E.KVVS - ## 3] -SXNO\OVVK ,KMU +WYXQ ^RO -SXNO\]) + <O`SOa YP -K\WOX.KVVS /K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##]8OaDOKVKXN+XX_KV<O`SOa YP/N_MK^SYXG L_^ ]^SVV _XK^^KSXON YLTOM^S`O >RO NS]MY_\]O YP [_KVS^c OK\Vc MRSVNRYYN MK\O KXN ON_MK^SYX aK] LOMYWSXQ P\O[_OX^Vc ROK\N 3]-SXNO\OVVK,KMU+WYXQ^RO -SXNO\])+<O`SOaYP/K\Vc -RSVNRYYN/N_MK^SYXSX^RO/K\Vc ##] - +<7/8 . OQ7OKNO#"!%=WS^R=aKSX#"">RO]OM^Y\aK]]^KPPON LcZOYZVOaS^RNS`O\]O^\KSXSXQLKMUQ\Y_XN]K]S^_K^SYXaRSMR YX ^RO YXO RKXN aK] ]OOX ^Y LO KN`KX^KQOY_] SX ^O\W] YP ^RO \SMRXO]]YPZO\]ZOM^S`O^RS]MYX^\SL_^ONKXNYX^ROY^RO\RKXN KM^ONK]KLK\\SO\^YWYLSVS^cSXOWZVYcWOX^YZ^SYX]KM\Y]]^RO ]OM^Y\ >RO ]^K^_] YP OK\Vc MRSVNRYYN aY\U aK] ZO\MOS`ON ^Y LO VYa KXN NO]ZS^O ^RO \OMYWWOXNK^SYX] YP QY`O\XWOX^ MYWWS]]SYXON \OZY\^] ^Y \K^SYXKVS]O ^RO KNWSXS]^\K^SYX YP OK\Vc MRSVNRYYNON_MK^SYXOQ=^K^O=O\`SMO]-YWWS]]SYX#"KXN +663 ^Y SX^\YN_MO SX^OQ\K^ON ^\KSXSXQ PY\ ^RO OK\Vc MRSVNRYYN ]OM^Y\ OQ6OQS]VK^S`O-RKWLO\]#"%.OZK\^WOX^YP/N_MK^SYX#" +L]^\KM^$ KLM^RO\OaK]K]^\YXQPOOVSXQ^RK^OK\VcMRSVNRYYNON_MK^SYX >ROXSXO^SO]]^K\^ONY_^K]K^SWOYPYZ^SWS]WPY\^ROOK\VcMRSVNRYYNON_MK^SYX aK] NOPSXS^OVc K^ ^RO LY^^YW YP ^RO ROKZ$ ^RO -SXNO\OVVK aRY ]OM^Y\$ ^RO ,OPY\O 0S`O ZYVSMSO] SXMV_NSXQ ZRK]ON SWZVOWOX^K^SYX YP RSQRO\ MY_VN XY^ KPPY\N K LKVV QYaX KXN aRY NOPSXS^OVc RKN XY^ LOOX P_XNSXQRKNT_]^MYWOYX]^\OKW%ZYVSMSO]aO\OZ_^SXZVKMOSX^ROVK^O#"]^Y SX`S^ON^Y^ROLKVV SWZ\Y`O^RO[_KVS^cYPOK\VcMRSVNRYYNON_MK^SYXKXNaO\OMYWSXQ^YP\_S^SYX >RO##L_NQO^NKWZOXON^RS]YZ^SWS]W$OK\VcMRSVNRYYNP_XNSXQaK]MKZZON -SXNO\OVVKWOO^]^ROPKS\cQYNWY^RO\ K^##VO`OV]KXNKZO\SYNYP\O^\OXMRWOX^]O^SX>RS]ZKZO\NS]M_]]O]OK\Vc 3X^ROVK^^O\ZK\^YP^ROOSQR^SO]RYaO`O\^ROZSM^_\O]^K\^ON^Y MRSVNRYYNON_MK^SYXZYVSMSO]Y`O\^ROVK]^^R\OOcOK\]KXN]YWOYP^ROS]]_O]^RK^ MRKXQO3X4_Vc#" K\S]OP\YW^RO]O ^RO 3 =^K^O] ^RO\OMYWWOXNK^SYXYP^RO#"\OZY\^YP =O\`SMO] -YWWS]]SYX ^RK^ ^RO KNWSXS]^\K^S`O \O]ZYX]SLSVS^c PY\ MRSVNMK\O ]O\`SMO] LO ^\KX]PO\\ON ^Y ^RO .OZK\^WOX^ YP /N_MK^SYX LOMKWO K \OKVS^c 3X #"" ^R\OOcOK\ 3X^\YN_M^SYX$>RO-SXNO\OVVKYP^RO/N_MK^SYX=c]^OW SX^OQ\K^ONOK\VcMRSVNRYYN^\KSXSXQaK]SX^\YN_MONSXMYVVOQO]YP X ^RO WSN#"] OK\Vc MRSVNRYYN ON_MK^SYX aK] YP^OX NO]M\SLON K] ^RO -SXNO\OVVK YP ^RO ON_MK^SYX ]c]^OW OQ ,_\X] #"" 9XO \OK]YX PY\ ^RS] aK] ^RO VYa Z\YZY\^SYX YP @Y^O$/N_MK^SYXKVVYMK^ON^Y^RO]OM^Y\OQ"SX#" <OZY\^ YP ^RO .OZK\^WOX^ YP /N_MK^SYX #"! 9^RO\] SXMV_NON ^RO ON_MK^SYX Z\YWS]SXQ LO^^O\ [_KVS^c ON_MK^SYX SX MOX^\O] OXRKXMON Z\YPO]]SYXKVS]W KXN LO^^O\ RYZO] PY\ K \K^SYXKVS]ON MK\OO\]^\_M^_\O#""]Ka^ROZ_LVSMK^SYXYP^RO7OKNO<OZY\^KXN SX #"# ^RO 1Y`O\XWOX^ \O]ZYXNON aS^R ^RO ZYVSMc NYM_WOX^ ,OPY\O0S`O SXO[_S^KLVOP_XNSXQK\\KXQOWOX^]PY\^RO`K\SY_]OK\VcMRSVNRYYN ON_MK^SYX]O\`SMO]aRSMRRKNLOOX]_ZZY\^ONLcKMYVVOM^SYXYP QY`O\XWOX^ NOZK\^WOX^] YP^OX YX K YXOYPP LK]S] /X]_\SXQ O[_S^c YP KMMO]] ^Y OK\Vc MRSVNRYYN ]O\`SMO] Lc KVV ]OM^Y\] YP ^RO MYWW_XS^c aK] ]OOX K] KXY^RO\ WKTY\ S]]_O \O[_S\SXQ ZY]S^S`O ZYVS^SMKV KM^SYX OQ ,_\X] SLSN% .KVVS ## KXN KPPY\NKLVO ]O\`SMO]\O]ZYX]S`O^YMYWW_XS^cXOON]aO\O]OOXK]^RONO]S\ON ,OPY\O 0S`O Y_^VSXON ^RO XOa KNWSXS]^\K^S`O ]^\_M^_\O] ^RK^ aY_VN NOKV aS^R OK\Vc MRSVNRYYN ON_MK^SYXKV ]O\`SMO] ^YQO^RO\ aS^R ZYVSMSO] aRSMR Z\YWS]ON ^Y \ON\O]] WKXc YP ^RO P_XNSXQ SXO[_S^SO] YP ^RO ZK]^ 7Y]^ XY^OaY\^Rc aK] ^RO NOMS]SYX ^Y SWZVOWOX^KPY_\]^KQOZVKXYPRSQRO\P_XNSXQKM\Y]]^RO]OM^Y\ +]3RK`OXY^ONOV]OaRO\O.KVVS##^RO]OSXS^SK^S`O]]SQXKVVON ^Y ^RO OK\Vc MRSVNRYYN ]OM^Y\ ^RK^ K MRKXQO YP ZYVSMc aK] +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##] -K\WOX.KVVS _XNO\aKc KXN WY`SXQ SX ^RO NS\OM^SYX YP Z\YN_MSXQ K RSQR _XNO\WSXON,K\OVcKWYX^RKP^O\^RO[_KVS^cQ_SNOVSXO]\OKMRON [_KVS^c OK\Vc MRSVNRYYN ]O\`SMO aRO\O O[_S^c YP KMMO]] KXN YP MOX^\O]KXNaS^RSXaOOU]YP^RO8K^SYXKV1Y`O\XWOX^MYWSXQ P_XNSXQaO\OOX]_\ON SX^Y YPPSMO ^RO [_KVS^c Q_SNOVSXO] aO\O ]_ZO\]ONON Lc KXY^RO\ NYM_WOX^$>RO=^K^OWOX^YP.O]S\KLVO9LTOM^S`O]KXN:\KM^SMO] -SXNO\OVVKQYO]^Y^ROLKVV /N_MK^SYX 1KdO^^O ## +] +XXO 7OKNO KXN 3 RK`O K\Q_ON 3^aK]K^SWOYPYZ^SWS]WPY\ObKWZVO,_\X]#"#%.KVVS## OV]OaRO\O 7OKNO .KVVS ##% .KVVS ##K ^RS] NYM_WOX^ +XXO7OKNO##MKZ^_\ON^ROWYYNYP^RO^SWOSX^RO^S^VOYP SWWONSK^OVc KXX_VVON ^RO ZYaO\ YP ^RO [_KVS^c Q_SNOVSXO] ^Y RO\ZKZO\$AYWOXKXN-RSVN\OXQKSXK0YY^SX^RO.YY\=RO \O[_S\O RSQRO\ ]^KXNK\N] PY\ MRK\^O\SXQ Z_\ZY]O] ^RKX ^RY]O SX K\Q_ON^RK^^ROZYVS^SMKVQKSX]WKNOLcOK\VcMRSVNRYYNSX#"# ^RO \OQ_VK^SYX] >RO WSXSWKV ]^KXNK\N] SX ^RO ## \OQ_VK^SYX] aO\O WKNO ZY]]SLVO ^R\Y_QR ^RO MYY\NSXK^ON KM^S`S^SO] YP ]_NNOXVcLOMKWO]_PPSMSOX^PY\MRK\^O\SXQKXN^RORSQRO\P_XNSXQ aYWOX_XSYX]7KY\SKXNZOYZVOP\YWY^RO\O^RXSMMYWW_XS^SO] ^RK^MRK\^O\ON]O\`SMO]aO\OOVSQSLVOPY\ aRYKZZVSONZYVS^SMKVZ\O]]_\OKXNYZ^SW_W^SWSXQSX]_ZZY\^SXQ ^RO YPPSMSKV] SX]SNO ^RO ,OORS`O NYSXQ ^RO NO^KSVON ZYVSMc aY\U \O[_S\ONPY\-KLSXO^KZZ\Y`KVYPXOaZYVSMSO] 2Y^ YX ^RO ROOV] YP ^RS] O`OX^ MKWO ^RO \OVOK]O YP 1Y`O\XWOX^]/MYXYWSMKXN=YMSKV3XS^SK^S`O8OaDOKVKXN:\SWO 7SXS]^O\##aRSMRP\YdO^RO]^KQONSWZVOWOX^K^SYXYPRSQRO\ /K\VcMRSVNRYYNMOX^\O]aO\OKV]YMK_QR^_ZSX^ROYZ^SWS]W KXN N_\SXQ #"# KXN ## ^ROc L_MUVON NYaX ^Y ^RO ^K]U YP N\KP^SXQ^ROMRK\^O\]^RK^aY_VNQS`O^ROWKMMO]]^Y^RORSQRO\ VO`OV] YP P_XNSXQ Z\YWS]ON SX ,OPY\O 0S`O -RK\^O\] RKN ^Y WOO^ [_KVS^c Q_SNOVSXO] ^RK^ ]ZOMSPSON RSQRO\ ]^KXNK\N] YP OK\Vc MRSVNRYYN Z\Y`S]SYX] ^RKX ^RO WSXSWKV YXO] SX >RO /N_MK^SYX P_XNSXQPY\OK\VcMRSVNRYYN]O\`SMO]K^^RO##VO`OV]+XY^RO\ KXXY_XMOWOX^ aK] ^RK^ ^RO :=? ZO\ ]O]]SYX _XS^ ]MROWO SX^\YN_MONSX#"aS^R^ROKSWYPRK`SXQ^R\OO^\KSXON^OKMRO\] SXKVVUSXNO\QK\^OX]Lc##aY_VNLORKV^ON>RS]aK]PYVVYaON Lc ^RO _XObZOM^ON KXN ^Y^KVVc _XXOQY^SK^ON MRKXQO YP ^RO USXNO\QK\^OX\OQ_VK^SYX]^YKVVYaUSXNO\QK\^OX]^YMRK\QOPOO] /K\Vc-RSVNRYYN-OX^\O]<OQ_VK^SYX]##aRSMRRKNT_]^LOOX Z\YW_VQK^ON >RO [_KVS^c Q_SNOVSXO] aO\O PY\WKVVc \OVOK]ON ^Y MOX^\O] SX WSN8Y`OWLO\ ## 7SXS]^\c YP /N_MK^SYX ##K 2SQRVSQR^]P\YW^ROQ_SNOVSXO]SXMV_NONLO^^O\]^KPP$MRSVN\K^SY] ^RKX ^RO WSXSW_W ]^KXNK\N] SX ^RO \OQ_VK^SYX] ## KXN ^RO \O[_S\OWOX^ ^Y ^\KSX _X^\KSXON ]^KPP AROX SX ## ^RO PS\]^ ZRK]OYP^ROSWZVOWOX^K^SYXYPRSQRO\P_XNSXQaK]MYWZVO^ON KXN]YWOO`SNOXMOYPVYaO\ZK\OX^KVPOO]KXNSWZ\Y`ON]KVK\SO] SX]YWOMOX^\O]]^K\^ON^YLO`S]SLVOS^aK]LOQSXXSXQ^YVYYUK]SP OK\Vc MRSVNRYYN ON_MK^SYX RKN SXNOON MYWO YP KQO KXN ^RK^ WKcLO-SXNO\OVVKaY_VNQO^^Y]ZOXN]YWO^SWOaS^RRO\:\SXMO -RK\WSXQ 3^ aK] P_\^RO\ KXXY_XMON ^RK^ ^RO\O aY_VN LO ]O`OX^OOX \O`SOa]YPON_MK^SYXPY_\YPaRSMRaY_VNLOSXOK\VcMRSVNRYYN ON_MK^SYX SX ^RO K\OK] YP K ^RO Z\YZO\^c K]ZOM^] YP ^RO ## \OQ_VK^SYX] L P_XNSXQ M ]^KPPSXQ ^\KSXSXQ KXN [_KVSPSMK^SYX] KXNN^RO/K\Vc-RSVNRYYN.O`OVYZWOX^?XS^ >RO WY_X^SXQ YP ^RO]O \O`SOa] ]Y ]YYX KP^O\ aRK^ RKN ]OOWON VSUO ^RO LOQSXXSXQ] YP ^RO ]O^^VOWOX^ YP VYXQ]^KXNSXQ Z\YLVOW] SX ^RO ]OM^Y\ \KS]ON Q\K`O MYXMO\X] KWYXQ OK\Vc MRSVNRYYN ON_MK^Y\] >RO ]OM^Y\ RKN RYZON PY\ K \O]ZS^O P\YW ]_LWS]]SYXa\S^SXQKXNPY\]YWO^SWOSXaRSMR^YMYX]YVSNK^O^RO \OMOX^ QKSX] OQ .KVVS ## +] AOVV] ##L MYWWOX^] ^RS] RYaO`O\aK]XY^^YLO>ROOK\VcMRSVNRYYN]OM^Y\aK]UOZ^SX >ROMVYMU]^\SUO]WSNXSQR^ VSWLY aKS^SXQ PY\ ^RO \O]_V^] YP ^RO \O`SOa] _X^SV ^RO WSNNVO YP 2YaO`O\ K] S^ ^_\XON Y_^ ^RO YZ^SWS]W aK] ]RY\^ VS`ON >RO QKSX] WKNO SX ^RO cOK\] LO^aOOX #" ^Y ## aO\O ]aSP^Vc ## aROX ^ROc aO\O \OVOK]ON K] ZK\^ YP ^RO ## ,_NQO^ >RO NOMS]SYX]YP^RK^,_NQO^MYX^SX_O^Y\O`O\LO\K^O^R\Y_QR^ROOK\Vc +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##]! MRSVNRYYN ]OM^Y\ KXN MKX LO SNOX^SPSON K] WKTY\ MYX^\SL_^Y\] ^Y "-K\WOX.KVVS `SS ^ROZ\YLVOW]aRSMRXYaPKMO^RO]OM^Y\ 3^S]^RO]OZ\YLVOW]^RK^\KS]O^RO[_O]^SYXSX^RO^S^VOYP^RS] VO`OVSX^RO\OQ_VK^SYX]aO\O^YKZZVcPY\MRK\^O\SXQZ_\ZY]O] `SSS \OQ_VK^SYX] aO\O OK]ON ^Y OX]_\O ^RK^ \O]Y_\MO] QY SX^Y ZKZO\7cK\Q_WOX^SX^RS]ZKZO\S]^RK^aS^R^RO##,_NQO^ ^ROMVYMU]^\_MUWSNXSQR^KXN-SXNO\OVVKPY_XNRO\]OVPN\KQQON LKMUYXMOWY\O^Y^ROMSXNO\] ^ROWSXSW_WVSMOX]SXQ]^KXNK\N]PY\\K^SY]KXN[_KVSPSMK^SYX] VOK\XSXQXY^L_SVNSXQ]SLSNZ Sb P_XNSXQPY\KN`S]Y\c]_ZZY\^PY\VSMOX]ONY\MRK\^O\ONOK\Vc MRSVNRYYN ]O\`SMO] KXN PY\ SX]O\`SMO ^\KSXSXQ KXN 3X ^RO PYVVYaSXQ ]OM^SYX] 3 ]RKVV Y_^VSXO OK\Vc MRSVNRYYN NO`OVYZWOX^ LOMKWO MYX^O]^KLVO KXN K] K \O]_V^ ^RO ON_MK^SYX ZYVSMSO] ]SXMO ^RO ## ,_NQO^ KXN ]YWO S]]_O] YZO\K^SXQL_NQO^PY\^RO/K\Vc-RSVNRYYN.O`OVYZWOX^?XS^ ]_\\Y_XNSXQ^RO]OZYVSMSO] /-.?aK]]_L]^KX^SKVVcM_^Lc!WSVVSYXSX^RO## ##PSXKXMSKVcOK\KXNLcWSVVSYXSX####ESLSN## /K\VcMRSVNRYYNON_MK^SYXZYVSMSO]]SXMO^RO##L_NQO^ ZG >ROZYVSMcNOMS]SYX]SX^RO##,_NQO^aO\O$ >RO L_NQO^ NYM_WOX^K^SYX KV]Y ]^K^ON ^RK^ K NOMS]SYX YX ^RO S ^RO SX^\YN_M^SYX YP :K\OX^] K] 0S\]^ >OKMRO\] NO]M\SLON K] K O]^KLVS]RWOX^ YP OK\Vc MRSVNRYYN MOX^\O] SX RSQR \S]O L_SVNSXQ] XOaZK\OX^ON_MK^SYXKXN]_ZZY\^ZYVSMc^YK]]S]^ZK\OX^]SX RKNXY^cO^LOOXWKNOKXNaY_VNLOKXXY_XMONVK^O\ P_VPSVVSXQ ^ROS\ `S^KV \YVO K] ^RO PS\]^ ^OKMRO\] YP ^ROS\ MRSVN =WS^R##Z +XXO7OKNOKXN3RK`OMYWWOX^ONOV]OaRO\OYX^ROSWZKM^ YP ^RO]O NOMS]SYX] YX OK\Vc MRSVNRYYN MOX^\O] 7OKNO .KVVS SS ^RO\ON_M^SYXYP^RORY_\Vc\K^OYPQY`O\XWOX^P_XNSXQPY\ _XNO\^aYcOK\YVN]SXMOX^\O]P\YW!^YZO\MRSVN >RO]K`SXQ]^RK^aY_VNKMM\_OP\YW^RS]aO\O^YLONS`O\^ON SX^YKXOaMRSVNMK\O]_L]SNcKNWSXS]^O\ONLc^RO.OZK\^WOX^ YP=YMSKVAOVPK\O SSS S` `S NOMS]SYX] aK] ^Y ^R\OK^OX ^RO KLSVS^c YP ^RO ]OM^Y\ ^Y KM^ K] K _XSPSON aRYVO KXN ^RO KLSVS^c YP ^RO ]OM^Y\ ^Y YPPO\ K [_KVS^c ]O\`SMO>RO_XS^cYP^RO]OM^Y\aK]^R\OK^OXONLc^RONOMS]SYX^Y L_VUP_XNUSXNO\QK\^OX^OKMRO\]]KVK\SO]aRSMR]YYX\O]_V^ONSX ^RO SX^\YN_M^SYX YP L_VUP_XNSXQ YP USXNO\QK\^OX] P\YW ^RO]OMO]]SYXYPPY_\USXNO\QK\^OXK]]YMSK^SYX]P\YW^ROXK^SYXKV 0OL\_K\c## 8Oa DOKVKXN 0\OO 5SXNO\QK\^OX ?XSYX KXN Lc ^RO NOMS]SYX ^Y KMRKXQOSXWSXSWKV\K^SY]PY\_XNO\^aYcOK\YVN]SXWSbON KQONQ\Y_ZMOX^\O]P\YW$^Y$ ` ##% ]OO KV]Y 7OKNO ## KXN K\Q_ON ^RK^ ^RO OPPOM^ YP ^RO]O WKUOKN`S]Y\c]_ZZY\^KXNSX]O\`SMO^\KSXSXQMYX^O]^KLVO>RO KLSVS^c^YZ\Y`SNOK[_KVS^c]O\`SMOaK]^R\OK^OXONLc^ROM_^LKMU SX L_VU P_XNSXQ PY\ SXPKX^] KXN ^YNNVO\] ^RO M_^LKMU SX ^RO KMRKXQOSX^ROX_WLO\YP^\KSXSXQZYSX^]^RK^^ROZO\]YXSX WSXSWKV\K^SY]PY\_XNO\^aYcOK\YVN]P\YW$NYaX^Y$KXN MRK\QOYPKMOX^\OS]\O[_S\ON^YRK`OP\YW^ROZ\OObS]^SXQ" ^ROM_^LKMUSX^\KSXSXQSWZO^_]]SQXKVVONLc^ROMRKXQO^YK ZYSX^]O[_S`KVOX^^Y^aYcOK\^\KSXSXQ^YZYSX^]Lc## ZYSX^[_KVSPSMK^SYX\O[_S\OWOX^PY\ZO\]YX]SXMRK\QO7OKNO >RS]\O`YUONKXOK\VSO\ZYVSMcYP\O[_S\SXQZYSX^]Lc## .KVVS## ^RO \OQS]^\K^SYX YP USXNO\QK\^OX ^OKMRO\] LOMKWO XYX MYWZ_V]Y\c 0YVVYaSXQ ^RO ## ,_NQO^ WY]^ OK\Vc MRSVNRYYN ON_MK^Y\] aOX^ \Y_XN SX aRK^ MY_VN LO]^ LO ^O\WON K ]^K^O YP ]RYMU +] ZOYZVO ^YYU ]^YMU YP ^RO NKWKQO KXN MOX^\O] YXMO WY\O \O +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##]# -K\WOX.KVVS KNT_]^ON^ROS\L_NQO^]^Y]_S^^ROVOKXO\^SWO]KROKNYXOVY]]aK] +POaNKc]LOPY\O^RO\OVOK]OYP^RO##,_NQO^KXOa\O`SOaYP ZK\^Vc\O^\SO`ONP\YW^ROL_NQO^NOL\S]>RO\O[_S\OWOX^YPK OK\VcMRSVNRYYNP_XNSXQaK]KXXY_XMON ZYSX^[_KVSPSMK^SYXaK]\OSX]^K^ONL_^ZY]^ZYXON^Y^ROcOK\ PY\ ZO\]YX] SX MRK\QO YP MOX^\O] + ]OMYXN MRKXQO aK] ^RO NOPO\WOX^ YP ^RO ^OXNO\SXQ Y_^ YP ^RO /K\Vc -RSVNRYYN .O`OVYZWOX^ ?XS^] /-.? KN`S]Y\c ]_ZZY\^ ]O\`SMO ^SVV ## >RO PS\]^ MRKXQO PYVVYaON ]^\YXQ VYLLcSXQ ^RK^ YMM_\\ON K^ ^RO OK\VcMRSVNRYYNMYX`OX^SYXROVNSX._XONSXSX=OZ^OWLO\## KXN ^RO ]OMYXN MRKXQO aK] K \O]_V^ YP MY_\^ KM^SYX ^KUOX Lc /-.?YX^ROLK]S]YPKL\OKMRYPMYX^\KM^Lc1Y`O\XWOX^ ##LOQKX^Y]OO^RO\OKVS^cYP^RO##,_NQO^OXKM^ON>RO 3^S]XY]_\Z\S]O^ROX^RK^^ROOK\Vc##]RK`OKV\OKNcLOOX ^O\WON^ROcOK\]YP\O^\OXMRWOX^OQ7Kc##3X4_XO## K^^ROVK_XMRYP^ROMKWZKSQXPY\[_KVS^cON_MK^SYXSX^ROOK\Vc cOK\] Y\QKXS]ON Lc ^RO 8Oa DOKVKXN /N_MK^SYXKV 3X]^S^_^O KXN ^RO-YWLSXON/K\Vc-RSVNRYYN?XSYX]YP+Y^OK\YK-/-?+3 K\Q_ON^RK^SX^ROVK]^POacOK\]Y_\XK^SYX]OOWON^YRK`OVY]^ S^] MYWWS^WOX^ ^Y RSQR [_KVS^c MOX^\OLK]ON OK\Vc MRSVNRYYN ON_MK^SYX.KVVS##K3]RKVVMYX]SNO\ ]YWOYP^ROS]]_O]^RK^ RK`OK\S]OXSX^ROaKUOYP^RS]VY]]SX^ROXOb^ZK\^YP^RS]ZKZO\ \ON_M^SYX YP P_XNSXQ PY\ _XNO\^aY cOK\ YVN] ^YYU OPPOM^ YX 0OL\_K\c >RO XOa -RSVNMK\O =_L]SNc KNWSXS]^O\ON Lc ^RO >RO-_\\OX^3]]_O]$-SXNO\OVVKKWYXQ^RO-SXNO\] .OZK\^WOX^YP=YMSKVAOVPK\OKXNP_XNONP\YW^RO]K`SXQ]WKNO P\YW ^RO \ON_M^SYX YP ^RO _XNO\^aY] P_XNSXQ LOQKX YX 0OL\_K\c,_VUP_XNSXQYPUSXNO\QK\^OX^OKMRO\]KVK\SO]]^K\^ON ,_VUP_XNSXQYPUSXNO\QK\^OX^OKMRO\]]KVK\SO]$>ROZ\S`K^S]K^SYX YP^ROUSXNO\QK\^OX]O\`SMO) YX7K\MR9X7K\MR^RO7SXS]^O\YP/N_MK^SYX6YMUaYYN >RO NOMS]SYX ^Y SX^\YN_MO L_VU P_XNSXQ aK] KXXY_XMON SX ^RO =WS^RVK_XMRON^ROZSVY^Z\YQ\KWWO:K\OX^]K]0S\]^>OKMRO\]SX ##L_NQO^K]KNOMS]SYX^YL\SXQUSXNO\QK\^OXP_XNSXQKXN]OVP +_MUVKXN WKXKQOWOX^ ]c]^OW] SX^Y VSXO aS^R ^RY]O YP KVV Y^RO\ OK\Vc 3X^ROMYX^Ob^YP^RO]OMRKXQO]^RO##,_NQO^aK]KXYX MRSVNRYYN]O\`SMO]=WS^R##Z O`OX^ PY\ OK\Vc MRSVNRYYN ON_MK^SYX 8Y^RSXQ aK] QKSXON KXN 4_]^LOPY\O^RO\OVOK]OYP^RO##,_NQO^KXN^RONOMS]SYX^Y XY^RSXQWY\OVY]^9X+_Q_]^RYaO`O\S^aK]KXXY_XMON^RK^ SX^\YN_MO L_VU P_XNSXQ YP ^OKMRO\] ]KVK\SO] -VK\O AOVV] K^ ^RO KNOMS]SYXRKNLOOXWKNO^YKVVYa^ROO]^KLVS]RWOX^YPMRSVNMK\O ^SWOXK^SYXKVZ\O]SNOX^YP^RO-YWLSXON/K\Vc-RSVNRYYN?XSYX MOX^\O]SXRSQR\S]OL_SVNSXQ]3^aK]ZO\RKZ]KXSXNSMK^SYXYP^RO YP +Y^OK\YK QK`O KX KNN\O]] ^Y ^RO 8Oa DOKVKXN 0\OO Z\ONYWSXKX^Vc NS]ROK\^OXON POOVSXQ YP ^RO ^SWO ^RK^ RK\NVc K 5SXNO\QK\^OX ?XSYX 8D05? KXX_KV MYXPO\OXMO AOVV] ## W_\W_\ aK] ROK\N SX Z\Y^O]^ K^ ^RS] NO]ZS^O ^RO ROK^ ^RK^ S] aRSMR SX RSXN]SQR^ RK] ^_\XON Y_^ ^Y LO OWSXOX^Vc Z\YZRO^SM _]_KVVcQOXO\K^ONaROXO`O\^RO^YZSMS]NS]M_]]ONKWYXQ8Oa AOVV]]KSN^RK^^ROUSXNO\QK\^OX]O\`SMOaK]PKMSXQ]YWOYP^RO DOKVKXNOK\VcMRSVNRYYNON_MK^Y\] WY]^]SQXSPSMKX^MRKVVOXQO]SXS^]RS]^Y\cKXN^RK^^RO]OMRKVVOXQO] ._\SXQ ## ZYVSMc SXS^SK^S`O] SX OK\Vc MRSVNRYYN ON_MK^SYX aO\OKQKSXXOQVSQSLVOaS^R^ROXY^KLVOObMOZ^SYXYP^RONOMS]SYX ^Y ObZKXN ^RO :K\OX^] K] 0S\]^ >OKMRO\] Z\YQ\KWWO ^Y OSQR^ XOa K\Y]OY_^YPKVYXQ^O\WZVKXLc>\OK]_\c^Y\ON_MO1Y`O\XWOX^] \O]ZYX]SLSVS^cPY\ON_MK^SYXKXN^YO]^KLVS]RKZ_\OPY\WYP]OVP WKXKQOWOX^KXN_V^SWK^OVcZ\S`K^S]K^SYX VYMK^SYX] KXN ^Y ^K\QO^ ^R\OO YP ^RO]O ]ZOMSPSMKVVc K^ 7KY\S KXN AOVV]^\KMON^ROOPPOM^YP^RO=^K^O=OM^Y\+M^YXOWZVYcWOX^ :KMSPSM 3]VKXN PKWSVSO] >RO `S\^_KV ]SVOXMO SX ^RO ,_NQO^ YX Z\YMON_\O]SX^ROUSXNO\QK\^OX]O\`SMOWKUSXQ^RO]OZ\YMON_\O] KXc^RSXQOV]O^YNYaS^ROK\VcMRSVNRYYNON_MK^SYXRYaO`O\aK] `O\c]SWSVK\^Y^ROWYNOV_]ONSX^ROZ\S`K^O]OM^Y\OQRK`SXQ XY^K\OVSKLVOSXNSMK^Y\^RK^^RO]OM^Y\aK]^YLOVOP^YXK_^YZSVY^ KVV ^RO MYXNS^SYX] YP ]O\`SMO MYNSPSON SX^Y KX KaK\N NYM_WOX^ +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##] -K\WOX.KVVS aRSMR^ROUSXNO\QK\^OX]OM^Y\RKNXO`O\RKNLOPY\O>RS]]RO YP ^RS] O`OX^ PY\ ^RO _XS^c YP ^RO ]O\`SMO K\O WKXc$ ^RO\O S] XY MVKSWON\OWY`ON^RO]O\`SMO]YWONS]^KXMOP\YW^RO\O]^YP^RO VYXQO\K_XSPSON`YSMO^YKM^PY\^ROaRYVOUSXNO\QK\^OX]O\`SMO$ ON_MK^SYX ^RO OKMRK]]YMSK^SYXXYaMYXN_M^]S^]YaX]KVK\cXOQY^SK^SYX]%WKXc USXNO\QK\^OX]O\`SMOQOXO\KVVc]_LTOM^^Y^RO]KWOZ\Y`S]SYX]K] K]]YMSK^SYX] RK`O QYXO YPP ^RO MOX^\KV ZKc\YVV KXN RK`O ]O^ _Z KZZVSON^Y^RO\O]^YP^ROOK\VcMRSVNRYYN]O\`SMO>R\OO[_KVS^SO] ^ROS\YaXKNWSXS]^\K^S`O]c]^OW]N_ZVSMK^SXQOPPY\^KXNObZOX]O ]^SVV RYaO`O\ NS]^SXQ_S]RON ^RO USXNO\QK\^OX ]O\`SMO P\YW ^RO SX ^RO Z\YMO]] >RO 5SXNO\QK\^OX +ZZYSX^WOX^ =MROWO S] XY \O]^ YP ^RO OK\Vc MRSVNRYYN ]OM^Y\ KXN OX]_\ON QY`O\XWOX^ VYXQO\ XK^SYXKV KXN MKX XY VYXQO\ LO _]ON K] K [_KVS^c MYX^\YV \O]ZYX]SLSVS^c PY\ ^RO ]O\`SMO$ ^RO ]OZK\K^SYX YP L_VU P_XNSXQ YP WOK]_\O%^RO]KWOKZZVSO]PY\^RONS]MSZVSXK\cZ\YMON_\O]aRSMR ^OKMRO\]]KVK\SO]^RO\O[_S\OWOX^]YP^OKMRO\\OQS]^\K^SYXKXNK ^RO]O\`SMORKNSXZVKMO ]OM^Y\ >RO ,OPY\O 0S`O ZYVSMSO] KV]Y WKNO XK^SYXKV KaK\N ]c]^OW XOQY^SK^ON MOX^\KVVc AOVV] MYWWOX^ON ^RK^SPQY`O\XWOX^\OKVVcaKX^ON^Y]RONS^]\O]ZYX]SLSVS^cPY\^RO USXNO\QK\^OX]O\`SMO^ROX^RO]O^R\OO[_KVS^SO]aY_VNLO^K\QO^ON XOb^ PY\ \OWY`KV =RO aK\XON ^RO 5SXNO\QK\^OX ?XSYX ^RO OWZVYcO\LYNcYP^ROUSXNO\QK\^OX]O\`SMO$ 3X K ]_\`Oc MYWWS]]SYXON Lc -/-?+ KXN ^RO +_MUVKXN 5SXNO\QK\^OX+]]YMSK^SYX^YSX`O]^SQK^O^ROSXS^SKVSWZKM^YPL_VU P_XNSXQAcVSO##\OZY\^]^RK^KV^RY_QR^RO]^_NcaK]NYXO SX ^RO OK\Vc NKc] YP ^RO YZO\K^SYX YP L_VU P_XNSXQ ]YWO OPPOM^] aO\OKV\OKNcLOSXQPOV^=RO\OZY\^]^RK^KP^O\^ROSX^\YN_M^SYXYP <OWY`OMYWZ_V]Y\c\OQS]^\K^SYXKXN^RONYY\S]YZOXON^Y^RO L_VU P_XNSXQ T_]^ Y`O\ RKVP YP ^RO OWZVYcSXQ K]]YMSK^SYX] OWZVYcWOX^YP_X^\KSXON]^KPP+MMOZ^L_VUP_XNSXQYP^OKMRO\] ObZO\SOXMON L_NQO^ NOPSMS^] AcVSO XY^O] ^RK^ \OK]YXKLVO ]^KPP ]KVK\SO]KXN^RONOMS]SYX\OQK\NSXQ^ROOWZVYcWOX^MYXNS^SYX] \K^SY]\OK]YXKLVO]KVK\SO]KXNMYXNS^SYX]KXN^\KSXON]^KPPK\OKVV KXNVO`OV]YP\OW_XO\K^SYXK\OcY_\]+MMOZ^L_VUP_XNSXQKXN \OVK^ON^YZY]S^S`OY_^MYWO]PY\MRSVN\OXL_^K]]YMSK^SYX]WKc cY_ aSVV KV]Y LO MRK\QON aS^R ^RO XOQY^SK^SYX Z\YMO]] 1S`OX LO PKMON aS^R ^RO ]KN NSVOWWK YP RK`SXQ ^Y MRYY]O LO^aOOX ^RK^ _XNO\ ^RO =^K^O =OM^Y\ +M^ cY_ K\O \O[_S\ON ^Y LO QYYN ^ROW Z =RO KNN] ^RK^ ^RO ]_\`Oc ]RYa] K MVOK\ VSXU OWZVYcO\]cY_WSQR^aOVVaOVMYWOP_VVMYX^\YV9X^RO]_\PKMO S^ WSQR^ ]OOW PKS\ OXY_QR L_^ ^RO SWZVSMK^SYX S] ^RK^ YXMO LO^aOOX ZK\OX^KV ]YMSYOMYXYWSM ]^K^_] KXN ^RO \O]Y_\MO] MRK\QONaS^R^RO]O\O]ZYX]SLSVS^SO]^RO\OS]XYYLVSQK^SYXPY\^RO K`KSVKLVO ^Y SXNS`SN_KV USXNO\QK\^OX] Z KXN ^RK^ O[_KV QY`O\XWOX^^YZ\Y`SNO^ROM_\\OX^VO`OVYPP_XNSXQSXNOONKXc SXZ_^P\YWQY`O\XWOX^P_XNSXQNS]^\SL_^ON^YUSXNO\QK\^OX]YX P_XNSXQ^Y^RO]O\`SMO>ROQY`O\XWOX^aSVVLOKLVO^Y]Kc:Kc K_XSPY\W\YVVLK]ONLK]S]aSVVXY^OX]_\OO[_KVS^cYPY_^MYWOPY\ PY\ S^ cY_\]OVP { KP^O\ KVV cY_ MKX MRK\QO POO] 9XMO KVV MRSVN\OX 7S^MROVV ## SX ^KVUSXQ KLY_^ ^RO SWZKM^ YP \O]ZYX]SLSVS^cS]NO`YV`ON^Y]_MRKNOQ\OO^RO\OS]VS^^VO\OMY_\]O 1Y`O\XWOX^ ZYVSMc YX USXNO\QK\^OX] RK] _]ON ^RO MK]O YP SPaONYX^WKUOOXN]WOO^Z! 5OXXSXQ]^YX =^\OO^ USXNO\QK\^OX SX AKSY_\_ ^Y SVV_]^\K^O RYa >aY KXN K RKVP cOK\] VK^O\ AOVV] Z\ONSM^SYX] RK`O LOOX LY\XO Y_^ 9XO YP ^RO PS\]^ MK]_KV^SO] YP L_VU P_XNSXQ aK] ^RO KV\OKNc WOX^SYXON ]OMO]]SYX SX .OMOWLO\ ## YP PY_\ YP ^RO VK\QO]^ USXNO\QK\^OX K]]YMSK^SYX] P\YW ^RO 8D05? 3^ KZZOK\] ^RK^ ^RO +_MUVKXN AKSUK^Y AOVVSXQ^YX KXN -OX^\KV 8Y\^R 3]VKXN K]]YMSK^SYX] MY_VN XY^ KQ\OO aS^R ^RO 8D05? YX ^RO KNWSXS]^\K^S`OZ\YMON_\O]PY\^ROYZO\K^SYXYPL_VUP_XNSXQKXN RK`OPY\WON^ROS\YaX5SXNO\QK\^OX0ONO\K^SYX>ROSWZVSMK^SYX] Y_^MYWO] MKX LO _XO[_KV P\YW O[_KV SXZ_^] ,OMK_]O YP S^] ^\KX]SOX^ K\Wc ZYZ_VK^SYX 5OXXSXQ]^YX =^\OO^ USXNO\QK\^OX MY_VNXY^K^^\KM^KXO`OXVO`OVYPP_XNSXQYXK\OQ_VK\LK]S]KXN RKN LOOX ^R\OK^OXON aS^R MVY]_\O >RO <_KRSXO +]]YMSK^SYX ^Y aRSMR ^RO USXNO\QK\^OX LOVYXQON aK] XY^ Z\OZK\ON ^Y M\Y]] ]_L]SNS]OS^P\YW\O]Y_\MO]QKSXONPY\_]OLcY^RO\MOX^\O]>RO USXNO\QK\^OXaK]O`OX^_KVVc]K`ONP\YWMVY]_\OLc^ROAKXQKX_S +]]YMSK^SYX^YaRSMRS^XYaLOVYXQ] +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##] 9^RO\ObKWZVO]YPZ\YLVOW]USXNO\QK\^OX]RK`OLOOXPKMSXQ SXMV_NO ^RO MK]O YP ^RO 7K\VLY\Y_QR +]]YMSK^SYX aRSMR RK] MYX]SNO\ON OWZVYcSXQ _X^\KSXON ]^KPP K] ^RS\N ^OKMRO\] SX USXNO\QK\^OX] KXN SX ^ROS\ WYLSVO _XS^] KXN ^RO WKXc MK]O] YP USXNO\QK\^OX]aRSMRRK`ORKN^Y\KS]O^ROS\\YVV]^YMRSVN\OX ZO\ ]O]]SYX SX Y\NO\ ^Y K^^\KM^ WY\O P_XNSXQ KXN SXM\OK]O ^ROS\ MRKXMO]YPWOO^SXQL_NQO^]RY\^PKVV]3X^RO-OX^\KV8Y\^R3]VKXN +]]YMSK^SYX ^R\OO USXNO\QK\^OX] RK`O LOOX VYYUSXQ K^ MVY]SXQ LOMK_]O^ROS\\YVV]K\OXY^RSQROXY_QR+^^RO^SWOYPa\S^SXQ^aY YP^RO]OYXOSX5KaO\K_KXNYXOSX7_\KZK\KVYYUK]SP^ROcaSVV ]_\`S`OL_^^RO^RS\N/^Z\SMU:VKMOSX>YUY\YKaSVVMVY]OSX## 3X^ROPS\]^aOOUYP.OMOWLO\##^RO+_MUVKXN5SXNO\QK\^OX +]]YMSK^SYX MS\M_VK^ON KVV ]^KPP KXN ZK\OX^]aRKXK_MK\OQS`O\] aS^RKMYX]_V^K^SYX]_\`OcYPPO\SXQPY_\YZ^SYX]^RO]O\`SMOMKX KM^ _ZYX SX Y\NO\ ^Y \O]YV`O ^RO PSXKXMSKV M\S]S] S^ PKMON >RO YZ^SYX]MYX]SNO\ONaO\O$MRK\QSXQPOO]\ON_MSXQY`O\ROKN]Lc OWZVYcSXQ _X^\KSXON ]^KPP SXM\OK]SXQ \YVV] ^Y MRSVN\OX ZO\ ]O]]SYXKXNSX^\YN_MSXQKNNS^SYXKV]O]]SYX] -K\WOX.KVVS >\KSXSXQKXN[_KVSPSMK^SYX] >RO\O K\O WKTY\ MYXP_]SYX] SX ^RO PSOVN KLY_^ ^RO P_^_\O YP ^\KSXSXQKXN[_KVSPSMK^SYX]SXOK\VcMRSVNRYYNON_MK^SYX+]+XXO 7OKNOKXN3RK`OXY^ONOV]OaRO\O7OKNO.KVVS##SX#"" ^R\OOcOK\^\KSXSXQaK]SX^\YN_MONSXMYVVOQO]YPON_MK^SYXKXN K ^R\OOcOK\ Z\O]O\`SMO [_KVSPSMK^SYX Y\ S^] O[_S`KVOX^ RK] ]SXMO LOMYWO ^RO LOXMRWK\U ^Y aRSMR OK\Vc MRSVNRYYN Z\KM^S^SYXO\] K]ZS\OK]KWOKX]YPKMRSO`SXQKRSQR[_KVS^c]O\`SMO,OMK_]OYP ^ROOWZVYcWOX^SWZVSMK^SYX]aRSMR^R\OOcOK\^\KSXSXQRKNPY\ ZOYZVO KV\OKNc OWZVYcON SX ^RO ]OM^Y\ K ]MROWO YP KVVYMK^SXQ ZYSX^] PY\ NSPPO\OX^ [_KVSPSMK^SYX] aK] NO`OVYZON K] K aKc YP OXKLVSXQ ZOYZVO aS^RY_^ ^RO ^R\OOcOK\ ^\KSXSXQ NSZVYWK ^Y Z\YQ\O]]^YK^R\OOcOK\P_VV^SWOMY_\]O[_KVSPSMK^SYX^Y^RO`KV_O YPZYSX^]>aYcOK\^\KSXSXQOK\XON"ZYSX^]KXNYXOcOK\ ^\KSXSXQZYSX^]7SXS]^\cYP/N_MK^SYX##L >RO ]MROWO aK] KZZ\Y`ON Lc -KLSXO^ YX 4_Vc ## KXN ObZVKSXONSXKNYM_WOX^OX^S^VON/K\Vc-RSVNRYYN;_KVSPSMK^SYX] KXN >\KSXSXQ$ K ,V_OZ\SX^ PY\ ^RO 0_^_\O \OVOK]ON YX +_Q_]^ >RY]O PKWSVSK\ aS^R ^RO ZRSVY]YZRc YP ^RO USXNO\QK\^OX ## >RO ,V_OZ\SX^ K] ^RO NYM_WOX^ ]YYX LOMKWO UXYaX ]O\`SMOaSVVSWWONSK^OVcLOKaK\O^RK^^RO]OYZ^SYX]QYKQKSX]^ ]ZOMSPSONRYaZOYZVOK^NSPPO\OX^ZYSX^VO`OV]MY_VN_ZQ\KNO^Y P_XNKWOX^KVZ\SXMSZVO]YXaRSMR^RO]O\`SMOaK]PY_XNONSO ^ROZYSX^VO`OVLc.OMOWLO\## ^RK^ USXNO\QK\^OX] ]RY_VN LO P\OO KXN ^RK^ ^ROc ]RY_VN YXVc OWZVYc^\KSXON]^KPP>ROKSW^RK^S^]RY_VNLOK]O\`SMOKMMO]]SLVO ^YKVVaRYXOONS^KXY^RO\UOcZ\SXMSZVOYP^ROWY`OWOX^S]KV]Y _XNO\ ^R\OK^ XYa ^RK^ USXNO\QK\^OX] K\O MYX]SNO\SXQ MRK\QSXQ POO] K WY`O WKNO ZY]]SLVO ^R\Y_QR ^RO _XObZOM^ON KXN _XXOQY^SK^SONMRKXQOSX\OQ_VK^SYX]^RK^YMM_\\ONSX.OMOWLO\ ##-VOK\VcKVVYPAOVV]aK\XSXQ]RK`OMYWO^YZK]]$_X^\KSXON ]^KPPK\OLOSXQOWZVYcONK]]YMSK^SYX]K\OMK\\cSXQY_^^ROS\YaX XOQY^SK^SYX]POO]K\OLOSXQWYY^ONKXN^RO+]]YMSK^O7SXS]^O\YP /N_MK^SYXRK]]KSNYX\KNSY^RK^USXNO\QK\^OX]RK`O^ROKLSVS^c^Y SXM\OK]O^ROS\P_XNSXQLcWKUSXQ^ROS\YaXNOMS]SYX]YXMRKXQO] ^Y^ROS\]O\`SMO]_MRK]LcSXM\OK]SXQ^ROS\MYX^KM^^SWO7Y\XSXQ <OZY\^"#MS^ONSX.Y_LVO>KUO+Z\##@YV3]]_O>RO QY`O\XWOX^S]MVOK\Vc]KcSXQ:KcPY\S^cY_\]OVP 3X 4_Vc ## ^RO 8Oa DOKVKXN ;_KVSPSMK^SYX] +_^RY\S^c 8D;+ aK] O]^KLVS]RON aS^R \O]ZYX]SLSVS^c PY\ \OMYQXS]SXQ ^\KSXSXQKXN^\KSXSXQZ\Y`SNO\]KXNS]]_SXQO[_S`KVOXMO\OZY\^] >RO 8D;+ aS^R ^RO ROVZ YP ^RO /K\Vc -RSVNRYYN +N`S]Y\c -YWWS^^OO aK] \O]ZYX]SLVO PY\ NOMSNSXQ aRSMR MY_\]O] aO\O aY\^R aRSMR ZYSX^] 8D;+ aK] KV]Y MRK\QON aS^R M\ONS^SXQ ZYSX^]PY\Z\SY\VOK\XSXQY\aY\UObZO\SOXMO >RO KVVYMK^SYX YP ZYSX^] ^Y ObS]^SXQ [_KVSPSMK^SYX] KXN ObZO\SOX^SKVVO`OVaK]ZK\^SM_VK\VcSWZY\^KX^LOMK_]OYPS^]VSXU^Y VSMOX]SXQKXNMRK\^O\SXQ\O[_S\OWOX^]]ZOMSPSONLc^RO7SXS]^\c YP /N_MK^SYX 3X ## aROX ^RO ,V_OZ\SX^ aK] PS\]^ \OVOK]ON VSMOX]SXQ \O[_S\OWOX^] ]ZOMSPSON KX "ZYSX^ [_KVSPSMK^SYX KXN MRK\^O\SXQ \O[_S\ON ZYSX^]% K PV_\\c YP KMM\ONS^K^SYX KXN ^\KSXSXQ KM^S`S^c OX]_ON SX ^RO ]OK\MR PY\ ^RO K^^KSXWOX^ YP VSMOX]SXQVO`OV] +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##] >RO MYXP_]SYX] ]^K\^ON ^Y NO`OVYZ aROX SXMYX]S]^OXMSO] -K\WOX.KVVS MYXP_]SYX8D;+ZKZO\ "#MS^ONSX2KQQO\^c##aRSMR OWO\QONSXK^ROX_WLO\YPZYSX^] ^RK^NSPPO\OX^ZOYZVOaS^R SX=OZ^OWLO\##Z\YWZ^ON8D;+^YMYX^KM^OK\VcMRSVNRYYN ^RO]KWO[_KVSPSMK^SYX]aO\OM\ONS^ONaS^RLc8D;+OQ88/, Q\Y_Z]KXNZ\YZY]O^R\OOZY]]SLVO\O`S]SYX]^Y^ROZYSX^]c]^OW 8_\]O\c 8_\]O] /bKWSXK^SYX] ,YK\N MO\^SPSMK^O K]]O]]ON K^ 8D;+K]UONPY\SWWONSK^O\O]ZYX]O]KXN]ZOMSPSONKNOKNVSXO ZYSX^]SX=OZ^OWLO\##KXN"ZYSX^]SX4_Vc## 2KQQO\^c ^RK^WKXcMY_VNXY^WOO^3X^ROO`OX^^RONOMS]SYXaK]WKNOSX ## KXN L ^RO aKc ^RK^ 8D;+ RKXNVON ^RO ZYSX^ 9M^YLO\##^Y\OSX]^K^O^ROZYSX^]LOXMRWK\U]Y^ROS]]_O Q\KXNZK\OX^SXQZ\Y`S]SYXSX^RO,V_OZ\SX^SX^OXNONPY\^RY]O aK] ]O^^VON { XY^ LOPY\O RYaO`O\ ]MYZO PY\ P_\^RO\ MYXP_]SYX aS^ROK\VSO\]RY\^O\MY_\]OMO\^SPSMK^O]KXNObZO\SOXMO7OKNO RKNLOOXM\OK^ONLc8D;+]aOVVWOKXSXQL_^P_WLVONK^^OWZ^ 5OXXONc ## 7OKNO KXN 5OXXONc MYWWOX^ ^RK^ 8D;+ ^YMYX]_V^^RO]OM^Y\ LOMKWO R_XQ _Z YX ^RO XOON ^Y MY`O\ K MY\O YP _XS^] KXN ^YY YP^OX\O[_S\ONSXNS`SN_KV] ^Y_XNO\^KUOMY_\]O]PK\SXObMO]]YP ^RO ZYSX^] XOONON ^Y LO KaK\NON K .SZVYWK YP >OKMRSXQ O[_S`KVOX^Z! >RO]OM^Y\]aY\\SO]KLY_^^\KSXSXQKXN[_KVSPSMK^SYX]NYXY^ WY\OY`O\ ]^YZ K^ ^RO MYXP_]SYX] M\OK^ON Lc ^RO WY`SXQ P\YX^SO\] YP VSMOX]SXQ KXN O[_S`KVOXMc ZYSX^] \O[_S\OWOX^] ._\SXQ##^RO\OaK]SX^OX]OMYXMO\XKLY_^^ROZ\YMO]]O]^RK^ >RO]OMYXP_]SYX]aO\OMYWZY_XNONaROXSX^RO##,_NQO^ S^ aK] KXXY_XMON ^RK^ P\YW ## VSMOX]SXQ aY_VN NOZOXN YX K ZYSX^ [_KVSPSMK^SYX KXN XY^ ^RO Z\O`SY_]Vc ]ZOMSPSON 8D;+ aK] PYVVYaSXQ ^Y NO`S]O OK\Vc MRSVNRYYN _XS^ ]^KXNK\N] KXN^ROVSUOVcY_^MYWOYP^RONOMS]SYX^RK^^RO\O]RY_VNLO_XS^ ]^KXNK\N]K^VO`OV]SXKNNS^SYX^Y_XS^]^KXNK\N]K^VO`OV]! ZYSX^]6K^O\^RK^cOK\ZYSX^]aO\O\OSX]^K^ONK]^RO\O[_S\ON VO`OVP\YW^ROcOK\7OKNO.KVVS##%2KQQO\^c## 6O`OV]O[_K^O^YKXK^SYXKVMO\^SPSMK^O\Y_QRVcO[_S`KVOX^ ^YK[_KVSPSMK^SYXK^^ROOXNYPMYWZ_V]Y\c]MRYYVSXQ>RONOMS]SYX >RO SWWONSK^O OPPOM^ YP ^RO ## ,_NQO^ ]^K^OWOX^ aK] ^Y ]VYaNYaX^ROSWZO^_]SX_ZQ\KNSXQ[_KVSPSMK^SYX]3XKNNS^SYX S^ ]O\SY_]Vc _XNO\WSXON ^RO ]^K^_] YP ^R\OOcOK\ ^\KSXSXQ Y\ S^] O[_S`KVOX^ K] ^RO LOXMRWK\U [_KVS^c [_KVSPSMK^SYX AS^R ^RO [_KVS^c Q_SNOVSXO] \OVOQK^ON ^Y XYXWKXNK^Y\c ]^K^_] ^RO \ON_M^SYX SX P_XNSXQ PY\ _XNO\^aY] ^RO NO^O\SY\K^SYX SX ^RO WSXSW_W \K^SY] PY\ _XNO\^aYcOK\ YVN] KXN ^RO O\Y]SYX YP ]_ZZY\^ PY\ ^RO USXNO\QK\^OX ]O\`SMO ^RO ZYSX^] NOMS]SYX ]OOWONVSUOKXY^RO\XKSVSX^ROMYPPSXPY\^RO[_KVS^c]O\`SMO^RO OK\VcMRSVNRYYN]OM^Y\RKN]Y\OMOX^Vc^RY_QR^aK]SX]SQR^ 3X^ROOK\VcMRSVNRYYNaY\VN^RO_]OYP^ROZYSX^]K]^RO XOaVSMOX]SXQLOXMRWK\UM\OK^ONP_\^RO\MYXP_]SYXYXKXY^RO\ ^YNO`OVYZOK\VcMRSVNRYYN_XS^]^KXNK\N]K^^RS]VO`OVaS^RSX^RO SXN_]^\SKVaSXQYP^RO8D;+P\KWOaY\UVON^YPOK\]^RK^^ROOXN \O]_V^YP^ROVO`OV]ObO\MS]OKXN^ROVO`OV]!ObO\MS]OaY_VN M\OK^OK^aY^SO\]c]^OWYPOK\VcMRSVNRYYN[_KVSPSMK^SYX]PY\aY\U SX MOX^\O] >RO MYXMO\X aK] ^RK^ ^RO VYaO\ VO`OV [_KVSPSMK^SYX aY_VN XY^ O[_K^O ^Y ^\KSXSXQ ^RK^ S] KNO[_K^O PY\ ^RO [_KVS^c Z\KM^SMO^RO]OM^Y\RKNLOOX]^\S`SXQ^YK^^KSXPY\WKXccOK\]OQ 7OKNO5OXXONc##%2KQQO\^c##,cZVKMSXQVO`OV] aS^RSX ^RO SXN_]^\SKV K] YZZY]ON ^Y ^RO ]MRYYV ZK\^ YP ^RO P\KWOaY\U^ROSWZVSMK^SYXaK]^RK^^RO_XS^]aO\OSX^OXNONPY\ _]OLc^ROSXN_]^\cSX^\KSXSXQZOYZVOPY\aY\USXOK\VcMRSVNRYYN ]O^^SXQ] MY_X^?X^SV^RO##,_NQO^ZYSX^]RKNLOOX^ROM\ONS^VO`OV K^ aRSMR Z\KM^S^SYXO\] OVSQSLVO PY\ Q\KXNZK\OX^SXQ RKN LOOX K_^YWK^SMKVVc ZVKMON >RO\O RKN XY^ LOOX K [_KVSPSMK^SYX O[_S`KVOX^^YZYSX^]3^KZZOK\]^RK^8D;+\OMOS`ONKVK\QO X_WLO\YPVO^^O\]KXNZRYXOMKVV]N_O^Y^ROKXXY_XMOWOX^KXN >RO Z\Y`OXKXMO YP ^RO NOMS]SYX ^Y RK`O _XS^ ]^KXNK\N] K^ VO`OV] aK] _XMVOK\ ^Y WKXc SX ^RO OK\Vc MRSVNRYYN ]OM^Y\ >ROY\O^SMKVVc ^RO]O NOMS]SYX] K\O ^RO \O]ZYX]SLSVS^c YP ^RO SXN_]^\c aRSMR S] \OZ\O]OX^ON Lc KX KN`S]Y\c Q\Y_Z MKVVON +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##]! "-K\WOX.KVVS ^YQO^RO\Lc8D;+6O^^O\P\YW8D;+^Ya\S^O\8Y`OWLO\ MRSVNRYYN^\KSXSXQKXN[_KVSPSMK^SYX]KXNSX^ROZONKQYQcYPS^] ## 7KXc WOWLO\] YP ^RO 8D;+ OK\Vc MRSVNRYYN KN`S]Y\c NOVS`O\c>RS]]RSP^SXMV_NO]^RO\KXQOYP^\KSXSXQ]S^O]PY\^RO]O Q\Y_ZRYaO`O\aO\OMVOK\^RK^^ROS\`SOa]YX^ROS]]_ORKNXY^ MY_\]O]KXN^ROVK\QOSXM\OK]OSX^ROX_WLO\YPXKXXc^\KSXSXQ LOOX]Y_QR^XY\]ZKMOWKNON_\SXQWOO^SXQ]PY\^ROS]]_O]^YLO Z\Y`SNO\]XOaZ\Y`SNO\]]SXMO4_Vc## KS\ONZO\]YXKVMYWW_XSMK^SYX]aS^RKN`S]Y\cQ\Y_ZWOWLO\] 0YVVYaSXQ X_WO\Y_] \OZ\O]OX^K^SYX] ^Y 8D;+ KLY_^ ^RO]O MYXMO\X] K^ ^RO OXN YP .OMOWLO\ ## ^RO OK\Vc MRSVNRYYN KN`S]Y\cQ\Y_Z\OKMRONKQ\OOWOX^aS^R8D;+^RK^^RO\OaY_VN LO K ^R\OOWYX^R ]_]ZOX]SYX YP ^RO Z\YMO]] YP a\S^SXQ _XS^ -VOK\Vc^ROOK\VcMRSVNRYYNON_MK^SYX^\KSXSXQ]MOXOS]KPK\ WY\OMYWZVObYXO^RKXS^aK]K^^RO]^K\^YP^ROXSXO^SO]>RS]RK] M\OK^ONK]O^YPSX^O\O]^]^RK^K\O]YWO^SWO]RK\N^Y\OMYXMSVOKXN K\O^R\OK^OXSXQ^YZ_^^RO]OM^Y\K^KQ\OK^O\\S]UYPP\KQWOX^K^SYX ^RKXS^RK]O`O\LOOXSXLOPY\O ]^KXNK\N] >RO ^R\OOWYX^R ZO\SYN aK] ^Y LO _]ON Lc ^RO KN`S]Y\cQ\Y_Z^YNS]M_]]^RO\OVK^SYX]RSZ]YPVO`OV]KXNVO`OV] !KXNaRK^[_KVSPSMK^SYX]aO\ONO]S\KLVOPY\^RO]OM^Y\ 9^RO\S]]_O]SXNS]M_]]SYX\OVK^O^Y_XS^]^KXNK\N]K^VO`OV]! >RO]OVO`OV]K\OObZOM^ON^YO[_K^OaS^R^ROObS]^SXQLOXMRWK\U YP K ^R\OOcOK\ ^OKMRO\ ON_MK^SYX NSZVYWK >RO MRKVVOXQO YP NO`S]SXQ_XS^]^KXNK\N]K^^RS]VO`OVS]^YOX]_\O^RK^^ROXK\\Ya MYWZO^OXMcWYNOV8D;+S]_]SXQNYO]XY^^R\OK^OX^ROY`O\KVV SX^OQ\S^c YP ^RO aRYVS]^SM [_KVSPSMK^SYX ^RK^ YXO aY_VN RYZO K ^OKMRO\ON_MK^SYX[_KVSPSMK^SYXY_QR^^YLO+XY^RO\MRKVVOXQOS] ^YOX]_\O^RK^^RO\OS]MYRO]SYXLO^aOOX_XS^]^KXNK\N]!KXN ^RO \OMOX^Vc Z_LVS]RON N\KP^ M_\\SM_V_W Q_SNOVSXO] PY\ OK\Vc MRSVNRYYNON_MK^SYX$>OARK\SUS7SXS]^\cYP/N_MK^SYX## 3X`YV`ON SX ^RO S]]_O YP ^\KSXSXQ KXN [_KVSPSMK^SYX] K\O K X_WLO\YPY^RO\PKM^Y\]^RK^Z\YLKLVcYaO^ROS\ObS]^OXMO^Y^RO >RO\ON_M^SYXSXP_XNSXQPY\_XNO\^aYcOK\YVN]KXN^RO-RSVNMK\O =_L]SNc >RO##,_NQO^]^K^ON^RK^KXOaMRSVNMK\O]_L]SNcaK]LOSXQ MYX]SNO\ON^YK]]S]^VYaSXMYWOZK\OX^]=WS^R##Z >RO Z\OObS]^SXQ MRSVNMK\O ]_L]SNc Z\YQ\KWWO KNWSXS]^O\ON Lc ^RO .OZK\^WOX^ YP =YMSKV AOVPK\O aY_VN MYX^SX_O >RO Z\O]] ]^K^OWOX^]^RK^KMMYWZKXSON^RO\OVOK]OYP^ROL_NQO^NYM_WOX^ [_Y^O^RO+]]YMSK^O7SXS]^O\YP/N_MK^SYXK]]KcSXQ^RK^^ROXOa ^K\QO^ON MRSVNMK\O ]_L]SNc aY_VN LO P_XNON P\YW ^RO ]K`SXQ] WKNO SX ^RO \ON_M^SYX YP _XNO\^aY] P_XNSXQ aRSMR aK] O]^SWK^ON ^Y KWY_X^ ^Y K\Y_XN " WSVVSYX >RO XOa ]_L]SNc MY_VN LO _]ON Lc PKWSVSO] ^Y KMMO]] MRSVNMK\O MOX^\O] PKWSVc NKcMK\OKXNUYRKXQK\OYL_^XY^ZVKcMOX^\O]USXNO\QK\^OX]KXN ZVKcQ\Y_Z]aRSMRZ\O]_WKLVcaO\OK]]_WON^YLOP\OO XOa WK\UO^S]K^SYX YP ON_MK^SYX 7OKNO KXN 5OXXONc ## >RO]_L]SNcMKWOSX^YOPPOM^YX0OL\_K\c##._\SXQ## ^KVU KLY_^ K Z\YVSPO\K^SYX YP MY_\]O] KXN Z\Y`SNO\] ]SXMO ^RO KXN ## S^ aK] KMMO]]ON `SK KX KZZVSMK^SYX Lc ^RO ZK\OX^ O]^KLVS]RWOX^ YP 8D;+ SX 4_Vc ## 2KQQO\^c ## Z ]_ZZY\^ONLcKXOK\XSXQMO\^SPSMK^OP\YW^ROZK\OX^]OWZVYcO\ [_Y^O]6SXNK7S^MROVVXK^SYXKV]OM\O^K\cYP-/-?+K]Z_^^SXQ KXN`O\SPSMK^SYXYP^ROMRSVN]K^^OXNKXMOLc^RO]_ZO\`S]Y\YP^RO ^RO^Y^KVX_WLO\YP8D;+KMM\ONS^ON^\KSXSXQZ\Y`SNO\]YPOK\Vc MRSVNMK\O PKWSVc NKcMK\O Y\ UYRKXQK \OY ]O\`SMO 9XQYSXQ MRSVNRYYN MY_\]O] K^ #% ]YWO YP ^RO MY_\]O] YP ^RO]O ^\KSXSXQ `O\SPSMK^SYXYPK^^OXNKXMOK^^ROOK\VcMRSVNRYYNON_MK^SYX]O\`SMO Z\Y`SNO\] RK`O YXVc LOOX KLVO ^Y \K^O K ZYSX^ KVVYMK^SYX Lc aK] ]Y_QR^ P\YW OK\Vc MRSVNRYYN MOX^\O] YX ^RO LK]S] YP K 8D;+>RO]ONYXY^SXMV_NO"ZYSX^MY_\]O]]O^_ZO]ZOMSKVVcPY\ MYWZ_^O\Z\SX^Y_^]OX^OKMRWYX^RLc^RO.OZK\^WOX^YP=YMSKV O[_S`KVOXMc_ZQ\KNSXQE2KQQO\^cSLSNG2KQQO\^c]_QQO]^]^RK^ AOVPK\O^YOK\VcMRSVNRYYN]O\`SMO]aS^RPKWSVSO]SX\OMOSZ^YP^RO ^RO WK\UO^ KZZ\YKMR ^Y ^\KSXSXQ KXN KMM\ONS^K^SYX Z\YLKLVc ]_L]SNc>RO]_L]SNSO]aO\OWKNOK`KSVKLVOK^^RO\K^OYP KMMY_X^] PY\ K MYX]SNO\KLVO ]RSP^ SX ^RO ZK\KWO^O\] YP OK\Vc KXNZO\aOOUNOZOXNSXQYXPKWSVcSXMYWO +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##]# -K\WOX.KVVS 3X ^RO ## ,_NQO^ MRKXQO] ^Y ^RO XOa MRSVNMK\O ]_L]SNc SXOPPSMSOX^ KX SX`K]SYX YP Z\S`KMc KXN K] Z\YWY^SXQ K LK\\SO\ aO\O KXXY_XMON ^RK^ XK\\YaON ^RO ^K\QO^ON Q\Y_Z YP OVSQSLVO LO^aOOX\SMRKXNZYY\>ROcaO\OKV]YMYXMO\XON^RK^PKWSVSO]SX \OMSZSOX^] PY\ ^RO ]_L]SNc ^Y ZOYZVO YX VYa SXMYWO] aRY K\O ^RO WSNNVOSXMYWO L\KMUO^] aY_VN WS]] Y_^ _XNO\ ^RS] ]c]^OW KM^S`OVcSX`YV`ONSXZKSNOWZVYcWOX^K^^OXNSXQKXON_MK^SYXKV KXNKMMO]]PY\^RS]Q\Y_ZaY_VNLO\ON_MON>RO\OZY\^MK_^SYXON SX]^S^_^OY\_XNO\^KUSXQ^\KSXSXQ>RS]Q\Y_ZYPZOYZVO\OWKSXON ^RK^^RS]aY_VN^R\OK^OX^RO]_L]^KX^SKVMYX^\SL_^SYX^RK^WSNNVO OVSQSLVOPY\KWKbSW_W]_L]SNcYPRY_\]KaOOU>ROOVSQSLSVS^c SXMYWO PKWSVSO] ^\KNS^SYXKVVc RK`O WKNO ^Y MRSVNMK\O MOX^\O] SX YP Y^RO\ VYa SXMYWO Q\Y_Z] XY^ SX`YV`ON SX ^\KSXSXQ Y\ ^O\W]YPNKc^YNKc\_XXSXQYP^ROMOX^\OROVZSXP_XN\KS]SXQ OWZVYcWOX^ aK] \ON_MON ^Y XSXO RY_\] >RO SWZKM^ YP ^RS] aY\U YX WKXKQOWOX^ MYWWS^^OO] KXN YX aY\USXQ LOO] KXN MRKXQO YX ^RO \OMSZSOX^] YP ^RS] ]_L]SNc _]_KVVc .YWO]^SM WKSX^OXKXMO-/-?+SLSN :_\ZY]O] LOXOPSMSK\SO] RK] LOOX ]^_NSON SX K \O]OK\MR Z\YTOM^ P_XNON Lc ^RO .OZK\^WOX^ YP =YMSKV AOVPK\O +^ ^RO ^SWO YP a\S^SXQ^RO\OZY\^RKNXY^cO^LOOXZ_LVSMVc\OVOK]ON ]_\`Oc ZK\^SM_VK\Vc MYX]SNO\ON MRKXQO] ^Y ]^KPP MYXNS^SYX] YP >RO SWZKM^ YP ^RO MRSVNMK\O ]_L]SNc YX OK\Vc MRSVNRYYN MOX^\O] YX ^RO Y^RO\ RKXN RK] XY^ K] cO^ LOOX ^RY\Y_QRVc ]^_NSON >RO OK\Vc MRSVNRYYN ]OM^Y\ RK] ^OXNON SX]^OKN ^Y QS`O WY\O K^^OX^SYX ^Y ^RO OPPOM^] YP ^RO \ON_M^SYX SX P_XNSXQ PY\ _XNO\^aYcOK\YVN] YX [_KVS^c KMMO]] KXN MOX^\O YZO\K^SYX 0YVVYaSXQ^RO##,_NQO^KXXY_XMOWOX^^RO-YWLSXON/K\Vc -RSVNRYYN ?XSYX YP +Y^OK\YK ]_\`OcON MRSVNMK\O + P_\^RO\ ]_\`Oc YX ^RO OPPOM^] YP ^RO ## \ON_M^SYX SX P_XNSXQaK]MK\\SONY_^Lc-/-?+K^^ROLOQSXXSXQYP##>RS] MOX^\O WKXKQO\]XY^SXMV_NSXQUYRKXQK\OYYX^ROObZOM^ONOPPOM^]YP ^RO\ON_M^SYXSXP_XNSXQ%^ROOPPOM^YP^ROSX^\YN_M^SYXYP^ROXOa MRSVNMK\O]_L]SNc aK]K]_L]SNSK\c[_O]^SYXaS^RSX^RS]]_\`Oc <O]ZYXNOX^]aO\OKV]YK]UONaRK^OPPOM^]^ROYXOcOK\YPRSQRO\ P_XNSXQSX##RKNRKNYX^ROS\MOX^\O]>RO\OZY\^]^K^O]^RK^ WKXcYP^RO`K\SKLVO]^RK^aO\OK]]S]^ONLc^RO##SXM\OK]ON P_XNSXQK\OXYa^RY]O^RK^aSVVLOM_^LKMU-/-?+##Z 3^ MYXMV_NON ^RK^ ^RO \ON_M^SYX] SX P_XNSXQ aO\O ObZOM^ON ^Y NO^\KM^P\YW^RO[_KVS^cYP]O\`SMO^RK^MRSVNMK\OMOX^\O]aO\OKLVO ^YYPPO\KXNaY_VNSWZONOKMMO]]PY\]YWOPKWSVSO]<O]ZYXNOX^] ObZOM^ONKM_^^SXQLKMUYP]^KPP$MRSVN\K^SY]KXSXM\OK]OSXZK\OX^ POO]PY\MRSVN\OX_XNO\^aYcOK\]YPKQOKXSXM\OK]OYPZK\OX^POO] PY\ MRSVN\OX Y`O\ ^aYcOK\] YVN KXN K M_^^SXQ LKMU YX L_SVNSXQ WKSX^OXKXMOKXNY\_ZQ\KNSXQ >RO\OZY\^KV]Y]^K^O]^RK^MRSVNMK\OYZO\K^Y\]]Ka^ROSXMYWO ^O]^ONMRSVNMK\O]_L]SNc]c]^OWK]KNWSXS]^\K^S`OVcMYWZVObKXN aY\U\K^O]YPZKcKXNMRKXQO]^YMOX^\OYZO\K^SYX>RO\OZY\^YP ^RS]]_\`OcS]]^SVVSXN\KP^PY\WL_^ ^RO \O]_V^]SXNSMK^O^RK^^RO ObZOM^ON^\OXN]SNOX^SPSONSX^ROOK\VSO\]^_NcaO\OLOSXQ\OKVS]ON SX^ROPS\]^cOK\YP\ON_MONP_XNSXQ+^\OXN^YaK\N]RK`SXQ^Y aY\UaS^RVK\QO\Q\Y_Z]YPMRSVN\OXKXNaY\]O]^KPP$MRSVN\K^SY] aK]XY^ONLc YP\O]ZYXNOX^]# \OZY\^ONKXSXM\OK]OSX POO] KXN \OZY\^ON KX SXKLSVS^c ^Y \OZVKMO O[_SZWOX^ Y\ Z\YZO\Vc WKSX^KSX Q\Y_XN] 3X KNNS^SYX YP \O]ZYXNOX^] \OZY\^ON ^RK^ SX ## ^RO X_WLO\ YP MRSVN\OX SX ^ROS\ MOX^\O \OMOS`SXQ ^RO ]YMSKV aOVPK\O ]_L]SNc RKN SXM\OK]ON + P_\^RO\ PSXNSXQaK]^RK^\O]ZYXNOX^]aY\USXQSXZ\S`K^OMOX^\O]\OZY\^ON WY\O XOQK^S`O OPPOM^] P\YW ^RO \ON_M^SYX SX P_XNSXQ ^RKX \O]ZYXNOX^] aY\USXQ SX MOX^\O] MVK]]SPSON K] MYYZO\K^S`O] SXMY\ZY\K^ON]YMSO^SO]KXNMRK\S^KLVO^\_]^]-/-?+##M >RO MVOK\ SWZVSMK^SYX YP ^RO ^aY -/-?+ ]^_NSO] S] ^RK^ ^RO \ON_M^SYX SX P_XNSXQ RK] SXNOON M\OK^ON MYXNS^SYX] SX MOX^\O] aRSMR _XNO\WSXO ^RO KLSVS^c YP MOX^\O] ^Y Z\Y`SNO K [_KVS^c ]O\`SMO9^RO\SWZVSMK^SYX]K\S]OP\YW^ROPSXNSXQ^RK^^ROX_WLO\ YP MRSVN\OX SX MOX^\O] aRY]O ZK\OX^] \OMOS`ON ^RO MRSVNMK\O ]_L]SNc\Y]OaROX^ROXOaRY_\]_L]SNcaK]SX^\YN_MONSX 0OL\_K\c##%^RS]]_QQO]^]^RK^aROX^RO]_L]O[_OX^M_^SX^RO ]_L]SNcP\YWRY_\]NYaX^Y#RY_\]PY\LOXOPSMSK\SO]aRYK\O XY^SX^\KSXSXQY\OWZVYcWOX^MYWO]SX^YOPPOM^SX##^ROVSUOVc +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##] -K\WOX.KVVS \O]_V^ aSVV LO P_\^RO\ \ON_M^SYX YP SXMYWO ^Y MOX^\O] >RO VSUOVc ]ZOMSPSMKVVc PY\ 7KY\S KXN :KMSPSM 3]VKXN ZYZ_VK^SYX] >RO OSQR^ MYX]O[_OXMO YP ^RS] S] O`OX P_\^RO\ _XNO\WSXSXQ YP [_KVS^c XOaZ\YQ\KWWO]K\O^YLOWKXKQON_XNO\MYX^\KM^Lc^RO/K\Vc POK^_\O]YPMOX^\O] -RSVNRYYN.O`OVYZWOX^?XS^/-.? + P_\^RO\ MYXMO\X K\S]SXQ P\YW ^RO SXM\OK]ON \OVSKXMO YP 3 RK`O Y_^VSXON ^RO RS]^Y\c KXN S]]_O] ]_\\Y_XNSXQ ^RO MOX^\O] YX ^RO MRSVNMK\O ]_L]SNSO] K] K ]Y_\MO YP P_XNSXQ S] ^RO SX^\YN_M^SYX YP ^RO :+0> Z\YQ\KWWO OV]OaRO\O .KVVS ##% PYM_] S^ QS`O] ^Y MRSVNMK\O ]O\`SMO] K] K aOVPK\O `O\]_] KX 7OKNO .KVVS ## 3X ## ^RO ]KWO S]]_O] K\O ]^SVV SX ON_MK^SYXKV]O\`SMO>RONSMRY^YWcLO^aOOX^RO]O^aYXY^SYX] NS]M_]]SYX$^RO\OS]]^SVV]MOZ^SMS]W^RK^KXOONObS]^ON^YZ_\MRK]O RKNLOOXVK\QOVcOVSWSXK^ON]SXMO^RO#" ^\KX]PO\YPMRSVNMK\O KXN SWZY\^ KX Y`O\]OK] WYNOV ^Y Z\Y`SNO ]O\`SMO] aRSMR K\O KNWSXS]^\K^SYX^Y^ROON_MK^SYXKVNYWKSXKXN^ROSX^\YN_M^SYXYP KV\OKNc Z\Y`SNON Lc NSPPO\OX^ VYMKV Q\Y_Z]% ^RO\O K\O ]^SVV ^R\OOcOK\SX^OQ\K^ON^\KSXSXQ>ROXOaMYXNS^SYX]PY\^RO\OMOSZ^ [_O]^SYX] KLY_^ ^RO PSXKXMSKV \O]Y_\MO] LOSXQ NS`O\^ON ^Y ^RS] YP^ROMRSVNMK\O]_L]SNcaRSMRK^^KMRO]^RO]_L]SNc^YLOSXQSX Z\YQ\KWWO K^ K ^SWO aROX ObS]^SXQ ]O\`SMO] K\O ObZO\SOXMSXQ ^\KSXSXQY\OWZVYcWOX^P_\^RO\]^\OXQ^ROX]^RS]]_QQO]^SYX>RO ]O`O\O M_^LKMU] KXN ^RO\O S] ]^SVV Wc]^SPSMK^SYX KLY_^ aRc ^RO MVOK\WO]]KQOSX^ROWYNSPSONMYXNS^SYX]S]^RK^^RY]OSX^\KSXSXQ Z\YQ\KWWO aK] SX^\YN_MON aS^RY_^ KXc MYX]_V^K^SYX aS^R ^RO Y\OWZVYcWOX^K\OT_]^SPSONSXXOONSXQ^Y_]OMRSVNMK\O]O\`SMO] OK\VcMRSVNRYYNMYWW_XS^c L_^^RY]OXY^SXOWZVYcWOX^Y\^\KSXSXQK\OXY^]YT_]^SPSONKXN K\O LO]^ YMM_ZSON SX VYYUSXQ KP^O\ ^ROS\ MRSVN\OX >RS] \K^SYXKVO ^Y^KVVc SQXY\O] ^RO aOKV^R YP O`SNOXMO ^RK^ ]RYa] ^RK^ QYYN [_KVS^c OK\Vc MRSVNRYYN ]O\`SMO] RK`O ]SQXSPSMKX^ ]YMSKV KXN ON_MK^SYXKVKN`KX^KQO]PY\KVVMRSVN\OXKXNWY\O]YPY\MRSVN\OX P\YWNS]KN`KX^KQONLKMUQ\Y_XN] >ROObZO\SOXMOYPYXOKXNKRKVPcOK\]YP^ROZSVY^Z\YTOM^RK] L\Y_QR^^Y^ROPY\OKNNS^SYXKVS]]_O]0Y\SX]^KXMOS^S]XYaMVOK\ ^RK^ W_MR YP ^RO WK^O\SKV _]ON SX ^RO Y\SQSXKV 7S]]Y_\S Z\YQ\KWWORK]^YLOM_]^YWS]ONPY\8OaDOKVKXNMYX]_WZ^SYX XOMO]]S^K^SXQVOXQ^RcKXNObZOX]S`OMYZc\SQR^XOQY^SK^SYX]=MY^^ ## 3^ S] KV]Y MVOK\ ^RK^ ^RO Z\YQ\KWWO VOK`O] W_MR ^Y LO 3^S]KV]YXY^OaY\^Rc^RK^^ROMRSVNMK\O]_L]SNc]MROWOK^K NO]S\ONSX^O\W]YPKZZ\YZ\SK^OXO]]PY\7KY\S:SRKWK##KXN MY]^YP#WSVVSYX-\OOMR##RKNZ\Y`OXPK\WY\OObZOX]S`O NO]ZS^O MVKSW] YP SXS^SKV ZY]S^S`O POONLKMU P\YW ZK\OX^] ^RKX ^RO " WSVVSYX ]K`ON P\YW ^RO \ON_M^SYX YP _XNO\^aY] /N_MK^SYX1KdO^^O=OZ^##S^S]UXYaXKXOMNY^KVVc^RK^^ROZSVY^ P_XNSXQ>RS]aK]MVOK\VcXY^^RO\O]_V^^RK^QY`O\XWOX^aY_VN Z\YTOM^]aO\O_XKLVO^YK^^\KM^KXNY\\O^KSX^ROZK\^SMSZK^SYXYP RK`OSX^OXNONP\YWS^]##L_NQO^M_^LKMU]SXOK\VcMRSVNRYYN ZK\OX^]P\YW7KY\SKXN:KMSPSM3]VKXNLKMUQ\Y_XN] ON_MK^SYX ]ZOXNSXQ 3X ^RS] MYX^Ob^ ^RO XK\\YaSXQ YP ^RO OVSQSLSVS^cM\S^O\SKPY\^ROMRSVNMK\O]_L]SNcMKXLO]OOXK]K]OMYXN LS^OK^KMY]^M_^^SXQObO\MS]OaRSMRRKN]YWORYaQYXOa\YXQ + P_\^RO\ S]]_O S] ^RK^ ^RO ZSVY^ Z\YQ\KWWO KM[_S\ON ^YY ]^\YXQ KX SNOX^S^c YP K ROKV^R SXS^SK^S`O XY^ ^RO VOK]^ LOMK_]O S^ aK] KNWSXS]^O\ON ^R\Y_QR ^RO :V_XUO^ =YMSO^c K aOVVUXYaX ROKV^R]O\`SMOPY\LKLSO]KXNSXPKX^]0_\^RO\WY\O^RO7SXS]^O\YP >RO:K\OX^]K]0S\]^>OKMRO\]Z\YQ\KWWO /N_MK^SYXRK]LOOX[_Y^ONP\O[_OX^VcK]]KcSXQ^RK^:+0>aSVV >RO:K\OX^]K]0S\]^>OKMRO\]:+0>Z\YQ\KWWOaK]VK_XMRONK] SNOX^SPcROKV^RZ\YLVOW]]_MRK]Y^S^S]WONSKaS^ROPP_]SYXOQ K ^R\OOcOK\ ZSVY^ Z\YTOM^ Lc ^RO 7SXS]^O\ YP /N_MK^SYX YX :SRKWK## 7K\MR ## >RO ## ,_NQO^ KXXY_XMON ^RK^ ^RO Z\YQ\KWWO aK]^YLOOb^OXNON^YOSQR^XOa]S^O]^R\OOYPaRSMRaY_VNMK^O\ >ROOSQR^:+0>Z\YQ\KWWO]KXXY_XMONSX^RO##,_NQO^ K\OLOSXQWY_X^ONSXKaKc^RK^S]MVOK\VcSX^OXNON^YY`O\MYWO +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##] -K\WOX.KVVS ^ROZ\YLVOW]ObZO\SOXMONLc^ROZSVY^Z\YQ\KWWO]KXN^Y]RSP^ >RO]O SXS^SK^S`O] K\O ^Y LO aOVMYWON ZK\^SM_VK\Vc ]SXMO S^ ^ROZ_LVSMZO\MOZ^SYXYP^ROZ\YQ\KWWOKaKcP\YWKXObMV_]S`OVc KZZOK\] ^RK^ ^RO Z\YQ\KWWO Y\ K WYNSPSMK^SYX YP S^ S] RO\O ^Y ROKV^RSXS^SK^S`O^YKWY\OW_V^SNS]MSZVSXK\cYXO1K\NOX## ]^Kc>RO:+0>Z\YQ\KWWOYMM_ZSO]Z\SNOYPZVKMOSX/N_MK^SYX >RO ]RSP^ YP ^RO :+0> MYX^\KM^ P\YW ^RO :V_XUO^ =YMSO^c ^Y ^RO PY\ ^RO ]^ -OX^_\c K NS]M_]]SYX NYM_WOX^ Z_LVS]RON Lc ^RO /-.?S]YXOSXNSMK^SYXYP^ROVK^^O\SX^OX^SYX>ROOPPY\^]LOSXQ 7SXS]^\cYP/N_MK^SYXaRSMR\OZ\O]OX^]^RO1Y`O\XWOX^]`S]SYX WKNO^YYL^KSXZO\WS]]SYXP\YW^RO7S]]Y_\SMYZc\SQR^RYVNO\] YPKXON_MK^SYX]c]^OW^RK^aSVVZ\Y`SNOPS\]^^ROPY_XNK^SYX]YP ^Y ^\KX]VK^O ^RO :+0> WK^O\SKV] ^Y WOO^ ^RO ZK\^SM_VK\ XOON] YP ON_MK^SYX]OMYXN^RONO`OVYZWOX^YPO]]OX^SKV]USVV]KXN^RS\N 7KY\S aOVMYWO VSPOVYXQVOK\XSXQ7SXS]^\cYP/N_MK^SYX##LZ/N_MK^SYX KMUXYaVONQWOX^ ^RK^ WYNOV] NO`OVYZON SX YXO M_V^_\O NY XY^ KXN :KMSPSM 3]VKXN PKWSVSO] SXNSMK^O K PY\^RO]^-OX^_\c]Kc]^RK^:+0>S]KaKcYPSX`YV`SXQZK\OX^]SX XOMO]]K\SVcPS^^ROXOON]YPZOYZVOSXKNSPPO\OX^M_V^_\O L\OKUSXQ ^RO McMVO YP ON_MK^SYXKV PKSV_\O ^RK^ KPPVSM^] ^YY WKXc 8OaDOKVKXNPKWSVSO]KXN^RK^>RO1Y`O\XWOX^LOVSO`O]^RK^ 9XOW_]^RYaO`O\aYXNO\aRO^RO\^RO]SWZVO^\KX]VK^SYX YPWK^O\SKVaSVVSXS^]OVPZ\Y`O]_PPSMSOX^^YWKUO^ROZ\YQ\KWWO WY\OKMMOZ^KLVO^Y^RO^K\QO^ON7KY\SKXN:KMSPSM3]VKXNPKWSVSO] 7O^RYN NOVS`O\c S] K] SWZY\^KX^ K] MYX^OX^ SX OX]_\SXQ KMMOZ^KLSVS^c YP ^RO Z\YQ\KWWO AS^R :+0> ^RO MYXMO\X RK] KVaKc] LOOX ^RK^ ^RO ZK\OX^ ON_MK^Y\] aY_VN LO ]OOX K] ^RO ObZO\^Y_^]SNO\]aS^R^ROUXYaVONQO^Y^OKMRZK\OX^]^YQO^S^ \SQR^ OQ .KVVS ##% S^ aSVV LO M\_MSKV ^RK^ ^RO NOVS`O\c YP ^RO M_]^YWS]ONKXN^\KX]VK^ONZ\YQ\KWWOLO]_MRK]^YOX]_\O ^RK^S^\OPVOM^]^RO]ZS\S^YPZK\^XO\]RSZLO^aOOXPKWSVSO]aRKXK_ KXNOK\VcMRSVNRYYNZ\YPO]]SYXKV]MRK\KM^O\S]^SMYPWY]^VYMKVVc Q\YaXOK\VcMRSVNRYYN]O\`SMO]SX+Y^OK\YK8OaDOKVKXNARO\O 7KY\SKXN:KMSPSM3]VKXNPKWSVSO]K\O^RO^K\QO^ONZYZ_VK^SYX]^RO KNNS^SYXKVMYX]SNO\K^SYXRK]^YLO^RK^^ROZ\YQ\KWWONYO]XY^ 8Oa DOKVKXN XOON] :K\OX^] K] 0S\]^ >OKMRO\] Y\ K ]SWSVK\ Z\YQ\KWWO K] K PY_XNK^SYX YP KXc ZVKX PY\ K ]_MMO]]P_V ON_MK^SYX ]c]^OW PY\ ^RO ^aOX^cPS\]^ MOX^_\c Z 3X ^RO 8K^SYXKV :K\^c] ## Z\OOVOM^SYX WKXSPO]^Y ^RO Ob^OX]SYX YP :+0>^YKXK^SYXKVZ\Y`S]SYXKMMO]]SLVO^YKVVZK\OX^]Lc##"aK] ^RO PS\]^ YP YXVc ^aY ZYVSMc SX^OX^SYX] PY\ OK\Vc MRSVNRYYN ON_MK^SYX ^RO ]OMYXN aK] ^RO SWZVOWOX^K^SYX YP ^RO XK^SYXKV M_\\SM_V_WQ_SNOVSXO]=SQXSPSMKX^Vc^RO:+0>Z\YQ\KWWOKV]Y KZZOK\ON SX ^RO 6KLY_\ :K\^c] Z\OOVOM^SYX ZVKX PY\ ON_MK^SYX aRO\O S^ S] ]^K^ON ^RK^ ^RO M_\\OX^ ^\SKV YP :+0> aY_VN LO O`KV_K^ONKXNSP^RO\O]_V^]aO\OZY]S^S`O^ROX^ROZ\YQ\KWWO aY_VN LO \O^KSXON -VOK\Vc ^RO\O S] ZYVS^SMKV aSVV ^Y WKUO ^RO Z\YQ\KWWOaY\U/[_KVVcMVOK\VcKXcWY`O]^YWKUO:+0>WY\O KZZ\YZ\SK^O^YVYMKVMYXNS^SYX]S]^YLOOXMY_\KQON LOMYWO K ^YYV YP K]]SWSVK^SYX YP ^RO]O Q\Y_Z] SX^Y ^RO L\YKNO\ 8Oa DOKVKXN M_V^_\O aS^R ^RO K^^OXNKX^ NO`KV_SXQ YP ^RO >RO##\O`SOaYPOK\VcMRSVNRYYNP_XNSXQ K]]SWSVK^ONM_V^_\O^RK^KMMYWZKXSO]^RS]Z\YMO]] 8Oa]YPKXOa\O`SOaYPOK\VcMRSVNRYYNP_XNSXQaK]VOKUONY_^ 3^ KZZOK\] ^RK^ ^RO /-.? S] KaK\O YP ^RO ZS^PKVV] YP KX ^Y^ROOK\VcMRSVNRYYNMYWW_XS^c]RY\^VcKP^O\^RO\OVOK]OYP^RO SXKZZ\YZ\SK^O NOVS`O\c WYNOV PY\ ^RO Z\YQ\KWWO KXN RK] ##,_NQO^>ROOK\VcMRSVNRYYNMYWW_XS^caK]NS]WKcONXY^ MYWWS^^ONS^]OVP^Y\O[_S\SXQZK\OX^ON_MK^Y\]^YLO[_KVSPSONK] T_]^K^^ROXOa]YPKXY^RO\P_XNSXQ\O`SOaLK\OVc^aYcOK\]KP^O\ OK\VcMRSVNRYYNZ\KM^S^SYXO\]=MY^^##/-.?RK]KV]Y^KUOX ^RO##YXOL_^K^LY^R^ROZ\YZY]ONZ\YMO]]KXN^RO^O\W]YP \O]ZYX]SLSVS^cPY\MYVVOM^SXQKXNZ\YN_MSXQ]YWO\O]Y_\MO]Y`O\ \OPO\OXMOYP^ROXOa\O`SOa KXN KLY`O ^RO 7S]]Y_\S ]_ZZVSON YXO] ^Y ]_ZZY\^ ZK\OX^ ON_MK^Y\] K] aOVV K] _XNO\^KUSXQ XOQY^SK^SYX aS^R 7S]]Y_\S ^Y KNKZ^KXNWYNSPc^RO7S]]Y_\SWKX_KV=MY^^SLSN >RO##\O`SOaYPP_XNSXQRKN\O]_V^ONSX^RO##,_NQO^ \ON_M^SYX] YP P_XNSXQ >RS] aK] NO]ZS^O ^RO YZZY]S^SYX YP ^RO +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##] -K\WOX.KVVS ]OM^Y\ KXN WY\O ^RKX ]_LWS]]SYX] aRSMR KZZK\OX^Vc ]O\`SMO ^RKX S] M_\\OX^Vc ^RO MK]O >RO\O K\O MYXMO\X] KLY_^ \OWKSXON_X\OKNLc^ROWOWLO\]YP^RO\O`SOa^OKWaS^R^aY SXM\OK]ON_]OYP^K\QO^ONP_XNSXQKXNKLY_^P_XNSXQ^RO_]O\]K] ObMOZ^SYX]$ .\ -\S]ZSX 1K\NSXO\ aRY VK^O\ \O]SQXON P\YW ^RO YZZY]ON^Y^RO]O\`SMOZ\Y`SNO\]+XY^RO\MYXMO\XS]^ROKSWYP \O`SOa ^OKW KXN S]]_ON RS] YaX SXNOZOXNOX^ \OZY\^ KXN K ^RO \O]OK\MRO\aRYZ\O]OX^ONK\OZY\^YX^RO]_LWS]]SYX]W_MRVK^O\ OPPOM^S`OXO]] SX WOO^SXQ ^RO 1Y`O\XWOX^] YLTOM^S`O] PY\ ^RO ^RKX ^RO \O]_V^] YP ^RO \O`SOa 1K\NSXO\ ##% ## 1K\NSXO\ OK\VcMRSVNRYYN]OM^Y\K]]O^Y_^SX/N_MK^SYXPY\^RO]^-OX^_\c ## K\Q_O] ^RK^ ^RO M_\\OX^ \O`SOa aS^R S^] Y\SQSXKVVc ]OM\O^ AS^RSX^RS]NYM_WOX^OK\VcMRSVNRYYNON_MK^SYXS]NS]M_]]ONSX ^O\W] ^O\W] YP NO`OVYZSXQ ]USVV] LOPY\O ]MRYYV OX^\c KXN SX ^O\W] YP YP \OPO\OXMO K WOWLO\]RSZ ^RK^ S] VK\QOVc XY^ UXYaVONQOKLVOKLY_^OK\VcMRSVNRYYNON_MK^SYXKXNK`O\c]RY\^ \OZY\^SXQLKMU^SWOP\KWOS]NO]SQXON^YZ_]R^R\Y_QRK^Y^KV \OY\QKXS]K^SYXYP^ROOK\VcMRSVNRYYN]OM^Y\KXNS]VSUOK\O\_X YP^ROZ\YMO]]SXOK\Vc## \O`SOa ^Y O`KV_K^O M_\\OX^ P_XNSXQ SX ^O\W] YP S^] VOK\XSXQQYKV] >ROMYXMO\XaS^R^RO]OYLTOM^S`O]S]^RK^^ROcK\O^YYXK\\Ya KXN]_QQO]^KWOMRKXS]^SM`SOaYPON_MK^SYX^RK^NYO]XY^\OPVOM^ ^ROaSNO\QYKV]^RK^OK\VcMRSVNRYYNON_MK^SYXSX8OaDOKVKXN -/-?+##RK`O]SWSVK\M\S^SMS]W]YP^RO##\O`SOa>ROc RK]^\KNS^SYXKVVcO]ZY_]ON0Y\SX]^KXMOS^RK]VYXQLOOXKMMOZ^ON XY^O^ROVKMUYP\OZ\O]OX^K^SYXYPOK\VcMRSVNRYYNY\QKXS]K^SYX] ^RK^OK\VcMRSVNRYYN]O\`SMO]LOXOPS^XY^YXVcMRSVN\OXL_^^ROS\ YX^RO\O`SOa^OKWKXN^RK^^RO^O\W]YP\OPO\OXMOaO\Oa\S^^OX PKWSVSO]aRKXK_KXNO]ZOMSKVVcaYWOX7KXcaYWOXYaO^ROS\ aS^R XY SX`YV`OWOX^ P\YW ^RO OK\Vc MRSVNRYYN ]OM^Y\ ZZ \O^_\X^YON_MK^SYXKXN^ROZKSNaY\UPY\MO^YSX`YV`OWOX^aS^R >ROc KV]Y [_O]^SYX ^RO MYX^OX^ YP ^RO ^O\W] YP \OPO\OXMO aRSMR OK\VcMRSVNRYYN]O\`SMO]]_MRK]:VKcMOX^\OKXNUYRKXQK\OY%S^S] K]UP_XNKWOX^KV[_O]^SYX]KLY_^OK\VcMRSVNRYYNON_MK^SYX^RK^ KV]Y ZK\^ YP ^RO UK_ZKZK YP UYRKXQK \OY ^RK^ ^RO ]O\`SMO S] K] ^RO ]OM^Y\ RKN LOVSO`ON ^Y RK`O VYXQ LOOX KX]aO\ON ]OO KV]Y W_MRKLY_^aRKXK_VOK\XSXQK]KLY_^^ROWYUYZ_XKLOMYWSXQ .KVVS##L-/-?+K\Q_O^RK^^RO\OKV[_O]^SYXPKMSXQ^RO]OM^Y\ PV_OX^ SX ^O \OY KXN LOSXQ KLVO ^Y OX]_\O ^RO ]_\`S`KV YP 7KY\S S]RYa^YOX]_\O^RK^^RO]O\`SMO]^RK^M_\\OX^VcObS]^K\OYPRSQR VKXQ_KQO KXN M_V^_\O >KaRSaRS\KXQS ## /K\Vc MRSVNRYYN [_KVS^c KXN WOO^ ^RO NS`O\]O XOON] YP PKWSVSO]% ^RS] [_O]^SYX ON_MK^SYXS]^R_]KV]YKLY_^KN_V^ON_MK^SYXKXNKLY_^M_V^_\KV RYaO`O\ S] XY^ aS^RSX ^RO \O`SOa ^OKW] ^O\W] YP \OPO\OXMO ^\KX]WS]]SYX KXN ]_\`S`KV$ KSW] XY^ WKNO ObZVSMS^ SX ^RO OK\Vc -/-?+KV]YM\S^SMS]O^ROYXOWYX^R^SWOP\KWOPY\]_LWS]]SYX] MRSVNRYYNON_MK^SYX]OM^SYXYP/N_MK^SYXPY\^RO]^-OX^_\c K]SXKNO[_K^OSLSNZ 9XO ^RSXQ S] MO\^KSX KLY_^ ^RO \O]_V^ YP ^RO ## P_XNSXQ >RO \OZY\^ P\YW ^RO P_XNSXQ \O`SOa aK] ^Y RK`O LOOX PSXKVS]ONT_]^KP^O\^RO##QOXO\KVOVOM^SYX>RO_XZ\OMONOX^ON OVOM^SYX \O]_V^ RYaO`O\ \O]_V^ON SX K X_WLO\ YP QY`O\XWOX^ ZYVSMc Z\YTOM^] LOSXQ Z_^ YX RYVN$ ^RO OK\Vc MRSVNRYYN P_XNSXQ \O`SOa \OZY\^ aK] YXO YP ^RO]O >RO \OZY\^ S] XYa N_O SX 0OL\_K\c## >RO OK\Vc MRSVNRYYN MYWW_XS^c KaKS^] ^RO \O]_V^] YP ^RS] \O`SOa aS^R Q\K`O SX^O\O]^ 7_MR RK] LOOX VY]^ ]SXMO ^RO ,OPY\O 0S`O\OPY\W]KXN^RO\OS]KX_XNO\]^KXNKLVOPOK\^RK^^RS]\O`SOa aSVV N\S`O ^RO ]OM^Y\ P_\^RO\ SX^Y ^RO NS\OM^SYX YP K _]O\ZKc] \O`SOa$SPXY^RSXQOV]OS^aSVV]O\`O^YMVK\SPcQY`O\XWOX^]\OKV ZY]S^SYXYX^RO\YVOS^ZO\MOS`O]PY\S^]OVPSX^ROZ\Y`S]SYXYPOK\Vc MRSVNRYYNON_MK^SYXKXNYX^RO`KV_OS^ZVKMO]YXS^3^aSVVKV]Y Z\Y`SNOKXKX]aO\^Y^RO[_O]^SYX^RK^VYQSMKVVcPYVVYa]P\YW^RO YXOZY]ONK^^RO]^K\^YP^RS]ZKZO\$SP-SXNO\OVVKS]LKMUKWYXQ ^RO MSXNO\] S] ]RO NO]^SXON ^Y \OWKSX ^RO\O Y\ aSVV ^RO Z\SXMO MYWOKVYXQ^Y\O]M_ORO\KP^O\KVV) +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##]! >aY:Y]S^S`O.O`OVYZWOX^]KXN=YWO-YXMV_NSXQ-YWWOX^] =YPK\^RS]ZKZO\RK]^\KMON^ROZK^RYPOK\VcMRSVNRYYNON_MK^SYX ZYVSMcNOMS]SYX]^KUOXSX ^ROOK\Vc##]KXNK\Q_ON^RK^VY]]O] RK`OLOOXObZO\SOXMONLc^RO]OM^Y\^RK^^R\OK^OX^YO\YNOQKSX] "-K\WOX.KVVS S] Q\OK^ ]_ZZY\^ PY\ ^RO M_\\SM_V_W Q_SNOVSXO] SX ^RO OK\Vc MRSVNRYYN]OM^Y\%S^S]XYaSWZY\^KX^^RK^^RO1Y`O\XWOX^WKUO \O]Y_\MO] K`KSVKLVO PY\ ^RO Q_SNOVSXO] ^Y LO aY\U]RYZZON aS^R Z\KM^S^SYXO\]YPKVV^cZO]YPOK\VcMRSVNRYYN]O\`SMO]]Y^RK^^ROc WKc^\_VcLOMYWOK^YYVPY\OXRKXMSXQ[_KVS^cZ\KM^SMO WKNOK^^ROOXNYP^RO#"] >RS]]YWOaRK^NS]WKVMYXMV_]SYXS]XY^RYaO`O\KMYWZVO^O >RO/K\Vc-RSVNRYYN-YNOYP/^RSM] MYWWOX^K\cYX^RO]^K^OYPOK\VcMRSVNRYYNON_MK^SYXSX^ROOK\Vc >ROM_\\OX^Z\YTOM^^YNO`OVYZKMYNOYPO^RSM]PY\OK\VcMRSVNRYYN ##]KXN ^RS] \O`SOaaY_VNLOSXMYWZVO^OSPS^]^YZZON^RO\O S] ]OM^Y\SXS^SK^ON KXN \OPVOM^] ^RO MYWWS^WOX^ YP ^RO ]OM^Y\ ^Y >aY WKTY\ ZY]S^S`O NO`OVYZWOX^] YMM_\\ON aRSMR XOON ^Y LO OXRKXMSXQS^]Z\YPO]]SYXKV]^KXNSXQ+]3RK`OXY^ONOV]OaRO\O WOX^SYXON$ ^RO \OVOK]O YP ^RO N\KP^ OK\Vc MRSVNRYYN M_\\SM_V_W .KVVSSLSNWKXcZOYZVO\OQK\N^ROObS]^OXMOYPKMYNOYPO^RSM] Q_SNOVSXO] KXN ^RO SXS^SK^SYX YP K Z\YTOM^ ^Y NO`OVYZ K MYNO YP K] YXO YP ^RO MVOK\O]^ SXNSMK^SYX] YP Z\YPO]]SYXKVS]W% K MYNO YP O^RSM]PY\OK\VcMRSVNRYYNON_MK^SYXSX+Y^OK\YK8OaDOKVKXN O^RSM] S] K ]^K^OWOX^ YP ^RO ]^KXNK\N] YP O^RSMKV Z\KM^SMO ^RK^ K Z\YPO]]SYXK]ZS\O]^YKXNKLSNO]LcKXNS^S]KV]YZ_LVSMO`SNOXMO >RO.\KP^/K\Vc-RSVNRYYN-_\\SM_V_W1_SNOVSXO] ^RK^ K Z\YPO]]SYX ^KUO] S^] \O]ZYX]SLSVS^c ^Y _ZRYVN O^RSMKV .S]M_]]SYX]KLY_^KM_\\SM_V_WPY\OK\VcMRSVNRYYNRKNLOOXROVN ]^KXNK\N]]O\SY_]Vc3X8OaDOKVKXNK]^K\^YXNS]M_]]SXQO^RSMKV N_\SXQ ^RO #"] SX K X_WLO\ YP SX]O\`SMO 6YZNOVV MY_\]O] ]^KXNK\N] SX OK\Vc MRSVNRYYN ON_MK^SYX aK] WKNO K^ K 6YZNOVV Y\QKXS]ONLc^RO^ROX.OZK\^WOX^YP/N_MK^SYXL_^^ROMYX^\KM^ MY_\]O Y\QKXS]ON Lc ^RO .OZK\^WOX^ YP /N_MK^SYX SX #"" >RO ^YNO`OVYZOK\VcMRSVNRYYNM_\\SM_V_WQ_SNOVSXO]aK]VO^K]ZK\^ \OZY\^P\YW^RS]MY_\]O\OMYWWOXNON^RK^aY\UYX^ROMYNOLO YP ^RO 7SXS]^\c YP /N_MK^SYX] N\S`O ^Y NO`OVYZ K 8K^SYXKV MYX^SX_ONLc^RO7SXS]^\cYP/N_MK^SYX>RS]\OMYWWOXNK^SYX -_\\SM_V_W PY\ ]MRYYV] -K\\ 7Kc ## >RO N\KP^ OK\Vc RYaO`O\aK]XY^ZSMUON_Z_X^SV^ROPY\WK^SYXSXOK\Vc##YP MRSVNRYYNM_\\SM_V_WQ_SNOVSXO]>OARK\SUSaO\O\OVOK]ONLc^RO KXK^SYXKVaY\USXQQ\Y_ZYPOK\VcMRSVNRYYNON_MK^Y\]_XNO\^RO 7SXS]^\cYP/N_MK^SYXSX9M^YLO\##>ROQ_SNOVSXO]7SXS]^\c _WL\OVVK YP ^RO 0ONO\K^SYX YP /K\Vc -RSVNRYYN /N_MK^SYX YP/N_MK^SYX##KK\O^ROZ\YN_M^YPWYX^R]YP\O]OK\MRKXN 9\QKXS]K^SYX]0/-/9KXN97/:+Y^OK\YK8OaDOKVKXN >RO MYX]_V^K^SYX^R\Y_QRaY\USXQZKZO\]]OWSXK\] KXNWOO^SXQ] aY\USXQ Q\Y_Z KSW] ^Y VK_XMR ^RO MYNO K^ ^RO =Sb^R /K\Vc aS^R^ROOK\VcMRSVNRYYN]OM^Y\Lc^ROMYNS\OM^Y\]YP^ROZ\YTOM^ -RSVNRYYN-YX`OX^SYXSX=OZ^OWLO\## 7K\QK\O^-K\\KXN.\2OVOX7Kc>RO\O]_V^S]KNYM_WOX^^RK^ \OPVOM^]^ROZRSVY]YZRcYP^RONSPPO\OX^OK\VcMRSVNRYYN]O\`SMO]SX +Y^OK\YK8OaDOKVKXNK]aOVVK]^ROMYX]OX]_]YPSX^O\XK^SYXKV ]MRYVK\]RSZYXaRK^MYX]^S^_^O]KRSQR[_KVS^cM_\\SM_V_WPY\^RO ,Y^R ^RO MYNO YP O^RSM] Z\YTOM^ KXN ^RO N\KP^ M_\\SM_V_W Q_SNOVSXO]K_Q_\aOVVPY\^ROOXRKXMOWOX^YP^RO]^K^_]YPOK\Vc MRSVNRYYNaY\UK]KZ\YPO]]SYX OK\Vc MRSVNRYYN cOK\] >O ARK\SUS RK] LOOX RKSVON Lc ^RO OK\Vc 3X MYXMV_]SYX ^RO\OPY\O S^ ]OOW] PKS\ ^Y ]Kc ^RK^ aRSVO ^RO MRSVNRYYN MYWW_XS^c PY\ ^RO]O [_KVS^SO] KXN PY\ ^RO aKc S^ ZYVSMcS]]_O]PKMSXQ^RO]OM^Y\K^^ROOXNYP##]^\YXQVc]_QQO]^ KMUXYaVONQO]LSM_V^_\KVS]WSX+Y^OK\YK8OaDOKVKXN-/-?+ ^RK^^RO]OM^Y\S]SXNKXQO\YPKQKSXPSXNSXQS^]OVP^RO-SXNO\OVVKYP ##L+]KNYM_WOX^S^K\^SM_VK^O]WKXcYP^ROZ\SXMSZVO]^RK^ ^RO ON_MK^SYX ]c]^OW NO`OVYZWOX^] ]_MR K] ^RO M_\\SM_V_W _XNO\VSO [_KVS^c OK\Vc MRSVNRYYN Z\KM^SMO KXN ^R_] WKUO] K Q_SNOVSXO]KXN^ROMYNOYPO^RSM]Z\YTOM^SXNSMK^O^RK^NO]ZS^O^RO `KV_KLVO YNN] ]YWO Z\YQ\O]] YX SWZ\Y`SXQ [_KVS^c OK\Vc MRSVNRYYN MYX^\SL_^SYX ^Y \KS]SXQ Z_LVSM KaK\OXO]] YP ^RO Z\YPO]]SYXKVXK^_\OYPOK\VcMRSVNRYYNaY\U.KVVS##L>RO\O ON_MK^SYXS]]^SVVLOSXQWKNO +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##]# 8Y^O] -K\WOX.KVVS .OZK\^WOX^YP/N_MK^SYXM>\KSXSXQKXN;_KVSPSMK^SYX=^\_M^_\OSX/K\Vc >RS]S]^RO8OaDOKVKXNL\KXMRYP^ROAY\VN9\QKXS]K^SYXPY\/K\Vc -RSVNRYYN/N_MK^SYX97/:S]^ROKM\YXcWPY\^RO0\OXMRXKWOYP^RO Y\QKXS]K^SYX$9\QKXS]K^SYX7YXNSKVOZY_\V/N_MK^SYX:\¤]MYVKS\O -RSVNRYYN -K\O KXN /N_MK^SYX$ K \OZY\^ YP K 6YZNOVV 8K^SYXKV -Y_\]O AOVVSXQ^YX#" .OZK\^WOX^ YP /N_MK^SYX <OZY\^ YP ^RO .OZK\^WOX^ YP /N_MK^SYX AOVVSXQ^YX$1Y`O\XWOX^:\SX^#"! <OPO\OXMO] /N_MK^SYX1KdO^^O/K\Vc-RSVNRYYN-OX^\O1_SNOVSXO]$K=^K^OWOX^YP ,_\X] @KVO\SO :YVSMc SX /K\Vc -RSVNRYYN /N_MK^SYX% 3]]_O] KXN .O`OVYZWOX^] ?XZ_LVS]RON ZKZO\ Z\O]OX^ON K^ ^RO /N_MK^SYXKV +NWSXS]^\K^SYX-YXPO\OXMO-R\S]^MR_\MR#"" .O]S\KLVO9LTOM^S`O]KXN:\KM^SMO]+=_ZZVOWOX^^Y^RO/N_MK^SYX 1KdO^^O.OMOWLO\## 1K\NOX -K\YV 8K^SYXKV -YY\NSXK^Y\ :K\OX^ /N_MK^SYX :\YQ\KWWO] ,_\X]@KVO\SO/K\Vc-RSVNRYYNSX8OaDOKVKXN$^RO[_SO^\O`YV_^SYX :KZO\Z\O]OX^ONK^^RO#^RAY\VN+]]OWLVcKXN-YXQ\O]]/<3- #"# ZO\]YXKVMYWW_XSMK^SYX## 1K\NSXO\ -\S]ZSX <O`SOa YP /K\Vc -RSVNRYYN 0_XNSXQ$ SXNOZOXNOX^ \OZY\^ ## -/-?+ =_\`Oc YP -RSVNMK\O -OX^\O WKXKQO\] <ON_M^SYX SX 0_XNSXQ PY\ _XNO\^aYcOK\ YVN] SX MRSVNMK\O MOX^\O]$ OPPOM^] YX [_KVS^c KMMO]] KXN MOX^\OYZO\K^SYXAOVVSXQ^YX## 1K\NSXO\ -\S]ZSX /K\Vc -RSVNRYYN 0_XNSXQ KQKSX ^R\OK^OXON Lc >\OK]_\c?XZ_LVS]RON:\O]]=^K^OWOX^NK^ON"9M^YLO\## 2KQQO\^c 7KQQSO ASVV ^RO\O LO VSPO KP^O\ ^RO 6KLc\SX^R) + ]^_Nc YP -/-?+5SXNO\QK\^OX,_VU0_XNSXQ-K_]O]:\YLVOW]SX.Y_LVO>KUO 3]]_O+Z\SV##Z \OMOX^NO`OVYZWOX^]SX/K\Vc-RSVNRYYN>\KSXSXQKXN;_KVSPSMK^SYX] #"## ?XZ_LVS]RON 7K]^O\] ZKZO\ @SM^Y\SK ?XS`O\]S^c YP -/-?+K=_LWS]]SYX^Y^RO<O`SOaYP/K\Vc-RSVNRYYN0_XNSXQ9M^YLO\ ## AOVVSXQ^YX## 6KLY_\:K\^c/N_MK^SYX$Y_\-RSVN\OX9_\0_^_\O:\OOVOM^SYX:YVSMc:VKX -/-?+L-YXPO\OXMOObZVY\O]M_\\SM_V_WSX.Y_LVO>KUO3]]_O .OMOWLO\##Z ## 6KXQO.,OPY\O0S`OAOVVSXQ^YX$1Y`O\XWOX^:\SX^## -/-?+M.\KP^<OZY\^YP-RSVNMK\O=^KPPSXQ=_\`OcAOVVSXQ^YX## .KVVS -K\WOX /K\Vc -RSVNRYYN /N_MK^SYX SX 8Oa DOKVKXN SX /K\Vc -RSVN.O`OVYZWOX^KXN-K\O ##ZZ 6OQS]VK^S`O -RKWLO\ /K\Vc -RSVNRYYN -K\O KXN /N_MK^SYX 0Y\_W AOVVSXQ^YX#" -\OOMRAcK^^,_NQO^ZKZO\]## _ZROK`KV+:Y]^7OKNO\OPVOM^SYXYXOK\VcMRSVNRYYN:YVSMc:KZO\ ! .KVVS -K\WOX :YVSMc +QOXNK PY\ -RSVN\OX] 6S`O] SX 8Oa DOKVKXN 4Y_\XKVYP/N_MK^SYXKV=^_NSO]!8Y##ZZ 7Kc 2OVOX J0\YW K PVYY\ ^Y K N\KaO\ K ]^Y\c YP KNWSXS]^\K^S`O .KVVS-K\WOX+NN\O]]K^^ROVK_XMRYP^RO8D/3-/-?+MKWZKSQXPY\ [_KVS^cON_MK^SYXSX^ROOK\VccOK\]SX>O5K\O\O4_XO##3]]_O Z\O]OX^ONK^^RO=OMYXN<O]OK\MRSX^Y/N_MK^SYX:YVSMc-YXPO\OXMO +_Q_]^8D-/<AOVVSXQ^YX## 7Kc 2OVOX >RO 3WZKM^ YP ^RO ## ,_NQO^ YX /K\Vc -RSVNRYYN /N_MK^SYX :YVS^SMKV -YWWOX^] ^Y ^RO 0KWSVc .KcMK\O 8K^SYXKV -YXPO\OXMO2KWSV^YX#+_Q_]^## ##K .KVVS-K\WOX+\OaOKZ\YPO]]SYX)>ROMYX^\SL_^SYXYP^ROM_\\SM_V_W Q_SNOVSXO]KXN^ROXOONPY\KMYNOYPO^RSM]+NN\O]]^Y^RO-/-?+ M_\\SM_V_WMYXPO\OXMO-R\S]^MR_\MR9M^YLO\##L 7Kc2OVOXAROXAYWOX]<SQR^]RK`OMYWO^Y]^KcYRaRYaSVV\YMU ^RO M\KNVO) /K\Vc -RSVNRYYN -K\O KXN /N_MK^SYX KXN AYWOX] =_PP\KQO"###5OcXY^OKNN\O]]8D05?+XX_KVMYXPO\OXMO AOVVSXQ^YX4_Vc## .OZK\^WOX^ YP /N_MK^SYX K <OZY\^ YP ^RO AY\USXQ :K\^c YX -RSVNMK\O >\KSXSXQAOVVSXQ^YX#" 7OKNO+XXO;_KVS^c/K\Vc-RSVNRYYN/N_MK^SYX+ZKZO\NOVS`O\ONK^ ^RO>K\KXKUSOK\VcMRSVNRYYNWSXSMYX`OX^SYX8Oa:VcWY_^R4_Vc .OZK\^WOX^YP/N_MK^SYXL>R\OOCOK\>\KSXSXQPY\5SXNO\QK\^OX>OKMRO\]$ K\OZY\^YPK7SXS]^O\SKVAY\USXQ:K\^cAOVVSXQ^YX#" #"! +<O`SOaYP/K\Vc-RSVNRYYN/N_MK^SYXSX^RO/K\Vc##] 7OKNO+XXO/N_MK^SYX^YLO7Y\O$<OZY\^YP^RO/K\Vc-RSVNRYYN-K\OKXN /N_MK^SYXAY\USXQ1\Y_ZAOVVSXQ^YX1Y`O\XWOX^:\SX^#"" "8Y`OWLO\## =WS^R+,=aKSX.+-RSVNMK\OSX8OaDOKVKXNAOVVSXQ^YX$+VVOX 8Y## 7OKNO +XXO -YX^O]^KLSVS^c SX ^RO ]ZOMSKV ON_MK^SYX KXN OK\Vc MRSVNRYYN]OM^Y\]$KWOMRKXS]WPY\MYXPO\\SXQO[_S^c)SX7KX]YX 2ON8OaDOKVKXN+XX_KV<O`SOaYP/N_MK^SYX$##AOVVSXQ^YX$ 0KM_V^cYP/N_MK^SYX@SM^Y\SK?XS`O\]S^cYPAOVVSXQ^YX##ZZ# =MY^^5S\S>RO:K\OX^]K]0S\]^>OKMRO\]Z\YQ\KWWO:\O]OX^K^SYXK^ ^ROPS\]^+XX_KV1OXO\KV+]]OWLVcYP97/:+Y^OK\YK8OaDOKVKXN 7OKNO +XXO AYWOX KXN -RSVN\OX QKSX K PYY^ SX ^RO .YY\ 8Oa DOKVKXNAYWOX]=^_NSO]4Y_\XKV -K\WOX.KVVS ?XaSX:Y\^8SMRYV]YX:\O]]#"" =WS^R2YX6/N_MK^SYX:YVSMc$3X`O]^SXQSXY_\:OYZVO$9_\1\OK^O]^+]]O^ AOVVSXQ^YX$1Y`O\XWOX^:\SX^## =^K^O]=O\`SMO]-YWWS]]SYX<OZY\^YP^ROAY\USXQ1\Y_ZYX/K\Vc-RSVNRYYN -K\OKXN/N_MK^SYXAOVVSXQ^YX$1Y`O\XWOX^:\SX^#" 7OKNO+XXO.KVVS-K\WOX<O`SOaYP^RO/K\Vc-RSVNRYYN=OM^Y\ SX 7KX]YX 2 ON 8Oa DOKVKXN <O`SOa YP /N_MK^SYX $## AOVVSXQ^YX$ .OZK\^WOX^ YP /N_MK^SYX @SM^Y\SK ?XS`O\]S^c YP AOVVSXQ^YX##ZZ >KaRSaRS\KXQS3\S^KXK7OK]_\SXQ^RO=_MMO]]YP5YRKXQK<OYSX>O :_XKAKS5Y\O\Y8K^SYXKV<KNSY%<OZVKc<KNSY8Y`OWLO\## AOVV] -VK\O +NN\O]] ^Y ^RO 8Oa DOKVKXN 0\OO 5SXNO\QK\^OX ?XSYX +XX_KV-YXPO\OXMO4_XO##K 7OKNO +XXO 5OXXONc :KW /K\Vc -RSVNRYYN >\KSXSXQ KXN ;_KVSPSMK^SYX]{LOPY\OKXN,OcYXN.Y_LVOQKSXY\^ROP^YPY_\ SX^OVVOM^_KVS^c) + ZKZO\ QS`OX K^ ^RO ;_KVSPSMK^SYX] PY\ ^RO ]^ -OX^_\c3X^O\XK^SYXKV-YXPO\OXMOAOVVSXQ^YX4KX_K\c## 7SXS]^\cYP/N_MK^SYXK-YXNS^SYX]PY\^RO<OMOSZ^YP^RO/K\Vc-RSVNRYYN ,_VU0_XNAOVVSXQ^YX##K AOVV] -VK\O >RO 3WZKM^ YP -RKXQO$ +QKSX]^ ^RO 9NN] 5OcXY^O KNN\O]] K^ ^RO 0SP^R /K\Vc -RSVNRYYN -YX`OX^SYX ._XONSX =OZ^OWLO\##L AcVSO-K^Rc0S\]^3WZ\O]]SYX]$>RO3XS^SKV3WZKM^YP=KVK\c,_VU0_XNSXQYX 8Oa DOKVKXN 5SXNO\QK\^OX] AOVVSXQ^YX$ 8Oa DOKVKXN -Y_XMSV PY\ /N_MK^SYXKV<O]OK\MR## 7SXS]^\c YP /N_MK^SYX L /K\Vc -RSVNRYYN ;_KVSPSMK^SYX] KXN >\KSXSXQ$ K ,V_OZ\SX^PY\^RO0_^_\OAOVVSXQ^YX##L >ROK_^RY\ /N_MK^SYX1KdO^^O:K\OX^]K]0S\]^>OKMRO\] :\YQ\KWWO!8Y =OZ^OWLO\## -K\WOX.KVVSS]KVOM^_\O\SX2_WKX.O`OVYZWOX^KXN/K\Vc-RSVNRYYN /N_MK^SYX K^ @SM^Y\SK ?XS`O\]S^c YP AOVVSXQ^YX =RO S] K WOWLO\ YP K 7SXS]^\c YP /N_MK^SYX >O ARK\SUS .\KP^ 1_SNOVSXO] PY\ .O`OVYZWOX^KVVc +ZZ\YZ\SK^O :\YQ\KWWO] SX /K\Vc -RSVNRYYN /N_MK^SYX AOVVSXQ^YX$ 6OK\XSXQ7ONSK##K XK^SYXKV aY\USXQ Q\Y_Z NO`OVYZSXQ K MYNO YP O^RSM] PY\ 8Oa DOKVKXN OK\VcMRSVNRYYNON_MK^SYXKXNKWOWLO\YP^RO8D;+KN`S]Y\cQ\Y_Z YX /-/ =RO S] M_\\OX^Vc aY\USXQ YX RO\ :R. YX MRSVN\OX ]^K\^SXQ 7SXS]^\c YP /N_MK^SYX /N_MK^SYX PY\ ^RO ]^ -OX^_\c AOVVSXQ^YX$ MRSVNMK\O 1Y`O\XWOX^:\SX^##L 7S^MROVV6SXNK,KMUKQKSX]^^ROaKVV=^KPPSXQKXN^RO;_KVS^cYP/K\Vc -RSVNRYYN /N_MK^SYX$ ^RO SWZKM^ YP 1Y`O\XWOX^ :YVSMc :KZO\ Z\O]OX^ON K^ ^RO 8D-/< 3X`S^K^SYXKV =OWSXK\$ ARK^ S] 1Y`O\XWOX^]<YVOSX/K\Vc-RSVNRYYN/N_MK^SYX)0OL\_K\c## 8K^SYXKV :K\^c >RO 8K^SYXKV :K\^c] /N_MK^SYX :YVSMc :\OOVOM^SYX =^K^OWOX^## :SRKWK 6OYXSO + -\S^SMKV +XKVc]S] YP :K\OX^] K] 0S\]^ >OKMRO\] ?XZ_LVS]RON7K]^O\]^RO]S]+_MUVKXN?XS`O\]S^c0OL\_K\c## :K\^]YP^RS]ZKZO\aO\OZ\O]OX^ONK^^RO##8D+</MYXPO\OXMOROVNK^^RO ?XS`O\]S^cYPAKSUK^Y=MRYYVYP/N_MK^SYXYX.OMOWLO\##
© Copyright 2024 Paperzz