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 ZZZYLVLRQLDVLQ

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 ZZZYLVLRQLDVLQ


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 ZZZYLVLRQLDVLQ


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 ZZZYLVLRQLDVLQ

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 ZZZYLVLRQLDVLQ

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 ZZZYLVLRQLDVLQ


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I0LbIW9MKMOKQ@WNVG+NN6IUG³HNNL J6@IXRV NGNVDGNVY8QV NNVDGKEI'R9KHVD NVMM>NXVGKYXTHIU³QNXGMUNJ6$

EOVGDLXKGKYDU•XIJUEI'R9KGVIR WNMK GR6I¨RGI0LbIW9MKMOKQŒ*'5GF6DG

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GMXVRN\NG³HNINUXV[NVI NF\ OGV$SZDIGIRQV NKGDLIXNVDGNV+NNMUKEI'R9K IXRV NGNVDGNVYNG•NUGMXVGVI\IX[HYNHUN6MLM
FNWNMNVDHVDOZSKF GMXVGKYXTHIUXJ—JNVUKJ6@ EO³GNMGKI0LbIW9MKMOKQVDWNMKGMUVJ6D$V
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 ZZZYLVLRQLDVLQ

JG’IXRV NGNVD`NMNODISU´NXGVGONHZIJGGNVNGNVODQ•+NUGMUNJ6$EOGNP¹V YLXVIXRV NGVHN´HOVFSUGMXNYN6M

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O+NKIXRV NGNVDGVNV[QNXGVYXTLNUHVD\N+NNJNIXGNIRUMNJNVUNJ6$
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V NVMGKUMJ/9bG'OSVDWHVDOZSKF YN6M2NLNMNV;(ZSTY\4D0J6D$

(7)GNOCWXOD/)NN[UIXRV NGNVD`NMNIGNWNUNJ6$RV4D0HVDZIX9aOGVI\ED0V'OFN/GV9HVD NVMNVDGN/R6LGMGVVONGMUVJ6D$
OMGNMXVONR=WIXG^NV GVPL¤HNVDHVDYLXKIJ/OVQNMKGNIRIXRV NGMXVGVI\(7)GNMN/UNYLXNNJ6$W6OV +NNMU(7)@JG4D0
J6@IWOHVDONR=WIXG^NV GKGDLIXNDOZSKF J6D$

GbLNV=MV9Fb0IXWKYN6MONR=WIXGIX[HNVD`NMNIRI+N8XP¹V NVDGVI\´NXWT9NXVJVUTWNMKGK[’BN³IU+NZIUNDJ6D$EXP¹V NVDHVD NNIH\J6D 

XODD GNIXHN=N@PLGMN>NMKQXNYNIQ$
GbLNV=MV9Fb0HVDIXRV NGGNVGDLXK`NMN\N+NGHNXVUGHZ\´NXGKLZR= IX´NN=IMU&NWQMIH\UKJ6$
GbLNV=MV9Fb0HVDIXRV NEI'R9K NVMNVDHVDIXRV NGVIRLMKUGDLXKHVD/RNIH5R³QNXXJ—GMUNJ6$

LN•9IOLV9MKXNV9aONLK XNV9IRQV NKOD/)NN[UIXRV NGNVD`NMNVOVIXRV NGNVDYN6MJVW4D0NVDGNVWNMKIG[IR¥NKI\>NUJ6D@WNV+NNMUK NVM

FNWNMNVDHVDIXRV NGMXNSNJUVJ6D$E8JVDYLU9K2T5L8XI\>NU+NKGJNWNUNJ6$
LK XNV9aO@7NQNUMIRQV NKJN’XV9R)N=EDI0IRWTY\@JVW4D0YN6MY8IRQV NKOD/)NNXNVD`NMNPLNV[IGWNUVJ6D$VOVIXRV NGLDWKsUIRQV NK
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 ZZZYLVLRQLDVLQ

JHZ<YDUMGN\N+NP%NXVGVI\GT1ODLI¥N>NMKQXVYN6MUTMDUEOVQZOMVFNWNMHVDFVSXVGNVODQ•+NUGMUNJ6$

VJN’XV9 R)N=EDI0IRWTY\Œ+1,J6D@WNVGIFWXVO/9N9= YLGVI\LZDWK³QNXGMUVJ6D$JYNHUN6MLMLIMRU=XKBNN/RNIH5R

EI'R9KGVFQ\VHVDLZDWK³QNXGMUVJ6D$
DWV\IXRV NG@YNHUN6MLM/9N9= YLGK NTYNUHVDPOOHIR¥NKOH)N=X³QNXGMUVJ6DWFYI´NGND NIXRV NGPXGNOH)N=XGMXVGV
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EOGKY´NNV[NHK³RCI¥NIXRV NGNVDGNVJIR¨RNOIQ\NUKJ6IGJ³RCI¥NWNMKMJV[K$
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JGVOVFNWNMGNVODQ•+NUGMUNJ6WNVFNWNMHVD NVMNVDGKGKHUNVDHVDIXMDUMRCI GNVQ NN=UNJ6$

JIXRV NGNVDGNV\DFKYRI´NUGRCI GNWNMKMJXNOTIXI SUGMUNJ6$
JQV NGKHWFZUY)N=2R/)NNYN6MP3SMNVW[NM/UMGNVQ NN=UNJ6$

JY5I´NGOTMI^NUBNI\>NUNVDGNVODQ•+NUGMUNJ6@WNVGIGOKEGN’GNV´NXGI UGMXVYN6MLZDWKGKYNR GUNYNVDGNVLZMNGMXV

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EOGVUJUGDLXKYLXV NVMNVDGNGIXI SU³IU NUOK´NVFNWNMOVRNLO>NMKQOGUKJ6$

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J2NLNMGNGLJ6IWOHVD NVM³HNNL YNIQW6OVQ/UNRVWWNMKGMXVGVFWN\VXQVXGNVGD,Z9MLMIMGb0=IGNWNUNJ6$

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JIXRV NGNGIXWKLNV9=4NVI\NVJ6WNVIM9X=P5L8XGMXVGVI\IXRV NYN6MWNVI>NH³FD´NXMNXKIUNVDGNPLNV[GMUNJ6$

JYLV^NNsUYIUHJ5RNGND^NK³GNMGN4D0J6IWOGNPLNV[P3SIXR\HZ<RN\VIXRV NGNVD`NMNIGNWNUNJ6$

JHZ< ODRVQX NK\Y³GNI NUWNXGNMKGVYN´NNMLMGDLXKGV NVMNVDGK>NMKQ#IF¤KGNVODQ•+NUGMUNJ6$

 ZZZYLVLRQLDVLQ

GFVDSHNG=IWOGNPLNV[IXRV NGNVDYN6MLNV9=4NVI\NV³FD´NGNVD`NMNFNWNMGV³Q N=XGNVHNLXVGVI\IGNWNUNJ6$IX‡9KYN6MOVDOV'O

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JODQ•+NUGMUNJ6IGIGOK/9bGGNVIGUXKYNONXKOVFVSNWNOGUNJ6$G NVMIWOVW<QKOVFVSNWNOGUNJ6NXKIWOHVDP3S
2NLNMHN NJNVUKJ6POVP3SI\I'RI09KRN\N NVMGJNWNUNJ6$

JGIRGV8²KsUFNWNMJ6IWOHVDFNWNMOJ+NN[K/9bG@GHNVI09KW@HT²NYNVDNY8I\>NUNVDGNOK´NVQNVL^NNVDGVFKSYN6MIFXNIGOK
GVD²K'OSVDWNF]NVGMGV2NLNMGMUVJ6D$

J4D0GKLIMODLI¥NNVDGNODSKFNWNMHZ<J6@WNVPOGKQVXQNIMNVDGNV"N9NGM³N,UIGNWNUNJ6$
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 NVMGDLXKGV/9b'OGNOFOV1NV9NHZ<R[=J6@WNVGDLXKGV/RNIH5RGVGIJ/OVGNVQ NN=UNJ6$

VIGOK+NKGDLXKGVI\QK"N=GNI\GIR¥NLNVNNO]NVUJNVUVJ6D$JYNHWXGVI\WNMKIGWNUVJ6DYN6M³sIUHVD[6M ³IUQVJNVUVJ6D$
VOV NVMNVDHVDIXRV NGNVDGNVRNV9QVXV@\N+NON!NGMXVYN6MGDLXKGKODLI¥NGNQNRNGMXVGNYI´NGNM³N,UJNVUNJ6$

YNH NVM´NNMGNVDGVFKSIM9X=IRUIMUGMXVOVLJ\VVYNHUN6MLMGIXRV NGGNVODSK\N+NND NGV+NT[UNXGK[NMD9KGVLHVDWNMKIG

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JGDLXKGVGH=SNIMNVDGNVIFXNIGOK NT<GGVIQN[NIJ/ONJNVUNJ6$

J+NIRHVDFNWNMGKGKHUNVDHVDFQ\NROV\N+NGHNXVGVI\GT1OHGVYDUMN\GVON)NGT1ODLI¥NGK>NMKQYN6MIF¤KGNVODQ•+NU
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