Bmw Motorrad Abbigliamento 2012

Page 1

#.8 .PUPSSBE 3JEF

CNX NPUPSSBE JU

#.8 .05033"% 3*%& 1&3'03."/$& */ 0(/* '*#3"

1JBDFSF EJ HVJEBSF


$ "4$)* & 4*45&." %* $0.6/*$";*0/& 565& (*"$$)& 1"/5"-0/*

45*7"-* (6"/5* " ##*(-*".&/50 '6/;*0/"-& &26*1"((*".&/50 %* 1305&;*0/&

#034& & ;"*/* $ " 3 &

5 &3.*/* *.1035"/5* %"--" " "--" ; 5"#&--" %&--& .*463&

$PODFQU PG "EWBODFE 3JEFS &RVJQNFOU


105&/;" 46--" 1&--& &26*1"((*".&/50 41035 1&3 &-&7"5& 13&45";*0/* 4趋 EB MѳBTGBMUP JO TFMMB BMMB UVB NPUP 0HOJ DVSWB ¨ VOѳFNP[JPOF %FWJ DFSDBSF TFNQSF MB USBJFUUPSJB JEFBMF QFS QSPWBSF QVSB BESFOBMJOB TJB JO QJTUB TJB TV TUSBEB .B UVUUP EFWF FTTFSF QFSGFUUP BODIF MѳBCCJHMJBNFOUP $PO JM DBTDP 4QPSU MB UVUB JO QFMMF F HMJ TUJWBMJ %PVCMF3

MB QSPGFTTJPOBMJU USBTQBSF JO PHOJ EFUUBHMJP -ѳFRVJQBHHJBNFOUP 4QPSU #.8 .PUPSSBE USBTGPSNB PHOJ DPSTB JO VOB WFSB BWWFOUVSB TQPSUJWB


1*"$&3& %* (6*%"3& 4&/;" ."* '&3."34* &26*1"((*".&/50 &/%630 1&3 7*7&3& -ัณ"77&/563" -F TUSBEF OPO TPOP VO MJNJUF 4POP TPMP VOัณPQ[JPOF *M EJWFSUJNFOUP UJ BUUFOEF BODIF JO GVPSJTUSBEB -ัณFRVJQBHHJBNFOUP &OEVSP #.8 .PUPSSBE ยจ BEBUUP BE PHOJ UJQP EJ UFSSFOP

-FHHFSP F NPEVMBCJMF DPNQSFOEF UVUUP DJยฒ DIF ยจ OFDFTTBSJP QFS GBSUJ WJWFSF MัณBWWFOUVSB "MMPSB NPOUB JO TFMMB F QSPWB JM QJBDFSF EJ HVJEBSF /VMMB QVยฒ GFSNBSUJ


*/%044"3& -" -*#&35€ &26*1"((*".&/50 30"%45&3 #.8 .05033"% (VJEBSF MB NPUP OPO WVPM EJSF TPMP TQPTUBSTJ OFMMP TQB[JP 0HOJ USBHJUUP ¨ HSBUJ趋 DBOUF 6OB HJUB WFMPDF JO DBNQBHOB P VOB TDBQQBUB JO DFOUSP DJUU QFS VO DBGG¨ $PO MѳFRVJQBHHJBNFOUP 3PBETUFS #.8 .PUPSSBE TFJ

QFSGFUUBNFOUF FRVJQBHHJBUP QFS BOEBSF JO NPUP F TFJ QSPOUP QFS BGGSPOUBSF MB WJUB EJ UVUUJ J HJPSOJ .POUB JO TFMMB F QBSUJ /JFOUF QV² TCBSSBSUJ MB TUSBEB DIF QPSUB WFSTP MB MJCFSUÂ


$0.1"(/0 %* 7*"((*0 &26*1"((*".&/50 5063 #.8 .05033"% 4USBEF TFO[B 趋 OF TJ QSP趋 MBOP BMMѳPSJ[[POUF 0HOJ NFUSP F PHOJ DVSWB TPOP QVSP QJBDFSF EJ HVJEBSF 5BOUP NF HMJP TF MF UBQQF TPOP MVOHIF -ѳFRVJQBHHJBNFOUP 5PVS #.8 .PUPSSBE SJTQPOEF QFSGFUUBNFOUF BMMF FTJHFO[F

EJ WJBHHJP JO PHOJ DPOEJ[JPOF BUNPTGFSJDB F [POB DMJNBUJDB 'VO[JPOBMJUÂ F DPNGPSU TPOP BM NBTTJNP MJWFMMP 0WVORVF UV WBEB JO RVBMTJBTJ GSBOHFOUF JO TFMMB BMMB UVB NPUP UJ TFOUJ DPNF B DBTB


'"* 6/ $0-10 %* 5&45" $0/ * $"4$)* #.8 (6*%"3& -" .050 " 7&-0$*5€ &-&7"5& 3*$)*&%& -" ."44*." $0/$&/53";*0/& 4*" 46 453"%" 4*" */ '603*453"%" * .050$*$-*45* /0/ 10440/0 $0/$&%&3 4* "-$6/" %*453";*0/& & 13&5&/%0/0 *- ."44*.0 %"- -030 &26*1"((*".&/ 50 4013"556550 %"- $"4$0 "MDVOJ NPUPDJDMJTUJ VUJMJ[[BOP BODPSB DBTDIJ EBMMB WFTUJCJMJU TDBEFOUF SVNPSPTJ QFTBOUJ F DPO VO DBUUJWP TJTUFNB EJ BFSB[JPOF 2VBMTJBTJ EJTUSB[JPOF Ñ­ WJTJFSB BQQBOOBUB MJWFMMJ EJ SVNPSPTJU FDDFTTJWJ JO趋 MUSB[JPOJ EѳBSJB F DIJVTVSF TDPNPEF Ñ­ QV² EJTUP HMJFSF MѳBUUFO[JPOF EBMMѳFMFNFOUP QJ¹ JNQPSUBOUF MB TUSBEB *O #.8 .PUPSSBE TBQQJBNP DPNF QSPEVSSF DBTDIJ 1J¹ EJ BOOJ GB BCCJBNP QSFTFOUBUP JM QSJNP DBTDP 4ZTUFN F EB BMMPSB BCCJBNP QSPHFUUBUP TWJMVQQBUP UFTUBUP F SFBMJ[[BUP DBTDIJ EJ TJDVSF[[B JEPOFJ B RVBM TJBTJ UJQP EJ VUJMJ[[P JO NPUP 4QPSU &OEVSP 5PVS F 3PBETUFS * DBTDIJ 4QPSU F %PVCMF3 TPOP BEBUUJ BODIF BE BMUSJ UJQJ EJ VUJMJ[[P JO DJUU OFJ MVOHIJ WJBHHJ F JO QJTUB $PODFQJUJ QFS PGGSJSF MB NBTTJNB TUBCJMJU B WFMPDJU FMFWBUF MB DBMPUUB JO NBUFSJBMF TJOUFUJDP SJOGPS[BUP JO 趋 CSF EJ WFUSP F MF DJOHIJF BMMB OVDB HBSBOUJTDPOP QSFTUB[JPOJ FDDFMMFOUJ F MѳFG趋 DBDF TJTUFNB EJ BFSB[JP OF BTTJDVSB BJ NPUPDJDMJTUJ JM NBTTJNP DPNGPSU DMJNB UJDP QFS BGGSPOUBSF MB DBMVSB EFMMB HJVOHMB DJUUBEJOB F EFMMB CBUUBHMJB JO QJTUB /FMMB TDFMUB EJ VO DBTDP DJ² DIF OPO TJ WFEF GB MB EJGGFSFO[B "E FTFNQJP MѳBDVTUJDB FDDFMMFOUF EFM DBTDP 4QPSU MP SFOEF VOP EFJ DBTDIJ JOUFHSBMJ QJ¹ TJMFO[JPTJ TVM NFSDBUP HSB[JF BMMѳBDDVSBUP TWJMVQQP EFM QSPEPUUP OFMMB HBMMFSJB EFM WFOUP #.8 -B DBMPUUB ¨ EJTQPOJCJMF JO EVF NJTVSF JM QFTP ¨ TUBUP TFOTJCJMNFOUF SJEPUUP F MB QSFEJTQPTJ[JPOF EFM DBTDP QFS JM TJTUFNB EJ DPNVOJDB[JPOF OPO SJEVDF JM DPNGPSU EJ WFTUJCJMJUÂ

-B EPQQJB WJTJFSB EJ TFSJF DPNQSFOEF VOB WJTJFSB JOUFSOB DPO USBUUBNFOUP BOUJBQQBOOBNFOUP F VOB WJTJFSB FTUFSOB DPO SJWFTUJNFOUP BOUJHSBG趋 P TV FO USBNCJ J MBUJ (SB[JF BM TJTUFNB EJ BFSB[JPOF FTUSFNB NFOUF FG趋 DBDF JM 趌 VTTP EѳBSJB WJFOF DPOWPHMJBUP TVMMB WJTJFSB F OPO TVMMB GSPOUF MF WJTJFSF BQQBOOBUF TPOP VO QBMMJEP SJDPSEP *OPMUSF UVUUF MF WJTJFSF #.8 BTTPSCPOP JM EFJ SBHHJ 67" F 67# -ѳFRVJQBHHJBNFOUP JOUFSOP EFM DBTDP Ñ­ JNCPUUJUVSB QFS OVDB HVBODF F DPMMP Ñ­ ¨ FTUSBJCJMF MBWBCJMF F SFBMJ[[BUP JO )ZESPQMVT DIF BJVUB BE FTQFMMFSF MѳVNJEJU NBOUFOFOEP MB SFHJPOF EFMMB UFTUB GSFTDB F BTDJVUUB BODIF B UFNQFSBUVSF NPMUP FMFWBUF -F DJOHIJF BMMB OVDB JOUFHSBUF OFM DJOUVSJOP TPUUPHPMB SJEVDPOP MP TQPTUBNFOUP EFM DBTDP JO DBTP EJ JN QBUUP F BTTJDVSBOP MB NBTTJNB QSPUF[JPOF MBEEPWF RVFTUB ¨ FGGFUUJWBNFOUF OFDFTTBSJB 2VBOUP BM TJTUFNB EJ DIJVTVSB JM DBTDP 4QPSU ¨ EPUBUP EJ VOB 趋 CCJB B JOOFTUP OFM DJOUVSJOP TPUUPHPMB NFOUSF JM DBTDP %PVCMF3 IB VOB DIJVTVSB BE BOFMMP B EPQQJB % NPMUP BQQSF[[BUB EBJ NPUPDJ DMJTUJ PGG SPBE *M DBTDP %PVCMF3 JOPMUSF TGPHHJB JM EFTJHO #.8 .PUPSSBE .PUPSTQPSU F VOP TQPJMFS QSPHFUUBUP BQQPTJUBNFOUF QFS J NPUPDJDMJTUJ TQPSUJWJ DIF JOUFOEPOP NJHMJPSBSF MB TUBCJMJU B WFMPDJU FMFWBUF

*O RVFTUP TQPSU JOWFSOBMF JO DVJ MѳPCJFUUJWP ¨ GBS DPSSFSF B WBMMF JM CPC JM QJ¹ WFMPDFNFOUF QPTTJCJMF TGSVUUBOEP MB GPS[B EJ HSBWJU MVOHP QFSDPSTJ TUSFUUJ UPSUVPTJ TPQSBFMFWBUJ F HIJBDDJBUJ QFS BHHJVEJDBSTJ JM UJUPMP EFM DBNQJPOBUP HMJ JODJEFOUJ TPOP JOFWJUBCJMJ " GBSOF MF TQFTF TQFTTP ¨ MB UFTUB EFJ NFNCSJ EFM UFBN .BM EJ UFTUB F QFS趋 OP MFTJPOJ DFSFCSBMJ QPTTP OP FTTFSF BMDVOJ EFHMJ FGGFUUJ DPMMBUFSBMJ DIF TJ QPTTP OP WFSJ趋 DBSF BODIF JO DBTP EJ JODJEFOUF JO NPUP 1FS GPSUVOB J DBTDIJ 4QPSU F %PVCMF3 TPOP USB J DBTDIJ QJ¹ TJDVSJ BM NPOEP F OFJ UFTU DPOEPUUJ EBMMB TRVBESB UFEFTDB IBOOP TFNQSF EBUP J SJTVMUBUJ NJ HMJPSJ OFMMѳBNNPSUJ[[B[JPOF EFMMѳJNQBUUP %PQP BWFS SFHJTUSBUP VOѳBMUSB QFSGPSNBODF FDDF[JPOBMF OFMMѳVMUJ NB $PQQB EFM .POEP EJ #PC F BWFS WJOUP JM NBHHJPS OVNFSP EJ NFEBHMJF PMJNQJDIF EJ RVBMTJBTJ BMUSB OB[JPOF MB TRVBESB UFEFTDB TFNCSB FTTFSF EBWWFSP kVOTUPQQBCMF{ TVM HIJBDDJP 1FSDI© BMMPSB OPO QSPWJ BODIF UV JM DBTDP 4QPSU F %PVCMF 3 #.8 .PUPSSBE QFS WJBHHJBSF TV EVF SVPUF B UVUUB WFMPDJUÂ

-F DBSBUUFSJTUJDIF BFSPEJOBNJDIF F MF QSFTUB[JPOJ FDDFMMFOUJ PGGFSUF EBJ DBTDIJ #.8 .PUPSSBE OPO TPOP TGSVUUBUF TPMP EBJ NPUPDJDMJTUJ "ODIF MB TRVB ESB OB[JPOBMF UFEFTDB F RVFMMB TWJ[[FSB MF VUJMJ[[BOP JO TQPSU FTUSFNJ DPNF JM CPC EPWF NJOJNJ[[BSF MB SFTJTUFO[B EFMMѳBSJB F PUUJNJ[[BSF MѳFG趋 DJFO[B BFSPEJ OBNJDB TPOP MB DIJBWF EFM TVDDFTTP OFJ QFSDPSTJ TV HIJBDDJP TVJ RVBMJ MB WFMPDJU QV² TVQFSBSF J LN I F J UFBN QPTTPOP FTTFSF TPHHFUUJ B GPS[F 趋 OP B H JO BMDVOF EFMMF DVSWF QJ¹ WFMPDJ F SJQJEF %PQP HMJ JOOVNFSFWPMJ TVDDFTTJ OFMMF DPNQFUJ[JPOJ JOUFSOB[JPOBMJ EFHMJ VMUJNJ BOOJ MB TRVBESB UFEFTDB IB TJHMBUP VOB QBSUOFSTIJQ UFDOPMPHJDB DPO #.8 QFS MP TWJMVQQP EJ GVUVSJTUJDJ #PC BFSPEJOBNJDJ JO NBUFSJBMF DPNQPTJUP 2VBOUP BJ DBTDIJ 4QPSU F %PVCMF3 JO EPUB[JPOF BMMB TRVBESB OPO TPOP TUBUF BQQPSUBUF NPEJ趋 DIF BE FDDF[JPOF EFMMP TQFDJBMF EFTJHO BMMѳFTUFSOP EFMMB DBMPUUB


* $0."/%".&/5* %* 6/ $"4$0 */5&--*(&/5&

#.8 .PUPSSBE OPO QSPEVDF TFNQMJDJ DBTDIJ NB TFNQMJDFNFOUF J DBTDIJ NJHMJPSJ 1FS RVFTUP NPUJWP PHOJ OVPWP NPEFMMP EFWF TPEEJTGBSF TUBOEBSE FMFWBUJ 4*$63&;;"

1&40

7&45*#*-*5€

"&30%*/".*$" "$645*$"

* DBTDIJ #.8 .PUPSSBE OPO TJ MJNJUBOP B TPEEJTGBSF MѳBUUVBMF OPSNBUJWB FVSPQFB &$& NB QFS NPMUJ DSJUFSJ MB TVQFSBOP OFUUBNFOUF 5VUUJ J NPEFMMJ TPOP EPUBUJ EJ VOB DBMPUUB JOUFSOB JO &14 QPMJTUJSPMP FTQBOTP B EFOTJU WBSJBCJMF $J² BTTJDVSB JM NBTTJNP BTTPSCJNFOUP EJ FOFSHJB JO DBTP EѲVSUP OFMMF SJTQFUUJWF [POF EJ QSPUF[JPOF

1FS HBSBOUJSF TJDVSF[[B F DPNGPSU ¨ JOEJTQFOTBCJMF VOB GPSNB JEFBMF * DBTDIJ #.8 .PUPSSBE PGGFSUJ OFMMF UBHMJF EB B QPTTPOP FTTFSF BEBUUBUJ JOEJWJEVBMNFOUF HSB[JF BMMF JNCPUUJUVSF QFS MF HVBODF F QFS MB OVDB EJTQPOJCJMJ JO WBSJF NJTVSF $J² HBSBOUJTDF VOB QPTJ[JPOF EFM DBTDP TFNQSF QFSGFUUB

"&3";*0/&

5VUUJ J DBTDIJ DIJVTJ #.8 .PUPSSBE TJ EJTUJOHVPOP QFS MѳFG趋 DBDJTTJNP T趋 BUP B EFQSFTTJPOF *M DBTDP BQFSUP "JS'MPX ¨ MѳVOJDP BM NPOEP BE BQQMJDBSF JM QSJODJQJP "JS'MPX -P TUFTTP EJDBTJ QFS JM TVP TVDDFTTPSF /FMMѳ"JS'MPX JM QPTJ[JPOBNFOUP PUUJNBMF EFMMF BQFSUVSF EѳBFSB[JPOF ¨ TUBUP JOEJWJEVB UP USBNJUF TJNVMB[JPOJ DPNQVUFSJ[[BUF F NJTVSB[JPOJ FGGFUUVBUF OFMMB HBMMFSJB EFM WFOUP

'6/;*0/"-*5€

#.8 .PUPSSBE PGGSF JM DBTDP HJVTUP QSBUJDBNFOUF QFS PHOJ JNQJFHP 1FS J NPUPDJDMJTUJ PSJFOUBUJ BM DPNGPSU BE FTFNQJP JM DBTDP 4ZTUFN DPO WJTJFSJOB QBSBTPMF JOUFHSBUB F NFDDBOJDB B TOPEJ ¨ TUBUP DPODFQJUP QFS FTTFSF VUJMJ[[BUP TPMP DPO VOB NBOP

0HOJ HSBNNP SJTQBSNJBUP BDDSFTDF JM QJBDFSF EJ HVJEBSF *M DBTDP 4ZTUFN OPOPTUBOUF MB DPNQMFTTB NFDDBOJDB F MB EPQQJB MFOUF EJ TFSJF QFTB TPMP HSBNNJ DJSDB UBHMJB F JM DBTDP &OEVSP $BSCPO BEEJSJUUVSB NFOP EJ HSBNNJ VO EBUP DIF MP RVBMJ趋 DB DPNF VOP EFJ DBTDIJ &OEVSP QJ¹ MFHHFSJ BM NPOEP

#.8 .PUPSSBE QPTTJFEF DJ² DIF UBOUJ TPHOBOP VOB QSPQSJB HBMMFSJB EFM WFOUP (SB[JF B RVFTUP JNQJBOUP TJBNP JO HSBEP EJ UFTUBSF PHOJ DBTDP EJ OVPWB QSPHFUUB[JPOF JO DPOEJ[JPOJ SJQSPEVDJCJMJ OPODI© EJ QFSGF[JPOBSF MѳBFSPEJOBNJDB F MѳBDVTUJDB 趋 OP BM NBTTJNP PHHJ SFBMJ[[BCJMF * OPTUSJ DBTDIJ TPOP RVJOEJ USB J QJ¹ TJMFO[JPTJ EFMMB DBUFHPSJB FE JO UBM NPEP PGGSPOP VO TVSQMVT EJ TJDVSF[[B BUUJWB F DPNGPSU

%&4*(/

6O DBTDP DBQBDF EJ PGGSJSF VOB QSPUF[JPOF FDDFMMFOUF EFWF EJNPTUSBSMP BODIF OFMMѳBTQFUUP FTUFSOP 1FS PHOJ UJQP EJ DBTDP RVJOEJ J OPTUSJ EFTJHOFS TUVEJBOP VOѳFTUFUJDB EJOBNJDB DIF TJ QPOF DPNF OVPWP QVOUP EJ SJGFSJNFOUP

7*4*&3"

5VUUF MF WJTJFSF #.8 .PUPSSBE TPOP EPUBUF EJ VO FDDFMMFOUF SJWFTUJNFOUP BOUJHSBG趋 P F BOUJBQQBOOB NFOUP *M DBTDP 4ZTUFN JM DBTDP 4QPSU F JM DBTDP %PVCMF3 EJTQPOHPOP JOPMUSF EJ VOB EPQQJB MFOUF EJ TFSJF F PGGSPOP MF NJHMJPSJ DBSBUUFSJTUJDIF EJ BOUJBQQBOOBNFOUP

$)*6463"

5VUUJ J DBTDIJ #.8 .PUPSSBE TPOP EPUBUJ EJ VOB DJOHIJB TVQQMFNFOUBSF BMMB OVDB DIF JO DBTP EJ JNQBUUP NBOUJFOF JM DBTDP OFMMB QPTJ[JPOF QSFTUBCJMJ UB " TFDPOEB EFM UJQP EJ JNQJFHP OFM DBTDP WJFOF VUJMJ[[BUB VOB DPNPEB WJTJFSB BE BQFSUVSB SBQJEB PQQVSF VOB DIJVTVSB BE BOFMMP B EPQQJB %

$0.'035

6OB TPMV[JPOF QVMJUB RVBTJ UVUUJ J DBTDIJ #.8 .PUPSSBE TPOP QSPWWJTUJ EJ VO SJWFTUJNFOUP JOUFSOP JO %V1POU $PPMNBY P )ZESPQMVT FTUSBJCJMF MBWBCJMF USBTQJSBOUF F BOUJCBUUFSJDP


$"4$0 4:45&.

*M DBTDP 4ZTUFN PGGSF JM NBTTJNP DPNGPSU * TPMJ HSBNNJ EJ QFTP SBDDIJVEPOP NPMUF OPWJU (SB[JF BMMB NFDDBOJDB B RVBUUSP TOPEJ JM DBTDP EJNPTUSB FDDFMMFOUJ DBSBUUFSJTUJDIF EJ DPNQBUUF[[B BODIF DPO MB NFOUP OJFSB TPMMFWBUB -B WJTJFSJOB QBSBTPMF SFHPMBCJMF DPOTFOUF EJ BEBUUBSTJ SBQJEBNFOUF BJ NVUBNFOUJ EFMMF DPOEJ[JPOJ EJ MVDF -ѳPUUJNB BFSB[JPOF BTTJDVSB VO FGGFUUP SJOGSFTDBOUF F MB EPQQJB MFOUF EJ TFSJF QFSNFUUF EJ PUUFOFSF MF NJHMJPSJ DPOEJ[JPOJ EJ WJTJCJMJU *M DBTDP 4ZTUFN QPTTJFEF MF QJ¹ BWBO[BUF DBSBUUFSJTUJDIF BFSPEJOBNJDIF F BDVTUJDIF SFQFSJCJMJ TVM NFSDBUP

$"4$0 4:45&. "DDFTTPSJ DBTDP 4ZTUFN Ѽ TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE Ѽ FRVJQBHHJBNFOUP JOUFSOP JNCPUUJUVSB QFS MF HVBODF F QFS MB OVDB EJTQPOJCJMJ JO WBSJF NJTVSF Ѽ WJTJFSB CSVOJUB Ѽ QSPEPUUP QFS QVMJ[JB DBTDP Ѽ QBOOP QFS QVMJ[JB WJTJFSB Ѽ HVBJOB QSPUFUUJWB QFS WJTJFSB

Ѽ DBMPUUB JO NBUFSJBMF TJOUFUJDP SJOGPS[BUP JO 趋 CSB EJ WFUSP Ѽ NFOUPOJFSB TPMMFWBCJMF DPO NFDDBOJDB B RVBUUSP TOPEJ Ѽ DBMPUUB JOUFSOB JO &14 QPMJTUJSPMP FTQBOTP DPTUJUVJUB EB NPMUFQMJDJ TFHNFOUJ EVF NJTVSF Ѽ WJTJFSJOB QBSBTPMF JOUFHSBUB B TDPNQBSTB GBDJMNFOUF SFHPMBCJMF USBNJUF DVSTPSF Ѽ BQFSUVSB NFOUPOJFSB USBNJUF QVMTBOUF DFOUSBMF Ѽ WJTJFSB BE BQFSUVSB SBQJEB Ѽ WJTJFSB B EPQQJB MFOUF EJ TFSJF MFOUF FTUFSOB DPO SJWFTUJNFOUP BOUJHSBG趋 P Ѽ BNQJP DBNQP WJTJWP Ѽ FGGFUUJWB BFSB[JPOF GSPOUF UFTUB F WJTJFSB

Ѽ PUUJNB BFSPEJOBNJDB F BDVTUJDB Ѽ DJOUVSJOP TPUUPHPMB DPO DJOHIJB BMMB OVDB JOUFHSBUB QFS HBSBOUJSF VOB QPTJ[JPOF TJDVSB Ѽ FRVJQBHHJBNFOUP JOUFSOP "MDBOUBSB %V1POU $PPMNBY )ZESPQMVT FTUSBJCJMF F MBWBCJMF Ѽ PNPMPHBUP TFDPOEP OPSNB &$& Ѽ QSFEJTQPTJ[JPOF QFS TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE Ѽ QFS VMUFSJPSJ JOGPSNB[JPOJ TV JNCPUUJUVSB QFS OVDB F HVBODF SJDBNCJ F MJTUJOP QSF[[J SJWPMHJUJ BM UVP $PODFTTJPOBSJP #.8 .PUPSSBE Ѽ TQPJMFSJOP TVMMB NFOUPOJFSB SFHPMBCJMF Ѽ UBHMJF ѭ

DBTDP DPO NFOUPOJFSB TPMMFWBCJMF

WJTJFSJOB QBSBTPMF

DPMPSF TIBSQ FEHFE

#PSTB QFS DBTDP &YDMVTJW

DPMPSF XIJUFTJMWFS NFUBMMJ[[BUP

DPMPSF EBSL HSFZ PQBDP

DPMPSF DPTNJD

DPMPSF OFSP OPUUF

DPMPSF UJUBOTJMWFS

DPMPSF HJBMMP 趌 VP

Ѽ SFBMJ[[BUB JO SPCVTUP OZMPO JNQFSNFBCJMF Ѽ GPEFSB JOUFSOB BNNPSUJ[[BOUF Ѽ TUSVUUVSB JOUFSBNFOUF JNCPUUJUB Ѽ DFSOJFSB MBNQP FYUSBMVOHB Ѽ EVF TPMJEF NBOJHMJF Ѽ DPMPSF BOUSBDJUF


$"4$0 &/%630

DPMPSF WPMU

DPMPSF HSJHJP TDVSP PQBDP

DPMPSF NBHOFTJP PQBDP

#PSTB QFS DBTDP &YDMVTJW

"DDFTTPSJ DBTDP &OEVSP

Ѽ SFBMJ[[BUB JO SPCVTUP OZMPO JNQFSNFBCJMF Ѽ GPEFSB JOUFSOB BNNPSUJ[[BOUF Ѽ TUSVUUVSB JOUFSBNFOUF JNCPUUJUB Ѽ DFSOJFSB MBNQP FYUSBMVOHB Ѽ EVF TPMJEF NBOJHMJF Ѽ DPMPSF BOUSBDJUF

Ѽ FRVJQBHHJBNFOUP JOUFSOP F JNCPUUJUVSB QFS MF HVBODF EJTQPOJCJMJ JO WBSJF NJTVSF Ѽ WJTJFSB CSVOJUB Ѽ QBOOP QFS QVMJ[JB WJTJFSB Ѽ HVBJOB QSPUFUUJWB QFS WJTJFSB Ѽ QSPEPUUP QFS QVMJ[JB DBTDP

DPMPSF XBWF

2VFTUP DBTDP TPEEJTGB UVUUJ J SFRVJTJUJ DIF DJ TJ BTQFUUB EB VO DBTDP TQPSUJWP &OEVSP #.8 .PUPSSBE $PNGPSU FTUSFNP BFSPEJOBNJDB EJ BMUP MJWFMMP F NBTTJNB TJDVSF[[B QFS JM QJMPUB

$"4$0 &/%630

DPO TDIFSNP TFO[B WJTJFSB

TFO[B TDIFSNP DPO WJTJFSB

Ѽ DBMPUUB FTUFSOB JO NBUFSJBMF TJOUFUJDP JO 趋 CSF EJ WFUSP DPO SJOGPS[J JO 趋 CSF EJ DBSCPOJP F ,FWMBS Ѽ DBMPUUB JOUFSOB JO &14 QPMJTUJSPMP FTQBOTP DPTUJUVJUB EB TFHNFOUJ DPO DBQBDJU EJ BTTPSCJNFOUP PUUJNJ[[BUB Ѽ DBMPUUB EJTQPOJCJMF JO EJWFSTF NJTVSF Ѽ FRVJQBHHJBNFOUP JOUFSOP JO %V1POU $PPMNBY F "MDBOUBSB FTUSBJCJMF F MBWBCJMF Ѽ JNCPUUJUVSB QFS MB OVDB F QFS MF HVBODF FTUSBJCJMF F MBWBCJMF

Ѽ TQPJMFSJOP TVMMB NFOUPOJFSB FTUSBJCJMF QFS BTTJDVSBSF VOB NBHHJPSF BFSB[JPOF Ѽ WJTJFSB B TBHPNBUVSB USJEJNFOTJPOBMF TUBNQBUB BE JOJF[JPOF DPO SJWFTUJNFO UP BOUJBQQBOOBNFOUP F BOUJHSBG趋 P Ѽ PNPMPHBUP TFDPOEP OPSNB &$& Ѽ DJOUVSJOP TPUUPHPMB DPO DIJVTVSB BE BOFMMP B EPQQJB % Ѽ DJOHIJF TVQQMFNFOUBSJ BMMB OVDB QFS HBSBOUJSF VOB UFOVUB TJDVSB

Ѽ QFTP DPO WJTJFSB DJSDB HSBNNJ TFO[B WJTJFSB DJSDB HSBNNJ Ѽ HVJEB QPTTJCJMF DPO TDIFSNP F WJTJFSB TPMP DPO TDIFSNP TPMP DPO WJTJFSB Ѽ NPEJ趋 DBCJMF JO QPDIJ TFDPOEJ Ѽ BHMJF Ñ­

DPMPSF CVMMJU


$"4$0 &/%630 $"3#0/

2VFTUP DBTDP &OEVSP TUVQJTDF QFS MB TVB MFHHFSF[[B JNCBUUJCJMF PUUFOVUB HSB[JF BMMѳVUJMJ[[P EJ NBUFSJBMJ JO 趋 CSB EJ DBSCPOJP JNQJFHBUJ OFMMF UFDOPMPHJF BFSPTQB[JBMJ 1FTB TPMUBOUP HSBNNJ JODMVTJ TDIFSNP F WJTJFSB /FM DBTDP &OEVSP $BSCPO UVUUP ¨ QFSGFUUP EBM DPNGPSU BMMB TJDVSF[[B BM EFTJHO NP[[B趋 BUP

$"4$0 &/%630 $"3#0/ #PSTB QFS DBTDP &YDMVTJW Ѽ SFBMJ[[BUB JO SPCVTUP OZMPO JNQFSNFBCJMF Ѽ GPEFSB JOUFSOB BNNPSUJ[[BOUF Ѽ TUSVUUVSB JOUFSBNFOUF JNCPUUJUB Ѽ DFSOJFSB MBNQP FYUSBMVOHB Ѽ EVF TPMJEF NBOJHMJF Ѽ DPMPSF BOUSBDJUF

Ѽ DBMPUUB JO MBNJOBUP EJ DBSCPOJP F ,FWMBS Ѽ DBMPUUB EJTQPOJCJMF JO EJWFSTF NJTVSF Ѽ DBMPUUB JOUFSOB JO &14 QPMJTUJSPMP FTQBOTP DPTUJUVJUB EB TFHNFOUJ DPO DBQBDJU EJ BTTPSCJNFOUP PUUJNJ[[BUB Ѽ FRVJQBHHJBNFOUP JOUFSOP JO "MDBOUBSB F %V1POU $PPMNBY Ѽ JNCPUUJUVSB QFS MB OVDB F QFS MF HVBODF FTUSBJCJMF F MBWBCJMF Ѽ TQPJMFSJOP TVMMB NFOUPOJFSB FTUSBJCJMF QFS BTTJDVSBSF VOB NBHHJPSF BFSB[JPOF Ѽ DJOUVSJOP TPUUPHPMB DPO BOFMMP B EPQQJB % Ѽ DJOHIJF BMMB OVDB QFS HBSBOUJSF VOB UFOVUB TJDVSB Ѽ WJTJFSB B TBHPNBUVSB USJEJNFOTJPOBMF TUBNQBUB BE JOJF[JPOF DPO SJWFTUJNFO UP BOUJBQQBOOBNFOUP F BOUJHSBG趋 P

Ѽ QFTP FTUSFNBNFOUF SJEPUUP HSBNNJ JODMVTJ TDIFSNP F WJTJFSB UBHMJF F HSBNNJ UBHMJF F HSBNNJ UBHMJF F Ѽ PNPMPHBUP TFDPOEP OPSNB &$& Ѽ UBHMJF DBMPUUB ѭ

"DDFTTPSJ $BTDP &OEVSP Ѽ FRVJQBHHJBNFOUP JOUFSOP F JNCPUUJUVSF QFS MF HVBODF EJTQPOJCJMJ JO WBSJF EJNFOTJPOJ Ѽ WJTJFSB CSVOJUB Ѽ QBOOP QFS QVMJ[JB WJTJFSB Ѽ HVBJOB QSPUFUUJWB QFS WJTJFSB Ѽ QSPEPUUP QFS QVMJ[JB DBTDP


$"4$0 41035

$"4$0 %PVCMF3

$"4$0 41035 Ѽ DBMPUUB JO NBUFSJBMF TJOUFUJDP JO 趋 CSB EJ WFUSP EVF NJTVSF Ѽ QFTP DJSDB HSBNNJ Ѽ DBMPUUB JOUFSOB JO &14 QPMJTUJSPMP FTQBOTP DPTUJUVJUB EB TFHNFOUJ NVMUJQMJ Ѽ WJTJFSB B EPQQJB MFOUF MFOUF FTUFSOB DPO SJWFTUJNFOUP BOUJHSBG趋 P TV FOUSBNCJ J MBUJ DBUFHPSJB EJ RVBMJU PUUJDB Ѽ GBDJMF TPTUJUV[JPOF EFMMB WJTJFSB Ѽ BFSB[JPOF GSPOUF UFTUB SFHPMBCJMF USBNJUF DVSTPSF Ѽ BFSB[JPOF WJTJFSB USBNJUF QVMTBOUF DFOUSBMF Ѽ FRVJQBHHJBNFOUP JOUFSOP JO )ZESPQMVT USBTQJSBOUF DPNQMFUB NFOUF FTUSBJCJMF F MBWBCJMF Ѽ DJOUVSJOP TPUUPHPMB DPO WJTJFSB BE BQFSUVSB SBQJEB Ѽ QSFEJTQPTJ[JPOF TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE Ѽ DJOHIJF BMMB OVDB QFS HBSBOUJSF VOB UFOVUB TJDVSB

DPMPSF TQFFE

DPMPSF NBHNB

DPMPSF TQBSD

DPMPSF OFSP OPUUF

Ѽ PNPMPHBUP TFDPOEP OPSNB &$& Ѽ UBHMJF ѭ

"DDFTTPSJ DBTDP 4QPSU Ѽ TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE #MVFUPPUIn PNPMPHBUP TFDPOEP OPSNB &$&

Ѽ WJTJFSB CSVOJUB BOUJHSBG趋 P F BOUJBQQBOOBNFOUP Ѽ QBOOP QFS QVMJ[JB WJTJFSB Ѽ HVBJOB QSPUFUUJWB QFS WJTJFSB Ѽ QSPEPUUP QFS QVMJ[JB DBTDP Ѽ JM UVP $PODFTTJPOBSJP #.8 .PUPSSBE UJ GPSOJS PHOJ JOGPSNB[JPOF TVMMѳJNCPU UJUVSB QFS MB OVDB F QFS MF HVBODF EJTQPOJCJMF TV SJDIJFTUB TVMMF QBSUJ EJ SJDBNCJP TVQQMFNFOUBSJ F TVM MJTUJOP QSF[[J

DPMPSF HSJHJP HSBOJUF PQBDP

DPMPSF CJBODP NFUBMMJ[[BUP

$"4$0 %PVCMF3 Ѽ DBMPUUB JO MBNJOBUP EJ 趋 CSF EJ WFUSP EVF NJTVSF Ѽ WJTJFSB B EPQQJB MFOUF BOUJHSBG趋 P Ѽ NBTTJNB TUBCJMJU BODIF B WFMPDJU FMFWBUF Ѽ TQPJMFSJOP BCCJOBUP BMMB 4 33 Ѽ FGGFUUJWB BFSB[JPOF GSPOUF UFTUB F WJTJFSB Ѽ DIJVTVSB BE BOFMMP B EPQQJB % Ѽ DJOHIJF BMMB OVDB QFS HBSBOUJSF VOB UFOVUB TJDVSB Ѽ UBHMJF Ñ­

"DDFTTPSJ DBTDP %PVCMF3 Ѽ FMFNFOUJ EJ NPEJ趋 DB EFMMѳJNCPUUJUVSB QFS MF HVBODF F QFS MB OVDB F TQPJMFSJOP TVMMB NFOUPOJFSB JO WBSJF NJTVSF Ѽ WJTJFSB CSVOJUB BOUJHSBG趋 P F BOUJBQQBOOBNFOUP Ѽ QBOOP QFS QVMJ[JB WJTJFSB Ѽ HVBJOB QSPUFUUJWB QFS WJTJFSB Ѽ QSPEPUUP QFS QVMJ[JB DBTDP #PSTB QFS DBTDP &YDMVTJW Ѽ SFBMJ[[BUB JO SPCVTUP OZMPO JNQFSNFBCJMF Ѽ GPEFSB JOUFSOB BNNPSUJ[[BOUF Ѽ TUSVUUVSB JOUFSBNFOUF JNCPUUJUB Ѽ DFSOJFSB MBNQP FYUSBMVOHB Ѽ EVF TPMJEF NBOJHMJF Ѽ DPMPSF BOUSBDJUF


$"4$0 "JS'MPX

/PWJU $PO JM DBTDP "JS'MPX MB SFHJPOF EFMMB UFTUB ¨ TFNQSF GSFTDB TJB JO TUSBEB TJB OFMMB HBMMFSJB EFM WFOUP 2VJ JM DBTDP ¨ TUBUP UFTUBUP B EJWFSTF WFMPDJU -ѳJNNBHJOF EFJ 趌 VTTJ EѳBSJB EJNPTUSB DIF JM DBTDP PGGSF MF NJHMJPSJ DBSBUUFSJTUJDIF BFSPEJOBNJDIF TQFDJBMNFOUF JO BCCJOBNFOUP BM QBSBCSF[[B *M WFOUP EJ NBSDJB TDPSSF TFO[B BUUSJUP F TFO[B DBVTBSF O© WPSUJDJ EѳBSJB O© WJCSB[JPOJ -F EVF HSBOEJ [POF EJ BFSB[JPOF TPOP SFTF JNQFSNFBCJMJ EB VO DVSTPSF -ѳ"JS'MPX HBSBOUJTDF DPT¬ WBMPSJ BFSPEJOBNJDJ F EJ DPNGPSU PUUJNBMJ

DPMPSF UJUBOTJMWFS NFUBMMJ[[BUP

DPMPSF MJHIUHSFZ NFUBMMJ[[BUP

DPMPSF DPTNJD CMVF NFUBMMJ[[BUP PQBDP

$"4$0 "JS'MPX Ѽ DBTDP +FU EFM TFHNFOUP 1SFNJVN DPO BFSB[JPOF BMUBNFOUF FG趋 DBDF Ѽ EVF [POF EJ BFSB[JPOF EJ HSBOEJ EJNFOTJPOJ DIJVEJCJMJ DPO DVSTPSF JNQFSNFBCJMF Ѽ QSFHJBUJ FMFNFOUJ JO BMMVNJOJP DPO MPHP #.8 TVM MBUP Ѽ NFOUPOJFSB DPO DIJVTVSB B TDBUUP DPO QSPGPOEJU EJ JOOFTUP SFHPMBCJMF Ѽ DJOHIJF BMMB OVDB JOUFHSBUF Ѽ QFTP DJSDB q H DBMPUUB QJDDPMB NFEJB HSBOEF

Ѽ PUUJNB BFSPEJOBNJDB F BDVTUJDB

Ѽ DBMPUUB FTUFSOB JO NBUFSJBMF TJOUFUJDP JO 趋 CSF EJ WFUSP DPO SJOGPS[J JO 趋 CSF EJ DBSCPOJP Ѽ DBMPUUB JOUFSOB BNNPSUJ[[BOUF JO &14 QPMJTUJSPMP FTQBOTP

Ѽ FRVJQBHHJBNFOUP JOUFSOP FTUSBJCJMF F MBWBCJMF Ѽ WJTJFSB JOUFSOB USJEJNFOTJPOBMF F TBHPNBUB DMBTTF PUUJDB

Ѽ WJTJFSJOB JOUFSOB EJ TFSJF DPO SJWFTUJ NFOUP BOUJHSBG趋 P TV FOUSBNCJ J MBUJ Ѽ PNPMPHBUP TFDPOEP OPSNB &$&

Ѽ QSFEJTQPTJ[JPOF QFS TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE Ѽ DPMPSF OFSP OPUUF MJHIUHSFZ NFUBMMJ[[BUP UJUBOTJMWFS NFUBMMJ[[BUP NBHOFTJVN NFUBMMJ[[BUP PQBDP DPTNJD CMVF NFUBMMJ[[BUP PQBDP Ѽ UBHMJF ѭ

DPMPSF OFSP OPUUF

DPMPSF NBHOFTJVN NFUBMMJ[[BUP PQBDP


4*45&." %* $0.6/*$";*0/& #.8 .05033"% 7*7&3& "/$03" 1*™ */5&/4".&/5&

*O NPUP TJ WJWPOP NPNFOUJ VOJDJ DIF TJ WPSSFCCFSP DPOEJWJEFSF JNNFEJBUBNFO UF DPO JM QBTTFHHFSP "MMP TUFTTP UFNQP TJ EFTJEFSFSFCCF BTDPMUBSF MB QSPQSJB NVTJDB QSFGFSJUB SJDFWFSF DIJBNBUF F TFHVJSF MF JOEJDB[JPOJ EFM OBWJHBUPSF $PO JM TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE UVUUP DJ² ¨ QPTTJCJMF TFO[B TFOUJSF JM GSVTDJP BFSPEJOBNJDP F TFO[B EJTUPHMJFSF MP THVBSEP EBMMB TUSBEB

."44*." 26"-*5€

(SB[JF BE VOѳBVUPOPNJB EFMMF CBUUFSJF 趋 OP B PSF JM TJTUFNB EJ DPNVOJDB[JP OF #.8 .PUPSSBE ¨ EBWWFSP JOFTBVSJCJMF "ODIF EPQP VO MVOHP WJBHHJP MB SJDBSJDB ¨ SBQJEB -F CBUUFSJF TJ SJDBSJDBOP JO PSF DJSDB B TFDPOEB DIF WFOHB JNQJFHBUP MѳBMJNFOUBUPSF EJ TFSJF P MB QPSUB 64# EFM DPNQVUFS 6MUFSJPSJ WBOUBH HJ TPOP MѳBUUFOVB[JPOF BVUPNBUJDB EFJ EJTUVSCJ EJ GPOEP F MѳBEFHVBNFOUP EFM WPMVNF BMMB WFMPDJU EFMMB NPUP 2VFTUB GVO[JPOF HBSBOUJTDF JM DPNGPSU NVMUJ NFEJBMF BODIF BE FMFWBUF WFMPDJU TFO[B DPNQSPNFUUFSF MB RVBMJU EFM TVPOP

7*& %* $0.6/*$";*0/&

*O UPUBMF ¨ QPTTJCJMF DPMMFHBSF BM DBTDP VO OBWJHBUPSF VO UFMFGPOP DFMMVMBSF F VO .1 1MBZFS F BM DBTDP VO UFMFGPOP DFMMVMBSF F VO .1 1MBZFS *O RVFTUP NPEP TJ TGSVUUBOP BM NBTTJNP MF QPTTJCJMJU EJ DPNVOJDB[JPOF

("3"/5*3& ."44*." 13"5*$*5€ 4*$63&;;" & '6/;*0/"-*5€

*M TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE EJTQPOF EJ USF QVMTBOUJ 0O 0GG

F Ñ­ DIF QFSNFUUPOP MѳBUUJWB[JPOF EJ UVUUF MF GVO[JPOJ HBSBOUFOEP MB NBTTJNB TFNQMJDJU F TJDVSF[[B OFMMѳVUJMJ[[P $PO RVFTUP PCJFUUJWP J DBTDIJ 4ZTUFN F JM DBTDP 4QPSU F JM DBTDP %PVCMF3 TPOP QSFEJTQPTUJ QFS JM TJTUFNB EJ DPNVOJDB [JPOF #.8 .PUPSSBE F TPOP EPUBUJ EJ PNPMPHB[JPOF &$& "MMѳJOUFHSB [JPOF EFM TJTUFNB QSPWWFEF EJSFUUBNFOUF JM $PODFTTJPOBSJP #.8 .PUPSSBE JO QPTU NPOUBHHJP 4VDDFTTJWBNFOUF JM QJMPUB F JM QBTTFHHFSP QPTTPOP FGGFUUVBSF TFO[B EJG趋 DPMU JM DPMMFHBNFOUP EFJ TJOHPMJ EJTQPTJUJWJ JM DPTJEEFUUP k1BJSJOH{

Ѽ *M QJMPUB QV² DPOWFSTBSF DPO JM QBTTFHHFSP Ѽ 1JMPUB F QBTTFHHFSP QPTTPOP BTDPMUBSF NVTJDB BUUSBWFSTP EVF EJWFSTJ EJTQPTJUJWJ Ѽ $JBTDVOP EFJ EVF QV² DPMMFHBSF VO UFMFGPOP DFMMVMBSF FE FGGFUUVBSF DIJBNBUF TJOHPMBSNFOUF Ѽ *M QJMPUB QV² SJDFWFSF JOGPSNB[JPOJ EBM OBWJHBUPSF Ѽ 1PTTPOP FTTFSF DPMMFHBUJ USB MPSP BM NBTTJNP DBTDIJ TJTUFNB EJ OBWJHB[JPOF UFMFGPOJ DFMMVMBSJ F MFUUPSJ NVTJDBMJ

® n

$0.6/*$"3& 4&/;" '*-* 53".*5& #-6&5005)

* QPDIJ DBWJ OFDFTTBSJ BM GVO[JPOBNFOUP EFM TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE TPOP QFSGFUUBNFOUF JODPSQPSBUJ OFM DBTDP 4ZTUFN F OFM DBTDP 4QPSU F OFM DBTDP %PVCMF3 5VUUF MF JOGPSNB[JPOJ WFOHPOP USBTNFTTF TFO[B 趋 MJ DPO MB UFDOPMPHJB #MVFUPPUIn HBSBOUFOEP J NBTTJNJ MJWFMMJ EJ NPWJNFO UP F DPNGPSU *M TJTUFNB EJ DPNVOJDB[JPOF #.8 .PUPSSBE TJ JOUFSGBDDJB DPO JM /BWJHBUPS *7 MMM MMM QMVT MMM QMVT DPO MP ;6.0 #.8 .PUPSSBE F MB NBHHJPS QBSUF EFJ UFMFGPOJ DFMMVMBSJ F EFHMJ .1 1MBZFS DPNQBUJCJMJ DPO JM TJTUFNB #MVFUPPUIn

%"5* 5&$/*$* 4*45&." %* $0.6/$";*0/& #.8 .05033"% 1FTP /VNFSP NBTTJNP EJ DPMMFHBNFOUJ 1PSUBUB 1PSUBUB DPO MJNJUB[JPOJ RVBMJUBUJWF 1PUFO[B EJ FNJTTJPOF "VUPOPNJB EFMMF CBUUFSJF &MFWBUP TUBOEBSE EJ DPOGPSNJU BMMѳJNQFSNFBCJMJU 4UBOEBSE #MVFUPPUIn 1SPUPDPMMP #MVFUPPUIn 5JQP EJ DBTDP

DJSDB H QFS )FBETFU DJSDB N DJSDB ѭ N 趋 OP N8 DJSDB ѭ I *19 " %1 1SP趋 MF )FBETFU 1SP趋 MF )BOETGSFF 1SP趋 MF 411 4ZTUFN F DBTDP 4QPSU F DBTDP %PVCMF3


(3"/%& 7"-03& " 1*$$0-0 13&;;0

53" * .050$*$-*45* $*3$0-" 6/ %&550 '".040 k1&((*0 %&- ."-5&.10 ˆ 40-0 -ѳ&26*1"((*".&/50 1&3 .050$* $-*45" 4#"(-*"50{ $)*6/26& 4*" 45"50 $0453&550 " 4011035"3& '3&%%0 & 1*0((*" */ 7*"((*0 46 %6& 3605& 16Â’ $0/'&3."3& $)& /6--" 16Â’ 4045*56*3& 6/ &26*1"((*".&/50 1&3 .050$*$-*45" %* 26"-*5€ -B OVPWB UVUB 5PVSJOH JNQFSNFBCJMF HBSBOUJTDF QSFTUB[JPOJ BM UPQ B VO QSF[[P FDDFMMFOUF 4UVEJBUB QFS NPUPDJDMJTUJ DIF WBOOP JO NPUP UVUUP MѳBOOP F QSFUFO EPOP JM NBTTJNP DPNGPSU MB UVUB 5PVS4IFMM TJ BEFHVB BE PHOJ FTJHFO[B 4J DPMMPDB JO VOB GBTDJB EJ QSF[[P NFEJP OFMMB HBNNB EJ FRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE FE ¨ EJTQPOJCJMF TJB EB VPNP TJB EB EPOOB 2VFTUB UVUB 5PVSJOH TQPSUJWB BEBUUB B UVUUF MF DPOEJ[JPOJ BUNPTGF SJDIF ¨ BOUJWFOUP JNQFSNFBCJMF F USBTQJSBOUF HSB[JF BMMB NFNCSBOB DMJNBUJDB $ " 3 & $PNF EJDF JM OPNF TUFTTP MB UVUB 5PVS4IFMM SBDDIJVEF QSPUFHHF F SJQBSB QSPQSJP DPNF VO HVTDJP OBUVSBMF *M NBUFSJBMF FTUFSOP SFTJTUFOUF BMMѳBCSBTJPOF DPO SJOGPS[J JO QFMMF TJOUFUJDB OFMMB [POB EFMMB TFEVUB F JO $PSEVSB TV HJOPDDIJB 趋 BODIJ HPNJUJ F TQBMMF BTTJDVSB MB NBTTJNB QSPUF[JPOF JO DBTP EJ DBEVUB -F QSPUF[JPOJ /1 BNNPSUJ[[BOUJ TPOP SFHPMBCJMJ TV USF MJWFMMJ QFS BEBUUBSTJ B UVUUF MF GPSNF F MF NJTVSF NFOUSF NBOJDIF DPMMFUUP F QVOUP WJUB OFJ QBOUBMPOJ TPOP SFHPMBCJMJ JO BNQJF[[B QFS FWJUBSF JO趋 MUSB[JPOJ EѳBSJB GSFEEB OFMMB UVUB

*M EFTJHO DPOUFNQPSBOFP F TQPSUJWP ¨ DPNQMFUBUP EB JOTFSUJ FMBTUJDJ[[BUJ TVMMF TQBMMF QFS HBSBOUJSF MB NBTTJNB MJCFSU EJ NPWJNFOUP F TVJ 趋 BODIJ QFS BTTJDVSBSF VOB WF TUJCJMJU QFSGFUUB %VF UBTDIF FTUFSOF DPO DFSOJFSB MBNQP JNQFSNFBCJMF OFMMB HJBDDB F OFJ QBOUBMPOJ TPOP BCCJ OBUF B EVF UBTDIF JOUFSOF JNQFSNFBCJMJ OFMMB HJBDDB JO DVJ ¨ QPTTJCJMF SJQPSSF QJDDPMJ PHHFUUJ QFSTPOBMJ 4UBNQF SJGSBOHFOUJ TV HJBDDB F QBOUBMPOJ BTTJDVSBOP MB NJHMJPSF WJTJCJMJU OFMMF DPOEJ[JPOJ QJ¹ EJG趋 DJMJ F VOB DFSOJFSB MBNQP EJ DPMMFHBNFOUP USBTGPSNB RVFTUB UVUB B EVF QF[[J JO VOB QSBUJDB UVUB JOUFSB

4UVEJBUB QFS FTTFSF WFSTBUJMF RVFTUB UVUB 5PVSJOH TQPSUJWB TGPHHJB DBSBUUFSJTUJDIF DIF MB SFOEPOP QFSGFUUB QFS UVUUJ J NPUPDJDMJTUJ DPO RVBMTJBTJ DPOEJ[JPOF NFUFP *M EFTJHO NPEFSOP F GVO[JPOBMF ¨ FOGBUJ[[BUP EBJ DPMPSJ EFMMB HJBDDB OFSP QMVN F EFFQ TFB OFSP EB EPOOB OFSP NJOFSBM HSFZ F NJOFSBM HSFZ EFFQ TFB EB VPNP * QBOUBMPOJ TPOP EJTQPOJCJMJ JO DPMPSF OFSP TJB EB VPNP TJB EB EPOOB -B HJBDDB TJ DIJVEF DPO DFSOJFSB MBNQP WFSUJDBMF OFMMB WFSTJPOF EB VPNP F DPO DFSOJFSB MBNQP PCMJRVB OFMMB WFSTJPOF EB EPOOB 6O SJWFUUP EJTDSFUP TV HJBDDB F QBOUBMPOJ SJQPSUB JM MPHP #.8 .PUPSSBE $PO VOB QJDDPMB GPSBUVSB OFMMB SVPUB VOB QFSEJUB EѳPMJP P VO GSFOP DIF DJHPMB OPO HVJEFSFTUJ MB UVB NPUP 2VJOEJ QFSDI© EPWSFTUJ JOEPTTBSF VO FRVJQBHHJBNFOUP QFS NPUPDJDMJTUB EJ CBTTB RVBMJU &MJNJOB MF JO趋 MUSB[JPOJ EѳBSJB TDPO趋 HHJ JM GSFEEP F BODIF UV DBOUFSBJ kTJOHJOѳ JO UIF SBJO{ DPO MB UVUB 5PVS4IFMM #.8 .PUPSSBE

-B UVUB 5PVS4IFMM IB VO FMFWBUP DPNGPSU EJ WFTUJCJMJU HSB[JF BM UBHMJP FSHPOPNJDP F BMMF QSPQSJFU FMBTUJDIF EFM MBNJOBUP B USJQMP TUSBUP JO DVJ ¨ SFBMJ[[BUB *OPMUSF ¨ EPUBUB EJ HJBDDB UFSNJDB FTUSBJCJMF DIF QV² FTTFSF JOEPTTBUB TFQBSBUBNFOUF BODIF RVBOEP OPO TJ ¨ JO NPUP 2VFTUB HJBDDB VMUSBMFHHFSB JNCPUUJUB F USBQVOUBUB ¨ BUUBDDBUB BMMѳJOUFSOP EFMMB HJBDDB USBNJUF CPUUPOJ B QSFTTJPOF PGGSF VO FG趋 DBDF JTPMBNFOUP UFSNJDP QFS BTTJDVSBSF MB NBTTJ NB QSPUF[JPOF DPOUSP JM GSFEEP F QV² FTTFSF SJQJFHBUB JO VOѳBNQJB UBTDB JOUFSOB EFMMB HJBDDB *O HJPSOBUF GSFEEF P DBMEF MB UFNQFSBUVSB DPSQPSFB QV² FTTFSF SFHPMBUB BODIF USBNJUF BQFSUVSF QFS MB DJSDPMB[JP OF EFMMѳBSJB OFMMB QBSUF TVQFSJPSF EFMMB HJBDDB DIJVTF EB DFSOJFSF MBNQP JNQFSNFBCJMJ -P TDBMEBDPMMP JO MBNJOBUP B USJQMP TUSBUP QSPUFHHF EBM GSFEEP JO JOWFSOP F QV² FTTFSF TUBDDBUP JO FTUBUF


-" 4&$0/%" 1&--& 1&3 .050$*$-*45* &4*(&/5* .BUFSJBMJ EFMMѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #8. .PUPSSBE 1FS UVUUJ J QSPEPUUJ EFMMѳFRVJQBHHJBNFOUP QFS NPUP DJDMJTUB #.8 .PUPSSBE WFOHPOP VUJMJ[[BUJ TPMUBOUP NBUFSJBMJ EFMMB NJHMJPSF RVBMJU TWJMVQQBOEP F JOUSPEVDFOEP DPTUBOUFNFOUF JOOPWB[JPOJ UFDOJDIF 1FS RVFTUP DPO MѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE TFJ TFNQSF DFSUP EJ JOEPTTBSF JM UPQ BTTPMVUP SBQQSFTFOUBUP TPQSBUUVUUP EBJ NBUFSJBMJ FTUFSOJ BMUBNFOUF SFTJTUFOUJ BMMѳBCSBTJPOF

$PME -PX "DUJWJUZ

4$)0&--&3 ,&1304)*&-%

*O OBUVSB B QJHOB TJ ¨ DIJVTB /FMMB NFNCSBOB B TUSVUUVSB QPMJNFSJDB TJ DPNQSJNF F SFBMJ[[B VO NJHMJPSF JTPMBNFOUP B NBHHJPS RVBOUJU EJ DBMPSF USBUUFOVUB F MF QSPQSJFU USBTQJSBOUJ DSFBOP VO DMJNB DPSQPSFP HSBEFWPMF * NQFSNFBCJMF F BOUJWFOUP

2VFTUP UFTTVUP ¨ TUBUP TUVEJBUP BE IPD QFS JM TFUUPSF NPUPDJDMJTUJDP F HBSBOUJTDF BMUJ MJWFMMJ EJ QSPUF[JPOF ˆ DPTUJUVJUP EB MBNJOBUP B USJQMP TUSBUP JO ,FWMBS 趋 CSB BSBNJEJDB DPUPOF QPMJBNNJEF F NFNCSBOB D@DIBOHF (SB[JF BMMB TDFMUB EFJ NBUFSJBMJ EJ OVPWB DPODF[JPOF MF DBSBUUFSJTUJDIF EJ TJDVSF[[B MB SFTJ TUFO[B BMMѳBCSBTJPOF BMMP TUSBQQP F BM DBMPSF QSPEPUUP EBMMѳBUUSJUP JO DBTP EJ DBEVUB TPOP TUBUF BVNFOUBUF BMMѳJODJSDB EFM SJTQFUUP BM QBTTBUP *M QFTP SJEPUUP JOPMUSF BTTJDVSB VO DPNGPSU OPUFWPMNFOUF NBHHJPSF

5 PUBMF QSPUF[JPOF EBM WFOUP F JNQFSNFBCJMJU 0 UUJNB SFTJTUFO[B BMMѳBCSBTJPOF F BMMP TUSBQQP & MFWBUB USBTQJSBCJMJU B NFNCSBOB D@DIBOHF SFBHJTDF BMMF WBSJB[JPOJ EJ UFNQFSBUVSB F EJ BUUJWJU * M USBUUBNFOUP DPMECMBDL SJ趌 FUUF J SBHHJ TPMBSJ

*O OBUVSB B QJHOB TJ BQSF /FMMB NFNCSBOB B TUSVUUVSB QPMJNFSJDB TJ BQSF F EJWJFOF FTUSFNBNFOUF QFSNFBCJMF BM WBQPSF BDRVFP B TUSVUUVSB QPMJNFSJDB TJ BQSF F EJWJFOF FTUSFNBNFOUF QFSNFBCJMF BM WBQPSF BDRVFP * NQFSNFBCJMF F BOUJWFOUP

"##*(-*".&/50 #.8 .05033"% $0/ 53"55".&/50 5'- $00- 4:45&.

*M 5'- $PPM 4ZTUFN ¨ JM USBUUBNFOUP EJ CBTF EFMMF UVUF JO QFMMF SFBMJ[[BUF EB #.8 .PUPSSBE -B QFMMF QSPEPUUB JO UPOBMJU TDVSB DPO RVFTUB UFDOPMPHJB SJ趌 FUUF J SBHHJ TPMBSJ DPNF VO NBUFSJBMF DIJBSP FE JNQFEJTDF JM TVSSJTDBMEBNFOUP EFM NBUFSJBMF FTUFSOP *O DPOEJ[JPOJ EJ GPSUF JSSBHHJBNFOUP TPMBSF OFMMB UVUB #.8 .PUPSSBE TJ NJTVSB VOB UFNQFSBUVSB 趋 OP B p $ QJ¹ CBTTB SJTQFUUP BMMѳBCCJHMJBNFOUP JO QFMMF USBEJ[JPOBMF 6MUFSJPSF WBOUBHHJP BODIF JM QSPDFTTP EJ JOWFDDIJBNFOUP EFM DBQP SJTVMUB TFOTJCJMNFOUF SJEPUUP

$@$)"/(&

$PO MP TQFDJBMJTUB TWJ[[FSP EJ UFTTVUJ 4DIPFMMFS #.8 .PUPSSBE IB SFBMJ[[BUP VOB OVPWB NFNCSBOB kJOUFMMJHFOUF{ D@DIBOHF -F EJNFOTJPOJ EFJ QPSJ EJ RVFTUB NFNCSBOB TJ BEBUUBOP BMMB UFNQFSBUVSB FTUFSOB SFHPMBOEP DPT¬ MF QSPQSJFU USBTQJSBOUJ EFJ DBQJ TFDPOEP OFDFTTJU Âˆ VO QSJODJQJP NVUVBUP EBMMB OBUVSB DPNF MB QJHOB MF DVJ TDBHMJF TJ BQSPOP DPO JM DBMEP F TJ SJDIJVEPOP DPO JM GSFEEP D@DIBOHF kSFTQJSB{ EѳFTUBUF F TJ JTPMB OFMMF HJPSOBUF GSFEEF *OPMUSF MF QSPQSJFU FMBTUJDIF EJ DVJ ¨ EPUBUB MB NFN CSBOB DPOTFOUPOP EJ SFBMJ[[BSF DPO FTTB VO NBUF SJBMF FTUFSOP DPNQMFUBNFOUF FMBTUJDP EBM DPNGPSU BODPSB NBHHJPSF *OPMUSF MB NFNCSBOB ¨ BOUJWFOUP JNQFSNFBCJMF F 趌 FTTJCJMF HSB[JF BM NBUFSJBMF FTUFSOP DPNQMFUBNFOUF FMBTUJDJ[[BUP DIF BVNFOUB JM DPNGPSU EFMMB WFTUJCJMJUÂ

8BSN )JHI "DUJWJUZ

-B UFSNPDBNFSB EJNPTUSB DIF MѳBCCJHMJBNFOUP #.8 .PUPSSBE DPO UFDOPMPHJB 5'- $PPM 4ZTUFN FWJUB JM GPSUF SJTDBMEBNFOUP EFM DPSQP EFMMF UVUF JO QFMMF USBEJ[JPOBMJ QFS DVJ JM NPUPDJDMJTUB SJNBOF QJ¹ SJQPTBUP FE FG趋 DJFOUF

53"55".&/50 $0-%#-"$,

(SB[JF BM USBUUBNFOUP DPMECMBDL MѳBCCJHMJBNFOUP JO UFTTVUP SFBMJ[[BUP JO DPMPSJ TDVSJ SJ趌 FUUF 趋 OP BMMѳ EFJ SBHHJ TPMBSJ OFMMB SFHJPOF EFM WJDJOP *OGSBSPTTP *O UBM NPEP J NBUFSJBMJ TJ NBOUFOHPOP GSFTDIJ QJ¹ B MVOHP F BTTJDVSBOP NBHHJPSF DPNGPSU


565" 453&&5(6"3%

K

(SB[JF BMMѳFTDMVTJWP VUJMJ[[P EFM NBUFSJBMF 4DIPFMMFS ,FQSPTIJFME MBNJOBUP B USJQMP TUSBUP JO ,FWMBS 趋 CSB BSBNJEJDB DPUPOF QPMJBNNJEF F NFNCSBOB D@DIBOHF MB UVUB 4USFFUHVBSE ¨ VOB QFSGFUUB BMMSPVOE *O RVFTUP DBQP MF DBSBUUFSJTUJDIF EJ TJDVSF[[B MB SFTJTUFO[B BMMѳBCSBTJPOF BMMP TUSBQQP F BM DBMPSF QSPEPUUP EBMMѳBUUSJUP JO DBTP EJ DBEVUB TPOP TUBUF BVNFOUBUF BMMѳJODJSDB EFM SJTQFUUP BM NPEFMMP QSFDFEFOUF -B DPNQBHOB EJ WJBHHJP JEFBMF JO PHOJ TJUVB[JPOF F DPO RVBMTJBTJ DPOEJ[JPOF NFUFP

565" 453&&5(6"3% Ѽ NBUFSJBMF FTUFSOP JO ,FQSPTIJFME F %ZOBUFD OFSP DPO USBUUBNFOUP DPMECMBDL Ѽ BOUJWFOUP JNQFSNFBCJMF F BMUBNFOUF USBTQJSBOUF HSB[JF BMMB NFNCSBOB JOUFMMJHFOUF D@DIBOHF Ѽ NBUFSJBMF TPGUTIFMM JO UBTDIF F NBOJDIF Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TDIJFOB TQBMMF HPNJUJ 趋 BODIJ F HJOPDDIJB USF SFHPMB[JPOJ JO BMUF[[B

Ѽ UBTDB DPO DFSOJFSB MBNQP QFS QSPUF[JPOF EPSTBMF Ѽ UBTDB QFS QSPUF[JPOF DPDDJHF EJTQPOJCJMF TV SJDIJFTUB

Ѽ HJBDDB DPO DFSOJFSB MBNQP 4UPSN JNQFSNFBCJMF BOUJWFOUP SFTJTUFOUF BJ SBHHJ 67 Ѽ DFSOJFSB MBNQP "26"[JQ BMUBNFOUF JESPSFQFMMFOUF TV UBTDIF FTUFSOF Ѽ JOTFSUJ SJGSBOHFOUJ TV QBSUF BOUFSJPSF TDIJFOB F HBNCF Ѽ DPMMFUUP EFMMB HJBDDB BTQPSUBCJMF BOUJWFOUP F JNQFSNFBCJMF Ѽ DFSOJFSF MBNQP EJ BFSB[JPOF JNQFSNFBCJMJ Ѽ UFSNPGPEFSB . 5IJOTVMBUF FTUSBJCJMF Ѽ GBTDJB QBOUBMPOJ BMUB SJWFTUJUB JO 趌 FFDF

Ѽ UBTDB QPSUBDFMMVMBSF JNQFSNFBCJMF QSPUFUUB DPOUSP J SBHHJ 67 UBTDIF JOUFSOF JNQFSNFBCJMJ OFMMB HJBDDB Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP EJ EVF MVOHIF[[F Ѽ DPMPSF HJBDDB OFSP OFSP HSJPHJP BSBODJP QBOUBMPOF OFSP Ѽ UBHMJF EPOOB

ѭ ѭ ѭ Ѽ UBHMJF VPNP

Ñ­ Ñ­ Ñ­

53"55".&/50 $0-%#-"$, -ѳ*//07";*0/& /&* ."5&3*"-* /FJ UFTTVUJ TDVSJ RVFTUP JOOPWBUJ WP SJWFTUJNFOUP TVQFS趋 DJBMF SJ 趌 FUUF 趋 OP BMMѳ EFJ SBHHJ TPMB SJ $J² QSFWJFOF JM TVSSJTDBMEBNFOUP EFM NBUFSJBMF FTUFSOP F HBSBOUJ TDF BM QJMPUB NBHHJPSF DPNGPSU F NJHMJPSJ QSFTUB[JPOJ

TFO[B USBUUBNFOUP DPMECMBDL

DPO USBUUBNFOUP DPMECMBDL


565" 5PVS4IFMM

/PWJUÂ

565" 5PVS4IFMM

OFSP NJOFSBM HSFZ

Ѽ UVUB 5PVSJOH TQPSUJWB JNQFSNFBCJMF JEFBMF QFS UVUUP MѲBOOP Ѽ NBUFSJBMF SFTJTUFOUF JO QPMJBNNJEF QPMJFTUFSF FE &MBTUIBO SFBMJ[[BUP JO MBNJOBUP B USJQMP TUSBUP BMUBNFOUF FMBTUJDJ[[BUP Ѽ NFNCSBOB DMJNBUJDB $ " 3 & BOUJWFO UP JNQFSNFBCJMF F USBTQJSBOUF Ѽ SBEEPQQJP TVJ QVOUJ B SJTDIJP EJ DBEVUB DPO $PSEVSB BMUBNFOUF SFTJTUFOUF BMMѳBCSBTJPOF Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TQBMMF HPNJUJ TDIJFOB 趋 BODIJ F HJOPDDIJB EVF SFHPMB[JPOJ JO BMUF[[B

Ѽ HJBDDB UFSNJDB FTUSBJCJMF JNCPU UJUB Ѽ TDBMEBDPMMP TUBDDBCJMF Ѽ DFSOJFSF MBNQP JNQFSNFBCJMJ QFS MB DJSDPMB[JPOF EFMMѳBSJB OFMMB HJBDDB Ѽ DPMMFUUP NBOJDIF F QVOUP WJUB SFHP MBCJMJ JO BNQJF[[B USBNJUF DIJVTVSB B WFMDSP F DPVMJTTF FMBTUJDB Ѽ TUBNQB SJGSBOHFOUF TV HJBDDB F QBOUBMPOJ Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ WBSJBOUF VPNP F EPOOB

Ѽ EB EPOOB Ѽ DPMPSF HJBDDB HJBDDB UFSNJDB EPOOB OFSP QMVN EFFQ TFB OFSP Ѽ DPMPSF HJBDDB HJBDDB UFSNJDB VPNP OFSP NJOFSBM HSFZ NJOFSBM HSFZ EFFQ TFB Ѽ DPMPSF QBOUBMPOJ EPOOB OFSP Ѽ DPMPSF QBOUBMPOJ VPNP OFSP Ѽ UBHMJF EPOOB ѭ ѭ EFFQ TFB TPMP ѭ

Ѽ UBHMJF VPNP ѭ ѭ NJOFSBM HSFZ TPMP ѭ

NJOFSBM HSFZ EFFQ TFB

(SB[JF BM MBNJOBUP B USJQMP TUSBUP F BMMB HJBDDB UFSNJDB FTUSBJCJMF MB UVUB 5PVS4IFMM ¨ MѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB JEFBMF EB JOEPTTBSF UVUUP MѳBOOP -B HJBDDB JO UFSOB JNCPUUJUB F QBSUJDPMBSNFOUF MFHHFSB PGGSF VOB QSPUF[JPOF PUUJNBMF EBM GSFEEP F QV² FTTFSF QPSUBUB BODIF TFQBSBUBNFOUF DPNF HJBDDB USBQVOUBUB -F DFSOJFSF MBNQP EJ BFSB[JPOF QFS SFHPMBSF MB UFNQFSBUVSB BTTJDVSBOP JM DMJNB DPSQPSFP PUUJ NBMF "MMP TUFTTP UFNQP MB UVUB 5PVS4IFMM HBSBOUJTDF MB NBTTJNB TJDVSF[[B HSB[JF BMMF QSPUF[JPOJ /1 Ñ­ FTUSBJCJMJ F SFHPMBCJMJ JO USF QPTJ[JPOJ TV TDIJFOB TQBMMF HPNJUJ 趋 BODIJ F HJOPDDIJB Ñ­ F HSB[JF BM NBUFSJBMF $PSEVSB QBSUJDPMBSNFOUF SFTJTUFOUF BMMѳBCSBTJPOF

OFSP QMVN

EFFQ TFB OFSP


565" "JS'MPX

565" "JS'MPX Ѽ UVUB BEBUUB QFS UFNQFSBUVSF FTUJWF Ѽ NBUFSJBMF FMBTUJDP Ѽ NBUFSJBMF FTUFSOP JO %ZOBUFD SFTJTUFOUF BMMѳBCSBTJPOF Ѽ UVUB OFSB DPO USBUUBNFOUP DPMECMBDL Ѽ UVUB BSHFOUP DPO USBUUBNFOUP /BOP 4QIFSF Ѽ NBUFSJBMF B SFUF "JS5FY Ѽ QSPUF[JPOJ /1 FTUSBCJMJ TV TQBMMF HPNJUJ 趋 BODIJ F HJOPDDIJB USF SFHPMB[JPOJ JO BMUF[[B

Ѽ QSPUF[JPOF EPSTBMF /1 1SP"JS DPO NPMUFQMJDJ T趋 BUJ QFS HBSBOUJSF VOB DJSDPMB[JPOF PUUJNBMF EFMMѳBSJB Ѽ UFTTVUP B TUSBUJ EJTUBO[JBUJ QFS HBSBOUJ SF VOB DJSDPMB[JPOF PUUJNBMF EFMMѳBSJB Ѽ UBTDB DPO DFSOJFSB MBNQP QFS QSPUF[JPOF EPSTBMF Ѽ TUSJTDF SJGSBOHFOUJ . TV HJBDDB F QBOUBMPOJ

Ѽ BM UFSNJOF EFM WJBHHJP ¨ QPTTJCJMF JOEPTTBSF MB HJBDDB DPNF VOP [BJOP HSB[JF BMMF EVF DJOHIJF JOUFHSBUF QFS JM USBTQPSUP Ѽ SFHPMB[JPOF JO BNQJF[[B EFM QVOUP WJUB Ѽ HJBDDB UBTDIF FTUFSOF UBTDB QPSUBDFMMVMBSF QSPUFUUB DPOUSP J SBHHJ 67 UBTDIF JOUFSOF UBTDB HSBOEF DPO DFSOJFSB MBNQP JO QPTJ[JPOF EPSTBMF Ѽ QBOUBMPOJ UBTDIF DPO DFSOJFSB MBNQP Ѽ UBTDB QPSUBGPHMJP JNQFSNFBCJMF Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF OFSP TUBNQB BSHFOUP Ѽ UBHMJF EPOOB ѭ Ѽ UBHMJF VPNP OFSP ѭ ѭ TUBNQB BSHFOUP ѭ

-B UVUB "JS'MPX ¨ QJBDFWPMNFOUF GSFTDB F JEFBMF QFS MF UFNQFSBUVSF FMFWBUF /FMMB WBSJBOUF OFSB JM TP趋 TUJDBUP USBUUBNFOUP DPMECMBDL JNQFEJTDF JM TVSSJTDBMEBNFO UP EFM NBUFSJBMF /FMMB WFSTJPOF BSHFOUP JM SJWFTUJNFOUP DPO /BOP4QIFSF MJNJUB MѳBDDVNVMBSTJ EFMMP TQPSDP TVMMB UVUB


565" 53"*-(6"3%

2VFTUB UVUB BEBUUB BM NPUPUVSJTNP BCCJOB NBTTJNB MJCFSU EJ NPWJNFOUP B WFSTBUJMJU F GVO[JPOBMJU DPNF TPMP VO WFSP UBMFOUP BMMSPVOE TB GBSF (SB[JF BMMѳVUJMJ[[P EFJ NBUFSJBMJ QJ¹ TP趋 TUJDBUJ F BMMF OVNFSPTF QPTTJCJMJU EJ SFHPMB[JP OF RVFTUB UVUB ¨ MB DPNQBHOB EJ WJBHHJP JEFBMF QFS PHOJ TUBHJPOF

565" 53"*-(6"3% Ѽ UVUB EB UVSJTNP Ѽ FTUFUJDB EJOBNJDB F TQPSUJWB Ѽ NBUFSJBMF FTUFSOP 4DIPFMMFS %ZOBUFD Ѽ NBUFSJBMF FMBTUJDP JO %ZOBUFD F $PSEVSB BTTJDVSBOP NBTTJNB MJCFSU EJ NPWJNFOUP EVSBOUF MB HVJEB Ѽ SFHPMB[JPOF DMJNBUJDB USBNJUF GPEFSB B SFUF JOUFHSBUB Ѽ BNQJ JOTFSUJ JO NBUFSJBMF SJGSBOHFOUF . Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TDIJFOB TQBMMF HPNJUJ 趋 BODIJ F HJOPDDIJB SFHPMB[JPOJ JO BMUF[[B

Ѽ DFSOJFSF MBNQP SJWFTUJUF BOUJWFOUP

Ѽ JOTFSUP D@DIBOHF EJTQPOJCJMF TV SJDIJFTUB

Ѽ DJOUVSB F QBTTBOUJ JO WFMDSP SFHPMBCJMJ TV DPMMFUUP F WJUB EFMMB HJBDDB TV GBTDJB F GPOEP EFJ QBOUBMPOJ Ѽ SFHPMB[JPOF JO BNQJF[[B EFM GPOEP EFJ QBOUBMPOJ Ѽ OVNFSPTF UBTDIF QBS[JBMNFOUF JNQFSNFBCJMJ

Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF HJBDDB OFSP BSHFOUP Ѽ DPMPSF QBOUBMPOJ OFSP Ѽ UBHMJF EPOOB ѭ Ѽ UBHMJF VPNP

OFSP Ñ­ Ñ­ Ñ­

565" $PWFS"MM

565" $PWFS"MM Ѽ UVUB JOUFSB Ѽ MBNJOBUP B USJQMP TUSBUP DPO NBUFSJBMF FTUFSOP JO $PSEVSB JNQFSNFBCJMF BOUJWFOUP F USBTQJSBOUF Ѽ JNQFSNFBCJMF BOUJWFOUP F USBTQJSBOUF HSB[JF BMMB NFNCSBOB DMJNBUJDB $ " 3 & Ѽ UBTDIF JOUFSOF JO GPEFSB B SFUF Ѽ QSPUF[JPOJ 4$ FTUSBJCJMJ TV TQBMMF HPNJUJ 趋 BODIJ F HJOPDDIJB EVF SFHPMB[JPOJ JO BMUF[[B

Ѽ QSPUF[JPOF EPSTBMF /1 1SP"JS OFMMF UBTDIF TVMMB TDIJFOB EJTQPOJCJMF TV SJDIJFTUB

Ѽ UBTDIF QFS QSPUF[JPOJ UFSNPTBMEBUF Ѽ TUBNQB SJGSBOHFOUF . TV TQBMMF F TDIJFOB Ѽ DFSOJFSF MBNQP 4UPSN JNQFSNFBCJMJ F BOUJWFOUP Ѽ MVOHB DFSOJFSB MBNQP BOUFSJPSF F DFSOJFSF MBNQP TVMMF HBNCF QFS JOEPTTBSF BHFWPMNFOUF JM DBQP Ѽ SFHPMB[JPOF JO BNQJF[[B EFM QVOUP WJUB Ѽ UBTDB JOUFSOB FE FTUFSOB JESPSFQFM MFOUF TVM QFUUP UBTDB TVMMѳBWBNCSBD DJP EFTUSP UBTDIF OFJ QBOUBMPOJ Ѽ DPMPSF OFSP Ѽ UBHMJF VOJTFY 94 ѭ 999-


565" 3"--:&

565" 3"--:& Ѽ DPODFQJUB JO QBSUJDPMBSF QFS MѳVUJMJ[[P JO GVPSJTUSBEB Ѽ NBUFSJBMF FTUFSOP JO $PSEVSB PUUJNJ[[BUP EB #.8 .PUPSSBE Ѽ HJBDDB DPO NBOJDIF TUBDDBCJMJ Ѽ QBOUBMPOJ DPO JOTFSUJ FMBTUJDJ F SJOGPS[J JO QFMMF Ѽ SJOGPS[P EFJ QVOUJ B SJTDIJP JO DBTP EJ DBEVUB Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ SFHPMBCJMJ JO BMUF[[B TVMMF HJOPDDIJB

Ѽ GPEFSB USBGPSBUB FMBTUJDB F USBTQJSBOUF

Ѽ NPMUFQMJDJ QPTTJCJMJU EJ BFSFB[JPOF Ѽ OVNFSPTF QPTTJCJMJU EJ SFHPMB[JPOF Ѽ JOTFSUP JO NFNCSBOB DMJNBUJDB $ " 3 & JNQFSNFBCJMF BOUJWFOUP F USBTQJSBOUF Ѽ NBUFSJBMF SJGSBOHFOUF Ѽ UBTDB QPTUFSJPSF QFS 5SJOL1BL Ѽ HJBDDB UBTDIF FTUFSOF JNQFSNFBCJMJ Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF F UBHMJF OFSP HVO ѭ ѭ HSJHJP CMV ѭ

4V TUSBEB F JO GVPSJTUSBEB OFTTVO QFSDPSTP QBTTB JOPTTFSWBUP DPO MB UVUB 3BMMZF 2VFTUP DBQP NVMUJUBTDIF EPUBUP EJ FRVJQBHHJBNFOUP EJ TJDVSF[[B PGGSF J NBTTJNJ MJWFMMJ EJ QSPUF[JPOF *M DPNGPSU FMFWBUP F MѳFTUFUJDB JOJNJUBCJMF MB SFOEPOP VO kNVTU{ QFS UVUUJ HMJ BQQBTTJPOBUJ EJ &OEVSP TVM RVBMF GBSF BG趋 EBNFOUP BODIF OFMMF QFHHJPSJ DPOEJ[JPOJ BUNPTGFSJDIF


565" "5-"/5*4

* SJDPSEJ EFMMF UVF FTQFSJFO[F UJ BDDPNQBHOFSBOOP QFS TFNQSF -B UVUB "UMBOUJT ¨ VO DBQP DMBTTJDP DPO VO OVPWP EFTJHO EJOBNJDP FE FMFHBOUF (SB[JF BMMF DVDJUVSF JNQFSNFBCJMJ F BMMF DFSOJFSF MBNQP HPNNBUF MB QFMMF EJ WJUFMMP /BCVL BE BTDJVHB UVSB SBQJEB ¨ JNQFSNFBCJMJ[[BUB QFS GBS SFTUBSF BTDJVUUJ JO DBTP EJ CSFWJ UFNQPSBMJ BODIF TFO[B TQFDJ趋 DP BCCJHMJBNFOUP *M DPNGPSU EJ RVFTUB UVUB USBTQJSBOUF ¨ HBSBO UJUP EB FMFNFOUJ FMBTUJDJ[[BUJ -F QSPUF[JPOJ /1 TV TQBMMF HPNJUJ TDIJFOB 趋 BODIJ F HJOPDDIJB TPOP TUBDDBCJMJ

565" "5-"/5*4 Ѽ UVUB BEBUUB BE PHOJ DPOEJ[JPOF BUNP TGFSJDB JO QFMMF EJ WJUFMMP JNQFSNFBCJ MJ[[BUB /BCVL ѭ NN

Ѽ DPNGPSU FDDFMMFOUF HSB[JF BMMF EPUJ OBUVSBMJ EJ USBTQJSBCJMJU EFMMB QFMMF Ѽ QSPUF[JPOJ /1 TUBDDBCJMJ TV TQBMMF HPNJUJ TDIJFOB 趋 BODIJ F HJOPDDIJB SFHPMBCJMJ JO BMUF[[B JO EVF QPTJ[JPOJ QPTTJCJMJU EJ JOTFSJNFOUP EJ QSPUF[JPOJ QFS JM DPDDJHF Ѽ TUSJTDF SJGSBOHFOUJ TVMMF TQBMMF

Ѽ SFHPMB[JPOF EFMMѳBNQJF[[B EJ NBOJDIF QVOUP WJUB F HBNCF Ѽ DFSOJFSB EJ DPMMFHBNFOUP DPO DVJ ¨ QPTTJCJMF VOJSF J EVF QF[[J EFMMB UVUB Ѽ FMFNFOUJ FMBTUJDJ[[BUJ TV TQBMMF F TDIJFOB DPMMFUUP NBOJDIF QVOUP WJUB HJOPDDIJB F GBTDJB QPTUFSJPSF EFJ QBOUBMPOJ Ѽ DPMPSF BOUSBDJUF Ѽ UBHMJF EPOOB ѭ Ѽ UBHMJF VPNP

Ñ­ Ñ­ Ñ­

*/'03.";*0/* 46- ."5&3*"-& 1&--& *%303&1&--&/5& 4QFDJBMF USBUUBNFOUP JNQFSNFBCJMJ[[BOUF EFMMB QFMMF #.8 MP FTFHVF JO UJOP DPO VO QSPEPUUP EFMMB QJ¹ BMUB RVBMJU . 4DPUDIHBSE 6OѳJNQSF HOBUVSB PUUJNBMF DPJOWPMHF FTDMVTJWBNFOUF MF 趋 CSF EFMMB QFMMF J TVPJ QPSJ SFTUBOP BQFSUJ NBOUF OFOEP JOUBUUF MF QSPQSJFU USBTQJSBOUJ EFMMB QFMMF


565" %PVCMF3

565" 41035

/PWJUÂ

565" %PVCMF3

565" 41035

Ѽ UVUB TQPSUJWB JOUFSB BEFSFOUF DPO EFTJHO #.8 .PUPSSBE .PUPSTQPSU Ѽ QFMMF EJ DBOHVSP TQFTTB DB NN QBSUJDPMBSNFOUF SFTJTUFOUF BMMѳBCSBTJPOF Ѽ BNQJ JOTFSUJ FMBTUJDJ[[BUJ JO %ZOBUFD EJ FMFWBUB RVBMJU Ѽ QFMMF FMBTUJDJ[[BUB Ѽ QFMMF OFSB SFBMJ[[BUB DPO USBUUBNFOUP 5'- $PPM 4ZTUFN Ѽ QSPUF[JPOJ /1 TV TQBMMF HPNJUJ 趋 BODIJ HJOPDDIJB F TDIJFOB Ѽ JNCPUUJUVSB BOUJTIPDL TVMMB TDIJFOB HPCCB F DFSOJFSB MBNQP QFS MѳJOTFSJNFOUP EFM /FDL #SBDF 4ZTUFN #.8 .PUPSSBE Ѽ BSFF USBGPSBUF TV QFUUP TDIJFOB F CSBDDJB QFS HBSBOUJSF VO DMJNB DPSQPSFP PUUJNBMF Ѽ DPNQMFUB EJ HJMFU TPUUPUVUB DPO GVO[JPOF BOUJWFOUP F QSFHJBUB TBDDB QFS JM USBTQPSUP Ѽ TUSJTDF JO BDDJBJP JOPY JOTFSJUF OFM NBUFSJBMF TJOUFUJDP TV TQBMMF F HPNJUJ F kTBQPOFUUF{ SJHJEF JO NBUFSJBMF TJOUFUJDP TVMMF HJOPDDIJB Ѽ DPMPSF %PVCMF3 CMVF CMV CJBODP SPTTP Ѽ DPMPSF %PVCMF3 CMBDL OFSP CJBODP SPTTP Ѽ UBHMJF Ñ­ Ñ­

Ѽ UVUB 3BDJOH B EVF QF[[J DPO EFTJHO #.8 .PUPSSBE .PUPSTQPSU Ѽ WJUFMMP OBQQBUP TQFTTB NN F QFMMF EJ DBOHVSP BMUBNFOUF SFTJTUFOUF BMMѳBCSBTJPOF TQFTTB DJSDB NN

Ѽ USBUUBNFOUP 5'- $PPM 4ZTUFN Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TDIJFOB F 趋 BODIJ DVDJUF TV TQBMMF HPNJUJ F HJOPDDIJB EJTQPOJCJMJ JO QPTU WFOEJUB TVM DPDDJHF Ѽ NBUFSJBMF JOUFHSBUP BOUJTIPDL TV DMBWJDPMB F QFUUP Ѽ TUSJTDF JO BDDJBJP JOPY JOTFSJUF OFM NBUFSJBMF TJOUFUJDP TV TQBMMF F HPNJUJ Ѽ Q JDDPMB JNCPUUJUVSB BOUJTIPDL HPCCB Ѽ DFSOJFSB MBNQP GSPOUBMF VUJMJ[[BCJMF DPO DFSOJFSB MBNQP QFS MѳJOTFSJNFOUP BODIF DPNF "JS 7FOU EFM /FDL #SBDF 4ZTUFN Ѽ JOTFSUJ JO QFMMF FMBTUJDJ[[BUB QFS BTTJ Ѽ DPMPSF OFSP CJBODP SPTTP DVSBSF JM NBTTJNP DPNGPSU TV TQBMMF Ѽ UBHMJF VPNP CSBDDJB SFOJ F HJOPDDIJB Ñ­ EJ BMUF[[B NFEJB Ñ­ EJ BMUB TUBUVSB Ñ­ EJ CBTTB TUBUVSB

1BDDIFUUP DPNQSFOTJWP EJ HJMFU QFS MѳVUJMJ[[P BMMF UFNQFSBUVSF QJ¹ CBTTF F EJ QSBUJDB TBDDB QFS JM USBTQPSUP DPO 趋 OFTUSFMMB USBTQBSFOUF F HBODJP BQQFO EJBCJUP JO DVJ SJQPSSF MB UVUB (JMFU UBHMJF 4 Ñ­ 99- SFBMJ[[BUP JO NBUFSJBMF BOUJWFOUP TVMMB QBSUF BOUFSJPSF QFS MѳVUJMJ[[P BMMF UFNQFSBUVSF QJ¹ CBTTF

/PWJUÂ

-B UVUB 4QPSU B EVF QF[[J DPO JM EFTJHO #.8 .PUPSSBE .PUPSTQPSU DPOTFOUF EJ PUUFOFSF JM NBTTJNP DPNGPSU EJ WFTUJCJMJU HSB[JF BMMB QFMMF EJ DBOHVSP QBSUJDPMBSNFOUF SFTJTUFOUF BMMѳBCSBTJPOF F BMMB QFMMF EJ WJUFMMP OBQQBUP -F QSPUF[JPOJ /1 Ñ­ FTUSBJCJMJ TV TDIJFOB F 趋 BODIJ DVDJUF TV TQBMMF HPNJUJ F HJOPDDIJB F EJTQPOJCJMJ JO QPTU WFOEJUB QFS MB [POB TBDSBMF Ñ­ HBSBO UJTDPOP JM MJWFMMP RVBMJUBUJWP EJ QSPUF[JPOF UJQJDP EJ #.8 .PUPSSBE -F TUSJTDF JO BDDJBJP */09 JOTFSJUF OFM NBUFSJBMF TJOUFUJDP BVNFOUBOP MB TJDVSF[[B -B DFSOJFSB MBNQP GSPOUBMF VUJMJ[[BCJMF DPNF "JS 7FOU F MB USBUUBNFOUP 5'- $PPM 4ZTUFN BTTJDVSBOP JM NBTTJNP DPNGPSU DMJNBUJDP BMMѳJOUFSOP EFMMB UVUB BODIF B UFNQFSBUVSF FMFWBUF

TPUUPUVUB JOUFSP


565" 4UBSU

2VFTUB UVUB JO QFMMF B EVF QF[[J ¨ JEFBMF QFS WJWFSF FNP[JPOJ EB 4VQFSTQPSU 1SPOUB QFS BGGSPOUBSF PHOJ T趑 EB DPNF EJNPTUSB HJ JM EFTJHO #.8 .PUPSSBE .PUPSTQPSU ¨ SFBMJ[[BUB JOUFSBNFOUF JO QFMMF EJ WJUFMMP OBQQBUB BMUBNFOUF SFTJTUFOUF BMMѳBCSBTJPOF FE ¨ FRVJQBHHJBUB DPO MF QSPUF[JPOJ /1 DVDJUF TV HJOPDDIJB TQBMMF F HPNJUJ -F QSPUF[JPOJ TV 趑 BODIJ F TDIJFOB TPOP FTUSBJCJMJ F J OVNFSPTJ JOTFSUJ FMBTUJDJ[[BUJ JO QFMMF F BSBNJEF HBSBOUJTDPOP VOB WFTUJCJMJU DPOGPSUFWPMF F BFSPEJOBNJDB *EFBMF TJB QFS UPVS WFMPDJ F TQSJOUPTJ TJB QFS HJUF QJ¹ MVOHIF

/PWJUÂ

/PWJUÂ

565" 45"35 Ѽ UVUB TQPSUJWB JO QFMMF B EVF QF[[J Ѽ WJUFMMP OBQQBUP TQFTTB NN

Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TDIJFOB F 趑 BODIJ DVDJUF TV TQBMMF HPNJUJ F HJOPDDIJB Ѽ UBHMJP EB EPOOB QBOUBMPOJ DPO JOTFSUJ JO QFMMF FMBTUJDJ[[BUB TVJ 趑 BODIJ Ѽ NBUFSJBMF JOUFHSBUP BOUJTIPDL TV DMBWJDPMB Ѽ kTBQPOFUUF{ SJHJEF JO NBUFSJBMF TJOUFUJDP TVMMF HJOPDDIJB TPOP EJTQPOJCJMJ JO QPTU WFOEJUB Ѽ JOTFSUJ JO QFMMF FMBTUJDJ[[BUB QFS BTTJDVSBSF JM NBTTJNP DPNGPSU Ѽ JOTFSUJ JO BSBNJEF FMBTUJDJ[[BUB TV CSBDDJB F HBNCF Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DVDJUVSF EPQQJBUF F DVDJUVSF QJBUUF Ѽ DPMPSJ EPOOB OFSP SPTTP HJBDDB OFSP QBOUBMPOJ

Ѽ DPMPSJ VPNP OFSP CMV OFSP HSJHJP HJBDDB OFSP QBOUBMPOJ

Ѽ UBHMJF EPOOB ѭ Ѽ UBHMJF VPNP ѭ OFSP CMV OFSP HSJHJP TPMP JO ѭ


-" 1&--& ˆ 6/ ."5&3*"-& 13&(*"50 3&4*45&/5& & 6/*$0 /&(-* "//* * .050 $*$-*45* )"//0 *.1"3"50 "% "113&; ;"3-" 1&3 -& 46& 13013*&5€ 5&3.*$)& "/5*7&/50 & %* 3&4*45&/;" "--ѳ"#3" 4*0/& 5655"7*" -ѳ"77&/50 %&--ѳ"##* (-*".&/50 5&$/*$0 )" &7*%&/;*"50 * 460* 16/5* %&#0-* %" #"(/"5" ˆ 1&4"/5& & 6/" 70-5" */(3"44"5" 53" 41*3" 10$0 26&45* &-&.&/5* -ѳ)"//0 47"/5"((*"5" /&- $0/'30/50 $0/ 6/" /607" (&/&3";*0/& %* &26*1"( (*".&/50 5&$/*$0 1&3 .050$*$-*45" %* &-&7"5" 26"-*5€ -ѳ"33*70 %&--" 565" 5063*/( "5-"/5*4 -" 13*." 565" */ 1&--& "- .0/%0 130%055" %" #.8 .05033"% $0/ 53"55".&/50 *%303&1&--&/5& )" $".#*"50 56550 "MMB TVB RVBSUB FWPMV[JPOF MB UVUB EJ QFMMF "UMBOUJT DPOJVHB MF NJHMJPSJ DBSBUUFSJTUJDIF SJDIJFTUF EBJ NP UPDJDMJTUJ *ESPSFQFMMFOUF USBTQJSBOUF FTUSFNBNFOUF DPOGPSUFWPMF F EJ HSBOEF TUJMF RVFTUB UVUB 5PVSJOH QSFHJBUB TJ BEBUUB B RVBMTJBTJ UJQP EJ DPOEJ[JPOF BUNP TGFSJDB HBSBOUFOEP JM NBTTJNP DPNGPSU DMJNBUJDP

*M QFMMBNF B HSBOB HSPTTB EFWF FTTFSF TPUUPQPTUP BE VOP TQFDJBMF USBUUBNFOUP DPNQMFTTP QSJNB EJ EJWFOUBSF QFMMF TDBNPTDJBUB EJ QSFHJP -F QFMMJ TPOP TFMF[JPOBUF SJQVMJUF F QSJNB EJ FTTFSF UJOUF WFOHPOP BQQJBUUJUF EB SVMMJ NFDDBOJDJ 趋 OP B SBHHJVOHFSF VOP TQFTTPSF VOJGPSNF DPNQSFTP USB F NN *O趋 OF DPODJB F JOHSBTTBHHJP QSPEVDPOP MB NPSCJEB QFMMF QJFOP 趋 PSF USBUUP EJTUJOUJWP EFMMB UVUB "UMBOUJT #.8 .PUPSSBE %PQP MB GBTF EJ BTDJVHBUVSB JM QFMMBNF ¨ TPUUPQPTUP BM QSJNP DPOUSPMMP RVBMJU 4VDDFTTJWBNFOUF MF 趋 CSF HSJO[PTF EFMMB QBSUF TVQFSJPSF WFOHPOP TDBNPTDJBUF F HSB[JF BMMѳBCSBTJPOF EFMMB HSBOB JM NBUFSJBMF BTTVNF VOB DPOTJTUFO[B TFUPTB " RVFTUP QVOUP TPMP MF QFMMJ NJHMJPSJ TPOP TFMF[JPOBUF F UJOUF JO DPMPS BOUSBDJUF QFS TPUUPMJOFBSF JM DBSBUUFSF F MѳPSJHJOF OBUVSBMF EFM NBUFSJBMF

$PNF GVO[JPOB *M NFDDBOJTNP ¨ TFNQMJDF #.8 .PUPSSBE JO DPMMBCPSB[JPOF DPO .FJOEM VOѳB[JFOEB OFM 4VE EFMMB (FSNBOJB TQFDJBMJ[[BUB OFM USBUUBNFOUP EFMMB QFMMF IB NFTTP B QVOUP VO USBUUB NFOUP TQFDJ趋 DP DIF DPOTFOUF BMMB QFMMF EJ BTTPSCJSF BM NBTTJNP TPMP JM EFM TVP QFTP JO BDRVB *O RVFTUP NPEP MB QFMMF WJFOF JNQFSNFBCJMJ[[BUB F B EJGGFSFO[B EJ RVFMMB USBEJ[JPOBMF OPO TJ JNCFWF OPO EJWFOUB QFTBOUF F EJ DPOTFHVFO[B TJ BTDJVHB NPMUP SBQJEBNFOUF

1&/4"7"5& %* */%044"3& k40-0{ 6/" 565" 5063*/( %* 1&--& Ñ¿

*O RVFTUP QSPDFTTP DPTUJUVJUP EB GBTJ CFO TPOP EFEJDBUF BMMѳBTTFNCMBHHJP EJ QF[[BUVSF UFTTVUP FMBTUJDJ[[BUP NBUFSJBMF SJGSBOHFOUF GPEFSB DFSOJFSF MBNQP F CPUUPOJ B QSFTTJPOF QFS DSFBSF VOB UVUB EJ QFMMF EJ BMUB RVBMJUÂ

1SPEVSSF VOB UVUB "MBOUJT ¨ UVUUѳBMUSP DIF GBDJMF 4PMUBOUP JM QFMMBNF EFMMB NJHMJPSF RVBMJU DIF TPEEJ TGB J SFRVJTJUJ #.8 .PUPSSBE QV² FTTFSF JNQJFHBUP *OOBO[JUVUUP EFWF FTTFSF QSJWP EJ GFSJUF F DJDBUSJDJ *O TFDPOEP MVPHP EFWF QSPWFOJSF TPMP FE FTDMVTJWB NFOUF EB CPWJOJ BMMFWBUJ OFM 4VE EFMMB (FSNBOJB F JO "VTUSJB PWF MF DPOEJ[JPOJ DMJNBUJDIF QFS PUUFOFSF QFMMJ SPCVTUF F VOJGPSNJ EJ BMUB RVBMJU TPOP PUUJNBMJ

1FS BTTJDVSBSF JM NBTTJNP DPNGPSU JOTFSUJ FMBTUJDJ[[BUJ TPOP JOUFHSBUJ OFMMѳBSFB EFMMF TQBMMF F EFMMB TDIJFOB OFM DPMMFUUP EFMMB HJBDDB OFMMF NBOJDIF JO WJUB F OFMMB HBNCB EFJ QBOUBMPOJ *OPMUSF NBOJDIF F HJOPDDIJB QSFTBHPNBUF DPOTFOUPOP BJ NPUPDJDMJTUJ EJ BEPUUBSF VOB QPTJ[JPOF FSHPOPNJDB PUUJNBMF .FTTF B QVOUP JO TUSFUUB DPMMBCPSB[JPOF DPO CJPNFDDBOJDJ NFEJDJ F SJDFSDBUPSJ TQFDJBMJ[[BUJ MF QSPUF[JPOJ /1 FTUSBJCJMJ TV TQBMMF HPNJUJ TDIJFOB 趋 BODIJ F HJOPDDIJB HBSBOUJ TDPOP MB NBTTJNB DBQBDJU EJ BTTPSCJNFOUP EѳVSUP 1FS HBSBOUJSF MF DBSBUUFSJTUJDIF EJ JNQFSNFBCJMJU MF 趋 CSF TPOP TPUUPQPTUF BE VO USBUUBNFOUP JESPSFQFM MFOUF DIF DPOTFOUF BJ QPSJ EJ SJNBOFSF BQFSUJ NBOUF OFOEP JOUBUUF MF QSPQSJFU USBTQJSBOUJ EFMMB QFMMF %PQP MB UJOUVSB F JM USBUUBNFOUP JESPSFQFMMFOUF JM QFMMBNF WJFOF BTDJVHBUP F SJQFUVUBNFOUF NBOJQPMBUP 趋 OP B DIF OPO EJWFOUB EJ OVPWP NPSCJEP FE FMBTUJDP %PQP VO VMUFSJPSF DPOUSPMMP RVBMJU MF QFMMJ TPOP UBHMJBUF JO EVF QFS FTTFSF MBWPSBUF DPO NBHHJPS GBDJMJU QPJ WFOHPOP JNCBMMBUF F TQFEJUF

*O趋 OF JM MPHP #.8 WJFOF DVDJUP TV HJBDDIF F QBOUB MPOJ F WJFOF FGGFUUVBUP VO VMUJNP DPOUSPMMP RVBMJU & WPJ QFOTBWBUF EJ JOEPTTBSF kTPMP{ VOB UVUB 5PVSJOH EJ QFMMF

* QSPDFTTJ EJ TWJMVQQP F J UFTU IBOOP MVPHP JO (FSNB OJB NFOUSF MB QSPEV[JPOF ¨ SFBMJ[[BUB JO #PTOJB F JO &S[FHPWJOB EPWF NBOPEPQFSB BMUBNFOUF RVBMJ趋 DBUB F TQFDJBMJ[[BUB QSPEVDF PHOJ TJOHPMB UVUB SJTQFUUBOEP HMJ FTJHFOUJ SFRVJTJUJ EJ RVBMJU #.8 .PUPSSBE 0HOJ QFMMF QSFTFOUB DBSBUUFSJTUJDIF EJWFSTF JO QVOUJ EJWFSTJ /FM TFMF[JPOBSF MF QF[[BUVSF WJFOF QPTUB MB NBTTJNB DVSB QFS HBSBOUJSF DIF TJB VUJMJ[[BUB TPMP MB QBSUF NJHMJPSF EJ PHOVOB EJ FTTF JO NPEP UBMF DIF PHOJ UVUB PGGSB MB GVO[JPOBMJU PUUJNBMF 6OB UVUB "UMBOUJT JOUFSB OFDFTTJUB EJ QJ¹ EJ TFJ Nr EJ QFMMF MѳFRVJWBMFOUF EJ VOB WBDDIFUUB JOUFSB 6OB WPMUB SFBMJ[ [BUP JM UBHMJP MF QBSUJ DIF DPNQPOHPOP JM DBQP TPOP NBSDIJBUF TVM MBUP TJOJTUSP DPTJDDI© TPMP MF QF[[BUVSF EFMMF TUFTTF EJNFOTJPOJ WFOHPOP DVDJUF QFS BTTFN CMBSF HJBDDB F QBOUBMPOJ 6OP TQFDJBMF OBTUSP BEFTJWP JESPSFQFMMFOUF ¨ BQQMJDBUP TVMMF DVDJUVSF B QVOUJ TPWSBQQPTUJ F UVUUF MF DFSOJFSF MBNQP FTUFSOF WFOHPOP HPNNBUF -F DVDJUVSF TPOP FTFHVJUF VUJMJ[[BOEP VO 趋 MBUP EJ FMFWBUB RVBMJU DPO DBSBUUFSJTUJDIF EJ SFTJTUFO[B BMMP TUSBQQP F BMMѳBCSBTJPOF JEFBMJ QFS MB QFMMF 4PMUBOUP MF QBSUJ JO QFMMF OFDFTTJUBOP EJ QJ¹ EJ N EJ 趋 MP QFS MB DVDJUVSB F MB GPEFSB EJ VMUFSJPSJ N


(*"$$" 7&/5*/(

(*"$$" 63#"/

(*"$$" "JS4IFMM

/PWJUÂ /PWJUÂ

Ѽ HJBDDB JNQFSNFBCJMF QFS MB DJUU Ѽ UBHMJP DMBTTJDP Ѽ MBNJOBUP B USJQMP TUSBUP SFTJTUFOUF BMMѳBCSBTJPOF JO QPMJBNNJEF F QPMJFTUFSF Ѽ NFNCSBOB DMJNBUJDB $ " 3 & BOUJWFOUP JNQFSNFBCJMF F USBTQJSBOUF Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TQBMMF F HPNJUJ Ѽ ¨ QPTTJCJMF JOTFSJSF MB QSPUF[JPOF EPSTBMF /1 1SP Ѽ DPMMFUUP UFSNJDP JNCPUUJUP TUBDDBCJMF

Ѽ SFHPMB[JPOF JO BNQJF[[B EJ GPOEP NBOJDB USBNJUF DFSOJFSB MBNQP F DPMMFUUP USBNJUF NBHOFUF Ѽ UBTDIF FTUFSOF QBSUJDPMBS NFOUF JESPSFQFMMFOUJ UBTDB JOUFSOB JNQFSNFBCJMF FO USBNCF DPO DFSOJFSB MBNQP Ѽ TUBNQB BOUSBDJUF JO NBUFSJBMF SJGSBOHFOUF TVMMF NBOJDIF Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF OFSP Ѽ UBHMJF VOJTFY 4 ѭ 999-

Ѽ HJBDDB EB NPUP JO UFTTVUP JEFBMF QFS UFNQFSBUVSF FTUJWF FTUSFNBNFOUF FMFWBUF Ѽ $PSEVSB .FTI SFTJTUFOUF BMMѳBCSBTJPOF F %ZOBUFD FMBTUJDJ[[BUP Ѽ NBUFSJBMF JO SFUF USBTQJSBOUF EJ HSBOEJ EJNFOTJPOJ QFS HB SBOUJSF VOѳBFSB[JPOF PUUJNBMF Ѽ QSPUF[JPOJ 4$ FTUSBJCJMJ TV TQBMMF F HPNJUJ Ѽ QSPUF[JPOF EPSTBMF /1 "JS FTUSBJCJMF Ѽ UBTDB TVM QFUUP UBTDIF MBUFSBMJ DJBTDVOB DPO DFSOJFSB MBNQP

Ѽ TUSJTDF JO NBUFSJBMF SJGSBOHFOUF TV QBSUF BOUFSJPSF F QPTUFSJPSF QFS BTTJDVSBSF MB NJHMJPSF WJTJCJMJU Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ HJBDDB EPOOB WFTUJCJMJU TDJBODSBUB HJBDDB VPNP UBHMJP ESJUUP Ѽ DPMPSF OFSP Ѽ UBHMJF EPOOB 94 ѭ 9Ѽ UBHMJF VPNP 4 ѭ 999-

Ѽ UFTTVUP JO QPMJBNNJEF SFTJTUFOUF BMMѳBCSBTJPOF Ѽ NBUFSJBMF "JS5FY DPO TUSVUUVSB B SFUF Ѽ BOUJWFOUP JNQFSNFBCJMF F USBTQJSBOUF HSB[JF BMMѳJO TFSUP SFBMJ[[BUP DPO MB NFNCSBOB DMJNBUJDB $ " 3 & Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TQBMMF F HPNJUJ Ѽ UBTDB QFS FWFOUVBMF JOTFSJNFOUP EFMMB QSPUF[JPOF EPSTBMF /1 Ѽ NBUFSJBMF SJGSBOHFOUF Ѽ SFHPMB[JPOF EFMMѳBNQJF[[B EJ QVOUP WJUB F QPMTJOJ Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN

Ѽ DPMPSF OFSP OFPO Ѽ UBHMJF VOJTFY 4 ѭ 999-


(*"$$" #06-%&3 /&0/

Ѽ NBUFSJBMF EJ OVPWB DPO DF[JPOF UFTTVUP EPQQJBUP SFBMJ[[BUP JO QPMJFTUFSF TVM MBUP FTUFSOP QFS SJOGPS[BSF MѳJOUFOTJU EFM DPMPSF F JO QPMJBNNJEF DPNF TFDPOEP TUSBUP QFS HBSBOUJSF MB SFTJTUFO[B BMMP TUSBQQP Ѽ BOUJWFOUP JNQFSNFBCJMF F USBTQJSBOUF HSB[JF BMMѳJO TFSUP FTUSBJCJMF SFBMJ[[BUP DPO MB NFNCSBOB DMJNBUJDB $ " 3 & Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TQBMMF HPNJUJ F TDIJFOB Ѽ DPMMFUUP NBOJDIF F QVOUP WJUB SFHPMBCJMJ JO BNQJF[[B

(*"$$" #06-%&3

(*"$$" $-6# */ 1&--& 60.0

Ѽ UBTDIF MBUFSBMJ DPO DFSOJFSB MBNQP F VOB UBTDB TVM QFUUP F TVMMB NBOJDB UBTDB JNQFSNFBCJMF OFMMѳJOTFSUP Ѽ NBUFSJBMF SJGSBOHFOUF TVMMF TQBMMF Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF HJBMMP OFPO Ѽ UBHMJF VOJTFY 4 ѭ 999-

/PWJUÂ

(*"$$" $-6# */ 1&--& %0//"

Ѽ DPUPOF F QPMJBSBNJEJ JESPSF QFMMFOUF HSB[JF BM 8BY 'JOJTI DFSBUVSB

Ѽ BOUJWFOUP JNQFSNFBCJMF F USBTQJSBOUF HSB[JF BMMѳJOTFSUP FTUSBJCJMF SFBMJ[[BUP DPO MB NFNCSBOB DMJNBUJDB $ " 3 & Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV TQBMMF HPNJUJ F TDIJFOB Ѽ SFHPMB[JPOF EFMMѳBNQJF[[B EJ DPMMFUUP NBOJDIF F QVOUP WJUB Ѽ UBTDIF MBUFSBMJ F VOB UBTDB TVM QFUUP F TVMMB NBOJDB UB TDB JNQFSNFBCJMF OFMMѳJOTFSUP Ѽ NBUFSJBMF SJGSBOHFOUF TVMMF TQBMMF

Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF OFSP WFSEF PMJWB Ѽ UBHMJF VOJTFY 4 Ñ­ 999Ѽ HJVCCPUUP EB NPUP F UFNQP MJCFSP JO QFMMF EJ WJUFMMP TPGU TQFTTB Ñ­ NN Ѽ QSPUF[JPOJ 4$ MFHHFSJTTJNF TV TQBMMF F HPNJUJ ˆ QPT TJCJMF JOTFSJSF MB QSPUF[JPOF EPSTBMF /1 1SP"JS Ѽ TDJBODSBUB DPO DFSOJFSF MBNQP QFS MB SFHPMB[JPOF EFMMѳBNQJF[[B Ѽ USF UBTDIF FTUFSOF EVF UBTDIF JOUFSOF DPO DFSOJFSB MBNQP

Ѽ DPNQMFUBNFOUF GPEFSBUB Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF OFSP CJBODP Ѽ UBHMJF 94 ѭ -

Ѽ HJVCCPUUP EB NPUP F UFNQP MJCFSP JO QFMMF EJ WJUFMMP TPGU TQFTTB Ñ­ NN Ѽ QSPUF[JPOJ 4$ MFHHFSJTTJNF TV TQBMMF F HPNJUJ ˆ QPT TJCJMF JOTFSJSF MB QSPUF[JPOF EPSTBMF /1 1SP"JS Ѽ UBHMJP NBTDIJMF TDJBODSBUP Ѽ RVBUUSP UBTDIF FTUFSOF EVF UBTDIF JOUFSOF DPO DFSOJFSB MBNQP

Ѽ DPNQMFUBNFOUF GPEFSBUB Ѽ D FSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF OFSP CJBODP Ѽ UBHMJF 4 ѭ 999-


1"/5"-0/* 46..&3

1"/5"-0/* "--306/%

/PWJUÂ

/PWJUÂ

Ѽ %ZOBUFD DPO SJWFTUJNFOUP USBTQJSBOUF Ѽ NFNCSBOB DMJNBUJDB $ " 3 & BOUJWFOUP JNQFSNFBCJMF F USBTQJSBOUF Ѽ SBEEPQQJ EJ NBUFSJBMF TV HJOPDDIJB F TFEVUB Ѽ QSPUF[JPOJ 4$ FTUSBJCJMJ TV HJOPDDIJB EVF SFHPMB[JPOJ JO BMUF[[B F 趋 BODIJ Ѽ QVOUP WJUB F HBNCF SFHPMBCJMJ JO BNQJF[[B

1"/5"-0/* $*5: %&/*.

1"/5"-0/* $*5:

Ѽ UBTDIF MBUFSBMJ DPO DFSOJFSB MBNQP JESPSFQFMMFOUF Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ UBHMJP TQFDJ趋 DP EB EPOOB F VPNP Ѽ QBOUBMPOJ EPOOB DPO JOTFSUJ FMBTUJDJ[[BUJ JO WJUB Ѽ BCCJOBCJMF B UVUUJ J NPEFMMJ EJ HJBDDB #.8 Ѽ DPMPSF OFSP Ѽ UBHMJF VPNP 4 Ñ­ 999Ѽ UBHMJF EPOOB 94 Ñ­ 99-

/PWJUÂ

Ѽ QBOUBMPOJ EB NPUP GVO[JPOBMJ FTUJWJ Ѽ NBUFSJBMF SFTJTUFOUF BMMѳBCSBTJPOF DPO FMFWBUB QFSDFOUVBMF EJ DPUPOF Ѽ SBEEPQQJ EJ NBUFSJBMF TV HJOPDDIJB F TFEVUB Ѽ QSPUF[JPOJ 4$ FTUSBJCJMJ TV HJOPDDIJB EVF SFHPMB[JPOJ JO BMUF[[B F 趋 BODIJ Ѽ HBNCB DPO DFSOJFSB MBNQP BQSJCJMF BE BMUF[[B HJOPDDIJP

Ѽ DJOUVSB JO UFTTVUP DPO MPHP #.8 .PUPSSBE TVMMB 趋 CCJB Ѽ GPOEP HBNCB SFHPMBCJMF JO BNQJF[[B Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ DPMPSF TBIBSB OFSP Ѽ UBHMJF VOJTFY 94 Ñ­ 999-

Ѽ QBOUBMPOJ EB NPUP MFHHFSJ MPPL UJQP KFBOT Ѽ NBUFSJBMF NJTUP DPUPOF $PSEVSB SFTJTUFOUF BMMѳBCSBTJPOF Ѽ DPO MѳVUJMJ[[P BTTVNF JM UJQJDP MPPL EFM KFBOT VTBUP Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TVMMF HJOPDDIJB SFHPMBCJMJ JO BMUF[[B JO EVF QPTJ[JPOJ Ѽ DPNQMFUJ EJ DJOUVSB

Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN BCCJOBCJMF B UVUUJ J NPEFMMJ EJ HJBDDB #.8 .PUPSSBE Ѽ GPOEP SFHPMBCJMF Ѽ DPMPSF EFOJN FGGFUUP E©MBW©

Ѽ UBHMJF VOJTFY 94 ѭ 999-

Ѽ QBOUBMPOJ EB NPUP FTUJWJ Ѽ NBUFSJBMF NJTUP DPUPOF $PSEVSB QBSUJDPMBSNFOUF SFTJTUFOUF BMMѳBCSBTJPOF Ѽ QSPUF[JPOJ /1 FTUSBJCJMJ TV HJOPDDIJB SFHPMBCJMJ JO BMUF[[B JO EVF QPTJ[JPOJ Ѽ RVBUUSP UBTDIF DPO DFSOJFSB MBNQP Ѽ DPNQMFUP EJ DJOUVSB

Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN BCCJOBCJMF B UVUUJ J NPEFMMJ EJ HJBDDB #.8 .PUPSSBE Ѽ GPOEP SFHPMBCJMF Ѽ DPMPSF HVO Ѽ UBHMJF VOJTFY 94 ѭ 999-


(3";*& "- -"7030 $0/%0550 %" #.8 .05033"% */ '"4& %* 47*-6110 & 5&45 %&--ѳ&26*1"((*".&/50 1&3 .050$*$-* 45" ˆ 1044*#*-& '"3& "''*%".&/50 46 130%055* 130(&55"5* 1&3 ."/5&/&3& $"-%* 4*$63* & "4$*655* -" %*7*4*0/& ˆ $0.1045" %" 60.*/* & %0//& .0-5* %* &44* 4$*&/;*"5* $)& 7"//0 0-53& *- -030 4&.1-*$& %07&3& 1&3 "44*$63"3 4* $)& -ѳ*/5&3" (".." 130%055* %&--ѳ&26*1"((*".&/50 1&3 .050$*$-* 45" 4*" "''*%"#*-& -ѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE ¨ TUVEJBUP OFJ NJOJNJ EFUUBHMJ QFS HBSBOUJSF JM NBTTJ NP EJWFSUJNFOUP DPO RVBMTJBTJ DPOEJ[JPOF NFUFP $J² TJHOJ趋 DB DIF OPO WJFOF UFTUBUP TPMP EBMMF NBD DIJOF EJ MBCPSBUPSJP * OPTUSJ UFDOJDJ TPOP NPUPDJDMJTUJ BQQBTTJPOBUJ F TBOOP CFOF DIF MB TDBSTB WFTUJCJMJU EFM QSPQSJP FRVJQBHHJBNFOUP OPO ¨ TPMP GPOUF EJ EJTUSB[JPOF NB BODIF QPUFO[JBMF DBVTB EJ QFSJDPMP #BTUB VOѳJO趋 MUSB[JPOF EѳBSJB GSFEEB VO QPMTJOP BQFSUP P VOB TDVDJUVSB QFS EJTUPHMJFSF MѳBUUFO[JPOF EFM NPUP DJDMJTUB EBMMB TUSBEB 1FS RVFTUP NPUJWP FGGFUUVJBNP JOOVNFSFWPMJ UFTU QSFTUBOEP MB NBTTJNB DVSB BE PHOJ NJOJNP EFUUBHMJP

5&45"5* 1&3 41*/(&34* "- -*.*5&

$PNF EJWJTJPOF EFM (SVQQP #.8 BCCJBNP MB GPSUV OB EJ BWFS BDDFTTP BE VOB EFMMF HBMMFSJF EFM WFOUP UFDOPMPHJDBNFOUF QJ¹ BWBO[BUF BM NPOEP *O NBUFSJB EJ SJDFSDB BFSPEJOBNJDB DJ² SBQQSFTFOUB VO OPUFWPMF WBOUBHHJP SJTQFUUP BMMB DPODPSSFO[B -B TJNVMB[JPOF JO HBMMFSJB EFM WFOUP EFMMF DPOEJ[JPOJ EJ HVJEB B EJWFS TF WFMPDJU DJ QFSNFUUF EJ EFUFSNJOBSF JM UBHMJP FSHP OPNJDP JEFBMF QFS MѳBCCJHMJBNFOUP DPTJDDI© NBUFSJBMJ DFSOJFSF MBNQP UBTDIF F DPMMFUUJ OPO kTGBSGBMMBOP{ EJTUSBFOEP JM NPUPDJDMJTUB *OPMUSF UVUUJ J OPTUSJ DBTDIJ TPOP UFTUBUJ F TWJMVQQBUJ OFMMB HBMMFSJB EFM WFOUP QFS PUUJNJ[[BSF MѳFG趋 DJFO[B BFSPEJOBNJDB QPJDI© VOB NBHHJPSF SFTJTUFO[B BMMѳBUUSJUP EFMMѳBSJB OFMMB SFHJPOF EFMMB UFTUB F EFMMF TQBMMF QV² FTTFSF NPUJWP EJ EF DPODFOUSB[JPOF F EJ DBMP EJ FOFSHJB OFM NPUPDJDMJTUB *O NPUP SFTUBSF BTDJVUUJ ¨ JNQPSUBOUF RVBOUP SJNBOF SF DBMEJ /FMMB DFMMB EJ BTQFSTJPOF JO BDRVB TJBNP JO HSBEP EJ OFCVMJ[[BSF TVMMѳFRVJQBHHJBNFOUP QFS NPUP DJDMJTUB EB UFTUBSF VOB RVBOUJU NBHHJPSF EѳBDRVB SJTQFUUP BMMF OPSNBMJ P BMMF QFHHJPSJ DPOEJ[JPOJ TUSBEB MJ 1FS DVJ RVBOEP BGGFSNJBNP DIF VOB OPTUSB UVUB ¨ JESPSFQFMMFOUF MP ¨ WFSBNFOUF /FMMB DFMMB JOGBUUJ OPO UFTUJBNP JM TFNQMJDF NBUFSJBMF CFOT¬ JM DBQP 趋 OJUP $J² TJHOJ趋 DB DIF RVFTUP WJFOF JOEPTTBUP EB WFSJ NPUPDJDMJTUJ F OPO EB NBOJDIJOJ -P TUFTTP WBMF QFS MB DFMMB EJ SBGGSFEEBNFOUP JO DVJ TPOP WBMVUBUF MF QSPQSJFU UFSNJDIF EFJ DBQJ EѳBCCJ HMJBNFOUP DIF SFBMJ[[JBNP EB JOEPTTBSF JO PHOJ TUB HJPOF *O QBSUJDPMBSF WJFOF WFSJ趋 DBUB MB DBQBDJU EJ NBOUFOFSF MB UFNQFSBUVSB DPSQPSFB BM HJVTUP MJWFMMP QFS DPOTFOUJSF EJ WJBHHJBSF DPO JM NBTTJNP DPNGPSU

#.8 .PUPSSBE TJ TQJOHF PMUSF .PMUF BUUJWJU EJ SJDFS DB TPOP FGGFUUVBUF JO MBCPSBUPSJP QFS BTTJDVSBSF DIF MѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB EVSJ B MVOHP F QSFTFSWJ OFHMJ BOOJ MF RVBMJU FTUFUJDIF F GVO[JPOBMJ DPO DVJ ¨ TUBUP DPOGF[JPOBUP 5FTUJBNP MB SFTJTUFO[B EFJ DPMPSJ BMMB MVDF BMMB SBEJB[JPOF TPMBSF BMMB USBTQJSB [JPOF F BMMB CFO[JOB 5VUUJ J UFTTVUJ JNQJFHBUJ TPOP TPUUPQPTUJ B DPOUSPMMP TFQBSBUP QFS WFSJ趋 DBSOF USBTQJ SBCJMJU SPCVTUF[[B EFMMF DVDJUVSF F EVUUJMJU *OPMUSF MF QSFTUB[JPOJ EFJ UFTTVUJ TPOP WBMVUBUF EPQP VO DJDMP JOUFOTJWP EJ MBWBHHJP F BTDJVHBUVSB QFS HBSBOUJSF DIF J DBQJ QPTTBOP FTTFSF MBWBUJ BODIF JO MBWBUSJDF F BTDJV HBUJ TFO[B EBOOFHHJBSF MB WFTUJCJMJU F QSFTFSWBOEP MF PSJHJOBMJ DBSBUUFSJTUJDIF UFSNJDIF F EJ SFTJTUFO[B 1FS UFTUBSF MB SFTJTUFO[B BMMѳBCSBTJPOF OPO VUJMJ[[JBNP JM OPTUSP TUBGG DPNF NBOJDIJOJ EB DSBTI UFTU CFOT¬ VOB TUSVUUVSB JO DVJ DPO MѳBVTJMJP EJ 1$ TJNVMJBNP MP TDJWPMBNFOUP F MB EFDFMFSB[JPOF EFM NPUPDJDMJTUB DIF JOEPTTB JM OPTUSP FRVJQBHHJBNFOUP JO DBTP EJ DBEVUB *O CSFWF J DBNQJPOJ EFJ NBUFSJBMJ JO WJB EJ TWJMVQQP TPOP BUUBDDBUJ BE VOѳBUUSF[[BUVSB SPUBOUF F DBMBUJ EB VOB DFSUB BMUF[[B TV VOB QJTUB EJ MBCPSBUPSJP SFBMJ[[BUB JO DFNFOUP F BTGBMUP DPOEJ[JPOJ TJNJMJ B RVFMMF EFM NBOUP BVUPTUSBEBMF 4POP JNQJFHBUJ BMNFOP DBNQJPOJ F MF NJTVSB[JPOJ WFOHPOP FGGFUUVBUF B EJWFSTF WFMPDJU /FMMB TUSVUUVSB VUJMJ[[BUB QFS JM UFTU TJ TJNVMB MB QSFTFO[B EJ VO NPUPDJDMJTUB EFM QFTP EJ LH F J DBNQJPOJ EJ UFTTVUP WFOHPOP UFTUBUJ JO TFOTP MPOHJUVEJOBMF USBTWFSTBMF F EJBHPOBMF SJTQFUUP BMMB EJSF[JPOF QSJODJQBMF EFM UFTTVUP QPJDI© JO TJUVB [JPOJ SFBMJ VO NPUPDJDMJTUB QV² DBEFSF JO RVBMTJBTJ EJSF[JPOF F B RVBMTJBTJ WFMPDJU 2VFTUP UJQP EJ UFTU GPSOJTDF JOGPSNB[JPOJ QSF[JPTF TVMMF QSPQSJFU BCSBTJWF EJ UVUUJ J UJQJ EJ NBUFSJBMF F DPOTFOUF EJ GPSNVMBSF WBMVUB[JPOJ TDJFOUJ趋 DIF TVMMѳJEPOFJU EJ VO EFUFSNJOBUP UFTTVUP BMMѳVUJMJ[[P NPUPDJDMJTUJDP 1VPJ FTTFSF TJDVSP DIF RVBOEP JO EPTTJ VO DBQP EFMMѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE RVFTUP ¨ TUBUP QSPHFUUBUP TWJMVQQB UP UFTUBUP F QSPEPUUP QFS SJTQPOEFSF BMMP TDPQP QFS DVJ ¨ TUBUP SFBMJ[[BUP BTTJDVSBSF JM NBTTJNP EJWFSUJ NFOUP JO TFMMB


45*7"-* %PVCMF3

Ѽ TUJWBMJ TQPSUJWJ EJ FMFWBUB RVBMJU Ѽ NBUFSJBMF FTUFSOP TQFDJBMF QFMMF TJOUFUJDB TQFTTB NN HBNCBMF QBS[JBMNFOUF USBGPSBUP Ѽ GPEFSB USBGPSBUB F USBTQJSBOUF Ѽ 5$4 4ZTUFN QFS TUBCJMJ[[BSF JM QJFEF Ѽ QSPUF[JPOJ TUSJTDF TPTUJUVJCJMJ MBUFSBMJ TV QPMQBDDJ F UBMMPOJ Ѽ QBSBTUJODIJ BOBUPNJDJ Ѽ TVPMB BOUJTDJWPMP Ѽ DIJVTVSB DPO DFSOJFSB MBNQP F BNQJP WFMDSP QFS GBDJMJUBSF MB DBM[BUB Ѽ DIJVTVSB JOUFSOB B MBDDJ QFS HBSBOUJSF VOB UFOVUB QFSGFUUB Ѽ DPMPSF CJBODP OFSP Ѽ UBHMJF ѭ

45*7"-* 4&$63*5: &70 ( 5034*0/ $0/530- 4:45&. 5$4 4*45&." %* $0/530--0 %&--" 5034*0/&

Ѽ TUJWBMJ EB DPSTB DPO UFDOPMPHJB BE JOWPMVDSP EJ TJDVSF[[B Ѽ TDBSQFUUB JOUFSOB FTUSBJCJMF Ѽ TDBSQFUUB JOUFSOB F JOWPMVDSP FTUFSOP EJTQPOJCJMJ BODIF TFQBSBUBNFOUF Ѽ TMJEFS EJ SJDBNCJP OPSNBMF F SJOGPS[BUP Ѽ DPMPSF OFSP CJBODP Ѽ UBHMJF ѭ

ˆ DPTUJUVJUP EB EVF HVTDJ BUUBDDBUJ BM UBMMPOF DIF BHJTDPOP JO QFSGFUUB DPMMBCPSB[JPOF B VOB TUSVUUVSB EJWJTB JO EVF QBSUJ -B GBTDJB JO NBUFSJBMF TJOUFUJDP TVQQPSUB F TUBCJMJ[[B JM QJFEF FWJUBOEP JOOBUVSBMJ UPSTJPOJ FE FTUFOTJPOJ MBUFSBMJ F MPOHJUVEJOBMJ *O RVFTUP NPEP JM 5$4 SJEVDF TFOTJCJMNFOUF JM SJTDIJP EJ MFTJPOJ BM NBMMFPMP -B TUSVUUVSB ¨ SJQJFHBCJMF TV TF TUFTTB MBTDJBOEP HSBOEF MJCFSU EJ NPWJNFOUP BM QJFEF QFS VO NBTTJNP DPNGPSU

4DBSQFUUB JOUFSOB Ѽ HVTDJP SJHJEP JO BSBNJEF BOUJUPSTJPOF Ѽ QBSBTUJODIJ B TUSBUJ Ѽ SJOGPS[P BOUJTIPDL TV QPMQBDDJP F UBMMPOF Ѽ SFTJTUFOUF DFSOJFSB MBNQP TVMMB DBWJHMJB Ѽ JOTFSUP FMBTUJDP JO BSBNJEF QFS BTTJDVSBSF MB NBTTJNB MJCFSU EJ NPWJNFOUP Ѽ TPMFUUB B TGFSB BOBUPNJDB TVM UBMMPOF Ѽ UFTTVUP EJ BSBNJEF B USJQMP TUSBUP TVMMF EJUB FTQPTUF B NBHHJPSJ TPMMFDJUB[JPOJ

*M 5$4 ¨ VO CSFWFUUP EJ /BWJBUJPO .PUPSCJLF 4 Q "

*M EPQQJP UBMMPOF ¨ EPUBUP EJ SJOGPS[J JO DBSCPOJP

45*7"-* 41035 %3:

Ѽ TUJWBMJ TQPSUJWJ DPO TUSJTDF MBUFSBMJ F TVM UBMMPOF TP TUJUVJCJMJ Ѽ NBUFSJBMF FTUFSOP QFMMF EJ WJUFMMP QJFOP 趋 PSF TQFT TB NN QFMMF TJOUFUJDB TVMMB QBSUF QPTUFSJPSF EFMMB UPNBJB Ѽ JNQFSNFBCJMF BOUJWFOUP F USBTQJSBOUF HSB[JF BMMB NFNCSBOB JO (03& 5&9n Ѽ QSPUF[JPOF NBMMFPMP SFTJTUFOUF BMMB UPSTJPOF HSB[JF BM 5PSTJPO $POUSPM 4ZTUFN 5$4

Ѽ QVOUBMF JOUFSOP Ѽ DPNQPOFOUF BOUJTIPDL TVM UBMMPOF Ѽ TDBSQFUUB JOUFSOB BOBUPNJDB Ѽ DPMPSF OFSP /PWJU Ѽ NJTVSF ѭ

.&5"5"34"- $0/5304:45&. .$4 4*45&." %* $0/530--0 %&- .&5"5"340 -ѳ.$4 ¨ TUVEJBUP QFS JNQFEJSF JM SJTDIJP EJ MFTJPOJ DBVTBUF EB 趌 FTTJPOF FDDFTTJWB EFM NFUBUBSTP *M TJTUFNB ¨ DPTUJUVJUP EB VOB CBTF 趋 TTB JO QPMJBNNJ EF DPO VO QVOUP EJ SPUB[JPOF BMMѳBMUF[[B EFMMB QJFHB DIF DPOUSPMMB JM NPWJNFOUP WFSTP MѳBMUP F WFSTP JM CBTTP EFM QJFEF JNQFEFOEP MѳFDDFTTJWP DBSJDP TVM NFUBUBSTP -B QPTJ[JPOF TQFDJBMF EFMMѳBSUJDPMB [JPOF HBSBOUJTDF MJCFSU EJ NPWJNFOUP F TFOTJCJMJU FDDFMMFOUF QFS JM DBNCJP NBSDJB -B TUSJTDJB MBUFSBMF JO BDDJBJP TQFDJBMF ¨ QBSUJDPMBSNFOUF SFTJTUFOUF BMMѳBCSBTJPOF 1SFTF EѳBSJB JNQFEJTDPOP JM TVSSJ TDBMEBNFOUP QFS BUUSJUP F QFSNFUUPOP VO DPOUJOVP BG趌 VTTP EѳBSJB BUUSBWFSTP J DBOBMJ EѳBFSB[JPOF JOUFSOJ QFS SBGGSFEEBSF MB TVPMB

45"#*-*5€ */ 0(/* 104*;*0/& (SB[JF BM 5$4 F BMMѳ.$4 JM QJFEF ¨ MJCFSP EJ NVPWFSTJ TJB MBUFSBMNFOUF 趋 H B TY TJB MPOHJUVEJOBMNFOUF 趋 H B EY *O QBSUJDPMBSJ TJUVB[JPOJ EJ DBSJDP RVFTUJ TJTUFNJ DPOUSJCVJTDPOP UVUUBWJB B SJEVSSF BM NJOJNP JM SJTDIJP EJ MFTJPOJ

1PTJ[JPOF TUBOEBSE

TUSVUUVSB SJQJFHBCJMF JO NBUFSJBMF TJOUFUJDP

*OWPMVDSP FTUFSOP Ѽ SFTJTUFOUF QFMMF EJ DBOHVSP Ѽ SJOGPS[P JO 16 TVMMB [POB EFMMB MFWB EFM DBNCJP Ѽ TQFDJBMF TVPMB SBDJOH BOUJTDJWPMP DPO TQJHPMJ UBDDP BSSPUPOEBUJ Ѽ MPHP #.8 .PUPSSBE DVDJUP

1PTJ[JPOF TUBOEBSE

5&$/0-0(*" " (64$* 3*(*%0 "--ѳ&45&3/0 .03#*%0 "--ѳ*/5&3/0 (MJ TUJWBMJ 4FDVSJUZ &WP ( SBEEPQQJBOP MB TJDVSF[[B /FMMB TDBSQFUUB JOUFSOB JM HVTDJP SJHJEP JO BSBNJEF BTTJDVSB NBTTJNB TUBCJMJU F QSPUF[JPOF EB VSUJ F QVOUJ EJ QSFTTJPOF " QBSJU EJ TQFTTPSF EJ NBUFSJBMF MB TDBSQFUUB FTUFSOB SFBMJ[[BUB JO QFMMF EJ DBOHVSP PGGSF VOB QSP UF[JPOF NBHHJPSF EBMMѳBCSBTJPOF SJTQFUUP BMMB QFMMF EJ WJUFMMP 6MUFSJPSF WBOUBHHJP EFMMB EPQQJB DPTUSV[JPOF FTUFSOB FE JOUFSOB ¨ DIF JO DBTP EJ OFDFTTJU HMJ TUJWBMJ 4FDVSJUZ &WP ( TPOP EJ GBDJMF SJQBSB[JPOF 2VFTUJ TUJWBMJ TQPSUJWJ JOGBUUJ TPOP DPODFQJUJ QFS VO VUJMJ[[P JO QJTUB TFO[B DPNQSPNFTTJ


45*7"-* 3"--:& (4 130

45*7"-* 130 5063*/(

45*7"-* "JS'MPX

45*7"-* $*5:

/PWJUÂ

Ѽ TUJWBMJ EB &OEVSP EJ FMFWBUB RVBMJU Ѽ NBUFSJBMF FTUFSOP QFMMF EJ WJUFMMP QJFOP 趋 PSF Ѽ TDBSQFUUB JOUFSOB FTUSBJCJMF JO OFPQSFOF FMBTUJDP Ѽ QFMMF TUBNQBUB BMMѳJOUFSOP EFM QPMQBDDJP QFS HBSBOUJSF VOB UFOVUB TJDVSB TVM TFSCBUPJP Ѽ TVPMB JOUFSOB FTUSBJCJMF F MBWBCJMF

Ѽ BNQJF[[B HBNCBMF SFHPMBCJMF QFS DPOTFOUJSF MѳVTP EJ UVUPSJ PSUPQFEJDJ Ѽ HBNCBMF DPO NFDDBOJDB B TOPEP Ѽ QSBUJDP TJTUFNB EJ BQFSUVSB GSPOUBMF DPO DFSOJFSB B MBNQP Ѽ BNQJB HBNNB EJ SJDBNCJ Ѽ DPMPSF OFSP HVO Ѽ UBHMJF VPNP ѭ

K

Ѽ NBUFSJBMF FTUFSOP JO VO NJY QFMMFUFTTVUP Ѽ JOTFSUP JO SFUF JO NBUFSJBMF "JS5FY Ѽ SJOGPS[P TV UJCJB F NBMMFPMP Ѽ SJOGPS[P TV QVOUB F UBMMPOF Ѽ NBUFSJBMF SJGSBOHFOUF TVM UBMMPOF

Ѽ TVPMB JOUFSOB BOUPNJDB FTUSBJCJMF Ѽ BMUF[[B HBNCBMF DJSDB DN Ѽ DPMPSF OFSP Ѽ UBHMJF ѭ

Ѽ QFMMF EJ WJUFMMP TPGU QJFOP 趑 PSF TQFTTB DJSDB NN JNQFSNFBCJMJ[[BUB Ѽ NFNCSBOB (03& 5&9n BOUJWFOUP JNQFSNFBCJMF F BMUBNFOUF USBTQJSBOUF Ѽ QBSBTUJODIJ EJ HSBOEJ EJNFOTJPOJ DPO SJOGPS[J BHHJVOUJWJ F JNCPUUJUVSB JO FTQBOTP Ѽ QSPUF[JPOF TVMMB [POB EFMMB MFWB EFM DBNCJP

Ѽ DIJVTVSB HBNCBMF JO NPSCJEB GPEFSB EJ WFMMVUP Ѽ TDBSQFUUB JOUFSOB BOBUPNJDB MBWBCJMF DPO GVO[JPOF BOUJCBUUFSJDB Ѽ JOTFSUJ 趒 FTTJCJMJ TV UBMMPOF F DPMMP EFM QJFEF Ѽ QBSBUBDDP BOUJBCSBTJPOF Ѽ DPMPSF OFSP Ѽ UBHMJF VPNP Ñ­ Ѽ UBHMJF EPOOB Ñ­

45*7"-* "--306/%

45*7"-* 4"/5*"(0

Ѽ TUJWBMJ JO QFMMF MFHHFSJ QFS MѳVTP JO DJUU Ѽ GPEFSB JO QFMMF F TVPMB JOUFSOB JO QFMMF Ѽ TVPMB JO HPNNB DPO JOTFSUJ JO QFMMF Ѽ [POB FMBTUJDJ[[BUB TVM HBNCBMF F TVMMB MBNQP

4OFBLFS9

Ѽ QSPUF[JPOF MFHHFSB TVM NBMMFPMP Ѽ SJOGPS[P MFHHFSP TVM HBNCBMF Ѽ DPMPSF OFSP Ѽ UBHMJF ѭ

4OFBLFS9

/PWJUÂ

Ѽ QFMMF JOUFSB EJ WJUFMMP TQFTTB ѭ NN JNQSFHOBUB Ѽ JNQFSNFBCJMJ F BOUJWFOUP HSB[JF BMMB NFNCSBOB JO (03& 5&9n Ѽ JOTFSUJ JO ,FWMBS BM Ѽ QMBOUBSF JOUFSOP FTUSBJCJMF

Ѽ DIJVTVSF SBQJEF JO BMMVNJOJP DPO FGGFUUP NFNPSJB Ѽ QVOUF EJ NFUBMMP JO BDDJBJP JOPY DPO MPHP Ѽ DPMPSF OFSP Ѽ UBHMJF ѭ EJTQPOJCJMF DPNF QBSUF EJ SJDBNCJP

Ѽ JO QFMMF TQFTTB DJSDB NN F $PSEVSB Ѽ (03& 5&9n JNQFSNFBCJMF F NPMUP USBTQJSBOUF Ѽ NBUFSJBMF SJGSBOHFOUF TVM UBMMPOF Ѽ SJOGPS[J DPO FMFNFOUJ JO NBUFSJBMF TJOUFUJDP FE FTQBOTP TV TUJODIJ F NBMMFPMJ

Ѽ UBMMPOF F QVOUB SJOGPS[BUJ Ѽ DPMPSF OFSP Ѽ UBHMJF ѭ

Ѽ TOFBLFS BMUF JO QFMMF JEFBMJ QFS MB DJUU Ѽ NPSCJEB QFMMF EJ WJUFMMP QJFOP 趑 PSF DPO MFHHFSP USBUUBNFOUP JESPSF QFMMFOUF F QJBDFWPMNFOUF NPSCJEB Ѽ MFHHFSF F BMUBNFOUF USBTQJSBOUJ Ѽ NBMMFPMP F GPOEP HBNCBMF JNCPUUJUJ DPO FTQBOTP Ѽ TVPMB JO HPNNB MFHHFSNFOUF TBHPNBUB

Ѽ TPMFUUB JOUFSOB JO QFMMF FTUSBJCJMF USBGPSBUB DPO BNNPSUJ[[B[JPOF OFMMB SFHJPOF EFM UBMMPOF Ѽ JOUFSOP UBMMPOF SJOGPS[BUP JO QFMMF Ѽ NBUFSJBMF SJGSBOHFOUF TVM UBMMPOF Ѽ DPMPSF OFSP Ѽ UBHMJF VPNP ѭ

Ѽ TOFBLFS BMMB DBWJHMJB EB NPUP F UFNQP MJCFSP MFHHFSF F USBTQJSBOUJ Ѽ NBUFSJBMF NJTUP QFMMF UFTTVUP Ѽ GPEFSB GVO[JPOBMF USBTQJSBOUF Ѽ TPMFUUB JOUFSOB FTUSBJCJMF MBWBCJMF DPO TVQFS趑 DJF BOUJCBUUFSJDB MBUP JOGFSJPSF TUSVUUVSBUP QFS BTTJDVSBSF VOB NJHMJPSF DJSDPMB[JPOF EFMMѳBSJB

Ѽ QSPUF[JPOF TVMMB [POB EFMMB MFWB EFM DBNCJP Ѽ MFHHFSJ SJOGPS[J TV NBMMFPMP UBMMPOF F QVOUB EFMMF EJUB SJOGPS[P BHHJVOUJWP TVM UBMMPOF Ѽ DPMPSF OFSP Ѽ UBHMJF ѭ


ˆ $&350 $)& * .050$*$-*45* 40/0 65&/5* %&--" 453"%" 76-/&3"#*-* 1&3 %&'*/*;*0/& 40/0 4&.13& "--ѳ*/4& (6*.&/50 %&- .*(-*03 5&.10 %* "77&/563& 0'' 30"% &.0;*0/"/5* 0 */ &41-03";*0/& %* 1"&4* 4$0/04$*65* & $0330/0 ."((*03* 3*4$)* 4* 41*/(0/0 "- -*.*5& $&35* %&--" 1305&;*0/& 0''&35" %"- -030 &26*1"((*".&/50 */ $"40 %* 3&"-& /&$&44*5€ 1J¹ EJ BOOJ GB EB RVBOEP JO #.8 .PUPSSBE BCCJBNP JOJ[JBUP B QSPEVSSF MѳFRVJQBHHJBNFOUP QFS NPUP F QFS NPUPDJDMJTUB BCCJBNP TFNQSF BEPUUBUP HMJ TUBOEBSE QJ¹ FMFWBUJ OFMMB QSPHFUUB[JPOF F OFMMB QSPEV[JPOF EJ UVUUJ J QSPEPUUJ DPOWJOUJ DIF DPNGPSU F QSPUF[JPOF SJDPQSBOP VO SVPMP GPOEBNFOUBMF *M NBSDIJP $ " 3 & ¨ JM TJHJMMP EJ RVBMJU DIF SJ趌 FUUF BOOJ EJ SJDFSDB TWJMVQQP F UFTU QFS PHOJ OPTUSP QSP EPUUP $ " 3 & TUB QFS $PODFQU PG "EWBODFE 3JEFS &RVJQNFOU F HBSBOUJTDF DIF PHOJ DBQP DIF QSPEV DJBNP TJB TJDVSP DPOGPSUFWPMF BEBUUP B RVBMTJBTJ DPOEJ[JPOF DMJNBUJDB F GBUUP QFS EVSBSF B MVOHP

-F OVPWF QSPUF[JPOJ /1 TPOP DPT¬ NPSCJEF EB FTTFSF RVBTJ JNQFSDFUUJCJMJ & OPO QPUSFCCF FTTFSF BMUSJNFOUJ .B DJ² DIF QJ¹ DPOUB ¨ DIF JO DBTP EJ OFDFTTJU MP TQFDJBMF FTQBOTP NPSCJEP F 趌 FTTJCJMF FTFSDJUB MB TVB TUSBPSEJOBSJB DBQBDJU BNNPSUJ[[BOUF

/FMMѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE MB TJDVSF[[B IB QSJPSJU BTTPMVUB 1VOUP EJ QBSUFO[B TPOP J NBUFSJBMJ TFMF[JPOBUJ F J NFUPEJ EJ DPOUSPMMP VUJMJ[[BUJ 4FMF[JPOJBNP TPMP J NBUFSJBMJ Q J¹ QSFHJBUJ DPNF BE FTFNQJP JM ,FQSPTIJFME F MJ UFTUJBNP OFJ OPTUSJ MBCPSBUPSJ 趋 OP BMMB MPSP DPNQMFUB EJTUSV[JPOF 2VFTUP DJ DPOTFOUF EJ PGGSJSF QSPEPUUJ J DVJ TUBOEBSE EJ TJDVSF[[B TPOP NPMUP TVQFSJPSJ BMMF OPSNF WJHFOUJ F QFS RVFTUP PUUFOHPOP JM NBSDIJP $ " 3 & -B QSPHFUUB[JPOF F MѳJOOPWB[JPOF BMMB CBTF EFJ OPTUSJ QSPEPUUJ EFSJWBOP EBM DPTUBOUF MBWPSP EFJ NFNCSJ EFM UFBN EJ SJDFSDB F TWJMVQQP DIF DPOPTDPOP CFOF MF FTJHFO[F EFJ NPUPDJDMJTUJ FTTFOEP MPSP TUFTTJ NPUP DJDMJTUJ 6O FTFNQJP J HVBOUJ *O QPTJ[JPOF EJ SJQPTP MF EJUB OPO TPOP NBJ UFTF CFOT¬ QJFHBUF JO BWBOUJ &DDP QFSDI© MP TPOP BODIF OFJ OPTUSJ HVBOUJ SFBMJ[[BUJ DPO DVDJUVSF TQFDJBMJ QFS NJOJNJ[[BSF J QVOUJ EJ QSFTTJPOF

6/ 10ѳ %* $ " 3 & & %* "55&/;*0/& B [[

JM SP

DV

OU

DP

SF

OF

JP

F[

PU

1S

4J

7PHMJBNP BTTJDVSBSF JM NBTTJNP EJWFSUJNFOUP JO NPUP DPO RVBMTJBTJ DPOEJ[JPOF NFUFP 1FS RVFTUP NPUJWP BCCJBNP DPODFOUSBUP J OPTUSJ TGPS[J TV PHOJ NJOJNP EFUUBHMJP DFSOJFSF MBNQP BOUJWFOUP DPQFSUVSF JO QFMMF JO DPSSJTQPOEFO[B EFMMB MFWB EFM DBNCJP DVDJ UVSF JNQFSNFBCJMJ F UFTTVUJ DPNQMFUBNFOUF USBTQJ SBOUJ DIF OPO MBTDJBOP 趋 MUSBSF MѳBDRVB NB WFJDPMBOP BMMѳFTUFSOP JM DBMPSF DPSQPSFP F MѳVNJEJU "MDVOJ EJ FTTJ TWPMHPOP BEEJSJUUVSB VOѳB[JPOF UFSNPSFHPMBUSJDF 5VUUP RVFTUP IB VO VOJDP TDPQP DSFBSF VO BCCJHMJB NFOUP UFDOJDP DIF UFOHB DBMEJ F BTDJVUUJ RVBOEP QJPWF F GB GSFEEP F DIF UFOHB GSFTDP RVBOEP GB DBM EP 1FSDI© RVBOEP DJ TJ TFOUF B QSPQSJP BHJP TJ HVJEB BODIF NFHMJP

%J DFSUP MB QBSPMB kDPNGPSU{ OPO EFTDSJWF MѳFRVJQBH HJBNFOUP QFS NPUPDJDMJTUB EFM QBTTBUP /PJ DSFEJBNP DIF DIJ WB JO NPUP OPO EFCCB FTTFSF EJTUSBUUP EBMMB TDBSTB WFTUJCJMJU EFM QSPQSJP FRVJQBHHJBNFOUP -B OPTUSB JOUFO[JPOF PHHJ DPNF BMMPSB ¨ TFNQSF RVFMMB EJ QSPEVSSF VO FRVJQBHHJBNFOUP QFS NPUPDJDMJTUB DIF TJB DPNF VOB TFDPOEB QFMMF QFS NPUPDJDMJTUJ FTJHFOUJ (SB[JF BJ NBUFSJBMJ EJ RVBMJU QSFHJBUB F BJ EFTJHO QJ¹ TP趋 TUJDBUJ UJ WFTUJSBJ NFHMJP F UJ TFOUJSBJ NFHMJP JOEPTTBOEP DBQJ EJ RVBMJU GBUUJ QFS EVSBSF OFM UFNQP

N UF

BM

N QP

-V B

BU VS

$P

N

B E

GP

OH

SU

-B RVBMJU IB VO WBMPSF 'PSTF OFM TFUUPSF NPUPDJDMJ TUJDP DSFBSF QSPEPUUJ EJ BCCJHMJBNFOUP DIF EVSJOP QFS BOOJ OPO ¨ MP TUBOEBSE NB OPJ TBQQJBNP CFOF DIF OPO UJ BDDPOUFOUFSFTUJ EJ VOB TFDPOEB TDFMUB O© MP GBSFNNP OPJ -BWPSJBNP DPTUBOUFNFOUF JO MBCPSBUP SJP TV TUSBEB JO GVPSJTUSBEB F JO QJTUB QFS TWJMVQQBSF MB UFDOPMPHJB BUUVBMNFOUF EJTQPOJCJMF F QFS DSFBSF OVPWJ UFTTVUJ EB DVJ J OPTUSJ DMJFOUJ QPTTBOP USBSSF CFOF趋 DJP BODIF JO GVUVSP %PQP UVUUP ¨ TPMP RVF TUJPOF EJ $ " 3 &


(6"/5* 1SP4QPSU

(6"/5* %PVCMF3

(6"/5* "5-"/5*4

/PWJUÂ

Ѽ HVBOUJ TQPSUJWJ SPCVTUJ F 趌 FTTJCJMJ Ѽ QFMMF EJ DBOHVSP Ѽ SJOGPS[J JO SPCVTUB QFMMF EJ SB[[B TVM QBMNP JNCPUUJUP JO ,FWMBS Ѽ HVTDJP SJHJEP JO $BSCPO ,FWMBS TVMMF OPDDIF Ѽ HVTDJP JO NBUFSJBMF TJOUFUJDP SJOGPS[BUP TVM QPMTP Ѽ FTQBOTP 4VQSPUFD BOUJTIPDL TVM EPSTP SJOGPS[J B TFDPOEB EFMMB GVO[JPOF [POB Ѽ JOTFSUJ FMBTUJDJ QFS BTTJDVSBSF VOB WFTUJCJMJU DPOGPSUFWPMF Ѽ DPMPSF CMV CJBODP SPTTP F OFSP Ѽ UBHMJF EB Ñ­ } B Ñ­ }

Ѽ EPSTP JO NPSCJEB QFMMF DPO FGGFUUP OBCVL QBMNP JO QFMMF EJ WJUFMMP MJTTBUB Ѽ (03& 5&9n 9 53"'*5Ô‚ BOUJWFOUP JNQFSNFBCJMF F USBTQJSBOUF Ѽ CSBDDJBMF EPQQJP BMMѳJOUFSOP JO 4PGUTIFMM DPO NFNCSBOB (03& 5&9n 9 53"'*5Ô‚ BMMѳFTUFSOP JO QFMMF JNQFSNFBCJMJ[[BUB Ѽ QVOUB EFM EJUP NFEJP F JOEJDF JO QFMMF EJ DBOHVSP QFS HBSBOUJSF VOB QSFTB TJDVSB Ѽ TUSJTDJB UFSHJWJTJFSB JO HPNNB TVMMѳJOEJDF TJOJTUSP Ѽ SBEEPQQJ OFJ QVOUJ B SJTDIJP EJ DBEVUB Ѽ FTQBOTP 4VQSPUFD TVM EPSTP JNCPUUJUP Ѽ TQFDJBMJ DVDJUVSF QFS JNQFEJSF MB GPSNB[JPOF EJ QVOUJ EJ QSFTTJPOF Ѽ DPMPSF BOUSBDJUF Ѽ UBHMJF EB Ñ­ } B Ñ­ }

Ѽ HVBOUJ 5PVSJOH TQPSUJWJ BMUBNFOUF USBTQJSBOUJ JO QFMMF EJ WJUFM MP QJFOP 趋 PSF SFTJTUFOUF BMMѳBCSBTJPOF TQFTTB DJSDB NN

Ѽ SBEEPQQJ JO QFMMF TV MBUP F QBMNP EFMMB NBOP Ѽ NPSCJEB JNCPUUJUVSB TVMMF OPDDIF TVEEJWJTB JO QBSUJ DPO FTQBOTP BOUJTIPDL TQFTTP 趋 OP B NN Ѽ FTQBOTP TVMMB QBSUF TVQFSJPSF EFMMF EJUB DJSDB NN BE FDDF[JPOF EFMMF OPDDIF QFS HBSBOUJSF VOB NBHHJPSF 趌 FTTJCJMJU Ѽ QBMNP OPO GPEFSBUP QFS HBSBOUJSF VOB QSFTB EJSFUUB EFM NBOVCSJP Ѽ TVQFS趋 DJF UFSHJWJTJFSB JO NPSCJEB QFMMF TDBNPTDJBUB TV FOUSBNCJ J QPMMJDJ Ѽ DPMPSF OFSP DPO QBMNP HSJHJP

Ѽ NJTVSF EB ѭ } B ѭ }


(6"/5* 3"--:&

(6"/5* 130 46..&3

/PWJUÂ

(6"/5* 63#"/

Ѽ HVBOUJ JO QFMMF DPSUJ QFS HJPSOBUF DBMEF Ѽ EPSTP F QBMNP JO NPSCJEP DBQSFUUP Ѽ SBEEPQQJ JO QFMMF TDBNPTDJBUB TV MBUP F QBMNP EFMMB NBOP Ѽ QBMNP OPO GPEFSBUP QFS HBSBOUJSF VOB QSFTB EJSFUUB EFM NBOVCSJP

K

Ѽ HVBOUJ JNQFSNFBCJMJ Ѽ NBUFSJBMF FTUFSOP JO QFMMF F UFTTVUP Ѽ DPO NFNCSBOB DMJNBUJDB $ " 3 & BOUJWFOUP JNQFSNFBCJMF Ѽ EJUB JO QFMMF Ѽ OPDDIF $PSEVSB DPO FTQBOTP 4VQSPUFD Ѽ QBMNP EPQQJBUP JO QFMMF OFJ QVOUJ B SJTDIJP JO DBTP EJ DBEVUB

(6"/5* "--306/%

Ѽ SJOGPS[P JO ,FQSPUFD TVM QBMNP Ѽ JOEJDF DPO UFSHJWJTJFSB Ѽ NPSCJEB JNCPUUJUVSB Ѽ MVOHP JOTFSUP SJGSBOHFOUF TVM MBUP EFMMB NBOP Ѽ OPNF NBSDIJP k#.8{ TVMMB DIJVTVSB B WFMDSP Ѽ DPMPSF OFSP Ѽ UBHMJF EB ѭ } B ѭ }

Ѽ NBUFSJBMF USBGPSBUP USB MF EJUB Ѽ QPMTP SFHPMBCJMF JO BNQJF[[B Ѽ QVOUB JOEJDF JO QFMMF TDBNPTDJBUB Ѽ DPMPSF OFSP Ѽ UBHMJF EB ѭ } B ѭ }

Ѽ HVBOUJ FTUJWJ TGPEFSBUJ DPODFQJUJ QFS MѳVUJMJ[[P PGGSPBE Ѽ NBUFSJBMF NJTUP FMBTUJDP TVM EPSTP EFMMB NBOP Ѽ QBMNP JO QFMMF EJ DBOHVSP QBSUJDPMBSNFOUF SFTJTUFOUF Ѽ QSPUF[JPOJ FE FTQBOTP TVM EPSTP

(6"/5* 130 8*/5&3

Ѽ HVBOUJ JOWFSOBMJ BMUBNFOUF JTPMBOUJ Ѽ QBMNP EFMMB NBOP JO QFMMF EJ DBQSFUUP JESPSFQFMMFOUF QBS[JBMNFOUF SBEEPQQJBUP Ѽ TUBNQB BM TJMJDPOF TV QBMNP EFMMB NBOP OPDDIF F QVOUB EFMMF EJUB Ѽ JNQFSNFBCJMJ BOUJWFOUP F BMUBNFOUF USBTQJSBOUJ HSB[JF BMMB NFNCSBOB JO (03& 5&9n

Ѽ JNCPUUJUVSB JO NPSCJEB NJDSP趋 CSB JTPMBOUF QJ¹ TUSBUP JO BMMVNJOJP Ѽ EJUB GPSUFNFOUF QSFDVSWBUF PUUJNB WFTUJCJMJU Ѽ CSBDDJBMF BMUP Ѽ BNQJB TVQFS趋 DJF SJGSBOHFOUF Ѽ MBCCSP UFSHJWJTJFSB TVM QPMMJDF Ѽ DPMPSF OFSP Ѽ UBHMJF EB Ñ­ } B Ñ­ }

Ѽ 4VQFS'BCSJD OFJ QVOUJ B SJTDIJP JO DBTP EJ DBEVUB Ѽ BFSB[JPOF USB MF EJUB Ѽ CSBDDJBMF DPSUP JO OFPQSFOF DPO DIJVTVSB B WFMDSP Ѽ DPMPSF OFSP HVO HSJHJP CMV Ѽ UBHMJF EB ѭ } B ѭ }

Ѽ HVBOUJ MFHHFSJ HSBOUVSJTNP Ѽ DPNCJOB[JPOF QFMMF EJ DBQSFUUP UFTTVUP Ѽ JNQFSNFBCJMJ BOUJWFOUP F QBSUJDPMBS NFOUF USBTQJSBOUJ HSB[JF BMMB NFNCSB OB JO (03& 5&9n 9 53"'*5Ô‚ Ѽ BEFSFO[B TFO[B QJFHIF PUUJNB WFTUJCJMJU F QSFTB TBMEB

(6"/5* "*3'-08

Ѽ HVBOUJ FTUJWJ MFHHFSJ QFS UFNQFSBUVSF TVQFSJPSJ BJ p $ Ѽ QFMMF 1JUUBSET F SFUF "JS5FY Ѽ NBUFSJBMF USBGPSBUP USB MF EJUB Ѽ FMFWBUP DPNGPSU HSB[JF BM NBUFSJBMF FMBTUJDP JO $PSEVSB DPO FTQBOTP TV EJUB F OPDDIF Ѽ QBMNP OPO GPEFSBUP QFS VOB QSFTB EJSFUUB Ѽ SBEEPQQJ TV QBMNP MBUP EFMMB NBOP F NJHOPMP

Ѽ QPMMJDJ JO $PSEVSB FMBTUJDP F QFMMF TDBNPTDJBUB $MBSJOP Ѽ CSBDDJBMF DPSUP JO OFPQSFOF QFS VOB UFOVUB NJHMJPSF Ѽ SFHPMB[JPOJ JO BNQJF[[B USBNJUF DIJVTVSB JO QFMMF Ѽ DPMPSF OFSP BSHFOUP DPO MJOHVFUUB BSBODJP Ѽ UBHMJF EB ѭ } B ѭ }

Ѽ JEFBMF EB EPOOB Ѽ DPMPSF OFSP Ѽ UBHMJF EPOOB } } VPNP EB ѭ } B ѭ }

40550(6"/5* 4&5"

Ѽ QFS MF NF[[F TUBHJPOJ EB JOEPTTBSF TPUUP J HVBOUJ EB NPUPDJDMJTUB Ѽ JO QVSB TFUB

Ѽ DPMPSF OFSP Ѽ UBHMJF EB B


"##*(-*".&/50 */5*.0 '6/$5*0/ $0350

"##*(-*".&/50 */5*.0 '6/$5*0/ -6/(0 "##*(-*".&/50 */5*.0 '6/$5*0/ 1$.

(*"$$" 8*/%#3&",&3

Ѽ .FSZM QPMJBNNJEF 4LJOMJGF &MBTUIBO Ѽ U TIJSU F QBOUBMPODJOJ QFS MѳFTUBUF Ѽ UFTTVUP GSFTDP F QJBDFWPMNFOUF NPSCJEP Ѽ USBTQJSBOUF

Ѽ NBUFSJBMF BOUJCBUUFSJDP BODIF EPQP GSFRVFOUJ MBWBHHJ Ѽ BTDJVHBUVSB SBQJEB Ѽ WFTUJCJMJU JEFBMF QFS MB NPUP Ѽ DPMPSF CMV TDVSP Ѽ UBHMJF VOJTFY 4 ѭ 99-

Ѽ .FSZM QPMJBNNJEF 4LJOMJGF &MBTUIBO Ѽ UFTTVUP GSFTDP F QJBDFWPMNFOUF NPSCJEP Ѽ USBTQJSBOUF Ѽ NBUFSJBMF BOUJCBUUFSJDP BODIF EPQP GSFRVFOUJ MBWBHHJ

Ѽ QBOUBMPOJ MVOHIF[[B ~ Ѽ BTDJVHBUVSB SBQJEB Ѽ WFTUJCJMJU JEFBMF QFS MB NPUP Ѽ DPMPSF CMV TDVSP Ѽ UBHMJF VOJTFY 4 ѭ 99-

"##*(-*".&/50 */5*.0 5&3.*$0

Ѽ NBUFSJBMF NJTUP JO QPMJFTUFSF CJPBUUJWP QPMJBNNJEF 4LJOMJGF &MBTUIBO Ѽ [POF UFSNJDIF TUSVUUVSBUF OFJ QVOUJ EJ NBHHJPS FTQPTJ[JPOF Ѽ QJBDFWPMF EB JOEPTTBSF Ѽ USBTQJSBOUF

Ѽ NBUFSJBMF BOUJCBUUFSJDP BODIF EPQP GSFRVFOUJ MBWBHHJ Ѽ QBTTBHHJP QFS JM QPMMJDF TVMMF DIJVTVSF EJ 趋 OF NBOJDB Ѽ WFTUJCJMJU JEFBMF QFS MB NPUP Ѽ DPMPSF CMV TDVSP OFSP Ѽ UBHMJF 4 Ñ­ 99- VOJTFY

Ѽ NBUFSJBMF EJ FMFWBUB RVBMJU 8JOECSFBLFS JO QPMJFTUFSF Ѽ MBNJOBUP B TUSBUJ DPO NFNCSBOB JO 16 FTUSFNBNFOUF GVO[JPOBMF Ѽ BOUJWFOUP JESPSFQFMMFOUF USBTQJSBOUF Ѽ HJBDDB EBMMB WFTUJCJMJU TDJBODSBUB Ѽ QBSUF QPTUFSJPSF QJ¹ MVOHB Ѽ JOUFSOP JO DBMEP 趌 FFDF Ѽ DFSOJFSB MBNQP JOUFSB TVM EBWBOUJ

Ѽ DVDJUVSF OBTUSBUF QJBUUF F JESPSFQFMMFOUJ Ѽ UBTDIF DPO DFSOJFSB MBNQP UBTDB QPSUBGPHMJP JO GPEFSB B SFUF Ѽ BEBUUB BODIF QFS BMUSF BUUJWJU EB UFNQP MJCFSP Ѽ DPMPSF OFSP Ѽ UBHMJF EPOOB 94 ѭ 4 Ѽ UBHMJF VOJTFY . ѭ 999-

Ѽ BCCJHMJBNFOUP JOUJNP B QF[[J Ѽ DPMMFUUP BMMB DPSFBOB JO TPG趋 DF 5IFSNP 1PXFSTUSFUDI Ѽ NBUFSJBMF FTUFSOP JO 1PXFSTUSFUDI Ѽ 1IBTF $IBOHF .BUFSJBMT TDIPFMMFS 1$. TV QFUUP QBSUF TVQFSJPSF CSBD DJB SFOJ QBSUF TVQFSJPSF HBNCF F HJOPDDIJB Ѽ USBTQJSBOUF UFSNPSFHPMBUPSF BE BTDJVHBUVSB SBQJEB

Ѽ BEBUUP B UFNQFSBUVSF DPNQSFTF USB J ѭ p $ Ѽ JM 1IBTF $IBOHF .BUFSJBM 1$. TJ BNNPSCJEJTDF DPO MѳVUJMJ[[P Ѽ BEBUUP BODIF QFS TDJ KPHHJOH FTDVSTJPOJTNP FDD Ѽ DPMPSF OFSP DPO DVDJUVSF WFSEJ B DPOUSBTUP Ѽ UBHMJF 4 ѭ 99-


(*"$$" '6/$5*0/ 1$.

(*"$$" '-&&$& %06#-& '"$& 60.0

(*"$$" '-&&$& %06#-& '"$& %0//" Ѽ H JBDDB JO QJMF GVO[JPOBMF DPO QSFHJBUB DPTUSV[JPOF %PVCMF 'BDF Ѽ F TUFSOP NPSCJEP NJDSPQJMF QFS USBUUFOFSF BM NFHMJP JM DBMPSF Ѽ J OUFSOP 趋 CSF EJ QPMJFTUFSF QBSUJDPMBSNFOUF GVO[JPOBMJ USBTQJSBOUF DPO GVO[JPOF EJ SFHP MB[JPOF DMJNBUJDB F EFMMѳVNJEJU TJ BTDJVHB SBQJEBNFOUF Ѽ N BUFSJBMF 8JOECSFBLFS DPO NFNCSBOB BOUJWFOUP TVM QFUUP Ѽ N PSCJEB DPQFSUVSB EFMMB DFSOJFSB MBNQP TVM DPMMP Ѽ Q J¹ MVOHB TVM EJFUSP F TDJBODSBUB DIJVTVSB QPMTJOJ BMMVOHBUB TVM EPSTP EFMMB NBOP Ѽ DPMMP BMMB DPSFBOB QJ¹ BMUP F BEFSFOUF Ѽ UBTDIF MBUFSBMJ DPO DFSOJFSB MBNQP F GPEFSB JO SFUF Ѽ DPMPSF 0GG 8IJUF Ѽ UBHMJF 94 Ñ­ 99-

Ѽ NBHHJPSF DPNGPSU DMJNBUJDP HSB[JF BM 1IBTF $IBOHF .BUFSJBM 4DIPFMMFS 1$. DIF SJFRVJMJCSB JO NBOJFSB BUUJWB F DPOGPSUFWPMF MF EJGGFSFO[F EJ UFNQFSBUVSB Ѽ HJBDDB DPO NBOJDIF TUBDDBCJMJ Ѽ UBTDIF MBUFSBMJ DPO DFSOJFSB MBNQP F GPEFSB JO SFUF Ѽ DPMPSF OFSP Ѽ UBHMJF VOJTFY 94 ѭ 999-

Ѽ HJBDDB JO QJMF GVO[JPOBMF DPO QSFHJBUB DPTUSV[JPOF %PVCMF 'BDF Ѽ FTUFSOP NPSCJEP NJDSPQJMF QFS USBUUFOFSF BM NFHMJP JM DBMPSF Ѽ JOUFSOP 趋 CSF EJ QPMJFTUFSF QBSUJDPMBSNFOUF GVO[JPOBMJ USBTQJSBOUF DPO GVO[JPOF EJ SFHPMB[JPOF DMJNBUJDB F EFMMѳVNJEJU TJ BTDJVHB SBQJEBNFOUF Ѽ NBUFSJBMF 8JOECSFBLFS DPO NFNCSBOB BOUJWFOUP TVM QFUUP Ѽ NPSCJEB DPQFSUVSB EFMMB DFSOJFSB MBNQP TVM DPMMP Ѽ QJ¹ MVOHB TVM EJFUSP F TDJBODSBUB DIJVTVSB QPMTJOJ BMMVOHBUB TVM EPSTP EFMMB NBOP Ѽ DPMMP BMMB DPSFBOB QJ¹ BMUP F BEFSFOUF Ѽ UBTDIF MBUFSBMJ DPO DFSOJFSB MBNQP F GPEFSB JO SFUF Ѽ DPMPSF #VOHFF $PSE Ѽ UBHMJF 4 Ñ­ 999-


$*/563" 4"-7"3&/* 13&.*6.

Ѽ DJOUVSB CBTF DPOUSF FMFNFOUJ JOUFHSBUJWJ QFS EJWFSTJ UJQJ EѳJNQJFHP Ѽ 4DIPFMMFS 1IBTF $IBOHF DPOUSP JM GSFEEP Ѽ NFNCSBOB JO 8*/%45011&3 DPOUSP JM HFMP Ѽ FMFNFOUP DPO QSPUF[JPOF Ѽ DPMPSF OFSP Ѽ UBHMJF VOJTFY 4 ѭ 9-

$"-;*/* '6/;*0/"-* ):%3040$,

$"-;*/* & $"-;& '6/$5*0/

$*/563" 4"-7"3&/* #"4*$

Ѽ JO QSFHJBUP NBUFSJBMF FMBTUJDJ[[BUP OFPQSFOF NBHMJB WFMDSP

Ѽ UBHMJP BOBUPNJDP BEFSFOUF Ѽ OPNF NBSDIJP k#.8 .PUPSSBE{ TVMMB QBSUF QPTUFSJPSF Ѽ DPMPSF OFSP Ѽ UBHMJF VOJTFY 4 ѭ 9-

4$"-%"$0--0

40550$"4$0 4*-,

Ѽ MFHHFSP TPUUPDBTDP FTUJWP Ѽ TFUB EJ FMFWBUB RVBMJU DPO GVO[JPOF UFSNPSFHPMBUSJDF Ѽ DVDJUVSF QJBUUF QFS JNQFEJSF MB GPSNB[JPOF EJ QVOUJ EJ QSFTTJPOF Ѽ DPMPSF OFSP Ѽ UBHMJF . ѭ -

40550$"4$0 8*/%#3&",&3

40550$"4$0 46..&3

Ѽ BEBUUP QFS MѳFTUBUF F QFS MB NF[[B TUBHJPOF QJ¹ DBMEB DPO MFHHFSB QSPUF[JPOF BOUJWFOUP Ѽ USBUUBNFOUP VMUSB GSFTI DPO GVO[JPOF BOUJCBUUFSJDB Ѽ MBWPSB[JPOF TFO[B DVDJUVSF Ѽ USBTQJSBOUF UFSNPSFHPMBUPSF Ѽ DPMPSF OFSP Ѽ UBHMJF . ѭ -

&"4: 56#& #.8 .05033"%

/PWJUÂ

Ѽ DBM[JOJ GVO[JPOBMJ JNQFSNFBCJMJ Ѽ FSHPOPNJB QFS MB HVJEB &OEVSP PGGSPBE Ѽ MBNJOBUP B USJQMP TUSBUP JO GVO[JPOBMF 趋 CSB EJ CBNC¹ QPMJFTUFSF 4QBOEFY F NFNCSBOB DMJNBUJDB $ " 3 & BOUJWFO UP JNQFSNFBCJMF

Ѽ DBMEJ JO NBUFSJBMF DPO GVO[JPOF SFHPMBUSJDF EFMMѳVNJEJU Ѽ SJOGPS[J OFM TPUUPQJFEF Ѽ DPMPSF HSJHJP TDVSP Ѽ UBHMJF ѭ

Ѽ WFTUJCJMJU QFSGFUUB HSB[JF BMMB NBHMJB B DPTUJOF FMBTUJDJ[[BUB JO QVOUB Ѽ DBOBMJOJ EJ BFSB[JPOF JOUFHSBUJ OFMMB NBHMJB JO QJBOUB Ѽ JNCPUUJUVSF BOBUPNJDIF SJEVDPOP MB QSFTTJPOF TV TUJODIJ NBMMFPMJ F UBMMPOF Ѽ NBHHJPSF DPNGPSU HSB[JF BMMF JNCPUUJUVSF JO GFMQB Ѽ MB NBHHJPSF QFSDFOUVBMF EJ MBOB JO BCCJOBNFOUP BMMF 趋 CSF BE FMFWBUF QSFTUB[JPOJ FTFSDJUB VOѳB[JPOF UFSNPSFHPMBUSJDF F DPOWPHMJB MѳVNJEJU WFSTP MѳFTUFSOP Ѽ DBM[F MBOB WFSHJOF QPMJBDSJMJDP QPMJQSPQJMFOF QPMJBNNJEF &MBTUIBO

Ѽ DBM[JOJ DPUPOF MBOB WFSHJOF QPMJQSPQJMFOF QPMJBNNJEF &MBTUIBO Ѽ DPMPSF DBM[F 'VODUJPO BOUSBDJUF OFSP CMV Ѽ DPMPSF DBM[JOJ 'VODUJPO HSJHJP DIJBSP OFSP TFOBQF Ѽ UBHMJF ѭ ѭ ѭ ѭ

Ѽ NJDSP趌 FFDF DPO NFNCSBOB 8JOECSFBLFS MBNJOBUP B TUSBUJ

Ѽ FDDFMMFOUF QSPUF[JPOF BOUJWFOUP TV DPMMP F QBSUF TVQFSJPSF EFM QFUUP Ѽ BCCJOBNFOUP PUUJNBMF DPO JM TPUUPDBTDP Ѽ BEBUUP BODIF QFS TDJ KPHHJOH FTDVSTJPOJTNP F TJNJMJ Ѽ DPMPSF OFSP DPO JOUFSOP CMV Ѽ UBHMJF 4 ѭ -

Ѽ BEBUUB BMMF CBTTF UFNQFSBUVSF Ѽ QSFHJBUP 趌 FFDF EJ QPMJFTUFSF DPO NFNCSBOB 8JOECSFBLFS MBNJOBUP B USJQMP TUSBUP

Ѽ 1PXFSTUSFUDI OFMMB [POB TVQFSJPSF EFMMB OVDB Ѽ FDDF[JPOBMF QSPUF[JPOF BOUJWFOUP TV DPMMP F QBSUF TVQFSJPSF EFM QFUUP Ѽ DVDJUVSF QJBUUF QFS JNQFEJSF MB GPSNB[JPOF EJ QVOUJ EJ QSFTTJPOF Ѽ USBTQJSBOUF UFSNPSFHPMBUPSF Ѽ DPMPSF OFSP DPO JOUFSOP CMV Ѽ UBHMJF 4 ѭ -

Ѽ NPSCJEP NBUFSJBMF FMBTUJDJ[[BUP JO QPMJFTUFSF Ѽ JNQJFHP WFSTBUJMF TDJBSQB DPQSJWJTP GBTDJB F TJNJMJ Ѽ DPMPSF SPTTP CMV


."(-*&55" " ."/*$" -6/(" '6/$5*0/ 60.0 & %0//"

Ѽ NBUFSJBMF NJTUP QBSUJDPMBSNFOUF GVO[JPOBMF JO QPMJFTUFSF F $PDPOB Ѽ 趋 CSB JO DBSCPOF BUUJWP PUUJNB USBTQJSBCJMJU DPO GVO[JPOF BOUJCBUUFSJDB Ѽ QSPUF[JPOF EBJ SBHHJ 67

Ѽ 5 TIJSU EPOOB WFTUJCJMJU MFHHFSNFOUF TDJBODSBUB 5 TIJSU VPNP UBHMJP ESJUUP Ѽ DPMPSF #VOHFF $PSE Ѽ UBHMJF EPOOB 94 ѭ 9Ѽ UBHMJF VPNP 4 ѭ 999-

5 4)*35 '6/$5*0/ 60.0 & %0//"

Ѽ NBUFSJBMF NJTUP QBSUJDPMBSNFOUF GVO[JPOBMF JO QPMJFTUFSF F $PDPOB Ѽ 趋 CSB JO DBSCPOF BUUJWP PUUJNB USBTQJSBCJMJU DPO GVO[JPOF BOUJCBUUFSJDB Ѽ QSPUF[JPOF EBJ SBHHJ 67

Ѽ 5 TIJSU EPOOB WFTUJCJMJU MFHHFSNFOUF TDJBODSBUB 5 TIJSU VPNP UBHMJP ESJUUP Ѽ DPMPSF EPOOB BSBODJPOF QPQ Ѽ DPMPSF VPNP BSBODJPOF Ѽ UBHMJF EPOOB 94 ѭ 9Ѽ UBHMJF VPNP 4 ѭ 999-


565" 1SP3BJO

565" ,-*.",0.'035

565" 3"*/-0$,

Ѽ TPQSBUVUB B VO QF[[P Ѽ OZMPO FMBTUJDP DPO MBWPSB[JPOF B MBNJOBUP Ѽ GBDJMF EB JOEPTTBSF HSB[JF BMMB MVOHB DFSOJFSB MBNQP GSPOUBMF QPTJ[JPOBUB JO EJBHPOBMF F BMMF DFSOJFSF MBNQP MBUFSBMJ TVMMF HBNCF Ѽ UBTDB FTUFSOB JNQFSNFBCJMF Ѽ JOHPNCSP SJEPUUP Ѽ QBSUF JOUFSOB EFMMB HBNCB NBUFSJBMF /PNFY UFSNPSFTJTUFOUF Ѽ [POB EFJ HMVUFJ NBUFSJBMF BOUJTDJWPMP Ѽ BNQJ JOTFSUJ JO NBUFSJBMF SJGSBOHFOUF Ѽ DPMPSF HJBMMP Ѽ UBHMJF VOJTFY 4 ѭ 999-

Ѽ TPQSBUVUB B EVF QF[[J Ѽ MBNJOBUP B TUSBUJ OZMPO Ѽ HJBDDB DPO DBQQVDDJP JOUFHSBUP Ѽ GBDJMF EB JOEPTTBSF HSB[JF BMMB MVOHB DFSOJFSB MBNQP TVMMB HBNCB Ѽ EVF UBTDIF GSPOUBMJ JNQFSNFBCJMJ Ѽ [POB EFJ HMVUFJ NBUFSJBMF BOUJTDJWPMP Ѽ JOHPNCSP SJEPUUP Ѽ QBSUF JOUFSOB EFMMB HBNCB NBUFSJBMF UFSNPSFTJTUFOUF /PNFY Ѽ DPMPSF SPTTP HSJHJP Ѽ UBHMJF VOJTFY 4 ѭ 999-

/PWJUÂ

Ѽ UVUB EB QJPHHJB B EVF QF[[J UBHMJP DMBTTJDP Ѽ MBNJOBUP B USJQMP TUSBUP FMBTUJDJ[[BUP F USBTQJSBOUF EJ QPMJBNNJEF F EJ QPMJVSFUBOP Ѽ NFNCSBOB DMJNBUJDB $ " 3 & BOUJWFOUP JNQFSNFBCJMF F USBTQJSBOUF Ѽ DVDJUVSF UFSNPTBMEBUF Ѽ NBUFSJBMF /PNFY SFTJTUFOUF BM DBMPSF TVMMѳJOUFSOP DPTDJB Ѽ DFSOJFSB MBNQP -BCZSJOUI JNQFSNFBCJMF TVMMB QBSUF GSPOUBMF EFMMB HJBDDB Ѽ DPMMFUUP BMUP SFHPMBCJMF DPO TPUUPDBTDP Ѽ DFSOJFSB MBNQP TVJ QBOUBMPOJ EBMMB HBNCB BMMB WJUB Ѽ HJBDDB UBTDIF FTUFSOF JESPSFQFMMFOUJ F UBTDB JOUFSOB JNQFSNFBCJMF

Ѽ MJOHVFUUB EJ WFMDSP TV GPOEP NBOJDB GPOEP QBOUBMPOF F DPMMFUUP Ѽ DPVMJTTF TVM GPOEP HJBDDB F JO WJUB Ѽ TUBNQB BOUSBDJUF JO NBUFSJBMF SJGSBOHFOUF Ѽ DFSOJFSB MBNQP EJ DPMMFHBNFOUP DN Ѽ SJQJFHBCJMF OFMMB QSBUJDB DVTUPEJB Ѽ DPMPSF OFSP Ѽ UBHMJF 4 ѭ 999-


*//07";*0/& $045"/5& 1&3 6/" ."((*03& 1305&;*0/& 5655* 4"11*".0 $)& * .050$*$-*45* 40/0 65&/5* %&--" 453"%" 76-/&3"#* -* ." 1&3 26"-6/26& .050$*$-*45" -" 1"44*0/& 1&3 -& %6& 3605& 461&3" %* (3"/ -6/(" * 3*4$)* "% &44" $0//&44* */0-53& * 3*4$)* 10440/0 &44&3& 4*(/*'*$"5*7".&/5& 3*%055* "%&(6"/ %0 -0 45*-& %* (6*%" "--& $0/%*;*0/* %&--" 453"%" 65*-*;;"/%0 6/" .050 &26*1"((*"5" $0/ $"3"55&3*45*$)& %* 4*$63&;;" "55*7" $0.& "% &4&.1*0 * 4*45&.* "#4 & "4$ & */%044"/%0 *- .*(-*03 &26*1"((*".&/50 1&3 .050 $*$-*45" %*410/*#*-& 46- .&3$"50 1JPOJFSF JO NBUFSJB EJ TJDVSF[[B JO NPUP #.8 .PUPSSBE EB BOOJ QSPEVDF VO FRVJQBHHJBNFO UP QFS NPUP F QFS NPUPDJDMJTUB JO HSBEP EJ PGGSJSF DPNGPSU F QSPUF[JPOF BJ NBTTJNJ MJWFMMJ 2VBOEP TFJ JO QJTUB QFS FTQMPSBSF UVUUB MB QPUFO[B EFMMB 33 OPO EFWJ DIJFEFSUJ TF MB UVB UVUB JO QFMMF ¨ BMMѳBMUF[[B EFMMB NPUP "MMP TUFTTP NPEP JO TFMMB BMMB (4 BMMB 35 P BMMB (5 TPUUP MB QJPHHJB P TV VOB TUSBEB EJ NPOUBHOB EBM GPOEP TDJWPMPTP EFWJ QSFTUBSF BUUFO[JPOF TPMP BMMB TUSBEB TFO[B DIJFEFSUJ TF JM UVP FRVJQBHHJBNFOUP EB NPUP TJB TVG趋 DJFOUFNFOUF TJDVSP JO DBTP EJ JODJEFOUF *O TFMMB B RVBMVORVF NPUP PWVORVF UV TJB MѳFRVJQBH HJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE PGGSF VOB WBTUB HBNNB EJ QSPEPUUJ DPO FMFWBUF DBSBUUFSJTUJDIF EJ TJDVSF[[B DBQBDJ EJ QSFTUB[JPOJ UFDOJDIF FDDFMMFO UJ /BUVSBMNFOUF WFOHPOP VUJMJ[[BUJ TPMUBOUP J NBUFSJBMJ NJHMJPSJ DPNF BE FTFNQJP JM 4DIPFMMFS ,FQSPTIJFME OFMMB UVUB 4USFFUHVBSE (SB[JF B RVFTUP UFTTVUP DIF ¨ TUBUP TUVEJBUP BE IPD QFS JM TFUUPSF NPUPDJDMJ TUJDP F DIF HBSBOUJTDF BMUJ MJWFMMJ EJ QSPUF[JPOF MB SFTJ TUFO[B BMMѳBCSBTJPOF BMMP TUSBQQP F BM DBMPSF QSPEPUUP EBMMѳBUUSJUP JO DBTP EJ DBEVUB ¨ TUBUB BVNFOUBUB BMMѳJO DJSDB EFM SJTQFUUP BM QBTTBUP

78

ˆ FWJEFOUF DIF OFTTVOP IB WPHMJB EJ JNNBHJOBSF MF QPTTJCJMJ DPOTFHVFO[F EJ VO JODJEFOUF JO NPUP NB ¨ BMUSFUUBOUP DIJBSP DIF NJOJNJ[[BSF MF GPS[F EJ DPMMJTJP OF USBTGFSJUF TVM NPUPDJDMJTUB JO DBTP EJ JNQBUUP EJ WFOUB EJ GPOEBNFOUBMF JNQPSUBO[B 1FS RVFTUP NPUJ WP #.8 .PUPSSBE IB NFTTP B QVOUP JO TUSFUUB DPMMBCPSB[JPOF DPO CJPNFDDBOJDJ NFEJDJ F SJDFSDBUPSJ TQFDJBMJ[[BUJ VOB OVPWB HFOFSB[JPOF EJ QSPUF[JPOJ DIF 趋 TTB OVPWJ QBSBNFUSJ JO UFSNJOJ EJ TJDVSF[[B &TUSFNBNFOUF 趌 FTTJCJMJ F NPSCJEF SFHJTUSBOP J NJ HMJPSJ WBMPSJ EJ QSPUF[JPOF TVM NFSDBUP HSB[JF BMMB MPSP TUSBPSEJOBSJB DBQBDJU EJ BNNPSUJ[[B[JPOF -P TQF DJBMF NBUFSJBMF TJ BEBUUB QFSGFUUBNFOUF BMMB QBSUF EFM DPSQP EB QSPUFHHFSF BVNFOUB DPT¬ MB TJDVSF[[B BUUJ WB DPO VOB NBHHJPSF QSPUF[JPOF EFMMF BSUJDPMB[JPOJ F JM NBTTJNP DPNGPSU ¨ HBSBOUJUP .JOPSF ¨ JM WBMPSF EFMMB GPS[B SFTJEVB QJ¹ FG趋 DBDF NFOUF VOB QSPUF[JPOF SJEVDF MB GPS[B EѳVSUP -B QSP UF[JPOF EFWF BTTPSCJSF RVBOUP QJ¹ QPTTJCJMF MѳFOFSHJB EFMMѳJNQBUUP TFO[B USBTNFUUFSMB BM DPSQP -F GPS[F DIF TJ TWJMVQQBOP EFWPOP FTTFSF EJTUSJCVJUF OFM UFN QP QJ¹ MVOHP QPTTJCJMF FWJUBOEP J DPTJEEFUUJ QJDDIJ EJ GPS[B -F QSPUF[JPOJ /1 EBOOP SJTVMUBUJ NJHMJPSJ EFM Ñ­ SJTQFUUP BMMF BMUSF F TVQFSBOP USBORVJMMB NFOUF J WBMPSJ SJDIJFTUJ EBMMB OPSNB $& *M HJMFU #.8 .PUPSSBE DPO QSPUF[JPOF EPSTBMF /1 ¨ VOP USB J QPDIJ QSPEPUUJ TVM NFSDBUP DIF TPEEJT趋 J SF RVJTJUJ EFMMB NJHMJPSF DMBTTF EJ QSPUF[JPOF -JWFMMP -B QSPUF[JPOF EPSTBMF #.8 .PUPSSBE ¨ MѳVOJDB EPUB UB EJ DFSUJ趋 DB[JPOF DIF QSPUFHHB BODIF MB [POB EFMMB DMBWJDPMB

#.8 .PUPSSBE PGGSF BJ NPUPDJDMJTUJ QSPUF[JPOJ QFS PHOJ QBSUF EFM DPSQP EBMMB UFTUB BJ QJFEJ 2VBTJ UVUUJ J HVBOUJ BE FTFNQJP PGGSPOP DBSBUUFSJTUJDIF EJ TJDVSF[[B JOUFHSBUF HVTDJ JO $BSCPO ,FWMBS FTQBOTP 4VQSPUFD BOUJTIPDL OPDDIF DPO SJOGPS[J JO $PSEVSB SBEEPQQJ JO QFMMF OFJ QVOUJ B SJTDIJP EJ DBEVUB F TUSJTDJB UFSHJWJTJFSB JO HPNNB QFS BTTJDVSBSF TFNQSF VOB WJTJCJMJU PUUJNBMF /BUVSBMNFOUF MB HBNNB QSPEPUUJ JODMVEF BODIF TUJWBMJ BEBUUJ B RVBMTJBTJ UJQP EJ VUJMJ[[P DPO JM TJTUFNB EJ DPOUSPMMP EFMMB UPSTJPOF F EFM NFUBUBSTP QFS QSFWFOJSF JM SJTDIJP EJ MFTJPOJ BM QJFEF F TUJWBMJ &OEVSP EJ FMFWBUB RVBMJU DPO HBNCBMJ SFHPMBCJMJ JO BNQJF[[B QFS DPOTFOUJSF MѳVTP EJ UVUPSJ PSUPQFEJDJ -BTDJB DIF TJB #.8 .PUPSSBE BE PDDVQBSTJ EFMMB SJ DFSDB F EFMMP TWJMVQQP OFMMѳFRVJQBHHJBNFOUP QFS NP UPDJDMJTUB 5V QSFPDDVQBUJ TPMP EJ HVJEBSF MB NPUP F EJ EJWFSUJSUJ 1VPJ TUBSF DFSUP DIF MB UVB TJDVSF[[B ¨ MB OP TUSB QSJPSJU BTTPMVUB * QSPEPUUJ #.8 .PUPSSBE TPOP TUVEJBUJ QFS PGGSJSF J NBTTJNJ MJWFMMJ EJ DPNGPSU F TJDVSF[ [B F QFS EVSBSF B MVOHP 4PMUBOUP TF DJ TJ TFOUF TJDVSJ DJ TJ EJWFSUF

79


45"#*-*4$* 56 45&440 -& 56&Ñ¿ ;0/& %* $"%65"

1305&;*0/& %034"-&

$0/ -& 1305&;*0/* /1 %* #.8 .05033"%

$0.& '6/;*0/"

.JOPSF ¨ JM WBMPSF EFMMB GPS[B SFTJEVB QJ¹ FG趋 DBDF NFOUF VOB QSPUF[JPOF SJEVDF MB GPS[B EѳVSUP -B QSPUF[JPOF EFWF BTTPSCJSF RVBOUP QJ¹ QPTTJCJMF MѳFOFSHJB EFMMѳJNQBUUP F OPO USBTNFUUFSMB BM DPSQP -F GPS[F DIF TJ TWJMVQQBOP EFWPOP FTTFSF EJTUSJCVJUF OFM UFNQP QJ¹ MVOHP QPTTJCJMF FWJUBOEP J DPTJEEFUUJ QJDDIJ EJ GPS[B -F OVPWF QSPUF[JPOJ /1 EBOOP SJTVMUBUJ NJHMJPSJ EFM Ñ­ SJTQFUUP BMMF BMUSF

6/ 3*'&3*.&/50 1&3 5655* -" /03." $&

1FS MF QSPUF[JPOJ QFS MB TDIJFOB F MF BSUJDPMB[JPOJ FTJTUF FTQSFTTBNFOUF VOB OPSNB $& * QBSBNFUSJ EJ RVFTUB OPSNB FVSPQFB SBQQSFTFOUBOP VO CVPO DPNQSPNFTTP USB QSPUF[JPOF DPNGPSU F DBSBUUFSJTUJ DIF FSHPOPNJDIF -B NBHHJPS QBSUF EFJ TJTUFNJ EJ QSPUF[JPOF EJTQPOJCJMJ TVM NFSDBUP ¨ QFOTBUB QFS SFTJTUFSF BHMJ BMUJ DBSJDIJ QSFWJTUJ EBMMB OPSNB $& $J² TJHOJ趋 DB QFS² DIF JO DBTP EJ TPMMFDJUB[JPOJ DPO NJOPS FOFSHJB DJOFUJDB QFSBMUSP SFMBUJWBNFOUF GSFRVFOUJ MѳVSUP BSSJWB BM DPSQP TFO[B QSBUJDBNFOUF FTTFSF TUBUP BNNPSUJ[[BUP -F QSPUF[JPOJ #.8 .PUPSSBE TVQFSBOP USBORVJMMBNFOUF J WBMPSJ SJDIJFTUJ EBMMB OPSNB $& 1SFTFOUBOP BE FTFNQJP J WBMPSJ EJ GPS[B SFTJEVB QJ¹ CBTTJ TVM NFSDBUP DPO BQQFOB Ñ­ L/ QSPUF[JPOJ QFS MF BSUJDPMB[JPOJ F Ñ­ L/ QSPUF[JPOF EPSTBMF -F QSPUF[JPOJ EFWPOP TFNQSF SJQPSUBSF MѳJOEJDB[JPOF EFMMB OPSNB $& F EFMMB UBHMJB

1305&;*0/& %034"-& #.8 .05033"%

%" /0/ %*.&/5*$"3&

-B QSPUF[JPOF EPSTBMF EJ #.8 .PUPSSBE ¨ USB MF QPDIF TVM NFSDBUP EPUBUB EJ DFSUJ趋 DB[JPOF B QSPUFHHFSF BODIF MB [POB EFMMB DMBWJDPMB

/&$, #3"$& 4:45&.

'JOP BE PSB OFQQVSF JM NJHMJPS BCCJHMJBNFOUP EB NPUP FSB JO HSBEP EJ QSPUFHHFSF FG趋 DBDFNFOUF DPMMP F OVDB 2VFTUB MBDVOB PSB ¨ TUBUB DPMNBUB #.8 .PUPSSBE F ,5. JOTJFNF B VO UFBN EJ FTQFSUJ DPNQPTUP EB CJPNFDDBOJDJ DIJSVSHIJ F TUVEJPTJ EJ JOGPSUVOJTUJDB IBOOP SFBMJ[[BUP JM /FDL #SBDF 4ZTUFN QFOTBUP QFS SJEVSSF TFOTJCJMNFOUF JM SJTDIJP EJ MFTJPOJ BMMB OVDB BMMF WFSUFCSF DFSWJDBMJ F BMMB DMBWJDPMB -B TUSVUUVSB JO $BSCPO ,FWMBS NBUFSJBMF TJOUFUJDP SJOGPS[BUP DPO 趋 CSB EJ WFUSP F JNCPUUJUVSF EJ FTQBOTP TJ JOEPTTB DPNF VO DPMMFUUP F TJ DIJVEF TBMEBNFOUF BUUPSOP BM DPMMP /PO MJNJUB JO BMDVO NPEP MB MJCFSU EJ NPWJNFO UP F BM NPUPDJDMJTUB CBTUBOP QPDIJ NJOVUJ QFS BCJUVBSTJ BM OVPWP TJTUFNB EJ TJDVSF[[B

*OJ[JP EFMMѳJNQBUUP 4WJMVQQP EFMMB GPS[B JO L/

&TTF EFWPOP JOPMUSF JOEJDBSF JM HSBEP EJ QSPUF[JPOF -JWFMMP P -JWFMMP PWWFSP B RVBMF DMBTTF EJ QSPUF[JPOF BQQBSUFOHPOP -B QSPUF[JPOF EPSTBMF #.8 .PUPSSBE F MB OVPWB QSPUF[JPOF EPSTBMF /1 EJ #.8 .PUPSSBE TPOP EVF USB MF QPDIF QSPUF[JPOJ TVM NFSDBUP B TPEEJTGBSF J SFRVJTJUJ EFMMB NJHMJPSF DMBTTF EJ QSPUF[JPOF k-JWFMMP { 1FS MB WFTUJCJMJU EFMMF QSPUF[JPOJ EPSTBMJ ¨ FTTFO[JBMF TPQSBUUVUUP MB EJTUBO[B 趋 BODIJ TQBMMF DIF EFWF TFNQSF FTTFSF JOEJDBUB TVMMB QSPUF[JPOF 2VFTUB EFWF FTTFSF BMNFOP EJ DN DPO QSPUF[JPOF EPSTBMF EJ UBHMJB - 4POP JOPMUSF JNQPSUBOUJ MѳBEBUUBNFOUP QFSTPOBMJ[[BUP F JM 趋 TTBHHJP PMUSF BM DPNGPSU FTTFO[JBMF BMMB DPODFOUSB[JPOF EFM QJMPUB JO TJUVB[JPOJ DSJUJDIF

4WJMVQQP EFMMB GPS[B JO L/

7JBHHJBSF JO NPUP EFWF FTTFSF VO EJWFSUJNFOUP F QV² FTTFSMP TPMUBOUP TF DJ TJ TFOUF TJDVSJ 1FS RVFTUP #.8 .PUPSSBE IB NFTTP B QVOUP JO TUSFUUB DPMMBCPSB[JPOF DPO CJPNFDDBOJDJ NFEJDJ F SJDFSDBUPSJ TQFDJBMJ[[BUJ VOB OVPWB HFOFSB[JPOF EJ QSPUF[JPOJ DIF 趋 TTBOP OVPWJ QBSBNFUSJ JO UFSNJOJ EJ TJDVSF[[B &TUSFNBNFOUF 趌 FTTJCJMJ F NPSCJEF NB DPO J NJHMJPSJ WBMPSJ EJ BNNPSUJ[[B[JPOF NBJ SFHJTUSBUJ 5J BDDPSHJ B NBMBQFOB EJ JOEPTTBSMF FQQVSF RVFTUF QSPUF[JPOJ OFVUSBMJ[[BOP JOHFHOPTBNFOUF MF GPS[F EѳVSUP -P TQFDJBMF NBUFSJBMF TJ BEBUUB QFSGFUUBNFOUF BMMB QBSUF EFM DPSQP EB QSPUFHHFSF BVNFOUB DPT¬ MB TJDVSF[[B BUUJWB HSB[JF B VOB NBHHJPSF QSPUF[JPOF EFMMF BSUJDPMB[JPOJ FE ¨ HBSBOUJUP JM NBTTJNP DPNGPSU

1SPUF[JPOF /1 #.8 .PUPSSBE

1SPUF[JPOF JO FTQBOTP

1SPUF[JPOF EPSTBMF #.8 .PUPSSBE

/FMMF OVPWF QSPUF[JPOJ /1 MѳBTTPSCJNFOUP EFMMѳFOFSHJB EѳVSUP BWWJFOF JO NPEP SJUBSEBUP TJ FWJUBOP DPT¬ QJDDIJ EJ GPS[B SFTJEVB

Ѽ QSPUF[JPOF JO QPMJVSFUBOP 16

Ѽ HVBJOB JO QPMJBNNJEF &MBTUIBO Ѽ FMFNFOUP QSPUF[JPOF EPSTBMF FSHPOPNJDB NFOUF QSFTBHPNBUP Ѽ DFSUJ趋 DBUP TFDPOEP %*/ MJWFMMP Ѽ DPQFSUVSB EJ DPMPOOB WFSUFCSBMF TDBQPMF SFOJ Ѽ QSPUF[JPOF EFMMB DMBWJDPMB USBNJUF NBUFSJBMF QSPUFUUJWP JO 16

Ѽ FDDF[JPOBMF DBQBDJU EJ BTTPSCJNFOUP EJ FOFSHJB JO DBTP EѳVSUP Ѽ PUUJNB USBTQJSBCJMJU F DJSDPMB[JPOF EFMMѳBSJB Ѽ DJOHIJF TQBMMF GBTDF SFOJ F DIJVTVSB TVM QFUUP SFHPMBCJMJ JO MVOHIF[[B Ѽ OPNF NBSDIJP k#.8 .PUPSSBE{ TVMMB GBTDJB SFOJ Ѽ DPMPSF OFSP CMV Ѽ UBHMJF 4 ѭ 9-


/&$, #3"$& 4:45&.

6OB SJWPMV[JPOF USB J TJTUFNJ EJ QSPUF[JPOF QFS JM NPUPDJDMJTUB *M /FDL #SBDF 4ZTUFN EJ #.8 .PUPSSBE SJEVDF OPUFWPMNFOUF JM SJTDIJP EJ MFTJPOJ BMMB DPMPOOB WFSUFCSBMF F BMMB [POB DFSWJDBMF JO DBTP EJ DBEVUB -B TUSVUUVSB ¨ QBSUJDPMBSNFOUF MFHHFSB F PGGSF BM QJMPUB MB NBTTJNB MJCFSU EJ NPWJNFOUP ˆ QSBUJDP EB JOEPTTBSF TPQSB BE VOB HJBDDB EB NPUP P BE VOB NBHMJFUUB

/FDL #SBDF 4ZTUFN $BSCPO

/&$, #3"$& 4:45&. Ѽ /FDL #SBDF 4ZTUFN $BSCPO QBSUF TVQFSJPSF JO MBNJOBUP EJ 趋 CSF EJ DBSCPOJP F ,FWMBS QBSUF JOGFSJPSF JO NBUFSJBMF TJOUFUJDP SJOGPS[BUP DPO JOJF[JPOF EJ 趋 CSF EJ WFUSP QFS VO QFTP EJ TPMJ HSBNNJ DJSDB Ѽ /FDL #SBDF 4ZTUFN 'VODUJPO SFBMJ[[BUP JOUFHSBMNFOUF JO NBUFSJBMF TJOUFUJDP SJOGPS[BUP DPO JOJF[JPOF EJ 趋 CSF EJ WFUSP Ѽ JNCPUUJUVSB JO FTQBOTP DPO QSBUJDP SJWFTUJNFOUP TUBDDBCJMF JO UFTTVUP Ѽ VUJMJ[[BCJMF DPO UVUUJ J DBTDIJ F HMJ FRVJQBHHJBNFOUJ QFS NPUPDJDMJTUB BUUVBMNFOUF JO DPNNFSDJP

Ѽ SFHPMBCJMF JO CBTF BMMB UBHMJB Ѽ OPO DPNQSPNFUUF MB MJCFSU EJ NPWJNFOUP Ѽ QFS MP TQPSU POSPBE PGGSPBE F OFM USBG趋 DP RVPUJEJBOP Ѽ QSBUJDP TJTUFNB EJ DIJVTVSB SBQJEB Ѽ DPMPSF BOUSBDJUF DBSCPO Ѽ UBHMJF 4 CJNCJ F . BEVMUJ

*M /FDL #SBDF 4ZTUFN ¨ TUVEJBUP QFS CMPDDBSF JO NPEP DPOUSPMMBUP J NPWJNFOUJ QFSJDPMPTJ EFMMB UFTUB DIF QPTTPOP WFSJ趋 DBSTJ JO EFUFSNJOBUF TJUVB[JPOJ QSBUJDBOEP TQPSU P WJBHHJBOEP OFM USBG趋 DP RVPUJEJBOP -F GPS[F DIF TJ DSFBOP WFOHPOP USBTNFTTF JO NPEP FG趋 DBDF EBM DPMMP BMMB QBSUF TVQFSJPSF EFM DPSQP

*QFSFTUFOTJPOF FDDFTTJWB FTUFOTJPOF EFMMB UFTUB BMMѳJOEJFUSP

*QFS趌 FTTJPOF FDDFTTJWB FTUFOTJPOF EFMMB UFTUB JO BWBOUJ

$BSJDP BTTJBMF DPNQSFTTJPOF EFMMB DPMPOOB WFSUFCSBMF DPO GPS[B FTFSDJUBUB TVM DBTDP

*QFS趌 FTTJPOF MBUFSBMF FDDFTTJWB FTUFOTJPOF MBUFSBMF EFMMB UFTUB

Ѽ %JNJOVJTDF TFOTJCJMNFOUF MѳFDDFTTJWB FTUFOTJPOF EFMMB UFTUB JQFS趌 FTTJPOF JQFSFTUFOTJPOF JQFSFTUFOTJPOF MBUFSBMF Ѽ 3JEVDF JM SJTDIJP EJ MFTJPOJ EFSJWBOUJ EBMMB DPN QSFTTJPOF EFMMB DPMPOOB WFSUFCSBMF QFS MB GPS[B FTFSDJUBUB TVM DBTDP DBSJDP BTTJBMF P EBMMB TQJOUB BMMѳJOEJFUSP EFMMB UFTUB TVMMB [POB BMUB EFMMB DPMPOOB WFSUFCSBMF JQFSUSBTMB[JPOF QPTUFSBMF

/FDL #SBDF 4ZTUFN 'VODUJPO ;POB JOUFSFTTBUB


;"*/0 '6/$5*0/

.&44&/(&3 #"(

40'5#"(

/PWJUÂ

/PWJUÂ

Ѽ WPMVNF M DJSDB BNQMJBCJMF 趋 OP B M Ѽ NBUFSJBMF FTUFSOP QPMJFTUFSF QPMJVSFUBOP F 17$ Ѽ TDPNQBSUP JNQFSNFBCJMF QFS 1$ QPSUBUJMF 趋 OP B Ñ·

Ѽ QPTTJCJMJU EJ BNQMJBNFOUP QFS SJQPSSF DBTDP Ѽ UBTDIF FTUFSOF Ѽ TDIJFOBMF FSHPOPNJDP Ѽ DJOHIJF B TQBMMB JNCPUUJUF TUBDDBCJMJ SFHPMBCJMJ JO NBUFSJBMF SJGSBOHFOUF Ѽ DJOHIJB SFHPMBCJMF JO MVOHIF[[B TV QFUUP F JO WJUB

Ѽ DJOHIJB EB USBTQPSUP JO WJUB TUBDDBCJMF JO NBUFSJBMF B SFUF USBTQJSBOUF DPO QJDDPMF UBTDIF DIJVTF EB DFSOJFSB MBNQP Ѽ DJOHIJB EB USBTQPSUP Ѽ QPTTJCJMJU EJ DPNQSJNFSF MP [BJOP USBNJUF DJOHIJF EJ 趋 TTBHHJP MBUFSBMJ QFS QBSUF Ѽ DJOHIJF EJ 趋 TTBHHJP BMMB NPUP TVM QFSJNFUSP FTUFSOP Ѽ DPMPSF OFSP BOUSBDJUF

40'5#"( 1*$$0-0 Ѽ WPMVNF M DJSDB BNQMJBCJMF B M DJSDB Ѽ WBOP QSJODJQBMF JNQFSNFBCJMF Ѽ USBDPMMB NBOJHMJB QFS JM USBTQPSUP TVEEJWJTJPOF JO TDPNQBSUJ Ѽ NBUFSJBMF SPCVTUP EJ GBDJMF NBOVUFO[JPOF Ѽ USF UBTDIF FTUFSOF MBUFSBMJ Ѽ VOP TDPNQBSUP QFS SJQPSSF QJDDPMJ PHHFUUJ OFM DPQFSDIJP Ѽ DJOHIJF EJ 趋 TTBHHJP Ѽ DPMPSF OFSP BSHFOUP

40'5#"( (3"/%& Ѽ WPMVNF M DJSDB Ѽ WBOP QSJODJQBMF JNQFSNFBCJMF Ѽ U SBDPMMB NBOJHMJB QFS JM USBTQPSUP TVEEJWJTJPOF JO TDPNQBSUJ Ѽ DJOHIJF EJ 趋 TTBHHJP Ѽ N BUFSJBMF SPCVTUP EJ GBDJMF NBOVUFO[JPOF Ѽ EVF UBTDIF FTUFSOF MBUFSBMJ Ѽ V OP TDPNQBSUP BDDFTTJCJMF EBMMѳFTUFSOP Ѽ V OB UBTDB FTUFSOB DPO TDPNQBSUP USBTQBSFOUF TVM DPQFSDIJP Ѽ DPMPSF OFSP BSHFOUP

Ѽ WPMVNF M DJSDB Ѽ NBUFSJBMF FTUFSOP QPMJFTUFSF QPMJVSFUBOP F 17$ Ѽ FTUSFNBNFOUF JESPSFQFMMFOUF Ѽ HSBOEF TDPNQBSUP QSJODJQBMF DPO DFSOJFSB MBNQP Ѽ TDPNQBSUP JNCPUUJUP QFS MBQUPQ F EPDVNFOUJ Ѽ UBTDB FTUFSOB DPO DFSOJFSB MBNQP TV QBSUF BOUFSJPSF F QPTUFSJPSF Ѽ UBTDB DPO DFSOJFSB MBNQP F TDPNQBSUJ QJ¹ QJDDPMJ OFMMB QBUUJOB Ѽ QJBTUSB QPTUFSJPSF JNCPUUJUB Ѽ USBDPMMB JNCPUUJUB SFHPMBCJMF JO MVOHIF[[B Ѽ DJOHIJB EB USBTQPSUP Ѽ DJOHIJB EB USBTQPSUP JO WJUB SFHPMBCJMF F TUBDDBCJMF Ѽ DPMPSF OFSP BOUSBDJUF


$ " 3 & $0/$&15 0' "%7"/$&% 3*%&3 &26*1.&/5

B [[ SF DV

SU GP N

UB

SB B [[ SF DV

SU GP N

B

BU VS

$P

SU

4J

B [[ SF DV 4J

GP

B E

B

BU VS

N

OH -V

B E

$P

QP

N

UF

BM

N

JM

QP

N

UF

BM

N

JM

SP

SP

OU

DP

OF

JP

F[

PU

1S

OU

DP

OH -V

$P

SU GP

V B E OH

N

-V

$P

QP

N UF

BM

N JM

4J

B [[ SF DV

SP

4J

OU

QP

N UF

BM

N JM OF

JP

F[

PU

1S

6/" 26"-*5€ $)& %63" 1&3 4&.13& &% 0-53& (MJ BSUJDPMJ EFMMѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE UJ BDDPNQBHOBOP QFS BOOJ JO PHOJ TJUVB[JPOF OFM DPSTP EFM UFNQP PHOJ DBQP EJWFOUB UVUUѳVOP DPO DIJ MP JOEPTTB *M TFHSFUP EFMMB TUSBPSEJOBSJB EVSBUB EFMMѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE ¨ OFMMѳFDDFMMFOUF RVBMJU EFJ NBUFSJBMJ F EFMMB MBWPSB[JPOF 0HOJ NBUFSJBMF PHOJ 趋 MBUP WJFOF DPMMBVEBUP DPO DPNQMFTTJ UFTU DIF TJNVMBOP DPOEJ[JPOJ SFBMJ /PO Dѳ¨ QSBUJDBNFOUF OVMMB DIF OPO WFOHB EB OPJ SJQFUVUBNFOUF USBTDJOBUP TUSBQQBUP P TPMMFDJUBUP JO BMUSJ NPEJ QSBUJ DJ F UFPSJDJ

DP OF

SP

UB

SB

*- 5&.10 '" 26&--0 $)& (-* 1"3& & /0/ 1053&##& &44&3& "-53*.&/5* $PO J QSPEPUUJ B NBSDIJP $ " 3 & WFOUP F JOUFNQFSJF OPO GBOOP QJ¹ QBVSB QFSDI© OFT TVO EFUUBHMJP WJFOF EJNFOUJDBUP EBMMF DFSOJFSF MBNQP BOUJWFOUP BJ HPDDJPMBUPJ BMMF DVDJUVSF JTPMBOUJ .BUFSJBMJ DIF OPO MBTDJBOP 趋 MUSBSF MѳVNJEJU NB WFJDPMBOP BMMѳFTUFSOP MB USBTQJSB[JPOF "MDVOJ EFJ OPTUSJ UFTTVUJ TPOP BEEJSJUUVSB JO HSBEP EJ kQFOTBSF{ F EJ DPN QFOTBSF DPTUBOUFNFOUF HMJ TCBM[J EJ UFNQFSBUVSB 5VUUP RVFTUP IB VO VOJDP TDPQP DSFBSF JM DMJNB PUUJNBMF QFS UF 1FSDI© RVBOEP DJ TJ TFOUF B QSPQSJP BHJP TJ HVJEB BODIF NFHMJP 1FS RVFTUP $ " 3 & ¨ BODIF TJOPOJNP EJ DPNGPSU UFSNJDP PUUJNBMF

JP F[

OU

V B E OH

7&45*34* & 4&/5*34* #&/& $IJ WB JO NPUP OPO EFWF FTTFSF EJTUSBUUP EBMMB TDBSTB WFTUJCJMJU EFM QSPQSJP FRVJQBHHJB NFOUP 1FS RVFTUP MѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB #.8 .PUPSSBE SJTQPOEF BJ SFRVJ TJUJ QJ¹ TUSJOHFOUJ BODIF QFS DJ² DIF SJHVBSEB JM DPNGPSU * NBUFSJBMJ TPOP EJ RVBMJU QSFHJBUB F OPOPTUBOUF MB MPSP SPCVTUF[[B FTUSFNBNFOUF HSBEFWPMJ EB JOEPTTBSF .PMUJ HVBOUJ BE FTFNQJP TPOP HJ QSFDVSWBUJ F IBOOP DVDJUVSF QJBUUF QFS FWJUBSF QVOUJ EJ QSFTTJPOF "O DIF MF OVPWF QSPUF[JPOJ /1 EBOOP SJTVMUBUJ TUSBPSEJOBSJ JO UFSNJOJ EJ TJDVSF[[B F TPOP QBSUJ DPMBSNFOUF NPSCJEF F 趌 FTTJCJMJ

PU

1S

DP OF

JP F[

PU

1S

-V

-& /03.& %* 4*$63&;;" 40/0 6/" #60/" $04" /0* '"$$*".0 "/$03" %* .&(-*0 /FMMѳFRVJQBHHJBNFOUP QFS NPUPDJDMJTUB EJ #.8 .PUPSSBE MB TJDVSF[[B IB PWWJBNFOUF MB QSJPSJU BTTPMVUB 1VOUP EJ QBSUFO[B TPOP JOOBO[JUVUUP MB TUSBPSEJOBSJB RVBMJU F MB MBWPSB [JPOF QSFHJBUB EJ NBUFSJBMJ DPNF BE FTFNQJP JM ,FQSPTIJFME P MF QFMMJ TPUUPQPTUF B TQFDJBMJ USBUUBNFOUJ F SFTJTUFOUJTTJNF BMMѳBCSBTJPOF /BUVSBMNFOUF SJWFTUPOP VO SVPMP QSJ NBSJP BODIF JM DPTUBOUF MBWPSP EJ SJDFSDB F EJ TWJMVQQP EJ OVPWJ NBUFSJBMJ DIF DJ DPOTFOUF EJ PGGSJSF QSPEPUUJ J DVJ TUBOEBSE RVBMJUBUJWJ TPOP TQFTTP NPMUP TVQFSJPSJ BMMF OPSNF WJHFOUJ OFM TFUUPSF F QFS RVFTUP PUUFOHPOP JM OPTUSP NBSDIJP $ " 3 &


5&3.*/* *.1035"/5* %"--" " "--" ; "JS5FY -B SPCVTUB TUSVUUVSB B SFUF JO %ZOB趋 M FTUSFNBNFOUF QFSNFBCJMF BMMѳBSJB BTTJDVSB VOB HSBEFWPMF DJSDPMB[JP OF EFMMѳBSJB BODIF RVBOEP MB UFNQFSBUVSB BNCJFOUBMF ¨ FMFWBUB TFO[B QFOBMJ[[BSF MB SFTJTUFO[B BMMѳBCSBTJPOF 4J QPSUB RVBTJ DPNF VOB U TIJSU NB PGGSF MB TJDVSF[[B EJ VOB HJBDDB EB NPUP *EFBMF QFS MF HJPSOBUF DBMEF "[PJDJ DPMPSBOUJ 1FS MB UJOUVSB EFJ NBUFSJBMJ FTUFSOJ OPO EFWPOP FTTFSF JNQJFHBUJ DPMPSBOUJ B[PJDJ TDJOEJCJMJ JO BNNJOF DBODFSPHFOF $BSCPO 'JCSB DIJNJDB UFSNPSFTJTUFOUF QJ¹ MFHHFSB EFMMB 趋 CSB EJ WFUSP 1SFTFOUB VOѳFMFWBUB SFTJTUFO[B F SJHJEJU $BTDP EB GVPSJTUSBEB $BTDP NPUPDJDMJTUJDP DPO NFOUPOJFSB F WJTJFSJOB QBSBTPMF NB TFO[B WJTJFSB $BTDP JOUFHSBMF $BTDP EB NPUP DIF BWWPMHF UVUUB MB UFTUB $BTDP +FU $BTDP EB NPUP TFO[B NFOUPOJFSB F WJTJFSB $& NBSDIJP EJ DPOUSPMMP *M NBSDIJP $& $& $PNNVOBVU© &VSPQ©FOOF EJNPTUSB MB DPOGPSNJU EFM QSPEPUUP BJ DSJUFSJ EJ TJDVSF[[B QSFWJTUJ EBMMF EJSFUUJWF EFMMѳ6OJPOF &VSPQFB

%FTJHO $BSBUUFSJTUJDIF EFM EFTJHO #.8 TPOP GPSNF F DPMPSJ DMBTTJDJ 1SJODJQJP GPOEBNFOUBMF kMB GPSNB TFHVF MB GVO[JPOF { %V1POU $PPMNBY %V1POU$PPMNBY ¨ DPNQPTUP EB 趋 CSF DBWF DIF WFJDPMBOP NPMUP SBQJEBNFOUF MѳVNJEJU BMMѳFTUFSOP HSB[JF B VO FGGFUUP DBQJMMBSF *O RVFTUP NPEP JM NBUFSJB MF TJ BTDJVHB JM QJ¹ SBQJEBNFOUF EFM DPUPOF %ZOBê–¿ M 'JMP QPMJBNNJEJDP SFTJTUFOUJTTJNP BMMP TUSBQQP BODPSB QJ¹ TPMJEP EFM $PSEVSB .PMUP SFTJTUFOUF BMMB UFNQFSBUVSB %ZOBUFD 5FTTVUP SFBMJ[[BUP JO %ZOB趋 M 3FTJTUFOUJTTJNP BMMP TUSBQQP FE FTUSFNBNFOUF SPCVTUP *M TVP QVOUP EJ GVTJPOF ¨ p $ (03& 5&9n 6OB NFNCSBOB EJ 5F趌 PO 15'& QPMJUFUSB趌 VPSPFUJMF OF (MJ JOOVNFSFWPMJ NJDSPQPSJ OPO MBTDJBOP FOUSBSF MF HPDDF EѳBDRVB QJ¹ HSBOEJ NB MBTDJBOP QBTTBSF MF NPMFDPMF EJ WBQPSF BDRVFP NPMUP QJ¹ QJDDPMF (SB[JF BMMB TQFDJBMF TUSVUUVSB SBNJ趋 DBUB MB NFNCSBOB ¨ JOPMUSF BOUJWFOUP

(03& 5&9n 9 53"'*5Ó¿ (03& 5&9n 9 53"'*5Ô‚ ¨ VOB TUSVUUVSB B USJQMP TUSBUP DIF WJFOF VUJMJ[[BUB QFS J HVBOUJ EB NPUPDJDMJTNP SFOEFOEPMJ JNQFSNFBCJMJ BOUJWFOUP F NPMUP USBTQJSBOUJ D@DIBOHF (MJ TUSBUJ TPOP JODPMMBUJ P MBNJOBUJ USB MPSP MB GPEFSB BMMB 6UJMJ[[BUP BODIF DPO MB NFNCSBOB DMJNBUJDB CJPOJDB D@DIBOHF DPNF MBNJOBUP B USJQMP TUSBUP -B NFNCSBOB NFNCSBOB F RVFTUB B TVB WPMUB BMMB QFMMF *O RVFTUP NPEP J HVBOUJ HBSBOUJTDPOP VOѳPUUJNB QSFTB F TJ kJOUFMMJHFOUF{ D@DIBOHF BEFHVB MB EJNFOTJPOF EFJ JOEPTTBOP F T趋 MBOP BHFWPMNFOUF BODIF RVBOEP TPOP QSPQSJ QPSJ BMMB UFNQFSBUVSB FTUFSOB QSFWBMFOUF CBHOBUJ SFHPMBOEP DPT¬ MF QSPQSJFU USBTQJSBOUJ EFM DBQP TFDPOEP OFDFTTJU OFMMF HJPSOBUF DBMEF kSFTQJSB{ F JO *NQSFHOBUVSB RVFMMF GSFEEF JTPMB 4QFDJBMF USBUUBNFOUP JNQFSNFBCJMJ[[BOUF EFMMB QFMMF #.8 MP FTFHVF JO UJOP DPO VO QSPEPUUP EFMMB QJ¹ BMUB $PSEVSB RVBMJU . 4DPUDIHBSE 6OѳJNQSFHOBUVSB PUUJNBMF 'JMP EJ OZMPO DPNQPTUP BM EJ QPMJBNNJEF 1FS DPJOWPMHF FTDMVTJWBNFOUF MF 趋 CSF EFMMB QFMMF J TVPJ QSPEVSMP TJ SJ趋 MBOP F QPJ TJ UFTTPOP 趋 CSF QPMJBNNJEJ QPSJ SFTUBOP BQFSUJ NBOUFOFOEP JOUBUUF MF QSPQSJFU DIF UBHMJBUF *M TVP QVOUP EJ GVTJPOF ¨ p $ *M USBTQJSBOUJ EFMMB QFMMF $PSEVSB IB VOB SFTJTUFO[B BMMP TUSBQQP BODPSB TVQFSJPSF ,FQSPTIJFME 5FTTVUP BMUBNFOUF QSPUFUUJWP DPTUJUVJUP EB ,FWMBS DPMECMBDL %ZOBUFD F DPUPOF DIF NFTDPMBUJ BMMB NFNCSBOB 3J趌 FUUF J SBHHJ TPMBSJ F QSPUFHHF EBJ SBHHJ 67 $PO RVFTUP USBUUBNFOUP J DPMPSJ TDVSJ SJ趌 FUUPOP J SBHHJ TPMBSJ DMJNBUJDB CJPOJDB D@DIBOHF GPSNBOP VO MBNJOBUP B USJQMP TUSBUP TPUUPQPTUP B USBUUBNFOUP $PMECMBDL QFS F MB UVUB TJ NBOUJFOF GSFTDB QJ¹ B MVOHP MB SJ趌 FTTJPOF EFJ SBHHJ TPMBSJ

,FQSPUFD 5FTTVUP NJTUP DPTUJUVJUP EB ,FWMBS F 趋 CSF QPMJBNNJEJ DIF DIF BMMF FDDFMMFOUJ QSPQSJFU EFM ,FWMBS BHHJVOHF MѳFTUFOTJCJMJU F MB SFTJTUFO[B BMMѳBCSBTJPOF 4J VUJMJ[[B DPNF SJOGPS[P OFMMF [POF QBSUJDPMBSNFOUF FTQPTUF JO DBTP EJ DBEVUB HPNJUJ TQBMMF HJOPDDIJB QBMNJ EFMMF NBOJ FDD -BNJOBUP $PMMFHBNFOUP EJ EJWFSTJ NBUFSJBMJ NFEJBOUF UFSNPJO DPMMBHHJP *M DPMMBOUF WJFOF BQQMJDBUP EJ TPMJUP B QVOUJ EJTUBO[JBUJ 1BSUJDPMBSNFOUF BEBUUP BMMB SFBMJ[[B[JPOF EJ NFNCSBOF UFSNJDIF 1V² FTTFSF VTBUP BODIF DPNF MBNJOBUP QFS GPEFSF P MBNJOBUP B USJQMP TUSBUP /PO EFWF FTTFSF OFDFTTBSJBNFOUF JODPMMBUP BM NBUFSJBMF FTUFSOP .BUFSJBMF TJOUFUJDP SJOGPS[BUP JO ê–¿ CSB EJ WFUSP (', NBUFSJBMF TJOUFUJDP SJOGPS[BUP JO ê–¿ CSB EJ DBSCPOJP $', -F TJOHPMF 趋 CSF BSBNJEJDB EJ DBSCPOJP F EJ WFUSP QPTTPOP FTTFSF NFTDPMBUF JO QFSDFOUVBMJ EJGGFSFOUJ B TFDPOEB EFMMF FTJHFO[F 4PQSBUUVUUP WBSJBOEP MB EJSF[JPOF F MB QPTJ[JPOF EFMMF 趋 CSF OFM NBUFSJBMF DPNQPTJUP TJ PUUFOHPOP DBSBUUFSJTUJDIF QBSUJDPMBSJ BE FTFNQJP CBTTP QFTP BMUB SFTJTUFO[B FMFWBUB SJHJEJU MJNJUBUB EJMBUB[JPOF UFSNJDB CVPOF QSPQSJFU UFSNPJTP MBOUJ .FNCSBOB $MJNBUJDB $ " 3 & .FNCSBOB GVO[JPOBMF TFMF[JPOBUB TFDPOEP HMJ TUBOEBSE RVBMJUBUJWJ $ " 3 & JNQFSNFBCJMF BOUJWFOUP F USBTQJSBOUF /BCVL 1FMMF NPMUP USBTQJSBOUF EBMMB TVQFS趋 DJF MFHHFSNFOUF JSSVWJEJUB QFS PUUFOFSF VOB QSFTB NJHMJPSF F QJ¹ WFMMVUBUB /BQQB -B QBSUF FTUFSOB EFMMB QFMMF DIF JO PSJHJOF QPSUBWB JM QFMP 7JFOF SFTB MJTDJB F QJ¹ P NFOP MVDJEB ¨ NPSCJEB F QSFTFOUB VOB TVQFS趋 DJF 趋 OFNFOUF TUSVUUVSBUB /JDIFM 5VUUJ HMJ BDDFTTPSJ VUJMJ[[BUJ OFM OPTUSP FRVJQBHHJBNFO UP CPUUPOJ F DFSOJFSF MBNQP TPOP FTFOUJ EB OJDIFM RVJOEJ BTTPMVUBNFOUF BOUJBMMFSHJDJ /PNFY .BUFSJBMF JOTFOTJCJMF BM DBMPSF JO 趋 CSB BSBNJEJDB JHOJGVHB

1$1 1$ *M QFOUBDMPSPGFOPMP 1$1 TPUUPTU BMMѳPSEJOBO[B UFEFTDB TVM EJWJFUP EJ TPTUBO[F DIJNJDIF EFM F JO CBTF BE FTTB QV² FTTFSF VUJMJ[[BUP OFJ DBQJ JO QFMMF TPMUBOUP OFMMB RVBOUJU NBTTJNB EJ NH LH

4JDVSF[[B BUUJWB F QBTTJWB -B TJDVSF[[B BUUJWB QSFWJFOF HMJ JODJEFOUJ BE FTFNQJP DPO MB SJDPOPTDJCJMJU EFSJWBOUF EBJ NBUFSJBMJ DBUBSJGSBO HFOUJ -B TJDVSF[[B QBTTJWB ¨ EFDJTJWB OFJ DBTJ EѳFNFSHFO[B BE FTFNQJP DPO NBUFSJBMJ FTUFSOJ SFTJTUFOUJ BMMF DBEVUF P QSPUF[JPOJ BNNPSUJ[[BOUJ

1FMMF /PO UVUUF MF QFMMJ TPOP VHVBMJ #.8 .PUPSSBE TDFHMJF RVJOEJ FTDMVTJWBNFOUF J UJQJ EFMMB RVBMJU QJ¹ QSFHJBUB 1FS MF OPTUSF HJBDDIF HMJ TUJWBMJ F J HVBOUJ VUJMJ[[JBNP TPMUBOUP QFMMJ FVSPQFF EJ WJUFMMJ EJ QSJNJTTJNB TDFMUB /FMMF UVUF MP TQFTTPSF ¨ EJ BMNFOP NN F OPO EJ SBEP BODIF EJ QJ¹ -F MPSP QSPQSJFU BOUJBCSBTJPOF TPOP MF QJ¹ FMFWBUF SBHHJVOHJCJMJ DPO RVFTUP NBUFSJBMF OBUVSBMF

4JMWFS'VODUJPO 5FTTVUP OFM RVBMF TPOP TUBUF JOTFSJUF JO NPEP QFSNBOFOUF 趋 CSF EѳBSHFOUP BUUSBWFSTP VO QSPDFTTP EJ JPOJ[[B[JPOF )B QSPQSJFU BOUJCBUUFSJDIF F RVJOEJ BOUJPEPSF ¨ BOUJTUBUJDP F DPNQFOTB HMJ TCBM[J EJ UFNQFSBUVSB *M NBUFSJBMF WFJDPMB JOPMUSF MѳVNJEJU JO NPEP PUUJNBMF 4UPSNDVGG "QQMJDBUP TVMMF NBOJDIF USBNJUF DVDJUVSF GVOHF EB CBSSJFSB DPOUSP MF JO趋 MUSB[JPOJ EѳBDRVB

1FMMF EJ DBOHVSP -F 趋 CSF DVUBOFF QJ¹ 趋 OJ MѳJOUSFDDJP QJ¹ SPCVTUP EFMMF 趋 CSF DVUBOFF F MB TUSVUUVSB QJ¹ 趋 UUB EFMMB QFMMF SFOEPOP 5BHMJP NPUPDJDMJTUJDP RVFTUB QFMMF QJ¹ SPCVTUB SJTQFUUP BMMB QFMMF EJ WJUFMMP "EBUUP BMMB QPTJ[JPOF EJ DIJ WJBHHJB JO NPUP BQFSUVSF QFS MF CSBDDJB BWBO[BUF NBOJDIF F HBNCF EFJ 1JFHIF FTUFOTJCJMJ QBOUBMPOJ DVSWF OPODI© VOB TFSJF EJ BMUSJ QBSUJDPMBSJ -B TUPGGB FTUFSOB WJFOF DVDJUB DPO DPO趋 HVSB[JPOF TQFDJ趋 DJ POEVMBUB TV VO NBUFSJBMF FMBTUJDJ[[BUP DPO JM SJTVMUBUP EJ QFSNFUUFSOF MѳFTUFOTJPOF MBTDJBOEP JOUBUUB MB 5BTMBO TJDVSF[[B EFM NBUFSJBMF FTUFSOP BMUBNFOUF SFTJTUFOUF *OEJDB UVUUF MF TUPGGF OFMMF RVBMJ MF 趋 CSF QPMJBNNJEJDIF BMMѳBCSBTJPOF TJ NPEJ趋 DBOP JO QSFTFO[B EJ WBQPSF 5BMJ 趋 CSF TJ HPO趋 BOP BVNFOUBOP EJ WPMVNF F EJWFOUBOP QJ¹ 1SP'PBN NPSCJEF NBOUFOFOEP QFS² MB MPSP JNQFSNFBCJMJU BM 4DIJVNB WJTDPFMBTUJDB DIF TF TPUUPQPTUB BE VSUP TJ WFOUP F BMMѳBDRVB F MF MPSP QSPQSJFU USBTQJSBOUJ JOEVSJTDF 1SFTFOUB FDDFMMFOUJ QSPQSJFU BNNPSUJ[[BOUJ JO UVUUF MF DPOEJ[JPOJ UFSNJDIF 5'- $PPM 4ZTUFN *M USBUUBNFOUP 5'- $PPM 4ZTUFN WJFOF VUJMJ[[BUP 1SP4BGF OFMMѳBCCJHMJBNFOUP TDVSP (SB[JF BMMP TQFDJBMF 4DIJVNB JOUFHSBMF QPMJVSFUBOJDB DPO BOJNB B DFMMB QSPDFEJNFOUP EJ QSPEV[JPOF J SBHHJ EFM TPMF WFOHPOP BQFSUB F NBUFSJBMF FTUFSOP B DFMMB DIJVTB NPMUP TUBCJMF SJ趌 FTTJ JO NJTVSB TJNJMF DIF OFJ DBQJ EJ BCCJHMJBNFOUP DPOUSP HMJ BHFOUJ BNCJFOUBMJ ˆ VUJMJ[[BUB OFMMF EJ DPMPSF DIJBSP *M NBUFSJBMF FTUFSOP OPO TJ TDBMEB QSPUF[JPOJ USPQQP F EJNJOVJTDF OPUFWPMNFOUF JM QFSJDPMP EJ TVSSJTDBMEBNFOUP 4DIPFMMFS 1$. 2VFTUP NBUFSJBMF NVUVBUP EBHMJ TUVEJ BTUSPOBVUJDJ 5SBTQJSBOUJ QSPQSJFU HSB[JF B TQFDJBMJ DBQTVMF EJ QBSBG趋 OB ¨ JO HSBEP EJ 3JMFWBUF UFDOJDBNFOUF JO CBTF BMMB SFTJTUFO[B BM JNNBHB[[JOBSF DBMPSF OFMMF GBTJ DBMEF QFS QPJ QBTTBHHJP EJ WBQPSF BDRVFP JOEJDF 3&5 NJOPSF ¨ JM SJMBTDJBSMP OVPWBNFOUF OFMMF GBTJ GSFEEF DPNQFOTBO 3&5 NJHMJPSJ TPOP MF QSPQSJFU USBTQJSBOUJ EFM EP DPT¬ JO NBOJFSB PUUJNBMF HMJ TCBM[J EJ UFNQFSBUVSB *M NBUFSJBMF SJTVMUBUP ¨ VOB UFNQFSBUVSB DPTUBOUFNFOUF QJBDFWPMF TVMMB QFMMF ˆ JEFBMF USB p $ F p $ ; -JOFS 5JQP EJ DPMMFHBNFOUP OFM RVBMF MB NFNCSBOB ¨ 4FSBê–¿ M kBHHBODJBUB { USB MB GPEFSB F JM NBUFSJBMF FTUFSOP 'JMP EJ TJDVSF[[B SFTJTUFOUJTTJNP BMMP TUSBQQP /FMMF UVUF EB NPUPDJDMJTUB #.8 JNQJFHB FTDMVTJWBNFOUF RVFTUP 趋 MP


5"#&--& %&--& 5"(-*& %0//"

5BHMJB

"MUF[[B

5PSBDF

7JUB

'JBODIJ

-VOHI -BUFSBMF

$BWBMMP

/PSNBMF

ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ

ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ

ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ

60.0

5BHMJB

"MUF[[B

5PSBDF

7JUB

'JBODIJ

-VOHI -BUFSBMF

$BWBMMP

/PSNBMF

ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ

ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ

ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ

ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ ѭ

4OFMMB

5BHMJF JOUFSNFEJF

4OFMMB

5BHMJF JOUFSNFEJF

6/*4&9

1305&;*0/& %034"-&

5BHMJF TUBOEBSE %POOB 6PNP

5BHMJB

5PSBDF

94 4 . 999999-

ѭ ѭ ѭ ѭ ѭ ѭ ѭ

5BHMJB

#VTUP

"MUF[[B

4 . 9-

趋 OP B ѭ ѭ ѭ

ѭ DJSDB ѭ DJSDB ѭ DJSDB ѭ DJSDB

TDJBODSBUB

1PJDI© MF NJTVSF EFMMB MVOHIF[[B EFM CVTUP F EFMMѳBMUF[[B QPTTPOP WBSJBSF TFOTJCJMNFOUF EB QFSTPOB B QFSTPOB F MB WFTUJCJMJU EJQFOEF JOPMUSF EBMMF EJNFOTJPOJ EFM CVTUP J WBMPSJ TPOP QVSBNFOUF JOEJDBUJWJ

QFS DPSQPSBUVSF QJ¹ HSBOEJ 2VFTUB UBCFMMB EFMMF UBHMJF TJ CBTB TVMMF EJNFOTJPOJ EFM DPSQP MB CBTF EJ SJGFSJNFOUP EFMMѳBUUVBMF DPMMF[JPOF EFMMѳFRVJQBHHJBNFOUP #.8 .PUPSSBE QFS NPUPDJDMJTUB F EPWSFCCF FTTFSUJ EѳBJVUP QFS MB EFUFSNJOB[JPOF EFMMB UVB UBHMJB


&$$0 $0.& 4* .*463" $033&55".&/5&

4*.#0-*

-ѳPUUJNB WFTUJCJMJU EFMMB UVUB EB NPUPDJDMJTUB ¨ GPOEBNFOUBMF EB NPMUFQMJDJ QVOUJ EJ WJTUB TF UJSB P kQJ[[JDB{ QPUSFCCF SBQQSFTFOUBSF VO NPUJWP EJ EFDPODFOUSB[JPOF QFS JM QJMPUB -P TUFTTP WBMF TF kTGBSGBMMB{ *O VO NPEP P OFMMѳBMUSP ¨ MPHPSBOUF QFS J OFSWJ F DJ TJ TUBODB QSJNB DPO DPOTFHVFOUF QFSEJUB EJ TJDVSF[[B &TTFO[JBMF ¨ JOPMUSF HPEFSF EJ VOB QFSGFUUB TFEVUB DPO HJBDDB F QBOUBMPOJ MF NBOJDIF EFMMB HJBDDB F MF HBNCF EFJ QBOUBMPOJ OPO EFWPOP TDJWPMBSF JO BMUP ˆ VO BTQFUUP JNQPSUBOUF TJB QFS MB TJDVSF[[B TJB QFS MB QSPUF[JPOF DPOUSP JM NBMUFNQP 5VUUF MF OPTUSF UVUF RVJOEJ IBOOP VO UBHMJP NPUPDJDMJTUJDP F TPOP EPUBUF EJ VOB TFSJF EJ SFHPMB[JPOJ JO BNQJF[[B QJFHIF FTUFOTJCJMJ F EFUUBHMJ SB[JPOBMJ -B QSFNFTTB GPOEBNFOUBMF QFSDI© VOB UVUB WFTUB QFSGFUUBNFOUF QFS² ¨ MB UVB UBHMJB JOEJWJEVBMF 0MUSF UBHMJF EJGGFSFOUJ QFSNFUUPOP EJ USPWBSF MB TPMV[JPOF BEBUUB RVBTJ BE PHOJ TUBUVSB 1SFOEJ RVJOEJ MF NJTVSF FTBUUF EFMMB UVB QFSTPOB TFHVFOEP MF JTUSV[JPOJ TPUUP SJQPSUBUF

D@DIBOHF

4PMF 5FNQFSBUVSF DBMEF

(03& 5&9n

'SFEEP 5FNQFSBUVSF GSFEEF

(03& 5&9n "SNBDPS .BUFSJBMF FTUSFNBNFOUF SFTJTUFOUF BMMB USB[JPOF BMMѳBCSBTJPOF F BMMF BMUF UFNQFSBUVSF HSB[JF BMMB DPNCJOB[JPOF EFMMF 趋 CSF IJHI UFDI ,FWMBS F $PSEVSB

"OUJWFOUP

*NQFSNFBCJMF

$PSEVSB 5BTDB JNQFSNFBCJMF %ZOBUFD 5BHMJP TQFDJBMF EB EPOOB

A

"MUF[[B .FUUJUJ B QJFEJ OVEJ BDDBOUP BMMP TUJQJUF EJ VOB QPSUB "QQPHHJB VO MJCSP TVMMB UFTUB F UJFOJMP GFSNP TVMMP TUJQJUF 4FHOB MB QPTJ[JPOF F RVJOEJ NJTVSB MѳBMUF[[B 1FUUP UPSBDF 2VFTUB NJTVSB TJ QSFOEF TPQSB MB DBNJDJB P VO QVMMPWFS MFHHFSP *M NFUSP EFWF FTTFSF QBTTBUP TPUUP MF CSBDDJB CFO BEFSFOUF TVMMB QBSUF QJ¹ SPCVTUB EFM QFUUP F TVMMF TDBQPMF

B

C

D

7JUB 4J QSFOEF MB NJTVSB TVMMB DBNJDJB OPO TVMMB WJUB EFJ QBOUBMPOJ "UUFO[JPOF BE BTTVNFSF VOB QPTJ[JPOF OBUVSBMF /PO UJSBSF JOEJFUSP MB QBODJB QSFOEFSF VOB NJTVSB kDPNPEB{ EJ DPNF EPWSBOOP QPJ WFTUJSF J QBOUBMPOJ 'JBODIJ 4PQSB J QBOUBMPOJ BUUPSOP BM DPSQP TVM QVOUP QJ¹ SPCVTUP EFJ HMVUFJ

E

-VOHIF[[B MBUFSBMF .JTVSBSF TVMMB QBSUF FTUFSOB EFMMB HBNCB EBMMB WJUB BMMB QJBOUB EFJ QJFEJ F

-VOHIF[[B BM DBWBMMP .JTVSBSF TVMMB QBSUF JOUFSOB EFMMB HBNCB EBM DBWBMMP BMMB QJBOUB EFM QJFEF

K

,FQSPTIJFME 1SPUF[JPOJ FTUSBJCJMJ "JS5FY 1SPUF[JPOJ BHHJVOUJWF 8*/%45011&3 -BNJOBUF 0GGSF NBTTJNB MJCFSUÂ EJ NPWJNFOUP JNQFSNFBCJMJUÂ F QSPUF[JPOF BOUJWFOUP . 5IJOTVMBUF .BUFSJBMF JTPMBOUF DPO QFTP F WPMVNF NJOJNP

$BSCPO

7FTUJCJMJUÂ $BMPUUF EJTQPOJCJMJ JO WBSJF NJTVSF

DPMECMBDL USBUUBNFOUP 5'- $PPM 4ZTUFN "FSB[JPOF .BUFSJBMF DIF SJê—€ FUUF MB MVDF $IJVTVSB B EPQQJB % /BOP4QIFSF *NQFEJTDF VOB USBTQJSB[JPOF FDDFTTJWB "TTJDVSB NJHMJPSJ SJTVMUBUJ OFM MBWBHHJP &TUSFNB MFHHFSF[[B 1FMMF 7JTJFSB B EPQQJB MFOUF 1FMMF EJ DBOHVSP $JOHIJB BMMB OVDB 1FMMF EJ SB[[B .FNCSBOB $MJNBUJDB $ " 3 & 5SBUUBNFOUP JESPSFQFMMFOUF


#.8 .PUPSSBE 3JEF

CNX NPUPSSBE JU

1JBDFSF EJ HVJEBSF

CNX NPUPSSBE JU 4BMWP FSSPSJ PNJTTJPOJ $PO SJTFSWB EJ NPEJ趋 DIF DPTUSVUUJWF F EJ FRVJQBHHJBNFOUP i #.8 .PUPSSBE 69 7# .POBDP EJ #BWJFSB (FSNBOJB -B SJQSPEV[JPOF BODIF QBS[JBMF ¨ QPTTJCJMF TPMP EJFUSP FTQSFTTB BVUPSJ[[B[JPOF TDSJUUB EFMMB #.8 "( .POBDP EJ #BWJFSB *M QSFTFOUF EFQMJBOU ¨ TUBNQBUP TV DBSUB TCJBODBUB DPNQMFUBNFOUF TFO[B DMPSP 1SJOUFE JO (FSNBOZ


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.