Návštevnícke centrum archeoskanzen Havránok - diplomová práca

6/29(16.È 7(&+1,&.È 81,9(5=,7$ 9 %5$7,6/$9( 6WDYHEQi IDNXOWD (YLGHQþQp þtVOR 6Y)

1iYãWHYQtFNH FHQWU XP DU FKHRVNDQ ]HQ +DYU iQ RN 'LSORPRYi SUiFD

âWXGLMQê SURJUDP SR]HPQp VWDYE\ D DUFKLWHNW~UD âWXGLMQê RGERU SR]HPQp VWDYE\ DUFKLWHNW~UD D XUEDQL]PXV âNROLDFH SUDFRYLVNR .DWHGUD DUFKLWHNW~U\ 9HG~FL ]iYHUHþQHM SUiFH GRF ,QJ DUFK -DUPLOD +~VHQLFRYi 3K' .RQ]XOWDQW ,QJ DUFK 3HWUD 6WUXKDĜRYi

%UDWLVODYD

%F /XFLD 0XãNRYi

6ORYHQVNi WHFKQLFNi XQLYHU]LWD Y %UDWLVODYH

6WDYH EQi IDN XOWD

.DWHGUD DU FKLWHNW~U\

$NDGHPLFNê URN (YLGHQþQp þtVOR 6Y)

=$'$1,( ',3/2029(- 3 5È&( $XWRUND SUiFH

%F /XFLD 0XãNRYi

âWXGLMQê SURJUDP

3R]HPQp VWDYE\ D DUFKLWHNW~UD

âWXGLMQp RGERU\

SR]HPQp VWDYE\ DUFKLWHNW~UD D XUEDQL]PXV

(YLGHQþQp þtVOR

6Y)

,' ãWXGHQWD

9HG~FL SUiFH

GRF ,QJ DUFK -DUPLOD +~VHQLFRYi 3K'

.RQ]XOWDQW

,QJ DUFK 3HWUD 6WUXKDĜRYi

0LHVWR Y\SUDFRYDQLD 678 6Y) %UDWLVODYD

1i]RY SUiFH

iYãWHYQtFNH FHQWUXP DUFKHRVNDQ]HQ +DYUiQRN 1

-D]\N Y NWRURP VD SUiFD Y\SUDFXMH

VORYHQVNê MD]\N

âSHFLILNiFLD ]DGDQLD 1DYUKQLWH 1iYãWHYQtFNH FHQWUXP DUFKHRVNDQ]HQX +DYUiQRN 1iYUK MH SRWUHEQp ]DPHUDĢ QD QiXþQR Y]GHOiYDFLX IXQNFLX REMHNWX 3UL RVDGHQt REMHNWX MH G{OHåLWp EUDĢ RKĐDG QD FLWOLYp ]DNRPSRQRYDQLH GR RNROLWpKR SUtURGQpKR SURVWUHGLD Y EOt]NRVWL DUFKHRORJLFNêFK QiOH]tVN 6~þDVĢRX ULHãHQLD MH ULHãHQLH VWDWLFNHM GRSUDY\ *UDILFN~ þDVĢ 'LSORPRYHM SUiFH VSUDFXMWH QD ~URYQL GRNXPHQWiFLH SUH ~]HPQp UR]KRGQXWLH ± þDVĢ DUFKLWHNW~UD 1DYUKQLWH GYD Y\EUDQp DUFKLWHNWRQLFNR NRQãWUXNþQp GHWDLO\

5R]VDK VSUDFRYDQLD $ 7H[WRYi þDVĢ 6SUDFRYDQi Y ]P\VOH SRN\QRY Y\GDQêFK 678 6Y) QD Y\SUDFRYDQLH GLSORPRYêFK SUiF GRSOQHQi R SUHKĐDG ULHãHQHM SUREOHPDWLN\ D W\SRORJLFN~ SUtSUDYX % *UDILFNi þDVĢ % 3RUWIyOLR $ WLWXOQi VWUDQD ~YRGQi VWUDQD IRUPXOiU ]DGDQLD GLSORPRYHM SUiFH REVDK D VWUDQ\ GLSORPRYHM SUiFH DQRWiFLD Y VORYHQþLQH D Y DQJOLþWLQH VSULHYRGQi VSUiYD ]PHQãHQi NRPSOHWQi JUDILFNi GRNXPHQWiFLD QD IRUPiW $ $UFKLWHNWRQLFNi þDVĢ GHWDLO\

% 3RVWHU [ PP & 0RGHO

$UFKLWHNWRQLFNi þDVĢ DQDOê]D ~]HPLD ILOR]RILD D NRQFHSW ULHãHQLD ãLUãLH Y]ĢDK\ 0

DUFKLWHNWRQLFNi VLWXiFLD Y 0 0 V QiYUKRP Y\XåLWLD SR]HPNX YãHWN\ S{GRU\V\ Y 0 0 YUiWDQH VWUHFK\ V OHJHQGDPL PLHVWQRVWt D SORãQêPL YêPHUDPL P D VR ]iNODGQêPL NyWDPL QRVQpKR V\VWpPX D NyWDPL FHONRYêFK UR]PHURY SULHþQ\ D SR]GĎåQ\ UH] Y 0 0 V YêãNRYêPL NyWDPL YãHWN\ SRKĐDG\ Y þLHUQR ELHORP Y\KRWRYHQt Y 0 0 V YêãNRYêPL NyWDPL YL]XDOL]iFLH NRPSOHWQê UH] IDViGRX D SRKĐDG QD YêVHN IDViG\ 0 DUFKLWHNWRQLFNR NRQãWUXNþQp GHWDLO\ Y 0 0

)RUPD VSUDFRYDQLD $ 7H[WRYi þDVĢ 7H[WRYi þDVĢ EXGH VSUDFRYDQi YR IRUPiWH $ ]YLD]DQi GR SHYQHM Yl]E\ Y ]P\VOH SRN\QRY Y\GDQêFK 678 6Y) QD Y\SUDFRYDQLH GLSORPRYêFK SUiF V YORåHQêP &' V JUDILFNRX D WH[WRYRX þDVĢRX Y 3') IRUPiWH % *UDILFNi þDVĢ 3RUWIyOLR GLSORPRYHM SUiFH EXGH VSUDFRYDQp YR IRUPiWH $ QD OHåDWR ]YLD]DQp YĐDYR 3RUWIyOLR EXGH VSUDFRYDQp Y ]P\VOH SRN\QRY .DWHGU\ DUFKLWHNW~U\ 3RVWHU EXGH RGRY]GDQê EH] WXE\

=R]QDP RGERUQHM OLWHUDW~U\ 1(8)(57 (UQVW 1(8)(57 1DYUKRYiQt VWDYHE þHVNp Y\GiQt 3UDKD &RQVXOWLQYHVW V ,6%1 $17$/ -iQ HW DO 3UDNWLFNi SUtUXþND IXQNþQêFK D WHFKQLFNêFK SRåLDGDYLHN QD YêVWDYEX 3UDNWLFNi SUtUXþND V DUFKLWHNWRQLFNêP D NRQãWUXNþQêP ULHãHQtP SRåLDGDYLHN QD YêVWDYEX Y V~ODGH VR VWDYHEQR WHFKQLFNêPL SUHGSLVPL D QRUPDPL %UDWLVODYD 9HUODJ 'DVK|IHU ,661 =È.21 þ =E R ~]HPQRP SOiQRYDQt D VWDYHEQRP SRULDGNX VWDYHEQê ]iNRQ Y SODWQRP ]QHQt 9<+/Èâ.$ þ 0LQLVWHUVWYD åLYRWQpKR SURVWUHGLD 6ORYHQVNHM UHSXEOLN\ NWRURX VD XVWDQRYXM~ SRGUREQRVWL R YãHREHFQêFK WHFKQLFNêFK SRåLDGDYNiFK QD YêVWDYEX D R YãHREHFQêFK WHFKQLFNêFK SRåLDGDYNiFK QD VWDYE\ XåtYDQp RVREDPL V REPHG]HQRX VFKRSQRVĢRX SRK\EX D RULHQWiFLH Y SODWQRP ]QHQt 9<+/Èâ.$ þ 0LQLVWHUVWYD åLYRWQpKR SURVWUHGLD 6ORYHQVNHM UHSXEOLN\ NWRURX VD Y\NRQiYDM~ QLHNWRUp XVWDQRYHQLD VWDYHEQpKR ]iNRQD Y SODWQRP ]QHQt =È.21< D 9<+/Èâ.< V~YLVLDFH V ULHãHQRX SUREOHPDWLNRX Y SODWQRP ]QHQt ZZZ ]ELHUND VN

671 D (1 ,62 V~YLVLDFH V ULHãHQRX SUREOHPDWLNRX 3UHGQiãN\ ] 7\SROyJLH

5R]VDK SUiFH 3RGĐD ãSHFLILNiFLH ]DGDQLD

'iWXP ]DGDQLD 'iWXP RGRY]GDQLD

%F /XFLD 0 XãNRYi ãWXGHQWND

GRF ,QJ DUFK -DU PLOD +~VHQLFRYi 3K' YHG~FL SUDFRYLVND

SURI ,QJ $QWRQ 3XãNiU 3K' JDUDQW ãWXGLMQpKR SURJUDPX

6ORYHQVNi WHFKQLFNi XQLYHU]LWD Y %UDWLVODYH

6WDYH EQi IDN XOWD

.DWHGUD DU FKLWHNW~U\

32.<1< QD Y\SUDFRYDQLH GLSORPRYHM SUiFH ÒYRGQp XVWDQRYHQLH 9 ]P\VOH ]iNRQD þ = ] R Y\VRNêFK ãNROiFK D R ]PHQH D GRSOQHQt QLHNWRUêFK ]iNRQRY Y ]QHQt QHVNRUãtFK SUHGSLVRY MH V~þDVĢRX ãW~GLD SRGĐD NDåGpKR ãWXGLMQpKR SURJUDPX DM ]iYHUHþQi SUiFD -HM REKDMRED SDWUt PHG]L ãWiWQH VN~ãN\ =iYHUHþQRX SUiFRX SUL ãW~GLX SRGĐD ãWXGLMQpKR SURJUDPX GUXKpKR VWXSĖD MH GLSORPRYi SUiFD 3RGNODGRP QD Y\SUDFRYDQLH GLSORPRYHM SUiFH MH ]DGDQLH GLSORPRYHM SUiFH

âWUXNW~UD ]iYHUHþQHM SUiFH Ɣ WLWXOQê OLVW Ɣ ]DGDQLH ]iYHUHþQHM SUiFH Ɣ SRN\Q\ QD Y\SUDFRYDQLH Ɣ Y\KOiVHQLH DXWRUD Ɣ Qi]RY D DEVWUDNW Y VORYHQVNRP D Y DQJOLFNRP MD]\NX VSROX Y UR]VDKX MHGQHM VWUDQ\

Ɣ REVDK V RþtVORYDQtP NDSLWRO Ɣ ]R]QDP SUtORK Ɣ ]R]QDP VNUDWLHN D ]QDþLHN Ɣ WH[W VDPRWQHM SUiFH RGSRU~þDQp þOHQHQLH

ż ~YRG ż V~þDVQê VWDY SUREOHPDWLN\ ż FLHOH ]iYHUHþQHM SUiFH ż YODVWQp ULHãHQLH þOHQHQp QD NDSLWRO\ SRGĐD FKDUDNWHUX SUiFH ż ]KRGQRWHQLH GRVLDKQXWêFK YêVOHGNRY UHVS QDYUKQXWêFK ULHãHQt ż ]iYHU

UHVXPp Y VORYHQVNRP MD]\NX Y UR]VDKX VSUDYLGOD UR]VDKX =3 OHQ SUH SUiFH Y\SUDFRYDQp Y FXG]RP MD]\NX

]R]QDP SRXåLWHM OLWHUDW~U\ SUtORK\ YêNUHV\ WDEXĐN\ PDS\ QiþUW\ YUiWDQH SRVWHUD V UR]PHUPL [ PP

5R]VDK D IRUPD 2EVDK D IRUPD ]iYHUHþQHM SUiFH PXVt E\Ģ VSUDFRYDQi Y ]P\VOH Y\KOiãN\ 0â99Dâ 65 þ = ] NWRURX VD Y\NRQiYDM~ QLHNWRUp XVWDQRYHQLD ]iNRQD þ = ] D Y ]P\VOH 0HWRGLFNpKR XVPHUQHQLD þ R QiOHåLWRVWLDFK ]iYHUHþQêFK SUiF 9\åDGRYDQê UR]VDK GLSORPRYHM SUiFH MH Då VWUiQ 2GRY]GiYD VD Y GYRFK Y\KRWRYHQLDFK -HGQR Y\KRWRYHQLH PXVt E\Ģ YLD]DQp Y SHYQHM Yl]EH QLH KUHEHĖRYHM WDN DE\ VD MHGQRWOLYp OLVW\ QHGDOL Y\EHUDĢ 5R]VLDKOH JUDILFNp SUtORK\ PRåQR Y SUtSDGH V~KODVX YHG~FHKR SUiFH RGRY]GDĢ Y MHGQRP Y\KRWRYHQt $XWRU SUiFH MH SRYLQQê YORåLĢ SUiFX Y HOHNWURQLFNHM IRUPH GR DNDGHPLFNpKR LQIRUPDþQpKR V\VWpPX $XWRU ]RGSRYHGi ]D ]KRGX OLVWLQQpKR DM HOHNWURQLFNpKR Y\KRWRYHQLD 3R YORåHQt ]iYHUHþQHM SUiFH GR LQIRUPDþQpKR V\VWpPX SUHGORåt DXWRU IDNXOWH QtP SRGStVDQê QiYUK OLFHQþQHM ]POXY\ 1iYUK OLFHQþQHM ]POXY\ MH Y\WYRUHQê DNDGHPLFNêP LQIRUPDþQêP V\VWpPRP 2GSRU~þDQê W\S StVPD MH 7LPHV 1HZ 5RPDQ YHĐNRVĢ D MH MHGQRWQê Y FHOHM SUiFL 2GSRU~þDQp QDVWDYHQLH VWUDQ\ ULDGNRYDQLH RNUDM YQ~WRUQê FP YRQNDMãt FP ]KRUD D ]GROD FP RULHQWiFLD QD YêãNX IRUPiW $ 2EUi]N\ D Y]RUFH VD þtVOXM~ Y UiPFL MHGQRWOLYêFK NDSLWRO QDSU REU MH REUi]RN þ Y NDSLWROH 9]RUFH VD þtVOXM~ QD SUDYRP RNUDML ULDGNX Y RNU~KO\FK ]iWYRUNiFK QDSU

9ãHWN\ YêSRþW\ PXVLD E\Ģ XVSRULDGDQp WDN DE\ EROR PRåQp SUHYHULĢ LFK VSUiYQRVĢ 3UL YãHWNêFK SUHY]DWêFK Y]RUFRFK WDEXĐNiFK FLWRYDQêFK þDVWLDFK WH[WX PXVt E\Ģ XYHGHQê SUDPHĖ &LWRYDQLH OLWHUDW~U\ YUiWDQH HOHNWURQLFNêFK PDWHULiORY VD XYiG]D SRGĐD 671 ,62

,QIRUPiFLH D GRNXPHQWiFLD 1iYRG QD WYRUEX ELEOLRJUDILFNêFK RGND]RY QD LQIRUPDþQp SUDPHQH D LFK FLWRYDQLH

3UtNODG ]R]QDPX ELEOLRJUDILFNêFK RGND]RY $%(/29,ý - D NRO 0HUDQLH Y JHRGHWLFNêFK VLHÄ¢DFK %UDWLVODYD $OID ,6%1 0,&+$/ýÃ&#x2C6;. 2 ± $'/(5 ( 9êVNXP VWDELOLW\ GXQDMVNêFK KUiG]t ,Q =ERUQtN YHGHFNêFK SUiF 6WDYHEQHM IDNXOW\ 69â7 %UDWLVODYD (GLþQp VWUHGLVNR 69â7 V ,6%1 âh77, - 8UþRYDQLH SULHVWRURYêFK SRVXQRY VWDYHEQêFK REMHNWRY *HRGHWLFNê NDUWRJUDILFNê RE]RU URþ þ V ,661 $UWLFOH 7HFKQLFDO &RRSHUDWLRQ KWWS ZZZ ODF XN LVR WF

=D MD]\NRY~ D WHUPLQRORJLFN~ VSUiYQRVĢ ]iYHUHþQHM SUiFH ]RGSRYHGi GLSORPDQW )RUPX SRVWHUD HOHNWURQLFNi DOHER DM WODþHQi XUþt JDUDQW ãWXGLMQpKR SURJUDPX 9]RU SUH SRVWHU MH XYHGHQê QD GRNXPHQWRYRP VHUYHUL Y DNDGHPLFNRP LQIRUPDþQRP V\VWpPH XQLYHU]LW\

SRGSLV JDUDQWD ãWXGLMQpKR SURJUDPX

8VWDQRYHQLD WêFKWR SRN\QRY VRP Y]DO QD YHGRPLH 6RP VL YHGRPê i åH DN QHEXGH PRMD GLSORPRYi SUiFD Y\SUDFRYDQi Y V~ODGH V WêPLWR SRN\QPL QHEXGH SULMDWi QD REKDMREX 9 %UDWLVODYH

SRGSLV ãWXGHQWD

ýHVWQp Y\KOiV HQLH 9\KODVXMHP åH VRP EDNDOiUVNX SUiFX Y\SUDFRYDOD VDPRVWDWQH V Y\XåLWtP NRQ]XOWiFLt D XYHGHQHM OLWHUDW~U\

«««««««««««« 9 %UDWLVODYH

%F /XFLD 0 XãNRYi

3RÄ&#x2021; DN RYDQLH

7RXWR FHVWRX E\ VRP FKFHOD SRÄ&#x2021;DNRYDÄ¢ YHG~FHM PRMHM ]iYHUHþQHM SUiFH GRF ,QJ DUFK -DUPLOH +~VHQLFRYHM 3K' D NRQ]XOWDQWNH ,QJ DUFK 3HWUH 6WUXKDÄ&#x153;RYHM ]D RGERUQp YHGHQLH FHQQp UDG\ WUSH]OLYRVÄ¢ D þDV EH] NWRUêFK E\ VRP VD SUL Y\SUDFRYDQt GLSORPRYHM SUiFH QH]DRELãOD 9Ä&#x2021;DND SDWUt DM NRQ]XOWDQWRP SURIHVLt PHQRYLWH GRF ,QJ -XUDMRYL 2OEÄ&#x153;tPNRYL 3K' D ,QJ /XFLL 0DMWiQRYHM 3K' ]D RGERUQp UDG\ SUL Y\SUDFRYDQt SUiFH

$%675$.7 &LHĐRP GLSORPRYHM SUiFH MH QDYUKQ~Ģ 1iYãWHYQtFNH FHQWUXP +DYUiQRN ] DPHUDQp QD QiXþQR Y]GHOiYDFLX IXQNFLX DNR YVWXSQ~ EUiQX GR SUtURGQpKR DUFKHRVNDQ]HQX +DYUiQRN V FHORURþQRX SUHYiG]NRX 3R]HPRN VD QDFKiG]D QD RNUDML GYRFK XQLNiWQ\FK NUDMLQQêFK REODVWt PHG]L KXVWR ]DOHVQHQêP FKUiQHQêP VYDKRP +DYUiQNX D SULHKUDGRX /LSWRYVNi 0DUD ýDVĢ SUiFH MH YHQRYDQi KLVWRULFNêP XGDORVWLDP NWRUp YLDF þL PHQHM YSOêYDOL QD IRUPRYDQLH ~]HPLD +DYUiQRN Ò]HPLH SRGOLHKDOR G\QDPLFNêP ]PHQiP SUtFKRGRP .HOWRY LFK Y]RVWXSRP SR þDVH SiGRP D RGFKRGRP NWRUê ERO VSUHYiG]DQê SUtFKRGRP 6ORYDQRY NWRUt QD ~]HPt ]RWUYDOL 2G GYDGVLDWHKR VWRURþLD SUHELHKDOL QD +DYUiQNX DUFKHRORJLFNp SUiFH YćDND NWRUêP VD ]DFKRYDO KLVWRULFNê RGND] PLQXOêFK RE\YDWHĐRY NWRUê MH SUHGiYDQê V~þDVQHM JHQHUiFLL VNU] DUFKHR P~]HXP +DYUiQRN 1iYãWHYQtFNH FHQWUXP MH QDYUKRYDQp QD MXKRYêFKRGQRP NRSFL +DYUiQNX NX NWRUpPX SULVO~FKD QRYR QDYUKRYDQê SUtVWDY D NU\Wp SDUNRYLVNR V SULURG]HQêP SUHYHWUiYDQtP SUL YHåL .RVWROD 3DQQ\ 0iULH 2EMHNW ERO FLWOLYR XPLHVWQHQê GR SURVWUHGLD WDN DE\ QHQDU~ãDO YêKĐDG\ ] DUFKHRVNDQ]HQX +PRWD NRStUXMH WHUDVRYLWRVĢ VNORQ WHUpQX D OtQLX FHVW\ 9êYRM KPRW\ SRGOLHKDO SRWUHEiP RVYHWOHQLD MHGQRWOLYêFK IXQNþQêFK FHONRY DNR DM Y\WYRUHQLX QHUXãHQêFK YêKĐDGRY QD /LSWRYVN~ 0DUX D 7DWU\ 'LVSR]LþQp ULHãHQLH REMHNWX MH UR]GHOHQp QD WUL IXQNþQp FHON\ NRPXQLWQp FHQWUXP P~]HXP D NDYLDUHĖ Y WURFK YêãNRYêFK ~URYQLDFK NWRUp V~ YãHWN\ SRG ~URYĖRX WHUpQX .DYLDUHĖ D NRPXQLWQp FHQWUXP V~ SUHYiG]NRYR RGGHOHQp RG P~]HD ] G{YRGX IXQJRYDQLD DM YR YHþHUQêFK KRGLQiFK 1RYR QDYUKRYDQp 1iYãWHYQtFNH FHQWUXP GiYD PRåQRVĢ SOQpKR Y\XåLWLD GRWHUD] VLOQR ]DQHGEiYDQpKR SRWHQFLiOX DUFKHRVNDQ]HQX 1D 6ORYHQVNX VD NRPSOH[Qi NHOWVNi H[SR]tFLD YlþãLHKR UR]VDKX QHQDFKiG]D SUHWR MH YHĐNi SUtOHåLWRVĢ QDYUKQ~Ģ 1iYãWHYQtFNH FHQWUXP V .HOWVNRX SUREOHPDWLNRX NWRUp E\ VD Y þDVWL SUHFKRGQHM YêVWDY\ ]DPHUDOR QD YãHWN\ VORYHQVNp QiOH]LVNi

.Đ~þRYp VORYi 1iYãWHYQtFNH FHQWUXP $UFKHRVNDQ]HQ .HOWL

$%675$&7 7KLV ZRUN LV DLPHG DW GHVLJQ RI WKH +DYUiQRN 9LVLWLQJ &HQWUH 7KH &HQWUH VHUYHV DV DQ HQWUDQFH SRUWDO WR WKH +DYUiQRN RXWGRRU DUFKDHRORJLFDO PXVHXP ,W LV VLWXDWHG RQ WKH HGJH RI WZR XQLTXH QDWXUDO DUHDV WKH SURWHFWHG GHQVHO\ ZRRGHG KLOOVLGH RI +DYUiQRN DQG WKH GDP RI /LSWRYVNi 0DUD 7KH G\QDPLF KLVWRU\ RI +DYUiQRN DUHD ZDV VWURQJO\ LQIOXHQFHG E\ DUULYDO RI &HOWV WKHLU ULVH DQG IDOO WKDW ZDV DFFRPSDQLHG E\ WKH DUULYDO RI 6ODYV ZKR UHPDLQHG DW WKH DUHD WR WKHVH GD\V )URP WKH WZHQWLHWK FHQWXU\ H[WHQVLYH DUFKDHRORJLFDO UHVHDUFK ZDV FDUULHG RXW RQ +DYUiQRN DQG VR WKH OHJDF\ RI WKH SDVW LQKDELWDQWV LV VWLOO DOLYH DQG FDQ EH IRXQG DW +DYUiQRN RXWGRRU PXVHXP 7KH YLVLWRU FHQWHU LV VLWXDWHG RQ WKH VRXWKHDVWHUQ KLOO RI +DYUiQRN 7KH VWXG\ LQFOXGHV DOVR D QHZO\ GHVLJQHG KDUERU DQG DQ LQGRRU SDUNLQJ ORW ZLWK QDWXUDO YHQWLODWLRQ ORFDWHG DW WKH &KXUFK RI WKH 9LUJLQ 0DU\ 7KH VKDSH RI VXUURXQGLQJ DUHD VWURQJO\ LQIOXHQFHG WKH GHVLJQ RI PDVV ZKLFK FRSLHV WKH WHUUDLQ 7KH GHYHORSPHQW RI WKH PDVV ZDV VXEMHFW WR WKH OLJKWQLQJ QHHGV RI IXQFWLRQDO XQLWV DV ZHOO DV WR FUHDWLRQ RI FOHDU YLHZV RQ /LSWRYVNi 0DUD DQG 7DWUDV 7KH OD\RXW RI WKH EXLOGLQJ LV GLYLGHG LQWR WKUHH IXQFWLRQDO XQLWV D FRPPXQLW\ FHQWUH D PXVHXP DQG D FDIp DW WKUHH VWRUH\V WKDW DUH DOO EHORZ JURXQG OHYHO 7KH FDIp DQG FRPPXQLW\ FHQWUH DUH RSHUDWLRQDOO\ VHSDUDWHG IURP WKH PXVHXP GXH WR GLIIHUHQW RSHQLQJ KRXUV 7KH QHZO\ SURSRVHG 9LVLWRUV &HQWHU JLYHV WKH RSSRUWXQLW\ WR IXOO\ H[SORLW WKH KLWKHUWR KLJKO\ QHJOHFWHG SRWHQWLDO RI WKH RXWGRRU PXVHXP +DYUiQRN &XUUHQWO\ WKHUH LV QR &HOWLF H[SRVXUH LQ 6ORYDNLD KHQFH WR GHVLJQ D &HOWLF 9LVLWRU &HQWUH IRFXVHG RQ 6ORYDNLDQ DUFKDHRORJLFDO VLWHV LV D JUHDW RSSRUWXQLW\

.H\ ZRUGV 9LVLWRU &HQWHU $UFKDHRORJLFDO 2SHQ DLU 0XVHXP &HOWV

2EVDK =R]QDP SUtORK

635,(92'1È 635È9$

,GHQWLILNDþQp ~GDMH

=iNODGQp ~GDMH R VWDYEH

3RGPLHĖXM~FH SUHGSRNODG\

7HFKQLFNp Y\EDYHQLH ~]HPLD

9]ĢDK\ N H[LVWXM~FHPX GRSUDYQpPX Y\EDYHQLX ~]HPLD

+LVWRULFNê YêYRM ~]HPLD D MHKR RE\YDWHĐVWYR

+LVWyULD YêVNXPX

3UDYHN D 6WDURYHN GRED GHMLQQi

.HOWL *HUPiQL 5LPDQLD

äLYRW 0DUVNHM VSRORþQRVWL

6WUHGRYHN

+LVWRULFNp PDS\

6~þDVQRVĢ

2G{YRGQHQLH VWDYE\ D MHM XPLHVWQHQLD

7\SRORJLFNi SUtSUDYD

=iYHU

=R]QDP SRXåLWHM OLWHUDW~U\

,QWHUQHWRYp ]GURMH

=R]QDP REUi]NRY

3UtORK\

=R]QDP SUtORK 3UtORKD , 3RUWIyOLR 6SULHYRGQi VSUiYD âLUãLH Y]ĢDK\ )RWRGRNXPHQWiFLD SR]HPRN )RWRGRNXPHQWiFLD SUtVWDY )RWRGRNXPHQWiFLD SDUNRYLVNR +LVWyULD ~]HPLD +LVWyULD ~]HPLD $UFKHRORJLFNp QiOH]LVNi $UFKHRVNDQ]HQ +DYUiQRN )RWRGRNXPHQWiFLD $UFKHRVNDQ]HQ +DYUiQRN )RWRGRNXPHQWiFLD $UFKHRVNDQ]HQ +DYUiQRN $QDOê]D ~]HPLD $QDOê]D WRSRJUDILH ~]HPLD D YêKĐDGRY $QDOê]D GRSUDY\ )LOR]RILD D NRQFHSW ULHãHQLD 3UREOpP\ D QiYUK\ ULHãHQpKR ~]HPLD $UFKLWHNWRQLFNi VLWXiFLD 3Ut]HPLH 33 33 6WHFKD 5H] $ $ 5H] % % 5H] & & 3DUNRYLVNR 3DUNRYLVNR UH] 3DUNRYLVNR VWUHFKD 3RKĐDG - 9

3RKĐDG 6 9 3RKĐDG 6 = 5H] IDViGRX $UFKLWHNWRQLFNR NRQãWUXNþQp GHWDLO\ 1L]NRHQHUJHWLFNê NRQFHSW D PDWHULDO\ 9L]XDOL]iFLH 9L]XDOL]iFLH 3UtORKD ,, 3RVWHU 3UtORKD ,,, &' WH[WRYi þDVĢ Y GLJLWiOQHM IRUPH

63 5,(92'1È 63 5È9$ ,GHQWLILNDþQp ~GDMH =iN ODGQp ~GDMH R VWDYEH 1i]RY VWDYE\

1iYãWHYQtFNH FHQWUXP DUFKHRVNDQ]HQ +DYUiQRN

8PLHVWQHQLH VWDYE\

/LSWRYVNi 6LHOQLFD +DYUiQRN

.DWDV WUiOQH ~]HPLH

/LSWRYVNi 6LHOQLFD

2NUHV

/LSWRYVNê 0LNXOiã

6WXSHĖ VSUDFRYDQLD

1RYRVWDYED

3URMHNþQt VSUDFRYDWHOLD 6SUDFRYDWHĐ SURMHNWX

%F /XFLD 0XãNRYi

9HG~FL ]iYH UHþQHM SUiFH

GRF ,QJ DUFK -DUPLOD +~VHQLFRYi 3K'

.RQ]XOWDQW

,QJ DUFK 3HWUD 6WUXKDĜRYi

2GERUQt NRQ]XOWDQWL 6WDWLND

,QJ /XFLD 0DMWiQRYi 3K'

3RåLDUQD EH]SHþQRVĢ

GRF ,QJ -XUDM 2OEĜtPHN 3K'

=iNODGQp ~GDMH R VWDYEH

3UHKĐDG YêFKRGLVNRYêFK SRGNODGRY 0DS\ ] NDWDVWUiOQHKR SRUWiOX $QDOê]D ãLUãtFK Y]ĢDKRY Ò]HPQê SOiQ /LSWRYVNi 6LHOQLFD .RPSOH[Qê QiYUK SULHVWRURYpKR XVSRULDGDQLD IXQNþQpKR Y\XåLWLD 9êNUHV RFKUDQ\ SUtURG\ D WYRUE\ NUDMLQ\ )RWRGRNXPHQWiFLD D YODVWQi REKOLDGND ULHãHQpKR ~]HPLD 2GERUQi OLWHUDW~UD ]DPHUDQi QD KLVWRULFNê YêYRM ~]HPLD

9HFQp D þDV RYp Yl]E\ QD RN ROLW~ YêVWDYEX 7HUpQ ULHãHQpKR ~]HPLD MD NRSFRYLWê QHXSUDYHQê SRNU\Wê WUiYQDWêP SRUDVWRP D QiOHWRYRX ]HOHĖRX 1D ~]HPt VD QDFKiG]D

VWDUê SUtVWDY Y SRGREH EHWyQRYpKR PyOD

1HQDFKiG]DM~ VD WX LQåLQLHUVNH VLHWH þR P{åH RYSO\YQLĢ UHDOL]iFLX SURMHNWX ÒþHO D IXQNFLD V WDYE\ +ODYQêP ~þHORP QiYUKX 1iYãWHYQtFNHKR FHQWUD +DYUiQRN MH Y\WYRUHQLH YVWXSQHM EUiQ\ SUL QiYãWHYH 1iURGQHM NXOW~UQHM SDPLDWN\ $UFKHRVNDQ]HQ +DYUiQRN Y\WYRUHQLH SULHVWRUX SUH GREURYRĐQtNRY D DUFKHRORJLFNp Y\NRSiYN\ 7LHå Pi VO~åLĢ QD UHNUHDþQp D NXOW~UQH ~þHO\ QLHOHQ SUH QiYãWHYQtNRY DUFKHRVNDQ]HQX DOH DM SUH QiYãWHYQtNRY SOiåH F\NOLVWRY YHVOiURY D LQêFK NWRUt P{åX QDYãWtYLĢ NRPXQLWQp FHQWUXP DOHER NDYLDUHĖ FHQWUD SR SRFK{G]QHM VWUHFKH D YQtPDĢ YêKĐDG\ QD /LSWRYVN~ 0DUX D 7DWU\ ] YLDFHUêFK YêãNRYêFK ~URYQt 3RåLDGDYN \ QD XUEDQLVWLFNp ]DþOHQHQLH VWDYE\ GR ~]HPLD /RNDOL]iFLD /LSWRY MHGHQ ] QDMNUDMãtFK NUDMRY .DUSiW OHåt QD KRUQRP WRNX 9iKX NWRUê ]iURYHĖ WYRUt MHKR SULURG]HQ~ RV YR YêFKRGR]iSDGQRP VPHUH +UDQLFH WRKWR UHJLyQX V~ ]iURYHĖ L MHKR GRPLQDQW\ NWRUp WYRULD QD MXåQHM VWUDQH KRUVNp KUHEHQH 1t]N\FK 7DWLHU QD VHYHUH SiVPR 9\VRNêFK 7DWLHU =iSDGQêFK 7DWLHU D &KRþVNpKR SRKRULD D QD ]iSDGH YêEHåN\ 9HĐNHM )DWU\ +DYUiQRN VD QDFKiG]D QD KUDQLFL RNUHVRY /LSWRYVNpKR 0LNXOiãD D 5XåRPEHUND QD ]iSDGQRP FtSH /LSWRYVNHM 0DU\ 1DMEOLåãLH YHĐNp PHVWi V~ VPHURP QD ]iSDG 5XåRPEHURN D QD YêFKRG /LSWRYVNê 0LNXOiã &KDUDNWHULVWLND SUtURGQpKR SURVWUHGLD 'UVQp NOLPDWLFNp SRGPLHQN\ V Qt]N\PL SULHPHUQêPL WHSORWDPL D PQRåVWYRP ]UiåRN RYSO\YĖXM~ UR]VLDKOH ]DOHVQHQp SORFK\ D YHĐNp WHUpQQH SUHYêãHQLD 3UHYOiGD WX VHYHUQR ]iSDGQp SU~GHQLH YHWUD D W\SLFNp SUH WRWR ~]HPLH MH WDNPHU YåG\ SUtWRPQê RSDU QDG KODGLQRX /LSWRYVNHM 0DU\ 3RGORåLH WYRULD YLDF PHQHM ]YHWUDQp D KOLQHQp YUVWY\ IO\ãX tOX D EULGOLFH 2GOLãQi SULHSXVWQRVĢ D SUDYLGHOQê VNORQ YUVWLHY YHGLH N Y]QLNX YRGQêFK ]GURMRY 9RGRQRVQp KRUL]RQW\ QD QHSULHSXVWQêFK KOLQLWêFK YUVWYiFK EROL SUtþLQRX SRþHWQêFK ]RVXYRY 6YDK\ EROL KUR]ERX DM SUH

VWDYLWHĐRY SULHKUDG\ NWRUt SDUDO\]RYDOL QHEH]SHþHQVWYR ]RVXYRY ]PHQRX UHåLPX VSRGQêFK Y{G SRPRFRX V\VWpPX YUWRY FO{Q RGYRGĖRYDFtFK GUHQiåt D åĐDERY 0RGHUQi WHFKQLND WDN VSRĐDKOLYR FKUiQL WHQWR SULHVWRU Ò]HPLH SRNUêYDM~ O~N\ SROLD D ]PLHãDQp W\S\ OHVRY NGH PDM~ SUHYDåQp ]DVW~SHQLH ERURYLFH VPUHNRYFH D OLVWQDWp GUHYLQ\ EXN\ MDYRU\ VPUHN\ D KUDE\ 6WURP\ NWRUp VD WX QDFKiG]DM~ WLHå VO~åLD QD VSHYQHQLH VYDKX DNR RSDWUHQLH SURWL ]RVXYRP 6LWXRYDQLH REMHNWX 2EMHNW\ SDUNRYLVND D QiYãWHYQtFNHKR FHQWUD V~ VLWXRYDQp Y RFKUDQQRP SiVPH DUFKHRVNDQ]HQX ]RVXYQRP ~]HPt SRGĐD â*Ò'â D Y EOt]NRVWL GYRFK 1iURGQêFK NXOW~UQ\FK SDPLDWRN 2EMHNW SDUNRYLVND VD QDFKiG]D PHG]L SUtMD]GRYRX FHVWRX D FHVWRX VPHURP N YHåL .RVWROD 3DQQ\ 0iULH Y WHUpQH VR VNORQRP 3RG]HPQê REMHNW MH SUHSRMHQê WUDVDPL GR QiYãWHYQtFNHKR FHQWUD QD þHUYHQ~ WXULVWLFN~ WUDVX QiPHVWLH NRVWROtND D SOiå 2EMHNW 1iYãWHYQtFNHKR FHQWUD MH VLWXRYDQê QD MXKRYêFKRGQRP NRSFL +DYUiQND VR VNORQRP Y KRUQHM þDVWL KUDQtF SR]HPNX RSURWL SUtVWDYX SUL FHVWQHM NRPXQLNiFLL VPHURP N SULHKUDGH '{YRG\ XPLHVWQHQLD V~ YêKRGQi SRORKD RSURWL SUtVWDYX D SOiåL SRORKD SUL YRGH ]HOHQi SORFKD EH] VWURPRY YLDFHUp ~URYQH YQtPDQLD YêKĐDGRY YêKRGQp QDSRMHQLH QD DUFKHRVNDQ]HQ +DYUiQRN ]DFKRYDQLH ]HOHQH 3UREOpP\ ULHãHQpKR ~]HPLD +ODYQêP SUREOpPRP V~þDVQpKR VWDYX DUFKHR P~]HD MH åH QHRGSRYHGi SRWUHEiP ]DFKRYDQLD

KLVWRULFNpKR RGND]X WRKWR Yê]QDPQpKR PLHVWD D DQL SRWUHEiP MHKR XFHOHQHM

SUH]HQWiFLH NWRUi E\ HãWH YLDF ]DWUDNWtYQLOD WRWR ~]HPLH 3RWRP WR MH QHSRVWDþXM~FL VWDY EXGRY\ YêVNXPQHM VWDQLFH DUFKHRORJLFNpKR ~VWDYX 1LWUD D ]Oê VWDY XPLHVWQHQLD DUFKHRORJLFNêFK Y\NRSiYRN =D WêP QDVOHGXMH SUREOpP V QHVSHYQHQêPL D VFKiWUDQêPL FKRGQtNPL DUFKHRVNDQ]HQX NWRUp VD SUL GDåGLYRP SRþDVt NY{OL VWHNDM~FHM YRGH SR tORYLWRP WHUpQH VWiYDM~ NO]NêPL D QHVFKRGQêPL $UFKHRVNDQ]HQ MH SUtVWXSQê OHQ FH] OHWQ~ VH]yQX þR ]QLåXMH SRWHQFLiO Y\XåLWLD ~]HPLD ĆDOãtP SUREOpPRP MH UDPSD X]DWYiUDM~FD FHVWX N SULHKUDGH NWRUi VO~åL QD MHM REVOXKX ]R VPHUX RG %REURYQtND = WêFKWR G{YRGRY FHVWD PXVt RVWDĢ SUHMD]GQi QR EH] SUtVWXSX YHUHMQHM GRSUDY\ D EH] PRåQpKR GRSUDYQpKR SUHSRMHQLD V REFRX 9ODFK\

1D WR QDGYl]XMH SUREOpP V SDUNRYDQtP SRSUL FHVWH þR SUL YR]RYNH ãLURNHM P ]QHPRåĖXMH RWiþDQLH iXW D ]DEUDĖXMH YQtPDQLX YêKĐDGRY QiYãWHYQtNPL SUHFKiG]DM~FLFK VD VPHURP N SULHKUDGH 3UREOpPDPL SR]HPNX SUH REMHNW

1iYãWHYQtFNHKR FHQWUD V~ RGYRGĖRYDFLH ULJRO\

SUHFKiG]DM~FH VWUHGRP SR]HPNX D RNROR FHVWQHM NRPXQLNiFLH NWRUp QiVOHGQH Y\~VĢXM~ GR /LSWRYVNHM 0DU\ 3RWRP WR MH HãWH QiOHWRYi ]HOHĖ QHURYQRVĢ WHUpQX D NRYRYp ]iEUDGOLH RNROR FHVW\ 1D SR]HPNX VD WLHå QDFKiG]D VWDUê SUtVWDY Y SRGREH EHWyQRYpKR PyOD WLDKQXFL VD N YRGH NWRUê MH X]DWYRUHQê UDPSRX 3UREOpPRP SR]HPNX SUH REMHNW SDUNRYLVND MH QiOHWRYi ]HOHĖ D ]RVXYQê FKDUDNWHU SRGORåLD 6 WêPWR SR]HPNRP MH VSlWê SUREOpP Y ~]HPt þR V~ QHVSHYQHQp SORFK\ D SDUNRYDQLH SUL YHåL NRVWROD 3DQQ\ 0iULH $UFKLWHNWRQLFNp D YêWYDUQp ULHãHQLH VWDYE\ )LOR]RILD 1iYUK

SUHGVWDYXMH 1iYãWHYQtFNH FHQWUXP DNR MHPQê UH] Y NUDMLQH D SR]êYD

QiYãWHYQtNRY GR ]YHGDYpKR VYHWD .HOWRY D KLVWyULH &HQWUXP OHåt FLWOLYR XPLHVWQHQp Y NUDMLQH DNR YêUH] Y NRSFL NRStUXM~F WHUDVRYLWRVĢ WHUpQX )RUPD D Yê]QDPQRVĢ FHQWUD PDM~ PRQROLWLFNê WULH]YL YêUD] NWRUê KRYRUt N RNROLWHM SUtURGH D PDVtYQ\P VNDOQêP ~WYDURP MH ]DSXVWHQê GR NRSFD V QRYRX YHUHMQRX D RNROLWRX NUDMLQRX NWRUi VD RNROR QHKR UR]YtMD 3RGREQH DNR .HOWL QD NRSFRFK +DYUiQNX WHUDVRYR UR]GHĐRYDOL VYRMH SROLD D SUtE\WN\ MH UR]GHOHQi DM ]HOHQi VWUHFKD V Y\NOHQXWRX FHVWRX XPRåĖXM~FD QiYãWHYQtNRP YQtPDĢ YêKĐDG\ QD /LSWRYVN~ 0DUX D 7DWU\ YR YLDFHUêFK YêãNRYêFK ~URYQLDFK 1iYUK ULHãHQpKR ~]HPLD 3R RGVWUiQHQt RGYRGĖRYDFLHKR ULJROX QDYUKXMHP QRYê RGYRGĖRYDFt ULJRO P QD YêFKRG RG S{YRGQpKR 1D PLHVWH S{YRGQpKR VtGOD SUDFRYLVND 6$8 QDYUKXMHPH UR]ãtUHQLH DUFKHRVNDQ]HQX .HOWVN~ RVDGX NWRUi E\ REVDKRYDOD YãHWN\ W\SRORJLFNp EXGRY\ GRE\ ODWpQVNHM SRGĐD Y]RUX .HOWRY NWRUt VL URYQDNR VWDYDOL VYRMH RVDG\ þL VtGOLVNi QD WRPWR ~]HPt 7DNWR QiYãWHYQtNRYL Y]QLNQH XFHOHQê REUD] R åLYRWH .HOWRY Y RVDGH 7DNWLHå QDYUKXMHP QRYp FKRGQtN\ QD S{YRGQHM DOH DM QRYHM WUDVH DUFKHRVNDQ]HQX WDN DE\ EROL VFKRGQp ]D NDåGpKR SRþDVLD

6SHYQHQp SORFK\ QiYUK QiPHVWLD D RGVWUiQHQLH SDUNRYLVND RNROR NRVWROtND ]DWUDNWtYQL SURVWUHGLH D GRGi SDPLDWNH SRåDGRYDQ~ ~FWX +PRWRYi NRPSR]tFLD VWDYE\ 9êFKRGLVNRP SUH YRĐEX WYDUX KPRW\ 1iYãWHYQtFNHKR FHQWUD EROR XPLHVWQHQLH REMHNWX GR WHUpQX NRSFD Y VPHUH WHUDVRYLWRVWL WHUpQX NRStUXM~F OtQLX FHVW\ +PRWD REMHNWX MH ]DVXQXWi GR NRSFD WDN DE\ Y\WYRULOD SUHG REMHNWRP UR]SW\OQê SULHVWRU SUH QiYãWHYQtNRY 7YDU D XPLHVWQHQLH MHGQRWOLYêFK IXQNFLt EROL QDYUKQXWp Y ]iYLVORVWL QD LFK SRåLDGDYNiFK &HOi KPRWD REMHNWX VD QDFKiG]D SRG ~URYĖRX WHUpQX NGH SUt]HPLH þR MH DM QDMQLåãLH SRGODåLH MH Y ~URYQL FHVWQHM NRPXQLNiFLH +PRWD Y ~URYQL FHVW\ Pi WUL YVWXS\ ] þRKR KODYQê YVWXS GR 1iYãWHYQtFNHKR FHQWUD MH QD KODYQHM IDViGH D Pi QiYãWHYQtND SRFLWRYR YWLDKQXĢ GR EXGRY\

3RWRP MH WX YVWXS GR

NRPXQLWQpKR FHQWUD D YVWXS SUH ]iVRERYDQLH D ]DPHVWQDQFRY QD ĐDYRP D SUDYRP URKX EXGRY\ WLH V~ RSWLFN\ ]DNU\Wp VWHQDPL SUHGQHM IDViG\ +PRWRYp SUHYHGHQLH SUHGQHM IDViG\ MH QDMYêUD]QHMãtP H[WHULpURYêP SUYNRP REMHNWX )XQNFLH QD SUt]HPt V~ YVWXSQi KDOD NRPXQLWQp FHQWUXP WHFKQLFNp D DGPLQLVWUDWtYQH ]i]HPLH D N WRPX SULVO~FKDM~FH ]iVRERYDQLH NDYLDUQH D 1iYãWHYQtFNHKR FHQWUD +PRWD KODYQHM H[SR]tFLH 33 MH XPLHVWQHQi Y WHUpQH WDN DE\ PDOD GRVWDWRþQ~ YêãNX D PRåQRVĢ SUHVYHWOHQLD VYHWOtNPL V U{]Q\PL VNORQPL VWLHQ 9 VWUHGH REMHNWX MH QDYUKQXWp iWULXP NWRUp SUHELHKD YãHWNêPL SRGODåLDPL D SULQiãD GHQQp VYHWOR D ]HOHĖ GR LQWHULpUX +PRWD NDYLDUQH MH FHOi Y\YêãHQi GR SUDYpKR KRUQpKR URKX SR]HPNX ] G{YRGX SUHSRMHQLD VR ]HOHQRX VWUHFKRX QDGYl]QRVWL QD DUFKHRVNDQ]HQ D SDQRUDPDWLFNp YêKĐDG\ QD /LSWRYVN~ 0DUX D 7DWU\ 3RFK{G]QD ]HOHQi VWUHFKD MH UR]GHOHQi QD WHUDV\ Y]KĐDGRP QD KPRW\ MHGQRWOLYêFK IXQNFLt D VNORQH WHUpQX NGH VD QD QDMY\ããHM WHUDVH QDFKiG]D WHUDVD NDYLDUQH V PDOêP DPILWHiWURP 0DWHULiORYp D YêWYDUQp ULHãHQLH 3UL YêEHUH PDWHULiOX EROR G{OHåLWp VSO\QXWLH REMHNWX V SURVWUHGtP WLHå DNp PDWHULiO\ VD WX KLVWRULFN\ SRXåtYDOL D ORNiOQRVĢ PDWHULiOX 1D ]iNODGH WêFKWR SRGPLHQRN VD Y QiYUKX VWUHWiYDM~ PDWHULiO\ SLHVNRYHF DNR KODGNê SLHVNRYFRYê RENODG QD IDViGX D VPUHNRYp GUHYR SRXåLWp QD SUYN\ LQWHULpUX V~ ORNiOQ\PL D S{YRGQêPL PDWHULiOPL NWRUp .HOWL SRXåtYDOL SUL YêUREH P~URY RSHYQHQt RE\GOt D ]iNODGRY RE\GOt

ĆDOãtP PDWHULiORP MH EURQ] NWRUê MH SRXåLWê QD GRSOQNRYp SUYN\ Y LQWHULpUL %URQ] Pi V\PEROL]RYDĢ DNRE\ R]GREQê SUYRN

SURVWUHGLD SRGREQH DNR VD .HOWL ]GRELOL ãSHUNDPL ]

EURQ]X 3UHGQi IDViGD MH QDYUKQXWi ] GYRFK REO~NRYêFK G\QDPLFNêFK WYDURY ] KODGNpKR SLHVNRYFRYpKR RENODGX UR]GHOHQi QD GYH KPRW\ QDY]iMRP GR VHED ]DSDGDM~FH QD NWRUHM MH QD RERFK VWUDQiFK Y\WYRUHQi OtQLRYLWi Y\þQLHYDM~FD ãWUXNW~UD =DNULYHQi IDViGD MH DNRE\ VNODGDþND SUHWRåH åLDGQH GYD NDPHQH QLH V~ URYQDNp NDåGê MH MHGLQHþQê D LQGLYLGXiOQ\ 'LVSR]LþQp ULHãHQLH VWDYE\ 1iYãWHYQtFNH FHQWUXP +DYUiQRN 2EMHNW VD VNODGi ] WURFK SRG]HPQêFK SRGODåt D SRFK{G]QHM ]HOHQHM VWUHFK\ V WHUDVRX 3Ut]HPLH MH ]ORåHQp ] WURFK IXQNþQêFK FHONRY D WR MH NRPXQLWQp FHQWUXP P~]HXP D WHFKQLFNR DGPLQLVWUDWtYQH ]i]HPLH .RPXQLWQp FHQWUXP WYRUt ]iGYHULH YVWXSQi KDOD VR ãDWĖRX VNODG XSUDWRYDþN\ HGXNDþQp PLHVWQRVWL SUH GREURYRĐQtNRY D QiYãWHYQtNRY D N WRPX SULVO~FKDM~ VNODGRYp D K\JLHQLFNp SULHVWRU\ 3UH SRWUHE\ RFKRWQtFNHKR GLYDGOD VD WX QDFKiG]DM~ ãDWQH SUH KHUFRY D VNODG\ UHNYL]tW NWRUp V~ Y WHVQHM EOt]NRVWL NLQD GLYDGOD 0~]HXP WYRUt ]iGYHULH YVWXSQi KDOD V SUHGDMRP OtVWNRY ãDWĖD NLQR SUHGDMĖD VXYHQtURY D RGERUQHM OLWHUDW~U\ VFKRGLVNR YêĢDK 1D Y\YêãHQRP SRO SRGODåt ]D iWULRP SUtVWXSQp UDPSRX VD QDFKiG]D SUHFKRGQi H[SR]tFLD NGH MH SUH]HQWRYDQi NHOWVNi NXOW~UD ] GRPRYD DM ]R ]DKUDQLþLD .LQR MH SUtVWXSQp ]R YVWXSQHM KDO\ DOH DM ] SUHFKRGQHM H[SR]tFLH +\JLHQLFNp ]DULDGHQLD SUH PXåRY åHQ\ D LQYDOLGRY VD QDFKiG]DM~ PHG]L NRPXQLWQêP FHQWURP D P~]HRP Y VSRMRYDFRP NRPXQLNDþQRP MDGUH NWRUp MH VSRORþQp SUH REH IXQNFLH 1D Y\YêãHQRP SRO SRGODåt VD WLHå QDFKiG]DM~ K\JLHQLFNp ]DULDGHQLD SUH QiYãWHYQtNRY NWRUt Xå V~ Y P~]HX PLHVWQRVĢ SUH XSUDWRYDþNX YêĢDK D UDPSD 7HFKQLFNR DGPLQLVWUDWtYQD IXQNFLD Pi GYD YVWXS\ ] NWRUpKR MHGHQ VO~åL SUH ]DPHVWQDQFRY P~]HD D GUXKê VO~åL QD REVOXKX GHSR]LWiUX ]iVRERYDQLH RGYR] RGSDGNRY D SUH ]DPHVWQDQFRY NDYLDUQH 1DFKiG]D VD WX GHQQi PLHVWQRVĢ SUH ]DPHVWQDQFRY ]DVDGDþND NDQFHOiULD ãpID NDQFHOiULD ]DPHVWQDQFRY ãDWĖD V XP\YiUĖRX K\JLHQLFNp ]i]HPLH ]DPHVWQDQFRY VNODG SUHGDMQH VXYHQtURY VNODG XSUDWRYDþN\ VNODG\ GHSR]LWiU HOHNWURUR]YRGĖD WHFKQLFNi PLHVWQRVĢ WHFKQLFNp VFKRGLVNR D YêĢDK 1D GUXKRP SRG]HPQRP SRGODåt VD Y þDVWL WHFKQLFNpKR ]i]HPLD QDFKiG]DM~ ãDWQH V K\JLHQLFNêP ]i]HPtP SUH ]DPHVWQDQFRY NDYLDUQH VNODG PRELOLiUX NDYLDUQH VNODG NDYLDUQH WHFKQLFNp VFKRG\ D YêĢDK 9 þDVWL P~]HD VD QDFKiG]D KODYQi YêVWDYQi H[SR]tFLD D YêFKRG V NRPXQLNDþQêP VFKRGLVNRP D FKRGERX VPHURP GR DUFKHRVNDQ]HQX

1D SUYRP SRG]HPQRP SRGODåt VD QDFKiG]D NDYLDUHĖ V PDORX NXFK\QNRX VNODGRP SRWUDYtQ PLHVWQRVĢRX SUH RGSDGN\ K\JLHQLFNêP ]i]HPtP SUH QiYãWHYQtNRY WHFKQLFNêP VFKRGLVNRP V YêĢDKRP D ]iGYHUtP SUHSRMHQêP VR VSRGQRX WHUDVRX NDYLDUQH 1D VWUHFKH REMHNWX VD QDFKiG]D WHUDVD NDYLDUQH 3DUNRYLVNR 2EMHNW VD VNODGi ] MHGQpKR SRGODåLD NWRUp MH ] YlþãHM þDVWL SRG]HPQp D ]R ]HOHQHM VWUHFK\ 9VWXS GR SDUNRYLVND MH ] MXKRYêFKRGQHM VWUDQ\ D QDFKiG]D VD WDP SDUNRYDFtFK PLHVW SUH DXWi SUH PRWRF\NOH D SUH ELF\NOH 3RWRP WX MH K\JLHQLFNp ]i]HPLH V SUH]OLHNDUĖRX SUH QiYãWHYQtNRY VNODG D WHFKQLFNi PLHVWQRVĢ 3DUNRYLVNR MH V SOiåRX SUHSRMHQp SRG]HPQRX NRPXQLNDþQRX FKRGERX

D

NRPXQLNDþQêPL UDPSDPL MH SUHSRMHQp V WUDVRX GR QiYãWHYQtFNHKR FHQWUD DOHER DUFKHRVNDQ]HQX 3UHYHWUiYDQLH SDUNRYLVND MH ]DEH]SHþHQp SULURG]HQêP YHWUDQtP FH] ãWUELQ\ QD IDViGH SDUNRYLVND NWRUp V~ SUHNU\Wp RFHĐRYêPL ODQNDPL =iN ODGQp VWDYH EQR NRQãWUXNþQp ULHãHQLH VWDYE\ =HPQp SUiFH YêNRS\ 1D SR]HPNX VD QDFKiG]DM~ RGYRGĖRYDFLH ULJRO\ D VWDUê SUtVWDY Y SRGREH EHWyQRYpKR PyOD NWRUp WUHED SUHG UHDOL]iFLRX RGVWUiQLĢ D ]DEH]SHþLĢ QiKUDGQp RGYRGQHQLH VYDKX 3UHG UHDOL]iFLRX MH SRWUHEQp REMHNW Y\WêþLĢ 3R]HPRN PD Y KRUQHM þDVWL ]YDåXM~FL VD FKDUDNWHU VR VNORQRP D Y VSRGQHM þDVWL MHPQH ]YDåXM~FL VNORQ Då URYLQDWê FKDUDNWHU 9êNRS\ D SUiFH QD WHUpQH VD UHDOL]XM~ QD ]iNODGH SRGNODGRY SURMHNWRYHM GRNXPHQWiFLH 9lþãLD þDVĢ YêNRSRY MH Y SRGREH VWURMQêFK YêNRSRY D NRQHþQi ~SUDYD WHUpQX VD Y\NRQiYD UXþQH =HPLQD MH Y\YiåDQi QD VNOiGNX QR SRWUHEQp PQRåVWYR MH SRXåLWp QD WHUpQQH ~SUDY\ D QiV\S\ =iNODGRYp NRQãWUXNFLH 2EMHNW MH QHSRGSLYQLþHQê ]DORåHQê QD YĚWDQêFK SLOyWDFK SR ~QRVQ~ KĎENX ]HPLQ\ 1D SR]HPNX QHERO Y\NRQDQê JHRORJLFNê SULHVNXP -H SRWUHEQp VNRQWURORYDĢ ]iNODGRYp SRPHU\ SRþDV YêNRSRYêFK SUiF þL VD ]KRGXM~ V SUHGSRNODGDQRX JHROyJLRX

=YLVOp QRVQp NRQãWUXNFLH $NR PDWHULiO SUH REYRGRYp QRVQp VWHQ\ MH QDYUKQXWê YRGRQHSULHSXVWQê åHOH]REHWyQ V SUtPHVDPL QD GOK~ åLYRWQRVĢ KU~EN\ PP RGROQê YRþL WODNX ]HPLQ\ D YRG\ =PLHãDQê QRVQê V\VWpP MH ]ORåHQê ]R VWĎSRY [ PP [ PP D VWLHQ PP NWRUp V~ QDYUKQXWp ] WUYiFQHKR åHOH]REHWyQX 9RGRURYQp QRVQp NRQãWUXNFLH 7LHWR NRQãWUXNFLH SUHQiãDM~ ]YLVOp ]DĢDåHQLH GR ]YLVOêFK QRVQêFK NRQãWUXNFLt 9RGRURYQi NRQãWUXNFLD YR YãHWNêFK SRGODåLDFK MH åHOH]REHWyQRYi GRVND KU~EN\ PP 2EUiWHQê QRVQtN V UR]PHUPL [ PP MH QDYUKQXWê Y NDYLDUQL 3ULHYODN\ QD 33 Y þDVWL KODYQHM H[SR]tFLH V~ ]R åHOH]REHWyQX D PDM~ UR]PHU\ [ PP 1HQRVQp NRQãWUXNFLH 9 FHORP REMHNWH V~ QDYUKQXWp QHQRVQp GHOLDFH EHWyQRYp VWHQ\ V KU~ENRX PP ,]ROiFLH SURWL YRGHP $NR L]ROiFLX QDYUKXMHP )DWUDIROO )DWUDIRO MH PRåQp SRXåLĢ QD L]ROiFLX REMHNWX SURWL ]HPQHM YOKNRVWL D WODNRYHM YRGH 7HSHOQp L]ROiFLH 1D L]ROiFLX VWUHFK\ MH SRXåLWi WHSHOQi L]ROiFLD ]QDþN\ .QDXI YR GYRFK YUVWYiFK KU~EN\ PP PP =YLVOi WHSHOQi L]ROiFLD MH UR]GHOHQi QD GYD GUXK\ SUL VWDYEH SRG ]HPRX SRXåtYDPH L]ROiFLX V KU~ENRX PP D SUL VWDYEH QDG ~URYĖRX WHUpQX V KU~ENRX PP 6WUHFKD 3RFK{G]QD ]HOHQi VWUHFKD MH QDYUKQXWi VR VNODGERX YUVWLHY SUH H[WHQ]tYQX ]HOHĖ D VR VNODGERX SUH SRFK{G]QH VWUHFK\ +U~END åHOH]REHWyQRYHM GRVN\ VWUHãQHM NRQãWUXNFLH H[SR]tFLH D NDYLDUQH MH PP D MH Y\ĐDKþHQi NRQãWUXNFLRX &RELD[ 6OLP /LQH 2VWDWQp VWUHãQp NRQãWUXNFLH PDM~ KU~ENX GRVN\ PP

9êSOQH RWYRURY 2NQi

9 REMHNWH V~ RNQi XSHYQHQp 6\VWpPRP LOEUXFN þR MH SUHGVDGHQi PRQWiå RNLHQ 2NQR VD RViG]D GR SULHVWRUX IDViGQHM L]ROiFLH SRPRFRX WHSHOQRL]RODþQêFK QRVQêFK SURILORY 9 þDVWLDFK iWULD MH SRXåLWi SUHGVDGHQi VNOHQHQi IDViGD NWRUi MH XSHYQHQi QD åHOH]REHWyQRYp VWĎS\ 'YHUH

9ãHWN\ KODYQp YVWXSQp GYHUH PDM~ EH]SHþQRVWQê FKDUDNWHU V SUHVNOHQRX YêSOĖRX D RFHĐRYêP UiPRP 9HGĐDMãLH YVWXS\ V~ EH]SHþQRVWQp GUHYHQp GYHUH V RGYHWUDQêP D SUHGVDGHQêP RENODGRP

1DYUKRYDQp NDSDFLW\ VWDYE\ SORãQp D REMHPRYp XND]RYDWHOH VWDYE\

XUEDQLVWLFNi H NRQyPL FHONRYi SORFKD SR]HPNX 1iYãWHYQtFNH FHQWUXP P 3DUNRYLVNR P ]DVWDYDQi SORFKD REMHNWRP 1iYãWHYQtFNH FHQWUXP P 3DUNRYLVNR P RERVWDYDQê SULHVWRU 1iYãWHYQtFNH FHQWUXP P 3DUNRYLVNR P SORFKD ]HOHQH P

1iYãWHYQtFNH FHQWUXP P 3DUNRYLVNR P

,=3 LQGH[ ]DVWDYDQRVWL

1iYãWHYQtFNH FHQWUXP

3DUNRYLVNR

.= NRHILFLHQW ]HOHQH 1iYãWHYQtFNH FHQWUXP 3DUNRYLVNR SRGODåQRVĢ

1iYãWHYQtFNH FHQWUXP QDG]HPQp SRGODåLD SRG]HPQp SRGODåLD

3DUNRYLVNR

QDG]HPQp SRGODåLD SRG]HPQp SRGODåLH

SRþHW SDUNRYDFtFK PLHVW Y REMHNWH SDUNRYLVND DXWRPRELO\ PRWRF\NOH ELF\NOH

3{YRGQê ~þHO Y\XåLWLD SR]HPNX D V WDYLHE 3R]HPRN VSDGi SRG NDWDVWUiOQH ~]HPLH /LSWRYVNHM 6LHOQLFH 3DUFHO\ QD SR]HPNX V~ HYLGRYDQp DNR SDUFHO\ UHJLVWUD ( þR ]QDPHQi åH SDUFHOD MH ]DStVDQi Y NDWDVWUL DOH MHM KUDQLFH QLH V~ Y WHUpQH YLGLWHĐQp 9 QDãRP SUtSDGH LGH R PDOp SDVLHQNDUVNp SR]HPN\ NGH YODVWQtNRFK YãHWNêFK SDUFLHO QD SR]HPNX MH YLDFHUR 3R]HPRN MH EH] Y\XåLWLD 3UtVWDY Y SRGREH EHWyQRYpKR PyOD VO~åLO Y PLQXORVWL DNR SUtVWDY SUH ORGH QR Y V~þDVQRVWL QLH MH QLMDNR ãSHFLILFN\ Y\XåtYDQê &KDUDN WHULVWLND ~]HPLD GRWNQXWêFK RFKUDQQêFK SiV LHP D FKUiQHQêFK þDV Wt ~]HPLD D N XOW~UQ\FK SDPLDWRN 3R]HPRN SDWUt SRG FKUiQHQp ~]HPLH QiURGQHM NXOW~UQHM SDPLDWN\ DUFKHRVNDQ]HQX $UFKHRVNDQ]HQ +DYUiQRN ERO Y\KOiVHQê ]D NXOW~UQX QiURGQ~ SDPLDWNX Y URNX SR WRP þR VD QD ~]HPt XNRQþLO DUFKHRORJLFNê YêVNXP .RVWRO SDQQ\ 0iULH SRFKiG]D ] VWRURþLD D ]D QiURGQ~ NXOW~UQX SDPLDWNX ERO Y\KOiVHQê Y URNX 2GROQRVĢ D ]DEH]SHþHQLH ] KĐDGLVND SRåLDUQHM RFKUDQ\ 3URWLSRåLDUQD RFKUDQD KODYQpKR REMHNWX MH QDYUKQXWi SOQH Y V~ODGH V Y\KOiãNRX 09 65 þ = ] 3RåLDUQD EH]SHþQRVĢ

MHGQRWOLYêFK SRG]HPQêFK SRGODåt MH ]DEH]SHþHQi GYRPD

~QLNRYêPL FHVWDPL SUH NDåG~ IXQNFLX Y SRåDGRYDQêFK Y]GLDOHQRVWLDFK ÒSUDY\ QH]DV WDYDQ êFK SO{FK 1D SR]HPNX VD QDFKiG]D QDYUKRYDQê SUtVWDY NWRUê MH RG YRG\ RVRYR SUHSRMHQê VR YVWXSRP GR 1iYãWHYQtFNHKR FHQWUD 1D WHUpQH Y\WYiUD V~ERU WHUiV WLDKQXFLFK VD N YRGH NWRUi NDåGi ] QLFK SUHGVWDYXMH PLHVWR QD RGG\FK UHNUHiFLX D Y OHWQêFK PHVLDFRFK P{åH SRVO~åLĢ DM SUH QiYãWHYQtNRY SOiåH

3 RGPLHĖXM~FH SUHGSRNODG\ 7HFKQLFNp Y\EDYHQLH ~]HPLD ([LVWXM~FH WHFKQLFNp Y\EDYH QLH 1D ~]HPt VD QDFKiG]D YRGRYRGQi VLHĢ RGYRG VWHNDM~FHM GDåćRYHM YRG\ ] NRSFD GR /LSWRYVNHM 0DU\ D SUtSRMND QD HOHNWULFN~ HQHUJLX 1HQDFKiG]D VD WX NDQDOL]iþQi DQL SO\QRYi VLHĢ 1DYUKRYDQp WHFKQLFNp ]DULDGHQLD 2EMHNW MH XPLHVWQHQê Y þDVWL NGH VD ] LQåLQLHUVN\FK VLHWt QHQDFKiG]D NDQDOL]iFLD SUHWR MH QDYUKQXWi FKHPLFNi þLVWLþNX RGSDGRYêFK Y{G ýLVWLþND MH XUþHQi QD ELRORJLFNR PHFKDQLFNp þLVWHQLH VSODãNRYêFK Y{G NWRUp P{åX E\Ģ QiVOHGQH RGþHUSiYDQp GR /LSWRYVNHM 0DU\ DOHER SRXåLWp QD ~GUåEX FHQWUD :& SROLHYDQLH ]HOHQH

1t]NRHQHUJHWLFNê NRQFHSW 2EMHNW MH FHOê SRG ~URYĖRX WHUpQX þR MX L]ROXMH D VSROX V UHNXSHUiFLRX VD VWiYD SDVtYQ\P þtP V~ ~QLN\ HQHUJLH VNRUR QXORYp 'RSOQNRYêP ]GURMRP YêURE\ HOHNWULQ\ MH VSDĐRYDQLH ELRPDV\ 9ROtPH NRWO\ QD GUHYHQê RGSDG GUHYHQ~ ãWLHSNX GUHYHQp SHOHW\ D VODPX %XGRYD MH Y\NXURYDQi WHSHOQêP þHUSDGORP YRGD YRGD VR ]iVREQtNRYêP RKULHYDþRP YRG\ 1D SR]HPNX QDYUKXMHPH DNXPXODþQê ]iVREQtN GDåćRYHM YRG\ V NRPSOH[QêP V\VWpPRP ]iVRERYDQLD ]iKUDG\ D REMHNWX ]UiåNRYRX YRGRX :& SROLHYDQLH ]HOHQH

9HWUDQLH D FKODGHQLH MH ]DEH]SHþHQp SRPRFRX UHNXSHUiFLH GRVNRYêP YêPHQQtNRP D FKODGHQtP 5HNXSHUDþQ~ MHGQRWNX XPLHVWĖXMHPH Y SRGKĐDGH V QDSRMHQtP QD YãHWN\ PLHVWQRVWL SUH SUtYRG þHUVWYpKR Y]GXFKX D RGYRG SRXåLWpKR Y]GXFKX ,QWHOLJHQWQi EXGRYD

1D ]iNODGH SURMHNWX V Y\]QDþHQêPL NRPSRQHQWDPL V\VWpPX QDYUKXMHPH PRGXOiUQH ULHãHQLH FHQWUiOQ\ V\VWpP LQIUDãWUXNW~UX NDEHOiå DXWRPDWL]iFLX NGH LQWHOLJHQWQp V\VWpP\ ULDGLD Y\NXURYDQLH FKODGHQLH D LQp QD ]iNODGH DNWXiOQHM VLWXiFLH YRQNDMãLHKR D YQ~WRUQpKR SURVWUHGLD

2YOiGDQLH D ULDGHQLH MH SRPRFRX GRW\NRYêFK REUD]RYLHN V MHGQRWOLYêPL SRXåtYDWHĐVNêPL UR]KUDQLDPL 1LHNWRUp IXQNFLH DNR DODUP WHSORWD D NDPHU\ MH PRåQp ULDGLĢ D VOHGRYDĢ DM FH] LQWHUQHW RGNLDĐNRĐYHN D NHG\NRĐYHN =iVOXKRX LQWHOLJHQWQpKR V\VWpPX MH ]DEH]SHþHQi RFKUDQD REMHNWX DODUPRP SRåLDUQ\PL þLGODPL D NDPHURYêP V\VWpPRP 2VYHWOHQLH MH QDSRMHQp GR FHQWUiOQHKR V\VWpPX V PRåQRVĢRX Y\WYRUHQLD EH]GU{WRYpKR Y\StQDþD NWRUê XPRåĖXMH Y\WYiUDQLH ]DXMtPDYêFK VYHWHOQêFK VFpQ 1iYãWHYQtFL P{åX VSROXSUDFRYDĢ V PRELOQRX DSOLNiFLRX ãSHFLiOQH QDYUKQXWRX SUH P~]HXP 'LJLWiOQH ]DULDGHQLH RVORERG]XMH SULHVWRU\ H[SR]tFLt RG WH[WRYêFK SDQHORY VSiMDM~FH XPHQLH KLVWyULX NXOW~UX D NRQWHPSOiFLX WêP åH YR YLUWXiOQHM UHDOLWH SRQ~ND YLDFHUR YUVWLHY ćDOãtFK LQIRUPiFLt D Qi]RURY

9]ĢDK\ N H[LVWXM~FHPX GRSUDYQpPX Y\EDYHQLX ~]HPLD 3R GLDĐQLFL ' RNROR SREUHåLD /LSWRYVNHM 0DU\ V RGERþNRX QD %HãHĖRY~ FH] GHGLQX 3RWRN D %REURYQtN VD GRVWiYDPH QD QDãH ~]HPLH 1D SR]HPRN YHGLH SUtVWXSRYi FHVWD WUHWHM WULHG\ Y GREURP VWDYH ]R VPHUX RG %REURYQtND 7RWR QDSRMHQLH MH MHGLQp D FHVWD VD X]DWYiUD UDPSRX NY{OL SULHKUDGH = WêFKWR G{YRGRY FHVWD PXVt RVWDĢ SUHMD]GQi QR EH] SUtVWXSX YHUHMQHM GRSUDY\ D EH] PRåQpKR GRSUDYQpKR SUHSRMHQLD ] REFRX 9ODFK\ 3DUNRYDQLH DXWREXVRY MH Y\ULHãHQp RGVWDYQêP SDUNRYLVNRP SUL REFL %REURYQtN ] G{YRGX åH QD QDãRP ULHãHQRP ~]HPt QLH MH SULHVWRURYi PRåQRVĢ QD MHKR XPLHVWQHQLH

+LVWRULFNê YêYRM ~]HPLD D MHKR RE\YDWHĐVWYR +LVWyULD YêVNXPX 9 URNX VD Y 3~FKRYH PDORP PHVWHþNX QD VWUHGQRP 3RYDåt XVDGLO VFKXGREQHOê QHPHFNê EDUyQ (PLO 0DULD +HRHQQLQJ 2 &DUROO NWRUê KĐDGDO Y RNROt 3~FKRYVNHM VNDO\ SRNODG\ 3RNODG\ VD PX QHSRGDULOR QiMVĢ SRGPDQLOL VL KR YãDN REMDYHQp VWDURåLWQRVWL 6WDO VD ]DQLHWHQêP DUFKHROyJRP 9R VYRMHM GREH SR]RUXKRGQêP VS{VRERP ]GRNXPHQWRYDO VYRMH Y\NRSiYN\ L ERKDWp QiOH]\ NWRUp RGNU\O QD S~FKRYVNHM 6NDOH +RHQQLQJ HãWH QHYHGHO UR]SR]QDĢ VNXWRþQê SUtQRV VYRMLFK REMDYRY 7R XURELO Då R SROVWRURþLH QHVN{U Y URNX UDN~VN\ EiGDWHĐ (GXDUG %HQLQJHU Y\KRGQRWLO ERKDW~ NROHNFLX S~FKRYVNêFK QiOH]RY =LVWLO åH LGH R VDPRVWDWQê IHQRPpQ Y SUHKLVWyULL WRKWR ~]HPLD Y\WYRUHQê YLDFHUêPL HWQRNXOW~UQ\PL ]ORåNDPL =KURPDåGLO L ćDOãLH SDPLDWN\ S~FKRYVNHM NXOW~ɝɭ PHG]L NWRUp SULþOHQLO DM /LSWRYVN~ 0DUX 9ãHWFL EiGDWHOLD QHGRFHQLOL KODYQH GREX ODWpQVNX WHGD

NHOWVN~ ]ORåNX NWRUi PDOD QHSRFK\EQH UR]KRGXM~FX ~ORKX SUL IRUPRYDQt

KRVSRGiUVNpKR D

VSRORþHQVNpKR åLYRWD 3RGVWDWQê SRNURN ]D]QDPHQDO WHUpQQ\ YêVNXP Y D URNRFK =iVDGQêP SUHORPRP Y GHMLQiFK YêVNXPX /LSWRYD D FHOHM VHYHURVORYHQVNHM REODVWL EROD VWDYED SULHKUDG\ D V ĖRX VSRMHQi SRWUHED ]DFKUiQLĢ FHQQp DUFKHRORJLFNp SDPLDWN\ ] EXG~FHM ]iWRSRYHM REODVWL 3UYê SULHVNXP WX Y\NRQDOL QD ]DþLDWNX URNRY QHVWRUL VORYHQVNHM WHUpQQHM DUFKHROyJLH 9RMWHFK %XGLQVNê .ULþND D $QWRQ 3HWURYVNê âLFKPDQ 3UHVN~PDOL þDVWt YHĐNHM VtGOLVNRYHM DJORPHUiFLH ] GRE\ ODWpQVNHM D UtPVNHM Y RNROt /LSWRYVNHM 0DU\ 7HUpQQH SUiFH D SUYp YêNRS\ VD ]DþDOL QD KUDGLVNX WDP NGH EROR PRåQp ]tVNDĢ RULHQWDþQp ~GDMH R FHORP QiOH]LVNX 3UYê URN VD ]LVWLOR åH YHĐNê YDO QD ]iSDGQHM VWUDQH ERO Y\EXGRYDQê QDMPHQHM YR GYRFK HWDSiFK Y SULHEHKX GRE\ ODWpQVNHM D åH YUFK ERO REêYDQê DM NRQFRP VWRURþLD Q O QD UR]KUDQt GRE\ UtPVNHM D GRE\ VĢDKRYDQLD QiURGRY 2EMDYHQp QDMPODGãLH VWUHGRYHNp RSHYQHQLH V SULHNRSRX ] VWRURþLD 6RQGiå SUL VHYHUQRP ~SlWt SRWYUGLOD åH SRþLDWN\ RVtGOHQLD GDWXMHPH QD ]DþLDWRN GRE\ ODWpQVNHM ĆDOãLH GYD URN\ VD SRNUDþRYDOR YR Y\NRSiYNDFK QD KUDGLVNX 6NXSLQD QRYêFK URERWQtNRY SUHG ]DþLDWNRP VH]yQ\ ]DþDOL NRSDĢ QD YODVWQ~ SlVĢ 3RGDULOR VD LP QD SUYê UD] QDWUDILĢ QD MHGQX ] GODåLHE NHOWVNpKR REHWLVND V SRþHWQêPL QiOH]PL 9 WRP þDVH VD QDSOQR UR]EHKOL ]HPQp SUiFH QD GQH EXG~FHKR MD]HUD D SUDFRYQLFL H[SHGtFLH VD SXVWLOL GR ERMD V þDVRP 3R URNX RGNU\OL ]iNODG\ NRVWROD 3DQQ\ 0iULH D SUHEiGDOL RNROLWê FLQWRUtQ ] SRþLDWNDPL SRFKRYiYDQLD ] VWRURþLD 8å VN{U VD SRGDULOR REMDYLĢ ]Y\ãN\ QDMVWDUãLHKR VORYDQVNpKR RVtGOHQLD ]iNODG\ RVDG\ ] VWRURþLD SUL WRNX 9iKX 9 URNX VD ~GROLH QDSOQLOR YRGDPL SULHKUDGQpKR MD]HUD D Y\NRSiYN\ VD RSlĢ SUHQLHVOL QD YUFKRO NRSFD NGH VD Y ćDOãRP REGREt RGNU\O MHGHQ ] QDMOHSãLH ]DFKRYDQêFK VWUHGRYHNêFK GUHYHQêFK KUiGNRY 3R URNX VD Y\NRSiYN\ ]DPHUDOL QD RVDGX ,, ± 5\EQtN\

SUL

VHYHURYêFKRGQRP

~SlWt

KUDGLVNRYpKR YUFKX D KUDGLVNR VD SRVWXSQH XSUDYRYDOR SUH QiYãWHYQtNRY WHMWR Yê]QDPQHM ORNDOLW\ NWRUi EROD Y URNX Y\KOiVHQi ]D QiURGQ~ NXOW~UQX SDPLDWNX

2EU > @ =iFKUDQQê YêVNXP RVDG\ 9,, Y SULHVWRUH GQHãQHM SULHKUDG\

2EU > @ /LSWRYVNi 0DUD Y þDVQHM GREH GHMLQQHM , KUDGLVNR ,, 9,, QHRSHYQHQp VtGOLVNi 2G NRQFD VWUHGQHM GRE\ ODWpQVNHM GR ]DþLDWNX GRE\ UtPVNHM WYRULOD RVtGOHQLH /LSWRYD VLHĢ QHYHĐNêFK Då QD YêQLPN\ SRĐQRKRVSRGiUVN\ ]DPHUDQêFK RViG XPLHVWQHQêFK Y ~VWLDFK ERþQêFK GROtQ 3ULURG]HQêP FHQWURP FHOpKR UHJLyQX EROD UR]VLDKOD DJORPHUiFLD /LSWRYVNi 0DUD VNODGDM~FD VD ]R ãLHVWLFK RViG SUL FHQWUiOQRP KUDGLVNX V UHJLRQiOQ\P NXOWRYêP PLHVWRP

2EU > @ /LSWRYVNi 0DUD , ± +DYUiQRN FHONRYê SOiQ KUDGLVND 6WDYHEQp Ii]\ YFDVQRKLVWRULFNpKR RSHYQHQLD GRED ODWpQVND VWRURFLH Q O %5È1$ 2%(7,6.$ 2%(7,6.2 =9éâ2. %5È1< 91Ò7251e+2 23(91(1,$ %5È1$ 1$-0/$'â(- )257,),.È&,( '20< 9ý$6125Ë06.(- 91Ò7251(- 67$9%< 2%(71e 0,(672 35(' 23(91(1Ë0

3 UDYHN D 6WDURYHN GRED GHMLQQi

2E\YDWHOLD FKXGREQHMãtFK NRSFRYLWêFK NUDMRY KRUQLDFL PDM~ LQGLYLGXiOQH YODVWQRVWL DNR QDSU YlþãLX YãHREHFQ~ ]GDWQRVĢ SV\FKLFN~ RGROQRVĢ Y\QDOLH]DYRVĢ NWRUêPL VD RGOLãXM~ RG RE\YDWHĐRY ~URGQHMãtFK D NOLPDWLFN\ SUtMHPQHMãtFK QtåLQ 1DMVWDUãLH VWRS\ SUtWRPQRVWL þORYHND GDWXMHPH GR REGRELD QHROLWX ± QHVNRUHM GRE\ NDPHQQHM 3RGĐD SUHGSRNODGRY VD WX SUYt URĐQtFL REMDYLOL Xå NRQFRP VWRURþLD SUHG Q O 9 þDVH Y]QLNX KUDGLVND QD /LSWRYVNHM 0DUH VWRURþLH SUHG

Q O SUHG .ULVWRP PiPH G{ND]\ R H[LVWHQFLL WURFK RViG Y MHKR RNROt 1LHNHG\ NRQFRP VWRURþLD SUHG Q O VD QD +DYUiQNX XVtGOLOD %DGHQVNi NXOW~UD /XåLFNi NXOW~UD RVtGĐRYDQLH ]DþtQD NRQFRP VWUHGQHM GRE\ EURQ]RYHM 9 PODGãHM D QHVNRUHM GREH EURQ]RYHM VL RE\YDWHĐVWYR Y\EXGRYDOR KXVW~ VLHĢ RViG D QHVN{U DM KUDGtVN 0QRKp JHQHUiFLH Y\XåtYDOL SRKUHELVNi VR åLDURYêPL KUREPL SRG PRK\ODPL L EH] QLFK ± W]Y SRSROQLFRYp SROLD ,QYHQWiU WêFKWR KURERY D SRþHWQp VNODG\ EURQ]RYêFK SUHGPHWRY QiP SRVN\WXM~ SUHNYDSXM~FH LQIRUPiFLH R Y\VRNHM WHFKQLFNHM D FLYLOL]DþQHM ~URYQL ĐXGX OXåLFNHM NXOW~U\ ġDåED D VSUDFRYDQLH GRPLQDQWQpKR NRYX WHM GRE\ PHGL EURQ]X VD VWDOR KODYQêP PRWtYRP RVtGĐRYDQLD L EXG~FHM SURVSHULW\ 6WDUp UR]VLDKOH KUDGLVNi QDKUDGLOL SRþHWQHMãLH PHQãLH RSHYQHQLD 3R]RVWDWN\ WUDGLþQH VSDĐRYDQêFK PĚWY\FK XNODGDQêFK GR XULHQ ćDOHM VD KURERYi ~SUDYD DM YêEDYD ]MHGQRGXãRYDOD *HRJUDILFN\ X]DYUHWê /LSWRY MH XUþLWê FHORN Y UiPFL VSRORþHQVNR HWQLFNHM ãWUXNW~U\ VHYHURNDUSDWVNpKR RVtGOHQLD NPHĖ NPHĖRYi åXSD /LSWRY VD SUHVOiYLO PLPRULDGQ\P PQRåVWYRP KURPDGQêFK QiOH]RY EURQ]RYêFK SUHGPHWRY NYDOLWQêFK QiVWURMRY QiUDGLtP ãSHUNRY D ]EUDQt YþtWDQH SRYHVWQêFK PHþRY OLSWRYVNpKR W\SX 9HGFL GRGQHV VN~PDM~ SUtþLQ\ XNODGDQLD FHQQêFK NRYRYêFK SUHGPHWRY GR ]HPH %ROR WR DVL ] SUDNWLFNêFK D EH]SHþQRVWQêFK G{YRGRP DOHER DNR REHWQp GDU\ ERåVWYiP 1HSULDPR WR SRWYUG]XM~ YRĐE\ PLHVW XORåHQLD Y RNROt WHSOêFK Y{G D PLQHUiOQ\FK SUDPHĖRY NWRUp EROL Y RþLDFK þORYHND WêFK þLDV VtGODPL QDGSULURG]HQêFK VtO 3RWYUG]XMH WR QiOH] EURQ]RYêFK R]G{E Y URNX Y GHGLQH /LSWRYVNi 0DUD SUL QH]DPU]DM~FRP SUDPHĖL 7HSOLFH 3UHGPHW\ EROL XORåHQp YR YHĐNHM KOLQHQHM QiGREH = SRNODGX VD ]DFKRYDOL ãSLUiORYLWp SUVWHQH ]ORPN\ EURQ]RYêFK QiGRE D SXNOtF QiãLYLHN ] EURQ]RYpKR SOHFKX ] VWRURþLD SUHG Q O

6WDUãLD GRED åH OH ]Qi 2UDYVN i VN XSLQD /XåLFNi NXOW~UD VD UR]YLQXOD QD FHORP ~]HPL VWUHGQHM (XUyS\ %XGRYDOL VD RSHYQHQLDFK D WLHå UHI~JLi ~WRþLãWQp KUDGLVNi 0 ODGãLD GRED åH OH ]Qi 1D ãLURNêFK SULHVWRURFK ]iSDGQHM D VWUHGQHM (XUyS\ VD ] WHPQD SUDYHNX Y\QRULO YHĐNê QiURG %ROL WR .HOWL NWRUt VD VWDOL G{OHåLWêP PRFHQVNêP þLQLWHĐRP QiãKR NRQWLQHQWX 3ULãOL ]R VYRMHM SUDYODVWL PHG]L $OSDPL 5êQRP D âXPDȞȠȣ %RMRYQê .HOWL NRORQL]RYDOL %ULWVNp RVWURY\ VWDU~ *DOLX þDVĢ 3\UHQHMVNpKR SRORVWURYD FHO~ VWUHGQ~ (XUySX SR KUDQLþQp SRKRULD 6XGHW D .DUSiW 8VDGLOL VD DM QD %DONiQH Y VHYHUQRP 7DOLDQVNX D YODVWQê ãWiW VL ]DORåLOL L YR 0DOHM È]LL 'R .DUSDWVNHM NRWOLQ\ VD .HOWL GRVWDOL Xå Y SUYHM YOQH VYRMHM YHĐNHM H[SDQ]LH 'RVYHGþXM~ WR W\SLFNp NRVWURYp KURE\ D VYRMUi]QH YêUREN\ UiQQRODWHQVNpKR ãWêOX 2VtGOHQLH QD /LSWRYVNHM 0DUH ± +DYUiQNX VD ]DþDOR Y þDVH NHć QD ]DþLDWNX PODGãHM GRE\ åHOH]QHM ODWpQVNHM ]DQLNDM~ VtGOD ĐXGX RUDYVNHM VNXSLQ\ 7HQWR ]ORP MH GRORåHQê ]iQLNRP YHĐNêFK VWUHGtVN D YêVWDYERX KUDGtVN UHIXJLiOQHKR FKDUDNWHUX QDMPl Y /LSWRYH D QD 2UDYH 3R ~SDGNX PODGãHM GRE\ åHOH]QHM VD Y VHYHUQêFK .DUSDWRFK ]DþtQD RSlWRYQê KRVSRGiUVN\ Y]RVWXS VWDUpKR GRPiFHKR RE\YDWHĐVWYD =QRYX VD Y\KĐDGiYDOL QRYp PLHVWD QD VWDYEX IRUWLILNiFLt

9 WHMWR HWDSH REQRY\ D UR]YRMD REMDYLOL YWHGDMãt SULHNRSQtFL DM YêKRGQ~ SRORKX +DYUiQND Y VWUHGH /LSWRYVNHM NRWOLQ\ D QD MHKR YUFKROH SRVWDYLOL UR]VLDKOH YDORYp RSHYQHQLH 1DMVWDUãt RE\YDWHOLD /LSWRYVNHM 0DU\ VD XVDGLOL QD MXKRYêFKRGQRP D YêFKRGQRP ~SlWt YUFKX Y SRORKiFK ,, ,,, 9,, 6YHGþLD R WRP QiOH]\ ]Y\ãNRY RE\GOt Y VSRGQêFK YUVWYiFK WêFKWR VtGOLVN 3UYt RVDGQtFL Y\XåLOL KODYQH SUtKRGQp PLHVWD SR]GĎå ULHþQHKR WRNX 3RVWXSQH ]DþDOL V UR]VLDKO\PL WHUDVRYLWêPL ~SUDYDPL RNROLWêFK VWUPêFK VYDKRY SUH VWDYEX SUtE\WNRY 1D RGNU\WêFK SORFKiFK VPH QD YLDFHUêFK PLHVWDFK QDUD]LOL QD S{YRGQp WHUDV\ V QH~SOQêPL S{GRU\VPL ]UXERYêFK L NRORYêFK VWDYLHE þDVWR DM VR VWRSDPL SR SRåLDUL 3RFKiG]D ] QLFK KODYQH PQRåVWYR MHGQRGXFKHM SUHYDåQH QH]GREHQHM NHUDPLN\ åXORYp WUHFLH NDPHQH QD UR]RPLHĐDQLH RELOLD ]DKQXWp åHOH]Qp QRåH D EHåQp GUREQp R]GRE\ VNOHQp NRUiOLN\ EURQ]RYp NU~åN\ åHOH]Qp VSRQ\ D SRG 9\VWXSXM~ GRYiåDQp DOHER QDSRGREĖRYDQp NHOWVNp YêUREN\ ] NRQFD VWDUãHM D ]R VWUHGQHM GRE\ ODWpQVNHM QDSU VHNiþ W\SX ' UQEHUJ V~þDVWL EURQ]RYêFK UHĢD]RYêFK RSDVNRY FLHYNRYLWê NRUiO D SRG 1iOH]\ GYRFK ]DFKRYDQêFK GRPRY YR YêNRSH ]iNODGRY SULHKUDGQHM KUiG]H 2EH VWDYE\ S{YRGQH ]QLþLO SRåLDU =YOiãWQRVĢRX WHMWR DUFKLWHNW~U\ MH XNRWYHQLH NRQãWUXNFLH VWUHFK\ QD YRQNDMãtFK VWĎSRFK QH]iYLVOH RG ]UXERYêFK VWLHQ 2NROR GRPRY VD RGNU\OL DM KRVSRGiUVNH REMHNW\ 2E\WQp VWDYE\ EROL YQ~WUL RGGHOHQp SULHþNRX 9 RE\WQHM PLHVWQRVWL VD YDULOR D VSDOR VO~åLOD DM DNR SUDFRYQê SULHVWRU 9 PHQãHM þDVWL NRPRUH EROL ]iVRE\ SRWUDYtQ D LQêFK YHFt 1DãOD VD WX QDSU R]GREQi QiGREND ãSHUNRYQLFD VR ãW\UPL VWULHERUQêPL QiXãQLFDPL 1DMVWDUãt GRNODG Y\XåLWLD WRKWR NRYX QD KRUQDWRP VHYHUH -HGHQ ] GYRUFRY VNXSLQD DUFKHROyJRY DNR XNiåNX YþDVQRODWpQVNHM GRPiFHM DUFKLWHNW~U\ ]UHNRQãWUXRYDOD D GQHV WYRUt V~þDVĢ DUFKHRORJLFNpKR P~]HD Y SUtURGH 9 VWUHGQHM GREH ODWpQVNHM Y]QLNOR QD YUFKX SUYp RSHYQHQLH UR]VLDKO\ REYRGRYê YDO NWRUpKR WHOHVR VD VWDOR QHVN{U ]iNODGRP PODGãtFK IRUWLILNiFLt 9DO WYRULO KOLQHQê QiV\S V þHOQRX NDPHQQRX SOHQWRX P~URP VSHYQHQê YQ~WRUQRX GUHYHQRX YêVWXåRX 9 RGERUQHM WHUPLQROyJLL KRYRUtPH R REGREt SUHGS~FKRYVNpKR VWXSĖD SUHG Y]QLNRP S~FKRYVNHM NXOW~U\ 2EMDYXMH VD UHODWtYQH PiOR NRYRYêFK SUHGPHWRY D HãWH PHQHM FXG]tFK LPSRUWRYDQêFK YêURENRY NHUDPLFNp SUiFH VYRMtP WYDURP Yê]GRERX L WHFKQROyJLRX V~ HãWH FHONRP SRGREQp VWDUHM PLHVWQHM WUDGtFLL 2EGRELH VD VWDOR HWDSRX NRQVROLGiFLH WHMWR REODVWL NWRUi VYRM YUFKRO GRVLDKOD Y QDVOHGXM~FLFK VWRURþLDFK 3UHGSRNODG\ Y]QLNX S~FKRYVNHM NXOW~U\ Y D VWRURþt SUHG Q O .HOWVNi VtGOLVNRYi HQNOiYD Y QtåLQiFK VWUHGQpKR SRGXQDMVND VD ~VSHãQH UR]YtMDOD .RQFRP D ]DþLDWNRP VWRURþLD KXVWRWD RVtGOHQLD þRUD] YlþãPL QDUDVWi D ~]HPLH VD UR]ãLUXMH 9]QLNDM~ QRYp SRKUHELVNi QD URYLQiFK YêFKRGQpKR 6ORYHQVND NGH VD KURE\ SUYêFK NHOWVNêFK RVDGQtNRY REMDYXM~ Xå Y VWRURþt SUHG Q O 3RþHW QiOH]RY Y VWUHGRODWpQVNRP REGREt YêUD]QH QDUDVWi -HGQêP ] Y\VYHWOHQt YãHREHFQpKR Y]UDVWX NHOWVNHM PRFL Y

Y VWUHGRHXUySVNRP SULHVWRUH MH WHyULD R SUtFKRGH QRYpKR RE\YDWHĐVWYD

VHYHURLWiOVN\FK %yMRY QD ]iNODGH G{ND]RY QDMGHQêFK Y SRGREH VHYHURLWiOVN\FK NHOWVNêFK PLQFt D LQêFK V~GRE\FK SDPLDWRN 2NROR URNX SUHG Q O SRGĐD KLVWRULFNêFK VSUiY YSDGOL GR VWUHGQHM (XUyS\ JHUPiQVNH NPHQH 9 VWUHGRODWpQVNRP REGREt VD NRQWDNWQi SRKUDQLþQi ]yQD Xå ]QDþQH

ÄNHOWL]XMH³ ± Y PDWHULiOQHM NXOW~UH KUDGtVN Y SRYRGt KRUQpKR +URQD 1LWU\ D VWUHGQpKR 3RYDåLD 9 SRORYLFL VWRURþLD SUHG Q O PDOL RVDG\ RNROR +DYUiQND VYRM QDMYlþãt ~]HPQê UR]VDK 1D KUDGLVNX EROR Y\EXGRYDQp YHĐNp RSHYQHQLH D YR YêFKRGQHM þDVWL YQ~WRUQpKR DUHiOX Y]QLNRO GRPLQDQWQê REMHNW VYlW\ĖD YR VYRMHM QDMVWDUãHM SRGREH 6WUHWiYDQLH VD VWDUpKR D QRYpKR GRPiFHKR D FXG]LHKR Qi]RUQH GHPRQãWUXM~ QiOH]\ ] WRKWR REHWQpKR PLHVWD 'R åLDUX WHM LVWHM REHWQHM KUDQLFH VD VSRORþQH GRVWiYDOL VWDURGiYQH PDVtYQH QiUDPN\ PLHVWQHM SURYHQLHQFLH L DWUDNWtYQH EURQ]RYp UHĢD]RYp RSDVN\ þL QiNUþQtN\ WRUTXHV\ NHOWVNpKR S{YRGX 3UHMDYXMH VD QiUDVWRP SRþWX NHOWVNêFK YêURENRY QD VtGOLVNiFK DOH YSO\Y ODWpQVNHKR ãWêOX QD PLHVWQX SURGXNFLX QLH MH HãWH YHĐPL YêUD]Qê (ãWH VWiOH VD Y\UiEDM~ QiGRE\ SRGĐD WUDGLþQpKR NiQRQX IRULHP D Yê]GRE 3RþHWQp ]ORPN\ QiGRE ]KRWRYHQêFK QD KUQþLDUVNRP NUXKX KODYQH KUQFH Y\UREHQp ] JUDILWRYHM KOLQ\ V~ SUDYGHSRGREQp HãWH GRYR]RP ,FK WYDU\ D RUQDPHQWL VD ]DWLDĐ QDSRGREĖXM~ LED RMHGLQHOH 'RP\ VL QDćDOHM ]DFKRYiYDM~ VWDUp NRQãWUXNþQp ULHãHQLH

.HOWL *HUPiQL 5LPDQLD .HOWVNê VYHW S~FKRYVNi N XOW~UD 9 QRYR]tVNDQêFK QiOH]RYêFK IRQGRFK VD ]UHWHĐQH þUWD ]QDþQi YDULDELOQRVĢ PDWHULiORYHM NXOW~U\ 0QRKp ] QRYêFK ]LVWHQt XPRåQLOR REMDVQLĢ Y\NRSiYN\ Y /LSWRYVNHM 0DUH NGH VD YćDND QiOH]RP D YHĐNêP SORãQêP RGNU\YRP GDOL VOHGRYDĢ ãLURNp V~YLVORVWL YQ~WRUQpKR YêYRMD L HWQLFNêFK D FLYLOL]DþQêFK Yl]LHE S~FKRYVNHM NXOW~U\ -HGQR]QDþQH VD XNi]DOR åH UR]KRGXM~FD SUHPHQD Y åLYRWH VWDURXVDGOpKR RE\YDWHĐVWYD KRUVNHM REODVWL VHYHUQêFK .DUSiW QDVWDOD QD ]DþLDWNX QHVNRURODWpQVNHKR REGRELD QLHNHG\ QD UR]KUDQt VWRURþtD SUHG Q O 9WHG\ VD Ui]QH SUHVDGLOL SUYN\ NHOWVNHM PDWHULiOQHM NXOW~U\ PLPRULDGQH Y]UiVWRO SRþHW RE\YDWHĐVWYD D Y]QLNOL YHĐNp FHQWUiOQH VtGOLVNi SRGREQp RSSLGiP 7LHWR QiSDGQp ]PHQ\ WUHED EH]SRFK\E\ SULþtWDĢ S{VREHQLX SRGXQDMVND NWRUp PDOR RGSUDGiYQD UR]KRGXM~FL YSO\Y QD NDUSDWVN~ REODVĢ

9]RVWXS D SiG 1D NĐ~þRYRP ~]HPt SRSUL 'XQDML Y\UiVWOL QRYp FHQWUi RSSLGi NGH VD V~VWUHGLOR UHPHVOR REFKRG D ]DLVWH DM SROLWLFNi PRF PLHVWQ\FK YOiGFRY 3UH UêFKOR VD UR]YtMDM~FH SDQVWYR SRGXQDMVNêFK %yMRY VD VWDOD VHYHUQHMãLH OHåLDFD NDUSDWVNi UXGQi REODVĢ YtWDQRX VIpURX ]iXMPX D FLHĐRP KRVSRGiUVNHM D NRORQL]DþQHM H[SDQ]LH 0{åHPH SUHGSRNODGDĢ åH QD RNUDML KRUVNpKR SiVPD VD .HOWL ]DþDOL XVDG]RYDĢ Xå VN{U ]DþLDWNRP VWRURþLD SUHG Q O %ROL WR þDVWL VWDUãLHKR NHOWVNpKR RE\YDWHĐVWYD VSUHG GRE\ EyMVNHM PLJUiFLH NWRUp SRVXQXOL VYRMH VtGOD ćDOHM QD VHYHU . QLP SDWULOL .RWtQL NHOWVNê NPHĖ Y KRUVNHM REODVWL VORYHQVNêFK .DUSiW 9 URNRFK SRVOHGQpKR VWRURþLD VWDUpKR OHWRSRþWX ]DVLDKRO GR NHOWVNHM SROLWLFNHM D KRVSRGiUVNHM GRPpQ\ QD VWUHGQRP 'XQDML QRYê

þLQLWHĐ ± UR]StQDYp GiFNH NUiĐRYVWYR NWRUp SRUD]LOR VSRMHQp NHOWVNp YRMVNR 1D ULHNH %RGURJ Y =HPSOtQH VL ]PLHãDQH NHOWVNR GiFNH RE\YDWHĐVWYR Y\EXGRYROR YHĐNp REFKRGQR VSUiYQH FHQWUXP 3URWL 'iNRP D LFK VSRMHQFRP EROD QDPLHUHQi DM YRMHQVNi YêSUDYD YHGHQi 0 9LQLFLRP 9 SRVOHGQêFK URNRFK VWDUpKR OHWRSRþWX REVDGLOL 3DQyQLX UtPVNH OpJLH D UtãVND KUDQLFD OLPHV URPDQXV VD SRVXQXOD N 'XQDMX 1DGXQDMVNp GiFNH VtGOD WDN EROL L]RORYDQp RG PDWHUVNpKR ~]HPLD D SR þDVH ]DQLNOL SRG SHUPDQHQWQêP WODNRP *HUPiQRY 3UtOLY HNRQRPLFN\ ]GDWQêFK RVDGQtNRY SR]LWtYQH RYSO\YQLO RåLYHQLH UHPHVHOQHM YêURE\ VSRMHQHM V ĢDåERX VXURYtQ D WêP DM UR]YRM VWUHGtVN SURGXNFLH D REFKRGX YþtWDQH /LSWRYVNHM 0DU\ 5RWDþQê åDUQRY KUQþLDUVN\ NUXK SOXK VR åHOH]QêP NURMLGORP D UDGOLFRX V~VWUXK WR V~ SUtNODG\ WHFKQLFNpKR SUtVSHYNX NHOWVNHM FLYLOL]iFLH N GRPiFHPX UHPHVOX D SRĐQRKRVSRGiUVWYX 3UtQRVRP D ]iURYHĖ V\PERORP Y\VSHORVWL NHOWVNHM VSRORþQRVWL WUDQVSODQWRYDQHM GR QRYêFK SRGPLHQRN EROR ]DYHGHQLH SODWLGOD ]ODWêFK VWULHERUQêFK D PHGHQêFK PLQFt V SUYêPL GRNODGPL ]QDORVWL StVPD 3UHNYLWDO REFKRG D YHĐNp VWUHGLVNi S~FKRYVNHM NXOW~U\ VD VWDOL G{OHåLWêPL ]DVWiYNDPL QD WUDQ]LWQêFK FHVWiFK FH] .DUSDW\ .êP Y ]iSDGQH OHåLDFLFK NHOWVNêFK VWUHGLVNiFK VD ]iVWDYED D YlþãLQD YêURE\ V~VWUHćRYDOD GR YQ~WRUQpKR SULHVWRUX RSHYQHQLD .DUSDWVNp UHPHVHOQtFNH RVDG\ EROL ]DNODGDQp DE\ VO~åLOL QD LFK RFKUDQX +UDGLVND YãDN QHEROL WUYDOR REêYDQp 1LHNWRUp ] QLFK PHG]L QLPL L +DYUiQRN PDOL DM LQp Y\XåLWLH 9 þDVRYRP ~VHNX RG NRQFD VWRURþLD Då SR ]ORP OHWRSRþWX SUDFRYDOL Y RVDGiFK SRG +DYUiQNRP NRYiþVNH Y\KQH SURGXNXM~FH ãLURNê VRUWLPHQW QiUDGLD D QiVWURMRY L GLHOQH NRYRYêUREFRY Y NWRUêFK VD NRYDOL WHSDOL D RGOLHYDOL ~åLWNRYp SUHGPHW\ D ãSHUN\ ]R åHOH]D EURQ]X D VWULHEUD +UQþLDUL Y\UiEDOL SRGĐD VWDUHM GRPiFNHM WUDGtFLH MHGQRGXFKp Y UXNH OHSHQp QiGRE\ DOHER Y\WiþDOL QD NUXKX D PDĐRYDOL DM XãĐDFKWLO~ NHOWVN~ NHUDPLNX &XG]LH YêUREN\ REMDYHQp Y LQYHQWiURFK RE\GOt þL PHG]L REHWQêPL GDUPL YR VYlW\QL GRNODGXM~ ]Yl]N\ VR Y]GLDOHQêPL NUDMLQDPL QD YêFKRGH VHYHUH L MXKX (XUyS\ 5D]EX YODVWQêFK VWULHERUQêFK D PHGHQêFK SHĖD]t SRWYUGLOL KRMQp QiOH]\ WêFKWR PLQFt D ]ORPN\ RGOLHYDFtFK IRULHP QD PLQFRYp NRW~þLN\ 9 SRURYQDQt V SUHGRãOêP REGREtP EROL RVDG\ KXVWHMãLH REêYDQp D QiSDGQH Y]UiVWOD YêUREQi þLQQRVĢ 2EGRELH Y]RVWXSX D UR]YRMD QHSUHEHKOR EH] QHSRNRMRY D PRFHQVNêFK ERMRY 1D +DYUiQNX EROL REH SiVPD RSHYQHQLD QLHNHG\ NRQFRP SRORYLFH VWRURþLD SUHG Q O ]RVLOQHQp SULþRP GRãOR DM N UDGLNiOQHM SUHVWDYEH VYlW\QH D REUDQQpKR V\VWpPX EUiQ\ 9 /LSWRYVNHM 0DUH SRNUDþXMH RVtGOHQLH Y SOQHM LQWHQ]LWH DM Y WRP REGREt NWRUp ]RGSRYHGi SULEOLåQH SRVOHGQpPX SROVWRURþLX VWDUpKR OHWRSRþWX 1DVOHGXMH NDWDVWURILFNê KRUL]RQW GRNXPHQWRYDQê RNUHP LQpKR UR]VLDKO\P SRåLDURP RERFK SDVLHP RSHYQHQLD ]DQLNRP VYlW\QH L RVtGOHQLD QD YlþãLQH RViG RNROR KUDGLVND 1HSRNRMQp þDV\ VD RGUiåDM~ L Y DUFKHRORJLFNêFK SUDPHĖRFK NGH VD SR SUYê UD] EXGXM~ RE\GOLD YR YQ~WUL KUDGtVN SR NDWDVWURIH þDVWR FKUiQHQêFK OHQ QDUêFKOR REQRYHQêP Q~G]RYêP RSHYQHQtP 9ãHREHFQê ~SDGRN MH YLGLWHĐQê V XSO\QXOêP REGREtP Y QiYUDWH N VWDUêP MHGQRGXFKãtP WHFKQROyJLiP D Y ~SDGNX ãLURNHM ]iNODGQH UHPHVHOQHM SURGXNFLH =iQLN KUDGtVN

-HM SUtþLQD L KODYQt DNWpUPL ~WRþQtFL V~ QH]QiPL 6WRS\ QiKOHKR ]iQLNX 3RåLDURP ]QLþHQp KUDGE\ DOH DM ]KRUHQp GRP\ V S{YRGQêP ]DULDGHQtP NWRUp SRGĐDKOL QLþLYpPX åLYOX =Y\ãN\ VWDYLHE D Y QiKOLYRVWL ]DQHFKDQê LQYHQWiU GRPRY V~ VYHGHWVWYRP GiYQHM NDWDVWURIH D ]iURYHĖ DM GREUêP SRPRFQtNRP SUL UHNRQãWUXNFLt YWHGDMãLFK IRUWLILNiFLt D RE\GOt =DQHFKDOL KODYQH PLQFH D ãSHUN\ ] GUDKêFK NRYRY XNUêWp ]DNRSDQtP GR ]HPH 1D KUDGLVNX +DYUiQRN EROD SR ]iQLNX YRQNDMãLHKR L YQ~WRUQpKR RSHYQHQLD Y\EXGRYDQi QRYi VNUiWHQi OtQLD KUDGE\ V MHGQRGXFKRX EUiQRX 9R YQ~WRUQRP SULHVWRUH D QD WHUDViFK WHVQH SRG KUDGERX VWiOL RE\WQp GRP\ 9ãHWN\ ]QLþLOL SRåLDU D RKĖX SRGĐDKOD DM EUiQD REQRYHQpKR RSHYQHQLD =R ãLHVWLFK GHGtQ SRG KUDGLVNRP OHQ QD þDVWL SORFK\ MHGQHM ] QLFK QD RVDGH ,, WHVQH SUL YêFKRGQRP ~SlWt YUFKX ± VD QDãOL SUtE\WN\ ] WRKWR KRUL]RQWX 3UHPHQOLYi HWQLFNi PDSD 1D YêFKRGH VXVHGLOR V S~FKRYVNRX REODVĢRX ]PLHãDQp NHOWVNR GiFNH RE\YDWHOVWYR 9HĐNp ~]HPLH QD VHYHUH ]D .DUSDWPL REêYDOL YêFKRGQt *HUPiQL 0HG]L 0RUDYRX D 9iKRP VD XVDGLOL ]iSDGQR JHUPiQVNL .YiGL .YiGL VD Y URNX SUHVtGOLOL QD ]iSDGQp 6ORYHQVNR 1RYêP SUYNRP Y HWQLFNRP NRQJORPHUiWH VHYHUQêFK .DUSiW EROL 'iFL NWRUt VD VHP XWLDKOL SUHG NYiGVNRX UR]StQDYRVĢRX ] SRGXQDMVND DOHER ] YêFKRGQpKR 6ORYHQVND

3RG FXG]RX QDGYOiGRX .DWDVWURID VSRMHQi VR ]iQLNRP WUDGLþQêFK RSHYQHQt ]DQHFKDOD KOERNp VWRS\ Y ãWUXNW~UH 3~FKRYVNpKR RVtGOHQLD NWRUp VD Y WRP þDVH ]PHQãLOR R RNUDMRYp þDVWL QD VHYHUR YêFKRGQHM 0RUDYH QD 3RYDåt L QD 3RKURQt 6~VWDYD KUDGtVN SR LFK ]QLþHQt Xå QHEROD REQRYHQi 3RþHW VtGOLVN Y]UiVWRO DOH QHGRVLDKRO UR]VDK RVtGOHQLD ] QHVNRUHM GRE\ ODWpQVNHM 3R VSXVWRãHQt XSHYQHQHM RVDG\ QD YUFKROH KUDGLVNR ]RVWDOR Y UXLQiFK D ] S{YRGQêFK RViG REêYDQêFK Y SRVOHGQRP VWRURþt SUHG QDãtP OHWRSRþWRP EROL REQRYHQp OHQ WUL QDMYêKRGQHMãLH ORNDOLW\ QD YêFKRGQRP D MXåQRP ~SlWt YUFKX = RVHPQiVWLFK VtGOLVN ODWpQVNHM GRE\ QD SRþLDWNX GRE\ UtPVNHM REQRYHQp OHQ VSRPtQDQp WUL RVDG\ NWRUp EROL RSXVWHQp QLHNHG\ Y GUXKHM SRORYLFL VWRURþLD QiãKR OHWRSRþWX 0DWHULiOQD NXOW~UD S~FKRYVNêFK VtGOLVN VWDUãHM GRE\ UtPVNHM GREUH RG]UNDGĐXMH NRPSOLNRYDQp SRPHU\ Y .DUSDWVNHM REODVWL . ]PHVL S{YRGQêFK GRPiFLFK D ODWpQVNR NHOWVNêFK SUYNRY Y WHFKQROyJLiFK VWDYLWHĐVWYH D YR YêWYDUQRP SUHMDYH SULEXGOL ]UHWHĐQp VWRS\ RNROLWêFK RNUXKRY 'iFNHM 3U]HYRUVNHM YDQGDOVNHM D NYiGVNHM NXOW~U\ -H WR ]QDN ćDOãLHKR YUVWYHQLD HWQLFNêFK ]ORåLHN KRUVNHM REODVWL D GRNODG SR]LWtYQ\FK þL QHJDWtYQ\FK NRQWDNWRY VR VXVHGQêPL QiURGPL 3~FKRYVNi NXOW~UD ]DFKRYDOD ]QDN\ FKDUDNWHULVWLFNpKR VSRPDOHQpKR YêYRMD VR VLOQêP DNFHQWRP ORNiOQHM WUDGtFLH 0QRKp ] YêGRE\WNRY NHOWVNHM FLYLOL]iFLH DNR QDSU UD]HQLH D SRXåtYDQLH PLQFt V~VWUXK þL KUQþLDUVN\ NUXK SR UHODWtYQH NUiWNRP þDVH XSDGOL GR ]DEXGQXWLD 9LDFHUp RULJLQiOQH GRPiFH YêUREN\ QDKUDGLOL GRYiåDQp DOHER QDSRGREĖRYDQp UtPVNRSURYLQFLiOQH DOHER JHUPiQVNH SURGXNW\ /HQ QLHNWRUp GUXK\ ãSHUNRY D KODYQH NHUDPLFNi WYRUED ćDOHM YHUQH UR]YtMDOL GiYQH WYDU\ D Y]RU\ ODWpQVNHM GRE\ QR Y VNUHVOHQHM SRGREH 5HPHVHOQi YêURED VD YR YþDVQRUtPVN\FK RVDGiFK ]DþDOD UR]YtMDĢ ]iVOXKRX RåLYHQLD ĢDåE\

3R KXWQtNRFK ] VWRURþLD QiãKR OHWRSRþWX WX ]RVWDOL GOKp UHĢD]FH QiV\SRY KiOG åHOH]QHM WURVN\ VR ]Y\ãNDPL WDYLDFLFK SHFt D MDP\ SR ĢDåEH KHPDWLWX 1D VtGOLVNiFK ,, ,,, D 9,, Y /LSWRYVNHM 0DUH SUDFRYDOL YLDFHUp NRYiþVNH Y\KQH L PDMVWUL VSUDF~YDM~FL SDURKRYLQX D NRVWL âSHUNiUL Y\UiEDOL ~åLWNRYp D R]GREQp SUHGPHW\ ]R VWULHEUD MDQWiUX EURQ]X D åHOH]D 7UDGLþQi SUiFD V NRYRP WHGD ]RVWDOD GRPLQDQWQRX PLHVWQHKR KRVSRGiUVWYD 9 .DUSDWRFK SUHåtYDOL DOHER VD VHP XWLDKOL ]Y\ãN\ U{]QRURGêFK NPHĖRY NWRUp VL WX Y RFKUDQQRP SiVPH K{U XFKRYDOL XUþLW~ LGHQWLWX 1HY\KOL VD QDGYOiGH JHUPiQVN\FK VXVHGRY 1DMVWDUãRX YUVWYRX EROR ,OêUVNH RE\YDWHĐVWYR V NRUHĖPL Xå Y GREH EURQ]RYHM D åHOH]QHM 6tGOLVNi S~FKRYVNHM NXOW~U\ QD VWUHGQRP 6ORYHQVNX Y VWDUãHM GREH UtPVNHM SRVWXSQH QDKUDG]RYDOL JHUPiQVNH RVDG\ NêP VHYHURVORYHQVNp ~]HPLH ]RVWDOR LQWDNWQp Då GR PDUNRPDQVNêFK YRMHQ D KXVWRWD RVtGOHQLD MH RYHĐD Y\ããLD

0 DUFXV $XUHOLXV D .RWtQL =iYHUHþQê YêYRM YþDVQRKLVWRULFNpKR RVtGOHQLD KRUVNHM REODVWL 6ORYHQVND D WêP DM /LSWRYVNHM 0DU\ VSUHYiG]DOL YRMQRYp NRQIURQWiFLH VYHWRYOiGQHM 5tPVNHM UtãH V ERMRYQêPL EDUEDUVNêPL QiURGPL QD þHOH V SRGXQDMVNêPL *HUPiQPL 0DUNRPDQPL D .YiGPL 3lWQiVĢ URþQ~ NUYDYi YRMQX Y URNRFK Y\KUDOL ULPDQLD =PHQ\ Y SRPHUH VtO PHG]L 5LPDQPL D *HUPiQPL PHG]L VYHWRP DQWLN\ D EDUEDUVNRX (XUySRX

2EU > @ 9\VtGOHQLH .RWtQRY 9êMDY ]R VWĎSD 0DUFD $XUpOLD

6 S~FKRYVNRX NXOW~URX MH VSiMDQê NPHĖ .RWtQRY 3UYi StVRPQi VSUiYD R NPHQL .RWtQRY SUiYH ] REGRELD UtPVN\FK YêSUDY SURWL 'iNRP VD REMDYXMH Y WH[WH W]Y 7XVNXOVNpKR HOyJLD WH[W RSLVXMH SUY~ UtPVNX YRMHQVN~ YêSUDYX SRG YHGHQtP 0DUFD 9LQLFLD ]D 'XQDM NGH VD VWUHWRO V .RWtQPL 2VPL D $QDUWPL 1HVN{U LQIRUPiFLX R .RWtQRFK D LFK þLQQRVWL SULQiãD L 7DFLWXV Ä 9]D GX RG FKUEWD RENĐXþXM~ 0D U NRPD QRY D .Yi GRY 0D UVLQJRYLD .RWtQL 2VL D %~UL = QLFK 0D UVLQJRYLD D %~UL SULSRPtQD M~ UHþRX D VS{VR ERP åLYRWD 6YpERY NHOWVNê MD ]\N .RWtQRY D SD QyQVN\ MD ]\N 2VRY GRND ]XMH åH QLH V~ *HUPi QPL WD NLVWR L WR NRPX SOD WLD GD QH ýD VĢ SRSOD WNRY LP D NR FXG]LQFRP XGHĐXM~ 6D UPD WL þD VĢ .Yi GL .RWtQL ĢD åLD D M åHOH]R D E\ LFK KD QED EROD HãWH Yl þãLD ´ 7DFLWXV *HUPDQLD 9ãHWN\ WLHWR ERMH ]QDPHQDO\ SRVWXSQp FLYLOL]DþQp ]EOLåRYDQLH VD VYHWRY 9 VWRURþt Q O H[LVWRYDOL SRG RSXVWHQêP KUDGLVNRP Y /LSWRYVNHM 0DUH Xå OHQ GYH VtGOLVNi RVDG\ ,, D ,,, 1DMPODGãLH YUVWY\ WX SDWULD GR þLDV RStVDQêFK YRMHQ 2VDG\ EROL DVL RSXVWHQp SUHWRåH VD QH]LVWLOL QLMDNp VWRS\ LFK QiVLOQpKR ]iQLNX =iURYHĖ NRQþLD DM RVWDWQp ORNDOLW\ S~FKRYVNHM NXOW~U\ Y /LSWRYH QD 6SLãL QD 2UDYH þL Y 7XUFL -H WR GRED ]iQLNX SUHUXãHQLD GOKRGREHM NRQWLQXLW\ D WUDGtFLH -H WR SRVOHGQp KPDWDWHĐQp VYHGHFWYR ERKDWHM D VOiYQHM SUHGKLVWyULH /LSWRYVNHM 0DU\ .

GHILQLWtYQHPX ]iQLNX S~FKRYVNHM NXOW~U\ GRFKiG]D SRþDV PDUNRPDQVNêFK YRMHQ NHć EROL .RWtQL VSROX V 2VPL EROL SUHVtGOHQt GR MXåQHM 3DQyQLH

2EU > @ +UDQLFH S~FKRYVNHM NXOW~U\ 9 GREH ODWpQVNHM ± ERGNRYDQi þLDUD Y VWDUãHM GREH UtPVNHM ± SUHUXãRYDQi þLDUD 3LHWD

äLYRW 0DUVNHM VSRORþQRVWL 5RĐQtFL GRE\ åHOH]QHM =iNODGQRX SRWUHERX ĐXGVNêFK VSRORþHQVWLHY YþDVQRKLVWRULFNpKR REGRELD ]RVWiYDOR ]DEH]SHþRYDQLH REåLY\ þLåH SUiFD URĐQtND .OLPDWLFNp SRGPLHQN\ V~ GRGQHV Y /LSWRYH YHĐPL VN~SH D SUHGSRNODG\ SHVWRYDQLD RELOQtQ ]QDþQH REPHG]HQp 3UL KRGQRWHQt ~URYQH GRERYpKR SRĐQRKRVSRGiUVWYD Y RNROt /LSWRYVNHM 0DU\ PXVtPH Y\FKiG]DĢ ]R ]QDORVWL SRGQHELD YR YþDVQRKLVWRULFNRP REGREt X QiV 7R VSDGi GR UR]KUDQLD GYRFK YHĐNêFK NOLPDWLFNêFK SHULyG PODGãLHKR VXEERUHiOX D VXEDWODQWLND 7HQWR SUHFKRG VD Y\]QDþRYDO UHODWtYQH NUiWN\P ]OHSãHQtP SRGQHELD V SUHYDKRX WHSOpKR RFHiQVNHKR SU~GHQLD D SRVWXSRP OHVD 3RSUL KRVSRGiUVN\FK VWDYEiFK D QiUDGt V~ SUH QiV ERKDWêP ]GURMRP LQIRUPiFLt YêVOHGN\ DQDOê] ERKDWêFK DUFKHRORJLFNêFK D DUFKHRERWDQLFNêFK PDWHULiORY 9ćDþLPH ]D WR S{GQ\P SRGPLHQNDP ]YOiãĢ YKRGQêP SUH ]DFKRYDQLH RUJDQLFNêFK OiWRN 1D VtGOLVNX ,, VD RELDYLO ãLURNê VRUWLPHQW SHVWRYDQêFK SORGtQ 9 SRåLDURP ]QLþHQRP YþDVQRODWpQVNRP GRPH QD VtGOLVNX 9,, VD QDãOD ]iVREQLFD QDSOQHQi MDþPHĖRP VLDW\P GYRMUDGRYêP /LSWRYVNê UHJLyQ QHGLVSRQXMH ~URGQRX ]HPRX D QD MHKR ãWUNRYLWêFK UHQG]LQRYêFK þL OHVQêFK S{GDFK VD DM GQHV GDUt OHQ QLHNWRUêP GUXKRP NXOW~UQ\FK UDVWOtQ 3RGĐD WRSRJUDILFNêFK SR]RURYDQt VWUHG /LSWRYVNHM NRWOLQ\ GQHV QDM~URGQHMãt ERO Y PLQXORVWL QHRVtGOHQê +RUVNp SRGQHELH V NUiWN\P YHJHWDþQêP REGREtP MH ćDOãtP IDNWRURP REPHG]XM~FL SRĐQRKRVSRGiUVNX DNWLYLWX 2E\YDWHOLD WRKWR FHQWUD PDOL OHSãLH PRåQRVWL Y FKRYH GRE\WND KODYQH FKRY KRYlG]LHKR GRE\WND D RYLHF ,Q~ SRWUDYX VL PXVHOL ]tVNDYDĢ YêPHQRX ]D VYRMH YêUREN\ QDSU ]D YHĐNp QiGRE\ ] KOLQ\

ýR VD SHVWRYDOR 'HVLDWN\ NLORJUDPRY RELOLD D VWUXNRYtQ VD QDãOL PHG]L REHWQêPL GDUPL YR VYlW\QL D WDNLVWR Y REMHNWH QHREMDVQHQpKR ~þHOX RGNU\WRP Y WHOHVH ]iSDGQpKR YDOX 3RNUDþRYDQLH SHVWRYDQLD DUFKDLFNêFK SOHYQDWêFK ]UQtQ KODYQH SãHQLFH GYRM ]UQRYHM DOHER ãSDOG\ 2G QHVNRUHM GRE\ ODWpQVNHM SRVWXSQH QDKUDG]XMH QDKp SãHQLFH KODYQH SãHQLFD VLDWD 5HODWtYQH KRMQH VD WX REMDYXMH SURVR NHGåH Pi NUiWNH YHJHWDþQp REGRELH

ÒSUDYD SROt RUED D VHMED 3ROLD OHåDOL Y EOt]NRVWL GRPRY QD WHUDViFK D QiSODYiFK ERþQêFK SUtWRNRY 9iKX PDOL ãWYRUFRYê WYDU V NUtåRYRX RUERX 9\þHUSDQLX S{G\ URĐQtFL ]DEUDĖRYDOL ~KRURYDQtP D KQRMHQtP +ODYQêP ]GURMRP LQIRUPiFLt R REUiEDQt S{G\ V~ åHOH]Qp þDVWL QiUDGLD 6HNHU\ D ĢDåNp PRW\N\ VO~åLOL DNR XQLYHU]iOQ\ QiVWURM SUL þLVWHQt SR]HPNRY =iNODGQêP RUERYêP QiUDGtP EROR GUHYHQp KiNRYp DOHER SOD]RYp UDGOR RG VWUHGRODWpQVNHM GRE\ Y\EDYHQp åHOH]QRX UDGOLFRX 9 þDVH UR]NYHWX

S~FKRYVNHM NXOW~U\ VD RUQp QiUDGLH ]OHSãXMH SULGDQtP QRYpKR SUYNX± NURMLGOD -H WR DNêVL PDVtYQ\ Q{å RVDGHQê YR ]YLVOHM SRORKH NWRUê XĐDKþRYDO SULHQLN UDGOD GR S{G\ 9êUREX åHOH]QpKR ULDGX XPRåQLO ]UêFKOHQê UR]YRM NRYiþVWYD Y FHQWUiOQ\FK RVDGiFK 5DGOR EROR V\PERORP URĐQtNRYHM SUiFH 3UHWR VD MHKR ]Y\ãN\ ± UDGOLFH ± QDFKiG]DOL Y REHWLVNX QD +DYUiQNX LVWH DNR SRVYlWQê QiVWURM QD SUY~ MDUQ~ RUEX V SRåHKQDQtP ERåVWLHY ]DEH]SHþXM~FLFK SORGQRVĢ ]HPH

=EHU ~URG\ D XVNODGQHQLH SORGtQ +RVSRGiU VD VQDåLO GRVWDĢ SORG\ VYRMHM SUiFH þR QDMVN{U GR EH]SHþLD VêSRN D VWRG{O =UQR PXVHOR E\Ģ GRVWDWRþQH ]UHOp D VXFKp YKRGQp QD GOKRGREp VNODGRYDQLH /~N\ VD Y\NiVDOL QD VHQR MHGQRUXþQêPL SRORNRVDPL DOHER NRVDPL 3UtNODG\ RUERYpKR D åDWHYQpKR QiUDGLD SRVN\WRO KURPDGQê QiOH] REMDYHQê QD KUDGLVNX Y /LSWRYVNHM 0DUH Y URNX .RVD GYH SRORNRV\ D WUL NRViN\ PDM~ SRGREQê SROREO~NRYLWê WYDU D URYQDNê ERþQê WĚĖ QD XSHYQHQLH þHSHOH GR QiVDG\ 1D VtGOLVNiFK DOH L Y REHWLVNX VD QDãOL DM NUDWãLH NRViN\ QRåRYLWpKR WYDUX V PHQãtP VNORQRP þHSHOH 9\QDOLH]DYê .HOWL QD ]EHU RELOLD QD UR]VLDKO\FK SROLDFK ~URGQHM *iOLH ]RVWURMLOL GRNRQFD åDFt VWURM QR Y QDãLFK SRGPLHQNDFK SUHELHKDOD åDWYD OHQ RVYHGþHQêP VS{VRERP 3R ]Yl]HQt ] SRĐD DOHER GRVXãHQt VD RELOLH Y\POiWLOR 3RGREQH VD POiWLOL DOHER O~SDOL DM VWUXNRYLQ\ 8å RG VWDUãHM GRE\ åHOH]QHM VD VWDOL EHåQRX V~þDVĢRX GRPiFQRVWt ]iVREQLFH NWRUp GRVDKRYDOL YêãNX FP D REVDK YLDF DNR OLWURY 3UH VYRMH YHĐNp UR]PHU\ VD ] þDVWL ]DNRSiYDOL GR ]HPH 2NUHP WHNXWtQ VD Y QLFK XVNODGĖRYDOR WLHå RELOLH DNR SRKRWRYRVWQi ]iVRED Y GRPiFQRVWL 9lþãLH PQRåVWYi ]UQD VD XNODGDOL GR GUHYHQêFK WUXKOtF VêSRN D QiVOHGQH GR PDOêFK VWDYLHE NRORYHM NRQãWUXNFLH

&KRY ]YLHUDW +RUVNi REODVĢ /LSWRYD PDOD L Pi QDMOHSãLH SUHGSRNODG\ SUH UR]YRM GRE\WNiUVWYD +ODYQRX ]ORåNRX FKRYX ERO KRYlG]t GRE\WRN PDOpKR Y]UDVWX þR WYRULOR FHONRYpKR REMHPX +ODYQH FKRY NUiY Y KRVSRGiUVWYH D YR YêåLYH GRE\ åHOH]QHM L GRE\ UtPVNHM &KRYDOL VD SUHGRYãHWNêP QD ]iVRERYDQLH POLHNRP D POLHþQ\PL SURGXNWPL D OHQ GUXKRWQH DNR ]GURM PlVD 9\VRN~ ~åLWNRYRVĢ PDOD QDMPl RYFD NWRUi RNUHP POLHND D V\UD GiYDOD YOQX PlVR D NRåXãLQX &KRY RãtSDQêFK VO~åLO DNR KODYQê ]GURM PlVD D WXNX SUH GRPiFQRVĢ .RQH FKRYDOL QD MD]GHFNp D ĐDKNH ĢDåQp ~þHO\ ,QYHQWiU VHGOLDFNHKR GYRUD GRSĎĖDO SHV VWUiåFD D SRPRFQtN SUL VWiGH &KRYDOL VD WLHå VOLHSN\ D KXVL 9 VtGOLVNRYêFK ãWUXNW~UDFK GYRUFRY VD QHSRGDULOR UR]SR]QDĢ SULHVWRU\ MHGQR]QDþQH XUþHQp QD XVWDMĖRYDQLH ]YLHUDW L NHć PHQãLH KRVSRGiUVNH VWDYE\ DNR KXPQi D FKOLHY\ ɪɝɿ RE\WQêFK GRPRFK QHFKêEDOL

6WUDYD D GRSOQNRYp IRUP\ ]tVNDQLD SRWUDY\ 1HRGP\VOLWHĐQRX V~þDVĢRX GRPRY EROR RKQLVNR NWRUp Y\KULHYDOR RE\WQê SULHVWRU D VO~åLOR QD SUtSUDYX VWUDY\ 2KQLVND PDOL QLHNHG\ SRGNODG ]R åXORYêFK DOHER SLHVNRYFRYêFK NDPHĖRY NY{OL

OHSãHM DNXPXOiFLt WHSOD 3UL RKQL VWiOL KOLQHQp SRGVWDYFH SRGREQp WNiþVN\P ]iYDåLDP NWRUp SRGRSLHUDOL UDåQH 9 PODGãtFK GRPRFK VD WDNp ]DULDGHQLD REMDYXM~ OHQ ]ULHGND 3UHQRVQp SLHFN\ D EXGRYDQp SHYQp RKQLVNR EROR PLPR SUtE\WNRY /HQ PiOR GiYQ\FK NXOW~U PDOR WDNê ãLURNê VRUWLPHQW KOLQHQêFK QiGRE DNR QRVLWHOLD S~FKRYVNHM NXOW~U\ ] /LSWRYVNHM 0DU\ 9êUREFRYLD KUQþLDUL DOH DM þOHQRYLD MHGQRWOLYêFK GRPiFQRVWt Y\UiEDOL D Y\SDĐRYDOL U{]QH GUXK\ KUQFRY YKRGQêFK QD YDUHQLH D GXVHQLH MHGiO QD RKQLVNX 2EĐ~EHQp EROL QiGRE\ V SUtPHVRX JUDILWX NWRUp GREUH RGROiYDOL ]PHQiP WHSORW\ 6WRORYi NHUDPLND QD MHGHQLH D SLWLH SR]RVWiYD ] SRþHWQêFK PtV D PLVLHN 9]iFQH EROL V~SUDY\ QD SLWLH ] EURQ]X GRYiåDQp ] ,WiOLH NWRUp EROL XUþHQp SUH Y\ããLH VSRORþHQVNp YUVWY\ ,FK SR]RVWDWN\ VD QDãOL PHG]L REHWQêPL GDUPL YR VYlW\QL =iNODGRP VWUDY\ EROL NDãRYLWp MHGOi ] RELOQtQ D VWUXNRYtQ GRFKXFRYDQp WXNRP POLHNRP D YêURENDPL ] POLHND 7DNWR WR EROR X QiV SUHG UR]ãtUHQtP ]HPLDNRY = RELOQHM P~N\ VD SLHNOL QD SDKUHEH MHGQRGXFKp QHNYDVHQp SODFN\ 0lVLWi VWUDYD EROD XUþLWH PHQHM þDVWi 0lVR EROR KODYQêP MHGORP SUL VOiYQRVWQêFK SUtOHåLWRVWLDFK 3UL RSLVH NHOWVNêFK ]Y\NRY LFK KRVWLQ\ Ä -HGLD YãHWFL VHGLD F QLH QD VWROFRFK D OH QD ]HPL QD UR]SUHVWUHWêFK YOþtFK D SVtFK NRåXãLQi FK 3ULWRP LFK REVOXKXM~ POD Gt RERFK SRKOD Yt 1HćD OHNR VWRMt RKQLVNR V RKĖRP NRWOD PL D UD åĖD PL V YHĐNêPL NXVPL Pl VD 8UþLWp GUXK\ SRWUDYtQ ] SUtURGQêFK ]GURMRY EROR OHVQp RYRFLH KXE\ OLHþLYp E\OLQ\ þDMRYLQ\ D NRUHQLQ\ -HGLQêP VODGLGORP ERO PHG RG OHVQêFK YþLHO QHVN{U Xå FKRY YþHOVWLHY 9 þDVH KODGX VD DNR QiKUDGQi SRWUDYD MHGOL DM åDOXGH EXNYLFH N{UD D U{]QH GUXK\ UDVWOtQ 2VDG\ QD EUHKX Y\XåtYDOL Y ]QDþQHM PLHUH U\ERORY 3RGĐD QiOH]RY VD ORYLOL WXU\ MHOHQH VUQFH YLN\ GLYLDN\ D YWiN\ DOH DM PHGYHGH D GQHV Xå Y WRPWR NUDML Y\K\QXWp ORV\ D EREU\ /RYHFNêPL WURIHMDPL D WLHå RFKUDQQêPL DPXOHWPL EROL ]iYHVN\ ] SUHYUWDQêFK YOþtFK GLYLDþtFK D PHGYHGtFK ]XERY 2NUHP SDVFt NWRUp VD QH]DFKRYDOL VD ]YHU ORYLOD SRPRFRX GLDĐNRYêFK ]EUDQt RãWHSRY OXNRY D SUDNRY

0 DMVWUL UHPHVLHO 1D PQRKêFK PLHVWDFK RNROR +DYUiQND G\PLOL SHFH D Y\KQH = &KRþVNêFK D 1L]NRWDWUDQVNêFK GROtQ SULYiåDOL SRYR]\ åHOH]Q~ PHGHQ~ L VWULHERUQ~ VXURYLQX NWRUi VD Y GRPiFLFK GLHOĖDFK SUHPLHĖDOD QD KĐDGDQp YêUREN\ QiVWURMH QiUDGLH ãSHUN\ D PLQFH 1DMYLDF VW{S SR YêUREH VD QDãOR QD RVDGiFK ,,, D 9,, OHåLDFLFK QD EUHKX ULHN\ PHQHM QD Y]GLDOHQHMãtFK VtGOLVNiFK 7R QD]QDþXMH RGOLãQê FKDUDNWHU MHGQRWOLYêFK þDVWt DUHiOX 'LHOQH RGNU\Wp Y 0DUH PDOL þDVWR ãLUãt YêUREQê SURJUDP D WLHå VD QHGi SRYHGDĢ åHE\ WX UHPHVHOQi YêURED SUHYOiGDOD

äHOH]R QDGRYãHWNR äHOH]R GRSOQLOR D ]OHSãLOR URĐQtNRYR QiUDGLH -HGQêP ] G{YRGRY PDVRYpKR UR]ãtUHQLD åHOH]D EROD ĐDKNi GRVWXSQRVĢ YVWXSQêFK 6XURYtQ ± UXG\ D XKOLDUVNHKR GUHYD 9 KRUVNHM REODVWL EROL N GLVSR]tFLt GRVWDWRþQp ]GURMH VLGHULWX D KHPDWLWX 9 þDVQRKLVWRULFNHM GREH VD VWDOL ]iVRE\ åHOH]QHM UXG\ ]iNODGRP D K\EQRX VLORX SURVSHULW\ WRKWR NUDMD 9 RNROLWRP &KRþRYVNRP SRKRUt VD Y PLQXORVWL

ĢDåLOD åHOH]Qi UXGD 3UiFX NRYiþRY D LFK SUtWRPQRVĢ GRND]XMH QD YãHWNêFK PDUVNêFK RVDGiFK YêVN\W WURVN\ D RNUXMt L QiOH]\ SR]RVWDWNRY GLHOQt D ãSHFLiOQHKR QiUDGLD =iNODGRP EROR SULURG]HQp RKQLVNR V PHFKPL NWRUp SU~GRP Y]GXFKX RN\VOLþRYDOR SODPHĖ WOHM~FHKR

GUHYHQpKR XKOLD

9êQLPRþQH VD QDãOR KOLQHQp QiNRQþLH PHFKD D åHOH]Qi ORSDWND QD SUHKUDEiYDQLH SDKUHE\ 1DKUXER VD NRYDOR ĢDåNêPL NODGLYDPL QD åXORYRP NDPHQL QD MHPQHMãLH RSHUiFLH VD SRXåtYDOL ãSHFLiOQH PHQãLH QiNRY\ D NODGLYi ,Qê NRY NWRUê ERO Y WHMWR GREH þDVWR SRXåtYDQê ERO EURQ] ] NWRUpKR VD NRYDQtP Y\UiEDOL QDSUtNODG REUXþH D ãSHUN\ =R åHOH]D VD WLHå Y\UiEDO VSRMRYDFt D LQê VWDYHEQê PDWHULiO NOLQFH VNRE\ NUDPOH SiQW\ KiN\ D SRG

âSHUNiUL 9 GREH ODWpQVNHM EURQ]RYp QiVWURMH GiYQR QDKUDGLOL åHOH]Qp DOH EURQ] QHXVW~SLO GR SR]DGLD 7HQWR ]ODWLVWê NRY VD QDćDOHM ãLURNR Y\XåtYDO QD ]KRWRYRYHQLH V~þDVWL RGHYX D ãSHUNRY 0HGHQi VXURYLQD V SUtPHVRX FtQX VD WDYLOL Y PDOêFK KOLQHQêFK SLHFNDFK SRPRFRX GUHYHQpKR XKOLD D GXFKDGOD PHFKD 0HQãLH PQRåVWYi Y\þLVWHQpKR D OHJRYDQpKR PDWHULiOX VD SUHWDYRYDOL Y WpJOLNRFK =Y\ãN\ SLHFRN D WpJOLNRY SDWULD N EHåQêP QiOH]RP Y /LSWRYVNHM 0DUH =ORåLWHMãLH R]GRE\ VD RGOLHYDOL GR KOLQHQêFK VWUDWHQêFK IRULHP MHGQRGXFKãLH YHFL VD Y\N~YDOL WHSDOL DOHER PRQWRYDOL ] GU{WHQpKR D SOHFKRYpKR SRORWRYDUX 6SiMDOL D XSUDYRYDOL VD QLWRYDQtP SiMNRYQtP SLORYDQtP FL]HORYDQtP D OHãWHQtP âSHUNiUVNH WHFKQROyJLH QDćDOHM Y\UiEDOL PDVtYQH ãSHUN\ VWDURE\Op IRUP\ RWYRUHQêFK QiUDPNRY D ãDWRYp LKOLFH þR SRXND]XMH QD GRVWDWRN ]iNODGQHM VXURYLQ\ 3RG YþDVQêP NHOWVNêP YSO\YRP VD ]DþDOL Y\UiEDĢ GHNRUDWtYQH SOHWHQp D W\þLQNRYp QiNUþQtN\ WRUTXHV\ 1DSULHN YSO\YX .HOWRY VD DM WX ] þDVX QD þDV XSODWĖXMH VQDKD D ]YêãHQ~ GHNRUDWtYQRVĢ GRPiFHKR ãWêOX 0DMVWURYVNêPL GLHODPL Y\UiEDQêPL W\SLFNRX NHOWVNRX RGOLHYDFRX WHFKQLNRX EROL SUtYHVN\ ± NU~åN\ V KUiãNRYêPL QDOLDWNDPL ]GREHQp QiXãQLFH D KODYQH ÄSUHODPRYDQp³ NRãtþNRYLWp ]iYHVN\ 9]iFQHMãtPL D ]ULHGNDYHMãtPL NRYPL EROL ]ODWR D VWULHEUR -HGLQêP QiMGHQtP SUHGPHWRP ]R ]ODWD Y /LSWRYVNHM 0DUH MH PDOê GU{WLN SRXåLWê DNR SUtYHVRN QD EURQ]RYHM VSRQH 1DMVWDUãtP GRNODGRP XSODWQHQLD VWULHEUD V~ ãW\UL MHGQRGXFKp GU{WHQp QiXãQLFH QiMGHQp YR YþDVQRODWpQVNRP RE\GOt +UXGN\ MDQWiUX L SRORYêUREN\ ] REMHNWX QD VtGOLVNX ,,, SRXND]XM~ QD VSUDF~YDQLH WRKWR FHQQpKR PDWHULiOX = NRVWL D SDURKRYLQ\ VD Y\UiEDOL QDSU UXNRYlWH StãĢDON\ LKO\ D U{]QH LQp R]GRE\ 3RGĐD QiOH]RY NRVWLDUVNH GLHOQH SUDFRYDOL QD RVDGiFK ,, D ,,,

+UQþLDUVWYR +OLQHQp QiGRE\ QD YDUHQLH D XVFKRYiYDQLH SRWUDYtQ ]DþDOL ĐXGLD Y\UiEDĢ ]iURYHĖ V URĐQtFN\P VS{VRERP åLYRWD D NHUDPLND VD UêFKOR VWDOD QHSRVWUiGDWHĐQRX V~þDVĢRX GRPiFQRVWL 3UH DUFKHROyJRY V~ KOLQHQp þUHS\ D KUQFH ]iNODGQRX þDVĢRX QiOH]RYpKR LQYHQWiUD D ]YlþãD L KODYQêP YRGLGORP Y ]ORåLWêFK YêYRMRYêFK D NXOW~UQ\FK Y]ĢDKRFK VN~PDQHM FLYLOL]iFLH 1iGRE\ VD PRGHORYDOL ] Y\þLVWHQHM SUHSDĐRYDQHM D Y\SUDFRYDQHM KOLQ\ V RVWULYRP 3R SUHVFKQXWt VD SRYUFK QiGRE\ ]GRELO D

XSUDYRYDO KODGHQtP þL OHãWHQtP 9\VXãHQp KUQFH VD Y\SiOLOL SRG PLOLHURYRX KUDQLFRX Y MDPH DOHER MHGQRGXFKR Y RKQLVNX 2[LGDþQH SHFH ± ]D SUtVWXSX Y]GXFKX Y\SDOĐRYDOL GR VYHWOêFK RGWLHĖRY Då GR þHUYHQD DOHER UHGXNþQH SHFH Y X]DYUHWHM DWPRVIpUH NGH SRYUFK ]tVNDO WPDY~ Då þLHUQX IDUEX 9 SUHGS~FKRYVNRP REGREt VD XSUHGQRVWĖRYDOD VLYi D þLHUQD NHUDPLND ] UHGXNþQêFK YêSDORY NêP Y QHVNRUHM GREH ODWpQVNHM D DM Y VWDUãHM GREH UtPVNHM VD QiGRE\ Y\SDĐRYDOL ]YlþãD R[LGDþQH GR RNURYêFK Då þHUYHQDYêFK RGWLHĖRY ÒåLWNRYp IRUP\ ± SURVWp V~GNRYLWp KUQFH D UR]PHUQp ]iVREQLFH VO~åLOL QD YDUHQLH D XNODGDQLH SRWUDYtQ 6WDURVWOLYR XSUDYRYDQê D ERKDWR ]GREHQê ERO VWRORYê ULDG GåEiQ\ QDEHUDþN\ PLV\ D Yi]\ 1HVN{U KODYQH RG NRQFD VWUHGQHM GRE\ ODWpQVNHM VL ]DþtQDM~ KUQþLDUL YlþãPL YãtPDĢ ÄPyGQH³ WYDURYp D Y\]GREHQp SUYN\ NHOWVNHM NHUDPLN\ DNR QDSU ]iVREQLFH V JROLHURYLWR ]RVLOQHQêP RNUDMRP 1DMEHåQHMãLD QiGRED S~FKRYVNHM NXOW~U\ MH YODVWQH LFK MHGQRGXFKRX LPLWiFLRX þR QD]QDþXMH V\PEROLFNp VSRMHQLH VWDUpKR D QRYpKR .HOWVNt NRORQLVWL QHSULQLHVOL OHQ NHUDPLFNp IRUP\ DOH QDMPl QRY~ WHFKQROyJLX YêURE\ NWRU~ NHG\VL VDPL ]tVNDOL NRQWDNWPL V DQWLFNêP VYHWRP 3RPRFRX UêFKOR URWXM~FHKR NUXKX VD ]KRWRYRYDOL GRNRQDOH V\PHWULFNp QiGRE\ .UXK ERO MHGQRGXFKê PHFKDQL]PXV SR]RVWiYDM~FL ]R ]YLVOHM YR GYRFK ERGRFK XSHYQHQHM RVL RWDþDM~FHM VD Y ERGRYRP ORåLVNX 9 VSRGQHM þDVWL ERO QD ĖX SULSHYQHQê ĢDåNê ]RWUYDþQtN SRKiĖDQê QRKRX 1D UR]ãtUHQRP KRUQRP NRQFL RVL VD ] MHPQHM KOLQHQHM PDV\ IRUPRYDOL HOHJDQWQp SUHYDåQH QH]GREHQp QiGRE\ 9êQLPNRX D ]iURYHĖ YUFKRORP KUQþLDUVNHM ]UXþQRVWL EROD NHUDPLND PDĐRYDQi SiVPL ELHOHM þHUYHQHM DOHER WPDYRVLYHM IDUE\ QLHNHG\ HãWH VNUiãOHQi MHPQêP JHRPHWULFNêP RUQDPHQWRP 6 .HOWPL VD REMDYLOR DM ÄSURIHVLRQiOQH³ Y\SDĐRYDFLH ]DULDGHQLH YHUWLNiOQD GYRMNRPRURYi SHF 3R]RVWiYDOD ] GYRMLFH Y\NXURYDFtFK NDQiORY ~VWLDFLFK GR RKQLVND NWRUp RG KRUQHM NRPRU\ V SROJXĐRYLWRX NXSRORX RGGHĐRYDO DVL FP ãLURNê URãW V SULHGXFKPL 1D URãWH EROD QDXNODGDQi KUQþLQD 3ODPHQH ãĐDKDM~FH FH] SULHGXFK\ URYQRPHUQH Y\SiOLOL FHO~ YViG]NX Y NWRUHM EROR SULEOLåQH QiGRE ,FK SUiFD VD PRKOD GREUH UR]YLQ~Ģ YćDND VOLHĖRYLWêP D KOLQLWêP YUVWYiP IO\ãRYpKR SRGORåLD NWRUp SRVN\WRYDOR GRVWDWRN NYDOLWQHM KOLQ\ QD YêUREX WRþHQHM D PDĐRYDQHM NHUDPLN\ -HGQD ] GYRFK SUHVN~PDQêFK SHFL VD ]DFKRYDOD QDWRĐNR åH MX PRKOL Y\EUDĢ Y EORNX ]R ]HPH D SUHQLHVĢ GR /LSWRYVNpKR P~]HD 3RG ]U~WHQRX NXSRORX VD Y QHM QDãOD SRVOHGQi YViG]ND NHUDPLN\ 9 V~þDVQRVWL VL PRåQR SHF VSROX VR ]UHNRQãWUXRYDQRX KUQþLDUĖRX SUH]ULHĢ Y P~]HX Y SUtURGH 3RVOHGQp QiGRE\ ] WRKR REGRELD EROL KUXERVWHQQp D YLDF PHQHM OHQ RWiþDQp 0DĐRYDQLH SRYUFKX XSDGOR GR ]DEXGQXWLD +UQþLDUVNH UHPHVOR VWUDWLOR VYRMH RSRGVWDWQHQLH D QiGRE\ VD RSlĢ Y\KRWRYRYDOL D Y\SDĐRYDOL S{YRGQêP MHGQRGXFKêP VS{VRERP 7UDGtFLX NHOWVNHM NHUDPLN\ SULSRPtQDM~ Xå OHQ MHM QDSRGREHQLQ\ 1D SRYUFK KUQFRY GåEiQNRY D Yi] VD RSlĢ YUiWLOD EêYDOi SHVWUi JHRPHWULFNi RUQDPHQWLND 0HQt VD DM WYDURYi QiSOĖ 6~GNRYLWp KUQFH Y SULHEHKX VWDUãHM GRE\ UtPVNHM GRVWiYDM~ KUQFRYLW~ IRUPX V HVRYLWWêP RNUDMRQ D QHSUDYLGHOQ~ Yê]GREX Y ]YLVOêFK SiVRFK

3UiFD V GUHYRP D NDPHĖRP 3UiFD V GUHYRP EROD WRX QDMEHåQHMãRX NDåGRGHQQRX þLQQRVĢRX 6SUDFRYDQLD VL Y\åDGRYDOL ãSHFLiOQH YHGRPRVWL D ]UXþQRVWL 0HG]L QH SDWULOR NROiUVWYR SUHWRåH YR] ERO EHåQêP GRSUDYQêP D WUDQVSRUWQêP SURVWULHGNRP =DFKRYDOL VD QiP ] QHKR OHQ QLHNWRUp NRYRYp V~þDVWL 'UHYHQp QiGRE\ Y\UiEDOL V~VWUXåQtFL D GHEQiUL =R VWUHGQHM GRE\ ODWpQVNHM VD QD VtGOLVNX ,, SRSUL ]Y\ãNRFK GUHYHQêFK VWDYHEQêFK NRQãWUXNFLt SRGDULOR REMDYLĢ DM QLHNRĐNR YêURENRY ] GUHYD SDWULDFLFK N EHåQHM YêEDYH GRPiFQRVWL EXNRYp SRULVNR þDVĢ QiGRE\ D KiN +RUQDWê /LSWRY SRVN\WRYDO GRVWDWRN NDPHĖD SUH SRWUHE\ YWHGDMãHM VSRORþQRVWL 0LHVWQH SLHVNRYFH VD SRXåtYDOL DNR EU~VQH NDPHQH EU~VN\ NWRUp VD QD VtGOLVNiFK QDFKiG]DM~ YR YHĐNRP PQRåVWYH

9êURED WH[WLOX D V SUDFRYDQLH NRåt ]RYĖDMãRN .ODVLFNRX GRPiFRX SUiFRX EROR ]KRWRYRYDQLH RGHYX REXYL WH[WLOX NRåXãtQ D NRåt SUH SUDNWLFNp SRWUHE\ JD]GRYDQLD 3ULDG]D VD ]tVNDYDOD VSUDFRYDQtP ]YLHUDFHM KODYQH RYþHM VUVWL D WLHå ] UDVWOLQQêFK QDMPl ĐDQRYêFK YOiNLHQ +OLQHQp SUDVOHQ\ ]RWUYDþQtN\ YUHWLHQ U{]Q\FK WYDURY D UR]PHURY SDWULD PHG]L EHåQp QiOH]\ QD PDUVNêFK VtGOLVNiFK 9êVOHGQê SURGXNW WNDQLQD VD ]DFKRYDOD OHQ YêQLPRþQH Y RGWODþNRFK QD ]ORPNX EURQ]RYpKR SUHGPHWX Y REHWLVNX D QD MHGQHM ] QiGRE Y KUQþLDUVNHM SHFL = QiOH]RY V~ ]QiPH U{]QH GUXK\ LKLHO QD ]RãtYDQLH WH[WLOX þL NRåt WLHå QRåQLFH NWRUêPL VD VWULKDOD YOQD = NRåXãtQ D NRåt VD ]KRWRYRYDOL RGHY\ REXY UHPHQiUVNH D VHGOiUVNH YêUREN\ .RåH GRPiFLFK DOHER XORYHQêFK ]YLHUDW VD XSUDYRYDOL RãNUDEiYDQtP 3UL Y\KODG]RYDQt GHOHQt D ãLWt VD SRXåtYDOL KODGLGOi ] NRQVNêFK NRVWt NUiWNH REO~NRYp QRåH NQDMSL D ãLGOi U{]Q\FK YHĐNRVWt

2VDG\ D KUDGLVNi +RUVNi SUtURGD V GRVWDWNRP NYDOLWQpKR NDPHĖD D UR]VLDKO\PL OHVPL Y\WYiUDOD GREUp SRGPLHQN\ SUH VWDYHEQp ]iPHU\ RE\YDWHĐVWYD /LSWRYD ġDåNp NOLPDWLFNp SRGPLHQN\ GOKp ]LP\ D PQRåVWYR ]UiåRN YãDN NOiGOL ]YêãHQp QiURN\ QD YêEHU PDWHULiOX D NRQãWUXNFLX VWDYLHE LFK RFKUDQX D ~GUåEX 2VtGOHQLH +DYUiQNX VD ]DþtQD Y VWDUãHM GREH ODWpQVNHM '{YRG\ QD XVDGHQLH EROL VPHURGDMQp KRVSRGiUVNH SUHGSRNODG\ QRYpKR ~]HPLD 1RYp VtGOR PXVHOR VSĎĖDĢ SUHGSRNODG\ ~þLQQHM REUDQ\ SUHWRåH KUDGLVNR VtGOLVNi D LFK REUiEDQp RNROLH WYRULOL VSROX QHRGGHOLWHĐQ~ VtGOLVNRY~ MHGQRWNX SDWULDFX XUþLWpPX VSRORþHQVWYX 9 UiPFL QRYR]YROHQpKR þL XUþHQpKR WHULWyULD VD VWDYLWHOLD SULURG]HQH VQDåLOL XPLHVWQLĢ SUYp GRP\ QRYHM RVDG\ WDN DE\ þR QDMOHSãLH Y\KRYRYDOL KRVSRGiUVN\P NOLPDWLFNêP D EH]SHþQRVWQêP IDNWRURP 2NUHP NRPXQLNDþQpKR Y]ĢDKX N KUDGLVNX DNR FHQWUiOQHPX ERGX EXG~FHKR DUHiOX VL PXVHOL YãtPDĢ DM NYDOLWX SRGORåLD SUH ]DNODGDQLH GRPRY SUtVWXS NX NRPXQLNiFLL N YRGH N SR]HPNRP

D Y QHSRVOHGQRP UDGH L SRORKX PLHVWD YRþL VOQNX D VPHUX SUHYOiGDM~FLFK YHWURY 1DVOHGRYDOL WHUpQQH ~SUDY\ NGH Y\URYQiYDOL WHUpQ IRUPDPL WHUiV 7HUDV\ V~ W\SLFNêP ]QDNRP KRUVNpKR RVDGQtFWYD V RVRELWQêPL þUWDPL SUH YWHGDMãLH VWDYLWHĐVWYR L SUH GQHãQ~ DUFKHRORJLFN~ SUD[ 9lþãLQD NRQãWUXNFLt VD VWDYDOD QD ~URYQL WHUpQX þR PDOR ] SRKĐDGX DUFKHROyJRY QHJDWtYQ\ YSO\Y QD ]DFKRYDQRVĢ RGNU\YDQêFK S{GRU\VRY = S{YRGQêFK RE\WQêFK þL KRVSRGiUVN\FK VWDYLHE Y WHUpQH ]YlþãD QDFKiG]DPH OHQ UR]UXãHQp SRGP~URYN\ ]UXERYêFK VWLHQ ]Y\ãN\ SRGOiK D RKQtVN GOiåGHQêFK NDPHĖPL QLHNGH DM SR]RVWDWN\ REKRUHQêFK D ]RWOHQêFK WUiPRY 1DMOHSãLH VD ]DFKRYDOL SRåLDURP ]QLþHQp VWDYE\ QD PLHVWDFK NWRUp Xå QHEROL QHVN{U SRUXãHQp ]iVWDYERX þL WHUpQQ\PL ~SUDYDPL 7LH VD QDãOL QD VtGOLVNX ,, Y 6WUHGRODWpQVNHM YUVWYH 3{VREHQtP PLQHUDOL]RYDQêFK Y{G D D]GD DM ]RVXYPL VD WX Y\WYRULO VODWLQQê KRUL]RQW Y NWRURP VD GUHYi D DM LQp RUJDQLFNp OiWN\ SUHNYDSXM~FR GREUH ]DFKRYDOL =tVNDYDPH WX FHQQp LQIRUPiFLH R SUiFL V GUHYRP D R GHWDLORFK WHViUVN\FK WHFKQtN 3RGDULOR VD RGNU\Ģ QDSU GUHYHQp VWĎS\ VR VWRSDPL RFKUDQQpKR VPRORYDQLD V NRQFRYêP ]DKURWHQtP DOHER SORFKRX ]iNODGĖRX 2GNU\OR VD DM YLDFHUR RKUiG ] MHGĐRYêFK NRORY 9\XåtYDOR VD þDSRYDQLH D NOLQRYDQLH 7LHWR SUDFRYQp SRVWXS\ QiP GRNODGDM~ DM RSUDFRYDQp VWDYHEQp SUYN\ REMDYHQp Y VSRPHQXWêFK YOKNêFK YUVWYiFK VtGOLVND ,, 1D UH]DQLH VWU~KDQLH D Y\UH]iYDQLH WX EROL U{]QH þHSHOH RG ĢDåNêFK VHNiþRY Då SR PDOp QRåtN\ 1HVNRURODWpQVNH VWDYHEQtFWYR Xå EHåQH SRXåtYDOR åHOH]Qp NOLQFH NOLQ\ NUDPOH QLW\ D U{]QH LQp NRYDQLD

2E\GOLD D KRVSRGiUVNH VWDYE\ 'RP\ VD WX VWDYDOL SRGĐD SULHVWRURYêFK PRåQRVWt YRĐQH QD WHUDViFK DOHER Y UDGRFK SR]GĎå NRPXQLNiFLH KXVWR YHGĐD VHED %ROL WR ]UXERYp GYRM SULHVWRURYp VWDYE\ V RKQLVNRP YR YlþãHM PLHVWQRVWL 'REUH ]DFKRYDQê GRP WRKWR W\SX V RKUDGRX D KRVSRGiUVN\PL VWDYLVNDPL ]R VtGOLVND 9,, VD VWDO ]iNODGRP UHNRQãWUXNFLH GYRUFD Y SUtURGQRP P~]HX 6SRGQ~ þDVĢ ]UXEX ]R VPUHNRYêFK WUiPRY FKUiQLO SUHG YOKNRVĢRX UDG NOLQRYLWp SRXNODGDQêFK SLHVNRYFRYêFK SODWQt âSiU\ PHG]L EUYQDPL EROL XWHVQHQp KOLQHQRX PD]DQLFRX 9RQNDMãLH VWĎS\ QLHVOL NRQãWUXNFLX VWUHFK\ NWRUi EROD QH]iYLVOi QD ]UXERYRP SODãWL 9Q~WUR GRPX UR]GHĐRYDOD SULHþND QD ]iVREQ~ D RE\WQ~ þDVĢ 2E\WQHM þDVWL V Y\PD]DQRX SRGODKRX GRPLQRYDOR NDPHĖPL Y\ORåHQp RKQLVNR 2NROR QHKR VD V~VWUHćRYDOD SUDFRYQi þLQQRVĢ þOHQRY URGLQ\ KODYQH YDUHQLH 7\S GYRM SULHVWRURYpKR ]UXERYpKR GRPX V YRQNDMãtPL QRVQêPL VWĎSPL NURYX VD SRGĐD SR]RURYDQt XGUåDO Y SULHEHKX FHOHM GRE\ ODWpQVNHM 9 VWDUãHM GREH UtPVNHM EROL UR]ãtUHQp GYRM SULHVWRYp NRORYp VWDYE\ +RVSRGiUVN\PL VWDYLVNDPL EROL EH]SRFK\E\ VWDYE\ VR VWĎSPL QHV~FH VWUHFKX D V MHGQRGXFKêPL VWHQDPL ]R åĚGRN D SU~WLD QDKUXER RPLHWQXWêPL KOLQRX SUHPLHãDQRX V SOHYDPL =ULHGNDYp V~ MDP\ VO~åLDFH DVL DNR SLYQLFH D RGNU\OD VD DM MHGLQi SROR]HPQLFD V GYRMLFRX NRORY SUH VWDQRY~ NRQãWUXNFLX VWUHFK\ 6WXGQH VD QDãOL OHQ GYH D]GD SUHWR åH QD VtGOLVNiFK L YWHG\ Y\YLHUDOL

YLDFHUp SUDPHQH D QHćDOHNR WLHNOD ULHND 'REUH ]DFKRYDQi VWXGĖD SUL VHYHUQRP ~SlWt +DYUiQNX SDWULOD SRGĐD QiMGHQHM NHUDPLN\ N VWDUãHM Ii]H RVtGOHQLD

2EU > @ 5HNRQãWUXNFLD GYRM SULHVWRURYpKR GRPX NUHVED â +ULW]

2EU > @ .UHVERYi UHNRQãWUXNFLD RE\GOLD ] SRþLDWNX GRE\ UtPVNHM /LSWRYVNi 0DUD NUHVED â +ULW]

2SHYQHQLD +UDGLVNi EROL FKDUDNWHULVWLFNRX þUWRX VtGOLVNRYêFK ãWUXNW~U VHYHUQêFK .DUSiW RG GRE\ EURQ]RYHM Då SR ]DþLDWRN GRE\ UtPVNHM 9 VWUHGQHM GREH ODWpQVNHM Y VWRURþt SUHG Q O PDOp RSHYQHQLD Y QRYêFK SRORKiFK VWDYDOL FKDUDNWHULVWLFNp GHGLQVNp KUiGN\ V QiSDGQH PDORX UR]ORKRX DNR W\SLFNp REUDQQp VWDYE\ RNUDMRYêFK þDVWt VtGOLVNRYêFK DUHiORY NWRUêP Y VWUHGH GRPLQRYDOD YlþãLH KUDGLVNi V UR]VLDKOLPL RVDGDPL 9 PODGãHM GREH ODWpQVNHM EROL SRXåLWp RERMVWUDQQH OtFRYDQp NDPHQQp P~U\ EXGRYDOL VD ]ORåLWp REUDQQp V\VWpP\ EUiQ V YHåRYêPL QDGVWDYEDPL D ]RVLOQHQêP RSHYQHQtP ]YRQND L ]YQ~WUD EUiQ\ 1DMVWDUãt YDO WX Y]QLNRO QLHNHG\ Y SULHEHKX VWUHGQHM GRE\ ODWpQVNHM 2NROR SRORYLFH VWRURþLD SUHG Q O EROR KUDGLVNR SUHEXGRYDQp 2KĖRP SRãNRGHQi IRUWLILNiFLD EROD REQRYHQi D ]YêãHQi 1DG VWDUêP VSiOHQêP YDORP YêFKRGQHM WHUDV\ EROD QD VNDOQRP SRGORåt SRVWDYHQi NDPHQQi KUDGED ] YHĐNêFK SLHVNRYFRYêFK D WUDYHUWtQRYêFK NYiGURY %ROD RSHYQHQi DM YUFKRORYi SORãLQD SUVWHQFRP MHGQRGXFKãHM IRUWLILNiFLH V OtFRYDQêP P~URP 7UHWt UD] EROR RSHYQHQLH +DYUiQND SUHVWDYDQp RNROR SRORYLFH VWRURþLD SUHG Q O NHć VD UR]ãtULO SULHVWRU VYlWLQH D ]ULDGLOD VD QRYi YVWXSQi EUiQD DNR QiVWXS GR SRVYlWQpKR RNUVNX 0DOD SRGREX GUHYHQHM YHåH ãWYRUFRYpKR S{GRU\VX ]Y\þDMQH QD ãW\URFK PRKXWQêFK VWĎSRFK QDG RERPD NUtGODPL KUDGE\ 2SHYQHQLH GRE\ ODWpQVNHM PDOR QDMKRQRVQHMãLX SRGREX &HVW\ EROL Y\ORåHQp åXORYêPL NDPHĖPL NWRUp VD Y\YiåDOL ] ULHþQHKR NRU\WD .RQFRP SRVOHGQpKR VWRURþLD VWDUpKR OHWRSRþWX Y\SiOHQi SHYQRVĢ VSROX VR VYlW\ĖRX 3R XUþLWRP þDVH YɭEXGRYDOL QD YUFKX QRYp KUDGLVNR 1RYi KUDGED SUHELHKDOD QD VHYHUH SR KUDQH YUFKRORYHM SORãLQ\ D SUHWtQDOD ]Y\ãN\ YQ~WRUQHM VWDUHM IRUWLILNiFLH 9 WRP þDVH EROR WHPHQR YUFKX SR SR SUYê UD] WUYDOHMãLH REêYDQp þR SUHGWêP DVL Y\OXþRYDOL UHOLJLy]QH G{YRG\ 'RP\ EROL UR]SWêOHQp DOHER SRVWDYHQp Y UDGRFK QD WHUDViFK YR YQ~WUL KUDGLVND SUtSDGQH DM PLPR QHKR +XVWê UDG GRPRY QD SORãLQH SRG MXåQRX KUDGERX Y\WYiUDO DN~VL SUY~ OtQLX RSHYQHQLD 9 GUXKHM SRORYLFL VWRURþLD Q O V~ Xå OHQ VWRS\ SR VSRUDGLFNRP SRE\WH ĐXGt

3HQLD]H D YêPHQD 9êPHQD UR]OLþQêFK YHFt SDWULOD PHG]L HOHPHQWiUQH SRWUHE\ MHGQRWOLYFRY L VNXStQ ĐXGt RG SRþLDWNX ĐXGVWYD ÒþDVWQtFL WDNpKRWR REFKRGX VL VWDQRYLOL QLHNWRUp GUXK\ YêURENRY þL SUHGPHWRY ]D PLHUX KRGQRW\ QDSU NRYRYp SUHGPHW\ ãSHFLILFNêFK WYDURY 6~ WR SUYH DUFKHRORJLFN\ GRORåHQp SUHGPLQFRYp SODWLGOi 9 GREH ODWpQVNHM VD YãHREHFQêP HNYLYDOHQWRP KRGQRW\ VWDOL GUDKp NRY\ ]ODWR D VWULHEUR 3UYp SHQLD]H SUHGVWDYRYDOL YODVWQH R]QDþHQp DXWRUL]RYDQp N~VN\ GUDKpKR NRYX V SULEOLåQH XUþHQRX KPRWQRVĢRX

0LQFH =YêãHQLH KRVSRGiUVNHM DNWLYLW\ RG NRQFD VWRURþLD SUHG Q O XUêFKOLOR SRGPLHQN\ SUH

]DYHGHQLH SHĖDåQHM YêPHQ\ D WHGD DM UD]EX YODVWQpKR REHåLYD -HGQR]QDþQH VD UR]ãtULOL MHGQRGXFKp VWULHERUQp SHQLD]H NWRUêFK YHĐPL Y]GLDOHQêPL SUHGORKDPL EROL ILOLSRYVNp JUpFNH PLQFH 0LQFH VD ]KRWRYRYDOL Y U{]Q\FK YHĐNRVWLDFK D KPRWQRVWLDFK WDN DE\ WYRULOL V\VWpP QRPLQiORY QDMþDVWHMãLH DNR ãWYRUGUDFKP\ GYRMGUDFKP\ D GUDFKP\

=HPSOtQVN\ W\S MH GUXK SRPHQRYDQê SRGĐD QiãKR

QiOH]LVND 'i VD UR]SR]QDĢ SRGĐD UHDOLVWLFNHMãLH ]REUD]HQpKR NRQtND DOH V SUt]QDþQRX DNRE\ GUDþRX KODYRX 9 S~FKRYVNHM NXOW~UH VD Y\VN\WXMH WDN þDVWR åH MX SRYDåXMHP ]D QDMPHQãLX PLQFRY~ MHGQRWNX WRKWR V\VWpPX 9lþãLQD PLQFt VD UD]LOD ]R VWULHEUD OHQ QLHNWRUp YHĐNRE\VWHUHFNp D WDNPHU YãHWN\ OLSWRYVNRPDUVNp ] PHGL 9 KLVWyULL REMDYRYDQLD /LSWRYVNHM 0DU\ KUXEp NHOWVNp PLQFH ĐXGRYR QD]êYDQp JRPELþN\³ VD WX ] þDVX QD þDV QDFKiG]DOL Xå GiYQR SUHG ]DþDWtP Y\NRSiYRN SUHYDåQH QD PLHVWH VYlWLQH DOH DM SUL Y\NRSiYNDFK QD VtGOLVNiFK ,, ,,, D ,9 'LHOĖX PLQFRYĖX VD QD PDUVNêFK VtGOLVNiFK QHSRGDULOR REMDYLĢ -HVWYXM~ YãDN G{ND]\ R WRP åH WX ERO W\S PLQFt NWRUê SR]QiPH WDNPHU YêOXþQH OHQ ] WHMWR ORNDOLW\ 6HYHURVORYHQVNp NHOWVNp PLQFH VD QDãOL LED RMHGLQHOH 9êURED REHK D GHSRQRYDQLH WêFKWR PLQFt VD NOiGOL GR REGRELD RNROR SRORYLFH VWRURþLD SUHG Q O %ROL WR VWULHERUQp YHĐNRE\VWHUHFNp L VWULHERUQp D PHGHQp PDUVNp YDULDQW\ +ODYQH YHĐNRE\VWHUHFNp SHQLD]H VD SRXåtYDOL SRPHUQH GOKê þDV 9 /LSWRYVNHM 0DUH VD QDãOR DVL NHOWVNêFK PLQFt

2EU > @ SUtNODG\ PDUVNêFK PLQFL ] Y\NRSiYRN VWULHEUR EURQ]

2EFKRG /LSWRYVNi 0DUD PDOD GRPLQDQWQ~ SRORKX Y UiPFL UHJLyQX L ] KĐDGLVND GLDĐNRYêFK NRPXQLNiFLt 6SROX V UXGQêP ]i]HPtP Y\WYRULOD GREUp SUHGSRNODG\ SUH V~VWUHGHQLH YêPHQ D REFKRGX 2EFKRGRYDOR VD KODYQH V GRE\WNRP Y PHQãHM PLHUH ] RELOtP D QD ]iNODGH VYRMHM VLWXiFLH DM V UXGDPL

%RKRYLD åHUWY\ REHWH 1DMG{OHåLWHMãLH QiOH]LVNR QD /LSWRYVNHM 0DUH MH VYlW\ĖD NGH VD QDãOR PQRåVWYR ]DXMtPDYêFK SUHGPHWRY KRVSRGiUVNHKR ]i]HPLD DOH SUHGRYãHWNêP REMDVQLOR ]ORåLWp QiERåHQVNp SUHGVWDY\ ]Y\N\ D ULWXiO\ WêFK þLDV 3RGĐD QDMVWDUãtFK SUHGPHWRY ]R VHYHUQHM GODåE\ VYlW\QH VD WX SUYp REUDG\ NRQDOL QD NRQFL VWUHGQHM GRE\ ODWpQVNHM 1D YHĐNêFK RKQLVNiFK Y VWUHGQHM þDVWL SORFK\ VD VSDĐRYDOL REHWQp

GDU\ NWRUp VD VSROX VR ]Y\ãNDPL KUDQLFH XNODGDOL Y REO~NRYLWRP SiVH YHGĐD GUHYHQêFK VWĎSRY D]GD DNêFKVL WRWHPRY þL VWpO Y VPHUH RG VHYHUX QD YêFKRG 3RSRO ]R åLDURYêVN ] þDVX QD þDV SULNU\OL SORFKêPL NDPHĖPL þtP Y]QLNOD V~YLVOi GODåED 9 VWUHGH DUHiOX VD QDãOD MDPD Y\KĎEHQi GR VNDO\ 1D MHM GQH OHåDOD PRKXWQi ]iVREQLFD D YHGĐD GåEiQRN 2NROR DOH DM YR Y\ããtFK YUVWYiFK ]iV\SX EROL QDKiG]DQp QH~SOQp NRVWU\ L VDPRVWDWQp OHEN\ D NRVWL YLDFHUêFK ĐXGVNêFK MHGLQFRY 3UL REHWQHM MDPH VD QDãOL ]Y\ãN\ PLPRULDGQH YHĐNpKR GUHYHQpKR VWĎSD RVDGHQpKR FP GR VNDOQpKR SRGORåLD DNRE\ FHQWUiOQ\ V\PERO VYlW\QH 9 SRORYLFL VWRURþLD SUHG Q O EROR VSROX V RNROLWêP RSHYQHQtP SUHEXGRYDQp REHWLVNR SULþRP ] S{YRGQHM SRGRE\ ]RVWDOR OHQ VHYHUQp NUtGOR GODåE\ VR VWĎSRUDGtP 9 VWUHGH Y]QLNOD QRYi ãDFKWD WDNLVWR V GUHYHQêP WRWHPRP NX NWRUHM ] MXåQHM þDVWL V\PHWULFN\ YLHGOD ćDOãLD GODåED OHPRYDQi VWĎSPL &HOê DUHiO ERO RG RVWDWQHM SORFK\ KUDGLVND RGGHOHQê RKUDGRX NWRUi Y SiVPH SUL YDOH ]iURYHĖ WYRULOD MHM ]DGQ~ þDVĢ 3UHVWDYED RþLYLGQH Y]QLNOD SOiQRYLWH D RGUD]X 1D GODåEiFK VD YãDN Xå QDãOR PiOR ]Y\ãNRY REHWtQ 9 MDPH QHEROL XORåHQp þDVWL WLHO DOH OHQ MHGQRWOLYp OHEN\ D NRVWL 'R VYlW\QH VD YVWXSRYDOR EUiQRX Y RSHYQHQt FHVWRX SRSRG KUDGEX YêFKRGQHM WHUDV\ 3UL RGNUêYDQt P~UX RSHYQHQLD VD REMDYLOL ]YLVOR RVDGHQê SLHVNRYFRYê NYiGHU ãWYRUFRYpKR SULHUH]X Y\VRNê FP 1D åLDURYLVNX SRQLåH NDPHĖD EROL ]XKRĐQDWHOp ]Y\ãN\ U{]Q\FK SRĐQRKRVSRGiUVN\FK SORGtQ SUHSiOHQp þUHS\ L FHOp QiGRE\ åHOH]Qi UDGOLFD Q{å KURW\ ãtSRY VWULHERUQp PLQFH D U{]QH EURQ]RYp R]GRE\ .RYRYp SUHGPHW\ QHEROL GHIRUPRYDQp DQL Y\VWDYHQp åLDUX KUDQLFH ,GH R ORNiOQH REHWQp PLHVWR SR FHVWH GR VYlW\QH SULþRP NDPHQQê KUDQRO VWpOD V SORFKêP XNRQþHQtP PRKOD VO~åLĢ DNR SRGVWDYHF NXOWRYHM SODVWLN\ ] LQpKR PDWHULiOX DOHER DNR GUXK ROWiUD SXULILNDþQpKR RþLVWQpKR PLHVWD SUHG YVWXSRP GR NXOWRYpKR DUHiOX 3RGREQêFK REHWQêFK PLHVW EROR SRSUL FHVWH GR VYlW\QH YLDF .XOWRYê DUHiO YêFKRGQHM WHUDV\ VSROX V KUDGLVNRP ]DQLNOR NRQFRP SRVOHGQpKR VWDUpKR OHWRSRþWX = XYHGHQpKR RSLVX Y\SOêYD åH WX Y ]iVDGH SUHELHKDOL GYH FHUHPyQLH VSDĐRYDQLH ]YLHUDW YHFt D XVPUFRYDQLH ĐXGt 1D KUDQLFL VD QDMþDVWHMãLH REHWRYDOL U{]QH KRVSRGiUVNH SORGLQ\ KUDFK E{E SãHQLFD MDþPHĖD SURVR ]iSDOQi REHWD ]R ]YLHUDW KRYlG]t GRE\WRN RYFH D RãtSDQp D RMHGLQHOH DM PlVR NRQt ýUHS\ ]ULHGNDYHMãLH FHOp QiGRE\ V~ DVL SR]RVWDWNDPL REDORY SRWUDYtQ 3UHGPHW\ ] SRSRORYLWHM YUVWY\ EROL U{]QRURGp 3UHYOiGDM~ PHG]L QLPL R]GRE\ D V~þDVWL åHQVNpKR RGHYX QiUDPN\ VSRQ\« 1D ]iNODGH XYHGHQêFK SR]QDWNRY P{åHPH ]UHNRQãWUXRYDĢ SULHEHK NUHPDþQpKR FHUHPRQLiOX 3UHGPHW\ SUHYDåQH YUHFNi þL QiGRE\ VSORGLQDPL D REHWQp ]YLHUDWi SUDYGHSRGREQH QDMSUY SURVWUHGQtFL NXOWX NĖD]L SULMDOL D ULWXiOQH RþLVWLOL 1DVOHGRYDOR XVPUWHQLH REHWQêFK ]YLHUDW D RGGHOHQLH þDVWt XUþHQêFK QD VSiOHQLH QD RKĖRYRP ROWiUL 5R]EtMDQLH QiGRE D GHIRUPRYDQLH NRYRYêFK YHFt PDOR SRGREQê ]P\VHO DNR ]DELWLH ]YLHUDĢD 0XVHO VD WRWLå XYRĐQLĢ GXFK SUHGPHW NWRUê SRGĐD YWHGDMãtFK SUHGVWiY Y QLFK URYQDNR DNR DM YR ]YLHUDWL VtGOLO 1DVOHGRYDOR ]DSiOHQLH REHW\ NWRUHM SRGVWDWX SODPHĖ ]PHQLO D VW~SDM~FL G\P MX VSURVWUHGNRYDO ERåVWYX 1D NUHPiFLX VD SRXåtYDOR ERURYLFRYp D MHGĐRYp GUHYR PHQHM VPUHN WLV D GXE = UR]WDYHQêFK NRYRYêFK

SUHGPHWRY D VLOQpKR SUHSiOHQLD VNDOQpKR SRGORåLD VD Gi XVXG]RYDĢ Y\VRNê åLDU KUDQLFH 1LHNWRUp PiOR REKRUHQp DOHER DM RKĖRP QHGRWNQXWp SUHGPHW\ ± QDSU YãHWN\ QRåH NRViN QiGRE\ ± PRKOL E\Ģ NXOWRYêPL SUHGPHWPL NWRUp EROL SR SRXåLWt RGORåHQp PHG]L ]Y\ãN\ WOHM~FHM KUDQLFH SRGREQH DNR DM ]Y\ãQp NXV\ NDGLGOD Y\WYiUDM~FHKR SRþDV VSDĐRYDQLD YRĖDY~ FORQX +RVWLQ\ EêYDOD V~þDVĢRX REUDGRY YlþãLQ\ NXOWRY 3RGĐD DQDOê] VSiOHQêFK ]YLHUDFtFK SR]RVWDWNRY VD QD KUDQLFX GRVWDOL OHQ GROQp þDVWL NRQþDWtQ D KODY\ W M þDVWL QHYKRGQp QD NRQ]XP 0lVLWp GLHO\ YKRGQp QD NRQ]XP EROL SR SUtSUDYH ]MHGHQp QD SRVYlWQHM KRVWLQH ~þDVWQtNPL REUDGX 7êP VD X]DYUHO NUXK VSRMHQLD PHG]L REHWXM~FLP D QDGSULURG]HQêP ERKRP SURVWUHGQtFWYRP ]DVYlWHQHM REHWLQ\ 0RåQR DM QiGRE\ QD SLWLH PHGRYLQ\ þL SLYD QD KRVWLQH VNRQþLOL UR]ELWp PHG]L ]Y\ãNDPL KUDQLFH SUHWRåH QHVPHOL RSXVWLĢ SRVYlWQê SULHVWRU 1D ]iYHU REUDGX VD HãWH åHUDYi SDKUHED UR]V\SDOD QD XUþHQp PLHVWR GODåE\ PHG]L VWĎSPL 7X SRVWXSQH GRKRUHOD D EROD SULNU\Wi NDPHĖPL D KOLQRX 7DNpWR REHW\ EROL þDVWRX ]Y\NORVĢRX QiERåHQVNpKR VSRORþHQVWYD URĐQtNRY REHWXM~FL VYRMH SORGLQ\ UHPHVHOQtNRY VR V\PEROLFNêPL YêURENDPL þL NRYPL D SUtVOXãQtNRY Y\ããHM VSRORþHQVNHM YUVWY\ V FHQQêPL FXG]tPL WRYDUPL 1D NXOWRYRP PLHVWH EROL XVPUFRYDQt± REHWRYDQt ± DM ĐXGLD 1iOH]\ ĐXGVNêFK SR]RVWDWNRY 0QRKp ] OHELHN D NRVWt KOiY D ~GRY EROL SUHGVPUWQp UR]EtMDQp D OiPDQp WXSêPL ~GHUPL ,FK SR]RVWDWN\ PDM~ VWRS\ SR XEtMDQt ]DåLYD ãWYUWHQtP WLHO D PRåQR DM SiOHQt RKĖRP 1H~SOQp WHOi LFK PHQãLH þDVWL L MHGQRWOLYp KODY\ D NXV\ ~GRY EROL KiG]DQp GR MiP D VþDVWL SULV\SDQp KOLQRX 0QRKp þDVWL REHWt FKêEDM~ QHQDãOL VD 8VPUFRYDQLH SUHELHKDOR QH]iYLVOH QD VSDĐRYDQt LQêFK REHWtQ ďXGVNi REHĢ EROD D MH YåG\ QDMY\ããRX FHQRX D NHG\VL VD SRYDåRYDOD ]D QDM~þLQQHMãt VS{VRE ]tVNDQLD VL QiNORQQRVWL ERKRY 9LHPH WR ] SRþHWQêFK VWDURYHNêFK WH[WRY D SR]QiPH WR DM ] HWQRJUDILFNêFK SR]RURYDQt X SULPLWtYQ\FK QiURGRY NGH EROR REHWRYDQLH ĐXGt þDVWR VSRMHQp V ULWXiOQ\P NDQLEDOL]PRP 0QRKp ] XNUXWQêFK NHOWVNêFK RE\þDMt RStVDOL JUpFNL D UtPVNL DXWRUL NGH Xå Y WRP þDVH EROL ĐXGVNp ULWXiOQH REHWH QDQDMYêã Y]iFQH DOH ]QiPH DM ] YODVWQêFK GHMtQ .HOWL REHWRYiYDOL ĐXGt ]DMDWFRY DOH DM VSROXREþDQRY PQRKRUDNêP VS{VRERP D SUL UR]OLþQêFK SUtOHåLWRVWLDFK SUHWRåH WDN Y\åDGRYDO VWiURþQê ]Y\N D ULWXiO\ XFWLHYDQLD MHGQRWOLYêFK ERKRY LFK UR]VLDKOHKR SDQWHyQX (VRYL VD ĐXGLD YHãDOL QD VWURP\ YOiGFRYL QHELHV 7DUDQLVRYL VD ]DVD VSDĐRYDOL REHWH D 7HXWDWHVRYL VD åHUWY\ WRSLOL YR YHĐNêFK QiGREiFK 7HQ SULSRPtQD YHĐNê KOLQHQê VXG QiMGHQê Y VWDUãHM ] QDãLFK REHWQêFK MiP 0QRKRUDNp EROL DM G{YRG\ SUH WLHWR NXOWRYp YUDåG\ 3RPRFRX ]DEtMDQLD VD YHãWLOD EXG~FQRVĢ SUHGNODGDOL VD SURVE\ D X]PLHURYDFLH REHW\ Y\KiĖDOR VD ]OR NRQDOL VD SHULRGLFNp RþLVWQp VOiYQRVWL ]DEH]SHþRYDOD VD GREUi ~URGD äLDURYp REHWLVNi QDFKiG]DQp Y PQRKêFK þDVWLDFK VWUHGQHM D YêFKRGQHM (XUyS\ Xå RG PODGãLHKR SUDYHNX 6~ þDVWR VLWXRYDQp QD YêãLQiFK 9 QDãRP SUtSDGH EROL REHWH XEtMDQp ãWYUWHQp D ]Y\ãN\ KiG]DQp GR KOERNHM MDP\ NWRUi YODVWQH V\PEROL]RYDOD YVWXS GR SRGVYHWLD D NRQWDNW V ERåVWYDPL ]HPH DNR RSDN QHEHVNpKR NXOWX 3RG]HPQp VLO\ RYOiGDOL QLHOHQ RQHQ GUXKê VYHW ]RPUHOêFK DOH SDUDGR[QH PDOL DM SULDP\ YSO\Y QD ]iNODG åLYRWD ~URGX SROt 0DJLFN~ V~YLVORVĢ ]DEtMDQLD ĐXGt D REQRY\ åLYRWD GREUH Y\VWLKXMH ODNRQLFNi SR]QiPND 6WUDEyQRYD

*HRJUDSKLD R YUDåGiFK X .HOWRY 9UD M V~ WHM PLHQN\ Ä åH NHć LFK MH ]D ELWêFK YHĐD EXGH Y NUD ML GREUi ~URGD ³ (WQRJUDILFNêFK RSLV LQGLFNêFK VOiYQRVWt ~URG\ QiSDGQH SULSRPtQD ]LVWHQLD ] PDUVNpKR REHWLVND 2EHWL SRSUHUiåDOL ~G\ D NUXWR MX WêUDOL SUHWRåH VO]\ SRW D NUY SUHGVWDYRYDOL EXG~FL Giåć 3R XVPUWHQt PlVR D þDVWL ~GRY REHWH RGQiãDOL QD SROLD D GR VêSRN NêP ]Y\ãN\ WHOD VSiOLOL DOHER SRFKRYDOL QD PLHVWH REUDGX -H GR XUþLWHM PLHU\ SULURG]HQp åH ]D ÄREHWQpKR EDUiQND³ RGQiãDM~FHKR ]OR ] REFH D SULQiãDM~FHKR GREURGHQLH ~URG\ VD Y\EHUDOL DM PHQHMKRGQRWQp SRGLYQp E\WRVWL DNR VQić EROL WHOHVQH SRVWLKQXWt NWRUê VD QDãOL Y REHWLVNX 7iWR RþLYLGQH NPHĖRYi 6YlW\ĖD XFWLHYDOD SUiYH WDN QHEHVNê DNR DM FKWRQLFNê SRGVYHWQê SULQFtS VR VSRORþQRX SRGVWDWRX SUHPHQ\ åLYRWD D MHKR ]DEH]SHþHQLD ]DLVĢRYDQtP ~URG\ SUH þOHQRY NXOWRYpKR VSRORþHQVWYD

2EU > @ äHQVNi OHEND ] KUDGLVND +DYUiQRN

2EU > @ 5HNRQãWUXNFLD NXOWRYpKR DUHiOX UR]ãtUHQLH VYlW\QH NUHVED , %HUWD

2E\YDWHOLD /LSWRYVNHM 0 DU\ 3RVOHGQp MHGQRGXFKp SRSROQLFH D MDPNRYp KURE\ EH] PLORGDURY ]PL]OL VSROX V GRERX KDOãWDWVNRX ĆDOãLH SRKUHE\ VD REMDYXM~ SR URNRFK QD ]DþLDWNX VORYDQVNHM NRORQL]iFLH $NR VD SRFKRYiYDOR Y REGREt UR]NYHWX S~FKRYVNêFK RViG QHYLHPH $]GD VD SR]RVWDWN\ VSRSROQHQêFK QHERåWtNRY V\SDOL GR ULHN DOHER QD O~N\ D SROLD -HGLQêPL I\]LFNêPL SR]RVWDWNDPL RE\YDWHĐVWYD V~ UR]WU~VHQp ĐXGVNp NRVWL KODYQH ]ORPN\ OHELHN QD VtGOLVNiFK D ] MiP QD +DYUiQNX 2 RGHYRFK VD QDMYLDF GR]YHGiPH ] QiOH]RY NRYRYêFK þDVWt NURMD D R]G{E WHOD 8SODWĖRYDOL VD WX SUYN\ LQGH Xå ]DEXGQXWp DNR QDSU VStQDQLH YUFKQpKR RGHYX LKOLFDPL 3ODãWH ] KUXEêFK YOQHQêFK WNDQtQ þL NRåXãtQ VSiMDOL DM PDVtYQH EURQ]RYp VSRQ\ QiSDGQH YHĐNêFK UR]PHURY NêP VSRGQp NRãHĐRYLWp U~FKR QD SOHFLDFK X]DWYiUDOL PDOp VStQDGOi 2SDVN\ V NRYRYêPL V~þDVĢDPL VD VHP GRVWDOL V NHOWVNRX D LOêUVNRX PyGRX åHQVNp RSDVNRYp UHĢD]H ] EURQ]X NRåHQp SiV\ V NRYRYêPL ]iSRQDPL D NRYDQLDPL QD NRQFRFK DOHER KRQRVQHMãLH NXV\ V EURQ]RYêPL SULHYOHþNDPL DVWUDJDOPL 9 UtPVNHM GREH VD SUHVWDOL QRVLĢ VWDURGiYQH LKOLFH D ĢDåNp VStQDGOi SOiãĢRY 2SDVN\ VD QDPLHVWR U{]Q\FK KiNRYêFK ]iSRQ X]DWYiUDOL DQWLFNêP Y\QiOH]RP SUDFNRX 2]GRE\ VD ]UHMPH SRGĐD NHOWVNpKR ãWêOX QRVLOL Y þR QDMYlþãRP PQRåVWYH äHQ\ VD ]GRELOL QiXãQLFDPL ] EURQ]X VWULHEUD L ]ODWD 7R EROD PLHVWQD ]YOiãWQRVĢ QH]QiPD X RNROLWêFK QiURGRY 3UDYLGHOQRX V~þDVĢRX REOHþHQLD

PXVHOL E\Ģ ãQ~U\ VNOHQêFK SHUiO VSROX V U{]Q\PL PDJLFNêPL SUtYHVNDPL EURQ]RYp UHWLD]N\ D W\SLFN\ RWYRUHQp QiUDPN\ ÒþHV\ D þHSFH GUåDOL LKOLFH D NRVWQp KUHEHQH %URQ]RYp QiNUþQtN\ ± NHOWVNp WRUTXHV\ PRåQR QRVLOL PXåL 7R MH YãHWNR þR YLHPH R ]RYĖDMãNX VWDUêFK PDUVNêFK RE\YDWHĐRY 'XFKRYQê åLYRW SR]QiPH OHQ ] PDOpKR YêVHNX QiERåHQVNêFK SUHGVWiY $EVHQFLD KURERY L NXOW VYlW\QH ]DSDGDM~ GR VWUHGRHXUySVNHKR NHOWVNpKR VYHWD DOH V~þDVQH PDM~ DM ]QDN\ YODVWQpKR VYHWRQi]RURYpKR SRGORåLD 6W~SDM~FD NULYND KRVSRGDUVNpKR Y]UDVWX SRþDV GRE\ åHOH]QHM 6SROX V RVWDWQêPL FHQWUDPL ODWpQVNHM FLYLOL]iFLH GRVLDKOL YUFKRO HNRQRPLFNpKR D VRFLDOQR NXOW~UQHKR SRNURNX SUHGYHNHM ÄEDUEDUVNHM³ (XUyS\ DNê ERO QD WRPWR ~]HPt 9ćDND RFKUDQH K{U D DM YODVWQHM XåLWRþQRVWL SUH RNROLWp QiURG\ VL VYRME\WQRVĢ ]DFKRYDOL DM GOKR SR ]iQLNX SRVOHGQêFK RKODVRY VDPRVWDWQHM FLYLOL]iFLH NHG\VL SUHNYLWDM~FHKR D PRFQpKR NHOWVNpKR VYHWD 6ODEQ~FH VLO\ VHYHURNDUSDWVNêFK QiURGRY YR YHĐNHM NRQIURQWiFLL Y þDVH PDUNRPDQVNêFK YRMHQ VD SRVWXSQH Y\WUDWLOL ] MDYLVND VYHWRYêFK GHMtQ =DþLDWNRP VĢDKRYDQLD QiURGRY EROR KUDGLVNR REQRYHQi SR SUtFKRGH VORYDQVNpKR RE\YDWHĐVWYD QLHNHG\ Y VWRURþt 3RþDV QDVOHGXM~FLFK VWRURþt PXVHOL SUHåLĢ 7t NWRUt XFKRYDOL D ćDOHM WUDGRYDOL SUDVWDUp LOêUVNH NHOWVNp D JHUPiQVNH Qi]Y\ VORYHQVNêFK K{U D ULHN 2G QLFK LFK SUHY]DOL QDãL VORYDQVNt SUHGNRYLD D SURVWUHGQtFWYRP QLFK DM P\

6WUHGRYHN 3RVOHGQt *HUPiQL D SUYt 6ORYDQLD $UFKHROyJRYLD SUL Y\NRSiYNDFK Y KRUQêFK YUVYiFK KUDGLVND QDUD]LOL QD KOLQHQp þUHS\ D QiGRE\ NWRUp VD RGOLãRYDOL RG S~FKRYVNHM NHUDPLN\ %ROL PHG]L QLPL þDVWL UR]PHUQêFK ERKDWR ]GREHQêFK VXGRYLWêFK ]iVREQtF V JROLHURYLWêP RNUDMRP D WLHå MHGQRGXFKp KUQFH 6~ WR VWRS\ NUiWNRGREpKR RVtGOHQLD QHVNRURUtPVNHKR REGRELD ] NRQFD VWRURþLD Q O NWRUp EROR UR]SWêOHQp QD SORãLQH EêYDOpKR REHWLVND L QD YLDFHUêFK YQ~WRUQêFK WHUDViFK .RQFRP VWRURþLD VD ]DþDOR VĢDKRYDQLH QiURGRY SUHYUDWQê GHMLQQê ~VHN Y NWRURP VD ]URGLOR QRYp XVSRULDGDQLH (XUyS\ 6NRQþLO VD VWDURYHN D ]DþDOR VD REGRELH VWUHGRYHNX NHG\ VD VIRUPRYDOR MDGUR GQHãQêFK QiURGRY D ãWiWRY 3UHELHKDOD YHĐNi FHVWD JHUPiQVN\FK QiURGRY QD MXK =Gi VD åH WR QHEROL ERMRYQtFL DOH KODYQH UHPHVHOQtFL åHOH]LDUL D NRYiþL NWRUt QDãOL Y KRUiFK GRVWDWRN VXURYtQ SUH VYRMX SUiFX ,FK VtGOD QD YUFKRORFK NRSFRY VR VWDUêPL RSHYQHQLDPL V~ VYHGHFWYR QHLVWHM GRE\ D REiY ] QHSULDWHĐVNêFK ~WRNRY 7iWR HSL]yGD Y RVtGOHQt QDãHM REODVWL QHPDOD GOKp WUYDQLH 6tGOD EROL QiKOLYR RSXVWHQp 9 WRWR REGREt GDWXMHPH SRþLDWN\ VORYDQVNpKR RVtGOHQLD /LSWRYD 9 SRORKH ,,, QHćDOHNR NRVWROD VD RGNU\OL YLDFHUp RUERX D HUy]LRX SRãNRGHQp ]iNODG\ D GODåE\ GRPRY 3RGPXURYND ] RNUXKOLDNRY D SLHVNRYFRFK QD]QDþXMH H[LVWHQFLX YlþãHM PRåQR GYRM SULHVWRURYHM ]UXERYHM VWDYE\ 2NUHP þUHSRY V YOQRYNDPL ]GREHQêFK VORYDQVNêFK QiGRE WX ]RVWDOL DM U{]QH SUHGPHW\ QRåH QRåQLFH KURW\ ãtSRY D NRVWHQi UXNRYlĢ 3UHVQHMãLHPX GDWRYDQLX SRPRKRO QiOH]

EURQ]RYHM SRVWULHEUHQHM QiXãQLFH ]GREHQHM ILOLJUiQRP SDWULDFHM N W\SLFNêP ãSHUNRP PODGãLHKR YHĐNRPRUDYVNpKR REGRELD 2MHGLQHOp þUHS\ ] +DYUiQND QHY\OXþXM~ åH MHKR VWDUp YDORYp RSHYQHQLH SUtOHåLWRVWQH Y\XåtYDOL RE\YDWHOLD Y VWRURþt 9 RNROt NRVWROD L QD WHUDViFK SRSUL 9iKX VD SUL YêVNXPRFK QDãOL MHGQRWOLYp GRP\ ] VWRURþLD 1D QH Xå QDGYl]XM~ KLVWRULFN\ GRORåHQp GHMLQ\ /LSWRYVNHM 0DU\ DNR VWDURQRYpKR VWUHGLVND UHJLyQX

+DYUDQRY KUDG 9 SULHEHKX VWRURþLD QD QDMY\ããRP PLHVWH NRSFD EROL SRORåHQp QRYp ]iNODG\ 9 VWRURþt ERO QD PLHVWH VWDYE\ ]QLþHQHM SRåLDURP SRVWDYHQê QRYê KUiGRN 3ULHVWRU DNURSRO\ ERO ]YêãHQê QiV\SRP D QD ĐDKNR SUtVWXSQHM MXåQHM VWUDQH VD Y\KĎELOD DOHER PRåQR OHQ REQRYLOD KOERNi KURWLWi SULHNRSD NWRUi RGGHOLOD SORFKX KUiGNX RG ĐDKNR SUtVWXSQHM YUFKRORYHM SORãLQ\ D Yê]QDPQH ]OHSãLOD REUDQ\VFKRSQRVĢ WRKWR PLHVWD 9 VNDOQHM VWHQH SULHNRS\ SRG EUiQRX EROD Y NDPHQQHM VNULQNH XORåHQi KOLQHQi QiGRED SUDYGHSRGREQH VWDYHEQi REHWD = S{GRU\VX ]RVWDOD OHQ GODåED QiGYRULD D PDOp þDVWL VWLHQ GUHYHQHM RE\WQHM YHåH 9 SULHEHKX VWRURþLD ERO SDKRURN ]YêãHQê R FP QDYH]HQtP KOLQ\ ] RNROLWêFK YUVWLHY VWDUpKR KUDGLVND %ROL SRVWDYHQp ]iNODG\ QRYpKR QDMPODGãLHKR KUDGX SRVWDYHQpKR ] RGROQpKR VPUHNRYFD D YćDND SULD]QLYêP S{GQ\P SRGPLHQNDP VD ]DFKRYDOL QDWRĐNR åH SUL Y\NRSiYNDFK VD HãWH GDOL GR GHWDLOX UR]SR]QDĢ S{GRU\V\ YãHWNêFK VWDYLHE 1RYt VWDYLWHOLD Y SULQFtSH ]DFKRYDOL NRQFHSFLX VWDUãLHKR RSHYQHQLD þR VYHGþt R XUþLWHM NRQWLQXLWH Y MHKR VWDYHEQRP YêYRML 1D QDMY\ããRP PLHVWH VWiOD RE\WQi YHåD -HM ]iNODG ] GYRMLWpKR ]UXEX PDO UR]PHU [ P SULþRP YODVWQ~ YLDFSRGODåQ~ YHåX SUHGVWDYRYDO YQ~WRUQê ]UXE VR VWUDQDPL [ FP 2G VHYHUX FKUiQLO ]iNODG\ VWDYE\ NOLQRYLWê KOLQHQê SUtVWXS 3RQLåH YHåH QD WHMWR VWUDQH DOH Xå PLPR RSHYQHQLD VD QDFKiG]D VWXGĖRYLWi GRGQHV GR GQD QHSUHVN~PDQi ãDFKWD = MXåQHM VWUDQ\ EROD RE\WQi YHåD UR]ãtUHQi R SUtVWDYEX NWRUi SRGĐD QiOH]RY RELOLD D QiGRE VO~åLOD DNR ]iVREiUHĖ = YêFKRGQHM VWUDQ\ X]DWYiUDO YRĐQê SULHVWRU þHĐDGQtN NXFK\ĖD V YHĐNêP NR]XERP .UDMRP SORãLQ\ YLHGOD SDOLViGRYi KUDGED NWRUi EROD ]R VWUDQ\ SULHNRS\ ]RVLOQHQi UDGRP ãLNPêFK NRORY D Y MXåQRP RK\EH YHåRX 1D QiGYRULH VD YVWXSRYDOR SR GUHYHQRP PRVWH NWRUpKR þDVWL VPH QDãOL QD GQH SULHNRS\ 6XWHUpQ YHåH ERO ćDOãtP VNODGLVNRP ]iVRE D YLHGRO ] QHKR YVWXS GR P GOKHM Y VWXSĖRYRP XKOH NOHVDM~FHM FKRGE\ Y VNDOH -H WR SUDYGHSRGREQH QHGRNRQþHQê ~QLNRYê YêFKRG 3UH SR]QDQLH KLVWyULH WRKWR RSHYQHQpKR VtGOD V~ QDMG{OHåLWHMãLH QiOH]\ PLQFt 2VHPQiVĢ SRĐVNêFK D XKRUVNêFK UD]LHE SUDYêFK DM IDORãQêFK SRFKiG]DM~FLFK ] VWRURþLD = URNX V~ VWRS\ Y\XåtYDQLD WRKWR SULURG]HQH FKUiQHQpKR PLHVWD Y þDVRFK PLHVWQ\FK QHSRNRMRY D YSiGRY FXG]tFK YRMVN RE\YDWHĐPL RNROLWêFK REFt 3RGĐD ORNDOL]iFLH SR]HPNX DOH L YLDF Y PLQXORVWL GRORåHQpKR DOWHUQDWtYQHKR Qi]YX QiãKR KUDGLVND 9UFKRKUiGRN +DYUiQRN VD P{åHPH GRPQLHYDĢ åH LGH R VWDUê Qi]RY RGYRGHQê RG PHQD SUtVOXãQtND URGX NWRUê SRVWDYLO D REêYDO GUHYHQê

KUDG QD /LSWRYVNRX 0DURX Y VWRURþt UHVS KR REQRYLO Y VWRURþt +UiGRN QHERO QHSUHWUåLWH XåtYDQê QD ]YêãHQRP SDKRUNX ERO ]QRYX SRVWDYHQê Då Y SULHEHKX QHSRNRMQpKR VWRURþLD Y REGREt RNXSiFLH /LSWRYD KXVLWVNêPL D EUDWUtFN\PL SRViGNDPL +UiGRN QDG /LSWRYVNRX 0DURX WHGD Xå QHERO ]HPHSiQVN\P VtGORP Y SUDYRP ]P\VOH VORYD DOH SOQLO VN{U VWUiåQX D NRQWUROQ~ IXQNFLX QD NRPXQLNDþQH L VWUDWHJLFN\ G{OHåLWRP PLHVWH åXSQpKR FHQWUD D ]iURYHĖ Y SUHGSROt NUiĐRYVNpKR KUDGX /LSWRY 9 URNX ERMH PHG]L 3DQNUiFRP ]R 6YlWpKR 0LNXOiãD D 3HWURP .RPRURYVNêP UHVS SRYVWDQLH .RPRURYVNpKR SURWL 0DWHMRYL .RUYtQRYL NWRUp VD VNRQþLOR GRE\WtP D ]E~UDQtP KUDGX /LSWRY 9WHG\ ]UHMPH ]DQLNRO DM Qiã KUiGRN -HKR SDPLDWNRYi ~SUDYD MH GQHV GRPLQDQWRX QDãHM QiURGQHM SDPLDWN\

&LUNHYQp D V SUiYQH VWUHGLVNR /LSWRYD 6WDURE\ORVĢ 6YlWHM 0DWN\ MH QDMVWDUãLD FLUNHYQRVSUiYQD MHGQRWND /LSWRYD Y VWRURþt 1DMYê]QDPQHMãRX VWUHGRYHNRX SDPLDWNRX /LSWRYVNHM 0DU\ MH NRVWRO 3DQQ\ 0iULH SRGĐD NWRUpKR GRVWDOD REHF VYRMH SRPHQRYDQLH 6DNUiOQD VWDYED Y]QLNOD ]UHMPH VN{U DNR GHGLQD =iNODG\ QDMVWDUãLHKR NRVWROD ] UR]KUDQLD VWRURþLD UHVS ] SUYHM SRORYLFH VWRURþLD VD SRGDULOR RGNU\Ģ SRG SRGODKRX VWRMDFHM VWDYE\ . MHKR GDWRYDQLX SULVSHOL KODYQH QDMVWDUãLH KURE\ Y\EDYHQp VWULHERUQêPL HVRYLWêPL ]iXãQLFDPL D ãWtWNRYêPL SUVWHĖPL -H WR GRED NHć QD +DYUiQNX Y]QLNOR MHKR QDMVWDUãLH VWUHGRYHNp RSHYQHQLH 3UL Y\NRSiYNDFK VD QD QiYUãt SRY\ãH NRVWROD RGNU\OL ]iNODG\ VWDYLHE PHG]L NWRUêPL MH SUDYGHSRGREQH DM VWROLþQê GRP GDWRYDQê SDPLDWNiUPL ]R VWRURþLD 2EHF 6YlWi 0DUD RNROR URNX PDOD SRGĐD StVRPQêFK ]i]QDPRY VSROX V -DUNRYFDPL SRGGDQVNêFK GRPRY SDQVNê PDMHU NRVWRO IDUX D VWROLþQ~ EXGRYX 9 þDVH VYRMKR QRYRGREpKR ]iQLNX Y URNRFK QiãKR VWRURþLD GRVLDKOD SRSLVQêFK þtVHO GRPRY = ERKDWHM PLQXORVWL ]RVWDOL QD EUHKX SULHKUDG\ OHQ ]iNODG\ QDMVWDUãLHKR D QDMYê]QDPQHMãLHKR NRVWROD /LSWRYD NWRUêP GRPLQXMH FKDUDNWHULVWLFNi VLOXHWD þLDVWRþQH REQRYHQHM YHåH

+LVWRULFNp PDS\

2EU > @ 9RMHQVNp PDSRYDQLH URN

2EU > @ 9RMHQVNp PDSRYDQLH URN

2EU > @ 0DSD ] URNX

2EU > @ 0DSD ] URNX SR SRVWDYHQt SULHKUDG\

6~þDVQRVĢ 3ULHKUDGD /LSWRYVNi 0 DUD 9êVWDYED YRGQpKR GLHOD VD UHDOL]RYDOD Y URNRFK ± SULþRP EROR ]DSODYHQêFK REFt 3RG YRGQRX KODGLQRX GQHV OHåLD UXLQ\ REFt ýHPLFH 'HPþtQ /LSWRYVNi 0DUD 6WDUi /LSWRYVNi 6LHOQLFD 1LåQp 'HFKWiUH 3DOXG]D 3DUtåRYFH 5i]WRN\ 6HVWUþ 6RNROþH 9UELH 9\ãQp 'HFKWiUH D WLHå þDVĢ REFH /LSWRYVNê 7UQRYHF 6YRMH GRPRY\ WDN PXVHOR RSXVWLĢ URGtQ WHGD YLDF DNR RE\YDWHĐRY 1i]RY /LSWRYVNi 0DUD QHVLH SR REFL NWRUi VD UR]SUHVWLHUDOD QD ~SlWt QiYUãLD +DYUiQRN 3RþDV GRVWDYE\ YRGQpKR GLHOD EROR ] REFH Y\VĢDKRYDQêFK RE\YDWHĐRY ]R GRPRY 'RGQHV SR QHM RVWDOD OHQ YHåD JRWLFNpKR NRVWROD D S{YRGQH DM EXGRYD IDU\ .RVWRO YãDN RNUHP YHåH ]E~UDOL SULþRP FHQQp DUFKLWHNWRQLFNp SUYN\ D ]DULDGHQLH SUHQLHVOL GR 0~]HD OLSWRYVNHM GHGLQ\ Y 3ULE\OLQH NGH GQHV VWRMt NySLD FKUiPX '{YRGRP SUH YêVWDYEX WRKWR GLHOD EROD SURWLSRYRGĖRYi RFKUDQD DOH VO~åL DM QD YêUREX HOHNWULFNHM HQHUJLH NHćåH SRG KUiG]RX VD QDFKiG]DM~ WXUEtQ\ V YêNRQRP 0: D Y QHSRVOHGQRP UDGH DM DNR UHNUHDþp VWUHGLVNR NWRUp GR /LSWRYD OiND WLVtFN\ WXULVWRY $WUDNFLRX /LSWRYVNHM 0DU\ MH PDOê SRORVWURY 5DWNRYLH NWRUê MH V SULĐDKOêPL YRGDPL FKUiQHQêP ~]HPtP

2EU > @ 6WDY /LSWRYVNHM 0DU\ SUHG D SR SRVWDYHQt SULHKUDG\

$UFKHRORJLFNp P~]HXP Y SUtURGH $UFKHRORJLFNp Y\NRSiYN\ SDWULD PHG]L SRSXOiUQH D SUtĢDåOLYp YHGHFNp DNWLYLW\ SUHWRåH SULQiãDM~ Y]UXãXM~FH QRYp REMDY\ D FHQQp QiOH]\ NWRUp VD VWiYDM~ QiPHWRP þOiQNRY D SXEOLNiFLt L R]GRERX YêVWDY D PX]HiOQ\FK ]ELHURN 3R QDSXVWHQt SULHKUDGQpKR MD]HUD VD SRPHUQH UêFKOR ]DFHOLOL UDQ\ VS{VREHQp RNROLWHM SUtURGH D N YHĐNHM YRGQHM SORFKH L QD YUFK QDG PRKXWQRX ]HPQRX KUiG]RX ]DþDOL SULFKiG]DĢ WXULVWL D YêOHWQtFL 9ê]QDPQp SDPLDWN\ ± ]Y\ãN\ KUDGLHE þL VYlW\QH EROL ]DV\SDQp ]HPRX DOHER VD SUHPHQLOL QD UXLQ\ ]DUDVWHQp WUiYRX &KêEDOD DNiNRĐYHN Qi]RUQi LQIRUPiFLD R WXQDMãtFK Y\FKêUHQêFK REMDYRFK 3R]RUQRVĢ QiYãWHYQtNRY SUHWR SUHGRYãHWNêP XS~WDYDOL ĐXGLD NWRUt Y UR]VLDKO\FK YêNRSRFK SUL ~SlWt NRSFD WUSH]OLYR þLVWLOL D GRNXPHQWRYDOL ]GDQOLYR QiKRGQp ]KOXN\ NDPHĖRY Y\EHUDOL D WULHGLOL þUHS\ KOLQHQêFK QiGRE þL GUREQp ]ORPN\ VNRURGRYDQêFK NRYRYêFK SUHGPHWRY $M WX VD XNi]DOR åH DUFKHROyJLD Pi YHĐD FWLWHĐRY D ]iXMHPFRY NWRUt E\ FKFHOL YLDF YHGLHĢ D UDGL E\ VD SRGUREQHMãLH ]R]QiPLOL V YêVOHGNDPL LFK SUiFH 7~åERX FLYLOL]RYDQpKR þORYHND VSR]QiYDĢ PLQXORVĢ VYRMKR QiURGD D NUDMLQ\ $UFKHRORJLFNp SDPLDWN\ VD SR WLVtFURþLDFK ]DFKRYDOL YR IUDJPHQWiUQRP VWDYH ED þDVWR OHQ Y Qi]QDNRFK Y SRGREH UXtQ RSHYQHQt þL S{GRU\VRY VWDYLHE 3UHWR MH LFK LQWHUSUHWiFLD þDVWR QH~SOQi D DVSRĖ þLDVWRþQi UHNRQãWUXNFLD S{YRGQpKR Y]KĐDGX D ~þHOX MH SUDNWLFN\ PRåQi LED SUL PLPRULDGQH GREUH ]DFKRYDQêFK REMHNWRFK 3UL UHNRQãWUXNFLL MH SRWUHEQp Y\FKiG]DĢ ]R ]iVDG\ REMHNWtYQRVWL D SRWUHE\ þR QDMYLDF VD SULEOtåLĢ RULJLQiOX ýDVWR V~YLVLD V GiYQR ]DEXGQXWêPL WHFKQLFNêPL ULHãHQLDPL SUDFRYQêPL SRVWXSPL L QiVWURMPL ,FK ]QRYXREMDYHQLH D XSODWQHQLH MH YHFRX ćDOãHM DNWLYLW\ QD SRPHG]t RYHUHQLD YêVOHGNX YêVNXPX D MHKR SUH]HQWiFLH NWRUi MH ~ORKRX H[SHULPHQWiOQHM DUFKHROyJLH 9 /LSWRYVNHM 0DUH VD Y\WYRULO PLPRULDGQH SULD]QLYp SRGPLHQN\ QD SRGREQp Y\XåLWLH SDPLDWNRYpKR DUHiOX SR XNRQþHQt WHUpQQ\FK SUiF 0LPRULDGQD ]DFKRYDQRVĢ REMHNWRY /LSWRYVNHM 0DUH VSROX V WXULVWLFN\ H[SRQRYDQRX SRORKRX D GREURX VQDKRX ]R VWUDQ\ DUFKHROyJRY YêVNXPQtNRY KĐDGDĢ QiURþQHMãLH FHVW\ QD VSUtVWXSQHQLH REMDYRY VD VWDOL ]iNODGRP P\ãOLHQN\ EXG~FHKR VNDQ]HQX þL DUFKHRORJLFNpKR SDUNX SUYpKR VYRMKR GUXKX QD 6ORYHQVNX

9 URNX EROR KUDGLVNR +DYUiQRN Y\KOiVHQp ]D QiURGQ~ NXOW~UQX SDPLDWNX þR

]iURYHĖ SRGSRULOR SULURG]HQê SUHFKRG YêVNXPX N YêVWDYEH MHGQRWOLYêFK þDVWt SDPLDWNRYpKR NRPSOH[X $UHiO SR]RVWiYD ]R YVWXSQHM þDVWL PDOHM H[SR]tFLH SURYL]yUQH XPLHVWQHQHM Y EXGRYH YêVNXPQHM VWDQLFH $UFKHRORJLFNpKR ~VWDYX 6$9 GYRUFD SUL ~SlWt YUFKX D MHGQRWOLYêFK VWDYLHE QD KUDGLVNX = þDVRYpKR SRKĐDGX VD QiYãWHYQtN VWUHWiYD V GYRPD REGRELDPL NWRUp V~ RG VHED Y]GLDOHQp YLDF DNR WLVtF URNRY V PODGãRX GRERX åHOH]QRX ODWpQVNRX NHOWVNRX NWRUi VD QD VHYHUH 6ORYHQVND ]DþDOD QLHNHG\ Y SULHEHKX VWRURþLD SUHG Q O D VNRQþLOD VD QD ]DþLDWNX VWRURþLD Q O QD ]DþLDWNX GRE\ UtPVNHM D VR VWUHGRYHNRP KLVWRULFNêP REGREtP Y UR]PHG]t RG 9HĐNHM 0RUDY\ SR NRQLHF JRWLN\ VWRURþLH 1DMPODGãRX SDPLDWNRX V~ ]Y\ãN\ IDUVNpKR NRVWROD 3DQQ\ 0iULH Y EêYDOHM GHGLQH /LSWRYVNi 0DUD ] Då VWRURþLD QD EUHKX SULHKUDGQpKR MD]HUD

3UHKOLDGNRYi WUDV D þHUYHQi WXULVWLFNi ]QDþND

9êVWDYN D Y EXGRYH H[SHGtFLH SOiQ\ D GRNXPHQW\ Y\NRSiYRN XNiåN\ RULJLQiOQ\FK QiOH]RY UHNRQãWUXNFLH REMHNWRY 'YRUH F XNiåND VS{VREX EêYDQLD D SUiFH RE\YDWHĐVWYD QHRSHYQHQêFK RViG VtGOLVNRYHM DJORPHUiFLH ] VWRURþLD SUHG Q O D PLHVWR SUDFRYQêFK H[SHULPHQWRY 'YRUHF DNR W\S ]iVWDYE\ WHUDVRYLWêFK VtGOLVN MH Y\WYRUHQê ] WURFK S{YRGQH RVRELWQH QiMGHQêFK þDVWt RE\WQpKR GRPX V FKOLHYRP D RKUDGRX VtGOLVNR 9,, SRG KUiG]RX SULHKUDG\ VWRU SUHG Q O V SHFRX VtGOLVNR 9,, VWRU SUHG Q O D VWXGQH QD S{YRGQRP PLHVWH VWRU SUHG Q O

2E\WQê GYRMSULH VWRURYê GRP 1iOH] NDPHQQi SRGPXURYND ]UXERYêFK VWLHQ D VWUHGRYHM SULHþN\ VR ]Y\ãNDPL GUHYD MDP\ SR VWĎSRYp NRQãWUXNFLL NURYX V NDPHQQêP REORåHQtP 6WDYED EROD ]QLþHQi SRåLDURP 9 LQWHULpUL YlþãHM PLHVWQRVWL RE\GOLD QiOH]\ NDPHQQpKR RKQLVND NRYiþVNHM WURVN\ D åHOH]QêFK SUHGPHWRY .HUDPLND D KOLQHQp ]iYDåLD NURVLHQ 9 PHQãHM PLHVWQRVWL NRPRUH ± Y KOLQHQHM SRGODKH RVDGHQp GYH ]iVREQLFRYp QiGRE\ QD SRGODKH YUHWHQR V GUHYHQRX RVNRX QiGREND VR ãW\UPL VWULHERUQêPL QiXãQLFDPL D ćDOãLD NHUDPLND )XQNþQi LQWHUSUHWiFLD RE\GOLH V SUtOHåLWRVWQRX UHPHVHOQRX þLQQRVĢRX YêURED VS{Q D GRPiFLPL SUiFDPL YDUHQLH WNDQLH

5HNRQãWUXNFLD DUFKLWHNW~U\ ]UXE ]R VPUHNRYêFK EUYLHQ VHGORYi VWUHFKD QD QH]iYLVOHM VWĎSRYHM NRQãWUXNFLt EXN 6PUHN V YêQLPNRX SUHGQHM ãWtWRYHM VWHQ\ ]DSXVWHQHM GR YHQFD ]UXEX QDG GYHUDPL +UHEHQLFD VWUHFK\ VR VNORQRP QD ]iSDG L SURWL SUHYOiGDM~FLP YHWURP 7UVWLQRYi NU\WLQD YLD]DQi SiVLNPL VXURYHM KRYlG]HM NRåH 6WXGĖD 1iOH] MDPD NUXKRYpKR S{GRU\VX ]YLVOp VWHQ\ Y KRUQHM þDVWL Y\ORåHQp QD VXFKR NODGHQêPL NDPHĖPL Y GROQHM þDVWL ]Y\ãN\ YêGUHY\ 6OLHĖRYLWi YêSOĖ Y VSRGQHM þDVWL WUYDOD KODGLQD VSRGQHM YRG\ +ĎEND FP 1iOH]\ QD GQH QiGRE\ ÒSUDYD D UHNRQãWUXNFLD VWHQ\ NDPHQQpKR REORåHQLD VWDWLFN\ XSUDYHQp YRĐQH ]UHNRQãWUXRYDQi ]UXERYi RKUDGD ] WHQNHM JXĐDWLQ\ D SUtVWUHãRN V WUVWLQRYRX NU\WLQRX 'LH OĖD 1iOH] ãW\UL NRORYp MDP\ Y ãWYRUFRYRP XVSRULDGDQt ]Y\ãN\ NURNLHY RVDGHQêFK Y SRGORåt GYRMNDQiORYi D GYRMNRPRURYi SHF V SUHGSHFRYRX MDPRX 1D URãWH SRG ]YDOHQRX NXSRORX VD ]DFKRYDOD QiSOĖ SRVOHGQH Y\SDĐRYDQHM NHUDPLN\ 9R Y\NXURYDFHM MDPH D Y ~VWL NDQiORY ]Y\ãN\

NDPHQQHM YêPXURYN\ D XKOtND ] ERURYLFRYpKR GUHYD 3HF EROD Y FHORVWL SUHQHVHQi GR /LSWRYVNpKR P~]HD Y 5XåRPEHUNX D SRGĐD QHM SRVWDYHQi MH MHM NySLD 9 SULHVWRURFK GLHOQH ]Y\ãN\ YêPD]X SU~WHQêFK VWLHQ þUHS\ QHY\SiOHQêFK QiGRE D SUHSiOHQi NHUDPLND 5HNRQãWUXNFLD SUtVWUHãRN V UiPRYRX NRQãWUXNFLRX NURYX QD ãW\URFK VRFKiFK EXN NURNY\ VWDQRYHM NRQãWUXNFLH Y ]DGQHM þDVWL RSUHWp R WHUpQ .RPELQRYDQi WUVWLQRYi D N{URYi NU\WLQD &KOLH Y 1iOH] ãWYRUFRYê S{GRU\V YHGĐD RE\WQpKR GRPX V NROPL Y URKRFK ,QWHUSUHWiFLD D UHNRQãWUXNFLD V RKĐDGRP QD ]iVREQ~ þDVĢ YQ~WUL GRPX SUDYGHSRGREQH LQi KRVSRGiUVND VWDYED ± FKOLHY 6WHQ\ ] WHQNHM JXĐDWLQ\ RViG]DQHM GR GUiåRN URKRYêFK VWĎSRY MHGQRGXFKi SXOWRYi VWUHFKD V WUVWLQRYRX NU\WLQRX 9êFKRGQi WH UDVD KUDGLVN D RSHYQHQLH D VYlW\ĖD ] NRQFD GRE\ åHOH]QHM 3UtVWXS FKRGQtNRP RG GYRUFD KRUH VYDKRP SRSRG ]Y\ãN\ REYRGRYHM KUDGE\ N YVWXSQHM EUiQH D ćDOHM YSUDYR GR VYlW\QH +UDGED ýDVWL GYRFK SDVLHP þHOQpKR OtFRYDQpKR P~UX ] ORPRYpKR SLHVNRYFD SUHYDåQH Y RULJLQiOQHM SRGREH 6SRGQi KUDGED EROD PLHVWDPL GRGDWRþQH VSHYQHQi RSRUQêPL SLOLHUPL 0HG]L QLPL QiMGHQi NDPHQQi VWpOD ± PDOp REHWQp PLHVWR VR ]Y\ãNDPL RKQLVND V REHWQêPL GDUPL ãSHUN\ PLQFH UDGOLFD RELOLH QiGRE\ +UDGED L V REHWQêP PLHVWRP SRFKiG]DM~ ] GYRFK Ii] QHVNRURODWHQVNpKR REGRELD VWRURþLH SUHG Q O

9VWXSQi EUiQD GR VYlW\QH 1iOH] SUHUXãHQLH REYRGRYHM KUDGE\ Y VHYHUQHM GR YQ~WUD Y WLDKQXWHM þDVWL ]Y\ãN\ ]YLVOêFK VWĎSRY ãW\UL KOERNp NRORYp MDP\ Y ãWYRUFRYRP S{GRU\VH 6HYHUQp NUtGOR GHãWUXRYDQp Y\SRþtWDQi YêãND ]U~WHQpKR PXULYD FP YR YQ~WUL SUHOXND VPHURP GR VYlW\QH 0~U MXåQpKR NUtGOD ] OtFRYDQpKR NDPHĖD VD ]DFKRYDO GR YêãN\ FP 'RORåHQi MHKR SUHVWDYED %UiQD MH ] PODGãLHKR QHVNRURODWpQVNHKR REGRELD VWRURþLH SUHG Q O

,QWHUSUHWiFLD D UHNRQãWUXNFLD SRORNOLHãĢRYi EUiQD V SULHFKRGRP GR VYlW\QH FKUiQHQi ]YQ~WUD ćDOãRX WHUDVRYLWH ULHãHQRX KUDGERX YQ~WRUQê EDUEDNDQ =YêãHQi VHYHUQi þDVĢ VSHYQHQi ]YLVORX GUHYHQRX NRQãWUXNFLRX 1DG SULHFKRGRP EUiQ\ Y REU\VH SUH]HQWRYDQi YHåRYLWi GUHYHQi QDGVWDYED 6YlWLĖD 1iOH] QD SORFKH YêFKRGQHM WHUDV\ RGNU\Wp GODåE\ OHPRYDQp NRORYêPL MDPDPL SUHNU\Wp YUVWYRX SRSROD D SUHSiOHQêFK ]Y\ãNRY QiGRE ]YLHUDFtFK NRVWt RELOD ãSHUNRY D PLQFt 9 VWUHGH DUHiOX åLDURYLVNi D GYH MDP\ V ĐXGVNêPL SR]RVWDWNDPL 6WDUãLD VWDYHEQi Ii]D VHYHUQi GODåED V GUHYHQRX NRORQiGRX SRNUDþRYDOD Y REO~NX YRQ ] KUDGE\ YR

YQ~WUL REO~ND SUYi REHWQi MDPD ]DþLDWRN VWRURþLD Q O 3UHVWDYED REHWLVND D VWDYED EUiQ\ 6WDUãLD MDPD D VSRGQi þDVĢ GODåE\ ]DV\SDQp N QRYHM MDPH Y VWUHGH YLHGOD ćDOãLD GODåED VD VWĎSRUDGtP RG MXKX $UHiO ] YQ~WUD KUDGLVND RGGHOHQê SORWRP V NDPHQQRX SRGPXURYNRX SRORYLFD VWRURþLD SUHG Q O ,QWHUSUHWiFLD D UHNRQãWUXNFLD NXOWRYp PLHVWR NGH VD VSDĐRYDOL åHUWY\ D NRQDOL L REUDG\ V ĐXGVNêPL REHĢDPL 5LWXiOQD ãDFKWD V FHQWUiOQ\P WRWHPRP V\PERORP GODåE\ OHPRYDQp VWĎSPL WRWHPDPL EROR XUþHQp QD GHSRQRYDQLH REHWtQ 'UHYHQp SUYN\ YêWYDUQH GRSOQHQp QD ]iNODGH PRWtYRY ]LVWHQêFK Y QiOH]RFK 2KUDGD NXOWRYpKR DUHiOX OHQ QD]QDþHQi QD PDORP ~VHNX SUL YDOH 9Q~WRUQp RSH YQH QLH V EUiQRX =D REHWLVNRP P VPHURP QD MXKR]iSDG 1iOH] 9UFKRORY~ þDVĢ KUDGLVND FKUiQLOR ] YêFKRGQHM VWUDQ\ ćDOãLH SiVPR RSHYQHQLD =Y\ãN\ VWDUãHM KUDGE\ VR VWRSDPL SRåLDUX RULJLQiOQH IUDJPHQW\ PLHVWDPL SUH]HQWRYDQp VWRURþLH SUHG Q O 3UHVWDYED UHNRQãWUXRYDQp 2SHYQHQLH VþDVWL RGVWUiQLOD VWDUãLX IRUWLILNiFLX -HGQRGXFKi KUDGED V þHOQêP NDPHQQêP P~URP VR ]YLVOêPL VWĎSPL SUHYLD]DQêPL V YQ~WRUQRX GUHYHQRX NRQãWUXNFLRX YDOX %UiQD V PLHUQH GRYQ~WUD YWLDKQXWêP VHYHUQêP NUtGORP ]QLþHQi SRåLDURP 3UHWR VD ]DFKRYDOL ]Y\ãN\ ]XKRĐQDWHQêFK GUHYHQêFK SUYNRY 9 SUHGQHM þDVWL SlĢ PLPRULDGQH KOERNêFK NRORYêFK MiP SULEOLåQH Y ãWYRUFRYRP S{GRU\VH 5HNRQãWUXNFLD %UiQD KDORYpKR W\SX V SR]RURYDWHĐĖRX 3UH]HQWiFLD Y þHOQRP SRKĐDGH YRĐQH UHNRQãWUXRYDQi YHåLþND VO~åLOD QD NRQWUROX SULHVWRUX ]D RK\ERP VYDKX 9 MXåQRP ~VHNX GHPRQãWURYDQê SULHUH] NRQãWUXNFLH RSHYQHQLD ýHOQi VWUDQD KUDGE\ Y RGNU\WHM þDVWL UHNRQãWUXRYDQi GR YêãN\ ]DFKRYDQêFK ]iNODGRY V Qi]QDNPL RVDGHQêFK SUHGQêFK VWĎSRY 3UYp GHVDĢURþLD VWRURþLD Q O SRþLDWRN GRE\ UtPVNHM

2E\WQi VWDYED 9R VYDKX ]iSDGQH RG EUiQ\ 8NiåND REMHNWRY ] YQ~WRUQHM ]iVWDYE\ KUDGLVND ]DþLDWNRP VWRURþLD Q O 1iOH] 6þDVWL GR ]HPH ]DKĎEHQê S{GRU\V GYRMSULHVWRURYpKR GRPX V NRORYRX NRQãWUXNFLRX Y URKRFK =DQLNRO SRåLDURP 1DãOL VD ]Y\ãN\ GUHYD D PD]DQLFH ]R ]UXERYêFK VWLHQ Y S{YRGQHM SRORKH GYRMGLHOQ\ URWDþQê åDUQRY SRþHWQp QiGRE\ EURQ]RYp R]GRE\ KURPDGQê QiOH] =DþLDWRN VWRURþLD Q O ,QWHUSUHWiFLD D UHNRQãWUXNFLD Q~G]RYi RE\WQi VWDYED 6WHQ\ ]KRWRYHQp ] SULNUHVDQêFK WUiPRY RVDGHQêFK GR GUiåRN URKRYêFK VWĎSRY 3UHGQê SULHVWRU V SUDFRYQêP N~WRP D åDUQRYRP ULHãHQê DNR RWYRUHQê V NU\WêP SRGKĐDGRP YQ~WRUQê SULHVWRU V RKQLVNRP DNR X]DWYRUHQê EH] SRYDO\ V SULHþNRX D GYHUDPL 6WUHFKD VHGORYi V SOQêPL ãWtWPL D WUVWLQRYRX NU\WLQRX 1D ]iYHWUHQLH VWUHFK\ SRXåLWp SUHGĎåHQp NURNY\ 6WUH GRYH N ê KUiGRN 9\YêãHQLQD V SULHNRSRX QD YUFKROH NRSFD

1iOH] YćDND S{GQ\P SRGPLHQNDP ]DFKRYDQê FHOê S{GRU\V GUHYHQpKR KUiGNX V FHQWUiOQRX RE\WQRX YHåRX V GYRMLWêP ]UXERP Y ]iNODGRFK SUtVWDYERX VR VDPRVWDWQRX EXGRYRX V NR]XERP D GOiåGHQêP PHG]LSULHVWRURP 3UHG SULHNRSRX SiV ãLNPêFK NRORY REYRG RKUDGHQê VWĎSPL 9 SULHNRSH QiMGHQp ]Y\ãN\ SLOLHUD D NRQãWUXNFLH PRVWD 9 SDOLViGH VWRS\ YFKRGX URKRYHM YHåH D EUiQN\ QD VHYHUQHM VWUDQH 9 GLDJRQiOQHM RVL ]iNODGRY RE\WQHM YHåH Y SLHVNRYFRYRP VNDOQRP SRGORåt Y VNORQH UD]HQi ãW{OĖD GOKi P 1iOH]\ KURW\ ãtSRY IUDJPHQW NU~åNRYpKR SDQFLHUD QRåH NHUDPLND RELOLH PLQFH .RQLHF VWRURþLD 9 KOEãtFK YUVWYiFK VWDYHEQp ]Y\ãN\ D QiOH]\ ] VWRURþLD ,QWHUSUHWiFLD D UHNRQãWUXNFLD 9HåRYp ]HPHSiQVNH VtGOR FKUiQHQp SULHNRSRX SURVWRNRORP D SUDYGHSRGREQH WĚQtP Y\SOHWDQRX SDOLViGRX 9R YQ~WUL YLDFSRGODåQi RE\WQi YHåD V KRVSRGiUVNRX SUtVWDYERX þHĐDGQtN NXFK\ĖD D QiGYRULH 9 VXWHUpQH YHåH VNODGLVNR D QHGRNRQþHQê WDMQê YêFKRG ~NU\W 2SHYQHQLH V URKRYRX YHåRX D PRVWRP þLDVWRþQH ]UHNRQãWUXRYDQp YQ~WRUQi ]iVWDYED Y\]QDþHQi Y S{GRU\VH &LVWH UQD âDFKRYLWi SULHKOEHĖ QD VHYHUQRP VYDKX SRG KUiGNRP 1iOH] Y WHUpQH YLGLWHĐQi XPHOi SULHKOEHĖ GRVLDĐ SUHVN~PDQi GR KĎEN\ P 'R SLHVNRYFRYpKR SRGORåLD Y\VHNDQi ãDFKWD ]DV\SDQi FXG]RURGêP PDWHULiORP 'QR HãWH QHEROR RKQXWp 1HGDWRYDQp ,QWHUSUHWiFLD D SDPLDWNRYi ~SUDYD SRGĐD SRORK\ VWUHGRYHNpKR KUiGNX ÒVWLH ]DEH]SHþHQp EHWyQRYêP YHQFRP D PUHåRX QDG REMHNWRP SUHVWUHãHQLH Y ãW\OL]RYDQHM SRGREH JRWLFNHM VWUHFK\

3RGXMDWLD QD +DYUiQNX $UFKHRORJLFNp P~]HXP Y SUtURGH GQHV SRQ~ND PRåQRVĢ YLGLHĢ åLY~ PLQXORVĢ -HGQRX ] SUYêFK SUtOHåLWRVWt NHć ERO +DYUiQRN RåLYHQê EROL RVODY\ QRYpKR PLOpQLD Y URNX 2GYWHG\ HGXNDþQp SRGXMDWLD RåLYHQLD +DYUiQNX SULSUDYXM~ SUDFRYQtFL /LSWRYVNpKR P~]HD Y 5XåRPEHUNX 3RþDV SUHGYiG]DQLD EHåQpKR åLYRWD Y PLQXORVWL Pi QiYãWHYQtN PRåQRVĢ ]tVNDĢ þR QDMYLDF LQIRUPiFLt R REUD]H GRE\ åLYRWQêFK SRGPLHQNDFK þL EHåQêFK SRYLQQRVWLDFK YþDVQRKLVWRULFNpKR RE\YDWHĐD 1HSUDYLGHOQH VD WLHå Y SULHVWRURFK P~]HD Y SUtURGH RG URNX NRQDM~ DM HGXNDþQp SURJUDP\ ]DPHUDQp QD åLDNRY D ãWXGHQWRY 1DSUtNODG Y URNX VD XVNXWRþQLO SURMHNW Ä.HOWL QD +DYUiQNX ³ NWRUê ]DKUQRYDO WHPDWLFNp SUHGQiãN\ D WYRULYp GLHOQH QD WpPX GRED ODWpQVND QD 6ORYHQVNX D Y (XUySH SUH åLDNRY =â .YDþDQ\ IRUPD FHORURþQpKR GRSOQNRYpKR Y]GHOiYDQLD SUH KLVWRULFNê NU~åRN 3URMHNW Y\YUFKROLO GYRMGĖRYêP SURJUDPRYêP SRGXMDWtP NHć åLDFL VDPL Y ~ORKH OHNWRURY L KHUFRY Y GRERYRP REOHþHQt VSUHYiG]DOL VNXSLQ\ QiYãWHYQtNRY äLDFL ]tVNDOL QLHOHQ QRYp YHGRPRVWL R VYRMLFK SUHGNRFK DOH YêVOHGNRP ERO DM UR]YRM LFK NUHDWLYLW\ UXþQêFK ]UXþQRVWt UpWRULN\ L FHONRYpKR Y\VWXSRYDQLD /LSWRYVNi 0DUD , ± +DYUiQRN UHNRQãWUXNFLD EUiQ\ GR VYlW\QH ĆDOãtP SRGXMDWtP MH .HOWVNê GHĖ QD +DYUiQNX äLYê VWDURYHN NWRUê Y VSROXSUiFL V /LSWRYVNêP P~]HRP Y 5XåRPEHUNX RUJDQL]XMH REþLDQVNH ]GUXåHQLH 9DH 9LFWLV 7RWR SRGXMDWLH MH SUH]HQWRYDQp IRUPRX IHVWLYDOX D

]~þDVWĖXM~ VD KR U{]QH GRERYp KLVWRULFNp VNXSLQ\ 0HG]L QiYãWHYQtNPL VD WHãt YHĐNHM REĐXEH DM SUH FLWOLYR ]YOiGQXW~ IRUPX L YêUD] ULWXiOQHM ĐXGVNHM REHW\ Y VYlW\QL -H WR PLHVWR NGH P{åH QiYãWHYQtN PLQXORVĢ FtWLĢ DM VD MHM GRWNQ~Ģ

2G{YRGQHQLH VWDYE\ D MHM XPLHVWQHQLD +ODYQêP G{YRGRP XPLHVWQHQLD REMHNWX Y SURVWUHGt +DYUiQND MH Y\XåLWLH MHKR SUtURGQpKR D NXOW~UQHKR SRWHQFLiOX 3R]HPRN VD QDFKiG]D SUL /LSWRYVNHM 0DUH Y ~GROt PHG]L 1t]N\PL D 9\VRNêPL 7DWUDPL þR QiP XPRåĖXMH YQtPDQLH NUiVQ\FK SDQRUDPDWLFNêFK YêKĐDGRY 9\]GYLKQXWLH ]iåLWNRYRVWL GDQpKR SURVWUHGLD GRVLDKQHPH VSRMHQtP SUtURGQpKR SURVWUHGLD V RVWDWQêPL QDYUKRYDQêPL DWUDNFLDPL QD WRPWR ~]HPt þtP VD VWDQH ~]HPLH DWUDNWtYQH 6SRMHQtP YãHWNêFK ]iåLWNRYêFK YODVWQRVWt NWRUp KUDM~ YêUD]Q~ UROX QD WRPWR ~]HPt VD QiYUK PLHVWD EOtåL Då N VFpQRJUDILL

7\SRORJLFNi SUtSUDYD

0Ò=(80 MH LQãWLW~FLD NWRUi SOiQRYLWH ]KURPDåćXMH RGERUQH VSUDYXMH D YHGHFNêPL PHWyGDPL VSUDFRYiYD ]ELHUN\ KPRWQpKR GRNODGRYpKR PDWHULiOX R YêYRML SUtURG\ VSRORþQRVWL XPHOHFNHM WYRUEH DOHER ĐXGVNHM þLQQRVWL ~ORKRX P~]HD MH RVYHWRYi D NXOW~UQD þLQQRVĢ ODLFN\ SRYHGDQp SRVN\WQ~Ģ VYRMLP QiYãWHYQtNRP NXOW~UQ\ XPHOHFNê

]iåLWRN WêP SiGRP LFK RERKDWLĢ P~]Hi PRåQR UR]GHOLĢ QD YODVWLYHGQp D ãSHFLDOL]RYDQp YODVWLYHGQp VD ]DREHUDM~ PDWHULiORP WêNDM~FLP VD ~]HPLD ãWiWX QD NWRURP VD QDFKiG]DM~ ãSHFLDOL]RYDQp P~]Hi VD ]DREHUDM~ NRQNUpWQRX þLQQRVĢRX RGERURP RVREQRVĢRX DOHER Yê]QDPQRX XGDORVĢRX DWć N ãSHFLDOL]RYDQêP P~]HiP SDWUt DM QDYUKRYDQp DUFKHRORJLFNp P~]HXP +DYUiQRN =iNODGQp W\SRORJLFNp SULQFtS\ D ]iVDG\ QDYUKRYDQLD 0~]Hi D JDOpULH VD DNR YHUHMQp EXGRY\ ]DUDćXM~ PHG]L NXOW~UQH REþLDQVNp VWDYE\ ,FK GLVSR]tFLD MH Y FHONX MHGQRGXFKi D RSURWL LQêP GUXKRP VWDYLHE SRPHUQH YDULDELOQi NHćåH LFK WYRUt UHODWtYQH PiOR IXQNþQêFK FHONRY 0HG]L ]iNODGQp IXQNþQp FHON\ P~]HD D JDOpULH SDWULD YVWXSQp SULHVWRU\ DGPLQLVWUDWtYD WHFKQLFNR KRVSRGiUVNH ]i]HPLH H[SR]tFLD D VNODG\ D GHSR]LWiUH 9R YlþãtFK P~]HiFK VD SULGiYDM~ GLHOQH QD UHãWDXUiWRUVNp D VWROiUVNH SUiFH NWRUp V~ ]YlþãD QDSRMHQp SULDPR QD VNODG\ 9 P~]HiFK V Y\ããRX IUHNYHQFLRX QiYãWHYQRVWL QLH MH YêQLPNRX SULGDQLH GDOãtFK IXQNþQêFK FHONRY QDSRMHQêFK VSUDYLGOD QD YVWXSQp SULHVWRU\ DNR U{]QH SUHGDMQH DUWHIDNWRY D XPHQLD NDIIHWpULH UHãWDXUiFLH GHWVNê N~WLN DXNþQi D SUHGQiãNRYi ViOD

DOHER WYRULYp GLHOQH 3UHYiG]NRYê GLDJUDP P~]HD

=iYHU 3UiFD EROD YHQRYDQi QiYUKX 1iYãWHYQtFNHKR FHQWUD ]DWUDNWtYQHQLX D UHYLWDOL]iFLL RNROLD D SUtURGQpKR DUFKHRVNDQ]HQX +DYUiQRN 0{åHPH KRGQRWLĢ åH ~]HPLH +DYUiQNX Pi QHSRFK\EQH VLOQê KLVWRULFNê RGND] NWRUê MH SRWUHEQp ]DFKRYDĢ 6~þDVQê VWDY DUFKHR P~]HD YãDN QHRGSRYHGi DQL SRWUHEiP ]DFKRYDQLD WRKWR KLVWRULFNpKR RGND]X DQL SRWUHEiP MHKR XFHOHQHM SUH]HQWiFLH NWRUi E\ HãWH YLDF ]DWUDNWtYQLOD WRWR ~]HPLH 7LHWR SUREOpP\ HOHJDQWQRX IRUPRX ULHãL YêVWDYED 1iYãWHYQtFNHKR FHQWUD NWRUi NRPSOH[X DNR WDNpPX FKêED 1iYãWHYQtFNH FHQWUXP ]iVDGQêP VS{VRERP PHQt V~þDVQ~ H[SR]tFLX D XPRåĖXMH WDN ~]HPLX QDSOQR Y\XåLĢ VYRM SRWHQFLiO 3RVN\WXMH SULHVWRU\ SUH H[SR]tFLH NRPXQLWQp FHQWUXP NDYLDUHĖ D Y QHSRVOHGQRP UDGH WHFKQLFNp D DGPLQLVWUDWtYQH ]i]HPLH NRQDQLH U{]Q\FK NXOW~UQ\FK XGDORVWt DNR DM QDSUtNODG .HOWVNê IHVWLYDO 7LHWR IXQNFLH DNR DM VDPRWQi EXGRYD SUHGVWDYXMH YtWDQ~ ]PHQX ]Y\ãXM~FX ]iXMHP QiYãWHYQtNRY 2NUHP IXQNþQpKR RERKDWHQLD SURVWUHGLD EXGRYRX VD WLHå ]OHSãLO WHFKQLFNê VWDY SDPLDWRN LFK VDQiFLRX UR]ãtULO VD DUFKHRVNDQ]HQ QD EêYDORP PLHVWH 6$8 R ćDOãLH W\SRORJLFNp GUXK\ EXGRY D QDYUKOD VD QRYi WUDVD SR DUFKHRVNDQ]HQH 1iYUK SUHGVWDYXMH MHPQê UH] Y NUDMLQH NWRUê Pi QiYãWHYQtNRY YWLDKQXĢ GR ]YHGDYpKR VYHWD .HOWRY D KLVWyULH 0DWHULiORYp D YêWYDUQp SUHYHGHQLH SULURG]HQH ]DSDGi GR SURVWUHGLD D Y\]GYLKXMH ORNiOQRVĢ 1iYãWHYQtFNH FHQWUXP QDSOQR Y\XåtYD SRWHQFLiO ~]HPLD MHKR SUtURGQp SURVWUHGLH D KLVWRULFNê FKDUDNWHU þtP ]Y\ãXMH DWUDNWLYLWX UHJLyQX D EXGXMH SRYHGRPLH R G{OHåLWHM KLVWRULFNHM HSRFKH 6ORYHQVND +DYUiQRN MH PLHVWR YLDFHUêFK KLVWRULFNêFK PtĐQLNRY NWRUp VYRMRX WURãNRX SULVSHOL N IRUPRYDQLX 6ORYHQVNpKR QiURGD 7RWR PLHVWR NWRUp SRGOLHKDOR E~UOLYêP ]PHQiP Pi þR SRYHGDĢ DM EXG~FLP JHQHUiFLiP $UFKHRORJLFNê YêVNXP Y PLQXORP VWRURþt WHQWR KLVWRULFNê RGND] RGNU\O GR YHĐNHM PLHU\ 2VWiYD Xå OHQ GDĢ WRPXWR RGND]X DGHNYiWQX IRUPX NWRUi KR Y V~þDVQRVWL VN{U SRãNRG]XMH

=R]QDP SRXåLWHM OLWHUDW~U\ '2+ĕ$16.È ( 7\SROyJLD $JURWXULVWLND >RQOLQH@ %UDWLVODYD 6WDYHEQi )DNXOWD 6ORYHQVNHM WHFKQLFNHM XQLYHU]LW\ Y %UDWLVODYH 'RVWXSQp QD KWWS LV VWXED VN '2+ĕ$16.È ( 7\SROyJLD =iVDG\ QDYUKRYDQLH XVWDMĖRYDQêFK REMHNWRY >RQOLQH@ %UDWLVODYD 6WDYHEQi )DNXOWD 6ORYHQVNHM WHFKQLFNHM XQLYHU]LW\ Y %UDWLVODYH 'RVWXSQp QD KWWS LV VWXED VN 0,.8/Èâ 0 2/È+ - 0,.8/Èâ29È ' .UHVOHQLH VWDYHEêFK NRQãWUXNFLt 9\G %UDWLVODYD -DJD V ,6%1 1(8)(57 ( 1DYUKRYDQLH VWDYLHE 3UDKD &RQVXOWLQYHVW V ,6%1

3(5Èý.29È - -È12â.29È 7 721+$8=(5 , %(ĕ2 6 680(& $ 7HFKQLFNp ]DULDGHQLD EXGRY , ]GUDYRWQi WHFKQLND , %UDWLVODYD 9\GDYDWHĐVWYR 678 V ,6%1 38â.È5 $ 6=202/È1<,29È . )8ý,/$ - 9$9529,ý % 2NQi ]DVNOHQp VWHQ\ GYHUH EUiQ\ %UDWLVODYD -RJD *URXS V ,6%1

7HFKQLFNi SĜtUXþND 67(,&2 FRQVWUXFWLRQ %UQR V 9\KOiãND 09 65 þ = ] NWRURX VD XVWDQRYXM~ WHFKQLFNp SRåLDGDYN\ QD SURWLSRåLDUQX EH]SHþQRVĢ SUL YêVWDYEH D XåtYDQt VWDYLHE .DURO 3LHWD ] /LSWRYVNi 0DUD 9þDVQRKLVWRULFNp FHQWUXP VHYHUQpKR 6ORYHQVND 9\GDYDWHĐVWYR 1LWUD ,6%1 .DURO 3LHWD ± . 3LHWD URNRY DUFKHRORJLFNpKR P~]HD Y SUtURGH Y /LSWRYVNHM 0DUH 5H NRQVWUXNFH D H[SHULPHQW Y DUFKHRORJLL þOiQRN .DURO 3LHWD ± . 3LHWD .HOWVNp RVtGOHQLH 6ORYHQVND 0ODGãLD GRED ODWpQVND 1LWUD ,6%1

,QWHUQHWRYp ]GURMH 0DUFHO 0RMåLã 1iKĐDG GR KLVWyULH 3R]ULWH VD QD GQR /LSWRYVNHM 0DU\ >RQOLQH SUtVWXSQp GĖD @ 'RVWXSQp QD 85/ KWWS PLNXODV GQHV VN QDKODG GR KLVWRULH SR]ULWH VD QD GQR OLSWRYVNHM PDU\ ! .HOWL QD 6ORYHQVNX ]ERUQtN ] NRQIHUHQFLH VWUDQD >RQOLQH SUtVWXSQp GĖD @ 'RVWXSQp QD 85/ KWWS ZZZ DUFKHRORJLDVN VN ILOHDGPLQ 3') 1DBVWLDKQXWLH .HOWLBQDB6ORYHQVNXB]ERUQLNB SGI !

=R]QDP REUi]NRY > @ > @ > @ DXWRU .DURO 3LHWD ] /LSWRYVNi 0DUD 9þDVQRKLVWRULFNp FHQWUXP VHYHUQpKR 6ORYHQVND 9\GDYDWHĐVWYR 1LWUD ,6%1 > @ > @ > @ > @ > @ > @ > @ DXWRU .DURO 3LHWD ] /LSWRYVNi 0DUD 9þDVQRKLVWRULFNp FHQWUXP VHYHUQpKR 6ORYHQVND 9\GDYDWHĐVWYR 1LWUD ,6%1 > @ 6WDUp0DS\ VN >RQOLQH SUtVWXSQp GĖD @ 'RVWXSQp QD 85/ KWWSV ZZZ VWDUHPDS\ VN "]RRP ODW OQJ PDS 90 ! > @ 6WDUp0DS\ VN >RQOLQH SUtVWXSQp GĖD @ 'RVWXSQp QD 85/ KWWSV ZZZ VWDUHPDS\ VN "]RRP ODW OQJ PDS 90 ! > @ 6WDUp0DS\ VN >RQOLQH SUtVWXSQp GĖD @ 'RVWXSQp QD 85/ KWWSV ZZZ VWDUHPDS\ VN "]RRP ODW OQJ PDS 60 ! > @ 6WDUp0DS\ VN >RQOLQH SUtVWXSQp GĖD @ 'RVWXSQp QD 85/ KWWSV ZZZ VWDUHPDS\ VN "]RRP ODW OQJ PDS VD]SB]EJLV U ! > @ 0DUFHO 0RMåLã 1iKĐDG GR KLVWyULH 3R]ULWH VD QD GQR /LSWRYVNHM 0DU\ >RQOLQH SUtVWXSQp GĖD @ 'RVWXSQp QD 85/ KWWS PLNXODV GQHV VN JDOHULD OLSWRYVND PDUD IRWRJUDILD "DUWLFOH,G !

3UtORK\

â78'(17 9('Ã&#x2019;&, .21=8/7$17 $.$' 52.

%F /XFLD 0XãNRYi GRF ,QJ DUFK -DUPLOD +~VHQLFRYi 3K' ,QJ DUFK 3HWUD 6WUXKDÄ&#x153;RYi

, '3B3 'LSORPRYi SUiFD 1iYãWHYQtFNH FHQWUXP DUFKHRVNDQ]HQ +DYUiQRN

6/29(16.Ã&#x2C6; 7(&+1,&.Ã&#x2C6; 81,9(5=,7$ 9 %5$7,6/$9( 67$9(%1Ã&#x2C6; )$.8/7$ .$7('5$ $5&+,7(.7Ã&#x2019;5<

º µ%*5ç ' ]@ç G)M ¤ç )- È*5ç Ô ¤µ ¶ ç µ$7Éç ' ]@ç> Ô' ¤ç$Tç -ç $µR-Z µç B-8 $,Ê ç X Gç $ $cÔ µ$]@ç

O µ X%ç @-?B*$ç

O µ XÆç EX­% ç

µ $µ'$ç

, +,$ 5. 5

&+ 5

,0# !5+#$ "1 5

, * ç z3 ç$ *5 ç $ $ç ¥ -|@* µ% ç 8 ç

z3 ç$ *5 ç - $ç «&0 µ%ç

- 53 1 & 5# 5

" 30 , , 5

E µ X-Tç $ Ç ç ç$T'^Õ @-çµ-Z /çq %ç £ç e- eç|$çÖ $,ç ´p- Xç$ç|$çºÆ*5 ,ç E µ XÆç K¤]% ç

$Ã%z Xç $ç |$*8%,×ç |$ç 8 $|B*@ç X - µç O µ X/5 ç K¤]% $ç $ç ªÕ p- X$ç |$ç Ö $,z eç *P-ç

5 E$ç$ç|$çÖ $,-çºÎ(-ÞÇç!-Z -Tç $ Ì ç

T³-Wç $z-ç5 X/ç8 -'-z-ç çAß 5ç $ç @- ç|$ç -µ- -ç % vç" XÆ*5ç $ç @- ç#% $,zÆ*5ç $ç @- ç$ç 5 ) X/5 ç

Q ,Ô-z¥ç çµ çºÆ*5 , Ö $,z eç q - ç $|@*-ç 8 ç -4 z¤ç ¥çØ µ-Jç@çT-5 ç, s${ çX /ç µ E$ç|$ç

E ¶ ç T-,-zç Ôç |$VX $T A*5ç X $T µç $ % ç Z-Ûç |$ç 5 f eç X¤ç !%7¢ ç X Æç Ö µ-Jç µ Gç T-5 ç

" 4 5

¥ Àç

X$µE$ -Jç *-{ $ç ç *8 ,i-Tç -*5-ç$ç çºÎ9Z $,Çç |$ç E µ X¥ç $jç$ç $ Çç ÔçµE$*- Æ*5çÄ X ºÆ*5ç

)- ç $ X µ$*A*5çkB- çµç 'T-X -ç $ X µE X$ç

8 8 8 8 )/+.,.7!8/0!#"8 8 8 % 8 5#)"8 52*.7!8 8 8 -' 8 "0#( 8 &40"8 405("1.7!8 $.# 8 -' 8"0#( 8 "0,)+"8 63&-)#.7! 8 ( 8 8 8 8 8 8 8

'@*ÏZ-ç

v *ÏZ-ç

$¤ e 'Lç

,]$â ç

$Z-ç $Tç -ç |%µ -Á µç ]%Õ- ç *Ï^ ¶ ç µ- ]% µç $çE{È*8 ç X Aç |$µ F½ ç X h¯D /ç *-{ ç $Z-' ç

ç

#ç X -1C*@- çÔ-Z-z- ç

$ *5- Z 4*X/çºÍY %µX @-Õç [² ç|$ç -X -$)z/ç$çX®-ç¥)-ZÇç|B-Z-zç -ç|%µ -Á µç$ *5- X$ z¤ç

ç

# ç M,-Åç× $µ$z ç

ç% ,z-Tç X¤[ ¨l-Wç $r$ Çç *5- X$|Ô-zç $º %z X ç ºÓ -|B-ç @- ¦ç -ç , ' µ Z µç $ç

Z *8$çÔ-Z-z-ç

]$¿Èeç £)-Z eç |%º 6¢ç ç%µ -¹}A*X-5 ç *-{ $ç $º %z Xç T-çºÓ -|B-çµ °z-Tç ' %zÇç @ç |%µ -µ-ç

5 5 5+, 1 25

' $µ$zÆç B- ç

*-` µ%ç Z *8$ç Ô-kX¤ç

, * ç z3 ç © $Tç Z' Xç 8 ç

Ü$n$ç'-ä-)z ç

5 1$ "1 5 # /5+, 1 25

-¾-|B-ç µ$5¤ç$X ç $ -|B-ç @çã ¤µ gç

w-X µ*-ç $ç ]E $ /ç , -µNÉç '¬Ê ç T$µ Ë ç w-XÇç $ç 8 $' y ç X /ç $ç ¦ç|$*8%,×V£ ç @-Õç :$ç |$ç

Ô-k@-ç X Ƶ$T£ç bXÊ ç ]E$ç $ç à@- $z/ç ¡Çç Z- ¶ ç X,-ç oV£ç -µ$â/ç × ¨ -|B-ç ' µB*- ç

ÕZ $' µ ç ,- ç -*=$ç $Xç Z $8]D· ç*8 %|@ç -z ç B- ç

z-'-ä-)-| çã ¤µ µçáz ¤ç -Ý¢ç ,zÆ*5çµ ,ç v* ¤ç Ç /xç» ¶ ç*Z | ç ,µ ,J µ$*A*5ç, -|%Ûç$ç

× $µ$|%ç Z *8$ç 'T-X eç

z3 ç ¤*E$ç $T %z µ% ç 8 ç

$ EX$ ç

")5 " 30 , , 5

. ç ¤*E$ç © X µ%ç

#$ "1 , 5#* ,0 5

* 5+#% "1 , 5

$µ@,-aÈç XZ zç º @-µç µ-,@-ç Xç µmEX¤ç µ ,zÆ*5ç Ù U µ ç ! , z z/ç 5 EÔ { Çç |$ç z- @- © È*5ç <+5ç

O µ X%ç @-?B*$ $Ã%z Xç

+, 5+, 1 2 5

,Z Ú-ç E$ç µE$* qz-Tç Ô¸- $z/ç $ç ;-z/ç º ¸Çç 2\É ¤ ç Hç $ç ' @,]B*- ç ,^ |%ç B- © ç $ç

ç%µ -¹}A*X-ç*-{ ç$ *5- X$|Ô-zç $º %z Xç

±-kB-çT-ç $Xq çµÕ,Çç F uÈç $ ç|$,ç8]$,M ¤ç O µ X-Tç $ Ç ç

×Z- z-z/ç Z *5Çç $ç µ-Z /ç - /|z-ç -ºÆ -~$ ç -µ]%,$ç ¦ç -µ-f Ö $,z/ç §,-|@-çµ- $ç$ç Ò@*X/ç -ç ç

z/çX_ @*X/ç ,kB-|XÇç ç Ð@ç B-qdÑ@ç - Z $k@ç$çt Õ eçå%Õ Xç º [ɼ¢S£ç æIZ-ç

$ , '+, 5#(* "5#*+,& 5

5 3"15+, 1 2 5

5- 5"5+, 1 5

-($,2 , /%-' 0

#6*2#@ .593=@

#0#7@ 3%63=2*/@

5#691$2?@ 3%63=2*/@

2

*10*") 2 & %+/*0-&!2 ,

@

.($,2 *+, #2

2

2

2

2

2

2 2 2

') ) I

'@9;>:IC9G<A?F I A *?@9B I

) (#& 2I .*, 0I

'@9;>:IC9G<A?F I A

*?@9B I

) &* %7 %I 0) %& I

')8*, 0I

"&*,&#I ' %%4I $ ) I

H

+ )+ I07- 3I

@ @ @" @ .50414>$@56$&#@ @ @ ( @ ;&.#@ ;7/4>$@ ! @ @ 2, @#6&- @ ):6#@ :6;-#+4>$@ '4& @ 2, @#6&- @ #61.0#@ <8)2.&4>$ @ - @

@ @ @ @ @

@ @ @

I

'@9;>:IC9G<A?FI I I IA '@9;>:IA : I A *?@9BIE<D=BF I

0) %& I

6 # %* 2I ) & ) *I# ',&0* 2I$ /# +I

*#&0 %* & I5 # %*!1I ) I

9 9 9! 9 +1-0.08"912"$#9 9 & 9 6$+#9 63,08"9 9 9 /) 9#2$* 9 '52#9 526*#(08"9 %0$ 9 /) 9#2$* 9 #2.+-#9 74'/+$08" 9 * 9

9 9 9 9

9 9

9 9 9" 9 +1-0.08#912#%$9 9 9 ' 9 6%+$9 63,08#9 ! 9 9 /) 9$2%* 9 (52$9 526*$ 08#9 &0% 9 /) 9$2%* 9 $2.+-$9 74(/+%08# 9 * 9 9 9 9 9 9 9 9

1 1

1 1 1 .!(&"+*0 1.0*+ 1 1 1 1 # 1 / & 1 /-'*0 1

1 1 )$ 1 + % 1 !.+ 1 .+/% ,*0 1

1 1 1 1

3 35

35

5 ( /) ) ,$ 0

'b V(M5b SYC9>Qb 8L(29M>(b 2 >(YWb F 5T9MO5C/99b OLF/8b FM*2b Sb F>F@: ' b

MOFLF)4b IL52b C @ 'b Y*I(2C5;b (b MOL52C5;b QLGI5b M( F.;(S9?b S56Ub C*LF2b !5@OFS !5@OM>*b M:2?9M>FS*b 5C>?+S( Sb C:Z9C*/8b OL52C38Fb IF2QC(;M>(b

35 35 35 35 35

F.(b ?(O3CM>(b 2Fb LF>Qb b

35 3

,1 5 , +-& 5 5 " .2 5 )+& 5 ,' #0

!

5 *5 +) 5 !5 5 #% 5 5 5

35

35 3535 35

45

"> > >& /51424='>56')(> "# "> > + > ;)/(> ;804='> % $ > > 3- >(6). > ,:6(>!:6;.(74='> *4) > 3- >(6). > (62/1(> <9,3/)4=' > . > > > > > ! > >

*/>5b >L*7SMOSFb IFL(Y9@Fb MIF;5C3 >5@OM>3b SF;M>F b !5@OM>F */>5b F.WS(O5`PHb %.CFS5C3b @5Cb OL9b @F>(@9OWb C(b SU/8F2CFB (b ;QZCFBb RI,O:b SL/8Q b b

'b IFM?52CFBb KF@MOFLFa:b 2(OQ;5B5

LFYM9(8?5b IFZ (L5 b Y(C9> MS,OWC5 9b FM:2@5C9(b C(b S,1N9C5b FM*2b F>F@Fb 8L(29M>(b

>

SYC9>b

b

FM(2Wb F>F@Fb (SL*C>(b B(;Rb C(;S,0N:b RY5BCUb LFYM(8b

$(b 8L(29M>Qb (b SFb SU/8F2C5;b (MO9 SW.Q2FS(C3b S5A>3b FI5SC5C95b SCROFLC38Fb (L5*@Q SYC9>@(b MS,OWD(b SFb MSF<5;b C(;MO(LN5;b IF2F.5b &LS>Xb !5@OM>5=b B(O5L9(@C5;b >Q@ORLW #9BFL (2C5b SYL(MOF@b IF15Ob F.WS(O5_OS( 'YC9>@9b S5A>3b /5COL*@C5b M:2?9M>*b '

b E b FJ5SC5C9(b YFM9@C5C3 b IL5MO(S.(b MS-OWC5b (b F.L(CC38Fb MWMO3BQb .L*CWb

MOLF0\ IL52b C

35

35

35 35 35 35 35 35 35 35

MO(L3b 2FB*/5b F.WS(O5]OSF F.;(S5C*b SU8F2C*b IF@F8(b (SL*C>( C(b SL/8F?5b IFMO(S9@9b LFYM9(8@5b S(@FS3b FI5SC5C95 b $(;MO(LN:b F.WS(O5@9(b "9IOFSM>5;b C(b ;Q8FSU/8F2CFBb (b SU/8F2CFBb RI,O:b SL/8Qb Sb IF@F8*/8b b b ' b &F8L(C90C*b Y C(b M(b >5@O9YQ;5 !FC/FBb MOFLF09(b 8QMOFO(b FM:2@5C9( C(L(MO*b (b RY5B95b M(b LFYN9LQ;5b [(^9(OF>b >F@FC9Y*/95b !5?OB9 35 !B5 b !FO:CFS 3535

MOFLFb \b IL52b C @

$ $ $ $ $ $ # " $ $ "! $ $ $ $ ! " $ ! " $

$ ! !$ $

9 9 9! *0,/-/8"901"$#9 9 & 9 6$*#9 63+/8"9 9 9 .( 9#1$) 9 '51#9 516)#2/8"9 %/$ 9 .( 9#1$) 9 #1-*,#9 74'.*$/8" 9 ) 9

9 9 9 9 9

9

, $7 $WHOLpURYi WYRUED %F /XFLD 0XãNRYi ,QJ DUFK 3HWUD 6WUXKDÄ&#x153;RYi

, 36$ ,,

.$7('5$ $5&+,7(.7Ã&#x2019;5<

$5&+(2/2*,&.e 1Ã&#x2C6;/(=,6.Ã&#x2C6;

678 6Y) 35('0(7 â78'(17 9('Ã&#x2019;&, $.$' 52.

, $7 $WHOLpURYi WYRUED %F /XFLD 0XãNRYi ,QJ DUFK 3HWUD 6WUXKDÄ&#x153;RYi

, 36$ ,,

.$7('5$ $5&+,7(.7Ã&#x2019;5<

$5&+(26.$1=(1 +$95Ã&#x2C6;12.

678 6Y) 35('0(7 â78'(17 9('Ã&#x2019;&, $.$' 52.

32+ď$'

+UDGLVNR 32+ď$'

%UiQD 6WUDåQD YHåD

.RVWRO 3DQQ\ 0iULH 32+ď$'

.HOWVNê GYRU

32+ď$'

+UDGLVNR 32+ď$'

1~G]RYi RE\WQi VWDYED 32+ď$'

32+ď$'

32+ď$'

+UDGLVNR 32+ď$'

32+ď$'

32+ď$'

9VWXSQi EUiQD GR VYlWLQH

.HOWVNê GYRU

32+ď$'

32+ď$'

+UDGLVNR

32+ď$'

32+ď$'

6YlWLĖD

6YlWLĖD

32+ď$'

32+ď$'

, 36$ ,,

.$7('5$ $5&+,7(.7Ò5<

, $7 $WHOLpURYi WYRUED %F /XFLD 0XãNRYi ,QJ DUFK 3HWUD 6WUXKDĜRYi

678 6Y)

)272'2.80(17È&,$ $5+(26.$1=(1 +$95È12.

35('0(7 â78'(17 9('Ò&, $.$' 52.

32+ď$'

.HOWVNê GYRU

32+ď$'

, 36$ ,,

.$7('5$ $5&+,7(.7Ã&#x2019;5<

, $7 $WHOLpURYi WYRUED %F /XFLD 0XãNRYi ,QJ DUFK 3HWUD 6WUXKDÄ&#x153;RYi

678 6Y)

)272'2.80(17Ã&#x2C6;&,$ $5+(26.$1=(1 +$95Ã&#x2C6;12.

35('0(7 â78'(17 9('Ã&#x2019;&, $.$' 52.

!

& $* #3 "8 0& #$ 8

! !

!

! !

!

!

48 8

8 8 8

' 1 !j

.

- '18

& 63

/2 * 6j j # .j</jij N]RZVZgUj]_?C=j 378 ,7j j H j)dAO=j+e`Q[g>j : 9 #j j #XK j=^AL j/Fc_=j4b^fL=I\g?j E[B j#XK j=_CM j&=^WNJ=j"STaGYPDg@ j.L j ' 2-( j j 05 $%%

! ! ! ! !

! !

$(+$ 8 % ""28 ! & 8

8 78

58

!

8 j %j

%& ), /8 ! !

8 8

h

8 8

8

!

;j

!

8

*5JNJ?v v l

5!`T %HJ?v i l

X8bd`T*5v

v l

BcX0*v

v l

v p l

(cXZT"v i v l

EKC^'8aU+Ev kv l

& W@ v v

R2[v v =o vfP vShvm Y]>M\v v ) vDvGqnv rv v t j Qsuv

; < v

A$V-7v

v #I#B e#vZLOL4U#381v_e1F9##v 6,#.v/

(!Hg?J`v

vi v l

?cX0BJ`0*v :pv l

6

563 .#0FY6)$8$1#'3Y@G$0) Y Y+Y

B

B B

57K:= DAY

2 D7(QQQQQQQQQQQQ Y

! $B B * B B 395868A+B9:+-,B "$% $B / B ?-3,B ?<48A+B ' & B B 71 B,:-2 B 0>:,B#>:?2,;8A+B .8- B 71 B,:-2 B ,:635,B @=073-8A+ B 2 B B! B B B # B B B

RYRYRYRY <>B

4,4/* Y ,4:=4/ Y

7%D*= /*H * Y QQQQQQ Y

QQQQQQ 6!'$ Y 3;- 1G$X E

J Y

QQQNQQQY Q Q Y

O PQQQY Y 2 D 7( IY

6$C)?S&)G !) Y (4"2*, LU V W Y Y MY

74H9K7%2*%Y 7 (%4:, 2H%2AY ,%/=:, Y4: " Y

2 D7(4D 2TY 3C !)Y

1 C6'Y6)$8$1#'3Y@G$0) Y

B

( )B

!

! !

= !

! !

!

! !

!

!

!

! !

!

!

!

!

!

!

!

!

! ! !

=% = .40313<&=45&('= * = :(.'= :7/3<&= 2, ='5(- = +95'= 95:-'63<&= )3( = 2, ='5(- = '51.0'= ;8+2.(3<& = - = = =

= = = = = =

!= !" != $ # =

!

!

!

!

!

!

!

!

!

1 1 1 /1 1 1 ")%(&(. 1)* 1

1 , # 1 ,+$(. 1

1 1 1 ' 1 * ! 1 *& 1

1

1 1 1 1

01 01 01 01 -1

33i

33

4i

M Yi

i

i

33

33

3i3

i

i

i

i

i

5i

i

i

# & i

3 i

i

i

i

i

i

i

i

i

i

i

i

i

5i

i

i

i i

i

i

i

i

i

3

3h

i

i

i

i

6i i

i i

i

i

i

i

i

i

i

3i

i

9*B.2i

"i i %i i

$ i ! "i "i " $i $i % i " $i $i % i ! !%i i ! i $i

@A0/<0Ei 'i /@iN@ /X_[^\^fPi_`PQOi DEF/0=Ei ,S i;dQXOi<daZ^fPi H0/G-7i 'i 7]V iO`QW i@Tc`OiCc`dWOU^fPi R^Q i7]V iO`QW i8O`\X[Oi1ebT]XQ^fP i@W/ i (9(/ iA?9'i "i i $i

@C(i i77

1A(=7-0i@?K0<9Fi @(A9?H7C9?i -1?/+(i -1?/+(i -1?/+(i -1?/+(i I-i7=H(;7/i @A0/C70>iI-i<FL7i D(E>(i<FL7i I-i<FL7i @A0/C70>iI-iL0=Ji D(E>(iL0=Ji I- L0=Ji C9;(/i E0-1=7-9?

1?C@?/)AC90ig)g0<70i A(<@(i C@?:Fi @(A9?H(=70i(FE)i @(A9?H(=70i(FE) 7]fO[XRi @(A9?H(=70i<?E?A9Ji CE?8(=J +7-J9;0i

i i i i i !i "i $i %i i i i i i i

D

D,-

.D D

D

/ 2 D " < $$'1/

D &D /

/ /

D /

D

D

D 2 # = $ D %/

D

D

/

(*+

>?

6 @ A

! 80 C) D

B 5974 ;3 D :

! 0

>$ > -3/202;%>34%'& > > ) > 9'-&> 96.2;% " ! > > 1+ >&4', > *84&> 849,&52;%> (2' > 1+ >&4', > &40-/&> :7*1-'2;% > , > > > >

#>

$ " 0 * " 0 " * 0 0

- % 0 $+

$* & * +0

<= > >

*$&(! *,$&(!0! .0

! 0

*$&(! *,$&(!0 *%& * 0 &"( 0

! 0

$& 0 0 $& 0

! " * $ *$&(!0!" 0 & 0 *$&(! *,$&(!0-0 " $ - (0

!/0

)#' ) 0

&+0! 0& " 0

" 0! - (0

! "

#$

$

< < < < < )0,/ -/6"<01"#" 7<

8 < < < % < 4#)"< 42+/6"< 9< < ! < < <.' 1#(< &31"< 314("1/6"< 7 : < ( < $ / ;.' < "1#( < "1-),"< 52&. )#/6" < < < < < <

< * < <

& 0 7

7 7 7 57 7 7 '.*-+-4!7./"#"7

7 2#("7 21)-4"7

7 7 7 ,$ 7"/#% 7 "/+ 7

7 7

7 7 7

67 67 67 67 37

8 8 8 8 )/+.,.7!8/0!#"8 8 % 8 5#)"8 52*.7!8 8 8 -' 8"0#( 8 &40"8 405("1.7!8 $.# 8 -' 8"0#( 8 "0,)+"8 63&-)#.7! 8 ( 8 8 8 8 8 8 8 8

+B ,B -B< 6 6

! " % & ) B B B B B !B

.B #' B

L4IUQ4 ); ^ .>4

W!QI . e;I.!^4

!9 W"e4 >] 84Y

GIDe'.8eW

L4IUQ4 GI/G >4 e]e>!)I ] W!1T !1e !8!e

GI.! >.4e GI '.8e

GIDe'.8e] e]e>!)I ] W!1T !1e !8!e

J3HSP3 e

L4IUQ4 e

4 QW e]e>!)I ] W!1T !1e !8!e

G 8 ^4 e W[G8?eQ!L>. .;e; Q!I. 8 ;e

4 ;!>e>[e 48 e]eG.!L4 W e

7 ( e=C e

#

# B

B

"B %B &B )B B B B B B !B "B

8B * B

B #

GI!IUM!>.!eQ!G!8>") e;DeLQUe

J3HSP3 e W] U ) W e;! ]!I e

)Y ID.]D8 >[eG Le

_!8!]D !Q >DW e>DLe> eLQ!> e

>.Qe Q!G!8> e.] 8 . e

Q!G!8> e.] 8 . e 4 QW e L4IUQ4 e

4 ;!>e>[e 48 e Q.4Ye

B

O ,6e e & J =YeB 37 e\eF- J3BV e S3B= =- eFH-e P-3 e

. (

' B

B

9:B

b 7 \B P =BV BJ3 e

F HB\ H =BV e& 7- e

eP F 7= e-\B7 - e Xe

FH H JP =-Se3BH @BVe

de*Y HB-\B7 = eVHJPV eB B7= eVB -e

! 9:B

! 9:B

eB VB @BV aeJYJP#<eJBeJ F H =BSeVHJPVBSe 9:B

eJS JPH P \e<-= H 7= 2e V7=Ye

cV ( P = eVHJPV e\eHB *B =`3 eKPH3e

&! '2$ A' A

B

8B * B

.B

7 B 0 =1B7 2B ;

> $ ?@BA3B 4B 5B

B /B

\ 7 = 2eJPH *Ye

B

' B

8B *! B

H \e & J B V PH = e& J e

A A A

!A A A( A 395868@)A9:)+*A !" !A A - A >+3*A >;48@)A % # A A 70 A*:+1 A .=:*A =:>1*/8@)A ,8+ A 70 A*:+1 A *:635*A ?<.73+8@) A 1 A

A A A A

B H +0R$5REA0 5E e5EANRHS5 A%e $R 0:Y

P -7e e & J =YeB 37 e\eF- J3BV e = eB 7BVZeHBKPe

+B ,B -B< 6 6

! " % & ) B B B B B !B

.B #' B

L4IUQ4 ); ^ .>4

W!QI . e;I.!^4

!9 W"e4 >] 84Y

GIDe'.8eW

L4IUQ4 GI/G >4 e]e>!)I ] W!1T !1e !8!e

GI.! >.4e GI '.8e

GIDe'.8e] e]e>!)I ] W!1T !1e !8!e

J3HSP3 e

L4IUQ4 e

4 QW e]e>!)I ] W!1T !1e !8!e

G 8 ^4 e W[G8?eQ!L>. .;e; Q!I. 8 ;e

4 ;!>e>[e 48 e]eG.!L4 W e

7 ( e=C e

#

# B

B

"B %B &B )B B B B B B !B "B

8B * B

B #

GI!IUM!>.!eQ!G!8>") e;DeLQUe

J3HSP3 e W] U ) W e;! ]!I e

)Y ID.]D8 >[eG Le

_!8!]D !Q >DW e>DLe> eLQ!> e

>.Qe Q!G!8> e.] 8 . e

Q!G!8> e.] 8 . e 4 QW e L4IUQ4 e

4 ;!>e>[e 48 e Q.4Ye

B

O ,6e e & J =YeB 37 e\eF- J3BV e S3B= =- eFH-e P-3 e

. (

' B

B

9:B

b 7 \B P =BV BJ3 e

F HB\ H =BV e& 7- e

eP F 7= e-\B7 - e Xe

FH H JP =-Se3BH @BVe

de*Y HB-\B7 = eVHJPV eB B7= eVB -e

! 9:B

! 9:B

eB VB @BV aeJYJP#<eJBeJ F H =BSeVHJPVBSe 9:B

eJS JPH P \e<-= H 7= 2e V7=Ye

cV ( P = eVHJPV e\eHB *B =`3 eKPH3e

&! '2$ A' A

B

8B * B

.B

7 B 0 =1B7 2B ;

> $ ?@BA3B 4B 5B

B /B

\ 7 = 2eJPH *Ye

B

' B

8B *! B

H \e & J B V PH = e& J e

A A A

!A A A( A 395868@)A9:)+*A !" !A A - A >+3*A >;48@)A % # A A 70 A*:+1 A .=:*A =:>1*/8@)A ,8+ A 70 A*:+1 A *:635*A ?<.73+8@) A 1 A

A A A A

B H +0R$5REA0 5E e5EANRHS5 A%e $R 0:Y

P -7e e & J =YeB 37 e\eF- J3BV e = eB 7BVZeHBKPe