Oro in tavola

3FQPSUBHF EBMMB QSPWJODJB EJ 3BWFOOB BMMB TDPQFSUB EFJ QSPEPUUJ UJQJDJ EFMMF B[JFOEF BHSJDPMF EFJ DPOTPS[J F EFMMF DPPQFSBUJWF DIF MJ QSPEVDPOP F MJ QSPNVPWPOP TVM NFSDBUP -F EFOPNJOB[JPOJ BTTFHOBUF B WJOP PMJP DBSOF GSVUUB GPSNBHHJ %0$ %0$( %01 *(5 *(1 JOTFSJTDPOP MF UJQJDJUh BMJNFOUBSJ EFM UFSSJUPSJP SBWFOOBUF USB RVFMMF EJ RVBMJUh FVSPQFB * TFJ QFSDPSTJ QSPQPTUJ TJ TOPEBOP EBMMB DPTUB BM NFEJP F BMUP "QQFOOJOP

3BWFOOB JOUPSOP 7FSEF "[[VSSP 0SP

-µPSP JO UBWPMB

GBFOUJOP TFDPOEP VO TVHHFSJNFOUP EJ TVDDFTTJPOF UFSSJUPSJBMF * QFSDPSTJ TPOP DPSSFEBUJ EB DBSUJOF EJ JUJOFSBSJP JOGPSNB[JPOJ TVJ QSPEPUUJ SJDFUUF F JOEJSJ[[J EFMMF B[JFOEF $IJBSF F TJOUFUJDIF SJTVMUBOP MF OPUF TVMMF FNFSHFO[F BSUJTUJDIF F BNCJFOUBMJ EFM UFSSJUPSJP

-µPSP JO UBWPMB

M PSP JO UBWPMB 1FSDPSTJ EFJ QSPEPUUJ UJQJDJ 3FQPSUBHF EBMMB 1SPWJODJB EJ 3BWFOOB

1SPWJODJB EJ 3BWFOOB 4FSWJ[JP 5VSJTNP

1SFTFOUB[JPOF

-B QSPWJODJB EJ 3BWFOOB VOP TUSBPSEJOBSJP NPTBJDP EJ TBQPSJ F EJ PQQPSUVOJUh *O VOµFQPDB EJ BDDFMFSBUB F UVNVMUVPTB HMPCBMJ[[B [JPOF JM UFNB EFMMµJEFOUJUh UFSSJUPSJBMF BTTVNF VO SVPMP TFNQSF QJ} TUSBUFHJDP QFS MP TWJMVQQP FDPOPNJDP F TPDJBMF $Jx DIF DPOUSBEEJ TUJOHVF VOµBSFB SJTQFUUP BE VOµBMUSB o MµJOTJFNF EFHMJ FMFNFOUJ EJ JEFOUJUh EFM QSPQSJP UFSSJUPSJP J WBMPSJ BNCJFOUBMJ QBFTBHHJTUJDJ MB TUPSJB EFMMB DPNVOJUh MPDBMF J QSPQSJ QSPEPUUJ UJQJDJ F MF TVF BUUJWJUh FDPOPNJDIF USBEJ[JPOBMJ J TFHOJ EFMMB DVMUVSB F EFMMµBSUF J NPEFMMJ TPDJBMJ EJ WJUB F MF USBEJ[JPOJ EFMMB QPQPMB[JPOF SFTJEFOUF 2VFTUJ FMFNFOUJ SFOEPOP VOµBSFB JO VO DFSUP TFOTP ²VOJDB³ F MB TVB PGGFSUB EJGGFSFO[JBUB OFM QBOPSBNB EFMMB DPODPSSFO[B F RVJOEJ EJ WBMPSF 5BMF JEFOUJUh TJ NBOJGFTUB BODIF OFMMP TUSFUUP MFHBNF FTJTUFO UF USB VO UVSJTNP EJ BMUB RVBMJUh F MF [POF BHSJDPMF EPWF MB GSVJ[JPOF UVSJTUJDB IB JM GJOF EFMMB SJTDPQFSUB EFMMB DVMUVSB EFMMF USBEJ[JPOJ EFJ QSPEPUUJ FOPHBTUSPOPNJDJ UJQJDIF EFMMF [POF SVSBMJ *M UFSSJUPSJP RVBMF JOTJFNF EJ SJTPSTF MPDBMJ F TFHOJ EJTUJOUJWJ EFJ MVPHIJ EJ QSPEV[JPOF F MB UJQJDJUh JOUFTB OFM TVP TJHOJGJDBUP EJ SFDVQFSP EFMMB DVMUVSB F JEFO UJUh MPDBMF EFJ MVPHIJ EJ QSPEV[JPOF TPOP MF QBSPMF DIF SJFTDPOP BE FTQSJNFSF NFHMJP MB TUSFUUB DPOOFTTJPOF UVSJTNP BHSJDPMUVSB -B 3PNBHOB F JO QBSUJDPMBSF MB QSPWJODJB EJ 3BWFOOB QPTTPOP PGGSJSF BM UVSJTUB F BM DPOTVNBUPSF BUUFOUP VO QBUSJNPOJP TUSBPSEJOBSJP JO UFSNJOJ EJ BNCJFOUJ VOJDJ B QBSUJSF EBM 1BSDP EFM %FMUB EFM 1P F EBM 1BSDP EFMMB 7FOB EFM (FTTP 3PNBHOPMB EJ CFOJ DVMUVSBMJ DPOPTDJVUJ JO UVUUP JM NPOEP EBJ NPTBJDJ CJ[BOUJOJ EJ 3BWFOOB BMMF DFSBNJDIF EJ 'BFO[B EJ VOB GPSUF USBEJ[JPOF EFMMµ BDDPHMJFO[B GJOP BMMF QSP EV[JPOJ BHSJDPMF FE FOPHBTUSPOPNJDIF UJQJDIF F EJ BMUB RVBMJUh EBM TBOHJPWFTF BM CVSTPO EBMMB QJBEJOB BM DBQQFMMFUUP EBMMB QFTDB BMMP TDBMPHOP EBMMµ PMJP CSJTJHIFMMP BM TBMF EJ $FSWJB BJ TBMVNJ QSPEPUUJ EB NPSB SPNBHOPMB F BMMP TQMFOEJEP QFTDF EFMMµ "ESJBUJDP

$PO ²-µPSP JO UBWPMB³ TJ GPSOJTDF VOB QSF[JPTB HVJEB QFS GBWPSJSF MB TDPQFSUB EJ QSPEPUUJ F QSPEVUUPSJ DIF IBOOP BSSJDDIJUP F RVBMJGJDBUP MµPGGFSUB BMJNFOUBSF F MB DVMUVSB EFMMF UFSSF EJ 3PNBHOB F DIF SFOEP OP JM OPTUSP UVSJTNP EBM NBSF BMMµ FOUSPUFSSB BMMF DPMMJOF DPTs VOJDP F DPTs SJDDP EJ PQQPSUVOJUh 4POP JMMVTUSBUJ UBOUJ QFSDPSTJ B UFNB QFS PGGSJSF OPO TFNQMJDFNFOUF VO TPHHJPSOP NB UBOUF PDDBTJPOJ EJ TDP QFSUB EJ VO UFSSJUPSJP EB GBSF JOTJFNF B DIJ WJ BCJUB USBTGPSNBOEP MB WBDBO[B JO VOB FTQFSJFO[B EJ WJUB EB SJDPSEBSF F SBDDPOUBSF (JBOGSBODP #FTTJ 1SFTJEFOUF EFMMB $BNFSB EJ $PNNFSDJP EJ 3BWFOOB

'SBODFTDP (JBOHSBOEJ 1SFTJEFOUF EFMMB 1SPWJODJB EJ 3BWFOOB

-µPSP JO UBWPMB

1SPHFUUP OBSSBUJWP F UFTUP -BVSB 7FTUSVDDJ

-FWJBNPDJ OVWPMF FUFSOF TQMFOEFOUJ EJ SVHJBEB MFWJBNPDJ EBM QBESF 0DFBOP NVHHIJBOUF TVMMF WFUUF BMCFSBUF EFJ NPOUJ B WFEFSF MF DJNF MPOUBOF F J SBDDPMUJ F MB UFSSB TBDSB JSSJHBUB JM GSBHPSF EFJ GJVNJ EJWJOJ JM NBSF EBM DVQP SJNCPNCP $PSP EB ²-F /VWPMF³ EJ "SJTUPGBOF

1SPWJODJB EJ 3BWFOOB 4FSWJ[JP 5VSJTNP

*OEJDF

*OUSPEV[JPOF

-µPSP CJBODP *M QFSDPSTP EFM TBMF -VPHIJ F TBQPSJ EJ NBSF

5SB WJHOF F GSVUUFUJ 'SVUUB F WJOJ EJ QJBOVSB

(SBQQPMJ EµBVUPSF (SBOEJ WJOJ EJ DPMMJOB

*OUPSOP BM GSBOUPJP 0MJP FYUSBWFSHJOF EJ #SJTJHIFMMB

-F FSCF EFM HJBSEJOP 1JBOUF PGGJDJOBMJ TDBMPHOP F GSVUUJ EJNFOUJDBUJ

$BQPMJOFB OFM CPTDP .BSSPOJ F DBTUBHOF EJ $BTPMB 7BMTFOJP F #SJTJHIFMMB

-F B[JFOEF EB JODPOUSBSF

2VBEFSOP EJ WJBHHJP

-VPHIJ EB WFEFSF

&WFOUJ F TBHSF

-F SJDFUUF

#JCMJPHSBGJB

*OUSPEV[JPOF

-B SJFEJ[JPOF EF ²-µ0SP JO UBWPMB³ HVJEB SFQPSUBHF QVCCMJDB UB OFMMµBHPTUP EB $BNFSB EJ $PNNFSDJP EJ 3BWFOOB F 1SPWJODJB EJ 3BWFOOB o VO BUUP EJ SJDPOPTDJNFOUP EFMMµFWPMV [JPOF EFM DPNQBSUP EFMMF QSPEV[JPOJ BHSPBMJNFOUBSJ EJ RVBMJUh *O TFUUF BOOJ TJ o QBTTBUJ EB VO DMJNB QJPOJFSJTUJDP BMMB SJTUSVUUV SB[JPOF EFJ UFSSJUPSJ JO WJSU} EFMMB UVUFMB F EFMMP TWJMVQQP EFMMF QSPEV[JPOJ FDDFMMFOUJ -F QJDDPMF B[JFOEF DIF OFMMµBOOP QVOUFHHJBWBOP USB DPTUB F "QQFOOJOP MB QSPWJODJB EJ 3BWFOOB F DIF OFM SFQPSUBHF ²-µ0SP JO UBWPMB³ USPWBSPOP VOB SJCBMUB WFSTP JM QVCCMJDP RVFMMF B[JFOEF TPOP TUBUF DPNF VO GBSP EJ MVDF QFS NPMUJ BMUSJ *M DPSBHHJP DIF FTTF IBOOP FTQSFTTP RVBOEP IBOOP TDFMUP EJ JOUSBQSFOEFSF MB TUSBEB EFMMB RVBMJUh F EFM QSPEPUUP EJ OJDDIJB o TUBUP VOP TQVOUP EJ SJGMFTTJPOF QFS BMUSJ QSPEVUUPSJ F RVBTJ B NBDDIJB EµPMJP TJ TPOP SFQMJDBUF MF FTQFSJFO[F EJ DPMUJ WB[JPOF F EJ DPNNFSDJBMJ[[B[JPOF EFMMF QSPEV[JPOJ QJ} UJQJDIF *OTJFNF B DJx TJ o NBOJGFTUBUB MB OFDFTTJUh EJ OPO PQFSBSF EB TPMJ $PTs EBMMµJNQSFTB GSVUUP EFM SJTDIJP EFJ TJOHPMJ QSPEVUUPSJ TJ o HJVOUJ BMMB DPTUJUV[JPOF EJ DPOTPS[J F BTTPDJB[JPOJ EJ UVUFMB EFJ QSPEPUUJ DIF OPO FMJNJOBOP JM QPUFO[JBMF EJ SJTDIJP EFMMµJN QSFTB TUFTTB NB WPHMJPOP JODBOBMBSMP TV QFSDPSTJ QSPNP[JPOBMJ F DPNNFSDJBMJ BODIF DPNVOJ -B ²4USBEB EFJ WJOJ F EFJ TBQPSJ³ EFUUB BODIF ²EFM 4BOHJPWFTF³ OFMMF DPMMJOF EJ 'BFO[B JM ²$PQBG ³ JM DPOTPS[JP ²*M 1BOJFSF³ MB DPPQFSBUJWB ²2VBMJUh F 4BQPSJ³ JM DPOTPS[JP ²*M #BHOBDBWBMMP³ Mµ ³"TTPDJB[JPOF 1SPEVUUPSJ EFMMB 5PSSF EJ 0SJPMP³ MF ²'BUUPSJF %JEBUUJDIF³ DSFBOP VOB NBQQB EJ QSFTFO[F DBQBDF EJ TPEEJ TGBSF MF NPMUFQMJDJ BTQFUUBUJWF EFM QVCCMJDP EFEJUP BMMB SJDFSDB EFMMF FDDFMMFO[F FOPHBTUSPOPNJDIF -B GSVJ[JPOF EFM UFSSJUPSJP QSPWJODJBMF TFDPOEP MB NPUJWB[JPOF EFMMµFOPHBTUSPOPNJB JOUFHSBUB DPO MF BMUSF FDDFMMFO[F FNFS HFOUJ o GBDJMJUBUB QFS JM UVSJTUB TPQSBUUVUUP TUSBOJFSP EBMMB QSF TFO[B EJ SFBMUh DPOTPSUJMJ DIF IBOOP VOB WJTJCJMJUh OFMMF MPDBMJUh EFM TPHHJPSOP F QPTTPOP TPTUFOFSF JM WJTJUBUPSF F HVJEBSMP OFM TVP WJBHHJP BMMB SJDFSDB EJ QSPEPUUJ EB EFHVTUBSF F BDRVJTUBSF *M QSPEPUUP o BODPSB JM NPUJWP EFM WJBHHJP F EFM TPHHJPSOP J ²HJB DJNFOUJ³ DPNF JEFOUJGJDBUJ OFMMµBOOP TPOP SJQSPQPTUJ OFMMB OVPWB FEJ[JPOF EFMMB HVJEB JO RVBOUP MFHBUJ BMMB TUPSJB EFMMF EJWFSTF QPQPMB[JPOJ DIF MJ NBOUFOHPOP BUUJWJ F MJ QSFTFSWBOP EBMMµFTBVSJNFOUP F EBMMµBCCBOEPOP $PMUVSF EJ VMJWJ NJMMFOBSJ F EJ NJUJDJ WJUJHOJ DPTs DPNF BMMFWBNFOUJ EJ TVJOJ F CPWJOJ BVUPDUP

OJ F BODPSB MB DPMUVSB EJ GSVUUJ JO BSFF EFMJNJUBUF F GBWPSJUF EBM NJDSPDMJNB J QJDDPMJ DBTFJGJDJ DIF QSPEVDPOP FDDFMMFOUJ QSP EPUUJ DBTFBSJ EJ BOUJDB PSJHJOF MB SBDDPMUB EFM TBMF EPMDF OFMMF TUPSJDIF TBMJOF EJ $FSWJB MB QFTDB EFM QFTDF B[[VSSP QJDDPMF DPMUVSF EJ PSUBHHJ FE FSCF BSPNBUJDIF * ²HJBDJNFOUJ³ EFJ QSP EPUUJ MFBEFS EFJ UFSSJUPSJ TPOP SJQSPQPTUJ DPO JM WBMPSF BHHJVOUP EFMMB SFUF EFJ TFSWJ[J BM DPOTVNBUPSF GJOBMF JM RVBMF QPUSh TDF HMJFSF WFSTP RVBMF HJBDJNFOUP EJSJHFSTJ F RVBMF B[JFOEB WJTJUBSF USB MF NPMUF BTTPDJBUF F JOEJDBUF OFHMJ FMFODIJ SFEBUUJ B DPSSFEP EFM WPMVNF * QVOUJ JOGPSNBUJWJ EFJ $PNVOJ *BU TBSBOOP VO WBMJEP BJVUP QFS JM SFQFSJNFOUP EJ BMUSJ NBUFSJBMJ VUJMJ QFS MB DPOPTDFO[B EFM UFSSJ UPSJP DPTJDDIo SBHHJVOHFSF VOµB[JFOEB QFS EFHVTUBSF P BDRVJ TUBSF VO PUUJNP WJOP UJQJDP P VO TBQPSJUP GPSNBHHJP P MµFDDFM MFOUF PMJP FYUSBWFSHJOF EJ PMJWB TJB MµPDDBTJPOF QFS WJTJUBSF VOB DIJFTB P VO NVTFP P MB SPDDB EFM CPSHP BOUJDP

4F MB QSJNB PDDBTJPOF EJ QFSDPSSFSF MF TUSBEF QFS SBHHJVOHFSF VO ²HJBDJNFOUP³ GBSh TFHOBSF JO BHFOEB VO XFFLFOE DJ TBSBO OP BMUSJ XFFLFOE EB USBTDPSSFSF JO QSPWJODJB EJ 3BWFOOB QFSDIn JO PHOJ TUBHJPOF J HJBDJNFOUJ TJ BOJNBOP QFS TBHSF F NBOJGF TUB[JPOJ 4J UPSOB QFS JM QJBDFSF EFJ TBQPSJ EFJ QSPGVNJ EFMMF TBQJFO[F EFM QBFTBHHJP 4J UPSOB QFSDIn JM QSPEVUUPSF DPO JM TVP QSPEPUUP F MF PSHBOJ[[B [JPOJ MPDBMJ DPO J MPSP TFSWJ[J FTQSJNPOP VOB DPNQBHOJB DPOTPMJ EBUB DIF TPTUJFOF MB GJEVDJB EFM DPOTVNBUPSF F TVTDJUB TJNQBUJB -BVSB 7FTUSVDDJ

-µPSP CJBODP *M QFSDPSTP EFM TBMF MVPHIJ F TBQPSJ EJ NBSF

*M QFSDPSTP EFM TBMF 5BHMJBUB 1JOBSFMMB $FSWJB DFOUSP .JMBOP .BSJUUJNB

1SPEPUUJ F TBQPSJ TF EBMMB DPTUB DFSWFTF TJ SJTBMF BMMµ"QQFOOJOP BUUSBWFSTP MB QJBOVSB F MF DPMMJOF TF OF QVx JOBOFMMBSF VOB DBUF OB VO NPOJMF BSSJDDIJUP OPO EJ NFUBMMJ F QJFUSF SBSF CFOTs EJ MJRVJ EJ QSF[JPTJ EPMDJ OFUUBSJ BSPNJ JOUFOTJ QPNJ TVDDPTJ 4UFOEJBNP JM NPOJMF DPNF BE PSOBSF JM EnDPMMFUn EJ VOB NBUSPOB MF DVJ DIJPNF TPOP MF GPSFTUF BQQFOOJOJDIF MµPWBMF MF EPMDJ DPMMJOF JM MVOHP DPMMP MF WBMMBUF DIF TDFOEPOP BE BQSJSTJ OFMMB HFOFSPTB QJBOVSB MF TVF TQBMMF F BMMµFTUSFNJUh EFMMB DBUFOB VO ²DJPOEPMP³ MVDFOUF EJ BDRVB NBSJOB TDSF[JBUB EJ WFSEF QJOFUBMF F EJ TBMNBTUSP CJBODPSF 4JBNP B $FSWJB & DPNF EBM DJPOEPMP BUUSBFOUF MµPDDIJP SJTBMF MVOHP MF NBHMJF EFMMB DBUFOB QFS BQQSF[[BSOF MB ¾OF GBUUVSB F JM WBMPSF EFMMB DBSBUVSB DPTs BJ UVSJTUJ BUUSBUUJ EBM GBTDJOP EFMMB DPTUB TVHHFSJBNP EJ BWWFOUVSBSTJ MVOHP MB DBUFOB F USBDDJBNP QFS MPSP VOB NBQQB EJ QFSDPSTJ DIF SFOEPOP BHJCJMJ J HJBDJNFOUJ EJ QSPEPUUJ F EJ TBQPSJ F JODPOUSBCJMJ J QSPUBHPOJTUJ RVBOUJ DJPo USBHHPOP EBJ HJBDJNFO UJ NBUFSJB UJQJDB QFS BMMJFUBSF J DPOWJUJ F JNQSF[JPTJSF MF NFOTF DPO MµJNQSPOUB EFMMB TUPSJB F EFMMB USBEJ[JPOF MPDBMJ *M QSJNP QFSDPSTP MP BCCJBNP JOEJDBUP BMMµJOUFSOP EFM ²DJPOEPMP³ MVOHP MB DPTUB F OFMMµJNNFEJBUP FOUSPUFSSB DFSWFTF 5SB J SJ¿FTTJ EFMMµBDRVB NBSJOB BOEJBNP B DPOPTDFSF JM MFHBNF JOTDJOEJCJMF USB NBSF F UFSSB USB TUPSJB F OBUVSB F TF MµPDDIJP BCCBDJOBUP EBM DBO EPSF EFM TBMF F EBM SJWFSCFSP EFM TPMF TVMMF TBCCJF DIJFEFSh USFHVB MB WFSEF PNCSB QJOFUBMF HMJ TBSh EJ MFOJNFOUP $J EJBNP BQQVOUBNFOUP B 5BHMJBUB EJ GSPOUF BHMJ TUBCJMJNFOUJ CBM 5BHMJBUB EJ $FSWJB MPDBMJUh DIF TFHOB OFBSJ OVNFSP [FSP F OVNFSP BMMµBOHPMP USB WJB 4JDJMJB F 7JBMF *UB JM DPOGJOF EFM UFSSJUPSJP MJB 2VJ IB JOJ[JP BODIF JM QFSDPSTP TV QJTUB DJDMBCJMF DIF QSPTFHVF DPNVOBMF DFSWFTF ¾OP B #PSHP .BSJOB BM 1PSUP $BOBMF EJ $FSWJB %B 5BHMJBUB B 1JOB DPO RVFMMP EJ $FTFOBUJDP SFMMB F ¾OP BMMµFTPSEJP EFM -VOHPNBSF DJ BDDPNQBHOB MB 1JOFUJOB DPNF MB DIJBNBOP HMJ BCJUBOUJ USB J RVBMJ Dµo DIJ JO HJPWBOF FUh IB DPOUSJCVJUP B DSFBSF J WFOUJDJORVF FUUBSJ EJ PNCSB HSBEJUJTTJNB BM UVSJTUB DIF WJ TJ SJGVHJB OFMMF PSF QJ} DBMEF EFM HJPSOP QFS VOB QBV TB EJ MFUUVSB P QFS VOB SJMBTTBOUF DBNNJOBUB 'BUUPSJF %JEBUUJDIF D P "TTFTTPSBUP QSPWJODJBMF "HSJDPMUVSB

WJB EFMMB -JSJDB ° 3BWFOOB UFM ° GBY

MDIJOBHMJB!NBJM QSPWJODJB SB JU

TT

$BTBMCPSTFUUJ .BSJOB 3PNFB

$POTFMJDF

1PSUP $PSTJOJ

"MGPOTJOF

.BTTB 'VTJHOBOP -PNCBSEB 4 "HBUB -VHP #BHOBDBWBMMP #BHOBSB EJ 3PNBHOB $PUJHOPMB 3VTTJ 4PMBSPMP " $BTUFM #PMPHOFTF

.BSJOB EJ 3BWFOOB 1VOUB .BSJOB 5FSNF -JEP "ESJBOP

3BWFOOB

-JEP EJ %BOUF

TT

'BFO[B

-JEP EJ $MBTTF -JEP EJ 4BWJP .JMBOP .BSJUUJNB

$FSWJB TT

#SJTJHIFMMB

1JOBSFMMB 5BHMJBUB

1BSDP /BUVSBMF EJ $FSWJB

'VSPOP J DFSWFTJ J GBVUPSJ EFMMB NFTTB B EJNPSB EJ QJDDPMF QJBOUF EJ 1JOP .BSJUUJNP 1JOVT 1JOBTUFS OFJ QSJNJ EFDFOOJ EFM TF DPMP 99 -B QJOFUB TJ BDDSFCCF OFMMµBSDP EJ DJSDB EJFDJ BOOJ JO WJHPSF F EFOTJUh NFOUSF DPNJODJBSPOP B TQVOUBSF BMMF TVF TQBMMF J DBOUJFSJ QFS MB DPTUSV[JPOF EFMMF ²DPMPOJF³ NBSJOF NB EJFUSP BMMF DPMPOJF TJ TUFOEFWB OP BODPSB J DBNQJ BSJEJ EFJ RVBMJ TJ EJDFWB DIF QSPEVDFTTFSP TPMP QBUBUF & EBWBOUJ BM MB QJOFUB PMUSF MF EVOF EJ TBCCJB MµBSFOJMF MJCFSP MBNCJUP EBMMµ"ESJBUJDP 0HHJ CBTUB WPMHFSF MP THVBSEP JOUPSOP QFS DPOTUBUBSF JM DBNCJBNFOUP SBEJ DBMF BUUPSOP BMMF DPMPOJF BMDVOF JO EFDBEFO[B TJ TPOP BTTJFQBUJ QFOTJPOJ BMCFSHIJ F IPUFM EJ DBUFHPSJB NFEJP BMUB F PMUSF MF EVOF HMJ TUBCJMJNFOUJ CBMOFBSJ IBOOP DSFBUP BSFF EJ VUJMJ[[P EFMMµBSFOJMF SJDDIF EJ DPOGPSU 5BHMJBUB F 1JOBSFMMB TPOP [POF UVSJTUJDIF NPMUP SJDFSDBUF EBHMJ BNBOUJ EFMMB TBMVCSJUh NBSJOB F EFMMB HJVTUB EPTF EJ NPOEBOJUh DPNQBUJCJMF DPO JM SFMBY F JM CFOFTTFSF EFMMB GBNJHMJB JO WBDBO[B -B QJOFUB EFNBOJBMF DPOUJOVB B TWPMHFSF JM TVP TFSWJ [JP EJ CBSSJFSB ²GSBOHJWFOUP³ B QSPUF[JPOF EFMMB [POB BCJUBUB F EJ RVJOUB DPSFPHSBGJDB BMMF EVF MPDBMJUh 2VBOEP TJ FTDF EBMMB QJOFUB DJ TJ USPWB EJSFUUBNFOUF TVM -VOHPNBSF 2VJ TJ FTDF EB 1JOBSFMMB F TJ FOUSB JO $FSWJB /FMMF HJPSOBUF BTTPMBUF JM QBTTBHHJP EBMMB QFOPNCSB QJOFUBMF BM MB TPMBSJUh EFM MVOHPNBSF HFOFSB DPOUSBTUP SFTP QJBDFWPMF EBMMB CSF[[B NBSJOB DIF BUUFOVB MµJOTJTUFO[B EFJ SBHHJ TPMBSJ & GJOBMNFO UF MB WJTUB EFMMµBNQJB TQJBHHJB CJBODP EPSBUB F PMUSF MB CBUUJHJB JM DSFTQP WFSEF B[[VSSP EFM NBSF DJ JOWPHMJBOP BE VOB DBNNJOBUB GJOP BMMB EBSTFOB DJ BDDPNQBHOB JM SFHPMBSF SJODPSSFSTJ EFMMF UB NFSJDJ DIF DPO JM NPEFTUP WPMVNF EFMMF GPHMJF DBSOPTF F JM EFMJDB UP SPTB EFJ GJPSJ OPO TBOOP DSFBSF [POF EJ PNCSB 4JBNP JO QJFOP TPMF 2VBOEP BCCJBNP SBHHJVOUP MB QSJNB SPUPOEB DJ TPGGFSNJBNP CSFWFNFOUF QFS EJTUJOHVFSF MF EVF EPOOF SBGGJHVSBUF OFMMB SFBMJ[ [B[JPOF CSPO[FB JO QPTJ[JPOF FSFUUB RVBTJ TPSQSFTF JO VO BUUFH HJBNFOUP BCJUVBMF VOB QPSUB MB CSPDDB EFMMµBDRVB MµBMUSB DPO MF GBMEF EFMMµBCJUP NPTTF EBM WFOUP UJFOF JO NBOP JM QFTDF %POOB TBSEB MB QSJNB EPOOB DFSWFTF MB TFDPOEB 4J SFDBOP WJDFOEFWPM NFOUF PNBHHJP JO SJDPSEP EFMMB DJUUBEJOBO[B POPSBSJB DFSWFTF BU USJCVJUB OFM BMMB TBSEB (SB[JB %FMFEEB QSFNJP /PCFM QFS MB -FUUFSBUVSB OFM EPQP DIF QFS USF MVTUSJ FMMB BWFWB FMFUUP MB ²WFOUPTB $FSWJB³ B MVPHP EJ TPHHJPSOP FTUJWP

(SB[JB %FMFEEB /FHMJ BOOJ MµBTTPDJB[JPOF "MCFSHBUPSJ EJ $FSWJB JO DPMMBCPSB[JPOF DPO MB $BNFSB EJ $PNNFSDJP EJ 3BWFOOB IB PSHBOJ[[BUP JM QFSDPS TP MFUUFSBSJP JO GPSNB EJ TQFUUBDPMP ²" $FSWJB DPO (SB[JB %FMFEEB³ TDFOFHHJBUVSB EJ -BVSB 7FTUSVDDJ DIF IB DPOEPUUP DFOUJOBJB EJ UVSJTUJ B DPOPTDFSF J MVPHIJ EJ $FS WJB MFHBUJ BM TPHHJPSOP EJ %FMFEEB P SJDPSEBUJ OFMMF TVF PQFSF

1PSUP $BOBMF EJ $FSWJB

4F MB GSFRVFOUB[JPOF EJ (SB[JB %FMFEEB QPSUx GBNB BMMB $FSWJB CBMOFBSF OPO TJ QVx UVUUBWJB OFHBSF DIF J DFSWFTJ BCCJBOP MBWPSB UP TPEP QFS NBOUFOFSMB F JODSFNFOUBSMB * TFHOJ EJ VO JNQFHOP DIF UVUUPSB o BMMµBQJDF TPOP FWJEFOUJ EPWVORVF NFOUSF QSPDFEJBNP PMUSF MB SPUPOEB F DJ JNNFSHJBNP OFM DVPSF EFMMB $FSWJB CBMOFBSF DIF HJPDB MB TVB QBSUJUB UVSJTUJDB DPO MF DBSUF WJODFOUJ EFMMµPTQJUB MJUh F EFJ TFSWJ[J BM UVSJTUB DPO VOB PUUJNB PGGFSUB DPNNFSDJBMF F DPO MB SJTUPSB[JPOF EJ RVBMJUh MFHBUB BMMB USBEJ[JPOF MPDBMF DIF o Ts RVFMMB SPNBHOPMB NB DPO MB GPSUF TPUUPMJOFBUVSB TVMMB DVDJOB EJ NBSF B CBTF EJ QFTDF GSFTDP RVFMMP DIF UVUUF MF NBUUJOF HJVOHF BM NFSDBUJOP EFM QFTDF TVM QPSUP DBOBMF EJ #PSHP .BSJOB EJ GJBO DP BM $JSDPMP EFJ 1FTDBUPSJ -P SBHHJVOHJBNP TVQFSBOEP MµFMFHBOUF (SBOE )PUFM DIF GSPOUFHHJB JM WJBMF EFJ .JMMF F EJ TFHVJUP MB CFMMB SPUPOEB TV WJBMF 3PNB DIF OFM QFSJPEP FTUJWP o DPMUJWBUB B TJFQJ GJPSJUF TUJMJ[[BUF TFDPOEP JM UFNB EFM ².BHHJP JO 'JPSF³

.BHHJP JO 'JPSF $FSWJB $JUUh (JBSEJOP -µJOJ[JBUJWB TJ DPO¾HVSB DPNF JM NBHHJPSF FWFOUP JO BNCJUP OB[JPOBMF EJ SFBMJ[[B[JPOJ EJ JOUFSWFOUJ F EJ JOUFSTDBNCJP EJ FTQF SJFO[F OFM TFUUPSF EFHMJ BMMFTUJNFOUJ ¿PSFBMJ F EJ DVSB EFM WFSEF B ²DJFMP BQFSUP³ -B WJTJPOF QSPTQFUUJDB EJ WJBMF 3PNB TJ DIJVEF B PWFTU TV 1PSUB .BSF DIF DJ QSPNFUUF MµJODPOUSP DPO JM #PSHP EFJ 4BMJOBSJ 1J} UBS EJ MP WJTJUFSFNP 0SB QSPTFHVJBNP WFSTP MB %BSTFOB DPNVOBMF EPWF TPOP PSNFHHJBUF DFOUJOBJB EJ JNCBSDB[JPOJ F TV WJB /B[BSJP 4BVSP DPTUFHHJBNP JM 1PSUP DBOBMF JO #PSHP .BSJOB *M 1PSUP DB OBMF EJ $FSWJB DPO JM DBSBUUFSJTUJDP #PSHP .BSJOB o TUBUP JOTFSJUP BODIF JO VO JUJOFSBSJP EFEJDBUP BJ ²-VPHIJ F 4BQPSJ EJ NBSF³ DIF BDDPNQBHOB JM UVSJTUB EBM OPSE EFMMB DPTUB PWWFSP EB .BSJOB EJ 3BWFOOB GJOP B $FSWJB -VPHIJ F 4BQPSJ EJ .BSF %B 3BWFOOB B .BSJOB EJ 3BWFOOB %BM DFOUSP EJ 3BWFOOB DJUUh VOJDB OFM NPOEP QFS J TVPJ NPOVNFOUJ QBMFPDSJTUJBOJ F QFS J NPTBJDJ CJ[BOUJOJ EJDIJBSBUJ EBMMµ6OFTDP ²1BUSJNPOJP EFMMµVNBOJUh³ JO DJSDB EJFDJ NJOVUJ TJ SBHHJVOHF .BSJOB EJ 3B WFOOB MB MPDBMJUh QJ} USFOEZ EFJ MJEJ SBWFOOBUJ SBHHJVOHJCJMF BODIF MVOHP MB QJTUB DJDMBCJMF 2VFTUP HSB[JF BM QPSUP EJ .BSJOBSB DIF DPO QJ} EJ QPTUJ CBSDB TJ o BDDSFEJUBUB DPNF JM QPSUP UVSJTUJDP QJ} HSBOEF F TJDVSP EFMMµ"ESJBUJDP * MVPHIJ UJQJDJ DIF TJ TFHOBMBOP B .B

SJOB EJ 3BWFOOB TPOP JM 'BSP F JM .FSDBUP *UUJDP FOUSBNCJ QSFTTP .PMP %BMNB[JB (SBOEF JOUFSFTTF TVTDJUB BODIF MB ;POB EJ UVUFMB #JPMPHJDB³1BHVSP³ *M 'BSP $PTUSVJUP OFM TJ QSFTFOUB B GPSNB EJ UPSSF CJBODB PUUBHPOBMF F BGGVTPMBUB o WJTJCJMF BODIF EB NPMUP MPOUBOP F GVOHF EB SJDIJBNP QFS MF JNCBSDB[JPOJ NB o QVOUP EJ SJGFSJNFOUP BODIF QFS DIJ WJFOF EB UFSSB *M .FSDBUP *UUJDP F MF BUUJWJUh NBSJOBSF -B NBSJ OFSJB EJ .BSJOB EJ 3BWFOOB OPOPTUBOUF MF QJDDPMF EJNFOTJPOJ SJFTDF BE VOJSF VOB DBQBDF PSHBOJ[[B[JPOF B VOB TUBCJMF USBEJ[JPOF -F CBSDIF PSNFHHJBUF OFMMB EBSTFOB B EFTUSB EFM DBOBMF TJ EFEJDBOP QSJODJQBMNFOUF BMMB SBDDPMUB EJ NJUJMJ F BMMB QFTDB DPO BUUSF[[J EB QPTUB -VOHP MB CBODIJOB EFM NPMP TVE J TBDDIJ EJ NJUJMJ BQQFOB QFTDBUJ WFOHPOP TCBSDBUJ EBJ QFTDIFSFDDJ F DBSJDBUJ TVJ DBNJPO QFS MB DPNNFSDJBMJ[[B[JPOF .PNFOUP TVHHFTUJWP EB TFHVJSF MVOHP JM NPMP o MµBUUJWJUh EJ TCSPDDBUVSB EFMMF SFUJOF DJPo EFMMB SBDDPMUB EFJ QFTDJ EBMMF SFUJ QFS QPJ TFHVJSF JM DPOGFSJNFOUP EFM QFTDF BJ CPY EFM NFSDBUP JUUJDP QFS MB WFOEJUB BM EFUUBHMJP -B ;POB EJ UVUFMB #JPMPHJDB ²1BHVSP³ 4J USBUUB EJ VOµBSFB EJ SJQPQPMBNFOUP JUUJDP TJUVBUB B DJSDB NJHMJB EBMMB DPTUB OBUB EBJ SFTUJ EJ VOB QJBUUBGPSNB EJ QFSGPSB[JPOF EJ VO QP[[P EJ NFUBOP JOBCJTTBUBTJ OFM TFUUFNCSF -B TBHPNB EFM SFMJUUP OFM DPSTP EFHMJ BOOJ o TUBUB DPMPOJ[[BUB F BCJUBUB EB GPSNF BOJNBMJ F WFHFUBMJ DIF IBOOP EBUP PSJHJOF BE VO MVPHP VOJDP NFUB EJ SJDFSDBUPSJ F TVCBDRVFJ XXX BTTPDJB[JPOFQBHVSP PSH

$JSDPMP EFJ 1FTDBUPSJ -B 1BOUPGMB

1BOUPGMB FSB JM OPNF EFMMµBOUJDB PTUFSJB GSFRVFOUBUB EBJ QFTDBUPSJ 0HHJ o JM OPNF EFM $JSDPMP

#PSHP .BSJOB WFUSJOB EJ 3PNBHOB³ OFMMµBOOP T J UFOOF MB QSJNB FEJ[JPOF JEFBUB F DPOEPUUB EB (JPWBOOJ 7FTUSVDDJ QFS "TDPN $FSWJB F MF "TTPDJB[JPOJ

-µJUJOFSBSJP ²-VPHIJ F 4BQPSJ EJ NBSF³ QSP TFHVF JO $FSWJB F DJ GB DPOPTDFSF J TJUJ EFMMF BUUJWJUh QJ} BOUJDIF EJ RVFTUB DJUUh MB QFTDB F MB SBDDPMUB EFM TBMF OFMMF BOUJDIF TBMJOF 1SPTFHVJBNP QFSUBOUP JM OPTUSP QFSDPSTP DIF DJ IB JOUSPEPUUP JO #PSHP .BSJOB *O #PSHP .BSJOB JM $JSDPMP EFJ 1FTDBUPSJ ²MB 1BOUPGMB³ o MµVOJDP MVPHP EPWF TJ QPTTPOP JODPOUSBSF J QFTDBUPSJ F EPWF TJ QVx HVTUB SF MB USBEJ[JPOBMF DVDJOB B CBTF EJ QFTDF RVFMMP EFMMB CBODIJOB * QJBUUJ UJQJDJ TPOP MF ²DP[[F BMMB NBSJOBSB³ JM QFTDF B[[VSSP NB SJOBUP³ JM GSJUUP NJTUP NB BODIF MF WPOHPMF JM SJTPUUP BMMB NBSJOBSB J NBDDIFSPODJOJ BMMB DBOPDDIJB F JM CSPEFUUP 4POP EJWFOUBUJ GBNPTJ J ²NFSDPMFEs TJB JO JOWFSOP TJB JO FTUBUF QFS HVTUBSF JM NFO} ²4J NBOHJB DPO RVFM DIF Dµo³ TFNQSF BDDPNQBHOBUP EB NVTJDB F DBOUJ USBEJ[JPOBMJ EF ²* NBMBSEPU³ -B SJTUPSB[JPOF EFMMB 1BOUPGMB o DPOEPUUB TFDPOEP J EFUUBNJ EJ VOB $PNNJTTJPOF EJ QFTDBUPSJ DIF WFSJGJDBOP JM QSPEPUUP DIF TBSh DVDJOBUP F TFSWJUP * HJPWFEs EFMMB TUBHJPOF FTUJWB JOWFDF EBMMµBOOP TPOP EF EJDBUJ B ²#PSHP .BSJOB WFUSJOB EJ 3PNBHOB³ OFMMB TFSBUB J MPDB MJ EFMMB SJTUPSB[JPOF EFEJDBOP JM NFO} B UVUUJ J QSPEPUUJ UJQJDJ EFMMB 3PNBHOB B QBSUJSF EBM QFTDF F HMJ BSUJHJBOJ EJ 3PNBHOB EBOOP EJNPTUSB[JPOF EFMMB QSPQSJB BSUF F WFOEPOP J QSPQSJ QSPEPUUJ 'VPSJ EBM DJSDPMP MB TPTUB o EµPCCMJHP 4JBNP TVM QPSUP DBOBMF BMMµBMUF[[B EFMMµPSNFHHJP EFMMF CBSDIF EB MBWPSP F EB RVBMVORVF QVOUP MP TJ HVBSEJ NFSJUB HMJ TDBUUJ NJHMJPSJ EFMMB OPTUSB NFNPSJB GPUPHSBGJDB -B QSPTQFUUJWB QJ} TVHHFTUJWB F QSPGPOEB TJ IB EBM QPOUF HVBS EBOEP JO EJSF[JPOF EFM NBSF -B TVHHFTUJPOF TJ DSFB QFS JM DPODPS TP EJ QJ} FMFNFOUJ NVUFWPMJ OFMMµBSDP EFMMB HJPSOBUB RVBMJ TPOP MB

*M QFTDF B[[VSSP o JM GSVUUP QJ} DPOTJTUFOUF EFM .BSF "ESJBUJDP $PTs EFUUP QFS MB TVB DPMPSB[JPOF BSHFOUBUB É VOB GBNJHMJB B DVJ BQQBSUFOHPOP MF BMJDJ P BDDJVHIF P TBSEPOJ

MB TBSEB P TBSEJOB MP THPNCSP P TDPNCSP

É VO QFTDF NPMUP TBQPSJUP

-B $P[[B NJUJMF o VO NPMMVTDP DIF WJFOF BMMFWBUP JO BMUP NBSF B USF RVBUUSP NJHMJB EBMMB DPTUB ²TFNJOBUB³ B GJOF FTUBUF WJFOF ²SBDDPMUB³ OFM UBSEP JOWFSOP -µBMMFWBNFOUP P ²NJUJMJDPMUVSB³ BWWJFOF JO [POB QFSJNFUSBUB F TFHOBMBUB JO TVQFSGJDJF EB CPF MVNJOPTF

MVDF EFM TPMF JM TVP SJWFSCFSP TVMMµBDRVB JM CFDDIFHHJP EFHMJ TDBGJ JM WPMP JODFTTBOUF EFJ HBCCJBOJ MB CPOBSJB QSFTFO[B EFM GBSP MµBS SJWP EFMMF CBSDIF DPO JM DBSJDP EFM QFTDF F MF WPDJ EFJ QFTDBUPSJ JO HBSB DPO JM HSJEP BDVUP EFJ HBCCJBOJ DIF PSB JOUSFDDJBOP WPMJ OFSWP TJ F TJ DJNFOUBOP JO SBQJEF TPSUJUF TVM QPOUF EFJ CBSDPOJ * QFTDB UPSJ OPO MJ EJTUPMHPOP EBM MPSP TVDDPTP QBTUP F JOUBOUP JOJ[JBOP MF PQFSB[JPOJ EJ TDBSJDP EFM QFTDBUP DIF DPO CSFWJTTJNP USBHJUUP WB B GJOJSF TVJ CBODPOJ EFM NFSDBUJOP EPWF TJ GBOOP MF SBQJEF QFTBUF F MF NBOJ FTQFSUF EFJ QFTDJWFOEPMJ TDJWPMBOP USB J DPSQJ BSHFOUFJ NPTTJ EBHMJ VMUJNJ HVJ[[J QSPNFTTB EJ TVDDVMFOUJ QJBUUJ TVMMF NFO TF EPNFTUJDIF F OFMMF DVDJOF EFHMJ IPUFM 6OB HFOFSPTB USBUUBUJWB SJTFSWB B RVFTUJ VMUJNJ JM QFTDBUP NJHMJPSF F OPO o SBSP DIF JM DMJFO UF EJ IPUFM DFSWFTJ WFEB BSSJWBSF JM QFTDF GSFTDP NFOUSF TPSTFHHJB JM DBQQVDDJOP BMMµPSB EJ DPMB[JPOF ÉRVBTJ VO SJUP -B GMPUUJHMJB EB QF TDB DFSWFTF DPOUB DJSDB WFOUJ JNCBSDB[JPOJ EJ EJNFOTJPOJ WBSJBCJ MJ JNQFHOBUF JO EJWFSTJ UJQJ EJ QFTDB DIF WJFOF EFGJOJUB JO CBTF BMMF SFUJ VTBUF F BM MPSP QPTJ[JPOBNFOUP JO NBSF * QFTDBUPSJ DJ QBSMBOP QFSDJx EJ QFTDB B ²USBNBHMJP³ DIF VUJMJ[[B SFUJ MFHHFSJTTJNF EJ GJMP EJ OZMPO F DPO QPTUB[JPOF GJTTB DBUUVSB JM QFTDF JO NPWJNFOUP EJ QFTDB B ²UBSUBOB³ DJPo B TUSBTDJDP DIF QFSNFUUF EJ QFTDBSF JM QFTDF EJ GPOEP NB BODIF EJ TVQFSGJDJF F EJ QFTDB ²B HBCCJB³ DIF VUJMJ[[B SFUJ B GPSNB EJ HBCCJB F NVOJUF EJ EFOUBUVSB B SBTUSFMMP QFS DBUUVSBSF JM QFTDF JOUFSSBUP -µBQQVOUBNFOUP QFSDJx o TVMMB CBODIJOB USB MF PSF PUUP F MF PSF OPWF EFM NBUUJOP QFS TFHVJSF JO EJSFUUB MµBSSJWP EFMMF CBSDIF 4F OFM QFSJPEP EB NFUh MVHMJP B GJOF BHP TUP TBSFNP TGBWPSJUJ EBM SFHJNF EJ GFSNP QFTDB BWSFNP DPNVO RVF HBSBOUJUP MµBSSJWP EFMMF CBSDIF DIF QFTDBOP DPO J USBNBHMJ DIF OPO TPOP TPUUPQPTUF BM GFSNP TUBHJPOBMF -F USPWJBNP TFN QSF QSJNB EFM QPOUF JO GPOEP BM QPSUP DBOBMF TVM NPMP DFSWFTF $J BMMPOUBOJBNP B NBMJODVPSF EBMMB CBODIJOB F EBJ TVPJ QFSTPOBH HJ DIF TPOP EFDJTJ B NBOUFOFSF WJWP JM MFHBNF DPO MB DVMUVSB NBSJ OBSB EB DVJ QSPWFOHPOP &SB MB TFDPOEB NFUh GPSTF MB GJOF EFM EJ DJBOOPWFTJNP TFDPMP RVBOEP J QFTDBUPSJ EJ $IJPHHJB FE FSBOP J TBSEFMMBOUJ JOTFHVJWBOP MF TBSEFMMF B TVE GJOP B $BUUPMJDB F GBDFO EP TPTUB OFJ QPSUJ WJ USPWBWBOP NPUJWP QFS JOTFEJBSTJ F DSFBSF VOB GBNJHMJB BODIF DPO EPOOF EFM MVPHP $PO J QFTDBUPSJ DIJPHHJPUUJ TCBSDx B $FSWJB BODIF MB MPSP DVDJOB RVFMMB DIF PHHJ JM $JSDPMP EFJ 1FTDBUPSJ DJ SJQSPQPOF DPNF UJQJDB FTQSFTTJPOF EFMMB DVMUVSB NBSJ OBSB DFSWFTF 3JNBOJBNP TV WJB /B[BSJP 4BVSP F JO QSPTTJNJUh EFM 1PSUP $BOBMF DIF SJHVBSEB BODIF MB OPTUSB QSPTTJNB UBQQB *M QPS UP EJ $FSWJB IB JO Tn VOB EJGGFSFO[B TUSVUUVSBMF EFGJOJUB EBM TVP EV QMJDF VTP DPNF QPSUP EJ QFTDB F DPNF TJTUFNB EJ BEEV[JPOF F

$BTFMMP 3BWFOOB J DBTFMMJ FSBOP TFJ QVOUJ EJ BDDFTTP BMMF TBMJOF 4J DPODFEFWB MµBDDFTTP TPMP B QFSTPOF BVUPSJ[[BUF

4BMJOB $BNJMMPOF IB VOB TVQFSGJDJF TBMBOUF EJ NR GPSNBUB EB DBWFEBOJOJ DIF TPOP J CBDJOJ EPWF TJ DPMUJWB JM TBMF F MP TJ GB NBUVSBSF -B TVQFSGJDJF EFM SFQBSUP FWBQPSBOUF o EJ NR *M SBQQPSUP USB [POB TBMBOUF F [POB FWBQPSBOUF o EJ /FMMB $BNJMMPOF TJ SBDDPHMJF JM TBMF EB HJVHOP B TFUUFNCSF PHOJ DJORVF TFJ HJPSOJ

EJ TFSWJ[JP BMMF TBMJOF *OGBUUJ TF HVBSEJBNP EBWBOUJ B OPJ WPMHFOEP MF TQBMMF BM NBSF WFEJBNP CFOF JM QSPGJMP EFJ EVF .BHB[[JOJ EFM 4BMF 4VQFSJBNP JM QPOUF F DJ USPWJBNP DJSDPOEBUJ EB USF FEJGJDJ JNQPOFOUJ DIF TP MP VOB DVMUVSB QSFEPNJOBOUF DPNF RVFM MB EFM TBMF B $FSWJB QPUFWB QSPHFUUBSF *M .BHB[[JOP EFM 4BMF %BSTFOB JM .BHB[[J OP 5PSSF F MB 5PSSF 4BO .JDIFMF EVF DBUUF ESBMJ EPWF TJ TWPMHFWBOP J SJUVBMJ RVPUJEJBOJ QFS MP TUPDDBHHJP F JM DPNNFSDJP EFMMµ ²PSP CJBODP³ F VOB UPSSF B EJGFTB EFM QSF[JPTP UFTPSP & JM HJBDJNFOUP -P USPWFSFNP B PWFTU SJTBMFOEP WFSTP MF TBMJOF 1SJNB QFSx RVBMDVOP WPSSh MBTDJBSTJ USBTDJOBSF EBMMB TUP SJB GJO EFOUSP JM #PSHP EFJ 4BMJOBSJ RVBSBOUPUUP DBTF DPTUSVJUF B RVBESJMBUFSP DPNF VOB GPSUF[[B VO QFSJNFUSP EJ WJUB F EJ EJGFTB -B $FSWJB /VPWB SJDPTUSVJUB TNPOUBUB MB WFDDIJB DJUUh NJOBDDJBUB EBMMB NBMBSJB OFMMµBUUVBMF TJUP MVOHP MB DPTUB $J TQPTUJBNP WFSTP MF TBMJOF JM HJBDJNFOUP EBM RVBMF MµBOUJDP PSP CJBODP WJFOF BODPSB FTUSBUUP TJB DPO JM NFUPEP BSUJHJBOBMF OFMMB QJ} BOUJDB ²$BNJMMPOF³ TJB DPO JM NFUPEP JOEVTUSJBMF OFMMB TBMJOB B SBDDPMUB VOJDB %B 5PSSF 4BO .JDIFMF SBHHJVOHJBNP 1JB[[B "OESFB $PTUB P 1JB[[B EFM .FS DBUP F B EFTUSB EPQP WJB &WBOHFMJTUJ DJ USPWJBNP TVMMB DJSDPOWBMMB [JPOF 4BDDIFUUJ -B EJSF[JPOF o PCCMJHBUPSJB F TFHVJBNP MB TFHOB MFUJDB WFSTP MµPTQFEBMF %PCCJBNP SBHHJVOHFSF MB SPUPOEB TV WJB .BSUJSJ 'BOUJOJ B MBUP EFM DBOBMF FNJTTBSJP EFMMB TBMJOB F QSPTFHVJ SF WFSTP MB 4UBUBMF "ESJBUJDB TT 4DFHMJBNP MB EJSF[JPOF 'PSMs F DJ GFSNJBNP TVCJUP B EFTUSB OFM QJB[[BMF BOUJTUBOUF JM DPTJEEFUUP $BTFMMP 3BWFOOB o [POB EJ QBSDIFHHJP "UUSBWFSTJBNP MB NPMUP USBGGJDBUB 4UBUBMF BOUJDB WJB 4BMBSB PHHJ DPOPTDJVUB DPNF WJB $FSWFTF QFS FOUSBSF OFMMµBSFB QSPUFUUB EFMMB TBMJOB ²$BNJMMPOF³ DIF o JOTFSJUB OFM HSBOEF 1BSDP EFMMB 4BMJOB EJ $FSWJB DIF o MB QPSUB EJ BDDFTTP B TVE EFM 1BSDP FM %FMUB EFM 1P 2VJ DJ BGGJEJBNP BMMB HVJEB DIF TV QSFOPUB[JPOF WJFOF GPSOJUB EBM (SVQQP EFMMB $JWJMUh 4BMJOBSB 4J DPOTJHMJB EJ QSFOPUBSF MB WJTJUB

4PDJFUh 1BSDP EFMMB 4BMJOB EJ $FSWJB IB EBUP WJHPSF BMMP TWJMVQQP F BMMµBQQSPGPOEJNFOUP EFJ DPO UFOVUJ EFMMB UJQJDJUh EFM 4BMF EJ $FSWJB FTTB BUUVB VOB QPMJUJDB EJ NBSLFUJOH DIF WBMPSJ[[B MB DPNQP OFOUF DIJNJDP GJTJDB F TUPSJDB EFM QSPEPUUP QVOUBOEP BE VOB QSPEV[JPOF MJNJUBUB NB EJ RVBMJUh %BM o SJQBSUJUB JO DPOTFHVFO[B EFMMF OVPWF MJOFF EJ NBSLFUJOH MµBUUJWJUh EFMMB 4BMJOB HSBO EF BWWJBOEP VOB QSPEV[JPOF EJ DJSDB NJMB RVJOUBMJ NB MB EJGGFSFO[B TPTUBO[JBMF SJTQFUUP BM QBTTBUP o DIF PHHJ JM QSPEPUUP OPO WJFOF USBUUBUP DPNF EVSBOUF JM SFHJNF EFM NPOPQPMJP BMMµ ³ BN NBTTP³ JM TBMF WJFOF MBWBUP DPO BDRVB ²NBESF³ F JNQBDDIFUUBUP JO NJMJPOJ EJ QBDDIFUUJ 2VFTUP TJHOJGJDB DIF QSJNB EFMMB DPNNFSDJBMJ[[B[JPOF JM TBMF NBSJOP JOUFHSBMF OPO TVCJTDF BMDVOB MBWPSB [JPOF NB TPMP JM MBWBHHJP F MB DFOUSJGVHB[JPOF DPO BDRVB NBESF *M TBMF NBSJOP JOUFHSBMF DPOUJFOF JPEJP OBUVSBMF F UVUUJ HMJ PMJHPFMFNFOUJ EFMMµBDRVB EJ NBSF ÉMµVOJDP TBMF GJOP OBUVSBMF OPO TVCJTDF MBWPSB[JPOF RVBMJ FTTJDDB[JPOF P NBDJOB[JPOF NB TPMP WBHMJBUVSB BMMPSDIo WJFOF TFMF[JPOBUB MB QBSUF NFEJP GJOF EJWFOUB NFEJP GJOF FE o RVFMMP DIF FOUSB TVM NFSDBUP DPO JM OPNF EJ ²4BMF

EFJ 1BQJ³ <BOUJDBNFOUF JM TBMF EJ $FSWJB WFOJWB JOWJBUP BMMB NFOTB QPOUJGJDJB F UVUUPSB TJ NBOUJFOF RVFTUB USBEJ[JPOF> 7J o QPJ VOB QJDDPMB QSPEV[JPOF EJ ²4BMGJPSF EJ $FSWJB³ SJDBWBUP EB RVFMMP TUSB UP DIF TJ GPSNB JO NJOJNF RVBOUJUh JO BMDVOF GBTJ EFMMB QSPEV[JPOF RMJ DIF WJFOF SBDDPMUP TPMP B NBOP FE o JNNFTTP TVM NFSDBUP JO WBTFUUJ EB HS TVMMB DVJ FUJDIFUUB TPOP JOEJDBUJ MµBOOP EJ SBDDPMUB F EJ QSPEV[JPOF F JM OVNFSP EFM WBTFUUP SJTQFUUP B UVUUJ RVFMMJ DPOGF[JPOBUJ 1BSDP EFM %FMUB EFM 1P JTUJUVJUP OFM DPO BQQPTJUB MFHHF SFHJPOBMF EBMMF EVF 1SPWJODF 'FSSBSB F 3BWFOOB F EBJ OPWF $PNVOJ DIF IBOOP BSFF P TPOP DPMMPDBUJ BMMµJOUFSOP EFM 1BSDP $PNBDDIJP "SHFOUB 0TUFMMBUP (PSP .FTPMB $PEJHPSP 3BWFOOB "MGPOTJOF $FSWJB F EJTQPOF EJ VOP TUBUVUP TQFDJGJDP DIF OF SFHPMB MF BUUJWJUh JTUJUV[JPOBMJ *M 1BSDP 3FHJPOBMF EFM %FMUB EFM 1P EFMMµ&NJMJB 3P NBHOB DPQSF BSFF DPOTJEFSBUF USB MF QJ} QSPEVUUJWF F SJDDIF JO CJPEJWFSTJUh *M 1BSDP QPTTJFEF MB QJ} WBTUB FTUFOTJPOF EJ [POF VNJEF QSPUFUUF Eµ*UBMJB BSFF EµFDDF[JPOBMF WBMPSF FDPMPHJDP *M 1BSDP EFM %FMUB EFM 1P GB QBSUF EFMMB -JTUB EFM QBUSJNPOJP NPOEJBMF TUJMBUB EBMMµ 6OFTDP

"DRVB NBESF MJRVJEP TBUVSP DIF SJNBOF EPQP MB DSJTUBMMJ[[B[JPOF EFM DMPSVSP EJ TPEJP %FUUB NBESF QFSDIn QSPEVDF JM TBMF

#BVNo "OUPJOF #BVNo o JM GJTJDP GSBODFTF DIF QFSGF[JPOx JM EFOTJNFUSP MP TUSVNFOUP QFS NJTVSBSF JM HSBEP EJ TBMJOJUh EFGJOJUB OFMMB TDBMB EJ HSBEJ #o

OFMMF HJPSOBUF EJ HJPWFEs P EPNFOJDB QPNFSJHHJP EBMMF PSF BMMF QFS PUUFOFSF EJ JODPOUSBSF J TBMJOBSJ BM MBWPSP 2VFTUP JOGBUUJ OPO o BQQFOB VO NVTFP BMMµBQFSUP o VOB TBMJOB JO BUUJWJUh EPWF TJ FTUSBF DPO NFUPEP BSUJHJBOBMF JM TBMF EPMDF JOUFHSBMF DFS WFTF DPNQPTUP QFS JM EJ DMPSVSP EJ TPEJP QVSP -B RVBOUJUh EFM QSPEPUUP QVx PTDJMMBSF DPO BOEBNFOUP TUBHJPOBMF EBJ BJ RVJOUBMJ F TJ QSFTFOUB DPNF TBMF HSPTTP 1PUSFNNP EJSF JO BMUSF QBSPMF DIF MB $BNJMMPOF o JM ²DSV³ EFM TBMF 7JFOF EBUP JO PNBH HJP BJ WJTJUBUPSJ EFM .VTFP EFMMB $JWJMUh 4BMJOBSB F EFMMB $BNJMMPOF DPOGF[JPOBUP JO TBDDIFUUJ EJ DJSDB HSBNNJ ÉVO TBMF ²EPMDF³ BODIF HSB[JF BMMB NBODBO[B EFHMJ BMUSJ TBMJ QPUBTTJDJ FTJTUFOUJ OFM MµBDRVB EFM NBSF F TF SJTBMJBNP BMMF DPODBVTF EFMMB TVB EPMDF[[B USPWJBNP VOB NJSJBEF EJ JOEJ[J DPNF MB TUSVUUVSB SJQBSUJUB EFMMB TB MJOB DIF DPOTFOUF MB DSJTUBMMJ[[B[JPOF GSB[JPOBUB EFJ TBMJ MB SBDDPMUB HJPSOBMJFSB DPO VO DJDMP EJ DJORVF HJPSOJ QFS PQFSBSF TVJ DBWF EBOJOJ MF DBSBUUFSJTUJDIF ²EFMMµBDRVB NBESF³ DIF OPO TVQFSB J #BVNo #o -B EFEJ[JPOF EFM (SVQQP EFJ 4BMJOBSJ BMMB TBMJOB OV

(SVQQP $VMUVSBMF 4PDJFUh 4BMJOBSB IB JTUJUVJUP F HFTUJTDF JM .VTFP EFMMB $JWJMUh 4B MJOBSB BG¾ODIo TJB BUUVBUB MB SBDDPMUB F MB DPOTFSWB[JPOF EJ PHHFUUJ F EPDVNFOUJ BU UJOFOUJ BM MBWPSP F BMMB WJUB EFJ TBMJOBSJ *M (SVQQP PSHBOJ[[B F HFTUJTDF MB QSPEV[JPOF EFM TBMF DPO JM TJTUFNB BSUJHJBOBMF OFMMB 4BMJOB $BNJMMPOF VUJMJ[[BOEP BUUSF[[J PSJHJOB MJ FE IB SFBMJ[[BUP NBUFSJBMF EJWVMHBUJWP 0SHBOJ[[B WJTJUF DVMUVSBMJ BM .VTFP F BMMF 4BMJOF QFS TUVEFOUJ F HSVQQJ EJ BTTPDJB[JPOJ QVCCMJDIF F QSJWBUF 1SPNVPWF MB TBM WBHVBSEJB EFHMJ FEJ¾DJ CFOJ SFQFSUJ BSDIFPMPHJDJ .VTFP EFM 4BMF EJ $FSWJB .64" JO VOµBNQJB BMB EFM TFJDFOUFTDP .BHB[[JOP EFM 4BMF 5PSSF USPWB TQB[JP RVFTUP QJDDPMP HSBOEF NVTFP EPWF J WPMUJ F MF TUPSJF EFJ TBMJ OBSJ DJ JOUSPEVDPOP BMMB TUPSJB EFM TBMF 6O QFSDPSTP HVJEBUP GB DBQJSF QFSDIn JM TB MF GPTTF DIJBNBUP PSP CJBODP F QSFTFOUB HMJ FMFNFOUJ DIF IBOOP DBSBUUFSJ[[BUP MB TUP SJB EJ $FSWJB F EFMMB TVB TBMJOB 1FS JMMVTUSBSF F TFNQMJ¾DBSF RVFTUJ UFNJ TPOP TUBUJ VUJMJ[[BUJ BVEJPWJTJWJ QBOOFMMJ JNNBHJOJ F QMBTUJDJ /PO NBODB VOB TBMB DPO HMJ TUSV NFOUJ VUJMJ[[BUJ JO QBTTBUP QFS MB QSPEV[JPOF EFM TBMF DPM TJTUFNB BSUJHJBOBMF B SBDDPM UB NVMUJQMB 2VJ o QPTTJCJMF BODIF BNNJSBSF MB CVSDIJFMMB PWWFSP MB CBSDB JO NFUBMMP B GPOEP QJBUUP DBQBDF EJ DPOUFOFSF ¾OP B RVJOUBMJ EJ TBMF

NFSP RVFTUP FSB JM OVNFSP EFMMB $BNJM MPOF USB MF EFMMµBOUJDP EJTUSFUUP DFSWFTF

F JM MFHBNF DPO MB TUPSJB F MB DJWJMUh EFM TBMF TJ TPOP DPOEFOTBUJ OFMMµ"TTPDJB[JPOF $VMUV SBMF QSPNPTTB EBM QJ} BO[JBOP TBMJOBSP EJ $FSWJB "HPTUJOP 'JODIJ 4F EBMMB $BNJMMPOF SVPUJBNP JOUPSOP MP THVBSEP WFEJBNP CFOF DIF HMJ TQFDDIJ EJ BDRVB TPOP JOOVNFSFWPMJ F VOµBNQJB EJTUFTB EJ BDRVB TBMNBTUSB JN QFHOB NPMUJ FUUBSJ TVM WFSTBOUF EFM $BTFMMP 3BWFOOB 2VJ TJ FTUFOEF JOGBUUJ MB 4BMJOB (SBOEF <WFEJ OPUB 1BSDP EFMMB 4BMJOB> 1SPEPUUJ EFMMB 4BMJOB EJ $FSWJB

7JTJPOF QBOPSBNJDB EFMMF TBMJOF

*M TBMF EJ $FSWJB o VO TBMF EPMDF TBMF HFOUJMF DIF OPO DPQSF J TBQPSJ EFMMB DVDJOB NB FTBMUB QSPQSJP JM TBQPSF EFM QSPEPUUP CBTF 1FOTJBNP BE FTFNQJP BM QFTDF DPTs TBQP SJUP F GSFTDP TVMMF OPTUSF NFOTF MP TQPTJBNP GFMJDFNFOUF DPO JM TBMF OPO Dµo CJTPHOP EJ BSSPUPOEBSF JM TBQPSF EFM QFTDF DPO TBMTF SJDFS DBUF 2VFTUP TBMF HFOUJMF o DPOEJ NFOUP CBTUFWPMF -µBUUJWJUh EJ NBSLFUJOH EFMMB OVPWB TPDJFUh 1BSDP EFMMB 4BMJOB DVSB BO DIF MF DPOOFTTJPOJ QPTTJCJMJ USB JM QSPEPUUP MFBEFS EJ $FSWJB F HMJ BMUSJ QSPEPUUJ EFMMµFOUSPUFSSB EFMMB QSPWJODJB EJ 3BWFOOB P EFMMB 3PNBHOB JO HFOFSBMF

.JFMF JO QSPWJODJB EJ 3BWFOOB o QSPEPUUP EB DJSDB "QJDPMUPSJ TPOP BMNFOP JO UVUUB MB 3PNBHOB Ã&#x2030;VOµBQJDPMUVSB EJ UJQP OPNBEF F USB J QSJNJ B QSBUJDBSMB GV JM DBQPTUJ QJUF EFMMµ BQJDPMUVSB #SVTJ PHHJ QSFTFOUF JO NPMUF NBOJGFTUB[JPOJ B UFNB USB MF RVBMJ MB GBNPTB F DPSFPHSBGJDB ²4NJFMBUVSB³ B $FSWJB EPQP 'FSSBHPTUP

*M OPNBEJTNP JO RVFTUP DBTP TJHOJGJDB DIF MF BSOJF WFOHPOP TQPTUBUF JO [POF DPMMJOBSJ P BODIF JO BMUSF SFHJPOJ EPWF TJ TB EJ QPUFS USPWBSF GJPSJUVSF QBSUJDPMBSJ MF QJ} HJVTUF QFS QSPEVSSF VOP TQFDJGJDP UJQP EJ NJFMF $PO MB [POB WB WBMVUBUB BODIF MB TJUVB[JPOF NFUFP DMJNBUJDB DIF TJB MB QJ} BEBUUB BMMP TDPQP (MJ BMWFBSJ WFOHPOP TQPTUBUJ TPQSBUUVUUP OFMMF PSF OPUUVSOF P BMMµBMCB F TFO[B TPTUF JOUFS NFEJF QFS OPO TVSSJTDBMEBSF MµBNCJFOUF EFMMF BQJ DIF RVBOEP HJVOHPOP B EFTUJOB[JPOF JNQJFHBOP EBWWFSP QPDP UFNQP QFS SJPSJFOUBSTJ F DPNJODJBSF B QSPEVSSF *M NJFMF DIF PHHJ o QJ} SJDIJFTUP TVM NFSDBUP o RVFMMP NPOPGMPSB OFM RVBMF DJSDB JM EFM OFUUBSF WJFOF QSPEPUUP EB VO UJQP EJ GJPSF DIF Eh JM OPNF BM NJFMF TUFTTP NJFMF EJ BDBDJB EJ UJ HMJP EJ FSCB NFEJDB EJ HJSBTPMF F JO [POB DFSWFTF EJ QJOFUB F EJ SBEJDDIJP 2VFTUµVMUJNP o QSPEPUUP EBM SBEJDDIJP EB TFNF JM DVJ GJPSF TCPDDJB JO VO UFNQP FDDF [JPOBMNFOUF CSFWF EBM NBUUJOP BM NF[[P HJPSOP NB o NPMUP OFUUBSJGFSP F PGGSF VO TBQPSF PSJHJOBMF TJNJMF BE BMDVOF FTTFO[F FSCPSJTUJDIF *O DPMMJOB TJ PUUFOHPOP PUUJNJ NJFMJ EJ BDBDJB JM NJMMFGJPSJ EJ DPMMJOB F OFMMF

GBTDF BQQFOOJOJDIF RVFMMP EJ DBTUBHOP -B TNJFMBUVSB

4J TPOP JOJ[JBUJ PUUJNJ BCCJOBNFOUJ DPO JM QSPEPUUP NJFMF DPO TQFSJNFOUB[JPOJ BUUVBUF DPMMPDBOEP MF BQJ JO TBMJOB F QSPEV DFOEP NJFMF EBMMF GJPSJUVSF TQPOUBOFF MVOHP HMJ BSHJOJ EFMMB TBMJOB TPOP HJh JO WFOEJUB MF NBSNFMMBUF F MµFMJTJS 1SVHOPMJOP FOUSBNCJ QSPEPUUJ EBM QSVHOPMP TFMWBUJDP EFMMB TBMJOB HSBEJ UB TPSQSFTB QFS JM HVTUP o BODIF JM DJPDDPMBUP BM TBMF EPMDF EJ $FSWJB 2VFTUJ FTFNQJ EJNPTUSBOP DIF MF B[JFOEF EFM QSPEPU UP BMJNFOUBSF EJ RVBMJUh IBOOP JOUSBQSFTP SFMB[JPOJ DPO JM 1BS DP EFMMB 4BMJOB QFS DSFBSF MFHBNJ EJ QSPEV[JPOF USB JM QSPQSJP QSPEPUUP UJQJDP F JM TBMF EJ $FSWJB 5SB MF TUSBUFHJF DIF J DFSWF TJ NFUUPOP JO BVHF QFS QSPNVPWFSF J QSPEPUUJ F J TBQPSJ UJQJDJ 1SFTFO[F IB BNQJP TQB[JP MB DPOWJWJBMJUh DPO MB QSFTFO[B EJ FDDFMMFOUJ ²TBQJFOUJ³ EFHVTUBUPSJ F GBDFUJ DSJUJDJ EJ TQFDJBMJUh HBTUSPOPNJDIF 4JBNP SJDPSEJBNP BHMJ BQQVOUBNFOUJ QSFTTP JM 3JTUPSBOUF *M $BNJOFUUP EVSBOUF &EPBSEP 3BTQFMMJ DPPSEJOBUPSF EFMMF MB GBNPTB NBOJGFTUB[JPOF ²$FSWJB -B TQJBHHJB BNB JM MJCSP³ (VJEF EFMMµ&TQSFTTP RVBOEP TJ BDDFOEPOP WJWBDJ EJCBUUJUJ USB HMJ PTQJUJ F J HJPSOBMJTUJ "OUPOJP 1JDDJOBSEJ DIF TUV[[JDBUJ EB QSFTFO[F DPTs ²TBQJFOUJ³ FOGBUJ[[BOP J UPOJ HJPSOBMJTUB BVUPSF EF * 3JTUPSBOUJ EJ#FMMµ*UBMJB B UVUUP WBOUBHHJP EFMMµFOPHBTUSPOPNJB EJ RVBMJUh &E .POEBEPSJ

-VJHJ 7FSPOFMMJ HJPSOBMJTUB TDSJUUPSF FE FOPHBTUSPOPNP BVUPSF GSB MµBMUSP EF * 7JOJ EJ 7FSPOFMMJ &E 7FSPOFMMJ

*M QFSDPSTP DFSWFTF DJ TVHHFSJTDF PSB EJ SJUPSOBSF TVMMB TUBUBMF GJOP BMMµBSUFSJB BESJBUJDB 2VJ HJVOUJ TDFHMJBNP MB EJSF[JPOF 3BWFOOB B TJOJTUSB 4JBNP EJSFUUJ BMMB TFEF EFMMB $PPQFSBUJWB "HSJDPMB #SBDDJBOUJ $BC EJ $FSWJB /POPTUBOUF JM USBGGJDP JO

4BOUVBSJP EFMMB .BEPOOB EFM 1JOP

UFOTP DIF TFNQSF JOWBEF MB 44 QPTTJBNP OPUBSF BJ MBUJ EFMMB DBSSFHHJBUB EFJ MBHIFUUJ QFS MP QJ} EFTUJOBUJ BMMB QFTDB TQPSUJWB DSFBUJ OFMMF FY ²DBWF EJ QSFTUJUP³ EPWF TJ TGSVUUBWBOP CVPOF WFOF EJ HIJBJB F TBCCJB QFS MµFEJMJ[JB *O CSFWF BCCJBNP TVQFSBUP BO DIF JM TBOUVBSJP EFMMB .BEPOOB EFM 1JOP RVBOEP MB DPODFOUSB [JPOF EJ FEJGJDJ F EJ TFHOBMFUJDB SJDIJBNB MB OPTUSB BUUFO[JPOF BM MB OPTUSB EFTUSB 7PMUJBNP JO DPSSJTQPOEFO[B EFMMµJOHSFTTP EFM MB $BC DIF DJ JOUSPEVDF OFMMB [POB DPOPTDJVUB EBJ DFSWFTJ DPNF ²#BTTPOB³ BSFB VO UFNQP JOWBTB EBMMF QBMVEJ QPJ CPOJGJDBUB EJ QSPQSJFUh DPNVOBMF F DFEVUB JO BGGJUUP BMMB $PPQFSBUJWB #SBDDJBO UJ VO CSBOP EFMMB TUPSJB EJ $FSWJB MFHBUP BO[JDIn BM NBSF BMMB UFSSB F BJ TVPJ QSPEPUUJ QFS J RVBMJ MµJNQFHOP EFJ CSBDDJBOUJ o TUB UP EFDJTJWP B QBSUJSF EBMMµBOOP 0HHJ MB $PPQFSBUJWB MBWPSB TV DJSDB FUUBSJ EJ UFSSFOP F DPOUB TPDJ &OUSJBNP OFM $FOUSP -F (IJBJOF VO NPOEP DIF NBOJGFTUB GPS UF BUUSBUUJWB QFS MµJNQSFTB BHSJDPMB UJQJDB EFMMB $PPQFSBUJWB FE o DBQBDF EJ BUUSBSSF J UVSJTUJ HSB[JF BMMB EJWFSTJGJDB[JPOF EFMMF QSP QSJF BUUJWJUh F EFMMµPGGFSUB DIF o BHSJDPMP DPNNFSDJBMF SJTUPSB UJWB DVMUVSBMF F BNCJFOUBMF -F BUUJWJUh EFMMB $PPQFSBUJWB TPOP TPQSBUUVUUP BHSJDPMF PWWFSP DVSBOP MB DPMUJWB[JPOF EJ GSVUUB F PS UBHHJ EJ TUBHJPOF DPO QBSUJDPMBSF SJHVBSEP B RVFMMJ GBWPSJUJ EBJ UFS SFOJ TBCCJPTJ TJ o TWJMVQQBUP JM WJWBJP QFS MB DPMUVSB EFMMB QJBOUJ OF EB WJWBJP EJ QJDDPMJ GSVUUJ DPNF MF GSBHPMF F EJ QJDDPMJ PSUBHHJ BTQBSBHJ DJQPMMJOF CJFUPMJOF © (SBOEF JNQVMTP o TUBUP EBUP BMMB WJUJWJOJDPMUVSB 4POP HMJ FUUBSJ EJ WJHOFUJ EBJ RVBMJ OFMMB [POB FTUFTB EBMMB TUSBEB TUBUBMF WFSTP JM NBSF DIF o [POB %PD EFM #PTDP &MJDFP TJ QSPEVDPOP PUUJNJ ²WJOJ EJ TBCCJB³ .FSMPU 'PS UBOB 5SFCCJBOP .BMWBTJB PWWFSP MB MJOFB %PD EFM #PTDP &MJDFP

JOWFDF OFMMB [POB DIF EBMMB TUSBEB TUBUBMF TJ TUFOEF WFSTP $BTUJ HMJPOF PWWFSP MµFOUSPUFSSB DIF o [POB *HU TJ QSPEVDPOP WJOJ EFMMB MJOFB *HU EFM 3VCJDPOF .FSMPU 5SFCCJBOP 1JHOPMFUUP Ã&#x2030;SFDFOUF MB QSPEV[JPOF EFMMB (SBQQB $BC PUUFOVUB MBWPSBOEP MF WJOBDDF EJ NFSMPU F JO NJOPSF NJTVSB EJ TBOHJPWFTF EJTUJMMBUB TFDPOEP JM QSPDFEJNFOUP BSUJHJBOBMF F BGGJOBUB JO CBSSJRVF *M ²(BSEFO³ F UVUUF MF BUUJWJUh DPOOFTTF BMMB DVSB F BMMB DPOTFSWB[JPOF EFM WFS EF DJUUBEJOP BNQMJBOP MµBSFB EJ JOUFSWFOUP EFMMB $BC DIF TJ TUB

RVBMJGJDBOEP QFS MB SFUF EJ TFSWJ[J BM UFSSJUPSJP F PGGSF JM NFHMJP BO DIF BJ QSJWBUJ BNBOUJ EFM WFSEF Ã&#x2030;EB QPDP JOJ[JBUB BODIF MB QSPEV [JPOF EFM ²QSBUP JO SPUPMJ³ UBQQFUJ FSCPTJ JO [PMMF DIF IB USPWBUP VO CVPO JODFOUJWP BODIF OFMMB WJDJOBO[B EFM DBNQP EB (PMG B CVDIF EJ $FSWJB .JMBOP .BSJUUJNB 1SJNB EJ MBTDJBSF MB $BC o DPOTJHMJBUB MB WJTJUB BM .VTFP EFMMB $JWJMUh $POUBEJOB DIF DVTUPEJTDF VOB SJDDB DPMMF[JPOF EJ PH HFUUJ QSPWFOJFOUJ EBMMF EJNPSF SVSBMJ EFMMF DBNQBHOF DFSWFTJ EFJ QSJNJ EFM /PWFDFOUP TBQJFOUFNFOUF SFTUBVSBUJ F PGGSF MB WJTJPOF EJ JNNBHJOJ EµFQPDB DIF DPTUJUVJTDPOP VOB JOUFSFT TBOUF NPTUSB GPUPHSBGJDB /FMMµBNQJB [POB EFMMB #BTTPOB DJ SBHHJVOHF MµFDP EFMMB GBNB F EFM MB TUPSJB EJ VO FEJGJDJP DIF GFMJDFNFOUF JTPMBUP EBM USBGGJDP UVSJTUJDP BUUJSB QFSx NJHMJBJB EJ QFSTPOF $BTB EFMMF "JF DIF PHHJ o VO SJOP NBUP SJTUPSBOUF EFMMB DVDJOB UJQJDB SPNBHOPMB o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µ"ESJBUJDB /FM QBTTBUP EJ $BTB EFMMF "JF Dµo MB QJOFUB F MB GJPSFOUF BUUJWJUh DIF OFM TFDPMP EJDJPUUFTJNP QPSUx BMMB DPTUSV[JPOF EJ VO FEJGJ DJP QFS MB MBWPSB[JPOF EFMMF QJHOF F MµFTUSB[JPOF EFJ QJOPMJ VOB JOEVTUSJB TUBHJPOBMF DIF QSFWFEFWB MµBQQBMUP EFMMF WBSJF GBTJ BMNFOP PUUP EBMMB SBDDPMUB EFMMB QJHOB BMMB WFOEJUB EFJ QJOPMJ

$BTB EFMMF "JF

F EFMMF BMUSF QBSUJ EFM GSVUUP & UVUUP BDDBEFWB RVJ QSJNB OFMMB QJOFUB F QPJ OFMMF ²BJF³ BOUJTUBOUJ MµFEJGJDJP F EFOUSP OFMMB ²DB NFSB EFM GVPDP³ *M GVPDP GV MB DBVTB EFMMB HSBWF EFWBTUB[JPOF EFHMJ BNCJFOUJ OFM BMMB RVBMF QPTF SJNFEJP QFS JODBSJDP EFM $PNVOF MµBSDIJUFUUP $BSMP .PSJHJB -µFEJGJDJP GV EB MVJ SJ QSPHFUUBUP TV EVF QJBOJ TFSWJUP BMMµFTUFSOP EB VO BNQJP QPS UJDBUP F EJ OVPWP TWVPUBUP BMMµJOUFSOP EB VOB TFDPOEB DBNFSB EFM GVPDP MµBUUVBMF CBS F WBOP TDBMB 1FS BMUSJ DFOUPWFOUJDJO RVF BOOJ MB $BTB UPSOx B TWPMHFSF JM TVP TFSWJ[JP JO NF[[P BMMB QJOFUB $BEEF JO EJTVTP HSBEVBMNFOUF TPMP QFS JM EJSBEBSTJ EFM CPTDP QJOFUBMF BHMJ JOJ[J EFM TFDPMP WFOUFTJNP F BODPS QJ} EPQP JM QSJNP DPOGMJUUP NPOEJBMF (JVOHF B NFUh TFDPMP DPNF CPBSJB EFMMµB[JFOEB BHSJDPMB #BTTPOB TJ USBTGPSNB QPJ JO NBHB[[JOP NVMUJVTP EFJ CSBDDJBOUJ DFSWFTJ GJOP BE FTTFSF QSBUJDBNFOUF JOVUJMJ[[BUB -B TUSBQQx BM EFHSBEP DPNQMFUP JM HSVQQP EJ WPMPOUBSJ SJVOJUJ OFMMB TPDJFUh "NJDJ EFMMµ"SUF DIF DFSDBWBOP JO [POB VO BNCJFOUF QFS MF QSPQSJF SJVOJPOJ F NB OJGFTUB[JPOJ 1FS JM GFSWPSF EFM MPSP TFHSFUBSJP "MEP "TDJPOF JM $PNVOF DPODFTTF OFM JM QFSNFTTP EJ SJQSJTUJOBSF BMDVOJ BNCJFOUJ F MµPQFSB GV B UPUBMF DBSJDP EFMMµBTTPDJB[JPOF

"NJDJ EFMMµ"SUF Mµ"TTPDJB[JPOF QFSTFHVF GJOBMJUh DVMUVSBMJ OPO IB GJOBMJUh EJ MVDSP F TJ QSPQPOF EJ TBMWBHVBSEBSF MF USBEJ[JPOJ HMJ VTJ J DPTUVNJ JM EJBMFUUP MB DVMUV SB MµBSUF F JM GPMDMPSF EFMMB 3PNBHOB EJ BEFSJSF F QSPNVPWFSF JOJ[JBUJWF QFS SJDFS DIF TUVEJ BSDIFPMPHJDJ QFS MB EJGFTB EFM DFOUSP TUPSJDP EJ $FSWJB EFM QBFTBHHJP EFMMF [POF EFHMJ FEJGJDJ F NPOVNFOUJ DIF BCCJBOP WBMPSF BNCJFOUBMF TUPSJDP FE BSUJTUJDP F EFMMF [POF EB TBMWBHVBSEBSF EJ GBWPSJSF MB DPOPTDFO[B F MP TWJMVQQP EFMMF BUUJWJUh DVMUVSBMJ FE BSUJTUJDIF JO HFOFSF EJ GBS DPOPTDFSF J QSPEPUUJ EFMMB HB TUSPOPNJB SPNBHOPMB *M 4JNCPMP EFMMB 4PDJFUh o MB 1PSUB 3BWFOOB BCCBUUVUB OFM *M QSJNP CP[[FUUP TV EJ TFHOP B DIJOB GV GBUUP EBM QSJNP TFHSFUBSJP "MEP "TDJPOF *O TFHVJUP QFS VTVSB EFJ DMJDIoT GV QSFEJTQPTUP VO BMUSP CP[[FUUP TUJMJ[[BUP EBM TPDJP $PUUJHOPMJ DIF o UVUUPSB JO VTP (SB[JF BM MBWPSP WPMPOUBSJP TJ HJVOTF OFM BE BQSJSF JM SJTUPSBOUF DIF IB SJMBODJBUP MB GBNB EJ $BTB EFMMF "JF MB DVDJOB DIF JO RVBM DIF PUUJNP SJTWPMUP WVPMF NBOUFOFSF JM MFHBNF DPO MB QJOFUB DPNF

OFJ ²UBHMJPMJOJ DPO HMJ TUSJEPMJ P TUSJHPMJ EJ QJOFUB³ QSPNVPWF DPO HSBOEF TVDDFTTP J ².BOHJBSJ EJ 3PNBHOB³ F WBOUB MµPQFSPTJUh EFJ TVPJ UBHMJFSJ TVJ RVBMJ TJ TPOP SBHHJVOUJ SFDPSE TUBHJPOBMJ DPNF OFM RVBOEP GVSPOP UJSBUF VPWB EJ TGPHMJB JO VO TPM HJPSOP & RVJ TJBNP BM TFDPOEP TFHSFUP EJ $BTB EFMMF "JF DIF o JM DPOUSPMMP EFMMB HFTUJPOF EB QBSUF EFMMB $PNNJTTJPOF $VDJOB EFMMµ"TTPDJB [JPOF "NJDJ EFMMµ"SUF TFDPOEP JM EJTDJQMJOBSF EFJ TPDJ DIF WJHJMBOP TVMMF NBUFSJF QSJNF TVMMF QSFQBSB[JPOJ TVMMB BMUFSOBO[B TUBHJPOB MF EFJ NFO} F TVM SBQQPSUP USB MB RVBMJUh F JM QSF[[P $IF o PUUJNP *O TUSFUUP DPMMFHBNFOUP DPO MµBUUJWJUh SJTUPSBUJWB MB $PNNJTTJPOF $VM UVSB EFMMB "TTPDJB[JPOF PSHBOJ[[B VO QSPHSBNNB EJ JODPOUSJ DVM UVSBMJ B UFNB DPO QSFTFOUB[JPOF EJ MJCSJ TVJ NJHMJPSJ QSPEPUUJ UJQJDJ EFM UFSSJUPSJP MB DVJ HSBEJUB DPODMVTJPOF o MB EFHVTUB[JPOF HVJEBUB 7FOHPOP BODIF PSHBOJ[[BUJ QFS J UVSJTUJ MBCPSBUPSJ EVSBOUF J RVBMJ FTTJ TPUUP MB HVJEB EJ FTQFSUJ EJ HBTUSPOPNJB JNQBSBOP Mµ BSUF EJ UJ SBSF MB TGPHMJB EJ DPOGF[JPOBSF J DBQQFMMFUUJ EJ QSFQBSBSF F DVPDFSF MB QJBEJOB 4B[J EJ TBQPSJ F EJ USBEJ[JPOJ TJBNP QFSx BODPSB EJHJVOJ EFMMB DPOPTDFO[B EJSFUUB EFMMB QJOFUB DIF DPNF OVNFSPTJ JOEJ[J SBDDPMUJ EVSBOUF JM QFSDPSTP DJ TWFMBOP o JM UFS[P BNCJFOUF DBSBUUF SJTUJDP EFMMB DPTUB DFSWFTF MB 1JOFUB EJ $FSWJB .JMBOP .BSJUUJNB BOUJDBNFOUF DPTUJUVJWB MB QSPQBHHJOF NF SJEJPOBMF EFM WBTUP F DBSBUUFSJTUJDP DPNQMFTTP GPSFTUBMF DIF RVBTJ TFO [B JOUFSSV[JPOJ TJ FTUFOEFWB EB TVE EFM ¾VNF 3FOP ¾OP BMMB DJUUh EJ $FSWJB "UUVBMNFOUF MB TVB FTUFOTJPOF o EJ DJSDB FUUBSJ QJ} J FUUBSJ EFM 1BSDP /BUVSBMF "ODIF TF SJEPUUB SJTQFUUP BM QBTTBUP MB 1JOFUB EJ $FSWJB SBQQSFTFOUB VO QBUSJ NPOJP EJ OPUFWPMF JOUFSFTTF OBUVSBMJTUJDP DIF PGGSF BM WJTJUBUPSF QBFTBHHJ FE BOHPMJ JODBOUFWPMJ -B WFHFUB[JPOF o DBSBUUFSJ[[BUB EBMMB QSFTFO[B EJ EVF TQF DJF EJ QJOJ NFEJUFSSBOFJ *M 1JOP EB QJOPMJ P 1JOP %PNFTUJDP 1JOVT 1JOFB F JM 1J OP .BSJUUJNP 1JOVT 1JOBTUFS OPODIo EB RVFSDF QJPQQJ CJBODIJ F MF SPCJOJF -B 1JOFUB o TVEEJWJTB JO RVBUUSP [POF TUB[[POF DBQBOOB EVOF CBTTPOB EPWF o QPTTJCJMF BWWFOUVSBSTJ MVOHP J TFOUJFSJ -B QPTTJBNP SBHHJVOHFSF EJSFUUBNFOUF EBMMB ²#BTTPOB³ QFSDPS SFOEP MB TUSBEB OPO BTGBMUBUB DIF JOJ[JB EJ ¾BODP BMMB $BTB EFMMF "JF ¾OP BJ QSBUJ EFM (PMG $MVC DIF TVQFSJBNP QSPTFHVFOEP BE JODPOUSBSF WJB +FMFOJB (PSB OFM QVOUP JO DVJ DSFB JM CJWJP DPO WJB 4UB[[POF 2VJ RVBMDVOP TBSh EJ DFSUP UFOUBUP EB VO EJWFSTJWP BT TBJ JOUSJHBOUF DPNF o JM $BKBL $MVC EJ $FSWJB DPO MF TVF DBOPF DIF DPOTFOUPOP EJ SJTBMJSF WFSTP MB TBMJOB PQQVSF EJ TDFOEFSF EPMDF NFOUF WFSTP MB 1JOFUB F EJ WJTJUBSMB MVOHP J DBOBMJ DIF MB QFSDPS SPOP /PJ SFTUJBNP DPO J QJFEJ B UFSSB F DJ BGGSFUUJBNP TV WJB +FMF OJB (PSB WFSTP WJB .BUUFPUUJ F EJ RVJ B EFTUSB ¾OP BMMB 3PUPOEB 1SJNP .BHHJP %J OVPWP B EFTUSB MBTDJBNP JM DVPSF DPNNFSDJB MF EJ .JMBOP .BSJUUJNB QFS WJB 3BWFOOB EPWF JM USBG¾DP TJ EJSB EB WFMPDFNFOUF /FMMB DPSOJDF EJ EFMJ[JPTF DBTF EJ WJMMFHHJBUVSB DJ USPWJBNP BMMµJOHSFTTP EFMMB 1JOFUB (SBOEF EJ $FSWJB OFJ QSFT TJ EFMMP 4UBEJP $PNVOBMF EFJ 1JOJ 4JBNP EJ GSPOUF BMMB HSBOEF

QJBOUB UPQPHSB¾DB DIF DJ QFSNFUUF EJ WBMVUBSF MB DPNQMFTTB FTUFOTJPOF EFMMB 1JOFUB F EJ TDFHMJFSF MB EJSF[JPOF EFMMB OP TUSB FTDVSTJPOF -µ "TTPDJB[JPOF HSVQQP "NBOUJ EFMMB 1JOF UB o JM QVOUP EJ SJGFSJNFOUP QFS MB DPOPTDFO[B F MF WJTJUF HVJ EBUF EFMMB 1JOFUB EJ $FSWJB "TTPDJB[JPOF (SVQQP "NBOUJ EFMMB 1JOFUB TWPMHF ¾OBMJUh EJ DPOPTDFO[B EJ DVSB F EJ PQFSBUJWJUh OFMMµBNCJUP EFM WFSEF QVCCMJDP F TQFDJ¾DBUBNFOUF WFSTP MB HSBOEF 1JOFUB EJ $FSWJB -µ"TTPDJB[JPOF OPO IB TDPQP EJ MVDSP FE o BUUJWB JO RVBMJUh EJ WPMPOUBSJBUP BNCJFOUBMF OFMMB NBOVUFO[JPOF OFMMF BUUJWJUh EJ QSFWFO[JPOF WFSTP MµBNCJFOUF QJOF UBMF OFMMB EJWVMHB[JPOF QFS GBWPSJSOF MB DPOPTDFO[B UBMF EJWVMHB[JPOF o SJWPMUB BODIF BJ HJPWBOJ JO FUh EFMMB TDVPMB EFMMµPCCMJHP

%B RVFTUB QPTJ[JPOF TJ QVx JOUSBQSFOEFSF JM 4FOUJFSP EFMMF 5FS NF MVOHP DJSDB OPWFDFOUP NFUSJ EBM RVBMF TJ EJSBNBOP VOµJO¾ OJUh EJ TUSBEFMMJ EFOPNJOBUJ TFDPOEP J TVHHFSJNFOUJ EFMMB OBUVSB RVJ BCCJBNP J OPNJ EFJ WPMBUJMJ TVM TFOUJFSP EFM HVGP EFM NFSMP EFM GSJOHVFMMP EFM QBTTFSP WPMBUJMJ UVUUJ EJ QJOFUB JO BMUSB [POB EFUUB EFMMF ²%VOF³ TJ TPOP TDFMUJ J OPNJ EFMMF QJBOUF F EFJ GSVUUJ QFS JM TFOUJFSP EFM QSVHOP EFM QFSP EFM NFMP EFMMB RVFSDJB F BM USPWF USPWFSFNP J TFOUJFSJ DPO J OPNJ EFJ GVOHIJ -B 1JOFUB (SBOEF o GSFRVFOUBUB EB NPMUF QFSTPOF F QFS TWBSJB UJ NPUJWJ 4J o EJGGVTP JM KPHHJOH JO QJOFUB MB QFEBMBUB JO CJDJDMFU UB P NPVOUBJO CJLF HSBEJUP BODIF JM QFSDPSTP WJUB NB DIJ WVPMF DPOPTDFSF J DPOOPUBUJ EFMMB WFHFUB[JPOF F EFMMB GBVOB USPWFSh VO TJDVSP TVQQPSUP OFMMB HVJEB EFJ WPMPOUBSJ EFM (SVQQP DIF OF TWF MBOP J NJOJNJ TFHSFUJ F SFOEPOP QJBDFWPMF MµJODPOUSP BODIF DPO JM SPWP QJ} JTQJEP EBM RVBMF OPJ EµJTUJOUP WPSSFNNP SJUSBSDJ %PQP QPDIJ QBTTJ TVM WJBMF GBDDJBNP MB DPOPTDFO[B EFM QFSTP OBHHJP QJ} JO WJTUB JM 1JOVT 1JOFB P 1JOP EPNFTUJDP FMFHBOUF OFM QPSUBNFOUP TMBODJBUP ¾OP B USFOUB NFUSJ JO BMUF[[B F DPSPOBUP EB VOµBNQJB DIJPNB PNCSFMMJGPSNF Ã&#x2030;JM QJOP GBVUPSF EFMMB QSJNB GPSUVOB EJ $BTB EFMMF "JF &QQVSF JM 1JOP EPNFTUJDP OPO o USB HMJ JOEJWJEVJ WFHFUBMJ JOJ[JB UPSJ EFM CPTDP QJOFUBMF DIF o BTTBJ QJ} BOUJDP *M QJOP GV RVJ JO

USPEPUUP OFMMµFQPDB JO DVJ J 3PNBOJ BWFO EP EJ TUBO[B OFM QPSUP EJ $MBTTF MB QSPQSJB ¿PUUB SJUFOOFSP EJ QJBOUBSMP OFMMB GPSFTUB MJUPSBOFB QFSDIn OPO WFOJTTF MPSP NFOP MB NBUFSJB QSJNB 'V QPJ FHSFHJP JM TFSWJ[JP EB MVJ SFTP BMMF DPNVOJUh EJ .POBDJ EFMMF "CCB[JF EFMMB [POB SBWFOOBUF OF USBFWB OP QFDF OFSP GVNP QFS JODIJPTUSJ F BTUSJO HFOUF QFS VTP GBSNBDFVUJDP -B MFHOB EFM MB QJBOUB QSFOEFWB JOWFDF MF WJF DPNNFS DJBMJ WFSTP 7FOF[JB P .BSTJHMJB " TFHVJUP EFM SJHPSF /BQPMFPOJDP TPQQSFTTPSF EFJ 1JOP EPNFTUJDP CFOJ EFHMJ PSEJOJ SFMJHJPTJ NPMUF BSFF EFM CPTDP WFOOFSP DFEVUF 1JOVT 1JOFB

BJ QSJWBUJ DIF QSPWWJEFSP BE BCCBUUFSF J QJOJ B GBWPSF EJ WBSJF DPM DBSBUUFSJ[[BUP EBMMB DIJPNB PNCSFMMJGPSNF UJWB[JPOJ "MMµBQQSPTTJNBSTJ EFM WFOUFTJNP TFDPMP TJ TFOUF EJ OVP NPMUP BNQJB WP JM SVNPSF EFMMB TDVSF TVM GVTUP EJ RVFTUP TPWSBOP TQPEFTUBUP TPTUFOVUB EB GVTUP & QPJ SJDIJBNBUP JO QBUSJB EB QJ} TBHHJ DPOTJHMJFSJ DPNF TPOP DJMJOESJDP BMUP BODIF PHHJ HMJ "NJDJ EFMMB 1JOFUB DIF MP UVUFMBOP JOTJFNF DPO HMJ BMUSJ NFUSJ BCJUBOUJ EFM WFSEF DPOEPNJOJP USB J RVBMJ Dµo EJ DFSUP RVBMDVOP DIF NBOJGFTUB CSBNF EJ DPORVJTUB F EPWSh QSJNB P QPJ SJFOUSBSF OFJ SBOHIJ 1BSMJBNP EFM SPWP EFM TPUUPCPTDP DIF TJ FTQBOEF DPO JOWBEFO[B TPGGPDBOUF F EFMMF MJBOF DPNF MµFEFSB DIF EPWVORVF TJ USPWJ OPO TNFOUJTDF MB TVB GBNB EJ BSSBNQJDBUSJDF 2VJ JO QJOF UB OPO TBOOP DPNF MJCFSBSTJ EJ MFJ DIF SJFTDF B DPORVJTUBSF OPO TPMP J GVTUJ EµBMUP ²SBOHP³ NB BODIF J CBTTJ GPOEJ QJOFUBMJ 1SPTFHVFOEP TVM TFOUJFSP HSBOEF JODPOUSJBNP QSFTUP OVNFSP TJ FTFNQMBSJ EJ 1JOP .BSJUUJNP 1JOVT 1JOBTUFS QPSUBUPSF EJ VOB DIJPNB QJSBNJEBMF DIF MP EJTUJOHVF EBM %PNFTUJDP *M .BSJUUJ NP o MµJOEJWJEVP DBSBUUFSJ[[BOUF MB QJOFUB EJ 1JOBSFMMB 5SB MF QP TUB[JPOJ EFJ EVF QJOJ TJ GB TQB[JP TQFTTP JM 1JPQQP #JBODP 1P QVMVT "MCB DPO JM GVTUP B DPSUFDDJB DFOFSJOP CJBODBTUSB F QJ} BWBOUJ DJ WJFOF QSFTFOUBUB VOB HSBOEF RVFSDJB EJHOJUPTBNFOUF BTTVSHFOUF 2VFSDVT 1FEVODPMBUB DIF CFO TJ EJTUJOHVF QFS MF GPHMJF PCMVOHIF F QFS JM GSVUUP MB HIJBOEB "MMµBQQFMMP EFMMF QSF TFO[F QJ} BTTJEVF SJTQPOEPOP QPJ JO TVDDFTTJPOF MJCFSB BODIF Mµ0MNP 6MNVT JM -FDDJP 2VFSDVT *MFY JM 4BMJDF 4BMJY "MCB 4P OP PTQJUJ HSBEJUJ EFM TPUUPCPTDP BODIFJM QVOHJUPQP DIF JO QJFOP JOWFSOP SBWWJWB MµBNCJFOUF DPO JM SPTTP WJWP EFMMF CBDDIF JM CJBO DPTQJOP DIF GJPSJTDF JO QSJNBWFSB MB SPTB DBOJOB F JM MJHVTUSP EFU UP BODIF PMJWFMMP EBJ GJPSJ DIJBSJ SJVOJUJ JO QBOOPDDIJB "MMµPDDIJP FTQFSUP EFMMF OPTUSF HVJEF OPO TGVHHPOP MµBTQBSBHP TFMWBUJDP FE BMUSF QSFTFO[F QJ} SJQPTUF MF FSCF DPNF HMJ TUSJEPMJ NB NPMUJ MJ DIJBNBOP TUSJHPMJ F USB J EVF OPNJ BMMB GJOF QSFWBMF JM OPNF CP UBOJDP 4JMFOF *OGMBUB EFMMB GBNJHMJB EFMMF $BSPGJMMBDFF MB SVDPMB DIF TJ NFSJUB MPEJ QFS JM CFM DPMPSF HJBMMP EFM GJPSF F QFS JM QSPGVNP JOUFOTP F EPMDF SJDPOPTDJCJMF JO QJFOB FTUBUF NFOUSF JM TBQPSF o BCCBTUBO[B BDSF F MµFSCB DJQPMMJOB .B BHMJ BQQBTTJPOBUJ EFM MB SBDDPMUB EJ FSCF TQPOUBOFF WB EFUUP DIF JO QJOFUB o DPODFTTP

&SCF TQPOUBOFF SBDDPMUB SFHPMBNFOUBUB

3JGFSJNFOUP QFS JOGPSNB[JPOJ 7JHJMJ 'PSFTUBMJ UFM

SBDDPHMJFSF JO RVBOUJUh SFHPMBNFOUBUF BTQBSBHJ GVOHIJ UBSUVGJ CBDDIF EJ HJOFQSP NPSF F QJOPMJ o JOWFDF WJFUBUB MB SBDDPMUB EJ RVBMTJBTJ BMUSP QSPEPUUP EJ TPUUPCPTDP -B 1JOFUB (SBOEF EJ $FSWJB JO UVUUB MB TVB FTUFOTJPOF EJ DJSDB FUUBSJ o FWJEFOUFNFOUF VO BNCJFOUF SJTFSWBUP BHMJ BNBOUJ EFMMB OBUVSB DIF BDDFUUBOP MF SFTUSJ[JPOJ EFM DBTP OPO VMUJNB RVFMMB EJ OPO GVNBSF 3JUPSOBOEP WFSTP JM OPTUSP QVOUP EJ QBS UFO[B MB $BQBOOB OPUJBNP J GPTTBUJ JOUFSQJOFUBMJ QFS MP THSPO EP EFMMF BDRVF F DJ WJFOF TFHOBMBUP VO BMUSP CFM QFSDPSTP EJ DJSDB NFUSJ JO [POB %VOF USB JM TFOUJFSP EFM 1FSP F RVFM MP EFM /FTQPMP EPWF DSFTDPOP BMCFSJ EB GSVUUP TFMWBUJDJ NPMUP GJPSJUP JO QSJNBWFSB -µ"TTPDJB[JPOF (SVQQP "NBOUJ EFMMB 1JOF UB PSHBOJ[[B PHOJ BOOP MB EPNFOJDB DPTJEEFUUB JO "MCJT EPQP MB 1BTRVB MB 'FTUB DIF SBEVOB NJHMJBJB EJ QFSTPOF *M MBWPSP EJ QSFQBSB[JPOF JOJ[JB NPMUJ NFTJ QSJNB FE o TFNQSF RVJ USB J QJOJ DIF MPSP TJ SJUSPWBOP B QVMJSF B QSFQBSBSF QVOUJ EJ TPTUB QBMFUUJ TFHOBMFUJDJ OVPWJ QBODIJOF P THBCFMMJ F B GBSF RVBUUSP DIJBDDIJFSF JO BNJDJ[JB 3JUPSOJBNP TV 7JBMF 3BWFOOB DIF DJ DPOEVDF GJOP BMMB 3PUPO EB .BHHJP JM DVPSF EFMMB WJUB UVSJTUJDB EJ .JMBOP .BSJUUJNB MB TUPSJB EJ $FSWJB .JMBOP .BSJUUJNB WJTJUBUB JO RVFTUP QFSDPS TP BUUSBWFSTP J TJUJ EJ NBHHJPSF SJDIJBNP BODIF QFS J UVSJTUJ OFM QFSJPEP FTUJWP TJ JOUSFDDJB DPO MB WJUB NPOEBOB DIF BUUJSB PHOJ BOOP GPMMF EJ WJTJUBUPSJ QFS TPHHJPSOJ QJ} NFOP MVOHIJ 7PHMJB NP TVHHFSJSF BJ MFUUPSJ EJ RVFTUP WPMVNF EJ DPOTJEFSBSF DPNF PUUJNBMF MB QPTTJCJMJUh EJ GSFRVFOUBSF RVFTUJ MVPHIJ OFMMF TUB HJPOJ JOUFSNFEJF BMMPSDIn HMJ BCJUBOUJ PSHBOJ[[BOP TBHSF F GF TUF B UFNB TPQSBUUVUUP MFHBUF BJ QSPEPUUJ UJQJDJ DIF BCCJBNP DPOPTDJVUP EVSBOUF RVFTUP QFSDPSTP

$FOOJ TUPSJDJ -µPSJHJOF EFMMF TBMJOF EJ $FSWJB SJTBMJSFCCF BMMµFQPDB FUSVTDB "OUJDBNFOUF JM TBMF FSB VTBUP DPNF NPOFUB EJ TDBNCJP DPNF DPNQFOTP QFS MF USVQQF QSFTTP J SPNBOJ EB DVJ JM UFSNJOF ²TB MBSJP³ QFS MB DPOTFSWB[JPOF EFJ DJCJ F JO EJWFSTJ UJQJ EJ MBWPSB TDIFEB QSPEPUUP [JPOJ QFMMJ WFUSP DFSBNJDIF© /PUFWPMF MB TVB JNQPSUBO[B TUSBUFHJDB DBVTB BODIF EJ HVFSSF

TBMF

5JQP EJ QSPEPUUP -B QSPEV[JPOF BSUJHJBOBMF TFDPOEP JM NFUP EP USBEJ[JPOBMF EJ SBDDPMUB o JO GVO[JPOF TPMP QSFTTP MB TBMJOB $BNJMMPOF $BNJMMPOF O F O HFTUJUB EBM (SVQQP $VMUVSBMF $J WJMUh 4BMJOBSB /FJ CBDJOJ EFMMB TBMJOB HSBOEF JOWFDF EPQP VO QFSJPEP EJ JOBUUJWJUh EFMMB EVSBUB EJ BOOJ EBM BM

F EPQP JM QBTTBHHJP HFTUJPOBMF EFMMB TBMJOB BMMB 4PDJFUh 1BSDP EFMMB 4BMJOB EJ $FSWJB OFMMµFTUBUF EFM TJ o SJQSFTB MB QSP EV[JPOF DIF PSB TJ BUUFTUB TVJ RVJOUBMJ BOOVJ

$BSBUUFSJTUJDIF PSHBOPMFUUJDIF M TBMF EFMMB 4BMJOB EJ $FSWJB VO TBMF NBSJOP JOUFHSBMF QSPEPUUP SBDDPMUP F DPOGF[JPOBUP TFDPOEP JM NFUPEP USBEJ[JPOBMF /PO FT TJDDBUP BSUJGJDJBMNFOUF NBOUJFOF MF TVB OBUVSBMF VNJEJUh

DIF o UJQJDB EFM TBMF NBSJOP OPO SBGGJOBUP DPOTFOUFOEP MB QSF TFO[B EJ UVUUJ HMJ PMJHPFMFNFOUJ QSFTFOUJ OFMMµBDRVB EJ NBSF DP NF MP JPEJP MP [JODP JM SBNF JM NBOHBOFTF JM GFSSP JM NBHOFTJP F JM QPUBTTJP %B TFNQSF o DPOPTDJVUP DPNF VO TBMF EPMDF OPO QFSDIo BCCJB VOB NJOPSF DBQBDJUh TBMBOUF NB QFS VOB QJ} MJNJ UBUB QSFTFO[B EFJ TBMJ BNBSJ DPNF J TPMGBUJ EJ NBHOFTJP EJ DBMDJP EJ QPUBTTJP F JM DMPSVSP EJ NBHOFTJP DJPo EJ RVFMMF TPTUBO[F QFS MP QJ} JOTPMVCJMJ DIF EBOOP BM TBMF RVFM SFUSPHVTUP BNBSPHOPMP NFOP HSBEJUP BM QBMBUP Ã&#x2030; NFOP CJBODP NB BODIF NFOP EVSP DPSSPTJWP F BNBSP EFHMJ BMUSJ TBMJ JO DPNNFSDJP *O HSBNNJ EJ QSPEPUUP CFO TPOP EJ DMPSVSP EJ TPEJP ;POB EJ QSPEV[JPOF 4BMJOF EJ $FSWJB FUUBSJ EJ FTUFOTJPOF B DJSDB NFUSJ EJ EJTUBO[B EBM NBSF

*M QFSDPSTP EFM TBMF JM QSPEPUUP DPOGF[JPOBUP

4"-& %* $&37*" 4BMF NBSJOP JOUFHSBMF EJ HSBOB NFEJP HSPTTB SBDDPMUP F DPO GF[JPOBUP TFDPOEP JM NFUPEP USBEJ[JPOBMF 4FNQMJDFNFOUF MBWBUP DPO BDRVB BE BMUB DPODFOUSB[JPOF TBMJOB F DFOUSJGV HBUP DPOTFSWB MB SJDDIF[[B EJ UVUUJ HMJ PMJHPFMFNFOUJ QSFTFOUJ OFMMµBDRVB NBSF 4"-'*03& %* 30."(/" *- 4"-& %&* 1"1* *M 4BMGJPSF EJ 3PNBHOB o VO TBMF NBSJOP JOUFHSBMF NFEJP GOF DIF J TBMJOBSJ DIJBNBOP BODPSB JM TBMF EFM 1BQB QFS VOB TFDP MBSF USBEJ[JPOF EJ QPSUBSF BMMB NFOTB QPOUJGJDJB JM GJPS GJPSF EFM TBMF SBDDPMUP 7BHMJBUP F TFMF[JPOBUP OPO FTTJDDBUP BSUJGJDJBM NFOUF F QSJWP EJ BEEJUJWJ QFS NJHMJPSBSF MB TVB DPTQBSHJCJMJUh DPOTFSWB MµJOUFHSJUh EJ UVUUJ HMJ PMJHPFMFNFOUJ QSFTFOUJ OFMMµBD RVB EJ NBSF

3*4&37" $".*--0/& 4BMF EJ HSBOB HSPTTB QSPEPUUP JO MJNJUBUF RVBOUJUh OFMMB QJD DPMB 4BMJOB $BNJMMPOF VOJDP FTFNQJP EJ QSPEV[JPOF BSUJHJB OBMF B SBDDPMUB NVMUJQMB BODPSB PHHJ JO QSPEV[JPOF DPO MµPSJ HJOBMF TJTUFNB NJMMFOBSJP EJ SBDDPMUB NBOVBMF HJPSOBMJFSB /FM o TUBUB SJDPOPTDJVUB 1SFTJEJP 4MPX 'PPE QFS JM NFUPEP EJ QSPEV[JPOF F EJ SBDDPMUB F QFS MµFDDFMFO[B OFMMB RVBMJUh EFM QSPEPUUP 4"-'*03& %* $&37*" *M 4BMGJPSF EJ $FSWJB o VO TBMF NBSJOP JOUFHSBMF NFEJP GJOF SBDDPMUP NBOVBMNFOUF JO QJDDPMF RVBOUJUh TVM MB TVQFSGJDJF EFMMµBDRVB BMMµJOJ[JP EFMMB TUBHJPOF TBMJGFSB -FHHFSP F HVTUPTP SBQQSFTFOUB MµFDDFMMFO[B EFM TBMF EPMDF

4"-& "--& &3#& "30."5*$)& 4BMF BMMF FSCF BSPNBUJDIF QFS DBSOF 4BMF NBSJOP JOUFHSBMF BMMF FSCF BSPNBUJDIF EJ 3PNBHOB TBMWJB SPTNBSJOP BHMJP HJOF QSP BMMPSP F QFQF TBQJFOUFNFOUF EPTBUF TFDPOEP MµBOUJ DB SJDFUUB EJ OPOOB *EB JOEJDBUP QFS DBSOJ F WFSEVSF DPUUF 4BMF BMMF FSCF BSPNBUJDIF QFS QFTDF F WFSEVSF 4BMF NBSJOP JOUFHSBMF BMMF FSCF BSPNBUJDIF EJ 3PNBHOB FSCB DJQPMMJOB UJNP BHMJP F QFQFSPODJOP TBQJFOUFNFOUF EPTBUF TFDPOEP MB USBEJ[JPOF TBMJOBSB EFMJDBUP QFS QFTDF F WFSEVSF GSFTDIF 4"-& "--" 4"-*$03/*" 2VFTUP OVPWP QSPEPUUP EFMMB 4BMJOB EJ $FSWJB o VOB TQFDJBMJUh VOJDB OFM QBOPSBNB HBTUSPOPNJDP EFJ 4BMJ BSPNBUJDJ -B 4BMJDPSOJB o VOB TQFDJF CPUBOJDB DPNNFTUJCJMF DIF DSFTDF TQPOUBOFB JO BNCJFOUJ TPWSBTBMBUJ FE o EJGGVTBNFOUF QSFTFO UF MVOHP J OVNFSPTJ DBOBMJ F DBOBMFUUF EFMMB TBMJOB -B 4BMJDPSOJB o TFNQSF TUBUB VUJMJ[[BUB EBJ TBMJOBSJ DPNF DPN QMFNFOUP QFS JOTBQPSJSF BMUSF WFSEVSF JO JOTBMBUF NB BODIF JO TVHIJ DPO TFDPOEJ QJBUUJ DPO DBSOF P QFTDF TDPUUBUB P DPOTFSWBUB JO TBMBNPJB -B SBDDPMUB WJFOF FGGFUUVBUB NBOVBMNFOUF SBDDPHMJFOEP JO NPEP TQBSTP MF DJNFUUF UFOFSF OFMMB GBTF EFMMB HFSNPHMJB [JPOF TFO[B EJTUBDDP EFMMB QJBOUB EBM UFSSFOP QFS BTTJDVSBSF

MB DPOTFSWB[JPOF EFMMB TQFDJF 2VFTUP OVPWP TBMF BSPNBUJDP QVx FTTFSF VUJMJ[[BUP DPO DBS OF QFTDF F WFSEVSF 4J USBUUB EJ VOB QSPEV[JPOF EJ OJDDIJB EJ MJNJUBUJTTJNF EJNFO TJPOJ OFMMµBNCJUP EFJ QSPEPUUJ UJQJDJ MPDBMJ

$*0$$0-"50 "- 4"-& ²%0-$&³ %* $&37*" -µVOJPOF EFM ²4BMF %PMDF³ QSPEPUUP OFMMF TBMJOF NJMMFOBSJF EJ $FS WJB DPO VOB NJTDFMB EJ QSFHJBUF WBSJFUh EJ DBDBP IB EBUP PSJHJOF B EVF UJQJ EJ DJPDDPMBUP ²GPOEFOUF BM TBMF EPMDF³ F ²MBUUF BM TBMF EPMDF³ EBM HVTUP QBSUJDPMBSF F JODPOGPOEJCJMF -µ ²PSP CJBODP³ F JM ²DJCP EFHMJ EFJ³ TJ VOJTDPOP JO VO NBUSJNP OJP PSJHJOBMF F JOOPWBUJWP EBOEP WJUB BE VOB UBWPMFUUB VOJDB F EBM TBQPSF JODPOGPOEJCJMF *M TBMF o BQQVOUP RVFMMP EJ $FSWJB TQFDJBMF F DBSBUUFSJTUJDP QFS JM TVP TBQPSF EPMDF DPOGFSJUP EBM MµBMUJTTJNB QFSDFOUVBMF EJ DMPSVSP EJ TPEJP SJTQFUUP BE BMUSJ TBMJ QJ} BNBSJ *M TBMF EPMDF EJ $FSWJB o NJTDFMBUP DPO MF WBSJFUh QJ} QSFHJBUF EJ DBDBP PUUFOFOEP VO DJPDDPMBUP BSUJHJBOBMF EJ BMUJTTJNB RVBMJUh F VOJDP OFM TVP HFOFSF *M DJPDDPMBUP BM TBMF EPMDF EJ $FSWJB o PSNBJ SJDPOPTDJVUP B MJWFMMP JOUFSOB[JPOBMF DPNF QSPEPUUP ²DVMU³ 7*/* 10%&3* %&--& 4"-*/& 5JQJDJ QSPEPUUJ QSPWFOJFOUJ EB WJUJHOJ EFMMF TBCCJF EFM UFSSJUP SJP DFSWFTF EFMMB $BC EJ $FSWJB 2VFTUJ UFSSFOJ B SJEPTTP EFMMF 4BMJOF DPOGFSJTDPOP BM WJOP TBQPSJ JOUSJHBOUJ F VOB QFSTPOB MJUh VOJDB

.*&-& %* .&-"5" %* 1*/&5" *M NJFMF EJ NFMBUB EJ QJOFUB o JM QSPEPUUP EBMMB SBDDPMUB EFMMF BQJ TVHMJ BHIJ EJ QJOP EFMMB QJOFUB EJ $FSWJB Ã&#x2030;VO NJFMF QBSUJDPMBS NFOUF SJDDP EJ NJOFSBMJ DPO QSPQSJFUh EJHFTUJWF F CBMTBNJDIF 136(/0-*/0 %&--" 4"-*/" %* $&37*" *M 1SVHOPMP OBTDF F DSFTDF TQPOUBOFBNFOUF MVOHP HMJ BSHJOJ EFM DBOBMF $JSDPOEBSJBMF DIF DPOUPSOB MB TBMJOB QSPEVDFOEP QJDDP MF ESVQF DPMPS QSVHOB UBOUP BTQSF EB DSVEF RVBOUP EFMJ[JPTF JO JOGVTJPOF EJ BMDPPM F [VDDIFSP DIF OF GBOOP VO MJRVPSF VOJDP EB HVTUBSF B GJOF QSBO[P GSFTDP P TVM HFMBUP EJ DSFNB $0/'&5563" %* 136(/0-0 %&--" 4"-*/" %* $&37*" $POGFUUVSB EPMDF RVBOUP CBTUB F JNQFSEJCJMF TV DSPTUBUF F JO CJTDPUUJ SJQJFOJ P QFS J QJ} SBGGJOBUJ DPO MµPNFMFUUF

"$$*6()& "- 4"-& %0-$& %* $&37*" "DDJVHIF EFMMµ"ESJBUJDP BM 4BMF %PMDF EJ $FSWJB PUUJNF TVMMB QJ[[B P OFMMB QBTUB 507"(-*".& 45".1"50 " ."/0 .BOVGBUUJ EFMMB 4UPSJDB #PUUFHB 1BTDVDDJ SFBMJ[[BUF TFDPOEP BOUJDIF UFDOJDIF NBOVBMJ 507"(-*".& 4&3*(3"'"50 5FMF TFSJHSBGBUF JO DPUPOF DPO MB HSFDB EFM TBMF DPMPS CMV

5SB WJHOF F GSVUUFUJ 'SVUUB F WJOJ EJ QJBOVSB

'SVUUB F WJOJ EJ QJBOVSB 3BWFOOB 3VTTJ #BHOBDBWBMMP -VHP .BTTB -PNCBSEB $POTFMJDF "MGPOTJOF

6O QFSDPSTP JO QJBOVSB QVx TFNCSBSF VO B[[BSEP UVSJTUJDP USB QBFTBHHJ SVSBMJ PNPHFOFJ B QFSEJUB EµPDDIJP MJ QFSDPSSJBNP BCJUVBMNFOUF TV TUSBEF TUBUBMJ F BVUPTUSBEF QFS SBHHJVOHFSF J OPTUSJ PCJFUUJWJ FDPOPNJDJ F QSPGFTTJPOBMJ P DVMUVSBMJ -B QJBOVSB QVx TFNCSBSF PTTFTTJWB F TDPSBHHJBOUF USPQQP VHVBMF B TF TUFTTB MB ²CBTTB³ BGPTB JO FTUBUF QFSTB OFMMF OFCCJF BVUVOOBMJ F JOUSJTB EJ VNJEJUh JO JOWFSOP Ã&#x2030; JOWFDF VOB .BHB $J DPOGPO EF DPO MF BCJMJUh QJ} BOUJDIF EFM TVP SFQFSUPSJP F DJ NPTUSB EJ Tn PSB RVFM UBOUP DIF TFSCB QFS MB TVB SJQSPEV[JPOF PSB JM SJHPHMJP DIF MF DPOTFSWB OFM UFNQP MB TVB GBNB *M QFSDPSTP JO QJBOVSB DIF RVJ QSPQPOJBNP o QFSDJx VO PNBHHJP BMMB NBHJB EFMMB CBTTB SBWFOOBUF JOUFTTVUB EJ TUPSJB F EJ OBUVSB OFMMµJOUSFDDJP EJ T¾EF F EJ TDPNNFTTF HJPDBUF DPO JM DJFMP F DPO MF BDRVF F QBHBUF JO ¾DIFT QPMQPTF F OVUSJFOUJ J GSVUUJ DIF MF QPQPMB[JPOJ IBOOP SBDDPMUP F SBDDPMHPOP UVUUPSB TVJ DBNQJ TUSBQQBUJ BMMµJO WBTJWP QSFEPNJOJP EFMMF BMMVWJPOJ DPO MµBOUJDB EJTDJQMJOB EFMMB ²DPMNBUB³ 5VUUP DPNJODJx EBMMB DPMNBUB 'V VOB GPSNB EJ CPOJ¾DB MFOUB F CVPOB DIF SJDIJFTF JM QB[JFOUF JNQFHOP EJ QJ} HFOFSB[JPOJ QFS BTTPMWFSF JM TVP DPNQJUP EJ BTTF DPOEBSF MB OBUVSB F SB[JPOBMJ[[BSMB F OPO GBMMs MµPCJFUUJWP EJ SFOEFSF QPTTJCJMF VOB DPMUVSB QSPNJTDVB 1SJNB GSB UVUUF MB ²1JBOUBUB³ JM ¾MBSF EFMMB WJUF NBSJUBUB BHMJ BMCFSJ HJh QSFTFOUF JO RVFTUF UFSSF OFM 97* TFDPMP & EJ TFHVJUP QFS FWPMV[JPOF WFSTP DPMUVSF TQFDJBMJ[[BUF F JOUFOTJWF TJ HJVOTF BHMJ BMCFSJ EB GSVUUB & NFOUSF BUUSBWFSTJBNP MB ²CBTTB³ TJBNP SJODPSTJ EBMMB NFNPSJB EFM TVP TQMFOEPSF TUPSJDP RVBOEP DPO JM OPNF JOUSJHBOUF EJ ²3P NBOEJPMB³ FOUSBWB OFMMµBSFB EJ EPNJOJP EFHMJ &TUFOTJ DIF MB SJQPS UBSPOP JO BVHF FSJHFOEP -VHP B DBQPMVPHP EJ VO UFSSJUPSJP DIF EB $POTFMJDF F "MGPOTJOF TDFOEFWB WFSTP .BTTBMPNCBSEB 4BOUµ"HB UB F 'VTJHOBOP QFS JOUFHSBSF BODPSB #BHOBDBWBMMP F $PUJHOPMB

'BUUPSJF %JEBUUJDIF D P "TTFTTPSBUP QSPWJODJBMF "HSJDPMUVSB

WJB EFMMB -JSJDB ° 3BWFOOB UFM ° GBY

MDIJOBHMJB!NBJM QSPWJODJB SB JU

$POTPS[JP *M #BHOBDBWBMMP

7JB #PODFMMJOP #BHOBDBWBMMP UFM ° GBY

%BM DBQPMVPHP EJ QSPWJODJB 3BWFOOB DJ JNNFUUJBNP TVMMB 4USBEB 4UBUBMF 4BO 7JUBMF TT GVO[JPOBMF BM DPMMFHBNFOUP DPO #PMPHOB DBQPMVPHP EJ SFHJPOF F DBQBDF EJ JOUSPEVSDJ OFM QBFTBHHJP SVSBMF EFMMB QJBOVSB SBWFOOBUF EFUUB ²CBTTB 3PNB HOB³ QPUSFNP SBHHJVOHFSF BHFWPMNFOUF HSB[JF BMMB ¾UUB SFUF TUSBEBMF JOUFSDPNVOBMF MF OVNFSPTF MPDBMJUh OFMMF RVBMJ TPOP TPSUF OFHMJ VMUJNJ BOOJ B[JFOEF BHSJDPMF EJ HSBOEF JOUFSFTTF OPO TPMP SVSBMF NB BODIF UVSJTUJDP JO WJSU} EFMMB MPSP BEFTJPOF BMMF BHHSFHB[JPOJ EFOPNJOBUF BE FTFNQJP ²'BUUPSJF %JEBUUJ DIF³ P JO WJSU} EFMMB MPSP BUUJWJUh EJ BHSJUVSJTNP

"[JFOEF BHSJDPMF MF B[JFOEF BHSJDPMF BDDSFEJUBUF EBMMB 1SPWJODJB EJ 3BWFOOB DPNF 'BUUPSJF %JEBUUJDIF TPOP 5SB RVFTUF TPOP BMNFOP RVFMMF TPSUF OFM MµBNQJB BSFB EFMMB ²#BTTB³ (MJ "HSJUVSJTNJ BUUJWJ OFMMB ²#BTTB³ TPOP DJSDB -B SFUF DPTUJUVJUB EB RVFTUF B[JFOEF DPOTFOUF EJ BEEFOUSBSTJ OFJ UFSSJUPSJ EFJ DPNVOJ DPO NBHHJPS OVNFSP EJ BCJUBOUJ DPNF #BHOBDBWBMMP -VHP 3VTTJ P EJ TDFHMJFSF J QJDDPMJ DPNVOJ P BO DPSB MF GSB[JPOJ EFHMJ VOJ F EFHMJ BMUSJ $POTFMJDF "MGPOTJOF 4BO "OUPOJP 4BO #BSUPMP 4BO -PSFO[P 4BO 3PNVBMEP .BOESJPMF #J[[VOP 4BSOB ;BHPOBSB $IJFTVPMB #PODFMMJOP PWWFSP MB TF [JPOF OPSE PDDJEFOUBMF EFMMB QSPWJODJB EJ 3BWFOOB TPOP DPNF VOP TDSJHOP EJ TUPSJB F EJ USBEJ[JPOJ MB DVJ BUUSBUUJWB o BDDSFTDJVUB EBMMB SJOOPWBUB DBQBDJUh JNQSFOEJUPSJBMF EFJ TVPJ BCJUBOUJ 4VMMB

4BO 7JUBMF TJ WJBHHJB DPO VOB DPTUBOUF BUUFO[JPOF BM USBG¾DP JO UFOTP NB BMMPSDIn TJ TWPMUB TV TUSBEF TFDPOEBSJF QFS SBHHJVOHF SF MF GSB[JPOJ F MF B[JFOEF EJ OPTUSP JOUFSFTTF DJ TJ USPWB JNNFSTJ OFM TJMFO[JP EFM QBFTBHHJP SVSBMF 'VPSJ 3BWFOOB DJ TFQBSBOP DJSDB DIJMPNFUSJ EB #BHOBDBWBMMP DFOUSP EJ BOUJDIF PSJHJOJ F OPCJMJ GSFRVFOUB[JPOJ DIF SJDIJBNB OFM OPNF RVBMDIF EJNFTUJDIF[[B EFMMF DBWBMDBUVSF DPO MF BDRVF MP DBMJ *M OPNF DIF TJ SJOUSBDDJB JO GPOUJ DFSUF TPMP OFMMµ"MUP .FEJP &WP o TUBUP BTTVOUP DPNF NBSDIJP EFM $POTPS[JP JM #BHOBDB WBMMP TUSFUUBNFOUF MFHBUP BM UFSSJUPSJP DPNVOBMF QFS WJB EJ QSP EV[JPOJ MPDBMJ EJ HSBOEF JOUFSFTTF 'VSPOP J GPOEBUPSJ UJUPMBSJ EJ B[JFOEF BHSJDPMF DIF MP DPTUJUVJSPOP OFM NBHHJP DPO MB ¾OBMJUh EJ UVUFMBSF J WJOJ QSPEPUUJ EB WJUJHOJ BVUPDUPOJ MµBDFUP MF DBSOJ CPWJOF F TVJOF EFMMB NJHMJPSF 3B[[B 3PNBHOPMB J EPMDJ EFM MB DVDJOB DPOUBEJOB F RVBOUµBMUSP OFM UFNQP TJ TBSFCCF BHHJVOUP OFM SJTQFUUP EFM EJTDJQMJOBSF 0HHJ TPOP DJSDB MF B[JFOEF BT TPDJBUF NB DJ GV VO OVDMFP EJ ²QJPOJFSJ³ JM QSJNP QSFTJEFOUF EFM $POTPS[JP 3PCFSUP &SDPMBOJ TDFMTF BMMµFQPDB RVFTUP UFSNJOF J RVBMJ EFDJTFSP EJ BOEBSF DPOUSPDPSSFOUF SJTQFUUP BMMF QSFHSFTTF WJDFOEF EFMMF JNQSFTF BHSJDPMF EFMMB QJBOVSB DPNJODJBSF B MB WPSBSF QFSTFHVFOEP MµPCJFUUJWP EFMMB RVBMJUh EFM QSPEPUUP & OPJ DIF BOEJBNP BMMB TDPQFSUB EFJ QSPEPUUJ EJ ²OJDDIJB³ OPO QPUF WBNP OPO JODPOUSBSF J QJPOJFSJ EFMMB ²CBTTB³ -B UBQQB DIF PHHJ TJOUFUJ[[B MµJNNBHJOF EFM $POTPS[JP o QSFTTP $BTB $POUJ (VJEJ B #BHOBDBWBMMP GVPSJ EBM DFOUSP VSCBOP JO EJSF[JPOF #PODFMMJOP WJB #PODFMMJOP OVNFSP DJWJDP -µFEJ¾DJP SFDFOUFNFOUF SFTUBVSBUP HSB[JF BMMµJOUFSWFOUP EFM .PWJNFOUP $PPQFSBUJWP EJ #BHOBDBWBMMP QFS DBSBUUFSJTUJDIF DPTUSVUUJWF o SJDPOEVDJCJMF BMMB UJQPMPHJB EJ NBOVGBUUP DIF TWJMVQQB J WPMVNJ TV USF QJBOJ F MµPSJFOUBNFOUP o RVFMMP USB EJ[JPOBMF WFSTP TVE 'V DPTUSVJUB OFM FE o TUBUB M VMUJNB DBTB DIF HMJ FSFEJ EFJ $POUJ (VJEJ GFDFSP DPTUSVJSF OFM DPNVOF EJ #BHOBDBWBMMP -B ²$BTB $POUJ (VJEJ³ WVPM FTTFSF VO OVPWP UBOHJCJMF QVOUP EJ SJGFSJNFOUP UFSSJUPSJBMF DBQBDF EJ SBQQSFTFOUBSF MB DPPQF SB[JPOF MPDBMF F EJ NBOUFOFSF WJWF MF USBEJ[JPOJ EJ 3PNBHOB DPO QBSUJDPMBSF SJGFSJNFOUP B RVFMMF EFM UFSSJUPSJP EJ #BHOB DBWBMMP (MJ BNCJFOUJ JOUFSOJ TPOP BSSFEBUJ JO TUJMF SVTUJDP DPO NBUUPOFMMF JO DPUUP USBWJ B WJTUB MBNQBEF SFBMJ[[BUF DPO UFMF TUBNQBUF B SVHHJOF TFDPOEP MB USBEJ[JPOF EJ 3PNBHOB "M QJBOP UFSSB TJ FOUSB OFMMB CPUUFHB EJ QSPEPUUJ UJQJDJ ²#PUUFHB EFMMB #POUh³ F EJ TFHVJUP OFM SJTUPSBOUF SJDBWBUP EBMMB WFDDIJB TUBMMB * QJBOJ TVQFSJPSJ PTQJUBOP USF TBMF BUUSF[[BUF SJTQFUUJWB NFOUF QFS DPOWFHOJ TBMB EFJ -FHOJ QFS JODPOUSJ EJ EJEBUUJDB F QFSGPSNBODF TQFUUBDPMBSJ TBMB EFJ 5JNQBOJ F QFS MB DPOTVMUB [JPOF EJ UFTUJ TVMMB DVMUVSB SPNBHOPMB TBMB EFJ 1PFUJ

-µBSFB FTUFSOB EFMMB DPSUF BDDPHMJF EVF FEJ¾DJ F VO BNQJP MPHHJBUP BQFSUP EFTUJOBUP B NPTUSF NFSDBUP EJ EJWFSTJ QSP

$BTB $POUJ (VJEJ

EPUUJ MPDBMJ WJOJ GSVUUJ TBMVNJ GPSNBHHJ F ¾PSJ *M GPSOP B MF HOB o WBMJEP TVQQPSUP BMMB QSFQBSB[JPOF EJ GSBHSBOUJ QSPEPUUJ EPMDJ UJQJDJ TPOP HMJ ²[VDDIFSJOJ³ F TBMBUJ JO QSJNJT MB QJB EJOB SPNBHOPMB TFDPOEP MF SJDFUUF EFMMB USBEJ[JPOF MPDBMF -F NPUJWB[JPOJ QFS WFOJSF B $BTB $POUJ (VJEJ PMUSF BMMµPUUJNB SJTUPSB[JPOF TPOP NPMUFQMJDJ OFMMµBNCJUP EFMMF JOJ[JBUJWF EFMMµ JOUSBUUFOJNFOUP DPOWJWJBMF DVMUVSBMF F TQFUUBDPMBSF DIF TPOP TFNQSF JODFOUSBUF TVMMB WBMPSJ[[B[JPOF EFM QSPEPUUP UJQJDP F EFMMB TVB TUBHJPOBMJUh -B QFSGFUUB PSHBOJ[[B[JPOF EJ $BTB $POUJ (VJEJ OPO DJ EJTUPHMJF EBMMB DVSJPTJUh EJ DPOPTDFSF NF HMJP JM QSPEPUUP MFBEFS EJ RVFTUP UFSSJUPSJP RVFMMP DIF OFM NPUJWx MB OBTDJUB EFM $POTPS[JP VO WJOP DIF HJh OFM OPNF FWPDB VOµBUNPTGFSB RVBTJ MFHHFOEBSJB 'BDDJBNP DPOPTDFO[B EJSFUUB EFM WJOP #VSTxO MB DVJ TUPSJB SJHVBSEB MµJODPOUSP USB VO DPOUBEJOP DIJBNBUP #VSTxO NB EJ GBNJHMJB -POHBOFTJ F VO WJUJHOP DIF OFM TVP QPEFSF WJDJOP BE VOB RVFSDJB TWPMHFWB JM CVPO TFSWJ[JP EJ BEFTDBSF HMJ VDDFMMJ *M DPMUJWBUPSF FCCF MµJO UVJ[JPOF EJ SJQPSUBSMP B WFHFUB[JPOF F OFM EPQPHVFSSB JOUPSOP BHMJ BOOJ µ DSFx MB QSJNB DPMUJWB[JPOF OF QSPEVTTF RVBMDIF RVBOUJUh F QPSUx JM WJOP PUUFOVUP B #BHOBDBWBMMP *M WJOP QJBD RVF TF OF QBSMx NPMUP FE FCCF TVDDFTTP /FMMB [POB TF OF QJBOUx BODPSB 4F TJ JOEBHB TJ TDPQSF DIF JM WJUJHOP JO RVFTUJPOF BWFWB QSFTP EJNPSB OFM UFSSFOP EFJ -POHBOFTJ EPQP VO WJBHHJP GBUUP JO DPNQBHOJB EJ WBSJP MFHOBNF SBDDPMUP OFMMB 1JOFUB EJ

$MBTTF DIF OFM FSB BTTPHHFUUBUB BMMF MFHHJ EFM MFHOBUJDP 1FS NPMUJ BOOJ JM WJUJHOP ²CVSTxO³ WFOOF WJOJ¾DBUP JOTJFNF BHMJ BMUSJ WJOJ EFMMB [POB $PO JM $POTPS[JP *M #BHOBDBWBMMP JOJ[Jx MB OVPWB BWWFOUVSB EFM #VSTxO ¾OBMNFOUF WJOJ¾DBUP JO QVSF[[B JNCPUUJHMJBUP DPO JM DPSSFEP EFJ HSBOEJ WJOJ FUJDIFUUB DPO JM TJNCPMP EFM DPOTPS[JP F DPOUSPFUJDIFUUB DPO Mµ*OEJDB[JPOF (FPHSB¾DB 5JQJDB %B QSPUBHPOJTUB TJ o HVBEBHOBUP JM GBWPSF EJ VOB DMJFOUFMB BU UFOUB BODIF OFJ MPDBMJ EFMMB SJTUPSB[JPOF EJ RVBMJUh DIF HSB EJTDF JM TVP QSPGVNP JOUFOTP JM TBQPSF BTDJVUUP DBSBUUFSJTUJDP DIF TJ FTBMUB TF BDDPNQBHOBUP DPO QJFUBO[F TBQPSJUF BSSPTUJ F GPSNBHHJ NBUVSJ *M TVP OPNF QPJ o EJG¾DJMF EJNFOUJDBSMP #VSTxO 'VPSJ EB $BTB $POUJ (VJEJ SJUPSOJBNP TVMMB TUBUBMF DPO EJSF

[JPOF #BHOBDBWBMMP QFS SBHHJVOHFSF JM 1PEFSF 1BOUBMFP OF DIF IB GBNB EJ BSFB EJ SJFRVJMJCSJP BNCJFOUBMF 4FHVJBNP MB TFHOBMFUJDB JO EJSF[JPOF 'VTJHOBOP F 4 1PUJ UP F WPMUJBNP B EFTUSB BMMB SPUPOEB JO QSPTTJNJUh EFM DFO

USP DPNNFSDJBMF -B 1JFWF *O CSFWF TJ SBHHJVOHF JM WJDPMP 1BOUBMFPOF F MB TFHOBMB[JPOF UVSJTUJDB EFM 1PEFSF *M 1PEFSF DIF OFHMJ BOOJ µ EFM TFDPMP TDPSTP GV EJ QSP QSJFUh QSJWBUB FTUFTP TV DJSDB TFJ FUUBSJ F JO UVUUP TJNJ MF BHMJ BMUSJ DIF MP DJSDPOEBWBOP DPMUJWBUJ B HSBOP NBJT CBSCBCJFUPMF EB [VDDIFSP FE FSCB NFEJDB JO BMUFSOB TVD DFTTJPOF DPO WFDDIJ GJMBSJ TPTUFOVUJ EBJ HSBOEJ BMCFSJ DBQJ UP[[BUJ OPO TFHVs QFSx MB TPSUF EFJ QPEFSJ DPOGJOBOUJ DIF OFM CSFWF WPMHFSF EJ BOOJ GVSPOP USBTGPSNBUJ EBMMF OVPWF UFDOJDIF BHSJDPMF

$BQJUP[[BUJ BMCFSJ QPUBUJ EJ UVUUJ J SBNJ

*M QSPQSJFUBSJP TJ SJ¾VUx EJ QBTTBSF BMMF DPMUVSF JOUFOTJWF F OPO WPMMF BDDPOEJTDFOEFSF BMMµVTP EJ WBSJ ¾UPGBSNBDJ F DPO DJNJ DIJNJDJ *M QPEFSF SJNBTF JNNVUBUP F BTTVOTF VO WBMPSF QBFTBHHJTUJDP TFNQSF NBHHJPSF RVBMF VOJDP FTFNQJP EFMMB WFDDIJB DBNQBHOB SPNBHOPMB JODPMUP QFS EFDFOOJ EJWFOOF BSFB EJ MJCFSP TWJMVQQP EFMMB ¿PSB UJQJDB EJ QJBOVSB F IBCJUBU EFMMB TVB GBVOB *M $PNVOF EJ #BHOBDBWBMMP MP BDRVJTUx OFM F MP USBTGPSNx JO PBTJ OBUVSBMJTUJDB

-µBDDFTTP BM 1BOUBMFPOF EPQP MB DIJVTVSB JOWFSOBMF o SF HPMBUP EB QSFOPUB[JPOF F MB WJTJUB TPQSBUUVUUP TF TJ QVx PUUFOFSF VOB HVJEB DPOTFOUPOP MµJODPOUSP SBWWJDJOBUP DPO VOB WFHFUB[JPOF BVUPDUPOB F QSFTFSWBUB EB PHOJ JOUFSWFOUP NPEJ¾DBUPSF (MJ BQQBTTJPOBUJ EFMMF PBTJ OBUVSBMJTUJDIF OPO QPTTPOP NBO DBSF MµBQQVOUBNFOUP DPO JM QJPQQP CJBODP F RVFMMP OFSP JM TBMJDF MµBDFSP DBNQFTUSF MµPMNP F JM HFMTP F OPO TJ QSJWFSBOOP EFMMµFNP[JPOF EJ USPWBSF BSCVTUJ TQPOUBOFJ PSNBJ JOUSPWBCJMJ DPNF JM HMBEJPMP EFJ DBNQJ MP TQFDDIJP EJ 7FOFSF MB EBNJ HFMMB JM SBOVODPMP QFS DJUBSOF TPMP BMDVOJ & HMJ BNBOUJ EFM CJSEXBUDIJOH EPWSBOOP BEEJSJUUVSB SJUPSOBSF QFS OPO QFSEFSF BSSJWJ F QBSUFO[F EFJ NPMUJ VDDFMMJ DIF RVJ GBOOP TPTUB OFM MPSP JUFS NJHSBUPSJP

/PO TBSh GBDJMF VTDFOEP EBM 1PEFSF SJUPSOBSF BM SVNPSF EFM USBG¾DP F BHMJ TGFSSBHMJBNFOUJ EJ WBSJP HFOFSF *M WJDPMP 1BOUBMFPOF BODPSB QFS QPDP DJ DPODFEF USFHVB NB JO CSFWF DJ SJDPOTFHOB BMMF BSUFSJF EJ DPMMFHBNFOUP 4JBNP EJSFUUJ B -VHP BOUJDP DBQPMVPHP EFMMB ²3PNBOEJPMB³ MµJOTVMB FTBS DBMF CJ[BOUJOB DPOPTDJVUB BODIF DPNF 3PNBHOB &TUFOTF *M NJTUFSP TVMMµPSJHJOF EFM TVP UPQPOJNP DIF BODPSB WBDJMMB USB VO MVDVT MBUJOP CPTDP F VO MVD DFMUJDP WJMMBHHJP BSSJDDIJTDF JM GBTDJOP EJ RVFTUP DFOUSP EJWFOUBUP GBNPTP QFS MB QSPEV[JPOF BHSJDPMB DPO WPDB[JPOF BMMB GSVUUJDPMUVSB F EJ DPOTFHVFO[B DPNNFSDJBMF DPO JOUFOTP TWJMVQQP EFMMµJOEVTUSJB EFMMB MBWP SB[JPOF F USBTGPSNB[JPOF EFJ QSPEPUUJ MPDBMJ $IF TPOP TPQSBUUVUUP QFTDIF QFSF F TVTJOF BMCJDPDDIF LJXJ F© OFJ WJHOFUJ EJ QJBOVSB PUUJNF VWF *OGBUUJ UVUUP JOUPSOP B OPJ DPOGFSNB DIF MµBUUJWJUh BHSJDPMB JO QBSUJDPMBSF MB GSVUUJDPMUVSB o ¾PSFOUF TF TJ QFSDPSSF MB QJBOV SB DPNF OPJ TUJBNP GBDFOEP OFMMB TUBHJPOF EJ ¾OF QSJNBWFSB o JNQPTTJCJMF TPUUSBSTJ BMMB TVHHFTUJPOF EFMMB NBDDIJB DSP NBUJDB QSFEPNJOBOUF RVFMMB EFJ QFTDIJ JO ¾PSF %PCCJBNP OPUBSF DIF MB QFTDB USBEJ[JPOBMF DPMUJWBUB o TUBUB TVQFSBUB EBHMJ JNQJBOUJ TQFDJBMJ[[BUJ EJ OFUUBSJOB

4JDDIo MB OVWPMB FWBOFTDFOUF EJ VO SPTB QBMMJEP EFMMB QSJNB o TQFTTP JO HBSB DPO JM SPTB JOUFOTP F UBMWPMUB DVQP EFMMB TFDPO EB $PODPSSFO[B EJ DPMPSJ TVM DBNQP F BODPS QJ} TVM NFSDBUP DPORVJTUBUP BQQVOUP EBMMB OFUUBSJOB -B OFUUBSJOB IB BWVUP PSJHJOF EBMMB 1FSTJDB -BFWJT EFMMB GBNJHMJB EFMMF 3PTBDFF HFOFSF 1SVOVT -B TVB QSFTFO[B OFM UFSSJUPSJP EJ 3PNBHOB o NPMUP BOUJDB DPM OPNF EJ QFTDB OPDF o DJUBUB OFM 5SBUUBUP TFJDFOUFTDP EJ 7JODFO[P 5BOBSB ²-µFDPOPNJB EFM DJUUBEJOP JO 7JMMB³ ²1FSTJDJ OPO QJ} HSPTTJ EµVOB QSVHOB DIJBNBUJ "MCFSHFT DPNJODJBOP EJ (JVHOP BE FTTFS CVPOJ TFHVJUBOP MF 1FSTJDIF (JVHOF QJ} HSPTTFUUF EFHMµ"MCFSHFT QPJ WFOHPOP Mµ"VHVTUBOF JOEJ UVUUB MB UVSCB EFMMµBMUSF 1FSTJDIF DPNF EVSBDJ TBOHVJHOF OPDJ TUBDDBUF DPUPHOF F MF UBSEJWF RVBMJ QFS UVUUP /PWFNCSF QPSHPO GSVUUP³ *O QSPWJODJB EJ 3BWFOOB TJ QSPEVDPOP RVBTJ NJMJPOJ EJ RVJOUBMJ EJ OFUUBSJOF EBUJ "TTFTTPSBUP 1SPWJODJBMF BMMµ"HSJDPMUVSB

/PJ DPOTVNBUPSJ MB DPOPTDJBNP DPNF QFTDB OPDF F MB HVTUJ NP GSFTDB BHHSFEFOEPMB DPNF VOB NFMB B NPSTJ %B RVBOEP OFHMJ BOOJ µ BMDVOJ GSVUUJDPMUPSJ GBFOUJOJ OF JOUSB QSFTFSP MB DPMUJWB[JPOF RVFTUB QFTDB TJ o EJGGVTB OFMMB SFUF DPNNFSDJBMF JUBMJBOB FE FTUFSB DPO HSBOEF TPEEJTGB[JPOF EFJ DPOTVNBUPSJ $J IB BODIF DPORVJTUBUP QFS MB EPVCMF GBDF OFMMµVTP GSVUUP EB UBWPMP F GSVUUP EB QBTTFHHJP CFO MBWBUB TFO[B BTQPSUB[JPOF EFMMB CVDDJB DIF o HMBCSB TQJDDBHOPMB BM QVOUP HJVTUP .PSEFSMB o VO QJBDFSF *M TBQPSF o HSBEF WPMNFOUF [VDDIFSJOP EJ SBEP WJSB WFSTP OPUF BDFSCF F TF MB NFUUJBNP OFM DFTUJOP EFMMB NFSFOEB P JO DBSUFMMB OPO TVDDF EPOP HVBJ Ã&#x2030; GSVUUP EFMJDBUP TVMMB QJBOUB BMMB QFTDB OPDF JM QSPEVUUPSF EFWF SJTFSWBSF DVSF F BUUFO[JPOJ NBHHJPSJ QSPQSJP QFS RVFMMB TVQFS¾DJF MJTDJB DIF MB SFOEF GSBHJMF F TFOTJCJMF BHMJ BHFOUJ BUNPTGFSJDJ NFOP SFTJTUFOUF BJ QBSBTTJUJ -µJOEJDB[JPOF HFPHSB¾DB QSPUFUUB ²/FUUBSJOB EJ 3PNBHOB³ o SJTFSWBUB TPMP BJ GSVUUJ EJ BMDVOF DVMUJWBS FT &BSMZ 4VOHSBOE .BZ (SBOE B QPMQB HJBMMB $BMEFTJ B QPMQB CJBODB *M EJTDJQMJOBSF EJ QSPEV[JPOF TUBCJMJTDF JM UJQP EJ UFSSFOP MB EFOTJUh QFS FUUBSP MF GPSNF EJ BMMFWBNFOUP F RVBOUµBMUSP o EJ TVB DPNQFUFO[B 1FS SJNBOFSF JO UFNB EJ OVPWF DPORVJTUF EFM NFSDBUP JM TVDDFTTP EFMMB OVPWB OFUUBSJOB TVMMB USBEJ[JPOBMF QFTDB IB JM DPSSJTQFUUJWP OFM TVDDFTTP EFMMµ FTPUJDP LJXJ P BDUJOJEJB EJ PSJHJOF BTJBUJDB OFP[FMBOEFTF QFS BEP[JPOF F QFSGFUUBNFOUF JOTFSJUP USB MF DPMUVSF JUBMJBOF *O QSPWJODJB EJ 3BWFOOB DSFTDF SJHPHMJPTP TPQSBUUVUUP JO [POB QFEFDPMMJOBSF 2VBOEP JM LJXJ DPNJODJx B GBSTJ OPUBSF OFMMµFTQPTJ[JPOF EJ GSVUUB EFJ OFHP[J USBEJ[JPOBMJ TJ FSB B DBWBMMP EFHMJ BOOJ ´ EPQP DJSDB EJFDJ BOOJ EJ TQFSJNFOUB[JPOJ QFS JOEJWJEVBSF MF [POF EB DPOWFSUJSTJ BE VOB CVPOB SFTB EFHMJ JNQJBOUJ DIF TJB OP QFEFDPMMJOBSJ QPDP CBUUVUF EBJ WFOUJ CFO JSSJHBUF BODIF OFJ NFTJ FTUJWJ QFSDIn MµBDUJOJEJB OPNF CPUBOJDP EFM LJXJ

OPO UPMMFSB TVJ HFSNPHMJ MF CSJOBUF QSJNBWFSJMJ On RVFMMF BV

UVOOBMJ TVM GSVUUP DIF NBUVSB TPMP B ¾OF PUUPCSF -B DBNQB HOB QSPNP[JPOBMF DF MP QSFTFOUx DPNF ²GSVUUP EFMMB TBMVUF³ JO WJSU} EFMMµBMUP DPOUFOVUP EJ WJUBNJOB $ DPO J TVPJ NH EJ WJUBNJOB TV HSBNNJ EJ QPMQB GFDF JNQBMMJEJSF MB OPTUSB BSBODJB DIF OF PGGSF TJD NH 4FNCSB DIF JM OPNF HMJ EF SJWJ EBMMB TPNJHMJBO[B DPO JM DPSQP UP[[P OPO DBSFOBUP EJ VO WPMBUJMF OFP[FMBOEFTF JOFUUP BM WPMP JM LJXJ BQQVOUP *M NBS SPOF EFMMB CVDDJB NBSSPOF DPNF JM QJVNBHHJP EFMMµPNPOJNP WPMBUJMF OPO DPNQFUF DPO JM DPMPSF TPMBSF EFJ OPTUSJ GSVUUJ NB BM UBHMJP MB QPMQB TJ SJWFMB EJ VO WFSEF CSJMMBOUF DIF JOWJUB BM MµBTTBHHJP F JM HVTUP o EPMDF NB OPO TUVDDIFWPMF TF EJ HJVTUB NBUVSB[JPOF GPSTF DBQBDF EJ FWPDBSF OFMMµVMUJNB OPUB BDJEV MB JM OPTUSP SJCFT SPTTP "HFWPMBUP EBM CFM DPMPSF JM LJXJ IB HVBEBHOBUP UFSSFOP BODIF OFMMF DVDJOF EFHMJ DIFG TVJ CBODIJ EFMMF QBTUJDDFSJF F OFHMJ TIBLFS EFJ CBSNBO & J HFMBUBJ MP IBO OP JOUSPEPUUP USB J HVTUJ TUBHJPOBMJ "WFUF NBJ QSPWBUP JM HVTUP LJCBOB Ã&#x2030; HFMBUP EJ LJXJ NJTDFMBUP B CBOBOB

Ã&#x2030; PSNBJ DIJBSP DIF JM UFSSJUPSJP SBWFOOBUF o VO HJBSEJOP ¾PSJUP JO QSJNBWFSB F VO HFOFSPTP GSVUUFUP EVSBOUF MB MVOHB FTUBUF 4J SBDDPMHPOP GSVUUJ BODIF EVSBOUF JM NFTF EJ TFUUFNCSF RVBO EP HMJ VMUJNJ QPNJ MBTDJBOP MB QBSPMB BJ EPMDJ HSBQQPMJ EJ VWB 2VJ TVM UFSSJUPSJP MVHIFTF EPWF DJ TUJBNP NVPWFOEP TJ QVx DPOUJOVBSF B QBSMBSF EJ WJHOFUP F EJ WJOJ DPNF BCCJB NP QBSMBUP EFM #VSTxO OFMMF DBNQBHOF EJ #BHOBDBWBM MP QFSDIn VO OVNFSP DPOTJEFSFWPMF EJ WJUJDPMUPSJ TJ TPOP SJVOJUJ OFM (SVQQP $FWJDP DIF DPOEVDF DPNQMFTTJWBNFO UF VO BSFB DPMUJWBUB B WJHOFUP EJ BMNFOP FUUBSJ EBJ DPO¾OJ DPO MB 5PTDBOB ¾OP BJ UFSSFOJ TBCCJPTJ EFM #PTDP &MJDFP EFM 1BSDP EFM %FMUB EFM 1P F EFMMB [POB DPTUJFSB EFMMµBMUP "ESJBUJDP #PTDP &MJDFP JM OPNF &MJDFP TJ BUUSJCVJTDF BM CPTDP QFS EFSJWB[JPOF EB FMJDF BSDBJ DP EJ FMDF QPFUJDP EJ MFDDJP F TJBNP BMMF QJBOUF EJ TVQQPSUP BMMF QSJNF DPMUJWB[JP OJ EJ WJUF JO TVPMP TBCCJPTP EPWF MB SFTB QFS FUUBSP F BODPS QJ} RVFMMB QFS DFQQP TPOP BTTBJ MJNJUBUF F MF VWF BODIF HSB[JF BMMµPUUJNB JOTPMB[JPOF TJ BSSJDDIJTDPOP EJ QSPGVNJ F EJ BSPNJ

-µPUUBOUB QFS DFOUP EJ RVFTUP JNNFOTP WJHOFUP o B %FOPNJ OB[JPOF EJ 0SJHJOF $POUSPMMBUB P B *OEJDB[JPOF (FPHSB¾DB 5J QJDB F J WJOJ QSPEPUUJ EBMMF VWF JWJ SBDDPMUF VWF EJ 4BOHJPWF TF 5SFCCJBOP "MCBOB 1BHBEFCJU NB BODIF $BCFSOFU 4BV WJHOPO F JO¾OF RVFMMF EFM #PTDP &MJDFP DPNF MµVWB 'PSUBOB

F WJOJ¾DBUF TFDPOEP J QJ} BWBO[BUJ TJTUFNJ WFOHPOP JNCPUUJ HMJBUJ F JOUSPEPUUJ TVM NFSDBUP DPO JM NBSDIJP 3PNBOEJPMB EBM MµBOUJDP OPNF BUUSJCVJUP BM UFSSJUPSJP EJ SJGFSJNFOUP 1BSDP %FMUB EFM 1P WFEJ OPUB B QBH

'PSUBOB o JM OPNF EFM WJUJHOP UJQJDP EFMMB WJUJDPMUVSB GFSSBSFTF 4J EJDF 'PSUBOB F TJ JOUFOEF BODIF ²6WB EµPSP³ *M WJUJHOP QPUSFCCF FTTFSF TUBUP JNQJBOUBUP EBJ QPQPMJ &USVTDIJ EFMMB [POB EJ 4QJOB P EBJ .POBDJ #FOFEFUUJOJ DPMUJWBUPSJ JOUPSOP BMMµ"CCB[JB EJ 1PNQPTB OFM TFDPMP 9* NB Dµo DIJ MP WFEF HJVOHFSF EBMMB $PTUB Eµ0SP EFMMB #PSHPHOB BM TFHVJUP EJ 3FOBUB EJ 'SBODJB RVBOEP BOEx JO TQPTB B &SDPMF ** EVDB Eµ&TUF 3PNBOEJPMB OFMMB TFDPOEB NFUh EFM 7* TFDPMP MB QFOFUSB[JPOF EFJ -POHPCBSEJ OFMMµ*UBMJB TFUUFOUSJPOBMF F DFOUSBMF FCCF VO PTUBDPMP QSPQSJP OFM UFSSJUPSJP HPWFSOBUP EBMMµ&TBSDB #J[BOUJOP EJ 3BWFOOB EPUBUP EJ USVQQF F EFMMB ¿PUUB EJ TUBO[B B 3BWFOOB -F [POF WBMMJWF EB VO QBSUF F MB CBSSJFSB BQQFOOJOJDB EBMMµBMUSB GBDJMJUBSPOP MB EJGFTB EJ UBMF ²JOTVMB FTBSDBMF³ DIF SJNBTF MµVOJDP UFSSJUPSJP EFMMB QFOJTPMB DBSBUUFSJ[[BUP EB MFHHJ DPTUVNJ F TJTUFNB BHSP BMJNFOUBSF EJ EFSJWB[JPOF SPNBOB F NFEJUFSSBOFB -µ ²JOTVMB³ BTTVOTF JM OPNF EJ ²3PNBOEJPMB³ QPJ 3PNBOJB F RVJOEJ 3PNBHOB 4F MBTDJBNP J WJOJ EFMMB ²CBTTB³ o QFS BGGSFUUBSDJ WFSTP .BTTB MPNCBSEB QFS VOB GVMM JNNFSTJPO JO VOB TUPSJB EB QJPOJFSJ RVFMMJ DIF EJFEFSP JOJ[JP BMMB GSVUUJDPMUVSB SBWFOOBUF F BMMB DPMUVSB EFMMB QFTDB B MJWFMMP OB[JPOBMF /POPTUBOUF J NVUBNFOUJ EFMMF FQPDIF EJ ¾OF TFDPMP P GPSTF QSPQSJP JO WJSU} EJ RVFTUJ OPO TJ o TQFOUP MµFDP EFJ TVDDFTTJ SBHHJVOUJ EBMMB GSVUUJDPMUVSB EJ .BTTBMPNCBSEB F CBTUB WFSBNFOUF QPDP QFS SJFWPDBSMJ TPOP TVG¾DJFOUJ RVBUUSP QBSPMF TDBNCJBUF DPO RVBMDIF BCJUBOUF EJ NF[[B FUh NB BODIF J HJPWBOJ OF TPOP JOGPSNBUJ QFSDIn J QSPUBHPOJTUJ EFMMF WJDFOEF BHSJ DPMF IBOOP QSPWWFEVUP BE PSHBOJ[[BSF MB NFNPSJB JO VO $FOUSP EJ %PDVNFOUB[JPOF TVMMB TUPSJB EFMMµ"HSJDPMUVSB F EFMMB 'SVUUJDPMUVSB EFMMB #BTTB 3BWFOOBUF -P SBHHJVOHJBNP JO WJBMF "NFOEPMB EPWF o PTQJUBUP OFHMJ BNCJFOUJ SJTUSVUUVSBUJ EJ VOB DBTB DPMPOJDB DIF TJ TWJMVQQB TV EVF QJBOJ TFHVJBNP MB TFHOBMFUJDB QSFEJTQPTUB EBM MµBNNJOJTUSB[JPOF DPNVOBMF

*M $FOUSP GV JOBVHVSBUP JM TFUUFNCSF EPQP PMUSF TFJ BOOJ EJ SJDFSDIF F EJ QSFQBSB[JPOF F DPNF EJDF JM OPNF TUFTTP WVPMF BDDFOUVBSF MµBTQFUUP EJOBNJDP EFMMB SBDDPMUB EJ NBUFSJBMJ DIF TPOP TUBUJ BMMFTUJUJ DPO JM SJHPSF EFMMB SJDFSDB F EFMMB TFMF[JPOF UJQJDIF EFM NVTFP NB DPO MµJOUFOUP EJ OPO BGGPHBSF JM UVUUP OFJ SJDPSEJ EFM QBT TBUP DPNF BDDBEF BTTBJ TQFTTP JO TJNJMJ TUSVUUVSF -µBTQFUUP EJOBNJDP o MFHBUP BMMF JOJ[JBUJWF DIF BUUPSOP BM $FOUSP

1JFWF EJ 4BO 1JFUSP JO 4ZMWJT #BTJMJDB FSFUUB OFM 7** TFDPMP DMBTTJDP FTFNQJP EJ BSDIJUFUUVSB QSPUPSPNBOUJDB

TJ WPHMJPOP SFBMJ[[BSF DPO JM DPJOWPMHJNFOUP EFMMB QPQPMB[JPOF F EFMMF SJTPSTF JNQSFOEJUPSJBMJ JM UVUUP TUJNPMBUP EB VO GVMDSP VOJDP F JSSJQFUJCJMF DIF o MB ²'SVUUJDPMUVSB³ VOB SFBMUh DIF TFQQVSF TPU UPQPTUB B DBNCJBNFOUJ FQPDBMJ o BODPSB WJWB F DIJFEF FOFSHJB EJ JNQSFTB F JOUFSWFOUJ QPMJUJDJ QFS BTTJDVSBSTJ JO GVUVSP VOP TWJMVQQP EFHOP EFMMF TVF TNBHMJBOUJ PSJHJOJ $IF SJTBMHPOP BJ QSJNJ BOOJ EFM TFDPMP 99 RVBOEP QFS MB DPODPSSFO[B EJ GBUUPSJ TUPSJDJ F EJ JOUSBQSF TF QSJWBUF GBWPSJUF BODIF EB BMMFBO[F GBNJMJBSJ TJ JOJ[Jx OFM UFSSJUP SJP EJ .BTTBMPNCBSEB MB DPMUVSB TQFSJNFOUBMF EFMMF QFTDIF F QFS FTUFOTJPOF EFM GSVUUFUP .B MB QFTDIJDPMUVSB GV MB ²QSJNBEPOOB³ DIF QPSUx JM OPNF EFJ QJPOJFSJ J (JBOTUFGBOJ J #POWJDJOJ F #PSHOJ OP BMMB SJCBMUB JOUFSOB[JPOBMF JOTJFNF DPO MF MPSP DSFBUVSF MF QPM QPTF ²#VDP *ODBWBUP³ F ²5BSEJWP EJ .BTTB³ 4VDDFTTJ EJ RVFTUP UJQP OPO TPOP BQQFOB EJ JNNBHJOF GV VO USJPOGP QFS MµFDPOPNJB EFM QBFTF F EFMMB [POB TJ DSFx VO JOEPUUP BNQJP F ¾PSFOUF DIF TJ FTQSFTTF ¾OP BMMF VMUJNF GBTJ EFMMB MBWPSB[JPOF JOEVTUSJBMF F JO DPO UFNQPSBOFB GFDF HFSNPHMJBSF MB DSFBUJWJUh QFS TUVEJBSF JNCBMMBHHJ BEFHVBUJ BM USBTQPSUP MF JOEVTUSJF DIF MJ SFBMJ[[BTTFSP F MF MJOFF QSPNP[JPOBMJ EB NBOEBSF JO TUBNQB OFMMF UJQPHSB¾F *M $FOUSP DJ SBDDPOUB UVUUP RVFTUP F RVBOUP FSB BDDBEVUP OFMMF FQP DIF QSFDFEFOUJ RVFMMB EFMMB USBEJ[JPOBMF BHSJDPMUVSB DPOEPUUB TF DPOEP JM TJTUFNB EFMMB NF[[BESJB o MBTDJBUP BM WJTJUBUPSF MP TQB[JP QFS SJOUSBDDJBSF J OFTTJ USB MB GPS[B EFMMµJNQSFTB EFJ QJPOJFSJ MF WJ DFOEF QPMJUJDIF OB[JPOBMJ F MF JNQSFTDJOEJCJMJ FTJHFO[F EFM NFSDB UP /FMMµJOEBHJOF QPTTPOP FTTFSF EJ WBMJEP BJVUP J SFTQPOTBCJMJ EFM $FOUSP DIF DPOPTDPOP PHOJ QJFHB EFMMF WJDFOEF EFM MPSP QBFTF /PJ VTDJBNP DPO MB TFOTB[JPOF EJ BWFSF GBUUP B EJS QPDP VO ²WJBH HJP³ EFOUSP JM OPTUSP QFSDPSTP F BCCJBNP MB DPOGFSNB DIF MµJNQSF TB BHSJDPMB JM MBWPSP EFMMB UFSSB F J TVPJ GSVUUJ TPOP MB QSPNFTTB EFM GVUVSP BG¾EBUP BMMF OVPWF HFOFSB[JPOJ $J TBSBOOP BMUSJ QJPOJFSJ 5VUUP JOUPSOP B OPJ MP DPOGFSNB *O VTDJUB EB #BHOBDBWBMMP QPTTJBNP JNNFUUFSDJ OFMMB TQ WJB .BTJFSB CFMMB TUSBEB DIF MBNCJTDF MB GBNPTB 1JFWF EJ 4BO 1JF USP JO 4ZMWJT F TJ JOTJOVB OFMMB NBHMJB QPEFSBMF OFMMB ²CBTTB³ DIF TQB[JB ¾OP BE "MGPOTJOF F BE PWFTU WB BE JODPOUSBSF JM DPO ¾OF DPO JM UFSSJUPSJP GFSSBSFTF

1FSHPMFUUB 3PNBHOPMB UJQPMPHJB EJ BMMFWBNFOUP EFMMB WJUF EJGGVTB TPQSBUUVUUP JO QJBOVSB

/FJ DBNQJ DIF ¾BODIFHHJBOP MB QSPWJODJBMF OVNFSP OPWF JNQJBOUJ NPMUP HJPWBOJ TJ BMUFSOBOP BE BMUSJ QJ} EBUBUJ F OFMMB TVDDFTTJPOF EFMMF DPMUVSF USB QFSJ NFMJ F QSVHOJ TJ TDPQSP OP SBSF GPSNF EJ BMMFWBNFOUP GPSTF SJNBTUF TVM DBNQP QFS MB QBTTJPOF EJ RVBMDIF DPMUJWBUPSF 2VJ TJ QVx WFEFSF EB WJDJOP MB 1FSHPMFUUB 3PNBHOPMB DIF FCCF J OBUBMJ QSPQSJP B #BHOBDB WBMMP F GBWPSs JM QSPHSFTTP EJ RVBMJUh EFM QSPEPUUP EFMMB WJUF $J BG¾EJBNP BODPSB BM OPTUSP SVPMJOP EJ NBSDJB DIF DJ SJDPSEB MµVMUJNB UBQQB EFM QFSDPSTP QVOUJBNP B OPSE WFSTP $POTFMJDF FTUSFNP MFNCP EJ UFSSB SPNBHOPMB OFMMB HSBOEF EJTUFTB EFM MB ²CBTTB³ B EVF QBTTJ EBM DPO¾OF DPO JM UFSSJUPSJP GFSSBSFTF 2VBOEP TJBNP BMMµBMUF[[B EFMMµJOHSFTTP OFM DFOUSP TUPSJDP EJ .BTTBMPNCBSEB [POB B USBG¾DP QFEPOBMF WPMUJBNP B EFTUSB TV WJB 1JBWF TFHOBMFUJDB EJSF[JPOBMF QFS #PMPHOB F QSPTF HVJBNP TV WJB #BHOBSPMP DIF DPTUFHHJB JM ²3VEFSF #POWJDJOJ³ DPNF WJFOF DIJBNBUP EBHMJ BCJUBOUJ JM WFDDIJP TUBCJMJNFOUP PSB JO EJTVTP EJ MBWPSB[JPOF EFMMB GSVUUB 4V RVFTUB TUSBEB DIF EJWFOUB WJB $BOBMB[[P TQ QSPTF HVJBNP BE JODPOUSBSF 4BO 1BUSJ[JP FE JO¾OF DJ JNNFUUJBNP OFMMB TUSBEB 4FMJDF DIF DJ DPOEVDF BMMB NFUB *M OPNF EFM QBFTF o EJ DFSUP JOUSFDDJBUP DPO RVFMMP EFMMB TUSB EB SJDPTUSVJUB TVMMµBOUJDB BSUFSJB EJ FQPDB SPNBOB &SBOP MF ²TFMDJ³ JOGBUUJ JM NBUFSJBMF VTBUP BMMPSB QFS MB QBWJNFOUB[JP OF TUSBEBMF 2VBOEP TJBNP B $POTFMJDF QSPTFHVJBNP ¾OP BMMB GSB[JPOF $IJFTB /VPWB F EJ RVJ TVMMF WJF (VHMJFMNB F $PSPOFMMB 4V RVFTUµVMUJNB SBHHJVOHJBNP MB TFEF EFMMB $"# .BTDP DIF TPSHF TVMMµBOUJDP GPOEP .BTTBSJ OFMMB TFDPOEB NFUh EFHMJ BOOJ DJORVBOUB EFM TFDPMP TDPSTP TJ TUFOEFWB TV DJSDB FUUBSJ

*M UFSSFOP WFOOF QSFTP JO BG¾UUP EBMMB $PPQFSBUJWB #SBDDJBOUJ EJ $POTFMJDF DIF MµPUUFOOF EBMMB 'FEFSB[JPOF EFMMF $PPQFSBUJWF EJ 3BWFOOB *O TFHVJUP QFS MµVOJPOF EFMMB $BC EJ $POTFMJDF DPO RVFMMB EJ .BTTBMPNCBSEB F DPO VO QBTTBHHJP HSBEVBMF EBMMµBG¾UUP BMMB QSPQSJFUh EFJ UFSSFOJ MµFTUFOTJPOF EFM UFSSFOP IB SBHHJVOUP J

-F $BC -B $BC EJ $POTFMJDF GV DPTUJUVJUB OFM -B $BC EJ .BTTB -PNCBSEB OFM

NJMMFDJORVFDFOUP FUUBSJ BUUVBMJ -F EVF $BC VOJUF JO VOB TPMB DPO JM OPNF EJ .BTDP FTQSJNPOP MB SFBMUh EJ TPDJ MBWPSB UPSJ DPO JM HSVQQP EFJ TPDJ POPSBSJ JM UPUBMF SBHHJVOHF RVBTJ J JNQFHOBUJ OFMMµBUUJWJUh BHSJDPMB -F EVF $PPQFSBUJWF QSJNB EJ DPOWFSHFSF OFMMB .BTDP IBOOP SFBMJ[[BUP MB WPDB [JPOF EJ QSPDVSBSF MBWPSP F UVUFMBSF J CSBDDJBOUJ TJB RVBOEP FTTJ TJ PGGSJWBOP DPO MB DBSSJPMB QFS MBWPSJ EJ NPWJNFOUP B UFSSB NJHMJPSJF EFJ GPOEJ CPOJ¾DIF© TJB TVDDFTTJWBNFOUF RVBOEP FTQMPTF MB GSVUUJDPMUVSB TQFDJBMJ[[BUB F J CSBDDJBOUJ PUUFOFWBOP MB DPOEV[JPOF B NF[[BESJB EJ EJWFSTJ QPEFSJ DPM UJWBUJ B GSVUUFUP 4VQFSBUB MB DSJTJ DIF IB JOWFTUJUP MµJNQSFTB BHSJDPMB OFHMJ BOOJ PUUBOUB F DPO MB QJ} SFDFOUF GVTJPOF MB .BTDP IB DPOUSJ CVJUP BMMB FWPMV[JPOF EFMMB ¾HVSB EFM CSBDDJBOUF DIF o PHHJ VO MBWPSBUPSF QSPGFTTJPOBMNFOUF BHHJPSOBUP TVMMF UFDOJDIF DPMUVSBMJ F TVMMµJNQJFHP EFMMF BUUSF[[BUVSF QJ} NPEFSOF /FJ GSVUUFUJ EFMMµ"[JFOEB BHSJDPMB TPOP QSFTFOUJ MF WBSJFUh QJ} OPUF EFMMB QSPEV[JPOF GSVUUJDPMB JNQJBOUJ EJ QFSF NFMF QFTDIF BMCJDPDDIF TVTJOF LJXJ F JM WJHOFUP

1FSF -B QSPEV[JPOF OFMMB QSPWJODJB EJ 3BWFOOB o TUBUB WBMPSJ[[BUB DPO MµBUUSJCV [JPOF EFMMµ*OEJDB[JPOF (FPHSBGJDB 1SPUFUUB *(1 DIF o FTUFTB BE BMUSF [POF EFMMB 3FHJPOF -F WBSJFUh BNNFTTF EBM EJTDJQMJOBSF TPOP MB 8JMMJBN MB %FDBOB EFM $P NJ[JP MB $POGFSFODF Mµ"CBUF 'FUFM QFS DJUBSOF BMDVOF %J DJBTDVOB UJQPMPHJB TPOP EFGJOJUF MF DBSBUUFSJTUJDIF NPSGPMPHJDIF JM DBMJCSP JM QFTP JM UFOPSF [VDDIFSJOP MB EVSF[[B F JM TBQPSF -B QSPEV[JPOF EJ QFSF JO QSPWJODJB EJ 3BWFOOB TGJPSB J PP NJMB RVJOUBMJ %BUJ 1SPWJODJB EJ 3BWFOOB "TTFTTPSBUP BMMµ "HSJDPMUVSB

.FMF *M .BMVT $PNNVOJT o QSPEVUUPSF EFM GSVUUP QJ} DPOTVNBUP OFM NPOEP EPWF TF OF EJTUJOHVPOP QJ} EJ WBSJFUh -B QJBOUB o QJVUUPTUP BMUB BODIF USF P RVBUUSP NFUSJ DPO USPODP DPSUP EJSJUUP EJ DPMPS CSVOP DFOFSF JO EFDJTP DPOUSBTUP DPO JM EFMJDBUP CJBODPSF MFHHFSNFO UF TDSF[JBUP EJ SPTTP EFMMB TVB GJPSJUVSB USB BQSJMF F NBHHJP *M NFMP TJ o DPMUJWBUP GJO EBMMµBOUJDIJUh TJB JO &VSPQB TJB OFMMB [POB B TVE EFM $BVDBTP F GJOP BMMB 1FSTJB TFUUFOUSJPOBMF (Jh &SPEPUP OFM 7 TFDPMP B $ EFTDSJWFWB MF UFDOJDIF EJ JOOFTUP F OFMMµBOUJDB 3P NB EPWF MP JOUSPEVTTFSP HMJ &USVTDIJ $BUPOF OF DPOPTDFWB QJ} EJ VOB WBSJFUh 1MJ OJP OF NFO[JPOBWB BEEJSJUUVSB -F JOWBTJPOJ CBSCBSJDIF EPQP MB DBEVUB EFMMµ*N QFSP 3PNBOP EJTUPMTFSP J QPQPMJ EBMMB DPMUJWB[JPOF F TPMP JO TFHVJUP MF DPNVOJUh SFMJHJPTF WJ TJ EFEJDBSPOP /FM 3JOBTDJNFOUP QFSx DJ GV TQB[JP BODIF QFS RVFTUB SJQSFTB UBOUP DIF JO BMDVOJ NBOPTDSJUUJ TJ EFTDSJWFWBOP CFO WBSJFUh EJ GSVUUJ EJ NFMP -F NFMF ²OPTUSBOF³ TP OP VO GSVUUP NPMUP BUUFTP EBM QPQPMP EFJ DPOTVNBUPSJ *O QSPWJODJB EJ 3BWFOOB TF OF SBDDPMHPOP DJSDB NJMB RVJOUBMJ %BUJ 1SPWJODJB EJ 3BWFOOB "TTFTTPSBUP BMMµ"HSJDPMUVSB -F WBSJFUh EJ NBHHJPS TVDDFTTP TPOP MB (PMEFO %FMJDJPVT MB 4UBS ,JOH MB (SBOOZ 4NJUI EJ PSJHJOF BVTUSBMJBOB MB 'VKJ EJ PSJHJOF HJBQQPOFTF MB 3PNF #FBVUZ -B NFMB 'VKJ TVDDPTB F DSPDDBOUF o QSPNPTTB EBM $POTPS[JP EJ 'FSSBSB ².FMB 1J}³

"MCJDPDDIF -B TVQFSGJDJF EFEJDBUB BMMµBMCJDPDDP o QSFWBMFOUFNFOUF TJUVBUB OFMMB GBTDJB DPMMJOBSF B NPOUF EFMMB WJB &NJMJB F GJOP B DJSDB N T M N -µBNCJFOUF QF EFDPMMJOBSF WBMPSJ[[B F NJHMJPSB J TVPJ DBSBUUFSJ PSHBOPMFUUJDJ JM DPMPSF o QJ} BDDFO UVBUP JM QSPGVNP F MµBSPNB UJQJDJ WFOHPOP FTBMUBUJ "ODIF Mµ"MCJDPDDB EJ 3PNBHOB TJ o DBOEJEBUB BMMµ*(1 QFS MB [POB EJ QSPEV[JPOF QJ} WPDBUB DIF OFM SBWFOOBUF DPS SJTQPOEF BM EJ RVFMMB SFHJPOBMF 4F WPHMJBNP JODPOUSBSF MµBMCJDPDDP QFSDJx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h TPOP JNCPUUJHMJBUJ QSFTTP MB $BOUJOB MF 3PNBHOPMF EFM HSVQQP $FWJDP -F BOUJDIF BSDIJUFUUVSF DIF MB $PPQFSBUJWB IB B EJTQPTJ[JPOF DPNF MµFTTJDBUPJP EFM UBCBDDP F MB TUBMMB TPOP TUBUJ SJDPOWFSUJ UF SJTUSVUUVSBUF F BEJCJUF BMMB SJDF[JPOF F BMMB SJTUPSB[JPOF VO DPODFSUP EJ TBQPSJ DIF TPUUPMJOFB MF HJPSOBUF MF PDDBTJPOJ MF

TUBHJPOJ DPO NFO} B UFNB MFHBUJ BM UFSSJUPSJP

-µJNQFHOP EFJ TPDJ EFMMB .BTDP OPO DPOPTDF TPTUF F QSJNB EJ QBSUJSF DJ SJTFSWB BODPSB TPSQSFTF JM .VTFP DIF SBEVOB ²QF[[J TUPSJDJ³ EFM MBWPSP EFMMB UFSSB VOB [POB EJ DJSDB FUUBSJ JNQFHOBUB B CPTDP EJ BDFSP GSBTTJOP QJPQQP CJBODP TBMJDF F VOB TFDPOEB BSFB EJ FUUBSJ VUJMJ[[BUB QFS SJDSFBSF MB ²WBMMF³ DIF FSB RVJ JM QBFTBHHJP QSFEPNJOBOUF DPO ¿PSB F GBVOB UJQJDB F DPO JM SJDIJBNP EFJ WPMBUJMJ BODIF EBMMF PBTJ WBMMJWF WJDJOF -µFDP EFMMµJOUSBQSFOEFO[B EFJ CSBDDJBOUJ OPO TJ TQFHOF USB $POTFMJDF F .BTTBMPNCBSEB /F USPWJBNP MF USBDDF DPODSFUF F BUUVBMJ BODIF OFMMB [POB EJ /PSE &TU OFMMF MPDBMJUh EJ 7PMUBOB F "MGPOTJOF EPWF MB $PPQF SBUJWB EFJ #SBDDJBOUJ HFTUJTDF VOB WBTUJTTJNB BSFB DPMUJWBUB B WJWBJP F EPUBUB EJ UFSSF QFS MB DPOTFSWB[JPOF F WFOEJUB EJ QJBOUF PSOBNFOUBMJ F EB GSVUUP -B EJSFUUSJDF QFS SBHHJVOHFSF J WJWBJ EB $POTFMJDF o MB TT 2VBOEP EB $POTFMJDF SJQSFOEJBNP MB TUSBEB QFS UPSOBSF WFS TP 3BWFOOB QPTTJBNP SJQFSDPSSFSF NB B SJUSPTP MF UBQQF EFM TFOTP EJ NBSDJB JO BOEBUB PWWFSP DPO QBTTBHHJP B .BTTBMPN CBSEB F -VHP EJWFSTBNFOUF TJ QVx SBHHJVOHFSF "MGPOTJOF F EJ RVJ 'VTJHOBOP #BHOBDBWBMMP ¾OP B 3BWFOOB &OUSBNCJ J QFSDPSTJ DJ EBOOP MµPDDBTJPOF EJ JOUSPEVSDJ BMMB DP OPTDFO[B EJSFUUB EFM QSPEPUUP DIF TUB TDSJWFOEP VOB QBHJOB OVPWB OFMMµ PGGFSUB EJ QSPEV[JPOJ BHSJDPMF EJ RVBMJUh JO QSPWJO

DJB EJ 3BWFOOB DPNF QVSF OFMMB QSPWJODJB EJ 'PSMs $FTFOB F 3JNJOJ 1BSMJBNP EFM ²HSBOP 3PNBHOPMP³ -B 3PNBHOB JOGBUUJ UFSSB WPDBUB BE VOB GSVUUJDPMUVSB EµBWBO HVBSEJB F BE VOB WJUJDPMUVSB EB WJOP JO DPTUBOUF DSFTDJUB JO RVBOUP BMMB RVBMJUh EFM QSPEPUUP o EB TFNQSF QSPUBHPOJTUB OFMMB DPMUVSB DFSFBMJDPMB *M QSPHFUUP ²(SBOP 3PNBHOPMP³ BUUJWBUP EB ²$FSFBMJ 3PNBHOB³ IB JOUFSFTTBUP HJh OFM QSJNP BOOP FUUBSJ EJTUSJCVJUJ USB B[JFOEF TPDJF -B TFNJOB EFMMµBVUVOOP IB QVOUBUP BM SBEEPQQJP TV FUUBSJ $FSFBMJ 3PNBHOB $FSFBMJ 3PNBHOB T S M 0SHBOJ[B[[JPOF EJ 1SPEVUUPSJ TFUUP SF ²HSBOEJ DPMUVSF³ SJDPOPTDJVUB Mµ EJDFNCSF EBMMB SFHJPOF & 3 BJ TFO TJ EFMMB - 3 EFM BQSJMF OBTDF DPO BUUP OPUBSJMF EFM HJVHOP 4PDJ GPOEBUPSJ F ²TPDJ EJSFUUJ³ TPOP MF MPDBMJ DPPQFSBUJWF $POTPS[JP "HSBSJP *OUFSQSP WJODJBMF EJ 'PSMs $FTFOB F 3JNJOJ F $FSFBMJ 1BEFOOB T D B S M EJ 3BWFOOB *M QSPHFUUP WJFOF QPSUBUP BWBOUJ EB $FSFBMJ 3PNBHOB MµPSHB OJ[[B[JPOF DSFBUB EBM $POTPS[JP "HSBSJP F EBMMB $PPQFSBUJWB $FSFBMJ 1BEFOOB DIF GB DBQP BM $POTPS[JP "HSBSJP EJ 3BWFO OB -P TDPQP o RVFMMP EJ NJHMJPSBSF RVBMJ¾DBSF F WBMPSJ[[BSF DPNNFSDJBMNFOUF MF QSPEV[JPOJ DFSFBMJDPMF EFMMF QSPWJODF SPNBHOPMF -B DPOTBQFWPMF[[B EFMMF QPUFO[JBMJUh EFM UFSSJUPSJP F MB QSP GFTTJPOBMJUh EFHMJ BHSJDPMUPSJ IBOOP DPOTFOUJUP EJ QSPEVSSF VO ²(SBOP 3PNBHOPMP³ QBSUJDPMBSNFOUF BEBUUP BMMB QBOJ¾ DB[JPOF & EJ TFHVJUP TJ o PUUFOVUB MB ²'BSJOB EJ HSBOP 3PNBHOPMP³ QSPEPUUB F DPNNFSDJBMJ[[BUB QFS MB QSJNB WPMUB DPO RVFTUP NBSDIJP OFM JO DPOGF[JPOJ EB LH F OFJ UJQJ F Ã&#x2030; MµVMUJNB FWPMV[JPOF EFJ QSPHSBNNJ EJ WBMPSJ[[B[JPOF EFJ QSP EPUUJ DFSFBMJDPMJ MPDBMJ BUUJWBUJ EB ²$FSFBMJ 3PNBHOB³ 7JFOF SJDBWBUB EB VOB NJTDFMB EJ HSBOJ UFOFSJ OFJ RVBMJ QSFWBMHPOP MF WBSJFUh #PMPHOB F 1BEFSOP DPMUJWBUJ EB B[JFOEF BHSBSJF BEF SFOUJ BM QSPHFUUP DIF TFHVPOP QFSDJx QSFDJTJ EJTDJQMJOBSJ FMBCPSBUJ QFS FTBMUBSOF MB RVBMJUh F TUPDDBUJ OFMMB [POB TUFTTB EJ PSJHJOF

(Jh EBM TVP QSJNP BQQBSJSF MB ²GBSJOB EJ HSBOP 3PNBHOPMP IB EFTUBUP QFS MB TVB PUUJNB RVBMJUh VO OPUFWPMF JOUFSFTTF OFJ DPOTVNBUPSJ DIF MB QPTTPOP USPWBSF PSB BODIF OFMMB SFUF EFMMB EJTUSJCV[JPOF *M QSPHFUUP OPO o EFTUJOBUP BE FTBVSJSTJ DPO MB TPMB QSPEV[JPOF EFMMB GBSJOB * ( 1 HJh JNQPSUBOUF BJ ¾ OJ EFMMB WBMPSJ[[B[JPOF EFJ QSPEPUUJ DFSFBMJDPMJ 3PNBHOPMJ NB o HJVOUB QBSUFOEP EB RVFTUB NBUFSJB QSJNB EJ BMUB RVB MJUh ¾ OP BMMB QSPEV[JPOF EJ VO ²QBOF 3PNBHOPMP³ UJQJDP 0HHJ J DPOTVNBUPSJ QSPQFOTJ BE VOB BMJNFOUB[JPOF PSJFOUBUB BMMB RVBMJUh HMPCBMF F GSB RVFTUJ BODIF J UVSJTUJ DIF TJBOP JO TPHHJPSOP OFMMF QSPWJODF EFMMB 3PNBHOB QPTTPOP BDRVJTUBSF VO OVPWP QSPEPUUP EB GPSOP JM QBOF SPNBHOPMP QBOF BSUJHJB OBMF QSPEPUUP DPO GBSJOB EJ HSBOJ SPNBHOPMJ *M QBOF SPNBHOP MP BDDPNVOB J QSPEVUUPSJ EFMMB ¾ MJFSB BHSJDPMUPSF NVHOBJP F QBOJ¾ DBUPSF TPOP UVUUJ TPHHFUUJ PQFSBOUJ OFM OPTUSP UFSSJUPSJP QFS PGGSJSF MB NBTTJNB RVBMJUh BM DPOTVNBUPSF 4POP J QB OJ¾ DJ BSUJHJBOBMJ DIF IBOOP BEFSJUP BM QSPHFUUP JOTJFNF DPO MF MPSP SJWFOEJUF *O QSPWJODJB EJ 3BWFOOB TPOP DPTs EJTMPDBUJ B 3BWFOOB DJUUh B 'BFO[B B -VHP F 7PMUBOB B 1JBOHJ QBOF BE "MGPOTJOF BJ -JEJ EJ 3BWFOOB -P TJ QVx SJDPOPTDFSF EBMMµ JNNBHJOF TJNCPMP NPMUP BDDBU UJWBOUF DIF o JM MFJU NPUJWF EFMMB DBNQBHOB TUFTTB DIF IB BEPUUBMP MP TMPHBO ².BOHJB DPNF QBSMJ³ * QVOUJ WFOEJUB TPOP EPUBUJ EJ WFUSPGBOJF F MPDBOEJOF DIF MJ DBSBUUFSJ[[BOP F JM 1BOF SPNBHOPMP o WFOEVUP EFOUSP TBDDIFUUJ DPO JM TJNCPMP F VO WPMBOUJOP DIF OF TQJFHB MF JOUSJOTFDIF TQFDJ¾ DJUh 4F OFMMB TUSBEB EFM SJUPSOP B 3BWFOOB BWSFNP TDFMUP EJ QBTTBSF QFS "MGPOTJOF BWSFNP MµPDDBTJPOF EJ GBSF TPTUB QSFTTP JM EJTUSJCV UPSF EJ -BUUF 'SFTDP BMMFTUJUP BODIF RVJ DPNF BCCJBNP WJTUP B #SJTJHIFMMB EBM DPOTPS[JP $PQBG 1BOF EJ 3PNBHOB F MBU UF GSFTDP HBSBOUJUJ FOUSBNCJ EB EJTDJQMJOBSJ EJ SJOUSBDDJBCJMJUh TPOP JM GSBHSBOUF F TBMVCSF DPNNJBUP EBMMB #BTTB 3PNBHOB $PQBG WFEJ 1FSDPSTP ²*OUPSOP BM 'SBOUPJP³

4FDPOEP J USBUUBUJ EJ GSVUUJDPMUVSB QJ} BOUJDIJ JM QFTDP TFNCSB QSPWFOJSF EBMMB $JOB EPWF o BODPSB WFOFSBUP DPNF MµBMCFSP EFM CFOF F EFM NBMF -B TVB EJGGVTJPOF JO *UBMJB o EP WVUB BJ $SPDJBUJ DIF MP JNQPSUBSPOP EBMMµ0SJFOUF 5JQP EJ QSPEPUUP TDIFEB QSPEPUUP 1SFTFOUB EJWFSTF WBSJFUh B QPMQB HJBMMB F QPMQB CJBODB É PU ;POB EJ QSPEV[JPOF UFOVUB DPO UFDOJDIF USBEJ[JPOBMJ SJTQFUUPTF EFMMµBNCJFOUF -B $PNQSFOEF MF QSPWJODJF EJNFOTJPOF EFHMJ BMCFSJ o EFUFSNJOBUB BMMP TDPQP EJ PUUFOFSF EJ 3BWFOOB 'PSMs $FTBOB QSPEPUUJ EJ BMUB RVBMJUh PDDPSSF FGGFUUVBSF BMNFOP USF SBDDPM #PMPHOB 'FSSBSB *O QSPWJODJB EJ 3BWFOOB UF TFO[B EBOOFHHJBSF JM GSVUUP * MJNJUJ NBTTJNJ TPOP EJ TJ QSPEVDPOP DJSDB QJBOUF QFS FUUBSP EFOTJUh F EJ LH QFS FUUBSP QSPEV NJMB RVJOUBMJ [JPOF -F GPSNF EJ BMMFWBNFOUP TPOP QBMNFUUB GVTFUUP WBTP EJ QFTDIF F WBTFUUP SJUBSEBUP "MMµJNNJTTJPOF BM DPOTVNP MB QFTDB EJ 3PNBHOB EFWF BWFSF VO EJBNFUSP NJOJNP EJ NJMMJNFUSJ F VO UFOPSF [VDDIFSJOP NJOJNP EJ CSJY $BSBUUFSJTUJDIF PSHBOPMFUUJDIF F OVUSJ[JPOBMJ -B DPOTJTUFO[B QPMQPTB F MµFMFWBUP DPOUFOVUP EJ TVDDP TPOP EPWVUJ BMMB OPUFWPMF RVBOUJUh EJ BDRVB F BMMB QFDUJOB TPMVCJMF DIF SFHPMB JM DPMFTUFSPMP F MB HMJDFNJB * NPMUJ BDJEJ PSHBOJDJ MF DPOGFSJTDPOP JM TBQPSF HSBEFWPMF MB SJDDIF[[B JO WJUBNJ OB " F MµBMUP DPOUFOVUP EJ QPUBTTJP DBSBUUFSJ[[BOP JM QSP¾ MP OVUSJ[JPOB MF

1FTDB EJ 3PNBHOB

-B QSFTFO[B EFMMF QFTDIF OPDJ OFUUBSJOF o NPMUP BOUJDB F DPO UBMF OPNF TPOP DJUBUF OFJ USBUUBUJ TFJDFOUFTDIJ EJ BHSJDPMUVSB *M QSJNP JNQJBOUP EJ QFTDP B .BTTBMPNCBSEB GV GBUUP EBMMµPS UPMBOP (JVTFQQF (JBOTUFGBOJ OFM F TFHOx MµJOJ[JP EFMMB GSVUUJDPMUVSB JOEVTUSJBMF TDIFEB QSPEPUUP 5JQP EJ QSPEPUUP ;POB EJ QSPEV[JPOF 1SFTFOUB EJWFSTF WBSJFUh B QPMQB HJBMMB F QPMQB CJBODB )B MB CVD $PNQSFOEF MF QSPWJODJF DJB MJTDJB FE o PUUFOVUB DPO UFDOJDIF SJTQFUUPTF EFMMµBNCJFOUF -B EJ 3BWFOOB 'PSMs $FTBOB 3JNJOJ #PMPHOB 'FSSBSB EJNFOTJPOF EFHMJ BMCFSJ o UBMF EB PUUFOFSF QSPEPUUJ EJ BMUB RVBMJUh PDDPSSF FGGFUUVBSF BMNFOP USF SBDDPMUF TFO[B EBOOFHHJBSF JM GSVU UP * MJNJUJ NBTTJNJ TPOP EJ QJBOUF QFS FUUBSP EFOTJUh F EJ LH QFS FUUBSP QSPEV[JPOF

-F GPSNF EJ BMMFWBNFOUP TPOP QBMNFUUB GVTFUUP WBTP F WB TFUUP SJUBSEBUP 2VBOEP WJFOF JNNFTTB BM DPOTVNP MB OFU UBSJOB EFWF BWFSF VO EJBNFUSP NJOJNP EJ NJMMJNFUSJ F VO UFOPSF [VDDIFSJOP EJ CSJY $BSBUUFSJTUJDIF PSHBOPMFUUJDIF F OVUSJ[JPOBMJ -B DPOTJTUFO[B QPMQPTB F MµFMFWBUP DPOUFOVUP EJ TVDDP TPOP EPWVUJ BMMB OPUFWPMF RVBOUJUh EJ BDRVB F BMMB QFDUJOB TPMVCJMF DIF SFHPMB JM DPMFTUFSPMP F MB HMJDFNJB * NPMUJ BDJEJ PSHBOJDJ MF DPOGFSJTDPOP JM TBQPSF HSBEFWPMF F MB NBODBO[B EJ HSBTTJ OPO BGGBUJDB MP TUPNBDP F JM GFHBUP * NVTU OVUSJ[JPOBMJ EFMMB QFTDB F EFMMB OFUUBSJOB TPOP SJD DIF[[B JO WJUBNJOB $ CVPOB QSFTFO[B EJ # DBSPUFOF P QSP WJUBNJOB " QSFDVSTPSJ OFMMµPSHBOJTNP BMMB GPSNB[JPOF EJ SFUJOPMP SJDDIF[[B EJ 1PUBTTJP NH /FM MPSP JOTJFNF MB WJUBNJOB $ P "DJEP "TDPS CJDP J DBSPUFOPJEJ F MB QSPWJUBNJOB " WFOHPOP EF¾OJUJ DPNQPTUJ ¾ UPDIJNJDJ GFOPMJDJ &TTJ TFDPOEP SFDFOUJ TUVEJ OVUSJ[JPOBMJ TWPMHPOP VOB JNQPSUBOUF B[JPOF BOUJPTTJEBOUF DIF TJ BUUVB DPOUSP J SBEJDBMJ MJCFSJ * DPNQPTUJ GFOPMJDJ BHJTDPOP DBUUVSBOEP FE FMJNJOBOEP J SB EJDBMJ MJCFSJ QSFTFOUJ OFJ UFTTVUJ DFMMVMBSJ -F QSPQSJFUh UFSBQFVUJDIF EFHMJ BMJNFOUJ EJ -ZOEFM $PTUBJO FE 5FDOJDIF /VPWF *O QSPWJODJB EJ 3BWFOOB TJ QSPEVDPOP DJSDB NJMJPOJ EJ RVJOUBMJ EJ /FUUBSJOF

/FUUBSJOB EJ 3PNBHOB

* QSJNJ EBUJ SJTBMHPOP BHMJ JOJ[J EFM ´ -B DPMUVSB FSB OPUB JO &NJMJB 3PNBHOB NPMUP QSJNB DIF JO BMUSF QBSUJ Eµ*UBMJB 5JQP EJ QSPEPUUP 1SFTFOUB EJWFSTF WBSJFUh DVMUJWBS FE o PUUFOVUB DPO UFDOJDIF USBEJ[JPOBMJ SJTQFUUPTF EFMMµBNCJFOUF -F GPSNF EJ BMMFWBNFO TDIFEB QSPEPUUP UP TPOP QBMNFUUB F GVTFUUP -B EFOTJUh DPOTFOUJUB o EJ ;POB EJ QSPEV[JPOF QJBOUF QFS FUUBSP NFOUSF MB QSPEV[JPOF NBTTJNB BNNFTTB $PNQSFOEF MF QSPWJODJF o EJ LH QFS FUUBSP QFS QPUFSF PUUFOFSF VO QSPEPUUP EJ EJ 3BWFOOB 'FSSBSB BMUB RVBMJUh #PMPHOB .PEFOB 3FHHJP &NJMJB $BSBUUFSJTUJDIF PSHBOPMFUUJDIF F OVUSJ[JPOBMJ *O QSPWJODJB EJ 3BWFOOB .BUVSB BM QVOUP HJVTUP QSFTFOUB J NBTTJNJ SFRVJTJUJ PSHBOP TJ QSPEVDPOP DJSDB MFUUJDJ F EJ HVTUP DIF WBSJBOP B TFDPOEB EFMMF WBSJFUh NJMB RVJOUBMJ EJ QFSF É NPMUP EJHFSJCJMF QVSJ¾DBOUF DPOUJFOF [VDDIFSJ BTTJNJMBCJMJ BODIF EBJ EJBCFUJDJ É SJDDB EJ NJOFSBMJ DPNF DBMDJP GPTGPSP GFSSP QPUBTTJP $POUJFOF EJWFSTF WJUBNJOF

1FSB EFMM &NJMJB 3PNBHOB

(SBQQPMJ EµBVUPSF (SBOEJ WJOJ EJ DPMMJOB

(SBOEJ WJOJ EJ DPMMJOB 0SJPMP EFJ 'JDIJ 4BOUB -VDJB .BS[FOP #SJTJHIFMMB 3JPMP 5FSNF 5FCBOP $FMMF 'BFO[B

3BDIJEF P SBTQP P HSBTQP o MB QBSUF JOUFSOB EFM HSBQQPMP DPTUJUVJUB EB VO BTTF DFOUSBMF EB DVJ TJ EJQBSUPOP J SBNFUUJ BMMF DVJ FTUSFNJUh TPOP BUUBDDBUJ J TJOHPMJ BDJOJ

%BMMµBMUP EJ VOB DPMMJOB VOB USB MF JOOVNFSFWPMJ F EPMDJ EFMMB 3PNBHOB MB EJTUFTB EJ WJHOFUJ OFM SJHPHMJP EJ GSPOEF F HSBQ QPMJ F JM MPSP TGJMBSF TJOVPTP MVOHP J GJBODIJ EFJ NPOUJDJOJ HJ} GJOP BMMB QJBOVSB SJMBTDJBOP BMMµPDDIJP MµJNQSFTTJPOF EJ VO QBSUFSSF WFSEF VO HSFFO PNCSFHHJBUP F TGVNBUP DIF TPMP MP THVBSEP QVx BDDBSF[[BSF F MP GBSFCCF EµJTUJOUP MB NBOP .B EBQQSFTTP BMMB WJHOB TJ QVx HJSBSF JOUPSOP USB J GJMBSJ B TQJBSF MF CBDDIF CJBODIF P SPTTF DFSPTF BWWJOHIJBUF BM SBDIJEF F TVJ HSBQQPMJ BMBUJ DPOJDJ BMMVOHBUJ DJMJOESJDJ EPMDF QFTP TPS SFUUP EB USBMDJ MFHOPTJ VO DPOUPSOP EJ GPHMJF QBMNBUF HFOF SPTF EJ PNCSB OFSWPTF /FMMB 3PNBHOB EFJ ²OFUUBSJ EJWJOJ³ TJ WB EBMMB DJUUh WFSTP MF DBOUJOF TJ QPSUB B DBTB MB EBNJHJBOFUUB JM GJBTDP P MB CPUUJ HMJB ²CVPOB³ QFS JM CFSF DPNVOF JM SJUP RVPUJEJBOP F QFS MB GFTUB EFMMB 1BUSPOB P QFS MµBOOJWFSTBSJP JM DPNQMFBOOP QFS MF QSJNF OP[[F F MF VMUJNF FTFRVJF© Ts OFUUBSF EJWJOP BODIF QFS RVFMMF 5BOUP JM WJOP o EJWFOUBUP TBDSP DIF QVx CBHOBSF HMJ BCCSBDDJ EFJ DPNNJBUJ FTUSFNJ %BMMB DJUUh BMMF DBOUJOF DJ BDDPNQBHOB MB WJHOB DJ GB EB DJDF SPOF TVMMB UFSSB TFHOBUB EBJ WJUJHOJ TVPJ QVQJMMJ EFMMµBOUJDB F EFMMµVMUJNB HFOFSB[JPOF "CCJBNP DIJFTUP BMMB OPTUSB ²HVJ EB³ EJ DPOEVSDJ BMMµJODPOUSP DPO J WJOJ DIF IBOOP SFTP GBNPTB

4USBEB EFM 4BOHJPWFTF 4USBEB EFJ 7JOJ F EFJ 4BQPSJ EFMMF $PMMJOF EJ 'BFO[B

$PSTP .BUUFPUUJ 3JPMP 5FSNF Â&#x2026; 5FM GBY

JOGP!TUSBEBEFMTBOHJPWFTF JU

$POTPS[JP *M 1BOJFSF EFMMµ"QQFOOJOP 'BFOUJOP

1JB[[FUUB 1PSUB (BCPMP ° #SJTJHIFMMB Â&#x2026; 5FM

JOGP!JMQBOJFSF DPN

$01"' $POTPS[JP QFS MB WBMPSJ[[B[JPOF EFJ QSPEPUUJ UJQJDJ EFMMµ"QQFOOJOP 'BFOUJOP

7JB .BTJSPOJ ° #SJTJHIFMMB Â&#x2026; 5FM

"TTPDJB[JPOF 1SPEVUUPSJ EFMMB 5PSSF EJ 0SJPMP

UFM Â&#x2026; JOGP!UPSSFEJPSJPMP JU

'BUUPSJF %JEBUUJDIF D P "TTFTTPSBUP QSPWJODJBMF "HSJDPMUVSB

WJB EFMMB -JSJDB 3BWFOOB UFM ° GBY

MDIJOBHMJB!NBJM QSPWJODJB SB JU

MB 3PNBHOB FE FTTB DJ IB EBUP BQQVOUBNFOUP JO QSPWJODJB EJ 3BWFOOB TPUUP MB 5PSSF EJ 0SJPMP TVM DPMMF JO MPDBMJUh 0SJPMP EFJ 'JDIJ *M UFSSJUPSJP DPNVOBMF o RVFMMP EJ 'BFO[B -B DBQJUBMF EFMMB DFSBNJDB BSUJTUJDB IB DPTs GPSUFNFOUF TFHOBUP RVFTUP UFSSJUPSJP DPO MB TVB TUPSJB MFHBUB BMMF BSHJMMF DBMBODIJWF F BMMB FTQFSJFO[B EFJ NBFTUSJ DFSBNJTUJ EB UJUPMBSF MF BUUJWJUh QSP NP[JPOBMJ DPO JM QSPQSJP OPNF o TUBUB DPTUJUVJUB MB 4PDJFUh EJ "SFB 5FSSF EJ 'BFO[B USB DPNVOJ VCJDBUJ JO QSPWJODJB EJ 3BWFOOB OFM DVPSF EFMMB 3PNBHOB B DJSDB ,N EBMMB DPTUB BESJBUJDB -F ²5FSSF EJ 'BFO[B³ TJ QPTTPOP QFSDPSSFSF TFDPOEP VO DJSDVJUP BE BOFMMP 4PDJFUh EJ "SFB ²5FSSF EJ 'BFO[B³ o VO TPHHFUUP NJTUP B NBHHJPSBO[B QSJWBUB DPN QPTUP EB DJSDB TPDJ JO DVJ TPOP SBQQSFTFOUBUJ "TTPDJB[JPOJ EJ DBUFHPSJB MB 1SPWJO DJB EJ 3BWFOOB BMDVOJ $PNVOJ MB DBNFSB EJ $PNNFSDJP 1SPWJODJBMF * $PNVOJ QSP NPUPSJ TPOP TUBUJ RVFMMJ EJ 'BFO[B #SJTJHIFMMB $BTPMB 7BMTFOJP $BTUFM #PMPHOFTF 3JPMP 5FSNF F 4PMBSPMP -µPCJFUUJWP EFMMB TPDJFUh o RVFMMP EJ DPPSEJOBSF MB QSPNP [JPOF EFM UFSSJUPSJP JOUFHSBOEP HMJ JOUFSWFOUJ EFM QVCCMJDP DPO RVFMMJ EFM QSJWBUP

#BDDIF TPOP HMJ BDJOJ DPOPTDJVUJ DPNVOFNFOUF DPNF DIJDDIJ EµVWB UFOVUJ JOTJFNF EBM SBDIJEF

Ã&#x2030; VO WJBHHJP DIF TJ QVx JOUSBQSFOEFSF TFHVFOEP NPUJWB[JP OJ UVSJTUJDIF BTTBJ EJGGFSFO[JBUF RVBMJ TPOP RVFMMF EFM UVSJTUB DPOUFNQPSBOFP DIF TJ NVPWF BMMB TDPQFSUB EJ OVPWJ BNCJFOUJ OBUVSBMJ EJ QBFTJ TFHOBUJ EB BSDIJUFUUVSF EJ QSFHJP TUPSJDP F WB B DFSDBSF MF NJHMJPSJ B[JFOEF BHSJDPMF DIF QSPEVDPOP J QSPEPUUJ UJQJDJ EJ RVFTUF UFSSF 1FS HVJEBSF RVFTUP WJTJUBUPSF F TFHOB MBSHMJ MF FDDFMMFO[F HJh GSVJCJMJ TVMMF TUSBEF EB MVJ QFSDPSTF TJ o DPTUJUVJUB BODIF MB 4USBEB EFM 4BOHJPWFTF PWWFSP 4USBEB EFJ 7JOJ F EFJ 4BQPSJ EFMMF $PMMJOF EJ 'BFO[B #FO TFHOBMBUB EBMMB DBSUFMMPOJTUJDB DPMMPDBUB MBEEPWF OFM UFSSJUPSJP DPMMJOBSF EFM MF 5FSSF EJ 'BFO[B TPOP TPSUF PUUJNF JNQSFTF BHSJDPMF TPQSBU UVUUP WJUJWJOJDPMF NB BODIF DPNNFSDJBMJ F EFMMB SJTUPSB[JPOF MB 4USBEB EFM 4BOHJPWFTF GBDJMJUB MµPCJFUUJWP EFMMB DPOPTDFO[B EJSFUUB *OGBUUJ DPNF JM UVSJTUB NPTTP EBMMB NPUJWB[JPOF BSUJTUJ DB DVMUVSBMF WB EJ QFSTPOB B WFEFSF MµPHHFUUP EFM TVP JOUFSFTTF DPTs JM UVSJTUB TQJOUP EBMMB NPUJWB[JPOF FOPHBTUSPOPNJDB OPO TJ BDDPOUFOUB EJ BDRVJTUBSF JM QSPEPUUP OFM OFHP[JP EJ SJWFO EJUB QFS RVBOUP BDDBUUJWBOUF FTTP TJB CFOTs TJ JOPMUSB OFM UFSSJUPSJP F SBHHJVO HF MF B[JFOEF EPWF QVx JODPOUSBSF JM QSP EVUUPSF F BWFSF EB MVJ MB EFHVTUB[JPOF HVJEBUB EJ RVFM QSPEPUUP F PHOJ JOGPSNB [JPOF VUJMF BM NJHMJPS VUJMJ[[P EFMMP TUFTTP OFMMB QSPQSJB BMJNFOUB[JPOF *M OPTUSP QFSDPSTP OFMMF DPMMJOF GBFOUJOF USB J ²(SBQQPMJ EµBVUPSF ² TJ BWWBMF QFS DJx EFMMF JOEJDB[JPOJ EFMMB 4USBEB EFM 4BOHJPWFTF *OUBOUP TBMJBNP EB WJB #JBO[BSEB JO QJB

5SBMDJP o JM SBNP EFMMB WJUF F TFSWF B QPSUBSF GPHMJF GJPSJ F GSVUUJ $POTFOUF JOPMUSF JM DPMMFHBNFOUP USB RVFTUF F BMUSF QBSUJ EFMMB QJBOUB USPODP F SBEJDJ

7JUJHOP o MB WBSJFUh DPMUJWBUB EFMMB WJUJT WJOJGFSB P WJUF

OVSB EBM DIJMPNFUSP EFMMB TT WJB &NJMJB %PQP VO CSFWF SFUUJMJOFP EPCCJBNP BDDPOEJTDFOEFSF BM USBDDJBUP TJOVPTP EJ VOB UJQJDB TUSBEB QFEFDPMMJOBSF TUSFUUB RVBTJ ²VOB QJB[[B F NF[[P³ DIF DJ TPSQSFOEF DPO DVSWF B HPNJUP DPTs TQJHPMPTF EB TVHHFSJSF VOB WFMPDJUh NPEFSBUB $J BDDPNQBHOBOP JOUFOTJ WJHOFUJ F JO BMUFSOB TVDDFTTJP OF QFTDIFUJ F BDUJOJEJFUJ 2VFTUJ VMUJNJ QPSUBUPSJ EFMMµPUUJNP LJXJ 7PSSFCCFSP DPOGPOEFSDJ DPO J USBMDJ BMMFWBUJ B QFSHPMB DIF JO RVBMDIF NPEP SJDIJBNBOP J WJHOFUJ NB JM GPMUP FTQMPEFSF EFMMF GPHMJF F MµBGGJPSBSF EFMMµJODPOGPOEJCJMF GSVUUP DJ MJCFSBOP EBMMµFRVJWPDP 4VQFSJBNP MµJODSPDJP DPO WJB 4USPDDB F TVCJUP EPQP MµBCJUBUP TVMMB TJOJTUSB QPTTJBNP TPGGFSNBSDJ RVBMDIF JTUBOUF QFS VO JODPOUSP SBWWJDJOBUP DPO VOB WFDDIJB ²QFSHP MFUUB SPNBHOPMB³ %J RVJ JO BWBOUJ OPO TBSh GSFRVFOUF JODPO USBSMB HJBDDIn WJFOF NBOUFOVUB TPQSBUUVUUP JO QJBOVSB /PJ DJ EJSJHJBNP JO [POB DPMMJOBSF "TTFDPOEJBNP WJB #JBO[BSEB DIF TJ MJCFSB EJ WJB (FTVJUB F QSPDFEF BE JODPOUSBSF WJB 4 .BNBO UF EJ DVJ QFSx OFM QVOUP EJ JODSPDJP OPO Dµo JOEJDB[JPOF %J RVJ QSPTFHVJBNP EFDJTBNFOUF WFSTP MB TPNNJUh EFM DPMMF EPWF MB 5PSSF EJ 0SJPMP FNFSHF TPSNPOUBUB EBMMB TBHPNB TUJ MJ[[BUB EFJ QJOJ DIF HJh OFM 9*9 TFDPMP JTQJSBSPOP JM EJTFHOBUP SF F TDFOPHSBGP GBFOUJOP 3PNPMP -JWFSBOJ QFS EJWFSTJ TDIJ[[J JNQSFTTJ OFM TVP UBDDVJOP EJ BQQVOUJ JMMVTUSBUJ

0SJPMP EFJ 'JDIJ -B MPDBMJUh o OPUB BODIF DPNF 0SJPMP EFJ .JMMF 'JDIJ QFS MµBOUJDB DPODFOUSB[JPOF EJ RVFTUF QJBOUF EJ DVJ PHHJ SFTUBOP TPMP BMDVOJ FTFNQMBSJ 5PSSF EJ 0SJPMP VOJDB QBSUF TVQFSTUJUF EJ VOµBOUJDB 3PDDB GPSUJGJDBUB OFM 1BTTBUB JO EPOB[JPOF BM DPNVOF EJ 'BFO[B BUUFOEF MB DPODMVTJPOF EFJ MBWPSJ EJ SFTUBVSP /PO o BDDFTTJCJMF BMMµJOUFSOP $J TJ QVx BEEFOUSBSF JOWFDF OFJ EVF FUUBSJ EJ QBSDP DIF NFSJUB VOB TPTUB EJTUFOTJWB USB MF QJBOUF PGGJDJOBMJ F MµBOUJDP 1PNBSJP USB MµB[[FSVPMP F JM NFMPHSBOP 2VJ BODIF J CBNCJOJ TPOP J CFOWFOVUJ OFMMµBSFB BUUSF[[BUB QFS MPSP

-F B[JFOEF BHSJDPMF SBEJDBUF TV RVFTUP UFSSJUPSJP DPMMJOBSF IBO OP SJDPOPTDJVUP MµBUUSBUUJWB TUPSJDP QBFTBHHJTUJDB EJ RVFTUB 5PSSF F OFM TJ TPOP PSHBOJ[[BUJ OFMMµ "TTPDJB[JPOF 1SP EVUUPSJ EFMMB 5PSSF EJ 0SJPMP DIF IB MB QSPQSJB TFEF OFMMµFEJGJ DJP SVTUJDP TJUVBUP BMMµJOUFSOP EFM 1BSDP EFMMB 5PSSF "MMµBTTPDJB [JPOF BEFSJTDPOP QSPEVUUPSJ BHSJDPMJ BSUJHJBOJ DPNNFSDJBO UJ DIF JOUFOEPOP QSPQPSSF BMMµBUUFO[JPOF EFM HSBOEF QVCCMJDP MB SJTDPQFSUB F MB WBMPSJ[[B[JPOF EFMMµJOUFSP EJTUSFUUP "VSFPMBOP -B [POB o SJDPOPTDJVUB EB NPMUJ DPNF MVPHP JEFBMF QFS JM TVDDFTTP EJ VOP TWJMVQQP OBUVSBMJTUJDP FE BHSFTUF * QSPEPUUJ BHSJDPMJ TPOP PUUFOVUJ OFM SJTQFUUP EFMMF BOUJDIF USBEJ[JPOJ SVSBMJ F EFMMF OPSNB UJWF EJ MPUUB JOUFHSBUB F CJPMPHJDB QFS TBMWBHVBSEBSF MµBNCJFOUF F MµVPNP *M WJOP MB GSVUUB JM NJFMF MµPMJP FYUSBWFSHJOF EµPMJWB WFO EVUJ EJSFUUBNFOUF OFMMF B[JFOEF TPOP PHHFUUP EJ VOB QSPNP[JP OF TJTUFNBUJDB TPTUFOVUB EB NBOJGFTUB[JPOJ RVBMJ GFTUF QBFTBOF F TBHSF BHSFTUJ /FMMF DPMMJOF EJ 0SJPMP F 4BO .BNBOUF PMUSF BJ UJQJDJ WJUJHOJ SPNB HOPMJ WFOHPOP DPMUJWBUJ DPO FDDFMMFOUJ SJTVMUBUJ BMUSJ WJUJHOJ 4BVWJ HOPO .BMWBTJB $BCFSOFU .FSMPU F UVUUJ J WJUJHOJ EJ BOUJDB PSJHJOF 7FOFUB DIF IBOOP USPWBUP JO 3PNBHOB DPOEJ[JPOJ DMJNBUJDIF GBWP SFWPMJ -B SFUF EFJ TFOUJFSJ EJ 0SJPMP DPNQSFOEF RVBUUSP QFSDPSTJ QFS VOB MVOHIF[[B EJ N DIF TJ TWJMVQQBOP QFS EVF UFS[J TV TUSBEF TUFSSBUF F QFS JM SJNBOFOUF TV TUSBEF DPNVOBMJ EJ FTDMVTJ

$BC $PPQFSBUJWB "HSJDPMB #SJTJHIFMMFTF TFEF EFM 'SBOUPJP 4PDJBMF F EFMMB $BOUJOB 4BHSF BHSFTUJ BQSJMF 4BHSB EFJ 7JOJ BHPTUP 'FTUB EJ 4 .BNBOUF PUUPCSF 4BHSB EFMMB 7FOEFNNJB BHPTUP $BMJDF EJ 4UFMMF

WP USBGGJDP MPDBMF 0HOJ TFOUJFSP IB VO BOEBNFOUP DJSDPMBSF DPO JOJ[JP F UFSNJOF QSFTTP VOB P QJ} QJB[[VPMF EJ TPTUB QFS MF BVUP F MVOHP JM QFSDPSTP o QPTTJCJMF JODPOUSBSF QVOUJ EµJOUFSFTTF TUPSJDP OBUVSBMJTUJDP F QBOPSBNJDP *M 1BSDP QVCCMJDP EFMMB 5PSSF EJ 0SJP MP F MµBSFB MJNJUSPGB QFEPDPMMJOBSF TPOP BCJUBUJ EB TQFDJF GMPSFBMJ F GBVOJTUJDIF EJ HSBOEF JOUFSFTTF F JM DPNQSFOTPSJP SVSBMF PTQJUB DPMUVSF EJ WJUF EJ PMJWP F GSVUUFUP UJQJDIF EFMMF DPMMJOF GBFOUJOF OFM MF QSPQSJFUh VCJDBUF OFMMB [POB QJ} QJBOFHHJBOUF TJ o TWJMVQQBUB BODIF MB DPMUVSB EFM ,JXJ DIF IB DPORVJTUBUP MµBUUFO[JPOF EJ EJWFS TJ DPMUJWBUPSJ 1FS UVUFMBSF MF TQFDJF QSFTFOUJ F NBOUFOFSF JOBMUFSB UF MF DPOEJ[JPOJ BNCJFOUBMJ Mµ"TTPDJB[JPOF TDFHMJF EJ PQFSBSF JO MJOFB DPO J QSJODJQJ EFM UVSJTNP TPTUFOJCJMF

-F B[JFOEF EFMMµ"TTPDJB[JPOF TPOP NPMUP PTQJUBMJ F SFOEPOP DPO UP EFJ QSPQSJ TJTUFNJ EJ DPMUJWB[JPOF CJPMPHJDB FE JOUFHSBUB F EFM NFUPEP EJ WFOEFNNJB NBOVBMF DPO EVF P USF QBTTBHHJ EJ SBD DPMUB GBUUB JO UFNQJ EJWFSTJ QFS OPO GBSF FOUSBSF OFJ UJOJ HMJ BDJOJ JNNBUVSJ 5SB J QSPEPUUJ EJ BOUJDB PSJHJOF SJTBMUB MB ²4BCB³ P TBQB

MP ²TDJSPQQP EµVWB³ DPNF MP EFGJOJWB Mµ"SUVTJ VTBUP QFS JOTBQP SJSF J EPMDJ F BMUSF WJWBOEF EFMMB DVDJOB *M $PNQSFOTPSJP EJ 0SJPMP JOUSPJUP BM QFSDPSTP EFJ WJOJ DJ IB DIJBSJUP MF JEFF TVMMF QSPTQFUUJ WF EFMMB WJUJWJOJDPMUVSB JO DPMMJOB MVPHP WPDBUP BMMB QSPEV[JPOF EJ QSF[JPTF SJTFSWF EFTUJOBUF BMMB DMJFOUFMB QJ} FTJHFOUF F DVSJPTB OB[JPOBMF FE FTUFSB F DJ IB JOUSPEPUUJ OFMMB HSBOEF GBNJHMJB EFJ QSPEVUUPSJ EJ WJOJ %0$ F EFHMJ BQQBTTJPOBUJ DVMUPSJ DIF OFMMµBOOP ´ EFM TFDPMP BQQFOB DPODMVTP DPO BUUP ²EJ HSBOEF JOUFMMJHFO[B F EJ DJWJMUh³ EJFEFSP WJUB BMMµ&OUF 5VUFMB 7JOJ 3PNBHOPMJ VO $POTPS [JP EJ $BOUJOF DIF QSPEVDPOP JNCPUUJHMJBOP F DPNNFSDJBMJ[[BOP *M 5SJCVOBUP WJOJ EJ 3PNBHOB B EFOPNJOB[JPOF EJ PSJHJOF DPOUSPMMBUB F DPOUSPM EJ 3PNBHOB TPSHF QFS MµBGGFSNB[JPOF MBUB F HBSBOUJUB %0$ F %0$( 4POP MF DBOUJOF DPPQFSBUJWF MB WBMPSJ[[B[JPOF MB J QSPEVUUPSJ WJOJGJDBUPSJ MF B[JFOEF DIF GBOOP JNCPUUJHMJBNFOUP TBMWBHVBSEJB EFMMF B[JFOEF DIF DPOGFSJTDPOP MF VWF -P TDPQP VOBOJNF o MB UVUF USBEJ[JPOJ F EFMMB DVMUVSB EFMMµFUOJB MB F MB WBMPSJ[[B[JPOF EFJ WJOJ EJ 3PNBHOB DIF JM NBSDIJP EFMMµ&OUF SPNBHOPMB BSU

DPOUSBEEJTUJOHVF DPO JM ²1BTTBUPSF³ JM CBOEJUP HFOUJMVPNP WJTTV 4J DPNQPOF EJ USF DPSUJ UP B NFUh EFM TFDPMP 9*9 /PO TJ TCBHMJB RVJOEJ B DIJBNBSMJ J ²7JOJ VOB QSJNB QFS VPNJOJ EFMMF MFUUFSF F EFMMF EFM 1BTTBUPSF³ .B QSJNB EFM 1FMMPOJ OFM NBSDIJP DµFSB VO HBMMP BSUJ VOB TFDPOEB DIF TJ JOPSHPHMJWB TVM HSBQQPMP EµVWB $J NJTF JM CFDDP VO WJTUPTP QFS EPDFOUJ TUVEJPTJ HBMMP OFSP DIF USPOFHHJBWB OFM NBSDIJP EFM $IJBOUJ $MBTTJDP F OPO F DVMUPSJ EFM WJOP SPNBHOPMP BDDFUUx EJ BWFSF SJWBMJ EJ QFOOB BODIF TF PMUSF "QQFOOJOP TJDDIn VOB UFS[B POPSBSJB

QFS OPO MBTDJBSF J QFOOVUJ B GBS HVFSSB GSB EJ MPSP JO 3PNBHOB TJ QFS VPNJOJ EJ NFSJUJ EFDJTF EJ DBNCJBSF NBSDIJP & GV VOB WFSB GPSUVOB QFSDIn EJ 1BT JOTJHOJ DPNVORVF BDRVJTJUJ BSU

TBUPSF DF Oµo VOP TPMP .B TF HVBSEJBNP CFOF TVM NBSDIJP B DPM MBSF EFMMB CPUUJHMJB JM HBMMP Dµo BODPSB o Ms PSHPHMJPTP TFQQVSF JO NJOJBUVSB & MB 3PNBHOB EFJ 7JOJ TJ GSFHJx QFS UVUFMBSMJ EJ VO WFSP F QSPQSJP 5SJCVOBUP DPTUJUVJUP OFM 1SJNP 5SJCVOP JM HJPS OBMJTUB .BY %BWJE DIF ²SJDPOPTDF FE BUUSJCVJTDF PHOJ BOOP MB RVBMJGJDB EJ 7JOJ EFM 5SJCVOP F JNQFHOB J USJCVOJ BE JOJ[JBUJWF EJ WBMPSJ[[B[JPOF DVMUVSBMF FE BSUJTUJDB³

4 .BNBOUF JM 4BOUP DIF Eh JM OPNF BMMB $IJFTB PNPOJNB DIF TJ BGGBDDJB TVMMB WJB 4 .BNBOUF -B $IJFTB EJ PSJHJOF .FEJPFWBMF GV QFSx SJDPTUSVJUB EPQP JM TFDPOEP DPOGMJUUP NPOEJBMF TV EJTFHOP DMBTTJDIFHHJBOUF 4BCB MJRVJEP BOUJDP F WFSTBUJMF BNJDP EFM QJBUUP TBMBUP F EFM EPMDF EFMMB CFWBOEB EJTTFUBOUF F EFJ ESJOLT QJ} TPGJTUJDBUJ #FO BDDPMUB OFMMF GSFTDIF VHPMF EFHMJ JOGBOUJ TJ MBTDJB BQQSF[[BSF

1FSDPSSFOEP MF NPMUF TUSBEF DIF TJ TOPEBOP EBMMB WJB &NJMJB GJOP BMMB 5PSSF EJ 0SJPMP F SJUPSOP TJ QVx DPOTUBUBSF RVBOUP GJU UB TJB MB SFUF TFHOBMFUJDB EFMMB 4USBEB EFM 4BOHJPWFTF F RVJOEJ RVBOUP TJB EFOTB MB QSFTFO[B EJ B[JFOEF 5SB RVFTUF Dµo VOB TJHOJGJDBUJWB QSFTFO[B EJ BHSJUVSJTNJ QSFTTP J RVBMJ QPUSh TPH HJPSOBSF JM UVSJTUB EFTJEFSPTP EJ DPOPTDFSF TFO[B GSFUUB TJB JM DPNQSFOTPSJP TJB MF B[JFOEF EFMMµ"TTPDJB[JPOF %BMMB 5PSSF EJ 0SJPMP TDFOEJBNP QFS QSPTFHVJSF JO EJSF[JPOF #SJTJHIFMMB F EFDJEJBNP EJ SJNBOFSF JNNFSTJ OFM QBFTBHHJP QFEPDPMMJOBSF FWJUBOEP MB WJB &NJMJB BSUFSJB EJ DFSUP QJ} SBQJ EB NB BTTBJ USBGGJDBUB %BMMB WJB 1P[[P JNCPDDIJBNP MB QSP WJODJBMF JO MPDBMJUh 4BOUB -VDJB GSB[JPOF EJ 'BFO[B TVQF SJBNP JM UPSSFOUF 4BNPHHJB GJOP B WJB $BOPWFUUB o VOB DBS SFHHJBUB EBWWFSP NJOJNB ²VOB QJB[[B³ TF QBSBHPOBUB BMMB #JBO[BSEB F TGPHHJB EB BNCP J MBUJ TDFOPHSBGJF BHSFTUJ EB OPO EJNFOUJDBSF

*M LJXJ BDUJOJEJB EJ PSJHJOF BTJBUJDB OFP[FMBOEFTF QFS BEP[JPOF NB QFSGFUUBNFO

UF JOTFSJUP GSB MF DPMUVSF JUBMJBOF JO QSPWJODJB EJ 3BWFOOB DSFTDF SJHPHMJPTP TV QJ} EJ EVFNJMB FUUBSJ 2VBOEP DPNJODJx B GBSTJ OPUBSF OFMMµFTQPTJ[JPOF EJ GSVUUB EFJ OFHP[J USBEJ[JPOBMJ TJ FSB B DBWBMMP EFHMJ BOOJ µ EPQP DJSDB EJFDJ BOOJ EJ TQFSJNFOUB[JPOJ QFS JOEJWJEVBSF MF [POF EB DPOWFSUJSF BE VOB CVPOB SFTB EFHMJ JNQJBOUJ DIF TJBOP QFEFDPMMJOBSJ QPDP CBUUVUF EBJ WFOUJ CFO JSSJHBUF BODIF OFJ NFTJ FTUJWJ HJBDDIn JM LJXJ OPO UPMMFSB TVJ HFSNPHMJ MF CSJOBUF QSJNBWFSJMJ On RVFMMF BVUVOOBMJ TVM GSVUUP DIF NBUVSB TPMP B GJOF PUUPCSF -B DBNQBHOB QSPNP[JPOBMF DF MP QSFTFOUx DPNF ²GSVUUP EFMMB TBMVUF³ JO WJSU} EFM MµBMUP DPOUFOVUP EJ WJUBNJOB $ DPO J TVPJ NH EJ WJUBNJOB TV HSBNNJ EJ QPM QB GFDF JNQBMMJEJSF MB OPTUSB BSBODJB DIF OF PGGSF TJD NH 4FNCSB DIF JM OPNF HMJ EFSJWJ EBMMB TPNJHMJBO[B DPO JM DPSQP UP[[P OPO DBSFOBUP EJ VO WPMBUJMF OFP[F MBOEFTF JOFUUP BM WPMP JM LJXJ BQQVOUP *M NBSSPOF EFMMB CVDDJB NBSSPOF DPNF JM QJVNBHHJP EFMMµPNPOJNP WPMBUJMF OPO DPNQFUF DPO J DPMPSJ EFJ OPTUSJ GSVUUJ NB BM UBHMJP MB QPMQB TJ SJWFMB EJ VO WFSEF CSJMMBOUF DIF JODJUB BMMµBTTBHHJP F JM HVTUP o EPM DF OPO TUVDDIFWPMF TF EJ HJVTUB NBUVSB[JPOF GPSTF DBQBDFEJ FWPDBSF OFMMµVMUJNB

OPUB BDJEVMB JM OPTUSP SJCFT SPTTP

JO BMUP EB TJOJTUSB HSBQQPMP EJ VWB "MCBOB HSBQQPMP EJ VWB 5SFCCJBOP JO CBTTP EB TJOJTUSB HSBQQPMP EJ VWB 1BHBEFCJU HSBQQPMP EJ VWB $BHOJOB

2VJ MF TUBHJPOJ TJ JNQFOTJFSJTDPOP MµVOB QFS MF QFSGPSNBODFT EFM MµBMUSB F MµJOWFSOP DIF QBSSFCCF EPWFS SBDDPHMJFSF TPMP MµFDP EFHMJ BQQMBVTJ TPSQSFOEF JM QVCCMJDP RVBOEP HMJ TWFMB MB CFMMF[[B OPO EFJ GJPSJ F EFJ GSVUUJ CFOTs EFMMB SFHPMB DIF HPWFSOB HMJ JNQJBOUJ 3FTUJBNP TVMMB NJOJDBSSFHHJBUB FWJUBOEP PHOJ VTDJUB TVMMB TJOJTUSB GJOP BM QPOUF NFUBMMJDP BTTBJ TUSFUUP TVM GJVNF .BS [FOP F EPQP RVFMMP BOEJBNP BE JODPOUSBSF MB QSPWJODJBMF O DIF EB 'BFO[B DPOEVDF B .PEJHMJBOB QBTTBOEP QFS .BS[F OP /FM QVOUP EJ DPOGMVFO[B MBTDJBNP MB $BOPWFUUB WPMUBOEP B TJOJTUSB MB EJSF[JPOF RVJ OPO o TFHOBMBUB 4VMMB TQ TJ o TWJMVQQBUB MB DPMUVSB EFM LJXJ DIF OFHMJ VMUJNJ EFDFOOJ IB TVTDJUBUP MµJOUFSFTTF EFJ DPMUJWBUPSJ JO RVFTUB DPNF JO BMUSF [POF EJ GPOEPWBMMF EFM UFSSJUPSJP GBFOUJOP 2VBOEP EBMMB QSP WJODJBMF WPMUJBNP TVMMB TQ TUSBEB ²$BSMB³ JM QBFTBHHJP TVCJTDF VO SBQJEP NVUBNFOUP F CFO QSFTUP TJBNP JOUSPEPU UJ OFMMB QSJNB WBMMFUUB DPOUPSOBUB EBM WFOUBHMJP EFJ DBMBODIJ 2VFTUB TUSBEB DJ TWFMB QSFTUP JM TVP DPNQJUP EJ TFHVHJP EFMMB 7FOB (FTTPTB TJ TBMF F TJ PUUJFOF MB WJTJPOF BMUB F QBOPSB NJDB EFMMB 7BMMF EFM -BNPOF TJ JOEJWJEVBOP J USF DPMMJ EJ #SJ TJHIFMMB B PWFTU F JO MPOUBOBO[B MµBCJUBUP EJ 'BFO[B B FTU USB MF EVF JM DPOUJOVP TVTTFHVJSTJ EFJ DPOUSBGGPSUJ HFTTPTJ -B TUSBEB $BSMB TDFOEF GJOP BE JODPOUSBSF MB TQ DIF JO CSFWF DJ TDPSUB GJOP B #SJTJHIFMMB

#SJTJHIFMMB JM CPSHP o BUUSBFOUF QFS TUPSJB F CFMMF[[F OBUVSBMJ JM TJUP o OFM TVP HFOFSF VOJDP DPNQMFUBNFOUF BEEPTTBUP BMMB 7FOB EFM (FTTP DIF IB PGGFSUP BJ QSJNJ CSJTJHIFMMFTJ NPUJWP EJ JOTFEJBSTJ TJB QFS MB QSPUF[JPOF F JM DBMPSF EFM HFTTP TJB QFS MB QPTTJCJMJUh EJ FTUSBSSF EBMMB WFOB JM TPTUFOUBNFOUP EFMMB DJWJDB DPNVOJUh

$PQBG $POTPS[JP QFS MB WBMPSJ[[B[JPOF EFJ 1SPEPUUJ 5JQJDJ EFMMµ"QQFOOJOP 'BFOUJOP

-B 4BHSB EFMMµ"HOFMMPOF F EFM $BTUSBUP 2$ QSFTTP JM DFOUSP TUPSJDP EJ #SJTJHIFMMB SJDPSSF OFM NFTF EJ TFUUFNCSF Ã&#x2030; HJVOUB OFM BMMB B FEJ[JPOF

*M TVHHFSJNFOUP EFM QFSDPSTP EFJ WJOJ o RVFMMP EJ SBHHJVOHF SF MB $PPQFSBUJWB "HSJDPMB #SJTJHIFMMFTF $BC TVMMB TUSBEB TUBUBMF JO EJSF[JPOF 'JSFO[F /FMMB HSBOEF TBMB EJ FTQPTJ[JPOF F WFOEJUB USPWJBNP VOB QBSF UF BUUSF[[BUB QFS MB WFOEJUB EJ WJOJ TGVTJ F EJ PMJP J EVF QSPEPUUJ DIF TVMMF DPMMJOF FTQPTUF B TVE FTU F B TVE PWFTU TJ DPOUFO EPOP EB TFNQSF MB EFEJ[JPOF EFJ CSJTJHIFMMFTJ $PO FDDFMMFOUJ SJTVMUBUJ WJTUP DIF TJ USBUUB EJ PMJP DPO MB %01 F EJ WJOJ %0$ F %0$( EFOPNJOB[JPOJ DIF HBSBOUJTDPOP MB NBTTJNB RVBMJUh PUUFOVUB OFM SJTQFUUP EJ SJHJEJ EJTDJQMJOBSJ -B TUSBEB QFS HJVO HFSF BMMF %FOPNJOB[JPOJ o MVOHB RVBOUP MB TUPSJB EFM QBFTF UBOUP BOUJDB o JOGBUUJ MB DPOTVFUVEJOF EJ JNQJBOUBSF JO DPMMJOB MF WJUJ EJ "MCBOB F 4BOHJPWFTF BMMFWBUF BE BMCFSFMMP GSBNNJ TUF BMMF QJBOUF EJ PMJWP F OFM GPOEPWBMMF MF WJUJ B GJMBSF NBSJ UBOEPMF BMMµBDFSP B GPSNBSF UJQJDJ QFSHPMBUJ 0HHJ JM UFSSJUPSJP CSJTJHIFMMFTF B WJUJDPMUVSB TJ FTUFOEF TV FUUBSJ JO DPMMJOB QFS J WJUJHOJ SPTTJ F OFM GPOEPWBMMF QFS J WJUJHOJ CJBODIJ F BMMB $PPQFSBUJWB DPOGFSJTDPOP JM EFJ WJUJDPMUPSJ DIF TPOP QJ} EJ QSPEVUUPSJ DPNQMFTTJWBNFOUF EJ RVBTJ DFOUPNJMB RVJOUBMJ EJ VWB /FMMB TBMB EJ FTQPTJ[JPOF DIF DPO TFOUF BODIF BTTBHHJ EFJ QSPEPUUJ MPDBMJ DJ DPODFEJBNP VOB QBVTB QFS DPOPTDFSF EB WJDJOP J WJOJ %0$ QSPQPTUJ JM 4BOHJP WFTF JM 5SFCCJBOP JM 4BOHJPWFTF 4VQFSJPSF JOTJFNF DPO Mµ"M CBOB 1BTTJUP %0$( F VO WJOP GSJ[[BOUF B GFSNFOUB[JPOF OBUV SBMF -B $PPQFSBUJWB $"C DIF PSB GB QBSUF EFM $POTPS[JP ³*M 1BOJFSF³ HFTUJTDF VO QVOUP WFOEJUB BODIF OFM DFOUSP EJ #SJ TJHIFMMB EPWF J EVF QSPEPUUJ HVJEB WJOP F PMJP WBOOP JOTJF NF DPO BDFUP HSBQQF OPDJOP GPSNBHHJ UJQJDJ F BODPSB NJFMF F DPOGFUUVSF VTDJUF EBMMF B[JFOEF EFJ TPDJ /FM DFOUSP EJ #SJTJ HIFMMB USPWJBNP BODIF MF NBDFMMFSJF DIF WFOEPOP JM $BTUSBUP EJ 3PNBHOB DBSOF PWJOB QSPEPUUB EBHMJ BTTPDJBUJ BM $PQBG TFDPOEP JM EJTDJQMJOBSF EFM .BSDIJP 2$ 2VBMJUh $POUSPMMBUB

DIF HBSBOUJTDF MB NBUFSJB QSJNB MB HFOVJOJUh MµFDDFMMFO[B EFM TBQPSF FTBMUBUP EB QSFQBSB[JPOJ DIF TJ QPTTPOP BTTBHHJBSF OFJ SJTUPSBOUJ EFMMB [POB P BMMB 4BHSB BOOVBMF -B TPTUB B #SJTJHIFMMB JM XFFLFOE P JM TPHHJPSOP QSPMVOHBUP TPOP VOµFTQFSJFO[B DBQBDF EJ DSFBSF VO GFFMJOH EVSBUVSP USB JM WJTJUBUPSF F J NPMUJ DBQJUPMJ EFMMB TVB TUPSJB QBTTBUB F QSFTFO UF /PO QFS NBHJB NB HSB[JF BMMB JMMVNJOBUB QFSNBOFO[B EFM MF BUUJWJUh JNQSFOEJUPSJBMJ EFMMµBHSJDPMUVSB F EFMMB SJTUPSB[JP OF HSB[JF BODIF BMMB DPOTBQFWPMF DPMMBCPSB[JPOF USB RVFTUJ JNQSFOEJUPSJ F MF BNNJOJTUSB[JPOJ MPDBMJ 5VUUP DJx TVQQPSUBUP EB VO QBFTBHHJP EBWWFSP JODBOUFWPMF F EB VOB TUPSJB DIF HJh EB TPMB GB MJFWJUBSF MµJOUFSFTTF %PWVORVF JM HVBSEP TJ HJSJ TJ QPTJ FTTP TVMMF FNFSHFO[F OBUVSBMJ P TV BOUJDIF BSDIJUFUUVSF

$PPQFSBUJWB "HSJDPMB #SJTJHIFMMFTF $"# WFEJ QFSDPSTP ²*OUPSOP BM GSBOUPJP³

UVUUP DIJFEF EJ FTTFS BQQSPGPOEJUP F SJWJTUP BMNFOP VOB WPMUB BODPSB $µo VO DPMMBOUF USB TUPSJB F OBUVSB VO TFHSFUP EFJ CSJ TJHIFMMFTJ 4J UPSOB QFS DBQJSF .B QFS SFTUBSF OFM UFNB EJ RVFTUP QFSDPSTP EFEJDBUP BJ HSBO EJ WJOJ EFMMB DPMMJOB GBFOUJOB DJBTDVOP QPUSh DSFBSF VO QSPQSJP UPVS TDFHMJFOEP EJ WJTJUBSF BMDVOF EFMMF B[JFOEF QSPEVUUSJDJ EJ WJOP DIF TPSHPOP BE FTFNQJP OFMMB TQMFOEJEB [POB QBOPSB NJDB DIF TPWSBTUB JM DPNQMFTTP UFSNBMF TV WJB #BDDBHOBOP GJOP BM DPOGJOF DPNVOBMF DPO .PEJHMJBOB PQQVSF TVM WFSTBO UF B TVE PWFTU MBEEPWF JM HJBDJNFOUP EFHMJ VMJWFUJ QJ} BOUJDIJ TJ BMUFSOB BMMF WJHOF EJ DPMUJWBUPSJ TBQJFOUJ * TFHSFUJ EJ VOB WJUJWJOJDPMUVSB JMMVNJOBUB WJ TBSBOOP TWFMBUJ EBJ QSPUBHPOJTUJ JM UJQP EJ BMMFWBNFOUP MB SBDDPMUB NBOVBMF EFMMµVWB F MB TFMF[JPOF EFJ HSBQQPMJ QFSGFUUJ MB WJOJGJDB[JPOF BSUJHJBOBMF OFMMF QJDDPMF DBOUJOF MµBGGJOBNFOUP MB TDFMUB EFM OPNF DIF o VOB EFMMF NBOJGFTUB[JPOJ EJ BGGFUUP EFM QSPEVUUP SF WFSTP J TVPJ WJOJ F QVx FNFSHFSF EB VOB MVOHB GSFRVFOUB [JPOF EFMMµVPNP DPO PHOJ GBTF EFMMB QSPEV[JPOF PQQVSF THPS HBSF JO VO BUUJNP GPSTF RVFMMP EFM QSJNP BTTBHHJP© RVBOEP J SJDPSEJ QSPGVNBUJ EFMMB TUBHJPOF BGGJPSBOP F TJ JOTJOVBOP OFJ DBOBMJ PMGBUUJWJ EJ Ms DPOGMVJTDPOP OFMMF BSFF EFM HVTUP F TVM MµPSMP EFM CJDDIJFSF JODMJOBUP TJ BEBHJB VO WFMP EJ DPMPSF 'PSTF

Ms TV RVFMMµPSMP WB B EFQPTJUBSTJ JM OPNF

É HJVOUP JM NPNFOUP EJ TBMVUBSF #SJTJHIFMMB QFS SBHHJVOHFSF 3JPMP 5FSNF $J BUUFOEF VO TFHNFOUP EJ QFSDPSTP EFM UVUUP QBOPSBNJDP TVMMB TUSBEB QSPWJODJBMF JO TBMJUB GJOP BM DSJOBMF DIF TPWSB TUB MB WBMMF EFM GJVNF -BNPOF *M UFNB QSFEPNJOBOUF EJ RVF TUB TUSBEB EFOPNJOBUB $BMCBOF o RVFMMP DBMBODIJWP EFMMB 7FOB EFM (FTTP DIF JO TVQFSGJDJF FTJCJTDF FSPTJPOJ ²B DBOEF MB³ EPMJOF JOHIJPUUJUPJ F JO QSPGPOEJUh OFMMB (SPUUB 5BOBDDJB HBSBOUJTDF MµBWWFOUVSB EJ DJSDB VOµ PSB EJ DBNNJOP TV TFUUF DFOUP NFUSJ EJ ²WJBCJMJUh³ TPUUFSSBOFB TDBWBUB EB VO BOUJDP UPSSFOUF 7FOB EFM (FTTP DBUFOB DIF TJ FTUFOEF QFS DJSDB ,N USB MF 7BMMJ EFM -BNPOF F EFM 4FOJP 6OJDB JO &VSPQB QFS MB DPOUJOVJUh ²B DBUFOB³ -B DJNB QJ} BMUB o .POUF .BVSP N 'PSNBUBTJ JO MPOUBOF FSF HFPMPHJDIF o DB SBUUFSJ[[BUB EBMMB SPDDJB EJ TFMFOJUF EFUUB BODIF ²QJFUSB EJ MVOB³ QFS J TVPJ SJGMFTTJ MVOBSJ 7FHFUB[JPOF F GBVOB QFDVMJBSJ TQFDJF CPUBOJDIF QSFHJBUF DPMFPUUFSJ MFQJ EPUUFSJ F WFSUFCSBUJ

(SPUUB 5BOBDDJB o VOB EFMMF QJ} OPUF GSB MF HSPUUF EFMMB 7FOB EFM (FTTP 'SFRVFOUB UB EBMMµVPNP QSFJTUPSJDP EBMMµ&OFPMJUJDP GJOP BMMB UBSEB &Uh EFM #SPO[P 6TBUB DPNF MVPHP EJ TFQPMUVSB F DPNF BCJUB[JPOF

4DBMPHOP EJ 3PNBHOB *(1 WFEJ QFSDPSTP ²*M HJBSEJOP EFMMF &SCF³

2VBOEP MB QSPWJODJBMF GB TFOUJSF MB EJTDF TB TJBNP JO QSPTTJNJUh EFMM JOEJDB[JPOF EJ 7JMMB 7F[[BOP DIF TJ QVx DPOTJEFSBSF VUJMF QFS SBHHJVOHFSF BMDVOF B[JFOEF TJB WJUJWJOJDPMF TJB EJ BMMFWBNFOUP EJ BQJ F QSPEV[JPOF EJ NJFMF TJB BHSJUVSJTUJDIF $PTUFHHJBNP MµBSFB EFM (PMG $MVC EJ 3JP MP F JO QPDIJ NJOVUJ SBHHJVOHJBNP 3JP MP BOUJDJQBUB EBMMB GPMUB WFHFUB[JPOF EFM 1BSDP EFMMP 4UBCJMJNFOUP 5FSNBMF " 3JPMP TJ QVx TQFHOFSF JM NPUPSF GBSF TPTUB P NFHMJP BODPSB QSPHSBNNBSF VO SJUPSOP QFS BMNFOP USF NPUJWJ MP 4UBCJMJNFOUP 5FSNBMF QFS RVBMDIF CFOFGJDP USBUUBNFOUP MB 'JFSB EFMMP 4DBMPHOP F MB 'FTUB EJ )BMMPXFFO MF RVBMJ VMUJNF TJ SJDIJBNBOP B WJDFOEB QFS VOB MVOHB TUPSJB EJ BSSJWJ DFMUJDJ JO UFSSB EJ 3PNBHOB DPO CVMCJ QSPGVNBUJ BM TFHVJUP

3JTFSWB RVFTUB NFO[JPOF o BUUSJCVJUB BJ WJOJ EPD F %0$( OPO TQVNBOUJ DIF TJBOP TUBUJ TPUUPQPTUJ BE VO QFSJPEP EJ JOWFDDIJBNFOUP OPO JOGFSJPSF BJ EVF BOOJ

& TJDDPNF TJ QBSMB EJ CVMCJ TBQPSPTJ F EJ GFTUF QPQPMBSJ o CFOF TBQFSF DIF J NFO} B CBTF EJ QJBUUJ B UFNB TPOP DVSBUJ EB DIFG FTQFSUJ DIF FTQSJNPOP MB MVOHB FTQFSJFO[B HJh QSPGVTB OFMMB 4DVPMB "MCFSHIJFSB -F EBUF EJ BQQVOUBNFOUJ TPUUP JM DJFMP F J OPNJ EFMMF B[JFOEF EB OPO EJNFOUJDBSF BGGPMMBOP HJh JM UBDDVJOP EJ WJBHHJP F UVUUJ MJ SJUSPWJBNP OFHMJ FMFODIJ DIF DPSSFEBOP MB HVJEB SFQPSUBHF

5PSSF EFM .BSJOP FSFUUB WFSTP MB GJOF EFM 97 TFDPMP QFS TDPQJ EJGFOTJWJ F EJ BWWJTUBNFOUP EBMMB GBNJHMJB /BMEJ 1BTTx JO TFHVJUP BJ 3POEJOJOJ

7213% BDSPOJNP EJ 7JOJ EJ 2VBMJUh 1SPEPUUJ JO VOB 3FHJPOF %FUFSNJOBUB /FMMF FUJDIFUUF MB RVBMJGJDB QVx FTTFSF BHHJVOUB NB OPO TPTUJUVUJWB EJ RVFMMB EFJ WJOJ %0$ F %0$(

4J MBTDJB 3JPMP 5FSNF F DPO WFMPDJUh EJ DSP DJFSB TDFOEJBNP JO EJSF[JPOF $BTUFM #PMP HOFTF QFS JOUSPEVSDJ JO VO BMUSP TFUUPSF EFMMB 4USBEB EFJ 7JOJ F EFJ 4BQPSJ EFMMB DPMMJOF EJ 'BFO[B 4USBEB EFM 4BOHJPWFTF

SJDDP EJ B[JFOEF EJ HSBOEF FTQFSJFO[B "ODIF RVJ TJ QPTTPOP DPOPTDFSF JNQSFO EJUPSJ EJ B[JFOEF WJUJWJOJDPMF DIF QPUSF NP BTTJNJMBSF QFS BOBMPHJB BJ NJHMJP SJ TUJMJTUJ EJ NPEB 4VMMB 4USBEB EFJ WJOJ F BODIF JO RVFTUP TVP TFHNFOUP TPOP QSPEPUUJ HSBOEJ WJOJ QFS PDDBTJPOJ JNQPS UBOUJ F WJFOF TQPOUBOFB VOB SJGMFTTJPOF RVJ BOEBOEP TV F HJ} QFS MF DPMMJOF EJ 'BFO[B TJ QVx USPWBSF RVFM RVJE DIF JOTFHVJB NP BMMPSDIn EPCCJBNP TDFHMJFSF VO BCJUP TQFDJBMF & MµJEFB DIF WPHMJBNP JOEPTTBSF o RVFMMB EJ VO BMUSP EFMMP TUJ MJTUB DIF JOUFSQSFUB NFHMJP JM OPTUSP QSPUBHPOJTNP .B HMJ TUJ MJTUJ MJ DPOPTDJBNP CFOF QFSDIn TPOP QFSTPOBHHJ BTTBJ WJTJ UBUJ EBJ GBCCSJDBUPSJ EJ JNNBHJOJ * QSPEVUUPSJ EJ WJOP JOWFDF OPO DPNQBJPOP OFQQVSF EJFUSP MP TDBGGBMF NFOP BOPOJNP EFMMµFOPUFDB QJ} BGGFUUVPTBNFOUF PSHBOJ[[BUB 1FS DPOPTDFS MJ CJTPHOB WFOJSF OFMMF B[JFOEF GSFRVFOUBSF MF DBOUJOF F UFMF GPOBSF JO BOUJDJQP QFS FTTFSF TJDVSJ EJ JODPOUSBSF MP ²TUJMJTUB³ DSFBUPSF EFM WJOP DIF WPHMJBNP EFHVTUBSF Ã&#x2030; VOµFTQFSJFO[B EB GBSF BMNFOP VOB WPMUB *O RVFTUP OPTUSP WJBHHJP JO TFRVFMB EFJ HSBOEJ WJOJ EJ DPMMJOB TJ o GBUUB QJ} DIJBSB MB EJTUJO[JPOF GSB JM HVTUBSF F JM DPOTVNB SF * HSBOEJ WJOJ DPNF HMJ BMUSJ QSPEPUUJ MFBEFS EJ RVFTUF DPMMJOF TPTUFOHPOP MB GJMPTPGJB EFM HVTUP F EFJ TBQPSJ DIF JM WJWFSF OFM MµFRVJQBHHJBUJTTJNB DJWJMUh QPTU JOEVTUSJBMF F QPTU NPEFSOB IB SFMFHBUP OFMMF ²OJDDIJF³ EFMMµFTJTUFO[B #FO WFOHBOP RVJOEJ J QSPEPUUJ EJ OJDDIJB QFS UVUUJ OPJ RVBOEP WPSSFNP OPO TPMP CFSF F DJCBSDJ NB GBSF ²FTQFSJFO[B³ EFM CFSF F EFM DJCP -B OPTUSB QFSMVTUSB[JPOF DPOUJOVB 4JB NP OFM UFSSJUPSJP DPNVOBMF EJ $BTUFMCP MPHOFTF DJ EJSJHJBNP WFSTP 5FCBOP TVM MB TQ F WPMFOEP QPUSFNP TDFHMJFSF EJ GBSF TPTUB JO BMDVOF B[JFOEF BODP SB EFEJUF BMMB DPMUVSB EFMMB WJHOB NB BODIF WFSTBUJMJ GJOP BMMB SJDFUUJWJUh BHSJUV SJTUJDB BWSFNP BODIF MB DPOGFSNB DIF MB QBTTJPOF EFM QSPEVSSF WJOP IB DPORVJ TUBUP VPNJOJ F EPOOF OBUJ JO GBNJHMJF EFEJUF EB HFOFSB[JPOJ BMMB BHSJDPMUVSB J RVBMJ QVS BWFOEP JOUSBQSFTP EPQP MVO

-B TQFSJNFOUB[JPOF TJ BWWBMF EFMMB QSFTFO[B EJ WBSJF JTUJUV[JPOJ $317 $FOUSP 3JDFSDIF 1SPEV[JPOJ 7FHFUBMJ

$"5&7 $FOUSP"TTJTUFO[B 5FDOPMPHJDB JO &OPMPHJB F 7JUJDPMUVSB

$"7 $FOUSP "UUJWJUh 7JWBJTUJDIF

&OUJ 3FHJPOBMJ 6OJWFSTJUh EJ #PMPHOB %JQMPNB JO WJUJDPMUVSB FE FOPMPHJB

HIJ DPSTJ EJ TUVEJ QSPGFTTJPOJ NPMUP MPOUBOF EBMMµBUUJWJUh BHSJ DPMB TJ TPOP QPJ MBTDJBUJ DPORVJTUBSF EBMMµBSUF EFMMB DPMUVSB F EFMMB WJOJGJDB[JPOF 4V WJB 5FCBOP QSPTFHVFOEP GJOP BM O DJ DPODFEJBNP VOB UBQQB EJ ²TJOUFTJ³ EFEJDBUB B RVBOUJ WPSSFCCFSP BQQSPGPOEJ SF JM DBQJUPMP EFMMB SJDFSDB F TQFSJNFOUB[JPOF WJUJWJOJDPMB & RVJ GBDDJBNP BODIF JM QVOUP EFM LOPX IPX EFM OPTUSP QFSDPS TP BCCJBNP CFO DIJBSP DIF JM QSPEVUUPSF o VO JOEJWJEVP GPS UFNFOUF NPUJWBUP WFSTP JM TVP QSPEPUUP EJTQPTUP BM SJTDIJP JNQSFOEJUPSJBMF DBQBDF EJ PTBSF OVPWF UFDOJDIF TJB EJ BMMF WBNFOUP EFMMB WJUF TJB EJ QSPEV[JPOF EFM WJOP F QSPOUP BE JOEJWJEVBSF J QSPQSJ NBFTUSJ WJDJOJ F MPOUBOJ DIF TJBOP POEF DPNQMFUBSF MF QSPQSJF DPOPTDFO[F

"QQBTTJNFOUP EFMMµVWB

2VJ B 5FCBOP J QSPEVUUPSJ EFMMB QSPWJODJB EJ 3BWFOOB F EFMMB SFHJPOF IBOOP DPNVORVF VO ²QPMP EJ TJOUFTJ³ EFMMB SJDFSDB JO DBNQP WJOJWJUJDPMP F GSVUUJDPMP JO HFOFSBMF 5FSSF /BMEJ TPDJF Uh DPOTPSUJMF B DBQJUBMF NJTUP QVCCMJDP F QSJWBUP SJBTTVNF JNQPSUBOUJ TFSWJ[J QFS MB SJDFSDB F MB TQFSJNFOUB[JPOF /PO DJ TVTDJUJ TPHHF[JPOF JM QPMP 5FSSF /BMEJ DPO J UBOUJ USBMDJ EJ BUUJWJ Uh BODIF RVJ OFMMµB[JFOEB BHSJDPMB PNPOJNB QPTTJBNP BDRVJ TUBSF WJOJ EJ RVBMJUh "MCBOB %0$( 5SFCCJBOP F 4BOHJPWFTF %0$ JNCPUUJHMJBUJ OFM TFHOP JODPOGPOEJCJMF EFMMB USBEJ[JPOBMF BSUF DFSBNJDB EJ 'BFO[B

%BMMB WBMMBUB EFM 4FOJP SJQSFOEJBNP MB EPMDF TBMJUB WFSTP MB GBTDJB DPMMJOBSF OPUB DPNF .POUJ $PSBMMJ BODPSB DPMMJ OF GFDPOEF HSB[JF BMMF NBSOF BSHJMMPTF F GBWPSJUF EB VOµFTQPTJ[JPOF DPO PUUJNP NJDSPDMJNB QFS PUUFOFSF MB NBUVSB[JPOF EFMMF VWF EFJ DMBTTJDJ WJUJHOJ F QSPEVS SF WJOJ TFNQSF OVPWJ OFM QSPGVNP OFM DPMPSF OFM TBQPSF OFMMB DPOTJTUFO[B UBOOJDB 4F GJO RVJ BCCJBNP DPOPTDJV UP F BQQSF[[BUP HMJ FTJUJ F J TVDDFTTJ EFM MµJNQSFTB QSJWBUB DPO VOB CSFWF WBSJB CJMF B 5FCBOP DIF QSFWFEF MB QBSUFDJQB[JPOF EFMMµJTUJUV[JPOF QVCCMJDB EPCCJBNP QSFEJTQPSDJ JO QPDIJ NJOVUJ BE JODPOUSB SF VOB SFBMUh EFDJTBNFOUF QVCCMJDB BO[J TUBUBMF VOB TDVPMB Mµ*TUJUVUP 1SPGFTTJPOBMF EJ 4UBUP QFS Mµ"HSJDPMUVSB F Mµ"NCJFOUF 1FSDIn JOTFSJSF VOB TDVPMB OFM QFSDPSTP EFJ (SBOEJ 7JOJ %0$ -B SJTQPTUB DJ BUUFOEF WBSDBUB MB TPHMJB TVMMB TPNNJUh EFM $PMMF EJ 1FSTPMJOP $PMMF EJ 1FSTPMJOP 4V RVFTUP WFSEF ²UFSSB[[P GMVWJBMF³ TJ TPOP BWWJDFOEBUJ HMJ BSDIFP MPHJ B SJOUSBDDJBSF J TFHOJ EJ BOUJDIJTTJNJ JOTFEJBNFOUJ VNBOJ BUUSBUUJWJ EBMMB CVPOB BCJ UBCJMJUh EFM TJUP EBMMµIPNP OFBOEFSUIBMJBOP EFM 1BMFPMJUJDP .FEJP BOOJ GB JO SJTBMJUB GJOP BM 7* TFD B $ RVBOEP QPQPMB[JPOJ QPSUBUSJDJ EJ DVMUVSB FUSVTDPJEF FSFTTFSP RVJ VO UFNQJFUUP EJ DVJ QPTTJBNP WJTJUBSF J NVSJ QFSJNFUSBMJ QPSUBUJ BMMB MVDF EVSBOUF HMJ TDBWJ EFM JOTJFNF DPO BMUSF GPOEBNFOUB EJ FQPDB SPNBOB 4J EFWF BMMF WJDFOEF EFMMB GBNJHMJB $BMEFTJ QSPQSJFUBSJB EJ RVFTUF UFSSF EBM TF BMMµJOJ[JP EFM TJ JOBVHVSx OFM MB TFEF EFMMB 7JMMB MB ²4DVPMB EJ 1SBUJDB "HSJDPMB³ JOUJUPMBUB BM HJPWBOF $BMEFTJ QSFNBUVSBNFOUF TDPNQBSTP & OFM TJ PUUFOOF EBM .JOJTUFSP EFMMB 1VCCMJDB *TUSV[JP OF MµBQFSUVSB EFMMµBUUVBMF *TUJUVUP EPWF TJ TPOP GPSNBUJ NPMUJ HJPWBOJ JNQSFOEJUPSJ BHSJDPMJ JOUSPEPUUJ BMMF UFDOJDIF EJ QSPEV [JPOF F USBTGPSNB[JPOF EFJ QSPEPUUJ FE FEVDBUJ BMMB TBMWBHVBS EJB F WBMPSJ[[B[JPOF EFM UFSSJUPSJP 2VJ HMJ TUVEFOUJ IBOOP MB HBSBO[JB EJ VO QFSDPSTP DPNQMFUP EJEBUUJDP GPSNBUJWP F TQF SJNFOUBMF FTTJ TPOP BUUJWJ JO UVUUF MF GBTJ EFMMB GJMJFSB TFHVJUJ EB EPDFOUJ F PQFSBUPSJ TQFDJBMJ[[BUJ -P TDFOBSJP JO RVBOUP TDPMBTUJDP o QJBDFWPMNFOUF JOFEJUP F QPUFOEPMP GBSF NB DPO EJTDSF[JPOF o FNP[JPOBOUF JOUSPNFU UFSTJ USB J GJMBSJ EJ WJUF F OFM GSVUUFUP EPWF J HJPWBOJ TJ TUBOOP ²BMMFOBOEP³ F OFMMB DBOUJOB DIF IB TPQQJBOUBUP VO WFDDIJP GJF OJMF F PTQJUB MF USF GBTJ EJ QSPEV[JPOF DPOTFSWB[JPOF F WFOEJUB EFJ WJOJ * WJOJ GJOBMNFOUF MJ QPTTJBNP DPOPTDFSF %FJ FUUP MJUSJ QSPEPUUJ PHOJ BOOP TJ DPOGF[JPOBOP QJ} EJ CPUUJHMJF EJ WJOJ EBJ OPNJ QPFUJDJ F SJDDIJ EJ SFNJOJTDFO[F TDPMBTUJDIF JM 7BSSPOF EJ DBTB TVM $PMMF 1FSTPMJOP EBM o PUUFOVUP EBM

&OPMPHJDB NBOJGFTUB[JPOF HJVOUB OFM BMMB FEJ[JP OF 1SFTFOUB[JPOF %FHVTUB[JPOF FE &TQPTJ[JPOF EJ 7JOJ F %JTUJMMBUJ $BSBUUFSJTUJDJ EFM 5FSSJUPSJP DPO $FOF &OPHBTUSPOPNJDIF B DVSB EFMMµ"TTPDJB [JPOF EFJ 3JTUPSBUPSJ EFMMF 7BMMJ 'BFOUJOF

NJUJDP WJUJHOP #VSTwO F DBSJDIJ EJ BGGFUUJWJUh DPNF JM 4BOHJP WFTF 4VQFSJPSF ²6NCFSUP³ QSPEPUUP JO POPSF F NFNPSJB EFM 1SFTJEF TDPNQBSTP EPQP BOOJ EJ EJSF[JPOF 1PTUP EµPOPSF QFS J EVF QBTTJUJ 6MUJNP HJPSOP EJ TDVPMB F -µBNBCJMF 1FSTPMJOP "MCBOB EJ 3PNBHOB JM QSJNP SPTTP JM TFDPOEP QSPWFOJFOUF EB VO WJUJHOP QSFTFOUF JO B[JFOEB EBM DPO JM OPNF EJ "NBCJMF EJ (FOPWB SJCBUUF[[BUP .BM CP (FOUJMF 1FS DPNQMFUBSF MB WJTJUB EFMMµB[JFOEB DIF SJTFSWB BODPSB HSBEJUF TPSQSFTF DJ TQPTUJBNP USB DJMJFHJ QFTDIJ DBDIJ F OFMMF TFSSF JOEJ TPUUP JM DJQSFTTP F MB RVFSDJB TFDPMBSJ JOGJOF B SJQPTBSF MP THVBSEP OFM 3PTFUP $IF DJ PGGSF VO CVPO NPUJ WP QFS UPSOBSF JM QFOVMUJNP GJOF TFUUJNBOB EJ NBHHJP BMMB 'FTUB ²4VM $PMMF EJ 1FSTPMJOP³ TJ QSPNFUUPOP NPNFOUJ NBHJ DJ EVSBOUF MB WJTJUB OPUUVSOB HVJEBUB BMMB DPMMF[JPOF EJ 3PTF BOUJDIF QJBOUBUF OFMMµ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µ&NJMJB 3PNBHOB EPWF EFHVTUBSF J WJOJ F QBSMBSF EJ MPSP DPOPTDFSMJ F BQQSF[[BSMJ BODIF QFS JM TVHHFSJNFOUP EJ FTQFS UJ TPNNFMJFST QVx JOJ[JBSDJ BMMB DVMUVSB EFM WJOP DPTs DPNF MF GFTUF F MF TBHSF DJ JOUSPEVDPOP BMMB TVB TPDJBMJUh 4F &OPMPHJDB DJ DIJBNB B 'BFO[B OFMMP TDPSDJP EJ GJOF BOOP MB DJUUh o QVS TFNQSF VOµPTQJUF HFOFSPTB EJ NPOVNFOUJ F EJ BUNPTGFSF SBDDPMUF FE FMFHBOUJ TVCJUP EJTQPOJCJMJ QFS JM GBDJMF BDDFTTP BMMF 1JB[[F DFOUSBMJ *M TPHHJPSOP OFMMB DBQJUBMF EFM MB DFSBNJDB BSUJTUJDB QFSDJx TBSh VO QVOUP EJ QBSUFO[B QFS SJQFSDPSSFSF MB 4USBEB EFJ 7JOJ F EFJ 4BQPSJ EFMMF DPMMJOF EJ 'BFO[B TFDPOEP MB TFMF[JPOF DIF DJBTDVOP EJ OPJ WPSSh PQF SBSF USB MF B[JFOEF BTTPDJBUF

4BOHJPWFTF EJ 3PNBHOB %0$ TDIFEB QSPEPUUP

"MCBOB EJ 3PNBHOB %0$( TDIFEB QSPEPUUP

$BSUB EµJEFOUJUh *M 4BOHJPWFTF o TUBUP JM QSJNP WJOP SPNBHOPMP SJDPOPTDJVUP %0$ MVHMJP FE o JM WJOP QJ} OPUP EFMMB 3PNBHOB 7JFOF DPNVOF NFOUF DIJBNBUP WJOP OFSP BO[JDIn SPTTP WJOP DPM RVBMF HJh BMMB GJOF EFM TFDPMP 97*** FSB BCJUVEJOF BMMJFUBSF J CBODIFUUJ OV[JBMJ 0HHJ JO 3PNBHOB TJ QSPEVDPOP DJSDB NJMJPOJ EJ CPUUJHMJF EJ 4BOHJPWF TF %0$ FTQPSUBUF OFJ QJ} JNQPSUBOUJ NFSDBUJ NPOEJBMJ USB J RVBMJ (JBQQPOF "VTUSBMJB $BOBEB 4UBUJ 6OJUJ F UVUUJ J QBFTJ FVSPQFJ "SFB EJ QSPEV[JPOF Ã&#x2030; JEFOUJGJDBCJMF JO QBSUF EFMMF QSPWJODF EJ #PMPHOB 'PSMs $FTFOB 3BWFOOB F 3JNJOJ *M WJUJHOP o JM 4BOHJPWFTF QFS BMNFOP Mµ *M 4BOHJPWFTF o VO DMBTTJDP WJOP EB DBSOF BOUJQBTUJ QSPTDJVUUP DVMBUFMMP DPQQB P MFTTJ VNJEJ TUSBDPUUJ CSBTBUJ BSSPTUJ DBDDJB HJPOF HSJHMJBUF *O DBTJ QBSUJDPMBSJ QVx BDDPNQBHOBSF [VQQF EJ QFTDF EJ HSBO TBQPSF *EFBMF QFS GPSNBHHJ B QBTUB EVSB 1BSNJ HJBOP SFHHJBOP (SBOB 1BEBOP P GFSNFOUBUJ (PSHPO[PMB EPMDF 5BMFHHJP TUBHJPOBUP

3JTFSWB DPO BMNFOP EVF BOOJ EJ JOWFDDIJBNFOUP 4VQFSJPSF DPO DPOUFOVUP BMDPMJDP OPO JOGFSJPSF B HSBEJ /PWFMMP NBDFSB[JPOF DBSCPOJDB EFMMF VWF QFS BMNFOP JM 5JUP MP BMDPMPNFUSJDP UPUBMF NJOJNP $BSBUUFSJTUJDIF PSHBOPMFUUJDIF *M DPMPSF o SPTTP SVCJOP B WPMUF DPO PSMJ WJPMBDFJ -µPEPSF WJOP TP DPO QSPGVNP EFMJDBUP DIF SJDPSEB MB WJPMB *M TBQPSF BTDJVUUP BSNPOJDP B WPMUF VO QPµ UBOOJDP DPO SFUSPHVTUP QJBDFWPMNFOUF BNBSPHOPMP 5JUPMP BMDPMPNFUSJDP UPUBMF NJOJNP $BSUB EµJEFOUJUh *M MVHMJP WJFOF SJDPOPTDJVUB MB %0$ JM BQSJMF JOWFDF o TUBUB SJDPOPTDJVUB MB %FOPNJOB[JPOF EJ 0SJHJOF $PO USPMMBUB F (BSBOUJUB NBTTJNP SJDPOPTDJNFOUP QFS VO WJOP F QSJNP WJOP CJBODP BE PUUFOFSMB JO *UBMJB "SFB EJ QSPEV[JPOF Ã&#x2030; JEFOUJGJDBUB JO QBSUF EFMMF QSPWJODF EJ 'PSMs $FTFOB 3BWFO OB F #PMPHOB *M WJUJHOP o Mµ"MCBOB BM -µ"MCBOB TFDDB o JOEJDBUB QFS JM QFTDF JO QBSUJDPMBSF DSPTUBDFJ [VQQF CSPEFUUJ 1Vx FTTFSF TFSWJUP BODIF DPO JM GFHBUP EµPDB F MF DBSOJ CJBO DIF &DDFMMFOUF QFS BDDPNQBHOBSF NJOFTUSF JO CSPEP F DSFNF -µ"MCBOB BNBCJMF F EPMDF o DPOTJHMJBCJMF QFS MB ²DJBNCFMMB³ UJQJDP EPMDF SPNBHOPMP BDDPNQBHOB QFSGFUUBNFOUF DSPTUBUF EJ GSVUUB F QBTUJDDFSJB EB GPSOP F MB GSVUUB FTDMVTJ GJDIJ GSFTDIJ VWB F BHSVNJ *M ²QBTTJUP³ DPO QBTUJDDFSJB TFDDB GSVUUB TFDDB F UPTUBUB GPSNBHHJ QBSUJDPMBSJ UJQP JM HPSHPO[PMB QJDDBOUF P RVFMMJ FSCPSJOBUJ $BSBUUFSJTUJDIF PSHBOPMFUUJDIF 4FDDP JM DPMPSF o HJBMMP QBHMJFSJOP UFOEFOUF BM EPSBUP DPO JOWFDDIJBNFOUP -µPEPSF FTQSJNF VO MFHHFSP QSPGVNP UJQJ DP EFMMµ"MCBOB *M TBQPSF o BTDJVUUP VO QPµ UBOOJDP DBMEP F

CFO FRVJMJCSBUP 5JUPMP BMDPMP NFUSJDP UPUBMF NJOJNP "NBCJMF DPMPSF HJBMMP QBHMJFSJOP UFOEFOUF BM EPSBUP DPO MµJO WFDDIJBNFOUP 0EPSF DBSBUUFSJTUJDP 4BQPSF GSVUUBUP BNBCJ MF HSBEFWPMF DBSBUUFSJTUJDP 5JUPMP BMDPMPNFUSJDP UPUBMF NJOJ NP ;VDDIFSJ SJEVUUPSJ EB B H M %PMDF DPMPSF HJBMMP QBHMJFSJOP UFOEFOUF BM EPSBUP QFSJ QSP EPUUJ JOWFDDIJBUJ 0EPSF DBSBUUFSJTUJDP EFMMµ"MCBOB 4BQP SF GSVUUBUP EPMDF DBSBUUFSJTUJDP 5JUPMP BMDPMPNFUSJDP UPUBMF NJOJNP ;VDDIFSJ SJEVUUPSJ EB PMUSF B H M 1BTTJUP DPMPSF HJBMMP DPO UFOEFO[B BMMµBNCSBUP 0EPSF JOUFO TP DBSBUUFSJTUJDP 4BQPSF WFMMVUBUP HSBEFWPMNFOUF BNBCJMF P EPMDF 5JUPMP BMDPMPNFUSJDP UPUBMF NJOJNP 5JUPMP BMDPMPNFUSJDP FGGFUUJWP NJOJNP $PO %FDSFUP EFM HJV HOP o TUBUB SJDPOPTDJVUB MB %0$ ²3PNBHOB "MCBOB 4QV NBOUF³ PUUFOVUB EB VWF MFHHFSNFOUF BQQBTTJUF FE BWFOUF VO UJUPMP BMDPMPNFUSJDP UPUBMF NJOJNP OPO JOGFSJPSF BM FE VO DPOUFOVUP EJ [VDDIFSJ EJ BMNFOP H M

5SFCCJBOP EJ 3PNBHOB

TDIFEB QSPEPUUP

$BSUB EµJEFOUJUh *M BHPTUP o SJDPOPTDJVUB MB %FOPNJOB[JPOF EJ 0SJHJOF $POUSPMMBUB -µBSFB EJ QSPEV[JPOF o JEFOUJGJDBCJMF JO QBSUF EFMMF QSPWJODF EJ #PMPHOB 'PSMs $FTFOB 3BWFOOB F 3JNJOJ *M WJUJHOP o JM 5SFCCJBOP QFS BMNFOP Mµ *M 5SFCCJBOP o PUUJNP DPNF BQFSJUJWP 1PJ SFTUFSh JO UBWPMB QFS PTUSJDIF GSVUUJ EJ NBSF JOTBMBUB EJ QPMJQP "DDBOUP BJ QSJNJ QJBUUJ QSFEJMJHF RVFMMJ DPO EJUJ DPO TBMTF B CBTF EJ QFTDF &DDFMMFOUF QFS BDDPNQBHOBSF J GPSNBHHJ GSFTDIJ P MFHHFSNFOUF TBMBUJ P B QBTUB EPMDF $BSBUUFSJTUJDIF PSHBOPMFUUJDIF $PMPSF HJBMMP QBHMJFSJOP QJ} P NFOP JOUFOTP 0EPSF WJOPTP QJBDFWPMF 4BQPSF BTDJVUUP TBQJEP BSNPOJDP 5JUPMP BMDPMPNFUSJDP UPUBMF NJOJNP 4J QVx QSPEVSSF BODIF OFJ UJQJ GSJ[[BOUF F TQVNBOUF TFDDP P BNBCJMF

1BHBEFCJU EJ 3PNBHOB %0$ TDIFEB QSPEPUUP

$BHOJOB EJ 3PNBHOB %0$ TDIFEB QSPEPUUP

$PMMJ EJ 'BFO[B %0$ TDIFEB QSPEPUUP

$BSUB EµJEFOUJUh *M SJDPOPTDJNFOUP EFMMB %FOPNJOB[JPOF EJ 0SJHJOF $POUSPMMBUB o EFM NBS[P *M OPNF TJOHPMBSF SJDIJBNB MB CVPOB F DPTUBO UF QSPEVUUJWJUh DIF HBSBOUJWB MB QPTTJCJMJUh EJ ²QBHBSF J EFCJUJ³ "SFB EJ QSPEV[JPOF Ã&#x2030; JEFOUJGJDBCJMF JO QBSUF EFMMF QSPWJODF EJ 'PSMs $FTFOB 3BWFO OB F 3JNJOJ 7JUJHOP #PNCJOP MPDBMNFOUF EFUUP 1BHBEFCJU F EJ USBEJ[JPOBMJ VWF CJBODIF SPNBHOPMF *M 1BHB EFCJU o PUUJNP QFS BDDPNQBHOBSF NJOFTUSF JO CSPEP DSFNF F WFMMVUBUF &DDFMMFOUF QFS J DSPTUBDFJ $BSBUUFSJTUJDIF PSHBOPMFUUJDIF 4FDDP F BNBCJMF DPMPSF HJBMMP QBHMJFSJOP PEPSF DBSBUUFSJTUJDP EJ CJBODPTQJOP HSBEFWPMF TBQPSF FSCBDFP CFO FRVJMJCSBUP EFMJDB UP 5JUPMP BMDPMPNFUSJDP UPUBMF NJOJNP QFS JM UJQP TFDDP QFS MµBNBCJMF F QFS MB TPUUPEFOPNJOB[JPOF #FSUJOPSP $BSUB EµJEFOUJUh *M NBS[P o TUBUB SJDPOPTDJVUB MB %FOPNJOB[JPOF EJ 0SJHJOF $POUSPMMBUB "SFB EJ QSPEV[JPOF Ã&#x2030; JEFOUJGJDBCJMF JO QBSUF EFMMF QSPWJODF EJ 'PSMs $FTFOB F 3BWFOOB 7JUJHOP 3FGPTDP MPDBMNFOUF EFUUP $BHOJOB F EJ USBEJ [JPOBMJ VWF SPTTF SPNBHOPMF -B $BHOJOB BDDPNQBHOB BM NFHMJP EPMDJ F QBTUJDDFSJB TFDDB MF DJBNCFMMF F MF DBTUBHOF BSSPTUP $BSBUUFSJTUJDIF PSHBOPMFUUJDIF $PMPSF SPTTP WJPMBDFP 0EPSF WJOPTP DBSBUUFSJTUJDP 4BQPSF EPMDF EJ DPSQP B WPMUF VO QPµ UBOOJDP MFHHFSNFOUF BDJEVMP 5JUPMP BMDPMPNFUSJDP UPUBMF NJOJNP $BSUB EµJEFOUJUh *M BHPTUP o TUBUB SJDPOPTDJVUB MB %FOPNJOB[JPOF EJ 0SJ HJOF $POUSPMMBUB "SFB EJ QSPEV[JPOF $PNQSFOEF J $PNVOJ EJ #SJTJHIFMMB $BTPMB 7BMTFOJP 3JPMP 5FSNF F MB QBSUF B TVE EFMMB TT WJB &NJMJB EFJ $PNVOJ EJ 'BFO[B F $BTUFMCPMPHOFTF EFMMB QSPWJODJB EJ 3BWFOOB MµJOUFSP DPNVOF EJ .PEJHMJBOB F QBSUF EFM DPNVOF EJ 5SFEP[JP EFMMB QSPWJODJB EJ 'PSMs $FTFOB $BSBUUFSJTUJDIF PSHBOPMFUUJDIF ²$PMMJ EJ 'BFO[B³ CJBODP JM WJUJHOP QSJODJQBMF o MP $IBSEPOOBZ QSFTFOUF JO VOB QFSDFOUVBMF DIF WB EBM BM $PMPSF HJBMMP QBHMJFSJOP QJ} P NFOP JOUFOTP PEPSF JOUFOTP EFMJDBUP GSVUUBUP TBQPSF BTDJVUUP TBQJEP BSNPOJDP UJUPMP BMDPMPNF USJDP UPUBMF NJOJNP ²$PMMJ EJ 'BFO[B³ SPTTP JM WJUJHOP QSJODJQBMF o JM $BCFSOFU 4BV WJHOPO QSFTFOUF JO VOB QFSDFOUVBMF DIF WB EBM BM DPMPSF SPTTP SVCJOP JOUFOTP PEPSF FUFSFP HSBEFWPMNFOUF FSCBDFP TBQPSF BTDJVUUP EJ DPSQP UBMWPMUB MFHHFSNFOUF UBO

OJDP UJUPMP BMDPMPNFUSJDP UPUBMF NJOJNP %JWFOUB 3JTFSWB EPQP NFTJ EJ JOWFDDIJBNFOUP ²$PMMJ EJ 'BFO[B³ 1JOPU #JBODP EFMMµPNPOJNP WJUJHOP DPMPSF HJBMMP QBHMJFSJOP UBMWPMUB DPO SJGMFTTJ WFSEPHOPMJ PEP SF EFMJDBUP DBSBUUFSJTUJDP JOUFOTP TBQPSF BTDJVUUP GSFTDP BSNPOJDP UJUPMP BMDPMPNFUSJDP UPUBMF NJOJNP ²$PMMJ EJ 'BFO[B³ 4BOHJPWFTF EFMMµPNPOJNP WJUJHOP DPMPSF SPTTP SVCJOP PEPSF DBSBUUFSJTUJDP EFMJDBUP DIF SJDPS EB MB WJPMB TBQPSF BTDJVUUP BSNPOJDP DPO SFUSPHVTUP DBSBU UFSJTUJDP UJUPMP BMDPMPNFUSJDP UPUBMF NJOJNP 7B JNNFTTP BM DPOTVNP EPQP JM BQSJMF EFMMµBOOP TVDDFTTJWP BMMB WFO EFNNJB %JWFOUB 3JTFSWB EPQP NFTJ EJ JOWFDDIJBNFOUP ²$PMMJ EJ 'BFO[B³ 5SFCCJBOP EFMMµPNPOJNP WJUJHOP DPMPSF HJBMMP QBHMJFSJOP QJ} P NFOP JOUFOTP PEPSF WJOPTP DBSBUUFSJTUJDP HSBEFWPMF TBQPSF BTDJVUUP GSFTDP BSNPOJDP UJUPMP BMDPMPNFUSJDP UPUBMF NJOJNP

J WJOJ EFM #PTDP &MJDFP TDIFEB QSPEPUUP

'PSUBOB JM 'PSUBOB o PUUFOVUP EBMMF VWF EFM WJUJHOP 'PSUBOB DPOP TDJVUP BODIF DPO JM OPNF EJ ²6WB EµPSP³ IB VOB HSBEB[JPOF BMDP MJDB EJ DPMPSF SPTTP SVCJOP QSPGVNP DBSBUUFSJTUJDP TBQP SF BTDJVUUP MFHHFSNFOUF BDJEVMP NPEFSBUBNFOUF UBOOJDP 4J BDDPNQBHOB B QJBUUJ EµBOHVJMMB QFTDF EJ MBHVOB TFMWBHHJOB F

BMMB USBEJ[JPOBMF TBMBNB EB TVHP .FSMPU o VO QSPEPUUP EBM WJUJHOP PNPOJNP DPMUJWBUP JO DPMUV SB TQFDJBMJ[[BUB F BMMFWBUP DPO TJTUFNJ EJWFSTJ Eh QSPEV[JPOJ EJ PUUJNB RVBMJUh (SBEB[JPOF BMDPMJDB DPMPSF SPTTP SVCJOP QSPGVNP BDDFOUVBUP F DBSBUUFSJTUJDP TBQPSF BTDJVUUP UBOOJDP EB HJPWBOF JOWFDDIJBUP EJ BMNFOP VO BOOP BVNFOUB EJ QSPGVNP QFSEFOEP VO QPµ EJ DPMPSF .BUVSB DPM UFNQP EJWFOUBOEP VO WJOP EB BSSPTUJ TBMBNB EB TVHP TFMWBHHJOB F QJBUUJ GPSUJ JO HFOFSF GPSNBHHJ QJDDBOUJ 7B CFWVUP B UFNQFSBUVSB BNCJFOUF 4BVWJHOPO o QSPEPUUP EB VWF EJ WJUJHOP PNPOJNP DPMUJWBUP JO WJHOFUJ TQFDJBMJ[[BUJ P BMMFWBUP B TQBMMJFSB DPO JM TJTUFNB (VZPU (SBEB[JPOF BMDPMJDB DPMPSF HJBMMP QBHMJFSJOP TDBSJDP QSPGV NP EFMJDBUP F DBSBUUFSJTUJDP TBQPSF BTDJVUUP MFHHFSNFOUF BDJEV MP 4F JOWFDDIJBUP EJ BMNFOP VO BOOP o FDDFMMFOUF WJOP QFS BOUJ QBTUJ F QFTDF 7B CFWVUP B

*OUPSOP BM GSBOUPJP 0MJP FYUSBWFSHJOF EJ #SJTJHIFMMB

0MJP FYUSBWFSHJOF EJ #SJTJHIFMMB 'BFO[B #SJTJHIFMMB 'PHOBOP 3POUBOB

4DVPMB EJ 1SBUJDB "HSJDPMB MB QSBUJDB o PHHJ SJEJNFOTJPOBUB BMMF PSF TFUUJNBOBMJ VO OJFOUF TF QBSBHPOBUP BMMF PSF QSFWJTUF OFJ DPSTJ TQFDJBMJ[[BOUJ OPO QJ} BUUJWJ *O QSFDFEFO[B MB QSFQBSB[JPOF FSB PSHBOJ[[BUB JO CJFOOJ QFS ²DBOUJOJFSF³ ²GSVUUJWJUJDPMUPSF³ F ²NFDDBOJDP BHSJDPMP³ * OVPWJ QSPGJMJ QSPGFTTJPOBMJ TJ TWJMVQQBOP TVM USJFOOJP QFS ²PQFSBUPSF BHSPBNCJFOUBMF³ P TVM EJQMPNB EJ NBUVSJUh QFS ²BHSPUFDOJDP³ * HJPWBOJ JTDSJUUJ TPOP RVBTJ BJ RVBMJ TJ EFWPOP BHHJVOHFSF RVFMMJ EFMMB 4F[JPOF $PPSEJ OBUB EJ #BHOBDBWBMMP DIF TWPMHF MF FTFSDJUB[JPOJ QSBUJDIF OFM GBNPTP 1PEFSF 1BOUBMFPOF

"WFUF NBJ QFOTBUP DIF GBSF JM QJFOP EJ PMJP QPUFTTF FTTFSF QJBDF WPMF EJTUFOTJWP F© OVUSJFOUF 2VFTUP QFSDPSTP BMMB SJDFSDB EJ VOP EFJ QSPEPUUJ UJQJDJ EFMMB QSPWJODJB EJ 3BWFOOB MµPMJP FYUSBWFSHJOF EJ #SJTJHIFMMB OF o MB QSPWB -B o VOB TUSBEB TUBUBMF DPOEVDF EB 'BFO[B B 'JSFO[F QBSUF JO TPSEJOB EBMMB QJBOVSB DPNF WJB $BOBM (SBOEF TDPSSF BHJMF GJOP BJ USF DPMMJ EJ #SJTJHIFMMB F QSFOEF JM OPNF EJ #SJTJHIFMMFTF EJ RVJ TJ BSSBNQJDB GJOP BMMF TPNNJUh BQQFOOJOJ DIF EFM DPOGJOF SFHJPOBMF FE o EJWFOUBUB MB ² 'JPSFOUJOB³ -F SFHJPOJ JUBMJBOF DIF TJ BEEPTTBOP BM WFSTBOUF BQQFOOJOJDP PGGSPOP OVNF SPTF SFQMJDIF EJ RVFTUB UJQPMPHJB EJ TUSBEB DIF DPOTFOUF EJ BDDF EFSF B SJTFSWF EJ DVMUVSB F EJ OBUVSB EJ QSJNµPSEJOF *M QFSDPSTP DIF TJ TOPEB EBMMB USBTGPSNJTUB TT DJ DPOEVSSh BMMB TDPQFSUB EJ VO WFSP HJBDJNFOUP HMJ PMJWFUJ TFDPMBSJ DIF BGGPMMBOP JM WFSTBOUF B TPMBUJP EJ #SJTJHIFMMB & JM QJFOP EJ PMJP "WSFNP MB TPSQSFTB EJ VO WFSP F QSPQSJP EJTUSJCVUPSF *M GJVNF -BNPOF OPO WJTJCJMF NB QSFTFOUF BMMB OPTUSB TJOJTUSB Eh JM OPNF BMMB WBMMF OFM MB RVBMF DJ NVPWJBNP JO SJTBMJUB 2VBOEP TVMMB EFTUSB WFEJBNP MµFEJGJDJP DPO MµJTDSJ[JPOF ²4DVPMB EJ 1SBUJDB "HSJDPMB $BMEFTJ³ MµBCJUBUP EJ WJB $BOBM (SBOEF o HJh BMMF OPTUSF TQBMMF 0UUJNB QPTJ[JPOF RVFTUB QFS VOB TDVPMB BHSJDPMB VO QSFBWWJTP EJ TFSJFUh EJ RVJ JO BWBOUJ OVMMB o MBTDJBUP BMMµJNQSPWWJTB[JPOF UVU

4USBEB EFM 4BOHJPWFTF 4USBEB EFJ 7JOJ F EFJ 4BQPSJ EFMMF $PMMJOF EJ 'BFO[B

$PSTP .BUUFPUUJ 3JPMP 5FSNF Â&#x2026; 5FM GBY

JOGP!TUSBEBEFMTBOHJPWFTF JU

$POTPS[JP *M 1BOJFSF EFMMµ"QQFOOJOP 'BFOUJOP

1JB[[FUUB 1PSUB (BCPMP ° #SJTJHIFMMB Â&#x2026; 5FM

JOGP!JMQBOJFSF DPN

$01"' $POTPS[JP QFS MB WBMPSJ[[B[JPOF EFJ QSPEPUUJ UJQJDJ EFMMµ"QQFOOJOP 'BFOUJOP

7JB .BTJSPOJ ° #SJTJHIFMMB Â&#x2026; 5FM

"TTPDJB[JPOF 1SPEVUUPSJ EFMMB 5PSSF EJ 0SJPMP

UFM Â&#x2026; JOGP!UPSSFEJPSJPMP JU

'BUUPSJF %JEBUUJDIF D P "TTFTTPSBUP QSPWJODJBMF "HSJDPMUVSB

WJB EFMMB -JSJDB 3BWFOOB UFM ° GBY

MDIJOBHMJB!NBJM QSPWJODJB SB JU

0MJWP 0MFB TBUJWB GBNJHMJB CPUBOJDB BMMB RVBMF BQQBSUFOHPOP MF TQFDJF EJ PMJWJ DPMUJWBUJ Ã&#x2030; QJBOUB GPSTF PSJHJOBSJB EFMMB SFHJPOF EFM $BVDBTP F EJGGVTBTJ QPJ JO UVUUP JM CBDJOP EFM .FEJUFSSBOFP -B DPMUVSB QJ} BOUJDB EFMMµPMJWP TJ BUUSJCVJTDF BJ QPQPMJ TFNJUP DBNJUJDJ EFMMB [POB B TVE EFM $BVDBTP

UP TJ PUUJFOF DPO JM MFOUP F DPTUBOUF BJVUP EFM UFNQP DIF TPTUJFOF MµPQFSB EFMMµVPNP /PO EJ NFOP JM UFNQP IB TPTUFOVUP MB DSFTDJUB EFJ HJHBOUFTDIJ FTFNQMBSJ EJ ²1JOP %PNFTUJDP³ DIF GJBODIFHHJBOP B EFTUSB MB DBS SFHHJBUB JNQPOFOUJ F TFDPMBSJ UFTUJNPOJ EFMMµFTPSEJP EFMMF DPMUV SF JO WBMMF EFM -BNPOF QFTDIFUJ F WJHOF DIF OFHMJ VMUJNJ EFDFOOJ IBOOP DFEVUP QJ} EJ RVBMDIF FUUBSP BHMJ BDUJOJEJFUJ QPSUBUPSJ EFM MµFTPUJDP LJXJ & EµJNQSPWWJTP RVBOEP MµPDDIJP o BODPSB BUUSBUUP EBM DBMEP DPMPSF EFJ DBDIJ F EBM WFMMVUBUP NBSSPOF EFJ LJXJ PMUSF MF SFDJO[JPOJ EFMMF SFTJEFO[F QSJWBUF DJ TPSQSFOEPOP J QSJNJ PMJWJ 4UJBNP QBTTBOEP QFS &SSBOP 2VJ TVM MJNJUBSF EFMMB QJBOVSB QSFWBMF QFSx JM QBFTBHHJP EFJ GSVUUFUJ -F QJBOUBHJPOJ EJ LJXJ GPMUF QJ} BMUF EFMMF OPTUSF WJHOF EJ DVJ DMPOBOP MB TUSVUUVSB B GJMBSF F B USBMDJ IBOOP TPQQJBOUBUP WFDDIJF DPMUVSF EJ QFTDIFUJ F TQPEFTUBUP RVBMDIF GJMBSF EJ WJUF DPO VO FGGFUUP TDFOPHSBGJ DP DPNQMFTTJWBNFOUF QJ} DVQP QFS J DPMPSJ JOUFOTJ F MµJOUSFD DJP EJ SBNJ GPHMJF F GSVUUJ -B GJPSJUVSB EBMMB GJOF EJ NBHHJP BJ QSJNJ EJ HJVHOP QFS EJFDJ HJPSOJ JMMVNJOB EJ CJBODP MF QFSHPMF EPQQJF 1PJ JM WFSEF SJQSFOEF JM TPQSBWWFOUP TGVNBOEP EBMMµJO UFOTP UPOP EFMMF GPHMJF GJOP BM NBSSPOF F BM CSVOP EPSBUP EFM GSVUUP DIF TPMP B GJOF PUUPCSF o NBUVSP 1J} UBSEJ B OPWFNCSF JOPMUSBUP F B EJDFNCSF MB TDFOB TJ PGGSF QJ} TQFUUSBMF EPNJOBUB EBJ DVSWJ USBMDJ PSNBJ TQPHMJ DPNF VOB

-B 7FOB EFM (FTTP TJ EJTUFOEF BMMF TQBMMF EJ #SJTJHIFMMB BMMB RVBMF IB PGGFSUP RVBTJ B QSFUFTUP EFMMB TVB GPOEB[JPOF J USF DBSBUUFSJTUJDJ TQFSPOJ SPDDJPTJ Ã&#x2030; VOB DBUFOB DIF PGGSF BM WJTJUBUPSF MP TQFUUBDPMP EJ HSBOEJ DBWF EJ HFTTP RVBTJ QSPGPOEF GFSJUF F OBTDPOEF OFM DBMPSF EFM TPUUPTVPMP MF TPSHFOUJ EJ CFOFGJDIF BDRVF NJOFSBMJ -P TUFTTP DBMPSF USBUUFOVUP EBMMF GPSNB[JPOJ HFTTPTF IB DPOTFOUJUP MP TWJMVQQP EFMMB PMJWJDPMUVSB F MB QSPEV[JPOF EFMMµPMJP QSFHJBUP

GPMMB EJ FTTFSJ SJDVSWJ DPO J QJFEJ BGGPOEBUJ OFM UBQQFUP EJ GPHMJF BDDBSUPDDJBUF & J QFTDIJ -J DPOPTDJBNP CFOF TPOP QSFTFO[F EPNFTUJDIF RVJ DPMUJWBUJ B QBSFUF RVFMMJ QJ} BMUJ P B WBTFUUP F TPOP MF QJBOUF QJ} CBTTF "MMµFQPDB EFMMB GJPSJUVSB EPNJOB OP JODPOUSBTUBUJ MB TDFOB DPO MF TGVNBUVSF DIF WBOOP EBM SPTB JOUFOTP B RVFMMP QJ} FWBOFTDFOUF 4JBNP JO BQSJMF F TPMP J CJBO DIJ NBOEPSMJ QPUSFCCFSP HBSFHHJBSF DPO MPSP .B TPOP SBSJ -B #SJTJHIFMMFTF TJ TOPEB QFS DIJMPNFUSJ JO RVFTUP DPODFSUP EJ DPMUVSF MF OPUF EFJ QFTDIJ F EFJ LJXJ FMFNFOUP EJ DPOUJOVJ Uh DPO MµBNCJFOUF QBEBOP EJSBEBOP F TVMMB EFTUSB MF DPMMJOF JOPOEBUF EJ TPMF TWFMBOP MB QSFTFO[B TFNQSF QJ} GPMUB F JOTJ TUFOUF EFHMJ PMJWFUJ -B DPMUVSB BQQBSJTDFOUF EFMMF QJBOUF EJ DBDIJ WPSSFCCF EJTUSBSDJ DPO JM TVP GSVUUP EJ VO JOUFOTP DPMPSF BSBODJPOF DIF TQJDDB TVM DVQP NBSSPOF EFJ SBNJ TQPHMJ BMMPSB DJ DPODFEJBNP VOB CSFWF TPTUB BQQFOB QPTTJCJMF EJFUSP MB TDFOB EFJ DBDIJ F BM[JBNP MP THVBSEP TVMMF RVJOUF EFMMF DPMMJ OF DPQFSUF EBMMB NBDDIJB EJTDSFUB EFHMJ PMJWFUJ 1SPTFHVJBNP MB TUSBEB TJ JOTJOVB OFMMB WBMMF DIF TJ TUSJOHF F JO CSFWF PUUF OJBNP MB QSJNB QSPTQFUUJWB EJ #SJTJHIFMMB MB 5PSSF EFMMµ0SPMP HJP F EJ TFHVJUP MB 3PDDB F JM 4BOUVBSJP EFM .POUJDJOP TPMJUB SJ BCJUBOUJ EFJ USF TQFSPOJ SPDDJPTJ DIF EPNJOBOP MB DBSUPMJOB DMBTTJDB EFM CPSHP NFEJFWBMF

#SJTJHIFMMB o MµFQJDFOUSP EFMMB [POB DIF WJFOF DIJBNBUB ²BSFBMF EFMMµPMJWP³ -B QPTTJBNP JNNBHJOBSF DPNF VO DPOP SPWFTDJBUP JM DVJ SBHHJP NJTVSB DIJMP NFUSJ 2VJ HMJ PMJWFUJ BSSJWBOP GJOP BMMB NBTTJNB BMUF[[B DIF o RVFMMB EFM NPO UF EJ 3POUBOB N TMN TF SJUPSOJB NP TVJ OPTUSJ QBTTJ WFSTP 'BFO[B TDPN QBJPOP B &SSBOP F DPTs QVSF TF QSPTF HVJBNP PMUSF #SJTJHIFMMB WFSTP .BSSBEJ BM DPOGJOF DPO MB 5PTDBOB HMJ PMJWFUJ DJ MBTDJBOP BM QBTTBHHJP B MJWFMMP EJ 4 &VGF NJB EPQP MF GSB[JPOJ EJ 4USBEB $BTBMF F $BTBMF 4JBNP JO VO BOGJUFBUSP OBUVSBMF TFHOBUP EBJ DPOUSBGGPSUJ EFMMB 7FOB EFM (FTTP -B WJTJUB EFM DFOUSP EJ #SJTJHIFMMB o VOB UBQQB PCCMJ HBUPSJB F QJBDFWPMF NB JM OPTUSP DPOTJHMJP o EJ DPODFEFSDJ RVFTUB ²EFHVTUB[JPOF³ BMMB GJOF EFM QFSDPSTP EFMMµPMJP DIF B HVJTB EJ BOFMMP DJ SJDPOEVSSh BM #PSHP 0SB QSPTFHVJBNP JO EJSF[JPOF 'JSFO[F F JO CSFWF TVQFSJBNP MB TFEF EFMMB $BC EPWF QJ} UBSEJ BWSFNP MB EJNPTUSB[JPOF UBOHJCJMF EFMMB QFSTF WFSBO[B EFJ CSJTJHIFMMFTJ DIF IBOOP PUUFOVUP QSJNJ JO *UBMJB MB %FOPNJOB[JPOF EJ 0SJHJOF 1SPUFUUB %01 QFS JM MPSP PMJP -B $BC TBSh MB UBQQB DPODMVTJWB B DPSPOBNFOUP EFM QFSDPSTP *M OPTUSP PCJFUUJWP PSB o RVFMMP EJ SBHHJVOHFSF JM HJBDJNFOUP

"CCJBNP TVQFSBUP EB QPDP TVM MBUP TJOJTUSP MB CFMMB 1JFWF EFM 5IP OFMMB DVJ DSJQUB o DVTUPEJUP VO BOUJDIJTTJNP GSBOUPJP FNFSTP EBHMJ TDBWJ EFMMB [POB DJSDPTUBOUF PSB DJ BEEFOUSJBNP USB MB TDIJFSB EFMMF DBTF EFMMB QJDDPMB 'PHOBOP F EPQP CSFWF USBUUP BMMB GJOF EFM TVP BCJUBUP MBTDJBNP MB TT JM TFHOB MF TUSBEBMF DJ JOEJDB TVMMB EFTUSB MB ²4USBEB EFMMB -BWBOEB³ JO EJSF[JPOF ;BUUBHMJB P WJB 7BMMFUUB Ã&#x2030; VOB TUSBEB QSPWJODJBMF TFHOBMBUB DPO JM OVNFSP %PQP VO QJDDPMP QBTTBHHJP B MJWFMMP TVMMB MJOFB GFSSPWJBSJB DIF EB 'BFO [B DPOEVDF B .BSSBEJ BOEJBNP JODPOUSP BMMB DPMMJOB DIF QSPO UB DJ PGGSF MµJODPOUSP SBWWJDJOBUP DPO HMJ PMJWJ 2VJ TJBNP BMMµJO HSFTTP EFM ².VTFP BMMµBQFSUP EFMMµ0MJP EJ #SJTJHIFMMB³

.VTFP BMMµBQFSUP EFMMµ0MJP EJ #SJTJHIFMMB JOBVHVSBUP OFM /PWFNCSF JM .V TFP TJ JOTFSJTDF OFM QSPHFUUP EJ WBMPSJ[[B[JPOF EFMMµPMJWP F EFMMB QSPEV[JPOF EFMMµPMJP JO 3PNBHOB TPTUFOVUP EBMMB TPDJFUh -µ"MUSB 3PNBHOB *M QSPHFUUP IB JOUFSFTTBUP USBTWFSTBMNFOUF J QPMJ EFMMµPMJWJDPMUVSB EJ 3JNJOJ EJ $BTUSPDBSP F 5FSSB EFM 4PMF F EJ #SJTJHIFMMB -µJEFB TWJMVQQBUB B #SJTJHIFMMB o TUBUB RVFMMB EJ VO .VTFP BMMµBQFSUP PSHBOJ[[BUP JO 4BMF .VTFBMJ PWWFSP [POF BMMµJOUFSOP EFMMµBSFBMF EFMMµPMJWP DBSBU UFSJ[[BUF EB FMFNFOUJ QBFTBHHJTUJDJ PNPHFOFJ -F UBQQF QSFWJTUF QFS MB WJTJUB TPOP F TPOP TUBUF EFOPNJOBUF ²OJDDIJF³ F DBSBUUFSJ[[BUF EB TUSVUUVSF JO MFHOP EJ DBTUB HOP DIF PTQJUBOP MB DBSUJOB EFM QFSDPSTP F VOB EJEBTDBMJB JO JUBMJBOP F JO JOHMFTF TVMMB PMJWJDPMUVSB OFMMB WBMMF EFM -BNPOF P TV FNFSHFO[F QBFTBHHJTUJDP BNCJFO UBMJ OFMMB [POB FT 7FOB EFM (FTTP 1BSDP EFM $BSOo -F OJDDIJF TPOP TUBUF QSPHFU UBUF F SFBMJ[[BUF EBMMµBSUJTUB F BSUJHJBOP -VJHJ #FSBSEJ -B TFUUJNB UBQQB o QSFTTP JM 'SBOUPJP TPDJBMF $BC *M .VTFP PQFO BJS QSPHFUUBUP EBMMB 4PDJFUh 4FU 4UVEJP QVx FTTFSF WJTJUBUP TFHVFOEP MB HVJEB DVSBUB EB -BVSB 7FTUSVDDJ DIF EFTDSJWF JM QFSDPSTP JMMVTUSB MF TBMF NVTFBMJ F MF OJDDIJF GPSOFOEP OPUF EJ BQQSPGPOEJNFOUP F JOEJDB[JPOJ QSBUJDIF QFS MB GSVJ[JPOF EFM UFSSJUPSJP JOUFSFTTBUP 7JB 7BMMFUUB TBMF SBQJEBNFOUF F TWFMB TFO[B JOEVHJP MB TVB GJTJPOPNJB EJ CJOBSJP DIF TDJWPMB EFOUSP VOB ²NJOJFSB³ 4F MB QFSDPSSJ TFO[B TPTUBSF TFJ DPTUSFUUP B TQFSJDPMBUF NBOP WSF DFSWJDBMJ EB VO GJOFTUSJOP BMMµBMUSP EFMMµBVUP QFS OPO QFS EFSF EJ WJTUB MµJOJOUFSSPUUB TFRVFO[B EFHMJ PMJWFUJ EB EFTUSB B TJOJTUSB EBWBOUJ F EJFUSP TFHVFOEP JM TFSQFHHJBSF EFJ UPS OBOUJ BMNFOP DJORVF 6OB TPTUB o EµPCCMJHP EPWVORVF TJB QPTTJCJMF TVM DJHMJP EFMMB TUSBEB (MJ PMJWJ TPOP DFTQVHMJPTJ UPOEFHHJBOUJ HFOFSPTJ EJ SBNJ EJ GPHMJF F OBUVSBMNFOUF EFM MPSP QSF[JPTP GSVUUP (Jh QSJNB EJ BHHSFEJSF JM QSJNP UPSOBO UF EFMMB 7BMMFUUB OF BCCJBNP HMJ PDDIJ QJFOJ /PO UFNPOP MB QFOEFO[B EFM UFSSJUPSJP BO[J MP IBOOP DPORVJTUBUP BSSPDDBO EPTJ QFS TPQSBWWJWFSF JO PHOJ BOHPMP EFJ WFSTBOUJ TPMFHHJBUJ .PMUJ TPOP TFDPMBSJ *M GSBOUPJP USPWBUP OFHMJ TDBWJ QSFTTP MB 1JFWF EJ 5IP QBSMB JM MBUJOP GBNJMJBSF EFM ** TFDPMP E D Ã&#x2030; VOB DPMUVSB NJMMFOBSJB RVFMMB EFMMµPMJWP OFMMµPBTJ EFMMB WBMMF EFM -BNPOF QSPUFUUB EBJ WFOUJ GSFEEJ EFM /PSE WJ TPGGJB DPO DPTUBO[B VOB DPSSFOUF EJ TDJSPDDP DIF UJFOF CBTTF MF OFCCJF

'SBOUPJP QFS SJDBWBSF MµPMJP EBMMF PMJWF WFOOFSP BQQSPOUBUJ J QSJNJ GSBOUPJ JM QJ} BOUJDP o RVFMMP EJ QJFUSB EJ MBWB SJOWFOVUP B 4BOUPSJOP

JM TVPMP WJ USBUUJFOF JM DBMPSF HSB[JF BMMP TWJMVQQP EFMMB 7FOB EFM (FTTP WJ GJPSJTDPOP WFHFUB[JPOJ TQPOUBOFF UJQJDIF EJ SFHJP OJ EFM DFOUSP TVE (MJ BCJUBOUJ EFMMB [POB WFSJGJDBOP VOB UFNQFSBUVSB NFEJBNFO UF QJ} BMUB EJ BMDVOJ HSBEJ SJTQFUUP B RVFMMB DJSDPTUBOUF F IBO OP JNQBSBUP BE BQQSF[[BSF BODIF MB QPWFSUh EFMMB MPSP WBMMF DIF OPO TJ o NBJ BWWFOUVSBUB OFMMF JNQSFTF JOEVTUSJBMJ P BSUJ HJBOBMJ F OFQQVSF OFHMJ BMMFWBNFOUJ BWJDVOJDPMJ /FTTVOB GBC CSJDB OFTTVO PEPSF & MµPMJP DIF FTTFOEP VO HSBTTP BTTPSCF PEPSJ F QSPGVNJ IB QPUVUP HPEFSF EFJ TFDPOEJ (MJ JOUFOEJUPSJ DIF MP BTTBHHJBOP F J CSJTJHIFMMFTJ DIF MP QSPEVDPOP QBSMBOP EJ BSPNB GSVUUBUP EJ QSPGVNP EJ FSCF F PSUBHHJ EJ HVTUP EPM DF F EFMJDBUP P EJ SFUSPHVTUP EJ DBSDJPGP VOB QJBDFWPMF WFOB BNBSPHOPMB F QJDDBOUF *M DPMPSF EFM QSF[JPTP MJRVJEP TGVNB EBM WFSEF TNFSBMEP WFSTP MB EPSBUVSB EFJ TVPJ SJGMFTTJ *M DPO TVNBUPSF PMUSF DIF BMMJFUBSTJ EJ RVFTUJ QSFHJ TJ TFOUF BODPS QJ} HBSBOUJUP EBM TVP CBTTP HSBEP EJ BDJEJUh HS EJ BDJEP PMFJ DP QFS HS EJ QSPEPUUP 6OB HBSBO[JB EJ RVBMJUh QFS J TBMV UJTUJ DIF DFSDBOP J QSPEPUUJ EJ OJDDIJB 7JB 7BMMFUUB TJ BSSBNQJDB F DPO MµBVTJMJP EFJ UPSOBOUJ DJ DPOEVDF TVM DSJOBMF *M QBFTBHHJP EPNJOBUP EBHMJ PMJWJ o DBSBUUFSJ[[B UP BMUSFTs EB DPTUSV[JPOJ UJQJDIF DBTVQPMF JO NVSBUVSB EJTTF NJOBUF OFMMF QSPQSJFUh F BEJCJUF BM SJQPTP EFMMF BUUSF[[BUVSF (MJ PMJWJ DPOWJWPOP TV RVFTUJ QFOEJJ DPO CPTDIFUUJ EJ DPOJGFSF

$PMUVSB NJMMFOBSJB 'VSPOP J HSFDJ BE JOUSPEVSSF MB DPMUV SB EFMMµPMJWP JO *UBMJB F JOTJFNF RVFMMB EFMMB WJUF * 3PNBOJ MB TWJMVQQBSPOP OFM QFSJPEP EFMMB SFQVC CMJDB 4PMP SBMMFOUB SPOP MB PMJWJDPMUVSB RVBOEP JM USJCVUP EFMMµPMJP SJDFWVUP EBJ QBFTJ DPORVJTUBUJ MB SFTF RVBTJ TVQFSGMVB

DIF JOUFSSPNQPOP MB MJUBOJB EFJ GJMBSJ F DSFBOP VOB NBDDIJB QJ} JOUFOTB EJ WFSEF %PQP BWFS TVQFSBUP BM TFHVJUP EJ VO VMUJNP UPSOBOUF MB [POB JO PNCSB F QSJWB EJ PMJWJ SJUPSOJBNP JO WJTUB EFMMB WBMMF F JO CSFWF JODPOUSJBNP VOµJOEJDB[JPOF UVSJTUJDB DIF DJ QVx JOUFSFTTBSF 5PSSF 1SBUFTJ *O WJB $BWJOB QSFBOOVODJBUB EB VOB EJTUFTB DPMUJWB[JPOF EJ PMJWJ F EB VOB BNQJB WJTVBMF EFM DSJOBMF TV DVJ TPSHF MB 5PSSF DPNQBSF QPTTFOUF JO QSPTQFUUJWB TGVHHFOUF BQQFOB JOHFOUJ MJUB EBM DBTPMBSF DIF OFM MF GV TBMEBUP BM GJBODP JO VO TJUP QSJWJMFHJBUP DIF PGGSF MB WJTJPOF EFMMF EVF WBMMBUF RVFMMB EFM -BNPOF F RVFMMB EFM 4JOUSJB DPQFSUF EJ VMJWJ F WJHOFUJ RVBM DIF QSBUP F CPTDIJ OFMMF HJPSOBUF EJ OJUJEP PSJ[[POUF PMUSF MB QJBOVSB TJ QVx WFEFSF MB MJOFB EFM NBSF "ESJBUJDP

5PSSF 1SBUFTJ VOB GPSUF[[B DIF J /PCJMJ 1SBUFTJ GFDFSP DPTUSVJSF OFM B TDPQP EJGFOTJWP DPNF UPSSF EJ BWWJTUBNFOUP 0HHJ o QSPQSJFUh QSJWBUB EJ /FSJP 3BDDBHOJ OFMMB DVJ B[JFOEB BHSJDPMB TJ FTUFOEF BODIF VO WBTUP VMJWFUP J DVJ GSVUUJ MB /PTUSBOB EJ #SJTJHIFMMB WFOHPOP NPMJUJ QSFTTP JM GSBOUPJP TPDJBMF EFMMB $"# /FSJP 3BDDBHOJ o VO QFSTPOBHHJP GPOEBNFOUBMF OFMMB TUPSJB EFM TVDDFTTP EFMMµ0MJP EJ #SJTJHIFMMB TJ EFWF B MVJ OFHMJ BOOJ TFUUBOUB EFM ´ MµJNQFHOP OFM NJHMJPSBNFOUP RVBMJUBUJWP EFMMµPMJP EJ #SJTJHIFMMB F MP TUJNPMP B DSFBSF MB GJMJFSB EBMMµVMJWFUP BMMµJNCPUUJHMJBNFO UP EJ VO QSPEPUUP EJ BMUB RVBMJUh

$IJ BWFTTF EFDJTP EJ JNCPDDBSF WJB $BWJOB QFS WFEFSF EB WJDJ OP MB GPSUF[[B EPWSh PSB SJUPSOBSF BM QSJNP CJWJP RVFMMP EFM MµFEJDPMB NBSJBOB F QSPTFHVJSF GJOP BM TFDPOEP CJWJP TFHOB MBUP EBMMµJOEJDB[JPOF 3POUBOB 1BSDP $BSOo F .VTFP $POUB EJOP 2VFTUB TUSBEB QFS 3POUBOB DJ SJQPSUFSh B #SJTJHIFMMB /FJ QSJNJ NFUSJ o GJBODIFHHJBUB EB DPOJGFSF o TUSBEB TUSFUUB TJMFO[JPTB DPNF WJB 7BMMFUUB NPMUP SBSBNFOUF GSFRVFOUBUB QPJ SJDPNQBJPOP HMJ PMJWJ TVM QFOEJP B EFTUSB EFMMB DBSSFHHJBUB F TVM WFSTBOUF TJOJTUSP TJ BQSF MB WJTUB EFMMB WBMMF EFM 5PSSFO UF 4JOUSJB DPO MB TBHPNB EFM .POUF .BVSP JO MPOUBOBO[B F JO DJNB JM DBNQBOJMF JO HFTTP EFMMB DIJFTB EJ 4 .BSJB JO 5JCFSJB DJ $PO TPSQSFTB TDPQSJBNP DIF RVBTT} o BODPSB QSPTQFSP MµBMCJDPDDP DIF IB USPWBUP NPEP EJ QSPTQFSBSF OPOPTUBOUF

MµBMUJUVEJOF JOVTVBMF OFMMB DPOGPSUFWPMF FTQPTJ[JPOF BM TPMF -B TUSBEB QFS 3POUBOB DJ DPOEVDF BE VOµBNQJB [POB EFMMµBM UPQJBOP EPWF WJFOF TFHOBMBUP DPO MB DBSUFMMPOJTUJDB SFHJPOBMF MµJOHSFTTP BM 1BSDP /BUVSBMF $BSOo *M 1BSDP EFM $BSOo B LN EB #SJTJHIFMMB o VOµPBTJ WFSEF GSFRVFOUBUB QFS QBT TFHHJBUF F BODPS QJ} QFS FTDVSTJPOJ HVJEBUF BMMB 7FOB EFM (FTTP F BMMB (SPUUB EFMMB 5BOBDDJB EPWF TPOP TUBUJ USPWBUJ J TFHOJ EFMMB QSFTFO[B VNBOB EFMMµFUh EFM CSPO[P /FJ TVPJ FUUBSJ EJ FTUFOTJPOF JM 1BSDP PGGSF JUJOFSBSJ EJ JOUFSFTTF HFPMPHJDP F OB UVSBMJTUJDP *M 1BSDP EFM $BSOo o EJ GBUUP JOTDSJUUP OFM 1BSDP 3FHJPOBMF EFMMB 7FOB EFM (FTTP DIF o TUBUP JTUJUVJUP DPO -FHHF 3FHJPOBMF GFCCSBJP F SBQQSFTFOUB JM TJUP EJ NBHHJPSF JOUFSFTTF EFMMµ"QQFOOJOP JO QSPWJODJB EJ 3BWFOOB -µJTUJUV[JPOF

EFM 1BSDP o TUSBUFHJDB TJB QFS MB WBMPSJ[[B[JPOF EFMMµJOUFSP DPNQBSUP DPMMJOBSF TJB QFS MB DPOTFSWB[JPOF EFM QBUSJNPOJP OBUVSBMF *OJ[JB PSB MB EJTDFTB EJ DJSDB DIJMPNFUSJ BM UFSNJOF EFMMB RVB MF o JOEJDBUB BODIF MB OVPWB FOUSBUB BM $BSOo -µPCJFUUJWP EJ SBHHJVOHFSF JM DVPSF EFM HJBDJNFOUP o DFOUSBUP QFS MB TFDPO EB WPMUB EPQP WJB 7BMMFUUB RVBOEP TJBNP BMMµJOHSFTTP EJ 7JB 7BMMPOJ DIF JO QPDIJ NFUSJ DPOEVDF BMMB $IJFTB EJ 3POUBOB &OUSJBNP OFM ²HJBDJNFOUP³ EPWVORVF TJ HJSJ MP THVBSEP DJ TJ TFOUF DJSDPOEBUJ EBHMJ PMJWJ 4POP RVBTJ UVUUF QJBOUF TFDPMBSJ F TPMP PHOJ UBOUP RVBMDIF FTFNQMBSF EJ NBOEPSMP F EJ WFHF UB[JPOJ TQPOUBOFF BEEPMDJTDF BODPS QJ} JM QBFTBHHJP 2VJ JM

NJDSPDMJNB DSFBUPTJ BODIF QFS MB QSPUF [JPOF EJ VOB DPMMJOB TVM WFSTBOUF /PSE NFUSJ TMN IB GBWPSJUP MP TWJMVQQP EFHMJ PMJWJ BMDVOJ EFJ RVBMJ DPOUJOVBOP B QSPEVSSF PUUJNF ESVQF TFCCFOF UBMWPMUB JO [POB OPO TPHHFUUB B HPWFSOP DPTUBO UF .B MµPMJWP o VOB QJBOUB QFSWJDBDF GPSUF JM TVP MFHOP SFTJTUF BODIF BM EFDB EJNFOUP PSHBOJDP EPWVUP BMMµVNJEJUh FE o DBQBDF EJ SJHFOFSBSTJ EBMMB [POB SBEJ DBMF RVBMPSB JM GVTUP DFOUSBMF EPWFTTF TPDDPNCFSF 4BOUB .BSJB JO $BNNJOBOEP USB MF QJBOUF DIF JODVSBOUJ EFM QFOEJP BODIF 3POUBOB BQQBSF OFJ SJQJEP WJ TJ BGGPMMBOP WJFOF TQPOUBOFB MB EPNBOEB TVMMB SBD EPDVNFOUJ EFMMµBOOP DPMUB EFMMF PMJWF TQFUUBDPMP RVPUJEJBOP OFM DPNQSFOTPSJP F EBM SBGGPS[B JM TVP SVPMP SFMJHJPTP CSJTJHIFMMFTF EVSBOUF JM NFTF EJ OPWFNCSF -P TDFOBSJP EFMMF BODIF QFS MB QSFTFO[B HSBOEJ SFUJ RVBESBUF DPO JM MBUP BODIF EJ EJFDJ NFUSJ EBJ DPMPSJ EJ VOB 3PDDB /FM THBSHJBOUJ SPTTP HJBMMP WFSEF P CJBODP QSPQSJP QFS TFHOB HJh EJ QSPQSJFUh EFJ GBFOUJOJ WJFOF EJTUSVUUB SF JM UFSSFOP EPWF TJ MBWPSB TUFTF TPUUP HMJ BMCFSJ WJFOF GBDJM EB .BHIJOBSEP 1BHBOP NFOUF FWPDBUP EB VOP RVBMTJBTJ EFJ QSPEVUUPSJ EFMMµBSFBMF F EPQP MB EJTMPDB[JP TJNVMBOEP DPO MB NBOP JM NPWJNFOUP EFMJDBUP EJ QFUUJOBUVSB OF BJ QJFEJ EFM DPMMF BCCBUUVUB B NFUh NBOVBMF EFJ SBNJ DIF BE VOP BE VOP WFOHPOP QBTTBUJ DPO EFM 9*9 TFDPMP GV VO SBTUSFMMJOP SJDPTUSVJUB OFM -F PMJWF DPTs TUBDDBUF EBM SBNP JM TJTUFNB o EFUUP CSVDBUV SB TDJWPMBOP GJOP B UFSSB TVMMF SFUJ EPWF WFOHPOP SJQVMJUF EFJ SBNFUUJ F EFMMF GPHMJF QSJNB EJ FTTFSF TVEEJWJTF OFMMF DBTTFU UF QFS JM USBTQPSUP BM GSBOUPJP EFMMB $BC EJ #SJTJHIFMMB QFS MB NPMJUVSB .B OFTTVO PMJWJDPMUPSF TPDJP EFMMB $BC IB MµPCCMJHP EFM ²DPOGFSJNFOUP³ QFS MµPMJP $JBTDVOP QVx EFDJEFSF RVBOUP UFOFSOF QFS MµBVUPDPOTVNP *O RVFTUB [POB EJ HSBOEF WBMPSF DPMUVSBMF F QBFTBHHJTUJDP DIF TJ TWJMVQQB TV WJB 7BMMPOJ SJDPSEJBNP MB QSFTFO[B EJ BMDVOF B[JFOEF DIF QSPEVDPOP PMJP FYUSBWFSHJOF EµPMJWB EBMMF QJBO UF EJ BOUJDIJTTJNB DPMUVSB QSFTFOUJ OFMMB QSPQSJFUh -F DVMUJWBS TPOP MB ²/PTUSBOB EJ #SJTJHIFMMB³ F MB ²(IJBDDJPMB³ -µPCJFUUJWP EJ SBHHJVOHFSF JM DVPSF EFM HJBDJNFOUP o DFOUSB UP QFS MB TFDPOEB WPMUB EPQP WJB 7BMMFUUB 7JB 7BMMPOJ JO QPDIJ NFUSJ DPOEVDF BMMB $IJFTB EJ 3POUBOB -B SJQFSDPSSJBNP JO TBMJUB F GVPSJVTDJUJ EBM ²HJBDJNFOUP³ DJ JNNFUUJBNP OFMMB QSP WJODJBMF DIF DJ DPOEVSSh B #SJTJHIFMMB 2VBOEP JODPOUSJB NP MµJOEJDB[JPOF UVSJTUJDB QFS MB (SPUUB 5BOBDDJB MB QSJNB TPMP EJSF[JPOBMF MµBCCJBNP OPUBUB B SJEPTTP EJ ²$h JM #PSHP

BCCJBNP BODIF TVMMB TJOJTUSB MB WJTVBMF MJCFSB JO MPOUBOBO[B EFMMB 7FOB EFM (FTTP -B QSPTTJNB UBQQB VMUJNB EFM QFSDPSTP o QSFTTP MB $PPQFSB UJWB "HSJDPMB #SJTJHIFMMFTF $BC CFO WJTJCJMF BQQFOB TVQFSB UP MµBCJUBUP EFM CPSHP JO EJSF[JPOF 'JSFO[F DPO VO BNQJP QBS DIFHHJP 2VJ o DPOTFOUJUB MB WJTJUB BM GSBOUPJP QSFWJB QSFOP

UB[JPOF F MµBDRVJTUP EFMMµPMJP DIF IB NPUJWBUP JM OPTUSP QFSF HSJOBSF USB MF EPMDJ DPMMJOF -B $PPQFSBUJWB "HSJDPMB #SJTJHIFMMFTF DPO J TVPJ TPDJ GB QBSUF EFM $POTPS[JP EFJ 1SPEVUUPSJ EFMMµPMJP EPQ EJ #SJTJHIFMMB DIF DPOUB BODIF B[JFOEF TJOHPMF $"# o USB UVUUJ MµVOJDP GSBOUPJP F MµVOJDP JNCPUUJHMJBUPSF EFMMµ0MJP %PQ -B DPMUVSB NJMMFOBSJB EFMMµPMJP JO RVFM EJ #SJTJHIFMMB IB SBH HJVOUP B DPSPOBNFOUP EJ VOB DBSSJFSB TFO[B TPTUF F TPMP VO QPDP SBMMFOUBUB OFHMJ BOOJ µ JM USBHVBSEP EFMMB %FOPNJOB [JPOF EJ 0SJHJOF 1SPUFUUB %01 QSJNB BTTFHOB[JPOF JO *UB MJB OFM MVHMJP * QSJNJ TPDJ DIF DSFBSPOP OFHMJ BOOJ µ MB $PPQFSBUJWB DPNF DBOUJOB TPDJBMF PHHJ TPOP J WJUJDPMUP SJ OFM µ BQSJSPOP JM GSBOUPJP F TVDDFTTJWBNFOUF OFM µ QFS MVOHJNJSBO[B EJ RVBMDVOP EFDJTFSP EJ RVBMJGJDBSF JM QSP QSJP PMJP DPO MµJNCPUUJHMJBNFOUP B NBSDIJP 0HHJ HMJ PMJWJDPM UPSJ TPOP JO OVNFSP EJ 4DFHMJFSF QFS MB RVBMJUh OPO o TUBUP GBDJMF QJ} TQFTTP TJ o QPSUBUJ B SBHJPOBSF JO UFSNJOJ EJ RVBOUJUh TV RVBOUJ RVJOUBMJ EJ WJOP P EJ PMJP QSPEVDF MB QSPQSJB B[JFOEB 1FS RVBOUP SJHVBSEB MµPMJP FYUSBWFSHJOF DIF IB PUUFOVUP MB %01 J UFDOJDJ DPOUSPMMBOP JM GSVUUP TVMMµBMCFSP F JM QSPEVUUPSF EFWF BDDFUUBSF EJ SBDDPHMJFSMP RVBOEP WJFOF EFDJTP EBMMB $PPQFSBUJWB 5VUUP JM QSPEPUUP SBD DPMUP OFMMB HJPSOBUB WB DPOGFSJUP MB TFSB DPTJDDIo MµPMJWB DIF MB -B (SPUUB EFMMB 5BOBDDJB o WJTJUBCJMF NBUUJOB o BUUBDDBUB BM SBNP MB TFSB o HJh PMJP -B WFMPDJUh EFM DPO MµBDDPNQBHOB DJDMP JNQMJDB QFSDJx VO BOUJDJQP OFMMB SBDDPMUB F MµBOUJDJQP DPN NFOUP EFMMF HVJEF QPSUB VOB QSPEV[JPOF JOGFSJPSF OFMMB RVBOUJUh NB EFDJTBNFO EFM HSVQQP EFHMJ TQFMFPMPHJ EFM 1BSDP UF TVQFSJPSF OFMMB RVBMJUh & DIJ EFDJEF QFS MB RVBMJUh IB BODIF $BSOo -µPSJHJOF QSFJ VOB SFTB FDPOPNJDB BEFHVBUB 2VFTUP WBMF QFS UVUUJ J QSPEPUUJ TUPSJDB EFMMB HSPUUB F EJ OJDDIJB EFWPOP FTTFSF SJDPOPTDJCJMJ QFS JM OPNF QFS MB [POB MµVTP EVQMJDF DPNF BCJUB[JPOF F MVPHP EJ EJ QSPEV[JPOF QFS JM QSPEVUUPSF & RVFMMJ USB HMJ PMJWJDPMUPSJ DIF TFQPMUVSB GJOP BMMµFUh TPOP TDBNQBUJ BMMµFTPEP EFHMJ BOOJ µ F BMMµVSUP EFMMB DVMUV EFM #SPO[P o BUUFTUBUP SB EJ GBCCSJDB RVBOUJ IBOOP TBQVUP NBOUFOFSF WJWP JM QSPQSJP EB OVNFSPTJ SJUSPWB NFOUJ EJ GPSUF JOUFSFTTF HJBDJNFOUP F USBTNFUUFSF MB QBTTJPOF BM GJHMJP P BJ OJQPUJ IBO BSDIFPMPHJDP OP EFDSFUBUP JM TVDDFTTP EFMMB PMJWJDPMUVSB B #SJTJHIFMMB * TPDJ QSPEVUUPSJ OPO TPOP MF HSBOEJ B[JFOEF F MF HSBOEJ QSPQSJFUh TPOP TUBUF WFOEV UF P GSBNNFOUBUF * TPDJ TPOP JM QPTUJOP JM GBSNBDJTUB JM MJCFSP QSPGFTTJPOJTUB DIF QPTTPOP BWFSF BODIF TPMP QJBOUF F MF DVSBOP MF TFHVPOP DPO QBTTJPOF EPQP BWFSMF DPNQSBUF QPSUBOP MF PMJWF BM GSBO UPJP F EFDJEPOP MPSP RVBOUP PMJP WPHMJP OP UFOFSF QFS Tn P EB SFHBMBSF BHMJ BNJDJ 4F MB $BC EJDFTTF MPSP EJ MBTDJBSMP UVUUP BM GSBOUPJP NPMUJ SJOVODFSFCCFSP /FMMB USBEJ[JPOF MPDBMF Dµo VOB RVPUB EJ

QSPEPUUP QFS MµBVUPDPOTVNP 1Vx FTTFSF EJ P LH TV RVJOUBMJ EJ PMJP 1FS PUUFOFSMJ JM TPDJP TDFHMJF MB NPMJUVSB JO QBSUJUBSJP BODIF TF RVFMMB DPNVOF HMJ DPTUFSFCCF EJ NFOP *O BOOJ EJ BUUJWJUh MB $BC IB EJ DFSUP GBWPSJUP JM DPOTPMJEBNFOUP EFMMF DPMUVSB PMFB SJB DIF o DPMUVSB EJGGJDJMF BNBUPSJBMF F IB PUUFOVUP QFS J TPDJ VOB SFTB FDPOPNJDB TVQFSJPSF B RVFMMB EJ BMUSF [POF BODIF QSPTTJNF F DPOGJOBOUJ DPO MµBSFBMF CSJTJHIFMMFTF .B OPO o EFUUP DIF PHOJ BOOP MB QSPEV[JPOF TJB BCCPOEBOUF BE FTFN QJP JOUPSOP BJ RVJOUBMJ /FM BOOP PSNBJ FOUSBUP OFMMB TUPSJB NFUFSFPMPHJDB QFS VOB HFMBUB DBUBTUSPGJDB MB QSPEV[JPOF GV QSBUJDBNFOUF B[[FSBUB *O DBTJ TJNJMJ DPTB GB JM DMJFOUF BGGF[JPOBUP DPOTVNBUPSF *O RVFTUF BOOBUF JM DMJFO UF TB EJ EPWFS GBSF TFO[B RVFTUP PUUJNP PMJP QFSDIo RVJ BMMB $BC OPO TJ DPNQSB OVMMB EB GVPSJ -B $BC o OBUB QFSx DPNF DBOUJOB TPDJBMF RVJ WJFOF DPOGFSJUP JM QSPEPUUP EJ FUUBSJ EJ WJHOF EJTMPDBUF EBMMB QJBOVSB BMMB DPMMJOB *M WJOP HBSBOUJTDF BMMµB[JFOEB JM EFM GBUUVSBUP &OUSJBNP OFMMB TBMB EJ FTQP TJ[JPOF F WFOEJUB EFJ QSPEPUUJ EFJ TPDJ EFMMB $BC VO BNCJFO UF TPMBSF F BSPNBUJ[[BUP EBM WBJ F WJFOJ EJ WJOP F PMJP DIF RVJ WFOHPOP WFOEVUJ BODIF TGVTJ 1FS QSPWBSF MµFNP[JPOF EJ GBSF VO ²QJFOP³ EJ PMJP P EJ WJOP DPNF DJ TVHHFSJWB JO EPQQJP TFOTP MB CBUUVUB EJ JOJ[JP QFSDPSTP QPSUJBNP VOB CPUUJHMJB P

VOB QJDDPMB EBNJHJBOB F TDFHMJBNP USB MF RVBMJUh EJ WJOP EFM MF QPNQF EJTUSJCVUSJDJ 2VFMMB EFMMµPMJP JOWFDF o VOJDB QFSDIn RVJ TJ QVx BDRVJTUBSF TGVTP TPMP JM QSPEPUUP PUUFOVUP EBMMF WBSJFUh DIF OPO TJBOP MB /PTUSBOB VTBUB QFS JM #SJTJHIFMMB %01 P MB (IJBDDJPMB SBSJTTJNB NPMJUB QFS JM /PCJM %SVQB -µPMJP WFOEVUP TGVTP o RVFMMP EFHMJ BOOJ EFMMµBCCPOEBO[B RVBOEP EPQP MB QSPEV[JPOF EFM ²1JFWF 5IP³ EFMMµFDDFMMFOUF ²#SJTJHIFMMP³ EFMMµ0SGBOFMMP F EFM TVQFSCP ²/PCJM %SVQB³ TJ QPTTPOP NPMJSF J GSVUUJ EJ WBSJFUh EJWFSTF F PUUFOFSF VO QSP EPUUP DPNVORVF PUUJNP F BTTJNJMBCJMF DPNF DPODF[JPOF BM NJFMF NJMMFGJPSJ /FM QVOUP WFOEJUB $"# TJ USPWBOP NPMUJ BMUSJ QSPEPUUJ DIF WFO HPOP GPSOJUJ EB OVNFSPTF B[JFOEF BHSJDPMF EFM #SJTJHIFMMFTF 4F TFHVFOEP JM OPTUSP DPOTJHMJP BWFUF TDFMUP EJ FTQMPSBSF MB [POB OFM QFSJPEP BVUVOOBMF QPUFUF DPNQMFUBSF JM QFSDPSTP DPO MB WJTJUB BM GSBOUPJP TPDJBMF EFMMB $BC DIF o JO GVO[JPOF OFM NFTF EJ OPWFNCSF 2VFTUP DPNQMFTTP NBDDIJOBSJP TPEEJTGB JM CJTPHOP EJ NPMJUVSB EJ DJSDB QJBOUF EJTUSJCVJUF TV VOB TVQFSGJDJF EJ FUUBSJ *O PDDBTJPOF EFMMµBQFSUVSB EFMMB TUB HJPOF µ JM GSBOUPJP GV SJTUSVUUVSBUP F EPUBUP EJ BMDVOJ NBDDIJ OBSJ BMMµBWBOHVBSEJB 1SFDFEFOUFNFOUF MP TJ FSB EPUBUP EJ VO BNQJP NBHB[[JOP DIF SJDPOPTDJBNP TVCJUP BMMµJOHSFTTP QFS MF BMUF QJMF EJ DBTTFUUF EJ QMBTUJDB GFTTVSBUF DIF MP JOHPNCSB OP "DRVJTUP JNQPSUBOUF GV MB QFTB B MJWFMMP JOUFSOB BM GSBO UPJP TFDPOEP MF OVPWF OPSNF É VO TFSWJ[JP BHHJVOUP B WBO UBHHJP EFJ TPDJ DIF WFOHPOP TFSWJUJ QFS MB GSBOHJUVSB TFDPOEP JM TJTUFNB QBSUJUBSJP $JBTDVOP PUUJFOF JM QSPQSJP PMJP TFQBSB UBNFOUF 1FS J QSPEPUUJ QJ} TFMF[JPOBUJ J TPDJ IBOOP BDDFUUBUP JM DPTJEEFUUP ²BNNBTTP³ DIF OPO JNQFEJTDF MB QBSUJUVSB F OFM DPOUFNQP GBWPSJTDF MB RVBMJUh³ *M TFHSFUP o OFMMB UFNQJTUJDB TF MF PMJWF SBDDPMUF TPOP UFOVUF USPQQP B MVOHP OFMMF DBTTF QPT TPOP EBOOFHHJBSTJ F DPNQSPNFUUFSF MµPMJP WJTUP DIF MB SBDDPM UB o VOµPQFSB[JPOF OPO GBDJMF DIF SJFNQJF OPO NPMUF DBTTF BM HJPSOP o GBDJMF DIF JM QSPEVUUPSF BTQFUUJ EJ BWFSF VOB RVBOUJUh EJ GSVUUJ DPOTJTUFOUF EB DPOGFSJSF BMMB $BC 4F TJ BDDFUUB MµBN NBTTP JOWFDF BODIF VOB QJDDPMB RVBOUJUh EJ PMJWF QVx FTTF SF DPOGFSJUB F TVCJUP MBWPSBUB BM GSBOUPJP SBDDPMUB MB NBUUJOB MB TFSB o HJh PMFJGJDBUB & MB QFTBUB JOJ[JBMF DPOTFOUF EJ SJQBSUJSF J DPTUJ BEEFCJUBCJMJ BM TJOHPMP .B DFSDIJBNP EJ DBQJSF DPNF GVO[JPOB RVFTUB NBD DIJOB JM DVJ SVNPSF BTTPSEBOUF GBSh EB DPMPOOB TPOPSB EFMMB OPTUSB WJTJUB 7B EFUUP JO FTPSEJP DIF MF OPSNF EFM EJTDJQMJOBSF QFS MµPUUFOJNFOUP EFMMB %01 OPO DPOTFOUPOP BMDVO JOUFSWFOUP DIF OPO TJB QVSBNFOUF NFDDBOJDP F GJTJDP %B RVBOEP MF PMJWF FTDPOP EBMMF DBTTFUUF GPSOJUF EBMMB $BC TUFTTB BMMB GVPSJVTDJUB EFM GJMP EJ QSPEPUUP MJRVJEP OPO WJFOF BHHJVOUP BMUSP DIF VOB NPEFTUB RVBOUJUh EJ BDRVB QPUBCJMF

-µFTUSB[JPOF TJ FGGFUUVB DPO JM NFUPEP 4JOPMFB QFS QFSDPMBNFOUP

B UFNQFSBUVSB DPOUSPMMBUB

#SJTJHIFMMB WJB EFHMJ "TJOJ

*M TVP DPNQJUP o EJ GBDJMJUBSF JO BMDVOJ QBTTBHHJ JM GVO[JPOBNFO UP EFMMB NBDDIJOB 2VJ OVMMB o MBTDJBUP BM DBTP EBMMB TDFMUB EFM MF DBTTF QFS JM USBTQPSUP EFMMF PMJWF UVUUF VHVBMJ GFTTVSBUF QFS FWJUBSF JM SJTDBMEBNFOUP EFJ GSVUUJ QFS GJOJSF DPO MµVMUJNP UVCJDJ OP EB DVJ GVPSJFTDF MµPMJP PHOJ GBTF EFM QSPDFTTP EJ PMFJGJDB[JP OF o TUVEJBUP F DPOUSPMMBUP & MµPMJWB OPO IB TFHSFUJ QFS J TVPJ UFDOJDJ NPMJUPSJ QSJNB MBWBUB F QVMJUB WJFOF TQJOUB TV OBTUSJ TPTQJOUB F JOEJSJ[[BUB USB HSBNPHHJF F HSBNPMF QFOFUSB USB J EFOUJ EFM GSBOHJUPSF OF FTDF QBTUB NBOUFOVUB EJ SJHPSF B UFN QFSBUVSB BNCJFOUF P P DPNF TJ EJDF B ²GSFEEP³ WJFOF TQJOUB OFMMµFTUSBUUPSF VOB TPSUB EJ DFOUSJGVHB DIF TJ QSFOEF MB SFTQPOTBCJMJUh EJ FTUSBSSF EBMMB QBSUF TPMJEB RVFMMB MJRVJEB 1FS OPO QFSEFSF UFNQP DIF JO RVFTUP DBTP QPUSFCCF DPTUBSF DBSP VO TFQBSBUPSF GBDJMJUB MB TFQBSB[JPOF EFMMµPMJP EBMMµBDRVB EJ WFHFUB[JPOF DIF o VOµBDRVB JOUSJOTFDB 1PDP QSJNB VO BTQJ SBUPSF TJ FSB QSFPDDVQBUP EJ FMJNJOBSF MµBFSPTPM DJPo J DPNQPTUJ WPMBUJMJ EFMMµPMJP DIF QPUSFCCFSP DPNQSPNFUUFSF JM HVTUP GBDFO EPMP WJSBSF WFSTP MµBNBSP *M HVTUP EPMDF DPNVORVF o VOB HSB EJUB TPSQSFTB EFMMB QSJNBWFSB RVBOEP MµPMJP o PSNBJ NBUVSP 0SB BQQFOB FTUSBUUP QSFWBMF MB TVB BDFSCJUh DIF QVx TFNCSB SF BEEJSJUUVSB QJDDBOUF 6OB EFMMF DBSBUUFSJTUJDIF PSHBOPMFUUJ DIF EFMMµPMJP EJ #SJTJHIFMMB JM SFUSPHVTUP BNBSP F JM QSPGVNP EJ DBSDJPGP DJ Eh MµPQQPSUVOJUh EJ DPOPTDFSF VO BMUSP QSPEPUUP EJ

RVFTUP BSFBMF JM ²$BSDJPGP .PSFUUP³ DIF EB TFNQSF TFDPOEP J SBDDPOUJ EFHMJ BCJUBOUJ EFMMB [POB o TUBUP WJTUP DSFTDFSF TV RVF TUJ UFSSFOJ BSHJMMPTJ RVFMMJ EFMMB 7FOB EFM (FTTP *M ².PSFUUP³ DPTJ EFUUP QFS JM DPMPSF TGVNBUP TVM NBSSPOF DIF MP DPOUSBEEJTUJOHVF OFMMF QSJNB GBTF EFMMB TVB DSFTDJUB F SBDDPMUB OFM NFTF EJ BQSJMF o EJ GPSNB BMMVOHBUB F TUSFUUB DPOUSBSJBNFOUF BM DBSDJPGP DMBTTJDP QJ} MBSHP F CBTTP *M TBQPSF o NPMUP JOUFOTP F MF GPHMJF TPOP UFOFSF 4J HVTUB DSVEP P MFHHFSNFOUF MFTTBUP FE o PUUJ NP DPO MµPMJP FYUSBWFSHJOF EJ #SJTJHIFMMB DIF IB BTTPSCJUP BODIF EB RVFTUB DPMUVSB TQPOUBOFB JM QSPQSJP BSPNB EJ CBTF *M .PSFUUP OPO SJDIJFEF QSBUJDBNFOUF OFTTVO UJQP EJ JOUFSWFOUP QFS DSFTDFSF o VO QSPEPUUP EFM UVUUP OBUVSBMF %BMMB QJBOUB DFTQVHMJPTB QPTTPOP DSFTDFSF BODIF P DBSDJPGJ /BUVSBMNFOUF o BTTBJ HSBEJUP BODIF JM QSPEPUUP DPOTFSWBUP TPUUµPMJP *O [POB CSJTJHIFMMFTF TPOP EVF MF QSJODJQBMJ B[JFOEF QSPEVUUSJDJ DIF WFOEPOP JM QSPEPUUP EJSFUUBNFO UF JO B[JFOEB P MP DPOGFSJTDPOP BJ OFHP[J EFM MVPHP F BJ SJTUPSBUPSJ -B WJTJUB BM GSBOUPJP TPDJBMF TJHMB JM OPTUSP QFSDPSTP DPNF MJFUP GJOF EFMMB TUPSJB EFMMµPMJWP .B MF SJTPSTF EFM UFSSJUPSJP OPO TPOP FTBV SJUF F QPDP EJTUBOUF EBMMB $BC UPSOBOEP TVMMB 4T WFSTP JM DFO USP BCJUBUP EJ #SJTJHIFMMB TVMMB EFTUSB JO WJB .BTJSPOJ O GBDDJBNP TPTUB BMMB TFEF EFM $PQBG EPWF TPOP TUBUJ BQFSUJ JM .BDFMMP F J -BCPSBUPSJ 4PDJBMJ

$PQBG JM $POTPS[JP QFS MB 7BMPSJ[[B[JPOF EFJ 1SPEPUUJ 5JQJDJ EFMMµ"QQFOOJOP 'BFOUJOP o OBUP DPO MP TDPQP EJ UVUFMBSF GBS DPOPTDFSF F HBSBOUJSF MB RVBMJUh EFJ QSPEPUUJ UJQJDJ F EFMMµBUUJWJUh BSUJHJBOBMF EFM UFSSJUPSJP DPMMJOBSF DPNQSFTP GSB MF WBMMJ EFJ GJVNJ -BNP OF 5SBNB[[P F 4FOJP BUUPSOP BJ QBFTJ EJ 3JPMP 5FSNF $BTPMB 7BM 4FOJP #SJTJHIFMMB .PEJHMJBOB F 5SFEP[JP 4PUUP JM NBSDIJP $PQBG TJ USPWBOP TPMP QSPEV[JPOJ UJQJDIF EFM UFSSJUPSJP BQQFOOJOJDP MF DBSOJ PWJOF F CPWJOF F UVUUJ HMJ BMUSJ QSPEPUUJ EFM UFSSJUPSJP DPMMJOBSF GSB DVJ J GPSNBHHJ QFDPSJOJ J WJOJ UJQJDJ MF DPOTFSWF JM GBSSP J EPMDJ JM NJF MF MµPMJP EJ PMJWB EJ #SJTJHIFMMB B %FOPNJOB[JPOF %µ0SJHJOF 1SPUFUUB F MP 4DBMPHOP EJ 3PNBHOB B *OEJDB[JPOF (FPHSBGJDB 1SPUFUUB *M $POTPS[JP BTTPDJB PMUSF B[JFOEF B[JFOEF BHSJDPMF BHSJUVSJTUJDIF F BSUJHJBOF 0SHBOJ[[B FWFOUJ NBOJGFTUB[JPOJ F DPO WFHOJ QFS WBMPSJ[[BSF J QSPEPUUJ EFM UFSSJUPSJP EFMMµ"QQFOOJOP 'BFOUJOP F 'PSMJWFTF F QFS PGGSJSF TFSWJ[J DIF WBMPSJ[[JOP MF TJOHPMF BUUJWJUh 4POP UBMJ JM NBDFMMP F J MBCPSBUP SJ TPDJBMJ *M $PQBG IB JOUSBQSFTP DPO HSBOEF TFSJFUh MB TUSBEB EFMMB TJDVSF[[B F EFMMB DFSUJGJDB[JPOF BMJNFOUBSF JOGBUUJ PSNBJ EB BMDVOJ BOOJ HFTUJTDF JM NBDFMMP DPNVOBMF EJ #SJTJHIFMMB QVOUP EJ SJGFSJNFOUP QFS HMJ BMMFWBUPSJ EFMMB [POB EB EPWF FTDPOP CVPOB QBSUF EFMMF DBSOJ PWJOF EJ BHOFMMPOF F DBTUSBUP B .BSDIJP 2VBMJUh $POUSPMMBUB 2VJ JO WJB .BTJSPOJ EB BMDVOJ BOOJ JM $PQBG HFTUJTDF JM NBDFMMP DPNVOBMF EJ #SJTJHIFMMB VOB TUSVUUVSB EJ GJOF ´ QJDDPMB NB DPNQMFUB F SJQPSUBUB B OPSNB DIF DPNQSFOEF JM NBDFMMP WFSP F QSPQSJP MB NBDFMMB[JPOF o BODPSB FTFHVJUB DPO NFUPEJ USBEJ[JPOB MJ F EVF MBCPSBUPSJ TPDJBMJ EJ USBTGPSNB[JPOF TJB QFS JM TFUUPSF DBSOJ TF[JPOBNFOUP MBWPSB[JPOF F TUBHJPOBUVSB DIF QFS J QSPEPUUJ BHSJ DPMJ WFHFUBMJ &TTP o JM QVOUP EJ SJGFSJNFOUP QFS HMJ BMMFWBUPSJ EFMMB

[POB WFOHPOP MBWPSBUF CVPOB QBSUF EFMMF DBSOJ PWJOF EJ BHOFMMP OF F DBTUSBUP B NBSDIJP 2VBMJUh $POUSPMMBUB F BODIF DBSOJ EFMMB GBNPTB SB[[B CPWJOB 3PNBHOPMB UJQJDB EFHMJ BMMFWBNFOUJ CPWJOJ EFM UFSSJUPSJP DPMMJOBSF BUUPSOP B 'BFO[B BODIF RVFTUF DBSOJ TPOP TPUUPQPTUF BE VO SJHPSPTP QSPDFTTP EJ DFSUJGJDB[JPOF QSFWJTUP EBM %JTDJQMJOBSF EJ 1SPEV[JPOF EFM NBSDIJP 2VBMJUh $POUSPMMBUB *M $PO TPS[JP JOPMUSF OFM TJ o DPTUJUVJUP DPNF $POTPS[JP EJ UVUFMB EFM MB SB[[B TVJOB BVUPDUPOB ².PSB 3PNBHOPMB F OFM IB BDRVJ TJUP WBMFO[B EJ 1SFTJEJP 4MPX 'PPE QFS MB .PSB EJ 3PNBHOB

.PSB 3PNBHOPMB o VOB SB[[B PUUJNB TPUUP PHOJ BTQFUUP SB[[B DIF TJ USPWB BODPSB JO QVSF[[B OFMMµ"QQFOOJOP 3PNBHOPMP PWF USPWB MF DPOEJ[JPOJ BNCJFOUBMJ F DMJNBUJDIF QFS FTQSJNFSF BM NFHMJP MF QSPQSJF DBSBUUFSJTUJDIF o BOJNBMF GSVHBMF JOGBUUJ USBTDPSSF OPSNBM NFOUF JM QSJNP BOOP EJ WJUB BMMµBQFSUP BM QBTDPMP OVUSFOEPTJ EJ SBEJDJ UVCFSJ F HIJBOEF F TPMP JO RVBMDIF DBTP WJFOF JOUFHSBUB MB TVB BMJNFOUB[JPOF DPO VOB SB[JPOF EJ HSBOJ F DSV TDIF -B TVB DBSOF o DPNQBUUB F BCCPOEBOUF EJ HSBTTP TBQPSJUB BTTBJ DPMPSBUB F EPUBUB EJ BMUP QPUFSF OVUSJUJWP JM MBSEP FE JM HSBTTP TPOP BTTBJ BSPNBUJDJ F DPOTFSWBCJMJ HJh OFM JM %PUU #BS[PDDIJ TDSJWFWB DIF ²JM HSBTTP EJ .PSB 3PNBHOPMB o DPTs GSBHSBOUF F MFH HFSP EB OPO SJMBTDJBSF BMMB DPUUVSB BMDVO SFTJEVP©³ DJx TUB BE JOEJDBSF VOB QBSUJDPMBSF F OBUVSBMF DPNQPTJ[JPOF EFM HSBTTP DPO VO SBQQPSUP GBWPSFWPMF WFSTP J HSBTTJ JOTBUVSJ & JM EPUU 1BPMP #POJ SFMB[JPOBOEP BM DPOWFHOP TVMMB ²4JDVSF[[B F SJTDIJP EFMMF QSPEV [JPOJ USBEJ[JPOBMJ³ B 4BMVEFDJP EFM IB BGGFSNBUP EJ BWFS SJMFWBUP VOB OBUVSB MF DPNQPTJ[JPOF EFM HSBTTP EJ .PSB 3PNBHOPMB DPO HMJ JOTBUVSJ BM DPNF EB QSPWF FGGFUUVBUF OFMMµBNCJUP EFM 1SPHFUUP 4*7"34 * DBQJ EJ TVJOP ².PSB 3PNBHOPMB³ TPOP BU UVBMNFOUF F HMJ BMMFWBNFOUJ JO QSPWJODJB EJ 3BWFOOB TPOP DJSDB 6TDFOEP EBMMB TFEF EFM $POTPS[JP DJ TQPTUJBNP JO EJSF[JPOF #SJTJHIFMMB DIF OFMMµ JODBOUFWPMF DFOUSP TUPSJDP NFUB EJ UVSJTUJ JUBMJBOJ F TUSBOJFSJ PGGSF EVF NPUJWJ EJ TPTUB MFHBUJ BMMF QSPEV [JPOJ UJQJDIF EM UFSSJUPSJP

1SFTTP MµFY QFTB DPNVOBMF EJ GSPOUF BM 1BSDP 6HPOJB o BUUJWP JM EJTUSJCVUPSF BVUPNBUJDP EJ MBUUF GSFTDP VOB QJDDPMB TUSVUUVSB B OJDDIJB DIF DPOUJFOF VO TJTUFNB EJ FSPHB[JPOF EFM MBUUF DIF RVPUJEJBOBNFOUF WJFOF RVJ DPOGFSJUP EBMMµ B[JFOEB BHSJDPMB ²*NP SPO[BOP³ EBM OPNF EFM QPEFSF TV DVJ TPSHF 2VBOEP DJ BEEFO USJBNP OFMMF WJF EFM DFOUSP TUPSJDP EPQP BWFS DBNNJOBUP OFMMF TUSBEFMMF FE FTTFSF TBMJUJ F EJTDFTJ MVOHP QJDDPMF TDBMF EJ SPDDJB HFTTPTB QSPQSJP OFJ QSFTTJ EFMMB QFSMB EJ #SJTJHIFMMB MµBOUJDB WJB EFHMJ "TJOJ JO 1JB[[FUUB 1PSUB (BCPMP O DJ DPODFEJBNP WPMFO UJFSJ VOB TPTUB BM OFHP[JP EF ²*M 1BOJFSF EFMMµ "QQFOOJOP GBFOUJ OP³ JM DPOTPS[JP DIF IB MµPCJFUUJWP EJ TBMWBHVBSEBSF SBDDPHMJFSF F DPNNFSDJBMJ[[BSF J QSPEPUUJ UJQJDJ EFMMB WBMMF EFM -BNPOF F EFM MB WBMMF EFM 4FOJP GPSNBHHJ TBMVNJ EJ ²NPSB SPNBHOPMB³ WJOP JM QSF[JPTP PMJP EJ #SJTJHIFMMB MBUUF TDBMPHOP NBSNFMMBUF GBSSP QFSMBUP F GBSJOB EJ GBSSP FSCF BSPNBUJDIF %JTUSJCVUPSF "VUPNBUJDP *M MBUUF QVx FTTFSF BDRVJTUBUP I TV I É JOPMUSF QPTTJCJMF MµFSPHB[JPOF EJ QJDDPMF GSB[JPOJ EJ MJUSP EJ MBUUF *M EJTUSJCVUPSF QVx DPOUBSF TV VOB TFSJF EJ NJTVSF EJ TJDVSF[[B DIF HBSBOUJTDPOP BM DPOTVNBUPSF MB RVBMJUh F MB GSFTDIF[[B EFM QSP EPUUP DPNF JM CMPDDP EFMMµFSPHB[JPOF OFM DBTP JO DVJ MB UFNQFSBUVSB EFM MBUUF TVQFSJ J $ P JM UFNQP USBTDPSTP EBMMµVMUJNP SJGPSOJNFOUP TJB TVQFSJPSF BMMF PSF F MµBQFSUVSB EFM QPSUFMMP EFMMB OJDDIJB EJ FSPHB[JPOF TVDDFTTJWBNFOUF BMMµJOTFSJNFOUP EFMMF NPOFUF *M SP CPU FTFHVF JOPMUSF VO MBWBHHJP EFMMB OJDDIJB F EFM CFDDVDDJP FSPHBUPSF BVUPNBUJDBNFOUF UFNQPSJ[[BUP NFOUSF VO TJTUFNB (4. BWWFSUJSh JM UJUPMBSF EJ FWFOUVBMJ HVBTUJ F BOPNBMJF -µBDDVSBUP BVUPDPOUSPMMP B[JFOEBMF F JM SJHPSPTP F QVOUVBMF DPOUSPMMP TWPMUP EBM TFSWJ[JP WFUFSJOBSJP MPDBMF TVMMB NBOESJB F TVMMB GJMJFSB QSPEVUUJWB HBSBOUJTDPOP JOPMUSF MB QJFOB TJ DVSF[[B BMJNFOUBSF F MB UPUBMF SJTQPOEFO[B BJ QBSBNFUSJ RVBMJUBUJWJ QSFWJTUJ EBMMF OPSNB UJWF WJHFOUJ EFM MBUUF FSPHBUP 5BMF TDFMUB EJ EPUBSF JM QSPQSJP UFSSJUPSJP EJ VO EJTUSJCVUPSF BVUPNBUJDP EJ MBUUF GSFTDP DPO GFSNB MB WPMPOUh EFMMµBNNJOJTUSB[JPOF CSJTJHIFMMFTF EJ QVOUBSF TVJ QSPQSJ QSPEPUUJ MPDBMJ F EJ PGGSJSF BJ DJUUBEJOJ CSJTJHIFMMFT J VO QSPEPUUP EJ RVBMJUh JO HSBEP EJ DPOJVHBSF HFOVJOJUh F USBEJ[JPOF *M MBUUF o JOGBUUJ TJOPOJNP EJ TBMVUF VO BMJNFOUP GPOEBNFOUBMF QFS JM OPTUSP PSHBOJTNP F QFS RVFMMP EFJ OPTUSJ GJHMJ DPOTJHMJBUP EB NFEJDJ QFEJBUSJ F OVUSJ[JPOJTUJ QFS MB SJDDIF[[B EJ DBMDJP NJDSPFMFNFOUJ F QSPUFJOF JOHSFEJFOUJ GPOEBNFOUBMJ QFS MP TWJMVQ QP PTTFP F NVTDPMBSF -µB[JFOEB BHSJDPMB *NPSPO[BOP DPTs EFOPNJOBUB EBM OPNF EFM QPEFSF TPSHF TVMMF QFO EJDJ EJ .POUF 3PNBOP JO MPDBMJUh 4BO .BSUJOP EJ #SJTJHIFMMB 2VJ MB GBNJHMJB $FSPOJ HJh EB EVF HFOFSB[JPOJ F EB PMUSF BOOJ BMMFWB NVDDIF EB MBUUF DPO QBTTJPOF F DPNQFUFO [B BMJNFOUBOEPMF DPO GPSBHHJ SBDDPMUJ OFJ UFSSFOJ B[JFOEBMJ EJ .POUF 3PNBOP MPOUBOP EB JOEVTUSJF TUSBEF F BMUSF GPOUJ EµJORVJOBNFOUP -B USBEJ[JPOF TJ DPOJVHB DPO MB HJVTUB JOOPWB[JPOF UFDOPMPHJDB SJGPSOFOEP JM EJTUSJCVUPSF BVUPNBUJDP EJ #SJTJHIFMMB DPO JM MBUUF GSFTDP VO QSPEPUUP TBOP HFOVJOP DIF QPTTJFEF UVUUF MF DBSBUUFSJTUJDIF OVUSJUJWF DIF TP MP JM MBUUF OPO USBUUBUP JOEVTUSJBMNFOUF QVx BTTJDVSBSF 1BOJFSF EFMMµ"QQFOOJOP GBFOUJOP SJVOJTDF MF DPPQFSBUJWF $BC EJ #SJTJHIFMMB "HSJDPPQ EJ 1BMB[[VPMP TVM 4FOJP 7BMMF EFM 4FOJP 2VBMJUh F 4BQPSJ

0MJP EJ PMJWB FYUSBWFSHJOF EJ #SJTJHIFMMB TDIFEB QSPEPUUP

$FOOJ TUPSJDJ -B DPMUJWB[JPOF EFMMµPMJP OFMMB WBMMF EFM -BNPOF SJTBMF BMMµFQP DB SPNBOB ** TFDPMP E $ DPNF o EPDVNFOUBUP EBM SJUSPWB NFOUP EJ VO BOUJDP GSBOUPJP GBNJMJBSF OFHMJ TDBWJ EFMMB 1JFWF EFM 5IP 1SPEV[JPOF -B SBDDPMUB o B NBOP F MB DPOTFHOB JO QJDDPMF DBTTFUUF BWWJF OF HJPSOBMNFOUF 1SJNB EFMMB TQSFNJUVSB MF PMJWF TPOP TPUUP QPTUF B MBWBHHJP MµFTUSB[JPOF TJ FGGFUUVB DPO JM NFUPEP TJOP MFB QFS QFSDPMBNFOUP B UFNQFSBUVSB DPOUSPMMBUB F MB SFTB NBTTJNB EJ PMJWF JO PMJP OPO TVQFSB JM 4FMF[JPOJ QFS MB WFOEJUB 0MJP FYUSB WFSHJOF EJ PMJWB 1JFWF 5IP MJOFB CBTF

0MJP FYUSB WFSHJOF EJ PMJWB #SJTJHIFMMB %01 0MJP FYUSB WFSHJOF EJ PMJWB #SJTJHIFMMB %01 $36 #SJTJHIFMMP 0MJP FYUSB WFSHJOF EJ PMJWB /PCJM %SVQB 0MJP FYUSB WFSHJOF EJ PMJWB ²0SGBOFMMP³ $BSBUUFSJTUJDIF PSHBOPMFUUJDIF F OVUSJ[JPOBMJ $PMPSF WFSEF TNFSBMEP DPO SJGMFTTJ EPSBUJ 1SPGVNP EJ DBSDJPGP F PMJWB VOJUP BM TBQPSF WFMMVUBUP MFHHFS NFOUF BNBSPHOPMP F QJDDBOUF #BTTP MJWFMMP EJ BDJEJUh 0UUJNP QFS BDDPNQBHOBSF QJBUUJ EJ QFTDF F QFS FTTFSF DPOTVNBUP DSVEP TV JOTBMBUF CSV TDIFUUF NJOFTUSF F DPNF DPOEJNFOUP EJ DBSOJ CJBODIF ;POB HFPHSBGJDB -F PMJWF TPOP QSPEPUUF OFM UFSSJUPSJP EFJ $PNVOJ EJ #SJTJHIFMMB 'BFO[B 3JPMP 5FSNF F $BTPMB 7BMTFOJP QSPWJODJB EJ 3BWFOOB

F EJ .PEJHMJBOB QSPWJODJB EJ 'PSMs (MJ PMJWFUJ DPQSPOP VOB TVQFSGJDJF EJ FUUBSJ DPO QJBOUF EJ PMJWP /FM Mµ6OJPOF &VSPQFB IB DPODFTTP JM SJDPOPTDJ NFOUP EFMMB %01 %FOPNJOB[JPOF EJ 0SJHJOF 1SPUFUUB BMMµPMJP FYUSB WFSHJOF EJ PMJWB EJ #SJTJHIFMMB DPO MB EFOPNJOB[JPOF #SJTJHIFMMB %01

-BUUF

TDIFEB QSPEPUUP

.PSB 3PNBHOPMB

TDIFEB QSPEPUUP

*M MBUUF GSFTDP o VO QSPEPUUP TBOP HFOVJOP DIF QPTTJFEF UVUUF MF DBSBUUFSJTUJDIF OVUSJUJWF DIF TPMP JM MBUUF OPO USBUUBUP JOEV TUSJBMNFOUF QVx BTTJDVSBSF *M MBUUF o JOGBUUJ TJOPOJNP EJ TBMV UF VO BMJNFOUP GPOEBNFOUBMF QFS JM OPTUSP PSHBOJTNP F QFS RVFMMP EFJ OPTUSJ GJHMJ DPOTJHMJBUP EB NFEJDJ QFEJBUSJ F OVUSJ [JPOJTUJ QFS MB SJDDIF[[B EJ DBMDJP NJDSPFMFNFOUJ F QSPUFJOF JOHSFEJFOUJ GPOEBNFOUBMJ QFS MP TWJMVQQP PTTFP F NVTDPMBSF (MJ BMMFWBNFOUJ EJ NVDDIF EB MBUUF EFMMB [POB TJ BMJNFOUBOP DPO GPSBHHJ SBDDPMUJ OFJ UFSSFOJ B[JFOEBMJ EJ .POUF 3PNBOP MPOUBOP EB JOEVTUSJF TUSBEF F BMUSF GPOUJ EµJORVJOBNFOUP $FOOJ TUPSJDJ -B DPNQBSTB EFJ TVJOJ JO 3PNBHOB SJTBMF BM QFSJPEP SPNBOP QFSx TPMP OFM .FEJPFWP MµBMMFWBNFOUP EFM NBJBMF BTTVNF OPUFWPMF JNQPSUBO[B -B QSPHSFTTJWB TFMF[JPOF EFMMF SB[[F QPSUB BMMB EFGJOJ [JPOF EFMMB SB[[B ² NPSB SPNBHOPMB³ BMMFWBUB OFMMB [POB GSB #PMP HOB F 'PSMs DIF HJh B QBSUJSF EBJ QSJNJ EFMMµ WJFOF SJDPSEBUB QFS MB RVBMJUh EFMMB DBSOF F EFM HSBTTP /FHMJ BOOJ µ TJ EJGGPOEPOP MF SB[[F CJBODIF QJ} BEBUUF BE FTTFSF BMMFWBUF JO DBUUJWJUh F JO NPEP JOUFOTJWP F MB SB[[B NPSB WJFOF BCCBOEPOBUB F SJTDIJB MµFTUJO[JP OF 6O BMMFWBUPSF GBFOUJOP .BSJP -B[[BSJ IB TBMWBUP HMJ VMUJNJ DBQJ F OF IB QSPTFHVJUP MµBMMFWBNFOUP GJOP B RVBOEP MB OVPWB DVMUVSB EFMMB CJPEJWFSTJUh OF IB GBWPSJUP JM SFDVQFSP

5JQP EJ BOJNBMF F EJ QSPEPUUJ -B NPSB SPNBHOPMB IB OPUFWPMJ EPUJ EJ SVTUJDJUh F GPSUF BUUJUVEJ OF NBUFSOB -F TVF DBSBUUFSJTUJDIF TPOP DPTUJUV[JPOF MPOHJMJOFB UFTUB QJDDPMB DPO NVTP MVOHP F TPUUJMF PDDIJP B NBOEPSMB DPMPS OFSP QFMMF TDVSB DPO TFUPMF OFSF DIF GPSNBOP TVMMB TDIJFOB VOB TQFDJF EJ DSJOJFSB EFOPNJOBUB ² MJOFB TQBSUB³ -µBMMFWBNFOUP BWWJF OF B DJDMP DIJVTP DPO NFUPEJ DPNQBUJCJMJ DPO MµBNCJFOUF F MB DSF TDJUB OBUVSBMF EFHMJ BOJNBMJ -µBMJNFOUB[JPOF DPOTJTUF JO VO QBTUP OF BM NBUUJOP F VOP BMMB TFSB DPNQPTUP EB GBSJOB EJ GBWJOP OFSP F GBSJOB EJ NBJT * DBQJ EFTUJOBUJ BMMµJOHSBTTP SJDFWPOP VOµJOUFHSB[JP OF HJPSOBMJFSB B CBTF EJ HIJBOEF F DBTUBHOF -F DBSOJ TPOP TBQP SJUF BEBUUF TJB MB DPOTVNP GSFTDP TJB BMMB USBTGPSNB[JPOF TFDPO EP J NFUPEJ USBEJ[JPOBMJ DPNQBUUF F BCCPOEBOUJ EJ HSBTTP BTTBJ DPMPSBUF F EPUBUF EJ BMUP QPUFSF OVUSJUJWP JM MBSEP FE JM HSBTTP TPOP BTTBJ BSPNBUJDJ F DPOTFSWBCJMJ HJh OFM JM %PUU #BS[PDDIJ TDSJ WFWB DIF ²JM HSBTTP EJ .PSB 3PNBHOPMB o DPTs GSBHSBOUF F MFHHFSP EB OPO SJMBTDJBSF BMMB DPUUVSB BMDVO SFTJEVP©³ DJx TUB BE JOEJDBSF VOB QBSUJDPMBSF F OBUVSBMF DPNQPTJ[JPOF EFM HSBTTP DPO VO SBQ QPSUP GBWPSFWPMF WFSTP J HSBTTJ JOTBUVSJ & JM %PUU 1BPMP #POJ SFMB [JPOBOEP BM DPOWFHOP TVMMB ²4JDVSF[[B F SJTDIJP EFMMF QSPEV[JPOJ USBEJ[JPOBMJ³ B 4BMVEFDJP EFM IB BGGFSNBUP EJ BWFS SJMF WBUP VOB OBUVSBMF DPNQPTJ[JPOF EFM HSBTTP EJ .PSB 3PNBHOPMB DPO HMJ JOTBUVSJ BM DPNF EB QSPWF FGGFUUVBUF OFMMµBNCJUP EFM 1SPHFUUP 4*7"34 %BMMB NPSB TJ PUUFOHPOP PUUJNJ TBMVNJ TBMTJD DF QSPTDJVUUP F MBSEP

$BSDJPGP NPSFUUP

TDIFEB QSPEPUUP

'BSSP

TDIFEB QSPEPUUP

;POB EJ QSPEV[JPOF *M NBHHJPS OVNFSP EJ DPMUVSF TJ USPWB OFM SBWFOOBUF TQFDJBM NFOUF OFMMF DPMMJOF EJ #SJTJHIFMMB *M ².PSFUUP³ o VOB WBSJFUh SVTUJDB TVMMB RVBMF OPO TPOP TUBUJ GBUUJ JOUFSWFOUJ HFOFUJDJ F DJx IB DPOTFOUJUP EJ NBOUFOFSF JOBM UFSBUF OFM UFNQP MF DBSBUUFSJTUJDIF F HMJ BSPNJ PSJHJOBSJ EJWFS TBNFOUF EB BMUSF WBSJFUh MBSHBNFOUF DPMUJWBUF OFM CBDJOP EFM .FEJUFSSBOFP /PO VO DBSDJPGP RVBMVORVF EVORVF NB VOB WFSB F QSPQSJB SBSJUh HBTUSPOPNJDB BMMB RVBMF JM QBFTF EFEJDB VOµJOUFSB HJPSOBUB DPO MB ²4BHSB EFM $BSDJPGP .PSFUUP³ %FSJWB EBM MBUJOP GBS UFSNJOF DIF Eh PSJHJOF BMMB QBSPMB ²GBSJ OB³ FE o JM OPNF DPO JM RVBMF TPOP DPNVOFNFOUF DIJBNBUJ J GSVNFOUJ WFTUJUJ UBMJ QFSDIn MB DBSJPTTJEF SFTUB DPQFSUB EBMMF HMVNFMMF BODIF EPQP MB USFCCJBUVSB B EJGGFSFO[B EFJ GSVNFO UJ EVSP F UFOFSP 1PTTJBNP DPOTJEFSBSF JM GBSSP JM WFSP BOUFOBUP EFM OPTUSP HSBOP &TTP OFMMµFSB OFPMJUJDB DJSDB BOOJ GB OFMMB [POB EFMMB .F[[B -VOB 'FSUJMF USB *SBO *SBR 4JSJB F 1BMFTUJOB IB BTTVOUP VO SVPMP EB QSPUBHPOJTUB OFMMB OBTDJUB EFMMµBHSJDPM UVSB F EFMMB QSJNF DJWJMUh %B RVJ JM GBSSP TJ o EJGGVTP JO UVUUP JM NPOEP DPO MF NJHSB[JPOJ VNBOF JO NPEP QBSUJDPMBSF OFM #BDJOP EFM .FEJUFSSBOFP FE JO *UBMJB JOUSPEPUUP EBMMF DPMP OJF EFHMJ BOUJDIJ HSFDJ QSFTFOUJ OFM NFSJEJPOF 4VM UFSSJUPSJP EJ #SJTJHIFMMB JM GBSSP HSF[[P WJFOF USBTGPSNBUP JO QFSMBUP F DPOGF[JPOBUP JO TBDDIJ EB RMJ JO GBSJOB EJ GBSSP DPOGF[JPOJ EB B LH JO GBSSP EFDPSUJDBUP DPOGF[JPOJ EB RMJ 4J MBWP SBOP BODIF MF GBSJOF EJ HSBOP F EJ NBJT DIF WFOHPOP NBDJOB UF B QJFUSB

-F FSCF EFM HJBSEJOP 1JBOUF PGGJDJOBMJ TDBMPHOP F GSVUUJ EJNFOUJDBUJ

1JBOUF PGGJDJOBMJ TDBMPHOP F GSVUUJ EJNFOUJDBUJ $BTUFM #PMPHOFTF 3JPMP 5FSNF $BTPMB 7BMTFOJP 4FUUFGPOUJ ;BUUBHMJB .POUF .BVSP

$µo TFNQSF RVBMDPTB EJ OVPWP EB TDPQSJSF TVM UFSSJUPSJP EFM MB QSPWJODJB EJ 3BWFOOB F JM WJTJUBUPSF OPO WJ USPWB USFHVB EJ FTQFSJFO[F TFOTPSJBMJ EBM NBSF BMMF BMUF QFOEJDJ EFMMµ"QQFO OJOP BUUSBWFSTP MB QJBOVSB F MF DPMMJOF QFTDF TBMF GSVUUB DBS OF WJOJ PMJP FE FSCF 1SPGVNJ TBQPSJ F DPMPSJ B QFSEJUB EµPD DIJP *M QFSDPSTP EFMMF &SCF TJ TOPEB EBMMB QJBOVSB JO MPDBMJ Uh $BTUFM #PMPHOFTF DPO EJSF[JPOF 4VE 0WFTU WFSTP $BTPMB 7BMTFOJP CPSHP BM DFOUSP EFMMB WFSEF WBMMBUB EFM GJVNF 4FOJP VO UFNQP DPOPTDJVUB DPNF WBMMF EFMMF BCCB[JF 7F MF DPTUSVJ SPOP JOGBUUJ J GSBUJ CFOFEFUUJOJ RVBTJ DPMPOJ[[BUPSJ EFMMµBSFB EPWF QJBOUBSPOP BODIF DBTUBHOJ

-B WJB &NJMJB TT BUUSBWFSTB JM DFOUSP EJ $BTUFM #PMPHOFTF TF TJ QSPWJFOF EB 'BFO[B MB HSBOEF JOEJDB[JPOF UVSJTUJDB 3JP MP 5FSNF 4UB[JPOF EJ DVSB F TPHHJPSOP o CFO WJTJCJMF TVMMB TJOJTUSB 1SPWFOFOEP EB #PMPHOB DJ TPWSBTUB TVMMB EFTUSB *O PHOJ DBTP o MµJOEJDB[JPOF HJVTUB QFS OPJ 7PMUJBNP RVJOEJ F DJ JNNFUUJBNP OFMMB TT QFS 3JPMP 5FSNF #PSHP 3JWPMB $BTP MB 7BMTFOJP 'JSFO[F -F QSJNF USF MPDBMJUh DPTUJUVJTDPOP UBQQB EFM OPTUSP QFSDPSTP * QSJNJ TFUUF DIJMPNFUSJ RVFMMJ DIF DJ TFQBSBOP EB 3JPMP 5FS NF TPOP DPNF VO QPFNFUUP JO TUSPGF B SJNB CBDJBUB QFTDIJ QFTDIJ LJXJ LJXJ 3JNF GSVUUBUF EB TJOJTUSB B EFTUSB JO QSJNP QJBOP P JO QSPTQFUUJWB TGVHHFOUF WFSTP J EPMDJ QFOEJJ DPMMJOBSJ 4USBEB EFM 4BOHJPWFTF 4USBEB EFJ 7JOJ F EFJ 4BQPSJ EFMMF $PMMJOF EJ 'BFO[B

$PSTP .BUUFPUUJ 3JPMP 5FSNF Â&#x2026; 5FM GBY

JOGP!TUSBEBEFMTBOHJPWFTF JU

$POTPS[JP *M 1BOJFSF EFMMµ"QQFOOJOP 'BFOUJOP

1JB[[FUUB 1PSUB (BCPMP ° #SJTJHIFMMB Â&#x2026; 5FM

JOGP!JMQBOJFSF DPN

$01"' $POTPS[JP QFS MB WBMPSJ[[B[JPOF EFJ QSPEPUUJ UJQJDJ EFMMµ"QQFOOJOP 'BFOUJOP

7JB .BTJSPOJ ° #SJTJHIFMMB Â&#x2026; 5FM

'BUUPSJF %JEBUUJDIF D P "TTFTTPSBUP QSPWJODJBMF "HSJDPMUVSB

WJB EFMMB -JSJDB 3BWFOOB UFM ° GBY

MDIJOBHMJB!NBJM QSPWJODJB SB JU

-B OFUUBSJOB IB BWVUP PSJHJOF EBMMB 1FSTJDB -BFWJT EFMMB GBNJHMJB EFMMF 3PTBDFF HFOFSF 1SVOVT -B TVB QSFTFO[B OFM UFSSJUPSJP EJ 3PNBHOB o NPMUP BOUJDB $PM OPNF EJ QFTDB OPDF o DJUBUB OFM USBUUBUP TFJDFOUFTDP EJ 7JODFO[P 5BOBSB ²-µFDPOPNJB EFM DJUUBEJOP JO 7JMMB³

* QFTDIJ TPOP RVFMMJ DIF GSVUUJGJDBOP MµPUUJNB ²OFUUBSJOB³ P QFTDBOPDF GJPSF BMMµPDDIJFMMP EFMMB GSVUUJDPMUVSB MPDBMF DIF MF IB EFEJDBUP EFJ TVPJ FUUBSJ DPMUJWBUJ (MJ BMUSJ TPOP SJNBTUJ BMMB QFTDB USBEJ[JPOBMF *M EFMMB QSPEV[JPOF OB[JPOBMF EJ OFUUBSJOB o SBDDPMUP OFMMB QSPWJODJB EJ 3BWFOOB *M HSBEJNFOUP EFM QVCCMJDP IB QSF NJBUP MB TDFMUB EJ BMDVOJ GSVUUJDPMUPSJ GBFOUJOJ DIF MB JNQPSUB SPOP EBMMµ"NFSJDB OFHMJ BOOJ µ NB JM TVP TFNF GSVUUJGJDx HJh JO UFSSB DJOFTF $J IB DPORVJTUBUP BODIF QFS MB SBQJEJUh EFM DPOTVNP CFO MBWBUB TFO[B EPWFSOF BTQPSUBSF MB CVDDJB DIF o HMBCSB TQJDDBHOPMB BM QVOUP HJVTUP TJ MBTDJB BHHSFEJSF B NPSTJ DPNF VOB NFMB & JM TBQPSF o HSBEFWPMNFOUF [VDDIF SJOP OPO WJSB RVBTJ NBJ WFSTP OPUF BDFSCF QJ} EPMDF QFSx o MB WBSJFUh HJBMMB SJTQFUUP B RVFMMB CJBODP SPTTBTUSB 0UUJNB TPMV[JPOF QFS MB NFSFOEB EFJ CBNCJOJ DIF QPTTPOP HVTUBSMB TFO[B MµJOUFSWFOUP EFMMµBEVMUP F TFO[B JM TVQQPSUP EFM CBWB HMJP BOUJNBDDIJB & JM LJXJ GB MB TVB QBSUF OFMMB SFDJUB EJ SJNF GSVUUBUF DPO MF OPUF FTPUJDIF DIF HMJ DPNQFUPOP DPNF GSVUUP EJ PSJHJOF DJOFTF USBTQPSUBUP JO /VPWB ;FMBOEB F EJ RVJ JO &VSPQB F JO *UBMJB /FHMJ BOOJ µ TJ QBTTx EBMMF QSJNF TQFSJNFOUB[JPOJ BODIF DPO RVBMDIF FSSPSF OFMMB TDFMUB EFJ UFSSFOJ BMMF DPMUVSF FTUFO TJWF -B DBNQBHOB QSPNP[JPOBMF MP SFTF GBNPTP DPNF GSVUUP

EFMMB TBMVUF F DPOWJOTF BODIF HMJ TDFUUJDJ DPO VOB QFSDFOUVB MF EJDIJBSBUB EJ WJUBNJOB $ EB GBS JNQBMMJEJSF MF CFMMF BSBODF TJDVMF /FHMJ TDBGGBMJ EFJ OFHP[J VSCBOJ JM CSVOP LJXJ TJ QFSEFWB USB MB TPMBSJUh EFJ OPTUSBOJ SPTTJ WFSEJ HJBMMJ F BSBODJPOJ .B BM UBHMJP SJWFMBWB VOB QPMQB EJ VO CFM WFSEF F BMMµBTTBHHJP OPO EJTQJBDFWB JM HVTUP EPMDF NB OPO TUVDDIFWPMF TF EJ HJVTUB NBUVSB[JPOF GPSTF DBQBDF EJ FWPDBSF OFMMµVMUJNB OPUB BDJEVMB JM OPTUSP SJCFT SPTTP 4FNCSB DIF JM OPNF HMJ EFSJWJ EBMMB TPNJ HMJBO[B DPO JM DPSQP UP[[P OPO DBSFOBUP EJ VO WPMBUJMF OFP [FMBOEFTF JOFUUP BM WPMP JM LJXJ BQQVOUP 4PMP QJ} UBSEJ JM DPO TVNBUPSF WFOOF TDPQSFOEP MF BNQJF DPMUVSF BDUJOJEJFUJ DIF JOWFTUJWBOP PSNBJ MF OPTUSF DBNQBHOF 0HHJ MB QJBOUBHJPOF EJ LJXJ IB NPEJGJDBUP JM QBFTBHHJP EJ QJBOVSB F RVFMMP QFEFDPMMJ OBSF EBMMB GJOF EJ NBHHJP DPO MB QSJNB GJPSJUVSB GJOP BE PUUP CSF JOPMUSBUP DPO JM GSVUUP NBUVSP DPOUFOEF MB TDFOB B QFTDIJ F WJHOF DPO MF RVBMJ TJ BMUFSOB JO TJNCPMJDP DPOEPNJOJP %BMMB DPOUFTB USB LJXJ QFTDIJ F WJHOF TQVOUB UBMPSB MµBMCF SP EFM DBDIJ F TJ QSFOEF VOB SJWJODJUB UBSEJWB BMMµFQPDB EFM MB NBUVSB[JPOF EFJ GSVUUJ JM MPSP WFSEF BDFSCP SFTUB DPOGVTP USB RVFMMP MVDFOUF EFMMF GPHMJF NB SBHHJVOHF JO QJFOP BVUVO OP VOB UPOBMJUh BSBODJPOF BEEJSJUUVSB TRVJMMBOUF F QPJ RVB TJ SPTTB DIF QSFEPNJOB TVMMB HBNNB DSPNBUJDB BVUVOOBMF F SFTUB TPWSBOB OFMMF HFMJEF HJPSOBUF JOWFSOBMJ DPOWJWF GJOBO DIF DPO MF QSJNF OFWJDBUF -µFGGFUUP TDFOPHSBGJDP o BTTJNJMBCJ MF BMMB GFTUPTJUh EFMMF EFDPSB[JPOJ OBUB MJ[JF DPNF TQFTTP GBOOP OPUBSF J UVSJTUJ TUSBOJFSJ JO WJTJUB OFMMF OPTUSF [POF -F B[JFOEF QSPEVUUSJDJ EJ LJXJ F DBDIJ DIF TJ BGGBDDJBOP TVMMB TT DJ TFHOBMBOP DPO DBSUFMMJ BODIF TDSJUUJ B NBOP MB WFO EJUB EFJ GSVUUJ OFM QFSJPEP EFMMB SBDDPMUB 5BMWPMUB OF FTQPOHPOP QJDDPMF RVBOUJUh TJTUFNBUF BMMµJOHSFTTP EFMMB QSPQSJFUh B GBS NPTUSB BM QBTTBOUF 4VMMB 4UBUBMF TJ JODPOUSB BODIF MµBM CJDPDDP F DJ TPSQSFOEF DPO MB TVB EFMJDB UB GJPSJUVSB GJO RVBTJ BM DPOGJOF DPO MB 5PTDBOB QPDP QSJNB EJ 1BMB[[VPMP TVM 4FOJP -µBNCJFOUF QFEFDPMMJOBSF HMJ o PMUSFNP EP DPOHFOJBMF NB QSPTQFSB GJOP B DJSDB N T M N *M GJVNF 4FOJP DIF TDPSSF B TJOJTUSB EFMMB DBSSFHHJBUB DPODFEF BDRVB JSSJHVB BJ DPMUJWBUPSJ EFMMB [POB DIF OF USBHHPOP NPUJWP QFS JOUSBQSFOEFSF BODIF RVBMDIF DPMUVSB EJ PSUBHHJ JO TFSSB *O CSFWF WPMHFSF EJ UFNQP BCCJBNP QFSDPSTP J TFUUF DIJMPNFUSJ VUJMJ QFS SBHHJVOHFSF 3JPMP 5FSNF DJUUBEJOB EJ GBNB UFSNBMF OFHMJ TUBCJMJNFOUJ JNNFSTJ JO VO QBSDP MVTTVSFHHJBOUF TJ WJFOF QFS JM CFOFGJDJP EFMMF DVSF UFSBQFVUJDIF QJ} NPEFSOF BCCJOBUF BJ USBUUBNFOUJ EFMMB NFEJDJOB OBUVSBMF " 3JPMP 5FSNF WPHMJBNP GFSNBSDJ BODIF QFS VOB SJDFSDB HBTUSP

OPNJDB F VOB QJDDPMB TDPSUB EFM QSPEPUUP UJQJDP DIF QPSUB JM OPNF EJ 4DBMPHOP EJ 3PNBHOB 3JPMP5FSNF RVJ IB TFEF MB 4PDJFUh EJ "SFB ²5FSSF EJ 'BFO[B³ OBUB OFM USB FOUJ QVCCMJDJ FE B[JFOEF QSJWBUF F SJOOPWBUBTJ OFHMJ VMUJNJ BOOJ B QBSUJSF EBM DPO MB NFTTB B GVPDP EJ OVPWJ PCJFUUJWJ OFM TFHOP EJ VO TJTUFNB UVSJTUJDP DPNQSFOTP SJBMF -F ²5FSSF EJ 'BFO[B³ DIF DPNQSFOEPOP $PNVOJ EFMMB 1SPWJODJB EJ 3BWFO OB $PNVOJ 'BFO[B #SJTJHIFMMB $BTPMB 7BMTFOJP 3JPMP 5FSNF $BTUFM #PMPHOFTF F 4PMBSPMP SJDDIJ EJ BUUSBUUJWF TUPSJDP DVMUVSBMJ F QBFTBHHJTUJDIF QPTTPOP FTTFSF QFSDPSTF TFDPOEP VO USBDDJBUP BE BOFMMP DIF TJ TOPEB EBMMB DBQJUBMF EFMMB DFSBNJ DB 'BFO[B USB CPSHIJ QBSDIJ OBUVSBMJ BOUJDIJ TJUJ EJ DVSB UFSNBMF F HJBDJNFOUJ EJ QSPEPUUJ BHSJDPMJ EJ OJDDIJB

-P TDBMPHOP EJ 3PNBHOB EB OPO DPOGPOEFSTJ DPO RVFMMP GSBO DFTF QJ} FTQPTUP OFJ TVQFSNFSDBUJ o VO QSPEPUUP UJQJDP EFMMB QSPWJODJB EJ 3BWFOOB Ã&#x2030; VOB QJBOUB FSCBDFB EB PSUP GB GBNJHMJB DPO MF -JMJBDFF F TJ QSPQBHB QFS CVMCP 0 NFHMJP QFS CVMCJMMJ "E POPSF EFM QJDDPMP CVMCP EBM OPNF BMUJTPOBOUF EJ "MMJVN BTDB MPOJDVN TJ TPOP NPCJMJUBUJ SJDFSDBUPSJ VOJWFSTJUBSJ TJ TPOP DPO TVMUBUJ HMJ BOUJDIJ UFTUJ DMBTTJDJ TJ o PSHBOJ[[BUB VOB 'JFSB HJVOUB OFM BMMB RVJOEJDFTJNB FEJ[JPOF F TPQSBUUVUUP TJ o PUUF OVUB MB *OEJDB[JPOF (FPHSBGJDB 1SPUFUUB *(1 DIF OF EFDSFUB MB TPWSBOB SFTJEFO[B JO VO GB[[PMFUUP EJ 3PNBHOB *M TVP DPOGJOF o CFO USBDDJBUP EBM EJTDJQMJOBSF *(1 EFM OPWFNCSF 4F VOB WPMUB DJBTDVOP EFMMB [POB QJBOUBWB VO RVBESFUUP EJ TDBMPHOP OFMMµPSUP EJ DBTB PHHJ TJ JNQPTUBOP BODIF EJWFSTJ FUUBSJ QFS DIn MB SFTB o CVPOB F J DPTUJ EJ QSPEV[JPOF TPOP DPOUFOVUJ -P TDBMPHOP o JOGBUUJ VO QSPEPUUP CJPMPHJDP JO TFOTP QJFOP OPO IB CJTPHOP EJ OJFOUF QFS DSFTDFSF F NBOUFOFSF MF TVF QJBDFWPMJ DBSBUUFSJTUJDIF F JM TVP %/" OPO IB TVCJUP NPEJGJDIF OFM DPSTP EFJ EVF NJMMFOOJ DIF IB BUUSBWFSTBUP -P TDBMPHOP DPOUSBSJBNFOUF BMMF BMUSF MJMJBDFF BHMJP F DJQPMMB OPO GB GJPSF OPO Dµo QFSDJx TDBNCJP EJ QPMMJOJ USB VOB QJBOUB F MµBMUSB F MB SJQSPEV[JPOF BWWJFOF TFNQSF F TPMP QFS CVMCP J DPMUJWBUPSJ DPOTFSWBOP VO CVMCP BE FTNQJP EJ RVFTUµBOOP QFS SJQJBOUBSMP B OPWFNCSF F BWFSF MB QJBOUB MµBOOP TFHVFOUF 4F UVUUJ OPO QJBOUBOP JM CVMCP MB QJBOUB TDPNQBSF 1FS RVFTUP TJBNP TJDVSJ DIF MP TDBMPHOP EJ PHHJ TF BOBMJ[[BUP o MP TUFTTP EJ BOOJ GB " RVFTUP QVOUP BODIF JM QBMBUP QJ} SFTUJP BM HVTUP EFMMF MJMJBDFF o TPMMFUJDBUP F WPSSFCCF QSFTUP BTTBHHJBS MP *M DPMPSF CJBODP WJPMBDFP EJTUSJCVJUP TVMMB GPSNB B GJBTDIFU UP o JOWJUBOUF F TVHHFSJTDF HVTUPTJ BOUJQBTUJ FTUJWJ P SPCVTUF QSFQBSB[JPOJ BVUVOOBMJ BM TFHVJUP EJ GVOHIJ QPSDJOJ BSSPTUJ CJTUFDDIJOF &MFHBOUFNFOUF FNVMTJPOBUP MP QPTTJBNP TDPQSJ SF JO TBMTF EJ GJOF TBQPSF "I JM TBQPSF Ã&#x2030; BSPNBUJDP F QFOF USBOUF DPNF SFDJUB $MBVEJP $FSo OFJ TVPJ WFSTJ $JQPMMB EPMDF 3PCB QFS HMJ TUPNBDJ EFMJDBUJ 4F WPMFUF NBOHJBSF SPCVTUP F TBQPSJUP NPSEFUF VOP TDBMPHOP SPNBHOPMP©³ & Mµ6OJWFSTJUh

J SJDFSDBUPSJ EJ DVJ QSJNB TJ EJDFWB RVBMF QBSUF IBOOP OFMMB GPS UVOB EFMMB TDBMPHOP 3JVOJUJ BUUPSOP BM CVMCP B GJBTDIFUUP SJMB TDJBOP SFGFSUJ EPWF TJ DJUBOP PMJHPFMFNFOUJ DPNF JM TFMFOJP JM TJMJDJP JM QPUBTTJP WJUBNJOF " # F $ J GMBWPOPJEJ PMUSF BMMB UJQJDB BMMJDJOB PMJP EFMMF MJMJBDFF 4POP QFSDJx DPOGFSNBUF MF QSPQSJF Uh DIF J DPOTVNBUPSJ GJOP EBMMµBOUJDIJUh HMJ IBOOP BUUSJCVJUP EJTJOGFUUBOUF SJOWJHPSFOUF EJVSFUJDP FE FVQFQUJDP QFS MP TUJ NPMP DIF PGGSF BMMB TFDSF[JPOF HBTUSJDB $PO VO UBMF QFEJHSFF DPO JM HSBEJNFOUP NJMMFOBSJP EFJ DPOTVNBUPSJ F DPO MB QBUFOUF EJ RVBMJUh EFMMµ*(1 MP TDBMPHOP EJ 3PNBHOB NFSJUBWB EBWWFSP VOB TPTUB JO RVFM EJ 3JPMP *M NFSJUP o BEEJSJUUVSB DPSFPHSBGJDP DPNF CFO TJ WFEF FOUSBOEP OFJ MPDBMJ EPWF J QSPEVUUPSJ BQQFO EPOP B DFOUJOBJB MF UJQJDIF USFDDF OFMMF RVBMJ J CVMCJ SFTUBOP JO TUSFUUB DPNQBHOJB DPO MF QSPQSJF GPHMJF TFDDIF PSEJUF DPO OBTUSJ EJ SBGJB QFS MµBCJMF NBOVBMJUh EJ VO JOFEJUP DPJGGFVS 1PSUJBNP WJB DPO OPJ VO QF[[P EFMMµBOUJDB "TDBMPOJB F SJQSFO EJBNP JM DBNNJOP TVMMB TUSBEB EFMMF &SCF 1SJNB EJ QSFOEFSF WFMPDJUh JO EJSF[JPOF EJ $BTPMB 7BMTFOJP SJDPSEJBNP DIF QPDP QSJNB EFMMµJOHSFTTP B 3JPMP 5FSNF JO MPDBMJUh $VGGJBOP o BUUJWP VOP EFJ OFHP[J EFM $POTPS[JP ²*M 1BOJFSF³DIF QSPQPOF UVUUJ J QSPEPUUJ UJQJDJ EFM UFSSJUPSJP UPDDBUP EB RVFTUP QFSDPSTP NB BODIF RVFMMJ EFMMF 7BMMF EFM -BNPOF F EFM 4JOUSJB 3JNBOJB NP RVJOEJ TVMMB TT JO EJSF[JPOF $BTPMB 7BMTFOJP 4J BUUSB WFSTB MB [POB QJ} WFSEF EFM QBFTF F MµBUUFO[JPOF o DBUUVSBUB

4DBMPHOP "MMJVN BTDBMPOJDVN

*M OPNF "MMJVN F MµBUUSJCVUP DIF DBSBUUFSJ[[B MB TQFDJF BTDBMPOJDVN TJ GBOOP SJTBMJSF SJTQFUUJWBNFOUF BM UFSNJOF DFMUJDP ²BMM³ DBMEP DIF CSVDJB

F BM OPNF EFMMB DJUUh HJVEBJDB EJ "TDBMPOB JO 1BMFTUJOB

EBMMP TUBCJMJNFOUP UFSNBMF FMFHBOUF FEJGJDJP JO TUJMF MJCFSUZ JNNFSTP OFM QBSDP EJ BMCFSJ TFDPMBSJ EPWF THPSHBOP BDRVF NJOFSBMJ TVMGVSFF F TBMTPJPEJDIF EJ HSBOEF WBMPSF UFSBQFVUJDP 3JPMP DJ TBMVUB DPO VO QBTTBHHJP B UVOOFM TPUUP MF BMUF DIJP NF EJ QJOP EPNFTUJDP F BQQFOB GVPSJ TJ BQSF MB QSPTQFUUJWB DPMMJOBSF 4JBNP B DJSDB DIJMPNFUSJ EB $BTPMB 7BMTFOJP -F DPMUVSF EJ QFTDIJ DJ BDDPNQBHOBOP BODPSB DPO MB QSPNFTTB EFMMB TVDDPTB OFUUBSJOB F MB TUSBEB TJ GB JO MFHHFSB TBMJUB F DJ TQJOHF WFSTP VO QSJNP UPSOBOUF %PQP #PSHP 3JWPMB TVQFSB UP 3JP 3BHHJP MB DVSWB EFUUB $BQJSPTTJ DJ JNNFUUF JO VO UPSOBOUF DIF DJ MJCFSB QSPOUBNFOUF EFM WFSTBOUF EFM NPOUF F DJ SJQPSUB JO WJTUB EFMMB WBMMF

*M $BSEFMMP

" DJSDB DIJMPNFUSJ EB $BTPMB VOB TFHOB MB[JPOF TVMMB TJOJTUSB DJ JOEJDB MB QSFTFO[B EJ VOB DBWB BM .POUF 5POEP 4JBNP JOGBU UJ OFMMB [POB EFMMB 7FOB EFM (FTTP TUSVU UVSB HFPMPHJDB DIF BUUSBWFSTB Mµ"QQFOOJ OP JO EJSF[JPOF &TU 0WFTU QFS CFO DIJ MPNFUSJ *M QBFTBHHJP o GPSUFNFOUF TFHOB UP EBJ DPOUSBGGPSUJ EJ TFMFOJUF EFUUB BODIF QJFUSB EJ -VOB DSFTUF SPDDJPTF JOPTQJUBMJ DIF TJ DPODFEPOP UVUUBWJB B RVBMDIF SBSB TQFDJF CPUBOJDB DPNF MB GFMDF DIFJMBOUFT QFSTJDB *O QSPTTJNJUh EFM UFS[P DIJMPNF USP WFSTP $BTPMB DJ USPWJBNP JO GBMTPQJBOP F MB TUSBEB o GJBODIFH HJBUB EB HJPWBOJ QJBOUF EJ VMJWP -B SFUSPTQFUUJWB TVMMB WBMMF DJ DPO DFEF VOB WJTJPOF B MVOHP DBNQP EFMMF GPSNB[JPOJ HFTTPTF DPO MF DBSBUUFSJTUJDIF GFTTVSF EB TDBWP *O CSFWF SBHHJVOHJBNP Mµ"CCB[JB EJ 7BMTFOJP DPTUSVJUB OFM 9 TFDPMP EBJ #FOFEFUUJOJ B GJBODP EFM QSFFTJTUFOUF .POBTUF SJVN F EJ TFHVJUP JODPOUSJBNP MµJOEJDB[JPOF UVSJTUJDB EF *M $BSEFMMP BOUJDP IPTQJUJVN EFMMµ"CCB[JB USBTGPSNBUB JO EJNP SB TJHOPSJMF OFMMB TFDPOEB NFUh EFMMµ F BCJUBUB BMMµFQPDB EBMMP TDSJUUPSF F MFUUFSBUP GBFOUJOP "MGSFEP 0SJBOJ -µFEJGJDJP JNNFSTP OFM QBSDP EJ MFDDJ QJOJ EPNFTUJDJ F NBSJUUJNJ DJQSFT TJ F RVFSDF o NFUB EJ WJTJUF DPNF $BTB .VTFP EB BQSJMF B PUUPCSF /FHMJ JOUFSOJ TPOP DPOTFSWBUJ HMJ BSSFEJ UJQJDJ EFMMB DBTB QBESPOBMF JO TUJMF SPNBHOPMP F UPTDBOP OFMMF DBOUJOF TJ OBTDPOEPOP MF QSFHJBUF CPUUJ DPTUSVJUF JO MPDP F OFM QBSDP o VO WFSP QJBDFSF GBSF VOB TPTUB SJTUPSBUSJDF 2VBOEP MBTDJBNP JM QBSDP EF *M $BSEFMMP F SJUPSOJBNP TVMMB TT JO EJSF[JPOF $BTPMB MB WFMPDJUh EFWF FTTFSF NPEFSBUB QFSDIn NPMUP QSFTUP EPWSFNP WPMUBSF B EFTUSB BMMµBMUF[[B EFMMB TFHOBMFUJDB QFS 1SVHOP 'POUBOFMJDF DJ JOUFSFTTB RVJ JM EVQMJDF TFHOBMF 4USB EB EFMMB MBWBOEB F 7JWBJP F (JBSEJOP 0GGJDJOBMF Ã&#x2030; MB TUSBEB QSPWJODJBMF OVNFSP $J Eh JM CFOWFOVUP MB MBWBO EB DPO JM QSPGVNP JODPOGPOEJCJMF F JM MJMMB EFMMF TQJHIF PSEJOB UF B DJVGGJ OFMMB BJVPMB TQBSUJUSBGGJDP F B DPSEPOF MVOHP JM QSJNP USBUUP EJ OBTUSP EµBTGBMUP *O CSFWF PUUFOJBNP MB WJTVBMF EFM (JBSEJOP 0GGJDJOBMF Ã&#x2030; TPUUP EJ OPJ TVM QFOEJP DPMMJOBSF PSHB OJ[[BUP B HSBEPOJ B EFTUSB VOB NBDDIJB QPMJDSPNB -B TPTUB o EµPCCMJHP QFSDIn RVFTUB NFSBWJHMJB o MB QSJNB QFS JNQPSUBO[B TDJFOUJGJDB JO *UBMJB F IB CFO QPDIJ SJWBMJ JO &VSP QB -µJEFB EFM (JBSEJOP o BUUSJCVJUB TUPSJDBNFOUF BM QSPGFT TPSF "VHVTUP 3JOBMEJ $FSPOJ DIF OFM MPOUBOP OPNJOBUP QSFTJEF EFMMB 4DVPMB EJ "WWJBNFOUP 1SPGFTTJPOBMF WPMMF JOUFS SBSF BMDVOJ TFNJ EBOEP WJUB BM QSJNP WJWBJP EJ QJBOUF PGGJDJOBMJ 4J JOTFSs OFMMB USBEJ[JPOF EFMMB 7BMMF EFM 4FOJP DIF FSB HJh QVOUP

EJ QBSUFO[B WFSTP Mµ*UBMJB F Mµ&VSPQB EJ FSCF PGGJDJOBMJ FTTJDDB UF F OFM EPQPHVFSSB BWWJx BODIF BNQJF DPMUJWB[JPOJ EJ MBWBO EB DIF EB BMMPSB DBSBUUFSJ[[B MB [POB TFHOB MµPNPOJNB TUSB EB FE o EJWFOUBUB JM TJNCPMP EFM (JBSEJOP F EJ $BTPMB 7BMTFOJP /FM WJWBJP TJ DPOUBOP TQFDJF EJWFSTF EJ MBWBOEB MB QJ} CFMMB QPSUB JM OPNF EFM QSPGFTTPSF ²3$³ /FM MB 3FHJPOF &NJ MJB 3PNBHOB B DPSPOBNFOUP EFMMB QMVSJEFDFOOBMF FTQFSJFO[B JOBVHVSx JM (JBSEJOP 0GGJDJOBMF DIF BUUVBMNFOUF o HFTUJUP EBMMB $PPQFSBUJWB .POUBOB 7BMMF EFM 4FOJP $PPQFSBUJWB .POUBOB 7BMMF EFM 4FOJP -µBUUJWJUh TJ BSUJDPMB OFM TFUUPSF BHSP GPSFTUBMF OFJ TFSWJ[J F JO QBSUF NJOPSF OFM TFUUPSF FEJMF /FMMµBMUP "QQFOOJOP MB $PPQFSBUJWB IB JO DPODFTTJPOF EJWFSTJ DBTUBHOFUJ EPWF TJ SBDDPMHPOP J GBNPTJ NBSSPOJ EJ $BTPMB 7BMTFOJP F #SJTJHIFMMB PSNBJ QSPTTJNJ BMMµ* ( 1 -B QSPEV[JPOF EJ NBSSPOJ IB DPOPTDJVUP VO GPSUF JODSFNFOUP OFHMJ VMUJNJ BOOJ HMJ FUUBSJ EJ DBTUBHOFUP TPOP DJSDB DIF PTQJUBOP QJBOUF QFS FUUBSP PHOVOB EFMMF RVBMJ QSPEVDF EBJ BJ DIJMPHSBNNJ EJ GSVUUP *M (JBSEJOP OPO o NBJ CSVMMP BODIF OFM GSFEEP JOWFSOP PGGSF GJP SJUVSF EJ FSJDB OPDDJPMJ DBMJDBOUP NB JM SJHPHMJP EJ QSPGVNJ F DPMPSJ FTQMPEF JO BQSJMF F TJ QSPUSBF DPO BMUFSOF GJPSJUVSF GJOP B TFUUFNCSF 4F MB WJTJPOF EBMMµBMUP o TVHHFTUJWB MB WJTJUB JM DBN NJOBSF GSB J HSBEPOJ TVJ FUUBSJ USB BMNFOP TQFDJF EJWFSTF EJ QJBOUF GJPSJUF o BEEJSJUUVSB JOFCSJBOUF *M QFSDPSTP EFM WJTJUB UPSF o TUBUP TUVEJBUP BODIF B GJOF EJEBUUJDP DPO MF TQFDJF CFO TVEEJWJTF JO CBTF BMMF QSPQSJFUh CBMTBNJDIF F BSPNBUJDIF F BM MPSP VUJMJ[[P QFS MB DPTNFTJ MµBSPNBUFSBQJB F MB HBTUSPOPNJB $PTs OPO o SBSP JODPOUSBSF TDPMBSFTDIF JO WJTJUB HVJEBUB P HSVQ QJ EJ UVSJTUJ DIF EBMMB SJWJFSB TBMHPOP GJO RVBTT} QFS VOµFTQF SJFO[B EBWWFSP VOJDB /FMMB QSJNBWFSB EFMMµBOOP TJ o BMMF TUJUB MµPMGBUUPUFDB OFMMB HSBOEF TFSSB QFS DPOTFOUJSF BJ WJTJUB UPSJ EJ ²TOJGGBSF³ J QSPGVNJ FE FEVDBSF MµPMGBUUP B SJDPOPTDFSMJ VOµBCJMJUh QFSTB EB RVBOUJ WJWPOP OFMMF DJUUh -B QJDDPMB 1SPWFO [B JUBMJBOB IB JO RVBMDIF NJTVSB SJTWFHMJBUP BODIF MB DVDJOB USB EJ[JPOBMF BSSJDDIFOEPMB EJ TBQPSJ F BSPNJ DPO MB DPNQMJDF DSFB UJWJUh EFJ SJTUPSBUPSJ 4J o DPTUJUVJUP JM DMVC * $BTPMBSJ EFMMF &SCF USB BMDVOF B[JFOEF

1JBUUP WFSEF FEJ[JPOF MB 4PDJFUh EJ "SFB 5FSSF EJ 'BFO[B IB EFEJDBUP RVFTUB FEJ[JPOF B FSCF PGGJDJOBMJ EFUUF ²-F FSCF EFMMB QBTTJPOF³

EJ BHSJUVSJTNP DPORVJTUBUF EBM GBTDJOP EJTDSFUP EFMMF FSCF Ã&#x2030; VOµJOOPWB[JPOF QFS EJWFSTJGJDBSF MµPGGFSUB SJTQFUUP BMMB SJTUP SB[JPOF PSEJOBSJB -B DBNQBHOB QSPNP[JPOBMF JOGPSNB JM DMJFO UF DIF RVJ HMJ BHSJUVSJTNJ F BMDVOJ SJTUPSBOUJ QSFQBSBOP QJBUUJ EFJ MPSP NFO} DPO FSCF QSPWFOJFOUJ EBM (JBSEJOP EJ $BTPMB 7BMTFOJP Ã&#x2030; TUBUP JEFBUP JOGJOF JM 1JBUUP 7FSEF DPODPSTP USB QSJWBUJ TDVPMF F SJTUPSBUPSJ DIF QSFNJB TV HJVEJ[JP EJ VOB HJV SJB EJ FTQFSUJ NFNCSJ EFMMµ"DDBEFNJB EFMMB $VDJOB *UBMJBOB

JM QJBUUP JO DVJ WFOHPOP VUJMJ[[BUJ FSCF DPSUFDDF CBDDIF GJPSJ HFSNPHMJ GSVUUJ DIF DPOUSBEEJTUJOHVPOP JM NBSDIJP & MB DPO TVFUVEJOF WVPMF DIF J SJTUPSBUPSJ DPMUJWJOP JO VO QJDDPMP PSUP MF FSCF EFM (JBSEJOP QFS BWFSMF TFNQSF GSFTDIF F WBSJBSF MF QSFQB SB[JPOJ DPO JM DBNCJP TUBHJPOBMF EFM UFNQP CBMTBNJDP 4J NBOUJFOF WJWP JM MFHBNF USB MB WJUB F JM MBWPSP EFMMµVPNP F JM SJUNJDP FWPMWFSTJ EFMMB OBUVSB TF OF DPOTPMJEB MµBSNPOJB /PO TJ TCBHMJB B DPOTJEFSBSF JM (JBSEJOP EFMMF &SCF DPNF VO NVTFP OBUVSBMF BMMµBSJB BQFSUB F QFS DPNQMFUBSF MµFTQFSJFO[B EJEBUUJDB TJ QVx BDDFEFSF BM TJTUFNB DPNQVUFSJ[[BUP JOUFSBU UJWP OFJ MPDBMJ BEJBDFOUJ (MJ FTQFSUJ JOWFDF J SJDFSDBUPSJ VOJWFSTJUBSJ HMJ FSCPSJTUJ F J GBS NBDJTUJ GSFRVFOUBOP JM 7JWBJP QFS MF SJDFSDIF TVM DBNQP QSFMV EJP EJ OVPWF F QJ} BQQSPGPOEJUF DPOPTDFO[F 1SJNB EJ QBSUJSF TDFHMJBNP VOB QJBOUJDFMMB EB QJBOUBSF OFM MF OPTUSF UFSSB[[F P BJVPMF QFSDIn MµFTQFSJFO[B EFM DPMUJWBS MF

FSCF NFSJUB EJ FTTFSF JOJ[JBUB & OPO QPTTJBNP NBODBSF BMMµBQ QVOUBNFOUP DPO JM OFHP[JP DIF GB QBSUF EFM DPOTPS[JP ²*M 1BOJF SF³ RVFTUP QVOUP WFOEJUB o JOOBO[J UVUUP PSJFOUBUP BMMB DPN NFSDJBMJ[[B[JPOF EFJ QSPEPUUJ SFBMJ[[BUJ DPO MF QJBOUF DPMUJWBUF OFM (JBSEJOP NB PTQJUB BODIF VO BOHPMP EFEJDBUP BJ QSPEPUUJ EJ UVUUP JM UFSSJUPSJP -µBQQVOUBNFOUP QFS UVUUJ o OFJ NFTJ EJ MVHMJP F BHPTUP JM WFOFSEs TFSB OFM DFOUSP TUPSJDP EJ $BTPMB 7BMTFOJP QFS JM .FSDBUJOP EFMMF FSCF 7BMF MB QFOB EJ MBTDJBSF MB DJUUh BGPTB P MB SJWJFSB CSVMJDBOUF QFS EJTUFOEFSF J OFSWJ USB J QSPGVNJ F J DPMPSJ JNCBOEJUJ EBJ $BTPMBOJ $IJ WVPMF TBQFSOF EJ QJ} BWSh MB QBSPMB EJ FTQFSUJ DIF JOUSBUUFOHPOP JM QVCCMJDP JO CSFWJ DPOGFSFO[F 4JTUF NBUP JM ²RVBESFUUP³ EJ WJWBJP OFM QPSUBCBHBHMJ QBSUJBNP BMMB WPMUB EJ $BTPMB RVBOEP RVBMDPTB DJ JOEVDF B SJUBSEBSF MB EJTDFTB TVMMB TQ WFSTP MB TT F B QVOUBSF JOWFDF JO EJSF[JPOF 1SVHOP *M RVJE DIF DJ TVHHFSJTDF RVFTUB EFWJB[JPOF o JM SJDIJBNP EJTDSFUP EFMMF 1JBOUF EJ VO UFNQP F EFJ MPSP GSVUUJ EJNFOUJDBUJ * DBTPMBOJ MJ DPOPTDPOP F MJ HVTUBOP EB TFNQSF F QFS DPOUSBTUB SF MB MPSP USPQQP UJNJEB QSFTFO[B BM NBSHJOF EFMMB GSVUUJDPMUVSB EJ SFEEJUP IBOOP DSFBUP VOµPBTJ EFMMF QJBOUF BOUJDIF $IJ WVPMF BOEBSF MPSP JODPOUSP TBMJSh WFSTP JM 1BTTP EFM $PSTP GJOP BM DSJOBMF USB JM 4FOJP F JM 4BOUFSOP Ã&#x2030; MB 4USBEB EFJ 'SVUUJ %JNFOUJDBUJ DIF TJ TOPEB MVOHP JM DSJOBMF USB MF WBMMBUF EFM 4FOJP F EFM 4BOUFSOP B SJEPTTP EFM 1BSDP EFMMB 7FOB EFM (FTTP 3PNBHOPMB EBM QBTTP EFM $PSTP BMMB SPDDB EJ .POUF #BUUBHMJB QPTUB TV VOµBMUVSB DIF EPNJOB MF WBMMBUF B N TMN JM QFSDPSTP QBOPSBNJDP ° JOTFSJUP OFM DJSDVJUP EFMMB ²$PSPMMB EFMMF (JOFTUSF³ o GJBODIFHHJBUP EB PUUP PBTJ DIF PTQJUBOP MF QJBOUF EFMMB USBEJ[JPOF DIF JO QBTTBUP DSFTDFWBOP TQPOUBOFBNFOUF OFJ CPTDIJ P DIF WFOJWBOP DPMUJWBUF QSFTTP MF DBTF DPMPOJDIF .B OPO o RVFTUP MµVOJDP JODPOUSP QPTTJ CJMF DPO TPSCF NFMF DPUPHOF QFSF WPM QJOF OFTQPMF $PSPMMB EFMMF (JOFTUSF MB $PSPMMB EFMMF (JOFTUSF TJ TWJMVQQB OFM UFSSJUPSJP DPMMJOBSF F NPOUBOP EFMMB 1SPWJODJB EJ 3BWFOOB USB J $PNVOJ EJ #SJTJHIFMMB $BTPMB 7BMTFOJP F 3JPMP 5FSNF Ã&#x2030; QFSDJx VO JUJOFSBSJP DPOUFOVUP JO EVF EFJ OPTUSJ QFSDPSTJ ²*OUPSOP BM 'SBOUPJP³ F ²-F FSCF EFM (JBSEJOP³ * QFSDPSTJ TFHOBMBUJ EFMMB $PSPMMB DJSDB ,N B QJFEJ DJSDB LN B DBWBMMP F JO NPVOUBJO CJLF TPOP QSBUJDBCJMJ JO VOB TPMB P JO QJ} HJPSOBUF HSB[JF BMMB QSFTFO[B EJ TUSVUUVSF SJDFUUJWF TJUVBUF MVOHP JM QFSDPSTP -B TUPSJB EFJ GSVUUJ EJNFOUJDBUJ TJ SBDDPOUB B $BTPMB 7BMTFOJP JM UFS[P GJOF TFUUJNBOB EJ PUUPCSF OFMMB 4BHSB PSHBOJ[[BUB EBMMB 1SP -PDP F EBM $PNVOF #JTPHOB BOEBSF BMMB TBHSB RVJOEJ QFS DPOPTDFSOF J QSPUBHPOJTUJ J DPMUJWBUPSJ VPNJOJ F EPOOF F MPSP J

$FSVOP o VOB UJQPMPHJB EJ $BTB 'PSUF GV FEJGJDBUB OFMMB NFUh EFM 9*** TFDPMP QSPQSJFUh EFMMB GBNJHMJB EFJ $FSPOJ OFM WJFOF FEJGJDBUB RVJ VOB QJDDPMB DIJFTB EFEJDBUB B 4BO (JBDPNP F B 4BO $SJTUPGPSP /FM JM EVDB EJ 5PTDBOB F JM 1BQB $MFNFOUF 7** OF EFDJTFSP MB EJTUSV[JPOF 0HHJ SFTUB TPMP VOB 5PSSF USFDFOUFTDB B QJBOUB SFUUBOHPMBSF F MB DBQQFMMB

GSVUUJ -J DIJBNBOP EJNFOUJDBUJ F TPOP DPSOJPMF OFTQPMF HJVHHJP MF DPSCF[[PMJ NFMF DPUPHOF TPSCF 3FDJUBOP QFS MB QJB[[B F QFS MF WJF EFM CPSHP CFO FTQPTUJ TVJ UPWBHMJBUJ TUBNQBUJ B SVHHJOF OFJ DFTUJ EJ WJNJOJ F PDDIJFHHJBOP EBJ TBDDIJ EJ JVUB P EBJ WBTJ EJ WFUSP JOPOEBUJ EBJ TVDDPTJ OFUUBSJ 3FDJUBOP TFO[B WFOB DPNJDB On USBHJ DB NB DPO SFBMJTNP MB MPSP QBSUF 2VJ B $BTPMB 7BMTFOJP TJ GB SJTB MJSF MµBUUSJCVUP³ EJNFOUJDBUJ³ BMMB EJNFOUJDBO[B EFM QPQPMP DIF OFJ EFDFOOJ EFM TFDPOEP EPQPHVFSSB IB BCCBOEPOBUP MF DPMUVSF EFHMJ BMCFSJ EFJ QJDDPMJ GSVUUJ OPO SFEEJUJ[JJ F OFQQVSF QJ} JOEJTQFOTBCJMJ .B RVFTUF QJBOUF IBOOP DPOUJOVBUP B QSPEVSSF 2VBTJ UVUUF MF TQFDJF FTJTUPOP BODPSB TPOP TQFDJF TQPOUB OFF DPNF JM DPSOJPMP JM TPSCP JM OFTQPMP DJ TPOP QJBOUF DIF TJ USPWBOP OFMMµBOHPMP EJ VO DPSUJMF MVOHP HMJ BSHJOJ EFJ GJV NJ OFMMF [POF EFM TPUUPCPTDP GBOOP EB DPOTPMJEBNFOUP BMMF QFOEJDJ TPOP VUJMJ 4J o DBQJUP DIF QFS GBWPSJSF MB DPMUVSB EFJ GSVUUJ EJNFOUJDBUJ CJTPHOB EBSF BM DPMUJWBUPSF MB NPUJWB[JPOF BODIF DPNNFSDJBMF QFSDJx TJ TPOP NFTTJ B QVOUP QSPHFUUJ OPO TPMP QFS GBSMJ DPOPTDFSF NB BODIF QFS EBSF BM DPMUJWBUPSF MB HJVTUJGJDB[JPOF EµJNQSFTB *OUPSOP BMMB ²4BHSB³ BOOVBMF TPOP HJh OVNFSPTF MF JOJ[JBUJWF DVMUVSBMJ FE FEJUPSJBMJ B TGPO EP TUPSJDP F HBTUSPOPNJDP QFS GBS Ts DIF JM MBQTVT EJ NFNP SJB OPO EJWFOUJ EB UFNQPSBOFP EFGJOJUJWP 4J TB DIF MF TBHSF TPOP PDDBTJPOJ HIJPUUF F RVFMMB EFJ GSVUUJ EJNFOUJDBUJ OPO o EB NFOP 5VUUBWJB USB VO BTTBHHJP F MµBMUSP BCCJBNP JM UFNQP QFS BM[BSF MP THVBSEP BMMF BSDIJUFUUVSF EFM DFOUSP TUPSJDP DIF o SJCBTTBUP SJTQFUUP BM QSJNJUJWP TJUP EFM DBTUSVN DBTVMBF EJTUSVUUP EBJ GBFOUJOJ

QFS QVOJSF MB SJCFMMJPOF EFJ DBTP MBOJ BM MPSP EPNJOJP *O VO QBFTF EPWF OPO TJ EJNFOUJDBOP J GSVUUJ OPO TJ QVx EBWWFSP EJNFOUJDBSF MB TUPSJB 2VBOEP MBTDJBNP $BTPMB BCCJBNP VO CBHBHMJP SBDDPMUP QFS WJB EJ TUPSJF WFSF DIF TFNCSBOP GBWPMF NB SBDDPOUBUF EBJ QSPUBHPOJTUJ OPO EB VO OBSSBUPSF FTUFSOP 6OB QSFTB JO EJSFUUB EFM QBTTBUP 2VJ o QPTTJCJMF $PO DJx QPUSFNNP EJDIJBSBSF DPODMVTP JM QFSDPSTP 4F OPO BWFUF QJ} EJ NF[[B HJPSOBUB WJ DPOTJHMJBNP EJ SJQPSUBS WJ TVMMB TT QFS SBHHJVOHFSF JM GPOEP WBMMF F MB TUBUBMF WJB &NJMJB 2VBOUJ JOWFDF IBOOP BODPSB RVBMDIF PSB EB EFEJDB SF BMMB DBDDJB BJ QSPGVNJ F BJ TBQPSJ DJ TFHVBOP 1SPTFHVJBNP TVM TFDPOEP CSBOP EJ 4USBEB EFMMB -BWBOEB MµJOEJDB[JPOF o BCCJOBUB B RVFMMB QFS ;BUUBHMJB BMMµBMUF[[B EFMMB WJB 4UPSUB 2VJ o WJTJCJMF BODIF JM TFHOBMF UVSJTUJDP QFS MB 5PSSF EJ $FSV OP * QSPTTJNJ DIJMPNFUSJ TPOP VO QFSDPSTP DIF TJ QVx GBSF DPOUFNQPSBOFBNFOUF QFS EVF NPUJWJ PWWFSP QFS JM QJBDFSF EJ

.POUF .BVSP MB DJNB QJ} BMUB EFM TJTUFNB HFTTPTP NU TMN

EPWF TJ EJTUJOHVF MB 1JFWF EJ 4 .BSJB JO 5JCFSJBDJ DPO JM DBNQBOJMF JO HFTTP CJBODP $IJFTB EJ 4 .BSJB JO 5JCFSJBDJ GV 1JFWF EJ HSBOEF SJMFWBO[B UFSSJUPSJBMF EBM 9** BM 97 TFDPMP *M DBNQBOJMF GV DPTUSVJUP JOUFSBNFOUF DPO CMPDDIJ EJ HFTTP

WBHBCPOEBSF TV F HJ} QFS MF BMUF DPMMJOF B HPEFSF QSJNB EFMMF GJPSJUVSF EFMMB 4USBEB EFMMB -BWBOEB QPJ TFNQSF QJ} JNNFSTJ OFM QBFTBHHJP ²MVOBSF³ EFMMB 7FOB EFM (FTTP F QFS DPOPTDFSF BMDVOF B[JFOEF DIF USB RVFTUJ QFOEJJ MBWPSBOP QSPEVDPOP F WFOEPOP J MPSP QSPEPUUJ -F JOEJDB[JPOJ TPOP CFO FWJEFO[JBUF TJB JO MPDBMJUh 4FUUFGPOUJ OPO MPOUBOP EBMMB 5PSSF EJ $FSVOP TJB QJ} BWBOUJ TPUUP .POUF .BVSP TJB BODPSB OFMMF QSPQSJF Uh TVM UFSSJUPSJP DPNVOBMF EJ ;BUUBHMJB 1JDDPMF TUBMMF F MJOEJ DBTFJGJDJ PWJOJ F CPWJOJ UFOVUJ BM QBTDPMP TFNJCSBEP TVMMF QFOEJDJ EFM NPOUF JO QSBUJ OBUVSBMJ F GPSBH HFSF NJTUF DPOUPSOBUF EB HJOFQSJ QJOJ DFESJ F BCFUJ JO CVPOB DPNQBHOJB DPO OPDJ F DJMJFHJ 2VFTUF B[JFOEF TPOP GSFRVFO UBUF EB VO QVCCMJDP EJ BQQBTTJPOBUJ DPOTVNBUPSJ EJ QSPEPUUJ EJ BMUB RVBMJUh F BODIF EBMMF TDPMBSFTDIF DIF HJVOHPOP RVJ BDDPNQBHOBUF EBJ QSPQSJ JOTFHOBOUJ QFS USBTDPSSFSF HJPSOBUF JO VO BNCJFOUF OPO TPMP QBFTBHHJTUJDBNFOUF CFMMP F TUJNP MBOUF EBM QVOUP EJ WJTUB EFMMF FNFSHFO[F OBUVSBMJ NB BODIF QFS DPOPTDFSF MF BUUJWJUh BHSJDPMF F EJ BMMFWBNFOUP QSBUJDBUF * HJPWBOJ QPTTPOP BWFSF EJNPTUSB[JPOF EJ UVUUF MF GBTJ EFMMB GJMJFSB EJ QSPEV[JPOF .FOUSF RVBMDVOP SJGMFUUF F GB DPNNFOUJ TVMMB QPTTJCJMJUh EJ WJWFSF JO RVFTUF PBTJ DJ BGGJEJBNP EJ OVPWP BMMF HPNNF F BMMµBTGBMUP QFS TDFOEFSF WFSTP MB TUSBEB QSPWJODJBMF JO EJSF[JP OF 3JPMP 5FSNF 5VUUF MF QSPQSJFUh EJ DVJ BCCJBNP EBUP JOEJDB [JPOF QPDP GB TPOP BTTPDJBUF BM $PQBG

$PQBG JM $POTPS[JP QFS MB 7BMPSJ[[B[JPOF EFJ 1SPEPUUJ 5JQJDJ EFMMµ"QQFOOJOP 'BFOUJ OP o OBUP DPO MP TDPQP EJ UVUFMBSF GBS DPOPTDFSF F HBSBOUJSF MB RVBMJUh EFJ QSPEPUUJ UJQJDJ F EFMMµBUUJWJUh BSUJHJBOBMF EFM UFSSJUPSJP DPMMJOBSF DPNQSFTP GSB MF WBMMJ EFJ GJVNJ -BNPOF 5SBNB[[P F 4FOJP BUUPSOP BJ QBFTJ EJ 3JPMP 5FSNF $BTPMB 7BM 4FOJP #SJ TJHIFMMB .PEJHMJBOB F 5SFEP[JP /FMMµBOOP IB QSPNPTTP QSFTTP MB 3FHJPOF &NJMJB 3PNBHOB MµJOTFSJNFOUP EFM TVJOP EJ SB[[B ²NPSB SPNBHOPMB³ OFM QJBOP 3F HJPOBMF EJ 4WJMVQQP 3VSBMF DPNF SB[[B JO WJB EJ FTUJO[JPOF F RVJOEJ EB UVUFMBSF * DBQJ EJ 4VJOP ²NPSB SPNBHOPMB³ TPOP BUUVBMNFOUF F HMJ BMMFWBNFOUJ JO QSPWJODJB EJ 3BWFOOB TPOP DJSDB 4PUUP JM NBSDIJP $PQBG TJ USPWBOP TPMP QSPEV[JPOJ UJQJDIF EFM UFSSJUPSJP BQQFOOJOJDP MF DBSOJ PWJOF F CPWJOF RVFMMF EFM TVJOP BVUPDUPOP ³NPSB SPNBHOPMB³ F UVUUJ HMJ BMUSJ QSPEPUUJ EFM UFSSJUPSJP DPMMJOBSF GSB DVJ J GPSNBHHJ QFDP SJOJ J WJOJ UJQJDJ MF DPOTFSWF JM GBSSP J EPMDJ JM NJFMF MµPMJP EJ PMJWB EJ #SJTJHIFMMB B %FOPNJOB[JPOF %µ0SJHJOF 1SPUFUUB F MP 4DBMPHOP EJ 3PNBHOB B *OEJDB[JPOF (FP HSBGJDB 1SPUFUUB -B GJMPTPGJB EJ $PQBG o RVFMMB EFM QSPEPUUP EJ OJDDIJB *M $POTPS[JP BTTPDJB PMUSF B[JFOEF B[JFOEF BHSJDPMF BHSJUVSJTUJDIF F BSUJHJBOF 0SHBOJ[[B FWFOUJ NBOJGFTUB[JPOJ F DPOWFHOJ QFS WBMPSJ[[BSF J QSPEPUUJ EFM UFSSJUPSJP EFMMµ"Q QFOOJOP 'BFOUJOP F 'PSMJWFTF F QFS PGGSJSF TFSWJ[J DIF WBMPSJ[[JOP MF TJOHPMF BUUJWJUh 4POP UBMJ JM NBDFMMP F J MBCPSBUPSJ TPDJBMJ *M $PQBG IB JOUSBQSFTP DPO HSBOEF TFSJFUh MB TUSBEB EFMMB TJDVSF[[B F EFMMB DFSUJGJDB[JPOF BMJNFOUBSF JOGBUUJ PSNBJ EB BMDVOJ BOOJ HFTUJTDF JM NBDFMMP DPNVOBMF EJ #SJTJHIFMMB QVOUP EJ SJGFSJNFOUP QFS HMJ BMMFWBUPSJ EFMMB [POB EB EPWF FTDPOP CVPOB QBSUF EFMMF DBSOJ PWJOF EJ BHOFMMPOF F DBTUSBUP B NBSDIJP 2VBMJUh $POUSPMMBUB

$BQPMJOFB OFM CPTDP .BSSPOJ F DBTUBHOF EJ $BTPMB 7BMTFOJP F #SJTJHIFMMB

.BSSPOJ F DBTUBHOF EJ $BTPMB 7BMTFOJP F #SJTJHIFMMB $BTUFM #PMPHOFTF 3JPMP 5FSNF $BTPMB 7BMTFOJP 7BM EJ 'VTB #BGGBEJ .FSDBUBMF 4PNNPSJP

4F GPTTF SJDPOPTDJVUP VO EJSJUUP OBUVSBMF EJ TPWSBOJUh BHMJ FTTFSJ WFHFUBMJ DIF WJWPOP JO VO EFUFSNJOBUP BNCJFOUF F TF VO UBMF EJSJUUP GPTTF BDRVJTJCJMF EB VOµFOUJUh BSCPSFB QFS ²DFOTP³ QFS QFSTJTUFO[B F QFS NFSJUJ ²TPDJBMJ³ FCCFOF VO UBMF UJUPMP EJ TPWSBOP CJTPHOFSFCCF BTTFHOBSMP OFMMB [POB EFM NFEJP F BMUP "QQFOOJOP GBFOUJOP BM DBTUBHOP & OPO TFNCSJ JSPOJDP QBSMBSF EJ UJUPMJ TPWSBOJ F EFJ SFMBUJWJ TDFU USJ QFSDIn MB NFUBGPSB o HJh TVQFSBUB F OPO WJSUVBMNFOUF EBMMB SFBMUh & OFMMB SFBMUh QJ} BUUVBMF EFMMµ"QQFOOJOP GBFOUJOP Dµo VOB DPMMFUUJWJUh DIF TJ o EBUB JM OPNF EJTUJOUJWP EJ $PNVOJ Uh .POUBOB F MB TVB JOJ[JBUJWB EJ SJDPOPTDFSF BM DBTUBHOP F BM TVP GSVUUP NJHMJPSF JM NBSSPOF VO UJUPMP EJ TPWSBOJUh MµBDSPOJ NP TVPOB *(1 GBNPTP PSNBJ JO UVUUB &VSPQB DPNF *OEJDB[JP OF (FPHSBGJDB 1SPUFUUB 4F BM NBSSPOF EJ $BTPMB 7BMTFOJP F EJ #SJTJHIFMMB WFSSh SJDPOPTDJVUB M JHQ OPO Dµo EVCCJP DIF FTTP TBQSh DPOUJOVBSF JM TVP HPWFSOP OFMMB [POB CPTDIJWB NPOUB OB TFDPOEP VO EJTDJQMJOBSF DIF OPO DPODFEF EJTUSB[JPOJ On JOUFSSV[JPOJ -B QSPEV[JPOF EPWSh QFSTJTUFSF OFM UFNQP F NBJ TDBEFSF EJ RVBMJUh TBSh WBMVUBUB MB RVBOUJUh QSPEPUUB JO PHOJ FUUBSP EJ DBTUBHOFUP TFO[B FDDF[JPOJ QFS MF BOOBUF ²CVPOF³ F MF PQFSB[JPOJ TVJ GSVUUJ EPWSBOOP FTTFSF FTFHVJUF FOUSP J DPOGJOJ EFM UFSSJUPSJP EJ ²TPWSBOJUh³ 2VBOUP QPJ BMMF VTDJUF EBJ DPOGJOJ UFSSJUPSJBMJ DPOPTDJVUF DPNVOFNFOUF DPNF JUFS EJ DPNNFSDJBMJ[[B[JPOF TBSh TUBCJ MJUP VO MJNJUF NBTTJNP EJ DIJMPHSBNNJ QFS MF DPNJUJWF EJ NBS SPOJ PWWFSP MF DPOGF[JPOJ EFTUJOBUF BM NFSDBUP É DPTs USBDDJBUP JO TJOUFTJ JM GVUVSP HMPSJPTP EFM GSVUUP TPWSBOP EFM GSVUUFUP EJ NPOUBHOB QFSDIn UBMF o JM DBTUBHOFUP 2VBO UP BMMB TVB TUPSJB JO RVFM EJ $BTPMB F EJ #SJTJHIFMMB TJ o GBUUB VOµJOEBHJOF DIF IB UFOUBUP EJ SJTBMJSF BMMµPSJHJOF EFM DBTUBHOP EB GSVUUP F BMMB TVB EJGGVTJPOF JO [POB EPWF BTTVOTF SJMFWBO[B EFHOB EJ OPUB BODIF OPUBSJMF EPQP MµBOOP .JMMF

4USBEB EFJ $BTUBHOFUJ D P $PNVOJUh .POUBOB EFMMµ"QQFOOJOP 'BFOUJOP

WJB 4BGGJ ° 'PHOBOP #SJTJHIFMMB UFM ° GBY

(MJ BSUFGJDJ EFJ QSJNJ JNQJBOUJ EJ DBTUBHOP $BTUBOFB 4BUJWB GVSPOP DPO CVPOB QSPCBCJMJUh JOEJWJEVJ SJVOJUJ JO DPNVOJUh SFMJHJPTF DPNF J NPOBDJ CFOFEFUUJOJ F RVBOUJ BMUSJ SVPUBWBOP BUUPSOP BJ SFUUPSBUJ EFMMF 1JFWJ MPDBMJ /FTTVOP NFHMJP EJ MPSP EFUFOUPSJ EJ VOB TPMJEB DVMUVSB QSPQBHBUPSJ EJ BMUJ WBMPSJ EJ SJGFSJNFOUP F EJTDJQMJOBUJ PTTFSWBOUJ EJ VOB DPNVOF SFHPMB EJ WJUB QPUFWB PSHBOJ[[BSF BODIF MB NFTTB B DPMUVSB EFM UFSSJUPSJP OPOPTUBOUF MµJNQFSWJFUh EFM TVP QSPGJMP 'V DPTs DIF MF QPQPMB[JPOJ EFMMµ"QQFOOJOP GBFOUJOP FCCFSP B QSP QSJB EJTQPTJ[JPOF VOB QJBOUB MF DVJ PSJHJOJ FSBOP BSSFUSBUF JO MPOUB OF FSF HFPMPHJDIF FSB DFOP[PJDB BM WBSDP EJ WBSJ NJMJPOJ EJ BOOJ F MB DVJ QSPWFOJFO[B TJ TBSFCCF SJOUSBDDJBUB TPMP JO TFHVJUP JO BSFF EFMMµ"TJB .JOPSF NPMUP WPDBUF BMMB HFOFTJ EJ JOOVNFSFWPMJ BMCFSJ EB GSVUUP DIF IBOOP SBHHJVOUP DPO TVDDFTTP JM UFS[P NJMMFOOJP EPQP BWFS DPORVJTUBUP J DPOUJOFOUJ QJ} SJDFUUJWJ $PNF Mµ&VSPQB F JO QBSUJDPMBSF JM CBDJOP EFM .FEJUFSSBOFP DPNQMJDJ MF DJWJMUh QJ} JO WJTUB DIF WJ TJ TQPTUBWBOP DPO QSFDJQVJ JOUFOUJ DPNNFSDJBMJ 4FN CSB JOGBUUJ DIF BODIF JM NFSJUP EFMMµJOHSFTTP EFM DBTUBHOP JO *UBMJB WBEB BTTFHOBUP BHMJ &USVTDIJ * 3PNBOJ QFSDJx TF MP USPWBSPOP HJh JO DBTB F DPOUJOVBSPOP B DPMUJWBSMP QVS SFMFHBOEP JM TVP GSVUUP BMMB NFOTB QMFCFB DPNF BMJNFOUP GBSJOBDFP BMUFSOBUJWP BE BMUSJ HJh VTBUJ QFS QMBDBSF MB GBNF & MB DBTUBHOB BTTPMTF RVFTUP DPNQJUP EJ TFEBSF J NPSTJ EFMMB GBNF BEEJSJUUVSB OFM DPSTP EFJ TFDP MJ UBOUP DIF TPMP EB QPDIJ EFDFOOJ TJ o MJCFSBUB EFMMµFQJUFUP

EJ ²QBOF EFJ QPWFSJ³ 2VBMJ GPTTFSP J QPWFSJ JO RVFTUJPOF o EFEVDJCJMF EBMMB DPMMPDB[JPOF OBUVSBMF EFMMµBMCFSP OFMMF [POF CPTDPTF F QFSDJx NFOP DPMUJWBCJMJ 4POP TUBUJ TGBNBUJ EBMMB DBTUBHOB HMJ BCJUBOUJ EFM NFEJP F BMUP "QQFOOJOP VO QPµ EPWVORVF OFMMB QFOJTPMB J RVBMJ TFQQFSP TGSVUUBSF PHOJ NJOJNB QPUFO[JBMJUh EFM GSVUUP EBMMB EVSB TDPS[B QPDP EPUBUP EJ QPUFSF QSPUFJDP NB WFSTBUJMF RVBOUP BMMF TVF USBTGPSNB[JPOJ JO GSVUUP TFDDP F EJ RVJ JO TGBSJOBUJ TVDDFEBOFJ EFMMF GBSJOF EJ DFSFBMJ -B GBOUBTJB EFMMF QSFQBSB[JPOJ DBTBMJOHIF FSB QJVUUPTUP DPTUSFUUB USB [VQQF QPMFOUF GBSJOBUF GPDBDDF F EPMDJ *M UVUUP BMMP TDPQP QSFDJQVP EJ JOHBOOBSF MP TUPNBDP DPO VO WPMVNF BUUP B EBSF TB[JFUh $IF JM TBMEP USB QPUFSF TB[JBOUF F WBMPSF OVUSJUJWP GPTTF JO QBTTJWP MP TJ o TDPQFSUP TPMP RVBOEP TJ o QPUVUP USBDDJBSF VO QSPGJMP OVUSJ[JPOBMF EFM GSVUUP NB MF DBSFO[F QJ} WJTUPTF BWFWBOP HJh MBTDJBUP JM MPSP TFHOP TF o WFSP DIF OFHMJ BOOJ TFTTBOUB EFM WFOUFTJNP TFDPMP TJ TDPQSJSPOP DBTJ EJ EFGJDJU QSPUFJDP JO CBNCJOJ TWF[[BUJ DPO GBSJOB EJ DBTUBHOB JM TVP WBMPSF QSPUFJDP TVQFSJPSF B RVFMMP EFM GSVUUP GSFTDP TV DFOUP HSBNNJ EJ QBSUF FEJCJMF TJ DBMDPMBOP HSBNNJ EJ QSP UFJOF OFMMB GBSJOB F HSBNNJ OFM GSVUUP GSFTDP SFTUB QFSx JO TFDPOEB MJOFB SJTQFUUP BJ DFSFBMJ F BJ MFHVNJ TFDDIJ 1FS RVBOUP BGGBNBUJ BODIF J DPOTVNBUPSJ QJ} BTTJEVJ BWSFCCFSP EPWVUP BTTVNFSF RVBOUJUh EJ GBSJOB EJ DBTUBHOF NVMUJQMF SJTQFUUP B RVFMMF EJ GSVNFOUP QFS QBSFHHJBSF MB RVPUB QSPUFJDB -P TUFTTP TJ QVx EJSF OFM QBSBHPOF DPO DFDJ MFOUJDDIJF GBWF UVUUJ MFHVNJ NPMUP JO WPHB JO FQPDIF SFNPUF $PO CVPOB QBDF EFMMP TUPNBDP DJ TJ BDDPOUFOUx QFS NPMUJ TFDPMJ EJ UBHMJBSF DPO MB GBSJOB EJ DBTUBHOF RVFMMB EJ GSVNFOUP P EJ TFHBMF QFS SFOEFSF MB QSJNB QBOJGJDBCJMF JO QBOJ NJTUJ EJ DBTUBHOF F DFSFBMJ *M DPOTVNP EFM GSVUUP GSFTDP OFMMF UJQJDIF NPEBMJUh EJ DPUUV SB FSB SJTFSWBUP BMMF NFOTF SJDDIF DPNF BMJNFOUP WPMVUUVBSJP EJ GJOF QBTUP 4J MFHHF BM QSPQPTJUP OFMMB SJDFSDB DPOEPUUB EB (JVTFQQF 4BOHJPSHJ TV ²4UPSJB 5SBEJ[JPOF $VMUVSB EFJ .BS SPOJ EJ $BTPMB 7BMTFOJP F #SJTJHIFMMB³ MBEEPWF DJUB VO FTVMF NPEFOFTF B -POESB OFM ²"CCJBNP OPJ MF DBTUBHOF DIF RVFTUB OB[JPOF OPO IB MF RVBMJ WPMFOEPMF NBOHJBSF B EJWFSTF NBOJFSF TJ DVPDJPOP TF CFOF BODPSB DSVEF TF OF NBOHJ NB J QJ} DPDFOEPMF MF BSSPTUJTDPOP QPTUF JO VOB QBEFMMB QFSUVHJB UB TPQSB MB WBNQB EFM GVPDP P TPUUP MF DBMEF DFOFSJ F DPO TBMF F DPO QFQF MF NBOHJBNP© 4F OF DVPDJPOP QPJ JO BDRVB TPMB F RVFTUF DIJBNBOTJ MFTTF MF RVBMJ WFOHPOP QJ} EB GBODJVMMJ F EBMMB CBTTB QMFCF DIF EBHMJ VPNJOJ DJWJMJ F NBUVSJ NBOHJBUF³ -µFTVMF SJDPSEB QPJ BMUSJ NPEJ EJ DPUUVSB EFM GSVUUP F DJUB FTQMJDJUBNFOUF J NBSSPOJ DPNF J GSVUUJ QJ} HSPTTJ DIF MF EPOOF DPOTFSWBWBOP JO DFTUF TPUUP VOB DPMUSF QSPGVNBUB EJ GPHMJF EJ SPTF

$BTUBHOJ EB GSVUUP MB QSPEV[JPOF EFM .BSSPOF EJ $BTPMB WBMTFOJP F #SJTJHIFMMB o DBMDPMBUB TV DJSDB FUUBSJ EJ DBTUBHOFUP DIF PTQJUBOP QJBOUF QFS FUUBSP 0HOJ QJBOUB QSPEVDF EBJ BJ DIJMPHSBNNJ EJ GSVUUP

-B EJTUJO[JPOF USB DBTUBHOF F NBSSPOJ CBTBUB TVMMB EJGGFSFO [B EJ TUBUVT EFJ QSPQSJ SJTQFUUJWJ DPOTVNBUPSJ TJ o QSPUSBUUB GJOP BMMB NFUh EFM F TPMP OFHMJ BOOJ TFUUBOUB JM NBSSPOF IB DPORVJTUBUP JM NFSDBUP EFM MBSHP DPOTVNP HSB[JF BM CPPN FDPOPNJDP EFM EFDFOOJP QSFDFEFOUF FE BM CFOFTTFSF DIF OF DPOTFHVs %B RVFM NPNFOUP NBHJDP EJ SFDVQFSP DIF SJHVBSEx QSFTTPDIn UVUUJ HMJ BTQFUUJ EFM NPOEP DPOUBEJOP TJ o QBTTBUJ BE VO GPSUF JODSFNFOUP EFMMB QSPEV[JPOF F SBDDPMUB EFJ NBSSP OJ OFM UFSSJUPSJP EJ $BTPMB 7BMTFOJP F EJ #SJTJHIFMMB 4J o DPTUJUVJUB MB 4USBEB EFJ $BTUBHOFUJ USB B[JFOEF UJUPMBSJ EJ DBTUBHOFUJ EB GSVUUP VOB TUSBEB DIF DPOTFOUF EJ SBHHJVO HFSF JO TJDVSF[[B J CPTDIJ QJ} BMUJ EFMMµ "QQFOOJOP GBFOUJOP F DPOPTDFSF MF QJBOUF EB GSVUUP OFM QSPQSJP IBCJUBU TFO[B BSSF DBSF EBOOP BM DPOUFTUP OBUVSBMF *M OPTUSP QFSDPSTP DJ DPOEVSSh JOGBUUJ GJOP BM DPOGJOF UFSSJUPSJB MF DPO MB SFHJPOF 5PTDBOB EPWF OFMMB TUBHJPOF EFMMB SBDDPMUB o BODPSB QPTTJCJMF SBDDPHMJFSF EB UFSSB JM GSVUUP BMMF DPOEJ[JPOJ EJ NFSDBUP DIF MµB[JFOEB TUFTTB BWSh TUBCJMJUP F DIF TPOP DPNVORVF TFNQSF WBOUBHHJPTF QFS JM SBDDPHMJUPSF BDRVJSFO UF EBUP MµFHSFHJP SBQQPSUP USB RVBMJUh F QSF[[P 1BSUJBNP EB $BTUFM #PMPHOFTF F TFO[B TPTUF JOUFSNFEJF SBHHJVOHJBNP $BTPMB 7BMTFOJP TVMMB TUBUBMF O F QSPTFHVJBNP GJOP BE JODPOUSBSF TVMMB TJOJTUSB WJB $FSSP

É MB QSJNB QPTTJCJMJUh EJ BEEFOUSBSTJ GVPSJ EBMMB TUBUBMF QFS SBHHJVO HFSF VOµ B[JFOEB EPWF TJ QSBUJDB BODIF MB DBTUBOJDPMUVSB * TJUJ EFMMF QSPQSJFUh TPOP NPMUP QJ} SJQPTUJ SJTQFUUP BMMF TUSBEF EJ DPNVOJDB[JPOF EJ RVBOUP TJ TJB HJh WFSJGJDBUP QFS UVUUF MF BMUSF B[JFOEF & TQFTTP TJ EFWPOP QFSDPSSFSF WJF JOUFSOF EFMMB QSPQSJFUh QFS SBHHJVOHFSF JM DBTUBHOFUP *O RVFTUP DBTP J UJUPMBSJ VUJMJ[[BOP NF[[J QSPQSJ QFS BDDPNQBHOBSF J WJTJUBUPSJ GJOP BM GSVUUFUP -F MPDBMJUh 7BMEJGVTB #BGGBEJ 4BO .BSUJOP JO (BUUBSB 4PNNPSJP UVUUF EJ GPSUF JOUFSFTTF QBFTBHHJTUJDP TPOP DBQBDJ EJ GBSDJ EJNFO UJDBSF PHOJ TDFOBSJP DJUUBEJOP "MDVOF B[JFOEF IBOOP BODIF MB SJDFUUJWJUh QFS TPHHJPSOJ EVSBOUF JM QFSJPEP FTUJWP TPMV[JPOF NPMUP HSBEJUB BJ UVSJTUJ TUSBOJFSJ DIF TJ JNQFHOBOP JO FTDVSTJPOJ B QJFEJ

P B DBWBMMP TF MµB[JFOEB o BUUSF[[BUB DPO RVFTUB PGGFSUB " RVFTUF BMUF[[F TJ QPTTPOP JODPOUSBSF BODIF J DBQSJPMJ DIF GBWPSJUJ EBM TJMFO [JP QSFEPNJOBOUF TJ BWWFOUVSBOP OFMMF SBEVSF * DMJFOUJ EFMMµBVUVO OP RVBOEP HJVOHPOP QFS MµBDRVJTUP P MB SBDDPMUB EJSFUUB USPWBOP JM DBTUBHOFUP JO QFSGFUUP PSEJOF JM QSBUP TPUUP MF QJBOUF TFDPMBSJ JNQPOFOUJ F EJ HSBOEF GBTDJOP o SBTBUP DPNF VO UBWPMP EB CJMJBS EP HSB[JF BM MBWPSP EFHMJ PQFSBUPSJ FTQFSUJ DIF DPNJODJBOP MµPQFSB EJ ²TQB[[JOJ³ EFM DBTUBHOFUP BMNFOP VO NFTF QSJNB 3FTUB QFSDJx JM QJBDFSF EJ SBDDPHMJFSF JM GSVUUP JO DPNQBHOJB DJSDPOEBUJ EBM UJQJDP QBFTBHHJP BVUVOOBMF 5SB J NPMUJ SBDDPHMJUPSJ ²BNBUPSJBMJ³ DJ TPOP QFSx BODIF HMJ FTQFSUJ RVFMMJ DIF BOESBOOP B SJWFOEFSF JM GSVUUP QFS USBSOF VO SFEEJUP " DPTUPSP o SJTFSWBUB MB [POB QJ} JNQFSWJB EFM DBTUBHOFUP NB JO HFOFSF o HBSBOUJUP JM USBTQPSUP EBM QBSDIFH HJP BJ DBTUBHOJ DPO J NF[[J B[JFOEBMJ -B RVBOUJUh EJ GSVUUP SBDDPMUP JO VO HJPSOP EBJ QJ} FTQFSUJ QVx TGJPSBSF J EVF RVJOUBMJ 4F J DBTUBHOFUJ EJ QSPQSJFUh QSJWBUB DIF TJ FTUFOEPOP TV DJSDB FUUBSJ TPOP UVUFMBUJ EBHMJ TUFTTJ QSPQSJFUBSJ DIF OFDFTTBSJBNFOUF QSPWWFEPOP B EJTDJQMJOBSF MµJOHSFTTP EFHMJ FTUSBOFJ BM GSVUUFUP MB $PNVOJUh .POUBOB IB MB NFEFTJNB QSFPDDVQB[JPOF WFSTP J DBTUBHOFUJ DPMMPDBUJ OFJ UFSSFOJ EFM %FNBOJP 3FHJPOBMF DIF WFO HPOP EBUJ JO DPODFTTJPOF B QSJWBUJ P B DPPQFSBUJWF J RVBMJ TJ EFWP OP BUUFOFSF BJ QJBOJ QSPHSBNNBUJDJ EJ DPMUVSB F DPOTFSWB[JPOF 2VFTUP WB EFUUP QFS EJTDJQMJOBSF JM DPNQPSUBNFOUP EFM QVCCMJDP DIF SBHHJVOHB BSFF DPMUJWBUF B DBTUBHOP TFO[B JM MBTDJBQBTTBSF EJ B[JFOEF QSPQSJFUBSJF EJ UFSSFOJ DPMUJWBUJ B DBTUBHOP

$POTPS[JP 5SF 7BMMJ *M $POTPS[JP 5SF 7BMMJ o OBUP OFM TVMMµPOEB EFMMB ²-FHHF GPSFTUBMF EFMMµ&NJMJB 3PNBHOB³ O DIF JOEJWJEVB OFM DPOTPS[JP CPTDIJWP MB NJHMJPS GPSNB HFTUJPOBMF QFS J QJDDPMJ F GSBNNFOUBUJ CPTDIJ

-B GJMPTPGJB EFMMB UVUFMB F EFMMB QSPHSBNNB[JPOF EFHMJ JOUFSWFOUJ JO BMUB NPOUBHOB IB JTQJSBUP BODIF MB DPTUJUV[JPOF EFM ²$POTPS[JP 5SF 7BMMJ³ DIF IB NPTTP J QSJNJ QBTTJ OFM F EB RVBUUSP BOOJ DPO JM OPNF EJ ²/VPWP 5SF 7BMMJ³ EJTDJQMJOB JM SJBTTFUUP GPSFTUBMF DPO QSPHFUUJ EJ SFTQJSP BMNFOP EFDFOOBMF " 4PNNPSJP TJ QPTTPOP WJTJUBSF BMUSF B[JFOEF EJ DBTUBOJDPMUPSJ EPCCJBNP QSPDFEFSF TVMMB TUBUBMF DIF BCCJBNP EJ OVPWP EJTQPOJCJMF JO VTDJUB EB WJB $FSSP %B WJB $FSSP WPMUJBNP QFS DJx B TJOJTUSB -B EJSF[JPOF o RVFMMB QFS 1BMB[[VPMP TVM 4FOJP NB QPDIJ DIJMPNFUSJ QSJNB EJ FOUSBSF OFM UFSSJUPSJP EFM DPNV OF UPTDBOP JO QSPTTJNJUh EFMMB MPDBMJUh $BTUBHOP MBTDJBNP MB TT WPMUBOEP B EFTUSB 1SFOEJBNP DPNF VMUFSJPSF QVOUP EJ SJGFSJNFOUP MB $IJFTB EJ 4BOUµ"QPMMJOBSF -B QSPEV[JPOF EFM .BSSPOF EJ $BTPMB 7BMTFOJP F #SJTJHIFMMB o DBMDPMBUB TV DJSDB PP FUUBSJ EJ DBTUBHOFUP DIF PTQJUBOP QJBOUF QFS FUUBSP 0HOJ QJBOUB QSPEVDF EBJ BJ DIJMPHSBNNJ EJ GSVU UP 5BMWPMUB MB GJMPTPGJB EFMMµB[JFOEB JO NFSJUP BMMB SBDDPMUB EFJ NBSSPOJ IB GBWPSJUP MB EFDJTJPOF EJ EJWJEFSF JM CPTDP JO EVF [POF VOB SJTFSWBUB BHMJ BNBUPSJBMJ F MB TFDPOEB BE FTDMVTJWB EJTQPTJ[JPOF EFJ QSPQSJFUBSJ 4QFUUB MPSP JOGBUUJ JM DPNQJUP EJ JNNFUUFSF TVM NFSDBUP JM QSPEPU UP NJHMJPSF F QJ} TFMF[JPOBUP J WFSJ .BSSPOJ EJ $BTPMB 7BMTFOJP

(MJ JOUFOEJUPSJ F J HIJPUUJ DPOTVNBUPSJ MJ SJUFOHPOP B SBHJPOF JODPOGPOEJCJMJ EJ QF[[BUVSB NFEJP HSPTTB GPSNB PNPHFOFB FE FMMJUUJDB BWWPMUJ JO VO DBMEP DPMPSF NBSSPOF DIJBSP MJTDJP DPO TUSJBUVSF QJ} TDVSF TJ TUJQBOP OFM SJDDJP JO EVF P BM NBT TJNP JO USF -B MPSP QFMMJDPMB JOUFSOB P FQJTQFSNB o TPUUJMF F GBDJMNFOUF BTQPSUBCJMF JM TBQPSF o EFDJTBNFOUF EPMDF *M NBSSPOF OPO BNNFUUF EJ FTTFSF DPOGVTP DPO MB DBTUBHOB DIF o GSVUUP EJ QF[[BUVSB QJ} QJDDPMB GPSNB WBSJBCJMF DPMPSF QJ} TDVSP F EBM TBQPSF UBMPSB BTUSJOHFOUF -F EPUJ EFM GSVUUP TPWSBOP EFMMµ"QQFOOJOP GBFOUJOP MF TVF WJSU} F J TVPJ USB TDPSTJ TPOP DPOGMVJUJ JO VOB EPDVNFOUB[JPOF DIF QPUSFCCF PUUFOFSHMJ JM SJDPOPTDJNFOUP EJ *(1 EBMMB $PNVOJUh &VSPQFB *O RVFTUP DBTP VO EJTDJQMJOBSF NFUUFSFCCF PSEJOF JO UVUUB MB DPMUVSB EFM DBTUBHOFUP EBMMB NFTTB B EJNPSB EFHMJ JNQJBOUJ OVPWJ BMMB SBDDPMUB F DPNNFSDJBMJ[[B[JPOF %J RVFTUB VMUJNB GBTF TPOP UJQJDJ J UPOJ DPMPSJUJ EFMMB USBUUBUJWB DIF BMMF QSJNF MVDJ EFMMµBMCB BOJNB J NFSDBUJ MPDBMJ EJ .JTJMFP F EJ $BTPMB 7BMTFOJP * DPNNFSDJBOUJ F J GSVUUJWFOEPMJ BSSJWB OP BMMF RVBUUSP F NF[[B P BMMF DJORVF EFM NBUUJOP *M NFSDBUP MPDBMF o QSBUJDBNFOUF MµVOJDB PDDBTJPOF JO DVJ J DBTUBOJDPMUPSJ TJ USPWBOP UVUUJ JOTJFNF Ã&#x2030; VOJDP OFM TVP HFOFSF BTTBJ DBSBU UFSJTUJDP NB QPDP GSFRVFOUBCJMF EBM UVSJTUB TJB QFS MµPSBSJP NPMUP BOUJDJQBUP TJB QFS MµJNQPTTJCJMJUh EJ BDRVJTUBSF J NBS SPOJ OFMMF QJDDPMF RVBOUJUh EFM ²EFUUBHMJP³ Ã&#x2030; TPQSBUUVUUP VOB RVFTUJPOF EJ UFNQP MB WFOEJUB BM EFUUBHMJP SJDIJFEF NPMUP UFNQP J DBTUBOJDPMUPSJ IBOOP BM NBTTJNP USF PSF B EJTQPTJ [JPOF³ /FJ QSJNJ NFSDBUJ EFMMB TUBHJPOF TJ WFOEF JM GSVUUP GSF TDP DIF OPO JODPOUSB PTUBDPMJ OFM QBTTBHHJP EBM QSPEVUUPSF BM WFOEJUPSF QFSDIn o NPMUP BUUFTP EBJ DPOTVNBUPSJ 2VBOEP J DPNNFSDJBOUJ SFHJTUSBOP VOB GMFTTJPOF OFMMB SJDIJFTUB EFMMB QSJNJ[JB TJ DPNJODJB B GBSF JM ²USBUUBNFOUP³ QFS MB DPOTFSWB [JPOF DIF JO SFBMUh DPOTJTUF OFM MBTDJBS SJQPTBSF J NBSSPOJ OFMMµBDRVB QFS USF P RVBUUSP HJPSOJ QBTTBUJ J RVBMJ TJ QSPDFEF BMMµBTDJVHBUVSB NBJ BM TPMF F EJ TFHVJUP BMMB TFMF[JPOF FE BM DPOGF[JPOBNFOUP *M .BSSPOF o VO GSVUUP BTTPMVUBNFOUF CJPMPHJDP F JM UFSNJOF USBUUBNFOUP o JNQSPQSJBNFOUF VTBUP 1VS FTTFOEP GSVUUP TUBHJPOBMF GPSTF MµVOJDP SJNBTUP DPTs MFHBUP BMMB TUBHJPOF EFMMB SBDDPMUB SJDIJFEF DVSF EJTUSJCVJUF EVSBOUF UVUUP MµBOOP TPMBSF 5VUUF MF BUUJWJUh DIF JM DPMUJWBUPSF TWPMHF OFM DBTUBHOFUP DPO DPSSPOP JOGBUUJ BMMB RVBMJUh EFM GSVUUP & GPSTF TPMP RVBOEP JM DBTUBHOFUP o DPQFSUP EBM NBOUP EJ OFWF MµVPNP TF OF SJUJSB %PQP MB OFWJDBUB TJ UPMHPOP J SBNJ

.BS[B QPS[JPOF EJ SBNP DIF TUBDDBUB EBMMB QJBOUB NBESF TJ GB TWJMVQQBSF TV BMUSP TPHHFUUP OFMMµPQFSB[JPOF EJ JOOFTUP

BCCBUUVUJ F TJ CSVDJBOP MF GPHMJF OFM NFTF EJ NBS[P TJ QSFMFWB OP MF NBS[F QFS HMJ JOOFTUJ DIF TJ GBSBOOP BE BQSJMF EJ TFHVJUP TJ DPMMPDBOP BE BSUF J TPTUFHOJ /FM QFSJPEP FTUJWP TJ DPNJODJB B UBHMJBSF MµFSCB OFM DBTUBHOFUP QFS QSFQBSBSMP BMMB SBDDPMUB F TJ CSVDJB JM NBUFSJBMF BDDVNVMBUP -B SBDDPMUB TJ QSPUSBF TJOP BMMB GJOF EJ PUUPCSF F TF TJ WVPMF QSP DFEFSF BM ²CBHOP³ CJTPHOB BODIF BTQFUUBSF DIF MµBTDJVHBUVSB TJB DPNQMFUBUB F TJ BSSJWB B NFUh OPWFNCSF " RVFTUP QVOUP TJ QVx WPMFOEP MBWPSBSF MB DBTUBHOB EJ TDBS UP F QSPDFEFSF BMMµFTTJDB[JPOF F JM NFTF EJ EJDFNCSF o PSNBJ BMMF QPSUF -B QPUBUVSB JOWFDF o DJDMJDB F WJFOF FTFHVJUB PHOJ BOOP F TPMP TVHMJ BMCFSJ DIF OF IBOOP OFDFTTJUh EBHMJ ²4DBD DJOJ³ DIF TPOP HMJ PQFSBJ TQFDJBMJ[[BUJ EFM DBTUBHOFUP EPUBUJ EJ VO FRVJQBHHJBNFOUP TQFDJGJDP QFS SBHHJVOHFSF MF BMUF[[F EFM DBTUBHOP F TFHVJSF MF TVF UPSUVPTF SBNJGJDB[JPOJ -B WJTJUB HVJEBUB BM DBTUBHOFUP DJ DPOGFSNB MB CPOUh EFMMB EFDJTJPOF EFMMB $PNVOJUh .POUBOB EJ DIJFEFSF JM NBSDIJP *(1 QFS JM .BSSPOF F TJBNP JNQSFTTJPOBUJ OPO QJ} TPMP EBMMB CPOUh EFM GSVUUP NB BODPS QSJNB EBMMB BGGBUJDBOUF EFEJ[JPOF DIF FTTP DIJFEF BJ TVPJ DPMUJWBUPSJ DJ DPMQJTDF UBOUP EJ QJ} MB HJPWBOF FUh EJ BMDVOJ EJ MPSP DIF TV VO UFSSJUPSJP DPTs FTJ HFOUF DPNF RVFMMP CPTDIJWP HJPDBOP MB QSPQSJB TDPNNFTTB JNQSFOEJUPSJBMF

-BTDJBNP 4PNNPSJP F SJQSFOEJBNP WFMPDJUh TVMMB TUBUBMF WFSTP $BTUFMCPMPHOFTF 2VBOEP TJBNP JO MPDBMJUh #BGGBEJ DJSDB USF DIJMPNFUSJ EPQP .JTJMFP TJ PGGSF BMMB OPTUSB BUUFO[JP OF VOµBMUSB B[JFOEB NPMUP SJDDB EJ PGGFSUF QFS JM UVSJTUB 4VMMB TUSBEB EFM SJUPSOP WPHMJBNP SJDPSEBSF DIF OFM CPTDP DJ TPOP BMUSJ QSPEPUUJ DIF IBOOP NPMUJ BQQBTTJPOBUJ F GFEFMJ SBDDPHMJ UPSJ TPUUP JM DBTUBHOP WFHFUB JM GVOHP F QJ} OBTDPTUP B QSPWB EJ ²OBTJ³ QSPGFTTJPOJTUJ JM UBSUVGP /PO EJNFOUJDIJBNP DIF BODIF MB MPSP SBDDPMUB o SFHPMBUB JO RVFTUP DBTP MB SFHPMB o SBQQSFTFOUBUB EBM SJMBTDJP EFJ 5FT TFSJOJ DPNVOBMJ P QSPWJODJBMJ DIF TPOP JM WFSP MBTDJBQBTTBSF OPO IB WBMPSF QFS MµJOHSFTTP BM CPTDP JO UFNQP EJ GVOHIJ MB QBTTJPOF DVMJOBSJB On MB GJMPTPGJB EFM UFNQP MJCFSP B DPOUBUUP DPO MB OBUVSB -µBOEBS ²QFS GVOHIJ³ BWWJFOF DPNVORVF TV VOB QPS[JPOF EJ QSPQSJFUh QSJWBUB P EFNBOJBMF *M DIF OPO TPUUSBF BM GSFRVFOUBUPSF EFM CPTDP JM QJBDFSF EFMMB SJDFSDB NB BJVUB JM CPTDP F DIJ TJ QSFOEF DVSB EFJ TVPJ ²BCJUBOUJ³ *M USFOP EFMMF DBTUBHOF OFMMF EPNFOJDIF EJ PUUPCSF *M USFOP DPO MPDPNPUJWB B WBQPSF F DBSSP[[F EµFQPDB QBSUF EBMMF TUB[JPOJ EFMMB MJOFB #PMPHOB 3JNJOJ GB TPTUB B .BSSB EJ QFS MB 4BHSB EFMMF DBTUBHOF F BSSJWB B GJOF NBUUJOB B #SJTJHIFMMB QFS JM QSBO[P F MB WJTUB BM #PSHP NFEJPFWBMF -µPSHBOJ[[B[JPOF o EFM %PQPMBWPSP 'FSSJPWJBSJP EJ 'BFO[B UFM

.BSSPOF

TDIFEB QSPEPUUP

'JOP B RVBMDIF EFDFOOJP GB JM GSVUUP EFM DBTUBHOP SBQQSFTFO UBWB MB SJTPSTB GPOEBNFOUBMF QFS MµBMJNFOUB[JPOF EFMMB HFOUF EJ NPOUBHOB -B QJBOUB FSB DIJBNBUB ²BMCFSP EFM QBOF³ F EBJ TVPJ GSVUUJ GSFTDIJ F TFDDIJ TJ SJDBWBWB QFS UVUUP MµBOOP VOµBNQJB EJWFS TJUh EJ QPSUBUF 5JQP EJ QSPEPUUP *M NBSSPOF IB GPSNB FMJUUJDB QF[[BUVSB WBSJBCJMF EB NFEJB B NPMUP HSPTTB F TBQPSF EPMDF P NPMUP EPMDF JM DPMPSF EFMMB CVDDJB o NBSSPOF DIJBSP DPO TUSJBUVSF QJ} TDVSF F PHOJ SJDDJP DPOUJFOF EVF GSVUUJ QJ} SBSBNFOUF VOP P USF -B CVPOB QF[ [BUVSB F MF PUUJNF DBSBUUFSJTUJDIF PSHBOPMFUUJDIF MP SFOEPOP JEPOFP TJB QFS JM DPOTVNP GSFTDP DIF QFS MB USBTGPSNB[JPOF JOEVTUSJBMF 1PJDIn o VO GSVUUP TPHHFUUP BE BMUFSBSTJ SBQJEB NFOUF TJB B UFSSB DIF EPQP MB SBDDPMUB PDDPSSF BTTJDVSBSF VOB CVPOB DPOTFSWB[JPOF * NFUPEJ EJ DPOTFSWB[JPOF QJ} VTBUJ TPOP MB DVSBUVSB F MµFTTJD DB[JPOF (SBO QBSUF EFMMB QSPEV[JPOF EJ NBSSPOJ F EJ DBTUB HOF OB[JPOBMF F MPDBMF o EFTUJOBUB BM DPOTVNP GSFTDP DJSDB JM MB RVPUB SFTUBOUF o QFS MP QJ} BTTPSCJUB EBMMµJOEV TUSJB EPMDJBSJB $BSBUUFSJTUJDIF PSHBOPMFUUJDIF F OVUSJ[JPOBMJ *M NBSSPOF IB FMFWBUJ DPOUFOVUJ OVUSJUJWJ QSFTFOUJ OFJ GSVUUJ TJB GSFTDIJ DIF TFDDIJ * HMVDJEJ SBHHJVOHPOP WBMPSF EFM OFJ GSVUUJ GSFTDIJ F EFM JO RVFMMJ FTTJDDBUJ 'PSUF BODIF MB QSF TFO[B EFM QPUBTTJP GSB HMJ FMFNFOUJ NJOFSBMJ F EFMMB WJUBNJOB $ NFOUSF MF DBMPSJF IBOOP WBMPSJ WBSJBCJMJ EB VOJUh GSVUUJ GSFTDIJ B GSVUUJ TFDDIJ

* NBSSPOJ DPTUJUVJTDPOP VO BMJNFOUP TBOP HFOVJOP OVUSJFOUF EJ GBDJMF EJHFSJCJMJUh PUUJNP EB JOTFSJSF OFMMF EJFUF BMJNFOUBSJ NFEJUFSSBOFF QFS UVUUF MF GBTDF EJ FUh ;POB EJ QSPEV[JPOF $PNVOJ EJ $BTPMB 7BMTFOJP F #SJTJHIFMMB

4POP B[JFOEF DIF DVSBOP VOB QSPEV[JPOF JOUFHSBUB SJTQFU UPTB EFMMµBNCJFOUF F EFMMB TBMVUF BODIF RVBOEP JM QSPEPUUP o MB DBSOF BHOFMMPOF F EJ TVJOP BVUPDUPOP * QSPEVUUPSJ EFM $PQBG IBOOP SJTDPOUSBUP TVCJUP VOB SJTQPTUB QPTJUJWB EB QBSUF EFM QVCCMJDP EFJ DPOTVNBUPSJ B RVFTUF DBSOJ EJ TBQPSF F UFOF SF[[B JODPOGPOEJCJMJ *OGBUUJ QFS GBSF VO FTFNQJP JM DBTUSBUP DIF OPJ BCJUVBMNFOUF DPOPTDJBNP o JO SFBMUh QFDPSB PMBOEF TF B GJOF DBSSJFSB OJFOUF B DIF WFEFSF DPO JM HJPWBOF BOJNB MF EJ NFTJ DIF EPQP HJPSOJ EJ BMMBUUBNFOUP NBUFS OP BM QBTDPMP TWF[[BUP BM DPQFSUP SBHHJVOHF JM QFTP EJ DJSDB LH FE o QSPOUP QFS MB NBDFMMB[JPOF * TPDJ EFM $PQBG TPOP DPTs TJDVSJ EFMMB MPSP DBSOF 2$ DIF IBOOP QFOTBUP TVCJUP BMMF DPOTVMFO[F HBTUSPOPNJDIF F IBOOP BQQSPOUBUP VO SJDFUUB SJP QFS JODPSBHHJBSF JM DPOTVNBUPSF 4F WPHMJBNP DPOPTDFSF JM HVTUP EFM DBTUSBUP EJ 3PNBHOB OPO EPCCJBNP NBODBSF BMMB 4BHSB PWJDBQSJOB³ EFM QSJNP GJOF TFUUJNBOB EJ TFUUFNCSF OFM DFOUSP EJ #SJTJHIFMMB 2VJ MF QSFQBSB[JPOJ B CBTF EJ BHOFMMPOF F EJ DBTUSBUP SJDIJBNBOP NJHMJBJB EJ FTUJNBUPSJ

%J QJ} QPUSFNP DPOPTDFSF HMJ BMMFWBUPSJ EFMMB [POB F BWFSF EB MPSP JOGPSNB[JPOJ JO EJSFUUB BQQSFOEFSF EB MPSP BE FTFNQJP DIF JM QF[[P EJ DBSOF DIF BDRVJTUJBNP OFMMF NBDFMMFSJF IB VO WFSP F QSPQSJP DFSUJGJDBUP SFEBUUP JO PTTFRVJP BM QSJODJQJP JNQPTUP EBM EJTDJQMJOBSF EFMMB SJOUSBDDJBCJMJUh DPO UBOUP EJ OVNFSP EJ JEFOUJGJDB[JPOF DBUFHPSJB FUh BMMFWBNFOUP EJ QSP WFOJFO[B MVPHP F EBUB EJ NBDFMMB[JPOF 1FS VOB EFHVTUB[JPOF QFSTVBTJWB MB DPTB NJHMJPSF o TFEFSTJ BM UBWPMP JO VOP EFJ SJTUPSBOUJ DIF JOTFSJTDPOP OFM NFO} MµPWJOP 2$ F JOGJOF QFS MµVTP DBTBMJOHP QPTTJBNP JNJUBSF J OVNFSPTJ DMJFOUJ DIF HJh GSFRVFOUBOP MF NBDFMMFSJF DPOWFO[JPOBUF DPO $PQBG B #SJTJHIFMMB B 3JPMP 5FSNF B 'BFO[B

4JNJMF FTQFSJFO[B TJ QVx GBSF QFS EFHVTUBSF F BDRVJTUBSF MF DBSOJ EJ TVJOP BVUPDUPOP ²NPSB SPNBHOPMB³ BM RVBMF o EFEJ DBUB QBSJNFOUJ VOB TBHSB JM HJPSOP PUUPCSF JOUJUPMBUB ²'JFSB EFMMF CJPEJWFSTJUh BOJNBMJ F TBHSB EFMMB 1PSDIFUUB F EFJ QSP EPUUJ EFSJWBUJ EBM TVJOP NPSB SPNBHOPMB³ -µPSHBOJ[[B[JPOF

"[JFOEF EB JODPOUSBSF

"[JFOEF EB JODPOUSBSF J DPOTPS[J

2VFTUP SFQPSUBHF EBMMB QSPWJODJB EJ 3BWFOOB BMMB TDPQFSUB EFJ QSPEPUUJ UJQJDJ F EFJ UFSSJUPSJ TJ DPODMVEF DPO VOB QBSUF JOGPS NBUJWB DIF IB MµJOUFOUP EJ SFOEFSF BODPSB QJ} GSVJCJMJ J QFSDPSTJ QSPQPTUJ (MJ FEJUPSJ IBOOP PQFSBUP MB TDFMUB EJ TFHOBMBSF JO NPEP QSFDJTP F EFUUBHMJBUP MF SFBMUh BTTPDJBUJWF F DPOTPSUJMJ QJ} TJHOJGJDBUJWF EFM UFSSJUPSJP QFS JM MPSP JNQFHOP OFMMB QSPNP [JPOF F WBMPSJ[[B[JPOF EFJ QSPEPUUJ UJQJDJ BM GJOF EJ GBDJMJUBSF JM MFUUPSF JOUFSFTTBUP BE VO DPOUBUUP EJSFUUP NJSBUP BE VMUFSJP SJ BQQSPGPOEJNFOUJ P B DPOPTDFSF TJOHPMF B[JFOEF BHSJDPMF P SJDFUUJWF MPSP BTTPDJBUF

4J o SJUFOVUP PQQPSUVOP JOPMUSF JOEJDBSF HMJ FMFODIJ EFMMF TJOHP MF B[JFOEF JTDSJUUF BJ SFHJTUSJ QSPWJODJBMJ EFHMJ BHSJUVSJTNJ F EFMMF GBUUPSJF EJEBUUJDIF QFS MB MPSP JOEVCCJB QFSUJOFO[B BJ QFSDPSTJ EFTDSJUUJ F BJ DPOUFOVUJ EJ RVFTUB QVCCMJDB[JPOF

4USBEB EFM 4BOHJPWFTF 4USBEB EFJ 7JOJ F EFJ 4BQPSJ EFMMF $PMMJOF EJ 'BFO[B

$PSTP .BUUFPUUJ 3JPMP 5FSNF 3"

5FM 'BY JOGP!TUSBEBEFMTBOHJPWFTF JU XXX TUSBEBEFMTBOHJPWFTF JU &MFNFOUP EJ VOJPOF EFM UFSSJUPSJP PMUSF BMMB TUPSJB F BM QBF TBHHJP TPOP TPQSBUUVUUP J 4BQPSJ EFMMF TVF QSPEV[JPOJ UJQJ DIF F EFMMB TVB HBTUSPOPNJB *OUFSFTTB J $PNVOJ EJ 'BFO[B #SJTJHIFMMB $BTPMB 7BMTFOJP 3JPMP 5FSNF F $BTUFMCPMPHOFTF F JOUFSTFDB JO TVDDFTTJPOF MF WBMMJ EFM .BS[FOP EFM -BNPOF F EFM 4FOJP BJ DPOGJOJ DPO MB 3PNBHOB UPTDBOB JM WFSTBOUF SPNBHOPMP EFM .VHFMMP -µJUJOFSBSJP DPMMFHB USB MPSP MVPHIJ EJ QBSUJDPMBSF GBTDJOP TUPSJDP F BSUJTUJDP EBMMB 'BFO[B SJOBTDJ NFOUBMF F OFPDMBTTJDB BMMB RVBUUSPDFOUFTDB 5PSSF EJ 0SJPMP EFJ GJDIJ EBM CPSHP NFEJFWBMF EJ #SJTJHIFMMB B 3JPMP 5FSNF TUSFUUB BUUPSOP BMMB TVB BOUJDB SPDDB B $BTPMB 7BMTFOJP USB MVPHIJ TUP SJDJ BOUJDIF UPSSJ EµBWWJTUBNFOUP F 1JFWJ SPNBOJDIF

$0 1 " ' $POTPS[JP QFS MB 7BMPSJ[[B[JPOF EFJ 1SPEPUUJ 5JQJDJ EFMMµ"QQFOOJOP 'BFOUJOP

7JB .BTJSPOJ #SJTJHIFMMB 3"

5FM F GBY DPOTPS[J !DPQBG JU XXX BFSQSPD DPN *M $0 1 " ' o OBUP DPO MP TDPQP EJ UVUFMBSF GBS DPOPTDFSF F HBSBO UJSF MB RVBMJUh EFJ QSPEPUUJ UJQJDJ F EFMMµBUUJWJUh BSUJHJBOBMF EFM UFSSJ UPSJP DPMMJOBSF DPNQSFTP GSB MF WBMMJ EFJ GJVNJ -BNPOF 5SBNB[[P F 4FOJP BUUPSOP BJ QBFTJ EJ 3JPMP 5FSNF $BTPMB 7BM 4FOJP #SJTJ HIFMMB .PEJHMJBOB F 5SFEP[JP 4PUUP JM .BSDIJP $0 1 " ' TJ USP WBOP TPMP QSPEV[JPOJ UJQJDIF EFM UFSSJUPSJP BQQFOOJOJDP MF DBSOJ PWJOF F CPWJOF F UVUUJ HMJ BMUSJ QSPEPUUJ EFM UFSSJUPSJP DPMMJOBSF GSB DVJ J GPSNBHHJ QFDPSJOJ J WJOJ UJQJDJ MF DPOTFSWF F JM NJFMF MµPMJP EJ PMJWB EJ #SJTJHIFMMB %01 F MP 4DBMPHOP EJ 3PNBHOB *(1

"TTPDJB[JPOF QFS MB 5PSSF EJ 0SJPMP

'BFO[B 3"

5FM JOGP!UPSSFEJPSJPMP JU XXX UPSSFEJPSJPMP JU 1FS JOGPSNB[JPOJ QSFOPUB[JPOF WJTJUF F EFHVTUB[JPOF QSPEPUUJ UJQJDJ BUJOJ!SBDJOF SB JU -µ"TTPDJB[JPOF 1SPEVUUPSJ EFMMB 5PSSF EJ 0SJPMP o TPSUB OFM BE FTTB BEFSJTDPOP QSPEVUUPSJ BHSJDPMJ BSUJHJBOJ DPNNFSDJBO UJ DIF JOUFOEPOP QSPQPSSF MB SJTDPQFSUB F MB WBMPSJ[[B[JPOF EFM MµJOUFSP EJTUSFUUP "VSFPMBOP * QSPEPUUJ BHSJDPMJ TPOP PUUFOVUJ OFM SJTQFUUP EFMMF BOUJDIF USBEJ[JPOJ SVSBMJ F EFMMF OPSNBUJWF EJ MPUUB JOUFHSBUB F CJPMPHJDB QFS TBMWBHVBSEBSF MµBNCJFOUF F MµVPNP *M WJOP MB GSVUUB JM NJFMF MµPMJP FYUSBWFSHJOF EµPMJWB WFO EVUJ EJSFUUBNFOUF OFMMF B[JFOEF TPOP JM SJTDPOUSP EFMMB OPTUSB TUPSJB F DVMUVSB

$POTPS[JP JM #BHOBDBWBMMP QFS MB WBMPSJ[[B[JPOF EFJ QSPEPUUJ UJQJDJ EFMMB OPTUSB UFSSB

7JB #PODFMMJOP #BHOBDBWBMMP 3"

5FM GBY *M DPOTPS[JP *M #BHOBDBWBMMP DSFBUP OFM QFS MB WBMPSJ[[B [JPOF EFJ QSPEPUUJ UJQJDJ DPTUJUVJTDF BE PHHJ VO QVOUP EJ SJGFSJ NFOUP GPOEBNFOUBMF QFS MµFDPOPNJB F MB DVMUVSB EFM UFSSJUPSJP F TJ QSPQPOF DPNF TUSVNFOUP EJ JOUFHSB[JPOF PQQPSUVOB GSB MF BUUJWJUh QSPEVUUJWF QSJNBSJF FE JM UVSJTNP MPDBMF -µBOUJDB USBEJ [JPOF BHSJDPMB EFM UFSSJUPSJP CBHOBDBWBMMFTF DPO MF TVF QSPEV [JPOJ EJ FDDFMMFO[B EFMMB WJUJWJOJDPMUVSB PSUPGSVUUJDPMUVSB GMP SJDPMUVSB F EFHMJ BMMFWBNFOUJ WJFOF SJQSPQPTUB BM DPOTVNBUPSF FE BMMµPTQJUF JO DIJBWF NPEFSOB OFMMB SJTDPQFSUB EFMMB RVBMJUh F OFM SJTQFUUP EFMMµBNCJFOUF

$POTPS[JP ²*M 1BOJFSF EFMMµ"QQFOOJOP 'BFOUJOP³

1JB[[FUUB 1PSUB (BCPMP #SJTJHIFMMB 3"

5FM JOGP!CSJTJHIFMMP OFU XXX CSJTJHIFMMP OFU 1VOUJ 7FOEJUB TQFDJBMJ[[BUJ #SJTJHIFMMB 1JB[[FUUB 1PSUB (BCPMP 3JPMP 5FSNF $VGGJBOP 7JB #PMPHOB $BTPMB 7BMTFOJP 7JB EFM $PSTP 1 HJBSEJOPEFMMFFSCF!MJCFSP JU *M 1BOJFSF o VO DPOTPS[JP DIF OBTDF DPO MµPCJFUUJWP EJ SBD DPHMJFSF F TBMWBHVBSEBSF UVUUJ J QSPEPUUJ UJQJDJ EFMMµ"QQFOOJ OP 5PTDP 3PNBHOPMP QSPEPUUJ TFNQMJDJ OBUVSBMJ DBTFSFDDJ DPNF GPSNBHHJ TBMVNJ DBSOF EJ BMMFWBNFOUP GVOHIJ UBSUVGP WJOP PMJP TBCB NJFMF MBUUF NBSNFMMBUF TDBMPHOP GSVUUB USB EJ[JPOBMF FSCF BSPNBUJDIF JO VOB NJTDFMB EJ TBQPSJ F EJ DPMPSJ OBUVSBMJ DBSBUUFSJTUJDJ EFMMµ"QQFOOJOP 'BFOUJOP

$POTPS[JP 7JOJ EJ 3PNBHOB

$ STP (BSJCBMEJ 'BFO[B 3" *UBMZ UFM

GBY

FOUFWJOJ!GBTUNBJM JU XXX FUWS JU *M $POTPS[JP 7JOJ EJ 3PNBHOB o OBUP OFM RVBOEP B 'BFO [B BUUPSOP BE VO UBWPMP TJ SJUSPWBSPOP J EJGFOTPSJ QJ} BHHVFS SJUJ EFJ WJOJ SPNBHOPMJ DIF EFMJOFBSPOP TUSVUUVSB F DPNQJUJ EJ VO ²$POTPS[JP QFS MB EJGFTB EFJ WJOJ UJQJDJ SPNBHOPMJ %B BMMP SB JM $POTPS[JP IB TWJMVQQBUP MB QSPQSJB BUUJWJUh BMMBSHBOEP JM OVNFSP EFJ WJUJDPMUPSJ F EFMMF DBOUJOF BTTPDJBUF SFOEFOEPTJ QSPUBHPOJTUB EFMMB DSFTDJUB FOPMPHJDB EFMMB 3

"[JFOEF EB JODPOUSBSF BHSJUVSJTNJ

"MGPOTJOF

#SJTJHIFMMB

-µ"OHFMJOB EJ 4BCBUUBOJ %BOJFMF 7JB 1VHMJF "MGPOTJOF 5FM

$Bµ #BMCJ EJ 4BOHJPSHJ "OUPOJP 7JB .VMJOP EFM 3PTTP #SJTJHIFMMB 5FM

-B $Bµ "E $BQMPµ EJ 1F[[J %JFHP 7JB 1BTTFUUP "MGPOTJOF 5FM

#BHOBDBWBMMP $FMUJ F $FOUVSJPOJ EJ 5FMMBSJOJ -PSJT 7JB $SPDFUUB #BHOBDBWBMMP 5FM (FNFMMJ EFMMB 4PDJFUh "HSJDPMB 4PMFMVOB 7JB 3PTTFUUB 3PTTFUUB EJ #BHOBDBWBMMP 5FM .JOHV[[J "OHFMP 7JB (BCJOB #PODFMMJOP EJ #BHOBDBWBMMP 5FM

#BHOBSB EJ 3PNBHOB 1BTTP 3FHJOB EJ #BSPODJOJ (JPSHJP 7JB 1JHOP #BHOBSB EJ 3PNBHOB 5FM

$BNQJVNF EJ .BOFUUJ 'JMJQQP 7JB $BNQJVNF 'PHOBOP EJ #SJTJHIFMMB 5FM $BTF 7JTBOP EJ &NJMJBOJ $BWJOB (JBODBSMP /VPWB 7JTJPOF T T 7JB &CPMB 'PHOBOP EJ #SJTJHIFMMB 5FM $PSUF %FJ .PSJ EJ /BMEPOJ -PSJT 7JB 7BMQJBOB #SJTJHIFMMB 5FM & $BTPµ Eµ7BMQJPOB EJ #BSBDBOJ 1JFUSP F 3PCFSUP T T 7JB 5VSB 4USBEB $BTBMF #SJTJHIFMMB $FMM 'SFHOBOP F 'SFHOBOFMMP EJ (SBNFOUJFSJ (JBNQBPMP 7JB #BDDBHOBOP #BDDBHOBOP EJ #SJTJHIFMMB 5FM

*M 1BMB[[P EJ .BUBSFTF &UUPSF 7JB #BDDBHOBOP #SJTJHIFMMB 5FM 'BY JOGP!JMQBMB[[P OFU -µ"SDIJCVHJP EJ $BTUJHOBSJ %BSJP 7JB 1VSPDJFMP 4BOUµ&VGFNJB EJ #SJTJHIFMMB 5FM -B 'FMDF EJ $FSPOJ $BSMP 7JB .POUF .BVSP C ;BUUBHMJB EJ #SJTJHIFMMB 5FM XXX BHSJUVSJTNPMBGFMDF JU -B 2VFSDJB EJ .JOBSEJ 2VJOUP F 4BNPSo .BSJB 7JB .PMJOP EFM 3PTTP 4BSOB EJ #SJTJHIFMMB 5FM

3JP .BO[PMP EJ &SFEJ EJ 3POEJOJOJ $SJTUJOB T T 7JB 5SJFTUF 7JMMB 7F[[BOP #SJTJHIFMMB 5FM F 'BY $FMM SJPNBO[PMP!MJCFSP JU XXX SJPNBO[PMP JU 5PSSF %FM .BSJOP 7JB 5PSSF EFM .BSJOP 7JMMB 7F[[BOP #SJTJHIFMMB 5FM 7BSOFMMP EJ -JWFS[BOJ (JPWBOOJ 7JB 3POUBOB 3POUBOB EJ #SJTJHIFMMB 5FM 7F[[BOP EJ 1PNQJHOPMJ 3PNBOP F $POUJ $BSMB 7JB 5FCBOP 5FCBOP #SJTJHIFMMB 5FM

-B 3PDDJB EJ $BSBQJB (JOP 7JB (BCFMMPUUB 1JFUSBNPSB EJ #SJTJHIFMMB 5FM .POUF 3PUB %J 4PUUP EJ -BHIJ 0GFMJB 7JB #JDPDDB 3JUPSUPMP EJ #SJTJHIFMMB 5FM 0WFMMP EJ .PDFOOJ .BSDP 7JB 4JFQJ 1JFWF 5IP #SJTJHIFMMB $FMM 1FESPTPMB EJ .BMBWPMUJ "OESFB T T "[JFOEB CJPMPHJDB 7JB 4BO $BTTJBOP 4BO $BTTJBOP #SJTJHIFMMB 5FM 'BY QFESPTPMB!MJCFSP JU

$BTPMB 7BMTFOJP $Bµ /PWB EJ (SFNFOUJFSJ "UUJMJP 7JB #SFUB #BGGBEJ EJ $BTPMB 7BMTF OJP 5FM *M 1PHHJPMP 7JB 4JOUSJB 1PHHJPMP $BTPMB 7BMTFOJP 5FM -B 4PHMJB EJ $PSUFDDIJB (JBOQJFUSP 7JB $PMPNCBSJOB $BTPMB 7BMTFOJP 5FM .BSJBOP EJ $BSPMJ (SB[JBOP 7JB 4FOJP B $BTPMB 7BMTFOJP 5FM 3JP $PODB EJ (JBDPNFUUJ (JBO 'SBODP 7JB EFM 4FOJP $BTPMB 7BMTFOJP 5FM

4DBOJB %J 4FUUFGPOUJ EJ .BMBWPMUJ 4UFGBOJB 7JB 4FUUF 'POUJ $BTPMB 7BMTFOJP 5FM 7BMHFNJHMJP EJ #FOJOJ .BHEB 7JB 4JOUSJB $BTPMB 7BMTFOJP 5FM

$BTUFMCPMPHOFTF *M $BNFSPOF EJ .BSBCJOJ (JVTFQQF 7JB #JBODBOJHP $BTUFMCPMPHOFTF 5FM

$POTFMJDF %FM .FSMP EJ 3J[[J 4FSHJP 7JB .FSMP $POTFMJDF 5FM

-B (FSNBOB 7JB (FSNBOB 4BSOB 'BFO[B 5FM -B 4BCCJPOB EJ -B 4BCCJPOB T T 7JB EJ 0SJPMP 0SJPMP EFJ 'JDIJ 'BFO[B 5FM $BSMPOJ EJ $BSMPOJ .BSJP 7JB $BTUFMSBOJFSP $BTUFMSBOJFSP 'BFO[B 5FM 5SFSo EJ "[JFOEB BHSJDPMB 5SFSo T T 7JB $BTBMF $BTBMF EJ 'BFO[B 5FM *M 2VBESJGPHMJP EJ "[JFOEB BHSJDPMB ;BNB 3FOBUP T T 7JB #JBO[BSEB EJ $PSMFUP $PSMFUP EJ 'BFO[B 5FM

.BTTBSJ EJ $"# .BTTBSJ T D B S M 7JB $PSPOFMMB $POTFMJDF 5FM 'BY NBTTBSJ!MVHP JU

-B 7F[[BOB EJ $BSBQJB (JBONBTTJNP F 'BSPMGJ (SB[JFMMB 7JB -BWF[[BOB 4BSOB EJ 'BFO[B 5FM

$PUJHOPMB

$Bµ 4BO (JPWBOOJ EJ .POUBOBSJ "MCFSUP 7JB 5FCBOP 5FCBOP 'BFO[B 5FM 'BY NPOUBOBSJ CJPBHSJ!MJCFSP JU

1BMB[[P #PTDIJ EJ $FMPSP (JBOGSBODP 7JB 3BHVTJ 4 4FWFSP EJ $PUJHOPMB $FMM

'BFO[B *M -BHIFUUP %FM 4PMF 7JB 1JUUPSB 3JWBMUB 'BFO[B 5FM 'BY MBHIFUUPEFMTPMF!JUBMJ XXX JUBMJBFWFOUJ

-B $VSCBTUSB EJ 4BOHJPSHJ "MFTTBOESP 7JB $FTBSPMP 'BFO[B $FMM

$BMEFSJOP EJ 4BOHJPSHJ "OOBMJTB 7JB (BMBSJOB 'BFO[B 5FM

-B 3BNPOB EJ 'BCCSJ (SB[JFMMP 7JB (BTQBSFUUB 3FEB 'BFO[B 5FM -B 1SPTDJVUUB EJ $BNQBOJOJ .JSLP 7JB &NJMJB 1POFOUF 'BFO[B $FMM $Bµ %F (BUUJ 7JB 3PODPOB 4BO .BNBOUF EJ 0SJPMP 'BFO[B 5FM 'BY DBEFHBUUJ!MJCFSP JU

-µB[EPSB EJ 5POEJOJ *OFT 7JB $BSSBJB 7BOHBUJDDJP .BEPOOB EFMMµ"MCFSP 3BWFOOB 5FM "HSJUVSJTNP EJ .BSUV[[J %BMJEB 7JB 4BOUFSOP 4BOUFSOP EJ 3BWFOOB 5FM .BSUFMMJ EJ .BSUFMMJ $MBVEJP 7JB 'JVNF "CCBOEPOBUP 3BWFOOB 5FM

'VTJHOBOP -F 4UVPJF EJ 1BSJHJ #SVOB 7JB 3PTTFUUB 4PUUPGJVNF 3PTTFUUB 'VTJHOBOP 5FM

-B .BOFSB EJ .B[[BOUJ #SVOB F .BOBSB 7JUUPSJP 7JB 4UBHHJ 1PSUP 'VPSJ 3BWFOOB 5FM

-VHP $BWFDDIJB EJ ;PMJ 7JODFO[P 7JB $BOBMF *OGFSJPSF TY #J[[VOP EJ -VHP $FMM *M $BSSP EJ #BCJOJ 3PCFSUP 7JB ;BHPOBSB ;BHPOBSB EJ -VHP 5FM 'BUUPSJB 4PMJFSJ EJ .FESJ (JBOGSBODP 7JB $BSSBJB 4PMJFSJ ;BHPOBSB EJ -VHP 5FM

-B $BTJOB EJ 7BMFOUJOJ (JPWBOOJ F 1BOUPMJ $BSMB T T 7JBMF EFJ -PNCBSEJ 4BWJP EJ 3BWFOOB 5FM $Bµ #SVOB EJ $BTUBHOPMJ 1BPMP 7JB 4 7JUBMF 4 "OUPOJP EJ 3BWFOOB 5FM *M -VQP EJ #FMMFUUJOJ "SOBMEP 7JB 4 "MCFSUP 4 "MCFSUP 3BWFOOB 5FM 'BY MVQPBSOBMEP!MJCFSP JU XXX BHSJUVSJTNPJ

3BWFOOB $Bµ .BSJOB EFJ ' MMJ 7BMFOUJOJ T T 7JB "EEB 4BWJP EJ 3BWFOOB 5FM

-B 7BMMFUUB EJ 3PODPOJ 4BOESB F -PNCBSEJ (JVMJBOP 7JB 'PSFMMP " 4 "MCFSUP 3BWFOOB 5FM

&MJBOUP EJ $BTUFMWFUSP #BSCBSB 7JB "SDP #PMPHOB 4 #BSUPMP 3BWFOOB 5FM -B $POUFTTB %FMMB #SBTTJDB EJ #BSBUUPOJ -JEJB 7JB #BTJMJDB 4 "MCFSUP 3BWFOOB 5FM

3JPMP 5FSNF -B 2VFSDJPMB EJ 7JTBOJ F #FSUPOJ $ISJTUJBO T T "[JFOEB BHSJDPMB $BNQPMBTTP 7JB $BNQPMBTTP $BNQPMBTTP 3JPMP 5FSNF 5FM

3VTTJ -B 7FDDIJB 2VFSDJB EJ $PTUB #SVOP 7JB 3PTTB .FOTB .BUFMMJDB 3BWFOOB 5FM 1BMB[[P .BO[POJ EFMMB "[JFOEB "HSJDPMB EJ 1BMB[[P .BO[POJ EJ #PUUVSB .BTTJNP 7JB 1POUF EFMMB 7FDDIJB 4BO ;BDDBSJB 3BWFOOB 5FM 5FOVUB "VHVTUB EJ "HSJTGFSB T D B S M 7JB 1PHHJ .BOESJPMF 3BWFOOB 5FM 'BY UFOVUBBVHVTUB!MJCFSP 5FOVUB 4BO 3FNJHJP EJ #JPOEJ 3PCFSUP 7JB "SHJOF 4JOJTUSP 4BWJP 3BWFOOB 5FM $Bµ 0SUPMBOJ EJ 0SUPMBOJ 0SJFUUB T T 4PDJFUh BHSJDPMB 7JB #BEBSFOB # 4BO 3PNVBMEP 3BWFOOB 5FM $Bµ .JMMB EJ .BOFHBUUJ (BCSJFMF 7JB 'PTTB $BTUJHMJPOF EJ 3BWFOOB $FMM

"SUFNJTJB EJ (JPWBOOJFMMP (SB[JFMMB 7JB 5SBWFSTB (PEP EJ 3VTTJ $FMM -JODBSBO %MB $Bµ 7FDJB EJ .B[[PUJ -VJHJ 7JB 7JDP $IJFTVPMB EJ 3VTTJ 5FM

"[JFOEF EB JODPOUSBSF GBUUPSJF EJEBUUJDIF

"MGPOTJOF

#SJTJHIFMMB

$BTB %FM %JBWPMP EJ #BJPOJ #SVOFMMB 7JB %FTUSB 4FOJP 5FM $FMM DBTBEFMEJBWPMP!MJCFSP JU XXX MBDBTBEFMEJBWPMP JU

"HSJDPMB 1JFUSBNPSB EJ ;PS[FUUP &NBOVFMB 7JB 1JFUSBNPSB B 1JFUSBNPSB #SJTJHIFMMB 5FM 'BY $FMM

#BHOBDBWBMMP -B 3POEJOF EJ 4BVSP F 3JUB 3PTTJOJ 7JB #PODFMMJOP #PODFMMJOP EJ #BHOBDBWBMMP 5FM 'BY $FMM 3PTF & 'JPSJ 7JB #PODFMMJOP #BHOBDBWBMMP 5FM 'BY $FMM SPTFGJPSJ!SPTFGJPSJ JU XXX SPTFGJPSJ JU

$BTF 7JTBOP EJ &NJMJBOJ $BWJOB (JBODBSMP /VPWB 7JTJPOF T T 7JB &CPMB 'PHOBOP #SJTJHIFMMB 5FM 1PEFSF $BWFEBMF EJ /BOOJOJ 4VTBOOB 7JB 1BHMJB 5FM GBCJPMB !MJCFSP JU 1FESPTPMB "[JFOEB #JPMPHJDB 7JB 4 $BTTJBOP #SJTJHIFMMB 5FM 'BY $FMM QDESPTPMB!MJCFSP JU XXX QFESPTPMB JU

$BTPMB 7BMTFOJP 5FTUB -BSB 7JB 4JOJTUSB $BOBMF *OGFSJPSF #BHOBDBWBMMP 5FM 'BY $FMM QJDDJPVOP!UJTDBMJOFU JU

4DBOJB EJ 4FUUFGPOUJ EJ .BMBWPMUJ 4UFGBOJB 7JB 4FUUFGPOUJ $BTPMB 7BMTFOJP 5FM 'BY $FMM NBMBWPMUJTUFGBOJB!MJCFSP JU

*M (JBSEJOP EFMMF &SCF 4USBEB 1SPWJODJBMF $BTPMB 7BMTFOJP 5FM 'BY $FMM HJBSEJOPEFMMFFSCF!MJCFSP JU XXX JMHJBSEJOPEFMMFFSCF JU

$FSWJB -F (IJBJOF 7JB 3PNFB /PSE $BTUJHMJPOF EJ $FSWJB 5FM

SPTTJ!MFHIJBJOF JU XXX MFHIJBJOF JU

$POTFMJDF $"# EJ .BTTBSJ T D 7JB $PSPOFMMB $POTFMJDF 5FM 'BY $FMM JOGP!BHSJUVSJTNPNBTTBSJ JU XXX BHSJUVSJTNPNBTTBSJ JU

2VJO[BO EJ #BOEJOJ 1JFUSP 7JB $BTUFM 3BOJFSP $BTUFM 3BOJFSP 'BFO[B 5FM 'BY $FMM GBUUPSJBCBOEJOJ!MJCFSP JU -PNCBSEJ %BOJFMF 7JB .FSDBOUB 'BFO[B 5FM -PSFEBOB $FMM %BOJFMF $FMM BQJMPNCBSEJ!ZBIPP JU

-VHP $PSUFTJ .BVSP F 5BSPOJ "OOB 7JB 4 "OUPOJP #J[[VOP EJ -VHP 5FM $FMM FNBVSPFBOOB!UFMF JU %POBUJ &NJMJP 7JB -VOHB *OGFSJPSF 4BO -PSFO[P EJ -VHP 5FM B[JFOEBEPOBUJ!JOUFSGSFF JU XXX B[JFOEBEPOBUJ JOUFSGSFF JU

3BWFOOB 'BFO[B *M -BHIFUUP EFM 4PMF 7JB 1JUUPSB 'BFO[B 5FM 'BY JOGP!JMMBHIFUUPEFMTPMF JU XXX JMMBHIFUUPEFMTPMF JU $Bµ 4BO (JPWBOOJ EJ .POUBOBSJ "MCFSUP 7JB 5FCBOP 5FCBOP 'BFO[B 5FM 'BY $FMM NPOUBOBSJ CJPBHSJ!JOGJOJUP JU

*M -VQP EJ #FMMFUUJOJ "SOBMEP 7JB 4 "MCFSUP 4 3PNVBMEP 3BWFOOB 5FM 'BY $FMM MVQPBSOBMEP!*JCFSP JU XXX BHSJUVSJTNPNVQP DPN

-B .FSJEJBOB EJ (JVMJBOJ (JBNQJFSP F $BTBEFJ "OUPOFMMB 7JB 4BOUF &SFEJ (BNCFMMBSB 3BWFOOB 5FM $FMM HQHJVMJBOJ!MJCFSP JU

*M .FMPHSBOP 7JB 4QBEPMBSP 4 1JFUSP JO 7JODPMJ 3BWFOOB 5FM $FMM BOHFMBEVSB[[P!MJCFSP JU 'BNJHMJB -JWFSBOJ 7JB EFMMB $PMNBUB $POWFOUFMMP 3BWFOOB 5FM

'BY $FMM

"HSJTGFSB TPDJFUh DPPQFSBUJWB "(3 1 " 4 4 3PNFB /PSE ,N 7JB 1PHHJ .BOESJPMF 3BWFOOB 5FM 'BY $FMM UFOVUBVHVTUB!MJCFSP JU XXX UFOVUBVHVTUB JU $Bµ 3JEPMGJ EJ 3JEPMGJ #SVOP F (JBOJ (JBOOB 7JB EFM %PUUPSF (BNCFMMBSB 5FM $FMJ JOGP!DBSJEPMGJ JU XXX DBSJEPMGJ JU -B 1JFWF $PPQFSBUJWB TPDJBMF 7JB 'JVNF "CCBOEPOBUP #PSHP .POUPOF 3BWFOOB 5FM 'BY DPPQMBQJFWF!MJCFSP JU "HSJUVSJTNP EJ .BSUV[[J %BMJEB 7JB 4BOUFSOP 4BOUFSOP 3BWFOOB 5FM

.BSUFMMJ $MBVEJP 7JB #PSHP .POUPOF #PSHP .POUPOF 3BWFOOB 5FM $FMM JOGP!BHSJUVSJTNPNBSUFMMJ DPN XXX BHSJUVSJTNPNBSUFMMJ DPN 5PEJTDP "MFTTBOESP 7JB "SHJOF %FTUSP .POUPOF 4BO .BSDP EJ 3BWFOOB 5FM

F NBJM BUPEJTDP!SBDJOF SB JU

3VTTJ "SUFNJTJB EJ (JPWBOOJFMMP (SB[JFMMB 7JB 5SBWFSTB (PEP EJ 3VTTJ 5FM 'BY $FMM JOGP!BSUFNJTJBCJP JU XWX BSUFNJTJBCJP JU

EFMMF TBHSF o VO QVOUP GFSNP OPO TPMP QFS MB DPNNFSDJBMJ[[B [JPOF EFJ QSPEPUUJ EJ $PQBG NB BODIF QFS MB DPNVOJDB[JPOF F MB QSPNP[JPOF QVCCMJDJUBSJB 1SJNB EJ BSSJWBSF B 3JPMP 5FSNF BCCJBNP UFNQP EJ SJFWPDBSF MµPSJHJOF TUPSJDB EFMMF EVF SB[[F EJ PWJOP F TVJOP EJ DVJ TPOP BUUJWJ HMJ BMMFWBNFOUJ JM DBTUSBUP EJ 3PNBHOB DJ SJQPSUB JOEJFUSP OFM UFNQP BMMµFQPDB EFMMB USBO TVNBO[B EFJ QBTUPSJ CFSHBNBTDIJ TDFOEFWBOP DPO MF HSFHHJ GJOP BMMB 3PNBHOB TJ GFSNBWBOP RVBMDIF UFNQP F BMMB QBS UFO[B QFS TEFCJUBSTJ DPO J DPOUBEJOJ DIF MJ BWFWBOP JO RVBMDIF NPEP PTQJUBUJ DPO MF CFTUJF MBTDJBWBOP MPSP VOP P EVF BHOFM MJ * DPOUBEJOJ MJ MBTDJBWBOP JOHSBTTBSF F JO FTUBUF BMMB NBUVSB [JPOF EFJ QPNPEPSJ MJ NBDFMMBWBOP /FMMF HSJHMJBUF J QPNPEPSJ GBDFWBOP EB PUUJNP DPOUPSOP *M TVJOP BVUPDUPOP HJVOUP JO *UBMJB BM TFHVJUP EJ QPQPMB[JPOJ CBSCBSF TJ BNCJFOUx JO 3PNBHOB EPWF HMJ BCJUBOUJ EFMMF DBN QBHOF MP BMMFWBSPOP DPNF BOJNBMF TV DVJ CBTBWBOP MB QSPQSJB BMJNFOUB[JPOF -µBMMFWBNFOUP JOGBUUJ FSB GBDJMF QPDP DPTUP TP F MB RVBMJUh EFMMB DBSOF FSB PUUJNB -B ².PSB³ o WJTTVUB JO 3PNBHOB JO OVNFSP DPTQJDVP GJOP BHMJ BOOJ µ OFM DµFSBOP QJ} EJ DBQJ NB RVBMDIF BOOP GB RVFTUB SB[[B IB SJTDIJBUP EJ TDPNQBSJSF -µBMMFWBUPSF .BSJP -B[[BSJ DPNJO DJx B TFMF[JPOBSF HMJ VMUJNJ DBQJ EFMMB SB[[B ²NPSB SPNBHOP MB³ VOB EFMMF DJORVF SB[[F TVJOF BVUPDUPOF JUBMJBOF F EPQP VOB MVOHB SJDFSDB JO 3PNBHOB o SJVTDJUP B SFQFSJSF HMJ VMUJNJ FTFNQMBSJ QVSJ BODPSB FTJTUFOUJ /F IB USPWBUJ QPDP QJ} EJ VOB EP[[JOB F IB EBUP WJUB BE VO BMMFWBNFOUP QBSUFOEP DPO TPMP USF TDSPGF F VO WFSSP 5SB JM SFDVQFSP EFMMF PSJHJOJ F MP TGSJHPMBSF EFMMF HSBUJDPMF BQQF OB SJFWPDBUF DPO J QSPGVNJ BM TFHVJUP TJBNP HJVOUJ JO QSPTTJ NJUh EFM (PMG $MVC OFMMB WBTUB BMUB QJBOVSB DIF TPWSBTUB 3JPMP 5FSNF 4VMMB OPTUSB EFTUSB TJBNP BWWFSUJUJ EBMMB DPODFOUSB[JP OF EJ BSOJF EJTQPTUF OFMMµBSFB SFDJOUBUB EJ VOB QSPQSJFUh EFMMB QSFTFO[B EJ VOµB[JFOEB EJ BQJDPMUVSB 2VJ TJ QSPEVDPOP NPMUF UJQPMPHJF EJ NJFMF QBQQBSFBMF QSPQPMJ F RVBOUµBMUSP TJ PUUJFOF EBMMµJOTUBODBCJMF MBWPSP EFMMF PQFSBJF OFMMµBMWFBSF "MWFBSF &DDP MB HJVTUB JNNBHJOF QFS DPODMVEFSF JO VTDJUB EB 3JPMP 5FSNF JM QFSDPSTP ²EFMMF &SCF³ 1PUSFNNP BWFS WJBHHJB UP BMMµJOUFSOP EJ VO BMWFBSF UBOUP o PQFSPTB MB WBMMF DIF DJ IB PTQJUBUP F QSPEJHB EJ GSVUUJ TPUUP JM DJFMP F TPUUP JM TVPMP F EJ QSPGVNJ ²FO QMFJO BJS³ 6O BMWFBSF B DJFMP BQFSUP

-F FSCF

TDIFEB QSPEPUUP

"--030 1JDDPMP BMCFSP PSJHJOBSJP EFMMµ"TJB .JOPSF DPO GPHMJF TDVSF F MVDJ EF &TUSFNBNFOUF QSPGVNBUP F WFSTBUJMF WJFOF VTBUP JO UVUUP JM NPOEP QFS BSPNBUJ[[BSF MF QJFUBO[F F TJ BEBUUB B RVBTJ UVUUJ J DJCJ DBSOF QJDDBOUF QFTDJ TBMTF QFS MB QBTUB CVEJOJ EJ MBUUF DPUUP

304."3*/0 "SCVTUP PSJHJOBSJP EFM .FEJUFSSBOFP JM DVJ OPNF TJHOJGJDB ²SVHJBEB EJ NBSF³ )B VO BSPNB GPSUF F QVOHFOUF NB QJBDFWP MF Ã&#x2030; MµFSCB BSPNBUJDB QJ} VTBUB DPO WJUFMMP QPMMB NF BHOFMMP F OFJ QJBUUJ DVDJOBUJ DPO JM WJOP MµPMJP MµBHMJP 4J BDDPNQBHOB CFOF BODIF DPO WFSEVSF NBSNFMMBUF F HFMBUJOF DPQQF EJ WJOP 4"-7*" "SPNBUJDB QFSFOOF PSJHJOBSJB EFM .FEJUFSSBOFP 4FUUFOUSJP OBMF *O QBTTBUP MF TPOP TUBUF BUUSJCVJUF NPMUF WJSU} DVSBUJWF FE o TUBUB BNQJBNFOUF VTBUB EB HSFDJ SPNBOJ F BSBCJ *O DVDJ OB OPO IB MJNJUJ )B QSPQSJFUh EJHFTUJWF F BOUJTFUUJDIF F DPN CBUUF MB TUBODIF[[B F MB NBMJODPOJB

4"/503&((*" 0SJHJOBSJB EFM .FEJUFSSBOFP IB VO HVTUP NPMUP GPSUF MJFWF NFOUF QFQBUP DIF FTBMUB UVUUJ J UJQJ EJ GBHJPMJ F QJTFMMJ DPO J RVBMJ IB QBSUJDPMBSF BGGJOJUh /F FTJTUPOP EVF WBSJFUh FTUJWB F QFSFOOF RVFTUµVMUJNB DPO BSPNB QJ} JOUFOTP $POTJHMJBUB OFMMF EJFUF QPWFSF EJ TBMF IB QSPQSJFUh TUJNPMBOUJ FE FDDJUBOUJ FE o TJNCPMP EFM QJBDFSF F EFMMB GFMJDJUh 5*.0 Ã&#x2030; VOB EFMMF BSPNBUJDIF QJ} JNQPSUBOUJ EFMMB DVDJOB FVSPQFB *M TVP BSPNB HSBEFWPMF F QPTJUJWP TJ NJTDFMB CFOF DPO NPMUF BMUSF FSCF F QPDIJ TPOP J QJBUUJ DIF OPO WFOHPOP NJHMJPSBUJ EBMMµBHHJVOUB EFM UJNP *O QBSUJDPMBSF TJ BEBUUB B UVUUJ J QJBUUJ B DPUUVSB MFOUB F GBDJMJUB MB EJHFTUJPOF EFJ HSBTTJ 13&;;&.0-0 0SJHJOBSJP EFMMµ&VSPQB DSFTDF JO UVUUF MF SFHJPOJ UFNQFSBUF EFM NPOEP 4J VTB DPO VPWB JOTBMBUF TUVGBUJ TBMTB QBTUB SJTP QFTDF QPMMBNF GPSNBHHJ NPSCJEJ /F FTJTUPOP EVF WBSJFUh VOB B GPHMJB MJTDJB QJ} BEBUUB BE FTTFSF DPUUB F VOB B GPHMJB SJDDJB QJ} EFDPSBUJWB FOUSBNCF NPMUP SJDDIF EJ TBMJ NJOFSBMJ F WJUBNJOF ."((*03"/" & 03*("/0 .PMUP TJNJMJ OFMMµBTQFUUP DPO BSPNB QJ} EFMJDBUP MB NBHHJPSB OB EBMMµPEPSF QJ} JOUFOTP MµPSJHBOP 4J BDDPTUBOP CFOF B DPO EJNFOUJ B CBTF EJ PMJP F BDFUP TBMTF EJ QPNPEPSP JOTBMBUF TFMWBHHJOB DBSOF BMMB HSJHMJB NJOFTUSF GSVUUJ EJ NBSF

"QQVOUJ EJ WJBHHJP -VPHIJ EB WFEFSF FWFOUJ F TBHSF SJDFUUF

* MVPHIJ EB WFEFSF

JOGP

6JU #BHOBDBWBMMP UFM

6JU 1SP -PDP #SJTJHIFMMB UFM

"MGPOTJOF

MB ²$BTB .POUJ³ EPWF OBDRVF OFM JM QPFUB 7JODFO[P .POUJ JM .VTFP EFMMB #BUUBHMJB EFM 4FOJP DPO DJNFMJ F NFNPSJF EFMMB TFDPOEB HVFSSB NPOEJBMF

#BHOBDBWBMMP

MµBOUJDP $FOUSP 4UPSJDP DPTUSVJUP TV QJBOUB NFEJPFWBMF DPO TJOHP MBSF TUSVUUVSB TJOVPTB EJ QSFWBMFOUF TUJMF CBSPDDP MB 1JB[[B /VPWB QJB[[B PWBMF QPSUJGJDBUB EFM 97*** TFDPMP BOUJDB TFEF EJ NBDFMMFSJF QFTDIFSJF F BMUSF CPUUFHIF MB 5PSSF $JWJDB EFM 9*** TFDPMP F HMJ BOUJDIJ QBMB[[J OPCJMJBSJ MB 1JFWF EJ 4BO 1JFUSP JO 4ZMWJT 7** TFDPMP VOB EFMMF QJFWJ NFHMJP DPOTFSWBUF EFM SBWFOOBUF /FJ EJOUPSOJ B 7JMMBOPWB EJ #BHOBDBWBMMP JM $FOUSP &UOPHSBGJDP EFMMB $JWJMUh 1BMVTUSF DPO MB SJDDB SBDDPMUB EJ NBOVGBUUJ SFBMJ[[BUJ JO FQPDB QSFJOEVTUSJBMF DPO MF FSCF EJ WBMMF F JM MFHOP EJ QJPQQP F TBMJDF MBWPSB[JPOF BSUJHJBOBMF UVUUPSB FTJTUFOUF

#SJTJHIFMMB

MµBOUJDP CPSHP NFEJPFWBMF DPO MB WJB EFHMJ "TJOJ DBSBUUFSJTUJDB TUSBEB TPQSB FMFWBUB F DPQFSUB VOJDB BM NPOEP JM .VTFP $JWJDP (JVTFQQF 6HPOJB MF $IJFTF EFMMµ0TTFSWBO[B F EFMMB $PMMFHJBUB MB 5PSSF EFMMµ0SPMPHJP DPO JM .VTFP EFM 5FNQP MB 3PDDB .BOGSFEJBOB DPO JM .VTFP EFMMB $JWJMUh $POUBEJOB MB 1JFWF EFM 5IP DPTUSVJUB GSB Mµ7*** F JM 9 TFDPMP E $ MP TUBCJMJNFOUP UFSNBMF BM DFOUSP EJ VOB HSBOEF QBSDP GBNPTP QFS MF DVSF B CBTF EJ BDRVF TVMGVSFF F TBMTP CSPNPJPEJDIF JOEJDBUF QFS MF GPSNF JOGJBNNBUPSJF DSP OJDIF EFMMF WJF SFTQJSBUPSJF %JOUPSOJ EJ #SJTJHIFMMB JM 1BSDP EFM $BSOo PBTJ WFSEF B ,N EB #SJTJHIFMMB JEFBMF QFS QPNFSJHHJ BMMµBQFSUP WJTJUF HVJEBUF FE FTDVSTJPOJ EJEBUUJDIF $PO JM TVP QBF TBHHJP UJQJDBNFOUF DBSTJDP SBQQSFTFOUB VOP EFHMJ BOHPMJ QJ} CFMMJ EFMMB 7FOB EFM (FTTP MB DVJ GPSNB[JPOF SJTBMF B DJSDB TFJ NJMJPOJ EJ BOOJ GB 1BSUJDPMBSNFOUF TVHHFTUJWB MB (SPUUB EFMMB 5BOBDDJB GSFRVFOUBUB EBMMµVPNP GJOP EBMMµFUh EFM SBNF

6JU 1SP -PDP $BTPMB 7BMTFOJP UFM

1SP -PDP $BTUFM #PMPHOFTF UFM

$BTPMB

Mµ"CCB[JB EJ 7BMTFOJP GPOEBUB EBJ #FOFEFUUJOJ JOUPSOP BM 9 TFDPMP o EJ OPUFWPMF JOUFSFTTF TUPSJDP F BSDIJUFUUPOJDP *M $BSEFMMP BOUJDB GPSFTUFSJB EFMMµ"CCB[JB QPJ USBTGPSNBUP JO EJNPSB TJHOPSJMF B GJOF PUUPDFOUP GV B MVOHP BCJUBUP EBMMP TDSJUUPSF "MGSFEP 0SJBOJ 1PTTJFEF VO QBSDP EJ SBSB CFMMF[[B

*BU $FSWJB .JMBOP .BSJUUJNB UFM

*BU 1SP -PDP 'BFO[B UFM

$FSWJB

MB 5PSSF 4 .JDIFMF DPTUSVJUB OFM QFS EJGFOEFSF JM QPSUP EBM MF JODVSTJPOJ QJSBUFTDIF PHHJ TFEF EFMMB CJCMJPUFDB DPNVOBMF JM .BHB[[JOP EFM 4BMF 5PSSF F JM .BHB[[JOP EFM 4BMF %BSTFOB

EPWF WFOJWB SBDDPMUP F QSFQBSBUP JM TBMF JM .VTFP EFMMB $JWJM Uh 4BMJOBSB TVMMB TUPSJB F JM MBWPSP EFJ TBMJOBSJ JM $FOUSP 4UPSJDP DPO JM ²2VBESJMBUFSP³ EFMMF DBTF EFJ TBMJOBSJ JM 1BMB[[P $PNVOBMF MB $BU UFESBMF MB $IJFTB EFM 4VGGSBHJP EPWF o DPOTFSWBUP VO QSFHFWPMF DSP DJGJTTP MJHOFP EFM 9*7 TFDPMP MB $IJFTB EJ 4 "OUPOJP EB 1BEPWB JM 5FBUSP $PNVOBMF MB GPOUBOB ²*M 5BQQFUP 4PTQFTP³ MB $BTB EFMMF "JF DPTUSVJUB OFM DPNF DBTB EFM GBUUPSF F EFJ QJHOBSPMJ EFMMB QJOFUB EJ $FSWJB MF 5FSNF F JM 1BSDP /BUVSBMF %JOUPSOJ EJ $FSWJB MB 4BMJ OB $BNJMMPOF VOJDB TBMJOB BSUJHJBOBMF SJNBTUB JO GVO[JPOF F MF TBMJOF B SBDDPMUB JOEVTUSJBMF JM 4BOUVBSJP EFMMB .BEPOOB EFM 1JOP EJ TUJMF UBSEP SPNBOJDP DPO JM CFM QPSUBMF JO TBTTP Eµ*TUSJB MB 1JFWF EJ 4 4UFGBOP EJ 1JTJHOBOP SJTBMFOUF BM DIF GV PTQJ[JP QFS J SPNFJ J QFMMFHSJOJ DIF OFM .FEJPFWP TJ SFDBWBOP B 3PNB

$POTFMJDF

MB 3PDDB EFM 97** TFDPMP TPSHF OFM $FOUSP 4UPSJDP JM 1BMB[[P $PNVOBMF F MB $IJFTB EJ 4BO .BSUJOP FOUSBNCJ EJ TUJMF OFP DMBTTJDP

'BFO[B

*M $FOUSP 4UPSJDP SBDDPMUP JOUPSOP BMMF EVF QJB[[F QSJODJQBMJ 1JB[[B EFM 1PQPMP F 1JB[[B EFMMB -JCFSUh DIF SJDIJBNBOP MµJEFB EJ VO TBMPUUP B DJFMP BQFSUP OFM DFOUSP TUPSJDP JM %VPNP EFM 1BMB[[P .JM[FUUJ JM QSJODJQBMF QBMB[[P OFPDMBTTJDP EFMMB SFHJPOF &NJMJB 3PNBHOB JM

1SP -PDP -VHP UFM

1SP -PDP .BTTBMPNCBSEB UFM

6JU .BSJOB EJ 3BWFOOB UFM

5FBUSP .BTJOJ OFMMB DPSUF EFM QBMB[[P DPNVOBMF EFUUP ²MB .PMJOFMMB³ JM .VTFP *OUFSOB[JPOBMF EFMMF $FSBNJDIF VOP EFJ QJ} JNQPSUBOUJ BM NPOEP DIF QSFTFOUB MB DFSBNJDB GBFOUJOB EBMMµFQPDB SPNBOB BJ OPTUSJ HJPSOJ F OVNFSPTF PQFSF EJ DFSBNJDB NPEFSOB SFBMJ[[BUF EB GBNPTJ BSUJTUJ EFM 99 TFDPMP MF CPUUFHIF EFJ UPSOJBOUJ F EFJ DFSBNJTUJ EJTTFNJOBUF VO QPµ EPWVORVF OFMMB DJUUh MVPHP EJ MBWPSP F EJ WFOEJ UB OFMMF RVBMJ HMJ BSUJHJBOJ TPOP MJFUJ EJ JMMVTUSBSF J QBTTBHHJ TBMJFOUJ EFMMB MPSP BSUF %JOUPSOJ EJ 'BFO[B 0SJPMP EFJ 'JDIJ MB 5PSSF FTB HPOBMF B ²EPQQJP QVOUPOF³ DPTUSVJUB EBJ .BOGSFEJ OFM PHHJ TFEF EFMMµ"TTPDJB[JPOF 1SPEVUUPSJ EFMMB 5PSSF EJ 0SJPMP

-VHP

MB 3PDDB EJ GJOF ´ PHHJ TFEF EFM .VOJDJQJP JM 1BWBHMJPOF DBSBUUFSJTUJDP RVBESJQPSUJDP DPTUSVJUP OFM 97*** TFDPMP QFS JM NFSDBUP EFM CBDP EB TFUB PHHJ TFEF EFM NFSDBUP EFM NFSDP MFEs F JO FTUBUF EJ VOB GBNPTBWBB SBTTFHOB EJ TQFUUBDPMJ JM 5FBUSP 3PTTJOJ OFM RVBMF TJ TWPMHF VOB TUBHJPOF MJSJDB EJ QSFTUJ HJP JOUFSOB[JPOBMF JM .VTFP EJ 'SBODFTDP #BSBDDB BMMFTUJUP JO POPSF EFMMµBWJBUPSF MVHIFTF FSPF EFMMB 1SJNB (VFSSB .POEJBMF MB DIJFTB EFMMB $PMMFHJBUB JM 1BSDP EFM -PUP BSFB EJ WFSEF BUUSF[ [BUP OFMMµ0BTJ EFMMF #VDIF (BMMBNJOJ

.BTTBMPNCBSEB MµBSDIFPMPHJB JOEVTUSJBMF EFMMB GSVUUJDPMUVSB FY B[JFOEB #POWJDJOJ FY $'. $PPQFSBUJWB 'SVUUJDPMUPSJ .BTTBMPNCBSEB QSJNP OVDMFP EFMMB :PHB .BTTBMPNCBSEB MB $IJFTB EJ 4BO 1BPMP 97* TFDPMP DPO JM CFM DPSP MJHOFP EFM F EJQJOUJ QSFHFWPMJ MB 4BMB EFM $BSNJOF FY $IJFTB EJ 4 .BSJB EFM $BSNJOF 97* 97** TFDPMP

.BSJOB EJ 3BWFOOB

B DIJMPNFUSJ EB 3BWFOOB $JUUh Eµ"SUF F 1BUSJNPOJP EFMMµ6NBOJUh FDDP .BSJOB EJ 3BWFOOB VO CPSHP USB NBSF F QJOFUB PHHJ SJDPOP TDJVUP DPNF MB SJWJFSB QJ}²USFOEZ³ .BSJOB PGGSF VOB TDFMUB WBSJB EJ

*BU 3JPMP 5FSNF UFM

1SP -PDP 3JPMP 5FSNF UFM

1SP -PDP 3VTTJ UFM

TJTUFNB[JPOJ BMCFSHIJ SFTJEFODF DBNQFHHJ F BQQBSUBNFOUJ FE o BODIF DFOUSP JNQPSUBOUF QFS MB OBVUJDB HSB[JF B ².BSJOBSB³ JM QSJNP 1PSUP 5VSJTUJDP *OUFSOB[JPOBMF EFMMµ"ESJBUJDP FE BJ RVBMJGJDBUJ FWFOUJ OBVUJDJ EJ SJMFWBO[B JOUFSOB[JPOBMF DIF TJ UFOHPOP PHOJ BOOP %J HJPSOP JM NBSF F MB MVOHB BNQJB TQJBHHJB TBCCJPTB TPOP JEFBMJ

QFS JM SFMBY /PO NBODBOP J NFSDBUJOJ F MF TBHSF USBEJ[JPOBMJ 3JPMP 5FSNF

MB 3PDDB o VO FTFNQJP JOUFSFTTBOUF EJ GPSUJGJDB[JPOF NJMJUBSF RVBUUSPDFOUFTDB DPTUSVJUB EBJ CPMPHOFTJ OFM *M $FOUSP 5FSNBMF o JNNFSTP JO VO QBSDP EJ BMCFSJ TFDPMBSJ -F TVF BDRVF TPOP DFMFCSJ QFS MF QSPQSJFUh UFSBQFVUJDIF JO OVNFSP TF BGGF[JPOJ Ã&#x2030; BUUJWP VO NPEFSOP $FOUSP EJ 5FSBQJF /BUVSBMJ F #JPUFDOPMPHJDIF DIF PHOJ BOOP NFUUF B QVOUP OVPWJ NFUPEJ EJB HOPTUJDJ F UFSBQFVUJDJ *M $BNQP EB (PMG B CVDIF TJ FTUFOEF QFS FUUBSJ TVMMF DPMMJOF SJPMFTJ *M USBDDJBUP o FTUSFNBNFOUF UFDOJDP F NPWJNFOUBUP %JOUPSOJ EJ 3JPMP MB 7FOB EFM (FTTP BNCJFOUF DBSTJDP EJ JNQPSUBO[B FVSPQFB GPSNBUBTJ JO MPOUBOF FSF HFPMPHJDIF 4J QSFTFOUB DPNF VOB MVOHB DSFTUB SPDDJPTB EJ TFMFOJUF EFGJOJUB ²QJFUSB EJ MVOB³ QFS J TVPJ SJGMFTTJ MVOBSJ DIF QFSDPSSF USBTWFSTBMNFOUF QFS DIJMPNFUSJ MF WBMMJ EFM 4FOJP F EFM -BNPOF 'FOPNFOJ DBSTJDJ IBOOP EJTFHOBUP OFM DPSTP EFJ NJM MFOOJ TDFOBSJ TQFUUBDPMBSJ %B TFHOBMBSF MB HSPUUB EJ 3F 5JCFSJP F HMJ 0SSJEJ EJ 3JP #BTTJOP /VNFSPTJ J TFOUJFSJ TFHOBMBUJ QFS FTDVSTJPOJ B QJFEJ F JO NPVOUBJO CJLF F QFS JM USFLLJOH

3VTTJ

MB 7JMMB 3PNBOB SJTBMFOUF BMMB GJOF EFM * TFDPMP E $ BM DFOUSP EJ VO DPNQMFTTP BSDIFPMPHJDP EJ FTUSFNP JOUFSFTTF JM 1BMB[[P 4BO (JBDPNP GJOF 97* TFD DPTUSVJUP EBJ DPOUJ 3BTQPOJ EJ 3BWFOOB DPNF DBTB EPNFOJDBMF EFM OPCJMF DBTBUP MB 1JFWF EJ 4BOUP 4UFGBOP JO 5FHVSJP 7*** *9 TFD E $ F MB 1JFWF EJ 4BO 1BODSB[JP GJOF 7*** TFD

&WFOUJ F TBHSF USBEJ[JPOJ QSPEPUUJ UJQJDJ FOPHBTUSPOPNJB HFOOBJP GFCCSBJP NBS[P

BQSJMF

NBHHJP

HJVHOP TFUUFNCSF

HJVHOP

-B OPUU Eo CJTx B 'BFO[B 'JFSB EJ 4 (JVTFQQF 4BHSB EFMMB 4FQQJB B $FSWJB -PN B NFS[ JO WBSJF B[JFOEF EFMMB QJBOVSB F EFMMB DPMMJOB *M 1JBUUP 7FSEF B 3JPMP 5FSNF 5SPGFP EFM CVPO TBMBNF F TBHSB EFJ TBMVNJ TUBHJPOBUJ B #SJTJHIFMMB &SCF JO GJPSF B $BTPMB 7BMTFOJP -VHPMPTB SBTTFHOB EJ HBTUSPOPNJB UJQJDB B -VHP 4BHSB EFM DBSDJPGP NPSFUUP B #SJTJHIFMMB .FSDBUJOP TFSBMF EFM WFOFSEs B #SJTJHIFMMB #PSHP .BSJOB WFUSJOB EJ 3PNBHOB B $FSWJB 'JHMJ EJ VO #BDDP NJOPSF B #BHOBDBWBMMP *ODPOUSP NBSF DPMMJOB B 3JPMP 5FSNF

MVHMJP BHPTUP MVHMJP

BHPTUP

.FSDBUJOP TFSBMF EFMMF FSCF PGGJDJOBMJ B $BTPMB 7BMTFOJP 'JFSB EFMMP TDBMPHOP EJ 3PNBHOB B 3JPMP 5FSNF 4BHSB EFM NFMPOF B #PSHP 3JWPMB 3JPMP 5FSNF

$BMJDF EJ TUFMMF B 0SJPMP EFJ 'JDIJ 'BFO[B

'FTUB EFM .BSF B .BSJOB EJ 3BWFOOB 'FTUB EJ 4 -PSFO[P B $FSWJB -µ"SDB EFJ 4BWPSJ B #SJTJHIFMMB 4BHSB EFMMF TGPHMJOF B .BTTBMPNCBSEB 4BHSB EFM UPSUFMMPOF B $POTFMJDF

TFUUFNCSF

PUUPCSF

OPWFNCSF

"OUJDB TBHSB EFM .POUJDJOP B #SJTJHIFMMB 'FTUB EFMMµVWB B 4BO 1JFUSP JO 7JODPMJ 3BWFOOB

'FTUB EJ 4BO .JDIFMF B #BHOBDBWBMMP 'JSB EJ ToUU EVM}S B 3VTTJ .FSDBUJOP EFJ TBQPSJ E &VSPQB B $FSWJB 4BHSB EFM SBOPDDIJP B $POTFMJDF

4BHSB EFMMB DJWJMUh EFMMF FSCF QBMVTUSJ B 7JMMBOPWB EJ #BHOBDBWBMMP 4BHSB QSPWJODJBMF EFMMµVWB B 3JPMP 5FSNF 4BQPSF EJ TBMF B $FSWJB 'FTUB EFJ GSVUUJ EJNFOUJDBUJ B $BTPMB 7BMTFOJP 'JFSB EFMMF CJPEJWFSTJUh BOJNBMJ SPNBHOPMF F TBHSB EFMMB QPSDIFUUB EJ NPSB SPNBHOPMB B #SJTJHIFMMB (JPSOBUB EFMMB TBMWJB F EFMMB TBCB B 3JPMP 5FSNF 4BHSB $PQBG EFMMµBHOFMMPOF F EFM DBTUSBUP B #SJTJHIFMMB -B OPUUF EJ )BMMPXFFO B 3JPMP 5FSNF 4BHSB EFM WJOP B $PUJHOPMB 4BHSB EFMMB QPMFOUB B 4BO $BTTJBOP #SJTJHIFMMB

-F EFMJ[JF EFM 1PSDFMMP B #SJTJHIFMMB 4BHSB EFM 5BSUVGP B #SJTJHIFMMB 4BHSB EFMMB QFSB WPMQJOB F EFM GPSNBHHJP TUBHJPOBUP B #SJTJHIFMMB 4BHSB EFMMµVMJWP F EFMM PMJP B #SJTJHIFMMB &OPMPHJDB F TBMPOF EFM QSPEPUUP UJQJDP B 'BFO[B

-F SJDFUUF

-µPSP CJBODP <4BMF QFTDF F QSPEPUUJ EJ QJOFUB>

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

#SPEFUUP BMMB DFSWFTF <$MVOZ 3FTUBVSBOU WJBMF (SBNTDJ .JMBOP .BSJUUJNB> 5FNQP EJ QSFQBSB[JPOF NJOVUJ *OHSFEJFOUJ QFS QFSTPOF LH EJ QFTDF NJTUP TDPSGBOJ NB[[PMF DPEB EJ SPTQP TFQQJF DBHOPMP DBOPDDIJF USJHMJFUUF

DJQPMMB EJ NFEJB HSBOEF[[B NB[[FUUP EJ QSF[[FNPMP CJDDIJFSF EJ WJOP CJBODP QPNPEPSJ QFMBUJ DPODFOUSBUP EJ QPNPEPSP BHMJP R C DSPTUJOJ EJ QBOF GSJUUP 1SFQBSB[JPOF QVMJSF F UBHMJBSF JM QFTDF B QF[[FUUJ DPO MF UFTUF QSFQBSBUF VO CSPEP 'BSF SPTPMBSF MB DJQPMMB DPO MµBHMJP FE JM QSF[[F NPMP USJ UBUP TGVNBSF DPO JM WJOP CJBODP BHHJVOHFSF J QPNPEPSJ QFMBUJ JM DPODFOUSBUP EJ QPNPEPSP F JM CSPEP EJ QFTDF TBMBSF F QFQBSF R C F MBTDJBSF CPMMJSF QFS DJSDB NJOVUJ DPO MB TFQQJB UBHMJB UB "HHJVOHFSF QPJ OFMMµPSEJOF QFTDJ SJNBTUJ DPEB EJ SPTQP DBHOPMP TDPSGBOP NB[[PMB DBOPDDIJF USJHMJFUUF 4FSWJSF DPO DSPTUJOJ GSJUUJ

4FQQJF DPO QJTFMMJ *OHSFEJFOUJ HS EJ TFQQJF VO DVDDIJBJP EJ TBMTB EJ QPNPEPSP HS EJ QJTFMMJ VO CJDDIJFSF EJ WJOP CJBODP TFDDP HS EJ BDRVB EM EJ PMJP BHMJP TBMF F QFQF

1SFQBSB[JPOF QVMJUF MF TFQQJF F UBHMJBUFMF B QJDDPMJ QF[[FUUJOJ 0SB QSFOEFUF VO UFHBNF F EPQP BWFSDJ WFSTBUP VO EFDJMJUSP EJ PMJP BHHJVOHFUF MF TFQQJF F VOP TQJDDIJP EµBHMJP F GBUF TPGGSJHHFSF QFS RVBMDIF NJOVUP 2VBOEP MF TFQQJF BWSBOOP DPOTVNBUP MB MPSP BDRVB BHHJVOHFUFOF WPJ NF[[P MJUSP F MBTDJBUF CPMMJSF GJODIn OPO TJ DPOTVNB UVUUB " RVFM QVOUP BHHJVOHFUF NF[[P DVDDIJBJP EJ TBMTB EJ QPNPEP SP F GBUF DVPDFSF BODPSB 1PJ WFSTBUF JO QFOUPMB VO QPµ EJ WJOP QFQF TBMF F NF[[P DIJMP EJ QJTFMMJ HJh QVMJUJ DPO MµBDRVB TVGGJ DJFOUF QFS GBSMJ DVPDFSF 2VBOEP J QJTFMMJTBSBOOP MFTTBUJ JM QJBU UP TRVJTJUP B DVJ WJ TJFUF EFEJDBUJ BSh QSPOUP

1FTDIF BM NJFMF <EJ $FTBSF #SVTJ "QJDPMUVSB #SVTJ $FSWJB> *OHSFEJFOUJ QFS QFSTPOF ,H EJ QFTDIF NBUVSF QPTTJCJMNFOUF TVDDPTF

I EJ NJFMF MJRVJEP 1SFQBSB[JPOF TJ UBHMJBOP MF QFTDIF B GFUUF TPUUJMJ F WJ TJ WFSTB TPQSB JM NJFMF NFTDPMBOEP JM UVUUP 4J MBTDJB SJQPTBSF JO GSJHPSJGFSP QFS PSF QFTDIF F NJFMF EFQPTJUBOP VO TVHP NPMUP DPODFOUSBUP

1SJNB EJ TFSWJSF JO DPQQFUUF TJ NFTDPMB OVPWBNFOUF 4J QVPµ

HVBSOJSF DPO NJFMF F GSVUUB TFDDB

$SPTUBUB BMMB DFSWFTF *OHSFEJFOUJ QBTUB GSPMMB NBSNFMMBUB EJ NPSF QJOPMJ EJ QJOFUB 1SFQBSB[JPOF TUFOEFSF MB QBTUB GSPMMB JO VOP TUBNQPEB DSPTUBUB SJDPQSJSF DPO NBSNFMMBUB F QJOPMJ $VPDFSF JO GPSOP QFS DJSDB NJOVUJ

5SB WJHOF F GSVUUFUJ <'SVUUB F WJOJ EJ QJBOVSB>

1FTDIF SJQJFOF *OHSFEJFOUJ QFS QFSTPOF QFTDIF NBOEPSMF HS EJ [VDDIFSP BNBSFUUJ TBWPJBSEJ VO CJDDIJFSJOP EJ SPTPMJP 1SFQBSB[JPOF TJ BQSPOP B NFUh MF QFTDIF F TJ WVPUBOP VO QPDP -B QPMQB DIF TJ UPHMJF WB QFTUBUB DPO NBOEPSMF EPMDJ [VDDIFSP RVBM DIF BNBSFUUP FE VO TBWPJBSEP CBHOBUP OFM SPTPMJP 2VBOEP JM DPNQPTUP o CFO GJOP TJ NFUUF JM SPTTP EµVPWP TJ SJFNQJPOP MF QFTDIF DIF QPJ TJ NFUUPOP JO VOB SVPMB VOUB EJ CVSSP F TJ DVPDJPOP BM GPSOP

1FTDIF OFUUBSJOF BMMP TDJSPQQP *OHSFEJFOUJ LH EJ QFTDIF LH EJ [VDDIFSP LH EJ TQJSJUP 1SFQBSB[JPOF DIJBSJGJDBSF MP [VDDIFSP F RVBOEP o DPUUP NFUUFSF MF QFTDIF B GBSF CPMMJSF 3JUJSBUF EBM GVPDP TJ NFUUPOP VOB QFS WPMUB OFJ WBTJ QPJ VOJUP MP [VDDIFSP BMMB TQJSJUP MP TJ WFSTB TPQSB -F QFTDIF EFCCPOP FTTFSF On QPDP On USPQQP NBUVSF F CJTPHOB DIF OFM DVPDFSMF OPO TJ SPNQBOP 1FS DIJBSJGJDBSF MP [VDDIFSP TJ QSFOEPOP EVF FUUJ EJ BDRVB PHOJ RVBUUSP EJ [VDDIFSP F JO RVF TUµBDRVB WJ TJ EJCBUUF VO BMCVNF QPJ WJ TJ NFUUF MP [VDDIFSP F TJ NFUUF BM GVPDP GJOP BMMB CPMMJUVSB 4J TDIJVNB CFOF F TJ QBTTB QFS VO QBOOPMJOP SJNFUUFOEP B CPMMJSF QFS DJSDB NF[[µPSB GJOP B PTTFSWBSF DIF QSFOEFOEP VO QPDP EJ DPNQPTUP JO VO DVD DIJBJP F MBTDJBOEPMP DBEFSF TJ SBQQSFOEF QFS BSJB *O UBMF TUBUP EJ DPOTJTUFO[B o DPUUP F QSPOUP QFS TDJSPQQBSF MF QFTDIF

*OUPSOP BM GSBOUPJP <PMJP FYUSBWFSHJOF EJ #SJTJHIFMMB>

4BMNPOF GSFTDP NBSJOBUP BMMF FSCF EFM HJBSEJOP <SJDFUUB EFM 3JTUPSBOUF 5SBUUPSJB -B 'SBTDB EJ ( ' #PMPHOFTJ $BTUSP DBSP 5FSNF 'P > *OHSFEJFOUJ QFS QFSTPOF LH EJ TBMNPOF GSFTDP LH EJ TBMF HSPTTP PMJP FYUSBWFSHJOF EJ PMJWB DVDDIJBJ SBTJ EJ QFQF WFSEF BMDVOF HPDDF EJ BDFUP EJ MBNQPOF FSCF EFM HJBSEJOP DJQPMMJOB CBTJMJDP UJNP NFOUVDDJB

1SFQBSB[JPOF QVMJSF JM TBMNPOF MBWBSMP F TQJOBSMP GJOP BE PUUFOFSF EVF CFJ GJMFUUJ $PQSJSMJ EB BNCP MF QBSUJ DPM TBMF HSPTTP F MBTDJBSMJ JO JOGV TJPOF QFS BMNFOP PSF BTTJFNF BE VOB TQPMWFSBUB EJ QFQF WFSEF JO QPMWFSF 1BTTBSF RVJOEJ JO BDRVB DPSSFOUF F UBHMJBSF OFM TFOTP EFMMB MVOHIF[[B GJOP BE PUUFOFSF EFMMF GFUUJOF NPM UP TPUUJMJ %JTQPOFUFMF JO VO SFDJQJFOUF EBJ CPSEJ BMUJ F WFSTBUFDJ TPQSB MµPMJP DPO UVUUJ HMJ BMUSJ JOHSFEJFOUJ -BTDJBS NBSJOBSF QFS BMDVOF PSF F TFSWJSF DPO QBOF UPTUBUP DBMEP

;VQQB EJ GBHJPMJ F WPOHPMF BM #SJTJHIFMMP <SJDFUUB EFMMB 5SBUUPSJB -B #VDB EJ 4UFGBOP #BSUPMJOJ DPSTP (BSJCBMEJ $FTFOBUJDP 'P SJDFUUB EFMMP $IFG (SFHPSJP (SJQQP> *OHSFEJFOUJ LH EJ WPOHPMF 7FOVT (BMMJOB HS EJ GBHJPMJ CPSMPUUJ GSFTDIJ HS EJ DJQPMMB CJBODB USJUBUB QPNPEPSJ NBUVSJ TQJDDIJ EJ BHMJP TBMF QFQFSPODJOP CBTJMJDP PMJP ²#SJTJHIFMMP³ 1SFQBSB[JPOF JO VO UFHBNF GBSF BQSJSF MF WPOHPMF B GVPDP NFEJP GJMUSBSF MµBD RVB GVPSJVTDJUB EBJ GSVUUJ F DPOTFSWBSF JO VO SFDJQJFOUF THVTDJB

SF MF WPOHPMF F NFUUFSMF EB QBSUF #PMMJSF J GBHJPMJ F QBTTBSOF MB NFUh OFM NJYFS GJOP BE PUUFOFSF VOB QVSFB EFOTB *O VO UFHBNF GBSF JNCJPOEJSF MB DJQPMMB F MµBHMJP OFM ²#SJTJHIFMMP³ BHHJVOHF SF J QPNPEPSJ UBHMJBUJ HSPTTPMBOBNFOUF F WFSTBSF MµBDRVB EFM MF WPOHPMF 1PSUBSF B CPMMPSF F RVJOEJ WFSTBSF MB QVSFB EJ GBHJPMJ F MF WPOHPMF THVTDJBUF %PQP DJSDB NJOVUJ EJ DPUUVSB B GVPDP NFEJP BHHJVOHFSF J GBHJPMJ FE JM QFQFSPODJOP F BHHJVTUBSF EJ TBMF $POUJOVBSF MB DPUUVSB QFS BMUSJ NJOVUJ 4FSWJSF OFMMF GPOEJOF JOEJ WJEVBMJ DPO EVF GPHMJF EJ CBTJMJDP FE VOB HFOFSPTB TQSV[[BUB EJ #SJTJHIFMMP DSVEP

*OWPMUJOJ EJ QFTDF TQBEB BJ GBHJPMJOJ F QPNPEPSJ <SJDFUUB EFM SJTUPSBOUF %PO "MGPOTP DPSTP 4BOUµ"HBUB TVJ EVF (PMGJ /B SJDFUUB EFMMP $IFG "MGPOTP *BDDBSJOP> *OHSFEJFOUJ QFS QFSTPOF HS QBSUF DFOUSBMF QFTDF TQBEB HS EJ GBHJPMJOJ QPNPEPSJ NBUVSJ HS EJ PMJP FYUSBWFSHJOF EJ PMJWB #SJTJHIFMMP TQJDDIJP EJ BHMJP 1SFQBSB[JPOF UPHMJFSF MB QFMMF EFM QFTDF TQBEB F UBHMJBSMP B GFUUJOF TPUUJMJ 5BHMJBSF J QPNPEPSJ FE J GBHJPMJOJ B EBEJOJ F TCPMMFOUBSF J GBHJPMJOJ *O QBEFM MB JNCJPOEJSF MµBHMJP DPO MµPMJP #SJTJHIFMMP DVPDFSF J QPNPEPSJ FE J GBHJPMJOJ QFS USF RVBSUJ F UPHMJFSF MµBHMJP 'BSDJSF MF GFUUJOF EJ QFTDF TQBEB DPO J GBHJPMJOJ FE J QPNPEPSJ FE BWWPMHFSF B GPSNB EJ JOWPM UJOP (SBUJOBSF BM GPSOP QFS DJSDB NJOVUJ BWFOEP DVSB EJ CBHOBSF DPO VOB TQSV[[BUB EJ WJOP 4FSWJSF DPO MBDSJNF EJ #SJTJHIFMMP

-F FSCF EFM HJBSEJOP <QJBOUF PGGJDJOBMJ TDBMPHOP GSVUUJ EJNFOUJDBUJ>

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µPSB P BODIF QJ} EPQP FTTFSF TUBUB DPOEJUB 1FS SFOEFSMB QJ} EJHFSJCJMF o DPOTJHMJBCJMF TDBS TFHHJBSF JO PMJP OFM TPGGSJUUP BHHJVOHFOEPOF EJ DSVEP QSJNB EJ DPOEJSF

.F[[FMVOF BMMF USF HFNNF QPWFSF <5SBUUPSJB 7BMTFOJP WJB 4FOJP $BTPMB 7BMTFOJP> *OHSFEJFOUJ GBSJOB NFHMJP TF NF[[B JOUFHSBMF HS SJDPUUB QBUBUF HJBMMF VPWP HS EJ QFDPSJOP CFO TUBHJPOBUP CJDDIJFSF EJ PMJP FYUSB WFSHJOF HS EJ HFSNPHMJ EJ TUSJEPMJ WJUBMCFSF F PSUJDIF 1SFQBSB[JPOF TCPMMFOUBSF TFQBSBUBNFOUF J HFSNPHMJ EFMMF USF FSCF DPOTFS WBOEP MµBDRVB EJ DPUUVSB -FTTBSF MF QBUBUF 1SFQBSBSF JM SJQJFOP EFMMF NF[[FMVOF BNBMHBNBSF MF QBUBUF QBTTBUF MB SJDPUUB MF USF HFNNF VO VPWP VO QJ[[JDP EJ TBMF NFTDPMBOEP GJOP BE PUUFOFSF VO DPNQPTUP DSFNPTP 1SFQBSBSF MB TGPHMJB JNQBTUBO EP GBSJOB VPWB F VO QPDP EJ HFNNF EJ TUSJEPMJ UJSBSMB F UBHMJBSMB B SPOEFMMF EJ DN EJ EJBNFUSP 'BSDJSF MF SPOEFMMF DPO JM SJQJF OP F SJQJFHBSMF GPSNBOEP EFMMF NF[[FMVOF DIF BOESBOOP MFTTB UF OFMMµBDRVB EJ DPUUVSB EFMMF HFNNF F DPOEJUF DPO J HFSNPHMJ SJNBTUJ PMJP FYUSB WFSHJOF F QFDPSJOP HSBUUVHHJBUP

-PNCP EJ BHOFMMPOF BM GPSOP DPO FSCF BSPNBUJDIF *OHSFEJFOUJ QFS QFSTPOF LH EJ MPNCP EJ BHOFMMP QBODFUUB B UPDDIFUUJ FSCF BSPNBUJDIF BHMJP UJNP NBHHJPSBOB TBMWJB SPTNBSJOP TBMF QFQF 1SFQBSB[JPOF 4HSBTTBSF MB DBSOF GBSF EFJ GPSJ F JOGJMBSF J UPDDIFUUJ EJ QBODFUUB USJ UBSF MF FSCF BSPNBUJDIF DPTQBSHFSMF TVMMB DBSOF MFHBSF DPO TQBHP F NFUUFSF JO GPSOP B QFS DJSDB VOµPSB CBHOBSF DPO WJOP CJBODP F CSPEP

5PSUB EJ NFMF TFMWBUJDIF <$IFG * 3BDDBHOJ EFM 3JTUPSBOUF "MCFSHP (JHJPMo #SJTJHIFMMB> *OHSFEJFOUJ NFMF TFMWBUJDIF NBUVSF F EPMDJ GJDIJ TFDDIJ DJQPMMB EJ NFEJB HSBOEF[[B DVDDIJBJ EJ VWFUUB TVMUBOJOB SPTTJ EµVPWP BOJDF [FO[FSP DBOOFMMB WJOP EPMDF "MCBOB EJ 3PNBHOB %0$( OFMMB WFSTJPOF EPMDF

1FS MB QBTUB PDDPSSPOP UB[[F EB Uo EJ GBSJOB CJBODB DVDDIJBJP EJ [VDDIFSP VO QPµ EJ TBMF NBSJOP GJOP BDRVB RVBOUP CBTUB QFS JNQBTUBSF 1SFQBSB[JPOF SPTPMBSF MB DJQPMMB FE VOJSMB BMMF NFMF TCVDDJBUF F UBHMJBUF B QJD DPMJ QF[[J BHHJVOHFSF JM WJOP MµVWFUUB F MF TQF[JF F MBTDJBSF JO BNNPMMP QFS DJSDB PSF 'PEFSBSF DPO MB QBTUB QSFDFEFOUF NFOUF QSFQBSBUB VOP TUBNQP QFS UPSUF EJ DJSDB DN EJ BMUF[[B 4USJ[[BSF MF NFMF EBM TVHP VOJSWJ J UVPSMJ EµVPWP F SJFNQJSF MP TUBNQP $IJVEFSF DPO VOB DPQFSUVSB EJ QBTUB $VDJOBSF JO GPSOP NFEJP QFS NJOVUJ " DPUUVSB VMUJNBUB GJMUSBSF JM TVHP SJNB TUP F DPTQBSHFSMP TVMMB UPSUB

$BQPMJOFB OFM CPTDP <.BSSPOJ F DBTUBHOF EJ $BTPMB 7BMTFOJP F #SJTJHIFMMB>

5PSUFMMJ EJ NBSSPOJ *OHSFEJFOUJ QFS RVBUUSP QFSTPOF LH EJ NBSSPOJ VPWB F VO UVPSMP HS EJ GBSJOB DVDDIJBJ EJ QBSNJHJBOP HSBUUVHJBUP RVBMDIF GPHMJB EJ BMMPSP 1SFQBSB[JPOF DVPDFSF LH EJ NBSSPOJ QFMBUJ JO BCCPOEBOUF BDRVB TBMBUB F BSP NBUJ[[BUB DPO RVBMDIF GPHMJB EJ BMMPSP 1BTTBSMJ BM QBTTBWFSEVSF VOJSF VPWP QJ} VO UVPSMP F DVDDIJBJ EJ QBSNJHJBOP HSBUUVHJBUP B QJBDFSF VO HPDDJP EJ BMDIFSNFT 1SFQBSBSF VOB TGPHMJB DPO VPWB F HS EJ GBSJOB UJSBSMB F VTBOEP JM UBHMJBQBTUB B SPUFMMB GPSNBSF EFJ RVBESBUJ EFOUSP J RVBMJ JOTFSJSF B NVDDIJFUUJ MµJNQBTUP -FTTBSF J UPSUFMMJ F TFSWJSMJ CFO DBMEJ DPO QPDP CVSSP F BCCPOEBOUF QBSNJHJBOP HSBUUVHJBUP

$BTUBHOBDDJP *OHSFEJFOUJ HS EJ GBSJOB EPMDF EJ NBSSPOJ BDRVB UJFQJEB P MBUUF NF[[P CJDDIJFSF EµPMJP EµPMJWB HS EJ QJOPMJ P EJ OPDJ USJUBUF HS EJ VWB TVMUBOJOB 1SFQBSB[JPOF TFUBDDJBSF HS EJ GBSJOB EJ NBSSPOJ F QPSMB JO VOB UFSSJOB "HHJVOHFSF BDRVB UJFQJEB P MBUUF F GPSNBSF VO JNQBTUP On USPQQP DPOTJTUFOUF On USPQQP NPSCJEP 6OJSF QPJ NF[[P CJDDIJFSF EµPMJP EµPMJWB TFNQSF NFTDPMBOEP CFOF HS EJ QJOPMJ P EJ OPDJ USJUBUF F HS EJ VWB TVMUBOJOB SJOWFOVUB JO BDRVB DBMEB "NBMHBNBSF JM UVUUP F EJTQPSMP TV VOB UFHMJB VOUB EµPMJP DPNQMFUBOEP JO TVQFSGJ DJF DPO BHIJ EJ SPTNBSJOP F VO GJMP EµPMJP TFNQSF EµPMJWB $VPDFSF JO GPSOP B NFEJB UFNQFSBUVSB $ QFS DJSDB VOµPSB

#JCMJPHSBGJB

1SPWJODJB EJ #PMPHOB * RVBEFSOJ EFM EJWVMHBUPSF B DVSB EFM $FOUSP EJ EJWVMHB[JPOF BHSJDPMB &EBHSJDPMF O F O &MWJP #FMMJOJ *M NBSSPO CVPOP EJ .BSSBEJ 1BSSFUUJ (SBGJDIF 'JSFO[F "MUFP %PMDJOJ -B 3PNBHOB EFJ WJOJ &EJU 'BFO[B "MCFSUP 7FOUVSB (JVTFQQF 5PEFTDIJOJ "UMBOUF EFJ QSPEPUUJ %01 F *(1 EFMMµ&NJMJB 3PNBHOB 3FHJPOF &NJMJB 3PNBHOB "TTFTTPSBUP "HSJDVMUVSB 4PDJFUh Eµ"SFB USB J $PNVOJ EJ #SJTJHIFMMB $BTPMB 7BMTFOJP 3JPMP 5FSNF *M 1JBUUP 7FSEF (SB[JBOP 1P[[FUUP -B DVDJOB SPNBHOPMB 'SBODP .V[[JP &EJUPSF (SVQQP $VMUVSBMF $JWJMUh 4BMJOBSB -B TBMJOB EJ $FSWJB $FSWJB $PNVOF EJ $FSWJB "TTFTTPSBUP BMMB $VMUVSB 1FTDB F 1FTDBUPSJ $FSWJB 6NCFSUP 'PTDIJ -BVSB 7FTUSVDDJ & JM NBSF TUB B HVBSEBSF *UJOFSBSJ EFMMµPTQJUBMJUh QSPQPTUJ EBHMJ BMCFSHBUPSJ EJ $FSWJB "TTPDJB[JPOF "MCFSHBUPSJ EJ $FSWJB *TUJUVUP 1SPGFTTJPOBMF EJ 4UBUP QFS Mµ"HSJDPMUVSB F Mµ"NCJFOUF EJ 'BFO[B F #BHOBDBWBMMP *M DPMMF EJ 1FSTPMJOP 1JFUSP ;BOHIFSJ -B 1JOFUB EJ $FSWJB EBMMF PSJHJOJ BE PHHJ " 'PSOJ &EJUPSF #PMPHOB

"OUPOJP 'PHMJ 'SBODFTDP 3BWBHMJB 1SPWJODJB EJ 3BWFOOB *UJOFSBSJ 5VSJTUJDJ &EJ[JPOJ 3BWBHMJB 3BWFOOB Â&#x203A; FEJ[JPOF 'JMJQQP -BOEJ ²4UPSJB EJ VOB DPPQFSBUJWB #SBDDJBOUJ JNQSFOEJUPSJ EFM DPNQSFOTPSJP EJ $FSWJB ³ -POHP &EJUPSF 3BWFOOB (SB[JBOP 1P[[FUUP -B HBTUSPOPNJB EFJ GSVUUJ EJNFOUJDBUJ B DVSB EJ 3PTB #BO[J &DBQ 3BWFOOB

"OOB $IJBSB ;BUUBHOJOJ -B $PPQFSBUJWB "HSJDPMB #SBDDJBOUJ EJ .BTTBMPNCBSEB .BTTBMPNCBSEB .BVSP 3FNPOEJOJ *M QBFTF EFMMB GSVUUB .BTTBMPNCBSEB (SBGJDIF (BMFBUJ *NPMB &SNJOJP (JOP 1JMBOESJ $FSWJB -B 4PDJFUh "NJDJ EFMMµ"SUF F MB $BTB EFMMF "JF B DVSB EFMMµ"TTPDJB[JPOF $VMUVSBMF "NJDJ EFMMµ"SUF "MEP "TDJPOF $FSWJB 4UJMHSBG $FTFOB /PNJTNB 1BUUP 5FSSJUPSJBMF "HSP BMJNFOUBSF EJ 3BWFOOB 1SPHFUUP QSFMJNJOBSF "UUJ EFMMB $POGFSFO[B "HSBSJB 1SPWJODJBMF 'BFO[B PUUPCSF (SB[JBOP 1P[[FUUP $VDJOB EJ 3PNBHOB 'SBODP .V[[JP -BVSB 7FTUSVDDJ .VTFP BMM BQFSUP EFMM PMJP EJ #SJTJHIFMMB - "MUSF 3PNBHOB $BNFSB EJ $PNNFSDJP EJ 3BWFOOB 1SPHFUUP ."3*.&% * MVPHIJ EFMMB QFTDB JO &NJMJB 3PNBHOB 3FHJPOF &NJMJB 3PNBHOB (JVTFQQF 4BOHJPSHJ 3PNBHOB .JUJDB 5FSSB 1SPWJODJF EJ 3BWFOOB F 'PSMs $FTFOB JO DPMMBCPSB[JPOF DPO 4USBEF EFJ 7JOJ EJ *NPMB 'BFO[B '0SMs $FTFOB 3JNJOJ 3FHJPOF &NJMJB 3PNBHOB 'BUUPSJF "QFSUF *M QJFOP EJ FNP[JPOJ GSB OBUVSB F USBEJ[JPOJ .BUFSJBMJ QSPNP[JPOBMJ EFMMB 1SPWJODJB EJ 3BWFOOB "TTFTTPSBUP BM 5VSJTNP 3BWFOOB JOUPSOP 7FSEF "[[VSSP 0SP .BUFSJBMJ QSPNP[JPOBMJ WBSJ GPSOJUJ EB FOUJ BTTPDJB[JPOJ DPOTPS[J DPPQFSBUJWF B[JFOEF

-µPSP JO UBWPMB 1VCCMJDB[JPOF

$PPSEJOBNFOUP

B DVSB

5J[JBOP 'JPSJOJ

EFM 4FSWJ[JP 5VSJTNP EFMMB 1SPWJODJB

"SU EJSFDUJPO

EJ 3BWFOOB

.BTTJNP $BTBNFOUJ

F EFMMB $BNFSB EJ $PNNFSDJP

*NQBHJOB[JPOF

EFMMB 1SPWJODJB EJ

3JDDBSEP (BMFBUJ

3BWFOOB $BSUPHSBGJB XXX SBWFOOBJOUPSOP

&MMFTTF *OUFSOBUJPOBM

QSPWJODJB SB JU XXX SB DBNDPN JU

4UBNQB (SBGJDIF .%. 'PSMs

$VSB FEJUPSJBMF 5BOJB #FSBSEJ #BSCBSB /BMEJOJ %BOJMP ;PMJ $PPSEJOBNFOUP FEJUPSJBMF SFEB[JPOF TDIFEF JOGPSNBUJWF (JPWBOOJ F -BVSB 7FTUSVDDJ

BHPTUP

4J SJOHSB[JB QFS JM NBUFSJBMF GPUPHSBGJDP "QJDPMUVSB #SVTJ "SDIJWJP EFMMµ"TTFTTPSBUP "HSJDPMUVSB EFMMB 3FHJPOF &NJMJB 3PNBHOB "SDIJWJP EFMMB 1SPWJODJB EJ 3BWFOOB "SDIJWJP "TDPN $FSWJB F 3BWFOOB "TTPDJB[JPOF 1SPEVUUPSJ EFMMB 5PSSF EJ 0SJPMP "[JFOEB "HSJDPMB 'FSSVDDJ "[JFOEB "HSJDPMB -BHIJ $BC #SJTJHIFMMB $BC EFM $PNQSFOTPSJP $FSWFTF 3JDDBSEP $BSPMJ $JSDPMP EFJ 1FTDBUPSJ -B 1BOUPGMB $PNVOF EJ .BTTBMPNCBSEB $POTPS[JP *M #BHOBDBWBMMP $POTPS[JP $PQBG &OUF 5VUFMB 7JOJ EJ 3PNBHOB *BU $FSWJB .JMBOP .BSJUUJNB *TUJUVUP 4UBUBMF QFS Mµ"HSJDPMUVSB F Mµ"NCJFOUF EJ 1FSTPMJOP -JBOB F (JPWBOOJ -JWFS[BOJ 3JDDBSEP .POUBOBSJ 1SP -PDP $BTPMB 7BMTFOJP 1SP -PDP 3JPMP 5FSNF 4PDJFUh Eµ"SFB GSB J $PNVOJ EJ #SJTJHIFMMB 3JPMP 5FSNF F $BTPMB 7BMTFOJP 4PDJFUh 1BSDP EFMMB 4BMJOB

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

4JNCPMPHJB EFMMF DBSUJOF

DIJFTB QJFWF

NPOVNFOUP

NVTFP

SPDDB

TJUP BSDIFPMPHJDP

UPSSF

HSPUUB

NPOUJ

QBSDP

HPMG

TBMJOB

UFSNF

#"4*-*$0 *M TVP OPNF JO HSFDP TJHOJGJDB ²SF³ B UFTUJNPOJBO[B EFMMB TVB JNQPSUBO[B JO DVDJOB BUUSBWFSTP J TFDPMJ 4J DPNCJOB B NPMUJ JOHSFEJFOUJ NB o QBSUJDPMBSNFOUF BEBUUP BJ QPNPEPSJ DPO J RVBMJ TJ TQPTB JO NPMUF QSFQBSB[JPOJ NFEJUFSSBOFF &3#" $*10--*/" "QQBSUJFOF BMMB GBNJHMJB EFMMB DJQPMMB BODIF TF IB VO HVTUP NPMUP QJ} EFMJDBUP HSB[JF BMMB NJOPSF RVBOUJUh EJ [PMGP Ã&#x2030; SJDDB EJ WJUBNJOF " F $ F TJ TQPTB CFOF DPO QJFUBO[F B CBTF EJ VPWB JOTBMBUF GPSNBHHJ NBHSJ TBMTF NJOFTUSF '*/0$$)*0 1JBOUB SFTJTUFOUF F QFSFOOF FSB DPOPTDJVUB F VTBUB DPNF BSPNBUJDB HJh OFMMµBOUJDB $JOB JO *OEJB F JO &HJUUP -F GPHMJF TJ BDDPNQBHOBOP BM QFTDF BE BMDVOF TBMTF FE JOTBMBUF BMMB DBSOF EJ NBJBMF * TFNJ IBOOP VO HVTUP EJ BOJDF F TJ VUJMJ[[BOP DPO QBOF CJTDPUUJ TBMTJDDF F DBSOJ QJDDBOUJ UPSUF EJ NFMF 36$0-" .PMUP BQQSF[[BUB QFS JM TVP BSPNB GPSUF F JOUFOTP DPO VOB QVOUB EJ BNBSP $SFTDF TQPOUBOFBNFOUF JO UVUUF MF SFHJPOJ EFM .FEJUFSSBOFP F BQQBSUJFOF BMMB DBUFHPSJB EJ FSCF NPMUP BEBUUF BE FTTFSF NFTDPMBUF BE JOTBMBUF 4J QSFTUB BE FTTFSF VOJUB B GPSNBHHJ GSFTDIJ TBMTF QFS DBSOJ F QBTUB

4DBMPHOP

TDIFEB QSPEPUUP

#VMCP DJQPMMJOP EFMMF TQFDJF "MMJVN "TDBMPOJDVN Ã&#x2030; PUUFOVUP TFDPOEP UFDOJDIF OBUVSBMJ F SJTQFUUPTF EFM MµBNCJFOUF UJQJDP EFMMB WBSJFUh OPO QVx FTTFSF DPMUJWB UP JO TVDDFTTJPOF B TF TUFTTP P BE BMUSF MJMJBDFF On B TPMBOBDFF CBSCBCJFUPMF F DBWPMJ %FWPOP USBTDPSSFSF BMNFOP BOOJ QFS JM SJUPSOP EFMMP TDBMP HOP TVMMP TUFTTP BQQF[[BNFOUP * UFSSFOJ JEPOFJ QFS MB DPMUJ WB[JPOF EFMMP TDBMPHOP EJ 3PNBHOB TPOP EJ OBUVSB DPMMJOBSF UFOEFOUJ BMMµBSHJMMPTP BTDJVUUJ EPUBUJ EJ QPUBTTJP F TPTUBO[B PSHBOJDB CFO FTQPTUJ F CFO ESFOBUJ 1FS JM DPOTVNP o DPOGF[JPOBUP GSFTDP JO NB[[FUUJ MFHBUJ EJ HSBNNJ TFDDP JO NB[[FUUJ USFDDF P JO SFUJ EB HSBNNJ $BSBUUFSJTUJDIF PSHBOPMFUUJDIF F OVUSJ[JPOBMJ )B VO TBQPSF QBSUJDPMBSF QJ} GPSUF F QSPGVNBUP EFMMB DJQPMMB F QJ} EPMDF EFMMµBHMJP -B RVBMJUh o EBUB TPQSBU UVUUP EBMMF DBSBUUFSJTUJDIF BSPNBUJDIF QBSUJDPMBSJ DIF TJ TWJMVQQBOP QFS MµBUUJWJUh EFMMB GMPSB NJDSPCJ DB F EFHMJ FO[JNJ EFM UFSSFOP -P TDBMPHOP GBWPSJTDF MF GVO[JPOJ EJHFTUJWF IB QSPQSJFUh EJTJOUPTTJDBOUJ F EJVSFUJDIF WJFOF VUJMJ[[BUP DPNF WFSNJGV HP F CBUUFSJDJEB 'PSOJTDF FMFNFOUJ JOEJTQFOTBCJMJ BM CVPO GVO[JPOBNFO UP EFM MµPSHBOJTNP GSB DVJ JM TFMFOJP JM TJMJDJP MB WJUBNJOB # F $ JM GFS SP F JM GPTGPSP ;POB HFPHSBGJDB EJ QSPEV[JPOF 1BSUF EFMMF QSPWJODJF EJ 3BWFOOB F 'PSMs F BMDVOJ DPNVOJ EFMMB QSPWJODJB EJ #PMPHOB