV_GTI5GYQRGcIRPFQRLYSKYQRGcYLGLYSGgL11YQRJMFIYHGI`FFLRL_GcLSSGFYLGTYLGWISTI^LSGIOSLRJLSU2

0ZQRGOYSG]PMR2_GcNP^VLGWXM_G0TI5GT GRIKOcL^FGcYLTLPGI ]GTLSGWLYSLSGOYFVU2G0lLSSGcYPGcYLTLPGFVLRLSGH&SSLS_GJNFFLSGcYPGLYSLSGI ]G`SFLPG^LJLYSFIJLF

eOLSVL`LPGRLOLS2_G\LPHNSTLVLG7LPSIU

03I_GTIFGcMKKLSGcYPGV`S2_GFI^VLGWXM_GTLJGXLTLPG7MPFQRKI^GKYLOG`STGPLQRVGcIP_GFMKIS^LGLPGS PGSYQRVGXLV<VG^KLYQRG\LPcYPHKYQRVG< GcLPTLSGOPI`QRVLU

0WYFVGT GYJJLPGFMGFQRNQRVLPS62G]PI^VLG7LPSIGLPFVI`SVU

0[ GUUUGT GHLSSFVGJYQRGTMQR2_GFVMVVLPVLGLPUG0lYPGFYSTGFQRMSGKIS^LG^LS`^GOLYFIJJLSU2G0WLYFIJJLS_GXIUGeOLPG\MSGbLSSLSGYFVGHLYSLGfLTLUG7YLKKLYQRVGKa5V FYQRGTIFGaSTLPSU2GWXMGWPLYFHMKKGc PTLGIOcLQRFLKSTGRLY5G`STGHIKVUG8LSI GOLVPIQRVLV_GcIPGYRJGYRPG7MPFQRKI^GSYQRVGLYSJIKG`SIS^LSLRJU

0kYQRVGTI5GT GTYPG]IKFQRLG7M]]S`S^LSGJIQRFV<2GcIPSVLG7LPSIUG0ZRPG4aSSLPGJYVGL PLSGHKLOPY^LSGdYS^LPS_GYRPGHMJJVGYJJLPGI ]GFQRKLQRVLG8LTISHLSGUUU2

4I^GTLPG7YJJLKGcYFFLS_GcYLGTYLFLGhSVLPRIKV`S^G^LLSTLVGRaVVL_GcLSSGSYQRVGTLPG= ]IKKGWXMGWPLYFHMKKGYJGKLV<VLSGe`^LSOKYQHG< G7YK]LG^LHMJJLSGcaPLUG7LPSI `SVLPOPIQRGFYQRGJYVVLSGYJG;IV<UG;YLGJIQRVLGLYSGLSVFLV<VLFG8LFYQRVG`STGFQRPYLG07`QR<2UG[ISSGVIVGLFGLYSLSGbSIKK_G`STGYJGSaQRFVLSGe`^LSOKYQHGH`^LKVLSGTYL WLFVISTVLYKLGTLFG8KLYVFV`RKFGNOLPGTLSGWMTLSUGWXMGWPLYFHMKKG]`RPGFVLYKGYSGTYLG7&RLUG[LPG;QRJLP<GcMKKVLGYRJGTLSG;QRaTLKG<LPPLY5LS_GIOLPGLPGPMKKVLGFYQRGNOLP TLSGfISTGTLPGiYL^LG`STGRIK]G7LPSI_GFYQRGI`FGTLSGgPNJJLPSGYRPLFG;V`RKFG< GLPRLOLSUG;YLGHKIJJLPVLGFYQRGISGYRSUG4YVG4NRLGFQRKL11VLGLPGFYLG< GLYSLJ ;LFFLKG`STGOLVVLVLGFYLGI ]GTIFG>MKFVLPU

04LSFQR_GcIFGcIPGTIF62GPYL]G7LPSIGJYVGFQRPLQH^LcLYVLVLSGe`^LSU

0ZQRGcLVVL_GYQRGcLY5GLF2_GOP`JJVLGWXMGWPLYFHMKKU

23

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