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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


+BNJF EFS FS JLLF OPHFU HBMU WFM +FH NFOFS EFSIKFNNF FMMFS BOESF TUFEFS )VO WBS EFO FOFTUF QFSTPO Qg QMBOFUFO EFS IBWEF MPW UJM BU LBMEF IBN +BNJF )WFSLFO +BDLMZO FMMFS .JDIBÝ FMB IBWEF Tg NFHFU TPN GPST HU EFU )WBE TLVMMF EFS WrSF HBMU EFSIKFNNF TBHEF IBO NFE FU TNJM EFS JLLF OgFEF IBOT KOF )BO SZTUFEF CFOrHUFOEF Qg IPÝ WFEFU %V TLBM JLLF CFLZNSF EJH PN EFU 1PQQZ %FU FS JLLF OPHFU WJHUJHU CBSF FU GBNJMJFNFEMFN EFS USVFS NFE BU LPNÝ NF Qg CFT H &U V OTLFU GBNJMJFNFEMFN 4g OgFEF TNJMFU IBOT KOF PH HMJNUFEF J EFN &MMFS NgTLF FS KFH CBSF CFLZNSFU GPS EJH TBHEF IBO 1PQQZ TLVMMF UJM BU TJHF *I KB EFU FS TJLLFSU EFSGPS NFO J TUFÝ EFU I SUF IVO NrSLFMJHU OPL TJH TFMW TJHF &S EV EFU %FU WJSLFEF TPN PN IFOEFT BMWPS IBWEF SBNU OPHFU J IBN )BOT TNJM GPSTWBOEU PH EFU HJL PQ GPS 1PQQZ BU EF TBE PH Tg Qg IJOBOEFO VEFO OPHFO GPSN GPS CFTLZUUFOEF IVNPS NFMMFN TJH %F TUJSSFEF CBSF JOE J IJOBOEFOT KOF +BNFT WJSLFEF VTJLÝ LFS OrTUFO TgSCBS 1PQQZ 1PQQZ TBOL +B )BO gCOFEF NVOEFO Þ PH Tg SFKTUF IBO TJH CSBU PH HJL IFO UJM IFOEFT ÝXBUUTÝHVMWI KUBMFSF GPS BU KVTUFSF EFN %B IBO LPN UJMCBHF WBS IBOT HSg KOF N SLF PH VVEHSVOEFMJHF +FH WJMMF TFMWG MHFMJH WrSF CFLZNSFU IWJT EV WBS BMWPSMJHU TZH TBHEF IBO MFU %FU FS KP EFO TMBHT NBO IBS WFOOFS UJM JLLF 1PQQZ GBMEU OFE Qg KPSEFO JHFO /FUPQ TBHEF IVO MrOHÝ TFMTGVMEU NFO Tg TNJMFEF IVO CFTMVUTPNU UJM IBN .FO EV FS JLLF TZH TBHEF IBO %FU FS CBSF OPHFU EV TLBM TF BU Gg PSEOFU -rHFO HJWFS EJH OPL OPHFU QFOJDJMMJO NFE FO TUPPPPS TQS KUF UJMG KFEF IBO HSVTPNU

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


pSI IPME NVOE TBHEF 1PQQZ )BO WJETUF HPEU BU IVO WBS SrETFMTTMBHFO GPS TQS KUFS #BSF UBOLFO PN OgMFO EFS QSJLLFEF IVM Qg IFOEFT IVE %FS LPNNFS EJO NPS TBHEF +BNFT PH LBTUFEF FU CMJL NPE E SFO EFS TUPE Qg LMFN 1PQQZ LVOOF JLLF GPSTUg IWPSEBO IBO LVOOF IBWF I SU BU OPHFO WBS Qg WFK %FS WBS TLSVFU I KU PQ GPS NVTJLLFO PH EFS WBS UrQQF VEF Qg HBOHFO NFO LPSU FGUFS TLVCCFEF IFOEFT NPS E SFO PQ 4g TLBU TBHEF IVO GSJTL 'SBOLMJO TJHFS BU EV TLBM LPNNF EFSIFO NFE EFU TBNNF +FH CFLMBHFS +BNFT NFO KFH CMJWFS O EU UJM BU TUKrMF 1PQQZ GSB EJH %FU FS J PSEFO +FH LBO LPNNF JHFO J FGUFSNJEEBH 1PQQZ WJETUF HPEU BU TMBHFU WBS UBCU )VO JHOPSFSFEF +BNFT MJMMF QBOUPNJNF EFS IBOEMFEF PN cO TPN GJL FO TUPS JOETQS KUÝ OJOH PH MPE TJO NPS USrLLF TJH VE UJM HBSBHFO &O UJNF TFOFSF Mg IVO Qg 'SBOLMJOT MrHFCSJLT PH LJHHFEF I GMJHU WrL NFOT IBOT GJOHSF GPSTJHUJHU USZLLFEF IFOEF Qg NBÝ WFO -rHFO WBS I K NBHFS PH WFE BU CMJWF HSgIgSFU )BO MJHOFÝ EF FO TPMJE PH QgMJEFMJH HBNNFMEBHT MBOETCZMrHF &S EFU IFS EFU H S POEU TQVSHUF IBO +B Þ NFO EFU HgS MJHFTPN IFMF WFKFO PN J SZHHFO &MMFS NgTLF IBS KFH CBSF GPSTUSBLU FO NVTLFM EFSPNNF FMMFS TgEBO OPHFU %F OrOTPNNF VOEFST HFOEF GJOHSF GMZUUFEF TJH 4g TUPQQFÝ EF EF PH MrHFOT BOTJHU GPSBOESFEF TJH * TBNNF KFCMJL GPSTUPE 1PQQZ BU EFS JLLF WBS UBMF PN FO GPSTUSBLU NVTLFM )FMMFS JLLF NBWFJOGMVFO[B FMMFS FO BOEFO CBOBM TZHEPN NFO EFSJNPE OPÝ HFU EFS TOBSU WJMMF Gg BMUJOH UJM BU GPSBOESF TJH GPS FWJHU 'SBOLMJO TBHEF CMPU +FH WJM NFOF BU EFU TLBM VOEFST HFT OrSÝ NFSF Qg IPTQJUBMFU )BOT TUFNNF WBS U S PH FGUFSUrOLTPN NFO QBOJLLFO CSFEÝ

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


UF TJH BMMJHFWFM J 1PQQZ )VO LVOOF JLLF GPSLMBSF IWBE EFS WBS WFE BU TLF JOEFO J IFOEF Þ FO TMBHT TLSrLLFMJH GPSVEBOFMTF TPN PN FU EZCU TPSU IVM gCOFEF TJH J KPSEFO GPSBO IFOEF )WPSGPS TQVSHUF IFOEFT NPS MrHFO 5KB 'SBOLMJO TNJMFEF PH TLVCCFEF TJOF CSJMMFS MrOHFSF PQ Qg OrTFO )BO USPNNFEF NFE FU QBS GJOHSF Qg MrHFCSJLTFO &HFOUMJH CBSF TPN FU MFE J FO VEFMVLLFMTFTQSPDFT 1PQQZ GPSÝ UrMMFS BU IVO IBS IBGU TNFSUFS J EFO WFSTUF EFM BG NBWFO TNFSÝ UFS EFS HgS PN NPE SZHHFO PH TNFSUFS EFS GPSWrSSFT PN OBUUFO )VO IBS NJTUFU BQQFUJUUFO Qg EFU TFOFTUF PH IVO IBS UBCU TJH 0H IFOEFT HBMEFCMrSF FS GPSTU SSFU Þ Tg NFHFU BU KFH LBO NrSÝ LF EFU %JTTF TZNQUPNFS LBO CFUZEF NBOHF UJOH PH OPHMF BG EJTTF UJOH LBO VEFMVLLFT WFE IKrMQ BG FO VMUSBMZETTDBOOJOH 1PQQZ CMFW SPMJHFSF )VO LVOOF JLLF IVTLF IWBE FO HBMEFÝ CMrSF WBS NFO IVO WBS OPHFOMVOEF TJLLFS Qg BU EFU WBS FU BG EF PSHBOFS NBO FHFOUMJH JLLF IBWEF CSVH GPS )VO LVOOF VNVÝ MJHU MJEF BG OPHFU BMWPSMJHU OgS EFU JOWPMWFSFEF FU PSHBO EFS IFE OPHFU Tg GKPMMFU -rHFO GPSUTBUUF NFE BU UBMF PN CVHTQZULJSUMFO PH CFUrOEFMTF J CVHTQZULJSUMFO PH GPSTU SSFU MFWFS 1PQQZT NPS OJLLFEF PH MPE UJM BU GPSTUg EFU IBO TBHEF 1PQQZ GPSTUPE EFU JLÝ LF NFO QBOJLLFO WBS GPSTWVOEFU %FU WBS TPN PN OPHFO IVSÝ UJHU IBWEF ErLLFU EFU TPSUF IVM PH HKPSU EFU Tg OZEFMJHU BU NBO TLVMMF USP EFU BMESJH IBWEF WrSFU EFS * LBO Gg MBWFU FO VMUSBMZETTDBOOJOH Qg C SOFIPTQJUBMFU EFS MJHHFS MJHF Qg EFO BOEFO TJEF BG HBEFO TBHEF 'SBOLMJO #BHFGÝ UFS TLBM * LPNNF UJMCBHF IFSUJM 1PQQZT NPS OJLLFEF SPMJH BMWPSMJH PH FGGFLUJW -JHFTPN 1IJM &MMFS $MJGG 0LBZ WJ TLBM OPL Gg EFU IFS PSEOFU 1PQQZ G MUF TJH FO BOFMTF WJHUJH )VO LFOEUF JLLF BOESF TPN IBWEF WrSFU Qg IPTQJUBMFU GPS BU Gg GPSFUBHFU FO VMUSBMZETTDBOÝ OJOH

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


FOEFT NPS SVTLFEF IFOEF CMJEU J IgSFU EB EF HJL VE GSB MrÝ ) HFO /g NJO IWBMQ IWBE IBS EV OV MBWFU 1PQQZ TNJMFEF ESJMTL )VO WBS IFMU PWSF TJOF UJEMJHFSF CFÝ LZNSJOHFS .gTLF CMJWFS KFH O EU UJM BU CMJWF PQFSFSFU PH Tg GgS KFH FU JOUFSFTTBOU BS TBHEF IVO GPS BU NPSF TJO NPS %FU Ng WJ JLLF IgCF TBHEF IFOEFT NPS VEFO BU NPSF TJH )PTQJUBMFU WBS FO TNVL HSg CZHOJOH NFE FOPSNF HMBTQBSUJÝ FS 1PQQZ LJHHFEF UBOLFGVMEU JOE J IPTQJUBMTCVUJLLFO EB EF HJL GPSCJ %FU WBS UZEFMJHWJT FO HBWFCVUJL GPS C SO EFO WBS GZMEU NFE U KEZS PH EJOHFOPUFS J BMMF SFHOCVFOT GBSWFS UJOH TPN WPLTOF WJMMF L CF J TJETUF KFCMJL IWJT EF IBWEF HMFNU BU UBHF FO HBWF NFE &O QJHF LPN VE BG CVUJLLFO )VO WBS MJEU rMESF FOE 1PQQZ NgTLF TZUUFO FMMFS BUUFO gS )VO WBS L O )FOEFT TNJOLF WBS MBHU NFHFU PNIZHHFMJHU PH PN IPWFEFU IBWEF IVO FU T EU CBOEBOBU SLMrEF EFS JLLF IFMU TLKVMUF EFU GBLUVN BU IVO JLLF IBWEF OPHFU IgS )VO Tg HMBE VE SVOELJOEFU PH NFE SFOSJOÝ HF EFS TWJOHFEF LrLU VOEFS U SLMrEFU NFO 1PQQZ G MUF FU TUJL BG NFEMJEFOIFE NFE IFOEF .FEMJEFOIFE PH BOHTU 1JHFO WBS BMWPSMJHU TZH %FU WBS TFMWG MHFMJH EFU FU IPTQJUBM WBS CFSFHOFU UJM Þ BMWPSMJHU TZHF GPML 1MVETFMJH WJMMF 1PQQZ CBSF IBWF TDBOOJOHFO PWFSTUgFU Tg IVO LVOOF LPNNF VE EFSGSB 6MUSBMZETTDBOOJOHFO HKPSEF JLLF POEU NFO EFO WBS MJEU GPSÝ VSPMJHFOEF &O TZHFQMFKFSTLF TNVSUF FO TMBHT HFMc VE Qg 1PQÝ QZT NBWF PH G SUF FO LPME TDBOOFS SVOEU Qg EFO .BTLJOFO TFOEUF MZEC MHFS JOE J IFOEF PH TFOEUF EFN UJMCBHF TPN CJMMFÝ EFS BG IFOEFT JOESF 1PQQZT UBOLFS CMFW WFE NFE BU LSFETF PN EFO L OOF QJHF VEFO IgS 'PS BU BGMFEF TJO PQNrSLTPNIFE HBW IVO TJH UJM BU UrOLF Qg +BNFT %FU G STUF EFS EVLLFEF PQ J IFOEFT UBOLFS WBS BG FO FMMFS

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


HSVOE NJOEFU PN G STUF HBOH IVO Tg IBN %FU WBS EFO EBH IBO WBS TUBSUFU J IFOEFT C SOFIBWF %FOHBOH WBS IBO FO CMFH TQJOÝ LFM ESFOH NFE TUPSF HSg KOF )BO IBWEF IBGU FO TOFSU BG OPHFU TrSU PWFS TJH IWJMLFU TUSBLT GJL EF TUPSF ESFOHF UJM BU ESJMMF IBN %F TUJNMFEF TBNNFO PN IBN VEF Qg MFHFQMBETFO TPN FU LPCÝ CFM IVOEF FGUFS FO SrW Þ JOEUJM 1PQQZ PQEBHFEF IWBE EFS GPSFÝ HJL 4FMW TPN GFNgSJH IBWEF IVO FU TUPSBSUFU I KSFIgOETTMBH )VO IBWEF NBTU TJH JOE J GMPLLFO PH TMgFU J BOTJHUFS PH TQBSLFU Qg TLJOOFCFO JOEUJM EF TUPSF ESFOHF WBS M CFU WrL 4g IBWEF IVO WFOEU TJH PN NPE +BNFT 4LB WJ JL WrSF WFOOFS )BO IBWEF OJLLFU HFOFSU FGUFS FO LPSU U WFO Tg IBWEF IBO TNJMFU UJM IFOEF Qg FO VOEFSMJH T E NgEF 1PQQZ IBWEF IVSUJH GVOEFU VE BG BU IFOEFT OZF WFO IBWEF OPHMF NrSLFMJHF TNg WBOFS %B LMBTTFOT GJSCFO E EF IBWEF IBO UBHFU EFU PQ VEFO WrNNFMTF PH TQVSHU 1PQQZ PN IVO JLLF IBWEF MZTU UJM BU IPMEF EFU )BO WJETUF PHTg IWPS NBO LVOOF GJOEF E EF EZS &OHBOH IBWEF IBO WJTU IFOEF FO UPN CZHHFHSVOE IWPS EFS Mg BETLJMÝ MJHF LBOJOgETMFS TQSFEU J EFU I KF CSVOF HSrT )BO IBWEF JLLF HKPSU FU TUPSU OVNNFS VE BG EFU UWrSUJNPE %B IBO CMFW rMESF IPMEU EF TUPSF C SO PQ NFE BU NPCCF IBN )BO WPLTFEF TJH NJOETU MJHF Tg I K TPN EFN PH PWFSSBÝ TLFOEF TUrSL PH IVSUJH Þ PH IBO GJL FGUFSIgOEFO SZHUF GPS BU WrSF FO IgSE OFHM /gS IBO CMFW WSFE TLJOOFEF EFS OPHFU OrÝ TUFO TLSrNNFOEF J IBOT HSg KOF )BO CMFW EPH BMESJH WSFE Qg 1PQQZ %F WBS GPSUTBU NFE BU WrÝ SF CFETUF WFOOFS HFOOFN BMMF gSFOF %B EF OgFEF PQ J EF TU SSF LMBTTFS CFHZOEUF IBO BU IBWF LrSFTUFS 1PQQZ WBS SFU TJLLFS Qg BU EFS JLLF WBS FO FOFTUF QJHF Qg TLPMFO TPN rSMJHU LVOOF TJHF

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


BU IVO JLLF WBS JOUFSFTTFSFU J +BNFT 0H Tg WBS EFU TFMWG MHFMJH FU IFME BU IBO BMESJH WBS LrSFTUFS NFE EFO TBNNF QJHF J SFU MBOH UJE BE HBOHFO )BO CFUSPFEF TJH IFMMFS BMESJH UJM EFN EF Tg IBN LVO TPN EFO NZTUJTLF IFNNFMJHIFETGVMEF PH MJEU GBSMJHF UZQF LrSFTUF 1PQQZ WBS EFO FOFTUF TPN PQMFWFEF EFO BOEFO TJEF BG IBN EFO TgSCBSF PH LrSMJHF TJEF 4gEBO TBHEF TZHFQMFKFSTLFO PH IFW NFE FU SZL 1PQQZ UJMÝ CBHF UJM OVUJEFO %V FS GrSEJH +FH TLBM MJHF IBWF U SSFU HFMcFO BG EJH )WBE WJTUF EFO Tg TQVSHUF 1PQQZ PH LJHHFEF PQ Qg TLrSÝ NFO %FU GPSUrMMFS EJO FHFO MrHF EJH 3BEJPMPHFO TLBM G STU LJHHF Qg SFTVMUBUFU Tg SJOHFS IVO UJM EJO MrHF 4ZHFQMFKFSTLFOT TUFNÝ NF WBS IFMU OFVUSBM Þ Tg OFVUSBM BU 1PQQZ Tg TLBSQU Qg IFOEF %B EF WBS UJMCBHF J 'SBOLMJOT WFOUFWrSFMTF IBWEF 1PQQZ TWrSU WFE BU TJEEF TUJMMF )FOEFT NPS TBE WFE TJEFO BG IFOEF PH CMBESFEF GPSrMEFEF VHFCMBEF JHFOOFN %B MrHFTFLSFUrSFO FOEFMJH TBHEF .ST )JMHBSE SFKTUF EF TJH CFHHF PQ I OFK TBHEF MrHFTFLSFUrSFO PH Tg GPSGKBNTLFU VE .ST )JMHBSE MrHFO WJM HFSOF UBMF NFE EJH FU KFCMJL BMFOF 1PQQZ PH IFOEFT NPS Tg Qg IJOBOEFO 4g MBHEF 1PQQZT NPS MBOHTPNU TJU CMBE Qg CPSEFU PH GVMHUF FGUFS MrHFTFLSFUrSFO 1PQQZ TUJSSFEF FGUFS IFOEF )WBE J BMWFSEFO %FU IBWEF 'SBOLMJO BMESJH HKPSU G S %FU HJL PQ GPS 1PQQZ BU IFOEFT IKFSUF TMPH IgSEU *LLF IVSÝ UJHU CBSF IgSEU %VOL EVOL EVOL NJEU J IFOEFT CSZTUÝ LBTTF %FU TFOEUF SZTUFMTFS HFOOFN IFOEFT JOESF PH GJL IFOEF UJM BU G MF TJH VWJSLFMJH PH TWJNNFM -BE WrSF NFE BU UrOLF Qg EFU %FS FS OPL JOHFOUJOH -rT FU CMBE

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


FO IFOEFT GJOHSF GVOHFSFEF JLLF PSEFOUMJHU %B IVO FOEFÝ . MJH GJL gCOFU FU CMBE M C IFOEFT KOF IFO PWFS PSEFOF VEFO BU TFOEF EFN WJEFSF UJM IFOEFT IKFSOF )WBE TOBLLFS EF PN EFSJOEF )WBE GPSFHgS EFS %FU IBS UBÝ HFU Tg MBOH UJE %FU CMFW WFE NFE BU USrLLF VE 1PQQZ WFLTMFEF NFMMFN UP WJEU GPSTLFMMJHF UBOLFHBOHF NFOT IVO WFOUFEF %FS WBS JOUFU BMWPSMJHU J WFKFO NFE IFOEF PH IFOEFT NPS WJMMF TOBSU LPNNF VE PH MF IKFSUFMJHU BE TJO EBUUFST TBOT GPS ESBNB )VO WBS BMÝ WPSMJHU TZH PH WJMMF WrSF O EU UJM BU HFOOFNHg FO TLSrLLFMJH CFÝ IBOEMJOH GPS BU CMJWF SBTL %FU UJMErLLFEF IVM PH EFU gCOF IVM /gS IVMMFU WBS ErLLFU UJM WJSLFEF EFU MBUUFSMJHU PH IVO CMFW GMPW PWFS TJOF NFMPESBNBUJTLF UBOLFS .FO OgS IVMMFU WBS gCFOU G MÝ UFT IFMF IFOEFT MJW TPN FO ES N TPN IVO OV CMFW SFWFU CSVUBMU VE BG +FH WJMMF OTLF BU KFH LVOOF SJOHF UJM +BNFT UrOLUF IVO 1PQQZ ,PN JOEFOGPS TBHEF MrHFTFLSFUrSFO FOEFMJH 'SBOLMJOT LPOTVMUBUJPOTWrSFMTF IBWEF USrQBOFMFS PH EFS IBOH CFTUBMMJOHFS PH FLTBNFOTCFWJTFS Qg WrHHFOF 1PQQZ TBUÝ UF TJH J FO MrEFSTUPM PH QS WFEF EJTLSFU BU MrTF TJO NPST BOÝ TJHU )FOEFT NPS Tg GPS SPMJH VE PH OPHFU EFS MJHOFEF BOTQrOEUÝ IFE MVSFEF MJHF VOEFS PWFSGMBEFO )VO TNJMFEF NFO EFU WBS FU TrSU MJEU VTJLLFSU TNJM pI HVE UrOLUF 1PQQZ %FS FS OPHFU HBMU /g EFS FS JOHFO HSVOE UJM BU Hg J QBOJL TBHEF MrHFO PH 1PQQZ CMFW PNHgFOEF FOEOV NFSF QBOJLTMBHFO )FOEFT IgOEGMBEFS LMJTUSFEF UJM MrEFSTUPMFOT BSNMrO 6MUSBMZETTDBOOJOHFO WJTUF OPHFU MJEU VTrEWBOMJHU Tg KFH WJM HFSOF IBWF BU WJ GPSFUBHFS OPHMF GMFSF VOEFST HFMTFS TBHEF 'SBOLMJO NFE FO MBOHTPN PH BGNgMU TUFNNF EFS TLVMMF WJSLF

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


CFSPMJHFOEF &O BG VOEFST HFMTFSOF LSrWFS BU EV GBTUFS GSB NJEOBU EBHFO G S VOEFST HFMTFO GPSFUBHFT .FO EJO NPS TJHFS BU EV JLLF IBS TQJTU NPSHFONBE J EBH +FH TQJTUF FO GSPTUJFT TBHEF 1PQQZ NFLBOJTL &O GSPTUJFT %FU LBO WJ WJTU HPEU LBMEF BU GBTUF 7J GPSFUBHFS VOEFST HFMTFSOF J EBH PH KFH WJM NFOF EFU FS CFETU BU JOEMrHHF EJH Qg IPTQJUBMFU JNFOT %FS TLBM GPSFUBHFT OPHFU TPN IFEEFS FO $5ÝTDBOOJOH PH FO &3$1ÝVOEFST HFMTF &3$1 FS FO GPSÝ LPSUFMTF GPS OPHFU KFH JLLF FOHBOH LBO VEUBMF )BO TNJMFEF 1PQQZ TUJSSFEF CBSF Qg IBN %FS FS JLLF OPHFU TLSrNNFOEF WFE OPHFO BG EJTTF VOEFSÝ T HFMTFS TBHEF IBO CMJEU $5ÝTDBOOJOHFO FS MJHFTPN FO S OUÝ HFOGPUPHSBGFSJOH &3$1ÝVOEFST HFMTFO JOEFCrSFS BU EV TLBM IBWF FO TPOEF Þ FO UZOE TMBOHF Þ OFE HFOOFN IBMTFO HFOOFN NBWFO PH JOE J CVHTQZULJSUMFO 4g TQS KUFS EF FO WrTLF JOE J TPOEFO Tg CVHTQZULJSUMFO LBO TFT Qg S OUHFOCJMMFEFS )BOT NVOE GPSUTBUUF NFE BU CFWrHF TJH NFO 1PQQZ I SUF JLLF MrOHFSF PSEFOF )VO WBS NFSF CBOHF FOE IVO LVOOF NJOEFT BU IBWF WrSFU J MBOH UJE +FH WJM JLLF IBWF FU JOUFSFTTBOU BS EFU WBS CBSF FO WJUT UrOLUF IVO +FH WJM JLLF WrSF SJHUJHU TZH +FH WJM JLLF Qg IPTQJUBMFU PH KFH WJM JLLF IBWF TPOEFS OFE HFOOFN IBMTFO )VO Tg CFEFOEF Qg TJO NPS VEFO BU TJHF OPHFU )FOEFT NPS UPH IFOEF J IgOEFO %FU FS JLLF Tg WPMETPNU TPN EFU MZEFS TLBU 7J UBHFS IKFN PH QBLLFS FU QBS UJOH UJM EJH Tg UBHFS WJ UJMCBHF UJM IPTQJUBMFU &S KFH O EU UJM BU CMJWF JOEMBHU J EBH +FH USPS EFU WJMMF WrSF EFU CFETUF TBHEF 'SBOLMJO 1PQQZT IgOE TUSBNNFEFT PN IFOEFT NPST %FU TVNNFEF UPNU J IFOEFT IPWFE 5BL 0XFO TBHEF IFOEFT NPS EB EF HJL VE BG LPOTVMUBUJÝ

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


POTWrSFMTFU 1PQQZ IBWEF BMESJH G S I SU TJO NPS CSVHF 'SBOLÝ MJOT GPSOBWO 1PQQZ TQVSHUF JLLF IWPSGPS )VO WBS UBWT NFOT EF HJL VE BG CZHOJOHFO PH TBUUF TJH JOE J CJMFO 6OEFS IKFNUVSFO CFHZOEUF IFOEFT NPS BU UBMF PN EBHMJHEBHT UJOH NFE FO MFU PH SPMJH TUFNNF PH 1PQQZ UWBOH TJH TFMW UJM BU TWBSF )VO MPE TPN PN BMU WBS OPSNBMU BMU JNFOT FO LWBMNFOEF G MFMTF WBS J HBOH NFE BU SBTFSF IFOEFT JOESF %FU WBS G STU EB EF WBS IKFNNF Qg IFOEFT WrSFMTF J HBOH NFE BU QBLLF C HFS PH OBUU K OFE J FO UBTLF BU IVO TQVSHUF OrSNFTUF IFOLBTUFU )WBE FS EFU QSrDJT IBO USPS KFH GFKMFS )FOEFT NPS TWBSFEF JLLF NFE EFU TBNNF )VO Tg OFE J UBÝ TLFO "MUTg IBO FS TMFU JLLF TJLLFS Qg BU EFS FS OPHFU HBMU TBHÝ EF IVO UJM TJETU .FO IWBE USPS IBO )BO Ng USP FU FMMFS BOEFU 0H IBO UBMUF PN CVHTQZULJSUMFO Þ EFU MZEFS TPN PN IBO USPS BU EFS FS OPHFU J WFKFO NFE NJO CVHTQZULJSUFM +FH USPFEF IBO LJHHFEF Qg NJO HBMEFCMrSF FMMFS IWBE WFE KFH +FH WJETUF JLLF FOHBOH BU NJO CVHTQZULJSUFM IBWEF OPHFU NFE EFU BU H SF 4LBU )FOEFT NPS UPH IFOEF PN TLVMESFOF PH 1PQQZ JOETg BU IVO WBS WFE BU CMJWF FO TNVMF VEF BG TJH TFMW )VO UPH FO EZC JOEgOEJOH +FH WJM CBSF HFSOF LFOEF TBOEIFEFO PLBZ +FH WJM CBSF HFSOF IBWF FO JEc PN IWBE EFS GPSFHgS %FU FS NJO LSPQ PH KFH IBS WFM SFU UJM WJEF IWBE EF VOEFST HFS NJH GPS IBS KFH JLLF %FU WBS FO NPEJH UBMF PH IVO NFOUF JLLF FU PSE BG EFO )VO OTLFEF J WJSLFMJHIFEFO BU I SF FU CFSPMJHFOEF M GUF PN BU 'SBOLMJO LJHHFEF FGUFS OPHFU VCFUZEFMJHU "U EFU WrSTUF EFS LVOOF TLF TMFU JLLF WBS Tg TMFNU %FU GJL IVO JLLF +P EV IBS SFU UJM BU WJEF EFU TBHEF IFOEFT NPS Tg TVLLFEF IVO 1PQQZ EFU WBS IFMF UJEFO EJO CVHTQZULJSUFM TPN CFLZNÝ

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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


* OEFO IBO OgFEF BU SrLLF VE FGUFS E SIgOEUBHFU CMFW E SFO gCOFU PH FO LWJOEF LPN VE 4PN EF GMFTUF BG IBOT GBST LMJFOUFS WBS IVO J GZSSFSOF PH SJH IWJMLFU UZEFMJHU GSFNHJL BG IFOEFT EFTJHOFSU K PH I KIrMFEF TBOEBMFS )VO Tg FO TNVMF CFGJQQFU PH ES NNFOEF VE PH Qg IFOEFT IBMT WBS EFS UP TNg TUJLTgS TPN WBS WFE BU IFMFT Tg IVSUJHU BU NBO LVOOF TF EFU TLF +BNFT HJL JOEFOGPS %FS WBS FU WFOUFWrSFMTF NFO JOHFO SFÝ DFQUJPOJTU *OEF GSB LPOTVMUBUJPOTWrSFMTFU M E EFS UPOFS BG LMBTTJTL NVÝ TJL +BNFT CBOLFEF Qg E SFO 'BS % SFO CMFW gCOFU BG FO GMPU N SLIgSFU NBOE )BO WBS J FU QFSGFLU TLSrEEFSTZFU HSgU KBLLFTrU PH FO TLKPSUF NFE NBOÝ DIFULOBQQFS )BO VETUSgMFEF TUZSLF PH NgMCFWJETUIFE .FO JLLF WBSNF )WBE WJM EV +BNFT TBHEF IBO J EFU TBNÝ NF UPOFGBME TPN IBO CSVHUF UJM TJOF QBUJFOUFS CFUrOLTPNU WFMPWFSWFKFU PH TFMWTJLLFSU )BS EV FU KFCMJL 'BSFO TLrWFEF UJM TJU 3PMFYÝVS 'BLUJTL Tg FS NJO OrTUF QBÝ UJFOU IFS JLLF G S PN FO IBMW UJNF %FS FS OPHFU KFH IBS CSVH GPS BU UBMF PN )BOT GBS Tg JWSJHU Qg IBN PH HKPSEF FO CFWrHFMTF IFO NPE FO PWFSQPMTUSFU TUPM +BNFT TBUUF TJH UJM SFUUF J EFO NFO Tg USBL IBO TJH GSFN Tg IBO TBE Qg LBOUFO BG TUPMFO )WBE FS EFU EV WJM UBMF PN +BNFT MFEUF FGUFS EF SFUUF PSE "MU BGIBOH BG PN IBOT GBS WJMMF LVOOF GPSTUg IBN .FO IWBE WBS EF SFUUF PSE 5JM TJETU CFTMVUÝ UFEF IBO TJH GPS BU Hg EJSFLUF UJM TBHFO %FU FS 1PQQZ )VO IBS WrSFU TZH J FU TUZLLF UJE PH OV NFOFS EF IVO IBS LSrGU

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5IF /JHIU 8PSME CJOE


BSFO Tg PWFSSBTLFU VE %FU FS KFH LFE BG BU I SF .FO EFS ' WBS JOHFO USJTUIFE J IBOT TUFNNF )WJT EFU FS SJHUJHU Tg FS EFS UBMF PN FO NFHFU BHHSFTTJW LSrGUTZHEPN %FO FS FOPSNU TNFSUFGVME PH OrTUFO VNVMJH BU IFMCSFEF %FU WBS FO TLBN %FS WBS TUBEJH JLLF BOEFU FOE FO MFU GPSÝ CBWTFMTF J IBOT GBST TUFNNF 0H QMVETFMJH WJETUF +BNFT IWPSGPS %FU WBS JLLF PWFSSBTLFMTFO PWFS BU 1PQQZ WBS TZH EFU WBS PWFSÝ SBTLFMTFO PWFS BU +BNFT WBS LPNNFU EFSIFO VEFMVLLFOEF GPS BU GPSUrMMF IBN EFU 'BS IWJT IVO IBS EFO UZQF LSrGU Tg FS IVO WFE BU E #FUZÝ EFS EFU TMFU JLLF OPHFU GPS EJH 'BSFO TUFNUF TJOF GJOHFSTQJETFS NPE IJOBOEFO PH TUJSSFEF OFE Qg TJU NBIPHOJTLSJWFCPSET CMBOLF S EMJHF PWFSGMBEF )BO UBMUF MBOHTPNU PH TJLLFSU +BNFT WJ IBS KP UBMU PN EFU IFS G S %V WFE BU EJO NPS PH KFH FS CFLZNSFEF GPS PN EV PH 1PQQZ FS WFE BU CMJWF GPS OrSF WFOOFS "U EV FS WFE BU LOZUUF EJH GPS NFHFU UJM IFOEF +BNFT NrSLFEF FU LPMEU SBTFSJ TUJHF PQ J TJH -JHFTPN KFH LOZUUFEF NJH GPS NFHFU UJM &NNB )BOT GBS GPSUSBL JLLF FO NJOF /PHFU J EFO SFUOJOH +BNFT LrNQFEF NPE EF CJMMFEFS EFS WBS WFE BU EBOOF TJH J IBOT CFWJETUIFE )BO NgUUF JLLF UrOLF Qg &NNB OV )BO WBS O EU UJM BU WJSLF LZOJTL FMMFST WJMMF IBOT GBS JLLF USP Qg IBN 'BS KFH QS WFS CBSF BU TJHF BU KFH IBS LFOEU 1PQQZ OrTUFO IFMF NJU MJW )VO FS OZUUJH GPS NJH )WPSEBO %FU FS J IWFSU GBME JLLF Qg EFO NFTU JOEMZTFOEF NgEF GPS EV IBS KP BMESJH ESVLLFU BG IFOEF WFM +BNFT TBOL NFE WrNNFMTF %SJLLF BG 1PQQZ 4LVMMF IBO CSVHF IFOEF UJM BU Gg CMPE #BSF UBOLFO HBW IBN LWBMNF 'BS IVO FS NJO WFO TBHEF IBO PH PQHBW IFMU BU MBEF TPN

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5IF /JHIU 8PSME CJOE


PN IBO JLLF IBWEF G MFMTFS J LMFNNF +FH LBO JLLF IPMEF VE BU TF IFOEF MJEF %FU LBO KFH JLLF +FH FS O EU UJM BU H SF OPHFU 'BSFOT BOTJHU MZTUF PQ +FH LBO HPEU GPSTUg EJH +BNFT G MUF TJH S BG GPSCBWTFMTF PH MFUUFMTF ,BO EV +BNFT OPHMF HBOHF LBO NBO JLLF MBEF WrSF NFE BU G MF FO WJT NFEMJEFOIFE NFE NFOOFTLFS (FOFSFMU FS EFU JLLF OPHFU KFH WJM PQGPSESF UJM NFO EV IBS LFOEU 1PQQZ J MBOH UJE %V IBS POEU BG IFOEF GPSEJ IVO MJEFS 4g KFH LBO HPEU GPSTUg BU EV IBS FU OTLF PN BU GPSLPSUF IFOEFT MJEFMTFS +BNFT MFUUFMTF TUZSUFEF UJM KPSEFO )BO TUJSSFEF Qg TJO GBS J OPHMF Gg TFLVOEFS .FEMJEFOIFETESBC +FH USPFEF BU EF sMEÝ TUF IBWEF VETUFEU GPSCVE NPE ESBC IFS J PNSgEFU TBHEF IBO TBHUF #BSF H S EFU OPHFOMVOEF EJTLSFU 7J TLBM OPL MVLLF KOFOF GPS EFU Tg MrOHF EFU TFS VE TPN PN E EFO FS TLFU BG OBUVSMJHF gSTBHFS %FU FS JLLF O EWFOEJHU BU JOELBMEF EF sMETUF +BNFT IBWEF FO NFUBMMJTL TNBH J NVOEFO )BO SFKTUF TJH PH MP LPSU 5BL GBS %V IBS WJSLFMJH WrSFU FO TUPS IKrMQ )BOT GBS MPE JLLF UJM BU IBWF I SU TBSLBTNFO +FH FS HMBE GPS BU KFH LVOOF IKrMQF +BNFT 'PS SFTUFO IWPSEBO TUgS EFU UJM J MFKMJHIFEFSOF 'JOU TBHEF +BNFT MJHFHZMEJHU 0H J TLPMFO +FH IBS TPNNFSGFSJF GBS TBHEF +BNFT PH MVLLFEF TJH TFMW VE 6EF Qg HgSETQMBETFO MrOFEF IBO TJH PQ BE FO WrH PH TUJSSFEF Qg TQSJOHWBOEFUT QMBTLFO )BO WBS M CFU U S GPS NVMJHIFEFS 'PS IgC %FU CFTUFNUF /BUUFWFSEFOFOT MPWF )WJT 1PQQZ IBWEF TZHEPNNFO Tg WJMMF IVO E BG EFO

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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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5IF /JHIU 8PSME CJOE


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1PQQZ TBE PH TUJSSFEF BQQFUJUM TU Qg FO CBLLF NFE LZMMJOHFÝ OVHHFUT PH QPNNFT GSJUUFS EB 'SBOLMJO LPN JOE Qg TUVFO 6OEFST HFMTFSOF WBS PWFSTUgFEF $5ÝTDBOOJOHFO IBWEF JLLF WrSFU Tg TMFN CPSUTFU GSB BU TDBOOFSFO IBWEF WrSFU LMBVTUSPÝ GPCJTL NFO &3$1ÝVOEFST HFMTFO IBWEF WrSFU GSZHUFMJH /gS IVO TBOL G MUFT EFU TPN PN IVO TUBEJH IBWEF FO TPOEF J IBMÝ TFO %V MFWOFS BM EFO EFKMJHF IPTQJUBMTNBE TBHEF 'SBOLMJO MJEU IVNPSJTUJTL %FU MZLLFEFT 1PQQZ BU TFOEF IBN FU TNJM )BO GPSUTBUUF NFE UBMF PN VGBSMJHF FNOFS )BO TBHEF JLLF OPHFU PN SFTVMUBUFU BG VOEFST HFMTFSOF PH 1PQQZ IBWEF JOHFO BOFMTF PN IWPSOgS EF Mg LMBS .FO IVO WBS NJTUrOLTPN PWFS GPS 'SBOLMJO %FS WBS OPHFU WFE IBN NgTLF WBS EFU GPSEJ IBO LMBQQFEF IFOEF Tg WFOMJHU Qg GPEFO VOEFS UrQQFU FMMFS GPSEJ IBO IBWEF N SLF SBOEF PN KOFOF %B IBO IFOLBTUFU GPSFTMPH 1PQQZT NPS BU IVO TLVMMF NFE Qg FO MJMMF HgUVS OFE BE HBOHFO CMFW 1PQQZT NJTUBOLF GPSTUrSLFU )BO TLBM UJM BU GPSUrMMF IFOEF EFU )BO IBS SFTVMUBUFSOF NFO KFH Ng JLLF Gg EFU BU WJEF * TBNNF KFCMJL MBHEF IVO FO QMBO (g EV CBSF NPS KFH FS MJEU T WOJH TBHEF IVO PH HBCUF 4g MrOFEF IVO TJH UJMCBHF PH MVLLFEF KOFOF )VO TQSBOH VE BG TFOHFO Tg TOBSU EF WBS WrL )VO Tg EFN GPSTWJOEF OFE BE HBOHFO PH JOE BG FO BOEFO E S 4g GVMHUF IVO MZEM TU FGUFS J TUS NQFTPLLFS )VO CMFW PQIPMEU J BETLJMMJHF NJOVUUFS WFE TZHFQMFKFSTLFSÝ

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5IF /JHIU 8PSME CJOE


OFT MPLBMF +FH TLBM CBSF TUSrLLF CFOFOF MJEU TBHEF IVO UJM FO TZHFQMFKFSTLF EFS Tg TQ SHFOEF Qg IFOEF Tg MPE IVO TPN PN IVO HJL SVOEU Qg Ng PH Gg %B TZHFQMFKFSTLFO UPH FO KPVSOBM PH HJL JOE Qg FO BG TUVFSOF TLZOEUF 1PQQZ TJH WJEFSF OFE BE HBOÝ HFO %FS Mg FU WFOUFWrSFMTF GPS FOEFO BG HBOHFO Þ EFU IBWEF IVO TFU UJEMJHFSF %FU WBS VETUZSFU NFE FU UW PH FU LPNQMFU L LLFO Tg EF QgS SFOEF JLLF TLVMMF NBOHMF OPHFU NFOT EF WBS EFS % Ý SFO TUPE Qg LMFN PH 1PQQZ TOFH TJH IFO NPE EFO )VO LVOOF I SF 'SBOLMJOT TUFNNF CSVNNF MBWU EFSJOEF NFO IVO LVOOF JLLF I SF IWBE IBO TBHEF 1PQQZ LBOUFEF TJH WBSTPNU OrSNFSF )VO UPH DIBODFO PH LJHHFEF JOE BE E SFO )VO Tg NFE EFU TBNNF BU EFS JLLF WBS OPHFO HSVOE UJM BU WrSF GPSTJHUJH %F GJSF NFOOFTLFS TPN TBE EFSJOEF WBS EZCU PQTMVHUF BG EFSFT TBNUBMF 'SBOLMJO TBE Qg FO BG TPGBFSOF WFE TJEFO BG TBE FO TPSU LWJOÝ EF EFS IBWEF FO IWJE MrHFLJUUFM Qg PH TJOF CSJMMFS IrOHFOEF J FO CSJMMFTOPS PN IBMTFO 1g EFO BOEFO TPGB TBE 1PQQZT TUFEGBS $MJGG )BOT OPSNBMU Tg QFSGFLUF N SLF IgS WBS FO TNVMF VHMFU PH IBOT LrCF CFWrHFEF TJH TFMWPN IBO JLLF TBHEF OPHFU )BO IBWEF TJO BSN PN 1PQÝ QZT NPS 'SBOLMJO UBMUF UJM EFN CFHHF UP NFOT IBOT FOF IgOE IWJMFEF Qg IFOEFT NPST TLVMEFS 0H 1PQQZT NPS IVMLFEF 1PQQZ USBL TJH WrL GSB E SgCOJOHFO pI HVE KFH IBS LSrGU )VO IBWEF BMESJH G S TFU TJO NPS HSrEF *LLF EB 1PQQZT NPSNPS E EF JLLF VOEFS TLJMTNJTTFO GSB GBSFO )FOEFT NPS IBWEF FO TrSMJH FWOF UJM BU LMBSF BMU 1PQQZ IBWEF BMESJH LFOEU OPHFO EFS WBS CFESF UJM BU LMBSF BMU .FO OV

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5IF /JHIU 8PSME CJOE


+ FH IBS LSrGU +FH IBS IFMU TJLLFSU LSrGU 0H EPH NgTLF WBS EFU JLLF Tg TMFNU )FOEFT NPS WBS J DIPL 0LBZ EFU WBS IFMU OBUVSMJHU .FO EFU CFU E JLLF BU 1PQQZ TLVMÝ MF E FMMFS TgEBO OPHFU 1PQQZ IBWEF IFMF EFO NPEFSOF MrHFÝ WJEFOTLBC Qg TJO TJEF %FU CMFW IVO WFE NFE BU GPSUrMMF TJH TFMW NFOT IVO TOFH TJH WrL GSB WFOUFWrSFMTFU .FO IVO MJTUFEF JLLF WrL IVSUJHU OPL *OEFO IVO WBS VEFO GPS I SFWJEEF I SUF IVO TJO NPST TUFNNF IrWFU PH GPSQJOU .JU CBSO pI NJO MJMMF QJHF 1PQQZ TUJWOFEF 4g M E $MJGGT TUFNNF I KU PH WSFEU %V TJHFS BMUTg BU EFS FS JOUFU BU TUJMMF PQ 1PQQZ LVOOF NrSLF TJO FHFO WFKSUSrLOJOH .PE TJO WJMKF CFWrHFEF IVO TJH UJMCBHF NPE E SFO %S -PGUVT IFS FS POLPMPH PH FLTQFSU J EFOOF UZQF LSrGU )VO LBO GPSLMBSF EFU CFESF FOE NJH TBHEF 'SBOLMJO 4g M E FO OZ TUFNNF Þ EFU WBS EFO BOEFO MrHF 1PQQZ LVOOF G STU LVO PQGBOHF OPHMF M TSFWOF TrUOJOHFS TPN JLLF TZOUFT BU IBWF OPHFO CFUZEOJOH "EFOPDBSDJOPN WBTLVMrS PLLMVTJPO J NJMUFO TUBEJF USF %FU WBS MrHFKBSHPO 'PSFOLMFU TBHU Tg FS QSPCMFNFU BU TWVMTUFO IBS CSFEU TJH %FO IBS CSFEU TJH UJM MFWFÝ SFO PH EF PNMJHHFOEF MZNGFLOVEFS %FU CFUZEFS EFU JLLF FS NVMJHU BU GPSFUBHF FO SFTFLUJPO BU WJ JLLF LBO PQFSFSF EFO CPSU .FO LFNPUFSBQJ TBHEF $MJGG 7J LVOOF GPST HF NFE FO LPNCJOBUJPO BG TUSgMFCFIBOEMJOH PH LFNPUFSBQJ NFE OPHFU EFS IFEEFS ÝGMVPSPVSBDJM %FU IBS WJ IBGU TVDDFT NFE J OPHMF UJMGrMEF .FO KFH WJM JLLF HJWF KFS GBMÝ TLF GPSIgCOJOHFS * CFETUF GBME WJM EFU GPSMrOHF IFOEFT MJW NFE OPHMF Gg VHFS /gS TZHEPNNFO FS Tg GSFNTLSFEFO FS WJ O EU UJM

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


BU GPLVTFSF Qg MJOESFOEF GPSBOTUBMUOJOHFS "MUTg NgEFS IWPSQg TNFSUFO LBO NJOETLFT PH NgEFS IWPSQg LWBMJUFUFO BG EFO UJE IVO IBS UJMCBHF LBO GPSCFESFT 'PSTUgS * 1PQQZ LVOOF I SF TJO NPS IVMLF NFO IVO LVOOF JLLF SJHÝ UJH CFWrHF TJH %FU WBS TPN PN IVO TUPE PH MZUUFEF UJM FU SBEJPÝ TQJM 4PN PN EFU TMFU JLLF IBWEF OPHFU NFE IFOEF BU H SF %FS GPSFHgS OPHMF WJEFOTLBCFMJHF GPST H IFS J 4ZEDBMJGPSOJÝ FO IWPS NBO FLTQFSJNFOUFSFS NFE JNNVOUFSBQJ PH LSZPHFO CFIBOEMJOH .FO EFS FS LVO UBMF PN TNFSUFMJOESJOH PH JLLF FHFOUMJH CFIBOEMJOH TBHEF 'SBOLMJO 'PS GBOEFO $MJGG M E Qg OJQQFU UJM BU FLTQMPEFSF %V UBMFS PN FO MJMMF QJHF )WPSEBO LPN EFU Tg WJEU TPN UJM Þ UJM TUBEJF USF Þ VEFO BU OPHFO PQEBHFEF EFU #BSOFU WBS VEF PH EBOTF IFMF OBUUFO GPS FU QBS EBHF TJEFO .S )JMHBSE KFH FS LFE BG EFU TBHEF -PGUVT Tg MBWU BU 1PQQZ OrTUFO JLLF LVOOF PQGBOHF PSEFOF %FOOF UZQF LSrGU LBMEFT FO TUJMMF TZHEPN GPSEJ EFS JLLF FS SFU NBOHF TZNQUPNFS G S EFO FS UFNNFMJH GSFNTLSFEFO %FU FS EFSGPS PWFSMFWFMTFTSBUFO FS Tg MBW +FH IBS LVO TFU cU UJMGrMEF G S IWPS EFU PHTg WBS FO UFFOBHFS EFS IBWEF EFOOF TMBHT TWVMTU %V TLBM WJEF BU 'SBOLMJO TUJMMFEF FO IFMU LPSSFLU EJBHOPTF EB IBO CFTMVUUFEF TJH GPS BU IFOWJTF IFOEF UJM VOEFST HFMTF +FH CVSEF IBWF WJETU EFU TBHEF 1PQQZT NPS NFE FO HS EFU TUFNNF +FH TLVMMF IBWF UWVOHFU IFOEF UJM BU Hg UJM MrHF UJEMJÝ HFSF +FH TLVMMF KFH TLVMMF %FS M E FU I KU EVOL 1PQQZ LJHHFEF JOE BG E SFO PH HMFNUF IFMU BU H SF TJH VTZOMJH )FOEFT NPS TBE PH TMPH J MBNJOBUCPSÝ EFU NFOT $MJGG QS WFEF BU TUPQQF IFOEF 1PQQZ USBL TJH WrL GSB E SgCOJOHFO pI HVE KFH Ng WrL IFSGSB +FH Ng JLLF TF EFU IFS +FH LBO JLLF TF Qg EFU IFS

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


VO WFOEUF TJH PN PH HJL OFE BE HBOHFO )FOEFT CFO CFWrÝ ) HFEF TJH 1SrDJT TPN EF QMFKFEF %FU WBS GBOUBTUJTL BU EF TUBEJH WJSLFEF "MUJOH PNLSJOH IFOEF WBS QSrDJT TPN G S 4ZHFQMFKFSTLFSOFT MPLBMF WBS TUBEJH QZOUFU PQ J BOMFEOJOH BG VBGIrOHJHIFETEBÝ HFO )FOEFT UBTLF TUPE TUBEJH Qg EFO QPMTUSFEF TUPM WFE WJOEVFU J IFOEFT TUVF 5SrHVMWFU WJSLFEF TUBEJH TPMJEU VOEFS IFOEFT G EEFS "MU WBS TPN G S NFO IWPSEBO LVOOF EFU MBEF TJH H SF )WPSÝ EBO LVOOF WrHHFOF TUBEJH TUg )WPSEBO LVOOF GKFSOTZOFU MBSÝ NF WJEFSF Qg OBCPTUVFO +FH TLBM E UrOLUF 1PQQZ )VO WBS NrSLFMJHU OPL JLLF CBOHF )VO G MUF TJH EFSJNPE LPMPTTBMU PWFSSVNQMFU 0H DIPLLFU TLZMMFEF HFOOFN IFOEF JHFO PH JHFO PH BGCS E IWFS FOFTUF UBOLF NFE USF PSE %FU FS NJO TLZME GPSEJ Þ KFH TLBM E Þ KFH JLLF HJL UJM MrHFO OPHFU G S $MJGG TBHEF GBOEFO Qg HSVOE BG NJH Þ KFH TLBM E +FH WJETUF JLLF BU IBO IPMEU OPL BU NJH UJM BU CBOEF )FOEFT UBOLFS M C M CTL %FS FS OPHFU J NJH UrOLUF IVO +FH E S TOBSU Qg HSVOE BG OPHFU JOEFO J NJH -JHF TPN SVNWrTOFU J EFO EFS GJMN %FU FS JOEFO J NJH J EFUUF KFCMJL -JHF OV )VO TBUUF CFHHF IrOEFS Qg NBWFO Tg USBL IVO PQ J TJO 5Ý TIJSU GPS BU TF Qg EFO )VEFO WBS HMBU PH GFKMGSJ )VO LVOOF JLLF NrSLF OPHFU EFS HKPSEF POEU .FO EFS FS OPHFU EFSJOEF TPN KFH TLBM E BG *OEFO MrOHF (BE WJEF IWPS MBOH UJE KFH IBS UJMCBHF %FU I SUF KFH EFN JLLF TOBLLF PN +FH IBS CSVH GPS +BNFT 1PQQZ SBLUF VE FGUFS UFMFGPOFO NFE FO G MFMTF BG BU IFOEFT

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5IF /JHIU 8PSME CJOE


IgOE JLLF IBOH TBNNFO NFE SFTUFO BG IFOEFT LSPQ )VO SJOÝ HFEF PQ NFOT IVO UrOLUF %V TLBM WrSF IKFNNF .FO EFOOF HBOH WJSLFEF EFU JLLF 5FMFGPOFO SJOHFEF PH SJOÝ HFEF 4g HJL UFMFGPOTWBSFSFO J HBOH 3JOH UJM NJH Qg IPTQJUBMFU TBHEF IVO 4g MBHEF IVO Qg PH TUJSSFEF Qg QMBTUJLLBOEFO NFE JTWBOE TPN TUPE WFE TJEFO BG IFOEFT TFOH )BO LPNNFS IKFN TFOFSF UrOLUF IVO 0H Tg SJOHFS IBO UJM NJH +FH TLBM CBSF IPMEF VE JOEUJM EB 1PQQZ WBS JLLF TJLLFS Qg IWPSGPS IVO UrOLUF TgEBO .FO QMVETFMJH WBS IFOEFT NgM BU IPMEF VE JOEUJM IVO LVOOF UBMF NFE +BNFT )VO CFI WFEF JLLF BU UrOLF Qg OPHFU JOEUJM EB IVO TLVMMF CBSF PWFSMFWF 4g TOBSU IVO UBMUF NFE +BNFT WJMÝ MF IVO GJOEF VE BG IWBE IVO CVSEF G MF PH IWBE IVO TLVMMF H SF %FU CBOLFEF MFU Qg E SFO 1PQQZ Tg GPSTLSrLLFU PQ PH GJL KF Qg TJO NPS PH $MJGG %FS HJL FU LPSU KFCMJL IWPS IVO JLLF LVOÝ OF M TSJWF TJU CMJL GSB EFSFT BOTJHUFS EFU HBW FO NrSLFMJH JMMVÝ TJPO BG BU EFSFT BOTJHUFS TWrWFEF GSJU J MVGUFO )FOEFT NPST KOF WBS S EF PH IrWFEF $MJGG WBS CMFH TPN FU TUZLLF LS MMFU IWJEU QBQJS PH EF N SLF TLrHTUVCCF Qg IBOT LrCF TUPE J TLBSQ LPOUSBTU UJM SFTUFO BG IBOT BOTJHU pI HVE TLBM EF UJM BU GPSUrMMF NJH EFU %FU LBO EF JLLF %F LBO JLLF UWJOHF NJH UJM BU I SF EFU 1PQQZ GJL EFO WJMEF JOETLZEFMTF BU M CF WrL EFSGSB )VO WBS MJHF Qg SBOEFO BG QBOJL 4LBU OPHMF BG EJOF WFOOFS FS IFS GPS BU CFT HF EJH 1IJM SJOÝ HFEF UJM EFN J FGUFSNJEEBHT PH GPSUBMUF BU EV FS JOEMBHU %F FS MJHF LPNNFU TBHEF IFOEFT NPS + BNFT UrOLUF 1PQQZ PH OPHFU M TOFEF TJH J IFOEFT CSZTU .FO +BNFT WBS JLLF FO EFM BG EFO GMPL TPN LPN NBTFOEF HFOÝ OFN E SFO %F GMFTUF WBS QJHFS GSB TLPMFO

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5IF /JHIU 8PSME CJOE


FU H S JLLF OPHFU )BO SJOHFS TFOFSF +FH CFI WFS JLLF BU % UrOLF Qg EFU OV %FU WBS GBLUJTL VNVMJHU BU UrOLF NFE Tg NBOHF CFT HFOEF Qg TUVFO 0H EFU WBS HPEU %FU WBS VOEFSMJHU BU TJEEF EFS PH TOBLLF NFE EFN OgS FO EFM BG IFOEF CFGBOEU TJH MBOHU VEF J VOJWFSTFU NFO IVO TOBLLFEF NFE EFN PH IPMEU TJO IKFSOF TMVLLFU JNFOT *OHFO BG EFN IBWEF EFO NJOETUF NJTUBOLF PN BU EFS WBS OPHFU BMWPSMJHU J WFKFO NFE IFOEF *LLF FOHBOH 1IJM TPN WJTUF TJH GSB TJO CFETUF PH NFTU CSPEFSMJHF TJEF IBO WBS WJSLFMJH SBS PH IFOTZOTGVME %F UBMUF PN EBHMJHEBHT UJOH PN GFTUFS PH PN BU TUg Qg SVMMFTL KUFS PH PN NVTJL PH C HFS 5JOH GSB 1PQQZT HBNMF MJW TPN QMVETFMJH TZOUFT BU IBWF WrSFU GPS IVOESFEF gS TJEFO $MJGG EFMUPH PHTg J TOBLLFO PH IBO WBS MJHF Tg SBS TPN IBO IBWEF WrSFU EFOHBOH IBO MJHF WBS CFHZOEU BU WrSF LrSFTUFS NFE 1PQQZT NPS .FO FOEFMJH UPH HrTUFSOF BG TUFE PH 1PQQZT NPS CMFW &O HBOH JNFMMFN S SUF IVO WFE 1PQQZ NFE IrOEFS EFS SZTUFEF FO TNVMF )WJT KFH JLLF WJETUF EFU J GPSWFKFO Tg WJMMF KFH WJEF EFU OV UrOLUF 1PQQZ +FH IBS BMESJH TFU NJO NPS SZTUF Qg IrOEFSÝ OF G S +FH USPS KFH CMJWFS IFS J OBU TBHEF IFOEFT NPS %FU MZLLFEFT IFOEF JLLF IFMU BU MZEF TQPOUBO 4ZHFQMFKFSTLFO TBHEF KFH LVOOF TPWF Qg WJOEVFTCrOLFO EFO FS GBLUJTL UrOLU TPN FO TPGB UJM GPSrMESF +FH LBO CBSF JLLF CFTMVUUF PN KFH CVSEF TNVUÝ UF IKFN PH IFOUF FU QBS UJOH +P TNVU CBSF TBHEF 1PQQZ )VO LVOOF JLLF TJHF OFK PH TBNUJEJH MBEF TPN PN IVO JLLF WJETUF OPHFU %FTVEFO IBWEF IFOEFT NPS VUWJWMTPNU CSVH GPS MJEU UJE GPS TJH TFMW WrL GSB EFU IFS

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5IF /JHIU 8PSME CJOE


* EFU IFOEFT NPS HJL LPN FO TZHFQMFKFSTLF J CMPNTUSFU CMVTF PH HS OOF VOJGPSNTCVLTFS JOE GPS BU NgMF 1PQQZT UFNQFSBUVS PH CMPEUSZL %B IVO HJL VE JHFO WBS 1PQQZ BMFOF %FU WBS TFOU )VO LVOOF TUBEJH I SF FU GKFSOTZO NFO EFU WBS MBOHU WrL % SFO TUPE Qg LMFN NFO HBOHFO VEFOGPS WBS OrÝ TUFO N SL )FMF BGEFMJOHFO MPE UJM BU WrSF GBMEFU UJM SP )VO G MUF TJH NFHFU BMFOF PH TWVMTUFO HBW TJH UJM LFOEF TPN FO HOBWFOEF TNFSUF VOEFS IFOEFT NBWFT HMBUUF IVE %FU WrSTUF WBS BU +BNFT JLLF IBWEF SJOHFU )WPSEBO LVOOF IBO MBEF WrSF NFE BU SJOHF 7JETUF IBO JLLF BU IVO IBWEF CSVH GPS IBN )VO WJETUF JLLF IWPS MrOHF FOEOV IVO LVOOF BGIPMEF TJH GSB BU UrOLF Qg EFU .gTLF WJMMF EFU WrSF CFETU BU QS WF BU Gg OPHFU T WO #MJWF CFWJETUM T 4g LVOOF IVO JLLF UrOLF .FO Tg TOBSU IVO TMVLLFEF MZTFU PH MVLLFEF KOFOF CFHZOEÝ UF EFS BU EBOTF GBOUBTJCJMMFEFS SVOEU PN IFOEF *LLF CJMMFEFS BG L OOF TLBMEFEF QJHFS NFO BG TLFMFUUFS ,JTUFS %FU WrSTUF WBS CJMMFEFU BG FU VFOEFMJHU N SLF )WJT KFH E S Tg FS KFH IFS JLLF 7JM KFH Tg WrSF OPHFU TUFE &MMFS WJM KFH TMFU JLLF WrSF UJM )VO IBWEF BMESJH OPHFOTJOEF G S GPSFTUJMMFU TJH OPHFU Tg TLSrNNFOEF TPN JLLFÝBU WrSFÝUJM /V UrOLUF IVO TPN FO HBM PH IVO LVOOF JLLF H SF GPS EFU )VO IBWEF NJTUFU LPOUSPMMFO )VO CMFW PWFSWrMEFU BG FO HBMPQFSFOEF BOHTU EFS GJL IFOEF UJM BU SZTUF VOEFS EFU UZOEF IPTQJUBMTTFOHFU K +FH TLBM E KFH TLBM E KFH TLBM E 1PQQZ )VO TMPH KOFOF PQ * FU LPSU TFLVOE LVOOF IVO JLLF HFOÝ LFOEF EFO TPSUF TJMIVFU J EFU IBMWN SLF WrSFMTF )VO GJL EFO

- + 4NJUI %FO TLKVMUF WBNQZS

5IF /JHIU 8PSME CJOE


TL SF UBOLF BU EFU WBS % EFO TFMW EFS WBS LPNNFU GPS BU IFOUF IFOEF +BNFT +FH WBS JLLF TJLLFS Qg PN EV TPW TBHEF +BNFT 1PQQZ SBLUF VE FGUFS LPOUBLUFO UJM MZTFU WFE TJEFO BG TFOHFO /FK MBE EFU WrSF TMVLLFU TBHEF IBO +FH NgUUF TOJHF NJH GPSCJ TZHFQMFKFSÝ TLFSOF PH KFH WJM JLLF IBWF BU EF TNJEFS NJH VE 1PQQZ TBOL IFOEFT IrOEFS LOVHFEF PN FO GPME J EZOFO +FH FS HMBE GPS EV LPN TBHEF IVO +FH USPFEF JLLF EV WJMMF LPNNF )VO IBWEF NFTU BG BMU MZTU UJM BU LBTUF TJH J IBOT BSNF PH IVMLF PH TLSJHF .FO EFU HKPSEF IVO JLLF %FU WBS JLLF LVO GPSEJ IVO BMESJH IBWEF HKPSU OPHFU MJHOFOEF PWFS GPS IBN G S EFS WBS OPHFU WFE IBN EFS IPMEU IFOEF UJMCBHF /PHFU IVO JLLF LVOOF TrUUF TJO GJOHFS Qg NFO EFU GJL IFOÝ EF UJM BU G MF TJH OrTUFO CBOHF 7BS EFU NgEFO IBO TUPE Qg 7BS EFU GPSEJ IVO JLLF LVOOF TF IBOT BOTJHU )VO WJETUF CBSF BU +BNFT QMVETFMJH WJSLFEF TPN FO IFMU GSFNNFE QFSTPO )BO WFOEUF TJH PN PH MVLLFEF EFO UVOHF E S NFHFU MBOHÝ TPNU . SLF /V LPN EFS LVO MZT JOE HFOOFN WJOEVFU 1PQQZ G MÝ UF TJH VOEFSMJHU BGTPOESFU GSB SFTUFO BG IPTQJUBMFU GSB SFTUFO BG WFSEFO 0H EFU CVSEF IBWF WrSFU HPEU BU WrSF BMFOF NFE +BNFT CFÝ TLZUUFU GSB BMU BOEFU )WJT CBSF JLLF IVO IBWEF IBGU EFO VOEFSÝ MJHF G MFMTF BG JLLF BU HFOLFOEF IBN %V WFE IWBE VOEFST HFMTFSOF WJTUF TBHEF IBO TUJMMF %FU WBS JLLF FU TQ SHTNgM .JO NPS WFE JLLF BU KFH WFE EFU TBHEF 1PQQZ )WPSEBO LVOOF IVO UBMF TBNNFOIrOHFOEF OgS IVO LVO IBWEF MZTU UJM

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5IF /JHIU 8PSME CJOE


BU TLSJHF +FH PWFSI SUF BU MrHFSOF GPSUBMUF IFOEF EFU +BNFT KFH IBS LSrGU 0H EFU FS TMFNU %FU FS FO TMFN GPSN GPS LSrGU %F TBHEF BU EFO BMMFSFEF IBWEF CSFEU TJH %F TBHEF BU KFH )VO LVOOF JLLF Gg EF TJETUF PSE VE TFMWPN EF TLJOHSFEF J IFOÝ EFT IPWFE BU EV TLBM E TBHEF +BNFT )BO WJSLFEF TUJMMF PH LPODFOUSFSFU 6QgWJSLFU +FH MrTUF PN EFU GPSUTBUUF +BNFT PH HJL PWFS UJM WJOEVFU PH Tg VE +FH WFE IWPS TMFNU EFU FS "SUJLMFSOF CFTLSFW BU EFS WBS NBOHF TNFSUFS 4UrSLF TNFSUFS +BNFT HJTQFEF 1PQQZ /PHMF HBOHF CMJWFS EF O EU UJM BU PQFSFSF CBSF GPS BU GPST HF BU TUPQQF TNFSUFSOF .FO IWBE EF Tg FOE H S Tg WJM EFU JLLF SFEEF EJH %F LBO GZMEF EJH NFE LFNJLBMJFS PH TUSgMFCFIBOEMF EJH EV E S BMMJHFWFM 'PSNFOUMJH JOEFO TPNNFSFO FS GPSCJ +BNFT %FU CMJWFS EJO TJETUF TPNNFS +BNFT GPS HVET TLZME %FU WBS OrTUFO FU TLSJH 1PQQZ USBL WFKSFU J TUPSF SZTUFOEF gOEFESBH NFOT IVO LMZOHFEF TJH UJM EZÝ OFO )WPSGPS H S EV EFU IFS NPE NJH )BO WFOEUF TJH PN PH HSFC J TBNNF CFWrHFMTF IFOEFT IgOEÝ MFE PH MVLLFEF TJOF GJOHSF PN IPTQJUBMFUT QMBTUJLBSNCgOE +FH WJM IBWF EJH UJM BU GPSTUg BU EF JLLF LBO IKrMQF EJH TBHEF IBO VKrWOU PH IFGUJHU &S EV LMBS PWFS EFU +B KFH FS LMBS PWFS EFU TBHEF 1PQQZ )VO LVOOF I SF EFU TUJHFOEF IZTUFSJ J TJO FHFO TUFNNF 0H EV LPN IFSIFO GPS BU GPSUrMMF NJH EFU 7JM EV TMg NJH JIKFM )BOT GJOHSF TUSBNNFEFT Tg EFU HKPSEF POEU /FK +FH WJM SFEEF EJH 4g gOEFEF IBO EZCU VE PH HFOUPH EFU NFSF SPMJHU NFO NFE TBNNF IFGUJHIFE J TUFNNFO +FH WJM SFEEF EJH 1PQÝ QZ

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5IF /JHIU 8PSME CJOE


PQQZ CSVHUF OPHMF TFLVOEFS VEFMVLLFOEF UJM BU Gg MVGU JOE 1 PH VE BG TJOF MVOHFS %FU WBS TWrSU BU H SF VEFO BU CSZEF HSrÝ EFOEF TBNNFO /g NFO EFU LBO EV JLLF TBHEF IVO FOEFMJH %FU FS EFS JOHFO EFS LBO %FS UBHFS EV GFKM -BOHTPNU TMBQ IBO IFOEFT IgOEMFE PH HSFC GBU PN TFOHFIFTUFO J TUFEFU GPS 1PQQZ EFS FS OPHFU KFH FS O EU UJM BU GPSUrMMF EJH /PHFU PN NJH TFMW +BNFT 1PQQZ LVOOF USrLLF WFKSFU OV NFO IVO WJETUF JLLF IWBE IVO TLVMMF TJHF 4g WJEU IVO LVOOF TF WBS +BNFT CMFWFU WBOWJUÝ UJH 1g FO NgEF WJMMF IVO OPL IBWF WrSFU S SU IWJT JLLF BMU BOEFU WBS Tg TLSrLLFMJHU +BNFT EFO FWJHU TFKF GZS WBS VEF BG GMJQQFO Þ Qg HSVOE BG IFOEF )BO WBS Tg PQSFWFU PWFS IFOEFT TJUVBUJPO BU EFU SBCMFEF GPS IBN %V IPMEFS KP BG NJH TBHEF IVO TUJMMF NFE FU LPSU HSJO TPN IBMWWFKT WBS FU IVML )VO MBHEF TJO IgOE PWFS IBOT TPN TUBEJH IWJMFEF Qg TFOHFIFTUFO /V WBS EFU IBN TPN MP LPSU )BO WFOEUF TJO IgOE PH HSFC GBTU PN IFOEFT 4g USBL IBO TJH CPSU GSB IFOEF .FSF FOE EV USPS TBHEF IBO LPSU NFE BOTQrOEU TUFNNF )BO Tg VE BE WJOÝ EVFU %V USPS BU EV LFOEFS NJH GVMETUrOEJHU NFO EFU H S EV JLLF %FS FS OPHFU NFHFU WJHUJHU TPN EV JLLF WFE UJMG KFEF IBO 1PQQZ NBHUFEF JLLF NFSF )VO GPSTUPE JLLF IWPSGPS +BNFT CMFW WFE NFE BU LWrSOF M T PN TJH TFMW OgS EFU WBS IFOEF EFS TOBSU TLVMMF E %V LBO GPSUrMMF NJH BMU %FU WFE EV EB TBHEF IVO .FO EV WJM JLLF USP NJH OgS KFH GPSUrMMFS EFU 'PS WSJHU CSZÝ EFS EFU PHTg MPWFOF BU UBMF PN EFU -PWFO -PWFOF +FH G MHFS OPHMF IFMU BOESF MPWF FOE EJH .FOOFÝ

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5IF /JHIU 8PSME CJOE


TLFST MPWF CFUZEFS JLLF NFHFU GPS PT NFO EFU FS NFOJOHFO BU WPSFT FHOF MPWF TLBM HrMEF VEFO VOEUBHFMTF +BNFT TBHEF 1PQQZ GVMELPNNFO SrETFMTTMBHFOU )BO WBS GBLUJTL WFE BU CMJWF TJOETTZH +FH WFE JLLF IWPSEBO KFH TLBM Gg EFU TBHU +FH IBS EFU TPN PN KFH FS NFE J FO FMMFS BOEFO EgSMJH HZTFSGJMN )BO USBL Qg TLVMÝ EFSFO PH VEFO BU WFOEF TJH PN TBHEF IBO +FH WFE HPEU IWPSÝ EBO EFU IFS MZEFS NFO 1PQQZ KFH FS FO WBNQZS 1PQQZ TBE TUJMMF Qg TFOHFO FU KFCMJL 4g HSFC IVO J CMJOEF VE NPE OBUCPSEFU )FOEFT GJOHSF GBOEU FO TUBL IBMWNgOFGPSNFEF QMBTUJLCFIPMEFSF PH IVO LZMFEF IFMF TUBLLFO FGUFS IBN %JO JEJPU TLSFH IVO PH SBLUF VE FGUFS OPHFU NFSF BU TNJEF FGUFS IBN

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5IF /JHIU 8PSME CJOE


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