Varsovia Guía Breve - WarsawTour - Oficjalny portal turystyczny m.st

w w w. warsawtour. p l w w w. e-warsaw.p l >C;DGB68>ÙCIJGÕHI>869:K6GHDK>6 I[cd#/ )-''&.)(&! )-''),)&&)' Z"bVâ/^c[d5lVghVlidjg#ea bjhZdh KVghdk^V :Yîdg/ DÉX^cVYZIjg^hbdYZKVghdk^VHidZXocZ7^jgdIjgnhinX`^ i^ZcYVh ZkZcidh gZhiVjgVciZh GZYVXX^cXVgid\g{ÉXV/ IdbVhoCdlVX`^!8{iZYgVYZ8Vgid\gV[VYZaVJc^kZgh^YVYYZKVghdk^V gjiVhijghi^XVh IgVYjXX^c/ >9>DB6Hh#X#7^jgdIjbVXoZ² ^c[dgbVX^ceg{Xi^XV ;did\gV[Vh/ 6gX]^kdYZH7I!VgX]^kdhYZadhbjhZdhYZKVghdk^V!DÉX^cVYZEgdbdX^cYZKVghdk^V! EVaVX^dYZaV8jaijgVnaV8^ZcX^V!DÉX^cVYZaBVg^hXVaYZaVKd^kdYVYZBVodk^V! 6#8oVgcZX`V!E#8oZgcZX`^!E#9jYZ`!:#<VbeZa!L#=VchZc!E#?VWd²h`^!@#?Vc^V`! 6#@Vgedl^Xo!L#@gn²h`^!6#@h^|èZ`!E#BjaiVc!@#CVeZgin!L#EVcl!O#EVcl! 7#H`^Zg`dlh`^!E#HoVc^Vlh`^!H#Id`Vgh`^# MK>>ZY^X^c#KVghdk^V!'%%. :_ZbeaVg\gVijîd!>H7C/-("-.)%(",("% KVghdk^V HODóRGH&KRSLQ 9DUVRYLDļDFRQWHFLPLHQWRVPXVLFDOHVHVSHFLDOHV (QHUR GH ļ HVSHFWÁFXOR GH LQDXJXUDFLöQ GHO $óR GH &KRSLQ ľ 3DUTXH 5HDO D]LHQNL ľ GH IHEUHUR GH ļ FRQFLHUWRV FRQPHPRUDWLYRV ľ )LODUPöQLFD 1DFLRQDO ľ PDU]R GH FRQFLHUWR GH JDOD ľ 7HDWU :LHONL ļ SHUD1DFLRQDO0D\RGH&RQFLHUWR(O5RFN$PDD&KRSLQľ3DUTXH ľ 5HDOD]LHQNLGHMXQLR)HVWLYDO&KRSLQ2SHQľ7HDWU:LHONLļ ľ SHUD1DFLRQDO7HDWUR1DFLRQDOGHMXQLR,ORYH&KRSLQļFRQFLHUWR ľ 0D\R ļ VHSWLHPEUH &RQFLHUWRV GH &KRSLQ GH JDOD ľ 3OD]D 'HğODG ľ ľ3DUTXH5HDOD]LHQNLļGHMXOLR;)HVWLYDO2JURG\0X]\F]QH ľ -DUGLQHV 0XVLFDOHV ļ 2JURG\ &KRSLQD -DUGLQHV GH &KRSLQ ľ &DVWLOOR 5HDO ľ ļ GH DJRVWR &KRSLQ \ VX (XURSD ļ 9, )HVWLYDO 0XVLFDO ,QWHUQDFLRQDOļGHRFWXEUH;9,&RQFXUVR,QWHUQDFLRQDOGH3LDQR ľ )UÓGÓULF&KRSLQGHRFWXEUH:$0R]DUW5HTXLHPľ.RĂFLöï¥Z ľ .U]\ĝD ,JOHVLD GH OD 6DQWD &UX] HQ 9DUVRYLD ľ 2FWXEUH GH &RQFLHUWR Ĵ(Q HO DQLYHUVDULR GH OD VDOLGD GH &KRSLQ GH 9DUVRYLDĵ ľ SHUD 1DFLRQDO ,QIRUPDFLöQ GHWDOODGD VREUH ORV HYHQWRV UHODFLRQDGRVFRQODFHOHEUDFLöQGHODóR GHGLFDGRD&KRSLQZZZFKRSLQSO 'DXQSDVHRSRU9DUVRYLDWUDVODVKXHOODVGH&KRSLQ ļWRPDXQJXãD03ZZZXPZDUV]DZDSOFKRSLQ ÕcY^XZ/ >C;DGB68>ÙCIJGÕHI>86 ) >C;DGB68>ÙCEGÒ8I>86 + :C6BÙG6I:9:K6GHDK>6 &, =>HIDG>69:K6GHDK>6 '% GJI6HIJG>HI86H GJI6C¬&/ '( ') KVGZVa/XVaaZ@gV`dlh`^ZEgoZYb^ZÑX^Z¼XVaaZ CdlnÐl^Vi¼8dc_jcidEVaVX^d¼EVgfjZGZVaYZ ¾çVo^Zc`^¿¼LâVcl GJI6C¬'/ (- K6GHDK>6BD9:GC6 +. 6IG688>DC:H8JAIJG6A:H N:CIG:I:C>B>:CID ,& 8^jYVYK^Z_V¼8^jYVYCjZkV¼EaVoVYZadh @gVh^²h`^nXVaaZ9¨j\V 8VaZcYVg^dYZVXdciZX^b^Zcidh XXa^XdhXjaijgVaZh BjhZdhYZKVghVk^V GJI6C¬(/ )) 8VaaZHZcVidgh`VnEaVoVIZVigVacn ¼EaVoV7Vc`dlnnhjhVagZYZYdgZh ¼EaVoVYZaBVg^hXVa?oZ[E^¨hjYh`^ nhjhVagZYZYdgZh GJI6C¬)/ ). Aj\VgZhgZaVX^dcVYdhXdcZabVgi^g^d naVajX]VYZadhedaVXdh GJI6C¬*/ *) 6igVXX^dcZhijghi^XVh ,( -' &%* =DI:A:H &%. <6HIGDCDBÕ6 &&% D8>DN9:H86CHD68I>KD &&, 8DBEG6H &') 6AG:9:9DG:H9:K6GHDK>6 &', B6E69:A8:CIGD9:K6GHDK>6 &(+ EdgaVh]jZaaVhYZ;ZYZg^Xd8]de^cZcKVghdk^V GJI6C¬+/ *. =jZaaVh_jYVhZcKVghdk^V GJI6C¬,/ 6I:C8>ÙC/ +( :aGZVa^hbdhdX^Va^hiVZcKVghdk^V GJI6C¬-/ HâaVbVYZhYZZaZmigVc_Zgd!ZhegZX^hdVVY^g ZaegZ[^_d )-VidYdhadhiZa[dcdhfjZVeVgZXZc ZcZhiV\jV# ++ :aWVgg^dYZEgV\VYZKVghdk^V lll#lVghVlidjg#ea :hiVWaZX^b^ZcidhFjZ6XZeiVc AVIVg_ZiVIjghi^XV9ZKVghdk^V ' 7^ZckZc^YdhVKVghdk^V!aVXVeîVaYZEdadc^V!X^jYVYfjZbZgZXZaVeZcVhZgk^hîVYV# =VnfjZeVhVgVa\jcdhYVhZcZaaVeVgVYZ_VghZaaZkVgedghj^ggZeZi^WaZVibh[ZgV# KVghdk^VZhjcVX^jYVYZmXZeX^dcVa!hîjVYVZcZaXZcigdYZ:jgdeV!ZcZaXgjXZYZaVh gjiVhfjZgZXdggZcZaXdci^cZciZYZZhiZVdZhiZnYZcdgiZVhjg#AaVbVaVViZcX^c edghj]^hidg^VnhjVbW^ZciZ#:h^ciZgZhVciZedghjY^kZgh^YVY#6fjhZXdbW^cVcaVh ^c[ajZcX^Vh YZa dZhiZ n YZa ZhiZ YZ :jgdeV# AV igVY^X^c hZ jcZ Xdc aV bdYZgc^YVY# AVX^jYVYhdgegZcYZedghjY^c{b^XdYZhVggdaad!XVh^VY^Vg^dhZejZYZcVegZX^VgcjZ" kVh^ckZgh^dcZh!fjZXVbW^VcZagdhigdYZaVX^jYVY#KVghdk^VZhi{aaZcVYZXdcigVhiZh# IgVhadhZcdgbZhYZhigdodhYZaVedXVYZaV>><jZggVBjcY^Va!adheVaVX^dhVci^\jdh! aVh ^\aZh^Vh! adh ZY^[^X^dh n Xdc_jcidh VgfjîZXic^Xdh [jZgdc gZXdchigj^Ydh Xdc \gVc ZmVXiîjY#=dnZcYVadhZY^[^X^dh]^hig^XdhXdck^kZcXdcaVVgfjîZXijgVXdciZbed" g{cZV#AVh\gVcYZhXdchigjXX^dcZhbdYZgcVhhZ]VaaVc_jcidVVbea^VhodcVhkZgYZh! eaVoVhneVgfjZh#AVk^WgVciZbZigeda^ZcXjZcigVh^cY^[^XjaiVYhjaj\VgZc:jgdeV# >beg^bZgZXjZgYdh^cdak^YVWaZhZcaVbZbdg^VYZhjhk^hîVciZhnd[gZXZbjX]Vhdedg" ijc^YVYZhVadhfjZYZX^YZcfjZYVghZVfjb{hi^Zbed# lll#lVghVlidjg#ea ( lll#lVghVlidjg#ea > C ; D G B 6 8 > Ù C I J G Õ H I > 8 6 ) >C;DGB68>ÙCIJGÕHI>86 9:K6GHDK>6 I:A#''&.)(&!''),)&&)' D[^X^cVYZIjg^hbdYZKVghdk^Vlll#lVghVlidjg#ea0 Z"bVâ/^c[d5lVghVlidjg#ea0Hj[jcX^dcVb^Zcid Zhi{eVigdX^cVYdedgaVhVjidg^YVYZhbjc^XêVaZh# AVd[^X^cVd[gZXZadhh^\j^ZciZhhZgk^X^dh/ ^c[dgbVX^cijghi^XVYZiVaaVYVhdWgZKVghdk^V nhjhVagZYZYdgZhb{h^cbZY^Vidh! iZa[dcdYZ>c[dgbVX^cIjghi^XVYZKVghdk^V/ ''&.)(&!idYdhadhYVh!YZbVndVhZei^ZbWgZ YZ-#%%V'%#%%]dgVh0YZdXijWgZVVWgâYZ-#%% V&-#%%]dgVh# VW^Zgid/bVnd"hZei^ZbWgZ/idYdhadhY^VhZcigZaVh .#%%naVh'%#%%]dgVh! dXijWgZ"VWgâ/idYdhadhY^VhZcigZaVh.#%%naVh &-#%%]dgVh# 6:GDEJ:GID9:K6GHDK>6;GN9:GN@8=DE>C ¼kZhiWjadYZaaZ\VYVh!IZgb^cVa' X$æl^g`^^L^\jgn& EJCIDH9:>C;DGB68>ÙCIJGÕHI>86 D;>8>C69:IJG>HBD:CA6EA6O69:A B:G869D9:A68>J969K>:?6 AVEaVoVYZaBZgXVYdYZaV8^jYVYK^Z_V&.$'&$'&« VW^Zgid/bVnd"hZei^ZbWgZ/idYdhadhYVhZcigZaVh -#%%naVh'%#%%]dgVh! dXijWgZ"VWgâ/idYdhadhYVhZcigZaVh-#%%naVh &-#%%]dgVh :aa^hiVYdYZidYdhadhejcidhYZ>c[dgbVX^c Ijghi^XVYZKVghdk^VhZZcXjZcigVZcaVe{\^cVlZW lll#lVghVlidjg#ea# lll#lVghVlidjg#ea >c[dgbVX^ceg{Xi^XV * AdhejcidhYZ>c[dgbVX^cIjghi^XVbZcX^dcVYdh Vgg^WVnZaiZa[dcdYZ>c[dgbVX^cIjghi^XVYZ KVghdk^VcdZhi{cY^hedc^WaZhYjgVciZadh h^\j^ZciZhYVh[Zhi^kdh/&YZZcZgd!9db^c\dYZ GZhjggZXX^cnAjcZhYZEVhXjV!&YZcdk^ZbWgZ! CVk^YVY'*n'+YZY^X^ZbWgZ# >c[dgbVX^ceg{Xi^XV AV>c[dgbVX^cIjghi^XVYZKVghdk^Vd[gZXZadh h^\j^ZciZhhZgk^X^dh/ ^c[dgbVX^cYZiVaaVYVhdWgZaVX^jYVY! ^c[dgbVX^chdWgZ[Zg^VhnZkZcidhXjaijgVaZh nYZedgi^kdhZcaVXVeîVa! VhZhdgVb^Zcidijghi^Xd! gZhZgkVhYZVad_Vb^ZcidZc]diZaZhYZKVghdk^V! gZhZgkVhYZVafjâZgYZXdX]Zh! kZciVYZejWa^XVX^dcZhijghi^XVhbVeVh!\jVh! {aWjbZh![daaZidhYZ^c[dgbVX^c!gZXjZgYdh!ZiX#! ^c[dgbVX^c\ZcZgVahdWgZdigVhgZ\^dcZh ijghi^XVhYZEdadc^V# EVgVZmigVc_ZgdhVW^ZgidYjgVciZZakZgVcd -%%'%%(%%!h^hZaaVbVYZhYZjciZa[dcdbkâ/ +%-*.....YZhYZ%&#%+#'%&%]VhiV(%#%.#'%&%# =dgVg^d/&%#%%¼''#%% DIGDHEJCIDH9:>C;DGB68>ÙCIJGÕHI>86 8:CIGD9:>C;DGB68>ÙC6GFJ>9>D8:H6C6 X$B^dYdlV&,$&. i[cd#/''*(&,'), lll#VX^#lVl#ea =dgVg^d/ajcZh"k^ZgcZh.#%%¼&-#%% BJ;6 EaVoVOVb`dln&$&( i[cd#/''+(*&--& lll#lXî#lVl#ea =dgVg^d/ajcZh"k^ZgcZh.#%%¼&-#%%! hVWVYd&%#%%¼&-#%%!Ydb^c\d&&#%%¼&-#%% EJCID9:>C;DGB68>ÙCIJG>HI>86N8JAIJG6A >C;DEG6<6 lll#^c[degV\V#Xdb#ea EJCID9:>C;DGB68>ÙCIJG>HI>86N8JAIJG6A 9:A:C8A6K:?J9>D X$H^ZccV**ZcigVYVYZhYZaVXVaaZOdiZ_+% i[cd#/''+'%%%.& =dgVg^d/ajcZh"k^ZgcZh.#%%¼&,#%% EJCID9:>C;DGB68>ÙC8JAIJG6A>C;D FJAIJG6 EaVoV@dchinijX_^) i[cd#/''+'.-)-. lll#`jaijgVacV#lVghoVlV#ea =dgVg^d/ajcZh"k^ZgcZh.#%%¼'%#%%! hVWVYd"Ydb^c\d&%#%%¼&+#%% I:Aw;DCDH9::B:G<:C8>6 :bZg\ZcX^V/&&' Eda^X^V/.., 6bWjaVcX^Vh/... 7dbWZgdh/..Eda^X^VBjc^XêVa/.-+ 6\jYVZcXVggZiZgV')]dgVh/&.+(+!&.+(, >C;DGB68>ÙCI:A:;ÙC>86 AV>c[dgbVX^cIjg^hi^XV/&.)(& IgVchedgiZjgWVcdOIB/&.)-) >c[dgbVX^chdWgZaVX^jYVYeVgVaVEdadc^VZciZgd/ &.).& >c[dgbVX^ciZa[dc^XVXjaijgVa/''+'.-)-. edaVXdn^c\ah >c[dgbVX^cXjaijgVa/''+-&'(%+ >c[dgbVX^cYZ;ZggdXVggâZhCVX^dcVaZhEdaVXdh E@E/&.)(+ >c[dgbVX^cYZaVha^cZVhcVX^dcVaZhYZVjidWjhZh E@H/,%((%%&(%!i[cd#bkâ/,'%-(-( >c[dgbVX^cVgZd/''+*%)''% >c[dgbVX^cYZVYjVcV/''+.)(&.) lll#lVghVlidjg#ea >c[dgbVX^ceg{Xi^XV , 8bdaaZ\VgVKVghdk^V4 8DC:M>DC:H6wG:6H :a6ZgdejZgid;#8]de^cYZKVghdk^V Zhi{hîjVYdVegdm^bVYVbZciZVjcdh&% `âbZigdhYZaXZcigdYZaVX^jYVY#:akZhiWjad YZaaZ\VYVhhZZcXjZcigVZcaVeaVciVWV_VYZaV IZgb^cVa'!gZX^ZciZbZciZVW^ZgiV!b^ZcigVhfjZ ZakZhiWjadYZhVa^YVhdXjeVaVeVgiZhjeZg^dg YZaVIZgb^cVa&#AVIZgb^cVa&VaWZg\VjcWVcXd! d[^X^cVhYZXVbW^d`Vcidg!XV_ZgdhVjidb{i^Xdh! jcgZhiVjgVciZ!jcgZhiVjgVciZYZXdb^YVg{e^YV! jcVXV[ZiZgV!i^ZcYVhYZgZXjZgYdhnejcidh YZVafjâZgYZXdX]Zh#AVbVndgVYZaVh XdbeVVhVgZVh^ciZgcVX^dcVaZhedhZZVfjhjh d[^X^cVh#:cZaXZcigdYZakZhiWjadYZaaZ\VYVh! ZcaVeaVciVWV_VYZaVIZgb^cVa&!hZZcXjZcigVc adhejZhidhYZXdbeVVhYZiVm^h!aVhXjVaZh d[gZXZchjhhZgk^X^dhYZigVchedgiZVegZX^dh[^_dh# :c[gZciZYZZaadh!VaaVYdYZafj^dhXdGjX]#HZ ejZYZaaZ\VgVaXZcigdZcZaVjidWh&,*0 ZaVjidWh&--X^gXjaVZcigZZaVZgdejZgid naVodcVZhiZYZKVghdk^VEgV\V!<gdX]l! <dX¨Vl!hîjVYVZcaVbVg\ZcYZgZX]VYZa KhijaV#6bWVhacZVh!Va^\jVafjZadhiVm^h! eVgiZcYZaIZgb^cVa'# >c[dgbVX^cYZaaZ\VYVhnhVa^YVh ''+*%)''% >c[dgbVX^cYZVYjVcVYZa6ZgdejZgid ''+*%'-,( 6Zgd[adi VkYV#?Zgdoda^bh`^Z'. i[cd#/''+'-&,&%!''+'&&+&& lll#VZgd[adi#gj 6ZgdHkî VkYV#?VcVEVl¨V>>&* i[cd#/''+.,+.*% 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%)%+% lll#VZgdhkî#Xdb 6^g:jgdeV X$Ðlîd`gonh`V(+ i[cd#/'')**(-)% lll#V^gZjgdeV#Xdb 6^g;gVcXZ X$CdlnÐl^Vi+) i[cd#/''**++)%% 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''-)+%(%( lll#V^g[gVcXZ#Xdb#ea 6aîVa^V X$CdlnÐl^Vi+) i[cd#/''+.'-'-* 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''-)+,-)+ lll#VaîVa^V#î 6jhig^Vc6^ga^cZh VkYV#?VcVEVl¨V>>'. i[cd#/-%&)%)%)% 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%(*&lll#Vjhig^Vc#ea >c[dgbVX^cYZADIkjZadhcVX^dcVaZh Z^ciZgcVX^dcVaZh-%&,%(,%(! YZiZa[dcdhbkâZh''&.*,' lll#adi#ea AdhWâaZiZhYZVk^chZejZYZcVYfj^g^gZcaVh d[^X^cVhYZaVhXdbeVVhVgZVhnV\ZcX^Vh YZk^V_Zh#:cigZdigVh!Zc/ 6Yg^V6^glVnh lll#VYg^V"#h^ 6ZgA^c\jh i[cd#/''+'+-)%' lll#VZga^c\jh#Xdb lll#lVghVlidjg#ea > C ; D G B 6 8 > Ù C E G Ò 8 I > 8 6 - 7ZaVk^V VkYV#J_VoYdlh`^Z+V i[cd#/''+'-(--, lll#WZaVk^V#Wn 7ajZ& lll#WajZ&#Xdb 7gî^h]6^glVnh X$BVghoV¨`dlh`V,+ i[cd#/''*'..%%% 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%)*'% lll#WV#Xdb 8H6 X$CVW^ZaV`V+ad`& i[cd#/''**.(.(% 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%)*&) lll#XhV#Xo 9^gZXi;an X$@h^ènXdlV& i[cd#/''(.),',, lll#Y^gZXiÊn#ea :Vhn?Zi 6ZgdejZgid¼IZgb^cVa:i^jYV!X$æl^g`^^L^\jgn& lll#ZVhn_Zi#Xdb :a"6a VkYV#?Zgdoda^bh`^Z+*$,. i[cd#/''+(%++&+ lll#ZaVa#Xd#â ;^ccV^g 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%(.'' lll#[^ccV^g#Xdb <ZgbVcl^c\h 6ZgdejZgid¼IZgb^cVa:i^jYV!X$æl^g`^^L^\jgn& i[cd#/''-)-,,)& lll#\ZgbVcl^c\h#Xdb @AB X$CdlnÐl^Vi+) i[cd#/''**++))) lll#àb#Xdb Aj[i]VchV VkYV#?VcVEVl¨V>>', 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''((-&(%% lll#aj[i]VchV#ea BVaZk VkYV#?VcVEVl¨V>>&* i[cd#/''+.,,),) 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%)*&. lll#bVaZk#]j CdglZ\^Vc6^gH]jiiaZ6H6 i[cd#/'''%&&&+* lll#cdglZ\^Vc#cd EAAADI VkYV#?Zgdoda^bh`^Z+*$,. i[cd#/-%&,%(,%(!YZbkâZh''.*,' lll#adi#Xdb H6H i[cd#/''-*%%*%% 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%()+) lll#hXVcY^cVk^Vc#cZi H`n:jgdeZ lll#h`nZjgdeZ#Xdb HC7gjhhZah6^ga^cZh 6ZgdejZgid¼IZgb^cVa'!X$æl^g`^^L^\jgn& i[cd#/''+*%(... lll#[anHC#Xdb Hl^hh>ciZgcVi^dcVa6^gA^cZh i[cd#/-%&(%%.+'!''*'%()*+ 6ZgdejZgid¼IZgb^cVa'!X$æl^g`^^L^\jgn& i[cd#/''+*%)*'* lll#hl^hh#ea Ijg`^h]6^ga^cZh VkYV#?Zgdoda^bh`^Z&'(V i[cd#/''*'.,,%% lll#i]n#Xdb Lôo6^g 6ZgdejZgid¼IZgb^cVa:i^jYV!X$æl^g`^^L^\jgn& X$GV`dl^ZX`V() i[cd#/(%%*%'*'* lll#lôoV^g#Xdb 6>G8AJ7 X$HZcVidgh`V'- i[cd#/''-'..*%% lll#V^gXajW#ea 6AB6IJG X$@deZgc^`V'( i[cd#/''-'+'+(. lll#VabVijg#ea lll#lVghVlidjg#ea >c[dgbVX^ceg{Xi^XV 6CC6IG6K:A VkYV#?Zgdoda^bh`^Z*):hiVX^c8ZcigVa i[cd#/''-'**(-. lll#VccVigVkZa#ea 8:CIGD9:7>AA:I:H9:6K>ÙC 8:CIGJB7>A:IÙLADIC>8ON8= VkYV#?VcVEVl¨V>>&* i[cd#/'')-&.+(% lll#i^X`ZiXZciZg#Xdb#ea ;>GHI8A6HH X$Cdldl^Z_h`V* i[cd#/''*,-,&)& lll#[^ghiXaVhh#Xdb#ea ;JGC:AIG6K:A X$@deZgc^`V( i[cd#/''-'-.(&) lll#[jgcZa#ea DG7>HIG6K:A X$7gVX`V&+ i[cd#/''-',,&)% lll#dgW^h#Xdb#ea EDA>H=IG6K:AFJDK69>H X$EiVh^V' i[cd#/''(''-*.) lll#eda^h]igVkZa#Xdb#ea HEDGIHIDJG>HI X$BVghoV¨`dlh`V-)$.' i[cd#/''+'.),** lll#hedgih"idjg^hi#Xdb#ea IG6K:A:MEG:HH VkYV#?Zgdoda^bh`^Z*+X i[cd#/'')*(*(%% lll#igVkZaZmegZhh#ea IG6K:A76C@ X$LVa^Xl&& i[cd#/''+*)(*'* lll#igVkZaWVc`#Xdb#ea L:H8DI>8@:IEAJH X$8]b^ZacV(% i[cd#/''--+-*(+ lll#i^X`Zieajh#ea . Z^ciZgjgWVcVh/:hiVX^cKVghdk^VDXX^YZciVa LVghoVlVOVX]dYc^V!:hiVX^cKVghdk^V 8ZcigVaLVghoVlV8ZcigVacV!:hiVX^c KVghdk^VDg^ZciVaLVghoVlVLhX]dYc^V hîjVYVhZcaVb^hbVacZVZhiZ"dZhiZ#:abZ_dg aj\VgeVgVhjW^gnWV_VgYZadhigZcZhZhaV :hiVX^cKVghdk^V8ZcigVa!jW^XVYVZcZab^hbd XdgVocYZaVX^jYVY6kYV#?Zgdoda^bh`^Z*)# :caVheaVciVhhjWiZgg{cZVhnVac^kZaYZaV XVaaZ]VnjcV[VgbVX^V!jcVd[^X^cVYZXdggZdh! d[^X^cVhYZXVbW^d`Vcidg!XV_ZgdhVjidb{i^Xdh! cjbZgdhVhi^ZcYVhnfj^dhXdh!gZhiVjgVciZhYZ Xdb^YVg{e^YV!a^WgZgVh!VhXdbdjcX^WZgXV[# :caVhVaVeg^cXêVa]VnjcVd[^X^cV YZ^c[dgbVX^cijghi^XVYZKVghdk^Vn!VaaVYd! jcVd[^X^cVYZ^c[dgbVX^c[Zggdk^Vg^VnZa8Zcigd YZ6iZcX^cVa8a^ZciZYZaVE@E#AdhfjZhZ Y^g^\ZcVaVeVgiZZhiZ!hîjVYVZcaVbVg\Zc YZgZX]VYZagd!YZWZg{cWV_VghZZcaV:hiVX^c KVghdk^VDg^ZciVaLVghoVlVLhX]dYc^V# H^YZhZVXdci^cjVghjk^V_ZZcVjidWh! adgZXdbZcYVWaZZhWV_VghZZcaV:hiVX^c KVghdk^VDXX^YZciVaLVghoVlVOVX]dYc^V# AdhigZcZhYZXZgXVcVhedcZcZcXdbjc^XVX^c VaVhh^\j^ZciZhZhiVX^dcZh/LVghoVlV ÐgYb^ZÑX^Z!KVghdk^VDg^ZciVaLVghoVlV LhX]dYc^V!KVghdk^VDXX^YZciVaLVghoVlV OVX]dYc^V!LVghoVlVEdl^ÑaZ!LVghoVlV DX]diVnLVghoVlVLâZ²h`V#9Z)#(%V%#(% ]dgVh!ZcZaigVnZXid<gdYo^h`BVodl^ZX`^ 8DC:M>DC:H;:GGDK>6G>6H KVghdk^VedhZZigZh\gVcYZhZhiVX^dcZh YZ[ZggdXVggâXdcXdcZm^dcZh^ciZgcVX^dcVaZh lll#lVghVlidjg#ea > C ; D G B 6 8 > Ù C E G Ò 8 I > 8 6 &% ¼LVghoVlVÐgYb^ZÑX^ZL@9X^gXjaVcigZcZh YZL@9LVghoVlh`V@daZ_9d_VoYdlV!ZhYZX^g! IgZcYZ8ZgXVcVhYZKVghdk^V!fjZjcZcZa XZcigdYZKVghdk^VXdcaVeVgiZdXX^YZciVa YZaVX^jYVY#6YZb{h!YZ)#(%V'(#/(%]dgVh! ZcadhigVnZXidhEgjho`l¼LVghoVlVLhX]dYc^V KVghdk^VDg^ZciVanLVghoVlVLhX]dYc^V KVghdk^VDg^ZciVa¼HjaZ_lZ`X^gXjaVZaH@B ;ZggdXVggâJgWVcdG{e^Yd#:cadhigZcZhYZH@B hdck{a^YdhadhWâaZiZhYZaVOIBIgVchedgiZ JgWVcd# >c[dgbVX^chdWgZ]dgVg^dhnegZX^dhYZWâaZiZh/ ''&.)(+ lll#eè#Xdb#ea lll#^ciZgXîn#ea :hedh^WaZVYfj^g^gadhWâaZiZhYZigZcZcaVh iVfjâaVhYZkZciVYZidYVhaVhZhiVX^dcZh YZ[ZggdXVggâniVbW^cZcaVhh^\j^ZciZh V\ZcX^VhYZk^V_Zh/ 6>G8AJ7 X$HZcVidgh`V'i[cd#/''-'..*%% lll#V^gXajW#ea ;>GHI8A6HH X$Cdldl^Z_h`V* i[cd#/''*,-,&'& lll#[^ghiXaVhh#Xdb#ea ;JGC:AIG6K:A X$@deZgc^`V( i[cd#/''-'-.(&) lll#[jgcZa#ea DG7>HIG6K:A X$7gVX`V&+ i[cd#/''-',,&)% lll#dgW^higVkZa#ea IG6K:A:MEG:HH VkYV#?Zgdoda^bh`^Z*+X i[cd#/'')*(*(%% lll#igVkZaZmegZhh#ea IVbW^chZejZYZcXdbegVgadhWâaZiZh Zc>ciZgcZidVagZk^hdgYZaigZc!Vfj^Zc]VWg{fjZ Y^g^\^ghZVeZcVhhZhjWVjcdVaigZc#:cZhiZXVhd! ]VWg{fjZeV\VgjcViVg^[VVY^X^dcVa# 8DC:M>DC:H9:6JID7JH:H AV:hiVX^cYZ6jidWjhZhKVghdk^V DXX^YZciVa9ldgoZXE@HLVghoVlV OVX]dYc^V!VkYV#?Zgdoda^bh`^Z&))ZhaV bVndgZhiVX^cYZVjidWjhZh!iVcideVgV YZhi^cdhcVX^dcVaZhXdbd^ciZgcVX^dcVaZh# :cZakZhiWjadeg^cXêVa!_jcidVaVhiVfjâaVh YZkZciV!hZejZYZcZcXdcigVgaVhd[^X^cVh YZ^c[dgbVX^cgZ[ZgZciZVVjidWjhZhXdc YZhi^cdhYZ{bWîdcVX^dcVa# AV:hiVX^cYZ6jidWjhZhKVghdk^V:hiVY^d LVghoVlVHiVY^dc!VkYV#O^ZaZc^ZX`V Xdbjc^XVadhigVnZXidhZcY^gZXX^cZhiZ ZcZaig{[^XdcVX^dcVaZ^ciZgcVX^dcVa# HZejZYZcXdbegVgWâaZiZheVgVYZhi^cdh adXVaZhZcaVhiVfjâaVhYZaVhZhiVX^dcZh KVghdk^VDXX^YZciVanKVghdk^V:hiVY^d# 6h^b^hbd!X^gXjaVcVjidWjhZheg^kVYdh!fjZhVaZc YZaVVkYV#?VcVEVl¨V>>!YZig{hYZadhejZhidh YZa:megZhdEdaVXd0YZaVXVaaZ:#EaViZg!_jcid VaVHVaVYZ8dc\gZhdhYZ8jaijgVn8^ZcX^V E@^C0YZaBjhZdYZIZXcdad\VnYZaVVkYV# ?Zgdoda^bh`^Z!_jcidVa=diZaBVgg^dii# AdhWâaZiZhYZVjidWhXdcYZhi^cd ^ciZgcVX^dcVahZejZYZcVYfj^g^g Zcadhh^\j^ZciZhaj\VgZh/ 6>G8AJ7 X$HZcVidgh`V'i[cd#/''-'..*%%!lll#V^gXajW#ea 6AB6IJG X$@deZgc^`V'( i[cd#/''-'+'+(.!lll#VabVijg#ea 6CC6IG6K:A VkYV#?Zgdoda^bh`^Z*):hiVX^c8ZcigVa i[cd#/''-'**(-. lll#VccVigVkZa#ea 8:CIGD9:K>6?:H6JG6 VkYV#?Zgdoda^bh`^Z&))AV:hiVX^cYZ 6jidWjhZhKVghdk^VDXX^YZciVa i[cd#/''-'(**,% lll#VjgV#ea ;>GHI8A6HH X$Cdldl^Z_h`V* i[cd#/''*,-,&'& lll#[^ghiXaVhh#Xdb#ea lll#lVghVlidjg#ea >c[dgbVX^ceg{Xi^XV && ;JGC:AIG6K:A X$@deZgc^`V( i[cd#/''-'-.(&)!lll#[jgcZa#ea DG7>HIG6K:A X$7gVX`V&+ i[cd#/''-',,&)% lll#dgW^h#Xdb#ea IG6K:A76C@ X$LVa^Xl&& i[cd#/''+*)(*'* lll#igVkZaWVc`#Xdb#ea L:H8DI>8@:IEAJH X$8]b^ZacV(% i[cd/''--+-*(+ lll#i^X`Zieajh#ea >c[dgbVX^chdWgZaVhgjiVhYZaVhacZVh cVX^dcVaZhYZVjidWjhZh/ i[cd#/,%((%%&(% i[cd#/,'%-(-( >c[dgbVX^chdWgZaVhgjiVhYZaVhacZVh ^ciZgcVX^dcVaZhYZVjidWjhZh/i[cd#/''-'(**,%! ''-'(+-*-# IG6CHEDGI:JG76CD :cidYdhadhigVchedgiZhjgWVcdh!hjWjgWVcdh nZcZabZigdhdck{a^YdhadhWâaZiZhYZ³OIB LVghoVlV´!adhXjVaZhhZejZYZcVYfj^g^g Zcadhfj^dhXdhYZegZchVdhZejZYZcXdbegVg VaXdcYjXidgXdcZa^bedgiZZmVXid!h^ciZcZgfjZ eV\VgaViVg^[VYZ\Zhi^c# >c[dgbVX^chdWgZigVchedgiZeWa^Xd/ i[cd#/''&.)-)!lll#oib#lVl#ea ^c[dgbVX^cZc^c\ah!VaZb{cngjhd# AdhigVckVh¼cjbZgVYdhYZa&Va)+!X^gXjaVc VY^Vg^dnXdchiîjnZc!VeVgiZYZabZigd!ZabZY^d YZigVchedgiZb{hg{e^Yd# AdhVjidWjhZhdgY^cVg^dh¼VjidWjhZh XdcigZhX^[gVhfjZXdb^ZcoVcedgZacbZgd&%&! hZYZi^ZcZcZcidYVhaVheVgVYVhYZaî^cZgVg^d nX^gXjaVcidYdhadhYVh0adhVjidWjhZhdgY^cVg^dh XjndhcbZgdhZbe^ZoVcedgZa(%%hZYZi^ZcZc ZcidYVhaVheVgVYVhnX^gXjaVchadadhYVh aVWdgVWaZh# AdhVjidWjhZhg{e^Ydh¼Xdb^ZcoVcedg*%% ni^ZcZcbZcdheVgVYVh0adhVjidWjhZhg{e^Ydh XdccbZgdhfjZZbe^ZoVcedg)%%X^gXjaVchad YjgVciZaVh]dgVhejciVZcYVhaVWdgVWaZh# AdhVjidWjhZhZmegZhdhcjbZgVYdhYZa:"& Va:"-¼X^gXjaVchadYjgVciZaVh]dgVhejciV YZig{[^XdZcadhYVhaVWdgVWaZh# AVhacZVhhjWjgWVcVhfjZhZY^g^\ZcVaVh V[jZgVhYZKVghdk^V^cXajnZcVjidWjhZhYZacZVh [^_VhXdccjbZgVX^cYZaVXZciZcVYZa,%%nacZVh eZg^Y^XVhYZcbZgdhfjZZbe^ZoVcedgZa-%&# AdhVjidWjhZhYZaVhacZVhjgWVcVhnhjWjgWVcVh X^gXjaVcZcigZaVh*#%%naVh'(#%%]dgVh# lll#lVghVlidjg#ea > C ; D G B 6 8 > Ù C E G Ò 8 I > 8 6 &' AdhWâaZiZhhZYZWZckVa^YVgc^XVbZciZ ZcZaeg^bZgigVnZXid!W^ZchZVYZVjidWh dYZigVckV!VeZcVhhZ]VnVhjW^YdVakZ]Xjad# :cZaXVhdYZabZigd!adhWâaZiZhYZWZchZg kVa^YVYdhVciZhYZVXXZYZgVadhVcYZcZh# I6M>H AdhVjidWjhZhcdXijgcdh!XjndhcbZgdh Xdb^ZcoVcedgC%&!X^gXjaVcYZ'(#%%V)#(% ]dgVhXdcjcV[gZXjZcX^VYZbZY^V]dgV# AVbVndgVYZaVhacZVhcdXijgcVhi^ZcZcjcV eVgVYVXdbc_jcidVaV:hiVX^c8ZcigVa nVa8Zcigd8dbZgX^Va³O¨diZIVgVhn´!b^ZcigVhfjZ aVhacZVhC%&nC%'hdcacZVheZg^[g^XVh# :abZigdYZKVghdk^VXdchiVhadYZjcVacZV! fjZjcZæda^WdgoBVgnbdciXdcaVeVgiZhjg YZaVX^jYVY!Jghncl@VWVin#:abZigd [jcX^dcVYZ*#%%V%#%%]dgVhXdcjcV[gZXjZcX^V YZ(V)b^cjidhYjgVciZaVh]dgVhejciVnYZ) V+b^cjidhYjgVciZZagZhidYZaYV#Adhk^ZgcZh nh{WVYdhX^gXjaVVYZb{heVhVYVaVbZY^VcdX]Z XdcjcV[gZXjZcX^VYZ(%b^cjidh]VhiVaVh '/)*]dgVh# :cidYdhadhbZY^dhYZigVchedgiZjgWVcd nhjWjgWVcd!VhXdbdZcZabZigd!hdck{a^Ydh adhWâaZiZhXdcZahZaadYZaV³OIBLVghoVlV´! adhXjVaZhhZejZYZcVYfj^g^gZcadhfj^dhXdh dW^ZcXdbegVgVaXdcYjXidgXdcZa^bedgiZ ZmVXid!h^ciZcZgfjZeV\VgaViVg^[VYZ\Zhi^c# AVheZghdcVhbVndgZhYZ,%VdhejZYZc]VXZg jhdYZaigVchedgiZeWa^Xd\gVijîVbZciZ!h^ZbegZ fjZbjZhigZcjcYdXjbZcidYZ^YZci^YVYYdcYZ hZXZgi^[^fjZaVZYVYYZaeVhV_Zgd# :aigVchedgiZYZZfjêV_ZnYZVc^bVaZhcdgZfj^ZgZ YZ^bedgiZhVY^X^dcVaZhedgeVgiZYZaeVhV_Zgd# ±6iZcX^c/AV^c[dgbVX^chdWgZiVg^[VhgZYjX^YVh nigVchedgiZ\gVijîdhZejZYZdWiZcZgZcZaejcid YZ^c[dgbVX^ciZaZ[c^XVYZaVOIB/''&.)-)# HZgZXdb^ZcYVeZY^gjciVmêdgiZa[dcd# :cZaXVhdYZYZiZcZgjcdZcaVXVaaZ!hZVXdchZ_V egZ\jciVgeg^bZgdedgZaegZX^d#AVhiVg^[Vh VXijVaZhhdciVg^[Vhb{m^bVhVYb^h^WaZh/ iVg^[V^c^X^Va/ +EAC iVg^[VY^jgcVZcaVodcVjgWVcV/ ( EACedg `âbZigd! iVg^[VcdXijgcVZcaVodcVjgWVcV nY^jgcVZcYdb^c\dhn[Zhi^kdh/ )!*%EACedg `âbZigd! iVg^[VY^jgcVZcaVodcVhjWjgWVcV/ + EACedg `âbZigd! iVg^[VcdXijgcVZcaVodcVhjWjgWVcV ncdXijgcVadhYdb^c\dhn[Zhi^kdh/ , EACedg `âbZigd! &]dgVYZeVgVYVYZZheZgV/ )%EAC# IVm^hedgiZa[dcd/ 8>INI6M> 96B:AI6M> =6ADI6M> @DGEDI6M> B:G8I6M> BEII6M> EAJHI6M> H6L6I6M> HJE:GI6M> I:A:I6M> KDA;G6G69>DI6M> L6L6I6M> &.)*. &.+'+ &.+'( &.+') ''+,,,,,, &.&.& &.+'& ''+)))))) &.+''!&.++& &.+', &.+'* &.+)) 6AFJ>A:G9:8D8=:H AdhegZX^dhdhXâVcZcigZ'%%EACXdX]Zh n&%%%EACb^c^WjhZhedgYV0Zhedh^WaZ VafjâVgXdX]ZhZcadhh^\j^ZciZhaj\VgZh/ 6K>H 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%)-,' VkYV#?Zgdoda^bh`^Z+*$,.=diZaBVgg^dii i[cd#/''+(%,(&+!lll#Vk^h#ea lll#lVghVlidjg#ea >c[dgbVX^ceg{Xi^XV &( AdhWâaZiZhYZigVchedgiZjgWVcdhZejZYZcVYfj^g^gZcadhejcidhOIB!Zcadhfj^dhXdhdW^ZcXdbegVgVa XdcYjXidgXdcZa^bedgiZZmVXid# IêdnegZX^dYZWâaZiZhk{a^YdhZcaVhacZVeg^cXêVaZhnZcZabZigd OdcVYZkVa^YZo IVg^[VcdgbVa IVg^[VgZYjX^YV*% 7âZiZhiZbedgVaZh PVaedgiVYdgReVgVdYVhaVhacZVhY^jgcVhncdXijgcVh] :aWâaZiZYZ'%b^cjidh & ' '!%%EAC &!%%EAC :aWâaZiZYZ)%b^cjidh VjidgôVZaigVchedgiZYjgVciZ)%b^cjidhYZhYZZabdbZcid YZhjkVa^YVX^c!h^cabîZYZigVchWdgYdhgZVaôVYdh & ' '!-%EAC &!)%EAC :aWâaZiZYZ+%b^cjidh VjidgôVZaigVchedgiZYjgVciZ+%b^cjidhYZhYZZabdbZcid YZhjkVa^YVX^c!h^cabîZYZigVchWdgYdhgZVaôVYdh & ' )!%%EAC '!%%EAC :aWâaZiZYZ.%b^cjidh VjidgôVZaigVchedgiZYjgVciZ.%b^cjidhYZhYZZabdbZcid YZhjkVa^YVX^c!h^cabîZYZigVchWdgYdhgZVaôVYdh & ' +!%%EAC (!%%EAC & '!-%EAC &!)%EAC & ' )!'%EAC '!&%EAC & '!)%EAC &!'%EAC VjidgôVZaigVchedgiZYjgVciZ'%b^cjidhYZhYZZabdbZcid YZhjkVa^YVX^c!h^cabîZYZigVchWdgYdhgZVaôVYdh AdhWâaZiZhYZjchdadjhdPVaedgiVYdgR eVgVacZVhY^jgcVhncdXijgcVh :aWâaZiZYZjchdadjhd eVgVacZVhY^jgcVhncdXijgcVhVjidgôVZaigVchedgiZ Zcjcc^XdbZY^dYZigVchedgiZYZhYZZabdbZcid YZhjkVa^YVX^c]VhiVaVai^bVeVgVYVYZaVacZVXdggZhedcY^ZciZ! h^cfjZZai^ZbedigVchXjgg^YdhdWgZeVhZadh&'%b^cjidh :aWâaZiZYZjchdadjhd! k{a^YdZc]dgVhejciVYZajcZhVk^ZgcZh eVgVacZVhY^jgcVh¼VjidgôVZaigVchedgiZZcjcc^Xd bZY^dYZigVchedgiZYZhYZZabdbZcidYZhjkVa^YVX^c ZcigZaVh./%%naVh&)/%%]dgVh]VhiVaVai^bVeVgVYV YZaVacZVXdggZhedcY^ZciZ!h^cfjZZai^Zbed igVchXjgg^YdZmXZYVadh&'%b^cjidh lll#lVghVlidjg#ea &) > C ; D G B 6 8 > Ù C E G Ò 8 I > 8 6 OdcVYZkVa^YZo IVg^[VcdgbVa IVg^[VgZYjX^YV*% :aWâaZiZYZjcYV & .!%%EAC Zhk{a^YdYjgVciZ')]dgVhYZhYZZabdbZcidYZhjkVa^YVX^c! h^cabîZYZigVchWdgYdhgZVaôVYdh & ' &)!%%EAC ,!%%EAC :aWâaZiZYZ(YVh Zhk{a^YdYjgVciZ(YVhYZhYZZabdbZcidYZhjkVa^YVX^c! h^cabîZYZigVchWdgYdhgZVaôVYdh & &+!%%EAC -!%%EAC & ' ')!%%EAC &'!%%EAC :aWâaZiZYZ,YVh & ('!%%EAC &+!%%EAC Zhk{a^YdYjgVciZ,YVhYZhYZZabdbZcidYZhjkVa^YVX^c! h^cabîZYZigVchWdgYdhgZVaôVYdh & ' )-!%%EAC ')!%%EAC 7aaZiZheVgVeZg^dYdhXdgidhPVaedgiVYdgR eVgVidYVhaVhacZVhY^jgcVhncdXijgcVh )!*%EAC ODC6H&n' OdcVjgWVcV¼&!OdcVhjWjgWVcV¼' AdhWâaZiZhYZhi^cVYdheVgVaVodcV&hdadhdck{a^YdheVgVZhiVodcV#H^jceVhV_ZgdedhZZjcWâaZiZeVgVaVodcV &nigVheVhVZaabîZYZaVodcV'!YZWZg{kVa^YVgjcWâaZiZeVgVaVodcV'!adb{hiVgYZZcZabdbZcidZcfjZhZ igVheVhZZaabîZZcigZaVhYdhodcVh#IdYdhadhWâaZiZhYZaVodcV'hdck{a^YdheVgVaVodcV&# 7J9<:I 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+(%,'-% VkYV#?Zgdoda^bh`^Z+*$,.=diZaBVgg^dii i[cd#/''+(%+.)+ lll#WjY\Zi#ea :JGDE86G 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%'*+) VkYV#?VcVEVl¨V>>''=diZaBZgXjgZ i[cd#/''+')-*++ lll#ZjgdeXVg#ea =:GIO 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''+*%'-.+ X$Cdld\gdYo`V', i[cd#/''+'&&(+% lll#]Zgio#Xdb#ea AD86AG:CI"6"86GEDA6C9AI9# X$BVghoV¨`dlh`V&)% i[cd#/''-'+,&%%!*%&'&+&.(')] lll#agX#Xdb#ea C6I>DC6A86GG:CI6A 6ZgdejZgid¼IZgb^cVa&!X$æl^g`^^L^\jgn& i[cd#/''-+-,*,) lll#cVi^dcVaXVg#Xdb#ea ±6iZcX^c8VhîdYdhadhejcidhYZVafjâZgYZ VjidbkâZhZm^\ZcaVedhZh^cYZjcViVg_ZiV YZXgYîd# 6E6G86B>:CIDE6G66JID86G:H &#6kYV#?Zgdoda^bh`^ZZcZaBjhZdYZa:_gXîd EdaVXd '#8$BnÑa^l^ZX`VVçVo^Zc`ÊVgfjZ (#EaVoVIZVigVacn )#6eVgXVb^ZcidVciZhIdglVgZcaVXVaaZ çVo^Zc`dlh`V *#EaVoV9Z[âVY +#8$?V\^Zaad²h`VZcZaODD ,#6eVgXVb^ZcidZcZaIgVhVL"OWV_dZak^VYjXid EVcXZgV -#EaVoV7Vc`dln lll#lVghVlidjg#ea >c[dgbVX^ceg{Xi^XV &* .#8$Ðlîd_Zgh`VVjcVY^hiVcX^VYZaVXVaaZ LVadlV¼XVaaZ7dc^[gViZgh`V &%#8$9o^`VedgaVXVaaZHiVl`^ &&#8$@gaZlh`VZc[gZciZYZaV<VaZgVOVX]iV &'#6kYV#J_VoYdlh`^ZedgaVXVaaZ7V\ViZaV &(#EaVoV<gonWdlh`^ &)#8$D`dedlV8VaoVYV]VX^VZadZhiZedgaV XVaaZ6c^ZaZl^XoV &*#8$@gVh^²h`^Z\dXVaoVYVYZaHjg!XdcaVeaVoV Lâhdc 6E6G86B>:CID :cZaXZcigdYZKVghdk^V!Zm^hiZc{gZVhYdcYZ]Vn fjZeV\VgedgZaVeVgXVb^ZcidYZaXdX]ZYZajcZh Vk^ZgcZhYZ-#%%V&-#%%]dgVh# :aXdhiZYZaVeVgXVb^ZcidZh/ eg^bZgV]dgV/ (!%%EAC hZ\jcYV]dgV/ (!+%EAC iZgXZgV]dgV/ )!'%EAC XjVgiV]dgVnh^\j^ZciZh/ (!%%EAC 6H:DHEÝ7A>8DH/ 8VhXd6ci^\jd/EaVoVOVb`dln&%!XVaaZ E^lcV'*!XVaaZ@gonlZ@d¨d!XVaaZ@gV`dlh`^Z EgoZYb^ZÑX^Z-.# 8Zcigd/aVhZhiVX^dcZhYZbZigd!aVZhiVX^c YZE@ELVghoVlV8ZcigVacV!ZaeVhV_Z hjWiZgg{cZdYZaXgjXZZcigZaVXVaaZ BVghoV¨`dlh`VnaVVkZc^YV?Zgdoda^bh`^Z# 76C8DH!I6G?:I6H9:8Gw9>IDN8=:FJ:H 76C@<DHED96G@>æNLCDÐ8>DL:?H#6# X$æjgVl^V+$&' i[cd#/''('.))''!lll#W\o#ea 8>I>76C@=6C9ADLN X$8]V¨jW^²h`^Z\di[cd#/''+.%),%%!lll#Xî^WVc`#Xdb#ea <:BDC:N76C@ X$Ðlîd`gonh`V&+ i[cd#/''**+*.&%!lll#\ZbdcZnWVc`#ea @G:9NI76C@H#6# eaVoVEdlhiV²XlLVghoVln' i[cd#/''*%)++&%!lll#`gZYniWVc`#ea B>AA:C>JB7><76C@H#6# VkYV#?Zgdoda^bh`^Z+*$,. i[cd#/-%&((&((&!''*.-)%)% ')]VcjaVX^cYZiVg_ZiVhYZXgYîd lll#bâaZci#ea E:@6DH#6# eaVoV7Vc`dln' i[cd#/''*(&',&-!-%&(+*(+* lll#eZ`Vd#Xdb#ea E@D7EH#6# X$H^Zc`^Zl^XoV&'$&) i[cd#/''*'*)'((!lll#e`dWe#ea 9O76C@EDAH@6 eaVoVE^¨hjYh`^Z\d( i[cd#/''*%*,%%% lll#YoWVc`#ea >C<76C@ÐAxH@>H#6# eaVoVIgoZX]@gonèn&%$&) i[cd#/-%&'''''' lll#^c\WVc`#ea L:HI:GCJC>DC IgVch[ZgZcX^Vh^ciZgcVX^dcVaZhYZY^cZgd lll#lZhiZgcjc^dc#Xdb#ea i[cd#/-%&&'%'')!YZhYZbkâ/''*.&''') ]dgVg^d/ajcZh¼Ydb^c\dZcigZaVh-#%%naVh ''#%%]dgVh AVhigVch[ZgZcX^VhYZY^cZgdVigVkhYZLZhiZg Jc^dcaVhgZVaôVc/ @6CIDGEDAH@>! VkYV#?Zgdoda^bh`^Z'& ZcigVYVedgaVXVaaZ@gjXoV). i[cd#/''+.+*+(%$')]dgVh$ @6CIDGEDAH@> VkYV#?VcVEVl¨V>>-%$& i[cd#/'')(*),.' X$LâXoV((ZcigVYVedgaVXVaaZBVghoV¨`dlh`V+) i[cd#/''+'+%+-+$')]dgVh$ @6CIDG>CI:G8=6C<:EDA6C9 X$@gV`dlh`^ZEgoZYb^ZÑX^Z&( i[cd#/''-'+-*(+ VW^Zgid/idYdhadhY^VhYZ-#%%V''#%%]dgVh E:@6DH#6# X$?VhcV& i[cd#/'')-+,%%) 7E=H#6# VkYV#?Zgdoda^bh`^Z&'*$&', i[cd#/''*-()*&( lll#lVghVlidjg#ea &+ X$Ðlîd`gonh`V&) i[cd#/''*%*(.%% VkYV#?Zgdoda^bh`^Z', i[cd#/''*-)++(' eaVoV<Zc#?#=VaaZgV+ i[cd#/''+&--)&) 6B:G>86C:MEG:HH GZVaôVX^cYZadhX]ZfjZhYZ k^V_Z/ >CI:G8=6C<:EDA6C9He#od#d# VkYV#?Zgdoda^bh`^Z+*$,.=diZa BVgg^dii i[cd#/''+(%+.*'$*( VW^Zgid/ZcigZaVh,#%%naVh '(#%%]dgVh X$8]b^ZacV(% i[cd#/''-'+(&+. VW^Zgid/ZcigZaVh,#%%n'(#%% ]dgVh AdhX]ZfjZhYZk^V_Zh6bZg^XVc :megZhh hZejZYZcgZVaôVgiVbW^cZc Va\jcVhhjXjghVaZhYZa7VcXd EZ`VdH#6#/ eaVoV7Vc`dln' i[cd#/''*(&',&X$8oVX`^Z\d'&$'( :B76?696H AVa^hiVVXijVaYZidYdhadh YZeVgiVbZcidhhZZcXjZcigV ZcaVe{\^cVYZaB^c^hiZg^dYZ 6hjcidh:miZg^dgZh/ lll#bho#\dk#ea > C ; D G B 6 8 > Ù C E G Ò 8 I > 8 6 Bm^Xd X$HiVgdÑX^²h`V&We#)"* i[cd#/''+)+--%% 8dadbW^V X$OlnXôXl'. i[cd#/''+&,%.,( :heVV X$BnÑa^l^ZX`V) i[cd#/''+'')'*% 6g\Zci^cV X$7gj`hZah`V. i[cd#/''+&,+%'- EZgj X$HiVgdÑX^²h`V&e#( i[cd#/''+)+--%+ KZcZojZaV X$GZ_iVcV&*e#'% i[cd#/''+)+-,*. 8]âZ X$D`gècV+' i[cd#/''-*-'((% 8jWV X$GZ_iVcV&*e#( i[cd#/''-)-&,&* :XjVYdg X$GZ_iVcV&*b&* i[cd#/''-)-,'(% lll#lVghVlidjg#ea D;>8>C6H9:8DGG:DH D;>8>C68:CIG6A9: 8DGG:DHEdXoiV<¨lcV X$Ðlîd`gonh`V(&$(( D;>8>C69:8DGG:DHC¬&% eaVoV@dchinijX_^( D;>8>C69:8DGG:DHC¬&' X$@Vo^b^Zgodlh`V*($** D;>8>C69:8DGG:DHC¬&'% VkYV#?Zgdoda^bh`^Z*) 9ldgoZXE@ELVghoVlV8ZcigVacV D;>8>C69:8DGG:DHC¬&( X$Ej¨Vlh`V&++ D;>8>C69:8DGG:DHC¬&* eaVoVIgoZX]@gonèn&( D;>8>C69:8DGG:DHC¬) X$IVg\dlV,( D;>8>C69:8DGG:DHC¬)% EaVoVYZaBZgXVYdYZaV8^jYVY K^Z_V&*GncZ`HiVgZ\dB^VhiV &* D;>8>C69:8DGG:DHC¬)& VkYV#Hda^YVgcdÑX^&&.$&'* ;6GB68>6H67>:GI6HA6H ')=DG6H 9^higîdÐgYb^ZÑX^Z 9ldgoZXE@ELVghoVlV8ZcigVacV VkYV#?Zgdoda^bh`^Z*) i[cd#/''-'*+.-+ X$L^Yd`&. i[cd#/''-',(*.(! VkYV#?VcVEVl¨V>>*'$*) i[cd#/''+(*.+'+ VkYV#Hda^YVgcdÑX^&). i[cd#/''+'%%-&9^higîdYZBd`dil X$Ej¨Vlh`V(. i[cd#/''-).-'%* 9^higîdYZDX]diV X$<g_ZX`V,+ i[cd#/''-'''-.& X$7VcVX]V&V i[cd#/''-'(+)&&Zmi#&%(( :cVbgViZYZKVghdk^V &, :cVbgViZYZKVghdk^V IZ^ckîVbdhVk^hîVgaV8^jYVYK^Z_V¼ZahVacYZaVXVeîVaXjaijgVa!fjZZc kZgVcdhZXdck^ZgiZZcZhXZcVg^deVgVXdcX^Zgidh!VXijVX^dcZhYZXdbeVVhiZVigVaZh n\VaZgVhYZe^cidgZhVgi^hiVh#Adhgdb{ci^XdhXVaaZ_dcZhfjZYZhX^ZcYZc]VhiVZaKh" ijaVZckjZaidhYZbh^XV!VhXdbdaVhXV[ZiZgVhYZZhiâdegde^deZgbîZcY^h[gjiVg YZjcbdbZcidYZgZedhdigVhaVk^hîVYZbjhZdh# AV8^jYVYK^Z_ViVbW^cXdchiîjnZjceVgVhdeVgVadhVbVciZhYZaVgiZhVXgd# IZVc^bVbdhVk^hîVgaV8ViZYgVaYZHVc?jVc7Vji^hiV!aV>\aZh^VYZHVcBVgicnaV >\aZh^VYZaVK^g\Zc7dcYVYdhV# AV8^jYVYK^Z_V!igVhadhYZhigdodhYZaVHZ\jcYV<jZggVBjcY^Va![jZgZXdchigj^" YVYZ[dgbViVcÉZafjZ[jZXdch^YZgVYVXdbdEVig^bdc^dBjcY^Va!8jaijgVanCVijgVa edgaVJC:H8D# 9ZhYZaV8^jYVYK^Z_V!bZgZXZaVeZcVYVgjceVhZdedgZa8Vb^cdGZVa!aVkVYZ Xdbjc^XVX^cb{hgZegZhZciVi^kVYZaVX^jYVY#HZigViVYZaVgjiVfjZjcZZa8Vhiâad lll#lVghVlidjg#ea &- : C 6 B Ù G 6 I : 9 : K 6 G H D K > 6 GZVa Xdc adh eVaVX^dh YZ çVo^Zc`^ n YZ LâVcl#;dgbVYdYjgVciZh^\adh![VhX^" cVedghjVbW^ZciZYZeVaVX^dh!^\aZh^Vh nk^k^ZcYVhWjg\jZhVh#JceVhZdedgZa 8Vb^cdGZVaeZgbîZXdcdXZgaV]^hidg^V YZcjZhigVZmigVdgY^cVg^VX^jYVY# 6h^b^hbd! bZgZXZ aV eZcV k^hîVg jcVYZaVhcZXgeda^hb{hVci^\jVhYZ :jgdeV ¼ Za 8ZbZciZg^d YZ Edl|o`^ n Za8ZbZciZg^d?jYd#CdbZcdh^ciZgZ" hVciZhgZhjaiVcadhgZXjZgYdhn]jZaaVh YZ_VYVh edg Za eVig^bdc^d XjaijgVa YZ adh _jYdh edaVXdh fjZ ]VWîVWVc Zc \gVc cbZgd aV Vci^\jV KVghdk^V ¼ aV h^cV\d\VCdèn`!Zaaj\VgYZXdcbZbd" gVX^c YZa \jZid ¼ JbhX]aV\eaVio! Za BdcjbZcidVadh=gdZhYZa<jZid!Za [gV\bZcidYZadhbjgdhYZa\jZidYZaV XVaaZH^ZccV**# Edg digV eVgiZ! edYZbdh ZcXdcigVg aV8niVYZaV8^jYVYZaV!jcV[dgi^ÉXVX^c YZah#M>MfjZ^bedcZedghjiVbVd Z^c[jcYZiZbdg#AV8niVYZaVXdchiîjnZ jcdYZadhXdc_jcidhYZVgfjîZXijgVYZ" [Zch^kVbZ_dgXdchZgkVYdhYZEdadc^V# IZ hj\Zg^bdh VYZb{h aV k^hîV Va BjhZd YZ aV >chjggZXX^c YZ KVghdk^V! fjZXdchiîjnZjcdYZadhaj\VgZhb{h k^hîVYdh YZ aV XVeîVa# ;jcYVYd Zc Za +% Vc^kZghVg^d YZa aZkVciVb^Zcid YZ KVghdk^V!Zhjc]dbZcV_ZedgeVgiZYZ adhkVghdk^VcdhVVfjZaadhfjZajX]Vgdc neZgZX^ZgdcedgjcVEdadc^Va^WgZnedg hjXVeîVa# DigV^cXjZhi^dcVWaZVigVXX^cijgh" i^XVYZKVghdk^VZhZaEVaVX^dYZ8jaij" gVn8^ZcX^V!hîjVYdZcZaXZcigdYZaV lll#lVghVlidjg#ea :cVbgViZYZKVghdk^V &. X^jYVY#HZigViVYZaZY^ÉX^db{hVaidYZ idYdZaeVh'()!*b!edgadfjZYd" b^cVhdWgZKVghdk^V!_j\VcYdjceVeZa YZejcidYZgZ[ZgZcX^VeVgVadhijg^hiVh fjZcdXdcdXZcaVX^jYVY# AaVbV aV ViZcX^c VYZb{h aV Vg" fjîZXijgV hdX^d"gZVa^hiV YZ adh Vdh *%! Xdbd aV ZY^ÉXVX^c egZhZciZ Zc Za WVgg^d B9B Zc aV EaVoV YZ aV 8dchi^" ijX^c!egdnZXiVYVXdcadhXVcYZaVWgdh XVgVXiZghi^XdhXdcaV^YZVYZgZÊZ_VgaVh bVc^[ZhiVX^dcZhedai^XVh# IZ^ckîVbdh^\jVabZciZVk^hîVgZa WVgg^dEgV\VYZKVghdk^V#HZigViVYZaV eVgiZb{hVci^\jVYZaVKVghdk^VYZaV dgâaVYZgZX]V!dÉX^VabZciZ^cXdgedgVYV VaVX^jYVYYjgVciZZadXVhdYZah#MK>>># FjZY V hVakd YZ adh YZhigdodh YZ aV \jZggV0]dnZcYVZhjcWVgg^dk^hîVYd VbZcjYdnfjZadhVgi^hiVhhjZaZcZaZ" \^gXdbdaj\VgeVgVhjhiVaaZgZh!XajWZh! \VaZgVhniZVigdhVaiZgcVi^kdh# JcVYZaVheg^cXêVaZhVigVXX^dcZhij" ghi^XVhYZEgV\VZhZaEVgfjZOdda\^Xd# KVghdk^V Zh jcV X^jYVY fjZ V ad aVg\dYZZhidhai^bdhVdhhZ]VYZhV" ggdaaVYdg{e^YVbZciZ!ZcaVfjZhZZg^" \ZcZY^ÉX^dhbdYZgcdhYZ^ciZgZhVciZ VgfjîZXijgV# BZgZXZaVeZcVYZhiVXVgZaBZigded" aîVc!ZcaVEaVoVE^¨hjYh`^Z\d!egdnZXiV" YdedgH^gCdgbVc;dhiZg!ZaZY^ÉX^dYZ aV7^Wa^diZXVJc^kZghîVg^VYZaVXVaaZ9d" WgV!ZaLVghVlIgVYZIdlZgYZaVXVaaZ 8]¨dYcV!adhZY^ÉX^dh6ig^jb!EOJ!Za]d" iZaLZhi^chîjVYdVadaVg\dYZaVVkYV# ?VcVEVl¨V>>!ZaGdcYdDCOaVGdidcYV YZaVDCJ!ZagVhXVX^ZadhYZ9VZlddYZ aVXVaaZIdlVgdlV!Za;D8JHYZaVVkYV# 6gb^^ AjYdlZ_! Vh Xdbd Za ]diZa >ciZg" 8dci^cZciVaYZaVXVaaZ:bâ^VEaViZgn!Zc hjh egdm^b^YVYZh! Za 8Zcigd 8dbZgX^Va nGZXgZVi^kdO¨diZIVgVhn# lll#lVghVlidjg#ea = > H I D G > 6 9 : K 6 G H D K > 6 '% AZhegZhZciVbdhaV]^hidg^VYZKVghdk^V naVhdX]dgjiVhijghi^XVhfjZcdhaaZkVc edgadhaj\VgZhb{h^ciZgZhVciZhYZ cjZhigVXVeîVa/ =>HIDG>69:K6GHDK>6 ;^cVaZhYZah^\adM>>>#;jcYVX^cYZjcVcjZkV edWaVX^cZcZaeg^cXêVYd/aVVXijVaKVghdk^V! Vjcdh`âbZigdhVacdgiZYZ?VoYl!VaVVaijgV YZaVZhXVgeVYZaKhijaV!ZcZaaj\VgYdcYZ]dn ZcYVZhi{hîjVYdZa8VhiâadGZVa# &)&(8VbW^dd[^X^VaYZaVhZYZYZaVXVeîVaYZ BVodk^VYZ8oZgh`VKVghdk^V# &*'+HdaZbcZZcigVYVYZagZnHZ\^hbjcYdZa K^Z_dZcKVghdk^V#:chZei^ZbWgZ!aV9^ZiVYZ BVodk^VaZ_jgV[^YZa^YVY#:cVfjZaZcidcXZh! YZW^YdVhj[VkdgVWaZjW^XVX^c!KVghdk^VeVhV edgjceZgdYdYZ[adgZX^b^Zcid!Xdck^gi^cYdhZ ZcaVX^jYVYb{h^bedgiVciZYZaeVh# &*+.9ZX^h^cYZaV9^ZiVYZaVJc^cYZAjWa^c eVgVfjZadhYZWViZhYZaVY^ZiVXdbcedaVXd" aîjVcVYZaVGZeWa^XVYZaVh9dhCVX^dcZh iZc\Vcaj\VgZcKVghdk^V# &*.+IgVhZa^cXZcY^dYZa8VhiâadYZLVlZa! HZ\^hbjcYd>>>KVhVigVhaVYVaVgZh^YZcX^V[^_V YZadhgZnZhedaVXdhnYZadhXVg\dhgZVaZhYZ 8gVXdk^VVa8VhiâadYZKVghdk^V!gZ[dgbVYd nVbea^VYd#8dchZXjZcX^VYZZhiZ]ZX]d[jZ Zag{e^YdYZhVggdaadYZKVghdk^VnZaXdci^cjd XgZX^b^ZcidYZaVedWaVX^cYZaVX^jYVY# &+**"*-I^ZbedhYZ\jZggVh#:cVfjZaadhVdh! KVghdk^V[jZigZhkZXZhVhZY^VYV!Xdcfj^hiVYV ndXjeVYVedghjZXdhnigVchâkVcdh#AdhVdhYZ aV^ckVh^cVggj^cVgdcaVX^jYVYnaVYZhed_Vgdc YZidYdhhjhW^ZcZhXjaijgVaZhZcigZdigVhXdhVh! hVfjZVgdcW^Wa^diZXVhYZbjX]dkVadg!jcV\gVc XVci^YVYYZdWgVhYZVgiZ!aV\VaZgVgZVaYZ e^cijgVnaVXdaZXX^cYZiVe^XZhYZ6gg{h# &+-(9ZhVggdaadZXdcb^XdnXjaijgVaYZKVghdk^VigVh aVZaZXX^cYZ?jVc>>>HdW^Zh`^XdbdhdWZgVcdedaVXd# &,)%;jcYVX^cYZa8daaZ\^jbCdWâ^jbedg HiVc^h¨Vl@dcVgh`^0gZ[dgbVYZah^hiZbVYZ ZYjXVX^c# &,),Adh]ZgbVcdhOV¨jh`^XgZVcaVeg^bZgV W^Wa^diZXVeWa^XV# &,+)",'HZ\jcYVedXVYdgVYVYZaVXVeîVa YjgVciZZagZ^cVYdYZaai^bdbdcVgXVedaVXd! :hiVc^haVd6j\jhidEdc^Vidlh`^#:cVfjZa ZcidcXZh!KVghdk^VhZYZhVggdaaVYZbVcZgV Y^c{b^XV!hZVbea^VnhZigVch[dgbVZcjc bdYZgcddg\Vc^hbdbjc^XêVa!VaVkZofjZ hZXdc[^\jgVZcZaXZcigdYZaVk^YVedai^XV! ZXdcb^XV!XdbZgX^VaZ^cYjhig^Va!VhXdbdZcaV XVeîVaYZaeZgdYdYZâjhigVX^cedaVXV# (YZbVndYZa&,.&GVi^[^XVX^cZcKVghdk^V YZaVeg^bZgVXdchiîjX^cYZ:jgdeV!nhZ\jcYV ZcZabjcYd!fjZhZciaVhWVhZheVgVaV XdchigjXX^cYZjceVhbdYZgcd# 9ZVXjZgYdXdcaVgZhdajX^cVegdWVYVZaYV &-YZVWgâYZ&,.&!adh]VWîVciZhYZaVX^jYVY dWijk^ZgdchjhYZgZX]dhX^kâZh0idYVhaVh lll#lVghVlidjg#ea =^hidg^VYZKVghdk^V '& cdZmi^c\jâVVhe^gVX^cYZadhkVghdk^Vcdh Vk^k^gZca^WZgiVY#AVXVeîVa[jZZa[dXdYZaV Xdche^gVX^cfjZ!edgbZY^dYZaVhVgbVh!fj^hd YZkdakZgaVa^WZgiVYVadhX^jYVYVcdh# &,.)Ijkdaj\VgaV>chjggZXX^cYZ@dÑX^jho`d naVk^Xidg^VZcaVWViVaaVYZGVX¨Vl^XZ!]ZX]dhfjZ VYZaVciVgdcaV^ciZgkZcX^cYZadhkVghdk^Vcdh fjZ!VabVcYdYZaoVeViZgdYZegd[Zh^c?Vc @â^²h`^nZaXVgc^XZgd?oZ[H^ZgV`dlh`^!Za&, YZVWgâYZ&,.)ViVXVgdcnkZcX^ZgdcVadh YZhiVXVbZcidhgjhdhZhiVWaZX^YdhZcKVghdk^V# X^jYVYZhhZ^ciZ\gVgdc_jgY^XVbZciZ!aVh\gVcYZh X^jYVYZhhZY^k^Y^ZgdcVYb^c^higVi^kVbZciZZc WVgg^dhKVghdk^VZcVfjZaZcidcXZhXdciVWVXdc ,WVgg^dh!YVcYdVaVkZojcV\gVcVjidcdbV VaVhVaXVaYVhYZWVgg^d# &,.)IZgXZggZeVgidYZEdadc^V#9jgVciZ&'( VdhEdadc^VYZhVeVgZX^YZabVeVYZ:jgdeV! hjhi^ZggVh[jZgdcVWhdgW^YVhedgGjh^V!Egjh^V n6jhig^V#AVeVgiZYZBVodk^VXdcKVghdk^V igViVYVXdbdjcVX^jYVYYZegdk^cX^V![jZeVgV Egjh^V0aVdigVeVgiZ[jZeVgVGjh^V# :a'&YZVWgâYZa&,.&ZhiVaZnhZ^chXg^W^Zc adha^Wgdhbjc^XêVaZhnYZhYZ&..&ZhV[ZX]VhZ XZaZWgVXdbd[^ZhiVadXVaYZKVghdk^V# :aig^jc[dYZaV8dc[ZYZgVX^cYZIVg\dl^XV YZhigjnadhad\gdhYZaV9^ZiVYZadh8jVigd6dh0 gZeVgidhYZEdadc^V/eg^bZgdZc&,,'nhZ\jcYd Zc&,.(0aVY^[XâhîjVX^cZXdcb^XVYZaeVh &-%+:cigVYVYZaVhigdeVhYZCVedaZcZc KVghdk^V#:hiZ]ZX]dYZheZgicjZkVhZheZgVcoVh ZcXjVcidVaVgZXjeZgVX^cYZaVk^YVZhiViVa VjicdbV#:c_ja^dYZ&-%,!Xdc[dgbZVaigViVYd YZeVo[^gbVYdZcInaèV!hZXgZZaEg^cXêVYd YZKVghdk^V#AVX^jYVYkdak^VhZgjcXZcigd VXi^kdYZaVk^YVedai^XVnXjaijgVa#AVYZggdiVYZ lll#lVghVlidjg#ea = > H I D G > 6 9 : K 6 G H D K > 6 '' CVedaZcejhd[^cVaVZm^hiZcX^VYZaEg^cXêVYd# &-&*KVghdk^V!YZhejhYZa8dc\gZhdYZK^ZcV! hZXdck^gi^YZcjZkdZcaVXVeîVaYZaGZ^cdYZ Edadc^V!eZgdYZeZcY^ZciZYZGjh^V#:aGZ^cdijkd YjgVciZVa\jcdhVdhWVhiVciZVjidcdbV# &-(%n&-+(HjWaZkVX^dcZhVgbVYVhXdcigV Gjh^V#IgVhZa[gVXVhdYZaV>chjggZXX^cYZ:cZgd &-+)!hZ^cigdYj_djcV[jZgiZgjh^[^XVX^cZcaVh ZhXjZaVhnaVVYb^c^higVX^c#6eZhVgYZidYdh ZhidhXdcigVi^Zbedhedai^Xdh!aVX^jYVYhZ\jV YZhVggdaa{cYdhZ# &-)%")-HZXgZVaVeg^bZgVacZVYZ[ZggdXVggâ ZcigZKVghdk^VnK^ZcV# &-+)HZVaoVjcejZciZ[^_dhdWgZZaKhijaV! Zc&-,*Zaeg^bZgejZciZYZ[ZggdXVggâ# &-*&"**HZedcZZc[jcX^dcVb^ZcidaVeg^bZgV gZYYZY^hig^WjX^cYZV\jVh# &--&"-+HZedcZZc[jcX^dcVb^ZcidaVeg^bZgV gZYYZVaXVciVgâaVYd# VadhXVbedhYZXdcXZcigVX^c#AdhVaZbVcZh ZbeZoVgdcVYZgg^WVgaVX^jYVYYZbdYd h^hiZb{i^Xd#AVhegY^YVhXjaijgVaZhfjZhj[g^Zgdc aVhW^Wa^diZXVh!aVhXdaZXX^dcZhYZadhbjhZdh! adhiZbeadhneVaVX^dhfjZbVYdh!VhXdbdadh W^ZcZheg^kVYdhYZadhX^jYVYVcdhhdc^bedh^WaZh YZZkVajVg#Bjg^ZgdcVegdm^bVYVbZciZ'%%%%% ]VWîVciZh#HZYZhigjnjc-)YZadhZY^[^X^dh YZaVX^jYVY#AdhZfjêdhZheZX^VaôVYdhYZadh cVo^h!XdcidiVaegZbZYîVX^c!^cXZcY^VgdcXVhV edgXVhV!XVaaZedgXVaaZ!nZheZX^VabZciZadh ZY^[^X^dhYZ\gVckVadg!XdbdZa8VhiâadGZVa! VafjZ]^X^ZgdckdaVgedgadhV^gZh# &--&>chiVaVX^cYZaVeg^bZgVXZcigVaiZaZ[c^XV# &.)*;^cYZaV\jZggV!gZXdchigjXX^cYZKVghdk^V# &--'HZZhiVWaZXZaVeg^bZgVacZVYZigVchedgiZ gZ\jaVgYZigVckVhi^gVYdhedgXVWVaadhn! Zc&.%,!YZigVckVhZaXig^Xdh# &.)*"-.Edadc^VWV_dadh\dW^ZgcdhXdbjc^hiVh# &.&-Edadc^VgZXjeZgVhj^cYZeZcYZcX^V#KVghdk^V kdak^VhZgaVXVeîVaYZagZcVX^YdZhiVYdedaVXd# &.-&CVX^b^ZcidYZ³Hda^YVg^YVY´!bdk^b^Zcid fjZXdcig^WjnVYZgg^WVgZah^hiZbVXdbjc^hiV ZcEdadc^V# &.(.8db^ZcoVaVHZ\jcYV<jZggVBjcY^Va# KVghdk^V!XdbdYjgVciZZaeZg^dYdYZdegZh^c! hZXdck^gi^ZcZaXZcigdYZaVgZh^hiZcX^V!eZgd iVbW^cZcZaXZcigdYZaVk^YVXjaijgVa nX^Zci[^XVXaVcYZhi^cV# &.-.Eg^bZgVhZaZXX^dcZha^WgZh# &YZbVnd'%%)>c\gZhdYZEdadc^VZcaVJc^c :jgdeZV# &.)(:hiVaa^YdYZaV^chjggZXX^cZcZa\jZid_jYd# 9ZhejhYZjcVajX]VYZh^\jVa!adhVaZbVcZh YZhigjnZgdcedgXdbeaZidZaiZggîdg^dYZa\jZid# &YZV\dhidYZa&.)):hiVaa^YdYZaV>chjggZXX^c YZKVghdk^V#AV^chjggZXX^cYjg+(YVh# 9ZhejhYZa[gVXVhdYZaV^chjggZXX^c!KVghdk^V [jZXdcYZcVYVVaZmiZgb^c^d#Adh]VWîVciZh [jZgdcZmejahVYdhYZaVX^jYVYdZck^VYdh lll#lVghVlidjg#ea GJI6HIJG>HI>86A @c^\hlZ\ KVGZVa 6aihiVYi¼CZjhiVYi¼@gVh^²h`^X]"EaVio¼9j\VHigVZ 8^jYVYK^Z_V¼8^jYVYCjZkV¼EaVoVYZadh@gVh^²h`^nXVaaZ9j\V 8VaaZHZcVidgh`VnEaVoVIZVigVacn¼EaVoV7Vc`dlnnhjhVagZYZYdgZh¼EaVoVYZaBVg^hXVa?oZ[E^hjYh`^nhjhVagZYZYdgZh HZcVidgh`VHigVZjcYIZVigVacn"EaVio¼7Vc`dlnEaViojcYJb\ZWjc\E^hjYh`^Z\dEaViojcYJb\ZWjc\ Aj\VgZhgZaVX^dcVYdhXdcZabVgi^g^dnaVajX]VYZadhedaVXdh Hi~iiZcYZh@Vbe[ZhjcYYZhB~gingZgijbhYZgEdaZc EdgaVh]jZaaVhYZ;gnYZgn`8]de^cZcKVghdk^V 6j[YZcHejgZckdc;gnYZgn`8]de^c^cLVghX]Vj =jZaaVh_jYVhZcKVghdk^V 9Vh_Y^hX]ZLVghX]Vj :aGZVa^hbdhdX^Va^hiVZcKVghdk^V 9VhhdogZVa^hi^hX]ZLVghX]Vj :aWVgg^dYZEgV\VYZKVghdk^V LVghX]VjZgHiVYiiZâEgV\V '( G J I 6 C ¬ & ') GjiVC¬&/ 8Vb^cdGZVa/XVaaZ@gV`dlh`^ZEgoZYb^ZÑX^Z¼XVaaZCdlnÐl^Vi¼8dc_jcid EVaVX^d"EVgfjZGZVaYZçVo^Zc`^¼8dc_jcidEVaVX^d"EVgfjZYZLâVcl :a8Vb^cdGZVaZhaVkVYZXdbjc^XVX^cb{hgZegZhZciVi^kVYZaVX^jYVY0 [dgbVYVYjgVciZh^\adh!VhdbWgVedghj\gVccbZgdYZeVaVX^dh!^\aZh^Vh! XVhVhZaZ\VciZhnedgaVhcjbZgdhVhhZYZhYêadb{i^XVhfjZhZ]VaaVcVadaVg\d YZhjgZXdgg^Yd#JceVhZdedgZa8Vb^cdGZVaZhjcVZmXjgh^cVigVkhYZadh h^\adhfjZcdheZgbîZXdcdXZgaV]^hidg^VYZcjZhigVZmigVdgY^cVg^VX^jYVY# A6EA6O69:A 86HI>AAD &#8VhiâadGZVa '#8dajbcVYZagZn HZ\^hbjcYd>>>KVhV A686AA:@G6@DLH@>: EGO:9B>:Ð8>: (#8VhVYZadh EgVèbdlh`^ )#>\aZh^VYZHVciV6cV VXVYb^XV *#BdcjbZcidV6YVb B^X`^Zl^Xo +#>\aZh^VYZaV6hjcX^c YZHVciVBVgVnHVc ?dh9ZhedhVYd ,#BdcjbZcidVa EgcXêZ?oZ[ Edc^Vidlh`^ -#EVaVX^dEgZh^YZcX^Va .#BdcjbZcidV 7daZh¨VlEgjh &%#>\aZh^VYZaVEgdiZXX^c YZHVc?dhXdckZcid YZaVhbdc_VhYZaV K^hîVX^c &&#BdcjbZcidVa 8VgYZcVaHiZ[Vc Lnhon²h`^ &'#Jc^kZgh^YVYYZ KVghdk^V &(#EVaVX^dYZadh Inho`^Zl^Xo"EdidX`^ &)#EVaVX^dYZadh Jgjh`^ &*#EVaVX^dYZ8Vh^b^gd EV¨VX@Vo^b^Zgodlh`^ &+#:Y^ÉX^dYZaV Vci^\jV7^Wa^diZXV Jc^kZghîVg^V &,#6XVYZb^VYZ7ZaaVh 6giZh¼EVaVX^dYZadh 8oVeh`^"@gVh^²h`^ &-#>\aZh^VYZaVHVciV 8gjo &.#EVaVX^dYZHiVho^X '%#BdcjbZcidVC^Xda{h 8degc^Xd '&#6XVYZb^VYZBh^XV ;ZYZg^Xd8]de^c lll#lVghVlidjg#ea A686AA:CDLNÐL>6I ''#8Zcigd7VcXVg^dn ;^cVcX^Zgd7dahVYZ KVghdk^V '(#CjZkdZY^ÉX^dYZ aV7dahVZcaVXVaaZ @h^|èXV ')#BjhZdCVX^dcVa '*#BjhZdYZa:_gXîd EdaVXd '+#EjZciZYZaegcXêZ ?oZ[Edc^Vidlh`^ A66K:C>96 J?6O9DLH@>: ',#>\aZh^VYZHVc 6aZ_VcYgd GjiVC¬&/ '-#;^\jgVYZHVc?jVc CZedbjXZcd '.#BdcjbZcidV L^cXZcinLîdh (%#:Y^ÉX^dYZaV9^ZiV EVgaVbZcidnZa HZcVYd (&#EVgfjZJ_VoYdlh`^ ('#BdcjbZcidV>\cVXn ?VcEVYZgZlh`^ ((#EVaVX^dJ_VoYdlh`^ ()#?VgYc7di{c^Xd :a8DC?JCIDE6A68>D ¼E6GFJ:G:6A9: ç6O>:C@> (*#:aEVaVX^dhdWgZZa6\jV '* (+#EVaVX^dBnÑa^l^ZX`^ (,#6cÉiZVigdhdWgZ aV>haV (-#6ci^\jd>ckZgc{Xjad HiVgVEdbVgV²XoVgc^V (.#8VhîV7aVcXV )%#9ZehîdYZV\jVh )&#CjZkV@dgYZ\VgYV )'#6ci^\jV@dgYZ\VgYV )(#6cZmdBVndg ¼:hXjZaVYZ8VYZiZh BjhZdYZaV :b^\gVX^cEdaVXV ))#BdcjbZcidVagZn ?jVc>>>HdW^Zh`^ )*#IZbeadYZ9^VcV )+#IZbeadZ\êX^d ),#CjZkd>ckZgc{Xjad EdbVgV²XoVgc^V )-#BdcjbZcidV =Zcgn`H^Zc`^Zl^Xo ).#BdcjbZcidV ;ZYZg^Xd8]de^c *%#EVaVX^d7ZakZYZgZ *&#BdcjbZcidVa BVg^hXVa?oZ[E^¨hjYh`^ *'#BjhZdYZ8VoVn :fjîVX^c :A8DC?JCIDE6A68>D ¼E6GFJ:9:L>A6CÙL *(#EVaVX^d *)#EVgfjZ **#@dgYZ\VgYV lll#lVghVlidjg#ea *+#>ckZgc{Xjad *,#;gV\jV *-#E^XVYZgdn8dX]ZgV *.#EdhVYV +%#6ci^\jVIVWZgcV +&#BVjhdaZdYZ :hiVc^haVdn 6aZ_VcYgVEdidX`^ +'#>\aZh^VYZHVciV6cV G J I 6 C ¬ & '+ A6EA6O69:A86HI>AAD & ' 8VhiâadGZVa EaVoVOVb`dln) >c[dgbVX^c$GZhZgkVh/''(***&,% lll#oVbZ`"`gdaZlh`^#Xdb#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#., AV8dajbcVYZagZnHZ\^hbjcYd>>>KVhV AVZhiVijVegd[VcVb{hVci^\jVYZKVghdk^V! aZkVciVYVZc&+))edgZagZnAVY^haVd>KKVhV Zc]dcdgVhjeVYgZ#:aZhXjaidgYZaVZhiVijV[jZ 8#Bdaa^#:cZaVd&.))aVXdajbcV[jZYZhigj^YV ngZhiVjgVYVYZhejhYZaV\jZggVZc&.).VaijgV YZabdcjbZcid/''bZigdh# Adhdg\ZcZhYZaXVhiâadhZgZbdciVcVah#M>>>! eg^bZgVbZciZXdbdgZh^YZcX^VYjXVan!YZhYZ ZaVd&*'+!XdbdgZh^YZcX^VgZVa#8jVcYdaVXVeîVa [jZigVhaVYVYVYZ8gVXdk^VVKVghdk^VZaXVhiâadZgV cdhadaVhZYZYZagZn!h^cdiVbW^cYZadhedYZgZh Z_ZXji^kdhnaZ\^haVi^kdhnjcaj\VgYZ^bedgiVciZh VXdciZX^b^ZcidhYZaV]^hidg^VYZEdadc^V#9ZhkVa^_VYd nYZhigj^Yd^c]jbVcVbZciZZcadhVdh&.(."&.))! [jZgZXdchigj^Yd!VegdkZX]VcYdadhZaZbZcidh VgfjîZXic^XdhXdchZgkVYdhn\gVX^VhVaZh[jZgod YZidYVaVcVX^cZcigZadhVdh&.,&n&.-)# A686AA:@G6@DLH@>:EGO:9B>:Ð8>: :cZabZY^ZkdeVhVWVedgVfjjcVgjiVXdbZgX^Va ]VhiV8oZgh`#6aeg^cXê^d!hZaZkVciVgdcVaa ZY^ÉX^dhYZbVYZgV!b{hiVgYZ!XdcZaYZhVggdaad YZaVX^jYVY!VadaVg\dYZaigVnZXidZbeZoVgdc VaZkVciVghZbVch^dcZhn]VX^ZcYVhn!YZhYZ Zah#MK>>!eVaVX^dhngZh^YZcX^VhcdWâ^Vg^Vh Xdc_VgY^cZh!VhXdbd^\aZh^VhnXdckZcidh# lll#lVghVlidjg#ea GjiVC¬&/ ', WVggdXd#B{hiVgYZ!VÉcVaZhYZah#MK>>>!aV^\aZh^V [jZgZcdkVYVnhZaZYdiYZjcV[VX]VYVXaVh^X^hiV! hZ\cjcegdnZXidYZ8]#E#6^\cZgnHiVc^h¨Vl @dhi`VEdidX`^#:cZa^ciZg^dg!ZcigZdigVhXdhVh!hZ ZcXjZcigVcZaVci^\jdg\VcdnY^kZghVhe^cijgVh# * =dnZcYV@gV`dlh`^ZEgoZYb^ZÑX^ZZhjcVXVaaZ ZaZ\VciZ!VadaVg\dYZaVXjVahZZcXjZcigVc aVhZYZYZaegZh^YZciZYZaVGZeWa^XVEdaVXV! aVJc^kZgh^YVYYZKVghdk^V!cjbZgdhVh^\aZh^Vh ]^hig^XVh!bdcjbZcidhnXVhVhZaZ\VciZh! VhXdbdaV6XVYZb^VEdaVXVYZ8^ZcX^Vh nZabdcjbZciVa]diZa7g^hida# ( AV8VhVYZadhEgVèbdlh`^ X$@gV`dlh`^ZEgoZYb^ZÑX^Z-. 8dchigj^YVVegdm^bVYVbZciZZcZa&++% ngZcdkVYVb{hdbZcdhZc&,,%ZcZhiâdgdXdX# 9ZhejhYZaVhYZhigjXX^dcZhYZaV\jZggV&.))! [jZgZXdchigj^YVZcigZadhVdh&.)-n&.).#=dn ZcYVhZZcXjZcigVVfjaV8VhVYZaVAîZgVijgV# ) AV>\aZh^VYZHVciV6cVVXVYb^XV X$@gV`dlh`^ZEgoZYb^ZÑX^Z+i[cd#/''-'+-..& lll#hlVccV#lVl#ea ;jcYVYVZc&)*)edgaVeg^cXZhV6ccVBVodl^ZX`V eVgVZaXdckZcidYZbdc_ZhWZgcVgYdhZY^ÉX^d ZcZhiâd\i^Xd!Zcg^fjZX^YVedgjcXVbeVcVg^d gZcVXZci^hiVYZh#MK>#9jgVciZaVh\jZggVhhjZXVhaV ^\aZh^V[jZYZhigj^YVnYZhejhgZXdchigj^YVVaZhiâd :aBdcjbZcidV6YVbB^X`^Zl^Xo :hXjae^Ydedg8#<dYZWh`^#:abdcjbZcidVabVndg edZiVedaVXdYZaeZgdYdYZaGdbVci^X^hbd[jZ ^cVj\jgVYdZcZaXZciZcVg^dYZacVX^b^ZcidYZa edZiV!ZcZaVd&-.-!ZcjceZgdYdYZ^ciZch^kV gjh^ÉXVX^c!YZhejhYZaV>chjggZXX^cYZ:cZgd# :cVfjZaZcidcXZh[jZjcmîdYZaXdbîeVgV hjXdchigjXX^c!Va[gZciZYZaXjVaZhiVWVcB^X]V¨ GVYo^l^¨n=Zcgn`H^Zc`^Zl^Xo\VaVgYdcVYd YZhejhXdcZaegZb^dCdWZaYZAîZgVijgVedghj cdkZaV³FjdkVY^h´#:cZaVd&.)'!aVhigdeVh ]îaZg^VcVhhZaaZkVgdcZabdcjbZcidV=VbWjg\d! YZYdcYZ!igVhaV\jZggV![jZgdcgZXjeZgVYdhVa\jcdh [gV\bZcidhaVXVWZoVnjc[gV\bZcidYZaidghd#:a bdcjbZcid[jZgZXdchigj^YdZ^cVj\jgVYdZc&.*%# + AV>\aZh^VYZHVciVBVgVYZaV6hjcX^cnHVc ?dh9ZhedhVYd X$@gV`dlh`^ZEgoZYb^ZÑX^Z*'$*) 8dchigj^YVZcZhiâdWVggdXdZcigZadhVdh&++& n&+-&!hZ\cZaegdnZXidYZ?#7Zadii^!ÉcVcX^VYV edgZagZnAVY^haVd>KeVgVZaXdckZcidYZadh =ZgbVcdh8VgbZaîVh9ZhXVaodh#Hj[VX]VYV XaVh^X^hiVeZgiZcZXZVaeZg^dYd&,+'"&,-%n[jZ gZVaôVYVhZ\cZaegdnZXidYZ:[gV^bHX]gdZ\Zg# 9jgVciZZai^ZbedYZaVgZXdchigjXX^cYZaV 8ViZYgVaYZHVc?jVcYZhZbeZZaeVeZa YZegd"XViZYgVa# lll#lVghVlidjg#ea G J I 6 C ¬ & ', :aBdcjbZcidVaEgcXêZ?oZ[Edc^Vidlh`^ :hXjae^Ydedg7#I]dgkVaYhZcVZc&-('#:cZa Vd&-()!ZaoVgYZGjh^V!bZY^VciZjcVdgYZc ZheZX^Va!egd]^W^XdadXVgZabdcjbZcidnbVcY igVchedgiVgadVaV[dgiVaZoVYZBdYa^c#B{hiVgYZ! ZaoVggZ\VaZabdcjbZcidVa\ZcZgVa>lVc EVh`^Zl^Xo!fj^ZcadigVhaVY]VhiVhjhedhZh^dcZh Zc=dbZa#:abdcjbZcidgZ\gZhVEdadc^VZc &.''!eZgdYjgVciZaVai^bV\jZggV[jZYZhigj^Yd edgXdbeaZid#AVcjZkVZhXjaijgV!gZVaôVYVVWVhZ YZabdYZadVci^\jd![jZjcdWhZfj^dedgeVgiZYZ adh]VWîVciZhYZ8deZc]V\jZVKVghdk^V# - :aEVaVX^dEgZh^YZcX^Va X$@gV`dlh`^ZEgoZYb^ZÑX^Z)+$*% lll#egZonYZci#ea &% AV>\aZh^VYZHVc?dhYZaVEgdiZXX^c XdckZcidYZaVhbdc_VhYZaVK^hîVX^c X$@gV`dlh`^ZEgoZYb^ZÑX^Z() 8dchigj^YVZcZhiâdWVggdXdiVgYdZcadhVdh &,'*"&,+-hZ\cZaegdnZXidYZ@#7VnV n?V`jW;dciVcV#G^Xdh^ciZg^dgZh!dgcVbZciVYdh XdcZhXjaijgVhZcZhiâdgdXdX#:hjcdYZadh bdcjbZcidhb{hkVa^dhdhYZKVghdk^V# && :aBdcjbZcidVa 8VgYZcVaHiZ[Vc Lnhon²h`^# Eg^bVYdYZEdadc^VZcigZ adhVdh&.)-"&.-&! aaVbVYd!edghjhhZgk^X^dh VEdadc^VnVaV>\aZh^V XVia^XVedaVXV!Za Eg^bVYdYZaBâZc^d# &' AVJc^kZgh^YVYYZKVghdk^V 8dchigj^YdZcadhVdh&+)(")*eVgVZa]Zib{c @dc^ZXedah`^#9ZhYZÉcVaZhYZah#MK>>]VhiVZaVd &-&,[jZegde^ZYVYYZadhGVYo^l^¨¨#KVg^VhkZXZh Vbea^VYd!aVVXijVa[dgbVXaVX^X^hiVYZaeVaVX^dhZ YZWZVaVgZXdchigjXX^c&-&-"&-&.!aaZkVYV VXVWdYZhejhYZhZgXdbegVYdZaZY^ÉX^dedg aVhVjidg^YVYZhYZaGZ^cdYZa8dc\gZhd#:cZaVd &.**!hZÉgbVfjZaEVXidYZKVghdk^V!Zc&.,%! ZaeVXidYZcdgbVaôVX^cYZaVhgZaVX^dcZhXdc 6aZbVc^Vn!Zc&.-.!ZcZhiZaj\VghZaaZkVgdc VXVWdadhYZWViZhYZaVBZhVGZYdcYV#9ZhYZ ZaVd&..)!ZhaVgZh^YZcX^VYZaEgZh^YZciZ YZaVGZeWa^XVEdaVXV# . X$@gV`dlh`^ZEgoZYb^ZÑX^Z'+$'- i[cd#/''**'%%%% lll#jl#ZYj#ea AVeg^bZgVjc^kZgh^YVYYZKVghdk^V![jcYVYVZc &-&+XdbdJc^kZgh^YVYGZVaYZKVghdk^V!Xdbd gZhjaiVYdYZaVjc^cYZa8daZ\^dYZ9ZgZX]d n6Yb^c^higVX^cnaV:hXjZaVYZBZY^X^cV#:c &-(&[jZXaVjhjgVYVedgaVhVjidg^YVYZhgjhVh# :aBdcjbZcidV7daZh¨VlEgjh GZVaôVYdhZ\cegdnZXidYZ6#@Vb^Z²h`V" çVe^²h`VZ^cVj\jgVYdZcZcZgdYZ&.,,# 7daZh¨VlEgjh&-),"&.&'[jZjcdYZadh bVndgZhZhXgîdgZhedhî^k^hiVhedaVXdh# lll#lVghVlidjg#ea GjiVC¬&/ '. :cigZadhVdh&-+'n&-+.Zm^hi^Xdbd8daZ\^d Eg^cXêVa#6eVgi^gYZ&-+.![jZigVch[dgbVYVZc aVJc^kZgh^YVYOVg^hiVYZKVghdk^VXdcZagjhd XdbdaVaZc\jVYZZchZVcoV#AVJc^kZgh^YVY YZKVghdk^VXdciZbedg{cZVZm^hiZYZhYZZaVd &.&*#:cZaXdc_jcidYZadhZY^ÉX^dhjc^kZghîVg^dh ]VnVa\jcdhZY^ÉX^dhVci^\jdhejcidh&("&+# &( :aEVaVX^dYZadhInho`^Zl^Xo"EdidX`^ X$@gV`dlh`^ZEgoZYb^ZÑX^Z(' b{h^c[dgbVX^cZcaVhZXX^cBjhZdhYZ KVghdk^V!e{\#.( 8dchigj^YdZcigZadhVdh&,-*"&,.'ZcZhiâd XaVh^X^hiV!hZ\cZaegdnZXidYZ?#8]#@VbhZioZg# :cigZadhVdh&-)%n&.'([jZegde^ZYVYYZ adhEdidX`^#6fjk^k^?#J#C^ZbXZl^Xo#6eVgi^g YZ&.((![jZaVhZYZYZaV6XVYZb^VEdaVXVYZ aVAîZgVijgV#;jZ^cXZcY^VYdedgadhVaZbVcZh Zc&.))#GZXdchigj^YdVeVgi^gYZ&.)-!]dnYV VaWZg\VZaBjhZdJc^kZghîVg^d# &) :aEVaVX^dYZadhJgjh`^ &+ :aZY^[^X^dYZaVVci^\jV7^Wa^diZXVJc^kZghîVg^V X$@gV`dlh`^ZEgoZYb^ZÑX^Z'+$'AVW^Wa^diZXV[jZ[jcYVYVZc&-&,!Vaeg^cXê^d ijkdhjhZYZZcZaEVaVX^dYZ8Vh^b^gd!ZcZaVd &-.)[jZigVhaVYVYVVjccjZkdZY^ÉX^d!Xdchigj^Yd ZcZaZhiâdcZdggZcVXZci^hiVhZ\cegdnZXidYZ 6#?VW¨d²h`^"?Vh^Z²Xon`nH#HonaaZg#AVhXdaZXX^dcZh YZa^Wgdh[jZgdckVg^VhkZXZhigVhaVYVYVh nhVfjZVYVh!igVhaVYZggdiVYZaV>chjggZXX^c YZCdk^ZbWgZ!jcdh.%%%%kdabZcZh[jZgdc aaZkVYdhVHVcEZiZghWjg\d0Zc&.&*!aVh Vjidg^YVYZhoVg^hiVhhVfjZVgdcaVeVgiZb{hkVa^dhV YZaVXdaZXX^c!adh^ckZciVg^dhnZaVgX]^kdYZaV W^Wa^diZXV0ZcZaVd&.(.!adh^ckVhdgZhVaZbVcZh hVfjZVgdcZa<VW^cZiZYZ<gVWVYdhn!Zc&.))! fjZbVgdcjcdh)%%%bVcjhXgîdh#9jgVciZaV dXjeVX^c!aV7^Wa^diZXVJc^kZghîVg^VhZZcXVg\ YZegZhiVga^WgdheVgVhVi^h[VXZgaVhcZXZh^YVYZh Y^Y{Xi^XVhYZYdhjc^kZgh^YVYZhXaVcYZhi^cVh aVYZKVghdk^VnaVYZEdocV²#:cZaVd&...! aVXdaZXX^cYZb{hYZ'bâadcZhYZkdabZcZh ZcidYVhaVhhZXX^dcZhYZaV7^Wa^diZXVYZaV Jc^kZgh^YVYYZKVghdk^Vb{hYZ)bâadcZh! [jZigVhaVYVYVVacjZkdZY^ÉX^dYZEdl^ÑaZ# X$@gV`dlh`^ZEgoZYb^ZÑX^Z(% 8dchigj^YdZcigZadhVdh&-))n&-),!hZ\c egdnZXidYZ6#<d¨d²h`^#9ZhYZZaVd&-**![jZ egde^ZYVYYZadh8oZilZgin²h`^#9ZhejhYZaV >chjggZXX^cYZKVghdk^V[jZ^cXZcY^VYdedgadh VaZbVcZh!gZXdchigj^YdZcigZadhVdh&.).n&.*& eVgVVaWZg\VgZcaaV;VXjaiVYYZ<Zd\gV[VYZaV Jc^kZgh^YVYYZKVghdk^Vnadh:hijY^dhGZ\^dcVaZh# &, AV6XVYZb^VYZ7ZaaVh6giZh ¼EVaVX^dYZadh8oVeh`^¼@gVh^²h`^ X$@gV`dlh`^ZEgoZYb^ZÑX^Z* i[cd#/''('%%'%% lll#Vhe#lVl#ea :aeVaVX^d[jZXdchigj^YdZcigZadhVdh&,&("&,&-# KVg^VhkZXZhgZcdkVYd0gZXdchigj^YdYZhejhYZadh YZhigdodhYZaV\jZggV#HZaZgZhiVWaZX^ZaVheZXid &* :aEVaVX^dYZ8Vh^b^gdEV¨VX@Vo^b^Zgodlh`^ X$@gV`dlh`^ZEgoZYb^ZÑX^Z'+$'- 8dchigj^YdZc&++%XdbdgZh^YZcX^VYZkZgVcd eVgVZagZn?jVc8Vh^b^gd#:cigZadhVdh&,+* n&,+-[jZgZcdkVYdXdbdhZYZYZa8jZged YZ8VYZiZh:hXjZaVYZ8VWVaaZgdh!ZcaVfjZ gZX^W^ZgdcZYjXVX^c!ZcigZdigdh!I#@dÑX^jho`d! ?#J#C^ZbXZl^Xon?#Hdl^²h`^#9ZhYZZaVd&-')!Zh aVhZYZYZagZXidgVYdYZaVJc^kZgh^YVYYZKVghdk^V# lll#lVghVlidjg#ea G J I 6 C ¬ & (% YZah#MK>>>!XdchZgkVcYdZaZbZcidhWVggdXdh nXaVh^X^hiVh#6XijVabZciZ!ZcaVhVci^\jVhhVaVh YZaeVaVX^dhZZcXjZcigVciVaaZgZhXdbdadhYZ aVh[VXjaiVYZhYZe^cijgVn\gVWVYd#:cZaVcZmd ôfj^ZgYdYZaeVaVX^dhZZcXjZcigVZahVacZcZafjZ k^kâV[Vbâ^V8]de^c!hjbdWâ^Vg^dhZXdbedcZYZ bjZWaZhYZaVedXVn[did\gV[Vh#Digdh^cfjâ^cdh [VbdhdhYZaeVaVX^d[jZgdc/H#BV¨VX]dlh`^! O#Kd\ZanO#@gVh^²h`^#:cZaeVi^dYZaeVaVX^d hZZcXjZcigVjcVXde^VYZjcVdWgVYZKZggdXX]^d! ZabdcjbZcidV7#8daaZdc^!\dcYdaZgdkZcZX^Vcd# &- AV>\aZh^VYZaVHVciV8gjob^h^dcZgdh X$@gV`dlh`^ZEgoZYb^ZÑX^Z( I[cd#YZaVeVggdfj^V/''**+--'% lll#hl`gono#ea IgVhadhYZhigdodhYZaV\jZggV![jZgZXdchigj^YV ZcigZadhVdh&.)*n&.*(#6fj]VncjbZgdhdh ZeîV[^dh!ZcigZdigdh!YZ7#Egjh!?#>#@gVhoZlh`^! ?#H¨dlVX`^nL#H^`dgh`^# &. :aEVaVX^dYZHiVho^X X$CdlnÐl^Vi,' 8dchigj^Ydedg6#8dgVoo^ZcZhiâdXaVh^X^hiV iVgYdZcigZadhVdh&-'%n&-'(#9Zhigj^Yd Z^cXZcY^VYdYjgVciZaV>chjggZXX^cYZKVghdk^V! gZXdchigj^YdZcZaVd&.).#6fjhZZcXjZcigV V]dgVaVhZYZYZaVhVjidg^YVYZheg^cXêVaZhYZaV 6XVYZb^VEdaVXVYZ8^ZcX^Vh!VhXdbdZa^chiîjid! aVW^Wa^diZXVnZaVgX]^kdYZZhiV^chiîjX^c# AZkVciVYVZcZhiâdWVggdXdXdcaVXVgVXiZghi^XV [^\jgVYZ8g^hiddWgVYZE#LZad²h`^Xdc aV^chXgêX^c³Hjghjb8dgYV´³6gg^WVadh XdgVodcZh´!Xdchigj^YVZcigZadhVdh&+,.n&+.+ hZ\cZaegdnZXidYZ?#7Zadii^![^cVcX^VYVedgZa VWVY@#HoXoj`VnZaeg^bVYdB#GVYo^Z_dlh`^#:c adheâVgZhYZaiZbeadZhi{c[^_VYVhjcVhjgcVhXdc adhXdgVodcZhYZ;#8]de^c&--'nL#GZnbdci# '% :aBdcjbZcidVC^Xda{h8degc^Xd :g^\^Ydedg^c^X^Vi^kVYZH#HiVho^XZ^cVj\jgVYd Zc&-(%edg?#J#C^ZbXZl^Xo#:abdcjbZcidVa Vhigcdbd!gZVaôVYdedg7#I]dgkVaYhZc!b^YZ '!-bZigdhYZVaijgV#9jgVciZaVdXjeVX^c!adh VaZbVcZhXjWg^ZgdcaV^chXgêX^cedaVXVXdcjcV eaVXVXdcaVh^chXgêX^dcZhZcVaZb{c!aVXjVa! YjgVciZjcVVXX^cYZhVWdiV_Z![jZgZi^gVYVedg ZahdaYVYd6aZ`9Vl^Ydlh`^!YZabdk^b^Zcid XaVcYZhi^cdYZZmeadgVYdgZh³HoVgZHoZgZ\^´#:c &.))!ZabdcjbZcid[jZYZhi^cVYdVaVX]ViVggV nigVhaVYVYdVCnhV!YZbVcZgVbâV\gdhVfjZY VhVakdnYZhejhYZhjgZeVgVX^c³gZ\gZh´Vhj Vci^\jdaj\Vg#6YZb{hYZhiZYZKVghdk^V!]Vn YdhbdcjbZcidhV8degc^Xd^Yci^Xdh[jcY^Ydh YZab^hbdbdaYZ/ZcBdcigZVanZc8]^XV\d# lll#lVghVlidjg#ea GjiVC¬&/ (& '& AV6XVYZb^VYZBh^XV;ZYZg^Xd8]de^c X$Dàc^`' i[cd#/''-',,')& lll#X]de^c#ZYj#ea AV6XVYZb^VZhjcXZcigdYdcYZi^ZcZcaj\Vg cjbZgdhdhXdcX^Zgidh#Hj[jcX^cZhi{gZaVX^dcVYV iVcidVaV[dgbVX^cYZ_kZcZhbh^XdhXdbd VaVVXi^k^YVYVgihi^XVnX^ZciÉXVYZeZYV\d\dh# HjdW_Zi^kdZhaVY^kja\VX^cYZaVXZgkdYZaV VXVYZb^V!VYZb{hYZaVY^[jh^cYZaVbh^XVZcadh VbW^ZciZhbZabVcdhYZaVXVeîVa#HZdg\VcôVc XdcX^ZgidhgZ\jaVgbZciZadhb^gXdaZh!\gVcYZh XdcX^Zgidhh^c[c^Xdh!XdcX^ZgidhYZdgVidg^dh! gZXîVaZh!XdcX^ZgidhYZX{bVgV!VjY^X^dcZhXdc bdi^kdhZhijY^VciâZhnZheZXi{XjadhYZeZgV# hZXdchigjnZgdcdigVhXVhVhYZZhiâdcZjigd# CjbZgdhVheaVXVhXdcbZbdgVi^kVhZcaVheVgZYZh YZadhZY^ÉX^dh^c[dgbVchdWgZaVheZghdcVh[VbdhVh fjZk^k^ZgdcZcZhiVXVaaZ!ZcigZdigdh/AZdedaYHiV[[ X$CdlnÐl^Vic¬+%!@VgdaHonbVcdlh`^X$Cdln Ðl^Vic¬),!?ja^VcIjl^bX$CdlnÐl^Vic¬'*# '' :a8Zcigd7VcXVg^d";^cVcX^ZgdZcZaeVhVYd 8VhVYZaEVgi^YdDWgZgdJc^[^XVYdEdaVXd X$CdlnÐl^Vi+$&' :aZY^ÉX^dhZVaoZcigZadhVdh&.)-"&.*'Xdc VedgiVX^dcZhdWa^\Vidg^VhYZidYVaVhdX^ZYVY# =VhiVZaVd&..%[jZaVhZYZYZa8dbî8ZcigVa YZaEVgi^YdDWgZgdJc^ÉXVYdEdaVXd#9ZhYZZa Vd&..&ZhZa8Zcigd7VcXVg^d";^cVcX^ZgdCdln Ðl^Vi!aV7dahVYZKVadgZhYZKVghdk^V# A686AA:CDLNÐL>6I '( AVCjZkV7dahVYZKVadgZh¼:a8Zcigd;^cVcX^Zgd :acdbWgZYZaVXVaaZVeVgZX^VbZY^VYdhYZa h#MK>>_jcidXdcaVcjZkVedWaVX^cYZZhdh iZggZcdh#:cZah#MK>>>aVXVaaZnVZhiVWVZY^ÉXVYV nZbeZYgVYV#:cadhVdhYZZm^hiZcX^VYZaGZ^cd EdaVXdaVhXVhVhYZbVYZgV[jZgdchjhiîj^YVhedg XVhVhYZaVYgâadYZYdWaZeaVciV# :caVhZ\jcYVbîVYYZah#M>M!CdlnÐl^ViaaZ\ VhZgjcVXVaaZYZbjX]dig{ÉXdXdccjbZgdhVh i^ZcYVh!XV[ZiZgVhniZggVoVhYZkZgVcd#9jgVciZ aV\jZggVaVXVaaZ[jZYZhigj^YVXVhêdgXdbeaZid# 9ZhejhYZaV\jZggVhZgZXdchigjnZgdceVgiZYZ aVh[VX]VYVhYZaVhVci^\jVhXVhVhnedgYdfj^Zg X$@h^|èXV) IgVhaVYVYVYZaVVci^\jV8VhVYZaEVgi^Yd DWgZgdJc^ÉXVYdEdaVXdVabdYZgcdZY^ÉX^d YZaVXVaaZ@h^|èXV#:m^hiZaVedh^Wâ^YVYYZ k^hîVgadhadXVaZhYZaVWdahV!ZmXZeidaVhVaVYZ XdiôVX^dcZh!fjZhZejZYZkZgYZhYZaV\VaZgV hîjVYVZcaViZgXZgVeaVciV# ') :aBjhZdCVX^dcVa VkYV#?Zgdoda^bh`^Z( i[cd#/''+'&&%(&! >c[dgbVX^c/''+'.(%.( 8aVhZhZcZabjhZd/''+'.*%+% lll#bcl#Vgi#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#.% B:aBjhZdCVX^dcVaYZKVghdk^VegZhZciVZch^ZiZ \VaZgVheZgbVcZciZhbjZhigVhbjnkVg^VYVhYZa VgiZ!YZhYZdW_ZidhVci^\jdh]VhiVXdciZbedg{cZdh! ZcigZdigdh!kVh^_Vh\g^Z\Vh!bdb^VhZ\êX^Vh! [gZhXdhYZ;VgVh!ZhXjaijgVh!gZiVWadhbZY^ZkVaZh! e^cijgVedaVXVnZjgdeZVnVgiZYZXdgVi^kd# lll#lVghVlidjg#ea G J I 6 C ¬ & (' '* :aBjhZdYZa:_gXîdEdaVXd VkYV#?Zgdoda^bh`^Z( i[cd#/''+'.*',&$,'!lll#bjoZjble#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#.) ;jcYVYdZc&.'%!edhZZjcVg^XVXdaZXX^cfjZ VWVgXVdW_ZidhbâîVgZhVgbVh!VgbVbZcid YZ[Zch^kd!jc^[dgbZh!WVcYZgVh!Y^hi^cX^dcZh! jiZchâ^dhbâîVgZh!dW_ZidhYZVgiZ!VgX]^kdh nW^Wa^diZXVZheZX^VaôVYV# '+ :aEjZciZYZaEgcXêZ?oZ[Edc^Vidlh`^ AZkVciVYdVeg^cXê^dhYZah#MMVaZhiâd YZaaaVbVYdgZcVX^b^ZcidedaVXd#IgVhadh YZhigdodhYZaV\jZggV!Zc&.)+!aVXdchigjXX^c YZadhigVbdhYZaejZciZ[jZgdcXVbW^VYdh XdbeaZiVbZciZ!h^chZggZXdchigj^YdhadhhZ^h X^b^ZcidhYZaVeVgiZXZcigVa#:cadhVdh&.-*".% hZaaZkVXVWdjcVggZ\ad\ZcZgVaYZak^VYjXid nejZciZ0ZcigZdigVhXdhVh!hZgZXdchigjnZgdc aVhidggZhYZaVeVgiZZhiZYZaejZciZ# '- AV;^\jgVYZHVc?jVcCZedbjXZcd EaVoVIgoZX]@gonèn :hXjaijgVZcZhiâdgdXdXÉcVcX^VYVZc&,*+edg Za<gVcBVg^hXVaYZaV8dgdcV;#7^Za^²h`êVgV XdcbZbdgVgZaZbeZYgVYdYZaVXVaaZCdlnÐl^Vi# '. :aBdcjbZcidVL^cXZcinLîdh&-,)"&.)* EaVoVIgoZX]@gonèn A66K:C>96J?6O9DLH@>: HZZmi^ZcYZYZhYZaVEaVoVIgoZX]@gonèn]VhiV aVXVaaZ7ZalZYZgh`V!ZhjcVYZaVhXVaaZhb{h ZaZ\VciZhYZKVghdk^V#6fjedYZbdhZcXdcigVg eVaVX^dhVci^\jdh!X]Vah!ZaZ\VciZhXVhVhYZ VafjâZg!cjbZgdhVhZbWV_VYVh!VhXdbdaVdÉX^cV YZa8dchZ_dYZB^c^higdh!ZaEVgfjZJ_VoYdlh`^ nZaEVgfjZçVo^Zc`^XdcZaEVaVX^d7ZakZYZgZ# 6Xi^k^hiVYZabdk^b^ZcidedejaVg!edai^Xd nejWa^X^hiV0ZabdcjbZcid[jZ^cVj\jgVYd Za''YZhZei^ZbWgZYZ&.-*ZcZa.%Vc^kZghVg^d YZaVdg\VcôVX^cYZabdk^b^ZcidXVbeZh^cdYZ Edadc^V!gZVaôVYdhZ\cegdnZXidYZB#@dc^ZXocn# (% AV6hVbWaZVnZaHZcVYd X$L^Z_h`V+$i[cd#/''+.)'*%%0lll#hZ_b#\dk#ea ', AV>\aZh^VYZHVc6aZ_VcYgd X$@h^|èXV'& 8dchigj^YVZcigZadhVdh&-&-n&-'*!hZ\c ZaegdnZXidYZ8]#6^\cZg!XdcYdcVi^kdh hdX^VaZh#9ZhejhYZadhZhigV\dhegdkdXVYdh edgaV>chjggZXX^cYZKVghdk^V![jZgZXdchigj^YV Xdc[dgbZVhj[dgbVdg^\^cVaZcigZadhVdh &.),"&.*-# AVhZYZYZaEVgaVbZcid/aV6hVbWaZVnZaHZcVYd YZaVGZeWa^XVEdaVXV!hZZcXjZcigVZcjcZY^ÉX^d Xdchigj^YdZcigZadhVdh&.'*n&.'.Zc[dgbV YZhZb^ggdidcYV0gZVaôVYdhZ\cZaegdnZXid YZ@#H`gZl^Xo#AV[VX]VYVYZaZY^ÉX^dZhi{ YZXdgVYVXdcjc[g^hdZcWV_dggZa^ZkZh#9Zhejh YZhjfjZbVZcZaVd&.(.[jZgZXdchigj^Yd nVbea^VYd]VhiVÉcVaZhYZ&.)+# lll#lVghVlidjg#ea GjiVC¬&/ (( (& :aEVgfjZJ_VoYdlh`^ (( :a8VhiâadJ_VoYdlh`^¼8ZcigdYZ6giZ VkYV#J_VoYdlh`^Z 8dciZbedg{cZd X$?VoYl' i[cd#/''+'-&',&$( lll#Xhl#Vgi#ea b{h^c[dgbVX^cZcaVhZXX^c³<VaZgVh YZKVghdk^V´!e{\#.- ;jcYVYdZcigZadhVdh&-.(n&-.+0gZVaôVYd hZ\cZaegdnZXidYZ;#HoVb^g#:cZaeVgfjZ hZZcXjZcigVcaVhZhXjaijgVh³<aVY^VYdg´ YZE#LZad²h`^n³:kVÝZ:#LZii^\#JcdYZhjh VigVXi^kdhadXdchiîjnZaVWVaVcoVYZaeVgfjZ!fjZ ]V[jcX^dcVYdXdci^cjVbZciZYZhYZZaVd&.&'! hîjVYVZcaVZcigVYVedgZaaVYdYZaVXVaaZE^`cV# (' :aBdcjbZcidV>\cVXn?VcEVYZgZlh`^ EVgfjZJ_VoYdlh`^ BdcjbZcidVa\gVceVig^diV!XgZVYdgYZagZcVX^Yd eVhedaVXdYZhejhYZaVEg^bZgV<jZggVBjcY^Va# >\cVXnEVYZgZlh`^Zhi{Xdch^YZgVYdXdbdjcdYZ adhbZ_dgZhe^Vc^hiVhXdbedhîdgZhYZabjcYd!Vh Xdbdjc\gVcedai^XdnVXi^k^hiVhdX^Va# 8VhiâadYZaVYgâadaZkVciVYdZc&+')eVgVZa gZnHZ\^hbjcYd>>>KVhVnhj]^_dAVY^haVd>K# 9ZhYZZaVd&+-(egde^ZYVYYZa<gVcBVg^hXVa YZaV8dgdcVH#=#AjWdb^gh`^n!YZhYZ&,+)!Zc edhZh^cYZagZn:hiVc^haVd6j\jhidEdc^Vidlh`^! fjZadgZcdk#:cZaVd&,-)ZagZnd[gZX^Za XVhiâadXdbddWhZfj^dVaVX^jYVYYZKVghdk^V# :aXVhiâadh^gk^YZXjVgiZa!YZhejhYZ]dheîVa bâîVgnZhXjZaVhVcîVg^V#:c&.*)!ZaXVhiâad! igVhhj[g^gjc^cXZcY^d![jZYZgg^WVYd# :c&.,*!hZZbeZoaVgZXdchigjXX^cYZaXVhiâad# 9ZhYZZaVd&.-&ZhhZYZYZa8ZcigdYZ6giZ 8dciZbedg{cZd!fjZdg\VcôVZmedh^X^dcZhYZadh Vgi^hiVhb{h[VbdhdhYZidYdZabjcYd# () :a?VgYc7di{c^Xd VkYV#J_VoYdlh`^Z) i[cd#/''**(%*&&!lll#d\gdY#jl#ZYj#ea ;jcYVYdZc&-&-edg^c^X^Vi^kVYZB#HojWZgi# 9ZhYZZaVd&.&+!egde^ZYVYYZaVJc^kZgh^YVY YZKVghdk^VXdcjcVhjeZgÉX^ZYZ)!+]ZXi{gZVh# AVhXdaZXX^dcZhYZeaVciVhXdbegZcYZcVagZYZYdg YZ,%%%ZheZX^Zh# lll#lVghVlidjg#ea b`` G J I 6 C ¬ & () (* *& :aE6A68>DG:6ANADH?6G9>C:H 9:ç6O>:C@> X$6\gn`da^& i[cd#/''*%+%&%& lll#aVo^Zc`^"`gdaZlh`^Z#ea b{h^c[dgbVX^c¼jc³BjhZdh YZKVghdk^V´!e{\#-( :aEVaVX^dGZVanadh?VgY^cZhYZçVo^Zc`^XdchiîjnZc jcdYZadhXdc_jcidhb{hegZX^VYdhYZ:jgdeV# ;jcYVYdZcZah#MK>>edgHiVc^h¨VlAjWdb^gh`^! ]VhiVZaYVYZ]dnYZhe^ZgiVZaZcijh^VhbdZcadh ijg^hiVhn]VWîVciZhYZKVghdk^V# lll#lVghVlidjg#ea GjiVC¬&/ (* ). :aBdcjbZcidV;ZYZg^Xd8]de^c BdcjbZcidVabZ_dgXdbedhîdgedaVXd! ^cVj\jgVYdZc&.'+ngZVaôVYdhZ\c egdnZXidYZL#HonbVcdlh`^#9jgVciZ aV\jZggV!adh]îaZg^VcdhYZhigjnZgdcZa bdcjbZcid#GZXdchigj^YdYZhejhYZaV \jZggV![jZYZkjZaidZc&.*-VhjjW^XVX^c VciZg^dg#8VYVkZgVcd!YZhYZbZY^VYdhYZ bVnd]VhiVÉcVaZhYZhZei^ZbWgZ!i^ZcZc aj\Vg_jcidVabdcjbZcidXdcX^ZgidhYZaV bh^XVYZa\gVcXdbedhîdg# *% :aEVaVX^d7ZakZYZgZ :g^\^YdVegdm^bVYVbZciZZc&++%ngZhiVjgVYd ZcaVeg^bZgVbîVYYZah#MK>>>ZcZhiâdWVggdXd# 9ZhYZ&,+,!ZaeVaVX^d[jZegde^ZYVYYZagZn :hiVc^haVd6j\jhid!fj^ZcZcZaVcZmdcdgiZ[jcY jcV[{Wg^XVYZadoVh#:cZaVd&-&-!aaZ\VhZg aVgZh^YZcX^VYZaegcXêZ8dchiVciZ#GZcdkVYd ZcZhiâdcZdXaVh^X^hiV!hZ\cZaegdnZXidYZ ?#@jW^X`^!ZcigZadhVdh&.&-n&.''[jZaVhZYZ YZ?#E^¨hjYh`^!ZcigZ&.''n&.'+[jZgZh^YZcX^V YZadhegZh^YZciZhedaVXdh<#CVgjidl^Xon H#Ld_X^ZX]dlh`^!ZcigZ&.'+n&.(*YZ?#E^¨hjYh`^ nZcigZ&..%n&..*YZA#LV¨hV#6XijVabZciZ! hZ]VaaVVfjZabjhZdYZ?#E^¨hjYh`^# X$7ZalZYZgh`V*' *& :aBdcjbZcidVaBVg^hXVa?oZ[E^¨hjYh`^ VkYV#J_VoYdlh`^Z BdcjbZcidgZVaôVYdhZ\cZaegdnZXidYZH# Dhigdlh`^Z^cVj\jgVYdZcZaVd&..-#?oZ[ E^¨hjYh`^&-+,"&.(,!ZcigZ&.&.n&.''! YZhZbeZZaXVg\dYZ?Z[ZYZ:hiVYdnBVg^hXVa YZEdadc^V![jcYVYdgYZaVhAZ\^dcZhEdaVXVh! XdcYj_dVaZ_gXîdedaVXdVaVk^Xidg^VZcaV\jZggV XdcigVadhWdaX]Zk^fjZhYZaVd&.'%# lll#lVghVlidjg#ea G J I 6 C ¬ & (+ 8dchigj^YdeVgVZagZn?jVc>>>HdW^Zh`^VÉcVaZhYZa h#MK>>nVbea^VYdedghjhhjXZh^kdhegde^ZiVg^dh# HjkVadgZmXZeX^dcVaadXdchiîjnZchjdg^\^cVa VgfjîZXijgVnaVkVa^dhVYZXdgVX^cYZaV[VX]VYV# *' :aBjhZdYZ8VoVn:fjîVX^c X$HoldaZèZgl.!çVo^Zc`^ i[cd#/''*''++(% lll#bjoZjb#lVghoVlV#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#-. :abjhZdhZZcXjZcigVZcigZYdhbdcjbZcidh YZçVo^Zc`^/Za8jVgiZa8VcicnZa:hiVWad YZ@jW^X`^#AVXjg^dhVXdbeVgVX^cZcigZaVh iZb{i^XVhYZZfjîVX^cnXVoVXdck^ZgiZVabjhZd ZcjcZ_ZbeaVgc^XdZc:jgdeV# *( +& :aBVjhdaZdYZHiVc^h¨Vl n6aZ`hVcYgVEdidX`^ Egde^ZiVg^dhYZLâVclZcigZadhVdh&,.."&-.'! aZkVciVYdedg=#BVgXdc^ZcZhiâdcZd\i^Xd# +% :a8dc_jcidEVaVX^d¼EVgfjZYZLâVcl X$H#@dhi`ÊdidX`^Z\d&%$&+ i[cd#/''-)'%,.* lll#lâVcdl"eVaVX#Vgi#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#.+ :aEVaVX^dYZLâVclZhjcdYZadh bdcjbZcidhb{hegZX^VYdhYZaWVggdXdedaVXd# +' AV>\aZh^VYZHVciV6cV X$@daZ\^VX`V& i[cd#/''-)'&-%& 8dchigj^YVZcigZVdh&,,'n&,,* edg=#BVgXdc^n?#=Zjg^X]ZcZhiâd cZdggZcVXZci^hiV# lll#lVghVlidjg#ea GjiVC¬&/ *( (, +' lll#lVghVlidjg#ea G J I 6 C ¬ ' (- GjiVC¬'/ 8^jYVYK^Z_V¼8^jYVYCjZkV¼EaVoVYZadh@gVh^²h`^nXVaaZ9¨j\V H^fj^ZgZhYZhXVchVgYZagj^YdYZaV\gVcX^jYVY!ejZYZheVhZVgedgaVh XVaaZhYZaV8^jYVYK^Z_VnaV8^jYVYCjZkV#6fjZcXdcigVg{hXVaaZ_dcZh! eaVodaZiVhV_VgY^cVYVh!ejWZh!XV[ZiZgVhnhVadcZhYZiVXd\ZYdgZh!XgZVcYd jcVVibh[ZgVYZgZaV_Vb^Zcidn[VkdgZX^ZcYdZaYZhXVchd#9jgVciZadhYVh hdaZVYdhZa8VhXd=^hig^Xd!YZhYZaVEaVoVYZa8Vhiâad]VhiVaV7VgWVXVcV! eVaeîVYZk^YV!XdcbZoXaVhYZidYdhadhidcdhnXdadgZh/eVgVhdaZhYZkVg^dh XdadgZhZcaVhiZggVoVh!bh^XdhXVaaZ_Zgdh!c^dhXdgg^ZcYd!bjaiîjYYZ_kZcZh! ijg^hiVhYZidYdZabjcYd#H^dWhZgkVbdh adhe^cidgZhXdhZY^ÉX^dhnaVhkZcZgVWaZh ^\aZh^Vh!cdhgZhjaiVXdbea^XVYdXgZZgfjZ igVhaV\jZggVZhiZaj\VgcdZgVb{hfjZ gj^cVh#IgVhaV[ZcdbZcVagZXdchigjXX^c YZaV8^jYVYK^Z_V!cdZhYZZmigVVg fjZ[jZgVYZXaVgVYVEVig^bdc^dYZaV &(#AV>\aZh^VYZHVc A68>J969K>:?6 =jbVc^YVYedgaVJC:H8D# 8Vh^b^gd &#:a8VhiâadGZVa '#AV>\aZh^VYZHVc BVgicV\jhi^cdh (#AV7Vha^XV6gX]^XViZYgVa YZHVc?jVc7Vji^hiV )#AV>\aZh^VYZHVciV BVgVYZaVE^ZYVY _ZhjîVh *#AV8Vcdc_V +#:aBdcjbZcidVaV H^gZcVYZKVghdk^V ,#AVEaVoVYZBZgXVYd YZaV8^jYVYK^Z_V -#:aBjhZd=^hig^XdYZ KVghdk^V .#AV7VgWVXVcV A68>J969CJ:K6 &%#AV>\aZh^VYZa:hegîj HVcideVja^cdh &&#AV>\aZh^VYZHVc ?VX^cidYdb^c^Xdh &'#:aBjhZdYZBVg^V H`¨dYdlh`V"8jg^Z lll#lVghVlidjg#ea &)#AV>\aZh^VYZ HVciVBVgVYZaV K^hîVX^c &*#AV>\aZh^VYZHVc ;gVcX^hXdHZgV[c [gVcX^hXVcdh &+#:aEVaVX^dYZadh HVe^Z]V A6EA6O69:ADH @G6H>°H@>NA686AA: 9çJ<6 &,#:aEVaVX^dYZadh GVXon²h`^ &-#AV>\aZh^VYZCjZhigV HZdgV¼GZ^cVYZ Edadc^V8ViZYgVa BâîVgYZa:_gXîd EdaVXd &.#:aBdcjbZcidVaV >chjggZXX^cYZKVghdk^V '%#:aEVaVX^dYZadh @gVh^²h`^ GjiVC¬'/ (. ' A68>J969K>:?6 6eZhVgYZhjcdbWgZ!cdZhaVeVgiZb{hVci^\jV YZKVghdk^V#6ÉcVaZhYZah#M>>>hZigVhaVYVfjaV XdgiZYZaegcXêZYZhYZjcaj\VgXZgXVcdaaVbVYd ?VoYl#6aeg^cXê^dYZah#M>KhZZhiVWaZX^ZgdcZc Zaaj\Vgg^XdhXdbZgX^VciZhnVgiZhVcdh#9ZhYZ ZaVd&)'.ZcaVeaVoVbVndgZhiVWVaVVaXVaYV! VhjaVYdaVXVhVYZeZhdhnbZY^YVh!ejZhidh YZkZciV]ZX]dhYZbVYZgVnXVgc^XZgVh0jcedXd b{haZ_dhZhiVWVaVe^XdiV]VhiVZah#MK>>>n! YZhYZZah#MK>>!iVbW^cjcV_VjaVYZ]^ZggdeVgV adhYZa^cXjZciZh]VhiVZaVd&-&%#AVX^jYVY! YZigVoVYdgZ\jaVg!ZhiVWVgdYZVYVYZbjgVaaVh XdcejZgiVh!ViVaVnVhnidggZh#8dcZai^Zbed aVhXVhVhYZbVYZgV[jZgdcYZhigj^YVh!Zchjaj\Vg hZZY^ÉXVgdcXVhVhkZX^cVaZhYZe^ZYgV# :aeZgdYdYZZheaZcYdgYZaVK^Z_VKVghdk^V[jZ Zah#MK>>!YZhejhaV[jcX^cYZXZcigdaVZbeZo VYZhZbeZVg@gV`dlh`^ZEgoZYb^ZÑX^Z#IVchad Veg^cXê^dhYZah#MMVeVgZX^Za^ciZghedgadh ZY^ÉX^dh]^hig^Xdh0[jZgdcgZhiVjgVYVhVa\jcVh YZaVhVci^\jVhXVhVhnaVhbjgVaaVh#:c&.))! YjgVciZaV>chjggZXX^cYZKVghdk^VnaV]Zgd^XV YZ[ZchVYZa8VhXdK^Z_d!fjZYjgb{hYZjcbZh! adhVaZbVcZhaVYZhigjnZgdcZcjc.%#IgVhaV \jZggV!aV8^jYVYK^Z_V[jZÉZabZciZgZXdchigj^YV# :hjcdYZadhXdc_jcidhVgfjîZXic^Xdhb{hWZaadh YZKVghdk^V0VfjhZZcXjZcigVc^chiîjX^dcZh XjaijgVaZh!ejcidhYZhZgk^X^dh!VhXdbd gZhiVjgVciZhnXV[ZiZgVh![gZXjZciVYdhXdc\jhid edgkVghdk^Vcdhnijg^hiVh# ;jcYVYVZcZaVd&(*+edgZa egcXêZYZBVodk^VO^Zbdlînhj ZhedhV:j[Zb^V#AVidggZZh\i^XV ZchjeVgiZ^c[Zg^dg!b^ZcigVhfjZZa XjZgedeg^cXêVaZhWVggdXdh#MK>>># 9jgVciZaV>chjggZXX^cYZKVghdk^V aV^\aZh^V[jZ^cXZcY^VYV0igVhaV \jZggV![jZgZhiVjgVYVZcigZadh Vdh&.)*n&.**#EdhZZjcZfjêVb^ZcidbdYZgcd! gZVaôVYVhZ\cZaegdnZXidYZ6#H`gonYaZlh`V# 6aaVYdYZaV^\aZh^VhZZcXjZcigVcadhZY^ÉX^dhYZa XdckZcid#:cigZadhVdh,%n-%hZgZjcVcVfjadh XgXjadh^cYZeZcY^ZciZhndedh^X^dc^hiVh# ( :a8VhiâadGZVa YZhXgêX^c/Zc³BjhZdhYZKVghdk^V´! e{\#., AV7Vha^XV6gX]^XViZYgVa YZHVc?jVc7Vji^hiV X$Ðlîd_V²h`V- AV^\aZh^V[jZXdchigj^YVZc Zhiâd\i^XdVciZhYZaVd&((.! Vbea^VYVXdcYdhcVkZhZcZa h#MK#9Zhigj^YVZcZaVd&.))#:h ZaiZbeadb{hVci^\jdYZKVghdk^V# 6aeg^cXê^dZgVjcV^\aZh^V eVggdfj^Va!YZhYZ&)%+^\aZh^V XdaZ\^Va!YZhYZ&,.,XViZYgVan YZhYZ&.+%WVha^XV#:caVhXgêiVh YZaVXViZYgVahZZcXjZcigVcaVhijbWVhYZegcXêZh YZBVodk^V!YZVgodW^hedhYZKVghdk^VnYZ eZghdcVa^YVYZhXdbd=#H^Zc`^Zl^Xo!<#CVgjidl^Xo! >#EVYZgZlh`^!>#BdÑX^X`^nZaXVgYZcVaH#Lnhon²h`^# ) & AV>\aZh^VYZHVcBVgic V\jhi^cdh X$E^lcV.$&& AV>\aZh^VYZHVciVBVgV YZaVE^ZYVY_ZhjîVh X$Ðlîd_V²h`V&% 8dchigj^YVZcZhiâdgZcVXZci^hiViVgYdZcigZ adhVdh&+%.n&+'.!ÉcVcX^VYVedgZagZn HZ\^hbjcYd>>>#9ZhejhYZadhYZhigdodhYZaV \jZggV[jZgZXdchigj^YVZc&.*+#:cZaVaiVg!YZ aVedXVYZaWVggdXdiZbegVcd!hZZcXjZcigVZa XjVYgdYZCjZhigVHZdgVHVciVBVgVYZaVE^ZYVY! eVigdcVYZKVghdk^V!XdgdcVYdZc&.,(#:cadh lll#lVghVlidjg#ea G J I 6 C ¬ ' )% hiVcdhYZaV^\aZh^VhZZcXjZcigVaVijbWVYZa hVXZgYdiZB#@#HVgW^Zlh`^!edZiVnegZY^XVYdgYZaV XdgiZYZagZnAVY^haVd>K# * AV8Vcdc_V :hjcVeaVoVeZfjZVYZ[dgbVig^Vc\jaVg!hj cdbWgZegdk^ZcZYZXVhVhYZah#MK>>eZgiZcZX^ZciZh VadhXVcc^\dhYZaXVWâYdYZKVghdk^V0VciZhhZ ZcXdcigVWVVfjZaXZbZciZg^deVggdfj^Va!YZafjZ egdk^ZcZaVÉ\jgVWVggdXVYZCjZhigVHZdgVYZa h#MK>>>#:cZaXZcigdYZaVeaVodaZiVhZZcXjZcigV jcVXVbeVcVYZWgdcXZYZaVd&+)+!ÉcVcX^VYV edg?#B#9Vc^¨dl^Xo!hjWiZhdgZgdYZaVXdgdcVeVgV aV^\aZh^VYZadh_ZhjîVhYZ?Vgdh¨Vl# + :aBdcjbZcidVaVH^gZcVYZKVghdk^V HZXdbedcZYZjcVh^gZcV!bîVYbj_Zg!bîVY eZo0YZhYZZah#M>KaV^bV\ZcYZaVH^gZcVYZ KVghdk^VhZZcXjZcigVZcZaZhXjYdYZaVX^jYVY# jcVeZfjZVX^jYVYZcaVXdhiVYZabVg7{ai^Xd! YZhYZYdcYZcVYgdVgg^WVedgZaKhijaV# AVaZnZcYVXjZciVfjZegZX^hVbZciZVae^ZYZa 8VhXdK^Z_dVXijVahVa^YZaV\jVVaVdgâaV VgZcdhVeVgVYZhXVchVg0Zaaj\VgfjZk^daZ \jhiiVcidfjZYZX^Y^fjZYVghZVfj#Adh eZhXVYdgZhYZaaj\VghZY^ZgdcXjZciVYZfjZ Va\j^ZcYjgVciZaVeZhXVV\îVWVaVhV\jVh YZaKhijaV!ZcgZYVWVhjhgZYZhna^WZgVWVadh eZXZh!edgadfjZYZX^Y^ZgdcXVeijgVgVaXjaeVWaZ nhdajX^dcVgZaVhjcideVgVh^ZbegZ#6adgZa ]ZgbdhdXVcidYZaVh^gZcV!VWVcYdcVgdchjh egdehîdh!ejZhhZZcVbdgVgdceZgY^YVbZciZ YZaVWZaaVbj_Zg"eZo!fjZYZhYZZcidcXZhXVYV iVgYZVbZcôVWVZaigVWV_dYZadheZhXVYdgZhXdc hjegZX^dhdXVcid#JcYVjcbZgXVYZgg^XdfjZ eVhZVWVedgaVdgâaVYZaKhijaVk^dVaVh^gZcV# 9ZX^Y^XVeijgVgaVnZcXZggVgaVeVgVYZhejh edYZgegZhZciVgaVZcaVh[Zg^VhedgY^cZgd#NVhad ]ôd#8dcVhijX^VVigVeVaVh^gZcVnaVZcXZgg ZcjcXdWZgiôdYZbVYZgV#:aaaVcidYZaVh^gZcV aaZ\]VhiVZa]^_dYZjceZhXVYdgfjZ!XdcVnjYV YZhjhVb^\dh!aVa^WZgVgdcedgaVcdX]Z#AV h^gZcV!ZcegjZWVYZhj\gViîjYVVfjZaadhfjZ aV]VWVchVakVYd!aZhegdbZi^fjZh^ZbegZfjZ cZXZhîVhZcVnjYVadhYZ[ZcYZgV#EgZX^hVbZciZ edgZhdaVH^gZcVYZKVghdk^VZhi{VgbVYVXdc jcVZheVYVnjcZhXjYdeVgVYZ[ZcYZgVcjZhigV X^jYVY# , AVEaVoVYZaBZgXVYdYZaV8^jYVYK^Z_V ;jcYVYVVÉcVaZhYZah#M>Kneg^cXê^dhYZa h#MK#:cZhiZaj\VghZdg\VcôVWVcÉZhiVh![Zg^Vh Z^cXajhdZ_ZXjX^dcZh#HjXVg{XiZgeVgi^XjaVg hZYZWZVhjhXVhVhkZX^cVaZhYZah^\adMK>># AVeVgiZXZcigVaYZaVeaVoVZhiVWVdXjeVYVedg 8jZciVaVaZnZcYVfjZ]VXZh^\adhaaZ\VgdcVaV XdhiVYZa7{ai^XdYdhh^gZcVh]ZgbVcVhfjZk^kVc ZcaVhegd[jcY^YVYZhYZadhbVgZh#:gVcbj_ZgZh bjnWZaaVh!eZgdZckZoYZe^ZhiZcVcXdaVhYZ eZXZh#JcVYZaVh]ZgbVcVhYZX^Y^cVYVgb{h aZ_dh!]VhiVadhZhigZX]dhYZ9^cVbVgXV!YdcYZ hZfjZY]VhiV]dnYV#AVedYZbdhkZghZciVYV hdWgZjcVgdXVVaVZcigVYVYZaejZgidYZ 8deZc]V\jZ#AVhZ\jcYVh^gZcVaaZ\V<YV²h`! lll#lVghVlidjg#ea GjiVC¬'/ )& . AV7VgWVXVcV 8dchigj^YVZcZaVd&*)-!hZ\cjcegdnZXidYZ ?Vc7Vei^hiVYZKZcZX^V#:cigZadhVdh&.(+"(- hZYZhXjWg^ZgdcngZXdchigjnZgdcaVheVgiZh ^c[Zg^dgZh!VhXdbdjc[gV\bZcidYZaVhbjgVaaVh _jcidXdcaVIdggZYZaEdakdgc#AVgZXdchigjXX^c XdbeaZiVYZadhbjgdhYZaV7VgWVXVcVnYZaVh bjgVaaVhedgaVeVgiZYZaVhXVaaZhBdhidlV nEdYlVaZhZiZgb^cZcigZadhVdh&.*("*)# aVVaXVaYV!YZgg^WVYVZcZaVd&-&,#AVbVndgV YZaVhXVhVhYZaVeaVoV[jZgdcYZhigj^YVhZc&.))0 igVhaV\jZggV[jZgdcgZXdchigj^YVhXdcaVb^hbV VeVg^ZcX^VfjZiZcVcZcaVeg^bZgVbîVYYZa h#MK>>nZcZah#MK>>>#:caVVXijVa^YVY!aVEaVoVYZa BZgXVYdZhjcdYZadhg^cXdcZhb{he^cidgZhXdh YZKVghdk^VnjcdYZadhaj\VgZhb{h[gZXjZciVYdh# 8jZciVaVaZnZcYVfjZ!ZcZahiVcdYZjcV XVhVYZkZX^cdhhîjVYVZcaVeVgiZYZ9Z`Zgi! ZcaVZhfj^cVYZaVXVaaZ@gonlZ@d¨d!k^kVjc bdchigjdaaVbVYd7Vhâ^hXd#K^\âVWVadhiZhdgdh VXjbjaVYdhVaanbViVWVXdchjk^hiVVXjVafj^Zg kVa^ZciZfjZhZVigZk^ZgVVaaZ\Vg]VhiVZaadh! igVch[dgb{cYdadhZce^ZYgV#;^cVabZciZ!jc hVhigZVbWjaVciZejYdYZggdiVgad!VadXjggghZaZ aVWgâaVciZ^YZVYZbdhigVgaZVabdchigjdjc ZheZ_d#:a7Vhâ^hXd[jZkXi^bVYZhjegde^V b^gVYVnhZXdck^gi^Zce^ZYgV!edgadfjZYZhYZ VfjZaZcidcXZhcdXdchiîjneZa^\gdVa\jcdeVgV adh]VWîVciZhYZaVX^jYVY#:caVVXijVa^YVY! ZcaV[VX]VYVYZjcVYZZhiVhXVhVh!Zhi{ XdadXVYdjcaZigZgdXdcaV^bV\ZcYZa7Vhâ^hXd! ZaXjVaXdchiîjnZZaZbWaZbVYZjcXdcdX^Yd gZhiVjgVciZkVghdk^VcdXdcZab^hbdcdbWgZ# A68>J969CJ:K6 :c&)%-!aV8^jYVYCjZkV!ZhYZX^gaVCjZkV KVghdk^V![jZZmXaj^YVYZaedYZgVYb^c^higVi^kd YZaVaXVaYZYZaV8^jYVYK^Z_V#9ZhYZVfjZa ZcidcXZh]VhiVZaVd&,.&!XdbdjcVX^jYVY ^cYZeZcY^ZciZ!iZcVhjegde^VVaXVaYVnhjegde^V ^\aZh^V#6agZYZYdgYZaVEaVoVYZaBZgXVYd]VWV XVhVh!Vaeg^cXê^dYZbVYZgVnYZhejhYZe^ZYgV! ZcZhiâdhWVggdXdnXaVh^X^hiV#AVbVndgVYZaVh XVhVhkZX^cVaZh[jZgdcYZhigj^YVhZc&.))# &% AV>\aZh^VYZa:hegîjHVcideVja^cdh X$Cdldb^Z_h`V'( - :aBjhZd=^hig^XdYZKVghdk^V EaVoVYZBZgXVYdYZaV8^jYVYK^Z_V'-$)' GncZ`HiVgZ\dB^VhiV'-$)' i[cd#/''+(*&+'*!lll#b]l#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#-, :abjhZdegZhZciVaV]^hidg^VYZaVXVeîVaYZhYZZa eg^cXê^dYZaV]^hidg^V]VhiVadhi^ZbedhbdYZgcdh# :aXdc_jcidYZaVZmedh^X^cbjZhigVVKVghdk^VVad aVg\dYZadhh^\adh!XgZVcYdjcVbW^ZciZZmXZeX^dcVa# 6aeg^cXê^dYZ bVYZgV!Xdchigj^YV _jcidXdcZa]dheîVa bjc^XêVaZcZa h#M>K!YZhigj^YV YjgVciZaV^ckVh^c hjZXV#:cigZadh Vdh&,%,n&,&, hZgZXdchigjnaV ^\aZh^VZcZhiâd lll#lVghVlidjg#ea G J I 6 C ¬ ' )' WVggdXd!hZ\cZaegdnZXidYZ?#E^daVn?#7Zadii^# 9jgVciZVa\ci^Zbed!Za_Z[ZYZaVdgYZc[jZZa hVXZgYdiZ6#@dgYZX`^!YZ[ZchdgYZ8ohidX]dlV# AV^\aZh^V[jZfjZbVYVYjgVciZaV>chjggZXX^cYZ KVghdk^VnYZhejhgZXdchigj^YVZc&.*+# && AV>\aZh^VYZHVc?VX^cidYdb^c^Xdh X$;gZiV-$&% 8dchigj^YVZcigZadhVdh&+%(n&+(.Zc ZhiâdWVggdXd!hZ\cegdnZXidYZ?#L¨dX]![jZ ÉcVcX^VYVedgadhX^jYVYVcdhYZKVghdk^V#Adh Ydb^c^XdhaaZ\VgdcVfjYZ8gVXdk^VVeg^cXê^dh YZah#MK>>#9jgVciZaV>chjggZXX^cYZKVghdk^V! WV_dadhZhXdbWgdhYZaV^\aZh^V!YdcYZhZ ZcXdcigVWVZa]dheîVaYZadh^chjggZXidh!bjg^Zgdc XZciZcVgZhYZeVX^ZciZh#9ZhejhYZaV\jZggV aV^\aZh^V[jZgZXdchigj^YV# &( AV>\aZh^VYZHVc8Vh^b^gdYdb^c^XVh EaVoVYZaBZgXVYd'YZaV8^jYVYCjZkV ;jcYVYVedgBVg^V@Vo^b^ZgVHdW^Zh`VXdbdkdid edgaVk^Xidg^VYZagZn?jVc>>>HdW^Zh`^ZcK^ZcV# 8dchigj^YVZcZhiâdWVggdXdZcigZadhVdh&+-- n&+.'!hZ\cegdnZXidYZInabVcYZ<VbZgZc# 9jgVciZaV>chjggZXX^cYZKVghdk^V!hZZcXdcigVWV VfjZa]dheîVaYZadh^chjggZXidhnh^gk^YZgZ[j\^d eVgVaVedWaVX^cX^kâ0aV^\aZh^V[jZWdbWVgYZVYV! Zchjhgj^cVhbjg^ZgdcXZciZcVgZhYZeZghdcVh#AV >\aZh^V[jZgZXdchigj^YVZcigZadhVdh&.),n&.*'# &) AV>\aZh^VYZHVciVBVgVYZaVK^hîVX^c DgYZcYZaVK^hîVX^cYZaVK^g\ZcBVgV X$EgongncZ`' :hjcVYZaVh^\aZh^Vhb{hVci^\jVhYZKVghdk^V! Xdchigj^YVZcZhiâd\i^XdVeg^cXê^dhYZah#MK nÉcVcX^VYVedgaVeg^cXZhV6ccVBVodl^ZX`V# ;jZgZXdchigj^YVkVg^VhkZXZh#9Zhigj^YVYjgVciZ aV>chjggZXX^cYZKVghdk^V!gZZY^ÉXVYVZcZaVd &.*%#HZ]VXdchZgkVYdZaXVbeVcVg^dYZah#MK># &' :aBjhZdYZBVg^VH`¨dYdlh`V"8jg^Z X$#;gZiV&+ i[cd#/''-(&-%.' bjoZjb#^[#el#ZYj#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#.% &* AV>\aZh^VYZHVc;gVcX^hXd[gVcX^hXVcdh X$OV`gdXonbh`V& :abjhZd!hîjVYdZcjcVXVhVYZah#MK>>>ZcaV fjZcVX^B#H`¨dYdlh`V"8jg^Z!XdbegZcYZjcV Zmedh^X^cXdchV\gVYVVaVk^YVnVaVVXi^k^YVY YZaVX^ZciÉXV# 8dchigj^YVZcZhiâdWVggdXdedgZiVeVhZcigZadh Vdh&+,.n&,((hZ\cZaegdnZXidYZ?#8Zgdc^ n?#;dciVcV#6hjaVYdhZZcXjZcigVZaZY^ÉX^dYZa XdckZcidYZaVd&,',# lll#lVghVlidjg#ea GjiVC¬'/ )( &+ :aEVaVX^dYZadhHVe^Z]V X$OV`gdXonbh`V+ 8dchigj^YdZcZhiâdWVggdXdiVgYdZcigZadhVdh &,(&n&,)+hZ\cegdnZXidYZ?#O#9ZnWZa! eVgVZaXVcXâaZg?#;#HVe^Z]V0ZcigZadhVdh&-&- n&-'%![jZgZXdchigj^YdXdbdXjVgiZaYZadh HVe^Z]V#9jgVciZaV>chjggZXX^cYZCdk^ZbWgZ &-(%"&-(&![jZjiâôVYdXdbdXjVgiZaYZa gZ\^b^ZcidYZ^c[VciZgV³8olVgiV`^éaVXV XdcbZbdgVi^kV#;jZYZhigj^YdZcZaVd&.)) ngZXdchigj^YdhZ\cZaegdnZXidYZ9ZnWZa# 8dchigj^YVZcZaVd&+)'!hj[gV\VYVedgZagZn AVY^haVd>KeVgVZaXdckZcidYZadh:hXdaVe^dh#IgVh hZgfjZbVYVedgadhhjZXdh![jZgZXdchigj^YVedg ?#;dciVcVZcZhiâdWVggdXd#9ZhYZZaVd&.'%! YZhZbeZVZaeVeZaYZ^\aZh^VbâîVgn!YZhYZ &..&!ZhaV8ViZYgVa8VhigZchZYZa:_gXîdEdaVXd# &. :aBdcjbZcidVaV>chjggZXX^cYZKVghdk^V YZhXgêX^c/gjiVc¬) '% :aEVaVX^dYZadh@gVh^²h`^ EaVoV@gVh^²h`^X]($* A6EA6O69:ADH@G6H>°H@>NA686AA:9çJ<6 &, :aEVaVX^dYZadhGVXon²`^ X$9¨j\V, 8dchigj^YdVeg^cXê^dhYZah#MK>>>ngZXdchigj^Yd ZcigZadhVdh&,-,"&,-.ZcZhiâdXaVh^X^hiV! hZ\cegdnZXidYZ?#8]#@VbhZioZg#:c&.))! ZaZY^ÉX^d[jZ^cXZcY^VYdnb{hiVgYZgZXdchigj^Yd ZcadhVdh,%YZah#MM#6XijVabZciZhZ ZcXjZcigVVfjZa6gX]^kdYZ6XiVh6ci^\jVh# :aaaVbVYdEVaVX^dYZaVGZeWa^XV!Xdchigj^Yd ZcigZadhVdh&+,,n&+-(!hZ\cjcegdnZXid YZInabVcYZ<VbZgZc!XdchiîjnZjcdYZadh bVndgZheVaVX^dhWVggdXdhYZKVghdk^V#9ZhYZ &,+)Zhegde^ZYVYYZaVGZeWa^XV#6fjijk^Zgdc hjhhZYZhaVhVjidg^YVYZhVYb^c^higVi^kVhnYZa iZhdgdn!b{hiVgYZ!aVYZaEVaVX^dYZ?jhi^X^V# 9jgVciZ>><jZggVBjcY^Va[jZ^cXZcY^VYd nYZhigj^YdZc\gVceVgiZn!igVhaV\jZggV![jZ gZXdchigj^Yd#:caVVXijVa^YVY!hZZcXjZcigVcaVh 8daZXX^dcZh:heZX^VaZhYZaV7^Wa^diZXVCVX^dcVa# 8ZgXVYZaEVaVX^d]VnjceVgfjZXdcVXXZhd eWa^XdYZhYZ&,+-# &- AV>\aZh^VYZCjZhigVHZdgV¼GZ^cVYZ Edadc^V8ViZYgVa8VhigZchZYZa:_gXîdEdaVXd X$9¨j\V&($&* lll#lVghVlidjg#ea G J I 6 C ¬ ( )) GjiVC¬(/ AV8VaaZHZcVidgh`VnaVEaVoVIZVigVacn¼EaVoV7Vc`dlnnhjhVagZYZYdgZh ¼EaVoVYZaBVg^hXVa?oZ[E^¨hjYh`^nhjhVagZYZYdgZh A686AA:H:C6IDGH@6 NA6EA6O6I:6IG6ACN &#:aEVaVX^dEg^bVX^Va '#:aEVaVX^dYZ7aVc` (#:aEVaVX^dYZadh ?VW¨dcdlh`^ )#AV>\aZh^VYZHVc6cYgh *#:aIZVigd<gVcYZ ¼ÙeZgVCVX^dcVa +#:aEVaVX^dYZadh Bc^hoX] ,#AV;^\jgVYZHVc?jVc CZedbjXZcd -#AV>\aZh^VYZHVc 6cidc^dYZEVYjV nZaXdckZcidYZadh bdc_ZhgZ[dgbVYdgZh .#:aEVaVX^d8ZaZhiZYZ adhOVbd_h`^ A6EA6O676C@DLN NHJH6AG:9:9DG:H &%#:aEVaVX^dYZaV 8db^h^cYZ>c\gZhdh nIZhdgdYZa<dW^Zgcd &&#:aEVaVX^dYZa B^c^higdYZaIZhdgd &'#:a:Y^ÉX^dYZa Vci^\jd7VcXd EdaVXdnYZaV7dahV &(#:aBdcjbZcidV ?ja^jhoH¨dlVX`^ &)#:aBdcjbZcidV HiZ[VcHiVgon²h`^ &*#AVIdggZ8ZaZhiZ &+#:a6ghZcVa &,#:aEVaVX^dYZadh Bdhidlh`^ A6EA6O69:A B6G>H86A?ÙO:; E>çJHJ9H@>NHJH 6AG:9:9DG:H &-#:aBdcjbZcidVa BVg^hXVa?oZ[E^¨hjYh`^ lll#lVghVlidjg#ea &.#AVIjbWVYZa HdaYVYd9ZhXdcdX^Yd '%#:a:Y^ÉX^dYZ aV6hdX^VX^c ³OVX]iVÝZ7ZaaVh 6giZh '&#AV>\aZh^V:kVc\a^XV AjiZgVcVYZaV HVcih^bVIg^c^YVY ''#:aEVgfjZHVh`^ '(#:aEVaVX^dYZadh AjWdb^gh`^ GjiVC¬(/ )* A686AA:H:C6IDGH@6NA6EA6O6I:6IG6ACN & :aEVaVX^dEg^bVX^Va X$HZcVidgh`V&($&* ;jZXdchigj^YdZc&*.(edgZadW^hedYZE¨dX` L#7VgVcdlh`^#:cigZadhVdh&+&(n&-&([jZaV hZYZYZadheg^bVYdhedaVXdhn!b{hiVgYZ![jZ YZhigj^YdYjgVciZaV^ckVh^chjZXVZcZah#MK>># :cigZadhVdh&,,,n&,-(ZaZY^ÉX^d[jZ gZhiVjgVYdZcZhiâdXaVh^X^hiV!hZ\cegdnZXidYZ :#HX]gdZ\Zg#9ZhYZ&-&(Zhegde^ZYVYYZa \dW^ZgcdedaVXd#;jZYZhigj^YdZcZaVd&.(.! b{hiVgYZ!gZXdchigj^Yd# ' :aEVaVX^dYZ7aVc` X$HZcVidgh`V&) EVaVX^dYZZhiâdWVggdXd!Xdchigj^Ydedg;#HoVc^Vlh`^ ZcigZadhVdh&,+'"&,+)!hZ\cZaegdnZXidYZ Ho#7#Oj\#9ZhYZZaVd&,,,[jZegde^ZYVYYZa WVcfjZgd;#7aVc`n!YZhYZ&-.+!egde^ZYVYYZa VnjciVb^Zcid#:cZhiZeVaVX^dYZhZbeZhj XVg\d]VhiVaVXVeîjaVX^cYZaVX^jYVYZaVaXVaYZ" egZh^YZciZYZKVghdk^VHiZ[VcHiVgon²h`^#9jgVciZ aV>chjggZXX^cYZKVghdk^V!ZaedZiV@#@#7VXon²h`^ eZgZX^ZcZhiZaj\Vg#:aEVaVX^d[jZZaeg^bZgZY^ÉX^d fjZhZgZhiVjgZcKVghdk^VigVhaVHZ\jcYV<jZggV BjcY^Va#:caVVXijVa^YVY!XdchiîjnZaVhZYZYZa B^c^hiZg^dYZIjg^hbdn9ZedgiZ# iVgYZ!gZhiVjgVYdZcigZadhVdh&-+)"&-+.# :chZei^ZbWgZYZ&.(.!ZaVaXVaYZ"egZh^YZciZYZ KVghdk^V!H#HiVgon²h`^!Y^g^\^YZhYZaV6aXVaYVaV YZ[ZchVX^kâYZaVX^jYVY#9jgVciZaV>chjggZXX^c YZKVghdk^VZaZY^ÉX^d[jZ^cXZcY^VYdZceVgiZn!Zc &.*'!YZbda^Yd#AVXdchigjXX^cYZaZY^ÉX^dVXijVa! ZcigZadhVdh&..*"&..,!ZhijkdegZXZY^YVYZ igVWV_dhVgfjZda\^Xdh!YjgVciZadhXjVaZhhZ YZhXjWg^ZgdcadhhiVcdhYZaVVci^\jV6aXVaYV# ) AV>\aZh^VYZHVc6cYghnZaXdckZcid YZbdc_VhXVcc^XVh EaVoVIZVigVacn&- AV^\aZh^V[jZXdchigj^YVVeg^cXê^dhYZah#MK>>>! ÉcVcX^VYVedgZaeg^bVYdI#EdidX`êVgVadh _ZhjîVh#:c&-&.!aV^\aZh^VeVhVbVcdhYZaVh bdc_VhXVcc^XVh#:c&.))![jZYZhigj^YV!n!Zc &...!gZXdchigj^YV#:caVVXijVa^YVYZhZaXZcigd hVXZgYdiVaYZadhXgXjadhVgihi^Xdh#HjhZ\jcYd eVigcZhZaWZVid6aWZgi8]b^Zadlh`^# ( :aEVaVX^dYZadh?VW¨dcdlh`^ X$HZcVidgh`V&+$&- ;jZaVVci^\jV6aXVaYVYZKVghdk^V!Xdchigj^Yd ZcigZadhVdh&,,(n&,-*hZ\cZaegdnZXid YZ?#;dciVcVn9#BZga^c^#:cZah#M>M!igVh kVg^VhYZhigjXX^dcZh![jZgZXdchigj^Ydn!b{h lll#lVghVlidjg#ea G J I 6 C ¬ ( )+ * :a<gVcYIZVigd¼ÙeZgVCVX^dcVa EaVoVIZVigVacn& i[cd#/''+.'%'%% lll#iZVigl^Za`^#ea - :aZY^ÉX^d[jZXdchigj^YdZcZhiâdcZdXaVh^X^hiV ZcigZadhVdh&-'*n&-((!hZ\cZaegdnZXidYZ 6#8dgVoo^#9jgVciZaV>chjggZXX^cYZCdk^ZbWgZ [jZYZhigj^YdZceVgiZnYZhejh^cXZcY^VYdZcadh Vdh&.(.n&.))#AVgZhiVjgVX^cnVbea^VX^c! gZVaôVYVhhZ\cZaegdnZXidYZEc^Zlh`^!YjgVgdc ]VhiVZaVd&.+*#:hjcdYZadhiZVigdhb{h \gVcYZhnb{hbdYZgcdhYZ:jgdeV#6YZb{hYZa iZVigdYZeZgVnWVaaZi!ZaZY^ÉX^dVWVgXVZaBjhZd IZVigVa#:aVaVaViZgVaVaWZg\VZaIZVigdCVX^dcVa# :c[gZciZYZa[gdcic]VnYdhbdcjbZcidh/jcd VHiVc^h¨VlBdc^jho`dnZadigdVLd_X^ZX] 7d\jh¨Vlh`^!ZhXjae^Ydhedg?#HoXoZe`dlh`^# + :aEVaVX^dYZadhBc^hoZX] X$HZcVidgh`V(-$)% AV>\aZh^VYZHVc6cidc^dYZEVYjVnZa XdckZcidYZadhbdc_ZhgZ[dgbVYdgZh X$HZcVidgh`V(&$(( ;jZXdchigj^YVZcZhiâdWVggdXdZcigZadhVdh &++-n&+-%!ÉcVcX^VYVedgZa\dWZgcVYdg YZXVhiâadH#H`VgnhoZlh`^#9Zhigj^YVZceVgiZ YjgVciZaV>chjggZXX^cYZKVghdk^V#:caVcVkZ nadhegi^XdhhZZcXjZcigVcZeîVÉdhna{e^YVh fjZegdk^ZcZcYZaeZgdYdYZadhh^\adhMK>>"MM! ZcigZadhfjZ]VnVa\jcdhYZY^XVYdhVaVbZbdg^V YZadhXVYdhYjgVciZaVHZ\jcYV<jZggVBjcY^Va# . :aEVaVX^d8ZaZhiZYZadhOVbd_h`^ X$HZcVidgh`V(, ;jZXdchigj^YdZcigZÉcVaZhYZah#MK>>neg^cXê^dh YZah#MK>>>eVgVZadW^hedYZLVgb^VI#EdidX`^# :c&,'+!ZagZn6j\jhid>>Za;jZgiZadXdbeg ngZZY^ÉXZcZhiâdgdXdXeVgVhj]^_V6ccV DgoZah`VXdbdgZ\VadYZCVk^YVY#9VncdX]Z! YjgVciZ+hZbVcVh!(%%VaWVâZhnVgiZhVcdh igVWV_VgdcZcaVgZ[dgbV#:caVhZ\jcYVbîVY YZah#MK>>>aVgZh^YZcX^VeVhVbVcdhYZadh 8oVgidgnh`^n!Zc&-&&!VadhOVbdnh`^!eVgVadh fjZ[jZgZ[dgbVYdZcZhiâdXaVh^X^hiViVgYd!hZ\c egdnZXidYZ;#6#AZhha#9ZhejhYZadhYZhigdodh YZaVHZ\jcYV<jZggVBjcY^Va!ZaeVaVX^d[jZ gZXdchigj^Yd#HjcdbWgZhZYZWZVaXdadgXZaZhiZYZa iZ_VYdfjZedhZVZaEVaVX^dVeg^cXê^dhYZah#M>M# A6EA6O676C@DLNNHJH6AG:9:9DG:H ;jZXdchigj^YdZcigZadhVdh&,&)"&,(%edg Za\gVcbVg^hXVaYZaVXdgdcV?#L#Bc^hoZX] ngZhiVjgVYdZc&-'.eVgVaVhZYZYZaV6hdX^VX^c YZ8dbZgX^VciZh#6fjiZcVcaj\VgcjbZgdhdh WVâZh![Zhi^cZhngZjc^dcZh#:c&.)%!ZcZhiZ eVaVX^dhZZcXdcigVWVjc]dheîVabVaih#:cV\dhid YZ&.))!adhVaZbVcZhbViVgdcVadheVX^ZciZhnVa eZghdcVaYZa]dheîVaZ^cXZcY^VgdcZaZY^ÉX^d#B{h iVgYZ[jZgZXdchigj^YdZcZhiâdXaVh^X^hiV# , AV;^\jgVYZHVc?jVcCZedbjXZcd ;jcYVYVZc&,(&edgZa\gVcbVg^hXVaYZaV XdgdcV?#L#Bc^hoX]nhjbj_Zg# :hjcXdbeaZ_dYZZY^ÉX^dhXdchigj^YdhdgZZY^ÉXVYdh ZcZhiâdXaVh^X^hiVhZ\cZaegdnZXidYZ6#8dgVoo^# &% :aEVaVX^dYZaV8db^h^cYZ>c\gZhdhnIZhdgd YZa<dW^Zgcd EaVoV7Vc`dln* ;jZXdchigj^YdZc&-'*#:cigZadhVdh&-'.n&.(& igVWV_VaaXdbdeVhVciZYZaV8db^h^c?#H¨dlVX`^# :c&.(.![jZWdbWVgYZVYdZ^cXZcY^VYd0igVhaV \jZggV!gZXdchigj^Yd#:caVVXijVa^YVYhZZcXjZcigV VfjaVhZYZYZa6aXVaYZ"EgZh^YZciZYZKVghdk^Vn aVDÉX^cVYZa8dchZ_dYZ6Yb^c^higVX^cYZKVghdk^V# lll#lVghVlidjg#ea GjiVC¬(/ ), && :aEVaVX^dYZaB^c^higdYZaIZhdgd &* :aGVhXVX^Zadh8ZaZhiZ EaVoV7Vc`dln( EaVoV7Vc`dln ;jZXdchigj^YdZcigZadhVdh&-'*n&-'- XdcXVbW^dhedhiZg^dgZheVgVhVi^h[VXZg aVhcZXZh^YVYZhYZaB^c^higdYZaIZhdgd# 6XijVabZciZZhaVhZYZYZaVDÉX^cVYZa 8dchZ_dYZ6Yb^c^higVX^cYZKVghdk^V# :hiZbdYZgcdZY^ÉX^dYZdÉX^cVhZhi{hîjVYdZcZa aj\VgYdcYZVciZhhZZcXdcigVWVaV<gVcH^cV\d\V! Xdchigj^YVZcigZadhVdh&-,*",-!hZ\cegdnZXid YZA#BVgXdc^#:c&.)(!aVh^cV\d\V[jZkdaVYV edgadhV^gZhedgdgYZcYZa\ZcZgVaVaZb{c?jg\Zc Higdde!ZchZVaYZaVYZÉcî^kVa^fj^YVX^cYZa WVgg^d_jYdYZKVghdk^VYZhejhYZaV>chjggZXX^c YZa\jZidYZKVghdk^VYZ&.)(# &' :aZY^[^X^dYZaVci^\jd7VcXdEdaVXd nYZaV7dahV EaVoV7Vc`dln& &+ :a6ghZcVa¼aVhZYZYZaBjhZd6gfjZda\^Xd :hiViVa X$9¨j\V*' i[cd#/''*%))-%% lll#ebV#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdhYZ KVghdk^V´!e{\#.+ ;jZXdchigj^YdZcigZadhVdh&-'*n&-'- nYZhejhYZadhYZhigdodhYZaV\jZggV![jZ gZXdchigj^Yd#:cigZadhVdh&.*,n&.-&!Zc ZhiZaj\VghZZcXdcigVWVaVhZYZYZaBjhZdYZa Bdk^b^ZcidGZkdajX^dcVg^dEdaVXd#9ZhYZ&..%! VaWZg\VaV8daZXX^cYZE^cijgVfjZaaZkVZacdbWgZ YZ?jVcEVWad>>!gZ\VadYZ?#nO#EdgXon²h`^b{h ^c[dgbVX^cZcaVe{\^cV.)# :Y^ÉX^dZcZhiâdWVggdXdiZbegVcd!Xdcjc eVi^d^ciZg^dg!aZkVciVYdedg^c^X^Vi^kVYZagZn AVY^haVd>K#:cadhi^ZbedhYZaGZ^cdEdaVXd! iZcVhjhZYZVfjaV:hXjZaVYZDÉX^VaZhYZ 6giâaZgVZ>c\Zc^ZgV#:aYV'+YZbVgodYZ &.)(!hZaaZkVXVWdZcZhiZaj\VgaVaaVbVYV 6XX^cYZa6ghZcVa!fjZXdch^hi^ZcaVa^WZgVX^c edgadhhdaYVYdhYZabdk^b^ZcidXaVcYZhi^cd YZZmeadgVYdgZh³HoVgZHoZgZ\^ÝZ?#7nicVgV ³GjYnńdigdheg^h^dcZgdhYZbVcdhYZaV <ZhiVed#:c&.))!Za6ghZcVa[jZ^cXZcY^VYd nYZhejhgZXdchigj^Yd#:caVVXijVa^YVYZhaV hZYZYZaBjhZd6gfjZda\^Xd# &( :aBdcjbZcidV?ja^jhoH¨dlVX`^ EaVoV7Vc`dln BdcjbZcidVa\gVcedZiVedaVXdYZah#M>M!fjZ dXjeVZaaj\VgYdcYZVciZhhZZcXdcigVWVaV ZhiVijVYZ;Za^`h9o^Zgèn²h`^0dWgVYZ:#Lîi^\# &) :aBdcjbZcidVHiZ[VcHiVgon²h`^ AVEaVoV7Vc`dln GZVaôVYdhZ\cegdnZXidYZ6#GZcZhZ^cVj\jgVYd Zc&..(eVgVXdcbZbdgVgZaXZciZcVg^dYZa cVX^b^ZcidYZaVaXVaYZ"egZh^YZciZYZKVghdk^VYZ adhVdh&.()"&.(.# &, :aEVaVX^dYZadhBdhidlh`^ X$Cdldaê^Z' ;jZXdchigj^YdZcigZadhVdh&,+'n&,+*eVgV ?Vc=âoZc!kd^kdYVYZB^²h`#:cigZadhVdh &-'("')[jZgZXdchigj^YdidiVabZciZhZ\c egdnZXidYZ6#8dgVoo^#9Zhigj^YdYjgVciZaV >chjggZXX^cYZKVghdk^Vn!b{hiVgYZ!gZXdchigj^Yd# 6XijVabZciZZhaVhZYZYZaV8db^hVgV<ZcZgVa YZaVEda^XVYZKVghdk^V# lll#lVghVlidjg#ea G J I 6 C ¬ ( )- :c&.(.!aV^\aZh^V[jZWdbWVgYZVYVZ^cXZcY^VYV# IgVhaV\jZggV[jZgZXdchigj^YV#<gVX^VhVaVhbZ_dgVh VXhi^XVhnVhjZheacY^Ydg\Vcd!Xdc[gZXjZcX^V i^ZcZcaj\VgVfjXdcX^ZgidhYZbh^XVXa{h^XV dg\VcôVYdhedgaVÙeZgVYZ8{bVgVYZKVghdk^V# A6EA6O69:AB6G>H86A?ÙO:;E>çJHJ9H@> NHJH6AG:9:9DG:H '' :a?VgYcHVh`^ &- :aBdcjbZcidVaBVg^hXVa?oZ[E^¨hjYh`^ :hi{hîjVYdZcaVeaVoVXdchjcdbWgZ! ^cVj\jgVYdZa&)YZV\dhidYZ&..*edgaV]^_V YZabVg^hXVaE^¨hjYh`^!?VYl^\V?VgVXoZlh`V!nedg ZaZcidcXZhegZh^YZciZYZaVGZeWa^XVEdaVXV! AZX]LV¨hV# &. IjbWVYZaHdaYVYd9ZhXdcdX^Yd ;jZ[jcYVYdZcigZadhVdh&,&(n&,)*edg ^c^X^Vi^kVYZagZn6j\jhid>>Za;jZgiZ#HZejZYZc dWhZgkVgadhgZhidhYZaeVaVX^dfjZVfjZm^hi^# :cZaeVgfjZ]VncjbZgdhVhZhXjaijgVh!jcV[jZciZ njcgZad_hdaVg!VhXdbdjcbdcjbZcid VB#@dcdec^X`V&.+*#:hidYdadfjZfjZYYZa Vci^\jdeVaVX^dfjZVYVYZ]dncdZm^hiZ# :aEVaVX^dHVh`^[jZYjgVciZaV\jZggVaVhZYZYZadh cVo^h#Cd[jZgZXdchigj^Yd^cbZY^ViVbZciZYZhejh YZaV\jZggVhVakdaVeVgiZYZaVIjbWVYZaHdaYVYd 9ZhXdcdX^Yd!hjgZhiVjgVX^cXdbZcoZcadhai^bdh Vdh#:cZa_VgYc!fjZXdchiîjnZjcdYZadheVgfjZh eWa^Xdhb{hVci^\jdhYZaVXVeîVa!hZZcXjZcigVc cjbZgdhVhZhXjaijgVh![jZciZhnjcgZad_hdaVg# YZhXgêX^c/gjiVc¬) '% :aZY^[^X^dYZaV6hdX^VX^cYZEgdbdX^c YZ7ZaaVh6giZh EaVoVBV¨VX]dlh`^Z\d( i[cd#/''-',*-*)!lll#oVX]ZiV#Vgi#ea b{h^c[dgbVX^cZcaVe{\^cV.. ;jZXdchigj^YdZcigZadhVdh&-.."&.%(!hZ\c egdnZXidYZH#HonaaZg!XdbdhZYZYZaV6hdX^VX^c# 6XijVabZciZhZZcXjZcigVVfjaV<VaZgVOVX]iV! fjZVaiZgcVaVh[jcX^dcZhYZbjhZdXdcaVhYZ \VaZgVYZZmedh^X^dcZh#AV\VaZgVdg\VcôV Zmedh^X^dcZh^cY^k^YjVaZh!XdaZXi^kVhniZb{i^XVh YZVgiZXdciZbedg{cZd# '& AV>\aZh^V:kVc\a^XVAjiZgVcVYZaVHVcih^bV Ig^c^YVY EaVoVBV¨VX]dlh`^Z\d& ;jZXdchigj^YVZcigZadhVdh&,,,n&,-'!hZ\c egdnZXidYZH#O#Oj\!ZcZhiâdYZgdidcYVXaVh^X^hiV# Hj[dgbVcdhgZXjZgYVjceVciZcgdbVcd# '( :aEVaVX^dYZadhAjWdb^gh`^ EaVoVæZaVocZ_7gVbn&% ;jZXdchigj^YdVciZhYZaVd&,&'0YZhYZaVbîVY YZah#MK>>>!egde^ZYVYYZadhAjWdb^gh`^#KVg^Vh kZXZhgZ[dgbVYdedghjhY^hi^cidhegde^ZiVg^dh! YZhigj^YdZc&.(.!gZXdchigj^YdZcZhiâdXaVh^X^hiV! hZ\cegdnZXidYZ?dVX]^b=Zbea#9ZW^Yd VaVcjZkVXdcÉ\jgVX^cYZaZcidgcdjgWVcd! hZ]jWdYZYVgjc\^gdYZ,-¬VaeVaVX^dZcgZaVX^c XdchjVci^\jVedh^X^c&.,%# lll#lVghVlidjg#ea GjiVC¬)/ ). GjiVC¬) Aj\VgZhgZaVX^dcVYdhXdcZabVgi^g^dnaVajX]V YZadhedaVXdh 9jgVciZaVHZ\jcYV<jZggVBjcY^VaeZgY^ZgdcaVk^YV Vegdm^bVYVbZciZhZ^hbâadcZhYZedaVXdhn_jYdh# :cKVghdk^V]VnkVg^dhaj\VgZhfjZXdcbZbdgVc VfjZaadhVXdciZX^b^Zcidh#³:a]dbWgZYZeVg ZhZYZhi^cdVa]dbWgZ´!ZhXg^WÔdÉVCV¨`dlh`V Zchja^Wgd³BZYVa^dcn´³BZYVaadcZh´# 9LDGO:8 <96°H@> G6IJHO &#:aBjhZdYZaV >chjggZXX^cYZKVghdk^V 'BVjhdaZdYZaVAjX]V nZaBVgi^g^d (#:a:Y^ÉX^dYZaVE6HI6 )#AVIjbWVYZaHdaYVYd 9ZhXdcdX^Yd *#:aBdcjbZcidV?Vc @â^²h`^ +#:aBdcjbZcidVa EZfjZd>chjg\ZciZ YZ&.)) ,#:aBdcjbZcidVaV >chjggZXX^cYZKVghdk^V -#:aBdcjbZcidVadh =gdZhYZ<jZid © .#:aBdcjbZcidVaV 7ViVaaVYZBdciZ 8Vhh^cd &%#:aBjhZdYZaV Eg^h^cYZ ¾EVl^V`¿ &&#:aBdcjbZcidVadh 8VYdhn6hZh^cVYdh ZcZa:hiZ lll#lVghVlidjg#ea &'#:a8ZbZciZg^dYZ Edl|o`^ &(#:a8ZbZciZg^dBâîVg &)#:aBjhZdYZa EVWZaacMYZaV 8^jYVYZaVYZKVghdk^V! hZXX^cYZaBjhZdYZ aV>cYZeZcYZcX^V G J I 6 C ¬ ) *% & :aBjhZdYZaV>chjggZXX^cYZKVghdk^V X$<gonWdlh`V,. ZcigVYVedgaVXVaaZEgond`dedlV'- i[cd#/''*(.,.%*!lll#&.))#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#.& ( :aBjhZdYZaV>chjggZXX^cYZKVghdk^VhZ ZcXjZcigVZcZaZY^ÉX^dYZaVVci^\jVXZcigVa ZaXig^XVYZigVckVhn]VaaZ\VYdVhZgjcdYZadh aj\VgZhb{hk^hîVYdhYZaVXVeîVa#>cVj\jgVYdZc Za+%Vc^kZghVg^dYZaZhiVaa^YdYZaaZkVciVb^Zcid YZKVghdk^V!XdchiîjnZjc]dbZcV_ZedgeVgiZYZ adhkVghdk^VcdhVadhfjZajX]VgdcneZgZX^Zgdc edgjcVEdadc^Va^WgZnedghjXVeîVa#AV Zmedh^X^cegZhZciVaVajX]VnaVk^YVXdi^Y^VcVYZ aV>chjggZXX^cYZKVghdk^VYjgVciZaVdXjeVX^c# :Y^ÉXVYdZcigZadh Vdh&.%)"&%!hZ XdbedcVYZYdh ZY^ÉX^dh!jcdYZZaadh Zab{hVaid[jZZa eg^bZggVhXVX^ZadhYZ KVghdk^V0YZhYZZa Vd&.''adhZY^ÉX^dh eZgiZcZXVcVaV E6HI6!ZhYZX^g!VaVHdX^ZYVY6cc^bVEdaVXV YZIZaZXdbjc^XVX^c#9jgVciZaVdXjeVX^chZ ZcXdcigVWVVaaaVXZcigVaiZaZ[c^XVfjZhZgkV VidYdZa<dW^Zgcd<ZcZgVa#:a'%YZV\dhidYZ &.))!igVhZcXVgcôVYVhajX]Vh!ZaZY^ÉX^dYZaV E6HI6[jZidbVYdedgadhhdaYVYdhYZaWViVaac ³@â^²h`^´#:aZY^ÉX^d[jZYZhigj^Ydn!igVhaV\jZggV! gZXdchigj^Yd!eZgdXdcjcVYZXdgVX^cb{h hZcXâaV#:c'%%(!hZXdadXZcZaiZ_VYdjcVcXaV YZ)bZigdh!hbWdadYZaVEdadc^VXdbWVi^ZciZ# ) BVjhdaZdYZaVAjX]VnZaBVgi^g^d HZXX^cYZaBjhZdYZaV>cYZeZcYZcX^VYZ KVghdk^V VkYV#HojX]V'*!i[cd#/''+'.).&. lll#bjoZjbc^ZedYaZ\adhX^#Vgi#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdhYZ KVghdk^V´!e{\#-) :aBVjhdaZd!aj\VgYZXdcbZbdgVX^ccVX^dcVa!Zhi{ hîjVYdZcZaVaVôfj^ZgYVYZaB^c^hiZg^dYZ:YjXVX^c CVX^dcVa#9jgVciZaVdXjeVX^c!ZcigZadhVdh &.(.n&.))![jZaVhZYZYZaV<ZhiVed!aVeda^XV edai^XVVaZbVcV#AVeVgiZeg^cXêVaYZaVZmedh^X^c Zhi{XdbejZhiVedgXjVigdXZaYVhXdaZXi^kVh! aaVbVYVh³igVckVh´!Y^ZoXZaYVhYZV^haVb^ZcidnZa XjVgidYZ\jVgY^VYZaV<ZhiVed!ZcZafjZiVbW^c iZcVcaj\Vgadh^ciZggd\Vidg^dhVadheg^h^dcZgdh# AVXdaZXX^cb{hkVa^dhVaV[dgbVcaVhe^ciVYVh XdchZgkVYVhZcaVhXZaYVh#:hiZaj\VgXdcbZbdgV ZaYZhi^cdYZbâZhYZedaVXdh^ciZggd\VYdhnigViVYdh ^c]jbVcVbZciZedgadh]îaZg^Vcdh# :aZY^[^X^dYZaV E6HI6 X$O^ZacV(, ' AVIjbWVYZaHdaYVYd9ZhXdcdX^Yd EaVoVE^¨hjYh`^Z\d :hjchZejaXgdh^bWa^XdfjZg^cYZ]dbZcV_Z Vadh]gdZhVcc^bdhbjZgidhZcaVajX]VedgaV ^cYZeZcYZcX^VYZEdadc^V#:hi{adXVaôVYdWV_d aVhVgXVYVhYZaVci^\jdEVaVX^dYZHVh`^#:a'YZ cdk^ZbWgZYZ&.'*!hZgZjc^ZgdcaVhXZcôVhYZ jcHdaYVYd9ZhXdcdX^YdZa9Z[ZchdgYZAk^kYZa 8ZbZciZg^dYZçnXoV`l!VhXdbdjcVhjgcVhXdc aVi^ZggVYZadhXVbedhYZWViVaaVhYZaVEg^bZgV <jZggVBjcY^Va#9ZaeVaVX^dYZhigj^YdZc&.)) lll#lVghVlidjg#ea GjiVC¬)/ *& hadfjZYVgdcaVhVgXVYVhXdcaVijbWV#:cZa bdcjbZcidgZXdchigj^Yd!hZZcXjZcigVcaVhjgcVh YZidYdhadhXVbedhYZWViVaaVYZah#MMZcaVhfjZ eZgZX^Zgdc]Zgd^XVbZciZadhXdbWVi^ZciZhedaVXdh# * :aBdcjbZcidVaoVeViZgdkVghdk^Vcd ?Vc@â^²h`^ VedgiVX^dcZhYZ adhZmeadgVYdgZh# >cVj\jgVYdZa&YZ dXijWgZYZa&.-( edgjcZmeadgVYdg ^chjg\ZciZ!Za YdXidg?Zgon Ðl^YZgh`^!ZcaV VXijVa^YVYbY^Xd XVgYâd\d!nZc VfjZaZcidcXZh! XdcZahdWgZcdbWgZ YZ³AjW^Xo´!ZcaVXZYZ&)VdhZcZaWViVaac ³<jhiVlÝZa:_gXîdCVX^dcVa# , ;jZZaY^g^\ZciZYZaV>chjggZXX^cYZ@dÑX^jho`dZc KVghdk^V#9jgVciZaVdXjeVX^c]îaZg^VcV!Zcadh i^ZbedhYZaVhZ\jcYV\jZggVbjcY^Va!Xdbd gZegZhVa^VedgfjîVgaVh^chXgêX^dcZhVaZbVcVh YZabdcjbZcidV8degc^Xd!edgdgYZcYZa \dWZgcVYdg;^hX]Zg!hZaaZkVgdcZabdcjbZcidYZ @â^²h`^!hîjVYdZcVfjZaZcidcXZhZcaVEaVoV @gVh^²h`^X]!naddXjaiVgdc#AVhdg\VcôVX^dcZh XaVcYZhi^cVhYZhXjWg^ZgdcZaaj\VgYdcYZ ZhXdcY^ZgdcZabdcjbZcid/adhhiVcdhYZaBjhZd CVX^dcVa#:cZabjgdYZaBjhZdVeVgZXâV ^chXgêX^c³±EjZWadYZKVghdk^V!ZhidnVfj @â^²h`^?Vc´#¦GZVXX^dc¥iVbW^cC^Xda{h 8degc^Xd/³8dbdkZc\VcoVedgaVYZhigjXX^cYZa bdcjbZcidV@â^²h`^!YZXgZidaVegdadc\VX^cYZa ^ck^ZgcdYjgVciZ+hZbVcVh¼C^Xda{h8degc^Xd! VhigcdbdÝZXaVgVWVcaVh^chXgêX^dcZhhdWgZadh bjgdhYZKVghdk^V#:cZaVd&.)'!Za^ck^Zgcd[jZ Z[ZXi^kVbZciZbjnaVg\dnbjn[gd# :aBdcjbZcidVaV>chjggZXX^cYZKVghdk^V ;^cVcX^VYdXdcaVhYdcVX^dcZhYZaVhdX^ZYVY! ^cVj\jgVYdZcZa)*Vc^kZghVg^dYZaV>chjggZXX^c! hZ\cegdnZXidYZL#@jbV!Zc]dbZcV_ZVadh ]gdZhYZaV>chjggZXX^cYZKVghdk^VfjZeZgZX^Zgdc edghjeVig^VajX]VcYdXdcigVadhdXjeVciZhZcjcV YZh^\jVaWViVaaVfjZYjg+(YVh# - :aBdcjbZcidVadh=gdZhYZ<jZid YZhXgêX^cgjiVc¬+ + :aBdcjbZcidVaEZfjZd>chjg\ZciZYZ&.)) . GZVaôVYdhZ\cjcegdnZXidYZ?#?Vcjho`^Zl^Xo Zc]dbZcV_ZVadhZmeadgVYdgZheVgi^XêVciZh ZcaV>chjggZXX^cYZKVghdk^VYZaVd&.))# :abdcjbZcid[jZXgZVYd\gVX^VhVaVh :aBdcjbZcidVaV7ViVaaVYZBdciZ8Vhh^cd >cVj\jgVYdZcZa**Vc^kZghVg^dYZaVWViVaaV ZcbVndYZa&...Zc]dbZcV_ZVadhhdaYVYdh YZaHZ\jcYd8jZgedEdaVXd# lll#lVghVlidjg#ea G J I 6 C ¬ ) *' &% :aBjhZdYZaVEg^h^cYZEVl^V`!hZXX^c YZaBjhZdYZaV>cYZeZcYZcX^VYZKVghdk^V X$9o^ZacV')$'+ i[cd#/''-(&.'-. lll#bjoZjbc^ZedYaZ\adhX^#Vgi#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#.) :abjhZdhZZcXjZcigVZcadhhiVcdhYZaV Vci^\jVeg^h^c!Xdchigj^YVZcaVb^hbVedXV fjZaV8^jYVYZaVYZKVghdk^V#?jcidVZhiV ai^bV!XdchiîjnZabVndgXZcigdYZV^haVb^Zcid ngZegZh^cYZadhedaVXdhedgeVgiZYZaVh Vjidg^YVYZhgjhVh]VhiVZaVd&.&*#:cigZadhVdh &.(.n&.))[jZjcVYZaVheg^cXêVaZhX{gXZaZhYZ aV<ZhiVedZcZaiZggîdg^dYZa<dW^Zgcd<ZcZgVa# && :aBdcjbZcidVadh8VYdhn6hZh^cVYdh ZcZa:hiZ >cVj\jgVYdZa&,YZhZei^ZbWgZYZa&..*ZcZa*+ Vc^kZghVg^dYZaViVfjZYZaVJc^cYZGZeWa^XVh HdX^Va^hiVhHdkî^XVhVEdadc^V# &' :a8ZbZciZg^dYZEdl|o`^ X$Edl|o`dlh`V&) i[cd#/''-(-**'* ;jcYVYdZc&,.%!hZ\cjcegdnZXidYZ 9#BZga^c^!VgfjîZXidYZaVXdgiZYZagZn:hiVc^haVd 6j\jhidEdc^Vidlh`^#:cadheVciZdcZhhZ ZcXjZcigVcaVhXZcôVhYZeZghdcVhYZaZcidgcd YZagZnnhjh[Vbâ^Vh#:hZaXZbZciZg^dXVia^Xd b{hVci^\jdYZaVX^jYVY#:aXZbZciZg^d!fjZedg ZacdbWgZYZaWVgg^dZhaaVbVYdEdl|o`Vb^!ZhZa XZbZciZg^dXVia^Xdb{hVci^\jdYZaVX^jYVY# :cEdl|o`^Zhi{cZciZggVYdhiVbW^cedaVXdhiVc Y^hi^c\j^YdhXdbd/?#@â^²h`^!L#7d\jh¨Vlh`^! H#@dcVgh`^!=#@d¨¨|iV_!7#Egjh!B#LV²`dl^Xo! H#@^h^ZaZlh`^nZaegdiZXidgYZadhbdcjbZcidh YZEdl|o`^YjgVciZbjX]dhVdh!?#LVaYdg[[# :cZaVd&.'*!XZgXVYZaVeVgZYhjgYZadh eVciZdcZhhZXgZaV6kZc^YVYZadh>ajhigZh# 6fjnVXZc!ZcigZdigdh/L#GZnbdci! A#HiV[[!B#9|Wgdlh`V!;#æl^g`dnH#L^\jgV# :aXZbZciZg^dYZEdl|o`^ZhjckZgYVYZgdiZhdgd ZcZhXjaijgVneZfjZVVgfjîZXijgV#EdYZbdh ZcXdcigVgcdiVWaZhdWgVhXaVh^X^hiVh!bdYZgc^hiVh nYZVgiZXdciZbedg{cZd# lll#lVghVlidjg#ea GjiVC¬)/ *( &( :a8ZbZciZg^dBâîVg X$Edl|o`dlh`V)($)* i[cd#/''+(('&)% lll#XbZciVgoZ`dbjcVacZ#Xdb#ea ;jcYVYdZcZaVd&.&'XdbdXZbZciZg^d dgidYdmdeVgVadhhdaYVYdhgjhdh0YZhejhYZaVd &.&-![jZigVch[dgbVYdZcXZbZciZg^dbâîVg!Zc VfjZaZcidcXZh!hZigVoaVVkZc^YVeg^cXêVanhZ Y^k^Y^ZaiZggîdg^dYZaXZbZciZg^dZceVgXZaVh0Zc ZaVd&.'&!aVhVjidg^YVYZhgZjc^ZgdcZcaaVh XZcôVhYZadhhdaYVYdhedaVXdhfjZeZgZX^Zgdc YjgVciZaV><jZggVBjcY^VanYZadhXVYdhZcaV YZ[ZchVYZKVghdk^VYZaVd&.'%0ZcadhVdh &.(("(-!hZ[dgbaVijbWVYZadh^chjg\ZciZhYZa Vd&-+(0YjgVciZaVdXjeVX^chZZciZggVgdcVfj VadhYZ[ZchdgZhYZKVghdk^VYZhZei^ZbWgZYZ &.(.nVadhhdaYVYdhYZaVgZh^hiZcX^V0ZcZaVd &.)*!ZcZaXZbZciZg^dbâîVg[jZgdcZciZggVYdh ZcbVhVadhhdaYVYdhYZa:_gXîdEdaVXd Z^chjg\ZciZh!XjndhXVY{kZgZhhZZm]jbVgdcYZ aVhXVaaZhneaVoVhYZaVX^jYVY0jcVeVgiZYZaV VkZc^YVeg^cXêVahZigVch[dgbZcaV6kZc^YVYZ adh>ajhigZh#6fj[jZgdcZciZggVYdhiVbW^c ]dbWgZhYZX^ZcX^V/D#AVc\Z!YZaVXjaijgV/ @#6YlZcidl^Xo!L#7gdc^Zlh`^!M#9jc^`dlh`^! @#>#<V¨Xon²h`^!A#@gjXo`dlh`^!O#CV¨`dlh`V! A#HX]âaZg!6#Higj\n?#Ijl^b0nbâîVgZh/ I#@jigoZWV#:cijbWVhhZeVgVYVhhZZciZggVgdc VadhhdaYVYdhXVYdhZchZei^ZbWgZYZ&.(.YjgVciZ aVYZ[ZchVYZKVghdk^V!BdYa^c!YjgVciZaVWViVaaV YZa7ojgV!VadhhdaYVYdhedaVXdhfjZeZgZX^Zgdc ZcZaWVgg^dYZEgV\V!VhXdbdVadhhdaYVYdhYZa :_gXîdCVX^dcVanYZa:_gXîdEdejaVgXVYdh YjgVciZaV>chjggZXX^cYZKVghdk^V#AVhijbWVh hZY^k^Y^ZgdcaVhijbWVhedgV\gjeVX^dcZh/ ³OdÑ`V´!³EVgVhda´!³B^di¨V´!³ænl^X^ZańdigVh! hZXdadXVgdcXgjXZhYZVWZYjanjcbdcjbZcid/ jcdWZa^hXdZc]dbZcV_ZVadh^chjg\ZciZhYZ KVghdk^V0hZXdchigjnZgdcijbWVhnbdcjbZcidh h^bWa^Xdh!ZcigZdigdh!ZabdcjbZcidVadh dÉX^VaZhVhZh^cVYdhZcZaVd&.)%Zc@Vin²# &) :aBjhZdYZaEVWZaacMYZaV8^jYVYZaV YZKVghdk^V!hZXX^cYZaBjhZd YZaV>cYZeZcYZcX^V X$H`VoV²Xl'* i[cd#/''-(.&'+-!''-(.'(-( lll#bjoZjbc^ZedaZ\adhX^#Vgi#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#.* 8dbejZhidedgadhVci^\jdh^ciZg^dgZhYZaV eg^h^c!aVZmedh^X^cZhi{YZY^XVYVVaV]^hidg^V YZaV8^jYVYZaVnVadheg^h^dcZgdhYZaEVWZaacM! fjZajX]VgdcedgaVa^WZgVX^cYZaVcVX^cnedg ZaXVbW^dhdX^VaYjgVciZaVdXjeVX^c# lll#lVghVlidjg#ea G J I 6 C ¬ * *) GjiVC¬* IgVhZagVhigdYZ;gnYZgn`8]de^cZcKVghdk^V ³CVijgVaYZKVghdk^V!edaVXdYZXdgVocn!\gVX^VhVhjiVaZcid!X^jYVYVcd YZabjcYd´ 8neg^Vc@VbâCdgl^Y ;gnYZgn`8]de^ccVX^ Za&YZbVgod YZ&-&%ZcæZaVodlV LdaVBVodk^V nbjgêgZbVijgVbZciZ Za&,YZdXijWgZYZ&-). ZcEVgh# :aeVYgZYZ;gnYZgn` 8]de^c[jZB^`d¨V_8]de^c![gVcXh!egd[Zhdg YZaZc\jV[gVcXZhVneZYV\d\d#B^`d¨V_ 8]de^caaZ\VEdadc^VVaVZYVYYZ&+Vdh nhZfjZYVfjeVgVh^ZbegZ#HjbVYgZ[jZ ?jhincV!YZaV[Vbâ^VYZadh@gonèVcdlh`^# ;gnYZgnìjkdigZh]ZgbVcVh/AjYl^`V! >oVWZaVn:bâ^V# :cZaVd&-&%!aV[Vbâ^VYZ;ZYZg^Xd 8]de^chZbjYVKVghdk^V#6aa! VadaVg\dYZkZ^ciZVdh!hZ[jZ[dgbVcYd aVeZghdcVa^YVYnhZch^Wâ^YVYYZ;ZYZg^Xd 8]de^c#9ZhYZbjnc^d!8]de^cbVc^[Zhi VeiîjYZheVgVaVbh^XV!^begdk^hVWV Vae^VcdnXdbedcV#6aVZYVYYZhZ^h Vdh!ZbeZoZhijY^Vgbh^XVYZjcbdYd h^hiZb{i^Xdn!Za')YZ[ZWgZgdYZa&-&-! ZcZaEVaVX^dYZ6cidc^GVYo^l^¨¨! Y^dhjeg^bZgXdcX^ZgidZceWa^Xd# B{hiVgYZ!8]de^cZhijY^ZcZaA^XZd YZKVghdk^V#6adh&+Vdh!ZbeZoadh ZhijY^dhYZXdbedh^X^cZcaV:hXjZaV <ZcZgVaYZBh^XV#DWijkdZaYêadbV YZXdbedh^X^cZcZaVd&-'.XdcjcV ZkVajVX^cY^hi^ci^kVYZhjegd[Zhdg!?oZ[ :ahcZg/³YdiZhZmigVdgY^cVg^Vhegde^Vh YZjc\Zc^dbjh^XVa´# :cZaVd&-(%!;gnYZgn`8]de^chZbVgX] VK^ZcVnYZhejhhZigVhaVYVEVgheVgV ZagZhidYZhjk^YV#:aXdgVocYZ8]de^c! YZVXjZgYdXdchjai^bVkdajciVY! ³gZ\gZh´VKVghdk^Vn[jZYZedhîVYdeVgV h^ZbegZZcaV>\aZh^VYZaVHVciV8gjo! ZcaVXVaaZ@gV`dlh`^ZEgoZYb^ZÑX^Z# 6a]VWZgk^k^YdZcjcVedXV YZ³iZbeZhiVYnegZh^c´!i^ZbedhZcfjZ hjg\VcaVhiZcYZcX^VhYZbdXg{i^XVhZcigZ aV\ZciZfjZeaVcZVWVaVa^WZgVX^cYZaeVh YZanj\dYZaV[jZgoVZmigVc_ZgV!;gnYZgn` 8]de^cgZ[aZ_Zchjbh^XVjcVbV\c[^XV k^h^cYZaYdadg!aVYZhZheZgVX^c!ZabeZij ]Zgd^XdnaVVdgVcoV!k^cXjaVYdh VagZXjZgYdYZhjeVig^V!YZaVWZaaZoV YZaVi^ZggVedaVXVnZahj[g^b^Zcid YZaVcVX^c# AVbh^XVYZ;gnYZgn`8]de^chZWVhV ZcaVigVY^X^cbjh^XVaedaVXV! ]VXZjhdYZa[daXadgZedaVXdni^ZcZ jcXVg{XiZgbVgXVYVbZciZcVX^dcVa# EdgZaadZhgZXdcdX^YVXdbdjchbWdad YZaVXjaijgVcVX^dcVa# AVhWVcXVhbjai^bZY^VaZhYZ8]de^c¼ZhjcVVigVXX^cijg^hiXVXdcZXiVYVXdc;#8]de^c# AVhWVcXVhhdcXdadXVYVhZcadhhî^dhYZKVghdk^VYdcYZk^kVd[gZXjZciVWVZa\gVcYZ Xdedhîdg#:cXVYVWVcXV]VnjcVbVeVXdcjcZhfjZbVYZaVgjiVYZacjZhigdeVhZdn ZaXdgidYZXgêX^cYZaaj\Vg#:hiVbW^cedh^WaZkZgnZhXjX]VgbVh^c[dgbVX^cZhXdcZa VjY^d\jVYZaVe{\^cV/lll#jb#lVghoVlV#ea$lnYVgoZc^V$X]de^c'%&%$ lll#lVghVlidjg#ea GjiVC¬*/ ** &#EVaVX^d6oja '#EVaVX^dLZhhalVci^\jVbZciZEdXoiVHVh`V (#EVaVX^dEgZh^YZcX^VaVci^\jVbZciZYZadh GVYo^l^!YZaK^ggZn )#>\aZh^VYZaVK^hîVX^c *#EVaVX^dYZ8Vh^b^gdEVVX@Vo^b^Zgodlh`^ +#6cZmdYZaEVaVX^dYZ8Vh^b^gdEVVX @Vo^b^Zgodlh`^ ,#:aHVacYZ8]de^c¼HZXX^cYZaBjhZdYZ ;gnYZgn`8]de^c -#>\aZh^VAjiZgVcVYZaVHVcih^bVIg^c^YVY .#>\aZh^VYZaVHVciV8gjo &%#BjhZdYZ;gnYZgn`8]de^c¼8VhiâadDhigd\h`^ &&#Jc^kZgh^YVYYZBh^XV;gnYZgn`8]de^c &'#BdcjbZcidYZaEVgfjZGZVaYZVo^Zc`^ &(#7ZalZYZg EVaVX^d6oja ja#HZcVidgh`V(, 8dchigj^YdZcZah#MK>>!YZhYZ&-&&ZgVegde^ZYVY YZaV[Vbâ^VOVbdnh`^#HjcdbWgZegdXZYZYZa XdadgVojaYZhjiZ_VYd#8]de^cY^dkVg^dhXdcX^Zgidh ZcZhiZeVaVX^d# & ¯HVWVhfjZµ jcVYZaVhXV[ZiZgVhb{hVci^\jVhYZKVghdk^V! fjZZcaVVXijVa^YVYZhjcgZhiVjgVciZ!Zh =dcdgVi`V!ZcaVXVaaZB^dYdlV&)!nfjZ[jZ [jcYVYVZcZaVd&-'*ZcjcVcZmdYZaVci^\jd EVaVX^dYZadh8]dY`^Zl^Xo4:a_dkZc;gnYZgn` 8]de^c!fjZk^k^ZcKVghdk^VYjgVciZ'%Vdh! [gZXjZciVWVaVXV[ZiZgV=dcdgVi`V# ' lll#lVghVlidjg#ea EVaVX^dLZhhalVci^\jVbZciZEdXoiVHVh`V ja#@gV`dlh`^ZEgoZYb^ZÑX^Z'* G J I 6 C ¬ * *+ :cZhiZaj\VghZZcXdcigVWVaVdÉX^cVgZVa YZXdggZdh#?jcidVaVdÉX^cV!]VWVjcV eaViV[dgbVYZhYZaVfjZhVaVcaVhYâ^\ZcX^Vh fjZigVchedgiVWVcadheVfjZiZh#:caVaîZgVijgV hZbZcX^dcVfjZ!Za'YZcdk^ZbWgZYZ&-(%! hVa^8]de^cYZhYZZhiZaj\Vg!VWVcYdcVcYd eVgVh^ZbegZhjeVig^V#;gnYZgn`hZYZhe^Yêdg hZ\jcYVkZoYZhjhVb^\dhZcaVZhfj^cVYZaVh XVaaZhD`dedlVn9o^ZacV# EVaVX^dEgZh^YZcX^VaVci^\jVbZciZYZadh GVYo^l^!YZaK^ggZn ja#@gV`dlh`^ZEgoZYb^ZÑX^Z)+$*% 8dchigj^YdVbZY^VYdhYZah#MK>>!ZhZaeVaVX^d b{h\gVcYZYZKVghdk^V#9ZhYZ&..)!XdchiîjnZaV hZYZYZaEgZh^YZciZYZaVGZeWa^XVEdaVXV# :cZhiZaj\Vg!;gnYZgn`8]de^chdaVYVgXdcX^Zgidh! ^cXajhdYZc^d# ( >\aZh^VYZaVK^hîVX^c ja#@gV`dlh`^ZEgoZYb^ZÑX^Z() i[cd#''+.')''* AV>\aZh^VYZHVc?dh9ZhedhVYdhZhjZaZaaVbVg aV>\aZh^VYZaVK^hîVX^c#:caVedXVYZ8]de^c! idYdhadhYdb^c\dhnYVh[Zhi^kdhhZXZaZWgVWVc ) EVaVX^dYZ8Vh^b^gdEVVX@Vo^b^Zgodlh`^ ja#@gV`dlh`^ZEgoZYb^ZÑX^Z'+$':hZaZY^ÉX^db{hVci^\jdYZaVJc^kZgh^YVYYZ KVghdk^V#;jZXdchigj^YdVbZY^VYdhYZah#MK>> XdbdgZh^YZcX^VYZkZgVcdeVgVZagZn?jVc 8Vh^b^gdVaVhV[jZgVhYZKVghdk^V#:agZn:hiVc^haVd 6j\jhidEdc^Vidlh`^Xdck^gi^ZhiVgZh^YZcX^VZc jcVZhXjZaVeVgV_kZcZhYZaVVg^hidXgVX^V!fjZ gZX^W^ZacdbWgZYZ:hXjZaVYZ8VWVaaZgdh#:c &-&+!ZaZY^ÉX^deVhV[dgbVgeVgiZYZaVgZX^c XgZVYVJc^kZgh^YVYGZVaYZKVghdk^V#:cadhVdh &-&,"&-(&![jZaVhZYZYZaA^XZdYZKVghdk^V!ZcZa fjZZhijY^;gnYZgn`8]de^cnZcZaZchZVWVhj eVYgZB^`dV_# * 6cZmdYZaEVaVX^dYZ8Vh^b^gd ZcaVVXijVa^YVY!hZYZYZa>chiîjidYZ :hijY^dhDg^ZciVaZhYZaVJc^kZgh^YVYYZ KVghdk^V 9ZhejhYZbjYVghZYZaEVaVX^dHVh`^Zc&-&,! aV[Vbâ^V8]de^ck^k^YjgVciZadhY^ZoVdh h^\j^ZciZhZcjcVVbea^Vk^k^ZcYVhîjVYVZcZa hZ\jcYde^hdYZaVcZmdYZaEVaVX^dYZ8Vh^b^gd# Adh8]de^cZhiVWaZX^ZgdcZcZhiZaj\VgjcV eZch^ceVgV_kZcZhfjZY^h[gjiVWVYZjcV \gVcgZejiVX^c#:caVeVgZYhjeZg^dgYZaVcZmd! VaVVaijgVYZaeg^bZge^hd!hZÉ_jcVeaVXV XdcbZbdgVi^kVnjcWV_dggZa^ZkZXdcZagZigVidYZ ;gnYZgn`# + :aHVacYZ8]de^c¼HZXX^cYZaBjhZdYZ ;gnYZgn`8]de^c ja#@gV`dlh`^ZEgoZYb^ZÑX^Z* ZY^ÉX^dYZaV6XVYZb^VYZ7ZaaVh6giZh! ;VXjaiVYYZ6giZh<g{ÉXVh!eaVciV>> i[cd#''('%%',*lll#c^[X#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#-+ :cZhiZhVac!fjZ[dgbVWVeVgiZYZhjXVhV! 8]de^ceVhhjhai^bdhVdhVciZhYZVWVcYdcVg ZaeVh#;jZXgZVYdZc&.+%hZ\cZaY^Wj_dYZ hjVb^\dnVgi^hiV6cidc^@daWZg\#AVk^k^ZcYV hZZcXjZcigVZcZaEVaVX^dYZadh8oVeh`^ edhiZg^dgbZciZ!YZadh@gVh^²h`^ZcaVXVaaZ , dÉX^dheVgVadhVajbcdhnZhijY^VciZh#;gnYZgn` idXVWVZag\Vcd#:caVVXijVa^YVY!hZZcXjZcigV jcVeaVXVXdcbZbdgVi^kVhdWgZaVejZgiVYZ ZcigVYV# lll#lVghVlidjg#ea GjiVC¬+/ *, @gV`dlh`^ZEgoZYb^ZÑX^Z*#:aZY^ÉX^deZgiZcZXZ VaV6XVYZb^VYZ7ZaaVh6giZh#HjYZXdgVX^cZhi{ XdbejZhiVedgbjZWaZhZ^chigjbZcidhYZaV edXV#8dbeaZiVcaVZmedh^X^cadhgZigVidhYZadh 8]de^cn\g{ÉXdhfjZegZhZciVcaVKVghdk^VYZ eg^cXê^dhYZah#M>M# :aHVacZhaVc^XVk^k^ZcYVYZ8]de^cfjZhZ ejZYZk^hîVgZcKVghdk^V#AVhYdhVciZg^dgZh k^k^ZcYVhYZadh8]de^ccd]Vch^YdgZegdYjX^YVh# AVeg^bZgVhZZcXdcigVWVZcZaEVaVX^dHVh`^!ZaXjVa cdZm^hiZZcaVVXijVa^YVY#AVhZ\jcYV!ZcZaVcZmd YZaEVaVX^dYZ8Vh^b^gdEVVX@Vo^b^Zgodlh`^# >\aZh^VAjiZgVcVYZaVHVcih^bVIg^c^YVY Ea#BVVX]dlh`^Z\d&!lll#igd_XV#lVl#ea 8dchigj^YVZcZah#MK>>>!hj[dgbVgZXjZgYVVjc eVciZcgdbVcd#AVidggZYZaV^\aZh^VXdchiîjn Zci^ZbedheVhVYdhZaejcideVcdg{b^Xdb{h ^bedgiVciZYZaVXVeîVa!YZhYZZafjZhZedYV XdciZbeaVgaVKVghdk^VYZVfjZaaVedXV#:caV VXijVa^YVY!i^ZcZcaj\VgXdcX^ZgidhYZbh^XV Xa{h^XVdg\VcôVYdhedgaVÙeZgVYZ8{bVgVYZ KVghdk^V# :cZhiV^\aZh^V!8]de^cY^djcXdcX^ZgideVgVZaoVg 6aZ_VcYgd>ZcbVndYZ&-'*#:aoVg!ZchZVaYZ gZXdcdX^b^Zcid!dWhZfj^V8]de^cXdcjcVcâad YZWgâaVciZh#;gnYZgnìVbW^cXVciZcZaXdgdYZ ZhiVeVggdfj^V# - . AV]ZgbVcVYZaXdbedhîdg! AjYl^`V!Xjbea^ZcYdhj ai^bVkdajciVY!igV_dhj XdgVoc]VhiVKVghdk^V!nV fjZcd[jZedh^WaZZciZggVg V8]de^cZchji^ZggVcViVa# AVjgcVhZZcXjZcigVZc aV>\aZh^VYZaVHVciV8gjo! ZcZaeâVghîjVYdZcZa aVYdôfj^ZgYdYZaVcVkZ eg^cXêVa#:caVVXijVa^YVY! hZejZYZdWhZgkVgaV ^chXgêX^c/³EdgfjZVaaYdcYZZhiijiZhdgd!ZhiVg{ iVbW^cijXdgVoc#EVgV;gnYZgn`8]de^c!YZhjh XdbeVig^diVh´#AV^\aZh^VWVggdXVXdchiîjnZjcd YZadhbdcjbZcidhb{h^bedgiVciZhYZKVghdk^V# ;gZciZVaV[VX]VYV!hZZg^\Zjc^begZh^dcVciZ bdcjbZcidYZ8g^hidXVg\VcYdXdcaVXgjo# &% BjhZdYZ;gnYZgn`8]de^c¼8VhiâadDhigd\h`^ XZggVYdedgdWgVh]VhiVZaVd'%&% ja#Dàc^`&!i[cd#''-'+*.(* lll#c^[X#ea!bjoZjb5c^[X#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdh YZKVghdk^V´!e{\#-+ AdhXdb^ZcodhYZaBjhZdYZ;gnYZgn`8]de^cZc aV6hdX^VX^c8]de^chZgZbdciVcVadhVdh(% YZah#MM#:c&.(*!ZaZcidcXZh>chiîjid;gnYZgn` 8]de^c![jcYVYdedgYZhiVXVYdhgZegZhZciVciZh YZaVXjaijgVnaVedai^XV!XdbZcoVgZjc^gaVh XdaZXX^dcZhbZY^VciZaVXdbegVYZkVa^dhdh bVcjhXgîdhVadheVg^ZciZhYZaXdbedhîdg#AV XdaZXX^cVXijVaZhaVb{h^bedgiVciZgZaVX^dcVYV Xdc8]de^c#6WVgXVVgiXjadhYZY^kZghdiêd gZaVX^dcVYdhXdcZaXdbedhîdgnhjdWgV# AVhZYZeg^cXêVaYZaBjhZdYZ;gnYZgn`8]de^c >\aZh^VYZaVHVciV8gjo 7Vha^XVBZcdgYZaVHVciV8gjo ja#@gV`dlh`^ZEgoZYb^ZÑX^Z( i[cd#''**+--'%!lll#hl`gono#ea! hl`gono#lVl5^ciZg^V#ea lll#lVghVlidjg#ea G J I 6 C ¬ * *- ZcXjZcigVZcZa8VhiâadDhigd\h`^!hîjVYdZcjcV ZhXVgeVVdgâaVhYZaKhijaV#:hiZZY^ÉX^dWVggdXd" XaVh^X^hiV[jZXdchigj^YdZcZah^\adMK>>!Y^hZVYd edgZaVgfjîZXid]daVcYhInabVckVc<VbZgZc# && Jc^kZgh^YVYYZBh^XV;gnYZgn`8]de^c ja#Dàc^`'!i[cd#''-',,')& lll#X]de^c#ZYj#ea!^c[d5X]de^c#ZYj#ea AVJc^kZgh^YVYYZBh^XV;gnYZgn`8]de^c Vci^\jVbZciZ!6XVYZb^VYZBh^XV;gnYZgn` 8]de^cZhaVZhXjZaVYZbh^XVb{hVci^\jV Z^bedgiVciZYZEdadc^V!VhXdbdjcVYZaVhb{h Vci^\jVhYZ:jgdeV#HZZcXjZcigV_jcidVaBjhZd YZ8]de^c# &' BdcjbZcidYZaEVgfjZGZVaYZVo^Zc`^ lll#aVo^Zc`^"`gdaZlh`^Z#ea :abdcjbZcidV;gnYZgn`8]de^cZcZaEVgfjZ YZVo^Zc`^ZhjcVYZaVh^b{\ZcZhb{h gZegZhZciVi^kVhYZKVghdk^V#9ZhYZZaVd&.*.! YjgVciZaViZbedgVYVZhi^kVa!i^ZcZcaj\Vg_jcid VabdcjbZcidadh[VbdhdhXdcX^ZgidhYZ8]de^c! ^ciZgegZiVYdhedgZmigVdgY^cVg^dhe^Vc^hiVh#:hidh XdcX^ZgidhY^h[gjiVcYZjcV\gVcVjY^ZcX^V!h^c ^bedgiVgZai^ZbedfjZ]V\V# :abdcjbZcid!ZhXjae^YdedgLVXVl HonbVcdlh`^!i^ZcZhj]^hidg^V#IZcVfjZhZg aZkVciVYdZcZaXZciZcVg^dYZacVX^b^ZcidYZa e^Vc^hiV!Zc&.&%#AVdWgVhZegdadc\YZW^YdVaV XdcigdkZgh^VfjZhZ[dgbZcidgcdVaegdnZXidn! b{hiVgYZ!hZYZijkdigVhZaZhiVaa^YdYZaVEg^bZgV <jZggVBjcY^Va#Edgai^bd!ZabdcjbZcid[jZ ^cVj\jgVYdZc&.'+# :a>ck^ZgcdhZeaVcZVjc\gVcYZe^hiVYZ]^Zad Zc[gZciZYZabdcjbZcidYZ;#8]de^c# :caVhXZgXVcVhYZabdcjbZcidV;gnYZgn` 8]de^c!ZcaViZbedgVYVYZkZgVcdYZhYZ bZY^VYdhYZbVnd]VhiV[cVaZhYZhZei^ZbWgZ! XVYVYdb^c\dVaVh&'#%%naVh&+#%%]dgVh i^ZcZcaj\VgXdcX^ZgidhYZaVbh^XVYZ8]de^c YZaVbVcdYZe^Vc^hiVhYZhiVXVYdh# &( 7ZalZYZg ja#7ZalZYZgh`V*' EVaVX^dXaVh^X^hiVhîjVYdZcZaEVgfjZYZVo^Zc`^! XdcdX^Yd\ZcZgVabZciZXdbdaVVci^\jVhZYZYZ aVhVjidg^YVYZhcVX^dcVaZh#9ZhYZ&-&-![jZaV gZh^YZcX^VYZa<gVcEgcXêZ8dchiVciZ!k^ggZnYZa oVgYZEdadc^V# 8jVcYdZa_dkZc;gnYZgn`VYfj^g^[VbVYZe^Vc^hiV iVaZcidhd!ZgV^ckîVYdXdcgZ\jaVg^YVYedgZa EgcXêZnhjZhedhV!?dVccV<gjYo^²h`V# &) AV8VhVCViVaYZ;gnYZgn`8]de^cZcæZaVodlV lll#lVghVlidjg#ea LdaV 6*)`âbZigdhYZY^hiVcX^VYZKVghdk^V b{h^c[dgbVX^c¼e{\#&() GjiVC¬+/ *. GjiVC¬+/ AVKVghdk^V_jYV 6ciZhYZaVHZ\jcYV<jZggVBjcY^Va!KVghdk^VXdchiîjVaVhZ\jcYVedWaVX^cYZ_jYdhb{h cjbZgdhVZc:jgdeVnaVXjVgiVZcZabjcYdigVhCjZkVNdg`!BdhXn8]^XV\d!YdcYZk^kVc Vegdm^bVYVbZciZ(*%%%%_jYdh!adfjZhjedcVXVh^jc'.edgX^ZcidYZaVedWaVX^cYZaVXVeîVa# :a&*YZcdk^ZbWgZYZ&.)%!ZcjcVodcVYZ(%,]ZXi{gZVh![jZgdcZcXZggVYdhjcdh)*%%%% _jYdhYZKVghdk^VnhjhVagZYZYdgZh#Adh]îaZg^Vcdh[jcYVgdcjc\jZidhZeVgVYdedgjcbjgdYZ (bZigdhYZVaijgVYZagZhidYZaVX^jYVY#AVYZch^YVYYZaVedWaVX^cVaXVcoaVX^[gVYZ&)+%%% eZghdcVhedg`âbZigdXjVYgVYd!XdcjcVbZY^VYZZcigZ-n&%eZghdcVhedgadXVa#GZ^cVWV Za]VbWgZ#6adaVg\dYZXVhîgZhVdh!bjg^Zgdcb{hYZ&%%%%%eZghdcVhedgZmiZcjVX^c! ]VbWgZnZc[ZgbZYVYZh#:a''YZ_ja^dYZ&.)'XdbZcoaVa^fj^YVX^cYZa\jZid# =VhiVZa&*YZhZei^ZbWgZYZa&.)'!adh]îaZg^VcdhigVchedgiVgdcb{hYZ(%%%%%eZghdcVhZc kV\dcZheVgV\VcVYdYZhYZJbhX]aV\eaVio]VhiVZaXVbedYZZmiZgb^c^dYZIgZWa^c`V#AdhfjZ fjZYVgdcVegdm^bVYVbZciZ+%%%%eZghdcVhk^kVc_jcidhZcjcVeVgiZYZa\jZid\gVcYZ nigVWV_VWVcZc[{Wg^XVhVaZbVcVhaaVbVYVhXdWZgiôdh# :a&.YZVWgâYZ&.)(adhVaZbVcZhYZX^Y^Zgdca^fj^YVgYZÉcî^kVbZciZZa\jZid#6ciZZhiV YZX^h^c!ZhiVaaaV>chjggZXX^cWV_dZabVcYdYZBdgYZ`]V^6c^ZaZl^Xo#9ZhejhYZjcVajX]V YZh^\jVa!ZcbVndYZ&.)(adhVaZbVcZhYZhigjnZgdcedgXdbeaZidZaiZggZcdYZ\jZid#8dbd gZhejZhiV!aVDg\VcôVX^cYZ8dbWVi^ZciZh?jYdhnaVDg\VcôVX^cBâîVg?jYVd[gZX^Zgdc gZh^hiZcX^VVgbVYV#6eZhVgYZaV\gVchjeZg^dg^YVYYZaZ_gXîdVaZb{c!adh^chjg\ZciZhhZ YZ[ZcY^Zgdc]VhiVbZY^VYdhYZbVndYZ&.)(#AdhhdWgZk^k^ZciZh[jZgdcYZedgiVYdhVadh XVbedhYZigVWV_dXZgXVYZAjWa^cn[jZgdc[jhâVYdhZccdk^ZbWgZYZa&.)(#IdYdhadhZY^ÉX^dh YZa\jZid\gVcYZ[jZgdcfjZbVYdhnYZhigj^Ydh#:caVaaVbVYV³odcVVg^V´hZZhXdcY^Zgdc neZgbVcZX^Zgdc]VhiVhja^WZgVX^cVagZYZYdgYZ'%%%%_jYdh# &#:aDg[VcVid '#:a8ZbZciZg^d_jYd (#JbhX]aV\eaVio )#AVKVYZaGZXjZgYd! aVAjX]VnZaBVgi^g^d *#:a7cfjZgænYdlh`^Z_ Dg\VcôVX_^7d_dlZ_ ZcaVXVaaZB^¨V +#:aBdcjbZcidVadh=gdZh YZa<jZid ,#:a>chiîjid=^hig^Xd?jYd -#:aIZVigd?jYd .#AVH^cV\d\VYZOZabVc nGnl`VCdèn` &%#;gV\bZcidYZabjgdYZa<jZid lll#lVghVlidjg#ea G J I 6 C ¬ + +% & ;jcYVYdZc&-%+!ZhjcdYZZhXVhdhXZbZciZg^dh _jYdhVXi^kdhVXijVabZciZZcEdadc^V#:cahZ ]VcXdchZgkVYdjcVh&*%%a{e^YVhhZejaXgVaZh#:h Zaaj\VgYZYZhXVchdZiZgcdYZeZghdcVhâjhigZheVgV aVXjaijgV_jYVnedaVXVXdbdA#OVbZc]d[[!XgZVYdg YZa^Y^dbVZheZgVcid!=#Ld]a!iZhdgZgdYZa <dW^ZgcdYZaV>chjggZXX^cYZ&-+(!8]V^bOZa^\ H¨dc^bh`^!X^ZciÉXd!=#LVlZaWZg\![jcYVYdgYZ aVeg^bZgV:hXjZaVIXc^XVYZKVghdk^V!>#A#EZgZX! ZhXgîdg_jYdn:#G#@Vb^²h`V!VXigô# :aDg[VcVid X$?Vìdgdlh`V+ Vci^\jVXVaaZ@gdX]bVacV.' :aZY^ÉX^dYZaV6hdX^VX^c³6njYVVadh=jg[Vcdh´! dWgVYZ=Zcgn`Hi^[ZabVc![jZZY^ÉXVYdZcigZadh Vdh&.&&n&.&(0YZhYZZaeg^cXê^d!ZaY^gZXidg [jZ?Vcjho@dgXoV`hjkZgYVYZgdcdbWgZZgV =Zcgn`<daYhobî!bY^Xd!ZhXgîdgneZYV\d\d ZmXZeX^dcVa#9ZhejhYZaVXgZVX^cYZa\jZid!Za dg[VcVid[jZigVhaVYVYdVaVXVaaZ8]¨dYcV((n!igVh aVgZYjXX^cYZaiZggîdg^dYZa\jZid!VaVXVaaZÐa^h`V .ZcaVVXijVa^YVY!ZhiZZhZaZbeaVoVb^ZcidYZa EVaVX^dYZaV8jaijgVnaV8^ZcX^V#:a+YZV\dhid YZ&.)'!idYdhadh]jg[Vcdh!_jcidVYdhYZhjh egdiZXidgZh![jZgdcigVhaVYVYdhVJbhX]aV\eaVio n!YZhYZVaa!YZedgiVYdhVaXVbedYZZmiZgb^c^d YZIgZWa^c`V#:cZaeVi^dYZadg[VcVidhZ]VaaVZa bdcjbZcidV?Vcjho@dgXoV`#6h^b^hbd!hZejZYZ k^hîVgZcZa^ciZg^dgjcVhVaVXdcbZbdgVi^kV# ' :a8ZbZciZg^d?jYd X$D`dedlV).$*& lll#`^g`jin#mê#ea i[cd#/''-(-'+'' =dgVg^d/YZajcZhV_jZkZhYZ&%#%%V&,#%% ]dgVh!k^ZgcZhYZ.#%%V&(#%%]dgVh!adh Ydb^c\dhYZ.#%%V&+#%%]dgVh0XZggVYdadh h{WVYdhnaVhÉZhiVh_jYVh#AVZcigVYVZh YZeV\d!ZmXZeideVgVadh\gjedhZhXdaVgZh dg\VcôVYdh# ( JbhX]aV\eaVio X$HiVl`^&% Aj\VgYZhYZZaXjVa!VeVgi^gYZa''YZ_ja^dYZ &.)'!adh_jYdh[jZgdcYZedgiVYdhYZa\jZid YZKVghdk^V]VhiVZaXVbedYZZmiZgb^c^d ZcIgZWa^c`V#:abdcjbZcid!dWgVYZ=VccV lll#lVghVlidjg#ea GjiVC¬+/ +& HobVaZcWZg\nL¨VYnh¨Vl@aVbZgjh![jZ ^cVj\jgVYdZc&.--#AV^chXgêX^chdWgZZa bdcjbZcidgZoV/³B{hYZ(%%%%%_jYdh eVYZX^ZgdcZhiZXVb^cdYZhj[g^b^ZcidnbjZgiZ ZcadhVdh&.)%"&.)(YZhYZZa\jZidXgZVYdZc KVghdk^VVadhXVbedhYZZmiZgb^c^dYZ=îaZg´# :cZabjgdhZ]VaaVcZhXjae^Ydh))-cdbWgZh! YZhYZ6WZa]VhiVæVccV!ZchZVaYZgZXjZgYd Vadh_jYdhkVghdk^Vcdh#:caVeVgZYaViZgVa]Vn ZhXgîdjckZghdYZaA^WgdYZ?dWZcaVhaZc\jVh edaVXV!]ZWgZVnn^YY^h]/³±D]i^ZggVCdXjWgVh b^hVc\gZ!ncd]VnVaj\VgeVgVb^XaVbdg´# ) :a8Vb^cdZcBZbdg^VYZaVAjX]VnZa BVgi^g^dYZadh?jYdhZcigZadhVdh&.)%")( :aXVb^cdXdcYjXZYZhYZJbhX]aV\eaVio]VhiV ZaBdcjbZcidVadh=gdZhYZ<jZid#AVkVZhi{ [dgbVYVedgWadfjZhYZe^ZYgVcZ\gVXdcadh cdbWgZhYZadhfjZeVgi^XêVgdcVXi^kVbZciZ ZcZa\jZidYZKVghdk^V# * + :aBdcjbZcidVadh=gdZhYZa<jZid X$OVbZc]d[[VZcaVXVaaZ6c^ZaZl^XoV :abdcjbZcidZhdWgVYZaZhXjaidgCViVc GVeVedgi!XgZVYdZcXdaVWdgVX^cXdcZa VgfjîZXidAZdcBVgZ`Hjo^c#;jZ^cVj\jgVYd Za&.YZVWgâYZ&.)-ZcigZadhZhXdbWgdhYZa \jZidZcZafj^cidVc^kZghVg^dYZaZhiVaa^Yd YZaV>chjggZXX^cYZa<jZidYZKVghdk^Vn[jZ ÉcVcX^VYdedgaVhdg\VcôVX^dcZh_jYVh#:caV eVgiZZhiZYZaVZhXjaijgV!aaVbVYV³AjX]V´! hZgZegZhZciVZaXdbWViZYZadh]VWîVciZhYZa \jZid0ZcaVeVgZYdZhiZhZ]VaaVZaXdc_jcid ZhXjaig^Xd³AVbVgX]V]VX^VZaZmiZgb^c^d´# :abdcjbZcidZhi{gZkZhi^YdYZaVWgVYdgîV egdXZYZciZYZHjZX^V!aVXjVaZcjceg^cXê^d ZhiVWVYZhi^cVYVeVgVaVXgZVX^cYZabdcjbZcid VaVk^Xidg^VYZaIZgXZgGZ^X]eVgVadhVaZbVcZh# :caVhXZgXVcVhYZabdcjbZcid]VnjcVeZfjZV eaVXVYZe^ZYgVXdcjcV^chXgêX^cZc]ZWgZd! edaVXdZ^c\ah³æZ\diV&.)'"&.)*´!fjZ[jZ aVdg\VcôVX^c[dgbVYVedgZa:hiVYdEdaVXd 8aVcYZhi^cdeVgVhVakVgaVk^YVYZadh_jYdh YjgVciZZa=dadXVjhid#:cigZaVhdg\VcôVX^dcZhYZ ZhiZiêdVXi^kVhZc:jgdeVYjgVciZaV\jZggV[jZ aVc^XVÉcVcX^VYVedgZa\dW^ZgcdZa<dW^Zgcd YZaVGZeWa^XVEdaVXVZcZaZmâ^d# :chjhXZgXVcVhhZZcXjZcigVjcbdcjbZcid YZaVd&.)+#:cjcVeaVXVYZe^ZYgVYZ VgZc^hXVgd_VhZejZYZkZgjcV^chXgêX^cZc aVhaZc\jVhedaVXV!]ZWgZVnn^YY^h]fjZgZoV/ ³6VfjZaadhfjZeZgZX^ZgdcZcjcV]Zgd^XVajX]V h^cegZXZYZciZhedgaVY^\c^YVYnaVa^WZgiVYYZa ejZWad_jYd!edgaVa^WZgiVYYZEdadc^VnedgaV a^WZgVX^cYZaV]jbVc^YVY#Adh_jYdhedaVXdh´# :a7cfjZgYZaVXVaaZB^¨V&ZcaVVXijVa^YVY!XVaaZ9jWd^hnZhfj^cV YZaVXVaaZB^¨V BdciXjadXdcjcVgdXVZc]dbZcV_ZVBdgYZ`]V^ 6c^ZaZl^Xo!Za_Z[ZYZaVDg\VcôVX^cYZ 8dbWVi^ZciZh?jYdhnVadhb^ZbWgdhYZaZhiVYd bVndgYZVfjZaaVdg\VcôVX^c!adhXjVaZhhZ hj^X^YVgdcZaYV-YZbVndYZ&.)(igVhkZghZ gdYZVYdhedgZaZ_gXîdVaZb{c# lll#lVghVlidjg#ea G J I 6 C ¬ + +' , :a>chiîjid=^hig^Xd?jYd X$I¨dbVX`^Z($* i[cd#/''-',.''& lll#_Zl^h]^chiîjiZ#dg\#ea b{h^c[dgbVX^cZcaVhZXX^c³BjhZdhYZ KVghdk^V´!e{\#.+ :a>chiîjid[jZ[jcYVYdZcigZadhVdh&.)+ n&.),#:hi{adXVaôVYdZcZaZY^ÉX^dgZhiVjgVYd YZaV7^Wa^diZXV?jYV^XVnZa>chiîjidYZ8^ZcX^Vh ?jYV^XVh!YZXdchigjXX^cVciZg^dgVaV\jZggV# EdhZZXdaZXX^dcZhYZVgX]^kdbjnVbea^Vh!ZcigZ digVhXdhVh!ZaVgX]^kdXaVcYZhi^cdYZa\jZidYZ KVghdk^V!XdcdX^YdedgZaVeZaa^YdYZhjVjidg! Za6gX]^kdYZG^c\ZaWajb!jcVW^Wa^diZXVnjc bjhZd#:cadh^ciZg^dgZhXdchZgkVYdhZm^hiZcYdh Zmedh^X^dcZheZgbVcZciZh/aV:medh^X^cYZ6giZ ?jYd!fjZXdbegZcYZdW_ZidhYZaVgiZgZa^\^dhd negd[VcdnaV:medh^X^cYZa<jZidYZKVghdk^V! XdcjcVeZaXjaVYZ(,b^cjidhZcaVhaZ\jVh edaVXV!]ZWgZV!^c\ahnVaZb{c#:c[gZciZYZa >chiîjid!ZcZabZcX^dcVYdGVhXVX^Zadh8ZaZhiZ! i^ZcZcaj\VgZmedh^X^dcZhiZbedgVaZh# - :aIZVigd?jYd:hiZgGVX]Za@Vb^²h`V EaVoV<gonWdlh`^&'$&+ &% ;gV\bZcidYZabjgdYZa<jZid :cigVYVedgadhZY^ÉX^dh[gdciVaZhVadheVi^dh ^ciZg^dgZh# HZZcXjZcigVZcjcZY^ÉX^dXdchigj^YdZcZaVd &.+.!gZVaôVYdhZ\cZaegdnZXidYZ7#Ec^Zlh`^ n@#?di`^Zl^Xo#AVhdWgVhgZegZhZciVYVhZcZa iZVigdhZ]VXZcZcn^YY^h]igVYjXX^cVaedaVXd VigVkhYZVjg^XjaVgZh#:cZab^hbdZY^ÉX^di^ZcZc hjhZYZadhY^g^\ZciZhYZaV6hdX^VX^cHdX^d"XjaijgVa YZ?jYdhZcEdadc^VIH@æedghjhh^\aVhZcedaVXd ¼iZa[#/''+'%%**)!gZYVXX^cYZaeZg^Y^Xd Wâ^c\Z³EVaVWgV_jYV´¼iZa[#/''+'%%*).naV ;jcYVX^cH]Vadb¼iZa[#/''+'%(%(+# . 6ciZhYZaV\jZggV!adh_jYdhYZKVghdk^VedYVc gZoVgZcb{hYZ)%%XVhVhYZdgVX^c#9jgVciZ aVdXjeVX^c!aVh^cV\d\VhZZcXdcigVWVZcZa iZggîdg^dYZa\jZideZfjZd#AdhVaZbVcZhaV jhVgdcXdbdZhiVWad#:cigZadhVdh&.,,"&.-(! aVh^cV\d\V[jZgZhiVjgVYVedgXdbeaZidnVYZb{h hZaZVVY^jcVaV#:cZhiZZY^ÉX^dhZ]VaaVV]dgV aVhZYZYZaV6hdX^VX^cGZa^\^dhVYZaV9dXig^cV YZBd^hhZcaVGZeWa^XVEdaVXVnaV8dbjc^YVY YZKVghdk^V#AVH^cV\d\VhZejZYZk^hîVgidYdhadh YVhYZaVhZbVcV!ZmXZeidadhh{WVYdhYjgVciZZa i^ZbedYZdgVX^c0aVZcigVYVZhYZeV\d# :cigZaVhegde^ZYVYZhYZaVXVaaZH^ZccV**naV XVaaZO¨diV+'hZ]VcXdchZgkVYd[gV\bZcidhYZa bjgdfjZZcigZZaYV&*YZcdk^ZbWgZYZ&.)% nZa'%YZcdk^ZbWgZYZ&.)&XdchiîjVZaabîZ YZa\jZidYZKVghdk^V#:abjgdiZcV(bZigdhYZ VaijgV!XdgdcVYdXdcVaVbWgZYZZhe^cd#9ZhYZ ÉcVaZhYZaVd&.)&!ZabjgdeVhVWVedgbZY^d YZaVXVaaZH^ZccV#Digd[gV\bZcidYZabjgdhZ]V XdchZgkVYdZcaVXVaaZLVa^Xl# AVH^cV\d\VYZOZabVcnGnl`VCdèn` X$IlVgYV+ i[cd#/''+'%)(') AVc^XVh^cV\d\VfjZhZXdchZgkV!ZY^ÉXVYVZcigZ adhVdh&-.-n&.%'#:c&.%(![jZaZ\VYVZc iZhiVbZcidVaV8dbjc^YVY=ZWgZVYZKVghdk^V# lll#lVghVlidjg#ea GjiVC¬,/ +( GjiVC¬,/ :agZVa^hbdhdX^VaZcKVghdk^V 9jgVciZaV>><jZggVBjcY^VaaVXVeîVa[jZYZhigj^YV Zc\gVcbZY^YVneZgY^bjX]dhW^ZcZhXjaijgVaZh# 9ZhejhYZaVa^WZgVX^c!Va{gZVYZKVghdk^VaZ[jZgdc ^cXdgedgVYdhhjWjgW^dhnaj\VgZhYZaVhXZgXVcVh YZaVX^jYVY#AVgZXdchigjXX^cngZZY^ÉXVX^c[jZ hjeZgk^hVYVedgaVDÉX^cVeVgVaVGZXdchigjXX^c YZaV8VeîVa#:cigZaVhZbegZhVhb{h^bedgiVciZh YZadheg^bZgdhVdhYZhejhYZaV\jZggVZhiVWVc aVYZdgYZcVgadhk^Z_dhigVoVYdhnigVoVgcjZkVh acZVhYZXdbjc^XVX^c!aVgZXdchigjXX^cYZaVKV GZVa!aV8^jYVYK^Z_VXdcZa8VhiâadGZVa!VhXdbdaV XdchigjXX^cYZcjZkdhY^higîdhnWVgg^dhgZh^YZcX^VaZh# :cigZadhVdh&.)."*+!VadhVgfjîZXidhedaVXdh hZaZh^bejhdjccjZkdZhiâd³hdX^Va^hiVZchj XdciZc^Ydn[dgbV´0ZhiZZhiâd!aaVbVYdgZVa^hbd hdX^Va!edhijaVWVaV^\jVaYVYYZabjcYdXdcaVh iZh^h^YZda\^XVhYZBVgm!aVXdbjc^XVWâ^YVYYZaV [dgbVnZadei^b^hbd!YVcYdZheZX^Va^bedgiVcX^VVaiZbVYZaigVWV_d!aVajX]VYZ XaVhZhnaVigVY^X^cYZabdk^b^ZciddWgZgd#:_ZbeadhYZXdchigjXX^dcZhYZZhiZ iêd!XdcZaZhiâdYZagZVa^hbdhdX^Va!hdcadhZY^ÉX^dhYZa7Vgg^dYZK^k^ZcYVhYZaV XVaaZBVghoV¨`dlh`V!Xdchigj^YdhZc&.*'!nZaEVaVX^dYZaV8jaijgVnaV8^ZcX^V! YZXdgVYdhXdcbdcjbZciVaZhZhXjaijgVh!fjZgZegZhZciVchdWgZidYdVXVbeZh^cdh! dWgZgdhndWgZgVhnYZhiVXVYdhigVWV_VYdgZh# :caVVXijVa^YVY!YZcigdYZaEVaVX^dYZaV8jaijgVnaV8^ZcX^V]VnkVg^Vh^chiîjX^dcZh ndg\VcôVX^dcZh!ejcidhYZhZgk^X^dh!VhXdbdjcViZggVoVeVcdg{b^XVZcaVeaVciV MMM!YZhYZYdcYZ!VjcVVaijgVYZb{hYZX^ZcbZigdh!hZejZYZkZgjcbV\cÉXd eVcdgVbVYZKVghdk^V#:hidhZY^ÉX^dhYZagZVa^hbdhdX^VaZcZaXZcigdYZaVX^jYVY hdcXdchigjXX^dcZhXVgVXiZghi^XVhh^c^\jVaZcc^c\jcVdigVXVeîVaYZ:jgdeV DXX^YZciVanejZYZchZgbjn^ciZgZhVciZheVgVZaijg^hiV#HjbdcjbZciVa^YVY!fjZ VciZhXdchiîjVjcbVgXdZmXZeX^dcVaeVgVaVhXdcXZcigVX^dcZhbVh^kVh!]dnZcYV edYgVYZheZgiVgZcZa^cY^k^YjdjcVhZchVX^cYZZmigVkd#EZgdZaZhegîjYZZhiV cjZkVedXV]VhjVkôVYdjcedXdZaXgjYdVheZXidYZaZhiâdYZagZVa^hbdhdX^Va nadhnV]^hig^XdhZY^ÉX^dhh^\jZch^gk^ZcYdVadh]VWîVciZhYZKVghdk^V# lll#lVghVlidjg#ea G J I 6 C ¬ , +) &#BjgVcl '#:aEVaVX^dYZaV8jaijgVnaV 8^ZcX^V (#:a7Vgg^dYZK^k^ZcYVhYZaV XVaaZBVghoV¨`dlh`VB9B )#:a:Y^ÉX^dYZaVVci^\jV 8db^h^cYZEaVc^ÉXVX^c! VY_jcidVaVDÉX^cVYZa 8dchZ_dYZB^c^higdh *#:a8Zcigd7VcXVg^dn ;^cVcX^ZgdVci^\jVhZYZYZa 8dbî8ZcigVaYZaEVgi^Yd DWgZgdJc^ÉXVYdEdaVXd & BjgVcl :hjcdYZadheg^bZgdhWVgg^dhgZh^YZcX^VaZhYZaV KVghdk^VYZedhi\jZggV!ZY^[^XVYdZcigZadhVdh &.)."*+!hZ\cZaegdnZXidYZ7d]YVcAV]Zgi#6ciZh YZaV\jZggV!ZaiZggZcdYZaWVgg^dZhiVWV]VWîVYd hdWgZidYdedgb^ZbWgdhYZaVXdbjc^YVY_jYV# 9jgVciZaVdXjeVX^c!adhVaZbVcZh[dgbVgdcZc ZhiZaj\VgZanVbZcX^dcVYd\jZid\gVcYZ0igVhaV YZggdiVYZaV>chjggZXX^c!VggVhVgdcZaiZggZcdYZa \jZid#:aWVgg^dgZh^YZcX^VaBjgVcl[jZXdchigj^Yd hdWgZaVhgj^cVhYZaVci^\jd\jZid#:aegdnZXidhZ WVhZcaVigVY^X^c^c\aZhV!XZgXVcVVaV^YZVYZ jcVX^jYVY"_VgYc#6fjhZXdchigjnZgdcZY^[^X^dh eVgV(%%%%eZghdcVh!ZhXjZaVh!\jVgYZgVh!ZhXjZaVh YZe{gkjadhnX^cZh#6ZhiZ³eVgVhddWgZgd´hZ VXXZYZedgjcVhejZgiVhbdcjbZciVaZh# ' :aEVaVX^dYZaV8jaijgVnV8^ZcX^V EaVoV9ZÉaVY& iZa#''+*+,+%%!lll#e`^c#ea EVcdgVbVYZKVghdk^VXdc(%e^hdh 6W^Zgid/_jc^d"V\dhid/YZajcZhV_jZkZhZcigZ aVh.#%%naVh'%#%%]dgVh!adhk^ZgcZh!h{WVYd nYdb^c\dZcigZaVh.#%%naVh'(#%%]dgVh hZei^ZbWgZ"bVnd/idYdhadhYVhZcigZaVh .#%%naVh&-#%%]dgVh!WâaZiZh/iVg^[VcdgbVa ¼'%EAC!iVg^[VgZYjX^YV¼&*EAC!b{hYZ &%eZghdcVh¼&%EAC ;jZXdchigj^YdZcigZadhVdh&.*'n**!hZ\cjc egdnZXidYZaVgfjîZXidhdkî^XdA#GjYc^Zl#:hZa GjiVC¬,/ +* ZY^[^X^db{h\gVcYZnb{hVaidYZEdadc^V#I^ZcZ b{hYZ'()!*bZigdhYZVaijgVnjckdajbZcYZ -&,%%%bZigdhXW^Xdh!VaWZg\Vb{hYZ(%%% adXVaZhXdcjcVhjeZg[^X^ZidiVaYZ&')%%%bZigdh XjVYgVYdh#HadaVhhVaVhYZXdc[ZgZcX^Vi^ZcZc &*%%%bZigdhXjVYgVYdhnaVhjeZg[^X^ZYZadh ZheVX^dhYZZmedh^X^dcZhZhYZ&&%%%bZigdh XjVYgVYdh#:aZY^[^X^ddXjeVjcVhjeZg[^X^ZYZ(!( ]ZXi{gZVh#;jcX^dcVcZca((VhXZchdgZh!ZcigZ Zaadh&)VhXZchdgZhg{e^YdheVgVeVhV_Zgdh#Hjh bdYZgcdh nXdc[dgiVWaZhadXVaZhVaWZg\VcaVhhZYZhYZ WVcXdh!ZbegZhVhYZhZ\jgdh!^chiîjX^dcZh YZ^ckZhi^\VX^c!ZbegZhVhZmigVc_ZgVhnYZaV 6XVYZb^VEdaVXVYZ8^ZcX^Vh#:cZaEVaVX^dhZ ZcXjZcigVciVbW^cjcVd[^X^cVYZXdggZdh!jc X^cZ!kVg^dhbjhZdhnW^Wa^diZXVh!VYZb{hYZ igZhiZVigdh#AViZggVoVeVcdg{b^XVhZ]VaaVZcaV eaVciVigZ^ciV!YZhYZYdcYZ! VjcVVaijgVYZ&&)bZigdh!hZejZYZVYb^gVgjc bV\c[^XdeVcdgVbVYZKVghdk^V# &.+(edgaV>>>eVgiZ!aaVbVYVAViVl^ZXZcZheVda! XdbZiV!ZcodcVYZaVVkZc^YVLnoldaZc^V!aV XVaaZCdldl^Z_h`VnaVXVaaZ@dhon`dlV!Xdchigj^YV ZcigZadhVdh&.*("**XdcVbea^VX^dcZhZcVdh edhiZg^dgZh#AVXdcXZeX^cYZidYdZaegdnZXidhZ XVgVXiZgôVWVedgaVbdcjbZciVa^YVYYZhj[dgbV VgfjîZXic^XVnjgWVchi^XV# ) ;jZXdchigj^YdZcadhVdh*%edgadh kVghdk^Vcdh!aaVbVYd³B^cXl`V´!ZcVajh^c VaVeZaa^YdYZ=âVgnB^cX!eg^cXêVaiZg^XdYZ aVZXdcdbVhdX^Va^hiVZcaVGZeWa^XVEdejaVg YZEdadc^V#6XijVabZciZi^ZcZVfjhjhZYZZa B^c^hiZg^dYZ:XdcdbV!IgVWV_dnEdai^XVHdX^Va# * ( :a7Vgg^dYZK^k^ZcYVhYZaVXVaaZ BVghoV¨`dlh`VB9B HZXdbedcZYZigZhjc^YVYZh/aVheVgiZh>n>>! hîjVYVhZcaVodcVYZaVEaVoV@dchinijX_^!aVXVaaZ BVghoV¨`dlh`VnaVXVaaZLVgn²h`^Z\d!Xdchigj^YVh ZcigZadhVdh&.*&n&.*'!XdbeaZiVYVZcZaVd :a:Y^[^X^dYZaVVci^\jV8db^h^cYZ EaVc^[^XVX^c!VY_jcidVaVD[^X^cVYZa8dchZ_d YZB^c^higdh EaVoVIgoZX]@gonèn($* :a8Zcigd7VcXVg^dn;^cVcX^ZgdVci^\jV hZYZYZa8dbî8ZcigVaYZaEVgi^YdDWgZgd Jc^[^XVYdEdaVXd X$CdlnÐl^Vi+$&' :aZY^[^X^d[jZaZkVciVYdZcigZadhVdh&.)- n&.*'XdcaVhXdcig^WjX^dcZhdWa^\Vidg^VhYZ idYVaVhdX^ZYVY#=VhiVZaVd&..%![jZaVhZYZ YZa8dbî8ZcigVaYZaEVgi^YdDWgZgdJc^[^XVYd EdaVXd#9ZhYZ&..&!ZbeaVoVb^ZcidYZa8Zcigd 7VcXVg^dn;^cVcX^Zgd# lll#lVghVlidjg#ea G J I 6 C ¬ - ++ GjiVC¬-/ :a7Vgg^dYZEgV\VYZKVghdk^V :haVeVgiZb{hVci^\jVYZaVbVg\Zc YZgZX]VYZaKhijaVZcKVghdk^V!jc^YV [dgbVabZciZVaVX^jYVYYZhYZÉcVaZh YZah#MK>>>#HjcdbWgZegdk^ZcZYZ jcVVaYZVVaaZm^hiZciZ!bZcX^dcVYV edgeg^bZgVkZoZcYdXjbZcidhZhXgîdhZcZaVd&)('#HdWgZk^k^VaVh YZhigjXX^dcZhYZaV\jZggVnZcaVVXijVa^YVYhZ]VXdckZgi^YdZcjcWVgg^d k^hîVYd[gZXjZciZbZciZniVbW^cZcjcaj\VgZaZ\^YdedgadhVgi^hiVheVgV ZhiVWaZXZghjhZhijY^dhniVaaZgZh!XajWZh!\VaZgVhniZVigdhVaiZgcVi^kdh# &#:aEVgfjZodda\^Xd '#AV8ViZYgVaYZaHVcB^\jZa 6gX{c\Za!HVc;adg^{c (#AV>\aZh^VDgidYdmV YZHVciVBVgV BV\YVaZcV )#AV8VaaZO|W`dlh`V *#:a8Zcigd6gihi^Xd ¾;VWgn`VIgoX^cn¿ lll#lVghVlidjg#ea +#AV7Vha^XVYZa HV\gVYd8dgVoc YZ?Zhh GjiVC¬-/ & +, 8dchigj^YVVÉcVaZhYZah#M>M!hZ\cZaegdnZXid YZ?#E#9o^Z`d²h`^!ZcZhiâdcZd\i^Xd#9jgVciZaV HZ\jcYV<jZggVBjcY^Va!aV^\aZh^V[jZYZhigj^YV! fjZYVgdchdaVbZciZaVhÉ\jgVhYZadheVigdcZhYZ aV^\aZh^V/HVcB^\jZa6gX{c\ZanHVc;adg^{c#IgVhaV \jZggV!aV^\aZh^V[jZgZXdchigj^YVXdc\gVcZmVXiîjY! eVgVadfjZhZjhVgdcaVYgâadh[VWg^XVYdhZcZah#M>M# :aEVgfjZOdda\^Xd X$GVijhodlV&$( i[cd#/''+&.)%)& lll#odd#lVl#ea ( 6W^ZgidZc&.'-ZcaVeVgiZcdgiZYZaEVgfjZ EgVh`^#:ci^ZbedhYZaVHZ\jcYV<jZggVBjcY^Va [jZXdbeaZiVbZciZYZhigj^Yd#6W^ZgidYZcjZkdZc ZaVd&.)-#6XijVabZciZhZZcXjZcigVcVagZYZYdg YZ(+%%Vc^bVaZh!gZegZhZciVciZhYZXVh^*%% ZheZX^Zhb{h^c[dgbVX^cZcaVe{\^cV&%,# ' AV>\aZh^VDgidYdmVYZHVciVBVgVBV\YVaZcV Zhfj^cVZcigZaVVkYV#Hda^YVgcdÑX^*' naVXVaaZIVg\dlV 8dchigj^YVZcigZadhVdh&-+,n&-+.!hZ\c ZaegdnZXidYZC#HnXoZl!XdcjcVZhigjXijgV WVhVYVZcaVigVY^X^cWôVci^cV#:caVVXijVa^YVY ZhaV8ViZYgVaYZaV>\aZh^VDgidYdmVYZKVghdk^V# EgVldh¨VlcZ\d# AV8ViZYgVaYZaHVcB^\jZa6gX{c\Za!HVc;adg^{c X$;adg^V²h`V( lll#lVghVlidjg#ea G J I 6 C ¬ - +- VaVegdnZXX^cYZeZaXjaVh!YZhÉaZhYZbdYV! h^bedh^dh!Xdc[ZgZcX^Vh!XjghdhnZheZXi{Xjadh dXVh^dcVaZh#:hjcaj\VgZmXZeX^dcVaYdcYZ kVc\jVgY^VnigVY^X^chZ[jh^dcVcZcjcV[dgbV bdYZgcVnjcZcidgcdXdciZbedg{cZd# + ) AVXVaaZO|W`dlh`V JcdYZadhedXdhaj\VgZhYZKVghdk^VYdcYZ hZXdchZgkVgdckVg^VhXVhVhkZX^cVaZhYZa h#M>M!ZcigZdigdh!ZaXdbeaZ_dYZZY^ÉX^dhYZaVh Vci^\jVhYZhiâZgVhYZKVghdk^VnYdhVci^\jVh XVhVhYZdgVX^c_jYVh# * :a8Zcigd6gihi^Xd;VWgn`VIgoX^cn X$DildX`V&) i[cd#/''+&.%*&( lll#[VWgn`VigoX^cn#ea AV7Vha^XVYZaHV\gVYd8dgVocYZ?Zhh hVaZh^Vcdh X$@VlXon²h`V*( :hjcdYZadhZY^ÉX^dhhVXgdhb{hhjcijdhdhYZa WVgg^dYZEgV\V!Xdchigj^YVZcigZadhVdh&.%, n&.'(#:c&.'(!ZaEVeVEdM>XdchV\gZa iZbeaddidg\{cYdaZZaiijadYZ7Vha^XVBZcdg# :cZaVd&.(&!aV^\aZh^VeVhVadhhVaZh^Vcdh# 6ciZhYZaZhiVaa^YdYZaV>><jZggVBjcY^Va!Zc ZaVd&.(.!hZXdadXVgdcZcZaibeVcdYZaV [VX]VYVjcdhWV_dggZa^ZkZhfjZgZegZhZciVWVc aVVYdgVX^cYZaHV\gVYd8dgVocYZ?Zhh#Adh [gZhXdhfjZhZZcXjZcigVcZcaVWVha^XVidbVcedg bdYZadZaVgiZWôVci^cdnegZhZciVcVVa\jcdh hVcidhVYdgVcYdZa8dgVocYZ?ZhhnVab^hbd ?ZhjXg^hidZcbVcYdgaV#AVWVha^XVYZhZbeZ Y^kZghVh[jcX^dcZh/YjgVciZaV\jZggV!Zchjh hiVcdhhZ^beVgiVcXaVhZhXaVcYZhi^cVh!ZcZhiZ aj\VghZZhXdcY^ZgdceZghdcVhWjhXVYVhedgaVh Vjidg^YVYZhdXjeVciZh#:caVVXijVa^YVYVaWZg\V jcXdbZYdgYZ8{gîVh!ZcZafjZXVYVYVXdbZc Vegdm^bVYVbZciZ&%%%eZghdcVh# 8dbeaZ_dVgihi^Xd"ZYjXVi^kdfjZhZZcXjZcigVZc aVVci^\jV[{Wg^XVgZhiVjgVYVZaZY^ÉX^dYViVYZa Vd&.&+YZHobja`ÊgV\VK^Z_V# :aXZcigdVaWZg\V!ZcigZdigVhXdhVh!jcVhVaVYZ ZheZXi{Xjadh!jcXajW!jcVhVaViZVigVa!jcVhVaV YZZmedh^X^dcZhnZheVX^dhYZY^XVYdh lll#lVghVlidjg#ea KVghdk^VbdYZgcV +. KVghdk^VbdYZgcV =VW^ZcYdigVchXjgg^YdkVg^dh VdhYZhYZaVXVYVYZaBjgd YZ7Zgac!Edadc^VZh]dnZcYV jceVhidiVabZciZY^[ZgZciZ n!egZX^hVbZciZ!YdcYZb{h hZejZYZcVegZX^VgZhidh gZkdajX^dcVg^dhXVbW^dhZh ZchjXVeîVa#KVghdk^VZhjcV bdYZgcVbZigedaâaZcVYZk^YV nY^cVb^hbd!jcVX^jYVY_dkZc! VW^ZgiVVabjcYd! lll#lVghVlidjg#ea K 6 G H D K > 6 B D 9 : G C 6 ,% VaV^cXdgedgVX^cYZcjZkVh iZXcdad\VhnVaV\ZciZcjZkV# :cadhai^bdhVdh!ZcKVghdk^V hZ]Vc^beaVciVYdcjbZgdhVh ^ckZgh^dcZh#=VcVeVgZX^YdcjZkdh nbdYZgcdhZY^ÉX^dh!Xdbd BZigdedaîVcZcEaVoVE^¨hjYh`^Z\d! Y^hZVYdedgCdgbVc;dhiZg0aVcjZkV 7^Wa^diZXVJc^kZghîVg^VYZaVXVaaZ 9dWgV0LVghVlIgVYZIdlZgZcaVXVaaZ 8]¨dYcV0adhZY^ÉX^dh6ig^jbnEOJ0 Za]diZaLZhi^cZcaVVkYV#?VcVEVlaV >>0aVGdidcYVYZaVDCJGdcYdDCO0 ]diZa=âidcZcaVXVaaZ<gonWdlh`V! ;dXjhZcaVVkYV#6gb^ÂjYdlZ_0 Za]diZa>ciZgXdci^cZciVaZcaVXVaaZ :bâ^ÊaViZgn!ZchjhXZgXVcVh! Za8Zcigd8dbZgX^VanGZXgZVi^kdO¨diZ IVgVhn# lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid ,& 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid AdhVbVciZhYZaVXjaijgVnZaVgiZ!VhXdbdVfjZaadhfjZWjhXVcY^kZgh^c! ejZYZcZcXdcigVgidYdadcZXZhVg^deVgVY^h[gjiVgZcaVXVeîVa#KVghdk^VVaWZg\V bV\c[^XVhXdaZXX^dcZhYZVgiZVci^\jdedaVXdnZmigVc_ZgdfjZhZejZYZcVegZX^Vg ZcZaBjhZdCVX^dcVa!8VhiâadGZVa!LâVclnZcZaEVaVX^dhdWgZZa6\jV YZçVo^Zc`^0ZaVgiZbdYZgcdZhi{egZhZciZZcaV<VaZgVOVX]iVnZa8ZcigdYZ6giZ 8dciZbedg{cZd!ZcZa8VhiâadJ_VoYdlh`^# KVghdk^VZhXdcdX^YVXdbdXZcigdYZijg^hbdXjaijgVa\gVX^VhVhjhcjbZgdhdh XZcigdhiZVigVaZhnbjh^XVaZh!iVaZhXdbdZa<gVcIZVigd¼ÙeZgVCVX^dcVa!aVÙeZgV YZ8{bVgV!aV;âVgbc^XVCVX^dcVanZaIZVigdCVX^dcVa!VhXdbdadhiZVigdh bjh^XVaZhGdbVn7j[[dnZaVigVXi^kd!YZW^YdVhjXVg{XiZgc^Xd!IZVigd?jYd# :cKVghdk^Vi^ZcZcaj\VgiVbW^cbjX]dhZkZcidhn[Zhi^kVaZh[VbdhdhZcidYd ZabjcYd#BZgZXZaVeZcVegZhiVgeVgi^XjaVgViZcX^cVa8dcXjghd>ciZgcVX^dcVa YZE^Vcd;ZYZg^Xd8]de^c!Za;Zhi^kVa>ciZgcVX^dcVaYZBh^XV8dciZbedg{cZV ³LVghoVlh`V?Zh^Z²´³DiddYZKVghdk^V´!LVghVlHjbbZg?Voo9Vnh! Za8dcXjghdKdXVa>ciZgcVX^dcVaHiVc^h¨VlBdc^jho`d!Za;Zhi^kVaYZBh^XV YZBdoVgi!Za;Zhi^kVaYZBh^XV6ci^\jV!adh:cXjZcigdh>ciZgcVX^dcVaZhYZIZVigd naV7^ZcVa>ciZgcVX^dcVaYZa8VgiZa# lll#lVghVlidjg#ea ,' 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D Adhk^hîVciZhiVbW^cejZYZcZaZ\^gZcigZ adhcjbZgdhdhXajWZhcdXijgcdh!Y^hXdiZXVh nXVh^cdh#:cKVghdk^Vi^ZcZcaj\VgcjbZgdhVh [Zg^VhnZkZcidhXjaijgVaZhnYZedgi^kdh# :hedh^WaZdWiZcZg^c[dgbVX^cVXZgXV YZhidhZcadhh^\j^ZciZhejcidh/ iZa[dcdYZ^c[dgbVX^cijghi^XVYZKVghdk^V/ ''&.)(&idYdhadhYVhYZbVnd VhZei^ZbWgZYZ-#%%V'%#%%]dgVh0YZdXijWgZ VVWgâYZ-#%%V&-#%%]dgVh0 e{\^cVlZWYZaVD[^X^cVYZIjg^hbdYZ KVghdk^V/lll#lVghVlidjg#ea!ZcaVXjVahZ ejZYZXdchjaiVgZaXVaZcYVg^dk^\ZciZhZbVcVa nVcjVaYZaVh[Zg^VhnZkZcidhXjaijgVaZh nYZedgi^kdhfjZi^ZcZcaj\VgZcaVXVeîVa0 >c[dgbVYdg8jaijgVaIZaZ[c^Xd/''+'.-)-.# 6W^ZgidYZajcZhVk^ZgcZhYZ&%#%%V'%#%%! h{WVYdhnYdb^c\dhYZ&%#%%V&+#%%0 >c[dFjaijgV/''*-+.'-%! lll#lVghoVlV'%&+#ea! lll#^c[dfjaijgV#ea# HZejZYZdWiZcZg^c[dgbVX^cXjaijgVaVXZgXVYZaV XVeîVaZcejWa^XVX^dcZh\gVijîVhhdWgZKVghdk^V! Y^hedc^WaZhZcadhejcidhYZ^c[dgbVX^cijghi^XV! Zc]diZaZhnZcVa\jcdhgZhiVjgVciZh#6h^b^hbd! ZcaVegZchVY^Vg^VhZejWa^XVaVXVgiZaZgV YZX^cZh!ZagZeZgidg^dYZiZVigdhnZaXVaZcYVg^d YZZmedh^X^dcZhZc\VaZgVhnbjhZdh# HZejZYZcXdbegVgZcigVYVheVgVadhZkZcidh XjaijgVaZhY^gZXiVbZciZZcZaadXVaYZadg\VcôVYdg dZcaVhh^\j^ZciZhiVfjâaVh/ :K:CI>B VkYV#?Zgdoda^bh`^Z'* i[cd#/''+'&.)*) YZajcZhVk^ZgcZhYZ&%#%%V&-#%%]dgVh lll#ZkZci^b#ea :BE>@B:<6HIDG: X$CdlnÐl^Vi&*$&, i[cd#/''+',%+*%Zmi#&%% YZajcZhVh{WVYdYZ.#%%V''#%%]dgVh! adhYdb^c\dhYZ&&#%%V&.#%%]dgVh :BE>@?JC>DG X$BVghoV¨`dlh`V&&+$&''<VaZg^V8Zcigjb i[cd#/''**&)))' YZajcZhVh{WVYdYZ.#%%V''#%%]dgVh!adh Ydb^c\dhYZ&&#%%V'%#%%]dgVh :BE>@OçDI:I6G6HN X$O¨diV*.!i[cd#/'''''%+%+ YZajcZhVh{WVYdYZ&%#%%V''#%%]dgVh!adh Ydb^c\dhYZ&%#%%V'%#%%]dgVh AVhZcigVYVheVgVZkZcidhXjaijgVaZhiVbW^c hZejZYZcXdbegVgVigVkhYZ>ciZgcZi/ lll#ZWâZi#ea lll#WâZiZg^V#ea lll#i^X`Ziegd#ea lll#h]dgiXji#ea lll#WâZX^`#^c[d lll#i^X`Zidca^cZ#ea lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid ,( A6CD8=:9:ADHBJH:DH 86A:C96G>D9:68DCI:8>B>:CIDH 8Õ8A>8DH8JAIJG6A:HN9:EDGI>KDH lll#jb#lVghoVlV#ea ;ZX]V/bVnd ;:HI>K6A9:H:B6C6H6CI6 ³AJ9L><K6C7::I=DK:C´ lll#WZZi]dkZc#dg\#ea ;ZX]V/bVgod¼VWgâ :a;Zhi^kVaYZHZbVcVHVciVYZAjYl^\kVc 7ZZi]dkZcijkdaj\Vgedgeg^bZgVkZoZc&.., ZcXdcbZbdgVX^cYZaVbjZgiZYZaXdbedhîdg# :hiZ[Zhi^kVahZ]VXdckZgi^YdZcjcZaZbZcid eZgbVcZciZZ^bedgiVciZZcaVk^YVXjaijgVa YZ:jgdeV#HjXViZ\dgV[jZZkVajVYVedgaV 6hdX^VX^c:jgdeZVYZ;Zhi^kVaZhXdchZYZZc <^cZWgV!VXZei{cYdadXdbdb^ZbWgdZcdXijWgZ YZ'%%&#AVXVji^kVYdgVn\Zc^Vabh^XVYZAjYl^\ kVc7ZZi]dkZcZhiVWaZXZZaZ_ZYZXVYVjcdYZadh ;Zhi^kVaZhYZHZbVcVHVciVXdchjcdbWgZ#AVh hdcViVhnXjVgiZidh!adhXdcX^Zgidh!aVhdWZgijgVh nh^c[dcVh!aVbh^XVYZdgVidg^dnYZeZgV!aV bh^XVhVXgVnYgVb{i^XVhdcZ_ZXjiVYVhYZbVcdh YZVgi^hiVhYZaVaîZbjcY^VanXdchiîjnZcZa cXaZdeg^cXêVaYZXVYVjcdYZZhidhZcXjZcigdh# HZigViVYZjcVXdciZX^b^ZcidXjaijgVafjZXdch^hiZZc aVk^hîVcdXijgcVVbjhZdh!\VaZgVhZ^chiîjX^dcZh XjaijgVaZh#6h^b^hbd!adhdg\VcôVYdgZhegZeVgVc VigVXX^dcZhZheZX^VaZh!XdbdaVk^hîVVbjhZdh edgadXdbccdY^hedc^WaZh!XdcX^Zgidh!XdckîZh! Xdc[ZgZcX^Vh!ZhXZcVhYZ\cZgd!ZiX#:hedh^WaZ eVgi^XêVgZcZaVXdciZX^b^ZcideV\VcYdjcVhjbV h^bWa^XVVaZcigVgZcZaeg^bZgbjhZd!h^W^ZcaV ZcigVYVVVa\jcdhYZZhidhZh\gVijîV# L6GH6L8=6AA:C<: lll#jb#lVghoVlV#ea ;ZX]V/bVnd LVghVl8]VaaZc\ZZhZabVndgVXdciZX^b^Zcid YZiZb{i^XVgZaVX^dcVYVXdcaVYVcoVnaV XjaijgV]ê"]de#6ab^hbdi^Zbed!ZhjcdYZadh bVndgZhVXdciZX^b^ZcidhVaV^gZa^WgZZm^hiZciZh ZcEdadc^V# lll#lVghVlidjg#ea ,) 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D :C8J:CIGDH9:<DHE:A:CK6GHDK>6 lll#lVghoVlV#\dheZa#Xdb#ea ;ZX]V/bVnd Adh:cXjZcigdhYZ<heZaYZKVghdk^Vhdcjc VXdciZX^b^ZcidVcjVafjZi^ZcZaj\VgYjgVciZ aVeg^bZgVbîVYYZbVnd#:hidhZcXjZcigdh Xdch^hiZcZcaVZchZVcoVYZaXVcid\heZa!Za eZg[ZXX^dcVb^ZcidYZaVhVeiîjYZhbjh^XVaZh! VhXdbdjcV[dgbVYZZcXdcigVgV9^dh#Adh ZcXjZcigdhYZKVghdk^VhdcZmXZeX^dcVaZh!ejZh Zchjegd\gVbVhZZcXjZcigVc!ZcigZdigdh! XaVhZhZheZX^VaZhYZhi^cVYVhVc^dhYZ.V&) Vdh#8VYVVdeVgi^XêVcZcZhidhZcXjZcigdh VagZYZYdgYZ(%%VYjaidhn)%c^dh#:abdbZcid XjbWgZYZaZkZcid!fjZi^ZcZaj\VgZcYdb^c\d! adXdchiîjnZZaXdcX^Zgid[^cVa# :A;:HI>K6A9:8>C:EA6C:I:9D8G:K>:L lll#YdXgZk^Zl#ea ;ZX]V/bVnd :aEaVcZiZ9dXGZk^ZlZhjcZkZcidVcjVa nhZigViVYZabVndg[Zhi^kVaYZEdadc^VYZ eZaXjaVhYdXjbZciVaZhZcYdcYZhZZmedcZcaVh egdYjXX^dcZhYdXjbZciVaZhYZaVg\dbZigV_Zb{h YZhiVXVYVhVc^kZabjcY^Va#HjZaZchZgeZaXjaVh YZadh\VcVYdgZhYZadh[Zhi^kVaZhbjcY^VaZhb{h ^bedgiVciZh!eZaXjaVhXjnV[jZgoVYZZmegZh^c niZb{i^XVeZgbîZcXdbeZi^gZcadhX^cZhXdc egdYjXX^dcZhYZaVg\dbZigV_Z# :aEaVcZiZ9dXGZk^ZlhZ]VXdckZgi^YdZcjcZkZcid YZde^c^cfjZgZcZVaeWa^XdfjZYZhZVgZ[aZm^dcVg egd[jcYVbZciZVXZgXVYZaVXdcY^X^cYZabjcYd# 8>8AD9:8DC8>:GIDH9:A6BÝH>869: 8=DE>C:Cç6O>:C@> &+#%%]dgVh#HZigViVYZXdcX^ZgidhgZXîVaZhYZ e^VcdfjZnVXdchiîjnZcjcZaZbZcidXdchiVciZ ZcaVk^YVXjaijgVaYZaVXVeîVaZcaViZbedgVYV YZkZgVcdn\doVcYZ\gVcedejaVg^YVYZcigZ adhkVghdk^Vcdh!ijg^hiVhniVbW^cZcigZaVh gZegZhZciVX^dcZh\jWZgcVbZciVaZhZ^ckîVYdh ZheZX^VaZhfjZk^hîVccjZhigVX^jYVY# ;:HI>K6A9:E>6CD³;ADG6A>6BJH>86A ¼BÝH>86:CIG:;ADG:H´ lll#d\gdY"edlh^c#ea ;ZX]V/bVnd¼hZei^ZbWgZ :a;Zhi^kVa;adgVa^VBjh^XVai^ZcZaj\VgXVYVVd YZhYZ&..+!XVYVYdb^c\d!YZhYZbVnd]VhiV hZei^ZbWgZ!ZcaVedXVZcfjZ[adgZXZcaVh bV\cda^Vh!VoVaZVhngdYdYZcYgdh#:caVhiZggVoVh YZaEVaVXZiZYZ;Vc\dg!ZcZa?VgYc7di{c^Xd YZEdlh^c!ZcigZgdWaZhhZXjaVgZhn{gWdaZhfjZ XdchiîjnZcjcVc[îZVigdcVijgVa!gZhjZcVaV bh^XVYZe^Vcd#:cZabVgXdYZa[Zhi^kVaYVc XdcX^ZgidhZb^cZciZhe^Vc^hiVhYZY^[ZgZciZh eVhZhn_kZcZhYZWjiVciZh# 7>:C6A>CI:GC68>DC6A9:A86GI:A lll#edhiZgbjhZjb#ea ;ZX]V/_jc^d lll#ZhigVYV#Xdb#ea ;ZX]V/aVhZ\jcYVfj^cXZcVYZbVndV hZei^ZbWgZ 9ZhYZ]VXZb{hYZ*%Vdh!adhVYb^gVYdgZhYZ aVbh^XVYZ;ZYZg^Xd8]de^chZZcXjZcigVcidYdh adhYdb^c\dhedgaViVgYZ_jcidVabdcjbZcidYZa \gVcXdbedhîdgZcZaEVgfjZçVo^Zc`^YZKVghdk^V# AdhZcXjZcigdhVaV^gZa^WgZi^ZcZcaj\VgYdhkZXZh XVYVYdb^c\dYZhYZbZY^VYdhYZbVnd]VhiV bZY^VYdhYZhZei^ZbWgZVaVh&'#%%nVaVh AV7^ZcVa>ciZgcVX^dcVaYZa8VgiZaYZKVghdk^VZh ZaVXdciZX^b^Zcidb{hVci^\jdYZZhiZiêdZc ZabjcYd#:hiZZkZcidZhi{Xdch^YZgVYdXdbdaV b{hegZhi^\^dhVegZhZciVX^cYZaXVgiZaVc^kZa bjcY^Va0XjZciVXdcZaeVigdX^c^deZgbVcZciZ YZa8dchZ_d>ciZgcVX^dcVaYZaVh6hdX^VX^dcZhYZ 9^hZVYdgZh<g{[^Xdh>8D<G696#I^ZcZaj\VgXVYV YdhVdhZcZaBjhZdYZa8VgiZaYZLâVcl lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid ,* :A<G6CÙG<6CD9:A686I:9G6A ¼8DC8>:GIDH:CK>KD lll#`VeîjaV#dg\ ;ZX]V/bVnd¼hZei^ZbWgZ AdhXdcX^ZgidhZck^kdYZa<gVcÙg\VcdYZaV 7Vha^XV8ViZYgVai^ZcZcaj\VgidYdhadhYVh VabZY^dYV!ZmXZeidadhYdb^c\dh!nYjgVc Vegdm^bVYVbZciZ'*b^cjidh#AdhXdcX^ZgidhhZ XZaZWgVcYZhYZbVnd]VhiVhZei^ZbWgZ#9Zhejh YZaXdcX^ZgidhZejZYZck^hîVgadhhiVcdh nijbWVhYZaVXViZYgVaYZKVghdk^V!aj\VgYdcYZ nVXZcVgodW^hedhkVghdk^Vcdh!ZaEgZh^YZciZ YZGZeWa^XVEdaVXV<VWg^ZaCVgjidl^XonZa Eg^bZgB^c^higdYZaVGZeWa^XVEdaVXV>\cVXn ?VcEVYZgZlh`^!VhXdbdZaegZb^dCdWZaYZ AîZgVijgV=Zcgn`H^Zc`^Zl^Xo0edgdigdaVYd!hZ ejZYZk^hîVgaV8{bVgVYZDW_ZidhEVhidgVaZhYZa Eg^bVYdYZEdadc^V8VgYZcVa?oZ[<aZbe# ZheZXiVYdgZh#AdhXdcX^Zgidhi^ZcZcaj\VgZc ZheVX^dhVaV^gZa^WgZZcKVghdk^V!ZcaVHVaVYZ 8dc\gZhdhYZaEVaVX^dYZ8jaijgVn8^ZcX^VnZc aVEaVoVOVb`dln# ;:HI>K6A>CI:GC68>DC6A9:?6OO6A6>G: A>7G:¼?6OO:CA68>J969K>:?6 ;:HI>K6A9:BÝH>869:BDO6GI lll#deZgV`VbZgVacV#ea ;ZX]V/_jc^d¼_ja^d :a;Zhi^kVaYZBh^XVYZBdoVgiYZKVghdk^VZh jcVXdciZX^b^ZcidVcjVafjZi^ZcZaj\Vgh^ZbegZ ZcigZZa&*YZ_jc^dnZa'+YZ_ja^d#:aegd\gVbV YZZhiZ[Zhi^kVaadXdchiîjnZZaXdc_jcidYZdWgVh ZhXc^XVhYZa\Zc^VaXdbedhîdgnaVZaZXX^cYZ hjhXdcX^Zgidh!fjZXVbW^VXVYVVd#:a;Zhi^kVaZh aVc^XVegZhZciVX^cYZidYVhaVhdWgVhZhXc^XVh YZLda[\Vc\6bVYZjhBdoVgiZckZgh^dcZh a^c\hi^XVhdg^\^cVaZhfjZhZaaZkVVXVWdZcZa bjcYd!_jcidXdcaV^ciZgegZiVX^cYZdWgVhYZ bh^XVYZdgVidg^d!h^c[c^XVnYZX{bVgVZaZ\^YVh# lll#_VoocVhiVgdlXZ#ea ;ZX]V/_ja^d¼V\dhid :hZa[Zhi^kVab{hedejaVg!Zab{h\gVcYZ iZc^ZcYdZcXjZciVYZacbZgdYZVh^hiZciZh nZab{haVg\dYZadh[Zhi^kVaZhYZ_VooXZaZWgVYdh ZcEdadc^VZahZ\jcYdb{haVg\dYZ:jgdeV! YZhejhYZa³EVg^h?Voo;Zhi^kVa´#:a[Zhi^kVaZh aViVg_ZiVYZk^hîVVgihi^XVYZKVghdk^ViVcid ZcEdadc^VXdbdZc:jgdeVnjcVVigVXX^c XjaijgVaeVgVadhbZabVcdhnijg^hiVhYZEdadc^V L6GH6LHJBB:G?6OO96NH lll#VYVb^V`_Voo#ea ;ZX]V/_jc^d¼_ja^d 9ZhYZ&..'!Za[Zhi^kVaLVghVlHjbbZg ?Voo9VnhhZ]VXdckZgi^YdZcjcZheZgVYd VXdciZX^b^ZcidnZcjcV^bedgiVciZXZaZWgVX^c eVgVZa_VoobdYZgcd#:a[Zhi^kVai^ZcZaj\VgXVYV Vd!YjgVciZZaeZg^dYd_jc^d"_ja^d!edgadfjZ ZhiZZkZcid!edgad\ZcZgVa!k^ZcZVXdbeVVYd edgZaWjZci^ZbednjcVbV\c[^XVVibh[ZgV! \gVX^VhVadXjVaVigVZVkVg^dhbâaVgZhYZ lll#lVghVlidjg#ea ,+ 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D nYZaZmigVc_Zgd#:a;Zhi^kVaYjgVYdhbZhZh! XVYVh{WVYdYZ_ja^dnV\dhid!Zcjcaj\VgiVc gZegZhZciVi^kdYZKVghdk^VXdbdZhaVEaVoVYZa BZgXVYdYZaV8^jYVYK^Z_V#8VYVjcVYZaVh ZY^X^dcZhYZa[Zhi^kVagZcZVVagZYZYdgYZ)%%%% eZghdcVh!YZaVhfjZVXVYVXdcX^ZgidVXjYZcYZ (%%%V)%%%ZheZXiVYdgZh#AVZcigVYVVidYdhadh XdcX^ZgidhZh\gVijîV# ;:HI>K6A>CI:GC68>DC6A9:E:G8JH>ÙC lll#XgdhhYgjbb^c\#ea ;ZX]V/[^cVaZhYZ_jc^d¼eg^cXê^dhYZ_ja^d :a;Zhi^kVa>ciZgcVX^dcVaYZEZgXjh^ci^ZcZaj\Vg ZcKVghdk^VYZhYZ]VXZ,Vdh#Adh^ckîVYdh Va;Zhi^kVahdcVgi^hiVhYZY^kZghVheVgiZhYZa bjcYd!fjZgZegZhZciVcY^[ZgZciZhiêdhYZ bh^XV!ZhiâdhniXc^XVhYZeZgXjh^c# ;:HI>K6A?6G9>C:HBJH>86A:H lll#d\gdYnbjo#ea lll#oVbZ`"`gdaZlh`^#Xdb#ea ;ZX]V/_ja^d :a;Zhi^kVa³?VgY^cZhBjh^XVaZh´!dg\VcôVYd YZhYZZaVd'%%&!hZXZaZWgVYZhYZZcidcXZh idYdhadhVdhZcZaeVi^dYZa8VhiâadGZVa ZcigZ[^cVaZhYZ_ja^dneg^cXê^dhYZV\dhid# AVhVYVeiVX^dcZhX^cZbVid\g{[^XVhYZadhb{h YZhiVXVYdhWVaaZihneZgVhegZhZciVYVhYjgVciZ Za[Zhi^kVaVigVZcVbjX]dhVbVciZhYZaVbh^XV Xa{h^XV#AdhZheZXiVYdgZhejZYZckZgaVheZaXjaVh ZcjcVeVciVaaV\gVcYZ!ZcjceVWZaacbdciVYd ZmegZhVbZciZeVgVZa[Zhi^kVaXdcjcVXVeVX^YVY eVgV.%%eZghdcVhVegdm^bVYVbZciZ#AVZcigVYV VidYVhaVhegdnZXX^dcZhZh\gVijîV# ;:HI>K6A>CI:GC68>DC6A³6GI::CA686AA:´ ;:HI>K6A>CI:GC68>DC6A9:BÝH>86 ³8=DE>CNHJ:JGDE6´ lll#hoij`Vja^Xn#ea ;ZX]V/_jc^d¼_ja^d lll#c^[X#ea ;ZX]V/V\dhid IdYdhadhVdh!Veg^cXê^dhYZ_ja^d!Xdb^ZcoVZc KVghdk^VZabVndgZkZcidVgihi^XdVaV^gZa^WgZ/Za ;Zhi^kVa>ciZgcVX^dcVa³6giZZcaV8VaaZ´#9jgVciZ Va\jcdhYVh!VaVcdX]ZXZg!ZcY^kZghdhejcidh YZaVX^jYVYhZegZhZciVcZheZXi{XjadhiZVigVaZh YZidYdZaeVhnYZaZmigVc_Zgd#:a[Zhi^kVahZ XZaZWgedgeg^bZgVkZoZcZaVd&..(nYZhYZ ZcidcXZhXdchiîjnZjcZkZcid^begZhX^cY^WaZZc ZaXVaZcYVg^dXjaijgVaYZaVXVeîVa#AV^YZVnaV [gbjaVYZa[Zhi^kVaZhi{cZkdajX^dcVcYdZcadh ai^bdhVdh_jcidXdcZaXVbW^dYZ[jcX^cYZaV X^jYVYnYZaZheVX^djgWVchi^XdZccjZhigVk^YV# lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid ,, :adW_Zi^kdYZa;Zhi^kVa>ciZgcVX^dcVaYZBh^XV ³8]de^cnhj:jgdeV´Xdch^hiZZcaVegdbdX^cYZ aVXjaijgVbjh^XVaedaVXVbZY^VciZaVXgZVX^cYZ ZkZcidhYZaîZVgihi^XVXdcXVW^YVeZgbVcZciZ ZcZaXVaZcYVg^dYZ\gVcYZhVXdciZX^b^Zcidh ZjgdeZdh#:aeg^cXêVaegdehîdgVY^XVZc egZhZciVgaVhXdbedh^X^dcZhYZ8]de^cZcjc Vbea^dXdciZmidXjaijgVa!Vhe^gVgVaVhbaiêaZh [jZciZhYZhjZhiâd!YZhXjWg^gkcXjadhiVcid XdcadhXdbedhîdgZhYZhjedXVXdbdXdcadh XgZVYdgZhYZaVh\ZcZgVX^dcZhh^\j^ZciZh!bZY^VciZ jcVVbea^VegZhZciVX^cYZXdbedh^X^dcZh ZjgdeZVhYZhYZZah#MK>>>]VhiVcjZhigdhYVh# ;:HI>K6A>CI:GC68>DC6A9:BÝH>869: ÙG<6CD³ÙG<6CD9:A686I:9G6A´ lll#`VeîjaV#dg\ ;ZX]V/_ja^d¼hZei^ZbWgZ =dnZcYVhZXjZciVZcigZadhb{hegZhi^\^dhdh [Zhi^kVaZhkVghdk^Vcdhnadhb{hYZhiVXVYdhYZ :jgdeV0XgZVYdZcZaVd&..)edg^c^X^Vi^kVYZ EgoZbnh¨Vl@Veîj¨V!dg\Vc^hiVedaVXd!fj^Zc ]VhiV]dnYVZhZaY^gZXidgVgihi^XdYZa;Zhi^kVa# AdhXdcX^ZgidhYZa[Zhi^kVai^ZcZcaj\VgXVYVVd YjgVciZigZhbZhZh_ja^d!V\dhidnhZei^ZbWgZ ZcYdb^c\dVaVh&+#%%]dgVhZcaV8ViZYgVa YZHVc?jVc7Vji^hiVYZKVghdk^V!ZcaVXVaaZ Ðlîd_V²h`V-#IdYdhadhVdhVXjYZcVa[Zhi^kVa k^gijdhdhdg\Vc^hiVhYZidYdZabjcYd!fjZ egdedgX^dcVcVaZkZcidjcZaZkVYdc^kZaVgihi^Xd# aVHdX^ZYVYYZ8dbedhîdgZhEdaVXdh#HZXZaZWgV idYdhadhVdh!edgad\ZcZgVa!ZcaVhZ\jcYV bîVYYZhZei^ZbWgZ# ?6OO?6B7DG:: lll#VYVb^V`_Voo#ea ;ZX]V/dXijWgZ AV^YZVYZa[Zhi^kVacVX^YZjc\gjedYZ Zcijh^VhiVhYZaXajWkVghdk^Vcd=nWgnYnZcZa Vd&.*-!XjVcYdhZhjedfjZZa[Zhi^kVaYZ_Voo YZHdedi!fjZ\doVWVYZ\gVcmîd!cdhZ^WV VXZaZWgVgb{h#?Voo?VbWdgZZhZXdck^gi^bjn egdcidZcjcdYZadhbVndgZhnb{h^bedgiVciZh [Zhi^kVaZhYZ:jgdeV#9jgVciZadheg^bZgdhVdh adheg^cXêVaZhXdcX^ZgidhiZcVcaj\VgZcaV ;âVgbc^XVCVX^dcVa#:cZaVd&.+*!Za[Zhi^kVa hZigVhaVYVaVHVaVYZ8dc\gZhdhYZaEVaVX^dYZ 8jaijgVn8^ZcX^V#9jgVciZaVh)%ZY^X^dcZhfjZ ]VciZc^Ydaj\Vg]VhiVV]dgV!]Vce^hVYdadh ZhXZcVg^dhYZa[Zhi^kVaaVhbVndgZhZhigZaaVhYZa _VooVc^kZabjcY^Va!ZcigZaVh]VnfjZbZcX^dcVg V9j`Z:aa^c\idc!BâZh9Vk^h!I]Zadc^djhBdc`! 9ôon<âaZhe^!9VkZ7gjWZX`!7Zccn<ddYbVc! LncidcBVghVa^h!I]ZBVc]ViiVcIgVch[Zg!7dWWn BX;Zgg^c!GVn8]VgaZh!@Zî]?VggZii!8]^X`8dgZV! =ZgW^=VcXdX`nB^X]VZaEZigjXX^Vc^# ;:HI>K6A>CI:GC68>DC6A9:BÝH>86 8DCI:BEDGÒC:6³DID©D9:K6GHDK>6´ ³L6GHO6LH@6?:H>:°´ lll#lVghVl"Vjijbc#Vgi#ea ;ZX]V/hZei^ZbWgZ :a;Zhi^kVa>ciZgcVX^dcVaYZBh^XV 8dciZbedg{cZV³DiddYZKVghdk^V´ZhZa bVndg[Zhi^kVaYZEdadc^VYZgVc\d^ciZgcVX^dcVa YZY^XVYdVaVbh^XVbdYZgcV#9jgVciZbjX]dh Vdh[jZiVbW^cZac^XdVXdciZX^b^ZcidYZ ZhiZiêdZc:jgdeVXZcigVandg^ZciVa#HZXgZZc ZaVd&.*+edg^c^X^Vi^kVYZYdhXdbedhîdgZh! IVYZjho7V^gYn@Vo^b^ZgoHZgdX`^!nejZhidZc [jcX^dcVb^ZcidedgaV6Yb^c^higVX^c<ZcZgVaYZ lll#lVghVlidjg#ea ,- 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D 8DC8JGHD>CI:GC68>DC6A9:E>6CD ;:9:G>8D8=DE>C DIGDH68DCI:8>B>:CIDH lll#c^[X#ea ;ZX]V/XVYV*VdhZaegm^bdXdcXjghd iZcYg{aj\VgZa'"'(YZdXijWgZYZ'%&% IDGC:D9::H<G>B6³:HE6969: LDçD9N?DLH@>´8DE6BJC9>6A:C 86I:<DGÕ6B6H8JA>C6 :a8dcXjghd>ciZgcVX^dcVaYZE^Vcd;ZYZg^Xd 8]de^cZhjcdYZadhb{hVci^\jdhnb{h egZhi^\^dhdhYZabjcYd#:m^hiZYZhYZZaVd &.',nhZXZaZWgVXVYV*VdhZcigZadhbZhZh YZhZei^ZbWgZndXijWgZZcaV;âVgbc^XV CVX^dcVaYZKVghdk^V#AV[gbjaVdg^\^cVaYZ ZhiZXdcXjghdYZbh^XVYZ8]de^c!VYZb{h YZZcaV\gVc edejaVg^YVYYZhj bh^XV!gVY^XVZc Za]ZX]dYZfjZ aVhXVggZgVhYZ bjX]dhe^Vc^hiVh Xdb^ZcXZcedg ZamîdZcZhiZ XdcXjghd#Edg ZhiVhgVodcZh! ZhiZ\gVc XZgiVbZcYZe^Vcd \doVYZhYZ ]VXZXVh^-%Vdh YZjcgZcdbWgZ W^ZcbZgZX^Yd# lll#eohoZgb#ea ;ZX]V/bVnd :aIdgcZd³:heVYVYZLd¨dYn_dlh`^´ZhjcVYZaVh egjZWVhYZZh\g^bVb{hVci^\jVhYZabjcYd hZXZaZWgedgeg^bZgVkZoZcKVghdk^VZcZaVd &.**ni^ZcZaj\VgVbZY^VYdhYZbVnd#AVh ;^cVaZhYZaV8deVYZaBjcYdnZaidgcZdedg ZfjêdhhZejZYZckZgZcZaeVi^dYZaEVaVX^dGZVa YZLâVcl#?jcidVadhZc[gZciVb^ZcidhYZedgi^kdh ]VnVXijVX^dcZhYZ\gjedhYZbh^XVVci^\jV! bjZhigVhYZYVcoVhXdgiZhVcVhnegZhZciVX^dcZh YZ^chigjXX^cbâîVgnajX]VXdchVWaZ# :C8J:CIGD>CI:GC68>DC6A9:6K>68>ÙC :C<ÙG6HO@6 lll#e^`c^`"\dgVho`V#ea ;ZX]V/_jc^d ;:HI>K6A9:BÝH>866CI><J6 lll#oVbZ`"`gdaZlh`^#Xdb#ea ;ZX]V/dXijWgZ¼cdk^ZbWgZ >c^X^VYdZcZaVd&..&ZcXdaVWdgVX^cXdc aV6hdX^VX^cEdaVXVYZBh^XV6ci^\jV!]V aaZ\VYdVhZgjcdYZadhVXdciZX^b^Zcidhb{h ^bedgiVciZhYZVXi^k^YVYbjh^XVaZcZa8Vhiâad GZVa#:a[Zhi^kVai^ZcZaj\VgXVYVVdnZhjcV gZk^h^cYZaVXZgkdbjh^XVaVci^\jdZcEdadc^V# :a[Zhi^kVahZYZhVggdaaVZcigZadhbZhZh YZdXijWgZncdk^ZbWgZ#8VYVjcdYZadh XdcX^Zgidhi^ZcZhjegde^diZbVnaVidiVa^YVY YZaegd\gVbVgZ[aZ_VaVg^fjZoVYZaV]ZgZcX^V bjh^XVaYZaeVhVYd# :a:cXjZcigd>ciZgcVX^dcVaYZ6k^VX^cZcaVX^jYVY YZ<gVho`VZhjcZkZcidYZVk^VX^ceZg^Y^XdfjZ hZk^ZcZdg\VcôVcYdYZhYZ]VXZ&(Vdh#:cjc ÉcYZhZbVcVYZ_jc^d!ZaVZgdejZgidZhk^hîVYd edgXZgXVYZX^ZcbâZheZXiVYdgZh!fjZi^ZcZcaV dedgijc^YVYYZegZhZcX^VgjcZheZXi{Xjadc^Xd VZhXVaVbjcY^VaYZVk^VX^cgZigd!VYZb{hYZaVh XdchigjXX^dcZhVZgdc{ji^XVhb{hbdYZgcVh nZm]^W^X^dcZhVXgdW{i^XVhZmigZbVh# lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid ,. B:BDG>6A?6CJHO@JHD8>°H@> lll#eoaV#ea ;ZX]V/_jc^d :aBZbdg^VaZhYZhYZ]VXZbjX]dhVdhjcd YZadhVXdciZX^b^ZcidhYZViaZi^hbdb{h ^bedgiVciZhYZEdadc^V#9jgVciZadhb{h YZ*%VdhYZZm^hiZcX^VYZaXZgiVbZc!adh YZedgi^hiVheVgi^XêVciZh]VcZhiVWaZX^YdY^hi^cidh gXdgYhbjcY^VaZh!ZjgdeZdhncVX^dcVaZh# :aXVbeZdcVidi^ZcZaj\VgZcZaZhiVY^d YZaV6XVYZb^VYZ:YjXVX^c;h^XVYZKVghdk^V! ZcaVXjVahZ\gVYj?Vcjho@jhdX^²h`^# :hiZZmigVdgY^cVg^dYZedgi^hiV!XVbeZcdabe^Xd ZcaVY^hiVcX^VYZ&%%%%bZigdhZcAdhÒc\ZaZh ZcZaVd&.('nedhZZYdgYZagXdgYbjcY^Va ZcaVY^hiVcX^VYZ(%%%bZigdh!hZ]ôd[Vbdhd edghjXdgV_ZXdbdhdaYVYdZcaVYZ[ZchVYZ KVghdk^VZchZei^ZbWgZYZa&.(.#EZgZX^[jhâVYd edgadh]îaZg^VcdhZa'&YZ_jc^dYZ&.)%Zc EVab^gn#Hjk^YV[jZXdgiV!eZgdadh((VdhYZ hjk^YVZhijk^Zgdcjc^YdhVKVghdk^VnhjhXajWZh YZedgi^kdh#:hiZXZgiVbZcViai^Xd!YZY^XVYdVhj bZbdg^V!ZhaVbZ_dgdXVh^ceVgV]dbZcV_ZVgV ZhiZ\gVceZghdcV_Z# IDGC:DB:9>:K6A>CI:GC68>DC6A9: K6GHDK>69:A6:HE6969:AG:N H:<>HBJC9D>>>K6H6 lll#Y`hlî#Xdb#ea ;ZX]V/_jc^d IdgcZdh³AVA^\VYZadh7VgdcZh´XdcaVVnjYV [^cVcX^ZgVYZaY^higîdkVghdk^VcdYZIVg\lZ`# :hjcZkZcidh^cYjYVZheZXiVXjaVgnVigVXi^kd! edgadfjZi^ZcZhjaj\VgZc:jgdeVZcigZadh VXdciZX^b^ZcidhYZXVg{XiZg]^hig^Xd"gZXgZVi^kd! fjZXdcbZbdgVcnY^[jcYZcaVhigVY^X^dcZh cVX^dcVaZh!egdiZ\^cYdaVhYZadak^Yd# B6G6IÙC9:K6GHDK>6 lll#bVgVidclVghoVlh`^#ea ;ZX]V/hZei^ZbWgZ :aBVgVicYZKVghdk^V!XdcjcV]^hidg^VYZb{h YZ'+Vdh!XdchiîjnZjcZaZbZcideZgbVcZciZ ZcZaXVaZcYVg^dYZVXdciZX^b^ZcidhYZKVghdk^V# K^ZcZVXdbeVVYdYZZcXjZcigdhXdc[Vbdhdh! XdcX^Zgidh!hZb^cVg^dhnXdc[ZgZcX^VhYZY^XVYVh VaViaZi^hbd![Zg^VhYZedgi^kVhnbjX]VhdigVh VigVXX^dcZh# <G6C86GG:G6K6GHDK>6C6 ¼EgZb^dYZaEgZh^YZciZYZaV8^jYVY YZKVghdk^V ;ZX]V/dXijWgZ :aIdgcZdBZY^ZkVa>ciZgcVX^dcVaYZKVghdk^V YZaVZheVYVYZagZnHZ\^hbjcYd>>>KVhV hZdg\VcôVYZhYZZaVd&..+ZcZaWVgg^d kVghdk^VcdYZ7gYcdedgZa8Zcigd8jaijgVa ³ÐL>IńaVEg^bZgV6hdX^VX^cEdaVXVYZ AVeg^bZgV<gVc8VggZgVKVghdk^VcV!^cigdYjX^YV ZcZaegd\gVbVedgZaegZh^YZciZYZaV6hdX^VX^c YZ8VggZgVhYZ6j\jhiEdidX`^!ijkdaj\Vg Zc&-.*#:hiZZkZcidZhjcVYZaVhegjZWVh b{hYjgVheVgVadhejgVhVc\gZhVeVgi^gYZ (Vdh#6jcfjZVaeg^cXê^dhZYZhVggdaa Zc('%%bZigdh!YZhYZ&.).hZbdY^[^X aVY^hiVcX^VZc'+%%bZigdh#:agZhjaiVYd YZaVXVggZgV^c[ajnZedgadXdbcZcZaiijad YZgZXdcdX^b^ZcidVaXVWVaadYZaVd#8dchiîjnZ lll#lVghVlidjg#ea -% 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D iVbW^caVXVggZgVb{hegZhi^\^dhVYZa]êYgdbd YZaVadXVa^YVYYZH¨jèZl^ZX!VhXdbdaVbZ_dg gZbjcZgVYVYZEdadc^VnaVc^XVfjZhjhXîV jc\gVc^ciZghedgeVgiZYZadhZcigZcVYdgZh ZmigVc_Zgdh#DigVhYZaVhXVggZgVh^bedgiVciZh fjZi^ZcZcaj\VgZcH¨jèZl^ZXhdcadh9ZgWnh# AVXVggZgVedgZaegZb^dYZaEgZh^YZciZ YZaVGZeWa^XVYZEdadc^V!YZhVggdaaVYV VjcVY^hiVcX^VYZ')%%bZigdhZcZaeg^bZg Ydb^c\dYZ_ja^d# BÝH>868AÒH>86 :A<G6CI:6IGD¼ÙE:G6C68>DC6A eaVoVIZVigVacn& i[cd#/''+.'%'&% lll#iZVigl^Za`^#ea 86GG:G66JIDBDK>AÕHI>869:76G7ÙG@6 H6CI67ÒG76G6 lll#V`"edah`^#dg\#ea!lll#WVgWdg`V#ea ;ZX]V/Zaeg^bZgh{WVYdYZY^X^ZbWgZ AV8VggZgVYZ7VgWg`VhZgZbdciVVaeZgdYdYZ VciZ\jZggV!XjVcYdZcKVghdk^V!ZcZabZhYZ Y^X^ZbWgZ!hZgZjcVcadheg^cXêVaZheâdidhedaVXdh# AVegjZWV[jZdg\VcôVYVedgZa6jidbdWâàjWEdah`^ nhZXdck^gi^ZcjcVXdciZX^b^Zcid^bedgiVciZ! iVcidYZhYZZaejcidYZk^hiVYZedgi^kdXdbdhdX^Va# IgVhaV\jZggV!hZkdak^VaVigVY^X^cYZaVhXVggZgVh Zaeg^bZgh{WVYdYZY^X^ZbWgZ#6aeg^cXê^dYZadh VdhhZiZciVYZah#MM!ZcaV8VggZgVYZ7VgWg`V hZdg\VcôZa8gîZg^dCVX^dcVaYZ6hZhYZaKdaVciZ n!YZhYZZcidcXZh!ZhjcgVaanfjZ\doVYZ\gVc edejaVg^YVY!iVcideVgVadhXdcYjXidgZhXdbdeVgV adhV[^X^dcVYdh# :hjcdYZadhiZVigdhb{h\gVcYZhnb{hbdYZgcdh YZ:jgdeV#:a<gVcIZVigdi^ZcZjcZhXZcVg^d eg^cXêVaXdcjcVjYîdg^deVgV&-)&YZeZghdcVh ZcaVhVaVHiVc^h¨VlBdc^jho`dnjcVhVaVYZ X{bVgVXdcjcVjYîdg^deVgV')-YZeZghdcVh!aV hVaV:bâB¨ncVgh`^#6YZb{hYZaIZVigdnaVÙeZgV CVX^dcVa!ZcZaZY^[^X^dhZZcXjZcigVZaBjhZd YZaIZVigd!b^ZcigVhfjZZaVaVaViZgVaVaWZg\VZa IZVigdCVX^dcVa#:cZa<gVcIZVigdi^ZcZcaj\Vg ZheZXi{XjadhYZeZgVnWVaaZiidYdhadhYVh!YZ bVgiZhVYdb^c\d!YjgVciZidYVaViZbedgVYV Vgihi^XV/YZdXijWgZV_jc^d^cXajh^kZ#:a<gVc IZVigdXjai^kVhjigVY^X^cYZb{hYZ'%%Vdh! ZhXZc^[^XVcYdiVciddWgVhYZXdbedhîdgZhedaVXdh XdbdZmigVc_ZgdhnegZhZciVcYddWgVhXa{h^XVh jc^kZghVaZhYZeZgVnWVaaZi#6fjhZgZegZhZciVc dWgVhYZbVZhigdhXdbd/@jge^²h`^!EZcYZgZX`^! Bdc^jho`d!8oV_`dlh`^!7ZZi]dkZc!BdoVgi! D[[ZcWVX]!EjXX^c^!KZgY^nbjX]dhb{h# lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid -& A6;>A6GBÙC>86C68>DC6A h^cWVggZgVhń³K^VHeZ^ńadh8dcX^Zgidh6ojaZh! fjZXdcbZbdgVcZaVc^kZghVg^dYZaVXgZVX^cYZ aVDg\VcôVX^cYZCVX^dcZhJc^YVh# X$?VhcV* i[cd#/''**&,&'-!lll#[â]Vgbdc^V#ea AV;âVgbc^XVCVX^dcVaZhjcV^chiîjX^c gZegZhZciVi^kVYZaVk^YVbjh^XVaYZKVghdk^V! aVXjVaZhk^hîVYVedgbZabVcdhYZidYdZa bjcYd#9^hedcZYZYdhhVaVh/YZ8dcX^Zgidh eVgV&%,'YZeZghdcVhnYZ8{bVgVeVgV )((YZeZghdcVh#:cZhiVhhVaVhhZdg\VcôVc YjgVciZaViZbedgVYVcjbZgdhdhXdcX^Zgidh h^c[c^Xdh!gZXîVaZhnkZaVYVhYZX{bVgV ^ciZgegZiVYdhedgadhbh^XdhedaVXdhb{h Y^hi^c\j^YdhnedgVgi^hiVhYZidYdZabjcYd#Jc VXdciZX^b^Zcidbjn^bedgiVciZZcaVVXi^k^YVYYZ aV;âVgbc^XVCVX^dcVaZhZa;dgdYZAjidh¨Vlh`^! ZkZciddg\VcôVYdVcjVabZciZ!fjZegZhZciV XdcX^ZgidhYZbh^XVYZah#MMVXdbeVVYdhedg Zmedh^X^dcZhnYZWViZh#IVbW^ci^ZcZcaj\Vg XdcX^ZgiVgZ\jaVg^YVYXdcX^ZgidheVgV_kZcZh YZcdb^cVYdh³:cXjZcigdhBjh^XVaZhYZadh ?jZkZh´!XdcX^ZgidheVgVc^dhadhYdb^c\dh! XdcX^ZgidheVgVeZghdcVhb^cjhk{a^YVh/³KVghdk^V A6ÙE:G69:8ÒB6G69:K6GHDK>6 VkYV#Hda^YVgcdÑX^,+W i[cd#/''-(&'')%!lll#deZgV`VbZgVacV#ea AVÙeZgVYZ8{bVgVYZKVghdk^VZhjcV^chiîjX^c bjh^XVaXdcjcVVXi^k^YVYbjnY^kZgh^[^XVYV# HjgZeZgidg^dhZXVgVXiZgôVedgaV\gVckVg^ZYVY YZZhiâdhn[dgbVhbjh^XVaZhYZaVhdWgVh egZhZciVYVh/YZhYZb^hiZg^dhbZY^ZkVaZh!eVhVcYd edgeZgVhYZaWVggdXdiZbegVcdniVgYd! eZgVhXa{h^XVh!eVcidb^bVhYZah#MK>>>neZgVh YZGdhh^c^n9dcôZii^!]VhiVdWgVhZhXc^XVh XdciZbedg{cZVh#AdhVgi^hiVhYZaVeZgV ^ciZgegZiVciVbW^cXdcmîdbh^XVYZX{bVgV! YZdgVidg^dnh^c[c^XVYZY^hi^ciVhedXVh#AV ÙeZgVYZ8{bVgVYZKVghdk^Vdg\VcôVidYdh adhVdhZa;Zhi^kVaYZBh^XVYZBdoVgi!fjZhZ XZaZWgVZcigZadhbZhZhYZ_jc^dn_ja^dnVigVZ VbjX]dhVYb^gVYdgZhYZaVdWgVYZa\Zc^Vabh^Xd# lll#lVghVlidjg#ea -' 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D BjhZdhYZKVghVk^V :caVXVeîVahZZcXjZcigVcb{hYZ+%bjhZdh#Adhb{hegZhi^\^dhdh!XdbdZaBjhZd CVX^dcVa!XdcVbea^VhXdaZXX^dcZhYZVgiZYZhYZaVVci^\ZYVY]VhiVcjZhigdhYVh! dZaBjhZdYZaV>chjggZXX^cYZKVghdk^V!fjZYdXjbZciVadhYVhfjZegZXZY^Zgdc VaaZkVciVb^ZcidnhjhZiVeVhh^\j^ZciZh# BZgZXZaVeZcVk^hîVgadhYZb{hbjhZdhfjZ!VjcfjZb{hbdYZhidh!cdhdcbZcdh ^ciZgZhVciZh!XdbdZaHVacYZ;ZYZg^Xd8]de^c!aVai^bVk^k^ZcYVZcKVghdk^VYZa Xdbedhîdg!dZaBjhZdYZBVg^VH`¨dYdlh`V"8jg^Z!YZY^XVYdVaVk^YVnaVVXi^k^YVY YZaVX^Zci[^XV# EdgdigVeVgiZ!Xdck^ZcZgZXdgYVgfjZaVbVndgeVgiZYZadhbjhZdhZhi{cXZggVYdhadh ajcZh# AV8VhVYZ:cXjZcigdhXdcaV=^hidg^V @ga^`Vgc^V Vo^Zc`^@gaZlh`^Z¼EVaVX^dn?VgY^cZh BVjhdaZdYZaVAjX]Vn:aBVgi^g^d BjhZdYZaV6Wd\VXVEdaVXV BjhZd6cYgoZ_Higj\V BjhZdYZaV6gfj^Y^XZh^hYZKVghdk^V BjhZdYZ6h^VnZaEVX[^Xd BjhZdYZAV:kdajX^c BjhZd;ZYZg^Xd8]de^c HVacYZadh8]de^c BjhZdYZ=^hidg^VYZaBdk^b^Zcid EdejaVgEdaVXd BjhZd=^hig^XdYZKVghdk^V BjhZd=^hig^XdYZa7Vgg^dYZLdaV BjhZdYZa>chiîjidYZaGVY^d YZAV6hdX^VX^cZc=dbZcV_Z VBVg^VH`dYdlh`V"8jg^Z BjhZdYZaV8Vg^XVijgV:gnÀê^²h`^ YZKVghdk^V BjhZdYZIgVchedgiZ;Zggdk^Vg^d BjhZdYZ8daZXX^c?jVcEVWad>> BjhZdYZAîZgVijgV6YVbB^X`^Zl^Xo BjhZdYZ8VoVn:fjîVX^c BjhZdBVg^V9|Wgdlh`V BjhZdYZBVg^VH`dYdlh`V"8jg^Z -( -( -( -) -* -* -* -* -* -+ -+ -+ -, -, -, -----. -. -. BjhZdCVX^dcVa BjhZdYZaV>cYZeZcYZcX^V BjhZdYZa8VgiZaYZLâVcl BjhZdYZAV>chjggZX^cYZKVghdk^V BjhZdYZ7dbWZgdh BjhZdYZaH^ZgkdYZ9^dh?ZgonEde^Zjho`d BjhZdYZ9ZedgiZnIjg^hbd BjhZdYZIZVigd BjhZdYZaVIXc^XV BjhZdI^[ada\^XdYZaV7^Wa^diZXV8ZcigVaYZaV 6hdX^VX^cEdaVXVYZ8^Z\dh BjhZdYZaVJc^kZgh^YVYYZKVghdk^V BjhZdYZaVEg^h^cYZEVl^V` BjhZdYZLVYnhVl7gdc^Zlh`^ BjhZdYZ:_gXîdEdaVXd BjhZdYZaV:b^\gVX^cEdaVXV :c8dcbZbdgVX^cYZ?VcEVYZgZlh`^ BjhZdYZaMEVWZaacYZaV8^jYVYZaV YZKVghdk^V BjhZdYZaVI^ZggVYZaV6XVYZb^VEdaVXV YZ8^ZcX^Vh BjhZdYZa>chiîjid=^hig^Xd?jYd BjhZd6gfjZda\^Xd:hiViVa BjhZd:icd\g{[^Xd:hiViVa BjhZd"EVaVX^dYZLâVcl 8VhiâadGZVa lll#lVghVlidjg#ea .% .% .& .& .' .' .' .( .( .( .( .) .) .) .* .* .* .+ .+ .+ .+ ., 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid -( A686H69::C8J:CIGDH8DCA6=>HIDG>6 X$@VgdlV'% i[cd#/''-'+*&.* lll#Yh]#lVl#ea =dgVg^d/YZbVgiZhVk^ZgcZhYZ&%#%%V&-#%%]dgVh! adhh{WVYdhnYdb^c\dhYZ&&#%%V&,#%%]dgVh :cigVYV\gVijîV# AV8VhVYZ:cXjZcigdhXdcaV=^hidg^VhZdXjeVYZ aVY^kja\VX^cYZaV]^hidg^VYZKVghdk^V!Edadc^V nYZ:jgdeVXZcigVanYZaZhiZZcZah#MM! YZhiVXVcYdaVhXdchZXjZcX^VhYZacVo^hbd nYZaXdbjc^hbd#:cZhiZaj\VghZdg\VcôVc Zmedh^X^dcZh!egdnZXX^dcZhZck^YZdnbjai^bZY^V! ZcXjZcigdh!hZb^cVg^dh!Xdc[ZgZcX^VhZYjXVi^kVh! aaZkVVXVWdaVWdgZhYZ^ckZhi^\VX^cnVXi^k^YVYZh ^c[dgbVi^kVhgZaVX^dcVYVhXdcaV]^hidg^Vb{h gZX^ZciZ!XgZV!ZaVWdgVn[VXâîVZaVXXZhdVWVhZh YZYVidh^c[dgb{i^XVh!VXdaZXX^dcZhiZmijVaZh! ^Xdcd\g{[^XVh!X^cZbVid\g{[^XVh![dcd\g{[^XVhnYZ bjhZd0edgdigVeVgiZ!Z_ZgXZVXi^k^YVYZhZYîdg^VaZh# EVgVidYdhZhidhegdehîdhhZZcXjZcigVcZa 9ZeVgiVbZcidYZ:YjXVX^c!aVBZY^diZXV6gX]^kd YZ=^hidg^VDgVa!aV;âbdiZXV!ZaIVaaZg>Xdcd\g{[^Xd! Za9ZeVgiVbZcidYZ:medh^X^dcZhn9^kja\VX^c!aV W^Wa^diZXVnaVhVaVYZaZXijgV# AV@ga^`Vgc^VZhjceVaVX^dXdchigj^YdZcZa h#MK>>>!hZ\cegdnZXidYZ9dbZc^XdBZga^c^#:hi{ ^che^gVYdZcaV[VbdhVgZh^YZcX^VgZcVXZci^hiV KâaVGdidcYV!XZgXVYZK^cXZcoV#:c@ga^`Vgc^V i^ZcZcaj\VgZmedh^X^dcZhiZbedgVaZh!XdcX^Zgidh! ZcXjZcigdhnZheZXi{XjadhVaV^gZa^WgZ#:cZa eVgfjZVci^\jdhZ]VaaVjceVgfjZYZZhXjaijgVh# ç6O>:C@>@GÙA:LH@>:¼E6A68>DN?6G9>C:H X$6\gn`da^& i[cd#/''*%+%&+, lll#aVo^Zc`^"`gdaZlh`^Z#ea EVgfjZ¼ZcigVYV\gVijîV =dgVg^d/ :AE6A68>DHD7G::A6<J6/ YZbVgiZhVYdb^c\dYZ.#%%V&+#%%]dgVh ai^bVZcigVYVVaVh&*#(%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&'EAC! iVg^[VgZYjX^YV¼.EAC A686H>I67A6C86/ZciZbedgVYVYZkZgVcdYZ bVndVhZei^ZbWgZ!YZbVgiZhVYdb^c\dYZ.#%% V&+#%%]dgVhai^bVZcigVYVVaVh&*#(%]dgVh @GÙA>@6GC>6¼H:88>ÙC9:ABJH:D C68>DC6A9:K6GHDK>6 X$Ej¨Vlh`V&&(V i[cd#/''-)(&*-+!lll#`gda^`Vgc^V#bcl#Vgi#ea =dgVg^d/bVgiZh!b^gXdaZh!k^ZgcZhnYdb^c\dh YZ&%#%%V&+#%%]dgVh!adh_jZkZhnh{WVYdh YZ&%#%%V&-#%%]dgVh!adhajcZh¼XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼+EAC! iVg^[VgZYjX^YV¼)EAC lll#lVghVlidjg#ea -) 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼(EAC 6CI><JD>CK:GCÒ8JADHI6G6 EDB6G6°8O6GC>6¼XZggVYdedgdWgVhYZ XdchZgkVX^c]VhiVcjZkdVk^hd YZbVgiZhVYdb^c\dYZ.#%%V&+#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼+EAC! iVg^[VgZYjX^YV¼)EAC :AE6A68>DBNÐA:L>:8@>¼hZYZWZXdcXZgiVg egZk^VbZciZaVk^hîV/adhYdb^c\dh!ajcZh! nbVgiZhYZ.#%%V&+#%%]dgVhai^bVZcigVYV VaVh&*#(%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼(EAC! iVg^[VgZYjX^YV¼'EAC <VaZgVhYZZmedh^X^dcZhiZbedgVaZh/ 6CI><J6@DG9:<6G96!9:EÙH>ID9:6<J6H! :GB>I6<:/YZbVgiZhVYdb^c\dYZ.#%%V &+#%%]dgVh!:cigVYV\gVijîV ED98=DGxæÙL@6:H8J:A69:869:I:H ¼BjhZdYZaV:b^\gVX^cEdaVXV!YZbVgiZhV Ydb^c\dYZ.#%%V&+#%%]dgVh!:cigVYV\gVijîV JcdYZadhb{hWZaadhYZXdc_jcidhYZZhiZiêdZc :jgdeV![jcYVYdZcZah#MK>>edgH#AjWdb^gh`^#AV [dgbVVXijVaYZçVo^Zc`^hZYZWZVaZbeZdYZa gZn:hiVc^haVd6j\jhidEdc^Vidlh`^&,('"&,.-! egde^ZiVg^dYZaeVaVX^dYZhYZZaVd&,+)# 9jgVciZXVh^(%Vdh!ZchjhjeZg[^X^ZYZ-% ]ZXi{gZVh!hZZY^[^XaVgZh^YZcX^VYZkZgVcdYZa bdcVgXV!hZegdnZXiZaeVgfjZnhZXdchigjnZgdc digdhZY^[^X^dh#:cZhiZi^ZbedadhWVdhYZa h#MK>>!gZVaôVYdhhZ\cZaegdnZXidYZInabVcYZ <VbZgZc![jZgdcigVch[dgbVYdhedg9db^c^` BZga^c^ZcigZadhVdh&,,'n&,.(ZcZa bV\c[^XdEVaVX^dhdWgZaV>haV!YZZhiâdXaVh^X^hiV# Adh^ciZg^dgZhZhi{cYZXdgVYdhXdcdWgVhYZaVgiZ nZchZgZhYZaVedXV#:caVeaVciVWV_VhZ ZcXjZcigV!ZcZhiZdgYZc/Za8jVgidYZ7VXd!aV HVaVYZadh7Vdh!ZaHVacYZ7VâZ!Za<VW^cZiZ YZGZigVidh!aVHVaVYZHVadbc!aVGdidcYV!Xdc ZhiVijVhYZadhbdcVgXVh!aV<VaZgVYZadh 8jVYgdh!aV8VeâaVnZa8dbZYdg![Vbdhdedgadh gZVaZh³VabjZgodhYZadh_jZkZh´#EdgdigVeVgiZ! ZcaVeaVciVhjeZg^dghZejZYZcVYb^gVgadh Vci^\jdhVedhZcidhgZVaZh/jcVeZfjZV\VaZgV YZe^cijgV!jcXjVgidXdcWVaXc!jc\VW^cZiZ!jc Ydgbîdg^d!jc\jVgYVggdeVnZaXjVgidYZadh d[^X^VaZh#:cadhi^ZbedhYZagZn:hiVc^haVd6j\jhid hZaZkVciiVbW^cZa6c[îZVigd!dWgVYZ?Vc 8]gnhi^Vc@VbhiZoZgYZadhVdh&,.%"&,.(!Za <gVc>ckZgc{XjadL^Za`VDgVcèZg^VXdcjciZVigd XdgiZhVcd!aV8VhîV7aVcXVnZaEVaVX^dBnÑaZl^X`^! YdcYZVXijVabZciZhZegZhZciVc^ciZg^dgZhYZ eVaVX^dh#:aeVgfjZfjZgdYZVadheVaVX^dh!gZVaôVYd ZcigZadhVdh&,,)n&,-)![jh^dcVadhZaZbZcidh egZhZciZhZcZaeVgfjZ[gVcXhXdcZaZbZcidh eV^hV_hi^XdhYZaeVgfjZ^c\ah#DigdhVci^\jdh ZY^[^X^dhYZçVo^Zc`^fjZbZgZXZaVeZcVk^hîVg hdc/Za9ZehîdYZ6\jVh!ZaCjZkd8jZgedYZ <jVgY^V!Za6ci^\jd8jZgedYZ<jVgY^V!aV:gbîV! ZaIZbead:\êX^d!ZaIZbeadYZ9^VcVnZaCjZkd >ckZgc{XjadCdlVDgVcèZg^V#AdhZY^[^X^dh Vci^\jdh!gZeaZidhYZdWgVhYZVgiZ!XjbeaZc [jcX^dcZhbjhZhi^XVh#9ZcigdYZaiZggZcdYZ çVo^Zc`^hZZcXjZcigVciVbW^cZaBjhZdYZaV :b^\gVX^cEdaVXVnZaBjhZdYZ8VoVn:fjîVX^c# B6JHDA:D9:A6AJ8=6N:AB6GI>G>D HZXX^cYZaBjhZdYZaV>cYZeZcYZcX^VYZ KVghdk^V VkYV#HojX]V'* i[cd#/''+'.).&.! lll#bjoZjbc^ZedYaZ\adhX^#Vgi#ea =dgVg^d/b^gXdaZhYZ.#%%V&,#%%]dgVh!_jZkZh nhVWVYdhYZ.#%%V&+#%%]dgVh!k^ZgcZhYZ&%#%% V&,#%%]dgVh!Ydb^c\dhYZ&%#%%V&+#%%]dgVh :cigVYV\gVijîV :cigVYVeVgV_kZcZhbVndgZhYZ&)Vdh :aBVjhdaZd!aj\VgYZXdcbZbdgVX^ccVX^dcVa! Zhi{hîjVYdZcZaVaVôfj^ZgYVYZaB^c^hiZg^d YZ:YjXVX^cCVX^dcVa#9jgVciZaVdXjeVX^c! lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid -* ZcigZadhVdh&.(.n&.))![jZaVhZYZYZaV <ZhiVed!aVeda^XVedai^XVVaZbVcV#AVeVgiZ eg^cXêVaYZaVZmedh^X^cZhi{XdbejZhiVYZ XjVigdXZaYVhXdaZXi^kVh!aaVbVYVh³igVckVh´!Y^Zo XZaYVhYZV^haVb^ZcidnZaXjVgidYZ\jVgY^VYZ aV<ZhiVed!ZcZafjZiVbW^ciZcVcaj\Vgadh ^ciZggd\Vidg^dhVadheg^h^dcZgdh#AVXdaZXX^cb{h kVa^dhVaV[dgbVcaVhe^ciVYVhXdchZgkVYVhZc aVhXZaYVh#:hiZaj\VgXdcbZbdgVZaYZhi^cdYZ bâZhYZedaVXdh^ciZggd\VYdhnigViVYdhYZbdYd ^c]jbVcdedgadh]îaZg^Vcdh# BJH:D9:A667D<68Õ6EDA686 VY_jcidVa8dchZ_dHjegZbdYZ6Wd\VYdh X$Ðlîd_Zgh`V&+ i[cd#/''*%*'*%,!lll#cgV#ea =dgVg^d/_jZkZhYZ&%#%%V&(#%%# :cigVYV\gVijîV ;jcYVYdZcZaVd&.-(!egZhZciVdW_ZidhYZ Zmedh^X^cfjZYdXjbZciVcaV]^hidg^VYZaVVWd\VXV ZcEdadc^V/YdXjbZcidh![did\gV[VhnigV_Zh# BJH:D6C9GO:?HIGJ<6 VkYV#C^ZedYaZ\¨dÑX^'&%Vei#&%V i[cd#/''-'*%.,& lll#bjoZjbaîZgVijgn#ea =dgVg^d/b^gXdaZhnk^ZgcZhYZ&%#%%V&+#%% ]dgVh!bVgiZhn_jZkZhYZ&'#%%V&-#%%]dgVh!Za eg^bZgnZaiZgXZgYdb^c\dYZXVYVbZhYZ&'#%% V&,#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼(EAC! iVg^[VgZYjX^YV¼'EAC :caVk^k^ZcYVYdcYZgZh^YVVciZhYZaV\jZggV 6cYgoZ_Higj\hZ]VegZeVgVYdjcVZmedh^X^c W^d\g{[^Xd"aîZgVg^V!fjZgZXjZgYVcdhadaV VXi^k^YVYXdbdegdh^hiVnejWa^X^hiVYZZhiZ ZhXgîdg!h^cdiVbW^chjeVgi^XêVX^cZcaVk^YV edai^XVnhdX^VaYZaVEdadc^VYZegZ\jZggV# AVXdaZXX^cYZaBjhZdZhi{[dgbVYVedgjcdh '%%%%dW_ZidhYZZmedh^X^c!fjZegZhZciVc e^cijgVh!\gVWVYdh!ZhXjaijgVhniZ_^Ydh!VhXdbd dW_ZidhYZcjb^hb{i^XV!\gVWVYdYZbZYVaaVh! dg[ZWgZgVnVgiZhVcVVgihi^XV# BJH:D9:6H>6N:AE68Õ;>8D lll#bjoZjbVo_^#ea :medh^X^dcZhiZbedgVaZhegZhZciVYVhZcaV<VaZgV ³6o_VinX`V´!ZcaVXVaaZ;gZiV*! i[cd#/''+(*'-&& =dgVg^d/YZajcZhVh{WVYdYZ&'#%%V&-#%%!adh Ydb^c\dhYZ&'#%%V&+#%%]dgVh# EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼(EAC!adh_jZkZh/ZcigVYV \gVijîV :aBjhZd[jZ[jcYVYdZcZaVd&.,(XdcaVh XdaZXX^dcZhYdcVYVhedg6cYgoZ_LVlgonc^V`Va :hiVYd#:medcZdWgVhYZVgiZ!dW_ZidhYZXjaid gZa^\^dhd!VgbVhngZa^fj^VhYZaVXjaijgVbViZg^Va YZadhejZWadhYZ:migZbdDg^ZciZnZaEVX[^Xd# BJH:D9:A6:KDAJ8>ÙC YZa>chiîjidYZEVaZdcidad\VYZaV6XVYZb^V EdaVXVYZ8^ZcX^Vh EaVoV9Z[âVY&!EVaVX^dYZaV8jaijgVnaV8^ZcX^V ZcigVYVedgaVXVaaZÐlîd`gonh`V!edgZaEVaVX^d YZaV?jkZcijY i[cd#/''+*+++(, lll#bjoZlda#eVc#ea BJH:D9:A66GFJ>9>Ù8:H>H9:K6GHDK>6 X$HdaZX+& i[cd#/''+'&()&) lll#VgX]^Y^ZXZo_V#lVghoVlV#ea =dgVg^d/YZbVgiZhVk^ZgcZhYZ&&#%%V&+#%% ]dgVh!adhh{WVYdh!Ydb^c\dhnajcZh¼XZggVYd EgZX^dYZaVZcigVYV/*EAC lll#lVghVlidjg#ea -+ 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D XgZVYdgZhYZaXgXjadYZ8]de^c!XdggZhedcYZcX^V YZaXdbedhîdg!gZigVidhYZ8]de^c!YZhjh eVg^ZciZhnVb^\dhXjVYgdhVaaZd!\gVWVYdh! [did\gV[Vh!ZhXjaijgVh!bZYVaaVh ndW_ZidhYZY^kZghdhiêdhY^gZXiV d^cY^gZXiVbZciZk^cXjaVYdhVaVeZghdcV ndWgVYZajc^kZghVaXdbedhîdg# H6AÙC9:ADH8=DE>C¼IgVhZagVhigd YZ;ZYZg^Xd8]de^c =dgVg^d/YZbVgiZhVh{WVYdYZ-#%%V&+#%% ]dgVh!adhYdb^c\dhYZ&%#%%V&)#(%]dgVh!adh ajcZhnYVh[Zhi^kdhZabjhZdZhi{XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼-EAC! iVg^[VgZYjX^YV¼*EAC :aBjhZdYZaV:kdajX^cZm^hiZYZhYZZa Vd&.-*!XjVcYd[jZVW^ZgiVaVZmedh^X^c eZgbVcZciZ³AVZkdajX^cZci^ZggV[^gbZ´! fjZegZhZciVeg^cXêVabZciZadhai^bdh )%%bâadcZhYZVdhYZaVZkdajX^cYZ adhkZgiZWgVYdh!eZg^dYdVafjZeZgiZcZXZc aVbVndgeVgiZYZadhZheZXbZcZhYZaV Zmedh^X^cdg\VcôVYVZcigZadhVdh&.+- n&.-)ZcZaEVaVX^dYZaV8jaijgVnaV8^ZcX^V ³9^cdhVjg^dhYZa9Zh^ZgidYZ<dW^´!fjZ bdhigVWVadhgZhjaiVYdhYZZmeZY^X^dcZh VBdc\da^VYZedaVXdhnbdc\daZh# BJH:D;:9:G>8D8=DE>C¼IgVhZagVhigd YZ;ZYZg^Xd8]de^cBjhZdXZggVYdedgdWgVh ]VhiVZabVgod'%&% X$Dàc^`& i[cd#/''-',*),(!lll#c^[X#ea :aBjhZdYZ;ZYZg^Xd8]de^ci^ZcZhjhZYZ eg^cXêVaZcZa8VhiâadYZadhDhigd\h`^!hîjVYd YZbdYd^begZh^dcVciZZcaVZhXVgeVYZa KhijaV#:aZY^[^X^dZhYZZhiâdWVggdXd"XaVh^X^hiV! Xdchigj^YdZcZah#MK>>hZ\cjcegdnZXidYZa [VbdhdVgfjîZXid]daVcYhInabVcYZ<VbZgZc# :aXdc_jcidYZabjhZdXdchiîjnZaVbVndg XdaZXX^cYZdW_ZidhYZ8]de^cZcidYdZabjcYd0 VWVgXVVji\gV[dh!aVheg^bZgVhZY^X^dcZhYZaVh dWgVhYZaXdbedhîdgXdcVcdiVX^dcZhZhXgîVh VbVcd!bVcjhXgîdhnZY^X^dcZhYZdWgVhYZ X$@gV`dlh`^ZEgoZYb^ZÑX^Z* i[cd#/''('%%',*!lll#c^[X#ea =dgVg^d/YZajcZhVk^ZgcZhYZ&%#%%V&-#%% ]dgVh!adhh{WVYdhnYdb^c\dh¼XZggVYd# EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼(EAC! iVg^[VgZYjX^YV¼'EAC!iVg^[VYZ\gjedhZhXdaVgZh ¼&EAC!iVg^[V[Vbâ^Vg¼-EAC!b^ZgXdaZh ¼ZcigVYV\gVijîV :aHVacZgVeVgiZYZaVk^k^ZcYVZcaVfjZ8]de^c eVhadhYdhai^bdhVdhVciZhYZVWVcYdcVg ZaeVh![jZgZXdchigj^YdhZ\cZaeaVcdYZ 6cidc^@daWZg\#HjbdWâ^Vg^dZhi{[dgbVYdedg bjZWaZhYZaVedXV!bjnhZbZ_VciZhVadhfjZ hZZcXdcigVWVcZcaVXVhVYZadh8]de^c#JcdYZ adhdW_ZidhZmejZhidhZhjce^VcdYZaVbVgXV :gVgY!fjZeZgiZcZX^VciZhVa[Vbdhde^Vc^hiV nXdbedhîdg;gVcX^hXdA^hoi#AVZmedh^X^caV XdbeaZiVcdW_ZidhYZXg^hiVanedgXZaVcV!Vh XdbdgZigVidhYZhjheVYgZhn]ZgbVcVh!ZcigZ digdh!VhXdbd\gVWVYdhXdcaVKVghdk^VYZaVh eg^bZgVhYXVYVhYZah#M>M#HjbdWâ^Vg^dZhi{ XdbejZhidedgbjZWaZhYZaVedXV!ZcigZadh fjZhZZcXjZcigVjce^VcdYZah#M>MYZaVbVgXV 7jX]]daio#8dbeaZiVcaVZmedh^X^cdW_ZidhYZ lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid -, Xg^hiVanedgXZaVcV!gZigVidhYZhjheVYgZhnhjh ]ZgbVcVh!ZcigZdigdh!VhXdbd\gVWVYdhXdcaV KVghdk^VYZaVheg^bZgVhYXVYVhYZah#M>M# BJH:D9:=>HIDG>69:ABDK>B>:CID EDEJA6GEDA68D VkYV#LâVcdlh`V'%) i[cd#/''-)((-,+!''-)(,-,( lll#b]ega#ea =dgVg^d/adhbVgiZhn_jZkZhYZ&&#%%V&-#%%]dgVh! adhb^gXdaZhnk^ZgcZhYZ&%#%%V&-#%%]dgVh! adhhVWVYdhnYdb^c\dhYZ&%#(%V&+#(%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼-EAC! iVg^[VgZYjX^YV¼)EAC :aBjhZd[jZXgZVYdZcZaVd&.-)#HjhZYZ eg^cXêVahZZcXjZcigVZcjcZY^[^X^dVci^\jd aaVbVYdXdbcbZciZ³IVWZgcV6bVgâaV´ ³æïV@VgXobV´!ZcaVVkYV#LâVcdlh`V'%)! Xdchigj^YdhZ\cZaegdnZXidYZaVgfjîZXid îVa^Vcd;#B#AVcX^!ZcaVbîVYYZah#M>M# :aBjhZdi^ZcZXdbddW_Zi^kdaVXdaZXX^c! ZaVWdgVX^cnY^kja\VX^cYZadhdW_Zidh gZaVX^dcVYdhXdcaV]^hidg^VYZaVEdadc^VgjgVa!Za XVbeZh^cVYdnZabdk^b^ZcidedejaVgXVbeZh^cd# BJH:D=>HIÙG>8D9:K6GHDK>6 EaVoVYZaBZgXVYdYZaV8^jYVYK^Z_V'-$)' GncZ`HiVgZ\dB^VhiV'-$)' i[cd#/''+(*&+'*!lll#b]l#ea =dgVg^d/adhbVgiZhn_jZkZhYZ&&#%%V&-#%%]dgVh! adhb^gXdaZhnk^ZgcZhYZ&%#%%V&*#(%]dgVh!adh h{WVYdhnYdb^c\dhYZ&%#(%V&+#(%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼+EAC! iVg^[VgZYjX^YV¼(EAC adhYdb^c\dh¼ZcigVYV\gVijîV :aBjhZd=^hig^XdYZKVghdk^VZm^hiZYZhYZZa Vd&.(+#:cZabjhZdhZZcXjZcigVc\gVcYZh XdaZXX^dcZhYZe^cijgV!Y^Wj_dh!\gVWVYdh neaVcdh!VgiZhVcVVgihi^XVncjb^hb{i^XV!Vh Xdbd[did\gV[VhVci^\jVh#Adb{h^ciZgZhVciZhdc adhVgX]^kdh!^begZhdhn\g{[^XVhYZadhi^ZbedhYZ aV>chjggZXX^cYZCdk^ZbWgZnYZaeZgdYdYZaV <gVc:b^\gVX^c!dW_ZidheVigî^XdhYZadhVdh &-+&"&-+(#:cZaX^cZYZabjhZdZhedh^WaZkZgjcV XdcbdkZYdgVeZaXjaVhdWgZaVYZhigjXX^c ngZXdchigjXX^cYZaVX^jYVYYZbVgiZhVh{WVYd VaVh&'/%%]dgVhZckZgh^c^c\aZhV!Zcdigdh^Y^dbVh edgZcXVg\diZaZ[c^XdVa''+(*&+'*Zmi#&%-# BJH:D9:LDA6¼H:88>ÙC9:ABJH:D =>HIÙG>8D9:K6GHDK>6 X$HgZWgcV&' i[cd#/''+')(,(( lll#bjoZjblda^#b]l#ea =dgVg^d/adhbVgiZhn_jZkZhYZ&&#%%V&-#%%]dgVh! adhb^gXdaZhnk^ZgcZhYZ&%#%%V&*#(%]dgVh!adh h{WVYdhnYdb^c\dhYZ&%#%%V&+#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼(!*EAC! iVg^[VgZYjX^YV¼'!*EAC!\gjed¼(EAC!adh _jZkZh¼ZcigVYV\gVijîV HîjVYdZcaVkâaVcZdggZcVXZci^hiVYZaVd &--%YZ6aZ`hVcYZgH^`dgh`^Zc!aVZmedh^X^c eZgbVcZciZegZhZciVaV]^hidg^VYZZhiVeVgiZYZ aVX^jYVY!iZc^ZcYdZcXjZciVZheZX^VabZciZadh egdWaZbVhZXdcb^Xdh!hdX^VaZhnXjaijgVaZh# BJH:D9:A>CHI>IJID9:AG69>D 9:A66HD8>68>ÙC:C=DB:C6?: 6B6G>6H@çD9DLH@6"8JG>: X$LVlZah`V&*:a8ZcigdYZDcXdad\V i[cd#/''*,%.&)% lll#bVg^VhàdYdlh`VXjg^Z#dg\#ea =dgVg^d/YZajcZhVk^ZgcZhYZ.#%%V&*#%% ]dgVh!adhhVWVYdhnYdb^c\dh¼XZggVYd :cigVYV\gVijîV :a>chiîjidYZaGVY^d!VW^ZgidZcZaVd&.('![jZ XgZVYdedg^c^X^Vi^kVYZBVg^VH`¨dYdlh`V"8jg^Z# lll#lVghVlidjg#ea -- 6 I G 6 8 8 > D 6 C I G: H6 @8 8J ?A :I J @G J6 AA I: J H G N 6 A: C I: G :> I G: D C >O BG >N : LC @I D 6 BJH:D9:A686G>86IJG6:GN@A>E>°H@> 9:K6GHDK>6 X$@do^V&& i[cd#/''-',--.* lll#bjoZjb`Vgn`Vijgn#ea =dgVg^d/YZbVgiZhVYdb^c\d!ZmXZeidadh _jZkZh!YZ&&#%%V&,#%%]dgVh!adh_jZkZh YZ&&#%%V&-#%% EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼(EAC!adhh{WVYdh¼ZcigVYV \gVijîV :aBjhZdedhZZb{hYZ'%%%%dWgVhZcigZ XVg^XVijgVh!Y^Wj_dhhVig^Xdh!gZigVidh ngZegdYjXX^dcZhegdXZYZciZhYZXdbegVh! YdcVX^dcZhndWhZfj^dh# BJH:D9:IG6CHEDGI:;:GGDK>6G>D X$IdlVgdlV& i[cd#/''+'%%)-% lll#bjoZjb`daZ_c^XilV#lVl#ea =dgVg^d/adhadcZhYZ&%#%%V&)#%%ZcigVYV \gVijîVYZbVgiZhVYdb^c\dYZ&%#%%V&,#%% ]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&%EAC! iVg^[VgZYjX^YV¼+EAC :aBjhZdhZZcXjZcigVZcZaZY^[^X^dYZaVVci^\jV ZhiVX^cLVghoVlV<¨lcV#:cigZhjhXdaZXX^dcZh hZZcXjZcigVbViZg^Vabkâ[Zggdk^Vg^dVci^\jd YZkVcdgbVanYZkVZhigZX]V!YdXjbZcidh! b{fj^cVhnVeVgVidh[Zggdk^Vg^dh!jc^[dgbZh! bVfjZiVhnbdYZadhYZbViZg^Vabkâ[Zggdk^Vg^d! WVcYZgVh[Zggdk^Vg^VhnXjVYgdhgZaVX^dcVYdhXdc ZaiZbV[Zggdk^Vg^d# BJH:D9:8DA:88>ÙC?J6CE67AD>> eaVoV7Vc`dln& i[cd#/''+'%'&-& lll#bjoZjbbVaVghilV#ea =dgVg^d/YZbVgiZhVYdb^c\dYZ&%#%%V&+#%% ]dgVhZc^ck^Zgcd!YZ&%#%%V&,#%%]dgVh ZcaViZbedgVYVYZkZgVcd!adhajcZh¼XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&'EAC! iVg^[VgZYjX^YV¼,EAC :hjcV XdaZXX^cYZ Vegdm^bVYVbZciZ )*%XjVYgdhYZ e^cijgVZjgdeZV! YZhYZadhi^Zbedh YZaGZcVX^b^Zcid ]VhiVZa ^begZh^dc^hbd! gZjc^YVedg ?Vc^cVnOW^\c^Zl EdgXon²hXn#9ZhYZ ZaVd&..%!Za bjhZdhZZcXjZcigVZcZaZY^[^X^dXaVh^X^hiVfjZ VaWZg\VWVaVVci^\jV7dahVYZhYZ&-')]VhiV &.'-!egdnZXiVYdedg6#8dgVoo^# BJH:D9:A>I:G6IJG6696BB>8@>:L>8O EaVoVYZBVgXVYdYZaV8^jYVYK^Z_V'%GncZ` HiVgZ\dB^VhiV'% i[cd#/''--(&)%+& lll#bjoZjbaîZgVijgn#Xdb#ea =dgVg^d/ IVaaZgZh/YZajcZhVk^ZgcZhYZ.#%%V&*#%%]dgVh :medh^X^dcZh/YZajcZh!bVgiZcnk^ZgcZhYZ &%#%%V&*#%%]dgVh!b^ZgXdaZhn_jZkZhYZ&&#%% V&-#%%]dgVh!igZhYdb^c\dhVabZhYZ&&#%%V &,#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼+EAC! iVg^[VgZYjX^YV¼*EAC :abjhZdedhZZg^XVhXdaZXX^dcZhfjZYdXjbZciVc aV]^hidg^VYZaVaîZgVijgVedaVXVYZhYZadhi^Zbedh YZagdbVci^X^hbd ]VhiVcjZhigdhYVh/ bVcjhXgîdh!a^Wgdh! dWgVhYZVgiZ!a{b^cVh! dW_ZidhYZZhXgîdgZh! YdXjbZciVX^c [did\g{[^XVnhdcdgV# :medh^X^ceZgbVcZciZ/ ³6YVbB^X`^Zl^Xo &,.-"&-**´ nZmedh^X^dcZh iZbedgVaZhW^d\g{[^XVh naîZgVg^Vh# lll#lVghVlidjg#ea VigV`X_Z`jaijgVacZ^gdognl`V 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid -. BJH:D9:86O6N:FJ>I68>ÙC X$HoldaZèZgl.!çVo^Zc`^GZVaZh i[cd#/''*''++(% lll#bjoZjb#lVghoVlV#ea =dgVg^d/iZbedgVYVYZkZgVcd&*#%)¼(%#%./ adhbVgiZh!b^gXdaZhnk^ZgcZhYZ&%#%%V&+#%% ]dgVh!adh_jZkZhYZ&%#%%V&*#%%]dgVh!adh h{WVYdhnYdb^c\dhYZ&%#%%V&,#%%]dgVh ZcaViZbedgVYVYZ^ck^Zgcd&#&%¼&)#%)/ YZb^gXdaZhVYdb^c\dYZ&%#%%V&*#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼+EAC! iVg^[VgZYjX^YV¼)EAC8jVgiZaYZadh8Vcidc^hiVh0 iVg^[VcdgbVa¼'EAC!iVg^[VgZYjX^YV¼&EAC :hiVWadYZ@jW^X`^#Adh_jZkZh¼ZcigVYV\gVijîV <gjedhdg\VcôVYdh¼hZZm^\ZgZhZgkVYZ[ZX]Vh i[cd#/''*''++(-# AViVg^[VZhYZ+*EACedgaZXX^cZYjXVi^kV# AViVg^[VeVgVjc\jVYZ(*EAC# :abjhZdZm^hiZYZhYZZaYV&YZ_ja^dYZaVd &.-(!hZZcXjZcigVZcYdhZY^[^X^dhVci^\jdhZc ZaiZggZcdYZaeVgfjZçVo^Zc`^/Za8jVgiZa8Vcic aaVbVYdiVbW^c8jVgiZaYZadh>ck{a^Ydhd8VhV YZa?VgY^cZgd!aZkVciVYdhZcigZadhVdh&-'+ n&-'-nZa:hiVWadYZ@jW^X`âaVbVYdiVbW^caV =ZggVYjgVXdchigj^YdZcigZadhVdh&-'*n&-'+! hZ\cjcegdnZXidYZ?V`jW@jW^X`^#IZc^ZcYdZc XjZciVaVjc^cYZadhiZbVhYZaVXVoVnaV]e^XV Zcjcb^hbdbjhZd!hZigViVYZac^XdZchj \cZgd!iVcidVZhXVaVcVX^dcVaXdbdZjgdeZV# :medh^X^dcZheZgbVcZciZh/ZcZa8jVgiZa8Vcic/ ³HVacedaVXdYZXVoVVXVWVaadYZadhh^\adhM>M$ MM´!³:caVXVbeVVnZcaVZheZhjgV¼[VjcV edaVXV´!³;gZciZV[gZciZ¼XdaZXX^cZmi^XV´0 ZcZa:hiVWadYZ@jW^X`^/³:hiVWadYZXVggjV_Zh OW^\c^ZlEgjh"C^Zl^VYdbh`^´#KVg^VhkZXZhVa VdZabjhZddg\VcôVZmedh^X^dcZhiZbedgVaZh 8jVgiZa8Vcic# BJH:DB6G>69x7GDLH@6 X$EdacV)%Vei#(& i[cd#/''-'*(&&( lll#bjoZjbaîZgVijgn#Xdb#ea =dgVg^d/adhajcZh!b^gXdaZhnk^ZgcZhYZ&%#%% V&*#(%]dgVh!adhbVgiZhn_jZkZhYZ&'#%% V&-#%%]dgVh!Zaeg^bZgniZgXZgYdb^c\dYZXVYV bZhYZ&'#%%V&,#%%]dgVh EgZX^dhYZaVhZcigVYV/iVg^[VcdgbVa¼(EAC! \gjed¼'EAC :hi{jW^XVYdZcaVk^k^ZcYVZcaVfjZBVg^V 9|Wgdlh`VeVh(,VdhYZhjk^YV&.&,"&.*) nZhXg^WâVbVndgVYZhjhdWgVh!ZcigZZaaVh!aV cdkZaV³CdXZ^Yc^ZĆdX]ZhnYVh#HZbjZhigV aV]ZgZcX^VaîZgVg^VneZg^dYhi^XVYZaVZhXgîdgV! hjhdWgVhea{hi^XVhndW_ZidheZghdcVaZh!ZcigZ digVhXdhVh!jcV\gVcW^Wa^diZXV# BJH:D9:B6G>6H@çD9DLH@6"8JG>: X$;gZiV&+!i[cd#/''-(&-%.' lll#bjoZjb#^[#el#ZYj#ea =dgVg^d/YZbVgiZhVVh{WVYdYZ&%#%%V&+#%% ]dgVhai^bVZcigVYVVaVh&*#(%]dgVh!adh Ydb^c\dhYZ&%#%%V&*#%%]dgVh!adhajcZh nYVh[Zhi^kdh¼XZggVYd lll#lVghVlidjg#ea .% 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&%EAC! \gjed¼*EAC Zmedh^X^dcZhiZbedgVaZh/iVg^[VcdgbVa¼&,EAC! iVg^[VgZYjX^YV¼&%EAC!VcjVa¼&%%EAC 6YZb{hYZaVhZmedh^X^dcZheZgbVcZciZh! ZabjhZdedhZZiVbW^c!VjcfjZcdidYdhadh YVhZhVXXZh^WaZeVgVZaeWa^Xd!jcVXdaZXX^c VWjcYVciZYZ\gVWVYdhnY^Wj_dhedaVXdh nZmigVc_Zgdh!\gVWVYdhnY^Wj_dh XdciZbedg{cZdh!cjb^hb{i^XV!XdaZXX^c ^Xdcd\g{[^XVn[did\g{[^XVniVbW^cVgiZdg^ZciVa# BJH:D9:A6>C9:E:C9:C8>6 BjhZd[jcYVYdZcZaVd&.+,!VaWZg\VjcV Zmedh^X^ceZgbVcZciZYZY^XVYVVaVk^YV nVXi^k^YVYYZaV\gVcX^Zci[^XV#:abjhZdhZ ZcXjZcigVZcjcVXVhVYZah#MK>>>!ZcaVfjZ cVX^B#H`¨dYdlh`V"8jg^Z#AVZmedh^X^c egZhZciV!ZcigZdigVhXdhVh!dW_ZidheZghdcVaZh YZaV^ckZhi^\VYdgV!a^Wgdh!XVgiVh!YdXjbZcidh! [did\gV[Vh!b^cZgVaZhnjcVbVfjZiVYZagZVXidg ³BVg^V´# BJH:DC68>DC6A VkYV#Hda^YVgcdÑX^+' EVaVX^dYZadhGVYo^l^¨¨ i[cd#/''-'+.%.& lll#bjoZjbc^ZedYaZ\adhX^#Vgi#ea =dgVg^d/YZbVgiZhVk^ZgcZhYZ&%#%%V&,#%% ]dgVh!adhh{WVYdhnYdb^c\dhYZ&%#%%V&+#%% ]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼(EAC!iVg^[VYZ\gjed¼'EAC edgeZghdcVb{hYZ&%!adhYdb^c\dh¼ZcigVYV \gVijîV VkYV#?Zgdoda^bh`^Z( i[cd#/''+'&&%(& >c[dgbVX^c/''+'.(%.( lll#bcl#Vgi#ea =dgVg^d/YZbVgiZhVk^ZgcZhYZ&%#%%V&+#%% ]dgVh!h{WVYdnYdb^c\dYZ&%#%%V&-#%%]dgVh! ajcZh¼XZggVYd AVhiVfjâaVhhZX^ZggVc)*b^cjidhVciZhYZXZggVg ZabjhZd# EgZX^dhYZaVhZcigVYVh/Zmedh^X^dcZheZgbVcZciZh/ iVg^[VcdgbVa¼&'EAC!iVg^[VgZYjX^YV¼,EAC! [Vbâ^V¼'*EAC!h{WVYd¼ZcigVYV\gVijîV :caVXdaZXX^cYZabjhZdhZZcXjZcigVcdWgVh YZVgiZ!bâZhYZ[did\gV[Vh!a{b^cVhniVg_ZiVh edhiVaZh!VhXdbdX^ZcidhYZYdXjbZcidh!XVgiZaZh nVcjcX^dh!WVcYZgVh!bZYVaaVh!XdcYZXdgVX^dcZh ndigdhdW_Zidh#AVhXdaZXX^dcZhb{hkVa^dhVhhdc aVhgZaVX^dcVYVhXdcaV>chjggZXX^cYZ:cZgdnaVh YZedgiVX^dcZhVH^WZg^VZcZah#M>M!aV8daZXX^c YZGZXjZgYdhYZaBVg^hXVa?oZ[E^¨hjYh`^!aVh XdaZXX^dcZhYZadhiZggîdg^dhYZa:hiZYZaV GZeWa^XVEdaVXV!nZaXdc_jcidYZYdXjbZcidh ndW_ZidhYZaeZgdYdYZaVHZ\jcYV<jZggV BjcY^Va#AVZmedh^X^ceZgbVcZciZXdchiVYZYdh lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid .& 9ZdXijWgZ]VhiVVbVnd/YZbVgiZhVYdb^c\d YZ&%#%%V&+#%%]dgVh AViVfjâaVhZX^ZggV(%b^cjidhVciZhYZaX^ZggZ# EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&%EAC! iVg^[VgZYjX^YV¼+EAC!adhajcZh¼ZcigVYV\gVijîV :abjhZdedhZZjcVYZaVhbVndgZhXdaZXX^dcZhYZ XVgiZaZhedaVXdhnZmigVc_ZgdhYZidYdZabjcYd#:c aVVXijVa^YVYXjZciVXdcb{hYZ+%%%%Z_ZbeaVgZh# BJH:D9:A6>CHJGG:88>ÙC9:K6GHDK>6 eVgiZh/aVeg^bZgVeVgiZZhaViîjaVYV³Edadc^V gZhiîjiV#HdWgZaV^cYZeZcYZcX^VnaVh[gdciZgVh &.&)"&.'&´0naVhZ\jcYV³EVgVfjZEdadc^VhZV Edadc^V#=^hidg^VYZaVdedh^X^cZcaVGZeWa^XV EdejaVgYZEdadc^V&.)*"&.-.´# BJH:D9:A86GI:A9:L>A6CÙL¼H:88>ÙC 9:ABJH:DC68>DC6A9:K6GHDK>6 X$<gonWdlh`V,.!ZcigVYVedgaVXVaaZEgond`dedlV i[cd#/''*(.,.%*$%+!lll#&.))#ea =dgVg^d/adhajcZh!b^gXdaZhnk^ZgcZhYZ-#%%V &-#%%]dgVh!adh_jZkZhYZ-#%%V'%#%%]dgVh!adh h{WVYdhnYdb^c\dhYZ&%#%%V&-#%%]dgVh!adh bVgiZh¼XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼(EAC!iVg^[VYZ\gjed¼'EAC! adhYdb^c\dh¼ZcigVYV\gVijîV AVh[ZX]VhYZk^hîVheVgV\gjedhhadhZejZYZ gZhZgkVgkVdc"a^cZZcaVlZW/lll#&.))#ea :aBjhZdYZaV>chjggZXX^cYZKVghdk^VhZ ZcXjZcigVZcZaZY^[^X^dYZaVVci^\jVXZcigVa ZaXig^XVYZigVckVhn]VaaZ\VYdVhZgjcdYZ adhaj\VgZhb{hk^hîVYdhYZaVXVeîVa#6W^ZgidZc Za+%Vc^kZghVg^dYZaZhiVaa^YdYZaVaoVb^ZcidYZ X$H#@dhi`ÊdidX`^Z\d&%$&+ i[cd#/''-)')-)lll#edhiZgbjhZjb#ea =dgVg^d/YZ_jc^d]VhiVVhZei^ZbWgZ/adhajcZhYZ &'#%%V&+#%%]dgVh!YZbVgiZhVYdb^c\dYZ&%#%% V&+#%%]dgVh lll#lVghVlidjg#ea .' 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D KVghdk^V!XdchiîjnZjc]dbZcV_ZedgeVgiZYZadh kVghdk^VcdhVadhfjZajX]VgdcneZgZX^Zgdcedg jcVEdadc^Va^WgZnedghjXVeîVa#AVZmedh^X^c egZhZciVaVajX]VnaVk^YVXdi^Y^VcVYZaV >chjggZXX^cYZKVghdk^VYjgVciZadhi^ZbedhYZa iZggdgYZaVdXjeVX^c!eVhVcYdedgaVbjZhigVYZ aVXdbea^XVYVhîjVX^c^ciZgcVX^dcVaZcVfjZaadh Vdh!]VhiVegZhZciVgZaiZggdgXdbjc^hiVYZaV edh\jZggVnZaYZhi^cdYZadh^chjg\ZciZhYjgVciZ adhi^ZbedhYZaVGZeWa^XVEdejaVgYZEdadc^V#:c jcVhjeZg[^X^ZYZb{hYZ(%%%bZigdhXjVYgVYdh! XdcVnjYVYZadh,*%dW_ZidhZmejZhidh!YZ Vegdm^bVYVbZciZ&%%%[did\gV[Vh!eZaXjaVh nYdXjbZciVahdcdgdhZegZhZciVaV]^hidg^VYZadh YVhegZXZYZciZhVaZhiVaa^YdYZaV>chjggZXX^c!hjh [VhZhhjXZh^kVh]VhiVaVhVa^YVYZadh^chjg\ZciZh YZKVghdk^VnaVhjaiZg^dgZhk^X^hîjYZhedgaVhfjZ eVhVgdc#JcVYZaVhVigVXX^dcZhYZabjhZdZhaV gea^XVYZaWdbWVgYZgdA^WZgVidg7"')?# BJH:D9:7DB7:GDH X$8]¨dYcV( i[cd#/''+'%.-', lll#higVo#ea$]^hidg^V#bjoZjb"edoVgc^Xild =dgVg^d/YZajcZhVk^ZgcZhYZ.#%%V&)#%%]dgVh :cigVYV\gVijîV >cVj\jgVYdZcZaVd&.-(!Zhi{jW^XVYdZc jcZY^[^X^dYZah#MK>>>!ZaVci^\jdXjVgiZaYZaV <jVgY^V:XjZhigZYZaV8dgdcV!fjZYZhYZ&-(+ [jZaVhZYZYZaXjZgedYZWdbWZgdh#:abjhZd edhZZXdaZXX^dcZhYZbjX]dkVadgniVbW^cjcV Zmedh^X^cYZZfjêdhnYdiVX^dcZhYZWdbWZgdh nbZY^dheVgVaVajX]VXdcigVZa[jZ\dfjZkVc YZhYZeg^cXê^dhYZah#M>M]VhiVcjZhigdhYVh# hZZcXjZcigVaVijbWVYZahVXZgYdiZ?Zgon Ede^Z¨jho`d#EVgVaVhcZXZh^YVYZhYZabjhZdhZ ]VcegdedgX^dcVYd(%%b'YZaVhjeZg[^X^ZYZa hiVcdYZaV>\aZh^VYZHVc:hiVc^haVd@dhi`V# :abjhZdhZXdbedcZYZYdheVgiZh/ ¼aVZmedh^X^cZcaV^\aZh^V^c[Zg^dgYZHVc :hiVc^haVd@dhi`VYZKVghdk^V! ¼hVaVXdcbZbdgVi^kVZcaVXVhVeVggdfj^Va! YdcYZk^k^nYZhYZYdcYZeVgiêVgV hjai^bdXVb^cd# 6bWdhaj\VgZhbjZhigVcaVk^YVYZhVXg^[^X^dnaV idgbZcidhVbjZgiZYZahVXZgYdiZ# BJH:D9:9:EDGI:NIJG>HBD ¼8ZcigdDabe^Xd X$LnWgoZèZ<Yn²h`^Z) i[cd#/''*+%(,-% lll#bjoZjbhedgij#lVl#ea =dgVg^d/YZbVgiZhVhVWVYdYZ&%#%%V&,#%% ]dgVh!Ydb^c\dhYZ&(#%%V&,#%%]dgVh!h{WVYd ¼ZcigVYV\gVijîV EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼-EAC!iVg^[V gZYjX^YV¼)EAC!\gjedb{hYZ*eZghdcVh!cd b{hYZ'*eZghdcVh¼'EACedgeZghdcV![Vbâ^Vg adhk^ZgcZhnYdb^c\dh]VhiV*eZghdcVh¼Va bZcdh&VYjaidnadhc^dhcdbVndgZhYZaai^bd XjghdYZaVZhXjZaVeg^bVg^V¼*EAC0eZgb^hd eVgV[did\gV[^VgaVZmedh^X^ceZgbVcZciZnaVh Zmedh^X^dcZhiZbedgVaZh¼*EACedgeZghdcV d'%EACedg\gjed BJH:D9:AH>:GKD9:9>DH?:GON EDE>:çJHO@D X$@VgYncV¨VHiVc^h¨VlV=do_jhoV' i[cd#/''*+&%%*+ lll#ede^Zajho`d#cZi#ea$bjoZjb$^cYZm#]ib =dgVg^d/b^gXdaZhVk^ZgcZhYZ&%#%%V&+#%% ]dgVh!hVWVYdhnYdb^c\dhYZ&%#%%VaVh&,#%% ]dgVh :cigVYV\gVijîV AVZcigVYVVabjhZdhZ]VeaVcZVYd h^bWa^XVbZciZYZhYZaVeVgiZZhiZ!YdcYZ lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid .( :aBjhZdYZa9ZedgiZnIjg^hbdY^hedcZYZ aZc\jV_ZYZh^\cdh# Hâdhda^XîVcXdcVciZaVX^c!Zm^hiZaVedh^Wâ^YVY YZdg\VcôVgaVZmedh^X^ceZgbVcZciZÎ=^hidg^V YZaYZedgiZedaVXdnYZaVhda^be^VYVh¿edgbZY^d YZjc\jV# IVbVdgZXdbZcYVYdYZa\gjed/*"'*# 8dbjc^XVX^cYZZmXjgh^dcZh/9ZeVgiVbZcidYZ 8^ZcX^VnYZ>chigjXX^c!i[cd#$[Vm''*+%(,-+! ZYj`VX_V5bjoZjbhedgij#lVl#ea AVZmedh^X^ceZgbVcZciZ³=^hidg^VYZaYZedgiZ edaVXdneVgi^XêVX^cYZYZedgi^hiVhedaVXdh Zcadh_jZ\dhdabe^XdhégZhZciVaV]^hidg^VYZa YZedgiZYZhYZadhi^ZbedhYZaV<gZX^V6ci^\jV! eVhVcYdedgZacVX^b^ZcidYZadh_jZ\dhdabe^Xdh bdYZgcdhh#M>M!]VhiVadhXdb^ZcodhYZa YZedgiZedaVXdVXVWVaadhYZadhh^\adhM>MnMM nadhmîdhXdciZbedg{cZdhYZadhedaVXdhZcZa [dgd^ciZgcVX^dcVa# :cjcVhjeZg[^X^ZYZjcdh&%%%b'YZa8Zcigd Dabe^XdhZ]VcgZjc^Ydb{hYZ(%%%dW_Zidh nXVh^+%%[did\gV[Vhk^cXjaVYVhVabjcYdYZa YZedgiZnYZaijg^hbd#AVZmedh^X^cbjZhigV (,Y^hXêa^cVhYZedgi^kVhgZegZhZciVYVhedg egZb^dh!YdXjbZcidh!igV_ZhnZfjêVb^Zcidh YZedgi^kdh# BJH:D9:I:6IGD EaVoVIZVigVacn&!<gVcIZVigd"ÙeZgVCVX^dcVa i[cd#/''+.'%,*+ lll#iZVigl^Za`^#ea =dgVg^d/YZbVgiZhVh{WVYdhYZ&&#%%V&,#%% ]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼,EAC! iVg^[VgZYjX^YV¼*EAC HZZcXjZcigVZcZaZY^[^X^dXaVh^X^hiVYZa<gVc IZVigd!Xdchigj^YdZcigZadhVdh&-'*n&-((# AVXdaZXX^cYdXjbZciVaV]^hidg^VYZaiZVigd edaVXdYZhYZZah#MK>>>]VhiVadhi^Zbedh XdciZbedg{cZdh# BJH:D9:A6Iw8C>86 EaVoV9Z[âVY&!EVaVX^dYZaV8jaijgVnaV8^ZcX^V i[cd#''+*++,), lll#bjoZjb"iZX]c^`^#lVl#ea =dgVg^d/ VWgâ¼hZei^ZbWgZ/YZbVgiZhVk^ZgcZhYZ.#%% V&,#%%]dgVh!h{WVYdnYdb^c\dYZ&%#%% V&,#%%]dgVh dXijWgZ¼bVgod/YZbVgiZhVk^ZgcZhYZ-#(% V&+#(%]dgVh!h{WVYdnYdb^c\dYZ&%#%% V&,#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&%EAC! iVg^[VgZYjX^YV¼*EAC!EaVcZiVg^d¼'!*%EAC! 6bdcZYVX^c¼'EAC! Bj_ZgYZ8g^hiVa¼&!*%EAC BJH:DI>;ADAÙ<>8D9:A67>7A>DI:86 8:CIG6A9:A66HD8>68>ÙCEDA6869:8>:<DH X$@dcl^ìdgh`V,!7^Wa^diZXV8ZcigVaYZaV 6hdX^VX^cEdaVXVYZ8^Z\dh i[cd#/''-(&'',&Zmi#'*- lll#W^Wa^diZ`V"eoc#dg\#ea =dgVg^d/adhajcZhnYZb^gXdaZhVk^ZgcZhYZ-#%% V&)#(%]dgVh!adhbVgiZhYZ&&#%%V&,#(%]dgVh :cigVYV\gVijîV :cZabjhZdhZegZhZciVcZmedh^X^dcZhiZbedgVaZh fjZbjZhigVcaVhdWgVhea{hi^XVhYZeZghdcVhX^Z\Vh nXdcWV_Vk^h^c#JcVkZoVaVdhZ]VXZjcV Zmedh^X^cXdcaVhXdaZXX^dcZhegde^VhYZabjhZd# BJH:D9:A6JC>K:GH>9699:K6GHDK>6 X$@gV`dlh`^ZEgoZYb^ZÑX^Z('ZcigVYVedgaV ZhXVaZgV7!>e^hd EVaVX^dYZadhInho`^Zl^Xo"EdidX`^ i[cd#/''**'%&%, lll#jl#ZYj#ea =dgVg^d/adhajcZh!bVgiZhnk^ZgcZhYZ&%#%% V&)#%%]dgVh!adhb^gXdaZhYZ&(#%%V&,#%% ]dgVh#:cigVYV\gVijîV lll#lVghVlidjg#ea .) 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D :cZaVci^\jd8dbZYdgYZaEVaVX^dYZadhInho`^Zl^Xo ¼EdidX`^hZZcXjZcigVaVZmedh^X^c6abVBViZg KVghdk^Zch^h!fjZegZhZciVaV]^hidg^VYZaV Jc^kZgh^YVYYZKVghdk^V![jcYVYVZcZaVd&-&+# =dgVg^d/adhbVgiZh!b^gXdaZhnk^ZgcZhYZ&%#%% V&*#%%]dgVh!adh_jZkZhYZ&'#%%V&-#%%]dgVh EgZX^dYZaVZcigVYV/iVg^[VcdgbVa¼(EAC! iVg^[VgZYjX^YV¼'EAC BJH:D9:A6EG>H>ÙC9:E6L>6@ ¼H:88>ÙC9:ABJH:D9:A6>C9:E:C9:C8>6 :caVXVhVZcaVfjZZaedZiVeVhadhai^bdh cjZkZVdhYZhjk^YVhZ]VbVciZc^YdaV YZXdgVX^cVjici^XVYZadh^ciZg^dgZh#6YZb{h YZbVcjhXgîdh!Zhi{cZmejZhidhbViZg^VaZhedXd XdcdX^YdhYZaVgX]^kdaîZgVg^dYZaedZiV# X$9o^ZacV')$'+ i[cd#/''-(&&(&, lll#bjoZjbc^ZedYaZ\adhX^#ea =dgVg^d/adhb^gXdaZhYZ.#%%V&,#%%]dgVh!adh _jZkZhnh{WVYdhYZ.#%%V&+#%%]dgVh!adhk^ZgcZh YZ&%#%%V&,#%%]dgVh!adhYdb^c\dhYZ&%#%% V&+#%%]dgVh!adhajcZhnbVgiZh¼XZggVYd :cigVYV\gVijîVk^hîVheVgV_kZcZhYZhYZ&)Vdh :abjhZdhZZcXjZcigVZcadhhiVcdhYZaVVci^\jV eg^h^c!Xdchigj^YVZcaVb^hbVedXVfjZaV 8^jYVYZaVYZKVghdk^V!_jcidXdcaVXjVaXdchiîjn ZabVndgXZcigdYZV^haVb^ZcidngZegZh^cYZ adhedaVXdhedgeVgiZYZaVhVjidg^YVYZhgjhVh ]VhiVZaVd&.&*#:cigZadhVdh&.(.n&.)) [jZjcVYZaVheg^cXêVaZhX{gXZaZhYZaV<ZhiVed ZcZaiZggîdg^dYZa<dW^Zgcd<ZcZgVa#9jgVciZaV dXjeVX^ceVhVgdcedgEVl^V`Vegdm^bVYVbZciZ &%%%%%eg^h^dcZgdh!YZadhfjZ(,%%%eZgZX^Zgdc n+%%%%[jZgdcZck^VYdhVXVbedhYZZmiZgb^c^d nVigVWV_dh[dgoVYdh#JcVeVgiZ^bedgiVciZYZ aVZmedh^X^cadXdchiîjnZZagZXdchigj^YdeVhâad YZaVhZXX^cK>>YZaVX{gXZanX^cXdXZaYVh!ZcigZ aVhXjVaZhhZZcXjZcigVcaVXZaYVYZXjVgZciZcV naVXZaYVYZaVbjZgiZ#:cZabjhZd]VnVYZb{h jceâVgYZaVejZgiVYZZcigVYVeg^cXêVafjZhZ XdchZgk!ZaBdcjbZcidVaÒgWdaYZEVl^V` aVXde^VZcWgdcXZYZa[Vbdhddabd!iZhi^\dYZaV ]^hidg^V!ZcZafjZYZhYZZaVd&.)*aVh[Vbâ^Vh YZaVhkXi^bVhXdadXVgdca{e^YVh[jcZgVg^Vh!jc bjgdYZ]dgb^\cXdcWadfjZhYZe^ZYgVVgZc^hXV XdcZhXjaijgVhh^bWa^XVhnZaeVi^dYZaVeg^h^c XdcjcbdcjbZcid/ZadWZa^hXdgZVaôVYdedg Od[^VEdX^¨dlh`V# BJH:D9:Lç69NHç6L7GDC>:LH@> X$?Vgdh¨VlV9|Wgdlh`^Z\d*& i[cd#/''-)*%('- lll#bjoZjbaîZgVijgn#ea BJH:D9::?wG8>IDEDA68D VkYV#?Zgdoda^bh`^Z( i[cd#/''+'.*',&$,' lll#bjoZjble#ea =dgVg^d/adhb^gXdaZhYZ&%#%%V&,#%%]dgVh! YZ_jZkZhVYdb^c\dYZ&%#%%V&+#%%]dgVh! aVai^bVZcigVYVVaVh&*#(%]dgVh!adhajcZh nbVgiZh¼XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&%EAC! iVg^[VgZYjX^YV¼*EAC!iVg^[VZhXdaVg¼)EAC! hZgk^X^dYZ\jV/ZcedaVXd¼(%EAC$Zc^c\ah ¼*%EAC!adhb^gXdaZh¼ZcigVYV\gVijîV BJH:D9:A6:B><G68>ÙCEDA686:C 8DCB:BDG68>ÙC9:?6CE69:G:LH@> X$6\gn`da^&!BjhZdYZçVo^Zc`^ ZY^[^X^dEdYX]dg|èl`V¼:hXjZaVYZ8VYZiZh i[cd#/''+'*)--, lll#aVo^Zc`^"`gdaZlh`^Z#ea!lll#d[^XncV#jZj#ea =dgVg^d/YZbVgiZhVYdb^c\dYZ.#%%V&+#%% ]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼(EAC! iVg^[VgZYjX^YV¼'EAC lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid .* 9ZhYZZaVd'%%)!ZaBjhZdYZaV:b^\gVX^c EdaVXV?VcEVYZgZlh`^[jcX^dcVXdbdjcVhZXX^c YZaBjhZdYZaEVaVX^dGZVan?VgY^cZhYZçVo^Zc`^# :caVhVaVeg^cXêVaYZaZY^[^X^d]^hig^XdYZaV :hXjZaVYZ8VYZiZh¼aV<gVcHVaV¼hZZcXjZcigV jcV\VaZgVYZgZigVidhYZedaVXdhâjhigZh!Xjndh bgîdh[jZgdcgZXdcdX^Ydh[jZgVYZhjeVig^V# :abjhZdYZhZbeZVjceVeZabjn^bedgiVciZZc ZaXVbedZYjXVi^kdnXjaijgVa#6fjhZdg\VcôVc XjghdhhdWgZiZbVhbjhZhi^XdhnZmedh^X^dcZh iZbedgVaZhVgihi^XVhZ]^hig^XVh# BJH:D9:AME67:AAÙC9:A6 8>J969:A69:K6GHDK>6¼H:88>ÙC9:A BJH:D9:A6>C9:E:C9:C8>6 X$H`VoV²Xl'* i[cd#/''-(.&'+- lll#bjoZjbc^ZedYaZ\adhX^#Vgi#ea =dgVg^d/YZb^gXdaZhVYdb^c\dYZ.#%%V&+#%% ]dgVh!:cigVYV\gVijîV Jc\jVeVgVZa\gjedYZ'*eZghdcVh¼)%EAC! b{hYZ'*eZghdcVh¼+%EAC AVZmedh^X^cdg\VcôVYVZcVci^\jdh^ciZg^dgZh eZcîZcX^Vg^dhZhi{YZY^XVYVhdWgZidYdVaV ]^hidg^VYZaV8^jYVYZaVnVadheg^h^dcZgdhYZa EVWZaacM!fjZajX]VgdcedgaV^cYZeZcYZcX^V cVX^dcVanadhXVbW^dhhdX^VaZhZcadhi^ZbedhZc fjZEdadc^V[jZY^k^Y^YVedgGjh^V!Egjh^Vn6jhig^V# AV[dgiVaZoVZY^[^XVYVZcadhVdh&-('"(+edgaVh Vjidg^YVYZhoVg^hiVh!YZhejhYZaVYZggdiVYZaV >chjggZXX^cYZCdk^ZbWgZ!ijkdXdbd[jcX^c eg^cXêVaaVYZXdcigdaVgedgeVgiZYZadhedYZgZh gjhdhVaV^cYdbVWaZX^jYVY#:Y^[^XVYVZcaV Xda^cVYZæda^Wdgo!VdgâaVhYZaKhijaV!VeZhVg YZadhYZhigdodhhj[g^YdhYjgVciZaVHZ\jcYV <jZggVBjcY^Va!ZhjcdYZadhXdc_jcidhYZ VgfjîZXijgVYZ[Zch^kVYZah#M>MbZ_dg XdchZgkVYdh#6YZb{hYZaXjVgiZa!ZcZaiZggZcd YZaaaVbVYdEVWZaacM!hZZcXdcigVWVaVX{gXZa XZcigVaYZ^chigjXX^ceVgVadheg^h^dcZgdh edai^Xdh#EdgaVeg^h^ceVhVgdcjcdh)%%%% XdbWVi^ZciZhedgaVa^WZgVX^ccVX^dcVanadh XVbW^dhhdX^VaZh!ZcigZadhfjZhZZcXdcigVWVc eZghdcV_ZhiVcXdcdX^YdhXdbdGdbjVaYIgVj\jii n?oZ[E^¨hjYh`^#BâZhYZZaadh[jZgdc YZedgiVYdhVa^ciZg^dgYZGjh^VnXdcYZcVYdh VigVWV_dh[dgoVYdh!XZciZcVgZhYZZaadh[jZgdc Z_ZXjiVYdhZcaVhaVYZgVhYZaV[dgiVaZoV# :caVVXijVa^YVY!ZaEVWZaacM!ZcadhVci^\jdh ^ciZg^dgZheZcîZcX^Vg^dh!VaWZg\VjcVZmedh^X^c bjhZhi^XVYZY^XVYVhdWgZidYdVadheg^h^dcZgdh fjZeVhVgdcedgVaa# 9ZaEVWZaacMeVgiZZaXVb^cdYZaVhZ_ZXjX^dcZh! fjZXdcYjXZedgaVaaVbVYVEjZgiVYZaVh :_ZXjX^dcZh]VhiVZaaj\VgYdcYZhZaaZkVWVcVXVWd adhV_jhi^X^Vb^Zcidh!VdgâaVhYZaKhijaV!ZcigZadh Vdh&--+n&.&-!Vh^b^hbdZhi{jc^YdXdcaVh aVYZgVhhîjVYVhVahjgYZaV8^jYVYZaV!VaaVYdYZaV ;dgiVaZoVYZAZ\^dcZh!aj\VgYdcYZZgVcZ_ZXjiVYdh adheVgi^XêVciZhYZaV>chjggZXX^cYZ:cZgd# :caVeVgiZbâîVgYZaV8^jYVYZaVhZZcXjZcigV ZaBjhZdYZa:_gXîdYZI^ZggV# BJH:D9:A6I>:GG69:A66869:B>6 EDA6869:8>:C8>6H VkYV#CVH`Vge^Z'%$'+n', i[cd#/''+'.-%+( lll#bo"eVc#ea =dgVg^d/YZajcZhVk^ZgcZhYZ.#%%V&+#%% ]dgVh!adhYdb^c\dhYZ&%#%%V&+#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼)EAC! iVg^[VgZYjX^YV¼'EAC :cigVYV\gVijîVeVgVadhc^dhbZcdgZh YZ,Vdh!aVhZhXjZaVhZheZX^VaZhZ^chiîjX^dcZh fjZhZdXjeVcYZeZghdcVhb^cjhk{a^YVh!adh gZhedchVWaZhYZZmXjgh^dcZhnadhZbeaZVYdhYZ bjhZdh#AVVXi^k^YVYYZabjhZdZhi{ZcXVb^cVYV VaVedejaVgôVX^cYZadhZhijY^dhhdWgZaV I^ZggVnVaVY^[jh^cYZadhXdcdX^b^ZcidhYZaVh X^ZcX^VhcVijgVaZh#EdhZZkVa^dhVhXdaZXX^dcZh YZb^cZgVaZhngdXVh!bZiZdgîdh!{bWVg![VjcV n[adgV[hâ#:caVh^cbZY^VX^dcZhYZabjhZdhZ ZcXjZcigVcbdcjbZciVaZhgdXVhZgg{i^XVh ne^ZYgVhYZXdchigjXX^c# lll#lVghVlidjg#ea .+ 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D BJH:D9:A>CHI>IJID=>HIÙG>8D?J9ÕD X$I¨dbVX`^Z($* i[cd#/''-',.''& lll#_Zl^h]^chiîjiZ#dg\#ea =dgVg^d/adhajcZh!bVgiZh!b^gXdaZhnk^ZgcZhYZ .#%%V&+#%%]dgVh!adh_jZkZhYZ&&#%%V&-#%% ]dgVh!adhh{WVYdhnYdb^c\dh¼XZggVYd EgZX^dhYZaVhZcigVYVh/ Zmedh^X^dcZheZgbVcZciZh/iVg^[VcdgbVa¼&%EAC! iVg^[VgZYjX^YV¼*EAC HjhXdb^ZcodhhZgZbdciVcVaVd&.),!Za BjhZdhZZcXjZcigVZcjcVci^\jdZY^[^X^dYZ aV7^Wa^diZXV?jYV^XVEg^cXêVanZa>chiîjidYZ 8^ZcX^Vh?jYV^XVhYZadhVdh&.'-"&.(+#6iZhdgV ZhZa6ghZcVafjZ!YjgVciZaVh^chjggZXX^dcZh YZadhVdh&,.)n&-(%![jZZaXZcigdYZaVh ajX]Vh#9ZhYZ]VXZVa\jcdhVdhhZgZVaôV jcVZhXZc^[^XVX^c]^hig^XVYZaV³CdX]ZYZ cdk^ZbWgZYZ&-(%´# BJH:D:ICD<GÒ;>8D:HI6I6A X$@gZYnidlV& i[cd#/''-',,+)&")+ lll#ebZ#lVl#ea AdhajcZhnYVhYZhejhYZÉZhiVZhi{XZggVYd# =dgVg^d/adhbVgiZh!b^ZgXdaZhn_jZkZhYZ&%#%% V&-#%%]dgVh!adhk^ZgcZhYZ&'#%%V'%#%%]dgVh! adhh{WVYdhnYdb^c\dhYZ&&#%%V&.#%%]dgVh# AjcZh!YVh[Zhi^kdhnZcZaeg^bZgÉcYZhZbVcV YZXVYVbZh!ZabjhZdXZggVYd# EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&%EAC! iVg^[VgZYjX^YV¼*EAC!\gjed¼(EAC![Vbâ^Vg¼ &*EAC#ZcigVYV\gVijîVadhh{WVYdh ;jcYVYdZcZaVd&---!ZhZab{hVci^\jdYZadh bjhZdhYZZhiZiêdZcEdadc^V#HZZcXjZcigV ZcZaZY^ÉX^dcZdggZcVXZci^hiV!gZhiVjgVYd YZhejhYZaV>><jZggVBjcY^Va!YZaVHdX^ZYVY 8gZYî^X^VYZaVI^ZggV#6iZhdgVXdaZXX^dcZhYZaV XjaijgVedejaVgedaVXV!ZjgdeZVnbjcY^Va# dW_Zidhk^cXjaVYdhVaVXjaijgVbViZg^VanZhe^gîjVa YZadh_jYdhedaVXdh!VhXdbddWgVhYZVgiZ! dW_ZidhYZXjaidgZa^\^dhdngZXjZgYdh]^hig^Xdh# BJH:D6GFJ:DAÙ<>8D:HI6I6A X$9¨j\V*' i[cd#/''*%))-%% lll#ebV#ea =dgVg^d/YZajcZhV_jZkZhYZ-#%%V&+#%%]dgVh! adhk^ZgcZhYZ&%#%%V&-#%%]dgVh!adhYdb^c\dh YZ&%#%%V&+#%%]dgVh!XZggVYdadhh{WVYdhnYVh [Zhi^kdh:medh^X^dcZhiZbedgVaZhZcAjcZhXZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼-EAC! iVg^[VgZYjX^YV¼)EAC!ZcigVYV\gVijîVadh Ydb^c\dh# ;jcYVYdZcZaVd&.'(!edhZZVWjcYVciZh XdaZXX^dcZhVgfjZda\^XVhYZhYZaVZYVYYZ e^ZYgV]VhiVaV:YVYBZY^VYZidYdhadhaj\VgZh YZEdadc^V#9ZhYZZaVd&.*-!aVhZYZYZaBjhZd BJH:D"E6A68>D9:L>A6CÙL X$H#@dhi`ÊdidX`^Z\d&%$&+ i[cd#/''-)'-&%& lll#lâVcdl"eVaVX#Vgi#ea =dgVg^dYZaEVaVX^dYZa&*YZhZei^ZbWgZVa'&YZ Y^X^ZbWgZnYZa',YZ[ZWgZgdVa(%YÁVWgâ/ajcZh! YZb^ZgXdaZhVhVWVYdhYZ.#(%V&+#(%]dgVh! Ydb^c\dhYZ&%#(%V&+#(%]dgVhai^bVZcigVYV VaVh&*#%%]dgVh AdhbVgiZhZhi{XZggVYdZaeVaVX^d# :caViZbedgVYVijghi^XVYZa&YZbVndVa&)YZ hZei^ZbWgZ/ ¼ajcZh!b^gXdaZh!hVWVYdYZ.#(%V&-#(%]dgVh ai^bVZcigVYVVaVh&,#%%]dgVh! ¼bVgiZh!_jZkZhnk^ZgcZhYZ.#(%V&+#(%]dgVh ai^bVVaVh&*#%%]dgVh! ¼Ydb^c\dhYZ&%#(%V&-#(%ai^bVZcigVYV VaVh&,#%%]dgVh# :aeVaVX^diVbW^cZhi{XZggVYdadhh^\j^ZciZh YVh/K^ZgcZhHVcidn9db^c\dYZGZhjggZXX^c! lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid ., 8dgejh8]g^hi^!&YZcdk^ZbWgZnadhYVh ')Va'+YZY^X^ZbWgZ# 6cZmdYZXdX^cVZ^ckZgc{Xjad/ YZa&YZbVndVa&)YZhZei^ZbWgZ/idYdhadhYVh YZ&%#%%V&-#(%]dgVh YZa&*YZhZei^ZbWgZVa(%YZVWgâ/YZb^gXdaZh VajcZhYZ&%#%%V&+#(%]dgVh!bVgiZh¼XZggVYd =dgVg^dYZaEVgfjZ/idYdZaVdYZhYZaVh.#%% ]dgVh]VhiVZaXgZehXjad# EgZX^dhYZaVhZcigVYVh/ :aeVaVX^d/iVg^[VcdgbVa¼&+EAC!iVg^[VgZYjX^YV ¼&'EACh^c\jV!iVg^[VcdgbVa¼'(EAC!iVg^[V gZYjX^YV¼&*EACXdcjc\jVZcedaVXddZc ^c\ah!6jY^d<jV¼,EACZcedaVXd!^c\ahd VaZb{c!Ydb^c\dh¼ZcigVYVa^WgZ :aeVgfjZ/iVg^[VcdgbVa¼*EAC!iVg^[VgZYjX^YV ¼(EACh^cfjV0Xdc\jV/ZcedaVXd¼+%EAC! Zcjc^Y^dbVZmigVc_Zgd¼.%EAC!adh_jZkZh¼ ZcigVYV\gVijîV 6iZcX^c/adh\gjedhdg\VcôVYdhZhi{c dWa^\VYdhVXdbegVgVeVgiZYZaVhZcigVYVh VaeVaVX^dZahZgk^X^dYZ\jV# :aEVaVX^dZcLâVclZhjcdYZadhb{hkVa^dhdh bdcjbZcidhYZaWVggdXdedaVXd#8dchigj^Yd eVgVZagZn?jVc>>>HdW^Zh`^V[^cVaZhYZah#MK>> nVbea^VYdVaVhaViZgVaZhedghjhhjXZh^kdh egde^ZiVg^dh#AVgZh^YZcX^VZhYZaiêdZcigZ XdjgZi_VgY^cZcigZeVi^dn_VgYc#HjkVadg ZmXZeX^dcVaadXdchiîjnZhjdg^\^cVaVgfjîZXijgV naVdgcVbZciVX^ce^Xig^XVnZhXjaig^XVW^Zc XdchZgkVYVYZhj[VX]VYVfjZ!XdcVajh^dcZhVaV Vci^\jVh^bWdad\V!cVggVaVVediZdh^hYZaa^cV_ZYZ adhHdW^Zh`^n\adg^[^XVadhmîdhbâîVgZhYZagZn# Adh^ciZg^dgZhYZaeVaVX^d!Xdcdg^\^cVa dgcVbZciVX^cea{hi^XVnjcg^XdbdWâ^Vg^d! gZegZhZciVcZhiâdhYZigZhedXVhY^[ZgZciZh YZadhh^\adhMK>>VaM>M# AVeg^bZgVeaVciVVaWZg\VaV<VaZgVYZaGZigVid EdaVXdYZadhh^\adhMK>"M>MXdc^b{\ZcZhYZ bdcVgXVh!gZegZhZciVciZhYZaVh\gVcYZh[Vbâ^Vh YZbV\cViZh!edaVXdhâjhigZheVgVZaeVh nVc^bVYdgZhYZaVk^YVXjaijgVa# :aeVgfjZYZLâVcl!YZYdheaVciVh!XdchiîjnZZa [dcYdYZaeVaVX^d#;jh^dcVY^[ZgZciZheVgiZhYZhYZ ZaejcidYZk^hiVYZZhiâdh_VgYcWVggdXd!eVgfjZ ^c\ah"X]^cdgdb{ci^Xd!eVgfjZeV^hV_hi^Xd^c\ah! _VgYccZdggZcVXZci^hiVZcjcVVgbdc^dhVidiVa^YVY hjWdgY^cVYVVaVc^XV^YZVYZaVXdbedh^X^c# AVeVgiZdg^ZciVaZhi{gdYZVYVedgaVhV\jVhYZ jcaV\d!b^ZcigVhfjZYZhYZaVeVgiZhjgXdggZ jcVggdndZcXjndXjghd]VnjcVeZfjZVjcV XVhXVYV#:aeVgfjZZhi{YZXdgVYdXdcZhXjaijgVh! [jZciZhnZaZbZcidhYZVgfjîZXijgVYZ_VgYc# 86HI>AADG:6A EaVoVYZa8Vhiâad)EaVXOVb`dln) i[cd#/''(***&,% lll#oVbZ`"`gdaZlh`^#ea =dgVg^d/bVnd!_jc^d!hZei^ZbWgZ/adhYdb^c\dh najcZhYZ&&#%%V&-#%%]dgVh!YZbVgiZh Vh{WVYdYZ&%#%%V&-#%%]dgVh!adhYdb^c\dh ¼ZcigVYV\gVijîV ?ja^d!V\dhid/adhajcZhYZ&&#%%V&+#%%]dgVh! YZbVgiZhVh{WVYdYZ&%#%%V&-#%%]dgVh! adhYdb^c\dhYZ&&#%%V&-#%%]dgVh!adhajcZh ¼ZcigVYV\gVijîV dXijWgZ¼VWgâ/YZbVgiZhVh{WVYdYZ&%#%% lll#lVghVlidjg#ea .- 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&'EAC! iVg^[VgZYjX^YV¼+EAC!adh_jZkZh¼ZcigVYV \gVijîV :a8HLhZZcXjZcigVZcZagZhiVjgVYd8Vhiâad J_VoYdl`^h#MK>>#:hjcV^chiîjX^cXjaijgVa cVX^dcVa!hjdW_Zi^kdeg^cXêVaZhaVXgZVX^c! egZhZciVX^cnYdXjbZciVX^cYZaVgiZb{h bdYZgcd# V&+#%%]dgVh!adhYdb^c\dhYZ&&#%%V&+#%% ]dgVh!ajcZh¼XZggVYd!adhYdb^c\dh ¼ZcigVYV\gVijîV AVai^bVZcigVYVhZZ[ZXiVjcV]dgVVciZhYZa X^ZggZYZaVZmedh^X^c EgZX^dhYZaVhZcigVYVh/ 6edhZcidhYZXdgiZnhVaVhYZ\dW^Zgcd/iVg^[V cdgbVa¼&)EAC!iVg^[VgZYjX^YV¼,EAC! [Vbâ^Vg¼+EAC# 6edhZcidhgZVaZh/iVg^[VcdgbVa¼''EAC! iVg^[VgZYjX^YV¼&)EAC![Vbâ^Vg¼&(EAC# AVhZmedh^X^dcZheZgbVcZciZh/iVg^[V cdgbVa¼&'EAC!iVg^[VgZYjX^YV¼+EAC# Adhdg\ZcZhYZaXVhiâadhZgZbdciVcVah#M>>>! eg^bZgVbZciZXdbdgZh^YZcX^VYjXVan!YZhYZZa Vd&*'+!XdbdgZh^YZcX^VgZVa#8jVcYdaVXVeîVa [jZigVhaVYVYVYZ8gVXdk^VVKVghdk^VZaXVhiâad ZgVcdhadaVhZYZYZagZn!h^cdiVbW^cYZadh edYZgZhZ_ZXji^kdhnaZ\^haVi^kdhnjcaj\VgYZ ^bedgiVciZhVXdciZX^b^ZcidhYZaV]^hidg^VYZ Edadc^V#9ZhkVa^_VYdnYZhigj^Yd^c]jbVcVbZciZ ZcadhVdh&.(."&.))![jZgZXdchigj^Yd! VegdkZX]VcYdadhZaZbZcidhVgfjîZXic^Xdh XdchZgkVYdhn\gVX^VhVaZh[jZgodYZidYVaV cVX^cZcigZadhVdh&.,&n&.-)# <6A:GÕ6@DG9:<6G96 X$@gV`dlh`^ZEgoZYb^ZÑX^Z&*$&, i[cd#/'')'&%&'*!lll#oVX]ZiV#Vgi#ea =dgVg^d/YZbVgiZhVYdb^c\dhYZ&&#%%V&.#%% ]dgVh#:cigVYV\gVijîV HZXX^cYZOVX]iV!^cYZeZcY^ZciZYZZaaV YZhYZZaejcidYZk^hiVYZaegd\gVbV!hZdXjeV YZegdbdkZgaVhY^[ZgZciZhXdgg^ZciZhYZaVgiZ XdciZbedg{cZd#AV<VaZgVhZZcXjZcigVZcZa EVaVX^dYZadhEdidX`^!YZadhh^\adhMK>>"MK>>># <6A:GÕ69:A86GI:AEDA68D EaVoVYZaBZgXVYdYZaV8^jYVYK^Z_V'( GncZ`HiVgZ\dB^VhiV'( i[cd#/''-(&.(%+!lll#edhiZg#Xdb#ea =dgVg^d/idYdhadhYVhYZ&%#%%V&.#%%]dgVh :cigVYV\gVijîV AV<VaZgVedhZZjcVXdaZXX^cc^XVYZXVgiZaZh Vgihi^XdhedaVXdh#:caVd[ZgiVeZgbVcZciZ hZZcXjZcigVjcVXdaZXX^cYZb{hYZ'%%% dWgVhYZadhXgZVYdgZhb{hYZhiVXVYdhYZaV ³:hXjZaVEdaVXVYZa8VgiZa´Xdbd<gdlh`^! AZc^XV!B¨dYdèZc^ZX!DaW^²h`^!E|\dlh`^! GVhdX]V!HVYdlh`^!HiVgdl^Znh`^!HiVgnh!Ðl^Zgon! IdbVhoZlh`^nLV¨`jh`^# <6A:GÕ6MM& <6A:GÕ6H 8:CIGD9:6GI:8DCI:BEDGÒC:D 9:A86HI>AADJ?6O9DL@>8HL X$?VoYl'!8VhiâadJ_VoYdlh`^ i[cd#/''+'-&',&$,(!lll#Xhl#Vgi#ea =dgVg^d/YZbVgiZhV_jZkZh!hVWVYdnYdb^c\d YZ&&#%%V&.#%%]dgVh!adhk^ZgcZhYZ&&#%% V'&#%%]dgVh VkYV#?VcVEVl¨V>>(+ i[cd#/''+'%,-,'![gZZ#Vgi#ea$mm& =dgVg^d/YZajcZh!b^gXdaZhnk^ZgcZhYZ&&#%% V&,#%%]dgVh!_jZkZhYZ&(#%%V&.#%%]dgVh!adh h{WVYdhYZ&&#%%V&*#%%]dgVh!:cigVYV\gVijîV AV<VaZgV!VYb^c^higVYVedgZa8ZcigdYZ6giZ n8jaijgVYZBVodk^V![jZVciVdZaZhijY^d YZaXdcdX^YdZhXjaidgMVlZgn9jc^`dlh`^! lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid .. fj^ZcZchjiZhiVbZcidadaZ\XdbdhVaVYZ Zmedh^X^dcZh#:caV<VaZgVhZegZhZciVcdWgVhYZ Vgi^hiVhXdciZbedg{cZdhedaVXdhnZmigVc_Zgdh# :hjcaj\VgYZZmedh^X^ciVcidYZaVZhXjaijgV XdciZbedg{cZVXdbdYZdWgVhkVc\jVgY^hiVh! ^chiVaVX^dcZhneZg[dgbVcXZhbjnW^ZcVXd\^YVh edgadhk^hîVciZh# <6A:GÕ66CI><J6OE6; EaVoVYZa8Vhiâad-eaVXOVb`dln- i[cd#/''-(&%(-+!lll#oeV[#ea =dgVg^d/YZbVgiZhVYdb^c\dYZ&&#%%V&-#%% ]dgVh#:cigVYV\gVijîV :caVhZYZYZaV6hdX^VX^cYZ;di\gV[dh6gi^hiVh EdaVXdh!fjZhZZcXjZcigVZcjcV]^hig^XVXVhV ZcXjnVheVgZYZhhZ]VcXdchZgkVYdgZa^fj^VhYZ aV\i^XV8jg^VB^cdgh#MK!hZZcXjZcigVZhiV \VaZgVYZhYZ&.+.!YZeZcY^ZciZYZa8ZcigdYZ 6giZ8dciZbedg{cZdYZhYZZaejcidYZk^hiVYZa egd\gVbV#AV<VaZgVZhjcaj\VgYZZmedh^X^dcZh YZaVgiZ[did\g{[^XdXdciZbedg{cZdnYZaV [did\gV[VZmeZg^bZciVa# <6A:GÕ6C68>DC6A9:6GI:O68=I6 eaVoVBV¨VX]dlh`^Z\d( i[cd#/''-',*-*)!lll#oVX]ZiV#Vgi#ea =dgVg^d/YZbVgiZhVYdb^c\dYZ&'#%% V'%#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼&%EAC! iVg^[VgZYjX^YV¼,EAC!iVg^[V[Vbâ^Vg¼&(EAC ZcigVYVeVgV)eZghdcVh!ZcigZZaaVh'eZghdcVh VYjaiVhXdcc^dhd_kZcZhZcZYVYZhXdaVg ]VhiV&-VdhXdbdb{m^bd!adh_jZkZh¼ZcigVYV \gVijîV XdciZbedg{cZd#OVX]iVdg\VcôVZmedh^X^dcZh ^cY^k^YjVaZhnXdaZXi^kVhYZVgi^hiVhedaVXdh nZmigVc_Zgdh!VhXdbdZmedh^X^dcZhiZb{i^XVh# <6A:GÕ69:6GI: 9:@6I6GONC6C6E>ÙG@DLH@6 i[cd#/''+*'&.(. lll#cVe^dg`dlh`V#ea ¼X$Ðlîd`gonh`V(' =dgVg^d/YZajcZhVk^ZgcZhYZ&&#%%V&.#%% ]dgVh!adhh{WVYdhYZ&&#%%V&)#%%]dgVh ¼X$EjVlh`V&,:jgdeaZm =dgVg^d/YZajcZhVk^ZgcZhYZ&&#%%V&.#%% ]dgVh!adhh{WVYdhYZ&&#%%V&)#%%]dgVh ¼X$@gV`dlh`^ZEgoZYb^ZÑX^Z)'$))=diZa7g^hida =dgVg^d/idYdhadhYVhYZ&&#%%V&.#%%]dgVh ¼EaVoVYZaBZgXVYdYZaV8^jYVYK^Z_V&.$'&$'&V GncZ`HiVgZ\dB^VhiV&.$'&$'&V =dgVg^d/idYdhadhYVhYZ&&#%%V&.#%%]dgVh AV]^hidg^VYZOVX]iVZbe^ZoVZcZaVd&-+%! XjVcYdhZ[jcYaV6hdX^VX^cYZEgdbdX^c YZaVh7ZaaVh6giZhIdlVgonhildOVX]inHoij` E^`cnX]#HjdW_Zi^kdeg^cXêVaXdch^hiVZc Y^kja\VgZaVgiZedaVXdVigVkhYZaVdg\VcôVX^c YZZmedh^X^dcZh!XdbegVgdWgVhYZVgiZeVgVhj XdaZXX^cnVnjYVgVadh_kZcZhVgi^hiVh#9ZhYZ &.%%!aV6hdX^VX^cnVedhZVhjegde^VhZYZ! Xdchigj^YVhZ\cjcegdnZXidYZHiZ[VcHonaaZg# :caVVXijVa^YVY!Zaegdehîdeg^cXêVaYZaV \VaZgVgVY^XVZcegZhZciVgnegdbdkZgZaVgiZ lll#lVghVlidjg#ea &%% 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D I:6IGDH!;>A6GBÙC>86 AVhZcigVYVheVgVZaiZVigdi^ZcZcjcegZX^d YZ&*V,%EAC'%"+%EACeVgVaVÙeZgV CVX^dcVa#AdhWâaZiZhhZejZYZcVYfj^g^g _jhidVciZhYZaZheZXi{Xjad# 6869:B>69:BÝH>86;:9:G>8D8=DE>C X$Dàc^`' i[cd#/''-',,'). lll#X]de^c#ZYj#ea ÙE:G69:8ÒB6G69:K6GHDK>6 VkYV#Hda^YVgcdÑX^,+W i[cd#/''-(&'')% lll#deZgV`VbZgVacV#ea ;>A6GBÙC>86C68>DC6A X$?VhcV* i[cd#/''**&,&'- lll#[â]Vgbdc^V#ea <G6CI:6IGD¼ÙE:G6C68>DC6A eaVoVIZVigVacn& i[cd#/''+.'%'%lll#iZVigl^Za`^#ea I:6IGDG6BE6 X$@d¨dlV'% i[cd#/''+,.-.,+ lll#iZVig"gVbeV#ea GDB6¼I:6IGDBJH>86A X$Cdld\gdYo`V). i[cd#/''+'--..lll#iZViggdbV#ea I:6IGDH676I X$;d`hVa&+ i[cd#/''-'+'(** lll#iZVig"hVWVi#ea I:6IGDHIJ9>D7J;;D X$B#@dcdec^X`^Z_+ i[cd#/''+'*),%. lll#hijY^dWj[[d#Xdb#ea I:6IGD?J9ÕD EaVoV<gonWdlh`^&'$&+ i[cd#/''+'%+'-& lll#iZVig"onYdlh`^#Vgi#ea lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid &%& I:6IGDHE6G6C>©DH EgZX^dhYZadhWâaZiZh&%"'%EAC 76? X$?V\^Zaad²h`V'i[cd#/''-&-%-'& lll#iZVigWV_#lVl#ea <JA>L:G X$GèVcV&+ i[cd#/''-)*&+,+ lll#iZVig\ja^lZg#lVl#ea A6A@6 eaVoV9Z[âVY&EVaVX^dYZaV8jaijgVn8^ZcX^V i[cd#/''+'%).*% lll#iZVigaVa`V#lVl#ea 8>C:H AVZcigVYVVaX^cZi^ZcZjcegZX^dYZ&* V'*EAC0eVgVc^dhnZhijY^VciZhhZVea^XV aViVg^[VgZYjX^YV#:caVbVndgVYZadhXVhdh aVheZaXjaVhZhi{cegdnZXiVYVhZckZgh^c dg^\^cVaXdchjWiijadhZcedaVXd# 6IA6CI>8 X$8]b^ZacV(( i[cd#/''-',%-.) lll#`^cdViaVci^X#ea 8>C:B68>IN6G@69>6 VkYV#?VcVEVl¨V>>-' i[cd#/''('&'&'& lll#X^cZbV"Xîn#ea 8>C:B68>IN7:BDLD X$EdlhiV²XlÐa|h`^X]&'+V i[cd#/''*+%)%%% lll#X^cZbV"Xîn#ea 8>C:B68>IN?6C@> X$BhoXodcdlh`V( i[cd#/'',%')%%% lll#X^cZbV"Xîn#ea 8>C:B68>INBD@DIÙL X$Ld¨dh`V&' i[cd#/'')*++*%' lll#X^cZbV"Xîn#ea 8>C:B68>INEGDB:C696 X$DhigdWgVbh`V,* i[cd#/''+&&,*&) lll#X^cZbV"Xîn#ea 8>C:B68>INH69N76 X$Edlh^²h`V(& i[cd#/''**%(((( lll#X^cZbV"Xîn#ea ;:B>C6 VkYV#Hda^YVgcdÑX^&&* i[cd#/''+*))*)* lll#`^cdeaZm#ea >AJO?DC¼;>ABDI:86C68>DC6A X$CVgWjiiV*%V i[cd#/''+)+&'+% lll#[c#dg\#ea >B6M¼ig^Y^bZch^dcVaX^cZ X$Edlh^²h`V(& i[cd#/''**%(((( lll#`^cd^bVm#ea @>CDA67 X$?VoYl'8HL i[cd#/''+'-&',&Zmi#&(* lll#`^cdaVW#Vgi#ea @>CDI:@6 EaVoV9Z[âVY& i[cd#/''**&,%,%! lll#`^cdiZ`V#ea BJAI>@>CD VkYV#@:C+% i[cd#/'''%&&,&%! lll#bjai^`^cd#ea BJA>I>C@>CDOçDI:I6G6HN X$O¨diV*. i[cd#/'''%&&+&% lll#bjai^`^cd#ea lll#lVghVlidjg#ea &%' 6 I G 6 8 8 > D 6 C I G: H6 @8 8J ?A :I J @G J6 AA I: J H G N 6 A: C I: G :> I G: D C >O BG >N : LC @I D 6 BJG6CÙL X$<Zc#6cYZghV& i[cd#/''-(&%(*lll#bjgVcdl#\jiZ`[âb#Xdb#ea E6G69>HD VkYV#Hda^YVgcdÑX^+' i[cd#/''-'+%')%! lll#hdadeVc#Xdb#ea H>AK:GH8G::CI6G<ÙL:@ X$<¨WdX`V&* i[cd#/''(&%'%%% lll#hâkZghXgZZc#ea H>AK:GH8G::CLDA6 X$<gXoZlh`V&') i[cd#/''*(()+++ lll#hâkZghXgZZc#ea 8ajWW^c\¼k^YVcdXijgcV :caVVXijVa^YVY!aVk^YVcdXijgcV hZigVYjXZZcejWhnY^hXdiZXVh#Adh gîbdh]djhZnigVchZhi{cYZbdYV iVcidZcAdcYgZhXdbdZcKVghdk^V# AdhbZ_dgZhY^hX"_dX`ZnhaaZ\VcVaV XVeîVaeVgVVXijVgZchjhXajWZh#AVh [^ZhiVhZcaVhY^hXdiZXVhhjZaZcYjgVg \ZcZgVabZciZ]VhiVZaVbVcZXZg#Adh XajWZhYZY^kZgh^cb{hXdcdX^YdhYZ cjZhigVXVeîVahZXdcXZcigVc ZcaVhXVaaZh;d`hVa!BVodl^ZX`V! EaVoVIgoZX]@gonèn#IVbW^cEgV\V VYfj^ZgZ]dnZaZhiVijhYZWVgg^d Vgihi^XdnZchjhVci^\jdhZY^[^X^dh! gdYZVYdhYZjc[VhX^cVciZVbW^ZciZ! hZ^chiVaVciVaaZgZhYZ[di\gV[dh nVgi^hiVhea{hi^Xdh!VhXdbdiZVigdh nXVh^cdh# H>AK:GH8G::CBD@DIÙL X$Ej¨Vlh`V&, i[cd#/''-*'-&&& lll#hâkZghXgZZc#ea L>Hç6 EaVoVLâhdcV'V i[cd#/''-(.'(+* lll#cdkZ`^cd#ea$`^cV$l^haV lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid &%( 8AJ7:H fjZbZgZXZaVeZcVk^hîVgadh 8:CIG6ACN9DBFJAIJGN X$7jgV`dlh`V&' i[cd#/''+(+-(%% lll#XYf#ea 8AJ7B>G6<: eaVoV9Z[âVY& ZcigVYVYZhYZXVaaZ:bâ^ÊaViZg i[cd#/''+*+,&&& lll#XajWb^gV\Z#ea 9:@696 X$<g_ZX`V&.$'* i[cd#/''-'(***-! lll#YZ`VYV#ea =6G9GD8@86;:L6GH6L X$O¨diV*.O¨diZIVgVhn i[cd#/'''''%,%% lll#]VgYgdX`#Xdb =6G:C96 X$@gV`dlh`^ZEgoZYb^ZÑX^Z)$+ i[cd#/''-'+'.%% lll#]VgZcYV#ea =N7GN9N X$O¨diV,$. i[cd#/''-''(%%( lll#]nWgnYn#Xdb#ea >8:76G X$EV²h`V+& i[cd#/''+*)*+() lll#^XZWVg#Xdb#ea CD7D X$LâXoV*-6 i[cd#/''+'')%%, lll#cdWdWVg#ea DG<6CO6 X$H^Zc`^Zl^XoV) i[cd#/''-'-('(' lll#àjWdg\VcoV#ea E6E6G6OO> X$BVodl^ZX`V&' i[cd#/''-'-)'&.! lll#eVeVgVoo^#Xdb#ea E>:@6GC>6 X$B¨dX^²h`V&& i[cd#/*%%&&))-+ lll#e^Z`hV#ea EA6I>C>JB X$;gZYgn+ i[cd#/''*.+)+++ lll#eaVi^c^jbXajW#ea JC9:G<GDJC9BJH>886;: X$BVghoV¨`dlh`V&'+$&() i[cd#/''-'+,%)lll#jcYZg#ea 86;:I:GÕ6HNA>7G:GÕ6:CJCD 8OJçN76G76GON°86 X$9dWgV(& i[cd#/''-'+('.)! lll#XojanWVgWVgoncXV#ea lll#lVghVlidjg#ea &%) 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D @6;@6 X$DWdcV( i[cd#/''-'+%-''!lll#`Vl^Vgc^V"`V[`V#ea CJB:GNA>I:GN X$LâXoV'+ i[cd#/''+''%*+%!lll#cjbZgnaîZgn#ea I6G67J@ X$7gdlVgcV+ i[cd#/''-',%-&) lll#iVgVWj` X$7ZalZYZgh`V'(=diZa=nVii i[cd#/''**.&))% XVh^cdhedaVcY#ea DG7>H86H>CD/ X$@gjXoV'-=diZaBZgXjgZ<gVcY¼hVaVYZ _jZ\dhVjidb{i^Xdh i[cd#/''+'&*'-X$@gaZlh`V&&=diZaHd[îZaK^Xidg^VLVghVl i[cd#/''-',++(( DANBE>886H>CD X$<gonWdlh`V+(=diZa=âidc i[cd#/''(*&,'+%!lll#danbe^X"XVh^cd#Xdb 8>7:G86;wH AdhegZX^dhdhXâVcZcigZadh+nadh&'EAC edg]dgV# :88DBH86;: X$CdlnÐl^Vi*(ZcigVYVedgaVXVaaZLVgZX`V i[cd#/''-'+,*,- 86H>CDHN8:CIGDH9:?J:<D 86H>CDHEDA6C9/ VkYV#?Zgdoda^bh`^Z+*$,.=diZaBVgg^dii i[cd#/''*-).++% <5AA:GN>CI:GC:I X$CdlnÐl^Vi', i[cd#/''-'-''&' lll#\VaaZgn#lVl#ea H>BEA:>CI:GC:I86;: X$BVghoV`dlh`V..$&%& i[cd#/''+'-(&.% lll#h^beaZ^ciZgcZiXV[Z#Xdb lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid &%* 6igVXX^dcZhijghi^XVh 8dbdXjVafj^ZgdigVXVeîVaZjgdeZV! KVghdk^VedhZZbjX]VhVigVXX^dcZh ijghi^XVhfjZeZgbîZcXdcdXZgbZ_dg aVX^jYVY#BZgZXZaVeZcVY^h[gjiVgYZ ZaaVh!hdWgZidYdZciZbedgVYVVaiV ZckZgVcd# AÕC:6IJGÕHI>869:IG6CKÕ6 lll#oib#lVl#ea :caViZbedgVYVYZkZgVcd_jc^d"hZei^ZbWgZ! adhh{WVYdh!Ydb^c\dhnYVh[Zhi^kdh!X^gXjaVjc igVckVVci^\jdedgjcVgjiV[^_V!XjndgZXdgg^Yd Xdb^ZcoVn[^cVaôVZcaVEaVoVCVgjidl^XoV# AdhigVckVhX^gXjaVcXdcjcV[gZXjZcX^VYZ (%b^cjidh# IêdnegZX^dYZWâaZiZhk{a^YdhZcaVhacZV ijghi^XVYZigVckV¼eV\#&(# >c[dgbVX^ciZaZ[c^XV/''&.)-)# AÕC:6IJGÕHI>869:6JID7ÝH lll#oib#lVl#ea :m^hiZcYdhacZVhijghi^XVhYZVjidWjhZh!adh cbZgdh&%%n&-%#AVhacZVhgZVaôVcjcV gjiVedgadhb{h^bedgiVciZhbdcjbZcidh! ^\aZh^VhneVgfjZhYZaVXVeîVa#:aVjidWhYZ aVacZV&-%X^gXjaVidYdhadhYVhedgaVgjiV/ LâVcl¼8ZbZciZg^dBâîVgYZEdl|o`^0edg hjeVgiZ!ZaVjidWhYZaVacZV&%%X^gXjaVhad adh[^cZhYZhZbVcVXdcjcV[gZXjZcX^VYZYdh ]dgVh!YZ&'#%%V&-#%%hVa^YVhYZhYZaVEaVoV E^¨hjYh`^Z\d#EVgVZhidhVjidWjhZhhdck{a^Ydh adhWâaZiZhcdgbVaZhYZaigVchedgiZbjc^XêVa YZjchdadjhddbZchjVaZh# &%eVgVYVh#9^hedcZYZWâaZiZheVgV')n)- ]dgVhXdcaVVigVXi^kV[dgbV³]dedc]ded[[´# 9ZZhiV[dgbV!hZejZYZWV_VgYZaVjidWhZc XjVafj^ZgeVgVYVXdcZa[^cYZk^hîVgadhaj\VgZh YZhj^ciZgh!eVgVb{hiVgYZkdakZgnXdci^cjVg ZagZXdgg^YdZcVjidWh#6YZb{hYZ']dgVh Xdc^begZh^dcVciZheVcdgVbVh!hZZcXjZcigV Y^hedc^WaZjch^hiZbV\jVXdchdc^Yd Zc-^Y^dbVhnjcVkZgh^ceVgVadhc^dh :AIG:C86AA:?:GD9:A86H8D6CI><JD :aigZcXdb^ZcoVn[^cVaôVhjgjiVZcaVEaVoV YZa8VhiâadEaVXOVb`dln#8^gXjaVYjgVciZaV iZbedgVYVYZkZgVcdYZhYZZa&YZVWgâidYdh adhYVhYZ&&#%%V&,#%%]dgVhnYjgVciZaV iZbedgVYVYZ^ck^Zgcdhadadhh{WVYdhYZ&&#%% V&,#/%%]dgVhadhYdb^c\dhnYVhaVWdgVWaZh hadbZY^VciZeZi^X^cZheZX^Va#9jgVciZZa gZXdgg^YdYZigZ^ciVb^cjidhedgaVhXVaaZhYZaV 8^jYVYK^Z_VnCjZkV!jc\jVcdhkVXdciVcYd aV]^hidg^VYZadhZY^[^X^dhnbdcjbZcidhb{h ^ciZgZhVciZhYZZhiVeVgiZYZKVghdk^V#IVbW^c hZejZYZcXdcigViVgedgiZa[dcdadhhZgk^X^dh YZjc\jVfjZ]VWaZaZc\jVhZmigVc_ZgVh# >c[dgbVX^cngZhZgkVh/*%&&(&')*# EgZX^dYZadhWâaZiZh/iVg^[VcdgbVa¼'%EAC! iVg^[VgZYjX^YV¼&-EAC!iVg^[VYZZmXjgh^c¼&+EAC# 8>INH><=IH::>C<L6GH6L lll#Xîn"h^\]ihZZ^c\#ea iZa#,.(.,((*+ 8înH^\]ihZZ^c\LVghVld[gZXZjcVigVXi^kd gZXdgg^YdZcVjidWhijghi^XdYZYdhe^hdh edgadhaj\VgZhb{h^ciZgZhVciZhYZKVghdk^V# :aVjidWhX^gXjaVidYdhadhYVhnhZYZi^ZcZZc lll#lVghVlidjg#ea &%+ 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D ?6G9ÕC7DIÒC>8D9:EDLH>C ?6G9ÕC7DIÒC>8D9:EDLH>C X$EgVlYo^l`V' i[cd#/''+)-(-*+ lll#d\gdY"edlh^c#ea =dgVg^d/ &"(&ZcZgd/h{WVYdnYdb^c\dYZ&%#%%V&*#%% ]dgVh &"'.[ZWgZgd/h{WVYdnYdb^c\d!kVXVX^dcZhYZ ^ck^ZgcdYZ&%#%%V&+#%%]dgVh &"&)bVgod/h{WVYdnYdb^c\dYZ&%#%%V&,#%% ]dgVh &*bVgod¼"''bVgod/idYdhadhY^VhYZ&%#%% V&,#%%]dgVh '(bVgod¼"(%VWgâ/idYdhadhY^VhYZ&%#%% V&-#%%]dgVh &bVnd¼(%_jc^d/ajcZhVk^ZgcZhYZ&%#%% V&-#%%]dgVh!h{WVYdnYdb^c\dYZ&%#%% V&.#%%]dgVh &_ja^d¼&+cdk^ZbWgZ/idYdhadhY^VhYZ&%#%%V &-#%%]dgVh &,cdk^ZbWgZ¼(%Y^X^ZbWgZ/h{WVYdnYdb^c\d YZ&%#%%V&*#%%]dgVh EgZX^dhYZaVhZcigVYVh/iZbedgVYVYZkZgVcd/ ajcZh¼k^ZgcZh/iVg^[VcdgbVa¼+EAC! iVg^[VgZYjX^YV¼)EAC h{WVYdnYdb^c\dnYVh[Zhi^kdh/iVg^[VcdgbVa¼ -EAC!iVg^[VgZYjX^YV¼*EAC iZbedgVYVYZ^ck^Zgcd/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼(EAC ?6G9ÕC9:A6JC>K:GH>9699:K6GHDK>6 VkYV#J_VoYdlh`^Z) i[cd#/''**(%*&& lll#d\gdY#jl#ZYj#ea =dgVg^d/ VWgâ¼V\dhid/ajcZhVk^ZgcZhYZ.#%%V'%#%% ]dgVh!h{WVYdnYdb^c\dYZ&%#%%V'%#%%]dgVh hZei^ZbWgZ/idYdhadhYVhYZ&%#%%V&-#%%]dgVh dXijWgZ/ajcZhVk^ZgcZhYZ&%#%%V&,#%%]dgVh! h{WVYdnYdb^c\dYZ&%#%%V&-#%%]dgVh >ckZgcVYZgd/YZhYZ&-YZbVnd]VhiV&)YZ hZei^ZbWgZ/Ydb^c\dhYZ&%#%%V&,#%%]dgVh AViVfjâaVYZa_VgYchZX^ZggVjcV]dgVVciZh YZaX^ZggZ# EgZX^dhYZaVhZcigVYVh/ EVgfjZ/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼'!*%EAC >ckZgcVYZgd/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼'!*%EAC EVfjZZ>ckZgcVYZgd/iVg^[VcdgbVa¼,EAC! iVg^[VgZYjX^YV¼(!*%EAC ?6G9ÕC:CA66ODI:69:A67>7A>DI:869: A6JC>K:GH>9699:K6GHDK>6 X$9dWgV*+$++ i[cd#/''**'*&,-$,.! lll#Wjl#jl#ZYj#ea lll#lVghVlidjg#ea 6igVXX^dcZhXjaijgVaZhnZcigZiZc^b^Zcid &%, bVgod/idYdhadhYVhYZ.#%%V&,#%%]dgVh VWgâ/idYdhadhYVhYZ.#%%V&-#%%]dgVh IVfjâaVhZX^ZggVjcV]dgVVciZhYZa[^cVaYZagZXdgg^Yd EgZX^dhYZaVhZcigVYVh/VWgâ¼dXijWgZ/iVg^[V cdgbVa¼&*EAC!iVg^[VgZYjX^YV¼&%EAC ;ADI67A6C86¼:AIG6CKÕ668JÒI>8D E6H:D:C:A76G8DEDG:AGÕDKÕHIJA6 :aWVgXdYZhYZZa&YZbVnd]VhiV[^cVaZhYZ hZei^ZbWgZ!Vegdm^bVYVbZciZXVYV]dgVnbZY^V# AVeg^bZgVigVkZhVXdb^ZcoVVaVh.#(%]dgVh# AdhWVgXdhoVgeVcYZaZbWVgXVYZgdhîjVYd_jcid VaejZciZÐa|h`d¼9|Wgdlh`^VaVVaijgVYZa 8VhiâadGZVa# =dgVg^d/ VWgâ/idYdhadhYVhYZ.#%%V&-#%%]dgVh bVnd¼hZei^ZbWgZ/idYdhadhYVhYZ.#%% V'%#%%]dgVh dXijWgZ/idYdhadhYVhYZ.#%%V&-#%%]dgVh cdk^ZbWgZ¼bVgod/XZggVYd AVZcigVYVVa_VgYcZh\gVijîV E6GFJ:ODDAÙ<>8D EgZX^dhYZadhWâaZiZh/iVg^[VcdgbVa¼&)EAC! iVg^[VgZYjX^YVc^dh]VhiV&)Vdh¼,EAC 6afjâZgYZaWVgXd¼.+%EAC!i[cd#/''+.,,-&% AJ<6G:H8DCK>HI6HE6CDGÒB>86H IDGG:9:A6><A:H>69:H6CI66C6 X$@gV`dlh`^ZEgoZYb^ZÑX^Z+-!i[cd#/''-'-(&%& X$GVijhodlV&$( i[cd#/''+&.)%)& lll#odd#lVl#ea =dgVg^d/ bVnd¼V\dhid/idYdhadhYVhYZ.#%%V&.#%%]dgVh hZei^ZbWgZ/idYdhadhYVhYZ.#%%V&-#%%]dgVh dXijWgZ/idYdhadhYVhYZ.#%%V&+#%%]dgVh cdk^ZbWgZ¼[ZWgZgd/idYdhadhYVhYZ.#%% V&*#(%]dgVh lll#lVghVlidjg#ea &%- 6 I G 6 8 8 > D C : H 8 J A I J G 6 A : H N : C I G : I : C > B > : C I D K^hiVYZaV8^jYVYK^Z_VnaVdgâaVYZgZX]VYZKVghdk^V# =dgVg^d/hadZcaViZbedgVYVVaiVbVnd¼ dXijWgZ/YZajcZhVk^ZgcZhYZ&%#%%V'&#%% ]dgVh!hVWVYdnYdb^c\dYZ&&#%%V''#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼)EAC! iVg^[VgZYjX^YV¼(EAC E6A68>D9:A68JAIJG6NA68>:C8>6 k^hiVeVcdg{b^XVYZKVghdk^VYZhYZaVeaVciVMMM i[cd#/''+*+,,'( lll#e`^c#ea H:GK>8>DH9:<JÕ6H IG6@I6<:C8>69:<JÕ6H X$@gZYnidlV+!i[cd#/''-',-%+. lll#igVì#Xdb#ea <JÕ6H:C86HI>AADG:6A EaVoVYZa8Vhiâad)Ea#OVb`dln) i[cd#/''(***&,E:?O6æEDAH@> X$6`VYZb^X`V( i[cd#/''-')(.&& lll#eda^h]"aVcYhXVeZ#ea IDJG>HIEDAH@6 VkYV#?Zgdoda^bh`^Z),adX#&%V i[cd#/''+'&(')+ lll#idjg^hi#ea IG6KEDA X$@Vhegdl^XoV*, i[cd#/''-()%*'+ lll#igVkeda#ea EII@hZXX^cYZBVodk^V X$AîZlh`V&&$&( i[cd#/''+'.(.), lll#eii`#Xdb#ea ;JGC:AIG6K:A X$@deZgc^`V( i[cd#/''-'+)**% lll#[jgcZa#ea K>H>I6H<J>696H:CK6GHDK>6NHJH 6AG:9:9DG:H =dgVg^d/ IdYdhadhYVhYZ.#%%V&-#%%]dgVh! _ja^d!V\dhid/k^ZgcZhnh{WVYdhYZ.#%% VaVbZY^VcdX]Z# EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼'%EAC! iVg^[VgZYjX^YV¼&*EAC!iVg^[VYZ\gjedhYZb{h YZ&%YZeZghdcVh¼&%EAC# ?6G9ÕC:CA66ODI:69:A67>7A>DI:869: A6JC>K:GH>9699:K6GHDK>6 X$9dWgV*+$++ i[cd#/''**'*&,-$,. lll#Wjl#jl#ZYj#ea AD86AG:CI686GEDA6C9AiY# X$BVghoV¨`dlh`V&)% i[cd#/''-'+,&%% 6Y^Vg^dgZXdgg^Ydhijghi^XdhXdc\jVZc^c\ah lll#agX#Xdb#ea B6OJG@6HIG6K:A VkYV#Ld_h`VEdah`^Z\d', i[cd#/''(-.)&*% 6Y^Vg^dgZXdgg^Ydhijghi^XdhXdc\jVZc^c\ah nZcZheVda lll#bVojg`Vh#Xdb#ea IG6KEDA X$@Vhegdl^XoV*, i[cd#/''-()%*'+ lll#igVkeda#ea lll#lVghVlidjg#ea =diZaZh &%. =DI:A:H AVXVeîVaZhjcaj\VgZcZafjZidYdZabjcYd!^cYZeZcY^ZciZbZciZYZaZhiVYd YZhjXVgiZgV!ejZYZXdbZgnYdgb^gW^Zc#:cKVghdk^VZaijg^hiVi^ZcZVhj Y^hedh^X^cb{hYZ(%%%%eaVoVhZcb{hYZ&,%aj\VgZhYZeZgcdXiVX^c# 8VYVjcdZcXdcigVg{adb{hVYZXjVYdeVgVhjhcZXZh^YVYZh!YZhYZgZ[j\^dh _jkZcâZh!]diZaZhYZXaVhZijghi^XV!]VWîVX^dcZhn]dhiVaZh!]VhiV]diZaZhYZ VaiVXViZ\dgVeVgVadhk^hîVciZhn]dbWgZhYZcZ\dX^dhb{hZm^\ZciZh# A^hiVYZadhdW_ZidhYZVad_Vb^ZcidZcKVghdk^VnZcadhVagZYZYdgZhZhi{Zc aVeV\^cV/lll#lVghVlidjg#eaniVbW^cZcZa\gVijîV\j^V!ejWa^XVYdeVgV DÉX^cVYZIjg^hbdYZKVghdk^V/¾KVghdk^V]diZaZh¿# lll#lVghVlidjg#ea < 6 H I G D C D B Õ 6 &&% <VhigdcdbV EZXja^Vg^YVYZhXja^cVg^VhµJcVh eVaVWgVhhdWgZaVhZheZX^Va^YVYZh YZaVXdX^cVedaVXVZcKVghdk^V# eZgdfjZ!eVgVY_^XVbZciZ!Zchj [dgbVhZVXZgXVVaVXdX^cVedaVXV igVY^X^dcVa# :caVXdX^cVkVghdk^VcVhZjcZc aVhigVY^X^dcZhXja^cVg^VhYZidYVhaVh gZ\^dcZhYZEdadc^V!YZ:jgdeVnYZa bjcYd!fjZ]VcaaZ\VYdVaVXVeîVa VadaVg\dYZadhh^\adh_jcidXdcaV V[ajZcX^VYZadhcjZkdh]VWîVciZh# <gVX^VhVZhiZ[ZcbZcd]VcVX^Yd jcVXdX^cVZXaXi^XV!XjndheaVidh cdhdcie^Xdhc^XVgVXiZghi^Xdh! 8VYVbZhVeVgZXZcZcKVghdk^V cjZkdhgZhiVjgVciZh0hadZaY^higîd YZÐgYb^ZÑX^ZXjZciVZcaVVXijVa^YVY Xdcb{hYZ+%%!edgadfjZh^cYjYV XjVafj^ZgVejZYZZcXdcigVgVa\cadXVa YZhjV\gVYd#8dbdZhcVijgVa!aZh gZXdbZcYVbdhadhadXVaZhZcadhfjZ hZejZYZcYZ\jhiVgeaVidhie^XVbZciZ edaVXdh!Y^[XâZhYZZcXdcigVgZcdigVh lll#lVghVlidjg#ea < 6 H I G D C D B Õ 6 &&& eVgiZhYZabjcYd!cdcZXZhVg^VbZciZ WV_dhZcXVadgVh!eZgdh^cYjYV dg^\^cVaZhedghjhVWdgnY^[XâZh YZegZeVgVgZcXVhV# AdheaVidhfjZXdchiîjnZc aVbZhVedaVXV!^cYZeZcY^ZciZbZciZ YZaVZhiVX^cYZaVddYZaVh[^ZhiVh! hdc/\j^hVYdYZXda[ZgbZciVYVXdc XVgcZW^\dh!X]jaZiVYZXZgYdXdc Xda!XVaadh!idgiVh[gîVhYZeViViV! XdagZaaZcVYZXVgcZe^XVYVXdcVggdo \d¨|W`^nZbeVcVYâaVhXdX^YVh e^Zgd\^#:aeg^bZgeaVidadXdchiîjnZ jcVhdeV/hdeVYZ]Vg^cV[ZgbZciVYV XdchVaX]^X]VWaVcXVèjgZ`!hdeV YZXZWVYV`gjec^`!hdeVYZ\j^hVciZh hZXdh\gdX]l`V!hdeVYZgZbdaVX]V gd_VXdcgVk^daZhWVghoXoXoZgldcn ojho`Vb^dXVaYdYZedaad#AVXdb^YV ejZYZVXdbeVVghZYZjcVWZW^YV YZ[gjiVhXdX^YVh`dbedideVgVVWg^g ZaVeZiîdjcVXdeVYZkdY`VW^Zc[gV# EVgVY^h[gjiVgYZjceVhiZa dWZWZgjcXV[!aZhegdedcZbdheVhVg edgaVXVaaZCdlnÐl^VinZcigVg ZcaVaZ\ZcYVg^VXV[ZiZgV7a^àZ!YdcYZ Za_jZkZhaVgYZgdhZ[dgbVcjcVh XdaVhZcdgbZheVgVXdbegVgWjjZadh gZaaZcdhYZXdc[îjgVYZgdhVhâkZhigZ e|XoZ`#9jgVciZZa^ck^ZgcdbZgZXZ aVeZcVk^hîVgaVX]dXdaViZgVLZYZa! ZcaVXVaaZHoeîVacV!YdcYZcdh edYZbdhYZaZîVgXdcjcVjici^Xd X]dXdaViZXVa^ZciZegZeVgVYdhZ\c aVigVY^X^dcVagZXZiV[Vbâ^Vg# :cKVghdk^VXdc[gZXjZcX^VVeVgZXZc cjZkdhaj\VgZhZcadhfjZhZejZYZ XdbZgW^ZcnWVgVid!eZgdiVbW^c ZcadhfjZZhedh^WaZWVâVgdZhXjX]Vg bh^XVWjZcV#BZgZXZaVeZcVk^hîVg Zhidhaj\VgZheVgVeVhVgZai^Zbed nXdcdXZgbZ_dgZaVbW^ZciZYZKVghdk^V# ¯HVWVhfjZµ jcVYZaVhXV[ZiZgVhb{hVci^\jVhYZKVghdk^V! fjZZcaVVXijVa^YVYZhjcgZhiVjgVciZ!Zh =dcdgVi`V!ZcaVXVaaZB^dYdlV&)!nfjZ[jZ [jcYVYVZcZaVd&-'*ZcjcVcZmdYZaVci^\jd EVaVX^dYZadh8]dY`^Zl^Xo4:a_dkZc;gnYZgn` 8]de^c!fjZk^k^ZcKVghdk^VYjgVciZ'%Vdh! [gZXjZciVWVaVXV[ZiZgV=dcdgVi`V# lll#lVghVlidjg#ea < 6 H I G D C D B Õ 6 &&' [VkdgîdYZagZn/XdgYZgdVhVYd#8dc[gZXjZcX^VhZ hZgkVceZhXVYdhnkZgYjgVh#6adh^ckîVYdhhZaZh hZgkVcadhk^cdhZ]^Ygdb^ZaZhb{hZmXZaZciZh#:agZn! edghjeVgiZ!XVabVWVhjhZYXdcV\jVYZbVcVci^Va# :cadhgZhiVjgVciZhb{hXVgdh!ZaVabjZgodeVgV jcVeZghdcVXjZhiVb{hYZ&%%EAC#H^hZWjhXV Va\db{hWVgVid!ZhgZXdbZcYVWaZ^gVgZhiVjgVciZh eZfjZdh!WVgZhdeôoZgVhYZhYZ'%EAC"(%EAC# AdhWVgZhigVY^X^dcVaZhWVgbaZXocni^ZcZcjcVd[ZgiV b{hZXdcb^XVYZ*V.EAC#:caVhXV[ZiZgVhYZ KVghdk^VjceVhiZaXjZhiVYZ(V&'EACnjcXV[YZ *V&*EAC#:aegZX^dYZjcVXZgkZoVZcjcejWdhXâV ZcigZ+n&*EAC#IdYdhadhgZhiVjgVciZhbZcX^dcVYdh ZcZhiV\jVVXZeiVciVg_ZiVhYZXgYîd# G:HI6JG6CI:HH:A:8I6H XZgXVYZXZcigdjgWVcd 8dX^cVedaVXV ¯HVWVhfjZµ Zaai^bdgZnYZEdadc^V!:hiVc^haVd6j\jhid Edc^Vidlh`^!iVanXdbd]VXVZaaZ\ZcYVg^dgZn6gijgd! YZhZdhdYZZciVWaVgjcXdciVXidb{hY^gZXidXdcadh Vgi^hiVhnZgjYîdh!hZhZciVWVXdchjh]jheZYZh ZcjcVbZhVgZYdcYV!eVgVYVgVZciZcYZgfjZ idYdhadhVh^ZcidhedhZVcZab^hbdgVc\d4:hdh ³VabjZgodhYZa_jZkZh´!ZcigZadhVdh&,,&n&,-&! iZcVcaj\VgZcZa8VhiâadGZVadZcaVgZh^YZcX^VYZ kZgVcdYZagZnZcçVo^Zc`^#AdheaVidhhZgk^YdhZgVc bjnh^beaZh!Va\jhidYZadhbV\cViZhYZVfjZa i^Zbed!eZgdegZeVgVYdhnhZgk^YdhYZbdYdgZ[^cVYd# AdhegZeVgVWVZaXdX^cZgdYZaVXdgiZYZ:hiVc^haVd 6j\jhid!EVlZÏgZbd!fjZZcKVghdk^ViZcV[VbVYZ hZgZaeg^bZgbVZhigdYZXdX^cVYZ:jgdeV#9jgVciZ adh³VabjZgodhYZa_jZkZh´hZhZgkVc!ZcigZdigVh XdhVh!aVie^XVhdeVedaVXVYZgZbdaVX]Vgd_VXdc gVk^daZh0YZZcigVYVhZhZgkVcZbWji^YdhkVg^VYdh! gdaaîdhgZaaZcdhnZcXjgi^Ydhe^XVciZh!XdbdeaVid eg^cXêVahZhZgkVcVhVYdhYZeZgY^XZh!\Vc\Vh nXVgcZYZiZgcZgV#CdedYV[VaiVgiVbedXdZaeaVid 8#@#D7:Gæ6 X$8]b^ZacV'-!i[cd#/''-'-)*-* lll#X`dWZgoV#ea 8OI:GNEDGN X$BVghoV`dlh`V&)%!i[cd#/''+.'-+,+ lll#XoiZgnedgn#ea 8L6C>6@L6GHO6LH@> X$LVa^Xl.!i[cd#/''+*)+,+, lll#XlVc^V`lVghoVlh`^#Xdb 9DBEDAH@> ja#;gVcXjh`V&&!i[cd#/''+&+')(' lll#gZhiVjgVX_VYdbedah`^#ea ;67GN@6IGO8>CNG:HI6JG68?6 X$DildX`V&)!i[cd#/''+&.&,%+ lll#[VWgn`VigoX^cn#ea lll#lVghVlidjg#ea <VhigdcdbV ;DA@<DHED96 X$LVa^Xl&( i[cd#/''-.%&+%* lll#[da`\dhedYV#ea @DBE6C>6E>LC6 X$EdYlVaZ'* i[cd#/''+(*+(&) lll#edYlVaZ'*#ea EDA@6 X$Ðlîd_V²h`V' i[cd#/''+(*(*(* lll#gZhiVjgVX_Veda`V#ea G:HI6JG68?6EDAH@6EGON IG6@8>: X$@gaZlh`V' i[cd#/''-',%&.- lll#gZhiVjgVX_Vedah`V#ea HB6@>L6GHO6LN X$æjgVl^V),$). i[cd#/''+'&-'+- lll#hbV`^lVghoVln#ea J9:@:GI6 GncZ`HiVgZ\dB^VhiV(-$)'! i[cd#/''+(+',%) lll#jYZ`ZgiV#Xdb#ea DIGDH<wC:GDH 9:A68D8>C6 &&( 8dX^cVVbZg^XVcV 8dX^cVWa\VgV 6B><DH6B:G>86CHI:6@ =DJH: VkYV#?Zgdoda^bh`^Z&&. i[cd#/''+'.(.+. lll#gZhiVjgVX_VVb^\dh#ea =6G9GD8@86;: X$OdiV*.OdiZIVgVhn i[cd#/'''''%,%% lll#]VgYgdX`XV[Z#ea GDDHI:G X$@gV`dlh`^ZEgoZYb^ZÑX^Z-! i[cd#/''-.'.-&% lll#gddhiZg#ea 7JA<6G>6B6<>86 X$BVghoV`dlh`V($* i[cd#/''-'*&-&+ lll#Wja\Vg^VbV\^XV#ea C:H:76G X$BVghoV`dlh`V) i[cd#/''+'&&&(- lll#cZhZWVg#ea 8dX^cV^c\ahV ADC9DCHI:6@=DJH: VkYV#?Zgdoda^bh`^Z)' i[cd#/''-',%%'% lll#adcYdchiZV`]djhZ#ea 8dX^cVWVaX{c^XV 76C?6AJ@6 X$EjVlh`V&%& i[cd#/''-*)%,-' lll#WVc_Vaj`V#ea 8dX^cVV[g^XVcV 8dX^cVWgVhâZV I6B"I6B X$;d`hVa&i[cd#/''-'-'+'' lll#iVbiVb#Xdb#ea 8=JGG6H8D9DA6C96 X$EgècVi[cd#/''+'%*%-% lll#X]jggVhXd#ea ;da`<dhedYV lll#lVghVlidjg#ea 8dX^cVX]^cV 8:H6GH@>E668 X$HZcVidgh`V', i[cd#/''-',.,%, lll#XZhVgh`^"eVaVX#Xdb#ea 9DC<C6B X$BVghoV`dlh`V)*$). i[cd#/''+',&--- lll#Ydc\"cVb#Xdb#ea B:@DC< X$9j\V'.! [cd#/''+(*(--- lll#bZ`dc\#lVl#ea 8dX^cV[gVcXZhV 7>HIGD9:E6G>H EaVoVE^hjYh`^Z\d. i[cd#/''-'+%&%, lll#gZhiVjgVciW^higdYZeVg^h#Xdb 7Vc_Vaj`V < 6 H I G D C D B Õ 6 &&) 8dX^cV[jh^c 8dX^cVbZm^XVcV :HH:C8>6 X$BVghoV`dlh`V.) i[cd#/''*.+%&'% A6;>:HI6IDGI>AA6 G:HI6JG6CI X$;d`hVa'& i[cd#/''-'.-*+% VkYV#J_VoYdlh`^Z'' i[cd#/''+'&(&*) lll#aV[^ZhiV#ea @DB X$O^ZacV(, i[cd#/''((-+(*( lll#`dbjc^`Vi#cZi H:CH: X$CdlnÐl^Vi&. i[cd#/''-'++*,% lll#hZchZXV[Z#Xdb G676G76G X$L^ZgoWdlV.$&& i[cd#/''-'-%&(% lll#gVWVgWVg#ea H:CH: X$CdlnÐl^Vi&. i[cd#/''-'++*,% lll#hZchZXV[Z#Xdb I=:B:M>86C X$;d`hVa&%V i[cd#/''-'+.%'& X$EdYlVaZ'. i[cd#/''+(*('(' lll#bZm^XVc#ea 8dX^cVedgij\jhV EDGIJ86A: X$BZga^c^Z\d* i[cd#/''-.-%.'* lll#edgijXVaZ#ea 8dX^cV^ciZgcVX^dcVaV 8dX^cVgjhd 7676AJ X$@h#>#@dedidlh`^Z\d((! i[cd#/'')')++++ lll#WVWVaj#ea 767DDH=@6 X$DWdcV.!ad`#&%' i[cd#/'')%+((++ X$@gjXoV)&$)( i[cd#/''+'*&%)% lll#WVWddh]`V#ea 8dX^cVZheVdaV 86H6IDIJ X$CdlnÐl^Vi*)$*+ i[cd#/''-'-%%++ lll#XVhVidij#ea B>G69DG X$<gonWdlh`V' i[cd#/'')(+()() lll#`gZ\a^XXn#ea K>CDI:@6A67D9:<6 X$CdlnÐl^Vi* i[cd#/'',)*)+&% lll#WdYZ\V#ea 8dX^cVbZYîZgg{cZV 8dX^cV^cY^V B6=6G6?6>C9>6C X$BVghoV`dlh`V()$*% i[cd#/''+'&&(.' lll#bV]VgV_V#Xdb#ea C6B6HI:>C9>6 X$Cdld\gdYo`V&* i[cd#/''(*,%.(. X$E^lcV)+!i[cd#/''+(* ,,++ lll#cVbVhiZ^cY^V#ea 7:AK:9:G: X$6\gn`da^& i[cd#/''**-+,%% lll#WZakZYZgZ#Xdb#ea CDB>6 GncZ`CdlZ\dB^VhiV&($&*! i[cd#/''-(&)(,. lll#cdb^V#lVl#ea F8=C>66GINHIN8OC6 X$?VoYl'OVbZ`J_VoYdlh`^ i[cd#/''+'*,+', lll#fX]c^V#ea lll#lVghVlidjg#ea A686CI>C6 X$CdlnÐl^Vi+) i[cd#/''((&+,., lll#aVXVci^cV#Xdb#ea H@:I8= X$;d`hVa&. i[cd#/+%',+',+) lll#h`ZiX]#ea 8dX^cVijgXV AD@6CI6 X$Cdld\gdYo`V),V i[cd#/''*-*&%%) lll#ad`VciV#ea <VhigdcdbV &&* 8dX^cVkZ\ZiVg^VcV <G::CL6N X$=dèV*)!i[cd#/''+'..))) X$HoeîVacV+ i[cd#/''+'*%%** X$BVghoV`dlh`V'i[cd#/''+'*+-,, lll#\gZZclVn#ea H69=J86;: X$LVdlV( i[cd#/''+(*-&(. lll#hVY]jXV[Z#ea 8dX^cVîVa^VcV 9:8D@G:9:CH X$DgYncVX`V&( i[cd#/''-'+%++% lll#`gZYZch#Xdb#ea ?6?DG:HI6JG68?6 X$O\dYV( i[cd#/''-'+)).( DG:<6CD X$7d]ViZgl&)! i[cd#/'')'**.+) lll#dgZ\Vcd"gZhiVjgVX_V#ea 8dX^cV_jYV B:CDG6 EaVoV<gonWdlh`^' i[cd#/''+'%(,*) ED9H6BHDC:B X$;gZiV($* i[cd#/''-(&&,-- lll#edYhVbhdcZb#ea EZhXVYdh DHI:G>6 X$@dhon`dlV*) i[cd#/''+'&&+)+ lll#dhiZg^V#ea 86;:I:GÕ6H hjh]^ 6GIHJH=> X$Cdld\gdYo`V*+ i[cd#/''+'&,,'% lll#Vgihjh]^#ea HD"6CCHJH=>8AJ7 X$@dhon`dlV*) i[cd#/''+(%-&%% lll#hd"Vc#ea HJH=>I:6IG EaVoVE^hjYh`^Z\d. i[cd#/''-'+),-, lll#hjh]îZVig#ea A67D9:<6 7DGE>C8: X$O\dYV& i[cd#/''-'-'')) lll#Wdge^cXZ#ea :CDI:@6EDAH@6 X$9j\V'($'* i[cd#/''-(&())( lll#ZcdiZ`Vedah`V#ea K>C6G>JH X$7ZYcVgh`V'-$(% i[cd#/''-'---+& lll#k^cVg^jh#ea K>CDI:@6A67D9:<6 X$CdlnÐl^Vi* i[cd#/'',)*)+&% lll#WdYZ\V#ea lll#lVghVlidjg#ea 76I>96 X$BVghoV`dlh`V*( i[cd#/''+'&*(&* EaVoVIgoZX]@gonèn&i[cd#/''+'&)*() X$@gV`dlh`^ZEgoZYb^ZÑX^Z&( i[cd#/''-'+)),) lll#WVi^YV#Xdb#ea 7A>@A: X$CdlnÐl^Vi(( i[cd#/''-'+++&. X$@gVh^²h`^Z\d&% i[cd#/''-(...(, lll#Wa^àZ#ea 86K6 X$CdlnÐl^Vi(% i[cd#/''-'++)', lll#XVkV#ea 8D;;::AJC<D VkYV#?Zgdoda^bh`^Z)' i[cd#/''-'---%lll#ajc\d#ea 8O:@DA69O>6GC>66BDG X$BVghoV`dlh`V&, i[cd#/''-'*%%(+ lll#XoZ`daVYo^Vac^VVbdg#ea B>9ONHDL6B> X$8]b^ZacV(% i[cd#/''-'+,)+- E>?6AC>:L:9A6 X$HoeîVacV-HiVgdÑl^ZX`^ HàZe i[cd#/''-','.&+ X$:#EaViZg).=diZa >ciZg8dci^dcZciVa i[cd#/''('----X$OdiV*.8=OdiZIVgVhn i[cd#/'''''%'%+ VkYV#?VcVEVlV>>-' 8=6g`VY^V X$''((&',.* lll#lZYZae^_Vac^Z#ea IDAJ7> X$;gZiV&% < 6 H I G D C D B Õ 6 &&+ i[cd#/''+(*.%'( lll#idajW^Z#ea 8D;;::=:6K:C X$9dWgV**$*+7^Wa^diZ`VJL X$8]b^ZacV(( X$CdlnÐl^Vi)+ X$CdlnÐl^Vi&. X$Ðlîd`gonh`V(&$((V X$B^dYdlV& lll#Xd[[ZZ]ZVkZc#ea HI6G7J8@H VkYV#Hda^YVgcdÑX^+-V X$CdlnÐl^Vi+' i[cd#/''-'.)%'& lll#hiVgWjX`h#ea L7>:<J86;: X$Bd`didlh`V&. i[cd#/''+'&-)*& X$BVghoV`dlh`V&%)$&''! i[cd#/''-'-(&(( X$CdlnÐl^Vi(, i[cd#/''-'+&+.- X$Ðlîd`gonh`V&i[cd#/''-'-))&% lll#lW^Z\jXV[Z#ea ÎE>:GD<6GC>:¿ gZhiVjgVciZhXdcZbeVcVYâaVh E>:GD<6GC>6C6 7:9C6GH@>:? X$7ZYcVgh`V'-$(% i[cd#/''-'-%(.' lll#e^Zgd\Vgc^VcVWZYcVgh`^Z_#ea E>:GD<>OBD@DIDLH@>:? X$Bd`didlh`V&' i[cd#/''+'**(,& lll#e^Zgd\ôbd`didlh`^Z_#lVl#ea E>:GD<DLN9LDG:@ X$7gn\VYnEdÑX^\dlZ_'V! i[cd#/''+,''+,( lll#e^Zgd\dlnYldgZ`#ea E>:GGD<:G>6 X$@gonlZ@dd(% i[cd#/''-(&+()+ X$LVWgonh`V&&8=AVcY! GJH6@6 X$;adg^V²h`V&) i[cd#/''+&.*'%% H69N X$@gVh^²h`^Z\d(+ i[cd#/''++(-*-) Ox7@DLH@> X$O|W`dlh`V' i[cd#/''+&.&(-ODI6@JG@6 X$BVghoV`dlh`V**$,( i[cd#/''+'&('-% E>OO:GÕ6H i[cd#/''*)..&.+ lll#e^Zggd\Zg^V#ea O6E>:8:@ VkYV#?Zgdoda^bh`^Z'i[cd#/''-'+,)-) X$;gZiV& i[cd#/''-(&+&.% X$Ðlîd_V²h`V&( i[cd#/''+(*+&%. lll#oVe^ZXZ`#Zj 76G:H9:8DB>96H AÒ8I:6H 76B7>CD X$@gjXoV'& ;6B>A>?CN X$CdlnÐl^Vi(. i[cd#/''-'+)*,. @:;>G:@ X$@dcYgVidl^XoV'* i[cd#/''-&&%,&% ED976G76@6C:B X$BdhidlV',$'.! i[cd#/''-(&),(, EG6HDLN X$BVghoV`dlh`V&%$&+ i[cd#/''+'-))', lll#lVghVlidjg#ea ;G6I:AA>E>OO6>@AJ8=N X$CVXodlh`V+' i[cd#/''-*-&%&% lll#[gViZaaêôoV#ea C6EGDL>C8?> X$Cdldb^Z_h`V&% i[cd#/''-(&.-,* lll#hVbZ[jhn#ea 9DB>C>JBE>OO6 lll#eôoVYdb^c^jb#ea E>OO6B6GO6CD lll#eôoVZmegZhh#Xdb#ea E>OO6=JI i[cd#/''*(+(+(+ lll#eôoV]ji#ea HE=>CM VkYV#?Zgdoda^bh`^Z)' i[cd#/''-'+%,*% X$HoeîVacV& i[cd#/''-',*-&. X$Ðlîd`gonh`V(* i[cd#/''-'++'+) X$CdlnÐl^Vi)% i[cd#/''-'+%&,. lll#he]^cm#ea D8>DN9:H86CHD68I>KD KVghdk^VZhjcVX^jYVYZcaVfjZZhedh^WaZgZaV_VghZZcbZY^dYZaV cVijgVaZoVdYZhXVchVgVXi^kVbZciZ_j\VcYdVaiZc^hnVahfjVh]!bdciVcYd VXVWVaad!egVXi^XVcYdZhXVaVYVdYZedgiZhVXj{i^Xdh#AZh^ckîVbdhiVbW^c VOZ\goZ!jcaV\dhîjVYdZcjc]Zgbdhdaj\VgVjcdh(%`âbZigdhVa cdgiZYZKVghdk^V# E6GFJ:H68JÒI>8DH ZcigVYV/-"&*EAC(%b^cjidh E>H8>C68J7>:GI69:DH>GD8=DI6 jX$Gd`dhdlh`V&% i[cd#/''*',.%,' dh^gdX]diV#lVl#ea 6FJ6G:A6@H X$LâXon9¨) i[cd#/''+)-*),& lll#jXh^g#ea DH^G X$EdidX`V&WVgg^dæda^Wdgo"BVgnbdciEdid` i[cd#/''-(')+%% lll#dh^g"oda^Wdgo#lVl#ea EDADC:O X$çVW^hon²h`V'% i[cd#/''--)--%% lll#dh^giVg\dlZ`#lVl#ea EG6LN7GO:< X$?V\^Zaad²h`V,WVgg^dEgV\VYZaCdgiZ i[cd#/''+&.-&(- lll#Ydh^g#egV\V#lVl#ea LD9CNE6G@ X$BZga^c^Z\d)WVgg^dBd`dil i[cd#/''-*)%&(% lll#ldYcneVg`#Xdb#ea lll#lVghVlidjg#ea &&- L:HDA6C9>6 X$LheacV)WVgg^dLVghoVlV"LZhd¨V i[cd#/'',,(.&.& lll#lZhdaVcY^V#ea LD9C>@ X$6WgV]VbV&%WVgg^d<dX¨Vl i[cd#/''+,(-'%%Zmi#&&'n&&( lll#ldYc^`#lVl#ea E>H8>C6H8J7>:GI6H ZcigVYV/-"&*EAC(%b^cjidh 7>6çDç8@>DÐGD9:@HEDGIJ X$Ðl^Vidl^YV*+WVgg^dIVgX]db^c i[cd#/''+,+*%,'Zmi#&%& lll#Wdh#dg\#ea 9:A;>C X$@VhegoV`V&$(WVgg^dLdaV i[cd#/''+(&)-+*!lll#dh^g"ldaV#ea B^Yonho`dacnDÑgdYZ`Hedgidlncg, X$<ZdYZil& i[cd#/''-''++%,! lll#bdhdX]diV#lVl#ea :cigVYVZcZaWdcd DG@6 X$<gonWdlh`V(*8Zcigd i[cd#/''+'%*%'-$'. lll#dh^g"ldaV#ea DH^G X$EdacV,V8Zcigd i[cd#/''-'*,&()#Zmi#&&% lll#dh^g"edacV#ea E>H8>C6³;D@6´ X$:heZgVcid*WVgg^dLdaV i[cd#/''+(+**.%!lll#dh^g"ldaV#ea E>H8>C6³CDL6;6A6´ X$<VgW^²h`^Z\d&WVgg^dLdaV i[cd#/''-,,'&'*!lll#dh^g"ldaV#ea EDADC>6 X$@dcl^ìdgh`V+WVgg^dÐgYb^ZÑX^Z i[cd#/''+(*'%'& lll#ldh^g#lVl#ea EçNL6AC>6³E>C<L>C´ X$D¨Vlh`V(VWVgg^d7Zbdld i[cd#/''-+&*+.% lll#dh^gWZbdld#ea D 8 > D N 9 : H 8 6 C H D 6 8 I > K D O:HEÙçD7>:@IÙLHEDGIDLN8=³=>GHO;:A96´ X$=^gho[ZaYV&&WVgg^dJghncl i[cd#/''+)(.)(+!lll#jXh^g#ea O:HEÙçD7>:@IÙLHEDGIDLN8= ³@DC8:GIDL6´ X$@dcXZgidlV) i[cd#/''+)))--'!lll#jXh^g#ea E>H8>C6H6A6>G:A>7G: VW^ZgiVhZcaViZbedgVYVYZkZgVcdZcigVYV/ +"-EAC 6A76IGDH X$Dga|iAldlh`^X]& i[cd#/''-&,*&.)!lll#dh^gjghjh#ea 6FJ6EG6GFJ:BD8ON9çD X$<gXoZlh`V+.$,( i[cd#/''-(+&.() lll#eVg`ldYcnbdXonYad#ea E6GFJ:9:8JAIJG69:EDLH>C X$BVÑaV`l& i[cd#/''+)-)-&&!lll#eVgèdlh^c#ea LDLL>Hç6 X$>c[aVcX`V- i[cd#/''-(&.''.!lll#^c[aVcX`V#lVl#ea 7>AA6G:H ZcigVYV/&("(%EAC 6I:A>:G( X$&,HinXoc^V*' i[cd#/''-)+&+''!lll#ViZa^Zg"(#ea lll#lVghVlidjg#ea DX^dn9ZhXVchd6Xi^kd @AJ77>A6G9DLN G:HI6JG68?67>7A>DI:@6 X$GV`dl^ZX`V'6 i[cd#/''-*+**'& lll#WâVgYgZhiVjgVX_V#ea 7G:6@&), X$Cdld\gdYo`V-)$-+ i[cd#/''+..,'+lll#&),WgZV`#lVl#ea 8D;;:8AJ78=6GA>: VkYV#@:C(+ i[cd#/''+)-*++( lll#X]Vga^Z#Xdb#ea C:L?D@:G8AJ7 X$9ZbWdlh`^Z\d&%WVgg^dJghncl i[cd#/'').-%(&( A6C98AJ7 X$LV¨Wgonh`V&&WVgg^dBd`dil i[cd#/''*)..','!lll#aVcYXajW#ea ,8AJ7 X$?V\^Zaad²h`V,WVgg^dEgV\VCdgiZ i[cd#/''+&.,)%& lll#,XajW#^\#ea DÐGD9:@HEDGIJ>G:@G:68?>³LD9C>@´ X$6WgV]VbV&% i[cd#/''+,(-'%% lll#ldYc^`#lVl#ea ;6CI6HNE6G@ X$Edlh^²h`V(&HVYnWV7ZhiBVaa i[cd#/''((&,%.% lll#[VciVhneVg`#ea &&. ,8AJ7 X$?V\^Zaad²h`V, i[cd#/''+&.-&(lll#,XajW#^f#ea @AJ76G8D¼6886I6"ZkZciheVgicZg X$7îlnLVghoVlh`^Z_&.'%g#cjbZgd&. i[cd#/''++-,*.& lll#VgXd"Wdla^c\#ea 7DLA>C<8:CI:G X$Ld¨dh`V&'8ZcigdBd`dil!>>e^hd i[cd#/''*)&(-%* lll#`gZ\^Zac^V#ea <>BC6H>6N8JAIJG>HBD 7D9NA>C: X$CV¨Xodlh`V+' i[cd#/''+*&.+++ lll#WdYna^cZ#Xdb#ea 86ANEHDG::7D@;>IC:HH8AJ7 X$Ej¨Vlh`V&, i[cd#/''-*'-%(* X$<gXoZlh`V&')LdaVEVg` i[cd#/''*(())++ lll#XVanehd#Xdb#ea 7DA:G6H DÐGD9:@HEDGIJ>G:@G:68?>³LD9C>@´ X$6WgV]VbV&% i[cd#/''+,(-'%% lll#ldYc^`#lVl#ea ;6CI6HNE6G@ X$Edlh^²h`V(&HVYnWV7ZhiBVaa i[cd#/''((&,%.% lll#[VciVhneVg`#ea =JA6@JA6;6B>A>6G8:CIGD9:D8>D X$9dWgV*+$++ i[cd#/''**',*%% lll#]jaV`jaV#Xdb#ea 8AJ7&*;>IC:HH8AJ7E6G6BJ?:G:H X$6cYZghV&* i[cd#/''+(+(,*&!lll#[îcZhh&*#ea ;>IC:HH8AJ7"?:GDODA>BH@>: VkYV#?Zgdoda^bh`^Z.& i[cd#/''+''*(.. lll#[îcZhh"_Zgdoda^bh`^Z#ea lll#lVghVlidjg#ea &'% D 8 > D N 9 : H 8 6 C H D 6 8 I > K D <NBC6H>DC@AJ7;>IC:HH X$Ej¨Vlh`V)', i[cd#/''+).(,(VkYV#6gb^ÂjYdlZ_'+ i[cd#/''*,.(&%% X$9dbVc^Zlh`V(, i[cd#/''*+*---GdcYdDCO& i[cd#/''(*).%,* lll#\nbcVh^dc#ea <DA;E6G@HEDA6C9 X$Kd\aV&.V+%%bZigdhYZaVXVaaZEgonXo¨`dlh`V i[cd#/'')'),%-( lll#\da[eVg`hedaVcY#ea :FJ>I68>ÙC AdhegZX^dhedg]dgVYZZfjîVX^cdhXâVc ZcigZ'%n+%EAC# =DAB:HEA68: lll#]dabZheaVXZ#ea 8=6g`VY^V!?VcVEVlV>>"6aaZZ-' i[cd#/''(*&.%(, 8=<VaZg^VBd`dil! Lddh`V"Hig#&' i[cd#/''*)&(((( =DI:A=>AIDC!<GON7DLH@6"HIG#+( i[cd#/''(&(&''' DA>BE>6 VkYV#HiVclO_ZYcdXodcnX]'+V i[cd#/''+,(-,()!lll#da^be^V[îcZhh#ea EGD;>I8AJ7 X$<gdi\ZggV&'V i[cd#/''-*&)*('!lll#egd[îXajW#_d^c#ea 8L@HA:<>6 jX$@do^Zah`V)V i[cd#/''-(-.*',!lll#aZ\^V`dc^Z#gZejWa^`V#ea =:?@DC>@J X$Ðl#L^cXZciZ\d.' i[cd#/''+,)&&)-!lll#]Z_`dc^`j#dg\#ea II@;ÎED9@DL6¿ EdY`dlVAZÑcVXZgXVYZKVghdk^V X$<¨d\l&&!i[cd#/'',*-.)'+ HI6?C>67:AK:9:G: X$6\gn`daV&çVo^Zc`ÊVgfjZ i[cd#/''-)&)-%+Zmi#)( lll#WZakZYZgZ#Xdb#ea <DA; ;>GHIL6GH6L<DA;6C98DJCIGN8AJ7 ?VW¨dccV!GV_hoZl,% i[cd#/'',-')*** lll#lVghVl\da[XajW#Xdb lll#lVghVlidjg#ea DX^dn9ZhXVchd6Xi^kd &'& 6<B6?6 X$LnWgoZèZ<Yn²h`^Z' i[cd#/''-(.&)).!lll#V\bV_V#ea I@@;=J7:GI X$HiVi`dlh`^Z\d*'WVgg^d8oZgc^V`l i[cd#/''-)'&*&% lll#ii`[]jWZgi#]dghZhedg#ea E6I6I6? @Vc^ZXZgXVYZKVghdk^V X$@gi`V. i[cd#'',*-*-(*!lll#eViViV_#Xdb E6>CI76AA?J:<DH9:<J:GG6 AdhegZX^dhYZeZcYZcYZaiêdnaj\VgYZa ZkZcidnYZacbZgdYZeVgi^XêVciZh E>HI6H9:E6I>C6?:HD7G:=>:AD 88EGDB:C696 hadZcaViZbedgVYVYZ^ck^Zgcd X$DhigdWgVbh`V,*X i[cd#/''+&&,,'*!lll#egdbZcVYV#Xdb ?JCID6AE6A68>D9:A68JAIJG6NA6 8>:C8>6EGONE6ç68J@JAIJGN ZcigVYVedgaVeVgiZYZaVXVaaZÐlîd`gonh`V hadZcaViZbedgVYVYZ^ck^Zgcd i[cd#/''+*+,+%%!lll#e`^c#ea >BDA6 E^VhZXocd!X$Ej¨Vlh`V(( i[cd#/'',*,%-.' lll#^bdaV#ea ;G6<;68IDGN X$O¨diV,' bkâ/+%+'.'(.' lll#[gV\[VXidgn#ea H^<"eV^ciWVaa X$7VidgZ\d&+adX#&&. i[cd#/''-,*',,*! lll#h^\"eV^ciWVaa#ea >C9DDG<DA; >BDA6 E^VhZXocd!X$Ej¨Vlh`V(( Vci^\jVXdX]ZgVYZigdaZWjhZh i[cd#/'',*,%-.'!lll#^bdaV#ea 7D88: ÐGÙ9B>:?H@>DÐGD9:@G:@G:68?>ÎHDA:8¿ X$HdaZX,& i[cd#/''+'&+-+(0lll#ldh^g#lVl#ea E6GFJ:9:G:8G:DE:E:A6C9 çdb^Vc`^"9o^Z`VclCdln X$@daZ_dlV(,- i[cd#/'',*&'+',!lll#eZeZaVcY#ea 6igVXX^dcZh/b^côddXdX]^câadhYZXVggZgV! Wjggdh!aaVbVh!dkZ_îVh!hVaVYZ_jZ\dh!edWaVYd ^cY^d!eVhZdhZcXdX]ZhbâîVgZh!iVcfjZhn ]Za^XeiZgd!ZfjîVX^cneVhZdhZc[VZic# IDGçNæL>6GH@>HI:<CN X$>cheZìdlV& i[cd#/''-)'',+lll#ldh^g#lVl#ea IDGL6G>> X$çVo^Zc`dlh`V+V i[cd#/''+'**(%+ lll#idglVg#^c[d H6A6H9:?J:<DHE6G6C>©DH :cigVYVZcigZ&%n(%EAC =JA6@JA6;6B>A>6G8:CIGD9:D8>D X$9dWgV*+$++ i[cd#/''**',*%%!lll#]jaV`jaV#Xdb#ea lll#lVghVlidjg#ea D 8 > D N 9 : H 8 6 C H D 6 8 I > K D &'' :A9DG69D X$EdlhiV²XlÐa|h`^X]&'+ i[cd#/''*+.,',% ;6CI6HNE6G@ HVYnWV7ZhiBVaa X$Edlh^²h`V(& i[cd#/''((&,%.% lll#[VciVhneVg`#ea >C86EA6N8#8#7ajZ8în VkYV#?Zgdoda^bh`^Z&,. i[cd#/''(&&,*&& lll#^cXVeaVn#ea @DADG69D X$@dcVgh`^Z\d-i[cd#/''+++%'+%!lll#`dadgVYd#Xdb#ea HFJ6H= :cigVYVZcigZ(*n*%EAC DH^G X$Cdldl^Z_h`V(,W i[cd#/''-'*')(% lll#dh^gdX]diV#lVl#ea HDA:8 ÐgYb^Z_h`^DÑgdYZ`Hedgidln X$HdaZX,& i[cd#/''+'&+-+( lll#ldh^g#lVl#ea LD9CNE6G@ X$BZga^c^Z\d) i[cd#/''-*)%&(% lll#ldYcneVg`#Xdb#ea L>A<6 X$Lâ\^,&GVYdÑ i[cd#/''+&*+(,' lll#àjWiZc^hdln#ea E6G:9:H9::H86A696 :cigVYVZcigZ&%n*%EAC =6A6HEDGIDL6H>:CC>8@6 X$H^Zcc^X`V)% i[cd#/''-,%&(+% lll#h^Zcc^X`V#lVl#ea =JA6@JA6GD9O>CC:8:CIGJBGDOGNL@> X$9dWgV*+$++ i[cd#/''**',(+& lll#]jaV`jaV#Xdb#ea 7>6çDç8@>DÐGD9:@HEDGIJ X$Ðl^Vidl^YV*+ i[cd#/''+,++.&*Zmi#&%' lll#Wdh#dg\#ea 8:CIGD9::H86A696DCH><=I X$DWdodlV+% i[cd#/+.,-(,&.lll#dWdodlV#lVl#ea I:C>H :cigVYV&]dgVZcigZ'*n+%EAC 6BI:C>H X$BVgnbdcX`V()6L; i[cd#/''++.%.'% lll#VbiZc^h#ea 6OHI:C>H8AJ7 X$O^ZaZc^ZX`V' i[cd#/''+&.&*)%! lll#iZc^hlVghoVlV#ea A:<>6 X$BnÑa^l^ZX`V)V i[cd#/''+'&+%,)#ea!lll#iZc^haZ\^V#Xdb#ea HDA:8!ÐgYb^Z_h`^DÑgdYZ`Hedgidln X$HdaZX,& i[cd#/''+'&+-+( lll#ldh^g#lVl#ea lll#lVghVlidjg#ea DX^dn9ZhXVchd6Xi^kd &'( 6FJ>A:G9:ADH7>8>8A:I6H L6GHO6L>6C@6 X$BZga^c^Z\d. i[cd#/''-))(),) X$E^VhZXon²h`V,& i[cd#/''+)+(.-+# L6GHO6LH@>@AJ7I:C>HDLNB:G6 X$7d]ViZglLgoZÑc^V+$&' i[cd#/''-'(+(-' LN<D9CNGDL:G X$HiVl`^&. i[cd#/---).-).lll#ln\dYcngdlZg#ea AD86AG:CI686G X$BVghoV`dlh`V&)%! i[cd#/''-'+,&%% lll#agX#Xdb#ea d`^9d`^=dhiZa EA6O69x7GDLH@>:<D( i[cd#/''-'+*&&' lll#d`^Yd`^#ea HE:87>@: X$(BV_V-)!>oVWZa^c i[cd#/+%+.,,%*% lll#heZXW^`Z#ea E>HI6H9:@6GI>C< >BDA6 E^VhZXocd!X$Ej¨Vlh`V(( Vci^\jVXdX]ZgVYZigdaZWjhZh i[cd#/'',*,%-.' lll#^bdaV#ea IDG7>AA6G;DGBJA6B& X$E^¨hjYh`^Z\d& i[cd#/*&.(+*&-% lll#[dgbjaVb&#ea H@6I:E6G@iZbedgVYVYZkZgZcd @6BJ;A6<: 6kYV#?Zgdoda^bh`^Z&,. i[cd#/''(&&,((. lll#`Vbj[aV\Z#ea ?JIGO:C@6H@6I:E6G@:H X$GdoWgVi* bkâ/*%&,.-'-+ lll#h`ViZeVg`_jigoZc`V#ea lll#lVghVlidjg#ea 8 D B E G 6 H &') 8:CIGDH8DB:G8>6A:HN9:9>K:GH>ÙC 8dbegVh KVghdk^VZhjcaj\VgXVYVkZob{h edejaVgeVgV]VXZgXdbegVhVigVXi^kVh# :cigZaVVbea^V\VbVYZgZXjZgYdh hZejZYZZcXdcigVgjcWjZcgZ\Vad eVgVadhb{hegm^bdh#:cKVghdk^V! iVbW^c]VnbjX]Vhi^ZcYVhYZgdeV! YdcYZhZZcXjZcigVcadhY^hZVYdgZh YZbdYVb{h^bedgiVciZh#BZgZXZ aVeZcVeVhVgedgaVhXVaaZhCdln Ðl^Vi!8]b^ZacVnk^hîVgaV8VhVYZ adh=ZgbVcdh?VW¨`dlh`^YZaVXVaaZ @gjXoV!aV<VaZgV8ZcigjbYZdZa 8Zcigd8dbZgX^VaO¨diZIVgVhnYZaV XVaaZO¨diV# 6G@69>6 VkYV#?VcVEVl¨V>>-' lll#Vg`VY^V#Xdb#ea 7AJ:8>IN VkYV#?Zgdoda^bh`^Z&,. lll#WajZXîn#ea 8:CIGD8DB:G8>6A86GG:;DJG7:BDLD X$EdlhiV²XlÐa|h`^X]&'+ lll#\VaZg^VWZbdld#ea 8:CIGD8DB:G8>6A;DGILDA6 X$Ed¨Xon²h`V) lll#[dgildaV#ea 8:CIGD8DB:G8>6A@A>; X$D`dedlV*-$,' lll#à^[#ea 8:CIGD8DB:G8>6AE6CDG6B6 VkYV#LîdhV(& 8:CIGD8DB:G8>6AG:9JI6 VkYV#?Zgdoda^bh`^Z&)lll#X]gZYjiV#ea lll#lVghVlidjg#ea 8 D B E G 6 H &'* OçDI:I6G6HN X$O¨diV*. lll#oadiZiVgVhn#ea HJE:GB:G869DH 8:CIGD8DB:G8>6AI6G<ÙL:@ X$<¨WdX`V&* lll#X]iVg\dlZ`#ea 8:CIGD8DB:G8>6AL6GHO6L6L>A:°H@6 X$IVg\dlV,' lll#lVghoVlV"lâZch`V#ea 8:CIGD?6C@> X$BhoXodcdlh`V(!lll#XZcigjb"_Vc`^#ea 8:CIGDDJIA:I;68IDGNL6GHO6L6 EaVoV8oZglXV&.,+g#cg+ lll#[VXidgn#ea 8:CIGDJGHNCÙL X$Ej¨Vlh`V)', lll#X]jghncdl#ea ;6H=>DC=DJH:DJIA:I8:CIG: X$Ej¨Vlh`V)'ZZofj^cVXVaaZEj¨Vlh`VnXVaaZ :cZg\ZinXocV lll#[Vh]^dc]djhZ#ea <6A:GÕ6BD@DIÙL X$Ld¨dh`V&' lll#\VaZg^Vbd`didl#ea B:IGDEDA>I6C EaVoVE^¨hjYh`^Z\d& lll#bZigdedaîVc#lVl#ea EGDB:C696 X$DhigdWgVbh`V,*X lll#egdbZcVYV#Xdb H69N767:HIB6AA X$Edlh^²h`V(& lll#hVYnWV#ea LDA6E6G@ X$<gXoZlh`V&') lll#ldaVeVg`#ea 6J8=6C X$Ej¨Vlh`V)+E^VhZXocd X$BdYa^²h`V-æZgV² X$<gXoZlh`V&')LdaVEVg` 86GG:;DJG X$EdlhiV²XlÐa|h`^X]&'+<VaZgV7Zbdld VkYV#?Zgdoda^bh`^Z&)-WVgg^dDX]diV X$<¨WdX`V&*WVgg^dIVg\lZ` X$IVg\dlV,'8ZcigdLâZ²h`V VkYV#?VcVeVl¨V>>-'886gXVY^V X$Ld¨dh`V&'8ZcigdBd`dil :#A:8A:G8 X$?jigoZc`^&*+WVgg^dL¨dX]n X$6heZì,.WVgg^d7^ZaVcn X$8^hoZlh`^Z\d&*WVgg^dJghncl G:6A X$Ej¨Vlh`V)',WVgg^dJghncl X$?jWâZgh`V&$(WVgg^d<dX¨VlZ` X$BhoXodcdlh`V(8Zcigd?Vc`^ X$Ed¨Xon²h`V) X$E^¨hjYh`^Z\d&8ZcigdB&"BVg`^ VkYV#@gV`dlh`V+&Za8ZcigdB& I:H8D X$Ed¨Xon²h`V&'&WVgg^dLdaV"@Vgda^c X$HiVadlV+%$+)WVgg^dEgV\V X$<gXoZlh`V'&'$''+WVgg^d?Zadc`^ VkYV#@db^h_^:Yj`VX_^CVgdYdlZ_&) WVgg^dJghncl B:G869DH =6A6B>GDLH@6 EaVoVB^gdlh`^& XdbZhi^WaZh =6A676C68=6 X$<g_ZX`V.* B:G869D9:6CI><z:969:H WVgg^dLdaV"@DçD X$DWdodlV..Zhfj^cVYZaVhXVaaZhDWdodlV n8^d¨`V lll#lVghVlidjg#ea &'+ G : @ G : 6 8 ? 6 > 8 O N C C N L N E D8 8D OBNE CG :6 @H I>:C96H9:6CI><z:969:H I>:C96HNDIG6HH>I>DHFJ:68:EI6C A6I6G?:I69:K6GHDK>6/ 6CI>FJ:6GI X$CdlnÐl^Vi(( i[cd#/''-'-)*)* lll#Vci^fjZ"Vgi#Xdb#ea H@A:ENC:EIJC:6 X$@gV`dlh`^ZEgoZYb^ZÑX^Z),$*& i[cd#/''-'+%'), lll#cZeijcZV#ea 9:H6 X$CdlnÐl^Vi)- i[cd#/''-'+)+++ X$BVghoV¨`dlh`V()$*% i[cd#/''*-).*(* EaVoVYZaBZgXVYdYZaV8^jYVYK^Z_V)$+ GncZ`HiVgZ\dB^VhiV)$+ i[cd#/''+(*.*,.!lll#YZhV#ea <6A:GÕ66CIN@ÙL X$EdocV²h`V'(!i[cd#/''+''(&*- <6A:G>6Î8O6GCN7JI>@¿ X$Cdld\gdYo`V'* i[cd#/''+'-'-(, lll#XoVgcnWji^`#lVl#ea G:BE:M X$@gV`dlh`^ZEgoZYb^ZÑX^Z)$+ i[cd#/''-'+)%*) X$HZcVidgh`V&&g^cXcXVaaZB^dYdlV i[cd#/''-'++)-'!lll#gZbeZm#Xdb#ea 8:E:A>6 8dbZgX^dhXdcVgiZedejaVgYZVgiZhVcV/ EaVoV@dchinijX_^* i[cd#/'')...,%( X$@gjXoV'($(& i[cd#/'')...,%* X$8]b^ZacV- i[cd#/''-',%.-, X$BVghoV¨`dlh`V..$&%& i[cd#/''+'-,,*, lll#XZeZa^V#ea H6ADCD98O6HJ9D8O6HJ X$O¨diV*.O¨diZIVgVhn I=:67DC96<6AA:GN X$Ðc^VYZX`^X]&'$&+ i[cd#/''+'--..* lll#VWdcYV#Xdb#ea EJ88>C> X$O¨diV*.O¨diZIVgVhn i[cd#/'''''%*'+ lll#ejXX^c^#ea H6A69HIDGN X$O¨diV*.O¨diZIVgVhn i[cd#/'''''%(,, lll#hVaVYhidgn#ea I6IJJB X$O¨diV*.O¨diZIVgVhn i[cd#/'''''%'-N:<D¼GZ\VadheVgV]dbWgZh X$O¨diV*.O¨diZIVgVhn i[cd#/'''''%'-' VkYV#?VcVEVl¨V>>-'6g`VY^V 8gjXZVkYV#?Zgdoda^bh`^ZnXVaaZBVghoV¨`dlh`V eVhV_ZhjWiZgg{cZd i[cd#/''+''',%. O>:ADCN@DI X$8]b^ZacV'+ i[cd#/''-'**&&8DAA6<:C67DIDM:MEG:HH X$O¨diV*.O¨diZIVgVhn i[cd#/'''''%'-% lll#XdaaV\ZcV#ea lll#lVghVlidjg#ea 8dbegVh AdhVagZYZYdgZhYZKVghdk^V &', AdhVagZYZYdgZhYZKVghdk^V KVghdk^VZhi{gdYZVYVYZaj\VgZhbjnVigVXi^kdhijghi^XVbZciZ]VWaVcYd# BVodk^Vd[gZXZZmXZaZciZhXdcY^X^dcZheVgVaVeg{Xi^XVYZadhYZedgiZh VXj{i^Xdh!aVeZhXVnZaijg^hbdZXjZhigZ#IVcidadhVbVciZhYZaV cVijgVaZoVXdbdadhijg^hiVh^ciZgZhVYdhZcadhkVadgZhXjaijgVaZhYZ aVgZ\^cZcXdcigVg{cVfjhî^dhVigVXi^kdh#HZejZYZYZhXVchVgZcZa ZbWVahZOZ\gon²h`^!ZcaVgZ\^caVXjhigZYZ<dhinc^²h`^d_jcidVadhgdh L`gV!7j\!CVgZlnEâ^XV#8ZgXVYZaVXVeîVahZZcXjZcigVcadhXdbeaZ_dh [dgZhiVaZhYZaEVgfjZCVX^dcVaYZ@Vbe^cdhnYZadhEVgfjZhEV^hV_hi^Xdh YZBVodk^Vn8]d_cdlh`^#JcedXdb{haZ_dh!hZ]VcXdchZgkVYdadh ZheVX^dh[dgZhiVaZhYZaVHZakVKZgYZYZ@jge^Z@jge^dlh`VEjhoXoV O^ZadcVnaVHZakV7aVcXVEjhoXoV7^V¨V!b^ZcigVhfjZZcaVeVgiZ dXX^YZciVaYZaVgZ\^cYZBVodk^VZhi{cadhWdhfjZhYZadhEVgfjZh EV^hV_hi^Xdh<dhinc^²h`d"L¨dX¨Vlh`^n7gjYoZ²h`^# 8oZgh` lll#lVghVlidjg#ea &'- A D H 6 A G : 9 : 9 D G : H 9 : K 6 G H D K > 6 :caVhgjiVhijghi^XVhYZBVodk^V hZZcXjZcigVcaVhgj^cVhYZa 8VhiâadYZadh9jfjZhYZBVodk^V! Zc8oZgh`!ZaBjhZd"6gbZgV!Zc A^l![gV\bZcidhYZaV;dgiVaZoV BdYa^c!aVhgj^cVhYZadh[jZgiZh YZ7Zc^Vb^clnYZagdCVgZl# IVbW^chZedYg{cZcXdcigVg Vci^\jVhZY^[^XVX^dcZhZXaZh^{hi^XVh iVaZhXdbdZabdcVhiZg^dYZ 8oZgl^²h`cVYL^h¨|!aV 8ViZYgVaYZE¨dX`!ZcaV8da^cV Ijbh`^!naV^\aZh^V\i^XVYZ YZ[ZchVYZ7gdX]l# :abVndgVigVXi^kdYZaeV^hV_Z YZBVodk^VhdcadheVaVX^dh gZhiVjgVYdhnaVhbVch^dcZh cdWâ^Vg^Vh#HZgZXdb^ZcYV ZceVgi^XjaVgk^hîVgaVbVch^c [Vbâ^VgYZ;ZYZg^Xd8]de^c!Zc æZaVodlVLdaV#BZgZXZaVeZcV eVhVgedgDe^cd\gV!jcVVaYZV fjZZchjhi^Zbedh[jZegde^ZYVY eVig^bdc^VaYZjcdYZadh\gVcYZh edZiVhYZagdbVci^X^hbdedaVXd! On\bjci@gVh^²h`^!XjndeVaVXZiZ cZdggZcVXZci^hiVVaWZg\VZaBjhZd YZaGdbVci^X^hbd0ZcaVkZX^cV <d¨diXonocV[jcX^dcViVbW^cjcV hZXX^cYZaBjhZdYZaEdhî^k^hbd# GZXdbZcYVbdhiVbW^ckZgaV ^ciZgZhVciZXdaZXX^cYZaBjhZd YZaVBZiVajg\^V6ci^\jVZc Egjho`l!XZgXVYZKVghdk^V# 6h^b^hbd!adhijg^hiVhejZYZc k^hîVgcjbZgdhdhbjhZdhYZVgiZ edejaVgVaV^gZa^WgZ!YdcYZZc jceV^hV_Zh^bâVgVacVijgVahZ lll#lVghVlidjg#ea AdhVagZYZYdgZhYZKVghdk^V &'. ZcXjZcigVcZY^[^XVX^dcZhgjgVaZh! jiZchâ^dhXVhZgdhnV\gXdaVh nigV_ZhgZ\^dcVaZh#BZgZXZaV eZcVk^hîVg/ZaBjhZdGjgVaYZ BVodk^V!ZcH^ZgeX!ZaBjhZd GjgVaYZGVYdb!ZaBjhZdVaV^gZ a^WgZYZ6giZEdejaVgYZ@jge^Z!Zc Cdld\gY!njceZfjZdbjhZd YZVgiZedejaVgVaV^gZa^WgZ!aV =VX^ZcYVYZ@jge^Z!Zc@VYo^Y¨d# IVbW^cbZgZXZaVeZcVk^hîVg Ejïjh`!jcVYZaVhX^jYVYZhb{h Vci^\jVhYZBVodk^V!hîjVYV VdgâaVhYZaCVgZl!ZcaV ZcXgjX^_VYVYZaVheg^cXêVaZhgjiVh YZXdbjc^XVX^c#AVX^jYVYi^ZcZ jcV]^hidg^VbâZcVg^VaaZcVYZ VXdciZX^b^Zcidh#AdhgVhigZVYdgZh YZaVh]jZaaVhYZaeVhVYd ZcXdcigVg{cVfjZabZgXVYdb{h aVg\dYZ:jgdeV!jcVegZX^dhV XdaZ\^ViVYZah#MKXdc[gZhXdh gZcVXZci^hiVhhdWgZaVWkZYV! aVXVhVZcaVfjZCVedaZceVh hZ^hYVhYZhejhYZaVWViVaaV YZEjïjh`!aVidggZ\i^XVYZaV VaXVaYVYZaVd&)%*!^\aZh^Vh bdcjbZciVaZhn[gV\bZcidhYZ aVhbjgVaaVh#H^cYjYV!Zahî^d b{h^ciZgZhVciZYZEjïjh`ZhZa XVhiâadZc[dgbVYZ]ZggVYjgV! XdcZaeVi^dhîjVYdZcZaXZcigd! gZhiVjgVYdZcZhiâdgZcVXZci^hiV nhîjVYdZcjcVXda^cVVgi^[^X^VaZc aVW^[jgXVX^cYZagdCVgZl# JcVZmXZaZciZdXVh^ceVgV XdcdXZgaVXjaijgVedejaVgYZ BVodk^VhdcaVh[^ZhiVhgZ\^dcVaZh dg\VcôVYVhYZhYZ]VXZVdh# :caVadXVa^YVYYZçnhZ!idYdhadh Vdh!Za9db^c\dYZGVbdh!i^ZcZ aj\VgZaXdcXjghdYZEVabVhYZ @jge^Z#:cbVnd!ZcaVadXVa^YVY YZ<g_ZX!hZXZaZWgVaV;^ZhiV YZadhBVcoVcdhZc;adg!Zc _jc^d!ZcHVcc^`^!hZdg\VcôV Za9db^c\dYZHVcc^X`^n! Zc8^ZX]Vcl!adh:cXjZcigdh >ciZgcVX^dcVaZhYZ;daXadgZ ³@jeVacdX`VćdX]ZYZ@jeV¨V# :aeg^bZgYdb^c\dYZ_ja^dhZ dg\VcôVZcKVghdk^VaV;^ZhiV ;daXag^XVBVodk^VeVgVKVghdk^V nZaai^bdYdb^c\dYZV\dhid! ZcOVldYo^Z`d¨dBnhon²XV!i^ZcZ aj\VgaVgZXdaZXX^cYZb^ZaYZ @jge^Z#IdYdhadhVdhhZdg\VcôV Za;Zhi^kVaCVX^dcVaYZ8gZVX^dcZh YZ6gi^hiVhEdejaVgZhDh`Vg@daWZg\# lll#lVghVlidjg#ea &(% A D H 6 A G : 9 : 9 D G : H 9 : K 6 G H D K > 6 D;>8>C6H9:IJG>HBD D[^X^cVhYZijg^hbdfjZdg\VcôVck^V_ZhVaVh V[jZgVhYZKVghdk^VhadVeZi^X^cYZaXa^ZciZ/ ZheaZcYdg#:cZabjhZdhZZcXjZcigVcZ_ZbeaVgZh YZVgbVhWaVcXVh!VgbVhYZ[jZ\d!XdgVoVh nVgbVbZcidYZ[Zch^kd#9ZhYZaVidggZedYZbdh XdciZbeaVgZaeVcdgVbVYZaVX^jYVY# '#8O6GCDA6H 6&%%`âbZigdhYZKVghdk^V 8:E:A>6IDJG>HI X$8]b^ZacV- i[cd#/''-'++%(& lll#XZeZa^V#ea ;JGC:AIG6K:A X$@deZgc^`V( i[cd#/''-'-'--.!''-'-'-.& lll#[jgcZa"ln_VoYn#ea B6OJG@6HIG6K:A VkYV#Ld_h`VEdah`^Z\d', i[cd#/''(-.)&*% lll#bVojg`Vh#Xdb#ea DG7>HIG6K:A X$7gVX`V&+ i[cd#/''-'.(.+. lll#dgW^h#Xdb#ea IG6@I X$@gZYnidlV+ i[cd#/''-',-%+. lll#igVì#Xdb#ea :ABJH:D?6C@D8=6CDLH@>9:8O6GCDA6H H:88>ÙC9:ABJH:D?#B6A8O:LH@> 8oVgcdaVh!i[cd#/)-+,,'%%* =dgVg^d/dXijWgZ"VWgâ/YZbVgiZhVk^ZgcZhYZ -#%%V&+#%%]dgVh!adhh{WVYdhnYdb^c\dhYZ .#%%V&+#%%]dgVh!bVnd"hZei^ZbWgZ/YZbVgiZh Vk^ZgcZhYZ-#%%V&-#%%]dgVh!adhh{WVYdhn Ydb^c\dhYZ&%#%%V&-#%%]dgVh ADHBJH:DHBÒH>CI:G:H6CI:H9:B6ODK>6 &#8>:8=6CÙL 6&%&`âbZigdhYZY^hiVcX^VYZKVghdk^V :A86HI>AAD9:ADHEGÕC8>E:H9:B6ODK>6 :C8>:8=6CÙL X$OVb`dlV&!8^ZX]Vcl i[cd#/'(+,')%+) lll#bjoZjbX^ZX]Vcdl#ea ZcgZaVX^cXdcaV^ckZhi^\VX^cVgfjZda\^XV gZVaôVYVXZggVYdZabjhZdYZVeZaVX^c =dgVg^d/bVnd"hZei^ZbWgZ/YZbVgiZhVYdb^c\d YZ&%#%%V&-#%%]dgVh!dXijWgZ"VWgâ/YZbVgiZh VYdb^c\dYZ-#%%V&+#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼*EAC! iVg^[VgZYjX^YV¼)EAC 8Vhiâad\i^XdYZYZ[ZchV!Xdchigj^YdVXVWVaad YZadhh^\adhM>KnMK#AVegZhZcX^VZcaYZadh egcXêZhYZBVodk^VnYZaVgZ^cV7dcVaZY^d EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼.EAC Xdc\jV¼&&EAC!iVg^[VgZYjX^YV¼,EACXdc \jV¼.EAC :medh^X^ceZgbVcZciZ/³?Vc@dX]Vcdlh`^¼k^YV ndWgVń³:aEZfjZdLVlZa´#AdhdW_Zidhb{h ^ciZgZhVciZhYZabjhZd/jc[gV\bZcidYZaedgiVa YZe^ZYgVYZHnXncV!aVejZgiVnZahâacYZaV XVhVYZ@dX]Vcdlh`^!jcVbZhVkZcZX^VcVnjcV XV_VYZaVedXV!VYZb{hYZ^begZhdhVci^\jdh# (#@6BE>CDH V*%`âbZigdhYZY^hiVcX^VYZKVghdk^V :A8:CIGD9>9Ò8I>8D¼BJH:ÕHI>8D ?69L><6NGDB6C@D7:C9O i[cd#/'','*%&'(!'',''+%%& =dgVg^d/idYdhadhYVh!ZmXZeidajcZh!YZ.#%% V&+#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼(!(%EAC! iVg^[VgZYjX^YV¼'!'%EAC lll#lVghVlidjg#ea AdhVagZYZYdgZhYZKVghdk^V &(& AVXdaZXX^cegZhZciVaVg^fjZoVcVijgVaZ]^hig^XV YZaVHZakVYZ@Vbe^cdh# )#A>L 6,%"-%`âbZigdhYZY^hiVcX^VYZKVghdk^V :ABJH:D¼6GB:GÕ6:C:A86HI>AAD9:A>L X$H#7VidgZ\d'!A^l!i[cd#/'*,.'*,&, lll#a^l"oVbZ`#ea =dgVg^d/dXijWgZ"VWgâ/YZbVgiZhVh{WVYdYZ&%#%% V&+#%%]dgVh!adhYdb^c\dhnYVh[Zhi^kdhYZ&&#%% V&+#%%]dgVh!BVnd"hZei^ZbWgZ/YZbVgiZh Vk^ZgcZhYZ&%#%%V&+#%%]dgVh!h{WVYdhYZ&%#%% V&-#%%]dgVh!Ydb^c\dhYZ&&#%%V&-#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼+EAC! iVg^[VgZYjX^YV¼(EAC!iVg^[VYZ\gjed¼(EAC! egZX^dYZjc\jVeVgV\gjed¼(%EAC :aBjhZdi^ZcZjcV\gVcXdaZXX^cYZVgbVhn XdgVoVh!aVhb{hVci^\jVhYViVcYZah#MK>#8jVYgdh h{gbViVhYZadhh^\adhMK>>"MK>>>!bjZWaZh!iZ_^Ydh! XjVYgdhXdc^b{\ZcZhYZWViVaaVh# *#C>:7DGÙLN6G@69>6 6-(`âbZigdhYZY^hiVcX^VYZKVghdk^V :ABJH:D9:C>:7DGÙLN6G@69>6 ¼H:88>ÙC9:ABJH:DC68>DC6A C^ZWdgl i[cd#/)+-(-*+(*!lll#c^ZWdgdl#Vgi#ea =dgVg^d/C^ZWdgl¼YZhYZZa&YZbVgod]VhiV Za(%YZVWgâ/YZbVgiZhVYdb^c\d!YZ&%#%% V&+#%%]dgVh!YZhYZZa&YZbVnd]VhiVZa(% YZ_jc^d/YZajcZhVYdb^c\dYZ&%#%% V&-#%%]dgVh!YZhYZ&ZaYZ_ja^d]VhiVZa(% YZhZei^ZbWgZ/YZajcZhVk^ZgcZhYZ&%#%% V&+#%%]dgVh!adhh{WVYdh!Ydb^c\dhnYVh [Zhi^kdhYZ&%#%%V&-#%%]dgVh!dXijWgZ/ YZbVgiZhVYdb^c\dYZ&%#%%V&+#%%]dgVh Adhai^bdhk^hîVciZhedYg{cZcigVgVadh^ciZg^dgZh XdcZmedh^X^dcZh(%b^cjidhVciZhYZXZggVgadh# :aeVgfjZYZC^ZWdgln6g`VY^VZhi{VW^Zgid YZhYZaVh&%#%%]dgVh]VhiVZaVcdX]ZXZgYjgVciZ idYdZaVd# EgZX^dhYZaVhZcigVYVh/C^ZWdgl/iVg^[VcdgbVa ¼&*EAC!iVg^[VgZYjX^YV¼+EACeVaVX^dneVgfjZ EgZX^dhYZaVhZcigVYVh/C^ZWdgl/iVg^[VcdgbVa ¼+EAC!iVg^[VgZYjX^YV¼)EACeVgfjZ EgZX^dhYZaVhZcigVYVh/6g`VY^V/iVg^[VcdgbVa ¼+EAC!iVg^[VgZYjX^YV¼)EAC :aBjhZdYZC^ZWdgln6gXVY^VhZXgZZc&.)*# HZXdbedcZYZaEVaVX^dYZadhGVYo^l^¨¨_jcidXdc ZaeVgfjZYZC^ZWdglnZaEVgfjZGdb{ci^XdYZ =ZaZcVGVYo^l^¨¨!Zc6g`VY^V# +#DE>CD<ÙG6 6.%`âbZigdhYZY^hiVcX^VYZKVghdk^V :ABJH:D9:AGDB6CI>8>HBD De^cd\gV!X$@gVh^²h`^Z\d. i[cd#/'(+,&,%'*!lll#bjoZjbgdbVcinobj#ea =dgVg^d/idYdhadhYVh!ZmXZeidajcZhnYVh edhiZg^dgZhVadhYVh[Zhi^kdh!YZ&%#%%V&,#%% ]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼-EAC! iVg^[VgZYjX^YV¼+EAC :aXdc_jcidbjhZhi^Xdgdb{ci^XdadXdchiîjnZc/ jcXVhiâadcZd\i^XdfjZVaWZg\VaVhZYZYZa bjhZd!jcV^\aZh^VcZdXaVh^X^hiVXdcZaBVjhdaZd YZadh@gVh^²h`^njcXZbZciZg^dXdcaVhijbWVh lll#lVghVlidjg#ea &(' A D H 6 A G : 9 : 9 D G : H 9 : K 6 G H D K > 6 ZcjcVeVgiZYZaVhhVaVhYZaVeg^bZgVeaVciV VXijVabZciZZcgZhiVjgVX^cndW_ZidhYZa bVg^hXVa?oZ[E^¨hjYh`^#:aBjhZddg\VcôV iVbW^cXdcX^ZgidhnZmedh^X^dcZhiZbedgVaZh# YZadhVb^\dhYZaV[Vbâ^V@gVh^²h`^!VhXdbd jcVVci^\jVYZeZcYZcX^VYZaVbVch^cXdc Zmedh^X^cbjhZhi^XVhîjVYVZcjceVgfjZYZ '']ZXi{gZVhXdcaVXVhîVYZa_VgY^cZgd# 6XijVabZciZhZZhi{gZXdchigjnZcYdaVbVch^c YZadh@gVh^²h`^!hZ\cjcegdnZXiddg^\^cVa YZaVd&.%-#AVbVch^chZg{VYVeiVYVeVgV [jcX^dcZhYZbjhZdnhVaVYZZmedh^X^dcZh# ,#DILD8@ 6'(`âbZigdhYZY^hiVcX^VYZKVghdk^V :ABJH:D9:>CI:G>DG:H9:DILD8@L>:A@> DildX`L^Za`^!X$OVb`dlV).!@VgXoZl lll#dildX`#bcl#Vgi#ea i[cd#/'',+.)(%+!'',-%-%%& =dgVg^d/YZhYZVWgâ]VhiV[^cVaZhYZdXijWgZ/ _jZkZhVYdb^c\dYZ&%#%%V&+#%%]dgVh EVgfjZ/_jZkZhVYdb^c\dYZ&%#%%V&-#%%]dgVh 9ZajcZhVb^gXdaZh¼XZggVYd K^hîVhZc\gjedXVYV(%b^cjidh EgZX^dhYZaVhZcigVh/iVg^[VcdgbVa¼&%EAC!iVg^[V gZYjX^YV¼*EAC!adh_jZkZh¼ZcigVYV\gVijîV :aeVaVX^d!Xdchigj^YdZcaVYXVYVYZadh-%YZa h#MK>>!egdWVWaZbZciZhZ\cegdnZXidYZInabVc YZ<VbZgZc!gZ[dgbVYdZcaVhZ\jcYVbîVYYZa h#MK>>>edg?V`jW;dciV^cZ!Zhi{hîjVYdZcjcV ^haVVgi^[^X^VaZcZaaV\dGd`daV# :medh^X^dcZh/^ciZg^dgZheVaVX^Z\dh!bjgVaZh -#EçD8@ 6&&%`âbZigdhYZY^hiVcX^VYZKVghdk^V :ABJH:D9:B6ODK>69:EçD8@ X$Ijbh`V- i[cd#/')(+),%,& lll#bjoZjbeadX`#Vgi#ea =dgVg^d/&bVnd¼&)dXijWgZ/YZbVgiZh VYdb^c\dYZ&%#%%V&,#%%]dgVh!ajcZh¼ XZggVYd&*dXijWgZ¼(%VWgâ/bVgiZhZcigZ YZ&%#%%V&*#%%]dgVh!YZb^gXdaZhVk^ZgcZh YZ&%#%%V&+#%%]dgVh!h{WVYdnYdb^c\d YZ&%#(%V&+#(%]dgVh!ajcZh¼XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼-EAC! iVg^[VgZYjX^YV¼)EAC!_jZkZh¼ZcigVYV\gVijîV :a<gVcZgd!X$@Vo^b^ZgoVL^Za`^Z\d&&W i[cd#/')'+''*.*!lll#bjoZjbeadX`#Vgi#ea =dgVg^d/&bVnd¼&)dXijWgZ/YZbVgiZh VYdb^c\dYZ&%#%%V&,#%%]dgVh!ajcZh¼ XZggVYd&*dXijWgZ¼(%VWgâ/bVgiZhYZ&%#%% V&*#%%]dgVh!YZb^gXdaZhVk^ZgcZhYZ&%#%% V&+#%%]dgVh!h{WVYdnYdb^c\dYZ&%#(% V&+#(%]dgVh!ajcZh¼XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼(EAC! iVg^[VgZYjX^YV¼'EAC!c^dh]VhiV,Vdh¼ ZcigVYV\gVijîV :aBjhZdi^ZcZhjZbeaVoVb^ZcidZcjcVXVhV Vci^\jV!ZcaVfjZhZZmedcZcaVhbVndgZhdWgVhYZa VgiZYZhZXZh^cYZaeVh#HZigViVYZabjhZdb{h lll#lVghVlidjg#ea AdhVagZYZYdgZhYZKVghdk^V &(( Vci^\jdYZEdadc^V![jcYVYdedg^c^X^Vi^kVhdX^Va# :aBjhZdcdhZZcXjZcigVnVZcZaXVhiâad!h^cd ZchjcjZkdYdb^Xâ^dYZaVXVaaZIjbh`V-!Zc YdcYZhZegZhZciVaVbVndgZmedh^X^cYZaVgiZ YZhZXZh^cZcZaeVhZcjcVXVhVYZaVedXV# :hjcVZmedh^X^cZmXZeX^dcVaXdcjcVbW^ZciZ ^ggZeZi^WaZ#:aBjhZdYZBVodk^VZhZabjhZdb{h Vci^\jdYZEdadc^VXgZVYdedgaV^c^X^Vi^kVedejaVg# .#H>:GE8 6&'%`âbZigdhYZY^hiVcX^VYZKVghdk^V :ABJH:DGJG6A9:B6ODK>69:H>:GE8 BjhZdVaV^gZa^WgZ X$CVgjidl^XoV+) i[cd#/')',*'--(!')',**-'% lll#blbh`VchZc#ea =dgVg^d/cdk^ZbWgZ"bVgod/YZbVgiZhVYdb^c\d YZ.#%%V&*#%%]dgVh!VWgâ"_jc^dnhZei^ZbWgZ/ YZbVgiZhVk^ZgcZhYZ.#%%V&,#%%]dgVh!adh h{WVYdhnYdb^c\dhYZ&%#%%V&-#%%]dgVh _ja^d"V\dhid/YZbVgiZhVk^ZgcZhYZ&%#%% V&-#%%]dgVh!adhh{WVYdhnYdb^c\dhYZ.#%%V &.#%%]dgVh dXijWgZ/YZbVgiZh Vk^ZgcZhYZ-#%%V&+#%%]dgVh!adhh{WVYdhn Ydb^c\dhYZ.#%% V&,#%%]dgVh EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼.EAC! iVg^[VgZYjX^YV¼+EAC :A6NJCI6B>:CID EaVoV@VgYncV¨VHi#Lnhon²h`^Z\d& %."'%%H^ZgeX!i[cd#/')',*'-'+ =dgVg^d/hZei^ZbWgZ"_jc^d/YZajcZhVh{WVYd YZ-#%%V&+#%%]dgVh!Ydb^c\d¼XZggVYd _ja^d"V\dhid/YZbVgiZhVYdb^c\dYZ-#%% V&+#%%]dgVh!ajcZh¼XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼)EAC! iVg^[VgZYjX^YV¼(EAC HîjVYdZcZaXZcigdYZaVX^jYVY!Za6njciVb^Zcid YZah#M>MZhjcaj\VgYZZmedh^X^dcZhiZbedgVaZh aVhjeZg[^X^ZYZZmedh^X^cZhYZ&(%bZigdh XjVYgVYdh!dg\VcôVXaVhZheVgVc^dhn_kZcZh! ZcXjZcigdhXdceZghdcVh^ciZgZhVciZhnXdc[ZgZcX^Vh# :aBjhZdVaV^gZa^WgZdXjeVjcVhjeZg[^X^ZYZ b{hYZ+%]ZXi{gZVhYZjciZggZcd^cXgZWaZbZciZ hîjVYdVdgâaVhYZagdH^Zge^Zc^XV!_jhidZchj YZhZbWdXVYjgVZcZaH`glV#HZXdbedcZYZ&& ]VX^ZcYVhXVbeZh^cVh!jcViVWZgcV!jcV[gV\jV!jcV [{Wg^XVYZVXZîZ!jcbda^cdYZk^ZcidnjcVXVeâaV# AVh]VX^ZcYVhegZhZciVcaVVgfjîZXijgVedejaVgYZ aVhZ\jcYVbîVYYZah#M>MnZaeg^bZgXjVgidYZa h#MM#9jgVciZaViZbedgVYVVaiVhZdg\VcôVcVfj [ZhiZ_dhVaV^gZa^WgZ/Za9db^c\dYZGVbdh!aV;^ZhiV YZaVEg^bVkZgV!EgZeVgVX^cYZaV8db^YVZcjc lll#lVghVlidjg#ea &() A D H 6 A G : 9 : 9 D G : H 9 : K 6 G H D K > 6 8aVgdYZa7dhfjZ<didlVc^ZcVedaVc^Z!9VYZa C^d!GZXdaZXX^cYZaVb^Za!aVH^Z\VnaVGZXd\^YV YZaVeViViVn!ZceZgdYdYZ^ck^Zgcd!hZdg\VcôVc eVhZdhZcig^cZdi^gVYdedgXVWVaadh`ja^\# &%#HD8=68O:L 6*%`âbZigdhYZY^hiVcX^VYZKVghdk^V AVbVndgXdaZXX^cYZ[ZggdXVggâZhYZkVZhigZX]V YZ:jgdeV#:aeVgfjZbkâ[Zggdk^Vg^dYZkV ZhigZX]VhZZcXjZcigVVaV^gZa^WgZ/adXdbdidgVh YZkVedgnY^ZhZa!XdX]ZhYZeVhV_ZgdhnkV\dcZh YZXVg\V!kV\dcZiVhYZZbegZhVhedaVXVh nZmigVc_ZgVhnjiZchâ^dh[Zggdk^Vg^dh#:caVh hVaVhhZ]VaaVcjc^[dgbZh!a^ciZgcVh!hZaadhYZ ZhiVbeVg!WâaZiZh![ZX]VYdgZh!VXiVheZghdcVaZh YZigVWV_VYdgZhYZa[ZggdXVggândW_ZidhYZhidh# &&#æ:A6ODL6LDA6 6*)`âbZigdhYZY^hiVcX^VYZKVghdk^V :cgZaVX^cVXVbW^dYZaVZmedh^X^cYZ bjhZd¼AV8VhVcViVaYZ;gZYZg^Xd8]de^cZc æZaVodlVLdaVXdcZaeVgfjZ¼YZ&dXijWgZ '%%.V(&ZcZgd'%&%Zhi{XZggVYd# :ABJH:D9:A;:GGD86GG>A 9:KÕ6:HIG:8=6 X$IdlVgdlV,!HdX]VXoZl i[cd#/)+-+).()&!)+-+'*.,* lll#b`l#ZhdX]VXoZl#ea =dgVg^d/YZbVgiZhVYdb^c\dYZ&%#%%V&*#%% ]dgVh!ajcZhnYVhedhiZg^dgZhVadhYVh[Zhi^kdh ¼XZggVYd EgZX^dhYZaVhZcigVYVh/iVg^[VcdgbVa¼+EAC! iVg^[VgZYjX^YV¼)EAC!adhc^dh]VhiV,Vdh ¼ZcigVYV\gVijîV A686H6C6I6A9:;:9:G>8D8=DE>C:C æ:A6ODL6LDA6 ¼H:88>ÙC9:ABJH:D9:;:9:G>8D8=DE>C æZaVodlVLdaV&*!HdX]VXoZl i[cd#/)+-+(((%% =dgVg^d/ BVch^dc/&+VWgâ¼&*dXijWgZ/YZbVgiZh VYdb^c\dYZ.#%%V&,#(%]dgVh &+dXijWgZ¼&*VWgâ/YZbVgiZhVYdb^c\d YZ.#%%V&+#%%]dgVh EVgfjZ/&bVnd¼(&V\dhid/ajcZhYZ.#%% V&,#(%]dgVh!YZbVgiZhVYdb^c\dYZ.#%% V'%#%%]dgVh lll#lVghVlidjg#ea AdhVagZYZYdgZhYZKVghdk^V &(* &hZei^ZbWgZ¼&*dXijWgZ!&bVgod¼(%VWgâ/ YZajcZhVYdb^c\dYZ.#%%V&,#(%]dgVh &+dXijWgZ¼'-[ZWgZgd/YZajcZhVYdb^c\d YZ.#%%V&+#%%]dgVh EgZX^dhYZaVhZcigVYVh/ VaeVgfjZnaVbVch^c/iVg^[VcdgbVa¼&'EAC! iVg^[VgZYjX^YV¼+EAC!iVg^[VYZ\gjedZhXdaVg¼*EAC VaeVgfjZ/iVg^[VcdgbVa¼)EAC!iVg^[VgZYjX^YV ¼'EAC Adhk^ZgcZh¼ZcigVYV\gVijîVZhcZXZhVg^dfjZadh \gjedhdg\VcôVYdhXdcX^ZgiZcegZk^VbZciZhjk^hîV# 8dcX^ZgidhZcaViZbedgVYVYZkZgVcdYZbVnd VhZei^ZbWgZ#8dcX^ZgidhadhYdb^c\dh VaVh&'#%%naVh&*#%%]dgVh# B^XgdWjhZhVæZaVodlVLdaV/ HVa^YVYZaV6XVYZb^VYZBh^XV;ZYZg^Xd8]de^c ZcaVX$Dàc^`'# 9ZbVndVhZei^ZbWgZ!adhh{WVYdhVaVh&%/(% ]dgVh!adhYdb^c\dhVaVh&(/(%]dgVh# >c[dgbVX^cngZhZgkVh/''-',*),(Zmi#&%-# 8]de^ccVX^ZcjcVcZmdYZaVbVch^cYZadh XdcYZhH`VgWZ`#AVbVch^c[jZgZXdchigj^YV edgeg^bZgVkZoZcZaeZgdYdYZZcigZ\jZggVh njcVhZ\jcYVkZoYZhejhYZaV>><jZggV BjcY^Va!XdcaV[dgbVYZaVigVY^X^dcVabVch^c edaVXV#:aZfjêVb^ZcidXdchiVYZbjZWaZh! iZ_^YdhYZXdgVi^kdh!\gVWVYdhZ^chigjbZcidh bjh^XVaZhYZaVedXVZcaVfjZk^kâV[Vbâ^V 8]de^c#:aegZX^dhdeVgfjZfjZgdYZVZaZY^[^X^d [jZegdnZXiVYdnXgZVYdZcZaeZgdYdYZ ZcigZ\jZggVhedg;gVcX^hoZ`@gonlYV"Eda`dlh`^# 8VYVVd!Zceg^bVkZgVnkZgVcd!i^ZcZcaj\VgZc æZaVodlVLdaVXdcX^ZgidhYZbh^XVYZ8]de^c# IG:C:H9:KÕ6:HIG:8=6 HD8=68O:L¼EJHO8O6@6BE>CDH@6 8^gXjaVXVYVh{WVYdYZbVndVbZY^VYdh YZdXijWgZ# HVa^YVVaVh.#)%]dgVhadheVgi^XêVciZhejZYZc aaZ\VgVaVh.#%%]dgVheVgVk^hîVgZaBjhZdYZa ;ZggdXVggâYZKV:higZX]V#KjZaiVVaVh&)#(%]dgVh# :cZaegd\gVbVhZ^cXajnZjcV]d\jZgV ZcZaWdhfjZZcZaegZX^dYZaWâaZiZ# >c[dgbVX^cngZhZgkVh/ HdX]VXoZl¼BjhZdYZa;ZggdXVggâYZKV:higZX]V i[cd#/)+-+'*.,*!)+-+).()& BjhZdYZa;ZggdXVggâYZKVghdk^V/ i[cd#/''+'%%)-% EgZX^dhYZadhWâaZiZh/iVg^[VcdgbVa¼'%EAC! iVg^[VgZYjX^YV¼&+EAC!c^dh]VhiV)Vdh¼)EAC :A;:GGD86GG>A9:8:G86CÕ6H9:<GÙ?:8 E>6H:8ON°H@6@DA:?9D?6O9DL6 8^gXjaVedgaVgjiVE^VhZXocd¼IVgXonc¼E^VhZXocd ZmXajh^kVbZciZedgeZY^Yd >c[dgbVX^dcZh/D[^X^cVYZ<@9YZE^VhZXocd/ i[cd#/'',*+,+(- ZcigZaVh&&#%%naVh&+#%%]dgVh lll#`daZ_`V"e^VhZXocd#Xdb 8:CIGDHG:<>DC6A:H9:>C;DGB68>ÙC IJGÕHI>86:CA6KD>KD9Õ69:B6ODK>6 Dhigd¨`V @jge^dlh`^Z8ZcigdYZ>c[dgbVX^cIjghi^XV Dg\VcôVX^cIjghi^XVYZaVGZ\^cYZ@jge^Z X$IVYZjhoV@dÑX^jho`^'&!YZheVX]d) i[cd#/'.,+)*'(' E¨dX` 8ZcigdYZ>c[dgbVX^cIjghi^XV HiVgnGncZì[cd#/')(+,&.)) lll#îeadX`#ea 8^ZX]Vcl >c[dgbVX^cIjghi^XV X$LVghoVlh`V() i[cd#/'(+,'()'% lll#jb#X^ZX]Vcdl#ea @do^Zc^XZ >c[dgbVX^cIjghi^XV X$LVghoVlh`V&. i[cd#/)-+&)(+.. lll#`do^Zc^XZ#ea Ejïjh` >c[dgbVX^cIjghi^XV GncZ`)& i[cd#/'(+.'-')& lll#ejaijh`#ea HVcc^`^ HVcc^X`^Z8ZcigdYZ>c[dgbVX^c X$LVghoVlh`V&)' i[cd#/')',,+%&* lll#hX^hVcc^`^#gZejWa^`V#ea lll#lVghVlidjg#ea 8ZcigdYZKVghdk^V LVghoVlV8Zcigjb

Varsovia Guía Breve - WarsawTour - Oficjalny portal turystyczny m.st

Documentos relacionados

Productos

Apoyo

Varsovia Guía Breve - WarsawTour - Oficjalny portal turystyczny m.st

Documentos relacionados

Añadir este documento a la recogida (s)

Añadir a este documento guardado

Sugiéranos cómo mejorar StudyLib