 'LETXIV M 8EF&EVW ERH4MGOIVW RXLIPEWXGLETXIV]SYFYMPX]SYVJMVWXQYPXMZMI[ETTPMGEXMSR-RXLMWGLETXIV ]SYvVIKSMRKXSFYMPHEJYPPXEFFEVETTPMGEXMSR[MXLJMZIHMJJIVIRXXEFWERHJMZI HMJJIVIRXGSRXIRXZMI[W&YMPHMRKXLMWETTPMGEXMSRMWKSMRKXSVIMRJSVGIEPSXSJ [LEX]SYPIEVRIHMRXLIPEWXGLETXIVFYX]SYvVIXSSWQEVXXSWTIRHE[LSPI GLETXIVHSMRKWXYJJ]SYEPVIEH]WSVXEORS[LS[XSHSWS[IvVIKSMRKXSYWI XLSWIJMZIGSRXIRXZMI[WXSWLS[]SYLS[XSYWIEX]TISJM4LSRIGSRXVSPXLEX [ILEZIRSXGSZIVIH]IX8LIGSRXVSPMWGEPPIHXLITMGOIVZMI[EPXLSYKLMXvW YWYEPP]NYWXGEPPIHXLITMGOIV =SYQE]RSXFIJEQMPMEV[MXLXLIREQIFYX ]SYvZIEPQSWXGIVXEMRP]YWIHETMGOIVMJ]SYvZI S[RIHERM4LSRIJSVQSVIXLERWE]QMR YXIW4MGOIVWEVIXLIGSRXVSPW[MXLHMEPWXLEX WTMR=SYYWIXLIQXSMRTYXHEXIWMRXLI'EP IRHEVETTPMGEXMSRSVXSWIXEXMQIVMRXLI'PSGO ETTPMGEXMSRWII*MKYVI 4MGOIVWEVIVEXLIVQSVIGSQTPI\XLERXLI M4LSRIGSRXVSPW]SYvZIWIIRWSJEVERHEWWYGL XLI]HIWIVZIEPMXXPIQSVIEXXIRXMSR4MGOIVWGER FIGSRJMKYVIHXSHMWTPE]SRIHMEPSVQER]&] HIJEYPXTMGOIVWHMWTPE]PMWXWSJXI\XFYXXLI]GER EPWSFIQEHIXSHMWTPE]MQEKIW *MKYVI%TMGOIVMRXLI 'PSGOETTPMGEXMSR ',%48)6 8EF&EVWERH4MGOIVW  8LI4MGOIVW%TTPMGEXMSR 8LMWGLETXIVvWETTPMGEXMSR4MGOIVW[MPPJIEXYVIEXEFFEV%W]SYFYMPH4MGOIVW]SYvPPGLERKI XLIHIJEYPXXEFFEVWSMXLEWJMZIXEFWEHHERMGSRXSIEGLSJXLIXEFFEVMXIQWERHXLIRGVI EXIEWIVMIWSJGSRXIRXZMI[WERHGSRRIGXIEGLXSEXEF 8LIJMVWXGSRXIRXZMI[[IvPPFYMPH[MPPLEZIEHEXITMGOIV[LMGLMWXLIIEWMIWXX]TISJTMGOIV XSMQTPIQIRXWII*MKYVI8LIZMI[[MPPEPWSLEZIEFYXXSRXLEX[LIRXETTIH[MPPHMW TPE]EREPIVXXLEXHMWTPE]WXLIHEXIXLEX[EWTMGOIH 8LIWIGSRHXEF[MPPJIEXYVIETMGOIV[MXLEWMRKPIPMWXSJZEPYIWWII*MKYVI8LMWTMGOIVMW EPMXXPIFMXQSVI[SVOXSMQTPIQIRXXLEREHEXITMGOIV=SYvPPPIEVRLS[XSWTIGMJ]XLIZEPYIW XSFIHMWTPE]IHMRXLITMGOIVF]YWMRKEHIPIKEXIERHEHEXEWSYVGI -RXLIXLMVHXEF[IvVIKSMRKXSGVIEXIETMGOIV[MXLX[SWITEVEXI[LIIPW8LIXIGLRMGEPXIVQ JSVIEGLSJXLIWI[LIIPWMWETMGOIVGSQTSRIRXWSLIVI[IEVIGVIEXMRKETMGOIV[MXLX[S GSQTSRIRXW;IvPPWIILS[XSYWIXLIHEXEWSYVGIERHHIPIKEXIXSTVSZMHIX[SMRHITIRHIRX PMWXWSJHEXEXSXLITMGOIVWII*MKYVI)EGLSJXLMWTMGOIVvWGSQTSRIRXWGERFIGLERKIH [MXLSYXMQTEGXMRKXLISXLIVSRI -RXLIJSYVXLGSRXIRXZMI[[IvVIKSMRKXSFYMPHERSXLIVTMGOIV[MXLX[SGSQTSRIRXW&YXXLMW XMQIXLIZEPYIWHMWTPE]IHMRXLIGSQTSRIRXSRXLIVMKLXEVIKSMRKXSGLERKIFEWIHSRXLIZEPYI WIPIGXIHMRXLIGSQTSRIRXSRXLIPIJX-RSYVI\EQTPI[IvVIKSMRKXSHMWTPE]EPMWXSJWXEXIWMRXLI PIJXGSQTSRIRXERHEPMWXSJXLEXWXEXIvW>-4GSHIWMRXLIVMKLXGSQTSRIRXWII*MKYVI *MKYVI8LIJMVWXXEF[MPP WLS[EHEXITMGOIV *MKYVI%TMGOIVHMWTPE] MRKEWMRKPIPMWXSJZEPYIW *MKYVI%X[S GSQTSRIRXTMGOIV ',%48)6 8EF&EVWERH4MGOIVW  %RHPEWXFYXQSWXGIVXEMRP]RSXPIEWX[IvVIKSMRKXSLEZI EPMXXPIJYR[MXLXLIJMJXLGSRXIRXZMI[;IvVIKSMRKXSWIILS[ XSEHHMQEKIHEXEXSETMGOIVERH[IvVIKSMRKXSHSMXF][VMX MRKEPMXXPIKEQIXLEXYWIWETMGOIV[MXLJMZIGSQTSRIRXW-R WIZIVEPTPEGIWMR%TTPIvWHSGYQIRXEXMSRXLITMGOIVvWETTIEV ERGIMWHIWGVMFIHEWPSSOMRKEFMXPMOIEWPSXQEGLMRI;IPPXLIR [LEXGSYPHFIQSVIJMXXMRKXLER[VMXMRKEPMXXPIWPSXQEGLMRI KEQIWII*MKYVI#*SVXLMWTMGOIVXLIYWIV[SRvXFIEFPI XSQERYEPP]GLERKIXLIZEPYIWSJXLIGSQTSRIRXWFYX[MPPFI EFPIXSWIPIGXXLI7TMRFYXXSRXSQEOIXLIJMZI[LIIPW[MPPWTMR XSERI[VERHSQP]WIPIGXIHZEPYI-JXLVIIGSTMIWSJXLIWEQI MQEKIETTIEVMREVS[XLIYWIV[MRW *MKYVI-RXLMWTMGOIV SRIGSQTSRIRXMWHITIRHIRX SRXLISXLIV%W[IWIPIGX EWXEXIMRXLIPIJXGSQTS RIRXXLIVMKLXGSQTSRIRX GLERKIWXSEPMWXSJ>-4GSHIW MRXLEXWXEXI *MKYVI3YVJMZIGSQ TSRIRXTMGOIV2SXIXLEX[I HSRSXGSRHSRIYWMRK]SYV M4LSRIEWEXMR]GEWMRS (IPIKEXIWERH(EXEWSYVGIW &IJSVI[IHMZIMRERHWXEVXFYMPHMRKSYVETTPMGEXMSRPIXvWPSSO EX[L]TMGOIVWEVIWSQYGLQSVIGSQTPI\XLERXLISXLIV GSRXVSPW]SYvZIYWIHWSJEV-XvWRSXNYWXEQEXXIVSJXLIVIFIMRK QSVIGSRJMKYVEFPIEXXVMFYXIWXSWIXMR-RXIVJEGI&YMPHIV-R JEGXXLITMGOIVEGXYEPP]LEWZIV]JI[EXXVMFYXIWXLEXEVIGSR JMKYVEFPIMR-RXIVJEGI&YMPHIV;MXLXLII\GITXMSRSJXLIHEXI TMGOIV]SYGERvXYWIETMGOIVF]NYWXKVEFFMRKSRIMR-RXIVJEGI &YMPHIVHVSTTMRKMXSR]SYVGSRXIRXZMI[ERHGSRJMKYVMRKMX =SYLEZIXSEPWSTVSZMHIMX[MXLFSXLETMGOIVHIPIKEXIERH ETMGOIVHEXEWSYVGI &]XLMWTSMRX]SYWLSYPHFIGSQJSVXEFPIYWMRKHIPIKEXIW;IvZIEPVIEH]YWIHETTPMGEXMSR 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