Pembangunan sebagai Hak Rakyat

Page 1

0

RENCANA JALAN PERUBAHAN UNTUK RE NCANA PEMBANGUNAN MENENGAH AH NASIONAL 2015-2019 JANGKA MENEN 2015 2019 SUMBER BIDANG SUMBE R DAYA ALAM DAN LINGKUNGAN HIDUP

PEMBANGUNAN SEBAGAI HAK RAKYAT



;

,3=3? 07BE4393? E?DE< 17?53?3 07>43?8E?3? ,3?8<3 .7?7?839 /3C;@?3= $"#%!$"#& 4;63?8 2E>47B )3G3 (=3> 63? -;?8<E?83? +;6EA

<FPFVXF# 5JWJRGJV )'(+


;;

AJRGFSLYSFS WJGFLFN 9FP BFP\FX1 <FQFS AJVYGFMFS YSXYP BJSHFSF AJRGFSLYSFS <FSLPF ?JSJSLFM @FWNTSFQ )'(,$)'(0 IN GNIFSL CYRGJV 5F\F 2QFR IFS >NSLPYSLFS 9NIYU&4JXFPFS UJVXFRF# )'(+" #$&(& '%)&(&!

07?E=;C' - 8FRRF 8FQYIVF - 5JSN 3VFR - 8VFMFX @FLFVF - 6KKVNFS ?YMFVVTR 5JSLFS PTSXVNGYWN IFVN FSLLTXF PTFQNWN

*6;D@B' ?\VSF 2% CFKNXVN ?YRY ?YMFONV

0B357D3<' 8VFMFX @FLFVF IFS 2SIN CFSIMN

07?7B4;D' 6UNWXJRF ;SWXNXYXJ# 2YVNLF# 3FIFS BJLNWXVFWN ENQF\FM 2IFX !3BE2"# AYWFPF# <FVNSLFS =JVOF AJRJXFFS AFVXNWNUFXNK !<=AA"# AJVPYRUYQFS 9Y?F# =TSWTVWNYR AJSIYPYSL CNWXJR 9YXFS =JVFP\FXFS !=UC9="# ;SITSJWNFS 4JSXJV KTV 6SZNVTSRJSXFQ >F[ !;46>"# ETVPNSL 8VTYU DJSYVJ !E8D"# 7TVYR =TRYSNPFWN =JMYXFSFS ?FW\FVFPFX !7==?"# 7TVJWX EFXHM ;SITSJWNF !7E;"# =FRYPN AFUYF# =FVWF# =JRNXVFFS%

(=3>3D C7<B7D3B;3D' 6UNWXJRF ;SWXNXYXJ <FQFS <FXN AFIFSL BF\F @T% ), <FPFVXF (),+' DJQJUTS1 ')($.//*)(-.

4JXFPFS UJVXFRF )'(+# 6INWN BJZNWN


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


;F


F "!#'!% $&$

(% AJSIFMYQYFS]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]%%]]]]( )% <FQFS AJVYGFMFS AJVXFRF1 AJVGFNPFS DFXF =JQTQF =JMYXFSFS# AJVQYFWFS ENQF\FM =JQTQF BFP\FX IFS BJWTQYWN =TSKQNP ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]+ *% <FQFS AJVYGFMFS =JIYF1 AJSHJLFMFS AJVYWFPFS IFS AJSHJRFVFS >NSLPYSLFS# BJMFGNQNXFWN >FMFS# CYSLFN IFS AJWNWNV]%%]]]]]]]]]]]]]]]]]]]]]%%]]]]]]]]]]]](( +% <FQFS AJVYGFMFS =JXNLF1 AJRGJVFSXFWFS =JOFMFXFS CYRGJV 5F\F 2QFR IFS >NSLPYSLFS 9NIYU]]]]%%]%%]]]]]]]]]]]]]]]]]]]]]%%]]]]]]%%]]]]]]]]]]])( ,% <FQFS AJVYGFMFS =JJRUFX1 AJVYGFMFS ;PQNR IFS 3JSHFSF 6PTQTLNW%%]%%]]]]]]]]]]*'



(

+( F;D96>JBJ6D FT\QP]Vc]P] PSP[PW WPZ PaPaX eP`VP ]TVP`P c]bcZ \T\_T`^[TW _T]X]VZPbP] ZcP[XbPa ZTWXSc_P]& _T]VWXSc_P] SP] [X]VZc]VP] WXSc_]fP( FT\QP]Vc]P] YcVP \T`c_PZP] `P]VZPXP] c_PfP QT`ZTaX]P\Qc]VP]& fP]V \T[X_cbX aT[c`cW Pa_TZ ZTWXSc_P] \PafP`PZPb& QP]VaP SP] ]TVP`P& c]bcZ \T]RP_PX bcYcP] QT`]TVP`P(+ FT\QcZPP] J]SP]V'c]SP]V 9PaP` GT_cQ[XZ ?]S^]TaXP \T`c\caZP] bcYcP] bT`aTQcb aTQPVPX c_PfP c]bcZ \T[X]Sc]VX aTVT]P_ QP]VaP SP] aT[c`cW bc\_PW SP`PW ?]S^]TaXP5 \T\PYcZP] ZTaTYPWbT`PP] c\c\5 \T]RT`SPaPZP] ZTWXSc_P] QP]VaP5 SP] XZcb \T[PZaP]PZP] ZTbT`bXQP] Sc]XP fP]V QT`SPaP`ZP] ZT\T`STZPP]& _T`SP\PXP] PQPSX& SP] ZTPSX[P] a^aXP[( FT[PZaP]PP] _T\QP]Vc]P] PZP] TUTZbXU \T]RP_PX bcYcP]]fP YXZP SX[PZaP]PZP] ST]VP] _P`bXaX_PaX `PZfPb( GT]RP]P FT\QP]Vc]P] @P]VZP CT]T]VPW DPaX^]P[ #GF@CD$ ,*+/',*+3 \T]YPQP`ZP] dXaX& \XaX SP] _`^V`P\ PZaX F`TaXST] @^Z^ LXS^S^ SP] LPZX[ F`TaXST] @cacU AP[[P ST]VP] \T]VPRc _PSP GT]RP]P @P]VZP FP]YP]V DPaX^]P[ ,**/',*,/( GP]RP]VP] 6eP[ GF@CD #aT[P]Ycb]fP SXaTQcb GP]RP]VP] GF@CD$ \T]fPbPZP] QPWeP dXaX _T\QP]Vc]P] ]PaX^]P[ ,**+/',*+3 PSP[PW bT`ecYcS]fP ?]S^]TaXP fP]V QT`SPc[Pb& \P]SX`X SP] QT`ZT_`XQPSXP] QT`[P]SPaZP] V^b^]V'`^f^]V( KXaX bT`aTQcb PZP] SXYP[P]ZP] \T[P[cX bcYcW \XaX SP] aT\QX[P] PVT]SP _`X^`XbPa fP]V SXaTQcb DPeP 8XbP #bPQT[ +$( 9^Zc\T] X]X QT`XaXZP] _P]SP]VP] SP] \PacZP] ZT[^\_^Z \PafP`PZPb aX_X[ fP]V bT`SX`X SP`X +. ^`VP]XaPaX SP] aTYc\[PW X]SXdXSc bT`WPSP_ GP]RP]VP] GF@CD fP]V bT`ZPXb ST]VP] QXSP]V _T]VT[^[PP] ac\QT` SPfP P[P\ SP] [X]VZc]VP] WXSc_(( IcYcP]]fP PSP[PW \T]YPSXZP] P`PW ZTQXYPZP] SP] _`^V`P\ _T\QP]Vc]P] SX QXSP]V X]X \P\_c \T\QT`XZP] ZTPSX[P] QPVX `PZfPb& \T]X]VZPbZP] ZTaTYPWbT`PP] SP] \T\PabXZP] _T\c[XWP] SP] ZT[TabP`XP] [X]VZc]VP]( AP\X QT`_P]SP]VP] QPWeP _T\QP]Vc]P] WP]fP SP_Pb \T\QT`XZP] ZTPSX[P] a^aXP[ SP] [X]VZc]VP] YXZP \P\_c \T\PabXZP] PSP]fP aXabT\ WcZc\& ZT[T\QPVPP]& ac\QT` SPfP \P]caXP SP] _`^V`P\ aT`bP ZTVXPbP] _T\QP]Vc]P] c]bcZ \T\T]cWX bcYcW Pa_TZ SX QPePW X]X4 #+$ CT]X]VZPb]fP ZcP[XbPa ZT`P]VZP `TVc[PaX SX QXSP]V ac\QT` SPfP P[P\ SP] [X]VZc]VP] WXSc_5 #,$ IT`aTSXP]fP ZT[T\QPVPP] fP]V TUTZbXU SP] bT_Pb5 #-$ CT]VcPb]fP ZT_PabXP] WPZ SP] PZaTa PbPa bP]PW SP] ac\QT` SPfP P[P\ QPVX \PafP`PZPb WcZc\ PSPb& Qc`cW bP]X SP] ]T[PfP]5 #.$ CT]X]VZPb]fP ZTPSX[P] SP[P\ _T]VP[^ZPaX `cP]V& bP]PW SP] ac\QT` SPfP P[P\5 #/$ 6SP]fP _T`[X]Sc]VP] ]TVP`P bT`WPSP_ Z^`QP] ZTZT`PaP] SP] _T[P]VVP`P] WPZ PaPaX \P]caXP SX eX[PfPW Z^]U[XZ'Z^]U[XZ PV`P`XP5 #0$ CT]X]VZPb]fP ZcP[XbPa [X]VZc]VP] WXSc_5 SP] #1$ CT]X]VZPb]fP ZTaTYPWbT`PP] \PafP`PZPb( +

FT]YT[PaP] J\c\ JJ D^( +1 IPWc] ,**1 bT]bP]V GT]RP]P FT\QP]Vc]P] @P]VZP FP]YP]V DPaX^]P[ ,**/',*,/(

A6>32?7E?2? C632729 82< B2<G2D


) J]bcZ bcYcP] bT`aTQcb \PZP ZP\X aTRP`P ZWcaca \T\QT`XZP] \PacZP] _PSP P`PW ZTQXYPZP] SP] _`^V`P\ SP[P\ GP]RP]VP] GF@CD fP]V QT`ZPXbP] ST]VP] T\_Pb Pa_TZ4 #X$ FT`QPXZP] bPbP ZT[^[P WcbP]& _T`[cPaP] eX[PfPW ZT[^[P `PZfPb SP] `Ta^[caX Z^]U[XZ5 #XX$ FT]RTVPWP] _T`caPZP] SP] _T]RT\P`P] [X]VZc]VP]& `TWPQX[XbPaX [PWP]& ac]VPX SP] _TaXaX`5 #XXX$ FT\QT`P]bPaP] ZTYPWPbP] ac\QT` SPfP P[P\ SP] [X]VZc]VP]5 #Xd$ FT`cQPWP] XZ[X\ SP] QT]RP]P TZ^[^VXa( AP\X \T\QPWPa ZTT\_Pb Pa_TZ fP]V SXaTQcbZP] SX PbPa SP[P\ QPVXP]'QPVXP] aTQPVPX\P]P SX\cPb SP[P\ S^Zc\T] GP]RP]VP] GF@CD fPXbc4 _T`\PaP[PWP] SP] Xac ab`PbTVXa& aPaP`P]& P`PW ZTQXYPZP] SP] ab`PbTVX _T\QP]Vc]P]& ZPXSPW _T[PZaP]PP] ZWcaca]fP ZPXSPW `TVc[PaX SP] ZT[T\QPVPP] aT`bP _`^V`P\( 9P[P\ aTbXP_ QPVXP] ZP\X \T]c]YcZZP] QPVPX\P]P `c\caP] fP]V SXVc]PZP] SP[P\ S^Zc\T] KXaX'CXaX'F`^V`P\ 6ZaX F`TaXST] SP] LPZX[ F`TaXST]& `c\caP] SP[P\ GP]RP]VP] GF@CD SP] `c\caP] cac[P] ZP\X( Jac[P] bT`aTQcb PSP fP]V QT`aXUPb \T[T]VZP_X `c\caP] SP[P\ GP]RP]VP] SP] PSP _c[P fP]V \T`c_PZP] Z^`TZaX(

IPQT[ +( KXaX& CXaX& 6VT]SP SP] F`^V`P\ F`X^`XbPa FT\QP]Vc]P] DPaX^]P[ ,*+/',*+3 QXSP]V [X]VZc]VP] WXSc_ SP] ac\QT` SPfP P[P\ KXaX GF@CD

IT`ecYcS]fP ?]S^]TaXP fP]V QT`SPc[Pb& \P]SX`X SP] QT`ZT_`XQPSXP] QT`[P]SPaZP] V^b^]V' `^f^]V(

C?H?

+( CTecYcSZP] ZTP\P]P] ]PaX^]P[ fP]V \P\_c \T]YPVP ZTSPc[PbP] eX[PfPW& \T]^_P]V ZT\P]SX`XP] TZ^]^\X ST]VP] \T]VP\P]ZP] ac\QT` SPfP \P`XbX\& SP] \T]RT`\X]ZP] ZT_`XQPSXP] ?]S^]TaXP aTQPVPX ]TVP`P ZT_c[PcP]( ,( CTecYcSZP] \PafP`PZPb \PYc& QT`ZTaTX\QP]VP]& SP] ST\^Z`PbXa QT`[P]SPaZP] ]TVP`P WcZc\( -( CTecYcSZP] _^[XbXZ [cP` ]TVT`X QTQPa'PZbXU SP] \T\_T`ZcPb YPbX SX`X aTQPVPX ]TVP`P \P`XbX\( .( CTecYcSZP] ZcP[XbPa WXSc_ \P]caXP ?]S^]TaXP fP]V bX]VVX& \PYc& SP] aTYPWbT`P( /( CTecYcSZP] QP]VaP fP]V QT`SPfP aPX]V( 0( CTecYcSZP] ?]S^]TaXP \T]YPSX ]TVP`P \P`XbX\ fP]V \P]SX`X& \PYc& ZcPb& SP] QT`QPaXaZP] ZT_T]bX]VP] ]PaX^]P[(

6VT]SP F`X^`XbPa #DPeP 8XbP$ +(

CT]VWPSX`ZP] ZT\QP[X ]TVP`P c]bcZ \T[X]Sc]VX aTVT]P_ QP]VaP SP] \T\QT`XZP] `PaP P\P] ZT_PSP aT[c`cW eP`VP ]TVP`P(

,( CT\QcPb FT\T`X]bPW aT[P[c WPSX` ST]VP] \T\QP]Vc] bPbP ZT[^[P _T\T`X]bPWP] fP]V QT`aXW& TUTZbXU& ST\^Z`PbXa& SP] bT`_T`RPfP( -( CT\QP]Vc] ?]S^]TaXP SP`X _X]VVX`P] ST]VP] \T\_T`ZcPb SPT`PW'SPT`PW SP] STaP SP[P\ ZT`P]VZP ]TVP`P ZTaPbcP]( .( CT\_T`ZcPb ZTWPSX`P] ]TVP`P SP[P\ \T[PZcZP] `TU^`\PaX aXabT\ SP] _T]TVPZP] WcZc\ fP]V QTQPa Z^`c_aX& QT`\P`bPQPb& SP] bT`_T`RPfP( /( CT]X]VZPbZP] ZcP[XbPa WXSc_ \P]caXP ?]S^]TaXP( 0( CT]X]VZPbZP] _`^ScZbXdXbPa `PZfPb SP] SPfP aPX]V SX _PaP` ?]bT`]PaX^]P[ aTWX]VVP QP]VaP ?]S^]TaXP QXaP \PYc SP] QP]VZXb QT`aP\P QP]VaP'QP]VaP 6aXP [PX]]fP(

A6>32?7E?2? C632729 82< B2<G2D


*

1( CTecYcSZP] \PafP`PZPb fP]V QT`ZT_`XQPSXP] SP[P\ ZTQcSPfPP](

1( CTecYcSZP] ZT\P]SX`XP] TZ^]^\X ST]VP] \T]VVT`PZZP] aTZb^`'aTZb^` ab`PbTVXa TZ^]^\X S^\TabXZ( 2( CT[PZcZP] `Td^[caX ZP`PZbT` QP]VaP( 3( CT\_T`bTVcW ZTQWX]TZP'P] SP] \T\_T`ZcPb `Tab^`PaX a^aXP[ ?]S^]TaXP(

Hc\QT`4 KXaX& CXaX SP] F`^V`P\ 6ZaX @^Z^ LXS^S^ SP] @cacU AP[[P& ,*+.(

A6>32?7E?2? C632729 82< B2<G2D


+

,( @6B6D F;GJ76>6D F;GI6C6 F;G76?A6D I6I6 A;BEB6 A;>JI6D6D& F;GBJ6H6D L?B6N6> A;BEB6 G6AN6I 96D G;HEBJH? AED<B?A %"$" 5AMI=N=H=D=J @=J ENP NOM=OACEN %"$"$" 6PIPN=J @=H=I ;ENE!3ENE 5MANE@AJ @=J <=GEH 5MANE@AJ IT`ZPXb QXSP]V ZTWcbP]P]& KXaX SP] CXaX F`TaXST] SP] LPZX[ F`TaXST] \T`c\caZP] _T`\PaP[PWP] aTQPVPX QT`XZcb4 P$ ATbXSPZYT[PaP] bPbP ZT[^[P _T\T`X]bPWP] Q$ CP`PZ]fP bX]SPZP] _T]TQP]VP] [XP` R$ A^]U[XZ QT`ZT]PP] WPZ ZT_T\X[XZP] bP]PW %"$"%" 6PIPN=J @=H=I 6=J?=JC=J *R=H 65034 %#$( !%#$) GP]RP]VP] GF@CD \T]fTQcbZP] QPWeP _T`a^P[P] bPbP ZT[^[P ZTWcbP]P] \T]YPSX _T]fTQPQ SP`X ZTbXSPZ_PabXP] abPbca ZPePaP] WcbP]& bXPSP]fP QT]bcZ _T]VT[^[PP] SX bX]VZPb bP_PZ& SP] [T\PW]fP ZTbT`[XQPbP] \PafP`PZPb SP[P\ _T]VT[^[PP] WcbP] #GP]RP]VP] 7cZc ? 7PQ 0(1(- WP[ ,,,',,-$( 9X aXaX [PX]& _T`a^P[P] fP]V bXSPZ ZP[PW _T]bX]V PSP[PW \T]c`c]]fP Z^]b`XQcaX aTZb^` ZTWcbP]P] bT`WPSP_ FT]SP_PbP] 9^\TabXZ 7`cb^ #F97$ fP]V QT`cYc]V _PSP \T]c`c]]fP bP`VTb QTaP`P] ZPfc bTQP]VP] SP`X ZPePaP] WcbP] #GP]RP]VP] 7cZc ?? 7PQ +*(+(/(+$ %"$"&" 9NPH=J 1=IE AP\X \T\P]SP]V `c\caP] _T`\PaP[PWP] SP] Xac ab`PbTVXa SP[P\ GP]RP]VP] GF@CD QT[c\ \T\PacZZP] _T`\PaP[PWP] _T]VPZcP] SP] _T`P]P] \PafP`PZPb WcZc\ PSPb SP[P\ _T]VT[^[PP] WcbP] PSPb( AT_PabXP] SP] _T]VPZcP] WcZc\ aTRP`P ]fPbP bT`WPSP_ \PafP`PZPb WcZc\ PSPb SP] WcbP] PSPb aTQPVPX _T[PZaP]PP] FcbcaP] CPWZP\PW A^]abXbcaX D^( -/)FJJ'M),*+, \PaXW QT[c\ \T\PSPX( FT]VPZcP] X]X PSP[PW _`PafP`Pb _T]bX]V c]bcZ _T`QPXZP] bPbP ZT[^[P& _T`[cPaP] eX[PfPW ZT[^[P `PZfPb SP] `Ta^[caX Z^]U[XZ AP\X \T]Vcac[ZP] PSP]fP _T]P\QPWP] bT`WPSP_ `c\caP] _T`\PaP[PWP] SP] Xac ab`PbTVXa _PSP 7cZc ? SP] ?? GP]RP]VP] GF@CD WP['WP[ QT`XZcb4 P$ 7T[c\ PSP]fP \TZP]Xa\T _T]fT[TaPXP] Z^]U[XZ fP]V QT`YP[P] TUTZbXU SP[P\ ab`cZbc` ZT\T]bT`XP] bT`ZPXb5 Q$ 7T[c\ PSP]fP YP\X]P] ZT_PabXP] SP] ZTYT[PaP] WPZ ZT_T\X[XZP] bP]PW QPVX \PafP`PZPb WcZc\ PSPb5 SP] R$ FT`[cPaP] eX[PfPW ZT[^[P `PZfPb bXSPZ aT[P[c QT`^`XT]bPaX _PSP _T]TQP]VP] ZPfc aTWX]VVP \T]TVPaXZP] _^[P _T]VT[^[PP] WcbP] \PafP`PZPb QT`QPaXa ZTP`XUP] PSPb(

A6>32?7E?2? C632729 82< B2<G2D


,

%"%" 7=N=M=J AP\X \T]Vcac[ZP] `c\caP] aPaP`P] aTQPVPX QT`XZcb4 %"%"$" 7=N=M=J OAMG=EO 8=O= 1AHKH= .PO=J >LUHTIHORHU _PSP QPVXP] HPaP`P] SP[P\ 7cZc ? SP] 7cZc ??4 P$ FT]SPbPP] SP] _T]VZPYXP] c[P]V #`TdXTe$ aT[c`cW _T`XgX]P] ZTWcbP]P] QT`SPaP`ZP] P]P[XaXa SP\_PZ [X]VZc]VP] #6\SP[$& ZTPQaPWP] XgX]& _T]PbPP] _T\TVP]V XgX] bT`WPSP_ _T`Pbc`P] _T`c]SP]V'c]SP]VP] bT`\PacZ SX QXSP]V _T`_PYPZP] SP] [X]VZc]VP] WXSc_( Q$ FT]fcac]P] abP]SP` bPbP ZT[^[P ZTWcbP]P] fP]V QPXZ c]bcZ \T]X[PX TUTZbXUXbPa _T\QP]Vc]P] ZTWcbP]P] WX]VVP ZT bX]VZPb bP_PZ fP]V \T[X_cbX P]bP`P [PX] X]bTV`XbPa QX`^Z`PaX& _T]VT\QP]VP] X]SXZPb^` ZX]T`YP& _T\P]bPcP] SP] TdP[cPaX( R$ FT]VT\QP]VP] aXabT\ X]U^`\PaX ZTWcbP]P] SP] X\_[T\T]bPaX JJ ATbT`QcZPP] ?]U^`\PaX FcQ[XZ( S$ FT]VT\QP]VP] \TZP]Xa\T _P`bXaX_PaX _cQ[XZ SP[P\ _T]VT[^[PP] ZTWcbP]P]( %"%"%" 7=N=M=J OAMG=EO 5AMHP=N=J <EH=S=D 1AHKH= 6=GS=O >LUHTIHORHU _PSP QPVXP] aPaP`P] SX 7cZc ? SP] 7cZc ??4 P$ FT]X]VZPbP] _`^ScZaX WPaX[ WcbP] QcZP] ZPfc \T[P[cX aZT\P eP]P bP]X PbPc PV`^U^`Tab`X Q$ IT`X\_[T\T]bPaX]fP ZT_PabXP] _T\QT`SPfPP] \PafP`PZPb SP[P\ ZPePaP] WcbP] ]TVP`P \T]cYc a\P[[W^[ST` U^`Tab \P]PVT\T]b \T[P[cX _T\T]cWP] bP`VTb QT`c_P ,- YcbP WTZbP` c]bcZ >cbP] ZT\PafP`PZPbP] SP] >cbP] 9TaP& / YcbP WTZbP` c]bcZ aZT\P ZT\Xb`PP]& +* YcbP WP >cbP] IP]P\P] GPZfPb& SP] , YcbP WTZbP` \T[P[cX aZT\P ZT\Xb`PP] ZTWcbP]P] SX Fc[Pc @PeP( R$ IT`X\_[T\T]bPaX]fP _T]TbP_P] SP] _T[PZaP]PP] +/! SP`X [cPaP] eX[PfPW ZT[^[P >I? QPVX _T]VT[^[PP] `PZfPb SP[P\ aZT\P PV`^U^`Tab`X S$ IT`QP]Vc]]fP _T`Pbc`P] SP] ZT[T\QPVPP] _T]VT[^[PP] WcbP] PSPb( T$ ;dP[cPaX _T`Pbc`P] _T`XgX]P] _T]VT[^[PP] WcbP] c]bcZ `PZfPb #>cbP] ZT\PafP`PZPbP]& >cbP] 9TaP SP] >cbP] IP]P\P] GPZfPb$ c]bcZ \T\_T`RT_Pb _`^aTa _T`XgX]P] SP] \TecYcSZP] _T[PfP]P] _T`XgX]P] c]bcZ `PZfPb fP]V aTST`WP]P SP] _`^'PZbXU( U$ IT`aTSXP]fP ZT`P]VZP `TVc[PaX fP]V \P\_c \T\_T`RT_Pb _T]RP_PXP] .* YcbP WTZbP` ZPePaP] WcbP] aTQPVPX eX[PfPW ZT[^[P `PZfPb( %"%"&" 7=N=M=J OAMG=EO 6ANKHPNE 1KJBHEG >LUHTIHORHU _PSP QPVXP] aPaP`P] SX 7cZc ? SP] 7cZc ??4 P$ FT]TbP_P] _T`RT_PbP] X\_[T\T]bPaX ATbTbP_P] CPYT[Xa FT`\cafPeP`PbP] GPZfPb #I6F CFG$ D^( ?M)CFG),**+ bT]bP]V FT\QP`cP] 6V`P`XP SP] FT]VT[^[PP] Hc\QT` 9PfP 6[P\& \T[P[cX _T`QPXZP] ZT`P]VZP `TVc[PaX SP] WP`\^]XaPaX _T`Pbc`P] SP] `P]RP]VP] _T`Pbc`P] fP]V QT`QPaXa _PSP I6F CFG D^( ?M)CFG),**+( Q$ A^]a^[XSPaX _T`Pbc`P] _T`XgX]P] aTWX]VVP ZTQXYPZP] E]T CP_ SXVc]PZP] aTQPVPX QPaXa _T`XgX]P] ZTWcbP]P] QT`SPaP`ZP] _PSP SPfP ScZc]V [X]VZc]VP]( R$ IT`QT]bcZ]fP aXabT\ SP] \TZP]Xa\T _T]fT[TaPXP] Z^]U[XZ bT]c`XP[ SX SP[P\ ab`cZbc` [T\QPVP AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P](

A6>32?7E?2? C632729 82< B2<G2D


S$ FT`[X]Sc]VP] ]TVP`P bT`WPSP_ ZTZT`PaP] SP] _T[P]VVP`P] WPZ PaPaX \P]caXP bT`cbP\P bT`WPSP_ _T`T\_cP]& P]PZ& SP] eP`VP \XaZX] SX eX[PfPW Z^]U[XZ'Z^]U[XZ _T`bP]PWP] SP] ac\QT` SPfP P[P\(

%"&" *M=D GA>EF=G=J @=J NOM=OACE LAI>=JCPJ=J AP\X \T]Vcac[ZP] P`PW ZTQXYPZP] S]P ab`PbTVX _T\QP]Vc]P] aTQPVPX QT`XZcb4 %"&"$" 8=O= GAHKH= DPO=J >LUN[IHO `c\caP] SP[P\ 7cZc ? QPVXP] 0(1(- WP[( ,,- fP]V QT`Qc]fX4 hCT[PZcZP] _T`RT_PbP] _T]VcZcWP] ZPePaP] WcbP] \T[P[cX _T]PbPP] QPbPa& _T\TbPP] SP] _T]TbP_P]& fP]V \T[XQPbZP] QT`QPVPX _XWPZi ST]VP] hCT]VZPYX c[P]V \TZP]Xa\T SP] WPaX[ _T]VcZcWP] ZPePaP] WcbP] PVP` \P\_c \T]fT[TaPXZP] WPZ' WPZ SP] _T]VcPaPP] \PafP`PZPb WcZc\ PSPb SP] eP`VP ]TVP`P [PX] aTRP`P PSX[(i hCT\QP]Vc] Z`XbT`XP SP] X]SXZPb^` ZX]T`YP _T]VT[^[PP] AF>& fP]V \T\QTSPZP] X]SXZPb^` ZX]T`YP QT`SPaP`ZP] Uc]VaX WcbP] fPXbc AF> _`^ScZaX& AF> Z^]aT`dPaX& AF> [X]Sc]V& AF> PSPbiST]VP] hCT\QP]Vc] Z`XbT`XP SP] X]SXZPb^` ZX]T`YP _T]VT[^[PP] AF>& fP]V \T\QTSPZP] X]SXZPb^` ZX]T`YP QT`SPaP`ZP] Uc]VaX WcbP] fPXbc AF> _`^ScZaX& AF> Z^]aT`dPaX& AF> [X]Sc]V QPXZ SX SP[P\ ZPePaP] WcbP] ]TVP`P& ZPePaP] WcbP] PSPb SP] ZPePaP] WcbP] WPZ [PX]]fP(i >LUHTIHORHU1 CT]PbP c[P]V _T]VT[^[PP] WcbP] [X]Sc]V SP] WcbP] _`^ScZaX SX Fc[Pc @PeP ST]VP] \T]VP`PWZP] _SP `TWPQX[XbPaX SP] _T`[X]Sc]VP] WPZ \PafP`PZPb( %"&"%" 5AMHP=N=J REH=S=D GAHKH= M=GS=O >LUHTIHORHU1 P$ CT\_T`\cSPW \TZP]Xa\T _T`XgX]P] c]bcZ >A\& WcbP] STaP SP] >IG #aT`bP QT]bcZ ZT\Xb`PP] SP] PZaTa \PafP`PZPb PbPa WcbP]$( AWcaca]fP ZPePaP] Z^]aT`dPaX fP]V QT[c\ bT`aT]bcW QT]bcZ _T]VT[^[PP] \PafP`PZPb( Q$ CT\QP]Vc] _T`Pbc`P]& aXabT\ ZT[T\QPVPP] fP]V \TePSPWX SP] \T]VPbc` WcQc]VP] bP]VVc]V YPePQ P]bP` _T\T`X]bPW ST]VP] \PafP`PZPb PSPb SP[P\ _T]VT[^[PP] WcbP] PSPb R$ CT\_T`ZcPb \TZP]Xa\T ZT`YP WcQc]VP] P]bP`P _T\TVP]V Z^]aTaX >I? SP] \PafP`PZPb SP[P\ \T]VT[^[P "bP]P\P] c]VVc[P]" SP] "bP]P\P] ZTWXSc_P]"( S$ CT\QT]bcZ FT`Pbc`P] F`TaXST] c]bcZ \T\_T`RT_Pb RP_PXP] .* YcbP WTZbP` ZPePaP] WcbP] ]TVP`P aTQPVPX eX[PfPW ZT[^[P `PZfPb \T[P[cX aZT\P _T\QT`SPfPP] #>A\& >cbP] 9TaP SP] >IG$ T$ CT\X]SPWZP] _T]VT\QP]VP] WcbP] PSPb SP[P\ P`PW ZTQXYPZP] FT\QT`P]bPaP] IX]SPZP] FT]TQP]VP] BXP`& FT`XZP]P] BXP`& SP] FT]P\QP]VP] BXP` #7cZc ?& 0(.(-& WP[( +,/$ ZT QPVXP] 0(.(/ #P`PW ZTQXYPZP] SP] ab`PbTVX CT]YP\X] AT_PabXP] >cZc\ >PZ AT_T\X[XZP] PbPa IP]PW& 7cZc ? WP[( +-*$ ST]VP] \T`TdXaX QPVXP] d fP]V QT`Qc]fX4 hCT]X]VZPbZP] ZT\P\_cP] _T\T`X]bPW SPT`PW SP[P\ \T]YP[P]ZP] _T`P]]fP c]bcZ _T]fcac]P] FT`Pbc`P] 9PT`PW bT`ZPXb _T]fT[TaPXP] bP]PW PSPb)c[PfPbi \T]YPSX hCT]X]VZPbZP] ZT\P\_cP]

A6>32?7E?2? C632729 82< B2<G2D


. _T\T`X]bPW SPT`PW c]bcZ _T]fcac]P] FT`Pbc`P] 9PT`PW bT`ZPXb _T]VPZcP] \PafP`PZPb WcZc\ PSPb SP] _T]fT[TaPXP] bP]PW c[PfPbi >LUHTIHORHU `c\caP] ZT'dX aTQPVPX QT`XZcb4 CT]X]VZPbZP] Yc\[PW _T]VPZcP] WcbP] PSPb SP[P\ ZPePaP] WcbP]( %"&"&" 5AJSAHAN=E=J GKJBHEG >LXL\PYP `c\caP] P`PW ZTQXYPZP] \T]YPSX4 P$ CT\QP]Vc] SP] \T]VX\_[T\T]bPaXZP] aXabT\ ^]T \P_ fP]V \T]VX]bTV`PaXZP] aTVP[P _TbP aTZb^`P[ bT`\PacZ _TbP eX[PfPW ZT[^[P \PafP`PZPb WcZc\ PSPb)[^ZP[ Q$ CT\QT]bcZ Pbc`P]& \TZP]Xa\T SP] ZT[T\QPVPP] c]bcZ _T]fT[TaPXP] Z^]U[XZ( R$ CT`P]RP]V ZTQXYPZP] _T`[X]Sc]VP] ]TVP`P bT`WPSP_ ZTZT`PaP] SP] _T[P]VVP`P] WPZ PaPaX \P]caXP bT`cbP\P bT`WPSP_ _T`T\_cP]& P]PZ& SP] eP`VP \XaZX] SX eX[PfPW Z^]U[XZ'Z^]U[XZ _T`bP]PWP] SP] ac\QT` SPfP P[P\(

%"'" 1=E@=D 5AH=GN=J==J %"'"$" 1AM=JCG= 5AJ@=J==J 6]VVP`P] FT]SP_PbP] SP] 7T[P]YP DTVP`P #6F7D$ PSP[PW ac\QT` _T]SP]PP] _T]bX]V SP] cbP\P( %"'"%" 1AM=JCG= 6ACPH=NE <HTP TLUHTIHORHU [Y[SHU QTQT`P_P _T`Pbc`P] fP]V SXQcbcWZP]4 P$ IPbP ZT[^[P WcbP]4 #+$ 6SP]fP _T`Pbc`P] _T\T`X]bPW fP]V \T]YP\X] _T`[X]Sc]VP] WcbP] \X]X\P[ -*! bcbc_P] WcbP] c]bcZ bXP_ _`^dX]aX SP] \T\QP]Vc] P\QP]V QPbPa [X]VZc]VP] SX bXP_ _`^dX]aX( FT`bPc`P] X]X \T\cPb [P`P]VP] Z^]dT`aX WcbP] SP] _T]TQP]VP] WcbP] aZP[P \PaXU fP]V SP_Pb \T`caPZ [X]VZc]VP] SP] a^aXP[( #,$ 6SP _T`Pbc`P] fP]V \T]fTVT`PZP] _T]RPQcbP] XgX] >F>)>I? fP]V bT`QT]VZP[PX( AT`YPaP\P ST]VP] AFA _T`[c SX_T`ZcPb SP[P\ _`^aTa _T]RPQcbP] XgX] bT`aTQcb SP] _T]VPePaP] bT`WPSP_ bT`QXb]fP XgX] QP`c( #-$ CT]VT\QP]VZP] _T`Pbc`P] bT]bP]V aXabT\ X]U^`\PaX ZTWcbP]P] SP] X\_[T\T]bPaX JJ ATbT`QcZPP] ?]U^`\PaX FcQ[XZ( #.$ CT]VT\QP]VZP] _T`Pbc`P] \T]VT]PX \TZP]Xa\T _P`bXaX_PaX \PafP`PZPb SP[P\ _T]VT[^[PP] WcbP]( #/$ CT\QcPb SPaP` WcZc\ QT`c_P FT`Pbc`P] F`TaXST] c]bcZ `TdXTe _T`XgX]P] bT`ZPXb ST]VP] ZTWcbP]P] Q$ FT`[cPaP] eX[PfPW ZT[^[P `PZfPb #+$ CT\PabXZP] PSP]fP _T`Pbc`P] QT`ZT]PP] ST]VP] _T]VT[^[PP] `PZfPb QT`c_P >A\ SP] WcbP] STaP SX ZPePaP] Z^]aT`dPaX( #,$ FT]TVPZP] Pbc`P] +/! bPbP `cP]V >I? QPVX _T]VT[^[PP] `PZfPb QT`c_P bP]P\P] c]VVc[P] SP] bP]P\P] ZTWXSc_P] #-$ CT\PabXZP] _T`Pbc`P] >A\& WcbP] STaP SP] >IG QT`SPaP`ZP] _PSP _^[P _T]VT[^[PP] PV`^U^`Tab`f(

A6>32?7E?2? C632729 82< B2<G2D


/ #.$ FT`Pbc`P] F`TaXST] c]bcZ _T`RT_PbP] bP`VTb eX[PfPW ZT[^[P `PZfPb aT[cPa .* YcbP WTZbP` SP[P\ ZPePaP] WcbP] ]TVP`P( #/$ FT`Pbc`P] F`TaXST] c]bcZ `T]RP]P PZaX _T`RT_PbP] _T]VPZcP] \PafP`PZPb WcZc\ PSPb& eX[PfPW PSPb SP] WcbP] PSPb( R$ FT]fT[TaPXP] Z^]U[XZ #+$ 6SP]fP _T`Pbc`P] \T]VT]PX \TZP]Xa\T _T]fT[TaPXP] Z^]U[XZ fP]V \T[TZPb SP[P\ ab`cZbc` ZT[T\QPVPP] ZT\T]bT`XP]& bT`\PacZ SP[P\ _`^aTa _T]VcZcWP] ZPePaP] WcbP]( #,$ 6SP]fP _T`Pbc`P] \T]VT]PX \TZP]Xa\T _T`XgX]P] aPbc _X]bc SX ZT\T]bT`XP] fP]V bT`X]bTV`PaX ST]VP] QPSP] ZWcaca _T`XgX]P] fP]V SXQT]bcZ( #-$ 6SP]fP _T`Pbc`P] _`TaXST] c]bcZ `TU^`\P PV`P`XP SX ZPePaP] WcbP]( %"'"&" 1AM=JCG= GAHAI>=C==J <HTP TLUN[Y[SRHU1 P$ FT\QT]bcZP] [T\QPVP X]ST_T]ST] fP]V \TePSPWX c`caP] Z^]U[XZ bT`ZPXb [X]VZc]VP] WXSc_ SP] ZTWcbP]P]5 Q$ FT\QT]bcZP] [T\QPVP ZWcaca fP]V \T]Vc`ca a^P[ WcbP] PSPb5 SP] R$ FT]fTST`WPP] _`^aTa _T`XgX]P])_T\QT`XP] WPZ SP] ^`VP]XaPaX fP]V \T]Vc`ca _T`XgX]P] SP] _T\QT`XP] WPZ _T]VT[^[PP] QPVX \PafP`PZPb PbPa ZPePaP] WcbP](

HPaP`P]

?]SXZPb^`

FT]RP_PXP]

FT]P]VVc]V YPePQ

8=O= GAHKH= DPO=J FT]TbP_P] ZPePaP] WcbP] bT`QPVX PbPa AF> F`^ScZaX& AF> BX]Sc]V& AF> A^]aT`dPaX SP] AF> 6SPb(

FT]X]VZPbP] _`^ScZaX WPaX[ WcbP] QcZP] ZPfc \T[P[cX aZT\P PV`^U^`Tab`X

IT`QT]bcZ]fP Z`XbT`XP SP] X]SXZPb^` ZX]T`YP ATaPbcP] FT]VT[^[PP] >cbP] #AF>$ QT`SPaP`ZP] Uc]VaX SP] WPZ #AF> >cbP] A^]aT`dPaX SX PbPa WcbP] ]TVP`P& WcbP] PSPb& WcbP] WPZ& AF> >cbP] [X]Sc]V SX ZPePaP] WcbP] ]TVP`P& WcbP] PSPb SP] WcbP] WPZ& AF> WcbP] _`^ScZaX SX PbPa ZPePaP] WcbP] ]TVP`P& WcbP] PSPb SP] WcbP] WPZ$

,*+0

IT`QT]bcZ]fP \TZP]Xa\T TdP[cPaX ZX]T`YP ATaPbcP] FT]VT[^[PP] >cbP] #AF>$

,*+/

IT`acac]]fP `T]RP]P _T]VT[^[PP] 96H fP]V bT`X]bT`V`PaX ST]VP] `T]RP]P _T]VT[^[PP] AF> SX aT[c`cW ?]S^]TaXP

,*+3

CT\QP]Vc] Pbc`P] QT`ZT]PP] ST]VP] aXabT\ PV`^U^`Tab`X

,*+/

A6>32?7E?2? C632729 82< B2<G2D

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]


0

5AMHP=N=J REH=S=D GAHKH= M=GS=O FT]TbP_P] .* YcbP WTZbP` ZPePaP] WcbP] c]bcZ eX[PfPW ZT[^[P `PZfPb \T[P[cX aZT\P WcbP] STaP& WcbP] ZT\PafP`PZPbP]& WcbP] bP]P\P] `PZfPb SP] WcbP] PSPb fP]V QT`QPaXa _PSP aXabT\ PV`^U^`Tab`X

CT\_T`QPWP`cX SP] \T\_T`\cSPW _T]VPZcP] SP] \TZP]Xa\T _T`XgX]P] WcbP] STaP& WcbP] ZT\PafP`PZPbP] SP] WcbP] bP]P\P] `PZfPb

,*+/

IT`QT]bcZ]fP _T`Pbc`P] _T]TbP_P] ZPePaP] WcbP] PSPb SP] \TZP]Xa\T ZT`YP _T]VT[^[PP] WcbP] PSPb

,*+/

FT\QT]bcZP] X]abXbcaX SX SP[P\ ZT\T]bT`XP] fP]V \T]Vc`ca WcbP] PSPb

,*+/

IT`QT]bcZ]fP _T`Pbc`P] _T\QT`SPfPP] \PafP`PZPb WcbP] SP] PV`^U^`Tab`X

,*+/

IT`QT]bcZ]fP _T`Pbc`P] WcbP] STaP& WcbP] ZT\PafP`PZPbP] SP] WcbP] bP]P\P] `PZfPb QT`ZT]PP] bPbP ZT[^[P WcbP] fP]V QT`QPaXa PV`^U^`Tab`X \PafP`PZPb [^ZP[

,*+/

IT`QX]P]fP _T]fc[cWP] ZTWcbP]P] QT`ZT]PP] PV`^U^`Tab`X SX aT[c`cW ?]S^]TaXP

,*+3

CT]X]YPc c[P]V _T]VPbc`P] WcbP] _`^ScZaX SP] [X]Sc]V SX Fc[Pc @PeP #GTdXaX FF 1,),*+*$

,*+/& ,*+0

IT`X\_[T\T]bPaX]fP _T]TbP_P] SP] _T[PZaP]PP] +/! SP`X [cPaP] eX[PfPW ZT[^[P >I? QPVX _T]VT[^[PP] `PZfPb SP[P\ aZT\P PV`^U^`Tab`f

IT`YP\X]]fP PZaTa \PafP`PZPb SX SP[P\ bPbP `cP]V >I? SP[P\ aZT\P PV`^U^`Tab`X

,*+3

IT`QT]bcZ]fP bPbP WcQc]VP] ZT`YP P]bP`P _T\TVP]V Z^]aTaX& \PafP`PZPb SP] _T\T`X]bPW SP[P\ PZaTa \PafP`PZPb SP[P\ eX[PfPW Z^]aTaX >I?

,*+/

IT`QP]Vc]]fP _T`Pbc`P] eX[PfPW ZT[^[P WcbP] PSPb

IT`acac]]fP _Tbc]YcZ bTZ]Xa SP] _T[PZaP]P _T]VPZcP] SP] _T]VT[^[PP] WcbP] PSPb

,*+/

FT]TbP_P] _T`RT_PbP] X\_[T\T]bPaX I6F CFG D^ ?M) ,***

FT]YPQP`P] ZT SP[P\ _T`Pbc`P] ZTWcbP]P] aTQPVPX QPVXP] SP`X WP`\^]XaPaX

,*+/& ,*+1

IT`X\_[T\T]bPaX]fP @UL >HW aTQPVPX QPaXa _T`XgX]P] ZTWcbP]P] QT`SPaP`ZP] _PSP SPfP ScZc]V [X]VZc]VP]

@UL THW aXabT\ aT[c`cW _T`XgX]P] ZTWcbP]P]& WcbP] PSPb SP] WcbP] WPZ ZT SP[P\ VUL%KVVX _T`XgX]P]

,*+/

6SP]fP _T`Pbc`P] P`PWP] SP] TdP[cPaX ^]T \P_ aXabT\

,*+/

IT`X\_[T\T]bPaX]fP ZT_PabXP] _T\QT`SPfPP] \PafP`PZPb SP] \TZP]Xa\T _T\QT`SPfPP] \PafP`PZPb \T]cYc YTHSSOVSKLX HNXVMVXLYZ THUHNLTLUZ

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

6ANKHPNE GKJBHEG

A6>32?7E?2? C632729 82< B2<G2D

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]


('

IT`QT]bcZ]fP aXabT\ SP] \TZP]Xa\T _T]fT[TaPXP] Z^]U[XZ bT]c`XP[ SX SP[P\ ab`cZbc` [T\QPVP AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

6SP]fP _Tbc]YcZ bTZ]Xa SP] _T[PZaP]P _T]fT[TaPXP] Z^]U[XZ bT]c`XP[ SX SP[P\ ZPePaP] WcbP]& bT`\PacZ SP[P\ _`^aTa _T]VcZcWP] ZPePaP] WcbP]

,*+/

FT[PbXWP] bT`WPSP_ P_P`Pb AF> QT`ZT]PP] ST]VP] _T]fT[TaPXP] Z^]U[XZ bT]c`XP[

,*+/

FT\QT]bcZP] X]abXbcaX fP]V \TePSPWX c`caP] Z^]U[XZ bT`ZPXb [X]VZc]VP] WXSc_ SP] ZTWcbP]P]

,*+/

A6>32?7E?2? C632729 82< B2<G2D


((

-( @6B6D F;GJ76>6D A;9J6 F;D8;=6>6D F;GJH6A6D 96D F;D8;C6G6D B?D=AJD=6D& G;>67?B?I6H? B6>6D& HJD=6? 96D F;H?H?G &"$" 5AMI=N=H=D=J @=J /NP 7OM=OACEN &"$"$" 6PIPN=J @=H=I ;ENE!3ENE 5MANE@AJ @=J <=GEH 5MANE@AJ P$ Hc\QT` SPfP P[P\ ?]S^]TaXP SXTZa_[^XbPaX c]bcZ \T\T]cWX bP`VTb _T\QP]Vc]P] TZ^]^\X ]PaX^]P[& bP]_P \T\_T`bX\QP]VZP] ZT[TabP`XP] [X]VZc]VP] SP] `XaXZ^ a^aXP[( >P[ X]X SXXST]bXUXZPaX SP[P\ S^Zc\T] dXaX'\XaX F`TaXST] @^Z^ LXS^S^ SP] @cacU AP[[P aTQPVPX _`^Q[T\ _^Z^Z QP]VaP fPXbc 82?B@.8.< 96<48B<4.< 561B> @2/.4.6 .86/.A 1.?6 28@>9=6A.@6 @B;/2? 1.E. .9.; _HUN ILXSLIPOHU$ KHU RLZLXNHUZ[UNHU KHSHT OHS WHUNHU$ LULXNP$ RL[HUNHU KHU ZLRUVSVNP #WP[( , KXaX CXaX$( Q$ AT`caPZP] [X]VZc]VP] YcVP SXPZaT[T`PaX ^[TW _T]T`P_P] ZTQXYPZP] ^b^]^\X SPT`PW fP]V bXSPZ SXX`X]VX ST]VP] SPfP ScZc]V TZ^]^\X fP]V \T\PSPX( >P[ X]X \T]fTQPQZP] TZa_[^XbPaX fP]V \PaXU ^[TW SPT`PW Vc]P \T]X]VZPbZP] _T]SP_PbP] aTQPVPX \^SP[ _T\QP]Vc]P] c]bcZ \T]VTYP` ZTbT`bX]VVP[P] SPT`PW SP`X _caPb( FT`\PaP[PWP] X]X SX`c\caZP] SP[P\ KXaX'CXaX QPWeP SLTHOU_H YLUKP%YLUKP WLXLRVUVTPHU IHUNYH ZLXSPOHZ KHXP ILS[T ZLXYLSLYHPRHUU_H WLXYVHSHU RLTPYRPUHU$ RLYLUQHUNHU YVYPHS KHU 82@2<7.<4.< .<A.?D69.E.5 #WP[( , KXaX' CXaX$ R$ FT`XgX]P] fP]V SXQT`XZP] ^[TW _T\T`X]bPW SP[P\ _T]VT[^[PP] H96 \T[TQXWX SPfP ScZc]V [X]VZc]VP] SP] SPfP _c[XW a^aXP[( 9P[P\ _`^V`P\ PZaX ]^\^` +, QcbX` / SXaTQcbZP] -&% E.<4 A61.8 A2?/.?B8.< 1628@>9=6A.@6 @20.?. >?=12<A !A61.8 ;2?B@.8 96<48B<4.<" #WP[( ., KXaX'CXaX$ S$ ?\_[T\T]bPaX aT_T]cW]fP SP`X JJ D^( -, bPWc] ,**3 \T]VT]PX FT`[X]Sc]VP] SP] FT]VT[^[PP] BX]VZc]VP] \PaXW bT`WP\QPb ^[TW ZTbT`aTSXPP] _T`Pbc`P] bc`c]P]]fP& Vc]P ;2;/.68<E. 8B.96A.@ 561B> 12<4.< (<128@ )B.96A.@ *6<48B<4.< '61B> TLUJHWHP XHZH%XHZH .' OPUNNH /'! "OHS& +) FPYP >PYP ;VRV]P % ;<$ WXVNXHT HRYP UVTVX ()#& T$ GTWPQX[XbPaX [PWP] SX ]^] ZPePaP] WcbP] bXSPZ SX[PZaP]PZP] QT`SPaP`ZP] ZP`PZbT`XabXZ TZ^[^VXa SP] a^aXP[ [X]VZc]VP]& aT`bP WP]fP \T\_T`bX\QP]VZP] Uc]VaX TZ^[^VXa bc]VVP[ bP]_P \T\_T`WXbc]VZP] Uc]VaX a^aXP[]fP( >P[ X]X bT`ZPXb ST]VP] _P`bXaX_PaX \PafP`PZPb( 9^Zc\T] KXaX'CXaX \T]fTQcbZP]4 >LUKVXVUN WHXZPYPWHYP W[ISPR KHSHT WXVYLY WLUNHTIPSHU RLIPQHRHU W[ISPR KLUNHU ;2<6<48.A8.< >2?.< .8A63 ;.@E.?.8.A 1.9.; >2<4.;/69.< 82/67.8.< W[ISPR KHU WLUNLSVSHHU 3HKHU A[ISPR _HUN IHPR "OHS& / FPYP%>PYP KHU HNLUKH WXPVXPZHY RL )#&

A6>32?7E?2? C632729 82< B2<G2D


() U$

GTWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX` bXSPZ SXX]bTV`PaXZP] ST]VP] `T]RP]P _T\QP]Vc]P] fP]V [TQXW _P]YP]V& aTWX]VVP \P]UPPb fP]V SX_T`^[TW bT`QPbPa WP]fP ZT_PSP \P]UPPb TZ^[^VX fP]V bXSPZ QT`ZT[P]YcbP]( FT`\PaP[PWP] X]X aTacPX ST]VP] _`^V`P\ PZaX fP]V QT`Qc]fX ,25./696A.@6 82?B@.8.< 96<48B<4.< >2@6@6? 1.< 9.BA.<# 1.9.; 8.6A.<<E. 12<4.< >2;/.<4B<.< 28=<=;6 THXPZPT #WP[( .+ KXaX'CXaX& QcbX` ZT +* _`^V`P\ PZaX$(

V$ BT\PW]fP _T\P]bPcP] _T]VVc]PP] SP]P `TQ^XaPaX)SP]P P[^ZPaX ZWcaca \T]X\Qc[ZP] _^bT]aX fP]V RcZc_ QTaP` SP[P\ _T]fP[PWVc]PP]]fP& \T]fTQPQZP] bXSPZ bT`RP_PX]fP bcYcP] SP`X `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX`( A^\Xb\T] _^[XbXZ [TVXa[PaX fP]V _`^ [X]VZc]VP] WXSc_ SP] XLMVXTHYP SLTIHNH WLULNHR O[R[T ZLXRHPZ KLUNHU WLXTHYHSHOHU PUP "OHS& )FPYP%>PYP#( W$ HTQPVXP] QTaP` _`^V`P\& `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX` \PaXW SXS^\X]PaX ^[TW _T\T`X]bPW aTWX]VVP bTZ]XZ `TWPQX[XbPaX bXSPZ aT_T]cW]fP SXPS^_aX ^[TW \PafP`PZPb( J]bcZ \T]VPbPaX X]X& KXaX'CXaX F`TaXST] SP] LPZX[ F`TaXST] \T]YPePQ]fP ST]VP] ALUPUNRHZHU RLNPHZHU BLOHIPSPZHYP 8[ZHU KHU =HOHU KHU RLZLXSPIHZHU THY_HXHRHZ KHSHT WLTIHUN[UHU 8[ZHU BHR_HZ$ 8[ZHUDHUHTHU 9UK[YZXP$ 2NXVMVXLYZX_ KHU 8[ZHU <LTHY_HXHRHZHU #WP[( ., KXaX' CXaX& QcbX` ++ _`^V`P\ PZaX$( X$

FT`caPWPP] fP]V \T]VVc]PZP] YPaP [X]VZc]VP] SP`X bcbc_P] WcbP] bXSPZ \T\QT`XZP] Z^]b`XQcaX fP]V aXV]XUXZP] SXQP]SX]VZP] ST]VP] \P]UPPb fP]V \T`TZP SP_PbZP] SP`X _`^V`P\ `TWPQX[XbPaX [PWP]( >P[ X]X bT`ZPXb ST]VP] KXaX' CXaX fP]V QT`Qc]fX4 <HTP ILXRVTPZTLU ;2<24.8.< 'B8B; 96<48B<4.< YLJHXH RVUYLR]LU ZHUWH WHUKHUN I[S[ KHU A.<>. 8285.D.A6?.< .8.< 82569.<4.< 6<C2@A=? E.<4 .8.< ;29.8B8.< 6<C2@A.@6 16 <242?6 6<6 "OHS& )0 FPYP%>PYP#(

&"$"%" 6PIPN=J @=H=I 6=J?=JC=J *R=H 65034 %#$( !%#$) P$ 7cZc ?& ??& SP] ??? GP]RP]VP] GF@CD bT[PW \T\_T`bX\QP]VZP] WcQc]VP] P]bP`P _T\QP]Vc]P] TZ^]^\X SP] ZT`caPZP] [X]VZc]VP] WXSc_& ]P\c] `XaXZ^ a^aXP[ \PaXW SX_XaPWZP] SP[P\ WcQc]VP] bT`aTQcb& aTWX]VVP _T\X[XWP] aZT]P`X^ ZT`caPZP] [X]VZc]VP] ZTWX[P]VP] Z^\_^]T] fP]V aP]VPb _T]bX]V( Q$ >P]fP 7cZc ??? GP]RP]VP] GF@CD fP]V \T]fTQcbZP] WcQc]VP] P]bP`P AB>H& bPbP `cP]V& SP] _T\QP]Vc]P] TZ^]^\X& ]P\c] abP]SP` fP]V SXVc]PZP] \PaXW QT[c\ YT[Pa SP] aP]VPb bT`VP]bc]V ZT_PSP SPT`PW \PaX]V'\PaX]V( R$ ATbXVP QcZc GF@CD bT`U^Zca _PSP FT[PfP] IT`_PSc HPbc FX]bc #FIHF$ fP]V \T]S^`^]V ZT\cSPWP] _T`XgX]P]( IP]_P SXX`X]VX ^[TW _T]T]bcP] abP]SP` _T]VT[^[PP] [X]VZc]VP] fP]V ZTbPb SP] _T\P]bPcP] fP]V bTVPa \PZP ZXbP PZP] ac[Xb \T]PWP] PZaT[T`PaX ZT`caPZP] fP]V SXaTQPQZP] QP]fPZ]fP XgX] _T]VT[^[PP] H96 fP]V SXQT`XZP]( S$ ATbXVP QcZc GP]RP]VP] GF@CD \PaXW QT[c\ aT_T]cW]fP \T]aX]T`VXZP] ST]VP] \PbT`X \cPbP] JJ D^& -, bPWc] ,**3 bT]bP]V FT`[X]Sc]VP] SP] FT]VT[^[PP] BX]VZc]VP] >XSc_(

A6>32?7E?2? C632729 82< B2<G2D


(* T$ 9P[P\ GP]RP]VP] GF@CD 7cZc ??& `TWPQX[XbPaX [PWP] WP]fP \T]fP]VZcb Pa_TZ TZ^[^VXa aPYP( >P[ X]X bT`[WPb ST]VP] `c\caP] fP]V \T]VPXbZP] `TWPQX[XbPaX ST]VP] _T\T[XWP`PP] SP] _T\c[XWP] ac\QT` PX` #WP[( 3'/,$ PbPc ST]VP] _T]VT[^[PP] 96H #WP[ 01& QPVXP] +*(.(0(-$& aT`bP aTQPVPX Z^\_^]T] _T]X]VZPbP] ZcP[XbPa [X]VZc]VP] WXSc_ #7cZc ?& WP[( ,,.$( U$

9P[P\ GP]RP]VP] GF@CD 7cZc ???& `TWPQX[XbPaX SX\PZacSZP] c]bcZ Z^]aT`dPaX TZ^aXabT\ #WP[( +3$ aT`bP \T]VT\QP[XZP] Uc]VaX [X]Sc]V ZPePaP] #WP[( -+$& ]P\c] bXSPZ SXaTQcbZP] _T`P]P]]fP bT`WPSP_ _T\QP]Vc]P] QT`ZT[P]YcbP](

V$ 9P[P\ 7cZc ?? GP]RP]VP] GF@CD #WP[( // SP] 23$ SP] 7cZc ??? #WP[( -- SP] -0$& \^]Xb^`X]V SP] TdP[cPaX WP]fP bT`ZPXb ST]VP] SP]P b`P]aUT` 96A( CT]VT]PX \^]Xb^`X]V SP] TdP[cPaX P]bP`P P]VVP`P] SP] _T]RP_PXP] bP`VTb& aTRP`P aX]VZPb SXaTQcbZP] SP[P\ 7cZc ? #WP[( ,/-$( DP\c]& bXSPZ PSP `c\caP] fP]V \T]VPXbZP] P]bP`P `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX` ST]VP] _T]SP]PP] \Pc_c] \^]Xb^`X]V SP] TdP[cPaX _T]VVc]PP]]fP( W$ 9P[P\ GF@CD 7cZc ??& `TWPQX[XbPaX [PWP] WP]fP bT`ZPXb ST]VP] _T\T[XWP`PP] SP] _T\c[XWP] ac\QT` PX` #WP[( 3'/,$& PbPc ZPXbP]]fP ST]VP] _T]VT[^[PP] 96H #WP[( 01$& aT`bP SX 7cZc ? aTQPVPX Z^\_^]T] _T]X]VZPbP] ZcP[XbPa [X]VZc]VP] WXSc_ #WP[( ,,.$& bXSPZ SXaTQcbZP] _T`P] \PafP`PZPb PbPc_c] _XWPZ [PX]]fP( X$

9P[P\ 7cZc ??& _T\P]UPPbP] YPaP [X]VZc]VP] QP]fPZ SXQPWPa _PSP WP[P\P] -, SP] 13& ]P\c] \PaXW bT`U^Zca _PSP WcQc]VP] acZP`T[P)ZT`YPaP\P& QcZP] WcQc]VP] ZTePYXQP] _T`caPWPP] bT`WPSP_ ]TVP`P(

&"$"&" 9NPH=J 1=IE P$ FT\QP]Vc]P] TZ^]^\X ]PaX^]P[ fP]V QT`Z^]b`XQcaX _^aXbXU bT`WPSP_ _T]X]VZPbP] ZcP[XbPa [X]VZc]VP] WXSc_& ST]VP] \T]T`P_ZP] ZTQXYPZP] `LXV ]HYZL XVHKTHW _PSP aTbXP_ aTZb^`& ST]VP] RP_PXP] QT`bPWP_ SP] SXZT\QP]VZP] c]bcZ \T]ScZc]V ]X[PX bP\QPW SP`X [X\QPW X]Scab`X PbPc S^\TabXZ( Q$ APYXP] BX]VZc]VP] >XSc_ Hb`PbTVXa #AB>H$ ST]VP] abP]SP` [X]VZc]VP] ]PaX^]P[ fP]V SXbT]bcZP] ^[TW AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] SXVc]PZP] aTQPVPX SPaP` _T`T]RP]PP]& _T[PZaP]PP]& SP] _T\P]bPcP] _T\QP]Vc]P] SPT`PW fP]V SXbcP]VZP] SP[P\ bPbP `cP]V& ST]VP] _T]fTacPXP] bT`QPbPa QT`SPaP`ZP] ZP`PZbT`XabXZ SP`X SPT`PW( R$ ?gX] caPWP QT`QPaXa _T]VT[^[PP] H96 fP]V \T\X[XZX `XaXZ^ [X]VZc]VP] SP] a^aXP[ fP]V bX]VVX _T`[c SX[PZcZP] PcSXb [X]VZc]VP] PVP` SP_Pb SXaTacaPXZP] ST]VP] SPfP ScZc]V [X]VZc]VP]& SP] \T]VX]bTV`PaXZP] ST]VP] aTZaP\P c_PfP _T\c[XWP] SPfP ScZc]V [X]VZc]VP] ST]VP] QTaP`P] X]dTabPaX fP]V SXaTacPXZP] ST]VP] bX]VZPb ZT`caPZP] fP]V bT[PW SXaTQPQZP]]fP( S$ J]bcZ \T]RP_PX _T]X]VZPbP] ZcP[XbPa [X]VZc]VP] WXSc_& _T`[c SX_T`RT_Pb _T]fcac]P] X]ab`c\T] _T]ScZc]V bT`\PacZ _T`Pbc`P] bc`c]P] SP`X JJ D^(-, IPWc] ,**3& ST]VP] \T\_T`WPbXZP]4 ZTaT[P`PaP] P]bP`P _T`Pbc`P] SP] J]SP]V'J]SP]V aT`bP P]bP` _T`Pbc`P]& \T]VWX]SP`X _T`Pbc`P] QT`[P_Xa fP]V \T\X]SPWZP] bP]VVc]V YPePQ ZT_PSP c]Xb fP]V [TQXW

A6>32?7E?2? C632729 82< B2<G2D


(+ ZTRX[& SXaT[TaPXZP] SP[P\ ePZbc fP]V bT[PW SXbT]bcZP]& SP] \T]VWP_caZP] PbPc \T`TdXaX _T`Pbc`P] [PX] fP]V QT`bT]bP]VP] ST]VP] JJ D^( -, IPWc] ,**3( T$ GTWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX` SX[PZaP]PZP] aTRP`P Z^[PQ^`PbXU P]bP`P _T\T`X]bPW #SXePZX[X ^[TW AF> aT`bP Z^\_^]T] bT`ZPXb [PX]]fP SP`X _T\T`X]bPW$ SP] \PafP`PZPb ST]VP] \T\_T`bX\QP]VZP] Uc]VaX TZ^[^VXa SP] a^aXP[ aTRP`P \T]fT[c`cW SX\c[PX SP`X _T`T]RP]PP]& aP\_PX ST]VP] _T\P]bPcP]& bT`\PacZ _T]VT\QP]VP] ZTaTYPWbT`PP] \PafP`PZPb fP]V QT`ZT[P]YcbP] aTWX]VVP ZTVXPbP] `TWPQ[XbPaX QcZP] QT`QPaXa _`^fTZ& ]P\c] _`^V`P\ _T\QP]Vc]P] ZTaTYPWbT`PP] \PafP`PZPb( ;Z^]^\X \PafP`PZPb fP]V QT`QPaXa ZT_PSP ZT[TabP`XP] [X]VZc]VP]& \T]YPSX SPaP` cbP\P SP[P\ _T]VT\QP]VP] ZTVXPbP] `TWPQX[XbPaX QT`aP\P \PafP`PZPb( A^]aT_ X]X SX]bTV`PaXZP] ZT SP[P\ _T`Pbc`P] \T]VT]PX _TS^\P] bTZ]Xa `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX`( U$

GTWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX` SXX]bTV`PaXZP] ST]VP] _T\QP]Vc]P] YP]VZP _P]YP]V SP`X SPT`PW SP] ]PaX^]P[& aTQPVPX QPVXP] SP`X Z^\_^]T] NXLLU LJVUVT_ SP] V`TT] KL\LSVWTLUZ& SP] bT`_TbPZP] SP[P\ bPbP `cP]V fP]V QT`SPaP`ZP] AB>H ST]VP] abP]SP` ]PaX^]P[ fP]V SXbT]bcZP] ^[TW _T\T`X]bPW _caPb ST]VP] _T]fTacPXP] bT`WPSP_ ZP`PZbT`XabXZ \PaX]V'\PaX]V SPT`PW(

V$ 9Xab`XQcaX SP] _T]VVc]PP] 96A SP] SP]P [PX]]fP QT`ZPXbP] ST]VP] ZTVXPbP] `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX` SX[PZcZP] \^]Xb^`X]V SP] PcSXb ZTcP]VP] aT`bP ZTVXPbP] aTRP`P QT`ZP[P( HTbXP_ bT\cP] SP] ZTVPVP[P] SP[P\ \T\T]cWX bP`VTb `TWPQX[XbPaX bP]_P _T]YT[PaP] fP]V `T[TdP]& PZP] SXbX]SPZ [P]YcbX ST]VP] aP]ZaX SXaX]aT]bXU QPVX X]abXbcaX( HTSP]VZP] _T[P]VVP`P] bT`ZPXb ST]VP] _T]fP[PWVc]PP] SP]P& PZP] SXbX]SPZ[P]YcbX ST]VP] YP[c` WcZc\( W$ FT`T]RP]PP]& _T[PZaP]PP]& SP] _T\P]bPcP] ZTVXPbP] `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX` SX[PZcZP] QT`aP\P \PafP`PZPb SP] _T]SP\_X]V fP]V QT`PaP[ SP`X [T\QPVP ]^] _`^UXb& ST]VP] \T\_T`bX\QP]VZP] Z^\_^]T] ZTQT`[P]YcbP] ZTVXPbP] ST]VP] _T\QP]Vc]P] YP]VZP _P]YP]V SPT`PW SP] ]PaX^]P[& bT`cbP\P bT`ZPXb ST]VP] _T]X]VZPbP] ZTaTYPWbT`PP] \PafP`PZPb( X$

CT]X]VZPb]fP _T]T`X\PP] ]TVP`P QcZP] _PYPZ SP`X _T`caPWPP] ST]VP] ZTVXPbP] cbP\P _T\P]UPPbP] YPaP [X]VZc]VP]& fP]V QT`SPaP`ZP] ]X[PX dP[cPaX TZ^aXabT\ `PbPP] P]bP`P ]X[PX bT`bX]VVX SP] bT`T]SPW ST]VP] \T\_T`bX\QP]VZP] UPZb^` TZ^[^VX SP] a^aXP[& aT`bP SX[PZcZP] ST]VP] \X]X\P[ ScP \Tb^ST _T`WXbc]VP] dP[cPaX TZ^aXabT\(

Y$

CT]VT\QP]VZP] aXabT\ X]U^`\PaX [X]VZc]VP] WXSc_ fP]V SP_Pb \T]ScZc]V _T]VP\QX[P] ZTQXYPZP] B> SP] H96 aTRP`P bT`XbTV`PaX SP] _T\T]cWP] PZaTa X]U^`\PaX [X]VZc]VP] QPVX \PafP`PZPb aTacPX ST]VP] \P]SPbT JJ ATbT`QcZPP] ?]U^`\PaX FcQ[XZ SP] JJ -,),**3

A6>32?7E?2? C632729 82< B2<G2D


(,

&"%" 7=N=M=J <HTP TLUN[Y[SRHU WLUHTIHOHU QcbX`'QcbX` QT`XZcb SP[P\ `c\caP] aPaP`P] SP[P\ QXSP]V bT`ZPXb _PSP 7cZc ? SP] 7cZc ??4 P$ CT]X]VZPb]fP ZcP[XbPa [X]VZc]VP] WXSc_ aTQPVPX SP\_PZ SP`X caPWP _T]RTVPWP] _T`caPZP] SP] _T]RT\P`P] [X]VZc]VP]& \T[P[cX X]bTV`PaX Z^\_^]T] _T[TabP`XP] [X]VZc]VP] ST]VP] abP]SP` fP]V SXbT]bcZP] ^[TW AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]& SP[P\ aTbXP_ aTVX _T\QP]Vc]P] TZ^]^\X( Q$ 7T`Zc`P]V]fP [PWP] Z`XbXa aTQTaP` - YcbP WTZbP`)bPWc]& ST]VP] _T`bX\QP]VP] ZcP[XbPa SP] ZcP]bXbPa RPZc_P] [PWP] `TWPQX[XbPaX& aT`bP bT`RP_PX]fP _T`bc\QcWP] TZ^]^\X fP]V QT`ZTaX]P\Qc]VP] SXaT`bPX ST]VP] _T]X]VZPbP] ZTaTYPWbT`PP] \PafP`PZPb& aTYP[P] ST]VP] _T[TabP`XP] SP] _T\c[XWP] [X]VZc]VP] WXSc_( R$ FT]X]VZPbP] TUTZbXUXbPa SP] TUXaXT]aX _T]RP_PXP] bcYcP] `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX`( S$ FT]X]VZPbP] _T]T`X\PP] ]TVP`P QcZP] _PYPZ SP`X _T]VVc]PP] YPaP [X]VZc]VP] c]bcZ bcYcP] Z^\T`aX[(

&"&" *M=D 1A>EF=G=J @=J 7OM=OACE 5AI>=JCPJ=J Jac[P] ZP\X bT`WPSP_ P`PW ZTQXYPZP] SP] ab`PbTVX _T\QP]Vc]P] SX 7cZc ? SP] 7cZc ?? _T`[c KPZHTIHORHU aTQPVPX QT`XZcb4 P$ FT]X]YPcP] SP] _T]PbPP] ZT\QP[X ZTQXYPZP] _T\QP]Vc]P] TZ^]^\X ]PaX^]P[ fP]V QT`QPaXa TZa_[^XbPaX H96 ST]VP] bX]VZPb ZT`caPZP] [X]VZc]VP] fP]V Z`XbXa SP])PbPc SP\_PZ a^aXP[ fP]V bX]VVX( Q$ FT]VZPYXP] SP] _T]X]YPcP] \T]fT[c`cW PbPa bX]VZPb _T\QP]Vc]P] TZ^]^\X SPT`PW aTQPVPX SPaP` _T]PbPP] ZT\QP[X ZTQXYPZP] SPT`PW QT`QPaXa [X]VZc]VP]( R$ FT]X]YPcP]& `TdXaX& SP] _T]VX]bTV`PaXP] _`X]aX_ _T[TabP`XP] [X]VZc]VP] WXSc_ ST]VP] abP]SP` fP]V bX]VVX SP[P\ _T`XgX]P] _T]VT[^[PP] H96 fP]V bT[PW SXQT`XZP] _T\T`X]bPW( S$ FT`RT_PbP] _T]fcac]P]& _T]VcYXP]& SP] _T]TbP_P] _T`Pbc`P] _T]ScZc]V _T[PZaP]PP] JJ D^(-, IPWc] ,**3 bT]bP]V FT`[X]Sc]VP] SP] FT]VT[^[PP] BX]VZc]VP] >XSc_( T$ FT]X]YPcP] SP] _T]fTacPXP] _`^V`P\ `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX` QT`SPaP`ZP] ZP`PbT`XabXZ TZ^[^VXa SP] a^aXP[ [X]VZc]VP]& aT`bP WP`\^]XaPaX P]bP`P `T]RP]P _T\QP]Vc]P] ]PaX^]P[ ST]VP] `T]RP]P _T\QP]Vc]P] SPT`PW SP[P\ ZTbT`ZPXbP]]fP ST]VP] _`^V`P\ `TWPQX[XbPaX [PWP]( U$

FT\cbPZWX`P] aXabT\ _T\P]bPcP] ZX]T`YP `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX`(

V$ FT]X]YPcP] ZT\QP[X _T]T`X\PP] ]TVP`P QcZP] _PYPZ fP]V QT`PaP[ SP`X _T`caPWPP] fP]V \T]VVc]PZP] ac\QT` SPfP P[P\& bT`\PacZ PX` SP] WcbP](

A6>32?7E?2? C632729 82< B2<G2D


(-

&"'" 1=E@=D 5AH=GN=J==J &"'"$" 1AM=JCG= 5AJ@=J==J AP\X \T]Vcac[ZP] ZT`P]VZP _T]SP]PP] \T\PacZZP] _T]T`X\PP] SP`X X]bTV`PaX Z^\_^]T] QXPfP [X]VZc]VP] ZT SP[P\ _PYPZ ZT]SP`PP] \Pc_c] _T`caPWPP]& aT[PX] _T]SP]P] \T[P[cX 6F7D SP] ZT`YPaP\P [cP` ]TVT`X bT`cbP\P ]TVP`P fP]V \T\X[XZX X]dTabPaX SX ?]S^]TaXP( &"'"%" 1AM=JCG= 6ACPH=NE AP\X \T]Vcac[ZP] WLUHTIHOHU X[T[YHU QT`XZcb SP[P\ ZT`P]VZP `TVc[PaX4 P$ 9P[P\ `P]VZP X\_[T\T]bPaX aT_T]cW]fP JJ -, bPWc] ,**3 \T]VT]PX FT`[X]Sc]VP] SP] FT]VT[^[PP] BX]VZc]VP] >XSc_& QTQT`P_P WP[ QT`XZcb _T`[c SX[PZcZP]4 o FT`RT_PbP] _T]fcac]P]& _T]VcYXP]& SP] _T]TbP_P] _T`Pbc`P] bc`c]P] SP`X JJ D^( -, IPWc] ,**3( o

CT\PabXZP] ZTaT[P`PaP] P]bP`P _PaP['_PaP[ SP[P\ JJ D^( -, IPWc] ,**3 ST]VP] _T`Pbc`P] bc`c]P]]fP(

o

CT]VWX]SP`X _T`Pbc`P] QT`[P_Xa fP]V \T\X]SPWZP] bP]VVc]V YPePQ _T]VT[^[PP] bT`WPSP_ _XWPZ [PX] PbPc c]Xb fP]V [TQXW ZTRX[(

o

CT]TbP_ZP] _T`X^ST fP]V bT`QPbPa c]bcZ _T`P[XWP] SP`X _T`Pbc`P]'_T`Pbc`P] bT`SPWc[c bT`ZPXb [X]VZc]VP] WXSc_ c]bcZ \T\PabXZP] ZTaT`PVP\P] SPaP` _T`Pbc`P] fP]V SXVc]PZP] SX aT[c`cW ?]S^]TaXP(

o

CT]VWP_caZP] PbPc \T`TdXaX _T`Pbc`P] fP]V QT`bT]bP]VP] ST]VP] JJ D^( -, bPWc] ,**3(

o

CT]fcac]& \T]VcYX& SP] \T]TbP_ZP] XVHK THW _T]VT[^[PP] H96 SXaTacPXZP] ST]VP] SPfP ScZc]V [X]VZc]VP] \PaX]V'\PaX]V SPT`PW(

Q$ FT`Pbc`P] fP]V \T]VPbc` ZT`YPaP\P P]bP`P _T\T`X]bPW _caPb SP] SPT`PW \T]VT]PX _T\QP]Vc]P] TZ^]^\X ]PaX^]P[ SP] SPT`PW YP]VZP _P]YP]V& ST]VP] QT`SPaP`ZP] ZTVXPbP] `TWPQXbPaX SP] bPbP `cP]V fP]V \T\_T`bX\QP]VZP] ZT[TabP`XP] [X]VZc]VP] \T[P[cX _T]STZPbP] TZ^`TVX^]( R$ FT`Pbc`P] \T]VT]PX _TS^\P] `TWPQX[XbPaX QT`SPaP`ZP] bX]VZPb ZT`caPZP] eX[PfPW SP] _T]VT\QP]VP] \P]UPPb TZ^[^VXa SP] a^aXP[ [X]VZc]VP]( S$ FT`Pbc`P] \T]VT]PX _T]T`QXbP] _TbP aTQP`P] [PWP] Z`XbXa fP]V SX[T]VZP_X ST]VP] ZP`PZbT`XabXZ TZ^[^VXa SP] Z^]SXaX a^aXP[ QcSPfP aTbT\_Pb( T$ FT`Pbc`P] \T]VT]PX _T]T`X\PP] ]TVP`P QcZP] _PYPZ fP]V QT`PaP[ SP`X _T\P]UPPbP] YPaP [X]VZc]VP] bT`ZPXb `TWPQX[XbPaX [PWP]( U$

FT`Pbc`P] \T]VT]PX _P`bXaX_PaX \PafP`PZPb SP[P\ _T`T]RP]PP]& _T[PZaP]PP]& SP] _T\P]bPcP] _T`[X]Sc]VP] SP] _T]VT[^[PP] [X]VZc]VP] WXSc_(

A6>32?7E?2? C632729 82< B2<G2D


(. V$ FT`Pbc`P] _T[PZaP]PP] bT`ZPXb AB>H SP] GT]RP]P FT`[X]Sc]VP] SP] FT]VT[^[P] BX]VZc]VP] >XSc_ #GFFB>$( W$ FT`Pbc`P] \T]VT]PX aXabT\ X]U^`\PaX [X]VZc]VP] WXSc_( X$

FT`Pbc`P] \T]VT]PX X]ab`c\T] TZ^]^\X [X]VZc]VP](

Y$

FT`Pbc`P] \T]VT]PX aXabT\ _T]TVPZP] WcZc\ bT`_PSc(

Z$ FT`Pbc`P] \T]VT]PX _T\c[XWP] [X]VZc]VP] SP] _T]fT[T]VVP`PP] SP]P _T\c[XWP] [X]VZc]VP]( &"'"&" 1AM=JCG= 1AHAI>=C==J <HTP TLUN[Y[SRHU TLUHTIHORHU `c\caP] ZT`P]VZP ZT[T\QPVPP] aTQPVPX QT`XZcb4 P$ FT\QT]bcZP] aPbcP] bcVPa fP]V SXZ^^`SX]PaXZP] ^[TW AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] c]bcZ \T]X]YPc& \T\P]bPc& SP] \T\QT`XZP] `TZ^\T]SPaX PbPa _T]PbPP] _P`P _XWPZ bT`WPSP_ ZTbT]bcP] [X]VZc]VP] WXSc_( Q$ CT]VcPbZP] ZP_PaXbPa SP] _T`P] aT`bP c]XdT`aXbPa SP] [T\QPVP _T]T[XbXP] ]TVP`P SX SP[P\ \T]ScZc]V aPbcP] bcVPa SX PbPa(

D^

HPaP`P]

+

FT]X]VZPbP] ZcP[XbPa [X]VZc]VP] WXSc_

?]SXZPb^`

FT]RP_PXP]

IT`QP]Vc]]fP ZT`P]VZP ZTQXYPZP] _T\QP]Vc]P] fP]V `P\PW [X]VZc]VP] ST]VP] \T]T`P_ZP] Z^]aT_ NXLLU KL\LSVWTLUZ SP] NXLLU LJVUVT_&

,*+/

IT`X]bTV`PaX]fP X]XaXPbXU _T\c[XWP] ZcP[XbPa [X]VZc]VP] SXaTbXP_ aTZb^` ST]VP] _T]VPePaP] X]bT`]P[ SP] TZabT`]P[(

,*+0

6SP]fP _T]TVPZP] aP]ZaX fP]V bTVPa PbPa ZT[P[PXP] SP[P\ caPWP _T\c[XWP] ZcP[XbPa [X]VZc]VP] #PS\X]Xab`PaX& _T`SPbP SP] _XSP]P$(

,*+0

9XbT`P_ZP]]fP ZTQXYPZP] `LXV ]HYZL XVHK THW aTQPVPX _TS^\P] ]PaX^]P[& QPXZ ^[TW ZP[P]VP] X]Scab`X& \Pc_c] S^\TabXZ(

,*+0

IT`X\_[T\T]bPaX]fP AB>H aTQPVPX SPaP` cbP\P SP[P\ _T]fcac]P] SP] `TdXaX bPbP `cP]V aT`bP ZTQXYPZP]& `T]RP]P& SP] _`^V`P\ #AGF$(

,*+1

IT`aTSXP]fP abP]SP` ]PaX^]P[ _T[TabP`XP] SP] _T\c[XWP] [X]VZc]VP] aTQPVPX `TUT`T]aX SPaP` SPT`PW SP[P\ \T]fcac] AB>H(

,*+/

A6>32?7E?2? C632729 82< B2<G2D

FT]P]VVc]V YPePQ

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]


(/

GTdXaX bPbP `cP]V QT`QPaXa _T]X]YPcP] ZT\QP[X PZP] SPfP ScZc]V [X]VZc]VP] fP]V bT`bcP]V SP[P\ AB>H(

,*+1

AT\T]bT`XP] 6V`P`XP SP] IPbP GcP]V

IT`QP]Vc]]fP aXabT\ acQaXSX ]PaX^]P[ c]bcZ _T\QP]Vc]P] SPT`PW fP]V \T]VPRc ZT_PSP _`X]aX_ _T`[X]Sc]VP] [X]VZc]VP](

,*+0

7P__T]Pa QT`aP\P ST]VP] AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

IT`RX_bP]fP _T\QP]Vc]P] fP]V \T`PbP SX aT[c`cW ?]S^]TaXP(

,*+3

7P__T]Pa SP] aT[c`cW ZT\T]bT`XP] aT`bP [T\QPVP _T\T`X]bPW

CT]X]VZPb]fP ZTaTYPWbT`PP] SP] ZTaPSP`P] \PafP`PZPb PZP] ZT[TabP`XP] [X]VZc]VP](

,*+2

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] QT`aP\P AT\T]bT`XP] bT`ZPXb #FT]SXSXZP]& 6V`P`XP SP] IPbP GcP]V$

FT]T`P_P] NXLLU I[KNLZPUN SP[P\ _T\QP]Vc]P] TZ^]^\X SPT`PW(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] #QT`aP\P ST]VP] AT\T]bT`XP] ATWcbP]P]$

IT`QcZP]fP X]U^`\PaX _`^aTa _T`XgX]P] _T]VT[^[PP] H96 ST]VP] \T[XQPbZP] _T`P] aT`bP \PafP`PZPb SX SP[P\ _T`bX\QP]VP] _T\QT`XP] XgX](

,*+1

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

IT`QP]Vc]]fP SP] bT`_T]cWX]fP abP]SP` fP]V bX]VVX PbPa _T]VT[^[PP] [X]VZc]VP] SP[P\ aTbXP_ aTZb^` _T\QP]Vc]P](

,*+1

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

IT`aTSXP]fP aXabT\ _T\P]bPcP] QT`aP\P \PafP`PZPb SP] _T]X]SPZP] fP]V bTVPa bT`WPSP_ ZT[P[PXP] _T\T]cWP] abP]SP` _T]VT[^[PP] [X]VZc]VP](

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

IT`bPbP]fP _T`XgX]P] _T]VT[^[PP] H96 aTacPX ST]VP] bX]VZPb _T\c[XWP] SPfP ScZc]V [X]VZc]VP](

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

BL\PL] bT`WPSP_ aXabT\ _T`XgX]P] [X]VZc]VP] aTacPX ST]VP] \P]SPb JJ D^( -, IPWc] ,**3(

,*+/

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

CT]c`c]]fP [PYc ZT`caPZP] SP] _T]RT\P`P] [X]VZc]VP]& \T[P[cX _T]VWT]bXP] ZTVXPbP] ST]VP] `XaXZ^ PSP_bPaX SP])PbPc _T\c[XWP] fP]V aP]VPb bX]VVX(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

A6>32?7E?2? C632729 82< B2<G2D


(0

CT]X]VZPb]fP ZTbT`aTSXPP] SP]P _T\c[XWP] [X]VZc]VP] SP] ZT`cVXP] a^aXP[ SP`X FD7F(

,*+/

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

9XbT`P_ZP]]fP aP]ZaX bT`WPSP_ _T[P]VVP`P] WcZc\ [X]VZc]VP] QT`SPaP`ZP] \P]UPPb)YPaP [X]VZc]VP] fP]V WX[P]V SP] _T\c[XWP] Z^]SXaX [X]VZc]VP] #DHRL 3HJR AVSPJ_$(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

6SP]fP aXabT\ _T\P]bPcP] SP] _T\QPbPaP] PbPa _T`TSP`P] [X\QPW 7- SP] QPWP] ZX\XP QT`QPWPfP& aT_T`bX \T`Zc`X fP]V _PSP bPWc] ,*+, _T]RT\`P]]fP bT[PW \T]RP_PX ,*! SP`X T\XaX F;HA #_T`bP\QP]VP] T\Pa aZP[P ZTRX[$ V[^QP[(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

9XbTbP_ZP]]fP aT[c`cW _T`Pbc`P] _T[PZaP]P fP]V SX\P]SPbZP] ^[TW JJ D^( -, IPWc] ,**3 bT]bP]V FT`[X]Sc]VP] SP] FT]VT[^[PP] BX]VZc]VP] >XSc_(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

BL\PL] _T`Pbc`P] _T[PZaP]P SP] _T`Pbc`P] SPT`PW bT`ZPXb ST]VP] _T`[X]Sc]VP] SP] _T]VT[^[PP] [X]VZc]VP] WXSc_(

,

7T`Zc`P]V]fP [PWP] Z`XbXa aTQTaP` - YcbP WTZbP`)bPWc]

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] QT`aP\P AT\T]bT`XP] 9P[P\ DTVT`X

6SP]fP \TZP]Xa\T Z^]ac[bPaX _cQ[XZ PbPa `P]RP]VP] _T`Pbc`P] _T[PZaP]P SP`X JJ D^( -, IPWc] ,**3(

,*+/

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] QT`aP\P AT\T]bT`XP] 9P[P\ DTVT`X

IT`aTSXP]fP X]U^`\PaX \T]VT]PX UPZb^` _T]S^`^]V& SP\_PZ& SP] ZT]SP[P SP`X ZTVXPbP] `TWPQX[XbPaX SX \PaP [P[c& aTQPVPX SPaP` _T]VT\QP]VP] ab`PbTVX `TWPQX[XbPaX fP]V [TQXW aTacPX(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

IT`aTSXP]fP X]U^`\PaX aTQP`P] [PWP] Z`XbXa SX aT[c`cW ]caP]bP`P SX[T]VZP_X ST]VP] SPbP TZ^[^VXa& SP] a^aXP[ QcSPfP aTbT\_Pb(

,*+1

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] SP] AT\T]bT`XP] bT`ZPXb #FT`bP]XP]& 6V`P`XP SP] IPbP GcP]V$

IT`aTSXP]fP _TS^\P] `TWPQX[XbPaX [PWP] fP]V SXaTacPXZP] ST]VP] bX]VZPb ZT`caPZP] [X]VZc]VP]& Uc]VaX [PWP]& \P]UPPb TZ^[^VXa SP] a^aXP[ dTVTbPaX

,*+1

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

A6>32?7E?2? C632729 82< B2<G2D


)'

-

.

/

FT]X]VZPbP] TUTZbXUXbPa SP] TUXaXT]aX _T]RP_PXP] bcYcP] `TWPQX[XbPaX [PWP]& ac]VPX& SP] _TaXaX`(

FT]X]VZPbP] _T]T`X\PP] ]TVP`P QcZP] _PYPZ(

FT]X]VZPbP] TUTZbXUXbPa _T]VPePaP] [X]VZc]VP] WXSc_(

6SP]fP _T[PbXWP] SP] _T\QX]PP] c]bcZ _T]VcPbP] _P`bXaX_PaX \PafP`PZPb SP[P\ _T\QXQXbP]& _T\T[XWP`PP] bP]P\P]& _T]VT\QP]VP] QXa]Xa& SP] _T\PaP`P]& aT`bP HNXVMVXLYZX_ #LP]PbP]X$(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

FT]X]VZPbP] _T`P] 7?= SP[P\ \T]fTSXPZP] X]U^`\PaX bT`ZPXb _TbP fP]V X]bTV`PbXU

,*+0

7PSP] ?]U^`\PaX =T^a_PaXP[

IT`QP]Vc]]]fP aXabT\ _T[P_^`P] ZX]T`YP fP]V \cbPZWX` SP] b`P]a_P`P] aT`bP \T[XQPbZP] \PafP`PZPb aTbT\_Pb aTRP`P [P]Vac]V SP[P\ ac`dTf(

,*+2

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

IT`aTSXP]fP _TS^\P] _T\P]bPcP] fP]V bT`QcZP SP] _P`bXa_PbXU QT`QPaXa ?FI;A(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

CT]X]VZPb]fP ZP_PaXbPa H9C P_P`Pb _T\T`X]bPW SP] \PafP`PZPb aTbT\_Pb SP[P\ \T]ScZc]V _`^aTa _T`T]RP]PP]& _T[PZaP]PP]& SP] _T\P]bPcP] aT`bP _T[P_^`P] ZTVXPbP] `TWPQX[XbPaX(

,*+2

AT\T]bT`XP] BX]VZc]VP] WXSc_ SP] ATWcbP]P] #QT`aP\P ST]VP] AT\T]bT`XP] ATcP]VP]$

IT`RTVPW]fP _T]X]VZPbP] ZT`cVXP] ]TVP`P SP] \PafP`PZPb fP]V SXbX\Qc[ZP] ^[TW MXLL XPKLX SP[P\ _T]VVc]PP] YPaP [X]VZc]VP] aTQPVPX QPVXP] SP`X _`^aTa Z^\T`aX[ fP]V bT`aTSXP aTQPVPX VWLU HJJLYY&

,*+1

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

IT`aTSXP]fP _TS^\P] _T]X[PXP] YPaP [X]VZc]VP] bT`ZPXb ST]VP] ZTbT`aTSXPP] PX`& aTQPVPX SPaP` SP[P\ _T]T]bcP] X]aT]bXU fP]V _T`[c SXZT[cP`ZP] ^[TW _T`caPWPP](

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

BL\PL] SP] bT`acac]]fP _TS^\P] _T]VPePaP] _T]PbPP] [X]VZc]VP] WXSc_(

,*+/

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

FT]VT\QP]VP] X]ab`c\T] TZ^]^\X [X]VZc]VP] SP[P\ \T]S^`^]V _T]PPbP] [X]VZc]VP] WXSc_(

,*+/

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] QT`aP\P AT\T]bT`XP] ATcP]VP]

6SP]fP XL\PL] _T]PPbP] _T`XgX]P] SP] PcSXb [X]VZc]VP] WXSc_ PbPa ZTVXPbP] fP]V QT`SP\_PZ _T]bX]V(

,*+/

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]5 7P__T]Pa

A6>32?7E?2? C632729 82< B2<G2D


)(

.( @6B6D F;GJ76>6D A;I?=6 F;C7;G6DI6H6D A;@6>6I6D HJC7;G 96N6 6B6C 96D B?D=AJD=6D >?9JF '"$" 5AMI=N=H=D=J @=J /NP 7OM=OACEN '"$"$" 6PIPN=J @=H=I ;ENE!3ENE 5MANE@AJ @=J <=GEH 5MANE@AJ J_PfP \T]VcPbZP] _T]TVPZP] WcZc\ Hc\QT` 9PfP 6[P\ SP] BX]VZc]VP] >XSc_ #H96'B>$ QT`c[P]VZP[X SXaTQcbZP] aTQPVPX Z^\Xb\T] FT\T`X]bPWP] @^Z^ LXS^S^'@cacU AP[[P& QPXZ SP[P\ dXaX \XaX \Pc_c] SP[P\ _T`]fPbPP] [XaP]( 9P[P\ dXaX \XaX bT`aTQcb& Z^\Xb\T] _T]TVPZP] WcZc\ bXSPZ c]bcZ SX[PZaP]PZP] aT_T`bX QXPaP& bTbP_X ST]VP] ZTQXYPZP] bT`bT]bc fP]V SXWP`P_ZP] \T\_T`ZcPb _T]TVPZP] WcZc\ bT`WPSP_ _T`caPZP] H96'B>( 9XP]bP`P]fP4 o 9UPYPHYP >2?.<48.A 5B8B; RO[Y[Y KNU @.AB.< AB4.@ 85B@B@ B<AB8 69924.9 36@56<4# 69924.9 9=446<4 1.< 69924.9 ;6<6<4 "OHS& ), FPYP%>PYP#& o

ALTILXHUZHYHU THMPH WLXZHTIHUNHU TLSHS[P >2<6<48.A.< 8B.96A.@ .B16A >2<4.D.@ 9.>.<4.<$ TLTWLXRLZHZ P`PU WLXZHTIHUNHU KHU OLUZPRHU PSSLNHS TPUPUN "5PHSVN KLUNHU <HKPU$ _HUN ZLXW[ISPRHYP KP KHSHT TLKPH THYYH#&

o

+?6=?6A.@8.< >2<24.8.< 8.@B@ 8=?B>@6 KP YLRZVX WLULNHRHU O[R[T$ WVSPZPR$ WHQHR$ ILH J[RHP KHU PUK[YZXP -&% "OHS& )+ FPYP% >PYP#&

o

+2<24.8.< 'B8B; *6<48B<4.<$ YLJHXH RVUYLR[LU ZHUWH WHUKHUN I[S[ "OHS& )FPYP%>PYP#&

o

ALUN[HZHU YLRZVX RLO[ZHUHU TLSHS[P$ WLUNH]HYHU KHU >2<24.8.< 5B8B; A2?5.1.> 69924.9 9=446<4$ WLUNLTIHUNHU ZHZH N[UH O[ZHU RLYLWHRHZHU$ WLUNLTIHUNHU OHYPS O[ZHU UVU RH_[$ WLUNLTIHUNHU C52 _HUN SLYZHXP$ WLTLSPOHXHHU Y[TILX LRVSVNPY KHU YPYZLT WLU_HUNNH RLOPK[WHU$ WLUJLNHOHU RLIHRHXHU O[ZHU$ KHU ZLXYLSLYHPRHUU_H RVUMSPR RLWLTPSPRHU OHR WLUNLSVSHHU KHU Z[TWHUN ZPUKPO WLXP`PUHU "OHS& *- FPYP%>PYP#&

o

ALT[SPOHU SPUNR[UNHU OPK[W _HUN ZLXJLTHX$ ;2<452<A68.< 8=<C2?@6 9.5.< WXVK[RZPM B<AB8 B@.5. SHPU YLWLXZP PUK[YZXP$ WLX[THOHU KHU >2?A.;/.<4.< "8HS& 0 FPYP%>PYP#&

'"$"%" 6PIPN=J @=H=I 6=J?=JC=J *R=H 65034 %#$( !%#$) 9^Zc\T] GP]RP]VP] GF@CD bXSPZ \T]fTQcbZP] _T`a^P[P] _T]VcPbP] bT`WPSP_ _T]TVPZP] WcZc\ H96'B> aTQPVPX aP[PW aPbc bP]bP]VP] fP]V WP`ca SXWPSP_X SP[P\ QXSP]V FT]VT[^[PP] Hc\QT` 9PfP 6[P\ SP] BX]VZc]VP] >XSc_ #7PQ +*$( 9P[P\ `P]RP]VP] GF@CD bT`aTQcb QXSP]V _T]TVPZP] WcZc\

A6>32?7E?2? C632729 82< B2<G2D


)) WP]fP bT`U^Zca _PSP Z^`c_aX SP] _T[P]VVP`P] >6C& fP]V aTQT]P`]fP Ycab`c \T`c_PZP] PZP` SP`X ZTYPWPbP] bT`WPSP_ H96'B> #7PQ 0$( @XZP SXbT[XbX WX]VVP ZT SP[P\ ZT`P]VZP _`^V`P\]fP& SP_Pb bT`[XWPb QPWeP QXSP]V WcZc\ SXYP[P]ZP] aT[PfPZ]fP _T`a^P[P] QXPaP #I[YPULYY HY [Y[HS$& \PacZ ZT SP[P\ _`^V`P\'_`^V`P\ bPWc]P] \PaX]V'\PaX]V ZT\T]bT`XP])[T\QPVP& QPXZ Xbc AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]& _T]X]SPZP] bX]SPZ _XSP]P ZWcaca ^[TW ATYPZaPP]& \Pc_c] bX]SPZ _XSP]P Z^`c_aX ^[TW A^\XaX FT\QT`P]bPaP] A^`c_aX( 9X aXaX [PX] _T`T]RP]PP] cZc`P] ZX]T`YP _`^V`P\ ZT\T]bT`XP] [TQXW QP]fPZ QT`aXUPb ZTVXPbP] ZTbX\QP]V QT`^`XT]bPaX WPaX[ fP]V QT`caPWP SXRP_PX SP`X _`^V`P\ Xbc aT]SX`X( '"$"&" 9NPH=J 1=IE @XZP _T]VT[^[PP] H96'B> \T`c_PZP] aP[PW aPbc _`X^`XbPa SP[P\ _T`T]RP]PP] _T\QP]Vc]P] FT\T`X]bPWP] ,*+.',*+3 WX]VVP SXaTSXPZP] aPbc QPVXP] bT`aT]SX`X& \PZP _T]TVPZP] WcZc\ SX aTZb^` bT`aTQcb aTWP`ca]fP YcVP \T]YPSX _T]bX]V aTQPVPX \TZP]Xa\T _T`[X]Sc]VP] a^aXP[ #YVJPHS KLMLUJL WVSPJ_$ SP[P\ _T[PZaP]PP] _T`T]RP]PP] _T\QP]Vc]P] bT`aTQcb( 6VT]SP FT]TVPZP] >cZc\ 6bPa ATYPWPbP] H96'B> \T]YPSX aP[PW aPbc HcQ 7XSP]V >cZc\ fP]V SX_^aXaXZP] aTQPVPX Xac ab`PbTVXa aTQT[c\ _T\QT`P]bPaP] Z^`c_aX SP] _T[P]VVP`P] >6C( HT_T`bX WP[]fP ZTYPWPbP] Z^`c_aX SP] _T[P]VVP`P] WPZ PgPaX \P]caXP #>6C$& ZTYPWPbP] ac\QT` SPfP P[P\ SP] [X]VZc]VP] WXSc_ #H96'B>$ bT`V^[^]V ZTYPWPbP] fP]V [cP` QXPaP #L^ZXHVXKPUHX_$& IXSPZ WP]fP \T]fTQPQZP] ZT`cVXP] ]TVP`P SP[P\ QT]bcZ ZT`caPZP] [X]VZc]VP] WXSc_ aP]VPb \PaXU& bTbP_X YcVP SXYP[P]ZP] aTRP`P bT`^`VP]XaX` SP] b`P]a]PaX^]P[( 9T]VP] aXUPb fP]V \PaXU bT`aTQcb ZTYPWPbP] H96'B> YcVP aP]VPb SXc]bc]VZP] ST]VP] `T]bP]]fP bPbP ZT[^[P SP] _T]TVPZP] WcZc\ bT`WPSP_ Z^`c_aX( HT\T]bP`P X]bT]aXbPa _T]TVPZP] WcZc\ fP]V SX[PZaP]PZP] aT^[PW bXSPZ QT`Z^]b`XQcaX c]bcZ \T]TZP] bX]VVX]fP P]VZP STU^`TabPaX& `T]SPW]fP ZTbPPbP] PS\X]Xab`PaX _T`XgX]P]& SP] bXSPZ \PZaX\P[]fP _T]T`X\PP] ]TVP`P QPXZ _PYPZ \Pc_c] QcZP] _PYPZ SP] Z^`c_aX SP[P\ _T]VT[^[PP] ac\QT` SPfP P[P\ fP]V bT`YPSX( HP[PW aPbc _T]fTQPQ]fP PSP[PW QPWeP ZTQXYPZP] _T]TVPZP] WcZc\ #SH] LUMVXJLTLUZ WVSPJ_$ fP]V SXQP]Vc] aT[P\P X]X QT[c\ QT`YP[P] ^_bX\P[ bXSPZ \T\QT`XZP] TUTZ YT`P( IXSPZ TUTZbXU]fP _T]TVPZP] WcZc\ SXbc]YcZZP] ST]VP] _`^aTa _T]TVPZP] WcZc\ [TQXW QP]fPZ SXaP[PWVc]PZP] c]bcZ \T]YT`Pb \PafP`PZPb \P`YX]P[ fP]V \T\_T`bPWP]ZP] WXSc_]fP SP`X ac\QT`' ac\QT` SPfP P[P\& ZTbX\QP]V PZb^` cbP\P fP]V SXc]bc]VZP] SP`X ZT`caPZP] H96'B> aTRP`P \PaXU( 9PbP ?]S^]TaXP 8^``c_bX^] LPbRW \XaP[]fP \T]fTQcbZP] QPWeP aT_P]YP]V bPWc] ,**/',**2 _`^aTa _T]TVPZP] WcZc\ bT`WPSP_ bX]SPZ _XSP]P ZTWcbP]P]& aTQTaP` 1+&1+! SXP]bP`P]fP WP]fP \T]fT]bcW PZb^` QPePW( 9P[P\ _T[PZaP]PP]]fP _T]TVPZP] WcZc\ bXSPZ QP]fPZ QT`Z^]b`XQcaX bT`WPSP_ _c[XW]fP ZT\QP[X SP\_PZ fP]V SXPZXQPbZP] ^[TW ZTYPWPbP] H96'B>( 9X aXaX [PX]& _T`a^P[P] _T]TVPZP] WcZc\ bT`aTQcb YcVP SX_T`c\Xb ST]VP] ZTbXSPZ YT[PaP] `cP]V [X]VZc_ ZT[T\QPVPP] _T]TVPZP] WcZc\ fP]V aPPb X]X aP[X]V bc\_P]V bX]SXW( AT[T\QPVPP] FTYPQPb FTVPePX DTVT`X HX_X[ #FFDH$ fP]V bT`aTQP` SX SP[P\ QT`QPVPX c]SP]V'c]SP]V \Pc_c] P_P`Pb _T]TVPZ WcZc\ fP]V \T]P]VP]X ZTYPWPbP] H96'B> [T\PW& QT`YP[P] bP]_P bT`Z^^`SX]PaX SP] SX_^aXaXZP] `T]SPW(

A6>32?7E?2? C632729 82< B2<G2D


)*

'"%" 7=N=M=J <HTP TLUN[Y[SRHU WLUHTIHOHU `c\caP] aPaP`P] SP[P\ GP]RP]VP] GF@CD aTQPVPX QT`XZcb4 3AJEJCG=OJS= ABAGOEQEO=N LAJAC=G=J @=J GAL=NOE=J DPGPI OAMD=@=L GAF=D==J 7,*!2. fP]V bXSPZ WP]fP \T\QT`XZP] TUTZ YT`P SP] SP_Pb QT`Z^]b`XQcaX aTRP`P TUTZbXU bT`WPSP_ \X]X\P[]fP _T`caPZP] H96'B> aT`bP \T]X]VZPb]fP _T]T`X\PP] ]TVP`P(

'"&" *M=D 1A>EF=G=J @=J 7OM=OACE 5AI>=JCPJ=J Jac[P] ZP\X bT`WPSP_ P`PW ZTQXYPZP] SP] ab`PbTVX _T\QP]Vc]P] SX 7cZc ? SP] 7cZc ?? _T`[c KPZHTIHORHU X[T[YHU aTQPVPX QT`XZcb4 P$ GT^`XT]bPaX _T]TVPZP] WcZc\ c]bcZ \T]fPaP` _PSP CPUXP H96'B>( ;UTZbXdXbPa _T]TVPZP] WcZc\ bT`WPSP_ ZTYPWPbP] H96'B> WP]fP QXaP QT`YP[P] YXZP _T]TVPZP] WcZc\ SXYP[P]ZP] bT`WPSP_ PZb^`'PZb^` cbP\P fP]V \T]SP_PbZP] ZTc]bc]VP] SP`X ZTYPWPbP] bT`aTQcb( CT\PabXZP] _`^aTa WcZc\ QT`YP[P] bP]_P _P]SP]V Qc[c c]bcZ \T]fT]bcW \PUXP H96'B> WP`ca \T]YPSX P`PW ZTQXYPZP] SP[P\ _T]TVPZP] WcZc\ c]bcZ \T\QT`XZP] TUTZ YT`P bT`WPSP_ PZb^` fP]V aTQT]P`]fP _P[X]V SXc]bc]VZP] SP] \T]fTQPQZP] ZT`caPZP] [X]VZc]VP] SP] ac\QT` SPfP P[P\ aTRP`P \PaXU( Q$ FT]VcPbP] ZT[T\QPVPP] SP] ZcP[XbPa ac\QT` SPfP \P]caXP P_P`Pb _T]TVPZ WcZc\ \T[P[cX Z^^`SX]PaX _T]TVPZP] WcZc\( J]bcZ \T]ScZc]V ZTQXYPZP] _T]TVPZP] WcZc\ fP]V \T]fPaP` aTRP`P ZWcaca bT`WPSP_ \PUXP H96'B>& ZT[T\QPVPP] _T]TVPZP] WcZc\ _T`[c SX_T`ZcPb \T[P[cX Z^^`SX]PaX P]bP`P [T\QPVP _T]TVPZ WcZc\( 9P[P\ WP[ X]X& _T\QT]bcZP] aPbcP] bcVPa ZWcaca SP_Pb \T]YPSX ab`PbTVX c]bcZ \T\PabXZP] QT`QPVPX ZT[T\QPVPP] _T]TVPZ WcZc\ aP[X]V \T]ScZc]V c]bcZ \T]P]VP]X ZTYPWPbP] H96'B>( R$ FT]fT[P\PbP] PaTb ]TVP`P fP]V QT`PaP[ SP`X ac\QT` SPfP P[P\ SP] [X]VZc]VP] WXSc_ \T[P[cX ^_bX\P[XaPaX _T]T`X\PP] ]TVP`P SP] _T]VcPbP] X]ab`c\T] PS\X]Xab`PbXU SP] _T`SPbP c]bcZ _T]VT\QP[XP] ZT`cVXP] ac\QT` SPfP P[P\ SP] [X]VZc]VP] WXSc_( S$ I`P]a_P`P]aX SP] PZc]bPQX[XbPa SP[P\ _T]VT[^[PP] [X]VZc]VP] WXSc_ SP] ac\QT` SPfP P[P\( HP[PW aPbc _T]fTQPQ cbP\P bT`YPSX]fP Z^`c_aX fP]V \T[T\PWZP] _T]TVPZP] WcZc\ bT`WPSP_ ZTYPWPbP] H96'B> PSP[PW PSP]fP PaX\Tb`X X]U^`\PaX( I`P]a_P`P]aX SP] PZc]bPQX[XbPa SP[P\ bPbP ZT[^[P H96'B> ^[TW ZP`T]P Xbc _`PafP`Pb PeP[ bT`WPSP_ _T]TVPZP] WcZc\ fP]V TUTZbXU(

A6>32?7E?2? C632729 82< B2<G2D


)+

'"'" 1=E@=D 5AH=GN=J==J '"'"$" 1AM=JCG= 5AJ@=J==J FT]SP]PP] SX[PZcZP] ST]VP] QT`SPaP`ZP] _PSP 6]VVP`P] FT]SP_PbP] SP] 7T[P]YP DTVP`P( '"'"%" 1AM=JCG= 6ACPH=NE EY[SHU RHTP4 P$ 6AQENE MACPH=NE PJOPG IAILAMGP=O PL=S= LAJAC=G=J DPGPI OAMD=@=L I=BE= 7,*!2.( J]bcZ \T]ScZc]V `T^`XT]bPaX aPaP`P] _T]TVPZP] WcZc\& _T]VcPbP] bT`WPSP_ ZT`P]VZP WcZc\ fP]V PSP YcVP _T`[c SX[PZcZP]( 7TQT`P_P ZTbT]bcP] QPXZ Xbc Pbc`P] _XSP]P \Pc_c] WcZc\ PRP`P _XSP]P]fP _T`[c SX`TdXaX c]bcZ \T\PabXZP] QPWeP _T]TVPZP] WcZc\ bT`WPSP_ ZTYPWPbP] H96'B> bXSPZ WP]fP \T\QT`XZP] TUTZ YT`P bTbP_X YcVP \T]YPSX X]ab`c\T] c]bcZ \T\c[XWZP] ZT`cVXP] PbPc ZT`caPZP] fP]V SXbX\Qc[ZP] ^[TW ZTYPWPbP] bT`aTQcb( FT]VcPbP] bT`aTQcb SXP]bP`P]fP \T[X_cbX _T]VPbc`P] \T]VT]PX _T`[cPaP] P[Pb QcZbX& _T`bP]VVc]V YPePQP] Z^`_^`PaX aTQPVPX _T[PZc bX]SPZ _XSP]P SP] _T\QTZcP] \Pc_c] _T`P\_PaP] PaTb& bT`\PacZ YcVP _T\QT`XP] aP]ZaX bT`WPSP_ Z^`_^`PaX fP]V [TQXW ZcPb aT_T`bX _T]VP\QX[ P[XWP] Z^`_^`PaX ^[TW DTVP`P PbPc _T\c[XWP] ZT`caPZP]( HT[PX] X]ab`c\T] _T]P[& _T]VcPbP] YcVP SX[PZcZP] ST]VP] _T]VPbc`P] X]ab`c\T] ]^] _T]P[ aT_T`bX _T]VPbc`P] bP\QPWP] _T]VT\QP[XP] ZT`cVXP] ]TVP`P( Q$ 5AJCAI>=JC=J MACPH=NE %<A6$-A?.A2460 *.D %4.6<@A +B/960 +.?A606>.A6=< @=J ,AGMEIEJ=HEN=NE OAMD=@=L =GNAN I=NS=M=G=O OAMD=@=L 7,*!2. PJOPG GA>POPD=J NP>NENOAJ( FT]TVPZP] WcZc\ YcVP PZP] [TQXW TUTZbXU YXZP bT`WX]SP` SP`X _`^aTa fP]V P`QXbT` SP] \T]X\Qc[ZP] ZTbXSPZ PSX[P]( E[TW ZP`T]P Xbc Z`X\X]P[XaPaX bT`WPSP_ PZaTa \PafP`PZPb bT`WPSP_ H96'B> fP]V SXaTQPQZP] ^[TW Qc`cZ]fP [TVXa[PaX WcZc\ _XSP]P YcVP WP`ca SXQT]PWX& c]bcZ \T]VWX]SP`X ^dT`Z`X\X]P[XaPaX fP]V Ycab`c \T]fTQPQZP] Z^]b`P_`^ScZbXU bT`WPSP_ bcYcP] WcZc\ _XSP]P( HT[XP] Xbc& _T`[c _c[P `TVc[PaX fP]V \T\QT`XZP] _T`[X]Sc]VP] aTRP`P \T]fT[c`cW QPVX \PafP`PZPb fP]V ST]VP] XZbXZPS QPXZ \T\_T`YcP]VZP] WPZ PbPa [X]VZc]VP] WXSc_ SP`X bc]bcbP] _T`SPbP \Pc_c] _XSP]P \c[PX SP`X bPWP_ _T]fXSXZP] WX]VVP _T`aXSP]VP]( R$ 5AI>AJOPG=J MACPH=NE S=JC IAJC=OPM GA>EF=G=J GAHAI>=C==J LAJAC=G=J DPGPI( FT]PbPP] ZT[T\QPVPP] _T]TVPZP] WcZc\ SP[P\ Z^]bTZa ZTQXYPZP] _T`[X]Sc]VP] a^aXP[ bT`WPSP_ ZTYPWPbP] H96'B> YcVP \T\T`[cZP] ZT`P]VZP WcZc\ fP]V ZWcaca( 9P[P\ WP[ X]X& _T\T`X]bPW _T`[c \T\QT]bcZ `TVc[PaX aTbX]VZPb c]SP]V'c]SP]V fP]V SP_Pb \T]YPSX _T]VWcQc]V P]bP`P ZTQXYPZP] ZT[T\QPVPP] _T]TVPZP] WcZc\& QPXZ Xbc ZT[T\QPVPP] _T]TVPZ WcZc\ fP]V aTZb^`P[& ST]VP] [T\QPVP _T]TVPZ WcZc\ aXabT\ _T`PSX[P] _XSP]P aTRP`P c\c\( 9T]VP] aPaP`P] _T\QT]PWP] `TVc[PaX bT`aTQcb& QTQT`P_P `TVc[PaX bT`ZPXb fP]V _T`[c SX `TdXaX PbPc SXQP]Vc] P]bP`P]fP bT`\PacZ4 #+$ J]SP]V'J]SP]V D^\^` +2 IPWc] ,*+- bT]bP]V FT\QT`P]bPaP] SP] FT]RTVPWP] FT`caPZP] >cbP](

A6>32?7E?2? C632729 82< B2<G2D


), #,$ J]SP]V'J]SP]V D^\^` / IPWc] +33* bT]bP]V A^]aT`dPaX SP] Hc\QT` 9PfP >PfPbX SP] ;Z^aXabT\]fP( #-$ J]SP]V'J]SP]V D^\^` .+ IPWc] +333 bT]bP]V ATWcbP]P]( #.$ J]SP]V'J]SP]V D^\^` ,1 IPWc] ,**1 Y^( J]SP]V'J]SP]V D^\^` + IPWc] ,*+. bT]bP]V FT]VT[^[PP] LX[PfPW FTaXaX` SP] Fc[Pc'Fc[Pc ATRX[( #/$ FT`Pbc`P] FT\T`X]bPW D^\^` ./ IPWc] ,**. Y^( FT`Pbc`P] FT\T`X]bPW D^\^` 0* IPWc] ,**3 bT]bP]V FT`[X]Sc]VP] >cbP]( #0$ J]SP]V'J]SP]V D^\^` ./ IPWc] ,**3 Y^( J]SP]V'J]SP]V D^\^` -+ IPWc] ,**. bT]bP]V FT`XZP]P]( '"'"&" 1AM=JCG= 1AHAI>=C==J <HTP TLUN[Y[SRHU _T]VcPbP] _T]TVPZP] WcZc\ SP[P\ ZT`P]VZP ZT[T\QPVPP] WP`ca SX[PZaP]PZP] ST]VP] \T\PabXZP] QPWeP RP_PXP] bXSPZ aTZTSP` QT`QPaXa ZcP]bXbPa _T`ZP`P fP]V SX_`^aTa WcZc\& bTbP_X YcVP ZcP[XbPa _T]TVPZP] WcZc\]fP( DP\c]& TUTZbXdXbPa ZTQXYPZP] _T]TVPZP] WcZc\ PZP] aP]VPb QT`VP]bc]V _PSP QPVPX\P]P c_PfP _T]TVPZP] WcZc\ SX[PZcZP] aTRP`P bT`_PSc j bXSPZ WP]fP ^[TW aPbc [T\QPVP _T]TVPZ WcZc\( HT[PX] Xbc& _T\QT]bcZP] aPbVPa ZWcaca \T]VZ^^`SX]PaXZP] ZTaT[c`cWP] _`^V`P\ aTRP`P Z^\_`TWT]aXU( D^

HPaP`P]

?]SXZPb^`

+(

F`^V`P\ FT\QT`P]bPaP] ATYPWPbP] Hc\QT` 9PfP 6[P\ SP] BX]VZc]VP] >XSc_

,(

GT^`XT]bPaX _T]TVPZP] WcZc\ c]bcZ \T]fPaP` _PSP CPUXP H96'B>

FT]RP_PXP]

FT]P]VVc]V @PePQ HPbcP] IcVPa FT\QT`P]bPaP] ATYPWPbP] Hc\QT` 9PfP 6[P\ SP] BX]VZc]VP] >XSc_

IT`[PZaP]P]fP _T]TVPZP] WcZc\ bT`WPSP_ aTbXSPZ]fP +* #aT_c[cW$ ZPaca fP]V \T]YT`Pb PZb^` cbP\P SP] Z^`_^`PaX ZTYPWPbP] H96'B>& SXaP\_X]V _T]TVPZP] WcZc\ _PSP c\c\]fP(

,*+0

9X`TdXaX]fP _PaP['_PaP[ _XSP]P H96'B> fP]V \T\_T`ZcPb acQabP]aX \Pc_c] WcZc\ PRP`P SP[P\ _T]TVPZP] WcZc\(

,*+0

A6>32?7E?2? C632729 82< B2<G2D


)-

9X`TdXaX]fP _PaP['_PaP[ _XSP]P fP]V QT`aXUPb ZP`Tb aTWX]VVP `T]bP] SXaP[PWVc]PZP] c]bcZ \T\_X]SP]P \PafP`PZPb [^ZP[ fP]V WXSc_ \T]VPZaTa SP`X ac\QT` SPfP P[P\ fP]V SX[X]Sc]VX ^[TW c]SP]V'c]SP]V(

,*+/

IT`acac]]fP _TS^\P] K[L KPSSPNLUJL c]bcZ _T[P_^`P] b`P]aPZaX ZTcP]VP] \T]Rc`XVPZP] QPVX _XWPZ _T[P_^` SP[P\ `TgX\ _T]RcRXP] cP]V bT`ZPXb ST]VP] aTZb^` H96'B>(

,*+0

BL\PL] abP]SP` ^_T`PaX^]P[ _`^aTSc` _T[P_^`P]& _T]fT[XSXZP]& _T]fXSXZP]& SP] _T]c]bcbP] fP]V \TVPZ^\^SX` _T]c]bPaP] ZPaca'ZPaca ZTYPWPbP] bT`^`VP]XaX` FT]VcPbP] HUZP jYZXHZLNPJ SH] HNHPUYZ W[ISPJ WHXZPJPWHZPVU #6]bX' HB6FF$ aTQPVPX _T`[X]Sc]VP] \PafP`PZPb(

,*+/

FT]VcPbP] _T`[X]Sc]VP] QPVX ]OPYZSLISV]LX ZTYPWPbP] [X]VZc]VP] SP] H96 fP]V bT`^`VP]XaX`(

,*+0

6SP]fP _T\c[XWP] [X]VZc]VP] SP] ZT`cVXP] ]PVP`P PbPa ZTYPWPbP] B> bT`^`VP]XaX`(

,*+0

A6>32?7E?2? C632729 82< B2<G2D


).

-(

.(

FT]VcPbP] ZT[T\QPVPP] SP] ZcP[XbPa ac\QT` SPfP \P]caXP P_P`Pb _T]TVPZ WcZc\ \T[P[cX Z^^`SX]PaX _T]TVPZP] WcZc\

FT]fT[P\PbP] PaTb ]TVP`P fP]V QT`PaP[ SP`X ac\QT` SPfP P[P\ SP] [X]VZc]VP] WXSc_ \T[P[cX ^_bX\P[XaPaX _T]T`X\PP] ]TVP`P SP] _T]VcPbP] X]ab`c\T] PS\X]Xab`PbXU SP] _T`SPbP c]bcZ _T]VT\QP[XP] ZT`cVXP] ac\QT` SPfP P[P\ SP] [X]VZc]VP] WXSc_(

IT`QT]bcZ]fP IX\ HPbVPa 6]bX CPUXP H96'B>(

,*+/

IT`Z^^`SX]PaX]fP _T]P]VP]P] _T]TVPZP] WcZc\ fP]V SX[PZcZP] FFDH aTZb^`P[ bT`WPSP_ CPUXP H96'B> ^[TW IX\ HPbVPa CPUXP H96'B>(

,*+1

IT`QT]bcZ]fP Z^\XaX _T\QT`P]bPaP] ZTYPWPbP] H96 SP] B> fP]V _T`\P]T] SXQPePW \P]SPb WcZc\ fP]V ZcPb

,*+0

9X_T`^[TW]fP _T]VT\QP[XP] ZT`cVXP] ]TVP`P PZXQPb ZT`caPZP] [X]VZc]VP] WXSc_ fP]V SXaTQPQZP] ^[TW \PUXP H96'B>(

,*+1

9X`TdXaX]fP _PaP['_PaP[ _XSP]P H96'B> fP]V QT[c\ \T\X[XZX aP]ZaX _T\c[XWP] ZT`cVXP] ]TVP`P PZXQPb ZT`caPZP] H96'B>(

,*+0

6SP]fP `TVc[PaX bT]bP]V _T]VPePaP] SP] _T]T`P_P] aP]ZaX PS\X]Xab`PaX bT`\PacZ _`^aTSc` _T]T`P_P] YLJVUKSPUL LUMVXJLTLUZ SP[P\ _T]TVPZP] WcZc\ B> SP] H96(

,*+/

6SP]fP _T]TVPZP] WcZc\ ST]VP] _T]STZPbP] \c[bX SXaX_[X] JJ fP]V \T\c]VZX]ZP]

,*+/

A6>32?7E?2? C632729 82< B2<G2D


)/ _T]VT\QP[XP] SP] _T\c[XWP] PbPa ZT`cVXP] ]TVP`P(

/(

0(

I`P]a_P`P]aX SP] PZc]bPQX[XbPa SP[P\ _T]VT[^[PP] [X]VZc]VP] WXSc_ SP] ac\QT` SPfP P[P\(

CT]X]VZPb]fP FT]fT[TaPXP] FT`ZP`P FXSP]P AWcaca& SP] IX]SPZ FXSP]P A^`c_aX HTRP`P 8T_Pb& IT_Pb SP] 6Zc]bPQT[ fP]V 9X[PZaP]PZP] E[TW @PYP`P] ATYPZaPP] SX 9PT`PW

6SP]fP `TVc[PaX _T]VT\Q]PVP] X]ab`c\T] TZ^]^\X [X]VZc]VP](

,*+0

IT`QP]Vc] SP] bT`QcZP]fP aXabT\ QPaXa SPbP _T]VT[^[PP]) _T\P]UPPbP]) _T`XgX]P] SP] ]T`PRP H96'B> fP]V SP_Pb SXPZaTa _cQ[XZ ST]VP] PZc]bPQT[(

,*+/

6SP]fP aXabT\ _T]TVPZP] WcZc\ fP]V \T]T`P_ZP] _T]STZPbP] \c[bX SXaX_[X] JJ fP]V \T\c]VZX]ZP] _T]VT\QP[XP] SP] _T\c[XWP] PbPa ZT`cVXP] ]TVP`P(

,*+/

BL\PL] aXabT\ _T`XgX]P] fP]V b`P]a_P`P]& _P`bXaX_PbXU& SP] PZc]bPQT[ SP[P\ \T]S^`^]V _T]TVPZP] WcZc\ fP]V TUTZbXU(

,*+/

@c\[PW FT`ZP`P bX]SPZ _XSP]P ZWcaca [PX]]fP #O;;& H96'B> AT_PQTP]P] SP] RcZPX$ fP]V SXaT[TaPXZP] ^[TW ATYPbX& ATYP`X SP] 8PQYP`X fP]V \T]YT`Pb _T[PZc cbP\P ZTYPWPbP] SP] _T`bP]VVc]VYPePQP] Z^`_^`PaX \X]X\P[ /* ZPaca _T` bPWc] ST]VP] _T]VT\QP[XP] ZT`cVXP]

,*+/ ' ,*+3

A6>32?7E?2? C632729 82< B2<G2D

ATYPZaPP]


)0 ]TVP`P \X]X\P[ / b`X[fc] _T` bPWc]( 1(

CT]X]VZPb]fP ;UTZbXUXbPa FT]VP\P]P] APePaP] >cbP]& >PaX[ >cbP] SP] @P\X]P] IT`WPSP_ >PZ DTVP`P PbPa >cbP]

FT]P]VP]P] FT`ZP`P IX]SPZ FXSP]P FT`caPZP] >cbP] IT`aT[TaPXZP] \X]X\P[ 1/ ZPaca _T` bPWc] fP]V \T]fPaP` _PSP _T[PZc cbP\P ZTYPWPbP] SP] _T`bP]VVc]VYPePQP] _XSP]P Z^`_^`PaX(

,*+/',*+3

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

2(

;UTZbXdXbPa FT]X]SPZP] IX]SPZ FXSP]P A^`c_aX

APaca _^bT]aXP[ fP]V SX[PZcZP] _T]fT[XSXZP] fP]V QT`ZPXbP] ST]VP] ac\QT` SPfP P[P\ \X]X\P[ +* ZPaca _T` bPWc] ST]VP] _T]VT\QP[XP] ZT`cVXP] ]TVP`P / b`X[fc] _T` bPWc] fP]V \T]VP`PWZP] _PSP _T`bP]VVc]VYPePQP] _XSP]P Z^`_^`PaX SP] _T[PZc cbP\P ZTYPWPbP](

,*+/',*+3

A^\XaX FT\QT`P]bPaP] A^`c_aX

3(

CT]X]VZPb]fP AcP[XbPa FT]VPePaP] SP] FT\QX]PP] _XWPZ FT[P_^`

IT`acac]]fP _TS^\P] K[L KPSSPNLUJL c]bcZ _T[P_^`P] b`P]aPZaX ZTcP]VP] \T]Rc`XVPZP] QPVX _XWPZ _T[P_^` SP[P\ `TgX\ _T]RcRXP] cP]V bT`ZPXb ST]VP] aTZb^` H96'B>(

,*+/',*+3

FcaPb FT[P_^`P] SP] 6]P[XaXa I`P]aPZaX ATcP]VP]

A6>32?7E?2? C632729 82< B2<G2D


*'

/( @6B6D F;GJ76>6D A;;CF6I F;GJ76>6D ?AB?C 96D 7;D86D6 ;AEBE=?H ("$" 5AMI=N=H=D=J @=J /NP 7OM=OACEN ("$"$" 6PIPN=J @=H=I ;ENE!3ENE 5MANE@AJ @=J <=GEH 5MANE@AJ IT`ZPXb QXSP]V FT`cQPWP] ?Z[X\ SP] 7T]RP]P ;Z^[^VXa& KXaX'CXaX F`TaXST] SP] LPZX[ F`TaXST] \T`c\caZP] _T`\PaP[PWP] aTQPVPX QT`XZcb4 P$ FT`P]VZPb WcZc\& PVT]SP PZaX SP] _T]SP]PP] PSP_bPaX bXSPZ \T\PSPX c]bcZ \T\_T`ZcPb ZT\P\_cP] PSP_bPaX PbPa _T`cQPWP] XZ[X\( Q$ 6VT]SP _T`cQPWP] XZ[X\ QT[c\ bT`X]bTV`PaX SP[P\ X]aXbcaX X]abXbcaX _T\T`X]bPWP] aTRP`P aTZb^`P[& aTWX]VVP \P]SPb PVT]SP _T`cQPWP] XZ[X\ \PaXW SX[XWPb aTQPVPX _`^fTZ aT\PbP( R$ FT]X[PXP] ZX]T`YP _T\QP]Vc]P] SPT`PW SP] ZT\T]bT`XP] QT[c\ \T\PacZZP] _T`cQPWP] XZ[X\ SP[P\ X]SXZPb^` _T]X[PXP] ZX]T`YP cbP\P #?AJ$( ("$"%" 6PIPN=J @=H=I 6=J?=JC=J *R=H 65034 %#$( !%#$) GP]RP]VP] GF@CD \T]fTQcbZP] QPWeP _T`a^P[P] _T`cQPWP] XZ[X\ \T]YPSX Xac cbP\P bT`cbP\P _PaRP ,*+/ fP]V PZP] \T]YPSX _T`bP`cWP] ?]S^]TaXP SP[P\ Z^]bTZa _T]P]VVc[P]VP] _T\P]PaP] V[^QP[( >P[ X]X bT`RT`\X] _PSP _T`c\caP] 7cZc ? ZWcaca]fP SX 7PQ -(. _T\QPWPaP] _PSP WP[P\P] .2 WX]VVP .*( >P[ fP]V aP\P YcVP bT`[XWPb SP[P\ _T`c\caP] 7cZc ??SP[P\ 7PQ +(,(, ZWcaca bT`ZPXb FT`cQPWP] ?Z[X\( ("$"&" 9NPH=J 1=IE F^aXaX ?]S^]TaXP aTQPVPX ]TVP`P ZT_c[PcP] bT`QTaP` SX Sc]XP aTZP[XVca ]TVP`P ST]VP] [PYc ZT`caPZP] WcbP] #KLMVXLYZHYP$ bT`QTaP` SX Sc]XP QT`PSP SP[P\ Z^]SXaX SX[T\PbXa( AP_PaXbPa aTQPVPX ]TVP`P ZT_c[PcP] bT`QTaP` \T\QcPb ?]S^]TaXP aTQPVPX ]TVP`P _P[X]V `T]bP] bT`WPSP_ SP\_PZ SP`X _T`cQPWP] XZ[X\& aTSP]VZP] ZP_PaXbPa aTQPVPX ]TVP`P ST]VP] [PYc STU^`TabPaX bT`QTaP` \T\QcPb ?]S^]TaXP SXWP`P_ZP] SP_Pb QT`QcPb [TQXW SP[P\ `P]VZP \T]c`c]ZP] T\XaX VPa `c\PW ZPRP SX aTZb^` ZTWcbP]P]( DP\c] \^\T]bc\ X]X Ycab`c WPSX` SP[P\ QT]bcZ Z^\Xb\T] fP]V SXP]VVP_ \T]VVTaT` bP]VVc]V YPePQ aTQT]P`]fP SP`X ]TVP`P T\XbbT` QTaP` fP]V \T\P]V aTRP`P ZPcaP[XbPa \T\_c]fPX bP]VVc]V YPePQ QTaP` c]bcZ \T[PZcZP] _T`bP]VVc]VYPePQP]( A^\Xb\T] fP]V SX STZ[P`PaXZP] _PSP U^`c\ = ,* SX FXbbaQc`V& 6\T`XZP HT`XZPb X]X aTZP[XVca _c[P \T]YPSX SPaP` bP]VVc]V YPePQ ?]S^]TaXP c]bcZ \T[PZcZP] \XbXVPaX VPa `c\PW ZPRP aTQTaP` ,0! aP\_PX ST]VP] .+! ST]VP] bP`VTb `TP[XaPaX _PSP bPWc] ,*,*( HTRP`P a_TaXUXZ \T]VT]PX Xac _T`cQPWP] XZ[X\ X]X QT[c\ \T]SP_PbZP] _^`aX [TQXW _PSP YP]YX F`TaXST] @^Z^ LXS^S^ aTRP`P _`^_^`aX^]P[& PSP_c] P[Pa SP`X T[PQ^`PaX X]X QT`QPaXa dXaX SP] \XaX SP`X F`TaXST] @^Z^ LXS^S^ SX WP[P\P] -, fP]V QT`XaX Z^]SXaX UPZbcP[& \PaP[PW aT`bP WX_^bTaP a^[caX fP]V

A6>32?7E?2? C632729 82< B2<G2D


*( SXPYcZP]( E[TW ZP`T]P Xbc SX_T`[cZP] aTQcPW NXHUK KLYPNU SP[P\ `P]VZP \T[PZcZP] _T]VPeP[P] c]bcZ Zc`c] ePZbc / bPWc]P] aT`bP bT`WPSP_ `TP[XaPaX ZTQXYPZP] _T`cQPWP] XZ[X\ _P[X]V bXSPZ SP`X ScP aXaX cbP\P fPXbc _T`QPXZP] `TVc[PaX SP] _T`QPXZP] ZT[T\QPVPP](

("%" 7=N=M=J ("%"$" 9NPH=J G=IE PJOPG 5AMP>=D=J /GHEI >LUHTIHORHU1 P$ CT[X]Sc]VX TZ^aXabT\ _T]bX]V #ZP`ab& VP\Qcb& _PSP]V [P\c]& \P]V`^dT$ ST]VP] \T\_T`WPbXZP] ZTaTX\QP]VP] P]bP`P ZT_T]bX]VP] Z^]aT`dPaX SP] _T\P]UPPbP] QT`ZT[P]YcbP] QPVX \PafP`PZPb [^ZP[( Q$ CT\QcPb _T`Pbc`P] _T[PZaP]P bT`ZPXb _T`cQPWP] XZ[X\ SX ?]S^]TaXP fP]V bT_Pb Vc]P SP[P\ `P]VZP \T]S^`^]V bT`RP_PX]fP Z^\Xb\T] \XbXVPaX aTQTaP` ,0! ' .+! _PSP bPWc] ,*,* aT`bP [P]VZPW PSP_bPaX aTacPX ST]VP] \P]SPb J]SP]V J]SP]V FT`[X]Sc]VP] SP] FT]VT[^[PP] BX]VZc]VP] >XSc_( R$ CT\PabXZP] SX[PZaP]PZP]]fP FT`Pbc`P] F`TaXST] D^\^` 0+ IPWc] ,*++ bT]bP]V GT]RP]P 6ZaX DPaX^]P[ FT]c`c]P] ;\XaX =Pa Gc\PW APRP #G6D'=GA$ bT`\PacZ _T`QPXZP] _T[PZaP]PP] BLK[JPUN 6TPYYPVUY MXVT 5LMVXLYZHZPVU HUK 5LNXHKHZPVU PU 5L\LSVWPUN 4V[UZXPLY #G;99%$ fP]V bXSPZ WP]fP QT`QPaXa _`^aTSc` bTbP_X YcVP WPaX[ aT`bP _T]VcbP\PP] _T\P]UPPbP] ;]T`VX 7T`aXW SP] IT`QP`cZP] fP]V \T\_T`bX\QP]VZP] Pa_TZ ZTPSX[P] a^aXP[ SP] [X]VZc]VP]( S$ CT\QcPb Pbc`P] QT`QPaXa PSP_bPaX SP] ZTbPWP]P] PbPa SP\_PZ _T`cQPWP] XZ[X\ SP[P\ `P]VZP \T[PZcZP] _T]fTacPXP] bT`WPSP_ SP\_PZ fP]V bT`YPSX PZXQPb _T`cQPWP] XZ[X\ fP]V bT`YPSX( ("%"%" 9NPH=J G=IE PJOPG +AJ?=J= -GKHKCEN >LUHTIHORHU1 P$ CT[PZcZP] _T`QPXZP] bT`ZPXb \P]PYT\T] bP]VVP_ QT]RP]P fP]V [TQXW `Ta_^]aXU bP]_P \T\XaPWZP] FT\T`X]bPW FcaPb SP] FT\T`X]bPW 9PT`PW aPPb SX [P_P]VP] Vc]P \T\QT`XZP] `Ta_^]a aTRP`P aTZTbXZP( Q$ CT[PZcZP] _T]TVPZP] WcZc\ aTRP`P ^_bX\P[ SP[P\ ZWcaca]fP SX aTZb^` ATQPZP`P] >cbP] SP[P\ `P]VZP \T\QT`XZP] TUTZ YT`P ZT_PSP _T]fTQPQ QT]RP]P TZ^[^VXa fP]V \T]YPSX _T]fc\QP]V T\XaX VPa `c\PW ZPRP X]X( R$ IT`RX_bP]fP Z^^`SX]PaX ZTQXYPZP] fP]V aX]T`VXa P]bP`P [P]VZPW QT`QPaXa \XbXVPaX SP] PSP_bPaX aT[PX] ^[TW 7PSP] DPaX^]P[ FT]P]VVc[P]VP] 7T]RP]P #7DF7$ ]P\c] YcVP ^[TW AT\T]bT`XP])BT\QPVP bT`ZPXb SP[P\ _T]P]VVc[P]VP] QT]RP]P TZ^[^VXa(

A6>32?7E?2? C632729 82< B2<G2D


*)

("&" *M=D 1A>EF=G=J @=J 7OM=OACE 5AI>=JCPJ=J ("&"$" 9NPH=J G=IE PJOPG 5AMP>=D=J /GHEI >LUHTIHORHU1 P$ FT\QcPbP] _T`Pbc`P] c]bcZ \T[X]Sc]VX TZ^aXabT\ _T]bX]V #ZP`ab& VP\Qcb& _PSP]V [P\c]& \P]V`^dT$ Q$ 6ZaT[T`PaX _T`Pbc`P] _T[PZaP]P bT`ZPXb ST]VP] FT`cQPWP] ?Z[X\ SP[P\ Hb`cZbc` J]SP]V J]SP]V FT`[X]Sc]VP] SP] FT]VT[^[PP] BX]VZc]VP] >XSc_ SX ?]S^]TaXP X( CP]SPb FPaP[ 0- #+$ SP[P\ _T`[X]Sc]VP] SP] _T]VT[^[PP] [X]VZc]VP] WXSc_& FT\T`X]bPW QT`bcVPa SP] QT`eT]P]V P]bP`P [PX] \T]TbP_ZP] SP] \T[PZaP]PZP] ZTQXYPZP] \T]VT]PX _T]VT]SP[XP] SP\_PZ _T`cQPWP] XZ[X\ SP] _T`[X]Sc]VP] [P_XaP] ^g^]( XX( 7T]bcZ _T`Pbc`P] _T`c]SP]VP] c]bcZ \T]VPbc` X]X FT`Pbc`P] FT\T`X]bPW ST]VP] _T`bX\QP]VP] aTRP`P acQabP]aX PZP] \T]VWX]SP`X bc\_P]V bX]SXW ST]VP] Pbc`P] c]SP]V c]SP]V [PX] fP]V \T]VPbc` _T\QP]Vc]P] SP] _T`[X]Sc]VP] [X]VZc]VP] WXSc_ aTRP`P c\c\ aT`bP _^aXaX FT`Pbc`P] FT\T`X]bPW \T\_c]fPX ZTScScZP] aTQPVPX =L^ CWLJPHSPY aTWX]VVP _c]fP P[PaP] _T\QT]P` c]bcZ SX_`X^`XbPaZP] c]bcZ SX[PZcZP]( HTRP`P bTZ]Xa fc`XSXa PZP] \T\QT`XZP] SP\_PZ _^[XbXa fP]V ZcPb ZP`T]P [TbPZ]fP [TQXW bX]VVX SP`X FT`Pbc`P] F`TaXST] fP]V bT[PW \T]VPbc` aTQT[c\]fP SP[P\ FT`Pbc`P] F`TaXST] D^\^` 0+ IPWc] ,*++ bT]bP]V GT]RP]P 6ZaX DPaX^]P[ FT]c`c]P] ;\XaX =Pa Gc\PW APRP #G6D' =GA$( XXX( FT`Pbc`P] FT\T`X]bPW X]X WP`ca \T\cPb IHYLSPUL aTQPVPX P[Pb cZc` cbP\P SP[P\ \T[PZaP]PZP] ZTQXYPZP] QT`QPaXa \XbXVPaX VPa `c\PW ZPRP aTWX]VVP SP_Pb \T\QT`XZP] ZT_PabXP] bP`VTb fP]V ePYXQ SXRP_PX SP[P\ ZT`P]VZP FT`Pbc`P] F`TaXST] D^\^` 0+ IPWc] ,*++ bT]bP]V GT]RP]P 6ZaX DPaX^]P[ FT]c`c]P] ;\XaX =Pa Gc\PW APRP #G6D'=GA$( Xd( CT]TbP_ZP] QPWeP [P]VZPW PSP_bPaX _T`cQPWP] XZ[X\ ePYXQ \T]YPSX dP`XPQT[ _T`bX\QP]VP] ZWcaca]fP bT`ZPXb ST]VP] _T]TbP_P] AB>H& GFFB> SP] GIGL( d( 9P[P\ \T[PZcZP] [P]VZPW \XbXVPaX SP] PSP_bPaX bXSPZ WP]fP QT`QPaXa ZTePYXQP] W^`Xg^]bP[ aT\PbP fPXbc QT`QPaXa AT\T]bT`XP])BT\QPVP ST]VP] SXePYXQZP] \T]fT]bcW bP`VTb bT`bT]bc _PSP ePZbc bT`bT]bc& ]P\c] YcVP QT`QPaXa dT`bXZP[ fPXbc QT`QPaXa ZP_PaXbPa SP] ZP_PQX[XbPa SP`X \PaX]Vj\PaX]V FT\T`X]bPW 9PT`PW ST]VP] ZP`PZbT`XabXZ]fP \PaX]Vj\PaX]V( R$ CT\cPb ZTePYXQP] c]bcZ \T[PZcZP] TdP[cPaX bT`WPSP_ Z^\Xb\T] \XbXVPaX aTRP`P QT`ZP[P ST]VP] QT`QPaXa b^[^Z cZc` fP]V bT[PW SXbT]bcZP] _PSP FT`Pbc`P] FT\T`X]bPW FT`cQPWP] ?Z[X\( X( J]bcZ \T]c]YcZZP] bT[PW SX[PZcZP]]fP _T]VPePaP] QT`ZP[P #JVTTHUK HUK JVUZXVS$ SP] QT`QPaXa bP`VTb fP]V aP\P P]bP` AT\T]bT`XP])BT\QPVP ZP`T]P WP[ X]X \T`c_PZP] Z^\Xb\T] ]PaX^]P[(

A6>32?7E?2? C632729 82< B2<G2D


** XX( CPaX]Vj\PaX]V AT\T]bT`XP])BT\QPVP SXePYXQZP] \T[PZcZP] TdP[cPaX QT`QPaXa bP`VTb _T]RP_PXP] aTbXP_ bPWc]]fP c]bcZ \T]T]bcZP] _^aXaX \PaX]V j \PaX]V AT\T]bT`XP])BT\QPVP SP[P\ `P]VZP bcYcP] ,*,*( XXX( CT]YPSX aP[PW aPbc X]SXZPb^` _^b`Tb ZTaT`XcaP] ?]S^]TaXP SP[P\ _T`cQPWP] XZ[X\ V[^QP[ S$ CT\cPb ZTaP\PP] Z^]aT_bcP[ bT`ZPXb ST]VP] PSP_bPaX aT`bP ZTbPWP]P] eX[PfPW _T`cQPWP] XZ[X\ fP]V PZP] SX[PZcZP]( X( CT\QcPb _Pfc]V WcZc\ QT`c_P FT`Pbc`P] F`TaXST] ZWcaca 6SP_bPaX FT`cQPWP] ?Z[X\ SP[P\ `P]VZP \TePYXQZP] AT\T]bT`XP])BT\QPVP \T[PZcZP] bX]SPZ [P]Ycb \PaX]V j \PaX]V aTZb^` c]bcZ [P]VZPW PSP_bPaX _T`cQPWP] XZ[X\( XX( CT\cPb aTRP`P YT[Pa SP] bT`cZc` QT]bcZ _T]fTacPXP] \PaX]V j \PaX]V AT\T]bT`XP])BT\QPVP fP]V PZP] SX[PZcZP] QT`QPaXa WPaX[ ZPYXP] X[\XPW ST]VP] \T`cYcZ ?F88 X]bT`]PaX^]P[ \Pc_c] ?F88 ]PaX^]P[ aTWX]VVP \T\_c]fPX ZTQT]P`P] X[\XPW #YJPLUZPMPJ IHYLK$ bT`WPSP_ [P]VZPW fP]V SXP\QX[( XXX( CTePYXQZP]]fP \T]VVc]PZP] dP`XPQT[ SP`X _T`cQPWP] XZ[X\ aTQPVPX aP[PW aPbc _T`bX\QP]VP] SP[P\ _T]fcac]P] `T]RP]P _T\QP]Vc]P] fP]V bT`bcP]V SP[P\ AB>H& GFFB>& ;Z^`TVX^] \Pc_c] GIGL( ("&"%" +AJ?=J= -GKHKCEN >LUHTIHORHU1 P$ FT`Pbc`P] ZWcaca bT`ZPXb 7T]RP]P ;Z^[^VXa fP]V bT`X]bTV`PaX ST]VP] Pbc`P] \XbXVPaX SP] PSP_bPaX T\XaX VPa `c\PW ZPRP QT`QPaXa RT_Pb bP]VVP_ SP] `Ta_^]aXU \T]VVc]PZP] FF FT`cQPWP] ?Z[X\ aTQPVPX Z^]aXST`P]a( Q$ FT`Pbc`P] bT`aTQcb ePYXQ \T\P]SPbZP] \^]Xb^`X]V ^[TW 7DF7 aTRP`P YT[Pa aTZP[XVca YcVP X]bT`]P[ \PaX]Vj\PaX]V AT\T]bT`XP])BT\QPVP aTQPVPX [P]VZPW TdP[cPaX QT`QPaXa \XbXVPaX `XaXZ^ QT]RP]P TZ^[^VXa( R$ FT`Pbc`P] fP]V \TePYXQZP] _T[XQPbP] \c[bX _XWPZ SP[P\ `P]VZP \T[XQPbZP] \PafP`PZPb aT^_bX\P[ \c]VZX] Vc]P \T]P]VVc[P]VX QT]RP]P TZ^[^VXa( S$ E_bX\P[XaPaX _T]TVPZP] WcZc\ fP]V \T]fT]bcW PZb^` Uc]VaX^]P[ SP[P\ \T[PZcZP] _T]TVPZP] WcZc\ ZWcaca]fP ZTQPZP`P] WcbP]( T$ FT`Pbc`P] fP]V \T\QT`XZP] aP]ZaX ZT_PSP AT\T]bT`XP])BT\QPVP fP]V bXSPZ \T[PZcZP] PZaX RT_Pb bP]VVP_(

A6>32?7E?2? C632729 82< B2<G2D


*+

("'" 1=E@=D 5AH=GN=J==J ("'"$" 1AM=JCG= 5AJ@=J==J AP\X \T]Vcac[ZP] c]bcZ \T]V^_bX\P[ZP] SP]P 6F7D ("'"%" 1AM=JCG= 6ACPH=NE Jac[P] ZP\X c]bcZ ZT`P]VZP `TVc[PaX _T`cQPWP] XZ[X\ PSP[PW TLUHTIHORHU WP['WP[ QT`XZcb X]X4 P$ FT]VcPbP] _T`Pbc`P] _T`c]SP]V'c]SP]VP] fP]V \T]VWT]bXZP] aT\T]bP`P ePZbc _T\QT`XP] XgX] SX PbPa ZPePaP] WcbP]( Q$

FT`Pbc`P] bT]bP]V _T`[X]Sc]VP] ZPePaP] TZ^aXabT\ _T]bX]V #bT`cbP\P ZPePaP] VP\Qcb& ZP`ab$ #+$ FT]VPbc`P] bT]bP]V bPbP ZT[^[P SX SP[P\ ZPePaP] TZ^aXabT\ _T]bX]V fP]V \T]fTX\QP]VZP] ZT_T]bX]VP] Z^]aT`dPaX SP] _T\P]UPPbP] QT`ZT[P]YcbP] QPVX \PafP`PZPb [^ZP[ #,$ BL\PL] XgX] SX PbPa ZPePaP] ZPePaP] _T]bX]V SP] _T]VWT]bXP] XgX] QP`c SX PbPa ZPePaP] _T]bX]V

R$ 6ZaT[T`PaX Pbc`P] bc`c]P] bT`ZPXb ST]VP] FT`cQPWP] ?Z[X\ SP[P\ Hb`cZbc` J]SP]V J]SP]V FT`[X]Sc]VP] SP] FT]VT[^[PP] BX]VZc]VP] >XSc_ SX ?]S^]TaXP( 7T]bcZ _T`Pbc`P] _T`c]SP]VP] c]bcZ \T]VPbc` X]X FT`Pbc`P] FT\T`X]bPW( #+$ HTRP`P acQabP]aX PZP] \T]VWX]SP`X bc\_P]V bX]SXW ST]VP] Pbc`P] c]SP]V c]SP]V [PX] fP]V \T]VPbc` _T\QP]Vc]P] SP] _T`[X]Sc]VP] [X]VZc]VP] WXSc_ aTRP`P c\c\ aT`bP _^aXaX FT`Pbc`P] FT\T`X]bPW \T\_c]fPX ZTScScZP] aTQPVPX =L^ CWLJPHSPY aTWX]VVP _c]fP P[PaP] _T\QT]P` c]bcZ SX_`X^`XbPaZP] c]bcZ SX[PZcZP]( #,$ HTRP`P bTZ]Xa fc`XSXa PZP] \T\QT`XZP] SP\_PZ _^[XbXa fP]V ZcPb ZP`T]P [TbPZ]fP [TQXW bX]VVX SP`X FT`Pbc`P] F`TaXST] fP]V bT[PW \T]VPbc` aTQT[c\]fP SP[P\ FT`Pbc`P] F`TaXST] D^\^` 0+ IPWc] ,*++ bT]bP]V GT]RP]P 6ZaX DPaX^]P[ FT]c`c]P] ;\XaX =Pa Gc\PW APRP #G6D'=GA$( #-$ FT`Pbc`P] FT\T`X]bPW X]X WP`ca \T\cPb IHYLSPUL aTQPVPX P[Pb cZc` cbP\P SP[P\ \T[PZaP]PZP] ZTQXYPZP] QT`QPaXa \XbXVPaX VPa `c\PW ZPRP aTWX]VVP SP_Pb \T\QT`XZP] ZT_PabXP] bP`VTb fP]V ePYXQ SXRP_PX SP[P\ ZT`P]VZP FT`Pbc`P] F`TaXST] D^\^` 0+ IPWc] ,*++ bT]bP]V GT]RP]P 6ZaX DPaX^]P[ FT]c`c]P] ;\XaX =Pa Gc\PW APRP #G6D'=GA$( #.$ CT]TbP_ZP] QPWeP [P]VZPW PSP_bPaX _T`cQPWP] XZ[X\ ePYXQ \T]YPSX dP`XPQT[ _T`bX\QP]VP] ZWcaca]fP bT`ZPXb ST]VP] _T]TbP_P] AB>H& GFFB> SP] GIGL( #/$ 9P[P\ \T[PZcZP] [P]VZPW \XbXVPaX SP] PSP_bPaX bXSPZ WP]fP QT`QPaXa ZTePYXQP] W^`Xg^]bP[ aT\PbP fPXbc QT`QPaXa AT\T]bT`XP])BT\QPVP ST]VP] SXePYXQZP] \T]fT]bcW bP`VTb bT`bT]bc _PSP ePZbc bT`bT]bc& ]P\c] YcVP QT`QPaXa dT`bXZP[ fPXbc QT`QPaXa ZP_PaXbPa SP] ZP_PQX[XbPa SP`X \PaX]V j \PaX]V FT\T`X]bPW 9PT`PW ST]VP] ZP`PZbT`XabXZ]fP \PaX]V j \PaX]V(

A6>32?7E?2? C632729 82< B2<G2D


*, S$ CT\cPb ZTePYXQP] c]bcZ \T[PZcZP] TdP[cPaX bT`WPSP_ Z^\Xb\T] \XbXVPaX aTRP`P QT`ZP[P ST]VP] QT`QPaXa b^[^Z cZc` fP]V bT[PW SXbT]bcZP] _PSP FT`Pbc`P] FT\T`X]bPW FT`cQPWP] ?Z[X\( #+$ J]bcZ \T]c]YcZZP] bT[PW SX[PZcZP]]fP _T]VPePaP] QT`ZP[P #JVTTHUK HUK JVUZXVS$ SP] QT`QPaXa bP`VTb fP]V aP\P P]bP` AT\T]bT`XP])BT\QPVP ZP`T]P WP[ X]X \T`c_PZP] Z^\Xb\T] ]PaX^]P[( #,$ CPaX]Vj\PaX]V AT\T]bT`XP])BT\QPVP SXePYXQZP] \T[PZcZP] TdP[cPaX QT`QPaXa bP`VTb _T]RP_PXP] aTbXP_ bPWc]]fP c]bcZ \T]T]bcZP] _^aXaX \PaX]Vj\PaX]V AT\T]bT`XP])BT\QPVP SP[P\ `P]VZP bcYcP] ,*,*( #-$ CT]YPSX aP[PW aPbc X]SXZPb^` _^b`Tb ZTaT`XcaP] ?]S^]TaXP SP[P\ _T`cQPWP] XZ[X\ V[^QP[ T$ CT\cPb ZTaP\PP] Z^]aT_bcP[ bT`ZPXb ST]VP] PSP_bPaX aT`bP ZTbPWP]P] eX[PfPW _T`cQPWP] XZ[X\ fP]V PZP] SX[PZcZP]( #+$ CT\QcPb _Pfc]V WcZc\ QT`c_P FT`Pbc`P] F`TaXST] ZWcaca 6SP_bPaX FT`cQPWP] ?Z[X\ SP[P\ `P]VZP \TePYXQZP] AT\T]bT`XP])BT\QPVP \T[PZcZP] bX]SPZ [P]Ycb \PaX]Vj \PaX]V aTZb^` c]bcZ [P]VZPW PSP_bPaX _T`cQPWP] XZ[X\( #,$ CT\cPb aTRP`P YT[Pa SP] bT`cZc` QT]bcZ _T]fTacPXP] \PaX]V j \PaX]V AT\T]bT`XP])BT\QPVP fP]V PZP] SX[PZcZP] QT`QPaXa WPaX[ ZPYXP] X[\XPW ST]VP] \T`cYcZ ?F88 X]bT`]PaX^]P[ \Pc_c] ?F88 ]PaX^]P[ aTWX]VVP \T\_c]fPX ZTQT]P`P] X[\XPW #YJPLUZPMPJ IHYLK$ bT`WPSP_ [P]VZPW fP]V SXP\QX[( #-$ CTePYXQZP]]fP \T]VVc]PZP] dP`XPQT[ SP`X _T`cQPWP] XZ[X\ aTQPVPX aP[PW aPbc _T`bX\QP]VP] SP[P\ _T]fcac]P] `T]RP]P _T\QP]Vc]P] fP]V bT`bcP]V SP[P\ AB>H& GFFB>& ;Z^`TVX^] \Pc_c] GIGL( Jac[P] ZP\X c]bcZ ZT`P]VZP `TVc[PaX bT`ZPXb QT]RP]P TZ^[^VXa PSP[PW TLUHTIHORHU4 #P$ FT`Pbc`P] ZWcaca bT`ZPXb 7T]RP]P ;Z^[^VXa fP]V bT`X]bTV`PaX ST]VP] Pbc`P] \XbXVPaX SP] PSP_bPaX T\XaX VPa `c\PW ZPRP QT`QPaXa RT_Pb bP]VVP_ SP] `Ta_^]aXU \T]VVc]PZP] FF FT`cQPWP] ?Z[X\ aTQPVPX Z^]aXST`P]a( #Q$ FT`Pbc`P] bT`aTQcb ePYXQ \T\P]SPbZP] \^]Xb^`X]V ^[TW 7DF7 aTRP`P YT[Pa aTZP[XVca YcVP X]bT`]P[ \PaX]Vj\PaX]V AT\T]bT`XP])BT\QPVP aTQPVPX [P]VZPW TdP[cPaX QT`QPaXa \XbXVPaX `XaXZ^ QT]RP]P TZ^[^VXa( #R$ FT`Pbc`P] fP]V \TePYXQZP] _T[XQPbP] \c[bX _XWPZ SP[P\ `P]VZP \T[XQPbZP] \PafP`PZPb aT^_bX\P[ \c]VZX] Vc]P \T]P]VVc[P]VX QT]RP]P TZ^[^VXa( #S$ E_bX\P[XaPaX _T]TVPZP] WcZc\ fP]V \T]fT]bcW PZb^` Uc]VaX^]P[ SP[P\ \T[PZcZP] _T]TVPZP] WcZc\ ZWcaca]fP ZTQPZP`P] WcbP]( #T$ FT`Pbc`P] fP]V \T\QT`XZP] aP]ZaX ZT_PSP AT\T]bT`XP])BT\QPVP fP]V bXSPZ \T[PZcZP] PZaX RT_Pb bP]VVP_(

A6>32?7E?2? C632729 82< B2<G2D


*("'"&" 1AM=JCG= 1AHAI>=C==J J]bcZ _T`cQPWP] XZ[X\& ZP\X TLUN[Y[SRHU4 P$ CT[PZcZP] `Tab`cZbc`XaPaX X]abXbcaX fP]V \TePSPWX _T`cQPWP] XZ[X\ SP[P\ aPbc SX`TZb^`Pb @T]ST`P[ AT\T]bT`XP] DTVP`P BX]VZc]VP] >XSc_ SP] ATWcbP]P]( Q$ CT]YPSXZP] AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] aTQPVPX UX[bT` PZWX` c]bcZ \T]VZPYX Xac _^Z^Z fP]V PZP] SXQPeP ^[TW 9T[TVPaX GT_cQ[XZ ?]S^]TaXP SP[P\ \T]VP\QX[ ZTQXYPZP] _T`cQPWP] XZ[X\ fP]V PZP] SXbT\_cW ^[TW FT\T`X]bPW ?]S^]TaXP _PaRP SX[PZcZP] ZPYXP] ^[TW 9TeP] DPaX^]P[ FT`cQPWP] ?Z[X\( J]bcZ QT]RP]P TZ^[^VXa ZP\X TLUN[Y[SRHU1 P$ CT\_T`ZcPb _T`P] 7DF7 QPXZ _PSP bX]VZPb _caPb \Pc_c] SPT`PW bT`cbP\P ST]VP] Uc]VaX RT_Pb bP]VVP_ fP]V bT`cZc` ST]VP] ZP_PaXbPa SP] ZP_PQX[XbPa fP]V SXScZc]V _T]cW ^[TW FT\T`X]bPW #_T]SP]PP]$ fP]V aXP_ _PZPX( Q$ CT]YPSXZP] SX`TZb^`Pb fP]V \T]Vc`ca a^P[ _T`cQPWP] XZ[X\ SX SP[P\ AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P] aTQPVPX [T\QPVP TdP[cPb^` bT`ZPXb bX]SPZ [P]Ycb \PaX]Vj \PaX]V AT\T]bT`XP])BT\QPVP _PSP bX]VZPb _caPb Vc]P \T[PZcZP] \^]Xb^`X]V SP] TdP[cPaX SP[P\ \T[PZcZP] bX]SPZP] _T]P]VVc[P]VP] QT`QPaXa QT]RP]P TZ^[^VXa PVP` bT`X]bTV`PaX ST]VP] bX]SPZP] \XbXVPaX SP] PSP_bPaX T\XaX VPa `c\PW ZPRP \XaP[ \T]TZP] bXbXZ P_X aTRP`P _T`X^SXZ PVP` bXSPZ QT`ac\QP]VaXW _PSP _T]X]VZPbP] T\XaX( R$ CT]YPSXZP] AT\T]bT`XP] DTVP`P BX]VZc]VP] SP] ATWcbP]P] aTQPVPX `cYcZP] cbP\P SP[P\ `P]VZP _T]P]VVc[P]VP] QT]RP]P TZ^[^VXa QPXZ bPbP`P] _`TdT]bXU \Pc_c] `T_`TaXU fP]V SXS^`^]V ^[TW ZT\P\_cP] ac\QT` SPfP \P]caXP& UX]P]aXP[ aT`bP _T`[T]VZP_P] fP]V \T\PSPX(

A6>32?7E?2? C632729 82< B2<G2D


*.

D^(

HPaP`P]

?]SXZPb^`

FT]RP_PXP]

FT]P]VVc]V @PePQ

AT\T]bT`XP] BX]VZc]VP] WXSc_ SP] ATWcbP]P]

5AMP>=D=J EGHEI +(

FT]VT]SP[XP] Z^]dT`aX WcbP] SP] ZT`caPZP] WcbP]

C^`Pb^`Xc\ Z^]dT`aX WcbP](

,*+/

BL\PL] XgX] fP]V PSP SP] \^`Pb^`Xc\ XgX] QP`c SX SP[P\ ZPePaP] WcbP](

,*+/

FT`[X]Sc]VP] TZ^aXabT\ _T]bX]V #ZP`ab& VP\Qcb& _PSP]V [P\c]& \P]V`^dT

FT`Pbc`P] _T`c]SP]VP] bT`ZPXb ST]VP] _T`[X]Sc]VP] TZ^aXabT\ _T]bX]V #AP`ab& =P\Qcb& CP]V`^dT& FPSP]V [P\c]$(

,*+/& ,*+0

BL\PL] XgX] SP] \^`Pb^`Xc\ _T\QT`XP] XgX] QP`c SX PbPa ZPePaP] _T]bX]V #ZP`ab& VP\Qcb& \P]V`^dT& _PSP]V [P\c]$(

,*+0

CT\QcPb Pbc`P] bc`c]P] bT`ZPXb _T`cQPWP] XZ[X\

>PSX`]fP FF FT`cQPWP] ?Z[X\

,*+0

.(

CT\QcPb Pbc`P] SX QXSP]V 6SP_bPaX FT`cQPWP] ?Z[X\

CT\cPb aTRP`P `X]RX bX]SPZP] fP]V WP`ca SXP\QX[ ^[TW \PaX]Vj \PaX]V AT\T]bT`XP]) BT\QPVP(

,*+0

/(

CT[PZcZP] `Tab`cZbc`XaPaX [T\QPVP fP]V \T]Vc`ca \PaP[PW _T`cQPWP] XZ[X\(

9X`TZb^`Pb YT]ST`P[ fP]V \T]Vc`ca a^P[ _T`cQPWP] XZ[X\ SP] ZTQPZP`P] WcbP](

,*+/

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

6bc`P] fP]V \T]YPQP`ZP] QT]RP]P TZ^[^VXa ZWcaca]fP fP]V \T\_c]fPX WcQc]VP] ZPcaP[XbPa ST]VP] _T`cQPWP] XZ[X\(

,*+0

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

,(

-(

FF FT`cQPWP] ?Z[X\ ePYXQ \T\cPb IHYLSPUL aT`bP b^[^Z cZc` fP]V SX`cYcZ(

AT\T]bT`XP] BX]VZc]VP] >XSc_ SP] ATWcbP]P]

+AJ?=J= AGKHKCEN +(

CT\QcPb Pbc`P] bT`ZPXb QT]RP]P TZ^[^VXa fP]V bT`X]bTV`PaX ST]VP]

A6>32?7E?2? C632729 82< B2<G2D


*/ \XbXVPaX aT`bP PSP_bPaX ,(

CT\_T`ZcPb 7DF7 ZWcaca]fP SP[P\ _T`P] _`TdT]bXU SP] `T_`TaXU fP]V aXP_ bP]VVP_

J]Xb ZWcaca SX SPT`PW `PeP] QT]RP]P QT`QPaXa `TZP\ YTYPZ fP]V PSP aT[P\P X]X(

,*+0

-(

CT]YPSXZP] AT\T]bT`XP] BX]VZc]VP] SP] ATWcbP]P] aTQPVPX QPaXa TdP[cPb^`

CT]VPbc` aTRP`P bTVPa bT`ZPXb bcVPa SP`X AT\T]bT`XP] BX]VZc]VP] >XSc_ fP]V QT`bcVPa \T[PZcZP] \^]Xb^`X]V SP] TdP[cPaX ZT_PSP 7DF7 SP] AT\T]bT`XP]) BT\QPVP bT`ZPXb(

,*+1

A6>32?7E?2? C632729 82< B2<G2D




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.