VNRQ LOD RNXSDFH L SUR QDßH P VWR - mudk.cz · %\or wr ny wqd ˝ ˘ y dvqäfk udqqÕfkkrg lq˚fk...

12
%\ORWRNYWQDYDVQFKUDQQFKKRGLQ˚FKWHQGHQSHGOHW\ VNRQLODRNXSDFHLSURQDHPVWR NYlWQDt5RŒQ¸N9,tظVORt9\G¿Y¿0lVWVNDG’YU.U¿ORY˙QDG/DEHPt&HQD.Œ 6ZSH]‘]YVr \RVULUrZ][V]n]iSR‘ HVZ]VIVaLUr +]VYH2YiSV]nUHK3HILT =WYIO\YVR\ZL\ZR\[LUPS‘ULIVQL[ \ZR\[LUr HRJL R[LYTP ZP [V[V ]aUHTUn ]YVr WPWVTrUiTL! 6+2(A+105 ]Z[H]HR[LYV\VKKVR][UH\ZWViKHSV ]LZ]n]Z[H]UrZrUP4Z[ZRnT\aL\T æ,:;5g6)æ(5:;=˙4:;( ] OPZ[VYPJRn RVULSZRn ZrUP :[HYn YHKUPJL I‘S WLKiU ]L Z[LK\ R][UH KVRSHK V LZ[UnT VIHUZ[]r SLUT YVKPU‘ WHUH 1HYVZSH]H )PSPU‘ Z[HYVZ[‘TZ[H]SL[LJOH 2647656=(576œ(+ ] /HURV] KVT ]L ]YVUr KLU VZ]VIVaLUr ]LZ[LK\R][UHI‘SP]aWVTrURV\UHVIHU‘ UHLOV TZ[H {HZ[UrR‘ aHOYHUPUrOV H KVTiJrOVVKIVQL :V\iZ[r[VOV[VRVTWVTV]HUnOVWVHK\I‘SHP WPWVTrURHaHQrTH]nOV]YVrR[LYTQLSL[VK WY]UrWrZLTUnaTrUR‘V+]VL2YiSV]nUHK3HILT H\UPRi[UrZUrTLRa R][UHHLY]UH =3(:;0=+5gæ;,5˙ ] YVarLUnT ]‘KiUr ]‘QKL ] LY]U\ H I\KL aHTLUV UH KVI\ VR\WHJL P ]YVr VZ]VIVaLUrUHLOVTZ[HHUH\KiSVZ[P[nKVI‘ :3(=56:;5˙=,æ,9 KUL rQUH ] WLK]LLY Z[i[UrOV Z]i[R\ UH UT ZL ZLQKV\ SLUV]n :]Ha\ IVQV]UrR aH Z]VIVK\ P QLQPJO YVKPUUr WrZS\UrJP HI‘ WL]aHSP a Y\RV\ WLKZ[H]P[LS TZ[H WHT[Ur SPZ[‘ 7VHK I\KL]/HURV] KVT =:;(=(+62<4,5;ß MV[VNYHMPr THW SPZ[PU H ]aiJUJO TH[LYPiS VK rQUH]ZHSVUR\/HURV]HKVT\]a[HO\QrJrZLR KVTiJrT\ P aHOYHUPUrT\ VKIVQP H {HZ[P VIHU +]VYH2YiSV]nUHK3HILT -$526/$9%,/,1$ ø(671˙02%ø$1(0 0ß67$ =L Z[LK\ R][UH V WH[UiJ[n OVKPU VKWVSLKUrZL\ZR\[LUPS]OPZ[VYPJRnRVULSZRnZrUP :[HYn YHKUPJL ZSH]UVZ[Ur HR[ WP UT WL]aHSP KVRSHKVQTLUV]iUrWHUH1HYVZSH]H)PSPU‘ LZ[UT VIHULT TZ[H PU TLTVYPHT KJLYH WHUr AKLRH :‘YV]i[RV]i H Z‘U WHU PUN 4PYVZSH] )PSPUH ZL Z]TP YVKPUHTP =L Z]nT WYVQL]\ R [VT\[V QTLUV]iUr R[LYn I‘SV QLKUVT‘ZSU WPQHSV TZ[ZRT aHZ[\WP[LSZ[]LT LRS Z[HYVZ[H TZ[H +]VYH2YiSV]nUHK3HILTWHU=PR[VY]\I! 1HRQL\]LKLUV]KVRSHK\VLZ[UnTVIHUZ[]r TZ[H I‘S Z[HYVZ[H 1HYVZSH] )PSPUH ]aUHTUV\ VZVIUVZ[r ] UV]VKVIJO KQPUiJO +]VYH 2YiSV]n UHK 3HILT H ULI]HSV\ TYV\ ZL aHZSV\PS V YVa]VQ[VOV[VTZ[H5HYVKPSZL]æiZSH]PHVKYVR\ ZLZ[HS+]Y2YiSV]nUHK3HILTQLOV[Y]HST KVTV]LT6KTSiKrZL{HZ[UPSWVSP[PJRnOVP]V[H ]L Z[YHU UiYVKU ZVJPHSPZ[PJRn ZV\RYVT ZL ]aKSi]HSHZ[HSZL{LKUrRLTVRYLZUrULTVJLUZRn WVQPLV]U‘ 1LOV LULYNPL PUPJPH[P]H WYIVQUVZ[ H aiQLT V ZHTVZWYi]Un V[iaR‘ WPZWS‘ R [VT\ L ZL ILaUH YVR\ Z[HS SLULT VILJUrOV aHZ[\WP[LSZ[]H H I‘S a]VSLU Z[HYVZ[V\ TZ[H QHRV ULQTSHKr [LOK‘ [PH[PJL[PSL[ SLU VILJUrOV aHZ[\WP[LSZ[]H =L Z]n M\URJP VK aHi[R\ ]‘]rQLS ]LZ[YHUUV\ H LULYNPJRV\ PUUVZ[ H PUPJPH[P]U aHZHOV]HSKV]LJOZHTVZWYi]UJOV[iaLRTZ[H 7V \WS‘U\[r WLKLWZHUnOV ]VSLIUrOV VIKVIr I‘SVW[V]U a]VSLUZ[HYVZ[V\TZ[HHQLOVWYiJL I‘SH]LVILJU \aUi]iUH(UPWVSP[P[rVKWYJPT\ UPRK‘UL\WLSPQLOVZJOVWUVZ[PH[]YrWYiJPHWSU QP\aUi]HSP 7P ]VSIiJO ] YVJL ZL Z[HS SLULT aLTZRnOVaHZ[\WP[LSZ[]HLZRnOVAHKVI\RK‘I‘S ]L M\URJP Z[HYVZ[‘ WViKHSV TZ[V ] YVJL ]LSRV\ RYHQPUZRV\ ]Z[H]\ aH WVKWVY‘ :WVP[LSU‘ RYiSV]nK]VYZRn]QLQrT]IVY\aHZLKHSHWYHJV]HS ]‘I\KV]HS RYiZUn ;‘YV]V RV\WHSP[ Z[HYHS ZL V aTrYUUr ULaHTZ[UHUVZ[P WVZ[HYHS ZL V YVarLUr ]VKV]VK\ V YLUV]HJP T\aLH V aSLWLUr Z[H]\ TZ[H WV Z[YiUJL I‘[V]n H ]Z[H]I‘ arKPS ]LSRV\ [YUPJP H ZWVS\WZVIPS WP ]‘I\KV]iUr ;L_[PSUrOV T\aLHWPV[L]LUrVIJOVKUrHRHKLTPLHWVZ[HYHS ZLVYVarLUrSLZUrOVTHQL[R\TZ[H = [YHNPJRnT YVJL IVQV]HS aH aiJOYHU\ Z]nOV TZ[H WLK OYVarJrT aHIYiUrT KV UTLJRnOV WiZTH SL[HKSLT JLZ[V]HS KV )LYSrUHHI‘ [HT QLKUHS V aiJOYHU +]VYH 2YiSV]n UHK 3HILT ]‘QLKUi]HS ] 9H[PIVP WP aHZLKiUrJO KLSPTP[HUrRVTPZL7VVR\WHJPWYVZPUJL WVK Ui[SHRLT T\ZLS YLaPNUV]H[ UH Z[HYVZ[LUZ[]r HSL WVULJOHS ZP SLUZ[]r ] TZ[ZRn YHK H ] VILJUrTaHZ[\WP[LSZ[]\(]HRQP{UVYH I‘SKVU\JLUPaKLRYLaPNUHJPHVK[nKVI‘ LRHS WYV[P]UrR QLU UH WrSLP[VZ[ HI‘ ZL aIH]PS Z]nOV VKWYJL ;\[V WrSLP[VZ[ WVZR‘[SH /L‘KYPJOPiKH 5iOSi WYVOSrKRH LY]UH YVR\ V OVKPU aH[LUr LY]UH [nOV YVR\ V ZLKTn OVKPU YHUUrWVWYH]H]7HYK\IPRiJO5HZTY[LS1HYVZSH] 7VRYHV]iUrUHZ[YHU

Transcript of VNRQ LOD RNXSDFH L SUR QDßH P VWR - mudk.cz · %\or wr ny wqd ˝ ˘ y dvqäfk udqqÕfkkrg lq˚fk...

%\OR�WR�����NY�WQD������Y�DVQäFK�UDQQÕFK�KRGLQÊFK���WHQ�GHQ�S�HG����OHW\�VNRQLOD�RNXSDFH�L�SUR�QDßH�P�VWR

����NYøWQD�������t�5RêQËN�9,��t�éËVOR���t�9\G¿Y¿�0øVWVNÛ�Ø�DG�'Y�U�.U¿ORYÇ�QDG�/DEHP�t�&HQD���.ê6ZSH]`�����]�YV�r\RVU�LUr����Z]�[V]n�]iSR`H�VZ]VIVaLUr+]VYH�2YiSV]n�UHK�3HILT=�WY�I�O\�YVR\������ZL�\ZR\[L�UPS`�ULIV�QL�[�\ZR\[L�Ur� HRJL�� R[LY�TP� ZP� [V[V� ]�aUHTUn� ]�YV�rW�PWVTrUiTL!6+2(A�+ó1 05]�Z[H]H��R[LYV\�VK����KV�����R]�[UH�\ZWV�iKHSV]L�Z]n�]�Z[H]Ur�ZrUP�4�Z[ZRn�T\aL\Tñ,:;5g�6)ñ(5:;= Ç �4ó:;(]� OPZ[VYPJRn� RVU�LSZRn� ZrUP� :[HYn� YHKUPJL� I`SW�LKiU� ]L� Z[�LK\� ���� R]�[UH� KVRSHK� V� �LZ[UnTVI�HUZ[]r� �SLU�T� YVKPU`� WHUH� 1HYVZSH]H� )PSPU`�Z[HYVZ[`�T�Z[H�]�SL[LJO�� � �H��� ���2647656=(5þ�76ú(+]� /HURV]� KVT� ]L� ]�YV�Ur� KLU� VZ]VIVaLUr�]L�Z[�LK\�����R]�[UH��I`S�P�]aWVTrURV\�UH�VI�HU`UH�LOV� T�Z[H� �� {�HZ[UrR`� aHOYHUP�UrOV� HKVTiJrOV�VKIVQL�:V\�iZ[r�[VOV[V�RVTWVTV]HUnOV�WV�HK\�I`SH�PW�PWVTrURH�aHQrTH]nOV�]�YV�r��R[LY�T�QL�����SL[�VKWY]Ur�WrZLTUn�aTrUR`�V�+]V�L�2YiSV]n�UHK�3HILTH�\UPRi[Ur�ZUrTLR�a ����R]�[UH�H�����LY]UH�� ���=3(:;0=ó+5g�ñ;,5Ç]� YVa�r�LUnT� ]`KiUr� ]`QKL� ]� �LY]U\� H� I\KLaHT��LUV� UH� KVI\� VR\WHJL� P� ���� ]�YV�rVZ]VIVaLUr�UH�LOV�T�Z[H�H�UH�\KiSVZ[P�[n�KVI`�:3(=56:;5Ç �=,ñ,9KUL� ���� �rQUH�� ]� W�LK]L�LY� Z[i[UrOV� Z]i[R\�� UHU�T�� ZL� ZLQKV\� �SLUV]n� :]Ha\� IVQV]UrR� aHZ]VIVK\� P� QLQPJO� YVKPUUr� W�rZS\�UrJP�� HI`� W�L]aHSP� aY\RV\� W�LKZ[H]P[LS� T�Z[H� WHT�[Ur� SPZ[`�� 7V�HKI\KL�]�/HURV]� KVT��=þ:;(=(�+62<4,5;ûMV[VNYHMPr��THW�� SPZ[PU� H� ]aiJU�JO�TH[LYPiS� VK�����rQUH�]�ZHSVUR\�/HURV]H�KVT\��]a[HO\QrJr�ZL�RKVTiJrT\� P� aHOYHUP�UrT\�VKIVQP�H� {�HZ[P� VI�HU�+]VYH�2YiSV]n�UHK�3HILT�

-$526/$9�%,/,1$ù(671Ç0�2%ù$1(0�0û67$=L� Z[�LK\� ���� R]�[UH� V� WH[UiJ[n� OVKPU�VKWVSLKUr�ZL�\ZR\[L�UPS�]�OPZ[VYPJRn�RVU�LSZRn�ZrUP:[HYn� YHKUPJL� ZSH]UVZ[Ur� HR[�� W�P� U�T�� W�L]aHSPKVRSHK�V�QTLUV]iUr�WHUH�1HYVZSH]H�)PSPU`��LZ[U�TVI�HULT�T�Z[H� PU�TLTVYPHT�KJLYH�WHUr�AKL�RH:`YV]i[RV]i� H� Z`U� WHU� PUN�� 4PYVZSH]� )PSPUH� ZLZ]�TP� YVKPUHTP�� =L� Z]nT� WYVQL]\� R� [VT\[VQTLUV]iUr�� R[LYn� I`SV� QLKUVT`ZSU� W�PQHSVT�Z[ZR�T� aHZ[\WP[LSZ[]LT�� �LRS� Z[HYVZ[H� T�Z[H+]VYH�2YiSV]n�UHK�3HILT�WHU�=PR[VY��]\I!1HR�QL�\]LKLUV�]�KVRSHK\�V��LZ[UnT�VI�HUZ[]rT�Z[H�� I`S� Z[HYVZ[H� 1HYVZSH]� )PSPUH� ]�aUHTUV\VZVIUVZ[r� ]� UV]VKVI�JO� K�QPUiJO� +]VYH� 2YiSV]nUHK� 3HILT� H� ULI�]HSV\� T�YV\� ZL� aHZSV\�PS� V

YVa]VQ�[VOV[V�T�Z[H��5HYVKPS�ZL�]�ñiZSH]P�H�VK�YVR\�� ��ZL�Z[HS�+]�Y�2YiSV]n�UHK�3HILT�QLOV�[Y]HS�TKVTV]LT��6K�TSiKr�ZL�{�HZ[UPS�WVSP[PJRnOV��P]V[H]L� Z[YHU� UiYVKU� ZVJPHSPZ[PJRn�� ZV\RYVT� ZL]aK�Si]HS�H�Z[HS�ZL�{�LKUrRLT�VRYLZUr�ULTVJLUZRnWVQP�èV]U`�� 1LOV� LULYNPL�� PUPJPH[P]H�� WY�IVQUVZ[� HaiQLT�V�ZHTVZWYi]Un�V[iaR`�W�PZW�S`� R� [VT\���LZL� ���� I�LaUH� YVR\� � � � Z[HS� �SLULT� VILJUrOVaHZ[\WP[LSZ[]H� H� I`S� a]VSLU� Z[HYVZ[V\� T�Z[H� QHRVULQTSHK�r� �� [LOK`� [�PH[�PJL[PSL[� �� �SLU� VILJUrOVaHZ[\WP[LSZ[]H�� =L� Z]n� M\URJP� VK� aH�i[R\� ]`]rQLS]�LZ[YHUUV\� H� LULYNPJRV\� �PUUVZ[� H� PUPJPH[P]U�aHZHOV]HS�KV�]�LJO�ZHTVZWYi]U�JO�V[iaLR�T�Z[H�7V� \WS`U\[r� W�LKLWZHUnOV� ]VSLIUrOV� VIKVIrI`S�VW�[V]U� a]VSLU�Z[HYVZ[V\�T�Z[H�H�QLOV�WYiJLI`SH�]�LVILJU� \aUi]iUH��(UP�WVSP[P�[r�VKW�YJP�T\UPRK`�UL\W�LSP�QLOV�ZJOVWUVZ[P�H�[]�Y�r�WYiJP�H�WSU�QP�\aUi]HSP�7�P� ]VSIiJO� ]� YVJL� � ��� ZL� Z[HS� �SLULTaLTZRnOV�aHZ[\WP[LSZ[]H��LZRnOV��AH�KVI\��RK`�I`S]L� M\URJP� Z[HYVZ[`�� WV�iKHSV� T�Z[V� ]� YVJL� � ��]LSRV\� RYHQPUZRV\� ]�Z[H]\� aH� WVKWVY`� :WV�P[LSU`RYiSV]nK]VYZRn��]�QLQrT��]�IVY\�aHZLKHS�H�WYHJV]HS�]`I\KV]HS� RYiZUn� ;`Y�V]V� RV\WHSP�[��� Z[HYHS� ZL� VaTrYU�Ur�ULaHT�Z[UHUVZ[P�� WVZ[HYHS� ZL� V� YVa�r�LUr]VKV]VK\�� V� YLUV]HJP� T\aLH�� V� aSLW�LUr� Z[H]\T�Z[H�WV�Z[YiUJL�I`[V]n� H� ]�Z[H]I`�� a�rKPS� ]LSRV\[Y�UPJP� H� ZWVS\W�ZVIPS� W�P� ]`I\KV]iUr� ;L_[PSUrOVT\aLH��W�P�V[L]�LUr�VIJOVKUr�HRHKLTPL�H�WVZ[HYHSZL�V�YVa�r�LUr�SLZUrOV�THQL[R\�T�Z[H�=� [YHNPJRnT� YVJL� � ��� IVQV]HS� aH� aiJOYHU\Z]nOV� T�Z[H� W�LK� OYVarJrT� aHIYiUrTKV U�TLJRnOV� WiZTH�� SL[HKSLT� JLZ[V]HS� KV)LYSrUH��HI`� [HT� QLKUHS�V�aiJOYHU� +]VYH�2YiSV]nUHK� 3HILT�� ]`QLKUi]HS� ]� 9H[PIV�P� W�P� aHZLKiUrJOKLSPTP[H�Ur�RVTPZL��7V�VR\WHJP�����WYVZPUJL�� � WVK� Ui[SHRLT� T\ZLS� YLaPNUV]H[� UH� Z[HYVZ[LUZ[]r�HSL� WVULJOHS� ZP� �SLUZ[]r� ]� T�Z[ZRn� YHK� H] VILJUrT�aHZ[\WP[LSZ[]\��(]�HR�QP������{UVYH�� ��I`S�KVU\JLU�P�aKL�R� YLaPNUHJP�H�VK� [n�KVI`��LRHSWYV[P]UrR� QLU� UH� W�rSL�P[VZ[�� HI`� ZL� aIH]PS� Z]nOVVKW�YJL�;\[V� W�rSL�P[VZ[� WVZR`[SH� /L`KYPJOPiKH�� 5iOSiWYVOSrKRH� ��� �LY]UH� YVR\� � ���� V� ���� OVKPU�aH[�LUr�� ��� �LY]UH� [nOV�� YVR\� V� ZLKTn� OVKPU�YHUUr�WVWYH]H�]�7HYK\IP�RiJO��5H�ZTY[��LS�1HYVZSH]7VRYH�V]iUr�UH����Z[YHU�

-$526/$9�%,/,1$�ù(671Ç0�2%ù$1(0�0û67$+VRVU�LUr�a ���Z[YHU`Ui]�[�]\�� 2� Tn� ]LSRn� YHKVZ[P� W�PQLS� UL�LRHU�[H[rULR�� R[LY� T�S� JLZ[\� KV� /YHKJL� 2YiSV]n� H� UHJO]PSR\�aT�UPS�ZT�Y�JLZ[`�KV�/V�PJ��)`SH� [V�RYi[RiJO]PSRH�H�[LWY]L�WV� QLOV�ZTY[P� QZLT�WVJOVWPSH���L[V�I`SV�]SHZ[U� TV�Un�SV\�LUr���[H[rULR�I`S�WV]VSiUR� ]�ZSLJO\� UH� NLZ[HWV� H� UL]�K�S�� QLZ[SP� ZL� ]Yi[rKVT��;LURYi[� ZL� QL�[� ]Yi[PS�� HSL� ]L� Z[�LK\���� �LY]UH� ��� ZP� WYV� U�OV� NLZ[HWV� W�PQLSV� R� UiT�� 7VWYVOSrKJL� ]� I`[� QZTL� ZL� T\ZLS`� Z� THTPURV\Z UrT�YVaSV\�P[�0YVUPr�VZ\K\�I`S�]�[n[V�KVI� IYH[Y�]�7HYK\IPJrJO�[HR�L� ZL� Z� [H[rURLT� \�� ULZL[RHS�� ULYVaSV\�PS� ZL�7�PQLS� H�� ]� ZVIV[\���� �LY]UH� H� [V� \�� [H[rULR� UL�PS�)`SH�[V�WYV�U�OV�Z[YH�Ui�YiUH�]�ZYKJP�P�K\�P�4HTPURH� I`SH� WVa]iUH� UH� {�HK� H� [LOKLQ�rZ[HYVZ[H� .�YULY� QP� WV�iKHS�� HI`� Z`U� H� KJLYHULa�Z[HSP�]L�T�Z[� �{�HZ[�SPKr�R�UH�LT\�UL�[�Z[r��HHI`JOVT� ULUVZPSP� ZT\[L�Ur� VISL�LUr�� 5H� U�RVSPRHKVTLJO� UH� UiT�Z[r� ZL� VIQL]PS`� �LYUn� WYHWVY`�R[LYn� I`S`� 5�TJP� Z[YOiU`� �� WVJOVWPSP�� �L� ULI`S`]`]��LU`�R�{TY[r�/L`KYPJOH��HSL�UH�WV�LZ[�Z[HYVZ[`T�Z[H��R[LYnOV�ZP�]i�PSP�H�T�SP�OV�YiKP�

)PSPUH� OYKPUU� H� K�Z[VQU��� 5H� ZTY[� �LS� QHRVIVQV]UrR� H� VKW�YJL� OP[SLYV]ZRnOV� 5�TLJRH�AHULJOHS�WV�ZVI� TH[R\��THU�LSR\�H�K]� K�[P��(KVIYV\�WHT�è�4�Z[V� +]�Y� 2YiSV]n� UHK� 3HILT� ZP� W�PWVTrUiZ]nOV� Z[HYVZ[\� [rT�� �L� QLKUH� a� \SPJ� ULZL� QLOVQTnUV�H�VKL�KUL�RH�P�[rT���L�WHUH�1HYVZSH]H�)PSPU\QTLUV]HSV� �LZ[U�T� VI�HULT� H� W�LKi]i� [HR� KVY\RV\� �SLU� QLOV� YVKPU`� ULQ]`��r� VJLU�Ur�� R[LYnT�Z[V�T��L�Z]�T�]�aUHTU�T�VI�HU�T�\K�SP[�;VSPR� WYVQL]� Z[HYVZ[`� T�Z[H�� WV� U�T�UiZSLKV]HSV�W�LKiUr�KVRSHK\�V��LZ[UnT�VI�HUZ[]r�WVKWPZ`� KV� WHT�[Ur� RUPO`� T�Z[H�� WYVQL]� PUN�4PYVZSH]H� )PSPU`� H� ]`Z[V\WLUr� MSn[UV]nOV� ZV\IVY\A<��]L�+]V�L�2YiSV]n�UHK�3HILT�6� Z[HYVZ[V]P� 1HYVZSH]\� )PSPUV]P� QZTL� W�PULZSPVIZiOS� �SiULR� ]� SV�ZRnT� �rQUV]nT� =SHZ[P]�KUnT�[LUr�� ]� U�T�� UH� Z]nOV� V[JL� ]aWVTrUHS� Z`U� PUN�4PYVZSH]�)PSPUH�� 7V�iKHSP� QZTL� WYV[V� V� ]aWVTrUR\[HRn� KJLY\� UV]� QTLUV]HUnOV� �LZ[UnOV� VI�HUHT�Z[H��úLRSH�UiT!=� YVJL� � � � �� ��� QZLT� I`SH� ]L� �RVSL� =LZUH] /V�PJrJO�H�[HRn�QZLT�[HT�I`KSLSH��5L]rT��R[LY� [VI`S�KLU��RK`�QZLT�I`S`�VK]VSHUi�a�WVRVQL���L�TiT�bkÌ�k�k�Ì�Ì­@��òÌ�@Æk��Ì��ÅÎ@_Ì@�kÌÎ@�lÌ�Ì­@��òÌ�AÂ�b@;�TP[V�ZSV]`�\aH]�LS�Z]�Q�WYVQL]�[HQLTUrR�4�Z[ZRnOV�{�HK\�]L�+]V�L�2YiSV]n�UHK�3HILT�7O+Y�4PYVZSH]�2HKS�rR�UH�ZSH]UVZ[UrT�]L�LY\�KUL�����R]�[UH�]�/HURV]� KVT� WV[n��JV�a�QL]P�[� aHaU�SHQTnUH�VI�HU� UH�LOV�T�Z[H��R[L�r�ZL�QP��VZ]VIVaLUr�ULKV�RHSP�4`� UHVWHR� [rT[V� WYVQL]LT� KUL�Ur� 5V]PU`RYiSV]nK]VYZRn�YHKUPJL�V[L]rYiTL!=`ZSLJOSP� QZTL� ZT\[UV\� IPSHUJP�� QLQrT�ZWVSL�U�T� QTLUV]H[LSLT� QL� ULQLU� ]iSRH�� HSLZV\�HZU� P� OYKPUZ[]r� H� WYVQL]� VZVIUr� Z[H[L�UVZ[PRH�KnOV�� QLOV�� QTnUV� aKL� I`SV� �L�LUV�� /YKPUZ[]r�R[LYn� a� WVOSLK\� H� OVKUV[� ZV\�HZUrR� QL� VI[r�UnWVQTLUV]H[���� VI�HU� WVWYH]LU�JO�� ��� VI�HU�\T\�LU�JO� ] RVUJLU[YH�UrJO� [iIVYLJO� ULIV]�aUPJrJO�� ���� ZWVS\VI�HU� �PKV]ZRnOV� W�]VK\�R[L�r� aHO`U\SP� ]L� ]`OSHaV]HJrJO� [iIVYLJO�� W�rZS\�UrJP� SL[LJ[]H�� ��� WHKS�JO� ZWVS\VI�HU� W�PVZ]VIVaV]iUr� T�Z[H�� � ULa]�Z[Ur�� 7Y]Ur� VI�[VR\WHJL���WHUr�3LORi����� QLKUV[SP]�JO� �P]V[� a� WH[UiJ[P[PZrJV]nOVT�Z[H��(�R�[VT\�KLZr[R`�KHS�rJO��R[L�r�WYV�PSP�WLRSVUHJPZ[PJR�JO� [iIVY� H� ]�aUPJ� H� ]Yi[PSP� ZL� KVT� ZWVKSVTLU�T�aKYH]rT��(� QPUr�� R[L�r� HR[P]U� IVQV]HSPUH� ]�JOVKUr� �P� aiWHKUr� MYVU[� QHRV� W�rZS\�UrJPWVaLTUrJO�QLKUV[LR�ULIV�SL[LJ[]H��7VR\K�ZL�]Yi[PSP�WHR�WYV�P[n�\KiSVZ[P�aiZHKU� aT�UPS`�QLQPJO��P]V[`�4rZ[V�\aUiUr�H�WVJ[�ZL�TUVO�T�a�UPJO�KVZ[HSV�PRHUV]iUr�� WLYaLR\Jr�� ]�aLUr�� 4UVar� WYV[V� a]VSPSPLTPNYHJP�� QHRV� QLKPUV\� JLZ[\� aiJOYHU`� �P]V[H] aLTP�� WYV� Ur�� IVQV]HSP�� 7�rRSHKLT� aH� ]�LJOU`T��L� I�[� OYKPUH� IP[]`� V� (UNSPP�� WPSV[� 1HYVTrY:[�rOH]RH�� UVZP[LS� ULQ]`��rJO� HUNSPJR�JO� P� UH�PJO]`aUHTLUiUr��7V�{UVY\�� ���I`S�aIH]LU�OVKUVZ[P�I`SH� T\� VK�H[H� ]`aUHTLUiUr� H� I`S� VaUH�LU� aHaI�OH�� 7VWY]n� \[rRHS� W�LK� UHJPZ[`�� WVKY\On� W�LK]SHZ[UrTP�SPKTP��+ULZ�QL��LZ[U�T�VI�HULT�UH�LOVT�Z[H��PQr�TLaP�UiTP�VI�HUn�a�=VS`U���R[L�r�W�P�SP�Z����LZRVZSV]LUZR�T� HYTiKUrT� ZIVYLT� QHRV� ZV\�iZ[

]VQZR�9\Kn�HYTiK`��=Yi[PSP�ZL�KV�]SHZ[P�Z]�JO�K�K��4��LTL� QL� WV[RH[� ULQLU� ]L� T�Z[��� HSL� P] /\U[r�V]��� *OV\Z[UrRV]� /YHKP�[P�� =S�RV]PJrJO�/�PIVQLKLJO��]�2\RZ\�P�QPUKL�;nT��� ]�PJOUP� I�]HSr� aHOYHUP�Ur� ]VQiJP�� WVSP[P�[r]�aUP��W�rZS\�UrJP�KVTiJrOV�VKIVQL� P��SLUV]n� YVKPUWHKS�JO� ULIV� QP�� aLT�LS�JO� ZL� ZKY\�\Qr� ]� TrZ[UrVYNHUPaHJP�:]Ha\�IVQV]UrR� aH�Z]VIVK\�+V]VSrT� ZP� UH� [VT[V� TrZ[� QLKU\� VZVIUrWVaUiTR\�� 5HYVKPS� QZLT� ZL� WV� ]iSJL� H� [HR� T�QVIYHa� [VOV[V�VIKVIr� ]aUPRHS� UH� aiRSHK� PUMVYTHJrWV\aL� aWYVZ[�LKRV]HU�JO�� )`SP� QZTL� �P]LUPPUMVYTHJLTP��ULIV�ZWr�L�KLZPUMVYTHJLTP��R[LYn�SaLZS\�U� VaUH�P[� QHRV� [LUKLU�Ur� Z� QLKUVZ[YHUU�T]PK�UrT�Z]�[H�7V�YVJL�� � �ZL�VIQL]PS`�U�R[LYn�[LUKLUJL�[LUWVOSLK� WV\aL� VIYi[P[�� 6IVQr� QL� �WH[U��� 1HRnRVSP]�LYUVIrSn�]PK�Ur�]LKL�RL�]�LT\�TV�UnT\�� QLU�ULRL�ZR\[L�UnT\�VIQLR[P]UrT\�WVaUiUr�*O[�SP� QZTL�WYV[V�\RiaH[�H� [HRn�OSHZP[� �rJP�� �LKrR� WH[�r� RH�KnT\�� RKV� ZL� UH� IVQP� aH� Z]VIVK\WVKrSLS�� ILa� VOSLK\� UH� ]`aUiUr� WVSP[PJRn� �PUiIV�LUZRn�� ILa� VOSLK\� UH� [V�� aKH� O]�aK`� UH[HUJrJO�I`S`�IrSn�ULIV� Y\Kn��aKH�W�P�LS�Z� ]�JOVKUrULIV� aiWHKUr� HYTiKV\�� ULIV� aKH� ZL� QLOV� WVKrSVKLOYi]HS�KVTH�:V\�HZU� QZTL�Jr[PSP�QPZ[� KVWVZ\K�UL]`YV]UHU�KS\O� H� WYV[V� QZTL� ZL� YVaOVKSP�� �L� ]`\�PQLTL� ���]�YV�r�RVUJL�]iSR`�R�[VT\��HI`JOVT�ZL�OV�WVR\ZPSPHSLZWV� �iZ[L�U� ZWSH[P[�� WYV[V�L� ZR\[L�U� OV]`YV]UH[� \�� ULUr� KVZ[� TV�Un�� QLSPRV�� QZV\� KS\O`�R[LYn�ZL�ZYV]UH[�ULKHQr�9VaOVKSP� QZTL�ZL���L�ZL�ULI\KL� QLKUH[�V�HRJPQLKUVYiaV]V\��HSL�V�JLS� ZSLK�QLKUV[SP]�JO�HRJr�

7Y]UrT� WV�PULT� QL� QP�� WYVIrOHQrJr� ]�Z[H]H] 4�Z[ZRnT�T\aL\��R[LYi�WV[Y]i�KV�����R]�[UH�+HS�r�]�aUHTUi�\KiSVZ[�Z�JOHYHR[LYLT�]`YV]iUrKS\O\�WYVI�OSH�KULZ�VKWVSLKUL�]�WVKVI� W�LKiUr�LZ[UnOV� VI�HUZ[]r� PU� TLTVYPHT� WHU\� 1HYVZSH]\)PSPUV]P�� W�LK]iSL�UnT\� Z[HYVZ[V]P� T�Z[H�WVWYH]LUnT\�UHJPZ[`�]�YVJL�� ���;�L[rT� ]� WV�HKr� QL� [LU[V� RVTWVUV]HU� WV�HKaKL� ]� ZiSL� /HURV]H� KVT\�� aH� U�Q�� WH[�r� QLOVH\[VY�T�KrR�=� �LY]U\� ]`QKL� YVa�r�LUn� [nTH[PJRn� �rZSV=SHZ[P]�KUnOV��[LUr��]�U�T��ZL�KV�[L[L�V�VZ\KLJOUH�LOV�T�Z[H�P�UH�PJO�ZWVS\VI�HU��Ai]�YL�Ui� HRJL� QL� WSiUV]iUH� UH� W�LK]L�LYZ[i[UrOV� Z]i[R\� UH�r� YLW\ISPR`�� UH�Wi[LR����� �rQUH�VW�[� aKL� ]� /HURV]� KVT��� :LQKV\� ZL� aKLaHOYHUP�Ur� ]VQiJP� P� {�HZ[UrJP� KVTiJrOV� VKIVQL��SLUV]n� :]Ha\� IVQV]UrR� aH� Z]VIVK\� H� QLQPJOYVKPUUr�W�rZS\�UrJP��HI`�]�YiTJP�ZSH]UVZ[UrOV�]L�LYHW�L]aHSP�a�Y\RV\�Z[HYVZ[`�T�Z[H�WHT�[Ur�SPZ[`�=� [n� KVI� I\KL� [HRn� WYVIrOH[� ]�Z[H]HKVR\TLU[��� MV[VNYHMPr� H� ]aiJU�JO�TH[LYPiS��� R[LYnW�PWVTLUV\� QLQPJO� VZ\K`�� =��rT�� �L� W�PQKV\] OVQUnT� WV�[\� UH� [`[V� HRJL� P� VZ[H[Ur� VI�HUnUH�LOV�T�Z[H�+iT`�H�WiUV]n�]iSRH� aHTrJOHSH� VZ\K`� TUVOH� SPKr�� 6Z[H[R`TUVO�JO�a�UPJO�KVKULZ�SL�r�UH�{aLTr�QPU�JO�Z[i[�,]YVW`��ZL]LYUr� (MYPR`� P� QPUKL�TPTV�KVTV]��4UVarVI�HUn� QPU�JO� UiYVK� UHVWHR� UH]�R`� VKWV�r]HQr] UH�r� aLTP�� 1LU� QHRV� W�rRSHK� TVO\� \]nZ[� �� ULaUiT�JO� ]�a�� a� RVUJLU[YH�UrOV� [iIVYH� .YVZZ9VZLU�� aHZ[�LSLU�JO� W�P� WVJOVK\� OSHK\� H� ZTY[PWVKnS� JLZ[`� P� ]� *OV\Z[UrRV]� /YHKP�[P�� ULIVZWVSL�Un� OYVI`� ]VQiR� JParJO� HYTiK�� YVaZL[n� WVJLSnT�UH�LT�{aLTr�/PZ[VYPL� T�Z[H� QL� WLZ[YV\� TVaHPRV\ULQY�aU�Q�rJO� \KiSVZ[r�� R[LYn� Z[HSL[r� W�PUi�LQr�4UVOn� OPZ[VYPJRn� \KiSVZ[P� QZV\� aTHWV]iU`� SnWLUL��TPU\SVZ[�UL�aJLSH�Ki]Ui�1L� WV\aL� UH� UiZ�� HI`JOVT� ]�JP� \]iK�SPUH WYH]V\�TrY\��1L�[V�UH�r�WV]PUUVZ[r��1KL�V�WHT�èULQLU�T�Z[H��HSL�P�V�WHT�è�UiYVKH�1L� ULQ]`��r� �HZ�� HI`� [H� WHT�è� I`SH� VIQLR[P]Ur�WYH]KP]i�� aIH]LUi� WHY[PR\SiYUrJO� UiUVZ� ]SP]U�JOWVSP[PJR�JO�Z[YHU�H�WYV\K��

%%<<//éé77995577((..��������.9.9÷÷771$1$��������7YV� +]�Y� 2YiSV]n� UHK� 3HILT� ZRVU�PSH]iSRH� ��� R]�[UH� ]� YHUUrJO� OVKPUiJO�6 [VT[V� KUP� ]`WYi]�S� ]� YVJL� � ��� ]LSR�W�r[LS� H� aUHSLJ� OPZ[VYPL� UH�LOV� T�Z[H�QLKLU� aL� aHRSHKH[LS� ZRH\[ZRnOV� OU\[r�MV[VNYHM�H� MPSTV]� HTH[nY�� R[LY� ZP�WYV� [\[V]aiJUV\� JO]rSP� ZJOV]i]HS� KVTH� U�RVSPRJr]LR� VZTPTPSPTL[YV]nOV� MPST\�� WHU:[HUPZSH]�=LZLS�!7V� Wi[n� OVKPU� YHUUr� UiZ� WYVI\KPSV� OV\RiUrZPYnU�� (� WV[VT� YHKVZ[Un� ]`a]iU�Ur�� (�RVSP]� QZTLI`SP� UL]`ZWHSr� a� ]`ZLKi]iUr� \� YVaOSHZV]�JOW�PQrTH��� �]�LYH� ]L�LY� QZTL� WVZSV\JOHSP� WVZLSZ[]rWYLaPKLU[H� +Y�� )LUL�L� H� aiaUHT� aL� ZSH]UVZ[UrOVW�LKZ[H]LUr� 7YVKHUn� UL]�Z[`��� OYU\SP� QZTL� ZL� KVT�Z[H�1L�RVULJ�UHW�[r�H�ULQPZ[V[��4HYPiUZRn�ZV\ZV�r�PAiIVQV]H� RH�UH� QZV\� SLTV]iU`� OYVaU`� SPKr�� 7�LKYHKUPJr�Z[VQr��LZ[�ZV]�[ZR�JO�H\[�Z�W�P]��LU�TP�K�S`�)�OLT�JLSnOV�KUL�W�PQr�K�Qr�KHS�r� Y\ZRn�VKKrS`�VK2VJIL�L� P� /YHKP�[��� QLKUV[SP]r� QLaKJP� UHULVZLKSHU�JO�RVUrJO�ULIV� QLU�Z�WVRY�]RV\�TrZ[VZLKSH��1LKV\�J]HSLT�A�IHSRVU\�YHKUPJL�WVZSV\JOiTL�WYVQL]`�UH�PJOP�aiZ[\WJ� \RYHQPUZRn�HYTiK`��5H�K�SLJO�H�H\[LJOQL� WSUV� UH�PJO� K�[r�� ]VQiJP� YVaKi]HQr� IVUIVU`� H]V�H]R`��VR\WH�Ur�THYR`�H�RVUaLY]`��4LaP�UH�PTPK�Z[VQUrR`�]PKrTL�K�Z[VQUrR`�ZV]�[ZRn�H�[HRn��LU`Z� �iK`� UH� IS�aiJO� H� Z� WPZ[VSLTP� aH� WHZLT�� 1LWVKi]iUV� VI�LYZ[]LUr�� \� KVT� Z[VQr� UH�L� �LU`� ZRVU]PJLTP� V]VJUn� �èi]`� ULIV� �HQL�� 5H� ]VaLJO� PH\[LJO� WYVQr�K�QrJr� HYTiK`� ZL� IS�ZRHQr� OHYTVUPR`�-V[VNYHM\QP�ZP�]VQiRH��R[LY� W�P�JO]PSRV]nT�aHZ[H]LUrUH� \SPJP� SHKr� OV\ZSL�� =PKrTL� ]�a� Z� O�rI�[LT�RS\ZHQrJrT�]LKSL�TH[R`�ñL[H� OVSHUKZR�JO�� MYHUJV\aZR�JO� H� P[HSZR�JOK�SUrR� W�PJOiar�]��LSL�ZL�Z]�TP�WYHWVY`�WVK�RV]H[aH�VZ]VIVaLUr��5H�P�aiSV�iJP��WV]VSHUr�KV�aIYHU��ZL� �HKr� ]� /HURV]� KVT��� :RH\[ZR� VKKrS� ]� JP]PS\VKJOiar� UH� O�IP[V]�� RKL� ZL� RVUi� WVO�LI� VI�[rYL]VS\JL��1KV\�KVWYV]VKP[�QLKUVOV�aL�Z]�JO��SLU��=SHKPTrYH� =LQYH�� R[LY� I`S� aHZ[�LSLU� QHRV� ZWVQRH� \�RVS`�]�UiKYH�Ur�\SPJP��7VO�I\�ZL�{�HZ[Ur�P�-YHUJV\aPH��rRHQr���L�QPT�\�UiZ�QL��QHRV�RK`I`�I`SP�KVTH�4�Z[LT� WYVQr�K�Qr� KHS�r� VKKrS`�� +V� [YnU\� QZV\aH�HaLU`� P�THSn�]VarR`�Z� QLKUrT�RVU�T�H� [`WPJR`Y\ZR�T� VISV\RLT� UH� ]VQP�� 7V[VT� WYVQr�Kr� {[]HYJ`RSPZ[���1LaKJP�ILYV\�KV�ZLKLS�K�[P�H�QLKV\�Z�UPTPH��aH�T�Z[V�;LWY]L� R� ]L�LY\� W�PQr�K�Qr� ZHTVJOVKUi� K�SH�9HJOV[r�WV�UiI�L�r�H�QLQPJO�O�TV[�QL�ZS`�L[�P�WV[VT�RK`���WSOHQr�KV�aiSLZRnOV�RVWJL�<�5V]VSLZ�WV[Ri]iT�ZR\WPU\�ZLKTP�]VQiR���7Y�9HR\�HU��� 1ZV\� ILaL� aIYHUr�� \UH]LUP�� QKV\� W��R`KVT���5H�YHKUPJP�KVZ[HUV\�WV[�LIUn�WHWrY`�7�PJOiar�aWYi]H���L�UH�L�]SiKH� P�Z�WYLaPKLU[LT)LUL�LT� ZL� ]YHJr� a� 2V�PJ� KV� 7YHO`�� =� WVSLKULZS`�rTL�a�YVaOSHZ\�WV�TUVOH�SL[LJO�aHZL� QLKU\�aWVW\SiYUrJO�WrZUP�LR�=VZRV]JL�H�>LYPJOH�

V�SDQHP,1*��)5$17,j.(0+$$6(0�W�LKZLKV\� TrZ[Ur� VYNHUPaHJL� :]Ha\� IVQV]UrR�aH�Z]VIVK\�]L�+]V�L�2YiSV]n�UHK�3HILT �&R�Q¿P�P�æHWH��ËFL�R�Y]QLNX�6YD]X"1HRV� :]Ha� IVQV]UrR� aH� Z]VIVK\� QZTL� I`SPYVaK�SLUP� KV� U�RVSPRH� ZR\WPU�� )`SP� [HT� ]VQiJP� aLaiWHK\��]VQiJP�a�]�JOVK\��WVSP[P�[r�]�a�V]n��I`S�[HTKVTiJr�VKIVQ�H�]�PJOUP�QZTL�\ZPSV]HSP�V�[V��ZKY\�P[ZL� KV� ZWVSL�UnOV� ZOYVTi�K�Ur�� :]Ha� ]� [VT[VZSV�LUr� ULT�S� KSV\OnOV� [Y]iUr�� WYV[V�L� ZL� aH�HSaK�YHa�V]H[� ]�aUHT� QLKUV[SP]�JO� ZR\WPUVKIVQi�ZRn� �PUUVZ[P�� 5�R[L�r� ZL� KVTUr]HSP�� �L]LKV\Jr�OU\[r�W�P�SV�a�]�JOVK\�H�]VQiJP�aL�aiWHK\I`SP� WVKJL�V]iUP� H� WV� YVJL� � ��� KVRVUJLWLYaLR]V]iUP�*O[�S�I`JO�aK�YHaUP[���L�VKIVQ�I`S�T`�SLU�QHRVZWVU[iUUr� OU\[r� ]�LOV� �LZRnOV� SPK\�� ILa� YVaKrS\Z[YHUPJRn� W�rZS\�UVZ[P�� )VO\�LS�� T\ZrT� �rJP�� �LRVT\UPZ[n� Z[iSL� WYVZHaV]HSP� Z]VQP� aiZHK\� V]LKV\Jr� {SVaL� Z]n� Z[YHU`� H� ULW�PaUi]HSP�� �L� I`TVOS�I�[�YV]U���QPU� VKIVQ�RYVT� RVT\UPZ[PJRnOV� � -DN� Y\SDG¿� VRXêDVQ¿� PËVWQË� RUJDQL]DFH6YD]X"=L�+]V�L�2YiSV]n�ZKY\�\QLTL�]�ZV\�HZUn�KVI�ZLKTKLZi[� �SLU��� R[L�r� �PQr� ]� UH�LT� T�Z[� HULQISP��rT� VRVSr�� WYHR[PJR`� UH� {aLTr� I�]HSnOVRYiSV]nK]VYZRnOV� VRYLZ\�� 7�LK� K]HJL[P� SL[`� QZTLT�SP� ]rJL�UL�� [�P� Z[H��SLU��� �HKH�a�UPJO�\��VKL�SHKV�ULUi]YH[UH�4LaP� [�TP[V� �SLU`� W�L]H�\Qr� ]VQiJP� a� ]�JOVKUrMYVU[`��R[L�r�ZL�aKL�[HRn�\ZHKPSP�H��PQr�TLaP�UiTP��ALaiWHKUrJO� ]VQiR� KULZ� \�� TLaP� Z]�TP� �SLU`ULTiTL� HUP� QLKPUnOV�� WVZSLKUrT� I`S� -YHU[P�LR+]V�iR�+ULZ� ZL� UH�L� VYNHUPaHJL� ZLZ[i]i� a� ]rJL� UL�K]HJL[P� ]�JOVKUrJO� ]VQiR��� QZV\� aKL� P� W�rZS\�UrJPKVTiJrOV� VKIVQL� H� VZ[H[Ur� UH�P� �SLUV]n� QZV\]�[�PUV\� WVa�Z[HSr� ULIV� K�[P� UH�PJO� �SLU��� U�RK`KVRVUJL�P�QLQPJO�]U\JP� � 2G� NG\� SUDFXMHWH� YH� 6YD]X� ERMRYQËN� ]DVYRERGX"6K� W�[H�[`�PJi[nOV� YVR\�� AWV�i[R\� QZLT� ZLaHQrTHS�W�L]i�U� V�Z[\KLU[Z[]V��4V�Ui��L�I`�I`SVaHQrTH]n� ZP� U�RK`� WV]�K�[� UHW�rRSHK� V� [VT�� QHRaKL�W�ZVIPSH�Z[\KLU[ZRi�SLNPL�H�QHR�ILaWYVZ[�LKU�WV� ZRVU�LUr� ]iSR`� �SH� VIZHaV]H[� /\U[r�V]� H2VJSn�V]� �9ËPH��æH�MVWH�E\O�WDNÇ�SRVODQFHP�(UV�� WVZSHUJLT�ñLZRn� UiYVKUr� YHK`�� 1LKLUiJ[T�ZrJ��� 7�]VKU� ZL� HSL� UL�rRHSV� WVZSHULJ�� T`QZTL�I`SP� �SLU`�ñLZRn�UiYVKUr� YHK`�� 5iYVKUr� YHKHI`SH�\Z[H]LUH�]�YVJL�� ����VK�SLKUH�� � �QZTL�ZLZ[HSP� aiRVUVKiYU�T� ZIVYLT�� ]� ñ59� QZLT� I`S� KVSPZ[VWHK\� � � � WVZSHUJLT� aH� ñLZRVZSV]LUZRV\Z[YHU\� ZVJPHSPZ[PJRV\�� 2K`�� ZL� WHR� KV� �LSH� KVZ[HS,]�LU�,YIHU��I`S�QZLT�]`a]iU��HI`JO�YLaPNUV]HS�

� 9UD�PH� VH� MHxWø� N� GREø� RNXSDFH�� -DNY\SDGDOR� RGERMRYÇ� KQXWË� YH� 'YR�H� .U¿ORYÇQDG�/DEHP"6KIVQV]n� OU\[r� ]� UH�LT� T�Z[� aH�HSVWYHR[PJR`�]�YVJL�� ���WV�YVaW\�[�Ur�:VRVSH��;LOK`[V[P�� :VRVS�� QHRV� VYNHUPaHJL� ZKY\�\QrJr� �LZRnVI�HU`��I`S�aHRiaiU�H� [HR� ZL� �PUUVZ[� WYVQL]V]HSHZYHa`�� W�LKL]�rT� ]� VRVSr� +]VYH�� UHW�rRSHK� ];�LIPOV�[P�� WYV[V�L� A]P�PUH� I`SH� \�� aH� OYHUPJLTP�ñHZ[V� QZTL� [HRn� QLaKPSP� KV� VRVSUrJO� T�Z[�� QLSPRV�QZTL� I`SP� ZV\�iZ[r� �\W`� 1PYiZRV]`� 7VKRYRVUV�ZRn�R[LYi�ZKY\�V]HSH�JLSn�ZL]LYV]�JOVKUr�ñLJO`��H�T`QZTL� ZL� aHT��PSP� OSH]U� UH� �PUUVZ[� ]� VISHZ[P:RHSPJL�� 5iJOVKH�� :[HYRV�L�� 6YNHUPaV]HSP� QZTL]LSRV\� ZVJPiSUr� WVTVJ�� WYV[V�L� I`SV� ]L� +]V�LOVKU� SPKr�� R[L�r� WV[�LIV]HSP� WVTVJP� WLU�aP�aiZVIHTP���SV�W�LKL]�rT�V�YVKPU`�aH[�LU�JO�9iK�I`JO�VJLUPS�]LSRV\�aiZS\O\�W�LKT��PJRnOVTS`Ui�L� =V�LUrSRH�� R[LY� [HQU� KVKi]HS� UH�PTSPKLT�]LSRn�TUV�Z[]r�TV\R`�7VZ[\WU� QZTL�WHR�a��PUUVZ[P� WVKW�YUn� W�L�SPUH� �PUUVZ[� WVSP[PJRV\� [rT�� �L� QZTL� UH]HaV]HSPRVU[HR[`� Z� VZ[H[UrTP� UH�PTP� �SLU`� ]� VRVSr� +]VYH�T�SP� QZTL� UHWVQLUr� UH� 7YHO\� H� Z[�RHSP� QZTL� ZL� ZKHS�rTP� ZR\WPUHTP� ]� ZL]LYUrJO� ñLJOiJO�� <�r]HSPQZTL�RY`Jr�UiaL]�À7�[RH¯� �.GR�E\O�Y�WÇWR�SøWFH�NURPø�9¿V"1PYiZRV�� 7L[�rR�� �W�Y�� �P�RH�� ;V� I`SH� aiRSHKUrW�[RH��R[LYi�[`[V�]�LJOU`�HRJL���ULQWY]L�Ui]�[�]`�Z[`R`� H� ZVJPiSUr� WVTVJ� �� VYNHUPaV]HSH�� =`IrYHSPQZTL� WLUraL� VK� ZWV\Z[`� aUiT�JO�� W�LKL]�rT� aLZ[�LKUrJO�]YZ[L]�� R[L�r�TVOSP�W�PZWr]H[�� 7�PWVTrUiT��L�[V�I`SH�HRJL�Y`aL�ZVRVSZRi�;LWY]L� W�LK� RVUJLT� VR\WHJL� QZTL� aH�HSPUH]HaV]H[�Z[`R`�Z�KHS�rTP��W�LKL]�rT�[V�I`SH�Z[YHUHZVJPiSU� KLTVRYH[PJRi���)YKP�RH�H�\�P[LS�4HYLR��aHRVT\UPZ[`� [HT� I`S� -YHU[P�LR� 9\TS�� arZRHSP� QZTL� PSPKV]JL�� [LOK`� I`S� YLWYLaLU[HU[LT� H� �SLULTWY]UrOV� UiYVKUrOV� ]�IVY\� WYVM�� 2VTiYLR� H� [HRQZTL�ZL�aH�HSP�ZKY\�V]H[�H�ULUiWHKU� W�PWYH]V]H[QHR� ]VQLUZRn� WV]Z[iUr� ]L� +]V�L� 2YiSV]n� [HR� P�PUUVZ[� ]� KVI� R]�[UV]n� YL]VS\JL�� R[LYi� \� UiZaH�HSH����R]�[UH�1L�[� I`JO�YiK�KVKHS���L�]L�+]V�L�2YiSV]n�UHK3HILT� I`SH� ULQWV�L[U�Q�r� ñLZRVZSV]LUZRi� Z[YHUHUiYVKU� ZVJPHSPZ[PJRi�H�QLQrT��SLULT�I`S� P�Z[HYVZ[H1HYVZSH]� )PSPUH�� R[LYnOV� UHJPZ[n� WYV� QLOV� WVZ[VQ] YVJL�� ���WVWYH]PSP�+�R\QLTL�=iT�aH�YVaOV]VY� 1HU�:JO^HYa

3¿WUHMWHV Q¿PL�f��;LU[VRYi[�I\KLTL�QHRV�KL[LR[P]V]n�Wi[YH[�TLaPUH�PTP�ZWVS\VI�HU`��7�LK����SL[`�]r[HSH�UH�UiT�Z[rZ]VIVK\�� QHYV� P� Y\ZRn� ]VQiR`�K�]�H[H� ]� UiYVKUrJORYVQrJO�� (� ULa�Z[HSV� QLU� \� ]r[iUr�� ;HRn� ZL� OVKU�MV[VNYHMV]HSV��(�T`�]iT�KULZ�W�LKRSiKiTL�ZUrTR`W�� 1VZLMH� 7YVJOiaR`� H� I`SP� I`JOVT� YiKP�� RK`I`Z[L[HT�ZHTP�ZLIL�ULIV�U�RVOV�aUiTnOV�WVaUHSP��(QLZ[SP�L�HUV��UHWP�[L�UiT�ULIV�aH]VSLQ[L�UH�VKIVY�RVSZ[]r�H�R\S[\Y`�PUN��+HNTHY�2YZRV]n��[LSLMVU���������=i��ZUrTLR��ZHTVa�LQT����L�aH�VU�JO����SL[QZTL� WVU�R\K� KVZW�SP� �� H� I\KL�SP� ]iZ� ]rJL�� [rTSnWL��a]L�LQUrTL�P�Z�[V\[V�MV[VNYHMPr�+r]R\�] UHY\�r�NLULYiSH�1HZ[YLIV]H�aUiTL�

)272�0÷67.»�$5&+,9�u�VEËUND�-��*HLVOHUD

3235$9(1,�%</,1(96:3(=�)0305(�� Z[HYVZ[H�T�Z[H��UHYVaLU��� ��WVWYH]LU� ����� ��� aH� /L`KYPJOPiK`� UH� AiTL�R\] 7HYK\IPJrJO�)6/<4Ç9� *,15(9� RSLTWr��� UHY�� � ���� WVWYH]LU������� ���]�4UPJOV]��1(96:3(=� +(=0+� WV�[V]Ur� aHT�Z[UHULJ�UHY� �� ��� WVWYH]LU� ����� ��� aH� /L`KYPJOPiK`UH AiTL�R\�]�7HYK\IPJrJO�=Ä*3(=� +0=0�� K�SUrR�� UHY�� �� ��� WVWYH]LU����� ���]L�:[\[[NHY[\�-9(5;0�,2� -0-,95(� aHOYHKUrR�� UHY�� � ���WVWYH]LU������ ���]L�:[\[[NHY[\�1(96:3(=� -3g.9� K�SUrR�� UHY�� �� �� WVWYH]LU����� ���]L�:[\[[NHY[\�16:,-� -3g.9�� K�SUrR�� UHY�� � ���� WVWYH]LU������� ���]�4UPJOV]��16:,-� -3,1.9�� K�SUrR�� UHY�� � ���� WVWYH]LU��� �� ���]�+Yi�HULJO�(+63-� -90,+(�� {�LKUrR�� UHY�� �� ��� WVWYH]LU����� ��� aH� /L`KYPJOPiK`� UH� AiTL�R\] 7HYK\IPJrJO�16:,-� /96<+(�� ZLKSi��� UHY�� � ���� WVWYH]LU] 6Z]�[PTP�]�YVJL�� ���2(9,3� 1,�,2�� \�P[LS�� WVWYH]LU� ����� ��UH AiTL�R\�]�7HYK\IPJrJO�16:,-� 2(9,��� K�SUrR�� UHY�� � ���� WVWYH]LU��� �� ���]�+Yi�HULJO�-9(5;0�,2�23(A(9� VI\]UrR��UHY��� ����WVWYH]LU��� �� ���]�+Yi�HULJO�9(04<5+� 2úÇ��� {�LKUrR�� UHY�� �� ��� WVWYH]LU������ ���]�+Yi�HULJO�1(96:3(=�4(*/� aiTL�UrR�� UHY�� ������WVWYH]LU����� ���]L�:[\[[NHY[\�2(9,3� 5,76261� UH[�YH��� UHY�� � ���� WVWYH]LU����� ���]L�:[\[[NHY[\�(360:� 7,9;3Çñ,2�� ZRSHKUrR�� UHY�� � ���� WVWYH]LU������� ���]�4UPJOV]��1(5� :*/9,0),9�� [V]iYUr� TPZ[Y�� UHY�� �� ��WVWYH]LU������ ���]L�:[\[[NHY[\�16:,-��652(��KPYPNLU[�IHUR`��UHY���� ���WVWYH]LUaH� /L`KYPJOPiK`� ����� ��� UH� AiTL�R\] 7HYK\IPJrJO�6;;6� �;ó9)(� K�SUrR�� UHY�� � ���� WVWYH]LU��� �� ���]�+Yi�HULJO�16:,-� ;64(5�� K�SUrR�� UHY�� �� ��� WVWYH]LU����� ���]L�:[\[[NHY[\�

=(0�(/,9 .21&(175$é1«&+7�%25(&+�1(%29(�9÷=1,&«&+A+,5ó2� (3)9,*/;� Z[YVQUr� aiTL�UrR�� UHY�� � ���aLT�LS������ ���]�WYHJV]UrT�[iIV�L�1HUV]PJL�16:,-� )9Ä+3,9� aHZ[�LSLU� UH� {[�R\a RVUJLU[YH�UrOV�[iIVYH�=Ä*3(=� *,94(5� OVSP��� UHY�� � ���� aLT�LS� ]� 2;] YVJL�� ���(5;65Ç5� ñ,956/69:2þ�� K�SUrR�� UHY�� � ���aLT�LS�]�2;�]�YVJL�� ���4096:3(=� 26AÄ2�� {�LKUrR�� UHY�� � ���� aLT�LS] 2;�]�YVJL�� ���=Ä*3(=� 3()Ç2�� K�SUrR�� UHY�� � � �� aLT�LS� ]� 2;������ ���(5;65Ç5� 4(*/,2� RHWP[iU�� UHY�� � ���� aLT�LS] 2;�:[\[[OVM�]�YVJL�� ���3,6763+�4ý/3� aHZ[�LSLU�UH�{[�R\�a�2;�-9(5;0�,2� 7(ú,A� 1<+Y��� HK]VRi[�� UHY�� �����\T\�LU������� ���]�2;�6Z]�[PT�-9(5;0�,2� 763Ä2�� {�LKUrR�� UHY�� ��� �� aHO`U\S] 2;�;LYLarU�]�YVJL�� ���-9(5;0�,2� 76502,3:2þ�� K�SUrR�� aLT�LS� ]� 2;] YVJL�� ���-9(5;0�,2� 7<99�� K�SUrR�� UHY�� ������ ZLIL]YH�KHW�LK�aH[�LUrT�������� ���16:,-� :6*/69� [V]iYUrR�� UHY�� � ���� aLT�LS� ]� 2;6Z]�[PT�7(=,3�:6*/69�� Z[\K\QrJr��UHY��� ���� aLT�LS�]�2;4H\[OH\ZLU�3(+0:3(=� :6<ñ,2� K�SUrR�� UHY�� � ���� aHZ[�LSLU] 2;�)\JOLU^HSK���� �� ���=Ä*3(=�:;9@/(3� RHWP[iU��UHY��� ����aLT�LS�]�2;:[YH\IPUN�]�YVJL�� ���2(9,3� �04,2� [V]iYUr� TPZ[Y�� UHY�� �� �� \T\�LU]L ]�aUPJP�UH�7HURYiJP������ ���63+ú0*/� =Ä*3(=Ç2� ZV\Z[Y\�UrR�� UHY�� �� �aHZ[�LSLU�]�.VSSUV^� ������ ���1(96:3(=�=63;9� K�SUrR��UHY��� ����aHZ[�LSLU�]�2;4H\[OH\ZLU������� ���,=�,5� =65Ä:,2� VIJOVKUrR�� UHY�� �� ��� \T\�LU] 7L[ZJORV]� WHSiJP�]�7YHaL�]�YVJL�� ���

1(=9÷671»0,�= 67$/,-9(5;0�,2�ñ,95þ��K�SUrR��UHY��� ���1(96:3(=�/,4,3Ç2��K�SUrR��UHY��� ���2(9,3�/6-4(5� RV]i���UHY��� ���9(�9<+/$=29$&«&+.21&(175$é1«&+7�%25(&+]� KVI� VR\WHJL� aHO`U\SV� ���� RYiSV]nK]VYZR�JOVI�HU� �PKV]ZRnOV�W�]VK\�3� «6/8j1«&, �/(7(&79$=Ä*3(=� 5,;Ç2� WS\RV]UrR� SL[LJ[]H�� WPSV[� ����� �Z�IVTIHYKV]HJr� WLY\[� ]L� =LSRn�)YP[iUPP�� UHY�� � ���aHO`U\S� W�P� VWLYH�UrT� SL[\� ������ ���� �LZ[U�VI�HU�+]VYH�2YiSV]n�UHK�3HILT�,+<(9+� A)961� WVKWS\RV]UrR� SL[LJ[]H�� SL[LJ� �UH]PNi[VY� ����� �Z�� IVTIHYKV]HJr� WLY\[� ]L� =LSRn)YP[iUPP�� aHO`U\S� ������ ���� �LZ[U� VI�HU� +]VYH2YiSV]n�UHK�3HILT�3� , �%2-«&+=$�2692%2=(1« �0÷67$WVSV�PSP�Z]n��P]V[`�]L�KULJO����H� ��R]�[UH�� ��!1(5� )696=2(� RHTUi��� UHY�� � � �� aHZ[�LSLU����� ���9<+63-� )696=2(� �RVSiR�� UHY�� � ���� aHZ[�LSLU����� ���1(96:3(=� -(9:2þ� K�SUrR�� UHY�� �� ��� aHZ[�LSLU����� ��-9(5;0�,2� /(2� K�SUrR�� UHY�� � ���� aHZ[�LSLU����� ���)6/<:3(=� /(5A3� {�LKUrR�� UHY�� �� ��� aHZ[�LSLU����� ���)6/<403� 265Çñ,2� Z[YVQUr� aiTL�UrR�� UHY�� � ���aHZ[�LSLU� ���� ���4(90,� 26;Ç26=Ä� W�P� KVTiJUVZ[P�� UHY�� �� ��aHZ[�LSLUH������ ���ñ,5ó2�4(;ó12(� THQVY�K�SVZ[�LSLJ[]H��UHY���� ��aHZ[�LSLU������ ���)6/<:3(=� 5ó4,*� [Y\OSi��� UHY�� � ���� aHZ[�LSLU����� ���)6�,5(� ú,/Ä26=Ä� W�P� KVTiJUVZ[P�� aHIP[H]�I\JOLT������ ���10úÇ� ú,A5Çñ,2� Z[\K\QrJr�� UHY�� � ���� aHZ[�LSLU����� ���16:,-� :,4Ç2�� ZLKSi��� UHY�� �� ��� aHZ[�LSLU����� ���ñ,5ó2� <+9�(3� [VWP��� UHY�� �� ��� aHZ[�LSLU����� ���=3(+04Ç9� =,19�� LSLR[YV[LJOUPR�� UHY�� � ���aHZ[�LSLU������ ���1<30,� 3,/2Ä� ZL� Z[HSH� WY]Ur� VI�[r� VR\WHJL�� )`SHZYH�LUH�U�TLJR�T�]VQLUZR�T�H\[LT�]�9L]VS\�Ur\SPJP�KUL�����I�LaUH�� � �

33552 �2 � 33$$00�� 7 �7 �11ÉÉ00, �, �%%88''2288 && ÌÌ007�PWVTrUiTL�SP�ZP�����] �YV�r�VZ]VIVaLUr�+]VYH�2YiSV]n�UHK�3HILT��W �PWVTL�TL�ZP�P�[`�UH�LZWVS\VI�HU`�� R[L�r� ZL� VUVOV�� WYV� UiZ� [HR� ] �aUHTUnOV� KUL� QHR �T� I`S� ��� R]�[LU� � ���ULKV�RHSP!

6 W DQH � VH � �3R]Y¿QND�QD�]DMËPDYRX�YÛVWDYX7�rJOVK� UV]nOV� TPSnUPH� QL� P� W�rSL�P[VZ[rR THSnT\� VOSnKU\[r� KV� KVI`�� RK`� Z[VSL[r�� R[LYnU`Ur� RVU�r�� [LWY]L�]aUPRHSV��KV�KVI`�TSiKr� UH�PJOK�KL�R� H�WYHK�KL�R��:V\�iZ[r� [LOKLQ�rOV� ZWVSL�LUZRnOV� �P]V[H] UH�LT� T�Z[� I`S� P� ]aUPR� JLSn� �HK`� ZWVSR� HRS\I���QLKUrT�a UPJO��I`S�P�RS\I�MPSH[LSPZ[��7Y]Ur�ZI�YH[LSn�WV�[V]UrJO�aUiTLR�ZL�] UH�LTT�Z[� VIQL]PSP� WYi]� UH� WV�i[R\� ���� Z[VSL[r� HI�OLT� WY]Ur� Z]�[V]n� ]iSR`� ZL� aUiTR`� aH�HS`WYVKi]H[� P� ] K]VYZRnT� RUPOR\WLJ[]r� WHUH)YLU[ULYH�7Y]Ur�RS\I�MPSH[LSPZ[� I`S�] UH�LT�T�Z[� aHSV�LU��WYVZPUJL� � ��� H� W�LZ[V�� �L� QP�� R ��SLKU\� � ��\RVU�PS�� a ULaUiT�JO� K�]VK��� Z]n� �SLUZ[]r] [LOKLQ�rT�:]Ha\��LZRVZSV]LUZR�JO�MPSH[LSPZ[PJR�JOZWVSR��� ZJOiaLSP� ZL� ZI�YH[LSn� aUiTLR� P� UHKiSL] TrZ[UrJO�OVZ[PUJrJO�ULIV�\�OVSP�L��WHUH�-YHU[P�RH�iMYH�� ;LWY]L� ] YVJL� � ��� ]aUPRS� UV]� RS\I�� R[LY�T�S� ] YVJL� � ��� QP�� ���� �SLU��� = YVJL� � ��� I`SRS\I�VW�[� aY\�LU�� ]`[]V�PS`� ZL� ]�HR� [�P� MPSH[LSPZ[PJRnRYV\�R`� ®� QLKLU� W�P� ai]VKUr� VYNHUPaHJP� 96/VRYZRV]nOV� WV�[V]UrOV� {�HK\�� KHS�r� W�P� ai]VKUrTRS\I\�96/�1\[H�H�[�L[r�W�P�96/�;PIH�����= YVJL�� ��ZL� WHR� [`[V� [�P� RYV\�R`� ZSV\�PS`� VW�[� KV� 2S\I\�LZR�JO� MPSH[LSPZ[��� R[LY� ] [n[V� WVKVI� ] UH�LT

T�Z[��� I`è� WVK� \WYH]LU�T� Uia]LT�� � W�ZVIrKVKULZ�)�OLT� JLSn� Z]n� �PUUVZ[P� WV�iKHSP� MPSH[LSPZ[n] UH�LT� T�Z[� P� �HK\� ]�Z[H]� ®� WVWY]n� ZLUHW�rRSHK� ]L�LQUVZ[P� W�LKZ[H]PSP� ]L� ZWVSL�UnL_WVaPJP� Z TrZ[Ur� WV�[V\� UH� ;L_[PSUr� H� RYHQPUZRn]�Z[H]���RVUHUn�]�YVJL��� ���= YiTJP� VZSH]� TPSnUPH� H� \� W�rSL�P[VZ[P� ���� SL[]`KiUr�WY]Ur�WV�[V]Ur�aUiTR`�UH�Z]�[�WV�iKi� RS\I� ] 4�Z[ZRnT� T\aL\� ]�Z[H]\�� UHR[LYn� ZL� Ui]�[�]UrJP� ZLaUiTr� ULQLU� ZL� ]aUPRLTaUiTLR��]aUPRLT�MPSH[LSPL�� Z KY\O`�ZIrYLR��Z OPZ[VYPrRS\I\� H�WV�[V]UPJ[]rT� ] UH�r�VISHZ[P�� HSL� UH� R[LYnRS\I� ]LKSL� [YHKP�UrJO� ZIrYLR� Z]�JO� �SLU� ��iZ[rNLULYiSUrJO� ZIrYLR�� �WHU�SZRH�� <:(� H� ñLZRnYLW\ISPR`� W�LKZ[H]r� P� UiT�[V]n� ZIrYR`� Z� [nTH[`>>-�VOYV�LUi�a]r�H[H���(LYVMPSH[LSPL�7VSZRH��/V\I`�<T�Ur�UH�aUiTRiJO�ULIV��P]V[�] WYH]�R\�=�Z[H]H�� R[LYi� [HR� VIKVIU� QHRV� QP�� RVUHUi]�Z[H]H�MV[VNYHMPr�aL�ZIrYR`�WHUH�=SHZ[PTPSH�.LPZSLYH�W�PISP�\QL� Ui]�[�]UrR�T� RS\IV]� �P]V[� ] UH�LTT�Z[� ] \WS`U\S�JO� KLZL[PSL[rJO� ZL� ] 4�Z[ZRnTT\aL\� RVUi� VK� ���� R]�[UH� KV� ��� �LY]UH� ����RYVT� WVUK�Sr� KLUU� VK� ���� KV� ������ OVKPU� HVK�������KV�������OVKPU�:V\�iZ[r�]�Z[H]`�I\KL�P�]LSPJL�aHQrTH]i�ZV\[��V�MPSH[LSPZ[PJRn�JLU`�WYV�K�[P� 0UN�+HNTHY�2YZRV]i�SLURH�RS\I\�ñ:-�������+]�Y�2YiSV]n�UHK�3HILT

%% OO DD KK RR SS �� ¿¿ QQ Ë �Ë � MM XX EE L OL O DD QQ WW R YR Y LL7�P� ZSH]UVZ[UrT� WV �HK\� ]� /HURV]� KVT� ]L� Z[�LK\� ���� R]�[UH� W�LKHSH� �LKP[LSRHT�Z[ZRnOV�R\S[\YUrOV�aH �raLUr�/HUR�]�K�T�A\aHUH�ñLYTiRV]i�H�Z[HYVZ[H�T �Z[H�+]VYH2YiSV]n� U�� 3�� WHU� =PR[VY� �]\I� WHT�[Ur� SPZ[� WHU\� 1VZLM\� �PKRV]P�� R[LY � ]� SL[V�UrT� YVJLVZSH]\QL� K]VQr� ]�aUHTUn� �P]V[Ur� Q\IPSL\T�� 6K� YVR\� � ���� RK`� HIZVS]V]HS� UH� WYH�ZRnRVUaLY]H[V�P� ]L� [�rK� ]HYOHUUrOV� ]PY[\VZH� WYVM�� >PLKLYTHUUH�� W�ZVIr� ULW�L[Y�P[� ]UH�LT� T�Z[� QHRV� \�P[LS� O\KI`�� �LKP[LS� R�Y\�� KPYPNLU[� Z`TMVUPJRnOV� VYJOLZ[Y\� PW�]LJRnOV� ZIVY\� AiIVQ�� Ï �HZ[Ur� ZL� [LK`� R\S[\YUrOV� H� \T �SLJRnOV� �P]V[H� ]L� +]V �L2YiSV]n�UHK�3HILT�WSU �JO����SL[��=�SL[V�UrT�YVJL�]�HR�VZSH]\QL�WYVM�� 1VZLM��PKLR�QL�[ �KY\On�Q\IPSLT���Z] �JO����SL[�]�R\��<W�rTU� ISHOVW�LQLTL� -6;6�=iJSH]�)HY[V�RH

1HPDOÇ���QHØPøUQÇ"AHQrTH]V\� PUMVYTHJP� V� YLRVUZ[Y\RJPUH�LOV� 4�Z[ZRnOV� {�HK\� ]� 5V]PUiJORYiSV]nK]VYZRn� YHKUPJL� ��� ������� \]LKS]LKV\Jr�VKIVY\�]�LVILJUn�]UP[�Ur�ZWYi]`�WHUñLYUrR� WYV� TUL� ULWVJOVWP[LSUV\� WVSLTPRV\�{KHQU� R� �iZ[P� TnOV� W�rZW�]R\� 5LUr� �SV]�R[LU���� a� �rZSH� �������� 7Y� QZLT� ]� U�TWV\RiaHS� UH� UL{T�YUn� ]RSiKiUr� MPUHU�UrJOWYVZ[�LKR� KV� Z]�T� aW�ZVILTaWVJO`I�V]HUn�YLRVUZ[Y\RJL�I\KV]`�4�Ï�5PJ� [HRV]nOV� QZLT� HSL� ULUHWZHS�� :]�TW�rZW�]RLT� QZLT� UHVWHR� WV\aL� YLHNV]HS� UHULVIQLR[P]Ur�RYP[PR\�WHUr�4��7���TPTV�QPUn�P�UHYLRVUZ[Y\RJP� 4�Ï�� ]� 2YiSV]nK]VYZR�JO� SPZ[LJO��� ���� �� HKYLZV]HUV\� UV]nT\� ]LKLUrT�Z[H�� 7YV[V� ZP� KV]VS\QP� UHWZH[� R� WVSLTPJLWHUH�ñLYUrRH�[�JO[V�WiY��iKR�� 4036��/(=3Çñ,22 [VT\[V�KVWPZ\�ZUHK�QLU�WVaUiTRH!9LKHRJL�ZL�WHU\�/H]Sr�RV]P�VTSV\]i�aH�[V[VULKVYVa\T�Ur�+RGQRWQ¿�NXOWXUD�SUR�GøWL=L� �[]Y[LR� ���� K\IUH� QZLT� T�S� TV�UVZ[ZOSnKUV\[�KP]HKLSUr�W�LKZ[H]LUr�KSL�2PWSPUNV]`2UPO`� K�\UNSr� 4H\NSr�� \]LKLUn� ]� /HURV]�KVT� WYV����Z[\WL� aiRSHKUrJO��RVS�]�WVKiUrKP]HKLSUr�ZWVSL�UVZ[P�4SHKi�ZJnUH�a�ÏZ[r�UHK3HILT�+SV\Oi� Sn[H� WYHJ\QP� ]L� ZRH\[ZRnT� VKKrSLTHS�JO� JOSHWJ� �� =S�H[�� WYV� R[LYn� QL� 2UPOHK�\UNSr� QHRV\ZP� IPISr�H�WYV[V� QL�TP� [V[V�KrSV]LSTP� ISraRn�� 7V� ]�LJO� [�JO� W�LKJOiaLQrJrJOWVR\ZLJO�V�a[]iYU�Ur�[VOV[V�]�aUHTUnOV�KrSHZ]�[V]n� SP[LYH[\Y`�� OSH]U� MPSTV]�JO�� QZLT� I`Sa]�KH]�� QHR� ZL� Z� [rT[V� [nTH[LT� ]`WV�iKiOVZ[\QrJr�ZV\IVY�a�ÏZ[r�UHK�3HILT�)`S� QZLT� ]LSTP� TPSL� W�LR]HWLU� ]`ZVRV\{YV]Ur� [VOV[V� W�LKZ[H]LUr�� +YHTH[\YNPL�ZJnUPJRn� ]`IH]LUr�� a]\RV]i� Z[YiURHW�LKZ[H]LUr�� OLYLJRn� ]�RVU`� QLKUV[SP]�JOOLYJ� �� ]�L� I`SV� [nT��� KVRVUHSn�� /YH� T�SHZ]P�U� ZWiK� �� UPRKL� �iKUi� OS\JOi� TrZ[H� �WYVZ[� ai�P[LR�WYV�]UrTH]nOV�KP]iRH��2KV�aUiKVI�L�K�Q�W�rI�O\�V�4H\NSrT��QPZ[� JOiWL��QHRQL� VI[r�Un� W�L]nZ[� QLQ� aKH�PSL� KV� KP]HKLSUrOVWYVQL]\�6K�YL�PZnYH�[VOV[V�W�LKZ[H]LUr�WHUH�;YKS`QZLT� ZL� KVa]�K�S�� �L� W�L]i�Ui� �iZ[KP]HKLSUrOV� ZV\IVY\� QZV\� Y`ar� HTH[n�P�KP]HKLSUr� UHK�LUJP� a� �HK� Z[\KLU[��� 1L� TPSnaQPZ[P[��QHRn�UHKTrY\�aKH�PSn�KrSV�ZL�T��L�aYVKP[a� ]LSPRnOV� UHK�LUr� WYV� KP]HKSV� \� TSHKnNLULYHJL�5LQSLW�rT� ]`aUHTLUiUrT� WYV� KP]HKLSUrR`a� ÏZ[r� UHK� 3HILT� QL� ZR\[L�UVZ[�� �L� WSU� ZiS�RVSiR���TUVOK`�W�P�R\S[\YUrJO�HRJrJO�aUH�U�Y\�rJrJO�� KV]LKSP� UH[VSPR� aH\QTV\[�� �LW�LKZ[H]LUr�WYVI�OSV�]�UHWYVZ[nT�RSPK\�H�aHWSUn�WVaVYUVZ[P�K�[ZR�JO�KP]iR��*O[�S� I`JO� WVK�RV]H[� ]LKLUr� 4�Z[ZRnOVR\S[\YUrOV�aH�raLUr�/HUR�]�K�T�aH�[V���L�WYVUH�P� �RVSUr� TSiKL�� aHQPZ[PSV� [HR� OVKUV[UV\R\S[\YUr�HRJP� 2(9,3�4(3þ

7Y]UrT� a VKIVY� UH�LOV�4�Z[ZRnOV� {�HK\�R[LY� =iT� JOJLTL� W�LKZ[H]P[�� QL� � VKIVY�RVSZ[]r��R\S[\Y`��ZVJPiSUrJO�]�Jr�H�aKYH]V[UPJ[]r�ñrT�RVURYn[U� ZL�[LU[V�VKIVY�aHI�]i�QZTLZL�aLW[HSP�QLOV�]LKV\Jr�0UN�+HNTHY�2YZRV]n�1HR�]PKr[L���PUUVZ[�VKIVY\�QL�aHT��LUH�UH���[`�PWVT�YU� YVaZiOSn� ZWVSL�LUZRn� VISHZ[P�� a UPJO�RH�Ki� Ti� Z]n� ZWLJPMPJRn� WYVISnT`�� = K�ZSLKR\[VOV�QL�YVaZiOSi�P��PUUVZ[�UH�LOV�VKIVY\�= VISHZ[P� �RVSZ[]r� aHILaWL�\QLTL� WYV]Va� HOVZWVKH�rTL�Z YVaWV�[LT��RVSZR�JO�aH�raLUr��R[LYiULQZV\� ] WYi]Ur� Z\IQLR[P]P[��� [V� aUHTLUi�� �LULOVZWVKH�r�ZHTH��HSL�WYVZ[�LKUPJ[]rT�T�Z[H�H�\�RVSZR�JO� aH�raLUr�� R[LYi� ZHTVZ[H[U� OVZWVKH�r�QLKUi� ZL� V� aiRSHKUr� �RVS`��� RVVYKPU\QLTL� QLQPJO�PUUVZ[�� aHQP�è\QLTL� QPT� W�rZW�]LR� a T�Z[ZRnOVYVaWV�[\�� � HWVK�� 7YV� =H�P� PUMVYTHJP� QLKUi� ZL� VZLKT�aiRSHKUrJO� �RVS��K]� �RVSUr� QrKLSU`��AiRSHKUr\T�SLJRV\� �RVS\� H� VZT� �RVS� TH[L�ZR�JO�� 5i�VKIVY� ]`WPZ\QL� P� aiWPZ`� KV� TH[L�ZR�JO� �RVS�� ]LZWVS\WYiJP� Z �LKP[LSRHTP� �RVSLR� �L�r� \TrZ[�Ur� K�[rKV� [�JO[V� aH�raLUr�� ]`�Pa\QL� �iKVZ[P� V� ZSL]\� UHULPU]LZ[P�Ur� UiRSHK`�� R[LYn� YVKP�L� ]L� �RVSRiJOOYHKr��]`IrYi�WVWSH[R`�VK�VIJr��R[LYn�ULTHQr�]SHZ[Ur�RVS\� H� QLQPJO�� K�[P� UH]�[�]\Qr� WYV[V� UH�L� �RVS`�VYNHUPa\QL� ZSH]UVZ[Ur� YVaSV\�LUr� Z ]`JOiaLQrJrTP�iR`�H�aHQP�è\QL��HK\�KHS�rJO��PUUVZ[r�= VISHZ[P� R\S[\Y`�� R[LYi� QL�� ]LKSL� aHQP�èV]iUrJOVK\� JLSnOV� VKIVY\�� ]�[�PUV\� TVQr� KVTnUV\�TL[VKPJR`� �rKrTL� R\S[\YUr� aH�raLUr� /HUR�]� K�T�T�Z[ZRn� T\aL\T� H� ] \Y�P[n� Tr�L� P� T�Z[ZRV\RUPOV]U\� :SH]VQ�� ZWVS\WYHJ\QLTL� UH� ]`Ki]iUr=SHZ[P]�KUnOV� �[LUr�� KV� U�OV�� WYH]PKLSU�W�PZWr]iTL�� WV�iKiTL� [nTH[PJRn� ]�Z[H]`]`JOiaLQrJr�aL�ZIrYR`�MV[VNYHMPr�H�Z[HY�JO�KVR\TLU[�]�UV]HU�JO� T�Z[\� WHULT� =SHZ[PTPSLT� .LPZSLYLTH� WVKrSrTL� ZL� UH� aHQP�èV]iUr� Y�aU�JO� R\S[\YUrJOHRJr�= VISHZ[P�aKYH]V[UPJ[]r�ZL�UH�L��PUUVZ[�VTLa\QLWV\aL� UH� OYHaLUr� SnRH�ZR�JO� ]�RVU�Z[VTH[VSVNPJRn�WVOV[V]VZ[P�ULIVè�VZ[H[Ur�aKYH]V[UrWn�L� ] UH�LT� T�Z[� QL� QP��� ] ZV\SHK\� Z UV]�TPaiRVU`�� �L�LUH� QPU�T�aW�ZVILT�� UPRVSP]� W�LZ� Ui�VKIVY�6� [V� ]�[�r� YVaZHO� �PUUVZ[P� ]�HR� � aHQP�è\QLTL] VISHZ[P� ZVJPiSUr� WYVISLTH[PR`�� RKL� ] YiTJPZHTVZWYi]`� �[aU�� ] YiTJP� YVaWV�[\� H� WYH]VTVJPT�Z[H��WYV]Va\QLTL�+�T�WLUaPVU� WYV� K�JOVKJL�+�T� Z� WL�V]H[LSZRV\� ZS\�IV\� ]�L[U�WL�V]H[LSZRn� ZS\�I`� ] [LYnU\�� RS\I`� K�JOVKJ�] �PY�P� P� ]L� +]V�L� 2YiSV]n� UHK� 3HILT� H� ] YiTJPW�LULZLUnOV� ]�RVU\� Z[i[Ur� ZWYi]`� aHQP�è\QLTL� P]�WSH[\� Y�aU�JO� KY\O� ZVJPiSUrJO� Ki]LR�� 6K��K\IUH� [�Y�� WHR� Ui�� VKIVY� W�L]aHS� VK� 6RYLZUrOV{�HK\� ] ;Y\[UV]� P� U�R[LYn� WYH]VTVJP� ] VISHZ[PZVJPiSU��WYi]Ur�VJOYHU`�K�[r�6ISHZ[� ZVJPiSUr� WYVISLTH[PR`� QL� ] WVZSLKUrKVI� QLKUV\�a ULQKPZR\[V]HU�Q�rJO�VISHZ[r��1HRnZVJPiSUr�Ki]R`�]i��VKIVY�]`WSiJr&1KL� W�LKL]�rT� V� Ki]R`� KV� OYHUPJL� Z[i[LTZ[HUV]LUnOV� �P]V[UrOV� TPUPTH�� Hè� QP�� ZL� QLKUi� VULaHT�Z[UHUn� ULIV� YVKPU`� Z UraR�TP� W�rQT`�� HSLW�PZWr]iTL�P�aKYH]V[U� WVZ[P�LU�T�VI�HU�T�UHW��

UH� ILaIHYPnYV]� I`[�� UH� IH[LYPL� KV� ZS\JOHKLS�� UHa]��LUn� UiRSHK`� ZWVQLUn� Z WV\�r]iUrTRVTWLUaH�UrJO�WVT�JLR��UH�PUKP]PK\iSUr�KVWYH]\�]`WSiJrTL� W�rZW�]LR� W�P� Wn�P� V� VZVI\� ISraRV\� HJLSV\��HK\�KHS�rJO�ZVJPiSUrJO�W�rZW�]R��A QHR�JO� WYVZ[�LKR� QZV\� ZVJPiSUr� Ki]R`OYHaLU`�H�V�QHRV\��iZ[R\�ZL�QLKUi&= WY�T�Y\� ]`WSiJrTL� T�Zr�U� RVSLT� ���ZVJPiSUrJO� Ki]LR� � H� ]`WSHJLUi� �iZ[RH� ZL�T�Zr�U�WVO`I\QL�] YVaTLar�����® ����TPSPVU\�RVY\U�:VJPiSUr� Ki]R`� ULQZV\� OYHaLU`� a WYVZ[�LKR�T�Z[H��HSL� a WYVZ[�LKR� Z[i[\�®�a [�JO[V�K�]VK�[HRn� Z[i[Ur� VYNiU`� VWYi]U�UVZ[� H� ]��P� ]�WSH[`QLKUV[SP]�JO�Ki]LR�U�RVSPRYi[�KV�YVRH�RVU[YVS\Qr�=aOSLKLT� R [VT\�� �L� ZL� QLKUi� V� aUH�UnMPUHU�Ur� WYVZ[�LKR`�� � ZSLK\Qr� ZL� \� RSPLU[� ]L�RLYnaT�U`�� R[LYn� � ] QLQPJO� ZVJPiSUr� ZP[\HJP� UHZ[HS`�2H�Ki�aT�UH�ZL�WYVTr[i�P�KV�]��L�ZVJPiSUr�Ki]R`�HZVJPiSUr� WYHJV]UrR� QL� WV]PULU� UH� RH�KV\� [HRV]V\aT�U\� ]`KH[� WrZLTUn� YVaOVKU\[r� �\� U�R[LY�JORSPLU[� [V�I�]i�P�K]HRYi[��[�PRYi[�KV�T�ZrJL���[HR�L�ZPT��L[L� \K�SH[� P� W�LKZ[H]\� V� YVaZHO\� �PUUVZ[P] [n[V� VISHZ[P�� 5H]rJ� [V� ZHTVa�LQT� ]`�HK\QL� P{aRV\� ZWVS\WYiJP� Z VZ[H[UrTP� ZVJPiSUrTP� WYHJV]P�[P�Hè� QP��ZL� QLKUi�V�ZVJPiSUr� YLMLYi[�6RYLZUrOV�{�HK\�RVU[HR[Ur�TrZ[V�:[i[Ur�ZVJPiSUr�WVKWVY`��Ï�HK�WYiJL�:KY\�LUr�aKYH]V[U� WVZ[P�LU�JO��ZVJPiSUr�WYHJV]P�[�VZ[H[UrJO�T�Z[ZR�JO�{�HK��H[K�6K����K\IUH�KV�SV�RL�a]��LUr�OYHUPJ��P]V[UrOVTPUPTH� ®� ] K�ZSLKR\� [VOV� V�LRi]iTL� P� KHS�rUiY�Z[�RSPLU[� H�a]��LUr�P�JLSRV]� ]`WSiJLUn��iZ[R`�+i� ZL� [LK`� �rJ[�� �L� R UiY�Z[\� ZVJPiSUrJOKi]LR� KV�SV� H�� ] ZV\]PZSVZ[P� ZL� a]��LUrT�P]V[UrOV�TPUPTH&;V� IVO\�LS� ] �iKUnT� W�rWHK��� 2 UiY�Z[\]�WSH[`�ZVJPiSUrJO�Ki]LR�KVJOiar� P� ] ZV\]PZSVZ[P� ZLa]��LUV\� TrYV\� ULaHT�Z[UHUVZ[P� ] UH�LTYLNPVU\�� ]�YHaU� ZL� UiY�Z[� WYVQL]\QL� UHW��� WV\RVU�LUr� Z[\KPH� � \� HIZVS]LU[� Y�aU�JO� �RVS�� W�PUi]YH[\�]VQiR� a ]�RVU\�aiRSHKUr�]VQLUZRn�ZS\�I`�HWVK�7YV�WVYV]UiUr�®�] YVJL�� ��QZTL�T�Zr�U� ]WY�T�Y\�]`WSiJLSP�aOY\IH�����Ki]LR�H�aH�JLS� YVRQZTL�]`WSH[PSP��������TPSPVU\��RVY\U��] YVJL�� ��[VI`SV�] WY�T�Y\�QP������Ki]R`�H�JLSRLT�ZL�]`WSH[PSV�� � �TPSPVU\� RVY\U�� ] YVJL� � � � I`SV� T�Zr�U�]`WSHJLUV� ] WY�T�Y\� RVSLT� ���� Ki]LR�� � W�P�LT�RL� RVUJP� YVR\� QZTL� aHaUHTLUHSP� WY\KR� UiY�Z[RSPLU[� H� JLSRV]� QZTL� aH� YVR� � � ]`WSH[PSP� ����TPSPVU\��RVY\U�7VR\K� I`� =iZ� WYV� PS\Z[YHJP� aHQrTHS`� P� {KHQL�R[LYn� QZLT�UH�SH� ]� HYJOP]\�®�] YVJL�� �� ZL� ]LT�Z[� ]`WSiJLSV� [�PJL[�Ki]LR�H�aH� YVR�ZL�]`WSH[PSV��������RVY\U�:VJPiSUr� Ki]R`� ]`WSiJr[L� WV\aL� VI�HU�TUH�LOV�T�Z[H&5PRVSP]�� WYV[V�L� QZTL� [a]�� ÀWYHJV]P�[�Z W�LULZLUV\� W�ZVIUVZ[r¯� ]`WSiJrTL� [`[V� Ki]R`ULQLU�WYV�VI�HU`�UH�LOV�T�Z[H��HSL�P�WYV�VI�HU`KHS�rJO����VIJr�K]VYZRnOV�YLNPVU\�

= VISHZ[P� R\S[\Y`� QZ[L� ZL� aTrUPSH� V=SHZ[P]�KUnT� �[LUr�� R[LYn� ZL� \� Z]�JO� �[LUi��ZL[Ri]i� Z W�raUP]�T� VOSHZLT�� 2VSPR� �rZLS� I`T�SV� ]`Qr[� ] SL[V�UrT� YVJL� H� RKL� QL� TV�UnaHRV\WP[�QP��]`KHUi��rZSH&= SL[V�UrT� YVJL� I`JOVT� YiKP� ]`KHSP� [�P� �rZSH�a UPJO�� WY]Ur�� R[LYn� I`�T�SV� ]`Qr[� ] T�ZrJP� �LY]U\�I`� T�SV� I�[� aHT��LUV� TVUV[nTH[PJR`� UH� �P]V[] UH�LT� T�Z[� ]� VIKVIr� SL[� � � � H�� � ���= KHS�rJO� K]V\� �rZSLJO� I`JOVT� ZL� VW�[� JO[�SPaHT��P[� UH� RHSLPKVZRVW� OPZ[VYPJR�JO� \KiSVZ[r� H�[LUi��T� W�LKZ[H]rTL� P� (S�I�[\� 2YPZ[PU\)Y\U�]PJRV\�H�4HYPP�;LYLaPP�®�KHS�r� K]� RYiSV]U`�QrT��UH�L�T�Z[V�] TPU\SVZ[P�UiSL�LSV�]�ULT�ñrZSH�� R[LYi� QP�� ]`�SH�� QL� TV�Un� aHRV\WP[] RUPOR\WLJ[]r� \� =LZLS�JO� ] 9L]VS\�Ur� \SPJP�� UHVKIVY\� R\S[\Y`�� RKL� QL� WYV� �[LUi�L� aL� ]aKiSLU�JOTrZ[�TV�Un� aHQPZ[P[� � aHZSiUr� =SHZ[P]�KUnOV� �[LUr� PUH�KVIrYR\�H�] WVZSLKUr�KVI� UH�L��[LUr�WYVKi]i�P2UPOR\WLJ[]r� (JHKLTPH� UH� =iJSH]ZRnT� UiT�Z[r] 7YHaL�� 6� VIZHO\� QLKUV[SP]�JO� �rZLS� ZL� I\KV\TVJP�Ui]�[�]UrJP�KV�rZ[�P�UH�0U[LYUL[\� 9LKHRJL

6 W D OR � VH � �7Y]UrOV�K\IUH�[VOV[V�YVR\�KV�SV�RL�a] ��LUr�P]V[UrOV� TPUPTH� H� [V� QHR� ] �iZ[JL� \Y�LUnR aHQP�[�Ur� ]��P]`�� [HR� R� OYHaLUr� UiRSHK�UH KVTiJUVZ[��HKH[LSL�A]��LUr� [�JO[V� �iZ[LR� \RHa\Qr� UiZSLK\QrJr[HI\SR`!ñiZ[RH�\Y�LUi�UH�]��P]\!]�R�RSPLU[H KVZ\K VK���������KV���SL[ �������2� �������2�VK����KV����SL[ ������2� �������2�VK��S��KV����SL[ ������2� �������2�VK����KV����SL[�ULaHVWH[�LUn�Kr[�� ������2� �������2�VZ[H[Ur�VI�HUn �������2� �� ����2�ñiZ[RH�UH�KVTiJUVZ[!WV�L[�VZVI��PQrJrJO] QLKUnKVTiJUVZ[P

KVZ\K VK���������QLKUV[SP]LJ �������2� �������2�K]� VZVI` �������2� �������2�[�P�ULIV��[`�P�VZVI` �������2� �������2�W�[�H�]rJL�VZVI �������2� �������2�= WYH_P� [V� aUHTLUi�� �L� UHW�rRSHK� � �[`��SLUUnYVKPU� Z VZTPSL[�T� Kr[�[LT� H� �LZ[UiJ[PSL[�TZ[\KLU[LT�� QLQr�� �P]V[Ur�TPUPT\T� �PUPSV� H�� KVZ\K���������2���ZL�VK���K\IUH��P]V[Ur�TPUPT\T�a]��rUH����������2��1HR�]PKUV��]LKSL�{WYH]`�]��L�W�rZW�]R���R[LYn�QP�RSPLU[P� UH�LOV� ZVJPiSUrOV� VKIVY\� WYH]PKLSU�T�Zr�U� KVZ[i]HQr�� ZL� [HR� � YVa�r�r� � P� WV�L[� RSPLU[�R[L�r��] K�ZSLKR\�[n[V�{WYH]`��I\KV\�Tr[�UH�ZVJPiSUrKi]R\�UiYVR�6IKVIUn� aT�U`� ZL� I\KV\� [�RH[� YV]U��� � P]�WSH[`�ZVJPiSUrJO�Ki]LR�]`WSiJLU�JORVU[HR[UrT� TrZ[LT� :[i[Ur� ZVJPiSUr� WVKWVY`�QLKUi� ZL� UHW��� V� ZVJPiSUr� W�rWSH[LR�� W�rKH]R`� UHK�[P��W�rZW�]LR�UH�I`KSLUr��H[K��� 0UN�+HNTHY�2YZRV]i]LKV\Jr�VKIVY\��2:=A

4�Z[ZR� {�HK]L�+]V�L�2YiSV]n�UHK�3HILTZL�W�LKZ[H]\QL�¦��

- ( â 7 � - ( ' 1 2 8 � . % � ( = 1 2 9 e � 3 2 9 2 ' 1 ,=� I�LaUV]nT� ]`KiUr� 5V]PU� RYiSV]nK]VYZRnYHKUPJL� QZTL� ZL� ]� VIZiOSnT� �SiUR\� ZUH�PSP]`Z]�[SP[� W�r�PU`� WV]VKU��� TV�UVZ[P� W�LOYHK`3LZ� 2YiSV]Z[]r� H� ]`Z]�[SV]HSP� QZTL� WVZ[\WVZiKR`� ]VKUrOV�KrSH�W�P� W�L]iK�Ur�WV]VKU��� =ai]�Y\� �SiUR\� QZTL� ZL� aTrUPSP� V� ILaWL�UVZ[P]VKUrOV� KrSH�� [YHKV]HUn� TV�UVZ[P� W�LSP[r]VaV]R`�OYiaL�P�V�UiUVZLJO�]�UiKY�P�v5H� ]L�LQUnT� aHZLKiUr� T�Z[ZRnOVaHZ[\WP[LSZ[]H��R[LYn�ZL�RVUHSV����K\IUH�H�QLOV��ZLUH� WVa]iUr� W�LKZ[H]P[LS� T�Z[H� a{�HZ[UPS� P� �LKP[LSai]VK\� 7V]VKUr� 3HIL�� H�Z��� /YHKLJ� 2YiSV]n� PUN��]VYJ�� aHaU�SV� a� �HK� W�r[VTU�JO� VI�HU� U�RVSPRV[iaLR�� 5H� U�R[LYn� VKWV]�K�S� �LKP[LS� ai]VK\� UHTrZ[���UH�U�R[LYn�QL�]�HR�[�LIH�YLHNV]H[�aKL�7�LZ[V�L� PUN�� �]VYJ� PUMVYTV]HS�� �L� WVKSLW�LKI��Un� aWYi]`� V� WV]VKUP� VIQLT� WV]VK�V]n]SU`� ZL� ISr�r� ��� TPS�� T�� H� [\Kr�� ULI`SV] TV�UVZ[LJO� W�LOYHK`� 3LZ� 2YiSV]Z[]r� [V[VTUV�Z[]r� aHJO`[P[�� ]`Z[V\WPS� UH� aHZLKiUr� VI�HU+]VYH� 2YiSV]n� U�� 3�� Z� []YaLUrT�� �L� WVKSL� QLOV]�WV�[� I`S�VIQLT�WV]VK�V]n�]SU`���H�� �TPS��T�H�W�LOYHKH�QLQ�[LK`�TVOSH�LSPTPUV]H[�ILaL��RVK�UH{aLTr�WVK�Ur�7VTPULTL�SP�� �L� R� ]�WV�[\� ULT�SWYH]K�WVKVIU� KVZ[H�\QrJr� WVKRSHK`�� QL� [HRV]nOV]`Z[V\WLUr�UH�]L�LQUVZ[P�ULVKWV]�KUn�=� [n[V� H[TVZMn�L� QL� ]LSTP� [��Rn� ]nZ[� RVYLR[UrKPZR\ZP�� 7YV[V� QZTL� ]`\�PSP� UHIrKR`� ]LKLUr� T�Z[H+]VYH� 2YiSV]n� UHK� 3HILT� H� UH� V[iaR`�� R[LYn� UH[VT[V� aHZLKiUr� ULI`S`� aVKWV]�aLU`�� QZTLYLHNV]HSP� W�P� ZL[RiUr� Z� [HQLTUrRLT� 4�Z[ZRnOV{�HK\�+Y��2HKS�rRLT��R[LYnOV�ZL�a{�HZ[UPS�P�Z[HYVZ[HWHU��]\I�5H� ai]�Y� [n[V� ZJO�aR`� QZTL� ZL� KVOVKSP�� �LV[iaR`�� R[LYn� aKL� WHKS`� P� VKWV]�KP� UH� U��a]L�LQUrTL�]�[VT[V�SPZ[��6KWV]�KP�W�PWYH]PS�]LKV\Jr�OYiaU� W�LOYHK`�3LZ2YiSV]Z[]r�WHU�1VZLM�-LQR�7ú,/9(+(�(�76=6+5ó5LQWY]L� U�RVSPR� {KHQ� a� OPZ[VYPL� W�LOYHK`� HWVYV]UiUr�{YV]U� OPZ[VYPJR�JO�WV]VKUr�H�WV]VKL�a� ��I�LaUH������+�]VKLT�Z[H]I`�W�LOYHK�UH�OVYUrT� 3HIP� I`SHSL[Ur�WV]VKL� a�� ���LY]LUJL��� ���;LOK`�]�WYVMPS\I\KV\Jr�W�LOYHK`�]� 3LZL�2YiSV]Z[]r� WYV[nRHSV����T��Z� H� aW�ZVIPSV� aUH�Un� �RVK`� UH� +]VYZR\� H1HYVT��ZR\�� =�Z[H]IV\� W�LOYHK� WVK� �WPUKSLYV]�T4S�ULT� H� UHK� +]VYLT� 2YiSV]n� ZL� T�S`� �RVK`�aW�ZVILUn�[V\[V�WV]VKUr��aTLU�P[�UH�TPUPT\T�405<3g�76=6+5ó6K�]�Z[H]I`�W�LOYHK`�]� 3LZL�2YiSV]Z[]r�I`S�W�PTPU\S�JO� WV]VKUrJO� JLSRLT� �� _� W�LRYV�LU� VK[VR����T��aH�ZLR\UK\���TrU�U�QL�WYVMPS�VK[VRV]nOVSPTUPNYHM\�WVK�W�LOYHKV\!��{UVYH� � ��� WYV[nRHSV� ���� JT� Z� WY�[VRLT����T��Z����I�LaUH�� ���WYV[nRHSV�����JT�Z�WY�[VRLT����T��Z����� SLKUH�� ���WYV[nRHSV�����JT�Z�WY�[VRLT����T��Z����� WYVZPUJL� � ��� WYV[nRHSV� ���� JTZ WY�[VRLT�JJH�����T��Z�

=� VIKVIr� SL[� � ��� H�� � � JLSRLT� �� _� I`SHW�L]iK�UH� ]VKH� W�LZ� W�LSP]`� UH� W�LOYHK� ]� 3LZL2YiSV]Z[]r!��� ZYWUH� � ��� WYV[nRHSV� ���� JT� Z� WY�[VRLT ��� T��Z����� I�LaUH� � ��� WYV[nRHSV� ���� JT� Z� WY�[VRLT����T��Z���� �LY]LUJL� � �� WYV[nRHSV� ���� JT� Z� WY�[VRLT � T��Z�3,;6�5Ç �76=6+,÷ ��I�LaUH������WYV[nRHSV��� �JT�Z�WY�[VRLT����T��Z�6IQLT� WV]VK�V]n� ]SU`� �W�LZHO\QrJr� WY�[VR�� T��Z�� WVKSL� ]�WV�[� \W�LZU�U�JO� ñ/4<� �PUPS����� TPS�� T�� W�P� TH_PTiSUrT� W�r[VR\� KV� UiKY�L����T��Z�8������Z[VSL[i�WV]VKL� WVKSL�KVZ\K�WSH[U�JO{KHQ� QL�����T��Z���WYH]K�WVKVIU� ]�ZR`[���_�aH����SL[�=aOSLKLT�R� [VT\�� �L� WV]VKL� I`SH� ]�[�r� UL�8�����Z[VSL[i���I`SH�aiYV]L� W�LRYV�LUH�TH_PTiSUrOSHKPUH� ]� UiKY�P� V� �� JT�� =�W\Z[Ui� aH�raLUrW�LOYHK`� QZV\� KPTLUaV]iUH� ]� ai]PZSVZ[P� Z� ]��RV\OSHKPU`�]�UiKY�P�UH�Z[VSL[V\�]VK\�5H� VK[VR\� WVK� W�LOYHKV\� �WYVMPS� VK[VRV]nOVSPTUPNYHM\��I`SH�]VKV\�W�LSP[H�OVYUr��iZ[� RHTLUUn]VKV�L[Un� SH[� [nT���V���� JT�� ;H�VK� YVR\�� ��]�K`�ZWVSLOSP]� W�P�WV]VKUrJO�ZSV\�PSH�RL�aQP�èV]iUrTH_PTiSUrJO�VK[VR� a�W�LOYHK`�7úÇñ 05(�76=6+5ó7�r�PUV\�[HR�]LSRn�WV]VKU� I`S`�WV�U�RVSPR�KU�]`KH[Un� ZYi�R`� H� ZPSU� [LWS� ]r[Y�� R[LYn� aW�ZVIPS`Y`JOS� YVaWHK� ZU�O\� UH� ]LSRn� WSV�L� ]� WVKO��r2YRVUV��� =aOSLKLT� R� ZPSUn� ZU�OV]n� WVRY�]JL] 2YRVUV�rJO� KV�SV� QLU� R� �iZ[L�UnT\� WYVZiRU\[rZU�O\�KL�èV]V\� ]VKV\�H� R� UL]�YHaUnT\� a]��LUrOSHKPU��LR�H�WV[VR� UH�OVYiJO�7YV[V�L� VJOYHUUn� VIQLT`� UiKY�r� W�LOYHK`3HIZRi�H�3LZ�2YiSV]Z[]r�I`S`�KPTLUaV]iU`�UH�SL[Ur]LSRV\� ]VK\� a� �LY]LUJL� �� ��� QZV\� [V� W�L]i�U�aPTUr�H�QHYUr�WV]VKU� Z�KL�[P�H�[iUrT�ZU�O\��R[LYnZ]�T� ]LSR�T� VIQLTLT� Y`JOSL� aHWSUr� VJOYHUU�WYVZ[VY� ]VKUrJO� K�S� QP�� W�P� Z[V\WHQrJrT� W�r[VR\� HW�LOYHK`� WV[VT� W�L]LKV\� R\STPUHJP� �ULQ]`��rW�r[VR`�� QP�� ]� ULYLN\SV]H[LSUnT�WYVZ[VY\� UiKY�L� H[rT�UHZ[i]i�WVK�W�LOYHKV\�WV]VKL��0�PUMVYTH�Ur�[HI\SL��\TrZ[�Ui�\�OYiaL�W�LOYHK`�PUMVYT\QL� Ui]�[�]UrR`� V� WV\aL� �iZ[L�Un� VJOYHU�W�LOYHK`�W�LK�WV]VKU�TP�WVK�]VKUrT�KrSLT�*LSRV]� VIQLT� WV]VKU� W�L]`�\QrJr� W�r[VR�� T��Z� �0��WV]VK�V]� Z[\WL� UH�VK[VR\��I`S�� QHRQL�]W�LK\�\]LKLUV�������TPS��T���H�[V�]�KVI� VK���I�LaUH�VK����OVKPU�KV�����I�LaUH�KV����OVKPU�A�[VOV[V�VIQLT\�VKL�[LTL�VK[VR����T��Z�VK�� I�LaUH� KV� ��� I�LaUH�� YV]UHQrJr� ZL���������� T�H�KiSL�VKL�[LTL����T��Z�KV�]��L�UL�RVKUnOVVK[VR\� ��T��Z� VK� ��� KV� ���� I�LaUH�� R[LY� �PUPS����������T�H�]LSPRVZ[�VJOYHUUnOV�WYVZ[VY\�UiKY�L�VK�Rw[`����KV��������T�U�T���[�Q���� �������T��7HR� aQPZ[rTL�� �L� WV� UHWSU�Ur� VJOYHUUnOVWYVZ[VY\� UiKY�L� WYV[LRSV� QP�� ULV]SHKH[LSU�T

WYVZ[VYLT� ]rJL� UL�� � TPSPVU� R\IPJR�JO� TL[Y�]VK`�7YV� ZYV]UiUr� �� VIQLT� TPU\Sn� WV]VKU�a �� �LY]LUJL�� ��I`S������������T��6+76=ó+0�2�6;ÄA2Ä4 � 3URê� QHE\OD� S�HKUDGD� S�HG� SRYRGQËY\SXxWøQD":WVKUr� ]�W\Z[P� UH� W�LOYHK� QZV\� Z]V\RHWHJP[V\�]iaiU`�UH�]��R\�OSHKPU`�]VK`�]�UiKY�P�7�P�]`WV\�[�Un�UiKY�P�I\KV\�]�W\Z[Ur�aH�raLUr�ILa[SHR\� H� [LK`� ILa� VK[VR\�� 7�P� OSHKPU� UH� Rw[���� T U�T�� Z� VIQLTLT� ]VK`� ������� T�� SaLZWVKUrTP� ]�W\Z[TP� W�L]nZ[� WV\aL� ����� T��Z�� 7�PRw[� Z[iSnOV�UHKY�LUr�����T�U�T�������T��Z�� W�PWYV]VaUr� OSHKPU� ���� T� U�T�� W�L]LKV\� ZWVKUr]�W\Z[P� �����T��Z� H� [LWY]L� W�P� Rw[� ����T� U�T��[LK`���TL[Y`� UHK� WYV]VaUr� OSHKPUV\�� KVZiOULTLVK[VR\� � ��� T��Z�� RK`�� UL�RVKU� VK[VR� WVKUiKY�r�QL� ��T��Z�5LUr� [\Kr�� U\[Un� ]`WV\�[�Ur� H� UiZSLKUnUHWV\�[�Ur� TLU�rT� WY�[VRLT�� UL�� QL� UL�RVKU�VK[VR�WVK�W�LOYHKV\�5HVWHR�W�P�WYV]VaUr�OSHKPU� QL�TV�UV� Y`JOSLQPYLN\SV]H[� VK[VR� WVKSL� ]LSPRVZ[P� W�r[VR\� KV� UiKY�LUL��W�P�]`W\�[�Un�UiKY�P� �'�HYR�QD�S�HOLYHFK"=� I�LaU\� ����� W�P� W�L]iK�Ur� WV]VKU� I`SHW�LSP]Ui� WVSL� W�LWHKV]�JO� �HJOL[� P� RVY\UV]�JOW�LWHK� �PZ[i���ILa�WSH]LUPU��7SH]LUPU`�]L�ZSV�LUr��H�����WYVJLU[�[]V�r�I�LOV]n�WVYVZ[`��]`[Y�LUn�W�PWV]VKUP� a� I�LOV]�JO� Ui[Y�r� H� �� H�� �� WYVJLU[QZV\�WVa�Z[H[R`�a��LYU�JO�ZRSiKLR��\T�Si�OTV[H�HULWV[�LIU��� a]Si�[� K�L]�U� TH[LYPiS�� \SV�LU�aH KVT` ULIV� WVK� RVSUHTP�� [LK`�VKWHK� a� SPKZRn�PUUVZ[P�7SH]LUPU`�UH�WSV�L� �� H����OLR[HY��� R[LYn� I`S`aHJO`JLU`� UVYUV\� Z[�UV\�� \TrZ[�UV\� ]� WYVZ[VY\UiKY�L�� I\KV\� ]� WY�I�O\� SL[V�UrOV� YVR\VKZ[YHU�U`�H�SPR]PKV]iU`�QHRV�]�YVJL�� �� � 3URê� VH� QH]DY�HOD� YRGD� QD� RGWRNX] S�HKUDG\�/DEVN¿"2H�Ki�W�LOYHKH�QL��raLUH�THUPW\SH�UrT��iKLT�R[LY� \Y�\QL� THUPW\SHJL� UH� ]VKUrT� KrSL�� =`ZVRiZU�OV]i� WVRY�]RH� H� ]LSRn� TUV�Z[]r� ZYi�LRaW�ZVIPSV�VK[nRiUr� ]VK`�WVK�ZU�OLT�UH�W�rRY�JOZ]HarJO� OVY�� 7YV[V�L� ULI`SV� ]`SV\�LUV�� �L� Y`JOS�YVaWHK�ZU�O\�]�WVKO��r�ULT��L�aHZiOUV\[�P�OVY`�ULI`SV� TV�UV� WVZ[\WV]H[� ]� YVaWVY\Z THUPW\SH�UrT��iKLT�W�LOYHK`�3HIZRi�=�2YRVUV�ZR�JO�UV]PUiJO�aL�KUL����K\IUH�QZ[LZL� TVOSP� KV�rZ[�� �L� WV]VKL� ]L� =YJOSHIrULaW�ZVIPSH� �LRH�3HIL��HSL� YVa]VKU�U� =iWLUPJR�WV[VR��R[LY� aHWSH]PS�����KVT� H�KHS�r�VIQLR[`� �7HNOD�YHON¿�YRGD�S�HV�YR]RYNX�S�HKUDG\"5L[LRSH�� =��RH� OYiaL� H� OSHKPU`� ]VK`� ]� UiKY�PZL�\]iK�Qr�]�UHKTV�ZRn�]��JL� �TL[Y� UHK�TV�LTT�U�T���4H_PTiSUr� KVZH�LUi� OSHKPUH� ]� UiKY�P� VKZ[H]I`� W�LOYHK`� I`SH� SL[VZ� KUL� �� I�LaUH� ����] ������OVK��Z�Rw[V\������ �T�U�T�2w[H� ]VaV]R`� UH� RVY\U� OYiaL� QL� ������� TU�T���H�QL�[LK`�Z[iSL�QL�[� �����T�UHK�[rT[V�KVZ\KULQ]`��rT�Z[H]LT�]VK`�]�W�LOYHK��

�7HFKQLFNÛ�VWDY�S�HKUDG�QD�KRUQËP�/DEL�7�LOYHK`� 3HIZRi� H� 3LZ� 2YiSV]Z[]r� WH[�r� TLaP]VKVOVZWVKi�ZRi� KrSH� 00�� RH[LNVYPL�� \� R[LY�JO� ZLRH�Kn�K]H�YVR`�VKIVYUV\�RVTPZr�WYV]iKr�WYVOSrKRHJLSnOV� VIQLR[\� H� WVZ\a\QL� Z[H]� ]VKUrOV� KrSH� UHVIKVIr� KHS�rJO� K]V\� SL[�� aKH� QZV\� ]WYV]Va\ZJOVWUnT�H�ILaWL�UnT�Z[H]\��=�WY�I�O\K]V\SL[nOV� J`RS\� ZL� WYV]iK�Qr� M\UR�Ur� aRV\�R`[LJOUVSVNPJR�JO� aH�raLUr�� ]`OVKUVJV]iUr�T��LUr� HWVaVYV]iUr� ]� YiTJP� [LJOUPJRV� �� ILaWL�UVZ[UrOVKVOSLK\��PUZWLR�Ur��PUUVZ[�UH�]VKVOVZWVKi�ZR�JOKrSLJO�� W�LZUi� T��LUr� WVO`I� OYiaL�� [HR�LW�LOYHK`� QZV\� WV� Z[YiUJL� ILaWL�UVZ[P� HWYV]Va\ZJOVWUVZ[P�WVK�Z[iS�T�KVOSLKLT� �.GR�G¿Y¿�SRN\Q\�KU¿]QÇPX�N�PDQLSXODFËP"9VaOVK\QrJrT� WVKRSHKLT� WYV� THUPW\SHJLUH W�LOYHKiJO� QL� THUPW\SH�Ur� �iK� ]VKUrOV� KrSH�/YiaU� ZWVS\WYHJ\QL� [n�� ]� YHKPV]nT�H� [LSLMVUUrTZWVQLUr� Z� VISHZ[UrT� ]VKVOVZWVKi�ZR�TKPZWL�PURLT� H� YV]U��� Z� WVIV�RV\� ñLZRnOVO`KYVTL[LVYVSVNPJRnOV� {Z[H]\� ]� /YHKJP� 2YiSV]nUH ]`OVKUVJV]iUr�]aUPRS�JO�ZP[\HJr��WVKi]i�aWYi]`V� THUPW\SHJrJO�� KVZH�LU�JO� OVKUV[iJO� ]VKUrJOZ[H]� H� PUMVYT\QL� ZL� V� RYi[RVKVIn� W�LKWV]�KPWV�HZr� WYV� {aLTr�� R[LYn� QL� WYV� ]VKUr� KrSVYVaOVK\QrJr�H�V�O`KYVSVNPJRn�ZP[\HJP�UHK�W�LOYHKV\�+iSL� QL� ]L� ZWVQLUr� Z� W�LOYHKV\� 3HIZRi�� RKL� ZLPUMVYT\QL�V�WY�[VJrJO�H�ZP[\HJP�]�WV�HZr��:UP�V]iUrULIV�a]`�V]iUr�VK[VR\�ZL� [LK`�K�QL�]L�]aiQLTUnZWVS\WYiJP� � =DQHVHQË� S�HKUDG\� EDKQHP� �� YÛ]QDP� SURS�HYHGHQË�YHONÛFK�YRG���PDOÛFK�SU�WRN��:WSH]LUPU`� �� WrZLR� H� IHOUV�� \ZHaLUn] W�LOYHKUr� UiKY�P� �� QZV\� WYV� W�L]iK�Ur� WV]VKUrUHWYVZ[V� ULWVKZ[H[Un�� WYV[V�L� ZL� \ZHa\Qr� WV\aL] WYVZ[VY\� Z[iSnOV� UHKY�LUr�� �iZ[� WHR� ]� aiZVIUrTWYVZ[VY\�UiKY�L��6JOYHUU� WYVZ[VY�UiKY�L�a�Z[i]iIHOULT�UHWYVZ[V�ULKV[�LU�

7V� KY\On� Z]�[V]n� ]iSJL� I`S`� ]� YiTJP� SLW�rOVOVZWVKH�LUr� Z� ]VKV\� aHRV[]LU`� ]� THUPW\SH�UrT�iK\� W�LOYHK`� Rw[`� OSHKPU� aiZVIUrOV� WYVZ[VY\] aPTUrT�VIKVIr�UH� Rw[\� ����T� U�T�� H� ]� SL[UrTVIKVIr� ���� T� U�T�� +�]VKLT� I`SV� UHSLW�V]iUrWY�[VR� WVK� W�LOYHKV\� aL� aiZVIUrOV� WYVZ[VY\UiKY�L�W�P�UraR�JO�WY�[VJrJO�1LKUi� ZL� V� aHJOV]iUr� O`NPLUPJRnOV� TPUPTH�Z[HUV]LUnOV� WVK� W�LOYHKV\� UH� �� �� T��Z� �VKI�Y`� WV]YJOV]n� ]VK`� a� �LR`� 3HIL� WVKUPR`� ]L

+]V�L�2YiSV]n�UHK�3HILT��R[LYn�KVOYVTHK`�Ki]HQrUHSLW�LU� VK[VR�UH������T��Z�+V�[n[V�KVI`�WVKSL�Z[HY�JO�THUPW\SH�UrJO��iK�ULI`S� W�P� UraR�JO� W�r[VJrJO� VK[VR� a� UiKY�LUHSLW�V]iU�� ;rT[V� YVaOVKU\[rT�ZL� ZSLKV]HSV��HI`JOVK�WVKUPR� ]�L[U� [LWSiYU`� ]L�+]V�L�2YiSV]n� ]Ui]HaUVZ[P�UH�VKI�Y�WV]YJOV]n�]VK`�a� �LR`�3HIL�I`S�JLSVYV�U� aHQP�[�U� 0UN��16:,-�4629þ]LKV\Jr�WYV]VaUrOV�Z[�LKPZRH�/VYUr�3HIL��

2%(&�6(�27(9«5��(9523÷7VK� [rT[V� [P[\SRLT� W �PULZS`� MYHUJV\aZRn� UV]PU`� 3L� 7HYPZPLU� KUL� ���� K\IUH� �����SiULR��R[LY� PUMVYT\QL�V�Ui]�[�]� KLSLNHJL�T�Z[H�+]VYH�2YiSV]n�UHK�3HILT�]L�T �Z[�=LYUL\PS�LU�/HSH[[L��AU�Ur��SiUR\�W �PUi�rTL�]�KVZSV]UnT�W �LRSHK\!+]�Y�2YiSV]n��[V�ZR\[L�U� VI`]H[LS�T�=LYUL\PS�LU�/HSH[[L�TUVOV�UL�rRi��(]�HR�WV�(UNSP�HULJO�aL:OLSMVUK\�]� YVJL�� ���H� 0[HSLJO�a�7PLNHYH� ]� YVJL�� ��I\KL� [V[V�T�Z[V� a�VRYLZ\�;Y\[UV]�]�ñLZRnYLW\ISPJL�KHS�r��\��[�L[r�WHY[ULYZRV\�VIJr�=LYUL\PS�LU�/HSH[[L��;LU[V�WSiU�arZRHS�RVURYn[Ur�WVKVI\�]�LYHW�P�Ui]�[�]� ]VSLU�JO�W�LKZ[H]P[LS� [VOV[V��LZRnOV�T�Z[H� ]L�=LYUL\PS� LU�/HSH[[L��)`SH� [V�W�rSL�P[VZ[WYV�1LHU�*SH\KL�/YTH�WVJOS\IP[�ZL�IVOH[Z[]rT�Z]n�VIJL��SL�rJr�\WYVZ[�LK�SLZH�/HSH[[L�6K�YVR\�� ���ZYKJL�VI`]H[LS�=LYUL\PS�aHOV�LSH�WYV�WHY[ULYZRV\�ZWVS\WYiJP�H�aiQTLT�V�,]YVW\��7V:OLSMVUK\��WV[VT�7PLNHY\�ZL��SLUV]n�]�IVY\�WYV�WHY[ULYZRV\�ZWVS\WYiJP�VIYi[PSP�UH�]�JOVK��ZT�YLT�RT�Z[\�+]�Y�2YiSV]n� Z� ��� [PZrJP� VI`]H[LSP�� 1L� [V� V[L]�LUr� ZL� ,]YVW��� WVKU�JV]HUn� HR[P]P[V\�.LVYNL[[L3HOH`L�� W�LKZLKR`U� ]�IVY\� WYV� WHY[ULYZRV\� ZWVS\WYiJP� ]L� =LYUL\PS�� HSL� P� MLKLYHJL� ]�IVY� WYVWHY[ULYZRV\�ZWVS\WYiJP�]�6PZL�1LSPRV��KLWHY[LTLU[� QP�� ZWVS\WYHJV]HS� Z� ñLZRV\� YLW\ISPRV\��VILJ�=LYUL\PS� LU�/HSH[[L� aHTr�PSH� KV+]VYH� 2YiSV]n�� 6]�LT� WHY[ULYZ[]r�� [V� ULUr� QLU� WVKWPZ� ]L� aSH[n� RUPaL�� ]`Z]�[S\QL� .LVYNL[[L� 3HOH`L�7VZSLKUr��OSH]Ur�W�rWYH]Un�WYiJL�]LKV\�R�[VT\��HI`�ZWVS\WYiJL�I`SH�HR[P]Ur�H�YVaTHUP[i��5HW�rRSHK�W�PUi]�[�]iJO��RVS�ULIV�ZWVY[V]J� a�WHY[ULYZR�JO�T�Z[�ULQ]rJL�aHT�Z[Ui�]`OSLKi]iUr�YVKPU�R�\I`[V]iUr�=�LYH� ZWVS\� Z� KLSLNHJr� aL� +]VYH� 2YiSV]n� I`SP� WVa]iUP� P� W�LKZ[H]P[LSn� ZKY\�LUr� a� =LYUL\PS� H� I`S`]r[iU`�]�LJOU`�Ui]YO`�H�WVKU�[`�WYV�ZWVS\WYiJP�)�OLT�WVZSLKUrJO�KLZL[P� SL[�ZL�]`[]V�PS`� [�ZUn�]a[HO`�TLaP�:OLSMVUKLT��7PLNHYLT�H�=LYUL\PS� ]VISHZ[P� �RVSZ[]r�� R\S[\Y`� H� ZWVY[\�� W�PWVTU�S� 1LHU�*SH\KL� /YTV�� +V\MiTL�� �L� ZL� IYa`� W�PKi� P� +]�Y2YiSV]n�

v+ULZ� ZP� QPZ[� ZL� aiQTLT� W �L�[L[Lai]�YL�UV\�RHWP[VS\�UH�LOV�ZLYPiS\��]�U �T�ZP� ]`WYi]rTL� V� OPZ[VYPP� P� ZV\ �HZUVZ[P] aiZVIV]iUr�]VKV\�]�UH�LT�T �Z[��v=YHèTL� ZL� R� KLMPUP[P]UrT\� �L�LUr� JLSnOV]VKV]VKUrOV�Z`Z[nT\�+]VYH�2YiSV]n�UHK�3HILT�1HR� I`SV� QP�� K�r]L� \]LKLUV�� ]� YVJL� � ��� I`SHaHOiQLUH� ]�Z[H]IH� ]VKVQLT\� �� _� ������ T��� [�Q�������T��=VKVQLT� I`S� I\KV]iU� UV]V\�� UL[YHKP�Ur[LJOUVSVNPr� aH� WV\�P[r� ZTHS[V]HU�JO� WSLJO��� )`SKVRVU�LU�]� YVJL�� ����+VKH]H[LSLT�I`S� 0UNZ[H])YUV�=� WYVZPUJP� � ��� I`SH� aHOiQLUH� ]�Z[H]IHJLU[YiSUr� �LYWHJr� Z[HUPJL� H� ]�[SH�UnOV� �HK\� +5���� TT�� +VKH]H[LSLT� Z[H]LIUr� �iZ[P� I`S`7VaLTUr� Z[H]I`� /YHKLJ� 2YiSV]n�� [LJOUVSVNPJRnWV[VT� :PNTH� /YHUPJL�� =�Z[H]IH� ]VKVQLT\� ZP]`�iKHSH�UiRSHK�JJH����TPSPVU� RVY\U��UiRSHK�UH

JLU[YiSUr� �LYWHJr� Z[HUPJP� H� ]�[SH�U� �HK� [nT��� ��TPSPVU��� 0U]LZ[VYLT� [�JO[V� HRJr� I`SV� WVKUPRV]n�LKP[LSZ[]r�=� =H2�/YHKLJ�2YiSV]n�2YVT� [�JO[V� Z[H]LIUrJO� HRJr� T\ZLS`� I�[YLHSPaV]iU`� QL�[� KHS�r� Z[H]I`� H� [V� UHWVQV]iUrQLKUV[SP]�JO� aKYVQ� UH� JLU[YiSUr� �LYWHJr� Z[HUPJP�;`[V� PU]LZ[PJL� aHQP�èV]HS� ai]VK� ;Y\[UV]� QHRVKVKH]H[LS�1LKUi� ZL� V� K]� PU]LZ[PJL�� 7Y]Ur� �� UHWVQLUraKYVQ� /=��� /=�� ]� VIQLT\� ���� TPS�� RVY\U� QLKVRVU�LUH� H� aHILaWL�\QL� KVKi]R\� ]VK`� KVJLU[YiSUr� �LYWHJr� Z[HUPJL�� +Y\Oi� PU]LZ[PJL] VIQLT\���TPS��RVY\U�6I� [`[V� PU]LZ[PJL� VIZHOV]HS`� �HK\� WYHJr�R[LYn� Ui�� ai]VK� ULI`S� ZJOVWLU� aHQPZ[P[� ]SHZ[UrTPZPSHTP�� 2VURYn[U� ZL� QLKUHSV� V� ]�Z[H]I\� VIQLR[��LYWHJrJO�Z[HUPJ��KiSL�LSLR[YVPUZ[HSH�Ur�WYiJL��;`[VWYiJL� I`S`� aHQP�èV]iU`� \� 7VaLTUrJO� Z[H]LI;Y\[UV]�� R[LYn� YLHSPaV]HS`� �LYWHJr� Z[HUPJL� UHaKYVQrJO� /=��� /=�� H� UH� aKYVQP� /=�� ]� ;PI� 7VKUiKYH�rT�� =aOSLKLT� RL� aUH�UnT\� aWV�K�Ur� ]KVKi]RiJO�7VaLTUrJO� Z[H]LI�I`SH� �[]Y[i� �LYWHJrZ[HUPJL� UH� aKYVQP� /=�� aHKiUH� +YVIU�TWYV]VaV]UiT�4�5=�+]�Y�2YiSV]n�UHK�3HILT�

,SLR[YVPUZ[HSH�Ur� WYiJL� aHQP�èV]HS� WYV� UiZai]VK� ;PIH�� U�W��� ai]VK� :SV]HU`��4VU[i�L� Z[YVQUr[LJOUVSVNPL�aHQP�èV]HSH�KrSUH�]L�+]V�L�2YiSV]n�U�3�=�Z[H]I\� ]VKV]VKUrJO� �HK� aHILaWL�V]HS� Ui�ai]VK� ]SHZ[Ur� Z[H]LIUr� RHWHJP[V\�� ]�L[U�W�LJOVK\� W�LZ� 3HIL� H� /HY[ZR� WV[VR�� 4VZ[UrRVUZ[Y\RJP� ]`YVIPS� (NYVZ[H]� +]�Y� 2YiSV]n� U�3�1LKUHSV�ZL�V�K]� TVZ[Ur�RVUZ[Y\RJL�V�KnSJL� JJH���T��R[LYn� WV� ]`YVILUr� ]�(NYVZ[H]\�I`SV� U\[UVKVWYH]P[� UH� TrZ[V� W�LJOVK\� H� WVTVJr� ]LSR�JOQL�iI� VZHKP[�IL[VUV]n�WH[R`��;`[V�WYiJL�T\ZLS`I�[� YLHSPaV]iU`� ]� TPTV�iKU� W�raUP]�JORSPTH[PJR�JO� WVKTrURiJO�� ]aOSLKLT� R� {UVZUVZ[P[LYnU\� ]� W�rZ[\WV]�JO� [YHZiJO�� (RJL� 5HWVQLUraKYVQ� /=��� /=�� I`SH� \RVU�LUH� ]� YVJL� � ���HRJL�5HWVQLUr�aKYVQ� /=���/=(��]�YVJL�� � �;�TP[V� HRJLTP� ]�HR� ULRVU�PSH� PU]LZ[P�Ur]�Z[H]IH� UH� ]VKV]VKUrT� Z`Z[nT\� ]L� +]V�L2YiSV]n� UHK� 3HILT�� =� YVJL� � � � I`SH� aHOiQLUH]�Z[H]IH�]VKiYLUZRnOV�KPZWL�PUR\�0��Z[H]IH��;H[VZ[H]IH� aHOYUV]HSH� ]`I\KV]iUr� RVTWSL[UrOVV]SiKiUr� ZH[LSP[UrJO� �LYWHJrJO� Z[HUPJ�� JLU[YiSUr�LYWHJr� Z[HUPJL� H� ]VKVQLT\� \� ULTVJUPJL�� ;V[VV]SiKiUr� QL� �L�LUV� UH� WYPUJPW\� WV]LSV]�JOYHKPVZ[HUPJ� 9HKVT�� Z� �raLUrT� a� JLU[YiSUr� �LYWHJrZ[HUPJL�00�� Z[H]IH� KPZWL�PUR\�T�SH� aHOYUV\[� UHWVQLUr]�LJO� KHS�rJO� VIJr�� WH[�rJrJO� WVK� WYV]VaUr� {ZLR+]�Y� 2YiSV]n� U�3��� [�Q�� )rSi� ;�LTL�Ui�� +�� )Y\ZUPJL�5LTVQV]�� +LO[V]�� ;�LIPOV�è�� ;YV[PUH�� =r[�aUi�2VJIL�L�� AIV�r� H� �PYL��� :[H]IH� ZL� ]�HRUL\ZR\[L�UPSH�]aOSLKLT�R�WYP]H[PaHJP�

3ËxH�,QJ��-DQ�'UDHVVOHU

��

=�ZVIV[\����R]�[UH�aLT�LS�WV�[��Rn�ULTVJP�WYVM��0UN��1VZLM�=iNULY��*:J�

5LJO[�S� QZLT�]��P[�aWYi]� V�{TY[r��SV]�RH� [HR]aiJUnOV�� �LZ[UnOV� VI�HUH� +]VYH� 2YiSV]n� UHK3HILT��0UN��1VZLMH�=iNULYH��*:J�6ZVIUVZ[� 0UN�� =iNULYH� QL� Z� UH�rT�T�Z[LT� ]WV]�KVTr� WYHR[PJR`� ]�LJO�VI�HU� UH�r� YLW\ISPR`[HR� {aJL� Z]iaiUH�� �L� WVKVIUn� WVW\SHYP[`� KVZ\K�iKU� VI�HU�+]VYH�2YiSV]n�UHK�3HILT�ULKVZiOS�:]�TP�RUPOHTP��WV\[H]�T�]`WYi]�UrT�]�YVaOSHZL�P[LSL]PaP� ]`[]V�PS� KVZSV]H� SLNLUK\�� R[LYi� W�LZHO\QLULQLU�YiTLJ�T�Z[H��HSL� P�YLW\ISPR`�� 0UN��=iNULY�H+]�Y� 2YiSV]n� UHK� 3HILT� ZL� ]� T`ZSrJO� SPKrWYVQL]\Qr� ZRVYV� QHRV� Z`UVU`TH�� �iKUi� VZVIUVZ[T�Z[H� ULI`SH� WYV� ZK�SV]HJr� WYVZ[�LKR`� [HR�iKHUi� H� H[YHR[P]Ur�� QHRV� QL� VZVIUVZ[� 0UN�=iNULYH�� (� ]� [VT� WYi]� ]PKrT� VIYV]ZR� ]�aUHTQLOV�VZVI`�WYV�WVW\SHYP[\�UH�LOV�T�Z[H�6ZVIU� QZLT� aUHS� 0UN�� =iNULYH� [�P� YVR`�� HSLT�S� QZLT� WVJP[�� �L� QLQ� aUiT� VKLKi]UH�� 1LOV]�OSHZ� WV� JLSn� UH�r� YLW\ISPJL� ZL� ULTVOSULKV[RUV\[� HUP� T��� :� VIKP]LT� QZLT� ZSLKV]HSQLOV� {ZPSr� V� I\KV]iUr� aKLQ�r� aVVSVNPJRn� aHOYHK`�ZSLKV]HS� YLWVY[i�L� H� �SiUR`� V� QLOV� HMYPJR�JO]�WYH]iJO�� �L[S� QLOV� RUPO`�� WVZSV\JOHS� QLOVWV\[H]i� ]`WYi]�Ur� ]� YVaOSHZL� �P� [LSL]PaP�� =�K`QZLT� VIKP]V]HS� S PKP� Z� ]LSR�TP� WSiU`�� R[L�r� QLKVRi�r� WSUP[�� 3PKP�� R[L�r� QKV\� aH� Z]�TP� ZU`�� SPKP�R[L�r� QL� KVRi�r� YLHSPaV]H[� P� aH� JLU\� VIYV]ZR�JOVZVIUrJO�VI�[r��0U�LU�Y�=iNULY�I`S�QLKUrT�a�UPJO�A]Si�[Ur� RHWP[VSV\� QZV\� QLOV� RUPO`�� A� UPJO]`aH�\QL� ]LSRi� TV\KYVZ[�� MPSVaVMPL� SPKZRVZ[P�W�i[LSZ[]r� H� SiZR`�� 1LOV� RUPO`� ULQLU� aH\QTV\Z]�TP� MHR[`�� HSL� U\[r� UiZ� R� W�LT��SLUr� V� ]a[HO\

�SV]�RH� R� W�rYVK��� V� WVZ[VQP� R� �P]V[\� H� V� ]a[HO\R VZ[H[UrT�SPKLT�6ZVIUr� ZL[RiUr� Z� 0UN�� =iNULYLT� I`SV� ]�K`]LSR�T�ai�P[RLT�� )`S�VIKP]\OVKU�T�]`WYH]��LTH�a�QLOV�ZSV]�QZ[L�T�SP�WVJP[�� QHRV�I`Z[L� ZL�UHWPSPaL� Z[\KiUR`� TV\KYVZ[P�� WVJP[�� �L� ZL� ZL[Ri]i[LZ �SV]�RLT�� R[LY� ]iT� Ti� ]�K`� JV� �rJ[�� 5PRK`QZLT� ULT�S� WVJP[� a[YHJLUnOV� �HZ\�� WVJP[�� R[LY�K�]�YU� aUiT� aL� ZL[RiUr� Z� SPKTP�� R[L�r� JO[�QrOVKU� TS\]P[�� HUP�� ZK�Sr� QLKPUV\�T`�SLUR\�� R[LYiI`�aH�U�JV�Z[iSH�AH�U�RVSPR�KU� I`�ZL�[LU[V�Ui��ULQWYVZS\SLQ�rVI�HU�� ZWPZV]H[LS� H� W\ISPJPZ[H� 0UN�� 1VZLM� =iNULY�*:J��TVOS�KV�r[����SL[��5`Ur�UiT�aI�]i� QLU�Sr[VZ[a� [VOV�� �L� QLQ� QP�� ULI\KLTL� WV[Ri]H[� UH� \SPJrJO[VOV[V� RYiZUnOV� T�Z[H�� WVZSV\JOH[� QLOV]`WYi]�Ur�H��LYWH[�a�QLOV�TV\KYVZ[P�7�LZ� ]�LJOU`� WVJ[`� H� \aUiUr�� R[LY�JO� ZL� T\KVZ[HSV� ]L� ]�KLJR�JO� H� ZWVSL�LUZR�JO� RY\arJO�T�Z[V� +]�Y� 2YiSV]n� UHK� 3HILT� [LWY]L� SVUP� ZLWVR\ZPSV� ZWSH[P[� QLU�ULWH[YUV\� T�YV\� KS\O�� R[LY�]��P� U�T\� TiTL�� :]�T� QLKUVT`ZSU�TYVaOVKU\[rT� V� \K�SLUr� �LZ[UnOV� VI�HUZ[]rT�Z[ZRn� aHZ[\WP[LSZ[]V� WYVQL]PSV� TV\KYVZ[� HUHKOSLK�� +VRiaHSV� WVZV\KP[� ]�aUHT� VZVIUVZ[P0UN�� =iNULYH� QHR� WYV� ZV\�HZUV\�� [HR� P� I\KV\JrNLULYHJP�VI�HU� [VOV[V�T�Z[H�1L� UiT� ]LSTP� Sr[V�� �L� W�PWYH]LUn� ZSH]UVZ[UrW�LKiUr� [VOV[V� KVRSHK\�� W�P� W�rSL�P[VZ[P��� UHYVaLUPU�� ULI`SV� WYV� UiOSn� aOVY�LUr� QLOVaKYH]V[UrOV�Z[H]\�\ZR\[L�U�UV��=��PSP�QZTL�]�QLOV\aKYH]LUr� H�I`SP� QZTL� W�PWYH]LUP� \ZR\[L�UP[� [LU[VHR[� [HR�� QHR� ZP� W�iS�� aH� {�HZ[P� TUVOH� ]aiJU�JOVZVIUVZ[r�� ZL�R[LY�TP�ZL�JO[�S�W�P� [n[V�W�rSL�P[VZ[PZL[RH[��)VO\�LS�ZL�Z�TUVO�TP�ZL[Ri�WV\aL� [HR[VH� T`� [LU[V� KVRSHK� T��LTL� W�LKH[� WV\aL� QLOVKYHO�T�:� ULZTrYUV\� {J[V\� H� WVRVYV\� ZL� ZRSiUrTLW�LK�WHTi[RV\��SV]�RH�[HR�K�SUnOV�H�TV\KYnOV�5PRK`�ULaHWVTLULTL� =02;69��=<)�Z[HYVZ[H�T�Z[H/,$��ù�"/��Ì�.$"���=aOSLKLT� R� [VT\�� �L� K\IUV]n� �rZSV� 5V]PURYiSV]nK]VYZRn� YHKUPJL� QZTL� ]�UV]HSP� ]�OYHKU�V[iaRiT�� ZV\]PZLQrJrT� Z� I�LaUV]V\� WV]VKUr�� WH[�rWY]Ur� PUMVYTHJL� UH�r� ZWVSL�LUZRn� RYVUPR`� ULQWY]L{KHQ�T�a�I�LaUH������=� I�LaU\� I`SV� ]L� +]V�L� 2YiSV]n� UHK� 3HILT\aH]�LUV���THU�LSZ[]r�� a�UPJO��[�P�WH[�PS`�VI�HU�TUH�LOV�T�Z[H!������� 0]HU� 7VW� H� 2HYVSPUH� 7PJRV]i�� ������4HYLR�+V\IYH]H�H�)SHURH�;w[OV]i���������7H[YPR�-VMH�7L[YH�)H\TV]i�=�I�LaU\�aLT�LSV����VZVI�� a� [VOV�� �VI�HU�+]VYH�2YiSV]n�UHK�3HILT!������ 4HYPL� :[YHKPV[V]i� �� � ��� ������ (SVQa2VY`[PHR� �� � ��� (UUH� 7H\S\ZV]i� �� ����� �����6[VRHY�7SLJOi� �� �����������2HYLS�;V�V]ZR� �� ���� ����� /HUH� 7L[LYV]i� �� ����� �������4HYPL�4iSRV]i�� � ��� ������� 4HYPL� ,[YPJOV]i� �� ����� ������� 1\SPL1LYPV]i� �� � ����������1P�PUH�ALTRV]i� �� �����������0UN�� 1VZLM� 3LOL�RH� �� ����� ������� 1P�r� �]iI� �� ����� ����� (\N\Z[PUH� 3\Z[\UL[aV]i� �� ����� ������� +Y�1VZLM� /\IRH� �� ����� )V�LUH� 3HUNULYV]i� �� ����������� 3\KTPSH� =LSrRV]i� �� ����� ������� 1P�PUH4HJOi�RV]i��� ������������=SHZ[H�)Y`JO[V]i��� ����� �����4NY��-YHU[P�LR��V[VSH��� ����

�3����"1�Ì8Ì�3�"3ÌÕæææ���/(7)V�LUH�/\SrRV]i�� 1HYVZSH]��VSJ��(SPJL�7PYVJOV]i�(UUH�4P[PZRV]i��:[HUPZSH]�)LUZJO����/(7/LSLUH� -PZOV]i�� 1P�PUH� :LKSi�RV]i�� )V�LUH7SLJOi�V]i��6[PSPL�2LQaHYV]i��1P�PUH�4HZVW\Z[V]i����/(7)V�LUH�ñHWRV]i��=SHZ[H�2HYL�V]i����/(7�1HYTPSH�+]V�i�RV]i��(UUH��YiTRV]i����/(73\K]PRH�4HRHSV\�V]i����/(74HYPL�2S\Z[V]i����/(74HYPL�2HYWr�RV]i��1VZLM�=Si�LR�>��1�Ì/8�1�;:]H[V�V]P� 1HYVZSH]�H�=SHZ[H� ��������3LKUV]P� 1P�r�H1P�PUH��� ������4HJRV]P�6SK�PJO�H�)V�LUH��� �����/ÿ�1�;Ì�Ì4!.1�Ì8Ì�3�"3]� K\IU\� I`SV� \aH]�LUV� JLSRLT� ���THU�LSZ[]r�a�[VOV���UH�aiTR\�2\RZ���A�[VOV[V�WV�[\�I`SV���THU�LSZ[]r�VI�HU� UH�LOV�T�Z[H!������ 7L[Y� 7LR� H� 1HYVZSH]H� �RVSUrRV]i�� �����4HYLR� /VQU� H� =HUKH� :[YiUZRi�� ������� 0UN�� 1HU,YSLIHJO� H� 3LVUH�ñL�V]ZRi�� ������� 1HU� 2VWLJR� H�HUL[H� :[Y\UV]i�� ������� 1VZLM� 4V�UP�RH� H� 3LURH1HR\IJV]i�� ������� .LVYNPVZ� .YPNVYPHKPZ� H� 3\JPL=�L[L�RV]i�� ������� 1HU� 1HYVSrT� H� 3\JPL�/\IiSRV]i�� �����;VTi��AHQrJ�H�4PYVZSH]H�=YHIJV]i��� �����1HU:R\[H�H�4VUPRH�)HY[THUUV]i�� � �����7H]LS�=VIV�PSH�7H]SrUH�=HJORV]i��� �����4VQTrY�2VUr�LR�H�:PS]PL9`RYV]i�=� K\IU\� aHT�LSV� ��� VZVI�� a� [VOV[V� WV�[\WV�[\�QL���VI�HU� UH�LOV�T�Z[H! ����� AKLU�R� 9�ZLS� �� ����� ������� =iJSH]2SLQ�TrK� �� ����� ������� -YHU[P�LR� /H]LSRH� �� ����������� 1HYVZSH]� 4PJOHS� �� ����� ������� (U[VUrU4VYH]LJ� �� ����� ������� 9��PJH� )LaYV]i� �� ����������� AKLU�R� 7L[LYH� �� ����� ������� 1VZLM� =SR�� �����3����"1�Ì8Ì�8û1"3ÌÕæææ���/(7(UUH� 3\�[PUJV]i� �� ������ :[HU�� 5LKVTSLSV]i�����������/(74HYPL� 7SH�RV]i� � ������ 2HYSH� 7H]LSRV]i� ��������6SK�PJO�3VQTHU��� ��������/(7/LSLUH�/VJOV]i����������2HYLS�.YVO���������,]H�1L�RV]i/HUH�5�TL�RV]i+/('$-«�8é,7(/(�$1*/,é7,1<úLKP[LSZ[]r� AiRSHKUr� �RVS`� 7VKOHYè� W�PQTL� VKUV]nOV� �RVSUrOV� YVR\� ���������� KV� WYHJV]UrOVWVT�Y\� \�P[LSL� HUNSPJRnOV� QHa`RH� UH� {WSU� ULIV�iZ[L�U� {]HaLR�� +HS�r� ]r[HUn� HWYVIHJL!� 4�� A��0U�)SP��r� PUMVYTHJL� UH� [LS���rZSL� 6�������� ��\�4NY�=H�RV]n�ULIV�\�4NY��7VZWr�PSH�1$%«'.$�%5,*�'<�RVSUr� QrKLSUH� ��� �� À<� WHYR\¯� OSLKi� �RVSUrRH� UHIYPNiK\�]��LY]U\�H��LY]LUJP��;LSLMVU���������WHUr5`�V]i�

��

�3�13."�Ì!û/�ù"��ù�.8�"ÌÕæææñ[]Y[LR�����LY]UH��'÷76.»�'(1�6�.8.(0�$�&8.(06KWVSLKUL� WSUn� OLY�� [HUJL�� aiIH]`�� ZV\[��r�VKT�U�H�KP]HKSH�� AH�i[LR� ]����OVKPU��2VUi� ZL� ]HYLiS\�9P]PnYH���������LY]UH��32�6723�&+�,1',�1 =�Z[H]H�]�[]HYU�JO�WYHJr�A<��+]�Y�2YiSV]n�UHK3HILT�� =LYUPZi�� ]� WVUK�Sr� ��� �LY]UH� ]� ��� OVKPU�=�Z[H]Ur�Zr� :[HYn�YHKUPJL�Ï[LY� ����LY]UH��9$5+$11«�.21&(57� ���RVUJLY[�2Y\O\�W�i[LS�O\KI`��=iJSH]�<OSr� �]HYOHU`�� *HU[\Z� HTPJP� �� WHYK\IPJR� RVTVYUr� ZIVY�AH�i[LR�]�� �OVKPU��2VZ[LS�Z]��1HUH�2�[P[LSL�Ï[LY� �����LY]UH��(',7+�$�0$5/(1(,]H� 7H[HRP�� /YH� ]� W�LKWSH[UnT�� 5LQZSH]U�Q�rWrZU� aSH[n� nY`� Z]�[V]nOV� �HUZVU\�� ]`UPRHQrJrW�]LJRn� ]�RVU`�� [V� ]�L� QL� VaKVIV\� W�rI�O\� VZL[RiUr� H� YVaJOVKLJO� K]V\� ]LSR�JO� WVZ[H]� Z]nKVI`� ,KP[O� 7PHM� H� 4HYSLUL� +P[YPJO�� /YHQr� H� aWr]HQrOLYJP�7VK�7HSTV]RV\��7�LKZ[H]LUr�]�YiTJP�W�LOSrKR`ñLZRn� KP]HKSV� aH� NLULYiSUrOV� WHY[ULYZ[]r� ñ:6)�AH�i[LR�� ����OVK��:iS�/HURV]H�KVT\�7i[LR������LY]UH��52%(57�.�(6�$1�$�'58+��75�9$AH�i[LR�]�� ����OVKPU��:iS�/HURV]H�KVT\�����LY]UH�H�� ���LY]LUJL��6«/$�3$0÷7,=�Z[H]H� MV[VNYHMPr� 1PUK�PJOH� �[YLP[H�� =LYUPZi�� ]{[LY� ���� �LY]UH� ]� ��� OVKPU�� =�Z[H]Ur� Zr� :[HYnYHKUPJL�7i[LR������LY]UH��/2-=26YPNPUiSUr�O\TVY�H�YLJLZL�]�WVKiUr�IYH[PZSH]ZRnO\KLIUr�ZR\WPU`��AH�i[LR�]�� ����OVKPU��2VUi�ZL�]HYLiS\�9P]PnYH�

-PSH[LSPZ[PJRi� ]�Z[H]H� RL� ����� ]�YV�r� ]`KiUr� WY]UraUiTR`� Z]�[H��6K��������KV������������Z V[L]rYHJrKVIV\� {[LY� H�� ULK�SL� ����� ������ OVKPU�4V�UVZ[�{�HZ[P�K�[r�UH�MPSH[LSPZ[PJRn�ZV\[��P�=�Z[H]H� SV\[LR� RYiSV]nK]VYZR�JO� SV\[Ri���THYPVUL[`��TH�iZJP�H�WSV�Un� SV\[R`��� R[LYi� WV[Y]iW�LZ� OSH]Ur� ZLawU\� T\aLH� VK� � �� ��� KV� ���� �������� 2YiSV]Z[]r� SV\[LR� WV[��r� THSn� P� ]LSRn�6[L]�LUV�{[LY� H��ULK�SL� �����������OVKPU�2VUJLY[�WLKHNVN� H��iR� AiRSHKUr�\T�SLJRn��RVS`KUL�������������VK�� �OVK�� ] I\KV]� T\aLH�®�W�JOHY\�

9ODVWLYøGQÇ�êWHQË�Y�êHUYQX7�r�[r�T�ZrJ�]`QKL�]�YVa�r�LUnT�]`KiUr�����rZSV�00��HK`� ���� �rZSV� ]� YVJL� ������ =SHZ[P]�KUnOV� �[LUr�QLOV��VIZHOLT� I\KV\� aHQrTH]n� �SiUR`� H�{KHQL� aKVI`� VR\WHJL� UH�LOV� T�Z[H�� MV[VNYHMPL�KVR\TLU[`�� THW`� H� KHS�r� TH[LYPiS� a� KVTiJrOV� PaHOYHUP�UrOV�VKIVQL�+V�[L[L� ZL� TPTV� QPUn� V� O\KLIUrT� �P]V[� PR\S[\YUr� �PUUVZ[P�� V� OVSVJH\Z[\� H� VZ\K\� UH�PJO�PKV]ZR�JO� ZWVS\VI�HU��� ]� �HZV]nT� W�LOSLK\ULQK�SL�P[�Q�r� \KiSVZ[P� VK� YVR\� � ��� H�� KV� YVR\� ���� RK`� P� UH� UH�L� T�Z[V� KVSLOS`� K�ZSLKR`H[LU[i[\� UH� /L`KYPJOH�� V� R]�[UV]�JO� KULJO� YVR\� ��� H� W�rWYH]iJO� UH� VaIYVQLUn� WV]Z[iUr�� VVZ]VIVaLUr�UH�LOV�T�Z[H�9\KV\�HYTiKV\�� QTnUH[�JO�ZWVS\VI�HU���R[L�r�ZL�RVUJL�]iSR`�ULKV�PSP�� VWVJOVK\� OSHK\� H� ZTY[P� a� RVUJLU[YH�UrOV� [iIVYH.YVZZ�9VZLU�H�YV]U���V�WY]UrT�WV]iSL�UnT�YVJL�

'(1�=(0÷�9�1$j«�=22+LU�ALT� �� ���� K\IUH� �� I`S� WVWY]n� ]`OSi�LU]L�:WVQLU�JO�:[i[LJO� W�LK�[�PJL[P� SL[`�� =�A66� QZV\[`[V� ZSH]UVZ[P� ZWVQLU`� Z� WYHJr� UH� {WYH]� HYLiS\� ]KVWVSLKUrJO� OVKPUiJO� H� Z� W�LKUi�RV]V\� �PUUVZ[rVKWVSLKUL�� RK`� IYPNiKUrR�T� UHIrarTL� W�LKL]�rTUV]n� LRVSVNPJRn� ]aK�Si]HJr� WYVNYHT`�� 4LaP� U�WH[�r� WYVNYHT� :SVU� WYV� TSHK�r� K�[P�� 7V\�è� WYVZ[HY�r� K�[P�� AVVSVNPJRn� OYHJr� RHY[`� H� 7YiJL� ZW�rYVKUPUHTP�WYV�TSHK�r�P�Z[HY�r��iR`�;�KLU� VZSH]� +UL� ALT� ZL� SL[VZ� WYV[iOS� UH[nT��� JLS� T�ZrJ�� RK`� ��� K\IUH� aHOiQPSHIYPNiKUPJRV\� �PUUVZ[� :7�;� +]�Y� 2YiSV]n�� QLQr�� �iJP]`RVUi]HQr� ]� A66� QP�� Wi[�T� YVRLT� Z]V\� WYH_P�3L[VZ�UiT�Z�W�rWYH]V\�UH�OSH]Ur�ZLawU\��ZWVQLUV\ZL� aHOiQLUrT� ZHMHYPWYVQr�K�R� �KrR`� W�raUP]nT\WV�HZr� I`S`� aHOiQLU`� YLRVYKU� aH� QLKLUiJ[PSL[V\OPZ[VYPP� QP�� � �� K\IUH�� WVTVOS`� OSH]U� [�rK`���)�H��)�H�[HR�[S\TV�rTL�]LKLUr�:7�;�VK�aHOYHUPJRnOV{ZLR\�WVJO]HS\�aH�QLQPJO�]`KH[UV\�WVTVJ�+rR� WH[�r� [HRn� A�� =VSL[PU`� ;Y\[UV]�� N`TUiaP\+]�Y� 2YiSV]n� U�3��� A�� 9[`U� ]� 7VKRYRVUV�r�� A�=�LSiRV]�� ��A��;Y\[UV]� H� A��+\ILULJ�� QLQPJO�� �iJPZL�[HRn�IYPNiK�a{�HZ[UPSP�*LSRLT� � � �RVSUrJO� ZR\WPU� Z� ���� �iR`� H� ��\�P[LSP� VKWYHJV]HSP� ������ IYPNiKUPJR�JO� OVKPU� W�POYHIiUr� UHWHKHUnOV� SPZ[r�� UH[rYiUr� [Y\ILR� [VWLUr� HUH]i�LUr� OSrU`� ]� WH]PSVU\� =VKUr� Z]�[`�� �P�[�Ur�SiIR��� ZIrYiUr� WHWrYR��� aHTL[iUr� RVSLT� ]�I�O� H�P�[�Ur�TVZ[� H�W�rRVWV]�JO��SiIR� RVSLT�]VSU�JO]�I�O� H�]�ZHMHYP�����K\IUH�QZTL�]L�ZWVS\WYiJP�Z�++4�1LKUP�RH\ZWV�iKHSP� QP�� ��� YV�UrR� ZVIV[Ur� IYPNiK`�� R[LYn� ZLa{�HZ[UPSV� ���� �iR� H� KVZW�S�JO� aRYiSV]nK]VYZR�JO� �RVS�� 7YiJP� ]� HYLiS\� WYV� U�W�PWYH]PSP� aHOYHKUrJP� A66��5H� ai]�Y� IYPNiK`� ZP� K�[PVWLRS`�I\�[`��=�PJOUP�IYPNiKUrJP�VIKY�LSP� aH�KVIYV\WYiJP�]VSUV\�]Z[\WLUR\����� K\IUH� ]`W\Z[PSP� TSHKr� W�rYVKV]�KJP+HY^PUV]`�Z[HUPJL�KV�]VSUn�W�rYVK`�QL�R`��R[L�r�I`SPVK�WVKaPT\� SV�ZRnOV� YVR\�]�Wn�P�V�L[�V]H[LS� ]L:[HUPJP� WYV� OHUKPJHWV]HUi� a]r�H[H� UH� VKKrS\� PUN�9HKTPS`�4H�rRV]n�

=aK�Si]HJr� ZV\[��� 5H� SV]\� �LSLT� QZTL\ZR\[L�UPSP� � �� K\IUH�� RK`� ZP� ���� ZV\[��rJrJO� aLZLKTP� K]VYZR�JO� �RVS� V]��PSV� Z]n� ]�KVTVZ[P� V�LSTiJO� 0UN��;64��/(15@�4NY��;64��402@:2(

6�ñ,4�:,�7:(367ú,+�����3,;@]L� =�Z[UrR\� RYiSV]nK]VYZRnT� AiIVQKUL ����R]�[UH�� ��!76úÄ+,2!ñHZ[V�I`SV�WV\RHaV]iUV�UH�[V���L�WHYR`�UHALSLYV]\� UiT�Z[r� H� W�LK� N`TUHZPLT� ZLUHSnaHQrJr�� ULQZV\� UiSL�P[� OSLK�U`� H� �P�[�U`� H�L�Z[i]HQr�ZL�ZRSHKP�[�T�Y�aU�JO�OHKY� H�WHWrY��;VT\[V�UL�]HY\�I`SV�VKWVTV�LUV�U`Ur�[rT���LUHQT\[�I`S�aH�ULWH[YU� WVWSH[LR�ZI�YH� WHWrY��R[LY� Ti� aH� WV]PUUVZ[� KLUU� WHWrY`� H� WVK�ULQLU�]�WHYR\��U�IY��P�UH�WVKSV\IrJO��UiT�Z[r�H\SPJrJO�ZIrYH[P��HI`�ZL�UiSL�P[i��PZ[V[H�KVJrSPSH��5HUH�LT�VI�HUZ[]\� QLZ[�U`Ur��HI`�P�ZHTV�OSLK�SVWV�iKLR� aHJOV]i]H[P� H� ULVKOHaV]HSV� Y�aUnW�LKT�[`� WV� UiT�Z[rJO�� WVKSV\IrJO� H� \SPJrJO�ULIVè� [V� R� W�RUnT\� ]aOSLK\� T�Z[H� UPR[LYHRULW�PZWr]i��� �*V� R� [VT\�KVKH[&� :P[\HJL� ZL� ]�WVKZ[H[�ULaT�UPSH�� (� JV� ]rJ� �� R� ZYKJP� I`� ZP� [HRV]V\[V]�a]\� T�SP� ]ar[� P� THQP[LSn� ]�LJO� �[`�UVO�JOTPSi�R� H�W�P� WYVJOiaJL� ]�L�� JV� VUP� UH� \SPJrJO\[YV\Zr��WVJ[P]� ZLIYH[�� 6OSr�rTL�SP� ZL�WV�JPaPU��WHR� P� ]� [VT[V� W�rWHK� I`JOVT� ZP� T�SP� ]ar[W�rRSHK��=Ç*,�:=ó;3(!5H�L� W�LKT�Z[r� OSiZr� ZL� QHRV� ]�K`� WVUV]�JO� VILJUrJO� ]VSIiJO� aHZL� R� �P]V[\�� *O[�QrZL� TVKLYUPaV]H[P�� �iKHQr� W�LKL]�rT� UiSL�P[nVZ]�[SLUr� H� ]�[�r� KVOSLK� WVSPJLQUr�� 5iYVR`WVWSH[UPJ[]H� WVR\K� UiT� I`S`� ZK�SLU`�� ULQZV\UPR[LYHR�W�LTY�[�Un��\]i�rTL�SP���L�]�OVK`��QPJO�ZL� KVTiOHQr�� W�PWHKUV\� R� KVIY\� P� WiU�TT��èiR�T�� 7�LKT�Z[r� UH�L� WSH[r�� QHR� aQP�[�UV�[nT��� �[]Y[PU\� VILJUrJO� W�PYi�LR� H� ULSaL� [\Kr�W�LZ� QPJO� VWYi]U�Un� �iKVZ[P� W�LQr[P� R� KLUUrT\WV�iKR\�*V� ZL� [�Ri� a�raLUr� HZ� �� WS`UV]�JO� Z]r[PSLURVSLT� O�IP[V]H� H� a�raLUr� HZ� �� WL[YVSLQV]�JOZ]r[PSLU�VK�]PS`�4HUKSV]`�ZT�YLT�R�UiKYH�r�� [\ULI\KL� ZUHK� KULZ� UPRKV� U\[UVZ[� \WrYH[�� �LZS\�IH� ILaWL�UVZ[Ur� UL]`OV]\QL�� QLZ[� Ki]UVaUiTV�� ]�K`è� TiTL� KULZ� KHSLRV� TnU�ILaWL�UVZ[UrJO� ZPS� UL�� W�LK� ��� SL[`�� :SH]UnaHZ[\WP[LSZ[]V� VILJUr� I`� T�SV� ]ar[P� [`� ]�JP� ]UiSL�P[V\�{]HO\�H�WVZ[HYH[P�ZL�V�UiWYH]\��� �;HR� [VOSL� ZP� \�� KULZ� VWYH]K\� UPRKV� UL\TrW�LKZ[H]P[� �� VZT� WL[YVSLQV]�JO� Z]r[PSLU� UH� [HRKSV\On�[YHZL�� v7VR\K� Ti[L� YiKP� [HRV]n� aWYi]P�R`� a KVI`TPU\Sn� UH�LOV�T�Z[H��WVYVaOSnKU�[L� ZL�KVTHWV� Z[HY�JO� �HZVWPZLJO� �P� Y�aU�JO� SL[iJrJO�6RVWrY\Q[L� QL� ULIV� UiT� QL� aH�SL[L�� 9iKP� QLa]L�LQUrTL� P� Z =H�PT� QTnULT�� 1LZ[SP�L� WV[��PS`=iZ��WV[��r�QPZ[� P�UH�L��[LUi�L��AHQrTH]n� QZV\� PY�aUn�Z[HYn�PUaLYi[`�ULIV�UHIrKR`�aIV�r�

��

A(A5(4,5(30�1:4,����� A(A5(4,5(30�1:4,������A(A5(4,5(30�1:4,� ���A(A5(4,5(30�1:4,32'÷.29�1«�2%é$1 0+UL�����I�LaUH������VKLZSHS�aL�Z]n�RHUJLSi�L]� 7YHaL� KVWPZ� Z[HYVZ[V]P� UH�LOV� T�Z[H� WHU� 0ZHV6UVKH�� ]LKV\Jr� WYH�ZRn� RHUJLSi�L� QHWVUZRnVIJOVKUr� ZWVSL�UVZ[P� 5PJOPL[Z\� *VYWVYH[PVU�� QLOV�aU�Ur�WVKSL�W�iUr�WHUH�6UVK`�a]L�LQ�\QLTL!+V]VS[L� TP�� HI`JO� =iT� WVK�RV]HS� aHW�rRSHKUV\� WVTVJ�� R[LYn� ZL�TP� KVZ[HSV� aL� Z[YHU`=H�PJO� ZWVS\VI�HU��� =�[�PU\� a� UPJO�� IVO\�LS�ULaUiT� QTnULT�� WYV[V� I`JO� JO[�S� HSLZWV� [V\[VJLZ[V\�]`QiK�P[�Z]�Q�KrR�=� ZVIV[\� ��� I�LaUH� ����� QZLT� JLZ[V]HS� Z]�T]VaLT�4LYJLKLZ�)LUa�KV�+]VYH�2YiSV]n��;�ZU� aHT�Z[LT� UH� ]�WHKV]n� ZPSUPJP� QZLT� ZL� ZH\[VTVIPSLT�V[i�LS� KV� WYV[PZT�Y\�� 7�P� aTrU�UnTTHUn]Y\� ]�HR� [LU[V� [��R� ]�a� ZQLS� KV� W�rRVW\� Ha�Z[HS� ]PZL[� UH� WVK]VaR\�� W�P�LT�� aHKUr� RVSH� ZLVJP[SH� UHK� ]VaV]RV\�� [HR�L� ULT�SH� VWVY\� HULTVOSH�WYV[V�aHIYH[�P�WL]UV\�WVKSV�R\�=� [n[V� ZSV�P[n� ZP[\HJP� TP� aJLSH� ULaP�[U� HVI�[H]� WVTVOSP� VI�HUn� =H�LOV� T�Z[H�2VSLTQLKV\Jr��PKP�P�POULK�aHZ[H]PSP�H�UHIrKSP�WVTVJ�KHS�r� SPKn�]`I�OSP�a�ULQISP��rJO�KVTR� H�aR\ZPSP� aL]�LJO� ZPS� a]LKUV\[� H\[VTVIPS�� 2K`�� ZL� [V� W�LZQLQPJO� ]L�RLYn� {ZPSr�� R[LYn� [Y]HSV� KnSL� UL�� OVKPU\�ULWVKH�PSV��aH]VSHSP� UH� WVTVJ� [YHR[VY��)`S�TYia�HUL]SrKUn� WV�HZr�� 5�R[L�r� ZL� W�P� ]`[HOV]iUrH\[VTVIPS\�\�WPUPSP��JV��TUL�]LSTP�TYar�7�PQT�[L��WYVZrT��]� aHZ[V\WLUr� [�JO[V�TPS�JO�HVI�[H]�JO� SPKr� Tn� ZYKL�Un� WVK�RV]iUr�� 4��L[L�SPa]L�LQUP[�T�Q�KVWPZ�U�QHR�T�aW�ZVILT���UHW�rRSHK]�TrZ[UrJO�UV]PUiJO���I\K\�=iT�aH]iaiU�=�0(.�.8.6��+5$%÷�6325&.�$'2%5§�9«12";LU[V� RYi[R� �SiULR� ZP� ULRSHKL� aH� JrS� OVKUV[P[]a[HO�IHYVRUrOV��SLJO[PJL�-��(��:WVYJRH�R�]rU\��HUP[\� ZR\[L�UVZ[�� �L� UH� ZL]LYUr� ]�ZW� aLTr� �LZR�JOI`S`� ]PUPJL� �� [V� H�� U�RK`� W�r�[��� +ULZ� WV\aLU�RVSPR� HR[\iSUrJO� PUMVYTHJr� V� R\S[\YUrT� K�Ur� ]LaKLQ�r�\UPRi[Ur�OPZ[VYPJRn�WHTi[JL�5H� aiTR\�T��L[L� ZOSnKUV\[� UiKOLYUn� ZVJO`4��)��)YH\UH��RYiZUV\�IHYVRUr� SnRiYU\�� aiTLJRV\RHWSP�� RVZ[LS� 5LQZ]�[�Q�r� ;YVQPJL� H� QPUn� WHTi[R`�� =ULKHSLRnT� SLZL� \� �PY�L� ZL� UHJOiar� QLKPUL�U�RHTLUU� IL[SnT� 4�� )�� )YH\UH�� R[LY� I`S� ]� YVJL� � aHWZiU� KV� ZLaUHT\� Z[H� VOYV�LU�JOZ]�[V]�JO�WHTi[LR�<5,:*6�=� ZHTnT� ZYKJP� /VZWP[HS\� QL� QP�� [�P� YVR`� ]WYV]Va\�WYVKLQUr� NHSLYPL�� RKL�T��L[L� ]PK�[� Z[iSV\L_WVaPJP�THSI`��WSHZ[PR��\T�SLJRnOV�ZRSH��RV]i�Z[]r�TLKHPSr�� RLYHTPR`�� 5H]rJ� WYH]PKLSU� RH�KV\� WY]UrZVIV[\� ]� T�ZrJP� VK� K\IUH� KV� �rQUH� ZL� RVUi]LYUPZi�� UH�PJO� P� aHOYHUP�UrJO� \T�SJ� ZQLKUVT�Zr�Ur�L_WVaPJr�QLQPJO�\T�SLJR�JO�K�S�7YV]VaV]H[LSn� .HSLYPL� -�� (�� :WVYJRH� ZL� ZUH�rWYV� Ui]�[�]UrR`� W�PWYH]V]H[� UV]n� H� aHQrTH]nWYVQLR[`� �� UH� SL[V�Ur� ZLawU\� ZL� ]L� ZWVS\WYiJP� Z=PUV[nRV\� \� :]H[nOV� 4PR\Si�L� ��SLU� (ZVJPHJL]PUV[nR� ñ9�� H� VIJOVKUr� MPYTV\� =P[PZ� a� ULKHSLRn1HYVT��L� W�PWYH]\QL� ZWLJPiSUr� �HY�L� �LZR�JO� ]rU� ZVYPNPUiSUr�ZWVYJRV]ZRV\�HKQ\Z[HJr�=aOSLKLT� R� UHY�Z[HQrJrT\� aiQT\� UH�PJO� PaHOYHUP�UrJO�[\YPZ[� V�OPZ[VYPP�H\[V�P�[n[V�HRJL�]��r�]{ZW�JO�H�OSH]U� KV\MHQr���L�aiQLTJP�V�KVIYi�]rUHZP�I\KV\�TVJP�VK]na[�R]HSP[Ur�KiYLR�WYV�ZLIL�P�WYVZ]n�ISraRn�W�rTV�VK�OYHI�[L�:WVYJRH�:;(50:3(=�9<+63-:2þ

,1)250$&(�2�0÷676.§�75å1,&,<WVaVY�\QLTL�VI�HU`���L�KUL�����K\IUH�����]Z[V\WPS� ]� WSH[UVZ[� UV]� [Y�Ur� �iK�� R[LY� \WYH]\QLUV]n� WVKTrUR`� WYV� Z[iURV]� WYVKLQ� ]L� T�Z[��1LKPUn�TrZ[V��\Y�LUn�WYV�Z[iURV]� WYVKLQ�� QL�OVYUr�iZ[�WHYRV]P�[� \��PUKLSi�ZRn�]��L��Z�RHWHJP[V\���WYVKLQUrJO� TrZ[�� 7YV]Va� [Y�UPJL� QL� aHQP�èV]iUWYVZ[�LKUPJ[]rT�ZWYi]JL�[YO\�;Y�Ur� �iK� ZL� ]`Ki]i� ]� ZV\SHK\� ZL� aiRVULT�������� �� :I�� V� �P]UVZ[LUZRnT� WVKUPRiUr�� ]LaU�Ur� WVaK�Q�rJO� W�LKWPZ� H� R� \]LKLUnT\� KH[\I\KL� R� KPZWVaPJP� UH� 4�Z[ZRn� [Y�UPJP� ]L� +]V�L2YiSV]n�UHK�3HILT�7VWSH[R`� aL� aiIVY\� ]L�LQUnOV� WYVZ[YHUZ[]r� ZL]`IrYHQr�]�ZV\SHK\�Z�VILJU� ai]HaUV\�]`OSi�RV\�VTrZ[UrJO�WVWSH[JrJO�52.�2&+5$1<�0272529»&+92=,'(/=� YiTJP� WSU�Ur� {RVS� ]� VISHZ[P� WYL]LUJLRYPTPUHSP[`� H� UH� WVKRSHK� ]`OVKUVJLUrILaWL�UVZ[Ur� ZP[\HJL� H� KSV\OVKVInOV� ]�]VQLRYPTPUHSP[`� ]� ñLZRn� YLW\ISPJL� ]`OSiZPS� WVSPJLQUrWYLaPKLU[�WYV�7VSPJPP�ñ9�9VR��������YVRLT�VJOYHU`TV[VYV]�JO�]VaPKLS�:T`ZSLT�[VOV[V�VWH[�LUr�QL�TPTV�QPUn�P�a]��LUrPUMVYTV]HUVZ[P� VI�HU� V� ILaWL�UVZ[UrJOZ`Z[nTLJO�H�TV�UVZ[LJO�W�PZW�[�RL�ZUr�LUr�WV�[\[YLZ[U�JO��PU� ]� [n[V�VISHZ[P� H�R�VKOHSV]iUr� QLQPJOWHJOH[LS��� 6JOYHUH� TV[VYV]�JO� ]VaPKLS� ZL� WYV[LU[V� YVR� Z[i]i� QLKUV\� a� WYPVYP[� ULQLU� YLWYLZP]Ur�HSL� W�LKL]�rT� WYL]LU[P]Ur� H� PUMVYTH�Ur� �PUUVZ[P7VSPJPL�ñ9�7Y]UrT� W�rZW�]RLT� 7VSPJPL� ñ9� H� 4PUPZ[LYZ[]H]UP[YH� ñ9� R� YVR\� VJOYHU`� TV[VYV]�JO� ]VaPKLS� QLTV�UVZ[� PU[LYUL[V]nOV� ]Z[\W\� KV� KH[HIiaLWi[YiUr� WV�VKJPaLU�JO�TV[VYV]�JO� ]VaPKSLJO� H� [VVK� ��� SLKUH� ������ KHUi� ILa� VTLaLUr� ]�LTVI�HU�T�2YiKL�L� K]V\Z[VW�JO� P� QLKUVZ[VW�JO� ]VaPKLS�]SV\WiUr� KV� UPJO�� RYiKL�L� ZV\�iZ[LR� H� WVK�� WH[�rTLaP� RYiKL�L� WYVZ[n�� R[LYn� QZV\� aH�SLU�U`� KVTHQL[RV]n�[YLZ[Un��PUUVZ[P�H�ZV\OYUU� QP�UHa�]iTLH\[VRYPTPUHSP[H�;n[V� WYVISLTH[PJL� ]�U\QL� 7VSPJPL� ñ9ZV\Z[H]UV\� a]��LUV\� WVaVYUVZ[� QP�� U�RVSPR� SL[� HPU[LUaP]Ur� WYiJL� W�PUi�r� ULWVJO`IU� {ZW�JO`�[�RHQrJr� ZL� aLQTnUH� ZUP�V]iUr� WV�[\� VKJPaLU�JOTV[VYV]�JO�]VaPKLS��5H�KY\OV\�Z[YHU\��IVO\�LS��QLU\[Un�RVUZ[H[V]H[�� �L�KVJOiar�R�TrYUnT\�UiY�Z[\W�rWHK� ]SV\WiUr�KV�]VaPKLS�6K�YVR\�� ��QL�WYV]iK�UH�aPTUr�ILaWL�UVZ[UrHRJL� ]� VRYLZLJO� ;Y\[UV]� H� :LTPS`�� 2H�KVYV�UrOVW�rSP]\�UH�PJO�P�aHOYHUP�UrJO�Ui]�[�]UrR� 2YRVUV�]� aPTUrJO� T�ZrJrJO� ]`\�r]HQr� P� [P�� R[L�r� OSLKHQrW�rSL�P[VZ[� WYV� Z]n� UL�PZ[n� {T`ZS`�� *rSLT� aTrU�UnILaWL�UVZ[Ur� HRJL� QL� aHTLaP[� VYNHUPaV]HU�TZR\WPUiT� P� QLKUV[SP]�T� WHJOH[LS�T� ]� RYiKL�rJOTV[VYV]�JO�]VaPKLS�6JOYHUH� THQL[R\� QL� ]�Jr� RH�KnOV� a� UiZ�5L\ZUHK�\QTL� [LK`� WYiJP� aSVK�Q�T�� H� [VULKVZ[H[L�U�T� aHILaWL�LUrT� ]VaPKLS� ULIV]PKP[LSU�T� ]`Z[H]V]iUrT� Y�aU�JO� SiRHKLS� ]WVKVI� JLUU�JO�]�Jr�aH�VRU`�H\[�7VSPJPL� ñ9� W�PWYH]\QL� WYV� UH�L� VI�HU`WVYHKLUZRn� KU`� H� HRJL�� I�OLT� UPJO�� ZL� I\KV\TV[VYPZ[n� TVJP� ZLaUiTP[� Z� ULQY�aU�Q�rTPTV�UVZ[TP�aHQP�[�Ur�Z]nOV�]VaPKSH�H[K�7WVY��0=(�/(5<�6=Ä

5HIrKRH�]�YVIJL!=9»+2'1÷1«�352�3267,å(1§=�3/$9$0,7VZ[POS`�]iZ�WV]VKU�&�)\KL[L�WV[�LIV]H[�UV]�WSV[�H�UL]r[L�UH�RVOV�ZL�VIYi[P[&�AR\Z[L�[V�W�rTV�\]�YVIJL� WSL[P]� aH� ILaRVUR\YLU�Ur� JLU`�� *V� ]iTT��L� MPYTH� +67:� ]� ;Y\[UV]��� R[LYi� ZL� aHI�]iTPTV�QPUn�P�VWSVJLUrT��UHIrKUV\[&=� [n[V� VISHZ[P� QL� ZJOVWUH� aHQPZ[P[� TH[LYPiS]�L[U� WYVNYHT\�7,9,5��[Q��WSL[P]V�WV[H�LUn�7=*�]L�K]V\�IHY]iJO���]�L[U� W�rZS\�LUZ[]r�� UHW��� KYi[`]iaHJr� H� UHWrUHJr�� UHWrUiR`�� �P]V[UVZ[� [VOV[VWSL[P]H�ILa�{KY�I`�QL�]rJL�QHR����SL[�+67:� ]iT� UHIrar� TVU[i�� VWSVJLUrR]HSPMPRV]HU�TP� WYHJV]UrR`� �]��� K�Y� H� IL[VU\��]�YVI\� UH� aHRiaR\� �IYHUR`�� ZSV\WR`�� ]aW�Y`�WSV[V]n� YiT`��� 0UMVYTHJL� arZRi[L� UH� [LS���� ��������\�ZS��;YUL�RV]n�+iSL� ]iT� MPYTH� UHIrar� TV�UVZ[� ]`\�P[rILaWSH[U�JO� ZS\�LI�� UHW��� ]`WYHJV]iUr� ULai]HaUnJLUV]n�UHIrKR`��Ui]YO�VWSVJLUr�=aOSLKLT� R� WV]VKUrT� ZL� MPYTH� YVaOVKSHa]�OVKUP[� VI�HU`� [�TP[V� aiWSH]HTP� WVZ[P�LUn� HUHIrKUV\[� QPT� ]�YHaUn� ZSL]`� UH� WSL[P]V� H�TVU[i�]�L[U� KVWYH]`�KV����RT�aKHYTH��2H�K� aiQLTJLV� [\[V� ZSL]\� ZL� I\KL� T\ZL[� WYVRiaH[� UHW��KVRSHKLT�VK�WVQP�èV]U`�7VKUPRV]i�WYVKLQUH�WSL[P]�QL�]�;Y\[UV]� ��7V�r�r�aH�LSLR[YiYUV\�ZT�YLT�UH�ÏWPJP��62)7%$/29»�7851$-.5é$1'$�����=L�KULJO�����H������K\IUH�WYVI�OS� ]�7YHaL� �2Y�P�WYLZ[P�Ur�[\YUHQ�RHKL[LR�2Y�HUKH�������;\YUHQLZL� a{�HZ[UPSV� ��� ULQSLW�rJO� KY\�Z[L]� a� ñLZRnYLW\ISPR`��+Y\�Z[]H�I`SH�YVaK�SLUH�KV�K]V\�ZR\WPU�=� WY]Ur� ZR\WPU� I`SH� KY\�Z[]H� 3�(�:�6�� 2SHKUV�� ;1+]�Y�2YiSV]n�U�3���:VRVS�7YHOH�2Y���6Z[YV]�UHK�6O�rH�*OVT\[V]��=�KY\On�ZR\WPU� I`SH�KY\�Z[]H�:WHYRZ4SHKn�)\R`��2V[Si�RH�7YHOH��/H]r�V]��2HYSV]`�=HY`�H7VKRY�r�=� Wi[LR� ZL� UH�L� K�]�H[H� Z[�L[SH� Z� KY\�Z[]LT3�(�:�6�� 2SHKUV�� 5H�L� KY\�Z[]V� a]r[�aPSV� OSHKJL��!����=�ZVIV[\�UH�L�KY\�Z[]V�ZLOYiSV���aiWHZ`��:2Y�r� QZTL� ]`OYiSP� ��!��� Z� 6Z[YV]LT� ��!�� H� Z*OVT\[V]LT� QZTL� YLTPaV]HSP� �!��� ;rT� QZTL� ZPaHQPZ[PSP� ��� TrZ[V� ]L� ZR\WPU� H� WVZ[\W� KV� KHS�rJOIVQ��=� ULK�SP� UH�L� K�]�H[H� ULQWY]L� WVKSLOSHKY\�Z[]\�2V[Si�RH�7YHOH��!���0�WV�[n[V�WVYi�JL�QZTLT�SP� �HUJP� WVZ[V\WP[� KV� MPUiSL�� HSL� ]� KHS�rT� RVSLQZTL�WVKSLOSP�*OVT\[V]\�VW�[�[�ZU� !��H�ZRVU�PSPQZTL�UH����TrZ[���=r[�aLT�[\YUHQL�ZL�Z[HSV�KY\�Z[]V2V[Si�RH�7YHOH� 7,;9�2(=(5129,1<.5­/29´'9256.´�5$'1,&(Y\G¿Y¿�0øVWVNÛ� Ø�DG� YH� 'YR�H� .U¿ORYÇ� QDG/DEHP��9\FK¿]Ë�MDNR�PøVËêQËN��ËGË�UHGDNêQË�UDGD�YH�VORæHQË�9LNWRU�jYXE��-DQ%ÇP��� -DQ�0DFKHN����3K'U��0LURVODY�.DGOêËN�-DQ�6FKZDU]��UHGDNWRU�� 3RYROHQR 2¸ Y 7UXWQRYø SRGê� 55�������+%�7LVNQH�$53$��WLVN¿UQD��.RWNRYD�����'Y�U�.U¿ORYÇ�QDG�/DEHP�