$&

-D=GE" 29GME%##'

6=KAHI9<=
6+:/78'
,AG=;IEG
Gzhidg :( <V[[ZgViiV +ECAIP +EDHJBIAKE 39;AED9B
AdbZgd F( ;^W^adc^& <Vgadh:( ;diVhh^& :c{WVa ?VaWd& Cdg\Z :( ?gVcoV& Cdg\Z F( @VaY}h& Bh^Ydgd A( @daYZcWZg\& ?Za^eZ@dcoyaZo:goVX& >YjVgYd I( C^bzcZo& :{YV K( DZbZabV_Zg YZ <VgajXX^&;ZVig^o Dgdb& =Vc^Za A( EV\d& K^XVgYdE( EdgZcoZii^& GVgX^hd C( Ej\dcZh& KV~a FVYjZ|d& :j\jhid F( FdgZaad& Cdg\Z FdhhZi BijggVheZ&>YjVgYd :( I^\gZii^& =Vc^Za:( LVWhVn& FVg^d ?( OVaah& :nYzZ OyofjZo O^aaVg& CjVc KdYg^\d PVah]& MZdYdgVSVbjY^d

*+ *+6+).4

'2(/+38'1

,-6-+.4 )2*/-38)1
,E;IGAD9 0JGAHFGJ<=D;A9 1=?AHB9;AQD < 5GO;IA;9

NcV ejWa^XVX^}c YZ :cidc^d A4 ;Zc_Vb^c #;gVh^a$& L^ak^V<VeZaa^#;gVh^a$& FVcjZa <VhiV|dc EZm^hGZm^h :g\Zci^cV 7) #>heV|V$&L^ak^VCVfjZcdY Sh}\dc #>heV|V$&IVjad :[[dchd <Vgadh IZaaZ\g^c^221& YZaOVaaZ EZbZ FVX]VYd #;gVh^a$& GZ}[^id E}eZo KVbdh #Fzm^Xd$& K^XVgYdFZgad +! e^hd#<B**3:;J$& Cdhz :cidc^d IZayZo ;jZcdh :^gZh& #IVgV\jVn$& OaVY^b^gIVhhdh YZ ?gZ^iVh#;gVh^a$& ;VgYVaZh #IZg~$&F^X]Za Ig^Zjg #?gVcX^V$& :fj^a^cd OyofjZo @VgX{V :g\Zci^cV #Fzm^Xd$& KdhhVcV L^akVKZeZiid #IGNF:$ =^gZXidg >Y^idg^Va :aZ_VcYgd I( ?( Mjo^d 6=HFEDH9:B=H<= ygZV >Y^idgV :jgdgV ;ZhVa~ IVg`^chdc #=V|d :bW^ZciVa$ C^bZcVDaVeeZcWVX] @VWg^ZaV E( ;dgYZad^hYZ Kdhh^ #=ZgZX]d :Yb^c^higVi^kd :bW^ZciVa$ <Vgadh<Vbeh n =Vc^Za EV\d #=ZgZX]d IgdXZhVa:bW^ZciVa$ KZYVXX^}c <Vgadh ;daaVZgi =Vc^Za ?( Ldg^V#=ZgZX]d NgWVc{hi^Xd$ LjhVcV FVgi^c?^\jZgdV IVWad:( aVccZaad #>Xdcdb{V n FZY^d :bW^ZciZ$ EZVcYgd IVX]ZXd #KZXjghdh GVijgVaZh$ IgdYjXX^}c :c{WVa ?VaWd #:XijVa^YVY :bW^ZciVa Zc aVegdk^cX^VYZ ;jZcdh :^gZh$ KV~aAZgcycYZo MdggZo :a^X^VFdgVaZhEVbWZgi^#:XijVa^YVY :bW^ZciVa Zc aVegdk^cX^V YZ <}gYdWV$ BLLG+2/+'++32 FVjg^X^d I^cid #:XijVa^YVY :bW^ZciVa Zc aVegdk^cX^VYZ FZcYdoV$

+ECAIP +EDHJBIAKE /DI=GD9;AED9B

,AG=;IEG( 3PHIEG)! +9>>=G9II9

p(p EZm^hi'aZm^h'

UOUpBB

pB

B # ^G A:B

6+)96747
Kz\^bZc

3'896'1+7
(((((

_jg{Y^Xd YZ aVeZhXV Zc Za bVg _jg^hY^XX^dcVa& edg AN@H K( :<A:((((((((((

+--

')89'1/*'* '/6+7

'2(/+38'1

*+ 1' 564:/3)/'

*+ (9+347

@3*/)+ '1,'(?8/)4

*+ )41'(46'*46+7

!n &&%

VXi^kV ' <Vbedh ZaZXigdbV\czi^Xdh ' LjWZhiVX^}c ZazXig^XV' MZcY^Yd YZ YdWaZiZgcV YZ XVWaZh ' LjheZch^}c ' IgZk^d ^c[dgbZ hdWgZ Z[ZXidh cZ\Vi^kdh V aVhVajY #<( ?ZY( EV IaViV& -*)2),**1$ EV ijiZaV YZaVbW^ZciZ VciZ aV^cXZgi^YjbWgZ& edg :G{L:EC( ?:ELH((((((((((((((((((((((((

2JDA;AF9BA<9<=H! IdYZg YZ eda^X{V ' =ZgZX]d VbW^ZciVa ' EZ\^i^bVX^}c

+//

7RWP% >bV] F(
Kz\^bZc _jg{Y^XdYZ aVeZhXVZc ZabVg _jg^h' Y^XX^dcVa& K=:bW +-'+-#KG$

8T`aP\X ST GTVbX_% 7S_XP\P

>aeg^cX^e^d YZ egZXVjX^}c Zc ZaYZgZX]d Vb' W^ZciVa& K=:bW +-',*3 #=d$

+0+

')89'1/*'*

'2(/+38'1

*+ 1' 564:/3)/'

*+ 2+3*4;'
+1+

7ZXRXP_SX% BP_pP 8TZo\

Edh eg^cX^e^dh egZkZci^kd n egZXVjidg^d Zc Za YZgZX]d VbW^ZciVa& K=:bW +-',-/ #=d$

8_PVP% 7ZTYP\S_] F( ' MTQPZZ]` ST GX`a]% BP_pP 9_X`aX\P ' 9P_`T\ CXR]ZP% BP_pP G]ZTSPS ' EoR]_P%Y]`TUX\P
Ig^cX^e^dhegZkZci^kd n egZXVjidg^d Zc ZaYZ' gZX]d VbW^ZciVa4 ZcigZ Za^ciZgzh& aVX^ZcX^V n aVzi^XV& K=:bW +-',/3 #=d$

<dbZciVg^d V aVhgZX^ZciZh cdgbVh VbW^ZciVaZh bZcYdX^cVh& edg F:NKB<BH IBGMH(((((

*477/+6% 56/3)/5/4

56+)'9846/4

Ig^cX^e^d egZXVjidg^d Xdbd ]ZggVb^ZciV YZ \Zhi^}c YZa g^Zh\d VbW^ZciVa& hj [jcX^d' cVb^Zcid V egde}h^id YZa XVhd YZ adh XVbedh ZaZXigdbV\czi^Xdh& edg F:K{: O:' E>KB: ;>KKHL 5 4((((((((((((((((((((((((((((((((((((((((((((((((((((( >a eg^cX^e^dYZ egZXVjX^}c Zc ZaYZgZX]d VbW^ZciVa& edg :=KB:G: ;>LM:GB => L>@NBK Edh eg^cX^e^dh egZkZci^kd n egZXVjidg^d Zc Za YZgZX]d VbW^ZciVa& edg F:K{: ;>EwG :Ea<B:K=B( ((((( (( ( (( ( Ig^cX^e^dh egZkZci^kd n egZXVjidg^d Zc ZaYZgZX]d VbW^ZciVa4ZcigZ Za^ciZgzh&aVX^ZcX^V n aVzi^XV&edg F:K{: <KBLMBG: S>L:EEHL => LBLMH& :E>C:G=KH F( ;K:@: R aVhXdaV' WdgVX^dcZhYZ F:K{: LHE>=:= <:KL>G GB<HE: n CHL>?BG: Iw<HK:(((((( Ig^cX^e^dh egZkZci^kd n egZXVjidg^d Zc ZaYZgZX]d VbW^ZciVa&edg ENBL :( F>G=BE:A:K' SH&GH>F{ K( ExI>S SB@:KvG=> OB@H& =HEHK>L K:FHL => I:S& F:K{: KHQ:G: L:E:' S:K => ?(:@:E=>&@NLM:OH:( ;>EE:@:F;: R ?vMBF: K( :ES:;w =>MHKK>L(((( Nc 6BG>DE>B8>D>C Zc Za YZgZX]d VbW^ZciVa4 aV eda{i^XV YZ ]ZX]dh XdchjbVYdh& edg KB<:K=H :( OB:G: ?>KK>BK:

7ZfPQo ST H]__T`%<naX[P F( ' ( 8TZZPVP[QP% =b`aPc] 7( ' GPZPfP_ST <PVPZST% BP_pP F]dP\P ' FP[]` ST EPf%:]Z]_T` ' Aq^Tf MXVP_n\ST JXV]% C]T[p F( ' BT\SXZPWP_f]% AbX`7(

+21 ,*3
,-/

Ig^cX^e^dhegZkZci^kdn egZXVjidg^d Zc ZaYZ' gZX]d VbW^ZciVa& K=:bW +-',13 #=d$

9P_`T\ CXR]ZP% BP_pP G]ZTSPS' MTQPZZ]` ST GX`a]% BP_pP 9_X`aX\P' 8_PVP% 7ZTYP\S_] B(' EoR]_P(Y]`TUp\P
Ig^cX^e^dhegZkZci^kd n egZXVjidg^d Zc ZaYZ' gZX]d VbW^ZciVa4 ZcigZ Za^ciZgzh& aVX^ZcX^V n aVzi^XV& K=:bW +-',/3 #=d$

8TZZPVP[QP% =b`aPc] 7( ' GPZPfP_ST <PVPZST% BP_pP F]dP\P ' FP[]` ST EPf%:]Z]_T` ' Aq^Tf MXVP_n\ST JXV]% C]T[p F( ' BT\SXZPWP_f]%AbX`7(' 7ZfPQo ST H]__T`%<naX[P F(
Ig^cX^e^dhegZkZci^kd n egZXVjidg^d Zc ZaYZ' gZX]d VbW^ZciVa& K=:bW +-',13 #=d$
B

9TZX <_bV]\X%7ZX\P
:ejciZh eVgVjc [jijgd bVgXd gZ\jaVidg^dYZ adhkZ\ZiVaZh \Zczi^XVbZciZ bdY^[^XVYdhZc Ngj\jVn( :heZXidh k^cXjaVYdh V aV^ciZgkZc' X^}c YZa >hiVYd #eVgiZ ++$( K=:bW +-' 3-+0#=>$

,/3

,13
,3-

8T\PcT\aT% BP_pP ?`PQTZ

KZeVgVX^}cYZaYV|d VbW^ZciVa& K=:bW +-' +*/ #=:$

:_\P`

ST 9Zo[T\a% MZPaP
YZa

8T__]`%BP_pP JPZT_XP

Nc [Vaad edhbdYZbd #aVjYdYZa0)3),**0 M:A YZaFZgXdhjg$&K=:bW +-'0/ #C:$

096/7569*+3)/'

G?CH;H?M7:7 (((( O(((((((((((((((((((((((((((((((((((((( -*-

Ig^cX^e^d egZXVjidg^d Xdbd ]ZggVb^ZciV YZ \Zhi^}c YZag^Zh\d VbW^ZciVa&hj [jcX^dcV' b^Zcid V egde}h^id YZaXVhd YZ adhXVbedh ZaZXigdbV\czi^Xdh&K=:bW +-'+21 #=d$

<PZQ]% 7\UQPZC(
EVijiZaV YZaVbW^ZciZ VciZ aV^cXZgi^YjbWgZ& K=:bW +-'+0+ # (:L:$

1+-/71')/A3

7/38+8/;'*'

&

=!

-*/ %EVaZigV #=$^YZci^[^XV V aVhZXX^}c=dXig^cV& #=:$ V =V|d :bW^ZciVa& #=>$V =ZgZX]d >migVc_Zgd& #=d$V =dhh^Zg& #=Ig:$ V =ZgZX]d IgdXZhVa :bW^ZciVa& #>nF:$ V >Xdcdb{V n FZY^d :bW^ZciZ&#C:$ V Cjg^hegjYZcd^V :cdiVYV&#::;:$ V :XijVa^YVY :bW^ZciVaYZ aVIgdk^cX^V YZ ;jZcdh :^gZh& #::F$ V :XijVa^YVY :bW^ZciVaYZ aV Igdk^cX^V YZ FZcYdoVn #KG$ V KZXjghdh GVijgVaZh( %% BcXajnZ ZaXdciZc^YdYZa egZhZciZc~bZgd(

B=LAH3=LAH >

')89'1/*'* *+ 1' 564:/3)/'

'2(/+38'1 *+ 2+3*4;'

9DB;CH7F?D 7B8?;CH7A;G
edg B7IF?9?D

7 A7G F;9?;CH;G B;C:D9?C7G

E?CHD

CDFB7G

+( ?CHFD:I99?mC

7A :;F;9>D

7B8?;CH7A

B;C:D9?CD

:XijVabZciZ aVhcdgbVi^kVh ejZYZc X^Vh^[^XVghZ Xdbd !VbW^ZciVaZh! Zc aVbZY^YVZc fjZ Zhizc dg^ZciVYVhVaZcidgcd Xdbd Xdc_jcid \adWVa& egdXjgVcYd ZaXdcigdaYZhYZ jcV eZgheZXi^kV ZXdh^hizb^XV&VjcfjZ ZhiZ jbWgVa Zkdaji^kd egZhZciV ZiVeVh VciZXZYZciZh Zc aVh fjZ ZaYZgZX]d gZ\ja} h}ad aVegZhZgkVX^}c YZ adhgZXjghdhcVijgVaZhVciZ hj jhd +( >c VheZXidh fjZ ]VXZc VaVgcW^ZciZ& aVegdk^cX^V YZ FZcYdoV egZhZciV jcV igVY^' X^}c cdgbVi^kV Xdchda^YVYVfjZ hZ gZbdciV V aVb^hbV zedXV Xdadc^Va( >hid ejZYZ V[^gbVghZ" cd h}ad edgYZX^bdc}c^XVh cdgbVh adXVaZh YZ egZhZgkVX^}c,% h^cd edg digVh fjZ hZ gZbdciVc Vah^\ad QOB -( IZgd Zh XaVgd fjZ Y^X]Vh cdgbVh XdggZhedcY{VcV !gZ' Xjgh^hiVh! ZiVeVh VciZXZYZciZh YZaYZgZX]d VbW^ZciVaZc hZci^Yd bdYZgcd( Idg Zaad& hZ ]V hdhiZc^Yd fjZ gZX^zcZc +323& Xdc aVXgZVX^}c YZaF^c^hiZg^d YZ :bW^ZciZ& NgWVc^hbd n O^k^ZcYVedg aZn/.21& Za>hiVYd YZ FZcYdoV VhjbZ Zc hj YZgZX]d edh^i^kd aVgZhedchVW^a^YVY YZ egZhZgkVg ZaVbW^ZciZ Zc [dgbV \adWVa n `p`ao' b^XV&YycYdhZ Vh{ eVhd VaYZgZX]d VbW^ZciVabZcYdX^cd Zc hZci^Yd Zhig^Xid .( EjZ\d hZ\j^gyc cdgbVh hZ|ZgVh YZ(kZgYVYZgdXj|d ZXdh^hizgc^XdXdbd aVEZn @ZcZgVa YZa :bW^ZciZ /30+ YZ +33,& d aVEZnYZ vgZVh GVijgVaZh IgdiZ\^YVh 0*./ YZ +33-( <dc ZaVYkZc^b^Zcid YZaYZgZX]d VbW^ZciVa'Xdbd dXjggZ Xdc idYVh aVhYZbyh !gVbVh! _jg{Y^XVh' aVeda{i^XVaZ\^haVi^kV Zc aVbViZg^V hZ ]V igVch[dgbVYd Zc Zahd' edgiZ YZ aVeda{i^XVVbW^ZciVa /( R iVaZh ^chigjbZcidh cdgbVi^kdh 'Xdbd bjn W^Zc
+ <:GH& @j^aaZgbd&,:E:8=C" gZh&+312% eh( 30 V 33( DC@PG>86 n 69A>B>FGE68>QB 6A7>:BG6@:F" =ZeVabV& ;jZcdh :^'

, <dbd adhVgih&+-+ e +-. YZ aVEZnYZ :\jVh YZ +22.%fjZ hVcX^dcVWVc V VfjZaadh fjZ XdciVb^cVgVc aVhV\jVh YZ jc bdYd BC8>ICV aVhVajY(d V aVkZ\ZiVX^}c(

#+0/,'+01/$% BbegZciV <dc^& ;jZcdh

.

:h{& edg Z_Zbead& Xdc[dgbZ <VW^aYd YZ FZcYdoV& )8G6F 86D>GH@6E:F 9: 2:B9CL6" i( +++ :^gZh& +31.% e( ,,% Zc VfjZaaV zedXV hZ egd]^W^} !aVkVg gdeV Zc aV#]^_jZaV$YZabda^cd V XVjhV YZ aVheZhiZh!( KH=K{@N>S& :aYd #Y^g($& 1:<>F@68>QB 6A7>:BG6@ 9: 2:B9CL6" BYZVg^jb&FZcYdoV& +33-% e( +0(

/ F:MANL >L<HKBAN>E:& F^\jZa& !Ida{i^XV VbW^ZciVa( <dcXZeid& XdciZc^Ydh Z ^chigjbZc' idh!& && 0CEB696F/BG:EB68>CB6@:F 2H@G>9>F8>D@>B6E>6F FC7E: 2:9>C )A7>:BG:" Nc^kZgh^YVY YZ FZc' YdoV&>Y^jb& kda( +% VWg^a +33+% e( 11(

$(""" $(%
XdcXZeijVi^oV FdciZhfj^Zj' YZWZg{Vc\j^VghZ edg ZaZhe{g^ij YZ aVbdYZgVX^}c n B VeZ\d( V aVhX^gXjchiVcX^VhfjZ adhbdi^kVgdc& Zk^iVcYd ^cXdgedgVg aVheVh^dcZh n eg _j^X^dhYZaaZ\^haVYdg0 (( ! (&(( ( ^ fjz h^W^ZcaVkdajciVY \ZcZgVa fjZ ZmegZhVcaVhaZnZhZh h^ZbegZ gZXiV& Za_j^X^d fjZ aV\j{V cd h^ZbegZ Zh XaVgd 1( Idg Zaad& jcd YZ adh\gVkZh egdWaZbVhfjZ Zc[gZciV aVegdiZXX^}c aZ\VaYZaVbW^ZciZ Zh aVY^hidgh^}c fjZ V kZXZh hZ egdYjXZ Zc aVbViZg^V& idgcVcYd aVhcdgbVh Zc egZXZeidh ^cVea^XVWaZh d ^cVea^XVYdh& V kZXZh XdcigVegdYj' XZciZh&n Zc dXVh^dcZh ^cXajhd ^aZ\VaZh( >adW_ZidYZaegZhZciZ Vcya^h^h Zh VWdgYVg aVhcdgbVh fjZ Zc gZaVX^}cXdc aVegZ' hZgkVX^}c VbW^ZciVa ]Vc h^Yd Y^XiVYVhYjgVciZ za ~ai^bd(V|d Zc aVegdk^cX^V YZ FZc' YdoV( >hiZ Vcya^h^hejZYZ ZhXaVgZXZg ZagjbWd YZ aVeda{i^XV egdk^cX^Va Zc aVbViZg^V&n ViZcYZg aVXdc[a^Xi^k^YVY fjZ \ZcZgV ZaY^XiVYdYZ cdgbVh V_ZcVhV jcV izXc^XV aZ\^h' aVi^kV YZejgVYV 2(

wh

??(A7G

F;9?;CH;G

CDFB7G

7B8?;CH7A;G

B;C:D9?C7G

=jgVciZ Za~ai^bd V|d& Zc FZcYdoV hZ ]Vc Y^XiVYd cdgbVh fjZ Y^hedcZc Y^kZghdh VheZXidh fjZ ]VXZc V aVegZhZgkVX^}cVbW^ZciVa( EVaZn10,+ egdXjgV ^cXZci^kdh V aVh WjZcVhXdcYjXiVh VgcW^ZciVaZh(CV aZn11+1 egdXjgV(aVXddeZgVX^}c ^ciZgZhiVYjVa Zc aVegZkZcX^}c YZ ^cXZcY^dhgjgVaZh5 aVaZn11,, 'XXdbeaZbZciVcYd aVZkdajX^}c fjZ ^c^X^Vgdc aVhaZnZh1.,,n10,1p(VWdgYV aVegZhZgkVX^}c VbW^ZciVaVciZ aVVXi^k^YVX_ b^' cZgVmaV^aZn 11/+(!gZ\jaVg^oV! adhZbegZcY^b^Zcidh ]VW^iVX^dcVaZh fjZ ]Vc {cXjgce{{Yd Xdc aVhcdgbVh jgWVc{hi^XVh n VbW^Z]iVaZh5 aVaZn&110+ !VY]^ZgZ! V aVaZn,/(01* YZ IgZ' hjejZhidh F{c^bdh&YZ IgdiZXX^}c :bW^ZciVa(eVgVaV@Zhi^}c n >a^b^cVX^}cYZ I<;h5 aVaZn 110/ bdY^[^XVhjhiVcX^VabZciZ aVaZn1-+3& fjZ egd]{WZaVZcigZ\V e kZciV edg eVgiZ Z_Z \gVcYZh(XZcigdh XdbZgX^VaZhYZ WdahVh( eayhi^XVhcd gZX^XaVWaZh( >ah^\j^ZciZ Zh jc Vcya^h^h Xg{i^Xd YZ XVYVjcd YZ Zhidh gZX^ZciZh iZmidh cdgbVi^kdh "6a(
Z ((

"TBj BBE ` dc B egdk^cX^VfjZ hZ ]VnVc Y^hi^c\j^Yd Zc ZaigVchXjghd YZ hj VXi^k^YVY #Vgi& ,s$& nV h V edg hj ZcigZ\V n YZY^XVX^}cV [Vkdg YZ aVegZhZgkVX^}cYZ adhgZdjghdh cV' ijgVaZh n aVegdiZXX^}c YZaVbW^ZciZ&edg hj Xdcig^WjX^}c YZ bdYd ZheZX^Va VaYZhVggd' aad n Zcg^fjZX^b^Zcid X^Zci{[^Xd&n edg VXidh d hZgk^X^dhfjZ h^\c^[^fjZc jcV VXi^ijY dcXgZiV Zc YZ[ZchV YZaeVig^bdc^d cVijgVa n XjaijgVa YZaVbW^ZciZ #Vgi(-s$( Edh egZh^' YZciZh YZ VbWVh <ybVgVh aZ\^haVi^kVh YZWZc YVgV XdcdXZg VaV de^c^}c e~Wa^XV adh cdbWgZh YZ aVheZghdcVh V aVhfjZ hZ aZh]VnV XdcZZYiXd Z{IgZc^^d #Vgi(+-$& pBfjZ Xdch^hiZ Zc jcV bZYVaaV\gVkVYV XdcbZbdgVi^kVbZciZ #Vgi& +*$( " =Zcigd YZ aVhbdYVa^YVYZhYZ ^ciZgkZcX^}c ZhiViVa&Za[*gaCZcid&Xdch^hiZ Zc jcVVX' X^}c Y^g^\^YV V egdbdkZg aVhVXijVX^dcZh eVgi^XjaVgZh fjp hZ zfi^bZc!pZji^a^YVY \ZcZ' gVa Xdc aV [^cVa^YVY YZ XdckZcXZg eVgVfjZhZ ]V\V j db^iV Va\d&nVhZV edg bZY^dh(]d' cdg{[^Xdh& eh^Xda}\^Xdh& _jg{Y^Xdhd ZXdc}b^Xdh +*( EV aZn10,+ hZ egZhZciV Vha'Xdbd jc bZXVc^hbd YZ [dbZcid VbW^ZciVaYZ XVgyXiZg]dcdg{[^Xd( > Jj^oyh jcd YZ adhZaZbZcidh ZhZcX^VaZh YZa^chigjbZcid Zh aVejWa^XVX^}cdWa^\V' idg^VYZ adhgZhjaiVYdh( :cidc^d >a^d';gV^adkh`ndWhZgkV Zc gZ[ZgZcX^V V aVegZhZgkVX^}c ]{Yg^XVfjZ Xdbd bZY^YVYZ ^cXZci^kd&]ViZc^Yd bVndg Z[^Z^ZcX^V XdggZXi^kV aVejWa^' XVX^}c YZ aVh eZghdcVh ^c[gVXidgVh fjZ aVb^hbV hVcX^}c "YZbjaiV ++% aW fjZ bjZhigV aV igVhXZcYZcX^VYZ aVY^[jh^}c hdX^Va YZ aVhWjZcVh d bVaVh XdcYjXiVh VbW^ZciVaZh(
q &

?J( A;L 11+1 :;A +,)0),**1#8D

+-)0),**1$

+&

iZ]"

???(A;L10,+ _X;g/++,),**0"RahD & $&$'%%.!

!>">$!
B @ %( " r B !"B[

h"]

&&+

(!

&

]("

"

aV aZn10,+ ^chi^ijnZ ZaegZb^d" !AdcdgVWaZ EZ\^haVijgV YZ FZcYdoV V aV=Z[ZchV YZa:bd^ZciZ! #Vgi4"+s$4 whiZ "hZ4ph^\cVgp VcpVabZciZ V eZghdcVh"[{h^XVh d _jg{Y^XVhgZ'
(( " %%5 (((((((4R4
!

h (%

"

"4

[&

&"55+

&

"

"4'5&

5qp" ."4

! !"&

"&"& &&

&p

(4

&(

FHGM>LJNB>N& ,:@ :FDPE>GH 9: @6F @:K:F">a^VhiV& ;jZcdh :^gZh& ,**/& eh( //+& //3 R/0/( KHNLL>:N& CZVcCVfjZh&-@8CBGE6GC FC8>6@ d 3E>B8>D>CF 9: 9:E:8=C DC@PG>8C" MZXcdh& FV' Yg^Y5 +33,& e( -2( ! 5& !& 2 =Zcigd YZ adhXVhdhVcVa^oVYdh Zc ZhiZ igVWV_d kVg^Vh cdgbVh ]Vc ZcXdcigVYdXdc|^Xiak{' "YVY _jg[Y^XV'edg Y^hi^cidhbZY^dh4jcV ]V h^Yd kZiVYV#aZn 10,1$& igZh]Vc h^YdXjZhi^dcVYVh _j' Y^X^VabZciZ ]VhiV ZabdbZcid edgfj^cXZ VXX^dcZh YZ ^cXdchi^ijX^dcVa^YVY #aZnZh 1.,,& 11,, R 1-+3$& RYdh bdY^[^XVcgZ\{bZcZh VciZg^dgZh #aZnZh 11/+ n 110/$( R &Zc \ZcZgVa& Zc cjZhigV de^c^}c& aV izXc^XVaZ\^haVi^kV ji^a^oVYV Zc aV \ZcZgVa^YVY YZadh XVhdh 'Xdbd aV Zm^hiZcX^V YZjcV aZn YZVY]Zh^}c V jcV aZn YZ egZhjejZhidh b{c^bdh' egZhZciVdW_ZX^dcZh fjZ eZgb^iZcdWhZg' kVgBe kVa^YZo YZ Y^kZghdh VheZXidhcdgbVYdhfjZ ]VhiV V]dgVcd ]Vc h^YdVWdgYVpdh c^_jY^X^Va c^ cdgbVi^kVbZciZ( & 3 EdhgZ[Zg^Ydh iZmidhaZ\Vap&p ejpYZp pZgXdchjaiVYdhjWgZgcZciZ pc aV h^i^d lZW YZa <daZ\^d YZ :Wd\VYdhn IgdXjgVYdgZh YZ aVIgdk^cX^V YZ FZcYdoV& =GGD'%%JJJ$GE>7HB:G$8CA$6E$
0 1
EZm^hGZm^h j

& EV aZn11+1 gVi^[^dVjc XdckZc^d hjhXg^eid ZcigZ aVhegdk^cX^VhYZ FZcYdoV& EV IVbeV n LVc Ej^h edg ZafjZ hZ ZhiVWaZXZ n gZ\jaV ZaXdbegdb^hd YZ YVgVk^hd( Zc [dg' bV ^cbZY^ViV ZcigZ adh>hiVYdh eVgiZ VciZ JjVafj^Zg(&_cXZcY^dgjgVafjZ hZ YZXaVgZ V jcV Y^hiVcX^V^c[Zg^dg V X^cXjZciV `^a}bZigdh YZaa{b^iZ ^ciZgegdk^cX^Va dfjZ Zhiz V jcV Y^hiVcX^VbVndg n fjZ edg hj YZheaVoVb^Zcid ejZYV egZkZghZfjZhZ VXZgfjZ Vaa{b^iZ( EVh egdk^cX^VhhZ XdbegdbZiZc Zc Y^X]d VXjZgYd V Wg^cYVghZ XdaVWdgVX^}c XdcYZh bZY^dh Y^hedc^WaZh& VjcfjZ&YZ_VcYdVhVakd aVegzhZgkVX{}cYZ aVXVeVX^YVY YZ Xdb' WViZYZ XVYVeVgiZ( =Z ZhiV [dgbV& adh>hiVYdh eVgiZYZaXdckZc^d ^ciZg_jg^hY^XX^dcVa ]Vc'YVYd jcV eVjiV egyXi^XVYZa[ZYZgVa^hbdYZ XdcXZgiVX^}c fjZ YZWZ\j^Vg aVhdajX^}c YZ egdWaZbVh Vb' W^ZciVaZh ^ciZgegdk^cX^VaZh Zc aV :g\Zci^cV +,%Zc ZabVgXd fjZ Zhi^ejaV ZaVgi&+,/&<G4 >c iVahZci^Yd&Zh XaVgV aVVXijVX^}c egdk^cX^Va !^ciZ\gVddc^hiV!& ZhYZX^g5 Zc XjVc' id ]V cVX^Yd YZ aVhb^hbVh egdk^cX^Vh^ciZgk^c^Z]iZh YzbVcZgV Vji}cdbVVjcfjZ Xdc [^cZh g{ZXdbeaZgcZciVX^}c n eVgVgzbZY^VgaVhXVgZcX^VhfjZ hjegde^dVXijVg(^cp Y^k^YjVa\ZcZgVg{y [gZciZ V jc iZbV YZ bV\c^ijY iZgg^idg^Va( bVndg V(hjh egde^Vh\Zd' \gV[{Vh +-( >hiV ^ciZ\gVX^}c YZ adh>hiVYdh egdk^cX^VaZh& Zc XjVcid g^\Zc hjh gZaVX^dcZh
+* =KHFB&" KdWZgid& ,:E:8=C
++

69A>B>FGE6G>IC" <^jYVY:g\Zci^cV& ;jZcdh :^gZh&

+33.%^(/,0(

;K:BEHOLDT& :cidc^d -$"K:E9: 8CBGE6 I:E9:$ "169>;P8>; E:%MM>QB:BGMM":8CBCAP6 n :8(C@C<P6" MZh^h GdgbV& +33,& e( +.( ( !' +, LdWgZ Zah^hiZbV" [ZYZgVa n adh^chigjbZcidh YZXdcXZgiVX^}c kZp?K{:L& IZYgd Zi 6@" ,:E:# 8=C DR7@>8C DECI>B8>6@" =ZeVabV& ;jZcdh :^gZh& +32/& e( t-54C+( +- KHL:+^MB& AdgVX^d=(&,:E:8=C 6A7>:BG6@8CBFG>GH8>CB6@( KjW{coVa'Xjaodc{& LVciV ?Z5 ,**.& e( +-*(
KZk^hiV YZ =ZgZX]d :bW^ZciVa Gs +-

"!
edg ZaYZgZX]d ^ciZgZhiVYjVa a %^bedgiV jcV bVc^[ZhiVX^}c YZ aVdWaa\VXa} iVYdh YZ XddeZgVgZcigZ h{(

FB GB+*)+T c "a b gZd&aVaZn11,, Zh Y^XiVYV!V adhZ[ZXidh YZ \VgVci^oVgYZW^YVbZciZ B g jghdh cVijgVaZh Xdc ZheZX^Va zc[Vh^h Zc aVijiZaV YZagZXjghd ]{Yg^Xd!&n eVgVZaad egd]{WZ Zc ZaiZgg^idg^degdk^cX^Va !Za jhd YZ hjhiVcX^Vh fj{b^XVh Xdbd X^Vcjgd& bZg' jgad&yX^Ydhja[~g^Xdn digVh hjhiVcX^Vh i}m^XVhh^b^aVgZh Zc adhegdXZhdh b^cZgdh bZ' i aa[Zgdh YZ XViZd&egdheZXX^}c&ZmeadgVX^}c& ZmeadiVX^}cn)d ^cYjhig^Va^oVX^}c YZ b^cZ' g aZhbZiVa{[Zgdh dWiZc^Ydh V igVkzh YZ XjVafj^Zg bzidYd ZmigVXi^kd!#Vgi(+s$( =Z ZhiZ bdYd& FZcYdoV hZ hjbV V aViZcYZcX^V fjZ ]Vc hZ\j^Yd digVh egdk^cX^Vh b^cZgVh Xdbd <]jWji #aZn /**+& fjZ egd]{WZ aVVXi^k^YVY b^cZgV bZiVa{[ZgV Zc aVbd' YVa^YVY X^ZadVW^Zgid n aVji^a^oVX^}cYZ X^Vcjgd Zc adh egdXZhdh YZ egdYjXX^}c b^cZ' gV,*$% EV K^d_V#aZn 2+-1& fjZ egd]{WZ aVZmeadiVX^}cb^cZgV V X^Zad VW^Zgid Xdc izXc^' XVhXdggZhedcY^ZciZhVaegdXZhdYZ a^m^k^VX^}c Xdc X^Vcjgd&bZgXjg^d n)d XjVafj^Zg digV hjhiVcX^V XdciVb^cVciZ$& K{d GZ\gd #aZn-32+& fjZ egd]{WZ Za jhd YZ X^Vcjgd n)d gcZgXjg{d Zc Za egdXZhd YZ ZmigVXX^}c& ZmeadiVX^}cn)d ^cYjhig^Va^oVX^}c YZ b^cZgVaZh bZiVa{[Zgdh$ n MjXjbyc #aZn1213& fjZ egd]{WZ aVVXi^k^YVYb^cZgV bZiVa{[ZgV Zc aV bdYVa^YVYX^Zad VW^Zgid n aVji^a^oVX^}cYZ X^Vcjgd n bZgXjg^d Zc adhegdXZhdh YZ egd' YjXX^}c b^cZgV$( <dggZhedcYZ VXaVgVg fjZ 'XdcigVg^VbZciZ V aVhVg\jbZciVX^dcZh Xdc fjZ ZaId' YZg>_ZXji^kd kZi} aVaZn10,1'aV bViZg^V VbW^ZciVaZh jcV XdbeZiZcX^V egdk^cX^Va fjZ ejZYZ Vea^XVghZ hdWgZaVVXi^k^YVY b^cZgV h^c fjZ Zaad V[ZXiZ aV[VXjaiVY gZ\jaVid' g^VYZ Y^X]V VXi^k^YVYfjZ hZ YZaZ\} V aV GVX^}c Zc ZaVgid 1/& ^cX( +,& <G( >c ZhiZ hZci^Yd WVhiVgZXdgYVg Zakdid YZ aV=gV( :{YV DZbZabV_Zg ZcaV XVjhV !F^cZgV IVeeV' aVgYd J( Fjc^X^eVa^YVYYZ EVhAZgVhedg :I:! ,+% YdcYZ V aVXjZhi^}c YZ h^!u>a Vgid.+& <G 'fjZ Y^hig^WjnZXdbeZiZcX^Vh'& g^\Z iVbW^zc XjVcYd ZaYZgZX]d VaVbW^ZciZ hVcd ZcigV Zc Xdc[a^XidXdc aVVXi^k^YVY b^cZgV9 hZ gZhedcYZ4 ! (((BVhegdk^cX^Vh YZaZ' \Vgdc Zc aVGVX^}c ZaY^XiVYdYZa<}Y^\d YZ F^cZg{V&YZab^hbd bdYd fjZ YZaZ\Vgdc aVhVcX^}c YZa<}Y^\d <^k^a& YZ <dbZgX^d&YZaMgVWV_d n aVLZ\jg^YVY LdX^Va(>hid cd h^\' c^[^XVfjZ aZ(]VnVc YVYd jc X]ZfjZ Zc WaVcXd eVgVfjZ aVGVX^}c ^cigdYjoXV Zc Zhidh X}Y^\dh idYV aVbViZg^V fjZ ejZYV iZcZg Va\jcV k^cXjaVX^}c&edg ZhXVhVfjZ hZV&Xdc aVbViZg^V V igViVg( FZ Zmea^Xd4 Za<}Y^\d <^k^a gZ\aVaVhgZhig^XX^dcZh VaYdb^c^d& eZgd hVW^VbZciZ ZaVgid,-++ Y^hedcZ !aVh gZhig^XX^dcZh ?[^bT`aP` VaYdb^c^d eg^kVYdh}ad Zc Za^ciZgzh e~Wa^Xd hdc gZ\^YVhedg ZaYZgZX]d VYb^c^higVi^kd!5 aVaZnYZ XdcigVid YZ igVWV_d gZ\jaV aVgZaVX^}caVWdgVa& eZgd aVhegdk^cX^Vh cd hdc cZjigVaZh [gZciZ V aVhXdc' Y^X^dcZhYZ ^chVajWg^YVY Zc ZaigVWV_d& ZiX( <dchZXjZciZbZciZ aVgZb^h^}c YZaVgid ,2,,,% <}Y^\d YZ F^cZg{V VaVgid.+& <G& cVYV i^ZcZ YZ ^cXdchi^ijX^dcVa&byh V~c ed' gVijaVYdh !>aIdgiVaYZ HgdL: n digd J( @dW^Zgcd egdk^cX^V YZFZcYdoV h)VXX^}c YZ^cXdchi^ijX^d' cVa^YVY!4 3*(0*3& XVgVijaVYdh !>a IdgiVaYZ HgdL: J( @dW^Zgcd egdk^cX^V YZ FZcYdoV h)VXX^}c YZ ^cXdchi^ijX^dcVa^YVY!5 3*(0++ XVgVijaVYdh !F^cZgV K{d YZ aVIaViV L: 5$ @dW^Zgcd egdk^cX^V YZ FZcYdoV h)VXX^}c YZ ^cXdchi^ijX^dcVa^YVY!( ,* LdWgZ ZhiV cdgbV n hj kVa^YZo& kZgZa[Vaad YZaV <dgiZLjed >BE: !O^aa^kVg& L^akVcV GdZb{ 5$ Igdk^cX^V YZa <]jWji n digdh! YZa +1).),**1( ,+ LjegZbV <dgiZYZCjhi^X^V YZFZcYdoV& hVaV +%ZmeiZ( 00(*355& [Vaad YZa. cdk^ZbWgZ YZ,**,( ,, !Edh b^cZgdhejZYZc ZmeadiVg hjh eZgiZcZcX^Vh a^WgZbZciZ& h^cdigVhgZ\aVh fjZ aVh YZhj hZ\jg^YVY& eda^X{V n XdchZgkVX^}c YZa VbW^ZciZ(EVegdiZXX^}c YZa VbW^ZciZ n aV XdchZgkVX^}c YZa eVig^bdc^dcVijgVan XjaijgVa Zc Za ybW^idYZaV VXi^k^YVY b^cZgVfjZYVgyc hj_ZiVhV aVh Y^hedh^X^d' cZhYZa i{ijad XdbeaZbZciVg^d n V aVh fjZ dedgijcVbZciZ hZZhiVWaZoXVc Zc k^gijYYZa Vgid .+& <G!(
KZk^hiV YZ =ZgZX]d :bW^ZciVa Gs +-

O( a5>R 11,, =>E',*)0),**1

#;H ,,)0),**1$

EVaZn11,, ^bedgiV aVXdci^cj^YVY YZ aVhgZVXX^dcZh cdgbVi^kVh fjZ ]V \ZcZgVYd ZaiZbV b^cZgd'VbW^ZciVa Zc FZcYdoV Zc adh~ai^bdh i^Zbedh& n fjZ i^ZcZ Xdbd Vc' iZXZYZciZh aVhaZnZh1.,, +/%10,1 +0 R adh YZXh( 2,*),**0 +1 R +,20),**1 +2( R 'Va ^\jVa fjZ Zhidh VciZXZYZciZh aZ\VaZh' aVaZnfjZ XdbZciVbdh cd Zhiy ZmZciV YZ XjZhi^dcVb^Zcidh fjZ WjhXVc hdXVkVghj k^\ZcX^V +3(

+. <dgiZ Lje(& Vjidh +3/'E'aZ\V_d QOBBB& XVgVijaVYdh4 !EV IVbeV egdk^cX^V YZ k( FZcYdoV egdk^cX^V YZh)VXX& edhZhfg^V YZV\jVh n gZ\jaVX^}cYZ jhdh!& >= +322'+,3'/.0( +/ =Za1)3),**/ #;H +.)3),**/$& Y^hejhdVbea^Vg adh VaXVcXZh YZjc ygZVcVijgVaegdiZ\^YV V jc hZXidg &YdcYZ Zm^hi{Vc egdnZXidh b^cZgdh(>hid ^bedgi} hdbZiZg Y^X]VygZVVagz\^bZc YZ aVaZn 0*./ YZ:gZVhGVijgVaZh IgdiZ\^YVh& ZafjZ egd]{WZ aV VXi^k^YVY b^cZgVZc aVh hZ|VaVYVh ygZVh( +0 HWhZgkVYV edgYZX(,2,2),**0 YZa+2)+,),**0 #;H ,),),**1$& n Xdch^\j^ZciZbZciZ h^ck^\ZcX^V( >hiV cdgbV ZhiVWaZX{V aV hjheZch^}c YZa didg\Vb^Zcid YZYZgZX]dhb^cZgdh& YZZV' iZdh&ZmeadgVX^dcZh d ZmeadiVX^dcZh bZiVa{[ZgVh V X^Zad VW^Zgid ]VhiV iVcid aVegdk^cX^V YZ FZc' YdoVijk^ZgVVegdWVYd ZaIaVc :bW^ZciVaZhiVWaZX^Yd edgaVaZn /30+( EdhVg\jbZcidh YZa YZX( ,2,2),**0 ]Vc h^YdXaVgVbZciZ XjZhi^dcVYdhedg aV:hdX{yX^}c :g\Zci^cV YZ :Wd\VYdh :b' W^ZciVa^hiVh& !=^XiVbZc Cjg{Y^Xd Zc gZaVX^}c Xdc aVegdWaZbyi^XV YZ aVb^cZg{VbZiVa{[ZgV Zc aV egdk^cX^V YZ FZcYdoV!&Y^X^ZbWgZ ,**0& Y^hedc^WaZ Zc =GGD'%%DCE6<H6DHE6$8CA$6E$ +1 =Za/)/),**0 #;H +0)/),**0$& Y^hejhdXdbd gZ\aVbZciVX^}cYZ aV aZn /30+ jc gz\^bZc YZ >B:Zc aV VXi^k^YVY b^cZgV( +2 =Za1)0),**1 #;H ++)0),**1$& fjZ Y^hejhd aV hjheZch^}c iZbedgVaedgcdkZciV Y{VhYZa didg\Vb^Zcid YZYZXaVgVX^dcZh YZ ^beVXidVbW^ZciVa gZheZXid YZ cjZkdh eZgb^hdheVgV ZiVeVh YZaegdXZhd b^cZgd bZiVa{[Zgd V X^Zad VW^Zgid ^ciZgiVcidhZ ZhijY^VWVc adh^chigjbZcidh aZ\VaZh V hVcX^dcVg eVgV VhZ\jgVgjcV b^cZg{VhjhiZciVWaZVbW^ZciVa bZciZ( +3 <dcigVaV aZn 1.,, hZ ]Vc eaVciZVYd hZcYVhVXX^dcZh YZ^cXdchi^ijX^dcVa^YVY fjZ igVb^' iVc VXijVabZciZ VciZ aV LjegZbV <dgiZYZ Cjhi^X^V YZ FZcYdoVZc Vjidh 2/(-,1& XVgVijaVYdh !F^cZgV:c\ad :bZg^XVc :g\Zci^cV L: k( @dW^Zgcd egdk^cX^V YZ FZcYdoV h)VXX^}c YZ ^cXdchi^ij' X^dcVaaYVY!& VjcfjZ Zc ZhiZ XVhdaV VXX^}c[jZ YZh^hi^YV edgaV VXidgV ajZ\d YZ aV XdciZhiVX^}c ZhiViVa& n 2/:--(XbVijaVYdh !F^cZgV:\VjXj L:n digdk( \dW^Zgcd egdk^cX^V YZ FZcYdoVh):X' X^}c YZ acXdchi^ijX^dcVa^YVY""( EVaZn 10,1 [jZ kZiVYVedgZaIdYZg >_ZXji^kd(EVaZn 11,, Zh dW' _Zid YZ cjbZgdhVh VXX^dcZh YZ ^cXdchi^ijX^dcVa^YVY fjZ XdggZc VciZ aVLjegZgcV <dgiZ YZ Cjhi^X^V YZ FZcYdoV Zc adhVjidh 3*(/33& XVgVijaVYdh !F^cZgVLVc Cdg\Zk( @dW^Zgcd YZ FZc' YdoVedg ^cXdchi^ijX^dcVa^YVY!5 3*(/3/& XVgVijaVYdh !<dcX^cV KV~ak( @dW^Zgcd YZ FZcYdoV h)^cXdchi^ijX^dcVa^YVY!5 3*(0*+& XVgVijaVYdh !=ZhVggdaad YZ IgdheZXidh:g\Zci^cdh L: #=Zegd' b^c L:a k( @dW^Zgcd YZ FZcYdoVh)^cXdchi^ijX^dcVa^YVY!5 3*(/23& XVgVijaVYdh !F^cZgVYZa HZh' iZ LKE O( @dW^Zgcd YZ FZcYdoV h)acXdchi^ijX^dcVYVY!4 3*(/31& XVgVijaVYdh !:hdX^VX^}c YZ Igd[Zh^dcVaZh YZ aV <dgc^h^}cGVX^dcVa YZ >cZg\{V:i}b^XV!5 3*(/3+& !F^cZgV:\VjXj L: k( @d' W^Zgcd YZ FZcYdoV h)VXX^}c YZ ^cXdchi^ijX^dcVa^YVY!5 3*(/3-& XVgVijaVYdh !=ZhVggdaad YZ+(*h' eZXidh:g\Zci^cdh L: #=Zegdb^cL:a n CjVc <Vgadh LVWVa~V edgF^cZgV:\VjXj k( @dW^Zgc YZ FZcYdoV h)VXX^}c YZ ^cXdchi^ijX^dcVa^YVY!5 3*(0*/& XVgVijaVYdh !OZXidg:g\Zci^cV L: k @d' W^Zgcd egdk^cX^V YZ FZcYdoV h)VXX^}c YZ ^cXdchi^ijX^dcVa^YVY!5 3*(0*-& XVgVijaVYdh !<d\c^id Nb^iZY n digdk( @dW^Zgcd egdk^cX^V YZ FZcYdoV h)VXX^}c YZ ^cXdchi^ijX^dcVa^YVY!5 3*(0*1& ZV'

EZm^hGZm^h j

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

++"+ +++++ BBE$ BBFaa++ GBBBB BBB++B+"B#HOBG<BBBaaa FB GBAB)BB

$((
++ B

Yg{VaaZ\Vg V hZg ^cXdchi^ijX^dcVa jcV ^ciZgegZiVX^}c YZa<}Y^\d YZ FacZg{Vfj *++++1V cZ\Vg V aVhegdk^cX^Vh idYd edYZg YZ XdcigVadg& edg gZh^YjVafjZ [jZhZ& Zc b E ga fjZ VjcfjZ XdcZmVhV aVVXi^k^YVY b^cZgV& ^beVXiVc Zc digVh ygZVh fjZ XdggZhedc B V bViZg^V cd YZaZ\VYV!( "<aVgd Zhiy fjZ XjVcYd ZaIdYZg >_ZXji^kd kZiV aVaZn10,1 hd egZiZmidYZ fjZ Y^X] hVcX^}c aZ\^haVi^kV !Zc aV^ciZcX^}c YZ VWdgYVg jc egd\gVbV VbW^ZciVa& ^cXdgedgVY^h' edh^X^dcZhZc VW^ZgiV Xda^h^}cV aVcdgbVi^kV YZ [dcYd& edg adfjZ hdc eaZcVbZciZ Vc' i^Xdchi^ijX^dcVaZh& Vig^WjnZcYd V aVegdk^cX^V[VXjaiVYZh fjZ cd aZhdc egde^Vh! cd ]VXZ byh fjZ XdcigVYZX^gcd h}ad aVYdXig^cVYZ aV<dgiZ fjZ X^iVbdh& h^cd ^cXajhd hj egde^V^ciZgegZiVX^}c YZadgYZc cdgbVi^kd VagZ\jaVg Zaigyb^iZ YZ >B: b^cZgd edg YZX( *'%$'%%)"%VahjheZcYZg Zadidg\Vb^Zcid YZ Ha: eVgVcjZkdh eZgb^hdh YZ egdheZX' X^}c&ZmeadgVX^}c d ZmeadiVX^}cb^cZgV V Z[ZXidh YZ ZhijY^Vg aVcdgbVi^kV byh Xdc' kZc^ZciZ fjZ \VgVci^XZ aVhjhiZciVW^a^YVY VbW^ZciVa( EV edhijgV \jWZgcVbZciVa& fjZ Zc dXVh^dcZh gZ\jaV d hjheZcYZ aVVXi^k^YVYb^ZcigVh aVgZ\aVbZciV n Zc digVh dXVh^dcZh kZiV aVhcdgbVh fjZ Zc ^\jVa hZci^Yd egdXjgVWVc hjheZcYZg aVVXi^k^YVY ^ciZgiVcid hZ aVeaVc^[^XVVbW^ZciVabZciZ& YZcdiV cd h}ad jcV VjhZcX^V YZ eda{i^XV Zc aVbViZg^V&h^cd VYZbyh jc Y^kV\VciZ VXijVg fjZ gZVXX^dcV 'hZ\~c aVegZh^}c YZ ijgcd' YZ [dgbV XdbeaVX^ZciZ VahZXidg ZbegZhVg^Va d YZ bVcZgV YZbV\}\^XV Va[Zg' kdg edejaVg! adfjZ nV ]Zbdh hZ|VaVYd Xdbd YV|^cd V aVhjhiZciVW^a^YVY n \dWZgcVW^' a^YVY VbW^ZciVa,-( " ( B\jVabZciZ YZWZiZcZghZ egZhZciZ fjZ aVVXi^k^YVY b^cZgV cd YZeZcYZ cZXZhVg^V' bZciZ YZ aVhhjhiVcX^Vh i}m^XVhegd]^W^YVh( EV a^iZgVijgVizXc^XV Zc aVbViZg^V bjZh' igV fjZ Zm^hiZcdigVh edh^W^a^YVYZh fjZ aViZXcdad\{V bdYZgcV eZgb^iZ& h^c XVZgZc Za jhd YZ hjhiVcX^Vh i}m^XVh Xdbd aVhegd]^W^YVh& aVhfjZ hZ ]Vc Y^[jcY^Yd Xdbd !W^d' iZXcdad\{V! eVgVaVa^m^k^VX^}c YZ bZiVaZh Zc aVZmeZg^ZcX^V ^ciZgcVX^dcVa( :a gZheZXid&Zc aVYdXig^cV X^Zci{[^XVhZ dWhZgkVZc gZaVX^}cXdc ZahZXidg b^cZgd bZiVa{[Zgd fjZ! (((FVndgbZciZ& adh egdXZhdh b^XgdW^Vcdh]Vc h^Yd ZbeaZVYdh Zc aV a^m^k^VX^}c YZ XdWgZ n jgVc^d&Zc ZabZ_dgVb^Zcid YZ aVZmigVXX^}c YZ bZiVaZh egZX^dhdh XdciZc^Ydh Zc hja[jgdh gZ[gVXiVg^dh& n Zc ZaigViVb^Zcid YZ V\jVh gZh^YjVaZh! ,.( =Zc' igd YZ aVhkZciV_Vh fjZ hZ dWhZgkVceVgV ZhiV W^diZXcdad\{V hZ hZ|VaV fjZ gZfj^ZgZ edXV ^ckZgh^}c&egZhZciV Xdhidh deZgVi^kdh WV_dh& n eZgb^iZ aVZmeadiVX^}cYZ b^cVh YZ WV_V aZnd XdcXZcigVX^}c YZ b^cZgVa fjZ edg adh bzidYdh Xayh^Xdh hZg{Vc Vci^ZXd' c}b^XVh& VYZbyh YZ fjZ YV aj\Vg V jcV gZaVi^kV VjhZcX^V YZ edajX^}c d XdciVb^cV' X^}c VggW^ZciVa4 >hiZ b^hbd igVWV_d gZ[^ZgZ byh YZ jcV YdXZcV YZ ZmeZg^ZcX^Vh gcjc'
!
"h

Zc aVVea^XVX^}c YZ Y^X]V iZXcdad\{V V \gVc ZhXVaV Zc LjYy[g^XV& ;gVh^a& :jhigV'

@]VcV&<]^aZ&>>(NN( n IZg~( &>c cjZhigd (eV{hhZ ]Vc YZhVggdaaVYd YZhYZ ZahZXidg X^Zci{[^Xd^bedgiVciZh ^ckZhi^' X^dcZh Zc ZhiV bViZg^V&h^ZcYd YZhiVXVWaZ Zc ZhiZ iZbV adhigVWV_dh YZa<Zcigd YZ BckZhi^\VX^dcZhZc ?ZgbZciVX^dcZh BcYjhig^VaZh#<^cYZ[^$& Xdc YZeZcYZcX^V YZa<dc^' ZZi n aVNGEI( >c ZhiZ XZcigd adhigVWV_dh YZa=g( >Y\VgYd =dcVi^ ]Vc bdhigVYd fjZ aV meadiVX^}cYZ dgd n XdWgZ Zc ZabjcYd Zh byh gZciVWaZ n bZcdh XdciVb^cVciZ Xdc aV W^diZXcdad\{V& VjcfjZ adha{b^iZh XjaijgVaZh YZ& cjZhigd eV{h ]Vc ^beZY^Yd hj YZhVggd' aad( >c ZhiZ hZci^Yd& aVegd]^W^X^}cYZ aVaZn11,, ]V YZ aaZkVg VahZXidg b^cZgd n hjh izXc^Xdh V ViZcYZg iZXcdad\{Vh fjZ VYZbyh YZ ]VXZg byh gZciVWaZ hj VXi^k^YVY& gZhja' iZc byh VYZXjVYVh Va^ciZgzh \ZcZgVa Zc ZaVbW^ZciZ( "Idg digV eVgiZ&aVcdgbV XdbZciVYV ZhiVWaZXZ jc gz\^bZc YZ YZgZX]d igVch^idg^dV Z[ZXidh YZ fjZ VfjZaaVh eZghdcVh i^ijaVgZh YZ XdcXZh^dcZh b^cZgVh d fjZ aVh^cYjh' ig^Va^XZc fjZ V aV[ZX]V YZ ZcigVYV Zc k^\ZcX^V egZhZciZc VXi^k^YVYZh Xdc hjhiVcX^Vh egd]^W^YVh igVb^iZc Za!^c[dgbZ YZ eVgi^YV! fjZ gZ\jaV ZaVgid,.& YZX( '&%+$&++(" V Z[ZXidh YZ Xjbea^g aVhXdcY^X^dcZhYZacjZkd gz\^bZc& WV_d VeZgX^W^b^ZcidYZ XZhVg ^cbZY^ViVbZciZ Zc hj VXi^k^YVY ]VhiV iVcid hZ VYZXjZc idYdh hjh egdXZhdh b^cZgdh d ^cYjhig^VaZh#Vgi(,k$( % >ahZ|VaVYd Vgid,.& YZX( '&%+$&++( zhiVWaZX^}fjZ aVhdWgVh n VXi^k^YVYZh Xdb' egZcY^YVh Zc Za:cZmd BYZ aVaZn/30+ #VXi^k^YVYZh hdbZi^YVh edg Y^X]V cdgbV V >kV' ajVX^}c YZ BbeVXid :bW^ZciVa' >B:$& fjZ V aViZX]V(YZ ZcigVYV Zc k^\ZcX^V YZ aVgZ\aV' bZciVX^}c hZ ZcXjZcigZc XdcXaj^YVh d Zc egdXZhd YZ XdcXajh^}c 2$/ Z_ZXjX^}c& n XjVcYd V Xg^iZg^d YZ aV:jidg^YVY YZ :ea^XVX^}c ]VnVc YZkZc^Yd Zc g{Zh\dhVh eVgVZa bZY^d VbW^ZciZ"& YZWZgycegZhZciVgZc ZaeaVodfjZ Zc XVYVXVhd hZ ZhiVWaZoXV jc ^c' [dgbZ YZ eVgi^YV& Xdc ZadW_ZidYZ fjZ hZVc XdggZ\^YVhd VYVeiVYVh YZ VXjZgYd Xdc aVhedh^W^a^YVYZh izXc^XVh n Xdc[dgbZ V adhgZfjZg^b^Zcidh fjZ dedgijcVbZciZ hZ Zh' iVWaZoXVc( >c digVh eVaVWgVh& h^W^ZcaVhZm^\ZcX^Vh YZ XVYVaZng^\Zc ]VX^V Za[jijid& Za b^hbd Vgid-s& <<^k(&Y^XZXaVgVbZciZ fjZ V eVgi^g YZ hj k^\ZcX^V aVhaZnZhhZ Vea^XVgyc V aVhXdchZXjZcX^Vh YZ aVhgZaVX^dcZh n h^ijVX^dcZh _jg{Y^XVhZm^hiZciZh& n _jhiVbZciZ V Zaad VejciVc ZhiVh ]ZggVb^ZciVh YZ YZgZX]d igVch^idg^d,/( EV aZn11,, ^bedcZ VYZbyh Zc hj Vgid-s fjZ ZaVXid VYb^c^higVi^kd #=ZXaVgVX^}c YZ BbeVXid :bW^ZciVa ' =B:$ fjZ VegjZWZ ZaegdXZY^b^Zcid YZ >kVajVX^}c YZ BbeVXid :bW^ZciVa #>B:$YZ egdnZXidh YZ b^cZg{V bZiVa{[ZgV YZWZhZg gVi^[^XVYd edg aZn,0( >hid ^bedgiV fjZ 'WV_d Za^beZg^d YZaYZgZX]d VYb^c^higVi^kd(adXVa'8aVHa: gZhjaiVgyjc VXid ZcbZcYVWaZ bZY^VciZ hj gVi^[^XVX^}c& Z ^ciZgiVcid cd hZV gZkdXVYdedg aVVjidg^' YVY aZ\^haVi^kV hZ Xdch^YZgVgZ\jaVg& hZ egZhjb^gy aZ\{i^bd n Z_ZXji^kd&adhV\ZciZh Zh'
,/ LdWgZcdgbVh YZ Xdc[a^Xidn igVch^X^}c ejZYZ XdchjaiVghZ ExI>S&CdVfj{c ' FHBLL>M => >h' I:G>L& ,:E:8=C 9: 6<H6F$ 4O<>A:B GE6BF>GCE>C n BCEA6F 9: 8CB;@>8GC" Nc^kZgh^YVYGVX^dcVaYZ <}gYdWV&+32*% e( +/5 IBGMH& FVjg^X^d&!E^b^iVX^dcZh VaYdb^c^d eg^kVYdZhiVWaZX^YVh Zc ^ciZgzh YZajhd n egdiZXX^}c YZ aVhV\jVh!& Zc F:MANL >L<HKBAN>E:& F^\jZa #Y^g($& ,:E:8=C n 69A>B>F# GE68>QB 9: 6<H6F" SZiV& ,**1% eL( ,.+),.3( ,0 >c aVigVY^X^}c _jg{Y^XVbZcYdX^cV cd Zh ZmigV|d fjZ VXidh VYb^c^higVi^kdh YZ igVhXZc' YZcX^V e~Wa^XV hZVc gZhZgkVYdhV aVVjidg^YVY aZ\^haVi^kV& ^cXajhd Xdc fj}gjgch WVhVYdhZc bV' ndg{Vh ZheZX^VaZheVgV hj kVa^YZo(Nc Z_Zbead YZ ZaadZh Za Vgid +3. YZ aV <dchi^ijX^}c YZ FZcYdoV& fjZ ^bedcZ fjZ aVXdcXZh^}c YZ jhd YZ V\jVh e~Wa^XVh hZV gZhjZaiV edg aZnZheZX^Va(

,- IBGMH& FVjg^X^d ' MHK<AB:& GdZa^V& !LZ\jg^YVY e Cjhi^X^V:bW^ZciVa( :ejciZh hdWgZVa\jcdh XVhdh Zc aVIgdk^cX^V YZ FZcYdoV!& 4:I>FG6 9: ,:E:8=C )A7>:BG6@" EZm^hGZm^h& ;jZcdh :^gZh& cgd( ZD% VWg^a)_jc^d ,**1% e( ,/,( ,. @N>KK>KH KHC:L&Cdhz C(&!;^diZXcdad\{V Zc aVY^hdajX^}c n gZXjeZgVX^}c YZ bZiVaZh!& Zc Ig^bZg <dc\gZhd eZgjVcd YZ ;^diZXcdad\{V n ;^d^c\Zc^Zg{V& Mgj_^aad& IZg~& cdk^ZbWgZ +332% MVb' W^zcgZhjaiV YZ ^ciZgzh Zc ZaiZbV aVdWgV XddgY^cVYVedg :<>O>=H&?ZgcVcYd ' @>GMBF:& CjVc <(& !?jcYVbZcidh e IZgheZXi^kVh YZ aVhMZXcdad\{Vh ;^dgc^cZgVh!& )E8=>ICF 9: /B<:B>:EP6*>C%Q&>86" Nc^kZgh^iVg^Vh Yp OVaeVgVahd& Idci^[^X^V Nc^kZgh^YVY <Vi}a^XV YZ OVa eVgV{hd& ,**/% YdcYZ V aVg' \d YZ dX]d XVe{ijadh egdYjX^Ydh edg jcV YZXZcV YZ ZmeZgidhhZ VcVa^oV aVXdckZc^ZcX^V&k_VW^a^' YVY n ZmeZg^ZcX^V Zm^hiZciZ Zc aV VXijVa^YVY Zc Za jhd YZ W^diZXcdad\{V b^cZgV ZmZciV YZ hjhiVcX^V i}m^XV(

+3

EZm^hGZm^h j KZk^hiV YZ =ZgZX]d :bW^ZciVa Gs +-

$()
iViVaZh n adheVgi^XjaVgZh YZWZgycXjbea^gad& n hj Zmi^cX^}c edg [VaiV YZ gVi^[^XVX^}c #g kdXVX^}c$ egdYjXZ Z[ZXidh h}ad eVgVZa[jijgd& h^ZcYd ZaZ[ZXid YZ aVgVi^[^XVX^}c g igd VXi^kd VabdbZcid Zc fjZ aVVjidg^YVY VYb^c^higVi^kV Y^Xi} aV=B: #Vgih(1.& 11 R 12& EZnYZ IgdXZY^b^Zcidh :Yb^c^higVi^kdh -3*3$( >aVgid-s iVbW^zc YZiZgb^cV fjZ adh !^c[dgbZh hZXidg^VaZh!YZ adhbjc^X^e^dh& YZ aVVjidg^YVY YZaV\jV n YZ digdh dg\Vc^hbdh Vjiygfj^Xdh hZVc jc igyb^iZ cZXZhVg^d& YZW^ZcYd[jcYVghZ XjVcYd hZ YZ_ZYZ aVYdaVhde^c^dcZh kZgi^YVhZc Y^X]dh Y^XiybZ' cZh5 h^ZcYd iVbW^zc cZXZhVg^dfjZ ZaegdedcZciZ gZVa^XZ jcV !bVc^[ZhiVX^}c ZheZd{' [^XV! hdWgZgZXjghd ]{Yg^Xd Zc idYdh adhXVhdh ,1( >hiV Zm^\ZcX^VcdgbVi^kV gZYjXZ aV VgW^igVg^ZYVY Xdc fjZ hZ ]Vc YZhVggdaaVYd adhegdXZY^b^Zcidh YZ >B: b^cZgV&YdcYZ aV egyXi^XVYZ aVVjidg^YVY YZ Vea^XVX^}c ZgVdb^i^g iVaZh ^c[dgbZh ^cXajhd XjVcYd gZhja' iVWVdWk^V aV egdXZYZcX^VYZ aVhXdbeZiZcX^Vh YZ adhdg\Vc^hbdh hZXidg^VaZh ZheZX{' [^Xdh&ZheZX^VabZciZ XjVcYd aVVjiVgfj{V YZ zhidh aZhdidg\VWV X^ZgiV^cYZeZcYZcd^V YZ aVedhijgV YZ aVVjidg^YVY VYb^c^higVi^kVXZcigVa,2 Zc eZg_j^X^d YZ aVXddeZgVX^}c n XddgY^cVX^}c fjZ YZWZ gZ\^g ZcigZ aVhY^hi^ciVh VYb^c^higVX^dcZh Zc jcV bViZg^V igVchkZghVa Xdbd aVVbW^ZciVa( EVaZn11,, bdY^[^XV VYZbyh ZaVciZg^dgh^hiZbV YZ Vjidg^YVY W^Xz[VaV ^chiVjgVYd edg ZaYZX( +3-3)+330,3% XdcXZcigVcYd aVVea^XVX^}c YZ aV>B: b^cZgV Zc bVcdh Zm' Xajh^kVhYZ aVVjidg^YVY VbW^ZciVa&aVfjZ YZWZgyZhiVWaZXZg jc !hZ\jgd YZ \VgVci{V VbW^ZciVa!&n XgZVgjc ygZV YZ !eda^X{VVbW^ZciVa b^cZgV! V Z[ZXidh YZ fjZ gZVa^XZ Za Xdcigdan hZ\j^b^Zcid YZ adhZbegZcY^b^Zcidh Z ^c[dgbZ hZbZhigVabZciZ V aVA( EZ' \^haVijgV #Vgi(.s$( =Z ZhiZ bdYd& aVaZ\^haVX^}cbZcYdX^cV Y^kdgX^V Xdc bVndg [jZgoV aVhXdbeZiZc' X^VhYZ egZhZgkVX^}cVbW^ZciVan egdbdX^}c b^cZgV&Y^hi^c\j^zcYdhZ YZ aVbVndg{V YZ aVh _jg^hY^XX^dcZh egdk^cX^VaZh fjZ ]Vc XdcXZcigVYd VbWVh [jcX^dcZh Zc aVhVjidg^YV' YZh b^cZgVh( :a gZheZXid&ejZYZ Xdch^YZgVghZ ^cXdckZc^ZciZ aVXdcigVY^XX^}c YZ Zc' XVg\VgaVZkVajVX^}c n VegdWVX^}cYZ adhBc[dgbZh YZ BbeVXid :bW^ZciVa V aVhb^hbVh Vjidg^YVYZh fjZ i^ZcZc edg b^h^}c egdbdkZg aVVXi^k^YVY b^cZgV&YycYdhZ aj\Vg Vh{ V

$(*
jc edh^WaZ Xdc[a^XidYZ ^ciZgZhZh-*( >hiZ egdWaZbVnV ]VW{Vh^Yd egZk^hidZc aVZmedh^' da}c YZ bdi^kdh YZ aVaZn,,(,/3)+32* #:=E: QE'<&e( ,/*1$& XjVcYd VagZ[Zg^ghZ Va ji( ,2,& 9B% gZXdcdXZ fjZ Zc bViZg^V YZ egZhZgkVX^}cYZaVbW^ZciZ hZ YZWZYVgaj' g V aVeda^X{V VYb^c^higVi^kV Xdc XdbeZiZcX^V ZheZX{[^XVZc bViZg^V VbW^ZciVa( =Z B\jVa bdYd de^cV Mdbyh =Z IVWadh& fj^Zc igVh Y^hi^c\j^g ZcigZgZ\aVh YZ hZ\jg^YVY&YZ eda^X{V b^cZgV n YZ egZhZgkVX^}cYZaVbW^ZciZ& ^cY^XVfjZ T`aP` ~ai^bVh YZeZcYZgyc YZ aVVjidg^YVY ZheZX{[^XVhdWgZ ZhV bViZg^V&Zc XjVcid kVc [n` Vaay YZ adfjZ Zh(egZ' X{hVbZciZ aVVXi^k^YVY b^cZgV -+( >c gZaVX^}cVaZcXjVYgZ ^chi^ijX^dcVa&aVaZn11,, iVbW^zc gZXjZgYV aVXdbeZiZc' X^VYZa=ZeVgiVbZcid @ZcZgVa YZ Bgg^\VX^}c hdWgZidYVh n XVYV jcV YZ aVhZiVeVh YZ adhZgjegZcY^b^Zcidh b^cZgdh XjVcYd zhidh V[ZXiZc V XjZcXVh ]{Yg^XVh-, #Vgi(.s$( >aVgid/s& aZn11,,& Y^hedcZ VYZbyh'fjZ aVVjidg^YVY YZ(VeaiXVX^}cYZWZ\VgVci^' oVgZc adhegdXZhdhYZ >B: b^cZgdh aVeVgi^X^eVX^}cYZ adhbjc^X^e^dh YZ aVhXjZcXVh n gZ\^dcZh V[ZXiVYVh& VjcfjZ gZheZiVcYd aVgZVa^YVY egdYjXi^kV n hdX^Va YZ XVYVjcd YZ Zaadh& ad fjZ hZ XdbeaZbZciV Xdc aVcZXZh^VVYYZ adhY^XiybZcZh hZXidg^VaZh YZ"Y^' X]Vh Vjidg^YVYZh fjZ ^bedcZ ZaVgid-s YZ aVcdgbV( ?^cVabZciZ& aVaZn11,, Y^hedcZ fjZ aVVjidg^YVY VYb^c^higVi^kV YZWZ^YZci^[^XVg adhYV|dh VbW^ZciVaZh fjZ ejZYVc Zm^hi^g n)d fjZ hZ egdYjoXVc Zc Za [jijgd Xdc XVjhV Zc aVVXi^k^YVYb^cZgV& V Z[ZXidh YZ Zm^\^gVYb^c^higVi^kVbZciZ aVgZbZY^V' X^}c& d Zc hj YZ[ZXid eZghZ\j^g{V _jY^X^VabZciZ YZ VXjZgYd Xdc aVaZn,/(01/ #Vgi( 0*$&adfjZ hZ XdcY^XZ Xdc aVhdWa^\VX^dcZhn gZhedchVW^a^YVYZh fjZ ^bedcZ ZaVgid .+& 9C% VagZheZXid(

J?( A;N 11/+ :;A +.)2),**1 #8*1)3),**1$

EV aZn11/+ ^bedgiV jc ^chigjbZcid fjZ 'Zc eg^cX^e^d'' egdXjgV gZ\jaVg^oVg id' Ydh adh adiZdh d [gVXX^dcVb^Zcidh fjZ cd XjbeaVc Xdc aVhcdgbVh jgWVc{hi^XVh-- d VbW^ZciVaZh-.( : iVa Z[ZXid&Zm^\ZV adhZbegZcY^b^Zcidh ^ggZ\jaVgZh fjZ Zhizc ^cXaj^'

(
,1

&

>c Zaigyb^iZ YZ >B: bZcYdX^cd #aZn /30+ n cdgbVh XdbeaZgcZciVgiVh n gZ\aVbZciVg^Vh$& aVFVc^[ZhiVX^}c @ZcZgVad >heZX{[^XVYz BbeVXid :bW^ZciVa #YdXjbZcid izXc^Xd edg ZafjZ Za egdedcZciZ hda^X^iV aV=B:& nV hZV bZY^VciZ jc Vcya^h^h!\ZcZgVa! YZa^beVXid hdWgZZaVbW^ZciZ d bZY^VciZ j'| Vcya^h^h!ZheZX{[^Xd! hdWgZ Va\~c gZXjghd d VheZXid fjZ egZhZciZ jc bVndg ^ciZgzh d XdbeaZ_^YVY$Zh ZkVajVYd V igVkzh YZ jc !Y^XiVbZc izXc^Xd! fjZ XdcXgZiVc izXc^Xdh ^Y}cZdh YZ jc^kZgh^YVYZh d XZcigdh YZ ^ckZhi^\VX^}c& Y^kZghdh!Y^XiybZcZh hZXidg^VaZh!fjZ nb^iZc adh dg\Vc^hbdh e~Wa^Xdh Xdc XdbeZiZcX^Vh XdcZmVh V aVXjZhi^}c& n jcV VjY^ZcX^V e~Wa^XV YdcYZ ejZYZ eVgi^X^eVg idYd ^ciZgZhVYd( Edh Y^XiybZcZh hZXidg^VaZhcd hdc cZXZhVg^dh& bZg^ijVcYd aV Vjidg^YVY YZ Vea^XVX^}cV XjyaZh dg\Vc^hbdh hda^X^iV Y^X]V ^ciZgkZcX^}c n V XjyaZh cd(
,2 IBGMH& FVjg^X^d ':G=BGH& FVgXZaV& !>ciZh gZ\jaVYdgZh Xdc ^cYZeZcYZcX^V [jcX^dcVa& ed' a{i^XV Z ^chi^ijX^dcVa4jcV Vci^\jV hdajX^}c YZaYZgZX]d bZcYdX^cd Zc aVhbdYZgcVh ^chi^ijX^dcZh YZ Xdcigda!& cdiV V [Vaad4 LjegZbV <dgiZ YZ Cjhi^X^V YZ FZcYdoV& ,-)3),**-% XZ@ E: !HWgVhLC$a!B^' iVg^VhFZcYdoV e)acXdchi^ijX^dcVa^YVY!& EE@gVc <jnd ,**-'131(

-* -+ ;jZcdh

IBGMH& FVjg^X^d& !EV egZkZcX^}c YZa ^beVXid VbW^ZciVa n aVVXi^k^YVYb^cZgV!& EE@gVc

<jnd +333'+%

:;

I:;EHL& Mdbyh& +Q9><C9: 2>B:EP6 9: @6 4:DR7@>86 )E<:BG>B68CA:BG69C" =ZeVabV&

:^gZh& +32,% e( +3/(

"
aVaZnZc gZ'

-, >hiV XdbeZiZcX^V YZk^ZcZ YZaVgid+22% <dchi^ijX^}c YZ FZcYd_a^&edg adfjZ Va^YVY c^ aVdidg\V c^ ejZYZ a^b^iVgaV& adfjZ ^bea^XVfjZ ~c^XVbZciZ aVgZXdcdXZ(

-- EZn .-.+ YZ EdiZdh d ?gVXX^dcVb^Zcidh5 aZn.220 YZ Nhd&?gVXX^dcVb^Zcid n HXjeVX^}c YZaLjZad YZ aVSdcV HZhiZ YZa@gVcFZcYdoV5 aZn/2*. YZ =ZXaVgVX^}cYZ BciZgzh n Ni^a^YVY I~' Wa^XV hj_ZiV V >megde^VX^}c& V KZ\jaVg^oVX^}c YZaNhd YZ aVM^ZggV d V <gZVX^}c YZ KZhZgkVh GVij' gVaZh jcV ?gVXX^}cYZ MZggZcdVaHZhiZ YZa@gVcFZcYdoV5 hj eZXd _TVZ% +*11)+33/% gZ\jaVidg^d YZ aVhVXX^dcZhn ZbegZcY^b^Zcidh V YZhVggdaaVg Zc ZaygZV( "! -. Edh ZbeaVoVb^Zcidh YZ cjZkdh WVgg^dh n Vbea^VX^}c YZ adhZm^hiZciZh&Vh{ Xdbd digVh ^c' [gVZhigjXijgVh jgWVc{hi^XVh #XZcigdh ijg{hi^Xdhn YZedgi^kdh& XVbeVbZcidh& WVacZVg^dh& XZbZciZg^dh&^c' iZgdZcX^dcZh ZY^a^X^Vh& VeZgijgVh YZ XVaaZh n gZbdYZaVX^dcZhk^VaZh$ YZWZc"hZg cZXZhVg^VbZciZ hdbZi^Ydh VaegdXZY^b^Zcid YZ >kVajVX^}c YZ BbeVXid :bW^ZciVa gZ\jaVYd edg aVaZn/30+ n adh gZheZXi^kdh ^chigjbZcidh bjc^X^eVaZh( (

,3 >hiV cdgbV YZh^\cVWV Xdbd :jidg^YVY YZ :ea^XVX^}c YZ aVhcdgbVh hdWgZegdiZXX^}pYZa VbW^ZciZ Zc aVVXi^k^YVYb^cZgV& Zc [dgbV Xdc_jciV& V aV=^gZXX^}c @ZcZgVa YZ F^cZg{V Z A^Ygd' XVgWjgdhYZa F^c^hiZg^d YZ >Xdcdb^V nV aV=^gZXX^}c YZ LVcZVb^Zcid n <dcigda :bW^ZciVa YZa F^c^hiZg^d YZ :bW^ZciZ n HWgVhI~Wa^XVh(

1=LAH3=LAH>

KZk^hiV YZ HZgZX]d :bW^ZciVa

Gs +-

#&HFB GB:ABH: BG( BA#&++ GBB"& GBaaaFG( :FBBBB GB:BB" FB GB$ BGG

"+ E

$)#
Ydh Zc Va\jcd YZ adhegd\gVbVh YZ bZ_dgVb^Zcid jgWVcd Zm^hiZciZh Zc Yak g _Eaga Y^XX^dcZh#Vgi(+s$( : eVgi^g YZ jcV egdejZhiV YZ gZ\jaVg^oVX^}c& Zabjc^X^e^d XdbeZiZciZ d ZaBchi^ijid Igdk^cX^Va YZ aVO^k^ZcYV!ZaVWdgVgy jc Vbea^d ^c[dgbZ n hZ ZaZkVgyidYd ad VXijVYd Va<dchZ_d YZ EdiZdh YZ aVIgdk^c&X^V(( IgZk^d V hj igViVb^Zcid edg eVgiZ YZa<dchZ_d YZ EdiZdp YZ aVIgHO^c<^V&( YZWZgV [^_VghZZa eaVc YZ Z_ZXjX^}c YZ adh hZgk^X^dhn jg' WVc^oVX^}cn aVXdchiVcX^V YZ hj [^cVa^oVX^}c!& bVciZc^zcYdhZ aVdWa^\VX^}c fjZ [^CVaVEZn YZ EdiZdh YZ bVciZcZg jcV hjeZg[^X^Z YZaZbegZcY^b^Zcid YZhi^cVYV V jhd ZhXda&Vg& Vh^hiZcX^Va& hZ\jg^YVY& gZXgZVX^}c& ZiX(&h}ad XjVcYd !Zm^hiVbVndg hjeZg' [aXapYZ i^ijad #((($ fjZ eZgb^iV YdiVg Va\gjed ]VW^iVX^dcVaYZaZheVX^d YZhi^cVYd V Zfj^eVgc^Zcid! #Vgi(,s$( &>a<dchZ_d YZ E9iZdh ejZYZ hda^X^iVg ^c[dgbZh VXaVgVidg^dh d Vbea^Vidg^dhV adhYZ' bVh dg\Vc^hbdh e~Wa^Xdh Xdc ^c_ZgZcX^V Zc ZaEdiZd d ?gVXX^dcVb^Zcid Z ^cXajhd jc Y^XiVbZc( izXc^Xd YZ aV=^gZXX^}cYZ <ViVhigd #Vgi(-s$( <jbea^YV ZhiV `b`aP\RXPRpq\ Za<dchZ_d YZ EpiZdh gZb^i^gy adh ZmeZY^ZciZh V aV=^gZXX^}c Igdk^cX^VaYZ 9PaP`a_] eVgV hj gZhdajX^}c #Vgi(.s$( >hiZ gZhdaji^kd"Vjidg^oVgy adhYZh\adhZh Zc adh gZ\^higdh XpiVhigVaZhn bjc^X^eVaZh n ZhiVWaZXZgy Zagz\^bZc edg ZaXjVa hZ YdiVgy YZ hZgk^X^dh e~Wa^Xdh #Vgi(/s$( " & & ( IdhiZg^dgbZciZ aVcdgbV gZ\jaV VheZXidh ^chigjbZciVaZh& Va\jcdh YZ adhXjVaZh gZhjaiVc bVc^[^ZhiVbZciZ ^cXdchi^ijX^dcVaZh -/( ( <dbd XdbZciVg^d Vagz\^bZc gZhZ|VYd&cd edYZbdh YZ_Vg YZ dWhZgkVg aV^cXdckZ' caZcXapYZ egdXpY^b^Zcidh gZ\jaVidg^dh fjZ& VjcfjZ cdgbVa^XZc VYb^c^higVi^kVbZciZ haijpXadcZh ^aZ\{i^bVh( BbedgiVc jc YZhXj^Yd YZ VheZXidh hjhiVcX^VaZh YZ cVijgVaZoV VbW^ZciVa( ( >c YZ[^c^i^kV& aVaZn11/+ YZheaVoV aVXdbeZiZcX^V YZ adh}g\Vcdh VbW^ZciVaZhn a^' bapV idYd Zaegd(WaZbV jgWVc{hi^XdVaigyb^iZ YZ adiZd fjZ YZWZc hjhiVcX^Vg adhbjc^' Xgegdh& Za<dchZ_d YZ EdiZd n aV=^gZXX^}cIgdk^cX^Va YZ <ViVhigd( >hid cdh aaZkV V hZ|V' aVg aVhha\jpZciZh [VaZcX^Vh _jg{Y^XVh fjZ ZmegZhVbdh hZ\j^YVbZciZ( V$ >aigVb^iZ YZ >B: gZ\jaVYd ^bedgiV ^chi^ijidh igVhXZcYZciVaZh V hj ZhZcX^VfjZ cd pjZYZc gZYjX^ghZ V adhBc[dgbZhgcjgjX^eVaZh n hZXidg^VaZh fjZ XdciZbeaVc adhVgih(,s Rp YZ aVcdgbV XdbZciVYV5 EVaZn/30+ egZhZciV Xdbd ZaZbZcid ZhZcX^Va'XjnV dgc^' h^dc XVjhV aVcjapYV(Y YZa( igVpiAiZ' aVhjhiVcX^VX^}c YZ jc Y^XiVbZc izXc^Xd edg eVgiZ YZ jc ZciZ VXVYzb^Xd'X^Zcia[^XdfjZ& Vbzc YZ hj XVeVX^YVY X^Zci{[^XV\VgVciZ YZ dW' _Zi^k^YVY& Zp V_Zcd V aV_ZgVgfj{V \jWZgcVbZciVa fjZ YZWZgZhdakZg Zaigyb^iZ VhZ\j' gVcYdhZ VLB igVcheVgpcXaVZ ^beVgX^Va^YVY Zc aVhgZXdbZcYVX^dcZh izXc^XVh fjZ egd' eZcYVc V aVegZkZcXad&c YZ bZcdhXVWd pbW^ZciVa( =^X]V aZniVbW^zc Zm^\ZWV_d eZcV YZ cja^YVY aVgZVa^oVX^}c YZ VjY^ZcX^V ejWa^XV& adfjZ cd h}ad ^bedgiV aVejWa^X^YVY YZ
-/ <dbd edgZ_ZbeadaVZm^b^X^}c ig^WjiVg^V V adhegde^ZiVg^dh YZ adhZbegZcY^b^Zci h ^ggZ' \jaVgZhYZXdcig^WjX^dcZh egde^Vh YZa|cVcXaVb{Zcid YZ aV VYb^c^higVX^}c ]{Yg^XV& aV fjZpZc' XjZcigV ZmXpeijVYV YZ aVh [VXjaiVYZhaZ\^haVi^kVh edgZaVgi& +30% <dchi^ijX^}c YZ FZcYdo &iVa Xdbd ]V hZcVaVYd aV LjegZbV <dgiZYZCjhi^X^V YZ FZcYdoVZc Vjidh ,1(/*-% XVgVijaVYdh" =Z' eVgi&pbZcid @ZcZgVa YZ Bgg^\VX^}c pp CH -0(3+1 <ajWpHYHn<gjo:M e)XdcXjghd egZkZci^kd e gZX( gZk (( n Vjidh ,.(+2/% XVgVijaVYdh;VcXd YZaV GVX^}c:g\Zci^cV 1# AdcdgVWaZ Mg^WjcVa :Yb^c^h' igVi^kdYZa=ZeVgiVbZcid @ZcZgVa YZ Bgg^\VX^}c!(

++ dj i^ ++% Bcd eZXa {b a^i B BchigjbZciVX^}c YZ aVeVgi^X^eVX^}cX^jYVYVcV n Za #+WaYd egdX hd VciZ idYd ^ciZgZhVYd(:bWdh ^chi^ijidh hdc db^i^Ydh edg aVaZn11/+( W$ L^ W^ZcaVaZn/30+ gZ\jaV ZaYZhVggdaad YZ aV>B:&cd ejZYZ hZg Zm^b^YVh^c byh e g ZadgYZcVb^Zcid _jg{Y^Xdc^ gZZbeaVoVghZedg jc egdXZY^b^Zcid ^cZ[^XVoV aVegZ' k cX^}c VbW^ZciVa& nV fjZ aV[jZciZ eg^bVg^VYZ iVa ^chi^ijid hZ ZcXjZcigV Zc aVhdWa^' V X^dcZhn YZgZX]dh fjZ gZXdcdXZZaVgid.+& <G-0( >c ZhiZ hZci^Yd&aVdWa^\VX^}cYZ egdkZZgaVegdiZXX^}c YZaYZgZX]d fjZ gZXVZhdWgZaVhVjidg^YVYZh ^bedgiV aVcZXZh^' YVY YZ VcVa^oVg egZkZci^kVbZciZ adhegdnZXidh&adfjZ cd ejZYZ Zc ZaZhiVY^d VXijVa hZg gZYjX^Yd V jc egdXZY^b^Zcid Y^[jhd V_Zcd V aVZheZX^Va^YVY YZ aVVjidg^YVY Vb' W^ZciVa( >c ZhiV a{cZVYZ eZchVb^Zcid& Zc ZaYZgZX]d XdbeVgVYd Zh XdchiVciZ aVYdXig^cV YZ aVLVaV <dchi^ijX^dcVa YZ aV<dgiZ LjegZbV YZ Cjhi^X^V YZ <dhiV K^XV&aVfjZ ]V hdhiZc^Yd aV^bedh^W^a^YVY YZ hdajX^dcZh gye^YVh fjZ db^iVc adh ZhijY^dh izXc^Xdh egZk^dhfjZ Zm^\ZaVegZkZcX^}c n egZXVjX^}c VbW^ZciVaXdc [jcYVbZcid hjegVaZ\VaZc aVb^hbV aZigVXdchi^ijX^dcVa fjZ 'Zc [dgbV Vcyad\V VaVgid.+& <G Vg\Zci^cV' gZXd' cdXZ ZaYZgZX]d V jc VbW^ZciZ hVcd Z ^bedcZ Va>hiVYd ZaYZWZg YZ \VgVci^oVgad -1%Z ^cXajhd ]V ^ckVa^YVYd cdgbVh fjZ Zm^b{Vc YZaigyb^iZ YZ >B: V X^ZgiVh^c[gVZhigjXijgVh& a^b^iycYdhZ 'Xdbd Zc aVaZnfjZ VcVa^oVbdh' V egVXi^XVg digdh ^c[dgbZh YZ bZcdg Zci^YVY -2( >c iVa hZci^Yd& Y^X]d ig^WjcVaXdch^YZg} fjZ !cd Zh edh^WaZ fjZ Za>hiVYd Z_ZXjiZ d Vjidg^XZ aVZ_ZXjX^}c YZ egdnZXidh hdWgZadhXjVaZh Zm^hiZdjYV Zc XjVcid Va ^beVXid cZ\Vi^kd fjZ ejZYZc \ZcZgVg VaVbW^ZciZ( >c XdchZXjZcX^V& aVdb^h^}c YZ Z[ZXijVg jc ZhijY^d YZ ^beVXid VbW^ZciVaegZk^dhZ igVYjXZ Zc jcV k^daVX^}cYZaVgid /* YZ aV<dchi^ijX^}c! -3( X$EVhcdgbVh gZ\aVbZciVg^Vh YZ aVaZn/30+'Xdbd Za!^c[dgbZ YZ eVgi^YV! gZ\j' aVYdZc ZaYZX( ,+*3)+33.' ]Vc XdciZbeaVYd ^chigjbZcidh fjZ eZgb^iZc ZaVcya^h^h VbW^ZciVaedhiZg^dgh^c fjZ e^ZgYV hjh ZaZbZcidh izXc^Xdh&^ciZg_jg^hY^XX^dcVaZh R eVg' i^X^eVi^kdh(HWk^VbZciZ fjZ aVhdajX^}c YZaXVhd cd eVhVWVedg gZYjX^gZaVcya^h^h Vb' W^ZciVa V aVbZgV [dgbVa^YVYYZ jc igyb^iZ ZmZcid YZ eVgi^X^eVX^}cX^Zci{[^XVn X^jYV' YVcV( Y$:a ^\jVa fjZ Zc bViZg^V VbW^ZciVa& Zc iZbVh jgWVc{hi^XdhaVegZkZcX^}c ]V YZ hZgaVgZ\aV& n aVdb^h^}c YZa>hiVYd Zc Zk^iVgjgWVc^oVX^dcZh XVgZciZh YZ aVhXdcY^X^d' cZh n hZgk^X^dh b{c^bdh ejZYZ gZhjaiVgZagZhdgiZYZ aVgZhedchVW^a^YVY Zc aVbViZg^V(

-0 L^c eZg_j^X^d YZagZXdcdX^b^Zcid ZmegZhd fjZ ]dn gZVa^oV ZaVgid .+% <G&YZaYZgZX]dYZ idYd ]VW^iVciZV jc VbW^ZciZhVcdn Zfj^a^WgVYd n ZaYZWZg YZ egZhZgkVgad& Vh{Xdbd ZaYZWZg YZ aVh Vjidg^YVYZh YZ egdkZZg V aV egdiZXX^}c YZZhZYZgZX]d&aV_jg^hegjYZcX^V gZXdcdX^} ^bea{X^iV ZhiV b^hbV \VgVci{VZc aV <dchi^ijX^}c YZ +2/- V eVgi^g YZa [Vaad YZ[ZX]V +*)/)+32- YZa Cjo\V' Yd <dciZcX^dhd:Yb^c^higVi^kd?ZYZgVa cgd(, >BE: !DV]Vc :aWZgidk(@dW^Zgcd GVX^dcVa!& ejWa^'

XVYdZc YZ +*/',./( -1 LVaV<dchi^ijX^dcVa& <dgiZ LjegZbV YZ Cjhi^X^V YZ <dhiV K^XV& hZciZcX^Vh0-+,'*-% 0-,,O*-%,01+'3/%/2/2'31%..,-'3-%,,-+'30% *+--'32% *+-,'33% +,33'33 L,,+3'33( -2 LZciZcX^V0-,,'*-% igVchXg^eiV Zc FBE:GH LvG<A>S& :aYd& -@DE>B8>D>C DE:86HGCE>C$ .H:B# iZ 9:@9:E:8=C 8CBFG>GH8>CB6@ 6A7>:BG6@" Cjg{Y^XV <dci^cZciVa& ,**/% e( ++.( -3 LZciZcX^V ,,+3'33% igVchXg^eiV Zc vEO:K>SFHEaG:& FVg^VcZaaV Zi 6@"0HE>FDEH9:B8>6 8CBFG>GH8>CB6@ FC7E: A:9>C 6A7>:BG:' DE>B8>D>CF" 6BN@>F>F :IC@HG>IC n 8EPG>8C 9: @6 ?HE>FDEH9:B8>6" BckZhi^\VX^dcZh Cjg{Y^XVh& LVc Cdhz& ,**+% e( 2.(
KZk^hiV YZ =ZgZX]d :bW^ZciVa Gs +-

1=LAH3=LAH>

!!!!!!!!!!!!!!!!!!

"$#

BN:BBB$:B :FBBBBGB:B BB a: B"B #$OBGEB: +$+ FB G^aH):

'''''''' aX
Y]dh^}c

$)&
Bp cZiVh cdgbVi^kVh(
egdk^cX^Va&ejY^ZcYd aVh egdk^cX^Vh XdbeaZbZciVg^Vh Xdc bVndgZh Zm^' LZ Y^hi^c\jZc Vh{ YZ VfjZaaVh cdgbVh fjZ WV_dZaiZmid dg^\^cVa YZ +"+ <dchi^ijX^}c YZ +2/-)0* Za <dc\gZhd Y^XiVWV'Xdbd aZ\^haVijgV adXVa' eVgV adh E gg^idg^dhcVX^dcVaZh& ^ck^iVcYd V aVhegdk^cX^Vh V VY]Zg^g&n YdcYZ Za VXid YZ VY]Zh^}c Y XVYV ZhiVYd adXVaXdckZgi{V aVcdgbV Zc YZgZX]d ^ciZbd YZ Y^<]V egdk^cX^V( >c Zh' EHL~ai^bdh XVhdh& aVXdbeZiZcX^V gZ\jaVidg^V ZgV V_ZcV Va<dc\gZhd n gZhZgkVYV edg aVhegdk^cX^Vh&n YZ Vaa{ fjZ h^c Za VXid YZ VY]Zh^}c adXVaaVcdgbV cVX^dcVa cd ZgV k^' \ZciZ Zc ZaiZgg^idg^d egdk^cX^Va( ;V_d Zhidh XdcXZeidh& aVaZn 110+ Zh ^ccZXZhVg^V n VWhjgYV& nV fjZ Xdck^ZgiZ Zc YZgZX]d adXVajc ^chigjbZcid fjZ Zc eg^cX^e^dh&edg hZg jcV cdgbV YZ egZhjejZhid b{c^bd Y^XiVYV VaVbeVgd YZa Vgid .+%<G& nV ZgV YZgZX]d Vea^XVWaZ Zc Za eaVcd adXVa( L^c ZbWVg\d& cd ZhXVeV V cjZhigd eZchVb^Zcid fjZ aV aZn ,/(01* ejZYZ ZmXZ' YZghZ Zc Y^hi^cidh VheZXidh YZ adfjZ ^bedgiV kZgYVYZgVbZciZ jc !egZhjejZhid b{c^' bd YZ egdiZXX^}c VbW^ZciVa!& ^ckdXVcYd [dgbVabZciZ iVa cVijgVaZoV VjcfjZ Xdc jc XdciZc^Yd hjhiVcX^Va fjZ aVZmXZYZ( >h YZX^g& VjcfjZ [dgbVabZciZ hZ egZhZciV Xdbd jcV cdgbV YZ egZhjejZhidh b{c^bdh YZ egdiZXX^}c VbW^ZciVa& Zc gZVa^YVYVa bZcdh eVgiZ YZ hj XdciZc^Yd ZmXZYZ ZhiV cVijgVaZoV Z ^ckVYZ bViZg^Vh gZhZgkVYVh edg aVh egdk^cX^Vh(h8( >c ^\jVa hZci^Yd hZ ]V ZmegZhVYd Za <dchZ_d ?ZYZgVaYZa FZY^d :bW^Zc' iZ bZY^VciZ hj gZh( 2*),**..0( >h YZ YZhiVXVghZ fjZ Zc Za bVgXd YZa eVXid ^ciZg_jg^hY^XX^dcVafjZ Xdc[dgbV Za <d[ZbV& hjh gZhdajX^dcZh hdc k^cXjaVciZh5 n XdcXd&gYVciZbZciZ aVaZn ,/(01/ cd h}ad gVi^[^XVZa XdckZc^d n Y^hedcZ fjZ aVXddgY^cVX^}c GVX^}c'egdk^cX^Vh hZ ^chigjbZciVgy V igVkzh YZa<d[ZbV #Vgi( ,-$%h^cd fjZ VYZbyh ZhiVWaZXZ Zc hj Vgid ,. fjZ !>a IdYZg >_ZXji^kd egdedcYgy V aV:hVbWaZV YZa <dchZ_d ?ZYZgVaYZ FZY^d :bW^ZciZ ZaY^XiVYd YZ gZXdbZcYVX^dcZh d YZ gZhdajX^dcZh& hZ\~c XdggZhedcYV& YZ Xdc[dgb^YVY Xdc Za :XiV <dchi^iji^kV YZ ZhZ dg\Vc^hbd [ZYZgVa&eVgV aVVYZXjVYV k^\ZcX^V n Vea^XVX^}c Z[ZXi^kV YZ aVh aZnZh YZ egZhjejZhidh b{c^bdh& aVhXdbeaZbZciVg^Vh egdk^cX^VaZh& n hjh gZ\aVbZciVX^dcZh Zc aVhY^hi^ciVh _jg^hY^XX^dcZh!( >c ZhiZ ZcXjVYgZ& Za[ZYZgVa^h' bd YZ XdcXZgiVX^}c VafjZ iVcid VXjYZ aVYdXig^cV gZhjaiV ^chigjbZciVYd V igVkzh YZ jc h^hiZbV \ZcZgVa fjZ ZhiVWaZXZ aVaZn ,/(01/.1( >a Y^XiVYd YZ aVaZn 110+ edg aVegdk^cX^V YZ FZcYdoV idgcV VWhigVXiV aVY^hXjh^}c hdWgZh^ aVcdgbV cVX^dcVa hZ ZmXZYZhdWgZZa XdciZc^Yd fjZ XdggZhedcYZ V adh egZhj' ejZhidh b{c^bdh fjZ YZWZ Y^XiVg aVGVX^}c& Va bZcdh Zc ad fjZ ]VXZ V Y^X]d >hiVYd
./ =Zcigd YZ VfjZaadh fjZ dWhZgkVc V aVaZn,/(01* Zc ZhiZ hZci^Yd&IB@K>MBB& >YjVgYd&!=Z' gZX]d VbW^ZciVa egd[jcY^oVYd!& EE ,**-'21 L hh(&YdcYZ ZcigZ digVh dWhZgkVX^dcZh XdcXajnZ fjZ !aVh egdk^cX^Vh cd eVgZXZfjZ ejZYVc V\gZ\Vg cVYV YZ XdbeaZbZcid& Xdc[dgbZ lZ adZm^\Z ZaVgid.+% <G& adfjZ Zc Za[jijgd ^]S_pP YVgeVhd V jcV Y^hXjh^}c gZheZXid YZ aVkVa^YZo YZ adh egZhjejZhidh b{c^bdh!( Idg digV eVgiZ&FHR:GH&:b^aXVg&!EZnZh YZ egZhjejZhid b{c^bd Vb' W^ZciVa!& EE@gVc <jnd ,**.'.33% Zci^ZcYZ fjZ ZhiV cdgbV hZ Zmi^ZcYZ^cXdchi^ijX^dcVabZciZ VabVcZ_d cVX^dcVaYZ adhgZXjghdh cVijgVaZh egdk^cX^VaZh( U .0 Idg ZhiV gZhdajX^}c Za<d[ZbV XdcXajn} !fjZ aVhaZnZhXdc XdciZc^Yd VbW^ZciVahVcX^d' cVYVh ]VhiV ZaegZhZciZ VkVcoVc hdWgZ XdbeZiZcX^Vh gZhZgkVYVh Xdchi^ijX^dcVabZciZ V aVhegd' k^cX^Vh& Zm^hi^ZcYd aVcZXZh^YVYYZ bdY^[^XVgaVh!& n hda^X^i}Va<dc\gZhd hj bdY^[^XVX^}c( .1 L:;L:R& =Vc^Za' =BI:HE:& FVg{V >j\Zc^V& !>a ?ZYZgVa^hbd n aVcjZkV EZn@ZcZgVa YZa:b' W^ZciZ!& )B6@:F 9: @6 1:<>F@68>QB )E<:BG>B6" ;daZi{c Bc[dgbVi^kd&,**,% cgd( -,% eh( .1'/.(

>c ZhiZ hZci^Yd& n ViZcY^ZcYd V fjZ aVh cdgbVh jgWVc{hiiX jnd Bc jbeaa b^Zcid \ZcZg} aV !gZ\jaVg^oVX^}c! fjZ egZiZcYZ aVaZn 11/+' XdciZbeaVc e EH fjZ ]VXZc V aVYZ[ZchV Vajk^dcVa YZ adh ZbegZcY^b^Zcidh .*% YZWZ VcVa^oVgh aVXjZ U i^}c V aVajo YZ egdcjcX^Vb^Zcidh YZ ig^WjcVaZh ^ciZgcVX^dcVaZh .+ YdcYZ hZ XdcYZc} Va">hiVYd edg hj cZ\a^\ZcX^V Zc idaZgVg YZhVggdaadhjgWVc{hi^Xdh ^ggZ\jaVgZh fjZ 'edg jW^XVghZ Zc ygZVh YZ g^Zh\d' ^bedgiVgdc aVbjZgiZ YZ hjh ]VW^iVciZh( Z$ Gd edYZbdh YZ_VgYZ XjZhi^dcVg 'YZhYZ Za ejcid YZ k^hiV YZ hj Z[ZXid hdX^d' a}\^Xd n Xdch^\j^ZciZ bZcdhXVWd V aVZ[^X^ZcX^Vn Z[^XVX^VaZ\Va' aVhVXX^dcZh ZhiViV' aZhfjZ YVc aj\Vg V aViZb^WaZ !eda{i^XV YZ adh ]ZX]dh XdchjbVYdh!& hZV fjZ zhiV egd' kZc\V YZ aVhVjidg^YVYZh VYb^c^higVi^kVh 'fjZ db^iZc ^ciZgkZc^g VciZ jgWVc^oVX^dcZh ^ggZ\jaVgZh .,''& _jY^X^VaZh 'fjZ idaZgVc hj YZhVggdaad.-U& d aZ\^haVi^kVh 'fjZ Zm^' bZc d YZW^a^iVcaVhZm^\ZcX^Vh eVgV [VX^a^iVgZa hVcZVb^Zcid YZ aVh^ggZ\jaVg^YVYZh'(

://! E>R 110+ =>E ,2)2),**1

#;H 2++*),**1$

EV aZn 110+ !VY]^ZgZ! V aV aZn ,/(01* YZ IgZhjejZhidh F{c^bdh YZ IgdiZXX^}c :bW^ZciVa eVgV aV@Zhi^}c n >a^b^cVX^}c YZ I<;h( >hiV cdgbV& Zc jc eg^cX^e^d&^bedgiV jcV XdcigVY^XX^}c eaZcV Xdc Za h^hiZbV YZ XdbeZiZcX^Vh VbW^ZciVaZh fjZ ]V ZhiVWaZX^YdV eVgi^gYZ +33. Za Vgid .+%<G( Edh egZhjejZhidh b{c^bdh YZ egdiZXX^}c VbW^ZciVa hdc cdgbVh fjZ YZWZ Y^XiVg Za <dc\gZhd YZ aVGVX^}c Xdc adh a{b^iZh fjZ hjg\Zc YZa b^hbd Vgid .+%<G ..% n XjnV Vea^XVX^}c XdggZhedcYZ Zc idYd ZaiZgg^idg^d cVX^dcVa h^c fjZ hZV cZXZhVg^V jcV cdgbV

.* .+

:gi( +*% aZn.2205 Vgid,k%aZn/2*.(

Idg Z_Zbead&Mg^WjcVa >jgdeZd YZ =ZgZX]dh AjbVcdh& >BE: !xcZgn^aY^o J( Mjg`Zn! #cgd( .2(3-3)33$% hZciZcX^V YZa-*)++),**.5 Y^hedc^WaZ Zc =GGD'%%JJJ$:8=E$8C:$>BG$
., EV "i"iZVh n Vb W" h cdgbVh jg W Vgjh ^ZciVaZhfjZ aVaZn11/+ ZmXZeX^dcV XdciZbeaVc bZXV' c^hbdh ''Xdbd aVhjheZch^}c n YZhigjXX^}c YZ dWgVh' fjZ ]jW^ZgVc eZgb^i^Yd V aVVjidg^YVY VYb^c^higVi^kVZcXVjhVg iZbegVcVbZciZ Y^X]Vh ^ggZ\jaVg^YVYZh( .- I ( B B ( dg Z_Zgced& V hZciZcX^V YZ aVLjegZbV <dgiZ YZ Cjhi^X^VYZ FZcYdoV& hVaV+%>BE: !<Va' YZg}c& AdgVX^dIayX^YdYZaOVaaZ n digd J( Fjc^X^eVa^YVYYZ @jVnbVaazc n digd!& YZa,*)+,),**0% 4:I>FG6 :?: ,:E:8=C )A7>:BG6@" EZm^hGZm^h& cgd( ++% _ja^d'hZei^ZbWgZ,**1% e( +.-% Xdc cdiV YZ MHK<AB:& GdZa^V& !EV Zm^\^W^a^YVY YZ aV>B: Zc adhWVgg^dh Xdc jc ZhiVYd VkVcoVYd YZ XdchigjX' X^}c!)Yd&cYZ hZ YZ_} h^c Z[ZXid aVeVgVa^oVX^}c YZ dWgVh fjZ ]VW{Vc Y^hejZhid aVh^chiVcX^Vh^c' [Zg^dgZh]VhiV iVcid hZ Xjbea^ZgV Xdc aV>B:( :YZbyh YZ aVXg{i^XV _jg{Y^XVfjZ gZVa^oV aVcdiV V Y^X]d [Vaad n fjZ VXdbeV|V hj ejWa^XVX^}c& aVfjZ XdbeVgi^bdh Zc hj eaZc^ijY&YZhYZ jcV eZgh' eZXi^kV egV\byi^XV YZWZXdch^YZgVghZ fjZ Zai^Zbed YZ igVb^iVX^}c YZ aV>B: db^i^YV Zc Y^X]d XVhd Zh cdgbVabZciZ ^c[Zg^dg VaeaVodZc fjZ aVhdWgVhZhijk^Zgdc eVgVa^oVYVh VciZh YZ fjZ aV <dgiZ eZgb^i^ZgVaVXdci^cj^YVY YZ iVgZVh5Xdc Zaad aVedhijgV YZa>hiVYd 'iVcid YZhYZ aVVYb^' c^higVX^}c Xdbd YZhYZ aV_jhi^X^V' ]V h^Yd ^chiVjgVg Za^cXjbea^b^Zcid aZ\VaZc YZhbZYgd YZa dgYZc e~Wa^Xd VbW^ZciVa( >c [dgbV XdcigVg^V& Zc ZanV gZ[Zg^Yd [Vaad0-,,'*aV<dgiZ XdhiVgg^' fjZchZ hdhijkd aV^bedh^W^a^YVY _pTeZgb^i^gVXi^k^YVYZh h^c >B: hdWgZ aVWVhZYZ [jijgdh Zhip^dh edhiZcdgZh V aVdWgVedg XdcigVYZX^g Zaad Zaeg^cX^e^d egZXVjidg^d(

n fjZ ]Vc L^Yd ZmeaVnVYdh edg aVgZh( 3,),**. YZa<d[ZgcV& cdgbV k^cXjaVciZ Zc adh izgb^cdh YZaIVXid Xdchi^iji^kd YZa<dchZ_d n adhVgih( ,- n ,. YZ aVaZn,/(01/% Xdbd VpVa^' oVgZbdh ajZ\d(

..

((

1=LAH3=LAH

>
6=KAHI9<= ,=G=;@E )C:A=DI9B 3N $&

$)'
# (egdk^cX^Va( :fjZaadh VheZXidh YZ aVb^hbV fjZ ZmXZYVcaVhVic^WE^Xadgjp Xj B gE( .+& <G& YZaZ\VZcaV GVX^}c 7Xdgcd Xdc hZ\jg^YVY hdc aVhfjZ Y^hedcZ&Zgcg d g ! ZaXVe{ijad O YZ aVaZn,/ (( 01*' ]Vc h^Yd XdckZgi^YVhZc YZgZX]d k^\ZciZ YZa>hiVYd YZ BT\S]fP( B Idg digV eVgiZ&aVaZn110+ hjeZgV X^ZgidXdc[a^XidcdgbVi^kd fjZ Zm^hi{V Zc FZcYd' oV Zc idbd V aVVea^XVX^}cYZ aVaZn,/(01*& n fjZ ]Zbdh XjZhi^dcVYd VciZcdggcZc' iZ:L( Idg gZh( +-+.),**. YZa( F^c^hiZg^d YZ :bW^ZciZ n HWgVh I~Wa^@4Vh& WV_d aVXdch^' YZgVX^}cYZ fjZ aVaZn,/(01* ]VW{V h^Yd dWhZgkVYVZc ZaybW^id YZa<d[ZbV edg YZ[^X^ZcX^Vh izXc^XVh fjZ Y^[^XjaiVWVchj Vea^XVX^}c& hZ Y^Xi} jc gz\^bZc eVgVaZad !]VhiV iVcid n(Zc XjVcid hZ bdY^[^fjZc adhegZXZeidh YZ aVaZn,/(01*!( AdnZc Y{V&ZaXdciZc^Yd YZ aVaZn,/(01* Xdc[dgbV eVgiZ YZadgYZcVb^Zcid adXVa& n jc gZhdaji^kd b^c^hiZg^Va'^cYZeZcY^ZciZbZciZ YZ aVhedhijgVh fjZ gZhiVWVcdeZgV' i^k^YVYV Y^X]V cdgbVcVX^dcVa7' cd ejZYZ'byh fjZ Z_ZXjiVg aVcdgbV adXVa h^c VaiZgVg hj Zhe{g^ij& !* eZcVYZ XdcigVYZX^g ZaVgi(+,2& ^cX( ,s& <dchi^ijX^}c'YZ FZcYdoV( 1

_ b[

\a

cYd VW b_] +++ cid aVBcXdbeZiZcX^V adXVa& hZ egdbja\V

digVh cdg'

Bc

cyad\Vh n hZ Zb^iZc gZ\aVbZcidh Zc aVbViZg^V(

:///! E>R(&110/ =>E ,3)2),**1

#;H ,,)+*),**1$

:a\d h^b^aVg dXjggZ Zc bViZg^V jgWVc{hi^XV& YdcYZ aV!eda{i^XVYZ adh]ZX]dh Xdchj' bVYdh! egdXjgV Xdchda^YVghZ bZY^VciZ aVidaZgVcX^Vn edhiZg^dggZ\jaVg^oVX^}cYZ adh begZcY^b^Zcidh fjZ cd XjZciVc Xdc ZkVajVX^}c YZ ^beVXid VbW^ZciVa& ZmXajnzcYd' Z YZagz\^bZc VheZXidh [jcYVbZciVaZh YZ iVa ^chi^ijX^}c Xdbd hdc adhY^XiybZcZh izXc^Xdh n aVhVjY^ZcX^Vh e~Wa^XVh& n '[jcYVbZciVabZciZ'aV egZXVjX^}c fjZ ^bea^' XV ZaYZhVggdaad egZk^dV aVdWgV YZaZhijY^d VbW^ZciVa( EV VY]Zh^}c V jcV aZnYZ egZhjejZhidh b{c^bdh VbW^ZciVaZh cd ]VXZ byh fjZ egZdXjeVbdh edg aV[VaiV YZ XaVg^YVY XdcXZeijVa fjZ Zaad ^bedgiV( :jc XjVcYd ejZYV Xdch^YZgVghZ fjZ aVaZn,/(01* ZmXZY{V ZaXdciZc^Yd egde^dYZ adhegZhjejZhidh b{c^' bdh YZ egdiZXX^}c VbW^ZciVa&aVbZgV !VY]Zh^}c! gZhjaiV jcV izXc^XV aZ\^haVi^kV XjZhi^dcVWaZ( ?^cVabZciZ& hZg{VYZhZVWaZ fjZ cdgbVh YZ igVhXZcYZcX^V'Xdbd aVhfjZ ^bedgiV Zagz\^bZc YZ aVaZn1-+3' hZVc \j^VYVh edg jc _j^X^daZ\^haVi^kd XaVgd& Zk^iycYdhZ Y^' [^XjaiVYZhizXc^XVh fjZ XdcY^X^dcVchj Z[^XVX^V n ]VXZc cZXZhVg^V hj edhiZg^dgbdY^[^' XVX^}c Zc idYdh hjh VheZXidh hjhiVcX^VaZh(

EV aZn110/^cigdYj"XZ" gZ[dgbVh hjhiVcX^VaZh V aVaZn1-+3 .3% gZXdcYjX^ZcYY jc ZcXjVYgZ cdgbVi^kd hdbZi^Yd V a^i^\^dh^YVY /*( >aiZmid aZ\VaajZ\d YZ aVaZn110/ Y^hedcZ aVegd]^W^X^}cYZ kZcYZg WdahVh eVgVgZ' h^Yjdhd ZcigZ\Vg WdahVh eVgVigVchedgiz YZ(aVbZgXVYZg{VVYfj^g^YV Zc hjeZggcZgXV' (Ydh&]^eZgbZgXVYdh&h]dee^c\h n XdbZgX^dh Zc \ZcZgVa&fjZ hZVc YZ bViZg^VaZheayh' i^Xdh cd YZ\gVYVWaZh& dm^YZ\gVYVWaZh& W^dYZ\gVYVWaZh d ]^YgdYZ\gVYVWaZh& gZ\jaVcYd VciZ aV^c[gVXX^}cjcV hVcX^}c egd\gZh^kVZc Zai^Zbed #jcV bjaiV bZcdg Zaeg^bZgV|d YZ k^\ZcX^V YZ aVaZn& jcV bVndg ZahZ\jcYd V|d& n aVXaVjhjgV ZaiZgXZgV|d$( EVVjidg^YVY VbW^ZciVa adXVa& edg gZh( +,,,),**0 F:HI ]V XgZVYdZaKZ\^higd YZ ?VWg^XVciZh n)d IgdkZZYdgZh n)d <YbZgX^VciZhYZ ;dahVh YZ FViZg^Va;^dYZ\gVYVWaZ& =Z\gVYVWaZ& Hm^W^dYZ\gVYVWaZ d A^YgdYZ\gVYyWaZ Zc ZaybW^id YZ aV=^gZXX^}cYZ LV' cZVb^Zcid n <dcigda :bW^ZciVa YZaF^c^hiZg^d&<dbd bZY^YV ^c^X^Va eVgV aVejZhiV Zc k^\ZcX^VYZ aVaZn1-+3 YZ ;dahVh ;^dYZ\gVYVWaZh(
5i%((

?K( <HGHE;LBHG>L
%(%65

>aVcya^h^h Z[ZXijVYd hdWgZaVhcdgbVh VbW^ZciVaZhY^XiVYVhZc FZcYdoV Zc Za~a' i^bd V|d cdh bjZhigV aVZm^hiZcX^V Zc \gVc eVgiZ YZ ZaaVh ''Xdc aVhVakZYVYYZ aVhaZ' nZh 10,+ n 11+1' YZ VheZXidh "YZizXc^XV aZ\^haVi^kV fjZ YZW^a^iV aVZ[^XVX^V n Z[^' X^ZcX^V aZ\Va& YVcYd {j\Vg jcV a^i^\^d^{YVY ^bedgiVciZ( & >c bViZg^V b^cZgd'VbW^ZciVa& ZaYZhVggdaad cdgbVi^kd XdbZciVYd ZmedcZ jcV [Va' iV YZ XaVg^YVY Zc aVeda{i^XV\jWZgcVgcZciVa Zc aVbViZg^V4 b^ZcigVh fjZ hZ 1-0, aVaZn

.2IBG(MH&

FVjg^X^d ' MHK<(AB:& GdZa^V(& !Lp\jg^YVY n _jhi^X^V VbW^Zc( iVa(((!& X^i(&e( ,./& #;H +.)+$,**/$(

.3

=Za ,2)+,),**.

@
6=KAHI9<= ,=G=;@E )C:A=DI9B Gs +-

/* EVaZn1-+3 [jZ XjZhi^dcVYV VciZ aVLjegZbV <dgiZ YZ Cjhi^X^V YZ FZcYdoV Zc adh ` j' idh 2.(-/+& XVgVijaVYdh !I;; Ida^hjg n digd k( egdk^cX^VYZ FZcYdoVh)VXX^}c YZ ^cXdchi[ij' X^dcVa^YVY!(

EZm^hGZm^h r