Reality Is Plastic: The Art of Impromptu Hypnosis

6IEPMX]MW4PEWXMG 8LI%VXSJ-QTVSQTXY,]TRSWMW

%RXLSR].EGUYMR

8LMW[SVOMWS[RIHERHTYFPMWLIHF]%RXLSR].EGUYMRSJ9/,8'0XH 9/,8'0XH[EWWIXYTMRERHMWERMRXIVREXMSREPP]VIGSKRM^IHXVEMRMRKGIRXVIMRXLIEVX SJL]TRSWMWERHL]TRSXLIVET]9/,8'WTIGMEPMWIMRXLITVSZMWMSRSJXVEMRMRKTVSHYGXWERH GSYVWIW 6IEPMX]MW4PEWXMG8LI%VXSJ-QTVSQTXY,]TRSWMW *MVWXTYFPMWLIH 6ITVMRXIH[MXLVIZMWMSRW %RXLSR].EGUYMR 8LIVMKLXSJ%RXLSR].EGUYMRXSFIMHIRXM´IHEWXLIEYXLSVSJXLMW[SVOLEWFIIREWWIVXIHF] LMQMREGGSVHERGI[MXLXLI9/'ST]VMKLX(IWMKRWERH4EXIRXW%GX %PPVMKLXWVIWIVZIH[SVPH[MHI 2STEVXSJXLMWTYFPMGEXMSRQE]FIWXSVIHMRVIXVMIZEPW]WXIQXVERWQMXXIHSVVITVSHYGIHMRER] [E]MRGPYHMRKFYXRSXPMQMXIHXSHMKMXEPGST]MRKERHTVMRXMRK[MXLSYXXLITVMSVEKVIIQIRXERH [VMXXIRTIVQMWWMSRSJXLIEYXLSV =SYQYWXRSXYWISYVTVSHYGXWJSVGSQQIVGMEPYWII\GITXJSVXLITYVTSWIWSJ]SYVS[R TVSJIWWMSREPHIZIPSTQIRXF][LMGL[IQIERXLEX ‰=SYQE]YWIXLMWTVSHYGXEWVIJIVIRGIJSV]SYVS[RL]TRSWMWWIWWMSRWMR EGGSVHERGI[MXLEGGITXEFPITVEGXMGIWTIVQMWWMSRERHIXLMGWFYX ‰=SYQE]RSXGST]SVQEOIGSTMIWSJXLIWITVSHYGXWSVTPE] ER]TVSHYGXWXS]SYVGPMIRXW ‰=SYQE]RSXGPEMQXSFIEWWSGMEXIH[MXL%RXLSR].EGUYMRSV9/,8'0XHMR ER][E]SVXSYWISYVREQIMRGSRRIGXMSR[MXL]SYVS[RTVEGXMGIYRPIWW]SY EVIXVEMRIHXS(MTPSQEGIVXM´GEXMSRPIZIPF]9/,8'0XH

4LSXSKVETL]F]6IH7UYEVI4LSXSKVETL]7XYHMSERH:MZMH'VIEXMZI-HIEW +VETLMGHIWMKRF]3ZIVXLVS[4VSHYGXMSRW0XH[[[SZIVXLVS[TVSHYGXMSRWGSQ %RXLSR].EGUYMR 6SSQ7X.EQIW7X (IVF] (IVF]WLMVI()6* 9RMXIH/MRKHSQ )QEMPIRUYMVMIW$ERXLSR]NEGUYMRGSQ ;IF[[[ERXLSR]NEGUYMRGSQ

-7&2

6IEPMX]MW4PEWXMG 8LI%VXSJ-QTVSQTXY,]TRSWMW

%RXLSR].EGUYMR

6IEPMX]MW4PEWXMG

6IEPMX]MW4PEWXMG

6IEPMX]MW4PEWXMG

%FSYX6IEPMX]MW4PEWXMG8LI%VXSJ-QTVSQTXY,]TRSWMW 8LMWFSSOMWEVIWSYVGIJSVXLSWITVSJIWWMRKXSFISV[MWLMRKXSFIGSQI L]TRSXMWXW-XMWRSXEWYFWXMXYXIJSVLERHWSRXVEMRMRKJVSQETVSJIWWMSREP L]TRSXMWX[LSMWEGGSQTPMWLIHEXHIPMZIVMRKXVEMRMRK,S[IZIVMJ]SYJSPPS[XLI KYMHIPMRIWMRXLMWFSSOERHLEZIXLIVMKLXEXXMXYHIETXMXYHIEW[IPPEWIRSYKL JVSRXXEPIRXERHGSR´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´VWXFIGSQI8LI,]TRSXMWXERHXLMROSJ]SYVWIPJEW8LI ,]TRSXMWX=SYVEXXMXYHITIVWSREERHGSR´HIRGIGEVV]QSVI[IMKLXXLERER] WGVMTXSVPMRKYMWXMGXVMGO;LIVI-LEZISJJIVIHWYKKIWXMSRWJSV[LEXXSWE]TPIEWI YRHIVWXERHXLEXXLIWIEVIXLI[SVHW-YWIXLI][SVOJSVQI-LEZIFIPMIJMR XLIQ-RWSQIGEWIWXLI]QE]WIIQZIV]FVMIJFYX-GEREWWYVI]SYRSXLMRKLEW FIIRPIJXSYX2SXLMRKWYTIVµ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

6IEPMX]MW4PEWXMG

%RYQFIVSJGSRZIRXMSRWLEZIFIIRYWIHXSQEOIER]WGVMTXIHTSVXMSRWSJ XLIFSSOIEWMIVXSYRHIVWXERH ‰8LVSYKLSYX[I[MPPVIJIVXSXLI,]TRSXMWXEW«8LI,]TRSXMWX¬ ‰8LVSYKLSYX[I[MPPVIJIVXSXLITIVWSRFIMRKL]TRSXM^IHEW «XLIWYFNIGX¬ ‰+IRIVEPXI\XERHER]HIWGVMTXMZIMRWXVYGXMSRWEVI[VMXXIRMRXLMWTPEMR XI\X8LIWIMRWXVYGXMSRWWLSYPH238FIWTSOIRXSXLIWYFNIGX ‰%R][SVHWSVMRWXVYGXMSRWXLEXEVIWTSOIRXSXLIWYFNIGXEVIMRFSPH -RL]TRSWMW]SYEVITVMQEVMP]KSMRKXSYWI[SVHWXSMRµYIRGI]SYVWYFNIGX 7S]SYLEHFIXXIVORS[[LEX]SYEVIWE]MRK%MQXSFIGSQIEQEWXIVSJ GSQQYRMGEXMSR6Iµ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´HIRXI\TIGXMRKRSXLMRKPIWWXLER GSQTPIXIWYGGIWW8LI]ETTIEVORS[PIHKIEFPIERHXSXEPP]GIVXEMREFSYX[LEX XLI]EVIHSMRK9PXMQEXIP]FI]SYVWIPJ§NYWXQSVIWS

-RXVSHYGXMSR

6IEPMX]MW4PEWXMG

                                        

;LEXMW-QTVSQTXY,]TRSWMW# ,]TRSWMW2SMRXVSHYGXMSRRIGIWWEV] &IMRK8LI,]TRSXMWX 7IXXMRKXLMRKWYT ,S[XSXIPPMJWSQISRIMWL]TRSXM^IH ,]TRSXMGTLIRSQIRE 8LI7IX4MIGI 1EKRIXMG*MRKIVW 1EKRIXMG,ERHW 7XMJJ%VQ -RHYGXMSRW 8LI6ILIEVWEP )]IXS,ERH*M\EXMSR 1EKRIXMG4EPQW 8LI,ERHWLEOI .EGUYMR4S[IV0MJX .EGUYMR4S[IV-RHYGXMSR -RWXERX-RHYGXMSR +IXXMRK(IIT2S[§-RXIRWM´GEXMSR 0MROW 0SSTW 'LEMRW (MVIGXMSR 8LI7YTIV7YKKIWXMSR )RGSYVEKIQIRX 4VSGIHYVEP-RWXVYGXMSRW 2EZMKEXMSR'SRXVSP %TTP]MRK-QTVSQTXY,]TRSWMW &VMIJIWX8LIVET]§8LI,]TRSXMG'SVTWI 6SWWM7X]PI&VMIJ8LIVET] +SRI 6SFFIH 'PSEOIH *IH ;EXIVIH &EGOMRXLIVSSQ 7EJIX]0EWX %FVIEGXMSRWERHSXLIVWYVTVMWIW 1SVEPWERH)XLMGW *MREPXLSYKLXW 6IJIVIRGIW

















                                         -RHI\

6IEPMX]MW4PEWXMG

6IEPMX]MW4PEWXMG

 ;LEXMW-QTVSQTXY,]TRSWMW# 8LMWFSSOMWEFSYXL]TRSWMWERHLS[XSYWIMXIJJIGXMZIP]-X[MPPXIEGL]SY [LEXL]TRSWMWMWERHLS[XSL]TRSXM^IFSXLMRHMZMHYEPWERHKVSYTWSJTISTPI ER]XMQIERHER][LIVI]SYGLSSWI 8LMWMWRSXEFSSOSRWXEKIL]TRSWMWRSVMWMXEFSSOSRL]TRSXLIVET]SVWIPJ L]TRSWMWSVQIRXEPMWQ-XMWRSXEFSYXEGGIPIVEXIHPIEVRMRKGSZIVXWTIIH WIHYGXMSRSVTIVWYEWMZIWEPIW-XMWRSXEFSYXSPHSVMKMREPL]TRSWMWSVRI[ JERHERKPIHL]TRSWMW1ER]XLMRKWGERFIEGLMIZIH[MXLL]TRSWMWFYXXLI] EVIXLIVIWYPXWSJL]TRSWMW§RSXL]TRSWMWMXWIPJ8LIL]TRSWMW]SY[MPPPIEVR MRXLMWFSSOGERFIETTPMIHMREPPSJXLIWMXYEXMSRWEFSZIERHER]SXLIVEVIE SJ]SYVPMJI 2STVMSVI\TIVMIRGISJL]TRSWMWMWVIUYMVIHXSYRHIVWXERHERHETTP]XLI ORS[PIHKIMRXLMWFSSO8LIXIGLRMUYIWEVIHIGITXMZIP]WMQTPI]IXMRGVIHMFP] TS[IVJYP8LI]EVIIRXMVIP]TVEGXMGEPERHLEZIFIIRVSEHXIWXIHSZIVQER] ]IEVW[MXLXLSYWERHWSJTISTPIMRQ]XLIVET]ERHIRXIVXEMRQIRX[SVO;LIR ]SYLEZIQEWXIVIHXLIQ]SYQE][IPP´RHXLI]EVIEPP]SYRIIH8LEXWEMH XLIVIMWEP[E]WQSVIXSPIEVR7SQEOIL]TRSWMW]SYVEVXJSVQ&ITVITEVIH XSTYXMRXLIXMQIERHIJJSVXVIUYMVIHXSQEWXIV]SYVGVEJX 8SFVMRKXLMWETTVSEGLXSL]TRSXMWMRKMRXSETVEGXMGEPGSRXI\XXLMWFSSO MWJSGYWWIHSRLS[XSTVSZMHIMQTVSQTXYHIQSRWXVEXMSRWSJL]TRSWMW XLEXGERFIETTPMIHMRER]WIXXMRK8LMWGSYPHFIJSVXLITYVTSWIWSJJYR IRXIVXEMRQIRXERHPEYKLXIV-XGSYPHFIVETMHVIPMIJJVSQTL]WMGEPERHQIRXEP TEMRWSVJSVXLITYVTSWIWSJL]TRSXMGIRKMRIIVMRK,S[]SYETTP]MXMWYTXS ]SY

,]TRSXMGIRKMRIIVMRKMWEXIVQGSMRIHF]EJIPPS[L]TRSXMWXWIGYVMX]I\TIVX ERHJVMIRH/IZ7LIPHVEOI-XWXIQWJVSQ«WSGMEPIRKMRIIVMRK¬XLITVEGXMGIMRXLI LEGOMRK[SVPHSJKIXXMRKVIUYMVIHTL]WMGEPEGGIWWXSTPEGIWSVMRJSVQEXMSR WYGLEW TEWW[SVHW SYXSJTISTPI«[IX[EVI¬VEXLIVXLERF]YWMRKWSJX[EVISVLEVH[EVI8LI XIVQMWYWIHLIVIMRE[MHIVWSGMEPGSRXI\XERHETTPMIWXSEGUYMVMRKQEXIVMEPKSSHW ERHWIVZMGIWEW[IPPEWMRJSVQEXMSR§IRKMRIIVMRKTISTPIXSHS[LEX]SY[ERXXLIQ XSHS TEKI 

6IEPMX]MW4PEWXMG

;LIR]SYMRXVSHYGI]SYVWIPJEWE,]TRSXMWXSVMJTISTPIPIEVRXLEX]SY GERL]TRSXM^IZIV]SJXIRXLI][MPPEWOMJ]SYGERL]TRSXM^IXLIQ;LIR ]SYWE]«]IW¬XLI][MPPSJXIREWOMJ]SYGERHSMXVMKLXXLIR8LMWFSSOMWER MRWXVYGXMSREPSRLS[FIWXXSQEOIXLIQSWXSJXLIWISTTSVXYRMXMIW-X[MPPEPWS WLS[]SYLS[XSGVIEXIEGSRXI\XJSVL]TRSWMWWS]SYGERMRXVSHYGIMXXSER] WMXYEXMSR]SY[MWL *EVXSSQER]TISTPI[LSGPEMQXSFIEFPIXSL]TRSXM^I[IPPIWTIGMEPP] L]TRSXLIVETMWXWHSRSXJIIPGSR´HIRXXSKMZIERMQTVSQTXYHIQSRWXVEXMSR SJL]TRSWMWERH[MPPQEOIERI\GYWIVIKEVHMRK[L]XLI][SYPHVEXLIVRSX L]TRSXM^IMRETEVX]SVSXLIVWSGMEPWIXXMRK8LMWLEWQYGLXSHS[MXLQER] XVEMRMRKGSYVWIWJSVL]TRSXLIVET]IQTLEWMWMRKXLIYWISJPSRKTVSKVIWWMZI MRHYGXMSRWSJXIR[MXLEPEVKIIQTLEWMWSRVIPE\EXMSRERHPMXXPISVRSGYPXMZEXMSR SJL]TRSXMGTLIRSQIRE-XEPWSLEWWSQIXLMRKXSHS[MXLEPMXXPIFMXSJ JIEV§TVMRGMTEPP]XLIJIEVSJJEMPMRKERHPSSOMRKJSSPMWL 8LITVSKVIWWMZIETTVSEGL[SVOW´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

6IEPMX]MW4PEWXMG

-YWIXLIETTVSEGLSYXPMRIHMRXLMWFSSOMREPPSJXLIWIWIXXMRKW-X´XW [LIXLIV-EQMRXLIXLIVET]VSSQWLS[MRKWSQISRILS[XSSZIVGSQIE TLSFMEMRETYF«WXMGOMRK¬WSQISRI¬WJIIXXSXLIµSSVSVSRWXEKIKMZMRKE TIVJSVQERGI,]TRSWMWMWL]TRSWMW[LIXLIVMXXEOIWTPEGIMREXLIVET]VSSQ TEVX]SVWTSVXW´IPH9RHIVWXERHMRKXLEX]SYVWYFNIGXHSIWRSXLEZIXSFI WMXXMRKMREGSQJ]GLEMVMREXLIVET]VSSQPMWXIRMRKXS[LEPIQYWMGXSFI L]TRSXM^IHKSIWEWLSVX[E]XSLIPTMRK]SYFIKSSHEXMQTVSQTXYL]TRSWMW 3RISJXLIWIIQMRKP]YRERW[IVEFPIUYIWXMSRWMRTLMPSWSTL]MW«(S[IEPP WIIVIHXLIWEQI[E]#¬ *SVXYREXIP][IHSRSXRIIHXSERW[IVXLEXUYIWXMSRXSFIEFPIXSL]TRSXM^I ,S[IZIVMXMWYWIJYPXSTVSGIIH[MXLXLIEWWYQTXMSRXLEXSYVTIVWSREP TIVGITXMSRSJVIEPMX]MWNYWXEQEPPIEFPITSMRXSJZMI[%PPXLEXI\MWXWEVI TWIYHSIZIRXWERHSFNIGXWXS[LMGL[IEHNYWX[MXLEJEPWIGSRWGMSYWRIWW EHETXIHXSWIIXLIWIXLMRKWEWXVYIERHVIEP,]TRSWMWPMXIVEPP]GLERKIWSYV TIVGITXMSRSJVIEPMX]MXKMZIWYWERSXLIVJEPWIGSRWGMSYWRIWWXLEX[IEHETXXS EWFIMRKEWXVYIERHVIEPEWXLIPEWX§MRXLMWWIRWIVIEPMX]MWTPEWXMG 7SQISJQ]I\TIVMQIRXEPVIWIEVGLERHTIVJSVQERGI[SVOLEWVIUYMVIHQI XSXIWXWSQIGSQQSRMHIEWEFSYXLS[FIWXXSMRHYGIL]TRSWMWERHEPWS [LEX]SYGERHS[MXLTISTPI[LIRXLI]LEZIFIIRL]TRSXM^IH7SQISJ XLEX[SVOEPXLSYKLLMKLP]UYIWXMSREFPIJVSQERIXLMGEPTIVWTIGXMZISJJIVIH EKVIEXSTTSVXYRMX]XSXIWXWSQISJXLITIVGIMZIHPMQMXWSJL]TRSWMW)ZIR EWERI\TIVMIRGIHTVEGXMXMSRIVSJL]TRSWMWERHL]TRSXLIVET]-[EWWXMPP WYVTVMWIHXS´RHNYWXLS[JEVXLMWVIPEXMZIP][IPPYRHIVWXSSHHMWGMTPMRIGSYPH VIEPP]FITYWLIH[LIRXEOIRSYXSJXLIGSR´RIWSJXLIXLIVET]VSSQSVWXEKI TIVJSVQERGI ‰-WMXTSWWMFPIXS[EPOMRXSEWLSTSJ´GIQEVOIXXEPOXSEQIQFIVSJ WXEJJJSVEJI[QMRYXIWERHPIEZI[MXLER]XLMRK]SYGLSSWI[MXLSYX TE]MRK# ‰-WMXTSWWMFPIXSTE]TISTPI[MXLTMIGIWSJVYFFMWLMRWXIEHSJ GEWLGEVH# ‰'ER]SYQEOITISTPIXVIEX]SYPMOIEWYTIVWXEV# ‰'ER]SYQEOITISTPIGSVTWI[MXLPEYKLXIVSRGSQQERH# ‰-WMXTSWWMFPIXSFIGSQI«MRZMWMFPI¬# TEKI 

6IEPMX]MW4PEWXMG

8LIERW[IVXSEPPSJXLIWIUYIWXMSRWERHQER]QSVINYWXPMOIMXMW]IW8LI HMVIGXMSRWXLMWGERFIXEOIREVIIRHPIWW 8LIXIGLRMUYIWMRXLMWFSSOEVIWMQTPIHMVIGXERHGERFIPIEVRX8LI]GER FIETTPMIHIJJIGXMZIP]MREVIEP[SVPHWIXXMRK[IPPSYXSJXLIGSQJSVX^SRISJ XLIL]TRSXLIVET]VSSQERH[MXLSYXXLIPY\YV]SJEWXEKIJYPPSJI\TIGXERX L]TRSXMGWYFNIGXW8LI]GERFIYWIHER][LIVIXLIWYFNIGXGERLIEV]SY 8LI]EVIIRXMVIP]MQTVSQTXY

TEKI 

6IEPMX]MW4PEWXMG

 ,]TRSWMW2SMRXVSHYGXMSRRIGIWWEV] ;LIXLIVWSQISRIFIPMIZIWMRL]TRSWMWSVRSX[LIXLIVXLI]LEZI I\TIVMIRGIHMXSVRSXXLI]EVIWXMPPPMOIP]XSLEZIEWXVSRKTIVWSREPGSRGITX SJ[LEXL]TRSWMWMWERHLS[MXX]TMGEPP]TVSGIIHW8LMWQE]FIFEWIHSR WSQIXLMRKXLI]LEZIVIEHWIIRMRQSZMIWSVSR8:WLS[W8LI]QE]LEZI ´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´RIIZIRMJXLI]EVIRSXXLEXEGGYVEXI§NYWXEWPSRKEWXLIMV QSHIPHSIWRSXPIEZIXLIQEJVEMHSJL]TRSWMWJSVWSQIVIEWSR-JMXHSIWXLIR MXMWYWIJYPXSVIQSZIXLIMVJIEVWTVMSVXSL]TRSXMWMRKXLIQERHXLMWMWWMQTPI IRSYKLXSHS -LEZIEWOIHLYRHVIHWSJWXYHIRXWSJL]TRSWMWXLSYWERHWSJXLIVET]GPMIRXW ERHQER]L]TRSXMWXWXLIUYIWXMSR«;LEXHS]SYXLMROL]TRSWMWMW#¬ 8LIERW[IVWZEV]UYMXIHVEQEXMGEPP]IZIREQSRKWXL]TRSXMWXW,S[IZIV WIZIVEPGSQQSRXLIQIWVYRXLVSYKLSYXXLITYFPMGTIVGITXMSRSJXLMWEVX

TEKI 

6IEPMX]MW4PEWXMG

7PIITEVIPE\IHWXEXIW[MRKMRK[EXGLIWWXEKIL]TRSWMWKIXXMRKMRXSYGL [MXLXLIWYFGSRWGMSYWXIPPMRKWSQISRI[LEXXSHSEGSQJ]GLEMVEWPS[ WPIIT]SVKVEZIP]ZSMGIEWRETSJXLI´RKIVWERHQSVIVIGIRXP]0MXXPI&VMXEMR ERHXLITLVEWI«]SY¬VIYRHIV¬EVIGSQQSRERW[IVW[LIRXLIKIRIVEPTYFPMG XV]XSKMZI]SYEWIRWISJ[LEXXLI]XLMROL]TRSWMWMWEPPEFSYX -QEKIWSJTISTPIWPYQTIHMREGLEMV[MXLXLIMVI]IWGPSWIHYRHIVXLI QIWQIVM^MRKKE^IERHGSQQERHSJXLIL]TRSXMWXQMKLXGSQIXSQMRH% VS[SJIQTX]GLEMVW«WPIITMRK¬WYFNIGXWTISTPIHSMRKVMHMGYPSYWXLMRKWSV I\TIVMIRGMRKEQRIWMEEVIEPWSVIPEXMZIP]GSQQSRMHIEW )ZIRMRSYVQSHIVRVEXLIVWGITXMGEPWSGMIX]TSTYPEVFIPMIJSJXIRWXMPPEWGVMFIW WSQIWMKRM´GERGIXSXLIHIZMGIWERHVMXYEPWSJL]TRSWMWWYGLEWQEOMRK TEWWIW[MXLXLILERHWWTMRRMRKL]TRSXMG[EXGLIWWTMVEPWXLIL]TRSXMGWXEVI ERHXLIEYXLSVMXEVMERGSQQERH%JI[]IEVWEKSQ][MJIKEZIQIETSGOIX [EXGLSREGLEMREWETVIWIRX8LI´VWXXMQI-KSXMXSYXXSWLS[WSQIJVMIRHW MRETYFXLI]WGEXXIVIH§EWMJPSSOMRKEXMX[SYPHMQQIHMEXIP]TYXXLIQ YRHIV 8LIVIEVIHS^IRWSJHI´RMXMSRWSJL]TRSWMW§WSQIQSVIEGGYVEXIXLERSXLIVW ERHQSWXUYMXIYRWEXMWJEGXSV];LEXIZIVHI´RMXMSRMWMRZSKYIHSIWRSXWIIQ XSEJJIGXEKVIEXHIEPSJGLERKIMRXLIEGXYEPTVEGXMGEPETTPMGEXMSRSJL]TRSWMW SVXLITLIRSQIREIPMGMXIH (I´RMXMSRWSJXIRHIWGVMFIL]TRSWMWEWE«WXEXI¬SJWSQIOMRH.YWX[LEXOMRH SJWXEXILS[IZIVMWYTJSVHIFEXI%«WXEXIPMOIWPIIT¬«EYRMUYISVWTIGMEP WXEXI¬«EXVERGIWXEXI¬«ER]EPXIVIHWXEXI¬ERHSJGSYVWI«EVIPE\IHWXEXI¬ 8LIWIHI´RMXMSRWEPPLEZIWSQIZEPYIFYXYTSRI\EQMREXMSRGEREPPFIJSYRH XSFIIUYEPP]YRWEXMWJEGXSV]

0MXXPI&VMXEMRMWE&VMXMWLGSQIH]WLS[[VMXXIRERHWXEVVMRK1EXX0YGEWERH(EZMH ;MPPMEQW-XJIEXYVIHEGLEVEGXIVGEPPIH/IRR]'VEMKEGPMGLrGEVMGEXYVILIMWER SFRS\MSYWERHGLEVQPIWWL]TRSXMWX[LSYWIWLMWTS[IVWXSKIXLMWS[R[E] TEKI 

6IEPMX]MW4PEWXMG

+MZIRXLEX[IEVIEP[E]WMREWXEXISJWSQIOMRHERHQER]WXYHMIWLEZI JSYRHPMXXPIWMKRM´GERXHMJJIVIRGIFIX[IIRWSQISRIMRL]TRSWMWERHWSQISRI MRERSVQEPWXEXIGVMXMGWSJXLIWIHI´RMXMSRWWYKKIWXXLEXL]TRSWMWGERRSXFI HI´RIHMRXIVQWSJWXEXI7SQIKSEWJEVXSWE]XLEXFIGEYWIL]TRSWMWGERRSX FITVSZIHXSFIEYRMUYIWXEXIL]TRSWMWHSIWRSXI\MWX%PPSJXLEXWEMH[MXL VIGIRXEHZERGIWMRFVEMRWGERRMRKIUYMTQIRXQSVIIZMHIRGIMWGSQMRK JSV[EVHXLEXXLIVIEVIWMKRM´GERXGLERKIWMRFVEMRJYRGXMSR[LIRL]TRSXM^IH %RSXLIV[E]XSHI´RIL]TRSWMWMWEWETVSGIWWSVEREVX'IVXEMRP]MXMW TSWWMFPIXSFIERI\GIPPIRXL]TRSXMWX[MXLSYXORS[PIHKISJTW]GLSPSK]SV FVEMRJYRGXMSRSVWXEXIXLISV]8EPIRXµEMVERHXLITYVIJSVGISJTIVWSREPMX] [MPPXEOI]SYJEVEWEL]TRSXMWX7S[MPPEGGITXMRKXLEXL]TRSWMWMWVIEPP]NYWX XLIEVXJYPETTPMGEXMSRSJWYKKIWXMSRXSWSQISRI[LSMWMREJSGYWWIHWXEXI ,MTTSP]XI&IVRLIMQ  XLI*EXLIVSJXLGIRXYV],]TRSWMW JEQSYWP]WEMH «-XMWWYKKIWXMSRXLEXVYPIWL]TRSXMWQ¬ ,MTTSP]XI&IVRLIMQ   ,IFIPMIZIHL]TRSWMW[EWMRLIVIRXP]EWYKKIWXMSRFEWIHTVSGIWW-XMWE YWIJYPEWWYQTXMSREPXLSYKLHMJ´GYPXXSKIXXSKVMTW[MXLWGMIRXM´GEPP] %PXLSYKLXVERGILEWGIVXEMRP]FIIRYWIHJSVXLITYVTSWIWSJLIEPMRKERHEW EREMHXSGVIEXMZMX]JSVXLSYWERHWSJ]IEVW[IVIEPP]XVEGIXLIXVERGI[IGEPP L]TRSWMWFEGOXSXLI[SVOSJER%YWXVMERTL]WMGMER*VER^%RXSR1IWQIV  1IWQIVGEQIYT[MXLEXLISV]ERHE[E]SJXVIEXMRKTISTPI XLEXLIPTIHQER]XSLIEPXL,MWMHIEW[IVIFEWIHEPQSWXIRXMVIP]SRYRXIWXIH L]TSXLIWMWERHJEYPX]WGMIRGIFYXXLI]PIHXSQSVIEGGYVEXIMHIEWEFSYX L]TRSWMWMRXLIRMRIXIIRXLGIRXYV] 1IWQIVFIPMIZIHXLEXEQSRKEPPXLI´IPHWORS[RXSWGMIRGIEXXLEXXMQI XLIVI[EWERSXLIV´IPH[LMGLQMKLXFIGEPPIHERERMQEXI´IPHSVµYMHSVPMJI JSVGI,IHI´RIHKSSHLIEPXLEWXLIJVIIµS[SJXLMW´IPHSVµYMHXLVSYKL XLSYWERHWSJGLERRIPWMRSYVFSHMIW-PPRIWWVIWYPXIHJVSQSFWXVYGXMSRW XSXLIJVIIµS[SJXLMWµYMH3ZIVGSQMRKXLIWISFWXEGPIWERHVIWXSVMRK µS[VIWXSVIHLIEPXL;LIRREXYVIJEMPIHXSHSXLMWWTSRXERISYWP]GSRXEGX [MXLEGSRHYGXSVSJ«ERMQEPQEKRIXMWQ¬[EWERIGIWWEV]ERHWYJ´GMIRX VIQIH]1IWQIVMRSXLIV[SVHWFIPMIZIHXLEXLI[EWEGSRHYGXSVSJERMQEP QEKRIXMWQERHXLEXXLMWGSYPHMRµYIRGIXLIµS[SJXLIµYMHPMOIPMJI TEKI 

6IEPMX]MW4PEWXMG

JSVGI1IWQIVEMQIHXSEMH2EXYVIWIJJSVXXSLIEP,IXVIEXIHTEXMIRXWFSXL MRHMZMHYEPP]ERHMRKVSYTW;MXLMRHMZMHYEPWLI[SYPHWMXMRJVSRXSJLMW TEXMIRX[MXLLMWORIIWXSYGLMRKXLITEXMIRX¬WORIIWTVIWWMRKXLITEXMIRX¬W XLYQFWMRLMWLERHWPSSOMRK´\IHP]MRXSXLITEXMIRX¬WI]IW1IWQIVQEHI ©TEWWIWªQSZMRKLMWLERHWJVSQTEXMIRX¬WWLSYPHIVWHS[REPSRKXLIMVEVQW 4VMSVXSLMQMX[EWGSQQSRTVEGXMGIXSHSXLMW[MXLQEKRIXW1ER]TEXMIRXW JIPXTIGYPMEVWIRWEXMSRWSVLEHGSRZYPWMSRWXLEX[IVIVIKEVHIHEWGVMWIWXLEX [IVIWYTTSWIHXSFVMRKEFSYXXLIGYVI  

TEKI 

6IEPMX]MW4PEWXMG

-RXLIRMRIXIIRXLGIRXYV]XLIMHIEXLEXXLIVI[EWWSQIMRZMWMFPIµYMH SVMRµYIRGIXVEZIPPMRKJVSQXLIL]TRSXMWXXSXLIWYFNIGXGVYQFPIHERH IZIRXYEPP]L]TRSWMWFIGEQIZMI[IHF]QER]EWWSQIXLMRKXLEXXLIWYFNIGX MWVIWTSRWMFPIJSVSVQSVIEGGYVEXIP]GETEFPISJKMZIRXLIVMKLXMRWXVYGXMSR 8LMWIZIRXYEPP]PIHWSQIXSGSRGPYHIXLEXEPPL]TRSWMWMWWIPJL]TRSWMW1SVI VIGIRXP]L]TRSWMWLEWFIGSQIZMI[IHF]QER]EWETIGYPMEVMX]SJXLIWSGMEP VIPEXMSRWLMTFIX[IIRXLIL]TRSXMWXERHXLIWYFNIGX§XLIL]TRSXMWXERHXLI WYFNIGX«TPE]MRK¬XLIMVTEVXWEWXLI]FIPMIZIXLI]WLSYPH-RSXLIV[SVHWMXMW WSGMEPGSQTPMERGISVVSPITPE] 8LIHIFEXILEWKSRISRJSVHIGEHIWERH[MPPTVSFEFP]GSRXMRYIXSHSWS*SV SYVTYVTSWIW[I[MPPPSSOEXXLIHI´RMXMSRWSJEVKYEFP]XLIQSWXMRµYIRXMEP L]TRSXMWXWXLEX[EPOIHXLITPERIX.EQIW&VEMH1MPXSR)VMGOWSRERH(EZI )PQER .EQIW&VEMH § GEYWIHETEVEHMKQWLMJXJVSQXLIQIWQIVMWXWSJ XLIXLERHIEVP]XLGIRXYV]&VEMH[EWE(SGXSVERHEJXIVSFWIVZMRKE HIQSRWXVEXMSRSJQIWQIVMWQFIPMIZIHLILEH´KYVIHSYX[L]TISTPI[IRX MRXSXLMWTIGYPMEVWXEXIERHMXLEHRSXLMRKXSHS[MXLERMRZMWMFPIQEKRIXMG µYMH,IWYKKIWXIHETL]WMSPSKMGEPFEWMWJSVL]TRSWMW-XMWKIRIVEPP]EKVIIH XLEXLMWMRMXMEPMRWMKLXJYPFYXMREGGYVEXIZMI[[EWXLEXXLIQIWQIVMWIHWXEXI L]TRSWMW [EWGEYWIHF]XLIXMVMRKSJERSTXMGRIVZIEWMXFIGEQI´\EXIH §LIRGIXLIEWWSGMEXMSR[MXLJSGYWWMRKSRWTMRRMRK[EXGLIWSVMRLMWGEWIE WMPZIVGMKEVIXXIGEWI-XWIIQWLIQMWWIHXLIJEGXXLEXLMWZIVFEPWYKKIWXMSRW XSLMWWYFNIGXWXLEXXLIMVI]IW[SYPHJIIPXMVIH[IVIEPWSLEZMRKERIJJIGX 0EXIVMRLMW[VMXMRKWLIWIIQWXSWLMJXIQTLEWMWEPXLSYKLHSIWRSXEFERHSR I]I´\EXMSREPXSKIXLIVRSXMRKXLEXMXMWRSXNYWXXLIKE^IXLEXFIGSQIW ´\EXIHFYXXLIQMRHWI]IEW[IPP-RSXLIV[SVHW[LIRL]TRSXM^IHXLIQMRH FIGSQIWPSGOIHEVSYRHEWMRKPIMHIE «8LIVIEPSVMKMRERHIWWIRGISJXLIL]TRSXMGGSRHMXMSRMWXLIMRHYGXMSRSJ ELEFMXSJEFWXVEGXMSRSVQIRXEPGSRGIRXVEXMSRMR[LMGLEWMRVIZIVMISV WTSRXERISYWEFWXVEGXMSRXLITS[IVWSJXLIQMRHEVIWSQYGLIRKVSWWIH[MXL EWMRKPIMHIESVXVEMRSJXLSYKLXEWJSVXLIRSRGIXSVIRHIVXLIMRHMZMHYEP YRGSRWGMSYWSJSVMRHMJJIVIRXP]GSRWGMSYWXSEPPSXLIVMHIEWMQTVIWWMSRWSV XVEMRWSJXLSYKLX¬ .EQIW&VEMH   2SXIXLEX&VEMHWE]WL]TRSWMWVIRHIVWXLIMRHMZMHYEPYRGSRWGMSYWSV MRHMJJIVIRXP]GSRWGMSYWXSEPPSXLIVMHIEW8LMWMWMQTSVXERX;LIRL]TRSXM^IH TEKI 

6IEPMX]MW4PEWXMG

]SYGERWXMPPLEZIERI\TIVMIRGI]SYGERVIµIGXSREW]SYEVILEZMRKMXERH EWJEVEW]SYEVIGSRGIVRIHEJYPP]GSRWGMSYWI\TIVMIRGI*SVI\EQTPIMJ ]SYEVIL]TRSXM^IHXSFIPMIZI]SYGERRSXVIQSZI]SYVLERHJVSQ]SYVJEGI FIGEYWIMXLEWFIIRKPYIHXLIVI]SYEVIWXMPPEFPIXSVIµIGXSRXLIJEGXXLEXMX MWWXYGOERHIZIR[SRHIV[L]MXMWWXYGO,S[IZIVXLISRP]VIEPMX]]SYLEZI MWXLEXMXMWWXYGORSRIXLIPIWW-J]SYEVIL]TRSXM^IHXSFIPMIZIXLEXFIIVFSXXPI XSTWEVITSYRHGSMRWXLIRIZIR[LIRTSMRXIHSYXXLEXXLI]EVIFSXXPIXSTW]SY [MPPORS[[MXLSYXHSYFXSVUYIWXMSRXLEXXLI]EVIRSXFSXXPIXSTWXLI]EVI GSMRWERH[MPPEGGITXXLIQEWWYGL=SYEVIMRHMJJIVIRXXSMHIEWSXLIVXLERXLI SRI]SYVQMRHLEWPSGOIHSRXSEWVIEPMX]

TEKI

6IEPMX]MW4PEWXMG

8LIL]TRSXMWXHMVIGXWXLIWYFNIGX¬WTIVGITXMSRSJVIEPMX]F]PSGOMRKXLIQMRH EVSYRHMHIEW *VSQXLIXMQISJ&VEMHVMKLXYTMRXSXLIX[IRXMIXLGIRXYV]L]TRSWMW[EW X]TMGEPP]MRHYGIHYWMRKEHMVIGXERHEYXLSVMXEVMERETTVSEGL -RXLIXL'IRXYV]1MPXSR)VMGOWSR §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´RMXMSRSJL]TRSWMW§EPPEVI[SVXL VIEHMRK;LEXJSPPS[WMWNYWXSRISJXLIQ «%WXEXISJWTIGMEPE[EVIRIWWGLEVEGXIVM^IHF]VIGITXMZIRIWWXSMHIEW¬ 1MPXSR)VMGOWSR   8[SXLMRKWEVI[SVXLRSXMRKJVSQXLMWWYGGMRGXHI´RMXMSR,IIQTLEWMWIW XLEXXLIQMRHFIGSQIWVIGITXMZIXSXLIMHIEWXLIL]TRSXMWXTVIWIRXW8LMW GERFIMRXIVTVIXIHEWETIVWSRFIGSQMRKQSVIWYKKIWXMFPISVQSVISTIRXS XLIMHIEWFIMRKTVIWIRXIHXSXLIQ[LIRXLI]EVIL]TRSXM^IH8LIIQTLEWMW )VMGOWSRTPEGIWSR«E[EVIRIWW¬VEXLIVXLERSRFIMRKYRGSRWGMSYWMREXXIRXMZI SVYRE[EVIMWEPWSMRXIVIWXMRK-XMWMRPMRI[MXLLMWXLMROMRKXLEXL]TRSWMW EPPS[W]SYXSHIEP[MXLXLIFMKKIVFIEWXMREPPSJYWXLIWYFGSRWGMSYWQMRH SV[LEXLIGEPPIHXLIYRGSRWGMSYWQMRH;LIRL]TRSXM^IHXLIYRGSRWGMSYW WIIQWXSEWWYQIQSVIVIWTSRWMFMPMX]SVGSQIXSXLIJSVI8LIYRGSRWGMSYW VIKYPEXIWEPPSJ]SYVFSHMP]TVSGIWWIWWXSVIWERHQEREKIW]SYVQIQSVMIW IZIV]PIEVRMRKJVSQIZIV]I\TIVMIRGIEW[IPPEWXLIQIRXEPTEXXIVRWERH XIQTPEXIWXLEXEPPS[YWXSJYRGXMSR8LMWTEVXSJXLIQMRHMWMRXYMXMZI-XGER GEPPYT]SYVTSXIRXMEP¬WERHMRWXERXP]GLERKIXLI[E]]SYXLMROJIIPERH TEKI

6IEPMX]MW4PEWXMG

VIWTSRH&]GSRXVEWXXLIGSRWGMSYWQMRHMWPMQMXIH-XMWPSKMGEPERHPMRIEVMR MXWETTVSEGLXSTVSFPIQWSPZMRK-XMWXLILIVIERHRS[ )VMGOWSR[EWRSXMRXIVIWXIHMRXEPOMRKXSXLIGSRWGMSYWQMRH2IMXLIVWLSYPH ]SYFI[LIR]SYEVIMRXLITVSGIWWSJL]TRSXMWMRK%MQXSGSQQYRMGEXI HMVIGXP][MXLXLIYRGSRWGMSYW

TEKI

6IEPMX]MW4PEWXMG

*MREPP]GSRWMHIVSRISJXLIQSWX[IPPORS[RERHUYSXIHHI´RMXMSRWJVSQ EQSHIVRMRRSZEXSVERHTIVLETWXLIQSWXMRµYIRXMEPL]TRSXMWXSJEPPXMQI (EZI)PQER §  «,]TRSWMWMWEWXEXISJQMRHMR[LMGLXLIGVMXMGEPJEGYPX]SJXLILYQERMW F]TEWWIHERHWIPIGXMZIXLMROMRKIWXEFPMWLIH¬ (EZI)PQER   )PQERVIJIVWXSEWXEXI[LIVI« XLIGVMXMGEPJEGYPX]SJXLILYQERMW F]TEWWIH ¬ 7S[LEXMWXLIGVMXMGEPJEGYPX]#-XHSIWRSXWIIQXSGSVVIPEXIXSER]TL]WMGEP TEVXSJXLIFVEMRSVRIYVSPSKMGEPTVSGIWW-XMWQSVIGSRGITXYEP§XLMROSJ MXEWFIMRKE´PXIVFIX[IIRXLIGSRWGMSYWERHYRGSRWGMSYWQMRHW-XGER FIXLSYKLXSJEWXLIWIRWISJNYHKIQIRX-XLEWGIVXEMRGLEVEGXIVMWXMGW-X MWVEXMSREPPSKMGEPMXMWPMQMXIHERHMXMWX]TM´IHF]MRHYGXMZIXLMROMRK §TVSGIIHMRKJVSQGIVXEMRJEGXWXSEPSKMGEPGSRGPYWMSR 8LIGVMXMGEPJEGYPX]MWXLIFMXSJ]SYXLEXXLMROWMXORS[W[LEXVIEPMX]MW-X XLMROWMXORS[WLSXJVSQGSPH-XXLMROWMXORS[WXLEXEQSTMWRSXXLITIVWSR ]SYEVIMRPSZI[MXL-XXLMROWMX[MPPLYVXMJ]SYWXMGOERIIHPIXLVSYKL]SYV EVQ-XXLMROWXLEX]SYGSYPHPMJX]SYVJIIXYTMJ]SY[MWLIHXS-XFIPMIZIW ]SYHSORS[]SYVS[RREQI &]TEWWMRKXLIGVMXMGEPJEGYPX]HSIWRSXIWXEFPMWLL]TRSWMWFYXMXHSIW VITVIWIRXEW)PQERTYXMXXLI«IRXIVMRK[IHKI¬ ;LIRXLIGVMXMGEPJEGYPX]MWF]TEWWIH]SYVWIRWISJNYHKIQIRXMRHYGXMZI VIEWSRMRKERHPSKMGEPJEGYPXMIWFIGSQIWYWTIRHIHSVMREXXIRXMZI,S[ MREXXIRXMZIERHJSVLS[PSRKXLI]VIQEMRWYWTIRHIHMWVIPMERXSRXLIEXXMXYHI SJXLIWYFNIGXERHXLIEFMPMX]SJXLIL]TRSXMWX;LIREXXMXYHIERHEFMPMX]EVI FSXLGSRHYGMZIXSL]TRSWMWXLIYRGSRWGMSYWQMRHSJ]SYVWYFNIGXFIGSQIW HSQMRERXERH[MXLJYVXLIVHMVIGXMSRJVSQXLIL]TRSXMWXWIPIGXMZIXLMROMRKGER FIIWXEFPMWLIHW[MJXP]%GGSVHMRKXS)PQERWIPIGXMZIXLMROMRKMW[LEXIZIV ]SYFIPMIZI[LSPILIEVXIHP] &]YRGSRWGMSYWQMRH-QIERIZIV]XLMRKIPWISXLIVXLERXLIGSRWGMSYW GVMXMGEPQMRH§EPPSJ]SYVQIQSVMIWIZIV]PIEVRMRKVIWSYVGITEXXIVRERH XIQTPEXI&]WIPIGXMZIXLMROMRK-QIEREWX]PISJXLMROMRK[LIVIMRHYGXMZI VIEWSRMRKMWWYWTIRHIHERHXLIQMRHFIGSQIWPSGOIHEVSYRHERMHIE;LIR TEKI

6IEPMX]MW4PEWXMG

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´GMEPP]ERHYXMPMWIXLIVIWYPXXS IWXEFPMWLWIPIGXMZIXLMROMRK8LIXIGLRMUYIWXLEXJSPPS[MRWIGXMSRXLVII[MPP WLS[]SYLS[XSHSXLEX -XMWYWIJYPXSRSXIXLEXMRRSRISJXLIWIHI´RMXMSRWMWXLIVIER]QIRXMSR SJWPIITSVVIPE\EXMSR8LEXMWFIGEYWIL]TRSWMWMWRSXWPIITERHHSIWRSX VIUYMVIIZIREWQMHKIRSJVIPE\EXMSR;LEXMWIQTLEWMWIHMWXLEX[LIR L]TRSXM^IHXLIWYFNIGX¬WEXXIRXMSRREVVS[WERHFIGSQIW´\IHEVSYRH WIPIGXIHMHIEWSVEWMRKPIMHIE;MHIVIRZMVSRQIRXEPWXMQYPMEVIMKRSVIH 6IGIRXP]EJVIWLXLISV]SJL]TRSWMWERHXLIQMRHIRXVERGIHLEWIQIVKIH JVSQXLI,YQER+MZIRWTMSRIIVW.S+VMJ´RERH-ZER8]VIPP  8LI]WYKKIWX XLEXL]TRSWMWMWXLIVIWYPXSJEGGIWWMRKXLI6)1WXEXI-RXLI6)1WXEXI [IEGGIWWXLIMQEKMREXMSR[LEXXLI]VIJIVXSEW«XLIVIEPMX]KIRIVEXSV¬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

6IEPMX]MW4PEWXMG

KMZIRF]XLIL]TRSXMWXXLI][MPPHSWS[MXLXLIWEQIIJJIGXMZIRIWW MQQIHMEG]ERHMRWXMRGXXLI]HSSXLIVYRGSRWGMSYWFILEZMSYVW 7S[LIR[ITYXWSQISRIMRXSL]TRSWMW[IEVIWMQTP]EGXMZEXMRKXLIWEQI TVSGIWWIWXLEXXLIFVEMREGXMZEXIWHYVMRKHVIEQWPIITMRGPYHMRKXLIVIEPMX] KIRIVEXSVXLMWMW[LEXQEOIWMXWSIJJIGXMZI *SV]SYVTYVTSWIWEW8LI,]TRSXMWXMXMWYWIJYPXSOIITXLIWIHI´RMXMSRWMR QMRH6IZMWMXXLIQMRPMKLXSJ]SYVI\TIVMIRGI6IEHXLI[SVOSJXLSWI[LS GSMRIHXLIQ,S[IZIVXLIVIVIEPP]MWRSRIIHXSKIXLYRKYTSRI\EGXP][LEX L]TRSWMWMWSV[L]MXSGGYVW8LIVIMWRSTSMRXFIMRKGSRGIVRIHSZIV[LIXLIV XLI«GVMXMGEPJEGYPX]¬MWWSQIXLMRK[IGERTMRTSMRXTL]WMGEPP]SVRSX)ZIR PIWWTSMRXXV]MRKXSTVSZIXLEXL]TRSWMWMWVIEP 8LIQMRHI\MWXWEWEQSHIP,]TRSWMWI\MWXWEWETLIRSQIRSR;IQYWXYWI EGSRGITXYEPQSHIPXSHIWGVMFILS[MX[SVOW,]TRSWMWQE]RSXLEZIXLI VIEPMX]SJELSYWIFVMGOFYXXLEXMWSJRSGSRWIUYIRGIXS]SY8LIJEGXMW]SY GERLSPHER]SJXLIQENSVZMI[WEFSYXL]TRSWMWERHWXMPPFIEKSSHL]TRSXMWX *SVTVEGXMGEPTYVTSWIWEW8LI,]TRSXMWXXLMROSJMXXLMW[E] «,]TRSWMWMWXLIEVXSJTVIWIRXMRKMHIEWHMVIGXP]XSXLIVIGITXMZIYRGSRWGMSYW QMRH¬ %RXLSR].EGUYMR 7SYRHIVWXERHEW8LI,]TRSXMWX]SYEVITVIWIRXMRKMHIEWERHKMZMRK HMVIGXMSRW=SYEVIHSMRKXLMWXS]SYVWYFNIGX¬WYRGSRWGMSYWQMRHERHMXMW VIGITXMZIXSXLIHMVIGXMSRWERHMHIEW]SYEVITVIWIRXMRK&IPMIZI[ERXERH I\TIGXXLEXMX[MPPMRXIVTVIXXLIQERHEGXSRXLIQ[MXLEKIRYMRIYRGSRWGMSYW VIWTSRWI

TEKI

6IEPMX]MW4PEWXMG

&IMRK8LI,]TRSXMWX

8SFIEKVIEXL]TRSXMWXMXMWSJOI]MQTSVXERGIXLEX]SYFIGSQI8LI ,]TRSXMWX2SXEL]TRSXMWX2SXWSQISRI[LSORS[WEFMXEFSYXL]TRSWMW FYX8LI,]TRSXMWX=SYQYWXI\TVIWWEFWSPYXIGSR´HIRGIGSRKVYIRGIERH I\TIVXMWIMR]SYVWOMPPWORS[PIHKIERHEFMPMXMIW-RXLIFIKMRRMRKXLMWXEOIW EGIVXEMREQSYRXSJJVSRX4VIXIRHERHQEWXIVMX&IPMIZI]SYEVIXLIFIWX FIPMIZI]SYEVIEREXYVEPERHFILEZIPMOI]SYEVI &IPMIZI]SYVWYFNIGXMWE[SRHIVJYPL]TRSXMGWYFNIGX;ERXERHI\TIGXXLIQ XSKSMRXSL]TRSWMWERHHS[LEX]SYXIPPXLIQ-XMWSJXIRWEMHXLEXGPSWI JVMIRHWERHJEQMP]EVI]SYV[SVWXWYFNIGXWFIGEYWIXLI]GERRSXEGGITX]SYEW XLIL]TRSXMWX -XMWWSQIXMQIWLEVHIVJSVXLIQXSIRXIVMRXSXLEXVIEPMX]XLERTISTPI[LSHS RSXORS[]SYWS[IPP&YXHSRSXJVIXNYWXLEZIEKSEXL]TRSXMWMRKIZIV]SRI ERHER]SRI[LS[MPPTYXYT[MXL]SYMRGPYHMRKGPSWIJVMIRHWERHJEQMP]-X QE]FIXLEXEJEQMP]QIQFIVSVJVMIRHMWEWYTIVFWYFNIGXERH]SY[MPPLEZI ]SYVS[RL]TRSQSROI]JSVPMJI TEKI

6IEPMX]MW4PEWXMG

 7IXXMRKXLMRKWYT ;LIR]SYLEZIHIGMHIHXSL]TRSXM^IWSQISRISVWSQISRIEWOWMJ]SY[SYPH XLIVIEVI´ZIXLMRKWMXMWYWIJYPXSHS ‰6IQSZIJIEV ‰)PMQMREXIQMWGSRGITXMSRW ‰-RGVIEWII\TIGXERG] ‰*MVIYTXLIMQEKMREXMSR ‰8EOIGSRXVSP ;LIREWXEKIL]TRSXMWX[SVOWMJXLI]EVIHSMRKXLIMVNSFTVSTIVP]XLI][MPP LEZIEPVIEH]´VIHYTXLIMVEYHMIRGIMQEKMREXMSRERHGVIEXIHEKVIEXHIEPSJ I\TIGXEXMSRXLEXWSQIXLMRKMWKSMRKXSLETTIR[MXLXLITVSQSXMSRSJXLIMV WLS[%QSRKWXXLIMVSTIRMRKTEXXIVXLI]X]TMGEPP]WTIRHEJI[QMRYXIWKSMRK SZIVXLIVIEWSRW[L]IZIV]SRIGERVIWXEWWYVIHXLI]EVIWEJIMRXLILERHWSJ ERI\TIVXERHLEZIVIEWSRXSJIIPI\GMXIHERHLEZIJYR8LIEYHMIRGIWLSYPH GIVXEMRP]ORS[[LSMWMRGSRXVSP -REXLIVET]VSSQXLMWMWEPPLIPTIHF]XLIEHZIVXMWMRKL]TRSXLIVET] GIVXM´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

6IEPMX]MW4PEWXMG

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´RHMXMRXIVIWXMRKERH[MPPPIEVRWSQIXLMRKEFSYX XLIQWIPZIW8LI]QE]JIEV]SY§XLMWMWRSXMHIEPYRPIWWXLI]JIEV]SYGER L]TRSXM^IXLIQMREµEWL 8EOMRKGSRXVSPHSIWRSXQIERFIMRKFSWW]ERHTYWL]FYXMXHSIWVIUYMVI]SY XSFIGSQIXLIHSQMRERXTEVX]8LMWGERFIEGLMIZIHF]EWOMRK]SYVWYFNIGX XSHSWSQIXLMRK 'ER]SYNYWXQSZI]SYVGLEMVXSSRIWMHIWPMKLXP]2S[GER]SYTPEGI ]SYVJIIXSRXLIµSSV]SYVLERHWGSQJSVXEFP]MR]SYVPETERHPSSOEX QI -JXLI]EVIWXERHMRKYTXLIREHNYWXXLIMVTSWMXMSRERHEWOXLIQXSTYXXLIMV JIIXXSKIXLIV -XFIKMRWXSHIQSRWXVEXI[LSMWMRGSRXVSPERH]SYKIXEGLERGIXSWII LS[KSSHXLIWYFNIGXMWEXXEOMRKHMVIGXMSRW7SQISJXLIMRHYGXMSRWERH 7IX4MIGIWMRXLMWFSSOEVIFIWXGEVVMIHSYX[MXLXLIWYFNIGXWXEVXMRKMRE TEVXMGYPEVTL]WMGEPTSWMXMSRERHQIRXEPWXEXIWSYWIXLMWFMXSJTW]GLSPSKMGEP FYPP]MRKXSXMH]XLIQYTEXXLIWEQIXMQI )ZIV]XLMRK]SYEWOXLIQXSHSLS[IZIVWQEPPXLIMRWXVYGXMSRSVVIUYIWXQE] WIIQQYWXFIHSRI[MXLSRITYVTSWIMRQMRH§XSKIXXLIQHSMRK[LEX]SY [ERXXLIQXS6IQIQFIV]SYVWYFNIGXTVSFEFP]HSIWRSXORS[LS[L]TRSWMW TVSGIIHW7SKMZIXLIQXLIGSQJSVXSJORS[MRK[LSMWMRGSRXVSP %WWSSREW]SYLEZIWEMHXSWSQISRI]SYEVIEL]TRSXMWXXLIRXLIMV I\TIGXEXMSRXLEXXLI]QMKLXKIXL]TRSXM^IHERHXLIMVMQEKMREXMSREFSYX[LEX TEKI

6IEPMX]MW4PEWXMG

QMKLXLETTIRLEZIEPVIEH]FIKYRXS´VIYT=SYWLSYPHPIZIVEKIXLMW]SYV EHZERXEKI +IXVMHSJER]SJ]SYVS[RJIEVWEFSYX[LIXLIVXLI][MPPKSMRXSL]TRSWMW SVRSXSV[LIXLIV]SY[MPPPSSOPMOIEJSSPMJXLI]HSRSX)PMQMREXI]SYV S[RQMWGSRGITXMSRWEFSYX[LEXOMRHSJWYFNIGXXLI]QMKLXSVQMKLXRSXFI ,IPTXLIWITVSGIWWIWEPSRKF]FIMRKKIRYMRIP]MQEKMREXMZIERMQEXIHERH I\GMXIHJSV]SYVWYFNIGX%MQXSKIXXLIQJEWGMREXIH[MXL]SYXLITVSGIWWSJ L]TRSXMWMRKERHXLIMHIESJFIMRKL]TRSXM^IH

TEKI

6IEPMX]MW4PEWXMG

 ,S[XSXIPPMJWSQISRIMWL]TRSXM^IH -J]SYSRP]KMZI]SYVWYFNIGXWYKKIWXMSRWXSVIPE\XLIRXLIGLERGIWEVIXLEX RIMXLIVSJ]SY[MPPEGXYEPP]ORS[MJXLI]EVIL]TRSXM^IHSVRSX-RJEGXMJ]SY EWOXLIQEJXIV[EVHWXLI][MPPTVSFEFP]NYWXWE]XLEXXLI]JIPXVIPE\IHFYXHS RSXXLMROXLI][IVIL]TRSXM^IH8LMWMW´RIMJ]SYVQYXYEPKSEPMWXSWLS[ XLIQLS[XSVIPE\,S[IZIV-EQLSTMRK]SY[MPP[ERXXSXEOIMXJYVXLIVXLER XLEX)ZIRMJ]SYWYKKIWXXLMRKWXLEXHVE[IZIV]X]TISJL]TRSXMGTLIRSQIRE SYXSJXLIQXLI]EVIWXMPPPMOIP]XSWE]XS]SYXLI][IVIRSXL]TRSXM^IH8LMW MWFIGEYWIXLIVIMWRSWYGLJIIPMRKEWFIMRKL]TRSXM^IH6IQIQFIV]SYV WYFNIGXMWKSMRKXSEGXSR]SYVWYKKIWXMSRWYRGSRWGMSYWP]7SEWJEVEWXLI] EVIGSRGIVRIHXLI]EVIGSQTPIXIP]RSVQEPMRIZIV][E]7SXLIVIMWRSTSMRX PSSOMRKXS]SYVWYFNIGXJSVZIVM´GEXMSRSJ[LIXLIVXLI]EVIL]TRSXM^IH 7SLS[HS]SYXIPPMJWSQISRIMWL]TRSXM^IH# &]JEVXLIIEWMIWX[E]MWXSKMZIXLIWYFNIGXEWYKKIWXMSRERHWIIMJXLI] JSPPS[MX-RWXERXP]ERHXSXLIPIXXIV[SYPHFIKVIEX-RSXLIV[SVHWXIWX]SYV [SVO-JXLI]ETTIEVXSFIVIWTSRHMRKXLIRKMZIERSXLIVWYKKIWXMSRERHWS SR -XMWEPWSYWIJYPXSHIZIPSTER«I]I¬JSVXLIWMKRWSJL]TRSWMWWS]SYGERWTSX [LSLEWKSRIIZIRFIJSVI]SYWXEVXKMZMRKHMVIGXMSRWXLEXVIUYMVIERSFZMSYW TL]WMGEPSVIQSXMSREPVIWTSRWI7SQISRIGERFIL]TRSXM^IHERHI\LMFMX RSRISJXLIJSPPS[MRKWMKRWFYXQER][MPPHSWSWS[EXGLSYXJSVXLIQ8LI] EVIYWIJYP[LIR]SYEVITPERRMRKXSWIPIGXSRISVX[STEVXMGMTERXWJVSQE KVSYTFIGEYWI]SYGERLEZIERMRWMKLXMRXS[LS]SYVFIWXWYFNIGXWQMKLXFI ‰)]IPMHWµMGOIVMRKERHµYXXIVMRKXLMWMWXLIWEQI6)1I]IQSZIQIRX SFWIVZIH[LIRWSQISRIMWHVIEQMRK3JXIRXLMWMWUYMXITVSRSYRGIHMR XLIL]TRSXM^IHWYFNIGXERHMXWLSYPHFIIRGSYVEKIHEW]SYGERXLIR WYKKIWXMX[MPPMRGVIEWIERHMXHSIW ‰8IQTIVEXYVIVMWIEGLERKIMRFPSSHµS[GERFIUYMXIZMWMFPIMRWSQI TISTPIHITIRHMRKSRXLIMVWOMRXSRI-XMWEYWIJYPWMKRXLEXXLIMVWXEXI LEWGLERKIH

TEKI

6IEPMX]MW4PEWXMG

‰)]IWVSPPMRKFEGOYTMRXLILIEHMJ]SYHSRSXWIIMXLETTIR]SYQE] WTSXXLI[LMXIWSJXLIMVI]IWEWXLIMVI]IPMHWµMGOIV7SQIMRHYGXMSRW WXEVX[MXLXLII]IWVSPPIHFEGOYTMRXLILIEH-RXLMWTSWMXMSRMXMWZIV] HMJ´GYPXJSVXLIWYFNIGXXSSTIRXLIMVI]IW ‰&VIEXLMRKWLMJX§WSQIXMQIWMXWTIIHWYTFYXQSWXSJXIRXLIFVIEXLMRK FIGSQIWHIITIVERHZIV]WXIEH]WMQMPEVXS[LIRWSQISRIMWWPIITMRK TIEGIJYPP] ‰-RGVIEWIHPEGVMQIRXEXMSR§QSVIQSMWXYVIMRERHEVSYRHXLII]IW-J XLII]IWEVISTIRXLI]QE]ETTIEVKPE^IH ‰,IEZ]LIEH§[MXLXLIWPMKLXIWXIRGSYVEKIQIRXWYGLEWKIRXP] TYWLMRKXLILIEHJSV[EVHEWYFNIGXWRIGOGERFIVIPE\IHERHXLIRMX FIGSQIWUYMXIHMJ´GYPXXSPMJXXLILIEH %W[IPPEWNYWXPSSOMRKJSVXLIWIWMKRWXSEWWIWWMJ]SYVWYFNIGXMWKSRIMX MWEPWSYWIJYPXSYWIXLIQXSIRLERGIXLIMVXVERGI-RHYGXMSRWGERFIYWIH XLEXEVXM´GMEPP]GVIEXISRISJXLIWMKRWSJL]TRSWMWEWXLIQIXLSHYWIHXS L]TRSXM^I=SYGSYPHL]TRSXM^IWSQISRIF]KIXXMRKXLIQXSFVIEXLIMRJSV EGSYRXSJERHSYXJSVEGSYRXSJYWMRKXLIMVGSYRXSVµS[SJFVIEXLEW XLIJSGYWSJEXXIRXMSR=SYGERTYWL]SYVWYFNIGXWLIEHJSV[EVHEW]SYWE] «WPIIT¬=SYGERQEOIXLIJSGEPTSMRXSJE´\EXMSRMRHYGXMSRETSMRXMRWMHI XLILIEH[MXLXLII]IWGPSWIHERHXLII]IWVSPPIHFEGO =SYGEREPWSPMROSRISJXLIWIWMKRWXSXLIHIZIPSTQIRXSJERSXLIVSVXLI EGGIPIVEXMSRSJL]TRSXMGTLIRSQIRE*SVI\EQTPIMJ]SYRSXMGIXLEXXLI WYFNIGXMWI\LMFMXMRKPSXWSJ6)1XLIR]SYGERFVMRKXLMWMRXSXLIMVE[EVIRIWW ERHGVIEXIEPMROFIX[IIRMXERHXLIRI\XXLMRK]SY[ERXXSLETTIR %W]SYVI]IWµMGOIV]SYVLERHMWKIXXMRKPMKLXIVERHPMKLXIVERHPMJXMRK YT[EVH 1SWXSJXLIWIWMKRW[MPPFISYXWMHIXLIGSRWGMSYWE[EVIRIWWSJ]SYVWYFNIGX YRXMP]SYFVMRKXLIMVEXXIRXMSRXSXLIQ7SMJ]SYRSXMGIXLIQ]SYGERWYKKIWX XLEXXLI][MPPSGGYV*SVI\EQTPIWYKKIWXXLEXXLIWYFNIGX[MPPFIKMRXS JIIP[EVQIVSVXLEXXLIMVI]IW[MPPµMGOIV8LIR[LIRXLI]RSXMGIXLEXXLI] EVISGGYVVMRKXLI]EXXVMFYXIXLEXXSXLIMRµYIRGISJ8LI,]TRSXMWXERHXLI TLIRSQIRE[MPPMRGVIEWI8LMWMWTVSFEFP]FIGEYWIXLIWYFNIGXFIKMRWEYXS WYKKIWXMRK«-EQKIXXMRK[EVQIVEQ-PSSOMRK[EVQIVLS[HSIWLIORS[- TEKI

6IEPMX]MW4PEWXMG

EQKIXXMRK[EVQIV¬SV«Q]I]IWEVIµMGOIVMRK-GER¬XWXSTXLIQµMGOIVMRK- QYWXFIL]TRSXM^IH¬8LMWYRGSRWGMSYWTERMGGVIEXIWEJIIHFEGOPSSTHVMZIR F]XLIMVS[RMRXIVREPHMEPSKYI)RGSYVEKIREXYVEPWMKRWSJER]L]TRSXMG TLIRSQIRE&YMPHSRXLIQ(IZIPSTERI]IJSVXLIQ;LIR]SYLEZIE KVSYTSJTISTPIERHEVIPSSOMRKJSVSRISJXLIQXS[SVO[MXLXLIRYWIXLSWI [LSI\LMFMXWMKRWSJL]TRSWMWERHXLSWI[LSPSSOJEWGMREXIHERHOIIR

TEKI

6IEPMX]MW4PEWXMG

 ,]TRSXMGTLIRSQIRE 3RGI]SYLEZIWSQISRIL]TRSXM^IHXLIVIEVIERYQFIVSJTLIRSQIREXLI] GERI\TIVMIRGI 8LIWIEVI 'EXEPITW] 0SWWSJGSRWGMSYWGSRXVSPSJXLIEFMPMX]XSQSZITEVXSJXLIFSH]0EGOSJ VIWTSRWIXSI\XIVREPWXMQYPMERHQYWGPIVMKMHMX] -HISQSXSV1SZIQIRXW 9RGSRWGMSYWQSZIQIRXWPMOIXLILIEHRSHHMRK´RKIVWX[MXGLMRKERHPIKW WLEOMRK %QRIWME -REFMPMX]XSVIGEPPMRJSVQEXMSRSVPSWWSJQIQSV] ,EPPYGMREXMSRWSJEPP7IRWIW 7IRWMRKWSQIXLMRKXLEXMWRSXXLIVISVRSXWIRWMRKWSQIXLMRKXLEXMW (MWWSGMEXMSR 7ITEVEXMSRSJQMRHERHFSH] ,]TIVQRIWME -QTVSZIHVIGEPP 6IKVIWWMSR 6IZIVWMSRXSIEVPMIVSVQSVIMRJERXMPITEXXIVRWSJFILEZMSYVERHQIQSV] 6IZMZM´GEXMSR 6IGEPPERHVII\TIVMIRGISJETEWXIZIRX %REPKIWME 4EVXMEPWIRWSV]PSWW %REIWXLIWME 8SXEPWIRWSV]PSWW 8MQI(MWXSVXMSR 'SRXVEGXMSRERHI\TERWMSRSJXLITIVGITXMSRSJXMQI TEKI

6IEPMX]MW4PEWXMG

'EXEPITW]MWSRISJXLIJSVIQSWXI\EQTPIWSJL]TRSXMGTLIRSQIRE[IPP HSGYQIRXIHERHYWIHMRQER][E]W§EGPEWWMGMRXLI´IPH*MVWXHIWGVMFIH F]'LEVGSXMRMXMWEYWIJYPERHZIVWEXMPIL]TRSXMGXSSP  -J]SYLEZI TYXWSQISRIMREXVERGIERH]SYVIEGLSZIVERHPMJXYTLMWSVLIVEVQ]SY [MPPTVSFEFP]´RHMXMWGEXEPITXMGERH[MPPNYWXµSEXXLIVI§MXWXE]W[LIVI]SY TYXMXVEXLIVXLERHVSTTMRKHS[REW]SYQMKLXI\TIGX-XMWSJXIRGSQFMRIH [MXLWYVTVMWISVMRWXERXMRHYGXMSRWSJL]TRSWMWERHLIRGIPSSOWHVEQEXMG 1ER]SJXLIMRHYGXMSRWMRXLMWFSSOIRGSYVEKIGEXEPITW]8LIOI]MWFIMRK EFPIXSEVVIWXWSQISRI¬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«STTSWMXI¬XLEXIREFPIW]SYXSQSZIMXFEGOEKEMR8LIFMGIT ERHXVMGITSRXLIYTTIVEVQJSVI\EQTPI;LIRXLIWISTTSWMXIRYQFIVW EVIFEPERGIHXLIFSH]TEVXHSIWRSXQSZI3RITEMVMR]SYVFSH]XLEXEVI [SVOMRKEPPXLIXMQI]SYEVIE[EOIEVIMR]SYVRIGO8LI]EVIOIITMRK]SYV LIEHYT ;LIRGEXEPITW]MWMRHYGIHMRL]TRSWMWERHGSQFMRIH[MXLMHISQSXSV QSZIQIRXXSQEOIWSQISRIPMJXXLIMVEVQXLIJIIPMRKWXLIOMREIWXLIXMGWERH TVSTVMSGITXMZIWIRWIEVIFSXLUYMXIHMJJIVIRXJVSQXLSWI]SYI\TIVMIRGI[LIR ]SYPMJX]SYVEVQZSPYRXEVMP];EXGLWSQISRI¬WEVQPMJXGEXEPITXMGEPP]ERH ]SY[MPPWIIMXMWEFMXPMOIETSWWIWWIHQSZIQIRXMRELSVVSVQSZMI§PMOI E[MRGLMWPMJXMRKMX©;E\]µI\MFMPMX]ªMWEKVIEXXIVQJSVHIWGVMFMRKXLI JIIPMRKERH[IPPORS[RTW]GLMEXVMGXIVQJSVHIWGVMFMRKGEXEXSRME  8LMWMW EPWSWSQIXLMRK]SYGERFVMRKXS]SYVWYFNIGXWEXXIRXMSR =SYGERRSXMGI]SYVEVQPMJXMRKERHRSXMGIMXMWQSZMRKMROMRHSJNIVO] VIµI\QSZIQIRXW8LEXMWFIGEYWI]SYVYRGSRWGMSYWMWPMJXMRK]SYVEVQ -XEPPS[W]SYVGSRWGMSYWQMRHXSPMJXMXWQSSXLP]FYX]SYVYRGSRWGMSYW QSZIWMXMRXLMWQSVIVIµI\PMOI[E] TEKI

6IEPMX]MW4PEWXMG

'EXEXSRMEMWEXIVQJSVGEXEXSRMGWGLM^STLVIRMGTEXMIRXW[LSPMZIMRE TIVQERIRXWXEXISJGEXEPITW]§]SYGERQSZIXLIQLS[IZIV]SY[ERX ERHXLI]WXE]MRXLITSWMXMSR]SYPIEZIXLIQMR=IEVWEKS-WE[EWXVIIX TIVJSVQIVQMQMGXLMWGSRHMXMSR,IWXSSHSREFS\XLEXLEHXLI[SVHW«1SZI QI¬[VMXXIRSRXLIJVSRX=SYTYXWSQIQSRI]HS[RERHGSYPHQSZILMQ MRXSER]TSWMXMSR]SY[MWLIHERHLI[SYPHWXE]XLIVIYRXMPWSQISRIIPWI GEQIEPSRKERHQSZIHLMQ-XMWUYMXIWXVEMKLXJSV[EVHXSTVSZSOIGEXEPITW] MR]SYVL]TRSXM^IHWYFNIGX9RHIVWXERHXLEXELERHSRXLIEVQSJEGLEMV GERFIGEXEPITXMGMXHSIWRSXRIIHXSFIµSEXMRKMRXLIEMVNYWXSYXWMHISJ GSRWGMSYWGSRXVSP -RXLIXLIVET]VSSQGEXEPITW]GERFIYWIHEWEREHZERGIHJSVQSJMHISQSXSV WMKREPPMRKYWMRKGEXEPITW]ERHWYFWIUYIRXQSZIQIRXWSJXLIFSH]EWEPMRI SJGSQQYRMGEXMSR%REVQQE]PMJXLMKLIVJSVE]IWWMKREPTIVLETWSRIEVQ JSV]IWERHSRIEVQJSVRS )VRWX6SWWMYWIWMHISQSXSVWMKREPPMRKEWE[E]SJGSQQYRMGEXMRK[MXLXLI WYFNIGX¬WHIITYRGSRWGMSYWMRXIPPMKIRGIMRXLIFSH]   *SVXLITYVTSWIWSJMQTVSQTXYL]TRSWMWFIGSQIERI\TIVXEXKIXXMRK]SYV WYFNIGXXSHIZIPSTGEXEPITW]-XMWYWIJYPJSVQER]XLMRKWMRGPYHMRK ‰'SRZMRGMRKHIQSRWXVEXIXLIYRGSRWGMSYWMWEXTPE]§XLIWYFNIGXMW L]TRSXM^IH ‰-RHYGMRKXVERGI§YWIMXEWE7IX4MIGISVXLIMRHYGXMSRMXWIPJ ‰%WEVSYXMRI§XYVRXLIQMRXSEGSEXVEGOSVEWXEXYI ‰'SQQYRMGEXMRKMHISQSXSVWMKREPW ‰0IZIVEKIXSWTVMRKFSEVHXSSXLIVL]TRSXMGTLIRSQIRE ;LIRYWMRKGEXEPITW]]SYGSYPHIMXLIVMRHYGIXVERGI´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

6IEPMX]MW4PEWXMG

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

TEKI

6IEPMX]MW4PEWXMG

 8LI7IX4MIGI ;LEXJSPPS[WEVIERYQFIVSJTL]WMGEPERHTW]GLSPSKMGEPQERMTYPEXMSRW §MRHMZMHYEPP]SVGSPPIGXMZIP]XLI]GERFIXLSYKLXSJEW8LI7IX4MIGI8LI]EVI ]SYV´VWXVYRKSRXLIL]TRSXMGPEHHIVERHWLSYPHFIPIEVRX[IPPERHYRHIVWXSSH 8LIXIGLRMUYIWEVIGPEWWMGWSJL]TRSWMWFYXSJXIRXLIMVZEPYIMWSZIVPSSOIH-J ]SYLEZIEPVIEH]GSQIEGVSWWXLIQTPIEWIVIZMWMXXLIQ 8LIXIGLRMUYIWHIWGVMFIHMRXLMWWIGXMSREVIEPP[IPPORS[RERHLEZIFIIRYWIH F]L]TRSXMWXWJSVHIGEHIWERHEVISJXIRVIJIVVIHXSEW«XIWXWSJWYKKIWXMFMPMX]¬ SVI\IVGMWIWMR«[EOMRKL]TRSWMW¬  &SXLSJXLIWIHIWGVMTXMSRWWIPPXLIWI XIGLRMUYIWWLSVX8LI]GERFIYWIH[MXLKVSYTWSJTISTPINYWXEWVIEHMP]EWSRI XSSRI+IRIVEPP]XLI]EVIYWIHFIJSVIXLIVIEPMRHYGXMSRSJL]TRSWMWFIKMRW 8LIVIEVIQER]KSSHVIEWSRW[L]8LI,]TRSXMWXWLSYPHFIEFPIXSGSR´HIRXP] HSE7IX4MIGI7SPIEVRXLIQ[IPP9RHIVWXERHXLITVMRGMTPIWERHETTPMGEXMSRW 9WIXLIQ ‰7IX4MIGIWEVISJXIRXLSYKLXSJERHYWIHEWXIWXWSJLS[VIWTSRWMZIXS WYKKIWXMSRXLIWYFNIGXMW-RSXLIV[SVHWEKEYKISJLS[KSSH[MPPMRK ERHEFPIXSFIL]TRSXM^IHXLI]EVI ‰8LI7IX4MIGIKMZIW8LI,]TRSXMWXERSTTSVXYRMX]XSSFWIVZIXLI WYFNIGXYRHIVHMVIGXMSRKEXLIVMRJSVQEXMSRERHEWWIWWXLIMVWYMXEFMPMX]EW EWYFNIGX ‰.YWXEWMQTSVXERXP]MXKMZIWXLIWYFNIGXERSTTSVXYRMX]XSI\TIVMIRGI 8LI,]TRSXMWXWTS[IVSJWYKKIWXMSRERHMRµYIRGIERHXLIMVS[REFMPMX] XSGSSTIVEXI-JXLIWYFNIGXI\TIVMIRGIWWSQIXLMRKXLI]GSRWMHIVSYXSJ XLISVHMREV]XLI]KEMRGSR´HIRGIMRFSXLXLIWOMPPSJXLIL]TRSXMWXERH XLIMVS[REFMPMX]XSFIL]TRSXM^IHXLI]PIXKSERHFIGSQIQSVI JEWGMREXIH[MXLXLITVSGIWW0MOI[MWIXLIL]TRSXMWXKEMRWGSR´HIRGIMR XLIWYFNIGX ‰8LI7IX4MIGI´VIWYTXLIMQEKMREXMSRJSGYWIWEXXIRXMSRERHFYMPHW I\TIGXEXMSRMRXLIWYFNIGXXLEXXLI]EVIEFSYXXSFIL]TRSXM^IHSVEVI FIMRKL]TRSXM^IH ‰*MREPP]8LI7IX4MIGIGERFIYWIHEWXLIMRHYGXMSRMRXSL]TRSWMWVEXLIV XLERNYWXEWETVIVYRRIVXSMX8LMWMWTIVLETWXLIQSWXTS[IVJYPERH SZIVPSSOIHETTPMGEXMSR TEKI

6IEPMX]MW4PEWXMG

7SQIL]TRSXMWXWHSRSXYWIXLIWIXIGLRMUYIW3RIVIEWSRKMZIRMWXLEXMJXLI WYFNIGXJEMPWXSHS[LEXMWEWOIHSJXLIQXLIRMXMWQSVIHMJ´GYPXXSL]TRSXM^I XLIQ§XLMWMWXVYIXSWSQII\XIRXIWTIGMEPP]MJ8LI7IX4MIGIMWTVIWIRXIH EWE«XIWX¬%W]SYVYPXMQEXIEMQMWXSL]TRSXM^IXLIWYFNIGXXSEGGITX]SYV WYKKIWXMSRWMXMWMQTSVXERXXSWIIMJXLI]EVIVIGITXMZIXSWMQTPISRIWIEVP] SR'IVXEMRP]JEMPMRKEXIWXMWRSXLIPTJYPFYXMXMWRSXXLIIRHSJXLI[SVPH IMXLIV-XNYWXTEWWIWF]EWERSRIZIRXF]XLIWYFNIGXYRPIWWXLIL]TRSXMWXKIXW MREµYWXIVEFSYXMX1SWXTISTPI[MPPTEWWXLII\IVGMWIWZIV]IEWMP]ERHMJ XLI]GERRSXXLIRMXQMKLXFI[MWIXSTMGOERSXLIVWYFNIGXSVXEOIERIRXMVIP] HMJJIVIRXETTVSEGL8LIVIVIEPP]MWRSRIIHXSTVIWIRXXLIWI8LI7IX4MIGI EWEXIWXW8LEX[E]XLIVIMWRSTSWWMFMPMX]SJJEMPYVI-XMW´RIXSWMQTP]WE] «0IX¬WXV]WSQIXLMRK¬SV«0IXQIWLS[]SYWSQIXLMRKMRXIVIWXMRK¬SVGEPP XLIQER«I\IVGMWIMRGSRGIRXVEXMSR¬ERHTVSGIIH %RSXLIVVIEWSRXLI]EVISZIVPSSOIHSVYWIHMREPMQMXIHJEWLMSRMWXLEXQER] SJXLIXIGLRMUYIWLEZIWSQITL]WMSPSKMGEPQIGLERMGEPVIEWSR[L]XLI][SVO §XLISHHWEVIWXEGOIHXLEXXLIWYFNIGX[MPPWYGGIIH§WSWSQIL]TRSXMWXW FIPMIZIXLI]EVIFIMRKHMWLSRIWXMRYWMRKXLIQSVNYWXQMWWXLIMVZEPYIERH HMWQMWWXLIQEWXVMGOW8LMWMWQMWWMRKXLITSMRX.YWXYWIXLIQERHER]SXLIV XVMGORIGIWWEV]XSI\GMXIXLIMQEKMREXMSR (IPMZIV8LI7IX4MIGI[MXLEXSRIXLEXMWFVMKLXERHYTFIEXEQERRIVXLEXMW GSR´HIRXERHGSQQERHMRKERHKIRIVEPP]QSZIEPSRKEXEJEMVP]VETMHTEGI *MRH]SYVS[R[E]ERHIRWYVIXLEX]SYVEXXMXYHIGSQQYRMGEXIWXLEX]SYEVI GSR´HIRXORS[PIHKIEFPIERHI\TIGXMRKXSL]TRSXM^I -XMWEPWSMQTSVXERXXLEX]SYVWYFNIGXHSIWRSXWII8LI7IX4MIGIEWWSQIXLMRK XLI]WLSYPHFIXV]MRKXSFEXXPISVVIWMWX)UYEPP]]SYHSRSX[ERXXLIQXS TVIXIRH1EOIWYVIXLI]YRHIVWXERHXLMW*SVI\EQTPIMJ]SY[IVIKSMRK XSEWOXLIQXSMQEKMRIXLIMVLERHW[IVIPMOIQEKRIXWWSXLEXXLI]GSQI XSKIXLIVERHXSYGLEYXSQEXMGEPP]]SYGERWE]XLMW -HSR¬X[ERX]SYXSTYWLXLIQXSKIXLIVSVXV]XSOIITXLIQETEVX-NYWX [ERX]SYXSGSRGIRXVEXIMQEKMRI]SYVLERHWEVIQEKRIXWERH]SYV FSH][MPPVIWTSRH -JXLI]JSPPS[]SYVMRWXVYGXMSRWGSRGIRXVEXISRXLIMHIEW]SYEVITVIWIRXMRK ERHKIRYMRIP]YWIXLIMVMQEKMREXMSRXLIRXLI]EVIZIV]PMOIP]XSHS[IPPMR 8LI7IX4MIGIERHFIWIXYTTIVJIGXP]JSVXLIL]TRSXMGMRHYGXMSRMXWIPJ TEKI

6IEPMX]MW4PEWXMG

1EKRIXMG*MRKIVW -RXLMWI\IVGMWI]SYEVIKSMRKXSQEOIXLIMRHI\´RKIVWSJ]SYVWYFNIGXQSZI XSKIXLIVPMOIQEKRIXW 3/PIX¬WXV]WSQIXLMRK%WMQTPII\IVGMWIXS´VIYT]SYVTS[IVSJ GSRGIRXVEXMSR-¬HPMOI]SYXSTPEGI]SYVLERHWSYXMRJVSRXSJ]SYPMOI XLMW

2S[GER]SYGPEWT]SYVLERHWXSKIXLIVTEPQWXSKIXLIVERHXLYQFW GVSWWIHRMGIERHXMKLX

2S[FIRH]SYVIPFS[WPMOI]SYEVIQEOMRKEHIWTIVEXITVE]IV=SYGER QEOISRI[LMPI]SYEVIXLIVIMJ]SYPMOI2S[TYX]SYV´VWX´RKIVW]SYV MRHI\´RKIVWWXVEMKLXYTEFSYXERMRGLETEVX TEKI

6IEPMX]MW4PEWXMG

2S[PSSOEXXLIKETFIX[IIRXLSWI´RKIVWRSXQ]´RKIVWNYWXEX]SYV ´RKIVWERHGSRGIRXVEXIFIGEYWIMREQSQIRX]SYV´RKIVW[MPPGSQI XSKIXLIVERHXSYGLNYWXPMOIXLI]EVIQEKRIXWXLEX¬WMXXLI]EVIWXEVXMRK XSX[MXGLGPSWIVERHGPSWIVERHEWWSSREWXLSWI´RKIVWXSYGL]SYGER EPPS[]SYVI]IWXSGPSWIERHVIPE\

3TIR]SYVI]IW&VMPPMERXXLEXWLS[WQI]SYGERGSRGIRXVEXI 2MRIX]RMRITIVGIRXSJTISTPI[MPPHSXLMWWYGGIWWJYPP]§]SYWLSYPHEMQXS KIXXLIMV´RKIVWXSKIXLIVW[MJXP]EWUYMGOP]EWWIGSRHWERHRSQSVIXLER WIGSRHW-JXLI]GERRSXHSMX[MXLMRXLMWXMQIHSWSQIXLMRKIPWI8LI VIEWSRXLMWI\IVGMWIMWWSIEW]XSWYGGIIHMRMWXLEXXLIIJJIGXSJXLI´RKIVW QSZMRK[MXLSYXGSRWGMSYWIJJSVXMWLIEZMP]VIPMERXSRXLITL]WMSPSK]SJXLI LERHW8V]MXSYXERHXLMWXMQIWUYII^I]SYVLERHWXSKIXLIVEW]SY[EXGL ]SYV´RKIVW%WXLIXIRHSRWMRXLISXLIV´RKIVWXMKLXIRMXGEYWIWXLIXIRHSRW MRXLIMRHI\´RKIVWXSXMKLXIRERHXLI]GSQIXSKIXLIVUYMXIEYXSQEXMGEPP] 8LIQSWXGSQQSRTVIWIRXEXMSRSJXLMWI\IVGMWIMRZSPZIWEHIQSRWXVEXMSRERH I\TPEREXMSRSJ[LEXMWKSMRKXSLETTIRERHEVIUYIWXXS«WUYII^IXLILERHW ERHEPPSJXLI´RKIVWXSKIXLIVI\GITXXLIMRHI\´RKIVW¬ -RQSWXGEWIW]SY[MPPKIXE[E][MXLXLMWETTVSEGL,S[IZIVMXHSIW QEOIMXOMRHSJSFZMSYWXLEXWSQITL]WMSPSKMGEPTVMRGMTPIMWEXTPE]7SXS EZSMHQEOMRKMXWSSFZMSYWHSRSXQIRXMSRWUYII^MRKXLILERHW.YWXYWI WYKKIWXMSR(S[LEX]SYEVITYVTSVXMRKXSHSERHQEOIMXLETTIR[MXL]SYV TS[IVWSJWYKKIWXMSRERHMRµYIRGI&I8LI,]TRSXMWXXLMWMWSJXIR]SYV´VWX VIEPGLERGIXSHSWSQIXLMRK[MXL]SYVWYFNIGXQEOIMXGSYRX TEKI

6IEPMX]MW4PEWXMG

=SY[MPPWIIJVSQXLIWGVMTXMRKEFSZIXLEXXLIXIRWMSRMWTPEGIHMRXSXLI LERHWMRXLIWIXYT8LMWMWMQTSVXERXFIGEYWIMJXLIWYFNIGXNYWXLEWXLI ´RKIVWPSSWIP]MRXIVPSGOIHMXMWQYGLPIWWPMOIP]XLI][MPPWYGGIIHWSIRWYVI XLEXXLI]JSPPS[]SYVMRWXVYGXMSRW-JXLI]LEZIRSXXLIRWE]MXEKEMRQEOMRK MXEFWSPYXIP]GPIEV[LEX]SY[ERXXLIQXSHS(IQSRWXVEXI[MXL]SYVS[R LERHWEW]SYKSXLVSYKLXLIMRWXVYGXMSRW8LIREWWSSREWXLILERHWEVI WIXYTXLIVIWLSYPHFIEGLERKISJTEGIERHEHMVIGXWYKKIWXMSRJVSQ8LI ,]TRSXMWXEFSYX[LEXMWKSMRKXSLETTIR  FIGEYWIMREQSQIRX]SYV´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

TEKI

6IEPMX]MW4PEWXMG

 1EKRIXMG,ERHW -RXLMWI\IVGMWI]SYEVIKSMRKXSQEOIXLILERHWSJ]SYVWYFNIGXQSZI XSKIXLIVEWMJXLI][IVIQEKRIXW 2S[MREQSQIRX-[MPPEWO]SYXSGSRGIRXVEXINYWXPMOI]SYHMHSR]SYV ´RKIVWSRP]XLMWXMQI-[ERX]SYXSVIEPP]YWI]SYVMQEKMREXMSRWSMRE QSQIRX-[MPPEWO]SYXSGPSWI]SYVI]IW-¬PPEWO]SYXSTPEGI]SYVLERHW SYXMRJVSRXSJ]SYPMOIXLMWXSGPSWI]SYVI]IWERHMQEKMRI]SYLEZIX[S TS[IVJYPQEKRIXWWXVETTIHXSXLITEPQWSJ]SYVLERHWTYPPMRKXLIQ XSKIXLIV;LIRXLI]XSYGL]SYVLIEHGERWMQTP]JEPPJSV[EVHEW]SY VIPE\ 3/WSTPEGI]SYVLERHWSYXMRJVSRXSJ]SYPSSOEXXLIWTEGIFIX[IIR XLSWILERHWKIXEGPIEVTMGXYVISJ]SYVLERHWWXYGOSYXXLIVIRS[GPSWI ]SYVI]IWERHMQEKMRI]SYLEZIX[STS[IVJYPQEKRIXWWXVETTIHXSXLI TEPQWSJ]SYVLERHWTYPPMRKXLIQXSKIXLIV

TEKI

6IEPMX]MW4PEWXMG

8LI]EVIEPVIEH]WXEVXMRKXSKSMQEKMRIXLEXQEKRIXMGJSVGIMWKIXXMRK WXVSRKIVXLIGPSWIVXLI]KIXXLIWXVSRKIVMXFIGSQIWNYWXPMOI[LIREW EGLMPHTPE]MRK[MXLQEKRIXW]SYJIPXXLEXQEKRIXMGEXXVEGXMSRTYPPMRK XLSWILERHWXSKIXLIV-ORS[MXMWHMJ´GYPXXSXIPPI\EGXP][LIRXLI]EVI KSMRKXSXSYGLFYX-GEREWWYVI]SYXLI]EVIKSMRKXSXSYGL2S[PIX]SYV LERHWHVSTHS[REW]SYVLIEHHVSTWJSV[EVHSRXS]SYVGLIWXERHVIPE\

)\GIPPIRX2S[STIR]SYVI]IW]SYLEZIETS[IVJYPMQEKMREXMSR -RXLMWI\IVGMWI-WYKKIWX8LI,]TRSXMWXHIQSRWXVEXIWI\EGXP][LEXXLI WYFNIGXLEWXSHSERH[LEX[MPPLETTIRFIJSVIEWOMRKXLIWYFNIGXXSHSMX 3RGI]SYLEZII\TPEMRIH[LEXMWKSMRKXSLETTIRERHHIQSRWXVEXIHMX LETTIRMRKMXMWLMKLP]PMOIP]XLIWYFNIGX[MPPWYGGIIHEXXLMWI\IVGMWI§IZIR QSVIWSMJXLI]LEZITEWWIHXLI1EKRIXMG*MRKIVWI\IVGMWI 1EKRIXMG,ERHWPSKMGEPP]JSPPS[W1EKRIXMG*MRKIVWEWEKEMRMXMRZSPZIW «QEKRIXMG¬JSVGIWERHTEVXWSJXLIFSH]QSZMRKEYXSQEXMGEPP]§[MXLSYX GSRWGMSYWIJJSVX-XEPWSFYMPHWYTSRXLIWYFNIGXWWYGGIWWJYPHIQSRWXVEXMSR XLEXXLI]GERGSRGIRXVEXIF]EWOMRKXLIQXSGSRGIRXVEXIEKEMRERHYWIXLIMV MQEKMREXMSR8LII\IVGMWIGERFIHSRI[MXLXLII]IWSTIR,S[IZIVMR WE]MRK«8LMWXMQI-[ERX]SYXSVIEPP]YWI]SYVMQEKMREXMSRWSMREQSQIRX -[MPPEWO]SYXSGPSWI]SYVI]IW¬]SYEVIKMZMRKXLIWYFNIGXEVIEWSRXSGPSWI XLIMVI]IWERHXLMWKMZIW]SYERSTTSVXYRMX]XSSFWIVZIXLIQVIWTSRHMRKXS ]SYVWYKKIWXMSRW[MXLGPSWIHI]IWERHQEOIWMXIEWMIVJSVXLIQXSYWIXLIMV MQEKMREXMSR%XXLMWTSMRX]SYGERSFWIVZIXLIQGPSWIP]JSVER]WMKRWSJ L]TRSWMWIWTIGMEPP]6)1 TEKI

6IEPMX]MW4PEWXMG

%XVEHMXMSREPETTVSEGLXSL]TRSXMGMRHYGXMSR[EWXSWYKKIWXXLII]IW[SYPH KIXLIEZ]ERHGPSWI8LMWMW´RIMJEPMXXPIWPS[7SKMZIXLIQEVIEWSRXS GPSWIXLIQMRWXIEHERHXLIRHSWSQIXLMRKQSVIMRXIVIWXMRK 1EKRIXMG,ERHWMWEWXVSRKIVXIWXSJXLIMVTS[IVWSJGSRGIRXVEXMSRERH MQEKMREXMSRXLER1EKRIXMG*MRKIVWFIGEYWIXLIVIMWQYGLPIWWVIPMERGISRXLI QIGLERMGWSJXLIFSH]ERHQYGLQSVIIQTLEWMWSRWYKKIWXMSR8LIVIMWSJ GSYVWIWSQIQIGLERMGWMRZSPZIH-J]SYTPEGIXLILERHWSYXMRJVSRXSJ]SY EWXLI]XMVIXLI]FIKMRXSHVSTERHREXYVEPP]JEPPMR[EVHW,S[IZIVNYWXEW [MXLXLI´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

TEKI

6IEPMX]MW4PEWXMG

 7XMJJ%VQ -RXLMWI\IVGMWI]SYEVIKSMRKXSQEOIXLIEVQSJ]SYVWYFNIGXWXMJJWSXLEX XLI]GERRSXFIRHMX -TVIWIRXXLMWMRSRISJX[S[E]W8LI´VWXMWHSRIJVSQERI]IWSTIR GSRZIVWEXMSREPWXEXIQYGLPMOI1EKRIXMG*MRKIVWERH1EKRIXMG,ERHW8LI WIGSRHETTVSEGLMWHSRI[LIR]SYEPVIEH]LEZIXLIWYFNIGX[MXLI]IWGPSWIH 8LMWQMKLXFIJSPPS[MRK1EKRIXMG,ERHW§VEXLIVXLERKIXXMRKXLIQXSSTIR XLIMVI]IW]SYNYWXKIXWXVEMKLXMRXSXLI7XMJJ%VQ7SQIXMQIW-YWIXLMWEJXIV- LEZIHSRIXLIEGXYEPL]TRSXMGMRHYGXMSR-RXLEXWIRWIMXMWERIEVP]VSYXMRI 1IXLSHSRI*MVWXP]]SYRIIHXSKIXTIVQMWWMSRXSXEOILSPHSJ]SYVWYFNIGXW EVQ%P[E]WKIXTIVQMWWMSRJVSQ]SYVWYFNIGXMJ]SYEVIKSMRKXSXSYGL XLIQ7XVEMKLXIRXLIMVEVQSYXMRJVSRXSJXLIQ +MZIQI]SYVEVQ2S[QEOIEXMKLX´WXERHXLIQYWGPIWXIRWI 7PETXLITEPQSJ]SYVLERHSRXLIMV´WXERHTSOIXLIMVQYWGPIW[MXL]SYV ´RKIVEW]SYWE]XLIJSPPS[MRK

TEKI

6IEPMX]MW4PEWXMG

)ZIRXMKLXIVMR]SYVJSVIEVQ]SYVXVMGITVMKLXMRXS]SYVWLSYPHIV -QEKMRI]SYLEZIEWXIIPFEVVYRRMRKXLVSYKL]SYV´WXXLVSYKL]SYV IPFS[XSXLIWLSYPHIV]SYVEVQMWPMOIEWXIIPFEV 2S[]SYVEVQMWKIXXMRKWXMJJ QEOIMXWXMJJWXMJJ WXMJJIVERHWXMJJIV XMKLXIVERHXMKLXIV ]SYGERRSXFIRHMXXV]EWLEVHEW]SY[MPP8V]LEVH ERH´RH]SYGERRSXFIRHMXXLILEVHIV]SYXV]XLIWXMJJIVMXKIXW=SY GERRSXFIRH]SYVEVQ 3RGIXLIWYFNIGXLEWXVMIHMRZEMRXSFIRHXLIMVEVQ]SYGERVIQSZIXLI IJJIGXIEWMP]F]NYWXXSYGLMRKXLIMVEVQERHWE]MRKXLIJSPPS[MRK %PPVMKLXMXMWEPPKSRIRS[=SYGERFIRH]SYVEVQRS[-XMWPSSWIERH VIPE\IHERHRSVQEPMRIZIV][E]

TEKI

6IEPMX]MW4PEWXMG

1IXLSHX[S§=SYVWYFNIGXMWWMXXMRK[MXLXLIMVLERHWMRXLIMVPETERHXLIMV I]IWGPSWIH[EMXMRKJSV]SYVRI\XMRWXVYGXMSRTIVLETWJSPPS[MRK1EKRIXMG ,ERHW -EQKSMRKXSGSYRXJVSQSRIXSXLVII3RXLIGSYRXSJSRI-[ERX]SYXS QEOIEXMKLX´WX[MXL]SYVVMKLXLERH3RX[S-[ERX]SYXSVEMWIXLEX EVQYTXS[EVHXLIGIMPMRKERHSRXLVIIXSVIEPP]QEOIXLEX´WXEWXMKLX EW]SYGER3RIQEOIXLEX´WXX[SVEMWIMXYTXS[EVHXLIGIMPMRKRS[ XLVIIQEOIXLEX´WXXMKLXERHJIIPXLEXWXMJJRIWWJIIPXLIWOMRSRXLIFEGO SJXLILERHXMKLXIRMRKXLI[VMWXPSGOMRKSYX )ZIRXMKLXIVMR]SYVJSVIEVQ]SYVXVMGITVMKLXMRXS]SYVWLSYPHIV -QEKMRI]SYLEZIEWXIIPFEVVYRRMRKXLVSYKL]SYV´WXXLVSYKL]SYV IPFS[XSXLIWLSYPHIV]SYVEVQMWPMOIEWXIIPFEV 2S[]SYEVQMWKIXXMRKWXMJJ QEOIMXWXMJJWXMJJ WXMJJIVERHWXMJJIV XMKLXIVERHXMKLXIV ]SYGERRSXFIRHMXXV]EWLEVHEW]SY[MPP8V]LEVH ERH´RH]SYGERRSXFIRHMXXLILEVHIV]SYXV]XLIWXMJJIVMXKIXW=SY GERRSXFIRH]SYVEVQ 8LMWOMRHSJ7IX4MIGIMWRSVQEPP]QIX[MXLEWPMKLXP]FEJµIHFYXEQYWIH VIWTSRWIF]XLIWYFNIGX %KEMRXLIVIMWETL]WMSPSKMGEPVIEWSR[L]XLI7XMJJ%VQ[SVOW=SYEVI WMQYPXERISYWP]EWOMRK]SYVWYFNIGXXSXIRWIXLIMVEVQERHXSXV]ERHFIRHMX 'PIEVP]MJXLI]XEOIXLI´VWXMRWXVYGXMSRXLI][MPPFIYREFPIXSGEVV]SYXXLI WIGSRH,S[IZIVXLIIJJIGXMXLEWSRXLIQMRHMWZIV]VIEP(SRSXHMWQMWW XLMWEWETWIYHSL]TRSWMWXVMGO-RWXIEHYWIMXXSXVMT]SYVWYFNIGXMRXS L]TRSWMW -J]SYGERRSXFIRH]SYVS[REVQSVOIIT]SYVLERHWJVSQQSZMRKSVSTIR ]SYVI]IWHIWTMXI]SYVFIWXIJJSVXWXLIRMXMWGPIEVXLEXXLIGSRWGMSYWGVMXMGEP QMRHMWF]TEWWIH 7SQIXMQIW[LIR]SYEGXYEPP]WXITYTXSXLIGLEPPIRKIXLI[SVO]SYLEZI HSRIF]WE]MRK«8V]ERHFIRHMX¬XLIEVQ[MPPWXEVXXSFIRHEPMXXPI)ZIREX XLEXTSMRXGSRXMRYI[MXL]SYVWYKKIWXMSRW6IQMRHXLIQXLEXMXJIIPWWXMJJERH [MPPWXVEMKLXIRSYXSVWIXMRXSTPEGI8LIVIMWRSTSMRXWREXGLMRKHIJIEXJVSQ XLINE[WSJZMGXSV] TEKI

6IEPMX]MW4PEWXMG

-RER]7IX4MIGIMXMWMQTSVXERXXLEX[LEXXLIWYFNIGXMWFIMRKEWOIHXSHS MWRSXSFNIGXMSREFPI4VIWIRXMRKXLIWII\IVGMWIWEWEHIQSRWXVEXMSRSJXLI WYFNIGX¬WEFMPMX]XSGSRGIRXVEXIERHYWIXLIMVMQEKMREXMSRMWRSXSFNIGXMSREFPI 7SXEOIXLISTTSVXYRMX]XSGSRKVEXYPEXIXLIQµEXXIVXLIQERHIRGSYVEKI XLIQ8LIWYFNIGXWQMRHMWIEWMP]PSGOIHEVSYRHEWMRKPIMHIE

TEKI

6IEPMX]MW4PEWXMG

 -RHYGXMSRW -RHYGXMSRMWXLIKIRIVMGXIVQYWIHXSHIWGVMFIXLITVSGIWWSVXIGLRMUYIYWIH XSTYXWSQISRIMRXSL]TRSWMW8LIVIEVIXLSYWERHWSJ[E]WSJHSMRKXLMW %PXLSYKLFIMRKµI\MFPIMR]SYVETTVSEGLMWHIWMVEFPI]SY[MPPFIQSVI IJJIGXMZIF]FIMRKI\XVIQIP]EGGSQTPMWLIHEXSRISVX[SMRHYGXMSRWVEXLIV XLERWMQTP]ORS[MRKPSXWSJXLIQ1ER]TISTPIGSRXMRYIXSWIIOSYXRI[ MRHYGXMSRWEWMJXLI]FIPMIZIXLIVIQYWXFIQSVIXSMXSVMJXLI]GSYPHNYWX ´RHXLIYPXMQEXIMRHYGXMSRXLI][SYPHXLIRFIEKVIEXL]TRSXMWX9PXMQEXIP] MXMW8LI,]TRSXMWXXLEXHSIWXLIL]TRSXMWMRKRSXXLIXIGLRMUYIMXWIPJ7SQI MRHYGXMSRWEVIHMVIGXWSQIMRHMVIGX%RMRHYGXMSRGERFIVETMHMRWXERXSV WPS[ERHTVSKVIWWMZI8LI]GERFISZIVXSVGSZIVXZIVFEPSVRSRZIVFEP8LI MRHYGXMSRWSYXPMRIHLIVIEVIEPPVETMHSZIVXZIVFEPERHTL]WMGEPMRHYGXMSRW &IEVMRQMRHXLEXMJ]SYVWYFNIGXLEWHSRI[IPPMR8LI7IX4MIGIXLIRXLI] QE]EPVIEH]FIL]TRSXM^IHSV[IPPSRXLIMV[E]%PXLSYKL)PQERWYKKIWXW XLEXXLMWMWXLINYWXXLIIRXIVMRK[IHKIQ]I\TIVMIRGIMWXLEXEWWSSREW]SY LEZIKSXWSQIWYGGIWW[MXL8LI7IX4MIGIXLIR]SYEVISRIWYKKIWXMSRE[E] JVSQL]TRSWMW-J]SYLEZIWYKKIWXIHXLIWYFNIGXWEVQ[MPPRSXFIRHERH XLI]GERRSXFIRHMXXLIRXLI]LEZIEPVIEH]F]TEWWIHXLIMVGVMXMGEPJEGYPX]ERH IWXEFPMWLIHWIPIGXMZIXLMROMRKEVSYRHEXPIEWXSRIMHIE§XLIMHIEXLEXXLIMV EVQ[MPPRSXFIRH8LIMVYRGSRWGMSYWMWWIIQMRKP]VIGITXMZIXSXLIMHIEW]SY EVITVIWIRXMRKXSMX 8LMWMW[L]8LI7IX4MIGIGERFIXLIMRHYGXMSRMXWIPJ-JXLIWYFNIGXWEVQMW YRFIRHEFPIFIGEYWI]SYWYKKIWXIHMX[SYPHFIERH]SYWYHHIRP]TYWLMX HS[RERHHMVIGXXLIWYFNIGXXS«7PIIT¬XLI]TVSFEFP][MPPKSWXVEMKLXMRXS L]TRSWMWERHWMQTP][EMXJSV]SYVRI\XMRWXVYGXMSR-XMWYTXS]SY[LIXLIV ]SYYWIMXXLEX[E]SVRSX)ZIRMJEJXIVQEOMRKXLIWYFNIGXWEVQYRFIRHEFPI ]SY[IVIXSNYWXXSYGLMXERHWE]«3/]SYGERFIRH]SYVEVQRS[MXMW RSVQEP¬MR]SYVLIEH]SYGERWXMPPEWWYQIXLIWYFNIGXMWMRXLIWXEXISJ QMRH]SY[ERXXLIQXSFIMR-XQE]RSXLEZISGGYVVIHXSXLIQXLEXXLI] EVIL]TRSXM^IHSVIZIRXLEXXLIL]TRSXMWMRKLEWFIKYR-RXLMWWIRWIXLI MRHYGXMSRXLEXJSPPS[W8LI7IX4MIGIMWE[E]SJMRXIRWMJ]MRKXLIMVWXEXISJ L]TRSWMWVEXLIVXLERGVIEXMRKMX1SVISRXLEXMR7IGXMSR 8LIJSPPS[MRKMRHYGXMSRWEVIEPPVETMH§QIERMRKXLI]XEOIER]XLMRKJVSQ EJI[WIGSRHWXSEJI[QMRYXIWXSTIVJSVQ8LI]KIRIVEPP]MRZSPZIWSQI TL]WMGEPQERMTYPEXMSRSJ]SYVWYFNIGX§XLMWGSYPHQIERXEOMRKGSRXVSPSJ XLIMVI]IWEVQ[VMWXLERHLIEHSVFEPERGI8LMWVETMHETTVSEGLMWXLIQSWX TEKI

6IEPMX]MW4PEWXMG

IJJIGXMZIJSVMQTVSQTXYETTPMGEXMSRWSJL]TRSWMW-XGSYPHFIEVKYIHXLEXMXMW XLIQSWXIJJIGXMZIJSVL]TRSWMWJYPPWXST§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´RHXLIWI MRHYGXMSRWEVIµI\MFPIERHGERFIEHETXIHXSWYMXEPPGMVGYQWXERGIW 'SR´HIRGIGIVXEMRX]ERHEQEXXIVSJJEGXEXXMXYHIXLEXXLITIVWSR[MPPKS MRXSEXVERGIKSEPSRK[E]XSYWMRKXLIWIXIGLRMUYIWWYGGIWWJYPP]7SQI L]TRSXMWXWKIXXLMWVMKLXJVSQXLIWXEVXSXLIVWLEZIXSHSXLIMVFIWXXSHIZIPST XLMWGLEVEGXIV

TEKI

6IEPMX]MW4PEWXMG

 8LI6ILIEVWEP 8LMWKIRIVMGVILIEVWEPMRHYGXMSRLEWFIIRYWIHJSVQER]]IEVWMRL]TRSWMW  -X[EWXLI´VWXMQTVSQTXYVETMHMRHYGXMSR-PIEVRXERHMX[SVOIH WYTIVFP]-XMWKVIEXJSVXLIµIHKPMRKL]TRSXMWXFIGEYWIMXEPPS[W]SYXS TVEGXMWISRXLIWYFNIGXFIJSVIHSMRKXLI«VIEPMRHYGXMSR¬-LEZIRIZIV JEMPIHXSL]TRSXM^IYWMRKXLMWMRHYGXMSRERH-WXMPPYWIMX[LIR-XLMROMXMW ETTVSTVMEXI =SYI\TPEMRXS]SYVWYFNIGXMREWXITF]WXITJEWLMSRI\EGXP][LEX]SYEVI KSMRKXSWE]ERHHSERH[LEXEJJIGXMX[MPPLEZISRXLIQ4VIWIRXMXMRE QEXXIVSJJEGXXSRIEWMJ]SYEVIXV]MRKXSXIEGLXLIQWSQIXLMRK 8LMWZIVWMSRYWIWVILIEVWEPXSGVIEXIGEXEPITW]MRXLIMVEVQ=SYPMXIVEPP] VILIEVWIEWQER]XMQIWEWVIUYMVIHYRXMPMXMWXMQIJSVXLI«VIEP¬MRHYGXMSR 7XVERKIP]]SY[MPPRIZIVQEOIMXXSXLI«VIEP¬MRHYGXMSR8LIWYFNIGX[MPP FIGSQIL]TRSXM^IHHYVMRKSRISJXLIVILIEVWEPWLIRGIXLIREQI 'ER-FSVVS[]SYVEVQ# ;LEX-¬QKSMRKXSHSLIVIMREQSQIRXMW-¬QNYWXKSMRKXSVIEGLSZIV PMOIXLMWERH-¬QKSMRKXSTMGOYT]SYVLERHERH-HSR¬X[ERX]SYXSKS MRXSL]TRSWMWFIGEYWI-[ERXXSI\TPEMRXLMWXS]SY  %W]SYWE]XLMWTMGOYTXLILERHSJXLIWYFNIGXF]XLI[VMWXERHQSZIMXYT WSXLEXXLIMVLERHMWMRXLIEMVERHXLIMVIPFS[FIRXEXEFSYXHIKVIIW

TEKI

6IEPMX]MW4PEWXMG

 FIGEYWIXLMWMWWSQIXLMRKXLEX[MPPLIPT]SYPEXIVSRMRKIXXMRK L]TRSXM^IH ERHXLIRXSLEZI]SYGSQIFEGOSYXSJL]TRSWMW[IEVI KSMRKXSQSZIXLEXLERHFEGOHS[RPMOIXLEX %W]SYWE]XLMWQSZIXLIMVLERHFEGOHS[R %PP]SYEVIKSMRKXSRSXMGIMWXLEX-¬QKSMRKXSTMGOYT]SYV[VMWXPMOI XLMW 4MGOYT[VMWXERHWTIEOMRKQSVIWSJXP]FYXWXMPPEXEVIKYPEVGSRZIVWEXMSREP TEGI -¬QKSMRKXSXEPOXS]SYMREGIVXEMR[E]ERHEWXLEXLERHVIEGLIWE GIVXEMRTSMRX]SY¬PPRSXMGIERYQFIVSJXLMRKWLETTIRMRKXLEX[MPPPIX ]SYORS[]SY¬VIKSMRKMRXSL]TRSWMW ]SYVI]IWGPSWI]SYVFVIEXLMRK [MPPWLMJXERH]SY[SYPHKSIZIRHIITIVERHXLIRXSLEZI]SYGSQIFEGO SYX[MHIE[EOI[I¬PPQSZIXLILERHFEGOHS[RPMOIXLMW3/#

TEKI

6IEPMX]MW4PEWXMG

7S-EQRSXKSMRKXSHSMX]IX-NYWX[ERX]SYXSKIXXLIJIIPMRKWSMJ RS[¬WXLIXMQIXSHSMXEPP-[SYPHHSMWVIEGLSZIVPMOIXLMW-[SYPH TMGO]SYVEVQYTPMOIXLEXERHWXSTEXETSMRX[LIR]SY[SYPHKSMRWMHI TVSFEFP]RSXMGIXLIRXLEX]SYVI]IW[SYPHGPSWIEXEGIVXEMRTSMRXMX¬W KSMRKXSWXSTEPPF]MXWIPJ8LIR-¬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´RKIVWI\GITXJSVXLIMRHI\´RKIVSRXLIFEGOSJ XLIMV[VMWX8LMWKMZIWXLIQIWWEKIXLEXXLILERHMWWXMPPFIMRKLIPHMRWSQI [E]ERHMJMXMWRSXGEXEPITXMGEPVIEH]QIERWXLEX]SYGERQERMTYPEXIMXE PMXXPIQSVIMJVIUYMVIH

TEKI

6IEPMX]MW4PEWXMG

%RH]SYORS[[LEXXSHSEPPXLI[E]MR XLEX¬WVMKLX I]IWGPSWIH HIITEWPIITHIITEWPIIT%RH]SYVYRGSRWGMSYWQMRHGERJSPPS[ I\UYMWMXIP]XLIWYKKIWXMSRW[MXL]SYVGSRWGMSYWQMRHTE]MRKEXXIRXMSRSV KSMRKER][LIVIMX[MWLIW 2S[XLIUYIWXMSRMWLS[HIITP]MRXSEXVERGIGER]SYKS#,S[QYGL HIITIVGER]SYKS#8LEX¬WVMKLX EVQPMJXMRKRS[IZIRLMKLIV XLEX¬W VMKLX -JXLIMVI]IWEVIWXMPPSTIRWE]XLIJSPPS[MRKXSHMVIGXXLIQXSGPSWI -[ERX]SYXS[EXGLWXE]E[EOIIZIRQSVIJSGYWYRXMPMX¬WXMQI XLEX¬W VMKLX I]IWGPSWIHRS[EPPXLI[E]MRXSEHIITWXEXI 4VSGIIHXSHIITIRXLIXVERGISVWMQTP]KMZIEL]TRSXMGWYKKIWXMSRERHFVMRK XLILERHHS[RSRP]EWUYMGOP]EWMXMWRIIHIH 8LEX¬WVMKLX-HSR¬X[ERXXLEXLERHXSHVMJXHS[RXS]SYVPETSRP]EW UYMGOP]EW]SYGERHVMJXHS[REPPXLI[E]HS[RVIQEMRMRKMRXLEX XVERGIXLIQYWGPIWVIPE\]SYGERVIPE\EWXLEXEVQHVMJXWHS[R]SYGER HVMJXHS[R(IITIVERHHIITIVXSWPIIT *VSQXLEXTSMRXSR]SYGERKS[LIVIZIV]SY[MWLXS8LIVIMWRSRIIHJSV ER]JYVXLIVMRHYGXMSR

TEKI

6IEPMX]MW4PEWXMG

 )]IXS,ERH*M\EXMSR 8LMWMRHYGXMSRMWWMQTPIJEWXERHµI\MFPI-XMWXLISRI-YWIXLIQSWX-X MRZSPZIW8LI,]TRSXMWXWLS[MRKWSQISRIXLIMVS[RLERHERH´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´RKIVXMTWXSIRGSYVEKI XLIMVEVQXSXEOIMXWS[R[IMKLX8LIRQSZIMXXS[EVHXLIMVJEGIERHTEGI XLIMVI\TIVMIRGI -REQSQIRXMJMXMW3/[MXL]SY-[SYPHPMOIXSFSVVS[]SYVEVQ-EQ KSMRKXSTMGO]SYVLERHYTF]XLI[VMWX-WXLEX3/# +VIEXKMZIQI]SYVEVQ.YWX´RHEWTSXSR]SYVLERH]SYGERPSSOEX ERHOIITPSSOMRKEXXLEXWTSX6IEH]# (SR¬XPSSOEXXLI[LSPIXLMRKNYWXOIIT]SYVI]IWSRSRIWTSXXLEX¬WMX 7SQIEVQW[MPPLEZIEFWSPYXIP]RS[IMKLXEXEPP8LI]LEHTVSFEFP]KSRI MRXSL]TRSWMWFIJSVI]SYXSSOLSPHSJXLIMV[VMWX 7SQIEVQWEVIVIEPP]LIEZ]ERH]SY[MPPXEOIEPPXLI[IMKLX&SFXLSWI LERHWEVSYRHMRJVSRXSJXLIMVGLIWXJSVEFMXERH[EMXYRXMP]SYJIIPXLIEVQ PSGOMRTPEGI=SYWLSYPHJIIPMX«KS¬%W]SYQSZIMXYTERHHS[RMRXS «TSWMXMSR¬[MXLEPMKLXXSYGLMX[MPPWYHHIRP]WYTTSVXMXWIPJ-J]SYOIIT]SYV MRHI\´RKIVSRXLISYXWMHIIHKISJXLIMV[VMWX]SYGERXIWXMXWYTTSVXWMXWIPJ F]NYWXQEMRXEMRMRKGSRXEGX[MXLXLEX´RKIV8LIWYFNIGXGERRSXUYMXIXIPPMJ ]SYEVIWYTTSVXMRKMXSVRSXERHXLMWIRGSYVEKIWXLIQXSHMWWSGMEXIJVSQXLIMV LERHERHEVQ -JMXLEWRSXPSGOIHMRTPEGIEJXIVEPMXXPI[LMPI WIGSRHW NYWXVIQMRHXLIQ XSJSGYWXLIMVEXXIRXMSRSRXLEXWTSX,EZITSWMXMZIQIERMRKJYPI\TIGXERG] WI[RMRXS]SYVETTVSEGL,SPHMXEWEGSVIFIPMIJSJ]SYVWXLEXXLI]EVIE KVIEXL]TRSXMGWYFNIGX)\TIGXXLIMVEVQXSPSGOMRTPEGI TEKI

6IEPMX]MW4PEWXMG

8LEX¬WVMKLXOIIT]SYVI]IWSRXLEXWTSX %WXLEXLERHFIKMRWXSQSZIXS[EVH]SYVJEGI]SYVI]IW[MPPFIKMRXS GLERKIJSGYWERHEW]SYFIGSQIE[EVISJXLSWII]IW =SYLEZIGLSMGIWEFSYXLS[XSTVSGIIHJVSQXLMWTSMRX 1SWXSJXIR-[MPPWMQTP]TEWWQ]LERHMREHS[R[EVHQSXMSRTEWXXLIMVI]IW EW-XIPPXLIQXSGPSWIXLIQERHWE]XLIJSPPS[MRK 'PSWI]SYVI]IWERHWPIITRS[-REQSQIRX-¬QKSMRKXSGSYRXHS[R JVSQXS^IVSERHEW-GSYRXHS[RJVSQXS^IVS]SYVLERH[MPPµSEX FEGOHS[RXS]SYVPET]SYVLIEH[MPPJEPPJSV[EVHSRXS]SYVGLIWXERH ]SY[MPPKSWSQYGLHIITIVMRXSXLIXVERGI(IITEWPIIT%PP XLI[E]HS[R(IITHIITHIITIVEWPIIT 8LIRGSRXMRYIXSHIITIRSVXIWX]SYV[SVOF]KMZMRKXLIQJYVXLIVHMVIGXMSR 3V-PIEZIXLIMVI]IWSTIRERHWE] 8LEX¬WVMKLX[MXL]SYVI]IWSTIR´\IHSRXLEXTSMRXYRHIVWXERHXLEX ]SYLEZIERMRGVIHMFP]TS[IVJYPYRGSRWGMSYWQMRH1YGLWXVSRKIVXLER ]SYVGSRWGMSYWQMRH-REQSQIRX-¬QKSMRKXSXSYGLXLIFEGOSJ]SYV LERHERH[LIR-XSYGLXLIFEGOSJ]SYVLERH]SYVYRGSRWGMSYWMWKSMRK XSWXEVXTYPPMRKMXXS[EVHW]SYVJEGI2S[]SYGSYPHTVIXIRHXLEXFYX XLEX¬WRSX[LEX-[ERX7S[LIR-XSYGLXLIFEGOSJ]SYVLERHERH]SY JIIPMXWXEVXXSTYPP]SYGERXV]ERHWXSTMX.YWXPMOIXLSWILERHW[IVI QEKRIXW]SY[MPP´RH]SYVLIEHMWEQEKRIXERHXLEXLERHMWEQEKRIX =SYGERXV]ERHWXSTMXPMJXMRKLMKLIVERH´RH]SYGERRSX=SY¬VIE WXVSRKQER[SQER6IEPP]XV]XSWXSTMXLETTIRMRKERHPIX¬WWIINYWXLS[ QYGLWXVSRKIV]SYVYRGSRWGMSYWMW 8LIRXSYGLXLILERH3RMXW[E]XSXLIMVJEGIYWYEPP][MXLEKSSHHIEPSJ WLEOMRKKSMRKSRMRXLIMVYTTIVFSH]EWXLI]´KLX[MXLXLIMVS[REVQ]SY GERIRGSYVEKIQSVIJYXMPIVIWMWXERGI =SY¬VIEWXVSRK[SQERXV]IZIRLEVHIVERH´RHMXPMJXWLMKLIVXLI LEVHIV]SYXV]XLIQSVIHMJ´GYPXMXFIGSQIW

TEKI

6IEPMX]MW4PEWXMG

=SYGERYWIXLIEVVMZEPSJXLILERHEXXLIJEGIEWXLIXVMKKIVJSVXLI HIITIRMRKSJXVERGI ;LIR]SYVLERHXSYGLIW]SYVJEGI]SYVI]IW[MPPGPSWIERH]SY[MPPKS WSQYGLHIITIVMRXSXLIL]TRSWMW4VSJSYRHL]TRSWMW'SQTPIXITL]WMGEP ERHQIRXEPFPMWW

TEKI

6IEPMX]MW4PEWXMG

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´RHXLMWMRXIVIWXMRKERHQSZISR ;LEXHS]SYXLMROL]TRSWMWMW# %JXIVXLMROMRKJSVEQSQIRXXLIWYFNIGX[MPPPMOIP]WE]VIPE\EXMSRWPIITSV WSQIXLMRKIPWI;LEXIZIVXLI]WE]MQQIHMEXIP]GSYRXIV[MXLXLIJSPPS[MRK SVWSQIXLMRKWMQMPEVXLEXQEXGLIWYTXS[LEXXLI]LEZIWEMH 8LEX¬WVMKLXMXMWEPPEFSYXYWMRK]SYVQMRH-[SYPHPMOI]SYXSHS WSQIXLMRKJSVQI-XQMKLXJIIPEPMXXPIWXVERKIEX´VWXFYX-GEREWWYVI ]SYIZIV]XLMRK[MPPVIXYVRXSRSVQEPEJXIV[EVHWMJ]SYHSR¬XJIIP WSQIXLMRK]SYHSR¬XJIIPWSQIXLMRKMXXEOIWEPMXXPI[LMPIFYXNYWXVIPE\ ERH[EMXJSVMXMX[MPPLETTIR§MXMWEP[E]WHMJJIVIRX[MXLIEGLTIVWSREW [IEPPXLMROERHJIIPXLMRKWMRHMJJIVIRX[E]W 8LIWISTIRMRKGSQQIRXWHSQER]XLMRKW8LI]WYKKIWXWSQIXLMRK[MPP LETTIR8LI]WYKKIWXMXQE]FIEFMXSHH8LI]WE]ZIV]PMXXPIEFSYX[LEXXLI I\TIVMIRGI[MPPFI=SYHSRSXLEZIXSYWIXLIQFYXXLI]EVIEYWIJYPFMXSJ WIXYT  

TEKI

6IEPMX]MW4PEWXMG

3/EVI]SYVIEH]XSFIL]TRSXMWIH#'ER]SYTYX]SYVEVQWSYXPMOI XLMWEFSYXWLSYPHIVLIMKLXTEPQWJEGMRKXS[EVHWIEGLSXLIV# 2S[MREQSQIRX-[MPPEWO]SYXSGSRGIRXVEXINYWXPMOI]SYHMHSR]SYV ´RKIVWSRP]XLMWXMQI-[ERX]SYXSVIEPP]YWI]SYVMQEKMREXMSRWSMRE QSQIRX-[MPPEWO]SYXSGPSWI]SYVI]IW-¬PPEWO]SYXSTPEGI]SYVLERHW SYXMRJVSRXSJ]SYPMOIXLMWXSGPSWI]SYVI]IWERHMQEKMRI]SYLEZIX[S TS[IVJYPQEKRIXWWXVETTIHXSXLITEPQWSJ]SYVLERHWTYPPMRKXLIQ XSKIXLIV;LIRXLI]XSYGL]SYVLIEHGERWMQTP]JEPPJSV[EVHEW]SY VIPE\ 3/WSTPEGI]SYVLERHWSYXMRJVSRXSJ]SYPSSOEXXLIWTEGIFIX[IIR XLSWILERHWERHKIXEGPIEVTMGXYVISJ]SYVLERHWWXYGOSYXXLIVIRS[ GPSWI]SYVI]IWERHMQEKMRI]SYLEZIX[STS[IVJYPQEKRIXWWXVETTIHXS XLITEPQWSJ]SYVLERHWTYPPMRKXLIQXSKIXLIV

TEKI

6IEPMX]MW4PEWXMG

8LI]EVIEPVIEH]WXEVXMRKXSKSMQEKMRIXLEXQEKRIXMGJSVGIMWKIXXMRK WXVSRKIVXLIGPSWIVXLI]KIXXLIWXVSRKIVMXFIGSQIW-ORS[MXMWHMJ´GYPX XSXIPPI\EGXP][LIRXLI]EVIKSMRKXSXSYGLFYX-GEREWWYVI]SYXLI]EVI KSMRKXSXSYGLNYWXPMOI[LIREWEGLMPHTPE]MRK[MXLQEKRIXW]SYJIPX XLEXQEKRIXMGEXXVEGXMSRTYPPMRKXLSWILERHWXSKIXLIV 2S[PIX]SYVLERHWHVSTHS[RERHVIPE\7PIIT 8LMWGPSWMRKI]IWWXITMWRSXRIGIWWEV]FYX-´RHMXLIPTW-XQE]WYVTVMWI XLIQ[LIRXLILERHWXSYGL-J]SYOIITXLIMVI]IWSTIRMXMWEPWSUYMXI WYVTVMWMRK[LIRXLI]WIIXLIMVLERHWQSZMRKERHXIRHWXS´\EXIXLIMV EXXIRXMSR]SYGSYPHXLIRPMROXLIQSQIRXXLI]XSYGLXSI]IGPSWYVIERH L]TRSWMW

TEKI

6IEPMX]MW4PEWXMG

 8LI,ERHWLEOI 8LIVIEVIZEVMSYWLERHWLEOIMRHYGXMSRW§XLEXMWL]TRSXMWMRKWSQISRI [MXLELERHWLEOI)PQERSYXPMRIHELERHWLEOIMRHYGXMSR1MPXSR)VMGOWSR HIZIPSTIHEXPIEWXX[SZEVMEXMSRW,IMWORS[RXSLEZIYWIHELERHWLEOIEW ERSTTSVXYRMX]XSMRHYGIL]TRSWMWWSSJXIRXLEXVEVIP][SYPHER]SRI[MWL XSWLEOILMWLERH,I[SYPHRSXUYMXIPIXKSSJXLIMVLERHERH[SYPHYWIER EQFMKYSYWXSYGLYRXMPXLILERHXSSOMXWS[R[IMKLXERHHIZIPSTIHGEXEPITW] 8LIXIGLRMUYISYXPMRIHFIPS[MW[MHIP]GVIHMXIHXS6MGLEVH&ERHPIVSRISJ XLIGSJSYRHIVWSJ2IYVS0MRKYMWXMG4VSKVEQQMRK 204    8LMWMWIEWMIVXSTYPPSJJXLER)VMGOWSR¬WEQFMKYSYWXSYGLERH-´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

TEKI

6IEPMX]MW4PEWXMG

%WXLIWYFNIGXSJJIVWXLIMVLERHXSWLEOI]SYVWTYPP]SYVLERHE[E]WPMKLXP] ERHYWI]SYVPIJXLERHXSPMKLXP]KVEWTXLIWYFNIGX¬WVMKLX[VMWXERHQSZI XLIMVTEPQXSEHMWXERGISJEFSYXGQJVSQXLIMVJEGI4SMRXEXXLIMVLERHEW ]SYKMZIXLIQXLIMV´VWXHMVIGXMSR 0SSOEX]SYVLERH 'SRXMRYIEXETEGIWTIEOMRK[MXLWSQIGSQQERH 8LEX¬WVMKLXNYWXPSSOEXXLEXLERHEW]SY[EXGLXLEXLERHQSZI XS[EVHW]SY 1SZIMXWPMKLXP]XS[EVHWXLIWYFNIGXWJEGI[LMPITSMRXMRKEXMX[MXLXLISXLIV LERH =SYGERRSXMGIXLIGLERKMRKJSGYWSJ]SYVI]IWERHEW]SYHSRSXMGIXLI XIRHIRG]JSV]SYVI]IWXSGPSWI

TEKI

6IEPMX]MW4PEWXMG

7MQYPXERISYWXSXLITLVEWI«I]IWXSGPSWI¬HVST]SYVTSMRXMRKLERH HS[R[EVHERHE[E]JVSQXLIMVJSGYWWSXLEXXLIVII]IWEVIIRGSYVEKIHXS JSPPS[=SYGERWRET]SYV´RKIVWXSIRGSYVEKIXLMW=SYGERHSFSXL %WWYQMRKXLII]IWEVIGPSWIH SVIZIRMJXLI]EVIRSX GSRXMRYI %W]SYRSXMGIXLEXLERHMWKIXXMRKGPSWIVERHGPSWIVXS]SYVJEGI 8LILERHMWLSTIJYPP]QSZMRKGEXEPITXMGEPP]RS[XSXLITSMRX[LIVI]SY GSYPHPIXKSSJMXERHMX[SYPHGSRXMRYIXSQSZI 8LEX¬WVMKLXGPSWIVERHGPSWIV WPS[HS[RERHWSJXIRZSMGIERHHIPMZIV]  YRXMP]SYNYWXEPPS[MXXSLETTIREPPXLI[E]HS[RXLEX¬WVMKLXEPPXLI [E]HS[R[LMPIXLEXLERHWVIQEMRWXSXEPP]´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§[EMX XSSPSRKQSVIXLEREWIGSRHSVX[SFIMRKXSSPSRKERHXLI][MPP´RHMX XLIQWIPZIW§FYXMJ]SYQEOIYWISJXLMW[MRHS[F]KSMRKWXVEMKLXMRXSXLI WGVMTXEFSZI]SYGEROIITXLIQWYWTIRHIHXLIVI 8LI[E]]SYHSXLEXMWXSTEGII\EGXP][LEXSGGYVWWXEVXMRK[MXLXLIQSZI XS[EVHXLIJEGI3JGSYVWIXLII]IW[MPPGLERKIJSGYWEWXLMWSGGYVWSJ GSYVWIXLI][MPPGPSWIEXWSQITSMRX7SXLIXIGLRMUYITEGIWXLIWIX[SXLMRKW ERHXLIRPIEHWXLIQXS«WPIIT¬

TEKI

6IEPMX]MW4PEWXMG

7YGGIWW[MXLXLMWMRHYGXMSRMWHMVIGXP]TVSTSVXMSREPXS]SYJIIPMRKGSR´HIRX XLI][MPPKSMRXSEXVERGI1SZIW[MJXP]EJXIVXLITEXXIVRMRXIVVYTXTVSNIGX GSR´HIRGIERHXVERGI[MPPIRWYI+SERH´RHEXVEJ´G[EVHIRSVWSQISRI TIWXIVMRK]SY[MXLEUYIWXMSRREMVIMRXLIWXVIIXERHTVEGXMGI *VSQTIVWSREPI\TIVMIRGI-´RHXLIIQTLEWMWSRXLITEXXIVRMRXIVVYTX IPIQIRXSJXLILERHWLEOIMRHYGXMSRSJXIRTVIZIRXWTISTPIJVSQYWMRKMX-R XVYXL]SYGERYWIMX[MXLSYXWLSGOWYVTVMWISVGSRJYWMSR-XWXMPP[SVOW9WIH MRXLMW[E]XLILERHMWNYWXE´\EXMSRTSMRXXLEX]SYYWIXSWIRHXLIQMRXS L]TRSWMWQYGLPMOIXLI)]IXS,ERH*M\EXMSRYWIWEWTSXSRXLITEPQSJXLI LERH8LMWMWEGXYEPP]SRISJXLIIEWMIVMRHYGXMSRWXSHS1EWXIVMX

TEKI

6IEPMX]MW4PEWXMG

 .EGUYMR4S[IV0MJX 8LMWMRHYGXMSRGSQFMRIWGSRJYWMSRVILIEVWEPETEXXIVRMRXIVVYTXERHGVIEXIW GEXEPITW]-XMWQ]JEXLIV*VIHH].EGUYMR¬W[SRHIVJYPGVIEXMSR,IMWE VIRS[RIHL]TRSXLIVETMWXERHLEWTVSFEFP]L]TRSXMWIHSZIVTISTPI EPEVKITVSTSVXMSRSJXLIQYWMRKXLMWMRHYGXMSR-XMWVETMHERHHMVIGXERH VIPMEFPIERHµI\MFPI-XGERFIYWIHSRIXSSRISV[MXLWQEPPKVSYTWMRER] WIXXMRK0MOIEPPSJXLIWIVETMHMRHYGXMSRWWYGGIWWMWVIPMERXSR]SYVMRXIRXERH I\TIGXEXMSRRSXXLIXIGLRMUYIMXWIPJ8LMWMWSYVTVIJIVVIHMRHYGXMSRIWTIGMEPP] MJXLIWYFNIGXMWWIEXIHSVWXERHMRKEXEFEV§FEWMGEPP]WSQI[LIVIXLIMVIPFS[ GERFIWYTTSVXIHEPXLSYKLMXGEREPWSFIHSRI[MXLSYXIPFS[WYTTSVX 3/-¬QKSMRKXSXEOI]SYMRXSEXVERGI-EQKSMRKXSWLS[]SY[LEX- EQKSMRKXSHSXLIR-EQKSMRKXSHSMX 4SMRXEXXLIMVLERHERHWE]XLIJSPPS[MRK -REQSQIRX-EQKSMRKXSVIEGLSZIVERHTMGOYTXLEXLERHERHEW- PMJXMXYTPMOIXLMW (IQSRWXVEXIF]VIEGLMRKSZIV[MXLXLIXLYQFERH´VWXX[S´RKIVWSJSRI LERHXEOMRKLSPHSJ]SYV[VMWXPMJXMRK]SYVS[REVQMRXSXLI6IH-RHMER ,3;WMKR %WMXPMJXWXSEFSYXLIVI-[ERX]SYXSEPPS[]SYVI]IWXSGPSWI 'PSWI]SYVI]IWXSJYVXLIVHIQSRWXVEXI[LEX]SY[ERXXLIQXSHS

TEKI

6IEPMX]MW4PEWXMG

%W-TYWLMXHS[R HIQSRWXVEXI ]SYVI]IW[MPPSTIRERH]SYGERNYWX VIPE\ (IQSRWXVEXIEKEMRF]STIRMRK]SYVI]IWEWXLILERHQSZIWHS[R8LIRKMZI EWIGSRHHIQSRWXVEXMSR 8LIREW-TYPP]SYVEVQYT]SYVI]IW;-00GPSWIEW-TYWLMXHS[R ]SYVI]IW[MPPSTIRERH]SY[MPPVIPE\IZIRQSVI -WXLEX3/[MXL]SY#7SGER-FSVVS[]SYVEVQ# 6IEGLSZIVERHTMGOXLIEVQYTF]XLI[VMWXFIRHMRKXLIIPFS[8LIVIMWRS RIIHXSTYPPMXYTMQQIHMEXIP]TIVLETWTEYWIEQSQIRXSVX[SXSPSSOJSV ER]SJXLIWMKRWSJL]TRSWMWEWXLI]FIKMRXSJSGYWMR[EVHW %W-PMJXMXYT]SYGEREPPS[]SYVI]IWXSGPSWI

TEKI

6IEPMX]MW4PEWXMG

2SXIXLITIVQMWWMZIPERKYEKI«]SYGEREPPS[]SYVI]IWXSGPSWI¬8LI][MPP GPSWIXLIMVI]IW,SPHXLIMV[VMWXMRE[E]XLEXQEOIWXLIQ[SRHIV[LIXLIV ]SYEVILSPHMRKMXSVRSXERH[LIXLIV]SYEVIPMJXMRKMXSVRSX%PMKLXXSYGL WSQIXMQIWPMJXMRKSRISJXLI´RKIVWXLEXMWLSPHMRKXLIMV[VMWXGVIEXIWEOMRH SJEQFMKYSYWXSYGLXLEXGVIEXIWWSQIGSRJYWMSR%XXIQTXXSKIXXSXLITSMRX [LIVIXLIMVLERHMW«LIPH¬NYWXF]]SYLEZMRKSRI´RKIVVIQEMRMRKMRGSRXEGX [MXLXLIFEGOSJXLIMV[VMWX8LIRVIKVMTERHTYWLXLIMVEVQHS[RWPS[P] EPQSWXEWMJ]SY[IVIQIIXMRKWSQIVIWMWXERGIERHMX[EWWPMKLXP]HMJ´GYPXXS TYWLXLIEVQHS[R8LMWGERFIEGLMIZIHF]XIRWMRKXLIQYWGPIWMR]SYVS[R EVQ-XKMZIWXLIMQTVIWWMSRXSXLIWYFNIGXXLEXXLIMVEVQMWJIIPMRKWPMKLXP] WXVERKI %W]SYTYWLXLIEVQHS[RWE]XLMW %WXLIEVQKSIWHS[R]SYGEREPPS[]SYVI]IWXSSTIRERHVIPE\IZIR QSVI 6ITIEXEHHMRKWSQITEGMRKGSQQIRXWERHWLMJXMRKJVSQTIVQMWWMZIPERKYEKI XSEQSVIHMVIGXGSQQERHERHXSRI8LMWXMQI]SYEVIWE]MRKXLI«I]IW[MPP GPSWI¬ 8LEX¬WVMKLXXLIEVQPMJXWERH]SYVI]IW[MPPGPSWI-TYWLMXHS[RERH ]SYVI]IW[MPPSTIREW]SYVIPE\IZIRQSVI 4YPPXLIEVQYTJSVEXLMVHXMQIERHYWIXLIJSPPS[MRKWLMJXMR]SYV PERKYEKIXSWYKKIWXXLEXXLIEVQMWPMJXMRKERHXLII]IWEVIKSMRKXSGPSWI EYXSQEXMGEPP](YIXSXLIFYMPXMRVILIEVWEPMXTVSFEFP][MPPPMJXEYXSQEXMGEPP]

TEKI

6IEPMX]MW4PEWXMG

8LMWXMQIEWXLIEVQPMJXWERH]SYVI]IWGPSWIJIIPXLEX[VMWXKIXXMRK WXMJJIVERHWXMJJIV %W]SYQIRXMSRXLIMV[VMWXWUYII^IMXEFMXXSIRGSYVEKIXIRWMSR4SOIXLIQ MRXLIJSVIEVQQYWGPI[MXLXLIXMTSJ]SYVMRHI\SJ]SYVWIGSRH´RKIVERH WE]XLIJSPPS[MRK *IIPXLEXJSVIEVQQYWGPIXMKLXIRMRK 4SOIXLIIPFS[NSMRX *IIPXLEXIPFS[NSMRXWXMJJIRMRK 4SOIXLIQMRXLIFMGITERHWLSYPHIVEW]SYWE] *IIPXLEXFMGITWXMJJIRMRK MRXSXLIWLSYPHIV)ZIV]QYWGPIERH´FVI WXMJJIVERHWXMJJIVEWMXLERKWSRXLEX[MVI %W]SYQIRXMSRXLI«[MVI¬XETXLIWMHISJ]SYVMRHI\´RKIVSRXLIGVIEWISJ XLIMV[VMWX8LIRGSRXMRYI

TEKI

6IEPMX]MW4PEWXMG

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¬WVMKLXHVMJXMRKHS[RXSEGSQJSVXEFPIVIWXMRKTSWMXMSREW]SYHVMJX HIITEWPIITHIITIVERHHIITIV

TEKI

6IEPMX]MW4PEWXMG

.EGUYMR4S[IV-RHYGXMSR 2SXEPSXXSWE]EFSYXXLMWSXLIVXLERVIQIQFIVEXEPPXMQIW]SYEVI8LI ,]TRSXMWX8LMWXEOIWGSR´HIRGIFYXIZIRQSVIMQTSVXERXP]HIQERHW EFWSPYXIGSRKVYIRGIMR]SYVTVIWIRXEXMSRERHI\TIGXEXMSR6ETMHP]IWXEFPMWL VETTSVXERHPIEH]SYVWYFNIGXMRXSGSQTP]MRK[MXLXLIWIXYTWSXLI]EVI VIEH]XSFIL]TRSXM^IH 3/MJ]SYGSYPHNYWXWMXFEGOMRXLIGLEMVXLEX¬WVMKLXJIIXSRXLIµSSV ERHNYWXTPEGI]SYVLERHWSR]SYVPETERHVIPE\ )\TIGXXSWIIWMKRWSJL]TRSWMW+IXXLIMVJYPPEXXIRXMSR1EOIWYVI]SY´\EXI XLIMVKE^I=SYGERHSXLEX[MXLI]IGSRXEGX4SMRXXSEWTSXNYWXYRHIVRIEXL SRISJ]SYVI]IWERHIRGSYVEKIXLIQXSPSGOSRXSMX[LMPI]SYPSSOEXE WMRKPITSMRXWYGLEWSRISJXLIMVI]IWSVXLVSYKLXLIMVLIEHXSERMQEKMRIH TSMRXEXXLIFEGOSJXLILIEHSVXLIFVMHKISJXLIMVRSWI-J]SYHSRSX[MWLXS YWI]SYVI]IWXLIR´\EXIXLIMVKE^ISRXLIXMTSJ]SYVTIRSV´RKIV 2S[PSSOEXQIVMKLXLIVI-REQSQIRX-[ERX]SYXSNYWXLIEVXLI [SVH«6IPE\¬JSYVXMQIWMR]SYVQMRH8LIJSYVXLXMQI]SYLIEVXLEX [SVH]SYEVIKSMRKXSHVMJXMRXSEXVERGIERH]SYVLERHW[MPPFIKMRXS PMJXYTSJJSJ]SYVPET(SMXRS[(SR¬XKSMRXSEHIITXVERGIYRXMP]SY LIEVXLEX[SVHJSVXLIJSYVXLXMQI %JXIVEJI[WIGSRHWGSRXMRYIEWJSPPS[W 8LEX¬WVMKLXOIITMRK]SYVI]IWSTIRPSSOEXQI]SYGERJSGYW]SYVJYPP EXXIRXMSRXLIVI[L]]SYVYRGSRWGMSYWQMRHFIKMRWXSPMJX]SYVLERHYT- HSR¬XORS[MJMX[MPPFIE´RKIVSVELERHXLEXQSZIW´VWX 8IWX]SYV[SVOMQQIHMEXIP]F]YWMRKXLIPIZIVEKI]SYLEZIKEMRIHF] KIXXMRKXLEXEVQYT8EOIMXWSQI[LIVI8LIFIEYXMJYPXLMRKEFSYXXLMW MRHYGXMSRMWXLIWYKKIWXMSRJSVL]TRSWMWMWGSRXEMRIH[MXLMRXLIXVMKKIV[SVH «6IPE\¬8LEXMWMXKS[MXL[LEXIZIVXLI]TVIWIRX]SY[MXLERHPIEHMX%XER] TSMRX]SYGERGSQQERHXLIWYFNIGX¬WI]IWXSGPSWIMJ]SYTVIJIV-J-[ERXXS HSXLMW[MXLI]IWGPSWIH-[MPPX]TMGEPP]PMROXLIJSYVXLVITIXMXMSRSJ«6IPE\¬ [MXLXLIMRWXVYGXMSRXSGPSWIXLIQ (SR¬XGPSWI]SYVI]IWYRXMPXLIJSYVXLXMQI]SYLIEVXLEX[SVH«6IPE\¬ MR]SYVQMRH8LEX¬WMXI]IWGPSWIHRS[WPIIT TEKI

6IEPMX]MW4PEWXMG

 -RWXERX-RHYGXMSR ,SPH]SYV´RKIVSVER]XLMRKYTMRJVSRXSJXLIQERHKIXXLIQXSJSGYWSRMX &IKMRQSZMRKMXXS[EVHXLIMVJEGIEW]SYKIXXLIQXSXEOIEHIITFVIEXL 0SSOEXXLMWXEOIEHIITFVIEXLRS[GPSWI]SYVI]IWERHWPIIT(IIT EWPIIT(IITIVERHHIITIVEWPIIT=SYEVIKSMRKXSWPIIT

0MOIXLITS[IVMRHYGXMSRXLMWVIUYMVIWEFWSPYXIGSR´HIRGIERHGSRKVYIRG] MRHIPMZIV]-XGERFIHIPMZIVIHMQQIHMEXIP]JSPPS[MRK8LI7IX4MIGI8LI7IX 4MIGIF]TEWWIWXLIGVMXMGEPJEGYPX]ERHXLIQMRHMWMQQIHMEXIP]IRGSYVEKIH XSPSGOEVSYRHXLIMHIESJWPIIT1EOMRKETEWWMRJVSRXSJXLIMVI]IWSV GPMGOMRK]SYV´RKIVW[MPPIRWYVIXLIMVI]IWGPSWIEXXLIETTVSTVMEXIQSQIRX +IRXP]TYPPMRKXLIWYFNIGXWLIEHXS[EVHXLIMVGLIWXEW]SYWE]«WPIIT¬ IRGSYVEKIWXLIQXSKS-J]SYKIX[MRHXLEXWSQISRILEWFIIRL]TRSXM^IH FIJSVI§IWTIGMEPP]MJXLI][IVITEVXSJEWXEKIWLS[§XLIR]SYGSYPHFI EWWYVIHXLEXXLMWMRWXERXMRHYGXMSR[MPP[SVOMJ]SYI\TIGXMXXS TEKI

6IEPMX]MW4PEWXMG

8LIVIEVIXLSWIXLEXWE]XLMWOMRHSJMRHYGXMSRMWWMQTP]YRVIEPMWXMGERH MQTSWWMFPIYRPIWW]SYEFWSPYXIP]LEZIETVMQIWYFNIGXSV]SYLEZIEPVIEH] [EVQIHXLIQYT8LMWEPPLIPTW8LMWMWQ]TVIJIVVIHETTVSEGL[LIRVI MRHYGMRKL]TRSWMW8LIXMQI[MPPEVMWI[LIR]SYEVIWXERHMRKEQSRKWXE KVSYTSJTISTPIERHWSQIFSH]WE]W-[EWL]TRSXM^IHSRWXEKISRGI-GER¬X VIQIQFIVQYGLEFSYXMX+VIEX=SYGERLEZIEFWSPYXIGSR´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§NYWXXLIGSR´HIRGIMX[MPP[SVOERH XLIMRXIRXMSRXSIRWYVIMXHSIW

TEKI

6IEPMX]MW4PEWXMG

 +IXXMRK(IIT2S[§-RXIRWM´GEXMSR 3RGI]SYLEZIMRHYGIHL]TRSWMW]SYGERMRXIRWMJ]XLIWXEXIXLIWYFNIGXMWMR ERHQEOIXLIMVRI[VIEPMX]QSVIZMFVERX8LMWTVSGIWWMWGSQQSRP]VIJIVVIH XSEWHIITIRMRK*SVWSQIXMQI-TSRHIVIH[LIXLIV]SYVIEPP]LEZIXSKMZI XLIWYFNIGXXMQIXSKIXGSQJSVXEFPI[MXLMXEPPWYVIP]GSQJSVXMWEWYFNIGXMZI IRSYKLSTMRMSR-JXLI]EVI«MR¬WYVIP]XLI]EVI«MR¬,S[IZIVMRTVEGXMGIMX WIIQWXSLIPTXLMRKWEPSRKMJEJXIVMRHYGMRKL]TRSWMW]SYWTIRHEPMXXPIXMQI IRWYVMRKXLI]ORS[XLI]EVIHSMRKMXVMKLXXLEXXLI]EVIWEJIERH[IPPERH IRNS]MRKMX8LMWKMZIWXLIWYFNIGXEGLERGIXSKIXEWIRWISJ[LEXXLMWRI[ L]TRSXMG[SVPHMWPMOI -XKMZIW8LI,]TRSXMWXERSTTSVXYRMX]XSWLSVIYTXLIMV[SVOWSJEVXSKMZI SYXWSQITVSGIHYVEPMRWXVYGXMSRWVIKEVHMRK«[EOIYT¬ERH«KSMRXSL]TRSWMW¬ GSQQERHWERHXSKIXVIEH]XSVIEPP]FIKMRHMVIGXMRKWYKKIWXMSRWEXXLI YRGSRWGMSYW8LIIEWMIWX[E]XSHSXLMWMWXSXIPPXLIWYFNIGXXS«KSHIITIV¬ %GSQQSRZMI[EQSRKWXQER]L]TRSXMWXWERHXLITYFPMGMWXLEXXLIVIEVI QER]«PIZIPW¬SJL]TRSWMW-XJSPPS[WXLEXXLIQIXETLSVMGEPEWWSGMEXMSRW SJ«KSMRKHIITIVERHHIITIV¬[LIRGSYTPIH[MXLEQFMKYSYWMHIEWEFSYX «KSMRKMRXS¬EXVERGIVIWYPXMRQYGLXLISVM^MRKEFSYXLS[HIITWSQISRI MW7XVERKIP]KMZIREPPXLIJSGYWSRHITXLQER]L]TRSXLIVETMWXWGSRXMRYI MRXLIMV[SVO[MXLSYXORS[MRKMJXLIMVWYFNIGXMWL]TRSXM^IH§XLIVIEWSR FIMRKXLEXXLI]HSRSXXIWXJSVL]TRSWMWPMKLXSVHIITMRWXIEHEWWYQMRKXLEX FIGEYWIXLIMVWYFNIGXMWPSSOMRKVIPE\IHERHLEWXLIMVI]IWGPSWIHXLI]EVI L]TRSXM^IH8LI]QMKLXFIFYXXLI]QMKLXRSX6EXLIVXLERVMWOI\TSWMRK XLMWMPPYWMSRXLI]HSRSXEGXYEPP]EWOJSVEHMVIGXWMKRXLEXL]TRSWMWMW IWXEFPMWLIH8LIVIMWRSI\GYWIJSVXLMW§JIEVMWRSXERI\GYWIEL]TRSXMWX WLSYPHLEZIXSYWI7SXIWX]SYV[SVO8LMWMWIEW]XSHS+MZIXLIWYFNIGXE WYKKIWXMSRERHWIIMJXLI]VIWTSRHXSMX§YRGSRWGMSYWP] -XGERFIEVKYIHXLEXEPPXLMWHMWGYWWMSRSJPIZIPWERHHITXLNYWXGEYWIW GSRJYWMSR§XLIVIMWNYWXSRIPIZIPL]TRSWMW-X[MPPQEOI]SYQSVIIJJIGXMZI EW8LI,]TRSXMWXMJ]SYXLMROSJMXXLMW[E]8LIWYFNIGXMWIMXLIVL]TRSXM^IH SVXLI]EVIRSX=SYEVIIMXLIVLEZMRKXLIVIWTSRWIXS]SYVWYKKIWXMSRWHVMZIR F]XLIYRGSRWGMSYWQMRH[MXLSYXGVMXMGEPMRHYGXMZIVIEWSRMRKSV]SYEVIRSX 7SMQQIHMEXIP]EJXIVXLIMRHYGXMSRFIKMRHIITIRMRK6IGSKRMWIXLEXF] RS[XLIWYFNIGXWLSYPHFIEGGITXMRKERHVIWTSRHMRKXS]SYVHMVIGXMSRW YRGSRWGMSYWP]&]EPPQIERWWIRH]SYVWYFNIGXW«HIITIVERHHIITIVERH TEKI

6IEPMX]MW4PEWXMG

HIITIV¬7IRHXLIQ«HIITEWPIIT¬«HIITMRWMHI¬ERH«XIRXMQIWHIITIV¬ 8LIWI[SVHWEVIIQFIHHIHMRXLITW]GLISJRIEVP]IZIV]SRINYWXPMOIXLI [SVH«7PIIT¬.YWXFIGEYWI]SYORS[L]TRSWMWMWRSXWPIITERHXLEXXLI]EVI RSXKSMRKER][LIVIMWRSVIEWSRRSXXSYWIXLIWI[SVHW-R]SYVQMRHFI XLMROMRKEFSYXEGPIEVPMRISJGSQQYRMGEXMSR[MXLXLIMVYRGSRWGMSYWLS[IZIV ]SYTIVGIMZIXLEX8LIVIMWRSRIIHXSJYWWSZIV[LEXXLIWYFNIGXMWXLMROMRK §XLI]LEZIERSRFSEVHQSHIPSJL]TRSWMWERH[LIXLIVXLI]VIEPMWIMXSVRSX XLI]ORS[[LEXXSHS8LIMVYRGSRWGMSYWEYXSQEXMGTEXXIVRHVMZIREFMPMXMIW EVIFIGSQMRKIEWMIVXSXEPOXS=SYEVIRSPSRKIVXEPOMRKXSXLIMVGSRWGMSYW QMRH-KRSVIMX=SYVKSEPMWXSHIPMZIVEWYKKIWXMSRXSMRXIRWMJ]XLIWXEXIXLI] FIPMIZIXLIQWIPZIWXSFIMR 8LIVIMWRSRIIHXSWTIRHEKIWHSMRKXLMW3RWXEKIERHMRXLIXLIVET]VSSQ -QMKLXWTIRH´ZIQMRYXIWSRMX-RERMQTVSQTXYWMXYEXMSRMXQMKLXFINYWX EJI[WIGSRHWXSEQMRYXI-RHIITIRMRK]SYFIKMRXSHMVIGX]SYVWYFNIGX HIITIVMRXSXLIWXEXIXLI]EVIRS[MRERHHSXLMWMRETPIEWERX[E]8LIVI VIEPP]MWRSXLMRKXS´KLX8LIWYKKIWXMSRW]SYEVIKMZMRKXLIQEVIIEW]XS JSPPS[ERHRSXSFNIGXMSREFPIMRER][E] =SYGERGSRXMRYIXSHIITIRIEGLXMQI]SYVIE[EOIRERHVIL]TRSXM^I XLIWYFNIGX8LMROSJMXEFMXPMOITPEXIWTMRRMRK)ZIV]RS[ERHEKEMRNYWX KMZIXLIWYFNIGXIRGSYVEKIQIRXXSKSHIITIV-J]SYTYPPXLMWSJJTVSTIVP] XLIR]SYEVIVIEH]XSQSZISRJVSQMRXIRWMJ]MRKXLIWXEXIXSHMVIGXMRKXLIMV YRGSRWGMSYWJYVXLIVERHWLETMRKXLIMVVIEPMX]LS[IZIV]SY[MWL 8LIVIEVIXLVIIQEMR[E]WSJHIITIRMRK

TEKI

6IEPMX]MW4PEWXMG

 0MROW %PMROGSRRIGXWSRIXLMRKXSERSXLIV7SGSRRIGXXLMRKW[MXL]SYVHMVIGXMSRWXS MRXIRWMJ]L]TRSWMW -REQSQIRX-[MPPEWO]SYXSSTIR]SYVI]IWERHXLIRGPSWI]SYVI]IW ;LIR]SYGPSWI]SYVI]IWXLEXMW]SYVWMKREPXSKSX[MGIEWHIITP]VIPE\IH MRXSL]TRSWMW3/3TIR]SYVI]IW2S[GPSWI]SYVI]IWERHHSYFPIXLEX JIIPMRKKSX[MGIEWHIIT 8LMWETTVSEGLMWORS[REW«JVEGXMSREXMSR¬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 ^IVS%PPXLI[E]XLVSYKL]SYEVI KSMRKXSWPIIT =SYGSYPHHMXGLXLIZMWYEPMWEXMSRSJEXEVKIXERHWMQTP]GSYRXHS[RERH EWWSGMEXIKSMRKHIITIV[MXLIEGLRYQFIV=SYGERIRGSYVEKIXLIWYFNIGXXS VITIEXMRXLIMVQMRHEWXLI]KSTEWXIEGLRYQFIV«-EQFIGSQMRKQSVIHIITP] L]TRSXMWIH¬SV«-EQHSYFPMRKQ]WXEXISJVIPE\EXMSR¬3XLIVZMWYEPQIXETLSVW GSYPHFI[EPOMRKHS[REµMKLXSJWXITWSVKSMRKHS[RMREPMJXXLIRWXITTMRK XLVSYKLXLIHSSVMRXSETVSJSYRHWXEXISJL]TRSWMW4IVWSREPP]-EQRSXEJER SJXLSWIFYXXLI]WIIQXS[SVONYWX´RI8LIVIMWRSRIIHXSKSSYXSRELYKI VEQFPMRKHIWGVMTXMSRSJEQEKMGKEVHIRXLIREFIEGLERHXLIRWSQIWXITW=SY QMKLXIRHYTFIPS[WIEPIZIP/IITMXWLSVXERHTITTIVIH[MXLWYKKIWXMSRWXLEX [MPPXYVRXLMRKWYTEPIZIP%RSXLIVWMQTPIPMROMWXSEWWSGMEXIKSMRKFEGOMRXS L]TRSWMW[MXLKSMRKX[MGIEWHIITEWFIJSVI )EGLXMQI-WE]XLI[SVHWPIIT]SY[MPPVIXYVRMRXSXLMWWXEXISJL]TRSWMW KSMRKX[MGIEWHIITEWFIJSVI TEKI

6IEPMX]MW4PEWXMG

,IVIMWERSXLIVI\EQTPI -REQSQIRX-EQKSMRKXSXSYGLXLIFEGOSJ]SYVLERHERHMX[MPPFIKMR XSPMJXYTXS[EVH]SYVJEGI%WMX XSYGLLERH FIKMRWXSJIIPPMKLXIVERH PMKLXIVERHPMJXYTEPPF]MXWIPJ]SYGERIRNS]E[SRHIVJYPWIRWISJ[IPP FIMRKEW]SYGSRXMRYIXSHVMJXHIITIVMRXSL]TRSWMW8LIGPSWIVMXKIXWXS ]SYVJEGIXLIQSVIVIPE\IH]SYFIGSQI 8LMWMWEPMXXPIFSPHIVFIGEYWI]SYEFSYXXSXIWX]SYV[SVOWSJEVF]KMZMRK XLIQEWYKKIWXMSRXLEX]SYEVII\TIGXMRKXLIQXSEGXSR;LIRXLIMVLERH PMJXWEWWSGMEXIMX[MXLKSMRKHIITIV+MZIMXETL]WMGEPXEVKIXSVTSMRXMRWTEGI XSEMQEX§PMOIXLIMVLIEHSVJEGIXLMWFYMPHWWSQII\TIGXEXMSRXLEX[LIR MXKIXWXLIVIXLI][MPPKSIZIRHIITIVWXMPP-RHIIH[LIRYWMRKER]XIGLRMUYI [MXLWSQIQSZIQIRXSVVITIXMXMZIFILEZMSYVEWWSGMEXIXLITVSGIWWERH GSQTPIXMSRSJXLITVSGIWWXSWSQIXLMRK]SY[ERXXLIWYFNIGXXSHSSVJIIP-R XLMWGEWIXLEX[SYPHFIHITXL

TEKI

6IEPMX]MW4PEWXMG

 0SSTW 8LIWIWXEXIQIRXWGVIEXIEJIIHFEGOPSSTXLEX[MPPMRXIRWMJ]L]TRSWMW8LI] GVIEXIEWWSGMEXMSRWXLEXJIIHSJJSJIEGLSXLIV7SQIEVIWLSVXPMZIHPSSTW ERHWSQIEVIGSRXMRYSYW +SHIITIVEW]SYRSXMGI]SYVI]IWµMGOIVMRKEW]SYHVMJXHIITIVERH HIITIVXLI][MPPµMGOIVIZIRQSVI 8LIHIITIV]SYKSXLIFIXXIV]SYJIIPERHXLIFIXXIV]SYJIIPXLIHIITIV ]SYKS )ZIREW]SY[SRHIVLS[HIITP]]SYLEZIHVMJXIH]SYGERGSRXMRYIXS HVMJXHS[RHIITIVVIPE\IH %W]SYVFSH]QSZIWERHVIPE\IW ;MXLSRILERHSRXLIWYFNIGXWWLSYPHIV VSGOXLIMVFSH]KIRXP]FEGOERHJSV[EVHIRGSYVEKMRKQYWGPIVIPE\EXMSR KS HIITIVERHHIITIVEWMXVIPE\IWIZIRQSVI8LEX¬WVMKLX]SYVPIKW[MPP WYTTSVX]SYIZIREW]SYGSRXMRYIVIPE\MRKHIITIVERHHIITIV

 'LEMRW )ZIV]FVIEXL]SYXEOI[MPPWIRH]SYHIITIVERHHIITIV )ZIV][SVH-WE][MPPWIRH]SYHIITIVERHHIITIV )ZIV]FIEXSJ]SYVLIEVX[MPPXEOI]SYHIITIVERHHIITIVXSWPIIT )ZIV]RYQFIV-KSTEWXIZIV]FVIEXL]SYXEOIERHIZIV]FIEXSJ]SYV LIEVXMWHSYFPMRKXLIVIPE\EXMSR -EQWYVI]SYKIXXLIMHIE-J]SYGEREWWSGMEXIWSQIXLMRKMRSRKSMRK I\TIVMIRGIXLEXMWRSXKSMRKXSWXSTXLIR]SYLEZIEGLEMR§EWXITYTJVSQ EPMRO8LMWMWEPWSEKSSHXMQIXSFIKMRKMZMRKWSQIHMVIGXMSRWXLEXQEOIW GPIEV[LEX]SYI\TIGXSJXLIQ

TEKI

6IEPMX]MW4PEWXMG

 (MVIGXMSR ;SVHWEVI]SYVQENSVQIERWSJKMZMRKWYKKIWXMSRWMHIEWSV[LEX-TVIJIV XSGEPPHMVIGXMSRWXS]SYVWYFNIGX-XMWEPWSTSWWMFPIXSYWIEGXMSRWWSYRHW ERHF]QIVIP]LMRXMRKEX[LEX]SY[ERX=SY[ERXXLIWYFNIGXWQMRHXSPSGO EVSYRHXLIMHIEW]SYKMZIMX8LIVIJSVIMXMWMQTSVXERXXSHIPMZIVEPPSJ]SYV WYKKIWXMSRW[MXLGPEVMX]GSQTPIXIGSR´HIRGIERHEFWSPYXIEWWYVERGIERHXS HSWSMRETSWMXMZIQERRIV 7TIEOGPIEVP][MXLGSQQERHERHEYXLSVMX][MXLSYXFIMRKEFVEWMZISV MREXXIRXMZI=SYGERYWLIVXLIMVQMRHKIRXP]MREKMZIRHMVIGXMSRERHEPWS VEHMGEPP]WLYRXMX[LIVI]SY[ERXMX9WI]SYVZSGEPXSRIXSHIWGVMFI]SYV MHIEWI\GMXIXLIMVYRGSRWGMSYWQMRH6EQFPMRKMREPS[KVEZIP]XSRIMWRSX RIGIWWEV]&I]SYVWIPJNYWXEPMXXPIQSVIERMQEXIHEWMJ]SY[IVIXEPOMRKXSE WQEVXGLMPHEFSYXERI\GMXMRKXLMRKXLI]EVIKSMRKXSHSSVWSQI[LIVIXLI] EVIKSMRKXSKS&IHIWGVMTXMZIFYXRSXXSSHIXEMPIH0IXXLIMVQMRH´PPMRXLI FPEROW -XMWTVIJIVEFPIXLEXXLIHMVIGXMSRW]SYKMZIHSRSXFVMRKXLIWYFNIGXWGVMXMGEP JEGYPXMIWMRXSEGXMSR-J]SYLEZIWEMH«]SYEVISREFIEGL¬ERHXLIRJSPPS[IH MXPEXIV[MXL«PSSOEXXLITIFFP]FIEGL¬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

6IEPMX]MW4PEWXMG

8V]XSEZSMHGSPPSUYMEPMWQWSJPERKYEKISVXLMRKWXLEXEVIWSHEXIHSV SJYRGSQQSRORS[PIHKIXLEXXLI]QMKLXRSXFIYRHIVWXSSHSVGSYPHFI QMWMRXIVTVIXIH-RSRITIVJSVQERGISJQMRI-[EWEWWIQFPMRKEPMRISJ WYFNIGXW[LSSRGSQQERH[SYPHHSWSQIOMRHSJFM^EVVIQSZIQIRXSV I\IVGMWIXLEX[SYPHXVMKKIVXLIRI\XMRPMRIXSHSXLIMVW8LI´VWXHMHWXEV NYQTWERSXLIVWMXYTWERSXLIVEQSSR[EPO3RISJXLIVS[[EWMRWXVYGXIH XLEXWLI[SYPH«HSXLIIPIGXVMGFSSKEPSSXLEXLIVEVQW[SYPHHSXLI KVIEXIWXIPIGXVMG[EZI¬§MRQ]QMRH-[EWMQEKMRMRKEFVIEOHERGIVFYX LIVYRGSRWGMSYWEPMXXPI]SYRKIVXLERQMRILEHRSXLIEVHSJXLIIPIGXVMG [EZI§WSWLIWXEVXIHVSPPMRKEFSYXEPPSZIVXLIµ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§RSXNYWXEWOMRKXLIQXS MQEKMRI

TEKI

6IEPMX]MW4PEWXMG

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µ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«QEKRIXMWI¬ SV«KPYI¬XLIMVLERHXSWSQIXLMRK-TVIJIVXSQEOIXLIWYFNIGXWLERHERH LIEHQEKRIXMGERHIRGSYVEKIERMVVIWMWXMFPITYPPFIX[IIRXLIQ[LIRXLI] XSYGLWXMGOXLIQXSKIXLIV8LMWMWRSXEWOMRKEWQYGLSJXLIWYFNIGXEW TSWMXMZIZMWYEPLEPPYGMREXMSRWFYXMWWXMPPIRXMVIP]GSRZMRGMRKXSXLIQ=SYEVI VEXMJ]MRKXLIJEGXXLEXXLI7YTIV7YKKIWXMSRLEWPERHIH*VSQXLMWTSMRXSRMX WLSYPHFITPEMRWEMPMRK 8LI[SVHWEFSZIEVINYWXEWYKKIWXMSR=SYGER´RH]SYVS[RNYWXWSPSRKEW XLI]GSQQYRMGEXIGPIEVP]XLEXEPPSJ]SYVWYKKIWXMSRW[MPPFIEGGITXIH

TEKI

6IEPMX]MW4PEWXMG

)RGSYVEKIQIRX 0IX]SYVWYFNIGXORS[LS[FVMPPMERXXLI]EVIERHLS[[IPPXLI]EVIHSMRK (SXLMWFIJSVIHYVMRKERHEJXIV]SYVXMQI[MXLXLIQ)ZIV]SRIPMOIWXSORS[ XLEXXLI]EVIHSMRK[IPP-JXLI]FIPMIZIXLI]EVIEKSSHWYFNIGXERH]SYLSPH XLEXFIPMIJXLI][MPPFI 8LIWXEKIL]TRSXMWX¬WWYFNIGXWLEZIXLIPEYKLXIVERHETTPEYWISJXLIEYHMIRGI XSIRGSYVEKIXLIQ;SVOMRKSRIXSSRI]SYGERERHWLSYPHQEOIYTJSVXLEX )RGSYVEKMRKVIQEVOWKIWXYVIWERHGSRXEGXHSWSQYGL ‰-XPIXWXLIWYFNIGXORS[XLEXXLI]EVIHSMRKXLMRKWGSVVIGXP] ‰-XKMZIWEKIRXPIRSHXSXLIGSRWGMSYWQMRHXLEXEPPMW[IPP ‰-XVEXM´IWERHVIMRJSVGIW[LEXXLI]LEZIEGLMIZIHWSJEV ‰-XOIITWXLIQSSHPMKLXERHGVIEXMZI ‰-XWYKKIWXWXLEX]SYEVISRXLIWEQIWMHIEW]SYVWYFNIGX =SYLEZIEREXYVEPEFMPMX]XSKSMRXSL]TRSWMW]SYLEZIEWYTIV TS[IVJYPQMRH]SYEVIHSMRKFVMPPMERXP] =SYLEZIEGSRWGMSYWQMRHERHEWYTIVTS[IVJYPYRGSRWGMSYWQMRH% [SRHIVJYPVIWSYVGI]SYGERPIEVRJVSQ 8LEX¬WVMKLX +VIEXNSF=SYEVIEREFWSPYXIWXEV =SY¬VIHSMRKFVMPPMERXP] -J]SYLEZIEREYHMIRGIPIXXLIQORS[XLEX[LIR]SY[EOIXLIWYFNIGXYT ]SY[ERXXLIQXSWLS[XLIMVETTVIGMEXMSR[MXLEQEWWMZIVSYRHSJETTPEYWI 0IXXLIWYFNIGXORS[XLEXXLMW[MPPQEOIXLIQJIIPKSSH

TEKI

6IEPMX]MW4PEWXMG

4VSGIHYVEP-RWXVYGXMSRW 3RGI]SYLEZIHSRI]SYVHIITIRMRKMXMWYWIJYPXSKMZIWSQITVSGIHYVEP MRWXVYGXMSRW8SFIKMR[MXLQEOIGPIEVXLEX[LIRIZIV]SYWE]«7PIIT¬XLI] [MPPMQQIHMEXIP]VIXYVRXSXLIWXEXISJL]TRSWMWKSMRKIZIRHIITIVXLER FIJSVI;LIR]SYWE]«[MHIE[EOI¬XLI][MPPSTIRXLIMVI]IWERHFI EFPIXSQSZIERHWTIEOERHEGXSRXLIWYKKIWXMSRW]SYLEZIKMZIRXLIQ%WO XLIQXSRSHXLIMVLIEHMJXLI]YRHIVWXERH=SYGERSJGSYVWIWYFWXMXYXIXLIWI [SVHWJSV]SYVS[R§NYWXFIGSRWMWXIRX *VSQXLMWQSQIRX[LIR-XSYGL]SYSRXLIWLSYPHIVERHWE]«7PIIT¬]SY [MPPMQQIHMEXIP]VIXYVRXSXLMWWXEXISJL]TRSWMWKSMRKHIITIVIEGLXMQI ;LIR-XSYGL]SYSRXLIWLSYPHIVERHWE]«)]IWSTIR[MHIE[EOI¬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´VIXLVSYKLMX UYMGOP]-XEPPLIPTWF]PIXXMRKXLIQORS[[LSMWMRGSRXVSPMXGSQQYRMGEXIW XSXLIQERHSXLIVSFWIVZIVWXLEX]SYGEVIERHXLI]EVIMRWEJILERHWERH KIRIVEPP]OIITWXLI[LSPIXLMRKµS[MRKQSVIIEWMP]QEOMRKMXQYGLWMQTPIV XSOIITXLIQMRXLIWXEXI]SY[ERXXLIQXSFIMR

TEKI

6IEPMX]MW4PEWXMG

 2EZMKEXMSR'SRXVSP 3RGI]SYLEZIKSXXSXLITSMRX[LIVI]SYLEZIWEXMW´IH]SYVWIPJXLEX]SYVWYFNIGX MWL]TRSXM^IHERHKMZIRERHXIWXIHXLIWYTIVWYKKIWXMSRERHMWWYIHXLITVSGIHYVEP MRWXVYGXMSRWXLEX[MPPLIPTXLMRKWEPSRKMXMWXMQIXSFIKMRVIEPP]HMVIGXMRKXLI WYFNIGXXSHS[LEXIZIVMXMW]SY[ERXXLIQXS -XMW[SVXLLEZMRKETPER)WXEFPMWLEXPIEWXX[SSVXLVIIVSYXMRIW§XLEXEVI ETTVSTVMEXIJSVER]TPEGISVIRZMVSRQIRXXLEX]SYEVIERI\TIVXMR1SWX L]TRSXMWXWLEZIWSQI«TIX¬VSYXMRIWXLEXXLI]YWIXSKIXXLMRKWQSZMRK /IITMXWMQTPIWIILS[XLI]VIWTSRHERHXLIRIRGSYVEKIQSVI -XIRHXSWXEVXWQEPPERHFYMPHMRXSFMKKIVVIWTSRWIWXLVSYKLSYXIEGLVSYXMRI8LIVI MWRSVIEPVIEWSRJSVXLMWEWF]XLMWTSMRXXLIWYFNIGXWLSYPHFITVIXX]«TPEWXMG¬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´VWX KIXXMRKVMHSJWSQISJXLISPHWXYJJ1]I\TIVMIRGIMWXLEXMRTVEGXMGI]SYHSRSX EP[E]WLEZIXSYRHS[LEX]SYNYWXHMHFYXMRTVEGXMGIMXMWEYWIJYPVYPISJXLYQFXS HSWS7SYRHSXLIPEWXWYKKIWXMSRXLIRKMZIEJVIWLSRI-XQEOIWMXIEWMIVJSV8LI ,]TRSXMWXXSS TEKI

6IEPMX]MW4PEWXMG

 %TTP]MRK-QTVSQTXY,]TRSWMW 6EXLIVXLERTVSZMHIEPSRKPMWXSJLYRHVIHWSJTSWWMFPIVSYXMRIWSVMHIEW EFSYX[LEXXSHS[MXL]SYVL]TRSXM^IHWYFNIGX-LEZI[VMXXIRYTMRHIXEMP WSQIVSYXMRIWXLEX-LEZIHSRIMRERMQTVSQTXYWIXXMRK 7SQISJXLIWIEVIXLMRKW-HSVIKYPEVP]MRMQTVSQTXYHIQSRWXVEXMSRWXLI XLIVET]VSSQERHXVEMRMRK7SQIEVIX]TMGEP«WXEKI¬VSYXMRIWHSRISJJWXEKI ERH´REPP]WSQIEVISHHMQTVSQTXYSRISJJXLMRKWXLEX-LSTI[MPPKIX]SYV GVIEXMZIQMRHKSMRKEFSYX[LEX]SYGEREGLMIZIYWMRKMQTVSQTXYL]TRSWMW -IRGSYVEKI]SYXSYWI]SYVMQEKMREXMSRMRGSQMRKYT[MXLVSYXMRIMHIEW-J EPQSWXER]XLMRKMWTSWWMFPIERHMXMW[MXLL]TRSWMW[LEX[SYPH]SY[ERX XLIQXSHS#9WI]SYVMQEKMREXMSRERHPIX]SYVWYFNIGXYWIXLIMVW -LEZIMRGPYHIHIZIV]XLMRKJVSQXLIMRMXMEP7IX9T8LI7IX4MIGIXLI -RHYGXMSR-RXIRWM´GEXMSR7YTIV7YKKIWXMSRXIWXMRKERHHMVIGXMSR%PXLSYKL WSQISJXLIVSYXMRIWSYXPMRIHLIVIMRZSPZI«FSVVS[MRK¬TVSTIVX]SVKIXXMRK JVIIKSSHW-HSRSXWYKKIWXXLEXXLMWMWIXLMGEPSV[LEX]SYWLSYPHFIHSMRK -XMWNYWXTEVXSJQ]TIVJSVQERGI-EPQSWXEP[E]WKMZIXLIWYFNIGXFEGOXLIMV WXYJJYRPIWWSJGSYVWIMXMWWSQIXLMRK-VIEPP][ERX-EQOMHHMRKSJGSYVWI %PPSJXLIWIVSYXMRIWLEZIFIIRHSRIJSVVIEPMRMQTVSQTXYWIXXMRKWERH EVILIVIXSWMQTP]KMZI]SYMHIEWEFSYX[LEXMWTSWWMFPI2SXLMRKLEWFIIR EHHIHSVXEOIRE[E]

TEKI

6IEPMX]MW4PEWXMG

 &VMIJIWX8LIVET]§8LI,]TRSXMG'SVTWI 8LMWMWEVSYXMRI-LEZIYWIHLYRHVIHWSJXMQIW-XQEOIWXLIWYFNIGXPEYKL [MXLEFERHSRERHEPPS[WXLIL]TRSXMWXXSGYIXLEXPEYKLXIVSRGSQQERH=SY EVIIWWIRXMEPP]KSMRKXSPMROXLIEYXSQEXMGPMJXMRKSJEREVQERHMXWTVS\MQMX] XSXLIJEGIEWEWPMHMRKKEYKISJQMVXL -SJXIRHSXLMWEJXIVEWIWWMSRSJL]TRSXLIVET][LIR-XIEGLQ]GPMIRXLS[ XLI]GERHSMRWXERXWIPJL]TRSWMW,S[IZIV-LEZIEPWSHSRIMXQMHWIWWMSR ERHEWERMQTVSQTXYTMIGIMRQER]HMJJIVIRXWIXXMRKW3RWXEKIXLMWMWSJXIR XLI´VWXVSYXMRI-KIXMRXSEJXIVKMZMRKIZIV]SRISRWXEKIEWXMJJEVQ-RER MQTVSQTXYHIQSRWXVEXMSRMXMWSJXIRXLI´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´VWXWXITMRXLIVSYXMRIMWXSKIXXLIMVLERHQSZMRKXS[EVHXLIMVJEGI «EPPF]MXWIPJ¬-[MPPEWWYQI]SYLEZIEPVIEH]HSRIWSQIL]TRSWMW[MXL XLIQKMZIRXLIQEXVMKKIVXSKSFEGOMRXSL]TRSWMWERHLEHWSQITL]WMGEP TLIRSQIREWYGLEWEVQPIZMXEXMSR8LMWMWXLIMHIEPTPEGIXSFIKMR,S[IZIV MXMWRSXXSSXSYKLXSKIXELERHQSZMRKXS[EVHEJEGIJVSQGSPHWSMJ]SY LEZIXS[SVOEPMXXPILEVHIVXSKIXXSXLEXTSMRXWSFIMX§]SYGSYPHHSXLMWEW E7IX4MIGISVJVSQER]SJXLIMRHYGXMSRWXLEXVIWYPXMRELERHFIMRKMRJVSRX SJXLIJEGI3JGSYVWISRGI]SYLEZIXLIEVQPMJXMRKMXMWXLIWEQIWTMIPJVSQ XLIVISRMR 8LIVIMWSFZMSYWSTTSVXYRMX]JSVXSREPIQTLEWMWSRTLVEWIWPMOI«JIIP HMJJIVIRXP]¬«WQMPI¬«PEYKL¬-LEZITLVEWIHXLIWGVMTXXSKMZIEKVEHYEPFYMPH WSF]XLIXMQI-EQWE]MRK«PEYKL¬ERH«JYRR]¬-WLSYPHLEZIEPVIEH]KSXE WQMPISYXSJXLIQ8MQMRKERHTEGMRKMWUYMXIGVYGMEPWSEWIZIVWE][LEX ]SYWIIERHXLIRPIEHEPMXXPIWE]MX[MXLEWQMPISR]SYVJEGI8V]ERHXMQI XLI«FYVWXSYXPEYKLMRK¬XSXLIQSQIRXXLILERHXSYGLIWXLIJEGI8LI] RSVQEPP]GSRXMRYIGSVTWMRK[MXLXLIXMRMIWXPMXXPIFMXSJTPEXIWTMRRMRKJVSQ ]SYKMZMRKERSTTSVXYRMX]XSHSWSQIKIRIVEPJIIPKSSH[SVO-JWSQISRIMW MRTEMRXLI][MPPFIPEYKLMRKXLIMVEGLIWERHTEMRWE[E]MJMRJIEVPEYKLMRK TEKI

6IEPMX]MW4PEWXMG

XLSWIHSYFXWERHJIEVWE[E]FYXXLEXMWEPPI\XVE.YWXKIXXLIQGSVTWMRK -JSXLIVTISTPIEVSYRHEVIPEYKLMRKERH]SY[MPP´RHYRFVMHPIHL]TRSXMG PEYKLXIVMWGSRXEKMSYWXLIRYXMPMWIXLEXXSS ;LIR]SYLEZIFIIRL]TRSXM^IHPMOIXLEXMXMWIEW]JSV]SYXSKSFEGO MRXSEXVERGIMRWXERXP]ERHMQQIHMEXIP]EX]SYVS[RGSQQERH=SY QMKLX[SRHIV[L]]SY[SYPHPMOIXSHSXLEX;IPP´VWXP]MXMWEJERXEWXMG XSSPE[E]SJHIITP]VIPE\MRK%W[IPPEWXLMWMXGERFIYWIHXSHMVIGX ]SYVYRGSRWGMSYWVIWSYVGIWXS[EVHXLSWIXLMRKW]SY[MWLXSEGLMIZI-J ]SYEVILETT]XS-¬PPWLS[]SYLS[XSHSMX +IXEKVIIQIRXJVSQXLIQ 3/EKEMRNYWXTPEGI]SYVJIIXµEXSRXLIµSSVERH]SYVLERHWPMKLXP]SR ]SYVPET EVQSJXLIGLEMV -¬HPMOI]SYXSNYWXPSSOEXXLIFEGOSJ]SYV LERHERHTMGOSRIWTSXPMOIELEMVSVEPMRISVWSQIXLMRK2S[HSR¬X GPSWI]SYVI]IW]IXNYWXJSGYWSRXLEXTSMRXERH[LIR]SYEVIVIEH]- [SYPHPMOI]SYXSLIEVXLI[SVHVIPE\JSYVXMQIWMR]SYVQMRHERHXLI JSYVXLXMQI]SYVLIEVMXNYWXEPPS[]SYVI]IWXSGPSWIXLEX¬WVMKLXHSMX RS[ERHEW]SYVI]IWGPSWI]SY[MPPMQQIHMEXIP]HVMJXFEGOMRXSXLEX XVERGIWXEXI8LMWXMQI-¬HPMOI]SYXSTE]EXXIRXMSRXSXLIWQEPPGLERKIW XLEXSGGYVWSQIFEVIP]RSXMGIEFPIMRXLIVIPE\EXMSRSJ]SYVJEGI]SYV FVIEXLMRKLEWWLMJXIHWPMKLXP]UYMXIEXIEWI %RHMREQSQIRXXLEXLERHMWKSMRKXSWXEVXHVMJXMRKYTXS[EVH]SYV JEGIEPPF]MXWIPJ8LEX¬WVMKLX]SYQMKLXRSXMGIXLSWIWIRWEXMSRW MRGVIEWMRK´RKIVWX[MXGLMRKERHNYWXPMOIXLSWILERHW[IVIQEKRIXW]SY [MPPJIIPXLEXMRIZMXEFPITYPPFIX[IIR]SYVLERHERH]SYVJEGI %WMXPMJXW]SY[MPPIRNS]EKVS[MRKWIRWISJ[IPPFIMRKXLIGPSWIVMXKIXW XS]SYVJEGIXLIFIXXIV]SYEVIKSMRKXSJIIPERHXLIFIXXIV]SYJIIPXLI PMKLXIVMX[MPPKIX8LEX¬WMXPMKLXIVERHPMKLXIV 2S[-GEQIEGVSWWXLMWJYRR]MHIEXLEXXLIVIMWWSQIXLMRK]SY[SYPH PSZIXSJIIPHMJJIVIRXP]EFSYXWSQIXLMRKXLEXMJ]SYGSYPHWQMPIEFSYX MXMJ]SYGSYPHPEYKLEFSYXMX]SY[SYPHFIWSQYGLFIXXIVSJJ%RHEW XLEXLERHKIXWGPSWIVXS]SYVJEGIJSVWSQIYRORS[RVIEWSRMXMWKSMRKXS WXEVXXSWIIQJYRR]XS]SYXLEX¬WVMKLXJSVWSQIYRORS[RVIEWSRERH EWXLEXWQMPIFIKMRWXSKVS[XLEX¬WMXMXMWKSMRKXSXYVRMRXSEKMKKPIERH XLIGPSWIVMXKIXWXLIJYRRMIVMXWIIQWJYRRMIVERHJYRRMIVXLIGPSWIVMX TEKI

6IEPMX]MW4PEWXMG

KIXWXLIPIWWWIVMSYW]SYFIGSQIERH[LIRXLEXLERHXSYGLIW]SYVJEGI ]SYEVIKSMRKXSFYVWXSYXPEYKLMRKERHRIZIVEKEMR[MPP]SYJIIPXLI[E] ]SYYWIHXSMX[MPPFIEPP]SYGERHSXSXV]XSWXST]SYVWIPJPEYKLMRKEW MRETTVSTVMEXIP]EWTSWWMFPIIZIR[LIR]SYXLMROEFSYXMXRS[MXWIIQW LMPEVMSYWXS]SY 2S[IZIV]XMQI-GPMGOQ]´RKIVWMX[MPPWIIQXMQIWJYRRMIV0MOIXLI JYRRMIWXWGIRIJVSQXLIJYRRMIWX´PQ]SYGERVIQIQFIVSRP]RS[MXMW XMQIWJYRRMIV &]XLMWTSMRXMJXLIVIEVIRSXIEVWSJPEYKLXIVVYRRMRKHS[RXLIMVGLIIOWSV WRSXVYRRMRKHS[RXLIMVJEGI-[SYPHFIHMWETTSMRXIH 2S[MREQSQIRXXLEXEVQ[MPPFIKMRHVMJXMRKHS[RXS]SYVPETEKEMR SRP]EWUYMGOP]EW]SYGERHVMJXHS[RMRXSERIZIRHIITIVWXEXISJ L]TRSWMWEWXEXISJEFWSPYXIFPMWW7PIIT &VMRKXLIQSYX )]IWSTIR[MHIE[EOI

&VMPPMERXLS[KSSHHMHXLEXJIIP2S[XLMW[EWWSQIXLMRK]SYYWIHXS XEOIWIVMSYWP][EWMXRSX# 'YIPEYKLXIV  ;LIR]SYLEZIELERHMRXLIEMVMXMWERSXLIVSTTSVXYRMX]XSKMZIMX WSQIXLMRKXSHS*SVI\EQTPISRGIXLIWYFNIGXWLERHMWXSYGLMRKXLIMV JSVILIEHKMZIXLIWYKKIWXMSR +IXVIEH]XS7PIITHIITP]RS[ERH[LIR-WE]XLVII]SYVLERH[MPPJEPP HS[RXS]SYVPETERH]SY[MPPFIJEWXEWPIIT7PIIT TEKI

6IEPMX]MW4PEWXMG

 6SWWM7X]PI&VMIJ8LIVET] 8LMWMWEZIV]WMQTPII\IVGMWIMRWTMVIHF])VRIWX6SWWM¬WWIQMREP[SVO  - LEZIEHHIHQSVIWYKKIWXMSRXSMXERHMRWXIEHSJNYWXYWMRKMXEWMRXIRHIHEWE HMEKRSWXMGXSSPXV]XSWUYII^IUYMXIEPSXQSVIYWISYXSJMX(SRSXFIJSSPIH F]MXWWMQTPMGMX]-YWIMXEW8LI7IX4MIGIEWERMRHYGXMSREWEKIRYMRI ZILMGPIJSVGSRXIRXJVIIXLIVET]EW[IPPEWEHMEKRSWXMGERHXLIVETIYXMGXSSP -RXLII\EQTPIFIPS[-EQEMQMRKMXEXERYRWTIGM´IHTVSFPIQ«\¬ 4PIEWITYXFSXLLERHWSYXMRJVSRXSJ]SYERHJSGYW]SYVEXXIRXMSRSRXLI WTEGIFIX[IIRXLIQ 2S[GPSWI]SYVI]IWERHTMGXYVIXLSWILERHWSYXMRJVSRXSJ]SY 8LEX¬WVMKLXERHJSGYWSRXLEXMQEKIMR]SYVQMRHEW]SYJIIPXLI QEKRIXMGJSVGIHIZIPSTFIX[IIRXLSWILERHWMR]SYVQMRH]SYGER MQEKMRIXLEXJSVGIFIKMRRMRKXSTYPPXLSWILERHWXSKIXLIV 2S[SRP]EWUYMGOP]EW]SYVYRGSRWGMSYWQMRHMWVIEH]XSHIEP[MXLXLMW TVSFPIQ EWWMQMPEXIPIEVRMRK¬WWLS[]SYLS[TS[IVJYPMXMWXEOI]SYMRXS L]TRSWMW XLIVETIYXMGEPP]XSHE]-[SYPHPMOIXLSWILERHWXSFITYPPIH XSKIXLIV

TEKI

6IEPMX]MW4PEWXMG

0MOIX[SQEKRIXWQSZMRKGPSWIVERHGPSWIVXLEX¬WVMKLXERHXLIGPSWIV XLI]KIXXLIWXVSRKIVXLEXJSVGIFIGSQIW8LEX¬WVMKLX]SYGERRSXMGIXLEX QSZIQIRX=SYGERXV]ERHLSPHXLIQWXIEH]ERH´RH]SYGERRSXERH [LIRXLSWI´RKIVWXSYGL]SYVEVQW[MPPWXE]SYXXLIVI[LMPI]SYGERNYWX VIPE\ 2S[-[SYPHPMOISRISJXLSWILERHWXSHVMJXHS[RSRP]EWUYMGOP]EW ]SYVYRGSRWGMSYWQMRHGERVIZMI[EPPSJXLIQIQSVMIWERHI\TIVMIRGIW EWWSGMEXIH[MXLXLMW TVSFPIQ SRP][LIRMXLEWJYPP]VIZMI[IHXLEX[MPP ]SYVLERH[MPPHVMJXHS[RXS]SYVPET8LEX¬WMXMRMXWS[RXMQI%PPXLI [E]HS[R 8LILERHWLSYPHHVMJXHS[RGEXEPITXMGEPP] 2S[-[SYPHPMOIXLIYRGSRWGMSYWXSQSZIXLEXSXLIVLERHHS[RXS[EVHW ]SYVPETSRP]EWUYMGOP]EW]SYVYRGSRWGMSYWQMRHGERMHIRXMJ]EPPSJXLI VIWSYVGIWVIUYMVIHXSTYXXLMW TVSFPIQ FILMRH]SYXSHE]ERHJSVIZIV %PPXLIPIEVRMRK¬WERHXLIVIWSYVGIWVIUYMVIHTYXXMRKXLMWFILMRH]SY JSVIZIV8LEXLERH[MPPHVMJXHS[RERHXSYGL]SYVPETSRP]EWUYMGOP]EW ]SYLEZIMHIRXM´IHEPPSJXLIVIWSYVGIWERHQEHIXLIGLERKIWRIGIWWEV] XSTYXXLMWFILMRH]SYJSVIZIV

TEKI

6IEPMX]MW4PEWXMG

;MPP]SYVYRGSRWGMSYWQMRHRSH]SYVLIEHXSPIXQIORS[XLIWIGLERKIW LEZIFIIRQEHI# =SYGERXLIRNYWXTVSGIIH[MXLEHIITIRMRKSJXLIXVERGIKSMQQIHMEXIP] MRXSERSXLIVXIGLRMUYISVEPXIVREXMZIP]NYWXEWOXLIQXSSTIRXLIMVI]IW§MR SXLIV[SVHWPIEZIXLIQMRXVERGI-XGERFIYWIJYPXSHSXLMWTVMSVXSXLI «VIEP¬[SVOHSMXEWE7IX4MIGI8LI]GERPMWXIRERHXEPOXS]SY%KVIEX [E]XSPIEZIWSQISRIMRL]TRSWMWMWXSXIPPXLIQXLEX[LIR]SYGSYRXJVSQ XSXLI][MPPFI[MHIE[EOIERHRSVQEPMRIZIV][E]8LIREJXIVEJI[ SXLIVGSQQIRXWWE]«I]IWSTIR¬8LI]QE]IZIR[SRHIVMJXLI]EVIMRE XVERGI]SYHSRSXRIIHXSQIRXMSRXVERGISVL]TRSWMW -WYKKIWX]SYHSXLMWIEVP]EJXIVUYIWXMSRWXLIRTVSGIIHEWRSVQEP[MXLE HMWGYWWMSR-X[MPPQEOIMXIEWMIVXSVIEHXLIMVYRGSRWGMSYWGSQQYRMGEXMSR ERHEPWSQEOI]SYVIJJSVXWXSIQFIHWYKKIWXMSRWTVMSVXSXVERGIQSVI WYGGIWWJYP 3JGSYVWIXLMWTVSGIHYVILEWXLVIIWXITWLERHWXSKIXLIVSRIEVQHS[RERH SXLIVEVQHS[R-RXLII\EQTPIKMZIRXLSWIXLVIIWXITWEVIJSVETEVXMGYPEV TYVTSWI§XSHIEP[MXLETVSFPIQ=SYGERGLERKIER]SVEPPSJXLIWXITW*SV I\EQTPIPMROXLILERHWXSKIXLIVXSXLIQMRHWMKREPPMRKMX¬WVIEHMRIWWJSV]SY XSFIL]TRSXM^IHSRILERHHS[RJSVXLIFSH]XSVIPE\ERHXLISXLIVLERH HS[RJSVXLIQMRHXSVIPE\

TEKI

6IEPMX]MW4PEWXMG

+SRI 8LI´VWXXMQI]SYQEOI]SYVWIPJMRZMWMFPIYWMRK]SYVL]TRSXMGTS[IVWMW PMOIP]XSFIEFMXSJERIZIRX-XGIVXEMRP][EWJSVQIER][E]-XGERYRPIWW ]SYWYKKIWXSXLIV[MWIJVIEOXLIWYFNIGXSYXEFMXIWTIGMEPP]MJ]SYWXEVX QSZMRKXLMRKWEVSYRHXLIVSSQWYGLEWPMJXMRKYTGLEMVWTSYVMRKGYTWSJ [EXIVXLVS[MRKXLMRKWEXXLIQSVWGEVMRKXLIQ[MXLETYTTIX;LIR]SY VIEPMWIXLI]GERRSXWII]SYMXQMKLXJVIEO]SYEFMXXSSWSLSPH]SYVWIPJ XSKIXLIV-J]SYHSRSX[ERXXLIQORSGOIHXSSJEVWMHI[E]WYRHIVWXERHXLEX ]SYGERHMVIGXLS[XLI]JIIPWSXIPPXLIQXLEXXLI][MPP´RHMXMRGVIHMFPIFYX [MPPRSXFIEJVEMH3VXIPPXLIQXLI][MPPFIEJVEMHZIV]EJVEMHFYX[MPPRSX PIEZIXLIVSSQSVXLIMVGLEMV8LIGLSMGIMW]SYVW 3/GER-XV]WSQIXLMRK[MXL]SY#+VIEX'ER]SYQEOI]SYVWIPJ GSQJSVXEFPIJIIXSRXLIµSSVLERHWVIWXMRKSR]SYVPET2S[PSSOEX QIVMKLXLIVI 4SMRXXSNYWXYRHIVRIEXL]SYVVMKLXI]IERHPSSOMRXSSRISJXLIWYFNIGX¬W I]IW -REQSQIRX]SYEVIKSMRKXSKSMRXSEXVERGI-HSR¬X[ERX]SYXS GPSWI]SYVI]IW]IXNYWXOIITPSSOMRKEXXLEXWTSXRS[[LIR]SYEVI VIEH]VITIEXXLI[SVH«6IPE\¬JSYVXMQIWMR]SYVQMRH8LIJSYVXL XMQI]SYVITIEXXLEX[SVH]SYGEREPPS[]SYVI]IWXSGPSWIERH]SY[MPP MQQIHMEXIP]FIKMRHVMJXMRKXSWPIITHIITEWPIITHIITP]MRXSEXVERGI =SY[MPPORS[]SYEVIMRMXFIGEYWISRISJXLSWILERHWMWKSMRKXSFIKMR PMJXMRKYTXS[EVH]SYVJEGIXLEX¬WMX0MKLXIVERHPMKLXIVNYWXPMOI]SYV LIEHMWEQEKRIXERH]SYVLERHMWEQEKRIX§XYRIMRXSXLEXVIEPSV MQEKMRIHQEKRIXMGJSVGIHIZIPSTMRKFIX[IIR]SYVLIEHERHXLEXLERH ERHXLIGPSWIVMXKIXWXLIHIITIV]SY[MPPKS8LIHIITIV]SYKSXLIFIXXIV ]SYJIIP;LIRXLEXLERHXSYGLIW]SYVJEGI]SY[MPPHSYFPIXLITL]WMGEP ERHQIRXEPVIPE\EXMSR 2S[MREQSQIRX-EQKSMRKXSGPMGOQ]´RKIVWERHXLEXLERH[MPPHVST HS[RMRXS]SYVPETPMOIE[IXVEK;LIRMXXSYGLIW]SYVPETXLEXMW]SYV WMKREPXSKSIZIRHIITIVMRXSETVSJSYRHWXEXISJL]TRSWMW 'PMGO (IITIVERHHIITIV)ZIV]XLMRK-WE]RS[[MPPFIGSQI]SYVVIEPMX] TEKI

6IEPMX]MW4PEWXMG

)ZIV]WMRKPIXLMRK[MXLSYXHSYFXUYIWXMSRSVLIWMXEXMSR[MPPFIGSQI ]SYVVIEPMX]=SYORS[[LEX-WE]]SYORS[WII[LEX-WE]]SYGERWII ERHJIIP[LEX-WE]]SYJIIP)ZIV]XLMRK-WE]MWMRWXERXP]]SYVVIEPMX] 2I\XTVSZIXLEXXLIWYTIVWYKKIWXMSRLEWPERHIHF]KMZMRKEVIPEXMZIP]WMQTPI MHIEXSPEXGLSRXS2SVQEPP]-KSMRXSXLI7XMJJ%VQI\IVGMWIYWMRKMXEWE VSYXMRIVEXLIVXLERE7IX4MIGI -REQSQIRX-EQKSMRKXSFSVVS[]SYVEVQ8LEX¬WVMKLXRS[QEOI EXMKLX´WX8LEX¬WVMKLXERHEW]SYJIIPXLEXXMKLX´WXXLEXEVQMWKSMRK XSFIGSQIWXMJJIVERHWXMJJIVIZIV]QYWGPIRIVZIERH´FVIWXMJJIVERH WXMJJIVXLIVIMWEWXIIPFEVVYRRMRKJVSQ]SYVWLSYPHIVHS[RXLVSYKL ]SYVEVQEPPXLI[E]XSXLEX´WX]SYGERRSXFIRHMXRSQEXXIVLS[LEVH ]SYXV]8V]ERHFIRHMXERH´RH]SYGERRSX=SYEVIEWXVSRKQERXV] ERHFIRHMXERH´RHMXKIXWWXMJJIVERHWXMJJIV8LEX¬WMXEWMXFIKMRWXS WLEOIMXKIXWWXMJJIVWXMPP 4YWLXLIMVEVQHS[REW]SYFIPXSYXXLMWGSQQERH 2S[WPIIT -REQSQIRX-EQKSMRKXSGPMGOQ]´RKIVW]SYVI]IW[MPPSTIRERH ]SY[MPPPSSOYT]SY[MPPRSPSRKIVFIEFPIXSWIIQISVER]XLMRK-EQ [IEVMRKIZIV]XLMRKIPWI[MPPFIRSVQEPFYX]SY[MPPRSPSRKIVFIEFPI XSWIIQISVER]XLMRK-EQ[IEVMRK=SY[MPPFIEFPIXSLIEVQIERHJIIP Q]XSYGLFYX]SY[MPPRSPSRKIVFIEFPIXSWIIQI 8LIWYFNIGX[MPPRSVQEPP]NYWX[EOIYTERHPSSOJSV[EVHPMOIRSXLMRKMW SYXSJXLISVHMREV]FIGEYWIMXMWR¬X]IX§XLI]NYWXGERRSXWII]SY7S[LIR ]SYQSZIMJ]SYPSSOEXXLIQ]SY[MPPRSXMGIXLEXXLI]HSRSXKMZI]SYER] EXXIRXMSR8LIMVKE^IMWRSXEYXSQEXMGEPP]HVE[RXS]SYVQSZIQIRX4SYV EKPEWWSJ[EXIVSV[EZIXLMRKWMRJVSRXSJXLIWYFNIGX§PMOIEWIXSJOI]W 8LVS[EGLEMVMRXLIEMVERHGEXGLMX7TIEOXSXLIQ 7PIIT;LIR-GPMGOQ]´RKIVW]SYVI]IW[MPPSTIRERHIZIV]XLMRK[MPP FIFEGOXSRSVQEPMRIZIV][E]]SY[MPPFIEFPIXSWIIQI %PXIVREXMZIP]WE]XLI][MPPFIEFPIXSWII]SYVFSH]FYXRSX]SYVLIEH

TEKI

6IEPMX]MW4PEWXMG

 6SFFIH -RXLMWI\EQTPI-L]TRSXM^IHEQEVOIXWXEPPLSPHIVEXLMWWXEPPSREFYW] *VMHE]PYRGLXMQI-KEZILMQETSWXL]TRSXMGWYKKIWXMSRXLEX[LIR-XETTIH LMQSRXLIWLSYPHIVLI[SYPHMQQIHMEXIP]VIXYVRXSWPIITERHXLEXXLIRI\X XMQILIWE[QILI[SYPHLEZIRSGSRWGMSYWVIGSPPIGXMSRSJQIIXMRKQI FIJSVISVER]XLMRK-LEZIWEMH-E[SOILMQERHPIJX-VIXYVRIHERLSYV PEXIVERH[IRXXLVSYKLEXLVIIWXEKI«WXEKI¬L]TRSWMWVSYXMRIFYMPXEVSYRHE GYGYQFIV   1]MRXIRXMSR[EWXSKIXLMQXSKMZIQIWSQISJLMWTVSHYGIJSVJVII-PIJX [MXLEFMRPMRIVJYPPSJGYGYQFIVW-RXLMWI\EQTPI-YWIHIEGLTLEWISJ8LI 7IX4MIGIEWEL]TRSXMGMRHYGXMSRFYXHMHRSXXIWXMXNYWXSFWIVZIHERHXLIR HMHXLI,ERHWLEOI-RHYGXMSR ,MWSEVI]SYYTJSVXLMW#0IX¬WWIIMJ]SYGERFIL]TRSXM^IH;I EVIKSMRKXSWXEVX[MXLEGSYTPISJWMQTPII\IVGMWIWXS´VIYT]SYV GSRGIRXVEXMSRERHMQEKMREXMSR-EQKSMRKXSKMZI]SYWSQIWMQTPI MRWXVYGXMSRWERH-[ERX]SYXSJSPPS[XLIWIMRWXVYGXMSRW-J-EWO]SYMR MQEKMRIWSQIXLMRK-[ERX]SYXSHS]SYVFIWXXSMJ-EWO]SYXSYWI]SYV KYXJIIPMRKXLIRHSWS2SH]SYVLIEHMJ]SYYRHIVWXERH+VIEX 7STPIEWITYX]SYVLERHWSYXMRJVSRXSJ]SY -XLIRTVSGIIHIH[MXLXLI1EKRIXMG*MRKIVWEWERMRHYGXMSR%WWSSREWXLI ´RKIVWXSYGLIH-WEMHXLIJSPPS[MRK 2S[GPSWI]SYVI]IWERHWPIITHIITEWPIIT%W-VSGO]SYVFSH]FEGO ERHJSV[EVHNYWXKSMRHIITHIITEWPIIT2SXMGILS[KSSHMXJIIPWXS VIPE\PMOIXLEXFIGEYWIMREQSQIRX-EQKSMRKXSWLS[]SYLS[XSKS IZIRHIITIV;LIR-XSYGL]SYSRXLIWLSYPHIVERHWE]I]IWSTIR[MHI E[EOI]SYVI]IW[MPPSTIRERH]SY[MPPPSSOEXQI;LIR-WE]WPIIT]SY [MPPVIXYVRXSXLMWWXEXIKSMRKIZIRHIITIVXLERFIJSVI2SH]SYVLIEHMJ ]SYYRHIVWXERH -XLIRMQQIHMEXIP]KSXMRXS1EKRIXMG,ERHW;LIRXLILERHWXSYGLIH- [IRXMRXSMRHYGXMSRQSHIEKEMRTYWLMRKXLIWYFNIGXWLIEHJSV[EVHEW-WEMH «7PIIT¬ERHMQQIHMEXIP]MRXIRWM´IHXLMRKWFYMPHMRKMRIZIV]XLMRK-LEH PIEVRXEFSYXXLIWYFNIGXJVSQXLI´VWXTLEWI-XLIR[SOILMQEKEMRERH[IRX MRXSELERHWLEOIMRHYGXMSRMQQIHMEXIP]EJXIV[EVHWERHXLMWXMQIIQTLEWMWIH TEKI

6IEPMX]MW4PEWXMG

WPIITERHHIITIRIHXLIWXEXIIZIRQSVI-KEZIXLIWYTIVWYKKIWXMSRERHXLIR ETSWXL]TRSXMGXVMKKIVJSVL]TRSWMWERHEQRIWMEJSVQIIXMRKQI ;LIR-VIXYVR]SY[MPPLEZIRSMHIE[LS-EQ-X[MPPJIIPPMOI[ILEZI RIZIVQIXFIJSVI;LIR-XSYGL]SYSRXLIWLSYPHIVERHWE]WPIIT]SY [MPPMQQIHMEXIP]VIXYVRXSXLMWWXEXIMRWXERXP]ERHMQQIHMEXIP]KSMRK IZIRHIITIVXLERFIJSVI ;LIR-VIXYVRIHERLSYVPEXIV-[EPOIHYTXSXLIQEVOIXWXEPPERHKVEFFIH EGYGYQFIV-LIPHXLMWYTLMKLERHTSMRXIHEXXLIIRHSJMXERHEWOIHXLI WYFNIGX ,S[QYGLEVIXLIWI# ,MWEXXIRXMSRRS[EVVIWXIHERHQMRHGSRJYWIH-GSRXMRYIH ,S[QYGL#,EZIEPSSOEXMXLIVIVMKLXEXXLIIRHSJMXGSQIEFMX GPSWIVFIGEYWIRS[ERMRXIVIWXMRKXLMRKMWKSMRKXSLETTIRPIXQIWLS[ ]SYWSQIXLMRKEW]SYPSSOEXMX -PIERXJSV[EVHERHXETTIHLMQSRXLIWLSYPHIVEW-KEZILMQXLITSWX L]TRSXMGWYKKIWXMSRXSKSFEGOMRXSL]TRSWMW 7PIITRS[EPPXLI[E]MRKSHIITIVHIITIVHIITIVHS[R8LEXEVQ GERVIPE\GSQTPIXIP]VIPE\XLEXEVQGERVIPE\GSQTPIXIP]VIPE\]SY EVIKSMRKXSWPIIT)ZIV]FVIEXL]SYXEOIERHIZIV][SVH-WE]RS[[MPP XEOI]SYHIITIVERHHIITIVMRXSXLEXWXEXI=SYEVIHVMJXMRKXSWPIIT =SYVLIEHGERJEPPJSV[EVHSRXS]SYVGLIWXEW]SYKSHIITIVERHHIITIV XSWPIIT)ZIV]XLMRK-WE]RS[IZIV]WMRKPIXLMRK-WE][MPPMRWXERXP] FIGSQI]SYVVIEPMX][MXLSYXHSYFXSVUYIWXMSR=SYWII[LEX-WE] ]SYGERWIIORS[[LEX-WE]]SYORS[ERHHS[LEX-WE]]SY[MPPHS )ZIV]XLMRK-WE]MW]SYVVIEPMX] =SYEVIXLI[SVPH¬WKVIEXIWXGMKEVGSRRSMWWIYV=SYPSZI´RIGMKEVWERH- EQKSMRKXSLERH]SYXLI[SVPH¬W´RIWXGMKEVXSWQSOI)]IWSTIR[MHI E[EOI,IVI]SYKSLEZIEKSSRXLEX=SYGERFMXIXLIIRHSJJSJMX´VWX ,IFMXXLIIRHSJJVMKLXXLVSYKLXLITPEWXMGGSZIVMRKERH-SJJIVIHLMQEPMKLX -IRGSYVEKIHLMQXSGSQQIRXSRXLIGMKEVWUYEPMXMIWMXWWXVIRKXLERHXEWXI [LMPILILEHEJI[TYJJW TEKI

6IEPMX]MW4PEWXMG

7PIITERHWXERH(IITEWPIIT%PPXLI[E]MR(IITEWPIIT=SYVPIKW[MPP WYTTSVX]SYEW]SYKSHIITIVXSWPIIT8LIRI\XXMQI]SYSTIR]SYV I]IW]SY[MPPVIEPMWI]SYEVILSPHMRKXLI[SVPH¬WFMKKIWXWTPMJJ-XMWXLI [SVPH¬WWXVSRKIWXNSMRX8LIWXVSRKIWXQEVMNYEREERH]SYEVIKSMRKXS IRNS]WQSOMRKMX)]IWSTIR[MHIE[EOI ,EZIEKSSRXLEX,EZIERSXLIVEPPXLI[E]HS[RXS]SYVXSIWXLMWXMQI %KEMR-IRGSYVEKIHLMQXSWEZSYVXLIµEZSYVERHWXVIRKXL 7PIITERHWXERH;LIR]SY-GPMGOQ]´RKIVW]SY[MPPSTIR]SYVI]IW ERHVIEPMWIXLIHVYKWWUYEHEVIEFSYXXSVEMHXLMWWXEPP%PPSJXLSWI GYGYQFIVWEVIMRGVIHMFP]WXVSRKWTPMJJW=SYEVIKSMRKXSTYXXLIQMRE FEKERHYVKIRXP]MRWMWX-XEOIXLIQE[E]JVSQXLMWWXEPP-[MPPVIWMWXFYX ]SY[MPPMRWMWX)]IWSTIR[MHIE[EOI 0SSO*MPXL 4SPMGI ,EZI]SYKSXEFEK# ,ILEWXMP]KVEFFIHEFMRPMRIVERHTVSGIIHIHXS´PPMX[MXLGYGYQFIVW -VITIEXIHP]MRWMWXIH«-GER¬XXEOIXLIQEPP¬,ISJGSYVWIMRWMWXIHXLEX-GSYPH 5YMGOPSEHXLIQEPPMRXLIVI8LEX¬WMX7XEWLXLIVIWXWXEWLXLIQ -[EPOIHSJJ[MXLEFMRPMRIVJYPPSJGYGYQFIVW %WXLMW[EWERI\TIVMQIRXEPSRISJJ-PEXIVVIXYVRIHLMWTVSHYGI-XLSYKLXMX [SYPHFIYWIJYPXSKSXLVSYKLXLII\EGX[EOIYTTVSGIHYVIYWIH-J-HSWXYJJ PMOIXLMWJSVIRXIVXEMRQIRXTYVTSWIW-EP[E]WVIXYVRERHL]TRSXMWIXLIWYFNIGX EKEMRERHHSETVSTIV[EOIYTTVSGIHYVI8IRQMRYXIWPEXIVLI[EWWXMPPMR WSQI[LEXSJEWLMJX]TERMGXSWIIQIVIXYVRMRK[MXLXLI«HVYKW¬ERHEWOIH QI[LEX-[EWHSMRKEWLIKPERGIHEFSYXJSVXLITSPMGI-WMQTP]XLEROIH LMQERHHMHELERHWLEOIMRHYGXMSRSRLMQERHTVSGIIHIHXS´VWXHIITIRXLI I\TIVMIRGIHSWSQIJIIPKSSH[SVOERHJYPP]VIE[EOIRLMQ«FEGOMRXLI QEVOIX¬IZIV]XLMRKFEGOXSRSVQEP ,IPPSXLEROWJSV  )\XIRHIHLERHJSVLERHWLEOIERH[IRXMRXSLERHWLEOIMRHYGXMSRERH MQQIHMEXIHIITIRMRKSJXLIL]TRSXMGWXEXI TEKI

6IEPMX]MW4PEWXMG

0SSOEX]SYVLERH RS[WPIIT 8LI[EOIYTTVSGIHYVIJSPPS[IH -REQSQIRX-[MPPGSYRXYTXS´ZIERHSRXLIGSYRXSJ´ZI]SY[MPPFI FEGOGSQTPIXIP][MHIE[EOIERHRSVQEPEFPIXSQSZIWTIEOERHXLMRO JVIIP]ERHRSVQEPP]%PPSJXLIXLMRKW-LEZIWYKKIWXIHXS]SYYTLIVI [MPPFIKSRIERHIZIV]XLMRK[MPPFIFEGOXSRSVQEPMRIZIV][E]=SY [MPPSTIR]SYVI]IWERHWXVIXGLERH]SY[MPPJIIPJERXEWXMGERHVIEH]JSV E[SRHIVJYPEJXIVRSSRSJFYWMRIWWMRXLIQEVOIX=SY[MPPJIIPVIJVIWLIH ERHVIZMXEPMWIHEWMJ]SYLEZI[SOIRYTJVSQE[SRHIVJYPRMKLXSJWPIIT FYXYRHIVWXERHL]TRSWMWMWRSXWPIITERHXLIRI\XXMQI]SYKIXMRFIH XSWPIIT]SY[MPPWPIIT[SRHIVJYPP]ERHE[EOIEXERETTVSTVMEXIXMQI VIJVIWLIHERHVIZMXEPMWIH7SKIXVIEH] 3RI 1SVIE[EVISJ]SYVFSH]RS[)ZIV]QYWGPIRIVZIERH´FVIGSQMRK EPMZI 8[S *IIPEWYVKISJIRIVK][LM^^MRKMRXLVSYKL]SYV´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

TEKI

6IEPMX]MW4PEWXMG

 'PSEOIH 1]EMQ[EWXSWXIEPEGSEXJVSQWSQISRI-LEZIYWIHXLMWETTVSEGLSYXPMRIH LIVIRYQIVSYWXMQIW-XMPPYWXVEXIWLS[]SYGERGVIEXIEGSRXI\XJSVL]TRSWMW ERHLS[XLMWETTVSEGLF]TEWWIWXLI[MPP 4EGMRKEVSYRH0IMGIWXIV7UYEVI-WTSXXIHWSQISRILSPHMRKELYKI«4M^^E ,YX8LMW;E]¬WMKR-EWOIHLMQLS[PSRKLILEHXSWXERHXLIVIERHXLITSSV PEHWEMHLSYVW-PIXLMQORS[-[EWEL]TRSXMWXERHGSYPHKMZILMQXMQI HMWXSVXMSR-EWOIHLMQMJ-GSYPHQEOIXLIIMKLXLSYVW[LM^^F]PMOISRILSYV [SYPHXLEXFIKSSH,IEKVIIHMX[SYPH8SKIXWXEVXIH-XSPHLMQXSWXEVIEX XLIWGVI[XLEXEXXEGLIHLMWWMKRXSXLITSPIERHHMHERI]I´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´\IHSRXLEXTSMRX%WMX QSZIWGPSWIVXS]SYVJEGI]SYGERRSXMGIXLIGLERKMRKJSGYWSJ]SYVI]IW ERH[LIR]SYEVIVIEH]XSFIL]TRSXM^IHGPSWI]SYVI]IWXLEX¬WVMKLX I]IWGPSWMRKRS[ERH[MXL]SYVI]IWGPSWIHEPPXLEXMWMQTSVXERXMWXLI WSYRHSJQ]ZSMGIERH]SYVXLSYKLXWXLEXHVMJXXLVSYKL]SYVQMRHRS TEKI

6IEPMX]MW4PEWXMG

SYXWMHIWSYRHMWMQTSVXERXXS]SYRS[NYWXQ]ZSMGI;MXLIZIV]FVIEXL ]SYXEOIERHIZIV][SVH-WE]RS[]SY[MPPHVMJXHIITIVERHHIITIVMRXS L]TRSWMW=SYVPIKW[MPPWYTTSVX]SYEW]SYKSHIITEWPIITEW-VSGO]SYV WLSYPHIVPIXXMRKIZIV]QYWGPIVIPE\RS[KSMRKHIITEWPIITGSQTPIXIP] VIPE\IH-REQSQIRXSRISJ]SYVEVQWMWKSMRKXSFIKMRPMJXMRKYT[EVHW XS[EVHXLIWO]MX[MPPFIKMRXSJIIPPMKLXIVERHPMKLXIVERHPMJXYT%WMX PMJXWYTEPPF]MXWIPJ]SYGERXV]ERHOIITMXWXIEH]ERH´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µIGXSRXMQILEZMRKµS[RF]VIEPP]UYMGOP]EWMJ]SYLEHWMQTP]FIIR XLMROMRKEFSYXWSQIXLMRKIPWIIRXMVIP]&IGEYWI]SYORS[WXERHMRKXLIVI XMQIGLERKIWXSSNYWXPMOISXLIVXMQIW]SYQE]LEZIWXSSHMREUYIYIERH IZIV]WIGSRHWIIQWPMOIEQMRYXIERHSXLIVXMQIWSREVIXYVRNSYVRI] JVSQWSQI[LIVIXMQINYWXµ]MRKF]MREµ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

6IEPMX]MW4PEWXMG

 *IH -ETTVSEGLIH8SQQ]§EFEVVS[FS]JVSQSRISJ0SRHSR¬W)EWX)RH QEVOIXW,IXSPHQIXLEXLILEHFIIRL]TRSXM^IHF]LMW7IVKIERX1ENSV HYVMRKLMWXMQIMRXLIEVQ]]IEVWEKS 7SWYWTIGXMRKLIQMKLXFIYWIHXSFIMRKSVHIVIHMRXSL]TRSWMW-´VWXSJ EPPµEXXIVIHLMQXIPPMRKLMQXLEXER]SRI[LSLEWFIIRL]TRSXM^IHLEWE REXYVEPEFMPMX]XSXETMRXSXLIMVQMRHERHXLEXXLMWEFMPMX]RIZIVPIEZIW]SY- EHSTXIHUYMXIEREYXLSVMXEVMERETTVSEGLKSMRKWXVEMKLXMRXSQEKRIXMGTEPQW EWERMRHYGXMSR-VISVMIRXEXIHLMQERHHMHEWXMJJEVQXLIRWPEQQIHXLEX EVQHS[RERHGSQQERHIHWPIIT-KEZILMQETSWXL]TRSXMGWYKKIWXMSRJSV VIXYVRMRKXSL]TRSWMWERHEQRIWMEJSVQIIXMRKQI*SPPS[MRKXLEX-PIJXXLI WXEPPERHVIXYVRIHQMRYXIWPEXIV ,M-[SYPHPMOIXLVIITSYRHWSJETTPIW8LVIITSYRHWSJTIEVWTPIEWI 3LERHJSYVGEYPMµ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

6IEPMX]MW4PEWXMG

)MKLXTSYRHWLIVIMW´ZI -TPEGIHEWIVZMIXXIMRLMWLERHJSPPS[IHF]XLVIIFSXXPIXSTW 8LEXMWERH-WXLEXVMKLX# +VIEX&]I

TEKI

6IEPMX]MW4PEWXMG

 ;EXIVIH %R]SRIGERKIXJVIIHVMROW-XMWTSWWMFPIJSVER]SJYWXSGENSPIXSFIKSV TIVLETWFPEKWSQISRIMRXSFY]MRKEHVMRO-XMWQYGLQYGLIEWMIVMJXLI FEVQERFIPMIZIW]SYEVILMWJEZSYVMXIQSZMIWXEV&Y^^MRKJVSQETVMSVL]TRS EXXEGOSREGSJJIIWLSTERHWIZIVEPJVIIIWTVIWWSWSRXLIPEWXWYRR]*VMHE] SJXLIWYQQIV-[IRXMRXSEPEVKIFYW]FEVMR7SLS0SRHSR%WSRISJXLI FEVQER[EPOIHTEWXGSPPIGXMRKKPEWWIW-WXSTTIHERHEWOIHLMQ[LSLMW JEZSYVMXIQSZMIWXEV[EW,IPSSOIHGSRJYWIHERHWEMHLIHMHRSXORS[- TIVWMWXIH «;IPPXLIVIQYWXFISRIXLEX]SYVEXIE´PQWXEV[LSWIQSZMIW]SYPMOI¬# ,IWEMH«(IR^IP¬-XLEROIHLMQERHSJJLI[IRXLIGSRXMRYIHHSMRKLMW [SVO%XXLMWTSMRX-LEHRSXMRXVSHYGIHQ]WIPJEWEL]TRSXMWXMRJEGX-LEH RSXMRXVSHYGIHQ]WIPJEXEPP-PIJXERHXLIRQMRYXIWPEXIVGEQIFEGOMRERH [EPOIHWXVEMKLXYTXSXLIFEVQIRXEPP]TVMQIH[MXLXLIMRXIRXMSRXSFIGSQI (IR^IP %W-WXITTIHYTXSXEOIEWIEXSRSRISJXLIFEVWXSSPW-WXYGOSYXQ]LERHXS WLEOILERHW[MXLXLI&EVQER-LEHQIXQMRYXIWIEVPMIV ,M[LEX¬W]SYVREQI# -KVEFFIHLMWLERHEWLIVITPMIH«.S¬-PMJXIHMXERHWLS[IHLMQXLITEPQSJ LMWLERH 0SSOEXXLEXLERH.SPSSOEXSRIWTSXSRMXPSSOEXXLEXWTSXSR]SYV LERHEWMXQSZIWGPSWIVXS]SYVJEGIRSXMGIXLIGLERKMRKJSGYWSJ]SYV I]IWRS[GPSWI]SYVI]IW7PIIT+SHIITEWPIIT.YWXVIPE\]SYVEVQW -QSZIHLMWSXLIVEVQSJJSJXLIFEVWSMXGSYPHLERKF]LMWWMHI 6IPE\IZIV]QYWGPIIZIV]RIVZIIZIV]´FVI]SYEVIHVMJXMRKXSWPIIT %XXLMWTSMRX-TYXQ]LERHFILMRHLMWRIGOERHETTPMIHWPMKLXTVIWWYVI IRGSYVEKMRKLMWLIEHXSHVSTJSV[EVHEW-GSRXMRYIHXSKMZILMQMRWXVYGXMSRW =SYVLIEHGERJEPPJSV[EVHPMOIEFS[PMRKFEPPEW]SYVIPE\ERHKSHIIT EWPIITRS[HIITEWPIITHIITHIITHIITHIITEWPIIT TEKI

6IEPMX]MW4PEWXMG

,MWWTMRIWXEVXIHXSVIPE\EPPS[MRKLMWLIEHXSHVSTJSV[EVHXLIFEV[EWE PMXXPIWXMGO]WS-TPEGIHQ]LERHSRXLIFEVEWEPERHMRKQEXJSVLMWJSVILIEH =SYVLIEH[MPPVIWXSRQ]LERH]SYEVIWEJI]SYEVI[IPPERHTVSXIGXIH EW]SYKSHIITEWPIIT%W-VSGO]SYVWLSYPHIVW]SYGERKSXMQIW HIITIV)ZIV]FVIEXL]SYXEOIERHIZIV][SVH-WE]WIRHW]SYHIITIV ERHHIITIVMRXSXLEXWPIIT8LEX¬WMXIZIV]XLMRK-WE]RS[MW]SYVVIEPMX] [MXLSYXHSYFXSVUYIWXMSRIZIV]WMRKPIXLMRK-WE][MPPMRWXERXP]FIGSQI ]SYVVIEPMX]LS[IZIVWXYTMHSVWMPP]MXWIIQW]SYORS[[LEX-WE]]SY ORS[WII[LEX-WE]]SYWIIERHFIPMIZI-EQ[LS-WE]-EQIZIV]XLMRK -WE]MW]SYVVIEPMX]2SH]SYVLIEHMJ]SYYRHIVWXERH-REQSQIRX]SYV PIJXEVQMWKSMRKXSFIKMRHVMJXMRKYTXS[EVHXLIGIMPMRKMX[MPPPMJXYTEPP F]MXWIPJERHXLIVIMWRSXLMRK]SYGERHSEFSYXMX%WMXPMJXW]SY[MPPKS IZIRHIITIVMRXSXLEXWXEXISJL]TRSWMWIZIRQSVIHIITP]VIPE\IH8LEX¬W VMKLXMXMWWXEVXMRKXSKS´RKIVWX[MXGLMRKLERHQSZMRKIPFS[FIRHMRK PMKLXIVERHPMKLXIVEWMXMWTYPPIHYT]SYGERXV]ERHOIITMXWXIEH]ERH ´RH]SYGERRSXMXNYWXPMJXWYTYTYTXV]ERHLSPHMXHS[RERH´RHMX PMJXWIZIRLMKLIV;LIR-WRETQ]´RKIVW]SYVLERH[MPPHVSTHS[RPMOIE [IXHMWLGPSXLERH]SY[MPPHVSTHS[R[MXLMXHIITIVEWPIIT GPMGO -EQ KSMRKXSGSYRXERH]SYVI]IW[MPPSTIRERH]SY[MPPWXERHYTERH ]SY[MPPFIPMIZI-EQ(IR^IP;EWLMRKXSRXLI[SVPHJEQSYWQSZMIWXEV (IR^IP;EWLMRKXSR=SY[MPPWMQTP][ERXXSWIVZIQII\EGXP][LEX-EWO JSVSRXLILSYWIRSXLMRK[MPPKMZI]SYSV]SYVQEREKIVQSVITPIEWYVI [MHIE[EOI,M-EQ(IR^IP-¬HPMOIJSYVHVMROW-EQLIVI[MXLE JI[JVMIRHWSJQMRI'ER-GSQIFILMRHXLIFEV#8LEX¬WLS[[IHSMXMR XLI7XEXIW -[IRXFILMRHXLIFEVERHGLSWIQ]HVMROW-GSRWMHIVIHFYXXLIRHMWQMWWIH XLIMHIESJXIPPMRKLMQ-[EWXLI1EREKIVERHRIIHIHLMQXSKMZIQIEPP SJXLIRSXIWSYXSJXLIXMPPI\GITXJSVXLI´ZITSYRHRSXIW%JXIVKIXXMRKQ] HVMROW-XLEROIHLMQERHKSXLMQXSEHZIVXMWILMWRI[VIEPMX] 8LEROWMXLEWFIIRJERXEWXMGXSQIIX]SY]SYEVIEREFWSPYXIWXEVNYWX KMZI]SYVLERHEKEMRPSSOEXXLEXLERHRS[WPIITERHWXERHWPIITERH WXERHWPIITWPIITWPIIT8LMWXMQI[LIR]SY[EOIYT]SY[MPPKSERH XIPPIZIV]SRI]SYTEWWXLEX]SYLEZINYWXWIVZIH(IR^IP;EWLMRKXSR [MHIE[EOI ,IHMH,IKVEXIJYPP]XSSOEREYXSKVETLXSS TEKI

6IEPMX]MW4PEWXMG

 &EGOMRXLIVSSQ %W]SYLEZIXEOIRWSQISRIMRXSL]TRSWMWERHXLI]LEZIHSRI]SYVFMHHMRK MXMWSRP]JEMVXLEX]SYFVMRKXLIQSYX-J]SYHSRSXXLI][MPPIQIVKIJVSQ L]TRSWMWIZIRXYEPP]FYXXLI]QMKLXJIIPEPMXXPIHMWSVMIRXEXIH&IGEYWIXLI] EVIXEOMRKHMVIGXMSRW]SYGERIRWYVIXLI]GSQISYXSJL]TRSWMWGPIERP]ERH MXMWEKVIEXSTTSVXYRMX]XSIRWYVIXLEX[LIRXLI]VIXYVRXSRSVQEPE[EVIRIWW XLI][MPPFIJIIPMRKJERXEWXMGERHVIEH]XSKSMRIZIV][E] -XIRWYVIW]SYVFEGOMWGSZIVIHMJXLI]MQQIHMEXIP]KSSYXWMHIERH[EPO YRHIVEFYW=SYGSYPHWMQTP]GPET]SYVLERHWERHWE]«)]IWSTIR[MHI E[EOI¬&YXXLEXMWRSXHSMRKXLINSFIJJIGXMZIP]%KSSH[EOIYTVEXM´IWXLI [SVO]SYLEZIHSRIKMZIWERSTTSVXYRMX]JSVXLIQXSKSFEGOMRXSEXVERGI MRWXERXP]MJ]SY[MWLXSKMZIXLIQXLMWEFMPMX]ERHIRWYVIWXLI]EVIFEGOXS RSVQEPMRIZIV][E] -REQSQIRX-EQKSMRKXSGSYRXJVSQSRIXS´ZIERHSRXLIGSYRXSJ ´ZI]SYVI]IW[MPPSTIRERH]SY[MPPFIFEGOEXJYPPGSRWGMSYW[EOIJYP EPIVXRIWWIZIV]XLMRKFEGOXSRSVQEPMRIZIV][E]-X[MPPFIPMOI]SY LEZI[SOIRYTJVSQE[SRHIVJYPRMKLXWWPIIT=SY[MPPYRHIVWXERH L]TRSWMWMWRSXWPIITFYXXLIRI\XXMQI]SYKIXMRFIHERHWPIIT]SY [MPPWPIIT[SRHIVJYPP]FIXXIVXLER]SYLEZIJSV]IEVWERHE[EOIEXER ETTVSTVMEXIXMQIVIJVIWLIHVIZMXEPMWIHJIIPMRKFVERHRI[ 3RI*IIPMRKPIWWVIPE\IHRS[IZIV]QYWGPIRIVZIERH´FVIGSQMRK EPMZI 8[S%WYVKISJIRIVK]MWTSYVMRKMRXLVSYKL]SYV´RKIVWXSIWYTEVQW PIKWWTMRIXSXLIXSTSJ]SYVLIEH 8LVII8EOIEHIITFVIEXL´PP]SYVGLIWX[MXLIRIVK]KMZMRKS\]KIRMX WTVIEHWXSIZIV]QYWGPIRIVZIERH´FVI *SYV8EOIERSXLIVEW]SYVLIEHMWFIMRK[EWLIHXLVSYKL[MXLGSSP GPIEVWTVMRK[EXIV]SYVIRXMVIFSH][EWLIHXLVSYKLVIJVIWLIHERH VIZMXEPMWIH *MZI)]IWSTIR[MHIE[EOIFEGOMRXLIVSSQ

TEKI

6IEPMX]MW4PEWXMG

3VEPXIVREXMZIP] 3RXLIGSYRXSJ´ZI]SY[MPPFIFEGOEXRSVQEPE[EVIRIWWIZIV]XLMRK FEGOXSRSVQEPJIIPMRKJERXEWXMG 3RI*IIPMRK[SRHIVJYP 8[S8SEGLMIZI]SYVKSEPW 8LVII;MXLEJIIPMRKSJJVIIHSQ *SYV*IIPXLIJSVGISJXLEXJIIPMRK *MZI)]IWSTIRJIIPMRK[SRHIVJYPP]EPMZI -[MPPSJXIRGPETQ]LERHWSRXLIGSYRXSJ´ZIXSEHHXSXLIIJJIGX8LMWXIRHW XSWXEVXPIXLIWYFNIGXEPMXXPIERHVIEPP]TYXWWSQIHMWXERGIFIX[IIRXLIWXEXI XLI][IVIMRERHXLI[MHIE[EOIWXEXI-RXLMWQSQIRXXLIHSSVWXSXLIMV L]TRSXMG[SVPHGPSWI-XIRGSYVEKIWEQRIWMEJSVXLII\TIVMIRGI=SYGER JYVXLIVIRGSYVEKIXLMWF]MQQIHMEXIP]EWOMRKXLIQEUYIWXMSRXLEXHSIWRSX VIPEXIXSXLIL]TRSXMGI\TIVMIRGIXLI]LEZINYWXLEH8LMWGSYPHFIVIPEXIH XSEGSRZIVWEXMSR]SY[IVILEZMRK[MXLXLIQTVMSVXSXLIL]TRSWMWSVNYWXE XVMZMEPUYIWXMSR;LIRXLI]XLIRXV]XSVIGEPPXLIL]TRSXMGI\TIVMIRGIXLI]HS WS[MXLXLIWEQIMRIJJIGXMZIRIWWXLI]QMKLXXV]XSVIGEPPEHVIEQXLEXWIIQIH ZMZMHNYWXQSQIRXWIEVPMIV 7SLS[PSRKLEZI]SYLEH]SYVQSXSVFMOI# -WXLEX]SYVKPEWWSRXLIµSSV# -WMXEPMXXPI[EVQMRLIVI#

TEKI

6IEPMX]MW4PEWXMG

 7EJIX]0EWX ,IEPXLERHWEJIX]MWEPQSWXGSQTPIXIP]MRGSRXVSPSJXLIL]TRSXMWX&IMRK8LI ,]TRSXMWXFVMRKWVIWTSRWMFMPMX][MXLMX&IXLIFIWX]SYGERFIERHXVIEX]SYV WYFNIGXW[MXLXLIVIWTIGXXLI]HIWIVZI%P[E]WHIQSRWXVEXIXLEX]SYGEVI ERHXLI]EVIMRWEJIERHGSQTIXIRXLERHW8LMWQEOIWXLINSFIEWMIVER][E] %P[E]WHSETVSTIV[EOIYT(SRSXXEOIWMPP]VMWOW+MZMRKWSQISRIJYPP FSH]GEXEPITW]ERHFEPERGMRKXLIQFIX[IIRGLEMVWMWERMQTVIWWMZIWMKLX§ FYXXLIWYFNIGXQE]LEZIEFEGOGSRHMXMSR8LIGLEMVWQE]GSPPETWI8IPPMRK WSQISRIXLI]EVIER3P]QTMGW[MQQIVQMKLXIRGSYVEKIXLIQXSPE]HS[R SREXEFPIXSTERHHSJVSRXGVE[PSVQMKLXVIWYPXMRXLIQHMZMRKSJJSJEXEFPI LIEH´VWX(SRSXXEOIYRRIGIWWEV]VMWOW7LSYXMRK«7PIIT¬EWXLIWYFNIGXMW VYRRMRKJVSQSRIIRHSJXLIVSSQXSERSXLIVGSYPHVIWYPXMRXLIQHVSTTMRK XSXLIµSSVERHWQEWLMRKELMT7SIRGSYVEKIXLIQXSWXSTVYRRMRKXSWXERH WXMPPPIXXLIQORS[XLEXXLIMVPIKW[MPPWYTTSVXXLIQ7E]«7PIITERHWXERH¬ 7LS[]SYVWYFNIGXX[MGIXLIEQSYRXSJVIWTIGXERHEXXIRXMSR]SY[SYPHMR XLIRSVQEP[EOMRKWXEXI)RWYVIXLEX]SYVWYKKIWXMSRMRGPYHIWVIQEVOWXLEX XLI][MPPRSXHSER]XLMRKXLEX[MPPLYVXXLIQSVER]SRIIPWI

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´VWXTIVWSR /IIT]SYVHMVIGXMSRWGPIER(SRSXVIKVIWWTISTPIXSTPEGIWXLEXGSYPHLEZI FIIRLYVXJYPSVLEVQJYPSVJVMKLXIRMRK(SRSXVIKVIWWXSXLIMVGLMPHLSSH 8LIWXEKIL]TRSXMWXGERWEJIP]QEOITISTPIEGXPMOIEWM\]IEVSPHFYX WLSYPHRSXVIKVIWWWSQISRIXSXLIMVS[RPMJIEXWM\§NYWXMRGEWIMX[EW E[JYP7SQIXMQIWMXWIIQWEREFVIEGXMSRMWUYMXIWTSRXERISYW§[MXLSYX ER]TEVXMGYPEVXVMKKIV-XMWEWMJIQSXMSRW[IHSSYVYTQSWXXSMKRSVIERH SYXFYVWXW[IRIIHXSLEZIFYXWYTTVIWWGERPYVONYWXFIRIEXLXLIWYVJEGI SJGSRWGMSYWRIWW,]TRSWMWMWERSTTSVXYRMX]JSVXLIQXSKIXSYXSJXIREW WSSREWXLIGSRWGMSYWQMRHMWSYXSJXLI[E]8LIVIMWRSRIIHXSEPEVQXLI TEKI

6IEPMX]MW4PEWXMG

WYFNIGXF]KIXXMRKJVIEOIHSYXERHYTWIX-J]SYEVIRSXKSMRKXSWXEVXHSMRK MQTVSQTXYXLIVET]XLIRXLIFIWXXLMRKMWXSWMQTP]XIPPXLIQXLEXIZIV]XLMRK [MPPFI3/XLEX]SYWTIRHWSQIXMQI[MXLXLIQERHXLEXMREQSQIRX]SY [MPPFVMRKXLIQFEGOYTERHXLI]HSRSXRIIHXSFVMRKXLIWIQIQSVMIWERH JIIPMRKWFEGO[MXLXLIQ8LIRHSETVSTIV[EOIYT7TIRHWSQIXMQI[MXL XLIQEJXIV[EVHWXSIRWYVIXLI]EVI3/3JGSYVWIEWEL]TRSXLIVETMWXER EFVIEGXMSRMWERSTTSVXYRMX]XSHIEP[MXLWSQIXLMRK=SYLEZISJXIRJSYRH E«WTPMRXIV¬ERHGERWXEVXXSTYPPMXSYX&YXXLMWMWRSXEFSSOSRXLIVET] 7XMGO[MXL[LEX]SYORS[(SRSXWYKKIWXXLI]LEZIMWWYIWERHWLSYPHWIIO XLIVET]IMXLIV8LI]EVIPMOIP]XSORS[[L][LEXIZIVMXMWXLEXGEQIYTGEQI YTERHGERQEOIXLIMVS[RHIGMWMSRW 3RSGGEWMSREWYFNIGXQE]KIXEPMXXPIGSRGIVRIHEWXLI]JIIPXLI]EVIKSMRK MRXSEXVERGI§MJXLI]EWWSGMEXIXLMW[MXLPSWMRKGSRXVSP-JXLI]LEZILEH TERMGEXXEGOWSVEFEHI\TIVMIRGI[MXLHVYKWXLI]QE]EWWSGMEXIMX[MXL XLEX-JXLI]WXMPP[MWLXSFIL]TRSXM^IHXLIRMXMWMQTSVXERXXSPIXXLIQJIIP MRGSRXVSPERHORS[XLEXXLI]GERQEREKIXLIHITXLXLI]KSXS8LMWGERFI EGLMIZIHF]XVEMRMRKXLIQXSXEOIXLIQWIPZIWMRERHSYX )ZIRQSVIVEVIP]WSQISRIQE]LEZIE´XTIVLETWXLI]WYJJIVJVSQITMPITW] SVWPIITETRIE-JXLI]EVIRSXXLVEWLMRKEVSYRH[LIR´XXMRKFYXLEZIMRWXIEH FIGSQIZIV]VMKMHMXGERFIHMJ´GYPXXSWTSXMQQIHMEXIP]%PXLSYKLMRQ] STMRMSRXLIVIMWRSQSVIPMOIPMLSSHXLEXWSQISRIMWKSMRKXS´XMRL]TRSWMW XLERER][LIVIIPWI-EQRSXEQIHMGEPQER7SHSRSXXEOIXLEXEHZMGI9WI XLITVIGEYXMSREV]TVMRGMTPI6IGSKRMWIMXGERLETTIR2SXEPPITMPITXMGTISTPI ORS[XLI]LEZIXLIGSRHMXMSR -JWSQISRIMWMRXLMWTSWMXMSRXLIR]SYUYMGOP]HS[LEX7X.SLR¬W%QFYPERGI 7IVZMGIXIPPW]SYXSHS&EWMG,IEPXLERH7EJIX]XVEMRMRKMWMRI\TIRWMZI-X [MPPXIEGL]SYLS[XSWEZIPMZIWERHQYGLQSVIMRSRIHE]-J]SYEVIRSX YTJSVHSMRKXLMWXLIR]SYWLSYPHEWOTISTPIMJXLI]LEZIER]WIVMSYWLIEPXL GSRHMXMSRWERHVIJYWIXSL]TRSXM^IXLIQ 6IGSKRMWIXLEXMJ]SYEVIKSMRKXSLEZI]SYVWYFNIGXHSMRKXLMRKWXLEX MRZSPZIQSZMRKEVSYRHXLEXXLI]WLSYPHFIHSMRKXLMW[MXLXLIMVI]IWSTIR .YWXFIGEYWI]SYLEZIL]TRSXM^IHXLI[EMXVIWWXSQEOI]SYJVIIGSJJIIHSIW RSXQIERWLIWLSYPHVMWOKIXXMRKWGEPHIH(ERGMRK[MXLXLII]IWGPSWIHGER FIHERKIVSYWXSS

TEKI

6IEPMX]MW4PEWXMG

-J]SYEVIKSMRKXSL]TRSXM^IWSQISRIERHXIPPXLIQ]SYLEZIWXSPIRXLIMV ZSMGIFEPPWJEZSYVMXIJEMV]ERHXIPPXLIQXLMW[MPPQEOIXLIQERKV]XLIVIMW RSXLMRKXSWXSTXLIQLMXXMRK]SY9RPIWWSJGSYVWI]SYXIPPXLIQXLEXXLI] [MPPKIXERKV]FYX[MPPRSXEGXYEPP]KIXZMSPIRX-J]SYEVIKSMRKXSWYKKIWXE HMWKYWXMRKXEWXIMRXS]SYVWYFNIGX¬WQSYXLXLIRXIPPXLIQXLI]QE]JIIPWMGO FYXXLEXXLI][SR¬XEGXYEPP]FIWMGO +IXXMRKTISTPIXSIEXERHHVMROXLMRKW[LIRL]TRSXM^IHMWEPWSEWOMRKJSV XVSYFPI%PXLSYKLMRXLIZEWXQENSVMX]SJGEWIWMX[MPPFI´RI§]SYRIZIV ORS[MJXLI]LEZIEREPPIVK]XSWSQIXLMRK 9WMRKGEXEPITW][MXLTISTPI[LSLEZIEVXLVMXMGGSRHMXMSRWMWSFZMSYWP]RSX EHZMWIH -GSYPHKSSR8LMRO9WIGSQQSRWIRWIERHEFMXQSVI0SSOEXXLI WYVVSYRHMRKIRZMVSRQIRX6IQSZISVWXIIVGPIEVSJTSXIRXMEPHERKIVW&I WEJI7LS[]SYGEVI

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

TEKI

6IEPMX]MW4PEWXMG

 *MREPXLSYKLXW 8LVSYKLSYXER]SJQ]XVEMRMRKGSYVWIW-IQTLEWMWIXLEXMXMWMQTSVXERXXS PSSOFI]SRHXIGLRMUYIERHPIX[LEX]SYHSFIGSQI]SYVEVXJSVQ4VEGXMWI SFWIVZIWXVIXGL]SYVWIPJ§XLIVIMWEP[E]WQSVIXSPIEVR8LIRVIPE\ERHHS ]SYV[SVO8LIVIMWRSRIIHXSWIXXPIJSVFIMRKEREZIVEKIL]TRSXMWX§FIXLI FIWX]SYGERFI 3JGSYVWIEX´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

TEKI

6IEPMX]MW4PEWXMG

6IJIVIRGIW  &IVRLIMQ, ,IVXIV'%XVERW (IPE7YKKIWXMSRIXHIWSR %TTPMGEXMSRlPE8LrVETIYXMUYI?7IGSRH)HMXMSRA 7YKKIWXMZI 8LIVETIYXMGW%8VIEXMWISRXLI2EXYVIERH9WIWSJ,]TRSXMWQ +4 4YXREQ¬W7SRW 2I[=SVO   4EXXMI*VERO%1IWQIVERH%RMQEP1EKRIXMWQ%'LETXIVMRXLI ,MWXSV]SJ1IHMGMRI)HQSRWXSR4YFPMWLMRK-RG  &VEMH.EQIW1EKMG[MXGLGVEJXERMQEPQEKRIXMWQL]TRSXMWQERH IPIGXVSFMSPSK]0SRHSRVHIHMXMSR  )VMGOWSR1MPXSR,0MJI6IJVEQMRKMR,]TRSWMW)VRIWX06SWWM )HMXSV 1EVKEVIX36]ER )HMXSV   )PQER(EZI,]TRSXLIVET]§*MRHMRKWMR,]TRSWMW  +VMJ´R.SIERH8]VIPP-ZER,YQER+MZIRW§%2I[%TTVSEGLXS )QSXMSREP,IEPXLERH'PIEV8LMROMRK,+4YFPMWLMRK  7SYXLSR1MOIERH;IWX'LVMW8LI&IIVQEX)RXVITVIRIYV§8YVRMRK ]SYVKSSHMHIEMRXSEKVIEXFYWMRIWW4VIRXMGI,EPP  'LEVGSX.14L]WMSPSKMITEXLSPSKMUYI7YVPIWHMZIVWrXEXWRIVZIY\ HrXIVQMRrWTEVP¬L]TRSXMWEXMSRGLI^PIWL]WXrVMUYIW?4EXLSPSKMGEP TL]WMSPSK]3RXLIZEVMSYWRIVZSYWWXEXIWHIXIVQMRIHF]XLIL]TRSXMWEXMSR SJL]WXIVMGEPWA'SQTXIWVIRHYWHIP¬%GEHrQMI(IW7GMIRGIW   3ZIVHYVJ.SLRERH7MPZIVXLSVR.YPMI8VEMRMRK8VERGIW1IXEQSVTLSYW 4VIWW  6SWWM)VRIWX0ERH'LIIO(EZMH&1MRH&SH]8LIVET]§1IXLSHW SJ-HISH]REQMG,IEPMRKMR,]TRSWMW;;2SVXSR  1G+MPP3VQSRH8LI2I[)RG]GPSTIHMESJ7XEKI,]TRSXMWQ',4 

TEKI

6IEPMX]MW4PEWXMG

 3ZIVHYVJ.SLRERH7MPZIVXLSVR.YPMI8VEMRMRK8VERGIW 1IXEQSVTLSYW4VIWW  .IVQE]0YOI&YMPHMRK&PSGOW%PEOE^EQ1EKMG  +VMRHIV.SLRERH&ERHPIV6MGLEVH8VERGI*SVQEXMSRW2IYVS 0MRKYMWXMG4VSKVEQQMRKERHXLI7XVYGXYVISJ,]TRSWMW1SEF986IEP 4ISTPI4VIWW  'LEWI.SR(IITIVERH(IITIV§ 7IGVIXWSJ7XEKI,]TRSWMW%,% 0XH  6SWWM)VRIWX8LI4W]GLSFMSPSK]SJ1MRH&SH],IEPMRK ;;2SVXSR  'LEWI.SR(IITIVERH(IITIV§ 7IGVIXWSJ7XEKI,]TRSWMW%,% 0XH

TEKI

6IEPMX]MW4PEWXMG

6IEPMX]MW4PEWXMG

6IEPMX]MW4PEWXMG

6IEPMX]MW4PEWXMG

)QEMPIRUYMVMIW$ERXLSR]NEGUYMRGSQ ;IF[[[ERXLSR]NEGUYMRGSQ